The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1894-01-11
THE TRADE OF A YEAR
ANNUAL REPORT OF THE CHIEF
and Exports Amounted to
sl,7l4,oee, 900.

The annual report of the Chief Of the
Bureau Of Statistics. worthington G. Ford,
which has just been issued. comprises I57
printed quarto pages Of statistics Of the
foreign CONNER Of the United States for
the year ended June 80. 1898, and discusses
at considerableieng,h the causes OF the gold
movement. The report says:
The noticeable features Of these figures
are: The values Of imports OF mefchs sndise
attained the highest mark in the CONNER
cial history OF the country; the exports OF
gold reached a higher figure than ever before
attained in single year since the founda-
tion OF the Government. In 1884 the exports
Of gold reached the figure ti00. .66i. .6S4. and
this has been the high water mark Of gold
exports until the last year. In 1898 the net
exports OF gold were less than the net ex-
ports OF 1854. being ts7, SOC, i63, as compared
with $50, Is4, s65 in 1864. The exports OF
1864 were due 10 a pressure resulting from
years OF war and consequent arrangement
OF commerce and industry, and TO a general
displacement OF gold and silver from circu-
lation by issues by bank aud Government
paper. An outward movement Of gold Of
nearly the same amount, occurring In
time of peace and apparently In defiance OF
commercial laws, will make the year 1898
notable for this single item In its financial
unu COI1UtTCltl experience. ~ true INC
country in 1893 was better able TO lose ss7,-
b00,009 in gold then than II was in 1884 An
import and export trade of sl,1iI, 0e6, 600
~ good evidence OF an economic standing
and capacity, immeasurably superior 90 the
situation that prevailed IN 1864, when the
trade OF the country was only one fourth as
great Us in 1898, viz: <I75, 2s5 900.
"A number of oircum stances combine TO
make the trade Of the year Of 1898 an inter-
esting study in the general laws governing
internal commerce. The previous two years
were noteworthy through the enormous
grain aud cotton crops gathered in 1891 in
the United States and partial failure Of the
grain crops in European countries. thus
giving this country natural command
over European markets. Exports were
largely increased with the result tnat the
export trade figures for 1892 were larger
than have ever before been attained in the
commercial experience Of the country.
The influence OF such an exceptional year
was not confined To the twelve months OF
that year and made itself felt in the sue
ceeding year, but with constantly decreas-
Ing effect"
The report then discusses the causes
OF the outward movement Of gold, aud
saws
"Wiih the exception Of two months nam.
ed II is an unbroken record from January
], 1892 until July, 1893. when there was a
turn in the other direction. The sales or
purchases OF American securities by for
eigners, the investment or withdrawal Of
foreign capital from undertakings in the
United States, the money transferred In
payment OF interests and dividends and re-
mittances to Amer cans abroad-no one Of
these factors Is subject OF official record.
That foreign capital is required for the de-
Nelopment OF our resources is shown by the
heavy investments known to have been
made in almost every kind of security and
adventure, and these investments were in
creasing yearly.
THE decrease shown in 1892 Is an expires.
sion Of what has been the general belief OF
those in position to be well informed and
was continued even aggravated. in 1898.
This points TO the withdrawal of large sums
OF foreign capital invested in this country
bankers, who buy and sell American
securities on foreign account, some figures
which may illustrate, even II they may not
measure this movement. BY their courtesy
am able TO make the following estimate,
intended TO show the direction OF the sales
and purchases since January, 1893:
ut is estimate d that between $4,000, 900
and sl00, 900 600 in shares OF different de-
scriptions have been soldon foreign account
In the United States from January | 10 the
beginning OF August. To this sum must be
added from SIS 100000 to S25 600 600 in
various kinds of bonds. chiefly currency
orders, coming from England Germany,
Holland and Belgium. think II Is a safe
estimate to place the extent of the entire
inward movement from June, 1892,
TO June le9S at upward OF $500, 900 900, as
there is every evidence that the movement
was continuous for the twelve m onths OF
the fiscal year.
"Agains. this return of American secur-
tiles must be set the amounts purchase on
foreign account. whether for speculation
or actual investments. should
place the purchases for the entire
year at between geo 0O0, 900 and slO0, 0OO, ,0OO
as the purchases must have been larger in
the last six months of 1892 than In the first
six months OF 1893. Thus the balance OF
this movement was upwards of a hundred
millions on the side Of imports Of Ameri
can securities."