The Birmingham age-herald., 1917-04-15
Seven Billions Should Not All Be Issued at Once,
 Is His View
NOTHING LIKE IT
 IN WORLD HISTORY
Wall Street Is Having a Lot of Inter esting Discussion of How the Big Issue Is to Be
 Handled

New York, April 14-Wall street has had a busy week threshing over all sides of the plans advanced at Washington fol financing the war. According to the bil submitted to Congress last Thursday, war debt of $7,000 OO0,O90 is to be author ized immediately. Of that sum, s S000 000OO0 will be raised by the sale of 31. per cent bonds and used to establish g credit for the allies; $2,000, ,000,000 will b, raised by the sale of Sia per cent bonds and used by our army and navy g, 0O0
 use by the sale of one year 31s per cent certificates of indebtedness, these notes to be retired with funds raised by direct and indirect war taxes \ loan of ST. 0o0,O000o0 would be the largest in history larger than so far issued by England and France or Germany or any of the countries which have now been at war nearly three years. Should a loan of such collosal size be authorizedY 1T so how much of it should be issued at once, and what interest rate should be paid These are the points Wall street is de- batting.
 On one hand, men well known through out the finaicial district are taking the stand that $7,OO0 000,OO0 loan authorized by Congress and the Senate at this time would have an effect on the Teutonic powers far more disheartening than the sending abroad of large army of half trained men. Those who hold such views believe that no difficulty would be experi- enced in raising the full amount named. Others equally as prominent in financial affairs are equally as certain that a costly mistake will be made by attempting to carry out the plans as briefly outlined By all means, authorize the S7000, ,O00, ,OOO pro- posed bonds and notes. but limit the amount to be offered at once, the bankers in the class last named are arguing
 A. B. eHpburn, chairman of the Chase National bank, was one of the first bank CTS to come out flat-footed against the proposed flnancing. MT. Hepburn be- lougs to .-Se old school; when he talks, the yu0nU1 generation of bankers in Wall street listen. Anybody in this country who keeps in touch with fint.n- cial affairs knows that the chairman of the Chase National understands hisl busi- ness from the ground up.
 MT. Hepburn graduated from a small college back in 1871; since then he has been given degrees by half dozen large universities for what he has done as well as for what he knows. After graduat- ing in 1871 at Middlebury, Vt, MT. Hop- burn was instructor of mathematics tt the St Lawrence academy; then he studied and practiced law upstate; then he became a member of the New York assembly; then superintendent of the New York state banking department ; then United States bank examiner; then controller of the currency at Wash ington; then vice president of the Ma tional City bank of New York, leaving there in 1899 to become president of the Chase National. That bank, because of its good management, attracted the at tention of George F. Baker James J. Hill and J. P. Morgan. Those men, after Hepburn was made president, owned and controlled the Chase National.
 If any further evidence is needed to prove that Mir. Hepburn knows his bust ness it might be pointed out that, re- sides being chairman of the Chase Ma tional and active in the Americans Bank CTS association, even in these days when interlocking directorates are prohibited by law, MT. Hepburn is a director of the United Cigars Manufacturing company, the Texas company, the Studebaker cor son. the Woolworth company Sears-Roebuck company, Safety Car Heating and Lighting company Reming- ton Typewriter company, American Cot ton Oil company, American Car and Foundry, American Agricultural Chem- cal company, Maryland Trust company