New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-18
THE WORLDS CREDITOR.

April exports were smaller by S13 100000 than
those Of March. and slightly fall below the $780,
100000 mark-the third month that has done
80 out OF nine since the new tariff was enacted
Yet exports amounting 10 only S4l, 468. 400 ex-
coed imports by S43.5G2. 500. and In every one
OF tho nine months under the new tariff the
excess OF exports over imports has been more
than S40.OOO.00. In those nine months the
balance on merchandise account has been S4!1
0s3, SSS. without allowance for differentiation
OF duiablc imports. and as the amount OF such
imports has been but S243. 1929, n larger per
centage OF allowance than any now consider
reasonable would not reduce the merchandise
balance to $500, 100000. For the frs, time do
nestle exports have exceeded 81 900, 100000 In
ten months, and total exports have been more
than double the imports for the entire period.
The imports mounted above SOL, 100000 In
April OF Inst year, and thus show a decrease
Of over S45,OOOOOO for the month. and for the
fiscal year thus far decrease Of about $50 OOO.-
OOO while exports have Increased l25,oOO,OOO.
The bearing OF these extraordinary changes
upon the financial situation has by this time
become familiar. Nobody is dreaming Of an
other great drain Of gold TO cause alarm about
the soundncss of the Treasury; nobody is thrust
the Treasury is putting out gold in clearing
house and other ordinary settlements faster
than people want It. In April the net imports
OF gold were S31 ,692.374. and in nine months
S93744 816 but part Of this goes to pay for net
exports Of silver. which have amounted in the
same months to S176O94l3 so that the specie
movement has reduced the merchandise balance
due by no more than s76.135.2o3. On the face
of the account this leaves over about $4,000
OOO due, and with large allowance for under
valuations The balance on merchandise and
specie account would still be not far from $685.
100000. While the old deferred exchange ac-
count Is supposed 10 have been cleared Off by
recent imports Of gold or OF securities. there
are not wanting Indications that new loans OF
the same kind have been made, though prob
ably representing but a small fraction Of the
aggregate balance still due.
How much Of this enormous merchandise and
specie balance has been met by sales OF secur
ties formerly held in Europe can only he con-
jectured. OF course. and yet in the light Of
the extensive knowledge possessed by inter
national bankers and brokers such conjecures
are not likely to run far from the truth
The officials Of various corporations whose Sc
curities have been held largely abroad arc not
Uniformed about important changes. having
evidence Of many through transfers on the
books During the nine months under consid-
Grafton there have been placed some large
issues Of important corporations. and It is well
known that portions Of thesn have been taken
by foreign investors. While the best-informed
bankers. brokers md railway managers are
not in exact agreement IT is probable that
few II any, would be found who believe that
securities Of the market value OF S1OO.OO0.OOO
have been sent hther in excess Of securities
sold to foreigners within that time. If 1t Is
more, the amount due by way Of interest and
dividends to foreigners on the nine months ac-
count has been correspondngy reduced.
1t has been supposed that this interest and
dividend charge formerly s6O.OO0,OOO to $70.-
100000 yearly when rates Of interest were