The Birmingham age-herald., 1919-08-06

l goes far to set forth his state of mind at this time, so far as the stupendous financ- ing and financial problems of this day are concerned. What is the quotation upon given day for the common stock of the United States Steel corporation in com parison with the working out of plans which have for their purpose the syndi- eating or underwriting of the resources Of the United States, so that these can be mobilized. in such manner as to en- able Europe once more to get upon her feet and different nations on the conti- nent once more to take their places among the great producing centers of the world. Something like this, undoubted- ly, was in MT. Davidson's mind when he was asked what the quotation for Steel common stock was.
 It has been said of late that MT. David sons plans has been side-tracked This is true only in an incidental and tenn porary sense. It will not be sidetracked if it is within his unusual gift for con- structive achievement to bring about a CO., ordination and cooperation of this kind. But the colossal machinery, the all most infinite details which are necessary to perfect before this plan can be adopted and made effective, inevitably entail care and time. It is one of the propositions which, in MT. Davidsons view, makes it necessary to make haste slowly. Not with such ease characterizes tine approach to business men and men of capital with invitations to join an underwriting syndi- cate in which the opportunities for profits seem to be large, are the business men of the United States, whether they are leaders in industry or stand among the foremost merchants of this country to be brought into possession as a part of the great national underwriting syndicate, so to call it, which MT. Davidson has in mind
 IT MUST SUCCEED
 This plan. or some similar plan, in fact in any great plan of this kind, MT. Dav- ison is sure to be associated with and it must succeed if Europe is to be saved. Fundamentally, the proposition does not differ from that which represents the approach of merchant or a manufac- turer to bank for the purpose of secur- ing credit necessary to carry on an i'm portant business transaction.
 Bernard Baruch with laconic express sion which suggests the characteristic method adopted by the senior J. P. Nor gan when he competed an important truth into a few words, explained the purpose of Mr Davison's plan by saying: We must give Europe credits until at last she is able to stand upon her own feet and produce so that she can re- pay"
 Some day there will be published de- tailed statement of the manner in which the four hundred million dollars which were given by the American people for the Red Cross fund were expended or are being now expended. All of this was under the direction of MT. Davison. He handled the four hundred millions with discrimination and with skill which would have characterized the manage ment of great banking house, or did characterize the managers of the vast underwriting proposition by means of which the United States Steel corporation was floated There seems not to have been an important hitch of any kind. or at least of any consequence. No com plaint has been received intimating that a dollar of this fund was wasted, or that anywhere was extravagance discovered. Every dollar counted for it's worth and this remarkable achievement is due to the wisdom and ability of MT. Davison
 CONFIDENT THEN AND NOW
 Mir Davison was asked in the fall of 1918, while the Victory Loan subscription was in progress, if he had any doubt about securing in a few weeks the gift of at least hundred and fifty millions from the American people for Red Cross work Notwithstanding the billions which the Victory Loan called for at that time. MT. Davison was as confident that the additional hundred and fifty millions which was the Red Cross last call would be given by the American people as though he had the money in hand. His confidence was justified by the event.
 Today pr. Davison is confident that the fundamental principle upon which is based his plan for syndicating or under writing. the resources of the United States so that Europe can be helped and helped with comparative ease. will be adopted. He knows, however. that it is stupen- eous proposition, unlike anything which history has recorded For that reason it entails something like super-mind, so to speak. if the perfect coordination and co-operation which are essential are secured, and if the new and stupendous machinery that is needed can be con structed, perfectly systematized. complete in all it's details.
 Of course, 1t is recognized by MT. Davi- son that this is a temporary expedient. When the world no longer has need of American credits, then the affairs of thls national syndicate will be wound up and the syndicate dissolved. It is no wonder, therefore, that the mind which is oc- cupied with this hitherto unheard or problem should have no room for con- templating the securities market quo tations on stocks or bonds