Arizona republican., 1901-12-07
EXPORTS OF GOLD
An Early Resumption Of 0utgO
 Feared
The Cause Found in an Advance of Sight Sterling and Paris Fx- change - Germany Also in the Field For Gold.

New York, Dec. 6.-The consensus of opinion in international banking circles late today was that next week would witness a resumption Of gold exports. Sight sterling has been going up stead fly since Monday, the closing quota tions today being $4.S79sds4-s7al.
 With demand sterling at s4.S3 and Paris exchange on London at 25 francs 17c, it is believed that gold can be shipped to France at a profit. In sub stance demand sterling is now only Ac to 12c below the point at which it is be- lieved that gold can be exported at a profit.
 Indications are that Germany is reaching out for some of this country s gold, but exchange will have to rule considerably above SASS before the vel low metal can be exported to that country at a profit. Sterling exchange was quoted as low as 4.se5o on Monday last the net advance since then being nearly 1c.
 C. Schumacher & Co.,, in their weekly review of the exchange market have the following to say:
 When looking over the situation trying to find an explanation of the strange conduct of the market, we can not discover a valid reason to account
 
 day.
 Was it a short fainting fit after our large gold exports of last week, or did the market just slide down as on a banana peel before it recovered it's balance? We find the general situation absolutely unchanged and our floating indebtedness abroad probably in excess of the supply in sight and therefore a fairly high market still the most prob able, although some of our banks and bankers are even now offering theiI bills for December delivery at quite a fraction below the present ruling rates
 Cotton bills are in fair supply, but grain bills continue scarce. The de- mand for banks and bankers still shows evidence of requirements for covering the outstanding short interest"
 Preparations made by the banks this week in anticipation of December diyi- dend and interest disbursements which will aggregate something like $50. eco, 600, and S25 900, 900 returned tc the members of the United States Stee corporation syndicate make it dinicul; to forecast the results of this week's operations of the banks.
 True, the disbursements on account of dividends and interest, and the pay nert of S25. .OoG,Oo0 to United States Stecl underwriting members repreSenl q mere shifting Of funds. without any great loss of cash resulting therefrom but it cannot be said that the loan and deposit items of the Associated Banks will not be disturbed in consequence ot these heavy payments.
 The known movements of money thi: week indicate that the banks gained something like $1 ,20O,OO from the in terior, and lost S9O6, GOO to the sub treasury. q net gain for the banks O, about S3G0 900. The banks have showr a gain from the interior each week since November 9, and from this it car be seen that the return flow of funds from the west and south is now wei under way.
 As the bank statement will cover two more days this week than are given il today's estimates the gain in cash ovel all should be considerably larger. Th' banks are in fairly good condition iron the standpoint of surplus cash. and i the gold export does not start in aEaiI soon low rates for money are assured