The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-02-13
COIN NNPoRps.


Tho Drain on the Treasury Continucs-ThG
Silver situation.
Special Correspondence Of The inlslligeaesr
New YoRK, Jan, ll.-Elcnry Clew's
circular says;
Tho many important factors favoring
the value OF securities are still prevent
ed from having their due effect upon
prices by the tlmidity excited by the
position Of the silver question, the
continued large exports OF gold, and
tho depletion OF the treasury gold bal
ance. II is still uncertain whether the
present session OF Congress may con-
sent to suspend the operation OF the
Sherman act and the Presldent'elect Il
willingness to support, III necessary q
compromise that would restore the
Bland act, which is regarded as being,
on the whole, worse than allowing the
Sherman law run until its effects COM
PEELED ita suspension at least. While
there is no uncertainty, perhaps not
even a fair probability, that the Sher-
man act will DO Immediately repealed,
tho treasury stock OF gold IS diminish
ing, and at the same time circumstances
point to continuance OF exports Of
gold. The net stock OF gold coin and
bullion in tho treasury fell from Sl2l,-
200 600 on the Let OF January to Sl0S,-
100000 on the lat OF February. A
further loss Of $4,000, 000-which
might but too easily occur in tho event
Of continued exports OF specie and from
the Strengthened revenue sources OF the
treasury-would sink the treasury re-
servo below the 100 million require
ments. In view OF the scramble OF the
great European banks for COLA, We can
have no assurance that such an inroad
on our gold stock might not arise. We
are thus yerging very uncomlortably
close upon a condition III which the
treasury might find it necessary to sell
bonds; and that is matter not to be
ignored.
The current OF gold movement in Eu-
rope cOnpels US 10 look these possible
ties squarely in the face, The Austro'
Hungarian loan OF $1,000, 900 Tor estab'
fishing gold payments is already Virtu-
ally contaminated, which means the
immediate withdrawal OF that amount
OF gold from other countries into q
boarded idle reserve A bill has been
introduced into the French legislature,
which is expected to take early effect,
authorizing tho bank OF France to in
crease its note issue by 500, 100000, the
main object being to enable the bank to
increase its stock OF gold by exchanging
its notes for it. Moreover, Germany
will soon be in the market with new
loan for military purposes, whilst the
long-deierred Russian loan is expected
to be soon negotiated in Paris, with the
effect OF subiccting the continent to a
drain OF gold into Russia's war chest.
These operations, happening at period
when the silver agitation is disposing
European bankers to augment their
stocks OF gold. are not to be lost sight OF.
The wild fluctuations in the indus
trial" stocks, whilst giving activity to
the market, are producing demoralized
feeling. Such violent changes are sug'
gestiye OF anything rather than intrinsic
value in the stocks themselves, and
seem TO imply that the originators and
managers in these corporations are far
moro concerned in making money out
OF illicit speculation than by conserva-
tive MANAGEMENT Of their properties.