r'ww$7ffi1 wi'h HUJJ 9ti i rr?:&:?r'!:Vr'l. rr A?'- ' 9' r - U EVENING PUBLIC lEDGBE-PHlEABELPHIA', WEDNESDAY, DECEilBEK i, 1918 ' V.'S. WAR FINANCES REVIEWED BY M'ADOO . 'Second Line of Defense Eager to Aid," Retiring Sec- U. retary Reports Half of Year's Expense Permanent fa" Investment Backs Present Revenue Bill i Commenting on the showing of finan cial arrangements In great detail by By tlie Associated Press Washington. Dec 4. Tho financial history of America's tart In the war la set forth by Secre tary McAdoo in his nnnual report, draft. ed before hln resignation and mado pub lic; today by Ihp Treasury. It Is tlio his tory of how the American peoplo paid billions In taxes, raised four great Lib erty Loans and created a. tremendous pool of credit with which the Treasury, through lis many war agencies, paid tho bills of the army and nay, the ship ping board and other Government de partments, loaned billions to tho Allies and millions to war Industries, helped support the families oc soldiers and sail ors and tided farmers over periods of I financial stringency. 15 "Tho payment Into tho Treasury of t HUtna In war taxes and from bond' ales," said Becrotary McAdoo, "and tho transformation of our tarlcd and complex economic llfo to tho supremo task of winning tho war, liae been nccompltehed without shock or financial disturbance. The credit and business structure of tho nation remain sound mad strong. The results of the four Lib erty Loans are a tribute to the patriot ism of the American people and to the economic strength of tlio nation," MeAdoo's I'll) til Accounting The report constitutes Secretary Mc Adoo'a final accounting of his steward ship before retiring: on the nation's finance minister. Throughout the report Mr. McAdoo refers repeatedly to the re markable achievements of America's civilian population In proUdlng the f money and materials for war nnd acting no mo -eager sccono: lino or aeiense. a jHio document. Treasury librarians re Called that the financial history of the Civil War Is burled In a great stack of musty ledgers and probably neer will ho officially compiled. p1 For tho fifteen months ending last jTttne 80, Secretary McAdoo estimated that tho actual cost of tho war with al .Jowanccs for tho GoemmoM's ordinary expenses In ordinary times, amounted Jo $13,!22.00O,00O. Nearly half of this, jr $6,499,000,000. went Into permanent investments, in tho form of ships, bhlp jyards, war lessels, army camps, build Inge, and In loans to Allies or to Amerl Ebr war Industries. Of the year's e-t-jj'enfees 31.6 per cent camo from taxation. gArmr Spent FIto and a Half Billions OS xns civil estauiisnmcnt of the Govern ment during the year spent $1,507,000.- moO, while the war Department spent 15,684,000,000 and tho nay $1,368,000, 000. For support of tho army alone 'tho Government paid out $4,412,000,000. ,Tho naval expenditures Included the construction of now vessels, machinery, armamont, equipment and Improvements at navy yardB. Total ordinary disburse ments for the year amounted to S8.96C- j ' 000,000 and ordinary receipts, excluding money recoiveu rrom Liberty Loans, 'amounted to $1,174,000,000. LoaiiB to Allies during tho year amounted to $.4,729,000,000 additional. t Looking forward. Secretary McAdoo ?M.i4 mint l(mm.1.. I .......... I If expenditures for tho current fiscal year. jvhlch ends next Juno 30, on account ,.01 the sudden coming of peace. Kstl- l mates which he presented arc haBed on Licalculatlons of each department In rul- lvance of relslons since the signing of tho nrmlsllce and he does hot consider them reliable. With this explanation Mr, McVdoo foreeaat expenditures for this year at $20,687,000,000 for Go crnment purposes nnd $4,376,000,000 for loans to Allies and $2,510,000,000 for redemption of outstanding certificates and other debt cancellation. Total esti mated disbursements for tho year were put at $27,713,000,000. Tire Billions From Tuifi . Against this estimate, which actual I expenses at tho rato of a little more than u billion and a half dollars a month to dale Indicate Is too high, Mr. McAddo calculated that the Govern meht will receive about $5,000,000,000 before the end of tho fiscal year next Juno 30 from Income and profits taxes; ij.100.000,000 from other taxes: 1190.- I'OOO.OOO from customs and $555,000,000 KXrotn miscellaneous sources. Including $70,000,000 from Increased nostaee. mak- ItWT estimated receipts from ordinary (Sources $6,846,000,000. In addition ho Iflirured roughly on a little more than U6.O0O.000.000 from further Issues of fjjlbe.rty Bonds, and $1,200,000,000 from .war savings. Thcsa flc-tirea. nrtrlnrl tn Lreoefpts from liberty Loati bonds al- reaay sola, maKo $14,168,000,000 the ivM v. Ki'u" fcrv Jit ilihc AJCs-lCU i during the year. On this basis, total estimated receipts would baJ21.022.- I 000.000 or $6,695,000,000 less than tenta- I live estimates of disbursements. Actual MvvciufJiucttin uro c&jjccil'u 10 cnange theso calculations greatly. IKTM united States public debt last jjuno 30 was $12,396,000,000, without I faking Into consideration the $1,319,000, 060 free balance In the Treasury to partially 'off set the debt. The public debt Juan been Increased since then by the fourth Liberty Loan of nearly $7,000,- e.ooo ana py Treasury certificates of Bdebtedncss amounting to seeral hun- 4red million dollars. 9Tho report disclosed for the first time ijRiq BcuviueB oi ino .treasury a smKins L'.runa o dux up .uiuerxy lionas in an ex- .fort to keep their prlco from falling far below par. Up to No ember 1, It Is ''shown, $214,036,500 worth of bonds, face jValue.'had been purchased on tho open Market for $234,310,000, or at an aver age) prlco of about 9G per cent, and sub 'seijuently held by theTreasury. Of this .Sum. $172,445,000 were second Liberty Loan bonds, of both 4 and 4i per tortt issues; $70,935,000 wcro third Lib. rty Loan bonds, and $656,000 were first Liberty Loan converted bonds. & War Finance Corporation IjKtThe report also showed that tho war nance corporation, up 10 uciooer si, ad 'made loans amounting to $67,716,- 000, of which $29,863,000 had been re paid, leaving advances outstanding $37, 852,000. Most of the loans, or $64,739, 000, wont directly to war Industries. Publlo utilities were tho principal bor rowers, whllo lumber companies, coat operators, manufacturers and stock raisers ranked next In number of ap plications. Tho magnitude of the work of the capital lseues commltteo was Indicated by the report that, slnco Its organization last May 17, It 1ms examined nearly 2000 application!) from prospective Is suers of securities, aggregating about $2,350,000,000 "About 20 per cent of these applica tions were disapproved," said the re port, "and these were mostly of a char acter Involving new extensions which would not be, contributory to the win ning of tho war. The prevention of ap proximately $450,000,000 of unnecessary Issues, which could be postponed, was an Important contribution to the conserva tion of the nation's resources." Hacks Up Revenue IlUl Mr. McAdoo took the occasion to em phasize again tho Importance of hasten ing enactment of the revenuo bill now pending In Congress. "Unless1 tho measure becomes a law In the near future," he said. "It will not bo physically possible for the Treasury to frame the necessary regulations nnd to print nnd distribute tho necessary forma before tho returns and taxes will be due. Tho enforcoment of tho law will neces sarily be Imperiled. "Tho wisdom of such action Is empha sized by every Bound economic consider ation nnd wlso tax policy. It Is desira ble and necessary from the viewpoint of the Treasury In condensing the period of readjustment, and from the viewpoint of labor and Industry generally." Mr. McAdoo reviewed the financial practices of the year. Including the float ing of short-term certificates of Indebt edness In advance of every Liberty Loon to prevent the disturbing of the money market by tho loans and to obtain tho money needed by tho Treasury in ad vance of loan receipts. Ho said tho war saIngs movement had resulted not only In gathering In $834,000,000 for war purposes up to November 1, but It had helped to teach tlio American people thrift nnd economy. Wants W. S. S. Continued "This wartime experiment has been so successful," ho commented, "that It Is hopod war savings certificates will become a continuing feature of the na tion's flnnnclng een after the restora tion of peace." Tho report explained at length that a feature of tho Treasury's policy In dis tributing the $8,171,000,000 ciedlts to. Allies during tho year has been to stabilize fc reign exchange rates and bring tho dollar nearer par In European countries, but did not mention the spe clllo acts undertaken by the Treasury to accomplish this. In exchange for cred its, France gave tho United States credit In Franco of '$631,275,000 for army purchases. Great Britain estab lished similar credits of $116,633,000 and Italy $5,284,000. Turning to tho enormous task of col lecting $3,694,619,000 In taxes during the last fiscal year, or more than four times the record collection of the year previous, the Secretary emphasized that this had been- accomplished largely through tho co-operation of business In terests and Individual taxpayers. "During the fiscal year 1918," said the report, "tho Bureau of Internal Rev enue has been able to collect the largest tax ever collected by any country, an amount which represents a larger proportion of the nation's war budget than any other belligerent engaged In the present war has been able to defray from tax revenues." From would-be tax dodgers tho rev enue bureau now expected to collect sev eral hundred million dollars additional taxes. Concerning the tremendous part played by tho Federal Reserve system during tho war, Secretary McAdoo had this to say: "The Federal Itcservo system has per- COAL Strict economy is still the watch w o r d. Make your coal go the very farthest; get coal that will. KUNKEL 63d&MarUct Slat &. Grmr'a Car, aliBWMJjBBBBff HJbii BLMiUTfflirJKMITO Ona of nur excentianallv Mtirarttv. tiiYitrlmtilw ItnlaliAtl anil spletoly appointed enclosed types. (92000 f. o. b, Phila.) . Z. S. TERTNER MOTOR SALES, CO. milted tho enormous transactions con nected with tho financing of tho war to bo carried through without shock or disturbance and Its services will not bo less important to tho Government and to the nation In facilitating the readjust ment from a war basis to a poaco basis and to assist nnd foster thereafter the development of agriculture. Industry nnd commerco under normal peace condi tions." War ntak Insurance Mr. McVdoo dealt at length with the accomplishments of tho war risk in surance bureau, which has built up an organization of 14,000 employes, neces sary for the Issuanco of about a million checks every month to soldiers or their dependents for allotments, allowances, disability compensation nnd Insurance "It Is certainly ono of the greatest business enterprises' In tho world," he said, "and Indubitably tho largest llfo Insurance concern on tho globe, having nearly $36,000,000,000 of llfo Insurance In force," Tho report discloses that Liberty Loan conversions havo been made as follows: First Liberty Loan 3b per cent bonds exchanged for 4 per cent bonds, $568, 320,000; first Liberty Loan SHs and 4s exchanged for 4is, $183,899,000 ; second Liberty Loan 4a exchanged for 4s, $1,541,661,000. This Indicates that most bond buyors have failed to tako ad vantage of the Treasury's offer to con vert past lesuca Into bonds bearing a higher rate of Interest It is now too lato to convert. Loans Farmers' Harbor Referring to Federal farm loans amounting to $118,628,000 during tho year ending September 30 last, tho re port said: "The existence of this system operated under Government supervision, granting long-term loans at reasonablo rates of Interest, has unquestionably saved the farmers of tho United States from many oxaotlons, foreclosures and denial of financial accommodations dur ing this period. The system has been a harbor of refugo for the borrow Inrr farmer. Through Its competition with other loaning agencies It has reduced Interest rates almost everywhere In tho United States nnd has saved tho farmer In large measuro from thoso financial troubles which otherwise must have bo sct him. It has constituted the greatest governmental agency for financing the basic industry of tho United States that of agriculture." Tho report also dealt with tlio Treasury's activities In licensing nnd supervising the liquidation of enemy in surance companies operating In the United States; tho Public Health Serv ice's tremendous accomplishments In combating tho influenza epidemic and maintaining sanitary conditions about camps; the International High Com mission's success In pi emoting uni formity of commercial regulations be tween tlio united States and Latin American countries, and the tasks Im posed on the customs service In con nection w Ith the policing of harbors dur ing the war. CANAL OWNERS WILL RECEIVE $2,514,000 Commission Fixes Price for Chesapeake and Delaware Property Washington, Dec. 4, Senator Sauls bury, of DelawaTo, announced yesterday that an agreement had been reached be tween tho War Department and the owners of tho Chesapeake and Delaware Canal by which tho Government will pay at least $2,514,000 for tho property. This Is tho prlco fixed by tho Agnus Commission and tho Board of Unglneers. and the property Is to bo obtained by the Government througn condemnation proceedings. It Is understood that the condemna tion proceedings Instituted In tho Dis trict Court of Delaware will be pursued nlthout delay "to the furtherest point which would bo appropriate, with a view to a consummation of delivery of the canal nnd property when It Is deter mined to bo destrablo through such pro ceedings." Tho agreement was tho result of con ferences arranged by Senator Suulsbury among Assistant Secretary of War Crow ell, Major Gonoral William Black, chief of engineers, and President Hall and Attorney Charles A, Blddle, repre senting the stockholders In the canal company. U-BOATS ENTER THAMES First of the l'iratcs l'atTi Up lliver living White l'lug of Captives London. Doc, 4. The first surrendered German t'-boat to nrrlvo in the Thames passed up tho river vpsteiday. On her mast tho German commercial flag was flying below a vvhlto ensign. Crowds watched her progrtss and cheered. A tecond submarine and later a third, a large boat of the Deut.chland class, each also filing the German flag be neath a white ensign, also mado their way up the river. SHIPBUILDERS PROTEST Bonrd of Review and Appcitl Will Consider Claims Washington, Dec. 4, Formal protest was filed with tho shipbuilding tailor adjustment board jestorday by the Al lantto Coast Shipbuilders' Association against tho board's action In making Ha award of October "4 fixing uniform wago scales retroactive to October 1. The new board of review and appeal, which Is composed of three representa tives of the Emergency .Fleet Corpora tion nnd thrco of organized labor, will be called on to consider the protect. Organliatlon of this board was com pleted by tho naming of the repre sentatives of organized lnbor. They are Charles Scott, of tho International Brotherhood of Boilermakers, and J. A. Taylor and Robert Fechner, of the In ternational Association of Machinists. Increase of 10 per cent In piece work pay for men employed at riveting, chip ping and caulking, drilling and ream ing, In steel shipyards of tho Atlantic coast, Delaware lliver. Gulf coast and Great Lakes steel Bhlpyards, Is given In an award today by tlio shipbuilding labor adjustment board. Division of riveting gangs' pay Is ordered made on the following basis: Hlvcters, 42 per cent; holders-on, 32 per cent, and heaters. 26 per cent. aBmmmmammmmmummmmBMm Pepper Gives Red Cross a Bell George Wharton Pepper, chairman of tho Pennsylvania Council of National Defense, hus presented to tho American Red Cross nt Washington a boll to call those at the headquarters at noon each day to a period of three minutes of prayer or meditation. FOOD o good quality, not calen, is wasted. An un palatable dit.li k re jected. 'A tasteless dish makes an expensive meal. Hundreds of dishes can be made enjoyable by the use of tlie celebrated LEAiPERRINS SAUCE THC ORiaiNAL WORCESTERSHIRE O Vsiut Do You Know The Value of PERFECT DETAIL? Here arc pink satin mules, lightly scrolled with embroidery in silver and gold and softly coloured silks. They have nar row lace ruffles on their narrow satin toes, and wee rosebuds at strategic points. You can imagine their effect on your disposition when you come home tired. But how about a svhole magazineful of j'ust such delightful details? How about why, certainly VOGUE December 1st Number Now On Snle Price 35 Cents ' i ' jissnus ins lummvaaaammmmmmaaami Low Meat Prices - vs. High Cattle Prices If -the former cannot get enough for his live stock, he raises less, and the packer gets less raw material. If the consumer has to pay too much for his meat, he eats less of it, and the packer finds his market decreased. The packer wants the, producer to get enough to make live-stock raising profitable, and he wants the price of meat so low that everyone will eat it. But all he con do, and what he would have to do in any case to stay in business, is to keep down the cost of pro cessing the farmer's stock into meat so i;hat the consumer pays for the meat and by-products only a little more than the farmer gets for his animals. For example, last year Swift & Company paid for its cattle about 90 per cent of what it got for meat and by-products (such as hides, tallow, oils, etc.) If cattle from the farm were turned miraculously into meat in the hands of retailers (without going through the expense of dressing, shipping and marketing), the fanner would get only about Vq cents per pound more for his cattle, or consumers would pay only' about 214 cents per pound less for their beef I Out of this cent or two per pound, Swift & Company pays for the operatiou of extensive plants, pays freight on meats, operates refriger ator cars, maintains branch houses, and in most cases, delivers to retailers all over the United States. The profit amounts to only a fraction of a cent, and a part of this profit goes to build more plants, to give better service, arid to increase the company's usefulness to the country. s 'Tts Keep Your Pledge Maka Good for Ow HRMbigMea BUT WAR-SAVWG STAMPS Swift & Company, U. o. xx. .Seven Wholesale Distributing Markets Central Office, 9th and Girard Ave 3. P. M. Hall, District Manager WANAMAKER'S WANAMAKER'S 3 - . , I J.T.V! The Down Stairs Store Answers Ready to the Christmas Call! Down Qirilta Bring vjoiaen u Ijms Siuh watni, soft coverings mse could bring only sweet repose. They arc ' d with itrmlj covert sateen in many pretty patU Ittnd colorings to match bedroom decorations. $G.50TB.5O and ?. (Llitstnnt) Five Things to Give to a Man Knitted four-in-hand tics arc in all the good colorings and patterns at 63c. Helts are COc Cardigan jackets, -warm things, arc in gray or black at $4.75. Non-elastic suspenders are bbv Garters arc 25c a pair. (Oallarj-, ainrkrt) Girls' New Tub Dresses Arrive for Christmas They nie plnin colois or of striped gingham, white pique and of unbleached muslin an entire ly new idea. The white pique frock is biniplo and straight, in u high-waist style. ?n.75. At the same price a striped gingham also1 made with a high waist has plain color collars and cuffs. The dress sketched uith a striped skirt and plain blouse has a white collar and comes in blue, brown and green. $-1.75. An unbleached muslin fiock, the other one fcketched, has col lars and cuffs of blue, green or pink-. $5.75. At ?5 a pmk, lose or green poplm is pretty uith its embioidery also a plaid gingham with pretty collars and cuffa and a bit of ombioidery. All of these for girls of 0 to 11. At $4 50 a pietty frock of pink, blue or green gingham has an oerskirt and a white collur; vituall the same thing is to be had in striped gingham. 14 and 16 year size. Plain color Japanese crepe makes an attractive frock at 6.75. In pale blue, pink, green and rose, with embroidered white pique collar. In 8 to Id year size. (Central) V ' Men's Shoes That Are Built to Stand Hard Wear They are of heavy black or tan leather with thick soles and a comfortable roominess through the toes. Made rarticularly for hard, putdoor wear. $4.65 a pair. Another s'tyle in dull black leather is cut on English lines or thorc are black kidskin shoes with wide loos and Hlucher lines. All havo welted soles. ?4.75. (Chestnut) Warm Velour Skirts Soft, warm velour is mado up into an attractive skirt for the cold days. It is in plum, green or blown, with odd patch ' pockets, fastened down with a pretty button. A wide irirdle finishes the skirt. $7.50. K (Market) UMBRELLAS They rank among the first gifts for usefulness. Lovely silk umbrellas for women are in navy blue, green, garnet, purple and black. They have silk cord loops to match in tho mission wood handles. Specially priced at $4. For Children, Too Umbrellas ate made of tape edged American taffeta (cotton) over sturdy tempered steelfrnmes. They have handles of natural wood, handles with animal heads, in crooks or in the more grown-up straight mission wood, with silk cords. $2. (Market) To Trim the Home for the Holidays Lace panels for the windows are going out as fast as wo can get them in. Some new ones are of Nottingham lace in various pretty patterns at ?1.75 to $2.25. Arabian lace in many good de signs at $4.60 to ?8.50. An un usually good-looking one is in about a half dozen designs nnd is special at ?4.50. (Chestnut) Pink Satin Corsets $4 Ihey hao bundi of clastic all. about the top 3 inches deep. Below the front teels are eyelets and clastic lacing. Of course, the corsets are for slight to average figures. Also at .$4 are corsets of satin- i finished basket cloth, with steels I covered with pink satin. There I is elastic all around the top and elastic lacing below the front i steels. ' (Central) A Coat Is Worth First Place at Christmas A Fur Collar would make an old coat or suit look almost like now. Black or brown coney collars, shaped and unlincd all ready to put ori a coat are $5 each. ((Centra!) Desk Sets $3 which is very little for a good desk set. These are of brushed brass; each set consists of A desk blotter in a brass- cornered pad, a paper knife, a pen tray, an attractively shaped ink well, and a small holder for blot ters. Yes, all that for & (Central) Pink Prettiness Nightgowns ' I 'ink batiste nighties aic oh bo piettily embroidered in pastel shades of several colois. ?2. Envelope Chemises Two especially pretty styles of mercerized pink batiste have either lace or satin tops trimmed with ribbon and pretty bows. $3. At $3.60, one of the prettiest chemises is of dainty crepe voile with a deep top of satin joined with unusually fino insertions. Bluo ribbon runs through beading. (Central) And think of that morning- when the box is opened! Think how the surprised, pleased face will turn to thank you with shining eyes! It's a Good Thought and a Good Coat Cannot Be Amiss as a Gift Among tlio bettei coats and we have many of them in the Down Stairs Stoi e- appropnate for gifts you will find all tlu choico that any one would want from ?39.75 to ?1 10. At $49.75, coats of lovoly soft velour have collars of the fashion able nutria and aic handsomely lined. ' With Raccoon Collars Here you will find the coat that daughter has been wishing and wishing for. Some have cuffs also of raccoon. Tho enntu fhpm- selvea nrp m:ti?p nf lirnarJrlrtK nt.il i velour and are well lined in good ' taste. $40.75 to $57.50. i Unusual Coats at $55 represent special value. If the I were being sold in a little French shop and they arc thnt kind their prices would easily be dou ble. Cape collars of soft, deep scalene, others with shawl col- ' lnrs, and some coats with collars and cuffs are made in many, I many styles. Almost all of them are lined with the best peau de cygnc. ' Beautiful Linings are features of handsome, indi vidual coats one or two, per haps three, of a kind. Collars (SUrl mSaSim are in many cases of nutria. You also have a fairly largo choice of fashionable colors. Some samplo coats of bolivia and some of velour are included. ?85 to $110. Coats of Hudson Seal Fur Cloth have collars of raccoon, beaver or nutria and some have cuffs to match. $85 to $115. The New Red peeps out in some lovely wraps and coats and it is going to bo immensely fashionable, for tho tide in favor of it is gaining all tho time. Beautiful evening wraps of bro caded satin, etc., and wraps trimmed with fur would delight a woman's heart. Best of all, come in and let us show you tho many lovely coats that we have hero in the Down Stairs Store. et) Handkerchiefs i Many women who want to j embroider initinls on handker chiefs for their friends' Christmas presents will like to know of I these good linen handkerchiefs at 15c, 18c, 20c and 25c. (Central) Stockings for Women and . Children At 25c a pair, women's black cotton stockings are re-enforced in the feet and in the garter tops. Dark tan stockings with ro enforcements are SOc a pair. Black and tan ribbed cotton stockings for the children aro 40c a pair in sizes 6 to 8; sites 8 to l6i arc 45c' a pair. , (Central) Cotton Taffeta Petticoats, These lightweight, rustly petticoats are in pretty plaids showing niany colors blue, red, rose, gray, brown and so on. They have deep pleated flounces and arc $1. Sateen Petticoats arc printed in foulard patterns and aro of excellent quality. Tho flounces have groups of pleats. $2. (Central) Women's Walking Shoes These are the days that a woman wants to get outdoors and tramp, but she can't do it comfortably without sturdy shoes of the right sort for walking. Black or dark tan calfskin shoes with medium or low heels and. welted soles are the right kind. They lace Jiigh. $5.40 a pair, (Chsstnut) '4 Xn M l w 1 1 f.aj U ,r -v J TvS-ra i ' 3 PM 3 'H ,r-jr' iii 1- - - - - 121 zi lzLJ..z x . ... ,..., .... "V mm r y.'rrsjp ,, ,fl w v . r l ,- , . X: i A. 1J .n.L. .'A
Significant historical Pennsylvania newspapers