The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-24
OUR GOLD
is NEEDED
BY EUROPE,
Cannot Get It's Own Owing to Dis.
turbanccs. and Must Bor-
row From us.
OUR FINANCES SATISFACTORY.
a Turn for the Better in our Great
Staplcs..Thc Continued Dc.
mand for Iron.

NEW YORK, June PR. G. Dun &
Co.'S weekly review OF trade will say
Tomorrow:
The outgo of more gold this week.
ss00O.0 900. so far reported. makes 1t clear
TINT Europe Is In need. The French
ministerial crisis has been grave and
prolonged, the collapse of German spec
ulation In Industrial stocks threatens
some trouble, but perhaps the South AZ
| rican uncertainty causes most disturb
ance. Whatever the cause, Europe
needs money, and cannot claim It's 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 It Is here.
Home Finances.
Home finances are most satisfactory.
Revenue falls behind expenditures for
the fiscal year less than 500. 600 and
but for $3.50, 900 war expenses !nclud-
Ing payment for the Philippine debts
and for Cuban soldiers, the revenur cx-
clusiyetl of thut and that OF the war
tax 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. stlll
promise large excess Of exports for
June. Nor IS there nny substance In
the idea that large foreign sales OF Sc
curltIes are moving gold. The best
evidence attalnable shows that In Jan
uary and February about sS.25O,Ooo
worth OF securities came to this side
and since February not more than s4,-
100000 in excess OF shipments. In char
acter. transactions have been Of the
trading and of the investment sort.
Stocks here have weakened but most
! exclusively in lndustrials, which for
cigIers do not touch, these declining
s2 0S per share on the average this week
while railroad stocks have averaged q
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 lib per cent larger than In 1892 the
granger roads gaining most largely over
| last year in spite Of the reduced move
inent Of grain.
The Great Staples.
In the great staples there Is turn
for the better. Exports OF wheat, flour
Included, for the week have been g.
Gi3,GT2 bushels against 3.S00.G6O last year
and In three weeks G504, ,262 against H.
005, ,79s last year. Corn exports also con-
tinue large, 2.G2i ,SGS bushels against g.
5Ii.723 last year. a sharp fall in cotton
also encourages exports. These are
facts which preceded orders for gold ex-.
ports this week and do not result from
| them, but show the prospect OF a larger
outgo of merchandise In coming
months. Wheat receipts at the west,
15.600,6SS bushels for the past three
weeks. against 3.46S,179 last year and L.
5do.549 bushels in the same week of 1897
show and extraordinary movement from
the farms for the season, Indicating no
suspicion there OF shortage. The fall
OF &c In wheat and In cotton from C.3l
| to 6.12 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 high
cr than at their lowest in March. The
goods are In much stronger demand
and the whole has advanced from 1901
to 1876 cents for domestic, taking the
average of 100 quotations by Coates
Bros. though the buying Is largely
speculative. In cotton goods the ad-
vance has been small and though busl-
ness is excellent the demand fairly
matches the supply.
Iron Production.
The great gain In volume OF business
might seem OF questionable safety were
It not greater In iron production, .re-
sulting from an actual excess of de-
mand over supply and not from specu-
lauon. Bars are stronger by S. per ton
Mt the east. though iron Is 81 per ton
easier at Pittsburgh, but n difference OF
S. per ton In favor of steel makes the
demand for iron larger. 1t Is interest
Ing that 10000 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 finish
ed products show no decrease In guam
tity, and for most lines and MS for rails
are quite often refused. speedy deliver
les being impossible.
Failures for the week have been lis In
the United States. against 2S5 last year
and IS In Canada against II last year.
Window Glass Advanced.