TM2--1924

"TM2--1924"

On Sept. 15 the Treasury had several bills to pay:

Treasury Certificates. . . . . . $290,000,000

Interest on Public Debt. . . . .$145,000,000

*Victory Notes. . . . . . . . . . . . . . .53,000,000

*War Savings Certificates . . . 30,000,000

Total . . . . . . . . . . . . . . . . . . . $518,000,000

Against these bills the Treasury expected to receive on that date about $340,000,000 on the third installment of income tax payments. So Secretary Mellon announced on Sept. 10 a new issue of Treasury certificates (maturity six months, interest 4 1/4%) in amount of $200,000,000. The Treasury certificates falling due on that date would be exchanged at par for the new certificates, Series TM2--1924.

With usual success, subscription books were closed two days later with total subscriptions of over $500,000,000. About $63,000,000 of the old certificates were presented for exchange. These were allotted. There were also allotted:

All subscriptions of not more than $10,000 each.

Fifty per cent, each on all subscriptions over $10,000 but not over $100,000 (not less than $10,000 to any one).

Twenty per cent, each on all subscriptions over $100,000 (not less than $50,000 each).

Final reports on income tax re-turns were not complete, but early indications were that the expected $340,000,000 would be reached.

The present issue of certificates is expected to meet the Treasury's needs until Dec. 15.

*Matured or called some time ago but still outstanding and slowly being presented for payment.