The Washington herald., 1918-04-09
McAdoo Puts Lid on Off,
cial Announcements 70
Guard Against Inaeca-
rate Information Large
Sales Reported Over the
Entire Country.


clamped the lid down tight on
official announcements Of third
liberty loan sales.
Explaining his action, Secretary
McAdoo telegraphed from Rich
mond as follows:
McAdOo's Explanation.
In order to remove the risk Of in
accurate information and of over
sanguine and misleading estimates
concerning the amount of subscrip-
tions to the Third Liberty Loan. no
figures will be given out for some
days. and then only figures as to the
actual amount of subscriptions Off
cialIy filed with the Federal Reserve
Banks. The danger of relying upon
optimistic estimates and unofficial
subscriptions will thus be avoided.
This information will be made
public beginning at an early date,
when the Department will be pre-
pared TO give accurate figures. After
the plan has been developed, the Fed
craI Reserve Banks will report to the
Treasury Department the amount of
subscriptions actually filed and these
reDorts will be given out daily. The
Federal Reserve Banks will simulta-
neOusly announce the amount of such
subscriptions officially filed in their
own districts and will permit local
60 the =
OF subscriptions officially filed.
Il ask the cooperation Of news
papers and Liberty Loan Committees
throughout the country IN the Bsaicy
. above Indicated, which Is of vital i'm
portance to the object We all have in
mind in making this Liberty Loan an
unqualified success"
Flying start.
Away to flying start. the Third
Liberty Loan yesterday settled down
into a strong stride that will, if main
tained, carry it over the $1,000, 900. 90
line in record time. Because of the
action of Secretary McAdoo in plan
ming official announcements of loan
sales the Treasury Department last
night couI1 not even make an official
estimate of sales Saturday and yes
terday. Unofficial figures, however.
show that sales and pledges fer the
first two days run to approximately
800. O.OOO. 900.
This amount. one-tenth of the min
imum total to be sold, representing
only two of the twenIy-four business
days on which the bonds will be sold,
was highly gratifying to leaders in
the campaign here. No reliably accu-
to will Ia 20
days. it was said last night in the
Treasury.
Twenty-seven California towns and
one county won honor flags, and fifty
other California cities oversubscribed
their respective quota.
Lansing, Mich. was the first state
capital under the wire, sending word
today that the original quota had
heen left behind. Sioux City wired to
the same effect, and another Iowa
city. Germania, belied its name by
subscribing far more than its quota.
Others OyersubserIbed.
Five Louisiana parishes. eleven
Texas counties and fifty-five COM
munities in Georgia teIegraphed
Washington they had oversubscribed
and were going right ahead with the
campaign. Other towns reporting in
cIUded Pass Christian, Miss; Ham
burg. Pa; Hammond and Huntington
county. Ind: Kingfisher and Coal
counties Okla: HarrisonviIle, Mo !;
Piggott. Ark.s Millers, New; Lincoln
county, Col, and Florence and River
ton. y. j.
April p has been designated as LIB
erty Loan Sunday by Secretary Nc
AdOo. He sent letters to 114O00 minis
ters today. asking them to preach ser
mons on the Loan on that date.
Samuel Gompers, president OF the
American Federation of Labor, issued
an appeal on appeal on behalf Of the
loan
Drive for Small Buyers.
Richmond, Va, April S.-Hope that
fifteen, or even twenty million sub
scribers will underwrite the Third
Liberty Loan was expressed here to-
day by Secretary of the Treasury
McAdoo.
The more people who buy $50 bonds
and 800 bonds. the better it IL for
America and the more discouraging
it Is for our enemies" he said. 1T
would be q magnificent element of
strength in the financial position Of
lHe COunlTys anu nave IdF reaching
effect on the general economy Of the
situation"
Secretary McAdoo took pains here to
explain the administration position on
interest rates, saying ''it is a pathetic
thing that the American people have
TO continue to raise the rate Of in
terest on themselves in order to sup
port the government in q time like
this"