New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1918-04-06

Washington, April 6.-Machinery
for gathering and reporting the mill
lions Of subscriptions to the Third
Liberty Loan was in smooth working
order when the campaign opened to-
day on the anniversary of the nations
entrance into war. Campaign organ
izers have perfected a system by
which subscriptions today will be
tabulated in each federal reserve
bank tonight reported to Washing
ton and made public tomorrow. De-
lays and approximations of the first
and second loans will be avoided, SO
that the nation may know daily the
exact progress of it's big money drive
the day before.
National and state banks are the
principal original collectors of sub
scr1ption reports, since soliciting
committees in most localities send
their signed applications of subscrib
ers to banks. At the end of the day
each bank, Or a group of local banks
will telegraph Its reports to the Lib
erty Loan branch Of the district fed
era1 reserve bank, and these in turn
will report their tabulations to WASH
ington.
AS an example of the tremendous
task involved, loan directors point
out that the New York federal re-
serve bank has rented two entire
floors in big Office building to ac-
commodate the accountants and
clerks required to manage liberty
Loan reports
This work accounts for a large part
of the expense Of gathering the big
national credit. Another large item
Using posters and pamphlets, and the
engraving Of the bonds, which has
been under way at the government
bureau of engraving and printing for
months. In addition, there is a null
titude of minor expenditures connect
ed with national and district head
quarters, despite the liberal donations
of service and materials by thousands
of patriotic workers.
Expense Reduced to Minimum.
AS compared with the usual Or 4
per cent. expense of floating most
private securities issues, the appropri-
alton for selling the First Liberty
Loan was one-tenth of one per cent.
or 100000, and the second was one
fifth of one per cent. or q little more
than $1,000, 900. All bills Of the past
loans have not yet been tabulated.
About $50 workers of the campaign
are paid, and others of the 100000
volunteer bond salesmen give their
time free. More than $500 public
speakers have been engaged to preach
the merit Of the Third Loan. Five
hundred are routed out of Washing
ton, and the others are directed by
the speakers bureaus of each of the
twelve federal reserve districts.
The donations of services and ma
terials for promotion Of the loan runs
into the millions of dollars value,
campaign directors estimate Pint
ing companies have discounted
heavily their accounts for loan post
erS and pamphlets. Newspapers,
press associations, signboard inter
ests, music publishers, phonograph
/ record manufa cturers and host Of
! others have agreed to give their pro-
duct to the government without cost,
or at less than their own expenses.
The post office department has in
Structed local offices to deliver adver-
tiSing mail matter on the loan to
farmers in every rural community.
The Department of Agriculture also is
using it's hundreds of field agents as
Liberty Loan boosters. War savings
comittees will continue to sell stamps
and certificates, since their cause is
Continued On Ninth Page),