50

WAR  BORROWING

certificates  in  anticipation  of  the  Third  Liberty  Loan
among  the  financial  institutions  of  the  Federal  Reserve ­
  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  corresponded ­
  with  the  issues  in  anticipation  of  the  Second ­
  Liberty  Loan.  The  issue  of  April  22,  1918,
was  like  the  preceding  issues  specifically  redeemable
after  ten  days  public  notice  at  par  and  accrued  interest. ­
  But  to  stimulate  the  use  of  the  issue  in  payment ­
  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  payment ­
  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  Federal ­
  Reserve  Bulletin,  May,  1918,  p.  359.