Foreign Exchanges

After the revaluation of the lira at 5.31 cents gold (see FOREIGN NEWS), there remain unfixed on a gold basis only the currencies of France, Norway and Spain among the more important European countries. Norwegian finances are rapidly approaching a stage where the gold basis of money exchange can be reset up; and Secretary of the Treasury Mellon has just stated that he expected France and Spain to imitate Italy's money program.

Despite the revalorization of the lira its quotations among the money brokers was less than its new par value. Money of more than a dozen other countries, however, were worth more than their par value in U. S. gold dollars.

Erie R.R. With a pang stockholders in the Erie railroad last week learned that the company had incurred a deficit of $201,683 on its November business. They recalled the previous November 1926, when the month's surplus had been $2,248,113 -- 11 times the deficit of 1927.