Free trader-journal. (Ottawa, Ill.) 1916-1920, 1917-06-16
WASHINGTON IS TIRED
BUT EXCEEDINGLY
HAPPY
COUNTING RETURNS
M'ADOO TELEGRAPHS BANKS HIS
THANkS-ASkS THEM TO KEEP
ORGANIZATION IN RUNNING Or
DER FOR NEXT BIG LOAN.
BY JOHN EDWIN NEVIN,
international News Service Staff
CORRESPONDENT

tlnteTnatlOnal news service stan
Correspondent
Washington, June 16-Tired and
happy, but still counting the returns.
That was the situation when the
treasury re-opened today. The last
rates rally in Liberty Bonds selling
had overwhelmed all oflicialdom. The
millions that had poured in had disar
ranged the schedule of last minute
work As a result officials said there
would be some delay in announcing
the exact totals.
Treasury officials said that they did
not believe that the oversubscriptiOns
were as high as unofficial returns in
dicated. They explained that there
always was the danger that local COM
mttees, flushed with success. might
be over optimistic. There was little
doubt that the oyer-supscriptions was
in excess of half billion dollars. The
unofficial tabulations available here
showed on the face Of the returns
about S2.S62 900 ,00G as the total. But
cnly d few of the returns from the
| federal reserve bank districts was OF.
| fetal
| Secretary of the Treasury McAdoO,
who incidentally more than any other
man, was responsible for the success
of the popular loan, has been asked
of the district banks to report at once
i by telegraph AS soon as these totals
are received they will be made public.
1t seems likely, according To the in
formation available that the Atlanta,
Kansas City and Minneapolis reserve
districts fell below the total. The 9TH
ers did well all showing a pleasing
increase over the total allotted by the
treasury.
In telegraphing his personal thanks
to the banks and patriotic citizens
who assisted in making the loan sue
cess, Secretary McAdoo today called
on them to continue their organiza-
tions and perfect them so that they
can be utilized in the flotation of the
next loan.
:. 1T Is OF the utmost Importance that
the splendid machinery now perfected
shall be available when needed" Sec
retary McAdoo said in this connection.
, In making the allotments of Liberty
: Bonds treasury officials definitely
: have determined to follow the policy
of giving to applicants for small de-
nomination securities the full extent
: of their subscriptions. The heavy in
v vestors will be scaled down an equit-
able apportonment being made among
. them. Present plans are to give all
=, applicants for up to $1,000 worth OF
the bonds the full amount asked.
This policy was determined upon
especially with the view of placing
= this loan as far as possible in the
!, hanGs Of the general public.
: One error in the Rotation Of the
7" Liberty Loans first issued which will
= be corrected in subsequent issues was
failure OF the government TO have the
physical bonds ready to deliver upon
: purchase for those who desired to re-
. ceive the securities. Experience has
= taught that many Americans, espe-
:, cially naturali2ed Americans, being
unschouled in fiscal customs, did not
!" vance applications and instalment
- payments. The treasury has reports
= showing that many persons offered to
=, buy bonds. but when told the deliy-
- cry of the securities would be delayed
~ until July |, reconsidered the purchase
~ and withdrew.
y The qualification Of the Washing
~ ton government over the success OF
VI the first issue Of the Liberty Loan
when initial wor loans issues, or so
y, many OF our a.hes nave been under
/" subscribed, is extreme. The treasury
=" plans to compile and issue a roll ol
el honor OF the cities which did most OF
"' the service in absorbing the loan. This
list VIII give the extent OF subserip
tions Of various cities in proportion
to their population and the extent t'
10 which the whole population partici
pated
While figures on the total numbe
va Of subscribers still are far from com
o. plete It appears from early RETURN
as that the popular response has beef
he greater than any other country unde
ch similar circumstances During the las
few days OF the Notation hard worl
les on the part Of local committees ha
lie, brought thousands OF citizens to tn
ial bond booths In some cities liberi
y Loan bonds were placed in as man
ns $4,000 ont OF 10000 homes.