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 151 the Reserve Banks in connection with each Loan flotation. Thereafter the number of discounting banks has first declined and then tended to stability until the resumption of certificate borrowing has re newed the cycle. The whole movement has been cumulative and progressive, both in absolute addi tion and in relation to the total membership of the Federal Reserve System. The discount operations of the Federal Reserve Banks reflect the same movement with even greater clearness. The volume of bills discounted which for the first three months of 1917 showed a monthly aggregate of 22 millions rose in April to 50 millions and in May to 91 millions. With the flotation of the First Liberty Loan there was precipitate increase in June to 750 millions. During July and August — with the maturing of outstanding certificate issues, the influx of Liberty Loan payments, and the progress of public expenditures — the member banks liquidated their indebtedness rapidly so that the volume of bills discounted for member banks and other Federal Reserve Banks dropped again to where it had been before the loan flotation. Upon the resumption of certificate borrowing and the withdrawal of government deposits in August and September the process of expansion was again renewed. Gaining rapidly in intensity in October with the flotation of the Second Liberty Loan a climax was reached in November, after which the recurrent liquidation set in. This liquidation pro ceeded more slowly from December on, and in Feb ruary was practically overtaken by renewed creation of war paper — a condition which continued through

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