New-York tribune., 1917-06-02
Success of Liberty Issue
Not Yet Assured,
They Declare
Germany Said To Be
Watching Work
Kahn. Vanderlip and La
mont Appeal to Small
Investors

with the closing Of the campaign for
Ss,ribution Of the Liberty bonds only
,wo weeks away, full measure of sue
..,s for the loan is not yet assured.
Ranks. corporations and men of wealth
have responded in a manner fully up
% sxpectations. but the small investor.
,,,,;eularly in the West, has not yet
r.,l;zed the Importance of taking
share Of the issue.
IN spite Of the great publicity which
q, bonds have received in all parts Of
,hs country. there is a general lack of
,ublie interest in the loan, save in the
Fast which probably will take more
than its share.
II is. therefore. imperative that every
ana subscribe as much as possible with
ou, further delay. This was en-
nbasized by three of the foremost bank
,rs in America in addressing rally OF
,bs Merchants Association in the rooms
of the Bankers Club yesterday after
mon. The speakers were Otto II.
Kahn. Of Kuhn, Loeb & Co.; Frank A.
yspderlip. president of the National
City Bank. and Thomas W. Lamont, Of
Up. Morgan & Co.
Mr. Lamont said that it ought not TO
be hard for the United States. with re-
sources in excess of Great Britain.
France. Russia and Italy to raise 81
100000. 900. That it is hard, he pointed
out. is due to the fact that the country
has not vet awakened. He asserted
that Germany is watching US to see
whether we ale going TO make mighty
effort in the first step of the war.
Larger subscriptions Required
The Morgan banker declared that to
make the loan the success it should be.
everybody must subscribe for more than
had been dreamed of a few weeks ago.
"a man who thought TO himself a
little time ago perhaps he would sub
scribe for $1,000 Of these bonds must
subscribe for $4,000" said Mr.. Lamont,
rand the man that thought he might
subscribe for s25,0Oo must take $780,
OOO' think every one of US from this
time on for the next two weeks must
20 forth and make his chief business
Of the day not money making in his
own particular line of industry. but the
success of the loan in his own shop. in
his own Office and in his own factory.
The last great loan OF Great Britain
was subscribed for over FIVE billion dol
lars. You know they called that the
Victory Loan, and il we 90 at this Lib
erty Loan IN half the fashion that Eng
lard weSt at her last loan, we shall
have a victory loan on our hands as
well as over-subscribing a Liberty
Loan"
Mr. vanderlip said if the loan should
be taken mainly by heavy Withdrawals
from the banks the country then would
have TO face a crisis brought about by
contraction of credits.
"This war has got to be fought from
the savings Of the future" he added.
The savings Of the past are in rail-
roads, IN farms, in houses, in factories,
in instruments Of production and Of
transportation, and we cannot sub
scribe IN railroads, in farms or houses
to the loan. We have got 70 subscribe
not what has been saved. but what we
are going 20 save
Must Pledge Future Savings
"But we need s2,OOO.OOO,OOO now. and
the savings Of the future are still IN
the future. That means then that we
must employ the instrument OF banE
credit: that we must expand loans, and
men must subscribe not in the measure
Of what they may feel. but what they
may feel that they may safely pledge
out Of their future savings.
81 think we are going 20 have come
out Of this war by-products that Will
perhaps be worth 70 Us all that the
war viii cost One Of the chief by
products will be- a national lesson in
thrift and a national lesson in invest
msnts. The first great loan IN Great
Britain was subscribed for by less than