APPENDIX D.

Comparative table showing total note circulation, deposits, and gold and silver holdings of principal banks of issue, at the outbreak of the war and at the end of 1917.

[Federal Reserve Bulletin. Apr. 1, 1918.]

[Rates of conversion: 1 lira, franc, or peseta-19.3 cents; 1 mark-23.8 cents; 1 pound-$4.8665; 1 ruble=51.5 cents; 1 Aust. crown-20.3 cents; 1 Dutch florin=40.2 cents; 1 Scandinavian crown-26.8 cents; 1 yen 49.85 cents.]

1 In addition, there were outstanding currency notes to the extent of £212,782,295, or $1,035,505,039, secured by £28,500,000 in gold.

2 Figures for Dec. 31, 1913 and 1917.

These figures refer to the Bank of Italy. On Nov. 10, 1917, there were also in circulation notes of the Bank of Sicily, 274,666,650 lire; notes of the Bank of Naples, 1,413,103,400 lire, and treasury bills (Nov. 30), 1,684,000,000 lire (metallic reserve, 167,000,000 lire)-a total of 3,371,770,050 lire, or $650,751,620, as against $197,053,400 on July 20, 1914.

Figures for Oct. 16/29, 1917.

Figures for the Federal Reserve Banks, as of Dec. 28, 1917, exclusive of gold with foreign agencies. 6 There were also outstanding on Dec. 31, 1917, the following issues:

Million marks.

350.0 6,266. 0

68.5

44.1

24. 6

26.0

6, 779.2

or $1,613,450,000. On July 31, 1914, the issues of the latter four banks amounted to $40,590,900, as against $38,844,500 on Dec. 31, 1917.

Figures for Dec. 22, 1917.

APPENDIX E.

SUCCESS OF THE THIRD LIBERTY LOAN.

Federal Reserve Bulletin, June 1, 1918.

Final figures for subscriptions to the Third Liberty Loan show an aggregate of $4,170,019,650, the total number of subscriptions, as already announced, being not far from 17,000,000. This satisfactory result was achieved notwithstanding the fact that the country will have had to meet, since the Second Liberty Loan and to and including the month of June, income and excess-profits taxes to an estimated amount of approximately $3,000,000,000, making a total to accrue to the Treasury, from such taxes and from the Third Liberty Loan of approximately $7,000,000,000. In the first campaign, conducted one year ago, bonds were sold to approximately 4,500,000 people; the Second Liberty Loan was taken by about 9,500,000 people, and these figures are now again increased to 17,000,000. Detailed returns showing the actual subscriptions and the percentage of the quota assigned to each district that has been taken therein are as follows:

The foregoing figures are subject to slight modifications upon receipt of final audited figures from the several districts. Any such adjustments will not materially affect the total.

The following figures also are interesting as showing the distribution of final allotments by districts during the three loans, viz:

CONGRESS,

THE WATER-POWER BILL.

JUNE 28, 1918.-Committed to the Committee of the Whole House on the state of the Union and ordered to be printed.

Mr. SIMS, from the Committee on Water Power, submitted the

following

REPORT.

[To accompany S. 1419.)

The Committee on Water Power, to whom was referred the bill (S. 1419) to amend an act entitled "An act to regulate the construction of dams across navigable waters," approved June 21, 1906, as amended by the act approved June 23, 1910, and to provide for the improvement and development of waterways for the uses of interstate and foreign commerce, having considered the same, report thereon with amendment, and as so amended recommend that it pass. Amend the bill as follows:

Strike out all after the enacting clause and insert in lieu thereof the following:

That a commission is hereby created and established, to be known as the Federal Power Commission (hereinafter referred to as the commission), which shall be composed of the Secretary of War, the Secretary of the Interior, and the Secretary of Agriculture. Two members of the commission shall constitute a quorum for the transaction of business, and the commission shall have an official seal, which shall be judicially noticed. The President shall designate the chairman of the commission.

SEC. 2. That the commission shall appoint an executive secretary, who shall receive a salary of $5,000 a year, and prescribe his duties. The work of the commission shall, in so far as practicable, be performed by and through the Departments of War, Interior, and Agriculture, respectively.

All of the expenses of the commission, including rent in the District of Columbia, all necessary expenses for transportation and subsistence, including in the discretion of the commission a per diem of not exceeding $4 per day in lieu of subsistence incurred by the commissioners or by their employees under their orders in making any investigations, or conducting field work, or upon official business outside of the District of Columbia and away from their designated points of duty, shall be

allowed and paid on the presentation of itemized vouchers therefor approved by a member or officer of the commission duly authorized for that purpose; and in order to defray the expenses made necesssary by the provisions of this act there is hereby authorized to be appropriated such sums as Congress may hereafter determine, and the sum of $100,000 is hereby appropriated, out of any moneys in the Treasury not otherwise appropriated, available until expended, to be paid out upon warrants drawn on the Secretary of the Treasury upon order of the commission. SEC. 3. That the words defined in this section shall have the following meanings when found in this act, to wit:

"Public lands" means such lands and interest in lands owned by the United States as are subject to private appropriation and disposal under public-land laws. It shall not include "reservations," as hereinafter defined.

"Reservations" means lands and interest in lands owned by the United States and withdrawn, reserved, or withheld from private appropriation and disposal under the public-land laws, and lands and interest in lands acquired and held for any public purpose.

"Corporation" means a corporation organized under the laws of any State or of the United States, empowered to develop, transmit, distribute, or utilize power, and authorized to transact in the State or States in which its project is located all business necessary to effect the purposes of a license under this Act. It shall not include "municipalities" as hereinafter defined.

State" means a State admitted to the Union, the District of Columbia, and any organized Territory of the United States.

Municipality" means a city, county, irrigation district, drainage district or other political subdivision of a State, competent under the laws thereof to carry on the business of developing, transmitting, utilizing, or distributing power.

Municipal purposes' means and includes all purposes within municipal powers as defined by the constitution or laws of the State or by the charter of the municipality.

Navigable waters" means all streams or parts of streams, and other bodies of water or parts thereof, over which Congress has jurisdiction under its authority to regulate commerce with foreign nations and among the several Štates.

"Navigation dam" means a dam or other work, constructed or owned by the United States for the improvement of navigation, with or without contribution from others, from which flows surplus water not needed for navigation that may be disposed of under the provisions of this Act.

"Project" means a complete unit of improvement or development, consisting of a power house, all water conduits, all dams and appurtenant works and structures (including navigation structures) which are a part of said unit, and all storage, diverting, or forebay reservoirs directly connected therewith, the primary line or lines transmitting power therefrom to the point of junction with the distribution system or with the interconnected primary transmission system, all miscellaneous structurés used and useful in connection with said unit or any part thereof, and all water rights, rights of way, ditches, dams, reservoirs, lands, or interest in lands, the use and occupancy of which are necessary or appropriate in the maintenance and operation of such unit.

"Project works" means the physical structures of a project.