Oscar T. Crosby to William G. McAdoo

Mr. Crosby's Office.
Washington,
October 18, 1917.

Harding absent today. Have consulted Williams and others here and all agree that it would be unwise to propose to banks throughout the country any underwriting of the loan unless after results of Monday are known it should appear necessary (stop) My own opinion is that we will succeed without such action (stop) The reports given out are subject to the same difficulties of interpretation which were presented in the last campaign (stop) I have received telegrams today from all Federal Reserve Banks to the effect that their reports by no means represent the known subscriptions but that they are now engaged in an effort to secure a better knowledge of the actual conditions (stop) They promise information on Monday (stop) New York I believe can be absolutely depended upon for at least a billion dollars although their reports up to last night show only three hundred sixty million (stop) It is to be remembered that in the last campaign we had actually reported five days before its close only one billion three hundred million and received by completion of reports and new subscriptions a total of one billion seven hundred million in the last five days. (stop) We now have approximately ten days and yet if we receive only two billion more we should at least cover the three billion as our figures for tonight will almost certainly show one billion dollars subject to the imperfections of report above indicated (stop) It is just possible that Interstate Commerce Commission may make an announcement of a favorable policy to railroads and I shall learn tomorrow whether or not that pronouncement, if it is favorable, cannot be made immediately for the sake of its effect upon the loan (stop) Am alright, things going well generally. Your trip, I believe, will save the situation. (stop) Without it I should have much feared the result.

Oscar T. Crosby.
Official.