Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1918-03-20
Treasury Department MakesI
Estimate Of Moneys Gov
ernment viii Require BeforeI
End Of Fiscal Year, June 30|
S8,655, 100000 NEED
FOR VARIOUS PURPOSES
Revenues viii Cut That Sum
About in Two, Leaving Only
About Five Billion to Be
Raised By Loan Drive,
fsv MORNING JoussAL SPECIAL LEASED WIRE


VIZ ASHINGTON, March 19.--Im-
wv minence of Secretary McAdoo's
W announcement of the size and
interest rate of the third Liberty loan
10 open April 6, gave special import
ance today to a treasury announce
ment of government receipts and ex-
penditures, from which might be cal
culated with fair accuracy the sum
the government would need before the
end of the fiscal year June 80.
Outstanding features of these fig
ures as unofficially analyzed, were
that the war costs are not increasing
from month to month as expected,
and that ordinary expenses and loans
to allies in the next three and one
third months probably will not be
much over $4000,000,00
S8,655, ,OO0, 900 Are Needed.
To this must he added the neces
sary outlay of about $3,155.0 900, 600 to
redeem certificates of Indebtedness
now outstanding and maturing before
June 30; 100000. 900 for a railroad
administration revolving fund; $780,
100000 for the governments capital
in the war finance corporation whose
creation is expected soon, and $780,
100000 to provide a current working
would make q total of SS.655, 100000
needed between now and June 80.
On the other side of the books
might be placed the $3.50, 100000
working balance on hand today; $2,-
$4,000, 900 estimated receipts from
income and excess profits taxes and
other internal revenue sources; $75,-
100000 estimated miscellaneous re-
ceipts, 100000 estimated Gus
toms receipts; approximately 5000
000,0 900 revenue expected from sale OF
war savings stamps and thrift stamps
and $500, 100000 to be received in the
next three days from current issue
of certificates.
Sum Less Than Expected.
These would make a total of nearly
$4,000, 100000 which might be ex-
pected to flow into the treasury be-
tween now and June 80 from other
sources than the Liberty loan.
On this basis of calculation the
differences to be provided for would
be between $4,000, ,000,00 and $4,000
600, 900. This sum is much less than
had been calculated in the past as
necessary on the basis of estimated
expenditures of government depart
ments and loans to allies.
These figures do not necessarily dis
close the size of the third Liberty
loan, for other elements of financial
mechanics, judgment of the money
market and appraisal of popular feel
ing enter into the actual determina-
ton.
The figures are essentially the same,
however, as those which Secretary
McAdoo and his advisers have before
them in deciding how many billions
are to be raised in the big cam
paign.
1t is believed the amount already
has been determined by the secretary
and that as soon as he decides wheth-
er the interest rate shall be per cent,
as on the second loan, or higher, to
accord with the upward tendency of
interest rate in the last few months,
he will make known his recommenda-
tions.
These will go to congress. probably
late this week or early next week. in
the form of a request for authorize
ton to float more bonds than the
$3,666, 100000 remainder authorized
last September but unissued. If the
interest rate is to be above per cent.
legislation also will be required for
that.
1t is considered probable that the
secretary will also ask authority to
issue a much greater amount thar
actually will be floated in the third
loan and that the balance will be is
sued in the next fiscal year.
Many Certificates Unissued.
More than $1,000, 100000 in certifi-
Gates of Indebtedness remain to be
issued in the next few weeks before
the end of the Liberty loan campaign
and will be redeemed from proceeds
of the loan. They provide a means
of distributing receipts and disburse-
ments over a long period and avoid
sharp disturbances of the money
market.
The treasury announced today that
government departments expenses
most of which represent war bills and
loans to allies in the eight and two
third months of tho current fiscal
year, have been 1894 5000, 900.
Recently these expenditures have
been running at the rate of about ST.
000, ,000, 900.
SO far this month they have beer
lower, because of the sharp reduction
of payments to allies.
Other Expenditures Cited.
Other figures made public by the
treasury show that in the seven
months up to February /, the war de-
partment had spent $2,21S,000, 900, al
though estimates for the twelve
months Of the fiscal year were $S,-
5000 900. The shipping board has
spent $322. 100000 as compared with
estimates for the year amounting to-
1901 100000. For the naval establish
ment the outlay had been $6S5,OO0,OO0
as compared with estimates for the
year of 966,O0O,000.