The Washington herald., 1917-06-08
HOLLAND LETTER
The Biggest Daily
Financial News Feature Of
the coustry's Best Newspaper.

while IN New York q few days ago
Henry p. Dawson, chairman Of thu
Red Cross War Council, said to kiI
friends that the Red cross must pILr
on the assumption that millions oi
the side OF our allies. 1t Z Therefor,
necessary that the material and morT
welfare OF millions OF American
Itroops-''no less than millIons,T' h
said-must be assumed BY the Red
Gross Assecistion; One thought thal
can be discovered in almost every one
OF the addresses that have been re-
Gently delivered with intent to per.
suade the people to subscribe to the
liberty loan. One who Is in high au.
Ss1,n' so5,,,y' aIcsa Mc HSoyer tSss & was quoted e.
said that the war might last five years
longer. The former ambassador Il
Germany. James w. Gerard, n con.
vineed that the war will not be ended
until at least two years have passed,
Addresses recently made BY Thomas
J. p. Morgan & Co, and other men
OF finance. have emphasized the neces-
slty of such preparation as will en-
able the United States to come sue.
cessfully to the support Of our allies,
especially France and England, for the
uSro VI buis sdpPoAb ~ NlbhL
Deadlock Ii Possible.
All those who have opportunity to
learn something Of the information, re-
ceived recently at Washington have
been greatly impressed by the view
entertained there that France this
summer. Y unsupported by Great Brit
compelled to abandon the offensive
against Germany and act strictly up
on the defensive. France Is not beaten,
and II not likely TO be overwhelmed
by Germany, but without the assist
ance Of the United States may De
driven so to act as 10 deadlock the
war. Those well informed believe that
Germany would be glad II this were
The Red Cross needs 800, ,ooo, 900, and
the American armies are TO be IN
creased until a million, perhaps two
million, men are sent TO France TO
take part in actual nghting. In ad.
] dition TO this France depends upon the
United States, and with good reason,
for the reconstruction Of her railroad
system, and the destroyed homes OF
| the people.
It ID the opinion here that tn,
better part for those who are il
high authority IL to inform thu
American people that the Unitsc
states has entered upon g. desper-
ate war that may De continued fol
several years and that will call foI
all our resources. men and sup
plies. II these resources are fur.
nished. there can be no doubt about
the ultimate event. But IL Is now
felt by those who know best thai
without the aid Of the United States
neither Great Britain nor France
nor both together. can make any
serious impression upon the Ger
| man military SituatIon in the us AZ
Another Billion.
The fact that Congress is prepar-
ing to authorize new loan of q
billion dollars, although upon terms
different from those which charac.
clear that leaders in Congress are
we'll informed respecting the situ'
alton. There have been some IN
high authority who have thought
that Germany. was never nearer
complete triumph than In tn:
view was based In a large measure
upon conditions in Russia.
In the twelve months which end
| ed on April 80 the exports from IhC
United States were approximately
at the rate OF half a billion dollars
q month. OF course, much OF thii
is due TO the orders that have come
to the United States from our allies
who have been buying supplies ir
enormous amounts here. But . part
of 1t Is due to expanding peaceful
commerce and justifies the BELIEF
that after the war Is over. II wise
measures are taken by legislatures
1 the United States can maintain g
fair share of the enormous world
trade which will begin Immediately
after the war. ~
Some analysis Of such detailed fg-
ures as can be obtained of exports
indicates that six billion dollars for
twelve months is not the maximum,
but that In the next twelve months,
| or in the fiscal year which will END
on June 30, the United States will be
found to have exported commodities
| OF the money value Of perhaps as
| much as T.0O0, ,000, 900.
Meanwhile the government Is be-
| ginning to spend millions upon mil
lions for supplies Of all kinds need
| ed by the army and navy. The single
contract of shoes is an illustration
Of the magnitude of the demand the
government Is making upon indus
try. Shoes are to be furnished by the
millions. and It is understood that the
contract price is SLS2 per pair. This
Is almost 100 per cent more than the
| price for similar shoes before the
high cost of leather and OF all other
commodities began.
| 70 koil VI SOOhNl ,
| which will not receive many millions
from the Federal treasury for COM
modities of which the government
stands in need. The lumbermen, who
until recently were in despair, are
| now to be fully occupied both in the
| South, where yellow pine lumber il
| being bought by the government ir
enormous amounts. and also upon the
\ Pacific coast.
California Lumber.
The Wall Street Journal published I
| few days ago a paragraph which call
ed attention to the magnitude Of tn
lumber industry in California tn,
annual output Of California lumber Il
now Of the money value of So, ,00o, ,0U<
and the largest number of employe
engaged in any industry In Californi;
Is occupied with the cutting ant
| manufacture Of lumber. One interest
/ ing feature associated with this repor
| is the fact that before the discover,
| of gold in California, and for SOM
| time after that, the lumber industr.
stood first, although for a time II wa
almost matched by the farmers VIII
raised California wheat. Before tn
United States acquired California, tn
lumber industry upon the Pacific coas
supplemented the fur industry an,
was almost the exclusive industris
and export product Of that section
Now, Notwithstanding the enormou