New-York tribune., 1917-07-18
Bankers Meet
To Plan Liberty
Loan Campaign
Heads of Reserve lnstitu'
tions Discuss Organ
ton Work

Steps toward laying the groundwork
for facilitating the flotatlon OF the next
United States government war loan
were taken Yesterday. Governors OF
the Federal Reserve banks OF Boston,
Philadelphia. Richmond, Cleveland
Chicago and New York met in con-
ference here with representatives OF
the Federal Reserve Board, the treas
ury Department and the Liberty Loan
committee of the several Eastern dis
tricts. and discussed improvements IN
the methods of handling government
bond issues. in the light Of their ex-
perience in the last campaign. Inc
Federal Reserve Board was represented
bv Paul VI. Warburg, vice-governor'
The conference will be continued to-
day.
Interest Rate Ignored
The bankers discussion yesterday
centred largely around the organizs-
tion Of the campaign for the new In
stalmcnt of the Liberty Loan. 1t was
stated after the afternoon meeting that
neither the question Of interest rate
nor any Of the other details OF the
loan was considered.
The topics that were taken up IN
cluded the time schedule of the cam
paign, the method Of organization OF
central committees and their relations
with committees; apportlonment
Of expense; publicity organization and
development of general selling plans;
maintenance of organization between
campaigns; coordination between Fed
eral Reserve districts; cooperation with
local associations and organizations;
handling of reports, receipts and pay
ments Of subscriptions; deliveries of
interim certificates and defnitive
bonds; time of day for closing sub
scription books; organization OF gov
ernment deposit departments, and Gus
todian for securities pledged to secure
government deposits.
Will Report to McAdoo
The results Of the conference will
be reported, with recommendations, to
Secretary of the Treasury McAdoo, at
Washington.
The Federal Reserve Bank in state
ment issued yesterday gave the person
mel of the bankers attending the con-
ference as follows:
A. l.. Aiken, governor of the Federal
Reserve Bank of Boston,; c. S. Rhoads,
governor of the Federal Reserve Bank
of Philadelpna; L. R. Fancher, gov
ernor of the Federal Reserve Bank OF
Cleveland; George j. Seay, governor of
the Federal Reserve Bank of Rich
mond; j. b. McDougal, governor of the
Federal Reserve Bank of Chicago;
Mr.. Pierre Jay. chairman of the Federal
Reserve Bank of New York, and Mr.. j.
+. Curtis. secretary.
There were present also Paul NJ.
Warburg, vice-governor of the Federal
Reserve Board; NJ. p. Hallowell, j. r.
Macomber, Philip Stockton, Robert R.
S. Weeks, John X. Allen, c. s. Bullen
and c. +. Perkins, of the Liberty Loan
Committee of Boston; n. D. Jay, G.. T..
Gregory, Guy Emerson, c. K. Mitchell
and T.. b. Sweezy, of the Liberty Loan
Committee of New York; G. j. Ward,
w. c. Janney. F. NJ. IIardt and Lewis
II. Parsons. of the Liberty Loan Com
mittee of Philadelphia; J. F: Bruton
and Claiming Rudd, of the Liberty
Loan Committee of Richmond; L. B.
Williams, of the Liberty Loan Commit
tee of Cleveland; H. l.. Stuart and ".
NJ. j. Fisk, of the Liberty Loan Com
mittee of Chicago; Lewis B. Franklin,
of the Treasury Department, and J. A.
Broderick, chief examiner for the Fed
eral Reserve Board.