Every evening, Wilmington daily commercial., 1918-09-19
J.. S. WORLDS
CHEF MONEY CENTER
America Leading Creditor Nation;
Other Countries Owe Us 9 Bill
lions, Bankers Are Told.

Denver, Col, Sept. l9.-Othcr nations
probably will owe the United States
nearly $4,000 OOO, 900 at the end of the
war if it should come about a year hence,
John f. Rovenskv, of New York told the
bankers assembled here today in the ma
tional convention of the American lnsti-
tute of Bankers. MIR. Rovensky Is vice.
president of the National Bank of Com
merce, of New York.
The world now owes the United States
about SIS. .765 900 900, MIR Rovensky said
and he estimated that this would be in
creased within year by about So, OO0,OOO
900
"Bv the time the war is over, said Mr..
Rovcnskv. America will be one Of the
leading creditor nations Of the world, a
financial center from which large part of
the worlds economic forces will he direct
ed: where the debts and credits of the
worlds trade will TO large extent be
cast up and settled
Would banking on "A scale hereto
fore undreamcd Of will be the order
of the day The star of financial and
economic supremacy that has been
travelling westward since the dawn
Of civilization and that now rests over
London, Will again move onward IN
its course and cross the Atlantic. In
contemplating this picture there spreads
before our eyes a vista OF world OF
Ooundless opportunities which awaits
Joung American bankers of the present
generation
Mir Rovensky reached these CON
clusions by an interesting ANALYSIS of
the international financial position of
the United States He said that when
q . ha ffnttnI Sfafau'
debt to the world was about $500
OoO. 900 The United States paid annually
to foreign countries q net amount Of
$500 600 900 in the interest on our
debt. freight charges. remittances to
foreign laborcrs, expenditure Of Ameri-
can tourists. insurance premiums and
sundry items.
After the beginning Of the war the
United States repaid its debt to foreign
countries very rapidly 10y purchasing
American Securities held abroad 1t
is proable that our net debt To foreign
countries was practically eNtingulshed
about two years ago, declared MIR.
X ovensky,
During the war, up To July /, 1918
the United States exported merchan-
disc in excess of its imports 10 the eX-
tent Of about Sl0.0oO, ,00O, 600 In re-
turn the United States arranged to lend
its Allies and other foreign countries
bout s., 500, ,0000o0 il received Ameri-
can securities To the amount of about
3. 900, COOS 900 and $1,000, 1000 900 in
gold a total OF $40 500, 900 900.
Mir. Rovensky estimated that after
the war the United States would re-
ceive from foreign nations annually
about $3.50 OOO, 600 in interest on its
loans; instead of having 10 pay about
Sl75, 600 annually in interest As il
did before the war Against this there
would be charged items OF payment
10 foreign countries amounting to S325,-
0o0. 900 leaving net annual income
10 the United States of about Sl75,-
600. 900. To this added an annual net
trade balance in favor of the United
States of about s490, 900 900 This made
a total of credits annually piling up in
favor of the United States OF $685.
OOO. 900.
Mr.. Rovensky intimated that the
lnted States would find it profitable
after the war TO leave its $1,000 900, 900
abroad and to relnvest abroad
the income from it by purchase Of secur-
tiles of foreign railways, steamship
manufacturing, mining and
other enterprises