New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-11
War Policy of
Spending Money
Lacks Perspective
Closer Understanding With
Allies Needed, Says
F. A. Vanderlip

Frank A. Vanderlip. who has given
up his work as president of the Ma
tional City Bank for the duration Of
the war, TO devote his entire time to
engineering the sale of $4,000, 100000
of war savings certificates, told a gath
cring of bankers and business men yes
torday his impressions of his first two
weeks in Washington. The occasion
was a luncheon rendered the banker
at the India House by W. l.. Saunders.
chairman of the Naval Consulting
Board.
Mr.. Vanderlip paid a tribute TO the
manner in which the Treasury Depart
ment has handled the Government war
financing thus far and predicted that
the great loans yet to be offered would
reflect credit on Secretary McAdoo and
his associates In the distribution of
these funds, however. Mr.. Vanderlip
emphasized that there has been some
lack of perspective in determining
where money was needed most.
Government Problems Difficult
THE situation in Washington is in
tensely interesting" said Mr.. Wander
lip. Going back into the Treasury
Building was like going home. The
Treasury Department to-day is a ma
chine Of wonderful efficiency. 1t needs
TO be. for this government is facing
the most difficult problem that any ma
ton has ever been asked TO face.
THE best estimate Of what will be
reeded by the end Of June is $40 ,000.-
10000. An ISSUE of $300,000,000 in
Treasury certificates of Indebtedness Ia
being offered to-day Before the end
Of the month 5000 1000. 900 more will be
asked for We must market $4,000
100000 of bonds before the present
fiscal year is ended.
II believe that all these things can
and will be done, although some de-
mands may be cut down. This is where
clear perspective is needed not only
on our part but on the part OF our
Allies to determine what is needed first
and most. Back Of this there must
he a coordinated war policy among our
war chiefs and those of our Allies"
Reserve Banks Godsend
Mr. Vanderlip emphasized tho neces-
sity of all state banks and trust COM
panies joining the Federal Reserve
system 20 properly conserve the gold
resources Of the country. The Federal
Reserve banks. he declared, had already
proven a godsend in making the basic
gold supply of the country secure.
Among the guests who attended the
luncheon were: +. l.. Hine, president
of the First National Bank; Benjamin
Strong. governor Of the Federal Re-
serve Bank of New York; K. II. Trc-
man. deputy governor, and James +.
Curtis, secretary; Jacob H. Schif, Of
Kuhn, Loeb e. Co.; James A. Stillman.
chairman Of the board Of directors Of
tho National City Bank; James s. Alex
ander, president Of the National Bank
Of Commerce; William Woodward,
president of the Hanover National
Bank: Walter +. Frew, president Of
the Corn Exchange Bank; Allan p.
Forbes. Of Harris. Forbes & Co.; Lewis
L. Clarke, president of the American
Exchange National Bank; George j.
Baldwin, vice -president Of the Ameri-
can international Corporation; Robert
F. Herrick Percy Rockefeller, F. u.
Locke, George Doubleday. Beekman
Winthrop. Byron r. Newton, Robert
Dollar. u. p. Grace. J. Herbert Case,
L. r. Palmer and Martin Vogel, Assist
ant United States Treasurer in charge
of the local Sub-Treasury.