The New York herald., 1922-05-07

do not think / am the man for your or
ganizstion. My experience has been
wholly in commercial banking" Said
Mr.. Morgan: That is my risk. Come
over on January L.
Mr.. Dawson asked for few nays to
think II over and Morgan gave him
one week. 1t turned out that the risk
assumed by J. r. Morgan & Co. was
negligible.
In 1908 Mr.. Dawson was selected by
the Nat.ona Monetary Commission, ap-
pointed by Congress-. as the expert who
should make an investigation and re-
port on the financial systems of Eng
land, France and Germany. In 1915 he
helped to negotiate the $500, 900 Amer
lean loan to the Allies.
On January "a. 1913. Mr. Dawson ap-
peared before the Pujo committee in
Washington and presented In behalf of
the charge that that house was the DOM
mating factor In the money trust
Denied There Was "Money Trust"
Samuel Untermyer. the committees
counsel, found in Mr.. Dawson the most
alert and quick witted of the witnesses
who testified in the course OF the long
hearings. The banker denied that money
and credit were controlled by small
group of men in New York, and said the
great accumulation of money and credits
in this city was due not to the scheming
of certain men but to purely economic
conditions and to defects in the Ameri-
can banking system.
The Morgan firm, he said. believed
that there was no such thing In form
or fact as a money trust" 1t believed,
las its senior partner has testified on
this stand that the only permanent in
fluence possessed by men prominent in
| financial affairs Is that due to the con-
fidence of the. public in their character
and their record"
The statement continued: I'VE rec
ognize and have long recognized serious
defects in our present banking and cur
rency laws. We believe that the coun-
try will continue to be subject to finan-
cial Ills and disturbances until II pos
sesses a stronger and more scientific
banking and currency system TO Sc
cure prompt and wise legislation In these
matters our firm and, We believe, bank
ers throughout the country will use every
means in their power to cooperate with
Congress-"
This was before the passage of the
Federal Reserve bill.
Swung $3O.OOO,OOO Chinese Loan.
Mr.. Dawson soon after becoming a
partner of the firm of j. P. Morgan &
Co., was. with the exception of Mr..
Morgan himself, the most - impor-
tant figure in the banking house.
AS the successor Of Mr.. Perkins he was
called upon to solve many intricate prob
lens arising from the gigantic opera
tions of the house. One Of his first tri-
umphs after he Joined the Morgan firm
was the successful negotiation for Amer
lean participation in the S30.000,0 600
Chinese loan for the development Of the
Hankow-Szechuan Rafroad. He repre-
sented j. p. Morgai & Co. in many di-
rectorates and had control of enormous
assets in a dozen different industries.
OF engaging personality. Mr.. Dawson
was prominent figure at every gath
ering at the Morgan offices and else
where by reason Of flexibility of mind,
directness of expression and soundness
of view.
His Extraordinary Coolness.
AS a banker Mr.. Dawson was recog-
nized as a man Of extraordinary cool
ness, scundness Of judgment and abil-
l.ity for organization, but to the general
public his name meant comparatively
little until 1917, when he was made
chairman of the war council Of the
American Red Cross. He had been in
terested in the work of the Red Cross
for many years.
Mr.. -Divison had shown his interest In
the Red Cross in practical ways before
America entered the war;. one Of which
was contribution of $4,000 toward the
| eluipping of base hospital in 1916. 1t
is doubtful, however, If he ever had any
thought of becoming the head of the
organization until President Wilson un-
expectedly called him in 1917.
! Mr.. Dawson went to Washington
merely as one Of thirty Americans who
were to discuss Red Cross plans for the
war. 1t was proposed to proceed along
| traditional lines. with most of the re-
sponsibility in the hands of a finance
committee. Mr.. Dawson. disapprovine
Of this said there was never a question
of money in any matter involving the