Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-01-03

not yet appreciated its significance. The
government figures Of foreign trade
show: Excess of exports year ending
June 30, 1896, $50, 997, 1888; excess Of
exports year ending June 80, 1897,
1896, 621, 112; excess Of exports year
ending June 80, 1898, $615, 259, 1874;
total for three years, 1896, S7S, 219; OK
cess exports July / to Oct. 81, 1898,
four months, $165, 799, 1854, making a
total Of 81, 100, 900, 900.
"Here is an addition of over 81, 100..
900, 900 to the wealth Of the country
from surplus products in a little over
three years. There is a persistent and
important demand for our grain, pro-
visions, cotton and manufactured prod
ucts which insures for the fiscal year
ending June 30 next another large ex-
cess Of exports. The total gain to the
country in four years will probably be
in excess of ST.. 500, 900, 900.
"The trade statement for the three
preceding years is important, showing
the gradual growth Of foreign trade:
Year ending June 30, 1898, excess OF
imports, $lS, 735, 728; year ending June
80, 1894, excess Of exports 1887, 49,
$50; year ending June 80, 1895, excess
Of exports, $64, orc, 782. These net sales
Of surplus products must be paid for in
some form. Foreign nations did not
have 81, 100, 600, 900 gold to remit, but
they sent us some gold and some securi-
ties. Today they owe us in various
forms large amounts Of money in the
shape Of various liabilities, as, for ex-
ample, exchange, the collection Of which
has been deferred. The debt, moreover,
will grow instead of decreasing.
IA gratifying feature Of our foreign
trade is the growth in exports Of NAM
features. In IS years these have nearly
trebled. Last year they were nearly
$500, 600, 600. There is every prospect
that this growth will continue. We
have imported fewer manufactured
goods because we have learned how to
make our own, and with improved ma
chinery, abundant raw material aud
skilled and we'll fed workmen we COM
pete with the world in manufactures az
never before. The opening Of Chinese
add other eastern markets will furnish
new and other unlimited opportunities.
It is this enormous debt Of foreign ma
tions to us which has made money SO
easy throughout the country, flooded
the west with capital, filed western
banks to repletion and brought western
men in large numbers to invest in our
securities.
Hardly one man in a thousand in
the United States realizes this change.
The power Of 81, 500, 900, 900 increased
wealth no one can controvert. The fig
ures are so %stupendous and the logic is
so irresistible that the student stands
aghast. Few have ever seen these fig
ures grouped in this form, and even the
financial writers Of the press, clever
and able as they are, have not seemed
to grasp their magnitude, and the ire
sistible investment and speculative mo-
mentum they have unquestionably ex-
ercised. It must also be remembered
that while this increased wealth is from
exports only the country itself has
grown richer in even greater proper
ton. There has been nothing like this
foreign trade statement in the history
Of the commerce OF any country.
LAS to the material exhibit Of wealth,
the United States treasury's monthly
report shows that in five years, to the
LIST Of the present month, the visible
supply Of gold coin has increased $222,-
1853, 548, gold bullion has increased $79.-
Ola, O62, in all 1901, 172, 6O5, Of which
1854, 900, 900 has gone into circulation,
and the balance is in the United States
treasury. The currency Of the country
has been inflated by this large amount,
and the imitation is all gold.
"The only conclusion | can reach
from these facts is that a higher level Of
prices for our securities in inevitable. l
cannot advise what stocks to buy. OF
that investors must be the judge. There
are certainly many stocks selling much
below their intrinsic and prospective
value. There may be others which are
selling above it. On the whole, how
ever, there ia abundant money, foreign
and domestic business conditions are the
best in the history Of the country, and
these can only mean material increases
in the value Of railroad and industrial
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