The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-09-30
sv JAMEs p. HoRNADAY.

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- 49,. 80 NJ. -, ,.,t 3o,r, IA,
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.,..,..,,..'.. 80 .,..,..,r,,,,,,,,, and hot,
hn,,, ,,..,,f.,d ~ r,au., ,,vns prom.
,gn. ,ro ~ corrsa rbaon but In This
n,sa rrhIl. ,nr,i,nnnt Is so over.
,.hoIr,incry I'm favor of emitting down
o,.,,o,sos and ols, rajicinp .t,y..s that
sona arrort to Enen tbe PROMISES tanr
hova haen made win have to be put
form
Traoeprv certificates Of indebted.
moss IN tba nmount nf ubolu SitOOOD
OOo motured ON Spptembcr Is, and
ohout S1GO GOO 600 mature ON October
n 1920 The greater part of these
$500 600 600 maturing certificates Will
the secratory saws be covered by the
instoIlment of income and profits
faxes navobla ON Saptember Is. In
ordar fo provida for the balance Of
tba cartidcates reouirinr to be re-
f,.ndad ana IN maat tha current re-
cuirernarts of tha rovarnment nm 10
Octoher n tbe treasury Inns decided.
on tho b,sis NJ tha hest estimates
available nj This time 70 offer trpas-
urv certificates of Indebtedness in the
amount of about 800 OOOOO IN two
series both dared Saptembgr Is. one
series DESIGNATED r. NJ 3102I bearing
~ nor cont interest maturing March
n 1927 md tha other series dasig.
mated r S-1o21 hearing g per cent in
terest and maturing September Is.
1921
First Quarter NAV Show Surplus.
ON fba basis of daily treasury state
nents during fine first tyn months og
fine cprrept fiscal vaar beginning IuIv
/ 1920 tbe ordinary recaipts Of the
government ouounfco to SG2S 7G7. -
1877 12 while the ordip,rv disburSp-
r,apts d,,rinr tho s,,n,a rnriod om,lpt.
Oh ia S75l O7o oO1 7G leaving q NET chr.
ROM deficit (avcass oP ordinary dis.
bursaments over ordinary reraintsl Of
S1o5 ron no OR This NET current deficit
for tha first t,vo months of tba fiscal
veor * due chiefly IN actual cosb nav.
ments IN amount of some S13OOOO 900
made necessary bv the provisions Of
the trnusportotion ocr I'm connection
with tbe return of tha railroads IN pri-
vafa cnntroI According IN the lotest
estimates povmpnts on account of the
railroads WIN probobly continue on n
large scole during the balance Of the
nresent 7olendor veo,r and will no
relatively be,vv during tbe month of
Sentamher
Notwithstanding rhe NET current
defc,t dutln, tha first two months and
those extraordinary navments an nc.
count of rho railroads. II is expected
that tho frst quarter Of the fiscal
yoor ending September 30 1920 will
show surplus
Debt 10 Be Further Reduced.
Further issues Of treasury certIa.
Gates during the months Of October
and November may subsequently re-
suit in Temporary increases in both
gross debt and floating debt, but the
treasury confidently expects that nv
the comnletIon Of the second quarter
Of the fiscal wear. on December 81
1920 any sucb temporory increases
will have been overcome and that the
gross debt and floating debt on De-
cember 81 will have been further re.
duced below the amounts outstanding
on September 30.
The treasury has no difficulty in sell.
inc certificates They 90 like mot
cakes because they bear n high rare
NJ interest and ore eyep,pt from state
ond locol taxation eycppt inheritance
taxes. and from normal federal income
fax md the cornoratlon income fax
and are admissible assets for the pur
nose Of calculating proHt taxes But
# Is obvious that the treasury depart
ment must some time. and the sooner
the better. sion Offering these certla
Gates for sale
suruar Prices Down 10 STAY
The government authorities be
ttovo .b,t t,y, rrio,s fnr g,y,,