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  Second ­
  Liberty  Loan;'  certificate
issues  in  anticipation  of  1918
income  and  excess  profits
taxes
1918
8.  January  2-April  22  certificate  issues  in  anticipation ­
  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;  certificate ­
  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  arranged, ­
  after  an  ante-bellum  prelude,  into  four  like
cycles,  each  constituted  of  (a)  a  period  of  anticipatory ­
  certificate  issues,  (b)  the  flotation  of  a  Liberty ­
  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