Dollar Rules in Finance

1916

Paris, Sept. 19. — Max Hoschiller, in an article in the Temps, contrasts America's financial position now in respect to foreign countries with what it was before the war. The article says:

"Then the United States was sending to Europe from $200,000,000 to $300,000,000 in interest on its borrowings, $150,000,000 to $200,000,000 spent by tourists, $100,000,000 to $150,000,000 to expatriates and $20,000,000 to $40,000,000 in ocean freights.

"Since the war the United States has imported $730,000,000 in gold and has paid back a considerable amount of its previous borrowings, has increased its foreign trade by $2,250,000,000 yearly and has loaned to foreign countries $1,470,000,000 so that the dollar now has replaced, to a considerable extent, the old sovereignty of the English pound abroad.

"Whether the United States will retain, with her deficient financial organization, the position recently won, will depend upon American financial and commercial policies. The arrival in France of an American commercial mission is an indication that Americans are realizing they must follow the law of exchanges between countries, buying in general, as much as they sell."