The Birmingham age-herald., 1921-02-18
Daily Financial Gossip
By HOLLAND

 New York, February 15.-tSpecial) So far as it is known no one who Is prominently identified with the more important financial activities which center in the so-called Wall street dis- trict has been persuaded to make any | recommendation to the President elect respecting his choice of Secretary | of the Treasury. In fact, there seeiio | ,o be a tacit understanding that 1t Is the better part for those who ar l identified with banking and financing affairs in New York city to relralh l from interfering in any way with the I ca binet making plans of Mr. Hard | ing. .,. | And vet 1t must be reported tha. | if if be true that MT. Harding has made choice of Andrew W. Mellon "f Pittsburg for Secretary of the Ireas- ury, that selection will receive the | warmest approval of many II no, all oi 1 those who are of influence in the oi rection of our greater banks and or 1 our more important financing. There does seem to be some latent objection l to the choice of Mir. Mellon ana It mas been publicly voiced in the editorial | columns of one of our newspapers, put lii does not come from bankers. The | tupon the apprehension that MT. Mellon as a banker would be disposed always to give a patient and favoring ear to any suggestions that bankers m1snt make to him.
 Tn all probability it is not as q banker and a master of the technique as well as the broader principles which are the foundation of success full banking that MT. Harding had been favorably disposed. for there is no doubt that he has been thus disposed to the appointment of Mir. Mellon as l Secretary of the Treasury. The treas ury department in the new administra- ton will be confronted with as im- portant problems, the correct solution of which will be vital to our pros perity. as was the case when me treasury department was administered by Chase in Civil war days. For he | was compelled to build up upon new
 ground work great and in many req Il lures, an original constructive flnan- cial system by means of which the federal government could secure credit and funds with which to meet the expenses entailed by the Civil War Factors in the problems which Gov ernor Chase was compelled to solve lhad reference not only to banking pure and simple but to the mobilization of our natural resources and particularly the establishment of good financial re- lations with Great brltain and otnei European powers.
 i WHAT SECRETARY MUST DO
 The Secretary of the Treasury in Hard ines administration must if he is to sue ceed be more than successful banker He must possess constructive abilities
 which will be of value in the mainte
 nance and increase of our trade, espec ially the foreign trade. He must under stand international, political ana trad { conditions. He should be man compe tent to create and then successfully t { manage a great expert organization sucl , for instance as James A. Farrell create'
 and brought to high degree Of succes ia as a subsidiary of the United State Steel Corporation.
 MT Mellon's career has been 1conspic , uously identified with one of the grea private banking institutions of the Unite' States. Yet he has not been exclusivel' la banker. His constructive abilit. . brought him into close association wit
 Henry c. Prick and the wonderfu . growth of the coke industry is du
 chiefly to Mir. Prick and to MT. Mellon
 Tile built up other industries. notabl those of the steel mills at Donora, Pa , and the carborundum industry at Mas < ara Falls
 The reasons are excellent for surmis 1 ing that these achievements which con
 stitute part of Mr. Meilon's- career ma have been chief among the reasons wh : MT. Harding has been disposed favora bly, to consider the appointment of Mi Mellon as Secretary of the Treasury. l is probable also that there were som political considerations entirely proper such for instance as the choice of a cit izen whose career was made west s.of tn Allegheny mountains.
 .M'KINLEY AND ROOSEVELT Because the achievements of secretar ies of the treasury which have becom traditional which were Smade during an since the time of the Civil war were tn 1 work of men who were not bankers therefore it has been presumed that tn