Bisbee daily review., 1917-11-15
WAR COSTING LESSTHANT
 ESTIMATE OF
 GOVERNMENT
Secretary of the Treasury, Me Adoo, Tells Bankers That Estimates Were More Than Ample to Provide For All Needs.
(Ry Review Leased Wire.)

1
 BALTIMORE, Nov. l4-In a speech before the Investment Bankers Associ- ation here tonight, Secretary McAdoo disclosed that government expendi- lures are running far below estima -es given congress and predicted that the amount of money still to be raised for the fiscal year would not exceed ten billion dollars.
 Vague and uniounded apprehen- sions seem to exist in the public mind as to the extent of :he financial re Quirements of the United States dur ing the current fiscal year." the secre- tary said.
 l Tt may be helpful to the country to know tha- these requirements have been greatly exaggerated and that in the judgment of the secretary of the treasury there is no reason whatever forapprehension on this score. This opinion is based upon the latest esti- mates of our financial needs Estimates Submitted.
 During the past few days the var ious departments of the governmen. have submitted to me their estimates of expenditures during the current fiscal year on the basis of these est mates l am confident that, allowing TOT liberal balance in the general fund at the close of the fiscal year, not more than s10000, 900 remains to be raised by the issue of bonds, war saving cer- tificates and treasury certificates of in- debtedness.
 "This is not regarded by the treas ury department as task which will iil any way strain the capacity or re- sources of the United States. The splendid success of the liberty loan shows that the people are fully determ- ined to support the war and are pre- pared to make such sacrifices of lux uries, pleasures, comfor.s and conven- fences as may be necessary.
 All Figures included.
 "The estimates of the various de- partments include appropriations al- ready made and proposed supplement tai estimates to be submitted at the forthcoming session of congress. Though the estimated ordinary ex- penditures (excluding advances to the | allies) for the year average about billion a month, the ordinary expend- itures for the four months period end ed October 31st have been only SI, ,2go,- 100000 or, at the rate of $324,OOO,O0O a month. For instances the eXpendi- lures for the war departments for the four months period have been 50 per cent less than was es imated by that department for that period. It may be confidently expected, therefore, that the actual expenditures for the bal ance of the fiscal year ending June 30. 1918, will not at the most exceed the estimates.
 Credits To Allies.
 "The actual credits to the allies have averaged s5OO,00O.OOO per month, or withinthe estimates of the secretary of the treasury, and the ac .ual cash dis bursements against the credits so es- tablished have fallen below the esti- mates. Of the expenditures made for we'll as those for the accoun. of the allieh. a very great preponderance is for purchases in the United States, so that the operations involve merely shifting of credits and have not been strain on the financial resources of the country. Not only is this true, bu. every precaution is being taken, by wise restrictions upon the shipment of gold, accompanied by careful study of the course of international trade to
 Monetary Stock.
 The gold monetary stock (coin and bullion used as money) in the United States on November 1. 1917, is estimat- ed at $3,041 50O0O0 The increase in the past ten months has been STA ,500,- OOOi while in the past five years it has been $1,161, ,333,000. In five years the portion of the worlds gold monetary stock held by the United States has in- creased from approximately one-fifth to more than one-third"
 Convention Concluded. The business of the Investment Bankers association convention was concluded with the passage of resolu- tions pledging the association Q the furtherance of only those enterprises which have a direct bearing on the Continued on Page Two)