﻿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