﻿THE PRESENT

55

change, other than that in consequence of the earlier
flotation of the Fourth Liberty Loan certificate bor-
rowing came to an end a month sooner than had
been contemplated. Between June 25 and October
1, there were issued seven series of four and a half
per cent, certificates, each of four months maturity
but identical in all other respects with the earlier
issues. In two particulars there was minor but in-
teresting variation from the Treasury’s original plan.
There was no issue on the fortnightly date August
20, the first of the new series of tax anticipation
issues being then offered in seeming lieu thereof.
Moreover, only the first two issues were offered in
the amount originally contemplated, $750,000,000.
The third, fourth and seventh issues were of $500,-
000,000 each and the fifth and sixth, $600,000,000
each. In each instance there was acceptance of
oversubscription as to these less amounts, ranging
from $89,646,500 in the first issue, to $141,069,000
in the last, resulting in an actual allotment for the
seven issues of $4,659,820,000 as compared with a
contemplated aggregate for such issues of $5,250,-
000,000.

A possible reduction in the number and volume
of the loan anticipation issues had been foreshad-
owed in the Treasury’s first announcement in the
event of heavy response to the tax anticipation of-
fering, But the tax anticipation certificates were
not issued until August 20, and eventually only
some $150,000,000 were taken. In announcing the
reduced minimum amount of the third bi-weekly
offering on July 20, 1918, the Treasury explained
that this was in consequence of the over-subscrip-