The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1915-09-29
GERMAN WAR LOAN
LARGEST IN HISTORY
OVER THREE BILLION DOLLARS
RAISED FOR WAR PURPOSES
BY GERMAN CITIZENS.
War Costs Germany
S 100000 A Day
Government Now Prepated to Carry
on Winter Campaign-No More
Loans Until March, 1916.

Berlin, Sept. "a (via London) -
The German war loan raised Septem-
Der 21 is the largest financial opera
ton in the worlds history, said Dr.
Karl Helfferich, secretary of the i'm
rerial treasury, to the Associated
Press today.
With total of $3,OOO,OO0.oOO and
Scme small sums not yet reported,
the secretary said, it exceeded Great
Britain's. latest loan, which attracted
much attention all over the world as
an unprecedented piece of financing.
"The present loan," DR.. Helfferich
continued, "enables the government
to liquidate treasury bills taken over
by the Reichsbank and other banks,
provides Germany with money for the
winter campaign and renders unnec-
essary the raising of another loan be-
fore March.
What Germany Spends.
ENGLAND hitherto has raised S4,-
G62, 100000 and Germany s6,250,-
100000 in long term loans, whereas
England's war expenditures up to the
present time are hardly less than Ger
many's and soon will exceed Ger
for England now is spending
nearly $25, 100000 daily against Ger
not much above S15,o00,O00.
That means Germany is spending 25
cents per capita daily and England SIS
cents. I doubt, therefore, whether
England's fnanciers possess conf
dcnce that their resources will outlast
ours.
"Everything said abroad about
Germany putting on pressure and US
ing force to get subscriptions to the
loan is pure invention. We appealed
solely to the financial power and pa
triotism of our fellow citizens. Our
success must open the worlds eyes to
3 recognition of how strong is Ger
many's financial power and how
strong her will.
81 am confident that the success of
this loan, which proves that we are
standing firmly upon our own feet,
will contribute towards the good feel
ing between Germany and the United
States Notwithstanding the Morgan
Holden incident. independence is
the first word in American history as
we'll as the first word of true friend
ship. America can not class us
among her poor relations"
Can Continue War.
DR.. Helfferich asserted that Ger
many was financially able to continue
the war indefinitely. Her people, he
said, were earning higher wages and
saving more money than in peace
times. The country was supplying its
own needs and buying little abroad
end making no debts to foreign coun-
tries.
In conclusion the secretary said
that a shortage in supplies of some
raw materials, like cotton and wool,
night cause inconvenience, but the
people were learning to economize.
Old woolen clothing was being re-
worked into shoddy, and coats could
be worn shorter. Substitutes for
some materials were being found, he
added.
The British parliament passed last
week a credit of $1,25O, 100000. 1t
was the seventh since the war began
and brought the total amount to
S6,31O,000,O00. Premier Asquith said
the daily expenditure of Great Brit
ain was $17,5OO,0OO but that there
was a likelihood of it's increasing
owing to advances to Great Britain s
allies and her dominions and to pro-
visions for munitions.
DR.. Helfferich's reference to the
"Morgan-Holden incident" possibly
has some connection with the confer
ences in New York between Sir Ed
ward Hopkinson Holden, managing
director of the London City and Mid
land bank, and ]. P. Morgan with
legard to the loan the British and
French commissioners are endeavor-
ing to secure in the United States.
Sir Edward is a member of the Brit
ish commission.