184

WAR  BORROWING

tificate  borrowing  can  be  traced  with  a  moderate  but
by  no  means  conclusive  degree  of  success  from  the
data  as  to  the  condition  of  the  national  banks  available ­
  at  the  nine  “call”  dates:  May  1,  June  20,
September  11,  November  20  and  December  31,  1917,
and  March  4,  May  10,  June  29  and  August  31,  1918.
Of  these  dates  no  less  than  three  —  June  20,  1917,
November  20,  1917,  and  May  10,  1918  —  fall  in  the
midst  of  Liberty  Loan  flotations,  with  accompanying
complexity  and  exception  in  banking  operations.
The  result  is  to  impair  the  serviceableness  of  the  call
data  in  six  out  of  the  eight  intervals,  only  the  spans
December  31,  1917  —  March  4,  1918,  and  June  29
—  August  31,  1918,  being  free  from  such  disturbance. ­
  Moreover,  three  of  the  call  dates  —  September ­
  11,  1917,  June  29,  1918,  and  August  31,  1918,
are  “  mid-period  ”  rather  than  terminal,  with  the  result ­
  of  making  the  intervals  to  which  they  belong  less
serviceable  for  the  present  purpose.  This  affects
both  issue  and  redemption  periods.  As  to  the  issue
periods:  (1)  on  September  11,  1917,  of  the  six
issues  of  certificates  aggregating  $2,320,493,000  in
anticipation  of  the  Second  Liberty  Loan,  only  two
issues,  aggregating  $550,000,000  had  been  emitted;
(2)  on  August  31,  1918,  of  the  seven  issues  of  certificates ­
  aggregating  $4,659,820,000  in  anticipation
of  the  Fourth  Liberty  Loan,  only  four  issues  aggregating ­
  $2,760,141,500  had  been  emitted  and  of  these
one  issue  to  the  amount  of  $839,646,500  had  been
emitted  before  the  preceding  call  date  (June  29,
1918),  in  comparison  with  which  the  inquiry  is  to  be
made.  As  to  redemption  periods:  with  respect  to
June  29,  1918,  of  the  six  issues  aggregating  $3,012,-