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Show LOAN MAY REACH : G BILLION MARK Victory-Liberty Issue Likely to Be Fixed at Maxi- -mum Limit. If Not Oversubscribed, Securities Se-curities Are to. Be Marketed Market-ed in Banking Circles. WASHrN-GTOls', March 22. With aunouncemeut today tbat collections from the first 25 per cent instalment payment of income and profit taxes last Saturday amounted' to $1,001,000,-000 $1,001,000,-000 and might go higher with later reports', re-ports', the last ' financial milestone preceding pre-ceding the Victory Liberty loan had been passed, and it seems probable that the loan would! be for approximately $6,000,000,000. . Governors of . federal .. reserve banks attending a conference closing tonight were told that although official statements state-ments as . to the amount of the loan heretofore have referred to "five or i six . billions," the higher figure was nearer correct. Treasury officials emphasized, em-phasized, however, that the amount had not actually been determined. May Reach $1,700,000,000. Tax cellections of. a 'little more than a billion dollars indicated the total yield this, year from income and prof- . its" levies would: be more than four -bil- j lions .and might reach the $4,7,00,000,-000 $4,7,00,000,-000 estimate of congress. The aggre,-! gate of first instalment payments will ! bring into the treasury only about $200,000,000 net at this time, . since $800,000,000 is requirod to pay certificates certifi-cates of .indebtedness maturing coinci-dentally. coinci-dentally. with the tax payments. ,In support of th'e belief, that the treasury, would make six billions the goal of the Victory loan campaign, officials of-ficials pointed out' that $4,855,000,000 certificates of indebtedness were outstanding out-standing to be redeemed from proceeds from the loan and that probably another an-other billion must be issued before loan receipts begin to pour in. - Proceeds of the. certificates, will be required to pay ordinary" government expenses for two months, now running at. the rate of $1,200,000,000 a month, and to -redeem a little .more than $6,-000,000,000 $6,-000,000,000 of certificates falling due before May 6. ' 1 . The treasury has available to meet current cash requirements about $1 700,000,000, a rather high net balance, not including all last week's tax collections. collec-tions. Officials, however,' do not desire de-sire to let the cash working balance get belo a billion dollars. May Market Securities. Indications are that unless the Victory Vic-tory -loan is largely oversubscribed the treasury wrill have to begin within a few months after the campaign to market mar-ket securities, selling them mainly to banks, as a means of meeting future government expenses. These would be in addition to possible issues of tax certificates in anticipation of the last two instalments of tax payments September Sep-tember .15 and. December 15. In preparation prep-aration for the second instalment June 15, approximately $885,000,000 of certificate cer-tificate s are outstanding, and, the treasury has announced it does not expect ex-pect to increase the amount of these certificates. |