The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-06-24
Explanation of the Movement
of Gold to Europe.
II. G. Dun & Co., Says the Other
Side is Borrowing.
HOLDING TO STOCKS
There Has Been Little Unload
ing of Our Securities
They Borrow More Cheaply
Here Than at Home.

| New York, June PAR. G. Dun &
| Co.'S Weekly Review of Trade says
| today:
The outgo of more gold this week,
81, 600, 900 so far reported makes 1t clear
that Europe is in need, the french min
isteriaI crisis has been grave and pro-
longed, the collapse of German specu-
Iation in industrial stocks threatens
some trouble. but perhaps the South
American uncertainty causes most dis
turbance. Whatever the cause, Europe
needs money and can not claim its own
from the west this year, but must Dor
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 are most satisfactory.
Revenue falls behind expenditures for
the fiscal year less than 800, 900 and
but for $3.50, 100000 war expenses, in
Guiding 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 &c per cent
greater still promise a large excess of
exports for June. Nor is there any sub
stance in the idea that large foreign
sales of securities are moving gold. The
best evidence attainable shows that in
January and February about $S,250000
worth of securities came to this side,
and since February not more than $4,-
O00, 900 in excess of shipments In char
acter, transactions have been of the
trading and not of the investment sort.
Stocks have weakened, but almost eX-
clusiveiy in the industrials, which for
eignerS do not touch, these declining
$2.0S per share on the average this week.
while railroad stocks have averaged a
decline of only % cents per share. Earn
ings for the first half of June are better
than for any previous month this year.
106 per cent larger than last year, and
11.3 per cent larger than in 1892, the
roads gaining most largely
last year in spite of the reduced move
ment OF grain.
In the great staples there is a turn
for the better. Exports of wheat, flour
included for the week have been 3,643,-
672 bushels. against $500. $50 bushels last
year, and in three weeks G, 800, 262 bush
els against II, 005, 79S bushels last year.
Corn exports also continue large, p
627,S66 bushels, against 2,574, 723 bushels
last year. a sharp fall in cotton also
encouraged 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 merchandise in coming months.
Wheat receipts at the west 10, 600, 68S
bushels for the past three weeks against
3,463, 10 bushels last year, and 4 $40, $40
bushels in the same weeks in 1897, show
an extraordinary movement from the
farms for the season, indicating no sus-
piciOn there of shortage. The fall of
two cents in wheat and in cotton from
631 to 6-12 cents indicates that specula-
ZION DdSeQ on the nope Oh snort crops
is growing weary.
The textile industries are much behind
in prices, though woolens are now
steadily rising and are six per cent
higher than at their lowest in March.
The goods are in much stronger demand
and the wool has advanced from IS OIL
to 1876 cents for domestic, taking the
average of 100 quotations by Coates
Brothers, though the buying is largely
speculative. In cotton goods the ad-
vance has been small, and though bust
ness is excellent, the demand fairly
matches the supply.
The great gain in volume of business
might seem to indicate questionable
safety were it not greater in iron pro-
duction, resulting from an actual ex-
cess of demand over supply and not
from speculation. Bars are stronger by
SO per ton at the east, though iron is 81
per ton easier at Pittsburg, but a diff
erence of IS per ton in favor of steel
makes the demand for iron larger. It
is interesting that a 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 finished products show no
decrease in quantity and for most lines
as for rails. are quite often refused,
speedy deliveries being impossible
Failures for the week have been 178
in the United States, against 2S5 last
year, and is in Canada, against IL last
year.