The Washington herald., 1919-08-11
PRICE STUMPED
H. P. DAWSON
Magnate Was Ignorant
When Asked Steel Quo
tation Says Holland.

When Henry =. Dawson was asked
a day or two ago IL he was able to
tell what the quotation In the secruI-
ties market for the common stock OF
the u. s. Steel Corporation was, he
IS reported to have replied that he
could do no more than give a guess.
Then he was asked to make a guess,
and after a moments hesitation,
quoted lo3. This answer caused some
amusement. and even more astonish-
ment, for IL was some ten points out
of the way.
That a partner in the house OF ].
l.. Morgan e. Co. especially a partner
who has the reputation OF being all
seeing and capable OF penetrating
the future with mental vision and
with extraordinary accuracy, should
not have known what the market
quotation upon a given day for steel
was, seemed to be almost incredible.
The incident is reported by the Bos-
ton News Bureau. not upon hearssy.
but upon frst-hand knowledge.
Mr. Davison's wild guess. however.
goes far to set forth his state of mind
at this time, SO far as the stupendous
financing and financial problems OF
this day are concerned What is the
quotation upon a given day for the
common stock OF the United States
Steel Corporation in comparison with
the working out of plans which have
for Their purpose the syndiCating or
underwriting OF the resources OF the
United States, so that these can be
modified in such manner. as to ena-
BILE Europe once more to get upon her
feet and different nations on the con-
tinent once more to take their places
among the great producing centers of
the world Something like this. un-
douotedly. was in Mr.. Davison's mind
when he was asked what the Cuotation
for steel common stock was.
1t has been said of late that Mr.. Ds-
vison's plan has been sidetracked. This
is true only in an incidental and tenn
porary sense. II will not be side
tracked if t is within his unusual gift
for constructive achievement TO bring
about a coordination and co-opers-
ton Of this kind. But the colossal
machinery, the almost infinite details,
which are necessary to perfect before
this plan can be adopted and made ef-
fective, inevitably entail care and
time. II Is one OF the prOposits sons
which. in Mr.. DavIson's view. makes
it necessary to make haste slowly. Not
with such ease as CharacteriZes the ap-
proach to business men and men OF
capital with invitations to Join an un-
derwTiting syndicate in which the Op-
portunities 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 10 be
brought into association as a part Of
the great national underwriting sym
dicate, so to call It. which Mr.. Dawson
has in mind
IL Must Succeed.
This plan. or some similar plan in
fact in any great plan OF this kind.
Mr.. Dawson 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 a
merchant or a manufacturer to a bank
for the purpose OF securing credit
necessary TO carry on an important
business transaction.
Bernard BaruCh with laconic ex-
preston which suggests the charac-
teristic method adopted by the senior
]. P. Morgan when he compacted an
important trnth into a few words. ex-
Gidll4ti NItt purpose OF MI. DdNlsO1'E
plan by saying: we must give Europe
credits until at last she is able 10
stand upon her own feet and produce
so that she can repay.
Some day there will be published
detailed statement Of the manner
in which the *40O, 1000. 900 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 Mr.
Dawson. He handled the $500. 900
900 with discrimination and with a
skill which would have character
lied the management of a great
banking house. or did characterize
the managers OF the vast underwrit-
ing proposition by means Of which
the United States Steel Corporation
was hoated. There seems not to
have been an important hitch of any
kind. or at least of any consequence.
No complaint has been received in
timating that a dollar Of this fund
was wasted. or that anywhere was
extravaganza discovered. Every dol
lar counted for its worth and this
remarkable achievement is due
chiefly to the wisdom and ability Of
Mr.. Dawson.
CONFIDENT Then and CONFIDENT Now.
Mr.. Dawson was asked in the fall
OF 1918. while the Victory loan sub
scription was in progress. il he had
Fny doubt about securing in few
seeks the gift of at least $780,
100000 from the American people
for Red Cross work. Notwithstand-
ing the billions which the Victory
loan called for al that time. Mr.
Dawson was as confident that the
additional $3.50. 100000 which was
the Red Cross last call would be
given by the American people as
| though he had the money In hand