THE TREASURY 
81 
This gap makes it impossible to follow in detail the 
operations of the Treasury in the weeks immediately 
following the Loan flotation. The consolidated 
statement for the interval (July 2— July 23) 
shows, however, that during this period there was 
advanced to the Allies $375,000,000 and expended 
in ordinary disbursements $157,149,769. 
By July 24, 1917, the Treasury balance stood at 
$494,394,365. of which $158,296,453 was in the 
Federal Reserve Banks and $320,264,871 in the 
special depositaries on account of Loan receipts. 
Three installments on account of the First Liberty 
Loan remained unpaid, nominally to the amount of 
$541,000,000; but of this only 20 per cent, was due 
on July 30, 30 per cent, being payable on August 
15, and 30 per cent, on August 30. Revenue from 
taxation, even with the important schedules of the 
war tax act then in operation, offered no adequate 
relief. The 1917 income tax payments were largely 
completed by June 22, and the total ordinary re 
ceipts of the Treasury were actually less in July 
and August than in the months immediately follow 
ing the declaration of war. On the other hand, a 
definite obligation lay immediately ahead in the 
maturity on July 30 of the outstanding parts of the 
certificate issues of May 25 and June 8, and be 
tween July 24 and August 14 the Treasury disbursed 
$265,648,579 for this purpose. 
The graver problems of the Treasury had to do 
with the huge financial requirements of the Allies 
and with our own swiftly mounting expenditures 
for national defense. Of the two demands, the 
Allies’ loans were the larger absolutely — beginning