The Birmingham age-herald., 1916-05-09
Warburg's Address Calls Attention to Reversal of
 Money Conditions
OTHERS POINT TO
 AMERICAN CHANGE
South American Trade Being Devel- oped Slowly Because of Pressure of Filling European
 War Orders
By HOLLAND

New York May S.-tSpecial. )-Although the address of Paul NJ. Warburg of the federal reserve board which was delivered to a representative body of citizens of Argentina some three weeks ago did not contain, with two exceptions, anything which had not been either publicly or pri- vately mentioned or discussed, neverthe- less the fact that MT. Warburg assem- bled into one address the views and fore casts of men of high authority gave to his address a special meaning and im- portance.
 It has been much discussed since its publication some few weeks ago. It is commonly said in the financial district that the translation of MT. Warburg' S address Spanish being the language he employed in the delivery of it was a public service The translation was made in the treasury department at Washing ton. and that pains of this kind should have been taken with the address makes it clear that the administration at Wash ington looks upon it as of much inn portance.
 What gives special emphasis to this ad- uTRSS IS lndl ldCt, hlAOHll to lliooS WiiO have been upon intimate terms with MT. Warburg, that he is very careful when making statements and is always dis posed to conservative thought and utter ance.
 Therefore. when he ventures to say that already the United States has achieved financial independence and is now from this time will continue to be one of the worlds banking powers. it is assumed that he speaks with knowl- edge and with sound judgment. In the financial district, within the past six months, the opinion has often been ex- pressed although informally and private Iy that if the day has not already dawned it is soon to dawn upon which announcement can be made that the Unit ed States is paying her debts to the world. This statement however, seemed to be based upon conjecture and has sometimes been received incredulousIy. MT Warburg. however, states without any modification that we have paid our debts to Europe bought back our se- curites without disturbing our own money markets-although the amount in- volved is $10o0,0 ,00o,oO0 at least-and in addition to doing that have lent to other nations $1. 900, o00,O00 more.
 These are statistics which will, in MT. Warburg S opinion, constitute one of the most important of the chapters which tell the history of the European war and of the effects of that war. Reverse ac- ton of this kind within IS months is without any precedent. year ago Henry P. Davison, after his return from Lon don intimated that there was a possi- bility, if not probability, that within 8 year or two the United States would change from the position of debtor na- ton to that of a creditor one. Other international financial leaders have, all though in somewhat cautious way, ven- tured to make like predictions. MT. War burg makes no prediction. He told the citizens of Argentina that this change has been accomplished, although at the beginning of the European war our debt to England and Europe was not less than 5000 GOO and may have been consid- erablV greater