The Chicago Daily News Almanac and Year Book for Volume 36 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 Excerpt: ...fourth liberty loans, evidenced not only by the firm market quotations but by strong undercurrentB of investment buying," which give reason for the hope that, with the continuance of favorable general conditions, there will be consistent appreciation in the market prices of these bonds. "I do not now think it will be wise to make any further issues of long: term bonds before the maturity or redemption of the victory notes, when there will have been such an interval in government offerings of all kinds as must inevitably result in marked improvement of the market prices of the existing: issues, with corresponding-decreases in the interest bases at which they are selling:, and consequent assurance that the government will be able to finance itself for a longer period upon better terms. "It Is not possible at this time, when appropriations for the coming-year are under consideration by the congTess, when contract claims by and against the United States are till in process of settlement, when demobilization is still incomplete, when the extent of the liability on the wheat guaranty is unascertained, and when the business upon which the income and profits tax receipts in the first half of the calendar year 1920 are to be based is still only half transacted, to make a formal estimate of the receipts and expenditures of the United States during the fiscal year 1920. "But so large a part of the war expenditures has been paid or provided for out of taxes and the issues of bonds or notes already sold, and so small a Dart is unfunded, that I confidently expect that the government will be able not only to meet its further temporary requirements for the decreasing scale of expenditure by the sale of treasury certificates of indebtedness bearing-inter...