Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-01-06
EIoH FOR STERLING;
e 4 Marks AT NEW LOW
L.. Also at Bottom Point.
s.sngth in English Exchange
nue Mainly to Credits

ropK Ian. 6.-Nominal quota
HNBW ~ onenine of the foreign ex-
~ " %ssvat % showed q continuation of
snye MIA tbat were operative yesterday.
En,,sc demand jumped up to near
hsss Da previously quoted for cables
b IT, s,..Iine cables also reached a new
Ii tzsE There is in these figures
- 80 cent In demand above the
~ ht.b and a gain of $'cent over
.ssv,ous high in cables.
me other hand, reichsmarks fell to
y wsS7plc. This is new low, and THIS
- also OF the Vienna at iz.ooqlEoo'
~, 1850 yesterdays minimum, other
,srrs included decided strengtn IN
,lu's'.hanee. which rose to 5.16 for
.,.s and 5.17 for checks, Guilders mann
'bes s .ss,r advance at 44hd44la. French
fneo ~ ras somewhat better at 5.S3%
rn,o. and 5.84lz for checks. Other
s,n..S csD,ss we're, Lire, cables 6.5SA, checks
sssa.vanSbolnn. 2s. 10d28. 80; roubles, 29&
Invariably in any pronounced
hn.V sa ar decline in a department Of
sss.,on exchange market there is
~ ".niroversy regarding the authen-
{on.e ~ nuotations-that is to say, some
s,.s will have the market fraction
y, .hova any other reports and similarly
ny ~ a.bers There were quotations yes
s -, N reichsmarks as low as 741s, but
"a could not be verified on actual
.ssoctlons. Today reichsmarks were
& .rorted as low as "a, although the gem
4 *plprssccepted " "a, quotation around noon
u zalfl 3-16. Sterling actual figures
1 ~. rot no to the nominal early quota
ny and after midday demand was
s,ses at 4B and cables at 4.76%. Francs
-. called bS3h for cables and 5.S4h for
racts other quotations were 6,5Sh for
y cables, checks $50. Swiss 5.16a5.17,
rsokholm g.1092S.SO, pesetas 19.o5919.10,
<rubles 29Gd29I.
/ rbs late dealings were marked by the
/ontlnued advance of sterling to new
3,rh records, The late figures were 4.76 7-S
i y demand and 4771A for cables. At this
&vel the discount is slightly less than
i per cent Francs were quoted at 5.S3 for
tables and 5.S3A for checks. Reichsbanks
became extremely dull at the rally from
IN extreme low point to 73A. Dutch ex-
{hange and Swiss francs held we'll at the
kfemium established today.
while quotations for German reichs-
karks and Austrian kronen are estab-
{Ishinq successive new low records daily.
[be highest International bankers are
+rsdictng further new high points in
Sterlng that will shortly preclude further
Importations of gold from London on a
Etrictly foreign exchange basis. This
Strength Of sterling is, of course, mainly
aus to the credits established by the
AIHes in this country, being practically
p!fset by our importations OF American
kecurities purchased from foreign hold
trs The stabilization Of the sterling
market Is regarded with great satisfac-
hon BY our bankers.
The extreme low record for sterling was
Established In october at $50. Today's
high point record on the movement was
10 L75k for demand and 476% for cables.
The contrasting weakness In the ex-
changes Of the two great Central ma
Hons OF Europe is varrously explained. In
normal times the German reichsmark .s
quoted at 23A cents and Austrian kronen
u 9A cents. At today's low record for
IA 3-16 for marks the value of
he Individual m-rk is about 10 cents
discount Of about % cents. The finan-
ial embarrassl mt OF ustria was clearly
. evidence at the very beginning of the
resent war.
The weakness in German and Austrian
xchange reflects the isolation of the
'entral Empires Reference is being
nade to the fact that the importations
rom Germany by the United States in
be first 10 months of 1915 were only $4O,-
i9SSS, compared with Sl2s,7sS,25S in the
time In 1914. This shows
decrease Of S7.S15,570.
Germany has been a heavy seller of
Imerican securities throughout the war,
ut per contra the United States has un-
oubtedly exported many millions of dol
ars Of materials TO Scandinavian and
ther countries which found their way
nto Germany through Scandinavia, Hol-
and and Italy, previous to the entrance
. the Aforementioned country into the
var. This fact explained the occasional
'ursts Of strength in Dutch and Scandi-
avian exchange representing the clearing
goods and securities to and from Ger
many.