The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-07-21
analysis OF Last
Years Commerce
Special Correspondence of The Tribune.

Washington, July IS.
The DROP of $1O5 100000 in exports
and Increase of S79,OO0,OOO in i'm
/ ports is not looked upon by the
chief of the bureau of statistics as
cause for anxiety regarding the fu-
ture of our foreign commerce.
1T was perfectly apparent when the
result of the drouth of 1901 became
known said Mr.. Austin. that our ex-
ports in 1902 must fall off. and the only
surprise to me is that the loss was not
greater. The corn crop, as Is well known,
is the chief reliance of our farmers for
preparing for market the live stock of
which we now export over 200 million
dollars worth annually in the form Of
provisions and live animals. In addition
to this, we have been exporting about
100 million dollars worth of the surplus
corn and oats left over after feeding the
live stock of the country. The great re-
duction of the corn crop by the drouth,
of course, reduced to almost nothing the
surplus corn that could be spared, and
also caused the use at home of much
larger share of the oats, and so reduced
the available surplus of that class of
farm products. The result is that the ex-
portation of corn fell from 177OOO,COO bush.
els In the fiscal year 1901 to 270OO.0O0 BUSH
els in the fiscal year just ended and that
of oats from 37,000.000 bushels to 5000, ,OGO
The drop In the value of corn and corn
meal and oats and oatmeal exported Is
over rs million dollars. Fortunately the
farmers learned quickly to economze
their depleted corn supply and to substl-
tute other materials for It, and therefore
the reduction in expectation of provisions
and live animals is only about 6 million
dollars.
ut also became apparent in the early
part of the year" continued Mr.. Austin.
that the value of cotton exports could
not be expected to reach the phenomenal
ly high figure of the preceding year. The
export prices of cotton In 1901 were the
highest that had been realized for many
years, and as a result the total value of
cotton exported in the fiscal year 1901
was greater than in any previous yeai
in the history of our commerce, amount
Ing to over 800 million dollars and forming
more than one-tifth of the total value of
the exports of that greatest year in our
export trade. The average price of cot
ton exported in the fiscal year 1901 was
nearly nine and one-half cents per pound,
while the average export price in the
fiscal year 1902 was eight and fourth
cents per pound. So it is not surprising
that the value of the cotton exported in
1902 fell "a million dollars below that of
1901, although the quantity exported was
actually 16O,o0o0OO pounds greater in 1902
than in 1901"
THE third item of reduction in ex-
ports" continued Mr.. Austin, lis in
manufactures of iron and steel. The fig
ures for the full fiscal year have not been
received, but, judging from those of the
eleven months which have been received,
1t seems probable that the reduction in
iron and steel exports will be about S2O,-
OOO,OOO This reduction is due In part, it
Is believed, to the fact that German man.
ufacturers found 1t necessary, by reason
of the depressed conditions in that coun-
try last year, to unload their surplus
stocks of iron and steel manufactures at
greatly reduced prices. thus temporarily
unsettling and reducing prices in foreign
countries generally, while on the other
hand, the home demand in the United
States for iron and steel manufactures
has been larger than ever before and in
many cases beyond the capacity of our
manufacturers to supply, The result of
these two conditions was n reduction of
about s2OOOO'0O0 in the exports and an in
crease of nearly Sl0,0OO,OOO in the imports
of iron and steel, and the total importa-
tions of iron and steel for the fiscal year
just ended will probably exceed those |
of any other year since 1892"
1.-THE increase in importations" said Mr..
Austin, in conclusion, lis especially graft |
flying, in view of the fact that It shows a |
healthy condition in our manufacturing |
industries. While the figures of the wear
are not sufficiently completed to permit |
an analysis for the full twelve months,
the fact that the analysis for the eleven |
months ending with May showed an in
crease of over s65,0O0,O0O in manufactur-
ers' materials is a sufficient explanation
Of the total increase of s7sOOO,OOO of i'm
ports in the full year. Manufacturers
imported during the year will
amount to about s42O.OOO,OO0 in value, or
i6 per cent of the total importations.
This is not only the largest fmDorta tion
Of manufacturers materials ever known.
but they form larger percentage than
ever before of the grand total of i'm
ports, notwithstanding the fact that the
Total imports are the largest In the his
Iory OF our commerce"