The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1899-06-27
EUROPE Is a. NEED.
Dun's Opinion of Outgo of Gold--Fi-
nances In This Country Reported
Most satisfactory.

NEW YORK, June 24.-R. G.. Dun q !
20. s weekly review of trade issued to-
lay said in part:
The outgo of more gold this week,
Bi,000,0O0, so far reported, 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 threaten
some trouble, but perhaps the South
African uncertainty causes most dis
turbance. Whatever the cause, Europe
needs money, and cannot claim its own
from the west this year, but must bor-
row. 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 800, ,000, 900 and
but for $3.50, 100000 war expenses in
cluding payment for the Philippine
debts and for Cuban soldiers, the
revenue exclusive of that from war
taxes. exceeds ordinary expenses. Trade
balances, in spite of exports from New
York 10 per cent less than last years
and imports 26 per cent greater, still
promise a large excess of exports for
June. Nor is there any substance in
the idea that large foreign sales of Sc
curities are moving gold. The best evil
dence attainable shows that in January
and February about s., ,250,000 worth of
securities came to this side, and since
February not more than $4,000,000 in
excess of shipments.
In character, transactions have been
Of the trading and of the investment
sort. Stocks here have weakened, but
most exclusively in industrials. which
foreigners do not touch, these declining
S2.0S per share on the average this
week, while railroad stocks have aver
aged decline Of only 20 cents per
share.
Exports Of wheat, flour included, for
the week have been $685. 672 bushels,
against $500, 800 bushels last year, and
in three weeks, S,504, 1862 bushels, against
II, 900, 798 bushels last year. Corn ex-
ports also continue large, 2, ,627 1886 bush
els, against 2,574, 1873 bushels last year.
A sharp fall in cotton also encourages
exports. These are facts which preceded
orders for gold exports this week and
do not result from them, but show the
prospect Of larger outgo OF msrchan-
disc in coming months.
| The fall OF 2 cents in wheat and in
cotton from 6.3l to 6.12 cents 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 6 per cent
higher than at their lowest in March.
| The goods are i'll much stronger de-
mand and the wool has advanced from
1901 to 1916 cents domestic, taking the
average of 100 quotations by Coates
Bros, though the buying is largely
speculative.
The great gain III volume of business
might seem of questionable safety were
it not greater i'll iron production, re-
sulting from an actual excess of de-
mand over supply and not from specu.
latiOn. Bars are stronger by 50 per ton
at the east, though iron is 81 per ton
easier at Pittsburg, but difference OF
So per ton III favor of steel makes the
demand for iron larger. 1t is interest.
ing that l0,000.ton order for plates for
two American liners to be built by the
Cramps has gone to Chicago, eastern
works being too full.
Orders for finished products show nc
decrease i'll quantity, and for most lines
and as for rails, are quite often refused
speedy deliveries being impossible.
Failures for the week have been It's
in the United States, against 2S5 last
year, and Is in Canada, against IL las
yaar