The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-03-23
next LIBERTY LOAN.
OVER FOUR BILLIONS WILL
PROBABLY BE ISSUED.
Experts Estimate That April Drive
Will Not Call for More Than
Five.


of Secretary McAdoos announcement
of the size and interest rate of the
third Liberty loan, to open April 6,
gave special Importance today TO u
treasury announcement of government
receipts and expenditures from which
might be calculated with fair accu-
racy the sum the government would
need before the end of the fiscal year
June 80.
Outstanding features of these
figures, as unofficially analysed, were
that costs are MT increasing from
month to month as had been ex-
pected and that ordinary expenses
and loans to the allies in the next
three and One-third months probably
will not be much over $4,OOO,O0O,OOO.
10 this must be added the necessary
outlay of $3.50, 100000 to redeem
certificates OF indebt dness now out
standing and maturing before June
80; $50O,OO0,0OO for the governments
capital in the war finance corporation
whose creation is expected soon; and
$50O,OO0,0O0 to provide current
working balance at the end OF the
year. These would make a total OF
$S.655,O0O,O 900 needed between now
and June 80.
On the other side of the books
might be placed the $853,OOO, ,OeD
working balance on hand today; ST.
SIG, 100000 estimated receipts from
income and excess profits taxes and
other internal revenue sources, $75,-
100000 estimated miscellaneous re.
ceipts; $43,0OO,00O estimated customs
receipts; approximately 100000, 900
revenue expected from sale Of war
saving and thrift stamps and $780,
10000 to be received in the next
three days from a current issue OF
certificates. These would make a to-
tai of nearly $4,000, 100000, which
might be expected to flow into the
treasury between now and June &c
from other sources than the Liberty
loan.
On this basis of calculation, tho
difference to be provided for would
be between $4,OOO,OOO,O0 and s5,.
600 100000. These figures do no,
necessarily disclose the size Of the
third Liberty loan for other elements
Of financial machinery, judgment OF
the money market and appraisal O,
popular feeling enter into the actua
determination. The figures are es.
sentially the same, however, as those
which Secretary McAdoo and his ad-
visers have before them in deciding
how many billions are to be raised in
the big campaign.
1t is believed the amount already
has been determined by the secretar,
and that as soon as he decided Wheth-
or the interest shall be per cent. as
on the second loan, or higher, to ac-
cord with the upward tendency of in
terest rates in the last few months
he will make known his recommends
tions These will go to congress prob
ably late this week or early next in the
form Of request for authorization to
float more bonds than the $3,666, 000,- :
900 remainder authorized last Sep.
tember but unused
More than $1,000, 100000 in certiG-
Gates of Indebtedness remain to be is.
sued in the next few weeks before the
end Of the Liberty loan campaign and
will be redeemed from proceeds of the
loan.
These certificates yet to be issued
probably will not be redeemed until
after June 80 or in the next fiscal
year.
An uncertain element in calculat-
ing future financial arrangements o.
the government is the problem o.
revenue receipts. Many treasury Off
cials believe receipts from excess pro-
hts and income taxes will yet be
much more than the $4,000, OOO, 900 es-
timated from internal revenue, bur
secretary McAdoO can not count Oh
more than the estimate in figuring the
size of the third loan.
Ihe treasury announced tonight
that government departments eX-
lenses most of which represent war
piiis and loans to the allies in the s
2-3 months Of the current fiscal year.
have been $7.934, 100000 Recently
these expenditures have been run
hIng 1T the rate of about $1,000, ,O00,-
600 a month.