The President of the United States of America takes pleasure in presenting the Navy Cross to Rear Admiral Thomas J. Cowie, United States Navy, for exceptionally meritorious service in a duty of great responsibility in connection with naval subscriptions to the Third, Fourth, and Fifth Liberty loans. Through his able, vigorous and indefatigable efforts the naval subscriptions to these loans reached a total far beyond what could have been anticipated and placed the Navy easily in the lead of all other groups with which it could properly be compared.