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S E I N ^6 L L S I T L N A I B G ;* < L E L R M T ? F E Y N L I R S T O T o A / N IN THE SEVENTH FEDERAL RESERVE DISTRICT MAY 4th TO JUNE 15th, 1917 jBp CLIFFORD FOREWORD. The purpose of this brief report of the work of the Liberty Loan Committee in the Seventh Federal Reserve District, presented from the point of view of the man at headquarters, is, that such a record may be of assistance to those who will be charged with the duty of conducting the next campaign. Those who were not directly connected with the cam paign just ended, can have iio adequate conception of the magnificent spirit, splendid devotion, and noble selfsacrifice of those who acted as the leaders. Therefore, it seems to me fitting and proper that the names of these patriotic volunteers should be in the permanent files of the Federal Reserve Bank of Chicago as well as in the Treasury Department at Washington. To have been associated with such men was to me a delightful experience. EDWARD CLIFFORD, 39 8. La Salle Street, Chicago. June 20, 1917. L O C A T IO N OF SE V E N T H D IS T R IC T : The Seventh Federal Reserve District embraces the northern half of Illinois, 58 counties; the northern half of Indiana, 68 counties; all of Michigan, except the north ern peninsula; the southern part of Wisconsin, 46 coun ties; and the entire state of Iowa, with the Federal Re serve Bank located in Chicago. The total amount of subscriptions to the Liberty Loan suggested by the Treasury Department to be raised in this District, based upon its total banking resources of $4,242,000,000, was from $260,000,000 to $325,000,000. O R G A N IZ A T IO N : The campaign for the distribution of the first install ment of the Liberty Loan of 1917, was initiated in the Seventh Federal Reserve District on May 4th, 1917, when, at the request of the Federal Reserve Bank of Chicago, a meeting was held of the representatives of all of the mem bers of the Chicago Clearing House Association and lead ing bond houses of that city, for the purpose of organ izing the work. E X E C U T IV E C O M M IT T E E : At this meeting, an Executive Committee was selected, consisting of the Governor of the Federal Reserve Bank, the Federal Reserve Agent, two representatives of na tional banks, two representatives of state banks and two of bond houses, to wit: James B. McDougal (Chairman) Governor, Fed eral Reserve Bank, IV. A. Heath, Federal Reserve Agent and Chair man of Board of Directors, Federal Reserve Bank, E. K. Boisot, President First Trust & Savings Bank and Vice President, First National Bank. Arthur Reynolds, Vice-President, Continental & Commercial National Bank, 3 Howard W. Fenton, Vice-President, Harris Trust & Savings Bank, John E. Blunt, Jr., Vice-President Merchants Loan & Trust Co., H. L. Stuart, Halsey, Stuart & Company, C. H. Schweppe, Lee, Higginson & Company. The Committee organized the same day, with the elec tion of H. C. Burnett, of the Federal Reserve Bank, as General Secretary. OBJECTS: These men recognized at once that in order to sell the tremendous amount of bonds stipulated, it would be neces sary to "popularize" the War Loan—that is, every per son of thinking age in the District would have to be made acquainted with the nature and purpose of the Liberty Loan and the desire created in each to be a buyer of the bonds. Thus, Committees on Publicity and Distribution were Rrst in importance. They also realized that much time and labor could be saved in the campaign for floating the Loan, by making use of the organization existing in almost every profes sion, occupation, trade and industry; that the individual could best be reached through the particular organization or group to which he belonged. This idea was kept con stantly in mind. ORGANIZATION IN CITIES OF 5,000 OR OVER: On May 5th, Governor McDougal, at the request of the Executive Committee, telegraphed the President of the' Clearing House or the President of a prominent bank in every city in the district with a population of 5,000 or over, as follows: "A t the request of the Secretary of the Treasury, the Federal Reserve Bank of Chicago has taken charge for the Seventh Federal Reserve District of the work of receiving subscriptions, payments for 4 bonds, and making deliveries in connection with the initial $2,000,000,000 offering of the Liberty Loan of 1917. At a meeting of representatives of the Chicago Clearing House banks and leading bond houses, held May 4th, those present were constituted a general \ committee in connection with the undertaking. The General Committee appointed small Executive Com mittee, of which I am Chairman, to assume full re sponsibility for the Seventh District, with power to appoint other committees. You are urged to under take accomplishing similar organization in your city, your committee to report to me. All available information was contained in Secre tary of the Treasury's statement published in daily newspapers May 3rd, a reprint of which I sent to all banks in this district May 4th. Please telegraph me what you do, giving name of chairman of your local committee. Am sure we can count on hearty co-operation of yourself and others in your city to the end that the Loan may be an over whelming success." Mr. Burnett was placed in charge of the detail of per fecting these local organizations. He called to his assist ance Walter Sleep and William F. Brown, both of Halsey, Stuart & Company, who came to the Federal Reserve Bank and worked eHiciently. The above mentioned telegram was followed up by cor respondence, with the result that organizations, under the direction of local chairmen, were started in approximately 200 cities in the district. DEPARTM ENT FOR HANDLING SUBSCRIPTIONS: Deputy Governor C. R. McKay, of the Federal Reserve Bank, was placed in charge of organizing the work of re ceiving subscriptions and preparing for deliveries in the Federal Reserve Bank. Mr. McKay created a complete department for this purpose, known as the '' Bond De partment." On account of lack of space in the Federal Reserve Bank, the banking rooms recently vacated by 5 the Standard Trust & Savings Bank at 29 South La Salle Street, were rented. Here, with a large force of volun teers and paid assistants, was performed the Herculean labor of handling the subscriptions. P U B L IC IT Y C O M M IT T E E : On May 7th, at a meeting of the Executive Committee, a Publicity Committee was formed, consisting of all of the members of the Executive Committee, with Mr. Heath as Chairman. Edward Clifford, a retired investment banker of Chicago, (a volunteer) was made Assistant to the Chairman and placed in charge of the publicity work and of headquarters. M EETIN G S OF E X E C U T IV E A N D P U B L IC IT Y COM M IT T E E S : During the first week, meetings of the Executive Com mittee and Publicity Committee were held in the Federal Reserve Bank. As the members of both Committees were the same, separate meetings were not held after the first week. The Publicity Committee thereafter met daily at headquarters, and all matters pertaining to its work, as well as the work of the Executive Committee, were taken up. Minutes of each meeting are on file. L. A. Walton, a retired banker of Chicago, volunteered his services and was made Corresponding Secretary of the Committee on May 16th. He is a man of sound judg ment and his counsel was invaluable. Mr. Walton as well as Mr. Clifford attended all meetings of the Committee. Solomon A. Smith, President of the Northern Trust Company, having been appointed Chairman of the Ameri can Bankers* Association Committee, for the Seventh Federal Reserve District, was on May 19th made a mem ber of the combined Executive and Publicity Committee, and as such, attended all meetings thereafter. Up to the 6tli of June, Mr. Reynolds was unable to serve, and his place was acceptably filled by H. C. Olcott of the same Bank. The Committee was, in every sense of the word, a '' working committee,'' no figure-heads serving on it. The members not only attended the daily sessions of the Com mittee—and sometimes it met twice a day—but served on sub committees, made speeches, solicited subscriptions, and in fact, gave up all their time and energy to the work. H EADQUARTERS: On May 14, headquarters were established on the top floor of the Northern Trust Bank, at 50 South La Salle Street, in two rooms, donated by the Chicago Clearing House, and when this space proved inadequate, the North ern Trust Company kindly offered the use of a third large room on the same floor. The smallest room was used as a committee room. One of the larger rooms was turned into a general office, occupied by the Assistant to the Chairman, the Corresponding Secretary, their assist ants and stenographers. The third room was given over to the Press Bureau and Mailing Department. It was found that the Speakers* Bureau could not be accommodated at headquarters, and so was moved to the offices of Bullard, Hetherington & Company, Invest ment Bankers, in the Borland Block. Space was also inadequate for the Committee on Dis tribution of Posters, and an extra room was used at 29 S. La Salle Street, the overflow quarters of the Federal Reserve Bank. No rent was paid for space used by the Liberty Loan Committee. STAFF: Leonard Buck, Cashier of Halsey, Stuart & Company, served acceptably as personal assistant to Mr. Clifford. 7 F. E. Sullivan, a retired newspaper man, also rendered valuable service. The paid staff consisted of Rve stenographers, one typist, a policeman and two boy scouts (the latter acting as messengers). V IS IT O F H O N O R A B L E W IL L IA M G. M cA D O O : The visit of the Honorable William G. McAdoo, Secre tary of the Treasury, to Chicago May 17th, did much to inaugurate interest in the Liberty Loan in the Seventh District. Upon Secretary McAdoo's arrival at two o'clock in the afternoon, he was taken to the Chicago Club, where a luncheon was given in his honor by the Chicago Clear ing House Association, at which were present Presidents of the Clearing House Banks and members of the Liberty Loan Executive and Publicity Committees, making about forty guests in all. James B. Forgan, Chairman of the Clearing House, presided. In the evening, a dinner was given by the Federal Re serve Bank at the La Salle Hotel, at which the guests were bankers and representative men throughout the district. Governor McDougal acted as Toastmaster. Secretary McAdoo made a patriotic and stirring appeal for the War Bonds. Honorable W. P. G. Harding, Gov ernor of the Federal Reserve Bank of Washington, also spoke. The Secretary's address was furnished to the press associations for distribution to the newspapers through out the United States, and a great deal of needed pub licity for the Liberty Loan was secured in this way. P R O C LAM ATIO N S B Y G O VE R N O R S: At the request of the Publicity Committee, the Gov ernors of Illinois, Iowa, Wisconsin, Michigan and In diana, by proclamation, designated the week ending June 8 3rd as "Liberty Loan Week", and each called upon the people of his state to subscribe for the bonds during that time. These proclamations were printed in the news papers of the different states and did much, especially in the rural districts, to stimulate interest in the Loan. In some of the other Federal Reserve Districts, "Lib erty Loan Week" was observed a week or two later, but the Committee in the Seventh District selected the earlier date for two reasons, the Arst one being to get the Loan before the people as soon as possible, and the second, to have the June 1st pay-day in "Liberty Loan Week". D E C O R A TIO N D A Y P A R A D E : Mr. Sullivan was given charge of the Liberty Loan Exhibit in the parade on Decoration Day. This consisted of two appropriate floats and six automobiles, advertis ing the Liberty bonds. M O V IN G PICTURE T H E A T R E S : One of the first mediums selected for advertising the Liberty Loan was the Moving Picture Theatre. A com mittee to take up this work was appointed as follows: Elzy A. Garard (Chairman), Powell, Garard & Company, Harry C. Champlin, Jr., Bullard, Hetherington & Co., Prof. S. H. Clark, University of Chicago, Aaron Jones, Jones, Linick & Schaefer Theaters, Warren Gorrell, Warren Gorrell & Company, Joseph Hopp, Motion Picture Exhibitors' League, Nathan Ascher, Ascher Brothers Theatres, Paul H. Davis, Paul H. Davis & Company, Frank Winans, Illinois Trust & Savings Bank, Frank McNair, Harris Trust & Savings Bank, John Hagey, Vice-President, First National Bank, Walter Braun, Continental & Commercial Trust & Savings Bank, R. C. Taylor, The Economist. 9 "When the Committee organized, it learned of an or ganization, known as the "Four-Minute Men," which had started a publicity movement by speaking in the Chicago theatres in the interest of recruiting. The "Four-Minute Men" were therefore secured to speak in the moving picture theatres for the Liberty Loan. Three different speeches were prepared and used. The principal work of the Committee was to get additional speakers to serve with the "Four-Minute Men". Young men were sta tioned at the doors of the moving picture theatres to dis tribute literature on nights that speeches were made. Slips and postal cards to the number of 82,400 were given out. When these postal cards were received at head quarters, they were turned over to the Distribution Com mittee, so that bond salesmen could immediately follow up all such inquiries. There are 478 moving picture theatres in Chicago and of these, 193 have a seating capacity of 500 or over. Speeches were made in all of these theatres. The Mov ing Picture Theatre Managers estimated that in the 356 speeches delivered by the "Four Minute Men," about 250,000 people were addressed. Eight hundred slides advertising the Liberty Loan were distributed in the theatres throughout the District. Various motion picture organizations and Rim distrib utors co-operated with the Committee in the distribution of slides and in gaining the consent of theatre managers to allow the "Four Minute Men" to speak. A special Rim prepared by the American Bankers' Association was sent out from New York to the moving picture theatres and the Committee was active in seeing that this Rim was run. BU R EAU OF PU BLIC SP E A K E R S: When the Liberty Loan campaign Rrst opened, a Speakers* Bureau was not arranged for and addresses 10 about the Liberty bonds were made by leading Chicago bankers, different members of the committees, etc., but on May 25th, a regular Bureau of Public Speakers was established by the following: Harry C. Champlin, Jr., Chairman, Lawrence Howe, White, Weld & Company, J. B. Brown, P. W. Chapman & Company, A. W. Bullard, Bullard, Hetherington & Company. An enrollment of about 150 speakers was made and of this number, 98 were active. The work extended from May 25th to June 14th, inclusive, making 18 working days, and in that period, the speakers addressed 477 meetings in Chicago, speaking to an average of 188 people to a meeting, or a total of 90,112. Outside of Chiago, speakers addressed 103 meetings, speaking to an average of 670 people to a meeting, or a total of 60,059. Combining the results of these two groups, 159,171 people were addressed. In addition to the meetings above listed, the audiences in the large Chicago theatres located downtown were addressed every evening, and during the latter part of the campaign, a number of matinees were also covered. One hundred and twenty-seven men speakers spoke to 157,800 people in these theatres, averaging 1,242, seven teen women speakers addressed 23,000 averaging 1,353. Combining these two, shows a total of 180,800, averaging 1,255, thus making in all a total of 621 addresses in Chi cago to a total attendance of 270,912. The grand total is 724 speeches to an attendance of 339,971. These arc minimum Rgures, inasmuch as the speak ers, after getting their booking, would be called upon for additional meetings and did not, in a great many cases, report the extra meetings. A rough estimate would be 850 speeches, to a total attendance of 400,000. Most of the speakers were recruited from the bankers and bond men in Chicago, but University of Chicago pro- 11 fessors, ministers, lawyers and business men also re sponded to the call. Special mention should be made of the work done by Professor S. H. Clark of the Uni versity of Chicago, who put his heart and soul into the campaign. The speakers covering the theatres reported in every instance that they received the hearty co-operation of the theatre managers, as well as all attaches. The theat rical people, large and small, were all Liberty bond buyers and enthusiastic boosters as well. The work of the Bureau of Public Speakers and the . Committee on Moving Picture Theatres was extended as far as possible, throughout the district. D IST R IB U T IO N OF L IT E R A T U R E : This was under the direction of Edward Payne, for merly President of the Central Manufacturing District Bank of Chicago, and Charles G Rutledge.. Paid assist r. ants were employed as needed in sending out literature. Among the advertising matter printed and distributed were the following: 2.100.000 Application Blanks, Form No. 1; 850.000 Treasury Department Circular No. 78, signed by Secretary of the Treasury; 1.150.000 Four-page leaflets, size 3^x6j, telling about the Liberty Loan in simple language; 33.000 Four-page leaflets, reprint of an article on the Liberty Loan as an Investment, by Emil Friend of the Chicago Examiner; 10.000 Copies of Poem entitled ' ' Take the Loan" by Edward Everett Hale, printed on cardboard and sent out to all cities and towns in the Seventh Federal Reserve District, with the request that the poem be read at Memorial Day Services and printed in the local news papers. 1,000,000 Liberty Bond "Pasters; 200.000 Partial Payment Cards. There were eight different sets of these cards, for the use of 12 bankers and employers of labor when bonds were sold on the installment plan; 120.000 Posters for display purposes, in series of six, 20,000 of each being printed; 100.000 Posters headed "YOUR OPPORTUNITY"; 5.000 Cardboard Posters, headed "LIBERTY LOAN SUBSCRIPTIONS TAKEN H ERE"; 5.000 Circulars on the Liberty Loan, prepared by C. F. Childs of the Chicago Liberty Loan Dis tribution Committee; 5,400 Newspapers advertisements, prepared by Ben son, Campbell and Slaton, Advertising Agents of Chicago, being copies for twelve different ads regarding the Liberty Loan. These were sent to the local chairmen in every town and city in the district, with the request that same be printed in their local papers. Seven different circulars for use in the schools were prepared. Also a special kind of button. These were distributed in the Chicago schools. In addition to the above, there was sent out all of the matter furnished by the American Bankers Association, consisting of copies of a sermon by Dr. Hillis, newspaper advertisements, news items, etc. No record of the amount was kept. The Liberty Loan Primers from the Government Print ing OfSce arrived during the last week of the campaign, and for this reason, only 14,000 were distributed. 10.000 copies of Secretary McAdoo's Des Moines speech were sent out to the farmers in Illinois and Wis consin. 230.000 posters were supplied by Washington and all distributed. Other literature, of which no record was kept at head quarters, was sent out, either at the request of, or through various chairmen of committees. 13 PRESS: A Press Committee, consisting of the following, was appointed: Charles G. Dawes (Chairman), Pres. Central Trust Co. of 111., James B. Forgan, President, First Na tional Bank, George M. Reynolds, Pres. Continen tal & Comm'l Nat. Bank, A. W. Harris, Pres., Harris Trust & Saving Bank, William A. Tilden, Pres., Ft. Dearborn National Bank. Owing to the fact that Chairman Dawes became a Lieutenant-Colonel in the Seventh Regiment of the United States Engineers, and left for Atlanta, Georgia, this Committee was not organized, but the members were called together at the beginning of the last week of the campaign. They sent a letter signed by the members of the Chicago Clearing House Committee, to the owners of the different Chicago newspapers, requesting more publicity of the Liberty Loan, and the members also communicated as individuals with the newspaper owners, urging this. On May 8th, "The Fishers," Publicity Experts of Chi cago, were employed to furnish news to the press, but after two weeks, such arrangement was discontinued, and a Press Bureau established at headquarters. Mr. Clifford applied to each of the Chicago newspapers for the services of a reporter or news writer. The "Chicago Daily News" was the only paper which responded, the others stating that they did not have the men to spare. The "News" volunteered the services of one of its most capable men, Ben McCutcheon, who came to headquarters and proved himself a tireless and efficient worker. Around Mr. McCutcheon was built up a miniature newspaper staff. An able and experienced newspaper man and two amateur reporters were employed and paid. Boy Scouts were pressed into service as messengers. A mass of copy was collected and written, and delivered 14 to the Chicago papers, the City Press, the Associated Press and the United Press, twice daily—at 11 A. M. for use of the afternoon papers and at 6 P. M. for the morning papers. Regular lilcs were kept and care was taken to avoid duplication. The aim of the news writers was to inject human interest in their stories, and many pictures were furnished. Qarbon copies of all matter sent to the newspapers arc on Ale, also a book containing clippings taken from the news columns of Chicago papers during the campaign. This shows that from May 16th to June 17th, the seven Chicago newspapers printed about 450 columns of news regarding the Liberty Loan. No record is available of the vast amount printed in the other newspapers through out this district, but it is known that they were most gen erous with their space. In addition to what was distributed through the press associations, the Press Bureau sent direct to the country newspapers, a quantity of editorial and news matter. Through the kindness of Wilbur D. Nesbit of Chicago, short articles, endorsing the Liberty Loan, were obtained from well known writers in and about Chicago. These articles were released to the newspapers at the rate of one each day and most all were printed. Interviews from prominent bankers and leading citizens were sup plied the press daily. Cartoonists, humorous writers, society reporters and editorial writers were appealed to, to do their "b it" for the Liberty Loan. All responded generously. In addi tion to these, the financial writers Riled their columns each day with reasons for buying the Bonds. All this was effective. James Keeley, Editor of the "Chicago Herald" liter ally turned his paper over to the Committee during the 15 last week of the campaign, printing everything prepared for him, together with strong editorials of his own, call ing upon the people of Chicago to support the Loan. There is no definite way of knowing how newspaper publicity in this district compared with that in other districts, but the Veteran Exchange Editor of the "Chi cago Daily News", is authority for the statement that more was printed about the Liberty Loan in the papers of this district than in any other district. The head of the City Press Bureau made the statement that the papers of Chicago gave more space to the Liberty Loan than they have given to any other undertaking in the last fifteen years. Certainly, the response of the newspapers in this district was most hearty and liberal. RUTH L A W : The fact that Ruth Law, the aviatrix, did not arrive in Chicago until late in the afternoon of June 15th, deprived the Liberty Loan of much of the newspaper publicity that her courageous and spectacular Right merited. On behalf of the Liberty Loan Committee, Ruth Law was greeted by Mr. Clifford and thanked for her splendid service. There is no doubt that Miss Law's appearance in her airship, during her Hying tour advertising Liberty bonds, in Illinois, startled and aroused many of the people to a realization of the need for them to buy. Interviews with Miss Law and pictures of her arrival in Chicago, were printed in the Chicago papers. FOREIGN LA N G U A G E N E W S P A P E R S: N. M. Hokanson of the State Bank of Chicago, was made chairman of the sub-committee on the Foreign Language Press. Only a very slight idea can be given here of the tremendous amount of work and time devoted by Mr. Hokanson to the task of getting publicity in the foreign language newspapers. He arranged for the 16 writing, translation and delivery of copy to some 80 of the foreign language newspapers issued in Chicago, having a total circulation of approximately 3,000,000. Of these, 26 were daily papers and the rest weekly and semi-weekly. With the exception of the Socialist papers, the foreign language press was most liberal in the space alloted to the Liberty Loan, often supplementing the news items, display ads and cuts furnished them, with long editorials. Sub-committees of a dozen or more of the most promi nent men in each of the different nationalities were formed. Members of these committees issued public appeals, over their signatures, in the various foreign language newspapers, urging their countrymen to pur chase Liberty bonds. N E W SP A P E R A D V E R T IS IN G : Mr. Schweppe, as Chairman, and Mr. W. N. Record, of the Albert Frank Company, Advertising Agents, were appointed a Committee on advertising. At the outset, the National Advertising Advisory Board for the Western Department, suggested to the Committee a comprehensive plan for advertising the Liberty Loan. W. H. Rankin of this committee, had just completed in Chicago a successful campaign for the Red Cross, in which about twenty full pages of advertis ing had been contributed by Chicago advertisers. The Advisory Board's suggestion was that a similar campaign for the Liberty Loan be made by getting advertisers to contribute space, or by getting the bankers of Chicago to raise a fund of approximately $35,000 to pay for ad vertising. The Committee felt that the bankers were al ready doing so much on behalf of the war bonds, that they should not be called upon for the purpose in ques tion. 17 On May 26th, Mr. Rankin held a meeting of the Adver tising Agents in Chicago, attended by Director of Pub licity, R. W. Woolley of Washington, and Mr. Clifford. Here Mr. Rankin pledged twenty full pages of free ad vertising in the Chicago papers for the Liberty Loan. Mr. Rankin appointed a committee consisting of the following: Charles F. W. Nichols (Chairman), of C. F. W. Nichols Co., R. J. Mooney, of the Wm. H. Rankin Co. During the last two weeks Mr. Nichols called to head quarters daily at 9:00 a. m. the Rnancial advertising solicitors of the Chicago papers and they were set to work soliciting the donation of advertisements for the Liberty Loan. Mr. Record put in practically his whole time at this. It was slow work, but the result was that about thirty full pages of advertising in the seven Chi cago newspapers were secured, at a cost to the adver tisers of $25,012.50. A list of those who paid for the advertisements is on Rle. The majority are bankers and bond houses. Mention should be made of the contribution of the Chicago Board of Trade, which was used by the Pub licity Committee in paying for advertising in the ' ' Staats-Zeitung*' and the ' ' Chicago American". Most of the ' ' ads'' were prepared by Mr. Record; all "a d s" arc in the Rles. P O STER S: When it was learned that the Posters being prepared in Washington were not ready for distribution, it was decided to prepare and distribute temporary posters here. Therefore a Committee for that purpose was ap pointed as follows: W. G. Leisenring (Chairman), National Bank of the Republic, Lawrence Mills, Lawrence Mills & Company, 18 Charles Glorc, A. B. Leach & Company, Newton Perry, McCoy & Company, Walter Egan, R. E. Wilsey & Company, 8. W. White, Lee, Higginson & Company, Ed Bouchelle, A. B. Leach & Company, J. C. Hutchins, Jr., Lee, Higginson & Company. The Poster Committee prepared designs and on May 22nd 100,000 copies of temporary posters, headed "YOUR OPPORTUNITY" were ordered printed. On May 23rd, a series of six posters, entitled as follows: "T H I N K ," "ENLIST," "PROTECTION," "R E MEMBER," "PATRIOTISM" and "W A R " were gotten up by the Committee, and 20,000 copies of each were ordered printed. These were immediately dis tributed among the six thousand banks throughout the Seventh Federal Reserve District by mail, and in the city of Chicago by personal calls. As the regular posters, ordered by Washington, came in, they were distributed in the same manner, so that in all, a total of 450,000 posters were put out in this dis trict. A plan was carried out whereby the city of Chicago was divided into districts and each member of the Poster Committee personally looked after the proper display of posters in the district assigned to him. Boy Scouts were used for one day to deliver same. They were given their lunches and carfare. Business men in different parts of Chicago, and banks in outlying districts aided materially in putting up post ers. The drug stores especially displayed posters in their windows. The Committee at Arst considered the plan of hiring union workmen to do the work, but when it was found that the cost of putting up the 100,000 post ers for display in Chicago would be from $18,000 to $25,000, the idea was given up and members of the Ppster Committee did the work themselves, as stated above. 19 This Committee also prepared and distributed 1,000,000 "Pasters" for use in outgoing mail. C H U RC H ES: A Committee to advertise the Liberty Loan from the pulpits was appointed, with A. W. Harris, President of the Harris Trust and Savings Bank, as chairman, with power to appoint his assistants. Mr. Harris presented the matter to Bishop Thomas Nicholson of the Methodist Church, Archbishop Munde lein of the Roman Catholic Church, Bishop Charles P. Anderson of the Episcopalian Church, to the heads of the Christian Science Churches, through Messrs. M. L. Emerich and M. E. Grreenebaum to the Rabbinical Associ ation of the Jewish Church, and to the Chicago Church Federation, which embraces in its membership all the denominations in the city outside of Catholic, Jewish, Christian Science and Episcopalian, with a membership of 2,800 churches. In this manner, every church was reached through its priest, rabbi or minister. The result was that the clergy responded in a patriotic manner and gave the Liberty Loan their hearty co-operation. From their pulpits they urged their congregations to subscribe. Many church societies bought bonds. The Church Committee sent out 350,000 circulars, ap plication blanks and other literature. Bishop Thomas Nicholson sent to each Methodist preacher in the district a stirring appeal, quoting Presi dent Lincoln's comment during the Civil War, "that the Methodist Church sent more prayers to heaven, more nurses to the hospitals and more soldiers to the front than any other organization in the country," and that he hoped the Methodist Church would duplicate its record in the present crisis. 20 Archbishop Mundelein gave out a strong endorsement which the Press Bureau had printed in the newspapers. The Archbishop also called all the priests in his diocese for a conference, and after he himself had subscribed for a block of the bonds, each of the priests, numbering 350 in all, subscribed for some of the bonds for his parish. INSURANCE CO M PAN IES: J. E. Otis, Vice-President of the Central Trust Com pany of Illinois, was appointed Chairman of a committee to work with the Insurance Companies. H. B. Shaw, also of that Bank, served as his assistant. The work of the Insurance Committee was divided into three sub committees, as follows: Accident & Casualty Companies: Mr. Alexander, President of the Continental Casualty Company, was made chairman of this sub committee, with Mr. Forrest, Vice-President of the North American Accident Insurance Company as Assistant Chairman. Other members of the Committee were: Charles S. Burrows, President Joyce & Company, John A. Morrison, Aetna Insurance Company, George H. Gilbert, Employers' Liability Ins. Co., Wade Fetzer, W. A. Alexander & Co. Life Insurance Companies: R. W. Stevens, Vice-president of the Illinois Life In surance Company, served as chairman of this sub-committee. The other members appointed were: Frederick A. Lorenz, Manager of the Aetna Life Insurance Co., F. H. Davis, Equitable Life Assurance Society, E. A. Ferguson, 918 Tribune Building, William H. Crawford, Equitable Life Insurance Co. of Iowa, Sam Chase, Connecticut Mutual Life Insurance Co. - 21 Fire Insurance Companies: Mr. Pellet, of Critchell-Miller, Whitney & Barbor, and Mr. Bernard Rogers, a sub-committee. The committees mentioned served under Mr. Otis, General Chairman, and held their various meetings for organization in the Central Trust Company of Illinois. Louis Schroeder, Vice-President of that Bank, prepared a pamphlet entitled "LIBERTY LOAN OF 1917—ITS IMPORTANCE TO YOU." This gave a full descrip tion, in simple language, of the Liberty Loan and its pur pose, and 125,000 were distributed by the Insurance Com panies. The Accident and Casualty people worked toward an educational propaganda—to inform the working people as to what the bonds were, how they could buy them, the necessity of buying them, etc. The Life Insurance people were active in the actual solicitation and sale of the loan. Many subscriptions for bonds of small denominations were taken by the repre sentatives of Insurance Companies, but as these were turned over to the different banks at the subscribers' preference, there is no actual statement of the exact amount of subscriptions resulting from the various in surance companies. The Chicago ofHces of twenty-eight of the leading Life Insurance Companies reported that $288,000 of bonds were taken by the Managers, Agents and other ofRce em ployes, and that subscriptions received in said offices amounted to $449,200, making a total of $737,200 of Liberty Loan sales through these Insurance offices. SC H O O L S: A Committee on Public Schools, Policemen and Fire men, was appointed as follows: R. C. Otis (Chairman), John D. Shoop, Supt. of Chicago Schools, 22 Prof. 8. H. Clark, University of Chicago, George D. Coaney, Hornblower & Weeks, Jos. F. Trow, William Morris Imbrie & Co., L. A. Walton, (Wm. M. Roberts served in Mr. Shoop's place.) This Committee was divided into sub-committees, so that certain members worked in connection with the Schools, and others with the Policemen and Firemen. The campaign of the School Committee was planned to reach every school teacher and principal, and through the school children, every home in the city. The mark of $400,000 for subscriptions from the teachers, or $50 per teacher, was set, and this was approximately reached. The Committee was uncertain as to what direct results could be gotten through the children, but felt an effective sentiment and publicity could be exerted through them in the various communities. Upwards of 500,000 subscription blanks, buttons, re ports, postal cards, etc., were distributed through the schools, and some fifty or sixty bond men addressed meetings and took subscriptions. The publicity cam paign was followed up by visits from the bond men to the various schools to take in the subscriptions, and the result was $704,850 of subscriptions taken among the schools of Chicago. A complete list of schools, with the number of subscriptions received, is on Rle, together with copies of literature used. The splendid co-operation of the Board of Education, through Mr. Roberts, made it possible for the Committee to cover all the' schools effectively in the short time al lotted them for work. The patriotism of the teachers and the children also deserve the highest praise, and the results accomplished by them exceeded the expectations of the Committee. 23 PO LICEM EN & F IR E M E N : Mr. Trow was placed in charge of the work of securing the co-operation of the Policemen and Firemen. Through the kindness of Chief Schuettler and First Deputy West brook, a meeting of Captains was arranged for and through the Captains, literature was placed in the hands of the Policemen. Meetings of the men were also ar ranged and addresses given by competent speakers. In this way, all of the 5,000 policemen in Chicago were reached. Subscriptions were taken by bankers and bond men, and no record is available of the exact amount re ceived in subscriptions from Policemen. It was more diiHcult to reach the Firemen of Chicago, for the reason that they work in twenty-four hour shifts and it was hard to get any considerable number of them away from the Rrehouses at the same time for a meeting. It was therefore necessary to send representatives direct to the 163 firehouses in the city. Reports from fourteen out of the twenty-six battalions show that subscriptions averaging $2,000 for each battalion were received. F R A T E R N A L SO C IETIE S: A Committee to interest Fraternal Societies, Lodges, etc., was appointed, consisting of: L. A. Goddard (Chairman), President, State Bank of Chicago, Nelson Lampert, Vice-Chairman, Fort Dearborn National Bank. A meeting was held of representatives of twenty dif ferent Fraternal Societies, at which meeting a sub-com mittee was appointed. The plan of procedure agreed upon was that the head oSicers of each society take up the work in their own way to bring the best results. All agreed to give the Loan their hearty support, and the head oiHcers took up the matter with their subordinate lodges. 24 In addressing the societies, one of the points that was driven home was that if Prussian autocracy were to win this war and extend its iron rule over this country, meet ings held behind closed doors would be forbidden. Conse quently, these societies with their records of constructive work for the Fatherhood of God and the brotherhood of man, would practically be destroyed. In this way, each lodge member was urged to get behind the Loan by sub scribing himself and getting his neighbor to do so, and by investing the surplus funds of his lodge in the bonds. No record is available of the work done by the various Fraternal Societies, but that of the Masonic Fraternity can be taken as typical. The Grand Lodge, from its treasury, subscribed for $25,000 of the bonds, and the Grand Master issued a letter to the Masters of the 850 lodges, representing a membership of 160,000, advising the investment of lodge funds in the bonds and urging the members to invest their personal funds. The Committee on/ Fraternal Societies was instru mental in getting practically all of the benevolent and secret societies to invest their surplus funds in bonds, and influenced a great many individual members of such organizations to subscribe. L A B O R U N IO N S: No Committee was appointed to work with the Labor Unions, as it was understood that these organizations would be looked after by Samuel Gompers, President of the American Federation of Labor, who is serving on the National Council of Defense at Washington. It was also felt by the Executive Committee that the union workmen would be reached through their employers. However, Mr. Sullivan, of the headquarters staff, worked among labor leaders of Chicago and on June 8th a large meeting was held under the auspices of the Chicago Building Trades Council, at which the Honorable Clar- 25 once S. Darrow was the principal speaker. Here strong resolutions endorsing the Liberty Loan wore adopted, and the Building Trades Council, which is the largest unit of organized labor in Chicago, proceeded to organize auxiliary committees to work with its affiliated unions and individual members thereof for subscriptions. These resolutions were printed in full in many news papers, showing that organized labor was boosting the Liberty bonds. Circulars were distributed to union workmen by tlic committees of this Council. P A R T IA L P A Y M E N T PLAN FOR B A N K S: A letter was sent to each of the 6,000 banks in the dis trict, urging them to put into effect a Partial Payment Plan for the sale of Liberty Loan bonds. The letter in question was accompanied by full details of a plan origi nated by Mr. Boisot and put into practice by the First Trust & Savings Bank of Chicago. Printed cards for the use of banks in selling bonds on the Partial Payment Plan were prepared and about 100,000 of these were given to the banks. The Presidents of the clearing house banks of Chicago, at the request of the Publicity Committee, wrote to each of the outlying banks which clear through their banks, requesting that a Partial Payment Plan for the sale of Liberty bonds be put into effect in that bank. The staff at headquarters also got in touch with many of these banks, and the result was that bonds could be bought on the installment plan in practically all of the banks in the Seventh Federal Reserve District. C O M M ITTE E ON D ISTR IBU TIO N TH ROU GH LARGE E M P LO YER S OF L A B O R : Mr. Blunt and Mr. Fenton were appointed members of this Committee, their work being confined to preparing forms which would enable the employer to arrange with 26 employes to purchase bonds of small denominations oil either the weekly or semi-monthly plan, and, in turn, contract with his bank to accept the payments in lump sums as they were collected. A printed card was gotten up and 25,000 were printed. The clearing house bankers, at the request of the Publicity Committee, urged cus tomers who are large employers of labor, to put this plan into effect. All the outlying banks were provided with copies of this form, as well as all workers outside the loop district, and every effort was made to get em ployers to subscribe for large amounts of bonds and re sell them to their employes on the installment plan. Liberty Loan Clubs were formed and this was one of the most successful methods employed in the wide dis tribution of the loan in this district. PUBLIC U T IL IT IE S : Mr. Stuart was appointed the head of a committee which took up with the owners and managers of all the large public utility companies in the district the matter of getting: (1) Utility companies to subscribe for bonds; (2) Employes of utility companies to subscribe; (3) Utility companies to sell bonds to their cus tomers. The response was most gratifying. The public utilities sent out literature with their monthly bills, advertised the bonds at their own expense in the newspapers, and formed Liberty Loan Clubs among their employes, enabling such employes to buy bonds on the partial payment plan from their employer company. The Gas and Electric Companies in Chicago as well as in many of the other cities in the district, pur chased bonds outright and sold same to their customers, permitting them to make payments on the bonds when paying monthly bills. 27 A SSO C IATIO N OF COM M ERCE: The Publicity Committee appealed to the Chicago As sociation of Commerce to participate in the Liberty Loan campaign. The Association appointed a Special Com mittee of its members for this purpose, consisting of the following: Charles R. Holden (Chairman), The Union Trust Company, Thomas J. Bolger, Bolger, Mosser & Willaman, W. W. Buchanan, Edward E. Gore, Carl R. Latham. The Ways and Means Committee, under the direction of William R. Moss, Chairman, consisting of 390 com mitteemen, representing 78 trades and professional sub divisions of the Association, was requested to push the Liberty Loan. A communication from the President of the Associa tion went to each of the 4,000 members, calling for a pledge of co-operation in the distribution of the Loan, and the appointment of a committee, or the designation of an individual to take charge of the canvass of the em ployes in each establishment. Direct replies to this communication were tabulated daily, the information being transmitted to the Commit tee on Distribution of the Liberty Loan Committee, and to the respective sub-division chairmen. In all, 1,130 business houses in the Association mem bership advised the Committee that both Arm and em ployes were participating in the Liberty Loan distribu tion. This number included all the larger establish ments in the city. The Association did not undertake to sell bonds di rectly. 28 AM ERIC AN BANKERS' A S S O C IA T IO N : At the suggestion of the Chairman of the Publicity Committee, Solomon A. Smith, Chairman of the American Bankers' Association Committee of the Seventh District, invited the following bankers to act with him on his Com mittee for the purpose of getting in touch with the Farm ing and Live Stock interests, and, by working through agricultural and other country papers, of selling the war bonds to the farmers: W. A. Tilden, President, Fort Dearborn National Bank, Chicago, M. A. Traylor, President, Live Stock Exchange National Bank, Chicago, ' S. A. Fletcher, President, Fletcher-Amorican Na tional Bank, Indianapolis, Homer A. Miller, President, Iowa National Bank, Des Moines, E. D. Keys, President, Farmers' National Bank, Springfield, 111., John W. Staley, Vice-President, People's State Bank, Detroit, Mich. Oliver C. Fuller, President, Wisconsin Trust Co., Milwaukee, Wis. Each appointee accepted and went to work in an effort to reach the farmers. A list of all farm and live stock papers published in the District was secured, and adver tisements, editorials and news items regarding the Lib erty Loan were inserted in same. News and editorial matter as well as advertisements, directed to the farmer, were sent out for publication in the country newspapers. The Committee urged their correspondent country banks to personally solicit the farmers. T E N D O L L A R C E RTIFIC ATES: . When it was reported to the General Executive Com mittee that it was difficult to do business with the small investor, because the bank or bond salesman had no bond or certificate to sell outright, it was decided that interim 29 certificates should be issued and made ready for sale. Thereupon, the Federal Reserve Bank prepared TenDollar Certificates which were sold to the banks for cash and re-sold by the banks to their customers. The fol lowing form of certificate was used: Fwe o/ T7ie.se .For % $50 No.............. Jfat/ Fe jE%7 M e 7 c m (7 (% $10 U x iT E D STATES GOVERNMENT LIBERTY IjO AN B o N D PARTICIPATION CERTIFICATE This certificate represents a payment of Ten on the purchase price of one $50 Liberty Bond, issued under authority of the Act of April 24, 1917. Upon surrender of this certifi cate to the Federal Reserve Bank of Chicago, accompanied by four others of like amount, the holder will be entitled to receive a $50 United States Government Liberty Loan 3^% Bond with all coupons attached. FED ERAL RESERVE B A N K OF ClIICAG O Countersigned: By. (roverwor. The sale of these Ten-Dollar Certificates was not "pushed" by the bankers because sales of larger amounts were desired, and the Certificates were only sold where it was not possible to take a subscription for a $50 bond. However, on the morning of June 15th, when the banks were so crowded with people eager to subscribe, that it was impossible to take the time to make out subscrip tions, banks which had these Ten-Dollar Certificates on hand, sold them over the counter to cash customers in amounts desired. The Department Stores had these certificates on hand and sold them through the booths in their stores. 30 The Federal Reserve Bank of the Seventh District is sued $1,000,000 of such certificates, subscribing for $1,000,000 of bonds to be used in the redemption of the certificates. Of this issue of certificates, $780,000 were sold by the Federal Reserve Bank to the banks in this district. D E PA R TM E N T STORES: A Committee of Chicago merchants was appointed to further the sale of War Bonds in the department stores, consisting of the following: James Simpson (Chairman), Marshall Field & Company, John W. Scott, Carson, Pirie, Scott & Company, D. F. Kelly, Mandel Brothers, C. E. Davis, Rothschild & Company, H. G. Hart, The Boston Store, E. J. Lehman, The Fair, C. A. Stevens, Charles A. Stevens & Brothers, Edward Hillman, Hillman's Department Store, S. J. Klein, Siegel Cooper & Company. The first step taken by the Committee was to organize Liberty Loan Clubs in the department stores, thus en abling employes to buy bonds from the store by which they were employed, on a partial payment plan. In many cases, the stores advanced payments due before July 1st, so as not to disturb employes' savings accounts until after the interest-paying period. These partial payments are to continue until December 15th, 1917. In the matter of publicity, the various stores, at con siderable expense to themselves, inserted advertisements in the daily papers. On the morning of May 29th, Liberty Loan bonds were put on sale in all the large Chicago stores. Booths were installed in prominent places under the supervision of trained employes, and the sale was continued until the evening of June 14th. Bonds were sold to customers 31 for cash and subscriptions taken. Also, large amounts of the Ten-Dollar Certificates were sold for cash. Following is a list of sales and subscriptions taken by the stores as reported to this Committee: Marshall Field & Company................$2,192,650 Mandel Brothers............................... 100,000 Carson, Pirie, Scott & Co................... 78,600 Hillman's........................................... 40,300 Rothschild & Company....................... 26,570 The F a ir ............................................ 12,350 Charles A. Stevens & Bros................. 5,350 L IB E R T Y L O A N D ISTR IBU TIO N C O M M IT T E E : The General Executive Committee, acting through Mr. Schweppo and Mr. Clifford, called a meeting at the La Salle Hotel of the representatives of bond houses, com mercial paper houses and stock exchange houses, for the purpose of forming a Committee on Distribution. This meeting was largely attended and a Liberty Loan Distri bution Committee was there elected as follows: W. M. L. Fiske (Chairman), William A. Read & Company, C. Frederick Childs, C. F. Childs & Company, Frederick R. Fenton, C. W. McNear & Company, and Sec'y of Investment Bankers' Ascociation, Joseph A. Rushton, Babcock, Rushton & Company, William L. Ross, Kean, Taylor & Company, Watkin W. Kneath, Spencer, Trask & Company, and Pres, of Bond Men's Club of Chicago, Charles W. Folds, Hathaway, Smith, Folds & Company. The Committee organized by the election of Mr. Fiske as Chairman and of Clayton C Schray, of the Invest r. ment Bankers' Association, as Secretary. It divided the district into six units and the Chairman appointed subchairmen to take charge of these units as follows: Chicago.......................................... Mr. Folds, Illinois (outside of Chicago).........Mr. Rushton, Indiana............................ ............. Mr. Childs, Michigan ........................................Mr. Fenton, Io w a ..............................................Mr. Kneath, Wisconsin.......................................Mr. Ross. 32 The sub-chairmen immediately took up the organiza tion of their units by taking over the names of the various local chairmen appointed previously by the Federal Reserve Bank. Other chairmen were appointed as occa sion arose. Detailed instructions for organizing were sent to all local chairmen. The Committee Rgured that the quota of subscriptions to be taken by each community should be equal to 8% of the banking resources. It therefore tabulated such re sources and the quota of bonds to be subscribed for in each district. In some cases, a "district" with a local chairman consisted of several counties, and in others, of a single county. Where there were large cities, the "dis trict" included only a city. In most of the localities, the bankers had an erroneous idea about the amount of subscriptions which it was their part to turn in. Ninety percent of them felt that their quota was ten to twenty percent of what it actually was. It was the effort of the chairman then to bring home to the various localities the truth that unless each turned in subscriptions equal to eight percent of its banking re sources, that locality would not be doing its "b it." It was evident at the outset that assistance would have to be given to the local chairman. Each sub-chairman thereupon proceeded to call for volunteers from the Chi cago commercial paper, bond and stock houses and in this way from thirty to Rfty workers for each state were secured. These volunteers were known as "Organizers" and each was given a letter of credential, signed by the Federal Reserve Agent, which was of material assistance in gaining him an admittance and a hearing wherever he applied. These "Organizers" were sent to assist the local chairmen where needed. They stayed on the ground until practically the 15th of June, serving the localities to which they were assigned, arousing enthusiasm, mak ing recommendations relative to the appointment of new 33 local chairmcn or additional sub-chairmen, dividing the territory into smaller units, enlisting the support of prom inent business men in the campaign, delivering speeches, etc., etc. For soliciting subscriptions in Chicago, Mr. Folds organized a "Flying Squadron," consisting of over 350 bond salesmen. These men were divided into ten teams, each under a competent captain; prizes were offered for those bringing in the greatest number of sub scriptions and also for those bringing in the highest amount. Competition for subscriptions was keen. A meeting of the "Squadron" was held at nine o'clock each morning at the La Salle Hotel, where reports were read of the previous day's subscriptions received and the standing of the teams. Short talks by prominent men were made, suggestions given, etc. The Press Bureau gave this group of salesmen the widest publicity and a great deal of interest was aroused. An ofKce to oiRce canvass was successfully accom plished by the "Flying Squadron" throughout the busi ness district of Chicago. At noon, on May 29th, a parade was given by the "Squadron" through the downtown district. It was headed by the band from the Great Lakes Naval Training Station and 250 "blue-jackets," and the band and a bat talion of the First Illinois Infantry. Seven hundred bank ers and bond salesmen, headed by the General Executive and Publicity Committee, marched, carrying Liberty Loan banners. The "Flying Squadron" obtained 108,034 subscrip tions for a total of $26,105,200 bonds. A sub-committee, with F. A. Yard, Vice-President of the Union Trust Company, at its head, assisted the Distribution Committee in Chicago in organizing the work of the outlying and suburban banks. 34 The names of the various local chairmen as reported by the state sub-chairmen, are on Rle. The list is too long to be inserted here. It includes 99 local chairmen for Iowa, and for those parts of the district in other states, as follows: 110 for Illinois; 325 for Indiana; 75 for Michigan; 45 for Wisconsin. In the larger cities of the district, like Detroit, Milwau kee, Grand Rapids, Indianapolis, etc., efficient organiza tions were effected, with many working committees tak ing charge of the Liberty Loan campaign. Each state chairman has been endeavoring, since the close of the campaign, to line up and solidify the organ izations whieh were formed under his directions, with the intention of keeping it in shape for use by his successor in the next campaign. The work accomplished by the Distribution Committee was highly satisfactory, as shown by the results. R E SU L T S : The total subscriptions received by the Federal Re serve Bank of Chicago, as reported on June 18, 1917, are as follows: Chicago.......................................... $170,000,000 Illinois (excluding Chicago)........... 27,315,150 Indiana .......................................... 35,323,100 Iowa ..................... ..................... 31,343,850 Wisconsin....................................... 30,866,100 Michigan ....................................... 62,538,800 Total .......................................$357,387,000 In the above list there are doubtless errors and omis sions owing to the haste with which the subscriptions were counted. These Rgures, therefore, should not be taken as absolutely correct. 35 LETTER OF THANKS: The following letter of appreciation was sent by the Federal Reserve Bank of Chicago to the members of committees, the press and the six thousand banks in the Seventh District: FEDERAL RESERVE B A N K OF CHICAGO, 79 West Monroe Street. June 19, 1917. To 77%v6 Loaw < #Mcce.sg: 3 The Rrst installment of the great Liberty Loan offered to the American people has been largely oversubscribed. The notable success attained in the Seventh Federal Reserve District is attributable to the patriotic service rendered by the Press, the Banks and Trust Companies, Investment Bank ers, Various Committees, Business Associa tions, Clubs, Theatre Managers, Public Speak ers, Boy Scouts, and others. As a result of this hearty and generous co operation, a machine for selling Government bonds was formed, so comprehensive in its scope that probably no family in the Seventh District has failed to receive the story of "The Liberty Bond." So great has been the cumulative force of this bond selling machine, that the accomplish ments in this district have surpassed highest expectations. The Federal Reserve Bank of Chicago, as Fiscal Agent of the United States, extends to all who have participated its cordial thanks and ex pressions of appreciation. Respectfully, JAM ES B. McDoUGAL, Gouerwor. 36