Show fOREIGN EXCHANGE RATES DECliNE TO TONE NEW NE lOW LOVI RECORDS Establishment of Further Credits Credits Credits Cred Cred- its Considered Only Sure Way to Relieve the Tension New U. Heavy lI 13 Heavy vy s soiling selling lIng of bills of in b London and Paris caused another break bicak today In remittances remittances remit remit- to those centers the rates fallIng falling fall fall- Ing InE to low lowest cst quotations recorded since Now York Tork began to occupy a a. place o of Importance in the tho financial world Demand sterling long the unit of or all exchange declined to and checks on Paris were veto were quoted at nt a lo loss s of or G cents Exchange on Ital Italy and and Germany Germany Germany Ger Ger- many als also was wat depressed Russian exchange exchange exchange ex ex- ex- ex change which a few tew weeks ago sold soldat soldat soldat at an abnormal visibly ao So o man many conflicting elements clements enter into the tho existing exchange situation that it Is difficult to advance an any specific reason for the continued decline It is clear however howe that American manufacturers o of war supplies and sellers of or foodstuffs are pressing their claims claim for payment lamont and that these thesa aro arc being mot met with depreciated foreign currency It Is s generally believed that unless earnest steps are arc taken to remedy remedy rem rem- cd edy this condition exchange o rates will make mako further declines to the tho point where our manufacturers and vendors will demand deman payment In American dol dol- ol- ol lares Observers Observer of or the situation are arc agreed that the only sure suro wa way to relieve the existing financial tension Is by the es establishment establishment establishment es- es of or further foreign er credits here Steps to this end are understood to be bo under way 8 |