﻿THE PRESENT

63

the certificate issues in anticipation of the Third
and Fourth Liberty Loans, the relative amounts al-
lotted to the New York District became less. Of
the $3,012,085,500 certificates issued in anticipa-
tion of the Third Loan only $1,255,308,000 or 42
per cent., and of the $4,659,820,000 in anticipation
of the Fourth only $1,680,989,000 or 36 per cent,
were taken by New York.

The essential role in the New York District was
of course played by the New York City banks.
With respect to the issues in anticipation of the
Second Liberty Loan “ Of the 1076 banks (not in-
cluding savings banks) outside of New York City,
308 purchased certificates of indebtedness, but of
these only about one-half were what may be termed
regular purchasers. The others participated in
only one or two of the issues.” 41 How successful
were the succeeding efforts in this, as in other Dis-
tricts, to enlist banking participation appears if the
above figures be compared with the response of
banks in the New York District to the first six cer-
tificate issues (June 25, July 9, July 23, August 6,
September 3, and September 17, 1918) in anticipa-
tion of the Fourth Liberty Loan. Of the 1220
national banks, state banks, trust companies and sav-
ings banks in the District 613 subscribed to the first
issue, 817 to the second, 781 to the third, 830 to the
fourth, 907 to the fifth and 885 to the sixth. Of
the 621 national banks, the number of subscribers
rose from 363 to the first issue, to 516 to the
fifth; of the 225 state banks, from 108 to the first

41 “ Fourth Annual Report of the Federal Reserve Board,"
P- 277.