USA > Indiana > The war purse of Indiana; the five liberty loans and war savings and thrift campaigns in Indiana during the world war > Part 22
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231
THE WAR PURSE OF INDIANA
position among the list of 'thriftiest states', and stood sixth in per capita sales for the year 1919 among all the states of the Union. Ohio led the nation in 1919 with per capita sales of $3.46, and a total sale of $18,379,328.92. Illinois was next in point of total sales with $9,373,506.91, although Illinois ranked fourteenth in per capita sales.57
Ohio, the District of Columbia, Rhode Island, Montana and Oregon only, exceeded Indiana's per capita sales record in 1919. Ohio, Missouri, Illinois, Texas, New York City, and Pennsylvania were the only states that exceeded Indiana's total sales that year.
In September, 1919, the state organization in Indiana was discontinued, and volunteers and committees were replaced by a small staff of workers in the Chicago office of the Federal Reserve Bank, who covered all the seven states in the dis- trict.58 This change was made because of a policy of re- trenchment adopted by the Treasury department, applied to the thrift campaign throughout the United States. Naturally this retrenchment lowered Indiana's total sales for the year.
The high cost of living had become unparalleled long before the war was done, and in the months immediately suc- ceeding the ending of the conflict, price inflation reached its peak. The constant work of many agencies to keep the Thrift idea alive in this period did much to start the economic pen- dulum swinging back towards stabilization of prices, which was gradually to follow the period of extravagance in 1919 and the great "buyer's strike" of 1919 and 1920.59
was sold throughout the nation. The high month's sale was reached in July of 1918, with a total of $211,417,942.61 and from the heavy sales of 1918, the totals feil to a monthly basis of around five to seven million dollars, after January of 1919. U. S. Treasury Report, 1919. P. 61-62.
57. Report of U. S. Federal Reserve Bank, 1919.
58. In the third annual report of the Chicago Federal Reserve Bank it is recorded that the Secretary of the Treasury had designated the Federal Reserve Banks as fiscal agents for the distribution of War Savings certificates and stamps and under this designation the Federal Reserve Banks became the warehouses to which banks, express companies, railways and other authorized agents went to receive their supplies and te whom they accounted for the proceeds. It also was pointed out that many banks throughout the district at the beginning of 1918 had qualified as depositories under the regulations prescribed by the treasury department.
In order to accommodate the various sections of the district, securities committees and custodians for collateral were appointed in each state, serving without compensa- tion. The securities committee for Indiana was composed of Stoughton A. Fletcher, president of the Fletcher American National Bank (chairman) ; Evans Woollen, presi- dent of the Fletcher Savings and Trust Company; Frank D. Stalnaker, president of the Indiana National Bank. The Indiana Trust Company, Indianapolis, J. P. Frenzel, president, was made the custodian for collateral for Indiana.
59. Governor Goodrich, in the later months of 1919, recognized officially that the pendulum must start swinging back towards lower prices, when at the instigation of
232
INDIANA WORLD WAR RECORDS
The list of county chairmen for 1918, prepared from the rec- ords kept by Frank E. Hering, Vice-Director of Indiana W. S. S. State Committee follows :
County
Name
City
Adams
J. W. Bosse
Decatur
Allen
Martin H. Luecke
Fort Wayne
Bartholomew
Samuel Sharp
Columbus
Benton
Geo. L. Robey
Fowler
Blackford
E. E. Cox
Hartford City
Boone
Roy Andey
Lebanon
Brown
W. L. Coffey
Nashville
Carroll
Wm. Pruitt
Delphi
Cass
Frank Amos
Logansport
Clark
James E. Burke
Jeffersonville
Clay
H. F. Bucklin
Brazil
Clinton
Ted Spray
Frankfort
Crawford
Elmer Merrilees
Leavenworth
Daviess
M. F. Burke
Washington
Dearborn
L. W. Hill
Lawrenceburg
Decatur
Harry A. Hillabold
Greensburg
Dekalb
L. G. Whitten
Auburn
Delaware
B. F. Moore
Muncie
Dubois
Bomar Traylor
Jasper
Elkhart
Anthony Deahl
Goshen
Fayette
Minor Leffingwell
Connersville
Floyd
R. W. Harris
New Albany
Fountain
W. W. Layton
Covington
Franklin
John C. Shirk
Brookville
Fulton
Frank E. Bryant
Rochester
Gibson
Stuart T. Fisher
Princeton
Grant
A. E. Highley
Marion
Greene
Quincy T. Mitchell
Linton
Hamilton
Chas. B. Jenkins
Noblesville
Hancock
Geo. J. Richman
Greenfield
Harrison
Wm. P. Huff
Corydon
Hendricks
W. A. King
Danville
Henry
Harry Jennings
Newcastle
the War Savings organization he issued the following proclamation, on the first anni- versary of Armistice Day :
Proclamation
"November 11th, 1919, marks the first anniversary of the signing of the Armistice which terminated hostilities in the great World War. The anniversary should be fittingly observed by every American ; and there is no better, more practical way to observe the day than by lining up in the great fight against the high cost of living.
"In accordance with a request of the United States Treasury Department, sub- mitted to me through the War Savings Organization of the Seventh Federal Reserve District, I hereby request and urge the people of the State of Indiana to set aside the anniversary day as a day to begin the practice of thrift and saving. If our Nation is to receive relief from the present unrest and from the high prices of all necessities of life, it is necessary that our citizens shall save systematically and buy wisely.
"I urge that every man, woman and child in Indiana realize, for his own and the common good, the importance of buying wisely to reduce the demand; using wisely to avoid waste ; saving regularly to provide for the future, and producing more for his own and his country's welfare. Let us battle against extravagance ; let us increase our savings and extend the knowledge of safe investment to all our people. Government securities represent the soundest form of investment, and our people should invest a part, at least, of their savings in War Savings stamps and U. S. Treasury Savings certificates.
"James P. Goodrich, Governor,"
233
THE WAR PURSE OF INDIANA
County
Name City
Howard
J. E. Frederick
Kokomo
Huntington
Fred H. Bowers
Huntington
Jackson
L. C. Griffitts
Seymour
Jasper
J. J. Hunt
Rensselaer
Jay
O. A. Rawlings
Portland
Jefferson
Guy Pender
Madison
Jennings
Jos. Verbarg
North Vernon
Johnson
M. J. Voris .
Franklin
Knox
Ira D. Schaffer
Vincennes
Kosciusko
N. E. Haymond
Warsaw
Lagrange
Clyde A. Walb
Lagrange
Lake
C. R. Kuss
Gary
Laporte
Kent M. Andrew
Laporte
Lawrence
W. E. McCormick
Bedford
Madison
C. T. Sansberry.
Anderson
Marion
F. M. McWhirter
Indianapolis
Marshall
K. Frank Brooke
Plymouth
Martin
Edgar Witcher
Shoals
Miami
Albert H. Cole
Peru
Monroe
Nat U. Hill.
Bloomington
Montgomery
Will L. Stump
Crawfordsville
Morgan
Frank T. Singleton
Martinsville
Newton
W. O. Schanlaub
Kentland
Noble
L. A. Weinstein
Kendallville
Ohio
W. M. Greene, Jr.
Rising Sun
Orange
W. W. Cave
French Lick
Owen
Bruno Meguschar
Spencer
Parke
Mrs. Walter Woodard. Joseph Hirsch
Cannelton
Pike
Geo. A. Hurst.
Winslow
Porter
Chas Wark
Valparaiso
Posey
Wm. E. Holton
Mt. Vernon
Pulaski
F. G. Neel
Winamac
Putnam
A. G. Brown
Greencastle
Randolph
L. L. Driver
Winchester
Ripley
J. A. Hillenbrand
Batesville
Rush
John A. Titworth
Rushville
Scott
W. H. Montgomery
Scottsburg
Shelby
Lee C. Davis
Shelbyville
Spencer
Jas. G. Hill
Rockport
St. Joseph
John A. Herzog
Mishawaka
Starke
James C. Fletcher
Knox
Steuben
Fred Snyder
Angola
Sullivan
Robert Taylor
Sullivan
Switzerland
James S. Wright
Vevay
Tippecanoe
Mrs. J. W. Greve
Lafayette
Tipton
George Shortle
Tipton
Union
George Pigman
Liberty
Vanderburgh
John S. Hopkins
Evansville
Vermillion
John C. Straw
Clinton
Vigo
John Cleary
Terre Haute
Wabash
Fred I. King
Wabash
Warrick
Wm. J. Veeck
Boonville
Washington
F. M. Wilson
Salem
Wayne
Joseph H. Mills
Richmond
Wells
E. O. Lesh
Bluffton
White
Wm. O'Connell
Monticello
Whitley
James D. Adams
Columbia City
Rockville
Perry
234
INDIANA WORLD WAR RECORDS
W. S. S. County Chairmen for 1919
The county chairmen for W. S. S., who served during 1919, follow :
Adams County
Name
City
Allen
R. E. Peters
Fort Wayne
Bartholomew
F. L. Flannigan
Columbus
Benton
M. F. O'Rear
Fowler
Blackford
Earl O. Pursley
Hartford City
Boone
John Huber
Lebanon
Brown
G. G. Brown
Nashville
Carroll
P. S. Lowe
Delphi
Cass
Frank Amos
Logansport
Clark
F. E. Andrews
Jeffersonville
Clay
C. N. Reddie
Brazil
Clinton
John L. Downing
Frankfort
Crawford
S. A. Beals
Milltown
Daviess
M. F. Burke
Washington
Dearborn
Edward Maloney
Lawrenceburg
Decatur
C. S. Coleman .
Greensburg
Dekalb
Rev. A. P. Bourns
Auburn
Delaware
Vincent W. Jones
Muncie
Dubois
H. C. Thompson
Jasper
Elkhart
Robert E. Proctor
Elkhart
Fayette
Earl Lines
Connersville
Floyd
John M. Gaither
New Albany
Fountain
Dr. O. V. Immerman
Veedersburg
Franklin
J. C. Shirk
Brookville
Fulton
Otto McMahan
Rochester
Gibson
Thomas Duncan
Princeton
Grant
A. E. Highley
Marion
Greene
W. V. Moffett
Bloomfield
Hamilton
R. H. Kinney
Noblesville
Hancock
G. J. Richman
Greenfield
Harrison
Mrs. F. A. Ulen
Corydon
Hendricks
Mrs. K. H. Smith
Danville
Henry
Harry Jennings.
Newcastle
Howard
C. V. Haworth
Kokomo
Huntington
Curtis S. Miller
Huntington
Jackson
L. C. Griffitts
Seymour
Jasper
William H. Wood
Rensselaer
Jay
Malcolm Skinner
Portland
Jefferson
W. T. Seburn
North Madison
Jennings
Joseph Verbarg
North Vernon
Johnson
W. J. Yount
Franklin
Knox
Ira D. Schaeffer
Vincennes
Kosciusko
L. C. Wann
Warsaw
Lagrange
Paul Dunten
Lagrange
Lake
R. R. Heminway
Gary
Laporte
Kent A. Andrew
Laporte
Lawrence
M. J. Abbott
Bedford
Madison
Judge W. S. Ellis
Anderson
Marion
E. W. Steinhart
Indianapolis
Marshall
L. G. Harley
Plymouth
Martin
Edgar Witcher
Shoals
Miami
S. L. Brewer
Peru
Monroe
Oscar Cravens
Bloomington
Montgomery
W. L. Stump
Crawfordsville
Morgan
Lewis Williams
Martinsville
M. F. Worthman
Decatur
235
THE WAR PURSE OF INDIANA
County
Name
City
Newton
W. O. Schanlaub
Kentland
Noble
L. A. Weinstein
Kendallville
Ohio
Will M. Greene
Rising Sun
Orange
W. E. Livingood
French Lick
Owen
Dr. H. B. Stevenson
Spencer
Parke
W. N. Cox .
Rockville
Perry
W. M. Cassidy
Tell City
Pike
W. E. Davidson
Petersburg
Porter
Charles M. Lish
Valparaiso
Pulaski
Cletus Reidelbach
Winamac
Putnam
A. G. Brown
Greencastle
Randolph
Benj. J. Brown
Winchester
Ripley
John A. Hillenbrand .. J. H. Scholl .
Rushville
Scott
C. E. Garriott
Scottsburg
Shelby
Allen Green
Shelbyville
Spencer
Charles H. Salm
Rockport
Starke
James C. Fletcher J. A. Herzog
Mishawaka
Steuben
H. W. Morley
Angola
Sullivan
Robert Taylor
Sullivan
Switzerland
Dr. H. M. Thibaud
Vevay
Tippecanoe
Mrs. Ada K. Cahn
Lafayette
Tipton
H. N. Dixon
Tipton
Union
William P. Kennedy
Liberty
Vanderburgh
Albert F. Bader
Evansville
Vermillion
John R. Paine
Clinton
Vigo
Robert F. Nitsche
Terre Haute
Wabash
Fred I. King
Wabash
Warren
Mrs. F. L. Clark
West Lebanon
Warrick
Wm. J. Veeck
Boonville
Washington
Walter Morris
Salem
Wayne
C. B. Beck
Richmond
Wells
John F. Decker
Bluffton
White
Wm. K. O'Connell
Monticello
Whitley
Alvin R. Fleck
Columbia City
Posey
O. N. Fretageot
Mt. Vernon
Batesville
Rush
Knox
St. Joseph
Appendix
COST OF WAR TO UNITED STATES
On April 5, 1917, the day before America entered the European war, the total gross public debt of the United States was $1,281,968,696.28, while the total gross public debt of the United States June 30, 1919- following the close of the Victory loan campaign, which concluded the major part of the current war financing-was $25,484,506,160.05.
Approximately twenty billions of dollars in Liberty bonds and Victory loan notes were outstanding as public debt October 31, 1919.1 The classification of this amount by loan periods, follows:
First Liberty Loan $1,984,783,330 00
Second Liberty Loan 3,526,377,747 60
Third Liberty Loan 3,904,313,017 50
Fourth Liberty Loan
6,613,907,148 00
Victory Liberty Loan (notes) 4,413,933,116 53
On this same date the Government had listed as public debt $3,736,- 352,300.72 in Treasury certificates and War Savings certificates (net cash receipts), totalling $910,684,987.44. These items, with additions of something less than a billion dollars in government bonds outstanding before the war and certain small miscellaneous items, made the total public gross debt on October 31, 1919, $26,210,530,269.89.
The gross debt increase of the government for the war period (up to June 30, 1919) was $24,202,537,463.77, while the net debt increase for the war period (the decrease being due to the increase of the net balance in the general fund of the government during the two-year period) was $23,043,190,346.50.2
The estimated gross cost of the war to America (April 6, 1917, to October 31, 1919) was $32,830,000,000, inclusive of loans to foreign governments, or $23,424,000,000 exclusive of such loans. On pages 25-26, the Treasury report for 1919 says:
"The total expenditures of the Government, exclusive of the prin- cipal of the public debt and postal disbursements from postal revenues, for the war period from April 6, 1917, to October 31, 1919, amounted to $35,413,000,000, according to statistics compiled on the basis of the daily Treasury statements. Of that great total covering the disburse- ments for two years and seven months, $11,280,000,000, or nearly 32 per cent. was met out of tax receipts and other revenues than borrowed money, although the amount of taxes does not include the December 15, 1919, installment of income and profits taxes for the fiscal year 1919, nor any part of such taxes for the fiscal year 1920. The above calcula- tion includes capital outlays as well as expenditures that have been permanently absorbed. No deduction is made for loans to the Allies,
1. U. S. Treasury Report, 1919. Page 30
2. Ibid. Page 213. Later figures for the same year show analogous general con- ditions of federal totals.
(236)
237
THE WAR PURSE OF INDIANA
or for other investments, such as ships, stock of the War Finance Cor- poration, bonds of the Federal land banks, etc. Foreign loans on Octo- ber 31, 1919, aggregated $9,406,000,000, and if that amount is deducted from the total expenditures, the disbursements for the purposes of the American Government during the war period under consideration were $26,007,000,000. And on that basis, the proportion met out of tax receipts and revenues other than borrowed money was over 43 per cent.
"If it is assumed that the expenses of the Government on a peace basis would have been at the rate of $1,000,000,000 a year, or $2,583,- 000,000 for the two years and seven months mentioned, the estimate of the gross cost of the war to October 31, 1919, would be $32,830,000,000, inclusive of loans to foreign governments, or $23,424,000,000 exclusive of such loans."3
With this set of figures in mind it is rather easy to determine how the Federal Government eventually solved the problem of war finances. Earlier in this volume it is set out that at the beginning of the war many conflicting opinions concerning the broad general methods of war financing to be used were held by financiers in Indiana and elsewhere. That current taxation was utilized to bear a heavy percentage of the cost of war is shown above.4
U. S. Certificates of Indebtedness
The aggregate amount of all issues of United States Treasury short- term Certificates of Indebtedness from the beginning of the war to Octo- ber 31, 1919, was $32,706,964,903.34 and of that sum "$18,657,988,000 was placed with the public in anticipation of sales of bonds and notes, $6,060,866,000 in anticipation of tax payments, and $7,988,110,903.34 comprised the special issues."5
These certificates formed the network of interim financing of the Gov- ernment between the Loan campaigns and between the tax-paying periods. On October 31, 1919, there was outstanding of these certificates only a total of $3,736,352,300.37, the larger percentage of which was in Tax Anticipation certificates. The Treasury report of 1919 says of the Certificates :
"Every issue of Treasury certificates of indebtedness from the be- ginning of the war to date has been a success. This means of temporary financing has provided the Government with funds in advance of receipts from the sales of bonds or notes or in anticipation of revenue from income and profits taxes, and has served the additional helpful purpose of distributing the payments of bond and note subscriptions and of taxes gradually over extended periods of time, avoiding tremendous transfers of funds on any one date and consequent money stringency."
The distribution of these certificates to Indiana banks and by them to patrons formed a definite part of the war financing in Indiana, and
3. U. S. Treasury Report, 1919. Page 25-26.
4. Secretary McAdoo in the 1919 Treasury Report deplored certain applications of war taxation, particularly the excess-profits tax, which he declared "encourages wasteful expenditure, puts a premium on over-capitalization and a penalty on brains, energy and enterprise, discourages new ventures, and confirms old ventures in their monor .'ies." The excess profits tax and similar methods of paying off war debts immediately became a political question following the conclusion of the war.
5. U. S. Treasury Report, 1919. Page 54-55.
238
INDIANA WORLD WAR RECORDS
in this state, as in the others, often resulted in the bulk of a forth- coming Loan actually having been absorbed by the Hoosier banks prior to the opening of the Loan campaign. The Loan campaigns, under such conditions, merely were, in reality, a process of distributing Govern- ment indebtedness already more or less allocated to the financial cen- ters of the state, into the hands of the ultimate investors. The cer- tificates, in other words, worked throughout the war as "shock absorbers" for the great bond campaigns.
Treasury Totals for the First Loan
The secretary of the Treasury eventually placed the First offering at $2,000,000,000 in the First loan and the total subscription thereto (page 6, Treasury Report of 1919) amounted to $3,035,226,850-"an oversubscription of $1,035,226,850, or nearly 52 per cent. more than the amount offered."
More than 4,000,000 men and women subscribed for these first bonds. It has been estimated by bankers that there had been only about 350,000 bond investors in the United States and that the people generally were unacquainted with Government bonds. Of the total number of sub- scribers to the First loan, the Treasury estimated that 3,960,000 per- sons, or 99 per cent., subscribed in amounts ranging from $50 to $10,000, while the number of individual subscribers to $5,000,000 and over was 21, their subscriptions aggregating $188,789,900.
These statistics showed national officials early that a widespread system of "selling the loans to the people" probably would result in the uncovering of a buying power that has been undreamed of in the world before.
The total subscriptions and allotments of the bonds of the First loan, by Federal Reserve Districts, is shown on page 7 of the Treasury Report of 1917, as follows:
Federal Reserve District
Subscriptions
Allotment
Boston
$332,447,600
$265,017,900
New York
1,186,788,400
593,987,000
Philadelphia
232,309,250
164,759,750
Cleveland
286,148,700
201,976,850
Richmond
109,737,100
88,593,650
Atlanta
57,878,550
46,283,150
Chicago
357,195,950
272,702,100
St. Louis
86,134,700
65,029,450
Minneapolis
70,255,500
53,759,250
Kansas City
91,758,850
62,182,900
Dallas
48,948,350
36,663,550
San Francisco
175,623,900
149,044,450
Totals
$3,035,226,850
$2,000,000,000
At the conclusion of the First loan campaign the Treasury depart- ment allotted the full two billion dollars to subscribers, giving all sub- scribers for bonds up to and including $10,000, one hundred per cent.
239
THE WAR PURSE OF INDIANA
of their subscriptions and scaling down the percentages of allotments to other subscribers for larger amounts.
Treasury Totals for Second Loan
Under an Act of Congress, dated September 24, 1917, a total of more than seven billions of new bonds was authorized for the Second Liberty Loan and this act also repealed the authority given under the first bond act of April 24, 1917.' The tax exemption features of the Second bonds were materially different from those of the first issue. In discussing the taxation feature, the Secretary of the Treasury re- ported :
"With the levying of increased taxes to meet the war needs of the country, it was felt that to continue the issuance of tax-free bonds in large amounts would give to the very rich a means of escaping a large measure of taxation with no compensating advantage to the man of moderate or small means who invested in Government bonds. For this reason the new bonds were made subject to the super-income taxes and excess profits taxes and the rate of interest was increased to four per cent.""
The amount of bonds offered in the Second Liberty Loan was $3,000,- 000,000, the right being reserved to allot bonds up to one-half the amount of any oversubscription. The Loan closed October 27th and was over- subscribed nationally, a total sale of $4,617,532,300 being recorded by the Treasury, or an oversubscription of approximately fifty-four per cent.
In this Second loan approximately 9,400,000 persons in America sub- scribed for the bonds and the Treasury estimated that 9,306,000, or 99 per cent., had subscribed for bonds ranging in par value from $50 to $50,000, the aggregate of such subscriptions being $2,488,469,350. The Treasury accepted $3,808,766,150 of the people's money tendered for the bonds, in conformity with the right reserved at the beginning to allot fifty per cent. of any oversubscription.
The total subscriptions and allotments by Federal Reserve Districts follow:
Federal Reserve District
Subscriptions $476,950,050
Allotment $407,713,700
Boston
1,550,453,450
1,151,184,900
Philadelphia
380,350,250
295,127,000
Cleveland
486,106,800
409,787,200
Richmond
201,212,500
182,581,700
Atlanta
90,695,750
82,943,050
Chicago
585,853,350
525,955,600
St. Louis
184,280,750
150,122,200
Minneapolis
140,932,650
131,972,450
Kansas City
150,125,750
136,549,500
Dallas
77,899,850
74,567,100
San Francisco
292,671,150
260,261,750
Totals
$4,617,532,300
$3,808,766,150
6. U. S. Treasury Report, 1917, pp. 8-13.
7. Ibid.
New York
240
INDIANA WORLD WAR RECORDS
Every Federal Reserve District in the Second loan exceeded its quota, the Treasury reports showed.
Treasury Totals for Third Loan
In the spring of 1918 the condition of the Treasury and the ap- proaching maturities of outstanding certificates of indebtedness made necessary the offering of another Liberty Loan. With bonds of previ- ous loans then selling below par and other securities yielding rates in excess of Government bonds, much consideration was given to the rate of interest for the Third loan. Finally Congress, on recommendation of the Treasury, authorized the issue of a 414 per cent, non-convertible bond. The elimination of the conversion privilege was taken as a step to keep down the tendency to create a demand for a constantly rising interest rate on successive issues, bankers feeling generally at that time that the Third loan bonds should bear 41/2 per cent. interest, and the Treasury department and others continuing to rely on the patriotism of the people as the major element in the sales possibilities.8
The Third Liberty bond act increased the seven billion dollar author- ization of the Second act to twelve billion dollars, and also increased the limit of authorization on foreign loans and doubled the four-billion- dollar authorization of Treasury certificates outstanding at any one time. The Secretary of the Treasury, under this act, also was author- ized to purchase each year 5 per cent. of each outstanding issue of Liberty bonds, other than 31/2 per cent. bonds. This latter authoriza- tion was an attempt to stabilize the sagging Liberty bond market.
The Third loan was offered to the public April 16, 1918, and the subscription period extended to May 4, 1918. The bonds were dated May 9, 1918, payable September 15, 1928. Subscriptions for $3,000,000,- 000 were invited and the right reserved to allot additional bonds up to the full amount of any oversubscription.9
A final total of $4,176,516,850 was subscribed to the Loan. The quotas for the Federal Reserve districts, on a three-billion-dollar basis, and the final total subscriptions in each district follow:
Federal Reserve District
Quota
Subscriptions
Minneapolis
$105,000,000
$180,892,100
Kansas City
130,000,000
204,092,800
St. Louis
130,000,000
199,835,900
Atlanta
90,000,000
137,649,450
Dallas
80,000,000
116,220,650
Philadelphia
250,000,000
361,963,500
Richmond
130,000,000
186,259,050
Chicago
425,000,000
608,878,600
Boston
250,000,000
354,537,250
San Francisco
210,000,000
287,975,000
Cleveland
300,000,000
405,051,150
8. U. S. Treasury Report, 1918, pp. 5-13.
9. Elsewhere in this volume it is shown that the Treasury department toward the close of the Third loan, sent out an urgent appeal that the oversubscription be fifty per cent.
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