New-York tribune., 1921-09-09
Mellon Offers
$600,0 100000
In New Notes
Issue Is to Provide for Fu-
ture Requirements, as
Receipts Are Expected
to Pay Bills Up to Nov. /
Run 6 Months to 3 Years
Move Is Part of Program
He Designed for Dealing
With Short Dated Debt

From The TribNne's Washington Bureau
WASHINGTON, Sept. S.-With more
than $1,150, 100000 of principal and in
terest in Treasury certificates and
other obligations falling duo before
October Is, the Secretary of the Treas
ury, in following his program for
handling the short-dated debt, an
nounced tonight combined offering
of $600,000,000 in new notes. This is
the largest offering since the Liberty
loans.
The new issue is to provide for fu-
turc requirements of the Treasury in
the way of current disbursements.
Against the huge payments to be
made during this and next month in
meeting the maturties of certificates
and interest on the third and fourth
Liberty loans, the Treasury expects to
receive during September about S515.-
0O0 600 from the quarterly payments
OF income and profits taxes, in addition
to ordinary revenues from other
sources.
Secretary Mellon announced the new
oHering IN a letter sent to all the
banking institutions of the country,
which gives clean-cut outline of the
finances and development of the Treas
ury,s financial program.
Inc current operations of the gov
eminent for the first two months of
the present fiscal year, through Aupus
81, 1921, he decla red, show a net cnrs
rent deficit of $161 ,464 ,774.96. With the
payment of the income and profits
taxes in September, however, he ex-
pects small net current surplus for
the quarter.
ITO provide for it's further require
ments, and in furtherance of its an
nounced plan for dealing with the
short-dated debt, the Treasury is an
nounclng to-day an Offering of three
year 51s per cent Treasury notes dated
September Is, 1921, due September Is.
1s24, and of one-year 5A per cent
treasury certificates of Indebtedness
GATED September Is, 1921, due Septem-
Der 10, 1922, and six months per
cent Treasury certificates dated Sep
oember Is, 1921, due March 10, 1922"
says the Secretarys letter.
'"The combined Offering is for
S6oO,ooo,o0o or thereabouts. The Treas
ufy notes will be designated Treasury
notes OF Series B, 1924, and like those
OF Series A, 1924. offered in June will
pe straight three-year notes, will not
be subject to call for redemption be-
tore maturity, and will be acceptable
in payment of income and profits taxes
payable at or within six months before
maturity. The notes will be EXEMPT
from the normal Federal income tax
and the corporation income tax and
from all state and local taxation, ex-
cept estate and inheritance taxes, but
not from Federal income surtaxes or
profits taxes: The certificates will be
tax certificates, designated Series rs.
1922 and Series TM3-1922, respectively.
and will be acceptable in payment Of
income and profits taxes payable at
maturity.
applications for the notes and tcer-
tiiicates will be received in regular
course through the several Federal re-
serve banks, as fiscal agents of the
United States, from which full particu-
lars concerning the offering may be
obtained
With the completion Of the Septcm-
Der Is operations the Treasury expects
to show further substantial progress
IN the execution of its plans for dis
trlbuting the short dated debt over the
period from 1923 to 1928"