Boston, Mass. April 15, 1919.


Cambridge, Mass.

During the last loan the Harvard Committee did splendid work in getting a large number of applications, and in view of the attractive rate of interest which is now offered by the Government we are counting once again on the active co-operation of all undergraduates. Perhaps no one in the country knows the results of over confidence better than the college man. Many and many and athletic victory has been turned into defeat from this cause. It is therefore vital to remember that even in spite of the reduction in the amount from six billion dollars to four and one-half billion dollars this loan still remains the second largest amount ever called for by the United States Government. Plenty of hard work is necessary to make a success of this loan, but that it can be done we have not the slightest doubt.   N. PENROSE HALLOWELL '97   Executive Chairman, Liberty   Loan Committee of New England.