Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-06-16

corded in over so years and offers ad-
ditional proof of the enormous quanti-
ty Of credits held by American bank
ers and manufacturers. mainly as a
result of the large war orders now un-
der contract.
On the bases quoted today an Eng
lish pound shows a depreciation OF 2
per cent. and francs are at discount
Of almost per cent
Exchange on other European coun-
tries approached recent low quotations
today Italian remitances, on very
light exchanges showing a discount OF
about Is per cent, while the rate on
Petrograd was quoted at discount OF
"a cents. No actual transactions be-
tween this market and the Russian
capital are reported. Amsterdam was
the only foreign market to manifest
any degree of steadiness, fact ascrlb-
ed to the purchase of bills on Holland
by local bankers who are assumed to
have liouidated more American securi-
ties for German holders.
There is an increasing realization
that rates Of exchange between New
York and all leading European points
must inevitably suffer further depre-
citation unless London and Paris soon
relinouishes their credits here. SO far
as is known no steps in this direction
have yet been taken. Rumors OF the
placing Of a large part of a forthcom-
ing British war loan here are denied
by those in authority. French bankers
are reported to be negotiating the sale
Of large amounts Of our securities by
home investors and the proceeds OF
such a transaction would go far to-
wards restoring the equilibrium be-
TWEEN New York and Paris.
In the face of today's disorder in
the exchange market. more gold came
from Canada. making a total Of s73,-
0O0, 900 received from that source since
the beginning of the year. Toxic ca
bles reported that engagement OF an
additional $4,000, increasing the in
flow from that quarter to about So
100000.
It is possible that a temporary ad.
justment may be effected tomorrow
in consequence of the Bank Of Eng
lands release of s1o.000,000 foreign
gold coin presumably for shipment to
this country. Stocks moved contrarlly
through the session, war shares max
ing further gains. while representative
issues. particularly the railway divi-
sion, were irregular when not heavy.
Westinghouse Electric was the leader
from start to finish, transactions in
that stock far outstriI : 7g any other
issue, with a maximum gain of four
points. Others in the same class rose
from one to three points, but lost
ground in the later dealings.
Readings heavinesS, together with
other shares in the international group,
was associated with the slump in ex-
change, which was reported to have
caused a recurrence Of foreign selling
Of these issues. Coppers were not ex-
empt from the pressure which became
more general at the close. Total sales
amounted to $4,000 shares.
Resumption of dividends by the
CRANKY Mining Co. offered further ev-
idence Of betterment in the copper in
dustry, large sales Of the refined metal
being again reported at 2012 cents.
Lead held steady at it's new price of
s cents and advices from leading steel
centers quoted manufactures Of wire
and bars as refusing orders for imme-
date delivery except at an advance
over current prices.
The bond market was irregular with
weakness in some Of the convertible
copper issues. Total sales, par value,
aggregated ss,o12,00o. United States
bonds were unchanged on call.