THE PRICE LEVEL 
185 
085,500 in anticipation of the Third Liberty Loan, 
two issues aggregating $1,140,153,000 matured at 
subsequent dates while the first two issues aggregat 
ing $900,000,000 had matured before the preceding 
call date. 
Subject to these limitations, the three intervals 
May i-June 20, 1917, December 31, 1917- 
March 4, 1918, and June 29-August 31, 19x8, 
may be used to study the issue periods of the first, 
third and fourth cycles respectively. For the issue 
period of the second cycle there is no such aid — 
September 11, 1917, being a “mid-period” date. 
The material is scantier with respect to the redemp 
tion periods. The interval November 20-December 
31, 1917, serves adequately for the second cycle. 
But for both the first, June 20-September 11, 
1917, and the second cycle, May xo-June 29, 1918, 
we have “ mid-period ” dates as terminals, while the 
redemption period of the fourth cycle lies still in the 
future. It thus appears that some measure of sta 
tistical verification is possible with respect to three 
out of the four issue periods and with respect to only 
one out of the four redemption periods. 
First, as to issue periods : In the first cycle (May 
i-June 20, 1917,) the volume of individual deposits 
subject to check declined from $6,627,833,000 to $6,- 
560,268,000 or $67,565,000; the volume of loans 
and discounts increased from $8,751,679,000 to $8,- 
818,312,000 or $66,633,000 and the amount of 
“money in circulation” increased (May 1—July 1, 
1917,) from $4,736,841,963 to $4,850,359,720 or 
$113,517,757. There was thus a small reduction of 
deposits and a moderate expansion of loans — both