﻿50

WAR BORROWING

certificates in anticipation of the Third Liberty Loan
among the financial institutions of the Federal Re-
serve Districts is shown in the following table:29

Jan. 22 Feb. 8 Feb. 27 Mar. 20 Apr. 10 Apr. 22
[per centum]

Treasury 				0.6	0.7	0.7		•3
Boston 		.. S-0	S-8	7-i	9.8	7.2	7.0
New York ...	..52.4	48.3	34-6	35-6	39-1	43-0
Philadelphia ...	.. S-6	6.0	6.6	6.9	6,8	6.7
Cleveland 		.. 6.5	6.8	8.9	8.9	8.3	7-5
Richmond . ...	.. 1.8	2,4	3-6	3-0	2.0	2.1
Atlanta 		• 2.4	2.5	3-0	2.9	3.1	2.1
Chicago 		,. 7-6	8.5	11.8	11.8	11.9	12.2
St. Louis 		■ • 4-S	4.0	5-1	4.2	3.8	4-9
Minneapolis ...	,. 2.7	3-0	3-4	2.9	2.8	2.9
Kansas City ...	- 3.0	4-3	4-8	4-8	4-5	3-9
Dallas 		■ 3-3	2.8	3-8	2.7	3-0	2.5
San Francisco..	■ • 5-3	5-0	6.7	5-7	7-1	4-5

In all important particulars, other than amount,
interest rate and maturity, the certificate issues in
anticipation of the Third Liberty Loan corre-
sponded with the issues in anticipation of the Sec-
ond Liberty Loan. The issue of April 22, 1918,
was like the preceding issues specifically redeemable
after ten days public notice at par and accrued in-
terest. But to stimulate the use of the issue in pay-
ment of loan subscriptions, the certificates whether
or not called for redemption were made acceptable
at par with an adjustment of accrued interest to
May 9, 1918, if tendered on May 4, 1918, in pay-
ment on the subscription price then payable of bonds
of the Third Liberty Loan subscribed for by and
allotted to holders of such certificates. If not called

29 Computed from table showing actual allotments in Fed-
eral Reserve Bulletin, May, 1918, p. 359.