The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-24
indications That Europe Is In Need
of Money.
BORROWING LARGE SUMS
HEAVY SHIPMENTS OF GOLD
FROM UNITED STATES.
Trade Balances Promise Large Ex-
cess OF Exports For June-In
Great Staples There Is a Turn
For the Better-In the Finacial
World.

New York, June Pr C. Dun &
Co.'S weekly review of trade will say
tomorrow:
The outgo of more gold this week,
4,OOO,OOO so far reported, makes it
clear that Europe is in need. The
French ministerial crisis has been
grave, and prolonged collapse of Ger
man 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
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, put the money is worth more to
| lenders abroad than it is here. Home
| finances are most satisfactory Reve-
nue. falls behind expenditures for the
lscal year less than 500. 000 and
but for the $3.50. 100000 war expenses,
including payment for the Philippine
debts and for Cuban soldiers, the reve-
| nue. 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 26 per cent
greater, still promise a large excess of
exports for June. Nor is there any
substance in the idea that large for
elsn sales of securities are moving gold.
The best evidence attainable shows
! that in January and February about
-, 100000 worth of securities came to
this side, and since February not more
imam $4OQO,OUO in excess of shipments
In character. transactions have been
or the trading and not of the invest
ment sort. Stocks here have weakened,
oil
ais which foreigners 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
first half of June are better than for
any previous month this year 10 per
cent larger than last year and 11.3 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 staples there is a turn
for the better Exports of wheat and
flour included for the week have been
3,643,612 bushels, against $500, $50 bush
els last year, and in three weeks $780,
262 bushels, against 11.OO5. 79S bushels
last year. Corn exports also continue
large, 2.262,96 bushels, against 2,574, 723
bushels last year
sharp fall in cotton also encOurag es
exports. These are facts which pre-
coded orders for gold exports this
week and do not result from them. but
show the prospect Of a larger outgo of /
merchandise in coming months. f!
Wheat receipts at the west-15, SOC. 6SS /
bushels for the past three weeks. /
against 3.465.719 bushels last year and /
1 ,540,549 bushels in the same week III /
an extraordinary movement |
from the farms for the season. indi-
eating no suspicion there of shortage.
The fall of cents in wheat and in cot
ton from 6.31 to 6.i2 cents. indicates
that speculation 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 and are per cent