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. W. P. G. HARDING, GOVIRNOR PAUL M. WARBURG, VICE GoY~IfN.OR FREDERIC A. DELANO EX..OFFICIO MEMBERS WlLLIAM G. McADOO x- '7 46 ~~~~~~S CS~~~~~~N SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD COMPTROLLER OF THE CURRENCY WASHINGTON H. PARKER WILLIS, SECRETARY SHE:RMAN P. ALLEN, ASST. SECRETARY AND FISCAL AGENT ADDRESS REPLY TO FEDERAL RIISIIRVE BOARD February 19, 1918. Dear Sir: I enclose for your information a form of statement got- ten out by the Pennsyl v1.nia Vln;r Savings Committee from data furnished by the Federal Reserve Bank of Philadelphia. I do not know how much extra work the issuance of such n statement involves, but I am sure it is of very greflt vA.lue in stimuhting enthusiasm 'lnd in keeping those connected with the movement interested "l.S well as informed <>.s to wh'lt is being 'LCcomplished. For example, when one county- in the stA.te has sold War savings ·stamps t"o 11.n <:tmount equnl to ~\2.92 per ct:tpit'l while other counties have sold t'ts low <ts 14.¢' per c<tpitA., it is pretty good evidence that ef• ficient methods have been used in one case and not in others. As I have stated before, the VJar savings campA-ign is directed chiefly at the ninety millions of people who cannot possibly contribute to the Liberty Loan campaigns. The law limits subscrip- tions of any one individual to $1,000 maturity value, or $826.00 in cash, thus, while the average subscription to the Liberty Loan campqigns has been ·~600.00, the average subscription hoped for for the Vlar Sqvings camp"lign is not to exceed $20.00 to $25.00. An individual saving two thrift stP.mps per week will have saved $26.00 in a year, This is the class of people we are hoping to interest, >otnd it seems that in order to accomplish it we must reach every home qnd fireside. some of the best results have been obtained by interesting the school children <trtd especiqlly the high school boys and girls. Statements such as the one enclosed are im- portant aids in the conduct of the c~mpnign. Very truly yours,
@FedFRASER