Evening star., 1923-06-11
SHORT-DATED DEBT
FINANCING ENDS
!
$3.50, 200, 900 June IS Notes
to Carry U. S. Treasury
Through Summer.

To complete it's financing for the cur
rent fiscal year ending June 80, the
Treasury announced last night an Of
fering of about s15o.ooo,oo0 Of 4 per
cent certificates of indebtedness, dated
June 10, and maturing in six months.
The new issue will enable the gov
ernment to conclude the refunding of
It's short dated debt, begun In 1921
and no further financing will be necss-
sary, it was stated officially, until the
middle of September. Proceeds Of the
new certificate offer, together with the
June 10 payment of income and profits
taxes, expected to amount TO s35o,ooo.-
600 or more. will take care Of certif-
Gates of Indebtedness maturing on the
Date and provide for the running ex-
penses or the government until Septem-
Der To- Maturing certificates must be
cared Tor then and officials expect that
some new financing will have to be
zone at that time.
S75.O0O,O00 fin Interest Due.
About s75,0oo,o0o in interest on the
public debt falls due June Is, but that
can be met promptly through the tax
receipts, as can the interest payments
Que In July and August. With the
d
close to $500 600, 900, officials De-
clared today the governments finan-
ciai position was better than the most
optimistic supporters of the refnanc-
ing program had anticipated.
Ihe new offering will result in a
ulrect reduction in the volume of GER
tlhcates outstanding. About $780,
100000 in certificates mature June 15
ana the probability that the Treasury
VIII: be able to redeem them, make
lnfPrRGf
debt in June. July and August and
care for the ordinary expenditures. AT
the same time gives cause, it was de-
ciared, for general satisfaction as to
the great war time debt which at one
time approached $4,000, 900, 900.
Increase fin Revenues.
Among the reasons enabling the
treasury to cut down the debt, ac-
cording to officials. is increased Gus
toms receipts, which, on the basis of
setais TOT eleven months will exceed
year. At the same time, greater
revenue has been obtained from in
ternal taxes on incomes and profits
although the administration contends
lower, due TO the new pevenue Law
which eliminated many forms OF taxes.
and cut the rates in others.
nendifa1ea throorh OF many an lines tar 4r e
appropriations has saved the Treas
ury from drains that carried away
vast sums in 1920 and 1921, according
to officials. and. they declare. the
Treasury has been placed in an ad
vantgeous position TO continue Its
work of wiping out all federal obliga-
tions due before May, 1927, in ad-
vance of the time when it will b.
erty loan, maturing that year
The current fiscal year. Treasury
officials assert. will be finished with
a surplus of ordinary receipts over
expenses of about s145,ooo,00o.
Pennsy's Rail Order.
Supplementing the 10000 tons OF
additional rails ordered by the Penn
sylvania railroad from the Carnegie
Steel Company, 5000 tons have been
ordered from an independent com
pany. making the total amount OF
additional rails $4,000 tons. This
completes the Pennsylvania rail or
| der for the current year and no ad-
ditional rails Will be ordered until
the budget for 1924 Is made next fall
About $4,000 tons of rail remain To
be delivered on the order placed last
December for 1929 delivery, and ii is
planned to lay practically all of the
1000 tons. in addition to the $4,000
tons recently ordered, during the re
naming months of this year.
Urge Bank Firm to Act.
Stockholders OF the Banking, Trust
and Mortgage Company have circu-
lated a petition, which has been pre-
sented to the board of directors, ask
ing for a special meeting at which
some action shall be taken with re
spect to the company's future. The
petition IS signed by eighty-nine
stockholders, more than one-fifth the
total number of stockholders.
Part of the assets of this insutu-
| ton recently we're taken over by the
| Standard National Bank. which is
now operating a branch office at the
| site formerly occupied by the Bank
/ ing. Trust and Mortgage Company
| Since the mortgage company went out
of the banking business, the stock
! holders. it is said. have not been ad-
vised as to what disposition would
be made of the capital stock.
The capital stock of the company is
$2o2,7 It is conservauvely esti-
mated by those acquainted with the
confpany's status, il settlement were
made now. the stockholders would be
greatly benefited. The stock orig1-
nally sold at s25 a share. The insti-
tuition was organized by the Premier
Finance Company, and was in oper-
alton about fifteen months.