The Washington herald., 1917-10-10
SECOND Loan
Will SUCCEED
Holland Says Outcome Of
the New Issue Is
Assured.

n1etAiih SNrou8s JE.f soFetADi v
the Federal Reserve Bank Of the New
York district. Is quoted as having
said. that-the aggregate amount of
money. actual cash as he calls It. now
In the United states Is q trifle over |
p.eoo co.o .ooo- It is apparent therefore.
according to Mr.. Strong. that II would
be impracticabls even impossible. to
take up the second offer Of q liberty |
ment Of cash. Even though it were /
possible to collect this money and
bring 1t into the possession Of the |
Federal Reserve system, nevertheless. |
to do that would be equivalent to |
setting afloat influences which would |
undoubtedly so grow as to develop 7
into the greatest panic this country |
or perhaps the world. has ever seem |
How thes, Gov. Strong asks. are the |
subscriptions to the second liberty :
loan to be met and the funds turned |
into the Federal Treasury? And he
himself replies to this question by |
saying that 1t can only be done |
through utilization Of credit Being |
the aggregate credit of the United !
States and Its people stand consider |
ably more than so. .0oo. oOo. 900 of wealth |
REPRESENTED BY Industries. agriculture.
railroads and various other incidentals |
TO our prosperity.
.Farners Able to Buy.
One OF the best authorities in the |
hnaneial district said this morning. !
while speaking OF the new Liberty |
loan. that he was inclined to think |
that the farmers of the United
States were in better position to
pay cash for the bonds or equiva-
lent credit which they possess. out
right, than any other Industrial
class in the country. The estimate
is commonly made that agriculture
will0receive this year as the reward
Of Its industry at least s6.0oO. .000. .000, |
and IL the latest estimate of the
money value Of the cotton crop,
$4,000, 600. 000. be accepted as cor
rect. then the farmers of the United
states will receive, FOR their pro-
ducts about $1,000. .o0o. 900.
This authority also said that agri- |
cultural industry Is to be the great |
est factor in maintaining prosperity
and the ability of the government to !
nnance its needs.
1t has also been said, since Gov.
Strong asserted that the $4,000, ,0o0,- |
900 liberty loan would be absorbed /,
through the utilization of credit, |
that he might have pointed to the |
record made by the New York Clear
ing House Association in the twelve |
months which ended on September
80. For through that institution |
passed various evidences of credit l
which In the aggregate amounted to
about s1S5,00o. .000, 900. Some of these
Qr~r4
seriptions to the first liberty loan.
First Week. Spbscriptien-
There seems TO have been some dis
position to look upon the ,arst weeks
SUBSCRIPTIONS to the Second Liberty /
Loan as disappointing. One man who
possesses great capital said that he
was somewhat concerned about the
success Of the loan, because at the
beginning 50 many very large sub
scrtptions were announced. For that /
reason he was waiting until later in
the month before making his own
subscription The reason he gave for
this view was based upon his appre-
henston that the great body of the
people who possess small means, or |
moderate incomes, might be persuad-
ed that there Is no need OF their aid
in floating the loan. since it was evil
dent that the men and corporations
that possess abundant means would I
use some part of their resources in
subscribing to the bonds, regarding
them as q siit-edged investment.
But II has always been the purpose
Of Secretary McAdoo and of that
great body Of men who have orsan-
ized selling agencies to place much |
the greater part of the bonds in the
hands of thost whose possession. are
not large It would be regarded as a /
triumph Of much Importance IL indi-
vidusl subscriptions OF 5000 or less
were 50 greatly in the majority that
II might be inferred, were the time
for making subscriptions to be con-
tinued. that these subscribers In small |
amounts would absorb the entire |
issue.
II VIII he . Success.
Those who have undertaken to per- |
feet the wonderful organization, ma
tion-vide. which is now occupied in /
selling the bonds to the American peo-
pie are not apprehensive, lest the Of |
fering should not be entirely success
full, They base their view upon the |
fact that this organization is perhaps !
the finest example of swift and eff |
cient nationwide mobilizing of sales |
men that the country has ever had |
We have yet to hear what the results !
Of this selling campaign in the Far |
West and in the South are, but II is |
known in this city that q wonderfully |
perfected machine for carrying on this |
selling campaign is now diligently at |
work In all parts Of the country; SO |
diligently that probably every person |
who Is presumed to have the means \
for q subscription for a small bond or |
who is willing to discount his future !
savings so that he may thereby buy |
one, will be approached in the expec- |
tation that the great majority OF them |
will accept the opportunity.
How great the savings of the people |
are each year Is illustrated by the re-
port which has come from Albany to |
New York telling Of the aggregate |
amount Of the savings OF the wage |
earners Of New York State In the |
fiscal year which ended June 30. last |
These savings were somewhat In ex-
cess Of 500 .0oo. 600. or one-sixth of the |
amount needed for absorbing the en- i
tire second liberty ioan- In addition to |
this 800. 900 900 the wage-earners re-
ceived In dividends or interest 81. Co., |
900. From all parts Of the country |
come reports that the wage-earners !
have been. since the war began and |
especially in the past fiscal year, saw |
L. -V.,A 70 .hoxr. shat /