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

152 WAR BORROWING » March and into April. Towards the end of April, the Banks’ actual holding of bills discounted in im mediate preparation for the Third Liberty Loan, rose above the 900 million point, and it remained substantially around that amount through May and June. With certificate borrowing resumed on a larger scale in anticipation of the Fourth Liberty Loan very much higher levels were attained in June, July and August, culminating in mid-October and followed by materially less liquidation than in earlier cycles. In the remarkable growth of discount operations, “ war paper ”— member banks’ notes secured by Liberty bonds and certificates of indebtedness, and customers’ paper similarly secured — have played the all important part. Not only has the relative importance of war paper increased with the later progress of our war financing, but the net liquida tion of such bills has been sensibly less. During the loan flotation months there has been related rather than sympathetic increase in the volume of dis counted bills secured other than by war obligations. But aside from this, the movement of discounts traceable to commercial expansion has been within narrow range. The preponderant part which war paper has come to play in the discount operations of the Federal Reserve Banks, and the absolute volume of such paper now resting in the Banks’ portfolios are facts of the gravest importance in the nation’s financial present as well as in its economic future. But tempting as are these aspects of the situation, their consideration extends beyond the scope of the im-

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