The evening times., 1900-06-25
REDEEMING old bonds
Expiration Of Secretary Cages
First Call for s., ZOO, 600.
Balance 10 the Credit of the United
states Treasurer Temporarily Re
duced-DOUbIe the Surplus Esti-
mated for the Year Regarded a.
PrObabIe-The UnmHtured Bonds.

The time allowed national banks for sur
rendering public money under the caII Of
Secretary Gage expires today The amount
called fog was 5000. 900. and the present
balance 20 the credit Of the United States
Treasurer. standing at Sl6e esl1S4. viii be
reduced TO about SIS 900. coo. This call will
be followed promptly by three others. al
intervals OF ltout twenty days which Will
bring into the Treasury by the close OF
August about SIS 5oJ. .o00 more, reducing
the bank deposits to The credit Of the
Treasurer 10 So, COO 0G0-
This money las been called for the pur-
pose OF reCeeuIug she old per cent bonds
which were outstanding recently 70 the
amount o. So. .f54 $50. These bonds have
already been been presented f0F redsmp-
ton 10 the sm0u-t OF 8. .e6g 800 but the
bulk have vet To Re received. Secretary
Gage decided 70 withdraw about 81. COO GOt
FROM the national banks al twenty-dGy in
teTVals OF $ 900 GOO. II order TO cover the
redemption Of all these bonds. Ee might
have found sufficient cash IL the Treasury
for the purpose from the ordinary surplus.
but he considers the market at present in
easy enough condition TO get control Of a
part O; the Government funds He Is not
unlikely 10 decide TO purchase urmatured
bonds. II the surplus accumulates rapidly
and the money market becomes stringent,
rather than to restore the surplus 10 the
custody CT the banks.
Il has been suggested that Secretary
I Gage not OILY suspend the terms OF the
refuEding offer, which is nov open under
tae gold standard law. but that he also
announce that certain amounts OF the
( bonds available for refunding will be
redeemed in cash at maturity in 1904
1907. and 1905. instead OF being con-
tiLued at per cent Such an announce
ment. II IS belived, would AFFORD ! pow
eTtul stimulus 10 ne holders of the oId
bonds to take advantage OF the refund
ing offer while it remains open. for fear
that their bonds VIII be affected By the
| refusal 10 refund and viii cease to be an
( available investment at their maturity
I The withdrawal Of money from the
banks and keeping it 10 the custody ot
I the Treasury. VIII put the Secretary In
a better position than otherwise to carry
out such measures.
The surplus Of receipts for the current
fiscal year. which ends OF Saturday next,
promises 20 reach Sc 900. .G5e or 81. 600 .
C0o. almost twice the estimate Of Secre-
tsry Gage last November. The recsIpts
since November from both customs aad
| Internal revenue have run at a reraka be
rate and expenditures have beer faIIUg
| Of The month Of June has already shown
! plus Of about $4,000. .e00 al the end Of the
month.
The receipts thus far for the month have
been $50 2S2 43s and the expenditures S27. -
| 760 eco The usual practice Of taking IN
! TIE actual receipts of the last day Of the
| fiscal year will result iD the inclusion OF
/ the receipts reported TO the Treasury on
( Monday. July ?, and viii add seven days 70
/ the receipts already recorded. This will
| carry the nominal receipts for June 10
! about S4S 600. .000. while expenditures will
| probably be about $35, 600. coo.
| The receipts for the fiscal year have thus
/ far been $685.. .SS5. .555. and will stand at
| about 500. .O00,GC0 at the close OF the
/ month The expenditures for the fiscal
| year which have reached $4SI. 97S. .49S. will
| be about S4S9. 600 o00. The Treasury cash
| balance, which stood on Saturday last at
| $149. 500, ,2SS, viii be considerably increased
| at the end of the month. unless there are
| liberal presentations of the old 2 per cent
| bonds which were recently called for re-
| demptioB by Secretary Gage Tho inter-
! est on these bonds does not cease until the
1 middle of August, however and presenta-
! tions are not likely to be heavy until that
/ month or the latter part of July.