The Birmingham age-herald., 1915-11-30
To Form New Corporation for Purpose of Leaning
 Fifty Millions Abroad
NEW ATMOSPHERE
 IS NOTED IN TRADE
Feature of Industrial and Conner cial Awakening Is Fact That It Is Being Handled With
 Discretion
By HOLLAND

New York. November 2s.-(Special) )-One is fortunate enough to be the owner of a considerable block of stock in the largest of American state-chartered banks and who has been a careful observer of the many currents of trade finance and in- dustry which began to flow about year ago, said this morning that the organiza- tion of @ corporation which Is to have $50, 100000 of capital and which is to be occupied with international financing fur nishes one of the best evidences that our leaders are adopting the wise principle of enlightened selfishness. For 1t is with a view to the protection of our own inter- ests and the creation of large interests and influences in other nations which will be of reciprocal advantage to the United States that this corporation has been or ganized.
 Others who spoke of this organization. which Is to be a state-chartered institu- ton, did not fail to comment upon the fact that it reveals the disposition of the United States in every way possible to return the benefits which the demands occasioned by the war in Europe have unsolicited by us, brought to us.
 There have been several instances of that disposition since October of last operation with which American banks and men of capital made it possible to lend foreign nations approximately $l000.- 900. The Anglo-French loan has already cultivated very friendly feeling in Great Britain and in France toward the United States. This has been revealed in pri- vate correspondence and in personal com munications which some of the men who manage the banks have received. Yet it was recognized that the making of that loan represented enlightened selflshness. James J. Hill was the first to point that out and his clear exposition of the mean ing of that loan, so far as American trade is concerned, explains much of the public understanding of that transaction
 Mir Hill is now in New York, and is re- ported by some who have talked with him to have spoken with characteristic ear nestness his qualification that the loan was perfected with comparative ease and with nationwide cooperation.
 THE NEW ATMOSPHERE
 Every one who has been in touch with those who are leaders in industrial and financial affairs must have observed the exhilaration and enthusiasm which now prevail and, if reports from other parts of the country are accurate, are beginning to prevail elsewhere than in New York It is an atmosphere that is always ob- served when industrial and business pros- perity change places with stagnation and demoralization.
 The organization of the international corporation with $5o,0000O0 capital is to be attributed in great measure to this at- mosphere. Men of large affairs have realized for six months, some of them since January l of this year. that we are upon the verge of an era of prosperity the bounds and magnitude of which it is d. most impossible to imagine But the aver age man, the workers in all fields have only just begun to realize that an era of magnificent prosperity is at hand. The impulses which have caused it are ire. sisitible. Of course chief among them is the magnitude of our foreign trade A GRATIFYING FEATURE feature of this industrial and com. mercial awakening which is spoken ol with qualification is the evidence that | 1t is being handled with discretion By and by, very likely. prosperity may tend to strong speculative activities, but there is no banker of ability who does not believe, as the federal reserve board at Washington is reported to believe that the federal reserve system in CO., operation with American bankers may restrain overspeculation and stand ir the way of undue imitation.
 Occasionally comment was heard ir the summer and early fall which re- lated to the investment of capital in q large way in enterprises which of them selves would point to constructive work of the kind which means development of resources, the expansion and i'm provement of railway systems and es- pecially terminals, of which there is i'm perative need and which is really the basis of long continued prosperity. One of the comments which have been heard