The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-06
FINANCIAL REVIEW
OF THE PAST WEEK
Foreign Exchange Problem,
With Political Features,
Demands Solution.
BIG TASK FOR BANKERS

,as, week were calculated to cause q
dec,ded arrest of attention and provoke
,no,dry ~ the prospect might remotely
involve a revision Of recent calcuiations
Definite relief from a good deal OF
the strain into which our relations Win
cemany we're thrown last May was
afforded by Berlin's abandonment o.
the atrocious extremes Of the Won Iir-
Mtg policy of submarine warfare AZ
tho same time the satisfaction feit oVer
the diplomatic victory won by Washing
ton in this matter was qualifieo oy
doubt as to the purposes OF Germany
in It's change of attitude. High inter
national politics converging on Wasn-
inston was in all respects 10
a mood OF financial n business eau
ton, especially when open manouNres
began to be made to Institute peses
proposals. apparently with Germany
consent IL not at German hstigation'
A real peaoe which would terminate
ma awful calamity of the European
war would portend extensive economic
reimbursement, and while any convincing
signs are lacking of an early consum-
nation so devoutly to be wished the
diplomatic moves nov being made v
10 h. taken into the financial and ousi-
ness reckoning.
For the most part, however. the over
.Aadovipv considerations of the Imam
cial momen have been provided by the
hcute disorder OF the formations
acu'o 49," nv. damoralized con-
dition into which the foreign
fell when sterling exchange broke soou.
I'm Genus IN ~. az csnts for the
August oecii'e W "a commercial
pound. hao hnaiioa a tnnort,,nce
signfncanco Vi - .nv no,i,ical
whether or not a. with
tokens wthch cou'u ua,,on or and
the outiooh W 49, manifest that
ing OF inc "ai. hoan reached I'm
an ecohohiio ayen though
the wal wnicn 80 mnh,ndered oper-
In distant Iasinon' .,a, I'VE worked
aoon on mo ns,s,ai and business i'm
for our own nHuusIA Hn.thsr with the
provement ms year eim.. ,n wall
betterment Oh auo'eu
street. xc.ss,v.,v
Althoush the u.s ,.,i 70
violent wnen en :. H. arst half OF
approximately s1.oV tnna, y, a new
the past week II vas 80, tha war
financial Crisis resuI'ne 81. ,,,er.
what mas peen pc ~ ,,or,d n hin
nationa, oahs ,nn,ss,ioned title
on LONDON slvlns ar =. a. ,rt.r-
10 us ,aoo ~ rnoa.rn ,,mes
natonai Hiohe. TO- which
sunerou -. -, ,r,.rn,t,ona
upsets ths ""oio o"'
traoe. - all IN. .x-
Witnout solhs
planatory steps 10y ~. 80 .av tina,
is arrived at II suinees a..
sterling eXCndUk0 10 ia w
manu ana likely aSs,nn $50
the wal, a. H". n ,be same
merce oe.~sen I. shrinLIng
token nrltish uusne ~ Jr,i,.d
IN the hiafhe. pia,e a. uarr.t
p.ns u,,inh ,ho
places u 'he S"'eou pri,aIn
war coihpu,s ieov' .s.... 60.
ana ner ai,en ~ ,,hs.. .onn
taiheu py pri.n a"'..n,i o,,s,on,.rs
IN var time foreign trade. and Great
Britain has always oeeh our iarses'
nod,tJa. ava manufactured articles
hitch VA baye been selling abroad in
.raa, quantity REQUIRE payment in
,ol,,ma Tar heyond the usual means OF
.].,,i,ns CONGREGATIONAL indebtedness
Our interest therefore. in the solution
n, tho nroblem presented by the dini-
c~u,t;as n, the customary foreign ex-
changa market ia acute in view OF the
,nnmeno.. Tor ~nrosneritv which depend
- 90 exnort husiness To the old basis
~ ,or.,gn comnerce "a becominR too
49,, n.w, Yootirg must he nrov,ded
80 rh,,. IN. sbarn ralIv IN sterling In
,h. ,as, haIS NJ tbs week testiaed n
an,,o,na,,on. a, a solution n, tba soreiyn
"".napaa 49,. 49, n,.n,v .,
,nsiaa,o,s In ,h. hanL,no con,w,r,t,
NC. A. ,a.r =, sunn,y,ng a naw ~ an,
"n,aor, has,s ,nr sxnor ,rad. n,or,a
.N.
W vi c.. nmarars -. Ill.
n, ohonnas TN. = ~. -.
s..ason. tor os.ar+,ng that ,h. ,or.Im,
n.snon ,ris,. nI,, Ne oraroon.. ~. y,
oM..a"so $3.50 ~ =
s..s 10. .aa So surmomnt 49, ~
hnan. :" S"'o '"e
ou'''e"" Vi '"e ""'
Political Aspects of Exchange
~.,.,.
There Is probably nothing in the no.
ton that the Issues Of peace or pro-
longed wal are hanging in the scales
OF the disturbed balance or the foreign
exchanges. Those who think so are
reasoning along Germanic lines and In
sympathy with the idea that Germany's
disposition TO discuss peace at the max
mum point of its territorial and military
advantage in the war will prevail will
her enemies. The coincidence of the new
peace with the internationa
financial crisis lends a color OF plausi,
bility to the argument that the contri
vance OF a settlement OF the war IL pos
sible, but the weight of evidence is L
the contrary.
Apart from the fact that there are M