Salt Lake Tribune | 1911-03-16 | Page 4 | Treasury Not in Need of Money Immediately

TREASURY NOT IN NEED OF MONEY IMMEDIATELY Secretary MncVeagh Says Corporation Tax Decision Will Delay Issue of Bonds. . BOSTON. March lii. Secretary of Ihe Treasury MncVeagh spent a few hours at tho custom house In consultation with Collector Edwin U. Curtis. Speaking of the flnnnces of the government gov-ernment and tho new Panama canal loan, Secretary MacVcagh Hald. "Although It has heen a general Impression Im-pression that a block of new a per cent bonds would be Issued Immediately after the adjustment o? the corporation tax, we are in no immediate use of funds. In fact, -whllo I am having plates engraved for the bonds, neither the amount nor tho time of the Issue has heen decided upon. The first Issue, however, will probably not be more than S50.000.000. ' "The decision of the .cnruoratlon -k. litigation in favor of the government has changed the complexion of tho government govern-ment finances for the moment. This decision de-cision involved a matter of 552.000,000. to tho treasury. Of this amount 527.000,000 represents the amount collected last yoar. Wo estimate the Income from the tax this year at $25, 000,000, so that with the 552,000.000 remaining In the treasury, .tho Immediate necessity of a bond issuo is precluded. "Tho treasury will close tho current fiscal year on June 30 with a total dc-flclt dc-flclt of about S30.000,00."