Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-07-28
GOLD SENT TO SPAIN
MEANT FOR KAISER
Germany Sold Marks in This
Country in Order to Buy Neu-
tral European Exchange
NEW YORK. LulY 2S.

NEW YORK, July 2s.
The important developments in the for
eign exchange market in the week that has
just elapsed were chiefly the proposition
now under consideration by the United
States Government to regulate exports Of
gold to foreign countries. the effect and
prospects of the enforcement of embargoes
upon exports of commodities to neutral
countries and new low records in Russian
exchange. The prevailing opinion among
experts Is that n restriction of shipments
of commodities or gold to counterbalance
purchases of commodities will operate to
increase the premiums now ruling upon all
of the neutral exchanges.
For more than two years the ramifca.
tions of the German financial ingenuity
have been only partly disclosed. Until the
market here for the exchanges of the Cen.
tral Powers was closed German financiers
have been suspected of resorting to every
sort of subterfuge or expedient against the
steadily declining values of reichsmarks
and kronen. At intervals there were dis
sertations, more or less profound relative
TO the real reason for large shipments of
gold from this country to japan. Spain.
south America and other countries. In
such cases the stereotyped explanation was
sNeh-lnternational supply and demand
1T is a matter of general knowledge that
bermany has been credited with securing n
iaTge amount OF materials and munitions
indirectly through neutral countries Crow
ing dlstrust by the nations acting as in
termediaries in these transactions Of tho d.
cine In marks and kronen compelled Ger
many, whenever practicable, to sell marks
IN this country. and with the proceeds pur
chase the Swiss, Dutch Spanish and Scan
dinavian or other exchange which were
demanded by the sellers at second hand. of
goods originating to very large extent
In this country.
Ihe conditions described have misled out
side observers on account of the so-called
discounts on American exchange in Spain.
switzerland and other countries As mat
Ter or fact the entire world is dependent
financially and for food and other products
and materials upon the United States. The
Allied belligerents have been shipping gold
only 10 TINS country so as to steady sterling
IN the capital Of the country upon which
they are drawing so heavily for assistance
now In materials and money and, later
TO more considerable extent than al
present in men. Consequently this country
Is financing the requirements and II is the
Allied belligerent exchanges and not the
American dollar that is at discount.
The foreign exchange market was dull
today. There was an easier tendency in
French and Italian exchange, with steadi-
ness in sterling, Swiss and Scandinavian n
exchange. Rubles eased off little Quota.
tions were:
Demand sterling checks 47555, cables
4.7G ZIG, sixty-day bills nominally 4.72H
ninety-day bills 4.7OA
Franc cables 575%, checks 5.76%,
Lire cables 7.22, checks 7.23.
Swiss cables 4.57, checks 45s
Guilder cables Al ZIG, checks 41%
Pesetas cables 22.95, checks 22,75
Ruble cables 21.30, checks 21.20
Stockholm cables 1920, checks 32o5
Christiania cables 1920, checks s0.O5
Copenhagen cables 2945, checks 20 AZ