THE  PRICE  LEVEL

181

CertifiGovern ­

 ­

  Loans  and

Money  in

cates

ment

deposits

discounts

circulation

issued

deposits

subj  ect  to

of  national

(first  day

during

in  special

check  of

banks

of  succeedmonth ­



deposinational



(call

ing

(nominal)

taries  banks
and  (call
Federal  dates)
Reserve
Banks
(last  day)
[000,000  omitted]

dates)

month)

1917—

April

268

in

4736

May

400

206

6627

8751

4731

June

200

1020

6560

8818

4850

July

none

466

....

■4852

August

550

492

4799

September

700

460

691S

9055

4820

October

1070

1016

4924

November

691

1822

7208

9535

5085

December

none

797

7497

9390

5120

1918  —

January

891

828

496s

February

1074

987

5092

March

653

923

7281

9139

5240

April

1140

874

5318

May

183

1414

7309

9260

5246

June

839

1500

7161

9620

5384

July

1344

1412

746s

5559

August

772

995

9493

5621

September

1264

867

5790

October

641

1702

5943

rowing  these  phases  have  tended  to  overlap  and  to  be
further  complicated  by  the  issue  of  tax  anticipation
certificates.
Examining  the  above  table  in  connection  with  the
data  as  to  the  successive  certificate  issues  elsewhere
set  forth  (page  26)  it  appears  that  in  the  first  cycle,
the  nominal  volume  of  certificates  issued  increased