The Birmingham age-herald., 1915-01-22
Another Step in America's Strides to International
 Pre-eminence
AMERICA EXTENDS
 FINANCES ABROAD
Davison and Straight Have Been Prominent in Work of Recent Past to Put America on
 New Basis
Ny HOLLAND

New York, January 21.-tSpecial.l ] VCo- operation, international in it's char
 acter which is now established between
 Great Britain and the United States, is n some respects similar to the extra Sordinarify brilliant cooperation which American bankers established few | weeks after the European war broke 6 pF. There have come to this city i'm lktNations from London that acknowl- II augment is now made that the manner ynn which the leaders in American finance
 and banking through voluntary coop j eration perfected remedies by highly ar tihcial means, when the day was very
 dark, establishes the men of great
 financial affairs in tine United States l upon equal rank with the great finan ciers of Europe of this or any other time.
 That cooperation was purely volun- | tary, and in one instance brought every
 national bank of the United States into
 syndicate which furnished gold ,,v
 means of which the immediate strain was greatly relieved It explains to a considerable extent the swift return O. practically normal conditions, that is, so far as the international money mar ket is concerned in the United States. There was good deal of comment fl, our financial district when it was an nounced that Sir George Paish would have as companion treveIers upon his re- return to London Henry P. Davison and Willard Straight The inference was strong that it was not necessary that MT. Davison and Mir. Straight go to
 London with Sir George Paish in order
 to fortify his statement to the English
 government that the unprecedented de- 'velopment of American foreign trade had made any arrangement of the kind originally contemplated between the united States and Great Britain no longer necessary. Therefore it was pre- sumeo that MT. Davison and MT. straight sailed for Europe with some other purpose in mind than the mere notification to the chancellor of the ex- chequer that the American export trace was now taking care of the exchange
 market and had, in fact, reduced quota 'ions rom foreign exchange below the gold importing point.
 Now comes the information. authori tatively given, that arrangements have oeen perfected which will make J. Morgan x Co. the representatives in England and in the United States of ysnEusn interests so far as these have 70 do with financial and commercial re- lations with the United States. Not vet
 Is 1t possible to report in detail what
 the' arrangements are They appear to be of the kind which constitute the
 Morgan house in London and in tn.
 United States trustees. so to speak, for
 Great Britain with respect to very
 large credit. There are also intimations
 that England may maks use of J. r.
 Morgan & Co.'s facilites for the pur-
 chase of considerable part Of the con,-
 nodities which England must. probably
 for many months, buy in the United
 States.
 They Become Real Merchants
 The late J. F. Morgan regarded his
 vocation as that of merchant and he
 felt free often so to speak of his pusi-
 ness activity. He bought and sold se-
 curities and that was merchandising
 and he was influential in perfectiug
 large transactions exactly as the lead
 CTS of great industries have found It
 convenient to perfect their organize
 tions. If, therefore, J. P. Morgan & Co.
 now become purchasing agents for
 Great Britian. the house takes on the
 attitude of merchants, while as bank
 CTS they facilitate the means by which