New Britain herald., 1917-06-16
Henry Cze,us.'
 Weekly Lefter

! Weekly LeffeY
 Especial to The Herald.)
 New York, June 16.-The Liberty Loan proved . gratifying success, 1t oeing oversubscribed, fully one-half having been raised in New York. One or the most pleading features was that over two million subscribers are reported to have taken part, which ,is double the number attracted to the iirst loans of either Great Britain or Germany. Evidently there Is no lack of patriotism in the country. The cause of the hesitation to freely sub. scribe at the start was that the mass of people in the United States did not then fully appreciate the vital issues at stake. They have only slowly real ized that back of all surface and minor issues stands one supreme fact; that the struggle is pre-eminently to preserve democracy against autoca- cy; that the freedom won in 1776 was 8ravely menaced, and that self-pro- lection really forced us into the con- test; not to mention the dictates of humanity and our fundamental beliefs AAA AAOSA$ y &AAu OAA 0Ov 0ASSu CAv1AlAdt4O1ls We have been 50 isolated from Euro pean affairs, 50 wrapped up in our own interests, so free from injury or pain, 50 confident of our safety, 50 satisfied with our own progress and so pleased with war profits that super human efforts were necessary to over como the solid inertia which made 1t dimcult to turn the rising spirit of patriotism into positive action. This fact was clearly demonstrated by ear Her enthusiasm displayed in the sea- board cities, which arc naturally in closer touch with Europe and more sensitive to its movements than the interior; albeit the latter sometimes overlooks to what an extent it is de- pendent upon Europe as . market for its products. Time. however. will work great changes in this respect, especial ly when do4ngs of the American army and navy on the other side begin to awaken latent enthusiasm. President Wilson's eloquent Flag Day address was an effective appeal to American patriotism and self-interest that will have . wide and beneficial effect. Within . few months the new spirit will have swept across the continent, welding the whole country together in 1L0 V0JSTxuAA&SAVAA " QuoA4 tA0 0S1 006 A0 with all possible vigor to a victori- ous conclusion.
 There has been some little criti- cism as to the method of placing the loan. It may have been that political expediency compelled notation in the manner adopted, rather than the usual method of raising funds fol- lowed by nations at war. The loan was certainly immensely helped by our New York bankers and banking institutions, which it has been good politics to abuse for years: but who have always periodically stepped into the breach when a crisis came, especially by now handling subscrip- tions free of expense, and subscribing very heavily on their own account and pushing the loan at a loss to themselves. which should really have necessary part of the expense of issue. However, 1t was highly de- sirable that this loan should be scat tered as widely as possible; for every owner of a bond, however small, be- comes an investor in his country; he has a closer interest in it's welfare and unconsciously becomes a more responsible citizen the moment he subscribed.
 Operations connected with the loan do not threaten any serious distur- bance to the money market, further than a general firmness of rates. Other heavy calls are in prospect, but the strain will be relieved by partial payments, by keeping the funds in banks as far as possible and by re- discounting loans through the reserve banks. Moreover, practically the @& %ta loan xU{11 ho anenf In fho United States for war purposes, creating new activity in all intuition industries Demands upon the money market during the remainder of June promise to be quite heavy. Payments for the new loan will az gregate $400, 100000 before the first of July. Dividend disbursements on the same date are estimated at over $500, 900, 900 the largest on record. The federal income tax payments must also be taken into consideration. and the city of New York Is likely to come into tho market as a consider-1 able borrower. On the other hand, now applications for capital appear to be diminishing. except in the direc- ton of supplying munitions, building of ships and development of our mineral industries. The applications of foreisn governments are also like- ly to decline, since this government will use it's credit to assist the Allies and issue its own bond in exchange for theirs.
 The war makes slow and sorrowful progress. Nevertheless, the drift Is in the right direction and the outlook encouraging. General Pershing ar rived safely on the other side, and before very long American soldiers will be at the front, while the Ameri- can fleet is already on hand aiding in conquering the mad ambitions which
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