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Show I lp.il ' ' ' ' - ' ' " .-m-i .JJMW I. u-i-i i-i I Secretary McAdoo Arranges to Issue Temporary Certificates Certifi-cates of Indebtedness. WASHINGTON, April 19. A program pro-gram of temporary financing to meet the government's running expenses between be-tween now and the close of the fiscal year, June 30, was taken up today by Secretary McAdoo with the co-operation of the federal reserve board. Contemplated measures are the issuance is-suance of from $150,000,000 to ?200,-000,000 ?200,-000,000 in temporary certificates of indebtedness in-debtedness to be redeemed June.l, whpn the great bulk of tho income tax and other revenue due the government for the current fiscal year will be in hand and the attachment to the temporary tem-porary certificates of a conversion privilege permitting the holders to convert the certificates Into bonds or later certificates, bearing a higher rate of interest and authorized under the $7,000,000,000 war finance measure Federal reserve banks will handle tho issue of temporary certificates, but will not subscribe to them. The reserve re-serve banks already hold ?50,000,000 of certificates issued April 1, maturing July 1, and bearing interest at the rate of 2 per cent a year. The issue now planned probably will bear interest at the rate of 2 1-2 per cent Under the law authorizing them the treasury department de-partment may pay up to 3 per cent interest. in-terest. Tho Issue probably will be taken wholly by financial institutions. It is unrelated to the war finance bill authorizing au-thorizing the issue of $7,000,000,000 in bonds and certificates and tho proceed pro-ceed will be used to meet ordinary and emergency calls upon the treasure treas-ure while the government Is collecting collect-ing the bulk of its annual revenue for the current year. The exact amount of tho issue has not been distributed. It is felt, however, how-ever, that $200,000,000 would not be too large a sum. Tho federal banks were today requested re-quested to obtain Information as to tho amount of certificates each could dispose of. oo |