Salt Lake Telegram | 1931-06-01 | Page 13 | Long Term Bond Issue to be Made by U. S. Treasury

f ONG TERM BOND ISSUE TO BE M MADE DE DEBY I BY Bf U U. U S. S TREASURY RE SURY sI to Be Used for forI Retirement of Short Shortt t Term Items it I j I WASHINGTON June 1 T A P A I ng term bond issue totaling 1 Iong l j will be offered to the public tj JUne 15 by bj the treasury The me pro- pro v- v 1 will vom be bc used d to re retire Ure short i im- im securities r b bAs As Secretary Mellon announced 5 this mO move mo in bi government financing I In iii the face of a l I ury iny deficit the commerce depart- depart j t k ment reported that business condit conditions condi- condi t generally in April showed unI im- im I lr Jr provement r V t April was described by bj the commeree com com- meree department as RS the third coni con- con i month in which the volume of of business in the United States af- af r. r fr cr allowing for normal seasonal trends showed wowed further slight i 11 slon from the low levels established kiln In January while the seasonal der de- de r cline occurring eRr early in Ma May has been r larger larSer than usuaL r I The new treasury bonds will mattire ma- ma in 1949 1049 They will bear 3 8 31 8 1 percent interest and will be redeemable redeem redeem- fable able after ater June Junc 15 15 IS 1946 replacing in certificates of edness they will reduce the short term term debt to about The f balance will wUl be used to pay interest 1 on the public debt and to meet other obligations The Issue will help the treasury i simplify its Ita short t term rm debt problem but will ill have slight effect on the deficit this fiscal year year ear ending June 30 Treasury officials expect pct an ex expenditure cx- cx of by then with the total income amounting to but duo to decreases In ln Income tax and customs receipts In i its survey of current business the commerce department said the output of manufactures in April was larger than in March owing chiefly to greater than seasonal Improvement improvement improvement improve improve- ment in the food products automobile automo bile bUe leather shoe cement and to tobacco tobacco to- to bacco industries while Iron steel and nonferrous metal production was was was' wasE E smaller than in the preceding month Some Improvement In employment wu Wa noted in manufacturing and mining industries In the survey sur but a decrease was reported in building construction Textile industries maintained main maln- tamed recent gains at March levels with the cotton industry more ac active ac- ac the live It added Freight shipments of ot merchandise Increased less than usual In April it continued while department store sates sales showed shoved an n upward trend