The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1917-04-25
first BOND ISSUE
TO Be $2,0OO,OOO,oO0
Officials Considering Collecting Pro-
ceeds of First Issue in
Installments.
$1,000, 100000 BILL SIGNED
Indications Are England, France
Russia and Italy Will Shave
in First Issue.

Washington, April 24-Tentative
plans, under consideration by admin
istration officials call for the issue
of $2,000,0 100000 in bonds as the first
public offering under the $7,000,000,-
600 war revenue law, signed today
by President Wilson, to be followed by
a second issue in from four to six
months, and possibly third there
after.
While the whole program is sub
ject to revision, it is understood that
officials also are seriously considering
the advisability of collecting the pro-
ceeds Of the first issue in instalments,
thirty days apart and lasting over a
period of from four to six months.
Should the first issue be $2,000,000,-
600, and the instalment feature be
adopted, it is likely that subscrib-
ers will be given four months in which
to pay for the bonds. This would
bring revenue into the treasury at
the rate of 100000 a month, am
pie, it is believed, from preliminary
estimates, to meet the needs of the
Allies and this country, until the
new taxation measure should begin to
produce revenue.
The First Issue.
Indications are that the first issue
will be divided among Great Britain,
France, Russia and Italy, and that
some portion of it viii be. reserved
for American military needs, the big
proportion, however, going to the
Allies.
In this conection, it was pointed
out tonight, that virtually the entire
loan to the Allies will be spent in
this country for foodstuffs, munitions
and other supplies.
Needs for the Allies.
The entire proceeds of the first is
sue of bonds, it is thought, will not
be needed in one lump sum for the
establishment of credits to the Allies
here nor for the military needs of the
United States. Estimates place the
total of such needs-for the loans to
the Allies and for the American mill
tary and naval establishments-at
from $350,000,O00 month for the
next few months, the higher figure
being the sum which the government
would receive monthly in subscrip-
tions to the issue, should the install
ment feature be adopted.
These and other suggestions will
be discussed in conference tomorrow
among Secretary McAdoo and FEEDER
al Reserve Board officials and Lord
Cunliffe, of the British commission
TO Hear COMMISSIONERS.
In finally determining the amount
of the first bond issue the government
will be guided largely by what the
Representatives of the chief Entente
governments indicate as their press
ing needs. Italy, it is said, is espec-
tally desirous Of being among the
first considered as her needs are un-
derstood to be pressing at the mo-
ment.
Subscriptions to the first Offering
made under the $7,000,OOO, meas
ure-$200,000,000 in treasury certif-
Gates of indebtedness expiring June
Shave passed the $25,O00,00O mark,
resulting in decision by Secretary
McAdoo, announced today, to in
crease the issue to $250,oOO,000 Pro-
ceeds will be called for tomorrow.
Subscription books were closed at 10
a. m. today by the federal reserve
h,nL,