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Reserved for depreciation on United States bonds..

Exhibit D-INVESTMENT OPERATIONS OF FEDERAL RESERVE BANKS.

No. 22.-Bills discounted for member banks during each month in 1918, distributed by maturities, and totals for 1918, 1917, 1916, and 1915.

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2.5

30,694, 245

8,705, 428

49, 194, 750

63,773, 189

97,048, 844

240,879, 204

.7

86,092,376

52,620,654

69,278,543

64,303, 997

71, 127, 312

632,161,925

1.7

57,850, 904

62,020, 630

72,680, 772

100,575, 846

463,304,003

1.2

143, 508, 317

102, 749,663

129,688, 445

750,885, 934

2.0

3, 458, 682, 845 9.4

4,471, 229, 870 12. 1

5,563, 969, 886
15. 1

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PAPER MATURING AFTER 15 DAYS BUT WITHIN 30 DAYS.

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No. 22.--Bills discounted for member banks during each month in 1918, distributed by maturities, and totals for 1918, 1917, 1916, and 1915-Continued.

PAPER MATURING AFTER 15 DAYS BUT WITHIN 30 DAYS-Continued.

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