The Washington times., 1918-02-10
STETTINIUS IS
USED TO BIC
FINANCIAL
OPERATIONS

n aid not take long after they en-
esrOd the war with Germany for the
French and English governments to
learn that great sums OF money would
Be reQutredi that munitions, equip
ment, and supplies In greater qusnti-
ties than their own manufacturers
could turn out must be obtained from
some quarter.
They turned to America Contracts
were. placed with J. P. Morgan & Co.
Americas leading banking house.
The expenditure OF billions OF dollars
was involved; mountains Of muni-
tons were TO be purchased
The biggest Job Of all. however, wNs
not in making the purchases-it was
Ghe education OF American manufsc-
turers In the production of the re-
Quired munitions and supplies.
Morgan Picks stettinIus.
Morgan & Co. cast about for q man
20 tackle this gigantic undertaking.
Edward R stettinius, president OF an
important institution-ths Diamond
Match CompGny-was called IN
For several months Stettinfus re-
tAtned his connection with the match
company, but later announcement was
made that he had been made a mem
Der OF the Morgan hrm, which was
followed by his severance of connec-
ton with the Diamond Match Com
pany.
In a few brief months Stettinius had
knRnwaa g. ~ L.. -
Gees OF both France and England, one
Of the greatest figures in America-
he had tackled the fulhllment OF the
biggest contract ever awarded one
nrm or corporation and had made
good He had mobilized American in
oustries; he had placed contracts for
shells IN factories that formerly made
sewing machines; he had started au-
tomobtle and locomotive works malI-
ing munitions Of war, and through It
all was so diplomatic and businesslIke
that a panic was prevented
II was a metamorphosis OF Ameri-
can Industry overnight, directed by q
former match maker.
Expeads 5000 100000.
&c Dust how much money was expend-
Cd under his direction In this country
for the allied governments is not def
nitely known, but It is admitted to
have been At least $1,000, 100000 for
the thirty months the contracts were
directed By Mr.. stettinius.
This is the man Secretary Of War
Baker recently called to Washington
TO become q cog In the wheel Of
Americas war machine.
Just what his duties win be even
NJ EfAeNNaFvTd -
Secretary OF War is not explicit on
the subject. Mr.. StettInius in the
past has shown a knack Of finding
himself; he Is counted on t. quickly
establish q highly important connec-
tion as regards the ordnance depart
ment
Dealing In millions and billions has
bscome so commonplace in the routine
of Mr.. Stettinius' life that the han
ding OF q few billions on Uncle Sans
account Will be no new experience
Cor him
He will spend for Uncle Sam about
. million a day, according to some es-
dmates.
Mr.. .stettinius has, in thirty months
with the house OF Morgan, expended
practically as much as Uncle Sam has
spent in the ten months America has
been at war with the Kaiser, which
IN round numbers Is $4,000. 100000.
COmparIsOns Show HuEeDesA.
1hs figures and comparisons below
may give some tangible idea Of the
hugensss Of $1,000, ,ooO.o 900. Govern
Dent figures show that the aver
age American family has an an
nual income Of 500, which means
$4,000 families or 100000 persons
one-fOurth OF Americas population