The Washington herald., 1917-08-24
HOLLAND LETTER
The Biggest Daily
Financial News Feature Of
the Country's Best Newspapers.

4 gotiations can be made will probably
be clear intimation that the United
States and her allies expect to con-
lquer a peace. OF course, the President
will not make this statement bluntly,
and his reply to the Pope's communi-
cation will undoubtedly reflect his
characteristic dignity and courtesy.
But IL the view which prevails in New
York, at least among those who have
| been in touch with affairs at Wash
| ington, is correct. then It will be
made plain that the President and the
allies cannot contemplate any peace
which does not follow complete VIC
tory. since any other peace would be
merely temporary.
There is also beginning to be a good
! understanding here of the swiftness
| with which the government, in coop
GRAFTON with the great business forces
of the United States. is co-ordinating
| the stupendous resources OF this coun-
try in such manner as to compare IA
vorably with that German efficiency
of which so much has been said, and
more than favorably when II is borne
in mind that the United States de-
| clared war only four months ago.
There was, day or two ago, a march
upon Fifth avenue. New York, of a
fully equipped regiment. which prob
ably before the winter snow comes
will be somewhere on the line in
France. 1t was a splendid body OF
men, who seemed to have inherited
and to cherish the traditions estab-
lished by the famous Sixty-ninth Regi-
ment in the days of the civil war.
Many thousands watched and cheered
these soldiers from the sidewalk. and
there appeared to be one thought COM
mon 10 all and that was that the
march of these troops was symbolic
OF what is in progress all over the
country. which will be represented in
short time by a million American
soldiers under arms.
Public opinion has sometimes been
thought to be rather Indifferent TO the
war and to the preparations that are
under way for meeting It. But that is
spoken of here as a misapprehension
Public opinion here and throughout the
country. according to information re-
ceived from Washington, is strongly
set In favor OF utilizing all the re-
sources of this country that II will be
necessary to do in order TO conquer
peace.
Well Informed men OF finance who
are going TO aid the government say
that they have no doubt that Ger
many has been well informed by this
time that the United States is de-
termined to fight this issue to the
end. For It is the suspicion is fnan-
cial circles that it is in no small meas
ure due to the realization by the Ger
man leaders that the United States
is not about TO play at war, but is
TO enter into the conflict with a grim
determination that characterizes Eng
land. France and Italy, which explains
some of the anxiety that is known to
prevail In financial circles in Ger
many.
Should the war be continued for
another year the United States will
probably have raised an army of
about two million men. well equipped.
thoroughly provided with supplies.
which will cooperate chiefly with
the armies of France and of England.
Behind these two million men stand
resources which, represented by
money, aggregate about two hundred
and nifty billion dollars. This is es-
umated TO be about one-third of the
aggregate wealth of the entire world.
we never shall be disturbed as Ger
many Is now disturbed by reason of
Lack OF coal. for our supplies of that
Iuei are from ten to fiften times as
great, developed and undeveloped, as
are the coal possibilities of Europe.
The South is to produce this wear con
slderably more than one-half. prob
ably more than two-thirds. of the
worlds cotton crop. We had already
astonished Great Britain and France
by the swift development since 100
or our iron and steel industry. We
had at that time made il clear thai
the prediction of the late Abram s
Hewitt that within fifteen or twenty
years the United States would sur
pass England in the production of
IRON and steel would be justified Now
we nave considerably more than one
hat or the iron and steel producing
capacity OF the world and upon this
we can reply in confidence for such
assistance as our government needs
IN maintaining the conflict. The at
utuoe OF the steel industry is regard
ed as proof of that
Ihe government expects Or at lea,
nopes that the harvest of next wear
VIII be so abundant that at least
a million bushels of wheat and four
billion bushels of corn will be harvest
ed and that the aggregate Of the
harvest exclusive of cotton NAV equal
the prediction made some years ago
by James J. Hill that the limited
States should be producing fifteen
billion bushels of food products. We
can feed ourselves and also give our
allies all the food that is needed.
In the address delivered a few days
ago by Elihu Root to his fellow mem
bers Of the Union League Club he
emphasized with all his power of ut
terance the need at this time that the |
people of the United States put be- |
hind them all smaller matters and
concentrate their efforts upon the su-
preme need of supporting the govern
ment In its determination to fight this |
war until We have conquered peace |
Mr.. Roots speech at the Union |
League Club has been spoken of by
those who heard it as fully matching
any one of his great addresses. 1t had |
the elcquence of supreme sincerity, |
of impressive earnestness and of con- |
viction that with all our resources
thoroughly co-ordinated and all our
business forces in full cooperation |
with the government, the United |
States will be able in due time COM
pletely to destroy the autocratic sys-
tenn which he declared Germany Is now |
fighting to maintain.
Not more than two or three of the |
leaders in finance and railroad at
fairs who went with James ]. Hill to |
Boston for the purpose Of buying from |
Boston owners the control of the Bur-
lington Railroad Company are now /
living. One of these is George F. |
Baker, now chairman of the board |
Of directors of the First National
Bank, then president of that bank. |