The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-07
MILITARY DEVEL OPMENTS
AFFECT INVESTMENT PLANS
Continued Money Strain Prevents New York Following
London's Lead Toward Higher Security Prices
Problems of Reconstruction Period.
NJ WILLIAM JusTUs BoIEs.

POLITICAL ana military character In the
war area, together with the gathering
signs that the markets may have to
reckon with developments Of tragic i'm
portance in the near future. have given
fresh interest to the investment outlook
In this country apd Europe. The strik-
ing advance in British consols in London,
as well as the new high records touched
BY Russian notes in this market and the
sharp decline in corn prices. reflect the
altered conditions In no uncertain way.
Had there been the usual facilities avail
able for speculation on the Stock Ex-
change the probability Is that trading
would have broadened materially. But
the banks had all they could do to
finance the greatest loan Of history and
provide in addition for tho large in
crease in business activity at various
centres Of industrial effort.
The nationwide interest in the Fourth
Liberty Loan canvass was reflected in
the announcement that thirty-nve New
England communities and numerous
other cities had exceeded their quotas.
Notwithstanding tho greater difficulty Of
reaching the people at a time when so
many schools, theatres and churches had
beensfefced to close their doors in order
to prevent the spread of influenza. As
the campaign progresses It Is evident
tho work OF placing the $4,000. 200. 900
loan will be no easy task. notwithstand-
ing the organization Of the most perfect
selling force the bond market has ever
known. But the people are rallying to
the support Of the loan and may be ex-
pected to oversubscribe the issue--there
must be a large Observation-Disclosures
the iis.. close. The quickest way to
achieve these results would be for every
one to double his highest previous Lib
erty Loan subscription. since the present
Offering is twice as large as any the
Government has put out
Reaching Small Investors.
It Is apparent, however, that several
million little investors must send in their
subscriptions II the offering Is to be the
huge success the Government Is count.
| ing upon. There never was such q
financial operation before, and in
country which has struggled to raise thu
largest tax fund ever asked for 1t Is evil
dent that a very large proportion Of tht
| 100, 000,0 900 citizens who contributed
| nothing to the Government in direc
| taxes last year must show their patriotit
| interest In this great loan undertaking
| in a very practical way. The expert
ence Of Great Britain showed that thu
financial problem of filling the war chess
Ia largely the question OF securing thu
| cooperation Of a multitude Of small in
| vestors who think In $50 and 500 units
This class must be taught to think thu
week and next week in units Of $500 ant
$1,000 subscriptions IL the country is t.
/ be cheered by the midnight announce
ment of October 10. Those able to turf
| In heavier subscriptions must also d.
| their duty IL our financial support Of thu
war enterprise Is to put the fear o
God in the Kaiser.
| Under the stress of war needs, tn
| American people are ueVeloplnB IdINei
lous team work. This is bringing to
eether factions and interests whicl
formerly worked at cross purposes Will
one another. Out OF such cooperation
must come, after the war Is over. niue
better understanding about the comma
sense way of conducting business Oh
profitable foreign trade must be safe
guarded by the adoption of methods cal
culated to broaden the European marke
for American products. This can b
done II we do not try to force our sellin
methods upon foreign customers VIII
have pursued a different course for gen
erations past. The war has made tn
public less fearful Of corporations an
the power which they exert for good o
evil. The Sherman law Is still on tn
statute books, but corporation manager
no longer find 1t necessary to ask tn
Department of Justice II they may d
this or that They do what they think
right and let 1t go at that This att
tude marks an important change fror
that Of four years ago and means tina
the people have become more tolerant @
corporations, since the war need Of larg
production has opened their eyes to tn
value Of maintaining great industris
properties at high state Of efficiency.
Planning Reconstruction.
These conditions suggest some OF tn
ouestiona which the nronosAd Fedora