The sun., 1919-04-30
SUBSCRIPTIONS
FOR LOAN DROP
TO $14,9S7,4OO
Officials Aroused by Lack
of Enthusiasm as City
Fails to Strike Gait.
MORGAN & CO., $25,OO0,O0O
U-Boats Dedicated to Victory
NOtes-Savings Banks
Take 100000.
MORGAN & CO., S25,OOO,O0O

Benjamin Strong. governor of the
Federal Reserve Bank and chairman Of
the Liberty Loan committee for the
Second Federal Reserve district, in a
formal statement yesterday confirmed
THE SUNS announcement yesterday that
the number OF Individual subscriptions
TO the Victory Liberty Loan was far
behind expectations.
In a conference yesterday at loan
headquarters, no secret was made OF
tho fact that consideration will have
TO be given for the ensuing days of the
drive toward interesting the small sub
scribers who, 50 far. have not come for
ward in anything like the numbers re-
corded in previous loan drives. At the
conclusion of the conference. Mr.. Strong
authorized n short statement and intimat-
ed that when more complete figures were
available within a day or two he might
have something further TO say TO arouse
interest in the New York district. Mr..
Strong said:
The number of subscriptions indi-
Gates that the lack OF popular interest
III this loan is disappointing"
The gain for New York City yesterday
was only s14,3S7,400. and for the entire
New York district. s22 5s3,250. These
are the official figures recorded at
o'clock yesterday afternoon. and indi-
cate that with more than third of the
drive period elapsed, the city has sub
scribed only II per cent OF its quota.
For the district the percentage Is 16.5
Brooklyn continues to lead the other
boroughs in the New York City tabula-
lions with 2s.5 per cent OF its quota. Man
haitian is next with a little better than
16 The Borough OF Richmond, which
in the early stages Of the drive was be-
hind, has come to the front and yester-
day occupied third place among the
other subdivisions of the city. with 152
per cent Of its quota subscribed. Queens
shows a trifle moro than IA per cent,
while the Bronx continues to lag away
behind with only 5h per cent OF Its
quota recorded.
Committee Is disappointed.
Of1cials of the committee admitted
YESTERDAY n general evidence of lack or
public interest in the enterprise. 1t was
the first time such n pessimistic note
had been struck SO loudly and emphati-
cally in a war loan campaign. me
greatest disappointment the committee
fnds Is in the returns from the agencies
controlling the booth and subscription
book sales These have Jagged wofully
and the returns from them. which go far
to Indicate the popularity or the ap-
peal form the basis for Gov. strong s
terse review OF the situation. Other Of
ACialA members OF the general commit
tee. confirmed the foregoing summary or
the situation For obvious reasons,
none would permit himself to be quoted
in any terms that might suggest the
failure of the loan.
2 The more influential members OF the
committee drew attention to the fact
that many factors contributed TO explain
the apparent apathy Of the public to-
ward the present appeal Chief OF these
to r. Qd
generally as over. Many of those con-
suited professed to be unable TO explain
the lack of interest, but II required no
perspiCacity to discern behet that
local conditions. as reflected in increased
rentals. falling of OF war workers
wages continued high cost OF living. I'M
pending prohibition and the market
value of previous war bonds. all COM
bined to throw wet blanket on the
Victory Loan project as far as the man
in the street is concerned.
The largest individual subscription
announced unofically yesterday waf
that OF j. p Morgan & Co This was
for $4,000, 900. OF which $50 ,0p0OOC
was to be credited TO the Second Federal
Reserve District and the balance &c
Philadelphia through Drexel & Co. Other
large individual subscriptions Included
sl5OO.0O0 from Lazard Freres and $l,'
600, 900 from George Blumenthal.
Figures for Second District.
The official figures for New York city
diatr{ OF