Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1915-10-30
UNCLE SAM WORLDS BANKER.
Surface Loans Do Not Begin to Rep
resent American Money
Going Abroad.
BY Ellis b. Usher.

4
not easy to follow in these days. The
wild speculation in war stocks in
New York, seems to be confined
mainly to them. If sound railroad
stocks advance IA point or two there
is, evidently, a selling, probably Eu-
ropean stocks of American securities
and paper are being fed to us still, in
this way, as they have been for two
years past. This country is becom-
ing the banker for the world and the
English-French loan over which such
an cutlery was made, is only part of
our financing and not such a monu-
mental part, after all. The third
German loan, this year. is now being
sold in this country. OF the first one
a Milwaukee banker tells me $3.50 900
was sold in Milwaukee. These three
German loans, | am told aggregate
about S25, 900, 900. We have just tax
en- S25, 0O0, goo Italian loan. Our
lendings to foreign governments cx-
elusive of any of these, reach close to
$500 ,0O0, 900 outside half billion loan
to France and England, and they will
be larger before the war is over. But
these surface loans do not begin to
represent the American money that is
going to every one of the European
countries belligerent and neutral. 1t
developed here this week, for exam
pie, that one firm of steamship agents
is sending about $1,000 a day to Aus
tria and Hungary. 1t goes from Mil
waukeeans to their relatives and
friends in the dual empire. That sort
Of drain must be enormous and it is
far more vital to our financial condi-
ton as people than the loan to Eng
land and France, none of which
leaves the country but is expended
here for supplies and munitions. Eve
ry day or two some new angle of this
war situation appears to illustrate
that this country is the resource of
all the world for all sorts of help and
if it dom go openly and publicly, as
loan, it goes in private contribu-
tons directly to individuals abroad.
| mention these matters to suggest
the difficulties that confront the pro-
phet of future business conditions or
even present ones in this country.
II ~ III
1t was early predicted in these let
ters that long war in Europe would
compel business revival in this
country. There is no doubt but that
substantial progress has been made
toward the complete employment of
our labor and the expansion of our
exports even in quarters of the globe
and in lines that are quite outside the
sphere of war. but nevertheless quite
within the war influence, when we
attempt to account for them. South
America has been forced to come
here for goods SO have Australians
So have East Indians, so have South
Africans. The world is bowling to
the American dollar. The change is
"A marvellous and immense one, and
hard to grasp until one takes a map.
or better, globe, and begins to rec
kon what it all means II world meas
ure Ehe dangers of resumption of
European commercial supremacy af-
ter the war, are disappearing, day by
day, as the slaughter there proceeds.
Men will be scarce in Europe if this
war continues, as it seems to pro-
mise, for at least another year, that
all fear of competition or of an influx
of cheap labor to this country, may
as we'll be banished. 1t may be pos
sible, too, to quiet our fears of pos
sible European military invasion,
somewhat, by trying to imagine
where any conceivable invasion of
magnitude, can come from. There
is in the grasp of this situation, some
thing more than financial advantage,
great as that promises. 1t is going
to become necessary for this country
to bind up the wounds, clothe the
naked, aud feed the hungry of Eu-
rope. while profits, if any can be in
the disOlation to follow. must come
from South America, from Africa and
Asia. The time is approaching for
the American people to begin to think
in units of magnificent proportions
as to our responsibilities. our oppor-
tunities and our duties.
RAILROADS AND THEIR STEAMERS.
There are sc many new Problems
coming at once in connection with
the foreign and domestic commerce
OF this country that only now and
then a man is found who has any
broad grasp upon them. just now,
for instance. all the shippers along
the Great Lakes have awakened to
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