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THURSDAY
Final Edition
Volume 155
New
Number 4068
CPA Establishes Price
Tc
York, N. Y., Thursday, April 30, 1942
sweeping general price regulation was issued on April 28 by
Price Administrator Leon Henderson, who, in a statement explana¬
tory of the action, said "this regulation places an absolute ceiling
over substantially all of the commodities and services sold at retail.
The ceiling also extends over the prices
charged by wholesalers,
^ manufacturers and producers. Maximum prices prescribed by the
regulation are the highest prices^
limited
number
of
exempted
charged by each individual seller
commodities and services.
for
each
commodity or service
i
during the month of March, 1942."
2.
Announcing 14 new, sep¬
•
Henderson
that
observed
arate
inflationary rise in the cost
of living has been gathering mo¬
mentum," and he added:.,
Left
to
themselves,
rising
prices, wages and costs would
chase each other upward in an
3.
.
*
.
ceilings
price
'
The- inevitable
spiral.
.
result would be inflation—a de¬
feat
the
on
home
front
outline
an
Journal."
the
of
provi¬
"Wall Street
take the following:
in
we
trol and prevent further
in the cost of living,"
increases
said Mr.
Henderson, "the general maxi¬
mum-price regulation was issued
by the OPA."
In its move to
bring prices under strict control,
the
"Wall- Street
Journal"
of
Price Order
any
*
charge a higher price for
article or service than the
that
article
March, 1942.
cial
cases
or
To
service in
for
care
which
in
Past
methods
f price order, covering all but a
.
Sections
in
2(B)
of its order.
and 3
(Continued
Regular Features
Financial Situation
From
1705
Washington Ahead of the
f News
1705
Moody's Bond Prices and Yields...
1716
Items About Banks and Trust Cos.
1720
State
General
of
Trade
1707
Review
{
1718
Weekly Engineering Construction..
1717
Paperboard Industry Statistics
1719
attention to the well-confirmed case of
"jitters" now
afflicting the political leaders in our own national capital.
Here the causative
agent is clearly politics. That the seat
Weekly Lumber Movement
1719
of the trouble does not lie in the far
Fertilizer:Price Index.'.1717
Weekly Coal and Coke Output
1715
Bank Debits
1715
Weekly Steel Review
1713
March Bookings,
1713
Shippings
Moody's Daily Commodity Index...
1716
Weekly Electric Power Output
1716
Weekly Crude Oil Production
1719
Non-Ferrous Metals Market........
1716
Gross and Net RR. Earnings
1714
Class I Net Income
'(March)
(Feb.)
1719
(Jan.)
Business
Indexes
.....1713
Miscellaneous
-
N. Y. and Curb Exchange Sales
1717
NYSE Odd-Lot Transactions.;.. 1717
NYSE Brokers*
Balances,.......,., ,1715
Stamp Program Ended
1717
Business Leaders Vital In War V
:
FROM WASHINGTON
/
Effort
1718
.
Urges Staggered Vacations....
1718
Sugar Rationing on May 5
1719
Health Institute Convention
1719
Bankers Must Revise Loan Formula 1706
War
AHEAD OF THE NEWS
Dept. Civil Expenses
Price Celling On
1706
Exports
1706
Newsprint Supply Held Ample
1716
Says United Nations Must Pool
By CARLISLE BARGERON
If
there
could
be
anything
to
the
phantas¬
magoria that is America today than the build up and subsequent reac¬
tion
to Mr. Roosevelt's message on
Monday I'll eat my hat.
I have
spent considerable time going around among my colleagues in the
Washington newspaper scene, perhaps the greatest crew of agitators
in the whole world, asking them just what was their reaction. With
one accord it was a let-down. For^will be done
in Congress about
a period of several days there had
been a tremendous build up in the the $25,000 salary limitation (how
could
it
be
worked
out) and that
American press about how drastic
the message was to be. When it certainly no action will be taken
to
bring farm prices down to
finally came out it meant essen¬
100% of parity. Leon Henderson
tially nothing.
will
continue
to
fix
prices
There
were
two definite
recom¬
wherever he thinks it is necessary
and
he
will
extend
rationing
mendations, both requiring action
by that conglomerate known as whenever and
wherever, in his
Congress. One was that no one in opinion," that becomes necessary.
this country should receive a net
He has widely extended price
income of more than $25,000
a
ceilings which he already had au¬
year; the other that farm prices thority to do.
Aside from this,
should be reduced from
sort of
wages
a
veiled promise that
would be kept in hand by
the War Labor
would
sary
of
After this, there
parity to 100%.
was
110%
be
Board, that prices
fixed
wherever
neces¬
and that rationing would be
resorted
The
to
if
necessary.
concensus
correspondents
is
of
„r
Washington
that
then
where
were
we
are
we
now
not at before?
ference in
our
that
What dif^-
lives has the Presi¬
Opposes St. Lawrence Project......
message made except for
comparative
blanket
price
ceiling which Henderson already
c authority
to
impose
and
which required no
Presidential
had
message.
nothing
.
*
(Continued
.
,
on page
(
1720);
j
Extend
■
■
■
Wage-Hr.
Restrict Foreign
Law
Application 1715
Mail Service
1714
February Workers' Hours, Earnings 1713
No
More Civilian Radios
Outlines
FDR
1713
.......
Anti-Inflation
1708
Program
Favors
ABA
Compulsory War Bond
so
useful that
Dependency
Status of
dinary
Draft
Eligibles
Priorities
Planned
Synthetic Rubber Increase.
Govt.
have
dered; the
"Ads"
in
whose file of
1906—and still another
mind
about
to
1880.
the value
of
Can there be
binding
any
doubt in
copies of the
a complete
r The
new
Financial Chronicle was designed for binding.
With the larger
page size, bound volumes will be thinner, will open flat and
your
your
Financial Chronicle, of having at your finger tips
record of all important financial developments?
will be easier to handle.
This is merely
a
suggestion—passed along to you because
value from your subscription to the
to get full
Financial Chronicle.
we
want you
are
Patents
1711
Seized
1711
1710
1710
on May 15...
Atlantic Seaboard Military Area—
1710
tatien
were
decision
a
an
or-
presented to
was
ren¬
refused to accept the recommendation
yards
over
the Gov¬
to
over
The ship¬
and operated by the Government until
At that time the shipyard was turned back to the
early 1942.
was
Rationing
company
This is not
issues
for operation rather than agree to the contract pro¬
was
company
Statements
same
posed by the National Defense Mediation Board.
yard
•
quite clear.
of the Board and offered to turn the
ernment
Newspapers 1711
Decries Conflicting Government
unconditionally. During the period that the shipyard
operated by the Government, the recommendation of the
National Defense Mediation Board was not
enforced.
Industry To End Trusts.... 1710
Extend Cotton Price Ceilings
1710
WPB Limits New Phones,..
1710
1712
War Bond Sale
Half
correspondence, we find a subscriber
bound copies dates back to 1887—another to
our
1707)
National Defense Mediation Board;
the
1711
1711
Spirit Scored....
Orders Enemy-Owned
Gas
case
In July, 1941, the
case.
1711
May Expand War Goal Output 1711
Favors
on page
Finding Out
this
1706
The identical issue is now
of Cotton
Output for War
The union has demanded that the employer be
compelled
discharge
issue that
pany,
Permits Renegotiation of War
1712
Contracts
Conference
to
on
Warns Against
State Trade Barriers 1712
Blocked Assets ;
,
.
:
,
,
was
and to
the present
the
presented to
The only change in
that
be requested by the employe, under penalty of
deduct from his pay his financial obligation to
our
Government in 1941.
directive order is to provide as an alternative
employer
discharge, to
1712
the union.—Dissenting
Financial Aid for Auto Dealers.....
1712
the Federal
Favor Female Army,
1712
Transfer
Navy Corps....
employe who fails to keep his
standing. This is the same
the Mediation Board, to this com¬
any
membership in the union in good
1712
Goods
brought before the National War
Labor Board.
English Gold and Silver Markets... 1710
we
had the copies hound and kept for reference."
Running through
Past
The issues in
Says Paid Advertising Essential for
"The Financial Chronicle has been
(Continued
1711
Ratios
Isolation
serious field of
Civilian Part in War Effort 1709
Problem
Orders
more
proven
Rules 1709
War Exigencies Modify Credit
FDR
is
by American industry,
which, despite all the handicaps imposed by the professional
"social workers" and other reformers, is now
producing the
instruments of war on a scale until a few months
ago be¬
lieved by most to be utterly impossible in so short a period
of time, and equally as effectively
preparing greatly to
enlarge that volume of output in the months to come. The
real heroes of this war are to be found not only on the field
of battle but among those business men who, despite all the
unfairness and abuse to which they have been constantly
subjected, have journeyed to Washington at great personal
sacrifice, and remained there to get the things done which
their critics were obviously utterly helpless to do. They are
also to be found among those other production managers
who have amidst many difficulties, often quite needless,
remained at their desks to apply typical American methods
of mass production to the task of bringing the needed in¬
struments of war into being.
But the political "jitters" making themselves daily
more evident among the politicians
as the campaigns of
the summer and autumn approach are not to be ignored.
They can greatly add to the difficulties by which our war
production program is already surrounded, f If not held in
check thfcy can very substantially reduce the volume of out¬
put below that which would otherwise be within the Teach
of American industry. That such a state of nerves exists is
plain. It is clear even if we exclude the work of the gallant
Mr. Arnold who, so far as known, has no political ambitions,
but appears, rather, to be one of those academicians with a
well developed anti-business spleen and a flair for rocking
the boat. His recent activities can not, however, be regarded
Financing Government Bankers
Labor
production
1720
Up In Industry....
OPA Amends Auto Rationing
on
armament
1720
May Seize Plant Machines...
Workers' Hours
FDR
our
1720
Investments
WPB
Warns
One Reader Says
1716
Wat Plant Strikes Decline..«v., 1715
dent's
the
1716
Shipping
emphasize
more
There are a great many who now see, or think
(hope?)
they see clear indications of "jitters" in Berlin. Time prob¬
ably will tell fairly soon whether this, "state of nerves" is
imagined, feigned, or real. There can be no question as to
what the hopes of the American
people are. It would, how¬
ever, probably be much more profitable for us to devote
Carloadings
Commodity Prices—Domestic Index 1718
Cotton
page-1709)
on
1705
spe¬
during March the
OPA provided alternative pric¬
ing
Copy
1706
Finding Out
sales
no
made
were
•X
"Indispensable" Asset?.
highest price at which he furn- Federal. Reserve
ished
April 29 in advices from its Wash¬
ington bureau, noted that the
OPA did this by:
' *
.
sweeping, blanket
j
.Maximum* Priced: -No^sellet
may
An
the
The General
"To achieve over-all price con¬
a
302
.
From
presented
■;/ the battlefields abroad.
Issuing
•
sions of the voluminous order, as
that
could not fail to be reflected on
1.
r'
localities
f as defense rental areas, threat^
ened 'V Federal: rent
control if
local authorities do not do the
job quickly.
y
,
.
!
Designating
..
endless
othei:
on
"
articles.
a
Editorials,
vi..
YirtuaEly Ail Commodities find Rents
A
Mr.
Price 60 Cents
GENERAL CONTENTS
Ceilings Extending
"the
Three Sections-Section Two
opinion, National War Labor Board, in
Shipbuilding and Dry Dock Company case.
FDR Confers with Allied Heads1712
Mutual Savings Bank Conference..
N. Y. Minors' Wage
Named Minister to New Zealand...
Money
Gift1
1712
Law Upheld.... 1712
to Britain.........
1712
1712
Apparently, the
also
are
past
ways
finding out.
not
only of God but of Government
Thursday, April 30, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE
1706
Editorial-
Says War Exigencies
Modify Credit Ratios
7r? From * a /legal.basis, fherefore^dhevstatementpqf ipplicyi
seems indefensible and qutrageoiis. i And the> policy is just
Mr
•>
^ r
r
V'.'V
subjecuto attack;wheh • the principles jit; enpneiajesare?
applied tq, the specific labor organizations concerned.
modify former
7 V
L
Consider the phrases "self-disciplined union organiza¬
f Since the fall of Manila, and then Bataan, not so much
; credit
ratios and other lending
tion" and "responsible union officials."
Do the unions and
has been heard of the slogan "We must preserve labor's
.tests if they are to make loans
labor leaders to which the Walker-Turner and International
successfully for prosecution of the social
gains." Yet that slogan still motivates far too many
Harvester employes were ordered to pay dues qualify under
war, said Chris M. Smits, Viceof the Administration's policies.
And one key war agency
•
Bankers
An
"Indispensable" Asset?
must
,
..
President of the Continental Illi¬
nois National Bank and Trust Co.
of
Chicago,
April
on
American
the
Association
Bankers
,
of
Clinic
Credit
Chicago
at
According
17.
the
addressing
in
Mr.
to
case after case could be
cited of situations where the fi-
j Smits,
.!
{ nancial statements of companies
j have
been widely distorted by
<
unprecedented business volume,
;with the result that banks have
—The National War
Labor Board—is still
frankly* boldly, such; terms?-
illegally preserving the social gains not of labor as a
class, but of that one minute section of labor aristocracy,
the leaders of organized labor.? It is carrying out its
Camjpaign in the series of startling, "union security" decisioni
that it has just handed down.
'
,
-7 7'/? < • '
f- In its decision in a case involving the Walker-Turnef
Co., of Plainfield, New Jersey, the War Labor Board ruled
that the company musf sign a maintenance of membership
and
(
The
Walker-Turner
case
leaders
were
of
the7union
involved
always classified
before the Nazi invasion of Russia, and were
the
in
Communists
bitter opponents
as
of the American defense effort until that date.
The union
at International Harvester also had its Communist leaders/
And
staged a strike that sorely delayed/
of defense equipment.
./
-7
/ • Aside from the personalities and records of the or¬
ganizations that benefited by these two decisions, one may/
only last
summer
the production
•
Well doubt that any American union can qualify as deserv¬
ing of protection. [ Assistant Attorney General Thurman
required all employes presently enrolled in the union to Arnold
recently told the House Judiciary Committee that
?
Other problems for banks, Mr. maintain, that
membership—preserving the status quo fot
Smits pointed out, are presented
the union leaders.
Then the Board went further.ClTt also "today, under Federal law there is no right of the farmer
by the companies that must com/. no right of the consumer
no right of the small busi¬
pletely switch over to another ordered that all. employes who had dropped out of the uniop
nessman Miich labor is bound to respect."
•
line.of business and readjust their for
any reason whatsoever after Nov, 21, 1941, the date the
f;/f:
He charged at " the same time that unions were ex¬
operations to the new tasks. This, old contract
expired, must rejoin and maintain- their^mei^
he said, may create one set of
ploiting; the farmers, that they were guilty of packing the
bership, or lose- their jobs.
;
,7 T •
//
7% Jftembership rolls at union ejections/ that they had impeded
problems for the big automobile
L The Board followed this extreme verdict with^anqther
; companies, which are highly or¬ 7
:transportation1 and made it ] "impossible" to get mass pro-;
ganized, amply capitalized, and "union ;•
security" ; decision involving employes / in;-eight Suction /of housing. 7 Other I unions, he contended, forced
have able engineering staffs and
plants of the International Harvester Co.' And it-hasrjust the
management that has long been
employment of useless labor and restricted "efficient
accustomed"to a variety of prob- ordered the Federal Shipbuilding and Dry DockkCorp. 49- ipse of men and
machines.'/; /''
/7
17/|
7%
'7 7 !
institute
a
maintenance
of
Jems.
However; he went on to.
j membership 7 clause .in a : Con¬
This is no labor-baiter speaking./: It is the trust-bustsay*
it is an entirely ■ different tract with the CIO
Shipbuilders' Union. Thus, with these ing prosecutor of the most labor-minded
and more difficult situation for
Administration/
-three rulings: the Board stands firmly committed.tp .th|
Ihe-'nation has ever, seen.
If these are the charges he levels
\ small enterprises which are mod¬
erately capitalized and: are under proposition that the unions of this country must > be,prof at the.unions in this country/how can they possibly qual¬
managements
which
are
hard -tected absolutely against any contingency that would cause
ify as' "responsible" organizations, entitled to be called
i pressed to readjust themselves to
employes to stop paying dues.
; - - •
* \ ^ -.V"
"indispensable"?
•
/
sudden and violent changes.
; 1
'
V
In
7
These rulings clearly 7(Jefy Congress and the law if
/// Actually/the War Labor Board itself recognized in its
part,'Mr. Smits also said:
.,-•••/
creates, the President who created the Board, and public Walker-Turner decision that the particular union involved
It should, of course, be axiomatic that the tremendous dol¬ opinion.? It was only last Nov. 14 that President Roose¬
fnight not quite qualify for the high-sounding designation
lar volume of production in invelt declared; "The Government of the United States will of
"responsible." Just two paragraphs from its pious ex¬
dustry in the United
States not
order, nor will Congress; pass legislation ordering, a sor pressions about 7the value of union officials it; stipulates
t
should create loans, and Should
called closed shop."
He also said at the same time thaf these conditions to the decision- (1) the dues and initiation
give the alert banker the op? •_ portunity to employ funds ad- the Government would never force a man to join a union fees of the union shall not be increased except by the inter¬
I had
to
develop
p lending.
standards of 'clause with the CIO Electrical Workers' Union.
new
..
.
: This clause
,
.
.
.
.
■
'
.
.
,
;
•
•
•
.
.
v
■
•
'
vantageou§ly.
There is, however, another §jde_ to the pic¬
ture.
Any diversion to a war
v - economy means that some busi777 nesses must close their doors
unless they can fit themselves
into
that economy.
All busiV
nesses cannot shift easily, and
•
•;
•
managements are more
lethargic than others. Each loan:
v
some
'.
bn
the
books
of
bank
a
or
in
because that "would be too* much like the Hitler methpds
towards labor,"
1
/
_! 77... 7' 77 V.
1
•
•
i
Certainly the President correctly gauged Congressional
towards the closed shop and any imitations of
it at that time, and certainly the legislators' opposition to¬
wards- forcing workers to belong to unions is far greater!
now/. Where the public stands is shown all too clearly by
the recent Gallup Poll which found that 77% of the people
sentiment
opposed the elosed shop.-
*
:
.7...
*
\
national
organization and (2) the union shall not coerce
employe to join the union and any employe who claims
he has'been coerced shall have a right to impartial trial by
an
umpire. 7 Thus,; did the Board reveal its -fear, that the
"self-disciplined" organization at Walker-Turner might hike
dues; and lees to rake in a "take" comparable to that grab¬
bed by the AFL building unions in the Army cantonments
—or that the union leaders might go around the plant slug¬
ging those who/insisted on remaining outside the union's
any
contemplation
needs
constant
,
.
;
and careful scrutiny, so that we /
! Yet, despite the opinion against the closed shop or any folds. "
may be conscious of its relation
variation thereof, the War Labor Board has not hesitated /// .Thus, by its own action the Board shows that its policy,
to the daily, changes brought
to hand down three rulings that deprive a man of the right -which it had no legal right to enunciate, cannot appropri¬
I
about by rationing.
■;//;//: to
Yet by these
drop out of a labor organization, he has once joined! ately be applied to American labor unions.
/ :. We, as bankers, may as well Moreover, the Board
decisions,
it has clearly set precedents that it will follow'
frankly
justifies
its
actions
with
an
;
face the fact that we are going
in pending cases involving almost the- whole steel indus¬
:
to have to think as we never amazing statement of fundamental policy, which may be
did before.
Every loan, every found in the Walker-Turner decision. 7 77;•
Un¬
77*:7 ;?% try, and a large part of the auto and other industries.
less it is stopped, it will institute "union security" to pro¬
application, discloses new prob¬
"We believe that strong, independent and self-dis¬
lems or the possibilities of them.
tect the union leaders in those trades.
/ ; -.7 ,
! ; Every one must be considered ciplined labor organization and the leadership of responsi¬
■04
How can :the Board be stopped?
By a;simple Act of
ble
union, officials constitute a great and indeed an indispen¬
| f separately,
independently,
in
i
j the light of what we now know sable asset available to u$ in this critical moment in bur Congress forbidding any Federal agency to suggest a clause
,
-
•
.
.
.
'
|
/
1
expect. As never before,
must
be
alert, thinking,
planning, probing, advising with
or can
II
if
we
!
customers and with one another
j
to
whole
i
end
the
that
is
affair
this
when
over
still
we
be useful bankers and citi¬
zens.
Ours are the problems of
today.
V ■ / / 7' 77 .7/
may
i;
$344 Million For Civil
[
1
|
Functions Of War Dept.
The
War
Department
Civil
providing $343,938,826 for flood-control projects
Functions
and
the
Bill
Panama
Canal
received
final
country's history." '
7
."
:'//
requiring/that a worker beebme a member or maintain his
membership in a union for inclusion in a proposed collec¬
tive bargaining agreement.
Or if Congress is too craven
requires a great deal of digestion./Ij
far-reaching change in policy, so drastic that to
adopt so forthright a declaration, it could simply freeze
it virtually involves a change in. the1 American
way oft Ijfq. the
existing' status With regard to 7 closed or open shop
Yet that policy was framejd by a mere. Board set up-by ap
agreements in all war industry , plants.
The Board cannot
Executive Order.; The,President did not commit the na¬
be: stopped except by such a Congressional action.
When
tion or the Board to apy such policy.
The Congress cerr Its
predecessor, the National Defense Mediation Board, re¬
tainly has never declared that union organizations were fused a CIO union a closed
shop, the union leaders promptly
indispensable—not, even -in that biased, one-sided law
resigned
and
that
agency
collapsed.
The WLB cannot es¬
known as the Wagner Act.
/ 7* .
...
1
m ;\jr
cape a similar fate should it be inclined ever to>refuse;a
i
Indeed, the War Labor Board did not hesitate to amend union the /'security-'- it demanded. / *
• ^
the Wagner Act in formulating this new policy, ? Recalling
7that the Wagner Act was; designed to "protect the
instru¬
penses as war risk insurance, con¬
mentalities of collective bargaining," the Board then in¬ / Fix Export Price Ceiling
sular fees, demurrage charges arid
,7 The Office of Price Administra¬ shipping charges.
;
;j:
serted its own interpretation, "Responsible labor organiza¬
tion fixed on April 25 a maximum
The new order was formulated
tion has a primary place among those instrumentalities:'1
price ceiling for all commodities by the OPA in cooperation with
represents
,
Congressional approval on
April 23.
This followed Senate
approval of a conference report
which^ the House had adopted on
7
April 22.
4'
When the House passed this bill
.
!
This statement
a
.
Acting
on
its
own
free will, therefore, without author¬
and
products
sold for export to the ■State
Department
the
and
and the terri¬ Board of Economic Warfare.
C :
ity in law, or from Congress, the President, or the public! tories and possessions of- the / Price Administrator Leon Hen¬
on
March 11 it called for funds
this Board has declared that; unions and union leaders must United-States. - The order, effec¬ derson said the ceiling would give
aggregating $333,950,826 (as Jnr
tive" April 30, provides that the a fair margin for services in line
dicated in our issue of March 19, be
protected and preserved* - Consider what would hap¬ export^ price of, any commodity with existing trade - practices,
page 1160) but the Senate, in ap¬
thalJ/be, the exporter's cost of would * protect foreign purchases
proving it on March 25 increased pen if a similar Federal agency should hold that all farmj'acquisition, plus the average pre- against speculation and profiteer¬
the appropriation by $33,089,000. ers must
belong
to one of *the iarm organizations or should 'mium charged in the export trade ing,/remove threats to domestic
The compromise bill $343,938,826,
:on
similar transactions between price ceilings
resulting from ex¬
included small sums for two con- declare that the Government must protect those organiza¬
:july 1-Dec. 31, 1940, or March 1- cessive export prices, prevent di¬
troversial reservoir projects—Bull tions.
Or what would the
!
;April 157 1942; .whichever period version of domestic supplies to
outcry
be
if
the
Government
Shoals Reservoir, Ark., and. Table
i
yields the lower average pre- more profitable
were to order alll businessmen to
foreign markets
belong to the Chamber
Rock Reservoir, Mo. —for which
'mium./In addition/ the exporter and eliminate; the danger. lof loss
the House had previously denied of Commerce, or; assert that the Chamber of Commerce
:may add an amount sufficient to ; of foreign markets * a s: a result of
funds,
.
..
.
;
.
.■
f
£
4
,
.
must be
protected.
v.;/.- 7
^
.
/
7 ,/.•/
all foreign countries
compensate / him
for * such
ex-«•
insufficient export margins-.
;
17-
/THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 155 ". Number 4068
or
THE FINANCIAL SITUATION
merely
//./// ,v \vt^.,
(Continued From First Page)
1 :
as-wholly untinged with current politics/ The timing of
some of his "disclosures," which have rarely been able, to
\vithstand the light of dispassionate inquiry, strongly sug¬
gests, that, whether this gentleman is aware of the fact or
not, his inclinations and/his talents have been eagerly if
political gesture. It likewise, of course, re-.
According
to
advices
from;,
whether hd can in any event succeed in Washington a huge program of
as a
nlains;"to be
1707
seen
an^such demand of Congress. As to those safeguards which
he promises to place by
executive action about the cost of
living, the public, or the more thoughtful elements in it,
will keep their fingers crossed—at least as long as he keeps
'in, office the existing personnel of the War Labor Board or
if forthcoming tax measures I do not offer an opportunity
somewhat
hysterically exploited by others who have poli¬
aplenty. The hasty and often unfounded alle¬
gations recently made by him and the wholly unwarranted
inferences quickly drawn by eager and frightened Congres-.
sional politicians to whom he has so obligingly presented his
case or cases must be added to the sum total of the political
for
individuals
and
their
says
he
desires. But about one thing all will agree. That is that the
message and the radio address are both essentially of a
nature usually found in pre-campaign utterances.'; 1; v J
tical interests
debts /in
/
fence-mending and fenee-building that is so feverishly pro-/
ceeding in Washington preparatory to the election camr
paigns.
A Sorry Contribution
And what a sorry contribution it is!
Whether Mr;
Arnold himself is a party to the process or not—a matter
of secondary importance in any^ evenWhis charges of an^i-;
trust law violation against a large number of American cor/
porations, charges, incidentally, which have as yet not been;
given a real hearing, have been slyly, and sometimes not1
so
slyly, converted into allegations of incidental if not;
deliberate-retardation of the war production effort from
which the country has been saved only by ''consent decrees''
or more
recently by peremptory Presidential action.
And
.this type of political strategy continues, despite the eir.cumstance that in case after case ftill disclosure of thb facts |
has quickly revealed the flimsy quality of both the allega¬
tions and the foul insinuations. It is a disgusting spectacle,
'to say the least
But evidence of something akin to political panic in Wash¬
ington-abounds, even if«Mr. j Arnold and his collaborators
are
ignored/ Take, for example, the almost incredible atti¬
corporations1 actually
substantial
amounts
the
as
repay
IV;
The Real Trouble
.
to
President
.
those
m;
the Department of
American
builders
find themselves today in the midst
of a $12,000,000,000 year—biggest
in the history of the construction
industry.
A
War
Production
to
Commerce,
Board
order
halting all
unneces¬
construction still leaves the
sary
industry with its greatest
ahead of it.
In this,
struction is
of the
one
tunate
industries,
vidual
hrms
the stoppage of
ordinary civilian
that
we
were
at war,
or
for¬
although indi¬
bound
are
con¬
more
suffer
to
building for
purposes.
The pace of building is expected
to quicken.
The rate of construe-,
tion
during the last half of the
year
will
be
greater than
at
present.
As a rough estimate,
most of the year's $1,000,000,00(5
of
unessential
building already
has
been
The
done.
will
year
rest
devoted
be
of
the
entirely to
work, of which roughly
$10,000,000,000 will be related to
necessary
the
effort, advices state. This
in addition to mili-
war
would
cover,
.
,
„
.
..
§Washington
least for a long while was-the complaint of
that the American public did not
understand
pros¬
pects
from
///" Now the politicians in Washington who must face the
electorate this autumn are probably well warranted in feel¬
ing uneasy,-but the nature of their difficulty is not what
they apparently think it is/and the means they are seeking
out to strengthen themselves are- not likely to prove par¬
ticularly effective, or at least such is our considered judg¬
ment On the contrary, the type of stage management, the
"smearing" tactics, and the tu quoque type of defense now
being indulged in may be expected to increase the difficult
ties of those who engage in them./ It is, we believe, precisely
this type of political conduct which is primarily responsible
for the disgust of so many Americans at present. It has long
beeZ-or
According
workers, highways and
did not comprehend utilities to meet defense
public
center
implies. The propaganda put in circula- j needs> an<* iaTm. additions necesby individuals heretofore considered masters in the,god production" U is°/inted out.
field seemed, apparently, to those foregathered in
Washing-] Some $1,000,000,000 of essential
ton to be strangely ineffective in the face of this situation. [ civilian construction makes up the
Parades and other "shows" staged to' arouse enthusiasm I
^es.t.. of the year's expected
have lacked the appeal and the response common in 19171 u' Ing„
.
and 1918. Political managers could not understand it, and
fportsethafal^stU600plants have
tude of the War Labor Board, one of whose recent rulings
their, efforts to do .something about it seemed to result now
set
up
management-labor1
'either Utterly belies the President's earlier -emphatic asser-|
chiefly in complaints/ They apparently still do not under-/committees to foster cooperation
tion that the Government iwould never compel any .man;
stand, the situation. :
:
j
"
~
' between
employers and emto join any union in order to have his part An war produc/
f«X/Uiffiact
of
the
matter is that the American people did up^ar "producttom^SoAe^.SOO
tion/or else substitutes for the policy thus rejected by the < not want to enter this war.
They have entered it without! other concerns have been asked
President one which requires a man to pay tribute to a
elation./For them there is little glamor in it. It is probably to report as soon as possible on the
union to /which he does not belong in order tq k^p
useless, or worse, to try to develop that type of enthusiasm -Progress they are making in estabOne would have to be as naive to see no politics in such a
for it. The people, however, fully understand that they are
ruling as he would have to be mentally afflicted to find now in
it, and that it is necessary to see it through to a fully sections, it is realized the whole
either wisdom or justice in it; There are also the stuttering
successful conclusion. To them it is a grim and unpleasant plan of
the management-labor
'.pronouncements concerning
gasoline rationing / in k the business, and
they want to get done with it at the earliest committees is still highly experiEastern States, which are wholly incomprehensible except
moment.
Their complaint is, essentially that many if not
glun/their wl/c/rXlly6"
on the assumption that the authorities are suffering from
most'of those m public office seem to be about as much
{TV® „ pointed out that the exera serious functional disorder of their political nervous sys-j
interested in 'playing politics r as they are m winning the'rise of patience and forbearance
terns. The strange proceedings against two large steeL pro/
war.
The people are sick unto death with this endless back on each side doubtless could make
ducers on charges of violation of priority orders, is another;
biting, this business baiting, this pampering of "pressure management-lab
commjttees a
case
in point—or are we supposed to forget/the whole
groups,? this constant attention to stage
What
matter now that * these actions have presumably - by the;
they want is an adjournment of politics and a complete con- provided labor recognizes that
publicity attendant upon them served their purpose?
•;
centration of attention upon the task of fighting and win- ultimate
responsibility for the
v»{w£>Wl*.4rni
i jiriontion and rarrvinff out. of orn—
Congressional Jitters
•
t
ning :the war. That is precisely what is now so woefully jadoption and carrying out of proIf one turns to the halls of Congress, much the;
same| lacking—and the professional politician does not appear
picture is presented/ There committees, - particularly per-j be able to understand either that it is lacking or that the! The Securities and Exchange
haps the so-called Truman committee, are almost, continu-, people? are deeply dissatisfied because it -is lacking./
fCommission
now compiles regular
:
f statistics Zof/ individual
savings,
ously at work upon tasks which can hardly, by their very:
which indicate that such savings
nature be regarded as other than preparation for the com-!
reached a record level during the
ing elections. Congressional; participants~-and there are!
final quarter of last year. Gross
Business activity continues to hold
many of them—in radio "forums" and thel like are also,
at[high levels in most indus- savings by individuals in that
ttial quarters.
Carloadings for the week mounted to 846,562 cars three months' period aggregated
clearly dominated by one idea, that of getting themselves: of revenue
freight according to the Association of American Rail- $6,810,000,000, while savings apart
re-elected this autumn, and they often, not to say regularly;! roads.
This was an increase of 32,329 cars compared with the
what "total war"
tion
•
^
A
•
management
t
1
-
.•
„.
—
-
—
——*
The State Of Trade
„
.
..
.
,
i.
,
,
,
.
.
A
.
,
.
.
make clear
enough to any discerning observer theuneasiness1
they feel as to the outcome of the voting in November! The
unwillingness of Congress > up to this minute st% Iehst jboj
take a position of independence as regards the farmer, and;
its inability to: act in matters that have to do with labor;
legislation, to say nothing of its apparent lack of interest
;in eliminating non-essential expenditures, speak volumes;
for the state of mind there
existing.
Cost of Living
v
with
.
,
/
"
,,
.
The latest and most dramatic evidence of the conviction,
political situation in which the Administration finds
itself needs bolstering is presented in the President's message;
and subsequent radio address on the cost of living. The very,
substitution of the term "cost of living" for the well-worn word
"inflation" was obviously born of political considerations.
precise practical significance of the President's outgiv¬
ings on this subject are not easy to foresee. Time only will;
give practical meaning to many of his sentences—or reveal,
that they have but little.
He reiterated his demand for!
somewhat less special consideration for the farmer, but/it
remains to be seen whether he is, as a result, in a better posi¬
1940.
<
It
The weekly analysis of the steel
./ While electric output declined
slightly for the week ended April industry by /'Iron Age" noted
18^ the rate is well above
a
a
few plants already were
beginning to fear that they soon
would receive stop-production or
plants which
slow-down orders on Government
a
year
ago. because of the volume of war
work./But
number
are
that the
The
pre-l-.fr™
the
of
at
the
smaller
time
same
not equipped to do war work
been forced to close.
The
have
slight weekly setback
an.
increase
in
the
.may
reflect
mortality
this type of company.
of
Production
of electricity declined 0.4% in the
week:'ended April' 18 to 3,307,-
700,000 kwh. from.3,320,858,000 m
the preceding week, the Edison
Electric Institute reported.
This
was
a
rise of 14.2%
over
that
work
because
transportation
sea
of the shortage
facilities,
both
of
on
and land.
is pointed
a measure
through Congress,
three
months
mainder went
ance,
buying accompanied the
slackening last week in
retail
trade, Dun & Bradstreet observed
in its weekly review.
Forward
of
1941.
The
re¬
chiefly into insur¬
sales
While
bonds
have
during
the
risen
first
of
defense
considerably
quarter
of
this
.
dividual
incomes
have continued
expand and because purchases
0f durable consumer goods have
to
likewise slumped in the fallen off sharply
although demand
The statistics on savings pub¬
summer goods kept the trade
lished by the SEC, like other cur¬
buying
wholesale lines,
the 1941; for
rent
data
show
that
The
of capacity, 1.3
1,681,600 net tons.
out that less than
to
bank deposits and currency
hoards.
week
this year, was
-
™
purchase defense and other Gov¬
ernment
bonds
during the last
conditions in most sections,
on
a
national
income,
wide "inflation gap"
exists, because surplus incomes of
consumers
cannot longer be used
to
buy durable goods freely or to
new issues of securities
Invest in
other
oX/'for/l/lto/16/'w//'could
force such
S3
half of these savings were used
comparative of 2,897,307,000 kwh.l busy.
Steel production for the current
98.9%
consumer
advance (year, individual savings also are
moderate doubtless larger, both because in¬
-
is at
of
aesreeated
A marked let-down in
tapering of consumers' ad¬
vance purchases was a natural re¬
points higher than last week and
action from hoarding, with hesita¬
0.1% under the all-time high of
tion in view of pending price ceil¬
99% in the week beginning March
ings also a factor.
However, de¬
23/ the American Iron and Steel mand for summer
goods stepped
tion to get what he wants of Congress. As had been more
Institute reported.
' ■
or less expected
he adopted as his own the demands of / At 98.9%: production for the
radical labor elements for a "ceiling" of $25,000 over individ¬ week is estimated at 1,679,000 net
tons
of /ingots,' against
1,657,900
ual net income, but it remains to be seen whether this
output, tor toe iviarcn Z3 week,
tons last week and 1,521,900 tons
demand is to be regarded as an announcement of serious in the like 1941 week. The record take advantage of ideal weather
intentions to try to
nurchase
-ceding week; an increase of 137,769 ears, or 19.4%, compared with' durable
eoods
a-year ago,, and an increase of 218,094 cars, or 34.7%
compared 800,000,000.
*
than
Government
obliga-
narrow this §aP' Provided
consumer
incomes, and hence sav-
not expanded further by
wage increases.
;
- - /.
ings,
are
,
tsmmm i T.MWi
;;
President Outlines Anti-Inflation Program—c
Ceilings
Heavier Taxation, Price, Wage
■
Roosevelt outlined to
President
''all-
Congress on April 27 an
of the cost of living which
price ceilings, stabilizing
wages ' rationing scarce commodities, purchasing war bonds, curtail¬
ing credit and installment buying, and fixing farm product prices.^
Saying that legislation is required on two of these seven pointsembracing" program for the stabilization
included levying heavier taxes, fixing
prices—the Presi-<8>
special message, asked
farm
taxes and
dent, in a
legal profit
figure with the Government tak¬
ing all •'above that amount and
suggested that no individual be
permitted to have- a net income of
a
after payment
respect to farm
than $25,000
more
of
fix
to
Congress
'With
taxes.
Mr. Roosevelt called on
legislators to correct the ex¬
prices,
the
formula providing
isting "parity"
110% payment, so that farm¬
would just receive parity, or
for
ers
100%.
\
'
Concerning the other
v;
■
points of
the
cost of living from spiraling up¬
ward,
the President
explained
that legislation is not required at
the present time since Congress
has already passed adequate laws.
wages, President
said that he believes
Regarding
Roosevelt
they should in general be kept at
existing scales.
He added that
adj ustment would be handled
by the War Labor Board ma¬
chinery.
The President asserted that he
any
preferred to keep purchase of war
bonds on a voluntary basis, rather
plan,
as long as possible, and hopes for
a "magnificent response."
adopting a compulsory
than
that, while
He further declared
commodi¬
rationing of many basic
those
will be
ties would not be necessary,
become
do
that
scarce
equitably distributed.
; As the final recommendation,
Mr.
Roosevelt said that
debts
firmness of their determination^make victory certain
in the long days to come.
In some other ways, however,
the circumstances of today par¬
allel those of 1917-1918.
Now,
the very
in
as
last war, the common
the
Now, as then, bit¬
heavy
losses
at the outset.
defeats
and
<
by those who
endured
be
must
defending civilization, before
will be able to establish the
are
we
vital superiority in men
and mu¬
nitions which will turn the tide.
The United States was far bet¬
ter
prepared for actual war on
Dec.
7, 1941, than it was on April
6, 1917.-For over two years, by a
succession of Congressional acts,
carried
had
we
out
initiated
or
safety measures for our own de¬
fense
in
growing volume and
There were the re¬
visions of the Neutrality Laws,
importance.
the
of
adoption
Selective
the
Service Law and the Lend-Lease
Law, and the great increases of
our Army and Navy and the in¬
struments
of war which
they
I
and
I
know
the hard¬
ships and heartaches we all went
through in the bad years after
you
the
After Pearl Harbor,
the Amer¬
adopted a national
oik" war
production
people
program
would
which
last
their
and
fantastic
by
called
have
been
most
people
two
situation
trous
battles in all parts
Safeguarding
that our standard of
living will have to come down,
the President termed the total ef¬
fort of the American people an
Saying
'"equality of privilege" and said
he was sure that all Americans
will
welcome
this
opportunity
fight of civilized
"to share in the
decency and
mankind to preserve
dignity in modern life."
Pointing out in the concluding
of
part
his
message
and every one
of us
that "each
will have to
give up many things to
are
accustomed," the
went
have
to
on
live
to
that
say
which we
President
"we shall
lives
our
with
less
of creature comforts
than we have in time of peace,"
and that "our standard of living
will have to come down." "Some,"
the
in
way
called this an
'economy of sacrifice.'
Some in¬
terpret it in terms that are more
he
He added:
have
I
•;<
sacri¬
of
'equality
accurate—the
able
been
never
to
myself, however, to full
acceptance of the word "sacri¬
bring
because free men and
women, bred in the concepts of
democracy and wedded to the
fice,"
/*
^
principles of democracy, deem
it a privilege rather than a sac¬
rifice to work and to fight for
the
-
of the demo¬
is, therefore,
perpetuation
cratic
more
ideal.
It
call this total ef¬
to
true
fort of the American
people
an
"equality of privilege."
President's
The
v.
fol¬
the
ways
present
world-encircling
war
presents
problems which were unimagin¬
able during the First World War.
The theatres of combat today
cover
more
are
vastly greater areas. Many
millions of human beings
involved.
mechanical
The
new
power,
/» on the land and on
produced
radical
In
this
an
new
even
the sea, have
war
the
in
nations
face
greater
challenge to
existence. They fight
the
their very
in the air and
changes
and tactics.
basic strategy
resisting
factors of
Axis
powers
and
of
life
every
American
every
this,
In
family.
repeat the
we
pattern of the first World War,
although
greater
vastly
a
on
scale.
During that earlier war there
economic
certain
were
which
produced
hardships;
continued
factors
unnecessary
hardships
long after the signing
these
and
of the Armistice.
I
use
the word
"unnecessary" because it is my
belief that a very great deal of
the suffering which was caused
then
be avoided
can
These
economic
lives
now.
factors
relate
easily under¬
phrase which affects the
of all of us—the cost of
primarily
stood
fighting our
of the world.
economy -
our
at
stantially, I shall so advise the
Congress, and shall ask for any
additional legislation which may
be
to
an
living. Because rises in the cost
of living which came with the
war were not checked in the
necessary.
item, legislation is
and the subject is
under consideration in the
Representatives.
Its
purpose is to keep excess profits
down
and, at the same time,
raise further large sums for the
financing of the war. '
On this subject, I believe that
the
objective can be attained
through tax processes.
We are
now
spending, solely for war
purposes,
the
sum ' of
about
$100,000,000 every day of the
week.
But before this year is
that
over
half
of
to
expect
the
the
Congress
following
the
points, which, taken together,
may well be called our present
national economic policy.
/
the cost of living
To keep
1.
spiraling upward, we must
heavily, and in that process
from
tax
personal
and
corporate
profits at a -reasonable rate, the
"reasonable"
consumers,
and
wholesalers
in
making
thing
posed
else.
new
of
One
write
the
the
to
Committee
the
on
that
Representatives
;
some
blanket clause could well cover,
by
special tax, all profits of
kind of business which ex¬
definition of
a
any
ceed the expressed
the legal profit figure.
the
cost
of
we
affected
articles
which
are
small,
discrepancies
low
fore believe that in time of this
grave
excess
of
the
national danger, when all
income should go to win
war,
citizen
American
no
ought to have a net income, after
he has paid his taxes, of more
than
$25,000
year.H It is in¬
a
defensible that those who enjoy
to con¬
winning
large
incomes
local
securities
from
mune
at
are
war.
securities
es¬
from
Interest
be
im¬
be
while
taxation
should
and
State
should
we
such
on
subject
at
least to surtaxes.
sential.
last
beginning, people in this country
more than twice as much
for the same things in 1920 as
they did in 1914.
paid
The rise
in the cost of
living
has begun to
The time has
to
stop
the
spiral. And we can face the fact
that there must be a drastic re¬
duction in our standard of living.
While the cost of living, based
this war
parallel the last.
definitely
come
during
on
the
average
prices of neces¬
gone up about 15%
far since the Autumn of 1939,
has
so
we
must
act to keep it from
now
another 80% or 90%
during the next year or two—to
hold it to somewhere near the
soaring
are
obvious reasons for
taking every step
prevent this rise.
the words
to
I emphasize
necessary
"every step" because
step would be ade¬
itself. Action in one
direction alone would be offset
no
single
quate
by
by
directions.
all-embracing program
inaction
Only
an
will suffice.
in
other
To
from
keep the cost of living
that
they
may
a
be
the
scarcity, so
distributed
and time is of the essence.
ment
keep the cost of living
upward, we must
credit and install¬
buying, and encourage the
paying off of debts, mortgages,
and other obligations; for this
promotes savings, retards exces¬
sive buying
and adds to the
amount available to the creditors
for the
purchase of war bonds.
will appre¬
ciate that these seven principal
know
that you
points, each and every one of
them, will contribute in substan¬
tial fashion to the great objec¬
tive
of
keeping the cost of liv¬
ing down.
It
is
my
best
judgment that
only two of these points require
legislation at the present time,
for the very good reason that the
we
living
their
keep the cost
can
down
and
stabilize
remuneration.
Most
workers in munition
dustries
working
are
than 40 hours
far
in¬
more
week and should
a
continue to be paid at time and
a
half
for
overtime.
their,
weekly
would
be reduced.
these
All
Otherwise,
envelopes
pay
*
policies
..
will
guide
In regardto item
been the
it has
years
four, prices
government to
jective
known
in other
policy of
seek
an
ob¬
"parity"—or,
as
words, farm prices that
give the farmer an assurance of
equality
individual
in
purchas¬
power
with his
fellowAmericans who work in indus¬
ing
stage of parity. Others have ex¬
parity. Under existing
legislation a ceiling cannot be
placed
certain products until
on
somewhat
level
reach a
above parity.
they
lative action which I have
tioned. Under
mula
the
in
•
men¬
complicated for¬
a
law,
existing
prices for farm products—prices
which housewives h^ve to pay
articles of food—may
of parity or even
is the fault of the
for many
rise
110%
to
higher.
It
formula.
the
In
articles this
can
of
case
many
danger¬
a
mean
increase in the cost of
ous
the
for
living
family
average
over
present prices.
fairness
;
the* American
to
whole, and adhering
to the purpose of keeping the
cost of living from going up, I
people
as a
that
ask
this
be
formula
cor¬
rected, and that the original and
excellent objective of obtaining
parity
the farmers
for
the
of
United States be restored.
It would
the
to
the
be
equally harmful
of keeping down
living if any law
process
of
cost
passed preventing the gov¬
from seling any of its
surplus farm commodities
the market price. As a na¬
were
ernment
own
at
tional policy,
the ceiling
on
farm
other
products—in
words, the
maximum prices to be received
by the producers of these prod¬
ucts—should be set at parity.
;
With respect to item five—the
purchase
of
American
people
which
the
and
war
know
that
the
the
at
if
billions
need to
now
we
bonds—the
war
raise
would
we
for
pay
same
time
a disastrous rise in the
of living, we shall have to
prevent
:
from spiraling
discourage
the
comprehensive all-out effort to
keep the cost of living down—
prices for them.
To
will pass a new tax bill at
moment
possible.
earliest
Such action is imperative in
fairly
among
consumers
and
not merely in accordance with
financial
ability
to
pay
high
7.
of
earnestly hope that the Con¬
gress
all essential commodities
which there is
of
I
spiraling upward, we must
ration
I
present level.
There
6.
workers if
In
while the
personal incomes
and very high personal incomes
should be lessened; and I there¬
must
not
is
between
purchasing
war
their earnings in¬
with
time,
same
number of individual Americans
stead of using those earnings to
buy
of
Ways and Means in the House of
by
war
bonds
some
equitably in¬
I have suggested to the
Chairman
re¬
products
upward,
all citizens
encourage
this
to
will not be
nesses
for their
from spiraling
tribute
which
in
law
is
people will not find loop¬
or in which some busi¬
holes,
keep the cost of living
To
equitably for the over¬
whelming proportion of all our
This calls for the second legis¬
difficulties
our
a
clever
their lands.
5.
work
ment.
upward, we must
stabilize the prices received by
for
of
ceeded
from spiraling
growers
sub-standards
living.. I repeat that all of these
processes now in existence will
profits.
It is incumbent
the Congress to define un¬
due or excess profits; and any¬
thing in excess of that specific
figure should go to the Govern¬
keep the cost of living
To
any¬
upon
V,..'
work.
4.
selling
or
cess
| retailers,
individuals
by
inequalities and the
of
try. Some of the products of the
farms have not yet reached the
manufacturers
remuneration
labor
course,
V
the
The
existing machin¬
disputes will, of
continue to give due con¬
for
Under the
pro¬
tax law we seek to
take by taxation all undue or ex¬
spiraling upward, we must
ceived
production.. This
business
all
profits, not
only in making munitions, but
At
from
the
with
consistent
limit
utmost
keep the cost of living
To
contracts.
the
•
taxed to
must be
Profits
for the things they buy; and
ceilings on rents for dwellings
in all areas affected by war in¬
3.
employes must, in
all fairness,
be carried out to
the
expiration
date
of
those
itself.
pay
dustries.
em¬
and
of farm products: for nearly nine
is
cluded.
which
ployers
minimum.
a
between
being and will be
spent within the United States
of living
upward,
we
on the prices
spiraling
must fix ceilings
at
Existing contracts
billions
To keep the cost
2.
from
disputes.
are
all government agencies.
de¬
being
all
strikes
be spent in the war
effort. Almost the whole of these
will
come
whole economic structure.
questions of method
than to the objective itself, I list
means
to more than
entire national in¬
continued
to
expenditure
This
equal
sum
means
more
of
rate
doubled.
be
sential to the fortification of our
Relying on past and present
experience,
and
leaving
out
masses
of details which relate
All
elimination
of us
civilians in government, in indu stry, on the farm, and in all
other walks of life.
We must therefore adopt as
one
of our
principal domestic
objectives the stabilization of
the cost of living, for this is es¬
right
a
tlement of
sideration to
of
a
have
been
now
House
that
and
sailors
soldiers,
Board
machinery Which
generally accepted by
industry and labor for the set¬
has
necessary,
marines
very
Labor
ery
In the first
will be settled by. the War'
wages
objectives are not
required
will
stabilize
saries,
certain
In
>
message
in full:
lows
of
manner
American
"have
said,
fice.' "
mal
brave
the
attained, and if the cost of liv¬
ing should continue to rise sub¬
fined at a low level.
with the full
approval of the Nation — this
enormous program is dislocating
industry, labor, agriculture and
finance.
It is disrupting, and
will continue to disrupt, the nor¬
Inevitably—but
cut to a minimum.
this
policy enunciated.
Congress that if
national
assure
the
meet
to
adequate
seem
least that our
home is the
word
war.
after
those
to
who today are
men
products of peace to the weap¬
of
for
vain
present the same disas¬
to
war
intend
not
do
We
of the
ons
in
jobs.
should
be paid off now, in view
plentiful supply of money,
installment buying should be
their homes and
and their savings
looking
were
keep
years
when Americans
war,
losing
farms
were
for
needed.
ican
the
has had all the advantage
enemy
ter
to" become
bound
.
with respect
which
because
already.,., passed
to the others
has.
Congress
laws
the pay envel¬
ope will then lag behind rising
retail prices. The price paid for
carrying on the war by the Gov¬
ernment and, therefore, by the
people, will increase by many
billions if prices go up. Further¬
more, there is an old and true
saying that that which goes up
must always
come
down—and
are
poorer,
before. It has required the
shifting of the major part of
American
industry
from
the
and
?
sinister
more
foes, but their understanding of
the magnitude of the task and
#
keep
to
policy
national
his
powerful,
more
When the cost of Jiving spirals
upward week after "week and
month after month, people as a
whole
Thursday, April 30, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1708
;
The second item, relating to
price control, is, with the excep¬
tion of farm prices, adequately
covered by existing law, and I
have issued instructions to put
this into effect immediately.
It
is our effort to be fair in all
phases
our
of price control, and if
experience reveals
cost
double,
the
needed
should
respect to the third item,
to stabilize remunera¬
tion for work, legislation is not
In
seeking
required under present circum¬
stances.
I believe that stabiliz¬
ing the cost of living will mean
that wages in general can and
should be kept at existing scales.
Organized
labor: " has
volun¬
tarily given up its right to strike
during the war.
Therefore all
stabilization
or
adjustment of
our
dollar
not
absolute
for
double,
savings. Every
vitally
necessities
into war bonds and
add to the striking
of our armed forces.
go
stamps
power
a
than
more
of
and
dime
future
inequality or unfairness, correc¬
tions will, of course, be made.;
and
scale
to
If these purchases are to have
material effect in restraining
price
out
almost
they
mean
they
increases
made
of
must
be
current income.
individual
every
In
case
should be big enough to
rigid self-denial, a sub¬
stantial reduction for most of
us
in the scale of expenditure that
is
comfortable
We
cannot
cannot
fort,
exert
on
a
and
fight
our
easy
this
for
us.
war,
we
maximum
ef¬
spend-as-usual basis.
We cannot have all
we
want
if
soldiers
our
.
and
sailors
have all they need;/'
I have been urged
'
duties
do
are
*
'
by
ing
each
plan of savings by deductcertain percentage of every
a
one's
which
income. I
prefer, however,
keep the voluntary plan in
effect as long as possible, and I
i hope for a magnificent response.
V
With respect to ; item six—
rationing—it is obviously fair
that where there is not enough
; of any, essential commodity to
: meet all civilian demands, those
who can afford to pay more for
the commodity
should not be
privileged over others who can¬
less in the way
I
confident
am
tioning
will
not
we
shall
because
utmost to have
ply.
:>
But
be
■
•
'
soon
ment
buying
priate action.
v
Indeed,
which, dd
is
taking.
action—and
President
have
of
able
been
never
to
work
to
and
to
effort
oi
to
mankind
liver
China
Effective
.
;
the
the
But there is
<
where
battle
United
States
—
cause.
common
our
.
FRANKLIN D. ROOSEVELT.
The White House,
; ing,
•
■
covered
-
repairing,
Products
>'
:
•
;
•
-
is necessary, not
ier
business
■
man.
I
fice—satisfied
it
that
is
for the most vital and com¬
pelling
motive
in
all
their
lives—winning, through to vic¬
tory...
sary
„
Observing
,
.
that
"we
are
now
supply our fighting men, but to
keep the economic structure of
our country fortified and sscure
the
during
war
after the
and
President's
contained in
which
a
he
the
of
that
every
single
person
in the
-
country will be affected indirectly
of
all
by
profits,
prices,
debts.
carry
and
taxes
wages,
He stated that he will use
of
^11
points—covering
the
executive
his
to
power
out the policy.
:
...
Declaring that "this great war
effort must be carried through to
its victorious conclusion by the
tion of the
and
will
indomitable
determina¬
people," the President
averred that
"it must not be im¬
peded by the faint of heart," that
"it must not be impeded by those
who
put their own selfish inter¬
above the interests of the
ests
Nation."
'
'
.
.
.
;
.
Stating that "I shall use all of
the executive power that I have
out the policy laid down,"
the President added;
t
.
v
>,/
n.
>7)
>
•>
n o
'■ f
of the
part
any
military,
world
navies
Italy
the
to
'.armies
Japan.
If
whelming .. majority
of
the
people understand that
the fight of the United Nations
is
fundamentally - their fight,
that
our
victory
restoration of
a
means.'; the
free
and
inde¬
pendent France—and the saving
of
France
which
her
The
"Our
by
the
slavery
imposed upon
external enemies
from
would
her
be
President
planes
likewise
said:
Jan.
levels
1, April 1,
or
cut-back
in
within
the
the
law
rents
helping
defense of French colonies
Xtv-' "V,>
ft
I
in
the
today,
a
or
because
or
long,
or
late
at
of
the
for
ad¬
not
are
house
OPA
also
flow
into
the
of
cars
1
however,
are,
eligible
who
persons
cars
need
to
not doing
are
because they believe it to be
so
unpatriotic.
fulfills
one
to say that there is nothing un¬
To such
condi¬
people, I would like
patriotic about replacing
which is used to perform
essen¬
tial
would
best
are
brought
the year
that
we
and
which
equip
can
the
portation,
of
a
car
replaced next year
after. To the extent
automobiles
costs
those who
for
the
essential
available
will
we
storage
per¬
services
be
trans¬
cutting
•
reducing
next year's automobile
require¬
ments.
Those
and
who
obtain
new
automobiles under the rationing
h a ve,
however,
a
special responsibility for using
their cars sparingly, for driving
program
Slowly and carefully, and for
keeping their automobiles and
tires
in
the
best
condition
possible.
Autos Exceed Estimate
|
The; Office of Price Administra¬
April 29, 1942.
Commenting on the objectives
sections, rents have of the new amendment, Mr. Hen¬
.gone beyond reasonable bounds, derson said:
doubling and trebling in many
When
automobile
rationing
;•••' individual cases, the OPA said
began there were some 535,000
in explaining its recommenda¬
new
passenger automobiles in
tions for reductions.
the hands of dealers, distribu¬
; The OPA is expected within
tors, and manufacturers through¬
be
to
need
by Amendment No. 6 to
Automobile
some
services
have
or
'
additional automo¬
that evictions be restrained.
In
this
will
increase
movement of automobiles. Some
or
to go into effect
relatively-
other
factors which have held up the
the New Passenger
;
for trade-ins,
need,
undoubtedly
There
Rationing Regulations, which is
recommended
at
rate.
un¬
above
changes
quota
amendment
with
These
moving
the
of
earlier
about
about
passenger au¬
establishing
tests
of
an
State
other
of
bile to render such services.
covered by the
by
formance
he needs
from
the age and mile¬
replace their
creased to such an extent that
regulations.;
areas
of
tions, he may qualify for a new
car
purchase
certificate
by
showing that he does not al¬
ready have an automobile ade¬
quate for his purposes. A Board
may decide that a car is inade¬
quate if (a)
it is a ; 1939 or
model;
as
areas,
the hands of eligible buyers.
condition
'
days under
OPA may
issue
40%
liberal
hardship for
to use public
applicant
more
weather,
now
age requirements
(b) it has been
driven more than 40,000 miles;
or
(c) it has been rendered
unserviceable by fire, collision
or
otherwise; or (d) it is not
reliable enough for the services
it is
to perform;
or ,(e)
de¬
mands upon the applicant for
the specified services have in-
.86,000,00ft people^
The
arduous,
new
are
By relaxing
min¬
circumstances.
the
If
or
in
tion
announced
official
an
number of
able
frr
new
April 22 that
on
count
shows
that
the
automobiles availr
rationing; this
is
year
about 60.000 greater than the 340,000 originally indicated by manu¬
facturers'
reports.
Passenger car
figures show approximately 400.-
,
a
month to set formal rent ceil¬
for
of
some
the
designated in March. ;
21
i
areas
of
defense-rental
totals 323.
i
■
■
T.
...
'
areas
how
•
>.
•
out
the
then
?
States.
United
and
distribute
•
Including Puerto Rico, the list
are
usual
60
recommendations
•
tomobiles
That he clearly needs an au¬
tomobile
au¬
open
some
recently
indicate that
about
and
travel
it
in
Rationing Administrators which
transportation facilities.
July
recommendations
The rent
.
45
save
physical
walk
to
and
When
stored
are
received
coming
,
make
occa¬
motors
cars.
new Automobile
Rationing
Regulations results from reports
three
.
the
ings
her internal traitors.
specified
hered to
over¬
French
on
to
maximum rent
or
Germany,
The
him
recom¬
recommended that rents be
pas¬
one.
must
his
That
46
back
and
unusually
\
would
"de¬
as
cut
to < prevent
air forces of
or
and
Rico
he
,:is
depreciation is rapid unless ext
ceptional precautions are taken.
The
present
amendment
to
'lhat local transportation serv¬
ices are over-crowded.
1, 1941.
for
that such action is essential for
assistance
in
communities
Puerto
was
effect
by the Axis
good people of
France will readily understand
Nations
and
and could
night.
1, 1942, rent levels in fourfifths of them.
In 64 areasj, it
The
the United
that
prevent
of
of
lots exposed to the
is now the case in
coming from work without
hours
storage
starting
tomobiles
That he -would have to spenc
least IV2 hours in going to
his
mended establishment of March
purposes
Powers.
and
to carry
•••
measures, if necessray, to pre¬
vent the use of French territory
in
going to
using
condi¬
storage
deterioration
the
least
at
That his work is
$
fense. rental areas," and
of
•
of
groups
states
expenditure will be
doubled."
living down and asserted
.
this
The United Nations will take
point program submitted to Con¬
gress on April 27 for keeping the
cost
of
rate
"before
quickly
he would
car
in
car,
of
sional
.
a
miles
a
The OPA designated 302 new
that almost unbeliev¬
over
seven-
were
Washington,
reiterated
able
indicated> that
is
in
remarks
Nation-wide radio
from
address,
year
Referring to the recent news
a
change of Government in
France, the President had the fol¬
lowing to say> in part:
war.
The
dent
.
walk
utes by
storing
tion is greater where the condi¬
bulky tools
or
to
and
Some
movements
transport
have
at
Maximum
warehouse
release
favorable
tions
from wprk.
anc
Rents
day in the week," the Presi¬
every
#
must
That without
orders.
#
may es¬
travel
heavy
materials.1
or
the order include eggs and
poultry, cheese and butter, con¬
densed
andevaporated milk,
flour, dried prunes and dry
edible beans, leaf tobacco, liv¬
ing animals, domestic ores and
concentrates, used automobiles,
naval stores at producer levels,
securities, and publications.
neces¬
he
»
though
bound to-occur with the passage
of time. The rate of deprecia¬
of transportation.
That
car
short
,
must
sengers or
of
they will gladly em¬
this
economy
of sacri¬
he
-
1
.
will
more
automobile
an
relatively
a
ma¬
passenger
our
even
tions.
has
by automobile than by other
so
means
processed
know that
brace
Exempt:
need
appear
the
ate
work,
war
of
it
make
distribute
Second, automobiles depreci¬
in storage even under the
car
a
/
primary
space badly needed for
commodities.
and would be better able to do
repairs,
<
or
standard
eligible applicant
That
Services
cleaning
services
the
conditions:
tailoring, shoe
dry
stock
Lo¬
by meeting any of the following
"Any raw and un¬
agricultural
com¬
modity (wheat and cotton for
example) or greenhouse com¬
modity while it remains in sub¬
stantially its original state" is
exempt.
Other important ex¬
emptions listed in Section 9(A)
to ask
farmer,
workman,
the
American
American
one
only to
pas¬
a
two
production, the present stock of
automobiles is taxing our stor¬
age facilities. Reduction of this
efficiently essential
tablish need for
The
prices already provided in earl¬
I know the American
the
but
jr'storage./
preventing a spiral in the cost
of living, I shall do so.
are
civilian
All cloth
automobile
laundering,
-
■
cream.
include
will have the privi- spending, solely for war purposes,
the
sum
of
about
$100,000,000
lege of making whatever self-
denial
the
new
that he needs
prove
carry on
An
rubber footwear.
every one
f
a
out
important civil¬
a serious
of automobiles is in
prospect due to the stoppage of
Rationing Board may issue
certificate. The applicant must
still
tobacco,
shoes,
and
additional legislation in
order to attain our objective of
Here at home
daily tasks.
our
of
senger automobile before
furniture
and hardware.
Separate orders
cover
prices for coal and fuel
oil, newsprint, paper, gasoline,
for any
throughout this
war.
That front is right here at
home, in our daily lives and in
;
section
that he needs
prove
mixes, peanuts, bananas,
milk and cream sold at
beef,
If it becomes necessary
action
in
the
addition,
worn
.
over
First,
scarcity
Rationing order
which requires an applicant to
prices of important foods, in¬
cluding
bread
and
packaged
flour
April 27, 1942.
and child—is in action,
will be privileged to re¬
and
completely
part
period.
March, April
.'
amendment revises
new
In
will "be
considerations
considerably less than
expected at the time quotas
cars
replace auto¬
Nevertheless,
of
The
be
to
ian services.
stock
for
to
in
jor
11.
Covered by the Ceilings:
that
wrecked
or
rate
'
must
additional
have
at
allotted
au¬
next
transport
to defense plants now
to
May.
services
of
desirable
a
small
March,
increase
necessary
beginning of rationing on
March 2 of this year.
Sales so
far under rationing have been
been simplified and relaxed.
;
be
mobiles
Automobile
serv¬
Police
will
we
the
>
after.
under construction.
"pool,"
provisions, of the order are ef¬
fective on" May
will
period after
to
woman
main
12-month
a
The ceil¬
ing on sale of services at retail
is effective July 1, 1942.
Other
man,
every
within
needs
will
thousands
pas¬
fective May 18, 1942.
in the
one
those in the Government
pitifully
expanded in certain areas, and
except
people's war—and it must be
followed by a people's peace.
The achievement of victory in
war
and security in peace re¬
quires the participation of all
the people in the common effort
weapons
front and
one
every
new
a
needed by our armed forces.
•
all
automobiles,
tive May 11, 1942.
The ceiling
on retail prices of articles is ef-
the
materials which
raw
releasing
that the
aware
is
Requirements of the mili¬
year.
with
decency and dignity in modern
life. For this is fundamentally
in oil fields or
producing
mines,
or
or
of
senger
ceiling
and
prices
accordance
cal
privilege of working in a mu¬
nitions factory or shipyard, or
the farms
icy
and
The
Dates:
wholesale
in
our
meet
tomobiles
the Administrator's express pol¬
airplane^; and munitions of
on
is
to
1943.
stated:
announcement
pool
workers
ices at wholesale levels is effec¬
■■
on
The
This
(Continued from First Page)
on
have
can
26.
will be found to de¬
ways
Overall Price Ceilings
added "if you doubt it, ask those millions who live today under the
tyranny bf Hitlerism." The President noted that "not all of us can
have the' privilege of fighting our enemies in distant parts of the
world," He further said:
3*-*"—
-:
■
us
matter
no
,
April 28 told the American people that
"the price for civilization must be paid in hard work and sorrow
and blood."
He declared that "the price is not too high," and he
of
that
fully
are
reserve
tary services for passenger
remarked
were
Says Civilization Musi Be Paid For In
"Hard Wcrk, Sorrow And Blood" -
all
applicants for
preserve
for
We
of Price Administration has made
OPA Establishes
President
Not
of
treatment
was
a
appro-
civilian needs thereafter.
changes in its automobile ration¬
ing regulations
(effective April
29),
Price
Administrator
Leon
to the gallant Henderson announced on
April
further
retail and ice
Roosevelt
are
we
fight for
total
this
call
to
civilized
all the items
hoi require legislation,
the executive departments and
agencies
whose
functions and
President
form
what advances the Japanese may
make,
,
Rationing
New
Zealand
and automobile
rationing certificates
territory will be bases
throughout the country, the Office
offensive
The
portunity to share in the fight of
to
as
.
135,000-r-havet been
earmarked as a reserve pool to
meet
military
and
essential
determined that the territory that
has been lost will be regained."
the American people an "equal¬
the control of credit for install¬
•
for
ity of privilege."
;
I firmly believe that Ameri¬
cans all will welcome this op¬
for
responsible
agency
"Australia,
much other
people
true
as
Federal
-
President made the statement that
The remain-/
der—about
that "in the
In order to increase the flow
Far East we have passed through
of new passenger cars to eligible
a
phase of serious losses," the
buyers and to assure more.uni¬
that "I want to say
the perpetuation of the demo¬
cratic ideal. It is, therefore, more
an
•
an
of sacrifice."
Some
it in terms that are
accurate—the "equality of
rifice
accumulation of sayings will
provide a
form
of insurance
against post-war depression. The
-
\;j;
this
Automobile
t:.wV V'-"
■••• y
conceding
•
possible now that
money is becoming more plen¬
tiful. Those who comply with it
will be grateful that they have
done so, when this war is over.
Elimination of private debts and
as
•
Europe."
While
myself, however, to full war to the. armies of General¬
acceptance of the word "sacri¬ issimo Chiang Kai-shek."
fice,"
because
free
men
and
Among other things, the Presi¬
women, bred in the concepts of dent related some instances
typi¬
democracy and wedded to the cal
of
individual
heroism
and
principles of democracy, deem skill by members of our armed
it a privilege rather than a sac¬
forces.
*
;
;
important
article becomes scarce, rationing
is the democratic, equitable solu¬
seven—paying off debts
and curtailing installment buying—should be made effective
down..
rationing system.
OPA Amends Rules For
bring
any
Item
living
will be
interpret
I
ra¬
tion.
'
of
called
com¬
time .of
American. Flying Fort¬
fighting for the lib¬
soon
1709
eration of the darkened continent
"economy
more
adequate sup¬
an
where
in
standard
sacrifice."
the
to
of creature
have
Some
We
lives with
our
will have to come
necessary,
strive
one
have
we
Our
peace.
to
as
basic necessities of life
many
.
that
than
forts
that
accustomed.
are
we
and
resses
of
K:-
mean
of us will
many things to
every
shall have to live
.
not.
will
have to give up
to
•
and
v*"
•:
....
result
The
possible in
whole broad
as;
this
carrying out
policy, v -/ r
many
"
;
involved, are at work
are.
expeditiously
as
person
and groups to recommend the adoption of a compulsory
COMMERCIAL & FINANCIAL CHRONICLE
THE
Volume 155 ; Number 4068
still
the
is
It
was
policy to
major part of
our
000
of
new
automobiles in the hands
dealers, distributors and
facturers
as
manu^-
of Feb. 11. in addition
to. the 140,000 held in the Governcars—roughlv 400,000 of
tificates from the 400,000 outside
during
the
first
12
months of the operation of the ment pool,
;
these
them
—
.l i
-
r
*i
.»
5
-;j
\
THE COMMERCIAL & FINANCIAL CHRONICLE
1710
ner
to prevent direct rays of
lights therein from shining out*
side of such buildings.
Conflicting Announcements From Washington
Galled Most Disconcerting Element In War Effort
,.
hotels
be
the cross-purpose an¬
originating
in
today is
establishments,
dwellings, adjacent to
or
the coast shall
be
that
darkened
shaded
so
direct
or
lights
therefrom shall not shine to sea^
given in Montpelier advices to the New York "Times," said:
The most disconcerting ele-<§>——
ment in the entire war effort Ion that comes in to any area must
nouncements
commercial
all
telegraphic message was sent to President Roosevelt on April
Wills, of Vermont, bearing on public announcements em¬
anating from Washington, which he termed "the most disconcerting
element in the entire war effort today."
Gov. Wills' message, as
A
26 by Gov.
and
from
shall
distance
wisely used."
illumination
ward
•
x.
there¬
visible
greater than
shore.:
from
be
not
<
at
,
which
firm
a
feels
year.
treble
in
believe
.
damages because I don't believe
private police forces," Mr.
V.Arnold said.
"Why, I've actu¬
ally seen a gambler's syndicate
v
made up to
Registration days for obtaining
many
be
will
><r
rationing cards
May 12, 13, and 14.
gasoline
which
As
the
to
above
x
Lt.-Col. Edward B.
lations.
-
"
•
^
■
result
in
denial
applications for
service
this
the Bell System
year
3,649,000 such instal¬
V
■
is expected to result
The order
in annual savings of about 53,000
tons of lead, 35,000 tons of iron
and
steel, 54,000 tons of copper,
tons of zinc, 1,890 tons of
crude rubber, and large amounts
6,500
of other critical
The
materials.
war
English Gold
And Silver Markets
We reprint
-4
the following from
the
monthly circular of Samuel
Montagu & Co. of London, writ¬
ten under date of
-
'
oper¬
it is said the
residential
Last
made about
•
'
will
200,000
mainline
;in
a
about
System,
network
ator in the country,
of
furnished
Bell
telephone
largest
,
:;
the
by
damages.)
i;>rV "I v don't
can,
estimates
on.
restrictions
injured
bring treble damage
requirement,
suits."
Towns, liaison
iiS
Senator
La
Follette, in his
officer for the Second Corps Area
there abound.
^questioning and criticism of the
civilian
A highly erroneous calculation with
defense, was' re¬
Nothing is more disruptive
magnesium consent decree, pro¬
by a subordinate in Mr. Hender¬ ported in the New York "Sun" of
of
national
morale.
Nothing son's office caused last week's
tested that while patents were
April 28 as stating that "the use
could serve the purposes of our
x made
available, nothing was
frightening but false report that of ordinary shades \ Wip' comply;
enemies to better advantage.
gasoline would be cut to two and with this'. - All that is prohibited f said about the necessary knowlI
cite the conflicting gaso¬
;
edge, skill; or ''know how" to
a half to five gallons
the direct shine oL the light
a week for is
utilize these patents.
line-rationing program an¬ each
^
motorist, it was established itself. We would advise, however,
nouncements which
have ap¬
k J. The Senator also complained
on April 23 as Mr. Henderson and
that where shades would have to
peared in the press in the last Mr. Ickes
that the decree failed to protect
joined in saying that the be procured
that the;:building
few days
r
as
current example
against future use of United
consider installing
rationing wouldn't be nearly so management
No. 1.
'
States
severe as that.
shades of opaque material which
patents in an internaThe American people are not
"All these guys
can
be
utilized
for
complete V- tional cartel.
Wright W. Gary, director of the
children who have to be fright¬
blackout as well as mere dim¬ V - have to do is have a paper that
refining division of the Office of
ened by bogeymen.
They do
'Hilooks like a patent and then
Petroleum
v \
Coordinator,
it
was ming OUt."
;
not
need
to
be
browbeaten.
:
they get in .a. huddle and- form
stated on April 27, estimated that
The First Corps Area; under the
They will meet • the demands
t. an international cartel," he said.
command
of
Major-Gen. Sherman
made upon them if they know any rationing program would have
to
reduce
Mr.:. Arnold agreed, but said
gasoline consumption Miles,
consists of. Maine,
New ".':■
there is a valid basis for those
he
believed
the
important
by at least 50%.
That would al¬ Hampshire, Vermont, Massachu¬
demands.
low motorists an average of six setts, • Connecticut
and
Rhode / thing had been achieved, in that
They appreciate the terrible
the magnesium patents were reThis area began, darken¬
gallons a week. He also confirmed Island.
the
agencies
from
Washington
governmental
Based?
the^ WPB
in certain
b ring
suit
v/against another firm for treble
/itself
^ circumstances,
$"/ ^
„
laws
t'wtrust
mile
one-
'
•
nesium case could not be used
t<as; a basis:-for suits for treble
; damages. ; (Under s the
anti-
;
v
Windows and otheh outlets of
x;
Thursday, April 30, 1942
April 1, 1942:;
;
Gold
'
The amount of gold held in the
Issue Department of the Bank of
England
January,
1942
during
the
of
months
February
March
unaltered at £241,575. •
was
and
.
earnest
most
ticipate in
ties
war.
is
limit
of their
is
that
ef¬
abili¬
Federal
reached
has
|
discussion
stages, until policies
become more than hazy
have
•
would
be
•
istrators,
50%
of
Gen.. Milton A. Reckord is " com¬
of manding the States of Pennsyl¬
The gold output of the Trans-*
vaal for the months of January
/
The
Atlantic Seaboard To
Be
Lt.-Gen.
A.
Drum,
com¬
Acting
,
Army, announced in New York
Rationing May 15
on
April 26 that there would soon "be
information supplied established
on
an
Eastern
fi
in
area
%
•;
calculated. /
in
Fourth
the
Corps,
Military
by Harold L. Ickes, Petroleum Co- Area along the entire / Atlantic
ordinator, and at the direction of coast, with the Army taking con-
J.
P.
Smith,
North
includes
South Carolina,
and
Georgia and that
part of Florida east of the Apalachicola River.
*
'
-
-
theJUnited States.
Limit Cotton Textile Price
■;
-
under the direction of Major-Gen.
Military Area
Hugh
v
vania, Virginia, Maryland and the
manding general of the Eastern
'Defense Command and the First
'Gas'
April 26/;
on
normal
initiation
,
lights
ing
probably
District of Columbia.*
public announce¬
policies be made.
no
ment of such
to
May
dreams in the minds of admin-
/
cut
east
to
stations
j
than preliminary
more
filling
1, pending
card rationing.
suggested
policy
deliveries
coast
on
respectfully-
until
that
reports
par¬
war
and capacities.
It
In the Third Corps Area, Major-
Bank of England's buying
price
for
gold
remained
un¬
changed at 168s/- per fine ounce,
leased so production of the vital
at which figure the above amount
war metal could be stepped up
was
Their
to
country's
our
the
fort to
the
desire
of
seriousness
.
The
Maximum
extended
entire
to
cover
fice
the
in
field
an
April 23 by the Of¬
Price Administration.
of
and
were
virtually
textile
cotton
order issued
It
by Price
Admin¬
istrator Leon Henderson
that the
was
explained
February 1942 were respec¬
tively 1,216,164 fine ounces and
1,129,319. Comparative figures for
the
of
months
same
1941
were
1,129,975
1,211,271 / and
fine
ounces.
Silver
;
On Jan. 2, the first working day
of the industry
"greatly distorted"
of
had. become
because
cotton textiles were
months' delivery; the cash quota¬
tion remained unchanged at that
price
Warns Industry To End
Trusts Or Be Drafted
price ceilings
structure
some
subject to ceilings and others free
to
without
formal
1942, prices were unchanged at
23%d. for both cash and two
.
figure throughout the first three
months of the year, whilst that for
Thurman Arnold, Assistant At¬
The schedule, effective May 4, two months varied only between
torney General, told ' the Senate
covers;
chiefly ' manufacturers' 23Vfed. and 23 9/16d.
Patents Committee on April 24
Conditions
continued
to
be
sales
of
"cotton
products" and
that. unless industry eliminated
buying chiefly
for
provides a method for determin¬ quiet, with
restraints and monopolistic prac¬
trade requirements, demand being
ing ceiling prices for many special
tices in war production it would
constructions of textile merchan¬ met partly by sales from the offi¬
be "drafted. ■:
dise' prepared
by
large
cotton cial quarter and partly-by silver
Mr. Arnold, Chief of the Justice
mills for consumers.
Wnolesalers, from production sources. There
Department's Anti-Trust' Division,
jobbers and retailers who perform was also some carrying forward of
and Edward H. Levi, Chief of the
their normal service are exempt bull commitments.;
Consent
Decree
Section, agreed
from
the
News was received from Bom¬
provisions.
It
was
there were flaws in the decree
pointed out that the regulation, bay on Feb. 20 that the Reserve
dealing with magnesium produc¬ in
effect, establishes maximum Bank of India had suspended
tion, but both insisted the decree
prices for "cotton products" at sales of silver and so far they
would
permit speedy war-time
considerably lower levels than have not been resumed. No offi¬
production of the light metal, the
present market and brings cial statement has been made as
which they said ■ was better than
them substantially into line with to the reason, but it was at first
aluminum for many military uses.
cotton
yarn
and textile
prices suggested in some quarters that
Reporting on their testimony,
already under ceilings.
A base heavy
demand
for
silver
had
Associated Press Washington ad¬
pricing
period • from
July
21 caused congestion in the melting
vices of April 24 said:
through Aug. 15, 1941, is estab¬ of rupee coin into bars for the
Both
officials
testified
that
-
.rise
any
re¬
striction.
.
the War Production
Board, Price trol over all lighting for the proHenderson tection of shipping and assuming
on
April 23 announced that a regulation of enemy aliens, | In
temporary
plan
for
rationing his statement General Drum exgasoline in 17 Eastern States and plained that "the object of prethe District of Columbia would scribing a military area is to facilAdministrator
be instituted
Leon
.
May 15.
:
i
jitate control so as to prevent sub-
This plan, designed to meet the versive activities and aid being
immediate emergency in the East-' given the enemy, such as by lightern States affected
by the recent ing along our coasts." He empha-
,
gasoline
limitation
the
sized that no "mass evacuation" is
Coordinator,
planned, and that "regulation or
order
Office of Petroleum
of
which will control of conduct is the keynote
probably operate only until July of the plan."
His statement added:
1, when it is planned to institute
The fundamental policy em¬
a more elaborate and comprehen¬
bodied in the plan is not to in¬
sive coupon rationing system. The
terfere
in any manner whatever
amount of gasoline that
a
user
is
interim
an
may
plan,
receive under the plan will
be announced before May
The
•
interim plan
Connecticut, Delaware, Flor¬
ida, Georgia, Maine,
Maryland,
gasoline
under
the
are:
Massachusetts,
New
Hampshire,
New
Jersey, New York, North
Carolina,
Pennsylvania,
Rhode
Island, South Carolina,
Vermont,
West Virginia, and the
Virginia,
District of Columbia.
The
temporary
plan, designed
be put into effect quickly, the
to
Administrator
adopted
pointed
assure
the
to
distribution
fair
supplies
of
of
out,
gasoline
was
public
the
of
curtailed
under
the
limitation
order, which re¬
duces deliveries to gasoline re¬
tailers by 33V3%.
"The petroleum shortage in the
East arises, not from a scarcity of
crude or from refinery facilities,
new
but from
x
with the lives of the great mass
of
;
rationed
be
to
states
15.
lack of transportation
loyal Americans in the States
included in the military area, or
with the economic life of the
•
lished.
but it does express the de¬
termination
of
the
military
area,
authorities
to
prevent
trial
be affected
Since
the
start
of
the
war
tankers have been sunk
submarine
continue.
action,
At
the
by
and
many
enemy
sinkings
brought comment from
Chairman Bone, Democrat, of
/Washington,
•
.
by this administra¬
the
District
of
Columbia, with
commanding generals for the four
in the territory assum¬
time
same
the
Army and Navy, preparing for of¬
fensive
possible
tanker
action
at
moment,
that
can
be
the
earliest
need
every
pressed
into
military service.
"There is also
demand
on
for
the home
ever
petroleum
front, and
blackout
ordered.
issued
for
lo¬
of
the
floor
shall
be
can't
negotiate
very
defendants
know
that
suits
Mr. Levi said that in the mag¬
•
.
•
case
lem of finding
tinguished after sundown,
in
lieu thereof the windows of such
eral told Senator Bone that the
gal-
rooms
shall be shaded in
a man¬
for fin¬
their
mixtures
substan¬
at
tially lower levels than the tem¬
ceilings
porary
March.
In
a
imposed
'
last
companion order the OPA
charges which
converters may obtain for their
costs of transforming "gray" goods
finished
into
textiles,
through
bleaching, dye¬
printing or mer¬
consent
.
decree
in
the
it
The
War
Production
Board
in
cause
to
April 23 established rigid control
over
all
new
ties may
magi
take
care
of their needs
there
,
y
East
was
amount
in silver and dur¬
have deemed it expedi¬
sales. Although
in
prices rose
very sharply in Bombay and on
March 12 the quotation for April
the
repercussions
no
were
London
Market,
reached
settlement
Rs.
90.8.0
per
tolas; allowing for import
duty, but not for shipping ex*
100
this is equivalent to about
has
standard.
ounce
since
reacted
quoted at Rs. 82
The
and
was
100 tolas
per
on
the last day of March.
Quotations
(Bar
Cash
Silver
in
per
1942
Jan.
2
to
9
23'/ad.
Jan.
12
to
30
23,!'(1d.
February
Cash
std.)
months'
January
.
■
1942
Delivery: 23Vad. throughout
Two
months'
Feb.
2
to
Feb.
13
to
18
23'/ad.
Feb.
19
to
23
23,9rtd.
Feb.
24
to
27
231/ad.:'
12
23,"ftd.
March
.Cash Delivery:
Two
'.v
London
ounce
Delivery; 23V2d. throughout
Two
without
disrupting essential service.
Far
certain
a
withhold
to
phones and
preferred categories unless exist¬
ing exchange lines capacity could
the
of
ing this phase the Indian authori¬
installations of tele¬
extensions in an ef¬
save
large quantities of
the
of speculation
rate
on
view
would seem that there
considerations;
the
bound
penses,
? WPB Limits New Phones
in
other
situation
ent
'
maximum
fixed
the
growing
or
charge
may
original-pro¬ fort to
posals were fair, from the pub¬ critical materials needed for the
The WPB order said that
lic viewpoint, but got "steadily war.
worse
during four months * of only persons or organizations en¬
gaged in direct war work or in
negotiation."- - x
: z
Mr. Arnold noted that every occupations
essential
to
public
war in history
had resulted in welfare may be sure of obtaining
vast opportunity for profits, and new telephone service hereafter,
that even drafting of industry and that new connections might
would produce the added prob¬ be denied to groups outside the
nesium
products
ex¬
were
37Vfedv per
against them are not
-going to be tried."
other
require that—
■'
: ■'
All lights in buildings above
15th
magnesium consent de¬
would result in better set¬
ance,
and
ished goods made of cotton, rayon
However
time that sales have been in abey¬
placed
on the
converters
ing, napping,
cerizing.
the
the
Similar
V ;■ ■'
One of the lighting restrictions
ceilings
which
in
management.'
The Assistant Attorney Gen¬
every
were
be
price
permanent
amounts
wholesalers
such processes as
"when
not ob¬
■zones.
the
an
complete
Senator
successfully," Mr. Levi replied,
son,
were
court delays.
market.
April; 27
tlements in the future.
Major-General Irving J. Phillip-
rules
or
"You
light dimming rules
■1
.
OPA /on
Bone asked if criticism of terms
cree
ing control.
served
of
the
Patents
Committee, that boys and men
who were being drafted, to give
their lives, if necessary, had no
chance to jockey around about
terms
The
and
terms.
This
The
plan covers
16
Eastern
States, from Maine to Florida, and
calities will
decree
consent
commanding general of the
means,"
Mr.
Henderson
said. Second
Corps Area,, embracing
"Normally more than 90% of the New York, New Jersey and Dela¬
1,500,000
barrels
of
petroleum ware, on April 27 issued strict
products we consume daily in the regulations
concerning
shore
East
is
brought in by tanker. lighting. He warned that if the
a
indictments
impede or-halt
war-production ] efforts
and
were asking delays or favorable
tion."
corps areas
anti-trust
of
and suits would
enemy
actual
contending :i that
were
any
sympathizer,
whether
alien
enemy,
alien of other
nationality or disloyal Amer¬
ican, if any exist, from com¬
mitting any act detrimental to
the
national
security.
Those
persons whose conduct reflects
their patriotic motives will not
•
attorneys for large corporations
1942
23Vad. throughout
:
months'
Mar.
2
to
12
23"/ad.
Mar.
13
to
16
23,«,d.
Mar. .17 to 31
23'/ad.
/
I
Volume 155
V
•
is
.
Says U. S. iust Protect
Essential Freedoms ^
:
"Wartime is
<
v
eration
,
profits
or
of
hours,
wages,
politics
festations
of '
that
threatens
to
destroy
the
•things in lite worth fighting and
•; worm dying for,"' saio A. L. M.
Wiggins, Second Vice President of
commercial
the
deposit
of
character
the
and
•
M;ment
banks
•
determine--the
may
govern-
securities*/ purchased/ by
to offset the deposit rise
try.
•"
J-
b/aside
!
.
effort will be set
in
be
I
».•
.
hlass -3-B;
as
would
.
class
Such
2-A
hadmb- dependents.
men
if
they
The desig¬
nation 3-A will be reserved tor
partment or agency to which he
is now assigned:
"" "*;v
•'T'
#V*/ /////
j .;Coh
Arthur
-
V.
McDermott,
director for the New York area,
eral
Advantage In Accounts
Receivable Financing
? said
i
the > memorandum
/•« reached his office but he
.
.
orities
voluntary
that
13,-
system
on
a
estimated
basis.
'He
.
Newspapers
Farming out much of the Gov¬
ernment's
printing
business
to
small private plants and the plac;
ing of Government advertising in
newspapers
were
advocated
by ?
Senator
Willis,
Republican
of ?
April 24.
Senator;
former editor, told an.
informal round-table of Senators,
Representatives and members of/
the National Small Business Con- *'
Indiana,
Willis, a
on
"
year
:
.
I
much
printing/
Government
could
farmed
be
while-
out,
Representative Maas, Republi¬
can
of Minnesota, agreed that
Federal
press
departments
,
.
.
;
workers
will
be
in war plants.
ference, in Washington, according •
Mr. .; McNutt
also
said that he
to the Associated Press, that small!favored a program of "group" de¬
plants and newspapers/
ferments from selective service, printing
were
suffering severely because/
but .admitted that this probably
war priorities had cut advertising /
Would first, require; legislation.
Revenues, in some cases by two- !
He also criticized the policy of
thirds.
The advices from which
manyy- war production plants of
>ve quote further stated:
■••/;
bbtaining workers by "pirating"
Representative Patman, Dem- /
(them from other employers in re¬
ocrat of Texas, also said that •
lated industries by offering higher
new
this
v
and that government set ah sistant
Vice-Presidents of*: '"the
Dec. 8,M941, or acquired when
—example of-economy- in non-war Pennsylvania Company^ for: in-, ft* induction; was imminent or for
surances
on
Lives
and
/Granting
outlays of money and in the. re¬
^the/primary purpose of providduction * of T; non-war
personnel Annuities, Philadelphia, stated on
ing a basis for dependency dewhich is not essential for the re- April 16 before the recent .credit y
ferment,: pregnancy,. birth,, or wages. ; j"://vs-'-'- ,•..; /
v
Chairman McNutt said on. April
t acquiring a
quirement of s civilian-life."
clinic.;, ofthe American v Bankers
child, shall not be
• He further ?sa id there ;is no ;less Association, held in Chicago. Such
? cause
for classification in class ^1
that the United States Em¬
;&* demand upon banks, bankers, ano business is growing and ^gaining Or 3-A or 3-B."\
'
*
■
ployment Service will recruit high
the credit structure of this na¬ in prestige, Mr. Culshaw said, and
school/and college students for
Storm-of Protests : ;
J
tion." He added: - i'or* the ^borrower,
*■*->
farm work during the summer.
there are at
'.The ruling settles a problem He
explained that they will be
It is recognized that adequate least/ four.; advantages.; These,she
/which arose out of a recent sent to farm
jobs only when re¬
: --•.-..1
financing oi production is in- said,, werer.///•//;;/
amendment
to 2 the
selective
1, % His ^financial a statement.
quired to replace regular farm
dispensahle to a successful war
service
regulations
providing laborers and .under arrangements
may. not /entitle. him' 'ta~ .unse¬
.
-Ids In
•
on
needed
Associa-
is Favors Govt.
j i-Mr. McNutt, who is also Fed¬
000,000
American 'Bankers'
..
■ N.
J.y>by Lt.-Col. Edgar, N. Commission stated that he would
/•Bloomer; acting director of se- hot be in favor of a labor draft
i;\ ? lective service in New Jersey. and hopes to keep the labor pri¬
r
-
.
.
-Security - Administrator, said
April 20 that he proposed to
(-•men
with dependents in non¬ create a system of labor priori¬
-essential occupations,
v >iW\s ties for/supplying labor to the
jThe
new
rules' were
an- most; important
war
industries.
; • nounced last night in Trenton, The Chairman of the Manpower
:;>
.
<
<
of !
future
chartered banking in this couft-
//:
i"
or-;the,. war
k.
ShalLbe-
<
....
.
had
the
i
i"
was
tion : in 4an address > in Chicago - on
iMridtrteady: to cofnment^on it/ i 'f
April 15 before a Credit Clinic of
////The 2 instructions :i regarding
the Association. Mr/ Wiggins de¬
There j are distinct
advantages
v pregnancy or birth after Dec. 8
clared that "the people demand for both the borrower and the r read/as follows:
* 2
.
that there be an end to profiteer- lender in accounts receivable fi¬ i
lV 'Tn cases where dependency
ing either by capital or by.labor," nancings Harry C. Culshaw, -As¬ k* status, was acquired on or after
„
,
•
structure of the banking system
the peril
meet
l
primary. concern ..to' bank.n,
a
1/ large
personal
all-out effort to
.
raised. The extent to which the
| /borrowings of government - en--;
greed - or
advantage to stand in the way of
an
»
,
j
prices,
otner mani¬
or
|
j.% ers as- to how this sum
time for consid¬
no
1711
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4068-
-
should
abolished
be
because
-
'
consti¬
releases
most
of
tuted
political propaganda and
'
their
in
thrown
were
the
waste
-
basket,
■
v
-'
.
-
I effort.
Credit
considerations
oi
cured
ordinary peace times must be
reorganized to supply, the credit
j
.
responsibility
•
•
banker who
•
hand
rests
.
upon,
the
must son
provide
help
the
/.J'
administers."
•
.
,
for the financ¬
ing costs, aside from putting him
in a preferred position with the
s
asserting that America must
without, Mr. Wiggins stated:
There
is
3:
That price
'
period
of the rights and privi¬
which are enjoyed by
and
war.
So
war
as
their
•
!
of
sities
.
institutions
of democratic
mies
who would
use
war
far...
the stern necesto destroy our
they ship- to
that discount and
doms
concerned
are
sible
.
for
avenue
whose
part of all that such criticism
should implement and help in
war
ahy way.
.
to the Government's
financing plans Mr. Wiggins
that "aside from all of the
/• Referring
war
stated
commercial and agri¬
cultural financing to be done by
:/ banks, - they
must assume the
major task of financing govern¬
industrial,
ment."-
'
■
part
/ In
said:
'
'
Wiggins
Mr.
financial
v
.
use
trants
de¬
existed,"
other
their judgment in classi¬
class 3-A will be used
men
dum
as a
shortage of class
develop, the memoran¬
indicated.
MaifFowAr Board Plans
:
;
Labor Priorities
23,
1631.
page
In .addition to those previously
named
members
as
of
the
War
Manpower Commission, President
Roosevelt on April 26 designated
the
other
will
serve
/eight
; Urn
!
May Set !
was
(represent
the
Labor
pose
of
New
York
"Herald
Tribune"
of
Board.
War
President
Roosevelt
told
A.
; ■
<
contrary view.
a
in the matter he. indi¬
survey
in
year
v
>
an
to two-thirds of
the total deposits of all of the
banks. It is a figure that is almost
•
-
a
,
-
human .compre¬
the money will be
beyond
hension. Yet
v..
.
raised because it must be raised.
•
•
?
credit
of
In reply to a
directed
,
a
new
been
civilian
to
in operation
there might be
production program.
WPB Orders increase
I
a
I"+
Spiefie Rubber
;,-v f]
S program previously au¬
thorized by the WPB, and is in
Buna
addition
.for
the planned capacity
synthetic rubber and
to
Butyl
jneoprene,
totaling
accprding
to
the
100,000 tons,
announcement,
which also stated:
The
The WPB said that
•,
.
000-ton
i-.be
Buna
given
allocation
the
all
the; 700,is to
S program
the
priority
and
assistance needed
to
to the war
Service Commission.
Each
will " represent
production program Manpower* Commission
-
onthe
the
de¬
United
the
Nations.
indicated
that the seized patents are not to
to
foreign
after
the
war
since
lafter
the
first
World
owners
experience
War
,
,
assure
calendar year of 1943.
All the
^
■
had
shown that the patents had been
allowed to revert to enemy hands.
}
Supplementing this action, the
on
April
22
in
an
executive
transferred
order
all
the Department of Justice author¬
Property
connec¬
the
to
Custodian.
The
personnel and records of the Alien
Property Division of the Depart¬
ment are affected by the transfer
order.
All litigation in which the
Alien Property Custodian or Of¬
fice of Alien Property Custodian
lis interested will be conducted
under
the
supervision of the At¬
torney General.
Braden Decries Isolation
The
hope that the United States
never again return
to iso¬
lationism was expressed by Spruwould
ille Braden, U. S. Ambassador to
Cuba, on April 24 at a luncheon
given in his honor by the officers
directors
the
of
Commerce
Industry Association of New
York, Inc., at the Union League
Club, New York City,
j
"The isolationist spirit which
we
have had amongst so many
sectors of our citizenry has done
incalculable
is,
measure,
ent
dor
in
damage
in
the
past
considerable
at the root of our pres¬
a
very
troubles," declared Ambassa¬
Braden.
essential
not
"Its
only
elimination
for
the
is
well-
production of not less being and security of the United
i.
dependents who are
in activities essential
of
President likewise
be/returned
and
|/ than 350,000 tons during the
with
needs of the United States
Alien
Sec¬ i
Stimson
since
in class 3 "to pre¬ retary/= ofWar
Chairman Donald M.
for the possibility that the ;January;
Nelson of the WPB; Major-Gen.
need for man-power may reLewis B. Hershey, Selective Serv¬
quire the induction- of > manyice ./Director,: and
Arthur
S.
registrants with dependents." * •
Under1
this - rearrangement F.lemming, a member of the Civil
war
other
ity and responsibility in
tion with alien property
Production
consultant
/
Leo
jder construction may not meet de¬
pare
engaged
;
:
boards, also set up
:
i / President
21
mands because by the -time -they
subdivision
men
the
principal
reservoir in America, it
As- custodians
•
^
represents
local
amount equal
;
.
one
borrowing
usual in Government."
as
President
question as to the
country's steel capacity, the Pres¬
I
•
•
j
the
,
of
war is in serious
danger by attempting business
or
.
sum
j victory in this
.
cated is in progress.
'
vast
agents
million
a
all
/Saying that only shipbuilding is
lagging because of a shortage of
isteel, the President on April 24
(expressed the opinion that civilian
consumption of steel is too great
but added that the War Produc¬
of loans
This
half
patents controlled directly or
conference on April 24 that
the war production program
is indirectly by the enemy, in order
to make them available for the
working out extremely well and
Intimated that the goals set in United Nations war purposes,
January might be raised.
In his j In announcing this at his press
conference the President said that
message to Congress on Jan. 6,
the first thing we must do is win
the President called for production
the war and he indicated that it is
of 185,000 planes, 120,000 lanks,
the
purpose
to 'take
over
all
155,000 anti-aircraft guns and 18,000,000 tons of shipping in 1942 enemy patents which will serve
?
■
«
Gov-
Roosevelt on April
Crowley, Alien
his Property Custodian, to take over
War Outpst Deals
V.
-
-
of
ex¬
dollars,"
Mr. Maas said, adding:
"Total
ceeds
and
induction
for the primary pur¬
Division. of the
eluding the draft. : The
or
•
j Of Enemy-Owned Patents
press
members,
Paul
"
alone
publicity
ernment
and
when
with
,
•
j
salaries
?•
President Oiders Seizure
Presides!
new
40 billions of dol- April 25 gives as authority for f" The
other,, newly-appointed
must be financed this a memorandum from National members of the Manpower Corn•
«
by
government
in the year Selective Service headquarters, emission /are:; James V. Forrestal,
ahead.
This is in addition to made
public on April 24. - The Undersecretary of the Navy; Secthe enlarged tax program which "Herald
Agriculture
Claude
Tribune"; further 're¬ ? retary • - of
alone
will
absorb more than
ported:
'
*
* Wickard;. Secretary of Labor
(Frances Perkins; Goldthwaite H.
vc- : one-fourth
of the national in-;
The new orders, sent to State
:;/ come.- :
:
••;/'■
/-v/ :■
headquarters for distribution to IDorr, New York lawyer, who has
lars
re¬
ferred to in these columns April
are
the Treasury,
>.
was
ident said that the plants now un-
and
statement
the President
and reclassifying registion Board held
with dependents.
The
a
the
Production Ian increase of 100,000 tons in, the
status
imminent;
According to the Secretary ,of
or
at
who
The War Production Board has
McNutt,
Chairman, "to assure the most authorized the Reconstruction Fi¬
effective mobilization and effec¬ nance
Corporation
to
provide
In the determination of the de¬
tive utilization of the Nation's facilities for an annual productive
pendency status of a draft regis¬
man-power in the prosecution of capacity of 700,000 tons of Buna S
trant it is stated that the birth
the war."
synthetic rubber to be in opera¬
of a child on or after Dec. 8, 1941,
One of the additional appointees tion not later than the end of
or the pregnancy of a wife since j
to
the
Commission is Wendell 1943, it was announced April 25
then, will not serve as an excuse
former
official
of .the by WPB Chief Donald M. Nelson
for deferring a* registrant from |Lund,
!Michigan
Unemployment. .Com- jand Coordinator for Rubber Ar¬
miliary service, if he acquired
jpensation Commission, who .will thur B. Newhall. This represents
that
further
to
1-A
lending, to firms
Dependency Stalls
Of Draft Registrants
prosecution of the
rather than to hinder it an
the successful
3-A
cases
actual financial
previously
pool should
in
speech and of the press to credit standing preclude classifi¬
incompetent
leader¬ cation? as desirable risks for di¬
ship or inadequate effort. But rect credit.
it is a solemn obligation on the
'
in
job for the primary purpose of
affording a basis for depend¬
ency deferment.-. ::
/Local boards; were cautioned
new
criticize
-
"no
wife
fying
:
of
■
*
rules also bar
3-B. classification
and
of the Manpower Com¬
dependent
adequately pro¬ and 1943.
viding for herself gave up the
I
Culshaw said, is that it is- a; pos¬
of free men; the freedom
the result.
new
of accounts receivable, Mr,
ment
the essential free¬
must protect
banks
was
but ,a
volume
making loans against the assign¬
democra tic institutions. We
;
as
they
,who. had been
I- those concerns
pay their bills promptly. Hence,
democratic people in peace time.
a company may be enabled to
But we should be sure that this i
stay in business because it can
giving up is merely a loan for
pay its trade bills promptly and
the war period and is in no
thus be assured of raw mate¬
sense
a
permanent surrender.
rials.
We must guard against the enePerhaps the main advantage so
leges
become
night
or
:
result
a
had
welfare
i
;
Creation
mission by
cre¬
to avoid military serv¬
The ruling announced last
pendency
concerns- are
finance
to
men
and
"The
Same time to meet farmers' needs.
from
ice,
where
fu-
very near
many
after
primarily because
i The
swamped with orders today that
they find it increasingly diffi¬
cult
must give up
many
ture.
protest
as
wanted
increasingly more
important in the
•
We
of
for the
become
young
fathers
-
the loss of dem-
prosecution
the
extremely important today and
in America. Tne concern
tration of power in a unified
national efiort is necessary foi
; the
him. to in¬
his sales volumes, which
J: main in business. This latter is
will
look
This action
of
health
were
reclassified
could
storm
a
they
carefully: planned to; ■ protect their
local boards which believed that
It may enable him to re-
4.
they
so
ated
appeal to
on
Roosevelt
classes
some
3-A'
gin and his net profits.
;
one
is
will enable,
fathers, and
.their, children.
should increase his profit mar-r
ocracy
'
It
crease
;
price that we
do not need to pay to win this
war. It is a price against whicn
we must guard our national life.
*
irr
than pays
more
be
1-A under this rule be¬
as
President
mathematical computation often
of
protect democracy from within
while defending it against attacK
v
fied
came
trade.
In
•
soundness
institution whose funds he
the
.
the
and
structure
should
deferment
no
'granted/ to
couples
married
/after Dec. 8 unless their mar¬
riage was caused by "circum¬
stances beyond
their control."
Subsequently many men classi¬
vantage of his trade discounts,
and this as a matter of simple
whatever
may be required, and at
the same time protect the credit
:
that"
hot
least
It enables him to take ad¬
2.
one
//• credit
;
at
or
enough credits and he is able
through the medium of dis¬
counting his receivables to ob¬
tain adequate working capital.
-
requirements of a war economy.
In that reorganization, a .heavy
:
credit
/
States, but
manity."
for
that
of
all
hu¬
John
Lowry, President of the
Association, presided. He intro¬
duced James S. Carson, Chairman
will be available for of the Association's Foreign Trade
synthetic rubber to be
produced for many months must
be reserved for military uses,
and
none
/ civilian
tires.
uses,
such as automobile
..
...
..
.
Committee, who in turn presented
Ambassador Braden.
THE COMMERCIAL & FINANCIAL CHRONICLE,
1712
Half Cotton Output Must
By Government Urged
Paid Advertising
,
Proper efforts on the part of newspapers to convince the Govern¬
ment of the value of paid advertising in selling war bonds was urged
April
on
22
the Jersey
being sup¬
Tripp, General Manager of the. Gannett News¬
Walter M. Dear, General Manager of
His proposal, at the same time
by
"Journal" of Jersey City,
ported by Frank E.
papers and Chairman of the American Newspaper Publishers Association'sJ3ureau of Advertising.^
——
integrity of the newspapers.
The latter, 'according to the New
asserted
"Times"
York
that
The
the
:
American
Government "can and should have
sound
a
advertising
the hands of advertising men
to
psychology."
mass
sway
views
of both Mr.
Tripp
were
Associa¬
Publishers
Newspaper
;
Mr.
York.
the
addressed
Dear
vertising).'
"The. phrase
his capacity as
the Association, and
President of
he
part
have
words,
I hope
that no editor would object to
that addition.
One who would,
needs learn much of honest ad¬
for war
principal like
that which calls for payment of
vertising's place in the preser¬
vation of a free and indepen¬
dent press."
material," Mr. Dear denied
According to Mr. Tripp, it is
advertising
ing
"under
bonds
war
space
a
that "real effort to induce pay¬
equally harmful to
ment for Government advertis¬
for
would indicate a deficient
patriotism and a failure to subordinate personal interest to the
ing
•
!
where
skill
its
:
•
and
and
Saying that American adver¬
paid
are
and
for.
that
the
put
in
other fields."
all
Accusing certain Govern¬
mental departments and members of Congress of trying to
'
discourage normal business ad¬
vertising
in
order
to
injure
newspapers, he urged the pub¬
lishers to unite against propo¬
sals
to
make
advertising ex¬
of business corporations
penses
non-deductible from.income returns.
■
•
*
"The
est
*
change-over of the larg¬
of advertising space
users
commercial
normal
from
■
*
<
duction
of
that
to
advertising dollars.
higher
of
cost
final and
of
the
take
Tripp's remarks
following
from
He
the
its
of
Newspaper
meeting
Editors,
last
week, had
subject of
Government advertising."
"fumbled
"After
went
with
on,
discussion,"- he
"they failed to pass a
.;:-/v resolution.
answer
"I
This is advertising's
to them:
will
wording, adding
resolution
the
their
auote
"
phrase to
which they re¬
one
is
Association:
The Bureau
Advertising
unalterably
opposed to
Government policy which
be
-
construed,
semblance to.
of
the
a
or
has
any
may
re-
wartime subsidy
American
press,
such
since
a policy might gravelv en¬
danger the neWs and editorial
of
devoted
is
Today's
order
to
the
said
should
considera¬
assets
the
transfers
.to
file
of
percentage
officials
to
about
88%,
predicted.,
;
WPB said its conversion pro-
to
wants
supplies will boost the
•
j
blocked
| applications
these
.
war
gram
<
plated increasing production of
essential cotton fabrics from the
,
for
,
,
of
course,
reasonable about
be
>
this matter. We do not propose
j yta allow
.to
:
regulations, .in-
our
said
that
so
all
1
of.
,
essential
I
.1.
|
Final
April 23.
approval
000,000
the
Under
War
and
on
plan agreed
on
Navy Departments
the Maritime Commission
rected to
are
the
and
dir
provide in all contracts
over
$100,000
subcontracts
and
renegotiated and
the terms revised if the profits to
be
realized
The
were
heads
deemed
of
the
excess¬
After meeting with the
War
;
|
blocked
in
-
-
dealers whose stocks of
the
and
trustees
States
,
ference, giving
cipal speakers,
columns
of
the
6,
April
28.
Both
measures
Would also be applicable to deal¬
in other products affected by
On State Trade Barriers
buys
advertising on any other basis I
want no part in the deal and
no
part of the business," he
declared.
ever
*
•v
'
Government
under
its
000,000,000
was
gift to Great
recently turned over
in
account
the
$1,Britain
the
to
Bank
of
Canada and amounted to approxi¬
mately
$20,000,000,
Canadian
Press
according
accounts.
to
These
Canadian dollars thereby became
available to
pay
for British
pur¬
r-bases of munitions and food sup¬
plies
out.
in
Canada,
it
was
?
through
of
Commerce
Jesse
Jones, has called a Federal-State
conference to be held in Washing¬
Secretary
.
May 5, 6, and 7, to consider
the elimination of . certain State
The first payment of the Cana¬
dian
Roosevelt
President
ton
Britain Gets Money Gift
pointed
9,
1436.
page
Mills, Jr., who
Dry Dock Sav¬
ings Institution, New York, is to
May
ers.
made in these
was
April
is also head of the
open
;
line
and
v
conference
when
he
at
10
will
trade
ate;
Under the Sen¬
bill, the Reconstruction Fi¬
Corporation would be au¬
nance
thorized to make loans
chases
of
hands
new
of
cars
dealers
on
or
the
in
now
and
pur¬
subject to
rationing rules.
It is understood
that
provisions
the
Senate
were
accepted by the House.
The
RFC
Senate
to
mobiles
after
they
the
auto¬
new
held
are
dealers
loans »on
of 1%
authorizes
15
by dealers, during which
the
time
bill
purchase the
months
the status of mutual savings under
the new economy.
a
their
month,
at
N. Y. Wage Law Upheld
The
i
the
already
ance
to
the
that
Jones
financial
offered
dealers.
the
RFC
County, challenged the validity
;
of the law after conviction on a
minimum wage violation charge.
She
ployee, $12
day week.
had
at
cost
The
RFC
storage.
.
plus
for
a
48-hour
sets
a
$18.75
In
making
law
mini¬
larly brought her weekly
that figure or above.
1%
,
exclusion
of
signature
meeting.
The
;|
President
suggesting
!-. - I •'
the
a^ked the State
specific atten¬
tion to the fullest possible utiliza¬
tion of labor, transportation facil¬
ities, construction capacity, and
agricultural products."
officials
to
"give
passed
j
bills
is
wage
She
tips from
wages
unconstitutional1 exercise
of power by the State Indus¬
trial Commissioner. •
.an
•
bills permit
to
150,000 women who would re¬
men for active duty.
Enlist¬
ments in the
of
Army would be open
between the ages
and 45 while in the Navy
21
women
volunteers over 20 will be
accepted.. I'll-.
The House
on
March
17
■
.
I
passed the Army bill
by .a vote of 249 to
approved 'the Navy bill on
April 16 on a voice vote.
1 The Senate on April 27 refused
to make the WAAC an integral
of
Regular
the
instructed
its
Committee
to
the
court's
unanimous.
'
decision
| There
was
was.
■
no'
opinion.
measure.
"
,
and
Army
Military
hold
Affairs
hearings
.
Assumes New Zealand Post
Brig. Gen. Patrick J. Hurley on
April 1 formally assumed office
as
United
Zealand.
retary
;
86 and
part
The
the enrollment of up
lieve
women
April 25, the White House said
Mr. Jones had sent
a telegram
to all Governors under the Presi¬
.has
House
six-
mum, but Mrs. Beck contended
that Miss Barnum's
tips regu-
creating
a
Women's Auxiliary
Army Corps and a Women's Aux¬
iliary Reserve in the Navy. Both
the war effort."
this announcement
on
dent's
The
em¬
,
plan, Mr. Jones said, provided for
Government
purchase
through
manufacturers
charged with paying
was
Jeanette Barnum, a woman
assist¬
The
the
the Court of Appeals at Al¬
bany, on April 23, in a test case
brought by a beauty shop pro¬
prietor.; The Associated Press, re¬
porting this from Albany, said:
Mrs. Diana Beck, owner of a
.shop
in )' Brewster,
Putnam
groups' action followed
testimony by Secretary of Com¬
merce
of
by
rate
Both the Senate
constitutionality
New York minimum
wage law for
women
and minors was
upheld
obtain
could
stocks
:
and House
only to
"which hamper
a.m.,
review
events of the last year and discuss
rationing orders.
.barriers
other
con¬
list of the prin¬
a
President Andrew
cars
on
17
institu¬
computation of minimum
.
Government
the
mutual
Previous reference to the
Favor Women In Military
Federal-State Conference
Mu¬
tions operate:
Their deposits of
$10,500,000,000, distributed among
15,500,000 accounts, are only mod¬
erately below peak figures, it is
stated, despite war conditions.
claimed
.
of
representing
which
in
in
.
Association
Savings Banks meet to dis¬
cuss
savings under war condi¬
tions. Representatives of the Gov¬
ernment, the economic field, in¬
dustry and banking, will address
the gathering, made up of officials
April 27, and by the House
was
on
National
by
Government
approved by the Sen¬
decree
''De¬
tual
"frozen"
were
economic V conference
Victory by Saving," will
open
in
The
Waldorf-Astoria,
New York, May 6 and continue
through May 8, when members of
.«•
new
Conference
voted to
' |—■—
~
.I—■
||||
Savs.
>
excessive
.
the
m
An
.
in- the
assets
w.
Mutual
to
profits.
and
represented,;
and
Harry Hopkins,,
recently returned from
a
ppecial mission in Britain.
monthly for the time the cars are
agencies
China
were
who
ive.
cor¬
at; which
Canada, Australia,;
activities,
would determine what constitutes
private
any
Council,
Netherlands
"instrumental-
an
States..
——
ate
came
Dr.;
Mr. Roosevelt conferred with Dr.
Aid For Auto Dealers
on
spoke briefly with
Great Britain,
New
Zealand,
Congressional
action: oh
the
|
;
$19,000,000,000 supplemental war
| Legislation providing for,. fi¬
appropriation bill, which includes nancial assistance to automobile
completed
then
country.
for
United
i
negotiation • of
war
contracts
yielding
excessive
profits,
was
of>
The Presi¬
y.
Pacific
the purposes of freezing control.
Treasury officials pointed, out
that there are more than $7,000,-
taken
amendment permitting the re¬
with representatives
early in the day talked with i
and
T.
without undue interference with
be
Renegotiate War Contracts
an
the
Maxim; Litvinoff, Russian Am-,
bassador, on the supply problem, ;
defeating, their interests or producing unconscionable advantages or unreason¬
able. hardships.
These matters
can
be dealt with by licenses
j
V/.
To Bar Excess Profits
become
:
ity
|
9,045,000,000
square
yards in V
1939 to 14,000,000,000 this year r
and 15,000,000,000. in ,1943. .;-~
The plans were drafted, offi¬ ;
cials
dent
trans¬
jy tended for the protection of our
for the industry contem- i country and the United Nations,
:
conferred
for
April 21 and also
on
other United Nations.
they do from
"If
>
unlicensed
work.
•.
£
trans¬
ruling, making it possible for per¬
sons
who .have been parties to
.
that they can be
newspapers
unlicensed
these
validate
percentage past .50%.
^
- licensed to
Orders now being prepared to fers., He stated:
assure
The ; Treasury,
military
and
essential
civilian
fourth time
with
met
Council
the freezing orders and that A. Loudon, the Netherlands Min-.
ruling serves the purpose of ister, and Lieut. Gov. Gen. van
Mook of the Netherlands Indies.
I
emphasizing this fact for the ben¬
In
another
engagement
on
efit of any of the public who may i
have overlooked this aspect of April 21 the President had lunch¬
eon with
Lord Beaverbrook, who,
freezing control. He also called
in charge
of British supply
attention to the provisions of the is
war
bring
Roosevelt
War
Pacific
der
mills
war
will
the
tion from the Government than
British
ot
appropriation
final too, no elas¬
exact
jected, and state it as the nolicy
of the Bureau of Advertising of
the American Newspaper Pub¬
lishers
spent all
original
service."
the
much
be
poration, and that the Govern¬
ment should buy advertising on
the same basis as private busi¬
ness, "to sell its story and its
Tripp said the American
Society
at
it has
when
not expect any more
we
"Times" account:
Mr.
should
tic funds to be raided."
cost' of labor and the
newsprint are further
Mr.
to
the
what "that
decides
that should be
The
items in income reduction."
As
else.-But
department
goods," he continued, "has seriously decreased the expendi¬
ture of
substantial amount "to
this, country in a fighting
a
anybody
pro¬
wartime
-
*
mills had
April
23 when the Senate adopted the
that will take the most that all
conference
report,
which
the
of us can give, to smooth the
House had voted for on April 21.
path of Government itself and
When the House first adopted
make
its
aims
and
program
the bill on March 28 it provided
understood and accepted."
for a flat 6% profit on contracts
growing out of this appropriation,
"If Government advertises, it
the House, however, yielded to the
should set up a department of
Senate
version
substituting the
honest to God advertising men
renegotiation clause.
to be paid for out of the adver¬
Senate passage of the original
tising commissions involved and
bill on April 7 was reported in
at no extra cost to the Govern¬
these columns April 9, page 1447.
ment, to which any publication
The
money
appropriation
is
may go and state its case. Don't
mainly to provide the Army with
get the notion that I think we
30,000
new
warplanes
and
to
should stop trying to sell our
equip a 3,600,000-man army. I
newspapers to Government or
ing would be as effective in the
disposition of Government war
as
Government to
mind, to get the pro¬
duction we must have to win,
to guide our people in a task
whose
of the
production
now
alone
newspapers
frame of
established business is advertis¬
bonds
about
spend
There is
experience
of those
technique
and
in
"smart" for the
Government services and
doubt
no
year
$1,750,000,000 in all
media, he suggested that these
facts might indicate it would be
'
goods
last
$610,000,000
about
spent
ruling, 'pointed
the
the
care
confidence in
that
com¬
agricultural bagging. //Ill;
A
recently completed -.WPB
survey of the cotton textile in¬
dustry showed that as of Feb.
civilian; needs: could
to
out
lVIorgenthau,
fers of blocked assets always have
been void and unenforceable un¬
total
any
a
;
unenforceable,
and
i void
Secretary
menting on
;|■ I ;|\.--I
Approximately 37%
of. the
so
would
public
of
waste
been
sheet¬ j
•
threat
tisers
enough to place
principle upon which Government advertising should be
paid for on a moral and ra¬
tional par with that upon which
.
that
say
advertising
wanton
public
newspapers."
large con¬
the
other
to
bag
j. President
Soong, Chinese Foreign.
freezing orders, and transfers de¬ Minister, who was accompanied ::
signed or having the effect of by Lieut. Gen. Hsiung Shih-hui,
head of a military mission in this
evading such orders,, always have
blocked assets in violation of the
the
28, 74%
and effort,"
space
others
war¬
giving
are
General
unenforceable.
and
are
No. 12, issued by the Sec¬
retary of the Treasury, makes
clear that unlicensed transfers of
order, cot-
step toward a Govern¬
ment-dominated
press
and
a
funds,
"These considerations should of
be
"a
be
sumption of commodity goods.
themselves
for
Government
J including extensive employment
labor
and
freely of their
the equipment
for newspaper advertising rep¬
resents very substantial industrial and business investment,
"and
of skilled
the backbone of
are
morale
time
is professional
and execution," he
States
United
the
production of ma¬
required for ; sand bags,
camouflage cloth and food and
in the
paper
land because newspapers every¬
"Advertising
declared,
every
void
I orders.
"should
that
fact
the
to
said:jv:fev/ Ruling
Effect of the action will be to
double
in
assets
terial
newspapers
Government
advertise in
national interest."
in
the
60
.
publishers to declare
some
that
advices
ging material—and
ings.
;
I
Governments in buy¬
Canadian
■
which
Press
attention
all unlicensed transfers of blocked
war
next
commonly used in clothing and
furnishings, to production
of bag osnaburg — coarse bag¬
(as dis¬
begins with the
'as distinguished from.'
was
the
home
added
quoted in the
"Times," as follows:
Recommending study of the
experience of tne British and
in
within
called
percentages of their looms, now
making various cotton fabrics
pressure
Nation
the
convert approxi¬
Under terms of the
tinguished from honorable and
orderly presentation to Govern¬
ment of the advantages of ad¬
in
meeting
of
papers
tion, meeting in executive session
at the Hotel Waldorf-Astoria, in
New
bring
to
Treasury Department in a
formal statement issued April 21
ton mills must, convert specified
upon the
Government to buy
advertising space in the news-
voiced at the* annual
of
the
American
convention
effort
an
and Mr.
Dear
ciated
tion which may be
The
to
,
•I The
Regarding the decree, Asso¬
days.
:
on
ordered the cotton tex¬
production
solicitation or ac¬
construed as
any
oppose
ability
their
demonstrated
have
Board
mately half of its facilities to
have
never
press
Production
tile industry
been, and must never be, eval¬
uated in terms of dollars.
We
in
who
program
War
The
April 21
of the
services
patriotic
Warns Against Unlicensed President Confers with
>
Blocked Assets Transfer
United Nations' Officials
>
Be Converted to War Goods
In War Bond Sate At
Thursday, April 30, 1942-
\
on
Hoover,
States Minister to New
Mr.
of
Hurley, former
War
was
under
sworn
in
in
on
Wellington,
Zealand,
after
capital
special
with
States
Pacific
mission
Army
Sec¬
President
April 1
of
New
undertaking
in
the
the
a
United
Southwest
area.
He has reverted to
inactive status in the
army.
His nomination to the New
Zea¬
land post was
reported in our
issue of Feb. 12,
page 638.
an
Volume
155
Number 4068
THE COMMERCIAL & FINANCIAL CHRONICLE
Federal Reserve March Business Indexes
-
The
Board
of
Governors
the
of
Federal
Reserve
"The freer movement of scrap
is the main factor in the increase
in production
System
on
,
during the past two
weeks."
The
■■
American
Iron
and
follows:
had
-
-
YY/y/YY-Y i-iy*
BUSINESS INDEXES
:
v, 1935-39 average = 100 for industrial production and
freight-car loadings;
t";,' ,1 v
1923-25 average = 100 for all other senes
Y;
YY-YYV-.Y Y Y;v YVv
Without
Adjusted for
—Seasonal Variation—
Industrial production—
.
>
:
Mar.
v
—Seasonal Adjustment—
Mar.
Feb.
y',.Y
Mar.
Y:-
Feb.,..
Mar.
■
t
.Y..1942
YY/vY:.1^Yi<YYYi Y: Y.:Y;';Y 1942
Total ' :- Yyyyy;//.
• + 172
;YYYI724Y:->
..
Manufactures—
Y
Total
y
—
Durable
.•
YYY 179
+228
•YY 225 Y
Minerals
;
Construction
contracts,
+ 140
142 Y
t!27
123
"
value-
Total
+ 135
Residential
+105
All
other
Nondurable
0
YY*
YY »
goods
"'■<
138
126
125
§116
+135
111
94
+ 110
89
78
v'
V
129;
+156
134.9
119.4
146.8
123,0
,
.
i'Y v
Nondurable
Freight-car
.
goods
not yet
119.9
145.1
123.7
122.7
Y 116.3
178.2
131.2
210.7
144.6
116.3
141.8
loadings YY— 1136
store sales, value
+ 122
+139
VYY 126
$
Department store stocks, value.
"Data
133.6
YY":;.-i' lYY
-
goods...
Department
107
Y.3YYY.Y-Y
115.9
.4
178
Y:Y
+118
V. '• •»' lij,' Y
v-- -'
149
219
.
+ 138
109
V':"Y
Durable
..
125
f,
123.5
Total
144 %
Y;Y
' :
174
128
74
Factory payrolls—
j
16Q
.
+225
Y
>'< Y-YYYYY
Yi 94
-J
"
•
'
;Y
.YYYYY Y'-Y, V
•
.
:
;
180 '
Y'<:Y 151 •
yY yv,;Y
'
1941
,
Y
.128
v
+ 168
+177
100
+159
Factory employment—
.Total:
Durable goods
")
Y
147
Y 151
1941
,
v£
'.'yC
+ 180
Nondurable
;
1942
1941
.
Tf
-
Y
129
YY
,+ 116
'
:+103 Y
,
126
103
$129
"
+98
v
in shell
.
,
/YYy/Y .:
without
f
\
.
;
;
seasonal
.(1935-39 average
'
-
Iron
;
,
and
.■
Without
'
Feb.' 7
1942
Open
198
-
*
hearth
Y
194 ,YY $189
216
'
180
Y
r
Bessemer
it
Y':
Machinery
Transportation equipment
-—
"
' +323
;!+185
Copper: smelting
smelting
Copper deliveries"
.Y179
136
184
189
163
224
219
!
143
"125
146
132
188
150
236
156
—_—
.:
-+167
188
Stone, clay, & glass products.--.
.Cement_4—-—Y-W-Y.'
Polished
plate glass
41
,—
——
leathers
kid
leathers
Shoes
Wheat
Meat
food
-''Yi
Fuel
foods
224
219
148
151
146
+ 129
128
+ 138
Y
Y
123
'
118
77
133
125
131
material
■:/' 174
152
+ 115
120
-
•
'
from
non-essential
plates, shapes and bars, the
tion of semi-finished steel
.
+ 127
.
«■
113
■f 138
+ 120
93
112
119
+97
117
+ 117
141
121
110
105
141
134
120
»...
supply
.
r
107
102
116
103
103
167
144
108
115
126
121
' -V- "
steel
year
Institute
were
"• Y>Y -'•V-/;:.
•
but
Y-,"
sivailabie
of
of
Steel
Y
_
_
236,791
recorded
October
129
118
November
129
104
161
+477
493
434
+477
493
+
150
tl50
152
145
+ 150
V
152
145
+
160
+160
158
125
+ 165
YV:
158
129
4-----—+ 122
1146
+H3
petroleum —.———.
+114
125
121
+ 122
130
+ 120
120
1148
+1-40
141
+ 142
115
as
r
Bituminous
166,179
164,590
173,559
162,007
161,354
206,072
<
7
184,715
coal
-.———
110
102
+ 116
121
105
Crude
128
112
tll5
127
114
t153
152
148
201
201
191
tl63
158
148
140
118
Metals
Iron
■
v
ore
~
Copper
Lead
————
—,
-w--4——4---—
not yet
^Data
+Preliminary or estimated.
available
FREIGHT-CAR
Coke
168
..
v
Livestock
§150
Y
Ore*
Miscellaneous
Merchandise,
——
116
...
■YTYY/yY1Yyy
Y/YY-
•
December
Y.:':Y;Y-YH:';;'Y,:
Totals
74
127
282.
§187
§47
50
143
§151
128
139
§135
+ 125
§100
100
92
§96
101
92
l.c.l.
miscellaneous indexes to points in total index, multiply
by .213 and miscellaneous by .548.
'
.
„
coal
tire
work
for war production than was be¬
lieved possible a few months ago, the steel industry can be expected
to establish more new records from now on,
says the
Iron Age^ in
its issue of today (April 30), which adds: "The stepping up of prior¬
ity ratings is assisting finished steel production, new pig iron and
raw steel facilities are aiding the industry, recent WPB interpreta¬
tions and rulings have been help-4>;
:
~
~s.
ful, and soon practically all "non- i week,
consumed around 4,000
essential" civilian items of steel .tons of alloy steel per year,
"Already turning out more steel
will be banned
of
oi
350
3oJ
to
to
made up.
400
4JO
completely.
articles
articles
"Increased lend-lease activity, a
set up m munitions steel require-
A list
has
nas
been
oeen
ments ■ an(j
The total saving of steel
^
will
as
be
large, for such
a
product
bobby pins alone, banned
|
increasing
ship
building program have caused an
upward
this'the
surge
month.
start of
since the
>
industry
on
facilities
available
the
and
April 22 stopped
industry will wind
tions within
176,126
ing
:
:YYy:;YY.:V;VY
its
up
war
of
the
opera¬
few weeks. Accord¬
a
to an annbuncement issued
the War Production Board's
by
2,251,089
for
remainder
182,593
Division
of
Industry
Operations,
companies producing
civilian radios ceased putting sets
Department Reports On Factory
Workers' Hours And Earnings In February
Average hourly earnings of factory workers
rose
0.3% from mid-
smaller number of workers received wage rate in¬
in February than in
any month since March, 1941," she said.
a
"Wage rate increases in 747 estab-Q
lishments reporting averaged 7.9%
and
affected
total
a
of
151,700
earners."
wage
earners
able
than
industries
in¬
reported
workingY hours
40
actual
to
Only five of the 43 dur¬
goods
actual
continued
week.
per
working
As
time
of
less
a
rule
is
about
two
hours
work
owing to ordinary losses
absences, part-time work,
from
below
breakdowns,
and
scheduled
labor
turn¬
over.
Thus, the durable goods
industries, where the' greater
burden of the
ing handled,
above
40
Several
50
or
working well
hours per week.
strategic
tries reported
tools
orders is be¬
war
are
more
(54.9
war
average
per
indus¬
hours of
week: machine
hours),
—
tool
accessories
(55.9
hours),
machine-
into production. Two other large
companies, RCA and Philco, each
operating several plants, shut off
civilian production in plants
rep¬
more than 80% of their
resenting
total production.
These 32 com¬
panies already have war contracts
totaling $780,000,000, representing
87%
so
war
shops (47.6), brass,
Half of the
products
copper
(47.6),
electrical
machinery
(45.6), ammunition (45.4), and
explosives (44.8). • y
Average hours worked in all
the
durable-goods
industries
combined in February amount¬
ed to 44.4, while the
average
for
the
39.7;
nondurable
all
manufacturing
aged 42.2 hours.
ruary,
hours
The
in
goods
the
average
6.9%
in
nondurable
for
all
.
'•
one
to six weeks,
approximately 410,-
to
for
be
produced
date
will
export
to
as
requested
after
be
re¬
friendlyby the
The plants
discontinuing civ¬
by midnight
tonight produced approximately
57% of all the civilian sets,, on
a
dollar
basis, sold in 1941.
Their
the
production
sales
accounted
for
ap¬
proximately
and
goods.
shutoff
ilian
was
manufac¬
sets
the
nations,
aver¬
industries
;
Coordinator of Inter-American
Affairs and Lend-Lease.
Between Feb¬
increased
000
served
1941, and February, 1942,
durable
3.6%
goods
'
to
produce additional sets in
order to facilitate their program
of
conversion
to ; war
work.
(48.7), aircraft (47.7), foundries
and
'
ranging from
operated at the fol¬
levels:
shipbuilding
bronze
contracts let
war
The remaining 25 cortipanies
were
given
additional
time,
industries
and machine
the
The announcement, April
22, fur¬
hours), and screw
machine products (50.0 hours).
lowing
of all
far to the home radio
industry.
ther said: '
firearms (50.8
Individual workers in other
Working hours of individual
wage
crease.
^SteeS isstpt isss—WP® Tightening Control
The major part of the
country's
184,043
2,296,954
Miss Perkins further noted:
Note-To^con^errcoa^and
No More Civilian Radios
189,251
U. S. Labor
97
§76
average of $23.67.
30 of the 55
§110
§153
an
217,738
146,379
?"Y.: "
§184
73
had
204,085
.v
102
77
ported average weekly earnings
of
$34.62, while retail trade
128,658
"
175
149
trade./Owing to the
higher level of average hourly
earnings, wholesale trade re¬
158,782
creases
93
February
averaged
compared with 41.3 in
wholesale
YY.»
a level of 80.3 cents, Secretary of
Labor Frances Perkins
reported on April 16. "According to reports
received by the Bureau of Labor Statistics from more than
34,000
127
in
as
203,026
establishments,
113
hours
214,756
132
168
by
electric
light and
(40.1) and telephone and
telegraph (39.7). In retail trade
iYYYY.gr/
175
125
longest
the production of radios for civil¬
ian use in order to make its en¬
§132
128
the
reported by street
and buses (48.0), fol¬
radio
January to mid-February, to reach
{Revised.
192
§95 Y
149
products ———-
140
were
191,905
158,658
92
100)
'
Forest
151
§159
iYYY.' 97
—
=
;
§131
119
Grain
=
§116
122
44--4——--4——
■
94
160
LOADINGS
(1935-39 average
■.Coal
•
+95
+ 166
industries
hours
200,509
AUgUSt
154
in¬
power
170,161
V YYY;Y"
31.5
also
these
lower
189,751
YY
of
Among the public util¬
ities
railway
Shipments—
281,235
mining,
earnings
each
246,910
September
434
Anthracite
mining.
reported
1941
in
production.
Weekly
earnings
ranged from $38.83
in crude
petroleum production to $28.16
in
quarrying and nonmetallic
777,674
1942
218,018
were
dustries except crude petroleum
the
1941
coal
Weekly
increased
for
Minerals—
Fuels—-:
hours.
The
for
to
hours
February
in each of the
tuminous
month
■*
114
•
on
reports
any
working
production, 37.7 hours; anthra¬
cite mining, 33.9 hours; and bi¬
Construction.
amounted
179,884
July
in
mining
except crude petrol¬
eum
production, resulting in
the following
February aver¬
ages: metal mining, 44.7 hours;
quarrying and nonmetallic min¬
ing, 41.8 hours; crude petroleum
the first three months
fabrication
1942
_
121
129
reported
42.3
March
120
+ 159
in
nondurable
as compared with a rise of
Increased
31, 1942.
Yy/YY
the
in
in¬
month,
$35.76.
V-.Y••;
;
the
over
have risen 24.0% to the level of
num¬
orders
new
indicated
of the bookings
for. future
those
durable
in
nondurable" goods.
During the past year average
weekly earnings for all manu¬
facturing industries combined
"
the largest recorded for
98%
1.8%
in
($41.60)
17.5%
Bookings
was
The total bookings for
were
226,976
125
Y 7*';:
.•
during March
American
1941.
__
114
-..
<
monthly bookings
February
119
154
Byproduct——;
—Chemicals ---—4—-—4——
January
110
113
Beehive--—.'-—-44
Y
.
_
'—Contracts Closed—
YYYYY'Y'Y:.. '
129
?••'»
1941,
the Institute:
102
■Y
1
than
were
earnings in durable goods were
26.2% higher than in February/y
Following is the complete tabulation o£ bookings and. shipments,
124
107
161
.Y
+ 159
'
the
Tonnage
123
128
:
—-----
by
tons at March.
118
106
1."
April
more
manu¬
goods industries ($27.31) showed
a
rise of only
1.5%.
Weekly
quarter of 1941.
131
105
oil
-
the
in
structural
bookings this
126
121
Coke--—
.*'.Y
.
June
+ 130 \
while
acute
Shipments, of fabricated structural steel during the first quar¬
ter of 1942 on the other hand, were
larger by 3% than the total of
shipments recorded in the same quarter last year.
v
May
125
Y;/
same
136
'
,/.
increase
1942, however
152
+ 125
o
of
April
v
«•'
Y/--'
since June of
122
106
«
March
105
168
: '•
received
125
131
■
fabricated
135
128
.
Another
+ 132
115
:?•
industries
creased
Highest Since dun^--Shipj»ents Also Increase
+ 125
138
—
105
+96
$130
163
'
121
124
126
,110
March
three
+ 113
Y
98
109
106
174,
to
123
162
bered
For all
Weekly Yearnings
,
goods
industries
States
rise
a
nondurable
increases
wage-rate
the
showing estimated total tonnage lor the entire industry,
..+98
132
'•
the
from January to
152
+ 128
149
' -Y.Y
in
19,550,606 tons,, com¬
pared with 17,760,742 tons a year
previous. Active blast furnaces in
+ 123 ;
+ 124
*
r' -;-'1'
/."A"-'-c
compared with
as
12.8%
and
were
United
of
Over
primary factors contributing to
the increase in hourly
earnings.
and Lake Erie
155
137
„
ques¬
interval.
goods industries.
stocks
ore
increase
an
this
facturing industries combined
hourly earnings in February,
1942, were 16.0%
above
the
February, 1941, level. Overtime
these
more
Total
year.
131
153
»
'
150
Y174YY
.Y
+175
.
docks
With steady increase of or¬
for
heavy steel products,
uses.
ders
117
YY/Y132 "
141
150
144
Y
118
1146
156
S:Y'
r
_
Y
174
+146.
—
products
.
+148
Y169
'
0
•
+ 119
.
156
+ 142
V:
oil
Lubricating
Kerosene
\
+208
174
Gasoline
v.
163
141
————
Y
189
147
+
101
+101
refining
184
47
*
+140
•
.
flour
Petroleum
136
157
+115 YY
Y
—
Paper and products
Paperboard
Newsprint production
Printing and publishing,
Newsprint consumption
.
126 '
—
products
manufactured
Petroleum and coal
179 7
141
...
128
•
155 Y7
packing
Other
191
:
43
.
:
Manufactured
214
7T
7
+ 152
+
119 YY
tll9
leathers
kip
Goat and
t
308
+ 186
135
'
and
185;
:tv 146
———--
hide
Cattle
177
+300
255
+ 147 Y'
+323
.
176
444
49
ro
—------
Leather products.-,^—---—-
Tanning
Y
157
/v?:-
+ 152
products -4
consumption •1^4---- Y. 169
''•+175
deliveries 4
and
textiles
180
146
144
.
Calf
+ 192
+264
207
191
tl47
.
Furniture
?
Y
308
and products —,-—4
+134
127
Lumber...■ 1127
Wool
178
210
473 77
185
YY -V151
Rayon
+ 189
216
177
,,148
Cotton
"194
+300
for
this grade the situation
period last
products to divert all possi¬
ble
184
'
Lumber
;
tv
# 141
<
+208
shipments
Textiles
193
>
Steel
is expected to become
"The War Production Board
iron
1941
198
Y
•
444
255
.+
+ 147
147
Zinc
Zinc
1942
1942
178
+192
176
473'"'.' Y'
__Y
:
184
210
+264
+264
Non-ferrous metals & products-
,
>Y
Y 193
I
Y'Y7 Electric
-
Mar.
Y 1941
*
;;:•' Steel.:4-.^..—-----:
p-%
—Seasonal Adjustment—
Mar.
Feb:
Mar.
YY
of
additional demand
an
steelmakers.
on
March Fabricated Structural Steel
Adjusted for
1942
Pig iron.
100)
=
goods
by
* "
•—Seasonal Variation—
.Y,. ;Y: yY Y
steel
compiled
Index
,
places
age,
the
tightening control of steel and April 1 at furnaces
"
INDUSTRIAL PRODUCTION
t
Mar.
Manufactures—
payrolls
and
adjustment,
:
Statistics.
'.
index,
Labor
of
"
and other ordnance
cases
also need
by $184,137,000, and all other by $226,132,000.
Employment
Bureau
for brass
The operating rate for the week
in the near future.
beginning April/27 is equivalent
"Blast furnaces
to 1,679,900 ton's of steel
consumed
6,ingots
and castings,
cobipar^d^to 1,657,- 899,667 gross tons of Lake Supe¬
rior iron ore in
900 tons one week
March,
compared
ago, 1,678,200
with 6,222,583 tons in
tons one month
February
ago, and 1,521,900
and 6,288,792 tons in
tons one year
March, 1940.
ago.
"Steel," of Cleveland, in its In first quarter ore consumption
was
20,082,553
tons,
summary of the iron and steel
compared
markets, on April 27, stated in with 18,061,473 tons in the same
is
Construction
contract
indexes
based
on
3-month
moving averages,
centered at
second month, of F. W. Dodge data for 37 Eastern States.
To convert indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000,
that
stebl
showed
over
the past year hourly
earnings
increased 17.1% in the durable
'
of
items, because of extreme short¬
w,eek.
part:
tPreliminary or estimated. tCorrected.
^Revised.
Note—Production, carioadings, and department store sales Indexes based on daily
averages.
To convert durable manufactures, non-durable manufactures and minerals
indexes to points in total index, shown in Federal Reserve Chart Book, multiply dur¬
able by .379, non-durable by
.469, and minerals by .152.
residential
ing
93Y
available.
indicated
5.6%
operating rate of steel companies
purposes carries highest priority,
having 91% of the steel capacity further
congesting order books in
of the industry will be 98.9% of
the higher classifications.
capacity for the week beginning
"Low phosphorus grades of pig
April 27, compared with 97.6%
iron and scrap are increasingly
one
week ago, 98.8% one month
ago and 94.3% one year ago. This scarce, due to heavy consumption
in steel castings for war use. In¬
represents
an
increase
of
1.3
asmuch as
England and Russia
points, or 1.3% from the preced¬
75
*
a
74
§121
99 i,
received
turing
and
"Substitution
Steel
its customary summary of business
conditions.
The indexes for Institute on April 27 announced
March, together with comparisons for a month and a year ago, are that telegraphic reports which it
as
for
lighter products, sheets, strip
wire, becomes more trouble¬
some.
""■ v. vj
' ."/■/: y
>
April 22 issued its monthly indexes of industrial production, factory
employment and payrolls, etc. At the same time the Board issued
1713
of
•;
$151,000,000 worth
$263,400,000 worth of
the
home
1941..
radios
■
■■
manufactured
:
in
Resirict
j
Earnings Of United Slates
Railroads For The Month ©f February
In
notice sent to its members
a
April
and
Commerce
the
21,
Industry Association of New York,
Inc., stated that Postmaster Gen¬
eral Walker has announced that
because all available ocean and
transportation space must be
devoted to war essentials, it is
air
volume
second, third and fourth class
the
reduce
to
necessary
of
countries.
Merchandise and printed matter
not essential to the war effort
mail
With
foreign
to
sent
transported
be
therefore,
must,
strain
to
of
figures
1942, disclose gross revenues close to the best
February,
record for that month, while net earnings exceed anything
previous February.
These apparently good results
on
recorded for any
heavy war traffic developed in the
reflections, of course, of the
are
long period leading up to our entry into the World War, and of the
even more stimulating effect of our entry,
v
- -A:
avVa.-;"',*
The extent to which the carriers will be permitted to keep their
earnings and to distribute them as interest on indebtedness or as div¬
idends on equities remains to be determined.
The vastly increased
taxation currently under debate in Congress certainly will cut heav¬
A+ --A-A
remains under discussion, the
the mails, said the announcement
carriers are facing as best they can a great many other problems.of
the
association,
which
also
Much additional equipment is needed to handle the sharply increased
stated:
p.
•," "'.
1$
chiefly by some means other than
,
,
.
As
the
restrictions ; become
;
1. No parcel or package of
'j any class of mail, including air
-mail,
addressed for
delivery
effective immediately:
-
United
accepted for
the Continental
outside
•
shall
States
be
ily into railroad financial returns.
While this question of taxation
,
necessity
military
a
following
Some vacillation
volume of traffic.
has occurred among the Govern¬
equipment, but it is hardly, to
be supposed that the railroads will be denied needed materials.
The fact must be recognized that the great steel highways of
the country should be maintained in first-class order, since they are
of primary importance in carrying to the seaboard-the mounting
production of war materials.
The railroads, moreover, will be the
principal agencies of transportation to assume any tasks that motor
dealing with priorities on
ment offices
carriers will be unable to fulfill if the rubber shortage makes tires
Additional passenger traffic also
inches in length unavailable to the motor units.
will have to be carried by the railroads.
or 42 inches in length and girth
To some degree these increasing demands upon the railroads v
combined, provided that these
restrictions shall not apply to
j already were reflected in gross and net earnings for the month
of February.
matter addressed to Canada or
The statistics of earnings for that month also in- x
Mexico nor to official matter of f eluded higher passenger fare charges, as permitted by the ICC, ;/
but did not include advanced freight rates in accordance with
the United States Government
on
which postage is paid or |
the decision handed down March 2, 1941. The 6% average freight
rate increase, when added to the previous 10% passenger fare
which is entitled under Section ;
618 Postal Laws & Regulations,
advance, is calculated as almost sufficient to offset the wage in¬
mailing if it exceeds 11 lbs. in
-
•Weight
i
;
18
or
earnings of the. individual roads and systems for February, 1942,-,
comparison with February, 1941, are tabulated in our usual form'
subjoined table:-'
<
i
in
in the
CHANGES
PRINCIPAL
surprising to find gross and net earnings running at rates comparable
to the best levels ever achieved.
The statistics of operations in the
month
..
..
Pennsylvania
Atchison
Union
7,287,160
*6,479,970
Baltimore
Chi.
Ohio
&
Central.
L
Ar-AAAA!
Milwaukee
United
"Outside the Continental
States,"
herein used, shall
are
T:
include:
Canal
All mail for Alaska,
a.
Gross
delivery
for
addressed
Mail
placed in effect late last year.
creases
Privilege.
the Penalty
der
Chicago
North* Western...
Chi.
.Rock
Island
Erie
>AA_A__ AAvA+___A.
Pacific.'
&
Louisville & Nashville.
Air
Seaboard
Atlantic
•N,
&
X
St.
&
Rio
Grande
St.,
Tex.-&
Zone, Hawaii, Puerto Rico, and
island possessions of the United
1941, an increase of
$104,918,816, or 29.35%. Increased operating expenses absorbed most
of the added gross, owing to the higher wage scales in effect.
But
carrier operations were conducted thriftily in all other respects, and
net earnings thus increased to $134,878,897 last February, against
$102,735,090 in February, 1941, a gain of $32,143,807, or 31.29%.
We
now present these results in tabular form:
A
Incr, { +) or Deer. (—)
Instates.
(A.P.O.'s), in care
of New York,
Offices
Post
:
Postmaster
of
San Francisco, Cal.; or
Seattle, Wash.
c.
All mail for Naval Forces
addressed in care of the Post-
N.
Y.;
"
Month of February—
to Army
b. All mail addressed
X
%
1941
1942
231,593
232,414 —
821
——$462,482,830 $357,564,014 ++$104,918,816
327,603,933 254,828,924
+
72,775,009
to earnings——
(70.84)
(71.27)
—00.35
$32,143,807
+31.29
132 roads
earnings______.
Mileage of
Gross
Operating
of
Ratio
+29.35
+28.56
expenses
expenses
earnings...
$134,878,397 $102,735,090
...
...
+
S.
scale
the
on
Not
2.
than
more
■
one
such
parcel or package shall be ac¬
cepted for mailing in any one
We turn
February—
■
the
of
same
forth
set
as
in
above shall not be
1942
(.$000):
Building
1
Freight Traffic:
all cars
t{Livestock receipts:
.
UCarloadings,
:
presents a
regulations of the Post Of¬
the
fice, War or Navy
articles
the
permits
such
in
tioned
<
in
inches
inches
42
in
18
or
exceeding
length
and girth
length
combined, but in no case shall
such
parcel
excess
of
package be
or
the
limits
in
of weight
-
404,032
117,418
200,574
89,046
f.
-
39,277,000
41,695,000
4,432,000
3,546,000
x3,122,773
x2,866,565
x2,465,685
.
466,418
361,274
4,061,000.
6,670,000
x3,797,183
x2,228,777
'
(cars)
1,728
1,599
6,374
X
•
<*;
47,271,000
28,383,000
.
.
rCCGiptS I
]-
(000
(000
,
-
13,955
5,193
19,361
1,770
1,856
4,906
5,793
X17.586
X30.356
x5,102
x8,728
X14.212
x3,179
x7,816
x2,423
x6,736
x510
(000 bushels)—;
and
Iron
Steel
(net
(000
,
* . <
7,017
.
X
,
'
*
1
^
x1,421
A
Xl4,694
x23,191
X13.064 A X12.590
x5,291
x5,000
xl,889
x27,215
X30.363
x9,551
xl,558
x300
x4,8l9
xl,021
x5,695
xl,480
tons)
.
<
4,197,872
6,230,354
3,311,480
4,527,141
1,079,993
1,681,421
3,590,927
4,920,348
X961.179
xl,003,619 •
xl,031,802
x775,017
X817.026
x387,950
xl,319,786
xl,411,582
xl,493,843
4,502,273
6,521,056
**Pig iron production.
§§Steel ingot production—
Lumber
*
XI,667
bushels)..
(000 bushels)
e
,
xl,782
Barley (000) bushels)
Rye
" 1
xl,882
bushels)
(000
Oats
,
barrels)—
x914j711
xl,032,205
xl,030,532
—
^Shipments
fiiiOrders received—.—
x82l,796
x551,724
x403,373
•
A
such
under
accepted
existence
in
Note—Figures in above table issued by: *U. S. Bureau of the Census.
tF. W. Dodge
(figures for 37 States east of Rocky Mountains).
{National Bituminous Coal
Commission.
§U. S. Bureau of Mines.
flAssociation of American Railroads. ttReported
by
major stock yard companies in each city. {{New York Produce Exchange.
§§American Iron and Steel Institute. PNational Lumber Manufacturers'
Age."
ation
(number of reporting mills
varies in different years).
x
••"Iron
Associ¬
Four weeks.
'
be
permits
endorsed by the post¬
figures in the above tabulation
factors underlying
creased movement of over 100%.
a
shall
marked
Construction activity also showed
increase, while less spectacular,
although substantial gains
production, lumber shipments and coal
master "Acceptance for Mailing production.
Following the precedent set in previous months, auto¬
Authorized by Permit
Dated mobile production, as a result of the restrictions placed on the in¬
dustry, showed a decrease of 72.4% in comparison with February,
were
shown in iron and steel
1941.
5.
The foregoing shall
not be
construed to increase the limits
of
weight or dimensions in the
International
cases
of
in
those
where the present limits
weights
less
Mails
than
or
dimensions
those
j
scribed.
above
are
pre¬
MaVaaa
Ironton—
142,822'
Connecting—...
118,591.
Toledo
York
&
'
Total .(4
roads)!—A.
—$697,534;
of the New York Central and the leased linesand
Including Pittsburgh & Lake Erie, the result
>■
.
V.
v
v
•
.
.
.
Pacific
Southern
Atchison
a
OF FEBRUARY
Pacific
Great
Northern
Burl.
Chicago
N.
Mil.
Y„
N.
Island
&
Yazoo
.
P,
Pacific
&
Mississippi
Texas
1,510 220
Del.
1,364,149
Kansas
City
Colo.
Southern
954,560
York
Chi.
Seaboard
Boston
Louis..
& St.
Baltimore
_.A
Fred.
&
Potomac
rds.)
312 900
Paul & S.
St.
Spok.
Portland
•These figures cover the
$572,950
Erie—_
553,347
—A. -A
491,777
422,026
391,365
•
—.A— A 359.115
—
York
276.334
163,170
Connecting
Detroit
Toledo
Duluth
Missabe
&
Ironton...
&
Iron
152,736
Rge.
133,889
110,541
107,768
A—
$3,735,018
Lehigh
Valley
Pittsburgh <& Lake
302,663
Total
279,465
,
Lake
Marquette
New
309,569
S. Marie
Seattle—
&
$35,182,368:
Elgin Joliet & Eastern—
311,825
Pacific
Minn.
105,718
roads)
&
Virginian
412,397
V
(2
Fran.
—
Grand Trunk Western
416.433
...
401,800
Louis-San
Pere
442,426
v
Louisville & NashvilleA——®t.
Western.
Chesapeake & Ohio
444,246
A.
157,257
& -Western.........
Bessemer
494,282
•
Chicago & North Western...
Wabash
157.865
Maine
(52
Norfolk
515,187
Southwestern
Louis
Northeastern
Decrease'
536,286
A 522,037
—_A__A—
Southern
164.663
591,493
A
Ohio—:
&
&
Great
&
Total
611,358
Line—A
Air
168,353
AA
112,177
Chicago
Missouri-Kansas-Texas
171,599.
.
115,376
630,020
(3 roadsl
174,604
roads)
(2
Southern
134,115'.
689,373
,
Great
Chi. St. Paul Minn. & Omaha
*621,013
i
249,163
246,147'
■
Southern
—.
West.
Grande
Central
York
252,752
Reading aA..A^.«v
Georgia AAAA+
AAA-A
Line.J
Rio
&
Denver
'A—
Coast
Atlantic
927,542+
802,757
253,315
Western
&
Orleans
New
$258,279
Jersey—
A—A—
Alton
1,033,943
Pacific
Lack.
&
New
Pacific...
&
Alabama
Valley. A 1,000,933
Pennsylvania
Rich.
1,516,506
Pacific
Missouri
Northern
St.
Central
& -H._—1,234,153
1,125,937.
H.
Rock
New
Minneapolis & St. Louis
of
Increase :
A
3,113,353
Central AAA+AAA
Illinois
Chi.
Quincyv...
&
P.
Hudson....
&
4,201,805
—
&
St.
Delaware
$4,830,351
Topeka & Santa Fe
——A;
A-
Union
Chi.
roads)..
(2
v
„
IN NET EARNINGS FOR THE MONTH
H2
Erie
roads)
operations of the New York Central and the leased lines-
Cincinnati
Cleveland
Chicago & St. Louis, Michigan Central, Cincinnati Northern, and
Evansville Indianapolis & Terre Haute;'Including Pittsburgh & Lake Erie, the result
Is
an
increase of $513,245,
*,
:
;
.
v
.
,
•
••
„
•
-
:In reference to the thpee major geographical districts into which*
the roads
are
grouped, we find that once again the Western District
in improvement over February, 1941, in both
led all other districts
and net with respective increases of 43.13% and 80.13%. In
subdivisions, the-regions, the Central Western Region
showed an amazing increase in net of 95.91%.
The only decrease in
gross
the
smaller
comparison with the previous February was recorded by the Poca-v
in net. We now present our usual summary
hontas Region—10.31%
tabulation, which, as previously explained, conforms with the classi-'
For the boundaries of the various groups and
fieation of the ICC.
regions, consult the footnote attached to the following table: U- v
SUMMARY BY
GROUPS
■Gross
District and Region
1942
Month of February
Earnings
1941
$
District—
Eastern
:>
Incr. ( + ) or Deer. (—)
Av$
J
''
■'
'•
"
New
19,177,384
15,103,373
+
4,074.011
+26.97
68.453,466
+
13,147,660
+ 19.2!
Central Eastern region
81,601,026
96,311,486
England region (10 roads).
Great Lakes region
(23 roads)A
Total (51
A
(18 roads)
77,942,355
+
18,369,131
+23.57
161,499,194
+
35 590,702
+22.04
50,854,705
+
15,257,141
22,314,477
+
1,063,217
89,489,540
73,169,182
+
16,320,358
+22.30
46,499,596
91,806,945
37,596,853
33,539,077
12 960,519
+ 38.64
62,057,087
29,749,858
+ 47;94
27,299,474
10,297,379
+
175 903,394
122,895,638
462,482,830
357,564,014
roads)..-—————197,089,896,
'
Southern region (26 roads).—_—AAA 66,111,846
Pocahontas region (4 roads) —A
23,377,694
Southern District—
+ 30.00
+
4.76
Corp.
indicate cledrly the chief
the 29.35% increase in gross earnings for the 1942
prior to the effective date of February month over the corresponding month in 1941. The grain
this order. Parcels or packages movement showed the greatest improvement q,ver 1941 with an in¬
dimensions
and
New
233,581.?
202,540.
Western
feet):
^Production
The
j
713,138,.
699,729
PRINCIPAL CHANGES
:
1
~
Omaha
Wheat
when
11 lbs. or exceeding
of
cess
•
'r
5,129
1,812
Corn
package weighing in ex¬
or
.
4,933
2,736
Flour
men¬
presented for mailing in a par¬
cel
1929
A' ■ -
{{Western flour and grain
Departments,
of
matters
or
270,373
(cars)
City (cars)—
f^
acceptance
the
authorizing
>
485,622
Kansas
Chicago
mailer
permit issued under
the
unless
1932 :, ;
'
43,840,000
4,772,000
{Bituminous
No exceptions
postmasters
re¬
AA
§ Pennsylvania anthracite—
\ -c-s':-; ■ •
to Paragraphs
and 2 above shall be made by
4.
134,134
433,557
"
•
tConstr, contracts awardedCoal (net tons):
v
Paragraph 1
accepted for
mailing.
j
' 1940
'
'
-
721,549 ?;>:
Haute.
Erie. AAAAA+-AAA-AA
statistics which underlie the
,1941
+
,
trucks, etc.)
weight or size, addressed
less of
•
•Production, passenger cars,
regard¬
Perishable matter,
3.
'
A
-
;
.
I
(units):
Automobiles
addressee.
to or for the same
;
concern
or
person
...
to the business
now
sults for last February.
behalf
week when sent by or on
a
Decrease
.
Indianapolis & Terre
increase of $6,691,058.
Western
of railroad earnings.
course
$104.059,646.>
*
Chicago & St. Louis, Michigan Central, Cincinnati Northern,
Cincinnati
v
.
100,921
.roads).I
Trunk
Grand
661,617
Marie
Evansville
N. Orl., Tex. & Mex.
indicated are, of course, a matter for
gratification. The carriers have tended to place their lines in ever
master in New York, N. Y.; or
better shape in recent months, and also have moved to bolster their
San Francisco, Cal.
financial structures, chiefly through discharge of bank loans and ad¬
v:V d. All International Mail ex¬
vances obtained in the depression years from the RFC.
But taxes,
cept that addressed to Canada
higher material costs, added wage outlays and similar incidentals
and Mexico.
„■
all are factors to be taken into consideration in estimating the further
Earnings
120,664.,
102,037
;
—
Virginian.ulA+L.^.A-A-1-:
•
Detroit
"■These figures cover the operations
Cleveland
New
Net
v >: 124,844"
E...+
N.
East
„Total (71
739,462
Paul & S.
St.
an
in
River—
England
«
776,877Hudson
&
Lehigh ValleyDel.-, Lack. &. Western.lAl2'i
Chesapeake & Ohio
is
Lines
New
831,121
-
.
Delaware
Minn.
129,511
J '•) 125,399
...
Hudson
&
.Florida
867,463
i,
Nafl
Lehigh
Lehigh
184,605.
;
''Increase- ''--A"
$462,482,830, against $357,564,014 in February,
to
Can.
i;
rds.);•,/ 891,660
184,8581-
*.
—
Pacific—824,681
&
Wabash
Eastern Illinois—
&
1,058,624
Jersey....A_-
Central of New
Texas
<3
Mex.
Southwestern—A
Louis
Pittsburgh & Lake Erie—
,
.1,045,845,
Western -Pacific
N.. Ori.
?
A
Elgin Joliet & Eastern
Monongahela
A
992,563"
892,665 V
West.
232,2311
v-;228,810
220,258
211,088
;'A_
Maine. Central
...
Maine. A—-AAA
&
&'Arkansas
—
Chicago
.
AA
286,481.,;
^ 258,642
Great Northern;
1,270,673
1,119,824
1,093,497 X
L.ySan-Fran. ,(2. roads),\
Denver
Boston
:
292,127
Northeastern
&
Maryland
Georgia
A
338,618 ■'
v+
Island
Western
•
Pacific
U2 roads).
320.843
Georgia—310,12M
of
Louisiana
V
344,507v:
,340.97L
Southern
&
Long
•
346,072
'
Louis.
St.
Texas
: International
1,757,059
1,741,609
—
&
Orleans
New
&
379,489 V
358,830
/
+>
Minn. & Omaha..
O.
N.
Central
1,803,169
Valley.
Reading A—.AA__
Chat.
Colo.
A-
Missouri-Kansas-Texas
Nashville
t.
Line__AA. A' t 1,7.15,498
Mississippi
Southern
2,743,269
St.- LA*AAA C.-1,486,445
Coast
Y+..Chi.
Yazoo, &
St. Louis
Western..:
Cin.
AAA.
Line.
&
Great
:
2,075,276
■
...
Minneapolis &
Chicago Great
Chic. St. P.
;
2,492,984
.2,392,505 i
2,168,809 >
—-.A——-
552,829
475,196
457,737
Ohio.—r 412,222:
-
Alabama
2,753,266'
.
X
1942, amounted
February,
the railroads for
of
revenues
2,926,226 +
_A_—AAl-A—
Pacific
'
2,786,760
Northern, Pacific
Missouri
:
Southern
City
.Gulf Mobile
3,195,065,
P.
Chicago Burl., & QuincyA—
N.rY; *?.) H.-.&* H.AA-AA-Southern
MONTH
THE
Spokane Portland & Seattle.
2,955,053
P.- &
St.
FOR
Alton
.6,361,640 /:
4,126,705.
NorthernVA——_i
Great
Kansas
10,410,655
Central——.-—
Pacific X—————
Illinois
EARNINGS
GROSS
Topeka & Santa Fe
York
New
.
roads)
(2
IN
;.A OF FEBRUARY AA'/; Av A'
iv.--i*■:; ■''
Increase
Increase
Rich., Fred. & Potomac—.A.'/'
$615,213
$11,144,420
A.—A—
■ -
Pacific
Southern
>
mailed free of postage un¬
to be
"
.net
terrific
a
carriers, it is not
with the business offered these
cope
under
United States now
of the
railroads
the
Thursday, April 30, 1942
+V
Valley and the New Orleans, Texas & Mexico, were able to convert
78.8% and 68.6 %y respectively; of their gross increases into net gains.:
.A -yBoth increases and decreases; of* $100,000 or more in gross and
Gross And Net
Foreign Mail
Tc Aid War Effort
on
CHRONICLE
THE COMMERCIAL & FINANCIAL
1714
,
.
There
were
/
:
A
71 roads able to surpass
their 1941 gross earnings for
while 52 of these were able to translate their
gross earnings into net earnings of $100,000 or more.
In the gross
classification, the Pennsylvania headed the list with an increase over
February, 1941, of $11,144,420, while the Southern Pacific surpassed
all other roads in the net category with an improvement of $4,830,351.
The Southern Pacific also placed second to the Pennsylvania
this
of increased
era
an
interesting to note that in
that the Yazoo & Mississippi
increase of $10,410,655. It is
with
operating expenses
roads) A—
(30
Western District—
Northwestern region
(15 roads)
roads)..—
roads)
....
Central Western region (16
Southwestern region (20
Total (51 roads)—
Total all districts (132
roads)
—
Net
District and Region
—
Month of February
—Mlleage-^
1942
1941
Eastern District—
New
Lakes
Central
Total
+
37.72
+ 43.13
53,007,756
104,918,816
+ 29.35
Earnings1941
r-
Incr; ( + ) or Decr. (—
6,644
6,700
5,987,724
4,763,832
+
1,223,892
+,25.(
26,074
24,494
21,211,582
19,677,900
+
1,533,682
+
7+
22,271,232
21,493,058
+
778,174
+
3.(
57,268
49,470,538
45,934,790
+
3,535,748
+
7.
21,266,570
16,264,724
,+
5,001,846
" + 30.75
region..- 24,250
East,
■1942
+
region— 26,026
region..
England
Great
56,920
......
.
Southern District—
Southern
the month of February,
in gross
Total
6,076
38,141
- 6,076
43,900
44,217
region— 45,617
region...... 37,824
Focahontas
8,801,747
9,813,192
1,011,445
—10.31
30,068,317
26,077,916
+
3,990,401
+ 15,30
45,521
12,040,216
6.785.493
+
5.254.723
+ 77.44
region. 56,115
56,316
30,574,401
15.606.004
+
14.968.397
region.. 29,041
29,092
12,725,425
8,330,887
+
4,394,538
region.
__
Total
Western
West,
Southwestern
all
Note—Our
+
95.91'
+ 52.75
130,773
130,929
55,340,042
30,722,384
+24,617,658
*+8o7l
districts__231,593
232,414
134,878,897
.102,735,090
+32,143,807
+31.2
Total
Total
.n
District—
Northwestern
Central
•
grouping
of
the
roads
conforms
to
the
classification
of
the
Interstat
Volume 155
Commerce
THE COMMERCIAL &
Number 4068
Commission,
the
and
•*
'
groups and regions:
confines
the
Lakes
different
Month of
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 York.
Central Eastern Region—Comprises the section south of the Great Lakes Region east
of a line from Chicago through Peoria to St. Louis and the Mississippi River to the
mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va., and a
line thence to the southwest corner of
Maryland and by the Potomac River to its
V
.
.
■
.
.
Southern
'
•
' '
-
;
.
~
SOUTHERN DISTRICT
./¥
.
.
.
■
of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of
Kentucky and the southern boundary of Virginia to the Atlantic.
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
of a line, from Parkersburg to the southwestern corner of Maryland and thence by the
Potomac
Region—Comprises
River
its
to
the
east
section
and
north of
a
the
by the Columbia River to the Pacific.
Central
Western
v
vr-
■/.
south of the Northwestern Region
•west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas'City and thehce to El Paso and by the Mexican boundary
to the Pacific.
'*
* j
•
>>
«>
Region—Comprises
section
the
.
Southwestern
south
of
St.
Year
Inci •ease < + ) or
Year Given
Preceding
Decrease (—)
$47,622,634
56,204,145
$36,072,983
'48,910.423
49,718,911
56,580,655
57,411,107
49,135,958
.
1912
_
__
1913
i9i4-
J'"-?
1915-.x+iii---_—
Region—Comprises
Louis
and
line
a
the
from
lying, between the Mississippi River
Kansas City and thence to El Paso,
section
Louis
St.
to
and by the Rio .Grande to the Gulf of Mexico.
\
j
x-j—-
51,257,053
39,274,776
79,929,463
51,043,120
58,964,299
80,331,661
1918——
27,305,808
1919
27,623,406
28,814,420
1920
10,688,571
27,117,462
1921
roads
was
substantially heavier than last
tributing to the heavier movement.
the chief
with all grains
year,
con¬
1924
_
_
_
1925
70,729,908
<104,441,895
__
99,480,650
99,518,658
__
-
1930
.
2,002,769
3.48
+
33.40
—
+
11,982,277
+
30.50
disclosed
+
28,886,343
+
56.59
of
21,367,362
—
—
28,944,820
11,536,799
+
54,882,820
+ 251.47
6,242,712
-
47.20
+
4,981,506
4.76
—
38,008
—
8.14
—
33,387,370
+
60.58
—
+ :124.92
+
—
4.13
—
16,428,891
—
51.45
—
1,191,014
—
26.60
—
+
7,748,287
+
7.79
+
541,678
+
0.50
126,368,848
108,987,455
+
17,381,393
•■+
15.94
::
97,448,899
+__
125,577,866
64,618,641
97,522,762
57,375,537
41,460,593
66,078,525
5,030,495
-
55,402,531
77,743,876
•
(000)
.
■■
4
,
„
•-'
'••
Omitted
,
.
Flour;
,
Year
Feb.
Wheat
,
(bbls.)
RECEIPTS
28
Corn
Oats
.
(bush.)"
(bush.)
(bush.)
*
___-!(1942
Chicago X
11995782630—.
.
^
(1941
>f
Duluth
:
>
¥
4+."''A'
f 1942
^
) 1941
Milwaukee
1942
69
Louis
Kansas City
Joseph
"f.
396
85
24
1,425
20
603
286
5,235
363
;
623
647
¥¥
197
50
11941
___(1942
>
,■
2,523
8
284
544
2,442
■
/
•:
¥••• 16
165
43
147
2,292
r
2,266
196
'
191
"T
7
930
38
17
9
6
347
219
'
.
4
16
24
^
;
418
7
200
i-.,,,
912
2,610
916
■+ 588
258
20
154
203
•3,721
112
84
290
104
287
2,330
4,483
224
2,763
639
120
468
412
128
232
V
228
^: '■
74
__(1942
1,206
3,117
284
182
11941
;
38
959
3,053
206
81
1,1
1,214
1,015
1,980
1,058
432
1,092
"
94*
1941
...
_
.
13.17
Board
|1941
1,082
11941
member firms
2
es
301
70
13
¥ 116
63
93
34
7
138
.(1942
1,882
30,356
5,102
2,423
7,816
(1941
1,782
14,212
3,179
510
6,736
'
17,586
8,728
.
FLOUR
9,199,020
+
16.60
+
13,140,009
+
20.33
42,072,645
29.60
77,778.245
56,242,842
35,711,887
+
20,530,955
72,888,743''
102,734,685
56,242,821
+
16,645,922
+
73,008,615
+
29,726,070
+
40.72
102,735,090
+
+
31.29
54.09
57.49
32,143,807
of
Governors
the
of
Federal
Reserve
(000)
Omitted
Chicago
Year
Minneapolis
Duluth
—
Omaha
St.
Joseph
Total
6,026
1,550 V
56
562
890
v
•
60
2,005
;
1,544
2,141
797 ;
.
■'
'
65
73
'
143
201
1,677
152
*
57
:B
657
2,765
i'
42
665
-^420
5
2,056
99
30
949
6,115
714
24
8
420
460
38
255
314
187
574
:''237
180
613
/
.(1942
1,311
2.073
4,646
548
) 1941
1,304
2,131
1,505
508
.(1942
.359
8,350
:K. 343
422"
505
■
.
5,026
.
7,249
7,866
i 2,818
1,385
1.929
v
408
.
.
565.
.
.
678
433
159
,1942
242
System
'
+
ji.
■
'1941
'i
■
tyr-'.*'
'
-
1,032
200
309
v.*-;
9
.248
11941
3,757
18,555
31,892
7,126
-
4,915
17.909
1,290
12,541
/■-v-i/'"'
summary
of the February
Gross
■
Year
y.
Given
/•
197,009,201
1911——-——'—.
—
1913
—
1914—-
1915
Earnings
Inc.
Year
—-
-
215,383
212,236
15.85
231,296
227,868
1.70
235,483
231,805
197,278,939
20,752,155
218,336,929
233,056,143
212,163,967
23,823,138
14,389,312
1,303,286
—
+ 10.52
237,082
233,191
6.59
240,986
237,756
—10.22
244,925
242,928
+
0.61
246,186
242,837
+ 27.68
—
Mar.
——
531
—
78
—
3
—
8
—
—13
67
April
18
data into
20
3
—
¥"
201
lic
*
v
that the estimated production
|
¥*¥■
§Apr. 18,
Penn.
Anthracite—
'Total,
Including
Apr. 11,
1942
1942
(IN NET TONS)
Calendar Year to Date
Apr. 19,
Apr. 18,
1941
Apr. 19,
1942
Apr. 20,
1941
1929
col-
fuel
___1,318.000
1,112.000
589,000
17,233,000
15,729,000
22,102,000
ICommerc'l
production_l,252,000
1,056,000
560,000
16.371,000
14,943,000
20,511,000
152,100
7,800
2,298,800
1,673,000
1,900,900
Beehive
S.
Coke—
totaL_______.
153,000
By-Product Coke—
U.
S.
total
washery
1,158,300
t
18,040,600
X
t
dredge coal, and coal shipped by truck from authorized
colliery fuel.
tComparable data not available.
^Subject to
ago.
248,738
compared
238,891
237,463
—
351,048,747
283,392,150
61,656,597
+ 21.31
232,957
??3,266
421,180,876
348,749,787
72,431,089
+ 20.77
231,304
231.017
.405,001,273
424,172;348
405,203,414
19,171,075
4.52
235,653
234,510
1.18
235,625
234,880
400,430.580
444,891,872
—
400,146,341
+
44,745,531
31,939,712
+
—
454,198,055
+
467,808,478
455.681,258
459,084,911
468,532.117
474,780,516
456,487,931
427,231,361
475,265,483
336,137,679
427,465,369
266,892,520
336,182,295
——
—w-
-
l—.
—
.
4,772,834
+
—
+
—
—
—-
24,441,938
5,029,255
8,723,567
—
+ 11.18
7.16
+
—
+
+
12,850,859
—
18,292,585
+
235,399
235.528
Philadelphia
588
594
7,558
Cleveland
846
'729
10,322
Richmond
234,884
242,668
242,113
Atlanta
242,726
Chicago
69,289,775
—20.61
242,312
240,943
52,380,018
—19.67
241,189
241,467
36,221,471
-+17.10
241,263
238,162
239,433
237,051
238,280
321.247,925
300,021,278
+
21,226,647
+
7.07
233,515
234,285
250.5.68.802
321,149,675
70,590,873
—21.98
234,851
235,620
276.341,856
250,510,207
25,831,649
+ 10.31
233,708
234,789
276.341,857
+
+ 13.18
233,010
233,704
3S7.FR0.996
312,869,481
+
44,711,515
+ 14.29
232,415
233,052
462,482,830
357,564,014
+
104,918,816
+ 29.35
231,593
232,414
36,407,585
"•
Apr. 23, Apr. 22,
238,731
242,348
242,660
St.
Louis
Kansas
1942
—
555
8,318
7,021
4,088
53,985
51,556
We
won't
City
really
until its spotless.
Extend Wage-Hour Law
In
a
new
interpretation
of
wage-hour law, L. Metcalfe Wal¬
ling, Administrator of the Wage
Hour
and
Division
April
other
centers'
133 other reporting
:
centers
♦Included in the national series
the
U.
S.
announced
an extension
of the
interpretation of the
coverage of the law to include
employes engaged in producing
20
Division's
commodities which, although en¬
tirely consumed within the state
of
manufacture, aid
or
the production of other
Mr.
the
latest
facilitate
goods for
making
In
commerce.
interpretation,
Walling said:
of
the
employes
af¬
382
engaged
in
producing
electric
energy, steam, fuel or water for
within the state of produc¬
use
tion by
depots,
radio
by
railway terminals or
telephone
exchanges,
broadcasting
manufacturers
produce
goods
stations,
who
for
in
or
turn
interstate
5,851
6,713
1
8,698
4,816
Walling also
says:
The decisions upon which the
broadened
coverage
down
interpretation
of
is based were handed
in
the
Appeals, in
A.
B.
Third
a case
Court
of
involving the
Kirschbaum
Co., Phila¬
delphia, Pa., and in the Second
325
4,951
4,091
21,943
19.024
370
309
4.610
3,765
218
202
2.603
2,104
Circuit
Court of
Appeals, in
proceedings against the Arsenal
3,671
Building Corp., New York City.
292
140
of
Department of Labor
1,423
360
reporting centers
York City'
hands
satisfied
399
994
Total, 274
be
1,702
Dallas
Francisco
1942
629
San
New
1941
Apr. 23,
*1941
4,107
492
Minneapolis
on our
and knees and scrub that deck.
Mr.
236,870
—21.37
production
war
going to get down
13 Weeks Ended
239,584
—10.11
the
commerce.
237,970
239,389
■'
York
91,327,690
of
.
1.90
2.60
312.749.442
the
2.74
+ 17.87
i—-
4%
at
Boston
6,444,483
—
of
19%.
Week Ended
Apr. 22,
year
and
New
45,494,779
1940
increase of
a
increase
ago,
236.529
+
+
an
an
year
236,031
+
>
was
was
a
SUMMARY BY FEDERAL RESERVE DISTRICTS
[In millions of dollars!
Federal Reserve District—
48,034,122
•
York City there
corresponding period
235,876
254,555,005
—
New
236,642
211.882,826
'1937-,—t.
in
the
reported for the corresponding period
reporting centers there
:
4.01
+
with
total
235,506
248,122,284
+ '
in
236,839
300.049,784
—
•
banks
1.11
254.566.767
,
266,231,186
by
5.11
213,851,168
1934_—„——x—248.104.297
—
other
the
banks
244,809
249,795
9.65
445,870,232
1941—______
At
245,541
0.99
478,451,607
.—
above
+
459,227,310
—
'T/o
reported
as
leading centers for the
week ended April 22
aggregated $10,995,000,000.
Total debits dur¬
ing the 13 weeks ended April 22 amounted to $140,755,000,000, or
13%
size
lockouts
fected by the broadened appli¬
cation of the law, are employes
""
debits
has
of
and
Typical
Bank
Board
program, the deck is relatively
clear.
From now on, we are
known
and
tExcludes
af¬
and to give the pub¬
WarLabor
interstate
_1,162,000
—
'Includes
strikes
disputes
for
under;the
pledge made by labor and in¬
dustry last December. For this
reason,
the
board
has
been
given sole responsibility for dis¬
seminating
information
con¬
cerning the effectiveness of that
pledge.
Considering the gigan¬
on
Week Ended
of
,
be
single list has been
end the confusion
a
to
strikes
at
byproduct coke in the United States for the week ended April
an increase of
3,700 tons over the output of the preced¬
Coke from beehive ovens increased 900 tons during the
period.
list
will
charged with the respon¬
sibility of substituting peaceful
7
gain of 9.6% when compared with the correspond¬
a
there
on
clear picture.
a
The
30
—
;
,,
been
11
—
5
—
also
was
war.
of the past
19
+
Washington
The new plan
co-ordinating
all
strike
for
investment
,
estimated
was
now
official
one
4
—
1
+
and only 6-
saying:
as
fecting the
12
—
ap¬
in the
for the first quarter of
From
a
249
and
quarter of 1941
quoted
—102
4
was
of Commerce" Mr. Davis
306
——
firm
production
war
In advices from the
>
—
in
to
bureau of the New York "Journal
31,
13 showed
+
—
552,000,000 for .the
settlement
-A,
The Bureau of Mines also reported
of
2,655,684
—
156,000,000
1942.
1941
ing period of 1941.
25,148,451
477,809,944
;1942
Feb. 28,
.1942
195
J,
to date shows
269,272,382
58,005,851
of
quarter
in the first quarter of
adopted
1,318,000 net tons, an in¬
crease of 206,000
tons, or 18.5%, over the preceding week.
When
compared with the output in the corresponding week of 1941, there
was
an
increase of 729,000 tons (about 124%).
The calendar year
260,627,752
209,573,963
first
about
about
of 1%
100
investment
____
banks
Preced'g
7.80
+
3,409,167
1925—• 454.009,669
1939——
in
—
ended
271,928,066
1924—————.
:
Given
+
232,726,241
267,579,814
1921———
1928
week
285,776,203
1920
1922
first
The
United
States
Department of the Interior, Bureau of
Mines, reported that production of Pennsylvania anthracite for the
—
—
1919—
200,418,368
%
(—)
27,377,858
the
two-thirds
proximately 90-100 of 1%
margin
Year
$12,180,071
218,031,094
210,860,681
—
„—
v
+
has
and
as
a
percentage of
employment, Mr. Davis fur¬
ther said, idleness in strikes re¬
Weekly Anthracite And Coke Output Statistics
operations.
Year
'
em¬
materials
war
Expressed
ended March
-Mileage
(+) or
Dec.
Preceding
209,233,005
.
1916——
1918
to
tic
net earnings of the railroads of the
1909--—------.-—. $168,336,557 $156,156,480
1910
200,129,088
172,751,230
.1912
1941
time, he added,
from
man-days
revision.
of
•
partners'
partners'
and trading accounts
"Credit balances in capital accounts
U.
country from the current year back to and including 1909:
February
and
—
4
•'
••
84
14,478
a
carry
year
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE
341
62,047
furnish
Exchange that
:-
38
39,177
we
and
borrowed
.
Other
same
180
3,934
table
firm
accounts—
hand
on
!
•
,
.(1942
comparisons of the gross and
Stock
balanceS——:_——-.—-——
in
trading
Money
liery
the following
Month
balances
Credit balances
—
260
New York
Customers' credit balances:
;
2,344
■>:v
,i
ap¬
man-days
quarter of 1941.
three
—
lated
an¬
ing week.
'7:
1942
the
first quarter of 1942.
Credit Balances:
376
2,300
■.
13
-
V-+
'
£>>■; 179
|1941
—2-
254
4,638
116
10,843
^
V,
54
285
2,434
■
112
'
.
>'728
11941
all-
In
2,355
8,336
802
.'4,959
— —
City
62
2,582
11942
159
2^598
741
3,219
on
since
1941
Barley
(bush.)
1,724
1,387
'1941
Rye,-,
(bush.)
2,621
4,683
f 1942
Oats
(bush.)
6,302
13,322
times
?.
•
1,627
5,344
Wichita -_2__2-^—«. 11942
Sioux
18,002
16,688
1,700
) 1941
.(1942
) 1941
(1942
City—.
1,444*
1941
.11941
—
Peoria —2—
Kansas
•
(1942
Louis_—
St.
Corn
(bush.)
(1941
Indianapolis &
,
Wheat
(bush.)
11942
—j 1942
.Toledo 2—
*
'
Flour
1941
Milwaukee
Feb. .28
Ended
(bbls.)
1,993
.(1942
) 1941
-
Months
of the
Mar. 31,
1942
'
2
of
of
1,384,000
same
increased
8.39
Since
RECEIPTS
GRAIN
AND
At the
Increase or decrease
I
WESTERN
proximately
(Ledger Balances in Millions of Dollars)
Free
all——
effort
war
quarter
idle for the first
46.46
+
accounts, together with changes for the month and
31, 1942:
and
■'
first
one-fourth
+
—
on April 21 that member firms of the New York Stock Ex¬
change carrying margin accounts for customers reported for March a
decrease of $3,000,000 in their customers' debit balances and a de¬
crease of
$1,000,000 in money borrowed by the reporting firms. These
firms,'says the Board, also reported decreases of $8,000,000 in their
cash on hand and $13,000,000 in their customers' free credit balances.
During the year ended March 31, 1942, customers' debit balances de¬
creased by $102,000,000 and money borrowed decreased
by $81,000,000, the Board states. The Board presents the following summary
of the customers' debit balances and principal related items of the
Debit
•
Davis reported that
approximately 332,000
of
idleness
due
to
the
about
ployment
Federal Reserve Reports Brokers1 Balances
Cash
.v
first
lost through
were
Mr.
were
26.21
64,603,867
v
134,878,897
___
Customers' ;debit
•
worked
the
war
V"V;
1,020
•_
in
mdn-days
strikes affecting- the
Debit Balances:
'
v
City——j 1942
Sioux
Total
937
:
>
J1942
i.
Wichita
•
\
458
■'
"vi
j 1942
} 1941
__(1942.
) 1941
...
Peoria
St.
638
'
(1942
)1941
Indianapolis &
1942
Omaha
—.-^^2-11941
St.
1,752
$$
Toledo
'
6,380
1,892
?
533
777
545
7,583
V
w
74
Iv^i:;^:|i94i!
'
954
8,366
v
2,418
'"'
Barley
(bush.)
''
527
774
)1941
__(1942
Minneapolis
.
943
Rye
(bush.)
strikes.
there
—;
1
—r*'
35,705,600
:
1942
14,727,011
v¥+-; 19,009,701
64,601,551
The
GRAIN
AND
Ended
Weeks
quarter of 1941
33.73
—
■
56,187,604
40,914,074
,
..
8,702,988
59,927,200
-
1940.
32,904,121
—
54,896,705
1936
1937
-—
,r; 59,923,775
,v
22.39
28,128,967
—
.
nounced
FLOUR
4
man-hours
industries
war
during
99,399,962
;
.
1934
statement of the Western grain movement:
WESTERN
in
April 21 that only .06
on
of the
or
107,579,051
1933
detailed
a
1%
0.03
However, wheat and corn were
Jform, "we: now, present
William H. Davis, Chairman of
National War Labor Board,
the
—
107,148,249
i
1932___
1935_1_
12.13
16.84
+
19,895,047
Strikes In War Plants
14.91
+
—
8,275,149
108,120,729
.
1931_.__
Reports Sharp Drop In
32.02
+
'
^
7.--
7,293,722
+
76,630,334
99,460,389
+
—
21,824,020
104,117,278
_
1929
contributing factors, both better than doubling their 1941
February" feCeipts. b In'our usual
;
70,387,622
___
$11,549,651
6,861,744
9,234,932
76,706,840
__
1923
+
+
56,250,628
>
20,771,731
1922
1938„_.x^
current-year grain movement over the Western
57,458,572
59,553,012
1916
1939_
The February
59,461,341
39,657,965
1917
1928
section adjoining Canada lying west of the
line from Chicago to Omaha and thence to Portland,
Region—Comprises
Lakes Region,
DISTRICT
WESTERN
J
Northwestern
.
1911
1926
mouth.
f
Great
,
•
.
.
1927_
i
•
•1
Region—Comprises the section on
•
mouth.
February—
1909
•'{ r\'T;
1715
-Net Earnings-
DISTRICT
England Region—Comprises the New England States.
Great
the
of
-'<•*' r'.V,*:
EASTERN
New
indicates
following
FINANCIAL CHRONICLE
294
¥;
4.487
253
3,794
3,126
819
12,331
10,060
10,995
9,972
140,755
124.646
3,715
3,752
48,822
47.131
6,285
5,405
79,339
67.180
996
815
12,594
10,334
covering 141 centers, available beginning with 1919
Both
companies
operators
furnishing
are
leasing
services
building
space
to
and
firms
which produce goods for inter¬
state
commerce.
authorized by the War
been
Newsprint Held Ample
Moody's Bond Prices And Bond Yield Averages
President ,of
the Newsprint Association of Can¬
ada, said on April 20 that there
will be
a
sufficient
supply of
Charles
Vining,
and bond yield averages are
computed bond prices
the following tables:
Moody's
given in
*'v
prices^ :
bond
moody-s
'
American
consumers to carry them through
the balance of 1942.
Mr. Vining
said he.V made the statement^ to
North
for
newsprint
had
28
Apr.
a
23
22
'
in
part:
careful esti¬
supply and
•a".' consumption for the balance of
1942.
Our conclusion is that,
after allowing for curtailment
of power now in prospect, there
will be mill capacity to meet
the regular requirements of the
'_•* Canadian
industry's
contract
made
have
We
f
of newsprint
mates
a
Canadian
with
Mar.
electric
talks
of
amounts
a
real
16,
1559.
page
113 70
107.62
92.20 '
97.00
110.88
113.89
116.41
113 70
107.62
92.06
96.85
110.70 "
113.89
106.92
116.41
113 70
107.62
92.20
97.00
110.70.
114.08
106.92
116.41
113 70
107.62
92.35
97.16
110.70
114.08
that
107.62
92.35
97.16
110.70
114.08
106.92
116.41
106.92
116.41
113 70
107.62
92.35
97.16
110.70
114.08
118.11
106.92
116.41
113 70
107.62
92.35
97.16
110.70
114.08
limited
118.11
106.92
116.41
113 70
107.62
97.16
110.70
114.08
war
118.17
106.92
116.22
113 70
107.62
92.20
;
97.16
110.52
113.89
118.16
106.92
116.41
113 70
107.62
•; 92.20 "
97.00
110.52 "114.08
118.10
106.92
116.22
113 70
107.62
92.20
97.00
110.52
114.08
118.03
106.92
116.22
113 70
107.62
92.20 :
97.00
110.52
113.89
118.20
106.74
116.22
113 .50
107.62
91.91
97.00
110.34
113.50
117.80
106.21
115.63
113 .12
107.09
91.34
96.85
109.79
—.
York
112 .93
107.27
91.34
96.85
109.60
112.75
115.63
112 .93
107.27
91.62
96.85
109.79
113.31
106.39
115.63
113 ,31
107.62
91.62
96.85
110.15
113.31
116.32
106.56
115.82
113 .31
107.80
91.62
96.85
110.34
113.50
23
106.74
116.41
113 .50
107.80
91.77
97.16
110.70
117.02
106.74
116.41
113 .50
107.80
91.91
97.16
110.70
113.70
113 .70
107.80
92.06
97.31
110.52
113.70
i.„
—
107.09
90.63
95.92
110.34
113.31
May.
92.50
115.89
105.52
116.22
112 .00
106.04
>.a
'
—
——
'.
—
21
-
18
-
...
was
101
The
a
a
similar
defeated
ate
it.
the
Sen¬
•!
Moody's Daily
Commodity Index
'
!
Wednesday, April 22
-
Thursday, April 23
^Friday, April 24
Saturday. -April 25
Monday, April 27__
Tuesday. April 28——,Two
weeks
Month ago,
Year
1941
ago,
ago,
April
High—Sept.
Low—Feb.
1942
April
March 28
14
—
9
17
3.35
2.84
3.00
3.30
4.27
3.96'
3.14
2.97
3.35
2.84
2.99
3.30
4.27
3.96
3.13
2.96
3.35
2.84
3.00
3.30
3,96
3.13
2.97
3.35
2.83
2.99
3.30 V
3.95'
3.13 A
2.97
3.34
2.83
2.98
3.30
4.26 •a-.
3.95
3.12
2.90
3.34
2.83
2.98
3.30
4.26
3.94
3.12
2.83
2.97
) 3.30
4.26
3.95
3.13
2.95
log
3.34
3.34
2.83
2.97
3.30
4.26
3.94
3.12
2.96
tons.
2.96
4.27
.
a>
4.27
2.96
—.
!
__
-
234.0
3.95
3.13
3.34
2.83
2.97
3.30
4.26
3.13
2.95
16
11.775
11.700
52.000
6.50
6.35
——riir__
3.34
2.83
2.97
3.30
4.25
3.93
3.13
2.95
17
11.775
11.700
52.000
6.50
6.35
3.34
2.83
2.96
3.30
4.25
3.93
3.13
2.95
18
11.775
11.700
52.000
6.50
6.35
3.34
2.83
2.97
3.30
4.25
3.93
3.13
2.95
20
11.775
11.700
52.000
6.50
6.35
8.25
3.93
3.13
2.95
21
11.775
11.700
52.000
6.50
6.35
8.25
3.13,"
2.95
22
11.775
11.700
52.000
6.50
6.39
8.25
Average
11.775
11.700
52.000
6.50
6.35
8.25
—
—
II
'
3.34
2.83
2.97
3.30
3.34
2.83
2.97
3.30
4.24
3.93
3.34
2.84
2.97
3.30
4.26
3.93
3.14
2.96
3.34
2.83.
2.97
3.30
4.26
3.94
3.14
2.95
3.34
2.84
2.97
3.30
3.94
3.14
2.95
3.34
2.84
2.97
3.30
3.94
3.35 a
2.84
2.98
3.30
4.28
2.87
3.00
3.33
4.32
STOCK
—
—
3.38
—
.
—
PRICES
OF METALS
("E.
& M.
J." QUOTATIONS)
I"
,
S?
4.26
4.26
;
3.14
2.96
3.94
3.15
2.98
3.95
3.18
3.01
3.38
2.88
3.01
3.32
4.32
3.95
3.19
3.02
3.38
2.87
3.01
3.32
4.30
3.95
3.18
2.99
3.16
2.99
3.95
St. Louis zinc,
8.25
8.25
8.250c.; and silver, 35.125c.
2.87
2.99
3.30
4.30
2.86
2.99
3.29
4.30
3.95
3.15
2.98
2.83
2.98
3.29
4.29
3.93
3.13
2.98
markets, based on sales reported by producers and agencies.
2.83
2.98
3.29
4.28
3.93
3.13
2.97
6
3.35
3.14
2.97
.
"M. & M. M/s" appraisal of the major United States
above quotations are
The
They are reduced to the
3.34
2.84
2.97
3.29
4.27
3.92
3.34
2.84
2.95
3.30
4.28
3.92
3.13
2.97
3.34
2.83
2.96
3.30
4.28
3.92
3.14
2.97
Louis, as, noted.
All prices are In cents per pound.
and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
basis; that is,
3.34
2.82
2.95
3.30
4.29
3.93
3.13
2.96
delivered
izz'iimrii"
3.39
2.86
2.98
3.33
4.37
4.01
3.15
2.99
figures
:
3.39
2.88
3.01
3.33
4.37
4.01
3.19
3.02
3.34
2.82
2.95
3.28
4.24
3.42
2.86
3.06
3.39:'
4.47
4.03
3.20
3.08
3.19
4.24
3.89
3.03
2.83
—
1942
—
1941
28,
—
1941
3.12
3.91
2.95
-3.38
2.82
3.52
2.82
I
3.02
3.36
4.33 ;
3.96
2.99
3.56
4.72
4.31
—_
latest
ih~ the
cash, New York or St.
Copper, lead
at
consumers'
3.15
3.04
with
vary
the
destination,
the
method of doing business.
3.22
3.04
Quotations for the present reflect this change
basis (lighterage,
A total of .05c. is deducted from f.a.s.
to arrive at the f.o.b. refinery quotation.
etc.)
'
.,
...
,
■
complete
list of bonds used In computing
1941, page 409.
•
these Indexes was pub¬
Osils for Data oei Use
Metals—Refiied-Lead Output 1st U. S. Gains
Mess-Ferrous lefals—WPB
Eledrie Bsslpd For
and Mineral
Markets" in its issue of April 23 reported
Production Board has initiated a survey on metals used
so far this year and
anticipated requirements, the results of which
will be used in allotting materials under the new Production Re¬
quirements Plan that becomes effective for the quarter beginning
A
a
to
for the last
14,584
tons,
making the total for the month so
ifj-
completed prior to
tracts must be
July 1, 1942. and no delivery shall
be made unless such delivery has
i....
"i')'
■
.*•
•.
I
••••
Week Ended Iprif 25,:1£42
9041'
Skis I I .8% Gain Over Sa&e Week
its current weekly report, esti¬
The Edison Electric Institute, in
the
production of electricity by the electric light and
mated
that
power
industry of the United States for the
week ended April 25,
compares" with 2,950,448,000
kwh. in the corresponding period in 1941, a gain of 11.8%. The
output for the week ended.April 18,-1942, was • estimated to be
3,307,700,000 kwh., an increase of 14.2% over the corresponding week
1942,
in
3,299,181,000
was
'
1941.
that th*3 War
tf.
charges
delivery
As
f.a.s. transactions, dollar basis.
ings to
issue of Oct. 2.
amounted
plants.
shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to World War II, most sellers are restricting offer¬
In
prices are computed
maturing in 25 years)
t The
basis of
-
.
1940
27,
2.85
2.72
3.25
-!
These
•; i.vo
8.25
St. Louis, lead, 6.350c.;
Straits tin, 52.000c.; New York lead, 6.500c.;
3.35
week'
I
Lo.b. refinery, 11.775c.; export copper, f.o.b. refinery, 11.700c.;
copper
3.36
3.37
St. Louis
Average prices for calendar week ended April 18 are: Domestic
13
—miiiiii!
Zinc
Electrolytic Copper
Straits Tin,
Lead——r-—,
Domest., Refin. Exp., Refin. New York New York
St. Louis
CLOSED
EXCHANGE
.
-
April
2.«6
4.25
—
DAILY
'
from average yields on the. basis of one "typical" bond (3%7<;
couDon
and do not purport to show either the average level or tm t
average movement of actual price quotations.
They merely serve to illustrate in a more com
prehenstve way the relative levels and the relative movement of yield averages, the lat
ter being the true picture of the bond market.
(
Treasury prices are also
unchanged.
3.94
in the domestic trade
232.1
the
and
95,616
to
4.27
219.9
232.5
slightly
\
.
.
ended
3.30
185.4
231.2
:
week
2.97
'
Certain sellers of copper were
yesterday, reveal that
moved up to granted ~ permission by OPA to
59.928
tons during
March. The dispose of copper sold on contract
prior to Aug. 12, 1941, at prices
publication further reported: above the 12c. Valley basis.
The
Copper
order releasing the metal, issued
;
Early action is expected on al¬ under revised price schedule 15—
locations for next month.
Sales copper—stipulates that the con¬
230.1
increased
the
2.83
production of lead
231.8
re¬
During the past week, silver in
April 18 of 6,250 tons; shipments London has been unchanged at
amounted to 6,807 tons. The back¬ 231/2d.
The New York Official
for
sales
3.34
2.83
1941
Of
Silver
The Prime Western division
ported
iiri——ir.
3.34
1942
lished
.
2.96
30
•
.
.
Zinc
2.95
tics, issued
Low—/an2,—--""7—|^20.0
2.97
3.12
232.5
171.6
—
Indus
3.14
3.13
231.6
231.7
:
P. V.
questionnaire, on form PD-275, is being mailed to mines,
railroads,
ship
yards,
utilities,<S>
« construction jobs, the petroleum far 72,147 tons._.The price situa^
tion on both domestic and foreign
industry, and military and naval
contractors.
Refined-lead statis¬ copper was unchanged. ' .
232.2
l
28—
High—April 7
___
___
3.00
resolu-;
-
;Tuesday, April 21_
2.84
R. R.
3.97
3.94
July 1.
;
Baa
4.28
3.95
"Metal
but
A
3.30
Large
April 28 to discuss allocations. week.
lead during the that supplies will be ample and
last week amounted to only 1,700 are inclined to lower their bids.
Demand was quiet.
tons.
■
Sales of comrrTon
Corporate by Groups
Aa
3.36
1 Year ago
the Assembly passed
resolution
Aaa
of the market for
unchanged last
consumers believe
was
on
Closing Prices)
Corpordte by Ratings
:
The position
quicksilver
& 3.95
2
time.
Last year
AVERAGESt
meet
4.26
16
Senate, which termed
project "the height of folly";
war
112.37
are
4.26
20
sent to the
in
109.06
decided
been
scheduled to
with officials in Washington
Producers
upon.
91.48
have
month
next
4.26
6
.tion, sponsored by Assemblyman
Caffrey, Buffalo Democrat, was
!the
112.37
•;
3.30
13
State Assembly
40.
to
110.34
96.69
quotations.
Quicksilver
v
3.30
20
i
London Tin—No
3.30
1
April
inactive during
was
week, and is expected to
remain quiet until allocations for
2.97
27
Low
The market
the last
2.97
3
High
ore
Chinese tin, 99%, spot, 51.125c.,
all week.
2.97
2
vast
from domestic
accounted for 50,919 tons.
Production
2.83
7
Jan.
last
2.83
8
Feb.
111.62
since
3.34
9
of
109.42
total
3.34
II—III—-
10
Mar.
95.62
monthly
3.12
16
4
89.23
Avge.
rate
20
ii
Individual
on
Corpo¬
27
14
116.41
85.85
103.13
YIELD
BOND
MOODY'S
(Based
112.75
112.56
-
.
113.31
116.61
103.80
116.20
114.08
109.60
91.19
106.56
112.75
116.61
>
1940.
110.88
the
in
.
106.21
118.68
28
22
52.000
113 .50
1941.
23
52.000
52.000
115.82
1941
24
52.000
106.04
95.92
July
52.000
117.61
97.78
17
52.000
52.000
highest
97.47
52.000
52.000
.52.000
113.89
90.63
52.000
52.000
21
113.70
110.70
92.50
June
52.000
22—.52.000
113.70
110.52
.
May
.52.000
.52.000
April
110.70
97.16
■
April
16
April
97.31
97.31
91.77
109.60
future
follows:
as
52.000
91.91
107.09
for
52.000
91.91
107.98
April
tin
nominally
52.000
107.62
114 08
quality
was
52.000
107.62
116 02
S Straits
delivery
52.000
107.62
112 93
costs.
52.000
114 .08
116.61
on
higher
.5i000
114 .08
115.43
claiming
.52.000
113 .89
118.GO
concentrate,
18_
116.61
106.92
for
post¬
Bolivians
20
116.22
106.04
plate
been
April
116.41
108.52
tin
April
refiners
106.92
118.27
of
United
Lead
106.92
115.90
tin
large
Lead
date of the order
use
States produced 59,928 tons of re¬
fined
lead
during
March, the
106.92
120.05
in
sold
items
re¬
poned until April 30.
are asking for a higher price
April
118.00
1942
Apr.
other
all
117.51
1941
civilian
closures has
container
volume to the Government.
117.60
2 Years ago
.on
.vote
116.22
106.92
a
prices of
involved, but
downward readjustment
the
halting
products
113.50
116.27
6
Daily
April 22 adopted a resolution;
.seeking to put the State on record
as opposed to development of the
St. Lawrence seaway project. The
on
115.43
106.21
117.08
further reduction in the
on
106.21
the
for
items
of
a
on
at
•
The effective
increasing
effort and OPA believes that
also
116.34
an
production
fabricators will wish to give care¬
ful consideration not only to a
112.93
117.33
x
—
be
of
number
brass
13
April
New
-
will
concentration
the
——117.32
Average
Against Seaway Project
■;
1
2 Years ago
The
CLOSED
EXCHANGE
2
1942—
- "
92.50
27
April 27,
there
118.06
STOCK
April 28,
April
•
—118.07
——
essential
-
113 89
—
estimated
supply, he be¬
lieves, will be ample for all war
106.92
..
is
Zinc Institute. This
118.07
1 Year ago
was
am¬
118.16
Low
referred to in these columns
116.41
small-arms
118.18
Na¬
London
in
mission
106.92
that 13 firms,
brass ma¬
of the
for
used
13
High
Their
118.12
terials
14
Low
own."
Nations
producing 95%
11
High
pooling of all the ships the
United
*
113.89
114.08
110.88
munition, have agreed to reduce needs. and
prices of these products ,1c; a quirements.
pound.
In requesting the price
reduction, < Mr. /.Henderson
said
It requires
shipping.
110.88
110.70 ~
96.85
92.20
113.89
said
involves
"this
97.00
96.85
1942
Low
particularly
supplies
to
Russia, China and Australia." He
that
92.20
92.20 '
107.62
113.89
High
tions,
added
107.62
107.62
113 .50
114.08
the
United
various
to
113 50
113 70
116.41
1942
1,000,000 tons, according to E. V:
Gent, Secretary of the American
110.88
2
ships, the use of ships, the whole
question of supplies from our two
countries
116.41
116.41
9
be
he had discussed the "building
announced April 20
106.92
106.92
for
country
110.88
Assign¬
He
London.
in
113.89
117.96
118.03
106.92
Henderson
Administrator
Price
110.70
16
Board, said after the meet¬
ing that he had been mainly con¬
cerned with the shipping problem
his
113.70
96.85
ment
in
113.70
110.70
97.00
Pool
of
110.70
96.85
96.85
Hopkins, who is Lend-Lease
head
96.69
92.06
92.20
Winant, Ambassador to Britain.
Munitions
92.06
107.62
92.20
meeting on April 20.
Also
present * at the conference were
Secretary of State Hull and John
and
107.62
113 31
92.20
eon
States
113 12
116.41
107.6.2
Marshall, Army Chief of Staff,
just back from their mission to
Britain,
reported
to ! President
Roosevelt at a White House lunch¬
United
116.22
106.74
107.62
C.
Supervisor,
106.74
117.88
107.62
Harry Hopkins and Gen. George
Mr.
117.80
;
Total supply of slab zinc in this
113 70
25
G.
113.89
23
plants projected for Canada, at
the request of the United States.
Allies Need Shipping
110.70
113 70
30
Jan.
con¬
will
96.69
■
113 70
Dominion's
power
92.06
116.41
aluminum and chemical
taken by
107.62
20
>
available
113 .31
tion.
a
116.41
6
supplies about 70% of this
country's newsprint.
of ?! the
116.22
Co.; Shattuck-Denn Min¬
ing Corp., and White Bros. Smelt¬
ing Corp.
116.41
13
newsprint industry, one
bulk
117.78
106.74
Mathes
106.92
27
Feb.
sumers,
The
113.70
106.92
20
affecting United
of newsprint. The
determining factor, he stated, will
be the rainfall in Canada.
The
power
110.52
3
officials in Wash¬
largest
96.69
106.92
uses,
Canada's
92.06
4„_—
States supplies
of
107.62
118.08
7
ably will result in curtailment of
electric power late this year for
Canadian
113 .12
is small,
volved
118.16
6
ington, that new war industries
being established in Canada prob¬
non-war
116.22
113.70
the
118.13
8
conference
recent
after
said,
106.74
Indus
:
Howard I. Young, President., of
a
17
Committee,
Coordinating
117.72
P. U.
Board.? The
15
9
Batt, Chairman of
States-Canadian Ma¬
United
the
terials
110.52
10—
L.
William
117.51
Pro¬
quantity in¬
American
Zinc,'
Leada*&
amounting to 4,- Smelting Co., announced that his
brought a new retort
605 tons, and prices realized will company
into
production
average
close to 121/2 ca Valley. furnace * block
Companies, named in the order during the last week. Output from
are:
American Metal Co.; Inter¬ this block should add between 6,national Minerals & Metals Corp.; 000 and 7,000 tons of slab zinc an¬
Adolph Lewisohn & Sons; Lewin- nually to this country's produc¬
duction
16
•w;; customers in the United States
and Canada throughout 1942.
^
R. R.
96.54
Aa
Aaa
rate *
117.99
18
>
said
Baa
91.91
—...
—
Corporate by Groups *
Corporate by Ratings
Corpo'
A
—.
20
-/a-a
,
.
107.62
—
21
Montreal,
•
113 .12
—
24
'
j\, !
116.22
25
hydro-power diversion from
newsprint mills to aluminum.
His statement as given in Cana¬
r
106.56
27
able
dian Press advices from
Govt.
Bonds
'
Yields)
Average
on
Avge.
V. S.
1942—
Daily
Averages
misconception that
arisen from reports of prob¬
counteract
(Based
-
Thursday, April 30, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1716
kwh.,- which
7
*
.
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Major Geographical Divisions—
England—..
—l—
'
'9.0
——
Central————_—,
West
>
12.4
13.0
9.4
11.6
8 4
9.0
April 4, '42
'
9.3
9.7
;
.
I.
.
•
12 3
>
9.0
10.2
>
8.8
-
11.5
'
18.1
16.7
States
Southern
Apr. 11, '42
10.8
7.0
*
Atlantic
Central Industrial
Apr. 18, '42
Apr. 25, '42
New
Middle
.
Week Ended—
——
18.6
14.8
—
"
Mountain—i,—
Rocky
'2.1
4.0
11.8
United States
Total
?
DATA
FOR
RECENT WEEKS
VI'
a
7.7
/.
25.3
26.4
I:I>
14.2
V14.3
22.0
~
.
-
13.3
a
28.3
:
.
13.1
(Thousands of Kilowatt-Hours)
% Change
1942
Week Ended—
Mar.
Mar.
.,! 7
'
!-
14—
1942
1941
over
1940
1941
3.392.121
3,004,639
+ 12.9
3.357,444
2,983.591
+ 12.5
'
:
1932
1929
■
2,553,109
1,538.452
1,702 570
2,550,000
1.537.747
1.687 2?9
2,508.321
1,514.553
1,687.229
Mar
21
3.357,032
+
12.5
Mar.
28——
3.345,502
2,075,407
+
12.4
2,524,066
1,480.208
1,679.589
+13.1
2.493.600
1,465,076
1,663.291
+
14.3
2.529.908
1.480.738
1.696 543
2.528 RRR
1.469 810
1.709 331
2,499,060
1,454,505
1,699,822
2.983,048
Apr.
4—___—.—-
3.348.608
2.959.646
Apr.
n:
18——
25—
3.320 858
2.905.581
Apr.
Apr.
3.307,700
2.897.307
3,299,181
2,950,448
+ 14.2
-•
+11.8
-
rt :r, .-.i
i-y
1
J
i
1
0
•
Volume 155 '
Number 4068
THE COMMERCIAL & FINANCIAL CHRONICLE
v
Fertilizer Ass'n Price Index Advances Further
to
Trading On New York Exchanges
price index compiled by The
The weekly wholesale commodity
National Fertilizer Association which
;
made
was
April
public
27,
high level last week.
The index, in . the week ended
April 25, 1942, stood at 128.0 compared with 127.7 in the preced¬
ing week.
A month ago it was 124.0 and a year ago 104.1, based
on
the 1935-1939 average as 100.
This index is now 1.0% above
the high point reached in 1929, and is 23% higher than in the cor¬
responding week of 1941.
Prices for foods and farm products continued to climb upward
last week resulting in still another advance in the all-commodity
price index.
In the food group price changes were nearly equal,
with 7 items advancing and 5 declining.
Rising prices for such
rose
a
new
commodities
butter, eggs, potatoes, and meats, however, more
than offset declines in cheese, flour, and several other less important
items; the net result was another upturn in the food price index to
a new high level.
The farm product price average regained part of
the loss suffered in the previous week, as grain and livestock quo¬
tations more than counterbalanced a drop in raw cotton.
The index
of miscellaneous commodities was likewise somewhat higher during
the week.
cotton.
1'
•
'
•
-v
-
'
-
11
26
declined; in the preceding week there were 25 advances
declines; in the second preceding week there were 28 ad¬
and
vances
8
WEEKLY WHOLESALE COMMODITY PRICE INDEX
the floor
[*1935-1939
,
\ty \-r*Yv-.',
■,
*
,
Group
Apr. 25
Total Index
Foods
23.0
Farm
__
Month
Week
Ago
Cottonseed 01L^___—
'
Reports showing
179
transactions initiated
_
128
■
I
146
•
.
Total number of reports received____i.i._-._^_^_i^i.iw
1. Reports showing transactions as specialists
146
185
646
614
739
738
95
93
__
2.
Reports showing
3.
Reports showing other transactions initiated
other
transactions
the floor
-7
initiated
b—
the floor
■.
4.
_______
Reports showing
Note—On
/'
:>hf'
142
89
141
641
632
,
735
v
:
*'138
York Curb Exchange
644
91
•
■
the
New
19
—_____.v
24
17
45
63
51
586
567
580
'777 l7'
>728
7<>94
■
,7*19
off
__.
York
93
7/7:7
on
transactions™-
no
;.y
737
7
52
,49
573
572
Curb
Exchange, odd-lot transactions are handled solely by specialists in the stocks in which they are
registered and the round-lot transactions of specialists resulting from such odd-lot transactions are not
segregated from* the
specialists' other round-lot trades.
On the New York Stock Exchange, on the other hand, all but a fraction of the odd-lot trans¬
actions
effected
are
dealers
by
solely
engaged
in
the
odd-lot
business.
stocks in which they are registered are not directly comparable
The number of reports in the various classifications may total
entries
carry
Total
in
than
more
Stock
Sales
classification.
one
the New York Stock
on
on
As<
result,
a
the
7:
transactions
of
specialists
*-
,
of reports received because
single repdrt
a
;
t
Exchange and Round Lot Stock Transactions for Account of Members*
Round-Lot Sales
other sales b
round-lot
the two Exchanges.
more than the number
,
Feb. 28
Short sales
Total
98.1
120.9
138.0
136.2
97.9
159.3
159.3
159.0
103.5
137.7
134.4
98.4
193.3
184.2
•104.1
134.3
173
•
_
Mar. 7
a
>
for
Week
Mar. 14
a
7c
of
——■■)} 1. <.
—
Mar. 21
a
(Shares)
——
7c
Mar. 28 }% d
a
69,330
94,400
1,709,100
2,522,660
2,064,440
1,892,980
1,756,460
1,778,430
2,617,060
2,149,540
1,963,480
1,815,380
139,470
175,040
170,390
118,330
31,230
23,120
•
85,100
:
?,,7'..
70,500
<
58.920
LJ 7
Tf~ »
1941
125.6
____
Livestock
1,023 't
173
128
New
Apr. 26
126.0
Cotton
Mar. 28
1,024
off
,
transactions™
no
Mar. 21
;V
f',v"
Ago:
,
1942
1942
_
Grains
other
the floor
A.
Year
'•
Mar. 21
Apr. 18
Fats and Oils
Products
Reports showing
4.
Total Hound-Lot
Preceding
1942
25.3
1,044
183
Total
Latest
Week
'
Mar. 14
1,040
100]
=st
'
Each Group
Bears to the
Mar. 7
V ".
___
3.
/
Stock Exchange
—Week Ended—
182
_
follows:
as
York
1,041
number of reports received
Reports showing transactions as specialists—
2. Reports showing other transactions initiated on
1.
classified
are
Feb. 28
Total
may
)
'
-
Compiled by The National Fertilizer Association
,
These reports
New
in
declines.
%
members.
-
During the week 17 price series included in the index advanced
and
Exchange and
the New York Curb Exchange by their
respective
The only group average to
•
and
The Securities and Exchange Commission irade public on April 15
figures showing the daily vol¬
ume of total round-lot stock sales on the New York Stock
Exchange and the New York Curb Exchange
and the volume of round-lot stock transactions for the account of all
members of these exchanges in
the weeks ended Feb. 28, and March
7, 14, 21, and 28, continuing a series of current figures being pub¬
lished weekly by the Commission.
Short sales are shown separately from other sales.in these figures.
The data published are based upon weekly reports filed with the New York Stock
as
register a decline was the tex¬
index, which fell off slightly due to a drop in the price of raw
tile
1717
113.9
117.6
89.8
133.0
128.5
98.5
B.
sales
Round-Lot
Transactions
for
Account
the
of Mem¬
bers, Except for the Odd-Lot Accounts of Odd-Lot
Dealers and
'
1.
Specialists:
Transactions of specialists
they
are
Total
in stocks in which
registered—
purchases
161,120
'
V,
17.3
Fuels
10.8
Miscellaneous
commodities-
8.2
Textiles
7.1
Metals
6.1
Building
1.3
Chemicals
and
Fertilizer
materials
-:V
.3
117.4
113.3
103.4
128.7
128.3
127.9
114.1
149.2
149.5
147.0
120.6
104.4
104.4
.103.7
139.8
116.6
120.3
104.7
118.7
__
materials
..
151.7
_
Fertilizers
.3
Farm
,
120.7
drugs™
104.1
machinery™
118.9
106.9
115.3
115.3
101.2
104.1
104.1
99.7
127.7
124.0
104.1
Short sales
,
Total
2.
"~7
\
•Indexes
April 26,
combined
groups
1926-1928
on
base
April
were:
25,
1942,
99.7;
April
18,
1942,
99.5;
.
——_
,
sales
Short
1941, 81.1.
36,800
-113,660
7.85
198,680
7.14
113,420
;
150,460
7.25
91,280
8.02
144,650
6.41
114,400
68,820
70,950
14,100
14,000
11,800
11,700
10,000
46.630
96,175
58,720
73,830
55,620
3.64
60,730
off the
75,340
3.46
110,175
92,960
70,520
3.39
67.090
4.55
85,530
3.66
65,620
floor—
Total ■ purchases,
•-
45,330
153,350
floor—
Other sales
•
Other transactions initiated
3.
>:
the
on
purchases
Short sales
'
32,830
106,980
139,810
Other transactions initiated
Total
-
sales
Total
All
100.0
.
Other sales
39,390
sales
Other sales b
60,680
51,660
36,030
6,400
5,960
8,020
6,950
43,020
110,800
52,370
54,160
39,820
10,700
y-':
/'
49,350f|
-\l
Total
Engineering Construction Up 44% In Week
:
Short
Engineered
44% above the total of a week ago as reported by "Engineering
News-Record'' April 23. Public construction is responsible for the
gain over last year, climbing 207%, while private work declined 63%.
Comparisons with a week ago reveal a 47% gain in public, and a
14% rise in private work.* Federal construction is 391% higher than
in the 1941 week, and is 46% above the preceding week.
The current week's volume brings 1942 construction to $2,709,514,000, an increase of 47% over the total for the 17-week period
last year.
Private work, $243,132,000, is 52Vz% under a year ago, but
public construction is 85% higher as a result of the 148% gain in
Construction
Construction
Public
State
i
Apr. 24, 1941
$107,090,000
„_
Construction
Private
and
a
Municipal
Federal
■
—
13,774,000
134,803,000
27,033,000
7,631,000
127,172,000
—
37,820,000
™
Apr. 16, 1942
$148,577,000
,
Securities
and
sales
3.39
on
the New York
Curb
306,670
60,390
Total
B.
2.47
61,110
60,050
288,120
2.75
*
56,620
49,880
43,820
241,410
196,250
13.99
and
Feb. 28
7c
425,615
Stock
13.99
281,370
Transactions
for
the
Account
Mar. 7
a
■
,
v.
il'r.
255,595
•.
225,240
224,750
250,335
Transactions
299,380
65,290
249,960
J4-
sales
Round-Lot
;
360,325
5,260
sales b
2.61
53,330
Exchange
__
Round-Lot Sales:
Other
a
13.25
for
for
291,290
Account
Week
Mar. 14
240,070
15.04
Members*
of
.
r
ofMar. 21,
a
%
a
4,855
2,810
4,100
379,490
349,610
365,780
384,345
352,420
%
Mar. 28
4,470
491,070
495,540
12.82
(Shares)
«
W-
'
369,880
of
*
Members:
1. Transactions of specialists in stocks in which
■
7
they
are
registered—
purchases
Short
27,470
sales
Other sales b
Apr. 23, 1942
$214,369,000
15,658,000
•
198,711,000
12,981,000
Total
_
sales
transactions initiated
Total purchases
Short
sales
on
the
*
*
2,260
3,500
40,315
47,550
11.87
68,615
5,005
9.03
36,260
4,650
200
sales
-;)•.• • v."
;
1.57
2,450
initiated off the
9.97
10.42
42,575
10.75
51,050
floor—
2,250
purchases
Short
28.480
3,170
33,090
_.
Other transactions
Total
Exchange Odd-Lot Trading
s
29,850
3,515
65,100
Other sales b
Total
33.165
30,180
2,700
30,490
33,190
2. Other
185,730,000
3,150
300
275
8,160
5,300
1.32
8,460
1.13
5,575
6,460
3,025
7,750
2,850
7'H
0.79
2,850
2.05
7,750
floor—
7
3,645
sales
7,305
j
2,310
:
Other sales b
Commission has made public a
summary for the weeks ended March 7, 14, 21, and 28, and April 4,
J 942, of complete figures showing the daily volume of stock transac¬
tions for the odd-lot account of all odd-lot dealers and specialists who
handle odd lots on the New York Stock Exchange, continuing a
series of current figures being published by the Commission.
The
figures are based upon reports filed with the Commission by the
odd-lot dealers and specialists.
116,760
196,630
Short sales
3.
The
247,680
2.50
-Total
Total
A.
777
New York Stock
__
sales
Total
and the cur¬
42,237,000
64,853,000
49,420
/'"Total Round-Lot Stock Sales
Total
Construction volumes for the 1941 week, last week,
rent week are:
'
■
'
__
:
Other sales b
.
Federal work.
Total
,
Total purchases
;
construction for the week totals $214,369,000, just
double the volume reported for the corresponding 1941 week, and
/
sales
Total—
4.
8,130
6,500
6,160
7,355
500
610
300
20,820
12,070
11,360
'
,
100
14,585
Exchange
Total
sales
2.76
10,440
■__
21,320
2.89
2.50
12,680
2.74
11,660
2.82
14,685
Total-
4.
'
Total
purchases
Short
36,720
sales
Total
sales
ists—
,77.7;-.
the
Account
37,665
43,665
4,055
2,560
3,600
50,460
59,425
64,985
16.20
46,080
:
for
42,815
4,315
94,080
T
Odd-Lot Transactions
C.
42,135
5,210
40,870
■
Other sales b
14.18
98,395
54,515
12.66
15.21
61,985
68,585
14.36
of Special¬
;7:7:
'
STOCK TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT DEALERS
Customers'
AND
Customers'
SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
,
March 14
March 7
Week Ended—
March 21
March 28
April 4
Total
:
Odd-Iot-Sales
.-:7 :
by Dealers:
-•
of
Dollar
14.033
12,786
11,870
349,884
314,421
285,558
265,064
204,814
$13,451,636 $11,711,571 $10,573,763
$9,614,933
$7,317,406
orders
Number of shares____.,_—,
value
7.',
•
10,819
8,317
;
Purchases
•
■
*i
•'
.\
•.
♦The
term
Shares in
Customers'
c
short
Customers'
other
Customers'
total
sales—
381
sales*
12,394
12,775
sales
Customers'
other
Customers'
total
"members'?
..
members'
•
per
marked
sales which
"short
9,308
10,702
9,488
End Cotton Stamp Program
3.981
The U. S. Department of Agri¬
culture
announced
on
April 24
203,708
that its Cotton Stamp program is
7,647
4,639
245,304
255,425
260,064
207,689
$10,715,929 $10,634,998
$8,109,119
$8,247,957
$5,913,284
>
120
220
-
130
170
190
79,570
76,480
60,110
63,760
58,290
79,790
76,600
60,240
63,930
58,480
sales
exempt"
10,526
Other salest
Operations
are
scheduled to end before the close
of
the
30,
in
current
areas
fiscal
where
year,
the
21,609
27,239
27,152
24,750
-.12,573
18,778
17,413
15,358
associate Exchange
and
program
has been in effect in the North¬
east, South and West. The program
was terminated April
15 in Mid¬
western States. In announcing this
Officials of the Department's
Number of shares
84.910
105,010
"short
odd-lot orders,
exempt"
and sales
round lot are reported with
are
75,860
60,240
reported with "other sales."
tSales to offset
a long position which is less than a
'.
//.U',,v.
to liouidate
"other sales."
88,470
Agricultural Marketing Admin¬
istration pointed
cotton
selling at
out that with
near
.
while
the
members, tlielr firms and
"
,
cent of twice total round-lot
50
-
25,862
■
25,912
volume on
,
parity and
rules are included with
meet
were
war
not
available
for
is
not
to
be
Stamp
program
confused
with the
Supplementary Cotton program
under which white stamps for
the purchase of cotton goods
were
distributed free to cotton
farmers
who
made certain
ad¬
justments in 1941 acreages. Al¬
though issuance of stamps
der the Cotton Stamp
un¬
program
;
,7
chants
closing dates an¬
locally,
retail mer¬
have
been
assured that
all
stamps accepted under either
program
will be redeemed at
face
value when
submitted for
payment.
continuing the program.
Cotton
"other sales."
with
ends
The
including
Exchange volume includes only sales.
nounced
funds
partners,
'
,
demands for
cotton goods, need for the Cot¬
ton Stamp program is less ur¬
gent.
also stated that
They
ity^ to
15,537
their
volume.
In calculating these percentages, the total
the Exchange for the reason that the total of members'
textile mills working at capac¬
June
the Department said:
by
Dealers:
marked
0
24,750
exempted from restriction by the Commission
are
included
with
"other sales."
10,283
307,751
■
are
! 10,567
252,951
310,007
320,017
sales
Purchases
0
27,152
,
as
12,497
Total
•Sales
"
transactions
regular
12,969
Round-lot Sales by Dealers:
Number of shares:
customers'
all
'180
319.123
sales*
sales—
value
Round-lot
Includes
176
11,372
10,010
Sales
short
being terminated.
.
0
27,239
'
_>
284
472
shares:
Customers' short sales—
Short
v
.
;
sales,
b Round-dot
Number of orders:
Dollar
..r-V
;%;••••••
sales
special partners.
(Customers' Sales)
of
.
0
21,609
members' transactions is compared with twice the total round-lot
transactions includes both purchases and
by
Dealers:
Number
•
Total
; /;
a
Odd-lot
'
c
■
v
Number
sales
sales
purchases
■■777-'7
(Customers' Purchases)
short
short
.
Designed to aid cotton farm¬
ers by broadening the domestic
market for cotton
goods, the
Cotton Stamp program began
in Memphis, in May, 1940.
It
was
gradually extended to a
total of 39 areas throughout the
United
States
as
of
August,
1941.
No
new
areas
have been
opened since that' date.
v
*I
THE
1718
Thursday, April 30, 1942
COMMERCIAL & FINANCIAL CHRONICLE
Y* '•
»■
Draft
May Be Kecessary
Business Expert
Chairman of
Donald M. Nelson,
/
Production Board, in re¬
the War
Freight Car Loadings Daring Week
Revenue
:/]Railroads'-.^
i'
April 18. 1942 Totaled 846,562 Cars
and
Grain
reported
that
done a
Nelson
Mr.'
of
crease
"American industry has
Durham
Florida East Coast
Gainesville Midlands
Gulf,
to be rounded
and many problems to be met.
Further than that, he said,
of
ber
•
corners
V Congress was not helping mat¬
ters by criticizing business men,
sending probing questionnaires
-
*
263
Seaboard
'J
'
;
L
423
320
1,224
1,077
41
1,436
,Yt"' 39
1,141
/Y 1,344
ioo
*
1,028
2.461
1.706
386
388
258
605
602
121
■
were
they
which
to
The
that
stated
advices
same
Mis¬
souri Democrat, and Chairman of
the Defense Investigating Com¬
mittee, before which Mr. Nelson
testified, promptly declared that
he
saw
why such busicould
not
be
reason
no
executives
ii ess
drafted.
the
Truman,
S.
Harry
Senator
replied that
Nelson
Mr.
matter
was
for
question
a
Four
weeks
Four
weeks
Week
Central
—
Western
Milw., St. P. & Pac
Duluth,
Missabe &
Duluth,
South
Ft.
120
757
148
510
3,654
2,953
Iron Range
679,808
846,562
708,793
12,642,170
11,458,988
15,414
555
124
141
148
871
131,534
108,768
98,011
107,429
21,368
21,135
>15,116
12.250
10,199
2,702
2,596
2,490
V.',': 3,142
2,771
20,058
19,092
& 18,316
9.310
3,560
3,350
3,141
3,452
(NUMBER
OF
take
probably
months
enemies
the
overcome
few
a
9,566
10,347
513
493
136
133
20,169
10,499
4,264
3,821
603
477
699
653
658
_
.
Ann
Grand
a
of military
.
Trunk
Western
Hudson River
Lehigh & New England
Lehigh Valley
&
Central
:
_
—
—•
.—
7
Montour
New
N.
•
York
Central
—
York, Ontario & Western
Y., Susquehanna & Western—;—
Erie
Marquette
Pittsburgh & Shawmut
Pittsburgh, Shawmut & North
Pittsburgh & West Virginia—
Pittsburgh & Lake
Pere
few months would
end
equipment scales.
_
_
_
_
Urges Staggering of
Wabash
>
u
Vacations and Travel
Joseph B. Eastman, Director of
the Office of Defense Transpor¬
tation, has urged that vacations be
throughout
staggered
and that vacation
the
year
traveling where
possible take place the middle of
the week in order to avoid traffic
congestion.
all
In a memorandum to
agencies,
Government
requested
Eastman
to
ployes
annual
begin
leaves
or
Mr.
Federal
and
end
em¬
their
vacations
on
Tuesdays, Wednesdays or Thurs¬
days and to schedule
tions
throughout
the
such vaca¬
12
1,682
2,229
6,933
4,740
•3,058
10,815
9,540
9,868
4,527
'
*.72,543
1,690
2,107
293
231
7,870
7,622
6,374
16,715
11,970
1,570
961
1,186
2,045
1,844
40
11
14
66
45
325
2,808
119,918
125,856
78,204
22,632
19,687
18,406
10.178
3,492
3,170
2,540
3,778
741
534
80
13,932
13,655
619 V
Creek
Buffalo
Cambria
&
Erie
Lake
&
Bessemer
!77
Ohio
&
&
_
_
Gauley
Indiana
Central R. R. of New Jersey
Cornwall
vehicle
departments,
and
by avoiding unnecessary driving.
City Southern
293
266
231
123
121
1,931
1,847
2,364
1,249
727
323
380
296
3,181
2,078
14,715
15,002
11,335
16,523
4,462
6,286
4,830
8,227
7.449
184
326
305
3,919
1,874
2,363
1,455
2,044
2,025
727
9,634
7,720
7,837
12,368
7,444
2,738
2,361
*4,122
3,005
6,709
450
4,160
397
2,301
35
1,561
36
42
47,706
46,115
38,556
56,270
30,048
8,633
20,868
14,603
343
1,072
3,281
1,977
7.684
6,437
4,898
15,014
9,906
535
468
371
1,533
1,357
8,568
6,691
5,784
8,553
5,970
6,759
6,078
6,377
313
761
3,071
483
631
617
1,044
4,388
5,048
74
-
26
5,620
5,936
5,153
11,797
4,972
,Y 4,254
3,182
4,826
171,416
152,185
138,327
230,856
Pennsylvania
&
+
i
165
2,052
*
921
.
8,322
'
3,454.
150,296
672
638
538
989
765
40,376
29,480
28,096
27,321
16,709
5,443
4,696
2,255
2,021
1,438
314
5
1,889
6
1,164
11
7,995
7,375
6,084
21,365
672
666
639
79
282
53
222
14
142
Ligonier Valley
7
Long Island
Penn-Reading
Pennsylvania
Reading
Seashore
System—
Lines
_
:
Co
(Pittsburgh)—
Maryland
2
776
'
8,987
f
2,550
1,721
1,527
1,944
4,645
3,070
408
14
8
908
944
1,421
1,007
921
2,022
1,950
1,620
147
939
76i
638
.386
13
9
>13
0
27,911
25,812
23,593
297
334
28Q
14,367
12,897
f
"Y;
"2,095
I
v:
1,083
2,134
,
1,415
p
384
438
Y
52
V
.
9,908
-
0
J 5,907
1,353
1,192
'i:
405
!
8,369
11,396
2
261
5
2
1,642
1,646
*3.611
2.462
102,883
■i 96.994
75,041
%
Valley.,
Missouri
&
169
3,997
3,213
2,511
<.-1.794
1,624
56,375
'
1.148
968
"2.455
2,281
3,220
2,349
1.995
2,010
384
359
355
468
401
1,241
309
849
596;
222'
180
125
4,045
—.
St. Louis Southwestern.:
&
&
New
—:
Orleans.——i-
Pacific—...
»
—-•
3,580
22,014 f.V? 15,259
10,279
118
104
133
6,660
6,088
7,320
5,148
2,595
2,134
5,240
*2,661
9,671
7,957
6,325
4,211
4,049
3,832
3,660
5,593 V
128
122
140
35
44
9
.11
30
23
64,791
50,218
43,844
56,381
41,265
-
—
338
4.121
3,760 :•
3,406
Weatherford M. W. & N. W
Total
344
480 W.
;
8,090
'
Louis-San Francisco
..
13,192 -i
15,722
Quanah Acme & Pacific..
St.
2,870
156
206
«
6,047
h
-YAt
1,805
3.649
1,785
Arkansas-
Lines
I 243
*
2,925
1,808
——
Pacific—
200
'
2,178
223
4.568
——
Missouri-Kansas-Texas
Missouri
141
5,645
76.
•
-.170.'7
"
"Previous figures.
Note—Previous year's !igures
V
3,734
3,951
63
•
Further Advance In Labor Bureau's
Wholesale Price Index In April 18
The
Bureau
of
Labor
U.
Statistics,
S.
Department
on
April 23 that its comprehensive
nearly 900 commodities
<1926=1001
2
'
Week
of Labor,
index of prices of
in primary markets again rose moderately,
by 0.2%, during the week ended April 18.
Sharp seasonal adr
vances
in prices for fruits and vegetables together with higher
prices for meats were largely responsible for the rise.
Agricul¬
ture staples—grains, livestock and cotton—were weak and most in¬
dustrial markets were fairly steady.
At 98.3% of the 1926 aver¬
age the Bureau's index is more than 1% higher than at this time
last month.
In the past year it has risen over 18%.
The following table shows the index numbers for the prinT
cipal groups of commodities for the past 3 weeks, for March 21,
1942 and April 19, 1941 and the percentage changes from a week
ago, a month ago, and a year ago.
• .•
announced
Percentage changes to
April 18, 1942, from
12,046
:
'
'revised.
28
y
38
841
;
29
814
88
560
47
3,414
40
■. 53
4-18
4-11
4-4
3-21
4-19
1,539
1,159
2,578
1.642
82,840
.67,958
56,330
63,618
36,993
4-11
1942
1942
1942
1942
1941
1942
1942
1941
98.3
98.1
97.9
97.2
83.0
+
0.2
+ 1.1
+18.4
105.2
104.6
104.2
103.1
3-21
4-19
Pocahontas
Chesapeake
Farm
products
Foods
y.
-
+ 2.0
+
97.2
95.5
77.8
+ 1.6
+ 3.2
+ 26.7
118.1
116.6
104.3
-0.0
+ 2.7
+ 14.9
40.3
5,568
4,236
Textile
95.9
80.5
—0.1
13,043
6,261
Fuel and lighting materials..
Metals and metal products
78.1
77.9
78.3
78.2
73.3
+ 0.3
+
6.5
103.9
103.9
103.8
103.7
97.8
0.0
+ 0.2
+
6.2
Building materials
108.8
110.5
110.5
110.4
100.0
—1.5
—1.4
+
8.8
97.1
97.1
97.1
97.1
82.2
0.0
0.0
+ 18.1
104.4
104.3
104.3
104.1
91.6
0.3
+ 14.0
20,647
2,231
127,803
170,238
98,879
products
97.0
products
—
Chemicals and allied products—
7,410
28,143
8,883
22,474
13,382
24,069
7,533
18,674
7,370
4,595
4,784
553
4,137
1,855
1,457
56,996
16,969
45,285
22,607
13,462
89.6
97.1
89.7
97.0
89.6
89.7
78.4
-
+ 0.1
+
1.1
—0.1
+
+ 20.5
—0.1
—0.1
'+ 14.3
0.5
+ 2.4
+ 28.7
—0.1
+ 0.5
+
0.1
+ 0.7
+ 15.1
84.8
+0.2
+ 1.0
+ 14.3
86.0
—0.1
+0.2
+ 11.0
Raw materials
99.9
99.4
99.4
97.6
77.6
Semimanufactured articles
92.7
92.8
92.8
92.2
85.0
Manufactured products
98.6
98.5
98.2
97.9
85.7
96.9
96.7
96.6
95.9
95.5
95.6
95.6
95.3
+
+
9.1
All commodities other than farm
products...
_
+ 0.6
'97.0
119.8
3,300
21,251
Hides and leather
Housefurnishing goods.
Miscellaneous commodities
& Ohio
75.0
98.6
119.8
13,125
13,947
District—
Norfolk & Western
Virginian
-.
15,944
15,777
151,914
,
30,168
17,083
185,762
Commodity Groups—
Ail Commodities.
2,684
1,733
4,229
Western
Total
;
11,245
■
*2,539
372
3,173
724 -V;
1,539
& Arkansas
Midland
Wichita Falls & Southern..
752
10,477
2,382
1,715
_
7,189
56
10,263
-
8,443
^
844
.
1,010
-
9,878
195
1,786
2,404
f
69
9.831
;
1,930
161
8,428
Production Board has
appealed to the Nation's mo¬
torists to conserve their tires and
automobiles by following conser¬
vation suggestions made to State
156
:.
7,278
?
__
Cumberland
Union
371
—
8,539
•
1,382
Island
8,645
296
2,399
15,003
Lines
Texas
.
681
116,145
Texas
422
45,270
57.475
-s
District—
8,252
442
2,336
990
,.y;.
2,206
897
:
•
11,957
■-•;<: 915
——
2,168
•
.232
2,409+
■,
13,104
-832
-
11,998
•
(Pacific).—
1,362
11,257
2,584 +
_
& Western
4,638
•
15,739
v-
—
1,427
•
1,961
r
'
4,820
'
,,,
"
.
1,131
■;
311
126
1,766
City--—
7,101
District—
Allegheny
Akron, Canton & Youngstown
Baltimore
1,189
1,444
•
4,107
186
2,460
_
Kansas, Oklahoma & Gulf
Louisiana
•1941
1
•
2.466
t
119
,
1,994
*
2,668
——
Litchfield & Madison___
Connections
u- 1940
Coast
Kansas
Received from
1942
v
76
68
J.
;
.
1,746
6,642
_
Pacific———
-
'
Total
also
motor
/
1
1
"
Total
months
of the year.
The War
;
—
Wheeling & Lake Erie.
r"
A.
„
665
774
Rutland
■
f'rl
i
557
1,001
_
Chicago & St. Louis
New York,
;f>
538
11,872
Y„ N. H. & Hartford
New
N.
Lines
Y
332
•i
2,310
International-Great Northern—Y—
Total Loads
—
Monongahela
assembly lines moving at such
that
Toledo
Lehigh
Chief¬
Senate
find the Axis on the short
Mackinac
&
Erie
a
pace
Lackawanna & Western
& Ironton
Detroit & Toledo Shore Line—
picture of rounded activities he said were keeping the
tee
Delaware,
Detroit,
Investigating Commit-
Defense
&
Detroit
-
—
Hudson
Delaware
Maine
the
;
-
——-
Vermont
Central
Associated Press said:
for
—
_
Indiana—
Central
As to his testimony
the Senate Committee the
sketched
Maine
&
—
___
Chicago, Indianapolis & Louisville—
reserves.
Production
-
& Aroostook
Boston
to
23, page 1629.
tain
Arbor
Bangor
1941
1942
-
Newspaper Editors in
New York on April 17, to which
we referred in our issue of April
War
il
18
>$■
4,567
1,991
535
5,016
-
'
Gulf
Total Revenue
District—
Eastern
Society of
The
':k
.
563,
•
i
235
6,479
10,144
:
3,503,
567
366
—.
7,489
•
647
Pacific—
Southwestern
<
2,032
Pacific System——
■
707
76,115
.
1,490
Pekin Union
Peoria
Total
5,108
21,910
:
__
...
Burlington-Rock
Freight Loaded
•
Speaking in this respect much
along the lines of an address he
delivered
before
the
American
before
V
Railroads
country's military
■
RECEIVER FROM CONNECTIONS
CARS) —WEEK ENDED APRIL
•
St
•
-
REVENUE FREIGHT LOADER AND
Western
Peoria
Western
,
1,036
Utah
table is a summary of the
,
16,585
Lake..
Salt
North
Union
10,020,938
385'■
293
Rio Grande Western—
Southern Pacific
628.468
5,477
970
& Southern
Northern
Toledo,
week last year*
the corresponding
the Com¬
told
619,105
1,235
23,323
Missouri-Illinois
'
1,235
395
Ishpeming—
Fort Worth & Denver
Nevada
.389
9,090
-
Illinois Terminal
freight carloadings for
the separate railroads and systems for the week ended April 18, 1942.
During this period 100 roads showed increases when compared with
production was "over the hump"
and was keeping pace with the
Axis
Powers,
although it will
a
814,233
7v7;£:7v..
also
Nelson
Mr.
;
683,402
might help.
mittee that the
v
828,890
The following
Congress to decide and that until
such a step was taken, less criti¬
cism
2,465,685
2,489,280
602,835
955
.
20,753
-
-
:
Minneapolis & St. Louis
Minn., St. Paul & S. S. M.
&
321
1,558
-••344
513
18,699
Lake Superior &
&
■
1,216
604
Northern.
Denver
:»
1,487..
-
7lt
3,200
3,994 y
:
10,380
Shore & Atlantic
Green Bay & Western
Colorado
■
'
"
Dodge, Des Moines & South..
Great
3.215,565
2,866,565
Total
6,941
175
156
24,307
-
Elgin, Joliet & Eastern—
)
3,454.409
—
11,915
,
740
Chicago, St. Paul, Minn. & Omaha
3,066,011
•
10,351
-iV-Y
Great
Chicago,
3.858,273
3,122,773
April 4
Week of April 11
Week of April 18
15,265
District—
Northwestern
3,171,439
of
3,495
3,628 '
3,151
18,661
21,044
171
11,134
: j",
Chicago
February.
of
of
128.
183
25,973
r
Chicago & North Western
March—
of January—
weeks
Five
likely to be subjected.
.
10,163
7,593
b
—
iTotal,
-
1940
1941
n
"
15,127
573
Winston-Salem Southbound
Denver
1942
31
22,517
v; 483
-
System
Tennessee
Northwestern and all districts reported
were
'
;
3,340 Y
:
& Potomac—-—
..
criticism
336
v-;'' 175
>
,;yYV 1,359
*•
them
/; 1,833,
-
.
169
—-
Line
Air
Southern
products loading totaled 36,172 cars an in¬
above the preceding week, and an increase of
ing week in 1941 except the
increases over 1940.
i
221
1,051
...
many
of
reluctant to face the
1,467
y
" 2,810
-
330
3,995
_
that
1,825
•
1,250
194
-
adding
406
-
;•
3,688
•
2,086
27,638 Yi
-
dustry,
529
1,637
28
had re¬
Northern Pacific.
ii.-. •
increase
Government
Spokane International..
Forest products loading totaled 49,718 cars, an increase of 2,851 Spokane, Portland & Seattle
service and generally impugning
the honesty of their intentions. cars above the preceding week, and an increase of 8,823 cars above
TnM AlUiL
'
the corresponding week in 1941.
"It is getting to the point,"
Ore loading amounted to 58,257 cars an increase of 7,250 cars
Central Western District—
Mr.
Nelson
said
plaintively,
above the preceding week, but a decrease of 16,088 cars below
"where if you know something
Atch., Top. & Santa. Fe System-^.—
Alton
S—i
i
about business you are a sus¬ the corresponding week in 1941.
Coke loading amounted to 13,925 cars, an increase of 157 cars Bingham & Garfield
pect."
Chicago, Burlington & Quincy..
The Production Chief said the above the preceding week, and an increase of 4,772 cars above the Chicago & Illinois Midland—.
'•5
Chicago, Rock Island & Pacific
WPB
needed more men who corresponding week in 1941.
All districts reported increases compared with the correspond-, Chicago & Eastern Illinois—i.——
knew their way around in in¬
*
4,326 -y
'
—
__
Northern
Richmond, Fred.
for the week of April 18 totaled 10,122
increase of 1,675 cars above the preceding week, and an
of 1,061 cars above the corresponding week in 1941.
for
them
3,841
_
.
Southern.
Piedmont
stock
an
Ohio.
&
Nashville.—,
Chattanooga & St.
Nashville,
Norfolk
alone, loading of live stock
cars,
&
Mississippi Central
loading amounted to 12,803 cars, an increase of 1,686 cars above the preceding week, and an increase of 1,301 cars
above the corresponding week in 1941.
In the Western Districts
which
firms
the
to
leased
4,834
r:
•
ing week in 1941.
v
Mobile
Macon, Dublin & Savannah—
cars
Live
6,031
388
-
—
Illinois Central System
Louisville
good job, and so has
>.
1,050
13,255
9,225".
.1,765
_.
__
_
1,690
2,-313
9,507
450 i+yyv
Y
'
1,210; •;
4,350-:
————--
Georgia
Georgia & Florida
grain
2,311 cars
Southern
,"153
348-:--i
'
'
614
•L
; •T1941
1942-
226
+
781 :Y'vY 785
13,653
/Y,v
&
Connections
709
924
Columbus & Greenville
above the corresponding week in 1941.
In the Western
labor," but Districts alone, grain and grain products loading for the week of
^.warned that there was still a April 18 totaled 22,886 cars, an increase of 1,910 cars above the
Y; lot of work to be done, a num- preceding week, and an increase of 3,066 cars above the correspond¬
2,660
"
-
.
Clinchfield
war
quote:
Y
Carolina
Western
&
Y Received from
)-v>
896
•
Charleston
•«
1940
.
340
''
——'■
Central of Georgia
of 15,033 cars above the preceding week, and an increase of 34,660
production posts. cars above the
corresponding week in 1941.
.
.
.
He is reported as saying that it
Loading of merchandise less than carload lot freight totaled
might be necessary to draft ex¬
ecutives for posts in the conver¬ 129,436 cars, a decrease of 2,931 cars below the preceding week,
and a decrease of 31,573 cars below the corresponding week in
sion program
in view of their
1941.
<
r
hesitancy to
accept because of
Coal loading amounted to
166,618 cars, an increase of 5,972
criticism which they have faced.
cars
above the preceding week, and an increase of 133,214 cars
From Associated Press accounts
from Washington, April 21, we above the corresponding week in 1941 which was affected by strike.
for
,;CY^"~352" Y'v.
'
difficult to obtain business execu¬
tives
,1941
■>
.
Birmingham & Coast
Atlantic Coast Line—:
latter's accomplish¬
ments since its organization last
January, told the Senate Defense 1940 was 218,094 cars or 34.7%.
Investigating Committee on April
Loading of revenue freight for the week of April 18 increased
21 that Congressional criticism of 32,329 cars or 4% above the preceding week.
dollar-a-year men was making it
Miscellaneous freight loading totaled 379,633 cars, an increase
the
viewing
1942
.
•
Atlanta,
for the week ended April 18, to¬
taled
846,562 cars, the Association of American Railroads an¬
nounced on April 23.
The increase above the corresponding week
in 1941 was 137,769 cars or 19.4%, and above the same week in
Total Loads
i-'-f '■>.
•
Total Revenue :
Freight Loaded
Alabama,-Tennessee & Northern——
Atl. & W. P.—W. R. R. of Ala.——
Loading of revenue freight
•
V,v.*
-
District—»
Southern
Ended
'
All commodities other than
products and foods
farm
Volume 155
v
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4068
1719
Glass I Net JSaiSway
Ended April 18*
The
American
average
1942
ing week.
for
the
daily
18,
the week ended April
gain of 1,600 barrels over the preced¬
a
207,650 barrels below
The current figure, however, was
output
the
that
estimates
Institute
productions for
oil
3,545,000 barrels,
was
the
114 I Increased
Petroleum
crude
gross
week
corresponding
last
and
year,
also
was
121,800 barrels under the daily average for the month of April as
recommended
by
the
These
Coordinator.
Production
of
Office
mended
s
oil; condensate
rates
for
were
and
oil
crude
only.
weather
stimulated
gasoline
rels to
stocks
demand,
1
1942
Income
finishedj and (unfinished
of
throughout the nation showed,
decline of 1,078,000 barf
a
refined
on
The
103,502,000 barrels for the week ended April 18, 1942.
American Petroleum Institute report no longer
breaks down figures
decline of 673,000
the April
in
inventories
of
residual
.
,
to
stills
-
showed
oil
modest
at
to 51,000 barrels.
up
improvement
-•/,,/
30,000 /barrels% toX 3$48,Q0Q;
up
Gasoline" output
during the
unreported, *was
up
•*'/
O.P.C.
a
tNet
dations
i 430,900
Oklahoma
Kansas
(way
\mortization
:;1942
253.400
Nebraska
5,000
.
-
"
of
Dividend
+
1941
391,800
243,700
4.150
350
common
On
preferred
87,300
'J 15,250
189,950
West Texas
Central
East
/
Texas—
79,500
:
225,900
Texas
4 25C
Total
Texas
1,134,000
2,550
197,400
+
200
4,050
1&. h
___
/
248,600
/:
'
,
/
5,600
—
251,700
"•
82,000
"
261.450
200.
80.40C
160,250
211,150
242,150
>272 350
1,159,300
1,403,200
5,100
79,950
70.000
248,800
6,750
f—
equipment)
of
20,953,690
1935-39
1,524,927
______
stock
to
17,583,294
4,862,649
536,436
536.430
1.56
1.41
charges__________s_—
accruals,
including
All Class I Railways
Receivership
Balance at End of January
>•
those
in
period.
new
cash
and
Traffic
bills
from
$466,588,286
$559,914,418
$711,275,256
$650,521,071
135,679,382
73,318,514
202,182,302
1,200,844
.
$449,892,396
$509,406,943
$527,958,812
$515,571,58;
127,563,019
67,709,257
96,394,155
160,325,635
81,363,58'
1,652,297
1,021,578
1,272,574
28,360,578
26,263,569
26,255,03/
%'■
receivable
!
and
accounts
and
and
1941
28% abov6 pro¬
was
of unfilled
orders to
14% less.
were
Softwoods and
Record
for
ended April
Hardwoods
the
current
week
supplies
dividends
86,660,053
54,145,071
72,361,406
43,784,391
134,384,066
173,722,127
3 07,415,17?
481,475,209
343,120,431
389,002,406
275,599,92[
thousand board feet:
SOFTWOODS
AND
HARDWOODS
"1942
re¬
assets—
;
assets
cor¬
a year ago, and
week, follows in
for the previous
V;
-
current
18, 1942, for the
responding week
■
217,887,153
receivable
Total
i
re¬
ceivable
Rents
the
April 18,
1942, compared with 38% a year
ago.
Unfilled orders were 28%
greater than a year ago; gross
con¬
ceivable
Interest
,
29,609,347
__________
Miscellaneous
Materials
ratio
stocks
—
agents
ductors
of
car-service
<Dr.)
balance:
Net
orders
For the 15 weeks of 1942,
business
The
invest¬
receivable
and
the
4% b6-
gross stocks was 56% on
Special deposits
Loans
for
was
duction, and shipments were" 15%
above production.
%
(
Supply and Demand Comparisons
com-
—_
Temporary
Comparisons
production
the
above
than
of
same
corresponding weeks of 1941;
shipments were 4% above the
shipments, and new orders -10%
Trusteeship
or
average
the
low
Balance at End of January
1942
1941
1941
of
in
first 15 weeks of 1942
stocks,
etcw other
affiliated
bonds*
/
1942
149%
Year-to-Date
amount
the
and
above
shipments
Reported
7,188,730
2,360,000
_______
fixed
1935-39
17,G80,96<
3,861,700
5
21%
week.
19,428,762
,
17,752,692
__________
—
Selected Asset Items—
238.300
;
120,677
51,030,501
28,210,921
2.080,550
Class I Railways Not in
374,450
13,750
76,550
Louisiana
Coastal
+
;
38,643,318
50,820,665
in default.
tFor railways not ir.
eceivership br trusteeship the net income was as follows: January, 1942, $25,006,712:
aiiuary,
$22,564,089. * HFor railways in receivership and trusteeship the ratio wa:
xa fpllows.'- January, 1942, 1.15; /January, 1941, 0.81.
Other current
Louisiana
North
132,55C
—
1.083,800
el, 174,801
80,600
131.800
+'
229.750 /
i;\
Texas
84,250
550
'
+
v
156.150
Southwest Texas
Coastal
14.600
—
—
projects_^
ments
'
?•
i;j\ "
North Texas
and
structures
balances
Panhandle Texas
;____
stock
Represents
'
East
and
defense
Cash- '>•_
j
415,100
218.50C
!"T
12,266,508
i".>
softwood mills.
were
117,174
>;
"April 19
1942
17,000
—
On
::,
/
Elided
/April 18
71.934,101
appropriations:
Investments
Week
Ended
3,250
+ '
63.950
—
k
Week
6253,100
•
4 Weeks
From
Previous
2.432,77G
79,031.586
37,119,092
income taxes
Ratio of income
\ :rc
74,416,967
2,487,406
13,584,399
;
bbirei&
(>%%
12,399,532
81,518.992
26,130,371
Depreciation
panies
Change
Ended
April 18
436,900 1 6396,650
253.400
—
<
Beginning
April 1
April
Week
/
abies
equipments
___*
income
federal
•Actual Production-
Allow-
Recommen—
and
roads
deductions
charges
Income after fixed charges
Contingent charges
April* 18week,>including (estimated
'' f
State
a
income
Total fixed
271,000 barrels to 11,0.05,^00/ barrels.; • >;
•
for leased
; ^Interest
DAM AVERAGE CRUDE OIL/ ERODTJCHOJf (FIGURES *1N/3ARRELSV/' fi'
'
deductions from
62,017,435
12,552,610
','Otherdeductions_______:
;avera^ ;rdns^ of
iwdek; earlier^ *TJaiIjf
a
1 were
further; details> • as/repoirtecPby; the^Institute "follow;
*
Rent
at
\-'y'}
-} ;;
/
income
68,966,382
7'ixed charges;'
'^liQwe^ fractionalfinipnjvejuen^^
©fv"capacity^ against-T5.1^
.
J
barrels; in stocks of gas oil and distillate
fuel
(Refinery operations
crudei oil
V
\
Ship¬
produc¬
tion; new orders 49% above pro¬
duction. Compared with the cor¬
responding week of 1941, produc¬
tion was 7% less, shipments 10%
greater, and new business 39%
greater.
The industry stood at
127% of the average of produc¬
tion in the corresponding week
1041
'V
and
ments
$
operating
Miscellaneous
18 week pared the figure to 29,929,000 barrels while
82,577,000 barrels,
»'
Total
products stocks by districts as in the past so it is now
impossible to give the East Coast inventory figures.'
A
Items—
railway
recom*
^ " ; • - J
as improved
\
seasonal pressure
Giving ground under normal
r
fields.^ Formerly•« the j
ga$
;
wood
All Class I Railways
For the Month of January
^et
from
;
*
'
including crude oil, condensate and natural gas derivatives recov¬
ered
Ended April 18, 1942
Lumber
production during the
week ended April 18, 1942, was
The Bureau of Statistics of the Interstate Commerce
Commis-,
2% less than the previous week,
sion has issued a statement
showing the aggregate totals of selected
income and balance sheet items for Class I steam railways in the shipments were 1% greater, new
business 4% less, according to re¬
United States for the month of January, 1942 and 1941.
;
These figures are subject to revision and were compiled from ports to the National Lumber
Manufacturers
Association
from
132 reports representing 136 steam
railways.
The present state¬
regional associations covering the
ment excludes, returns for Class A
switching and terminal com¬
operations of representative hard¬
panies.
The report is as follows:
production of all petroleum liquids,
recommendations represent the
Lumber Movement—Week
Operating Income
In January Up I i% From Year
14,018,438
12.471,771
12,388,012
10.212,47/
1,058,366
1,190,677
705,608
883,69f
1942
1941
Week
Mills
22,225,610
5,709,414
20,995,932
4.543,45/
$1,903,271,960
$1,401,268,045
$1,512,308,104
$1,134,611,147
Previous
Week
Wk. <tev.)
*
470
470
476
Production __233,328
250,986
255,212
238.43S
__281,789
—348,638
250,628
362,770
Shipments
Orders
278,632
■
/Selected
■
Total
-
Louisiana
313,000
__
338,466 %
'■/
11,850
325,150
'
Arkansas
>
74.000
_
73,450%
73,685
308,300
328.750
if
74,850
100
fFunded
•'
49,800
-
Illinois
354,400
Indiana
i
Eastern
/
111.
(not
_ir_:
<r-
18,200
■
■
88.900
-
■■■'■;
59.200
.
23.700
—
Colorado
..V
New Mexico
6.900
Total Ea6t of Calif.
3,007,000
/ +
+
21,600
v;':'
4.900
',2,350
:
329.050
19.300
19,450
53,300
50
92.40C
-
.
9,800
•-?■ :
91.600
y/
50
—
Traffic-
maturing
months.
UZ
and
balances
;
Softwoods''
'VVkV.S -!p'.\yy\
$110,964,543
'
$78,335,768
659,800
d659,600
639.400
•
3,133,350
601,550
'^619.300
,
233,547,400
47,535,871
unpaid__
56,982,231
Dividends matured unpaid
Unmatured; interest accrued
79,389,547
36,423,975
4,909,057
79,097,181
.v.
payable
wages
:____
—
matured
Unmatured
A
clared
dividends
5,612,405
25,824,396
,
,
40,505,324
.
United States
3,666,800
3,545,100
r
r
+
1,600
3,581,650
3,752,650
Beginning with April the O.P.C. recommendations represent the production of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil, condensate and gas fields.
Formerly the recommended rates were for crudf
oil only.
State allowables are also calculated on the same basis beginning with April
It may be that certain wells
will be found incapable of producing the allowable.'
granted. - Actual State production may, for this reason, prove to be less than thf
allowables. /The Bureau of Mines reported the daily average production of natura.
gasoline in January, 1942, in barrels as follows:
Oklahoma, 29.000; Kansas, 6,000:
Texas,
114.000; Louisiana, 21,000; Arkansas, 2,000; California, 43,000;, other States
including New Mexico, 26,000.- '
_
.4- t '
/*..
r\>.
/„./■■■ /
bOkla., Kans., Neb., Miss., Ind. figures are for week ended 7 a. m. April 15.
cThis Is the net basic 30-day allowable as of April 1, but experience indicates that
it will increase as new wells are completed, and if any upward revisions are made
With a few exceptions, notably• Panhandle (shut down 10 days*
and aviation grade
fields (nine days) the entire State was ordered shut down on April 3, 4, 5, 6. 10, 11 12
a
18, 19, 20, 24, 25, 26, 27-, 29 and 30.':.•/>> y\A
13, 17,
d Rcommendation
"
of
Conimittee
Conservation
of
yV:.'.,M.'*
California
Oil
•/
TO STILLS;
RUNS
OF
-
-
£
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
^.^^..4...... —
QIL, WEEK ENDED APRIL
18,
1942^
-
240,131(807'
-
•
.
\i.
of
Other
51,526,304
-
-
"
tion
32,163,41f
5.260,142
4.556 651;
•
67,571,956
62,108,568
H'i/o'./::
-
8,432,331
W 4.312,81f
16,006,729
16,596,47"
344,248.412
200,543,65/
$823,655,340
,
40,878,791
28,125,28?
f $857,719,576
$632,555.35f
U.
default*
taxes.
S.
$270,935,343
payments
which
will
$253,102,272
107,363,562
91,146,140
due
■
( 85,355,290
of long-term debt (other than long-term debt ir
six months after close of month of report
of principal
become
•
$115,188,358
■/■'•■V
/
113,302,086
^Includes obligations
$126,094,851
Gov-
taxes
JIncludes
;
tax
-
•
,
within
which mature
two years after date of issue.
not more than
/ i
;
v
.
.
i'
'
Weekly Statistics Of Paperitoard Industry
:
/
.
/!.'
.
The members of this Association represent 83% of the total in¬
-••.-■♦-v.;
Includ.
and Un-
Oil and
.
Fuel;
V/\;
r'
.
,
_
,
"
.
.
//•//.;//
Received
'•
-
Percent of Activity
Ordzrs
Remaining
Tons
Tons
,
•
Unfilled
,
Production
Orders
Period
.
■
,
Cumulative
Current
Tons
'
Ian.
3
Jan.
10
——
California
U.
Tot.
basis
basis
U.
S.
basis
of
S.
B.
of
April 11,
Bur.
of
787
* 90.9
^ 53,7:
;r68.2 Vv-1.430
17,315
.
11,776
;.
59,077
M. >
4,684
86.9
Jan.
75.7
3,548
11,005 C103.502
29,929
82,577
1942
4,684
Mines
/'
April 19, 1941
86.9
/
75.1 M 10,734
3,518
140,263
530,549
86
162,493
166.095
527,514
101
525,088
514,622
102
101
528,698
101
102
3.735
•
10.4,580 ~
30,602
.82,526
Finished,
terminals,
12,359
97,377/
29,680
-
169,73S
167,040
.
.
.
168,424-
522,320
101
102
167.424
21___—__1
157,563
165,240
101
102
102
Feb.
510,542
496,272
Feb.
28_.'_—
163.067
164,801
100
177.823
165,081
493,947
505,233
101
101
140.125
166.130
476,182
100
101
—157,908
169,444
465,439
101
101
100
100
P3
94
101
,
7.;—^—
Mar.
93,499
Mar.
14—
Mar.
21——
Mar.
28—
Apr.
:
-
...
4---—
Apr.
IT,—
Apr.
18_—
144,061
168,394
442,556
161,888
145.000
129,834
169.249
153.269
153,442
436,029
428.322
404,199
,
orders.
•
-.
..
.
■;
■.
obtain
to
50%
be
entitled
to
an
of past use.
allot¬
\
them
to
covering
Health Ins. Convention
At
on
/
.
101
101
101
of the prior week plus orders received, less production, do not
Compensation for delinquent -reports,
filled stock, and other items made necessary adjustments of unfilled
;/ Nofe—Unfilled orders
necessarilv. eoual the unfilled orders at the close;
orders made for or
102
'
able
buy one pound of
a fixed period of
The first stamp will
be
valid from May 5 to May 16.
.
102
/
be
program,
food serv¬
other
Previous reference to sugar ra¬
102
102
?
156.745
Institute, for the time being; .to refrain from
381,070
162,894
95,439,000
indicating senaratelv the: refinery actlvit''/product inventories lor the East: Coast,/,.Texas Gulf Coast; Louisiana- Gulf Coast,
North
Louisiana-Arkansas
and 'Inland
Texas, .Bureau ; of .Mines', -refining, districts/
These five/districts -have .therefore been combined: into- one group, the- other Bureau of
Mines' districts continuing to be shown separately, at least until further notice.
161,713 "
31~l-r-~14.
in transit
end
165.360
167,846
24_-
Feb.
■
:
>
Feb.
f"
M.
i.
Jan.
barrels; unfinished,. 8,063,000 barrels. - e At refineries, at
and in pipe lines.!
♦The Office of the Petroleum Coordinator has requested the American; Petroleum
a
bulk
.
B.
April 18, 1942
U.
Tot.
S.
Jan.
.
rationing
and
tioning appeared in these columns
April 23, page 1634.
88
147,419
v
.
will
sugar,
time.
1942—Week Ended—
"
.
will
titles
"
t
_____
the
The first four stamps in house¬
hold consumers ration books en¬
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
'
"
^ f
institutional
and
-
well as retailers and
wholesalers, registered at high
schools
throughout the country
on
April 28 and 29, while indi¬
vidual and family unit consumers
will register and obtain their ra¬
tion books in elementary schools
from May 4 through May 7.
as
ment of 70%
sidua"
Distillate
Rate portingAverageeratectBlendedGasoline" -Fuels " - Oil
:*Combin'dr East.Coast,
.vv/V'-V/y >•*.:
Texas Gulf, Louisi;
y
\
,.I,
-v
• • /;
ana
Gulf,
North *■<
" *
\
'
•"
'
'
■•Louisiana'-Arkansas'; .z
v-/.
14,245
17,007
and Inland Texas_i. >2,383
89.7
1,697
71.2
/ 5,106
46,741
v 359
yr: 676
Appalachian^
174
84.5
158
; 90.8
479
3,981
2,475
3,507
Ind., Ili.,. Ky,
" "784
84.9
:
699
89.2 ; 4 2,396 /i 22,723
7.971,712
Okla... Kansas, M0.-1-. i>418
81.1
: -365.%? .87.3
1,311
10,245:.
598
,v4;,
277
Focky Mountain
J 38
50.7
92/; 66.7
v.
283 : ., 2,497.
on
Industrial
ties
cates
Daily *. % Op- Natural finished
tial>' % Re- '
begins
consumers.
used dur¬
ing the corresponding month last
year, while bakers, manufacturers
of confectionery, ice cream, dairy
products, preserves, bottled bev¬
erages, desserts and other special¬
-
Runs to Stills
Poten-
-
.
May 5 for house¬
Retail sugar sales
were halted on April 27 and will
remain frozen until May 5.
;
hold
ices
•
*
April 22 that
on
of the amount of sugar
i We
give herewith latest figures received by us from the Nationa?
Paperboard Association, Chicago, 111., in relation to activity in the
Gasoline
.
announced
Under
;:
;
the Nation's sugar rationing pro¬
restaurants
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
the activity of the mill based on the time operated.
These
Production >,,y '-/a,.....y
Daily Refining* ' r
v/i,'/v-:'at Re- / Stocks y eStocka eStocki' figures are advanced to equal 100%, so that they represent the tota'
,-Capacity/ -t , /
Crude ^ fineries. Finished/ of Gas/^ of Re-4 industry.
y
;
93
Sugar Rationing May 5
4,312,816
liabilities_$l,070,385,856
accrued
than
ernment
Figures in this section include reported totals
plus an estimate of unreported amounta nnd arf
—I—therefore on a Bureau of Mines basis-——
i
'
12,279
.,
liability;,
.
/
k'
153
—_336,359
The Office of Price Administra¬
18,347.510
233.458,413
37,813,807
paperboard industry.
4
99
Orders
36.674,31(
8.432,331
53,631,295
U. S. Government
(Figures in Thousands of; Barrels of 42 Gallons Each)
\
13,078
188,400,49(
39,393,030
■
17,871,959
384,237,429 >
liabilities—
current
Analysis
:
V-.
122
users,
&■
'
accrued—
liability-..
current
Total
Producers.
PRODUCTION OF. GASOLINE;. STOCKS
tax
Shipments—268,711
gram
F
Accrued
Other
"
CRUDE
105
13,188—100%
33,249,291
de-
—
Unmatured rents
Total
1942 Week
379
Production ._220,140—100%
accounts
payable
Interest
3,764,750
/
<
53,862,872
19.400-
2,980,100
11,400
•
Mills
and
accounts
7
3.850
car-service
297,090,697
Audited
Miscellaneous
108.550
81,890,420
46,318,890
79,55(5
5,100
57,264,515
(Cr.)
37.40JC
83.350
payables
•
California
Hardwoods
1942 Week
$94,228,621
$103,731,819
56,010,575
v
99.800
Vv
1,500
six
SLoans and bills
y
«
21,550
2,905,600
"r.
306,500
*/
'•
:-KVv '^
+
79,200"
86,000
•,
'■
22,750
3,600
•
93,800
«
86.000
^
98,250
"i
y
60,200
"3.000
+
'si-
.
debt
within
-
71,600
97,050
w
4,550
"621.350
»*•
.
-f:
102,600
i_
2,700
—
294,850 >
'
,
Wyoming
Montana
'
■
inch
Ind.)—.
&
Michigan
696,350
-
i'
■
'
•
^Mississippi
Liability Items—
a
committee meeting^ held
April 8, Detroit Accident1 and
Health
insurance
men
tensive
plans for
a
made,
ex¬
large attend¬
ance at the National Accident and
Health Association Sales Congress
to be held June 29, 30 and July 1
at
the
Statler
Mich.
The
Hotel
Detroit
in
Detroit,
Accident
and
Health Association is host for the
occasion.
('
4i
-
y -.r-i
v
: »
t:
-s
>Vfe-
I
-
"
THE COMMERCIAL & FINANCIAL CHRONICLE
1720
ABA Favors
Payroll Deductions For War Bonds
As Means Of
and Louis
Cashier, ad¬
Vice-President,
W. Stetson, President to
Guaranty Trust Company of New Katzman, Assistant
Eugene
York, announced on April 24 the
appointments of Alfred R. Thomas
of Pasadena, and Joseph W. Simp¬
Vice
Second
Thomas
;
Milwaukee, Wis.,
of
Jr.,
son,
resigned
T,
taken
has
Limited
session of its
& South
London
of
Bank
new
pos¬
quarters in the
in 1941, and was
the Priorities
placed in charge
Division
California
joining
to
the
of
for
Board
Production
the
Prior
area.
the staff of the First
Savings Bank, he en¬
Trust
&
gaged
in the investment bankingPasadena
in
business
associated
was
he
where
with
successively
Blyth & Co. and Chase Securities
Co. He was graduated from Cor¬
nell University in 1923 with the
past President of the Cali¬
a
has been for
and
Association
Bankers
fornia
time President
some
of the Sunny Hills Ranch,
Calif.
It
Inc., at
expected
that Mr. Thomas will take up his
Fullerton,
Pine
Street
ing and
basement
York
is
all
bad
finance may
and
tion
disorder
infla¬
mean
which
in
the
It
of
is
of
New
of
July.
his
Following
Yale
University
graduation from
in
1926,
Mr.
entered
Simpson
the
employ
of
the First-Wisconsin National Bank
Successive
Milwaukee.
in
ad¬
brought him to the posi¬
tion he now occupies as
VicePresident in charge of that insti¬
vances
Credit
tution's
national
banks
William
to joint the
Bader, Vice-President
Savings Bank of New
since October, 1928,
of Central
York,
head
and
of
its
downtown
14th
Street
and
will
retire
on
of
years
office
Fourth
May 1, after
the bank
nounced
his
48
in
Assistant
1928, he
dent.
Vice
later".
-
President
In
October,
The
dinner
the
York
from
Wall
lished
South
in
Street,
1886
the
the
years,
estab¬
was
been devoted
development
tween
Street
its principal
and
have
just
agency,
Cedar
55
of
United
Latin America.
April 28.
on
New
40
activities
Bader's fellow officers
testimonial
-
Bank,
the
to
of Central Savings Bank gave him
a
Anglo
the
1936,
removed
elected Vice-Presi¬
was
Mr.
trade
States
and
For the last
New
York
to
be¬
10
agency,
now
A
&
Bank
New York
feller
of
office
new
over
Central
comprising a staff of more
90, has been headed by
V. W. P. O'Neill, assisted by J.
Mayer, sub-agent; B. T. Hart,
Han¬
than
Trust
Company of
opened in Rocke¬
was
Center
April 27 with
John J. Radley, Jr., Vice-Presi¬
dent, in charge. This office, which
is
located
Plaza
the
on
RCA
assistant
Rockefeller
Street
Randolph
/
National
the
vital
folios
of
the
City Bank
fiscal
the
dollars
billion
can
the
of
the
The
Board
of
Chair¬
Directors
London, where the head of¬
is located, is the Rt. Hon.
Lord
Wardington.
H. Trevor
Jones is the General Manager.
fice
replaces the
formerly at 2 West
fiscal
year
says
"we
creased
ties
President Gives WPB Right
To Seize Plant Machines
banking and trust facili¬
Central
for
,
in¬
mean
in
tomers
this
Hanover
district.
It
20
L.
Aiken.
Chairman
of
the Board of the New York Life
Insurance
rector
Co.,
of the
of New York at
held
Governor
Bank
Reserve
President
mut
a
April 22.
on
merly
of
Bank
Trustee
of
elected
was
Fifth
of
Mr. Aiken, for¬
of
the
Federal
Boston
National
Boston,
the
Di¬
Bank
Board meeting
of
the
a
Avenue
is
Franklin
and
Shaw-
also
a
Savings
Bank, New York City.
The
Public
National Bank
and
made
was
that
signed
Alfred
known
President
an
on
April
Roosevelt
Executive
had
Order dele¬
to
Donald
eral agencies after such proposals
are submitted to the WPB.
These
include the Treasury, War, Navy
and
lowing
made
Street
promotions
at
the
office:
have
Broadway and
been
Agriculture
Maritime
Economic
24th
Joseph Singer, As¬
Departments.
Commission,
Warfare,
Board
of
and
such
other agencies as might be
desig¬
nated
by the President from time
sistant ,Vice-Pregident, Mad.vanced to,time,
him to
and
why he
was
the
structure and
city
to
recover
capa¬
to
prosperity
after
day
game?
To
the
000
help avoid "damaging infla¬
the
Commission
greatest part of
this
sum
limitation of $25,-
salaries."
afternoon the old
that
urges
all
on
a
thought.
the
a
up
his
he
about
likes
to
a
message
get
us
with
a
view
a
second
and
thought.
the
past
worked
workers in
vanced
total
year
by
man
manufacturing
the United States ad¬
20%,
their weekly earn¬
19.4%, and payrolls in¬
creased 38.5%, according to sta¬
tistics compiled by the Division
the
ings
headline read:
of
as
letting
hours
new
edition
instead
"
ad-,
further fact that Henderson
a
In
late
womanly Wash¬
"Star" dug
In its last
ington
be
obtained from the current income
In
,taking
Workers' Hours Up
20% in Industry In Year
"Presi¬
read:
headlines
the
of
How better to
do that than place the emphasis
on
salaries, and secondarily, farm
prices?
saw
dent calls for
this'power "and
a
soberer
fit to permit the
great build up of his pronounce¬
ment in the second place.
What
the war."
the agitation
it may well be that the President
—
our
it
attuned
the first instance
make in
as
the ceiling when overall
rationing
is mentioned in his presence. So
wanted
really
to
didn't want to go in for an over¬
all price ceiling and he still hits
be
rose
inflation
is cited
the first and best way
as
<
the
Conference Board.
f
of a day of
The Board's announcement/ is¬
Well, we Amer¬
discussed in the report.
ican people, according to the edi¬ sued April 29, further said:
The second source of borrowing
torial writers, are a people most
Workers in these industries
it suggests is idle money in the
hardy, at least hardier than any
were
earning an average of
hands of individuals and corpora¬
other peoples. We can take what
$31.41 in February, 1941. Since
tions, the third is the commercial the President has to
say, we are
then, their earnings rose each
banks.
The "fourth and worst,"
willing to make the sacrifices he
month except July, and reached
it says,
"is borrowing' from the" is
going to prescribe.
an
average of $37.49 in Febru¬
Federal
Reserve
System.
The
And then he doesn't prescribe
ary, 1942.
This gain in weekly
worst way to finance a war (short
any
sacrifices, he doesn't as a
earnings amounted to $6.08, or
of greenbacks which are unthink¬
matter of real fact, say anything.
19.4%. In terms of living costs,
able) is by the Treasury's borrow¬
What prompted him then to de¬
workers were in possession of
ing at the central bank, that is, liver the
message? <
8.2%
more
purchasing power
the Federal Reserve bank.
Wit¬
That is what I have been trying
this
February than they en¬
ness
the experience of Germany
to find out.
The best I can get
joyed a year earlier.
•ana
France after the last war
mentous
of borrowing of the four methods
when
borrowing
became
bank
inflation.
"It
the
is
the
at
central
mechanism
in
the
who
suffers
interest
from
the
on
him.
agitation.
on
the
him.
"heat"
It is rather
lived.
would
have
It
had
true
more
that
bers, with the
necessary for the banks to pur¬
chase and carry substantial addi¬
tional amounts of Government se¬
from
such
as
year
to
about ten
This would have the ef-
A
.
of
in
91.8
in
worked
Febru¬
110.2, compared
year ago in Feb¬
was
a
Payrolls made the most phe¬
advance
during this
period, rising 50 points, or from
130.0 to 180.1 (1923—100). Since
employees in these industries
were
working only 3.4%
on
the average in
ruary, 1942, these fatter
hours
is what we were demand¬
rolls
to
were
mostly
more
Feb¬
pay¬
attributable
higher earnings and greatly
increased employment.
Weekly
earnings were the
highest in the automobile in¬
dustry,- in
which
they
rose
$11.46 during the 12 months,
averaging $51.92 per week in
February last; Workers in the
machine
and
machine
tool
in¬
dustry were making $48.58, or
$8.85 more per week in Febru¬
ary, 1942.
Those in the
heavyequipment industry were re¬
ceiving $10.31 more per week,
or
an
trical
average
of $47.98.
manufacturing
Elec¬
workers
were
earning the fourth highest
weekly pay, averaging $44.23.
This
people do not usually rise up
such logical form as that.
spreading out Treasury., A, people do not usually, rise up
.
1942,
for 1923
The index of
nomenal
material
caused
one
years.
feet
debt
ary,
with
num¬
ruary.
we
Now, I am not saying that this
France so much grief after World should
not be done.
What has
War I. .The report says:
surprised me is that 130,000,000
"A more realistic suggestion," people have been represented in
it says, "would be the sale to the recent agitation as demanding
the banks of maturities ranging all these things.
That is unusual.
Treasury
hours
man
have been wofse off as citizens.
Here
average
representing 100.
goods in which to struggle around,
in this straight-jacket, than Ger¬
many
but relatively we would
be
are ex-
pressed in terms of index
an
had
is
Man hours of productive ef¬
fort in the 25 industries
It has been the
thing,
Roosevelt
ever
pro¬
will
was
that
too,
straight-jacket as tight as any
economy in which Germany has
distribution of bonds to investors
it also recognizes that the
it
"heat"
but true, that if
responded to
the "heat" in this instance, this
country would have been in a
Mr.
the first source," it declares.
huge that
the
fact,
amazing
of
inflation
that
every
possible dollar be borrowed from
so
a
heat of
blight
is
that
is
has been
banks, the enterpriser, the
worker, the farmer and every
else
is
It
days.
.
of
of the
one
utterance
momentous
M.
nounced
April 23 that the fol¬
according
Washington
we
a
is
"price rise," per¬
dangerous "price rise," but
"price rise," nevertheless, and
it is
change
to
haps
(Continued from First Page)
The
question gets around to
what
wants
of the excitement
"inflation;"
Nelson, curities. Discussing the range of ing and I use the term "we" for
all of us:
We were demanding
Chairman of the War Production maturities
suitable for banks, the
that all salaries be frozen, that
Board, his power to requisition Commission says the
principal all
-wages be frozen,
all prices,
machinery and tools now in use danger to the banks is the
possi¬ all
in industrial plants for war
profits and in addition the
pro¬
bility of fluctuations in market
amount of goods which one could
duction.
The President received value of
the securities.
To meet
receive. We were demanding that
this authority under the Second
this problem some have suggested
we
be
taxed out of-existence,
War
Powers
Act,
enacted
on
the issuance to the banks of only
either through straight taxes or
March 28 (see issue of April
2, short term maturities of from one
through compulsory savings.
page
1338)
and
delegated
the to five years, it'states. The
report
power to the WPB. 1
We were demanding, those who
criticizes this proposal as involv¬
are vocal of us, that this be done
Requisitioning
action,
it
is ing a piling up of a huge and per¬
stated, may be initiated by sev¬ haps unmanageable short-dated to prevent inflation.
gating
Trust Company of New York, anon
matur¬
it is done — will affect
It
is
a
commentary on the
directly the efficiency of our war
message that the newspapers had
effort, the extent to which that
difficulty in giving it a headline.
effort disorganizes our economic
In
Washington
throughout
the
and social
gram
cus¬
•
From
insofar
desirous
now
a
way
necessity for the widest possible
Rockefeller Center will
not
level
rates,
That
seemingly
Rodsevelt. wants
refer
interest
this.
that Leon wants this power. But
the fact is that the President is
vantage
of
them
expressed us, were demanding. V
i We sit around and say that Mr.
to serious fluc¬
considerations
make
into the totalitarian state
us
ity emphasize the need for financ¬
ing the war on a fairly steadv
of
against
which we,
and
to the report.
finance this vast undertaking
the
but the choice of methods
considerably larger than at its
former location, and the move to
port¬
yield
maturity of less
average
be exposed
These
33 %
While the report emphasizes the
new
push
tuations in values."
of
space
The bank's
49th Street.
•
market outside the banks.
an
not
present
and
Commission
the
1943,
in
fair
a
stand
Henderson
give the
distributed
with
people- to
Well, Mr. Roosevelt has taken
sly
of New
the
1942,
year
are
insist
make
what his message means. Believe
it or not, neither he nor Leon
than five years the banks would
:'V\;
that
out
"They
would
and
compelled to
understand what is good for them.
With obligations up to ten years
and
Burgess,
Board
well
some
budget program of the Treasury
calls for public financing of ap¬
proximately 19 billion dollars in
in
of
corner
sub-agent, and T. For-
man,. accountant.
man
Building,
bank's branch
is
the
at
50th
and
W.
of
Vice-Chairman
tion"
change.
officership, as As¬
sistant Cashier, in 1924, and be¬
years
years.
the
first
three
80
for
latest balance sheet, to
equivalent of nearly $300,000,000 at current rates of ex¬
an¬
on
came
fi¬
America
Latin
affairs
asso¬
other banking institution.
Its total resources amounted,
April 27. Mr. Bader
entered the employ of the bank
in 1894 as a page. He was elected
to
actively
no
at
Avenue,
service,
ship
production' at
and
are
their' breast
people which might otherwise
"The President calls for sacri¬
spent.
"The great danger of
fices on the Home Front."
arises
from
spending
Industrial
Economics
of the
Such things as this must utter¬ of
The bank now has 79 branches
power in exces of the amount of
Board,
New
York.
ly smother Hitler. With all of his Conference
in
17 countries, including
the goods available to be
bought," it
Hours
worked
per , week
per
frenziedness, with all of his hys¬
United States, England, Argen¬
says,
"and when the Treasury
worker increased only 3.4%, while
teria, he can't beat this. Bear in
tina, Brazil, Chile, Colombia, taps this
spending power through mind that for several
days we employment rose 16%. These fig¬
Guatemala,
Nicara¬ tax collections or
Ecuador,
through the sale have been
ures
are for
the period between
reading of this mo¬
gua, Paraguay, Peru, El Salva¬ of Government securities it re¬
mentous message that is to come February,
1941, ; and ^February,
dor, Uruguay, Venezuela, Spain, duces the
inflationary forces. The from the
President, the sacrifices 1942, the latest month for which
Portugal and France, represent¬ sale of war bonds
through payroll we are
data are available for the 25 in¬
going to have to make are
ing a coverage of Central and deductions does
exactly this." This untold. It is to be the most mo¬ dustries
regularly surveyed by
South America provided by
1.
June
on
the
Ltd., estab¬
lished in 1888, and its subsid¬
iary, the British Bank of South
America, Ltd., were acquired.
Banking Department of the Guar¬
anty
TrustCompany of
New
York
been
with
In
Vice-President.
Second
now
Mr. Simpson expects
has
American
ert Morris
is
that
note
to
quote:
has been active in the
organization of the Rob¬
Associates, of which he
Simpson
are
Its
present name
was
assumed
in
1923, when the London & River
Plate Bank, Ltd., and the London
and
Brazilian
Bank, Ltd., both
established in 1862, were merged
after more than 60 years of in¬
dependent operation. From this
week's
announcement, we
also
Mr.
Department.
interest
Limited
ciated
first
which
banks
Bank of London & South America
nancial
the
delay
of the bank, which, York.
an
amalgamation
of
Pointing
operating throughout the Central
and
South
American
republics.
the
about
New
the
house
British
duties in the Banking Department
York
will
the
feet in
square
turn
maturities
their
agency
of
Guaranty Trust Company
of the build¬
section
1500
Engineer. represents
Mechanical
of
degree
He is
;
for
"Wars
they- be
browbeat
of the
report
a
Spring meeting at French Lick Springs, Ind.
not won by armies and production
alone," the report said.
fought also in the area of finance,
ing, New York, it was announced points, where a week's or even a
on April 23 by Charles R. Hinerday's difference '.in deliveries of
man, Vice-President of the Charles guns and ships might lose a bat1
F. Noyes Co., Inc., agent for the tie or a campaign,
v
The Commission, which speaks
property,
which
arranged
the
leasing transaction.
More than for the ABA on economic ques¬
12,000 square feet of modern tions, consists of representative
ground
floor space
running bankers from various sections of
through from Wall Street to the the country under the Chairman¬
late
asserted in
was
at its annual
]
:
responsibility which the bank¬
a
Policy Commission of the American Bankers Association
presented to the Executive Council of the Association on April 22
70-story Forty Wall Street Build¬
Pasadena,
Bank,
Savings
Southern
<•
The
America
Vice-Presi¬
Assistant
is
war
&
War
'
V
of the
Government, it
beat
that
forward in this agitation. 'Insteau,
it is usually a case Of having to
Economic
Vice-President of the First Trust
of
„
Executive
as
to
dent.
as
Mr.
Presidents.
-
vanced
shares with the
and
"sacrifices',^;such.as'those brought
Financing War & Curbing Inflation
Orderly financing
er
Thursday, April 30, 1942
was
$8.15
more
than they received in
any
t
;.94L
„
per
week
February,
V
r-
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@FedFRASER