The Birmingham age-herald., 1917-05-10
HANDLING OF LOAN SHOWS WONDERS OF FINANCE SYSTEM Vanderlip's Ability Shown When He Floated the
 Spanish War Loan PRESENT SYSTEM IS
 GREATY IMPROVED Special Attention Now Being Given to Prevention of Imitation Which
 Would Prove Harmful
 After the War
By HOLLAND

New York, May 9.-(Special )-When Ira was assistant secretary of the treasury at Washington in the year of the Span- ish war, Frank A. Vanderlip passed di- rectly from the treasury department to the subscribers to the spanish war loan the entire amount of the loan without any other cost to the government than that entailed by extra clerical hire and Incidental expenses.
 Not a cent of commission was paid This was so great an achievement and was done with such precision as to at- tract the attention of James Stillman, who at that time was president of the National City bank He discovered in the transaction capacity for organization, for excellent forecast and judgment, and for high degree of executive ability. It was in part, If not chiefly, due to this achievement that MT. Vanderlip became vice president and later president of the National City bank.
 Today he, with all the other bankers of the United States, is cooperating with the Secretary of the Treasury, MT. Me- Adoo, in passing from the treasury de- partment to the public a loan of s2O0O,Ooo,- 0OO,. Occasionally heretofore some per sons, not well informed, have been in- cllned to believe that the bankers of New York and of other large cities have profited so greatly by the war that they are anxious that it be prolonged. But no bank and no banker will profit by the distribution of this 5000 100000 loan. All of the banks have offered their services to Secretary McAdoo to aid in distribut- ing the loan, and not one cent of commits sion will be paid to or demanded by any one for this service.
 When Jay Cooke was distributing the enormous government loans at the time of the civil war, he found it necessary to allow in some cases large commits sions. But the loan which was offered a day or two ago and all subsequent loans, no matter how large the aggregate may be (some think it may be $1o,O0o,oo0,- 900 before the war is endeD will pass directly from the treasury department to the subscribers wi i1hout entailing any expense, except that which is necessary in the way of clerical aid and inciden- tals.
 A.GREAT POPULAR LOAN
 A few days ago the government at WdSmnRtOn lent lO SfGdl IoIlldlll Y-VV,- 000,000 The transaction, which was one of the largest on record, was perfected without the slightest ripple in the money market. Of course it involved chiefly an exchange of credits, but it will also in- volve by and by the use both of cash and credit. The manner in which this was accomplished illustrates the per lection of the American banking system, and the spirit of cooperation which prevails throughout that system. AL though the exchanges of the clearing house on the day following the trans action aggregated approximately s1,0O0,- 0o0,000, nevertheless these exchanges were effected through the payment of bal ances practically of the same percentage as the ordinary exchange.
 In the financial district the impress sion prevails that speedily the entire amount of this loan and of subsequent loans will be distributed among the peo- pie of the United States. Already an admirable system of cooperation involv- ing some financial assistance has been perfected whereby the humblest citizen. who has accumulated few dollars, will