South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-06-17
No Part of Great Oversub-
SCriptiOn viii Be Accept
ed, Declares MCAdOo
-LaudS Press.
FIGURES MAY GO over
TOTAL BY S9OO.OOO.OOO
Work of Compiling SubSCrip-
tons Goes On Slowly Over
NatlOn-TOtaI Ready
Probably Monday.
Associated Press service

Associated Press Service:
WASHINGTON. June 16.-Secy
McAdoo announced tonight that no
part of the great ver-subscription
to the Liberty loan. would be &C
cepted, and that his statement Of
May 10. in which declared that the
issue would be limited TO $4,000
000,O0 stood good now as then.
Mr.. McAdOo's announcement viii
result in pairing down hundreds Of
the larger subscriptions until the to-
tai amount reaches the S2.OOO,OOO,
600 limit
Over-subscribed 700 Million.
How much will have TO be taken
from the amount the country offer
ed 10 take was still an unknown
quantity tonight. The ubscrip-
ton will not fall, it seemed certain,
below $7OO.OOO,OOO and may go as
high as ssOO,O0O,O0O.
The grand total Of subscriptions
received at reserve banks up 10 noon
Friday, the closing hour. will not
be known until Monday at the ear
lest. The total Of subscriptions that
AtGIAAEu the 4GutA dl ltEtAN6 DdllkS
after this hour probably will not be
known until after that time. Indi-
cations are that the grand total of
what the American people were will
ing 10 take will not be available
until the middle of next week, so
great has been the excess.
Nothing Over $4,000. 900 900
In dispOsing of reports that the
amount Of the issue might he en-
larged to include all offers, Mr.. Nc
AdOO issued the following state
ment: "Allotments of Liberty loan
bonds will not be made in excess
of the two billion dollars offered.
announced this on May 10. when
the details of the loan were first
published
Il have asked the reserve banks
TO tabulate separately and on sup
Elementary lists the subscriptions
received yesterday, June IS, after
noon, in order that I may be in po-
sition TO consider, i'm making allot-
ment of the two billion dollars OF
bonds. those applications which.
through no foult Of the subscriber
(either because Of delay on the part
Of the bank or trust company trans
hitting them. or congestion Of the
mails or at the doors Of the Federal
Reserve banks a the moment Of
closing). were not recorded on time.
1T is impossible now TO foretell
what decision will be reached i'm this
matter or determine the basis upon
which allotments will be made until
substantially defnitive returns have
been received from the several Fed
eral Reserve banks The organiZa-
tons Of these banks. unusually eff
Cient as they are. have been over
whelmed by the multitude Of appli-
cations received at the last moment.
Il shall avail myself Of the right
reserved in the circular Offering the
bonds. 70 allot in full upon applica-
tions for smaller amounts of bonds
and 10 reduce allotments on appli-
cations for larger amounts. as such
action viii be clearly in the public
interest"
Appreciates Work OF Press.
Mr.. McAdoO today acknowledged
with appreciation the work of the
forces Of publicity which aided in
the f1otation Of the loan
The Liberty loan campaign he
said. was essentially one OF edu-
cation and without the generous
and patriotic support Of the press
of the nation. the hope OF those In
charge that il would be a popular
loan would not have been realized.
The untiring efforts Of the news
papers throughout the campaign,
were a constant inspiration 10 the
various other groups Of workers.
AT a time when news space was
at a premium. the Liberty loan was
featured at length. The foreign Ian
guage press in Sc languages gave
daily proof Of the undoubted loyal
~ Of peoples Of foreign birth. Every
street car carried one or more cards:
paper and metal bill boards cleo
trio signs moving picture slides and
films. everywhere. brought the Lib
erty loan directly and sqUarely be-
fore the people
Il shall be most grateful 20 the
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