New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-18
MARCH EXPORTS A MARVEL.

The minor domestic exports In March were
Of astonishing magnitude. In that month, II
will be remembered. prices made their great
rise so that men began to think seriously or
the curtallmeDt Of exports which might result
and as the shipments were mostly OF products
contracted for or bought prior to March the
advance In prices may have had much less in
fuence than will appear in later months But
the actual gain in minor exports over last year
was S0.557 900, compensating for more than
half the decrease in cotton and other staples
The loss in these was remarkably heavy, S12.-
100000 in cotton. S450O0OO in breadstnfs, and
SO. 100000 In provisions and cattle, with In
crease only in oil Of S1.0OO,OOO. so that the ag-
gregate value Of these products exported was
only S53365,427 In March. against S11509644
last year. But the minor domestic exports
were in value 4S,70S,GO5, against S39241217
last year. and there also an increase or
$4,000 in foreign exports. so that the total
value of exports was $1O4,463, 969, against
SIP go 400 in March last year
1t will be n matter Of the utmost interest TO
observe, when the detailed returns are pub
lished. in what classes or items this surprising
increase occurred. For the value OF these
minor domestic exports was not only larger
than last year, but about as much larger than
such exports In January, and yet In that month
over 100000 worth Of iron and its products
including agricultural implements, carriages
and cycles and Instruments. was exported. over
50. 10000 of copper and its manufactures, over
So, 10000 OF wood and its manufactures, nearly
80 100000 OF leather and its manufactures, over
2.0OO,0OO of vegetable oils, and OF other con-
siderable items the shipments were large
Some important shipments OF rails and ma
chlnery were made in March, but 1t Is not easy
to see where an Increase OF over S95oOOOo can
have occurred. and perhaps the returns may
cast important light upon the question whether
such exports are TO be materially curtailed by
the recent advance In prices.
There Is nothing astonishing In the decrease
of cotton exports, because the speculative HIT
ing Of prices came at a time when foreign
stocks were heavy, foreign takings from this
country had been 365.O0O bales more than last
year from the greatest crop ever grown ana
there was no substantial ground for the cur
rent notion that decrease In receipts from
plantations had been wholly due to approach
ing exhaustion Of supplies. Even with lower
prices the exports in April have fallen 223,OOo
bales below last years, while about oo'oOO
bales more have come into sight than in the
same weeks last year. The price In May was
nearly one-quarter cent higher than last year
but not enough to much affect the decrease In
value resulting from the decrease In quantity
exported The breadstuffs movement was most
natural also with an Increase OF only SOO'Ooo
bushels in quantity of wheat and flour shipped,
and n fall In the average price from "a cents
for wheat last year TO 76 cents this year. In
cattle there was decrease Of 500 head and
a fall of about 10 per cent in price. Exports OF
mineral oils were nearly as large as last year
and at better prices. After navigation opens
somewhat better exports Of breadstufs may
appear unless reports Of injury cause too much
advance in prices, but with 4,22+,I9S Daies OF
cotton in visible supply, besides heavy mil
stocks abroad large exports or cotton can
hardly be expected until September. Ihus the
balance on merchandise account will depend
largely on the minor exports.
In March. although the imports were w.
7032OO in value against $6OOOOOOO in feD-
r1lary and scarcely more in any month since
the new tariff went into effect, the minor eX-
ports covered 81 per cent or that value
against G31 last year. aga In 1897, about 81
per cent in several previous years, and 20 TO 20
per cent In 1S9O'92. With no prospective
change Of tariff, imports might naturally rail-
off until midsummer, though the general pros
perlty Of the people will doubtless keep the
movement through the season mt higher lever
than in recent years. With a continuance OF
such minor exports as were seen In March, the
excess of merchandise exports over imports
would doubtless be sufficiently large for all pur-
poses until new crops come forward There Is
also n known Indebtedness to this country re-
naming on merchandise account represented
by about S25.O0O,OOO hypothecated exchange,
besides unknown and probably larger balances,
but these balances being not definitely de-
termned. some apprehension and nervousness
I'm the money markets might affect conditions
II the current merchandise balances should be-
come unfavorable Considering that manu-
featuring orders were taken early In the year
TO cover the whole output OF many works until
July. on which export deliveries Will not be
affected by recent advances In prices. and that
some urgent foreign orders OF consequence
have also been taken since the rise has been
partly realized. II does not seem improbable
that the outward movement Of manufactured
products may continue much larger for the
coming two or three months than in previous
wears But until the printing OF March re-
turns shows the character OF the increase In
thct month. differences must be somewhat con-
jectural.