The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
X-849 Release for the morning papers of April 1, 1918. Capital Issues Committee. Washington, March 30, 1918. Public and private qrganizations throughout the country are fast allying themselves withthe Capital Issues Committee in its work of confining to essential purposes present c2"pital expenditures. Duriag the course of the week just.passed the Committee had a conference .vith the Mayor, the Comptroller and the Solicit6r of the City of Philadelphia. These officers expressed themselves as ih hearty sympathy with the aims of the Committee and stated that, at a mutually convenient .d.ate, they would ret'!,lrn to Washington. and go over with the Committee, item by item, the entire City budget of many millions, with a view to bringing the City 1 s capital .expenditures into line with the Committee's policy. Philadelphia contributes a further aid to the Committee's endeavors by the following resolution of its Stock Exchange. "WHEREAS, the Federal Reserve Board has, upon the request of the Hon. ~. G. McAdoo, Secretary of the Treasury, appointed a Committee of its members to act as a Capital Iss~es Committee authorized to pass upon such proposals as may be sub~itted to them in respect to capital expeniitures or issues of ne,v securities,"RESOLVED, That the Conunittee on Stock Liat will require as a condition to the listing of such new capital issues the presentation of the approval of such Committee of the Feieral R~serve Board." One of the very largest public service corpora-wions of the nation, whose activities reach 0Very village, city and tm•vn in the country~ and whose expenditures are of huge proportions, has informed the Committee of its intention to submit its budget for careful scrutiny. The Associated Advertising Clubs of the World are cooperating also by discouraging ad.vertisements that would be apt to interfere with the gendral purposes of the Committee. An arrangement has been p0rfected whereby Dr. J. A. C. Chandler, superintencient of schools of Richr;,ond, Va., ..-ill Sl:ler..:i ha.lf of each week in YTashington for t]:~e pur)ose of advising the Col:u::;ittee with respect to a,I).._:.lications irJ.volving the issue of securities for the purpose of erecting school buildings. Dr. ChandJ,.er, whose work in this connect ion vvill be under the supervision of Commissioner of Education Claxton, will have the advice of Dr. George D. Strayer) of the faculty . # _, X-849 -2- of Columbia University, New York, who is serving on the War Savings Committee at VTashington, and also that of Lt. Col. L. P~ Ayers, a mamber of the General Education Board, who is_ now serving as Statistician of the General Staff of tlle Army. This central body will have at its disposal the facilit~es of the-Bureau of Education throughout the country. This specialized organization is created because. of the vary large number of school issues and. the necessity of dealing with them also from the educational angle. The Committee is most anxious to avoid, as far as it can be done consistently with a policy of reduction of capital exp~ndituresJ the impairment of the facilities for mental training of the gro~ing generation. A report given out by the January 12th up to March 38th, organization was not pe1~fected has given final disposition to follows: Committee sho.-;s that from inclusive, (although its until early in February)· it· some 15'7 issues, d:i.v;Lded as .MUNICIPAL _PUBLIC Approved ....... If 11 R0funding" . Disapproved .... Curtailed ...... Total------ 34 31 INDUSTRIAL U'l':C1ITY 8 5 2.3 -;-; oo 9 1 8 5 0 43 1 82 33 TOTAL -47 86 15 9 ~157- PERCENT 32.00 o4.70 8.30 5.00 J.60.oo- The issues aggregated $300,386,752.17, divided: MFNICIPAL PUBLIC UTIL:C~CY T~tal applic 'ns-·-"$38;0~0 _, 45;::f.-· ---,r44-;2.9·G-;4oO DJ.Sapproved------__§, 379, POQ Approved--------- 31, 660,453 Less"refunding 11 - - 15 831 912 New Issues-------15s-2"'8l.S40 -..r • ' -' .~.~ew ~ssues last year ·excluding refunding------- 47,444,365 --~l OQ~~_QQO 141_, 39E:., 400 Jl8,64,0 000 -z-265_6L4o-c5 ' ' 86,099,075 INDlTS'I'RIALfffi:050,900 __J}.:J-..350 ~00 l06,700,900 __ 98_,_850,_~00 7,850_,000 212,670,900 ----------------------------------------- Analysis of new issues: Amount ofisslie- 22 057 540 19,200,000 25,656,400 ' ' Amount approved-- 15,828,540 22,656,400 __1,850,000 Curtailment effected------- 6 229 000 11,350,000 3,000,000 ' ' So that, out of a total submitted (exclusive of .refWld5.ng o:perations) of $66,913,940, approval was expressed by the Comm~ttee as to $46~334,940 (69.3%), and disapproval was expressed witl_l respect to ~30,579 000, (30.7%). In ad.dition thxee applicat~ons for a total of $2,800,000 were submitted informally to the Committee and postponed for the period of the war. The Committee is collecting data from the various districts with respect to applications upon which postponement has been secured lineally.
@FedFRASER