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  borrowing ­
  anticipatory  of  the  Third  Liberty  Loan,  the
number  of  government  depositaries  and  the  volume
of  payment  by  credit  underwent  corresponding  development. ­
  The  records  of  the  Treasury  Department ­
  are  not  kept  in  such  manner  as  to  permit  without ­
  special  compilation  the  actual  number  of  depositaries ­
  on  given  dates,  the  lists  being  added  to  from
time  to  time  as  banks  are  designated.  At  the  latest
date 26  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  companies. ­

On  April  10,  1918,  the  administrative  regulations
then  in  force  as  to  redeposit  of  funds  and  payment ­
  by  credit  were  renewed  in  preparation  for  the
Third  Liberty  Loan,  with  certain  interesting  modifications. ­
  Qualified  depositaries  were  permitted  to
use  payment  by  credit  —  up  to  the  amount  for  which
each  should  be  qualified  in  excess  of  existing  deposits ­
  for  amounts  due  and  payable  on  subscriptions ­
  to  bonds  made  by  or  through  them;  but  such
banks  were  enjoined,  in  order  “  to  prevent  unnecessary ­
  dislocation  of  funds,”  to  make  payment  in  certificates ­
  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.