The Bridgeport times and evening farmer., 1918-10-02
HENRY CLEWS
 WEEKLY LETTER

no reason to doubt that 1t will receive the active and patriotic support not alone in financial circles but in all | other branches of our national en- deavor. To make this loan com plete success, to secure a substantial subscription over and above the $6,- 900, 900 asked by Secretary Mo Adoo Carge as that amount is) is the paramount duty of every man, woman and child. We may depend upon it that the real significance of such 1 satisfactory result will be appraised at | its full value by our enemies. ap- prove heartily of the terms of the new issue and am confident it's distribu- | tion will be accomplished successful ly. No safer investment is available anywhere. With nearly 100000 of our young men lover there" their fathers, mothers, sisters, brothers and sweethearts all will work enthusiasti- cally to secure the desired end. They will understand full we'll that the money is needed to help their own kin. New York's quota, it is true, is big, but New York is a big city. It nay be depended upon by an over subscription to set a good example to the rest of the country, notwithstand
 ing that we are expected to take near l ly one-thrid of the entire amount.
 The task of securing this $6,000,- 000,000 should not be underestimated. If we consider the average American family to consist of five, and accept the most recent estimate of our pop ulation-about 110,000,000 - this Q n TTTn1 irn m oXrnY ocyn subscription of nearly s275 from each and every family in the country. The British Treasury just now is trying a new plan, which is based on contin- uous borrowing, without specific of ferings This plan has been in op- eration for about year and the amount subscribed is now substan- tially the same as our own Treasury now is seeking. In other words, we are to accomplish in three weeks something for which our cousins across the sea have been working con- tinuously for twelve months.
 But the magnitude of the task will merely offer incentive for full devel- opment of the necessary effort. All other forms of our national activities will defer completely to this one
 whose success is so vital to the de- fense of civilization. In the finan- cial market whatever sacrifices are necessary will be frankly assumed, and I have no doubt that a similar patriotic spirit will present itself in all the various mercantile and indus | trial pursuits. We may with reason expect a full three weeks Towering of inaction in Stock Exchange circles
 An uninterrupted succession of favor ing reports from the operations of the Allied troops on the various battle fields will be calculated to encourage a continuance of the general firm ness of undertone which has been dis played with remarkably few reactions in the market ever since it became | evident that the tide of battle had so decisively turned. In a word, hold CTS of securities today are confident that the enemy is to be beaten The sole indefinite factor is the length of time which will be necessary to ac-
 complish this entirely desirable re- suit. Accepting this view it would follow that any severe reverses to the Allied arms would be classed as unex- pected They would for that reason be more likely to result in liquidation than would a continuance of the pres ent favorable prospects be calculated to cause advances.
 As to the real effect marketwise of the offering of the war loan upon se- curity values, much will depend upon the financial ability of subscribers to obtain funds. All will agree that the greatest benefit is to be derived from subscriptions representing new capi- tal-that is to say, new savings by the people. Borrowings in order to provide larger subscriptions than would be considered possible at the date of application should not be crit icised. It is to be supposed that they represent an estimate by the subscrib- CT of his own ability in the near fu- I turc to save additional funds which he desires to devote to the urgent needs of his country. There, too. is not unlikely to ensue some measure of liquidation of securities as we'll as of ether forms of property by interests who will take this method Of placing
 their resources in the hands of their country. Bu tho really new capital is created.
 At any rate a person who through tho market converts high grade rernu- neratiye stocks and bonds into Gov
 ernment securities will undoubtedly feel satisfied that he is performing q
 patriotic service. At the same time,
 as I have pointed out. there is no bet
 ter investment on the face of the earth
 than a United States Government
 bond.
 Peace talk, as was to be expected,
 is being circulated at the enemy. cap
 itols. It obviously represents an en-
 deavor to thr ow the onus for the con-
 tinuance of the war upon the shoul-
 ders of the Allies The Imperial Ger man Chancellor speaks of his virtual
 acceptance of President Wilson's four points of reace and complains that
 such acceptance has not received the
 attention it's importance merited.
 There is, of course, no reason to ; doubt that the German military ma chine is fully appreciative of the real , meaning ot events that have taken 7 place in the last three months. It is l only arguments of a practical char ) acter such as these events present that the Prussians can understand, as l they still seem so imbued with the ) idea tha tthey possess the exclusive privilege of inaugurating and of end ing the war at any time they please. President Wilson's masterful reply l that our minimum aims have been Sc l clearly and frankly stated that there 7 is nothing to discuss does not appeal t to old fashioned ideas of diplomacy. s They cannot realize that the Presi- dent means exactly what he says and 3 | that tbe only avenue left for them