Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-11-18
]. s. WORLD CREDITOR
Uncle Sam First Nation to Re-
cover From Last Years
Panic
BUSY COLLECTING BILLS DUE
Other Nations Having Strenuous Time
Paying What They Owe Us-Brins-
ing Foreign Money to the United
oreisners Are Heavy Sell

w. AN~s
The hardest times are being expert
enced in China, but Europe, as we'll, is
in the doldrums, while of all the coun-
tries on the globe the United States is
the most comfortable and recovering
the fastest.
This they tell us here is due to sew
eral fundamental causes. In the first
place the people of the United States
have had less panic than those of any
other country. And the reason for
this lies in the fact that when the
panic started they had much more
than their average share Of the cash in
the world Indeed, the money per
capita in this country was greater than
try.
With this good start it is small Won
der that the United States has made
good work in meeting panic conditions
and has fast overcome them. But the
extraordinary flush times here imme-
diately preceding the panic also had
another effect, and this was to cause
the American manufacturers to have
made UP and in stock, ready for sale,
an unusual quantity of goods, and
these the moment the panic broke,
were thrown upon the markets OF the
world at cut rates. The immediate
result was an enormous sale in every
quarter Of the globe.
Brings U. S. Foreign Money.
1t is a question if this forced sale
did not travel ahead of the panic in its
march around the world, but at any
rate it brought to the United States an
enormous amount Of foreign money or
credit. 1t put the world in debt to
us to a greater aggregate than was
ever before owed by the world to the
people of any single country.
Since then the world has been busy
trying to pay us, and this, again, has
been good for what allied us. For the
world at large, not having the ready
money because we had more than our
share, has been obliged to pay us in
merchandise. and the consequence Of
this has been that the purchase and i'm
portation of raw materials for manu-
featuring purposes by the people OF
the United States has seldom been as
great as it has been this fall. The
month of September tells the story AMI
tells it in terms which can spell Moth
ing less than a fast approaching re-
turn Of boom business times.
September, 1907, was one of the
great months in the Industrial history
of the United States. Everybody was
flush and every industry flourishing.
Buying had reached almost madness.
The country was riding on the top OF
the wave and there seemed to be no
end in sight of the rich riot. Yet, un-
beievable as it may seem, September.
1908, saw the people of the United
States reaching abroad for a greater
quantity of raw material for manu-
featuring purposes than did September
of a year ago. Then it was believed
the country had about reached the top
Our foreign trade showed us to be the
leading commercial country of the
world, our exports exceeding even those
of Great Britain.
Foreigners Are Sellers.
But now we are moving at an even
faster pace. We are not spending as
muCn money lOT law lIldlGlldlS e1o q
year ago, because we are the buyers
and have the money to pay with. while
the foreigners are the sellers and they
owe us and want to pay in goods be-
cause they have not the cash to do 1T
with, but we are buying more goods
than we did a year ago. And this holds
good not in one or two lines but prac-
tically thru the list.
Last September we bought 13,425,-
us pounds Of copper pigs at something
above IL cents pound. This Septem-
Der we bought 16,747,62S pounds at
about 1919 cents a pound. Last Sep
TENDER we bought 2,S69,329 pounds of
raw cotton for $606,329 this Septem-
Der we bought 2,9Os,532 pounds for
$450,1S9 Last September we bought
22,933,693 pounds of hides and skins
at 291a cents pound: this September
we bought 35,Ss9,662 pounds at liz
cents pound. Last September we
bought 1921 1861 pounds of crude rubber
at 50 cents a pound; this September we
bought 5,421,S73 ponds at a shade
less than Sc cents a pound. And so ut
goes all thru the list of most of the
raw material needed in our manufac-
lures. The verdict can only be one
wayne are about to boom again, even
H.