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

THE PRICE LEVEL 187 and in money in circulation. This expansion is not to be explained on the score of loan created deposits — there having been a substantial reduction in the loan account — but must be at least considered in connection with the marked decline in government deposits. Second, as redemption periods: In the second cycle (November 20-December 31, 1917,) the volume of checkable deposits increased from $7,208,- 406,000 to $7,497,821,000 or $289,415,000; the vol ume of loans and discounts declined from $9,535,- 527,000 to $9,390,836,000 or $144,691,000; and the amount of money in circulation increased (Novem ber 1, 1917-January 1, 1918,) from $4,924,928,- 348 to $5,120,424,908 or $195,496,560. There was thus for the period a large increase of deposits, de spite a sharp contraction in loans and a heavy with drawal of currency. It is possible to supplement the foregoing, in the case of the third cycle and to a less extent in the case by the fourth cycle by an examination of the op erations of the “ member banks in leading cities,” as reported weekly to the Federal Reserve Board after December 7, 1917. The issue period of the third cycle extended from January 22 to April 22, 1918. The deposits and investments of the banks at approx imately the corresponding dates are shown in the fol lowing table; January 25 April 26 Number of reporting banks 671 681 Net demand deposits on which re serve is computed $8,892,320,000 $9,100,089,000 Government deposits 485,086,000 669,352,000

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