The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1916-07-22

is the corporation with a paid-up capi-
tai Of s1O,OOOOOO, which was organized
few days ago exclusively for the
purpose OF financing the new French
loan of $1OO,OOO,OOO, pay value. Mr.
Hills name is that Of one Of the
youngest of the members OF the Board
of Directors. IL was not on account
of his youth, but from the fact that he,
identified as he is with the conserva-
ton of the great properties his father,
James j. Hill, built up, is associated
with a prosposition which undoubted-
ly would have appealed to the elder
Hill.
Elder Hill Helped Loan
In fact, there are some reasons for
surmising that the. late James J. Hill,
in the last visit which he made to New
York before his death, did receive
some intimation from those who were
qualified to tell him respecting this
French loan proposition. Mr.. Hill was
always warmly in favor of any Ameri-
can financing for the benefit OF other
nations. 1t will be one of the tradi-
tons associated with the floating Of
the Anglo-French loan of $500 900, 900
that ii was Mr.. Hills clear exposition
of what that loan meant to the emitted
States what it's true character was,
and how greatly it would enable the
farmers to realize quick returns from
their commodities, as well as Ameri-
can industries, which turned a some
what sluggish opinion in favor of this
proposition.
The list of Directors of this new cor
poration impressively shows how skill
full and how fully equal to great re-
sponsibilities and opportunities the
younger generation of American finan-
ciers is. For although there are one
or two members of this Board of Di-
rectors who were conspicuous in the
older generation for important finan-
cial achievements. nevertheless the
great body of the board is made up of
those of the new generation.
New Generation Triumphant
The negotiation of this loan and the
presumably successful and swift alb
sorption of it by American investors
constitute the latest of the achieve
ment sof the new generation of Ameri-
can financiers. Presumably the public
does not realize what this transaction
means, not merely for the United
States OF today, but for the future
Those best qualified to Judge say that
the negotiations themselves while in
progress and the successful compile
ton OF them make it clear that no
matter what emergencies or RESPONSE
bilities or opportunities may appear
after the European war is closed of a
Financing character, the younger gen.
eration of American financiers is abun-
dainty qualified to handle any PROPOSE
tions of that kind.
1t was an American financier, Henry
p. Davidson, who, at conference In
ondon in the late autumn of 1914,
earnestly counseled the representa-
tives of the British Government that
they summon representatives OF
France and of Russia to meet in con-
ference in Paris and to take this ac-
ton without paying much heed to the
customary Etiquette of diplomacy. And
it is no small tribute to the United
States that from one OF her. citizens
there should have come the sugges-
ton which led to the first Paris con-
ference, and all the highly important
reuslts consequent upon 1t.
Steps Taken This Way
IL is now known that as one of the
results of this first Paris conference
steps were soon taken by England and
France in the direction of the Ameri-
can money market. Mr.. Davidson, and
later ]. r. Morgan, both of whom are
of the younger generation, after the
first Paris conference, were in con-
ference in London, and afterward
with other American bankers in New
York, with the representatives Of Eng
land and France. The terms Of this
unprecedented loan. so far as the Unit
ed States is concerned, were for the
most part worked out by these young
American bankers.
This loan was an object lesson nor
the United States, but 1t took some
time for the people thoroughly to
learn It. II undoubtedly prepared the
way for the latest achievement Of
American financing, the French loan
OF 500, 100000 Other somewhat com
plilated, or at least highly technical,
propositions involving foreign loans
were mastered by the younger gener-
alton of American bankers, as. for in
stance, the recent accommodation
given TO Russia and the peculiarly
gratifying arrangement by means Of
which a great credit in rules is es-
tablished at Petrogard against which
American bankers can draw.
Morgan Is Given Credit
The nraaumnfion n 0anaral that tina