Iron County record. [volume] (Cedar City, Utah) 1893-1982, 1922-10-13
j. S. ANNOUNCES
NEW BOND ISSUE
FIRST GOVERNMENT OFFERING
SINCE WAR 10 s5ooooo, 900 OF
TREASURY SECURITIES
Much Money Is Needed to Meet Out.
standing Bonds and other Securi-
ties Says Secretary Of the
Treasury Mellon

Washington.-The first government
bond issue since the war was an.
nounced Sunday by the treasury.
Secretary Mellon offered for sub.
scription an issue OF about $500, 100000
OF Az per cent thirty-year treasury
bonds as part OF a program for re.
funding short term debt.
The new issue will be dated October
16, 1922, bearing interest at AZ per
cent annually payable April 10 and
October 10. on semiannual basis
The bonds will mature October If
1852, but may be redeemed at tn,
option OF the United States after DC
tober Is, 1947.
The last previous bond issue offere'
by the treasury was the fourth Liber
ty loan, In October, 1918. II carrie'
interest at Az per cent, to mature ir
twenty years. and amounted to near
ly $1,000, 100000. Bearer bonds of tn
new issue with interest coupons at
tached will be issued in denomina
tions OF 500. $500, $1,000, $4,000 am
10000, while bonds registered as T.
principal and interest will he issuet
in denominations Of 500. $500. $1,000
$4,000, $4,000, $4,000 and 100000
All will carry the usual tax exemption
provisions. Secretary Mellon reserves
the right to allot additional bonds
above the $5OO,00O,OO0 amount fixe
for subscriptions to the extent thai
| AZ per cent Victory notes or treas
ury certificates Of the series maturin
December u, 1922, are rendered If
payment. Applicants for new bonds mo-
exceeding $4,000 from any one sub
scriber will be allotted in full, but ap
| plications for amounts in excess o.
$4,000 will be received subject t
allotment.
In letter to banking institutions
Mr.. Mellon asked continued coopera
tion for the distribution OF the new
bonds among investors, declaring the
time had como for a longer-term ~
GRAFTON in the refunding Of the short
dated debt, which heretofore has beer
accomplished, without disturbance t
the market for outstanding secur
ties" on a relatively short term basis
Discussing what has already beef
accomplished in the refunding OF thu
short dated debt. Mr. Mellon recalled
that on April 30. 1921, when the re
funding program was announced. thu
gross public debt amounted to $24,
000, 900 900 of which over 81 100000,
900 was maturing within two year,
while on September 80, 1922, the to
tai debt was 500. 800, 100000, an,
about $4,000, 100000 Of the early ma
turin debt had been retired or re
funded
This fiscal year. he stated ,ther
will fall due about $1,S00,000,000 o
Victory notes. $685. 900 900 OF war saw
ings certificates and about $1,100.000,
600 OF treasury certificates, of whicl
$4,000, 900 represent Pittman act Ger
tiflcates which will be retired thi
year through the recoinage of silve
bullion. while about $100,000,0OO Q
loan certificates maturing Octobe
10. 1922, will be paid out OF funds al
ready in hand.
Retirement of these mature certif'
Gates, he added, will leave only Ia
certificates outstanding. and with ia
payments as large as they are 1t
considered desirable for the treasur
to have outstanding at least $1,000
900, 900 OF tax certificates, which cor
respondingly reduces the amount ne
cessary refunding into other securities