The Lehi sun. [volume] (Lehi, Utah) 1913-1949, 1922-10-12
U. S. ANNOUNCES
NEW BOND ISSUE
FIRST GOVERNMENT OFFERING
SINCE WAR 10 100000, 900 OF
TREASURY SECURITIES
Much Money Is Needed TO Meet Out.
standing Bonds and Other securl-
ties Says Secretary Of the
Treasury Mellon

Notwithstanding first government
bond issue since the war was an.
nounced Sunday by the t easury.
Secretary Mellon offered for sub
scriptlon an issue OF about $500. 900 900
OF AZ per cent thirty-year treasury
bonds no part Of a program for re-
funding short term debt.
The new Issue will be dated October
JIG, 1922, bearing interest at Az per
cent annually payable April 10 and
October 10. on a semiannual basis.
The bonds will mature October IS.
1852. but may be redeemed at the
option OF the United States after DC.
tober IS, 1917.
The last previous bond Issue offered
by the treasury was the fourth Liber-
~ loan. In October. 1918. II carried
interest at AZ per cent, TO mature in
twenty years. and amounted 10 near
ly S,00O.0oO,OOO. Bearer bonds Of the
now issue with interest coupons Mt.
tached will be issued in denominn-
lions OF 500. $500. $1,000. $4,000 and
10000. while bonds registered rs 10
principal and interest viii he issued
In denominations OF 500, $500. $1,000
$4,000. $4,000. $4,000 and 500 900
All will carry the usual tax exemption
provisions. Secretary Mellon reserves
the right 10 allot additional bonds
above the $500. 100000 amount fixed
for subscriptions to the extent that
AZ per cent Victory notes or treas
ury certificates OF the series maturing
December 10, 1922. are rendered in
payment. Applicants for new bonds not
exceeding $4,000 from any one sub
scriber Will be allotted in full. hut ap-
plicatons for amounts in excess OF
$4,000 win be received subject to
allotment.
In letter 10 banking institutions,
Mr.. Mellon asked continued coopera-
tlon for the distribution Of the new
bonds among investors, declaring the
time had come for n longer-term o.
GRAFTON in the refunding OF the short
dated debt, which heretofore has been
accomplished. without disturbance to
the market FOR outstanding sscur.
ties" on a relatively short term basis.
Discussing what has already been
ACCOMPLISHED in the refunding OF the
ehort-dated debt, Mr. Mellon recalled
that on April 30. 1921. when the re-
funding program was announced, the
gross public debt amounted TO S24.-
900, 100000 OF which over $780, OO.-
600 was maturing within two years.
while on September 30. 1922. the to-
tai debt was $22.SoO, 100000. and
about $4,000, 100000 OF the early ma
turin, debt had been retired or re
funded.
This fiscal year. he stated there
viii fall due about 81 ,SO0.000.0O0 OF
Victory notes. $625. 100000 OF war saw
ines certificates and about 81, 100000.
900 OF treasury certificates. OF which
$4,000. 900 represent Plttman act GER
tificates which will he retired this
year through the recolnage OF silver
bullion. while about 00000.OO0 OF
loan certificates maturing October
10. 1922. win be paid out OF funds al
ready In hand.
Retirement OF these mature certifl-
Gates. he added. viii leave only tax
certificates outstanding. and with tax
payments as large rs they are 1t is
considered desirable for the treasury
TO have outstanding at least $1,000
100000 OF tax certificates. which cor
respondIngly reduces the amount ne
cessary refunding into other securities