The Sentinel=record., 1914-07-02
YESTERDAYS RECEIPTS LARGE
Deficit After Panama Canal Pay ments Have Been Made Will Be Only $t,ooo,o ,ooo-Secretary McAdoo ConsratuIates the Administration.

L.. ury figures completed tonight show the federal government went through it's first fiscal year under the Wilson administration with it's income ex- ceeding ordinary expenses by $33,- 1S4.452.07. Nearly thirty-three and half million dollars, pouring into the treasury department yesterday, the last day, brought the total receipts for the year up to S734,343, ,700.20, a million and half above Secretary McAdoos original estimate, and turned into surplus what had prom ised the day before to be a substan- tial deficit.
 Corporation and income tax pay. ments furnished the stream of gold at the finish. From this source came $26, 161 ,782, between the opening and closing of the treasury yesterday, and tonight Secretary McAdoo and other administration officials were pointing to the total figures as proof of their promises as to what would be accomplished under the new tariff.
 The treasury surplus this year will be wiped out by Panama canal ex- penditures which have been paid from the general fund During the twelve months $$4,S26,941 has been spent on the canal, and when this has been charged off there will be deficit for the year of $1,010,05S.S1 on the books. Last year the canal ex- penditures amounted to $4f.741.25S, and the final deficit was $4OO. .733. Last years total receipts were only $691 ,140,000, but on the other hand the ordinary expenditures were only $654, ,SO5 900, or 45,754,24S below this years total.
 Secretary McAdoo estimates that approximately $3,500,000 in scheduled income and corporation taxes, as sessments not paid in June because penalty does not accrue against these assessments until July 10, would have been a clear surplus for the year of approximately $2,500,000.
 The secretary sent telegrams of congratulation to President Wilson, Representative Underwood, chairman of the house ways and means com mittee. and to Senator Simmons, chairman of the finance committee of the senate, upon the result under the new tariff law. Later he issued a statement saying:
 The department is exceedingly gratified with the results for the first fiscal year of the new tariff and in- come tax laws. Unquestionably very much better results will be obtained during the present fiscal year"
 The following figures were an nounced for the year subject to revi- sion on analysis of complete returns:
 Customs receipts, $292, 2,12S,527.63.
 Internal revenue, ordinary, $30S,- 613.843.73.
 Corporation, excise and income tax, $43 LOTS, ,S19.44
 Individual income tax, $2S,306.69
 Miscellaneous receipts, S62,215.- 172.71 (including $3,SOO,000 surplus of postal revenues for the fiscal year 1913),
 Total ordinary receipts, $734,343,- 7OO20.
 Total ordinary disbursements, $7O0,559, ,24S13.
 Surplus of ordinary receipts, $33,- 7S4,452.07
 Comparative statements of receipts and disbursements for the last three fiscal years:
 1912-Receipts, s691 ITS, ,i65; dis S654, ,553, ,963; surplus, $37,224, ,501; Panama canal, $35,327.- 370; surplus, $1,S97,131
 191S-Receipts, $724,111 ,229; dis bursements, $6S2. .770,705; surplus. $41,3f0,524: Panama canal, $41,741,- 1 25S; deficit, s400,733.
 1914-Receipts, s734, ,433, 700; dis bursements, $7OO,559,24S; surplus, $33, ,7S4,452: Panama canal, $34 4,S26,- 9f1; deficit, $1,010,05S.