The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1901-05-13

aged Importation. nnd. as consequencs
exports exceeded Imports in a constant
ly Increasing rutio The fact. however
that large sums had been borrowed
abroad FOR the Internal development as
above alluded 20 required payments Of
large sums for annual Interest Charge
and thus absorbed q part OF the pro-
ceeds of the surplus. The earnings of
foreign capital invested On great onteI-
priscs in this country other than that
obtained by the sale of bonds or 10y d.
rect loans. also require considerable sums
for the payment OF the dividends aud
profits OF the enterprises in wh
was invested. The further face tnat
internal commcrce and investments in
Internal developments were extremely
profitable. reduced and temporarily sus.
pended shipbundiug in the United states
and as a consequence. the Increasing
tranc came TO be carried more and moro
Ga foreign ships. and the payment nf
the frelghts thereon, especially the
frcghts upon imports, again absorbed
large additional amount OF the pro-
ceods Of the excess of exports
Another factor to be considered Is that
The money expended by Americans ;isv-
cling abroad who usually take their
funds in the form Of letter of credit
and draw from time To- time for such
sums as they require, and this Of course
proves an offset 10 that extent againet
the balance which would otherwiaa De-
returned to tho United states m the
form of cash.
/ Untn recently these four great factuIs-
I d) the payment of Interest on Amerr
c;,a securities held abroad; CD the pay
mont ot ennlngs of foreign capital in-
/ vested I'M business enterprises ia tho
] United states. CD the payment OF for
I uigm frcights carried in foreign vessels.
especially frclghts on goods imported in.o
/ the United States; and O) the expendi-
/ ture OF Americans travelling abroad have
been considered the chief cause OF the
/ fact that the exports of merchandise
so mucht exceeded the combined i'm
ports OF merchandise. specie and bullion.
/ Within the last two or three years, how
over three further factors have appar-
entity been added-OD the cancellation ~
American indebtChness abroad. inelud.
Ing a return 70 the United states OF the
railroad and other securities thus held:
% the sale OF foreign securities I'm the
United States such ass the German.
British and Russian securities whlcn
were placcd upon the markets her dur
iug the last year ana in most cases
quicSly taken 10 the amount of prob
ab ly S0oW0000 In the year; ana 90 the
credits which now stant abroud in favor
OF our 1xportcra and which are per-
mittod 10 so stand because better inter
est rates could thus Dc realized tnnr
hy insisting upon th2 immediate pay
mont
The sums of money represented by these
various factors which presumably about
equal the excess Of exports over inn.
ports have been varlousiy estimated ano
up 90 the present time no means Of oh.
tanning more than estimates have been
devised These estiw@tss usually pul
the amount paid 10 foreign voss' is as
frelghts on imports az about Sl0Wo.Jn
Interest expended abroad hy Americans
$4,000 100000 20 Mu0,O0oO0O; An erirlt
funds in vested In foreign securities III
i900 about Sio0.0l0O.O, and credNs per
mittsd ta stand abroad in 1899 ana rF1