The Portland daily press., 1898-05-26
WILL MISS OUR DOLLARS.
Eur ope Must Get On Without Them This
Summer.

A retired banker entered the letter-0f
credit department of well known bank.
ang house in Wall street on Tuesday and
was saluted Immediately by the CHIEF
clerk.
s'I am glad to to see you again, Mr..
Blank, "Think of making your annual
suring trip abroadp' asked the clerk.
s'No, am not going over this spring,
and 1t is the first time in years. prefer
America to Europe when my country ie
at war, and have concluded to stay at
home until the crisis Is over-in other
words, until the Spaniards have received
the last spanking"
Your sentiment Is good once, and
/ find that there are great many other
persons who share your opinions" an
swered the clerk.
Because of the preference. Americans
are showing for their country the branch
of the banking business which has to do
with the issuing of letters Of credit has
undergone marked change during the
last few weeks. Offices that are custo
mariIy crowded at this period Of the veal
with persons who wish to take out letters
Of credit to cover the expenses of Euro
pean trips are now comparatively empty
and in a certain banking house in Viii
liam street three clerks ars doing letter
Df-credit business that required the atten
lion of six clerks a year ago. This fal
ling off in an important branch of bank.
Ing is due mainly to the predatory war
scare, but partially to the influence OF
war ITSELF
Judging from the reports given at the
seading house concerning "the regulars, u
who have made spring trip abroad q
part of their routine of life for years, the
deoision of the majority to stay at home
now has not been prompted so much by
AN apprehension Of the possible dangers
of ocean travel in time Of war as by the
sense of patriotism that inspires Ameri-
cans to be at hand to give their moral
and financial aid at least.
One person, who usually takes out a
S5, 900 letter of credit, said that "Ameri-
cans should spend their money in home
markets"
IT could not enjoy Europe now. If ]
should go abroad under the circumstances
i should feel as though were running
away from home under parental ban, o
3aid another, and a third person was even
more patriotic in his sentiment. eff
After the war Is over,' he said, ST shall
bot venture near Spain. Not that ar
Afraid to 60 there, but because I should
feel q natural dislike for anything Span
9sh. I believe that you will find few
Americans in Spain for the next ten
years. Travelling there is bad enough
under the most pleasant circumstances
but after the developments of this veal
IN American will not be able to brine
himself to see anything beautiful II
Spanish life and scenery
The business of furnishing credits fol
3ravelers was about normal in March
put in April there was a decline of from
rs to 80 per cent, and the outlook for Ma,
is darker even. Singularly enough The
international banking houses enioyed !
business of this kind from December tc
February very much above the average
The cause of this unusual increase wa.
que to the growing popularity of the
Mediterranean trip with Cairo ano
the Riviera as objective points. More
Americans went to the south of France
And to Egypt last winter than ever be
fore, and bankers did land office bust
ness in letters of credit, which averaged
in amount about 81 200 each A few
years ago foreign letters of credit
averaged in amount about $500.
1.-THE decline in the number Of letters
pf credit issued in the last month wal
really quite a serious matter" said 6
member Of one of the largest Wall street
banking houses. 81 do not believe people
ore afraid of crossing the water, becatls;
there can be on possible danger in cross
ing in neutral ship. 1t is my opinion
that merloans want to be homo where
5he excitement is and where their inter
ests are. At such time as this it il
very poor policy for persons to 90 away
and let their affairs, public and private,
take care Of themselves. I should Judge
that the business In letters of credit Il
about 90 per cent under what 1t woule
be under normal circumstances.
In a large German banking house il
William street this branch of its business
fell off 20 per cent in April and q wors,
business is looked for in May. A mem
her of that house said that not only wer,
Americans remaining at home, but alst
moro Americans are returning from Eur
ope than is usual at this time of the year
The bankers and the proprietors O.
ocean steamship lines are condoling will
each other over the deadening effect tn,
WAR Is having on ocean travel. OF tn,
two the steamship proprietors are being
"bit" the harder. One incident maj
serve TO illustrate the plight OF the steam
ship companies. A banker in Buffalo de