New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-11
In Same Period During
Last Campaign the Total
Was $65,874,00O
Banks Cut Interest
Rate to Aid Buyers
E. |. du Pont de Nemours
Company Subscribes for
$4,000,000

glorious message went out to the
American people last night, when Sec
retary McAdoos ban on the announce
ment of official Liberty Loan figures
was lifted. Up to closing time yester-
day the Federal Reserve Bank of this
district had received subscriptions
amounting to s157,097,35O, or one-sixth
of its quota of $90O,0OO,0OO for the
third loan. In the same period during
The second Liberty Loan campaign only
s65, ,874,0O0 was raised.
New York's fervent desire to become
an important factor in the crusade to
stamp out German militarism has be-
gun to express itself When the coun-
try has fully spoken in financial way
by May A, which is still three and one
half weeks away, according to the pres
cnt indications, the Central Powers
will have no reason to doubt where the
American people stand.
New York's Total $135,950,400
New York Citys contribution alone
has already reached $135,950,4 400. The
subscriptions from Manhattan have
reached $125, 1858 500; those of Brooklyn
S10,257,O50; The Bronx, s78,60O;
Queens, S319,o50, and Richmond, S42,-
200 Buffalo has taken $309,2O0; Roch-
ester, $1,268,750; Syracuse and Utica
$773, 900; Binghamton, $618,30O; AL
bany, S4,182,350; Long Island and Rich
mond, s2,116,200; Northern New Jersey
$9,595.9OO and Fairfield County, Con-
necticut, Westchester and Rockland
counties, S2644,5 800.
All official subscriptions are made
through the banks. Only those &C.
tually filed and legally binding are in
cluded in the total of S157, 7,097 $50
which the Liberty Loan workers ex-
plain is a minimum and not maximum
summary of what the people of the
Second Federal Reserve District have
done.
If there is no relaxation Of effort
and it is generally recognized that any
subscription of the quota of this dis
trict will stand out as a message that
will cheer the Allied world.
Many Large Subscriptions
Many large subscriptions from in
divduals and corporations. all of which
will be reported through banks, were
announced yesterday. E. |. du Pont de
Nemours e. Co. announced a S4,000,0OO
subscription, the Distillers' Securities
York S2,0OO,O0O, the Atlantic Mutual In
surance Company 100000, and ST.
100000 from each of the following
American Beet Sugar Company, J. e. w
Seligman & Co., Great American Insur-
ance Company, the Home Fire lnsur-
ance Company, Charles M. Schwab. the
Seamen's Bank for Savings and I. A
Gillespie Company.
Arthur NJ. Anderson, director Of dis
tribution Of the Liberty Loan Commit
tee, keyed up the optimistic spirit by
announcing that all the banks of New
York had agreed to carry loans for
erty bonds for a Il per cent for not
more than ninety days. This will en-
able subscribers to borrow the money
against their bonds at the same rate
which the bonds themselves bear. The
market rate for time loans is now
per cent. Members of the Liberty
Loan Committee asserted that this step
on the part of the banks was one of
the most unselfsh they have ever
taken.
How Arrangement Was Effected
t The Liberty Loan Committee recon-
mended the banks to undertake this ac-
commodation last week, and the Com
mcrcial Ranks and Trust Companies
Committee, of which George f. Baker
chairman of the board of directors of
the First National Bank, is the advis
ory head, and Charles +. Mitchell
chairman of the National City Com
pany, is active leader, induced virtu-
ally every bank in the city to accept
the reduced rate Of interest for Liberty
| bond borrowers.
This arrangement does not mean that
the Liberty Loan promoters desire tc
encourage financing Of purchases OF
bonds in this way only. AS matter OF
fact, representatives Of the Treasury
Department are anxious to stimulate
loans to the government out of current
savings. Secretary McAdoo, in a letter
on this subject to John Muir, the
broker, which was made public last
night, wrote:
II think you are quite right in say
ing that an effort should be made to
get subscriptions from the wealthy
classes on the partial payment plan
They should be encouraged, as you say
TO take subscriptions Of $1,000, $4,000