New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-16
THE STATE or FOREIGN TRADE.

THE SI1IE Df fOHEfUH mann
The exports OF chief products in May again
fell below those Of last year. The value OF bread
stuffs was a little over half as large although
100000 greater than in April. S6.1OO.0D
greater than in May 1897, and s92D,oO
greater than in May. 1906. The aggregate IN
these classes was S5O345. $40. against S13.l223I
last year. but only S42,727.9j0 in 1891 and
S3607S271 In 1896 In general. therefore, the
change is only n partial discontinuance OF an
abnormal demand. which raised last years e1-
ports of the chief products far beyond those OF
corresponding months in previous years.
The total exports IN May were S93,s36.4s9,
and although imports increased strangely out OF
proportion with the increase at New-lork ana
reached $40 131 .62S, there yet remained an eX-
cess OF all exports over imports amounting 10
So3 7O4. SOL The excess Of exports in May last
year was S57.69s.7s4, Of which no less than
$50. 592. $50 was due 10 exports of domestic prod
ucts not Of the principal staples These minor
exports have increased sj.3143O0 in May this
year to $4,000. 135. but the amount Is smaller
than in April, though in previous years suchex-
ports have rarely been smaller in May than in
April and the increase over last year Is about
81. 900, 900 less than in April The progress in
though not vet stopped. Nevertheless in eleven
months Of the fiscal year the merchandise excess
Of exports over imports has been S495 26I n03
and S23 100000 greater than In the correspond
ing months Of the previous fiscal year. But In
spite Of this net imports Of gold fell in May 70
81 021 OlO and in June gold Is being sent abroad.
and the problem presented is one Of unusual in
terest and difficulty. In the previous twelve
months as was shown In the review of foreign
| trade for ffty-two years The Tribune. July %
1899. zone year OF prosperity under the new
tariff has reduced the indebtedness shown by
official records over twO-thrds TO sos. 49,,
not allowing for expenditures Of Americans
abroad. the prosperity being so great that
foreign holders did not believe II would last.
land they have repeatedly taken advantage Of
rising markets 10 sell large amount Of secu-
"rities." With the small allowance Of per cent
for interest on Indebtedness and per cent for
undervalua tons. and S45529065 net excess Of
specie imports. the last eleven months would eI-
tngush foreign Indebtedness Of S420.O0,0O0,
or, IL American expenditures abroad during the
last and previous years have exceeded by
$4,000 900 the expenditures Of foreigners here,
would cover that account and retire S210,0O0,0O0
Of Indebtedness.
A recent effort by The Journal of Commerce"
to ascertain the amount OF securities brought 10
this country resulted In seven estimates by
houses most prominent in the business, ranging
from 1925 100000 to $500, 100000 for seventeen
months past The highest and lowest estimates
both allowed s125. 900, 900 for securities returned
in the first half of 1893, when war with Spain
was threatened or In progress, and sl25,OO0,0O 600
| For ho holf hon
markets invited selling by strong advance,
the average Of estimates for that half being
$145 100000 For the five months Of 1899 the esti-
mates vary from S75,OOOOOO to 1926, OOO, 900, the
lowest being by a conservative firm, which
reported 100000 900 worth OF securities returned
by the middle of February but believed that
S25,WO.OOO would cover the amount since. The
average OF the seven estimates was $4,000 900
Considering the state of foreign exchanges, these
estimates may be nearly correct. II Is not pos
sible 10 reach anything but a conjecture as TO
the sums spent by American residents or travel
lers abroad In excess of sums spent by foreign
ers residing or travelling here. But 1t is within
the observation of all that while great prosper
ity has Increased American travel abroad Il has
HlsO brought hither great number OF business
men and investors, as the Spanish war has
brought many other travellers, TO see the coun-
try which has commanded so much Of the
worlds attention.
One fact seems to cast much light on the
problem. During most Of the last year large
loans TO Europe were continued through the me
dunn Of deferred exchange. and II is not long
since these banking loans were said to be can
celled at last. They give strong evidence that
current commercial and banking balances have
turned definitely In favor OF this country, and
that the amount OF American securities held
abroad has been reduced about as far as 1t car
be by the remarkable strength Of the market,