The sun. [volume] (New York [N.Y.]) 1916-1920, 1917-05-23
PLAN PROVIDES
$40 WAR BONDS
FOR NEW YORK
Participation Certificates
May BE Issued by Fed
eral Reserve Bank.
WILL PASS AS MONEY
Employers to Distribute
Them as Part Payment
of Wages.

Participation in the Liberty Loan in
amounts as low as $40 will be made pos
sible by a plan considered yesterday at a
meeting Of the committee which is CO.
operating with the Treasury Department
In the distribution of the loan. The plal
Will affect only the New York Federal
Reserve district, but with the approval
Of the Secretary Of the Treasury and the
Federal Reserve Board 1t probably will
be adopted by the other eleven reserve
banks to gain wider distribution Of the
bonds
The plan will provide for the immedi-
ate issuance Of a large amount Of par
ticipation certificates by the Federal Re
serve Bank in $40 denominations secured
BY Liberty bonds held by the reserve
bank. It Is thought that the plan event
ually will displace the scheme to issue
discount notes.
Hundreds Of employers have informed
the committee that they will take large
blocks OF the $40 certificates il they are
issued. They plan to distribute them as
part of their employees salary. in which
way the market for the certificates will
become SO wide. the committee hopes.
that they will be passed as currency IN
almost the same way that notes OF the
Federal Reserve system are passed. The
certificates will not bear interest. but
when the holder has obtained five of
them he will be able to convert them at
the reserve bank into a $50 bond with
coupons attached.
The. Federal Reserve Bank of New
York announced last night that a special
rediscount rate Of 3la per cent for paper
given for the purpose of purcha sing
Liberty bonds had been established for
ninety day paper.
Rockefeller Takes &5.OOO,OOO More.
Subscriptions TO the loan yesterday
were larger than on any previous day
since II was announced. The largest
OF these subscriptions came from John
d. Rockefeller. who added another
S5.000.000 subscription. making $10.-
100000 altogether; the Canadian Pa
cifc Railway Company took $1,000. 200:
the American Brass Company. ST.
900, 900; the American Car and Foundry
Company. $4,000. 900: the State Bank
and Trust Company of Hartford, $2J0.-
900; the New York Life Insurance Com
pany, 100000; Millet. Roe 4 Hasan.
100000: the German Savings Bank of
Brooklyn. $4,000: the Louisville and
Nashville Railway Company. $1,000. 600:
]. & W. Seligman & Co.. $4,000. 600; the
Excelsior Savings Bank. s25o.o00, the
Standard on Company of Kansas. $780,
600: the Scoville Manufacturing Com
pany. $1,000. 900; the U. t. Hungerford
Brass and Copper Company. $500. 900
Max J. Breitenbach. 81 900, 900: the
Henry Zuckerman Company. $4,000. and
ihe New York Shipbuilding Company
$500. 900.
Col Roosevelt has placed his subscrlp-
non to the Liberty Loan. In addition
to this he has pledged his cooperation in
behalf OF the loan to the committee for
the New York district. In a letter yes
terday to Guy Emerson. secretary OF
the local publicity committee. Col. Roose.
welt said:
"Of course I'll do anything in m,
power to help the Liberty Loan. 1t /.
the duty OF every man and OF every
woman in this country who can possibl,
afford TO do so to buy Liberty bonds il
order that guns. ammunition, food ant
clothes may be promptly and freely fur
n.shed to our soldiers who go 10 tn,
front
BOnd for Every Home.
THE highest human service is that o
the man who offers his life to his coun
t'y. The motto you have adopted is ex
cellent; II you can't enlist--invest Blu,
Liberty Bonds
II myself have invested in thes
bonds. There is every reason for buy
ing them The patriotic reason 1
enough.
An opportunity is now presented, no
merely for a few thousands. but 70
tens OF millions. of Americans TO give
practical demonstration of their loyalty
BY railying to the support of the Unite
States in this crisis We discourage on
enemies and hearten our allies. T
own bonds Of the United States--at sue
time--as many as each Of US can pos
eibly Affords a badge OF honor. Their
should be Liberty bonds in every home.
II appeal most earnestly to the me
eGd women OF America 70 lend thei
money to the Government; and to do
now {"
The committee announced yesterda
that arrangements had been complete
by the insurance men OF Greater Ne'
York to do their "bit' for the loan o
June ) and 6. when they will devote thei
entire time to the sale Of subscription
10 the Liberty Loan.
To bring to the attention OF the sma
investors on the East Side. The Bron
and other thickly populated districts IN
assistance OF all the settlement an
neighborhood associations of the cit
has been enlisted by the Liberty Loa
Committee.
The committee announced that Il
Campaign In the department stores
beginning TO show great results. Man
of the sales are reaching large agure
one at McCreery's amounting to $30,1c
and one at Franklin Simon's $4,000.
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