The Birmingham age-herald., 1916-01-07
Triumphs During 1915 One of Outstanding Features
 of That Year
JUDGMENT SHOWN
 HAS BEEN OF BEST
Morgan, Davison and Vanderlip Are Ranked as Three of the Great est Leaders Among the
 New Generation
By HOLLAND

By HOLLAND
 New York, June 6.-(Special) )-Stupen. dous as has been the increases in wealth in industry and commerce since January of last year, yet there are some among the leaders who are persuaded that the supreme achievement of the year 1915 is discovered in the revelation of ability business forecast and constructive under takngs which have characterized the new generation.
 It was about 1910 that the new genera ton immediate successors of those who had been leaders for 30 years in our na- tional life, began to demonstrate that they were to constitute a worthy genera tion. They were suddenly in 1914 brought face to face with an unexpected, very dan- gerous and very great crisis. In a few months, they mastered it. So it is said that the finest demonstration of the year 1915 was of the capacity of American men of the new generation to meet and accept their responsibilities and opportunities This is said to be true of all parts of the United States.
 Not the least difficulty, in fact, as those who know believe, the most difficult of all the undertakings of the year was the organization of the greatest purchasing agency ever established anywhere. Ii was organized to represent two of the allies in the purchase of American com modities of all kinds. Difficult as were the several pieces of international financ- ing, especially the AngloFrench loan and the establishment of great credits here for other nations, these after all simply tested the capacity and the sagacity of A Oario9n ha 11ly in ba fa1d of
 It has been said since the Anglo French loan was settled that the aggregate amount of $500,000,00 of that loan in it. self reflects the judgment of tho bankers who negotiated the loan, for had they accepted the first proposition the loan would have ca4ed for $1,000, ,000, ,000 Their Judgment was that $500, 00,000 was the wiser sum in view of the fact that the loan was to be the first proposition of the kind upon large scale the American people were to be asked to consider. The results of that loan showed that the judgment of American bankers was accu- rate.
 But it was supreme work to establish on the instant a purchasing agency which was not only to handle hundreds of mil lions, but was also to be responsible for the wise expenditure of these funds in the purchase of American commodities, in- volving an organization which, relatively speaking, is as great and as complicated as are the organizations which since 1903 have been engaged in marketing Ameri- can products in foreign countries There is this difference, however-these selling agencies that cultivated our foreign trade were or somewhat slow glowth, wheeras this vast purchasing agency was or- ganized and put in operation within few weeks.
 If any one asks some of those who are considered leaders in finance, commerce and industry who are the representative men of the new general tion who typify the unsurpassed ability of skill with which these momentous affairs have been handled the answer commonly made is this: Among bankers in the east, J. P. Morgan, Henry P. Davison and Frank A. Vanderlip." This answer is made be- cause of recognition of the fact that MT. Morgan and Mir. Davison prepared the way. about year ago, which led to the consummation of the Anglo-French loan. That is an undertaking that will become traditional, as will the services of these two men in association with it. MT. Van derlip is associated with the establish ment of banking facilities in other parts of the world with the placing of certain loans with other nations not numbered among the belligerents and the organiza- tion of the first corporation to be char tered for the purpose of utilizing some portion of these stupendous resources which the European war brought to the United States so that other nations may be aided financially and our own foreign trade may be maintained and increased
 Much IS heard of the amazing triumphs or the men engaged in mining industry in the far west. They have made it pos siole to increase in money value the out put of minerals in six of the Rocky mountain states by $50 O00OO0 as com pared with the best record made in pre- vious years. There is mention often made Of the influential part in securing this in- crease of wealth which was taken by Daniel c. Jackling, who demonstrated to commercial advantage, the wondrous mineral wealth--whch before his day was undeveloped-that was deposited in one of the Utah mountains. So also the names Of James Douglas and John D. Ryan are used to illustrate the triumphs which the miners and the manufacturers of com mercial products from the ores of the mines have attained. It is not possible to get any accurate description of the lead CTS in the wonderful agricultural tri- umphs of the past year. Almost all of the farmers were leaders, and their prod ucts suggest that gradually but surely coordination, science and utilization of Ns try, made it possible for the United states to report such harvesting of crops as no other nation ever reported.
 The chief solvent which makes indus try, mining and agriculture commercially available-namely, railroad transporta- tlon-refects no advance, possibly no stagnation, but a sort of deadlocking. In the south while increased railroad trans portation is much needed almost none i,, country very little. It is spoken of as the one black mark in the record of the trlumphs of American men in the year 1915 Yet those who know say that al no time in the past has there been an apier body of railroad men than is that group which today operates the American railroad systems. That they have not built new lines and improved old ones tc any extent are traceable to the fact thai capital has not been encouraged by legis- latlon or commission to make new invest. ments in railroad properties
 PRESIDENT WILSON