﻿THE TREASURY

79

trict the ratio of payment to allotment was 92 per
cent., as it also was in the St. Louis district. But
in the Chicago district the lowest ratio was realized,
52 per cent.; and in the Boston district this was not
greatly exceeded, 62 per cent.

The Treasury had made some effort to restrain
overpayment by requiring large subscribers to give
two weeks notice of their intention to pay in excess
of the installment quota. But the amount and in-
deed the composition of the over-payment must
have been known in advance with some exactness.
As soon as possible after May 29 every subscribing
bank desirous of being designated as a government
depositary under the loan had been required to
notify the Treasury as to; (a) the amount of bonds
subscribed for by or through it; (b) the amount
of payment to be made by it on or before June 28;
(c) the amount of such payment to be made in
cash; (d) the amount of such payment to be made
in certificates.

The composition of this payment 2 — or over-pay-
ment— of the first installment at the Federal Re-
serve Banks is shown, approximately, in the sub-
joined table:

Cash .............................. $518,300,000

Credit ............................. 385,600,000

Certificates ....................... 554,500,000

Total ........................$1,458,400,000

At the time the installment was due (June 28)
there were outstanding $868,205,000 certificates is-
sued in anticipation of the Loan. Assuming that

2	Federal Reserve Bulletin, August, 1017, p. 578-