The sun. [volume] (New York [N.Y.]) 1916-1920, 1917-06-16
Banks follow :


The victory has not only been in the
amount of subscriptions but also in the
number of Individual subscribers who
have responded with an enthusiasm that
exceeded the most sanguine hopes Of
officials. A minimum estimate by ofYi-
cials of the loan campaign placed the in
dividual subscriptions at no less than
100000 in number. II this figure holds
up in the final tabulations America has
broken all records for individual SUBJ
scriptions in a first war loan. Subscrip-
tions to Englands $ first loan totalled less
than 100000.
From the vast Oversubscription at mid
night it appeared as II the banks Of the
country would be asked TO take little II
anything OF the loan. Their subscriptions
at any rate will be cut third or more
on the basis Of the present total. Tho
Treasury Department has set n minimum
of $4,000, 100000 for the loan, officials Of
this district said yesterday. For that
reason no advantage will be taken OF the
oversubscription.
In the amount of subscriptions which
rolled into the Federal reserve district
official predictions everywhere were shat
tered yesterday by millions. The re-
turns indicated that all except three dis
tricts had oversubscriOed their allot-
ments. which were based upon the bank
ing resources of the district.
Many millions of subscriptions came
too late to the Federal reserve bankk
These. by Secretary McAdoo's instruc-
tions, will be tabulated separately and
the total forwarded to Washington. Just
what disposition will be made Of them
has not been determined 1t Is possible
that when It can be shown that their
failure to reach tho reserve bank In
time was due to no fault OF the sub
scriber or the forwarding bank some OF
them may be accepted,
Bonds Placed ON sale.
As soon as the subscription books
were closed trading in the bonds began
simultaneously in the Stock Exchanges
OF the country. \ special meeting OF
the governors OF the New York Stock
Exchange was held n the request of
the Federal reserve officials. AT which
the bonds were listed, At the stroke of
l2 o'clock the first sale took place at
! 100 l-5O Much comment was heard In
! the financial district when one firm
offered the bonds below par
! In tho part New York city and the
/ district has played IN the 'oan IL mas
ovcrshadowed all OF the country. No
less than $1,000. 900 o0o has hcen sub
srribed as New Norh's share OF the Lib
erty Loan. A. midnight $1,000, ,000, 900
! had been counted. but the final figures.
| winch viii not be ready for AT least
three days. are almost certain 10 reach
| the higher mark A. the count stands
| for the district, the allotment has been
oversuhscribed by more than $500 000.-
900 The city's share Of tho total sub
scription Will be almost A million, or an
oversubvcr!ptlon OF more than half a
billion Of the minimum quota set for
this district by the Treasury Depart
ment.
The four banner districts ~ the coun-
try-New York. chicago, Cleveland and
Roston--appeared on the face OF re-
| turns at midnight to have subscribed the
$4,000 600 900 offering alone. While the
| full measure OF New England's sub
scription could not be reokoned last
night the tabulators had counted sub
scriptions Of more than S263 900, 900.
which is more than so 100000 above
the minimum allotment placed for the
district.
Like the New York district, subscrip-
ton overwhelmed the Chicago Federal