The Washington herald., 1917-06-04
HOLLAND LETTER
j The Biggest Daily
Financial News Feature Of
the county's Best Newspapers.

sSsssy Do.tss wtRip year Ss.s SsstsSly s.: :.
Steel Corporation win have estab-
lished at Newark, N. j.. on tidewater.
q shippuilding plant. chiefly for the
purpose Of aiding the government in
number Of ships. somewhat vague % re.
ports have already been published re-
specting. this purpose OF the steel
corporation. but they do scant justice
Through mssRsi;iae es RisS .ssneS sSs ana SIais its
capacity instantly to co-ordinate vari-
Gus plants so that there can be speedy
Production OF q single commodity, the
steel corporation win be able to es-
upon a scale which viii compare with
It's establishment Of its plant at Gary.
After the war is ended there will be
need Of q multitude Of vessels, for
and the United States win seek its
fair share Of this expansion. This new
plant will be able by that time to
meet. In part. this need for ships.
under atn2 doFo Of sbs in ,ss ysT Of this new
that Gen. Goethals spoke recently al
a dinner given by Judge Gary to rep
reseniatives of the American steel and
IRON industry. What Gen. Goethals
tailed some rather sharp criticism
from the Washington authorities,
That, however, was due to hasty tudg-
ment, and some misunderstanding and
rae,dIT rae friction, 6Tnn.o whateysr i was, was
invited TO speak at this dinner, having
an absolutely free hand respecting
what he would say. But as ne was
10 address representatives Of the steel
ana iron industry, and as he Is ON
cialIy Identified with the construction
OF ships he undoubtedly deemed 1t a
proper place for him to say to the
steel men what he thought Of the ad-
yantages OF the steel snips. He did
kestion priv atelv conveyed to him nor
was there any knowledge on the part
Of Judge Gary or any of those who
heard HIM wnat the line OF his ad-
dress would be.
Some Other Speakers.
Although Gen. Goethals was the
center OF interest, it was partly in
view of his Panama triumph and part
~ because he is to have high author
ity in association with the stupendeus
work OF shipbuilding upon which the
United states has now entered. But
there were other speakers, none Of
whom made formal addresses, but all
or whom reflected in what they said
the attitude Of the steel and iron in
dustry toward the government. the
people and the war. George W. Per-
kins spoke Of the imperative need Of
nation and there were Ave or six lead
ers of the American steel and iron
INDUSTRY who also spoke. each one Of
whom referred in eommendatory
words to Mr.. Perkins thought re-
garding cooperation and coordination
of American industries. All seemed
to be less concerned about profit or
expansion Of business than about the
necessity of giving to the government
every assistance which the occasion
demands.
The Greatest Of Statesmen.
the first impression which the ad-
ministrat.on at Washington enter
tanned when 1t was decided to trans
fer the purchasing Of supplies of all
kinds, both fer the allies across the
]. P. Morgan & Co. to the govern
ment, was that unQuestionably Mr..
Stettinius was just the man upon
whom to place this. responsibility. He
for the Morgan house the purchasing
Of supplies for Great Britain and had
revealed himself as mastery sales
man upon great scale. But intima-
ton came to Washington, presumably
from the Morgan house, possibly from
Mr.. Stettinius himself. that it might
not be expedient to give him this
great authority. for inevitably suspi-
cion would arise that still the house
Enormous n n Mn Business 20 wSen fS0sG Bernara ana
Baruch's name was mentioned in con-
nection with this responsibility there
were only two comments heard in the
financial district; One was a recog-
Baruch for this work. supplemented
by a statement that his integrity Is
unimpeachable. He would be above
any temptation to gain either for him
self or his friends the secret advan-s
tages which. represented by money.
would amount to q very great sum,
which the purchasing agent would
possess. But II was also said that
tation as highly successful specula-
tor. not having been associated in his
business career with any other ven
ture. 1t was recalled that he came
forward as witness at the time Of
the investigation. Of the so-called
leak" and frankly testified that he
had then taken advantage of market
conditions and had made a profit of
approximately $5oO,Ooo. The wonder
disposition on the part of the people
to criticise the appointment Of man
to so important position whose
career had been that of a very sue
SeSsTu Bst tbaf sae ,S opinion p1
abilities which made 1t possible for
Mr.. Baruch to gain leadership on the
speculative side OF the securities mar
ket were also abilities which would
"a
ness impa-tiality a. intuitive judg-
ment to expend even as much as $10.-
600 900 in the purchase OF supplies
Unprecedented Re-arguments.
When the Supreme Court at WASH
ington ordered q reargument in the
impending case of the dissolution of
the International Harvester Company
It broke all precedents. so far as
lawyers here can recall; for this was
the third time the court ordered re-
argument in this case. There has been
considerable comment over the rather
suggestive fact that two men. both Of
whom have been identified in the pub
he mind with prosecutions by the De-
partment Of Justice for alleged viola
ton of the Sherman antitrust law and
whose corporations are now under
consideration by the supreme Court,
should have been designated as MEM
bers of very important commissions.
Cyrus H. Mccormick, resident of the
International Harvester Company,
was named by President Wilson as
one of the American commissioners
to Russia. and Judge E. II. Gary.
whose name Is identified with the
United States Steel Corporation. Is q
member of one Of the most important
Of the auxiliary associations organized
to aid the government In this ener-
gency. HOLLAND.