The Montgomery advertiser., 1906-07-04
AMERICAN
 EXTRAVAGANCE
YANKEES SPEND S400, ,OOO, ,OOO IN EU-
 ROPE YEARLY.
New York Banker Blames the ExtravR- Gance of American Tourists for the Stringent Monetary
 Condition Here.

New York World.
 How can less than 100000 persons spend half a billion dollars in Europe thts year?
 A Barton Hepburn, formerly Comp troller of the Treasury and now Pres ident of the Chase National Bank, as- serts that at least $400000 900. but probably the larger sum. Is what it will cost this country for the expenses of its tourists In 1906.
 MT. Hepburns sources of informa- tion include the biggest bankers, American and foreign, in New York, and his experience in the United States Treasury gives his opinion great weight among financiers. MT. Hepburn sald
 The extravagent expenditures of American tourists abroad are in a great degree responsible for the pres ent conditions in tn emoney market These expenditures now reach the en- ormous sum of $400, ,00O. 900 to s500,- 100000 a year. The subject was dis cussed recently by a number of gen. tlemen prominent in financial affairs who have facilities for gathering in- formation on such a subject, and the lowest estimate by any of them was $400. 900, ,000. Several of them thought their estimate was too low, and placed their estimates at $500.000000 a year.
 Offsets the Trade Balance.
 This vast sum about offsets the great trade balance in favor of the United States each year. According to the best information obtainable on the subject. our floating debt to Eu- rope at the present time Is between $500. 000.0 and $500. 900, 900. This Is In addition to the great sum spent by American tourists.
 When John sherman was Secretary of the Treasury about a quarter of century ago he made a careful in vestigation through foreign bankers and foreign exchange houses as to the full amount that was at that time eX- pended every year by these tourists. He found these expenditures amounted to $1O0,000,000 a year.
 At that time there were few multi millionaires in the country Now there are many of this class who maintain great establishments abroad, but their disbursements do not by any means represent all the American money that goes into European pockets. The tour ists come from all parts of the coun- try. and include people Of moderate means. us well as those of wealth
 Our bank keeps one of its brightest young men constantly employed in at- tending to the wants of these tourists The expenditures are growing larger every year But for them there would be an annual monetary balance In fla vor of the United States that would in a few years pile up an enormous sum"
 Extent of European Travel.
 It is estimaed by steamship men that not more than 10O,000 men. women and children have paid first class passage across the pond" this year perhaps the biggest year of European travel The second-elass passengers. who spend less. may bring the total up to lS0,000 Supposng that 20.O00 If the steerage passengers are tourists" that makes .000 in all
 To spend even 5000 900 in Europe these tourists would be obliged to pay out s2.0O0 each. Experts declare no such sum is spent on the average. A s2 GOO tariff. they say, would bring the army of ocean goes down to q handful of a few thousands. The persons who pav S700 for stateroom or $l.500 for a parlor or cabin de luxe on trans att lantic steamers are few indeed, So also the mil1ionaires who go abroad for a few months. scatter money right and left. take a ducal house in London for the season, a chateau in Lauguedoc and perhaps a castle in Spain are also very few.
 The estimate of MT Hepburn was submitted to Thomas Cook & Son, who