New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-31
DROPS
TOLOWEST MARK
TN GENERATION
Rates Fall to 4.6012 on
London, in Spite of Gold
Shipments.
MARKS AND KRONEN
ALSO AT NEW LOWS
SI15,000,000 Sent Here by Eng
land in Two Weeks Has No
Effect on Exchange.

An almost complete lack Of support
TO the foreign exchange market was in
evidence yesterday, notwithstanding
the receipt on Sunday of S19,5O0000 in
gold from London via Halifax and a
large amount of securities. which it
is understood are TO be made the basis
Of further credits 70 finance purchases
made here by Great Britain and her
allies. Sight drafts and cable re-
mittances on London had but few
buyers. and the rates fell easily to
460ia for the former and 4.6l% for
the latter form of payment
Yesterdays rate for exchange on
London is the lowest in the memory Of
the present generation of bankers and
compares with par rate of 4S6. In
ordinary times a rate below 4.S4 is re-
garded as very unusual. Marks also fell
to the new low levels Of s0% for demand
and sos for cables; kronen were also
weaker than ever before in their
history. Paris exchange felt the burden
OF the heavy offerings but did not
touch the p:tvious lows. The last
transactions were reported at 6.Ol for
checks and 800 for cables.
Whether or not there will be
further importation OF gold in the
near future 20 strengthen the exchange
situation was not officially divulged,
but il was assumed that unless the
long looked for British credit is estab-
lished here soon this method of paying
for supplies must be continued IN
even greater proportions.
In the absence of official information
considerable speculation was INDUCED
in by Wall Street as to the SEES the
securities received here with the gold
will be put 10. The S35,000,000 said to
have been shipped along with the yell
low metal, il was thought, may be part
of the plan for big loan 10 the Allies
and may form part cf the collateral
which the bankers here are asking. In
other quarters. however, 1t was thought
that the securities would be made the
basis of further short time advances.
While the greatest secrecy has sur-
rounded the reported departure of the
financial emissaries who are coming
here from Paris and London 70 confer
with American bankers on remedies for
relieving the pressure on the foreign
exchanges, it was stated yesterday in
usually well informed circles that
they may arrive this week. At the
Offices of J. P. Morgan g. Co., however,
il was said nothing was known Of the
movements of the French and English
bankers.
Since August II England has
shipped to t4.s country a total Of
nearly S45,C 5000 in gold and about
S70,0O0OO0 III securities, but still
there has been no response in the
sterling exchange me- 'ket. As a mat
ter of fact, during this period the rate
Tor sight drafts has declined more
than Ia cents in the pound. On
August 10, when the last cons gnment
of S19,5O0,OOO in gold was received at
the local Sub-Treasury, sterling fell
11-16 Of a cent.
Up to July 81 the Department of
Commerce reports total gold imports
since January ] as Sl62,l87 300 Since
then the known imports Of the metal
from London, Canada and Australia
have reached 52,668 900, making a
total of at least $214,S56,000 for this
year. Total exports in the same period
Appropriated Sl0.00OOO0