The star. (Reynoldsville, Pa.) 1892-1946, 1899-06-28
REVIEW OF TRADE.
Balance of Trade Still Our Way Demand for
Iron and Steel far Beyond Supply.

Balance of Trade Still Our Way-Demand for
Iron and Steel far Beyond Supply.
r. G. Dun & Co.'S weekly review of
trade reports as following for last
week; The outgo of more gold this
week. S4'OOO,OOO, so far reported makes
1t clear that Europe is in need. The
French ministerial crisis has been
grave and prolonged, the collapse of
German speculation in Industrial
stocks threatens some trouble, but
perhaps the South African uncertainty
causes most disturbance.
Whatever the cause, Europe needs
money, and cannot claim its own
IRON 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 IL Is here
Home finances are most satisfactory.
Revenue falls behind expenditures for
the fscal year less than $4,000, 900
and but for $3.50 900 war expenses,
including payment for the Philippine
debts and for Cuban soldiers, the rev.
enue, exclusive of that from the war
taxes, exceeds ordinary expenses.
Trade balances, in spite of exports
from New York, 10 per cent less than
last years, and imports 70 per cent
greater still promise a large excess of
exports for June. Nor is there any
substance in the idea that large for
eign sales of securities are moving
gold. The best evidence obtainable
shows that In January and February
about SS,25O,OOO worth of securities
came to this side. and since February
not more than s4,000,000 in excess of
shipments. In character transactions
have been OF the trading and of the
investment sort.
Stocks here have weakened. but
FaI HsIN e..t.
foreigners do not touch, these decln-
ing 81 OS per share on the average this
week, while railroad stocks have
averaged a decline of only 29 cents per
share.
Earnings for the first half of June
are better than for any previous month
this year, 10 per cent larger than last
year and lib per 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 stables there is a turn
for the better. Exports of wheat,
flour included for the week have been
3,643,672 bushels against $500, $3.50 last
year. and in three weeks, 6,504,2 1862
against l1,005,79 last year. Corn eX-
ports also continue large. 2,627, ,S6S
bushels. against 2.574, 1923 last year. A
exports. These are facts which pre-
ceded orders for gold exports this week
and do not result from them, but show
the prospect of larger outgo of mer-
chandise In coming months.
Wheat receipts at the West, 15600,-
6SS bushels for the past three weeks.
against 3,463,779 last year and 4,540 $40
in the same week in 1897. show an ex-
traordinary movement for the farms
for the season, indicating no suspicion
there of shortage. The fall of 2 cents
In wheat and in cotton from 6.3lc to
6.12c indicates that speculation based
on the hope of short crops is growing
weary.
The textile Industries are much be-
hind In prices, though woolens are now
steadily rising, and are per cent
higher than at their lowest in March.
Th gods are in much stronger de-
mand, and the wool has advanced
from 1S.0lc to 1880 for domestic, TAX
ing the average of 100 quotations by
Coates Bros. though the buying is
largely speculative. In cotton goods
the advance has been small. and
though business Is excellent the de-
mand fairly matches the supply
The great gain In volume of bus-
ness might seem OF questionable
safety were II not greater In iron pro-
duction. resulting from an actual ex-
cess OF demand over supply. and not
from speculation.