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

ment plan of selling bonds. Both
Albert H. Wiggin and Charles II.
Sabin aided greatly in the applica-
ton OF their knowledge of the prin-
ciples of successful bond distribution.
James S. Alexander, president Of
the National Bank of Commerce,
most of whose executives were active
workers in the first two campaigns,
devoted much of his attention to the
study of the relation Of the money
market to the successful f1Otation Of
the bonds. With Messrs. Strong,
Baker, Frew, McGarrah, Sabin.
Vanderlip, Wallace and Wiggin, the
other members of the money commit
tee, Mr. Alexander met every morn
ing at 10 o'clock during the first two
campaigns at the Federal Reserve
Bank. This gathering was in addi-
ton to the daily meeting of the full
Liberty Loan Committee.
AS chairman Of the Committee on
State Banks, Mr.. Frew kept in close
touch with those institutions. The
Corn Exchange Bank, of which he
is president, handled $4,000 SUD
scriptions on the partial payment
basis. With Mr.. McGarrah, Mr..
Frew has stimulated the work Of
the Clearing House Committee, os
which he has been chairman since
last October.
J. N. Wallace, Of the Central Trust
Company, a prodigious worker, is
known as the silent man Of the COM
mittee. He talks infrequently, ac
cording to his associates, but when
he does speak the rest of the com
mittee finds it worth while to pay
the closest attention. He has helped
especially in the work of organizing.
Putting Life
Into the Lazy
Seward ProsseT. near the close Of
the last campaign, was named chair
mon Of the sub-committe appointed
to stir up the bankers who were not
entering into the offensive for dol
lars with sufficient vigor. His was a
delicate task, but he handled
without offending any one He in
spired numerous lukewarm support
ers with fresh enthusiasm. His
committee was able to detect let
down of energy wherever it occurred
and was promptly engaged in using
the figurative pulmotor.
With these men Of the NAN COM
mittee as the planning centre, thous
ands of others are lined up for Lib
erty Loan service. The war financ-
ing has been a great factor in GEL
ting men acquainted with one an
other. Contrast this condition with
that of 1907, when Wall Street lead
ers, at the invitation of the elder
Morgan, met in his library to dis
cuss the ominous outlook and pre-
pare against wholesale disaster to
the country There was a conspicu-
Gus delay in getting down to the
business of the hour-the restora-
ton of confidence and the smooth
and even running of the credit ma
chinery of this city. Mr.. Morgan
sensed snag in an attempt to reach
an understanding. He was heard TO
say as he surveyed the assemblage
before the conference began:
well never get anywhere. These
men don't even know one another
Working directly under the Lib
erty Loan Committee is the Distri-
button Committee and the Publicity
Department. These two, with their
endless subdivisions, complete the
formal organization.
According to one of the committee
members, ITO the Distribution Com
mittee falls the task of selling the
bonds; to the Publicity Department
that of recommending them"
These two committees face the task
of reaching the people in all parts
Of the Second Federal Reserve DIS
trict, and appealing ID them accord
ing to the special facts of their
habits Of living and thinking. ms
function, to be properly performed,
requires minute forethought and
courageous planning.
The success of the third Liberty
Loan depends perhaps as much on
the degree Of distribution obtained
by the bonds as on the size OF the
subscription. In the entire country
the first loan was taken by more
than 100000 persons, and the sec
ond by more than 100000. Inc
promoters of the third Liberty
Loan campaign hope to get l5,ooo'-
600 subscribers. To do so would re-
quire campaigning of unprecedented