The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1918-04-03

CIh't our last adNlCtF monrHtnIA
81 haye taken ~, ON the west
ern front. The most terrific drive BOO
history w1s launched o, the German
against the a.ivs. As "a result tho en-
cmy recovered much previously lost
tcrrltorl. but failed to break tho
stubborn British line. and suffered
vastly more than the latter in losS cot
priccless maupowcr. IN this war. tcr-
riiory won or lost counts Tor little
u h. endurance. resources in men.
materials and money. plus national
morale that viii nuke tho grand do
cision. All these factors. as I have
previously maintained. are ON The side
OF the allies. hence we have reason
Tor Poldiul fast with unuucnchuhl.
rata in oar ultimate victurs. what
ever maS happen during the interval.
The third liberty loan. amounting
90 $4,000 OoO goo at . l-i per cent. y
viii hc .forcd Tor sale nest week.
This BE- % much smaller sum t'lu ,N-
prcted. OWNS tp lack ui shipping IN
cilitcs which lmpcdes preparation.
for war. Secretary McNdou H%uuourc-
ed that h. would 1st congress tn att
thoriz, 81. 500. 600 Unh. which with the
$4,000 .Uhu left over from the last tu-
thurizatiuu would give she treasu.,
permission 90 raise more than 81, onh
GOO. 600 Tor meeting war expenses next
autumn IL necessary. y large portion
Of tho immediate loan 81 $4,000, 600 -
0op has already been practically nu-
ticipatod 10y the issue Of S2.00n, 400. pnb
IT treasury certificates of indebted
ness which may Dee turned In for tho
the income tax will become % CONE
new bonds when issued ON june 10.
%tcqueptlN tho income tuX viii become
due. consequently the government viii
hc amplv supplied with funds until
the autumn. Fortunately. these de-
aud upon the money market are
widely scattered and should create mo-
particular Inconvenience. Extensive
preparations have been made FOR
floating the new loan. which VIII I'M
doubleday prove a great success. Tn"
American people are becoming NOR"
stnd more intense in their dctormiuo-
tion to prosecute this war Go the bitter
end; and the success of our cuemy the
lost few days ON the western 'FRONT.'
ms only served 10 Immensely
strengthen that resolution.
The money market outlook suggests
firm rates until after LOAF n income
iaN pay mcnts are out Of the way.
These viii absorb large sums of fresh
money, and both government and
banks are d~iscounting such a contins-
cncy as FAR as possible. Dividend and
interest payments show smaller re
turns than a year ago. the total ~ in
stitutiOns reporting being approx
lnIatoly &l9A, 900. 600, uguiust S2lO.-
0OO'OO0 at the same time last year
These decreases are mainly due TO the
abnormal expansion in the cost Of do
ing business. and IN subsequent state
ments the results promise To- bee ma
tcrialiy affected by heavy aNe upon
profits.
our government * wisely making
strenuous efforts TO promote economy.
It's object is to bend AN Energy to-
wards the prosecution OF the war; To
the production Of essentials only. aud
tu the curtailmont OF things unncc-
ossary. Thus far much has been &c.
cunqili-hcd by cduItiun and per-
suasiou, resort 90 legislation having
been confined res much as possible 20
public rather than private economy
saving e. food has been largely at
irctcd hy Mr. liuo}rr's appeals 90 rca-
SON ana patriotism. Enforced rations
have not ynt been adopted. although
-u"u 20 rUUr-, is by mo- means inn.
probable. especially m wheat. II We
trr fn do OHI fuU pant los feeding our
tIic s0t.ua ut fuel raw matcrial-
"ct has how ever come under moro