The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-24
WHY GOLD Is GOING
For the Good 0Id-Fashioned
Reason That Europe Needs 1t.
GREAT STAPLES BETTER
Railroad Earnings increased
No End to the Iron Boom.

New York. June PR. C. Dun & Co.'S
Weekly Review of Trade tomorrow will
| say: The outgo of more gold this week
SiOOO.O9O so far reported-makes it clear
that Europe is in need. The French min
isterial crisis has been grave and pro-
ionged. The collapse after German spec
ulation in industrial stocks threatened
some trouble. but perhaps the South Afri-
can uncertainty causes most disturbance.
Whatever the cause, Europe needs money
and cannot claim its own from the west
this week. but must borrow. Exchange
and trade balances show that this country
is not called upon to pay, but the money
is worth more to lenders abroad than it is
here. Home finances are most satisfac-
terry Revenue fails behind expenditures
for the fiscal year les than S1OO 100000 and
but for $3.50 100000 war expenses. including
payment for the Philippine debts and for
Cuban soldiers, the ervenue, exclusive of
that from the war taxes, exceeds ordinary
expenses. Trade balances. in spite OF eX-
ports from New York ~ per cent less than
.ast years and imports 26 per cent greater.
still promise a large excess of exPots for
June. Nor is there any substance in the
idea that large foreign sales Of securities
are moving gold. The best evidence at
tainable shows that in January and Feb
ruary about $S.25OOO0 woth Of securities
came to this ide and since Fer~TaTy not
more than 100000 in excess II shipments
In character, transactions have b zen of the
fading and not Of the investment sort.
Stocks here have weakened. but almost
exclusively in the industrials, which for
eigners do not touch. these declining sos
per share on the average this week. while
railroad stocks have averaged a decline of
only % cents per share. Earnings for the
fist half of June are better than for any
previous month this year, 10 per cent larg-
er than last year and II. 3per cent larger
than in 1892, the granger roads gaining
most largely over last year. in spite Of the
reduced movement of grain.
In the great staples there IS a turn for
the better. Exports of wheat Clour in
cluded) for the week have been 3,649.672
bushels. against 3. 800. $50 bushels last year,
and in three weeks G 504. 262 bushels. against
II 0O5. 79S bushels last year. Corn exports
also continue large. 2.627.9i5 bushels,
against 2,574,723 bushels last year a sharp
fall in cotton a,sO encourages exports !
These are facts which preceded orders for |
gold exprts this week and do not result |
from them but show the prospect Of |
larger outgo OF merchandise in coming |
months. Wheat receipts at the west, IS !
GOO.sSS bushels for the past three weeks. |
against .3463 40 bushels last year and A. |
5i0549 bushels I'm the same weeks in 1897 |
show an extraordinary movement from the /
farms for the season, indicating no sus-
picion there of shortage. The fall of . |
cents in wheat and in cotton. from 631 |
To gig cents, indicated that speculation |
based upon the hope OF short crops is
growing weary.
The textile industries are much behind |
in prices. though woolens are now steadily |
rising and are per cent higher than at
their lowest IN March. The goods are in
much stronger demand and the WOO. has
advanced from 1901 to 1876 cents for do
nestle taking the average OF 100 quota
items by Coates Brothers though the buy
ing Is largely speculative. j. cotton goods
the advance has been small, and though
business Is excellent, the demand fairly
matches the supply.
The great gain in volume Of business
might seem of questionable safety were II
not greater IN iron production, resulting
from an actual excess of demand over
supply and not from speculation. Bars
are stronger by 50 per ton at the east ?
though iron Is 81 per ton easier at Pitts
burg. hut n difference OF s. per ton in
favor Of steel makes the demand for iron
larccr. 1t is interesting that 100 bottom
Order for plates for two American liners |
to b" built by Cramps has gone TO Chi
cago. eastern works being too full. Orders
for finished products show no decrease in
quantity. and for most lines. as for rails.
are quite often refused. speedy deliveries
being impossible
Failures fCr the week have been 1SS IN
the United States. against 2>5 last year,
and Is in Canada. against II last year.
RRADSTREET'S TRADE REVIEW.
New York. June 2G.-Rrad.Streo,'s torro--
row Will say: Less than an average eff
feet II approaching midsummer Influences
IS discern!ble in current trade reports.
Prices. too. show a strength unusual at
5is period. ana particularly IN view of
recent steady advances. This is notably
II course. in The iron and steel
industry. where the tendency of values IS
-t.ll upward. though the advances report
"a are Hat uniform at all markets pointing
- individual instances ID: business d.,,,, at
1ert possible prices. Where prompt is-iv-
FRY can DC guaranteed. Fancy quotations
are in many cases os.anah,e and -esti-
n'ny - the Sc'rciy of supplies = univer-