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

THE PRESENT 65 Total Issued Per cent. in Boston Paid by Paid by Issue of District Credit Credit :8 (000 omitted) Jan. 2. . . $16,163 $13,219 .817 Jan. 22. . . 20,025 17,587 .878 Feb. 8. 29,134 24,870 •853 Feb. 15'• • ■ 8,790 7,535 -857 Feb. 27.. 35,369 30,059 .849 Mar. IS-- 6,735 4,864 722 Mar. 20. . 53,690 49,264 .917 Apr. 10. . , 39,73i 36,084 .908 Apr. IS-- 5,220 3,250 .622 Apr. 22. . 36,468 27F43 •744 May IS- • 24,578 22,238 -90S June 25,., 64,590 58,567 .907 July 9.. 56,273 5'i,935 .923 July 23- ■ 48,267 45,173 ■936 Aug. 6.. 49,509 46,104 -931 Sept. 3- • 57,424 52,887 .921 Sept. 17- • S4,7io 51,107 -935 Oct. I. . 50,378 45,oi9 .893 The first phase of our war borrowing- — the re- current issue of loan anticipation certificates of in debtedness— has thus resolved itself very largely into an extension to the Treasury of deposit credits in the form of government deposits, by and through financial institutions qualified as special depositaries. The second phase of the borrowing process has been the periodic flotation of Liberty Loans into which the anticipatory certificates have been funded or out of the proceeds of which the certificates have been extinguished on or before maturity. Hypotheti cally, the simplest procedure would have been for the outstanding certificates to have been tendered by the banks in payment of the Loan subscriptions, leaving the banks upon the completion of the op eration in possession of long-term bonds instead of

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