New-York tribune., 1917-06-16
Response of American
People Overwhelms
Officials
All Estimates
Go by the Board
Small Investor Domi-
nant; 100000 Buy
the Bonds

Washington, June 15.-The American
people have responded to the govern
ment's call for funds to finance the
war with an ver-subscription to the
$4,000, 100000 Liberty Loan. The pro-
portions are so huge tina. officials are
buried beneath landslide of untabu
lated returns.
No man could say at 10 o'clock to-
night how great had been the nations
answer. Apparently it was overwhelm-
ing beyond the most sanguinc hopes of
Treasury officials, though not one OF
the twelve Federal Reserve banks, re-
gional headquarters of the loan, could
hazard more than an estimate Of its
total
In the country's ringing answer TO
the call the dominant note was the
voice Of the small investor. His money
talked this last day of the campaign in
eloquent terms. The hope for a wide
spread response Of the average man
with the average income was more
than realized in the multitudes that
focked TO the banks to-day. II ap-
peared tonight that all previous esti-
mates had gone by the board and that
nearly three million men and women
had boaght their bonds.
Total Mounting Every Hour
In the absence of official figures to-
night officials hesitated to predict how
high the total would soar. 1t mounted
every hour to new heights, and assumed
such proportions that there was an
apparent inclination to accept with
some allowances the rosy estimates Of
local Liberty Loan committees as to
the totals Of their districts.
At the Treasury note of conserva-
tism was sounded concerning these es-
Inmates. II was feared that the com.
mittees, flushed with success, might be
over-optimistic, and there was a mani
fest unwillingness to accept as final
any estimates unverifed by actual tab
ulatons.
Estimates from the twelve Reserve
districts, some Of them unofficial, but
mostly from local loan committees, In
dicated late tonight that the subscrip-
tons might reach the total Of $780,
100000. These estimates follow:
Subscribed. Allotment.
NEW YORK
$1,000, 100000 $500, 100000
PHILADELPHIA
$3.50, 100000 sl4O,0oO,OOo
BOSTON
s263, 100000 s24o,OOO,OOO
CLEVELAND
s2s4,OOO,OOO $4,000, 900
RICHMOND
100000 ssO,OOO.o 900
ATLANTA
s52,OOO,OOO s6o,OOo,OOO
CHICAGO
s33O.OOO,OOO s26O,coo,OOO
ST. LOUIS
8l,5OO,OOO ssO,OO0,oOo
KANSAS CITY
s9O,OOO,OOO sloO,OOO,oOO
MINNEAPOLIS
s62,OO0,OOO s8O,OOO,00O
DALLAS
s4S,OOO,OOO s4o,OO0,OoO
SAN FRANCISCO
s1SO,OOO,O00 100000
$500, ,0o0,o Is Certain
On the face of these estimates IL ap-
peared unlikely that the total would
fall below $500 ,OOo. 900. 1t also ap-
peared that three Reserve districts. At
lanta, Kansas City and Minneapolis,
would fall below their minimum allot-
ment.
Secretary McAdoo announced the
oversubscription soon after the closing
of the books in the East
The Liberty Loan has been over
subscr bed" he said. ut is impossible
70 state the amount of the oversub-
scrption, but the exact figures will be
given out as rapidly as the returns are
received at the Treasury Department"
officials waited late tonight at the
Treasury for these returns. but none
came in. There were only estimates.
From every Reserve bank the story was
the same a tremendous volume of un-
tabulated returns
II desire 70 express my deep appre-
citation OF the efficient and patriotic
service you have rendered IN connec-
ton with the Liberty Loan. the success
OF which has been so striking and
pleasing TO the country" Secretary Nc
Adoo tonight telegraphed all Reserve
banks. "Will you not convey TO the
Liberty Loan committees of your dis
trict, TO the banks and TO all other
organizations which have cooperated
with you in this great Liberty Loan
enterprise the assurance Of my warm
appreciation as well as my cordia
thanks?
"Will you not also urge these COM
r;ittees 70 preserve their organiEations
in order that they may be prepared 70