Norwich bulletin., 1917-04-27

l Washington, April 26.-Preliminary | reports 10 the treasury department, upon which Secretary McAdoo will
 base his recommendations to the ores- issue under the $7 ,O0O, ,0OO, ,OOO war | finance law, indicate that the United | States will be called upon to finance ! the allies to the extent of at least
 $4OO,0Oo,O00 and possibly s500,0O0,000 a | month.
 | The tentative program also calls for ! the expenditure of virtually every doI- lar of the borrowed money in this ! country for foodstuffs, munitions, coal. clothing, railway equipment and other
 supplies.
 The Entente Needs.
 l The estimates, still incomplete and subject to revision. indicate the fol- lowing entente needs: For Great Brit
 ain, $20O,O00,00O to $250,000.000 a 1 month; for France. from $1O0, ,OO0, 900 1 to $125 100000; for Russia, a sum un- determined, but up to $100, ,OOO, ,OOO a month, depending largely upon the ability of manufacturing plants in this country to meet her demands, mostly 1 for supplies other than foodstuffs and
 munitions; for Italy, about $50. .00o, 900 a month. fFg .s. Should these requirements be met in I their entirety, the s3 900 000 OUO avail able for lending the allies would be i exhausted in from six to seven and one-half months. It is likely, how ever, that the preliminary estimates can be pared down to a point where the huge loan could be made to cover
 requirements for a much longer pe-
 riod of time, possibly for one year. Studying Entente Financial Needs. Secretary McAdoo and his assistants devoted today almost wholly to study of the entente financial needs. During 1 the day the callers at the treasury in-
 cluded Lord Cunliffe, governor of the Il1r l. 0F Spring Rice, the British ambassador, and other embassy officials; a dele Satfon from the French commission
 which arrived here yesterday and the Members of the French commission and Count di Cellere held long confer
 ences with Assistant Secretary Crosby. Treasury Certificates.
 Indications were not lacking that MT. McAdoo would consider favorably the suggestion that he offer soon an- other block of treasury certificates to federal reserve banks. The second of- fering. 1t was said, probably would be the same size as the first, $250. .0O0. .O00, and might be offered within ten days.
 should the government decide to finance the allies to the extent of $500, 900. 900 a month, approximately $1, ,OO0 ,OOO, 900 would be needed to meet the requirements prior to June 30. the date upon which the first proceeds Of the bond issue probably win be avail able,
 Raising First $t,ooo, ,ooo, 900.
 Raising $l.Oo0. O00. 900 before the first proceeds of the first bond issue are available could be accomplished only by the issue of further lots of certih- eates Of indebtedness, Should the government decide to raise this sum, IL could be done by offering three more blocks of certificates. $sa0. 900 900 to each offering, about three weeks apart,
 Liberal Use et Certificates.
 Secretary MeAdee is favorahly ln- elined to the liberal use of certificates of indebtedness as a means for easing the strain upon tho country'S finances der the terms of the war finance law he Is limited not, to a total issue of Sg, g,o0o, ,oeo,o00. but to an outstanding indebtedness of $s,o0o, ,000. 900, repre- would be possible, therefore, for him to issue far moro than S9,o0o, ,000, ,ooo altogether retiring the certificates with bonds tn such a manner as to bring the total due on certificates at any one time we'll within the Ss.00o. .o0o, 900 limit,
 Withdrawal of Money from Markets.
 Withdrawing money from the mar l<ets at the rate of Se,000, 900 every two or three weeks by the issue of blocks of certificates, officials believe, would be preferable to sudden cali for proceeds of a $2.0o0. 900 900 bond issue. Thus, should $l,000, ,0oe, GOO tn certificates be issued prior to June 30, half of $2,0oo, 00o, ,o00 bond issue would virtually have been withdrawn from the money markets prior to it's issue, as the certificates carry the con version prtvileve and doubtless would be exchanged for bonds.
 In this manner, it is thought, the banks of the country will be in a strong position to meet the strain of war financing and minimum disturb ance of financial conditions would re- | suit.
 Numerous other conferences with | foreign government representatives appear in prospect during the next few days before the details can be formu- l lated. It is believed. however. that a | program will be in shape for President | consideration not later than | May 1. s Win Lift Heavy Burden from France. |
 It is understood that representations | were made to the United States gov |