Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-07
TREASURY CLEARS DESKS
FOR HEAVY OPERATIONS
Secretary Mellon Believes
Prospects for Coming
Year Are Better.
IBy Associated Press.

WASHINGTON. Dec. 6.-Thc Treas
ury squared away tonight 10 take
care OF the heavy fiscal operations
due TO take place between December
l5 and January /. Secretary Mel
Ion. In announcing the December
program, which marks another step
In the governments postwar nnanc-
ing. declared the Treasury faced i'm
proved prospects" for the coming
fiscal year. The plans show a
change. for the present at least
from a basis OF long term opera
lions to short term program which
was made possible. the Secretary
said. by the improved prospects for
the next year or two
The program includes the issuing
OF about $500. 100000 in Treasury
notes TO run two and. one-half years
at i-2 per cent interest, and a
combined Offering of Treasury GER
tincates OF indebtedness, one series
TO run three months at 3l-2 per
cont. and the second to run for one
year at per ccut. the combined
offering Is expected to aggregate APP
proximately SioO,ooo.o0o.
Retire Victory Issue.
Money received through tho sale
OF tho securities together with an
estimated &:75 100000 to come
through December tau collections
and an equal sum already available,
VIII be used Ia retire Ghat part OF
the victory note issue called for re-
dempt!on. and two Issues OF csrtih-
Gates Of Indebtedness maturing Dc
cember Is. In addition TO those two
drains on tho government funds. tho
Treasury must be prepared to meet
about s625.000,0o0 in war savings
certificates maturing January l.
either by cash or exchange into tho
new Treasury savings certificates
and SiO0.oe0,oo0 dollars In interest on
the public debt. The victory notes
and certificates represent a combined
maturity value OF approximately
$500. 100000.
With the completion Of the Deem
Der financing, Mr.. Mellon said the
Treasury will have provided for most
of the short dated debt maturing en-
the present fiscal year. Aside from
the balance OF the war savings GER
tihcatcs that may remain TO be re-
Funded after maturity, there will he
only two Issues OF Treasury certili-
Gates tn he cared for above the
current requirements by the govern
mcnt prior To June 30. next year.
One Of these is due March Is, and
the other June 10. and tho Treasury
head said both were covered by es-
timated tax receipts.
Something like Sse5.0OoUO0 In vic-
tory notes which were not included
in the recent call for redemption
remain outstanding. Mr. Mellon ex-
pressed the belief, however, that ex-
changes of these notes for the new
Treasury notes announced tonight
together with open market purchases
for the singing ana other accounts
may be expected 10 reduce materially
that amount still further before their
maturity.
Mr.. Melons announcement OF the
December financing program was en-
bodied in letter to the bankers OF
the country in which he discussed the
rrcasury's position. rcitcratinG the
statement made by the President I'm
transmitting the budget to Congress
and declaring that By the end OF
the fiscal year 1924, there should he
Il surplus I'm the Treasury general
fund. such n position, he believed,
should be regarded as highly favor
M bic