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 present

Collection:: Economics Books

62 WAR BORROW UNKjt In the absorption of the certificates for themselves and their customers, the banks of the New York District have taken the leading part and this tend ency has continued with the progress of the Treas ury’s short-term borrowing. Of the $868,205,000 certificates issued in anticipation of the First Lib erty Loan, the banks of the New York District took $459,962,000 or 53 per cent.; and of the $2,- 320,493,000, issued in anticipation of the Second Liberty Loan, $1,467,543,000 or 63 per cent, was so taken. Of the final issue of this series— (11) $685,296,000 bearing date of October 24, 1917 — the New York banks took no less than $543,683,000 or 79 per cent., and even of the next succeeding issue — the first of the series of 19x8 tax antici pation issues— (12) $691,872,000 bearing date of November 30, 1917 — $494,070,500 or 72 per cent, was so taken. With the systematic efforts of the Treasury to establish a wider subscription basis for the results of valuable inquiries, along the lines laid down above, made by Mr. Frederick H. Curtiss, Chairman of the Federal Reserve Bank of Boston, as to the absorption of cer tificates of indebtedness in the New England District. It ap pears that the assumption made in the foregoing computation that certificates have been taken by the trust companies in the same proportion as by the national banks does not hold, at least in this District, with respect to more recent certificate issues. To the certificates issued in anticipation of the Third Liberty Loan the national banks in the District subscribed 11.94 per cent, of their total resources, while trust companies took only 7.13 per cent. To the certificates in anticipation of the Fourth Liberty Loan the national banks subscribed 15-33 per cent, of their resources and the trust companies only 11.97 per cent. It appears further that of the certificates sold to banks and trust companies in the District between June 25, and August 31, 1918, there were retained by such institutions up to the latter date, approximately 41.9 per cent, of the amount .taken.

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