The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-31

SEATTLE, Tuesday, MAY 81.
sPLExDID BUSINESS CONDITIONS.

SPLENDID BUSINESS CONDITIONS.
The commercial condition OF this
country was never upon a better foot
ing. Wall street IL not doing much
business, but that is because there is an
absence OF speculation. Il Is doing
moderate business. which Ia always a
good sign. Business I'm stocks Is very
much like the rate OF interest main
tanned by the Bank Of England. When
It is moderate business Is steady and
safe. When IL IN low 1t is an indication
of stagnation. When II is high, that
Is an evidence Of insecurity. 1t is the
same with Wall street When the daily
traffic In shares Is large i. indicates
STEADY investment When business is
very duh 1t indicates apprehension as 10
the future. When business Is very brisk
Il Ii a sign that people are beginning
To get vcnturesome and II that IS long
continued at advancing prices a reac-
ton Is inevitable.
and they afford the most cheerful IN
formation. The April exports of mer-
ehandise show an increase over those
OF 1897 of s2i.gTs.o00. or nearly 50 per
cent, while the imports of goods ex-
hibIt u decrease of 81, 400. 900, or nearly
a. per cent. For April. 1897. there was
amounting to ss3.67sooe, but last month
tho exports exceeded the imports by
s4s. 50o, 900. so that the April balance Is
Sd, 900 more in cur favor than II was
last year. This is a most extraordinary
movement. OF course. II liz out OF the
question for Europe to continue in
definitely 10 pay these unprecedented
balances In gold. The effect IL 10 force
up the rate OF interest at the European
money centers while depressing 1t here.
and thus II becomes a paving transient
Investment TO buy up export bills on
London and other European points.
This process. after a suspension for
some weeks. is starting up again. with
the effect of putting up exchange To
rates which have stopped the importa-
ton of gold. At the same time, the
high rates FOR money at London are
cansIns some return OF our securities.
which is a real contribution towards the
liquidation Of our creditor balance.
Ghsls our purchases of export bills are
but temporary postponsments of tho
Foreign Indebtedness and do not avert
future settlements through remittance
Of gold. The amount Of floating Eu-
fopean Indebtedness now outstanding Is
calculated 20 keep the rate of interest
Relatively high In London, and the more
30 as Russia IS appearing as free buy
or OF tia metal: and that fact may be
expected 70 stimulate our local purchas.
rs of export bills.
For the first ten months az the cur.
rent fiscal rear ear gross experts Of
merchandise and silver amounted 20
sLoTs.i1Tooo: our imports Of the same
tems were valued al s5sl OK. 600: which
Shows an excess OF exports over I'M
rcrts, for The last ten months. amount
Ing 10 ss5i .oes. eco. This balance has
been set OF 10 the extent az sst.Gs. 900
BY net imports OF gold. which leaves a
ren1aining balance of Sass. 5Ss 900 To be
h1uldated from other sources. The
value of returned securities. our interest
payments and all the other debtor items
combined cannot he supposed 60 al all
approximate these figures, ard Z, there
fora follows that. even making extra.
ordinary allowances fer the return ~
securities a very large unllqnlaaeei
balance must siill remain due 20 this
country-certaialy not less than 500.
r0,eoo. but more likely much HIGHER
sum.
This condition stands without rara,.
lal IN the history Il the world. No ma
lion ever undertook a war likely n las;
eer many months and maintained such
commercial activity So much
10 It's own advantage, 1t shows how
enormous are our natural resources.
Although that would rot account al