The Washington herald., 1920-02-07
U. S. NOTESIN
BRISK DEMAND
Subscriptions to the New
Issue Exceed $780,
100000.

SUBSCRIPTIONS Tor treasury certiti-
Gates of Indebtedness, series TM-4.
dated February 2. maturing March Is
1870, bearing interest at the rate of ~
per cent per annum. closed at the close
of business on Friday, February 6.
Final reports have not been receiv-
ed" said Secretary Houston, but pre-
liminary reports show that the sub
scriptions exceed 500. 200. 900. This
brings to a successful conclusion the
very interesting and important opera
tion initiated last September looking
to financing the balance of the war
debt in such a way as to avoid the
necessity of great funding operations
by spreading maturities and meeting
them. so far as may be, out of tax re-
ceipts and salvage.
Excluding Pittman act and special
certificates held by Federal reserve
banks and the War Finance Corpora
tion, and about SlO5, 900, 900 certificates
maturing this month payment OF
which has already been provided for).
the unfunded debt of the government
now consists wholly of tax certirl-
Gates. The amount of these tax cer-
tificates maturing on any one date
does not in any case exceed the esti-
mated amount of the income and prof
its tax installment payable on such
date. Such income and profits taxes
are based upon last years business.
THE aggregate amount of tax GER
tificates now outstanding is approx
mately s., $50, 704 500 of which over SSi2.-
10000 mature and will be paid on
March Il, 1890. out of the income and
profits tax installment payable to the
government on that date,
THE current deficit (excesses of
disbursements over receipts, exclusive
of principal of public debit for the
month Of January, 1920. amounted to
only s92. $3.50 9.7. the lowest figure
since March. 1917, (excluding months
in which income and profits tax in
stallments were paid, while the cur
rent surplus (eXcess of receipts over
disbursements. exclusive of principal
of public debit for the preceding
month of December amounted to $780,
2S0. .932.61. which is the highest fig Dire
i'm the history of the Government,
with the exception Of June, 1918. in
which month a whole years income
and profits taxes were payable; and
there is every reason to expect that
49, "''"rent surplus of March. June.
September and December. 1920, will
tNCttu ltlt utICll Ol
the other eight months. If Congress
adheres to a rigid policy of economy
in Governmental expenditures"
The Secretary of the Treasury has
authorized the Federal Reserve
Banks. on and after Saturday. Feb
ruary Z, 1890. and until further no.
tice. to redeem in cash beIar, & A.
ruary 16. 1890. at the holders option,
at par and accrued interest to the
date of such optional redemption
Treasury certificates of indebtedness
of Series d 1890, maturing February
16. 1890.
STEEL.
Inadequate coal and coke supplies
on account of car shortage have
forced the banking of still more
blast furnaces, the Iron Age said
in its market summary yesterday.
FinishCG steel amounting to $4,000
tons is piled up in the Chicago rail-
| road yards, the report continues
ann one Eastern manufacturer ha-
, stores 10000 pounds of structural
steel alone.
! in spite of railroad difficulties, .
! tine report goes on. "the January
performance of the blast furnaces
of the country was better than any
| month since March. 1919. A net
giin of tweaty-eight furnaces was
made. and a production of 3.015,1S1
tons compares with 2633.s6S tons
for December. also a 31-day month.
The daily average was 97.264 tons
or IA 1-2 per cent more than in De-
cember."
| The Iron Trade Review also
points out the bad effects upon pro-
| duction of the shortage in cars. and
states that a further contraction in
marketable offerings of iron and
steel has resulted. The Review
! writes:
The shortage of material has be-
! come pronounced. and bidding by
| consumers for quick delivery has
I brought fancy prices more in evil
dence. since the underlying demand
is tremendous"
The two iron papers agree that
the upward trend in prices for I'm.
ished and semi-fnished steel has
been rapid and phenominal. Sheet
bars are UP IS per ton, forging
/ billets 50. and finished steel has
/ been selling to automobile makers
| at 4.25c and 4.50c.