Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1918-09-19
U. s. ls,WoRLD's BANKER.
European Nations to Owe America
Nine Billions at End Of War.

Denver, Colo, Sept. 19.Other nations
probably will owe the United tSates
nearly $4,000, 900, COO at the end OF the
war II It should come about n year
hence. John F.. Rovensky, of New York
told the bankers assembled here today
in the national convention Of the
American Institute of Bankers. Mr..
Rovensky is vice president of the Ma
tfonal Bank Of Commerce OF New
York.
The world now owes the United
States about s5,765. 900, 900, Mr.. Roven-
sky said and he estimated that this
would be increased within n year by
about $4,000, 900, 900.
'By the time the war IL over" said
Mr.. Rovensky, America VIII be one
of the leading creditor nations of the
world, n financial center from which
large part of the worlds economic
forces will be directed; where the
debts and credits of the worlds trade
will to a large extent be cast up and
be settled.
World banking on a scale hereto
fore undreamed 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 across the Atlantic In
contemplating this picture there
spreads before our eyes vista of a
world of boundiess opportunities which
awaits young American bankers of the
present generation"
~ ct
illusions by an interesting analysis Of
the international financial. position Of
the United States. lie said that when
the war began the United States net
debt to the world was about $500
100000. The United States paid an
ntiallv to foreign countries e net
amount of $500. 900 in interest on
our debt. freight charges, remittances
to foreign laborers. expenditures of
American tourists. insurance premiums
and sundry items.
After the beginning of the war the
United States repaid it's debt to foreign
countries very rapidly by purchasing
American securities held abroad. 1T is
probable that our net debt to foreign
countries was practically extinguishcd
about two years ago." declared Mr..
Rovensky. ... ...-
During the war, up TO July I. 1918
the United States exported merchan-
disc in excess of its imports TO The
extent of. about s10.0Go. 100000 In re-
turn the United States arranged 10
lend its allies and other foreign coun-
tries about $500 .0Co, 600. 1t received
American securities to the amount OF
about $4,000, 900 600 and 81 .0Go. ooo. 900
in gold; total Of so. 500, 100000.
Mr. Rovensky estimated that after
the war the United states would re-
ceive from foreign nations annually
about $3.50, 900. coo in interest on its
loans: instead of having to pay about
sl75. 000.Gc0 annually in interest as it
did before the war. Against this there
would be CHARGED items Of payment 70
foreign countries amounting to $685.
CD0, coo, leaving a net annual income 70
the United States of about s175, goo, 600
To this added an annual net trade
balance in favor of the United States
Of about $4so, 900. coo. This made a total
of credits annually piling I'D in favor OF
the United States of s665, Geo. 600.
Mr.. Rovensky intimated that the
United States. would find it profitable
after the war to leave its SO, 900. 900
investment abroad and to reinvest
abroard the income from it by pur-
chase Of securities of foreign railways.
steamship companies. manufacturing,
mining and other enterprises.