The Washington herald., 1919-04-26
SEES SUCCESS
FOR U. SLOAN
Holland Says New Issue
Will Be Oversubscribed.
Makes Forecast.

ample worthy Of imitation that the
Irving National Bank and the Irv-
: ing Trust Company started the
Victory Loan campaign by sub
scription Of 100000. For it was
reasoned that II one financial
institution of New York. the Irv-
ing Bank and the Irving Trust Com
pany being Of the same banking fam
ity, should demonstrate Its faith IN
the loan by 50 large a subscription as
this then others, especially the people.
would be tempted, IL they needed
temptation. to initiate this example.
Something OF the kind characterized
some OF the other loans. Very large
subscriptions were made on the first
day by banking institutions and also
by Industrial corporations. for the pur-
pose of starting OF the other lo1ns
In such manner as to give encourage
ment on their success. The plan Is
similar to one which Is frequently
adopted when attempt Is made to Sc
cure large subscriptions for benefac-
tions or philanthropic purposes When
George w. Perkins undertook to raise
s.ooo.ooo In New York City In fourteen
days so that there might be satlsfac-
tory endowment for the local Young
Mems Christian Association. he went
to men who possessed large wealth
and persuaded them to subscribe In
considerable amounts to the fund,
When this was done others did not
hesitate to following the example and
the s4,tOo.OOo was obtained.
q BIE Subscriptions.
When President Hadley, Of Yale.
sought 20 raise 81. 10000 for that in
at ha n a
while because he was unable to Sc
cure satisfactory subscriptions. At
last he was told by a man OF great
wealth that II ne could obtain six
subscriptions Of 10000 each then he
would have no difficulty In obtaining
the balance of tho amount he was
anxious TO secure. This man. the late
VI. c. ID. Borden. put down his name
for 100000 and secured five more on
like amounts. When President Had
ley showed to others what men of
wealth had done he was astonished at
the zeal and rapidity with which
others came in with small subscrip-
tions- So it was with the earlier Lib
erty loans.
Therefore. when It was announced
at the end of the first day of the
Victory Loan campaign that New
York banking institution had sub
scrihed $1,000. coo and that New York
savings banks had subscribed various
sums from 100000 down to 10000
there was no doubt that. so far as
this section OF the country Is con-
cerned, the Victory Loan will. before
the closing day OF the campaign. have
achieved success comparable with that
obtained by any of the other loans
@and possibly proportionately greater.
a. Afa1 Lao lnW
to whom inquiry was put stated EN-
phaticaIIy his belief that This Vic
tory Loan will be heavily oversub-
scribed That will make It necessary
to allot proportionately all subscrip-
tions in excess of $1,000.
1t so happened that upon the day
when the Victory Loan campaign
began. the annual meeting OF the
stockholders of the United states
steel Corporation was held. Almost
incidentally. certainly as though 1t
was a fact worthy of mere casual
reference. Judge Gary said to the
stockholders that the Steel Corpora
tion had subscribed twenty-five mill
lions to the Victory Loan. As this
corporation has already subscribed
large amounts to the preceding
loans it was realized by the stock
amount which the corporation has
paid over to the government in the
form of taxes. nevertheless it has
been willing. even glad. to buy gov
ernment bonds which in the aggre-
gate amount to many millions of
dollars.
Sometimes il has happened that Lib
erty Loan subscriptions seemed to
drag after the first few days of the
,ampaign. That was the case in
View York City when one of the
loans was offered for subscription.
1t appeared as though New York
was to fall short Of its quota by a
large amount But the fact was
that many. or at least some, who
contemplated making heavy sub
scriptions held back in order that
they might measure the needs by
the amount already subscribed.
In that way they would be able to
overcome any apparent deficit. And
these large late subscriptions were
sufficient to meet. even pass. the
quota
But IL the expectations which all
the leaders in finance now hold that
this issue is to be heavily oversub-
scribed are realized. and this over
subscription is apparent before the
campaign ends then in all probabiI-
ity there will be no holding back
until the closing day Of the cam
psign-
Popular support.
At one time some doubt prevailed
respecting the willingness of the
American people to subscribe to the
NTH loan in view OF the fact that
the war has ended and 1t might not
be possible to make honorable, but
sentimental patriotic appeal to the
people. Appeals of that kind were
livery effective. especially in the case
OF the Third and Fourth Liberty
Loans.
Even the Secretary of the Treas
ury. Mr.. Glass. appeared at one
time to have some doubt about the
willingness of the American peo-
pie to make Individual subscrip-
tions to the loan.
The doubt may not have been very
strong. but he did seem to intimate
the possibility of a failure of the
people to buy these victory notes
because he said that he sincerely
hoped that the banks would not be
compelled to carry the greater part
of the loan. The banks are to be
ousily occupied with much finan-
cling, some OF 1t of very large
amounts Furthermore, industries
of all kinds in the United States
and general trade will, after peace
Is secured and readjustment well ad-
vanced. seek loans from the banks
| in order that they may develop