64

WAR  BORROWING

to  177  to  the  fifth;  of  the  196  trust  companies,
from  123  to  the  first  to  168  to  the  fifth;  of  the  178
savings  banks,  from  19  to  the  first  to  50  to  the
fourth.  On  the  other  hand  the  number  of  direct
private  subscribers  declined  from  70  to  the  first
issue  to  44  to  the  second,  to  27  to  the  third  and
fourth,  respectively,  and  to  26  to  the  sixth. 42
To  a  small  extent  in  the  case  of  the  certificate
issues  in  anticipation  of  the  First  Liberty  Loan  and
to  a  large  and  increasing  extent  in  the  case  of  succeeding ­
  issues,  payment  for  certificates  was  made
by  subscribing  banks  by  credit.  Full  data  as  to  the
relative  importance  of  such  credit  payments  are
available  to  the  writer  only  for  the  certificates  taken
by  subscribing  banks  in  the  Federal  Reserve  District ­
  of  Boston;  but  it  is  unlikely  that  the  figures
for  the  country  at  large  are  notably  different  than
for  this  particular  district:

Total  Issued

Per  cent.

in  Boston

Paid  by

Paid  by

Issue  of

District

Credit

Credit

1917

(000  omitted)

Mar.  29...

•

Apr.  25...

May  1...

$5,450

May  10...

•447

May  25...

11,200
18,200

3,652

June  8...

.200

Aug.  9...

19,400

6,500

•335

Aug.  28...

15,140

4,593

■303

Sept.  17...

12,171

5,195

.426

Sept.  26...

22,174

12,245'

•ss*

Oct.  18...

30,149

21,349

.708

Oct.  24...

.....  33,010

27,590

.83s

Nov.  30...

20,921

20,090

.960

42  “  List  of  Subscribers  in  Second  Federal  Reserve  District,
sixth  edition,  September  27,  1918.