The Birmingham age-herald., 1917-05-30

New York. May 9.-CSpeciaL)-In the
 early spring of 1915 Henry P. Dawson
 of J. P. Morgan & Co. ventured to make
 some tentative predictions about the out
 look for restored business activities. MT.
 Davison had just returned from sec
 ond visit to London since the war with
 Germany began. Both of these soJourns
 in London, and for time in Paris, gave
 him opportunity for conferences, the re-
 suits of which were afterwards reflected
 ia some of the great financing whereby
 the United States gave vital aid to Eng
 land and France.
 At the time MT Davison spoke, in the spring of 1915, there were as he thought,
 the first faint indications of the coming of the dawn of better days for the United
 States. He referred to the situation in which the United States Steel corpora
 tion found itself in the fall of 1914. and
 aS the beginning of 1915 The figures
 which told of the operations of this cor
 poration in that time of anxiety were
 alarming unless they could be regarded
 as fixing the minimum of business de- pression.
 For the story of the Steel corporation's operations was regarded in the business
 and financial world as establishing a
 standard whereby general business con-
 ditions could be measured.
 Early in 1915 there were some evidences.
 to which MT. Davison called attention, | that the low water mark had been reached by this corporation in the fall of 1914. Nevertheless, early in the spring
 of 1915, it could not be said with cer- tainty that these evidences reflected any
 more than momentary improvement, not to be relied upon as indicating general increase.
 If however, there were in the remain l ing months of the year of 1915 reports 1 from the United States Steel corporation | which showed a gradual increase in ac- tivity, then, in MT. Davison's view, that 1 could be accepted as satisfactory proot ! that both this corporation and all indus | tres In the United States were on the l highroad possibly to great prosperity. 1 At that time there was no apprehension 1 lest the United States actually be drawn
 into war with Germany, but it was ap- parent that the allies would more and
 more rely upon the United States for sub- stantial assistance both through furnish. 1 ing credits and through offering satis- | factory markets where the allies could l purchase the supplies that were needed | MT. Davison at that time with his GUS ] tomary caution intimated that it was possible but perhaps not probable that l within the course of a year or two the | industrial, commercial and financial pros l perity of the United States would be sc I great as to make a world record
 | Now what he then intirOatod iS F,,JI, ] Justified by the event. Whatever the fu. 1 ture course in the securities market may | be so far as quotations for the common l stock of the United States Steel corpo-
 ration indicate it. there is another point | of view which is of more importance
 to the American people. That they have 1 recognized it. is regarded as certainly proved by the new record made by the 1 common stock of this corporation in the | market Whether that record is to be I improved or not is from one point ot view of slight consequence But the