The Birmingham age-herald., 1918-05-11
SOME LESSONS OF
 BIG LIBERTY LOAN
By HOLLAND

Fly HoLIAND
 fs New York May 0-(Special) l)-Although New York city is now listed as having l subscribed little over S1,oO0O Ooo, 900 to the third Liberty Loan, nevertheless great as these figures are. the publication of them has caused some disappointment. When
 the subscriptions began the prediction was made that New York city would oversahscribe it's allotment of ss0O, ,o0o.- 600 by from $500, ,0o0 900 to $500, 900 900. That l estimate was based upon the return
 made sy New York city to the second Liberty Loan appeal
 ! It appears to be the common opinion | with those Who led the great salesman | ship campaign for the Liberty Bonds that had it not been for the fact that
 many millions must be paid into the l United States treasury in the form of taxes Tn June these millions coming from | New York city the aggregate subscrip- l tions for the third Liberty Loan for this | district would have been approximately l s1, 800, ,o00.00o Those who have scrutinized | the subscriptions made by and through
 the Now York city banks have not failed | to observe that almost all of the banks | fell below the subscriptions made by and i through them to the second Liberty l Loan. A superficial reading of these l figures would raise the suspicion that l the New York banks were not able to i match, relatively or proportionately, in-
 stitutions in other parts of the country. | But these banks are preparing or have l already prepared to meet the demands 1 which are to be made upon them with l in the next four weeks for the funds with which to pay the government taxes. l Many of the great industries of tho 1 United States, the names of which ap- I peared in the first and second Liberty Loans, appear, so far as publication is concerned, to have subscribed little or ; nothing tc the third Loan. They did. 1 however, subscribe in as large an amount | as was deemed expedient in view Of l taxation, but they made their subscrip- | tions through the banks and their names | were not made public. The corporations | have been compelled to put aside large | sums or to negotiate with the banks for | large sums whereby they can pay their I taxes Presumably not far from one- half of the aggregate taxes the govern ment will receive in June will be paid l by or through New York city. Almost all the large corporations maintain of fees in New York and their relations | with the banks of New York city are l both of magnitude and intimate. Never l tleless. the money they will pay in the 1 form of taxes is to come from earnings which they have gained for their indus 1 tries in all parts of the country and in ! their dealings with the government THE INSTALLMENT PLAN
 I When the next Liberty Loan is offered i the presumption is that change in in- stallment plan methods win be adopted | by the government authorities. With 1 billion dollars in the federal treasury at l the close of the fiscal year and with 1 large amounts coming in through the | sale of Thrift and War Savings Stamps. which curiously enough have not af- l fected postal savings, the government will be in position to carry on it's affairs l of billions until late in the fall at a l time when the farmers will have re- l ceived the hundreds of milliOhs which in | the aggregate will be paid to them for l their crops Therefore. the next appeal ] to the American people for loan is not l likely to bc made until after the heavy I frost has come.
 1 In the campaign for the sale of third l Liberty Bonds the greatest salesman i ship campaign ever known, the sales men observed that many persons of l small means, wage earners especially I were anxious to buy bonds upon the 1 installment plan almost all of them $50 ! bonds But outside of New York city ! at least ii some places they were unable l to do his, unless they agreed to pay to 1 the banks, si for the first installment ] and s4 a wee. for each succeeding in- i tallment. whereas for $50 bond the government rules call for first instal- ment Of g and successive weekly instali- 1, ments of S1 lso that it would be possible in this way ito secure at the end of the
 year $50 bond. Wage carners could