FINANCE AND CREDITS 307 
To illustrate the insufficiency of our knowl 
edge regarding Latin American credits, let 
me cite a personal experience. At the begin 
ning of the war in Europe, one of the 
largest daily papers in Buenos Aires was re 
fused credit for less than $100.00 a week of 
cable news, because there was no really reli 
able means in New York of satisfying the 
manager of the foreign press agency that the 
paper was of the highest financial standing. 
A moratorium had been declared in the Ar 
gentine and Europe and at that time no direct 
banking connections existed with the United 
States. This condition of affairs only served 
to make the New York manager insist that the 
service be paid for weekly. He was abso 
lutely unwilling to extend credit for even 
ninety days, provided the paper paid the cable 
tolls in Buenos Aires, which it had offered to 
do. The publication, its plant, equipment 
and the building it owns and occupies are 
easily worth $5,000,000. Furthermore it is 
eminently responsible and reputable. With