The Birmingham age-herald., 1918-11-20
Every Federal Reserve Dis trict Exceeded Quota, the OversubscriptiOn Aver
 aging 16.4S Per Cent
FIFTH LOAN BONDS WILL BE OF SHORT
 TIME, SAYS M'ADOO
Size and Time of Flotation of Next Loan Cannot Yet Be Predicted, But It Will Probably Be
 Offered in Spring

Washington, November 19 Total subscriptions to the fourth Liberty Loan were $6,9o9,047 ,000, the treasury department announced after final tabulations had been completed. The oversubscrip- tion of $9S9, ,047, ,OOO was 16.4e per cent. Every federal re- serve district exceeded it's al- lotted quota.
 This makes the fourth Liberty Loan by far the greatest war loan ever floated by this or any other govern ment. For the fourth consecutive time in the last IS months of war the Ameri- can people have given more than the government asked to finance the war programme. Including the four Liberty Loans and War Savings the nation has raised 17S52, 100000 in popular loans, and this does not take into considera- ton oversubscriptions which were not accepted
 DISTRICT SUBSCRIPTIONS
 Reports by districts arranged In or der of their subscription pereentages afe as follows: - ~~---. 4 Y '
 Boston: Quota, s5o0,000.000 subscrip- tion, s6S2, 221,S $50; per cent, 12s.44.
 Richmond; Quota, s2S0, 1000, 000 sub scription, $352,6SS, 2o0 per cent, 12595
 Philadelphia: Quota, $500, 900, 900; sub scription, $59S,763,650 per cent, 119.75.
 Cleveland: Quota, s6o0,000, 900; sub scription, $7o2.o59, 800; per cent, 117.
 Dallas: Quota, $126.o00, ,000 subscrip- tion, s145,944,45o; per cent 115.S2.
 Minneapolis: Quota. $21o,o00, ,o00 sub- scription, $241,62S,Soo; per cent, 115.0s.
 San Francisco: Quota, 20Oo 900; subscription, s459,oo0,000; per cent, 11417.
 St. Louis: Quota, s2sO, ooo,oO SUD- scription. s296,3sS. .550 per cent. $11s9s
 New York: Quota, $1, 800, 900, 900; sub scription. 4,77s.6so; per cent. 113.59
 Atlanta: Quota. s1s2,OOO 900; subscrip- tion, s217SS5,2 200: per cent s1134S.
 Kansas City: Quota, s2e0,o00.0OO; sub. scription, s2s4,45o; per cent, s113.S2
 Chicago: Quota, $S70,000, 900; subscrip- tion,. $969,2o9 900; per cent, $11140
 i'ieSd t'Ndtco U Sd5 ui 
 Bonds of the fifth war loan to be. offered probably in the spring. will be or short maturity, Secretary sMcAdoo announced today This was interpreted IS meaning five years or less. The sec retary, said it is impossible now to pre- 1ift the size or time of flotation of su- ture bond issues, necessary to cover he remaining expenditures growing out n ft.na axrray t,,t . sf- Iirely clear that the moment had come when the interests of the government md the country would be best served by the issue of bonds of short ma -urities and that that would be the DO = cy of the treasury
 WILL BE POPULAR
 Short term bonds, treasury officials 'eel, would be bought more readily than hose of longer maturity. Previous Lib srty Bond issues range between 10 and '0' years.
 Whether short term bonds might he told at the interest rate of Az per cent set for the past two Liberty Loans. ,r might be increased remains for fu- .ure determinations.
 Existing war obligations mature as 'ollows: First Liberty Loan. $2,0O0, 100, 1000, redeemable at the option of the | treasury after 1882 and payable not ater than 1947; second Liberty Loan. l 3,S0s, 100000. redeemable after 1927, | payable in 1942: third Liberty Loan l '4,176,00o, 900, redeemable and payable | without option, in 1928; fourth Lib erty | Loan, $6,989, ,047,000. redeemable after | 933. payable in 1888; War Savings, | S79.330000, up to the present. payable | n 1923
 With this programme of maturity. he treasury by exercising its option | an call in the nations war Geb. for re- eption in installments every five years l Intil 1947