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"Why, during the last four days the issue has been oversubscribed. It was getting that Mr. Barton, of Pratt & Barton, on our list that turned the trick." "Alvin!" I gasps. "Why why, he's only a batty nephew, that they keep under guard. Bughouse, you know. His check's no good." "Doesn't matter in the least," says Blair. "He made good bait. We're established, I tell you!
A subscription to an endowment fund was shortly afterward begun; and the amount had been brought to eight hundred thousand dollars when the Great War interrupted any further additions. In the autumn of 1919, however, a city-wide campaign for an addition of one million dollars to the endowment fund was launched. The amount was not only secured, but oversubscribed.
Many Tokyo bankers believed the loan unnecessary, inasmuch as there were funds in hand sufficient to finance the war well into 1906, had peace not been agreed upon. But the flotation was deemed wise, not alone because of prevailing ease in the money market, but for the effect that an oversubscribed loan in America and Europe would have upon the Czar's government.
The enormous sums of money necessary to finance our allies as well as ourselves were promptly oversubscribed in a series of loans, the first and least of which ran into three billion dollars, the fourth into six billions, a sum larger than any single loan ever floated by any other nation. Idleness was abolished.
The banks used their entire machinery to induce subscriptions, offering to advance the subscription price. When during the first loan campaign the rather unwise optimism of the Treasury cooled enthusiasm for a moment, by making it appear that the loan could be floated without effort, Wall Street took up the load. The first loan was oversubscribed by a billion.
Our allies were bearing the heat and the brunt of the attack. In 1942 Washington heaved a sigh of relief that the first war bond issue had been cheerfully oversubscribed by the American people. Way back in those days, two year ago, America was still hearing from many "amateur strategists" and political critics, some of whom were doing more good for Hitler than for the United States two years ago.
That of our German enemies was much more complicated and yet infinitely more successful. That at least I gathered from the little news items in regard to German finance that used to reach us in cables that were headed Via Timbuctoo and ran thus: "The fourth Imperial War Loan of four billion marks, to be known as the Kaiser's War Loan, was oversubscribed to-day in five minutes.
The peace offensive failed. More than that, the people resented it in a prompt and highly practical way. They oversubscribed the six billion loan. Most of them, especially the smaller subscribers, doubled their subscriptions in the last two days of the time allotted for the flotation. October 7th, President Wilson answered Prince Max's request with a refusal.
Old maids are usually the girls who were so homely that they never had an offer, or so good-looking that they carried their matrimonial corner from one option to another till the new crop came along and bust them. But a girl with a million dollars isn't a speculative venture. She can advertise for sealed proposals on her fiftieth birthday and be oversubscribed like an issue of 10 per cent.
Austria-Hungary............ 25,000,000,000 20,000,000,000 80. It is worth noting in this connection that the fourth liberty bond issue of six billions was oversubscribed to extent $866,416,300 almost an extra billion. There were over 21,000,000 individual subscribers. Only a little more than one-fourth of the expense had up to the date of the report been raised by taxation.
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