THE TREASURY 75 Period Date Treasury Operations 1917 6. October 27-November 20.. .Second Liberty Loan 7. November 20-January 2.. .reliance on net proceeds of Sec ond Liberty Loan;' certificate issues in anticipation of 1918 income and excess profits taxes 1918 8. January 2-April 22 certificate issues in anticipa tion of Third Liberty Loan 9. May 4-May 28 Third Liberty Loan 10. May 28-June 25 reliance on net proceeds of Third Liberty Loan 11. June 25-October 1 certificate issues in anticipation of Fourth Liberty Loan; cer tificate issue in anticipation of 1919 income and excess profits taxes 12. October 19-October 24 Fourth Liberty Loan 13. [October 24-December 5].reliance on net proceeds of Fourth Liberty Loan These thirteen periods may obviously be ar ranged, after an ante-bellum prelude, into four like cycles, each constituted of (a) a period of antici patory certificate issues, (b) the flotation of a Lib erty Loan and (c) the use of the net proceeds of the Loan: Cycle Certificate Loan 1917 issues flotation I Apr. 2S-June 8 June is-June 30 II Aug. 9-Oct. 24 Oct. 27-Nov. 20 Use of loan proceeds June 30-Aug. g Nov. 20-Jan. 2 1918 III Jan. 2-Apr. 22 May 4-May 28 May 28-June 25 IV June 25-Oct. 1 Oct. 19-Oct. 24 [Oct. 24-Dec. 5] The actual experience of the Treasury in this cyclical movement may now be briefly reviewed. It is conveniently illustrated by the accompanying