﻿THE PRICE LEVEL

181

	Certifi-	Govern-	Individual Loans and		Money in
	cates	ment	deposits	discounts	circulation
	issued	deposits	subj ect to	of national	(first day
	during	in special	check of	banks	of succeed-
	month	deposi-	national	(call	ing
(nominal)		taries	banks  and	(call  Federal dates) Reserve  Banks (last day)  [000,000 omitted]		dates)	month)
1917—					
April	268	in			4736
May	400	206	6627	8751	4731
June	200	1020	6560	8818	4850
July	none	466	....		■4852
August	550	492			4799
September	700	460	691S	9055	4820
October	1070	1016			4924
November	691	1822	7208	9535	5085
December	none	797	7497	9390	5120
1918 —					
January	891	828			496s
February	1074	987			5092
March	653	923	7281	9139	5240
April	1140	874			5318
May	183	1414	7309	9260	5246
June	839	1500	7161	9620	5384
July	1344	1412	746s		5559
August	772	995		9493	5621
September	1264	867			5790
October	641	1702			5943

rowing these phases have tended to overlap and to be
further complicated by the issue of tax anticipation
certificates.

Examining the above table in connection with the
data as to the successive certificate issues elsewhere
set forth (page 26) it appears that in the first cycle,
the nominal volume of certificates issued increased