New-York tribune., 1919-04-30
Small Buyers
Lag mTaking
Victory Notes
S $l45, 100000 Subscription
on Seventh Day Brings
Total of Pledges in the
Nation to S984,884,15O

benjamin Strong, chairman of the
Victory Liberty Loan Committee in
the New York District, said last night,
after examining the latest statistics on
the progress of the campaign, that the
number of subscriptions received thus
far indicates lack of popular interest
that is disappointing.
Coupon books which call for the pay
ment of small sums weekly on the in
talment plan are selling poorly, COM
pared with the record of previous cam
paigna. The sales generally of the
booths and the canvass committees,
which strive to enlist the masses in
the final popular loan of the war, show
that the people have not yet entered
the drive heart and soul, officials say.
AS the managers Of the campaign
view the situation, the alarming fact is
not that the barometer Of dollars raised
is low and behind schedule, but rather
that the number of subscriptions is
much smaller than anticipated. The
test of the success of this campaign,
Secretary Glass and his nationwide
staff of assistants have insisted from
the outset, will be in the wide distri-
button of the Victory notes.
Enthusiasm Waning
Even the loan officials now admit
that the present movement to distrib-
ute government securities has not
caught the imagination of the common
people. The fact that Americas army
is no longer in a life and death tussle
with foe, it is pointed out, has re-
moved much of the drama from the
campaign and nearly all of the inherent
emotional appeal. Yet the need for
| funds is. no less urgent, the loan work
ers believe, and reliance is placed on
the intelligence and sense of oblga-
tion of Americans everywhere "to finish
the job"
In diagnosing the reasons for the
slump in popular enthusiasm, an Off
cial of the local loan organization,
whose position enables him 70 observe
every aspect Of the campaign, said yes
terday: "When the terms of the Vic
tory Loan were announced there was
universal appreciation.
"But the label note instead of bond
and the fact that the obligation was
only to run three or four years unfor-
tunately gave many people the wrong
impression that this was to be a bank
ing operation, in which the public need
not participate.
"Hurrah Stuff" Gone
"Then too, with the war over, most
of the 'hurrah stuff is gone, and with
it enthusiasm seems to have waned
some. Moreover, relaxation has fol-
lowed the cessation of hostilities, and
people at first are not so inclined to
strain themselves as before. Then too,
the tax exemption features are so
complicated that many persons are de-
laying their subscriptions until they
understand them. However, l think
the great masses of the people will see
the light and enter their subscriptions
! in the days that remain"
Reports to the Treasury Department
yesterday from the twelve Federal Re-
serve districts, showed that $9S4,8S4.15O
had been raised in the first seven busi-
ness day of the campaign for $4,5OO,-
000,0 900. This total revealed a gain of
s145, 100000 on the seventh day. In
the corresponding period of the fourth
loan s1,3z3,715,000 had been sub
gcribed.
s223,953,OO0 In District
In the New York district subscrp-
tions for seven days reached 1923, ,953,-
100, or 1875 per cent of the quota of
$4,000, 100000, showing an increase of
$22, ,583,250 on the seventh day. The
Second Federal Reserve district ranks
eighth among the twelve throughout
the country. which rank as follows: