Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-13
MILLIONS TO EUROPE.
Americans Spend Fully s1O0, 100000
Abroad Every Year
AT AN EXTREMELY LOW ESTIMATE,
This Is the Primary Cause of the Present
Heavy Gold Exports.
THE EXPENDITURE NOT WHOLLY LOST

The incoming transatlantic steamers
bring with them on each arrival numbers OF
wealthy and luxurious Americans who
went abroad early in the spring. The old
fashion of commencing summers tour in
Europe in May or June and ending it in
September or Octobe:: is gradually giving
way to the new one of going over in Febru-
ary or March and coming back in June or
July. The change has been produced partly
by the desire of those who can afford the
time to avoid the crowd of less fortunate
people, who are limited to the dull season
of business for taking their pleasure trips,
and partly by the favor shown in London
and Paris fashionable society within the
past few years to Americans able and will
ing to contribute by their money to its en-
joyment
Where formerly rich American family
was content to choose between an excursion
TO Europe and season at an American
summer resort, it now indulges in both. In
fact, for many people, the social year is no
longer divided ipto two parts-summer and
winter-but into four; and consists of a
spring in London and Paris, summer in
Newport or Bar Harbor, an autumn at Lenox,
Tuxedo, or Hampstead, and only three
winter months in New York. They are, of
course, the comparatively few whom for
tune has endowed with the necessary worldly
means, but their number is growing year
by year, and their example finds imitators
in others of similar tastes and approximate
ability. 1t is legitimate result of the in
creasing wealth of the country, and it marks
the progress Of luxury which that wealth
fosters.
Millions Expended in Europe.
Two months ago, in treating of the gold
exports from this country, called atten-
tion to the very important item, not men,
toned in any official returns, of the money
annually expended in Europe by American
visitors and tourists. 1 computed their
number at 10000, and their passages out
and home at S20O apiece, and their expendi-
lures on the other side at $500 apiece. Thus,
allowing only 500 to each person, got a
total of S63, 10000 1t has been pointed
out to me that my number should be 100, 900
rather than 10000, and that $500 an an aver
age will not cover all that each excursionist
spends while he is away.
Hotel bills and railroad fares alone, l am
told, will amount to the 5000 which 1 al
lowed, leaving nothing for the clothes, jew
elry and pretty things Of all kinds which
are sure to be picked up. Making only
moderate addition for these omitted items
easily brings up the total expenses per head
to 81 900. and this, for loo, 900 people, is
500, 900, 900, all of which has to be paid out
of the products of labor in this country, and
if it is not remitted in the shape of wheat,
corn, cotton, tobacco, petroleum and similar
articles, it must go as it has gone this year,
in the shape of gold.
Discussing It Over Cigars.
AT the Eocene Club, where, over cigars
and drinks of various kinds, all sorts of
topics are discussed, from religion and
philosophy down to art and literature, with
occasional digressions into stocks and
politics, this one of American expenditures
in Europe came up lately, while my old
acquaintance, John Trumper, formerly the
Junior partner of Peter Lalow, and con-
stituting with him the eminently solid and
respectable stock-broking firm of Lalow &
Trumper, was present. Mr. Trumper made
his first money in the drygoods trade, and
then, drifting into Wall street with his
capital, he went into business with Mr.
Lalow, and for many years the pair were
the trusted advisers and agents in making
investments of select coterie of the richest
men OF New York.
As / think I have once told nv readers
the wealth of the customers who frequented
Lalow & Trumper's back office, and there
exchanged ideas and information ON many
matters, caused the place to get the ironical
nickname of the "Poor House" But this
now is all ancient history. In due time Mr.
Lalow died, and Mr.. Trumper wisely de-
cided that he had money enough to retire
from the fatigues and responsibilities of the
business. Still, once in awhile l suspect
the old habit comes upon him, and he likes
to exercise his judgment in buying and
selling stocks for rise or fall, as circum-
stances influence him.
The Market Went Against Him.
On the occasion spoken of, Mr. Trumper
had evidently been speculating for rise,
and the export of gold, by causing fall in
the market, had rather interfered with his
expected profits, for he broke out into Sc
we're denunciation of the American citizens
who were so unpatriotic as to seek pleasure
in travel abroad rather than at home, and to
employ foreign tailors and dressmakers in
stead of having their clothes made in this
country. Against those who reside perma-
nently abroad and spend their entire in
comes there, he was especially earnest. He
would have them forced to come back and
live here, under pain of forfeiting their
whole property.
The company listened to Mr.. Trumper's
denunciation with respectful amusement,
for, being notoriously the most generous
man alive, he lavishes upon his two hand
some married daughters no end of money, a
good part of which they spend on imported
dresses and adornments, with the result
that they are among the smartest and best
gotten-up women in the city. Nobody is
prouder of them and of the compliments
that he hears made to them shan their
father, and we all smiled to think how
quickly he would resent the loss of admira-
ton which would follow their employment
of any but the best modistes in Paris and
London.
Should Look to Home.
Nor does he deny them the pleasure of
annual trips to those centers of fashion, and
what thev cost him on those occasions forms
no inconsiderable fraction of the expendi-
lures he so vigorously denounced. None of
us yentured to remind him of this, however,
and those who differed with him, of whom
was one, judiciously limited ourselves to
our positions by other argu-
ments than those of his personal example.
The views that presented in opposition
TO Mr. Trumper's were these: Wealth is
not an end in itself, and is worthless except
as means of. procuring enjoyment. A
certain amount OF it is, indeed, necessary
to be preserved as working capital, and |
those who impair their capital by spending
it for their immediate pleasure, either in |
their own country or abroad, deserve CEN
sure. But whether a given amount of ex-
penditure constitutes an impairment of |
capital, or is merely the consumption of
income. is question which each individual
must settle for himself. Since, too, the |
aggregate capital of q country is the aggre-
gate of the various little capitals belonging
to individuals, it may well be that in GER
tain contingencies it would be wise for a