The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1918-12-04
IHB WERE HEAVY
Almost One Third the Cost
of War Was Raised
IN That Way.
a. Aesocisted Press.l

loans and created tremendous pool
81 credit with which the Treasury
through its many war agencies PAID
4he 6fIIs of the army and navy, the
Shipping Board and other government
Refreshments, loaned billions to the Al
lies aud millions to war industries.
helped support the families ot;Soldters
and ftors and tided farmers over
perfodS OF financial stringency.
The payment into the Treasury OF
fask sums IN war taxes and from bond
sales said Secretary McAdoo, and
tha transformation OF our varied and
complex economic life to the supreme
task 81 Einntng the wal. have been
accomplished without shock or f1nan-
Cd disturbance The credit and bust-
mass structure OF the n2tton remains
sound end strong The results OF the
four Liberty loans are tribute to the
pstTiotism OF he American people and
tosthe economic strength OF the ma
ton
The report constitutes Sectetary Nc
Ad0oss final accounting of his steward
ship before retiring as the nations IL
aanee minister. Throughout the re-
port Mr.. McAdoo refers repeatedly to
the remarkable achievements OF Amer.
~
lie money and materials for war, and
Tense
For the fifteen month"; ending last
June 30 Secretary McAdoo estimated
That the actual cost Of the war, with
allowances for the governments ordi-
nary expenses in ordinary times,
amounted to 1892, 100000 Nearly
iaIRs OF this, or Sc, 499, 100000, went
into permanent investments, In the
9oFra OF ships. shfpyards, war vessels.
amy camps, buildings. and in loans
To- Allies or to American war indus
tires OF the years expenses. Big per
cent came from taxation
ne civil establishment OF the gov
eminent during the year spent ST.
s07 90 nOa while the War department
spent ;6S4 ,960.o 600 and the navy ST.
SIS 909, eoos For support OF the army
alpie the government paid out So
% 0oo, coo. The naval expenditures
inctuded the construction OF new yes
seis machinery, armament, equipment
and Improvements at navy yards To-
10 Ordinary disbursements for the
year amounted to $s,e66. 900. 600 and
CULINARY receipts. excluding money re-
eeiEed from Liberty loans, amounted
20 s 174 900. 600. Loans to Allies dur-
the year amounted to 1918, ooo,-
600 additional
The United States public debt last
s june 80 was $12,396s 100000, without
tsSlPR Into consideration the $1,S49,-
100000 free balance in the Treasury
70 partially Offset the debt. The pub
lie debt has been increased since then
by The Fourth Liberty loan of nearly
$1,000 COO 600 and by Treasury GER
tiileates IN Indebtedness amounting to
seven hundred million dollars.
The report disclosed for the first
time the activities Of the Treasury's
SIN ling fund to buy up Liberty bonds
q, an effort to keep their price from
1alltnS .far. below par. Up to Novem-
Der 1T IS shown. $244, 036. $500 worth
ot bonds; face value, had been pur-
Chased on the open market for $234,-
80 9e0. or at an average price OF
about So per cent, and subsequently
held B yfhe Treasury. OF this sum,
s 600 were second Liberty loan
bonds. Of both and az per cent is
sues $40 935,000 were third Liberty
Ioen bonds, and S65, 100000 were first
Eilefty loan converted bonds
he report also showed that the
Ear nance Corporation. up to oc-
t61er 81 had made loans amounting
p s. s.. 716s000, OF which S29, S63, 600
had been repaid. leaving advances out
sanding $37,s52.000. Most OF the
ic1dsssor $50 .7S9 900. went directly to
ear industries. Public utilities were
principal borrowers, while lumber
c1lrpa mics, coal operators, manufac-
tdrers and stock raisers rank next In
number OF applications.
me magnitude OF the work OF the
s qep ital Issues Committee was indicat-
ed By the report that since its organi.
on list May. IL 1t has examined
asaFlys 2.Q69 applications from pros
pecttve isguers OF securities, aggre.
E6einE about g. $50, OO0, 600.
BOUT 20 Per cent. OF these appli.
q ions ere.;d isapproved." said the
8 J1rts nd these were mostly OF =
II cber. Involving new extensions
Which SolIld not be contrfbutory to
tie. tnningsof the war. The proven
ton Of approximate $450.0O0. 1000 OF
ecesy iBsues which could be
osEDoned was an important contrIbu.
ton 70 the conservation Of the ma
ton 3 EeSoueceS
3. loo reviewed the financial
Elactlees OF the year, Including the
Of short term certificates OF
q Ted ness In advance Of every Lib
lsEy, loe.n 70 prevent the disturbing Of
Mona mi leet by the loans and 70
O. tlin the money needed blythe Treas
ny 81 advance Of loan receipts He
81 q IN . var savings movement had
not 6nIy IN gathering In $685.
900 Tor Iarp Hposeg,upt to .NoVem-
htE but & had helped tosteaeh the
people thru ana economy:
tiria e1II iistt has been,
g Iie,. 4 ma 81
Q ~ l.ll = VIII