"The country will be appealed to, with new and striking film arguments, with a great variety of poster slogans, and with a use of the press and the platform such as has never been witnessed before in this country.

"There are to be nineteen days of actual campaign work. The great task of organization and preparation is now going on. Artists have been making posters, writers have been preparing arguments, and printing presses in all parts of the country have been turning out many millions of mottoes, cartoons, and slogans."

He added interesting data as to outstanding treasury certificates and war expenses. The time chosen for the loan was probably as good, it thought, as could have been selected, inasmuch as it would fall just after the bulk of the crops had been harvested and when much of them had been sold at good figures.

"War expenses for July were somewhat less than for June and May, amounting to about $1,482,000,000 as compared with $1,512,000,000, the record for June, and $1,508,000,000 for May, the Treasury Department announced. The outlay for July, however, was approximately the amount estimated in advance by the treasury, and expenses for August probably will be higher, it was said.

"During July the government's daily outlay was about $48,000,000, an average of $38,000,000 daily was for ordinary expenses of the army, navy, shipping board, and other agencies, and $10,000,000 daily in loans to the Allies. Total ordinary expenditures for the month were about $1,157,000,000 and loans to the Allies $325,000,000.

"Receipts from sale of War Savings Stamps July 3rd passed the half-billion dollar mark, of which $200,000,000 came in this month as a result of the campaign on Thrift Day, June 28th.

"The government now is financing itself mainly through the sale of certificates of indebtedness, in anticipation of the Fourth Liberty Loan. More than $1,600,000,000 came in from this source in July. In addition, the government received $491,000,000 from belated income and excess profits taxes, and $97,000,000 from miscellaneous internal revenue. Customs duties yielded only $14,000,000.

"Payments on the Third Liberty Loan now amount to $3,652,000,000, leaving $524,000,000 to come in from the next installment payment."

Included in the Third Loan subscription total is $17,917,750 subscribedby the United States Treasury. War Savings Stamps subscriptions totalled$879,330,000 up to November 20, 1918.

THE LIBERTY LOANS—BY FEDERAL RESERVE DISTRICTS
FIRST LOAN
(June, 1917—
3½ Per Cent.)		SECOND LOAN
(Oct., 1917—
4 Per Cent.)		THIRD LOAN
(1918—
4¼ Per Cent.)		FOURTH LOAN
(1918—
4¼ Per Cent.)
Boston$332,447,600$476,950,050$354,537,250$632,221,850
New York1,186,788,4001,550,453,4501,115,243,6502,044,778,000
Philadelphia232,309,250380,350,250361,963,500598,763,650
Cleveland286,148,700486,106,800405,051,150702,059,800
Richmond109,737,100201,212,500186,259,050352,688,200
Atlanta57,878,55090,695,750137,649,450213,885,200
Chicago357,195,950585,853,350608,878,600969,209,000
St. Louis86,134,700184,280,750199,835,900296,388,550
Minneapolis70,255,500140,932,650180,892,100241,028,300
Kansas City91,758,850150,125,750204,092,800294,646,450
Dallas48,948,35077,899,850116,220,650145,944,450
San Francisco175,623,900292,671,150287,975,000459,000,000
 Total subscriptions$3,035,226,850$4,617,532,300$4,176,516,850$6,989,047,000
Total quotas$2,000,000,000$3,000,000,000$3,000,000,000$6,000,000,000
Total allotments2,000,000,0003,808,766,1504,176,516,8506,989,047,000
Total number of subscribers4,500,00010,020,00017,000,00021,000,000

NEW YORK CITY SUBSCRIPTIONS
Manhattan$960,417,050$1,095,189,000$702,577,750$1,353,449,550
Bronx404,7001,015,5005,112,3505,751,800
Brooklyn30,312,00044,424,20052,427,600100,469,650
Queens2,202,6004,136,15010,137,35017,331,900
Richmond679,6001,373,7003,386,8005,075,750
 Total city subscriptions$994,015,950$1,146,139,150$773,641,859$1,482,078,650