The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-06-15
Total Subscription May Reach
Three Billion.
That's Full Billion More Than
Entire Issue.
STAMPEDE To BUY TODAY
Closing at Noon Found Many in
Line Turnout L. s.
Nearly Every Large City Over
subscribed It's Quota.

Washington, June 15.-The liberty
loan has been tremendously oversub-
scribed. When the books closed at
noon treasury officials estimated that
the total would reach at least $1,000
100000 possibly $4,000, 900, 900. Every
federal reserve district with possible
exception of Atlanta and Kansas City,
appeared to have exceeded it's min
imum allotments.
Reports from these two districts
were slow in coming in. With thou
sands of banks to he heard from, in
the two districts howev err it seemed
likely that the minimum allotment
would be reached in each case. Re-
ports 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 We're standing in line at hun
dreds of banks thruout the country
during the final hour. The small sub
scribers apparently had responded
with an enthusiasm that exceeded the
most sanguine hopes of officials.
landslide at Eleventh Hour
Swelling the total by millions. came
the belated subscriptions of the banks
that had held back till the last mo-
ment. The clerical forces of every re
serve bank We're practically buried
under a landslide of eleventh hour
subscription. Because of this situation
the magnitude of the country response
may not be measured for several days.
Thousands of belated subscriptions. it
is feared, may not reach the reserve
banks till after the dead line of noon,
standard local time, and these must be
included in making up the full totals.
Millions of dollars it was estimated,
We're transferred by telegraph from
national and state banks and trust
companies to federal reserve banks as
the last minute response of the small
investor.
! our Districts Subscribe Two Billion.
Four banner district-New YORK,
Chicago. Cleveland and Boston ap-
peared on the face of returns at noon
to have subscribed the fun $4,000. G9G,-
900 offering alone. New York, as-w $
expected led all other districts by a
margin of more than double the next
highest. This estimate was made on
the basis of reports an hour before
the book closed in the east.
san Francisco started the day with
n sensational advance from it's pre-
vious report of s52,0Q,000. The first
thing officials heard this morning was
that instead of being approximately
SSS.000,000 under it's minimum allot-
mcnt, the district was nearing the
minimum and probably would take its
quota.
In the Dallas district the figure
stood at $29,0OO,000 when the day
started-S11, 100000 less than the
minimum allotment. There were
then more than 1000 banks to be
heard from. It was thought their re-
Spouse would easily swell the total to
the minimum of $40,060,O0O.
Harvest Money Not In.
Apparent failure of the kansas CITY
and Atlanta districts to reach their
a. Tn-
Elected, officials believed, the failure
Of the cotton farmers of the south
and the wheat growers of the west
to respond as fully as it had been esti-
mated they would. 1t was poinred out
that in each district the farmers have
not harvested their crops and there
fore are not in as strong position
to answer the call as they will be af-
ter the harvest. Districts in which
are located the great industrial plants
of the country reflected a tremendous
demand for the so called baby
bonds" The total number of sub
scriptions to denominations, it is esti-
mated, VIII exceed 100000. This is
ten times the number of persons in
the entire nation who hold securities
of any other sort.
Favor Small Investor.
The small investor officials declared
today, is to receive the full amount OF
his subscriptions. Every $50 and 500
bond subscribed for. it was said, is to
be issued. This presages widespread
Pc '~~ town of great individual sub
scriptiOns.
A,,r. community flying the Ameri.
can flag, from the Philippines to this
Virgin islands subscribed to the loan
Fairbanks, Alaska, the most northern
town on Tie continent, sent q generous
subscription.
From the Panama canal zone. sub.
scriptions totalled $4,000. Secretary
McAdoO announced the over subscrip.
ton of the loan in the general state
ment:
The liberty loan has been oversub.
scrbed. i is impossible 20 state tbs
fContinued or Page Twol