The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-11-07

appreciate the immense DusInChs lHdJ
is IN prospect for them during tine next
.wclye months; and although they may
not deem the present moment the most
opportune for an active speculation in
their respective specialties, they would
not be likely to sit quietly by while the
"bcars" trfed with their interests.
The unexpectedly large increase in
last weeks surplus OF the banks is Ia
ken MS Indicating that the outflow Of
currency to the interior has reached its
climax, and that the shipments to the
south, soon to be forthcoming, are like
ly TO be provided Tor by reilux OF
money from the west. Inc reserves OF
the city banks. however are in low
condition-much below what they were
a year ago aud lower than has been eX-
pected-and while no stringeucy is
feared yet firm rates for money are eX-
pected for the remainder OF the year.
4 he net export OF iifty-two millions OF
gold, during the expired portion OF the
year, has caused d large depletion OF the
lawful money resources OF the banks.
Since February last, their stock OF gold
and legal tenders has been reduced from
lG5 millions to rs millions; yet, with
this LOGS OF forty-sevcn millions OF law
full money, the loans have been reduced
only twenty-seven millions. Under
these disQuieting movements at the for
Gign money centres are the more close
" watched, and there are exceptional
reasons for such vigilance. There has
rarely been a period when the great
national banks of the world have
shown such an anxiety as at present
exists to accumulate gold. This
boarding tendency is not due to
any commercial wants either present or
prospective; for everywhere, except in
the United States, trade is depressed
and contracted. 1t is due partly to
conviction that the critical position Of
silver may compel an extensive resort
to It's substitution in banking opera
tons by gold, and also to the springing
up oil significant unexplained demand
Tor gold from Russia. The first OF
these causes naturally creates deep
interest in the approaching monetary
conference at BRUSSELS. The bare posi-
biity that something may be done at
that gathering to stay the discardment
oil silver seems, however, to have the
effect OF holding this boarding tendency
in check for the time being; but,
should that hope be disappointed, it is
quite possible that the banking clamor
for gold may be revived early next
spring. The special Importance OF this
to the United States lies i'll the TACT
that this country is looked to as the
chief source from which the coveted
supplies Of gold must be drawn. The
result OF the forthcoming conference
has therefore u special Importance for
this country apart from its bear
ing upon our specific commitments TO
the use of silver; and it is TO be eX-
pected that the course'of our money
market and, te some extent, the course
OF our stock market may be influenced
by this factor. The drain OF gold to
Russia is ut present a mystery. The
cars government is understood to
have to have to its credit in England
10 millions sterling, in Paris . millions
and in Berlin millions, in all 10 mil
lions sterling which it can draw upon
at pleasure. Russia is now drawing
on these deposits, aud the only check
upon her continuing her drafts is the
danger that, in so doing, she may OBJ
struct the issue OF a loan for e20,OOO,OOO
which she desires to negotiate IN Paris.
tro-Hungary is likely to conduct
her accommodating OF gold with like
prudence; for she also wants to con-
tract loan OF 20 millions sterling to
enable her to regume gold payments,
and might easily defeat her purpose by
making gold scarce through antecedent
purchases OF that metal. II will thus
be seen that important operations are
impending to drain gold from quarters
where it is most inaccessible into more
or less fixed and permanent boards;
and the constituencies, in prospect
| of these operations, must be expected
to increase rather than diminish as the
time for their fulhllment approaches.
No doubt, when the time comes, we
shall be found competent TO take care
of our interests; but anticipation will
| only contribute to such preparedness
and, for the early future, our bankers
may be expected 10 maintain a con-
sentative position. Fortunately, our
credit system and the general business
of the country are in an exceptionally
sound position; and the composure
with viii Oh we last year took some one
| hundred millions OF securities returned
from Europe within comparatively few
months. shows tibet we can Withstand
shocks that would stagger the strongest
European bourses. 1t has been expect
ed that the Bank oil England would
this week further advance its rate oil
discount to 3! to per cent; and the
fact that it has not done so implies that
for the present at least, these disquiet-
ing element, in the European situation
are held in allowance.
The dealings on the exchange during
the week have been naturally inter
fered with by the near approach oil the
national election, which has occupied
the attention OF many OF the leading
operators TO the exclusion OF Wall
Street affairs. The situation, however,
continues to be one OF promise OF in
creased activity when the election is
decided One reason why money con-
tiuues active is because it is protitably
employed in legitimate business under
takings all over the nation, which IN
| itself is healthy sign and indicates
confidence in all directions; in fact i,
may be said that there was scarcely ever
a time whom the outlook Tor the future
was brighter for healthy activity in
trade circles, in the benefits OF which
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