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

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Document type:: Monograph

Structure type:: Chapter

Title:: The price level

Collection:: Economics Books

WAR BORROWING 182 from $50,000,000 on April 24, to $918,205,000 on June 9; remained fixed at $918,205,000 from June 9, to June 29, and declined from June 29, until com pletely redeemed by July 30. In the second cycle, resort was had again to certificates on August 9. The amount issued rose uninterruptedly from $300,- 000,000 to $2,320,493,000 on October 24; remained fixed at that amount from October 24 to November 15, and declined with maturity and redemption of issues from November 15 to December 15. In the third cycle, the volume of certificates rose from $400,000,000 on January 22, 1918, to $3,012,085,- 500 on April 22, 1918; remained constant from April 23 to May 9, 1918, at $2,612,085,500; and de clined thereafter until complete maturity on July 18, 1918, overlapping the resumption of certificate bor rowing in anticipation of the Fourth Liberty Loan. In the fourth cycle, certificate borrowing began on June 25, 1918, with an issue of $839,646,500 and continued with fortnightly issues until October 1, 1918, at which time there had been emitted $4,659,- 820,000 with maturities extending up to January 30, 1919. There were no emissions immediately before nor during the flotation of the Fourth Liberty Loan in October, 1918, after which followed the usual funding and redemption. The volume of government deposits in the banks and trust companies designated as special deposi taries and in the Federal Reserve Banks reflects the course of certificate borrowing, with the modification at intervals due to Liberty Loan and income and excess profits tax payments and to the progressive increase of withdrawals for public expenditure and

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