Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1915-12-31
Exports During War Pile Up.

A'total foreign trade of 81, 900 10000
of which 1850. 100000 represents Amer
lean goods sold in the worlds markets, will
be the record of the United States since
the outbreak Of the European war to Janu-
airy |, 1915, period of II months. This
record stands alone in the history of the
worlds commerce Not even England,
with her peerless merchant marine, which
carries British manufactured products into
the marts of the world, can approach it.
The record establishes the United States
as the great supply house of the world.
The total value of merchandise exported
from the United States during the 16
months. ended with November 80, is 81
llO,9lO,16O. Reports to the Bureau of
Foreign and Domestic Commerce by col
lectors of customs. handling SO per cent
OF the exports, indicate another new
monthly record will be established by De-
cember with exports estimated at $780,
100000. The November exports were
$33l.144,527. Using this estimate the
total value of the exports for the II
months will be 1910, 91O,16O
The value of imports for the 10 months
ended with November 80 was $2,263,-
626,203. The estimate for December,
based on reports from two weeks colec-
tons, is $l74.00O.OOO. The November
imports were $l64, 319,16
n hal Of
United States since the war began will be
$2,500,000,000. The enormous size of
the excess of American exports over i'm
ports can hardly be grasped. This excess
represents one-half of the value of the
estimated holdings of American securities
by foreign investors. To state the condi-
ton in another form, il the war continues
another II months and Europe continues
to buy of the United States at its present
rate, the excess Of American sales over
purchases abroad will be large enough to
absorb all American securities held abroad.
The value Of American stocks and bonds
held in Europe is estimated at $5,O0O,-
O0O,OOO. The railroads, municipalities and
various industrial enterprises and big mines
send to Europe every year approximately
$3OO.OO0,000 to pay interest on these
holdings. This $300.O0O,OOO has been
used by Europe during past normal times
to pay for the vast food supplies which
she buys in the United States.
Bureau of Foreign and Domestic Com
merce experts express the belief that a
revolutionary shift of the worlds finances
will follow the great war should it con-
tinue much longer. Great Britain is now
and has been in the past welded to the
United States for its food supplies because
1t held approximately $4,000,0000O
worth of American securities, the interest
of which paid for the foodstuffs she bought
of us. If these American securities are
dumped back into the United States, Great
Britain will be compelled to pay directly
out of her own pocket for the foodstuffs
she buys here.
There has been widespread impression
that war munitions have constituted the
bulk of American shipments abroad since
the war began. This is erroneous. The
Department of Commerce figures are com.
plete for detailed exports for only IS months
of the war-from August 1, 1914, to Octo.
Der 81. 1915. The export cartridges. gun.
powder. firearms and other explosives fol
that period are valued at $l2l,942, 937
The shipment of foodstuffs alone went
way over 100000, 900, or about ter
times more than the four war munition
items. If the exports of horses and mules
automobiles, brass, copper, saddles and
harness, WOODEN clothing and aeroplanes
are included in the classification of wal
munitions the American shipments Of
these supplies will approximate $780,.
100000 in value,