The sun., 1918-10-03
The Fourth Liberty Loan Up to the
Rank and File.

hhc EVufth hueFtt LOAN I'D 10 the
Rank and File.
In this fourth Liberty Loan drive
the way the 100 milllmeter subscrip-
tiohs have been crashing against the
Huns Is magnificent; and 1t is war.
But nobody should make the mistake
Of thinking that these spectacular sub
scriptions will or can carry the loan
over the top, or any where near the
top. 1t Is up to the rank and file Of
the American people to win this
fourth bond drive.
Great insurance Organization head
the list with 100000 each, with
SIC, 900, with $4,000, 900. But you
can count on your fingers the ipsur-
ance companies capable of doing this
Sort OF thing single time in drive;
and once they have done It they are
through. Big corporations can throw
In and have been throwing in amounts
running from tens Of thousands to
millions. But. In the first place, there
ii 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 just that much less money to
out into bonds.
Again, there. are thousands of saw
ings banks that can fire the first shots,
but they must then drop out Of the
drive. while no one Of them can 60
heavily into the bonds for the rea.
son that the savings institution must
keep its assets largely liquid. or in Sc
'urities easly~1iquldated. As nobody
is expected 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, be-
cause the big incomes of individuals
are in the same situation and be-
cause trust funds-with insurance
companies, savings institutions and
he kind-are not elastic, the sum
total Of all these big subscriptions
must be relatively only q drop in the
$4,000, 100000 bucket.
The sources which must flood out
the greater part Of the $4,000, OOO, 200
are the agricultural communities and
the earners Of wages and salaries.
If a few Insurance companies all
put together can do their part in tens
of millions of dollars of subscriptions
IN agricultural section in the middle
West and the Northwest can do Its
nart in several hundreds Of millions.
II savings banks can take several hun
ireds Of millions, another agricultural
section in the West and Southwest
can take many hundreds of millions.
If the corporations and the trust insti-
buttons all put together can take a
few hundred millions, all the great
agricultural sections, with the three
prime harvests-wheat, cotton and
corn-just cashed in or just cashing
in for upward of ten billions of dol
lars, can take several billions.
The other sources-skilled mechan.
les and special workers in particular
industrial fields, driving day and
night, with unprecedented wages and
with sensational overtime earnings
numbering several hundred thousand
workers here, several hundred thou.
sands there. several hundred thou
sands somewhere else, and all together
millions of American citizens-are
able to take bonds as no other people
in the history of the worlds borrow
ing have been able to take them.
If an insurance company, out of the
assets of hundreds of thousands Of its
policy holders, can take $4,000, 900 of
bonds in one block, no more than 10O,-
600 individuals taking $1,000 each
can score 500, OOO, 900 of subscriptions.
If a group Of corporations can take
500, 100000, still 20,0O0,OOO individu-
ais, averaging no more than 500 each,
can take $2,OOO,oOO, 900 of bonds.
The big subscriptions have opened
the Liberty Loan campaign; but 1t is
only the subscriptions OF the 25,OOO,-
600 American families that can finish
1t. They must not fail to carry this
fourth Liberty Loan over the top.