The Washington herald., 1917-10-01
j. 5. OPERATES
COPPER POOL
Holland Letter Tells How
Government Came to
Control.

As Assistant Secretary OF the Treas
ury. Frank A. Vanderlip. in 1898, was
charged with the responsibility of
marketing an issue OF SOC. .O00, 900.
which became known as the Spanish
war loan. Mr.. Vanderlip was per-
suaded that 1t would be possible to
market this entire issue without en-
failing any cost in the way Of COM
missions, bonuses or other charges,
excepting that involved by the expense
of extra clerical hire. printing and
other incidentaIs appertaining to this
work He was justified in that view.
The loan was marketed. chiefly with
the banks. without cost to the gov
ernment other than incidental ex-
penses. But to do It involved the
creation OF a highly perfected al
though temporary organization.
In working out the plans of this or
Eanization. Alr. VandeTlip revealed
such ability as TO attract the atten-
tiOn OF Mr.. Stillman, who at that
time was building up the National
city Bank. Mr.. Stillman asked Mr..
NanderIip to come to New York and
enter into the service of the National
City Bank. He accepted the offer
in 1901. and in 1909. upon the retire
ment OF Mr.. Stillman from the pres
idency TO take UP the office Of chaif-
man OF the board. Mr.. Vanderlip
became president OF the bank.
Receives s1.OO Per Day.
Now he has again entered the serv-
ice of the government, with a sal
airy OF one dollar a year. and is to
he. occupied with the floating of an
issue of 5000. 10000 OF war saving
certificates or ten times as much rs
was his first noatation in 1898 of the
spanish war loan. Furthermore, Mr.
Nanderlip is to act in thorough CO.
operation with the Secretary Of the
Treasury in persuadlng the American
people to buy the coming issue of
Liberty bonds. the aggregate of which
will be 5000 100000 or $1,000, 600 zoo.
In order to give his time and con-
Centrate his ability upon this work.
Mr.. Fanderlip has retired tempo
rarily from active association with
the National City Bank. as well as
with other very important corporate
interests. but he will come back to
the bank in due time, as other
hank presidents who are serving
the government will return to their
customary places in their banks
after the war is ended. There are
to be problems of stupendous i'm
pOrtance which must be worked to
a correct solution by American
bankers and by the government as
well after the war is ended.
SimonsOn Succeeds.
The temporary retirement OF Mr..
NGnderlip from active association
with the greatest Of American
ha nis transfers the duties OF the
residential office to William a.
SinOnsOn. He is. with a single ex-
'eptiOn. the only high executive Of
firer of the National City Bank.
whose training has been continu-
uIsly with banks. Mr. SimOnson
was formerly an executive officer
81 one of the banks of Newark.
- J.. and. while still a young man,
his industry, the almost intuitive
"ccuracy of his Judgements, to-
c,ather with his ability to handle
with rapidity. details as well as
."n"ral conditions fixed the atten-
tion Of President StiIlman upon
i'm. He became. therefore. an Of
Ger ct the National City Bank, and
Has hccn continuously associated
18th that bank. having taken i'm
Tortant part in the development of
tire institution from a hank Of
average resources and deposits to
its present position which is sixth
or seventh among the great banks
Cf the world.
Mr.. SimOusOn has been. since Janu-
Try 1. really the chief executive man
-er Of the National City Bank. For
D. was early this year that Mr.. Van
dorlip began to devote almost all of
his time to governmental service,
.-Fcciailv that which the successful
f1ating Of the first liberty loan en-
tailed.