The Birmingham age-herald., 1917-06-07

Either Frank A. Vanderlip did not put into words his precise thought or If he did he so used words to Le misunder- stood when he stated a few days ago that one of the banks had subscribed Sl5,000, 900 to the liberty loan. No one was more astonished than he to learn the next day that the public understood him to say that one bank had for itself subscribed S5,0O000o. Leading bankers also read the statement with astonish- ment, modified speedily by the belief that MT. Vanderlip had been misunderstood.
 The statement was the topic in the Wall street district for the day and many inquiries were made by those who sought to identify the bank. Two or three days later it was announced that ldr. Wander lip had in mind the First National bank,
 whose relations with the government since the old national banking law was established, have been very close But he did not mean to say that this bank had subscribed for itself S75C00,000. For if that were the case then the total sub scriptions to the liberty loan which came through this bank would be considerably in excess of $1O0, 900. The subscription of the United States Steel corporation for $250o0,000 of these bonds went from private banking house through the First National bank. There were other large
 subscriptions which went through this
 bank.
 If it were necessary or wise, the prob abilities are that New Yorlz, supple mented by Boston, Pittsburg anG Phila- delphia, would be able to take the entire loan of 5000 000, GOO And it may be that these cities will be found to have fur
 nished one-half of the entire amount.
 But if that were done 1t would impair to some extent the moral effect which Sec
 retary McAdoo hoped to secure by the
 announcement late in this month that
 the loan had been great popular sue cess and revealed the true disposition of the American people and the attitude or the United States as an ally of Great Britain and France in the war with Ger many.
 REBUILDING FRENCH RAILROAD The moment it became known to the executive committee of the American
 Railroad association for national defense that an imperative necessity of war ex- isted in France for the reconstruction of her railroad system, the executive com mittee made preparations to meet this grave emergency.
 This committee in its personnel is highly qualified for this service. It's chairman, Fairfax Harrison, with his
 associates, Howard Elliott, Hale Holden,
 Julius Kruttschnitt and Samuel Req, are railway men who have achieved wonders in highly efficient railway constructions 1 What can be done In the way of railway facilities in the time of war Is shown by the masterly achievements of the Amer ican who was called from the Long Island
 Railroad company to take charge of one of the great railroads of England. American skilled laborers and mechan- ics can probably more speedily and eff ciently repair railroads than any other like group of men furnished by any other country. Already this executive committee has perfected plans by means of which a large enough body of skilled mechanics and officers as well as engi- neers, will be sent to France so that the badly rundown French railroads can be
 repaired when these Americans get there
 If they have the necessary supplies they will repair the roads within few
 months.