The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-04
EXCHANGE ERRATIC,
BUT MOVES HIGHER
Depreciation Of British Pound
Reduced From SO SO Cents
to 10 Cents.
STEEL RECEIVERS FAST

The foreign exchange market was ex-
,or sterling exchange ranging anywhere
IRON, I.64 to 40, but rates were gem
orally higher. At the close of the mar
te, last night demand sterling was 17is
cents above the low price reached on
Wednesday. Much OF the early rally
and confusion in the market was due
10 Lonton's rapid marking up of III
pr,ce If exchange from 4.65 to AIS. On
receiving news OF this foreign exchange
brokers interpreted the higher rates
abroad az n sign that tho London money
markets had received some intimations Of
what plan the British Government has
under way for the checking of the de-
preciation in sterling. As a result there
was a scurry to cover on the part of the
brokers here. The continued liquidation
OF American securities for foreign ac-
count was also greatly responsible for
the Improvement I'm the rates for ster-
ling.
Demand sterling closed last night at
Is1i,, will cables at i.6sn. This COM
pares with 4.62 for demand and 4.63
for cables at the close of Thursdays
market. At those prices exchange on
London shows a depreciation OF only
about 10 cents In the pound. as COM
pared with $685. cents in the pound when
the low prices were reached on
Wednesday.
Gain for Day = I-2 Cents.
The net gain for the day was 81
cents in the pound. At this rate sterling
exchange is recovering practically as
rapidly AS It dropped. but It is still
4 Ions way below parity. 4.s6@, and
the gold import point, which is ap.
proximately asa.
There are evidences that another ship
mont OF gold and securities from London
10 New York may he expected soon.
Thomas W. Joyce OF the securities de-
partment OF J. =. Morgan & Co, who
has gone to Halifax to meet every
previous shipment of gold and securi-
res made 10 New York by way OF that
port. is on his way TO the Canadian
city. This IL taken az an indication
THAT more gold is on its way here. I,
will be recalled that about s55. 000 .0OO
IN gold and securities In the last ship
ment TO New York arrived on a Sunday
when there was nc crowd OF curious per
sons in the financial district to impede
the work of moving the treasure.
Definite word OF the sailing of the
British financial delegates who are
coming to this country to discuss tht
foreign exchange problem with lead.
ing bankers here has been received b,
j. r. Morgan & Co.. but members Of
the banking firm refuse 10 make public
any OF the details. II is known tina
the French delegates left hat countr,
LAT Ny~I,aa1a, IL 10 LAffa.n Shas a..
financial Representatives of the two
Powers are to come to this country to
cether. The delegation is understood I,
have sailed from some British port OF
a h~attleship, which Is taken as an indi
cation that further. gold shipments ar
10 follow the one now expected. |
- not believed probable that Grea'
Britain would send her financial rep
resentatives to this country on board
war vessel when passenger vessels leav,
London for this country every few day
we're Il not for the fact that she wa.
sending a consignment of gold TO Hall
fax. The financial delegates are e.
rected to arrive IN that city on abou
4, Wednesday or Thursday and will the,
make their way to New York by train
Bankers Discredit Report.
A report was circulated In the ~financia
district yesterday that the Treasury De
partment was planning to call a meet
inr Of representative bankers In thi
country to meet the foreign commission
FOR the purpose Of discussing the ex
change problem. Prominent nationa
bankers discredited this rumor. sayinl
that for any branch OF the United state
Government to take a step which woul,
lend even financial assistance to tn
Allies would amount to at least a techni
cal breach of neutrality.
There were rumors yesterday that tn
negotiations for the British loan ha'
heen completed. Inquiry at the Offices o
J. p Morgan & Co, ELECTED the repl,
that no plan had been arranged an
. that nothing would be done until tn
arrival OF the British and Frencl
financial delegates.
Exchange rates on the other Europea'
financial centres improved with sterlin
yesterday. Francs closed at 5.94 70
checks and 500 fo cables, against
previous close OF 5.97 for checks and So
for cables. Marks were f%ractionall
higher at sos for sight drafts and SOL
for cables. They closed on Thursday a
SOS and s0a respectively. italian lir
rallied from GAG to 6.43. n ruble
advanced to 34A. against "A previou
close OF -. Austrian kronen failed {
gain, closing unchanged at 1875.