Particular weakness in Norwegian and
I I>anish exchanges In the early part of
, yesterday's session before the allied ex
changes broke sharply was explained
!n large part by efforts of the Govern
ment to create dollar credits hero for
paying off. on April 1. the first instal
ment on the loan of $lo.iioo,ooo which
Norway secured here last October. The
decline was attributed in part to the
j natural reaction of the recent upward
j movement, which carried exchange on
Chrlstiania to nearly 20 cents. That
advance, bankers maintain, w;is due to
[ speculation and was too rapid to con
j tinue. Danish exchange practically al
ways moves In sympathy with that on
Norway.
The Break In Sterllnii
TVithout any increase in offering* ot
j commercial bills, a break of 4H c us
in demand sterling In yesterday'* ate
trading carried the rote down to"$3.S.">i4
to the pound sterling. The movement
came too late to be engineered from
London and it wan attribute.! to specu-;
lit ion for the decline in view of the
unfavorable outcome of the London con
ference and steps taken to enforce pen
alties against Germany. Exceptionally i
keen Interest will be aroused hv the!
!ir?t quotations from London to-day and
a recovery would cause no surprise.
Yesterday s recessions were brought
about by a small amount of offerings,
the size being JnsWlltfent ordinarily
to disturb quotations.
Ga?o(tntiu? Dividend Deferred.
The directors of the Guantanamo
Sugar Company have deferred action for
a week on the dividend due at this
time ori its capital stock. Xo explana
tion of that decision was made at ?lie
conclusion of tbelr meeting yesterday.
