New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-15
Only $4,000. 900, 900 To Be
Raised to Finish Up
the Fiscal Year
Gold Reserve Grows
America Has Now More
Than One-Third of the
Worlds Stock

BALTIMORE, Nov 14.-ln a speech
before the Investment Bankers Asso-
citation here tonight Secretary McAdoo
disclosed that government expenditures
are running lar below estimates gwen
Congress, and predicted that TIE
amount of money still to be raised Tor
the fiscal year would not exceed Slo,-
0OO,00O,0O0.
"Vague and unfounded apprehensiors
seem to exist in the public mind as TO
the extent Of the financial require
ments of the United States during the
current fiscal year." the Secretary SAID.
at may be helpful to the country 10
know that these requirements have
been greatly exaggerated and that N
the Judgment of the Secretary OF the
Treasury there is no reason WHATEVER
for apprehension on this scora. ms
opinion is based upon TIE latest es-
Inmates of our financial nee!s.
During the past few days the vari-
ous departments of the government
,have submitted to me their estimates
of expenditures during the current
fiscal year. On the basis OF these
estimates, am confident that, allow,
ing for liberal balance in the general
fund at the close Of the fiscal year, not
more than $4,000, 100000 remains to
be raised by the issue of bonds, war
savings certificates and Treasury GER
tificates Of indebtedness.
This is not regarded by the Treas.
ury Department as task which VIII
in any way strain the capacity or re-
sources of the United States. The
SPLENDID success Of the Second Lib.
erty Loan shows that the people are
fully determined to support the war
and are prepared to make such sacri.
fees Of Injuries, pleasures, comforts
and conveniences as may be necessary.
"The estimates of the various de-
partments include appropriations al
ready made and proposed supplemental
estimates to be submitted at the forth
coming session Of Congress. Though
the estimated ordinary expenditures
Excluding advances to the Allies) for
the year average about Sl,OOO,0OO,OOO
q month, the ordinary expenditures for
the four months period ended October
81 have been only S1,296,000,OOO, or
at the rate of 1924 900 month.
"The actual credits Of the Allies have
averaged s500,O00,000 month, or
within the estimates of the Secretary
Of the Treasury.
"The actual cash disbursements
against the credits so established have
fallen below the estimates. Of the
expenditures made for the account of
the United States, as we'll as those for
the account of the Allies, 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.
THE gold monetary stock (coin and
bullion used as money! in the United
States on November 1, 1917, is esti-
mated at s3,041, 100000. The increase
in the last ten months has been s174,-
100000, while in the last five years it
has been s1,161 $4,000. In five years
the portion Of worlds gold monetary
stock held by the United States has in
creased from approximately one-ffth
to more than one-third."
For details of the final session of
the Investment Bankers Association
convention see Financial Page.