Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-09-19
WORLD OWES US.
ABOUT SIX BILLION
America Due to Be Financial
Center, Says J. E. Roven-
sky at Bankers Session.
BY the Associated Press.

By the Associated Press.
DENVER, Col. September 1s.-Other
nations probably will owe the United
States nearly $1,000, 100000 at the end
of the war if it should come about a
year hence, John E. Rovensky OF New
York told the bankers assembled here
today in the national convention OF the
American Institute Of Bankers. MIR.
Rovensky is vice president of the Ma
tional Bank of Commerce Of New York.
The world now owes the United States
about S., 765, 600. 900. Mr.. Rovensky said.
and he estimated that this would be In
creased within year by about $3.OO0,-
600, 900
by the time the war is over" said
Mr.. Rovensky, 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 be directed; where the debts and
credits of the world trade will to large
extent be cast up and be settled.
Gives Boundless Opportunities.
'sWorld banking on a scale heretofore
lundreamed of will be the order OF the
DAY. The star of financial and economic
supremacy, that has been travelling west
ward since the dawn of civilization and
that now rests over London, will again
move onward in it's course and cross the
Atlantic. In contemplating this picture
a world of boufdless opportunities which
await young American bankers OF the
present generation"
Mr.. RovenSky reached these conclu-
sions by an interesting analysis of
the international financial position
,f ha mi o6 He said that
when the war began the United
States net debt to the world was
about s3,5 100000. The United
States paid annually to foreign
countries a net amount of $500,000,-
600 in interest onrour debt. freight
charges, remittances to foreign labor
ers. expenditures of American tour
lists, insurance premiums and sundry
items.
After the beginning of the war the
United States repaid its debt to for
eign countries very rapidly. by pur-
chasing American securities held
abroad ut is probable that our net
debt to foreign countries was prac-
tically eXtinguished about two years
ago." declared Mr.. Rovensky.
Exports Exceed Imports.
During the war. up to July 1. 1918,
the United States exported merchan-
extent of about $4,000. 100000. In re-
turn the United States arranged to
lend it's allies and other foreign
countries about $500. 100000, it re-
ceived American securities to the
amount of about s2,000.000.080 and
81 900, 100000 in gold; a total of $10,-
500, 100000.
Mr. Rovensky estimated that after
the war the United States would re-
ceive from foreign nations annually
about $450,000,O00 in interest on its
loans, instead of having to pay about
SITS. 10000 annually in interest as it
did before the war. Against this there
would be charged items Of payment
to foreign countries amounting to
1925, 600, 900, leaving a net annual in
come to the United States of about
SITS, 100000. To this is added an annual
net trade balance in favor of the
United States of about 100000, 900.
This made a total of credits annually
piling up in favor of the United States
of s665, 100000.
Mr.. Rovensky intimated that the
United States would find it profitable
after the war to leave it's $4,000. 900
investment abroad and to reinvest
abroad the income from securities of
foreign railways, steamship compa-
MES, manufacturing. mining and other
enterprises.