Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1915-09-30
BIC GERMAN LOAN
SETS NEW RECORD
Raising Of $4,000, 100000 by
Subscription Largest Finan-
CiaI Transaction in History
Germany Prosperous.

Berlin, (via London). Sept. 25.-The
German war loan raised September 21
Is the largest financial operation in the
worlds history, said DR.. Karl Helffe-
rich, secretary of the imperial treasury,
to the Associated Press today. With a
total of 1000, 900 marks CSC, OOO, 900, O00)
and some small sums not yet reported,
Britain's last loan, which attracted
muc attention all over the world as an
unprecedented piece of financering.
The present loan" DR.. Helfferich
continues, enables the government to
liquidate treasury bills taken over by
the reichsbank and other banks, pro-
Vldes Germany with money for the
winter campaign and renders unnec-
essary the raising of another LOAF be-
fore March.
British Spending More.
England hitherto has raised $4,062,-
100000 and Germany $3.50, 000,0 o in
long term loans, whereas England's
Wal expenditures up to the present
time are hardly less than Germany's
England is now spending nearly S.
100000 ($25, 600, 000) daily against Ger
many's not much above $4,000, 900
($15,000, 000). This means hat Ger
many is spending 25 cents per capita
daily and England SO cents. l doubt,
tiiSI Aole, "HSliIci LllSldltu > lllldliCGIS
possess confidence that their resources
will outlaSt ours.
Everything said broad about Ger
many putting on pressure and using
force to secure subscriptions to the
loan is pure inventions. We appeal
solely to the financial power and
patriotism of our fellow citizens. Our
to a recognition of how strong is Ger
manN's financial power INC how strong
her will.
Il am confident that the success of
this loan, which proves that We are
standing firmly upon our wi feet, will
contribute toward the good relations
between Germany and the United
States, Notwithstanding the Morgan
Holden incident. independence as we'll
as the first word of true friendship.
America cannot class us among her
poor relations"
People Are Prosperous.
DR.. Helfferich asserted that Germany
was financially able to continue the
war indefinitely. Her people, he said,
more money thain in peace times. The
country was supplying it's own and
buying little abroad and making no
debts to foreign countries.
In conclusion, the secretary said that
q shortage of supplies in some raw ma
lGl 1dlS llhC COllCl dlld "COl IllSIC
cause inconvenience, but the people
| were learning to economic. Old WOOL
en- clothing was being reworked 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 81, $50, 900, 900. 1t was
the seventh since the war began and
brought the total amount to $6,310, 0O0.-
600. Premier Asquith said the daily
! expediture of Great Britain was ST.
SOC, 900, but that there was a likelihood
Of it increasing. owing to advices Of
Great Britain's allies and her dominions
! and to provision for munitions.
DIR. Helfferich's reference to the Nor
! gan-Holden incident possibly has some
connection with the conferences in
New York between Sir Edward Hop
kinson Holden, managing director of
the London City and Midland bank,
and j.. P. Morgan, with regard to the
loan the British n French commits
%sioners. are endeavoring to secure in
the United States. Sir Edward is a
member of the British commission.