THE  PRESENT

63

the  certificate  issues  in  anticipation  of  the  Third
and  Fourth  Liberty  Loans,  the  relative  amounts  allotted ­
  to  the  New  York  District  became  less.  Of
the  $3,012,085,500  certificates  issued  in  anticipation ­
  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  including ­
  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  Districts, ­
  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  certificate ­
  issues  (June  25,  July  9,  July  23,  August  6,
September  3,  and  September  17,  1918)  in  anticipation ­
  of  the  Fourth  Liberty  Loan.  Of  the  1220
national  banks,  state  banks,  trust  companies  and  savings ­
  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.