The sun., 1918-10-14

Spurred on by the knowledge that
since the celebration of Liberty Day the
Federal Reserve district of Minneapolis
has reached its goal Of $40. 900. the
nation win resume to-day tho great
Loan OF $4,000, 100000 with renewed
vigor and with the slogan Of Double
the Third"
No figures were obtainablo from
Washington yesterday as to the results
Of the first twelve days Of the drive by
the entire country, but Ave districts have
reported individually and their addi-
tional subscriptions reach a total OF
$1ss.745.6oo. These districts are New
York. Boston. Chicago, Philadelphia and
Minneapolis. This brings the total sub
scriptions up to s2.4sS.e21,Soo. or about
81 per cent of the 5000. .000.0 900 needed.
News that the Federal Reserve dis
| trict OF Minneapolis was the first district
TO reach its objective was contained in a
telegram sent by A. r. Rogers county
| chairman in Minneapolis, to the Treas
ury Department, which said that signed
subscription cards for S212.110,350 were
already in hand.
New York Faces Great Task.
New York's fight to reach its goal Of
1880. 100000 during the remaining six
days. which means that it will have to
| raise about sl,237.724.s5o' in that period,
will be resumed to-day with increased
! intensity. The vigor with which the
army of Liberty Loan workers will go
out In conquest Of dollars to be used to
insure payment of Uncle Sans bills for
food. munitions and clothing for her
warriors is expected TO exceed any drive
that has heretofore been made.
Interest in the drive seems to have
Jagged 50 much that the expert statis-
tician for the Liberty Loan committee
had lapse of memory and in trying
to arrive at the figure which must be
raised on each OF the next six days to
gather $1,237.724.s5o divided by seven
instead OF six and announces that sl76,-
S17.S36 must be received in subscrtp-
tions daily to bring the New York dis
trict UP to its quota. The New York
district. therefore, must raise more than
S176.Sl7,s35 on each OF the next six
days. the excess depending upon the diff
ference between the subscriptions for
Saturday and the $176.s17,s35 divided
by six.
The task of going after the badly
needed funds this week has been
started by Benjamin Strong, governor
of the Federal Reserve Bank of New
York. who has sent letter to directors
OF corporations urging them to give con-
slderation to the thought of having their
companies make further subscriptions to
the loan.
Advantage OF Investment.
"Up to the present time" the letter
says. "the subscriptions have not been
coming in at a rate which by any
this district. and It Is clear that the last
week of the campaign must see a much
greater increase in subscriptions than
has been required in any one OF the
three preceding loans.
80 far as regards the superiority of
Liberty bonds over other forms OF in
vestment for corporations the exact
status of bonds with respect to their
position as invested capital and with
relation to the undistributed profts tax
has not been finally settled. The bill
Towering these points is now I'm the
Senate. but as II left the House there
was a clear advantage to a corporation
to invest in bonds of the Fourth Loan
an amount equal to all income not paid
out in dividends or used in retirement OF
Indebtedness, This advantage would be
equivalent to a saving equal to per
cent. Exclusive OF income received) on
all funds so employed.
while all issues Of Liberty bonds are