As Congress to authorize a bond issue, general plans were discussed for a widespread advertising campaign. There will be no understanding by large private institutions of any part of the bond issue. All investors, it was announced, will be received on the same footing. The cooperation of all institutions, however, will be welcomed as a patriotic act, and there will be no disposition whatever to refuse the aid of big private banking interests on the same basis as smaller investors.

Willard McKee, the director of the Federal Reserve System, will be made to speed the authorization of the issue. It was understood to be the consensus of opinion at today's conference that the currency should pass the necessary legislation within a week. Subscription to the issue will be taken by Secretary McAdoo and by agents he will designate. In this connection, it was thought likely that the machinery of the Federal Reserve system would be utilized. State and private banks probably will be so utilized wherever they prefer their services under the understanding that no commission will be charged, and that no profit will be made upon any transaction in connection with the issue.

But it is not the banks of the Federal Reserve system that the administration is looking to in financing the loan. Their funds are to be preserved intact, so far as possible, to meet the needs of the people.  Strang strain on the country's industrial and commercial life. They will not be called upon to unlock their vaults and replace any substantial part of their liquid resources with the long-term bonds. 