﻿THE MONEY MARKET

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Federal Reserve Banks acting under the direction
of the Secretary of the Treasury through local “ se-
curities committees.” Each qualified depositary
was required to open and maintain for the account
of the Federal Reserve Bank of its district as fiscal
agent of the United States a separate account for
deposits to be made thereunder to be known as the
“ war loan deposit account.”

Qualified depositaries were to be permitted to
make payment by credit when due of amounts pay-
able on subscriptions made by or through them for
certificates and for bonds. To make payment by
credit the depositary was required as theretofore
to notify the Federal Reserve Bank of the district
by letter or telegram to reach it on or before the
date when such payment was due, and to issue a cer-
tificate of advice to such Federal Reserve Bank stat-
ing that a sum specified (in addition to all other
amounts standing to its credit) had been deposited
with such depositary for the account of the Federal
Reserve Bank as fiscal agent of the United States in
the war loan deposit account. Announcement was
also made that the unexpended cash proceeds of the
sale of any issue of certificates and bonds would be
placed among the qualified depositaries “ as nearly
as may be in proportion to the subscriptions made by
and through them for such issue.” All deposits and
withdrawals were to be made by the Federal Reserve
Banks by direction of the Secretary of the Treasury.

Redeposit of certificate borrowings and of loan
receipts continued to be made under the Treasury
regulations of May 29, 1917, up to October 6, 1917,