The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1918-05-08
Allotments of Liberty Issue
Likely to Go Well Over
$4,000, 100000
NUMEROUS ADVERSE
CONDITIONS MET
War Taxation Counted Against the Roll
ing UP Of Big Over subscription
Complete Total of Figures Will Be
Given Out Monday.

WASHINGTON, May Secretary
McAdoo has announced that he would
allot bonds of the Third Liberty loan in
full on all subscriptions. This an
nouncement is in accordance with the
terms of the offer of the loan last
month.
What the amount of the loan will be
depends on the eventual returns which
now seem likely to send the total well
above $4,000, 100000. The banks and
trust companies and bond agencies have
until Thursday to make their returns
to the federal reserve banks, ard the
latter have until next Monday to make
their returns to the secretary of the
treasury Until these final returns are
made the actual total can only be esti-
mated.
The official reports announced yester-
day. giving grand total Of $3,316,-
62S,250, have been added to substantial
ly today, but these reports, owing to
their obvious incompletness, will not be
given out at the treasury department
until next Monday. II is clear from
approximate figures from two of the
reserve banks, whose business is not
classed with the largest in the country,
that there will be between $500. 900 600
and $500 100000 to be added to the
last announced total Assuming that
the additional returns from the smaller
districts are SO 100000 and that at the
lowest calculation the other districts
will attain this as an average, the final
total would be So $50, 900, 900 with de
ferred payment sales to be heard from
after May O.
The estimates recently made, that the
loan would 90 up to 81 1000 100000 have
been based on the experiences accom-
panving the campaigns for the previous
loans where each" time the closing fig
ures seemed to indicate hardly more
than the sale of the minimum loan, and
the oversubscription that came in the
succeeding fortnight proved to be very
large This time the conditions have
been somewhat changed, and their effect
on the result seems likely to be meas
ured by several hundred millions.
| 1t is true that this third loan has
been popular one, and it is likewise
apparent that the wealthy classes who
bought heavily of the first and second
loans have held back some in the third
| loan. This is attributed to two consd-
erations. The first has been that the
war revenue act has changed the situa
ton radically as to big fortunes, and
the income corporation and excess prof
its taxes have undoubtedly made it i'm
practicable, if not in MANY eases impos
sible, to buy bonds.
The second condition that is believed
to have operated against ovcrsubscrip
tion by the wealthy classes is the fact
THAT buyers knew in advance that their
subscriptions would be accepted in full
instead of being scaled down az in tn,
other loans. The man who desired t,
buy $4,000, 900 bonds in the first o,
second loan campaigns usually sub
scrlbed for twice that amount. RELYING
on the final allotment to adjust thC
amount to suit his plans. This tim,
whatever amount he subscribed was al
actual amount that would surely stan5
no matter how great or small the entir,
subscription by the country at large
might be.
The returns of the next week will
tconsist mainly of purchases made OF
the deferred payment plan, the buyel
availing himself of the opportunity t,
pay down > per cent and then pay il
Iinstallments with interest on de
ierred payments from May 9.
Those who bought coupon bonds not
in excess of $4,000 with full payment
Of the par value are receiving then
bonds. Third Liberty loan bonds Of thi,
description have been issued already t,
the amount of $224,6l6,000. There viii
be deliveries of bonds under this agree
ment regularly from now forward.