190 WAR BORROWING certificate issues in anticipation of the Third Liberty Loan matured, cannot be as satisfactorily traced from the data available. The first period of the span includes the installment payments of the Third Lib erty Loan, while the second period overlaps the re sumption of certificate borrowing in anticipation of the Fourth Liberty Loan. If, in order to eliminate the first complication, the first two issues be omitted and the redemption period be narrowed to May 28 -July 18 we still have to do with the facts that within this period three issues of Third Liberty Loan certificates to the nominal amount of $1,612,- 085,500 matured, and two issues of Fourth Liberty Loan certificates to the nominal amount of $1,599,- 084,500 were emitted, making a net reduction of $13,001,000. In addition six issues of tax-antici pation certificates to the nominal amount of $1,624,- 403,500 matured on June 25, 1918. Within the seven weeks the loans and investments of the banks underwent the following changes: May 31 July 19 Number of reporting banks 689 718 Net demand deposits on which re serve is computed 19,025,495,000 $8,919,235,000 Government deposits 909,312,000 602,803,000 United States Certificates of in debtedness owned 1,041,878,000 527,461,000 Loans secured by U. S. bonds and certificates 512,962,000 473,616,000 Other loans and investments 10,004,162,000 10,535,197,000 Redemption and distribution of certificates are here reflected in a decline of the banks’ holdings of certificates of $514,417,000 and a reduction of gov ernment deposits of $306,509,000. No part of the