Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1917-06-22
WAR LOAN IS
OvER-SlJBSCRIBED
Total May Reach Three BIZ ion,
Officials Say,
"BABY" BONDS POPULAR
Small Subscribers VIII Get the Full
Amount-2,5oo oco Investors -Tri-
umph for Democracy, Says McAdoo.

umph for Democracy, Says McAooo.
Secretary McAdoo, announcing the
tremendous over-subscription Of the
two billion-doEar offering OF the Lib
crty loan, said he did not think there
would be another offering of the re-
naming three billion authorized Dy
congress before next fall.
When the books closed treasury Of
ficials estimated that the total subscr1p-
ton would reach at least S2,50O,OO0,-
eco and might soar to 100000 100000.
Every federal reserve district with
the possible exception of Atlanta and
Kansas City, appeared to have exceed
cd its minimum allotments in making
I'd the grand total Reports from
these two districts were slew in COM
ing in. With thousands of banks to be
h card from in the two districts, how
ever it seemed likely that the mini
mum allotment would be- reached in
each case.
New York led the country with
81 200 0GO,0fG. The Philadelphia dis
trict subscribed over $200,00O,OOO.
In announcing the over-subscript1o1
of the loan Secretary McAdoo made
the following statement:
"The I liberty loNn has been over
subscribed. II Is impossible to. state
the amount of the over-subscription at
the moment, but the exact figures will!
be given out as rapidly as the returns
are received at the treasury depart
ment.
"The suc"ers cf this loan is genu-
inc triumph for democracy. It is the
unmistakab'e expression Of Americas 5
determination to carry this war for tie
protection of American rights and the
establishment of peace and liberty
throughout the world to swift and
successful conclusion.
"I am deeply grateful to the bark
ers, the business men, the women OF
America, the patriotic organizations
end the people generally without
whose cordial cooperation and enthu-
siastic support success could not have
been won. It has been an inspiring
campaign and it has had glorious
finish"
Reports by telephone and telegraph
from every section of the country told
OF an avalanche of small subscriptions
at the last moment. Scores of small
investors were standing In line at
hundreds of banks throughout the
country during the final hour. The
small subscriber apparently had re-
sponded with an enthusiasm that ex-
ceeded the most sanguinary hope OF
officials.
Swelling the huge total by millions
came the belated subscriptions of the
banks that held back till the last mo-
ment. The clerical forces of virtually
every reserve bank were practically
buried under landslide Of eleventh
hour subscriptions.
Because Of this situation the exact
total subscription may not be known
fer many hours. The full magnitude
of the country's response even may
not be measured for several days.
Four banner districts-New York,
Chicago Cleveland and Bcston-ap-
peared. on the face Of returns. to have
subscribed the full $4,000 100000 offer
ing alone. New York, as wa2 ex7ect
ed, led all other districts by margtr
of more than double the next highest
This estimate w2s made on tie ba5i@
OF reports an hour before the bo-k'
closed in the east.
Districts in which ere located tn
great industriel plants Of iha CONT:
reflected tremendous demand foT thf
so-cal!ed baby bonds. TIE $50 issu'
will be by far the ms! roPrla~, +
is believed The tota1 numbe- CT SUI
scribers to al denonnin tons, it was
estimated, will exceed 100000. This
is ten times the number of persons IL
the entire nation who ho'd eur te~
of any other SOFT.
The small invcsto~. eff oials declared
IS to receive tie full mount CT hi:
subscription Every $50 aad s1G0 sub
scribed for, it was sill J., is to b2 issu-
ed. This presages g w:dcspTcai par
ine down of great individual subscrip-
tions.