Bisbee daily review., 1908-12-05
RAW MATERIAL
IN ABUNDANCE
FOR BIG BOON
United States Mixes Rapid Re-
covery Frem Depression BY
Collecting Debts Due For
Exports to Other Nations.

WASHINGTON, Dec. 3.-The panic
of 1907 has now swept around the
world. The hardest times are being
experienced in China, but Europe, as
wen, is in the doldrums, while of all
the countries on the globe the United
States is the most comfortable and re-
covering the fastest.
This, they tell us here, is due to
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 won
der that the United States has made
good work in meeting panic conditions
and has fast overcome them. But the
extraordinarily 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 att cut rates. The immediate
result was an enormous sale in every
quarter of the globe.
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 tian our
share, has been obliged to pay us in
merchandise, and the consequence Oh
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 u, has been this fall. The
month of September tells the story
nothing less than fast approaching
return 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 fourishing.
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,
September, 1908, saw the people of the
United States reaching abroad for a
great quantity of raw material for
manufacturing purposes than did Sep
tember of year ago. Then it was
believed the country, had about reach
ed the top. Our foreign trade showed
US to be the leading commercial
country of the world, our exports ex-
ceeding eve nthose of Great Britain.
even those of Great Britain.
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 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 il
with, but We are buying more goods
than We did a year ago. And this
holds good not in one or two lines but
practically through the list.
Last September We bought 13.425,- I
715 pounds of copper pigs at something
above II cents pound. This Septem-
Der we bought 16,747,62S pounds, at
about 13 IL cents pound Last
September we bought 2,S69, 1923 pounds
Of raw cotton for 5000, 1929; this Sep
tember we bought 2,9OS,532 pounds for
s45O,1S9. Last September We bought
% ,933, ,693 pounds of hides and skins |
at 20 1-2 cents pound; this Septem-
Der we bought 80, ,3S9,662 pounds at
171z cents a pound. Last September |