New-York tribune., 1918-03-30
StrongAsks Change
In Crediting Loan
Subscriptions
Should Be Filed Where
Financial Arrangements
Are Made

urSeQ tnaL SUBSCRIPTIONS 4OI tHc HIi u
Liberty Loan should be filed in the
cities where the subscribers money is
drawn in payment or where his
financial arrangements are made
His recommendation, ic was cx-
planned applied largely to corpo-
rations whose banking facilities are in
New York, but whose branch Offices
are in other cities.
The essence of Mr.. Strong's conten-
tion is that. since quotas as announced
Thursday for the next loan are based
on the capital, surplus, undivided
profits and the deposits of the banks
in the district, it is only fair to credit
the city where the banking arrange
ments foc the subscriptions are made
with the subscription. In practice this
would no doubt greatly swell the vol
with which the Second Federal Reserve
District is credited, since New York is;
The money centre
The Theory of Quotas
"My recommendations on this sub
ject," said Mr.. Strong, "are based on
the theory of the quotas. When the
government sells its bonds it accepts
bank balances n payment, and in order
10 avoid unnecessary shifting of bank
talances throughout the country sub
scriptons should be made in the dis
trict where the bank balances are car
ried by the subscriber. The apportion-
ment among the districts and among
the communities within the respective
districts is based on the capital, sur
plus, undivided profits and the deposits
of the banks, the deposits Of the re-
spective banks being analysed to allow
for savings deposits and the deposits
of other banks which would, in fact,
be q duplication
1--WE recently received letter from
the Treasury Department in Washing
ton VIII CHI reads in part. as follows:
The quotas allotted to each Fed
eral Reserve district are based chiefly
upon the bank resources of the district,
and 1t therefore seems proper that slb-
ness in more than one district should
be placed in the district from which the
money is withdrawn. If bank accounts
IL more than one district are drawn
upon to meet subscriptions it would
seem proper to divide the subscription
accordingly. Subscriptions by corpora
tlons for account of their employees
should be fled in the districts where
the employees are resident. Even though
the original payment comes out of the
corporations general funds, the subse-
quent repayment by the employe is
made from his own money or earnings
which would otherwise be deposited in
the district where he resides. This
distribution of such subscriptions
seems to be equitable and Liberty Loan
committees are requested to refrain
from urging the distribution of cor
nee with this plan.'s
Led by Georse -e B. Greene, as
chairman of the Advisory Trades Com
mittee, TIE Rainbow Division of allied
business divisions in this city. which
was organized last October to help in
the second Liberty Loan campaign. an
nounced Yesterday that it is fully pre-
pared to do its share to help the I'd
Federal District oversubscrbe its quota
Of $500, 100000 in the third Libertv
Loan campaign. The division alone
expects to raise half of that amount.
Representing 130 Industries, which
are grouped into eighty-one trade com
rnittees. the division has 100000, and
IT'S policy is to have its members cam
paign within the industry in which
they are engaged. Benjamin Strong,
who is called commander in chief of
rn RI t,oc Il.
OF the committees which are to direct
the operations of each section. The
chairmen have selected 1000 lieuten-
ants to De associated with th<m in the
campaign, and during the drive each
committeeman will receive d leave OF
aosence from his firm, and, without re-
Enumeration. will devote his entire time
20 the floating OF the third Liberty
Loan.
The following business men have ac
cepted chairmanships of Liberty Loar
trade committees:
$ L. Newman. Of Reln,hal & Newman. commit.
zee Of ar dea.e's and allied trades: c. NJ Brown
~ the Winton Company. automobiles and allie
trad: A. G. k.o'he. OF knothe Bros belts. sus
leaders ard sarieF, G y Whitman butter. egg
'yadcs coonei Bennett H. robey. treasll-er Fri
10 ;s ee'''@'{ ,yo 9argc's s. and rugs: L. $. Cod
ni&ein-cIst M.elari +. Burns. of Burns Bros. coal
49," : f'iSa.. shaa glass ED housefur
har j. wo Max M scMaz fSl'2ms5s c"mpay suDpS doa,
49, a'd shirs. Daniel kops. of the Memo Corse
t9taiany corset manufacturers; sstephes Dor
eoicf teas and s;hocs. John Sloane. Of s. 4 J
@i,-ane. decorator
Louis s,essF'. OF Mecreery & Co. departmen
.,9-es Ecrirar II. Borden, OF NJ. c. D. Borde.
* SON. drsools t"ho!esalc,: Theodore Bera..
,,,,clls.A' Electric COMPANY eecthcaI. f. w VII
sl.ner q Palmer * Enoury Manuracturtns Com
S, -,sgoI infnrpFs Samusl ul.man. tufs Frederic'
tseIiers4 contractors: T. H. Sayrc S c William
.ofas4ny. groeeFs: Brayto withercll Of Knox la
,,,ineSAy, nat; cap and allied trades: Louis J
% il@.@ t.o's ~ tp,es ard restaurants. August Gold
5otH o, 'if'aS'nth Stern & Co jewelry. Darsir
ii.eifSn Aib'st WShc. % Cassidy 4 sons. lighi
Ing h1'nre- Daniel + Meyers leather gloves
i'Frine. ., johnson Bros. lumber '''-''''' .
Ja5ats " i-ase machinery and machine tools
i',oss, snepf On New iors Hatcher Dressed Mea
iad.es Garment Association. ciar,es aHds
& siee pfes;est tish Copper Company. metal In
se o chureh Webb Close. rss'.s n.,,tso, CO.,
nl,,Iasav maisra Ds.sao.an Of William Roseblu & Co
heeld Farms. min 'G~l ArSr I,iroan m pecSer G,.,o
Esehsnse William H.. Farmer Pra.a T. Fsrroe,
x Gibby. lac. osisce supplies. William I,bnin. s
@ pssoe company. t'aiats oils and yarnishsst ~ A.,
Io9 Maker Association paper i, n ms,,ro.i'
= o. Paiile r. New York and Pernsylyan,
.,nnsny ss,sns1y psfs- m.nufarturrrs Hevy Ph,srj
stoAsrs. Julian aeysr J 4 q rfscic, p."1 Csro
.s'S, plane: and musical rstruner.a yr,, =
~, "T1N' A'e"hofter bo5ee Hughes. public accous,
tohn Nix. produce and triit.. cha,lea e,r,a
Il t D.s''''.eis. s gI'nisr. and btokbpdera villa,
Il ses@rrserh1r1l, n ifse North Arne,1r. r|.
"a 'g'iS~5<tlen . ~ snipDanE. !rar.,r, ard a1nor,