Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1899-06-27
EUROPE NEEDS MONEY.
This Fact liz Strongly Indicated by
Shipments of Gold Abroad
Trade Situation Reviewed.

New York June PR G. Dun & Co. s
weekly review of trade says: THE outgo
of more gold this week, 900 so far re-
ported, makes it 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 American uncertainty causes most
disturbance. Whatever the cause. Europe
needs money, and cannot claim its 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 1t Is here.
Home finances are most satisfactory.
Revenue falls behind expenditures for the
fiscal year less than s100,000,0 900, and but for
1920, 100000 war expenses, including pay
ment for the Philippine debts and for Gu
ban soldiers. the revenue. exclusive of
that of the war taxes. exceeds ordinary eX-
penses. Trade balances, in spite of eX-
ports from New York 10 per cent less than
last years and imports 26 per cent. greater
still promise 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 attain
able shows that in January and February
about sS.250,0O0 worth of securities came to
this country. and since February not more
than 100000 in excess of shipments. In
character transactions have been of the
trading and not of the investment sort.
Stocks here have weakened, but almost ex-
clusively in industrials, which foreigners
do not touch
I'm the great staples there is turn for
the better. Exports of wheat. flour in
cluded, for the week have been 3643,872
bushels, against SS00.660 last year, and in
three weeks 6,504,262. against ll,005.79S last
year. Corn exports also continue large,
2627, s66 bushels. against 2,574,723 last year.
sharp fall in cotton also encourages ex-
ports. These are facts which preceded or
ders for gold exports 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. 15.-
o0O6SS bushels for the past three weeks,
against 3.4G3,779 last year and 4.54O.54s BUSH
els IN the same week in 1897 show an eX-
traordfnary movement from the farms for
the season. indicating no suspicion there
of shortage The fall of two cents in wheat
and In cotton from 63l to 6l2 cents indi-
oates that speculation based on the hopes
OF short crops is growing weary.
The great gain in volume of business
might seem of questionable safety were It
not greater In iron production, resulting
from an actual excess of demand over sup
ply and not from speculation Orders for
nnished products show no decrease in
Quantity. and for m st lines, as for rails,
are quite often refused, speedy deliveries
being impossible.
Failures for the week have been l7S in
the United States. against 2s5 last year, and
IL in Canada. against II last year"
Bradstreet's says: LESS than the av-
erage effect of approaching midsummer
Influences is discern BILE in current trade
reports. Prices. too. show a strength un-
usual at this period, and particularly in
view OF recent stea y advances This is
notably manifest. of curse. in the iron and
steel Industry. where the tendency of
values is Still upward. though the advances
reported are uniform at all markets, point
ing to individual instances of business done
at best possible prices
Improved crop re ports are responsible
chiefly for lower quotations of products de-
Ginning In price this week Wheat has been
affected by glowing reports from spring
wheat sections. but more especially by
continued enormous deliveries of old crops
supplies pointing to the 1898 spring wheat
yield. and therefore. the aggregate
yield of the country. having been heavily
underestimate. In Industrial lines, gem
orally. there is little more than the usual
friction as to wages. the most serious dis
turbance of all being the Colorado smelling
works strike, which is one partly of hours
worked"