﻿THE MONEY MARKET

137

reported a further increase to 2228 national and
1590 state banks and trust companies.25

With the systematic enlistment of the banking
strength of the country in the heavier certificate bor-
rowing anticipatory of the Third Liberty Loan, the
number of government depositaries and the volume
of payment by credit underwent corresponding de-
velopment. The records of the Treasury Depart-
ment are not kept in such manner as to permit with-
out special compilation the actual number of deposi-
taries on given dates, the lists being added to from
time to time as banks are designated. At the latest
date26 for which figures have courteously been
made available the total number of depositaries had
increased to 5868, of which 3140 were national
banks and 2728 were state banks and trust com-
panies.

On April 10, 1918, the administrative regulations
then in force as to redeposit of funds and pay-
ment by credit were renewed in preparation for the
Third Liberty Loan, with certain interesting modi-
fications. Qualified depositaries were permitted to
use payment by credit — up to the amount for which
each should be qualified in excess of existing de-
posits for amounts due and payable on subscrip-
tions to bonds made by or through them; but such
banks were enjoined, in order “ to prevent unneces-
sary dislocation of funds,” to make payment in cer-
tificates of indebtedness instead of by credit to the
extent that they held certificates maturing on the

25	“Report of Secretary of the Treasury, 1917,” p. 25 (dated
December 3, 1917) .

20 July 9, 1918.