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WAR BORROWING

tificate borrowing can be traced with a moderate but
by no means conclusive degree of success from the
data as to the condition of the national banks avail-
able at the nine “call” dates: May 1, June 20,
September 11, November 20 and December 31, 1917,
and March 4, May 10, June 29 and August 31, 1918.
Of these dates no less than three — June 20, 1917,
November 20, 1917, and May 10, 1918 — fall in the
midst of Liberty Loan flotations, with accompanying
complexity and exception in banking operations.
The result is to impair the serviceableness of the call
data in six out of the eight intervals, only the spans
December 31, 1917 — March 4, 1918, and June 29
— August 31, 1918, being free from such disturb-
ance. Moreover, three of the call dates — Septem-
ber 11, 1917, June 29, 1918, and August 31, 1918,
are “ mid-period ” rather than terminal, with the re-
sult of making the intervals to which they belong less
serviceable for the present purpose. This affects
both issue and redemption periods. As to the issue
periods: (1) on September 11, 1917, of the six
issues of certificates aggregating $2,320,493,000 in
anticipation of the Second Liberty Loan, only two
issues, aggregating $550,000,000 had been emitted;
(2) on August 31, 1918, of the seven issues of cer-
tificates aggregating $4,659,820,000 in anticipation
of the Fourth Liberty Loan, only four issues aggre-
gating $2,760,141,500 had been emitted and of these
one issue to the amount of $839,646,500 had been
emitted before the preceding call date (June 29,
1918), in comparison with which the inquiry is to be
made. As to redemption periods: with respect to
June 29, 1918, of the six issues aggregating $3,012,-