The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-04-24
GOLD EXPORTS PROBABLE
Bankers Expect an Early Flew of
the Metal to Europe.
Continued Outward tendency One of
the Mysteries of Finanee--Ad-
the Past Few Dnys-Americnn Sc
-curities i'm London Help the Raise.

The somewhat remarkable flow Of Ameri-
can gold TO London and the Continent is
likely to begin again at any time. accord
ing to a prominent broker interviewed on
the subject this morning. This eoptinu-
anee of the outward flow of gold year after
year from a country with the greatest
credit balance in the world is one Of the
mysteries OF finance IL is becoming some
what less during the past year. and it is
certain that in time it must stop alto
gether il America continues to export so
much more merchandise than II impo Is.
but the wonder is Why il has not ceased
long ago.
The advance in exchange rates has con-
tinued for several days, and at present II
is approximately at the point where there
is a profit TO be figured on exports TO Lon
don. Grain and cotton bills are in scant
supply OF a million and the rather heavy
selling Of American securities in London
yesterday helped to advance the rate. II
Is only because the LSadOlers have
been purchasing the Yankees" heavily
during the past month or more. and be-
cause of the previous large supply Of cot
ton bills. that the outward How of the
precious metal has not begun already IL
Is stated on good authority that there viii
after May !. and that this will again re-
lieve the situation, but gold brokers are at
present considering only the immediate
situation, which seems to make shipments
OF the metal certain
Although at the present rates for long
sterling foreign houses state that they can
figure out no profit in an investment IN
this class OF exchange. Exchange brokers
talk otherwise The operation is made
possible. they say, through the low rates
for interest prevailing mere. They main
tain that they can. in view Of Jhe cleaI ness
OF money. carry long bills al cost which
will give them very cheap demand at the
maturity OF the long bills. They figure on
a sustained demand for funds 10 meet
tourists requirements IN the early sum
mer.
One foreign banking house admitted yes
terday that demand sterling had reached
point where the only question OF prof
liable shipment rested upon whether or not
interest would be allowed in transit. II
was also reported that the Bank OF Eng
land had made some such arrangement.
This was denied. however. oy the best IN
formed houses. which pointed out that no
! such arrangement was indicated by the
| supply of bills IN the market. The first
/ indication Of an export il was said. would
/ be an abundance Of demand bills in the
market whereas the supply was scanL
America is exporting merchandise Of al
/ kinds more heavily than ever before in its
| history. The total Of exports for March
I was the largest with the exception OF one
single m9ntl in 1855 The imports OF the
| country e also a. record breaking fg-
/ ures. but they are still far behind the eX-
ports in value. During the past three
years the excess OF exports over imports
| has been in the billions OF dollars During
! the same period the net movement OF gold
/ between this country and the outside world
has been practically at a standstill. Early
| IN the period there was some import o;
! gold in excess of export. but during the
| past two years the Increment has been the
! other way.
| The selling OF American securities by
| foreign holders during the past few year,
until within the past two months has beer
! heavy and this accounts for portion OF the
/ discrepancy Some loans have been made
| by America on the other side, but compare
! lively speaking their amount has beer in
| significant American tourists have spent
! millions in Europe. but this OutgO Of money
has not been so large either. as materially
| TO affect the problem Of what becomes Of
| Americas immense credit balance.
Wall Street is not inclined TO show mucl
fear of the effect Of the movement OF the
| metal. In times past the mere suggestion
| of such a movement has been the sigma
/ for falling prices on the New YORK. StOcE
/ Exchange but brokers and the general
| public also TO a certain extent have come
| TO understand that with such an abundance
/ OF money in this country exports 10 sup
I ply the needs Of Great Britain are q bull
! argument rather than the reverse. During
some of the recent gold export periods tbs
! prices of American securities have steadily