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