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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 16, 1917
Page
2
The article notes heavy oversubscription of the Liberty Loan across districts led by New York and Cleveland. It cites Secretary McAdoo praising committees and banks for rapid subscriptions and urges retention of local organizations for future issues.
Federal Reserve district centered in Chicago reports minimum Liberty Bond allotment of 8260 million plus possible 70 million more. Subscriptions total reached 322 million by late tonight with several hours of tabulation ahead. Continen tal Bank and Continental Trust added allotments as part of the drive.
Boston reports the Liberty Loan oversubscription with $263.3 million subscribed by day’s end and more expected in hand overnight. District minimum allotment stood at $240 million as eager committees mail scores of letters to rally further support for the bond drive.
Fragmented figures show Rhode Island loan subsections totaling 800 with about 1.086 million dollars statewide. Providence reports over four thousand in quota and Hartford area details unclear as reports arrive.
Philadelphia reports a torrent of Liberty Loan subscriptions in the last twenty four hours as the Reserve Bank turns away thousands of applications after closing. By 11 pm $215 million had been tabulated with stacks left unprocessed and district totals possibly reaching higher.
D C Wills, chairman of the Liberty Loan Committee for the Federal Reserve Bank, announced after collecting reports from the Fourth District that subscriptions totaled 284 million dollars. The minimum allotment was 180 million, and Cleveland estimated around 7.17 million more than Pittsburgh.
J Seay governor of the Fifth District Federal Reserve says subscriptions likely exceed the 100 million dollar district limit. Banks are slow to report totals, with a 48 hour delay expected before district figures are known. Richmond report notes Rind oversubscribed its seven million allotment by six million.
In the Kansas City district estimates put Liberty Loan subscriptions near 90 million dollars, with expectations that total may exceed this figure. Report notes district activity and optimism for substantial support in the federal reserve area.
The late evening tally in St. Louis for the concealment case shows a preliminary subtotal near one thousand. Officials acknowledge the full count remains uncertain as more reports come in.
The Atlanta Federal Reserve Bank District reports Liberty Loan subscriptions totaling 508000 as of tonight. The figure covers the district's subscriptions and reflects strong public support.
Dallas June 15 Deputy Governor J W Hoopes says the Liberty Loan bond oversubscribed in the Eleventh Federal Reserve District by more than 458 000 000 while the allotment stood at 60 000 000. The rush delayed results as tables and figures were compiled.
News from San Francisco reports that at 10:30 pm the Twelfth Federal Reserve District manatee loan subscriptions totalled 171 million dollars with officials predicting final totals above 180 million. The district allotment stood at 140 million and California among others contributed heavily, surpassing local allotment by about 12 million.
Minneapolis June 15 The Ninth Federal Reserve District did not reach its 80 million dollar quota. Early estimates place subscriptions about 15 million dollars below target with rural North Dakota undersubscribed and farm lending hampered by drought and farm attitudes. Cities largely met their quotas while rural areas lagged.
Reports from Buffalo Rochester Syracuse Albany Rome Poughkeepsie AmsterdamElmira and Newburg show widespread oversubscription to the Liberty Loan on June 15. Totals reach from about 3560000 in small towns to Buffalo’s near 25 million with New York banks directing excess, led by large individual gifts such as George Eastman’s 2500000.
Thousands sought Liberty bonds as demand exceeded issue causing selling below par on the stock market. Officials warned against underpar sales while brokers reported little or no commissions and some trading without pay. The exchange prepared for actions amid government scrutiny and market reaction to the unusual demand and pricing.
Traders on Wall Street faced unusual selling pressure as government bonds and oversubscribed issues sparked rapid price moves. Bankers warned against deliberate actions while noting some bonds traded briefly under par, signaling ongoing market fragility.
New York banks and out of town institutions filed Liberty Loan subscriptions totaling about $930 million by noon. Ten banks topped $10 million each with the First National leading at $110 million for its own account. rediscounting and 2 percent payments shaped the day as banks balanced funds and tax payments while Federal Reserve facilities aided settlements.
Chicago mayor William Hale Thompson, when asked at noon if he had purchased any Liberty bonds, answered No and declined further interview on the subject.
Special to The New York Times from Bennington Vermont reports the town subscribed $419,800 to the Liberty Loan, surpassing its allotment by $160,800. Local residents outside Bennington also contributed, pushing totals beyond half a million dollars.
One thousand men of a single regiment subscribed for $55,100 Liberty Loan bonds last night at Fort Bliss. The subscription was completed in thirty minutes after Lieut. Col. B. A. Lewis addressed the men.
A massive campaign to issue over a billion dollars in subscriptions mobilized more than 1,200 bank officials and staff across the city and suburbs. About 350 workers operated at 120 Broadway while salesmen canvassed neighborhoods. Executives made late speeches, aided by widespread corporate support and in-kind gifts, with costs largely borne by banks, brokers, and advertisers. Government and Federal Reserve funding contributed modestly, and many participants received no reimbursement. The effort drew praise from a broad spectrum of financial institutions and media outlets acknowledging the public duty performed.
Senator Lodge warns that granting the President broad wartime routing and rail control could place vast railroad powers in one official. Reed counters that the bill risks despotic authority, while Lincoln’s censorship era cited to argue for careful limits on wartime powers.
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