4 8

WAR  BORROWING

of  the  Nation.  I  hope  that  they  will  meet  the  requirements ­
  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,  maturing ­
  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,  certificates ­
  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.