The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-03
'$s5,OOO,OOO IN GOLD
PLEDGED TO POOL
If Remainder Is Promised n.
day Call for S25,00O.OOO
May Be Issued.
LOWER EXCHANGE RATES

The applications received by 81, ev.
change committee OF the gold pool com.
mlttee yesterday for checks on Lonso-
were very small as compared to Uha. A,
was thought they would he, but Tho ,r...
OF the 10000 900 shipment TO Ouavt.
which arrived there about noon ,os.
day, was seen In a considerable l,u.-
rate of exchange. Members u 'be .,i
pool exchange committee refused o. ..Ii.
at what rate tho exchange on London
was sold, intimating that sales were mai.
at various prices They also refused %
state what amount of application, for
checks on London had been approved
They reported, however. that several 500.
plications had been held over until Mon.
day for further consideration. As ~.
pressed by one member of the committee
the applications for exchange on London
we're only moderate"
The form OF application for evr1au-s
disclosed that the committee would exc.
else an especially close scrutiny ore-
requests for bills, applicants being IS.
pected to make detailed statements -
to the nature OF the transaction cove ed
by the exchange and on what sort Of no
debtedness IL is desired. This scrutiny
has given rise In banking circles 70 g
opinion tndN Itlt ODtTdNlbllN vi lI' E'|l
pool In the exchange market Vill he
somewhat limited. owing TO the restr.o-
tions surrounding It's bills but 81 I- com.
| coded that the mere fact Of rs be q
In operation will do much TO prevent
further strong upward movements iu rates
Until other means can be devised '..
| the establishing OF credits abroad 10y tr.
| operation OF the gold pool. checks n
London will be drawn by and or e
accounts OF two OF the nine banks rl--
| ticipating In the present 100000 snip
meut. one OF the members Of tie ,U1.
mittee In discussing the pool y,~tcrl.t
| said that s9S.000,0O0 OF the 500 0on.n.n
had been promised by the banks throul
out the country. and that II was expect
that the entire amount would be pledged
| early next week The call for the 1.'
/ s25. 900. 900 OF the pool will not bc mace
until all the gold has been promised 't
there IL a possibility that IL might cor
| to-day IN case the gold pool committee
or the Federal Reserve Roard should
receive word that tine desired 'moIr;
was ready.
II was generally conceded 10y m,mh =
| Of the committee last night thai g. would
be impossible to supply checks on Lond Fl.
! in time for them 10 go on to-day steam, r.
/ which sails at 10 80. owing 20 tno ft't
| that tho PhIladelphia's mails clos, o
I 30. In view OF this the exchange brokers
| who had exchange on London to sc'l o..
| "a rushing business with thos. persons
/ VINO wished to remit by check or thH'
! steamer.
| one Of the features Of the exchange
! market yesterday was the heavy unsr0g
| of mark checks and mark cables by oc,.
man banking houses. which held large
| amounts OF them While various reasons
were ascribed for the heavy offerings, tho
| one which received the most credit iu sA-
change circles was that those banker felt
! that the fortunes of var were s.Ig-
! against Germany and wished tn realiz' CO.,.
! their investments in marks a. soou l,
! possible before they went TO u lowe.
| figure.
Mark checks ana cables were on, ..
yesterday at 30. az compared with eli,
for the former and 81 y for the latte IN
| Thursday. II is estimated that mt 81.
| may go to 90. Marx notes are said Q, hr
selling at 90 cents.
Demand sterling dropped to 1885,,
1854 yesterday as ompsred with $50 ,
| the day previous while cables were quot
at ia6l4 n 1851, against 49iL N
! Thursday. Paris checks sold az 40, arl
| cables at sos. unchanged from the uay
| previous
Foreign exchange men reported ycst--.
day that there was an increasing ofrer,r z
for cotton and grain bills and that go
| supply offered showed a considerable i''
provement over a few weeks aso Sou-
banks are accepting cotton bills withuu,
confirmed credits. They state that they
do not believe that demand sterling Il
again sell at SIS the pound sterling OWNS
| 10 the fact that four strong factors, g. q
gold pool, finance bills, cotton bills and
grain bills, are acting against such hgn.
pening.