THE  MONEY  MARKET

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Federal  Reserve  Banks  acting  under  the  direction
of  the  Secretary  of  the  Treasury  through  local  “  securities ­
  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  payable ­
  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  certificate ­
  of  advice  to  such  Federal  Reserve  Bank  stating ­
  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,