WARFIELD 290 WAR INDUSTRIES BOARD liquors are withdrawn. Liquors so held are said to be in bond. WARFIELD, BENJAMIN BRECK- INRIDGE, an American educator; born in Lexington, Ky., Nov. 5, 1851; was graduated at Princeton University in 1871; studied at the Princeton Theolog- ical Seminary and at the University of Leipsic; became Professor of New Tes- tament Language and Literature in the Western Theological Seminary in 1878, and continued there till 1887, when he was called to the chair of didactic and polemical theology at Princeton Semi- nary. He was also editor of the "Pres- byterian and Reformed Review," and the author of "The Divine Origin of the Bible"; "Augustine's Anti-Pelagian Treatise"; "The Right of Systematic Theology"; "On the Revision of the Con- fession of Faith"; etc. WARFIELD, DAVID, an American actor, born at San Francisco, Cal., in 1866. He was educated in the public schools of his native town and made his first appearance on the stage at the Wig- wam Theater, San Francisco, Cal., in 1889. In 1890 he came to New York, and from 1898 to 1900 he played there in the Casino Theater and in Weber and Field's Music Hall. In 1900 he came un- der the management of David Belasco and after that appeared with great suc- cess throughout the country in "The Auctioneer," "The Music Master," "A Grand Army Man," and "The Return of Peter Grimm." WARFIELD, ETHELBERT DUD- LEY, an American educator; born in Lexington, Ky., March 16, 1861; was graduated at Princeton University in 1882 and at the Columbia College Law School in 1885; practiced law in Lexing- ton, Ky., in 1886-1888; was Professor of History in Miami University in 1888- 1891; became president and Professor of History in Lafayette College in 1891, serving until 1914 when he was chosen president of Wilson College. His pub- lications include "The Kentucky Resolu- tions of 1798; an Historical Study"; "At the Evening Hour"; and "Memoir of Jo- seph Cabell Breckenridge, U. S. N." WAR FINANCE CORPORATION, an organization established in 1918 for the purpose of supporting banking and in- dustrial credit during the war. The plan was advocated before the Senate Finance Committee in February of that year by Secretary of the Treasury Mc- Adoo, and after it had been considered in Congress the bill received the approval of the President. It provided for a cor- poration with $500,000,000 capital, sub- scribed by the Government, and author- ized to issue $3,000,000,000 of notes toward enterprises regarded as essential to the prosecution of the war. Discount of the corporation notes at the Federal Reserve Banks were provided for, but the corporation notes were not to be avail- able as a basis for the issue of Federal Reserve notes. In April, 1919, the cor- poration had a $200,000,000 issue of bonds, which were put on sale at par and interest through the Federal Reserve Banks as fiscal agents. They were in denominations of $1,000, in bearer form, to run for one year from April 1, 1919, bearing interest at 5 per cent., payable semi-annually. They were exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, or by any local tax- ing authority, except estate or inheri- tance taxes, and graduated additional in- come taxes, known as surtaxes, and ex- cess profits and war profits taxes. The proceeds from the sale of the bonds were used for the general purposes of the cor- poration. Considerable amounts were taken up by advances to the railroads and other sums were docketed as likely to be necessary in the financing of com- merce abroad. To this bond issue there were a large proportion of subscribers who bought in small amounts and as a result large blocks of securities remained in the banks. Later the corporation was stated to be buying back its own bonds, and notices were given out that it would redeem any of its bonds at 99.15.66. One of the functions committed to the War Finance Corporation was the duty of in- vestigating and determining whether is- sues of securities by private concerns were compatible with the national in- terest, the Capital Issues Committee being created to attend to this work. The pri- mary object of this committee was to see that no money which might be valuable in the prosecution of the v/ar might be ex- pended in unnecessary directions. In re- ply to inquiries in the Senate in October, 1918, as to the corporation it was stated that it had 28 people in its employ, the compensation to them amounted to $6,229.83 per month, expenses being paid out of earnings. WAR INDUSTRIES BOARD, a body the object of which was to concentrate control over the industries of the United States so as to meet the requirements of the war in an efficient manner. The board was dissolved at the end of 1918, it being held that its duties had ceased with the conclusion of the war, and that restric- tions that had been laid on the industries of the country should be lifted as soon as possible. Before the ending of its ac- tivities by the order of the President
