The Washington herald., 1917-07-27
HOLLAND LETTER
The Biggest Daily
Financial News Feature of
the COunhy's Best Newspapers.

One Of the subordinate officers in
the administration at Washington is
quoted as having recently said that,
as a whole, the business men of the
nation have revealed a high degree
Of patriotism, excepting that one
body Of men has shown itself unpa-
triotic, selfish and sodden. The Of
ficer OF the government Identifies the
body saying that it is composed Of
! the steel magnates. No complaint
has come from any of the leaders
in the steel industry that they have
been thus accused of being selfish and
sodden by a member OF the admins
tration. Some of them did read the
quoted report with an expression of
establishment, mingled with regret
But not a word of criticism was
spoken so far as any one knows, al
though the feeling must have been
that the description of them was un-
fair.
Yet the business and financial lead
ers. at least in and near New York,
are speaking with high praise and
something like wonder at the attitude
of the representatives of the steel in
dustry of the United States in the
conferences recently held between
them and the Cabinet officers at
Washington. There sat in consultation
with the government the men whose
ability, energy and executive capac-
| ity made 1t possible for the United
States within ten years to manufac-
ture and export yearly more than
500, O0O, coo money value of steel prod
ucts. They are the men whose indus
try resulted IN the production Of pig
iron in unprecedented amounts. They
have been showing the United States
that, Notwithstanding the fact that
wages paid for labor are greater than
labor commands anywhere else in the
world, and are steadily Increasing,
nevertheless by system. organization
and finely developed efficiency they
are steadily reducing the cost of pro-
duction.
These men believe that they must
aid, to the extent of their power. the
United States government in these
days of war. They have promised to
do that; they have left to the gov
eminent the question of prices. They
| have promised the government that
they will utilize, If 1t be necessary,
the entire capacity of their plants In
order to meet government orders.
1neN nave plaCeQ themselves aI the
service of the government. And when
the history of our part of the war is
written, it is frequently said that it
will contain a chapter that will tell
in detail the story OF the Corpora
| ton of the great men of the steel
industry of the United States, cheer
| fully given, with the government to
the end that there may be speedy
and adequate preparation for war
| and for maintaining the war until
peace comes.
Pledges of this kind are believed by
those who should know to involve
some readjustment or disturbance to
domestic industries that are depend
ent upon steel commodities. One or
two concrete examples OF the prob
able effect of the pre-eminence of
the governments orders in the steel
| industry can now be reported. There
| are now In New York City under
| construction two hotels. When COM
pleted these two will be the largest
in the world. One of them is to be
| somewhat larger than the other.
Both of them will be able to en-
tertain as guests a tenantry which.
in the aggregate, Is equal to a town
of considerable size Those who are