New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-21
DIR. Pratt Estimates tx
ports at 100000, 600, and
Urges investments.
BANKER COMMENDS
TRUTH IN PUBLICITY
G. B. Caldwell Assures Conven-
ton People Do Not Like TO
Be Humbugged.
LIZ r.leat,ph 70 Tie rrthun. !

Denver, Sept. 2O.-The United States
must loan TO Europe. must invest, must
buy foreign securities, declared Dr. +.
f. Pratt, chief of the United States
Bureau of Foreign and Domestic Com
merce. before the annual convention OF
the Investment Bankers Association of
America, in session here to-day.
DR.. Pratt pointed out that during the
war In Europe the United States had
created assets abroad amounting TO at
least 5000, 900 900, and therefore must
invest that amount abroad il the coun-
try is "to keep the exchange rates any
where near normal"
ut is not a question Of whether we
want to loan money to Europe or not,
said DR.. Pratt. "At present we have
no alternative. We must loan money
to Europe in order to keep our foreign
trade moving.
World Turns to America.
with the vast destruction of capital
in Europe. the world turns to the
United States for financing its enter
prises. The United States has become
a capitalist nation not only theoreti-
cally but practically. Since the out
break of the great European war, the
United States has made formal loans
to foreign countries to the amount Of
S257 900 900. OF this total 1881 ,090, 900
went to Canada, s44,000,000 to Latin
America and ss2,OOO,OOO to Europe.
"The rapidity and volume OF recent
European purchases in this country
have not permitted the floating OF for
NAL loans. Instead, credits have been
organized here on behalf of foreign
purchases and payments for merchan-
disc have been made against these
credits, many Of which have been bank
credits. The total amount OF such
credits cannot, of course. be given with
accuracy, but It is likely that they ex-
coed $3.50, 1000"
Reaction After War.
DR.. Pratt pointed out that, with the
cessation of hostiities In Europe and
the withdrawal and cutting off OF
orders for supplies of war materials OF
various sorts, the United States Will
experience a serious reaction.
at would be WELL" continued DR..
Pratt, "for US to consider whether or
not this extension of our industries
is solid one and whether the extern
Ia IND tac n
permanent extension. Those features
which just at the present are making
for expansion will be cut off, and un-
less there has been some real advance
made in capturing the markets of the
world which are unaffected primarily
by the European war our situation is
likely to be a serious one"
Publicity and j. IS relation to the ac
tvities of hum; nifty, and particularly
the investment banker, was discussed
by George b. Caldwell, of New York.
There is NJ business" said Mr..
Caldwell, "whoee publicity should be
80 clear and unmistakable as the bond
business. Confidence is the great as
set in banking ard investment dealings.
Ii is the real cCpital upOn which the
supers :ructure of this country is
built.
$50 the investment banker of to-day
has a great duty to perform in his pub
lcity work Whether he does it him
self, or whether he employs an able
publicity director to do it for him, he
must so shape his advertising, his adj
dress to the peorle, his conduct in bust
ness, so that there is nothing left TO
be said. He must reveal himself as the
exponent of truthfulness in all his deal
ings or cease to be an investment
banker"