﻿WAR BORROWING

150

	Total	Total	Ratio	Total	Ratio	Number
	bills	war	of war	bills	of war	of banks
	dis-	paper	paper	dis-	paper	discount-
	counted		to	counted	to total	ing
	during		total	on last	bills on	
	month		bills	Friday	last	
				of month	Friday	
1917			(millions)			
April	50.0		5.6	35-0		384
May	914	S.I		49-5		590
June	750.2	354-0	47.2	197.2	12.9	900
July	460.7	192.6	41.8	138.4	9.6	960
Aug.	220.8	30.4	13-8	147-3	10.7	990
Sept.	548.1	215.6	39-3	233-5	28.2	946
Oct.	2681.1	2262.4	84.4	397-0	52.6	1170
Nov.	3206.4	2585.6	80.6	756.3	66	1574
Dec.	892.2	238.8	26.8	680.7	43	1701
1918						
Jan.	868.4	392.0	4S-i	627.6	So	1432
Feb.	762.4	399-1	52	509-5	53	1353
Mar.	759-1	307.6	40.S	583.2	52	1568
April	2178.4	1811.4	83.2	901.7	70.9	2100
May	3002.8	2517.0	83.8 33	896.4	62.8	2693
June	3161.9	2621.4	82.9	869.2	48.8	3021
July	3343-4	2469.4	73-9	1302.1	52.2	3462
Aug.	3762.3	3127.4	83.1	1428.1	62.7	3671
Sept.	4685.1	4079-6	87.1	I7I3-4	71.2	3464
Oct.	5903-9	5308.8	89.9	1546.1	70.9	3610

form. The Loan flotation months have witnessed
the largest recourse to the Reserve Banks; the cer-
tificate borrowing months, a smaller but nevertheless
considerable use thereof, and the interim months
either an approximation to stability or outright re-
duction. The sequence has thus been as follows:
During each period of anticipatory borrowing the
number of discounting members has increased, the
movement culminating in extraordinary resort to

35 84.8 in Federal Reserve Bulletin.