Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1918-07-22
LOCAL BANKERS
NOT CRITICISED
Rock Island County Does Its Share
in Subscribing 10 Second Is
sue Certificates.
SEVENTH DISTRICT BLAMED
Behind in Fixed Quotas TO Federal
Reserve Bank Anticipating
Fourth War Loan.

Banks of Rock Island county are
not to be criticised for their sub
scriptions to the second issue o.
certificates of Indebtedness IN the
seventh federal reserve district, &C
cordiug % local bankers. The is
sue is in anticipation o. the Fourth
Liberty loan. All have subscribed
their fixed quotas.
However. the seventh federal re
serve district is criticised because
Of the failure OF its banks TO sub
scribe their full quotas.
Banking institutions throughout
the country are regularly making
bi-weekIy subscriptions Of Pr pc:
cent of their total assets. and at
the end Of the set two months
period. should have 20 per cent in
vested in the certificates. Upon
investigation Of this discrepancy,
federal reserve officers. according
TO local bankers, have found that
Rock Island county banks offer no
cause for complaint.
Makes Appeal.
A statement urging county direc-
tors and their associates to realize
the situation and analyze it was
made by Director of Sales NJ. A.
Taylor of Chicago. recently. The
appeal is appended:
We regret exceedingly to advise
you that subscriptions from the
seventh district 10 the second IS
sue of certificates in anticipation
of the fourth Liberty loan were ap-
proximately S8,OOO,OO0 short of the
district allotment OF sos, 900, 900.
This performance is, Gt course.
n somewhat discouraging bOtn 10
ourselves and the treasury depart
meGt, who, after all, are most vital
ly concerned.
Aore discOuraging, however. to
US than the actual shortage of sub
scriptions, is the spirit OF criticism
which We understand in some sec
tons and on the part of some
bankers has been leveIed IT county
directors, their associates, as well
as this Office and even at the gov
eminent itself.
In this connection won't you
please make it plain to the bank
ers of your respective counties that
neither this office nor yourselves
have anything whatever % do with
the fixing Of the allotment to the
district or the naming Of the quota
e any county or TO any bank in the
district, other than after we are
advised by the treasury depart
nent of the allotment to the sew
enth district (which so TAI IN view
OF the total offering, we are frank
10 say no more than our just pOr-
ton OF the whole of any partic-
ulaT issue, NE are charged clearly,
but 0aly with the responsibility Of
appUrtiOnIng the allotment to each
state, each county and each bank
in an absolutely equal and impair
tial manner at the minimum fig
ure necessary to produce the al
lOtment Of the district
To Be Kept in Mind.
THE three things that should be
kept clearly in mind by every
banker in the district, in our opin-
ion, are these:
The government needs and ex-
poets the amount of money they
are asking for. Any larger amounts
can and will be properly used;
any smaller amount will not be
CAOu6A 1Ol actual 4C4 CLlCulS
They undoubtedly need and ex-
pect the full amount asked for on
exactly and specifically the dates
requested. Subscriptions next faI!
when crops have been marketed
and bankers are in funds, or sub
scriptions at some later or more
convenient period will not meet the
requirements Now or when the
issues are offered is the time for
subscriptions and no amount of
sacrifice should be permitted 70
prevent a banker from subscribing
IN full
Every banker in the district
should, we think, feel the personal
responsibility OF meeting the issue
for himself and his own institution
TO the maximum required, in the
consciousness that If we fail in
producing the credit required by
the government. when and as re-
quested, we handicap the govern
ment in the prompt and efficient
execution Of its tremendous task
and directly expose our boys at the
front to the hazard Of unnecessary
danger If not ultimate defeat"