﻿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 suc-
ceeding 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 Dis-
trict 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.