WAR BORROWING
150
Total
Total
Ratio
Total
Ratio
Number
bills
war
of war
bills
of war
of banks
dispaper
paper
dispaper
discountcounted
to
counted
to total
ing
during
total
on last
bills on
month
bills
Friday
last
of month
Friday
1917
(millions)
April
50.0
5.6
35-0
384
May
914
S.I
49-5
590
June
750.2
354-0
47.2
197.2
12.9
900
July
460.7
192.6
41.8
138.4
9.6
960
Aug.
220.8
30.4
13-8
147-3
10.7
990
Sept.
548.1
215.6
39-3
233-5
28.2
946
Oct.
2681.1
2262.4
84.4
397-0
52.6
1170
Nov.
3206.4
2585.6
80.6
756.3
66
1574
Dec.
892.2
238.8
26.8
680.7
43
1701
1918
Jan.
868.4
392.0
4S-i
627.6
So
1432
Feb.
762.4
399-1
52
509-5
53
1353
Mar.
759-1
307.6
40.S
583.2
52
1568
April
2178.4
1811.4
83.2
901.7
70.9
2100
May
3002.8
2517.0
83.8 33
896.4
62.8
2693
June
3161.9
2621.4
82.9
869.2
48.8
3021
July
3343-4
2469.4
73-9
1302.1
52.2
3462
Aug.
3762.3
3127.4
83.1
1428.1
62.7
3671
Sept.
4685.1
4079-6
87.1
I7I3-4
71.2
3464
Oct.
5903-9
5308.8
89.9
1546.1
70.9
3610
form. The Loan flotation months have witnessed
the largest recourse to the Reserve Banks; the certificate
borrowing months, a smaller but nevertheless
considerable use thereof, and the interim months
either an approximation to stability or outright reduction.
The sequence has thus been as follows:
During each period of anticipatory borrowing the
number of discounting members has increased, the
movement culminating in extraordinary resort to
35 84.8 in Federal Reserve Bulletin.
