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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 uni-
form 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 aggre-
gated $4,170,019,650 and this full amount was
allotted. The terms of subscription called for in-
stallment 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 over-
payment or payment in full at any installment date.
The flotation was marked by an even heavier over-
payment of the first installment than had dis-
tinguished 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 aggre-
gated $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.