The Birmingham age-herald., 1915-04-10

credit of France and the plentiful char
 acter or investment funds m the United
 states. It was of course, presumed that
 the announcement of the negotiations of
 tae purchase of French securities and
 1heir speedy absorption in the United
 states would be followed by another in
 which report would be made of s much
 larger transaction of the same kind. be-
 hlnd which stands the English govern
 ment
 Ihese transactions point to Mir Morgan
 as the true successor of his father Soon
 a1ter the senior Morgan died many per
 sohs wondered whether the son and sue
 eessor would be able to maintain the pres-
 tise' Influence and authority of the great
 est or American financiers. Those who
 were best informed and best qualified to
 1uuse were accustomed to say that the
 successor of the founder of the Morgan
 house would not have opportunity to oe
 tested respecting his abilities so long as
 conditions established by the senior Nor
 gan and which identify his career re-
 malned the prevailing conditions in the
 United States. There would be no op-
 portunity apparently for such finances
 as Mir. Morgan performed when he pro-
 tected the gold in the United States treas
 ury after having replenished the treas
 ury by S62, ,000.oo0, for six months. In that
 period of six months. MT. Morgan stood
 for the first and only time in his career
 with his back to the wall. He was com
 pelled to fight strenuously a great finan-
 cial battle in order to keep the pledge
 he made to President Cleveland
 Not again presumably within the life
 tune Of any now living will an emergency O. that kind arise. Then. again. the senior Morgan, after prolonged conference with some or the ablest business men of the las' third Of the nineteenth century-AIar- snail Field, Norman B. Ream, H. H Por- ter. II. Fl. Rogers Judge Gary and Henry |. Frick-worked out the new economic problem which had been created by the Influence of the marvellous advances of in vention and science, especially in the field or electricity It used to be said that the senior Morgan was persuaded by John ". Gates and Charles M. Schwab that there would be great economic advanta ge 1T there were to be combinations of many steel industries of the United States. of Which the Carnegie properties at Pitts burg were to be the center. But MT Nor gan had worked out this problem some time before he had communications with MT. Gates or with MT. Schwab.
 The adaptation of the principle of CO., operation to modern industry was perfect ed by MT. Morgan and his associates. And the rapid increase of our export of man. ufactured commodities to foreign nations seems to be perfect corolary to that economic demonstration.
 NOt mat Kind of Constructive Work There was likely to be no opportunity for constructive work along these lines for the present ]. P Morgan to undertake. he might conserve and continue, but the principle itself had been established by his father. The only opportunity for con structlve work of the kind his father per- formed Tn the last decade in the past ce,- tury might be the reorganization of bank rupted railroads. for at one time danger
 of that kind threatened some Of the Amer lean railroad companies.
 Suddenly the United States receiven in July last, staggering blow and chaos for
 a time prevailed. In this situation there was opportunity and even necessity for graphing with absolutely original prob- iems. Spontaneously and voluntarily the leading men of finance visited the Morgan offices, thereby acknowledging the tradi- ton associated with those offices in times or peril. The governors of the stock ex- change were In consultation with Mr Nor gan and his associates It was a time for constructive work entailing the high est order of ability. It was to be the new test which all of those who made comment respecting the younger Morgan's ability were confident must be applied before it was demonstrated that the successor was worthy of him whom he succeeded
 1 It is not too much to say that while due tribute should be given to the bankers and financiers of the new generation who are identified with banking in all parts of the United States nevertheless the lead ership in the masterly attack which at i last led to the routing of the forces of demoralization and chaos was in the hands of ]. P. Morgan.
 l How successful the test was is not only demonstrated by the wonderfully swift reversal of conditions in the United States 1 but also by the fact that MT. Morgan is now in London negotiating in the name of the United States an absolutely new work of financing and one which is to demostrate that for the time being at least, the prestige has passed from Eng