International Bankers

Speaking before the Rochester Chamber of Commerce, Otto H. Kahn, senior member of Kuhn, Loeb & Co., punctured a popular myth of long standing concerning the so-called " international banker," who has so often been blamed by demagogues and agitators for all manner of crimes. " You might just as well speak of the ' international farmer' because the farmer sells a certain percentage of his crops to Europe," Mr. Kahn declared, " or of the ' international manufacturer' because some of his products are exported to Europe. The banker maintains, and can maintain, international contact and conduct international business only to the extent that American industry, commerce and agriculture are international."

Another shaft in the speech, aimed at similar unfounded aspersions on international banking houses, effectively pointed out: " The banker does not buy (securities) for the purpose of holding but of distributing. If the banker were to hold for his own account the securities which he buys in the course of his business his funds would very soon be exhausted and he would find himself unable to undertake new business."