The sun., 1917-09-30
Proud Record Of First Campaign in
Danger on Eve of Second Great
Government Offering

ulation who can and will save the
daily quarter and many times more.
Their economies, in a measure. will go
to make up the delinqu encies Of the
poorest Sclasses.
The per capita wealth in this coun-
try at the present time 10 we'll above
81 900. At the rate Of rs cents a day
there would be a deduction Of $91.25
from this. The lessons of thrift the
war Is inculcating should make that
sparable.
There is no reason to be distressed
about the bank resources and their
possible reduction through the issu-
ance Of public war bonds. or the $5.-
0O0, ,000, 900 that is to be obtained from
these bonds little has been or will be
taken from the bank deposits The
bulk Of the subscriptions to the last
loan were made on the basis of future
earnings.
Never in the history Of the country
has earning capacity been greater
than now. Unemployment Is non-ex-
istent; labor is at premium. Skilled
labor IL getting a reward that dec
ade ago was considered proper emolu-
ment for the professions. Labor OF the
unskilled class Is able to command
prices formerly paid to first class me-
chanics. This condition In all prob
ability Will continue until the war
ends.
Even in excess OF the increase In
necessities have wages gone up. For
those who subscribed before there is
Just as good opportunity now despite
the cost Of living. The transfer OF a
million or more of workers has further
enhanced the possibilities Of those en-
gagged in labor.
And for those vacancies that have
been caused in tho ranks Of tho work.
ers because Of military duty there
have been found occupants. For one
thing more women have been num-
bered in the working classes, and their
pay has gone beyond the stipend they
would have commanded before the
war There has been greater oppor-
tunity. too, for the youngsters who
are below the draft age.
AL in all this feature Of the situa-
ton about averages up. The dropping
out of the million and half men has
not taken out of currency the wages
they gathered. There simply has been
a redistribution. The money is just
as available now for the purposes OF
the Liberty Loan as II was last June.
As for $4,000 900. COM
prehension OF it halts imagination
1t is little when put beside the esti-
mated wealth of the country. Our ma
tional wealth now Is beyond 5000, ,00O.-
900 900. Part Of thfs is unconvertible
Cor the purpose of the Liberty Loan,
enough for our present and future
needs in securities that are readily ne
gotiable.
The country Ia safe-financially'
speaking. There is enough and more
than enough on hand to meet any
crisis that may arise in our national
affairs.
Therefore the money being present
the only problem that remains is to
make the public inducement for its
release. The question naturally arises:
Will the means employed for the last
loan be as effective this time? There
are many angles to this problem.
Consider New York-that is the Sec
ond Federal Reserve District, which
includes all of this State, Fairfield
county. Corn., and small part OF
New Jersey. The population Of this
section Of the country is II AS pei
cent. of, the whole people. Yet in the
subscription to the loan there came
from the Second Federal Reserve Dis
trict 391 per cent. of the S3,035. 900, 900
OF the 100000 subscribers 1,500,0
came from this territory.
These apparent overbalences are off.
set in a degree by the fact that 30 LIZ
per cent. Of the banking resources OF
the country are concentrated in this
district. Yet there Is enough of a mar,
gin between the proportion Of wealth
and the proportion OF subscription tt
give New York cause for self-con
graduation.
The inroads Of the last loan have no
sapped the resources Of the Second
Federal Reserve District. There wa!
fine demonstration OF this when i'm
mediateE the first loan was over tn,
Red Cross began its campaign. The,
gathered as II from a virgin field. TIL,
capacity OF New York apparently Il
| inexhaustible.
No doubt exists at all that in tn,
| new subscription the Second Fedora
| Reserve District will try to retain it,
predominant position. OF course ther,
will have to be acceleration. 1t will
! have to be even greater than that ex
erted last time. because then the ide;
| of the Liberty Loan was novel-an,
New York soon becomes blase. Th
campaign will have to be directed will
greater force and intensity, 1t will
have to penetrate to places 1t did no
touch before.
| 1t will do 1t, however. The man wht
captivated the public Imagination fl
this district before. Guy Emerson
vice-president Of the National Banl
J OF Commerce. has been invested will
greater powers. Furthermore in tn
interval since June he has been de
voting himself to the upbulldng O
! an organization competent to deal wit
a problem Of such immensity.
Where the last campaign began Il
chaos this one will start with system
The profitable lessons OF the first loal
will t'e amplified, the mistakes will b
eliminated Fallow fields will be cult
waited and new ones will be found
Every agency of advertising, OF pro
motion, publicity and distribution wi
be employed. 1t Is safe to say tina
when the results are in the Secon
Federal district will be there with a
large a share In ratio as before.
Now as to the remainder of tn
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