The Washington herald., 1918-05-01
MANY DEMANDS
. ON N. Y. WEALTH
Holland Believes 1t Explains
Laxness in Liberty
- Loan Sales.


the Third Liberty Loan is the neces-
sity Of paying into the United States
Treasury within few weeks
an amount of money which may be
fully equal to the subscriptions and
ogersubscriptions to the liberty loan,
rveu though the aggregate reaches
$4,000 0o0Oo0.
OF course the amount which is to
be paid In the form Of normal in
come. war income. excess profits and
other taxes 10 no more than esti-
rated; nevertheless It has been pos
eible to obtain q fairly good esti-
mate Of the aggregate which the
United States Treasury will receive
by mid-June.
New U. 8. Calls.
Another reduisition. so to call 1t,
upon the American people Is to be
made Immediately after the Third
Liberty Loan subscription is ended.
There Is, however. no law to en-
force II any more than there is any
law to enforce subscriptions to lib
erty bonds.
This will take the form of an ap-
peal to the American people to pledge
themselEes to subscribe and at con-
venient intervals to pay into the
treasury Of the National Red Cross
: Association s10o 900. .0o
So also there are to be other ap-
peals for aid and in addition there is
q constantly increasing purchase of
war thrift stamps. In fact, this pur-
chase Is already gaining so rapidly
as to justify the hope that within the
year which Secretary McAdoo names
for purchase of war stamps the full
amount Of two billions may be Sc
cured.
Although all of these figures refer
to millions and some Of them to bill
lions. nevertheless no real apprehen-
sion Is felt IN the higher financial and
the banking circles that the mobili-
ration within twelve months of
these stupendous amounts OF money
to the end that the government be
abundantly aided will seriously af-
feet the money market.
This feeling may be due 20 the con-
idenee in the ability of the Federal
Reserve Banking system adequately
to handle the situation 1t may be
in part due to the suspicion, which is
almost belief, that the government
has already entered into or is about
to enter into new agreements with
Great Britain whereby future loans
to our allies will be made by the
United States, Great Britain not par
ticipating in them, but instead send
ing gold in large amounts to this
country.
New York City and the Lean.
In the list of subscriptions that was
published near the end Of the Third
Liberty Loan campaign in the twelve
- ha
United States. New York stood tenth.
her allotment.
The city was then slightly ahead of
Richmond, Va, in percentage. al
though the aggregate subscriptions IN
the New York district were at the
end of last week approximately
800 900 600. But what is $500 000.O 900 in
comparison with the wealth of the
New York district" is a question fire.
quently asked
Those who have been following the
figures speak almost in wonder. GER
tainly in qualification. Of the subscrip-
tons rolled up in the ninth federal
district, of which Minneapolis is the
metropolis. and in the st. Louis dis
triet. In each Of these districts, after
three weeks OF intense salesmanship
carried on by remarkably perfected Or
sanizations the percentage OF subscrip-
tionsS was in excess of the allotment;
as for instance in the case of the
Minneapolis district the percentage
was 107 and in the st. Louis district
1oA
Why New York Lags.
The question has been frequently
asked why has the Federal Reserve
District of which New York is the
center so Jagged that in three weeks
only a trifie more than one-half of
the amount allotted to the district
was subscribed.
The reason. or at least one OF the
OF the greater corporations of the
United States. and probably seventy
I'VE per cent of the individuals who
are in receipt of very large incomes,
the taxes upon which will yield mil
Hons to the government. are domiciled
In the New York Federal District.
Preparations have been necessary
for the payment OF the taxes which
will become due in June The amount
which will be received from the New
York district will probably be con-
siderably more than one-half of the
aggregate sum received for taxes. 1t
has been the part of wise business
policy to make preparations for the
payment of these great taxes,
: Those who are possessed of large
incomes are known to have done this
andf many of the corporationx have