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