New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-17
u,Adoo Says No Part of
Oversubscription Will
Be Accepted
Total Excess May
Reach 5000, 900, 900
Campaigns Success Large.
" Due to Newspapers,
Secretary States

Wellington, June f6.-Secretary Nc
,,,o announced tonight that no part
:, the great Oversubscription to the
,;h.rty Loan will be accepted, and that
=. statement Of May 10, in which nc
i,,l.red that the issue would be limited
SO 900. 100000, stood good now.
Nv MeAdoo's announcement Will re-
81. N paring down hundreds Of the
-, subscriptions until the total
.s..s.s the S2,OOO,OOO,OOO limit. How
inch will have to be taken from the
.-or,t the country offered TO take was
..,n an unknown quantity tonight.
~ oversubscription will not fall. 1t
.,r,sa certain. below s7O0,oOo,o0o, and
-.v 20 as high as s9OO,OO0,OoO.
The grand total of subscriptions re-
..;ved AZ Reserve banks up TO noon
friday. the closing hour, will not be
l,own until Monday, at the earliest.
n. total Of subscriptions that reached
.. Federal Reserve banks after this
.oyr probably will not be known until
liter that time.
Delay in Learning Grand Total
Indications are that the grand total
Il what the American people were will
;,c N take will not De available until
10 middle Of next week, so great has
been the excess.
In disposing Of reports that the
amount of the issue might be enlarged
20 include all offers, Mr.. McAdoo issued
the following statement; -,
aAllotments of Liberty Bonds will
rot be made in excess Of the two billion
dollars offered. | announced TINS on
Nav 10. when the details OF the loan
we're first published.
81 have asked the Reserve banks tc
tsbulate separately and on tho supple
rnen-arv lists the subscriptions re-
ceived Yesterday, June Is, afternoon, IN
order that | may be in a position 70
consider. in making allotment OF the
two billion dollars Of bonds, those ap.
plications which. through no fault OF
he subscriber (either because Of delay
on the part of the bank or trust COM
panv transmitting them or congestion
Of the mails or at the doors OF the Fed
eral Reserve banks at the moment of
closing), were not recorded on the'
Banks Overwhelmed
at is impossible now TO foretell
What decision will be reached in this
matter or 10 determine the basis upon
which allotments Will be made until
substantially deinitive returns have
been received from the several Federal
Reserve banks. The organizations OF
these banks, unusually efficient as they
are. have been overwhelmed by the null
,itude Of applications received at the
last moment.
~ shall avail myself of the right
reserved in the circular offering the
bonds 70 allot in full upon appllca-
tons for smaller amounts of bonds and
70 reduce allotments on application
for large amounts, as such action VIII
be clearly in the public interest.
Mr. McAdoo acknowledged with ap-
probation the work of the forces OF
publicity which aided in the hotatlon
OF the loan.
said. "was essentially one Of education,
and without the generous and patrlotiC
support OF the press OF the nation the
hope Of those in charge that II would
be a popular loan would not have been
realized. The untiring efforts of the
newspapers throughout the campaign
we're constant inspiration TO the vari-
Gus other groups Of workers.
Sauarely Before People
AT time when news space was at
premium the Liberty Loan was feat
ured a. length. The foreign language
press in thirty-six languages gave daily
proof Of the undoubted loyalty OF peo-
PIES Of foreign birth. Every streetcaI
carried one or more cards and paper and
metal billboards, electric signs, moving
picture slides and films everywhere
brought the Liberty Loan directly and
seusrely before the people.
y shall be most grateful TO the press
u this acknowledgment is given wide
publicity"
Reports 20 the Treasury at the time
o. closing to-day from al Reserve banks
stated that the work Of tabulating re-
'rrns was progressing az all banks, ex-
ssIt Atlanta, which had completed its
sompilation. Word had not been re-
etived here az the closing Of the de-
rsrtments to-day that Cleveland also
had completed its compilation.
In several cases IL was stated that
tbulations probably would not be fin
Hhed until Monday.
n addition 20 the returns received
from Federal Reserve banks. a great
food Of subscriptions direct 20 the
treasury also was % be compiled. These
subscriptions probably will be dis
u.oated 70 the respective reserve dis
i,e's Of their origin, swelling their
w;tls. What the total Of this batch Of
prescriptions would be was matter Of
pure g1esswork.
several large subscriptions were
rhoWn 70 have been received, among
VEN one FOR 5000 900 and another for
i,o0o,900.