New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-22
REVIEW OF THE
WEEK in FINANCE
Fear of Possible Danger
to Our Commerce Checks
Security Markets.
FOREIGN EXCHANGE
AT NEW LOW LEVELS
Great Britain Expected TO Place
Loans Here to Preserve Gold
Bank Surplus Lower.

r--..~+s;,.v over possible difficulties
.,,i,ortirg our foreign commerce be-
esr,e az contrabRnd and blockade reGu-
istIors Of the beligerents checkeo &c
,',.ts Ina Che securities market lsS'
,,.oL Toward the end o. the week 'he
,r-rcacb Of to-day's holiday also mao
s6ros influence in reducing the vo!uIln,o o
80 tvsdirg. SIS 10 was realized that WINE
,be market WAS closed the posiuoh OF
..-,r,tics might be radically cnanGeu
Iv ,co,e DEVELOPMENT IN foreign wRteFs:
Iitt'e business originated OUTSIDE o.
.ba financial district, apart from con
tinued selling FOR European acco -
vbich. ir the absence OF any "a &c
snount o. domestic investment buying
I'D an unsettlug effect on prices =.
,hs elo,s standard Issues were polnI
- nora lower than on the SATURDAY pc
o.. and number Of the industrls!
.Ss-.s rad lost 3 large proportion OF
,bsiv recent speculative improvement
pon6. on the Stock Exchange were
5sst IN on q little larger scale, Win
rricss less firmly maintained. German
owners appeared 70 be selling some
honds here rather freely.
Farlv an the week the foreign Ell
change market was almost demorahHeo
bv a break IN rates that carried ster-
Ing 20 low levels such as we're never re-
rnembered In this market FOR over ior'y
v.ays Commercial bills arising from
kesvy export Of foodstuffs and war sup
Niles we're offered In great volume Our
f.ssened imports had reduced purchas-
ing Of exchange b. mercantile esIHo-
Nshments, and the banking demsho was
.ls, ligbt Sales Of securities FOR for
mn
- suA7ciert 10 create any great buy
&c ~ exchange. Demand sterling on
Tuesday sold ss low as 4.79, and the
Continental exchanges also were un,
usually weak Spectators who mad
bought IN the previous decline De
snsired a. making profit and saerl-
feed their holdings.
British Credits Here Expected.
When. a. the close Of international
conferences arising from our unfavora-
bic exchange position last year u was
decided that no steps need be taken 10
cid this country, announcement Was
r.ade that private negotiations between
this country and Great Britain would
he resumed should u become necessary
% prevent unreasonable transfer OF
cold Banking interests here waited
for some request for action from the
other side. but preliminary discussion
Of prcnnrations for such international
Arrangement checked the decline IN
rates IL Was understood that, If nee
cseary. Great Britain would obtain
credits In this market, eventually TO be
Inundated through sale here o. govern
mcut issues.
When exchange rates were so unfa-
vorable 20 this country we met the
situation by giving up gold, and soon
great increase in exports enabled US 70
make payment on the other side in
commodities. Great Britain. with
smaller stock Of gold, had need for il
as basis for the srduous war financing
that still confronts her. Her imports,
particularly Of foodstuffs, continue
heavy; her exports have fallen of, as
available shops are being used so large
ly for war purposes, and she has relin-
Guished her position o. financing the
worlds trade, which brought her SO
much profit.
So should the war continue along
present lines some aid 20 Great Britain
will be necessary. Without doubt the
Bank Of England will let gold 20 70
some extent Last week $4,000 900
more was released from Canada for
the benefit OF bankers In this city. but
this must be supplemented by other