New-York tribune., 1919-05-05
$4,000 Fewer Buyers of
Present Issue in First
2 Weeks, Nearly $780,
100000 Less Raised
Red Feather Days Coming
Leaders Becoming Alarmed
Over Widespread Lack
Of Interest in S ales

Facing the task of raising mora than
y per cent of the quota Of the New
York Federal Reserve District in the
final week Of the Victory Liberty loan
campaign, Benjamin Strong, chairman
of the central committee here, declared
last night that "the public must be
aroused to a full conception of its
patriotic duty"
"The members Of the Liberty Or
garization," the governor of the Fed
eral Reserve Bank asserted. "believe
that the best publicity for the loan are
the facts, and that the greatest dctri-
rent to the loan are the assump-
tons"
Mr.. Strong made public figures that
showed not only that less money had
been raised in the first two-thirds of
the present drive than in the CORE
spending period of the Fourth Liberty
loan campaign, but also that far fewer
persons were buying securities of I'm
Gle Sam. Total subscriptions, he said,
recorded to date in this loan for the
Second Federal Reserve District ag-
gregate S376,9o6.25O, or 27.9 per cent
of the quota, compared with $513, ,797,-
400. or 2S.5 per cent in the first two
weeks of the Fourth push"
Fewer Persons Subscribe
Mr.. Strong declared that in the pres
snt search for great army of lend
ers only 120,930 separate subscriptions
have been officially reported thus far,
compared with 19S,868 for the same
number of days in the previous loan.
For eleven days of this campaign H.
ol2 coupon books have been sold
against 145,967 in the same period of
the Fourth loan
"This is a serious and discouraeing
indication of the lack of WIDESPREAD
public interest in the loan. We know
that some of the largest subscribers
TO former loans are unable to file as
large subscriptions for this loan, and
the shortage must be made up bv a
more widespread distribution and by
larger number of sales And to ac-
complish this the public must be
aroused to q full conception of its
patriotic duty"
The situation is regarded as so ur-
gent and serious at loan headuuarters
that the leaders OF the financial STRAIT
egy themselves, including Mr.. Strong,
arthur VI. Anderson, director of the
Government Loan Organization. and
other bankers, viii 90 out into the
street during the week and ask for
small subscriptions.
Red Feather Days 81
The last days of the final war loar
beginning Tuesday night, have been
oesignated as Red Feather" davs. and
every man and woman in the country
VIII be asked to buy another note
and get scarlet plume.
a procession Of loan workers in
S,!.udalng high officials, viii parade m
dlltn Avenue Tuesday night, CARVING
ianIti.hg torches, white fares and other
brilliant lights, to draw tho attention
Of the people to the need for bnrriod oll
effort. Big Bill" Edwards. Collector
OF internal Revenue, viii be Grand
marshal Of the parade Moreover red
piacards, with the legend "New YorlT
viii See II Through" will be nostaJ
throughout the city.
IN diagnosing the reasons for +ha
stump IN the campaign, Mr.. Strong
sai0: As to the assumptions, the
principal and most damarinp ono is
the idea that as this is an ISSUE slio os -
notes OF comparatively short lnatur-
1Jy, 1T viii be taken by the banks.
We're the banks to subscribe for this
1oan, instead OF the public, it would
mean an expanded bank position. p
continuance Of unduly high prices. and
an impairment of the ability of the
banks TO furnish credit for the coun-
try's industry and conre@rce.
another assumption which infures
the loan - that there is some diff
terence between . government obliga-
tion called note and q government
obligation called q bond Thev are
1oentlcal IN every way, including ne
Rotlabillty and security. Still an
other mistaken assumption is that
these Liberty Loan campaigns are ex-
pensive. They are the most economi-
cal financial operations Of such mag
nltude ever conducted in government
finance
another most serious assumption
= that because the terms of this
loan are 80 satisfactory somebody will
take 1t, even though the individual
guilty Of the assumption does not pro-
pose to take his share. No issue OF
$4,000, 100000 Of bonds can be success
FULLY distributed upon any such as
sumption. It viii not sell itself. The
amount il too large. The success of
the loan depends upon every individual
and corporation subscribing for as full
an amount as his purse affords"
According to the latest loan statis.
tics, tho country as whole has vel
to raise $2,8z2, ,02i 900 Of it's quota OF
$500, 100000. and the district 1913.
0g5,so0 out Of its quota Of 1856, 600.
600.