The Bridgeport evening farmer., 1917-06-18
HENRY CLEWs
 WEEKLY LETTER

The Liberty Loan proved a gratlfy- fully one-half having been raised in New York. One of the most pleasing features was that over two million subscribers are reported to have taken part, which is double the number at- tracted to the first loans of either Great Britain or Germany. Evidently there is no lack of patriotism in the country. The cause of the hesitation to freely subscribe 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 Reaized that back of all surface and minor issues stands one supreme fact; that the struggle is pre- eminently to preserve democracy against autocracy; that the freedom won in 1776 was gravely menaced, and that self protection really forced us into the contest; not to mention the dictates of humanity and our funda- mental beliefs in liberty and an ad- vanced civilization. We have been SO leolated from European affairs, so wrapped up in our own interests, so free from injury or pain, so confident of our safety, so satisfied with our own progress and so pleased with war profits that superhuman efforts were necessary to overcome the solid inertia which made it difficult to turn the rising spirit of patriotism into posi- tive action. This fact was clearly demonstrated by earlier enthusiasm displayed in the seaboard cities, which are naturally in closer touch with Europe and more sensitive to it's movements than the interior; al- belt the latter sometimes overlooks to what an extent it is dependent upon Europe as a market for it's products Time, however, will work great changes in this. respect, especially when doings of the American army and navy of the other side begin to awaken latent enthusiasm. President Wilson's eloquent Flag Day a0Gress was an effective appeal to American patriotism and self-interest that will have wide and beneficial effect Within g. few months the new spirit will have swept across the continent, welding the whole country together in it's determination to push the strug- gle with all possible vigor to a vic- torious conclusion.
 There has been some little criticism as to the method of placing the loan. It may have been that political ex- pediency compelled Notation in the manner adopted, rather than the usu- al method of raising. funds followed by nations at war. The loan was cer- tainly immensely helped by our New York bankers and banking institu- lions, which it has been good politics to abuse for years; but who have al- ways periodically stepped into the breach when a crisis came, especially by now handling subscriptions free of expense, and subscribing very heavily on their own account and pushing the loan at loss to themselves, which should really have fallen upon the government as a necessary part of the expense of issue. However, it was highly desirable that this loan should be scattered as widely as possib ble; for every owner of bond, however small, becomes an investor in his country; he has a closer interest in its welfare and unconsciously be- comes more responsible citizen the moment he subscribed.
 Operations connected with the loan do not threaten any serious distwb- ance 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 P<1y luCnlS,t ny hSCPlilS tAO 4uAOS III banks as far as possible, and by re- discounting loans through the reserve banks. Moreover, practically the whole of the loan will be spent in the United States for war purposes creating new activity in all munition industries. Demands upon the money market during the remainder of June promise to be quite heavy. Payments for the new. loan will aggregate $400,- 000,0 before the first of July. Divi- dend disbursements on the same date are estimated at over $500, ,000, 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 the market as considerable borrow. CT. On the other. hand, new applica- tions for capital appear to be dinlin- ishing. except in the direction of SUD- plying munitions, building of ships and development of our mineral in d1rstriesG szThe applications of foreigr governments are also likely to decline since this government will use it credit to assist the Allies and issue it own bonds in exchange for theirs
 The war makes slow and sorrowfu progpess. Nevertheless, the drift il in the right direction and the outlool encouraging. General Pershing ar rived on the other side, and befor, very long American soldiers will b' at the front, While the American flee is already on hand aiding in conquer ing the mad ambitions which set tn. world on fire, The British secured notable successes on the> Wester1 front. especially the capture of tn, Messines- -Wytschaete Ridge, witt heavy losses to the enemy. Abdicatio1 of the King of Greece is another set back to German activitie-, likely tc result in favorable consequences to tn, Allies From Russia the news i somewhat more encoura ging, inas much as internal disorder is evidentl, abating and the new government ap pears to be gaining control over tn situation. Russia has certainly beel badly crippled by the intrigue an, 9emoraliZation accompanying tn revolution; but there is still reason t.
 Eope that the new government vii establish itself, and that in due sea son the Russian armies, will be one
 more fighting for liberty which incl dentlly she gained for herself whel least expected. It is inconceivabl, that she will imperif that liberty b, repudiating her agreement with tn
 Allies, who are fighting for what Rus sia of all nations is most concernet In preserving.
 The stock market is of course en &frnIvS f70niuafed fv war rnndifiope