The Barre daily times. (Barre, Vt.) 1897-1959, 1918-04-08
TO REPORT RETURNS
ON LIBERTY LOAN
Great Preparations Have Been Made for
a Speedy Accounting So That the
Nation May Know from Day
to Day the Amount
Subscribed.

SuUSLIlUcu.
Washington, April Machinery for
gathering and reporting ten millions Of
subscriptions to the Third Liberty loan
was in smooth working order when the
campaign opened to-day on the anniver
sary of the nations entrance into war.
Campaign organizers have perfected
system by which subscriptions to-day
will be tabuated in each federal reserve
bank tonight, reported to Washington
and made public there tomorrow. De
lays and approximations OF the first and
second loans will be avoided, so that the
nation may know daily the exact prog
ress of the big money drive the day be
fore.
National and state banks are the prin
cipal original collectors OF subscription
reports. since soliciting committees IN
most localities send their signed appll-
cations of subscribers TO banks. At the
end Of the day each bank, or a group
of local banks will telegraph its re-
ports to the Liberty loan branch of the
district federal reserve bank, and these
in turn will report their tabulations TO
Washington.
As an example of the tremendous task
involved. loan directors point out that
the New York federal reserve bank has
rented two entire floors in a big Office
building to accommodate the account
ants and clerks. required to manage LIB
erty loan reports.
This work accounts for a large part OF
the expense of gathering the big national
credit. Another large item of expense
is the printing OF advertising 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 multitude of minor expenditures
connected with national and district
headquarters, despite the liberal dona-
tions of service and materials by thous-
ands of patriotic workers.
As compared with the usual three or
four per cent expense of floating most
private securities issues, the appropria-
tion for selling the First Liberty loan
was one tenth of one per cent or 81
900 900, and the allowance for the sec
opd was one.tifth of one per cent or a
little more than S7,000,000. All bills OF
the past loans have not yet been tabu-
lated.
About $50 workers of the campaign
are paid. and others of the 100000 volun'
teer bond statesmen give their time free.
More than $500 public speakers have
been engaged to preach the merit OF
the Third loan. Five hundred are rout-
ed out of Washington, and the others
are directed by the speakers bureau OF
each of the twelve federal reserve dis
tricts.
The donations of services and mate
rails for promotion of the loan run into
millions of dollars value, campaign dl.
rectors estimate. Printing companies
have discounted heavily their accounts
for loan posters and pamphlets News
papers, press associations, slgnboard IN
terests, music publishers, phonogrsph
record manufacturers and a host OF 9th
ers have agreed to give their produce to
the government without cost, or at less
than their own expenses
The postoffice department has in
structed local offices 10 deliver adveT-
Using mail matter on the loan to farm
ers in every rural community. The de-
mart meni Of agriculture also is using its
hundreds Of field agents as Liberty loan
boosters. War savings committees viii
continue 10 sell stamps and certiieate>-
since their cause Is essentially the same
a. that Of the Liberty loans, and VIII
cooperate in selling bonds.
Women throughout the nation have
been organized under the leadership Of
the Central Womsn's Liberty loan com
mittce at Washington, headed by Mrs
William q. McAdco. wife Of the secre-
tarv.
The active manager Of the whole cam
paivn i. Lewis B. Franklin, the treas
urv's director Of war loan organization
Prank b Wilson il director Of pubilcltys
ard Charles p. Homer j. manager q TIE
SPEAKERS bureau.