Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-06-19
FIFTH RESERVE DISTRICT
EXCEEDS ITS ALLOWANCE
Tabulations 10 Date for Liberty Loan
Amount to S1O1,-
600, 900.
WASHINGTON STILL TO REPORT
Its Subscriptions During Last Two
Days OF Loan Campaign Were Re-
ported Directly to Treasury, and
Will BE Forwarded Here To-Day.


Exceeding by II substantial amount
the total allotted to the Fifth Federal
Reserve District. subscriptions to the
Liberty loan OF 1917. as tabulatcd last
night by the Richmond Reserve Bank
slightly exceeded $lo7. 100000, which is
$1,000, 600 more than the amount :tllot-
ted to this district by tho Treasury
Department. Practically all of the sub
scriptions, with the exception of the
bonds taken in the city Of Washing
ton during the last two days OF the
campaign which closed at noon Friday,
have been tahulated. and official fig
urcs for tn" entire district Will prob
ably be announced late to-day.
With a great mass OF detail work be-
fore them in tabulatinc tho subscrip-
lions in the district. clerks at the re-
serve bank have been working day
and night TO complete the fluctuations
and classihcations But for the fact
that Washucton's subscriptions dur
ing the last two days of the campai En
have not been received in Richmond,
tho final figures would have been an
nounccd Yesterday afternoon.
WASHINGTON SUBSCRIPTION
REPORTED TO TREASURY
The subscriptions to the loan in
Washington Thursday and Friday OF
last week were reported directly to
the Treasury Department by the banks
OF that city in order that the CAM
paiSn could he kept open until the last
moment. Governor Scay has been ad-
NiSed by the department that these
subscriptions Will he tahulatcd and for
wardcd 10 Richmond as quickly AS pos
siblc. and the report is expected prob
ably to-day. Local bankers cXpcC:
Washington 10 add several million dol
lars TO tho subscriptions OF the Fifth
ri
10 this section of the country.
Bankers asserted yesterday afternoon
that they did not believe the official
figures would make any material
change in tho subscriptions placed by
Richmond people, which unofficial cs-
Inmates. based on individual reports
from the financial institutions, placed
in cXccss OF Sl3.4o00o0.
officers OF tho reserve bank were
preparing yesterday for the work that
is 10 follow tho closing of the Liberty
loan campaign. including the methods
by which those financial institutions
DESTROYS OF doing so may become gov
crnment dcpoSitaricS temporarily in
order to conserve their resources, and
to prevent u great withdrawal OF funds
from any one section of the country
in payment Of the bonds. These banks
are now making their applications,
with which is furnished description o!
the ScCNrlllcS 10 be icNN'E'u 40 WI
lateral for the subscriptions.
MAY FOOL SUBSCRIPTIONS
FOR MAKING PAYMENTS
Banks and trust companies in any
mace or region may voluntarily assoc
ciate themselves and choose one bank
81 trust company for the purpose OF
pooling their subscriptions and max
in- payments to the Federal reserve
bank. In such cases the bank or trust
company chosen To represent The pool
will become the responsible subscriber
and d=positary. and will deal with the
Federal reserve bank. II will make
tn. application for deposit and FUR
nsh the collateral for the pool, and
may in turn apportion government de-
posits received by il among the banks
composing the pool. in proportion 10
their respective subscriptions and pay
,nents.
The following statement was made
as to how dcpositaries would be desis-
mated. and deposits made:
ALI deposits Will bc made ny the
Federal reserve bank by direction of
the Secretary OF tho Treasury. and all
Withdrawals of deposits viii likewise
lie rladc by the Federal reserve bank.
II the securities offered By the de-
pcsitary bank or trust company are
approved the bank: or trust company
vii! receive writleh notfNe from the
Federal reserve hank that upon the
actual deposit OF such securities with
the Federal reserve bank, or with a
custodian 10 be appointed by the Fed
cral reserve bank, il will be author
iseo and required 10 credit upon its
books on or hcfor" June IS IL the
Treasurer OF the United States, Lib
crty Loan Deposit Account, a apcci-
fed sum equal to the amour. 10 be
paid otherwise than in certificates OF
Indebtedness CHAT is. to be paid IN
CASH its own subscription and on
n - n Ii H.
erty bonds.
such hank or trust company must
then notify both the Federal reserve
bank and tn" Treasurer OF The United
States that il win make such credit
before June IS. and must on June
IS issue certificates OF advice e tho
amount standing 20 the credit OF the
treas one copy Of which must be
sent - the treasurer. and one to the
Federal reserve bank The Federal
reserve bank. acting as fiscal agent of
the United States. will rhc."Upon
credit the subscriber with tho amount
Is payment or part paymen, OF tho
amount due on June 2S upon subscrip-
lions 10 Liberty bonds"
About 2si employees Of the Allen e
Ginter branch ri the LAEgett & Myers
Tobacco Company have subscribed O
about $4,000 ~ Tho Liberty bonds un-
der tho subscription arrangement Of
the COMPANY, it was announced yes
terday The greater part of this sub
s'ription WAS made by yoInc women,
who constitute the ajoritv al the
en- rlO"ecS Al tho local branch