9 o WAR BORROWING paid on the public debt mounted from $611,297,425 in December, to $715,302,039 in January, to $665,-400,691 in February, to $820,126,181 in March, to $910,756,758 in April. 7 In reflection, the Treasury balance moved rhythmically and within fairly uniform ­ limits — rising above $1,100,000,000 with successive certificate issues and dropping back to some $800,000,000 in the intervals. Starting with $763,830,030 on January 22 at the beginning of the period, the balance was again $835,279,426 on May 3, and $784,535,899 on May 11, 1918 — the eve of the Third Liberty Loan flotation. Subscriptions to the Third Liberty Loan aggregated ­ $4,170,019,650 and this full amount was allotted. The terms of subscription called for installment ­ payments of 5 per cent, on May 4-9, 20 per cent, on May 28, 35 per cent, on July 18 and 40 per cent, on August 15, with option of overpayment ­ or payment in full at any installment date. The flotation was marked by an even heavier overpayment ­ of the first installment than had distinguished ­ the two preceding loans. On June 1, 1918, it was stated that “of the entire amount of subscriptions received, it is estimated that more than 80 per cent, is already fully paid.” 8 The final figures showed that payments up to May 28 aggregated ­ $3,211,967,452 or 77 per cent, of the nominal amount of the loan. The actual payments were constituted as follows: 9 7 “ Monthly Summary of the Foreign Commerce of the United States,” August, 1918, p. 95. 8 Federal Reserve Bulletin, June, 1918, p. 484. 9 Federal Reserve Bulletin, July, 1918, p. 588.