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  indeed ­
  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-payment— ­
  of  the  first  installment  at  the  Federal  Reserve ­
  Banks  is  shown,  approximately,  in  the  subjoined ­
  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  issued ­
  in  anticipation  of  the  Loan.  Assuming  that
2  Federal  Reserve  Bulletin,  August,  1017,  p.  578-