Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-02
ENTIRE MARKET
IN CONCLUSIONS
Foreign Exchange Rates Play
Fast and Loose in Checker
board Moves.
LOWEST PLANE Is REACHED
Big Bankers Are Inclined to Be
Calm Rather Than
Hysterical.
LOWEST PLANE is REACHED

exchange rates, led by the English
pound sterling. played fast and loose
to-day in check ker-b board moves over
the lowest plane of values ever reached
in this country.
From s4.5o. registered at the open
leaps and falls to Sassy in the late
afternoon. and fell back at the days
end to 1854 Francs dropped at a
single stroke from 6.03 to 6.09. reaching
around 6.5i. approximately &c per cent
below normal. Reichsmarks zig-zagged
between So9s and sOH. The entire
market was in convulsions, although
the tendency toward hysteria lcssened
toward the close.
BIG BANKERS INCLINED
TO MAINTAIN CALMNESS
The big bankers. however. were in
clined to be calm rather than hys-
terical. One foreign exchange expert
said tonight he doubted if 10000
sterling had been bought in this market
to-day. The widely divergent quota
tions at the opening and the close he
ascribed purely to spectators. That
view. however, was not generally ac-
cepted. and there were indications that
there had been large dealings in small
amounts after sterling had strength
cned to i.52.
For reasons not seen on the surface
optimism was more apparent Tonight
than analysis of the situation seemed
70 warrant a persistent report pre-
vailed that relief was in sight It
was said the delegation of British
flnancicrs sent to mend England's bat
tered credits were almost within sight
of land. The censor has suppressed all
news of their sailing for New York,
but il is thought they may be aboard
the st. Paul. due to dock here to-
morrow
The censor, according to mail reports
TO newspapers here, recently has held
up and edited press cables to eliminate
references TO weakness. and in some
! instances, it is said. :.ctual quotations
have been dcletcd. AS a result, II was
reported. high British officials are but
poorly Informed OF the situation.
LESS FEAR OF CURTAILMENT
OF AMERICAN EXPORTS
There was less talk to-day of the
possibility that rates would fall so low
as to result in curtailment OF American
exports. Discussion centercd on Great
Rritain's remedial plans, none of which,
New York bankers profess. is known
here.
In the absence of these plans il was
assumed the contemplated credit loan
to be established here would he OF such
proportions that bankers from all the
reserve centcrs of the country would
he invited 10 share in establishing it,
From the betterment in foreign ex-
change rates. attributed by some au-
thorities TO the fact that the decline
of yesterday and to-day's early market
had been too rapid. flnancicrs turned
to study OF the abnormal and unusual
conditions created by the situation. In
vcstigation showed that il teemed with
unusual developments.
Not the least of these was the dis
covery that of all the American insti-
tutions. In sending money to foreign
countries or receiving II from abroad,
the United States government alone
could not profit by the low rates, at
least so far as international money
orders. issued by the Post Office De-
partment are concerned. While the
English pound was selling in Wall
Street Mt $3.50. the post-ofiice several
blocks away, was paying the standard,
normal rate of s+.S1. Scndcrs of money
orders to England had to pay S4S7
10 the pound. The same situation pre-
vailed at the post-ofiicc so far ms other
foreign moneys were concerned
EXCHANGE VALUES FINED
BY ANCIENT TREATIES
This was due, it was said. to ancient
treaties which fixed in rigid terms the
exchange values of money.
Enormous profits to American i'm
porters owing bills abroad appeared TO
be in sight with the prevailing low ex-
change rates of to-day, and not n little
of the bills bought it was said was
to discount foreign bills Americas
bill for July to Great Britain for goods
received ut the port of New York
totalled. in round figures. $4,000 900
The chief items of this bill we're crude
India rubber, cotton and wooden cloths
linens laces. tins. furs. feathers and
diamonds. These items bought in Great
Britain are to be paid for in English
pounds. On account of the depreciation
in sterling. American importers paying
this bill to-day could have settled it for
Approximately S12.0O0.00o. pocketing n
round million dollars profit
From France. the United States i'm
ported during July. articles valued at
si.6S2.0O0 through the port OF New
York. Approximately per cent of this
bill could be deducted to-day, due to
exchange rates. because the sum Is
payable, not in dollars, but in francs.
SENSATIONAL DECLINE
IN LONDON MARKET
LONDON, September I. Sterling
dropped to $4.4S IN the exchange mar
kets here to-day. The sensational de-
cline would have created some alarm
but for tho knowledge that the banks
have taken steps for relief