Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-11

portance as a motor center, and I've
Just been studying some figures from
there. It is true that there Is unen-
ployment, but it isn't as might be ex-
pected, and it isn't as serious as that
area experienced in 1921"
Since President Hoover was given the
estimate late last month that public
utility and public works expenditure In
the United States for 1890 would
amount to $1,000 .000, 900 there have
been several marked changes in the
detailed figures. All OF these changes
as they have been checked by DR.. j. M.
Cries, who conducts the Government
inquiry on the point, have been in the
direction of increasing expenditure
rather than diminishing. 1t Is possible
that revised estimate may have to be
prepared shortly substantially increas-
ing the total figures.
Massachusetts anticipated the ex-
penditure on public works within its
borders for the year at sos. 900 600" DIR.
Cries said of the compilation, but
Gov. Allen has now notified us that
later plan changes have made the total
! $l1O, O00, 900. In Ohio public works ex-
| penditure was estimated to total $685.
| 000, 1000 for the year. and that figure
| has been raised to 1926, 600, 900 in the
last few days by official decision to en-
large or extend operations as originally
| planned.
"In addition, we were Obliged to
estimate outlay for number of States
on the basis Of incomplete figures. AS
complete and revised figures are now
coming to supplement those gaps, we
find that our estimates were under
rather than over, the expenditures
| which are to be made"
Treasury Department announcement
! securities, to the total Of $50,000,0OO or
thereabouts, which is offered to in
veStorS on a discount basis, represents
a fairly expeditions move by the Gov
! eminent toward taking advantage of
! the present low money rates now gov
| erning in money centers. In the issue
| for second time, the Government will
experiment with the new form OF
paper. Congress authorized it last year
to issue In short-term borrowings the
Treasury bills. 1t is the novel char
acteristic Of these securities that the
intending lender fixes the interest rate
| by bidding less than par for three
months note, which the Treasury pays
| at par on maturity date.
In the first experience with this type
| of bill, which took place last December.
the Treasury got 90-day loan at 3 3-6
per cent interest, which Ogden Mills
Undersecretary, estimated to be the
cheapest money borrowed for Govern
ment purposes in several years 1t is
Just possible that the bidding for the
new bills will set an even lower rate;
The Short-term borrowing undertaken
this week results from the restriction
OF the amount of the quarterly ref
nancing Of the Government in Decem-
bef.
Secretary Melons aides anticipated
that money rates might drop early this
! year, as they have done. but in addi-
! ton, the option given the Government
by Congress to issue the new type OF
security enables the public borrowings
to be adjusted more closely to expen-
ditures and income periods. The long
term financing outlook of the Govern
ment for dealing with the floating
debt presents the prospect that it will
be borrowing oftener in the next few
years than 1t has in the past, but for
shorter terms and at lower rates OF
| interest.