The Birmingham age-herald., 1915-05-28

United States is now financing the Euro pean war None of the masters of finance is better qualified to speak with authority upon this subject than is Mir. May. He.
 with Vice President Gardin of the City
 bank, is acknowledged both here and in
 Europe to be we'll worthy of rank with
 the ablest foreign exchange authorities
 across the sea. These two men by trac-
 ing the almost invisible threads of for
 eign exchange movement are able to han dle very great exchange propositions. as
 Mr. Gardin did in 1907. thereby aiding in the suppression of the currency panic in October of that year. while MT. May nas gained the record of handling in a single year as much foreign exchange as would
 be represented by our national dent if it
 were twice as large as it appears.
 Those who have had opportunity 10 talk
 with MT. May recently are inclined tc
 think that he did not say exactly what he
 is quoted as having said. For the clea,
 implication in the statement as quoted is
 that the United States has exclusively
 financed the European war. No mar
 knows better than Mr May the nagni.
 tude of the home financing which has heer
 conducted by England, France, Russia
 and Germany, or that, so far as German,
 is concerned, the United States has con.
 tributed very little, although doing ali
 that we have been asked to do. in the way of financing that country. What Nr
 May evidently said or intended to say wa
 thal more ana more the resources of the
 ,ni.so states are being called upon tc
 aid the belligerent nations financially. No douot MT. May knew in midwinter since Henry r. Davison and some others who We're at that time in close and con naential relations with the leaders ir flnance in England and Trance knew. that there would be maintained co-opera tior along very large lines between the allies TOT the purpose of financing the n eds ol war. What is sure to become historic among the otber conferences between inc allies especially the one which took place at Paris in midwinter and in which fTance, England and Russia were repre-
 sented-is not only inferential proof tha, cooperation In financing of some kind was agreed upon, but recent transa .ticns that are of magnitude appear to justify that inference.
 It may be long time before the bellig- ! erent nations will be compelled to turr to the United States acknowledging that their own immediate financial resources have been exhausted. Nobody know, what the amount even approximately of European investment in United State, properties. real estate, industrial and rail. road, really is, but there are as yet nc evidences that any considerable portion
 of this wealth has been utilized in financ. ing the war by either England or by France. One remark attributed to MT May is spoken of as of great impo1 ance for he was quoted as having said that ir his opinion the quotation for foreign ex. change, now unprecedentedly low, will not go much lower, if any. That would seen to indicate that MT May has reason fol
 believing or suspecting that high flnanc,
 on both sides If the ocean will be able
 to devise a plan which will put an end tc | the demoralization in foreign exchange. As to Copper
 Some time in the winter. Hamilton M Brush, who is an important executive 1T the copper sales department of the Gug genheim interests sailed for Italy anc had the somewhat annoying exparienc, which was shared by all the passengers as well as the officers and crew on tn, vessel upon which he sailed of being hcl( up for some days at Gibraltar England was suspicious perhaps hat the corne cargo upon this vessel would find lis ult
 mate market in Germany. Certainly ever l if there was no suspicion of this nd tn,
 English authorities deemed it wise to b' sure that the copper was design,d fol l Italy.
 1 The advent of Italy into the field of wa, vii put an end to the searching of Amer | ican vessels laden with copper designed l for Italy, for now that Italy is nclliger
 ent and is one of the allies she will no | permit copper to pass through he~ terri