| Show GOLD STILL MOVING ABROAD THE continuance of the overflow of gold nearly having been shipped to europe last week makes make a state of affairs almost without a parallel in recent years 12 thus thug it is that br bradstreets the well known financial and trade authority of now new york speaks on the situation which it fur aber describes as both anomalous ano maloui and extraordinary the authority above referred to confesses itself unable to give substantial reasons for the existing state of af faira the sale of american securities in europe the silver agitation here the rates rate of exchange between NOW new york and london are all touched on but none of them nor all combined would be sufficient clentho to produce the results described the anti option legislation projected in congress to Is also touched on and co sid erable stress laid on it as a factor in the deportation of gold on this point says in former years offerings of commercial bills drawn against sales of cotton and grain to importers in europe were an element of primary importance in maintaining the equilibrium of exchange such stich purchases were usually made for future delivery el ivery the exporting houses here protecting themselves by the purchase of options the proposed anti and option legislation restricted such transactions actions to an extent from which the markets have not yet recovered it to i stated that a year ago in cotton alon three large new ew york houses drew against cotton futures up to august isa 1st no less than of bills of exchange in the present season the drawings of the same establishments are not believed to exceed these exemplify 9 general r 61 J tendency fact to exec lefta they fornis cornish i once oice a valid 1 id ey which the don n of the causes derange w which bich should regulate our international financial relations |
