New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-01

Committee were re,nunerated. The
members of the subcommittee, the
thousands of bankers, bond statesmen,
brokers and others who are to en-
gage in the drive would be costly
indeed.
The fifteen men who, as members
of the main committee, purpose to
steer this district to oversubscription
in the next campaign were at the
helm in the two previous drives, when
the people of the allotted area SUBJ
scribed $2,750, 100000, which is one
third Of the entire nations contribu-
ton to Americas war bonds.
Thinking in the terms of billions
Of dollars is the second nature for
the members of the central commit
tee. Ten of the members of the
group represent institutions whose
aggregate resources reach four bill
ion dollars. The presence OF Gov
ernor Strong, who represents the re-
sources of the Federal Reserve Bank
Ct New York; Martin yogel, As
sistant Treasurer of the United
States, and Walter E. Frew, who as
head Of the Clearing House, is
spokesman for many Of the banks
here, gives vast additional authority
to the committee in the world of
affairs.
Each member of the committee has
developed into an expert in a special
angle of the work. Governor Strong
was described by an associate as the
"energizing force of the bond-sell-
ing campaigns" He has found his
special task to be that Of co0rdi-
nator of the activities of the various
forces that are driving toward the
common goal. Pierre Jay, chair
man of the board Of directors Of the
Federal Reserve Bank Of New York,
acts as chairman when Mr.. Strong
is absent.
Seniority in age among the men,
bers of the committee goes to George
f. Baker and Jacob H. schiff, yet they
are frequently spoken of as the most
enthusiastic of the group. In the
first Liberty Loan campaign when
the quota assigned to this district
was 81 ,0OO,O0O,000, Mr.. Baker helped
the drive nightly by inducing the
First National Bank, which he heads,
to take $110,O00,000 worth. But
that was only small part Of his
work. He called personally on many
Potentially big investors, and drove
home the arguments Of Liberty bonds
in many other cases by telephone.
What the
Leaders Do
But Mr.. Baker. did not think he
had accomplished wonders. In fact.
he said so after Mr.. Vanderlip had
lauded him. "You were an insp;ra-
ton to us ALL" Mr.. Vanderlip told
him, you were an inspiration, in
deed. You heartened everybody If
the days when we first set TO work. ~
Like Mr.. Schiff, Mr.. Baker was
able to give the committee the ben
eft of his experience of war financ-
ing in the Civil War. Both have
vivid recollections of the bond fota-
tions of those days.
Mr.. Morgan announced at the out
set that he would support any pol
icy that would keep the American
people as a whole in close touch with
the financing Of the war. He insist
ed that all phases Of the Liberty
Loan campaigns be "tabloided" for
public information. Mr.. Morgan's
associates in J. P Morgan G. Co. also
participated actively during the first
two loans. Arthur M. Henderson,
who is director Of distribution of
Liberty bonds; Dwight W. Morrow
and Thomas w. Lamont, of the Nor
gan firm, were especially active.
William Woodward served as the
committees courier to the capital, as
he had frequently gone to Washington
to represent the group at confer
cnces. Mr.. Woodward worked OUT
the first plans for the actual han
ding Of the bonds in New York, and
also organized the Bond Issue Di-
vision of the Federal Reserve Bank
AS chairman of the Distribution
Committee, which had the job of
actually placing bonds in various
parts of the district, Mr.. Forbes
supervised the preparation of the
prospectus of each loan. He also
came to be known as one of the most
forceful Liberty bond speakers.
Mr.. Nogcl was likewise active IN
the speaking side Of the campaigns
He presided at the Sub Treasury
meetings at which thousands OF
workers gathered every noon, and