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.
Final
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
ommatciaL
Reg.
Volume
New York,
Number 4170
157
The Financial Situation
"Can Great Britain
depend
II. S.
Pat.
Office
a
Copy
Morgenthau Drops Request For Extension
0i Power To Devalue Dollar Further
us?" Not for assistance
upon
Price 60 Cents
N. Y., Thursday, April 22, 1943
in
winning the war, for that issue appears not to have been
raised by any one, but in maintaining the peace. This ques¬ Action Follows Senate's Ending of President's Power**
resentative Reed of Illinois to the
tion is being asked repeatedly by a number of American
To Devalue
effect that the fund 'shall not be
citizens who have of late taken it upon themselves to show
used in any manner whereby di¬
the way
us
in world politics.
them have serious doubts of us,
are even
now
House
urged only that a two-year extension of the $2,000,000,000 Stabiliza¬
tion Fund be approved in view of the Senate action on April 16 refus¬
lugubriously telling the American people that
warranted doubts of the
same
ing to continue the dollar devaluation powers of the President beyond
sort in the minds of British
June
driving them "into the arms" of Russia. Thus,
if Great Britain and Russia presently arrive at
definite understanding, particularly about the man¬
statesmen
they
Secretary of the Treasury Morgenthau, in testifying before the
Committee on Coinage, Weights and Measures on April 19,
It is obvious that many of
and some of them at least
are
when
the
agement of post-war Europe, which is not to our liking we
shall have no one to blame but ourselves.
So much, they
April
S t
This hue and cry
of
e
1 i
i
m
custody thereof
from the President and the
Secretary of the Treasury.'
"When
Morgenthau
Treasury's tentative
international
currency
stabiliza¬
Secretary
likely
the
of
the
wording
amendment which the
would
said
Somers
committee
adopt tomorrow would be
proposed by Rep¬
tion
With reporters a few
Harry
White,
his
monetary
adviser,
said that a
contribution by the United States
plan
weeks
ago,
of about
$2,000,000,000 toward the
(Continued
similar to that
on page
1500)
ted
n a
bill
the
Presi-
dent's
WMC Cuibs Transfer Of Millions
author¬
ity to devalue
is badly in need of s"de-bunking.'* Can
the dollar.
Of Workers In Essential Industries
i- Indorsement
depend upon us? One might ask with fully
right: "Can we depend upon Great Britain?" Cer¬
tainly we should not be wide the mark were we to ask:
"Can we depend upon Russia?"
By the same token Great
Britain could ask: "Can we depend upon Russia?"
And
Russia may very well have been asking herself whether she
can depend upon either Great Britain or the United States.
Those who are forever asking whether Great Britain can
the
of
much
upon us appear to be suffering
that the one and only stumbling-block in
most
z a-
the
De-Bunking
depend
b i 1 i
from
Great Britain
as
a
"Chairman
tion Fund but
behavior after the last war, and the skepticism now
existing in this country concerning perpetual peace are
already threatening to do.
r
;
say, our
In Need
Congress for the appropriate
authority.
go to
16 the Senate unani¬
mously voted to continue for two
\*
years
the
$2,000,000,000
On
and
control
passes
discussed the
law"v
present
expires.
warn,
some
30,
rect
action
Senate
by the
House
on
April 20, when
the
House
Coinage Com¬
mittee consid¬
ered the
Sec.
from the delusion
the path to eternal
ure
Morgenthau
as
Regulations restricting
was
forecast
meas¬
it
was
the transfer of
an
estimated 27,000,000
workers in 35 essential industries and on farms were issued on
April
by Paul V. McNutt, Chairman of the War Manpower Commission.
The regulations, approved by Economic Stabilization Director James
17
Byrnes, are in accordance with President Roosevelt's "hold-theline" anti-inflation order of April 8, in which Mr. McNutt was author¬
P.
ized
to
prohibit
the
transfer of<?>
except as
"For
workers for higher pay
some
time
the War Man¬
Commission has been pro¬
moting
voluntary control
over
of the war effort.
:
the Senate, and did not put back
Mr. McNutt issued the follow¬ transfer of workers through what
the
dollar-devaluation
•*'
(Continued on page 1499)
/>' '•••
powers
is known as employment stabili¬
ing interpretative statement con¬
stricken out by the Senate.
In
zation plans.
The basic purpose
cerning the regulations:
further reporting
the action of
"These regulations are a sin¬ of these plans is to see that work¬
the
House
Committee on April
ers are placed in
positions which
cere attempt on my part to fulfill
20, special Washington advices to
the intention of Section 3 of the will fully utilize their skillsnto the
the New York "Times" said:
Executive
Order issued by the best interests of the war effort.
"After five amendments to the
"These
plans spell out those
President on April 8.
The intent
Senate bill, continuing the stabil¬
of that section, as we have in¬ conditions of transfer which are
ization fund authority, had been
terpreted it, is to prohibit the in the interests of the war effort.
:
offered by members at an execu¬
transfer of workers for higher pay In general they say specifically
Representative Clare Boothe Luce, speaking to her FairfieL
tive
meeting this morning, all
County constituents on April 17, at Bridgeport, Conn., said that the
except as such transfers are in the that workers cannot transfer from
National Administration is not yet waging a "hard war" and assailed with the purpose of prohibiting interest of the war effort.
(Continued on page 1501)
the
Executive: Department from
the handling of the manpower situation and politics in Washington
relinquishing any of the $2,000,and said "There is no more important war bill than a total tax
bill"; according to a special dispatch on April 17 from Bridgeport. 000,000 for an international fund,
such
as
that
proposed by the
Conn., to the New York "Times",
in its current discus¬
which added:
r1 een months' delay in the escort Treasury
with
British
technicians,
To control inflation, she said,
vessel, blimp and submarine pro¬ sions
we must bring out. a tax bill ad¬
gram," and declaring that "our Representative Somers, Chairman,
By CARLISLE BARGERON
men and materials continue to get
put the matter up to the Treasury
justed not to
lost before they get to the battle¬ Department and obtained its ap¬
people's wants : r™*
This correspondent watched a ship launching in a Pacific Coast
fields," she asked, "Is not some proval for appending the proposed
but their ac¬
shipyard the other day. Later, a little 17-year-old girl who had pre¬
one
in authority fighting a lazy prohibition.
*
/
tual
needs;
sented the flowers to the sponsor was introduced to the gathering.
man's wrar, a stupid man's war, a
those
who
"Chairman
Somers
observed
She was a ship fitter, it was explained, and that very day either
soft war at the expense of our
can
afford it,
that the amendments offered to¬
Hershey or McNutt had announced that 40% of the men in the yard
sons' lives and our nation?"
the /well-toof draft age, would be taken for the armed forces before the first of
Mrs. Luce continued that while day were 'a straw in the wind in¬
received -in
such transfers are in the
interest
power
Clare Luce Asks Heavier Taxes
•
On
Rich; Sees Draft Of Women
.
,
FromWashington
Ahead Of The News
'
•
almost
taxed
to
the
t i t
"the War Department has done on
the whole a fine job and General
must be
rich,
s
the
and
do
Marshall
con-
point of
if
came
She
Mrs.
it
lieve
all
plants."
Clare B. Luce
.
repeatedly that if
agreement
came
was
necessary
an
international
reached, and it be¬
to put
up a
United
States contribution he would first
the^ ■ . / ....
,
*,
we | sisters doing the same thing. They
increasingly to de¬
on
young
come.
women
big steel
that when a hoist lifts a
also devise a bill
capital, profits and
1
•
a
large question."
After
18
months
of war, Mrs.
"the War Manpower
Commission apparently does not
know, nor does Mr. McNutt, ex¬
actly how many men are needed
Luce
said,
for what and where and how they
may
be procured
or
put to work
an
week.
inflation.
in fact, the
increase in wages of $5 a
This in order to prevent
As
I
understand
it,
there is a crew to turn it this problem of preventing inflation is
even more simple.
If we can just
way and that, to fit it just right.
Page
hold John L. Lewis in line we will,
.1497
Financial Situation
Manifestly, the hoist carries the
prevent it.
.1498 weight, the crew of 10 or 20 have
British Price
Control
One
of
the delightful things
little
difficulty
in
shoving
it
about a war is the orgy of insanity
Special Articles
around.
This young woman is one
that goes with it.
The Individual in a Corporate World *
of this 10 or 20 and for being that
Jjl
<1
Post-War Investment Opportunities *
she receives a good $<30 a week.
Start on first page of Section 1 of There
Ever since
the death of the
are
thousands and thou¬
*
today's "Chronicle."
sands of youngsters
work and receiving
Regular Features
ualties
week to the family in¬
mak¬
But Mr. Roosevelt is
go,
Editorials
short of actual
conscription."
declared that "battle cas¬
While
"bitterly resenting the
are
no
index in them¬
selves that we are fighting a hard necessity" for the Austin-Wadsworth bill for the drafting of war
war; they simply are proof that
labor, she said, she would vote for
we are fighting a bloody one."
(Continued on page 1503)
Assailing "the incredible eightgress,
GENERAL CONTENTS
.
.
add $180 a
of this
type for war production.
So we ing a valiant fight, one of the
most
courageous
and heroic a
should give her a hand. We did.
Then I got to prying around to gullible populace has ever seen a
man
make, in all the annals of
find out just what this young lady,
weighing less than 100 pounds, did men, to prevent this girl's Daddy,
or
his counterpart, from getting
as
a
ship fitter.
Well, it seems
pend
plate, weighing a ton or more and
dangles it over the place it is to
of an ef¬
Army will leave effective
manpower on the home front for
industry and agriculture "is still
v-2
The
new
Representative, ad¬
dressing a crowd of 1,200 at the
Klein Memorial Auditorium here
in her first formal speech in her
home district since going to Con¬
•
predicted that nevertheless
Secretary Morgenthau had stated
come
but whether the raising
must
we
draft
which
"The Treasury's position was that
to
So, according to
manager's speech,
fective
be-
neces¬
to draft
labor, "I be¬
to
by
"we will get the Army we need,"
sary
.
Act
General
Marshall must raise his Army."
declared
Luce
that
Service
year.
were
po¬
the administration of the Selective
her
point in
great general,
plus indecision in
have badly botched
places
high
con¬
another
address
a
the
shipyard
accept any international bank.'
,
fiscation."—
At
is
litical pressures
t i o nal
u
dicating that Americans will not
From
News
1497
......
Moody's Bond Prices and Yields.., .1504
(Continued
on page
1512)
\
.
the country.
scientist
dent
has
Freud,
your
sought to
correspon¬
carry
on
his
probings into people's complexes,
Thus I am able
It seems that her Daddy has a in a smaller way.
step-ladder family and within a to reoort Draft Director Hershey's
(Continued on page 1511)
range of four years she has* two
over
Washington Ahead of the
doing similar
similar pay all
THE COMMERCIAL
1493
Editorial—-
British Price Control
By NORMAN CRUMP
(Editor's Note—This article is carried,
the author in
CHRONICLE
||
was
as
a
vrevious
by
one
issue, because of our belief that our
readers xoould be interested in knowing hoio today's war economy
has affected the citizens of Great Britain.
In this article, the author
refrains from mentioning the extent to which the control laws are
Thursday, April 22, 1943
or home-produced food, p The Government, acting
through the Ministry of Food, resells in bulk to the first
wholesalers, who infurn pass the food into the normal chan¬
|
Feb. 25/1943
our
FINANCIAL
ported
*
S®
&
;
.
nels of distribution.
In
number of cases,
a
vember .shipment.
specially
CMP
still
Britain's Ministry
In the
orders have been
later
The
case
treated 'alloyed
issued for
delivery.-
electric
of
steels,
'
'
;
industry
power
pi Food resells for. less than it buys. This is the practical continues to show gains substan¬
tially above last year.
Electric
way in which Government subsidies are given to many
output for the country during the
foods, with the object of keeping down prices and the cost week ended
of
April
10
aggregated
The net cost ^of these subsidies is about $500,000,- 3,882,467,000 kwh., an increase of
000 a year. • These subsidies are a necessary reinforcement 16.9% over the total of 3,320,858,000 kwh, in the like 1942
to price control.
week,
according to the Edispn Electric
violated or discussing the effect such ;latc>S• may Jnave in• diminishing
;
-There has been little change; in the official cost of living
Institute. The total for the pre¬
production.
Mr. Crum-p is Editor of the/London "Financial Times" index
.number since early in 1941.
This has exercised a ceding week -was 3,889,858,000
and former Editor of the London "Sunday Times." \
stabilizing influence upon wage rates, for many wages vary kwh.
Consolidated Edison
One major consequence of the war is a shortage of con-: with the official cost of living index according to a
sliding York announced that Co. of New
system out¬
turners' goods in Britain.
scale. The cost of living is not quite 30% above its pre-war
This shortage has been brought
put for the week ended April 11
about deliberately as one of the necessary conditions of level.
amounted
to
173,400,000 kwh.,
Britain's war mobilization.
Millions of men and women
Rationing, price control and subsidies are only some of compared with 147,100,000 in the
like
1942
are either
week, an increase of
serving in the armed forces or making munitions, the. weapons employed to. maintain economic stability in the
17.8%.
'instead of making, carrying and distributing all. the neces¬ face of the dwindling supply of consumers'
goods. Although
Carloadings for the week ended
sities and luxuries of life.
Food, raw materials and factory many people are earning more money than before the war, April 10 totaled 789,018 cars, ac¬
space have to be diverted to the war effort.* It is, in fact, it does not follow that they:cari spend more—or even, attempt cording to reports, filed with the
calculated that whereas before the war 80%* of the na¬ to spend more.
For one4thing- taxation, both.direct apd in¬ Association^ of American; Rail¬
roads/ This was an increase of
tional output went to meet civilian needs, today the pro¬ direct, is much higher, arid-also, now falls on 'all
incpipeV 16,885 cars of revenue freight over
portion is less than 50%.
'
;
except the very smallest.-' The income tax on a single per¬ the" preceding • week this year j
\
A Unless
something is done to stop it, a shortage of goods son earning $800.00 a year, or not .quite $16.00 a week, is 25,078 cars fewer than the cor¬
inevitably means a rise in prices.; This would be doubly $130.00 or $2.50 a week ($43,33 is repayable to the taxpayer, responding week in 1942 and 109,210 .cars above the same, period
the case today when so many people are earning money on as "post-war credit" after, the war).
Then many people are two • years ago.
iwar work, but are not producing goods for themselves and subscribing regularly to National Savings Certificates, de¬
This total was 126.21% of aver¬
their neighbors.
Were such a rise in prices to take place fense bonds, or other war loans. Many are accumulating age loadings for the correspond¬
without limit, it would mean that everyone with low in-1 deposits in the
savings banks. From the beginning of the ing week of the 10 preceding
years.
comes would be unable to buy what
they needed. Without war to Dec. 21, 1942 "small savings''.(which come mainly
store
sales on a
\ Department
adequate food and clothing a man cannot work.
Also, if from workers and others "with small incomes) totalled country-wide basis were up 28%
this state of affairs had developed, there would be a gen¬ $7,024,000,000, while the grand' total of national
for the week ending April lOj
savings of
compared with the like week a
eral and very proper feeling that it was unfair. This would all kinds was $18,852,000,000..
living.
,
.
.
,
according to the weekly
year ago,
effect national morale and
so would affect the war effort.
The latter figure must he interpreted with care.
It in¬ figures of the Federal Reserve
necessity for rationing and price control. cludeswar loan subscription§ irqm banks: and other institu¬ Board.
1 Department store sales in New
Rationing insures equal shares for all. It applies now to all tions^ and this money ; would 1 not normally be spent.
The
York ; City
in the week ended
the basic foods (except bread) and to a number of other banks in fact
habitually subscribe to war loans money already
April 17 were 11% above those
foods, to all clothing, and to soap. The rations are varied lent to the Government at short term. This is nothing more of the
'
Hence
the
from time to time to conform with
changes in the total sup¬ than a transfer from one form of loan to another.
But
plies. By common consent the system has worked admir¬ the small sayings figure of f $7-024,000,000 represents def¬
ably. It is almost unknown for anyone to be unable to buy inite abstinence from spending. It amounts to $150.00
their ration, though people may not
always be able to get per head of population—-men, women and children; or
the exact thing they want.
As a result of rationing the alternatively about $300.00 for each person in active em¬
British people are fed and clothed adequately—much better,
ployment. V -Many of these people have also subscribed to
in fact, than the people of the Axis countries.
The best the larger war loans, which are not classified:under smalj
test is the popularity of the system, and the complete ab¬ savings.
!
sence of all but minor complaints on points of detail;
Tlius rwhileLthe money .income, of ihe nation has in¬
Rationing, however, is not enough. Prices must be kept creased, taxation and savings; have checked a simultaneous
within reach even of the poorest, or they would not be able;' increase in net
spending power. This limitation of spending
to afford the ration to which they are entitled.
Also it; power is the complement to • rationing and to the general
would be intolerable for traders to make Targe prof its out; shrinkage in the
supply of gqods. Both are needed if price
of the general shortage, even though the tax collector would " control is to be made effective and freed from risk of
abuse,
ultimately lay hands on those profits.
Therefore several. Both are operating today.
acts of Parliament have been passed,
controlling prices, and;
;. Thus price control fallsTjnto its proper place as one of
these;;are supplemented bydefense; regulations.
The ma% themeans pf maintaining ecpnom
chinery of control is decentralized, working through regional spite of an unparalleled war; effort and severe contraction
and local price regulation committees.
Black market oper-l of the supply of consumers' goods. But in the last analysis
ations can be punished by imprisonment up to 12
years'; the whole system owes its supcess to one thing. This is the
realization by the British public that the
penal servitude.
system is Honestly
The system of price control is practical, fair and ex-: and
efficiently administered ;in such a way as to establish
tremely popular. It depends for its success upon the pres¬ fair play and adequate supplies, for all at prices which the
sure of
public opinion. There is no need for any Gestapo,- public can afford to pay.
.
-
-
IK 1
secret
police,
I
-«.<•*
y
■'
r>
.
•»
*t/K
4- Lv
/-v
I
..it
w
-
^
-
4.
w
J
J. 1
_
_
'
_
_
'
...
-1
'
*f-'
*•
'
•
elaborate enforcement system. The
by the public. Any citizen can com¬
plain to the local police, local food office, Citizens' Advice
Bureau, or ultimately to the price regulation committee.;
These complaints are always
carefully ^examined, and if
The heavy industries generally continued to report high levels
necessary, action is taken against; the shopkeeper either by of operation'the past week" Exceptional reports were received from
or even an
enforcement is done
The Stale OflTrade
fnutinn
caution
nr*
oi
■nm^pcntioTv
prosecution.
the retail trade in. most paxts of. the-country.
?
,,
,
A
point that does not apply everywhere in the world is;
the complete integrity of
every public servant engaged in
the administration of the system.
From time to time one
hears stories of bribery and corruption in Axis
countries,
and
this
there is
is
inevitable
under
totalitarian system where
a
sharp division between the Party and the State,
Nothing of the kind happens in Britain, and no one be^
lieves that it could happen.% The
system .is administered
fairly and honestly, and if anyone were unwise enough to
try to corrunt a public servant, he would quickly find
himself in jail.
Prices are fixed by schedules issued
by the authorities
no
Eagter
buying
during
last
estimated
review
An
at
carried ,apparel
week, with
14
of Dun
to
&
19%
retail
above
to
last
necessarily increase.
concentration of
the
This is partly met, however, by
industries
concerned
into
fewer
factories and distributors.
manufacturers is borne
Hardship involved to traders and
cheerfully for the sake of winning
..%%.%
..An upsurge in
highest
the
level
country
according to
year,
as
of
a
the
pre¬
1943
whole
weekly
Bradstreet, Ihc>
outstanding event of the week,'
for a slight drop in ingot produc¬
the exten-i tion last week.
sion. of control oyer; the cost ■ of
Steel
operations
this
week,
living by the authorization of Of-. meanwhile, : are
scheduled
at
fice of Price Administration re-'j 99,1%, compared with 98.8%
in
glonal
offices to place ceiling the previous week, says American
prices on restaurant foods.
; •Iron & Steel Institute. The cur¬
Regional percentage increases rent schedule is equivalent to pro¬
the
says
review,
retail trade for the week werp
12 to 15% for New England; the
duction
in
East,
of
with
f
tons
of
preted
war.
'
"
_
„
,
ing
was
by
the
Reserve
previous
New
Bank.
York
the
In
April 10,
the sales of this group gained
17 % over the comparable week of
a
year
ended
week,
ago.
Sales of New York City apparel
stores in the week were 25% bet¬
than
ter
in
like
the
week
last
year, and in the four-week period
up 6%
over those of the
comparable period a year ago.
It is reported that small busi¬
ness firms are now
getting war
were
contracts
of
ance
the
at
than 300
better
rate: of
,
week under the guid¬
a
the
Smaller
Plants
War
Corp.
several
months
under Col, Robert
Reorganized
placed
ago,
Johnson
divorced almost en7
and
tirely from the WPB, the Smaller
War Plants Corp. is branching out
into new fields of activity.
Since its organization it has se¬
; prime% contracts
totaling
for small businesses, plus
3,331 subcontracts.
Dollar value
of the primes was $481,700,000 and
of;the subcontracts $180,400,000.
cured
2,565
During the last two months the
tempo of contracts for small busi¬
has been stepping up.
In
week, ending April 9, the
corporation helped small firms get
188 prime contracts amounting to
$27,100,000 and 140 subcontracts
ness
one
for
The
before
primes
amounting to $34,100,000, and 150
subcontracts for $8,200,000.
$8,000,000.
there
had
week
been-
166
reported
as
offering of $41,365,000
solidated
debentures
Intermediate
eral
made
was
April
of
Credit
19,
con¬
Fed¬
the
Banks
by
Dunn, New York, fiscal
agent for the banks.
The offer¬
ing consisted of two issues, viz.:
$19,255,000 0.75%, due Nov;. 1,
at
par,
Charles R.
1943,
and
Feb.
1,
$22,110,000
1944.
0.85%, due
Both'
issues
dication
ceeds from the sale of the deben¬
of' further
to
pare
efforts
down
by
excess
j the Controlled Materials Plan,
I
FIC Banks Place Debs.
An
dated
a
The trade journal stated, flow¬
less .active ! ever, that third-quarter buying is
than a month ago, while other j increasing and in some cases alFor food, the position is
simplified by the fact that the trade quarters indicated that re-1 lotment numbers for plain carbon
British Government is the direct
buyer—whether of im- pairs to furnaces were responsible steel have been received for Nothe
Federal
breathing period between quarters as well as an in¬
as
the heavy j stocks before the effective date of
industries, most reports were fa-?
Steel buy-j
vorable for the week.
net
900 in the preceding week.
..'The magazine: * "Steel" stated
that the lull in buying is inter-
consumers
connection
1,716,100
ingots and castings against 1,710,-
14 to
storms.
In
issued
mate
was
17%; Midwest, 12 tq j
18%; South, 15 to 22%; Souths
and amended from time to time.
Margins are fixed, suf¬ west, 23 to 27%; Pacific Coast, 19!
ficient to cover costs and leave an
adequate profit.
One to 25%, and Northwest, 5 to 9%,
difficulty here is that as the volume of trade shrinks the the latter small gains being at¬
tributed to snow, sleet and rain¬
costs
the
the
volume for
corresponding week of 1942,
according to a preliminary esti¬
May
1,
1944.
are
Of the
pro¬
tures, $34,505,000 will be used to
off a like amount of matur¬
ing issues due May 1, 1943, and
pay
the
balance
purposes.
ness
have
At
is
for
the
new
close
capital
of
busi¬
May 1, 1943, the banks will
a-total
bentures
of
$288,530,000
outstanding.
de¬
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4170
157
1499
question-some of
our dreamers around the country would do
ponder.
"
/. ;It is clear enough when the situation is closely exam¬
!
(Continued from first page)
.
' *»
ined that the future peace and the fate of the wprld depend
At a press conference at Colum¬
peace and a general world millenium is our tendency to re¬
upon a great deal other than our decision as to whether we bus Ohio, on April IT, Alfred M.
vert to what they call "isolationism."
They never tire of wantto be "isolationist" or "internationalist" after the Landon said that "the Republican
talking about us taking our dutiful part in world affairs,, war is won. Whether we like it or
not, this is a real world rParty was in better shape for the
1944 campaign
and in almost everything they say it would appear that they
in which we all live. It is inhabited
by many peoples widely
than it has
suppose that once we resolve unshakeably to take that, part
differing, among themselves concerning many things, each
ever
been,"
all will be well.
nation with its own fish to fry.
said an Asso¬
It is a complicated world,
ciated Press
Such an idea, of course, is utter rubbish.
Can Great too.; There are many wheels within wheels in world politics
dispatch from
Britain depend on us—for what?
Can we depend upon -7—and world politics will continue no matter whether we
Columbus,
Great Britain—for what?
Can Russia depend upon us—for wish it or not.
What our policy should be is not nearly so
OhiOj on April
what?
Can Russia depend upon Great Britain-—for what?]
17, which also
simple .as some of our.more simple commentators seem tohad the fol¬
Can Great Britain depend upon Russia—for what?... Can
suppose.- There are many conceptions of "isolationism" and
lowing to say:
we depend upon Russia—for what?
Ah L There's the: rub J many of "internationalism."
A f t e r
a
Mr, Stalin probably knows as nearly as circumstances per¬
One would suppose that these elementary facts would
meeting with
mit precisely what he will want after the fighting has1
Governor
never again be forgotten by the
people of the United States
Th om as
ceased.
We can probably depend upon him ; to:. take what
after Mr. Wilson's experience at Versailles. Such, however,
Dewey of New
he wants in large part—assuming that he has meanwhile!
does riot appear to be the fact. The truth instead seems to
York
yester¬
smashed the Nazi war machine with or without more help;
be that a great many of us—and some of those who should
day Mr. Lanfrom Great Britain and the United States than he has been;
don
stopped
be the last to forget—have through the years come to the
off here for a
.getting. So far as any ideas or plans Great Britain or we
strange conclusion that it was the United States which de¬
chat
with
Alf M. Landon
.may have do not conflict with any of his, both probably; serted its
Gover n o r
professed ideals after the last war, and, with¬
could depend upon Russia.
,
;
John W. Bricker of Ohio.
Both
drawing into its shell, assumed responsibility for the present
Governors have been mentioned
Great Britain does not yet appear to have fully formu-: war.
as possibilities for the 1944 Repub¬
dated her post-war ideas,, which is natural enough since her
lican nomination, and in answer
interests are world-wide, and her difficulties for one reason
to questions regarding them, Mr.
The Financial Situation | -
well to
.
-
•
another in
"Slogan" Thinking
foreseeing the situation in which the war will
are greater.
But she is coming!
"Iii spite of nation-wide discussion on plans for the future, or
to grips with post-war plans, and by the time the
fighting; ;
has ceased she probably will know rather well what she! perhaps because of it, there are evident at least two unfortunate
trends.
: wants.:
She probably will'not be so blunt and obvious as
"On the one hand there is the traditional and dangerous tendency
Mr. Stalin, but she has her own ways of going about her
to attempt to get rid of fundamental difficulties
affairs.
If our ideas fit well with hers, and particularly if
by the acceptance of easy slogans based upon
superficial thinking and an inadequate knowl¬
] they supplement and strengthen her world position, we shall
edge of facts. On the other hand, the recognition
have little trouble in obtaining and keeping her support. Wei
; of the complexity of political and economic re¬
can be quite certain that she has already been
thinking long'
lationships and their impermanenee in the world
of science may lead to more and more confusion.
."and hard about that question of our dependability—but not
Under the conditions of today international rela¬
.in the way our world reformers have in mind, or certainly?
tions can in no way be thought of as a thing
-not altogether in that way.
And as to Russia?Well, Mr.;
apart from the domestic life of each of the na¬
Stalin need not worry about British support so long as his
tions concerned."—James T. Shotwell.
It sometimes seems to us- that the world was
plans.and his ideas mesh well with those of the British.
or
T
leave the Empire interests
and on said: l: '—
"I believe Governor Dewey was
he said he planned
serious when
.
.....
his full four-year term as
o serve
New
of
Governor
York.
About
VEr.
Bricker, well, the people of
the United States do not think the
people of Ohio
Bricker's
Mr.
dumb.
are
And
election
three-time
Governor by the people of Ohio
as
is taken all
over
the country as a
good
endorsement
as an
his
of
ability
executive."
Asked about the
possibility of a
President
Roosevelt, Mr. Landon said:
fourth-term attempt by
"It is obvious the President will
never
leave the White House vol¬
untarily, and that is not a whole¬
before So beset—or
so
endangered—by some situation."
."slogan thinking'."
Mr. Landon
offered
a
"why
"Recognition of the complexity of political anc
hot?", to a question whether he
economic relationships" may lead to "confusion,"
believed' Mr. Roosevelt would be a
never,
Can
%
They Depend Upon Us?
Can the both of them depend upon us? That, we should
hope, will depend very largely upon what they want of us.;
So far as may be learned from official utterances or fromi
popular clamor in this country we are today much further
from knowing precisely what we want in the international;
after this
scene
and that
war
than either Russia
.
,.but
James
T.
Shotwell'
L
Great Britain—
or
doubt whether that "confusion" is nearly
we
candidate in 1948} should he be
as refusal to recognize the complex¬
elected to a fourth term in 1944.
ity of human, relationships, a refusal now so com¬
Associated Press advices from
mon
in
high places.
Such recognition would
Washington on April 19 said that
render a number of our politicians much less
Frank Comfort, Democratic Na¬
vocal.
tional Committeeman from Iowa,
; so>
hazardous
despite the "leadership" in post-war talking that
was
velt
the President of the United States and his followers have
/"assumed."
of any
and it
Mr.
Crude Oil Price Rise
The
danger to which we are exposed is the lack
semblance of realism in our official post-war ideas, Recommended By Ickes
Petroleum
Administrator
for
is precisely that, we suspect, which most troubles
,
'•
the minds of Messrs. Stalin and Churchill.
Britain's Difficulties
v
support
•after the war, and need it badly, but Great Britain is also
vitally concerned with what happens on the Continent of
Europe where the only great power left—assuming Ger-j
many is crushed—will be Russia. The British will unques-!
tionably be in an uncomfortable position with the coldly
realistic Mr. Stalin on one side and the equally unrealistic
United States of America on the other. It is amply evident!
/that the world-wise leaders of Britain have long understood;
'this situation.
What they would like to do, doubtless, soj
far as Europe is concerned, is to reach an understanding]
with Russia about things European, and have us endorse
the arrangement and share in the costs of its enforcement.
'Elsewhere she will naturally wish, to have us keep our nose
'out of Empire affairs, first of all, and then to come to some
understanding about the rest of the world which would
Great Britain, more
than Russia, will need
our
Harold
L.
Ickes, in testify¬
underwrite it.
Can
Great
-
Associated
Press
dis¬
patches
from1
;Wa
shington,
further
which
stated
in part
follows:
as
This
?
saying that President Roose¬
friends he will not
has told
under any
fourth
circumstances consider
term.
The
same
advice
also said:
There
was no
comment from the
and encourage
m e n
the
rector
7,
of
d
a
t i
Office
istration
.
but Sumner
OPA's
effects
new
wells.
asked
OPA
would
trend
Mr.
had
noted
be
The
in
an
discoveries
in
of
Chairman
Brown
whether
considered
then
the
that fact
in
deliberating
whether to increase
oil
price structure.
Fuel
testified
that
Oil
crude
office."
Mr.
E.
consideration.
.
;//.:,'/
Comfort said that while in
Spangler, to agree to "a short
campaign."
•'
1944
on
h
to-
their own published
is proven by
statements.
of
annual reports of the 530
Credit
Associations
The
Production
year 1941 show that 43%
operated at a loss and the deficit
for the
Di-;
its
is still going on
the
is
Mr. Brown
Price
after
war
Washington he hoped to get the
Democratic
National
Chairman,
replied that this par¬
ticular angle had not been studied Frank C. Walker, and the Repub¬
but that it would be taken into lican National Chairman, Harrison
the
on
Pike,
that if the
the President
logical man to keep in
Comfort said, "I think
~
Price Admin-
Harold ickes
*
its
recom-
•was.'sent
Division,
Britain
keep
stripper wells in production, spur
secondary recovery and possible
drilling on
marginal
locations,
of upward
oil, ac¬
cording to the
.
■
in;
price
crude
'
t'
barrel
a
the
April
A Financial Santa Claus
to
-
•
us
were
.
•
accord with British interests and have
letter
wild'-catting.
White House.
Wright Patman (Dem., Tex.),
Mr. Comfort told reporters that
ing before the House Small Busi¬
Chairman of the Committee, re¬
he understood this, to be the case,
ness Committee on April 16, said;
marked that previous numerous
he had
rec¬
adding that
it appeared there
at
the
hearing have "might be some fellows trying to
ommended ; a- witnesses
testified that one or two years
general
i npush him" (Mr. Roosevelt) into
would
elapse,
even
after any the 1944 race against his wishes. ;
crease '
aver¬
aging 35 cents price increase is allowed, before
"As far as I am concerned," Mr.
War
'
Ickes'
E.
E.
Placek,
President of the
was
made
up
by
a
Government
subsidy. If the PCAs were com¬
depend upon the United States- receipt
he
told
Prentiss
M. Country Bank Division of The
on this basis?
We should hope not.
But our vague and Brown,,Price Administrator, that Independent Bankers Association, pelled to pay real and personal
sent a letter on April 10 from taxes, capital stock tax, income
grandiose oratory has led some Britishers to hope that she he thought it was "a pretty bad]
tax, examination fees and Federal
time" for such an. increase.
Mr. Wahoo, Nebraska, to the members
can count on us for more.
The British themselves expect
Deposit Insurance assessments and
Ickes stated that he had not yet of Congress, taking exception to
support local activities, approxi¬
to be very short of cash after this war is over, and eveni
received an answer to his letter. the governmental loaning agen¬
shorter of
foreign exchange. They are already expressing;
hope that we shall finance world developments in such;
manner that
they can supply a substantial part of the goods
the
necessary
some
thereto. Without question
we
shall be expected in;
quarters at least to play financial Santa Claus to many
parts of the world, some of them within the British Empire.
/Can the British
erous
so
far
as
depend
upon us
their interests
to be both "good" and gen¬
are
concerned?
That is
a
also appeared be¬ cies charge that interest rates de¬
Committee,. but did not manded by country banks are too
The letter follows:
testify on Mr. Ickes' recommen¬ high.
dation.
He did, however, tell the To the Members of the Congress:
Committee that it was the "obli¬ ;. Governmental loaning agencies
gation" of his agency to increase make the charge that interest
the price, of crude oil if such ac¬ rates demanded by country banks
.
Mr.
Brown
fore the
tion was necessary
for successful
prosecution of the war.
Mr. Pike added that considera¬
tions
given for the increases in
too
high, and therefore it is
necessary
for such agencies to
are
finance
the
farmers.
The
best
proof that such charges are false
mately
would operate at a
80%
If country banks
loss.
were re¬
and assess¬
ments and free capital was fur¬
nished them, they could reduce
lieved
of
all
taxes
their interest rates to farmers by
2% to 3%.
I
.
challenge
above
a
denial
of
the
facts and figures.
What -is Congress going
about it?
to do
1500
THE COMMERCIAL
be
not
as
proposed
interna-"**
$5,000,000,000
tional stabilization fund had been
considered
"The
offered
amendments
warning that
a
to these
eco¬
"To
depreciation."
voiced
committee
for
sion
cut
were
nine years and was
as
only once—that was on
ington advices of April 16 said:
Secretary Morgenthau, a wit¬
31, 1934, when the President
the gold content of the dollar
tension
cents, in terms of the
old dollar.
The present authority
is scheduled to expire on June 30.
Mr.
the
a
that
Committee
he
believed
a
the
devalue
helpful
dollar
did
but
extension.
Committee
not
was
life and death matter but stuck
helpful defensive
weapon in the
devaluation operations.
to the devaluation
rency
Opposition
proposal had
be
request
not
j
would
the
section
event other countries started cur¬
a
two-year extension of the power
t.o
told
to his contention that it would be
Morgenthau, in his testi¬
on April 19, told the House
mony
bill,
devaluation
its
the
been
committee
voiced
by
before
Senator
Taft
the
Associated Press
we
quote:
in favor of the two-way ex¬
ness
to about 59
From
"Committee members said five
Democrats and eight Republicans
the 20-member
on
problems
efforts
at
now.
the
President
:•
and
Currency
man.
Mr.
man
of
The
new
the
original
committee.
committee will be
com¬
commitees
Banking and Cur¬
Coinage Weights arid
on
and
narily, handle
monetary
legisla¬
tion.
"The committee will divide it¬
committee fa¬
self into
"Confronted by Republican op¬
position
to
renewal,
Secretary
helpful information and research.
Morgenthau told the committee
today 'it would be helpful' to con¬
with Chairman Wolcott
the
matter
'but it isn't a.
life and death.', The
power,
of
President has held
avail
subcommittees, and will
itself
"The
of
every
members
of
avenue
who
will
work
are:
■
In
response
questioning
(April 19) Secretary Morgenthau
said
that
while
the
Treasury
=
k
,
Hew Deal Is
Stifling
Says
HarrisonSpangler
Press Of Nation,
„
at present
mend
to
to
cause
the
to recom¬
me
President
that
Before the Senate Banking and
Mr.
April 16
on
Morgenthau,
the
according
to
Press, had urged
Associated
continuation
of
to
powers
the
Presidential
devalue
the
dollar,
contending that "we must frankly
face
the danger
of competitive
currency depreciation in the post¬
war
period."
16)
On that date (April
added:
the Press advices
He said that while it is not
v.
sible
of
now
to
post-war
ments, "this
we
foresee
to
are
monetary
of
pos¬
pattern
develop¬
do know:
we
avoid
preciation
the
that if
competitive
,
after
the
Y.), did not believe the Morgen¬ Govern ors.
thau
plan
as
Spangler
written,
which Mr.
would utilize gold, would be ac¬ said that the
chase
ceptable
agreements
with
Russia
it would
be
helpful
"The obligations of Russia un¬
der these agreements have been
nitely
by Russia to
pay
for purchases of
goods and services in the United
States in addition to the materials
obtained under the terms of the
lend-lease arrangement."
Urging extension of the stabili¬
zation
fund
to
competitive
deprecia¬
currency
Senate passage of the Stabiliza¬
tion Fund
in
powers on April 16
after, it is stated, an under¬
standing was reached that the
Treasury would not renew its re¬
came
of
genthau
his
belief
in
the
Senate
posal
up
will
not
again
be
"We
can
on
race
pro¬
reported
the
bill
continuing the
to
powers
on
brought
the
Senate
tion
is
the
two
con¬
in
not
foresee
|
j
,
years.
agreed that
the
no
one
from a competitive
depreciation of cur¬
post-war
you
"what
they
ask
me,"
are
he added,
saying to us is,
'with your money and our brains
we will go
places.'"
period.
It
is
peace
in¬
na¬
ends and the
war
written,
according
to
Frederick E. Hasler, President of
the Chamber of Commerce of
the
State of New York.
In
address at
an
recent lunch¬
a
eon
meeting earlier this month of
the Foreign Policy Association in
New York City, Mr.
Hasler, who
is
also
President of the Pan
American Society and Chairman
and
President of the
Continental
Bank & Trust Co. of New
York,
said that "if we fail to extend the
inform
we
the
world
in
so
Deal
follow
"stifle
its
of
in
time
of
peace
and
war
there
believe> that
every reason to
will be of even
greater
is
it
impor¬
tance in the post-war
period. In
its
present or in an extended
form, the
as
program may well serve
basis for a sound and
prompt
a
solution of the most urgent
prob¬
lems growing out Of trade bar¬
riers
and
discriminatory
treat¬
will face interna¬
tional trade in the post-war
pe¬
ment,
which
riod."
Mr. Hasler added:
"When we entered
this war,
Government control over the na¬
tional economy was much more
extended
than it had ever been
became engaged in other
For almost ten years our
when
we
wars.
system
of
been
governmental
thinkers in and
free
enterprise
under
Radical
had
attack.
of
out
Government agencies in Washing¬
ton
had attempted
the
tq discredit
free
enterprise system at
opportunity. The faith of
the people in the system which
every
forefathers
had
established
made
richest
and
America
and
nation
surely being
the
greatest
in¬
slowly
but
was
poisoned
the
to
up
"What happened since then has
written
Press
of the most glorious
one
in the history of the free
pages
dispatch from
which
both
time
time of Pearl Harbor.
s,"
ac¬
cording to a
Boston,
April
value
and
dustrial
.free
United
a
Mr. Hasler further stated:
"The program has demonstrated
world's
to
of islo-
inviting
their
is
selfish policy
third World War."
which
Amer¬
ica's
the
lation of the past even at the
risk
of bringing
on
another world¬
wide depression and
p r e s
by Mr. Somers as "defi¬
fallacious and fatal de¬
lusion."
'
•'
a
enterprise system.
on
try has done
16,
Harrison E. Spangler
also
said;
Mr. Spangler said a typical ex¬
ample of the New Deal's efforts
United
States
democracy'
Private indus¬
job in making the
a
the
'arsenal
which
amazed
of
the
•
Republicans Revive
Money Powers Study
Representative Joseph W. Mar¬
Jr.,
of
Massachusetts, ;the
minority leader, announced on
April 18 that he has revived the
Republican Study Committee on
tin
Extraordinary
for
the
Monetary Powers
of analyzing the
purpose
Treasury's
post-war
monetary
to
"keep the people uninformed
or
misinformed" is the attempted
exclusion
"The
whole
question of mone¬
tary stabilization as it may affect
the various countries of the
their
relations
with
the
world,
United
so
so broad,
intricate, and of such vital im¬
portance
to the post-war world
plan proposed ought to
be, and must be, thoroughly ana¬
lyzed by the Congress. I believe
that
this
any
committee
notable
"I
service
cannot
can
in
so
perform
a
doing.
help but feel that in
view of the tremendously grave
questions involved, with literally
the peaceful relationships of vari¬
of
the
from the
press
refugee and food conferences
soon
whole; world
Springs, Ga.
"The
'
■'
American
across
page in
should
be
America."
every
newspaper
just
good
as
period
it
for
now
is "seeking
if given
agement
citizen in the nation."
radio
are
motion
and
the
newspapers
being subjected to
and
unnecessary
said.
industry,
severe
a
censorship,
he
termed
the
only
New
Deal
a
job in the post-war
civilian
economy
doing to win the war,
and
financial
encour¬
coopera¬
Government, provided
highways
and
trade
of
two-way
with
commerce
nations of the world
are
other
freed of
the obstacles which retard the
portation
•'
He
not
the opportunity,
the
that
a
our
is
tion by the
picture
now
has
system
the
Private industry—the American
regulate every activity of every
The
of
private
been restored, but strengthened.
as
The Administration
to
faith
in the
people
enterprise
dumbfounded
The
system of free enterprise—can do
.
conferences
spread
and
enemies.
cur
to be held at Bermuda and Warm
stabilization proposals.Mr. Mar¬
tin's statement follows:
States and each other is
possible at this time to
the pattern of post-War
monetary developments. But this
inating the proposal to continue
the present power to
devalue the
ap-
in
content
also should be
all
benefit
President's
gold
frankly face the danger of
competitive
currency
deprecia¬
relating to
Morgenthau, in
are
the
the
Mor¬
New
sailed
as
;v
must
the stabilization fund after elim¬
Seci etary
alter
Mr.
;
rencies," he said. "If such a de¬
velopment is to be avoided, we
April 16
dollar.
following
reason
added,
to
tinued another
at this session of Congress.
The committee had
same
of the dollar
Banking and
Currency Committee, expressed it
period
'
the
power
the
April 16 that the devaluation
critical
war.
For
(Dem., N. Y.),
Chairman
the
the
quest for the devaluation section.
Senator Wagner
as
fund, he
v/ill
help assure cur¬
stability and help avoid
competitive currency depreciation
asserted,
rency
The
trying
"If
"The dollars made available
by
these gold transactions were used
nations.
brought out by
John Maynard Keynes, adviser to
the British Exchequer, was as¬
fully met," he said.
armed with this power as a warn¬
tion."
other
British. plan,
operations, the Sec¬
be retary said, the monetary situa¬
tion throughout the world is
po¬
ing that we shall not permit the tentially more unstable than
it
international economic position of has ever been
before..
this country to be undermined
Continuance of the
by
war,
to
calling for future delivery of gold
purchased
by
the
stabilization
fund, with an advance on such
gold prior to its delivery.
de¬
currency
.
During the past two years, the
Secretary said, the United States
has completed three gold
pur¬
he
change the price of gold."
Currency Committee
j.
tions when the
Gifford, Massachu¬ many words that we are
indiffer¬
setts; Fred L. Crawford, Michigan; ent to
international economic co¬
Ralph A. Gamble, New York;
operation and that we prefer to
(R., Ohio), who asserted:
"We're
asking the' American
people to buy $13,000,000,000 in
„
Agreements Act'would be
repudiation of the promises and
act,
"Charles L.
the power in Robert
W.
Kean, New Jersey;
high trust, Mr. Morgenthau ob¬ Jessie
Sumner, Illinois; Frederick
served, using it only once 'in the C.
Smith, Ohio; Thomas Rolph,
midst
of
a
deep
depression.'
California; Henry O. Talle, Iowa;
would not ask for repeal of the War Bonds this month, yet at the That was on Jan.
31, 1934, when B.;;J.'*
Monkiewicz, Connecticut;:
Thomas amendment to issue $3,~ same time you're
asking us to Mr. Roosevelt reduced the gold
Chauncey W. Reed, Illinois; Aug¬
000,000,000
in
"greenbacks"
if give the President power to de¬ content to 59 cents, in terms of
ust H. Andresen,
Minnesota; Hugh
Congress saw fit to take the in¬ value the dollar and thus depre¬ the old dollar; under present law
D. Scott Jr.,
Pennsylvania; Rich¬
itiative in such repeal the Treas¬ ciate the value of the bonds."
he has authority to cut it 9 cents
ard P. Gale,
Minnesota; William
ury would have no objection.
Previously Mr. Morgenthau had more."
H. Stevenson, Wisconsin;
Joseph
Associated
Press
Senator Taft was also quoted as
Washington told the committee that the United
Clark Baldwin, New York; Ranulf
advices of April 19 also reported: States has sold more gold to fordeclaring that the Constitution
Compton, Connecticut; Frank L.
Representative
Andresen
of eign countries in the last two gave Congress, not the President,
Minnesota asked Mr. Morgenthau I years than it has purchased.
the right to regulate money. Ad¬ Sundstjrom," New Jersey; Homer
A.
Ramey, Ohio; Jay Lefevre,
whether there was any indication |
He said the stabilization fund vices (Associated Press) on April
New York; Edward H.
Rees, Kan¬
that
the
accumulated
a
net
Treasury might take had
profit 16, said:
steps to devalue the dollar fur¬ which now exceeds $30,000,000.
An informal canvass of House sas; Robert'F. Rdckvyell, Colorado;
William C. Cole, Missouri."
ther before the authority expires During the 1942 fiscal
year, he members
brought sharply con¬
June 30.
added, the fund sold $644,000,000 flicting opinions on the Treasury
"I
feel
certain," he replied, in gold to foreign countries and Secretary's plan for an interna¬
"that no further devaluation will purchased $162,000,000.
Thus far tional stabilization pool.
be
undertaken before June
Representative
30, in the fiscal year 1943, the fund
Steagall
(D.,
unless I
first
come
before
the has sold $401,000,000 in gold and Ala.), chairman of the
Banking
proper committees of Congress to purchased only $27,000,000.
and Currency Committee, said "1
consult with them before
doing
The fund's gold sales, he said, see in this plan possibilities for
so."
I have been made to 21 different great good, both to ,us and the
Mr.
Andresen
Harrison E. Spangler, Chairman
asked
whether countries, adding:
world, but it must be studied."
there
was
"I know of no better means of
any
other authority
Another note of approval came of the Republican National Com¬
whereby the Treasury might de¬ settling
international
balances from Representative Dewey (R., mittee, concluding a
"sounding
value the dollar.
Mr. Morgenthau than with gold.
111.), for four years Assistant Sec¬ board" trip through New England
.
-replied that under the Gold Re¬
"For this
last
reason
it has been retary of the Treasury, who
Friday,,
said,
serve
Act of 1870, reaffirmed in and is the
policy of the Treasury "In principle I agree, but this is a d d r essed a
1934, "something similar but not to facilitate the continued use of only a part of the whole
o f
subject gathering
quite the same" could be achieved gold for the settlement of inter¬ of post-war problems.
I want to Repub lican
by changing the price of gold.
national balances.
Our stabiliza¬ see a practical approach made to leaders in¬
"However," the Secretary em¬ tion fund definitely contributed to the entire subject."
cluding
four
phasized, "I have nothing in mind the implementing of this policy."
Representative Somers (D., N. New England
'
to
,n
a
Measures. These committees ordi¬
vored * amputation of the devalua¬
tion provision.
tinue
Trade
Hopes
the Reciprocal
renew
House Banking and
Committee,, as Chair¬ there shall be freedom for
Wolcott; was also Chair¬ ternational trade among all
posed chiefly of members of the
rency
Vital To Pease
pledges of the United States that
the
of
Trade Agreements 1st
Failure to
Representative Jesse P.
Wolcott, ranking minority mem¬
ber
Hasler Galis Renewal Of
have
named
Congress divided sharply on Mr.
Morgenthau's plan for a post-war
international currency.
countered Associated Press Wash¬
over
exercised
Jan.
members
beset
that
of
ers
ization power and the devaluation
worded differently, but all had clause, contended that the deval¬
about the same effect.
Senator Taft (Rep., Ohio), was
Repre¬ uation provision was needed as a
sentative Andresen offered three defensive weapon to combat any the leader of the
opposition with¬
and
Representatives
Compton, devaluation operation of a for¬ in the committee to separate the
White and Reed one each."
eign nation.
devaluation issue from the bill to
The
devaluation
Reporting
on
the Secretary's extend the stabilization fund unpower
has
been in Mr. Roosevelt's posses¬ position and the opposition en¬ til 1945.
by
will
end, I have revived
the Republican Study Committee
on Extraordinary
Monetary Pow¬
Senator Taft's opposition to the
was
monetary stabilization, we
give the most serious study
must
position of this country to
by
competitive
devaluation, power
which
world
shall
we
Thursday, April 22, 1943
lems
undermined
currency
pearing before the Banking Committee on April 16 to urge a twoyear extension for both the stabil-
■
adequate.
five
be
.
it would
war
permit the international
nomic
(Continued from first page)
the
helpful to be armed with this
power
Power To Devalue Dollar Further
FINANCIAL CHRONICLE
after
currency
iorgenthau Drops Bequest For Extension
&
tion
and
of
the
ex¬
surplus produc¬
our
importation
of
raw
"false and reactionary philosophy
materials and other needed goods
based
and
on
Middle Ages
centralized
called
cans
on
theories of
government,"
and
Republicans and Ameri¬
not to
allow
America
we do know: that if we are to ous nations in the post-war era destroyed at home while
avoid competitive depreciation of bound
up in the economic prob¬ boys save it abroad."
•
-
to be
"our
.
> •
products
make
new
rocal
Trade
the
best
problem
so
far."
for
which
we
markets here.
can
Recip¬
Agreements provide
solution
which
of
has
>
the
latter
been
found
Volume
THE COMMERCIAL &
Number 4170
157
FINANCIAL CHRONICLE
by whom the individual has not
been employed at any time during
the 30-day period preceding such
employment.
•
Gf 27 IliiSiosi
904.8.
(Continued fr<
essential
one
activity
to
another
statements of avail¬
ability issued either by the em¬
except with
power
"It
therefore
is
War
Man¬
natural
as
of
60
in
these
operation
stabilization
plans, and they are increasing in
number each
of
week.
several
ment
development.
mo¬
process
all in
shortages
are
labor
"Paragraph 904.1 deals with the
of workers from other
movement
essential
than
activities
sential activities.
into
es¬
You will notice
this movement is
permitted with¬
out regard to wages,. as it is at
present.
The reasons for the 30day period is to prevent workers
from leaving an essential activ¬
ity,
working in another than
sential
activity for two
es¬
three
or
days and then moving from there
back
at
into
essential
some
activity
higher wage. The reason we
are not restricting this movement
into essential activity is because
a
such
the
of
effort
war
the
is in
movement
interest
should
and
"Paragraph
904.2
deals
transferring from
workers
fore
the
of
such
no
mitted
at
should
transfers
transfers
they
are
are
in
indicated
be
such
per¬
It
pay.
that
not
are
while
desirable,
not prohibited at equal
pay.
"Paragraph
tivities.
with
deals
904.3
essential
between
movement
during the pre¬
ceding 30-day period, was en¬
gaged in an essential activity if
the salary or wage rate to be paid
by the employer would exceed
the rate most recently received
during such period by the em¬
ployee.
■
': 904.4.
Workers Previously En¬
in
Essential Activities for
Work
in
Other
tivity
vided
This
904.4.
between essential activities for
other
than
reason
higher
is
pay
of
one
now
"Paragraph
cerned
with
from
ers
higher
It
pay
most
prevalent,
904.4
is
also
essential
con¬
activity to
permits transfers at
when such transfers
in the interest of the war ef¬
are
provided
fort,
with
accordance
the
of
zation
they
local
made in
provisions
are
the
stabili¬
employment
plans.
Commission.
(b) A statement of availability
shall be issued to any worker by
his last employer or by the War
Manpower Commission as may be
power
sen¬
that
the
Section
of
904.4
place
statement of availability
employer
cannot
formation
The
the
other
for
reason
whatever
that
on
has
on
any
the
in¬
required.
protect
is
to
prejudicial
against
employee
information
than
this
no
ih
provided
such
employment
bearing
discharged
(1) Is
employer,
his
by
the case."
>
follows:
Pursuant
in
vested
War
to
as
me
Manpower
the
authority
3.
Accessories
howitzers, mortars,
gun turrets
and mounts, tanks,
sighting and fire-control equip¬
ment, torpedo tubes and similar
products,
Production of Ammunition—
The
production of bombs, mines,
torpedoes,
warfare
Agriculture: Livestock and
products, including beef
highest skill or that
he is not being employed at full
and
time.
field crops,
his
at
!
'1 -
*
No
:
shall
of
issued
be
hemp,
peanuts,
Irish potatoes and sweet potatoes;
"
statement
availability
solely
the
on
soybeans,
than
for processing, rice,
sweet
corn,
hybrid seed corn,
grain sorghum, tame hay
and
seed, wild or native hay; tree
fruits, small fruits and berries;
medicinal, insecticide and rubber
plants; vegetables for fresh con¬
sumption and processing; vege¬
table plants and seed; other food
and
special
crops,
including
prevailing in the lo¬
cality for the same or substan¬
tially similar work.
Any such statement shall con¬
tain the worker's name, his social
security account number, if any,
the
name
and address of the issu¬
ing employer
Commission
the date of
ment
worker
in
issuance, and
effect
the
to
War Manpower
and
office,
or
officer
a
state¬
that
the
hired elsewhere
essential activity.
The in¬
an
by
notice
be
may
of
than that
employer on such
information other
an
any
required by this regula¬
tion shall be deemed to be
lation
shall
accept
a
vio¬
of this
regulation.
904.5,
Acceptance of Employ¬
ment by Workers.
No individual
With
an
employment
new
employer if the employer
prohibited
from
hiring- him
regulation.
Penalties.
The
hiring
by an employer of a new em¬
904.6.
ployee,
or
the
individual of
new
green
Essential
peas
in
Essential
Any
employer
.en¬
an
employee who
for the pre¬
ceding 30 days was not engaged
in
Workers Previously En¬
904.2.
gaged in
Work
in
Activities.
Essential Activities for
Other
No
Than
Essential
employer
shall
activity other
hire for work in an
than
an
,
904.7.
tial
in
essential activity any new
who, during the pre¬
ceding 30-day period, was en¬
gaged in an essential activity if
the wage or salary rate to be paid
by the employer would exceed
employee
.
Definitions,
activity
the
War
6.
means
Manpower
Essen¬
as
Commis¬
fruits
feeds
starch,
New
individual
the
who
employ
of
has
the
means
not
ployer at
any time during the
ceding 30-day period.
(c)
New
employment
employment
in
No.
of
Food—Meat¬
production
of
all
and
their
and
vegetables
for
animals
cereals,
and
rice,
fowls
bread
and
the
operation of breakers or
preparation plants.
Includes also
and other
preparatory to coal
mining operations.
10. Metal Mining—The mining
of iron, copper, lead, zinc, alumi¬
num, mercury, manganese, chro¬
mium,
molybdenum,
tungsten,
overburden
such activities
vanadium
the
and
similar
ores
and
generally
classified
as
products, are included
with ammunition.)
chemical
,
an
sugar,
Includes
dehydrated,
frozen,
and
other special-processed foods.
pre¬
employer;
Production of Rubber Prod¬
18.
19.' Production
of
Leather
Products—The production of shoe
and
belting
leather;
industrial
belting for transmission of power;
boots, shoes, and gloves, for mili¬
tary and industrial use; saddlery,
harness, and accessories.
20. Production
of / Textiles —
Spinning and weaving of fabrics
parachutes and powder bags;
for
of
for tents,
canvas
lins, and
products;
sails, tarpau¬
heavy
related
glass,
linen, silk,
goods
for
knit,
sinking shafts and other such ac¬
tivities
preparatory
to
metal
mining operations.
11. Non-Metallic
Mining
and
Processing and Quarrying—The
military and industrial
mining and processing of rock
salt, phosphate rock, sulphur, pot¬
ash,
asbestos, graphite pyrites,
graphite, borates and other sa¬
lines, fluorspar, mica, talc, abra¬
and
sands
Excludes
all
similar
mined
or
materials
products.
quarried
used
ex¬
clusively in construction.
12.
Refining
Smelting,
and
and
woolen,
synthetic
fiber
Production
21.
canvas
fibrous
asbestos,
cotton,
sive
tallow.
works,
use.
of
Apparel—
Apparel for the armed forces, and
work clothing.
22. Production of
Stone, Clay
Products—Scientific
and
Glass
and
industrial
products;
and other
■ products;
abrasive
wheels,
stones,
lime,
paper, cloth and related products;
asbestos products including steam
and other packing, pipe and boiler
covering, crucibles and retorts;
porcelain electrical supplies; as
well as parts of military appa¬
glass
sand-lime, fire-brick
heat-resisting
clay
Metal—Primary and
'
<•'
secondary smelting and refining, ratus.
23. Production
of
Petroleum,
alloying, rolling and drawing of
iron,
steel,
copper,
lead, zinc, Natural Gas and Petroleum, Coal
magnesium,
aluminum,
brass, Products—Drilling, - rig-building,
bronze,
nickel,
tin,
cadmium, and maintenance service opera¬
and
petroleum
refining.
ferro-alloys and any other metals tions,
used
in
the production of war Includes also production of * tar
and pitch, coal gas and coke.*w<.
materials, and scrap salvage.
of
•
manufacture
of castings, die castings, forgings,
wire, nails, chains, anchors, axles,
pipe, springs, .screws, bolts, tub¬
ing, stampings, pressings, struc¬
shapes and machined parts.
wooden
tural
Metal Prod¬
japanning, lac¬
quering, painting, plating and gal¬
vanizing of metal products.
14.
tion such
of
Production
Industrial
Agricultural
Equipment—
Power boilers, wiring devices and
supplies, agricultural implements,
electric lamps, storage and pri¬
and
produc¬
life-preservers; stor¬
activities.h,
vation
and
Includes
also
of aircraft, ships
other military equipment. •
parts
Production
25.
ucts—Enameling,
15.
as
age battery boxes; insulating ma¬
terial; cars; matches; wood preser¬
of
Finishing
Finished
of
Products—Cork
Lumber
Forgings—The
,
Production
24.
Production of Metal Shapes
13.
and
tion
of
Transporta¬
Equipment—The
of motor
production
vehicles such
as
trucks,
ambulances, fire engines,
and
motorized
military
buses
.units;
essential parts and accessories of
such motor vehicles; motor cycles,
mary
for
electric
perishable commodities.
public utility, manu¬
27.
transportation
and construction use, for use in
manufactured
products
or
in
service
industries;
construction,
mining,
agricultural,
oil field,
smelting and refining machinery,
mining,
facturing,
'
7.
Forestry, Logging and Lum¬
bering—Timber
tracts
and
log¬
ging
camps,,
sawmills,
veneer,
Production of Materials
for
Packing and Shipping Products—
bags; vegetable and fruit
Textile
baskets;
excelsior;
cooperage;
heavy-duty paper and pulp; rope,
cordage
and
twine;
wooden,
container
board,
neces¬ paperboard,
and main¬ glass/ fiber, metal and paper containers and envelopes for ship¬
tain aircraft, ships, ordnance and
ping- and
preserving
essential
other military equipment.
~
products. v.tv;; .
'
as
well
sary
as
all
machinery
»
to produce, equip
17.
Production
of
and Allied Products
Derivatives
Chemicals
radio
29.
which
the
acids;
are
-
of
•
circulation,
primarily tu
general
devoted
dissemination
formation:
plastics; compressed and liquefied
Services-
Communication
Magazines
terials"; chemicals pulp; salt, syn¬
rubber; coal-tar products:
sulphur;,
and
tele¬
phone. telegraph, cable, television
signaling apparatus.
animal and vege¬
fertilizers: tanning ma¬
refined
Communica¬
and
thetic
gases;j:
of
Equipment — Radios
equipment;
radar:
tion
Thereof—Glycerine;
grease,
table oils,
Production
28.
and Essential
•
with
and
grease
(Explosives, flares and other fire¬
of such ores. . In¬
cludes also removing overburden,
dressing
oils and
products,
bakery
dr'ed,
em¬
means
Mining—The mining of
anthracite, bituminous and semianthracite coal; lignite and peat,
removing
fi¬
military equipment
exclusively;
Coal
and
in
used
chemical
textile
ucts—All rubber products.
construction.
and edible fats and oils.
any
been
hiring
construction
of
ap¬
proved industrial plants, houses,
hospitals and military products;
repair of such facilities, and serv¬
ices necessary to complete such
bers
turpentine, rosin and other naval
stores; wood tars, oils, acids and
alcohols; plasticizers, lubricating
other
employee
con¬
struction,
leavening compounds, corn syrup
needed activity.
(b)
release
juices,
soups,
flour
and other
grain-mill
products,
prepared
locally-
a
board
indi¬
canned or preserved fish
nuts, - canned
or
preserved
and
qf Essential Activities
(see Appendix A) and any activ¬
ity approved by a Regional Man¬
Director
local
poultry),
eggs;
List
power
crops
types of butter, cheese, milk and
activity
any
in
essential
enterprises
Processing
ing
.;,yj
(a)
to
packing and slaughtering (includ¬
salaries paid in vio¬
lation of this regulation.
sion
essential activity.
an
any wages or
related
livestock
175; commercial fishing.
tor, issued Oct. 27, 1942, apply to
essential activity may
hire for work in. such activity* &ny
gaged in
and
related
synthetic
.
the Economic Stabilization Direc¬
Work
Construction—Highway
street construction, marine
9.
and
.
bicycles, and parts; locomotives
batteries, pumps, compres¬ and parts; railroad and street
cars and
sors and pumping equipment, re¬
equipment.
26. Transportation
Services —
honey, tree nuts, sugar cane for cording, controlling and measur¬
Air transportation; line-haul rail¬
sugar
and syrup,
sugar
beets, ing instruments and meters, con¬
switching
and
terminal;
sugar
beet seed, sorghum
and veyors, industrial dars and trucks, road;
sorgo syrup and tobacco.
blowers, exhaust and ventilating railway and air express; freight
5b.
forwarding; rail inspection; local
Agricultural Services and fans,
mechanical power trans¬
Commercial Fishing: Agricultural, mission
equipment,
such
as transit, rapid transit, interurban
horticultural
and
animal
hus¬
clutches, drives and shafts; me¬ electric railway, and over-thebus;
offshore
and
interbandry services such as commer¬ chanical stokers, tools, files and road
cial hatcheries, seed processing, saws, plumbers' supplies, profes¬ coastal water transportation, in¬
animal
as
breeding,
crop
disease sional and scientific instruments, cluding shore service such
opera¬
protection services, initial proc¬ photographic apparatus and opti¬ stevedoring and harbor
pipe-line
transportation;
essing services such as ginning, cal instruments, and all equip¬ tions;
compressing, threshing, cleaning, ment necessary to operate plants transportation services on the in¬
land
waterways,
Great
Lakes,
shelling
and
curing,
irrigation producing essential commodities.
services, farm repair and mainte¬
16. Production of Machinery— harbors, bays, sounds, and waters
nance
connected with the seas, including
services,
farm
product Engines
and
turbines,
metaj-j
shore service such as stevedoring;
assembly services, all of which
working machinery and equip¬
are
performed on a substantially ment; electrical generating, dis¬ trucking, warehousing; dry, open
year-round basis to essential ac¬ tributing and industrial apparatus and cold storage of essential and
Sec. 4001.10 of the Regulations of
Than
Activities.
•new
2, 1942 (Pub. No. 729,
Cong.).
The provisions of
Workers Previously En¬
for
crop
seed, broom corn, corn for grain
and
silage,
dry
edible
beans,
cated
Activities
including barley, dry
field peas, oats, Tye, wheat, alfalfa
hay, alfalfa hay seed, cover
ground that an individual's wage
or salary rate is substantially less
that
8.
Rolling
5a.
pur¬
compounds;
munition.
Agriculture and Commercial
medicinal
and
stores
non-metallic
5.
electro-
secticides
services, gathering of gums
pyrotechnics, as well as
products such as glycerin, which
go into the manufacture of am¬
77th
Other
grenades,
chemical
projectiles,
explosives,
fuses,
the
in
v-
4.
and
904.1.
The
guns,
arms,
tivities
gaged
and
production,
and repair of fire-
—
maintenance
Ordnance
him
by
1943, I hereby prescribe
following regulation:
of
Production
Act of Oct.
No.
and
production, mainte¬
nance and repair of aircraft, glid¬
ers,
parachutes,, dirigibles, bal¬
loons, aircraft •: engines,
aircraft
parts, pontoons, propellers
and
similar products.
2. Production of
Ships, Boats
and Parts—The production, main¬
tenance
and
repair
of
ships,
boats, ship and boat parts and
equipment.
ject to the penal provisions of the
Order
Aircraft
Parts—The
April 8,
Executive
of
Production
1.
cattle, dairy cattle, hogs, poultry,
sheep and goats; fiber, oil crops,
and
potatoes,
including
castor
beans,
American-Egyptian,
sea
island and upland cotton, flaxseed
indefinite
an
or
9328, dated
Commission
War Manpower Commis¬
sion, as given in the New York
"Times" of April 17 follows:
for a period of seven
or
more
days, or: : '
(3) can establish that his pres¬
ent employment does not utilize
(2) is laid off for
period
acceptance by an
employment, in
violation of this regulation is sub¬
Chairman of the
in¬
ordered
as
livestock
under this
lation
and activities
the
by
last
,■
,
,
(
,
is
The text of Mr. McNutt's regu¬
The revised list of essential
dustries
Fishing:
the worker:
ever
This
1943.
stabilization'programs and when¬
clusion
•
"You will notice in the last
tence
approved by the War Man¬
gram
Date.
regulation shall become effective
at 12:01 a. m. Sunday, April 18,
.
was
-
of work¬
movement
one
another.
the
forms of la¬
serious and wasteful
bor turnover
no
receive
to
who,
employee
preceding ' 30-day
engaged in an essen¬
tial ; activity/i' without regard to
his preceding wage rate or salary
scale, providing such hiring is
subject to, and permitted under,
an employment stabilization
pro¬
ac¬
movement
Sub¬
Industries
or
new
the
.
period,
Such movement is not
when an increase in
involved, except as pro¬
in
any
during
,
is
Areas
Programs.
(a)
Any
employer
engaged in an essential activity
may hire for work in such ac¬
permitted
pay
in
ties
Activi¬
Essential
ject to War Manpower Commis¬
sion
Employment
Stabilization
effort, there¬
war
increase
an
es¬
This not in the
activity.
interest
with
essen¬
than
into other
activities
sential
be
"
encouraged.
tial
who,
employee
gaged
'
critical.
are
the
They
the
where
areas
this
At
in
are
employer shall hire (ex¬
provided for in Section
904.4 of this regulation) for work
in an essential activity any new
Effective
and
naval
poses.
904.9.
sodas; alcohols;
and barks for the manufacture of
tation
existing rights of an
employee under any agreement
with his employer,
caustic and other
electro-chemical
metallurgical products such
as
carbide," sodium and potassium
metals and high-percentage ferro¬
alloys; drugs and medicines; in¬
Employee - Employer
Agreements.
Nothing
in
this
regulation shall be construed to
Activi¬
Essential
No
cept
'
ever
Essential Activities for
Other
in
ties.
est of the war effort.
now
gaged in
I
that
plans as the means for determin¬
ing that transfers involving dif¬
ferences in pay are in the inter¬
are
.•
Workers Previously En¬
904.3. !
stabilization
should look to these
"There
employee.
Work
or
the local
authorities.
ployer
earned by
the rate most recently
such
cooperage-stock, planing and ply¬
wood
mills; raising of tung-oil
trees, fire prevention, pest con¬
trol, forest nurseries and refores¬
prejudice
first page)
m
1501
of
public
newspapers
(Continued
on. page
in¬
and news
1503).;
*
1502
THE COMMERCIAL & FINANCIAL CHRONICLE
Re-Education Of Post-War
.still, require
riients."
Warns Of
Europe Is U. S< Aim
Plans of the United
States Government to extend its objectives
to include the
the
study of and discussions with the United Nations of the
re-education
The
of
of
of
Commerce
of
York, at its
April
1,
adopted a report declaring that
the threat of medical regimenta¬
monthly
Institute
defeated by individual promotion
of the basic idea of private
oper¬
Educational
structio'n at New* York University
in
under
the
Asked
States
Committee
auspices of the United
Educational
on
a body of civilian
joint session with
the Central and Eastern European
in
of
the
shortly
one
declaration
that
United
the
tions and must be
necessary
underpinning
armament
and
had
crushed
in
problem
which
plans of
States
exists
now
be
can
in
the
private organi¬
zations.
Pointing put that the
pressure for a great medical bu¬
reaucracy has been steadily grow¬
numerous
is in¬ ing, the report said:
"It
quite
apparent that
taken by the
various groups interested in pri¬
vately operated health insurance
before
out
hope these studies will
point where at least
two simple decisions will
or
the United
in
seems
the
of
action
New York, that some definite
will
workable plan
to
selves
which
lieves
must
which
will
of Cultural
permit
the
Relations
to
on
steps which will lead
cooperation with the United
Nations
and
po¬
over¬
the
on
embark
on
a
of cultural
program
intellectual
is
ernment
tivities
organized that
so
these lines
on
before
overcome
deductions are being
made from employees' pay
en¬
velopes already so that any addi¬
tion is looked upon by them as
(1)
ac¬
not
can
Committtee .be¬
the
be
come.
they meet with public acceptance;
rehabilitation.
"I think all of you must recog¬
nize that the United States Gov¬
litical re-organization," to restore
the
educational
systems
which
Germany
ation
ses¬
we
Division
dis¬
to
and
economic
a
war.
in
meeting
Up to
the present time, however, two
conditions have presented them¬
Na¬
prepared, "as
in
made
be
United
States
Commis¬
of
Education,
with the
sioner
last
the
the
reach
two-day
institute
was
by Dr. John W. Stude-
opened
baker,
the paper from
the first session
to
quote
we
during
It is under study, and very
you.
According
the
speak
"The Department of State
terested
Greece.
which
to
say:
Planning Board, representing Po¬
land, Czechoslovakia, Yugoslavia
and
after
Europe
sion, Dr. Turner, said the "Times,"
explained that he was present
only as an observer, but could
Reconstruction,
educators,
tion
Kecon-«»■
be
27
arrange- preserve the incentive to work,
;'v- A'''1" A by
providing for post-war refund
the National of the taxes.
■
advices from
also
Many
of
In-
May
on
stateci-i'-^'Vv/'■
"Because
New
post-war Europe were indicated on April 7, such
•conferences representing additions to those already proposed as to
food, refugees and international currency.
The New York "Times"
of April 8 in noting this stated that latest plans were revealed to the
of
financing
Housing Administration
Chamber
State
The
.
For Discussion At United Nations Conference ledical
1
Thursday, April 22, 1943
vir,
hazards
war-time
on
uninsured
an
result that
"Education
hand
must
hand
go
with international
in
arrange¬
ments for
trade, for disarmament,
for political
organization.
For
they are not likely to be achieved
unless they have an underpinning
of sound
popular understanding
as
to their necessity and
prac¬
ticability.
"A
V
world
only half-educated
only be half-free. I am con¬
-can
vinced that education for
throughout
racy
democ¬
the world
must
somehow be achieved if the world
is
to
not
suffer, generation after
generation, from any more de¬
structive and calamitous
wars.
"We must not only plan for the
speedy rehabilitation of the.edu¬
institutions in the 'demo¬
cational
cratic
nations
must
have
which
also
extend
our
We
planning to
eventual
include assistance in the
restoration of the educational sys¬
tems
of
Germany
and
its
satel¬
lites, in which the education has
been
prostituted to the evil
pur¬
in
ters
now
basis,
with
under outright taxation.
the
ing built is covered by Title VI
insurance, Mr. Blanford pointed
out.1The
now,
$400,000,000
approved for
provide
insurance
would
exempt the first $1,000 of
income of a married person with
increase
no
VI
of the next
Title
will
protection
for
the
private
nanced
units
under
still
the
to
present
quota.
"Mr. Blandford emphasized that
:
adopted.
The schedule would be
adjusted upward to meet higher
the increase in Title VI insurance
authorization relates solely to the
financing of the NHA's current
housing
war
to
any
of
incomes.
Special provision for fixed
rather than
program
mitments
the
new
Estimates
program.
Commission,
of
process
are
analysis
by
now
the
construction
will
things
Europe, almost as
pressing and much more difficult
to meet will
be the need of min¬
istering to the minds of men and
women, rebuilding their faith and
courage, their hope in the pros¬
pect of a
children,
"the
better
world
for
their
most
difficult problem is
decontamination of the edu¬
the
cational
of
systems
the Axis
is
a
be
war
of ideas.
It is
hoped that this
with
the
in
hardly to
will -end
war
unconditional
surrender
Committee
Army is going,
In
cerned
with
there
in
is
these
matters
an
of
army
countries.
some
Ins, Authorization A A
occupation,
President
"Next,
the Office of Foreign
Relief and Rehabilitation
Opera¬
March
Roosevelt
the
23
field
of
cultural
and
intellectual
projects
rehabilitation.
and
to
the
work
and
will
sociation
have -ulti¬
mate
and
dealing with these problems.
ance
is
It
it
well
is
a
means
and
for
realize
to
you
.one
can
from
man
come
situation.
It
progressive
the
taken
by
which
each
will
isAour
The
of
these
build
a
situation
with
regard
the Government
agencies, there
is
another
situation.
In
this
in¬
stitute which you have
organized
here we have private initiative
working at these problems.
That
25
passed the Senate
and the; House : on
adopting
March 19.
on
gram
of democratic education."
That
the
State
Department
Washington is identified
indicated
movement
meeting
disclosed
was
at
at
by
Dr.
Ralph
representing
the
Cultural
the
Turner,
Rela-
t'ons-Division of the Department
of State, it is learned from
the
t'Times," which
revealed
action
to
that
was
stated that it
the
was
designed with
a
view
repeating the "error" of
the Versailles peace in
neglecting
tile
course
of
the
common
man
of view of the
the
program
which
is
ulti¬
mately made
a part of the United
Nations program with the
support
of
the
U.
SI.
Government' -will
formulated^ We
United
to
are
not in the
States Government
trying
formulate
of
further
a
However, FHA field of¬
have
continued
to
final
approval; of
the
President,
conference
press
it
Roosevelt
is'
still
,,
\A
had
expressed
this
January budget
belief
time
us
in
in
action
will
a
much
j work openly
i agencies
on
a
relatively
be
with
short
taken to
better
position
the
put!
to I
private
these problems."
First
Vice-President:
Robertson,
Assistant
James
Cashier
the Chase National Bank.
Second
■■
E,
of
At
•
Vice-President;
A
Edgar
C,
Egerton, Vice-President of the
Seamen's Banks for Savings.
of the
Title
John
W.
Boyle,
Brooklyn
office
Guarantee and
Trust
;
include Raymond
C!
Dcering, Assistant Comptroller of
his
the Manufacturers Trust Co.; Clin¬
ton W. Parker, Assistant Secre¬
in
his
The annual
meeting of the New
Chapter will be held on
May 11.
'
■
York
gress.
above to the Na¬
insured
available' .for
financing
approximately
90,000 additional
dwelling units to be built for war
workers by private builders, John
B. Blandford, Jr., National Hous¬
ing Administrator, on March 27
said:
Mr.
Roosevelt explained to his
conference that his "hold-
press
-the-line" .order
could
not
Federal
Housing Administration's
housing
insurance
VI by
mortgage
under
Title
$400,000(000 to $1,200,000,000 and
extend the FHA'sauthority to in¬
sure under that title from July 1,
1943, to July 1, 1944.
:;
in
increase
"The
thorization
National
was
Title
VI
.
au¬
requested by the
Housing
assure
Agency in
or¬
adequate financing
program
to
meet >
war
housing needs created by in-migration of
1
of this
"On
war
labor through July
must be
and
save
and
prepared
more.
spend
to
This
1,
approximately
150,000 privately financed family
units were still to be .started un¬
der that program..
estimated
that
Grande
do Sul (United States of
25-year 8% sinking fund
gold bonds, external loan of 1921;
Brazil)
taxes
means
savings, he added, declaring
work
to
notifying holders of State of Rio
less
on
the
plans
to
appropriate
committees.
now
that
at
suggested
Congressional
Associated Press
alcne
to
absorb
of civilian
threatens
a
the
.yield
untary
Of these, it is
roughly
110,000
the
America,
of
face
amount
of
due
coupons
:
says:
entire
"Pursuant
inflation.
•
to
'
•
the
provisions of
the
Presidential
Decree
of the
United States of Brazil, such
pay¬
ment,
if
if accepted
by the holders
of the bonds and
coupons, must bq
were
accepted in full payment of such>
additional
of
pay¬
of
of
the
a
April 1, 1941,
amounting to $7.00 for each $40
coupon
and $3.50 for each $20
coupon.
.The announcement also
These advices added:
$15,000,000,000, thq level
lawful' currency
of
the
deposited
make
17.50%
ac¬
He expressed the belief that
been
to
States
spending which
runaway
in
ment,
Washington April 10
reported Randolph Paul, Treasury
General.: Counsel,
as
saying
it
would
be
highly unrealistic to
rely on taxation along' traditional
lines
have
United
counts from
excess
funds
with it sufficient
be
coupons and
vol¬
of the claims for in¬
terest .represented
savings would fall below
the current figure of $24,000,000,-
year.
March.
Ladenburg, Thalmann & Co.,
New
York, as special agent, is
accomplished solely
by wage and price ceilings and
by rationing but that the nation
that the Administration is
increase the
amendments
Pay On Rio Grande 8s
inflation
against
be
an
think
year are:
Trust Co.
to Con¬
message
taxes
"I
,
Other officers nominated for the
coming
additional
to
the
unexpired term of Everett J. Livejoined the Navy.
1 t
sey, who
Treasurer: James Lyall, Person¬
Director of the United States
April 10 that
on
personal
which
First
as
nel
the " Administration's
doubled
measures
Banking;!
Vice-President, succeeding to the
Chief Counsel:
told
current
the
of
serving
New nominees for the Board of
present
it
now
Governors
still to be started under the NHA's
Government will be able to sup¬
port.
•
is
Co.
arrangements for the private units
from
Group Cf AjB
Institute
Mr, Clark
of the
try¬
We
*
Manager
are
matter.
Head NY
or¬
National
to reach into the depths of
American thinking, and receive
ing
Clark Nominated To
Housing Act amendments."
der. to
educational
process
delays: pending
prevent
this
program
286.
page
commit¬
in
Government's
mmid
the point
a
Housing Act just voted by
Congress, making Title VI in-
"The
Department that it is from
private sources, through the
cooperation of private- agencies,
be
with the
is the way
,
hope to collect $16,000,000,000 of tary of the Dime Savings Bank of
funds
by: taxation, Brooklyn, and Crawford Young,
forced savings, or both, during the Trustee and Vice-President of the
conference fiscal
year 1944.
The President Flatbush Savings Bank.
:f ■ At:
tional
authorization
It
••
•
.
.
ments
such
that
issuance
fices
Hous¬
With regard to the approval by
President .Roosevelt
of
amend¬
do things.
"It is
in
ments.
Boards
National
the
•
and
purchas¬
17, with both branches of
Congress
con¬
this
Feb.
report
be
structive program In which the
United States will cooperate with
the United
Nations,,
"In
on '
agencies
toward
of
measure
March
hope
may
Estate
ing Agency has charged them.
before you
actions
Real
■
excess
The President's budget
message
appeared in our Jan. 21
issue,
the
of
Blandford
at this moment just
exactly what the United States
Government ,is going to do in a
given
of
inflation
on
the President said that
ing powers."
the
previous $800,000,000
ceiling for Title VI insurance,
thereby necessitating a brief halt
carrying through of
the
250:000-dwelling unit pro¬
gram with
which Administrator
tell you
that
under way had recently
now
reached
organizations had sup¬
this measure, in further¬
ported
complicated situation.
no
jects
pro¬
other
responsibility for cooper¬
ating with the United Nations in
"It
plus: commitments to insure
to
Association
of
through the Division of A The ! National
Relations, will fall heir Home Builders, the National' As¬
Slate,
"Outstanding Title VI insurance
insurance applications in
Cultural
statement,
issuing Title VI; American
resume
der
$800,000,000 to $1,200,000,000.
war
such lime as the evil Nazj
ideology
force has been extirpated and its
place taken by a constructive pro¬
offices to
teem
State
until
per¬
rents,
repay¬
.
missible amount of such insurance
"And finally the Department of
Nations must be prepared to pro¬
ial and moral
disarmament,
the
increasing
his
hold in check the
the President's
new
we
men¬
on
ing for one year, to July 1, 1944.
tions
under
Governor
Herbert the authority issued to the Fed¬
Lehman will be responsible for eral Housing Administration
to
relatively important work in this insure mortgages on war housing
is truly American.
of education as assurance of
signed
legislation extend¬
taxes,
$400,000,000 in¬
G. Russell Clark, Assistant Man¬
crease
in Title VI authorization,;
Commissioner Abner II. Ferguson ager of the New York Clearing
of the Federal Housing Adminis¬ House, has been nominated for the
tration has'instructed FHA field Presidency of New York Chapter.
,
when
the vanquished.
In the field
ideas, as well as in the war of
physical disarmament, the United
temporary supervision
>
upon
either pro¬
Congress must act "to reduce
the
qualified private war housing
projects.
1 •
of
some
and
of
on
of
vide
Public Health
on
Welfare which drew the report. ;
to
"it has often been said that this
[■: jS/jry
John Sloane is Chairman of the
"Following
approval
MilitaryGovernment in the War
Department, which will be con¬
na¬
tions themselves.
should thrive.",
ance
related to
are
especially;
our
however^
conditions,
two
privately operated medical insur¬
personal
as
(April 8)
re¬
quired to meet those further
commitments to insure mortgages
government
liber¬
the
these
of
under
expenses,
debt
ments .and the like.'
...
of
elimination
the
made
medical
in
war
be
be
by allowing offsets for such
gram
NHA
to determine what additional
housing
could
com¬
or
extraordinary ex¬
Treasury officials said,
penses,
anticipated continued inmigration of war labor after July
1, prepared by the War Man¬
power
$1,000 and 40% of the
$1,000 be made as .a com-*
pulsory loan to the Government
or
put into some type of sav¬
ings, if compulsory savings were
fi¬
be
dependents, require that 20%
next
approximately that percentage of
there is the Division of
"Then
most
in
Office
in the future.
or
"Although
food
and
medical
supplies may very well be the
pressing need
which
problems,
in which
that
ated nations of
the
with,
hand
these
areas
of evil nationalist leaders.
poses
start
War information has certain mat¬
been
by the Nazi hordes.
overrun
To
With
ance.
wards inherent in these
programs
One schedule of rates proposed
approximately 85% of
housing now be¬ for compulsory savings or lending
...
follows:
officials
future re¬
of
all private war
,
as
promise
uncertainties, most private justifies a greater restriction of
lending institutions are reluctant consumption among the lower in¬
to finance war housing projects come
groups than would be fair
~
about
the
and
war
running countries and to provide concentrated
in any one agency. the 'straw that broke the camel's
housing needs, he said.
*
"some temporary supervision" of
;(2) Free medical treat¬
As matters stand at the moment, back.'
"Upon completion of these stud¬
the
educational
system
which and
ment
as
provided by hospital
as they will
develop until the
ies, the National Housing Agency
Germany had used to convert its conclusion
of some kind of peace, clinics has become, such a factor
will
make a further
own and other peoples to the Nazi
request to
there are at least four agencies in the public economy that an ex¬
Congress for additional Title VI
philosophy.
lucid educational pro¬
that will be concerned with mat¬ tremely
authorization as well as for addi¬
From
the
"Times",
we
also
ters related to the problem before
gram would need to be promul¬
tional appropriations for publicly
cjuote:.
\■■
-A!;;'
you.
In sequence, the significance gated to pave the way for volun¬ financed
war
"in
housing projects,
opening up the subject, of these
organizations will
be tary .acceptance of medical insur¬ Mr. Blandford said.
Commissioner Studebaker said:
...
addition,' Treasury
said
thereby.
.■
"No
present provision, the no¬
annually—thus in part defeat- tice states, has been made for the
ingi the purpose of the higher: coupons due April
1, 1932, to Oct.
000
.
taxes.
1, 1933, inclusive, but they should
Advocates of compulsory lend¬
ing
or
saving levies
say
be
retained
that they ment."
for
future
adjust¬
THE COMMERCIAL
Number 4170
.Volume 157
CHRONICLE
& FINANCIAL
1503
lower,
but
with
no
sharp .of present-day steel, is empha¬
Changes. OPA has announced ex¬ sized by the fact that third-quar¬
tra charges by warehouses on Na¬
ter requests for steel total over
tional Emergency steels,; mainly 20,000,000 tons, against probable
for special treatment or quality.
■total production of 14.500,000 tons,
or
Wholesale
Commodity index Advanced 03 %
During Week Ended April 10, Says Lahor Sept.
The U. S. Department of Labor, Bureau of Labor Statistics' com¬
.
,
.
."The
supply
scrap
situation in
i
"There
■
other
numerous
are
prehensive index of prices in primary markets rose 0.1% during the general is easy, steelmakers being problems in the steel industry at
week ended April 10.
At 103.5% of the 1926 average the all-com- well
supplied and adding to re¬ the present time.
With an allmoaity index was 5.5% higher than at this time last year.
a... a"; serves in a few cases."
aaAA av*. time high total of 95,000,000 tons
The Bureau's announcement issued April 15 further stated:
;
"The Iron Age" in its issue of of iron ore to be moved this sea¬
"Farm Products and Foods: Following sharp.advances during' the,
son
down the Great
.
.
today
preceding two weeks, average prices of farm products in primary
markets declined 0.3% during the week ended April 10.
Quotations
for rye declined 6%; wheat and eggs, iy2%; and cotton, nearly onehalf of 1%.
Lower prices were also reported for oats, flaxseed and
calves, and for apples (New York market), lemons, and white pota¬
toes (New York market).
Higher prices were reported for corn,
steers, light hogs, wethers, oranges, and fine clothing wool.
" %
"On April 7, following the statement by the President on prices
and wages, further declines were; reported in leading markets for
,
'*
'
-
this week.
spected material
ceiling prices.
or
by the index for 'all com¬
"During the period
She
the
Luce,
the
about
drafting
asked,
was
House
as
member of
a
Military Affairs Com¬
mittee, what she thought of pro¬
posals to draft 17-year-old youths.-.
"That's a brutual question," sbo
replied, "and I'll give a brutal
We have gotten into such
answer.
a
tangle
.
the
on
that
tion
manpower
drafting
would be the
only
ques¬
17-year-old:?
out."
way
of opera¬
pective shortage of coke for blast
furnaces." If ovens are to be com¬
pleted
on
essary
Steel
not allowed
are
m.
Sees Inflation Unless Excess
by steel experts, construc¬
the
scale
deemed
nec¬
com¬
divert
to
coke
more
needed.
than
will
ever
,+,/AAAa
A'A+A
be
Money Is Siphoned Off
Jones
"Users of steel have been going
specified by the Gov¬
A:a 1 •
•
/"■ "The importance of plate mills,
which account for a large share
Jesse
have
in-
businesses;
facing a dark future.
Secretary Jones,
who
are
is also
Agency,
head of the Federal Loan
offered On the basis of individual
told
needs."
Committee during recent hearings
on
the
Commerce
Department
the
House
Appropriations
supply bill, which was reported
on April 5, that the best estimates,
WMG Restricts Transfer Off 27 Million
of rapid changes caused by price controls,
will
"we
believes
llation, in spite of the world," un¬
less a substantial part of $43,000.-'
000,000
in
excess
purchasing
power is siphoned off.
He also
through difficulties, too. Special
priority assistance is likely to be
those
ernment.
Commerce
of
Secretary
fears the nation's small
-
steel to products other
raw
than
Jesse Jones Fears Far
some
ingots temporarily.
much
remained
The Bureau makes the following notation:
v
in
panies
products and foods/ industrial commodity
comparatively steady.
Prices for linseed oil,
maple flooring, and Poncterosa and Idaho pine, and for boxboard and
powdered soap advanced.
Rosin, turpentine, sewer pipe, and copper
sulphate declined.
Quotations for binder twine advanced more than
19% during the week as a result of action by the Office of Price
Administration.
California crude petroleum rose about 6% and cattle
feed prices were somewhat higher.!'
aa
car¬
tion
will
have
to
be
spurred.
producing areas.
"Lack of finishing
space
and Temporarily, at least, a number
storage space brought some plate of blast furnaces are down for
repairs,
but
when
producers face to face with the long-needed
is
completed
problem of what to do with slabs the rehabilitation
tions
modities other than farm
markets
threatening
was
to slow down the chain
during the week.
In addition to
higher prices for certain fruits and vegetables, price increases were
reported for bread in Chicago and New York, rye flour, black pepper,
and fresh veal.
These price changes were primarily attributable to
the rationing program and adjustments by the Office of Price Admin¬
"Industrial Commodities: As indicated
But, in the meantime,
pileup of produced but unin¬
the
/'Food prices advanced 0.1%
istration in
Lakes,
stated, in part,
follows: "The controversy over riers still
are
unable
to
break
of
steel
plates, through the thick ice and it may
which has grown into one of the be May 1 before full-scale oper¬
moat regrettable incidents on the ations are under way. At Wash¬
home front in this war, appeared ington, recommendations are be¬
proceeding toward a conclusion ing pushed for alleviating a pros¬
A..
1
1
22)
Mrs.
of 17-year-old boys:
the A inspection
'
wheat, flaxseed, hogs, wool and cotton.
(April
as
of
of
the
national
the figure
income
Workers In Essentia! Industries
set
materials allocation, and rationing the Bureau of Labor Statistics will
to report changing prices.
Indexes marked (*),
however, must be considered as preliminary and subject to such ad¬
(Continued from page 1501)
this
year
advices of April 5
attempt promptly
justment
reports."
revision
and
required
as
by
later
and
syndicates;
complete
more
pictures
;
•
following table shows index numbers for the principal
groups of commodities for the past 3 weeks,,for March 13, 1943 and
April 11, 1942 and the percentage changes from a week ago, a month
and
'
•
....
Apri 10. 1943. from—
Commodity
1943
All commodities
Parrn productsFoods
AA
Building materials.-
-
98.1
104.6
97.0
118.4
118.4
1.18.4
119.8
96.9
9G.8
96.8
96.8
97.1
Cl.l
80.8
.HG3.9
*103.9
.
80.7
0
o
103.9
*103.9
1G3.9
110 3
110.4
1)0.4
110.4
110.5
—o.i
100.1
10C.0
100.0
97.1
A .OA
104.2
104.2
1C4.2
104.2
104.3
SI.3
91.2
HI 2.7
112.8
93.0
93.0
*100.8
—
-J
*100.7
,
,
91.2
91.2
112.5
112.1
99.4
92.9
82.9
92.8
Manufactured products A—A A-.
All
commodities
100.7
*100,6
98.5
+ 0.1
farm
All
■'
+ 0.1
89.7
—0.1
0:
*99.0
other
*98.9
*98.8
*98.8
96.7
+ 0.1
*96.7
productsAAAAAAA.
commercial
establishments; radio
radio communica¬
tions (radio telephone and radio
telegraph); submarine cable; tele¬
1942
*96.7
*96.6
*96.6
95.6
0
+0.2
+
+
1.2
harnesses;
tools;
matic
systems;
tube
Operations Increased—Demand Lower—
iosl Second Quarter Steel Covered By CMP
and
Steel
Institute
April
on
19
power
pneu¬
laun¬
electric
appli¬
motors, engines, heat¬
ing' equipment;'. scientific,
com¬
mercial and industrial weighing
Steel
Iron
stoves;
equipment;
dry
and:
ances
American
services
the
on
types
of
as re¬
32.
community.
Health
telegraphic
Serv¬
of
physicians,
dentists,
oculists,
sur¬
osteo¬
research
agencies;
and
production of technical
vocational training films.
reports
34.
Governmental
Services.
35.
Technical,
Scientific
and
Management Services—The sup¬
plying of technical, scientific and
management services to establish¬
ments engaged in war production;
i union
management
negotiation
iservices; and the publication of
Tax On Rick—
Sees Draft Of Women And Yoimger Boys
.
—
March
rated orders
which
in
could
22
not be
as
of!
pare
down
stocks
excess
before
displaced | effective date of CMP.
solvable
orders/ steel producers j
"However, third quarter buying is increasing and in some
are in better position to appraise
cases allotment numbers for plain
delivery schedules.
.
"Most
tion
consumers
under Produc¬
obtained
Requirements Plan
validation
who
some
their
of
did
not
orders
were
and
advised
steel
carbon
for
of
been
have
and
treated
CMP orders have
In
alloy
by Washington that all allotment
would
be
applicable
few days, and anticipat¬
four Atlantic Coast
numbers
within
a
"Steel
set
piling
allotment numbers believe
they have little chance of obtain¬
ing delivery, because of the vol¬
ume of CMP orders on mill books,
which
from
now
on
will take
in accordance with the
ting
precedence.
"Mills
second
but
are
quarter on some products
small
many
not fully booked for
PRP
possibility
orders
exists
getting
of
lations and
entire
as
a
have
by OPA
price
are
now
•
-
the
recently
been com¬
zones
ing little delay.
Those who have
given assurance of get¬
delivered
steels
in
warehousemen
not been
up
case
,/A
schedules
new
regu¬
faced with
an
change, effective May: 15,
result
of
the
order
by
the
Interstate Commerce
Commission;
suspending to the end of the year
the freight rate advance of March,
1942. New prices show little vari¬
ation from those
on I feet,
some
group
previously in ef
being slightly higher
as
up
the White
of waltzing mice
Commission,"
and
in the bureaucracies and-in
gress,
House, have jacked up
the price
it
of this war by thousands
thousands of lives."
upon
knowledge of this as much
Associated
Press
advices
from
anything else that is holding Bridgeport, Conn., on April 17
the passage of the bill in Con- |had the following to say in part
gress.;
;
indis-
pretzel benders ruhning the
is the
been issued for
still later delivery.
.
apparently
but
Manpower
received
November shipment.
specially
small
the
CMP
by
we
000,
of
in
some
is
the
which
item
whole
our
would
there
buy,
can
excess
an
$43,000,000,-
inflationary,
economy," he
testified.
He
advanced
how best to
to
no
suggestion as;
siphon off the ex¬
income.
The
"has
nation's
he said,
economy,
not
•
a.
Praising
vision
on
said .this
about
1
President
never
Mrs.
matched "by
Luce's
remarks
con¬
Federal Government."
Hitting out at what she termed
the
"sometimes downright silly
administration of the ration pro¬
gram," she said, "If the New Deal
is indeed on the skids, those skids
will be lubricated with rationed
grease:"
was
women
very
hadn't
sad be¬
stepped
to
volunteer
in sufficient
numbers, and asserted, "This war
is not going to be pleasant."
up
sult that poor
administration from
the top has percolated down into
every bureau and branch of the
Luce
the
cause
commensurate degree of ad¬
ministrative ability," with the re¬
any
butter and goose
Mrs.
Roosevelt's cerning the drafting of women:
international affairs, she
was
interested
heads
were
small
industries
that
in
helping
cannot
get
and
the
-
machines; farm and other indus¬
trial
scientific equipment;
roof¬
announced
scientific
Glare Luce Demands Heavy
riod
be
cess
ices—Offices
geons,
Welfare
and
ing, and electric, gas, and plumb¬
which it had received indicated that the
ing and heating installations in
operating rate of steel companies having 91% of the steel capacity
domestic, commercial and indus¬
of the industry will be 99.1% of capacity for the week beginning
trial
buildings.
Blacksmithing; 'technical and scientific books and
April 19, compared with 98.8% one week ago, 99.1% one month ago armature
rewinding;
locksmith- .journals.
and 97.6 % one year ago.
This represents an increase of 0.3 point or
0.3% from the preceding week>
The operating rate for the week
{.schedule for this, the last quarter
beginning April 19 is equivalent j before the Controlled Materials
to 1,716,100 tons of steel ingots I Plan becomes fully effective.
A
and castings, compared to 1,710,- I number of rated orders are being
a
•
•
900 tons one week ago, 1,716,100!; cancelled outright, with mills en(Continued from first page)
tons one month ago, and 1,657,900 I couraging this step as
much as
"This is the time to get on with
tons one year ago.
A I possible.
' it "if President Roosevelt will in¬
"Steel" ' of
Cleveland,
in
its1
"Buying is less active than a form Congress that he really be¬ the war and to take; whatever
summary
of the iron and steel j: month ago, a lull interpreted as a lieves ' it to be a win-the-war' hard steps are necessary to win
it.
We all know now that,the
markets, on April 19, stated in j breathing period between quar- measure."
a, a-a aaa-■; -aa
that have been
made,
She added, however, that the .mistakes
part as follows: "Since April 15, j ters. It also is taken as indicating
even since Pearl Harbor, in Con-<
which marked passing of the pe- ; further efforts by consumers to bill could not be administered "by
that
things
quired for the minimum essential
machines/elevators; shoe repair-I-colleges, universities and professchools,
educational
and
ing; radios; refrigerators; clocks; sional
2.4
+0.1
•
Preliminary.
The
to render all-around
equipment specified herein
and
broadcasting;
than
farm products and foods
*
*
Utah
other
commodities
,
als qualified
further said:
prices
for
the
current
—
0
■
Sent i ma n u f a ctu red a r tides A A-J,
industrial
private
consid¬
eration be given only to individu¬
needs of the
and
that
—
+ 0.4
77.9
100.1
.
Miscellaneous commodities—
+ 0.1
•-.Js
+ 0.1
80.8
*
intended
yet felt the seriousness
paths, podiatrists and veterinari¬ of what is
going to happen to lit¬
+
+ 9.3
5.5
ans; medical and
dental labora¬ tle
+ 0.6
+ 18.8
business, but little businesses
graph; telephone; television.
tories; hospitals; nursing service; are
+ 0.8
+ 11.2
beginning to dry up" and. as
0
30. Heating, Power, Water Sup¬ i institutional care; auxiliary civil¬
1,2
"conditions get worse and there
4- 0.1
A. 0.2
ply and Illuminating' Services—- ian welfare services to the armed
are
fewer things to buy, sell and
+ 0.5 + ■ 4.1
Electric light and power, water forces; welfare services to civil¬
0
0
trade in, more of them are going
and
—0.1
0.2
gas
utilities; steam-heating ians.
Aaa; :AaA;A/.av:A a/;.a aA '
to dry up."
4- 0.1
+
3.1
33. Educational Services—Pub¬
companies.
■
Without referring to any other
0
1
+ —Pi
31. Repair Services—Repair of lic and private industrial and ag¬
+ 0.1
+
1.8
agencies operating to aid small
vocational
+ 0.5
+ 13.4
training;
vehicles, such as bicycles, motor¬ ricultural
business, Mr, Jones said the Re¬
+ 0.1
+
0.2
cycles, automobiles; buses, trucks; elementary, secondary and pre
construction Finance Corporation
+ 0.2
+
2.3
tires; /typewriters; and ; business jjparatory schools; junior colleges, and affiliated
agencies which he
—0.3
107.0
.
is
4-11
1943
+ 0.1
123.5
107.6
products A:
nia ter ia 1 s A——-
*103.2
124.2
107.8
.
Housefurnishing goods-,.:Kaw
*103.3
1943
118.4
materials—-A
products—A—
Metals and metal
*103.4
1942
3-13
124.7
products—
Chemicals and allied
1943
4-3
107.9
Textile products AAA A*AAA
Fuel and lighting
1943
4-11
*124.3
A-—-
A
Hides and leather
1943
103.5
groups—
It
repair
lic
Percentage changes to
3-13
3-27
4-3
films for the
training
Associated
"At
ing.
Army, Navy and War Production
industries); protective signal sys¬
tems which supplement fire and
(1920=400)
4-10
motion
police protection to military, pub¬
'
a year ago:
of
(including technical and
vocational
The
ago,
production
at $119,000,000,000.,
Press
Washington
•
that
she
understood the Waacs, Waves
and
Mrs.
Luce,
declaring
still need half a million
women,
said: "We may have to
come
to drafting women to fill
Spars
the auxiliary
United
services,"
Press
gave
the
New Turfco-German
A Trade Fast
Associated
on
official
but
well-informed
un¬
quar¬
that Germany and
signed a new trade
involving the barter
had
agreement
estimated
goods
mately
at
The
$30,000,000.
continued:
'
of
Details
approxi¬
advices
:
-
the accord
were
not
disclosed.
Authori¬
have indicated,
immediately
tative
quarters
however,
it
that
unlikely
was
Turkey would sign any agreement
Turkish
of
shipments
involving
chrome—the commodity in which,
the
Germans
are
most vitally in¬
terested.
A Dr. Karl Clodius, German eco¬
nomic expert, has been here nego-
Turkey
chrome
agreement
under
which
was
to have delivered
to Germany last year in
railway equipment
for
exchange
heavy industrial prod¬
other
ucts
the
expired
were
never
made
last
of
end
shipments
chrome
The
month.
many
authorities
25.
March
An
and
Turkish
with
ciating
since
because
failed to make the
Ger¬
required
deliveries.
Reports
were
current,
mean¬
while, that Franz von Papen, Ger¬
man
Ambassador
to
Turkev,
would
for
a
ences
other
ers
from
from
reported
Turkey
of
Reported
advices
April 19, said that
Ankara,
ters
Press
depart early
trip
with
Adolf
German
here
pected
Berlin
to
linked
in the week
for confer¬
Hitler i and
leaders.
von
Observ¬
Paoen's
ex¬
departure
with
recent
of
Hungarian, Rumanian
on the same visits
following remarks and Balkan leaders to Germany.
Bridgeport, .Conn.,
day
advices
'
work.
war
1504
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, April 22, 1943
March Retail Prices Increase
Slightly,
Moody's Bond Prices And Bond Yield Averages
Moody's computed bond
bond yield
According To Fairchild Publications Index given in the following tables:' prices and K\:
'
.*
averages
'
Retail prices have shown a
slight increase after remaining con¬
stant for eight consecutive months.
During the month of March the
composite index has gone from 113.1 to 113.2, an advance of 0.1%.
MOODY'S
(Based
1943—
Daily
This is only an increase of 0.6% over the same period last year, nar¬
rowing the spread, even though prices are still slightly higher than
ira 1942.
The comparison with the 1939 period preceding the out¬
break of
shows
war
firm's
The
April
available
118.21
109.60
108.08
109.60
15
19
"The
only
the
af¬
fected by increases in furs.
This in turn gave reason for the slight
advance recorded by the composite index.
All the other groups re¬
mained at the same level as during the preceding month.
Men's ap¬
parel for the second consecutive month has displaced piece goods
in showing the largest rise over 1942, an increase of 2.5%. The small¬
est was recorded by home furnishings, 1.0%.
Piece goods still con¬
tinue to show the most advance over the 1939 period, and infants'
"All the
remained
at
the
level
same
niture
advanced
the
least.
3
"Even
with
slight movement recorded by retail prices this
month, the indications are that they will continue to remain around
the
level in the
same
future, according to A. W. Zelomek, econo¬
Whatever move¬
near
mist under whose supervision the index is compiled.
has
ment
shown
been
to the various
the
in
individual
commodities
has
price regulations which permit adjustment of the ceil¬
PUBLICATIONS
Copyright
1943
Men's
.
'
Index
Fairchild
100.65
112.93
115.63
110.52
96.38
100.81
112.93
115.63
and
115.24
110.52
96.54
100.81
112.93
115.63
109.60
117.80
115.43
110.52
96.69
100.98
113.12
115.63
118.00
115.43
110.52
96.85
101.14
113.12
115.82
action national policies looking to
the improvement of nutrition and
109.79
117.80
115.43
110.52
96.85
101.14
115.82
the
109.79
117.80
115.43
110.52
96.85
101.14
113.12
115.82
in
109.79
117.80
115.43
110.52
96.85
101.14
113.12
115.82
115.43
110.52
96.85
100.98
112.93
115.63
117.80
115.43
110.52
96.85
100.98
113.12
115.63
117.80
115.43
110.52
96.69
100.98
113.12
115.63
109.60
117.80
115.43
110.52
96.23
100.65
113.12
115.63
109.42
117.60
115.43
110.52
95.92
100.32
113.12
115.63
promote
109.24
News
Mar. 1,
1943
Feb. 1,
2,
1943
1943
112.5
113.1
113.1
100.16
112.93
115.43
foodstuffs
115.43
110.34
95.77
100.16
113.12
115.43
110.15
95.47
100.00
112.93
115.43
117.11
109.06
117.60
115.24
110.15
95.01
99.68
112.93
115.43
117.13
108.88
117.60
115.24
109.97
94.86
99.36
112.93
117.60
115.43
111.8
112.2
112.2
112.2
112.2
115.43
108.88
117.60
115.04
109.97
94.71
99.04
112.75
115.63
consideration to the attainment of
108.70
117.60
115.04
109.79
94.56
99.04
112.56
115.43
equitable
117.05
108.34
117.20
114.66
109.60
94.26
98.73
112.37
115.24
117.05
108.16
117.20
114.66
109.42
93.82
98.41
112.19
115.04
117.02
__
1
__
107.62
116.80
114.08
109.06
92.93
97.62
112.00
114.66
Exchange Closed
115.63
110.70
96.85
101.14
113.31
115.82
116.80
113.89
108.88
92.35
97.16
111.81
117.20
114.27
108.88
92.64
97.47
112.19
114.66
115.90
106.04
115.43
112.75
107.09
90.63
95.32
109.60
118.03
106.92
116.41
113.70
107.62
92.20
96.85
110.70
114.08
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
20,
1941.;
(Based
BOND
Men's
Individual
on
Dany
Govt.
Corpo¬
Averages
Bonds
19
the
obtain
to
need
Corporate by Ratings
Aa8
rate
Aa
A
R. R
3.19
2.75
2.88
3.14
3.97
3.70
3.19
2.76
2.88
3.14
3.96
3.69
2.00
ade¬
own
sur¬
production."
Corporate by Groups
Baa
1.99
17
maintain
to
Prices)
1.99
_
_
and
quate markets for their
AVERAGES!
Closing
P. U.
Indus
'/ 3.01
-J
Ended
2.86
3.01
April 10, 1943
According to the National Lum¬
2.86
"
107.5
108.1
108.1
108.1
115.5
115.5
115.5
84.7
84.7
84.7
108.0
108.0
108.0
143.8
143.8
143.8
3.69
v,3.01
2,86
ber
2.76
2.88
3.14
3.98
3.70
3.01
2.87
2.76
2.89
3.14
3.97
3.69
lumber
3.01
2.87
2.02
3.19
2.76
2.89
3.14
3.98
3.70
3.01
2.87
Association,
shipments of 449 mills re¬
porting to the "National Lumber
2.03
3.20
2.76
2.89
3.14
3.99
3.71
3.01
2.87
Trade
2.04
3.19
2.76
2.89
3.14
3.98
3.70
•3.01
2.87
10
108.0
143.8
3.97
3.19
3.19
12
84.7
84.7
107.8
142.8
2.76
2.00
2.01
13
115.5
3.19
16
108.1
115.1
2.04
3.19
2.76
2.89
3.14
3.97
3.70
3.01
2.87
2.04
3.19
2.76
2.89
3.14
3.96
3.69
126.8
126.8
126.8
3.00
2.87
8
2.04
3.18
2.75
2.88
3.14
3.95
135.0
3.68
135.0
135.0
135.0
3.00
2.86
week
new
7
2.05
3.18
2.76
2.88
3.14
3.95
3.68
3.00
2.86
were
7.4%
2.86
&
_
_
incl.
'
_
2.76
2.88
3.14
3.95
3.68
3.00
94.1
5
2.04
3.18
2.76
2.88
3.14
3.95
3.68
3.00
2.86
139.5
140.5
140.5
140.6
140.6
3
2.05
3.19
2.77
2.88
3.14
3.95
3.69
3.01
111.2
111.2
111.2
2
2.87
111.2
2.06
3.18
2.76
2.88
3.14
135.3
134.5
134.6
134.5
135.3
2.07
3.19
2.76
2.88
102.4
102.7
102.7
102.7
102.7
2.08
3.19
2.76
2.88
2.77
92.7
92.1
,
92.4
94.1
94.1
% 92.4
k/
92.4
92.4
106.0
108.0
108.0
108.1
114.8
114.8
114.8
109.6
98.8
99.1
99.1
99.1
99.1
Feb
92.7
94.3
94.3
94.3
94.3
106.0
106.0
106.0
109.6
109.6
109.6
109.6
Underwear
113.4
114.5
114.5
114.5
74.3
-
Furniture
103.2
103.7
103.7
103.7
103.7
8
105.8
106.0
106.0
106.0
106.0
Radios
129.1
129.2
129.2
79.9
_
145.2
146.8
146.8
129.2
129.2
146.9
<
146.9
50.6.
66.8
66.8
66.8
94.7
94.7
94.7
94.7
is
93.5
93.5
93.5
93.5
93.5
81.5
NOTE—Comoos'te Index
110.4
110.6
110.6
110.6
Major group indexes
are
:, 2.88
3.15
4.02
3.74
3.01
2.88
4.02
3.74
3.00'
2.88
2.88
3.15
2.77
2.88
3.16
4.04
3.75
3.01
3.22
2.77
2.89
3.16
4.07
3.77
3.01
2.88
3.23
2.77
2.89
3.17
4.08
3.79
3.01
2.88
of
3.23
2.77
2.90
3.17
4.09
3.81
3.02
2.87
ceeded
2.90
3.18
4.10
3.81
3.03
2.88
2.92
3.19
4.12
3.83
3.04
ders by 21.0%.
2
Electric Output For Week Ended April 17,1043
Shows 18.4% Gain Over Same Week Last Year
3.24
2.77
3.26
2.79
3.27
2.79
2.92
3.20
4.15
3.85
3.05
3.30
2.81
2.95
3.22
4.21
3.90
3.06
2.92
The Edison Electric
Institute, in its current weekly report, esti¬
mated that the production of
electricity by the electric light and
power industry of the United States for the week ended
April 17,
approximately 3,916,794,000 kwh., compared with 3,307,700.000 kwh. in the corresponding week last
year, an increase of
18.4%.
The output for the week ended April
10, 1943, was 16.9% in
excess of the similar period of 1942.
was
INCREASE
OVER
PREVIOUS
*
2.81
2 96
3.23
4.25
3.93
3.07
2.93
3.18
2.75
2.87
3.13
3.95
3.68
2.99
2.86
3.39
2.88
3.02
3.33
4.37
4.05
3 19
3.02
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
1.97
3.34
2.83
2.97
3.30
4.26
3.95
3.13
3.03
3.37
4.35
3.97
3.16
April 17
the
or
average
and
8.9
latest complete list of bonds used
the issue of Jan. 14, 1943, page 202.
U. S. Invites 42 Rations
Pacific Coast—
—____
DATA
—
FOR
RECENT
10.0
7.5
13.1
12.5
13.1
14.8
12.4
11.0
14.2
United
19.7
22.5
25.4
10.6
post-war
12.3
12.2
26.9
24.4
26.3
16.9
16.2
17.4
% Change
1943
Week Ended-
The
3,779,993
-
Jan
16
Jan
23
______
Jan
30
—
Feb
6
3,288,685
+ 14.9
2,845,727
1,619,265
3,952,587
9
1942
1,542,000
3.472,579
+
13.8
3,002,454
1.602,482
1,733,811
1942
State
nounced
United
1941
1932
1929
date
+ 14.5
3,012,G38
1,598,201
1,736,72?
+15.5
2,996,155
1,588,967
1,717,31,
3.468 193
permit
+ 14.7
2.994.047
1,588,853
3,474,638
1.728,20?
States
be
+ 14.0
2,989,392
1,578,817
3 4?i,fi3.9
1,726,163
+ 35.1
2.976.478
1.545,459
3.738 304
3,423,589
+ 15.3
2,985,585
1,512,158
3,409,907
+ 14.2
2,993,253
1,706,71?
-
3.946 630
1,519,679
3,392,121
1,538.452
3,944.679
1. "702.570
3,357,444
+ 17.5
2,983,591
1,537,747
3.946.836
3.357.032
1.687,229
+17.6
2.983.048
3.928,170
1,514,553
3.345.502
1,683,262
+ 17.4
2,975.407
1.480,208
3 348.608
1,679.589
+ 16.3
3.004.639
1,699,250
delegates
Va.
invited
42
send
their
acceptance.
was
was
The
to
to
the
30
in
order
reach
to
to
this
have
been
other*. United
Nations,
Latin-American
associated with
war, and to
and Liberia,
sent
them
coun¬
in
the
3
3.889.858
Apr
10
3.882.467
3,320,858
+
16.9
2,905,581
Apr
17
3,916,794
1,480,738
3,307,700
+ 18.4
1,696,543
2,897,307
1,469,810
1,454,505
1,709,331
1,699,822
and
3,273,190
2,950,448
1,465.076
1,633.291
was
published
delegation
average
of
corre¬
1935-39
pro¬
mills was
greater;
shipments
were
greater, and orders were
greater.
Steel
Van
as
China.
Assistant Director
The
are
Under-Secre¬
General
Thomas
Parran
of
of
Mr.
10
was
President
on
regret.
He had
the
with
member of the WLB since
a
its creation in January,
Mr.
1942.
appointed origin¬
ally as one of the two employee
representatives of the CIO and
retained
his
position
after the
Kennedy
was
CIO
United
and
Workers
Mine
split.
Bittner
Mr.
WLB
the
•
Kennedy's resignation
April
been
Mine
United
the
by
as
of
the
the
America.
accepted
ice, and Murray D. Lincoln,
secretary
fill
caused by the resignation
Thomas
Kennedy, Secretary-
United States Public Health Serv¬
Bureau
of
member
Board- to
vacancy
the
ex¬
Bittner,
a
Labor
ap¬
of the
of America (CIO
A.
Workers
affiliate),
has
Roosevelt
President
pointed
ap¬
Agriculture
Paul
H.
Appleby, W. L. Clayton, Assistant
Secretary of Commerce; Surgeon-
a
has
substitute
been
member
serving
of
the
for several months.
Ohio
Federation.
Ac¬
cording to the Associated
the invitations stated:
Press,
+
"The purpose of the conference
is
to
an
invitations
eight
tries
necessary
delegates
Apr
2,959,646
to
of
Eg^pt, Iran, Iceland
Among those who
have accepted invitations are the
Soviet
Union, United Kingdom
+ 16.2
29.9%
War
Stabilization.
tary
held
Springs,
has
and
other
on
country.
3,892.796
—
will
Hot
Economic
Farm
3.440.163
_
Mar 13
at
Claims
ecutive
3,450,468
3,943,749
average
serve
movement
headed
the
originally
scheduled to be held on April 27
but the postponement to the later
3.960.242
20
the
pointed by President Roosevelt to
represent the United States will
an¬
conference
conference
3,974,202
3.939.703
five-man
representatives to
the meetings and to date 25 have
3.976.844
13
Department
April 10 "that
problems
18
nations to
3,952,479
—
on
Nations
May
on
The
1943
over
The
indicated
(Thousands of Kilowatt-Hours)
37.8%
of
of
9.4
WEEKS
either
computing these indexes
of
Mar. 27
The
Total United States
in
be
18.4
Rocky Mouritain
to show
"typical" bond
by
Marvin
Jones,
Judge of the United States Court
30.4
Southern States
or¬
reporting
Workers of
13.8
.
week
Treasurer
14.8
-
one
more
tThe
20.3
West Central—
the basis of
,
15.0
V
on
not purport
movement of actual price quotations.
They merely
comprehensive way the relative levels and the relative
yield averages the latter being the true picture of the bond
market.
15.3
15.7
;
_________
yields
do
average
a
YEAR
Apr. 3
25.9%
ex¬
>
Compare to the
of
mills
16.7%;
Bittner WLB Member
3.40
maturing in 25 years)
coupon,
17.0
Middle Atlantic—
Central Industrial
Apr. 10
£quiya-..
date, shipments
identical
production by
sponding
3.06
'•<%■
1.94
-Week Ended
Major Geographical DivisionsEngland--
New
are
2.95
2.83
ago
1941_
illustrate in
In
reporting
duction
3.31
♦These prices are computed from
)f
For the year to
2.90
•
2.14
1942_
19,
:evel
the
aeo
Years
'.3%%
in
2.89
2.88
1.93
20,
Apr.
files
days' production at the
current rate, and gross stocks are
equivalent to 37 days' production.
2.76
1.99
___
order
mills, unfilled orders
3.21
2.08
1942
mills
produc¬
lent to 38
3.20
arith-
subgroups.
PERCENTAGE
2.77
Exchange Closed
Year
Apr.
2.87
2.07
______
1942
1
3.00
2.06
1943
Low
3.73
2.87
2.06
1943
High
110.6
weighted aggregate,
a
Low
4.01
3.21
66.8
94.7
72.5
Appliances
__________
tnfetic averages of
66.7
60.1
___
Luggage
High
3.14
2.06
_
;
1
69.4
Coverings
2.88
2.87
: 2.87
k
2.06
15
80.9
__i
■
3.00
2.06
-_
Jan. 29
114.5
3.00
3.71
Unfilled
same
reporting mills amounted to 95%
of stocks.
For reporting softwood
2.06
22
J
74.0
...
3.00
3.69
3.99
2.07
_
5
108.3
3.20
3.69
3.96
tion.
week
these
than
greater
pro¬
the
In the
of
orders
2.06
__
_
11
105.9
r
3.95
3.14
.3.14
t
2.07
26
!
Household
2.07
19
104.7
76.3
.
Electrical
_
_
5
108.1
114.4
70.1
_
_
19
■
'
64.9
_
i;
v-
26
12
69.6
_
1
Mar.
69.7
Bocks 5
'.t
94.1
74.3
__
__
Overalls
Infant's'Wear
China
3.18
110.0
76.5
Caps__
Clothing
Shoes
2.05
75.5
:
Neckwear
for
126.8
69.2
1
&
exceeded
11.3%
by
126.7
59.2
Hosiery
Barometer"
duction
F; 134.3
Apparel
Shirts
Manufacturers
ended April 10, 1943.
83.6
V
Dresses_ii_«'
Brassieres
__
Shoes
3.14
66.8
House
&
_
Hats
2.88
6
;
&
Underwear
Apr 24
YIELD
Avge.
Apr. 20
world
Lumber Movement—Week
U. S.
105.3
the
agricultural products which they*
will
ago
19,
112.7
of
countries
nec¬
enable
to
the foodstuffs and other essential
1942.
Years
105.3
order
in
essary
72.9
Shoes
Mar 27
arrangements which will be
65.0
Comfortables
&
Underwear
Mar 20
.
112.75
112.6
69.2
:
Furs
6
sumers.
1i4.4L
107.62
105.3
68.6
—
Corsets
Mar
prices from the view¬
point of both producers and con¬
if "Commercial,financial and other
109.79
112.6
essential
other
9
Aprons
27
and
117.09
—
107.44
105.3
designed to
production of
products and to in¬
sure for the world adequate sup¬
plies of such products with due
118.41
112.6
57.4
-A-,--
Hosiery
Feb
95.77
118.21
Women's. Appairel
Feb
110.34
116.85
104.2
in¬
117.04
—
1942—
112.1
up
arrange¬
agricultural
115.43
1943—
113.2
setting
efficient
117.80
April 1,
113.1
of
ments and institutions
117.60
Year ago
1943
consumption
agreements,
109.42
Service
Jan.
1942
of
15
—
Blankets
Feb
ternational
109.24
MOODY'S
76.4
_
Sheets
2
"Possibilities
117.60
109.79
113.00
Domestics
Jan
enhancement
general.
109.60
116.87
1942
1
stimulating
109.60
1943
Apr.
70.2
__
Woolens1
Jan
113.12
1943—
Apr.
international
110.52
115.24
117.80
116.97
1
Low
coordinating
by
115.24
117.80
117.11
______
__
8
High
of
117.80
109.60
109.60
116.86
22
Low
"Possibilities
of the
109.42
116.93
70.7
Cotton Wash Goods
1943,
96.23
vorced from the question
provision of relief.
115.63
______
71.8
Apparel
Furnishings
Floor
115.63
112.93
117.38
Jan. 29
Goods
Silks
'
115.63
112.93
100.81
96.38
plus
April 1,
65.1
_
Wear
112.93
100.98
96.38
activity. Such con¬
be
entirely di¬
will
14
Home
Piece
INDEX
PRICE
1933
Apparel
Infants'
RETAIL
69.4
+
Goods
■Women's
100.81 "
96.54
110.52
3, 1931=100
Mav. 1,
•
Piece
110.52
110.52
115.24
——
5
2
FAIRCHILD
JAN.
Composite
115.43
115.24
117.80
117.29
19
ing prices."
THE
117.80
117.20
5
due
been
sideration
115.82
117.51
__
12
High
115.82
112.93
117.80
—
26
the
112.93
100.98
109.60
26
1939, furs continue to show the
largest increase, 50.7%, and women's shoes the least, 6.8%?.
100.98
96.54
109.60
1
Over
96.69
110.52
117.43
——
2
most, furs are at the same level, and sheets and pillowcases and fur¬
110.52
115.43
117.44
_
5
Feb
eral economic
115.43
117.80
of
117.48
______
6
as
115.82
117.80
109.60
19
individual commodities
Indus.
112.93
117.51
8
month, with the exception of furs.
Furs increased 0.6% during
This brought it to the same level a year ago, thereby showing
no
rise over April 1, 1942.
In comparison with the same period of
last year men's hose and hats, and women's hose have advanced the
opportunities and possibili¬
an
expansion of its gen¬
P, U.
100.81
117.48 V 109.79
9
March.
ties
Baa
96.54
R. R.
con¬
framework
the
117.48
______
7
last
of the
A
117.68
12
10
Mar.
Corporate by Groups*
the levels of
within
110.52
117.85
13
the least. V
Aa
118.06
__
sential agricultural products, with
a view to improving progressively
115.43
118.00
;__
—
14
major groups which moved during
women's apparel, 0.1%, which was mainly
was
—
15
of the
one
March
—
16
'
month of
wear
Aaa
118.00
or
exportable'"'sur¬
pluses of foodstuffs and other es¬
sumption
Corporate by Ratings'
rate'
109.60
further
15,
Corpo-
Bonds
118.21
production, import^ re-
quirements
in each country
Average Yields)
on
Averages
17
made
announcement,
stated:
Govt.
PRICES!
:VV
Avge.
Apr. 20
27.3% increase.
a
u. s.
.'
"
.
EOND
are
regarding
provide an opportunity for
exchange of views and infor¬
mation
with
respect
to
the
fol¬
Moody's Daily
Commodity Index
Tuesday,
April
13
Friday,
April
246.0
_____
Wednesday, April 14Thursday, April 15
16
lowing topics and for exploring
seeking agreement in princi¬
Tuesday,
246.6
Saturday, April 17
Monday, April 19
ple
247.1
,
___
and
as
to the most desirable and
practicable
means
and methods of
dealing with the following prob¬
Two
Year
April
weeks ago,
Month
ago,
ago,
247.3
246.9
20_
1942
High, Dec. 22
"Plans and prospects of various
countries for the post-war period
1943
High, April
.
Low,
Jan.
Jan.
—
:
.
__
2
247.5
■
231.2
239.9
220.0
1___
2
248.6
20_____
20
lems:
Low,
247.2
•
April 6—
March
April
247.1
.
_____
249.8
240.2
.Volume 157
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4170
Total Loads
Revenue
Freight Gar Loadings During Week
Ended April 10,1943 Amounted To 739,018 Cars
Loading of
totaled
789,018
cars,
nounced
on April 15.
This was a decrease below the corresponding
1942, of 25,078 cars, or 3.1%, but an increase above the same
week in 1941, of 109,210 cars, or 16.1%.
•
' M
week of
,
Loading of
16,885
or
cars,
freight loading
totaled 381,416 cars, a decrease
preceding week, but an increase of 16,906
above the corresponding week in 1942.
:
1,664
cars
below the
cars
,
;V
Loading
of merchandise less than carload lot freight totaled
99,519 cars, a decrease of 1,447 cars below the preceding week, and
a decrease of 32,848 cars below the
corresponding week in 1942.
Coal
loading amounted to 173,831 cars, an increase of 16,374 cars
preceding week, and an increase of 13,220 cars above the
corresponding week in 1942.
above the
Grain and grain products
loading totaled 41,959 cars, a decrease
below the preceding week, but an increase of 8,098 cars
of
Southern
Alabama, Tennessee & Northern—
taled 28,822
an
cars,
decrease of 553
a
cars
below the preceding week,
increase of 7,846 cars above the corresponding week in 1942.
of livestock for the week of
April 10, totaled 10,580 cars, a decrease
of 207 cars below the preceding week, but an increase of
2,133 cars
above the corresponding week in 1942.
cars
Forest products loading totaled 42,659 cars, an increase of 764
above the preceding week, but a decrease of 4,209 cars below the
Central of Georgia
Charleston & Western
compared with the correspond¬
LOADED
AND
44
1,786
—
District—
Illinois Central System-—.
Louisville & Nashville——
2,278
27.301
22,306
16.818
15,281
11,905
10,189
172
179
930
714
223
186
189
507
;
3,173
3,174
3,537
5.766
1,295
Piedmont Northern—
1,402
1,458
357
478
480
1,421
553
378
10,988
9,969
Seaboard Air Line.
11,456
11,591
10,126
8.892
25,444
23,772
23,482
736
569
899
122
147
923
916
Winston-Salem Southbound.
Total-.
114
i
%
.
124,805
129.390
.
121.803
.I
17,665
20,081
12.352
2,508
3,062
2,966
9,052
(Customers'
3.229
3,905
231
3,288
1.434
11,229
465
525
8.460
9,890
452
617
10,134
17,382
441
...
_
..
"552
623
„.
Minneapolis & St. Louis...
■At:
568
Customers'
short
sales.
9,562
10,668
10,029
("Customers'
other
sales—
514
127
153
15,627
5,988
4.162
515
859
696
•
1,839
1,895
2,474
-39
Northern Pacific^—
8.688
1,602
2,388
3,079
9,420
5.542
86
138
153
612
2,507
3,152
81,522
110.684
109,456
62,933
56,809
21,700
20,158
20.744
11,952
8,897
3,456
3,178
3,997
—
Bingham & Garfield—
Chicago, Burlington & Quincy
Chicago & Illinois Midland
550
610
614
18.164
15,229
14,296
12,938
—
;
:
"...
—__—:
11,799,336
:
—
10,750,195
-
of the freight carloadings for
April 10, 1943.
2,734
207
817
9,753
12,262
13,736
9,430
2,653
2,431
2,383
6.092
709
835
629
2,031
1,663
3,113
2,547
1,283
5,186
4,673
564
1,004
308
161
10
17
805
1,122
2,209
1,095
Colorado & Southern-
Denver & Rio Grande Western
;
City___
——
Peoria & Pekin Union
•
83
7
27,252
Union Pacific System—
Utah—
APRIL
Total—
Total Revenue
Received from
Connections
.1942
1,356
1,391
1,601
240
14,990
1,695
26
9
53
61
■
2,335
1,943
12,270
12,826
11,705
10 012
286
452
307
224
183
173
.454
376
4,147-:
937
.
7,213
'
2.539
2,830
3,890
4.122
6,950
2,253
315
402
382
2,681
25
31
28
53,045
47,102
43,936
49,950
14,298
135
288
171
7,602
7.035
8,330
7,148
8.708
3,136
2,755
2,699
5,831
4.884
14,066
9,033
7.516
6.000
4,455
4,335
3,663
3,938
8,110
113
94
119
24
20
•;;V|V. 29
16
32
58.624
50,203
70,571
..
Wichita Falls & Southern
'
.
..
Weatherford, M. W. 81N, W.Total
5,236
66
18
.
52,447
N. Y., N. H. & Hartford—9.851
11,917
10.819
19,905
Note—Previous year's figures revised.
55,040
19,799
6,683
New York, Ontario & Western———929
956
983
2,199
6,023
15,418
555
461
2,353
1,202
Pittsburgh & Lake Erie
7.817
Pere Marquette
—i—
4,907
Pittsburg & Shawmut—943
8.389
5,473
6,780
8.420
9495
6,607
.7,604
6,452
639
160
—.
342
833
;
330
441
947
,
14'
36
215
,
280
331
392
4,638
3,372
487
651
5.525
5.526
5,945
13,104
10,934
4,990
.5,642
3,449
6,990
5,061
947;
1,091
The
168,381
148,125
236,080
Washington;
that
injured
843
650
•.
629
1,367
974
40.634
v
28,061
28,531
28.613
'4,497
2,291
1,785
284
3
3
2,093
V
.
2
1.872
1,818
6
22
8
7,258
7,721
6,943
21,784
20,106
315
672
675
97
76
Pennsylvania—>Iv!311
v 312
63
13
32
132
46
41
48
119
—.—
—.
Penn-Reading Seashore Lines——
1.439
798
843
4,248
shore
on
misconduct
said
Court
at
In
leave,
Stone, who dissented in
Aguilar case. Justice Roberts
did not
In
1,664
1,561
3,231
63,651
61.195
68 892
30.992
28,776
15.438
—
(Pittsburgh)-
Western
;
Total
,—
-U
Maryland
———
—
15.809
15.712
20,325
20,466
20,484
4,476
4.901
4,267
4,533
2,240
14,796
13,437
177 033
also
Lewis
Wood,
said:
his first
opinion, and decid¬
principle, Justice Rut-
new
latest
appointee
which
to
the
ation
was the "ship's busi¬
subjects the seaman to
attending hours of relax¬
in
strange
surroundings,"
and thus the shipowners must bear
the expenses connected with in¬
juries suffered
shore leave.
on
Two
cases
David
the
180,176
District—
143.208
172.581
173 399
Chesapeake & Ohio
involved.
were
Norfolk & Western
—
Virginian
Total
—
—
-
—
——
29.644
23.143
28.946
23,381
8.713
12.907
13,371
7,982
7.292
7.371
2,014
2,127
5,099
4,647
849
57.886
56.974
17.544
v
22,213,
ship's
re¬
tSales to offset
In
E.
to the street.
as
he
walked
In the other, Pedro
22 869
at Carteret, N. J.,
sey
by
an
automobile
on
a
vessel
was
of
were
leave."
on
Jones
struck
the premises
where the ship was docked.
men
designed
pending
to
prohibit
Both
de¬
business,
Manufacturers
The
Board of Directors in formal
lution
has
the
cases
in
recorded
organi¬
zation as being "opposed to any
interpretation
of
the
National
Labor
Relations
Board
collectively
with
detail,
employers."
practically be at the same time
employees for collective bargain¬
ing purposes and supervisors for
whether
not.
The
on
a
was
however,
"regard the
phrase more
rowly," and took the stand
to
obtain
maintenance
seaman
must
in¬
ship errand
owners,
"be
and
on
nar¬
moralization of
■■J; Hearings
ship's business.
cure
duty"
Going ashore for
personal diversion took the sailor
out
of the
ment he
ship's service the
mo¬
stepped off the deck, they
contended.
Committee
shore
Third
gation
neither
terminated
production.
now
before the House
in
nor
•
progress
Military Affairs-
legislation which
would: define foremen and: otheron
supervisory
part
of
dealing
employees
being
as
and
management
which
prohibit employers from
with
unions
admitting
The; NAM'S Board reaffirmed a
position adopted by the Associa¬
last
December
its
at
War
Congress of American Industry in:
City, when it declared
"supervisory
and
of manage¬
ment
shall, so far as the Act
(NLRA) is concerned, be treated
personnel
other representatives
as
within
ployers
the
and
definition
not within
of
em¬
the
def-
of employees for the pur¬
of collective bargaining."
inition
pose
narrowed," Justice Rutledge stated.
ship contrary
orders, however, the owner's
duty is ended. Between these ex¬
"When he leaves the
to
tremes
ing
are
for
first
of
the
of
when the
cific
on
shore
the instant cases, rais¬
the
question
scope
in
is
war
are
that
task connected with the
some
Such dual
allegiance, it was warned, could
only result. in friction and de-;
that
ship." The sailors, said the
Justice, construed this "ancient
phrase" to mean that going or re¬
7
The resolution emphasized that
the foremen cannot logically or
New York
turning from shore leave
which,
would perihit foremen to UHionize for the purpose of bargaining
ship.
of the
cluded
reso¬
the
supervisory personnel to member¬
the term "in the service
over
on
Association's
that
and
"authorized
the
of
part
a
"When the seaman's duties carry
him ashore, the shipowner's obli¬
won
of
passage
30.
pute
with
darkness
reported with "other sales."'
urged by the National Asso¬
ciation
March
tion
Discussing
the
in
are
the newest justice reviewed a dis¬
or
the Standard Oil Co. of New Jer¬
V
—
was
this rule.
Jones, leaving a
Waterman Steamship Co. vessel
at Philadelphia, fell in an open
one,
Aguilar, returning to
Pocahontas
are
orders, and sales to
long position which is less than
Prompt
legislation
would
Rutledge
of
the risks
2,156
80.186
Justice
sailors, who lived a hard life at
best, should be protected under
by
ditch
Union
brief,
cided that shore leave
3.285
1.647
78.706
——
participate.
"Times"
court, said it
ness
Justice
the
without
the seaman's part,
on
Every sitting member of the
highest bench agreed with the
Rutledge conclusions except Chief
:
special dispatch to the New
a
York
ing a
ledge,
41,262
Supreme
on April" 19,
held
of ships must pay for
owners
"maintenance and cure" of sailors
224,966
-
S.
U.
which
160,802
lost in the Second.
Sailor Hurt On Leave
14,826
,N. Y., Susquehanna & Western———576
V.
exempt"
management purposes.
Circuit Court of Appeals; Aguilar
Shipowfisrs Liable if
3.260
7,360
6.014
___
288.920
"short
Opposes Bill To
3,950
18,155
13,192
124
'11.811
2-437
1,035
370
453
1.699
Maine Central-—.
2,455
1,764
:
15.868
15,088
3,917
3.039
5,428
_
Texas & Pacific
7.435
861
2.263
,•——
Texas & New Orleans
9,057
8,860
287
2,860
2,169
269
St. Louis Southwestern
1,383
4,659
8.259
1,845
14,538
1,204
3,440
167
2,577
4,353
...
8,164
1.594
242
2,588
3,954
1,052
256
5.087
_
Missouri-Kansas-Texas Lines
Missouri Pacific
6.400
3,6G0
3,611
70,461
157
386
St. Louis-San Francisco
8,906
1
97,945
r-
1,961
2,149
..
Quanah Acme & Pacific
19.344
3,910
7
3,774
165
228
14,236
Central R. R. of New Jersey—-—.
Cornwall—
shares.....
Unionize Supervisors
:
129
525
2,026
14,078
Cambria & Indiana—
by
odd-lot
a
HAM
10,748
4,717
..
~
15,813
3,547
15,760 r
2-i
0
103,636
Valley
2,044
3.004
14,479'
2,095
Missouri & Arkansas
1,038
'•
of
round lot
a
0
2,936
8,136
liquidate
was
_
2,420
{ 290
203,940
—;
marked
customers'
1,006
109.867
1.035
-
1,404
Buffalo Creek & Gauley.———.
sales
203,640
__
establishment of foremen's unions
~
8,269
2.942
300
sales...
Dealers—
'■Sales
9,502
District—
Kansas City Southern
Midland
0
1,649
1,613
Litchfield & Madison
1943
575
—.
Shares:
ported with "other sales."
14,256
115.136
Louisiana & Arkansas.
1941
Bessemer & Lake Erie————
9.163
sales
Number
2.880
5
366
—..
—
Kansas, Oklahoma & Gulf
129
Akron, Canton & Youngstowh—--.
"■
334
15,002
International-Great Northern
593
,
;
29,996,193
Round-Lot Purchases
24,967
246
581
Western Pacific—-—;
Gulf Coast Lines
10
:
:
12.866
,
Southwestern
■vvA:
27,264
237
-
Burlington-Rock Island
CONNECTIONS
1,424
Allegheny District—
of
Total
99
-
"
■
Southern Pacific (Pacific)—.
Toledo, Peoria & Western—-
{
FROM
5,988
Reading Co.—
Dollar value
808
12,313
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
when compaired
92
Total
•
397
1,461
—.
u
.
Round-lot Sales by Dealers—
9,489
3,244
704
290
1,528
—
1,092,773
tOther
.765
4,557
Pennsylvania System
1,083,611
sales—
Short
999
215
2,210
Ligonier Valley—
Long Island—.
sales
sales—„
total
District—
913
197
2,055
7.324
Cumberland &
short
short
3,644
!;
679,808
3.671
Baltimore & Ohio—
Customers'
3,147
814,096
419
«.
J
123
255
Wheeling & Lake Erie_.
;
39,13,3
391
2,718
_
Atch., Top. & Santa Fe System—
sales....
Customers'
4.592
2,841
TotaL—
total
■"Customers'
3.063
2.295
.
.
Customers'
Number of Shares:
2.135
5,645
10.609
344
38.794
——
80
2,054
6,919
Minn., St. Paul & S. S. M
121
Lehigh & Hudson River——V——-—Lehigh & New England
Lehigh Valley
-
Number of Orders:.
/
300
1,941
1,480
—
by
Sales)
568
417....
1,936
379
New York, Chicago & St. Louis—
39.653
1,137,713
33,369,297
.
'
„
Alton
v
3.553
16,207
3,033
.
Ft. Dodge, Des Moines & South
Great Northern.
Western
.
Total
for Week
Dealers—
10.361
Elgin, Joliet & Eastern.
..
1943
10,
—„
Odd-Lot Purchases
11,922
ODD-
DEAL¬
THE
Orders.^.
18,995
Duluth, South Shore & Atlantic
Bay & Western
Lake Superior & Ishpeming.
THE
ON
Shares—
2,596
1,954
Grand Trunk Western—..—
-
of
20.152
Duluth, Missabe & Iron Range
Green
20,176
3,066,011
275
—
lots
Ex¬
EXCHANGE
April
of
Value
18.671
.
FOR
ODD-LOT
STOCK
Ended
2.629
Chicago, Milw., St. P. & Pac.
Chicago, St. Paul, Minn. & Omaha__
3,174,781
12.225
Wabash—
Y.
443
2,151
—
OF
SPECIALISTS
Number
105.582
1,929
322
Monongahela
odd
Stock
Odd-Lot Sales by Dealers*:!> :y
7!
(Customers' purchases)
Dollar
Chicago & North Western
■'
107,636
485
1,597
-
Rutland
N.
Week
District—
2,007
—246
Pittsburg, Shawinut & North-!
Pittsburgh & West Virginia——
AND
Number
Northwestern
974
Detroit & Toledo Shore Line
New York Central Lines---—
ACCOUNT
ERS
965
,
7,532
Detroit, Toledo & Ironton
handle
York
TRANSACTIONS
LOT
22,146
509
STOCK
7,267
22,607
Southern System..
Tennessee Central
6.481
—.
who
New
dealers and specialists.
1,232
459
36
—
Montour
the
1,490
Richmond, Fred. & Potomac—
ac¬
and
3,817
1.123
odd-lot
dealers
based upon reports filed with
Commission by the odd-lot
are
454
Nashville, Chattanooga & St. L—_
the
odd-lot
current
14.881
26,708
195.
for
all
continuing a series of
figures being published
by the Commission. The figures
3,677
25.759
25,759
April
on
change,
596
5,574
932
1942
•
Delaware, Lackawanna & Western
Erie
iW 837
Norfolk Southern
1,496
;
—
2,665
404
25,579
—
—
Mississippi Central—
2,305
Detroit & Mackinac
1,082
4,002
of
the
on
■
426
,
4,082
Macon, Dublin & Savannah—.
6,146
•
*
Chicago, Indianapolis & Louisville
—-
1.550
357
3,803
—.
Exchange
April 10 of complete figures show¬
ing the daily volume of stock
specialists
555
Trading
and
summary for the week ended
transactions
158
v:
a
count
V, 1.226
1,49
1,733
292
Delaware & Hudson
464
2,083
42
1,819
1943
t
Central Vermont-—-—.
■
236
1,092
50
'V'.
1,267
RECEIVED
•,
—
163
2,694
2,894
1,042
CARS)—WEEK ENDED
,,
Central Indiana-———
257
1,814
a summary
——
221
Nevada Northern—
North Western Pacific
Total Loads
Eangor & AroostookBoston & Maine
■
333
.
Gulf, Mobile & Ohio—
Fort Worth & Denver
Freight Loaded
Eastern
328
4,324
Illinois Terminal
ii
AnriArbor
2,934
Missouri-Illinois——;--—
with the corresponding week last: year.
Railroads
3,052
2,866,565
During'thisjpei^odcmly 48 mads showed increases
OF
1.521
3,454.409
the separate railroads and Systems for the week ended
(NUMBER
1,694
3,122,942
11,221,066
-
:
1,906
1,678
9,528
3.858,479
:
V
1,782
3,055,640
789,018
FREIGHT
5,090
464
3.530,849
March—3,073,426
REVENUE
4,791
429
1941
.
following table is
11,308
4,415
470
1,144
r
1942
Week of April
The
13,292
,
1943
'
.
—J
weeks of February—-
Total
13.835
116
Denver & Salt Lake
/
January—
1.564
-
decreases
ing week in 1942, except the Pocohontas, Centralwestern, and South¬
western, but all districts reported increases above the corresponding
week in 1941 except the Northwestern.
of
731
17
Number
corresponding week in 1942.
weeks
696
337
Florida East Coast—
Gainesville Midland
Central
Coke loading amounted to 14,673 cars, an increase of 268 cars
above the preceding week, and an increase of 918 cars above the
weeks of
2,519
Columbus & Greenville
corresponding week in 1942.
5
2,705
;
—
Spokane, Portland & Seattle
4
955
Securities
Commission made public
440
15,444
Spokane International
4
V 703
The
1942
320
Carolina——;
£
—
Ore loading amounted to 21,196 cars, an increase of 4,061 cars
above the preceding week, but a decrease of 29,811 cars below the
districts reported
909
—
corresponding week in 1942.
All
892
■>":v
325
—.
__
loading amounted to 13,765 cars, a decrease of 94 cars
below the preceding week, but an increase of 2,648 cars above the
corresponding week in 1942. In the Western Districts alone, loading
1943
4.399
Atlantic Coast Line
Georgia___
Georgia & Florida—:
1941
361
Chicago Great Western
Livestock
•,1942
328
Atlanta, Birmingham & Coast——
Clinchfield
NYSE Odd-Lot
Connections
1943
.
.
1,367 cars
above the corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of April 10 to¬
but
District—
Received from
Freight Loaded
Durham & Southern
revenue freight for the week of April 10, increased
2.2% above the preceding week.
Miscellaneous
of
.Total Revenue
Atl. & W. P.—W. R. R. of Ala
freight for the week ended April 10, 1943
the Association of American Railroads an¬
revenue
1505
the
time
here
existence
the
and
shipowner's duty
is injured while
seaman
leave but
chore for the
without
ship."
spe¬
■
•
severely
from the 11.4 bushel average. Yields in¬
Spring freezes.
The dicated on: April 1 are lower than
reported acreages of watermel¬ last year in all of the important
States except California, and the
ons, cantaloups and strawberries,
which supplement the tree fruits three States (Indiana, Illinois and
Missouri) where Winter damage
on the market, are showing sharp
reductions.
Acreages
of other to the 1942 crop was so severe.
vegetables reported being grown Sharply lower yields are in pros¬
01*
planned for market show re¬ pect in the Pacific Northwest.
States
April 10 that as of
1,133 bond issues aggre¬
Exchange announced on
The New York Stock
March 31, there were
the close of business
gating $72,856,093,356 par value listed on the Stock Exchange with a
total market value of $71,575,183,604. This compares with 1,133 bond
issues, aggregating $72,961,678,106 par value listed on
on Feb. 27 with a total market value of $71,346,452,852.
classified by governmental
value and average
table listed boiids are
In the following
1943
31,
—March
Feb. 27, 1943—.
■
(lncl.
Government
S.
55,073,996,140
104.10
55,153,775,740
38,674,807
103.56
38,498,652
11,807,056
102.19
11,727,978
101.51
13,074,178
15,581,250
99.75
13,541,441
100.25
15,487,500
103.25
76,029,113
102.60
36,450.000
104.40
—
office equipment.
and
Business
Chemical
equipment
—
103.56
104.30
'
57,722,044
102.51
57,509,664
102.13
235,195,808
105.04
235.754,318
105.06
10,694,985
79.60
10,023,958
74.60
39,867,117
100.30
Financial
Food
Land and
realty
.A—-
;
and metals
(excluding iron)
publishing
Machinery
.
103.88
75,964,263
36,506,250
_
Electrical
Mining
92.854,325
60.05
101.28
40.951,805
101.47
ing livestock
594,340,508
104.04
595,374.515
104.22
Retail
72.34
7.021.723,353
11.902,043
83.27
12,158.362
84.91
75,350,333
102.83
11,615.400
101.25
,
merchandising
74,829,985
and operating—
Ship building
102.97
11,644,080
Rubber
101.50
20.481,641
74.44
19,181,589
498.893.744
37,560,750
103.50
37.442,750
147,827,162
106.00
147,909,747
106.06
3,365,475.030
108.47
Utilities:
companies
S.
Total
S.
U.
97,057,438
102.18
109.00
1,219,859,578
108.99
90.734,657
62.29
87.971.130
60.39
126.892,371
70.00
123,948.572
68.38
105.30
31,568,160
106.28
abroad
oper.
businesses
Miscellaneous
Foreign
108.16
102.94
utilities——
Miscellaneous
U.
3,360.082,316
97,776,955
—
__
84.81
14,005.079,377
64.36
1,452,938.045
744,447,347
734,659,690
86.39
71,575,183,604
98.24
71,346,452.852
97.79
companies
Foreign
All listed bonds
son
listed
the Exchange:
on
Market Value
Price
50,277,456,796
1941-
31
Mar.
■'
92.72
31
58,140,382,211
95.97
where
95.63
>
95.64
59,112,072,945
95.50
93.73
Apr.
30__—_ —57.923,553,616
52,518,036,554
52.321,710,056
94.32
May
29
94.22
Juris
30
July
31
-y
June
30
53,237.234,699
94.80
July
31
53,259,696,637
53,216,867,646
53,418,055,935
95.04
Aug. 31___—
94.86
Sept. 30
94.74
Oct.
30
Sept. 30
—_
61,277,620,583
62,720,371,752
96.08
96.18
64.843,877,284
96.48
55,106,635,894
95.25
Nov.
30
29
54,812,793,945
94.80
Dec.
31
Dec.
31
55,033,616,312
94.50
64,543,971.299
_
1942—
71.038,674,932
71,346,452,852
97.79
71,575,183,604
98.24
56,261,398,371
95.24
Feb.
27—
Feb.
28
57,584,410,504
95.13
Mar.
31—-
——
evidenced in the de¬
cline in prospects since December
of 66,000,000 bushels.
growth
issued
Department of Agriculture at Washington on April 9,
of April 1, 1943, which we give below.
work was delayed by the
weather of March and the combined effect of all weather
conditions affecting this year's crop would now seem rather less
favorable than average if it were not that there is a fair reserve of
subsoil moisture
under most of *>
the Great Plains Area and irriga¬ an increased acreage of crops this
Crop prospects were lowered and farm
Theoretically, the 1,900,000
tion
prospects are good to excel¬
lent in most sections west of the
year.
Rockies.
United
severely
alternating with
warm
periods, caused extensive
damage to fruit buds in States
east of the Rockies and nipped
weather,
tender
In
States.
Winter
States
have
been
portions
in
vegetables
Gulf
the
wheat
clover
and
extensively
of
northern
damaged
tractors
the
on
States
the
in
farms
have
capacity
a
of
plowing 1,500,000 acres per hour.
that
At
worked
at
once,
plowing
year's
weather.
good
is not
so
smaller
■
easy,
the
be
they could do a
in two weeks of
Actually the job
for on most of the
horses
farms
continue
must
In
rate, if they could all
mules
and
to
pull the plows.
important farming
more
suffi¬
blanket.
Winter oats and Winter, cient mechanical power to do the
Spring work if the tractors could
barley have suffered severely in
parts of the South and Southwest. be worked to capacity and the
Heavy rains and floods have ham¬ horses shifted to lighter jobs.
where
not,
protected
by
a
snow
however,
areas,-
Present
pered work in much of the area
south of the Ohio River and also
moderate
in
crop
While
recent
greatly,
Dakota.
rains have helped
rain is needed in
of
portions
more
North
western half of Texas, north¬
western
Oklahoma, most of New
Mexico, western Kansas and por¬
tions
of
Nebraska
and
southern
Spring
Although
farms
the
was
retarded
work
over
on
most
the
of
Rockies,
farmers have been making rapid
country
progress
mitted.
east
of the
wherever conditions per¬
Widely scattered States
increase
in
acreage
for
are
in
total
main
the
the
com¬
only slight¬
by decreases on some
sub-marginal" and "subsistence"
farms
and
"part-time" farms
within commuting distance of in¬
on
dustrial areas,
chiefly in
uroduction
The increases will
crops needed to meet
goals
but,
owing to
labor conditions, there will be lo¬
reductions in crops with high
cal
labor requirements, such as.sugar
strawberries and commer¬
vegetables.
Plantings will
depend more than usual on
beets,
cial
report unprecedented numbers of
also
helping in the fields.
In
various members of
families
from
grand¬
fathers to school girls are taking
turns to keep the tractors rolling.
This type of cooperation plus the
the weather.
mechanization of the farms is all
in
women
many
the
Fruit
cases,
farm
ing in the West and citrus trees
Florida
in
ing
Texas
satisfactorily,
for other fruits
most
that will make it possible to raise! The
and
areas
peach
but
are
bloom¬
prospects
below average
east of
crop
are
in
the Rockies.
10
Southern
dor¬
through the
came
showing widespread
from severely low and
Winter temperatures and
stage
damage
variable
moisture in some
surface
limited
areas.
Until early February, snow
cover
was
generally sufficient for
adequate protection from the low
there
were
however,
Later,
temperatures.
severe
cold spells, and
sharp changes from freezing to
thawing.
Much heaving and loss
of
occurred
acreage
In
southern
the
Plains
Great
of surface mois¬
becoming acute by April
shortage
States,
ture was
1, and the outcome was dependent
timely rains, though alleviated
somewhat by fairly adequate sub¬
soil moisture.
Some loss from
cn
is
bugs
green
and
Texas
in
Northwestern
threatened
again
Oklahoma.
The
States
suffered
a
setback
severe
because
of
defi¬
precipitation from seeding
through the
Winter, low
Winter temperatures and a late
Spring.
There was a heavy loss
of Fall-sown acreage and yield
cient
time
prospects are low on acreage re¬
maining for harvest.
A some¬
what
more
favorable condition
exists in the Southwest, particu¬
California,, where condi¬
larly in
tion
above
is
losses
the
at
6.7%
and
diversion
the
in
surplus-pro¬
10.4%,
compared
indicated
on
with
Dec.
1,
ment.
is
with
18.3
seeded
bushels, compared
bushels last year and
14.9
crop
per¬
but 7 points above the 1932—
for April 1.
A very
ago,
41
average
good start was made by the crop
last Fall under widespread favor-,
able conditions which resulted in
condition
a
86%
of
Dec.
on
The slight decline in
1942.
1„
pros¬
pects since that date has been
chiefly in areas where snow cover
was
not continuous, so that se¬
spells alternating with
cold
periods resulted in dam¬
warmer
by "heaving."
a triangular area of 13 States,'
In
1943,
1,
This
els.
bush¬
the
above
49%
is
10-
ing the first quarter of 1943, to¬
taling 882,220,000 bushels, was by
far the largest on record.
Last
year,
disappearance during the
amounted
months
same
726,-
to
816,000 bushels—previous largest
on
record—while
the
10-year
(1932-41)
is
of
estimates
quantity
on
Senate Rejects
Ending
Silver Purchases
000,000 Treasury-Post Office Ap¬
propriation Bill a House-approved
which would with¬
amendment
the silver
A
includes
which
area,
in
counties
tant
moval
future
impor¬
all
States,
was
approximately
116,000,000 bushels on April 1.
seal
under
and
1941
farms
the
In
farm
those
a
Associated
Washington
Press
March 4 reported on Mr.
advices
McCarran's remarks
said
He-
the
follows:
as
Production.
War
had arranged to make
22,imported silver
available for consumptive uses in
Board
above
000,000 ounces of
Record supplies remain
average.
on
and 64%
ago
year
taken recently.
above
>
most of the Congres¬
opposition to continuation
of the
silver purchase program
had
been
abated
by measures:
States
11%
were
Nev.),
sional
1,
Central
North
stocks
April
believed
he
1940.
451,000,000 in
on
Acts.
fight to kill the pro-1
posal, predicted on March 4 full
Committee approval, adding that
1943,
were
equal to 48.4% of the 1942
production of corn for grain, com¬
pared
with 53.0%
on
April 1,
1942,
and
44.5%,
the
10-year
(1932-41) April 1 average.
Stocks
transporta¬
and
under the 1934 and
Purchase
Senator McCarran (Dem.,
previous years amounted to 262,000,000 bushels in 1942, 299,000,000
in
be used for the
leader of the
date for
this
on
Silver
1939
of the funds
none
purchase
tion of silver
Cen¬
tral
Corn
that
the bill could
in
corn
North
the
appropriations sub¬
recommended the re¬
of the amendment, which
had
provides
on
for
purchase program.
Senate
group
loans.
corn
commercial
the
in
farms
Appropriations Com¬
The Senate
mittee was reported on March 13
to have stricken from the $1,200,-
stocks
corn
sealed
of
Wisconsin
Michigan,
are
hold funds from the Treasury
Government
seal
The
rye-pro¬
y
stocks
der
important
only
1942,
farms,
from
average.
and Minnesota.
of grain corn
including
carryover
previous years and corn un¬
total
cover
on
reported
a
ducing States in which April con¬
dition is as high as in December,
581,385,000 bushels.
These
rye.
The
disappearance
average
group of five
the Ohio River
condition was well
In
touching
duce
the
1,395,112,000
were
California, New York and the four
Southeastern States which
pro¬
below
corn
This is also true of
the average.
April
of
farms
despite the largest dis¬
on record, i in Iowa,
remain at the high level
the silver trade. In
appearance
industry and
stocks
addition, he pointed out that so"free"
in
silver
the Treas¬
first attained in 1939. While above
called
last
being loaned to industry
for such uses as bar in electrical
they
year,
Illinois
in
setups.
below
somewhat
are
He said the WPB had
consid¬
erably above average and sixth
highest on record.
In Ohio, In¬
diana, Michigan; Wisconsin and
South Dakota April 1 stocks are
the largest on record, and in Ne¬
those- of
braska
a
year
and
since 1933,
since Jan, 1
States
28%,
was
ago,
Kansas
but
the
build
that
of
during
quarter
1942.
and
1
first
the
for
holdings
the
North
.h*.
taking
care
of all
of'
the current
qeeds for consumptive
and are making free
purposes
silver available for non-consump-
j tive
1
I can
purposes, so
why
the
at
on
than
a
Central
It
April
tion
States,
Atlantic
farms in other re¬
gions of the United
year
States were
although
ago,
in all but the South
Atlantic States.
tions
are
see no rea-
should complain
anyone
continuance
of
the
pur¬
chase program," he said.
North
lower
been accumulated in
manner.
"We
son
curring
agreed to
stockpile of silver for
1hus far had
largest
high oc¬
a
reporting
bushels—
above the previous
up
emergencies-that might arise,
that 10,000,000 ounces
any
Disappearance of corn
in the North Central
671,134,000
was
ury
less than in
April 1. Stocks
are
two other years on
above average
indicated yield per
acre
rye
centage points lower than a year
States
on
stocks
Except
Win¬
is indi¬
1942, and the 7.0% 1942 abandon¬
The
some
Com Stocks
average.
The loss of acreage due to
cated
and
Farm
in the area
along the Ohio River, and west¬
ward
through southern Illinois,
Missouri and northern Arkansas.
ter
prospects appear promis¬
are
Wheat
mant
a
offset
ly
be
South Dakota.
prospects
is
mercial farming areas,
'
the
there
production of Winter
558,551,000 bushels is
145,000,000 bushels less than last
year's large crop, and near the
average
of
550,000,000 bushels
Quite generally adverse Winter
temperature and moisture condi¬
tions, and the late start of Spring
stormy
cold
Wheat
of
wheat
Agricultural Department General Drop Report
As Of April
March,
the
,
Indicated
97.47
31
in
for
1943—
Jan.
late
stock
carry
Winter
30— _1__
in
vary
present.
96.70
Tnn.
Until
to
ranges
96.11
70,583,644,622
31
Nov.
The
other West¬
and enough old feed on the
grass
62,765,776,218
31...
Vict.
its crop report as
hay
lo¬
Montana,
95.76
—_
—
Movement
heaviest
was
central States with heavy feeding
ducing Plains States.
good in North Dakota and
where there is enough
moisture to insure a new crop of
'
30
-
that
1943
of normal, about 5
82%
was
disappear¬
ing quarter last year.
from farms
the
has
very
59,257,509,674
___
—
In¬
year
(1932-41) average of 935,from barely 080,000 bushels and is the largest
parts of the Southwest, on record for this date.
Disap¬
rain is badly needed, to pearance of corn from farms dur¬
in
Mar.
May
Aug.
% v> $:
V
V
52,252,053,607
_
Apr.; 30
fair
"
Ohio,
States,
Western ranges show
States.
prospects
Price
Market Value
1942—
-.v
$
28
cal shortages in some
ern
Average
Average
Feb.
and the delay in
opening of the pasture season
caused an acute shortage of
in the Pacific Northwest and
starting
^ Rye
of the
Condition
>
the
needs,
in
have
Pastures
compari¬
of bonds
table, compiled by us, gives a two-year
of the total market value and the total average price
The following
377,417,000 bushels,
wheat—167,000,000 bush¬ | from Michigan to Montana on the
largest on record for north
down
to
Oklahoma,
in
this quarter, comparing with ap¬ which
approximately two-thirds
proximately
104,000,000
bushels Of all United States rye is grown,
disappearance in the correspond¬ the reported
condition;/ exceeds
above
in those years.
been
slow
the average
63.89
87.65
low in the east¬
are
Belt
January-April
els—is
for that date, while units of
livestock and
poultry on farms
likely to be 20 to 25%
large.
was
bushels
76,000,000
of
ance
erage
82.70
1,397,935,303
The
the 1938-41 av¬
be down to about
are
14,358,804,814
i
companies
government
of
age
period last year
If this liberal feeding con¬
tinues, stocks of corn and oats re¬
maining on farms, on July 1 will
31,276,633
Gas and electric (holding)
Communications
about
791,000 bushels larger than the
10-year (1930-39) April 1 average
and Illinois.
diana
years.
1,220,053,238
(operating).
electric
and
Gas
on
vere
Corn
ern
highest in more than 20
the
crop
on
1,
1943, are esti¬
508,208,000 bushels.
larger than the stocks on
hand on April 1, 1942, and 130,-
and Washington
1942
Farm stocks
or
and
103.01
Textiles
Tobacco
the
where
than in the same
100.19
Montana
in
and
and poultry on the
The
fed
69.71
100.45
is
remaining
oats
April
13%
or
ing built up; in the Plains States,
North
Dakota
to
Texas,
quantity of these grains
disappearing per unit of
livestock
was
also
9% heavier
C9.05
500,012,466
Shipping services —.
Steel, iron and coke
This
from
farms.
7,359,178.286
Petroleum
Railroad
more
the 11% increase in the
combined units of grain-consum¬
57.70
89,311,086
farms
on
of
mated to total
farm reserves are one-fifth larger
40,8/6,926
and
Paper
10%
was
in part to
100.27
39,656,875
farms
and 14% more than on
than the record 269,000,000 bush¬
any other April 1 in more than 20
els on farms last April 1.
Farm
years.
These grains, however, are
being used up rapidly, and the stocks, large in comparison with
Jan. 1 reserves, are principally in
quantity used up between Jan. 1
and April 1 was 20% greater than an area comprising parts of Wis¬
in the same period last year. This consin, Minnesota and Iowa, where
increased disappearance was due feed reserves apparently are be¬
103.09
Automobile
Building
Oats Stocks
Stocks
April 1 are estimated at 327,667,000
bushels, equal to 33.4% of
production, v. These
than last year's
last year
104.25
Amusements
This
tons.
Y.
N.
Cities, etc.)
companies:
State,
■
wheat
St£t'e&'»*-.s
ern
Stocks
Wheat
of
Stocks
West¬
in the Gulf States and most
1 stocks of corn and oats
farms totaled about 47,000,000
on
$
$
about 9%.
average
sho\v the only significant
April
Price
Market Value
Price
Market Value
Group—
;
Average
Average
U.
that
Carrots
increase.
price for each:
S.
and
ductions
with the aggregate market
industrial groups
and
the Exchange
suffered
Winter
Exchange
Market Valise Of Bonds On N. Y. Stock
U.
Thursday, April 22, 194;
& FINANCIAL CHRONICLE
THE COMMERCIAL
1506
Principal reduc¬
compared to last year were
was
Mr.
McCarran's conten¬
that,
since there were no
Treasury-Postoffice
bill for the purchase of silver, the
funds
in
the
House-approved
no
practical
House
ment
passage
was
columns
amendment
effect.
of
referred
March
4,
the
to
page
had
amend¬
in
846.
these
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4170
157
The Securities and Exchange Commission made public April 19
figures showing the volume of total round-lot stock sales on the
the
York
Stock
of
volume
stock
for
transactions
the
of
account
in the week ended April 3, continuing
figures being published weekly by the Commis¬
sion.
Short sales are shown separately -from other sales, in these
figures.
;
•
the
on
Stock
Exchange
for the account
under
New
published
and
York
Curb
Exchange
by
members.
respective
their
These
Private Construction
Exchange
Public Construction
683
,172
♦/ 1. Reports showing transactions as specialists——
2. Reports showing other, transactions initiated on
82
217
.
,
"the floor.
showing other transactions initiated off
..
the .floor
:
"
415
Note—On the New York Curb Exchange, odd-lot transactions, are handled
solely by
in the stocks in which they are registered and the round-lot transactions
specialists
specialists'
hand,
all
resulting
other
but
from
round-lot
fraction
a
such
trades.
in
which
they
As
transactions
the
On
odd-lot
the
of
solely in the odd-lot business.
stocks
odd-lot
result,
a
registered
New
York
transactions
not
are
Stock
Exchange,
effected
are
the round-lot
from
segregated
the
on
by dealers
transactions of
other
specialists in
arc
The number of reports in
ber of reports received
classification,
Total Round-Lot Stock
.....
Stock
Sates
the New
on
Transactions
for
WEEK
York
Account
ENDED
Stock
of
APRIL
Exchange and
Members*
3,
;
—______
for
the
Account
f
1.
Transactions of specialists
they
Cent
;
Total sales
827,690
2. ptner transactions initiated
„
Total purchases—
,
Short
on
541,980
.
sales
>
: 562,810
5.19
Total
346,310
purchases
Short
tin
{Other sales_____
3 13
320,37"
Total—
4.
Total
purchases
Short, salcs____
{Other sales
:
,
'
.
1.734,640.
186,710
___
Round-Lot
Sales
Stock
Transactions
;
16.18
on
for
the
New
Account
York
of
Curb
Members*
Exchange and
sales
Total
tPer
1.797,410
:
—
Transactions
1,808,200
the
tor
Cent
Account
of
are.
registered—
Total purchases-™,—
Short
174,240
-
sales
{Other
8,165
sales.
■
187.380
't'%'•) \:CV-V V'^
V
i
5
Total sales.
——___—J
Total purchases—:
•
.
.
Short
,
<
sales
;
J.
—
:
:
{Other sales
Total
:
purchases
Short
,
:
i
4.
2.30
79,045
-
-■
Total
1
purchases—.—
Short
i
79,430
sales
-
—
'
Total sales
J_
i
C.
1
iStS—
vi'..'
'
short sales___
other
;
sales
.
of
Anaconda
—■—
—_———
'.
15.70
purchases—
;—*■
sales
•The
term
and
"members" includes, all regular and
their
tShnres
partners,
in members'
these
1
50
;.
62.569
{Round-lot. short sales which are
ere included with "other sales."
.....
restriction -by the
rules
§Sales marked "short exempt"
are
52.000
52.000
52.000
52.000
Sub¬
representing the
met with WPB of¬
Chinese
tinued
tin, 99% grade,
51.1250 a pound.
at
con¬
Quicksilver
With the trend in consumption
of virtually all war materials still
upward, few
industry
are
the
about
mainder
in
the
quicksilver
all
at
outlook
concerned
the
for
re¬
this year.
of the metal for nearby
Offerings
shipment
are
of
the
Pacific
pointing to
Quotations
$198
Coast
light,
well sold-up market.
continue at $196
(a)
a
flask of 76 pounds.
per
Silver
Senate
Silver
considering
Britain,
proposal to lend
ounces
of silver to Great
one-third
dustrial
thirds
Committee
a
into in¬
and
two-
to
go
applications
into
coinage.
It is under¬
stood that Canada has been asked
to
provide
additional 1,500,000
an
ounces.
market in London has been
the
with
price
quiet,
unchanged
at
23V2d.
and the
The New York Official
U.
S.
Treasury
prices
un¬
are
changed at 44%0 and 350, respec¬
tively.
Chronicle"
Financial
as
of
July
31, 1942, page 380.
in
revealed.
for
civilian
re¬
to
In
last March,
is to be treated at the
Eagle-Picher mill.
of
Aluminum
ship¬
Makers
products
departments
to
are
of
Sloan Heads Industrial
aluminum
raise
output of
production
expected
to
duction
Dome
body
ore
of
and
treatment
facilities
by 20% through intro¬
an
incentive plan for
workers, Charles E. Wilson, Exec¬
utive Vice-Chairman of WPB,
the
de¬
clared.
plants
will
of
mills
Aluminum
be
hold
all
asked
of
by authorizations for
rod
to
and
bar
in
have
orders
to
Information Committee
Alfred
been
covered
delivery of
March
or
earlier
P.
Motors
Corp.,
Chairman
trial
Sloan, Jr., Chairman
Board
the
of
of
of the
General
the
has
named
been
Indus¬
National
Information
Committee, the
National Association of Manufac¬
turers announced
on
appointment
successor
as
April 2.
to
in
their
present position on pro¬
schedules.
CMP is ex¬
In
8
in
relaxation
erate
on
between
use
in
the
controls
plained.
of lead, the trade believes.
Howard Pew, President of Sun Oil
President,
coincident
with
the
naming of the membership of the
NIIC Governing Board appointed
by Mr. Sloan. The Board includes
Chairmen
of
Industrial
24
Division Committees and other in¬
dustrialists
who
mem-
as
serve
bers-at-large.
The NIIC 1943 program was ex¬
plained in detail to the members
of the Governing Board by Mr.
Sloan.
It is pointed out that it
will carry to the public, in greater
emphasis than in the past, indus¬
try's
broad
public information
program to preserve the freedom
of enterprise.
at
a
in
Commission
consumption in
steady
rate,
with
some
ward.
The
pigments
The Tin Sales Corp., 1270 Sixth
the trend j
lines up- Ave., New York, a subsidiary of
.
division,1 Tin Processing Corp., producer of
Vice-Chairmen
Five
Committee
are
James
President, Standard
New
York
Chairman
City;
of
Foods Corp.,
fred
Tin
Demand for lead has been holding
His
J.
Co., Philadelphia, was disclosed by
Frederick
C.
Crawford,
NAM
the
extruded
various shapes used in
1
included with "other sales."
available
Washington on pected to govern on all deliveries
representatives for May .and June. Orders in ex¬
of the industry and WPB are ex¬
cess
of
capacity
were
placed
pected to result in further mod¬ earlier in the year, WPB ex¬
-
from
52.000
-
,
associate-Exchange .members, their
'
exempted
52.000'
52.000
52.000
survey
duction
transactions as per cent of twice total round-lot volume.
"
amounted
Lead
percentages,
■
June
52.000
52.000 '
—_
52.000
73,258,000
of aircraft
62,619
including special partners.
only sales.
9_l—
14—
are:
The committee
to
notified
according
Sam
A.
Lewisohn, President
Miami Copper Co.
the total members' transactions is compared with twice
the total round-lot volume on the Exchange for the reason that the total of members'
transactions includes both purchases and sales, while the Exchange volume includes
calculating
were
excess
company
April
firms
8-_
April
During the last week the silver
ficials
completed -shortly,
'
51.706
.
—
April
April
construction.
construction
was as
May
52.000
The
on
manufactured
and' necessary
.
j•
in
account
Castle
' 7
-
...
_
..
:
1942."
went
Preliminary development of the
305,880
Special-
Co.
Cable
Discussions
Total
of
zinc industry
of
''
314.830
——
of
Account
'•
SCustomers'
V Total
the
.
Customers'
i
for
pound,
per
.
in
225,812,pounds, resulting in total out¬
put of 1,639,422,506 pounds.
:.'WrrV-Lto-
Transactions
Odd-Lot
18.
further
construction
'■
un¬
the preceding
over
861
3.17
-
252,855
sales———%'!{•/:- 8.950
{Other
.
v
remain
52.000
9,251,000
those plants amounted to
Total—
'
disappointed
March
from
.385
.
sales
tin
Effective
ments
35,315
•
&
ment
'
Total sales
-
follows:
war.
addition, shipments from fabri¬
cating .plants operated on Govern¬
39.855
—.
for
shipment, cents
3,250,000
in part:
port
39,455
.
Quotations
52.000
Co., has
informed
stockholders
1,413,609,645 pounds during 1942, that; ore formerly treated at the
a new high record, the annual re¬
Gordon
mill, destroyed by fire
400
•
——
sales
{Other
■
<
since
Wire
:?/;% %%
10.23
195,545
—
___—
3.' Other transactions initiated off the floor—
■
..
43.300
—____—
Total sales—
■
•
■
Other transactions initiated on the floor—
2.
\
•
electro¬
52.000
Shipments
of
manufactured quirements. Prime Western con¬
products from the plants of the tinues at 8140, East St. Louis.
American
Brass
Co.
(including
Francis H. Browiiell, Chairman
Toronto
plant)
and
Anaconda of Federal Mining & Smelting
Transactions of specialists in stocks in which
l:
vv they
i
gains
unclassified
class
metal
Members:
;
and
each
Copper
10,790
—
_______
for
'
$2,435,189,000 reported for the 16-week period in
Copper consumers
for week
—
{Other sales__—
B. Round-Lot
in
to
Total
Short sales
used
are
,
L.i.umu.wutnuuuu,
:
Total Round-Dot Sales:
plating.
52.000
Washington last week
the supply situation.
particularly in reference to con
today in reference to allocations
Thr,„„h im0i
centrates.
Though total supply of
for the month of May.
Tonnages
zinc is regarded as sufficient for
available for distribution will not
all war needs, the industry feels
<^1 little can be -expected under
months.
The price situation con
iAne
+a
moWi/vin
present conditions to make more
tinues unchanged.
Stock
(Shares)
WEEK ENDED APRIL 3, 1943
A.
the
were
publication
1,710,879
say
Total
housing,
week
action.
fect
1,524,169
Total sales
tonnage of tin is involved.
anodes
52.000
production and shipment figures and other data have been
trade
this-
292,810
Total sales
small
Tin
Daily Prices
however, has been somewhat de¬
May 15, pressed, owing to weather condi¬
The daily prices of electrolytic
1943,
the
Interstate
Commerce tions and a shortage in labor for
copper (domestic and export, re¬
Commission has suspended until painting.
finery); lead, zinc and Straits tin
Jan. 1, 1944, the 6% increase in
Prices were unchanged.
were
unchanged from those ap¬
freight rates that has been in ef¬
pearing in the "Commercial and
Zinc
27,560
saies_w____
for
17
52.000
Reserve Co. for the sale of tin that is being produced for account cl
the Government.
Members of the^
Other transactions initiated off the floor—
3.
Schedule
13
smoothly. The Tin Sales Corp., a subsidiary of the company operate
ing the tin smelter in Texas, has been named agent of the Metals
528,510
i
—
Total sales
.
Hivised Price
pig tin. The effective date of the
ruling is April 16, 1943.
Only a
12——
Markets," in its issue of April 15.
stated: "Allocation of copper for^ May requirements of consumers got
under way today, April 15, indicating that the program is working
%
34,300
___
to
10——
"E. & M. J. Metal and Mineral
7.80
the floor—
—
sales
{Other
•
5,778,000
76,090,000
groups,
omitted for the duration of the
702,840
the
March, 1942." This
from
certain
124.850
<(are
in
April
Editor's Note.——At the direction of the Office of Censorship
046.350
_______
anodes
seller
April
Metals—May Uopper Certificates
Be Released By WFB—New Gorp. Ta Sell Tin
To
tin
each
action is covered in Amendment 3
The
•
of
April
NoR-FerroiBs
of
{Other sales.
;
those
is
in stocks in which
Total purchases____
Short sales
•
prices for
be
base period of
1942.
registered-
are
private
the
below
of.
Members, Except for the Odd-Lot. Accounts
Odd-Lot Dealers .and Specialists:
,
79.5%
10,643,240
Transactions
OPA ruled last week that maxi¬
mum
11,064,000
10,399,640
Total sales
.
RoundrLot
for
tPer
oper¬
82,509,000
243,600
{Other sales—
B.
Apr. 15, 1943
$93,573,000
the week totals $1,
258,000, and is made up entirely of State and municipal bond sales.
The week's new financing brings 1943 volume to
$468,146,000, a total
(Shares)
forweek
Short sales
last
New .capital for construction purposes for
Round-Lot
Total
week,
893,000.
1943
A. Total Round-Lot Sales:
1942
Apr. 8, 1943
$93,841,000
11,973,000
81,868,000
7,631,000
127,172,000
construction
the
waterworks,
$1,224,000; sewerage, $1,356,000; bridges, $60,000; industrial buildings,
$895,000; commercial building and large-scale private housing, $6,696,000; public buildings. $29,015,000; earthwork and drainage, $786,000; streets and roads. $8,648,000; and unclassified construction, $44,-
engaged
will
merce.
in sewerage, streets and roads, and unclassified construc¬
Increases over a year ago are in commercial
building and
totals
not directly comparable on the two exchanges.
the various classifications may total more than the num¬
because a single report may carry entries in more than one
are
classified
large-scale
the
tin
smel¬
profit, according to
Jones, Secretary of Com¬
Jesse
are
tion.
474
specialists
of
the
for
,
week
transactions^...
no
Municipal._
Federal
97
a
of
Longhorn
April
13,774,000
134,803,000
___
____
51
276
—
showing
and
In
3. Reports
4. Reports
State
949
•
;
totals
Apr. 16, 1942
$148,577,000
Total U. S. Construction-
N. Y, Curb.
Exchange
Total number of reports received
distribution
the
at
ter. The sales company
ate
without
changed. Straits quality metal for
engineering construction
week, and the current week are:
N.Y. Stock
.
respectively, than
Civil
reports are classified as follows:
•
lower than
Weeks.
based upon weekly reports filed with the New York Stock
are
the. New
.
weekly average basis, 1943 volume is 53% belo.w the $2,495,145,000
reported for the 16-week period last year.
Private volume, $119,531,000, is 44% under last year, and public construction, $968,313,000,
is down 54% when adjusted for the difference in the number
of
week
and
to
The current week's construction brings 1943 volume to
$1,087,844,000, an average of $72,523,000 for each of the 15 weeks.
On the
.
data
The
,
Texas, has been named
for Metals Reserve Co. in
sale
produced
the
week ago and a year ago.
York Curb Exchange, member trading during the week
April 3 amounted to 567,685 shares, or 15.70% of the total
volume of that Exchange of 1,808,200 shares; during the March 27
week tradingfor;; the account; of Curb members of 412,870 shares
was 12.49% of total trading of
1,653,125 shares.-
Exchange
volume for
Public construction tops last week
by 1%, but is 39%
last year.
Private work is 8 and 20% lower,
ended
The Commission made available the following data for the
ended April 3.
the
lows:
(except odd-lot-dealers) during the week ended April 3 (in roundlot transactions) totaled 3,445,519 shares, which amount was 16.18%
of the total transactions on the Exchange of 10,643,240 shares!. - This
compares with member trading during the week ended March 27 of
2,815.486 shares or 15.57% of total trading of 9,041,400 shares.
On
the
i
corresponding 1942 week as reported by
"Engineering News-Record" on April 15, which continued as fol¬
members
of
the
engineering construction in continental U. S. for the week
$93,573,000.
This volume, not including the construction by
military combat engineers, American contracts outside the country,
and shipbuilding, is 0.3% below the
preceding week's total, and 37%
series of current
Trading
Civil
in
agent
totals
all
members of these exchanges
a
Engineering Construction
:$93,573,080 For Week
«
%
Exchange and the New York Curb Exchange and
round-lot
tin
Civil
Trading On New York Exchanges
New
1S07
W.
fornia
cisco;
of
the
S.
Adams,
Brands,
M.
Inc.,
Chester,
the Board, General
New York City; Al¬
Eames,
Packing
Ernest
C.
the
of
T.
President
Cali¬
Corp., San Fran¬
Weir,
Chairman
Board, National Steel
Pittsburgh, and Mr. Pew.
Co.,
»
>
To Be Held Sn
World"
subject of the third
the
be
will
Conference-
Cotton
National
of the
This
under the auspices
Forum
New York Cotton Exchange.
Peabody
Hotel in Memphis, Term., on April
forum will be held at the
29
Mem¬
the invitation of the
at
phis Cotton Exchange. This third
forum of the New York Cotton
Exchange is expected to explore
and
develop much material of
•
Pries Average
lempliis
"Cotton in the Post-War
,
significance in connection
the place of cotton and the
vital
with
products of cotton in the post-war
world.
Among the speakers al¬
scheduled to appear are
Edminster, Vice-Chair¬
man,
U. S. Tariff Commission;
Lamar Fleming, Jr., of Anderson,
ready
R.
Lynn
There
gether in the subjoined tabulation those figures indicative of the
activity in the more essential industries, together with those per¬
taining to grain and livestock receipts and revenue freight carload-
Fertilizer Association Commodity
/ National
Third Qsta Forum
fractional
another
was
Declines Fractionally
in the general level of
decline
index
compiled by the National Fertilizer Association and made public on
April 19. This index in the week ended April 17 declined to 135.8
from 136.0 in the preceding week.
A month ago the index was 135.4
and a year ago 127.7, based on the 1935-1939 average as 100.
The
last week, according to the commodity price
wholesale prices
follows:
Association's report continued as
due
was
"
(
'
during the week
continued decline in prices of some farm
principally to a
of
the
for the third
same
group were
ceil¬
somewhat higher, but the effect of
product group average was more
that increase on the farm
than off¬
New
expected to attract large num¬
important associa¬
is
week there were 11 declines
in the second preceding week there were 16 ad¬
eight advanced; in the preceding
and
and four advances;
It has already
elicited wide interest in the City
entire
throughout the
belt, and it is ex¬
and
Memphis
cotton
pected that a large attendance of
the membership of the Memphis
Cotton Exchange, as
pers,
'
;
'
+
Each Group
Group
Bears to the
Cotton
of
Grains
8.2
of Feb.
4, page 500, and the second meet¬
ing was reported on in our issue
of April 8, page 1311.
i
.
Building
For Nsvy
Baring IS44
has
re¬
appropriate
$24,551,070,000 for the Navy for
to
Congress
quested
of 1944. The As¬
sociated Press, .indicating on April
7 that this is the largest amount
the fiscal year
sought, stated that it in¬
cludes $3,476,800,000 for the Bu¬
..
193.3
139.8
141.4
113.9
152.2
151.2
133.0
122.2
121.7
117.4
130.4
—
130.4
130.4
128.3
151.7
104.4
1C4.4
152.2
151.7
126.6
127.1
120.7
117.9
drugs
149.5
104.4
152.3
126.6
_
151.2
104.4
_
_
117.6
118.7
119.8
119.8
115.3
104.1
104.1
104.1
135.8
.
..
____
_
117.9
119.8
104.1
materials
machinery
on
'Indexes
18,
groups
1926-1923
combined
136.0
135.4
127.7
base
April
were
17,
1943,
105.8;
April
10,
105.9;
April
99.5.
1942,
the
for
$4,286,211,000
of Supplies and
Ordnance,
of
Bureau
Commercial Payer
Outstanding
commercial paper outstanding on March 31
according to reports received by the bank
from commercial paper dealers.
This was a decline of $8,500,000, or
4%, from Feb. 27, 1943, and a decline of $183,700,000, or 48%, from
the March 31, 1942, total.
This was the thirteenth successive monthly
that
open-market
amounted to $200,600,000,
amount
$36,897,000 for the Office
carries
of
the
the
requested
the
Secretary, $523,508,000
Bureau
Personnel,
of Naval
Bureau
the
for
$73,000,000
Following
Bureau of Yards
the
and
27
Jan.
1942—
$
.
31
Feb.
30__
—
—r——
——
the Marine
9,087
5,478
7,272
receipts:
Oats
Feb.
28.
388, 400,000
209,100,000
Jan.
31-
380, 600.000
Guard, $5,-
salaries,
124,000 for departmental
pnd
$2,079,100 for contingent ex¬
penses."
X
T
.
r
i
;
-K-
■
.*
i
■
.
1
Vj.'i
13,949
t4,689
111.095
17,805
11,872
14,392
12,492
1780
1424
f 1,169
7,408,744
7,303,179
(net tons):
W.
above
Dodge Corp.
Coal
Bituminous
table
*972,463
+1.001.406
1699,866
tl,352,105
'1,067,060
1727,383
11,481,187
by:
issued
(figures for
37
SUnited
Commission.
States
Rock Mountains);
JNational
of Mines.
ilAssociation of
east of
Bureau
States
HRcported by major stock yard companies in each city.
ttNew
Exchange.
§§American Iron and Steel Institute.
flflNational Lumber
Railroads.
American
Produce
York
1478,500
*1,217,471
X
.
in
Note—Figures
:
11,323,297
+911,903
X
;
received
IlliOrders
-lv
•
'•859,523
X
Iff Shipments
**F.
5,028,196
1,634,584
6,928,085'
(000 ft.): +
Manufacturers'
Association
weeks.
'Four
of
(number
weeks,
IFive
x
Not
in
varies
mills
reporting
different
years).
available.
shown by approxi¬
Penn¬
decrease from December.
1942, but represents a 50%
uary,
11% increase over Jan¬
to $350,661,000, an
of construction amounted
sylvania anthracite and bituminous coal output recorded decreases
of 218,000 net tons and 1,877,000 net tons, respectively, in compari¬
son with the same month last year.
Steel ingots and castings pro-,
105,565 net tons, or 1.45% over the January, 1942,
duction increased
7,303,179 net tons.
Flour and grain arrivals were moder¬
ately active.
Lumber shipments for the four weeks ended January
total
of
30, 1943, were 19% less than the average for the same period in the
latest three years (1940-1942).
Based on reports of identical mills
for
equivalent working
review
under
and
orders
24%
were
above
production.
of freight for the five weeks ended January 30,
1943, declined 327,630 cars, or 8.51%,
in
in the month
lumber shipments
periods,
18%
were
Revenue carloadings
below the corresponding period
1942.
turning
whole
and
attention from the railroads of the country as a
it on the roads and systems, separately, ,we
totals are in consonance with the results
our
focusing
notice that the individual
Oct.
31—
more.,
——
Sept. 30„
—
L
31
31
;
June 30
L
day
29
Apr.
30
Mar.
31——
—
est
gain,
roads
of $10,242,265, in the net category. The New York Cen¬
with an improvement of $7,027,-
one
second in the net column
tral
was
over
Third
1942.
in
place
Other roads showing substantial increases were
Pacific, Atlantic Coast Line, Missouri Pacific and South¬
Railway, all of which were able to convert a high percentage of
into the net column.
As for decreases, the Virginian
with a decline of $270,510, while the Elgin
Joliet & Eastern headed the net column with a decrease of $259,027.
gains
260,600,000
271,400.000
Nov.
Oct.
31
374, 500,000
387, ,100.000
377 ,700.000
Sept.
July
30
30
:
31—
370 ,500,000
353; ,900,000
329 ,900,000
$100,000
June
299. 000,000
gross
May
31
Apr.
30
Mar,.
31.
31
;—
29
Aug.
30
—
—
foremost in the gross
was
tabulations we present the major variations of
whether they be increases or decreases, in both
and net classifications for the separate roads and systems:
295, 000,000
274, 600,000
-
the following
In
more,
or
PRINCIPAL CHANGES IN
GROSS
263 300,000
EARNINGS
Southern
Of United Slates
Union
Pacific
Pacific
York
New
Missouri
ning close to the October all-time peak figures.
January weather
conditions, which
in practically all
were severe
as
against $131,949,179 in January, 1942, an
or
87.29%.
/
.
.
increase of $115,183,681,
• S, - >'—:••-S
Increase
Georgia.—A.—
$875,043
741,552
Alabama Great Southern......
736,236
Chicago & Eastern Illinois..—_
*11,064,964
Atlantic
Illinois
New
&
Long Island
Louisiana
Western
Pacific
Colorado
&
Spokane Portland
.....
Southern
Orleans
&
<2
Wheeling & Lake Erie
——5,083.161
420,000
4.980.590
Delaware &
Seaboard
4.785,694
Pittsburgh & Lake Erie
4,324.2.94
4,130,198
3.599.622
3.222.837
Delaware
Line—
Chicago Rock Island & Pacific.
Chicago Burlington & Quincy__
Chesapeake &
Ohio—
Chicago Milw. St. Paul & Pac..
Georgia
Chicago
Great
Western
.v.:
Peoria & Western—.
Toledo
271,257
228.895
Birmingham & Coast..
207,681
2,672,133
Chi. St. Paul
2,591,080
West
roads)-
2.533.348
Atlanta
& North Western.—.
Chicago
2,496,195
2.350.473
2.223,303
Staten
Chicago & St. Louis.
Pacific
Louis
——
<2
Southwestern
—
A'S-A—..2-
Wabash
Minn.
Island
Denver & Rio Grande Western.
2,129.464
Bangor
New
&
M
172.919
Rapid Transit—
Virginia...
162.690
'
West
Southern
York
183.324
-
Paul Sault S.
St.
Norfolk
198,284
187,890
West Point
Pittsburgh
2,024,826
2,155,659
Valley
—-
Minn. & Omaha..
of Alabama
Ry.
—
Erie
386.433
314,221.
279.871
....
Atlanta
York
Lehigh
403.639
'
West.
Georgia Southern & Florida.J..
___—
—
Louis-San Fran.
St,
404.502
:—
&
3,043.083
Northern
St.
Hudson..
Lackawanna
2,780,324
Missouri-Kansas-Texas
Great Northern
New
582.188
522,100
Louisvillie & Nashville..:——
Air
638,588,
—...
Western..—.
Trunk
Grand
656,453
roads)
& Seattle..._
New
6,137,387
£•
706.688
668.158
_
Northeastern...
6.212,812
L——
731.830
Arkansas.—J;
&
6,803,917
Hart.
Line
Central
of
6,548.690
Haven
——^
Coast
Central
6,954,566
Pacific
Southern
railroads of the United States are very
along the lines of the earnings of other recent months, run¬
JANUARY
OF
12,583,036
—
Baltimore & Ohio————
Railroads For The Month Of January
MONTH
THE
13,189,227
roads)——
<2
Central—
York
New
January earnings of the
FOR
Increase
Pennsylvania
$18,152,072
Atchison Topeka & Santa Fe—
13,213.715
much
was
Union
Dec.
Gross And Net Earnings
occupied by the
in the gross and $6,-
both listings
the
229,900,000
384,300,000
.
individually, we find that the Pennsyl¬
vania led the gross listing with an increase of $18,152,072, while the
Atchison Topeka & Santa Fe, second in the gross, recorded the great¬
the
Examining
354,200,000
373,100.000
—
July
or
281,800,000
297,200,000
305,300,000
30
Aug.
reporting to the Interstate Commerce Com¬
90 of them which were able to surpass their
gross earnings for the month of January, while 72 roads were
to translate their gross earnings into net earnings oF $100,000
there were
315,200,000
Nov.
154,154
....
—
161,360
Susq. & Western—.
Aroostook—
152.890
earnings in January, 1943, was 63.19%,
which compares with 72.55% in January, 1942.
We now give you in
tabular form the results for the month of January, 1943, as compared
Texas & Pacific——-.—-
Maine
Reading
Minneapolis & St. Louis.*—...
129,590
Chi,
with
Kansas City Southern.—.
Gulf
Ship Island...
123,749
121,682
Boston
Illinois
Terminal
119.213
Kansas
Oklahoma
The ratio of expenses to
January, 1942.
Incr.
Month of January—
Mileage of
Gross
132
>
roads—
—
earnings
expenses
—
Ratio of expenses to
Net
earnings
—
1943
229,693
$671,334,151
424.201.291
<63.19%)
1942
231.644
$480,688,115
348.738,936
$247,132,860
$131,949,179
(+) or Deer, (—)
Amount
—
+
+
%
1,951
—00.85
$190,646,036
75,462,355
+ 39.66
+ 21.64
&
—.1
earnings
—_
+$115,183,681
+ 87.29
comprehend more clearly the significance of the
39.66% increase in railroad earnings for the month of January over
In
the
order
to
corresponding period of the previous year, we turn now to con¬
the general activity of business and industry.
In relation to
i
bearing
T,
}
on
•;..}•
the revenues of the railroads, we
J'; .3
r
l ':
\ +,
t
»"."»(
"
have brought to-
1,814.863
Western..———
&
&
Central
Indianapolis & Louisville.
&
Northwestern
New
York
& Gulf—
Pacific
Ontario
&
138.680
"
__.•—
133*674
117,185
110,758
.
Western.
103,232
...—
Mobile
of
& Ohio—
New
International
N.
—
Jersey.—
Great
1,136,617
,
Northern.
Orleans Tex. & Mex.
New
1,052,845
Decrease
1,048,894
<3 rds.)
Canadian Nat.
Line in N.
123.300
Pac,
981,683
Canadian
Lines in
Maine.
101,130
<3/ roads) .!—.—i—
$499,940
$270,510
Pac.
947,648
Maryland
————
'These figures cover
4
roads)..——.$192,764,492
Virginian
Orleans & Tex.
Cleveland Cincinnati
■sr.:
(90
983.914
Alton
Western
Total
989.904
Marquette
Cinn.
sider
T.
2,119.862
A-i—; 2,114,124
1.727,910
Maine...1,447,272
Richmond Fred. & Potomac—.
1.442,874
Nashville Chatt. & St. Louis—
1,381,571
Vazoo & Mississippi Valley—.
1,288,792
Florida East Coast..
1,171,090
Gulf
("72.55%)
—
Norfolk
Pere
its
I
19,376
110.093
11,151
fll'Production
their
1941—
—
docks, $467,-
879,000 for the Coast
125,474
143,689
ern
220,400,000
31_—_
$210,000,000 for construc¬
tion of floating dry
418.573
til,080
17,084
production
ingot
SSSteel
12,435
111.827
117,695
110.240
bushels)__
Steel
and
11,695'''
11,975
12,052
121,591
131,691
(000 bushels)
Rye
Iron
12.471
140,781
—
(000
Barley (000
1,792
•
139,025
(000
bushels)
(000 bushels).
Corn
2,764
grain
C<+'
barrels).—
bushels)
(000
Wheat
6,136
2,480
2,606
—
and
flour
Flour
Central
Corps,
(cars)
Omaha
ItWestern
7.016
3,266
6,477
—
(cars)—
City
Kansas
363,065 in the net.
200.600.000
1942
Dec.
Operating
Bocks, $961,058,000 for
25,230
5,825
(cars)
Chicago
Southern Pacific with increases of $13,189,227
the totals for the last two years:
are
of
$1,960,000,-
Medicine and Surgery,
000 for
for
17,362
ftLivestock receipts:
029
decline.
.
priations,
*3,571,455
1942
■
other appro¬
*2,266,771
able
announced on April 13
parts of,the northern
"The total compares with $23,half of the country, were responsible in no small degree for the
630,000,000 appropriated last year somewhat smaller earnings totals, and the managers of the roads
for the Navy, but that figure cov¬
have again to be congratulated for the efficient management.
ered supplemental, deficiency and
Gross earnings of the railroads of the United States in January,
emergency appropriations as well
1943, were $671,334,151, against $480,688,115 in January, 1942, a gain
as&the regular 1943 allotment of
of $190,646,036, or 39.66%.
As operating expenses were kept at a
approximately $14,000,000,000.
low rate, net earnings amounted to $247,132,860 in January, 1943,
"In addition to the
f 3,454,409
mission,
Reserve Bank of New York
The Federal
shipbuilding program, $1,640,-
000,000 for the Bureau of Aero¬
nautics, and $9,024,000,000 for in¬
crease
and replacement of naval
vessels.
It is added that:-
13,858,479
Of the 132 railroads
Accounts, $1,887,000,000 to finance
the
7,337,000
13,530,849
——— —
shown in the general totals.
ever
reau
52,140,000
3,897,000
In
All
1943—
Roosevelt
President
199.8
152.3
_
__
Fertilizer
Mar.
Billion
202.8
138.0
150.1
materials.....
Fertilizers
Farm
100.0
i.rr—11
m Ms W2
137.7
151.2
commodities
Metals
meet¬
cotton forum was re¬
The first
ferred to in these columns
159.3
154.9
141.3
_
......
Textiles
7.1
6.1
belt.,. This is the first
series of contemplated
a
160.1
122.2
_
_
...
Miscellaneous
.3
ings to be held eventually
throughout the South.
125.6
148.5
159.0
200.5
__
Livestock
Exchange to hold this
the cotton
137.6
147.7
159.0
Oil
...
Fuels
17.3
.3
meeting in
Memphis and said that the New
York Exchange welcomes this op¬
portunity to bring its forum to
139.1
147.7
_
Cottonseed
,.3
New
1942
23.0
of
York Cotton Exchange,
expressed his appreciation of the
invitation of the Memphis Cotton
1943
*
Chemicals and
the
1943
155.6
Fats and Oils
Murray, President
Apr. 18
139.5
Foods
25.3
1.3
.
Ago
Ago
Mar. 13
Apr. 10
1943
of the
Robert J.
Week
Week
Apr. 17
Total Index
10.8
war.
27,892,000
4,977,000
tons):
..
participate in a discussion of
one of the most important phases
of
the
cotton
problem sure to
itself at the end
■
■'"'Y
Year
Month
Preceding
Latest
■%
and
present
44,070,000
4,532,000
Freight Traffic:
UCarloadings, all (cars)
(net
Coal
fBituminous
mately one-half of the items listed.
In the 37 Eastern states, total
valuation of contracts awarded during January, 1943, for all types
Association
1935-1939—100^
•
hand to listen to
on
47,029,000
4,314,000
48,906.000
§ Pennsylvania anthracite.—
1932
Glancing at the statistics assembled in the above tabulation for
Compiled by The National Fertilizer
merchants, planters and mill
will be
$409,968
awarded
the month under review, we find that gains were
INDEX
COMMODITY PRICE
WHOLESALE
WEEKLY
well as ship¬
men
$84,798
and five declines.
vances
bers from this
tion's membership.
of
included in the index declined
part of
the
$305,205
Lumber
by decreases in cotton and livestock
set
During the week 10 price series
Association during the
April, this forum of
York Cotton Exchange
Shippers
last
$316,846
($000):
Building
Following an upward adjustment of corn
mixed.
ings average grain prices were
Memphis, Tenn.
Coming at the end of the con¬
vention of the American Cotton
1941
$350,661
January—
"Constr. contracts
following announcement on April
Industrial commodities remained
consecutive week. Prices in the farm products
quotations. A fractional de¬
cline was registered by the textile index. Food prices advanced 0.3%
Clayton & Co., Houston, Texas, during the week, due to higher prices for eggs, prunes, potatoes, and
and Oscar Johnson, President, Na¬
fluid milk.
All other group indexes remained unchanged.
tional Cotton Council of America,
•
1942
anti-inflation measures.
new
1929
1943
products during the second week
7
compared with the same
ings for the month of January, 1943, as
month of 1942, 1941, 1932 and 1929:
slight recession in the all-commodity index
The
Thursday, April 22, 1943
& FINANCIAL CHRONICLE
THE COMMERCIAL
1508
v.;
£
876,441
Total
the operations of the New York Central and the leased linesMichigan Central, Cincinnati Northern and
•<
•'
".J •
J
>:
Chicago & St. Louis,
.♦
■
i ■
•'
Volume
Evansville Indianapolis & Terre
of
increase
an
THE COMMERCIAL & FINANCIAL
Number 4170
157 '
Haute,
Including Pittsburgh & Lake Erie, the result is
from
St.
Louis
to
to the Pacific.''
$11,468,603.
CHANGES
PRINCIPAL
< V.
Atchison Topeka
Ne'w
IN
NET
v;;'-;:+;:
;
Pacific
Atlantic
Coast
Pacific
Line
&
592,800
Western Pacific
531,585
531,541
Spokane
4,423,132
Colorado
3,594,757
Central
3,437,506
Grand
Burlington
&
_
Pacific
Portland
&
Seattle-
467,936
roads)
453,046
& Southern
(2
New
Trunk
3,000,018
432,437
Wheeling & Lake Erie—:
2,922,948
Alabama
Ohio________™
2,664,897
Louisiana & Arkansas
Haven & Hart._
2,659,861
419,580
____
Chicago & East Illinois
Quincy..
New York New
Chicago Milw. St. Paul & Pac._
Great Southern-
413,355
409,154
Pittsburgh & Lake Erie__
New York
Chicago
& North
Western—™
Wabash
_
Northern
Pacific
271,206
Georgia
226,791
1,786,819
Chicago & St. Louis_
New
Toledo Peoria & Western—
1,846,077
____
Delaware Lackawanna & West._
188,416
Georgia Southern & Florida
186,202
Chicago
Orleans
&
Northeastern-
Western
169,303
1,507,479
Chic, St,
1,444,044
Atlanta & West Point
Missouri-Kansas-Texas
1,379,869
Staten Island Rapid Transit—k
134,561
Texas
1,346,946
134,399
1,302,570
West Ry. of Alabama
Atlanta Birmingham & Coast—
1,279,583
Clinchfield
101,658
Great
^
Northern
&
Pacific
Norfolk & Western
Denver & Rio
Grande
St. Louis-San
Francisco <2
Western.
rds.)
Paul
Minn.
&
Omaha
141,384
138.694
—
120,942
—
1,271,957
Hichmond Fred. & Potomac..—
1,107,442
_______________
& St.
Louis___
,—,$115,040,894
Eastern
&
Florida East Coast
878,031
Duluth Missabe & Iron
—
840,638
;:
N. Orleans Texi & Mex., (3 rds.)
,
Minn.
726,979
Ohio—
259,027
Virginian
849,756
"
,
Cinn. New Orleans & Texas Pac.
&
Elgin Joliet
672,716;,
669,364
253,960
Range-
165,049
S.
S. M.—
160,325
Lines
Canadian Pas.
in Maine-
St. Paul
&
101,014
Total (5 roads).
$939,875
"These figures cover the operations of the New York Central and the leased lines—
Cleveland
Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern and
Evansville Indianapolis & Terre Haute.
Including Pittsburgh & Lake Erie, the result is
an
increase of $7,420,045.
clearly which sections of the country
have been most active to the increased earnings, we turn now to our
break-down of the nation as a whole.
Arranging the roads in groups,
geographical divisions, according to their location, the generally
favorable results recorded during the month of
January are very
clearly manifested.
Every District into which the country is divided
reported increases over a year earlier in both gross and net.
The
Western District once again led both categories with
percentage gains
or
of 47.52 in
gross
101.20 in net.
and
The Southern District followed
closely with gains of 46.68% in gross and ?99.79% in net.
For a detailed analysis of the totals compiled for the districts and
regions, we make reference to our summary by groups which follows
very
i below.
Our grouping of the roads is in conformity with the listing
The boundaries of the vari¬
districts and regions are indicated in the footnote subjoined to
of the Interstate Commerce Commission.
ous
the table.
were more
:
'
"
~
corn
419,000 barrels
JANUARY
OF
District and Region
-Gross Earnings1942
Inc. ( + ) or Dec. (—)
1943
Eastern ,I>f8lrlct—
New
$
England region (10 roads)
Great Lakes
region
(23
24,421,550
19,071,416
roads)_____—107,807,286
Central Eastern region (18 roads)
133,609,770
In
our
usual
grain traffic
---
-
265,838,606
+
%
5,350,134
+ 28:05
84,506,664
+
23,300,622
+27.57
101,703,196
+
31,906,574
+31.37
60,557,330
+29.50
205,281,276
+
.Southern District—
Bouthern region (26 roads)
Pocahontas
region
(4
1C3.554.098
+ 55.58
33,387,979
roads)
30, 1943,
31, 1942:
as
<30uroads)
—.
+ 24.58
136,942,077
93,361,415
43,580,662'
+
+46.68
60,975,830
48,237,204
—143,908,956
95,647,812
63,668,682
38,160,348
.—
Southwestern region (20 roads)
Total (51 roads)——
Total all districts (132 roads)
Eastern District—
671.334.151
480,688,115
—Mileage—
1943
1942
District and Region •
New
182,045,424
England region-
1942
+
.
12,738,566
+26.41
+
48,261,144
+50.46
+
25,508,334
+66.85
+
+
86,508,044
$
5,172,198
+
region. 25,912
Central East, region. 24,045
26.041
20,'215,694
+
Total
24,250
56,559
56,937
■
3,214,681
14,907,450
%
■
+
62L5
+
73.74
24,058,375
+
13,993,276
+
58.17
49,446,267
61,561,674
+
32,115,407
+
64.95
Southern District—
Gouthern
region
Pocahontas
Total
37,469
region.
_
37,832
44,525,379
19,183,044
+
6,025
6,076
15,970,537
11,096,723
+
43,494
>
43,908
60,495,916
.30,279,767
25,342,335
4,873,814
+
30,216,149
+132.11
+
+
43.92
99.79
'
Western DistrictNorthwestern
Central
region. 45,456
region 55,391
45,617
56,141
58,304,194
29,349,448
+
region. 28,793
29.041
28,330,455
11,808,348
+
West;
^Southwestern
18,440,621
11,065,349
129,640
130,799
105,075,270
52,223,145
districts_.229.693
231,644
247,132,860
131,949,179
—
Total
all
7,375,272
+
+
66,65
28,954,746
+
98.66
16,522,107
+139.92
+
grouping of the roads conforms to the
Commerce
Commission, and the following indicates
6roups and regions:
52,852,125
+115,183,681
classification
the
confines
AND
11992835670402—
1942—
Flour
Omitted
+101.20
+
87.29
of
of
the
Interstate
the
different
GRAIN
Wheat
..
Region—Comprises the section on the Canadian boundary between New
England and the westerly shore of Lake Michigan to Chicago, and north of a line
from Chicago via Pittsburgh to New
,Yprk. ,
>
Central Eastern
©f
a
line
from
Region—Comprises the section south of the Great Lakes Region east
Chicago through Peoria' to St. Louis and the Mississippi River to the
mouth of the
line
thence
Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a
to the southwestern corner of Maryland and
by the Potomac River to its
mouth.
SOUTHERN DISTRICT
Southern
-.
©f
the
Region—Comprises
Ohio
River
to
a
point
the
near
section
east
of
the
Kenova,
eastern boundary of Kentucky and the
Mississippi
W. Va., and
southern boundary
River
and
south
line thence following the
of Virginia to the Atlantic.
a
Pocahontas
Region—Comprises the section north of the southern boundary of Vir¬
ginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and south
©f a line from Parkersburg to the southwestern corner of Maryland and thence
by the
Potomac River
to
its
mouth.
(bush.)
(bush,)
WESTERN
DISTRICT
Northwestern
Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to
Portland,
end by the Columbia River to the Pacific.
Central
west
of
a
Western
line
Region—Comprises the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
from
Rye
(bush.)
Barley
3.1S3
12.680
1,063
40
1.578
1,050
917
9,636
2,265
208
re¬
of
is
to
transfer
industry,
effort
enterprise from the produc¬
and
self-supporting do the
non-productive
and
dependent
hence
of
the
population, and
discourage industry and
to
self-reliance and to encourage de¬
pendence
the
on
bounty
of
the
14,060
1,430
2,835
787
4,476
71942
(1943
St. Louis
111999432846750723———;;.
4,322
1,623
5.219
908
47'
186
257
48
278
346
.
4
10
580
44
120
559
96
,
15
227
.
339
v'v'
+
5,608
1,126
61
13
3,439
689
461
1,000
1,342
:
1,083
7,453
3,314
7S5
14
275
688
1,161
(1943
210
940
4,418
11942
162
140
4.629
130
7.919
4,334
4.196
3.383
661
1,007
337
461
11942 :
St. Joseph—
+
11942
35
P;-.'.'
2,036
+
348
214
.
+:/':73
+
.
..
284
companied
266
economic
in
I
202
ernment
the
"By guaranteeing security, there
would be
for
and shiftless this would be
an
at
for
expense
of the rest of the popu¬
2,052
21,591
31,691
9,376
2.492
10,093
lation.
a
sum¬
country
Inc.
But
have
no
level.
step
225,941
235,607
235,179
be
243,732
234,469
regime.
7.01
246,959
246 958
-r
239,402
247,159
248,477
248,238
the 'Bill of
240,046
239,882
tional
+ 39.21
232,655
232.710
+ 25.90
232,511
232,210
503,011,129
469,195,808
500,816,521
395,000,157
467.887,013
501.497,837
483,195,642
467,329,225
480.062,657
484,022,G95
—
+
+
—
479.841,904
33,226,587
6.61
232.492
231,513
235,395
234,236
are
235,678
235,627
attainment
6.70
238,698
235,886
3.40
236,149
235,498
—
15,866,417
+
3,960,036
0.82
+
236.944
236,105
237,846
236,590
239,476
238,808
# While stating that "the princi¬
ples underlying social security are
6.31
240,833
240,417
sound
and
communities
within
their
resources,
28,853,685
,+
90,545.842
—24.77
46,000.776
31,443,332
36,102,247
226,276,523
242,350
242,175
242,677
242,332
244,243
241,881
242.365
—16.73
+ 13.90
239,444
241.337
2.39
238.245
239,506
+ 13.20
237,078
238.393
6,148,718
263,862,336
7.42
—18.93
—
85,314,308
257.728,677
34,842,478
+
241.991
32,303,592
+10.82
278,751,313
330,959,558
52,208.245
—15.77
235,422
236,041
305,232,033
278,600,985
25,631,048
+
9.56
233,824
234,853
344,718,280
305.232,033
39,486,247
+ 12.94
233,093
233,820
31,769,210
+
235,990
I
236,857
376,628,399
344,859,189
9.21
232,431
480,688,115
671,334,151
376,530,212
+
104,157,903
+ 27.66
231,638
232,441
480,688,115
+
190,646,036
+ 39.66
229,693
231,644
232,825
Month
Year
Increase (+) or
Year Given
Preceding
Decrease (—)
$49,900,493
$40,841,298
56,393,506
52,960,420
64,277.164
•
53,280,183
45,940,706
+
50,062,699
50,946,344
1912_
45,496,387
52,749,869
+
2,333,839
—
,
7,019,714
:
65,201,441
+ 12.65
—*
4.38
—
—13.25
18,781,777
+
22.18
+
6,330,807
—
+
■■
$9,059,195
41.28
+
—19.10
12,451,572
51,582.992
•
—
1918—
52,473,974
78,899,810
—
51,552,397
+
27,347,413
+ 53.05
79,069,573
..,.+
8,679,331
17.038.704
-
:
—
■1924——___—
+ 10 2.. 67
35.012.892
+ 60,p9
9.412.390
83,680,754
101,323,883
102,281,496
99,549,436
117,730,186
29,089,649
—10'08
17.341,704
94,151,973
1930—!
94,759,394
72,023,230
45,964,987
2,853,250
—
5,558,796
23,578,213
;+
94,836,075
45.940,685
946,994
+
—
117,764.570
71,952.904
1935—
45,603.287
62.262,469
1936
44.978,266
51,351,024
i.—
:.■
77,941,070
■[
—19.53
—24.13
—36.21
361,700
—
0.79
+
17.284,203
+ 38.43
10,907,615
—17.52
15,478,511
+
+
10,560,349
+ 15.67
31,338,550
—40.19
77,971,930
72.811,019
46,609.996
1940—
X+
26,201,023
88.052,852 •'
72,810.660
+
15,242,192
+ 20.93
108.463,461
88.299,414
+
20,164,047
+ 22.84
131.949.179
108,299,877
+
23,649,302
+ 21.84
247,132.860
131,949,179
+ 115,183,651
;;
+ 56.21
+
87.29
could not
load
that
country
be
is
Surely such
placed
already
upon
stag¬
gering under the colossal burden
of war."
Planning Board's
referred to in these
March 18, page 1017.
The Resources
report
was
columns
on
Loan For Art
passed
House
The
Gallery-;
on
Aprils 5
bill
Governmenbuto
accept a permanent loan of j$5,000,000 for the benefit of the'Na¬
and sent to the White House a
authorizing
tional
the
Gallery of Art.
-
up
The measure, which passed the
Senate on Feb. 15, authorizes the
Secretary of the Treasury to re¬
ceive the loan from the A. W.
and
Chari^
of
of 4%
to
be
a year,.the
paid to the board
trustees
of
the
at the
interest
Security Discourages ItidusSry And
Self-Reliance; Encourages Dependence en State
Educational
Mellon
table Trust and to pay interest on
it
Social
National
a
29.82
+
'
67,380,721
1939
1941_
$25,000,000,000 a year.
a
5.58
46.633,380
—
plan, but various estimates have
made, running as high as
been
2.79
26,082,545
—i-
—1
51,905,000
; "
of
seriously undermined, if not de¬
stroyed. No official data are given j
as
to
the cost of the proposed
+ 25.04
—
+
must,
alleviate
shock
times," the bank warns that
"in drawing up any measure'along
this line it is imperative that the
program be kept within the eco¬
nomic capacity of the nation, and
that personal initiative and en¬
terprise may not be crippled or
paralyzed in the process. For if
this should happen, then the very
foundation of security would be
0.93
+
—
+—
22.883,171
62,258,639
67,383,511
;
.
23,005,176
—
.
the
+ 20.72
+
■
cushion
hard
—67.96
93,366,257
93,990,640
60,351,362
and
+ 137.99
'■:W
58.266.794
99,428.246
+ 160.94
49,809,654
+
;
22,340,495
—
;
—79.59
+•
28,331,956
102,270,877
—
1.70
66,436,574
88,803,107
83,953.867
—
+
13,881,674
36,099,055
101.022,458
——
890,982
—
V'83,475,278r"
85,908,709
57,421,605
93,279,686
—
36,222,169
28,451,745
-
—I—
want
+ 10.98
87,748,904
disillu¬
1.28
298,704,814
——
cruel
6.20
486,628,286
450,731,213
365,522,091
of
invites
sionment, bitterness, and despair."
6,119.441
263,877,395
1909———
Rights' under the Na¬
To
+ 26.79
274,890,197
January
by a fascist
Tour Free¬
the
Planning Board
would be 'gone with the
make promises that
beyond the realm of practical
wind.'
>—16.05
1936
—
to
to
program
75,303,279
257,719,855
1940
have
people
30,161,749
+
—
298,664,465
share
Resources
105,816,364
—
33,610,824
—
to
doms' of the Atlantic Charter and
247,620
+ 15.29
+ 111,420,819
——393,892,529
we
subsistence
would
up
Then
+ 21.27
101,778,760
less
on a
compel
swallowed
■—3.95
—
the
The Utopian scheme would
237,888
6.76
11,608,126
+
330,968,057
work.
1.15
+ 18.28
—
—
and
State
and
40,845,785
—
228,889,421
The
in
46,840.040
392,927,365
.
less
+
469,784,542
450,526,039
be
+
494,706,125
365,416,905
274,976,249
219,515
225,292
225,862
16,598,551
—
284,131,201
457,347,810
222,456
229,204
2,440.307
294,002,791
486,201,495
5.41
16,884,807
carry
situation where pro¬
would slacken and there
would
2.50
+
to
a
until all would be
+ 14.61
38,128,677
+
—
267,115.289
486,722,646
Preced'g
is a point be¬
majority would
the
incentive
would have
+
4,982,454
236,880,747
220.203,595
485,961,345
Given
the
heavy burdens involved. Then
$9,286,841
249,958,641
456,560,897
Year
ride'
there
which
26,424,228
208,535,060
1930————
Year
Dec. (—)
Preceding
233,073,834
1931.:—
-Mileage-
( + ) or
'free
a
yond
back to 1909 in¬
Earnings-
Year
395,552,020
-
in¬
vitation
282,394,665
—
of
indigent
278
225
267,043,635
307,961,074
1937—
welfare
the
10 240
220,282,196
1938_
To
1,151
246,663,737
—
future
110
—
1933—
great
7,084
$181,027,699 $171,740,858
207,281,856
180,857.623
—204,168,709
199,186,255
210,704,771
213,145,078
—
a
731
Given
1924——
the
children.
duction
—
incentive for
no
people to practice thrift, to
for a rainy day, or to pro¬
39,025
-Gross
—
gov¬
people.
\ 192
Year
1921—
the
provided bread and cir¬
for
cus
happened
as
Rome when
40,781
Month
1915
ac¬
con¬
2,471
year
—
collapse,
Ancient
vide
clusive:
.—
Government
saps the vitality of the
country
and, if unchecked, is followed by
their
mary of the gross and net earnings of the railroads of the
for the present year in comparison with each
January
by
trol, with the resultant growth of
Frankenstein bureaucracy that
save
In conclusion, we now furnish in the table which follows
-
free¬
48
25
1942;';+
(1943
(1942
of
individual
a
274
1,685
of
Government aid is
many
1.280
320
price
For
184
■'
.
of
protection
,;■
1,795
i&j
all
the
at
dom.
241
103
asked
for
against the vicissitudes of life is
421
■
'
(1943
(1942
(1943
_
special favor
Government
35
504
62
1
~
202
(1943
;
2,693
2,346
"
2.434
,
|1942
Kansas City
'
1,232
41
1.356
(1943
Peoria
(bush.)
613
:
4
so
(1942
,
2.931
.
2,541
146
11942
(1943
Omaha
v
4,670
f1943
_
(bush.)
9,105
.
(1943
11942
_________
.
_
"11942
'
It goes on to state:
1,384
30
Milwaukee
The
security
"Every
Oats
(bbls.)
1934_.
Lakes
social
overall plan
an
tive
the
Corn
(1942
Duluth
1928
of
The bank points out
and
RECEIPTS
1,266
Mitineapolls
19C9
understanding
sense
rewards
sections
(1943
—
1933
England Region—Comprises the New England States.
and*7,334,000
30
1932—
EASTERN DISTRICT
Great
these
rye,
Year
Chicago
Total
social
v
(000)
Wichita
of
the
a
1931
New
of the current year
Receipts of flour increased
present
keen
a
that "the effect of
shown in oats and
were
sympathetic
and
sponsibility.
detailed statement of the
the Western roads for the five weeks ended
January
:
Note-^Our
Mississippi River
thence to El Paso,
-
Five Weeks Ended Jan.
1923_
Total
we now
WESTERN FLOUR
1941———————
+39.66
Incr. (+) or Dec. (—)
6,646
Lakes
+47.52
190,646,036
%
6,602
Great
City and
the question should be
approached
with
State."
1939.
268,553,468
Kansas
1935—
Western District—
Northwestern region (15 roads)
boundary
N
1934
'
Central Western region (16 roads)
to
(he
compared with the corresponding period .ended January
1932
Total
Mexican
V
between
1942's aggregate of 2,052,000 barrels.
form,
over
——
Total (51 roads)
Louis
arrivals, respectively.
over
:
SUMMARY. BY, GROUPS—MONTH
St.
lying
than offset by increases of
19,190,000 bushels
in wheat and
Sioux City
In order to indicate more
from
Although downward trends
—
Indianapolis &
Decrease
906,716
Kansas City Southern
International Great Northern—
Gulf Mobile
Total (72 roads)-,
937,693
Nashville Chatt.
line
a
the
'• +
section
Western grain movement for
January
somewhat heavier than the
previous year.
Toledo
1,160,307
Lehigh Valley
Reading
and
360,451
•_
Great
Louis
the
the Rio Grande to the Gulf of Mexico.
393,016
2.071,772
1,912,762
1,597,159
Southwestern
+++.
■;
400,423
—
1,512,095
Louis
St.
St.
City and thence to El Paso and by
\
Region—Comprises
The
was
433.985
Jersey—
Western-
2,699,062
&
Illinois Central
&
615,800
Western Maryland
of
of
',602,628
4,932,683
Nashville_____
Chesapeake
620,368
Mississippi Valley——
Georgia——
Marquette ________——_v
of
4,424,716
Chicago Rock Island
Chicago
Maine___
&
4,463,089
Seaboard Air Line_
Louisville
Pere
south
and by
1509
$628,870
__
Ohio
&
&
Yazoo
Central
5,745,166
„
Baltimore
JANUARY
__
___
Southern
Boston
6,811,395
—,
Missouri
OF
—
6,863,065
—
Pacific
Union
MONTH
THE
Alton
*7,027,029
_
roads)____
(2
Pennsylvania
FOR
Increase
& Santa Fe__ $10,242,265
Central
York
Southern
EARNINGS
Increase
Kansas
•',':+;
Southwestern
CHRONICLE
lery
as
rate
an
The gallery and
tion of
National G&1-
endowment fund.i!" '
the art collec¬
the late Andrew W. Mel¬
Resources
Planning Board's social security pro¬
blueprint of individual security from the
lon,
former
Secretary
of
the
designed to be a
Treasury, were presented to the
to the grave, is not a new
aspiration, as, since the dawn of
Government on March 17,
history, mankind has been in quest of security, says the First
ip41;
gram,
cradle
National Bank of Boston in its
tinuing, the bank
says:
this was noted in our issue
April "New England Letter."
Con¬
"As it is a challenge that must be faced, March 22, 1941, page 1840.
'
of
'
1510
THE COMMERCIAL
Bank Debits For Month Of March
The Board
of Governors
of the
Federal
Reserve
March 10 its usual monthly summary of "bank
on
SUMMARY BY FEDERAL RESERVE
debits," which
(In
millions
of
we
and
New
18,871
Atlanta'™
2,012
6.428
5,727
1.C80
7,933
Louis
10,338
■
__
___
877
3.045
5,940
Francisco
1.286
4.652
15,456
12,146
centers
274
"New
other
centers
1" 133
other
62,253
49.161
168,908
1.7,056
61,885
78.335
14.0277
12.431
__™_.._..:
national
•>.'
34,727
27,764
5,153
-
series
tExcluding centers for which
7
the United States for the week ended
April 10 showed a decrease of 2,900 tons when compared with the
output for the week ended April 3. The quantity of coke from bee¬
hive ovens increased 25,400 tons during the same period.
48,545
92,995
The U. S. Bureau of Mines also reported that the estimated pro¬
duction of byproduct coke in
139,311
22,373
centers™—
the
4,251 f-
___
*140
in
.
_____
York City_™_„
•Included
:
5,610
'
■
....
1,362,000 tons, an increase of 5,000 tons (0.4%) over the preceding
When compared with the output in the. corresponding period
of 1942, there was an increase of 250,000 tons, or 22.5%.
4.516
3,834
1,747
•
week.
2,573
1,559
4,341
,
covering 141 centers, available beginning in
figures
not collected
were
ESTIMATED
UNITED
DATA
1919.
In
by the Board before May,
Net
Tons
Total,
March
April 13, the Bureau of Census issued the following state¬
showing cottonseed received, crushed, and on hand, and cotton¬
seed products manufactured, shipped out, on hand, and exported for
the eight months ended with March, 1943 and 1942.
Coal
"Received at mills
On hand at mills
Aug. 1 to Mar. 31
1942
3,858,085
251.985
3,984,986
216,132
3,492.109
Apr. 10
Apr. 11
Apr. 10
1942
1943
1942
1937
11,150
11,112
2,067
12,027
1,852
6,275
5,676
234.995
!,
191,450
:>
20.323
output
5,000,000
t.
the
6,325
—
u.
1940,
PENNSYLVANIA
OF
1943
Apr. 11
66,639
394.054
410,160
83,864
86,407
"Total incl. colliery fuel
1,362,000
1,357,000
113,945
141,025
39,468
23,746
•(•Commercial production
1,308,000
1,303,000
Georgia
333.247
253.929
322.124
226.629
15.180
46.216
84.059
161,643
83,314
552.940
636.455
486.493
211.314
247,694
197.022
■:
7,436
1,271
3.153
105,908
24,022
United
Oklahoma
218,508
238,283
217,209
226,765
5.763
200.631
114.765
193,986
109,400
6,592
8.373
Tennessee
376,790
393.076
321,379
338,952
64.598
74.792
1,005,883
946.763
960,164
884.209
78.674
139,196
114,699
126,134
26.512
1,112,000" 17,435,000 15,915,000 20,730.000
H,068,000U6,737,000*15,278,000 19,237,000
v','.-)
,
washery
16,170
155,600.
181,000
__
total-™
7.
152,100
•-7:vS
1,232,600
1,229,700
2,287,200
^
2,145.800
i/
./
v.,
1,158,300 17,423,300
Texas
____
All other
States
"Does
tons
not
include
1943
reshipped for
and
81,928
and
130,529
1942
tons
hand Aug.
on
respectively.
Does
1
;
nor
include 9,897
-
46.912
and
operations.
1,780,500
*V:
,
revision.
^Revised.
(The
PRODUCTS
MANUFACTURED.
Item—
Crude
Season
oil
1
(thousand pounds).
Refined
-}
oil
"34.460
sources
of final annual returns
or
-Week Ended-
Aug. 1 to Mar. 31
*116.640
1,212,269
1,082,501
1,061.220
1*318,303
896,209
391,040
136,764
1942-43
190,100
1,762,713
1.912,960
39,853
164.444
1,524,058
1,350.706
337.796
Mar. 27
Apr. 4
Apr. 5
Apr. 3
1943
1943
1942
1941
1937
Alabama-
380
343
111
239
Alaska_,.___
Hulls
£
______
6
78
Illinois
867,516
859,549
159,406
tl, 198,354
942,848
$298,801
}
1941-42
123,154
1,027,629
1,026,042
124.741
\
bales)
(running
Hull
44.118
43,295
1942-43
229
27,776
26.917
1.088
™
fiber
1,834
25,415
25,684
1.565
Montana
f
(500-lb. bales)
1042-43
Grabbots, motes, &c. 1
'
23.644
29.038
48,185
53,579
-
(50(Mb.
bales)
"Includes
sumers
Aug.
1941-42
1
24,484.000
establishments
6,183-
74,984,000
2,118.000
1942
and March
1,
tlncludes
and
and
and
3,620,000
and
26,727
47,084
held
pounds
pounds
11,418,000
refining
by
in
transit
26.540
and
to
manufacturing
and con¬
refiners
1943 respectively.
31,
tProduced
and
cut
bales mill
269,978
by
refiners,
winterized oil.
from.
pounds of
1,131,806,000
STotal linters produced
1,096,769
pounds held
mill
9,160
Kansas and Missouri
86,069 bales
bales first cut,
second
19,663
and
second
cut
bales
run.
''■•■.■
l
1.575-
1
•61
159
933
1,471
174
.
324
514
31
75
100
171
.',,-143
385
242
648
208
251
203
43
41
9
47
"tt
4
5
and
;i;;;
.9
159
92
59
43
•
41
•
■
30
-
•
51
63
42
(bituminous
and
U
562
2,727
728
132
60
158:
>••'•
lig¬
I
'
6
149
>
the
428
26
figures
are
advanced to equal 100%,
so
390
106
392'
STATISTICAL
Period
Received
1943—Week Ended
Jan.
Jan.
126,844
9
Jan.
Orders
''•*"'••:';
216
173
201
116
108
Other Western States—™
1
379,573
Current Cumulative
62
84
134,982
_
129,365
381,713
82
82
397.437
88
.
398.594
88
^Pennsylvania anthracite™™
the
12,650
1,341
1,357
12,507
™.™
operations
B.
&
Panhandle
O.
in
on
the
Kanawha.
District
121
31
-
tr-
•
..
1
,
rVK' 26
,
462
•
"
14
413,084
88
86
140,836
439,304
89
87
1,256
430
778
71 '■•'•;
tt
116
:7
10,458
3,380
880
679
7,241
and
13,991
11,338
10,836
1,092:
4,059
1,974
8,333
& W.;; C. & O.; Virginian; K. &
M.; B.
Mason, nnd Clay counties.
tRest of State,
Grant, Mineral,
and
Tucker
courities.
>
C.
&
G.;
including
^Includes
Arizona
lished
*
of
records
the
§Data for Pennsylvania anthracite from pub¬
of
Mines,'
iiAverage weekly rate for entire month.
Carolina, and South Dakota included with "Other Western
States."
r
ttLess
than
1,000
Revised.
tons.
„
March Life tosmce Sates Increase
The
sales
of
ordinary life
March amounted to
sold
in
insurance
$631,863,000,
in
an increase
the
United
States
of about 12%
the
corresponding period of 1942, according to the
issued by the Life Insurance Sales Research Bureau,
Hartford, Conn.
The total sales volume for the first three months of
1943, however, aggregates $1,626,553,000, which is about 27%
the amount sold in the
same
as
reported by
follows:
148,687
137,784
446.981
20
141,435
142,932
445,982
91
88
Ratios
Sales
27
156,628
147.085
454,308
94
88
Volume
'43-'42
Volume
•43-'42
6
175.178
147.830
480,802
93
89
in $1,000
All Cos.
in $1,000
All Cos.
146,062
498,927
93
89
149.096
504,414
92
90
139,911
150,754
488,197
95
90
3
172,412
153,030
511,220
S5
90
153,260
153,006
510,784
95
91
Apr.
Apr.
10_
Notes—Unfilled
orders
of
MARCH
Sales
U.
S,
New
Total
England
Middle
E.
W.
S.
the
N.
Central
N.
$631,863
_______—
Atlantic
146,476
the
War
Production
March 31..
on
the
second
.
dur¬
quarter' of
1943,
request for
Mr. Chandler said any
exception
the
to
order
must
be
supported by facts indicating that
adherence would constitute
an un¬
reasonable
hardship.
Each such
request, it was stated, would be
considered
In
31
its
on
merits.
own
Washington advices of March
to
was
the
New
York
stated:
In
"Times," it
s.
v
such requests pub¬
making
lishers should
set forth
conservation
in
detail
"measures
have been carried out and the
ture
of
the
na¬
this to ,be
specimen copy
measures,
accompanied by
a
The follow¬
is also required:
The amount of print paper used
during the second quarter of 1941
in printing net paid circulation
only, to which 3% may be added
for production waste.<
■*'"
in
specific number
requirements
of tons of minimum
for second
quarter of 1943.
Additional information sought is
for the second quarter
of 1941 and
the first quarter; of 1943 is as fol¬
lows:
,
Gross
paper
tons
.
pounds of. print
used, whether in publishers'
or
or
used for supplements pro¬
73%
$1,626,553
124,260
Net
440,689
69
112
372,060
74
76
156,582
115
155,748
102
64,045
71
Central
44.098
95
115,466
119
59,760
in print¬
press
run
by
months
and
(according to ABC standards) and
net press run and net
between
paid circu¬
lation for each quarter.
month
44,353
111
153,350
',;•
:
74
for
morning,
evening
or
Sundays issues separately (includ¬
ing all supplements).
1
Total number of lines
of
age to
inches
total space.
Total number of lines
of
or
paid advertising and percent¬
or
inches
unpaid content and percentage
to total space.
72
__
or
the quarterly averages.
Percent of difference
70
110
S.
printing,
the quarterly averages.
Net paid circulation by months
Ratios
26,192
Pacific
112
DATE
TO
62,379
Mountain
.u.
W.
S.
112%
YEAR
115
48,103
___™
Central
unfilled
E.
*943
Central
Atlantic
prior week, plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,,
orders made for or filled from stock, and ether items made
necessary adjustments of
orders.
Chandler, Director of
Printing- and Pub¬
of
Average number of pages each
are
Feb.
155.116
ing
period of 1943,
The sales volume and the ratio for all sections
the Bureau
below
Feb.
166,885
G.
Board's limitation order 240
in
from the
survey
monthly
87
13
use
ing publications for others.
87
20____™-_
large
supplies by the indus¬
commercial
13
27
in
economical
duced for the publishers by others,
but not to include paper used in
Feb.
Mar.
-
■
Announcing the procedure to be
followed
in
administering
the
plant
1
169,417
Mar.
the
on
Board, said
Bureau
"Alaska, Georgia, North
6
Mar.
sold
depends
newspapers
measure
12,810
N.
Feb.
Mar.
K
sold
72,927,750
-.TTIW——pEaT-l-
.
of present
35
1,249.
California, Idaho, Nevada and Oregon.
86
136.645
90.300,000
-.i
An estimate
11,150
85
140,849
152,358
__
137,055
143,028
30
_
$14,500,000 sold
Postponement of further cur¬
tailment of supplies of newsprint
lig¬
nite
volume
Activity
Remaining
Tons
97,386
Percent of
157,251
16
23
Jan.
Tons
Tons
2
Jan.
Production
'
ing information
37
Unfilled
Orders
,
249
832
that they represent the total
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
purchases
213
2.101
the
/
purchases
or
of their newspapers.
30
on
766
3.531
'
each
-;77•'
or
sales
70
1,004
production, and also a figure which indi¬
activity of the mill based on the time operated.
These
industry.
'■
sales
No
20
21391
and
*"16
of the total in¬
statement each week from
a
1,000,800 sold'
„
_™___A_ No
_________
57
863
member of the orders and
cates
•/<
so'i
Further Cuts In Newsprint
Use Depends On Economies
42
59
1,772
•
7
2,060
,
dustry, and its program includes
'
sold
4.500 000
135
70
Virginia—Northern™-.
Wyoming
•West Virginia—Southern
tWest
"Includes
The members of this Association represent 83%
sold
8,446,000
i.
26
^
4
137
398
bituminous
22
u
:H
6
131.
v
™_™__„™_.
Total
52
35
781
120
__
Total all coal
give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
•
'
sold
2.295,000
—___—
December
188
32"
,
23
r2,972
2,053
____
nite)
Utah—
620
49
20
'
and
We
purchased
250,000
—
whether
77
669
Texas
138
-
f:
Dakota
(lignite)
Ohio
Tennessee__.
4
•'
.
37
South
110
concerning imports and exports.
Weekly Statistics Of Paperboard Industry
16.625
——
October
■
81
.
#•»
tt.r:
961
(bituminous*' and
lignite)
North
70
184
328
-
•
until
<tO
38
39
New Mexico.:.™
►
discontinued
412
356
57
434
; '
Exports and Imports of Cottonseed Products
has
*
125
60
tt
1,073
1*530
853
Maryland.
In the interest of national
defense, the Department of Commerce
further notice the publication of statistics
avge.
111923
-
2
17 V:':
-
268
Kentucky—Eastern™
Kentucky—Western———
Virginia™.
Washington
oil.
includes 15,516 bales first cut,
Total held includes
run.
bales
crude
112
528
Pennsylvania (bituminous)
brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
1,389.000, and 7,847,000 pounds in transit to manufacturers of shortening, soap, etc.,
Aug. 1, 1942 and March 31, 1943 respectively.
Does not include
20,407,000
1
1,403
_
Michigan
1941-42
\
25.876
3
48
174
.
51
__
_
151,439
979.141
:••
l
,_™_$„L--:—
Indiana
1942-43
'
5
104
:
131
Georgia and North Carolina-
1941-42
960.899
6
.
purchased
'
Arkansas and Oklahoma™-™
Colorado
1942-43:
)
1
(tons)
V
363
™;
Iowa
Linters
April
Apr; 3
State—
Mar. 31
purchased
purchased
300,000
j.__________™_
lishing
the operators.)
from
sold
5,814.450
the Division of
BY STATES
COAL,
carloadings and river ship¬
receipt of monthly tonnage reports from district
on
HAND
1,234,649
294,005
weekly
subject to revision
are
On hand
1941-42
1
I
(tons)
ON
Jl,056,104
1941-42
Cake and meal
AND
Shipped out
29.708
1942-43
(thousand pounds).-f
OUT,
1310, ID 1
1941-42!
1
1 to Mar. 31
Aug. 1
1942-43
SHIPPED
Produced Aug.
On hand
i
OF
(In Thousands of Net Tons)
estimates are based on lailroad
current
and
and State
COTTONSEED
WEEKLY-PRODUCTION
77
ments
—
try, W.
ESTIMATED
destroyed for
tons
dredge coal and coal shipped by truck from authorized
colliery fuel.
fComparable date not available.
gSubject to
49,948
1943.
$520,700
29.980.000
November
>7
purchases
purchased
■v7777':77;77'7 77.7.
September-
to
%
16,878,400
and
^Excludes
or
$60,004,000
Apr. 13
7.1929
:
89.688
145,152
total,
States
"Includes
12.050
South Carolina
States
By-product coke—
United
purchases
sold
No. sales
__
_________
s;
,'rrr---
Beehive coke—
70.473
19,738
K
1942
purchases
sold
200.000
1.943—
Apr. 11
1943
V
or
$2,500
March'
Apr. 10
:;!;^Vl943;;;;iV'; 1942
sales
_____
February
.
purchased
or
No
;
January
COKE
sold
447,000
sales
__:™_.______—
July
purchases
sold
No
_____—__—_
April
or
200.000
——
March
;!
.
sales
$743,350
_____
January
February
..
AND
No
™_„_
July
August
Calendar Year to Date
—
Apr. 3
SApr. 10
Penn. anthracite—
77,715
164,052
75,670
.
ANTHRACITE
«*
—Week Ended
158.276
736,122
91,153
Tons)
471.637
265,775
88,962
•
PRODUCTION
79,793
I'-
1,697
working day.
152.238
North Carolina
1,862
page
466.097
Louisiana
2,015
products is not directly competitive with coal (Min¬
775).
fApril 1, "Eight-Hour Day," weighted as
of petroleum
California
13.545
142.743
during the week converted into equivalent coal assuming
barrel of oil and 13,100 B. t. u. per pound of coal.
Note that
per
ESTIMATED
35.855
158,674
produced
supply
normal
a
—
August
barrels
B.
of
of
»0.5
170,240
.
'
.
_____
June
May
Arkansas-:
70.496
April
May
:7r;777y
;
_______—_—
June
496.505
483,318
1941—
March
1942—
Apr. 11
1943
12,400
mine fuel-
'•Total
1942
1943
following tabulation shows
two-years:
-January l to Date-
-
Apr. 3
resulted
Treasury's
transactions
in
Government securities for the last
November
Petroleum-
weekly
Mar. 31
:
1942
1943
The
October
•-
omitted)
(000
(In Net
4.396.273
Mississippi
PETROLEUM
the
of
Treasury invest¬
the
September
1943
erals Yearbook. Review of
(TONS)
Crushed
Aug. 1 to Mar. 31
1943
HAND
COMPARABLE
equivalent of
most
ON
AND
CRUSHED,
WITH
Apr. 10
average—™™,
•Crude
On
RECEIVED,
iisicl.
Daily
ment
Arizona.
COAL,
—Week Ended—
Cottonseed Receipts In
Alabama
OF
securities
other accounts
in net sales of
$72,927,750; Secre¬
tary Morgenthau announced on
April 15. This compares with net
sales of $90,300,000 in
February.:
December
and lignite—
United States
•
CRUDE
OF
PRODUCTION
ON
Bituminous coal
State-
PRODUCTION
STATES
1942.
COTTONSEED
7.3% in excess of that for the same pe¬
'
,i7
'
was
guaranteed
Government for
ment and
at
4,590
5,104
1,137
lignite
of bitu¬
vania
4,899
21,599
^
.
2.178
„„„™_™„™__
Dallas
tTotal,
5,653
26,672
1,571
1,858
■
___
_________
City
^ ;v/
For the current year to date, output
According to the U. S-. Bureau of Mines, production of Pennsyl¬
anthracite for the week ended April 10, 1943 was estimated
7,516
10,136
2,051
™_„™____™„„™7 :'
Minneapolis
San
8.239
11,540
2,352
—_____
Chicago
Kansas
2,670
3,583
weekly output of 12,546,000 tons in
ended April 11, 1942 amounted to
average
the week
riod last year.
53,584
67,491
3,052
4,206
_
minous coal and
1942
8.192
;
an
Production in
11,112,000 net tons.
March
1943
8,691
___
Cleveland'
St.
1942
2.869
24.498
York
Richmond
and
with
compares
March.
March
March
1943
3,226
Philadelphia
During the month of March,
1943:, market transactions in direct
and
1'
March
s;
In Govts. For March
lignite in the week ended April 10 is estimated at 12,400,000 net
tons, an increase of 1,250,000 tons over the holiday week preceding,
—3 Months Ended—
Federal Reserve District—
Boston
Market Transactions
The Bituminous Coal Division,. U. Sr, Department of the Interior,
in its latest report, states that the total production of bituminous coal
DISTRICTS
dollars)
'■
Thursday, April 22, 1943
Weekly Goal And Coke Production Statistics
System issued
give below:
-'
& FINANCIAL CHRONICLE
The
second
WPB's
eut
84
ported in
78
page
1120.
in
our
deferment
of
a
newsprint was re¬
issue of March 25,
'
Volume
From
THE COMMERCIAL &
Number 4170
157
FINANCIAL
CHRONICLE
Daily Average Crude Oil Production For Week
Washington
f Ended April 10, IS43 Up 31,250 Barrels
principal complex which explains,
at least to an extent, the conflict¬
The American Petroleum Institute estimates that the
daily aver¬
ing utterances that coihe from him age gross crude bil production for the week ended April 10, 1943 was
day
after
day,
utterances: that 3,948,950 barrels, a gain of 31,250 barrels over the preceding week
have just about caused the head and
405,550 barrels per day higher than in the corresponding period
of a family, of draft age, to go
last year.
The current figure, however, was 237,150 barrels below
clean nuts.; ■vvi'v/V'v:+■ J'■v.-' the
daily average figure recommended by the Petroleum Administra¬
tion for War for the month of April, 1943. / Daily output for the four
weeks ended April 10, 1943 averaged 3,916,650 barrels/
Further de¬
rule of civilization
unmarried
the
that
youngster
should go out and fight to protect
tails
the home, or the family unit, nut-
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,677,000 barrels of crude oil daily and produced 10,182,000
director who is not to be
confused with the chocolate bar
manufacturer, except that the di¬
rector is associated with war and
and had in storage at the end
chocolate
line;
The director has felt strong¬
bars.
of that week 93,212,000 barrels of gaso¬
barrels of distillate fuels and 67,185,000 barrels of
30,906,000
residual fuel oils.
ly on this subject for a long time.
There is simply no sense, he holds,
The above figures apply to
and do not reflect conditions
DAILY
in the rule that the young unmar¬
AVERAGE
called
hopes to establish a
future, should be
to defend the family
upon
already established anymore than
should be called
upon to defend him.
So, regard¬
less of what may be the director's
conscious
purpose
in frequently
threatening and warning the fam¬
ily heads that they are headed for
the
armed
forces, his sub-con¬
scious purpose is to keep them
squirming.
He can no more resist
that,.the
this
latter
the killer with
than
controllable urge to
the
♦
i
•
•Vh;/.':: tr
Week
April 1
379,300
1——'
Panhandle
:
309,900
Vest
Texas
Central
loastal
214 250
J—
North
Louisiana
old
another
Nelson
Donald
Just
stew.
as
is
in
to
investigating charges that Car¬
negie Steel turned out steel that
didn't come up to specifications,
he calls upon war production in¬
dustries not to try to be so pre¬
is
and
This
needed.
is what
Speed
perfect.
exactly what
is
Carnegie Steel had contended.
In. the agitation of Washington
Nelson's
of
men
something
over on
bright
him.
When the
put up to him he did not re¬
late it to the pending Carnegie
case.
But it was immediately tied
was
with it and the Leftists are
saying Nelson was deliberately
trying to help despicable and evildoing industry.
Nobody goes to the assistance,
they contend, of the eight workers
in
the
Bethlehem
shipbuildingup
yards, who have been arrested as
saboteurs for doing inferior work,
when it seems their only motive
incentive
and
speed
was
Incentive
1:74,826
Ai———
50.000
Eastern
in these hectic Frnes is
agitation by Harry Bridges
the armed services and
management alike on the Pacific
Coast.
Army, Navy and manage¬
ment
are
grossly inefficient in
loading vessels, he contends. Harry
has been making these charges for
long time and has succeeded in
getting CIO President, Phil Mur¬
ray,' to take them up.
They have
no relation, of course, to the fact
Harry has been ordered de¬
Communist.
A few
weeks ago, he and his associate,
Joe. Curran, boss of the Atlantic
seaboard seamen, were behind the
a
Commission.
the
Ad¬
grievance
miral
is that the latter won't re¬
the
navy
gun
27,691
9.0
-28.1
48.640
21.3
-14.7
77,631
24.1
-37.3
78,977
25.7
-38.4
8,045
3.5
-24.4
13.523
4.2
-40.5
12.931
4.2
-37.0
■
50.583
22.2
6.7
59,033
18.4
-14.3
53,891
17.5
..
36,180
15.9
-19.1
49,575
3.5.4
-27.0
44.154
14.3
-18.1
$228,283
100.0
—14.0
$321,396
—29.0
$307,640
100.0
"—25.3
Tr.
Svg.
Cos.—
Bks.:
■
—
;
..
-
crews
from
let Joe's men
man
the guns.
The Admiral, on
the other hand, is seriously dis¬
turbed about the Communist ele¬
ment in Joe's organization, par¬
:merchant ships and
ticularly the Communist strength
among the radio operators.
100.0~
iucl.
(not
Glass I Railways For
has issued
V
225.700
152,100
January
statement
a
showing the aggregate totals of selected in¬
and balance sheet items for class I steam
come
States for the month
of
railways in the United
January 1943 and 1942, and the 12 months
ending with December, 1942 and 1941,
349,850
235.350
1,391,900
1,097,550
89,100
81.650
+
7,300
252,400
255,350
excludes returns for class A
switching and terminal companies.
7,100
341,500
337,000
report is
70.900
73.550
These
figures
subject to revision and
are
132 reports
representing 136 steam railways.
follows:
as
'
550
55,350
99.050
+ 32.850
240.600
299.400
15,400
18,350
+
Net
operat.
ry.
Other
Total
\
56,850
from
Wyoming
97,100
89,900
700
90.500
92,300
24,600
20.250
2,450
18,400
21,600
fixed
6,300
200
6,600
4,850
97,300
4,850
93,650
79,250
Jew
Mexico
105,700
105,700
176.948.215
118,361.582
79,44a.279
1,683.535,512
1,175.234,919
2,120.428
2,430,550
45,838.991
31,952,202
77,014,729
1,617,969,521
1.143,282,717
Total East of Calif.
3,168,950
3,362,400
5823,700
823,700
——
+ 36,950
3,135,050
781,600
628,000
3,916,650
3,543,400
—
for
4.18G.100
3,948.950
"P.A.W.
recommendations
and
state
allowables represent the production of
all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
.Tom oil, condensate and gas fields.
Past records of production indicate, however, that
wells may be incapable of producing the
certain
>y
pipeline proration.
re
less
ion
than
of
the
natural
27.9C0;
gasoline
Kansas,
0.30C:
J This
includes
shutdowns
/or
11
net
shutdowns
fields
several
Other
and
leases,
total
a
Michigan,
100;
month.
entire
of
after
Contingent
7
on
30-day
a
With
the
basis
exception
RUNS
AND
TO
and
from
April
STILLS;
3
11
days
specified;
being
not
shut-down time
Committee
only
operators
Oil
Producers,.
FUEL
OIL.
WEEK
STOCKS
DISTILLATE
AND
APRIL
ENDED
10.
OF
FUEL
in
this
-——therefore
FINISHED
section
include
of
stock
19,817,793
758,867,301
172,597.269
"2,360.000
8 344 714
charges
5,134.507
161,377,945
158,400.722
2,611,421
2,486,397
34,427,287
27,445,004
2.28
stock
income
1.52
2.57
1,84
.
fixed
to
—
Class I
All Class I
Investments
in
on
a
Bureau
of
totals
are
Mines basis——
Poten-
tStocks
JStocks
tStocks
Finished
of Gas
of Re-
and Un-
Oil and
sidual
op- Natural
finished
Distillate
Fuel
porting Average erated Blended
Gasoline
tiai
Rate
Runs to Stills
U
Re-
Daily
Includ.
Fuels
Oil
affiliated
/;/;
177
68.9
4.682
40.483
$516,246,560
$449,885,720
$719,320,754
$693,991,695
$536,437,591
760,110.885
135,679,382
641,982,503
127,563.019
190,581.896
92,324,456
148,646.109
316,083
1,200.262
263,079
1,020,996
41,685.747
29.609.347
34,523,267
26,340.819
invest¬
13.690
■'
—
Loans
and
Traffic
bills
receivable-
and
(Dr.)
—
P'
:
receivable
balance
from
•'''
car-service
and
agents
con¬
158,564,924
Miscellaneous
and
supplies—_
dividends
and
71.914,143
172 871.423
481,481,530
405,272,140
388,235,933
14,018,438
13,475.425
re¬
ceivable
Materials
131,157,230
387.280.109
14,768,094
accounts
217,872,731
504.329,113
—
86.660,434
489,139,879
ductors
re¬
;
12,378,155
1,301.016
1,058,366
766,642
705,603
14.930,231
22.225,163
10,047.920
20,749.489
3,111,321,314
1,899,708,303
2,411,084,466
1,500,913.295
$128,350,915
$108,248,839
$109,052,632
$95,625,880
$15,427,753
$53,764,515
$1,103,650
$3,764,750
117,723.333
56,071,210
76,590,918
40.179.629
345,011.072
297,087,443
276,706,271
239,724,505
71.120,498
48.889,002
52,421,008
34,335.573
unpaidunpaid
35,533,369
50,982,231
27,938,740
51,733 091
6,499.186
5,612,405
6,157,020
5,260,142
Unmatured interest accrued
69,858,046
74,112,631
63.352,248
64,630.581
13,418,193
8,432,331
13,418,193
8,432,331
receivable
Other
1,683
$466,589,020
136,848.760
cash
Rents
Arkansas
88.7
1942
$540,513,456
Special deposits
ceivable
2,444
Trusteeship
com—
Interest
Louisi¬
North
1943
$989,326,582
Net
at Re-
fineries
Crude
Capacity
or
Balance at End of January
than
panics
balances
Production
Daily Refining
Railways Not in
Receivership
stocks,
other
etc.,
of
Railways
Balance at End of January
1943
1942
Selected Asset Items—-
Temporary
reported
^Gasoline
,
Appalachian
221,015,791
91.958,827
87,943,317
Cash
1943
'
Texas—-
247,403,405
3.861.700
AND
Gallons Each)
barrels of 42
'
Inland
17,752.688
9.381,888
being
plus an estimate of unreported amounts and
-
21,248.182
501,393,076
26,509,637
_
ments
Gulf,
30,061,716
953,860,655
defense
to oper-
during the calendar month.
California
of
GASOLINE;
OIL
Figures
and
2,249.496
23,945,908
appropriations:
bonds,
OF
GAS
(Figures in Thousands of
Louisiana
522.641.253
oi
available.
PRODUCTION
GASOLINE,
RESIDUAL
Gulf,
988.922,371
entirely and of certain other fields for which
to 15 days, the entire state was ordered shutdown
Conservation
UNFINISHED
District—
620.641.459
26,195,464
2,290.053
equip.)
of
common
those
CRUDE
628.774,150
62,979,830
—
Federal income taxes—
and
1.450,097
50,819.265
and
(way
structures
On
466,768.165
1.436,769
65,269.883
charges
projects
IRatio
7.
446,214.403
117.174
50,971,271
charges
Amortization
Wyoming.
April
a.m.
152,423.197
37,119.092.
122.007
tNet income
Depreciation-
Dividend
181,122,978
36,580.443
charges
fixed
On preferred
ended
1 calculated
April
the
for
12.600;
42,500.
for week
best suits their operating schedules or labor needed
equivalent to
allowable;
1
Indiana),
are
of
as
Inc.
13,582,999
exempted
for
as
^Recommendation
/March
allowable
19,800;
California,
definite dates during the month
no
required to shut down
rte
and
figures
1943, as fellows: Oklahoma,
Arkansas,
2,500;
Illinois
January,
Louisiana.
5,700;
exemptions
were
ordered
allowables granted, or may be limited
would, under such conditions, prove to
reported the daily average produc-
14,268,816
deductions
fixed
-
roads
♦Interest deductions
Mines
products in
101,100;
Nebraska
basic
which
were
days,
allied
Mexico,
400; New
Kansas,
the
is
and
of
Bureau
including Illinois
(not
Montana,
(•Oklahoma,
The
Texas,
5,800;
Eastern
2,300;
Actual state production
allowables.
1
leased
equipment
Total
United States
Total
for
Fixed charges:
2,915.400
5,700
-31,250
780,000
deductions
available
and
California
-
income
Rent
1941
$998,286,704
182.565.843
Income
.
1942
$1,480,969,669
12,633,725
charges ——J./J 116,241,154
101.850
•
Tor the 12 Months of
$66,81 1,554
income
94,600
57,250
7.400
Railways
13,021,923
Miscellaneous
5,600
-
The
$105,339,659
income
4,700
Montana
income—
compiled from
were
The present statement
■>
,
For the Month of January
1943
1942
Income Items—
111.
Colorado
6.1
-
4,200
15,950
—-
of
The Bureau of Statistics of the Interstate Commerce
Commission
92,200
current
_
-
assets
10,161
84.8
155
87.6
409
2,468
905
457
Ind„ 111., Ky.——
811
85.0
690
85.1
2.045
20.073
3,336
2.275
Okla.-. Kansas. Mo
416
80.1
329
79.1
1,007
7,254
1.614
1,341
-
———
Rocky Mountain
147
48.0
95
64.6
California.
817
89.9
725..
83.7
4,812
86.2
3.677
4,812
86.2
3.624
/ '
3,502
Tot.
U.
basis
Tot.
U.
U.
S.
S.
B.
April
S.
basis
B.
of
Bur.
April
*At
barrels;
the
of
10,
April 3,
basis
296
2.051
346
480
(Funded
1.743
20,883
11.015
52,471
within
76.4
10,182
193,212
30,906
67.185
75.3
10,361
93,409
30,732
67,483
10,718
105,566
29.567
81.947
;.
of
•
M.
Mines
\
of
the
-■
Petroleum
Administration
for
War.
(-Finished
82,960,000
pipe
and
1^42.
3,267,000
barrels and
6.869,000
barrels,
/,"/V
■
respectively,
in
the
week
/■/.v'■
January Home Mortgage Recordings Lower
Federal
Home
trend
in
Loan
Bank
Administration
or
less recorded in
payable—
<Cr.)
announces
that
January amounted to approximately $228,000,-
000—less by $93,000,000 or 29%, than in January, 1942.
It is apparent
that restrictions on privately-financed construction and, more re¬
and
accounts
payable
wages
accounts
payable
matured
Interest
matured
Dividends
dividends
Unmatured
de¬
clared
;,/
tax
liability——
liabilities—.
current
liabilities.
current
Total
Analysis
17,871 95.9
15.962,853
15,995.923
384,440,779
985.758.893
343.671.693
63,044,694
53,629,925
47,543,310
40,751,816
1.861.533.948
1,056.394,431
1,566,953,104
848,480,044
977,385,772
271,169,162
883.353,101
252.969.458
113.271,617
102,405,792
90,702,240
tax
accrued
of
18,992,369
1,104,905,435
127.519,663
Unmatured rents accrued-.
liability:
mortgage financing
activity, noted early in
1942, continued in January of this year with a decrease of 14% from
the previous month.
Although largely seasonal in nature, the reduc¬
tion of $37,000,000 from December
brought mortgage recordings to
the lowest level for comparable months since the beginning of the
series in 1939, and registered the least volume for any one month
since February of that year.
The 77,228 non-farm mortgages of $20,000
'
car-service
and
balances
Other
the downward
bills
and
Accrued
The
maturing
months——
Miscellaneous
7,681,000
which
fLoans
Audited
11/ 1942
preceding week,
ended April 11.
debt
six
Traffic
1943_
unfinished, 10,252,000 barrels,
iAt refineries, at bulk terminals, in transit
lines.
SNot including 3.823.000 barrels of gas oil and distillate fuel oil
barrels of residual fuel oil produced in the week ended April 10, 1943,
compares
with 3,903,000 barrels
and
8,209,000
barrels,
respectively,
in the
in
and
assets
current
Total
Selected Liability Items—
M.
1943
request
and
Joe's
main
move
-35.9
60,800
to
prevent
Admiral
reappointment as head of
against
9.7
63,700
'agitation
Maritime
31,062
114.300
something or
the
the
176,950
"Combin'd: East Coast,
against
Land's
-14.6
'i'r
(000)
+
•
..
268,800
16.000
and Indiana»
ana
as
8.7
/Iichigan
Texas
ported
-27.0
19,900
Volume
200
55.000
251,1)00
——-—AV
in Congress
for these incentive payments.
that
322.500
71,250
^
The predicament
of the Bethlehem workers is likely
a
3,600
15,050
—
346.850
man's output.
the other
29.3
Jan.'42
Jan.*43
600
379,300
78,600
ndiana
of the
which
shipyard employees work.
Labor
leaders, particularly those of the
AFL, have long opposed incentive
payments
and they have been
charged with trying to hold down
A commentary on
79.300
pay¬
payments inci¬
to check the agitation
$89,996
of
—12,050
;
257,900
llinois
dentally,, are in violation
zone
agreements
under
a
-28.3
'1
Selected income And Balance Sheet Items
young
question of making his statement
ments.
Jan.'43
28.2
Volume
All Class I
ii sissippi
believed to have slipped
are
115.800
'
359,300
—J—'A-
Arkansas
'
some
Total
890,572
from
Dec.
Federal
a
grand jury in Pittsburgh got down
cise
Total
-14.0
187,400
99,750
J 88,950
_
Louisiana-..
Total
136.500
217,150
100
+
1,388,750
bpast^:;,Louisiana
Poor
(000)
28.4
'+ of
1000): Total
<fc
Mut.
CTg,.
Jun.'4i*
$64,935
Ins. Cos._i
Bks.
January 1941
Volume
Assns—•
L.
101,900
J
:
3,850
—
340,550
11,500.342
1,592,000
&
% Chg. January 1942 5 .Chg,
/ - .-■'/•. /.
Lender
S.
-
January 1943
of +.
4.300
89,200
—
188,500
.
Type
:
236,100
2,250
2.050
—
J: 99.700
—_
—
their total for December."
1942
312,100
2.400
—
319.800
Texas
Mortgage lending by individuals indicated relative
stability with recordings for this class equal to more than 93% of
393.400
59
+
134,950
L-—L
Total Texas--——.
banks and trust companies each recorded
approximately 86% of De¬
April 11,
1943
344,050
—
91.000
Texas—
Texas
and 81%,
Ended
5,500
—
42,200
"last Texas
'•oilthwest
savings banks and "others" with re¬
respectively, of their December volume.
Currently, savings and loan associations, insurance companies, and
Total
100
+
t309.300
2,600
——
last
shown for mutual
were
cordations of 76%
Week
April 10,
Week
1943
/
4344.100
Texas.—_
North Texas
BARRELS)
Ended
Previous
April 10/
Begin.
April
309.000.'
Nebraska
whole,
as a
4 Weeks
from
379.300
■
IN
Change
Ended
-
1 *♦
—
'Viartsas ' ——i—
un¬
kill.
'
.
volume
Actual Production
ables
dations
v.
.
w
Oklahoma
uary recordings; individuals were second with 22%; banks and trust
companies accounted for 21%, other lenders 16%, insurance com¬
panies 9%, and mutual savings banks 4%.
The greatest decreases in
Others
Allow¬
Recommen-
"Only slight changes in the relative participation of the various
types of lenders in the total mortgage market occurred from Decem¬
ber.
Savings and loan associations accounted for 28% of total Jan¬
Individuals
(FIGURES
PRODUCTION
OIL
"P. W. A.
the
in
CRUDE
the country
the East Coast.
on
"State
ried man who
family
con¬
cember volume.
barrels of gasoline; 3,823,000 barrels of distillate fuel oil, and 7,681,000 barrels of residual fuel oil during the week ended April 10, 1943;
the civilians have
getting
reported by the Institute follow:
as
,
rages the
during a war
difficulty
in
cently, regulations on the sale of tenant-occupied properties are
tinuing to exert restraining influences on mortgage lending.
The FHLB agency's announcement further stated:
(Continued from first page)
The accepted
1511
U.
S.
Government
Other
than
ernment
U.
taxes
taxes.
S.
Gov¬
—
accruals/ including the amount in default.
tFor railways not in
receivership or trusteeship the net income was as follows: January, 1943, $48,182,957;
January
1942, $22,619,236; for the twelve months ended December, 1942, $785,367,060;
twelve months ended December, 1941, $482,466,746.
Jlncludes payments of principal ox
"Represents
debt
long-term
six
months
(other than
long-term debt in default) which will become due w'thin
report.
HFor railways in receivership and trustee¬
after close of month of
follows: January, 1943, 2.20; January,
1942,
1.17; twelve
months, 1942, 2.18; twelve months. 1941, 1.18.
includes obligations which mature not
ship
more
the
than
ratio
two
was
years
as
after date of
issue.
,
,
Institute of
Problems" has
''Current World
on
arranged for the evening of
been
In
served
April 28, at 7:45 p.m., to be held
at
the
Chapter
headquarters,
Woolworth Building, 233 Broad¬
will be:
ers
■
■
)/', v-"•/';'■ •
•
York
He
Tax
fense
a
Mr.
activities.
in
director
"need
York
the
French," who will be interviewed
on her experiences in France af¬
ter the occupation.
Co.
of
timore. ''/"■
.
/•■' ./■'"/.
South
The
Pa., and
York,
Trust
Shore
date
&
Safe
the
'
Co.,
President of the Rockville Centre, Long Island, N.
Associated
Hospital
Service of Y„ is again ready to finance war
New York,
has been elected a bond purchases for as much as
Director of the Railroad Federal one
year,
according to an an¬
of
and Loan Association
York, it was announced
New
George W.
Loft,
President of the institution.
This
nouncement
on
April 19 by George L. Bliss, Pres¬
ident of the Association. Mr. Pink,
who served as New York State
by
plan in Government bond finan¬
cing is part of the company's allout effort to put over the new
Superintendent of Insurance from $13,000,000,000 Second War Loan.
1935 to 1943, was a member of It is similar to the plan incor¬
Board from
to
1934, a member of the
York Municipal Housing Au¬
Housing
State
the
1926
New
porated by the South Shore Trust
Co.
of
Housing
He is
1939.
rence
company arranges the
sub¬
scription for the 2% or 2Vi% War
Loan Bonds
and, if necessary, will
required purchase
funds, which are repayable over
Trustee of St. Law¬
a
First
the
to
1937
from
the
on
Under the plan,
War Loan drive.
thority in 1934 and 1935, and was
Chairman of the New York State
Board
December
last
the
advance
University and of Brooklyn
Treasurer of the New a period of up to one year at a
Committee, and cost to the subscriber of 2% per
Chairman of the Board of the Na¬ annum on declining balances.
Law School,
York Child Labor
Conference.
tional Public Housing
H.
Melvin
Henry A. Fox, formerly VicePresident
of
Universal
Credit
the
Baker,/President of
Gypsum Co., has
National
purchases of War Bonds by
public through their offices
passed the $500,000,000 mark, according ! to ' preliminary figures
'
and
estimates prepared by the
Louis H. Pink,
Savings
on
signal day for New York State's
132 savings banks,, for on that
I
was
the
Maryland Bolt & Nut Co. of Bal¬
Lock
Loan Drive
de¬
Burns
of the Second War
April 12 marked a
The opening
the
Association.
Banks
Savings
_
At
time the gain in savings
same
for
March
was
the
largest for that month in over 10
years.
A large proportion of the
War Bond sales since May 1, 1941
deposits
is
of
represented by Series E bonds,
which it is reported that the
savings banks have sold over
the
of
30%
State total.
announce¬
"Despite this huge sale of War
Bonds to depositors and through
payroll savings plans, and despite
the impact of income taxes last
month, the savings banks report
a
continued increase in deposits
monih.
March figures reveal a gain in
dollars of $30,960,000, making the
gain for- the first quarter $93,015,000.
:
zations for U.
York, it was announced on
April
elected
of
Director
a
the
ending March 31 was $213,684,498
Gypsum Co. and has been
to soundly finance
S.
Government
under
issued
Act, as amended."
action
This
with
New
the
Corp.—for the last 14 years, hav¬
ing entered the employ of the
Company as Assistant Treasurer
in 1929.
Before that he was with
the
as
of the firm
President
terests
years,
Vice
commercial
throughout the
traveled
The
and
country
sales
paper
F.
"He
the war effort;
of
Vice-President
the
in
vv:
the
Co.
there
become
to
an
curities Corp.
Co.
he
was
During that period
officer
an
or
director
auth¬
/
in
was
ment
Natural
Kentucky
circles,
Owensboro, Ky."
was
53 years
banking
of age.
He
Educated in Cold
Spring, N, Y.,
16, 1889,
in
where he was born Aug.
1906
and
tion
came
to New York
first posi¬
obtained his
a
with
Co.,
messenger
Knickerbocker
Trust
the
re¬
with that bank and its
successor,
the
Columbia Trust
Co., until 1917. Mr. Burns joined
maining
the
Mercantile
City,,
and
.
vacant
^
Jackson
Trust
Co.
as
As¬
Defiance, Ohio, has been admitted
to
membership in the Federal Re¬
serve
System, it was announced
on
April 8 by M, J. Fleming,
of
the
Cleveland
the Banking De¬
The position has been
last
S.
Hutto,
Fed¬
pa
Society.
He
fellow of Harvard
in
tinental
Europe
in
he
the
Incorporated
bank has a paid-in
capital of $50,000 and total de¬
posits of approximately $5,500,000.
L.
O.
Tustison
Oct.
since
eral Reserve Bank.
1902,
for¬
30,
when
1934
was
a traveling
College in Con¬
in 1930-31, and
graduated from
Harvard Law School.
is President,
From
1934
loan
deposits.
empting
A similar bill ex¬
require¬
deposits of mem¬
from
reserve
ments war-loan
ber banks of the Federal
System
was
Roosevelt
on
of April
Bell
dent
General
upon
i
............;...;... 1498
Review
Commodity Prices, Domestic Index. 1503
Weekly
Carloadings.... w... >....... 1505
Weekly
13 to the
institutions, Superinten¬
banking
Pa»e
•:
Trade
of
State
Reserve
signed by President
April 13.
his letter
In
';;v<■';// /'
V/'/;
;
Trading on New York Exchanges.. .1507
NYSE Odd-Lot Trading..
.1505
NYSE Bond Values at March 31.... 1506
Engineering
Construction.. 1507
Industry Statistics,
Paperboard
/.v. 1510
Weekly Lumber Movement..........1504
says:
two
Fertilizer Association Price Index... 1508
legislation, the Banking
Board, at its meeting on March
18, last, adopted a resolution pro¬
viding that on and after the ef¬
fective date of the pending legis¬
lation
no
banking organization
Weekly Coal and Coke Output......1510
anticipation
items
of
these
of
.....1503
Weekly Steel Review—
Moody's Daily Commodity Index... .1504
Weekly Crude Oil Production..
.1511
...
Metals Market.........1507
Non-Ferrous
Weekly Electric Output.............1504
a
member of the Federal Re¬
Fairchild's March Retail Price
serve
System should be required
against war-
General Crop Report on
not
Index
to maintain reserves
loan
ber
banks."-
March 31
on
were
with
14,313
added
the
Sept. 1, 1942.
7: f --i;!".;.
Heiser
Mr.
roster
(See
after
all
and
bankers
have
a
time
Normal
.....;;...... <.,,.
of
C.
.
...,
1500
Agreements
Renewal
>
Study
*,
-
•
1509
•.
•
Money. Powers
Revive
Republicans
1509
.............................
Morgenthau Accedes to Termination
of Dollar Devaluation Authority. .1497
Increased Taxes on
Clare Luce Urges
Wealthy
1497
........,.................
of Essential
/..,...,......... 1497
WMC Restricts Transfer
since
Workers
Industry
,
unusually
Sell
Banks
FIC
Regimentation
- ..........1502
of Medical
Warns
Threat
FHA
to DisProblems.../;.,,.. 1502
Conference
Post-War
cuss
,1493
Debentures........
Nations
United
;/:
.............
Authorization
Insurance
..
...
,1502
Savings,...,..,,..1502
Authority Extended
Study Tax, Forced
Head
Nominated
Group
Pay on Rio
to
Nations
42
of New York AIB
i...
• • • •
/
• •. • • •
Bittner Named
Opposes
/• •/
■ • •
Post-War
.. .1504
Confer on
Needs
Food
Clark
nomina¬
of Texas
>
1502
Grande 8s..,.....,,.... 1502
......
1504
to WLB
Supervisors Union Bill..
.
.1505
Rejects Bill Endj
Purchases..............1505 >
Senate Committee
ing Silver
Heads
Sloan
Industrial Information
.........1507 /
.1503 1
Body
Third Cotton Forum in Memphis..
$24V(> Billion for Navy.... 1503
§
Says Social Security Encourages
1509 |
Dependency
Posts
Roosevelt's
Tom
Trade
for
Calls
Hasler
FDR Asks
tions
Seen
.> • .1499
Interest Rates
Says New Deal Stifles Press.........
Clark And Cox Confirmed
President
1499
Crude Oil Price Rise..
Bank
Country
"Despite the curtailment
available," he said, "ap¬
In Justice Dept.
1503
..1499
....
Favors
Ickes
busy,1 both in their banks and in
war efforts outside of the
banks.
Pact Re¬
................
Landon
civilian
of
V
Republicans Prepared for 1944:
period when
been
for
.1503
Concern
Expresses
Small Business-
New Turko-German Trade
paid tribute to the
during
Miscellaneous
j
ported
2 in
first page of Section
on
1942, "Chronicle,")
Jones
Jesse
gasoline rationing went into
effect
notice
August 27,
has
!'■;''.■///;/■ •'
*
"Chronicle"
the War Censorship Board.
of
at direction
■
membership.
to
Lead and
Zinc Sales.........................
The
States are Arizona, Idaho, Neva¬
da, New Mexico, Oregon, Utah,
and Washington. It is added that
been
*
*
.;,...........
"These statistics omitted from
States and the District of Colum¬
members
*
Summary.
Summary.,,......
Industry
Daily and Weekly Copper,
the
new
Mtge. Activity...... 1510
Zinc
Institute
Pig Iron Production.,
same date of
These member
institutions
represent
approxi¬
mately 97% of the banking re¬
sources
of the country.
Seven
316
1510
Copper
the previous year.
of
1510
for March.
Down1510
American
on
March 31, 1943, there
14,368 members as compared
total
.......1503
January Home
According to the announce¬
ment,
a
.
and Net Railroad
Insurance Sales
March Life
March 31
date.
100%
1506
Cottonseed' Receipts
March
ing membership in the American
bia have
1504
•
-v.;
Debits
Bank
percentage of banks hold¬
on
•
and Balance Sheet
Items for Class I Roads (Jan.)... 1511
Highest En History
Bankers Association
<
April 1
Income
Selected
Membership Now
The
............
Earnings
-rnmmmmm—
ABA
•.
Outstanding at
A.......... .1508
Paper
January Gross
'
.
•
Commercial
which are not re¬
quired of Federal Reserve mem¬
deposits
to 1937 Mr. Wood was associated
its organ¬
of the institution.
with Barry, Wainwright, Thacher and Hugh B. Cox of the District
ization in 1917, and in December,
of Columbia to be Assistant At¬
& Symmers, of 72 Wall Street.
1918, was appointed Trust Offi¬
The Fahey Banking Co., Mar¬
cer.
He continued in this capacity I
Since 1937 Mr. Wood has been torney Generals were confirmed
Mr.
after the merger of the Mercan¬ ion, Ohio, has been admitted to in the employ of Chemical Bank by the Senate on March 25.
Clark
was
named
to
succeed
tile Trust Co. with the Seaboard membership in the Federal Re¬ & Trust Company, first as at¬
Thurman Arnold as head of the
National Bank in April, 1922.
In serve System, it is announced by torney and later as trust officer
Anti-Trust Division of the De¬
January, 1925, he was appointed M. J. Fleming, President Of the in
charge of the legal division of
partment of Justice, and Mr. Cox
Federal Reserve Bank of Cleve¬
a Vice-President, an office he held
the bank's personal trust depart¬ was appointed as head of the new
continuously through the mergers ! land. This bank is the fifth Ohio
War Frauds Division of the Jus¬
bank
to
be
admitted
to ment.
cf the Seaboard with the Equit-I State
sistant Secretary
District
S.
Items About Banks and Trust Cos.. .1512
then
was
U.
(Continued from first page)
signed by Governor
Dewey on April 2 authorizing the
State Banking Board to exempt
from reserve requirements war-
Deputy
proximately 100 men, who com¬
Superintendent and Counsel, was
prise the membership organiza¬
appointed Superintendent.
Mr.
tion, gave up their leisure and in
Wood was graduated from Har¬
many cases devoted their week¬
vard College with an A. B. de¬
ends in order to maintain and in¬
gree, summa cum laude, in 1930. crease the
membership."
He is a member of Phi Beta Kap¬
The State Bank of Defiance Co.,
President
Wood
Superintendent
Deputy
as
Counsel of
partment.
Co.,
Rochelle,
resided in New
Mr. Burns
Gas
Frank
John
of
merly Trust Officer of the Chem¬
ical Bank & Trust Co., New York
'
the
p.'GENERAL- f CONTENTS :v/;'
accordance
York State membership men working in the
Superintendent
of
Banks,
an¬ field.
He stated that most of the
nounced on April 14 the appoint¬ 316
new
members
were
added
of
recently made
was
of
District
in our
issue of Feb. 25, page 763.
se¬
Elliott V. Bell, New
A.
New York fiduciary and
6,-
Sip!.
Of H.Y, Esnking Dept.
Arsenal Bank, Neville Coke
&
Burns,/a Vice-Presi¬
Chemical
Co., Peoples National
dent in the Trust Department of
i
Bank, Tarentum; Bridgeville Trust
the Chase National Bank of
Newj
York, died on April 15 at St.' Company, Bridgeville; First Na¬
tional Bank, Oakdale; First Na¬
Luke's Hospital, New York, after
tional Bank, Etna; National Bank
nn illness of several months. Mr.
of
Smyrna, Smyrna, Del., and
Burns, who was well known in
John
was
Wcoi Is Deputy
in
Pennsylvania Industries, Inc., and
Pennsylvania Bankshares and Se¬
connected with the Bond Depart¬
31
Deposits stood at $5,663,106,185, against $5,392,355,174
on March 31, 1942."
PeoplesHe left
officer
The number of open
of March
ago.
year
was
with
as
053,142, compared with 5,975,507 a
/w;
Trust
net gain of 17,583 ac¬
March and 51,138 for
quarter.
accounts
Pittsburgh
a
for
counts
reported
the
Pittsburgh
Co., New York City, has
completed 50 years' service with
that institution.
Mr. Trefcer is
Trust
ment of the Bankers Trust
sulted in
of
f
was
of
81,844 new
savings accounts were opened in
the month of March.
This re¬
National
Bank
associated
Bankers
the
gain in new accounts.
Pittsburgh manager of
Harris, Forbes & Co. for a num¬
ber of years and
later became
Assistant
Trefcer,
issue
"Post-Gazette":
representatives.
George
the
of
following
recent
a
contacting the company's various
tales
President
County
Jamestown, N. Y.
/
Industrial
1928.
in
Pittsburgh for many
has been elected Executive
Chautauqua
Acceptance Corp.
Assistant Treasurer in charge
of
since
Arnold
Judge
private
a
•
Court of Appeals for the
of Columbia; referred to
by Frederick E. Hasler, Chair¬
Since
July,
1941,
the
savings was the highest in the history of
man' and President.
Mr. Fox,
banks have bought an additional the Association, it was reported
who
is
in
charge of the cor¬
The Board of Directors of the
$644,000,000 of U. S. Treasury by George W. Heiser, Chairman of
respondent banks division of the Casco Bank & Trust Company of
Bonds
and
their
subscriptions the ABA Membership Committee,
Continental, began his duties this Portland, Maine, announces the
week.
He had been in charge of election of Leonard F. Timber- during the first two days of the to the Executive Council of the
Second War Loan Drive exceeded Association at its recent meeting
banking operations for Universal lake as President.
;/a//!';/;./;v//';v:/
in New York. Mr. Heiser reported
$400,000,000.
Credit Corp.—one-time subsidiary
of Ford Motor Co. and now owned
"Significant too, of the trend (that 87.74% of the country's banks
J. C. Klinginsmith, asspciated
by Commercial Investment Trust with investment and banking in¬ toward increased savings is the were members of the ABA on that
19
practice
with
law. firm.
York
Mr.
a
bill
a
and for the year
of Government bonds and so help
tional
years'
reserves
ority of the Second Liberty Bond
$270,751,011. This
steady and heavy gain in deposits
Corp. of Detroit, has been elected Manufacturers & Traders Trust
is enabling the savings banks to
a
Vice-President of The Contin¬ Co.,
Buffalo, N. Y. Mr. Baker is add
substantially to their holdings
ental Bank & Trust Co. of New one of the founders of the Na¬
been
maintain
six months
the
for
gain
/ "The
straight
tenth
the
for
Anti-Trust
Mr. Cox has also been>
member of the Anti-Trust Di¬
a
through such banking organi¬
"In
Association's
The
ment further said:
the
Division.
which are qualified
depositaries, that they vision staff, joining after several
not
curities
with
connected
April
deposits payable to the
United States arising solely as a
result of subscriptions made by
or
associated
Justice
Department in
1937 in its War Risk Litigation
Bureau, but since 1938 has been
against
Deposits Also Rise
corporations,
many
them
among
Polia, of the "Free
civilian
and
affairs
civic
in
on
16.
Clark. became
the
with
institutions
banking
March
on
Mr.
>
Bell, New York State
informed
Savings Banks .^J// 'war-loan
War Bond Sales
League of
Payers
Elliott V.
:^//V;,'/ ///•■■// //:!, Superintendent of Banks,
■'[>
:,/
■
Requirements
War Loan Deposits
of the State,
NY
New
Rochelle, where he was interested
journalist, recently escaped from
a Japanese prison.
V:.
Mrs. Mildah
the
of
one
Reserve
On
President
The
Department.
sent these two nominations to the
Senate
13
Association.
founders of
Bankers
State
was
the
.//'//;'!
''
terms as
Fiduciaries Asso¬
and during
past year was President of
Trust Division of the New
the
Priestwood, English
Mrs. Gwen
tution.
Burns
President of
tice
HY Stale Eases Bank
O'Brien is President of the insti¬
Corporate
the
.
Ya-Ching,
Lee
aviatrix.
,,
of world affairs.
Chinese
ian interpreter
Miss
.
proximate
Mr.
years
capital
and total deposits ap¬
$3,500,000.
M.
C.
of $200,000
ciation of New York,
Littlejohn, Austral¬
Linda
Mrs.
;
.
two
the
The speak¬
New York City.
way,
recent
incorporated!
was
The bank has a
1893.
in
but
bank
vate
September,
in
1929, and the consolidation of the
Equitable with the Chase Na¬
tional Bank in June, 1930.
Chapter of the American
Banking, a symposium
York
Co.
Trust
able
of the New
Under the direction
membership this year. The bank;
was established in 1865 as a pri¬
Banks, Trust Companies
Items About
Thursday, April 22, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1512
Approves Loan for
Art Gallery.... ..1509
Transactions
March
Further
.1510 \
Newsprint Cuts
Subject to
1519 j
Economies
N..Y.
Savings Banks Increase Bond
1512
s
Banking Head. 1512
j
Sales
Named N. Y. Deputy
N.
Y.
State
Eases
Clark
Reserve
Require-
{
1512
J
Membership at Record High... 1512
|
ment-s
ABA
]
\
in Government
Issues
and
—;
Cox
firmed
WLB to Study
Con¬
;..........1512
|
1512
]
Appointments
Wage Inequities
@FedFRASER