The Arizona copper camp., 1919-11-01

league of frugality would help Amer
lea greatly at this time and exert .
tremendous influence in enabling pro-
duction and supply to catch up with
demand and consumption, with attend
ant reduction in the cost of living"
In September the United States
made loans to the allies of $102,006 900
as represented by the purchase of OBJ
legations of foreign governments. This
is the largest amount of loans for any
month since May, when the total was
$194,911,857. June loans were $54,-
100000; July, $97650,00O, and August
$54 275 945. Repayment of loans in
September amounted to $20,000,00O
making total renayments to the end
OF September, $54,157, 900. These re
payments have been made only as a
matter of routine in adjustment of ac-
counts. The federal reserve board
October bulletin lays emphasis on the
liquidation Of war loans and appears
to be of opinion that no genuine i'm
Drovement in credit and price situa-
tions can be brought about until these
war loans are removed from banks in,
to the proper investment channels.
The bureau of internal revenue has
made public statistics of income COM
niled from the individual and corpora
ton returns for the calendar year
ended December 81. 1918. The re-
ports show that for that year 3,472.890
nersonal income tax returns were
fled. The net income renorted on
these returns amounted to S13 $50 383.
207. This is on increase of 3035,85
returns and 1888 .sO5.5S7 in net in
come reported over the corresponding
figures for the preceding calendar
wear. The large increase is due to tho
lower exemption provided in the act
of October 8, 1917. and in part to a
general increase in the scale Of wages.
salaries and other forms of compen-
sation.
Secretary of TREASURY Glass pre-
diets another Liberty loan will be
necessary, if congressmen carry their
demands that tremendous Sums Of
money be appropriated for soldiers. or
to benefit particular parts of country
Trea s,,rv dnfcit this fiscal year will
exceed s1O00.0O0 600. This statement
was made by the secretary in address
ing the house select committee on bud
oct on SATURDAY.. Former President
Taft joins him in urging need of re-
form in budget making.
A certain company's September
sales increased 27 ner cent and sales
for the nine months combined in
crease slightly more, than 25 per cent.
An officer of the companv says: "T'va
lust returned from "a tour through the
country and find that. while farmers
rage against the present prices OF
hogs and corn and Of commodities.
they have begun to decide the latter
with some exceptions, and they in
tend tn keep right on buying manv
things they need and want. especially
for Improvement Of their homes. Next
spring exnect to see a corresponding
improvement in some other lines. such
as building materials. wire, paint. etc.
It is surprising how large a propor-
ton of farm buildings. everywhere
haven't been painted for four or five
wears"
Index for September based upon the
average price and WELD Of forty reD-
resentative corporation bonds, includ-
ing high and second grade railroad.
public utility and Industrial issues, re-
coded to the lowest figure on record.
67.40. compared with 6S1S in August
and 6779 in September, 1918, when
the previous low record was made.
While the decline in corporation bonds
in September was general, affecting
all groups, two classes registered rec
ord lows, namely, high grade railroad
bonds at 1851, and public utilities at
60. Second grade railroad bonds lost
considerable ground, but were still
above the record low recorded in Sep
tember, 1918. Industrials showed
only a slight loss and were fairly
steady throughout the month.
Exclusive of public debt disburse-
ments, under which are included the
paying off of matured certificates OF
indebtedness refunded by bonds, etc..
and purchases for the sinking fund.
thes total treasury disbursements dur
ing the thirty months that have
elapsed since the United States en-
tered the war amounted to $3485O,-
100000 This includes 1886 6,312,959
loaned to the allies. The ordinary
expenditures of the government, in
Guiding it's own war account, etc.,
amounted to $25,294,1O4,OOO The i'm