During the Victory Loan Drive, Park Avenue, just above the Grand Central Station, was shut off and devoted to propaganda for the drive. The photograph shows a pyramid of captured German helmets.
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"Finish the Job" was the slogan of the Fifth Loan. The country was told that the war was not ended until its debts were paid, that we should feel gratitude in the lives spared by its sudden end. The Liberty Loan workers had to create a new state of mind, to begin a new education—for this time the issue was in Victory notes instead of bonds—and to arouse the people to new emotions through spectacles, parades and other features. It may be mentioned here that the greatest parade of the entire war was held in New York in this Fifth Loan, when the different branches of the army showed in procession the men and weapons they had employed to win victory.
The call was for $4,500,000,000 and the answer was subscribed in notes by 12,000,000 persons, who paid in $5,249,908,300.
WAR SAVINGS CAMPAIGN
In between the drives there was a lesser drive constantly carried on among people who were not able to participate in bond buying. This was the War Savings campaign which was a part of the Government Loan enterprise. Newsboys, bootblacks, shop-girls, clerks and others who had been unable to participate in the Loan drives or who wanted to prove again their devotion to their country answered this appeal. In these savings there was collected for the country up to the date of the armistice $932,339,000 and the number of persons hoarding in small sums was far beyond a million.
| LIBERTY LOAN FIGURES | ||||
|---|---|---|---|---|
| Entire Country | ||||
| Quota | Am't Subscribed | Allotted | No. of Subscribers | |
| First Loan | $2,000,000,000 | $3,035,226,850 | $2,000,000,000 | 4,500,000 |
| Second Loan | 3,000,000,000 | 4,617,532,300 | 3,808,766,150 | 9,500,000 |
| Third Loan | 3,000,000,000 | 4,170,069,650 | 4,170,069,650 | 17,000,000 |
| Fourth Loan | 6,000,000,000 | 6,993,073,250 | 6,993,073,250 | 22,777,680 |
| Fifth Loan | 4,500,000,000 | 5,249,908,300 | 4,500,000,000 | 12,000,000 |
| —————— | —————— | —————— | ————— | |
| Totals | 18,500,000,000 | $24,065,810,350 | $21,471,909,050 | 65,777,680 |
| Federal Reserve District of New York | ||||
| First Loan | $600,000,000 | $1,191,992,100 | $617,831,650 | 978,959 |
| Second Loan | 900,000,000 | 1,550,453,500 | 1,164,366,950 | 2,259,151 |
| Third Loan | 900,000,000 | 1,115,243,650 | 1,115,243,650 | 3,046,929 |
| Fourth Loan | 1,800,000,000 | 2,044,901,750 | 2,044,901,750 | 3,604,101 |
| Fifth Loan | 1,350,000,000 | 1,762,684,900 | 1,318,098,450 | 2,484,532 |
| —————— | —————— | —————— | ————— | |
| Totals | $5,550,000,000 | $7,665,275,900 | $6,260,442,450 | 12,373,672 |
BENEFITS DERIVED FROM LOAN CAMPAIGNS
The benefits derived from the Loan campaigns were many. Prominent among them was the growth of thrift among the American people. The growth of this habit will be an important factor in the future greatness of this country.
A lasting monument to the war spirit of those who had to stay at home is the fact that more than a million persons, men, women and children, were engaged actively in the promotion of the five loans. In other words, one person in every hundred in the United States was a part of the organization, and each induced twenty other persons in that hundred to buy bonds. This colossal force did not work in haphazard fashion nor scatter its energy but acted under a definite plan of campaign in which each had an assigned part and in which each worked according to a method that would avoid duplication or extra expense.