Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-06-12
City's Big Rally
for Liberty Loan
Continued tom Page Ono

NOntnueH sNGn iHBe Onc
counters got under way the publicity bureau
OF the committee issued a statement in an
effort to explain Philadelphias status in the
nationwide S2,O0O,OOOO0O Liberty Bond
campaign
For more than three weeks the committee
has held that Phladelphias allotment had
been boosted from $175,OOO 900 to $3.50.
100000 owing to the failure of certain
southern districts to meet their allotments.
On Sunday the committee issued a state
ment in which the assertion was made that
Philadelphia required 100000, 900 to COM
plete its allotment
As all estimates were based upon the
maximum allotment of S250,000, 900, the
campaign workers inferred that the sub
scriptions recorded amounted to more than
$3.50 0,000
The publicity bureau issued the follow
ing statement today which throws consid.
erable light on the campaign:
There has been scme question about
the amount to be raised in Philadelphia.
The publicity committee states because
Of conditions in Dallas and Atlanta it
was requested to raise its maximum al
lotment from $4,000, 900 to $3.50, 900 900.
II is still hoped that the latter figure may
be reached. New York, however is out
stripping Philadelphia so far in striving
to make up the shortage on other scores
that If Philadelphia comes to $3.50
600 It will not fall short The minimum
amount required of this district is S140,-
100000, and so far as official reports so
on Monday the district was still S61 ,OO0,-
600 short of this.
Many of the large subscriptions, includ-
ing one of $15,OO0,OO0, have not yet been
received through the banks. One of the
largest will be included in today's bank
reports.
Ihe public has been led to believe that
subscriptions have reached a total of more
han $l5O,000,000 because of Implications
AS an example. the Reading Railway and
us subsidiary companies were credited with
. S'OOOOOO> subscription. This subscrip-
uon was turned over to national bank,
sno ana when that bank reported. the Reading
ond time
The Philadelphia Savings Fund sub
saiped Tor S2,5O0,000, and this was turned
Gver 10 a national bank but like the Read
'"s SUBSCRIPTION, was counted twice.
$25O,OOO,OOO STILL GOAL
Later In the day Governor Rhoads is
sueo a supplementary statement in which
se pointed out that despite the official
nsures concerning the city's allotment the
ainpaign committee must continue to re-
SIu sz5O,OOO,000 as it's goal. Governor
Anoads, explaining how Philadelphia must
Iaise more than its share in order to make
w ior losses in other districts said:
There have been no official allotments
tor the Federal Reserve districts. 1t must
oe clear that If each Federal Reserve dis
uict subscribed the same percentage Of
he $4,000 100000 that its banking re-
sources bear to the total banking re-
sources or the United States, the loan
mouid be just subscribed. For example,
~ the case of the Philadelphia Reserve
uistrlct the total banking resources con-
etnute approximately per cent of the
sl ~eal banking resources of the United
TTtstes' so that If the subscriptions to the
.iOeIty Loan amounted to $40, 900 900 I'm
me Third Federal Reserve District and
en % OF the other eleven districts sub
eoloed It's exact proportion, the loan
WOULD be taken up to the last cent but no
HoIe, This, of course, is manifestly inn
possiDie Unless those districts contain
ing the largest centers of population and
ealth, In which are located the head
Vuarters OF the largest corporations Of the
eouhtry subscribe more than their actual
percentage, II must be clear TO all that
we loan will not be fully subscribed.
mus Tor instance, in the case of the
second Federal Reserve District includ-
New York, the percentage of bank
ing resources would require a subscrip-
n OF only $550.000 900. New York
.eaizng the subscription of this amount
WOULD be entirely inadequate, and would
uit IN the loan being undersubcribed
,S Deen aiming at nearly three times
,ni, s amount The same course has been
noWed In the reserve districts including
Svston Cleveland and Chicago.
WORKING along the same lines the Lib
y Loan Committee in Philadelphia
ss telt that a total of $3.50, 900 900
"Vula be subscribed in the Third Fed
~ reserve District to insure Philadel-
a'a s doing her fun part in insuring the
s,s sess OF the loan through an over
~, loan OF this character must be over,
oscfloed and largely oversubscribed
WIN be undersubseribed. II Is mani
10y impossible to raise such a vast
1Nopnt 20 the exact cent. PHILADELPHIA
Always done her fun part IA hnanclug
'tuon. and unless she Is 10 lose her
M forefront Of paIoltltn