Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-05-11
THE DRAIN OF GOLD
From America TO Europe is Puzzling New
York Financiers.

New YORK, May 10.-The shipments
of gold last week have rarely been eX-
ceeded within like period, and they
gave TO the bears long-cOveted oppor-
tunity TO turn things their way. As
matter of fact, however. ii was not so
much the amount reported that sent a
chill through Wall street as the mystery
surrounding the movement and the In
IDENTITIES as 10 the causes which led up
TO il. So long as there Is any event
about which there is great uncertainty
the leaders can raise or depresS prices
to the loss of the general speculatlng
public.
At this time the gold exports trans
cend other considerations. The most
erudite among the bankers are at sea,
as it is made evident by the claims of
some that the United States is settling
trade balances, and OF others that this
country is being drawn upon for the
purpose of enabling the European cen
ters to prepare for any possible eXigen-
cies that may arise from the strained
financial conditions resulting from over
trading and Shrinkage in South Ameri-
can and other securities.
Since the close of March the exports
of gold and silver approximate SO, OOO,-
600. and many bankers are Of the opln-
ion that the shipments are forced; IN
other words, That the foreigners suffer
a loss in order to get the gold, and the
whole thing resolves itself into an eX-
change operation. A. is often the case
when something out Of the ordinary oc-
ours, the apprehension felt as to the
present loss Of gold is, to some extent,
at least. sentimental.
As the Director of the Mint shows in
statement inst made,.aspublic. we have
produced S572, 920, 900 gold in the last
sixteen years, and in that time our net
imports were 500. 466, 900. although from
MAY, 1850, to July, 1880. the exports
reached SCI, 100000. He places our
stock of gold on the first Of this month
at 5000, 0GO, 600. 1t is argued from all
these facts that the excitement and de-
preston consequent upon gold exports
is hardly warranted, and THAI Spccula-
tors are largely responsible for the
trouble. II is more than likely that as
soon as clear understanding is had OF
the impelling forces leading up TO the
present gold exports, the latter will
cease to do any further harm to bust
ness or stock market interests.
Anyway. as money commands better
rates here, which must be the case If
the movement continues and the bank
ers force their bills for sale, thus pro-
ducing congestion, the difficulty OF get
ting gold from this side will be immeas-
urably increased.
The shipments last week had all UNI
due influence, partly because OF the
bank troubles in Philadelphia. No Que
believes, however, that Philadelphia
finances are in such shape as to por-
tend any serious or lasting trouble. If
there should be any great difficulty II
will come from London or the continent,
and events on the other side should
receive the closest attention be-
cause of the alleged stand of the
Rothschilds toward the Russian loan;
the threatened withdrawal OF deposits
from the financial centerS OF Europe by
the Russian government; the rumored
change in the financial policy OF the
Portuguese government in authorizing
the issue Of 81, 500, 0C0 silver aud eX-
change notes for the white metal by the
Bank OF Portugal for three months
owing to the dearth Of gold the weak
ness of firms formerly in good credit in
London, Paris and Berlin, and the gen.
orally unsettled state Of financial aud
political affairs abroad.