The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-08-18
PLANS ARE UNDER WAY
TO FLOAT BRITISH LOAN
ISSUE SUGGESTED As SOLUTION
TO PRESENT FINANCIAL
SITUATION.
Issue o. Not Less Than s3oo.ooo.ooo
Needed 70 Restore Rates Z o Nor
mSi-Ptans are Embryonic.

NEW YORK. Aug. l7.-Out OF the
Disorder Of the foreign exchange mar
kets today plans began 20 assume
TORN FOR floating a huge British
loan In New York TO check the down
ward trend OF rates and protect the
money OF Great Britain and her
allies against further depreciation.
A group Of Wall street bankers
with International connections talked
the matter over late today. When the
meeting adjourned. the situation. r
was said. vas stu indefinite and the
plans In embryo. II was reported to
ward the end OF the business DAY
that a syndicate of bankers might be
formed 10 finance the loan and that
the issue might consist Of one. 1--WE
and ten year bonds.
This report. published on the
tickers widely read IN Wall street.
furnished the only indications as 70
how far negotiations had progressed.
lts lack OF dehniteness reflected the
general feeling that the big bankers
OF h street had been called on by
England TO suggest acceptable terms
OF such a loan and that negotiations
were in progress over the cables 20
set the foreign exchange situation
right. Unttl these negotiations are
concluded-and IL seemed apparent
that they had not been concluded TO.
day-there will be no official an.
nouncement concerning them. II is
understood.
II was thought significant that the
talk today was OF a loan whose long.
est issue should expire in ten years,
Heretofore. two years had been men.
toned as the maximum length OF the
loan.
BIG Issue Needed.
The outstanding fact at the close OF
today's exchange markets was the i'm
perative and immediate need for 4
loan OF not less than $500. 900. 900 "a
restore rates TO normal or thereabouts
There was every indication that unless
some action OF this sort were speedily
taken. sterling. francs and Tires would
be still further deprecated and the
financial burden placed on foreign buy.
ers OF American products would be
correspondingly increased.
A signed statement by Sir George
Paish. the British authority on finance
who was sent here by the government
OF Great Britain last fall TO unrayel the
tangled web OF international credits
given TO The Associated Press in Lon
don and cabled to New York. was read
with keen interest by in%ternationa.
inanciers. They thought Sir Georges
analysis OF conditions and speculation
as TO future alternatives which Ameri
can manufacturers and producers
might face was interesting-snd not
in full accord with the American view
point.
Exchange Market ouIeter.
The exchange markets were quieteT
today than yesterday, although there
was renewed activity during the after
noon. Depreciation OF foreign money
extended virtually throughout the en-.
tire list, embracing reichsmarks ano
Spanish pesetas. which fell TO new low
records. the former on cables to Ham.
burg and Berlin. In the opinion OF
some bankers. a great deal OF the &C
tivity and weakness was attributed "a
the speculative operations OF dealers.
The arrival here. for Great Britain's
account. OF approximately $1,000. OO0
gold coin from Ottawa. had no effect
whatever on rates.
Exchange rates opened al about yes,
terday's low figures. Pounds sterling
were quoted at $4.64 TO S4.65: francs
opened at 1904 and later dropped 10
S6.O5: lires opened at 1854. went down
TO $3.50 before the close; relchsmarks
cables on Hamburg and Berlin fell "a
sic. a new low record. Spanish pese
tas. quoted Two days ago at 1896
dropped to $3.50. The course OF tbs
market was irregular. Al noon II raj
lied: in the middle OF the afternoon
session prices fell back. reaching. IN
some instances. their lowest quota.
lions. but they recovered toward the
close.