The Washington herald., 1917-05-29
HOLLAND LETTER
The Biggest Daily
Financial News Feature
of the County's Best Newspapers.

scale to perfect the Red Cross orSani1a
ton. VI
Mr.. Vincent was not called upon IN
mention by name Mr.. Dawson and Tud1o
Lovett' for Mr.. Rockefeller's etft ~
So'Voo'0oo and the authorization that S1o :
oSVVo IN addition be taken not from the
income of the foundation. hut from tbe
principal, so that ADEQUATE AID NO, 10
given to those who are pesfectIn1 the
Red Cross organization. was of itssIs n
suHlclent tribute to the confidence Mr.
hockefeller and his associates have in
the capacity of Mr.. Dawson in co-o6era-
lion with Judge Lovett and Others IN
perfect an organization which in its way
VIII De as great and far-reaching In its
scope ana as thoroughly detailed as is
tne organization Of the army or of the
navy.
Scope Not Understood.
The scope Of the work undertaken by
Mr.. Dawson and his associates is as vet
not fully understood by the American
people some idea Of it can be obtained
rom the tact that at least $1OO, 900 900
VIII be required, If the plans of the COM
mittee are carried out, and more than
that will be needed If the war is pro-
longed.
For the Red Cross work. in co-opera-
uon with allied organizations. will in
volVe not only the immediate aIIeyia-
ton or suffering, a splendid equipment OF
Ield and other hospitals, and the serv-
ices OF thousands of Red Cross nurses
men ana women, but 1t also involves aid
In enabling France Immediately. and
other devastated countries as earlv as
possible to begin the work of reconstruc-
uon' OF upouilding industries, and of pre-
parlhg Tor Industrial and agricultural ac-
tlvities when the war Is ended.
Frooably with no desire on his part that
the fact should be known, there has been
puoncauon OF the assistance given by
Mr.. Rockefeller to the end that the lib
erty loan OF s2, 900 100000 may be absorbed
oy the American people before the mid
die of June.
subscribes $4,000, 700.
1t Is announced that he has subscribed
for S0ooo0o0 OF the bonds, For a year
or Two one OF the common estimates made
In the financial district of Mr.. Rockefel-
ler's income has been that II is prob
aoly somewhat in excess of 100000 OO0
None but Mr.. Rockefeller himself and
MS son, and his confidential agents
know what the exact amount is but II
the estimate of $4,000. 900 be correct, then
MT Rockefeller has subscribed his entire
Income for year, for bonds of the lib
erty loan This money WILL OF course
be diverted from reinvestments in rail
road or industrial undertaking-for much
the gerater part OF Mr.. Rockefeller's in
come aside from his gifts, is always re-
invested in business, in Industrial or rail-
road undertakings. However, all Of the
100000 will go back speedily into bust
ness channels, for It will in part serve
as payment for supplies bought both by
the United States and by the allies
That Mr.. Rockefeller should have au-
thortzed, as he undoubtedly did, that s10,-
10000 should be taken from the Rookie
feller Foundation fund principal to be
used for war PURPOSES. has been spoken
of here as confirming the belief that has
been entertained for a year or more that
Mr.. Rockefeller, perhaps more clearly
than soma other men of large wealth,
has appreciated the serious phases and
factors entailed by the war in Europe,
and that this early belief has been con-
frmed and strengthened by the advent
of the United States into the war, and
Furthermore that there is imperative need
Of immediate aid, especially for Red Cross
and kindred work.
Stupendous Cooperation.
Gradually and with clearer and clearer
insight, the American people are begin
ming to understand the magnitude of the
work Of cooperation involving combina-
tions and co-ordinations upon which the
United States has now entered. On the
same day the announcement was made
that Mr.. Rockefeller and the Founda-
ton were contributing millions for the
Red Cross work over which Henry P.
Dawson Is to have official supervision,
there came also an announcement from
Washington that within a year certainly
50, 000, 10000, possibly as much as $1O,-
600, 100000, will be expended in the pur-
chase Of munitions of war, supplies and
rA1V.r1
allies across the sea and the United
States government will stand in need.
This announcement came Immediately
after the visit of ]. P. Morgan to Wash
ington. 1t is inferred by Mr. Morgan's
friends that while in Washington he was
in consultation with the authorities there
so that they might be well informed of
the highly perfected organization main
tained by his firm while acting as the
agent of Great Britain in the purchase
Of supplies in the United States.
Washington information reflected some
Of the methods adopted by the Morgan
house, which, at its own suggestion, has
relinquished, or is about to relincIlish,
its relation as agent to Great Britain
for the purchase of supplies in the Unit
ed States. One man, Mr.. Stettimus, was
in supreme control of the purchasing de-
partment organized by the Morgan house.
" lC was SeleClbu lOF IndI RESPONSE
BILE duty he was not a member of the
firm, but his success as the purchasing
agent ESQ great that not a word of criti-
cism or even suggestion came from Great
Britain), was perhaps one Of the reasons
why he was admitted to the firm.
Placed on One Man.
Now Washington authorities place upon
one man the supreme authority under the
President for the purchase Of supplies
not only for the allies. but for the United
States government He is to be sales
man on a stupendous scale. He is to
have power which is exactly OF the kind
which some of the Federal statutes for
bid. and If enforced, would prohibit any
man from holding. His power will pre-
vent competition. He can play of one
would-be purchaser against another. He
can, in that way, restrain trade. Never
theless. 1t is regarded as vital that su-
preme power of that kind be placed in
the hands OF one man.
1t will involve combination and CO.
ordination upon a scale tar greater than
that which the organization and opera
ton OF the United States Steel Corpora
felt, directly or indirectly, by every
citizen of these United States and if
If faGac S,o-E6 1Aoo.-