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FEDERAL RESERVE BANK OF CHICAGO GOVERNMENT BOND DEPARTMENT CERTIFICATES OF INDEBTEDNESS DIVISION ROOM 361-209 SO. LA SALLE ST. ADDRESS ALL COMMUNICATIONS RELATIVE TO GOVERNMENT BONDS M . A.TRAYLOR DIRECTOR OF SALES TREASURY CERTIFICATES OF INDEBTEDNESS Circular No . 8'5 C?· sox February 22 , 1918 . sos TO ALL BANKS IN THE SEVENTH FEDERAL RESERVE DISTRICT: Referring to our Circular #64, dated February 21, which we trust you have read carefully , we now advise you of a new offering of $500,000,000 United States Treasury Certificates of Indebted ness to be dated February 27 and maturing May 28 , to which subscriptions close March 5. We en close full details of offering and csll your attention especially to two important features. This issue bears 4½1o int eres t and certificates will be issued in denomination of $500 in addition to the usual denominations of $1000 and up. We also enclose subscript ion and payment form and we sincerely trust you will note instructions and fmmediately fill out properly your subscription and enclose check to cover. I f you will do this and avoid telegraphing on the last day the work will be greatly simplified for us and results will be more satisfactory to you . Ur . McAdoo ' s telegram announcing this offer ing says: "the ~mount of subscriptions to the last issue from the country at large wa s distinctly disappoi~ting . *** This was partly due because some banks subscribed on the basis of one percent of their resourc es , not understanding that the request tr set aside one per cent a week carried with it the request to subscribe to an amount equal to at least two percent of their re sources for each bi-weekly isrue of certif icates." I From this quotation it is clearly evident that the desire of the Secretary is that banks subscribe two percent of resources to eaoh offering. This is doubly neces sary in view of the fact that some banks cannot or do not subscribe for any amount , and we tru~t that every bank in the district will sub~cribe in no event less than one percent and t hat those who can do so will subscribe a full two percent of their resources or more , if possible . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ver~ly yo'tR, , F (. I( J~ (}_ 1 q-r Director of Sales (/ Treasury Certificat es of Indebtedness
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