New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-06
Bankers Dislike
Policy of Silence
On Loan Terms
Public Eager to Learn De-
tails Of Liberty
Bond Offering

BANKERS and bond men who attend
cd the luncheon at the Bankers Club
on Friday for Secretary OF the Treas
ury McAdoo received in yesterday
mornings mail the list Of questions
the answers to which arc to be used
as basis for determining the terms
on which the Liberty Loan will be
sold. The QUESTIONABLE was signed
by Borjamm Strong, jr, governor Of
the Federal E,.cr.c Bank Of New
YORK.
officials OF the local Reserve Bank
maintained thor uual policv o.
silence when inquir.cs were made re-
gardug the nature Of the questions.
Bankers. on tine other hand, were
wiling to give out tho Inst. but said
thcy had received street instructions
not to impart any Information to the
public through the newspapers while
the terms of the S2.0O0.000,0O0 bond
ISSUE were stll undcr discussion.
Want Public Enlightenment
This policy docs not meet with the
approval Of New York bankers and
Investment dealers, who say that. since
II is the desire Of She government TO
hatr the bonds sold 10 Individual,
rather than financial institutions, the
public should BE- fully apprIscd con-
corning the details of the loan. even
Though they may be only IN tentative
form The fear was expressed that,
unless some decision in this respect
Is reached soon. the country may
lose some Of It's enthusiasm over the
loan.
Seward Pfosscr. president OF the
Bankers Trust Company. announced
Yesterday that TINS institution has
subscribed $iO,GOOO0O Of the $780,
100000 issue Of Treasury certificates
Of indebtedness. the proceeds of which
will be used for credits TO Italy and
France MIR Prosser said that sov-
cral important industrial concerns
which have large dcpos3e with the
Bankers Trust Company had Informed
him Of their intention 10 take sub
stantiai amounts Of the Liberty Loan.
I.adcnbuyg. Thslmann & Co. ycster-
day placed a preliminary subscription
for 100000 for The loan through
the New York Federal Reserve Bank.
This firm has also made arrangement,
by which IT'S employees may share IN
the loan. acquiring Jhc bonds on the
partial payment plan.
Some Hold Back subscriptions
Although no details Of y formal plan
have vet been worked out. James y.
Wallace. president Of the Central
Trust Company. stated that any ON
plOyc Of that institution who wished
TO purchase any Of tho bonds would
be permitted to DO so, paying for them
under the partial payment system
]. K. Rice. Jr, & Co. announced
that they had subscribed to sub
stantial amount Of the loan. and arc
Offering their employees an opp0r-
tunity to subscribe on the partial
payment basis. subscriptions from
employees will be carried Al 3'2 per
cent. the same rate Of interest that
the loan carries.
The Stock Exchange firm Of Mor-
rill. Lynch & Co. subscribed TO So
100000 Of the Liberty Loan. This
house recently sent letters broadcast
over the country announcing that it
would receive public subscriptions
without charge TO the government.
Many large banks. trust companies.
railroad and industrial concerns and
private bankers are holding back their
subscriptions to the loan until they
know the terms on which 1t is to be
offered Just as soon as these are
made known il is predicted that the
Treasury Departments forecast C. a
large oycrsubscription will be verl-
fed