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Changes in rates of discount on 15-day paper, secured by United States war

obligations, including collateral notes.

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1 Four per cent rate on paper secured by fourth Libert; bonds when taken by rediscounting bank at rato not exceeding coupon ratu.

Changes in discount rates on paper maturing within 16 to 90 days, sccured by

United States war obligations.

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Rates on paper secured by fourth Liberty bonds when taken by rediscounting bank at rato not exceeding coupon raie: 4 per cent, Boston, effective Oct. 1; Kansas City, Oct. 1; Chicago, Oct. 2; Atlanta, Oct. 7; St. Louis, Oct. 8: Richmond, Oct. 19.

Changes in discount rates on commercial paper maturing within 16 to 60 days.

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Changes in discount rates on commercial paper maturing within 61 to 90 days.

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Changes in discount rates on agricultural and live-stock paper maturing within 91

to 180 days.

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Changes in discount rates in trade acceptances maturing within 1 to 60 days.

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14per cent for trade acceptances maturing within 15 days. NOTE.-In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate.

Changes in discount rates on trade acceptances maturing within 61 to 90 days.

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Changes in open-market rates on bankers' acceptances maturing within 3 months.

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I Minimum rate.

2 Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 41 per cent; and within 61 to 90 days, 4. per cent.

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE

BANKS DURING THE CALENDAR YEAR 1918.

Owing to the issue during the year of Government obligations greatly in excess of the estimated normal annual savings of the country, there has been a marked increase in the loans and deposits of member and nonmember banks, which is reflected in the net total of bills discounted and bought by the Federal Reserve Banks, in their net deposits, and in their outstanding issues of Federal Reserve notes; and as a result of the Board's policy of giving a preferential rate of discount on paper secured by United States bonds and Treasury certificates, the Federal Reserve Banks' holdings of paper secured by war obligations of the Government have increased out of all proportion to their commercial paper holdings. The whole situation is depicted in the following table, which shows the changes, week by week, throughout the year of loans, reserves, note issues, and deposits:

Changes in discount rates on commercial paper maturing within 61 to 90 days.

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Changes in discount rates on agricultural and live-stock paper maturing within 91

to 180 days.

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Changes in discount rates in trade acceptances maturing within 1 to 60 days.

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1 41 per cent for trade acceptances maturing within 15 days. NOTE.-In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate.

Changes in discount rates on trade acceptances maturing within 61 to 90 days.

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Changes in open-market rates on bankers' acceptances maturing within 3 months.

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: Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 44 per cent; and within 61 to 90 days, 45 per cent.

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE

BANKS DURING THE CALENDAR YEAR 1918.

Owing to the issue during the year of Government obligations greatly in excess of the estimated normal annual savings of the country, there has been a marked increase in the loans and deposits of member and nonmember banks, which is reflected in the net total of bills discounted and bought by the Federal Reserve Banks, in their net deposits, and in their outstanding issues of Federal Reserve notes; and as a result of the Board's policy of giving a preferential rate of discount on paper secured by United States bonds and Treasury certificates, the Federal Reserve Banks' holdings of paper secured by war obligations of the Government have increased out of all proportion to their commercial paper holdings. The whole situation is depicted in the following table, which shows the changes, week by week, throughout the year of loans, reserves, note issues, and deposits:

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