New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-21
NETWORK DAILY TRIBUNE MONDAY, DECEMBER 81, 1895

high rates for bank and open-market discounts.
End-of-the-year settlements and business re-
vival In Germany make the demand In Berlin
Tor money especially urgent at this period, ana
indications pointed last week toward gold ship
ments from here 10 meet the demand IN the
German capital.
If such shipments are made the triangular
operation will he employed. or. in other words.
Berlin will draw on London and London will
borrow the money in this market, sending IT
from here. London might send the gold from its
own stock but that stock is too low and money
is too easy here to make such action advisable
Already in this market London has obligations
of about f12,OOO,OOO. or $4,000 00O on sterling
loans. and it is likely that this amount will be
materially increased before rates begin to stffen
At present there is good demand in the ex-
change market in connection with January divj-
dend and interest disbursements due abroad, but
this demand should be satisfied by the middle
or end OF this week. Present conditions in the
money markets here and in Europe make gold
exports from this country natural. and in fact
desirable tending to relieve the strain in the
monetary situation abroad and reducing the
plethora of idle funds at this centre thus bene-
fitting both markets and establishing a better
equalized level of rates in the two centres. The
factor in the situation which may prevent gold
shipments is the accumulated stock OF sterling
held here. which may be thrown on the market
whenever sterling rates reach the gold-export-
ing point and ii is interesting to note that last
week options sterling held for delivery in
January, February and March were sold at
about 4Sl. An enormous amount of sterling has
been accumulated here and the disposition of
watched with extreme interest 1t would seem
that holders would not hesitate To sell their
boarded exchange al current rates. which are lit
tie under the gold-exportne point. Interest is
also attached to the monetary situation from
the fact that gold exports can be made without
panic ensuing among Stock Exchange traders
or any unfavOrable sentiment arising in the
financial community This is so because cOnd-
tions influencing movement Of money from
this centre TO Europe do not reflect the return of
foreign invested capital or lack Of confidence in
factors which prevailed
in recent gold-shipping periods. and also be-
cause the state of the Treasurys gold reserve is
strong and ready to meet Withdrawals on gold
export account. while the gold holdings of. the
banks are large and constant additions are be-
ing made to them
The foreign exchange market iates have been
Influenced by the dearer discounts abroad. by
moderate demand for long sterling for invest
ment and by the demand noted above for Jan
uary interest and dividend disbursements Al
though rates near the god-shirping point
international trade relations in favor of this
country and Europe is heavier in debt to the
United States than at anv time in many years
The report Of foreign commerce for November
showed an excess of merchandise exports over
imports in value OF $50 O53SS. against
cess in the same month last year of S239 I64
while for the eleven months ending November
30 the excess Of exports amounted In value 10
$266oS6IT9 against an excess Of imports In
the same time in 1895 Of S1,131.2S1 In Novem-
ber 1894 the of exports was $40 1856 523:
in 1885,. S423S4 1J7; in 1892 $4,000. 7S4. and in
1891. S45.31l 60l. For the eleven months end
iiS .NpNtlpci ~ tne excess OF gOu imports over
exports was S43.S6O.19S. against an excess Of
exports in the corresponding time In 1895 OF
81. S9o.3SS. These statistics reflect a remark
able change in international trade and financial
conditions and when the extreme congestion Of
money in this city and the decreased reserves
held abroad are noted abundant reason Is fur
nished for the possibility Of gold exports de-
spite the fact that Europe Is already heavily in
debted to this country Bankers believe that II
a movement OF gold to Europe begins IL will not
be large and VIII probably end about the middle
or January, when there should be relaxation
in tension now prevailing in foreign money
kets.
The course Of stock and bond values IN the
week Of the chief active issues are given In the
following tables:
STOCKS.