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REPORT THIRD LIBERTY LOAN COMMITTEE OF BUFFALO COST OF THE The total expenses of the Third Liberty Loan Committee of Buffalo, ex- CAMPAIGN elusive of donated prize funds, were $33,388.42. The Government assumed and repaid to the Liberty Loan Committee $21,821.44 of this expense. The balance of $11,566.98 was paid by the Buffalo Committee. A detailed statement of the receipts and disbursements is as follows: RECEIPTS Balance forward from Second Liberty Loan $ 2,307.56 Subscriptions to Publicity Fund 25,370.00 Oppenheim & Collins, prize fund 1,000.00 Western New York Bureau, account telephones, service, etc 104.35 Miscellaneous 22.24 Interest on Bank balance 46.77 Refund from Second Federal Reserve Bank 21,821.44 Total $50,672.36 DISBURSEMENTS Rent $ 525.00 Light 73.44 Equipment 2,231.84 Telephones 724.11 Insurance 38.11 Office Supplies 1,339.87 Stenographic and clerical hire to July 31st 4,090.44 Postage 68.37 Publicity—Features, decorating, films, "Over the Top," etc 2,773.64 Music for parades 1,475.50 Advertising, newspaper 9,923.35 Advertising, general 730.26 Printing 6,497.02 Stationery 1,079.62 School Prizes 1,000.00 Traveling Expenses 180.54 Entertainment 1,231.78 Miscellaneous 405.53 Balance on hand 16,283.94 Total $50,672.36 The $33,388.42 total expenses of the Third Liberty Loan were, therefore, in the relation of one-twelfth of one per cent to the total sales. The cost of the second Liberty Loan was $30,293.05 or one-nineteenth of one per cent of the total sales. The cost to the Government on the Third Liberty Loan was less than one-nineteenth of one per cent or less than three two cent stamps for each one hundred dollars of bonds sold. The cost to the Government in the Second Liberty Loan was less than one-fortieth of one per cent or less than two and one-half cents for each one hundred dollars of bonds sold. The slightly increased cost is due to the smaller quota given to Buffalo on the third loan and the greater spread of the issue, an increase by 37,151 in the number of subscribers. It was necessary to build an organization as large as the second loan organization, though the quota was one-third less and the spread of bonds thirty-seven thousand more. The increased cost of material and labor also account in part for the $3,095.37 increase in the third campaign. In addition, however, a Liberty Loan office has been kept continuously open since the closing of the last campaign. Permanent headquarters, rent and stenographic services have been [ 45 ]