﻿THE PRESENT	65

		Total Issued		Per cent.
		in Boston	Paid by	Paid by
Issue of		District	Credit	Credit
:8		(000 omitted)		
Jan.	2. . .		$16,163	$13,219	.817
Jan.	22. . .		20,025	17,587	.878
Feb.	8.		 29,134	24,870	•853
Feb.	15'• • ■		 8,790	7,535	-857
Feb.	27..		 35,369	30,059	.849
Mar.	IS--		 6,735	4,864	722
Mar.	20. .		 53,690	49,264	.917
Apr.	10. . ,		 39,73i	36,084	.908
Apr.	IS--		 5,220	3,250	.622
Apr.	22. .		36,468	27F43	•744
May	IS- •		24,578	22,238	-90S
June	25,.,		 64,590	58,567	.907
July	9..		56,273	5'i,935	.923
July	23- ■		48,267	45,173	■936
Aug.	6..		 49,509	46,104	-931
Sept.	3- •		 57,424	52,887	.921
Sept.	17- •		S4,7io	51,107	-935
Oct.	I. .		 50,378	45,oi9	.893
The first phase of our			war borrowing-	— the re-

current issue of loan anticipation certificates of in-

debtedness— has thus resolved itself very largely
into an extension to the Treasury of deposit credits
in the form of government deposits, by and through
financial institutions qualified as special depositaries.
The second phase of the borrowing process has been
the periodic flotation of Liberty Loans into which
the anticipatory certificates have been funded or out
of the proceeds of which the certificates have been
extinguished on or before maturity. Hypotheti-
cally, the simplest procedure would have been for
the outstanding certificates to have been tendered
by the banks in payment of the Loan subscriptions,
leaving the banks upon the completion of the op-
eration in possession of long-term bonds instead of