Great Falls tribune., 1922-02-19
EXPORTS TO EUROPE

EAPORIS TO EUhUFE
A S everyone knows, exports from
"A the United States to Europe
have fallen off in marked degree
during the last year, but in a few
lines this does not apply, food
stuffs, oil, cotton and copper, are
mentioned by Holland in his finan-
cial article in the Wall Street Jour-
nal as the prominent exceptions to
the rule, and as Montana is inter-
ested in all Of these staples, except
cotton, the article will interest our
readers. It says: "The Copper Ex-
port association will take up on
February IS, by cash payment, ST.
100000 in notes which are not due
until February Is, 1923. The Texas
company will redeem in cash on
March I, $5,ooo,ooo gold notes, a
year in advance of the time set for
payment.
"Rumors prevail in the financial
district that the rnanagements OF
other corporations are contemplat-
ing advance payment upon some OF
their obligations. Money is now so
plentiful that the releasing Of so
many millions at this time is not
as fully advantageous as would have
been the case year ago. This ac-
ton, however, demonstrates to a
certain extent the fundamental
health which now characterizes the
United States. If the Copper Ex-
port association is able to pay ST.
100000 a year in advance Of the
time when payment is due, it must
have sold copper in large amounts.
So also the Texas company must
have found it expedient to redeem
$5,O00,00O notes which are not due
for another year.
"Here then is the oil industry
represented by one of the largest
of the corporations engaged in that
industry and the copper industry
which are now able to make prena-
ture payments aggregating $l2,oo0,-
900. Oil and copper are two of the
fundamental industries Of the Unit
ed States.
"On the other hand, the steel in
dustry while on the mend has been
compelled to recognize the fact that
some Of the corporations occupied
in it have reported deficit. A
careful computation has compared
the steel industry as it was in 1913
with the situation as it was in the
Sa1l of 1921. The trade in steel is
world wide. In the year preced-
ing the beginning Of the European
war, the United States exported
steel products, in the aggregate, OF
241, 900 tons. But Great Britain in
1913 sold to the rest of the world
4l4,O0O tons and Germany nearly
100000 tons.
"Seven years later the United
States was exporting steel products
amounting to nearly 100000 tons,
while Great Britain's exports was
hardly one-half her exports in 1918
and Germany dropped to 145,ooc
tons. In 1921, however, Germany
was found to be rapidly regainine
her earlier pre-eminence. For ir
the fall of last year German ex-
ports of steel were more than those
of the United States and Great Bri.
tain combined. Therein is to be
found a demonstration of the fact
that Germany is manufacturing al
lower production and selling costs
than any of the other steel produc.
ing nations of the world. Never.
theless, the leaders of the American
steel industry are confident that
before January /, 1923, American
steel will have regained no small
part of its worlds trade. Charlie:
M. Schwab's corporation is abou
to venture $25,Ooo,ooo in the belle:
that the industry is soon to recover
and greatly increase.
"But if exports of steel and othe'
manufactured commodities have fal
len off. on the other hand, the Unit
ed States continues to furnish foo.
in very large amounts to other ma
tions. The department of com
merce has recently reported tn,
quantity of food the United State
exported between October, 1920
and October, 1921. The needy ma
tions across the seas may not b.
able to buy as many American man
ufactured products, because of in
ability to pay for them, as the.
bought before the war, but the,
are finding the money to pay TO
food. In four months from July