e bars hold out. After that,
whoever still wants gold can take it in the form of coin.

How such conditions have worked out, so far as our gaining or losing
gold is concerned, can be seen from the following table, introduced
here for the purpose of giving a clear idea as to just where the United
States has stood in the international movement of gold during the
five-year period given below:

Exports of Excess of
Gold from U.S. Imports Imports

1913 $77,762,622 $69,194,025 [1]$8,568,597
1912 57,328,348 48,936,500 [1]8,391,848
1911 22,509,653 73,607,013 51,097,360
1910 118,563,215 43,339,905 [1]75,223,310
1909 91,531,818 44,003,989 [1]47,527,829

[1] Excess of exports

In conclusion, it may be said that the prediction that as international
financial relationships between banks are drawn closer, gold movements
will tend to decrease, seem hardly to be borne out by the figures of
the table given above. Banks here and banks abroad are working together
in a way unknown ten or even five years ago, but as yet there are no
signs of any lessening in the inward or outward movement of specie.
More liberal granting of international credits, increased international
loaning operations, far from putting an end to the physical movement of
gold in large quantities,--these are influences tending to make gold
move more freely than ever. The day of the treasure galleons is over,
but in their place we have swift-moving steamers by which gold can be
shifted from one point to another with safety and ease. Gold movements
seem as though they were to play an important part in the markets for a
good many years to come.

CHAPTER VIII

FOREIGN EXCHANGE IN ITS RELATION TO INTERNATIONAL SECURITY TRADING

On account of the huge fixed investment of foreign money in the United
States, on account of Europe's continuous speculative interest in our
markets, and the activity of the "arbitrageurs" in both bonds and
shares, dealings in securities between ourselves and the Old World are
always on a very great scale. Not infrequently, indeed, Europe's
position on American securities is an influence of dominating
importance.

From the maturities, refunding operations, and interest remittances
alone, growing out of the permanent investment of foreign money in our
securities, there results a very great amount of international sec