New Britain herald., 1918-04-27
Henry CLeWs
Weekly Letter
Especial to the HERALD.

Especial to the Herald).
New York, April 27.-Public inter
est for the time being is conferred al
most exclusively on the Liberty Loan
campaign which is being pushed with
daily increasing enthusiasm. Thus
far subscriptions have not come in
as freely as desired. This temporary
lull may be attributed in part to
preparations for heavy income tax
payne nts by those possessed Of con-
siderable wealth whose investments
in Liberty bonds may be lessened
thereby. The railroads, for obvious
reasons are also not subscribing as
in former loans; and some Of the
industrials because Of increased ex-
penses and smaller net profits, are
less able to subscribe than before.
In a few instances industrial divi-
dends have been reduced and in
consequence Of factors such as these
the purchase Of bonds by large hold
ers has been somewhat curtailed.
Not a few large subscribers are hold
ing back.
On the other hand the subscriptions
from those of moderate means have
greatly Increased. There is no doubt
that this loan will be much more
widely taken by the public than any
of it's predecessors. This is as it should
be. The loan in Il real sense ought to
be a popular loan. held chiefly by the
people themselves. Such a display Of
patriotism, such an expression Of con-
fdence in our own government and
resources will do more to unity and
strengthen the nation than anything
else. Every bondholder to all intents
and purposes will be a stakeholder in
~
his interests, and its safety his safety.
Every bondholder will be a better.
steadier and more thoughtful citizen
by thus investing in his country's wei
fare. The last loan was distributed
among over 100000 subscribers. and
this loan, it is to be hoped, will be
far more widely distributed. There is
no doubt the loan will be largely over
subscribed.
SO far as the war is concerned, the
week showed little change. The Ger
mans are apparently about to initiate
another intensive drive against, the
British which may OR may not bring
critical results. Should Amiens fall,
the result will be discouragin and
will prolong the war, but such an
event would be of no permanent i'm
portance. The next few days will de-
eide. Among the Allies the under
tone Of confidence is unmistakable,
the recent setbacks having distinctly
stiffened rather than weakened their
morale. The remarkable steadiness
Of British government bonds is clearly
due to this confidence in high finan
cial circles here and abroad. There
can be no peace until Germany is
beaten and surrenders. That is now
oh 70
as much as that of our Allies. There
is we'll founded anxiety for the future
Of Holland, which is in a sorry po-
siton, fastened in between the two
sides Of the titanic conflict. Amer
lean sym pathy goes out to Holland,
also the hope that she will not be
drawn into the vortex. No country
has more to lose or less to gain than
Holland, and no country has more
splendid record in the historic strug-
gle for liberty
Great Britain has just set us an
astonishing example Of national grit
and readiness to make every sacrifice
for victory by announcing a budget Of
over $4,000, 100000, the greatest in
the history Of the world This ,nagni-
ficent sum is to be raised entirely
within Great Britain by a population
If only 4S,00o.O00 of people, British
war expenses for the coming year are
estimated at s14, 900, 100000. Of which
nearly one third will be paid out of
taxation The British debt now
stands at $50, 100000, including
$S.00O,O 100000 loaned to the Allies.
Our own expenses during the first
year of the war have been about $1O,-
ooo,o0o,ooO, nearly one-half of this
INV
population is approximately 100000
600. This coming year our expenses
will surely be much larger than the
sum lust named, and we are raising
only about / per cent. by taxation.
the remaining Sc per cent. being pro-
yided for by bonds. IF Great Brit
ain after nearly four years OF war
with her smaller population and re-
sources can successfully stand such a
huge strain, as she certainly is, there
is no need to feel any anxiety concern
ing the ability or the United States,
which has much larger population,
much greater resources ana mas not
vet been wearied by prolonged strug-
GLE America, can strike a mighty
blow. and it will be only Germany's
fault if it comes with crushing force.
General business is very good, con-
sidering the abnormal uncertainties
and perpleXities to be faced. Cow
eminent regulation is still the great
unsettIing factor, and there is every
reason to expect still further intru-
sions of this character. The difficult
problem of price fixing is one that
closely occupies the attention of pub
lie officials Legislators seem un-
allie to cope with it satisfactorily,
and none appreciate the limitations
of a price fixing policy better than
our efficient and exceedingly capable