New-York tribune., 1901-01-01


eioush 10 make sales of much Importance as an
offset TO our trade credits Gold production in
the United States is increasing and in the
current year S15.000O00 at least from this
source should be added to our money Popula-
uoh mas grown rapidly in the United States
put the amount of money in circulation has
Kept pace with the increase in the number of
people In the country. Since 1890 population has
advanced 2O96 per cent, while money in circu-
iation has increased 1896 per cent In 1860 the
money in circulation amounted to S13 S5 per
capita; to-day it is S2S04 The refunding act
OF March IA added between SS5.O00,O00 and
s3ooo0,Oo0 in banknotes to the money supply In
gold holdings the United States reached in the
last yeal the top of the list compared with
other nations The banks of this city enjoyed a
profitable year. Net deposits of all local, State
and National Institutions increased S1O4. .f46 200
over 1899 to 1921. .577. 500. This is a wonderful
record and one that New-York may we'll point
TO with pride Tee New-York banks are ably
managed they sound and substantial, and
they financ. operations that involve the largest
undertakings in the world.
FOREIGN TRADE-NATIONAL FINANCES.
The value of exports from the United States
in the year just closed was larger than in any
preceding year, and larger than the value of
exports of any other country in the world. Rec
ords made in 1899 and 1898 Were phenomenal,
DuL the total for l5UU was larger Dy many
ions of dollars. And the enormous excess of ex-
ports over imports made Notwithstanding
a considerable gain in imports. Exports of gen
eral merchandise, manufactures and breadstuffs
were large enough TO place a credit balance in
our favor of S512 O27 ,O12 for eleven months.
while the December record, which has not yet
been published. will doubtless make the total
excess of exports for the year upward of so2o,-
100000. About every class of articles exported
sl1a hiyOaG in
being in cotton and iron and steel products. In
1915 the total value of exports from the United
States was S497, ,263. .137, and in each succeeding
year there has been an increase OF marked pro-
portions. In comparison with the gains made by
other nations, the record for this country is simply
marvellous. Take the United Kingdom. for in
stance In 1875 the exports were in value 81 .OsI,-
497. against S49T, ,263 137 for the United States.
In 1900 (eleven months) the United Kingdoms
exports showed an increase over 1915 OF s315.-
943, 900, while the exports from this country for
the same period presented a gain IN value OF
S911, $50 052. Herein lies the reason for the
gradual transfer of the control Of the inter
national money market from London Berlin and
Paris to New-York. New-York is rapidly be-
coming the clearing house of the world, the
United States is becoming the great universal
supply station and the industries of the United
States are filling the wants of all nations. Coal
and iron are being exported. From one of the
weakest of iron manufacturing and producing
nations this country has become the strongest
And now foreigners are looking here for coal
The United States will soon feed, heat and
keep the entire world.
With the record of foreign trade as guide
no one of reasonable understanding can fail
to see why American securities are good things
TO hold, and why the fields for capital in this
country are so much more attractive than any
where else. The Nation is advancing wonder
fully, and American railroad investments are
worth every cent that is paid for them and
more besides. With the current large trade oal-
ance supplying a solid foundation for our money
market. there need be no fear over the future or
home monetary conditions. 1t is estimated by
the Secretary Of the Treasury that the revenues
Of the Government for the fiscal year ending
June 80 1901 will amount to S6S1.I13.253 and
that there will be surplus Of receipts over ex-
penditures of SSO000oo0, against surplus OF
SO 527 060 in the last fiscal year and deficit OF
Ss9 Ill. $50 in the year before. Notable efforts
were made by the Secretary in the year to re-
store a part OF the surplus income to the uses
| Of business, the effect of which had an I'M
portant bearing upon the money market I'm
/ der the financial act OF 1900 the Controller OF
| the Currency has approved over five hundred
/ applications 20 organize National banks. OF
which 3S2 are for banks with capital less than
| $4,000 Under the refunding provision of the
| same act there were received DIP TO November
15. 1852 OS3, ,45O of g. 4 and 3 per cent bonds in
exchange for per cent bonds. the net saving
| in interest for the Government this operation
being SS s2S O52. The gross saving in interest
was SAB 75OO5s but S34 .922 .0O6 was paid in
premiums representing the difference between
| the market worth Of the bonds surrendered and
their par value. 1t is estimated that since
November 15 the amount of bonds refunded has
increased to over S4O0,OOOoO0. leaving outstand-
ing and maturing within the next eight years
S439 100000 bonds Of the three classes named.
The sinking fund law contemplates the retire
ment Of the interest bearing public debt, either
by paynaent or purchase of about 500. 600
a year The gold standard firmly estab-
lished by law in 1900. and timely amendments
viii In the course of events place currency
system upon a basis that will work to the
further material interests of the country.
EARNINGS AND INDUSTRIAL PROGRESS.
While 1900 was record breaker in railway
better results year ago the prediction
greatest year in the history of the railroads. and
no reason to believe that railway traffic will
every reason 10 expect continuance Of cur
will be no Presidential election TO check trade
shake the confidence of the business community
The community of ownership scheme will grow
in the new year, and the chances are that all
the great neighboring railway systems of the
country will be closely united through inter
Of c-Oo ovpne