Oscar T. Crosby to William G. McAdoo

Washington
Mr. Crosby's Office.

Figures given out tonight on loan are considerably higher than before because I have had corrected figures heretofore given from Cleveland and Chicago Stop Federal Reserve Banks there had reported only those subscriptions which had been made over the counter of the Federal Reserve Banks Stop This is now corrected and results in changing the reports from Cleveland from two million to seventy millions and the report from Chicago from fourteen millions to fifty millions Stop Similar changes will probably be had tomorrow from several other Federal Reserve Banks whose reports now show extremely low Stop The publicity department here has given no reports whatever save figures and any tone of pessimism apparent in Washington despatches is due to interpretation of these figures Stop When first given emphasis was laid upon the fact that they represented only those subscriptions which had been officially reported to and by Federal Reserve Banks Stop I think the modifications made today and above described will materially alter everybody's view from tomorrow on Stop If any general talk in publicity bureau has at all warranted the pessimistic inferences drawn by correspondents they will cease from this time on Stop Telephonic reports from Boston and New York today both encouraging.

Crosby.
Official.