The Washington herald., 1917-09-15

stood throughout the United States
that the bankers believe that it will
stimulate greatly the disposition OF
the farmers to invest some portion OF
their earnings this year in the second
liberty loan. IL the plans of the cam
paign, which Is to undertake the sell
ing OF these bonds, work out well the
bankers believe that a great majority
of the farmers of the United States
will respond not hesitatingly, but will
ingly. to the offers that are made 10
them of these bonds.
This morning one Of the best author
tiles in the financial district called at
tention to the latest statement from
Washington which reported the fact
that for the first time in our history
the North American continent and IL
might have been said the American
hemisphere has sold more in a single
year to the United States than Great
Britain and Europe ever did, more
both in money value and also in the
proportionate part of our imports from
the rest of the world. Canada and
Cuba have furnished an enormous in
crease in our international trade and
so has South America. The banker
in referring to this, said that this con-
NANANll VI NOllAiAht loI SOilAt Nlillt al &C
the war Many have surmised that
Great Britain and France will pay
no small part of their Indebtedness to
the United states for money advances
through exports to us after the war is
ended. But the figures reported from
Washington indicate that for some
years Canada, Cuba and South Amer
lea will furnish the larger part in
money value of our imports and that
several years must elapse before
Great Britain an regain her preemi-
nence as an exporting nation to the
United States. Therefore Great
Britain and France and probably Italy
will be compelled to nquidate their in
debtedness to US which is represented
by loans of American money.
At the same time it is inevitable. this
man of finance said, that we continue
to EXPORT commodities in enormous
amounts to our allies after the wSr
is ended Conditions of this kind Il
flet the belief that no matter hos
large the amount borrowed by the
government from the American people
may be, nevertheless we shall be in
a very strong financial position after
the war is ended, and abundantly able
to care for the interest upon bonds
now issued or yet to be issued for
war purposes.
Another excellent reason for the
prevalent enthusiasm over the con-
templated loan and absence of the
kind of doubt which prevailed when
the first liberty loan was offered is to
be found in the proceedings of two
great conventions which are to be held
at Atlantic City in September. A
great body of American business men
is to hold one convention and sub
stantially the exclusive topic that will
be discussed will be how American
business life can best cooperate with
the government to the end that the
war be successfully prosecuted. The
administration itself looks with such
favor upon this gathering that one at
least and possibly two members of the
Cabinet will address it.
Later in September the American
Bankers Association will meet in an
nual convention at Atlantic City.
These bankers will bring from all
parts of the United States reports
which will make it clear how far pub
lie sentiment extends in favor of sup
porting the government with all our
resources, financial and industrial.
There will be some reference to the
remarkable facility with which the
new Federal reserve system, organized
only a short time after the beginning
of the war. has aided in mobilizing
the financial resources of the country
and how the Federal reserve system