The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-01-09
AMERICA NOW TAKES
AN ACTIVE INTEREST
IN FOREIGN LOANS
Foreign Nations Rapidly
Turning to This Country
for Accommodations
ALASKA KEEPING UP
GOLD PRODUCTION
Life of Miss Grace Dodge Proved an
Inspiration TO Those Among
Whom She Lived and
Worked
Nv HOLLAND

New York, January S.-tspecial.l-tIad
the Argentina loan been for thrice the
amount which the American banking syn
dictate underworld $1,000 ooo-it could
easily and swiftly have been absorbed.
Capital is just now looking eagerly for
investment of that kind. If there be
foundation for some of the rumors Which
are in circulation in the financial district
investors will soon have other opp1rtum-
ties TOR placing their funds in loans OF
this kind.
The speedy absorption of the Argen-
tina loan and the fact that the United
States has since the beginning Of var In
Europe placed about s75,OO0,00o in foreign
obligations are spoken of from two
points of view in the financial district
The obvious feature of these transae-
lions is the fact that foreign nations are
turning to the United States for money
aid in these days of emergency. But fol
the attitude of the administration at
Washington which is taken with a desire
TO preserve perfect neutrality, the aggre-
gate of American loans made to foreign
nations since the beginning of the war
would have been considerably in excess
of 100000, Co., This estimate does not in
clude tn eforegn credits which have been
established in the United States-bankers'
transactions. in factor the purpose of
facilitating the export of American COM
modities to foreign lands. Nobody VEN
lures more than the toughest guess as to
the amount of these credits. They are
PROFESSIONALLY in the aggregate very
large.
Another point of view is one which
does no. furnish quite as favorable a
vista, at least when the expected re-
vival of domestic business is under con-
sideration. These foreign loans have at
tracted capital which is plentiful and
will continue to do this chiefly because
they furnish the best means at the pres
ent time for making investments. They
do however, clearly indicate that pita
is not at the present time disposed to
make large ventures in the way of INDUS
trial, mineral or commercial develop
ment in the United States. The best
opinion seems to be that it will not be sc
disposed until the war is ended and a
ing efforts following the war are to be Is
gained
We had an Illustration Of that in the
early years of the present century. Bust
ness was much demoralzed and the So
called silent or rich mans panic served
to increase this decentralization. Many
reasons were given for this condition
but the ablest men of affairs on botl
sides of the ocean were persuaded that
normal conditions would not be restored
until England had satisfa ctoriy financed
the great debt which was occasIoned by
the war in South Africa. When this was
done there were evidences of the return
Of fairly normal conditions, but these
We're disturbed by the outbreak of wal
between Japan and Russia. Nevertheless
while there may not be great investment
in the development Of natural resources
of commerce and of industry, no on,
doubts that American business as a
whole will speedily feel the stimulating
effect of our great exports Some II the
loans which our bankers have made will
probably be utilized in part for he pay
ment of commodities bought in the United
States, Argentina for instance, will prob