The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-03

Sl6O 'OOOCV due to us on this nine months
balance. IL this balance has been extin-
guished, there Is no way i'm which IL can
nave been done except through the re-
turn home of our securities and the with
drawal of foreign capital finding transient
employment in various ways in this coun-
try And yet, while such offsets are ac-
knowledged to have arisen, perhaps few
foreign bankers would be willing to adj
nit that they have amounted to any such
important sum. Il has been commonly
conceded that about $2O0OOO0O worth of
stocks and bonds were returned immedi-
ately after the election; but 1t has been
that item, the exports of Sc
curities for the nine months have
about equalled the amounts returned
home. The question then arises-was
$lNOOoOO0 Of foreign capltal-employed
here as bankers balances on mortgages
on commercial accounts, on Industrial I'M
dertakingS, etc.,-withdrawn to Europe
during the violently strained state of con-
hdence created by the Bryan campaign2
1t seems, in the face OF these facts, that
unseen operations Of this character did
actually occur to an extent more or less
approximating that extraordinary sum.
And yet 1t is not entirely necessary to
charge the whole Of this large sum to
that account. The abundance Of idle home
capital which has during late months led
to the employment Of some 100000 to
$50 900 in the extraordinary purchase Of
export bills, is now. that such operations
are no longer profitable, finding employ
ment in providing for cash" payment for
a considerable portion of the large
amounts of imports that are arriving in
anticipation of the advance tariff duties.
THIS Is especially the case I'm respect TO
the imports Of sugar and wool lin regard TO
which It is perhaps more than safe to es-
innate that $25,000,O00 has been thus paid.
/ am disposed to regard these anticipatOry
payments for imports as having much
more to do with the exports Of gold than
ordinary trade causes. But, Of course,
these lquidations In advance OF the or
binary usage will correspondlngly tell In
favor Of our trade balance three or four
months hence
The general condition OF the country
must, with fair allowance for special in
cldental circumstances, be regarded as
presenting a hopeful outlook. OF course
until the new tariff bin is disposed Of
manufactures must be, to some extent
held In check, and imports may be ex-
pected to be large These conditions are
abnormal and produce some temporary de-
rangements and good deal OF grumbling;
but. when the tariff takes effect. the inn
ports viii moderate and there Will De a
sudden increase Of activity In the Indus
tries to compensate for the now post
poned production In the meantime, the
retail trade appears TO be. for the most
part. In a healthy condition; and the Job
bling trades. therefore, cannot have much
reason 10 complain, except about the OBJ
stacles TO arranging for their supplies tor
the fall trade.
The crops are In an uncertain position.
The heavy rains have been unfavorable
10 the growth OF wheat; but the stage has
not been passed at which fine weather
might convert the feeble plant into a fair
crop. Cotton is IN an uncertain position.
The floods have placed much acreage be-
yond the possibility Of planting this sea-
son: but on the other hand the less
flooded lands have received manuring
from the floods which will contribute 70
fine growth.