The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1918-02-08

month originally fixed for the third
government war loan. One reason
for the delay, perhaps to April, is that
never before has the country expert
enced working conditions such as
those now existing. That is, in the
mere matter of days or hours that
are being put in. In the industrial
and financial world it is true that
time is the same thing as money.
Whether banks and factories are open
or closed, interest charges and over
head expenses go on just the same.
From the viewpoint Of the employ
er, overhead charges, which include
wages, interest, depreciation, ETC., are
usually divided into monthly Install
ments. In other words one-twelfth
of the full overhead" is charged to
each month.
Now February is bad enough
month under normal conditions for
the business man to earn one-twelfth
of the years overhead" Once In
every four years there are twenty
nine days in February, against Jan
uary, March, May, July, and the 9TH
er seven months which have either
thirty-one or thirty.
This year there are only twenty
eight days in February.
The Pay Roll Problem
But in addition to the usual short
month of only twenty-eight days we
have two holidays, the 18th and the
22d. These two holidays, of course,
like the short months, were counted
on by the business man planning in
advance for his overhead" monthly
deductions. What the business man
could not anticipate was the four
"heatless" Mondays, the 4th, the 18th,
the 18th and the 25th
But that is not all. For some time
now Saturday has been a half-holiday.
Taking out the Saturdays and the
other days named leaves only four
teen full working days for the month.
Applied to company such as the
United States Steel Corporation,
these conditions mean first that the
company itself, which has been buy
ing government war bonds at the rate
of $200,OOO00O year, will not have
the usual February income. AS to
the employees, the company during
1916 according to the annual report
for that year (the statement for 1917
will not be published for another
month or six weeks) had a payroll
of $3.50, 3S5,5O2 The average daily
pay of every man was 1886. Because
of the many wage increases of the
past two years the company's pay
roll is now higher than 1t was in 1916
by $50,00O,O00. The commodities to
be purchased by the men, however,
will not be increased by that $50, O00,-
900. The increases in wages were
intended to Offset the higher cost of
living. All of which means that with
both capital and labor only half en-
ployed this month. the government
would be taking chances in floating
its third, war loan at this time. Many
lines because Of fuel, raw material
transportation shortage are working
at reduced speed, even during the
fourteen full working days of this
month. That means half-filled pay
envelopes for the men working on
time.
If there is one thing that on of the
warning nations cannot afford to do
at this time it is to have the world
know that public bond offering had
proved a failure. If such thing
were to happen here it would be due
to temporary conditions entirely.
Germany, however, would declare so
that the rest of the world could hear
that the American people had turned
down their thumbs on continuing the
struggle Peace on Germany's terms
might follow.
How Loan Can Be Postponed.
Postponement of the third govern
men war bond issue, however, will in
no way embarrass our military plans.
What the government will do and
now is doing will be to anticipate the
proceeds to be raised from the sale of
the next Liberty bonds by sale of
Treasury certificates. That is short
time paper for which there is a ready
market. Every well-managed govern
ment and city sells shorttime notes in
anticipation of tax receipts.
AS to the terms of the next govern
ment loan when it is foated, Wall
street has about arrived at the con-