The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-06-24
WEEKLY REVIEW OF
TRADE CONDITIONS.
The Outgo Of More Gold This
Week
Makes Il Clear That Europe Is in
Need,

Home Finances Are Most Satisfac-
tory-A Turn for the Better in
the Great staples-Wheat and
Flour Exports Being Much
Larger Than Last Year-Textile
Industries Behind in Prices.
Although Woolens Are Steadily
Rising.
NEW YORK, June Or. G. Dun &
Co.'S weekly review of trade will say
Tomorrow:
The outgo of more gold this week,
"a 600, 600 SO far, makes it clear that
Europe is in need. The French min
isterial crisis has been grave and pro-
1enged, the collapse of German specu-
1ation In industrial stocks threatens
some trouble, but perhaps the South
American uncertainty causes most dis
turbance. Whatever the cause, Europe
needs money and cannot claim it's own
from the West this year, 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 satisfactory.
Revenues fall behind expenditures for
the fiscal year less than 500, 100000,
and but for $23O.O0O 600 war expenses,
including payment for the Philippine
debt and for Cuban soldiers, the rev.
enue exclusive Of that from war taxes,
exceeds ordinary expenses. Trade bal
ances, in spite of exports from New
York of 10 per cent. less than last
years and imports 26 per cent. greater,
promise a still large excess of exports
for June. Nor is there any substance
In the idea that large foreign sales of
securities are moving gold. The best
evidence attainable shows that in jan
uary and February about $S.25O,OOO
worth of securities came to this side
and since February not more than $4,-
OOO, 600 in excess of shipments. In
Character, transactions have been of
the trading and not Of the investment
sort Stocks are weakened, but almost
exclusively in the industrials which
foreigners do not touch. These de-
elined sos per share on the average
this week, while railroad stocks have
averaged a decline Of only 20 cents
per share.
In the great staples there is a turn
for the better. Exports of wheat, -four
included. for the week have been s.
643.6I2 bushels, against 100000
bushels last year, and in three weeks
.504, 262 bushels, against II ,OO5, 1913
bushels last year.
= Corn exports also continue large. "A
sharp fall in cotton also encourages
exports These are facts which pre-
sceded orders for gold exports this week
and do not result from them, but show
the prospect of a larger outgo of mer-
1clland in coming months Wheat
receipts at the West, IL, 100000 bushels
for the past three weeks. against g.
s463, 119 bushels last year, and 4,54O,-
-649 bushels IN the same week in 1897,
show an extraordinary movement from
the farms for the season, indicating no
suspicion there of shortage. The fall
of cents in wheat and in cotton from
G.31 to 6.12 cents indicates that specu-
lation based on the hope Of short crops
is growing weary.
The textile industries are much be-
hind in prices, although woolens are
now steadily rising
: The great gain in the volume of bust
ness might seem of Questionable safety
wererft greater in iron production, re-
sulting from an actual excess of de-
mand over supply and not from specu-
lation.
Failures for the week have been 17S
in the United States, against 2S5 last
Jear; and 1Spin Canada, against II last
year.
NEW YORK. June 23-Bradstreets
financial review will say:
Irregularity with some exhibitions Of
positive weakness has been the feature
of speculation for the last six days
The stock market has been professional
to an increasing extent and there was
evidence that powerful influences have
been active on the bear side. Liquida-
ton in certain specialties have been
visible, though in some stocks which
We're prominent In this connection the
selling seemed to be the unloading of.
large blocks by people identified with
the manipulation. There was also a
display Of strength in certain parts of
the list, as for instance, the Wander
bit stocks, which might suggest an ac-
cumulation process in other groups,
notably the anthracite coal shares,
were Steady and apparently waiting for
Developments. The short interest,
though naturally much bigger than it
was some weeks ago. betrayed a GER.
tain amount of nervousness and a. de-
cided readiness to cover at concessions
which prevented the declines from as
Stunning steady or decided character
and In many cases limited them to
small dimensions. IT would seem that
the public and the street are inclined
to suspend Judgment as to whether
prices are too high or not until a more
definite conclusion as to the grain crop
results can be drawn. Discussion of
the crop outlook was, however, less
present than it was a week ago and
among the chief active bearish factors
have been the probability Of larger
gold exports which are described in an
other column. have been increased by
the strength of both the Berlin and
London money markets, did not escape
notice, however and the New York
money market has been quiet and the
interest rates continued comparatively
easy, even in the face of requirements
caused by the extremely large interest