The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-06-24
EUROPE NEEDS MONEY.
Home Finances Are Satisfactory, with Sc
curities Coming This Way.
TENDENCY OF IRON PRICES is UPWARD
Cotton Crop Prospects Continue 10
Improve and the Raw Prsauct
Is Lower.

New York. June 23.--R, G. Dun & Co. q
weekly review OF trade tomorrow viii
say: The outgo OF more gold this week.
siooo,ooo so far reported made II clear
that Europe is In need. The French min
isterial crisis has been grave and pro-
longed, the collapse OF German speculation
In Industrial stocks threatens some
trouble. but perhaps the South Africa I'M
certainty caused most disturbance. What
ever the cause. Europe needs money and
can not claim its own from the West this
year but must borrow. Exchange and
trade balances show this country is moi
called upon to pay but the money is
worth more to lenders abroad thnu II Is
here. Home finances sse most. satisfaclory.
Revenue falls behind expenditures for tho
fiscal year less than 800. goo, 900, and but
for S230,0o0.oD0 war expenses, Including
payment for the Philippines and the Cuban
soldiers, the revenue exclusive OF that
from the war tax 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 sub
stance In the idea that large foreign sales
OF securities are attracting gold The best
evidence ohtainable shows that In January
and February about $500 600 worth OF
securities came to this side and since
FEBRUARY not more than $4,000 400 in eN-
cess OF shipments. In character the trans
actions have been OF trading and not OF
investment sort. Stocks here have weak
ened, but almost exclusively in industrlals.
wnicn Foreigners do not touch, these de
cliuing S2oS per share on the average this
week. while railroad stocks have averaged
decline OF only 29c per share Earn
ingJ for the first half of June are better
than for previous month this year, 1876
per cont larger than last year and ia per
cent larger than IN 1892 the granger roads
gaining most largely over last year In
spite of the reduced movemenkin grain
The great staples there is a,turn for the
better. The fall OF 2 cents in wheat and
cotton from 6,31 to 6,12 indicates shat
speculation based on the hope OF shor.
crops Is growing weary,
| The textile Industry Is much behind In
prices, though woolens are now steadily
rising and are per cent higher than at
their lowest in March The goods are III
| much stronger demand and Sool has nd
vanced from 1901 u 1907 per cent for
domestic. the takings were large by Coates
Brothers, though the buying is largely
speculative In cotton goods the advance
has been small and though business is
excellent the demand fairly matches the
| supply,
The great gain in volume of business
might seem of questionable safety were
| il not for the greater iron production, re-
suting from an actual excess of demand
over supply and not from speculation.
Bars are stronger by SO per to- at the East
though iron is 81 per ton easier at Pitts
burg, but a difference OF S. per ton In
favor of steel makes the demand for iron
I larger. II is interesting that 10000 ton
Orders for finished products show no de-
/ to he built by the Cramps has gone to
I Chicago, Eastern works being too full
/ Orders fir finished products. show no de-
crease In quantity and for most lines. such
as for rails, are quite often refused speedy
delivery being impossible,