Evening star., 1898-07-14
WAR LOANS SUCCESS
Aggregate Of the Subscriptions E1-
ceeds AlldExpectations.
STATEMENT BY SEC'Y VANDERBILT
Status of Each Day Shown by
/. Card-Index System.
TIE AELOTMENTS BEGUN

Assistant Secretary Vanderlp, who has
had immediate supervision OF the work In
connection with the war loan, the books
Of which closed this afternoo at o'clock;
says the success of the department in plac-
Ing the loan exceeds all expectations.
The aggregate of subscriptions. including
those made by syndfcates, will be about
s., ,100. 100000. There has long been some
doubt that q. popular loan could be han
died with any degree of success. The fact.
however, that there are over $500, ,000, 900
OF subscriptions. represented by checks and
other forms of payment is a sufficient
proof that such loan can be placed.
Early this week the department became
satisfied that the subscriptions of individ-
uals would be far more than enough to
wholly absorb the loan, and instructions
were therefore given to prepare checks
representing all subscriptions of corpora
tons, 20 be returned tonight, in order that
no loss might occur by reason of delay on
the part OF the treasury in returning the
amounts represented to such bidders In
all probability no Individual subscription as
high as $4,000 will receive an allotment OF
the bonds. -...- ...
25O,OOO Subscriptions.
The department has received in the
neighborhuod of 250,0O0 subscriptions dur
ing the month the books have been open,
and as 1t was Secretary Cages intention to
make payment on account of subscriptions
easy as possible, in order to suit the con-
yeniences of subscribers, all forms of pay
ment were received, Including cash, checks,
bank drafts post office money orders. ex-
press money orders, certificates of deposit
and during the last day or so the depart
ment has received money by telegraphic
order.
The enormous amount Of work involved
in such an enterprise may be imagined
from the fact that during the month more
than 300 clerks have been daily employed,
and on this last day more than 400. Most
Of these have also been employed at night.
making an extra half day. 1t has been
something of an achievement to equip and
drill this force, and TO select from the hum
dreds applying for temporary work those
who were best fitted for 1t. During the
progress of the work the clerks have at
tended to their, duties with commendable
zeal and fidelity
When the force was first organized old
clerks from the department We're detailed,
in order that the new force might have the
advantage of EheiE advice and experience.
Yesterday and to-day it was found necessary
to bring fifty clerks more from the depart
ment proper IN order to meet the rush of
subscriptions which began as the hour for
closing approached, 1t had been expected
mat INA 60 subserpti9As would gradually
but this was, noto the case. Monday of
this week the largest mail of the month
was received, when the opening division
received and opened more than loco appIf-
cations and the average has been about
$1,000 a day during the last week. This
morning there was rush of special de-
livery letters, and subscriptions by tele-
graph accompanied with telegraphic money
orders. IN - -|--'' - -'. =
The Work Advanced.
Tho 1,orl, x ,i,oI,.- ~. 49, L..
advanced that checks REPRESENTING the in
terest which has accrued on deposits are
now being drawn, The actuary of the
treasury prepared 8 per cent interest Ia
bles for the use of clerks. which show at
glance the interest on amounts from $40
to $1,000 covering forty-eight days.
which was The longest period that might
intervene between the date of deposit and
August i. when the bonds are to be deliv-
cred. .
A force of clerks has been engaged in
computing the accrued interest OH deposits,
and when the bonds are delivered August
1 the envelope cor tanning the bond will
also contain a treasurer's check for the
amount Of interest which the subscribers
deposit has earned from the date of his
subscription to the date Of the delivery Of
the bonds. The work of making allot-
ments will begin Immediately. Subscrip-
tions for $500 and nder have already been
practically allotted.
i d,
the $40. and SO On. The result will be
known during the course of the next week
and deposits of unsuccessful bidders will
be rapi lly -sturned.
Problem Solved.
One of the problems which has arisen
during the progress of the loan has been
how to devise a means of knowing it's
status each day. This was successfully
solved by resorting to the card index sys-
tenn. The card index. which contains the
name Of each subscriber to the war loon
of 1898, Is probably the largest in the
world. The clerks in the division which
has had charge of this index have written
and arranged more than "a quarter of a
million cards, each bearing the name and
address of the subscriber. and the number
of the case .a5
By this means the department has been
able to refer to any particular subscription
at a moments notice, and to keep track of
every feature of the loan from day to day
Before the loan was authorized by Con-
gress Secretary Gage had given his atten-
ton to the question of its magnitude in the
event it was decided to make 1t a popular
loan, and had come to the conclusion that
there was not sufficient space in the Treas
ury building to accommodate the force of
clerks which would have to be employed.
The new city post office. now nearing COM
pletion, was decided upon as q place where
the temporary work might be carried on.
The entire ground floor has been utilized
Tor this purpose, ana the building has been
found to be admirably adapted to such a
use. In the largest room some 2O3 clerks
have been employed now for a month in
preparing lists of subscribers and schedules
of their subscriptions. These clerks were
engaged upon the subscriptions of $500 and
less. while another division devoted it's en-
ergies entirely to subscriptions OF over $780,
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CONGRATULATES HOBSON,
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