The facilities provided by the Reserve System in connection with commercial paper have not been uniformly utilized in the several reserve districts. The following table shows the distribution among the reserve districts of the percentages of the different forms of paper redis-counted or purchased in the open market for the period indicated. In the last column there is shown also the number of member banks in each district which have availed themselves of the rediscount privileges:

Discount and Purchases of Commercial Paper, and Member

Banks Securing Accommodation

1914-1915 and 1916

80 day

60 day

90 day

Agricultural

Live

Stock

Commodity

Bunkers' Acceptance

Trade Acceptance

1914

- 15

%

1916

%

1914

- 15

%

1916

%

1914 -15

%

1916

%

1914 -15

%

1916

%

Sep. Dec. 15

%

1916

%

Feb. Dec. 1915

%

1916

%

Sep. Dec. 1915

%

1916

%

29

20.4

12

30

0.8

1.3

0.1

0.0

0.0

21.7

13.6

.00

8.41

New York......

16.7

18.1

2.9

53

2.2

5.0

0.1

0.1

0.0

0.0

39.8

32.0

.29

3.26

Philadelphia..

11.1

12.8

2.4

2.2

16

1.2

0.2

.3

0.0

0.0

11.7

13.8

.00

1.46

Cleveland.....

3.8

4.6

3.4

23

2.0

.9

1.7

.9

00

0.0

4 6

7.1

.25

3 43

Richmond.. .

18.3

9.9

31.2

30.0

30.3

31.6

9.6

6.7

27 93

41.8

.4

2.9

23.00 !

29.47

Atlanta......

9.0

6.4

21.4

20.3

24.7

22.7

16.9

6.7

68.17

44.6

.1

3.2

51.41;

31.11

Chicago .....

10.6

17.5

7.1

8.5

5.5

6.0

13.2

17.6

00 0

0 0

89

7 0

.00

.16

St. Louis......

6.1

42

4.5

5.8

4.0

6.2

3.0

26

.96

9.12

2.8

5.4

8.56

12.25

Minneapolis...

2.7

2.5

2.3

50

2.2

2.0

99

12.2

.24

.12

2.2

35

.00

.81

Kansas City ..

7.1

1.2

63

4.3

4.9

51

8.4

133

0.0

2.15

2.8

2 1

4 48

3.93

Dallas.......

6.1

2.0

142

11.8

16.2

161

32.9

37.2

2.34

1.34

0.0

.9

8.2

4.67

San Francisco

5.6

.4

3.1

1.5

5.6

1.9

4.0

2.4

.36

.87

5.0

85

3.78

1.04

Collateral

Loans

Sep. -Dec.

1916

No. of

Member

Banks

Rediscounting

in Thousands

1914 -

15

%

1916

$ 1,882.1

29

56

7,939.5

54

62

13,644.3

70

143

2.385.0

88

50

3.483.0

226

202

1,512.3

248

209

5,417.5

221

212

1,302.5

131

114

1,056.0

197

174

115.8

274

189

287.5

366

301

000

169

76

%39,025.5

2073

1788

(Prepared from 1915 and 1916 Reports of Federal Reserve Board, and from Federal Reserve Bulletin for 1916.)

A glance at this table discloses that banks in the South and West have utilized the facilities of the Reserve System more than the banks in the East. Yet in foreign operations represented by acceptances the Boston, New York, and Philadelphia reserve banks have done the bulk of the business. In the main, borrowing by member banks themselves is still from each other. This is indicated in the following table compiled from the December 27, 1916, "statement of condition'" issued by the Comptroller of the Currency:

(All Member Banks)

District Number

Number Banks

Bills payable with other than

Reserve Banks

(Thousands)

Bills payable with Reserve

Banks (Thousands)

Boston .........................

1

398

$ 4,243

$ 610

New York ...

2

622

4,446

94

Philadelphia ...............

3

631

1,256

3,503

Cleveland ................

4

753

2,554

• • • •

Richmond ..................

5

519

4,879

557

Atlanta ......................

6

383

2,572

760

Chicago ....................

7

991

2,319

1,580

St. Louis ....................

8

468

S6S

645

Minneapolis ...............

9

764

1,223

334

Kansas City .............

10

943

1,003

40

Dallas ...........

11

619

1,035

• • •

San Francisco ...........

12

523

716

10

Total ....

7,614

$27,114

$8,133