<pre style="white-space: pre-wrap">xt70zp3vt865_72 https://exploreuk.uky.edu/dips/xt70zp3vt865/data/mets.xml https://exploreuk.uky.edu/dips/xt70zp3vt865/data/63m46.dao.xml unknown 14 Cubic Feet 31 boxes archival material 63m46 English University of Kentucky Copyright has not been assigned to the University of Kentucky.  Contact the Special Collections Research Center for information regarding rights and use of this collection. Harkins Family papers Mineral rights -- Kentucky -- Floyd County -- History. Law reports, digests, etc. -- Kentucky. Mining leases -- Kentucky -- Floyd County -- History. Practice of law -- Kentucky. Bankers -- Kentucky. Banks and banking -- Kentucky -- Prestonsburg. Coal trade -- Kentucky -- Floyd County -- History. Lawyers -- Kentucky. July 1918 text July 1918 2016 https://exploreuk.uky.edu/dips/xt70zp3vt865/data/63m46/Box_11/Folder_6/0002.pdf section false xt70zp3vt865_72 xt70zp3vt865 ‘ ‘ ‘ A 4 > ‘ - '7‘ . ('1
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( hiORQilez-t 'i'l‘. Whom) &'¥ SON.
lnvesfmen’r Securi’ries
mm X wooo MEMBERS—LOUISVILLE STOCK EXCHANGE wﬁiifﬁi‘g’ia
mom v WOO/7 m WEST MAIN MMWMMMSWKW
Louis‘llkk‘i
July 5, 1918.
Mr. J. D. Harkins,
' Prestonburg, Ky.

Dear Sir: "

. I received your letter today asking for
copy of the letter which we sent you while you were
absent and which seems to have miscarried. We are
thereer enclosing copy of that letter.

Give us an answer to this letter as soon
as you possibly can as the friend of fathers is a.
wide awake man and is in touch with big people and.
I sincerely believe we can do some business through
him.
I trust this letter will find your father
in better health.
Very truly yours, ,
W U L\/ [W74 1

RW:S

 ILiRKJNS AEBILXRKIXS
\\‘ALTER s MARI/{INS ATTORNEYS AND (TOI'XSELLORS AT LA‘V
.I()S}Cl’l{ I) IIARKINH 1'1{]‘:S'1‘()NSIIIV1{(; ' KY.
July 3, 1918.
Mr. T. U. Richardson,
Washington, D. C.
Dear Rich:-

I wish you would look around and ascertain in a quiet way
whether there is any place where I could be of service to the Gov-
ernment in the matter of the war work, in connection with the legal
work most preferably, which would pay enough to take care of liiing
expenses, insurance and taxes, both state and income, and leave a
little for Liberty Bonds each time, say a matter of n 5000 or more
per year, either in this section of the country, or in Washington.

As you doubtless know, I have law degree from the University
of Virginia, 1906, and ever since have been engaged in the practice
of law here. Principally, our work has run to representation of cor-
porations, and specially the railroad, telegraph, telephone and ex—
press companies, as well as general practice in all the courts of
this section. It occurs to me that in View of the pending bill,
which will of course be enacted, relative to the taking over of the
telephone and telegraph systems of the country that there would
probably be required additional counsel, and that an opening might
exist there; or else, either with the Railway Administration, or the
luel “dministration, either of which would be satisfactory.

Of course, am doing what I can dosm here in this section, but
it occurs to me that there might be something more than I could do,
and that which I am doing here be done by someone else. I am Legal
Aid Committee for the Council of Defense, the soldiers and sailors
from this section, the Red Cross, etc., and help wherever I can in
ahy way, but if there is more than I can do, of course want to do
it.

I trust that Senator James is still improving, and beg to re-
quest that you extend to him our best wishes for his speedy recovery
I regret that he.is to have opposition in the primary, but from all
that I hear he need have no worry as to the situation in this sec—
tion. Meverthéless, will be glad to see you when you come over here,
as you promised me you would.

With my very best wishes, I am,

Very truly yours,

 ~. ‘ V r Mya_:«\"f?l§‘z‘,‘¥'ff“‘,‘ﬁiii"75?x wis‘CaQS-gl ‘r‘rxwr- w: w A ‘~ ~ ~ ~ - ~
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y 1 , ~ -. _ July 3. 1918.
. hr. an H. Richardson, '
. Waohimj;ton, D. C. I
. ’ , I ‘ ~
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‘ V _ W11 ”ah 1 Eden you would loo}: around and. 'esoer’omm in i5“. quiet. oy
, e or more is anyplace where I, could ‘o -f '- i' “i
ernmeni: m th , . _ , e o sew no fee one Lrov- ,
\ k u + e matter of the wax work“, in commotion with tho “towel
2, _ war mom preferably, which would pay enough to take euro o3.” linking
impenses, inouranoe anti taxes, 130 th some and income, Sam-£3. louve- o.
> some $0? Liberty Bohde each time, say a matter of It: 5am or more
$31; 1361‘ Year, either in this situation of the country, or in Wuslxini-Jto").
_ ,- he you doubtless know, I have low degree. from the {Erxivogoi‘iy
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,2. ’ i o. if . - new - . s ,. “ '
if 1' t1 Acre. zlinulpally, om worn has run to ropreoontatlon of cor- '
_, pa a 0115, and specially the railroad, telegram“ telewilohe mo“ cuc-
press companies, as well as {general practice in all thooourtoof ' ’
3 132113; oocﬂniozaa~ It oieﬁuro to me that in View of the mezztijn' 35311 I
1;,» 7 _ > which will or course Toe enacted, relative to the toxin? over of 2:19 ‘
y . teloplwno one telournyheystomo of the oouwtm that mgr-:5 49ml“ '1‘ ‘
15’]. probeoly be required additional counsel. and that out 0‘1")'i'sz‘1ii'i; ' . E5913 '
f ' 9‘K‘Btﬂtngrei til“ €53.39. climax wit-Tn the Emil-my 1101213313122 thaw: or the
. b, Smell whgimiﬁfration, either of rmioh would be outisi’zmzozry. I ’ .
J it ‘ U 'oqurso, ..H‘” dorm; what I oar: uovm ‘z'iere in this oeotion, but I
«is a“??? do me Lhutr‘shere might be ommthizlgi more 4311311 1 oomld do
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ii d wormittegeauo-r thégﬂouncil of Defenoo, the ooldiorn and. sailors
15.55;. from this. oodW‘me Hod (limes, «otow , and help wherever I ooh in
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2; t} ,..“ .. ondv . . Q have opposition in the: primmy, "out; from all. '
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F. tion We a Vial . v; ‘ .- . v < .. ,...“wh {,1 ..; ”no.3 gem-w
__ y . 1 York“ tame, mu}. be him to one you when van com raver here ’
W5 ’_ , as you promzsou mo you would; ., » ‘ ~ ' ‘
g, , , 'Ji‘tn my Very best wiohea. I am, ‘ I
L“ .,.1‘ I ‘ \ L
y. I, 1 Very truly youro, w '
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 C
Cmcumn No. 1
CAPITAL ISSUES COMMITTEE
WASHINGTON
[Outed by Act of Congress Known as the War Finance Corporation Act, Approved April 5. 1918.)
RULES AND REGULATIONS.
[All communications intended for the Committee must be addressed to “ Capital Issues Committee,
National Metropolitan Bank Building, Washington, D. 0.”] .
1. The act—The War Finance Corporation Act authorizes the Capital Issues Committee,
under rules and regulations to be prescribed by it from time to time, to investigate, pass upon.
and determine whether it is compatible with the national interest that there should be sold
or offered for sale or for subscription any issue, or any part of any issue, of securities issued
after April 5, 1918, by any person, ﬁrm, corporation, or association, the total or aggregate par
or face value of which issue and any other securities issued by the same person, ﬁrm, corpora-
tion, or association, since the said date may be in excess of $100,000. Shares of stock of any
corporation or association without nominal or face value are deemed to be of the face value of
$100 each.
Any securities which upon April 5, 1918, were in the possession or control of the corporation,
association, or obligor issuing the same, shall be deemed to have been issued after that date.
The term “securities” as used herein includes stock, shares of stock, bonds, debentures,
notes, certiﬁcates of indebtedness, and other obligations. ,
The Committee is not authorized to pass upon (1) any borrowing by any person, ﬁrm, i
corporation, or association, in the ordinary course of business as distinguished from borrowing
for capital purposes; (2) the renewing 0r refunding of indebtedness existing upon April 3 1918;
(3) the resale of any securities, the sale or offering of which the ( omniittee has determine to
be compatible with the national interest; (4) an securities issued by any railroad corpora-
tion, the property of which may be in the possession and control of the President of the
United States: or (5) any bonds issued by the War Finance Corporation.
Nothing done or omitted by the Committee under the act shall be construed as carrying .
the approval of the Committee or of the United States of the legality, validity, worth, or security ,
l of any securities.
2. Object of the Committee.—The object of the creation of the Committee is to assist l
in tlie conservation of ﬁnancial resources, labor, and material, so that they may be available
‘ - for uses essential to the prosecution of the war.
The necessity of such conservation has often been made known and the Government has
adopted various methods of accomplishing it, one of the most important of which is through
the regulation of the issue of securities. In order that this method may be pursued with due .
regard to the requirements of the National Government, as well as to private interests,
Congress has created the “Capital Issues Committee." In order to perform its duties and fulﬁll ;
its responsibilities in the fairest and most eﬁective manner, the Committee has prescribed these .‘i
rules and regulations, not only establishing forms for procedure, but also deﬁning general 5
principles of construction and policy which it will apply equally and uniformly throughout the 1
United States. i
59622'——18

 2 I-
3. Interpretation of the act—The provisions of the act applying to the Committee ,
will be interpreted by it in a manner to enable the Committee to perform its duties in a broad
and comprehensive manner, in accordance with the intent of Congress. These provisions
may be considered with respect to (a) the classes of securities (b) the classes of persons and l
corporations issuing securities, and (c) the classes of ﬁnancial transactions involved in the A
issue of securities, which come within the scope of the act. Y
With regard to (a), the description of securities is the broadest possible, and includes every 1
class of securities that can be issued and sold or oﬁered for sale or subscription, whether the
issue is made by an existing corporation or other issuing principal or by one organized or created
after the passage of the act. The form or length of time for which notes or other securities
are to run is not any criterion. Original issues of stock and securities are included as well as
all increases thereof.
With regard to (b), the act applies to every class of person, association, and corporation
which can issue securities, whether now existing or hereafter created or organized.
With regard to (c), there are several classes of ﬁnancial transactions which do not come
. Within the province of the Committee, to wit:
(1) Borrowing in the ordinary course of business, as distinguished from borrowing for
capital purposes;
. (2) Renewing or refunding indebtedness existing on April 5, 1918; and
(3) The sale of securities up to but not exceeding $100,000 in amount since April 5, 1918.
In construing these exceptions, the nature of the transaction and not the form of security
is to govern. ,
Borrowing in the ordinary course of business is usually done for seasonal requirements,
through bank loans, advances, or through the issue of short-time notes, but borrowing may
be done in the same manner for capital purposes, and in such cases bank loans, advances, or
short-time notes come within the province of the Committee.
As to securities issued to refund or renew indebtedness existing on April 5, 1918, the ‘
Committee construes the act to mean that in the opinion of Congress, the issue of such securities
is compatible with the national interest, and that the Committee is not to pass upon the same
for the purpose of determining that fact. But before any such issue is made, application
should be made to the Committee stating the amount of the indebtedness existing on the said
date, and the amount of securities necessary to renew or refund the same. The Committee
being satisﬁed on these two points will pass the issue as a matter of course. This procedure
is designed to give refunding securities the ofﬁcial sanction to which they are entitled, and to
save investors desiring to purchase them from the burden of making unnecessary investigation.
It is not intended to extend the jurisdiction of the Committee beyond the limits deﬁned by the 1
act. The ﬁnding given by the Committee on refunding issues, for the sake of convenience,
will be in the same form as used for other issues (see paragraph 21 hereof), unless some diﬁei‘ent ,
form is requested by the applicant. It will be understood, however, that the expression that
such issues are not incompatible with the national interest, is made by the Committee in execu-
tion of the congressional intent, and is not an independent determination of the Committee in ,
excess of its authority. ‘
With respect to the limitation of $100,000, it is to be observed that after an issuing prin-
cipal has issued securities of all classes amounting to $100,000, since April 5, 1918, all future ,-
issues of any amount come within the province of the Committee. The Committee, hOWever, ‘i
does not pass upon issues of $100,000 or less, unless a district committee for special reasons shall
recommend action by the Committee. In case a district committee should feel that an issuing
principal is resorting to successive small issues for the purpose of evading the spirit of the act,
the matter should be brought to the attention of the Committee.
I

 3
It should be remembered, however, that the reasons for conserving capital for war purposes
apply always, whether the amounts involved are large or small, and while it is wholly imprac—
ticable for any governmental agency to pass upon all issues of securities separately, the prin-
‘ ciplcs involved affect all alike. PATRIOTIC CITIZENS SHOULD NOT PERMIT CAPITAL UNDER THEIR
CONTROL TO BE WASTED OR USED FOR ANY PURPOSE NOT CONTRIBUTORY TO THE PROSECUTION OF
THE WAR, NO MATTER HOW SMALL THE AMOUNT, AND THEY SHOULD BE EVEN MORE DILIGENT
WHEN THEY MUST DECIDE FOR THEMSELVES WITHOUT THE BENEFIT OF SPECIFIC ADVICE FROM
THE GOVERNMENT.
4. States and subdivisions thereof.—In deﬁning the issues Of securities which the
_ Committee was authorized to investigate and pass upon, Congress did not in express terms
refer to States, counties, or municipalities. The reason for this omission is presumed to be
because Congress did not wish even indirectly to appear to regulate the affairs Of the sovereign
States. On the other hand, Congress did not forbid the Committee to pass upon such issues,
and it is so Obvious that the purpose and object of the act Of Congress will not be effective to a
very large extent unless the Committee does so, the Committee will entertain and act upon the
applications of States and all subdivisions.

With respect to the position of the States and subdivisions, the Committee, for con-
venience, repeats the Views it has expressed in response to many Ofﬁcial inquiries, as follows:

~ The purpose of the act of Congress is clear—t0 conserve national resources. Its appeal is

addressed to all patriotic citizens, in whatever capacity they may be acting. All are expected

to cooperate in giving cfl'cct to the act “for the purpose of assisting in the prosecution of the
war.” The same reasons and the same inducements applicable to the ofliccrs of private cor— ,

porations and to individuals in their private capacity apply with even greater force to the
ofﬁcers of States, counties, and municipalities, and they should be the leaders in the national ~
eilort to conserve resources. Every issue of bonds and securities of States and all sub— ‘
divisions should be submitted to the Committee before being sold or offered for sale. ?
GENERAL POLICIES. T

5. \Var work—With regard to issues for the purpose of aiding war opcrations, war con-
tracts, production of war materials, or intended to assist the National Govcrnmcnt in the ,
prosecution of the war, the Committcc will feel free to consult and avail itself of the advice '
of the departments or olliccrs of the National Government having knowledge of the rcquire—
ments, conditions, or facts affecting the Government. The Committee will endeavor not
only to restrict the use Of capital for nonessential purposes, but also to encourage its use for
essential purposes.

6. Issues Of Shares for property.—Thc issue of securities in exchange for property or .
for other sliarcs, may or may not constitute a sale or offer Of such securities within the meaning '
of the act. No general rule can be laid down and each case must be considered by the Com-
mittcc separately. Applications for such issues should be made in the usual manner.

7. Stock dividends—The issue of Shares through a stock dividend should be made only ,
from bona ﬁde surplus earnings or proﬁts to present shareholders, without payment by them, _
and must not require the use of additional capital. All such issues should be submitted to tho I
(‘ommittee by application in the usual manner. 1

8. Private issues.—Thcrc is no distinction between “public” issues and “private"
issues. Whenever securities or shares of any kind are issued to obtain fresh capital, the trans- -.
action comes within the province of the Committee. It is not important whether the fresh ’
capital is obtained from the public, or from any portion of it—that is, from private individuals.

The approval of the Committee is required regarding all issues sold, offered for sale or for sub- .
scription, in excess of $100,000, regardless of whether the transaction is public or among indi- '
Viduals privately. '

 4
9. Merits—The Committee will not express any opinion upon the intrinsic merits of
securities to be oflered for sale. It is authorized to examine into two questions:
(1) Whether the issue is timely with respect to the ﬁnancial operations to be undertaken
by the Government from time to time, and . .
(2) \Wiether the objects for which the funds are to be raised are compatible With the
national interest. .
Intending purchasers of securities which have been passed by the Committee must thor-
oughly understand and appreciate the above statement. . The fact. that securrtles have been '
passed is no criterion whatever as to their value or standing as an investment in any respect.
The favorable action of the Committee is not even any criterion as to the merits of an issue in i
a national or patriotic sense. In some cases the Committee feels obliged to pass issues on '
account of local or special circumstances, when it would not do so if such reasons did not exist.
While it will, of course, result that patriotic citizens will purchase only securities that have ‘
been passed by the Committee, nevertheless the decision whether to make any such purchase
must be made by the purchaser without being inﬂuenced in any manner by the favorable action
of the Committee. '
10. Roads—It is recommended that all State authorities (including counties, districts,
commissions, and municipalities) shall undertake only such paving and other road improve—
ment work as may be actually necessary to be undertaken at this time, thereby avoitﬁng the
use of men and money needed for the service of the National Government. In order to justify .
the construction of roads, either military necessity or unusual economic necessity must be clearly .
proved. ‘
11. Municipal expenditures.—-The amount of capital invested in municipal bonds every :
vear is very large, and if this amount, or a substantial portion thereof, could be saved, the funds .
bf investors and savings banks would be available in corresponding amounts for the use of :'
the National Government. There are certain classes of municipal improvements and expendi— ‘
tures which should wholly cease. such as parks and bettcrmcnts solely designed for purposes of ‘
appearance or architecture. All others should be curtailed and postponed until after the war .
whenever possible. This applies to public buildings, hospitals, street and road construction,
waterworks extensions. sewerage and drainage improvements, sidewalks, etc. Ordinarily only
a small proportion of the improvements planned by a municipality are of such a character
that they can not be postponed for a period without endangering the health or welfare of the
community.
For example, it is said that no schoolhouses have been built in England since the war
except in munition centers, where temporary and inexpensive structures have been erected.
In this country, if such additional facilities are necessary, such temporary structures should be
resorted to whenever possible. ‘
The fact that the expense is to be repaid wholly or in part by special assessments does not
make any difference. ~
The fact that there appears to be labor available is not a true criterion, because war indus-
tries in many parts of the country are in such need of labor that labor organizations are making '
comprehensive efforts to transport surplus labor wherever most needed.
12. Elections authorizing issues—In cases where the opinion of the Committee is
desired before the proceedings authorizing the issue have been completed, caution will be
exercised so that the action of the Committee can not be used to inﬂuence the decision
as to the issue. Whenever the decision of the Committee can be postponed until after the ‘
completion of such proceedings, without involving undue delay, expense, or hardship, it Will
be the policy of the Committee to do so. This is especially true in cases of popular elections
because the limited scope of the Committee's action can not be justly appreciated by electors
and it might influence their vote.

 5 .

In cases, however, where the Committee is clear that its opinion would be unfavorable,

it is not improper that suggestion to that eﬂ'cct should be made in order to save the expense of
. calling and holding a popular election.
4 INSTRUCTIONS TO APPLICANTS.
13. Applications.—Applications respecting the proposed issue or offering of any securities
shall be executed in triplicate, the original and one copy transmitted to the Capital Issues
Committee, National Metropolitan Bank Building, Washington, D. C., and the other copy to
- . the district committee in care of the Federal Reserve Bank in the district of the applicant.

’1 he Committee has prepared a form of application and all applicants are urged to obtain ,
such forms from the Committee or a district committee, and make their applications on them.
,‘ In addition the applicant must provide all the information which will enable the Committee to
l perform its duties with a. full knowledge of all circumstances and conditions appropriate thereto.

The following suggestions are made with regard to applications, and the additional informa-
l tion required:

l (a) The purpose of the proposed issue shall be fully and accurately described.

l‘ (b) If the purpose of the issue is to renew or refund indebtedness created before April 5,

I 1918, describe fu</pre>