WAR BORROWING 
150 
Total 
Total 
Ratio 
Total 
Ratio 
Number 
bills 
war 
of war 
bills 
of war 
of banks 
dis- 
paper 
paper 
dis- 
paper 
discount- 
counted 
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 cer 
tificate borrowing months, a smaller but nevertheless 
considerable use thereof, and the interim months 
either an approximation to stability or outright re 
duction. 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.