OCR Text |
Show MELLON SEEKS BANKERS' AID Refunding of Short Dated; Debt Must Be Done in Ten Months WASHINGTON. July 26 Banking institutions of the country were call-1 ed upon today by Secretary Mellon to I -. end their facilities tor the exchange I . 1 1 . MiyiundinK :'our und three-fourth pet cent victory notes for the mm one -fourth per cent treasury notes of- Cered fdr subscription as part of the federal program for refunding the short dati-d debt. In Q letter to bankers the treasury iecretar) explained that approximately approximate-ly M.500.000,000 o the nation's short, dated debt must be refunded during, in current fiscal year. 0 .MONTHS' TI MCE "The refunding of tills debt," he said "will have to be acoompliehed within the next i" months The s. .- 000,000 "t treasury notes will provid for tin- treasury certificates' maturing .August 1. and for the treasury s re matning cah nirements between no.v and September 15. 1922, while thiol!, thi-ol!, iing to allot additional notes in exchange ex-change lor 4 3-4 per cent Victory it-ilfs rhoi'Ul .ii-eompllsh Hie refunding refund-ing of some more of the victory liberty lib-erty loan and .reduce the amount of victory notes to b( provided for upon redemption or maturity. MiN 'f UPSET MARKET. "By January 1, I'i-S. th- ouistanu-l tng victory notes will have been rc-j duced to about (1000.000,000, a man-! agcUblc maturity, which cau 06 deal; j with opportunity offers without I pectacular refunding operations thtt would upsel tin- set :urity markets and! irb tho courst of business and ln-j '1 u.-try." Mr aieJlon stated that by June 30 ! 1022 :h gmsj nubile debt had been! redt od to aboji $2L'.iC3 ooo.ooo. a re- dUCtioni m about 1 .052,000.000 durluy i thfl nasi J--I months. OJfSIDlUKAiiliE REDUCmON As a rcault f these operations," he Haid. "the amount of ouistunulng Vlc-! Vlc-! lory notes has been reduced from over (4,060.000.000 on April 30. 1921, out SI 090,000,000 on June 30. IQ22 and tno amount of outstanding r treasury certificates from over 12.-800,000,000 12.-800,000,000 to about $1,825,000,000. i In addition, there are about $t2u."0u,- ""ii of war saving:- certificates of the series of 1918 which become pavablo on January l. 1923. so that on June (30. 1922, ihere still remained out-s:andiri& out-s:andiri& ubout $4,440,000,000 of the shorl dated dent, all or which matures in the current tuci year." oo- |