The Western news., 1908-11-18
PANIC IS FELT
ALL OVER
HARDEST TIMES ARE EXPERT
ENCED IN CHINA.
U. S. RECEIVERS FASTEST
Because Our Per Capita Was Greatest
We Are Now Doing the Buying
Going Abroad for Raw
Material.

WASHINGTON, Nov 10.-The
panic of 1907 has now swept around
the world. The hardest times are
being experienced in China, but Eu-
rope, as well, is in the doldrums,
while OF all the countries on the globe
the United States is the most CON-
Portable and recovering the fastest.
! This, they tell US here, is due 10
several 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 it ever before has been in any
country.
| With this good start it is small
wonder that the United States has
made good work in meeting public
conditions and has fast overcome
them. But the extraordinary flush
times here Immediately preceding the
panic also had another effect, and this
was to cause the American manufac-
turers 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, 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.
World Pays Us.
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
importation of raw materials for man
ufacturing 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,
and tells it IN terms which can spell
nothing less than fast approaching
return of boom business times.
September 1907 was one of the
greatest months in the industrial his
tory of the United States. Everybody
was flush and every industry flourish
ing. Buying had reached almost a mad
ness. The country was riding on the
top of the wave and there seemed to
be no end in sight of the rich riot.
Yet, unbelievable as it may seem, Sep
tember, 1908, sees the people of the
Unitd States reaching abroad for a
greater quantity of raw material for
manufacturing purposes than did Sep
tember of a year ago. Then it was
believed the county 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.
We Do the Buying.
But now We are moving at an even
faster pace. We are not spending as
much money for raw materials as a
year ago, because we are the buyers
and have the money 70 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 it
with, but We are buying more goods
than we did year ago. And this holds
good not in one or two lines but prac-
tically through the list.
Last September we bought 13,425,715
pounds of copper pigs at something
above II cents pound. This Septem-
Der We bought 16,474,62s pounds at
about 19 IL cents a pound. Last Sep
tember we bought 2,S69,329 pounds of
raw cotton for $6O6.329; this Septem-
ber we bought 2,9OS,532 pounds for
: $450,1S9. Last September we bought
22,9S3,693 pounds of hides and skins at
, 20 1-2 cents pound; this September
| we bought 35,9S9,622 pounds at II 1-2
: cents a pound. Last September we
bought 1921 ,S61 pounds of crude rub
ber at 50 cents pound; this Septem-
Der we bought 5,421,S73 pounds at a
= shade less than Sc cents pound. And
so it goes all through the list of most
of the raw material needed in our man.
) ufactures. The verdict can only be one
l wayne are about to boom again
: even if we have to lend the foreigners