The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-10-15
New York, October 9, 1915.


On Friday of last week official an
nouncement was made that the Am
erican investing public would be in
vited to participate in the largest Sc
curity offering ever negotiated by an
American banking syndicate. On
Tuesday morning of this week, at 10
o'clock a. M, precisely, the subscrip-
ton books closed with bang, sub
scrirtions having been received for the
whole amount Thus has been usher
ed in what might be considered the
new era of American finance, the
significance of which will extend far
beyond the investment of half a bill
lion dollars in the securities of foreign
governments. We have discovered
that we could bring together $780,
100000 of surplus capital, for speci-
fic purpose, without apparent strain on
our domestic economic condition, and
the probabilities are that we shall have
other occasions to prove our resource
fulness in similar manner We are
protecting our trade and creating ave-
nues by which we not only take ad-
vantage of present opportunities for
commercial and industrial profits, but
prepare the way for permanent new
markets for American products.
And we have done all this in the
best and wisest way, for instead of
receiving payment for our goods in
gold, which would have inflated and
distorted our currency, we are build
ing up4-credit which will pay us good
returns on our investment, and will
assist in trade adjustments when the
war is over and when we shall again
be in need of the commodities receiv-
ed from Europe prior to the war
The same is true to limited extent
of the German war loan, subscribers
for which have been successfully SOL
icited in this country. While we are
at present receiving only small frac-
ton of the German goods imported in
normal times, we have considered the
German market as one of our most
important sources of import and will
doubtless renew our demands upon
that market when the war is conclud-
ed. Whatever of the German war
present time will by that amount SER
We as an offset to Germany's credit
for goods exported when peace has
again been restored.
Some interesting sidelights have
been shed upon the Allies loan by
the manner in which subscriptions
have been sought by some of our Am
erican multi-millionaires. According
to one reliable statement, it took just
six subscriptions to make up the first
one hundred millions of the loan. The
largest subscription was for $35,000,000
which is supposed to have come from
the Du Pont Powder Companies. The
next largest, supposed to be that of
Charles M. Schwab or the Bethlehem
Steel Corporation, was for $20,000,-
600. Following this came one for $l5,-
100000 and three for $l0,000,000, max
ing a total for the half dozen of ex-
actly $l00000,000. 1t is also under
stood that one of the ten million dol
lar subscriptions was for the account
of John d. Rockefeller though no of
fetal confirmation can be obtairp,d
The syndicate has announced its in
tention to make the first awards to
subscribers or from one to five and
ten thousand dollars, so that those
who bid for the smaller amounts will
be sure of allotments. If, as now
seems probable, the new bonds will in
time become convertible into long
term securities of the Allied govern