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The Weekly Iberian
New Iberia, Iberia County, Louisiana
What is this article about?
U.S. Alien Property Custodian A. Mitchell Palmer announced that seized German property and funds exceeded $500 million by early August, all invested in Liberty bonds, making him the largest individual buyer with $47.97 million purchased by July 31.
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New York, Aug. 3.-The money and property which, formerly German owned, has been taken over by A. Mitchell Palmer, enemy property custodian, has passed the $500,000,000 mark, it was announced here today.
A statement authorized by Mr. Palmer covering his work up to the close of July, asserts that he is the largest individual buyer of Liberty bonds. All cash taken over is sent to the treasury to be invested in these issues and whenever possible the enemy property converted into cash which is similarly invested. On July 31 he had purchased $47,970,027 worth of the bonds.
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Where did it happen?
Foreign News Details
Primary Location
New York
Event Date
Aug. 3
Key Persons
Outcome
value of seized enemy property passed $500,000,000; $47,970,027 worth of liberty bonds purchased by july 31
Event Details
The money and property formerly owned by Germans has been taken over by A. Mitchell Palmer, enemy property custodian, reaching over $500,000,000. All cash is sent to the treasury for investment in Liberty bonds, and enemy property is converted to cash for similar investment when possible. Palmer is the largest individual buyer of Liberty bonds.