War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The money market

Collection:: Economics Books

THE MONEY MARKET 149 viduals elected to make direct payment there was reduction or depletion of reserves. But easy remedy lay in recourse to the Federal Reserve Banks for discounts or advances. In the second stage — government withdrawals and Liberty Loan flotations — the outright reduc tion in consequence of such withdrawals of balances with the Federal Reserve Banks kept by the depos itary banks as reserves and excess reserves, and the subsequent transformation of “ government de posits free of reserves, into individual reserves, re quiring reserves ”— induced similar, though per haps prompter and larger recourse to the Federal Reserve Banks for the repair of balances and re serves by the discount of member banks’ notes secured by Liberty bonds and certificates of in debtedness, and to a minor extent by the rediscount of customers’ paper likewise secured. In the following table are shown the course of the discount operations of the Federal Reserve Banks, as well as the relative importance of the Banks’ hold ings of war paper during the period studied. The obvious disclosure of the detailed exhibit is the increasing extent to which the member banks have availed themselves of the discount facilities of the Federal Reserve Banks — evidenced by the num ber of banks accommodated through discounts and rediscounts during each month since our entry into the war. Starting with 384 discounting members in April, 1917, the number rose to 900 in June, 1917, to 1574 in November, 1917, to 2693 in May, 1918, to 3462 in July, 1918, to 3671 in August, 1918. This increase has been rhythmical rather than uni-

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