The Washington herald., 1918-05-26

hehCo WHY - lCW n0hnthN1 taA-
with Secretary Knox. But the en-
Davision at the head Of the Con-
ference Table in Paris. where rep
resentatives of I'VE other nations
were seated for the purpose Of de-
Gliding what would be the most ex-
pedient way to advance to China q
loan which might ultimately amount
to si5o.0o0.00o. Mr.. Dawson as
chairman of that meeting. revealed
the qualities of the great diplomat,
but not a secretive diplomat, for IL
was he who brought about the
agreement whereby the representa-
tives OF each of the nations pledged
their home authorities to maints In
the open door in China. and to pre-
vent any partioning of her terri
tory.
Bryan Demurred.
Subsequently the United States
was compelled to withdraw from
this agreement. because the new
Secretary of State Col Bryan, was
persuaded that IL would be mex
pedient for the United States to
lend its moral to this undertaking.
Some months after the European
war began Mr.. Dawson went, prob
ably on invitation. to London 30 that
he might meet in conference the
statesmen Of Great Britain. who were
known TO be somewhat perplexed over
the situation and also to some degree
anxious about financial conditions.
Months after this conference was held
some OF those Of Great s3ritain who
took part in II and who afterwards
visited the United States spoke half
confidentially, but also with admira-
ton, of the attitude of Mr.. Dawson at
that conference. He was silent untn
all OF US had spoken. then he spoke.
He urged cooperation and was Inc
first to suggest that q conference OF
the allies De held at Paris as soon as
possible. The suggestion was adopted
and the first of several conferences
held at Paris was the result OF Mr..
Davison's suggestion.
Upon his return to New York there
were evidences. not from anything
that he said but from his manner.
that he together with the head Of the
house, J. p. Morgan. who visited Lon
don q little later. had pointed out q
plan by means Of which Great Britain
and France. acting in cooperation.
severally and jointly responsible, could
insure In the United States q loan
Of as much as a half a billion dol
lars. 1t was one of the greatest, II
not actually the greatest, propositions
Of that kind ever made and IL was
certainly the greatest in which the
United states was 10 have a share.
Allied Enyoys Came.
England and France sent men who
well represented those nations to the
United States. and after conferences
in which Mr.. Morgan and Mr.. Davi-
son shared as well as other bankers.
agreement was reached that United
States through her men OF finance
and OF financial institutions, should
lend to England and France a half a
billion dollars upon no other security
than the good faith backed by the
stupendous resources Of those two ma
tons. A few brief words from Mr..
Morgan. addressed to the American
bankers, resulted in the underwriting
Of the entire loan, and il was the
first of great loans made by United
States to our allies.
Mr.. Morgan. however, had behind
him the oanks OF the United States
which were willing TO accept kis lead
ership. He had earlier in association
with Mr.. Dawson secured SIO0, ~, 10
in gold from the banks of New York
City by which a desperate situstion
was relieved. and a little later SICS,-
0oe 1000 more in gold in the furnishing
OF which American banks co-operated.
whereby another crisis was enued
and the flood tide OF prosperity be-
gan.
Yet Mr.. Dawson. by himself, upon
his own initiative. and without any
organization excepting one which he
perfected. secured within a month
and at a time OF great financial op-
erations, a subscription of $40 o.! !Oo0
This amount matched the under
writing Of the New York banks of
800. 900 in gold in the early fall of
1914. and also matched anoth.- Under
writing perfected a few weeks later
whereby si0o.ooo.0oo millions in gold
was secured by means of which the
desperate embargo or congestion due
to the hign price Of exchange was
ended.
So also Mr.. Perkins at another time
some weeks after Mr.. Dawson had
obtained a subscription OF SIOO. .cOO. CO.,
for the Red Cross fund in a month.
secured subscriptions amounting to
Sl.0o.0O for the purpose of facili-
tating the nobly phila nthropy known
as the Young Mems Christian Asso-
ciation War Work. Mr.. Davisun's
subscription was made just after the
country had subscribed 1900, pOo,GS to
the first liberty loan. Mr.. Perkins
raised s.. 0o0.t0o Immediately after the
country had subscribed nearly A,vOO.-
10000 to the second war loan.
Dawson Organized Work.
Thus by the individual leader
ship of Mr.. Dawson the Red Cross
organiDat ation of the United States
was within four weeks capitalized
so to speak. at 500, 100000 So,
also. through the individual leader
ship of George W. Perkins the
Y. NJ c. A War Work was capital
lied at S51.00o.o0o, and this capi-
tai was raised in eight days time.
Rarely have the great industrial
organizations or the railroad cor
porations which have approached
the money markets for funds, or
have pleaded with individual capi-
talists secured as many millions for
their purposes as these two under
takings represent and only rarely
have secured it within so short a
time.
Mr.. Dawson was called to Wash
ington from his desk in the once
of ]. P. Morgan & Co. so that he
might become the leader in the
Red Cross work, was told by some
Of those whom he met that about