﻿48

WAR BORROWING

of the Nation. I hope that they will meet the re-
quirements of the situation.” 26

Thanks to these efforts the number of subscribers
to the issue was materially increased and the full
amount of the offering was taken. The number of
subscriptions by Federal Reserve Districts for the
issue, as compared with the preceding issues of
January 22, and February 8, was as follows: 27

	Jan. 22	Feb. 8	Feb. 27
Boston 			 212	47i	554
New York				275	766	1,192
Philadelphia 			 41s	800	730
Cleveland 			 770	1,200	1,396
Richmond 			 iS8	479	558
Atlanta 			7SS	717
Chicago 			 910	2,424	2,832
St. Louis 			 1.654	1,034	1,401
Minneapolis 			 37S	1,193	1,436
Kansas City 			 SIS	1,547	1,653
Dallas 			951	955
San Francisco 			 384	93°	1,048
Total 			 6,364	12,550	14,472

Three further issues of certificates were offered
in accordance with the Treasury’s program and
substantially oversubscribed: on March 20, matur-
ing June 18 to the amount of $543,032,500; on
April 10, maturing July 9 to the amount of $551,-
226,500; and on April 22, maturing July 18 to the
amount of $517,826,500. The final issue of April
22, 1918, was in part a refunding operation of the
issue of January 22, 1918, due on that date, cer-
tificates of the January issues being taken in pay- 28

28 Federal Reserve Bulletin, March, 1918, p. 162.

27 Federal Reserve Bulletin, April, 1918, p. 251.