The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-19
PARIS GUESS ON
LOAN DELETED
BY THE CENSOR
Estimate Of Subscriptions
So High Nation Guards
Against Reaction.
ALL PURSES OPEN
AT CALL OF FRANCE
so,e,a, Correspondence to The sus.

so,c.a, Correspondence to The srS.
p,a,s. Dec. 5.-The newspapers called
4, ,he frst day THE Loan Of victory,
h,t an the second day many inverted
~. words and headed their story The
vsAorv OF the Loan" Some went on
~. Wild guesses Of the amount sub
scrbed the first day. although no one
srsv ANYTHING precise. One paper de-
Jared the total had reached $4,000
ooo. 900. and goodness knows what 1t
vsuld have added for the second day
on,y the censorship interviewed Ind q
HANK space occupied the place OF the
ss,res. The authorities in eject had
M, A little alarmed at the way huge
-,ns were prophesied ut Is remarka-
NJ how small a million has become
stroe the war) and inspired a few arti-
H. nutttng the brake on imaginative
.r,ers as they feared that such esti-
rate. would make loyal subscribers re-
vain under the impression that their
INSCRIPTIONS were no longer necessary :
M. furthermore, II was felt that the
,smusl result, we've splendid II might
h would suffer by comparison with
thee fanciful gnesses.
me subscription opened on Amer.
ga thanksgiving Day. November 70.
A. there were hundreds Of places open
"a subscribe and at least three weeks
,Ime the usual scenes witnessed at the
lame OF a ~favorite French loan were not
Ia be seen. There were plenty OF people
al the opening hour, but the rush did
not continue all day, as L. customary
I'm other loans, which, II must be re-
Numbered. only remain open perhaps
- day or three.
PuSlie Conscience Unshaken.
II has been said that the issue has
been kept waiting some weeks In order
To make Il coincide with some big piece
Of rood news from h front. but. row.
ever that may Be, its success IL a strik.
i'm proof that public confidence has not
been shaken by tho Balkan situation.
Never was a loan launched In France
With such an amount Of and such va
,iWy Of advertisements. Posters were
Issued, which every moving picture show
rproduced on its screen. Big banks
anl little banks sent around circulars
EXPLAINING how 10 subscribe and oher.
M b put through the operation with
out expense to the client. THE Suns
correspondent received four such circu-
lun and felt hattered until he found
that the telephone list had been used
for addresses.
Gen. Joffre issued an order to all the
troops, pointing out tina $17.45 invested
meant 81 . year, so that 1t meant 5%
per cent, with France as security. You
lhave undoubtedly heard" the COM
l~mander in chief continued. your
fathers recall the terrible hours OF
. 1870. After that war there was a loan
for the liberation of our land. This
tme. thanks to your efforts. IL will be,
las the Minister of Finance has said.
te Loan of Victory Think OF all
! ,hsse things. Write to all. relations and
friends. whom you have left behind you
IN your native place. Tell them that to
Subscribe 10 the loan rs to serve France,
lis to fight for her along with you, is
The most efficient aid that can he sup
Piled you at the present moment and is
the assurance at once or your future
and that Of your children"
n. Rene Viviani. now Minister OF JUS
iice, sent a circular to all District At
.torneys for them to transmit to the
~notarles of the country. who are the
great advisers Of families on how to
invest their money. He asked them TO
recall tina confidence in the State had
never In history proved misplaced. and
tha, French capitalists might be sure
{ the security now offered II they
would tax lesson by the past and by
the certainty of victory. Maurice
Barres. Academician and Deputy, after
the first days receipts wrote: Il weigh
my words when l say that 1t will bring
US as much nearer peace as a successful
battle would hav done. The Kaiser Ia
sacrificing innumerable soldiers In
searching for material resources In the
Balkans and Constantinople. We who
possess free circulation on he seas will
obtain with money those he
has TO buy with German blood"
Subscription to the loan IL not thu
simple affair II might be taken for al
first sight. For those who are offering
ally the case). For a $50 scrip paying
81 a year the cash payment is $l7.45
but an instalment payment can be made
II 81 down, followed by three monthly
ayments Of IS. 20 each. making a tota
Of 1880.
Inducement to Small Investors.
But France has been issuing shor
time Treasury bonds Of $50 each, ant
these are accepted as cash II theii
time has expired. that Ia, II the holder
could demand to be repaid. II they havs
~ NAHllNus al tnCI IutCiSo a 49,
cent. was deducted at the time they wer'
issued Chat is, in advanced. such In
lerest as has not been earned must b
deducted. Then there are 81 and =
Treasury bonds. issued TO tempt thu
very small saver. and as the interest OF
these little bonds was not paid In ad
vance 1t has to be added to date befor'
they can be used to buy the new loan.
Then there are longer Treasury BOND
'ten years. OF $50 each which are nc
cepted at Sl9.ls 2-5. or their price o
issue plus the redemption premium
Then holders Of az per cent. redeemabl
rentes can pay in their scrip at tn
rate that sls.25 3-5 represents &l4 o
The new loan.
Last but not least. holders of per
petual 3 per cent. rentes can pay one
third of their subscription In this scril
and the remaining two-thirds In cash
This 8 per cent. 10 accepted at $13.20
although Il has recently been quote
down to sl3.
With subscribers offering money
Treasury bonds and scrip, and combina
tons Of two or three Of them. II vii
be seen that some operations neede'
time. However. the receiving clerk
were furnished with ready reckoner
that enabled them to cope with intricat
~. In a minimum OF time.
Nevertheless. much dissatisfaction va
expressed that the receiving o6fce
closed at $3.50 p. NJ. Little did sue
critics know that the unfortunate ON
ployeos OF the head treasury Office wh
then began their work had to work cor
anuously until . A. M. ths hrst nigf