New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-30
London Bankers Believe
subscriptions Already
at Billion Mark.
WILL BRING OUT
STORES OF GOLD
Premier Asquith Urges the
Necessity of Personal Thrift
and Economy.
ny Gable TO TIE Tribune. J

London. June 29.-The war loan 10
the sole topic Of discussion at present
its chances of success as compared with
the last loan being eagerly canvassed'
Last November the government asked
for $l,750 900, and 5OoOO0,OOO was
subscribed before the issue was Of
fered TO the public. The whole loan
was oversubscribed, lists being closed
and bonds allotted before seven days
ended. To-day, while Mr.. Asquith and
A. Bonar Law were making eloquent
appeals at the Guildhall urging the
British public TO make all sacrifices to
Insure success of the present loan,
dozen of the greatest British bankers
were holding an informal private meet
ing 10 take stock of their present situa-
ton. One Of them told The Tribune:
"The loan can already be regarded as
q success. Probably billion dollars
already has been subscribed, which is
excellent considering the lists are to
remain open until July 10, One Lon
don bank alone to-day received two
thousand applications for stock, So
100000 worth of subscriptions being
received in few hours. while the
actual volume of business done was
double that of the previous loan. ms
isn't q solitary instance.
As the result of our meeting we
hsve come TO several conclusions. First,
that the great volume OF heavy bust
ness will not occur before July l.
Quite this time is necessary TO allow
big investing corporations to make
their arrangements and also TO permit
large individual participators TO ex-
change other holdings. Second, some
supplementary legislation which we
shall urge on the Chancellor Of the
ExcheOuer is necessary to allow
freer conversion of consols, present
restrictions being the sole blot on the
issue. Third, we are altogether lg-
norant Of the effect of the part Likely
to be played by small investors, who
will exchange their boarded gold for
small denomination bonds. We know
there is an enormous quantity of gold
hidden away throughout the country,
but how much will now come out it is
impossible TO guess, except through the
fact that postoffices already are doing
an enormous volume OF business.
Holding American Bonds.
zone surprising feature is that in
vestors show hardly any tendency to
dispose of their American bonds.
There was some business in that direc-
tion both to-day and yesterday, but the
entire amount of American holdings
sold Yesterday was under half million
dollars.
Altogether, after examining all con-
siderations, we believe the government
will easily collect $1,000 100000 and
possibly 100000, 900"
The Prudential Assurance Company
submitted to-day its first application
for the loan, the sum being Sl5OOO,-
900. which is believed the largest indi-
vidual application ever made for new
stock.
Instances of the way boarded money
is being brought out are numerous. A
salConkeeper went to the Bank of Eng
land yesterday carrying a bag contain
ing 400 sovereigns which he had
boarded up since the outbreak of the
war. A shopkeeper went to country
postofice with 100 soveTeigns, while at
the close of a small meeting held in a
remote village TO explain the objects of
the loan eS5 were turned over TO the
chairman for immediate ynvestment.
Treasury officials are Vigorously con-
Quoting a patriotic campaign in favor
of the loan, holding meetings and issu-
ing explanatory leaflets countrywide.
Asquith Urges Economy.
Pennywise economy heretofore has
not been strong feature of the gath
erines al the Guildhall, so closely con
nected with aldermanic dinners OF pro-
verbal opulence, but Premier Asquith
chose this home of wealth to-day 10
initiate movement in support Of the
British war loan and TO urge personal
thrift throughout the nation so as 10
make il possible for the country TO
bear the strain Of the expenditure Of
$4,000. 900 daily entailed by the war.
The Premier opened The meeting by
stating that apart from many of its
"othcr features" the war was the cost
lest that ever had been waged, with
the total prospective expenditure for
the year approaching $4,000, 100000, the
daily expediture being and likely TO be
for weeks and months TO come some
thing like Sl5,000,000.
M. Asouith emphasized that for the
first time in the financial history of
! Great Britain this was n great demo
cratic loan. The state, he said. was
appealing TO all classes, even those
whose resources were most limited, 10