Now that the tumult and shouting that attended the start of the Loan drive are over, and the first flush of enthusiasm has worn off, the real work of the campaign is yet to begin. For the first two days there was a general air of elation and confidence which was fostered by the demonstrations and brass bands that were so much in evidence Saturday. That confidence must not be allowed to become overconfidence. Reports of large oversubscriptions of individual towns and many of the newspaper headlines which seem to indicate that the Loan is already sure to succeed must not be allowed to produce a spirit of blind optimism. The same thing has happened in the two previous Loans and we can all remember the intense work of the last few days that was necessary to attain the required goal.

Students should not be misled by over-optimistic forecasts and wait till the last day or so to decide to buy a bond. The University will do itself full justice only if everyone is ready to buy as he is approached by the committee.