The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-14

Some of the facts exhibited in the last
report of the Secretary Of the Treasury
show in striking way the superb CON-
parative financial condition of this coun-
try. They are not conducive to fears over
the present exports Of gold. At the pres
ent time the countries of Europe are in
debted to the United States to an enor-
nous extent. The total exports for the
fiscal year ending June 30 next will reach
the great sum of 81 300, 0OO, 600, or nearly
500, 100000 more than that of last year.
The imports for the same period will not
exceed 5000 900, 900. This will leave a bal
ance in favor of the United States of about
s700. 900 900. This debt must be liquidated
at comparatively early date. Its post
ponement has been accomplished by for
eign bankers only through the process of
borrowing enormous sums from New York
banks against long sterling bills. This has
explained, in a great measure, the large
increase in the loans which has appeared
in the weekly bank statement recently.
striking REPUTATION of the claim re-
Gently made by Western Spectator,
that the manufacturing trade of the
United States is on the declining scale,
is made by the report OF the Secretary
OF the Treasury. referred to above.
This report estimates that the total ex-
ing June 30 will reach s425 ,600, 900, as
against $685. 675, 55s In 1899, s277. 2S5,391 in
1887. and s1S3 sos, 743 In 1895. This increase
is found in almost every important line
OF manufacture. In the last nine months
exports of iron and steel products have
increased from s67.212 sos to sS6,J12, 155.
Thus iron and steel. despite the enor-
NOUS advance in price and despite the
prediction made when the increase be-
gan, that this advance in price would
reduce expectations. continued to head the
list of manufactures recorded and
viii surpass by more than s20,0o0.000 the
enormous figures of last year and show
a total considerably greater than $780,
900, COO for the years export trade In that
single line of manufacture With the
reductions in prices which have come
recently, there is every prospect that
the foreign trade of the United States
in this line will continue to show steady
growth. The great steel and wire prop
critics which have been so prosperous the
past three years, and which are so discred-
tied In Wall Street at the present time
have in the minds of conservative econo-
mists long era of prosperity ahead Of
them.
Commenting on the absence of alarm in
the iron trade, despite the disappearance
of public stocks of pig iron, the London |
"Statist" explains that this is due to the |
fact that the consumption of pig iron is |
known not only to have reached the maxi
mum, but to be receding and that 1t is |
an enormous quantity of Amerl- |
can iron will have to be placed in Europe |
this year.
The "Statist" regards American efforts |
to sell both crude iron and finished steel |
in Europe as evidence of the anticipation |
Of early surpluses over home requirements,
and expects a gradual moderation OF the
tone and activity in America, with con-
effect on the prosperity OF the
British iron and steel industries, owing
to the enormous quantities OF stuff that
must be marketed somewhere.
Railway earnings continue of the most |
character. For April III