The Birmingham age-herald., 1917-09-22

the United States The presidents of these banks are Frank A. Vanderlip of the National City bank and Charles H. Both have so spoken as to lead to the inference that they are persuaded that there may be some danger of over-con- fidence respecting the floating of the second liberty loan. Both believe that it will be successfully floated. MT. Van derlip is of the opinion that it may not be over-subscribed to the extent that the first liberty loan was, although other bankers are of the opinion that if tho terms of the loan are attractive, it is likely to be over-subscribed. MT. Sabin cautions against over-confidence because that might lead to lack of effort on the part of those who are to undertake to sell the bonds to the American people. He also emphasizes the necessity of paying for these bonds out of income and savings instead of reaching into principal or capital. MT. Sabin evidently Is convinced that the savings and in- come, especially those due to the enor- nous purchasing that has been in prog ress by the government and by tho allies, should be sufficient to supplJ funds needed for successful subscription to what is presumably to be a loan of $30O0,000O00. However, there is little danger of over-confidence. The work of
 preparing by systematic organization for floating this loan is well under way, not only here but in other parts of the country, and there should be no delay of the kind which characterized the first week or 10 days of the floating of the first loan. Presumably the government is persuNded that the banks and others, whose service in floating the first loan
 was gratuitous, and was estimated by MT vanderlip to represent at least $2.- O0O,O0O, should have some money recom- pense for their time and expense in fa-
 cilitating the placing of the new loan. enough recompense at least to pay the
 actual cost assumed by the banks and others.
 From Washington there came a day or two ago an official report which told
 in figures of the phenomenal exports of
 iron and steel from the United States
 in June, and also in the 12 months of
 the fiscal year which ended on June 30.
 We sold and sent to other nations in
 June iron and steel of the money value
 of $11900O,000 round numbers. We sold
 and exported in the 12 months ending June 30 iron and steel of the money value of s1.129.000,0O0. In 1915 the money
 value of our exports of iron and steel
 was only $225 0O0,O00 It required six or seven years after organizing the selling agency of the United States Steel cor poration to make it possible to report that our exports of this commodity were approximately $100000,0O0. It would have been absolutely impossible for the Unit ed States to have sold and exported steel
 and iron products in the past fiscal year of the phenomenal money value of $1,- 129 O00 had 1t not been that there had been perfected great combinations, not one alone but several, which as whole represented the iron and steel industry In the United States. These combinations
 made efficiency, speediness In manufac- ture, reduction in the cost of manufac-
 ture and highly systematized methods of
 selling possible, whereas what were for merly independent and small iron and steel manufactories would have been un- able to secure these results.