Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1917-06-01
NEARBY TOWNS
BEING ORGANIZED
BY BOND SELLERS
Local Organizations, It Is Be-
lieved, Will Get Better
Results

Organization of the towns of the
surrounding counties is progressing
at swift pace under the guidance
of the bond salesmen for the Liberty
Loan. Donald Mccormick, chair
man of the executive committee will
address a mass meeting at Mechan-
icsburg tonight to perfect local
organization to carry on the work
of the Liberty Loan.
Hershey, Hummelstown, Steelton,
Middletown, New Cumberland, Le-
moyne, DiIlsburg. Millersburg and
Newport have formed or are forming
their own local organizations.
The bond statesmen have been as
signed as follows:
{. E. Bentley. Humme1stown; A.
Clancy. West Shore town; r. A, Da-
Wis. Middletown; John p. Heiner,
Millersburg; John c. Jessup, Jr.,
Steelton; George A. Kinsell, PEN
brook; Russell II. Kriebel, Dills-
burg and towns in the Cumberland
Valley; Lee A. Laubenstein, Dun
cannon; E. Hoye Weston, Hershey;
John c. Seidel, West Shore towns
A. Fl. Paddock, Steelton; Edward
r. Miller, Mechanicsburg; H. E. Lin
derman, Newport.
NJ. Fl. James. secretary of the Will
liam Penn Highway, has loaned two
stenographers to assist in the work
1t tne HSduq dTleTS OIL Ine Board OF
Trade.
Resources Total Billions
The following statement has been
sent by the Comptroller of the Treas
| ury at Washington to all the national
banks of the country and bears on
banking conditions and the Liberty
Loan. A copy is being distributed
to every person working in the inter-
est of the loan.
HR annrtc from oil
as of May ], 1917, just compiled,
show that the total resources of
these banks at this time exceed $16,-
OOO,O 900, and are one 100000, 900
more than the greatest resources
ever heretofore held. In the coun-
try banks, as we'll as in the banks
in the reserve cities. resources have
broken all previous records. The in
crease over March 3, in resources
in reserve and central reserve cities,
exceeds $90,000,000, while country
banks are $70,O0O,000 ahead of all
previous figures.
"Since July, 1914, the resources
of our national and State bank or
CARNATIONS have increased by the
enormous sum of $4,000. 900. 900.
This increase alone exceeds the total
deposits of all the banks, large and
small, in Great Britain and Ireland,
including several banks whose total
resources are greater than those of
any individual bank in this country,
and also including all deposits in the
Bank of England.
Financially this nation is fully
prepared to meet successfully any
and every demand which duty. honor
and the fullest protection tothe lives
and property of its citizens can i'm
porse. 1t is ready and able to vim
dicate before the world the principles
of Democracy.
Unsurpassed
mo nation ever before possessed
the immense financial strength and
power which are ours to-day. We
have become the greatest reservoir
of world credit.
Figures indicate that the produc-
ton of wealth in the United States
| for the past two years has been at
the rate of more than $4,000, ,000,-
| 900 per annum Since the outbreak
of the war in Europe two years and
ten months ago, students of the situ-
alton tell us that this country has
new wealth, and that the surplus
earnings fthe American people,
over and beyond their living eX-
penses for this period have exceeded
$40, 900. 900, 900.
Much of this accumulated wealth,
produced by over 40,000,000 intelli-
gent workers, has been reinvested in
mills and factories, in the enlarge
ment and expansion of business en-
terprises of all kinds, and in loans
to foreign countries. while our de-
posts in banks have increased bill
! lions.
"It is believed that the investible
earnings, or profits, of the citizens
of the United States ere now increas-
ing at the rate of two $4,000, 900
every three months so that if all our
people should invest in the Liberty
bonds their entire net increment or
excess of income over actual living
expenses. for a three-months period
and avoid other investments, this
alone would practically absorb the
entire issue of bonds now being Of
fered.
"Our government has recently
placed about 100000 of Treas
ury notes at from 2 to 3 II per cent.
interest, and these have been taken
and paid for without creating a rip
pie in the money market.
Direct Obligation
"This government placed during
the Civil War $4,000, 100000 of
bonds. That amounted to nearly
twice as much as the total resources
of all the banks in the country at
that time. and was more than one
tenth of the estimated wealth of the
country then. Our national wealth
is to-day about ten times what ii
was in 1855. and bank resources are
more than twenty times as great.
while it is desirable and impor-
tant that the commercial banks of