New-York tribune., 1918-05-22
N. Y. Subscriptions
Total 3,343,123 in
Third War Loan
Bond Purchases in This
District Average
$333.5O

! he emerRenCe OF Cne small SUI
scrber in the third Liberty Loan cam
paign is the dominant fact revealed in
the complete statistics for this dis
trict made public Yesterday by the Fed
eral Reserve Bank.
Individual subscriptions totallcd 3,-
343,123 in the last drive, against 2.1a2,-
OF in the second and 978,958 in the
first. Moreover, the subscriptions be-
tween $50 and $4,000 constitute the
only group that shows a striking i'm
provement over the showing in the sec
ond campaign last October.
Further emphasis in the wide distri-
button among the people of the last
war credit inheres in a comparison of
the average amount of the subscrip-
tions compared with the averages of
the preceding loans. In the financial
push" which ended on May last the
grand aggregate subscribed reached
S1,114,930,7 700, or $333.50 per subscrip-
ton. The average subscription in the
New York district in the second loan
was $710.56 and in the first loan
S1,212.29.
Results Among Big Buyers
Another outstanding statistical feat
ure of the last loan is the record of
the very large subscribers. Those who
took subscriptions in excess OF 10000
subscribed an aggregate of $345,8b0,500
which is larger than that contributed
by any other group except that of sub
bonds. Only 430 individual subscrip-
tiOnc f0 noko fhn
total in the class Of very large sub
scribers.
Financial observers regard the
broadening of the number of war
bond holders as exceedingly encour-
aging. The larger number of subscrib-
ers to the Liberty bonds the larger is
the number of those who have indorsed
Americas war enterprise and invested
in victory. Moreover, the wide distri-
button means that great number OF
the bonds will be paid off through cur
rent savings, and that there will be a
large civilian army of war savers. This
ply the needs of the government.
AS for the subscribers to $4,000 OF
more of bonds, their contribl tion to the
third loan was less than they gave in
the second. Many factors account for
this, but the outstanding fact in rela-
ton to the future, it is believed, is
that the larger interests will be in q
strong position to buy heavily in the
fourth Liberty loan campaign, which is
tentatively scheduled for next October
Less pressure was brought to bear
on the large buyers in the last cam
paign than in the preceding two, be-
cause the smaller subscribers took q
much larger share of the burden than
ho, Of hforo0uor tho ind;
vidual buyers and the corporations
were confronted with income and ex-
cess profits taxes, which fall due next
month.
The mathematical tabulations stress
the distinctions between the third Lib
erty Loan bonds and the other two is
sues very sharply. Subscriptions from
$50 to $4,000 in the last loan aggre-
gated $522,915,700, against SAL ,101, ,15(
in the second, and S274,019,550 in the
first. Subscriptions from $10,O5O tc
$4,000 totalled 1927 ,456,85O in the cam
paign just ended, compared with $168,
in the first. Subscriptions from $5O,O5(
to 100000 amounted to $68,562, 900 ir
the third loan, against S100,722,650 ir
the second and $71 1,270, 900 in the first
Subscriptions from $100,050 to 100000
reached $50,145,05O in the third loan
against S68, 8,166,70O in the second anc
500 in the first. Of the sub
scriptions in excess of 100000 the
total in the last loan was $345, ,850,5OO
compared with $772, ,136,75O in the sec
ond and $693, 3,025,650 in the first.
Total Is Smaller
The grand total of the subscriptions
in this district to the third loan was
$1,114,930,700, compared with $780,.
453,450 in the second and $1,186, ,768, ,4OC
in the first. The statistics for the
still tentative, and may show up still
better when the final figure is ready