Full text of Selling the First Installment of the Liberty Loan : In the Seventh Federal Reserve District, May 4th to June 15th, 1917

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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,

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

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

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.

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

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.

"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

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-

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 Gr. Rutledge.. Paid assist
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

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.

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

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

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

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.

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,

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.

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.

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. -

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,

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.

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.

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-

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

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.

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.

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

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 jE7%c7mM(7e(%
$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.

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

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 Cr. Schray, of the Invest
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.

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.

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 <3 #Mcce.sg:

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.

Full text of Selling the First Installment of the Liberty Loan : In the Seventh Federal Reserve District, May 4th to June 15th, 1917

FRASER