The Washington herald., 1917-06-27
HOLLAND LETTER
The Biggest Daily
Financial News Feature of
the Counhy's Best Newspapers.

At meeting OF the New York State
Bankers Association, held a few days
ago, Melvin II. Traylor. president Of
the Live Stock Exchange National
Bank Of Chicago, spoke as one hav-
ing high authoriy and wide expert
ence, of the relation OF American har-
vests to the war in Europe. and to the
triumph of the allies in that war.
Mr.. Traylor compacted into few
part the American farmers will have
in bringing ultimate triumph. He
said the war would be won by the
American farmer and that the de-
cisive battles would be fought on the
wheat fields OF Nebraska and Kansas
He might have added also. that the
wheat fields OF the Northwest, which
promise large yields this year, and
especially Of the district of which
Minneapolis is the center
Some of those in this city who COM
mented upon Mr.. Traylor's address
said that there was truh in 1t. never
tneless II did not contain the whole
truth. For OF what avail is 1t that
the farmer should harvest bounteous
crops of wheat as he seems likely to
facilities whereby the wheat can be
sent to England, France and the other
countries of the allies? For this rea-
son 1t is regarded here as Of almost
as much Importance that there be
an ample supply Of ships as millions
of bushels Of wheat for export.
Others commenting upon Mr.. Tray
lors address said that he might have
added that while wheat is OF vital i'm
portance to the allies. nevertheless
under way which from the military
point Of view may bring the war TO
! such speedy close as to lessen foreign
demand for wheat.
There seems to be general approval
| in the financial district, OF the state
ments made by those who are OF high
| authority in the department OF ayia-
ton, that IL the United States Is able,
within a reasonably short time, to
build and ship to Europe many thou
! sands of aeroplanes of different types,
and can furnish an army of at least
y, 900 trained airmen for these ships
| that one service will do more to bring
| the war to an end than any other
single activity can do.
There Is no criticism expressed for
these various views. because II Is pc
| lieved that they will result in such
| public opinion and in such concen-
| trated activity, at Washington, as will
| enable perfect coordination to be es-
| tablished through the Council of Ma
tional Defense. Those who are dis
sideration upon all that Is going on in
| Washington, say that in view of the
fact that it is only a few weeks since
| the United States entered upon the
war, the methods now being adopted
| by which symmetry. excellent organ
evolved out of the almost chaotic
| conditions which prevailed just after
we entered war. afford abundant en-
| couragement that in a short time the
| administration and the various organ
izations, which are in alliance with it,
|
| Conditions are not unlike. excepting
| in magnitude, those which prevailed
in the beginning of our war with
Spain in 1898. and those which pre-
vailed the first year Of the civil
war. President Lincoln was so great
ly embarrassed by the chaos and con-
fusion which prevailed in the War
Department in 1861 that he was at
| last compelled to make change. He
did this, in his kindly way, by ap-
pointing Simon Cameron. his first Sec
retary of War. as minister to Russia.
and resulted in great service to the
United States a year or two later.
through a most friendly act of the
Russian government. The President
Department Democrat. Edwin NJ.
| Stanton. who by methods which were
often called arbitrary, but which were
necessary. brought order out of con-
fusion.
Now the magnitude OF the under
taking is illustrated by the fact that
the government has raised g, 900. zoe. 900
| for the first war loan, which is ap-
proximately two-thirds as much as
| the government raised by loans dur
ing the entire period Of the civil war
/ 1t is also to raise about 81. 800, 1000. 900
from war taxation. and should the
war continue for two or three years,
taxes alone will aggregate from four
billion to five billion Of dallars, even
should there be no increase in rate.
Inevitably, therefore, there has been
some confusion and divided re-
'HTRs'HFdk; TSs FEDERAL Trade Commission. It
chine in co-ordinating various factors
which, by reason Of divided re-
sponsibility. have produced some con-
fusion. For instance. the Federal
Trade Commission is now occupied in
reviewing contracts that have been
submitted for acceptance by the war
Navy Department has called upon this
commission carefully to scrutinize
prices fixed for oil and coal.
There appears to be stronger and
stronger disposition In favor of such
changes in the law as will place the
roads Of the United States, at least
those engaged in interstate commerce,
under the exclusive authority Of the
Interstate Commerce Commission. II
this were done II would BE in accord
| with the recommendation made by
the council Of railroad managers,
which was organised several years
fora two or three years chiefly that
~ .4.. y.