Bisbee daily review., 1918-03-20
THIRD LIBERTY LOAN DRIVE ID
 START APRIL 6
War Costs Not Increasing as
 Rapidly as Expected; Me Adoo to Announce Interest
 Rate Scon.
CRv Revlew Leased WIrel

(By Review Leased Wire)
 WASHINGTON. March 19.4lmmin- ence of Secretary McAdoo's announce ment of the size and interest rate Of the third liberty loan to open Aprii 6 gave special importance to a treas ury announcement of government re- ceipts and expenditures, from which might be calculated with fair accuracy the sum the government would need before the end of the fiscal year, June 30.
 Outstanding features of tn e figures, as unofficially annalyzed were that war costs are not increasing from month to month as had been expected and that ordinary expenses and loans to allies in the. next three and one third months probably will not be much over S4,000, 100000 To this must be added the necessary outlay or abcut 8, 5.000. 900 to redeem certifi- cates of indebtedness now outstanding and maturing before June 30; $500.- OO0.000 for the government capital Tn the war finance corporation whose creation is expected soon and S500,- 100000 to provide current working balance at the end of the year. These would make a total of $S,655, 900 GOO needed between now and June 30.
 Expect Large Receipts.
 On the other side of the books might be placed the $s53. .0O0 900 from income and excess profits taxes and other in- ternal revenue sources; S75,000,000 es- timated miscellaneous receipts; S45,- O00.Q0 0estimated customs receipts; ap- proximately S200.O0O,0O0 revenue ex- pected from sale of war savingS stamps. and thrift stamps and 500,- 0O9000 to be received in the next three days from a current issue of certifi- cates.
 These would make a total of nearly s4,5OO ,O00.0 GOO which might be expected to flow into the treasury between nov end June 20 from other sources than the liberty loan.
 On this basis of calculation the diff feTences to be provided for would bel between s4O0O OO0 GOO and s5.OO0,O0O.- 900. This sum is much less than nau been calculated in the past as ncces- sary on the basis Cf estimated expen- ditures of government departments and loans tc allies.
 Leoislation Requireu.
 These figures do not necessarily dis close the size of the third liberty loan. for other elements of financial me chani s. judgment of the money mar ket and appraiSal of popular feeling enter into the Actual determinations. The figures are essentially the same. however. as those which Secretary A.c- Adoo and his advisors have 0eIoreI them in deciding how many billions are to be raised in the big campaign
 It # believed the amount already has been determined by the secretary and that as soon as he decides whether the interest rate shall be per ceht. as on the second loan. or higher, tcI accord with the upward tendency of interest rates in the last few months, he will make, known his recommenda- tions. These will go to congress prob ably late this wek or early next week, in the form of a request for authori- zaticn to float more bonds than the S366.OOO, 900 remainder authorized last September but unissued. If the inter- est rate is to be above per cent, leg islation also will be required for tnau. l. is considered probable that the sec retary will also ask authority to issue a much greater amount than actually will be noated in the third loan ana that the balance will be issued in the next fiscal year
 Less Cost to Allies.
 More than $1.00O. 100000 in certifi- cstes of indebtedness remain to be is- sued in the next few weeks before the liberty lean campaign and will be re- deemed from proceeds of the loan This provides a means of distributing receipts and disbursements over loNs period and avoid sharp disturbances on 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 the current fiscal year. have been s7 934.OOO.O0O Recently these expenditures have been running at the rate of about $l.000O0O.0O0 month. So far this month they have been lower. because of the sharp re duction of paymenss to allies.
 Other figures made public by the treasury show that in the seven months up to February 1. the war de partment had spent s2.21S.000.00O. ai- though estimates for the 12 months of the fiscal year were sS,790,O ,OOO.OOO. The shipping board has spent S32z,- 900 .OOO as compared with estimates for the year amounting to s901,OOO,OOO. For the naval establishment the out law had been s6s5. 5.OOOO 900 as compared with estimates for the year of S966,- 100000. '