Evening journal., 1918-10-04
The Fourth Liberty Loan
Up TO The Rank and File
lFrom the New York SUM-

In his Fourth Liberty Loan drive the
wy the $50 mllllmeter subscriptions
have been crashing against the Huns
Is gamnllcent: and It Is war. But no.
body should make the mistake OF
thinking that these spectacular cub
scriptlons Will or can carry the loan
over the top, or any where near the
top. It is up to the rank and tlle Of
the American people to win this fourth
bond drive.
Great insurance organizations head
the list with si,OOO,OOO each, with siO,-
100000, with s2O,OOOOOO. But you can
count on your fingers the insurance
companies capable OF doing this sort
Of thing a single time in a drive; and
once they have done 1t they are
through. Big corporations can throw
In and have been throwing in amounts
running from tens Of thousands 10 mil
lions. But, I'm the FIRST place, there
Is a distinct tax limit on how much
Of this they can do; In the second place,
when corporation stockholders get as
dividends such bonds, as they will do,
the stockholders themselves receive
iust that much less money 10 put into
bonds.
Again there are thousands OF savings
banks that can FIRE the first shots, but
they must then drop out OF the drive
while no one OF them can go heavily
into the bonds for the reason that the
savings institutions must keep its as
sets largely liquid, or In securities
easily liquldated. As nobody IS expect
cd to try to market Liberty Bonds
there IS that bar against heavy savings
investments In them.
In any event, because the surplus
earnings Of corporations are largely ear
marked for the tax gatherer. because
The big incomes Of individuals are ir
the same situation and because trust
funds-wlth insurance companies, saw
lngs institutions and the kind-are not
elastic, the sum total OF all these big
subscriptions must be relatively only
a drop in the 81 nm nm nm bucket.
The sources which must flood o.
The greater part of the s6,OOO,0O0,000
are the agricultural communities and
the earners Of wages and salaries.
II a few insurance companies all put
together can do their part in tens Of
millions Of dollars Of subscriptions an
agricultural section In the middle West
and the Northwest can do Its part in
several hundreds OF millions. If saw
lnrs banks can take several hurJreds
Of millions, another agricultural sec
ton. I'm the West and Southwest can
take many hundreds OF millions. I
the corporations and the trust institr
tions all put together can take a few
hundred millions, all the great agrl-
cultural sections, with the three prim
harvests-wheat, cotton and cOrn-jus
cashed In or just cashing in Tor upwar'
OF ten billions OF dollars, can take sew
eral billions.
The other sourees-skilled mechanic
and special workers in particular In
dustrial fields. driving day and night
with unprecedented wages and with
sensational overtime earnings-num-
bering several hundred thousand work
ers here, several hundred thousands
there, several hundred thousands some
where else, and all together millions Of
American citnens-are able to take
bonds as no other people in the history
Of the worlds borrowing have been
able TO take them.
II an insurance company, out OF The
assets OF hundreds OF thousands Of its
policy holders, can take si000OOOO OF
bonds I'm one block. no moro than tOO,-
900 individuals taking $1,000 each can
score SlOO.OOOOO0 Of subscriptions. II
a group Of corporations can take si0O,-
OOO.OOO stlll 100000 individuals, aver