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FEDERAL RESERVE BANK OF CHICAGO GOVERNMENT BOND DEPARTMENT ROOM 3151. :ZO" So . I...A &AL.LIE STREIET • 0 B. CRAMER, A s 9T . CA ■ MIW" A. J ON ll!!':S . A ■ 8 T . CA ■ H I EA ADDIIIE ■■ ALL COMMUNICATIONS IISLATIVII: TO GOVltRNM l!E NT BONDS Ill. H. VOGT, A ~ TINQ A•aT . CAa H 1•11 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P.O. B O X 805 Circular No. 116 October 16, 1918. TO THE BANK OR TRUST COMPANY ADDRESSED: It has come to our attention that on the Second and Third Liberty Loans a number of banks did not make a subscription to us ~n amount 3ut• ficient to cover the total subscriptions received by them , the pur pos e being to make an allowance for defaulted subscriptions. The greatly increased quota given the Seventh Federal Reserve District for the Fou·th Liberty Lean makes i t lmperat i ve that.eve y subscription r eceived by the banks be covered by their subscription to us. The 1ot initi al pa~ment amply protects all banks aga in3t def ault. Theref or e, there must be no exceptions made to this rule . FiDERAL RESERVE BANK OF CHICAGO Government Bond Department .
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