leaving to plants in England and France the construction of high-powered and speedy light fighters, for which those countries already had highly specialized facilities. By June 12 the Government had completed tentative plans to send at least 1,000 aviators a month to France. The first force would be ready to embark some time in September and were to be men who would have received preliminary training in technical schools and on aviation fields before they left. On arriving in France they were to have a short period of intensive training under French instructors, and then go to the battle-front. Some of the great factories which in the past had been used for the manufacture of automobiles were to be turned into airplane plants. Experts from England, France, and the United States were already at work with a view to co-ordination of effort. Aviation fields at Dayton, Detroit, and Champaign, where aviators were to receive their first taste of practical training, were more than half completed in two months and thousands of men were rushing the work. Six or seven other training-fields had been authorized. More than enough young men physically fit for air-service had come forward and started in preliminary training. Thousands had filed applications and were awaiting the Government's decision. Nearly 5,000 young men entered the training-camps for reserve officers. Nine universities offered schools for preliminary training pending the completion of the training-fields. UNDERWOOD & UNDERWOOD, N. Y. LORD NORTHCLIFFE The engines used in American, French English, and Canadian manufacture were standardized, so that it would be possible to ship engines manufactured in this country to England and France for use there. It was believed that THE FIRST AMERICAN SOLDIERS TO REACH PARIS from 10,000 to 20,000 American aviators could be placed on the fighting front in France within twelve months. “If this country takes hold of air-preparedness, concentrating on it the energy and unhampered work that Admiral von Tirpitz did in developing the German submarine, we will soon beat the submarine, and I am convinced will bring about a speedy and unequivocal decision in this war," said Rear-Admiral Robert E. Peary to a Senate sub-committee on aeronautics having before it a bill to create a Department for Aeronautics, headed by a member of the Cabinet. Admiral Peary urged the speedy development of the air-service for use as a coast patrol and for fighting submarines. He said that within six months the country would be able to maintain an invulnerable airplane patrol that would give protection 500 miles out to sea. He expected the airplane to be the decisive factor in this war. By October 4, contracts had been let by the War Department for the construction of 20,000 of them. This was practically the whole number of airplanes for which provision had been made in a $640,000,000 bill. One-fourth, or about 5,000, of these would be built abroad, the other 15,000 in this country. Aviators were being trained in 24 flying-schools and in a number of ground-schools, their final training to take place on foreign soil. The plan of the army contemplated the delivery of motors, planes, equipment and men so that all might be available as rapidly as one part was ready for the other. A great number of aviators had already been sent abroad and were now undergoing intensive training behind battle-fronts. More than 30 Allied air-experts were in this country, composing what might be called an international aviation general staff, in connection with the development of America's great military aerial force. American military airplanes were to be of American manufacture from the tip of the propellers to the engine, machine-gun and camera. The total for the first day of applications for a Liberty Loan, this loan being for $2,000,000,000, the first instalment of $5,000,000,000 authorized by Congress, was $138,674,000, on May 4, which indicated that the first issue was likely to be over-subscribed. When subscriptions were closed on June 15, it was found that four million persons had subscribed for a sum in excess of $3,000,000,000. The New York district took more than $1,000,000,000, the number of subscribers being about 1,000,000. One hundred and nine New York banks turned in subscriptions aggregating nearly $300,000,000, which included many subscriptions from upState localities. The loan's success, measured by a 50 per cent. over-subscription, was greater than anticipated. The popular support was regarded as a demonstration that the nation was united in this war against Germany. England's first war loan, offered at a time when England was just awakening to war in November, 1914, was taken by only 100,000 persons. The number of subscribers to Germany's first war loan was 1,117,444. But before an American army had reached the trenches, about 4,000,000 Americans had shown themselves alive to the war's meaning. The rush of subscriptions, mostly for bonds of small denominations, continued until the moment of closing of books, and many applications were received after noon. Long lines of eager investors besieged the subscription booths in all parts of the country and every facility of the banks, and other distributing agencies, was taxed to the utmost. It was incomparably the largest loan ever negotiated by the United States. It was more than one-half the aggregate bond-sales of the entire Civil War period. We had had so-called popular loans before, but never one of such magnitude, or one that appealed so powerfully to every element and section. This loan was shown to be popular in fact as well as name. It had been placed on the counter at a fixt price and it could be taken by rich and poor on precisely the same terms. Bankers, brokers, insurance companies, merchants, manufacturers, transportation companies, employers of every kind and great capitalists did more than buy bonds on their own account; they spent time and money in making purchases possible to hundreds of thousands of men, women and children of smal! means. The transaction became as notable for freedom from greed and for a spirit of helpfulness as it was for splendid proportions. Of the subscribers, 3,960.000 asked for allotments of from $50 to $10,000. Twenty-one banks, corporations and individuals subscribed for more than $5,000,000 each. Thus 50 per cent. of the loan represented popular subscriptions. The returns by Federal Reserve districts as compared with the minimum allotments were as follows: DISTRICT New York Boston Philadelphia Cleveland Richmond Atlanta Minimum Allotment Actual These figures showed among other things that the four districts having the largest subscriptions (New York, Boston, Chicago, and Cleveland), actually subscribed $2,162,000.000. New York made the best showing, nearly doubling her minimum allotment of $600,000,000. Boston's percentage of excess over the minimum allotment was 38, Philadelphia's 65, Chicago's 37, Cleveland's 58, and San Francisco's 25. The final total of subscriptions and the impressive number of subscribers to the loan surprized even its most optimistic supporters. Two subscriptions of $25,000,000 each were received. The largest subscription of all was for $25.250.000. In two distinct respects, the subscription was remarkable. The only large European war-loan that had been issued for a fixt amount-that of Great Britain in the autumn of 1914 was barely subscribed, altho the sum applied for was $25,000,000 less than that of our first loan. This fact involved no disparagement to Great Britain, because financial conditions prevailing at that time differed altogether from those existing in America in June, 1917. But the fact |