Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-02
LOAN EXPENSES
NEAR II MILLIONS
Cost of Floating Fourth
Issue of Bonds Not Com.
pletely Compiled
MADOO WILL REPORT
Bulk of Money Expended by
the Twelve Federal Re.
serve Banks
M'ADOO WILL REPORT
BD q StoT CoJTcspoHdcHf


The figures of the cost OF floating the
fourth Liberty Loan of $4,000, 900. which
was oversubscribed about a billion. have
not been compiled by the Treasury De.
psrtment. but officials confidently be.
Lave the amount expended will come
well within the sl2,oO0.o0o allotted by
Congress to Secretary McAdoo for that
purpose
AZ the figures of the cost of floating
the second and third Liberty loans have
not vet been compiled either any pros.
ncctive estimates OF the way the money
was spent 20 induce the public to pur.
chase the fourth loan must be taken
from the results of the first loan, fioated
in June. 1917
Assistant Secretary of the Treas sury
George Cooksey and Mr.. Franklin. direc-
tor of the war loan bureau, stated to-
day that It will he at least four or Ave
months before the Treasury Depart
ment will be In possession of vouchers
of expenses from the Federal reserve
boards of the twelve districts. showing
how they spent the money allotted to
them to sell the bonds.
One- Ihbru IN washington
only abou, one-thrd the cost Of
floating the four Liberty Bond issues
has been expended in Washing ton, and
we have not Yet had the time to COM
pile the figures of either of the three
last loans.' said Assistant Secretary of
the Treasury George Cooksey today.
The money we have spent in Wash
ington has gone for purchasing the dis
tinctive paper on which the bonds are
printed, and printing and engraving of
them. and for posters and stickers. but
tons, Office employees and miscellaneous
oiflce expenditures, but the figures of
these expenses have not been compiled.
Accounting l. Strict
We have been so busy selling the
four series of Liberty bonds and put
ting them in the hands of the buyers,
we have not had the time to compile the
expense figures We have strict ac-
counting. either In the Treasury Depart
ment or in the hands of the twelve Fed
cral Reserve banks for every cent spent
by authority of Congress In floating
the four loans, bu. have not yet made
compilations of expenses of the last
three loans. | doubt if We shall have
the figures of expense for the fourth
loan In hand for four or five months. "
in authorizing the flotation of the foui
Liberty Bond issues and allowing Sec
retary MoAdoo one-nfth of one pei
cent of the sale of the bonds for dis
tributing them. Congress provided thai
he should make "A report at the beginning
of the session of Congress to follow
Hence a report was made 10 Congress
on July /. 1918. by Secretary McAdoo o.
the cost OF floating the first loan up t,
June 80.
Secretary McAdoo will be required IL
make report to Congress when i
meets next December for the next ses
sion upon the cost of selling he sec
ond. third and fourth series of Libort.
Eonds. Treasury officials hope 10 hav'
the flgures available by then of the cos
, of distributing the second and thir'
loans but doubt that reliable accounting
will be possible of the cost of selling tn,
fourth series.
| Il cost S2.709, 5000 to ioat the first
Liberty bonds of two billion dollars
Congress allowing Secretary McAdoo
one-tenth of one per cent for floating
the certificates and one-ffth of one pei
cent for selling the bonds. On the issues
since then. Congress has allowed the
Treasury Department ono-fifth of one
per cent to sell the bonds.
! OF this s2.709. 9.4s0.3O. Il. little over
half, or s1462.s2a.9a was spent by tho
Treasury Department directly and
S1.246,6 ,6b0.3l by the twelve Federal Re
serve Banks.
Division of Cost
On the first loan the Treasury De-
partment spent its million and a half
dollars as follows:
Distinctive paper and engraving and
printing. s932.32s.ss; posters and stick
ers. $3s,4t4; buttons, S21,771: furniture
typewriters and labor-savng machines
s21.s95. and the balance for insurance
and transportation Of bonds. printing
and stationery, travelling expenses. ex-
pressage and postage kilograms and
telephones etc.
or the sl.246,660 spent by the twelve
Federal Reserve banks in floating the
first Liberty Loan, the Philadelphia Re-
serve Bank spent s93.17S59, distributed
as follows:
Salaries. $26,S22: travelling expenses
$34l0; printing and stationery, $18.29O
equipment. t427; freight, postage and
express. $16G4 telegraph apd telephone
s3506 publicity. s36.03i reNtals s1163
newspapers and directories S8i, and
miscellaneous. S7S4
/ The totals spent by the other clever
K reserve banks In floating the $4,000
300, 900 OF bonds of the first Liberty
Loan we're; New York. s393.28S At
lanta, s24.9s3 Boston, $99,552 Chicago
sI84,645; Cleveland, s106,154; Dallas
s2S,8S4 Kansas City $42,247; Mime.