The Birmingham age-herald., 1920-10-26

New York, october 25.-(Special )-- At least s3. o00, 900, 900 is the amount of the private indebtedness created by European nations. corporations and in- dividuals by their financial and com ntercial dealings with the United States in the past three or four years This is the estimate of some who have been making studious investigation. It presumably is the estimate of A. Bar ton Hepburn, who is never inaccurate Tor he is always careful to base his opinion upon information which he re- sards as reliable Few persons dream that so great private indebtedness row represents the advances which have been made by American banks by corporations and by individuals SO that purchases could be made in the united States of materials which are reeded for the reconstruction of Eu- rope and for industrial welfare in oth- CT parts of the world
 If to the debt wich the nations which were our allies while the war was raging and which was established ty means of direct loans made by the federal government to them, a debt which now amounts to about s10,000.- COOL oo0 this private indebtedness be added, then it is reasonable to as stme that the aggregate debt to the tinted states is not far from s1s,ooo.- VVU,VVU.
 Now some understanding is possible or the methods which have been adopted whereby our stupendous ex- port trade was maintained. Many times the question has been asked how these enormous exports, or at least tfe excess of exports over imports have been paid for. Of course, it was Inevitably that there be surmise that banks were extending credit directly CT indirectly. So also it seemed cer- tain that our corporations whose ex- ports have been so great have granted credit Furthermore some record of loans made by American bankers to foreign nations, these being in the na- ture of private loans, have been made And yet not until recently .has there been put forth what is regarded as a reliable estimate of the aggregate amount which the rest of the world owes to the United States. not to the government but to the banks. corpora tens and individuals.
 If the attention of the members of the American Bankers Association who have been for some days in scs- sion at Washington, was called to these almost undreamed of figures, this must have been done informally and in private conversation. None of the reports of what was done and said
 
 to this estimate. Yet it is reason able to assume that it was in the knowledge of members of the commit tee of commerce and marine when they agreed to recommend the formation of corporation with a capital of s1oo,- COOL 900 solely for the purpose of finau- cling foreien trade.
 THE DIVISION PLAN
 This plan does not differ essentiall, from one which was suggested by Henry P. Davison considerably mora than a year ago. MT. Davison had made prolonged visit to Europe, part l ly for the purpose of attending the Ped Cross conference at Geneva. He lad good opportunity to confer with men who are recognized as leaders in finance and who are taking active part in restoring industry. especially in con- mental Europe. These conferences and the informa tion which he otherwise obtained justified him in stating shortly after his return to the United
 States, that this country must. in some