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ESTABLISHED OVER 100
Edition
Final
In 2 Sections-Section 2
YEARS
ommetciaL an an
\al
~fke&
Reg. IT.
>
Volume
New
Number 4166
157
THE FINANCIAL SITUATION
In ordinary circumstances it would be difficult to re¬
gard the international exchange schemes now on foot both
in this country and in London as likely to attract important
support anywhere, so utterly revolutionary is their 'general
tenor.
As matters actually stand, however, they must not
be dismissed merely because they are bizarre, so much of
a piece are the schemes described with a multitude of other
post-war proposals sponsored by governments and individuals
of influence.
/
,
Pat.
Office
Keynes; apparently, would create some sort of
super financial body, governmentally appointed, into whose
hands he would place the financial destinies of the nations
of the world, while our own Treasury has a scheme of its
own
designed for purposes not very dissimilar. The authors
of both appear naively to believe that the evils of ultranationalism, so often the plague of the years intervening
between the two world wars, can be eliminated or prevented
in the post-war years by so simple a device as a mechanism
operated jointly by these heretofore competing and scheming
■nations.
They appear to believe, also, that government is
possessed of wisdom not given to ordinary citizens.
Money and Our Wealth
tentative
A
proposal "to establish
with
associated
them
in
this
would participate"
conference
war
nard Keynes
to
and those attributed
the
in
mentioned
presented to the Sen¬
on
April 5, in¬
volved the following major points,
item
in
which
it
Keynes or Mr. Morgenthau for a moment
that the individual members of the governing body
selected to administer their schemes would, once they have
:taken their seats, forget the land of their birth and the in¬
terests they left behind them, and henceforth become each
a "man without a country"?
The history of the League of
Nations should make impossible any such belief on their
part, if experience of this sort were necessary. But for a
"1.
between the two pro¬
to
gravest doubts which exists in the minds of
our
partners of the United
that
one
of the
Nations today is the doubt as to what the policy of the United States
Will be when the victory is
They remember that when the vic¬
won.
tory of 1918 had been achieved, this great country of
ours
withdrew
from almost every form of practical cooperation with its former Allies
In the great task of constructing that kind of world in which we and
very
truth,
we won
win the peace.
CONTENTS
GENERAL
"Our
Allies
follow that
same
are
the
war,
and made
no
Regular Feat tires
Financial
From
whether
course."-—Sumner Welles.
we
1305
Situation
were
would
be
a
relief
if
the
of
effort to
Zinc Sales.
of
notice
(See
27,
August
on
the
War
first
1942,
*
Let
us
hope that those who worry about
our
of Section
2
in
as we
did last time.
Wallace's
Aide
S.
International
1305
FDR....
Population
.
..1306
in Pre¬
Parity Bill... 1308
Now
our
leaders
appear
(a
acted
FHLB
Sells
,....'... .v,............
Debenture Issue........ 1309
Lend-Lease Continued Another
to have done so!
„
;
(Continued
..................
on page
1320)
agreement
France
1936."
5" of
the
Mor¬
ties.
and 125% in its own securi¬
percentage
figures,
These
however, would be flexible so that
the
nations
smaller
could
vary
their gold
1310
;
sents
contraction
a
of
suited
each
the
two
words 'United Nations.'
"Control of the
vested
in
fund would
international
an
be
board
appointed by member govern¬
Voting strength of nations
would be fixed by amounts con¬
ments.
tributed to the
resources
form
added
fund, but
no
command
Gov¬
more
Mr. White
that
the
United States thus would exercise
to
nation."
a
veto
power
"Net
that
Washington
movement taking place on the home
a
front which may
It is a movement on the part of
some of the leading newspapers
to deemphasize the daily flow of
hokum and bunk in Washington and give increasing importance
out-in-the-country
on
the
pass
up
handouts and
headlines.
the
:
spend their time on
ing on. Both movements, if they
spread, will have a tendency to
kill off the daily headline seeking
which is about to run the coun¬
the
past 12 years has been treated
daily to the mass output of Washingtonitis.
It was Washington
this, Washington that. All roads,
for those seeking
fame, led to
set-up
'
—
anybody ac¬
complishing anything out in the
pretty much against
rest
of
the
country.
There
are
only a few of our State governors
of whom we ever hear. The think¬
ing of the country, the activities of
have been pretty much
to the bureaucratic
the country,
subordinated
try nuts.
istic
have their Washington.
grist of^~
daily
reporting in a more leisurely and
analytical way what is really go^
Washington.
Coupled with this is the move¬
part of these same papers to
Briefly put, the country for
1309
Hails Record Income Tax Payments. 1309
Mortgage Bankers Announce New
:
Legal Division ...........
—1309
Cotton Consumption in February. .1309
$9,600,000,000
>
if
rency,
however,
ment
Revolution...........1306
to
Year
Let US not forget even
nations, would be 12.5% of its
quota in gold, 12.5% in local cur¬
of the total.
to
Two Years Lend-Lease Totaled
cooperation next
we
the finance ministers of the
37
rise to tremendous significance.
N. Y. District Plans War Bond Drive. 1308
;
lime will not forget, as many of tis appear to have done, why
set by
By CARLISLE BARGERON
Taxes........................... .1309
/
nation's initial payment,
which would be 50% of the quota
conceded,
There is
vious War Period................. .1308
withdrew
,
ments.
than 25%
we
*
*
135,604,000.. .1308
$100,000,000 Borrowed to Pay Income
;
of such factors
combination
a
its holdings of
gold and foreign
exchange, its national income, and
changes in its balance of pay¬
as
Ahead Of The News
Censorship Board.
page
April
From
"Chronicle.")
Morgenthau Outlines
Currency Program
"•
because there was no cooperation.
on
have in mind
staffs
others—
U.
we
$2,000,000,000.
Each coun¬
try's subscription would be based
in management.
profits earned by the fund
in foreign exchange transactions,
local currency and public obliga¬ gold movements, etc., would be
tions of the member countries. paid out in dividends.
"There would be important re¬
The operations of the fund would
include buying and selling of for¬ strictions in exchange dealings be¬
eign exchange under
adequate tween countries, designed to elim¬
inate secret agreements that might
safeguards."
Mr. Morgenthau also stated that endanger currency equilibrium."
"the fund would deal only with
(Continued on page 1307)
1316
.......
FDR Vetoes Bankhead
that
about
"participation
would be in the form of gold and
1306
Copper Institute Summary.
Pig Iron Production
Daily and Weekly Copper, Lead and
Named
say
"Harry White, Treasury mone¬
expert, estimated that the
American subscription would be
tary
consult¬
Britain,
outline
February Truck Freight Volume.. . .1318
American Zinc Industry Summary.
*
Have we forgotten the secret treaties and the
to
April 6, the New York "Her¬
ald Tribune" said:
could
Weekly Electric Output..
1317
February Building Construction —1314
Cotton Spinning for February..1314
February Production Index..
1316
February Construction Contracts. ..1313
We "withdrew from almost every form of practical cooperation"?
It would probably be nearer the truth
ory,
ernment
He
Weekly Steel Review.
....1317
Moody's Daily Commodity Index... .1317
Weekiy Crude Oil Production
1312
Non-Ferrous Metals Market
1312
It would be much safer, too.
mandates?
his
and
Trade
Review
Inflation Curb Better Than
.What cooperation?
its Washington
provided by the partici¬
pating governments in an amount
trading............. 1314
State
Mr.
war.
existing agencies."
correspondent, Nicholas P. Greg¬
would be
.1307
Trading on New York Exchanges... 1314
to drop this dust-cloth-and-ashes attitude about our course fol¬
lowing the last
banks," and
compete with private
In advices from
This would be sim¬
tripartite
of the fund that
1317
Moody's Common Stock Yields
Items About Banks and Trust Cos..
will again
some
without
genthau said that "the
Moody's Bond Prices and Yields.., .1317
V
Administration—and
associates
tentative proposal, Secretary
1305
NYSE Odd-Lot
the
to
In
Washington Ahead of the
Miscellaneous
It
their
signed by Great
News
at direction
now
the United
and the United States in
"■These statistics omitted from "Chronicle"
asking themselves
and
zation funds.
ilar
'
'
international
by
ing other members of the stabili¬
all other peace-loving and liverty-loving peoples could securely and
profitably live. In
an
fund
their currencies
Weekly Coal and Coke Output
say
you
not
or
.
Paperboard Industry Statistics.... .1315
Weekly Lumber Movement.,
....1314
Fertilizer Association Price Index... 1316
state secret when I
no
"would
banks
deposits.
"Against these deposits, the fund
Following his presentments to Senator who heard Morgenthau
the Senate group on April 5, Mr. said he understood the fund would would issue $10 gold 'unitas,' to
be negotiable only in settling trade
Morgenthau made public details have a capital of $5,000,000,000.) *
between
"2. Fixing the value of curren¬ balances
governments
of the plan in "the preliminary
and not for general circulation.
draft
outline
of
proposal > for cies in terms of gold.
Mr. Morgenthau revealed that the
"3. An agreement among par¬
a
United and Associated Nations
term
'unitas'
repre¬
Stabilization Fund."
This we are ticipating nations not to devalue suggested
Nations
Commodity Prices, Domestic Index. 1312
Weekly Carloadings
1315
Weekly Engineering Construction. .1316
Cooperation?
Press
Wellington April 5:
Creation of
stabilization
posals.
General
1306)
in Associated
stated
was
advices from
Page
suppose
committees
ate
intimated that the proposed
was
tentative
program, as
D.
conference would seek to compose
Does either
revealing
treasuries and central
"Each
Administration's
The
White, an Assistant
Secretary Morgenthau, were
Harry
to
the hands of his super-bank, if such it may be termed. Pre¬
cisely how far our own Treasury would go in this direction
is not entirely clear, but it would obviously go far enough
.'either directly or indirectly.
am
were
of the assets of the fund.
monetary stabiliza¬
on
Both the plans of John May-
tion.
broad interests of individual nations and their nationals in
"I
are
outlined
by Secretary of the Treasury Morgenthau on April 5 at an extraor¬
dinary closed session of members of the Senate Committees on
Foreign Relations, Banking and Currency and Post-War Economy
and Planning. Mr. Morgenthau in- s>
dicated on April 6 that the outline Saving in full in another item in
this issue.
of the proposal had been made
known to 37 nations, representa¬
Among other things the plan
tives of which have been invited provides that the monetary unit
to participate in a conference for of the fund shall be Unitas, con¬
the further consideration of the sisting of 137 1/7 grains of fine
subject. In these columns a week gold "equivalent to $10 U. S." It is
ago, April 1, page 1211, reference stipulated that "no change in the
value of the currencies of member
was made to forthcoming plans for
post-war international trade and countries shall be permitted to
the likelihood of an international alter the value in gold or Unitas
differences
What
Copy
international stabilization^
an
all the United Nations and those Nations which
in which
fund
Keynes, fantastic though his ideas often are, is a student
of economics and finance. He well knows, of course, that no
scheme of international currency such as he proposes could
possibly survive'without control of many things other than
currency, and he quite calmly incorporates into his sugges¬
tion (according to current descriptions) proposals for placing
on page
a
Morgenthau Outlines Proposed Post-War
InternationalfCurrency Stabilization Plan
it
(Continued
Price 60 Cents
York, N. Y., Thursday, April 8, 1943
.
Lord
Our
S.
Our whole journal¬
has
-
been
-
stacked I
bleatings.
Mr. Roosevelt has
that
its
the
influence.
mean
lost
country's
He
long bragged
had lost
surely didn't
press
that the printed word had
its
mean, or
influence.
What he
did
should have meant, was
(Continued on page 1315)
THE COMMERCIAL
1306
THE FINANCIAL SITUATION
(Continued
let
moment
us
that they
suppose
themselves from their
first
from
own
Thursday, April 8, 1943 ^
cording ot the New York Federal
life Mr.
'':lfe^;V
fel
page).
able
were
& FINANCIAL CHRONICLE
so
to divorce
interests and those of their
Wallace's Revolution;
Social Security The American Way;
Reserve
reported
sumer
Certain Peoples Instinctively Slaves
a body
"good of all nations."
How would
Here are the pithy. comments made
by Benjamin De
they then proceed? What rules would guide them in reach¬
Casseres in his April 1st: column in the New York Journal
ing decisions vitally affecting business everywhere? Is the
American on the above subjects
:\
j fe<v
1 ! ' ' '
-"good of all" synonymous with the socialistic principle:;
On two different occasions Vice-President Wallace has
.to each according to his needs; from each
according to his
said "this is. the. people's revolution."
What revolution?
ability?
The only "revolution" that I've heard about recently in the
"Haves" vs. "Have-Nots"
sole aim is the
.
a
this
demand
uting
coun¬
trymen, and by some miracle develop quickly into
whose
Bank.
Retailers
decline
firm con¬
a
week, attrib¬
comparison
in
with last year to the fact that the
of
Easter
buying
was
climax
reached
this
at
time
in
1942, ac¬
cording to Dun & Bradstreet, Inc.
Wholesale
ported
as
advance
activity also was re¬
holding steady, aided by
buying for summer and
fall
g':.A
.
Retailers
indicated
that//,; a
spring ascent is not yet
marked
under, way.
They laid the slow¬
U. Sv. A. was the. one that took place last November, which ness of the rise to the latest Eas¬
of
was a
people's revolt against the New Deal. "People's revo¬ ter in more than 40 years and
place.
But is it?
Intelligent students of Vice-President
lution" has no meaning in the U. S. A. It smacks of Social¬ abnormal spring merchandise de¬
Wallace, Milo Perkins, and a host of other post-war planners
mand
in
February
and
early
ism.
It is of alien origin, like volksgeist and herrenvolk.
in Washington will not find it
March,, which, they said, bor¬
strange or out of order. Pre¬
cisely such a doctrine is expressed or implied in much of "Peopled revolution" sounds, Russian. It is a class-tainted rowed business from current
phrase Mr. Wallace and the other "Globalonists" should weeks.
what they have been saying about
post-war plans for two
Nevertheless,1 the largest con¬
years past.
Let it be plainly stated that operations upon really begin to go native in their speech. \ 1
sumer
income
in history main¬
,such a basis would be (for a time at least)
tained sales at an exceptionally
perfect for those
If we are to have :,"social' insurance" on a
large scale, high level and store traffic was
Hitler is fond of calling the "have-not" nations and
peoples, let us do it in the American!
way.
The American way is heavy. ,■>«r« A■i ; ';T/i
but what of the "haves," of
which, relatively speaking, we
Jesse Jones, Secretary of Com¬
voluntary. Cbmpulsbry! insurance; with raids on the weekly
are the chief
representative? How long should we stay in
merce, believes that national in¬
pay-check, is totalitarian in essence and technique. ; Let come payments to individuals will
such a category?
But whether any such doctrine "is con¬
1 hose who want health, old
age and unemployment insurance total close to $135,000,000,000 this
sciously adopted or not, the fact is that the Keynes idea at
go to a Government agency aind get insured- Let no one he year;; This is almost (double the
least appears, from cabled accounts of
it, to be most suit¬
amount of money which the peo¬
taxed for something he or she1 does not need or want.
able for giving it effect directly or
ple received in 1939/just four
indirectly.
It is probably not widely known in this
years ago.
Should Mr. Jones be
country, but
There are certain people who 'are
correct in
his estimate
it Will
instinctively slaves;
is a fact nonetheless, that shrewd minds in Britain have been
mean
that the public will have
They have no sense of freedom.': They do not want to be
at work for a good while on
post-war plans.
Oh, yes, the, free because it involves certain
individual responsibilities. approximately; $15,000,000,000
British have their counterparts of our
more
this year than it had last
day-dreamers and
They'd rather be parasites, goose-steppers and candidates for year.
...
professional reformers in Washington. Some of theirs—and
hand-outs. .Among these peoples are the Germans, the Rus¬
Although the average individual
some of them not without
influence, too—have gone even
sians, all the Balkan staters, the: Japanese,- the Chinese and will have more money in his
further than, have ours.
No one in Russia has gone much
the Hindus.
Remember, China and Russia do not fight for pocket this year, the amount of
further in demanding a
vigorous program of outright social¬
goods and services available are
liberty but for national independence—an entirely different expected to decline to approxi¬
ism at home and an active
campaign to promote it in all
thing.
*
'
mately $77,000,000,000, authorities
countries than the Labour
Party in Great Britain, and that
This will be about $5,The liberty-loving peoples by instinct are Americans. assert.
group has made this demand one of their post-war tenets.
000,000,000 under the 1942 total. 1
Englishmen, Irish, Canadians, Australians, Frenchmen, the
Many other grandiose platitudes have likewise come forth
It is pointed out that between
and obtained a following.
Yes, all this is going on in Great Scandinavians, the Dutch and the Swiss—and, sometimes, $14,000,000,000 and $15,000,000,000
the Belgians and the Italians.' I doubt whether that line-up in taxes will be paid out of in¬
Britain.
But the British have other kinds of
planners, too,
dividual incomes this year on the
will change in our lifetime.
and some of them have quite
candidly asserted that for the
basis of present legislation.
The
British much depends upon the
willingness of this country
Treasury believes, though, that
1 to "give" after the war is over.
another $16,000,000,000 should be
To
observers such
some
question
a
may appear out
•
,
The State Of Trade
Looking Out For Themselves
siphoned out of circulation.
Ran¬
dolph Paul, the Treasury's general
counsel, only the other day, said
that the people are well able to
pay this additional sum in new
These groups
have been sedulously
forma balance sheets of their nation, and
Reports from most of the heavy; industries continue to reflect
arranging^ pro;
the expanding war production.
Electric power production continues
contriving various
plans for re-establishing themselves in the post-war world.1 substantially above last year's output, with the industry generating revenues. Higher taxes on 1943
3;92&,170,000 kilowatt-hours for the week ended March 27. an in¬
incomes, therefore, appear inevi¬
They are looking upon that era with cold, realistic and see¬ crease of 17.4%
/over"the like : i942 weeks; total * of .3,345,502,00U table.
*
'
ing eyes. They should. We have no complaint whatever to according to the Edison Electric! Institute.
Rapidly advancing consumer in¬
make of them. If they do not look after their own interests
The
Pacific Coast area again >•—
—
—1—
;
•
no
one
else will.
We mention it at this
point
gest that the Britishers sitting on any
instigated by Keynes or Mr. Morgenthau
be
merely to sug¬
international board
rather likely to
thinking of British interests, first, last and always. Our:
are
.representatives, if they are not to be
father to the rest of tne
States section
with.25.4%.
'
.
were
at 98.6%
was
i;
-
.
estimated
first
of the
Commerce
quarter
domestic
Consolidated Edison Co. of New! steel production at 21,900,000 net
York announces output of
elec-l tons and predicted that produc¬
the week ended March tion for 1943 will reach a record
165,400,000 kwh., compared total Of 92,000,000 tons, a 7 % rise
149,800,000 in the like 1942; over 1942.
-
representatives of other nations. ' The danger to us,I
danger, will be precisely that which is
threatening us at home—that the "have-nots" will be in an
the most serious
.overwhelming majority.
'
We in this
country have got altogether too much in the
habit of thinking of our
resources, our wealth, our produc¬
tivity as being utterly inexhaustible. It is not inexhaustible,
and by the end of this war if it continues
very much longer
we
may awake to a rude shock. There are still large funds
in this country
belonging to peoples who have not been en¬
gaged in fighting the Axis, and who may not have an oppor¬
tunity to use much of them for that purpose.
They will
,
otherwise be
Southern
operations
then smaller, capacity.
next:
The Department of
a sort of financial god¬
tricity for
world, will have to do likewise. So 27 as
will the
or
showed the largest gain over 1942
with an increase of 26.3%.
The
with
week.
•
Loadings of
the week ended March
787,360
This
year,
27 totaled
the
of
preceding
cars
final/nine months this
have to be at
19,226
tons
week
fewer than'
a
war
is
'
They may well
money immediately!
over.
a
$40,000,000,000.
The
of
amount
culation
is
at
in cir¬
high.
the total
money
all-time
an
3%
will
year
of 93,100,000
year.
the
for
sales
week
on
were
basis
down
ended
a
March
/i'/iA/'/: 27, compared with the same week
avera year
ago,, according to the figage leadings for the correspond-j ures
of
the
Federal
Reserve
ing week of the
10 preceding: Board.
years
$118.90
ago.
122.82% of
was
was
country.
1942/ ccuntry-wide
same
rate
Department-store
.
penniless when the
above
at an
$39,657,000,000, equivalent to
for each person in the
This
compares
with
$85.60 for each person at the end
of February, 1942, and with $40.20
a person on March
31, 1917.
Railroads.'
increase
.20,926
The total
Department of Commerce predic¬
tions
are
that' savings of indi¬
viduals this year will soar to well
according to the As-i expected peak, production for the
the -corresponding week in
and 6,443 cars under the
period two
was
responsible for savings reaching
high level of $26,900,000,000.
the
At the close of February
an
above
cars
this
of
was
output
<
American
cars,
sociation
First quarter
annual rate of 88,000,000 net tons;
and to achieve the department's
freight for
revenue
and diminishing supplies
goods and services are having
the result of limiting expendi¬
tures. • Last year this factor was
comes
of
years.
t
■■■■■
Daniels Named FDR Aide
President
Roosevelt
has
ap¬
.■
.
Store sales were up
3% for the
call on us for huge sums of their own
Steel
production is scheduled: four weeks ended March 27, com¬
this week at 99.6% of capacity, in-'
hostilities cease.
pared with' the same period a
Precisely where the British Themselves',
dicating production of 1,724,800 year ago.
stand in this respect there is no
way for the public to know.; net tons of ingots and
Department-store sales in New
castings/
They are reported to have largely exhausted their resources compared with last week's rate: York City in the week ended
here and elsewhere abroad before we entered the
of-99.5%, an output of 1,723,000. March 27- were 9% smaller than
war, but
in what
degree Lend-L,ease operations have altered this sit¬ tons, according to the American in the comparative week last year,
pointed Jonathan Daniels of Ra¬
leigh,
N.
C.,
ministrative
House
as
of
one
his
ad¬
assistants, the White
announced
March
on
29.
.
uation
no
outside of
one
sibly know.
Iron
high Government circles
fond of
moment that
a
We have
the
like
reminding
very
us,
in
and
the
four
weeks
ended
1942 week, pro¬ March 27 were 1% better than in
1,674,800 tons and, the corresponding 1942 period, ac-
but
incredibly large
pro¬
the New Dealers
as
we must
So far
we may
war
not
fare.
We shall doubtless
millions
shall be
ever
before the
more
more
squander,
war
is at
heavily in debt than
be in any
many
an
we
other hundreds of
end.
-
As
a
nation
we
had thought we should
circumstances.; We shall have
many
the production of
on
with vested interest in
well be rather hard
be
hangers-
unspeakably overloaded with Treasury deficits.
as
for
manufacturing facilities.
squandered untold millions, not to say billions, in
South America and elsewhere in the
who
is
the
son
of
Josephus Daniels, Secretary of the
Navy in the Wilson administra¬
and
tion
Mexico,
later
Ambassador
recently
was
to
Assistant
Director of the Office of Civilian
Defense, having resigned as editor
"The Raleigh News and Ob¬
server" in order to enter Govern¬
forget for a
large part of this equipment will not
time after the
f
Daniels,
of
the close of hostilities,
peacetime goods is concerned,
a
For
-
Inexhaustible
be suitable for peace
purposes.
put to it for
& Steel Institute.
duction totaled
We shall have, of course, almost
ductive power at
so
pos¬
I
Net
are
can
Mr.
name
of economic
war-
If
we
must
arrangements,
at the
begin
we
largesse. Our banking system will
now to
top of the agenda.;
'
:
our own
six
last
His
appointment
vacancy
among
the
administrative assistants who
$10,000
a
year
each.
The President's recent
of
ment
appoint¬
Representative
former
James M. Barnes of Illinois
his
our
interests
the
receive
of
consider post-war financial
should be wise to place
service.
ment
fills
aides
referred
was
issue of March
The
other
ants
are
Lauchen
Currie,
in
assist¬
McReynolds,
Lowell
and David K. Niles.
to
18, page 1020.
administrative
William H.
as one
Mellett
Volume
157'
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4166
Items About Banks,
The statement of the Chase Na¬
>■
tional
Bank
of
New
;
York
for
March 31, 1943, shows deposits on
Outlines
Proposed Post-War
International Currency Stabilization Plan
TrustCompanies
Dec.
10,
1942, of
$5,000,000! from;
undivided profits to
surplus, the:
third
in
such
increase
the
.
(Continued from first page)
past
In
•
special advices from Wash-:
date of $4,203,291,000, com¬ six years. Undivided profits were
pared with $4,291,467,000 on Dec. $5,805,606, and allowing for the ington April 5 to the New York
"Times" it was stated:
.31, 1942, and $3,628,257,000 on above transfer, showed an in¬
the House Representative
March 31, 1942.
Total resources crease for the year of $1,435,916 / In
Andresen
of
Minnesota
com¬
,at the latest date amounted to after the usual dividends of $3,$4,482,656,000, compared with $4,- 600,000 ($1.80 per share).; The plained that the American press
and
people were "scooped" by
.569,496,000 on December 31 and indicated net 'earnings /on the
Later
2,000,000
shares V (par London on the proposals.
$3,899,439,000 a year ago; cash in bank's
Secretary
Morgenthau
asserted
the bank's vaults and on deposit $10.00) amount to $2.52 per share
•with the Federal Reserve Bank for the year ended March 31, 1943, that he had been "scooped" too.
.7 .."The President's plan," Mr. An¬
•and ; other: banks,
$1,025,488,000, as compared with $2.48 per share
dresen told the House, "has been
■compared with $1,132,553,000 and for the same period a year ago. >
/that
$1,254,614,000
on
the
cloaked
respective
investments
in
United
States Government securities, $2,403,236,000, contrasting with $2,327,748,000 ~ and
$1,417,883,000;
loans and discounts, $727,477,000,
compared with $786,057,000 and
$830,806,000.
dates;
The First National Bank of the
with
•
deal
great
a
of
secrecy as far as members of Con¬
and the American people
City of New York, in its report of
gress
condition at the close of business
concerned.
are
The first information
1943, shows total re¬ is being given to "several commit¬
tees of the Senate today.
sources of $1,009,121,178 and total
Two
deposits of $882,706,810, compared committees of the House will be
with $1,014,254,349 and $887,300,- , given the information tomorrow.
"London newspapers carried the
On March 31, 1943, the capital 349 on Dec. 31, 1942.
Cash and
.of the bank was $100,270,000 and due from Federal Reserve Bank entire Roosevelt-Morgenthau plan
this
morning and/ details were
the
surplus
$100,270,000,
both and other banks, -including ex¬
amounts
unchanged.
The
un¬ changes, is listed at $198,109,465, given to the world over an inter¬
national broadcast at 8 o'clock.
divided
profits
on
March
31 against $195,270,184 three months
"To my amazement, I learned
amounted
to
$49,353,000, • com¬ ago; holdings of United States ob¬
from the London broadcast that
pared with $45,049,000 on Dec. 31, ligations, $640,766,090, compared
with $620,757,312, and loans and we are going to set up a $5,000,1942, and $43,043,000 on March 31,
1942.
Earnings of the bank for discounts, $44,576,695, against $70,- 000,000 international stabilization
Capital and surplus re¬ fund, presumably American gold,
the first quarter of 1943 amounted 541,163.
to 58 cents per share, compared main
unchanged at $10,000,000 and create an international cur¬
and $100,000,000, respectively. Un¬ rency in ten-dollar dollar units
with 36 cents a share in the first
divided profits are given as $11,- called 'uiiitas.'"
quarter of 1942, .
"The
British
financiers have
758,384, after making provision
an
international cur¬
;
Resources of the Guaranty Trust for the April 1 dividend of $2,- proposed
Company
of
New
York 1 have 000,000, compared with $12,044,- rency tied to the British pound
reached the highest point in the 415 on Dec. 31, 1942, after .pro¬ called 'baneor,' and I assume that
Company's history, according to viding for the Jan. 2 dividend of from here on the fight will be be¬
March
31,
•
the bank's statement of condition
as
of March
31.
Total
'unitas'
tween
$2,000,000.
The East River Savings Bank of
$3,015,473,615 compare with
$2,995,498,622 at the time of the New York announced the follow¬
last published statement, Dec. 31, ing appointments April 1:
John P. Heney, appointed As¬
1942, and with $2,555,077,767 at
the corresponding quarter a year sistant Vice-President. Mr. Heney,
ago, March 31, 1942.
The Com¬ Manager of the Mortgage Servicpany's deposits are $2,666,261,390 ing Division and Senior Mortgage
as compared with $2,256,851,588 a Supervisor,
was
formerly Exec¬
utive Secretary of the New York
year ago.
The
current
statement
shows State Mortgage Commission and a
holdings of United States Gov¬ Special Deputy Superintendent of
He was in charge of the
ernment obligations of $1,827,681,- Banks.
573, the highest figure to date, Liquidation Bureau and a general
against $1,692,372,868 on Dec. 31, assistant to the Superintendent of
1942, and with $1,040,616,951 a Banks. Mr. Heney has been with
year ago.
The Company's capital the East River Savings Bank since
and surplus remain unchanged at 1940;
1
•
••
• V
.
Theodore
J.
Kegelman,
ap¬
$90,000,000 and $170,000,000, re¬
spectively, and undivided profits pointed Assistant Vice-President.
total $23,445,680, compared with Mr. Kegelman, Manager of the
has
$22,547,059 on Dec. 31, 1942, and Rockefeller Center Office,
with $19,470,857 a year ago.
/
(Continued on page 1320)
tional
hoard bf
.The
5,
Press
advices
"For
ury
Morgan
& Co. - Incor¬
porated, New York, in its state¬
ment of condition as of March 31,
'Gas' Rations Cut in Half-
Pleasure Driving Ban
Off
'
the
statement
in
from
of
Washington,
vious order with another method
against
$22,582,297,
purchased are
shown as $69,611,052, compared
With $79,607,408. The capital and
surplus are unchanged from the
close
of
the
last
quarter
of
$20,000,000 each, with undivided
profits also the same at $1,817,508.
*
of
the
penalties
control.
The
certification
ministrator
by
in
the
action
time
we
in the Treas¬
deeply concerned
threat
of
international
L.
followed
Ad¬
Iekes
that
less
gasoline will be available in
April for distribution to civilians,
though the daily supply will be
slightly more, because of a sea¬
sonal
in
increase
demand.
For
The Chemical Bank & Trust
Company of New York reported, the new ration period, motorists
who have been allowed 12 gal¬
as of March 31, 1943, deposits of
$1,041,405,430 and total assets of lons of gasoline a month will have
$1,133,964,753 compared respect¬ to get along on an average of six.
ively with $1,009,608,632 and $1,- This has the effect of decreasing
098,302,223 on March 31, 1942. the value of No. 5 coupons from
Cash on hand and due from banks an average of three gallons to ap¬
amounted at the latest date to proximately IV3 gallons a week.
,
,
Price Administrator Prentiss M.
$261,910,314 compared with $371,778,098; holdings of United States Brown on March 19 announced
Government securities to $509,- that, except in rare, cases, Eastern
560,659 against $328,050,121; bank¬ A gasoline bookholders will be
ers' acceptances and call loans to unable to get supplemental rations
they
form
$37,472,099
against
$29,074,499; unless
ride-sharing
and loans and discounts to
$149,-
273,845 against $156,926,040.
,
Capital was unchanged at $20,-
000,000 but surplus shows an in¬
crease
from $50,000,000 to $55,-
000,000, reflecting the transfer on
clubs.
\
;•'
The official ban on pleasure
driving, which was ordered, early
in January by the OPA for the
-
East
on
Coast
March
rationed
22.
area,
ended
United
two
in
to
the
post-war pe
the
resumption of
private trade and finance.
It is
generally held that this formida¬
ble task can be successfully han¬
dled
only through
cooperation.
international
recognize
that
the establish¬
adequate to
deal with the inevitable post-w.ar
monetary problems should not be
postponed until the end of hostili¬
ties. > ;It would be ill-advised, if
that
agree
a
program
when
the
war
does end.
"The completion of such a task
is certain to take many months
at
the
tical
lated
least.
Specific and prac¬
must be formu¬
proposals
and must be carefully con¬
sidered by
the policy-shaping of¬
ficials of the various countries. In
each country acceptance
of a de¬
finitive plan can follow only upon
legislation or executive
action.
And even when a plan is finally
adopted, much time will be con¬
sumed in establishing an organi¬
zation capable of beginning ef¬
prosperity, like
divisible.
defeat
is.
another
of
the
Axis
powers
would be made easier if the vic¬
tims of
aggression, actual and po¬
tential, could have greater assur¬
ance that a victory of the United
Nations will not mean in the economic
is in¬
peace,
,
ment
agencies of the Govern¬
for
exchange markets
have accumulated
countries
as a
and
lib¬
in some of the
consequence of war
time
some
have
been
"The control of the operations of
the funds would be in
of
international
an
pointed
the
the
by
member
ap¬
of
countries,
voting power
be
the hands
board
governments
related
and the
that board would
on
to
the
contribution
which each country makes to the
required fund.
"The
creation
of
interna¬
an
tional agency of the character that
contemplating is a logical
development of the various tenta¬
are
we
tive steps which have been made
in the direction of stabilization of
currencies
during
studying methods by which post¬
war
monetary stability can be
achieved.
No specific plan has as
yet been considered by this Gov¬
ernment, but preliminary sugges¬
tions
of
our
technical
experts
Obviously
we are
have
stages
our
the immediate
pre-war years.
formulated
been
and
have
been made available for explora¬
tory study of the experts of other
interested governments.
"The
technical men
of
other
likewise
have
governments
been
"I have been anxious to discuss
this matter with you and to keep
informed
you
of
cussions.
of
developments.
still in the early
thinking
However,
want
are
doing
and I do want to feel free to
back from
dis¬
did
we
to know what
you
and
I
time to
come
time and
studying the problem.
"Our own thinking along the
lines of currency stability has not
been
addressed
to
concocting
some
panacea
that
will
auto¬
matically cure all the economic
ailments
of
a
post-war world.
Rather we have attempted to ad¬
dress ourselves
to
the
specific
problem of foreign-exchange sta¬
bility and the common-sense way
cuss
of
dis¬
Holding B Or C Books
achieving this end.
"Our
views
based
are
tain your views and advice."
7
[Editor's Note—Full text of
Treasury's
t
zation
Stabili-
Currency
Proposal
Section
in
appears
of today's
1
issue.]
AdcTl Tires For Motorists
the
on
the subject with you and ob¬
line
In
Government's
with the
rich
experience that this country
other
governments in our attempts to
maintain exchange stability.
We
have tried to adapt that experi¬
to the broader and
the
con¬
during
world
the
post-war years.
the
pattern laid down by the tri¬
partite agreement and our own
stabilization agreements.
"Our tentative
proposal is to es¬
international stabiliza¬
an
tion's
automobiles
Nations
and
those
would
would
them
an
in
this
This fund
participate.
constitute
which
nations
with
associated
are
war.
the
na¬
the
rolling,
Office of Price Administration
March
announced
16
that
on
addi¬
tional pre-Pearl
tory"
tires
Harbor and "Vic¬
available
will be
on
April I' to certain lower-mileage-
"We have also kept in mind
tablish
announced plans to keep
dif¬
more
problems
currency
ration passenger car owners.
The
release of
un¬
der
will
tires
international
with powers and resources
adequate to promote the main¬
tenance of currency stability.
able
for
be
C card¬
and
replacement
beyond the
worn
recap-
stage.
An
order
date
for
casings
new
rationing to B
holders
of
these
issued
OPA
by
with
driver
a
the
on
it
makes
same
possible
mileage
a
ra¬
agency
"The
cooperating governments
who would participate in the pro¬
gram would, among other things,
undertake not to engage in com¬
petitive depreciation of their cur¬
rencies. This stability would be in
large measure secured by fixing
the
of
of
value
currencies
in
and
by
out consultation with other mem¬
bers.
"The
we
resources
have
vided
in
by
the
ernments in
of the fund that
mind
an
would
be
participating
or
central
Participa¬
banks.
It
compete with private
existing agencies.
Its
operations would be maintained
only to supplement the efforts
made by each member govern¬
ment to maintain monetary sta¬
bility.
•
"The established
ternational
trade
tional banking
channels of in¬
and
interna¬
would be retained
in full for all international trans¬
actions..
"We have
-;V
needs
Previously
monthly
get
those
with
560 could
over
tires.
new
OPA
The
of
II—
replacements.
only
mileage
announced
also
motorists with
that
mileage rations be¬
and
560
tween
now
for
casings
new
monthly—
1,000
have been eligible
who until
which
in
for
previously
cars
miles
or
lower-
the
trouble-
sphere a repetition of the some monetary problems growing
a
for used or
proper
In
releasing
on
hand
all classifications of
will
now
A
cards
be enabled
on
the road.
are
eligible
recapped casings upon
certification.
making these tires available,
officials
of
OPA and the Office
of Rubber Director
the
in
quantity of new
their cars
of
Holders
Director
of Rubber
Jeffers
inventories
that
keep
1,000
month.
owners
car
to
more
M.
assures
of
ration
from
tires
reserved
a
substantial
this
Grade I tires
were
with
action
The
William
both stressed
importance of continuing all
phases of the rubber conservation
program,
given special attention
to the solution of certain
he
when
casings
new
qualities—Grade
hereafter to get the
currency
and public
obligations of the member coun¬
tries.. The operations of the fund
would include buying and selling
of foreign exchange under ade¬
quate safeguards.
"The fund would deal only with
not
get
lower
miles
240
gov¬
local
treasuries and
to
monthly
the
than
more
pro¬
tion would be in the form of gold
and
of
quality backet only—will be able
amount and form
suited to each nation.
tion
terms
providing that
changes could not be made with¬
gold
banks
important
reason for dealing with this prob¬
lem now. A plan for international
monetary cooperation can be a
factor in winning the war. It has
been suggested, and with' much
cogency, that the task of assuring
the
truth
"With these points in mind, the
technical experts of the Treasury
would
fective work.
"There
wide¬
of
the/fundamental
and other
free
tion fund in which all the United
"I think further that most of us
of
decades
-
spread economic disruption.
The
people must know that we at least
fronting
ment
solid
on
United Nations will not usher in
"We feel that international cur¬
rency stability is essential to re¬
*;
and
encour¬
They must be given to
understand that a victory of the
ficult
riod
all
be
must
given
of the
ground.
ence
construction
people in
aged to feel themselves
another
would facilitate the restoration of
conditions.
Nations
war.
pre-:
Petroleum
Harold
The
now.
and have included
suggestions for handling of such1
problems. In particular, the fund
should be
assurance
monetary chaos at the end of this
fronted
place
and loans and bills
"That
has had in cooperating with
To maintain gasoline rations for
1943, reports total resources of
$744,722,361 and total deposits of business purposes and other es¬
not dangerous, to be unprepared
$697,866,820, compared with $711,- sential activities17 by.7/ restricting
for the difficult task of interna¬
885,162 and $666,093,331 on Dec. non-essential uses, the Office of
tional monetary cooperation when
$1, 1942.
According to the cur¬ Price Administration on March 17
the war ends.
"
rent statement, cash on hand and extended the period for A-5 cou¬
-. "No
one
knows how long or
due from banks amounts to $155,- pons, valid March
22, from two
how short the war will be.
We
399,860, against $154,589,149 three mouths to four months. The pur-,
therefore believe it is desirable
months ago; U. S. Government se¬ pose of the
measure,
which in
to begin now to devise an inter¬
curities (direct and fully guaran¬ effect;/ halves
;/ the
value of the
national
monetary " agency ade¬
teed) to $464,815,117, compared coupons, is to preserve the sav¬
quate to cope with the problems
with $426,826,911; State and mu¬
ings in gasoline made by the ban
With• which we 'shall- be con¬
nicipal bonds and notes are now on pleasure-driving and to re¬
$25,130,519,
v.;'/-.:
war.
out of the war,
erate the abnormal balances which
exchange instability and mone¬
tary collapse that followed the last
Associated
'
some
would
P.
gold
given
as
have been
with
take
$22,600,000,000."
April
-
will
America's
of
Secretary's
follows:
and
coming interna¬
battle
currency
control
over
'bancor'
and
the victor of the
resources
of
J.
1307
particularly the neces¬
sity of driving under 35 miles an
hour.
wW.
l;,tiUlfl Afili
^'UM^bw.VUV rtt" W<U,-VltW*#*
.
4-^VUli»i,'l'—Ui».A.A*»i t
■wUfc
4
THE COMMERCIAL &
1308
More Successful In Inflation Giirb Now Than S
In Last War, Bui Further
Control Held Necessary
"Despite the vastly greater scale of our war effort, comparisons
with the last war show that so far we have been more successful
combating inflation," says the annual report of the Federal Re¬
serve
Bank of New York, made available on March 30 by Allan
in
Sproul, President of the Bank. -The* report goes on to say:
"Until the Spring of 1941, there was a marked similarity in the
movement of wholesale prices in^
the
\
FINANCIAL CHRONICLE
lend-lease
foreigners'*
reduced
program
needs
of
in
the
United
States.
According
published figures, foreign
banking funds in this country rose
by $394,000,000 for the first 11
1942; most, or $312,400,000, of the increase was for the
account
of
foreign central banks,
governments, and their agencies.
for
movement
wholesale prices since the war be¬
in 1939 has been only about
gan
one-third as compared with about
83% for the corresponding period
of the last war, and the rise in the
cost of
living has been about 22%,
compared with 36% in the same
period of the last war.
;
"For
our
thus
success
in
far
avoiding a more substantial de¬
gree of inflation, despite our huge
war
chief importance
given to the expansibility
economy."
program,
must be
of
our
The
report,
however,
observes
that "despite our comparative suc¬
cess in avoiding serious inflation
thus far, there have been signs of
iate that we may be entering a
critical phase of
more
fort."
ef¬
our war
It further comments:
.
character of the United States bal¬
and
says:
"It
of
international
of
ance
our
imports
1942.
payments,
i-,1,
,
be
can
merchandise
excess
exports
over
precipitously during
Total
exports
from
the
United
rose
States
amounted
to
$7,826,000,000, or 52% above the 1941
total.
At the same time, imports
from
abroad
declined
•
18%
from
the
previous year's total to $2,743,000,000, although this amount
excludes goods purchased abroad
which were not imported during
1942.
While in previous years the
'favorable'
trade
balance
United States had been
a
of
there
actually
was
some
reduction in
our gold stock during
1942,1 despite a merchandise ex¬
farm prices, and a growing fear port surplus which was the largest
on record.
The explanation lies
of a vicious spiral of rising cost of
living and wage rates. Hourly earn¬ primarily:in the fact that- of the
ings in industry have continued to year's total exports, considerably
more than one-half was made un¬
rise more rapidly than the cost of
der the lend-lease program.
Ex¬
living, and the payment of timeand-a-half for overtime beyond 40 ports on a cash basis, amounting
to
$3,158,000,000, were, in " fact,
hours per week would seem bound
to accentuate this tendency as the only slightly larger than our cash
goods
pur¬
48-hour week goes into .more gen¬ imports, - excluding
chased and accumulated in; stock
eral effect. The situation with re¬
piles abroad*
• • ■; 'f ■ *
'
>
■
gard to manpower, materials- and
"During the year under review,
equipment is becoming rapidly
tighter. We are facing in 1943 the therefore, the trade surplus of the
withdrawal
of
several
millions United States was chiefly offset in
"In
recent
been
a
from
the
armed
that
months,
labor
forces
market
at
the
employment
has
there
pronounced
more
rise
into
time
same
must
of
the
in¬
be
the
balance
ments
a
of international
by what
special
pay¬
be considered
may
type
foreign loan,
reduction in for¬
of
creased by several millions if the
rather than by a
demands of the
eign holdings
cash
eigners
in
increase
an
of dollars owned
the
by for¬
excess
an
made to for¬
payments re¬
payments
over
cash
ceived from
foreigners. It was, in
fact, much more than offset by the
unreported 'outflow' of American
capital arising from our foreign
lending including lend-lease oper¬
ations..
The
the
in
movement
earlier years, on the other hand,
reflected a conversion of foreign
currency
or
into
ment
flected
other
of
means
dollar assets
it
—
actual inflow of
an
pay¬
re¬
foreign
capital,"
the
substan¬
tial factor in this country's acqui¬
sition of most of the world's gold
supply,
was
eigners, resulting from
of
that the
seen
there
amount
Under the head
"Foreign Re¬
lations" the report says:
"Deposits
banks
of
and
foreign
to
governments
at
$792,800,000 on Dec. 31, 1942,
little changed from the figure a
year earlier.
Reflecting, however,
interest
considerable
of
foreign
governments in
central banks and
acquiring United States Govern¬
securities, the total of such
securities
held
amounted
prevent the
In
his
to
by this bank for
foreign account at the end of 1942
$481,000,000, an in¬
$319,000,000 for the year.
addition, there was the increase
of $458,400,000 in earmarked gold
holdings for foreign account, com¬
mented upon previously in this
report. Largely as a result of the
of
In
veto
compelled to take this action
constructive farm policy and
whole war effort." ,: / :
;
our
to
our
After reviewing the legislative
history of the measure, to justify
his interpretation of the Stabiliza¬
tion Act of Oct. 2, 1942, Mr. Roose¬
velt said that "this bill would go
beyond the goal of parity income
and give to these producers an un¬
warranted bonus at the expense of
the consumer."
farmer is
than
he
that
we
"substantially better off"
in
was
he
He added that the
would
set
loose
the last
not
an
inflationary tor¬
come, purchasing power and par¬
ity income of the farmer, the Pres¬
by
Gov¬
total amount of funds
the Reserve Banks for
general
our
succeeds"
program
can
stabilization
and
their
prove
must
indeed
resources,
trol
of
consumption,
bination
of
by
increased
a
com¬
taxation
in
the income brackets where income
has increased, absorption of sub¬
stantial amounts of current in¬
through sales of
comes
ment securities
tioning, and
price
and
Govern¬
to the
public, ra¬
comprehensive
more
not
given
to us, our claims on
recipients of lend-lease aid
their
fair
share
the
con¬
The
of
President
the
estimated
than
$1,000,000,000 to the
the
Bankhead
stated
force
that
basic
"if
bill, the President
by this bill you
March,
1941,
through
December, 1942, the total of goods
transferred and services rendered
the
Lend-Lease
Act
to
about
transition
world
time
from
a
of
most
of
peacetime to
the
war¬
had, as might be
expected, further far-reaching ef¬
fects during 1942 on the character
of
economy
the
balance
of
payments
be¬
tween the United States and for¬
eign countries."
Continuing, he
says:.
"As
a
result
of
the
virtually
world-wide application of controls
over
gold
and
the
foreign
changes, gold and capital
ments
ex¬
move¬
of
do
not
detract
from the
war
ef¬
was
of
an
tained because of war-time
those
increased
mately
farmers
as¬
The
largest single re¬
cipient of credit during 1942 was
China.
In April $200,000,000 was
made available out of the $500,000,000 aid to China authorized by
the Congress in March, 1942. Fur¬
thermore,
a
exchange in payment of
military
in
connection
and
other
with
four of the loans
been repaid, and the
out¬
standing balance owed on Dec. 31,
1942, was
operation
Bank
$2,500,000.
This loan
was
effected by this
with the approval of the
Board of Governors of the Federal
our
our
United
received considerable amounts of
dollar
the
Reserve System and was partici¬
pated in by other Reserve Banks.
"Foreign operations, conducted
by this Bank as fiscal agent of the
number of countries
operations
.all
Congressional; action • on the
bill was completed on
.
Bankhead
March 26 when the Senate
thb House version.
The
addled
billjVas
measure
so
as
to
States, increased consider¬
ably during 1942. With the United
make
it
an
amendment to the 1942 Price Con¬
trol
Act.
the
This
change
measure
House.
proval
came
on
was
Final
was
ac¬
March 26
sent to the
Senate
ap¬
despite Price Admin¬
istrator Prentiss Brown's plea that
the bill be rejected.
Mr. Brown
contended
that enactment
of this
bill would raise retail food prices
7%; add $1,500,000,000 to the
con¬
sumer's food budget, and cost
a
year
the
additional
$500,to feed the armed
an
Bankhead
(Dem., Ala.), has the ef¬
fect of nullifying President Roose¬
velt's interpretation of the farm
as
these credits
and
States at war, the scope
transactions of
-any
manufactured
or
ex¬
commodity
commodity pro¬
in
whole
substantial part from any agri¬
cultural commodity, to rise to the
ceiling
parity price, with
or incentive
or
benefit payments
payments to farmers
any
age
to
encour¬
production being in ad¬
war
dition to such ceilings.
The
Congressional
the
over,
controversy
Administration's
pretation of this law
in
to
issue
our
2336.
of
was
Dec.
inter¬
referred
31,
page
:
■
■
N. Y, District Plans
April War Loan Drive
Plans
for
drive
were
the
April
War Loan
outlined to 450 invest¬
ment
dealers
at
serve
Bank
of
March
23 by Allan
the
Federal
New
Re¬
York
on
Sproul, Presi¬
dent of the bank and Chairman of
the
War
Committee
Finance
the Second
for
District, and Perry E.
It was
enacted
dent's
Oct.
the
deduction
or¬
of
violation of the
intent
of
be raised in the nation-wide
his
mercial
latter
trict
bank
sources,
raise;:at
to
000,000.
It is
$3,000,'
.
expected that 40,000 volun¬
for the
York
least
f"
;
will
salesmen
teer
and of the
amount the New York.dis¬
is
available
be
Treasury drive in the New
Hall
Mr.
area.
recently
that
Harry
announced
W.
Beebe,
Rip¬
Vice-President of Harriman
Co., Inc.; Irving D. Fish,
partner of Smith, Barney & Co.,
and Percy M. Stewart, partner of
ley &
Kuhn, Loeb & Co., have become
with
associated
the
New
York
Fund group.
They will
their headquarters at the
Victory
make
Federal
Bank
Reserve
of
New
will be assigned the
task of coordinating the
and
York,
specific
of
efforts
and
banks
in
dealers
8,
Region
investment
which
in¬
Manhattan and the Bronx.
cludes
Population of U. S.
Reaches 135,604,000
of
The. Bureau
ported
on
the
Census
March 22 that the
re¬
pop¬
of the continental United
ulation
had reached 135,604,000 on
States
decade/ The
Associated Press
Government
agencies."1
■
Figures of the Bank's earnings
1942 and
embodied in the report;
calendar
years
was
re¬
at¬
tributed principally to the record
of
3,020,153 births last
the
said
Bureau
from
marily
induced
the
cam¬
paign, beginning April 12, $8,000,000,000 is to come from non-com¬
ports that the sharp gain
agent of the Treasury and of cer¬
for
the meet¬
payments in Jan. 1, an increase of 1,651,000
ceilings on farm during 1942, or nearly double the
It was: claimed that this average yearly gain for the past
bill, Senator Bankhead
stipulated "that, in determining
the parity price or comparable
price for any agricultural com-.
tain
announced at
Com¬
benefit
Congress.
In
Fund
price
products.
in
The Presi¬
stabilization
economic
authorized
Government
was
2, 1942.
Victory
ing that of the $13,000,000,000 to
provisions of the Stabilization Act,
of govern¬ 1941 are
a
foreign, these were made available earlier
payments made a large supply of; nature naturally widened and in in the year and were given in our
dollars available at a time when this connection this Bank acted as
Jan. 28 issue, page 381. —
"Inasmuch
bill, it is
allow
to
and
cessed
forces and supply our Allies.
The bill, sponsored by Senator
had
lend-lease
ulti¬
and
people of the nation."
been rendered to many anti-Axis
countries.
to
a
will
wages
the
cost
setting
addition
as
wages, no one
can
tell
where increases will start or what
end of the year,
"In
in
abroad.
transfers
private capital as do occur in gen¬
eral are permitted only if they
which
during
made for
providing dollar
adequate supply of
not being promptly ob¬
purpose
exchange,
bank
were
prices,
is
Executive\Mai}ager of the
sistance, outright financial aid has
such
international
the
central
These loans
curren¬
effect of the
plained,
com¬
,
-
.
York
der
expenses
now
1942.
foreign
'
.
Hall,
delays
shipment of export prod¬
ucts to the United States.
By the
$10,000,000,000.
largely on a gov¬
ernment-to-government basis and
are
American
in
agricultural
any
<
mittee.
000,000
from
from the fact
''the
Discussing
showed
to
modity."
New
; "A series of six short-term
loans, secured by gold earmarked
at this Bank, were made to a Latin
that
under
ex¬
accounts
spect
result
foodstuffs, and
Government
amounted
general
pansion of production."
Banks'
payment, conserva¬
payment, incentive payment,
made with re¬
other payment
or
the National War Labor Board in¬
cies.
have done here¬
continued
on
Reserve
and other Fed¬
Government for any subsidy pay¬
creases
denominated
seen
"Capital and Gold
Movements" Mr. Sproul notes that
tofore
we
eral
own
deduction shall
agency of th6
no
any
ment,^ parity
tion
consum¬
increase in the cost of the
an
'export'
$8,253,000,000,
of
which $7,009,000,000 occurred dur¬
ing 1942. Toward the end of the
year,
lend-lease aid was being
provided at an annual rate of
rely less than
abroad for its
by
that
ers' food budget and several hun¬
dred million dollars to the cost
of feeding the armed forces and
indication of the magnitude of this
be
of
cost
might swell the cost of
living more than 5% and add more
virtually no change dur¬
ing 1942.
There continued to be
no
holdings of commercial bills
may
very
the "bill
White
"Balances which this Bank holds
or
in sub¬
or
stabilization."
stitute, in a technical sense, an
'export' of American capital. Some
controls, and to
wage
by reciprocal aid
'
000.
lend-lease assistance has
our
been offset
the
on
living standards, but
be willing to bear
that
it will
increasingly necessary to
heighten the emphasis upon con¬
upon
this
margin of subsistence are willing
to recognize that for the duration
they not only cannot expect to im¬
ing strain
become
that
succeed "only if all
except those
groups
In the face of these signs of grow¬
as
made
full
if
program
and
exchange,
processed
part from any agricultu¬
commodity,
be
only
cepted by the Senate
and
to be met.
stantial
ral
ident said that the farmers present
favorable position "can be held
the
held
States
commodity
any
or
gold, the
United
"inflationary
stabilization program,
manufactured in whole
The
Citing the increased dollar in¬
high figure of nearly $4,000,000,-
program
are
"if
so
is
measure
our
modity, r; and
in '- establishing,
maintaining
or
adjusting
any
maximum price or prices for any
agricultural
commodity, or /for
nado."
of gold and dollar
war
program
but
war
remain
ernment securities and earmarked
in
the
character," is "wholly inconsistent with
and, therefore, dangerous alike to®-
had been the case in
other recent years. To the extent
food
because
ir.
originally approved by the Senate
on Feb. 25 by the
overwhelming
vote of 78 to 2 but the House, in
adopting it on March 24 by a
standing vote of 149 to 40, revised
increases
April 2 the so-called Bankhead
Government
or
foreign account rose $791,000,000
during the year to reach a new
the
on
of
benefit payments in
comparable prices for agricultural products.
message to the Senate, the President said he was
determining parity
-
vetoed
deduction
supplying our Allies.
In appealing to the "considered
the judgment" of Congress to reject
to
crease
bill
central
Federal Reserve Banks amounted
ment
President Roosevelt
-
months of
v
Says Measure Is Inflationary find Dangerous
the
roughly horizontal fort. Even in the case of official When
a
further
reduction
in
about a year fol¬ transfers, credit arrangements by
American banking funds abroad
lowed by a gradual but accelerat¬ Government agencies, undertaken
and international security trans¬
ing rise, and many fears were at principally to facilitate the move¬
actions are taken into considera¬
between Allies,
that time expressed that this sim¬ ment of goods
tion,
the
recorded
'inflow'
of
ilarity might continue. Our ques¬ have to a large extent eliminated
funds during this period, amounted
tion was whether the great price the need of cash settlement of bal¬
to $530,900,000, and this amount
rise, of about 50%, which occurred ances arising from the interna¬
excludes funds used for the pur¬
between the middle of 1916 and tional flow of goods. Foreign trade
chase and earmarking of gold here
the middle of 1917, was about to in turn is no longer influenced
during the year.
be repeated, and this was part of by the usual peacetime considera¬
"This
tion of maintaining some degree
a larger question, whether for the
movement,
which fol¬
of balance, but primarily by the lowed a sizable reduction in for¬
war as a whole we would repeat
the earlier experience with prices. need of war material at the vari¬ eign holdings of dollar exchange
in
1941,
resumed
the
'inflow'
From
1915
to * 1920,
wholesale ous fronts and the productive and
which had persisted for several
prices rose almost 150%, and the shipping facilities available to sat¬
years prior to 1941.
It should be
cost of living about doubled be¬ isfy the demand."
emphasized,
fore the post-war deflation set in.
however, that the
Presenting a diagram showing
1942
movement differed
greatly
Looking back, we can now see the cumulative movement of gold,
in nature from that of the earlier
how much more fortunate our ex¬
capital, and merchandise trade for
perience has been, thus far, than the past eight years, Mr. Sproul years. The movement in 1942 was
an 'inflow' only in the sense that
in the last war.
The total rise of calls
attention
to' the
changing
the two wars, a
President Yeloes Bankhead Farm Parity Bill;
dollar "ex-i
change, 1942 witnessed a material
rise in foreign-owned funds held,
to
Thursday, April 8, 1943
by
year, which
"resulted
pri¬
business
war
prosperity
activity and from
anticipation of conscription."
The
mate
on
mental
Jan.
1
population
compares
with'
esti¬
133,669,275
April 1, 1940, date of the last
census,
and
000
Jan. 1,
on
an
estimated 133,953,-
1942.
^
-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4166
Volume 157
Oct, 1, 1943.
i
The. proceeds from
safe, together With the $2,-
the
from
500,000
Pay-Go Tax t Plan
Income Taxes; Favors
1
i
,
borrowed from banks
A minimum of 50,000 New York families
■
agencies what is indicated as a conservatively esti¬
mated $10,000,000 to pay their first quarter income taxes, and over
the nation at least 500,000 families borrowed a minimum of $100,lending
and
the
for
000,000
purpose,
same
to a statement issued
the Morris Plan Bank of New
according
by Syd J. Hughes, Vice-President of
claims to be the •>
consumer credit bank in taxpayers
York,-which
largest
In
;
statement,
the
issuing
Mr.
Hughes, *who is also a Director of
the Consumer Banking Institute,
Washington, said
that such loans
would be eliminated if the Ruml,
or some
similar pay-as-you-go tax
plan were adopted by Congress.
"The actual figures, when avail¬
that
millions
ahead with still
larger tax accumulations likely
long before relief will come in the
form of lower taxes.
"Further, when we observe that
loans are made for taxes, we are,
as
families
It is
higher cost of
living, the three remaining tax in¬
stalments and the proposed 20%
a
than
rather
half million
to say a
or
double
$1,000,000,000 directly
due to the present
indirectly
tax base.
Hughes further stated:
"The danger signal in this en¬
tire situation is not in the fact
Mr.
»
borrow to pay their
income taxes. Many have always
that
done
people
so
purely for the sake of the
of paying all their
and amortiz¬
ing the loan in convenient
month¬
ly budget payments.
million loans
so
involved.
Hhf^family
cause
Be¬
would
unit
treble the actual num¬
or
people .involved.
If the
head is under financial
pressure the whole family is un¬
der a corresponding pressure with
drastically reduced family bud¬
of
ber
family
meaning
gets,
things
many
health
basic
"Few
/'The estimate of $100,000,000 in
;
such tax loans for the first quarter
in
in
men,
comfort
of
these figures because
up
the military
to 38 at least, are
services. Further,
finds
now
point that
himself approaching
can
a
completely break
agencies
set ' tip
within a
industry
given
by the em¬
ployees themselves such as the
Municipal Credit Union of New
York with a volume of millions of
dollars
of loans
ployees.
"The
the
.:
-
among
city em¬
- •
estimate does not include
thousands
In
bered
that
millions
of
the
of banks where a
Club, Mr. Sullivan
that, despite confusion re¬
garding pending proposals in Con¬
gress, the manner in which the
inefficiency
and
extravagance in the collection of
the Federal revenues."
Sullivan
Mr.
also
■
,
gave
figures
amount of individual income taxes
ers
of
$9,631,793,000 and that of
$7,830,860,000 repre¬
transferred and $1,800,933,000 for services rendered.
Mr. Stettinius's report, submit¬
048,000 went to the United King¬
financing this < war more com¬
pletely than any other people in
amount
the
that
reports
uncollectible
been
great
' a
that
and
percentage of American citi¬
zens,
businessmen
and
to chisel
on
who
"try
Uncle Sam is gratify-
ingly low."
//v,;/£^
>.
enemies and allies alike
our
the degree to which all people
of
America
have
helped
our
sented goods
disprove
have
Sullivan further declared:
is
Government
finance
this
New MBA Legal Division
I
Organization of a new legal
today that during division of the Mortgage Bankers
American people, Association of America, to which
ted on the second anniversary of through taxes willingly paid and attorneys for member firms will
enactment of the law, showed that through
bonds voluntarily pur¬ be invited to join as associate
of the total lend-lease aid $4,430,- chased, will have participated in members,
was
announced
on
predict to
this
any
war
war.
you
more
March 28.
It is
pointed out that
while the association's
more
than
700 members in 42 States embrace
land, in history.
you a few mortgage firms, real estate organidemonstrating zations, life insurance and title
growth and popularization of trust companies and commercial
countries whose defense is consid¬
the second divi¬
the Federal income tax as an in¬ banks, this is
ered essential to the defense of strument in
supporting the Fed¬ sional group established. The first
the United. States,
eral Government. Ten years ago, was organized in 1937 for banks
The. report further disclosed a in the fiscal year 1933, total in¬ and mutual savings banks.
$459,560,000
and
to
lend-lease
aid
"I would like to
facts
other
from
shifting' of
the
first
to
year,
other
give
figures
income
dividual
tax
collections
for the action,"
Mullenix, associa¬
723,558
people . filed
a % return. tion President, "is that the ser¬
Never until 1940 did we receive as vices of attorneys serving mort¬
many as 8,000,000 individual in¬ gage banking firms have become
come tax returns.
In 1941, more increasingly important in recent
than
15,000,000 individuals filed years."
//■,' 5,
returns. In 1942, 26,500,000 people
Mr. Mullenix added:
:
;-
Kingdom, which re¬
68% of all shipments in
ceived
and
the
United
the
yielded $352,573,000. That year 3,-
areas.
Percentages of total shipments for
the second year:
' '
United
Kingdom, 38%; Russia,
Middle East and Africa,
This
Australia,
New
Zealand, filed income tax returns.
China and India, 14%; other areas, year, more than 40,000,000 people
29%;
15%;
have filed income tax returns.
4%.
that "almost
vided
in
as
further
reported
much aid
was pro¬
last
the
six
months
the
previous 18 months."
added:
~ ''
'.
in
"In
the
shipped to
lease
or
-
.
"The
revenue
.
received
from
and individual tax re¬
10 years ago in the fiscal
corporate
turns
as
He
last
12 months we
Allies, under lendprevious
our
in fulfillment of
direct
purchase contracts, 30. out
every
100 bombers we pro¬
duced, 38 out of every 100 fighter
.
medium tanks."
.
"Many have asked for a closer
and
direct contact with the
more
on
the
association
so
that
they could better understand the
work
and
activities
the
of
na¬
tional
mortgage
group.
It
is
1933 amounted to $746,791,hoped this new legal division will
000. In the fiscal year 1940, they
meet the needs of attorneys whose
yielded $2,121,000,000; >:> in
1941, work requires specialized knowl¬
$3,462,000,000; in 1942, $8,002,000,edge of mortgage banking."
-J':.
000, and for the current fiscal
Miller B. Pennell, Cleveland/is
year, we estimate they will yield
$17,567,000,000. Surely no one can
charge that the Federal in¬
come tax payers are an exclusive
planes, 28 out of every 100 light
tanks;-and
33 out of every
100 group nor that the great bulk of
in¬
reason
year
of
groups
"Primary
said Charles A.
work
Stettinius
Mr.
new
who pay the bulk of
the groups who have
'
:
Federal
of
to
paid their taxes
"heartening and inspiring."
Mr.
was
this
talk
was
of lend-lease aid
value
total
the American
American people
"I believe that when the history
LendAdministrator, reported to of this war is written, one of the
facts that will amaze and mystify
Congress on March 11 that from
March 11, 1941, to March 1, 1943, not only the peoples but the lead¬
are
"It is the middle and upper
V'';-.v
Edward R. Stettinius, Jr.,
the
Sullivan declared
weeks of March
address before the Boston
an
Lease
collected.
come
two
Advertising
./iWas $9.6 Billion
in the lowest in-?
come groups whose taxes are corn-5
paratively small and their aggre¬
gate total of taxes paid is small
percentagewise to the total taxes
taxpayers
first
said
Tv/o Years Lend-Lease
.
or
"in the
nation."
.
land,
down the home economy if some
is
very
conservative,
in
my
relief is not forthcoming — and
opinion.
It is predicated on cer¬
tain reported volume of 'personal promptly.
"A half million or a million taxloans' as made by banks with per¬
sonal loan departments, industrial paying families may seem a small
banks of the Morris Plan type, minority compared with the total
personal
loan
companies
and number of people now subject to
credit unions,j the latter lending taxation, but it must.be remem-1
business
On
issue.
31, 1942, there were out¬
standing three issues aggregating
the
of
to
such
year
new
Dec.
the
sacrifice
borrowing is single people have always been
far in the
minority among tax
more
one of grim
necessity and
borrowers. It is the family head,
the three more payments are yet
beset with all the normal financial
to come plus a salary withholding
problems of running a home who
tax.
"This
the
to
Secretary of the Treasury John L.
that
30
people gave a tremendous, overwhelming proof of unity and loyalty"
by "willingly and gladly pouring into their Federal Treasury the
greatest flood of income taxes in the history of this or any other
the consolidated debt
of the 12 regional, banks will be
operation,
confined
March
on
dom, $1,825,600,000 to Russia, $1,573,018,000 to Africa and the Mid¬
dle East, $1,343,567,000 to China,
India, Australia and New Zea¬
/
without families are
men
involved
most
the
necessary
and
home itself,
convenience
taxes in a lump sum
a
that
half million or a million
likely rise to as many as 5,000,000
or
individuals.
maderfor this purpose than
were
familiesXwere
involving
entire
different thing to say
a
the number of
:tax-paying borrowers might very
tax,
about
talking
rule,
a
able," Mr. Hughes said, "will no
withholding
Assistant
aggregating $37,500,000.
Giving effect to this refunding
the
in
face
more
months and years
doubt be much larger, and under
the acceleration of
fund; will be used :to pay off on
April 1 two series of debentures
certainly ' .would
$69,500,000. /
predicament
and
Record Income Tax Payment Hailed By
"
Sullivan As Proof Of People's Unity & Loyalty
bank's' surplus
head off the hopeless
Mm
the country.
the
-1309
now
the American
,
people
are
counsel
will
work
be
for
the
active
of the
association
in
directing
and
the
division.
not con¬
tributing liberally to the support Cotton Consumption
report - said that in the
of their Government and the fi¬ In
been in income tax brackets for
three important categories—-com¬
February »
nancing of the war.- There are
years and now fall into the taxbat planes, tanks and other mili¬
Under date of March 15, 1943,
some
other facts about this de¬
borrowing class.
They are the
tary
motor
vehicles—lend-lease
the Census Bureau at Washington
velopment of the Federal income
stable year-in and year-out tax
shipments
to
Russia
exceeded
issued its report-showing cotton
tax that may be of interest to you.
does not include tax loans secured producers on whom the govern¬
shipments to any other military
consumed in the United States,
by collateral such as stocks and ment must depend rather than the theater. It was further explained: Ten years ago, in the fiscal year
cotton on hand, and active cotton
1933, while we were collecting
bonds
made by banks in their new emergency war-time taxpayer
"Half of all the tanks shipped
$747,000,000 from 2,000,000 indi¬ spindles in the month of February.
commercial loan departments.
It whose contribution is relatively
so far under lend-lease have gone
In the month of February, 1943,
vidual and corporate taxpayers,
Mr. Hughes further said:
does not include short-term loans small."
to Russia and 40% of all the tac¬
consumed
amounted
to
the Bureau of Internal Revenue cotton
made bv banks by the thousands
"Examination of records bears
tical planes.
We also developed had a total of 11,500 employees.
for 30, 60, or 90 days.
878,154 bales of lint and 98,449
It does not out the perfectly human conten¬
the southern supply route to Rus¬
This year when we hope to col¬ bales of linters, as compared with
include the large volume of loans tion of the Ruml Plan
exponents sia as an alternative for the Mur¬
lect
made by insurance companies, nor that a
$17,000,000,000
from
more 915,479 of lint and 110,578 bales
great many families, prin¬
mansk-Archangel route, and we than
40,000,000
taxpayers,
the of linters in January, 1943; and
in number of loans does the esti¬
cipally white collar workers who began
lend-lease
shipments to Bureau personnel is only 34,000. 892,288 bales of lint and 107,584
mate include those loans where are not
benefiting/by high war Russia by both air and water
Thus while collections increased bales of'linters in February, 1942.
two or more tax payers may make
wages (to the contrary) have not from the Pacific Coast.
By the
23 times and the number of re¬
a joint
loan sharing the proceeds been able to save over enough
For the seven months ending
end of 1942 the capacity of the
turns increased 20 times the Bu¬ with Feb.
among them.
The latter is a com¬ money from their 1942 earnings
28, cotton consumption
Persian-Iran route to Russia was
reau
mon practice.
personnel increased only 3 was 6,505,910 bales of lint and
to pay their greatly increased tax
three times what it was at the
times.
"The Federal Reserve Board has rates
783,802 bales of linters, against
payable
the
year
after. beginning of the year.
the machinery available to collect Neither
"I am well aware that in every 6,283,012 bales of lint and 844,089
will
they save enough
"British aid to Russia in planes
fairly accurate figures from the during 1943 to pay the probable
well-conducted business unit costs bales of linters in the same seven
and tanks has matched our own in
banks and other lending agencies
decrease
as
production mounts. months a year ago.
higher taxes in 1944,
volume.
Two-thirds of all sup¬
previously mentioned, but such a
This has been the case in the col¬
There were
"A
2,528,515 bales of
pay-as-you-go
program plies
sent to Russia from / this<
survey
would not encompass all
lection of Federal taxes.
During lint and
501,929 bales of linters on
coupled with a salary deduction country have been transported in
the other types of borrowing just
the first two months of this year, hand in
consuming establishments
plan, as inconsistent as it may American ships.
Moreover, the
outlined nor would it be accurate
a vicious rumor was circulated in
on Feb. 28, 1943, which compares
sound, means that these families great majority of the supplies to
in the sense that loan applications
certain
with 2,582,393
will adjust their affairs over a the
part^ of this country that
bales of lint and
Soviet
Union >. are
arriving
may show the proceeds to be used
the costs of collection of Federal
558,377 bales of linters on Feb. 28,
period of time in such a way that safely."
for some other purpose and where
taxes were fantastic.
Because of 1942... V
the government gets its taxes, in
;'
Mr. Stettinius also told Congress
that other purpose was made nec¬
that rumor and because of a gen¬
full and on time, and the citizen
12,373,506 bales
of lint and
that lend-lease goods valued at
essary
by the diverting of cur¬
eral feeling that collection costs
taxpayer is rendered debt-free,
rent funds into tax payments.
$1,977,000,000 were transferred in are in fact high, I would like to 94,453./bales of linters were on
with a tightened ;belt perhaps, but
hand
in public storage and at
the three months ended March 1.
"Borrowing continues for/this
tell you just how much it has cost
not dragging under the weight of
compresses on Feb. 28, 1943, and
Of these transfers, 60% were mu¬
reason. People who depleted their
the Treasury to collect your tax
a
year's accumulated taxes."
current working funds to pay their
nitions, 16% agricultural products dollars. In the fiscal year 1940, it 13,069,379 bales of lint and 90,713
bales of linters on Jan. 31, 1943,
and 24% industrial materials.
first quarter taxes are now bor¬
cost us $1.12 for every $100 we
and 12,211,947
bales of lint and
rowing to pay ..other neglected
FHLB Sells Debentures
Of the $7,830,860,000 worth of collected. In the fiscal year 1941,
178.947 bales of linters on Feb. 28,
bills and to improve their indi¬
The Federal Home Loan Banks goods transferred in two years, 89 cents for every $100 collected.
1942.
vidual cash positions.
sold on March 17, at par, an issue $4,294,271,000 was in munitions, Last year, the cost of collection
There
were
;
22,859,160 cotton
"Loans of this type will increase of $35,000,000 %% series N con¬ $2,087,525,000 in industrial prod¬ was -57 cents for evdry $100, and
solidated debentures, it was an¬ ucts and $1,449,064,000 in agricul¬ in the year which closes June 30, spindles active during February,
as the year progresses.
tural products*
1943, we expect the final analysis 1943, which compares with 23,087,r
"It seems to be as simple as nounced by Everett Smith, New
626 active cotton spindles during
financial
The
representative.
report' also stressed the will show that for every $100 col¬
A-B-C and as plain as the nose on York
The issue was heavily oversub¬ value of reciprocal lend-lease aid lected we will have spent less January, 1943, and with 23,087,626
your face that
the Ruml Plan
active cotton spindles during Feb7
scribed.
The
debentures
are
from' the Allies to United States than 50 cents to collect it. Let this
would largely correct an already
vi.i
dated April 1, 1943, and mature forces.
figure be the answer to .all who ruary, 1942.
pressing problem for millions of
loan department is not
maintained as such yet where a
large volume of this type of busi¬
ness
is handled
in the "regular
course of the bank's business.
It
personal
the
taxes,
'
The
,
4
■
-
.
.
*
-
,
-
•
,
,
1310
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, April 8, 1943
President
Colorado Governor
Press, Representatives Confer With filorgenfhau
Signs lift Qeniming Lend-lease
for Another Year-Aid Program Two Years-Old Orders Hall In
On War Loan Drive—Form Newspaper Council
continuing for another
the life of the LendAn
Newspaper Council
support the Treasury's $13,000,signed by President Roosevelt
March 11, the second OrafHstg Farm Workers 000,000 Second War Loan drive
April 12
The
measure
Lease Act
year
was
anniversary of the enactment of the original law.
The President's action came shortly after the Senate unanimously
induction
approved the resolution by a vote of 82 to 0.
ally
An
,
The House had ado'pted
year's extension-^to June 30, 1944—on March 10 by a 407 to 6
the
.vote.
®
■
In
extension-bill, the Senate
Foreign Relations Committee on
marking the second anniver¬
eon
of
sary
the
again,
aid
program,
that as the
said
to
and
defeat
is
"Axis."
Edward R.
his
000.
der
the
and
other
officials
of
Wallace,^
President
the
the
alone,
Vice-
Maxim
the
rise
of
'
Section 3B.
give
may
lend-lease
some
benefits
This
other
United
The
by
fore
Nations.
President's
Wallace,
Vice-President
lows:
cultural
fol¬
'
tries
-
"Two years ago, on March
1941, the Lend-Lease Act was
lb,
had
aid
would
be
little
too
and
year
the
also
military
promises.
."Our
the
were
junta
"Time has given
an¬
value
food
of
nations
of
last
American
.
have stood
promises
as
we
"Two
.
strike next?
•—where
strike
next?
ceive
its
the
United
Charles T.
lottesville, Va., has
Nations
The enemy will re¬ I
1
on
battlefields
answers
our
choosing.
own
strike
we
again and again,
lend-lease and reciprocal aid will
contribute increasingly to the in¬
come
this
mutual
than
more
In
war.
thb
leand-lease
In
weapon
of
battle,
is
helping to forge
will be required
just and lasting peace."
unity
to make
smoke
that
a
brief
American Bankers Association,
by W.-L. Hemingway, President of
j the ABA.
material
assistance
aid
mutual
the
under
for
program
place
land
has
a
the ABA announcement
sued March 15,
be
no
recting
is¬
which the
interruption in the di¬
the
intensive
fight
ABA is waging against
the
competition of Government
lending
agencies
with
country
banks in the field of agricultural
credit.
He will continue, how¬
to
ever,
serve
islation, of which ABA Vice-Presi¬
Lord
Halifax
country
that
said
his
declared
and
that
lend-
lease will contribute to the "con¬
structive tasks
Senate
ing
of
in
after
brief
was
controversy
on
no
re¬
newal.
on
March
the House debate
there
10
was
an
war
settlement
proposal
defeated
178
to
The rider to give
powers
over
but
agreements
was
teller vote of
final
lend-lease benefits
by
a
member of its Food for Freedom
Committee of the Virginia Bank¬
ers
Association
and
officer
in
118.
Yates Asst.
Senate
ination of Frank L. Yates of West
troller
of
proposed
"set up
a
report
recommending
the
United
who
has
been
Mr.
associated
with the General
Accounting Of¬
fice
was
ceed
post-war problems.
of
Comp¬
term of 15 years.
ernment
on
Assistant
General
States for
Yates,
be
the President
its
April
on
con¬
the machinery for
cooperation"
by
the
executive
and legislative branches of Gov¬
In
Comptroller
nom¬
to
since
1919,
on
Richard
retiring.
y
N.
V
the
registrant's
the
to
Selective
case
All
and
named
March 16 to
Elliott, who
o ;y_yy.
•
by
suc¬
is
G.
the
18
resignation
re-'
Daily
"Charles
Rouge,
Houser
Director
as
Utilities
Division
to assume
an
Warfare
ers
that
his-
Houser
Division
became
Asso¬
Manship
President
of Baton
of
the
Williams
General
of
New
Manager
Association.
of
1
"Frank E. Gannett of
President
of
Rochester,
the
Gannett
of the
and
Brush-Moore
the
appointment
Cohen
of
;:"H.; W.
Stodghill
"Government
'
of
Milton
Milwaukee
in addition
.ihau,
H.
ors
of the Public Utilities Division to
succeed
C.
Mr.
Cook
Houser, and
of
tic
as
were
Cohen.
of
served
sionand
lie
,
I
Division.*
Assistant
Division
Cohen
He
Director
has'
of
the
since
is
March, 1942.
Mr.
graduate of Harvard
a
and the Harvard Law School and
is
member
a
State
of
of
the
bar
of
Wisconsin.
the
r.
;
Cook
has
been
the Commission
of Govern¬
Reserve
>
Bell; Assistant Secre-
Gaston;
Treasury
William
chairman
0f
the
Herbert
he
of
the
Utility Section in charge of mat¬
concerning the Associated
ters
Gas & Electric system
companies.
the
•
He is.
University of
a
and other
graduate of
Michigan
and
George Washington University,
member
of
the
bar
of
Michigan and
lic
accountant
Maryland.
of
of
the
a
State
certified pub¬
a
^
that
campaign to
collect
needs
scrap
urgent wartime
steel mills," and added:
of
ing
our people to put their sur¬
plus funds in the safest investment
in
the world lies largely with the
newspapers."
U. S. And Brazil
Sign
Agreements
Rio
de
signed
were
Janeiro
March
on
at
18
by
representatives of Brazil and the
United States
tional
providing for addi¬
credits
of $34,000,000 for
expediting Brazilian iron ore and
steel production.
Warren
Lee
Pierson, President
^e Export-Import Bank, signed
the
United
thur, de
Finance
In
States, and Ar¬
Costa, Brazilian
Souza
Minister, for his country.
reporting this action, Asso¬
Press
advices from
Rio de
"The
first
provides
Robbins,
M.
States
United
Treasury War Finance Committee;
'
Theodore R. Gamble and George
addi¬
an
$20,000,000 credit from the
United
States > Export - Import
for
Bank
equipment
and
con¬
struction at Brazil's national steel
plant at Volta Redonda.
In Sep7
1940, the United States
had granted a $25,000,000 credit
tcmber,
the basic Bra¬
steel agreement.
"The second agreement
ized
in
a
formal¬
for
the accord
contract
development of Itabira
Rio
do
at
and Vale
Doce enterprises reached
Washington
last
States and British
"Itabira
is
the
Rio
lor
Mr.
United
the
governments.
site
of
the world's finest iron
do
by
year
Costa € and
Souza
some
■
of
Vale
ore.
Doce
the
enterprises provide
development and trans¬
portation of the Itabira ore
sea¬
ward.
y
"Under
the
Vale
Rio
do
Doce
agreement the United States
granted Brazil $14,000,000 credit
to
purchase equipment for the
improvement and enlargement of
facilities
to
the
Secretary of the Treasury; Stuart
Peabody, advertising specialist for
the
the Second War Loan Drive, and
of
Vitoria
&
Minas
ernments
Assistants
Buffington,
Wesley Lindow of the Treasury's
tistics."
;•
of
Research
and
Sta¬
r/y."•,,/:. .y^y';.-'
y
Railway and the Itabira mine.
"The British and Brazilian gov¬
agreed to buy out the
stockholders, and the railway and
mine
became
Brazilian
govern¬
ment-owned.
since
chief
is
now
year's
E.
1935,;: /On March 29 Secretary Morfirst serving with the Registration
genthau announced that
Frank
Division, and since May of 1938; Tripp, of Elmira, N. Y., has agreed
with the Public Utilities
Division, to serve as Chairman of the Al¬
where
recalled
metal to meet the
Sys¬
Secretary of the Treasury
Division
associated
Federal
{he
1939 with the Pub-
Utilities
been
the
• j)anjei -yy.
!
fory cf
during which tune he
with the Legal Dm-
since
present,
Secretary MorgenVice-Chairman Ronald
to
Director of the Office of War
Under
•+£r'+v??,n
s. k.een associated
the Commission since Au-
officials
Information; James C. Rogers, Jr.,
of the Office of War Information;
to succeed Mr;
with
Council
almost entirely
responsible for the success' of last
tem; Gardner Cowles, Jr., Domes¬
Donald
Escanabay Mich.,
Assistant Director
"The
newspapers 'were
Philadel¬
of
Ransom of. the Board
Director
as
counts from Washington March 21.
in connection with
Philadelphia Bulletin.
.
directly
said:
zilian
Feb.
The Commission also announced
with
Regarding the formation of the
Council,
Associated
Press
ac¬
Savings Staff.
for Ohio of the War
:
News¬
these
659).
his time to
the effort,
representing Mr. Tripp.
Administrator
State
,
phia, Pa., Business Manager of the
page
work
to
tional
papers
12,1 1942,
the
Tripp.
Jerome T. Barnum,
former publisher of the Syracuse
"Post-Standard," also will give
ciated
r
(referred to. in
of
of
Janeiro, said:
ager
of
and
Mr.
for
of the Commission
columns
Committee
nance
Piihi i«?bpr«;
Vice-President and General Man¬
member
a
Lon¬
Newspapers.
"Roy; D. Moore of Canton, Ohio,
since
O'Brien, who
New
Newspaper
City,
N.. Y.,
January, 194^,
succeeded
Robert/;H.
he
"Times"
tions.
was
head
been
York
Baltimore,
representing the Hearst Publica¬
•
resignation
early date.
an
had
It
of
"W. M. Baskervill of
W;<
Board of Economic
would take effect at
Mr.
York
is
in; NoHh Africa*
sources.
Indianapolis
"News,"
has
been
assigned by the Treasury War Fi-
the American Newspaper Publish¬
of the Public
who
.
Association.
leaving
administrative posi¬
with the
tion
John
Daily
Newspaper
P.
La..
Southern
March
on
of
Inland
Andrews
re¬
Exchange
Commission announced
Edi¬
ciation.
Cohen Heads SEC Division
Securities
be /.obtained
New Steel Credit Pacts
the
of
"Cranston
The
National
Association.;
England
headquarters."
'
the
don, Conn., President of the New
be reported to State
Service
non-banking
that
intended
will;
Don
"A. C,. Hudnutt of Elyria, Ohio,
President
"O.
will
board.
local
of
Association;
Press
from
advices
Of the $13,000,-
is
"The responsibility for persuad¬
"E. H. Abels of Lawrence, Kan.,
torial
eouhty war boards must
place the registrant in farm work
Mr.
2
settlement
was
Press
from
.
President
their
boards.
a
firmed President Roosevelt's
Virginia
V
in¬
to
war y
American
Friendly and Chester LaRoche of New York City and Linwood I. Noyes of Iron wood, Mich.,
representing the Advertising
Council, Inc.
"The
with
The
county
it
$8,000,000,000
Miami, Fla.,
the
"E. S.
Denver March 30 further said:
country bank in Virginia.
Congress veto
by Representative Vorys
(Rep.,
Ohio) with the contention that it
would
of the ABA Agricultural Commis¬
sion for the past two years and
at¬
tempt to give Congress final authoiity over any lend-lease post¬
this
member
charge of agricultural loans in
However, in
tors.-.
of iall
cases
of
."Basil L. Walters of Minneapo¬
lis, Minn., Secretary of the Ameri¬
can
Society of Newspaper Edi¬
con¬
were
Associa¬
Society of Newspaper Editors.
directive,
farmer-registrants
Associated
has
a
Committee since its inception. He
is Chairman of the Agricultural
there
their
the
refer
gust, 1935
Wiggins is Chairman.
Mr, O'Neill has been
of the continu¬
came
structed to
Federal Leg¬
a
which
substantial
on
peace."
passage
resolution
debate
dent
grateful for the aid
was
received
insufficient.
"John S. Knight of
ordered
boards
Local
/Publishers
'
Vice-President
procedure to be
new
a
Jersey City,
J., President of the American
Newspaper
Vice-Chairman
as
thus
is
Governor's
the
followed.
in order that there
of
"Walter M. Dear of
N.
However, on March 30, General
Richardson, acting in compliance
with
following accepted Secre¬
Morgenthau's invitation to
the conference:
policy concern¬
ing selection of agricultural work¬
ers for military duty."
outlined
comprehensive
newspaper
"The
tary
Hershey,
"to
Goal of
and ad¬
vertising participation in the war
financing drive.
,'..,
in Wash¬
boards
draft
for
program
forwarded
meanwhile
and
Colorado
month's vacation
Mr. Netherrelinquished this post,
to
because of ill health.
the meeting was a
tinue the present
when
of the Committee
received
ington,
goal
New
and the Of¬
fice of .War. Information.
tion.
B.
chains and the
newspaper
Loan Drive.
000,000
Bridge, newspaper adverr
tising executive, formerly of the
a
head
Lewis
Gen.
Co., St. Louis, who has
take
take
China, indicating that the amount
far
Maj.
Selective -Service
publishers,
officials of the Treasury, the Fed¬
directive- to
Vivian's
which
conferences
eral .Reserve System
' •
Richardson
Gen.
of
advertising industry studied sug¬
gestions for the campaign with
Law in his
Service
;
Governor.
had
had
to
editors,
"The
reads:
followed
action
War
"Representatives
administration of
the
Selective
the
through lend-lease have been an
enormous
help, and as such are
deeply appreciated by the people
of
the
Soviet
Union, who are
fully aware of its extent."
Dr. Soong made an appeal for
more
takes
on
The
press
merit said:
Governor.
a
his action
State."
and Trust
may
the
the
of
indicated
O'Neill
by
which
Act
charge
of the Mercantile Commerce Bank
remarks, Mr. Litinov
"supplies
received
that
Legislation of
I the
says
said
Federal
on
of
be¬ | Wood Netherland, Vice-President
has
aid
joint
a
named
Chairman of the subcommittee on
Agricultural Credit of the Committee
Mr.
evitable defeat of the Axis.
/ "And
Co., Char¬
been
American
of
had with Government officials on
March 20 in the Treasury to discuss plans for
cooperating in the
drive.
The
Treasury announce-^
of its
first
the
was
issued
ever
ferrals must
O'Neill, Vice-Presi¬
tional Bank and Trust
country-
the
Governor of each State shall have
dent and Trust Officer of the Na¬
Axis
order
Service
vert
Farm Legislative Croup
i
"As
our
the
leaders
provision of the National Selective
or
Now the question is
will
for
in
to
O'Neill Heads AM
question
the
would
referred
the
observe
the
ago
years
where
—
calling
report
issue of March 11, page 922.
the offensive.
was
Affairs
Foreign
was
This
respective
House
extension
Lease Act, the United Nations are
the
for
said
only.6%
Committee's
Japan.
or
the lie to their
the
.second anniversary of the Lend-
of
of
Stettinius
other
ot
United
program
dollar
was
The
promises
,
,lest of time.
i"For today,
of
the
any
farm production.
"Such
on
the
1
coun¬
continuance
Mr.
year,
shipments
late.
.of
lend-lease
that
too
in
Urging
other
his peo¬
ple that this war would be a short
one, a single-front war—that our
promised
to other
responsible for
shortage
States.
ap¬
the
"Hitler
not
March
on
shipments of agri¬
products
are
food
proved.
•
Committee
that lend-lease
read
message,
the
papers:,of
actu¬
ordering the blanket'defer¬
ment of farm workers, Governor
Vivian directed Brig; Gen. H. H.
Richardson, State Selective Serv¬
ice Director, "to notify all draft
boards of Colorado to immediately
cease ordering to duty boys actu¬
ally engaged in farming, stock
raising or dairying."
p
problem
is believed to be an integral part
vinov, Russian Ambassador; T. V. of the United
Nations
general
Soong, Chinese Foreign Minister;
problem of winning the war."
Viscount Halifax, British Ambas¬
Mr. Stettinius had testified be¬
sador, and representatives of all
military
men
to
to be launched on
was
formed in Washington on March 21 by representatives of the news¬
in
Mr. Vivian based
lend-lease
its solution
yet
to
under
Lit-
field
to
of Colorado
engaged
>
kind
■
halt
In
Lend-Lease
//'/ :;r/;///y}i/;/::y/;y
,
as
yond
Lend-
were
terms of
.:-'
immediate
farming, stock
raising and dairying was ordered
on
March 25 by the Republican
Governor, John C. Vivian.
.'y\
un¬
they affect the security
of the United States goes far be¬
anniversary
Administration,
re¬
Committee believes there
the
bases
luncheon, given by Mr. Stettinius
Lease
economic
The Committee's
"The problem of air and naval
■
Attending
as
authority in the Lend-Lease
no
Act.
1, 1943, totaled $9,632,000,-
■■
post-war
policies in agreements made
quarterly report to
Congress that lend-lease aid from
its inception March 11, 1941, to
eighth
March
warning
a
Act to warrant any general post¬
war
commitments
or
post-war
Stettinius, Jr., Lend-
Administrator, disclosed in
Lease
major
"The
the
of
included
port said in this respect:
contribute
inevitable
10
agreements.
and reciprocal
increasingly
lend-lease
will
the
March
lend-lease
the
President
United Nations "strike again
to
the
statement, read to a lunch¬
a
Allied
,;
on
the
■>.
State
.
;
y
of
-
lied
Newspaper
Council
in
con¬
nection with the sale of Treasury
bonds.y
,'
7
Mr. Tripp, who is general man¬
ager of the Gannett newspapers
and chairman of the Bureau of
■
Vy/ :
Advertising
of
the
American
Newspaper
Publishers
Associa¬
tion, was the unanimous choice
of the publishers and editors who
attended a meeting' on March 20
in the Treasury
newspapers
to consider what
might do to help the
"Under
of
the
maturity
the
contract
of' the
term
$14,000,000
note, originally 20 years, was
to 25 years."
ex¬
tended
The
signing
Lease
a year ago
of Lend-
between the
United States and Brazil, involv¬
ing an arrangement for develop¬
ing Brazil's strategic materials
compacts
and natural
tension
of
resources
and the
credit
to
a
up
ex-r
$100,-
000,000 for financing dollar ex¬
penditures incident
to
Brazil's
productive
was
March
12,
program,
resources
referred to
1942,
in these
page
columns
1064.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
157; -Number 4166 -;
1311
Army Reports To Coiton Industry At N.Y.Forum Arnold Swcrn In h
Factory Workers' Hours, Earnings Drop InJan,
"The Army Reports to the Cotton Industry"
the subject, of
Conference-Forum
under
IFederal District Jsidgo Ed Are Above Jan., I §42, Labor Dept. Reports t:
v ;
.was
second National
the
Cotton
held
the
aus¬
pices of the New York Cotton Exchange at the Biltmore Hotel
March 8.
"
1
-
-
on
.
~
.vLike the first forum, the important part played by cotton in the
war effort was discussed by a panel of distinguished representatives
of the War Department and the«>.
.
,
,
,
.
4
-
? r
Thurman Arnold
March 17
on
as
sworn
was
in
Associate Jus¬
an
tice of the U. S. Court of Appeals
for the District of Columbia.
Mr.
"•
With the 48-hour scheduled work week typical in
V
industries
war
the average hours worked
per week in all manufacturing was 44.2
0.6% lower than in the preceding month but
5.8% higher than in January 1942, Secretary of Labor Frances Per¬
kins reported on March 30.
The seasonal decline in hours between
in
January which
was
Arnold, who was Assistant Attor¬
Army. Col. Robert It has surveyed mills throughout ney General in -charge of the Jus¬
December and January averages four times greater than occurred
Stevens, Chief of the Textile the industry and tabulated their tice Departments' Anti-Trust Di¬
this year.
. ■ <$,;
■—
*
and
Clothing Branch, Procure¬ facilities for possible use on mili¬ vision, succeeds Wiley B.
Rutledge.
"In the non-durable goods in- goods industries were about the
ment
Division
of
the
It new Associate Justice of the U. S.
Quarter¬ tary fabrics in time of war.
dustries working hours averaged same
as
in
December,
$32.10,
master General's Office, spoke on has trained its own textile tech¬
Supreme Court. President Roose¬ 41.8
per week, 6.6% higher than
the place of cotton in relation to nicians and has sent numbers of
119.6% more than a year earlier
velt v nominated
Mr.
Arnold
on
in January, 1942, while in the dur- f
' the Army and gave some indica¬ Army
officers
through
various
United States
T.
Feb.
tions
of
Col.
future Army
Stevens'
textile schools.
needs.
followed
by
Maurice
Hirsch, Chief
of
the
Settlement Division, War Depart¬
ment, Price Adjustment Board,
who took up important questions
involved in contract renegotiation.
Col.
A.
Robert
Ginsburgh,
Under-Secretary of
the
to
was
Aide
War,
Robert P. Patterson, outlined war
needs and patterns.
Robert J. Murray, President of
the Cotton Exchange, opened the
forum and reiterated the idea be¬
hind these national industry-wide
emphasized
that they are sponsored by the
New York Cotton Exchange in
He again
meetings.
the firm
conviction that they are
providing a much needed sound¬
ing board for the entire industry.
Mr. Murray further stated:
"The
cotton
industry is a tre¬
mendous
part of our great civil¬
ization tind the New York Cotton
Exchange is
essential part of
History
an
the vast cotton industry.
records that all civilizations that
did not have the
use
of cotton at
! their
needs
own
fabrics.
It
has
research
sive
It has studied its
for
cotton
military
conducted
and
exten¬
experimenta¬
tion for
many years.
The Army
had, in brief, laid a foundation in
time of peace upon
which it could
build securely in time of war.
.
.
.
"On
repeated
occasions,
the
Quartermaster General and other
,
important officers of his organi¬
zation
have
lauded the
coopera¬
far,
every
met.
In
were
not
was
the
some
industry.
abjective has been
instances, objectives
as quickly; as
achieved
desired and in other instances
of
use
substitutes
became
By and large, howr
ever, the performance of the cot¬
necessary.
ton
textile
industry:
must
be
ranked in the forefront of Amer¬
ican
industrial
achievement
in
this war.'
production
;
of
the
cot¬
command failed to attain a program involving the ultimate
high degree of culture or consumption of
10,000,000 bales
The part played by
of cotton in a single year.
With
American
cotton
assumes
epic normal annual
consumption run¬
proportions in the ever forward ning at the rate of six to seven
march of this nation to greatness. million
bales per year, this was
The New York Cotton Exchange a
commendable goal.
This goal¬
is justifiably proud of its essen¬
post, however, was literally torn
tial part in bringing the cotton to bits in 1942 when the
industry
industry to its present high state consumed approximately
11,500,of efficiency.
For almost three- 900 bales-—a figure which, for the
quarters of a century iLhas been first time in
history, closely ap¬
the nerve center of the industry,
proximated the total of the year's
ft has grown'from an association cotton crop itself. This astonish¬
of brokers into an international
ing job of converting cotton into
institution.
The problem of each
products vital to the armed forces
succeeding decade seems to bring and essential to civilian needs is
it renewed virility.
It is through all the more remarkable when
the mechanism of the Exchange one considers that it was accom¬
that the free play
of economic plished by the smallest amount
forces, upon which the great ad¬ of machinery in place in many,
vances and power of our nation
many years.
In 1926 there were
Ure based, have been accurately
nearly 38,000,000 spindles in place
reflected and brought under con - in the cotton textile
industry.
trol for the benefit of all through
"Owing to the vicissitudes of
the collective^activities; ef those the '20s and '30s in cotton
manu¬
achievement.
and
distributing the fiber. These
public forums for the exploration
and discussion of the problems
confronting the industry, consti¬
tute a logical development of the
long- heritage of responsibility of
the New York Cotton Exchange."
Col.
Stevens,
in
his
remarks,
had the following to say in part:
:
"In pounds, in dollar value; and
in
is
diversity of military
no
the
basic
there
use,
material
raw
used by
Quartermaster .Corps
which
ranks with cotton; In normal times,
it'is estimated that 12 to
our
was
issue of Feb. 25,
page 763.
tendered
was
of the Anti-Trust Division,
which
ficials
attended by many
was
in
Government
and
of¬
busi¬
domestic
of
cartels
international
and
to
"The
great
struggle
between
economic forces which is going on
behind bur armies in the field is
not
struggle for profits—it is a
struggle for domination of indus¬
try-after the war.
That struggle
a
comes,
from
fear
of
the
dous productive energy
world.
We
•
are
on
tremen¬
of the
new
the verge of a
industrial
age—the age of
light metals and chemicals—which
may bring a higher standard
of
living::than the world has; ever
known before, better housing* bet¬
ter transportation, more abundant
food.
Against this opportunity
new
stand the forces which seek to es¬
tablish
industrial
an
in, control
•that
of
the
bureaucracy
production
of
domestic and
If the prin¬
ciples of the Sherman Act are kept
alive, if we are vigilant in attack¬
ing that power to control produc¬
tion, case by case, whenever it
shows its head, the consumer dol¬
de^ lar will be bigger than it ever was
facturing spindles in place
creased - steadily.
However, yast
improvement in machinery dur¬
ing 'that period, coupled with
multiple shifts, made last year's
record
breaking
manufacturing
job possible with only about 24,300,000 spindles in place. The cot¬
ton textile industry,
finally turned
loose and urged for the first time
to really produce, demonstrated
its actual? productive capacity."
-
new
age—the
international cartels.
Ginsburgh discussed "The
At the end of the business
13 mil¬
ses¬
wholesalers, the retailers and
point where
the
hands
cotton
ultimate
consumer.
;
"In
Armed
normal
Forces
over-all
products.
have
small
times,
the
constituted
factor
in
a
the
picture of cotton and its
During
that
period,
however, the Army has taken
active
Robert J.
the
Murray, President-of
New York
Cotton
Exchange,
announced
these
relatively
New Cotton Exch. Member
products
the
of
interest
in
cotton
an
textiles.
on
April 2 that John
Goodbody of Goodbody & Co.,
New York, has been ^elected to
membership in ' the ^ Cotton-'Ex¬
change.
Mr. Goodbody is also a
L.
member
Trade
of the
and
the
Chicago Board of
New
modity Exchange.
%
Secretary of the Treasury Mor¬
of
46
hours
worked
houi
or
actually
more
in
16
the
mdus—
electrical
zti i
.
48-
a
on
Of the
renortine
-1151;,
averages
operating
are
schedule.
tries
genthau announced
reporting
"- J
the
appointment
March 23
on
of
Thomas
J.
Lynch of Toledo, Ohio; Eugene F.'
Roth of New York City, and Ansel
p
f
Tj-.f/
cj.
7i/r'nr.
__
F* Luxford of st- Paui> Minn, as
Assistants General Counsel in the
plosives
'pro- Anti-Trust Division of the Depart-
cottonseed oil, and
instru-, ment of Justice and in the Securiments—while 13 showed hours of ties and
Exchange Commission,
work under 40.:Most of these From the time of his graduation
fessional
latter
scientific
and
in
were
tobacco
and
ap¬
"Of
the
13
York
•••
Com¬
••••
from
the
parel industries.
non-manufacturmg
law
school until
he
service
Government
entered
in
1934,
Mr. Lynch was associated with the
Toledo law firm of
the longest
Marshall, Melhorn, Morlar & Martin.
week, 49,3 hours, is reported
by street railways and busses, an
lumbia University and of Colum¬
increase
bia
industries for which man-hour in¬
formation is available,
work
of
of
Most
5.8%
the
the
over
year.
industries
other
re-
"Mr. Roth is
Law
a
graduate of Co¬
School,
having
gradu¬
ated from the latter in 1926. Since
between 40 and 45 hours, ' graduation he has been engaged
anthracite, reflecting part time in the private practice of law in
during the pay period because of New York City, except for a pethe strike, 30.9 hours-were shown, • riod in 1934, when he served with
ported
In
a
decline of 14.0% from December
but 14.2%
higher than in January,
mining
In bituminous coal
1942:
the average hours per: week was
34.8% less than in December but
again of about 10% over the year,
The
:
the
for
.
work
r
M
/\tt AT S~\.
AA'AM
T»A
therefore,
\
time, after rethe
mine.
coal
mines,
at
T"
«Mr Luxford has been with the
"4"\ A V* A ^"1
A
compared
be
*rjod
£e was
brief
,
industries
travel
In
many
mines
time to the lace of the coal
£
1939
1940
engaged in the pri.'
practice of the law in St.
when
vaf-e
•
pauj
Mr.
Luxford
with time worked in manufactur-
tag
Depart-
Treasul.y since 1935, except for a
in
cannot
Adminis-
War Policies Unit of the
two^coalspent at ^dustries | •:
mining the face of
time
porting
Recovery
rnent of Justice.
measure
the coal rather than
The hours worked
National
tration, and for the greater part
of the past year, during which,
time he has been with the Special
received
his
undergraduate
training
at
the
University o( Iowa in Iowa cit
Iowa; c:eighton}.University
averages
i^t-mentioned sehoof ^He*
Proclaims
ftiay 16
'I Am An American
President
Roosevelt
0^C+CulVrn+ua
Day'
a
March
Year's
on
premium Tor
work
in i firms
that
oh
New
report
a
diversity from^the John, K.
Mullen of Denver Foundation.
12..
1940.
crease
.
the
"Industries
more
than one hour a
Omaha, Neb., and the Catholic
day, which is not counted as
University of America in Wash¬
before. Products of the farms pro¬ working time.
ington, D, C., receiving a degree
"Houriy earnings in January,
ducing to ihe utmost can be ex¬
changed for the full production of including overtime premiums, and
also
industry."
received a bachelor of laws decents in the durable goods indus¬
gree
from
the law
school
of
tries, an. increase of 14.0% over
Catholic University, having gradthe year. The increase of 1.1 %
December
was
Ance
probably
*n
caused: largely by the payment of four-year scholarship at the .ath-
.
Ireach
Perkins, who further
proclaimed May 16 as "I Am monthly or
semi-monthly
pay
Progress of. the War—Its Pattern An American Day," under a cus¬ roll rather than a weekly pay roll.
and Needs."
tom^ established by Congress in This probably accounts for the in¬
Col,
Morgenthau Names Three
As Counsel Aides
machinery, other machinery, and
In an address on that occa¬
Treasury Department. The Treas¬
transportation equipment groups,
sion, Mr. Arnold called for the 12 show
ury announcement states:
average hours in excess
"Mr. Lynch attended the Uni¬
preservation of "the Fifth Free¬ of 46 and 2 of the
remaining 4 in¬
dom—the
right
to
produce— dustries are within 20 minutes of versity of Michigan School of
'against., the private seizure 6f in¬ that mark.
In the engines and, Engineering and School of Law,
dustrial domination"—adding that
turbines, machine tools, and tex- j receiving a degree of Doctor of
"the paths to all the other free¬ tile
machinery ■% industries
the Jurisprudence from the latter in
doms
will
be
kept
clear and hours:
averaged 50 or more.
j 1925. He comes to the Treasury
America will again become the
i
"Among the 52 industries shown from the War Production Board,
land of undreamed-of opportu¬
in the non-durable goods indus- j where he was an Assistant Gen¬
nity." He warned against permit¬ tries onlv 5
reported 46 hours or eral Counsel.
His government
ting the "industrial bureaucracy more oer week
butter flour ex- experience includes service in the
In his proclamation, the Presi¬
Americans,
approximately sion -provision was made for send¬
10%
of the population
of our ing written questions to the par¬ dent urged that the day be set
aside as a public occasion for the
country, are dependent directly ticipants in the forum.
or
Like
the
indirectly upon cotton.
This
first
Forum,
this recognition of all our citizens who
starts with the cotton farmer, who second National Cotton
Confer-. have attained their majority or
is the man that actually provides ence-Forum
of
the
New
York who have been naturalized during
us
with this vital raw material, Cotton:? Exchange:
brought out a the past year. Mr. Roosevelt also
iipon which we are so dependent. large attendance, numbering many said: that in the last year the
Then there are the ginners, the representatives
of
Government, country :-"has been strengthened
cotton merchants, the warehouse cotton
brokers,
bankers, fabri¬ through the voluntary association
with us, by naturalization, of the
cators and economists.
men, the shippers, those engaged
"
v
in transportation of cotton, the
of
men
and
The January form meeting was many* thousands
lands
and
spinners, the weavers, the finish¬ referred to in these columns of women .from other
ers, fhe fabricators, the converters,
through our .youth who, by com¬
Feb. 4, page 500. 4'
the
about
before,"
year
ness.
lion
many others who, in normal times,
deal with cotton from the seed to
Miss
a
average,!
45.9,
was
than
more
stated
tes¬
a
timonial dinner in Washington on
March 9 by his friends and asso¬
ciates
5%
worked
said:
Mr. Arnold
gain a position of con¬
trol during the war" and in this
ton textile industry during 1942
reached dizzy totals which were way stifle opportunities for inde¬
hitherto deemed impossible. For pendent; initiative.
Mr.- Arnold's remarks follow, in
many years this industry had set
itself the objective of building up p&rt:
"The
any
engaged in producing, fabricating
referred to in
able goods industries the
actually
The President's nomination
.
tion of the cotton textile
Thus
and the Senate confirmed
11
the appointment on March 9.
ing of age, have attained full citi¬
zenship."
The President called upon
"Fed¬
eral, State and local officials and
patriotic, civic and educational or¬
ganizations to take part on or
about
May 16 in exercises de¬
signed to assist our citizens, both
native-born
and
naturalized, to
understand
more
fully the duties
opportunities of citizenship
and its special-responsibilities in
and
a
nation at
war."
in
iron
and
steel, for
ex¬
in which industry almost
rate changes were reported. In
ample,
no
the non-durable
earnings
hour,
0.6
cents
Proceedings Issued
The New York Cotton
industries
Exchange
just released the transcript of
the
entire
proceedings
of
its
76.8 cents per
first National Cotton Conference-
goods
averaged
First Cottori Forum
higher
than
in
December.
has
Forum held at the Biltmore
Hotel,
29. This
pamphlet contains the addresses
of Grover B. Hill, Assistant Sec¬
retary
of Agriculture;
Herman
Cone, President of the American
Cotton Manufacturers Association;
New York City, on Jan.
"All of the
major non-manufac¬
turing
industry groups reported
slightly higher hourly earnings in
January as compared with Decem¬
ber except hotels which showed
decline of 1.3%.
Over the year
J. P. Lipscomb of the Mississippi
earnings Farm Bureau Federation, and Rob¬
was reported by dyeing
ert F. Loree, Vice-President of the
and cleaning establishments; 12%
in quarries; 11.2% in metal mines; Guaranty Trust Co. of New York.
In addition, there are 12 pages of
and 10.1% in laundries.
a
interval,
of 14.9%
an
increase
in
"Weekly
earnings
averaged
$40.58 in January in manufactur¬
ing as a whole, an advance of 0.9%
since
December
and
of
22.9%
questions and answers developed
during the forum session.
of
these
are
Copies
available
sinGe January
from
able goods
the offices of its members.
$46.59 per
those
of
above
Weekly
1942.
In the dur¬
industries earnings of
week were 0.9% above
December
those
of
and
January,
earnings in
the
pamphlets
The
Exchange
conference
21.2%
1942.
non-durable
referred to in
page
500.
our
and through
speeches
were
issue of Feb. 4,
1312
Petroleum
American
Institutes
was
Department made the following notation:
During the period of rapid changes caused by price controls, ma¬
terials allocation, and rationing, the Bureau of Labor Statistics will
attempt promptly to report changing prices.
Indexes marked (*),
The
DAILY
OIL
CRUDE
AVERAGE
^4-4 44\4,.
4 -4
"P.A.W.
Week
ables
i-.
.
dations
Change
4 Weeks
from
Ended
Ended
Mar. 27
Mar. 28
1943
1942
Previous
Mar. 27
Beginning
Week
390,700
__
Mar. 1
390,700
1345,650
3,200
339,400
a
309,900
1308,900
6,500
302,600
238,900
12,150
200
2,200
4,150
,1943
2,800
— -
+
(1926=100)
Percentage changes to
i
,
-
v
,
•
,
3-27
Commodity groups—
ov.; ;;v
Texas—, ;■
Panhandle
88,600
148,800
218,050
233,200
1943
3-28
1943
1943
2-27
1943
1942
1943
1943
97.4
+ 0.3
+0.6
+
103.4
+ 1.5
+0.5
+2.5
+20.1
+1.5
+12.2
3-20
2-27
3-28
1942
89,200
136,350
March 27, 1943 from
•
3-13
3-29
88,600
'
North Texas
137,000
__
218.100
West
Texas
East
Central
S-
'
-
•'
323,400
Texas
Total
Texas
-
124.2
122.4
123.5
121.2
107.1
107.0
106.0
95.9
118.4
118.4
118.4
118.4
96.8
96.8
96.8
96.8
80.8
80.8
80.7
80.7
..-*103.9 *103.9 *103.9 *103.9
110.4
110.4
110.4
110.0
117.6
95.9
78.1
103.7
._
90,000
368 200
Hides and leather
1,050
195.850
Textile products-,.....
1,000
353,650
284,900
Fuel and
50
1,392,650
1,410,150
+
Foods
products
-
lighting materials—
Metals and metal products^
Building materials-—
•
89,250
89.200
81,100
250,600
253,800
300
+
'
Coastal Louisiana
250,600
349,800
......
370,300
339,850
+
300
339,800
334,900
78,700
Total Louisiana
74,826
70,850
+
50
71,150
76,750
4,600
55,200
1.200
236.900
317.550
2,200
15,250
19.350
50,000
t53,700
262.300
228.200
16,500
115,950
Mississippi 4-4-.
IMinois
—____
IxaUiana
Eastern
—
+
115,000
93,150
2,200
92,400
63,700
56,400
+
700
57,800
Wyoming
92,500
91,400
+
1,350
88,950
17,800
17,800
21,400
7,000
6,700
+
150
6.750
5,600
93,450
+
0.1
+ 0.3
+
1.7
+1.7
+14.4
91.2
91.2
.90.9
89.7
0
111.5
112.1
110.6
98.3
+0.9
92.9
92.9
92.9
92.8
92.2
0
+ 0.1
+
0.8
*100.7 *100.6 *100.6 *100.5
97.9
+ 0.1
+0.2
+
Tin
commodities
*98.8
other
in
Texas
is
estimates
j '-J"
increasing, and trade
now
*98.8
*98.8
*98.7
96.1
0
+0.1
+
2.8
*96.6
*96.6
*96.6
*96.5
95.3
0
+0.1
+
1,4
than
about
with
it
that
at the
out¬
rate of
tons a month.
The
producing two grades,
2,500
is
,
of
most
the
output
consist¬
ing of 'Grade A' tin, which is the
equivalent of Straits.
"Though production of tin-plate
be high during the second
quarter* consumption of tin will
be reduced in that industry as a
result
of
increased
activity of
will
plants using the electrolytic plat¬
ing process.
"The
price of tin
unchanged
was
Straits quality tin for
last week.
shipment was
follows:
as
April
March 30
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
-
52.000
52.000
.
52.000
52.000
_
June
52.000
52.000
27____.
March 29
May
52.000
.
March 26March
"Preliminary.
have
put at present is
March 25
farm products and foods,
92,800
i
*
1
2.9
than
91,000
23,400
aluminum, is quoted
by the leading
pound
140 a
interest
52.000
52.000
52.000
4o,900
Montana
+0.1
91.2
farm products____
96,800
Machigan
+
+
112.5
Manufactured products—
All
commodities
other
111.
(not incl.
—
+
+
104.2
Semimanufactured articles-^—
All
0
+0.4
—0.3
0.7
0.9
3.5
0*2
0.2
3.0
+
0
+ 0.1
100.0
104.2
100.0
Miscellaneous commodities—
94,250
,
0
6.1
100,0
104.2
products-—.
Housefurnishing goods
—;
Raw materials
Arkansas
0
0
0
0
110,6
0
100.3
97.10
104.1 '104.1
0
.
Chemicals and allied
North Louisiana
*103.2 *102.7
107.6
_
172,800
-
—
1,392,950
11,501,801
-
+
352,600
1,502,000
Farm products
99,800
■v
173,450
Texas
Coastal
"103.3 *103.0
All commodities
323.400
99.800
Texas._
East Texas
Southwest
,
at
smelter
387,350
309.900
Oklahoma
Kansas
percentage changes from a week ago,
March 28, 1942 and the
month ago and a year ago:
and
!
March
Nebraska
following table shows index numbers for the principal
of commodities for the past three weeks, for Feb. 27, 1943
groups
Week
Ended
;
grade, 99%
"Production of tin at the smelter
The
—Actual Production—
Allow¬
Recommen¬
s\-i,!4;'V:'-"Y-;• • *'•;.='' • -
pig aluminum range from 130
240 per pound, according t to
grade.
The
so-called
standard
to
ports.
(FIGURES IN BARRELS)
PRODUCTION
"State
•
*'".'
however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete re¬
whole, and do not reflect conditions on the East Coast.
4
"
-
on
commodity markets remained steady during the week."
gasoline, 30,980,000 barrels of distillate fuels and 67,938,000 barrels
of residual fuel oils.
The above figures apply to the country as
■
"
.
crude oil production for the week ended March 27,
3,896,250 barrels, a decline of 7,400 barrels from the
preceding week.
The current figure, however, was 76,400 barrels
higher than the daily average during the corresponding period last
year, but was 297,550 barrels below the daily average figure recom¬
mended by the Petroleum Administration for War for the month
of March, 1943.
Daily output for the four weeks ended March
27, 1943, averaged 3,891,100 barrels.
Further details as reported
by the Institute follow:
Reports received from refining companies indicate that the
industry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,742,000 barrels of crude oil daily and produced 10,231,000
barrels of gasoline; 3,541,000 barrels of distillate fuel oil and 8,018,000
barrels of residual fuel oil during the week ended March 27, 1943,
and had in storage at the end of that week 94,079,000 barrels of
a
to obtain bet¬
move
positions elsewhere.
October, 1920. Sharp advances in prices for grains, livestock, eggs,
V
v
Aluminum ,
fruits, and vegetables, contributed in large measure to the rise, Quo¬
"OPA
last
week
established
tations for oats were up 3.5%; wheat, 1.4%, and corn and rye, 0.3%.
maximum
price
level for
pig
Hogs advanced about 2.5 % during the week and steers increased
aluminum at 10 a pound below
approximately 1%. Seasonally higher prices were reported for ap¬
Heretofore,
maximum
ples and onions, and for potatoes in the Portland, Oregon, market. ingots.
prices obtained only. on ingots,
Hay and seeds also advanced.
which automatically became es¬
"Food prices advanced 0.5% during the week.
In addition to
tablished at the 150 level under
higher prices for fruits, vegetables, and eggs, price increases were
the General Maximum Price Reg¬
reported for most ceereal products, including wheat flour, oatmeal
ulation.
Pig
aluminum,
OPA
and corn meal.
Quotations for lemons and for potatoes in eastern
pointed out, was not sold by pri¬
markets declined during the week.
producers in the March,
"Industrial Commodities: Except for increases of 4.8% for ergot mary
Ceiling prices
and ?.9% ;for rosin and a decrease of 0.4% for turpentine, industrial 1942, base period.
average gross
1943,
derstandable
ter
rose
daily
the
that
estimates
Thursday, April 8, 1943
:
ceding week, average prices of farm products in primary markets
1.5% during the week ended March 27 to the highest level since
Daily Average Crude Oil Production For Week
Ended larch 27,1943 Decreased 7,400 Barreb
The
'
THE COMMERCIAL & FINANCIAL CHRONICLE
,,
,
&
Ind.)
Colorado
_
__
___
Mexico
New
Total East of Calif.
92,400
105,800
105,800
3,116,050
3,370,100
California
—
7,100
3,112,300
778,800
3,819,850
♦P.A.W. ^recommendations and - state allowables represent the production, of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
.
Total United States
3,896,250
4,193,800
3,891,100
7,400
—
oil, condensate and gas fields.
Past records of production indicate, however, that
wells may be incapable of producing the allowables granted, or may be limited
from
certain
would, under such conditions, prove to
reported the daily average produc¬
1942, as follows: Oklahoma,
29.600;
Kansas,
5,900; Texas,
107,400; Louisiana, 21,500; Arkansas, 2.700; Illinois,
10,200; Eastern (not including Illinois and Indiana), 12,600; Michigan, 100; Wyoming,
3,500; Montana, 400; New Mexico. 5,700; California, 43,900.
by pipeline proration.
be
Jess
tion
than
of
Actual state production
allowables.
the
natural
The
tOklahoma,
Kansas,
Mines
Mississippi,
Nebraska,
Indiana
figures
are
ended
for week
-
fThis is the net, basic
several
of
gasoline and allied products in December,
7 a.m. March 24.
Includes
Bureau
allowable
calculated on a 31-day basis and
of March l
as
for the entire month;
With the exception; of
entirely and of certain other fields for which
14 days, the entire state was ordered shutdown
definite 'dates during the month being specified; operators only being
shutdowns
and exemptions
which.,were exempted
fields
shutdowns were
ordered
for
from
3
to
11 days, no
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 11 days shut-down time during the calendar month.
^Recommendation of Conservation Committee of California Oil Producers.
tor
CRUDE
RUNS
AND
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
RESIDUAL FUEL OIL,
OF
GASOLINE;
STOCKS
OF FINISHED
!:
GAS OIL AND DISTILLATE FUEL AND
1943
WEEK ENDED MARCH 27,
(Figures in Thousands of barrels of 42 Gallons Each)
Figures
plus
an
in this section include reported totals
estimate of unreported amounts and are
therefore on
a
Bureau of Mines basis
■ ?
§Gasoline
Production
'
at Re¬
tStocks
tStocks
i Stocks
fineries
Finished
of Gas
of Re¬
Includ.
and Un¬
Oil and
sidual
Distillate
Fuel
Daily Refining
Crude
Capacity
Poten¬
tial
Rate
District—
Runs to Stills
% Re-
Daily
Metals—Copper Sulphate Price
Lowered-7-Leail Isigol PreRiiuin Al Old Level
583,000
—
% Op- Natural finished
porting Average erated Blended Gasoline
Oil
Fuels
Editor's Note.'—At the direction of the Office of
Gulf,
ana
Louisiana
and
-
Arkansas
Inland
Texas-_
week in
10,087
3, OPA set the
ceiling price of copper sulphate at
$5 per 100 pounds, a reduction of
150
from
the
quotation. pre¬
viously in effect on carload lots,
2,444
88.7
1,722
70.5
4,624
40,715
14,127
Appalachian
177
84.8
?.58
89.3
429
2,497
881
Ind., III., Ky
Okta.. Kansas, Mo
811
85.0
715
88.2
2,190
20.786
3,184
2,394
416
80.1
4340
8f,7
1,012
7.314
1,665
1.351
Rocky Mountain
147
43.0
85
57.8
256
2,074
354
532
California
817
89.9
722
88.4
1,720
20,693
10,769
53,127
4,812
86.2
3,742
'77.8
10,231
194,079
30,980*
67,938
named
price to which the seller applies
U,
Tot.
S.
—
...
B.
of
U.
S.
B.
of
S.
Bur.
of
f.o.b. New York.
is
established
Regulation
M.
basis March 20, 1943
U.
447
M.
basis March 27,1943
Tot,
,
.
86.2
4,812
3,618
75.2
10,261
94,159
31,724
68,178
11,676
107,162
30,659
82,517
the
Mines
basis March 28, 1942
3,633
is
same
in
No.
The
basis
new
Maximum Price
354.
described
The
as
figure
the
base
cash and other discounts
and
the
lead
common
same
Excepting
were
about
in the week previous.
as
revision in ingots
ingots, the price situ¬
lead was unchanged.
X:
"On
April
3,
the
maximum
prices of ingots and linked ingots
of primary lead will be restored
to
the
former
level
of
the
current
the
differential
ended
March 28,
barrels and 7,312,000 barrels, respectively,
in the
barrels and 6,344,000 barrels, respectively, in the week
3.822.000
and 3,661,000
1942,
.
31)
purchaser.
on
sales to
the
same
Since
.
"Chile
Index Rises To Hew High
During Week Ended Mar. 27, Labor Dept Reports
The U.
S.
on April 1 that the
comprehensive index of prices in primary
markets rose 0.3% to a new high during the week ended March 27
as
a result of a marked
increase in prices for farm products.
At
103.3% of the 1926 average the all-commodity index was at the
highest level since late in 1925.
Department of Labor announced
Bureau of Labor Statistics'
The Department's
"Farm
Products
announcement further stated:
and
Foods:
ment
Following the decline of the
pre¬
No.
Schedule
^
Wholesale Coisimcdity
a
Exploration Co. is ex¬
panding the mining and treatment
was
facilities for copper production at
Chuquicamata, Chile, to-increase
output substantially, according td
the annual report to stockholders.
■5;
4
Revised
Price
On
to
No.
20
60.
that
OPA
year,
date
Jan.
lowered
ingots
on
of
to
$5.
OPA
reports, it
found that the reduced price
of
This
program,
of
request
the
undertaken at the
Government, in¬
$5,000,-
volves the expenditure of
was
insufficient to
cover
the cost
producing primary lead in in¬
got form.
■
,.*
'
*>
-
Zinc 4
"April allocations of zinc came
through as expected, and the ton¬
nage to be distributed during the
about the
month will
be
000, to be advanced by the Gov¬
in
Quotations
ernment
changed. The trade attached no
significance to the resignation of
copper
and to be retired
production
from
as
the
the
ad¬
ditional facilities is sold. Through
arrangements with Metals Reserve
of
as
July
WPR Steel Labor Group
The appointment of a
visory
for
committee
labor ad¬
the War
Production Board's Steel Division
recently announced by Don¬
Nelson, WPB Chairman.
committee, designed to help
expand steel production by pro¬
moting "further co-operation of
The
$10
maximum
March
with
compares
preceding week,
10.215,000
at
was
the
which
unfinished,
continues
Chronicle"
Financial
per
above
This action is covered in Amend¬
the request
States
31, 1942, page 380.
prices
fixed for primary pig lead, OPA
announced during the last week.
ton
of the Petroleum Administration for War.
fFinished, 83,864,000
barrels.
1At refineries, at bulk terminals, in transit
and in pipe lines. JNot including 3,541,000 barrels of gas oil and distillate fuel oil
and 8,018,000 barrels of residual fuel pil produced in the week ended March 27, 1943,
*At
United
a
and linked
ation in
practices
with
regard
to
freight payments as were applied
during the 1942 selling season
(the three-months' period ended
barrels;
"Consumption of quicksilver in
.
"Effective April
North
-
production and shipment figures and other data have been
Copper
Louisi¬
Gulf,
i
Quicksilver
.
the
Censorship
tin, 99% grade, con¬
tinued at 51.1250 a pound;*
high rate and operators are ex¬
periencing no difficulty in dispos¬
omitted for the duration of the war.
ing of their production as far
"E. & M. J. Metal and Mineral Markets," in its issue of April 1,
ahe^d as next July. Quotations in
stated:
"Ordinarily an item of little consequence in the market for New York held at $196 to $193
non-ferrous metals, copper sulphate last week attracted attention
per flask.
because OPA lowered the price 15 points 'to save users of the prod¬
Silver
uct approximately $250,000 a year.'
As a result of the price change,
"Canada
produced
1,605,991
some producers are expected to have a real operating problem on
ounces of silver during January,
their hands, as they are forced to$
which
contrasts
with
1,633,864
use
lower grades of raw mate-i Co., Cananea Consolidated, oper¬
ounces in December and
1,538,259
rial
to
make
the
sulphate and ating in Mexico, is
expanding
ounces in January last year, ac¬
costs have risen. To meet the cost operations at a cost of $12,000,000.
cording to the Dominion Bureau
of producing primary lead in in¬
"Domestic
copper
is
moving
of Statistics.
got form, OPA advanced the dif¬ into consumption on the basis of
"During the last week the sil¬
ferential to the old level of $10 120, Connecticut Valley. Foreign
ver
market in London remained
a
ton.
Metals Reserve Co. ex¬ copper
is being
purchased by
tended its purchase programs for Metals Reserve Co. on the basis inactive, witih the price steady at
23 Vzd. an ounce troy.
The New
domestic
quicksilver,
tungsten, off 11.750, f.a.s. United States
and small lots of chrome, man¬ ports.
In other words, the price York Official and the Treasury
prices were unchanged at 44 %0
ganese,
tin and antimony ores situation remains unchanged.
and 350, respectively."
from Dec. 31,
1943, to Dec. 31,
Lead
1944.
The right to terminate the
Daily Prices
"Metals
Reserve
released
a
programs
for
quicksilver
and
The daily prices of electrolytic
tungsten after Dec. 31, 1943, by fairly large tonnage of foreign
lead to supplement April deliv¬ copper (domestic and export, re¬
effecting settlements is retained."
The publication further went on eries by domestic producers, in¬ finery), lead, zinc and Straits tin
were
unchanged from those ap¬
dicating that consumption is prob¬
to say, in part:
ably increasing. Sales for the last pearing in the "Commercial and
certain
•Combin'd: East Coast,
Texas
_
"Chinese
Non-Ferrous
3,236,850
300
—.
780,200
§823,700
823,700
March 31—..
March.
two officials from
sion of
WPB
the
other
same
were
as
un¬
Zinc Divi¬
than
the
un-
ald
M.
labor
and
steel
industry,"
management
in
the
is
headed
by
Philip Murray, President of the
CIO
and
of ; the United
Steel
of America.
Workers
The other
six
members, all of¬
ficials- of the United Steel Work¬
of
America, are: David X
MacDonald, Secretary-Treasurer;
Clinton' S.
Golden, Assistant-to
the
President;
Lee
Pressman,
General Counsel; Van A. Bittner,
ers
Assistant
to
the President; James
J. Thomas, executive board mem¬
ber
and
stead
mano,
of
director
district;
and
executive
board
and director of the
district.
•
the
Home¬
Joseph
Ger-
member
Chicago-Gary
r-;v.,. '
Volume
157M
Number 4166
THE
COMMERCIAL & FINANCIAL
CHRONICLE
January Food Deliveries For Shipment To
Commodity
Nations Total 447,ODD,§@0 Pounds
Peas,
Peas,
■'
24 that 447,commodities were
delivered by the Food Distribution
Administration during January
Tor shipment to the
Allied, nations. This, according to the Depart¬
ment, "was less than the average
monthly deliveries for shipment
in 1942."
Tomato
The Department's
announcement added:
"The report reflected the first
substantial shipments to North
Africa, the FDA having delivered about
26,000,000 pounds for this
destination during the
month, including wheat, sugar, flour,
rated milk and
soap.
a
energy-giving
and
heat-producing
meats
and
other
heeded by the Russians for winter
fighting."
The statistics presented in the
foods
V
DELIVERIES
CALENDAR
YEAR
FOR
194*,
UNITED
NATIONS
AND
CUMULATIVE
(Stated in Pounds)
Commodity
Dairy
and
SHIPMENT
SINCE
APRIL
*9,
*—
and
17,605,656
20(550
140,000
16,800
16,800
165,760
835,740
2,470,150
Corn
2.635.910
pound of
_________
Cereal
—
2,271,360
4,672,670
297,297,280
14,757,120
6,778,624
140,800,450
185,880,450
318,086
33,660
33,600
173,574,880
6,807,360
_
_
9.369.911
8,167,657
8,695,680
....
OatS
Wheat
2,209,790
80,993,008
607,400
172,480
7,840,000
Run___
607,400
______
49,280
33,306.851
135,170,080
3,545,630
348,663,350
22(522
16,000
70,000
28,710
2,103,360
13,148,280
51,232
23,180,639
43,399,780
56,548,060
and
other
agencies cooperated
about the improved
900,480
9,133,783
10,034,263
ation.
66,120
620,124,704
1,442,572,064
,
Cereal '____
_
j
________
224,129
India
Mess
512,960
and
Mutton.—__
28,123,200
Pork Meat Products
47,246
<In
Liver
Cured,
'!■
1_Smoked
;
706,917.069
44.154.880
342,644,509
33,600
Frozen-
51,488,784
68,578,854
2,947,840
Vitamin
oil
7,554
B1
C,
•____
Ascorbic
13,321
50,434
5,721
*
1
Powder
Caraway Oil
•
••••
23
"
919,575
<■
15.405,512
;
_
Chicory Root
:
•
158,137
165,337
Edible—..
22.037,120
3,622,080
Fat—.
Fruit
Mustard
Oil
'■
&'£
:
■"
:
'
3,125
8,125
Bay
2,609,596
162,800
21.961
Syrup,
Syrup,
9,161,025
14,857,920
5,387,200
2,617,250
36,794
70,153,440
83,986,635
1,473,996
1,450,380
35,590
(Misc.)
2,037,743
59,452
-
7,232
tV
'
7,520
•'
Canned
8,797
8,797
889,242
3,210
_
..
..
..
1,260
1,380
__
.
.
..
■
______
274
__
,
_
233.414,287
380,954,158
_
________
274
17,663
13,343,680
249,814,487
380,954,158
5,691.840
16,400,200
.
1
17,663
667,520
i
_
_
28,747
__
_
_
Shelled
_
_
.
333,670
9,600
16,818
215,040
,
584,245
_
_
Oil
29,952
85,952
_
8,198
16,600
___
...
429
273,672
'
11,712
18,522
845,849,635
1,031,575,982
129,500
:
543,280,640
17,205,440
22,713
>u———i—_.
Pinene
Pine
'
-i-
y-
Pine Tar
Oil
v.'(.
t
—
and Tarol—_
'
2•
T
986,406
8,889,533
.'(?
_
M
206,080
___.
•
986,406
'■
9,366,653
780,895
13,286,389
13,286,389
46,329,870
53,045,390
62,532,830
106,257,630
257,735
Tarene
1,742,855
—
Turpentine
Soap
3,332,937
209.695
Rosin, Liquid
Rosin, Wood
Rosin, Gum
Tobacco
1,001,880
3,245,577
'•
Pitch
,
240,622
1,001,880
Tar
■
—
—1
(Laundry
:>Y
—.
and
Toilet).
••'
Grand
Totals
entirely
by
final account¬
halted in the States
was
ministrator, said,'on
this month
in
a
March 31 that
similar halt will be
the
last 14
States/ Ala¬
bama, Arkansas, Florida, Georgia,
Kentucky, Louisiana, Massachu¬
setts,
Mississippi, New Jersey,
New York, North
Carolina, Penn¬
sylvania, South Carolina and Ten¬
nessee.
However,
uing and
in
Islands,
has
operations
even
Puerto
war
are contin¬
increasing in scale
Rico
where,
caused
and
it
is
the
Virgin
indicated,
great unemploy¬
President Roosevelt ordered on
Dec. 4 that the affairs of the
WPA
be
liquidated by Feb. 1 in many
States and in other States as soon
thereafter
reported
1942,
—
446,889,312
issue
This was
of
Dec.
17,
page 2169.
The valuation of total construc¬
contracts awarded in the 37
Eastern
States
aggregated
$393,-
517,000 during the short month of
February, according to the F. W.
on
compares with
March 20.
This
$350,661,000 in the
previous month and $433,557,000
February, 1942. Construction
public ownership represented
for
for
92% of the total for the month.
(
Non-residential building, which
includes manufacturing
buildings;
a total valuation of
$187,242,-
had
000
in
February.
This is 22%
January and 10% above
February a year ago. The valua¬
above
1,643,647
;
our
tion
14.859,647
314,210.564
4,421,899
;
feasible.
as
in
February Construction
Contracts $393,517,000
191,700,252
9,013,992
3,180,408
12,400,480
16,600
28,255
240,622
i>L
_______
Oil
Pine
129,500
315.840,000
2,358,720
Linters
April ! and will
Illinois, Michigan, Missouri,
Ohio, Texas and West Virginia.
George H, Field, Deputy Ad¬
Dodge Corp.
Dipentine
;
on
business
March, all but
ing work
8,198
240,098
33,574
-
_
813,120
y
In
•
429
_
_
;
of
28,747
316,852
369,205
9.600
•_
.
5,730
813,120
'
5,542
48,694
788,432
y
—
\
56.264
41,622
2,520
j.:
1,230
1,380
.
Cotton, Baled Raw—
76,383,450
19,672,323
330.815,596
56,264
L__-
-
21,665
Non-foodstuffs—
2,009,705
-
—
21,665
_
6,810
67,627
,
_i____-2-
_
__
31,295,816
1,605,876
2,229,053
100,810
——
828
_
Beans
Yeast
.
—________—.———-
577,920
•
_
Fountain
Vinegar
States
out
..
Naval Stores—
8,175
•,
Potatoes
Vegetables
_
Candles
86,978
—
;
-
Golden
Vanilla
642,876,994
1,867,806
11,306,970
19,167,493
116,406,043
•
'
7,072
—
577,920
828
_
...
Wormseed
23,186,200
289,031,977
504,830
_______
:
1,830.090
i
1,780,800
i"-
pork)—
;
1,473,996
1,830,090
Tomato_
184,251,370
34s-710<
pork)_i^—_.
51,604
1,260
Walnuts,
13,717,760
192,876,120
13,384,955
2,240
32,323
19,281
ex¬
Projects Adminis¬
reduced to operations
was
May 1.
1,371,732
2.240
,
288
______
2,682,564
_
....
36,794
23,069,500
———_—
1,188,680
2,682,564
..
Tea
8,319,360
2,477(660
_—
Parsnips,
..
•
_
21,961
5,803,525
60,831
:
9,246,720
29,326,080
10,625
Carrots
Onions
.....
Pepper
Sugar, Corn
Sugar, Granulated
Sugar, Raw
Synthetic Fruit Extract
229,577
19,185,596
1,117,760
358,400
53,684
183,052
_
t
16,007,036
759,360
—
Canned
2,765,056
7,147
___
Cumin
1,780,800
Dehydrated Vegetables—•
Onions
_
1,230
.
Ginger
27,978,833
Canned
403
59,808
5,214,720
_
..
Leaves
f 9,204,160
66,777
Dried
Turnips
...
_____
..
Cinnamon
13,518,200
'•—
368
403
_____
6,720
..
prevent
producing
Work
ment.
Allspice
Cotton
Canned
_
53,088
2,511,936
—
Liquid
Coriander
1,164,800
Beans, Canned Green—.
;Vy Cabbage
368
_
Spices—
'
—-
(without
30,316
....
__
_
26,614
2,260,156
14
called
—
__
Oil
in
go
_
Vegetables—
Beets
__
..
>x^_
Canned
239,661
__
(10,890,880
194,880
31,803,317
Celery,
_
_
9,660,896
""26(614
.
Beans,
64,055
3 14,778
239,661
._
_
14,672,680
5,400,640
19,877,760
37,244
44,800
_
Soup, Canned
Soups, Dehydrated
Soup, Dry Concentrate
Soup < Flakes, Dehydrated
8,125
9,660,896
11,599,400
———
Peaches, Canned (Pie Pack)______
Peaches, Dried
Pears, Canned (Syrup Pack)
Pears, DriedPrepared, Pure Fruit Juices—___y
Prunes, Canned (Syrup Pack).
Prunes, Canned (Pie Pack)—.
Carrots,.
Seed
Nutmeg
Sassafras
2,105,600
Peaches,; Canned (Syrup Pack)—-
Beans,
'>
62,132
114,778
Salt
11,923,520
17,833,525
4,727,300
2,105,600
3,073~280
—
—
Beets,
of
Pickles
—
;
1,923
44,800
....
Dry and
Peanuts, Raw
Peppermint Oil
6,038,195
11,872.000
———
—
Canned "(with
197,586
30,316
Flour
Pectin,
16,596,160
21,224,000
1,980,160
557,760
"*28,275'
__
_
Beans,
_
Ovaltine
1,020,653,708
43,299
45,478
?
_
Fruit, Canned (Misc.)
Fruit, Dried (Misc.)—
Grapefruit Segments, Canned—
Grapefruit Oil
Grapefruit Pulp ———
Orange Pulp
Lemon Juice, Concentrated
Lemon Oil
—,_1
Orange Juice, Concentrated
Orange • Juice, Unconcentrated——Orange Oil
y.
Prunes, Dried
Raisins, Dried
Raspberries, Processed
Strawberries, Processed
8,534
195,140
45,478
—
_—___.
9,005
to
from
dis¬
how¬
of
1,571
2,446
_
_
Nuts, Ground
Marmalade, Orange
3,236,800
717
7,356,835
12.102,720
——————
'
31,360
37,244
_
Mustard
The
363,686,464
_______
7,548,695
Cherries, ^Canned Sour—_—
,
210,663,104
....
15,680,311
143,360
Apricots, Canned, (Pie Pack)——Apricots, Dried
..
...
Kola
Products—•
,
___
Acid...
Jams
Jellies
109,634,221
——
•
224,00C
uneven
operated
roasters
tration
4,077,580
_
2,119.040
Pork
Citric
Hops
'6,728
Apples, Dried
Apples, Fresh Jii
_*—ll
Apple, Pomace, Dried—
Apricots, Canned (Syrup Pack).—
,
224,000
1,963,020
•
have
__
_
Granular
6,713,280
33,644,839
682,780
47,501,722
'.
_
~
Shortening
Tallow, Edible
,
17,562
31,360
Powder
Dextrose
844,023,497
Inedible.
Oil———
Oleomarga rine
y
943,04C
2,114,560
_
Gelatin
"7,200
18*142
and
:
11.576,320
•
^
Suet
Rendeied
495,040
...
Coffee
277,345,946
'"25,312
246
'
17,563
...
Enzymes
Lard
Oils,
-246
■;
..
Cornstarch
*
Oil,
■
_
:
of
Fully Liquidated May l
25,39?
25,312
ij.
;
95,240
"
_
f,
corresponding month
WPA Operations To Be
40,005
69,440
25,392
r.__
___
-
Custard
158,172,434
1,096,509
40,005
25,800
'
_
Fats and Oils—
originally
and retail customers
with amounts
ll,20t
t
__
Chocolate
Cocoa
389,760
Journal," which
required by them, the OPA
plained."
£
4,285
23
■*,
Baking
276,956,186
of
enough roasted coffee to
supply
promptly their regular wholesale
60,772
836,136
4,188
2,205
Baking Soda
Calves Foot Jelly
389,760
some
685,163
Acid—
•
5,205,760
157,782,674
ever,
672
54
Acid
8,294,944
15,405,512
removed
sales
on
coffee,
3
68,893
l,t>l8,<i,239
bringing
recently
"Short supplies and
tribution of green
Miscellaneous Foodstuffs-
Fish-
Fish, Canned
Fish, Canned Flaked..
15,075
1,098
—.
4,036,480
'(
8,826
64,635
919,936,733
568,855,389
1,144.581,771
the
supply situ¬
restrictions,
the
672
1
Vitamin
5,403,104
127,113,884
ing
152,320
3
:
705,200
j
in
scheduled
to
become
effective
Jan. 1 and since
postponed, were
intended to limit 1943 sales
by
the roasters to 75% of
sales dur¬
5,759
—_
Viosterol
4,327,680
that
Government
coffee
the "Wall Street
4,384
874
A, Fish Liver Oil-
1,169,280
—
OPA
restrictions
said:
152,320
Cr\."
Acid
B6
Acetic
out
Iby roasters, ac¬
cording to Washington advices to
4,807
_
Hog Casings
Livers and Kidneys
42,571,200
.
84,713,154
solution).
______
68.578,854
Dehydrated Pork
Frozen Loins .....—_——.
Frozen Trimmings
42,134,400
43,472,514
Mide
Vitamin
33,600
1,379,840
and
24,785,600
Oil
Vitamin
10,994
32,450,880
4,327,680
18,679,360
Halibut Liver Oil—
Riboflavin —
^
Canned
7,011,200
6,431.040
Sorbose
...
The
quota
"The
Diacetone—Gulosonic
443,520
47,246
31,866,356
31,866,356
pointed
1941.
Carotene
616,000
443,520
Beef
Dehydrated Beef
Dried- Beef.,
21,201,716
21,201,716
Vitamins—
224,129
Bungs
9,237,760
13,442,240
9,584,510
also
roasted
3,594,910
8,464,780
Extract
Beef
Currants
65,075,359
He
Army
Products—
Cod
Products
Beef
Fruits
14,132,516
.
'
Cereal
Cyanaceta
Salad
172,480
20%, adding substantial amounts
previously depleted January
inventories of approximately
145,000,000 pounds."
to
273,390,751
7,554
1,753,884,089
2,700
16%, and explained
February have
14,132,516
222,408,841
Soy Beans
Soy Flour and Grits.
Soya Sauce
857,235,893
975,003,796
Canned
to
"coffee imports for
exceeded estimates
by more than
21,582,400
—■
_____
Oat
Soya
:
Ration,
Meat
Linseed
416,701
2,209,790
61,608,090
—
Wheat, Mill
Flour, Corn
Flour, Rye
Flour, Wheat
9,257,760
2.180,486
68,569,161
Meats—
amounted
887,702,520
'
40.158,720
1,862,406
_—
-
Oleo
835,740
7,098,551
Cake
Agricultural
57,368,640
1,682,240
__
~
Beef
7,226,230
8,167,657
196,149,560
416,701
________
6,825,664
183,680
Canned——
coffee during the five
between March
22
and
April 25. This compares with a
ration of one pound for the
six
weeks ( ending March 21.
Mr. Brown said the
increase
weeks
_________
Linseed
11.
improvement dur¬
ing the last few weeks in the im¬
22,709,616
140,000
5,156,080
M.
March
on
an
48,055,012
19,066,336
393,023,710
14,940,800
;
-
Turkey,
Milk, Dry Power Mixture A___.
Milk, Dry Skim
Milk, Dry Whole_„
Milk, Evaporated
Lamb
22,709,316
announced
port situation, Mr. Brown said
that stamp No. 26 in War
Ration
Book One will be
good for one
641,836,785
300
Cumulative
1,460,680
-—-
Processed
Eggs, Dried
cli Eggs, Frozen
Eggs, Shell
Milk, Condensed
.,
235,147,177
-.Feeds-—-
Wheat
19.882,240
American
Chicken
>
41,995,515
'
Cracked Wheat _A_
Barley
Administrator Prentiss
Because of
6,304
Seeds—
•
Beef
2,812,294
6,304
_i.„_
Semolina
1948,
1941
1942
;
/
_
■v.;.
beginning March 22,
Price
Brown
66,120
JANUARY,
Poultry Products—
Cheese,
Cheese,
Army
'
380,800
<
Cereal..
(Hardbread)
Grits
Malt
announcement fol¬
January
Butter
.
'
•
Roasted
Rice, Milled
ESTIMATED
39,207
___
Macaroni
Department's
low:
protein
35,122
1,077,556
101,123.676
9,114.560
2,812,294
232,343
Concentrated Cereal Foods.
shift in
shipping space requirements during the
month,
grain and cereal products dropped
considerably under December de¬
liveries.
The space released made
possible larger deliveries of
35,122
1,026,931
3,604,149
6,265,280
v
A more liberal coffee
ration will
be obtainable
Cereal Products—
Buckwheat
Corn
Increase Coffee Ration
6,578,808
i56,386,110
X 29,812,160
232,343
19,846,579
______
Pearl
Biscuits
evapo¬
"As in previous
months, the commodities shipped in largest vol¬
ume in
January were pork and pork
products, dairy products, eggs,
and fats and oils.
Larger deliveries also were made of
seeds, soya
products, granulated sugar and cornstarch.
"Due to
Barley,
Barley,
5,196,408
42,067,890
___
Canned____
Canned
Canned
'O-t''' A
Grain and
'
Cumulative
';y
29,440
11,154,480
1,626,240
Paste,
Puree,
Tomato
1942
1
Canned
Turnips,
January
"
_
Potatoes, White
Sauerkraut, Canned
Spinach, Canned
Tomatoes, Canned
The Department of
Agriculture reported on March
000,000 pounds of foodstuffs and other agricultural
>.(
\
Dried
Potatoes,
',
'
„
Canned
7,602,307
653,074,555
1,087,329,755
the
5,704,548,799
9,634,361,581
and
tion of contracts awarded for
resi¬
dential
building, however, was be¬
low both the previous
month and
same month
last year
by
44%, respectively.
16
THE
1314
Construction Dollar Volume
In Urban Areas Declined 73% From Year Ago
:
dollar
The
February
for
total
building
of
volume
of the United
areas
construction started in urban
States during February was 73% less than
1942, Secretary of Labor Frances Perkins
ported on April 3.
"The decline
for Federally financed building
made public April 3
and Exchange Commission
The Securities
figures showing the volume 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
the
members of these
re¬
a
contracts awarded
matched the
in the value of
NYSE Odd-U! Trading
Trading On flew York Exchanges
Feb. Building
projects in February
private builders,' she said.
buildings dropped 82%, as
exchanges in the week ended March 20, continuing
being published weekly by the Commis¬
Short sales are shown separately from other sales in these
series of current figures
sion.
figures.
Trading
1943
Thursday, April 8,
CHRONICLE
COMMERCIAL & FINANCIAL
Exchange
and
Securities
The
yr
011'April
ended
March 27 of
show¬
ing the daily volume of stock
Commission made public
3
for the week
complete figures
a
summary
for the odd-lot ac¬
odd-lot dealers and
transactions
all
of
count
lots
odd
Ex¬
Stock
York
New
the
on
handle
who
specialists
Exchange for the account of members change, continuing a series of
(except odd-lot-dealers) during the week ended March 20 (in round- current figures Being published
compared with decreases of 66% for new residential construction lot transactions) totaled 2,233,188 shares, which amount was 16.92% by the Commission. The figures
and 44% for additions and repairs.
of total transactions on the Exchange of 6,598,360 shares.
This com¬ are based upon reports filed with
Secretary Perkins added:
"February
was
the twelfth consecutive month of declining pares with member trading during the week ended March 13 of the; Commission by the odd-lot
On dealers and specialists.
valuations. The 26% drop between January and February, 1943, was 2,658,750 shares or 15.59% of total trading of 8,522,690 shares.
the New York Curb Exchange, member trading during the week
due to a 38% reduction in the value of Federal contract avyards.
STOCK TRANSACTIONS FOR THE ODDi
LOT ACCOUNT OF ODD-LOT DEALPermit valuations for other building construction rose about' 7%, ended March 20 amounted to 402,770 shares, or 14.14% of the total
ERS AND SPECIALISTS ON THE
volume of that Exchange of 1,420,465 Shares; during the March 13
principally because of increased repairs and alterations. Valuations
N.
Y. STOCK EXCHANGE
week trading for the account of Curb members of 515,408 shares
for all new non-residential buildings dropped 40% from January
Week Ended March 27, 1943
was
14.03% of total trading of 1,837,242 shares.
to February, while those for new residential construction decreased
Odd-Lot Sales by Dealers:
Total «
The Commission made available the following data for the week
21%."
(Customers' purchases)
for Week
in the value of permits issued to
"Valuations for all new non-residential
drop
the Stock
on
.
Changes in
awarded
ary,
permit valuations and value
and February, 1943,
of Federal contracts
and between Febru¬
1943 in all urban areas are summarized be¬
1942 and February,
low:
Number
published are based upon weekly
the New York Curb Exchange
data
The
and
Exchange
classified as follows:
reports are
N. Y. Stock
N. Y. Curb
Exchange
Feb. 1942 to
Feb. 1943-
945
Othc-r than
building
174
construction-..
New
residential
New
non-residential-_„__
Additions,
and
i-
+
—20.9
190
Federal
1.
Reports
—72.0
—73.0
2.
Reports
—30.6
—05.6
—75.9
—52.3
3.
Reports showing
—43.3
+
—13.6
—40.4
Federal
—81.5
—84.8
Reports showing no
—37.9
6.6
alterations,
+27.4
+ 16.7
repairs
■
+ 44.5
Total
—
43
—39.1
—43.7
—80.8
quote:
17,679 family
dwelling units in urban areas during February, 1943. This was 28%
less than the total in the previous month and 51% less than in Febru¬
ary, 1942.
Almost two-thiras of the total in February, or ll,5t>4
units, were in Federal housing projects for war workers. This rep¬
resented a drop of 39% from the previous month and 21% from
February, 1942. The number of privately financed units in February,
1943, was approximately 4% greater than in the previous month,
but 72% less than in February, 1942.
Federal contracts were also
awarded during February, 1943, for dormitories providing accommo¬
From
the Labor
Permits were
Department's announcement we also
issued
or
contracts were awarded for
all
building
WEEK
Total Round-Lot Sales:
A.
sales
10,637,253
Shares:
of
240
...
164.060
-
/?.*';
.
' '
*
-
■
1,106.355
123,960
>
1,002,873
Stock Sales on the New York Curb Exchange
Transactions for Account of Members*
(Shares) W
WEEK
ENDED MARCH
—
1,408,235
for
of
Account
,
which
of specialists in stocks in
v
i
purchases
,
1. Transactions
Short
sales
Total
purchases
Short
_
sales
According to the National Lum¬
ber
Manufacturers
Association,
42,485
lumber shipments
2.89
45,085
L
16,470
——
sales—
___
700
i
tOther sales—
by 10.7% for the week
March
27,
1943.
In
the
same
week new orders of
these
mills were 21.2% greater
duction
48,533
—
e
2.31
49,230
Total sales
TotalTotal
170,690
purchases.—.
Short
tOther
;
48.843
sales
*The
firms
48,333
1
;
purchases
Total
term
...
37,036
"members" includes all regular and
and their partners,
tShares in
510
__
{Customers' other sales
associate Exchange members,
including special partners.
members' transactions as per cent
their
.
,
of twice total
round-lot volume.
In
total members' transactions is compared with twice
Exchange for the- reason that the total of members'
transa
transactions includes both purchases and sales, while the Exchange volume includes
calculating these percentages, the
the total round-lot volume on the
:
oiHy sales.
s
Round-lot
11
short
rules are included
?Sales marked
.
sales which
.
are
with "other sales."
.
-- v
.
exempted from restriction by
.
'
|"short exempt" are included
production.
orders
ists-
Total
lil4
Account of Special¬
Customers' short sales.—
d
files-
231,080
Odd-Lot Transactions for the
e
Unfilled order
mills
amounted to 95% of stocks.
For
reporting Softwood mills, unfilled
than,
220.230
sales
Total sales.
C.
nd
.10.850
sales—.
of 451 mills re¬
porting to the "National Lumber
Trade Barometer" exceeded pro¬
initiated off the floor-
purchases
Short
Ended March 27, 1943
37.100
!___
Total sales
Total
Lumber Movement—Week
initiated on the floor-
tOther sales
contracts were awarded
Federally financed housing
435.
8.94
136,765
2,600
Other transactions
place for the month was
7,550
129,215
;
Total sales
Other transactions
in
117,120
___
sales——
tOther
1942. The average number
spindle-hours per spindle
of active
they are registered—
Total
136.9 for October, 134.9
September and 136.3 for Feb¬
ruary,
*
Members:
capacity.
vember,
J,420,465
the
for
Transactions
Round-Lot
at :135.9%
percentage compares, on the
same basis, with 138.8 for January,
127.9 for December, 133.4 for No¬
—
sales
Total
8.
1943,
ruary,
This
12.230
sales
the
spindles in the United
States were operated during Feb¬
cotton
-
fPer
for week
tOther sales
Based on an
Cent
Total
Short
10,246,497,646.
activity of 80 hours per week,
and Stock
20, 1943
Sales:
Total Round-Lot
23,559,-
spinning spindles were
22,889,954 for January, 22,-
was
16.92
1,126,833
Total sales.
A.
of the Census an¬
March 8 that accord¬
ber, 22,956,224 for September, and
23,087.626 for February, 1942. The
aggregate number of active spin¬
dle-hours reported for the month
■
Round-Lot
Total
on
887,072 for December, 22,948,248
for November, 23,012,046 for Octo¬
2.99
206,533
——————
_____
■■ ■. ■
sales
tOther
For
place in the United ^States on
28, 1943, of which 22,-
with
10,000
sales
Short
re¬
859,160 were operated at some
time during the month, compared
196,533
purchases.—
Total
-
in
4.83
.
Total sales
j "In addition,
dormitory accommo¬
dations for 150 persons at Meriden, Conn., to cost $154,000; for 50
persons at Shelton, Conn., to cost $50,000; for 175 persons at New¬
port, R. I., to cost $197,000, and for 72 persons at Ypsilanti, Mich.,
to cost $87,000."
. .
;
l
1
Bureau
374 cotton
188.315
——;
:
-
Total—
4.
3.
during February, 1943, for
projects containing the in¬
dicated number of housekeeping units: Derby, Conn., $116,000 for 50
units; Meriden, Conn., $164,000 for 152 units; Wallingford, Conn.,
$281,000 for 68 units; Windsor, Vt., $60,000 for 25 units; Brooklyn,
NV Y., $4,890,000 for 1.388 units; Niagara Falls, N. Y., $4,132,000 for
2,300 units: Erie, Pa., $529,000 for 200 units; Meadville, Pa., $388,000
for 160 units; Philadelphia, Pa., $4,854,000 for 2,081 units; Evansville,
Ind., $2,880,000 for 1.500 units; Detroit, Mich., $500,000 for 200 units;
Muskegon Heights, Mich., $174,000 for 76 units; Canton, Ohio, $736,000 for 320 units; Cleveland, Ohio, $1,545,000 for 440 units; Dayton,
Ohio, $358,000 for 200 units; Sidney, Neb., $466,000 for 175 units;
Key West, Fla., $201,000 for 74 units; Arlington, Va., $242,000 for
100 units; Norfolk. Va., $819,000 for 468 units; Norman, Okla., $202,000 for 90 units; Orange, Texas. $197,000 for 192 units; San Marcus,
Texas, $326,000 for 150 units: Ogden, Utah, $802,000 for 400 units;
Oxhard, Calif., $370,000 for 180 units; Medford, Ore., $262,000 for
125 units, and Seattle, Wash., $1,023,000 for 450 units.
initiated off the l'loor-
sales
are
February
saies_—„___
tOther
The
nounced
9.10
294,230
purchases
Short
exempt"
February, 1943
24,000
I
Total sales
Total
"short
liquidate a long position which is less than
round lot are reported with "other sales."
318,230
Other transactions
*
207,180
shares.,
marked
"Sales
319.490
...
sales——
tOther
of
ing to preliminary figures,
L
______
__
___
,
ported with "other sales."
tSaies to offset
customers'
odd-lot orders,
and sales to
602,070
initiated on the floor—
sales
Short
Purchases by
Cotton Spinning
-
Total purchases
164.300
sales
Number
598,550
__
Olner transactions
2.
$224,000.
...
.......
by Dealers—
Short1 sales
89.960
512,110
Total sales
$947,000; Lansing, Mich., two institu¬
Mich., 119 one-family dwellings to cost
also awarded for
sales
a
.
sales
tOther
for
one-family dwellings to cost $838,000;
Columbus, Ohio, 32 one-family dwellings to cost $142,000 and two
apartments providing 48 dwelling units to cost $120,000; Dayton,
Ohio, 67 one-family dwellings to cost $268,000; Euclid, Ohio, 47 onefamily dwellings to cost $227,000; Hastings, Neb., 109 one-family
dwellings to cost $360,000 and 28 units in two-family dwellings to
cost $95,000; Washington, D. C., 47 apartments providing 188 dwell¬
ing units to .cost $356,000; Marietta, Ga., 80 units in two-family
dwellings to cost $249,000; Arlington, Va., seven apartments pro¬
viding 205 dwelling units to cost $617,000; Ft. Worth, Texas, 126 onefamily dwellings to cost $301,475; Colton, Calif., 218 one-family
dwellings to cost $614,000; Hawthorne, Calif., one factory to cost
$328,000; Los Angeles, Calif., 138 one-family dwellings to cost $442,000; and 25 factories to cost $253,000; San Bernardino, Calif., 75
one-family dwellings to cost $251,000 San Diego, Calif., 83 one-family
dwellings to cost $330,000 and one institution to cost $83,000; Port¬
land, Ore., 32 one-family dwellings to cost $139,000 and three fac¬
tories to cost $221,000; Seattle, Wash., 53 one-family dwellings to cost
contracts were
Number
Cent
6,598,360
—
Akron, Ohio, 210
"Federal
value
Dollar
Round-lot Sales
165.580
Short
issued or contracts were awarded in February,
1943, except projects which have been excluded because of their
confidential natrne were: Hartford, Conn., 89 one-family dwellings
to cost $275,000* Linden, N. J., 102 one-family dwellings to cost
$260,000; Albany, N. Y., five factories to cost $420,000; Philadelphia,
Pa., 129 one-family dwellings to cost $569,000; Detroit, Mich., 193
the following
total
Dealers—
6.432.780
Transactions
for
the
Account ' of
Members,
Except for the Odd-Lot Accounts of
Odd-Lot Dealers and Specialists: •
1. Transactions of specialists in stocks in which
they are registered—
Total purchases
which permits were
$444,000;
6,163
675,552
681,715
short
other
Customers'
+Per
Round-Lot
3.
$286,000; Wayne,
sales
sales.—.
Customers'
"Customers'
Round-Lot
for week
1
sales
Total
3.
each month.
one-family dwellings to cosc
24,473
Total
1943
20,
sales
Short
will be comparable since estimates
report in a particular month.
As in the past, the value of contracts awarded by the Federal Gov¬
ernment for building construction will be combined with information
obtained from the building-permit reports. However, because of the
volume of Federal financed construction at the present time, the
contract value of such construction will also be shown separately
tions to cost
ENDED MARCH
Total
cities which fail to
of building construction
sales...'.
Slock Exchange and Round-Lot
Members*, (Shares)
Stock Sales- on the New York
Stock Transactions for Account of
for every month
"Principal centers of various types
total
of Shares:
Number
by
221
24.252
tOther sales
construction in all urban areas of the United
to include all cities and towns with popula¬
1940. The principal advantage of the change
will be made for any
odd-lot transactions are handled solely
Round-Lot
Total
States, which is defined
tions of 2,500 or more in
is that figures
sales....*.
sales
Customers'
484
- .
single report may carry entries in more than one
received because a
reports
of
other
classification.
methods of sum¬
marizing reports on building permits. Heretofore, the figures cov¬
ered a specitied number of reporting cities, which varied from month
to month.
Beginning with the February comparisons the data will
cover
465
transactions
the
the other
engaged
ber
*
short
"Customers'
84
222
JOther sales
Statistics has revised its
Number of Orders:
,
transactions.—
York Curb Exchange,
Note—On the New
V:
Dealers—
(Customers' Sales)
specialists in the stocks in which they are registered and the round-lot
of specialists resulting from such odd-lot transactions are not segregated from
specialists' other round-lot trades.
On the New York Stock Exchange, on
hand, all but a fraction of the odd-lot transactions are effected by dealers
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
The number of reports in the various classifications may total more than the num¬
dations for 447 persons.
"The Bureau of Labor
off
the floor
—71.7
24,550
716,859
23,419,266
Customers'
the floor
other transactions initiated
—_
...
—...
Odd-Lot Purchases by
86
received
showing transactions as specialists
—
showing other transactions initiated on
4.
—2611
Shares:...
680
Total number of reports
72.6
Federal
Federal
Total
Class of contsruction
Orders^.
of
Value
Dollar
Exchange
Feb. 1943-
Other than
of
Number
Stock
These
reports filed with the New York
by their respective members.
Percentage change from:
-Jan. 1943 to
All
March 20:
between January
with "other sales."
the Commission
•.
in
are
the
reporting
equivalent to 39 days]
production at the current rate,
and gross stocks are equivalent to
38 days' production.For the year to date, shipments
of reporting identical mills ex¬
ceeded production by 17.9%; or¬
ders by 23.4%.
Compared to the average cor¬
responding week of 1935-39 pro¬
duction
of reporting mills was
24.7%
greater;
25.6%
greater,
38.1%.
shipments
and orders
were
were
Volume
Number
157
Revenue
4166
THE COMMERCIAL & FINANCIAL
CHRONICLE
Freight Gar Loadings During Week ■y\
Ended iar. 27 J 033taunted To 787^380Gars
Loading of revenue freight for the week ended March 27, 1943,
787,360 ears, the Association of American Railroads an¬
totaled
nounced
week
same
April 1.
on
This
was
decrease below
a
o£ 1942 of 20,926
week in
2.6%, and
cars, or
of 6,443 cars,
1941
the corresponding
decrease' below
a
the
0.8%.
or
increase of. 1,105 cars above the preceding week, and an increase
iof 2,646 cars above the corresponding week in 1942.
Forest products loading totaled 41,717 cars, an increase of 1,563
an
above the preceding
the
corresponding week
week but a decrease of 4,202 cars below
in 1942.
.
,
,
>
Ore
loading amounted to ,18,279 cars, an increase of 967 cars
the preceding week but a decrease of 15,089 cars below the
above
corresponding
in
week
1942.
Coke loading amounted to
the preceding week, and
15,192
Alabama,'Tennessee
an
Connections ;
1943
& Northern..,.
298
Atl. & W. P.—W. R. R. of Ala
357
752
Atlanta, Birmingham & Coast.
943
680
581
Atlantic Coast Line
Central of Georgia
.
15,401
j..;
379
367
874 L.
2,771
2,259
730
1,716
3,257
:
'
.
:
13,440
4,338
12,189
376
389
450
1,817
1,762
1,629
3,320
2,917
307
258
281
244
11,570
9,804
5,006
4,270
4,623
L
187
185
427
2,703
1,231
1,649
44
35
146
;
:
Georgia & Florida..!
1,349
!__•
1,369
971
2,820
394
940
611
4,298
3,979
5,591
3,284
26,268
27,758
26,781
17,679
25,231
15,005
24,847
25,615
11,315
155
Illinois Central System
Louisville & Nashville...
Macon. Dublin & Savannah....:
9,482
200
Mississippi Central......
Nashville, Chattanooga & St. L
Norfolk Southern
423
j
■
158
1,029
create
147
195
544
3,631
5,048
All districts reported decreases compared with the
corresponding
in 1942/ except the Pocahontas, Centralwestern and South¬
western, but all districts reported increases above the corresponding
week in 1941, except the
Eastern, Allegheny, Southern and North¬
western.
I..:
5
weeks
4
weeks
of
of
1943
January.
February..
of
Week
of
Week
of
March
of
March
....
2.866.565
770,485
742.617
799,356
759,607
768,134
13_
3.454.409
3,122.942
769.042
27
3.858.479
3,055.640
20
Week
3.530,849
6
March
1941
748,890
Week
March
1942
v
796,654
769.984
787,360
day
3,840
808.286
793,803
9,659,915
:
10,1.56,202
9,386,985
The following table is a summary of the freight Carloadings for
the separate railroads and systems for the week ended March
27, 1943.
during this period only 49 roads \ showed
with "the
corresponding week last
increases
compared
FREIGHT
LOADED
(NUMBER OF
•
1,219
1,523
1,566
464
469
1,357
499
440
11,765
1,268
10,219
10,924
10,421
9,578
7,194
24,500
25,439
23,610
612
22,155
732
511
858
858
blasted Jeffers, or some of Pren¬
Brown's
subordinates
havd
blasted him, or the statement
108
125
152
1,152
993
Donald
..
Total—i__——...—
navies and the fact that Ickes has
tiss
by
'
.
"/p..
■■
—
AND
RECEIVED
121,386
125,995
122,950
123,891
105,134
be
Chicago & North Western.,.
Chicago Great Western
14,338
16,488
13,285
12,447
2,616
2,613
3,323
2,946
20,007
21,172
11,196
8,973
3,146
3,350
3,586
4,423
3,801
1,153
8,758
840
264
362
own
staff
804
705
528
737
611
9,182
Ft. Dodge, Des Moines & South
Great Northern.!.^.
9,814
9,914
11,775
hind
10,414
the
378
443
465
110
14.211
10,806
5,495
4,509
435
466
504
919
198
2,178
213
58
1,769
1,777
2.628
2,192
4,427
5,388
5,064
3,089
3,532
9,350
Ishpeming____
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
9,252
9,430
5,209
;...
Northern Pacific
Spokane International..
171
105
"539
309
...
820
2,062
2,601
2,375
3,020
100,168
85,880
66,070
58,158
Atch., Top. & Santa Fe System
j
Total Revenue
'
Bangor L Aroostook
1943
Boston & Maine..
260
2,633
...ii.
j
.
—
Central Vermont
1942
—
7.825
29
1,402
_
Delaware, Lackawanna & Western--—.
Detroit & Mackinac.-
269
263
16.588 i
8,476
1,561
1,233
1.376
17,072
2,232
17
2,062
;'i;
"60
58
1,528
2,700
6,331
....
pelaware & Hudson
'
f"
1942
1,524
2,300
1,470
31
1943
527
2,343
1,514
Connections
1941
557
6.273
—
Chicago, Indianapolis & Louisville
Central Indiana
6,487
6,610
.12,800
13,490
7,568
8,161
9,822
11,106
9,268
"
2.049
„■
-
Erie
230
261
239
115
162
1,890
Ji.
Detroit, Toledo & Ironton
Detroit & Toledo Shore Line..—.:
2,172
3,218
1,659
1,401
.347
376
407
3,820
13,181
Lehigh fc New England.
Lehigh Valley.
14,252
14,549
4,541
6,272
211
221
2,140
-
Lehigh (c Hudson River^--—
3,495
159
Grand Trunk Western.
1,425
3.362
20,960
with
132
2,831
2,699
851
804
11,206
12,066
13.866
11>489
2,377
2,450
3,390
5,408
2,951
15,171
18.334
12,949
770
907
755
2,153
.
2,530
2,763
6,048
614
14
1,100
16,263
.
1,097
1,687
1,751
500
582
springs
1,943
109
151
1,117
786
married
705
457
C
27,095
25,578
13,319
9,866
210
252
\
14,815
j
452
1,899
824
15,360
14.711
10,931
448
<3
5
1.850
1,662
1,673
3,624
3,012
117,690
113,106
114,308
96,125
....
Southwestern
Burlington-Rock Island
Gulf Coast Lines
611
144
6,986
6,582
372
4,580
3.082
2,341
2,936
2,119
1,859
3,786
2,689
321
187
323
843
4,472
Kansas City Southern
Louisiana & Arkansas.
Litchfield & Madison
4,306
2,255
2,961
2.897
2,935
-
3,106
Missouri-Kansas-Texas Lines.
Missouri Pacific..
2,260
1,996
3.91
4C7
1.146
1,043
424
527
244
245
115
Missouri & Arkansas
2,136
310
673
Midland Valley
268
175
2,314
23
46,457
51,365
54,797
4,135
6,416
4.076
15,930
16,717
14,977
88
144
109
8,855
8,138
8,105
8.876
7,251
3,440
2,620
5,405
12,430
11,815
21,579
12,803
9,649
7,344
5,886
New
York, Ontario & Western
4,367
3,740
7,015
5,876
108
130
158
30
42
20
22
...
Texas & New Orleans
Texas & Pacific.
...
.
_
_
26
13
327
•
9
170
986
1,183
1,115
2,430
7,418
6,944
16,559
441
2,640
8,533
8,286
9,121
8,250
Pore
4,681
5,184
6,61.7
7,622
6,281
632
571
691
28
59
Marquette
Pittsburg & Shawmut
__—:
.
Pittsburg. Shawmut & North
475
368
294
Pittsburgh & West Virginia.—709
993
1,338
3,962
2,733
Rutland
522.
619
1,038
52,922
64,521
55,522
"Previous
week's
6,883
12,978
——
Wheeling & Lake Erie
5,660
5,004
Total
162,877
5,688
4,912
5,230
167,777
180,563
277
6,212
^
4,770
246,094
226,032
give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111,, in relation to
activity in the
paperboard industry.
dustry, and its
Akron. Canton & Youngstown...
645
577
1,322
40,418
28.904
27,301
3.037
4,755
1,672
331
313
294
3
Cambria & Indiana-.'-.---------
1,879
1,994
2.002
10
7,209
8,334
7,892
21,276
Jersey...
~—. «—
Ligonier Valley——
590
489
647
302
327
348
137
Pennsylvania System—
Reading Co
Union
„
0
149
"
20,177
71
20
?
158
41
758
4,225
3,644
Jan.
1,454
3,126
2,676
Jan.
81,588
79,810
63,900
60,541
15,714
21,509
4,179
17,118
'
20,109
.4,280
30.911
„
182,285
180,620
29,495
Jan.
3,988
23..—
Jan.
12,645
Feb.
163.739
Norfolk & Western
Virginian—
Total.
._
27.754
12,908
13,670
22,721
23,139
23,656
7,394
6,895
4,904
4,491
5.150
2,287
2,265
57,434
56,560
22,583
to
several
years
Washington
we
quite
were
cor¬
disgusted
the lack of prominence
given
Washington
the
in all except
news
Eastern
metropolitan news¬
Surveys in those days
papers.
showed
the
reader
interest
in
Washington news was about 3%.
For one, I complained aboutthe stu¬
pidity of a people who were not
interested
more
in
the
carryings
of their Government.
011
Things changed with the advent
of the New Deal.
Washington has
everybody's consciousness
been in
But I
frank to say that
am
Washington
we
in
correspondents
our
responsibility.
So I welcome
the
new
trend.
Indicative of this trend is the
encouragement being given by the
press to the regional meetings of
They
governors.
order that
tives
can
are
these
being held,
State
execu¬
get together with
view
a
to
working out their own prob¬
lems after the war without benefit
of Washington. They have a tre¬
mendous job ahead of them but
their
very
sire to do
ACTIVITY
willingness, their de¬
something is a healthy
*
*
*
22,830
Orders
Percent of Activity
Remaining.
97,386
Current Cumulative
379,573
62
84
The most amazing
development
Washington bureaucracy re¬
cently is the attitude of the Na¬
in
tional
Relations
Labor
381,713
82
82
The
President,
397,437
88
85
man
Committee and others of of¬
140.849
398,594
88
86
ficialdom
6
413.084
140,836
439,304
89
87
rival
137,784
446.981
87
87
iron
141,435
27
136.645
169,417
142,932
445,982
91
88
88
86
have
AFL
out
and
the
Senate
been
156,628
147,085
454,308
94
88
175,178
147.830
480,802
93
89
166,885
146,062
498,927
93
89
Mar.
of
20—
155,116
149,096
504.414
92
Mar.
90
27
139,911
150,754
488,197
counsel
95
urging the
CIO
leaders
orders
of
the
prior
week,
plus orders received, 'ess production, do
necessarily equal the unfilled orders at the close. Compensation for
delinquent reports,
orders made for or filled from
stock, and ether items made necessary adjustments of
unfilled orders,
to
their
90
1
.
Tru¬
jurisdictional or
representation
disputes.
They
have been meeting with no signs
13—___________
Notes—Unfilled
Board.
129,365
137,055
148,687
20.
not
56,106
be
157,251
152,358
6__i.
Mar,
28,476
will
Washington
143,028
.
30
Feb,
Mar.
29.809
There
out of
news
134,982
.
4,847
District—
Chesapeake & Ohio___—
45
sign of the times.
MILL
Tons
126,844
—_____
Jan. .16..,
15,411
175,731
Tons
Tons
Feb.: 13
178,736
Production
Received
2__——_____
-
Feb.
Pocahontas
Orders
,
Week Ended
45
,-L-
Total
figure which indi¬
Unfilled
Period
931
4,259
Western Maryland—
a
time operated.
REPORTS—ORDERS, PRODUCTION,
'
1943
1,803
21,578
__.
the
on
,
.
81
12
1,090
K
over
12
1,667
15,327
<Pittsburgh)
statement each week from each
These
advanced to equal 100%, so that
they represent the total
'
'
are
STATISTICAL
5
Vtf
78,754
Long Island
Penn-Reading Seashore Lines.
a
activity of the mill based
industry.
"
Cumberland & Penns5'lvania__—
includes
1,934
Central R. R. of New
Corn1_
the
1,175
41,273
3,268
Buffalo Creek & Gauley
773
41,572
program
member of the orders and production; and also
figures
Bessemer & Lake Erle___.
those
remember
can
over
in
The members of this Association
represent 83% of the total in¬
cates
Allegheny District—
Baltimore & Ohio
I
out mill.
Weekly Statistics Of Paperboard Industry
We
10,718
Wabash—
355
real
have failed
figure.
1,144
.
310
62,849
...
2,964
•
and
men
We have been overwhelmed.
We
became easy prey to the hand¬
1,567
_.
_____
Note—Previous year's figures revised.
15,586
518
...
N. Y..
the
headlines.
since.
4,851
Chicago & St. Louis.....6.659
Susquehanna & Western
371
Pittsburgh & Lake Erie
8.188
New York,
the
more
4,636
3,939
,
St. Louis Southwestern
19,996
_
can
5,201
.
St. Louis-San Francisco
55,327
10,460
396
5.209
15,633
2,939
...
26
51,932
554
5,837
16,623
..
Quanah Acme & Pacific
446
2,453
226
216
Kansas, Oklahoma &Gulf...
Total
214
2,095
...
International-Great Northern
10,276
7,052
be
over
when
respondents
877
14,291
2.620
I
bureau¬
headlines;
daily backwhat is to happen to
won't
ago
District—
1,819
Montour.
The
arid less bunk.
1,762
4,199 '-
time.
draft; there will be nothing
to
gain in bureaucratic bicker¬
ing if it isn't to be reflected in
72,849
.
possible,
in the
0
542
2,098
9,185
&Hartford_.„„__,.,
there
10
13,898
.
Union Pacific Svstem
Utah
is
which
front-page
as
1,982
923
22
Weatherford M. W. & N. W
2,925"
New York Central Lines
upon
856
1,946
27,270
....
of
quit making statements
they cease to be looked
2.003
Southern Pacific (Pacific)
that
at the
when
25
Wichita Falls & Southern
9.177
N. Y.. N. H.
extent
anything
1,261
,
992-:
Peoria & Pekin Union
8,451
2,934
—
the
958
960
.....
Nevada Northern
3,665
7.068
-
decentralizing government,
getting it back to the States,
2,218
1,968
...
_
are con¬
doubtless moti¬
are
crats will
19
..
_
these editors
as
think
4,201
349
Fort Worth & Denver
City...
Illinois Terminal.
Western Pacific..
the
an
than
1,654
3,365
Denver & Rio Grande Western
____
to
10,151
—749
._
3,888 i
Monongahela
,
with
3,866
100
3,206
8,466
'
2,506
-----
Maine Central
,
8.906
4,299
656
19.042
......
Received from
■
Freight Loaded
District—
ArborL^-w—
11,898
3,762
12,243
Total Loads
;,t:
Eastern
19,294
Chicago. Rock Island & Pacific
Chicago & Eastern Illinois...
Toledo, Peoria & Western....
be¬
give
But the movement, if it spreads
577
Chicago, Burlington & Quincy
Chicago & Illinois Midland
_
down
solely by the desire to
make their papers more
readable.,
3,501
_
Missouri-Illinois
get
vated
21,639
Alton
..
this
out to any extent over the Amer¬
ican press, will have more to do
Bingham & Garfield
...
that
and
stories
Insofar
District—
Colorado & Southern
feel
to
men
cerned, they
2,650
81,229
Total..:....
man.
4,349
--91
...
man
intends to
intepretative analysis
of what is
really going on.
In
short, they are moving more into
the weekly news magazine field.
89
1,936
;
Lake Superior &
readers
154
11,574
_
he
daily routine should be better left
to the radio, or insofar as
they
are
concerned, to the press ser¬
vices.
They are pressing their
2,373
Duluth, South Shore & Atlantic....
Elgin, Joliet & Eastern
;
publicity
on
editors
19,782
Chicago, Milw., St. P. & Pac.___
Chicago. St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range..
Green Bay & Western
18,439
now
strong
27
.
Railroads
Ann
MARCH
a
These
District—
CONNECTIONS
FROM
ENDED
Nelson's
that from
year.
CARS)—WEEK
of the
22,059
Total
REVENUE
.
night to give us the spot
highlights such as the prog¬
contending armies and
or
news
ress
1,276
.
when
com¬
10.325
Tennessee Central..
Denver & Salt Lake
compete
are
354
Winston-Salem Southbound
Western
to
There
335
.
Seaboard Air Line...
Southern System...
Northwestern
field
new
radio.
1,223
Richmond, Fred. & Potomac....
North Western Pacific
Total;—...
a
the
mentators at most any time of the
537
3,411
Corresponding week in 1942,
week
with
758
220
3,135
;
Piedmont Northern.,—.
Central
which
2.426
370
3,471
Gulf, Mobile & Ohio.......
rantings.
These innovating newspapers of
I have spoken have come
to the conclusion that
they must
1,120
/' 122
.
-
sputterings
and
603
2,650
38
Florida East Coast.....
118
Washington
(Continued from first page)
that only a small
percentage of
the people read the editorial
page
and that he and his fellow New
Dealers knew how to blanket the
front page with their
1,975
1,648
-
Gainesville Midland..
an
,
327
Durham & Southern
Georgia_._L.__
345
From
1942
3,883
___
Charleston & Western Carolina..
Clinchfield
increase of 234 cars
increase of 1,352 cars above the
cars,
Received from
Freight Loaded
iSpokane, Portland & Seattle.:
above
Total Loads
■
Total Revenue
Soutfiern District-—
districts
alone, grain and grain products loading for the
week of March 27 totaled 31,285 cars, an increase of
1,536 cars
above the preceding week and an increase of
10,810 cars above
the corresponding week in 1942.
Livestock loading amounted to 13,740 cars, an increase of 1,223
cars above the
preceding week, and an increase of 2,933 cars above
the corresponding week inf 1942.'
In the western districts alone,
loading of livestock for the week of March 27 totaled 10,409 cars,
cars
•TV'f
;
Columbus & Greenville
Loading of revenue freight for the week of March 27 increased
19,226 cars, or 2.5%, above the preceding week.
Miscellaneous freight loading totaled
373,803 cars, an increase
of 6,191 cars above the
preceding week, and an increase of 3,023
cars above the
corresponding week in 1942.
Loading of merchandise less! than carload lot freight totaled
99,948 cars, an increase of 1,119 cars above the preceding week,
but a decrease of 43,712 cars below the corresponding week in 1942.
Coal loading amounted to
179|702 cars, an increase of 6,090 cars
above the preceding week, and Rn increase of
23,522 cars above
the corresponding week in 1942.'
Grain and grain products loading totaled 44,979
cars, an in¬
crease
of 1,839 cars above the
preceding week, and an increase
of
11,247 cars above the corresponding week in 1942.
In the
western
'
' Railroads
any
success.
meantime,
Board
But
the' general
for the Board
announced
wouldn't
be
influenced by any
reached
even
has, in the
that
the
bound
by or
agreement they
if they did.
.
;
lx
,
9
Weekly Goal And Coke Production Statistics
ol."';
-Compiled by The National Fertilizer Association'
1935-1939—-100"
week ended March 27 is
%
COMPARABLE
ON
DATA
.
(000
v
Bituminous coal
;
and
lignite—
fuel.
incl. mine
Daily average
Total,
1942
11,311 *
1,885
i;
12,650
2,108
'
tMar. 27
Mar. 28
1943
12,360
2,060
1943 V
equivalent of
weekly output
.
'
;
10.8
8.2
•
.
••••'.'
137,104
PRODUCTION
64,700
80.002
76,362
6,119
PENNSYLVANIA ANTHRACITE
coal assuming
Mar. 20
1943
1942
13,923,000 18,350,000
13,922,0001113,366,000 17,029,000
1,158,000 14,503,000
1,341.000
1,221,000
(•Commercial production
Beehive coke—
,1
-
1,287,000
1,172,000 111,112,000
1,562,500
170,800
165,100
154,400
1,950,400
1,845,000
1,220,300
1,215,600
1,161,500
14,962,600
14.550,900
total
States
1942
.1943
♦Total, Incl. colliery fuel
United
Mar. 30
• .1929
Mar. 28
Mar. 27
Mar. 28
1943
Penn. anthracite—
-
AND COKE
Calendar Year to Date
Week Ended
—
§Mar. 27
By-product coke—
total.—
States
United
"Includes
t
dredge coal and coal shipped by truck from authorized
colliery fuel. (Comparable data not available. ^Subject to
and
washery
(Excludes
operations.
.3
(In Thousands of Net Tons)
are
Mar.
Week EndedMar. 21
1943
1943
1942
1941
1937
382
State—
Alabama
_
Alaska
391
353
376
307
6
6
4
2
:::::::4
108
*
164
__
40
180
112
Arkansas and Oklahoma
Colorado
Continental
159
52
77
153
195
70
141,'.'.
1
1
1
tt
1,385
1,553
507
510
486
581
523
58
59
84
122
175
190
203
898
308
218
255
282
42
39
36 3:
6
7
12
18
lignite)
__
_
59
72
91
44
43
.50
69
733
739
33
:
production of cotton than
The 10% increase
the
to
construction volumes for the
to other crops.
make
Apr. 2, 1942
$107,136,000
12,224,000
94,912,000
:
29
•
41
•
52
53
.
for live¬
is one of
protein feed
of
stock and cottonseed oil
the best edible oils."
Mr. Wickard stated that
market¬
approved
farmers voting in a referen¬
ing quotas, which were
by
dum.last December,
would be re¬
raisers
quotas,
Under
tained.
would be free to sell all
the cotton
they produced on their new acre¬
age allotments.
actually
action
Wickard's
Mr.
farmers permission to over-
gave
plant their allotments by 10%.
In
they will receive
benefit payments only on the al¬
lotments as originally established.
consequence,
original national
27,300,000 acres.
The
in
no
10% in¬
relaxed provi¬
said the
Wickard
Mr.
allotment
way
Apr. 1,1943 sions of the cotton program re¬
$61,389,000 quiring farmers to plant at least
14,452,000 90% of their war crop goals to be
46,937,000 eligible for cotton benefit pay¬
4,350,000 ments.,
42,587,000
Mar. 25, 1943
$74,130,000
15,705,000
58,425,000
11,878,000
our
Cottonseed
1942 week, last
4,356,000
83,034,000
complete contri¬
production program.
meal is an excellent
more
a
bution to
crease
_
j
54,069,000
gains over last week are in
construction are: water¬
1943 Great Lakes Iron
quota of 95,000,000
A tentative
mine weight, for the
tons,
gross
Ore
Record
Movement To Set
earthwork and drainage, $222,000; streets and 1943 Great Lakes iron ore move¬
ment was announced recently by
unclassified construction, $8,219,000.
It is
New capital for construction purposes for the week totals $1,387,- the War Production Board.
000.
It is made up entirely of State and municipal bond sales.
The subject to revision upward or
week's financing brings 1943 volume for the thirteen weeks to $64,- downward during the season as
105,000. This compares with $2,414,379,000 reported for the fourteen- conditions dictate.
week period a year ago.
The quota is almost 3,000,000
.
>
.
h
tons more than the record 92,076,-
68
79
New Mexico
125.9
-
should
we
roads, $4,204,000; and
'
_
134.8
reported
further
$30,683,000;
ings,
32
67
and
(bituminous
Montana
recognize
that there are some areas in the
cotton belt that are better adapted
think
"I
works, $1,920,000; sewerage, $999,000; bridges, $860,000; industrial
buildings, $766,000; commercial buildings, $13,516,000; public build¬
215
^viv( 38
_______
_______
120.3
118.8
115.3
104.1
Work Gains
Subtotals for the week in each class of
ings.
560
Michigan.
Secretary ,Wickard - as saying:
-
should enable some of these areas
In the classified construction groups,
144
931
10
Maryland
136
816
40
Kentucky—Western
189
1,033
309
>
_
Kentucky—Eastern
139.9>
waterworks, sewerage, bridges, and commercial and public buildings.
Increases over the 1942 week are in bridges and commercial build¬
122
998
Kansas and Missouri
S.
Municipal
and
Federal
575
fc
U.
Public Construction
1,684
Iowa
advices
was
Private Construction
#0
1,200
__
_
_
reporting
Press
•
Total Construction
423
53
Indiana
•
Associated
this,
•In
104.4
" *149.0
This volume, not including the construc¬
tion by military combat engineers, American contracts outside the
country, and shipbuilding, is 43% below the total for the correspond¬
ing 1942 week, and is 17% lower than a week ago as reported by
"Engineering News-Record" on April 1, which added:
Private construction tops the week last year by 18%, but is 8%
below last week.
Public work is 51 and 20% lower, respectively,
than a year ago and a week ago as both Federal construction and
State and municipal construction are down.
The week's total
brings 1943 construction to $900,430,000, an
average of $69,264,000 for each of the thirteen weeks of the year.
On the weekly average basis, 1943 volume is 54% under the $2,100,224,000 for the fourteen-week 1942 period. Private construction,
$96,494,000, is 48% lower than last year, and public .construction,
$803,936,000, is down 54% when adjusted for the difference in the
111923
1,525
1
....
increase the
to
seed.
128.1
engineering construction in continental United States totals
number of weeks.
I -i
products are made from cotton¬
.
v:
For Week; Private
Civil
'
tein
106.3; March 27, 105.9; April 4.
1943,
.!.
.
vegetable oils for food and pro¬
feed
for (livestock.
These
of
Continental U. S. Construction $61,389,000
avge.
1.583
Georgia and North Carolina..
Illinois
3,
117.4
; 151.9 :,r^;
127.6
117.6
119.8 •
.
104.1
135.9
136.5
;
'
■
State
Mar. 20
Mar. 22
Marl 13
Mar. 20
:
base were April
1926-1928
on
^
based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
current weekly estimates
machinery—.—
All groups- combined
100.0
effort
137.3
193.2
115.9
131.8
129.7
151.2
104.4
v
..
126.6
117.9
119.8
104.1
"
.
Secretary said,-in an
production
the
taken,
159.0
121.7
152.2,
-
122.4
136.8
• v
week, and this week are:
BY STATES
ESTIMATED WEEKLY PRODUCTION OF COAL,
(The
Farm
—
Fertilizers
.3
HRevised.
revision.
materials———
Fertilizer
.3
1,778
2,009
(In Net Tons)
-
.
v
,
126.6
117.9
119.8
.104.1
Chemicals and drugs.
1.3
-r
i
*
■
.
$61,389,000 for the week.
6,253
OF
Building :materials-^—. >'.•: 152.2..,
■"
129.642
1,853
'
t. u. per barrel of oil and *13,100 B. t. u. per pound of coal.
Note that
most of the supply of petroleum products is not directly competitive with coal (Min¬
erals Yearbook, Review of 1940, page 775).
tSubject to current adjustment.
ESTIMATED
.
104.4
:
——
\\
'
Year
farmers will be permitted to in¬
Ago ; crease
their;:1943 allotments of
Apr. 4
1942
cotton by 10%.
This action was
source
146,690
B,
6,000,000
6.1
1937
1942
;
-
Metals
(151.8
Textiles
7.1
130.4
commodities
Miscellaneous
4
122.2
-
..
152.4
121.8
130.4
151.5104.4
152.8
.•_..
—_
-
.
1943
137.0
148.1
159.0
153.4
199.8
137.5
149.8
149.2
Livestock
Fuels
17.3
Mar. 27
Mar. 28
1943
produced during the week converted into equivalent
barrels
"Total
'
,( 6,241
•v
1943
138.7
148.0
* 160.1
155.8
201.7
140.6
157.9
203.6
—
Grains
.* .\
',
.j
Secretary of Agriculture Wickannounced on March 6 that
to
"Crude Petroleum—'
Coal
Cotton
-
1942, 98.1.
-
—•
—
Oil—
Farm Products l„
23.0
v>'
—
Mar. 20
Mar. 27
;;
1943
Cottonseed
vv:
Month
Ago y.
Feb. 27
138.8
147.7
159.0
;
Fats and Oils
^-—-—-January 1 to Date———-
————-Week Ended—
4
1
>
>
omitted)
*
-
- 1
1
-
Foods
•Indexes
PETROLEUM
CRUDE
PRODUCTION OF
-.In Net, Tons
"
•
i.
,
Group
25.3
CQAL
OF SOFT
PRODUCTION
STATES
UNITED
.,
Total Index
x
ESTIMATED
-
Bears to the
;
-.
ard
Latest Preceding
Week
Week Apr. 3
Mar. 27
.
Each Group
..j
•"
' 7
v.
1
:
,
10%
Over Allotments Allowed ;
/
PRICE INDEX
COMMODITY
WHOLESALE
report,' states that the total
latest
coal and lignite in the
WITH
advances,'i
WEEKLY
production of bituminous
estimated at 12,650,000
net tons, an increase of 290,000 tons, or 2.3%, over the preceding
week.
Output in the corresponding week of 1942 was 11,311,000 tons.
For the current year to date, production; Of soft coal and lignite
was 7%
in excess of that for the same period last year.
According to the U. S. Bureau of Mines, production of Penn¬
sylvania anthracite for the week ended March 27 was estimated
at 1,341,000 tons, an increase of 120,000 tons (9.8%) over the pre¬
ceding week.
When compared with the output of the corresponding
week of 1942, there was an increase of 183,000 tons, or 15.8%.
The U. S. Bureau of Mines also reported that the estimated
production of byproduct coke in the United States for the week
ended March 27 showed an increase of 4,700 tons when compared
with the output for the week ended March 20.
The quantity of
coke from beehive ovens increased 5,700 tons during the same period.
its
in
11: declines Cotton Planting
the second preceding week there were
.
* • '
i r
declines; in
and 9
Interior,
Division, U. S. Department of the
The Bituminous Coal
(.^Thursday, April 8, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1316
-
and
North
'Dakota
South
(lignite)
___j
Ohio
.
..
..
_
Pennsylvania (bituminous)-^.
Tennessee
.
and
(bituminous
Texas
-f:
2.933
-
157:/
160
38
♦"34
627
685 y;
(■■
2,900
2,839
_
54
31
644
740
2,849
3.249
115
118
;
2,875
141
156
-
-
lig¬
..
•-
6
14
99
78
93
68
436
Utah
Virginia
__
_
_
458
342
375
333
In
19
130
230
.
...
_
4
131
nite)
N. Y. Reserve Bank Index At Record In
.
7
■
37
38
41
38
2,144
2.H9
2,079
962
892
829
767
717
Wyoming
201
201
140
145
132
136
1
1
tt
12,360
12,600
11,075
11,493
11,365
10,764
1.221
1,292
1.107
1,146
1,334
2,040
13,892
12,182
12,639
12,699
a
1,172
968
12,804
•West
27
___
2.345 *
Virginia—Southern.—.
—
...
(Other Western States
Total
.
and
bituminous
"Includes
and
the
on
13,581
_.
operations on the N.
&
B.
in
O.
Kanawha.
Panhandle District
California.
lished
Idaho.
records
•"Alaska,
and
ttLess
<■
1
of
#7
Carolina,
1,000
& W.;
C. & O.;
and
and
South Dakota
tons.
included
with
"Other Western
production.
The producers' non-durable goods index
advanced.two points in February.
Reflecting in part the adoption
of a six-day week by most of the industry, the daily rate of bitu¬
last
steel
nearly sixteen
Price Index
years, and the daily consumption of cotton was higher in February
than in the preceding month. .Output of consumers' goods was main¬
another upturn in wholesale commodity price levels
tained at approximately the January level during February."
by a rise in farm products. The weekly wholesale
production rose to the highest level in
coal
Higher Last Week
week
was
led
commodity price index compiled
and
ciation
to
rose
in
the
made
136.5%
by The National Fertilizer Asso¬
1943,
1.935-1939 average, compared with 135.9%
INDEXES
public Aoril 5. in the week ended April 3,
of
the
preceding week.
At this level the index is 1.3%
above the
(
t
higher than at this time
a year
a
marked rise in farm products.
index continued its upward trend as
advanced
dried
and
beans
the
index
consecutive
week.
The
fuel
advanced for
moved into higher
index
an increase in the price of crude petroleum. Advanc¬
ing quotations for cotton caused a rise in the textile index, taking
it to a new peak level.
Last week none of the group averages
ground due to
in The
composite index declined.
'
*
"
Durin® the week 16 price series included in the index
and 5
declined;
in
the preceding week there
were
.
\
advanced
11 advances and
■
-1943-
goodsr—total
nondurable
Consumers'
.
goods—total
Consumers'
Consumers'
durable
—
goods.
_
goods—total
Nondurable goods—total
goods
"Indexes
are
are
136
135
171
172
.
Division
1*8
131
92
91
directive
•N
those
preliminary..
While
135
87
87
•
-
39
-40
41
108
3
no
undue difficulty is ex¬
will be the
spring
permitted the icebreakers
fleet, weather
Lakes
controlling factor. An early
in
1942
channels
clean
to
that the actual ore
started-downlake
in March so
movement got
on
March 25
and continued for a long
season.
254-day
•
for such an early
opening is not good this year, but
the addition of 16 big ships to
fleet
will
than make up the difference.
103
102
157
157
.
160
117
115
116
142
144
Half the
to be in
son
82
88
96
115
147
147
149
and
305-boat
ships
new
are
expected
service early in the sea¬
the
others
shortly after
is
reached.
14,000 tons
each and make four trips a month.
the
-midway
mark
These boats will carry
150
96
The
and seasonal varia¬
size
of
the
shipping
task
is shown by the fact that an aver¬
age
.
adjusted individually for estimated long term trend
reported in dollars are also
ship space available.
'
56
105
necessary
year's
adiusted for price changes. Tabulations.(irom 1919, ..monthly), of the Indexes given above are available upon
request.
Composition and weights are shown on a separate release. "Composition of
Production and Trade Indexes."
See description in "Journal of the American Statistical
Aseocio+iort " June, 1938, pp. 341-8, and September, 194U PP- 423-5.
Reprints available
upon request.
••.-•:...
•.,
tions;
portation to make the
more
209
133
,
Trans¬
of Defense
Office
last
174
118
..—
the
128,
206
207
126
to
136
-
•
113
—
consumer.
Miscellaneous services
Series
125
128
Primary distribution
to
_
goods..!..
nondurable
Durable
Distribution
123
143
;
—
durable goods
Producers'
"Feb.
"Jan.
Dec.
120
;___
Producers'
2 declined.
Price advances for oranges and
sufficient to offset declines in several other com¬
price
fifth
Production
only
were
*
114
production and Trade—
12 items included in the group
modities, with the result that the food
producers,
shippers and the Steel
and the Stockpile and
consumers,
The-outlook
TRADE,
Feb.
Index of
Producers'
The farm product price
AND
term trend "
-1942-
ago.
The advance in the all-commodity index was brought about
chiefly by
OF PRODUCTION
100=estimated long
cqrresDonding week a month ago when it registered 134.8%, and
is; 8.4%
goods advanced
durable
points between January and February, evidencing a further
rise in the manufacturing of war goods and an increase in the daily
minous
(v There
arrived at
The
pected in meeting this year's goal
because of the scheduled addition
of 16 new carriers to the Great
rate of
f
1943 figure was
in conferences between
The latter will prepare a
three
•
National Fertilizer Association
record, set in 1916, was 66,-
000,000 tons.
eight points further in February.
"The index of output of
producers'
(Includes Arizona
counties.
the
the
retail trade, the February rise was to a large ex¬
active sales by department stores result¬
ing from buying, particularly of clothing, in anticipation of rumored
future rationing.
The component index of distribution to consumer,
which had risen six points between December and January, advanced
Virginian; K. & M.; B. C. & G.r
(Rest of State, including
Tucker
the 1942 season
15,000,000 tons higher than
1941 figure.
Prior to 1941,
Transportation Division of WPB.
"In respect to
1
•
on
tent due to exceptionally
Mason, and Clay counties.
Grant, Mineral,
781 tons moved in
and is
that for February,
March 26. Retail trade and primary
distribution showed marked gains in February and productive ac¬
tivity held close to the record level of last December. >'■
and Oregon.
§Data for Pennsylvania anthracite from pub¬
Bureau of
Mines.
tfAverage weekly rate for entire month.
the
than
figure for January and 14 points above
1942, the Bank announced
Nevada
Georgia. North
States."
r
-
index of production and
The bank further stated:
IPennsylvania anthracite
the
■»
above the
lig¬
nite
Total all coal
1
seasonally adjusted
computed at the Federal Reserve Bank of New York rose to
record level of 128% of estimated long-term trend, three points
trade
74
2.453
( West Virginia—Northern—..
Washington
the
February
February
of 395,866 tons of ore must
shipped daily from
be loaded and
the upper
age
season
lake ports in an aver¬
of 240 days: to meet
quota, the WPB's
ment concluded.the
announce-*
Volume 157-
Number 4166'
THE COMMERCIAL & FINANCIAL
CHRONICLE
Moody'sBond Prices And Bond Yield Averages Electric Output For Week Ended
April 3, 18*13
Moody's computed bond,prices, and fbond :yield
Shows 16.2% Gain Over Same Week Last Year
given in the following tables:
^
,averages
are
The Edison Electric
MOODY'S, BOND PRICES!
(Based on Average Yields)
1943—
U.S.
Daily
Averages
'Apr,
;
Govt.
Bonds
6
-.
-
5
,
_
3
u
109.79
' 117.80
115.43
109.79
117.80
,115.43
that
Corporate by Ratings*
.
Aaa
rate*
Aa
Corporate by Groups*
A
Baa
R.R.
P.U,
Indus.
110.52
96.85
101.14
113.12
115.82
110.52 +
96.85
101.14
113.12
109.60
117.60
115.43
110.52
96.85
100.98
112.93
117.80
115.43
110.52
96.85
100.98
113.12
96.69. 100.98
113.12
115.63
109.60
117.80
115.43
110.52.
117.11
109.60
117.80
115.43
110.52
96.54
100.81
113.12
115.63
117.07
109.60
117.80
115.43
110.52
96.38
100.65
113.12
115.63
116.99
109.60
117.80
New
115.43
110.52
96.23
100.65
113.12
115.63
116.96
109.60
117.80
115.43
Middle Atlantic
110.70
96.23
100.65
113.12
115.63
J
116.93' 109.60 ' 117.80
115.43
110.52
24
23
96.23
100.65
115.63
109.42
117.80
115.43
96.07
100.49
113.12
115.63
115.43
110.52
Southern States
95.92
100.49
113.31
115.63
Rocky Mountain
Pacific Coast__
109.60
118.00
115.63
,
110.52
95.92
113.12
100.49
113.12
115.82
116.86
109.42: 117.80
115.43
110.52
95.92
100.49
113.12
20
109.42
117.80
115.43
110.52
95.92
100.32
19
113.12
115.63
116.86
109.42
'117.60
115.43
110.52
95.92
100.32
113.12
'110.52
______
116.87
109.42
117.80115.63
95.77
100.32
113.12
116.87
109.42
117.80
115.43
110.52
95.77
100.32
113.12
115.63
116.87
109.42
117.60
115.43
110.52
95.92
100.32
113.12
116.87
109.42
117.80
115.43
110.52
95.77
100.16
112.93
115.43
116.87
109.42
117.80
115.43
110.52
95.77
100.32
113.12
115.43
116.87'
109.24.
117.60
115.43
15
—
13
______
110.34
6
100.16
117.60
115.24
110.34
95.62
100.16
112.93'
115.43
Jan
115.43
110.34
95.77
100.16
112.93
115.43
Jan
30
116.97
117.11
19
115.24
110.34
95.77
100.16
113.12
115.43
Feb
109.42:
117.80
115.43
110.34
95.77
100.16
113.12
115.43
Feb
109.24
117.11
117.60
117.60
115.43
110.15
95.47
100.00
112.93
115.43
109.06
11
117.13
117,09
117.60
117.60
108.88
Jan. 29
115.24
110.15
-
95.01
99.68
112.93
115.43
117.60
115.24
109.97
94.86
99.36
112.93
115.43
117.60
108.88
108.88
5
115.04
109.97
94.71
99.04
112.75
115.63
117.04
15
108.70
117.60
94.56
117.05
__
22
108.34
117.20
94.26
99.04
112.56
98.73
115:43
112.37
115.24
108.16
117.20
93.82
98.41
112.19
107,62
116.80
92.93
97.62
112.00
117.51
109.79
118.00
110.70
96.85
101.14
Low
113.31
116.85
107.44
116.80
108.88
92.35
97.16
111.81
1943___
1942
114.46
118.41
1942
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
115.90
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
118.16
__
106.92
116.22
113.70
107.62
92.20
97.16
110.52
1942
6,
5,
1941__
117.48
106.04
116.80
(Based
1943-
U. S.
112.37
BOND
on
106.21
YIELD
Individual
Corpo-
91.34
96.85
112.19
AVERAGES!
Closing Prices)
Bonds
Corporate by Ratings
Aaa
rate
Corpoi
Corporate by Groups
Aa
A
2.05
3.18
2.76
2.88
3.14
3.95
3.18
2.76
2.88
3.14
3.95
3.68
2.05
3.19
-
2.77
2.88
Baa
3.14
R. R.
R.R.
P. U.
Indus,
M&A31
30
3.69
3.18
2.76
2.88
3.14
3.95
3.69
3.19
2.76
2.88
3.14
3.98
3.69
-2-07
■,.
3.95
2.06
~2.07
3.19
2.76
2.88
3.14
3.97
3.70
3.00
2.87
2.88
3.11
3.98
3.71
3.00
2.87
2.88
3.14
3.99
3.71
3.00
2.87
3.00
T2.87
2.07
26
:v3.iv
•2.76
2.08
y
tt
,3.19
2.76
»3.10O f>a,.76V-
.
~
24
;
.
2.88
3.13
'
f"3.71
3.29?
lack
of
3.14
3.99
3.71
3.00
2.87
2.38
3.14
4.00
3.72
3.00
2.87
sudden shifts
2.87
1,717,315
2.994.047
1,588,853
1,578,817
1,728,203
+14.0
2,989,392
1,736,729
1,726,161
14.2
2,993,253
3,392,121
+16.3
3,944,679
3.004.639
3,357,444
3,357,032
3,345,502
3,348,608
2,983,591
1,519,679
1,538,452
1,537,747
1,702,570
+17.5
+17.6
2.983.048
1,514,553
1,683,262
+ 17.4
2,975,407
1,480,208
2,959,646
1,465,076
co-ordination
and
the
understandable.
are
2.76
2.88
3.14
4.01
2.75
2.87
3.14
4.01
3.72
3.00
2.86
2.88
3.14
4.01
3.72
3.00
2.87
"The production of raw metals
continues undiminished, with de¬
3.20
2.76
2.88
3.14
4.01
3.73
3.00
2.87
mand far
2.88
3.14
4.01
3.73
3.00
2.87
where.
2.87
at
approximately 100% of capa¬
city this week in spite of tempor¬
ary dips and rises in certain indi¬
2.77
3.20
2.76
2.07
.:_J.:
3.20
3.20
2.76
i:07
3.20
2.77
2.77r
2M
'
2.87
3.14
4.02
3.73
2.88;p
3.14
4.02
3.73
3;oo
2.87
2.88
'
3.14
4.01
3.73
3.00
2.'87
-
3i00
3.20
2.76 S
-
13
2,07
3.20
2.76
2.88
3.14
4.02
3.73
12
2.07
3.21 '
3.00
2.77
2.88
3.15
4.02
3.74
3.21
2.77
3.01
2.88
3.15
4.02"
3.74
3.01
______
11
-
10
;
2M
.
2.83'>')
3.14
4.02
3.74
3.01
2.88
2.88
2.88
:
exceeding supply every¬
Steel
production
remains
vidual districts.
"The steel picture is not
2.87
entirely
2.07
8
6
5
2.77
2.8$
; 3.74
3.00
3.21
2.77
2.89
3.15
4.03
3.74
3.01
3.20
2.76
2.88
2.88
3.15
4.02
3.74
2.07
______
3.21
2.07
2.07
9
3.21
2.88
2.77
3.01
serene, however, for the problem
of getting into the
2.89
3.15
4.02
3.74
3.00
2.88
new
3.00
2.88
2.07
,
3.20
2.76
.
W;U4L
2.88
2.77
3.15
2.89
,
4.02
4.04
+
2.77
2.89
3.17
4.08
3.17
4.09
2.77
2.90
3.18
4.10
3.81
2.06
2.79
2.92
3.19
4.12
2.06
2.79
2.92
3.20
4.15
8
3.85
2.07
3.22
4.21
3.90
______
2.81
2.95
1 Exchange Closed
1,687.229
confusion,
some
persons
so
at
Plan
much
Washing¬
quickly
1943__—
1942
Consumers
are
as
com¬
represents
or
one
one
2 Years ago
0.1 % from the
The
month ago
ago.
one
"typical" bond
either the average
are
still
blank
price quotations.
They merely serve to
relative levels and the relative movement
illustrate in a more comprehensive
way the
of yield averages the latter
being the true picture of the bond market,,
fThe latest complete list of bonds used
In the issue of Jan.
14, 1943, page 202.
in
computing these indexes
f,
1
-
,
,
j
i
'•
'
*
1
*■
.
some
manufacturing
pro¬
governed by the
smallest percentages received.
be
"Much
thought at Washington
centering on possible ways to
the tight situation
prevailing
in heavy steel bars. One
aspect is
is
was
published
*
•
unbalanced, with the result
will
'
1
•
*r
-•
ease
the
difficulty
in
obtaining
raw
steel for all
Moody's Common StockYields
Yearly average yields in the
1929 to
years
monthly average yields for 1941 will he found
1941
on
inclusive and
page 2218 of the
June 11, 1942 issue of the "Chronicle."
MOODY'S
WEIGHTED
;
AVERAGE
Industrials
Month—
Average
Utilities
Banks
strictions
J:(is)
(10)
(200)
6.0 %
rious
5.0%
6.1
5.3
7.7%
7.8
mills.
7.8
8.2
7.8
8.4
8.2
%.
:
7.5
s
■
one
of
of
summary
A
markets,
iron
in
and
"Steel
in
mill
rection No.
consumers
schedules
by
di¬
1 under CMP regula¬
"This
provides
that
for second
orders
quarter de¬
5.2
4.5
7.2
5.0
4.2
5.7
pealing
4.5
4.1
5.4
lotment
6.8
6.3;':'v
6.8
.
6.2
;
,
4.5
6.1
5.8
,•
5.9
4.4
4.1
5.1
4.0
3.9
4.8
their
in
re¬
va¬
by billet
second-
amounted
of what
requirements,
are
second-quarter
which
is
11
Press
said
to
ap¬
al¬
have
to approximately 74%
they asked for."
Newspaper Pub¬
Association
March
disclosed
on
through the Associated
the
results
of
a
survey of
daily newspaper circulation rates
in the nation,
showing that 690
newspapers reported increases
in
one
in
or
classifications
more
1942, while the remaining 475 of
the
1,165 replying said no in¬
creases had been made.
The New
York "Times" of March 12
report¬
ing this, went
"Little
or
to say;
on
no
loss in circulation
the
result of increased prices
reported by 102 newspapers,
while 171 reported gains
ranging
from less than 1 to as much as
as
was
;
;
"A total of 214 reported a loss
"A
further
month, when orders not certified
by CMP will be superseded by
those which
not
know
stand
until
CMP
where
acts
on
second
quarter
that
their
of this number 25
recovery, of which
sequent
ules
probably will not be much
dislocated, but at present they
are
unable
to make
definite
de¬
gains ranging from 1 to
10
to
70%.
"From 21 newspapers came re¬
ports of a loss of 10 to 14%, while
nine of these reported 100% re¬
covery,
of which four made sub¬
sequent
gains ranging from 5 to
11 reported recoveries
8%,
of
and
10 to 95%,
"The A. N. P. A. said that many
preparing
for
allotments.
third
quarter
Claimant
agen¬
cies must report by April 15 their
needs for third quarter. The steel
requirements committee must
port
total
were
experiencing
conditions
due
influx of soldiers And
which
ers,
had
was
while
needs
to
the
re¬
overall
the
to
work¬
war
affected
circulation,
factor
news¬
another
the discontinuance
61
many miles of motor route deliv¬
which
ery,
could
not
be
tied., in
with the price increase."
!,«,
Daily tllff1|
Commodity Index
s
Tuesday} March 30
-
Wednesday, March 31
Thursday, April 1___
Friday,
__
April 2__:
Saturday,
Monday,
April
!
3_
249.0
April
249.0
Two weeks ago,
4.
Year
1942
ago,
Jan.
High,
Low,
2
April
Jan.
2—____
248.6
248.5
i
April 6__
249.0
233.2
High, Dec. 22______
Low,
1943
March 23
March 6
ago,
'249.8
"'249.5
:
Month
248.9
1249.0
Tuesday, April 6__.
"War Production Board officials
are
reported 100%
14 made sub¬
15%, and 26 reported recoveries*,
from
they
sched¬
the
survey showed that 54 newspapers
a loss of 6 to 9%, while
orders
now
certified.
Some
pro¬
ducers have received such a large
number
of
certified
orders
for
" v:,
of
reported
Producers will
are.
exactly
recover¬
breakdown
paper
"This is causing some confusion
delivery promises and nothing
definite can be done before mid-
CMP
4.4
7.1
7.9
d y
in
650,900 tons. Can makers
5.0
8.0
7.3
a
livery promises.
5.5
4.5
by displacing orders aire
promised for delivery.
• - *
amounting to approximately 25,000 tons has been
made, thus set¬
ting the new tentative figure at
6.3
The American
lishers
abnormal
quarter
4.9
'
to
on CMP allotment num¬
bers which could be
accepted only
6.9
7.9
'
bars
reduction
formulating schedules."
April 15
6.4
W:'"'
between
have been taken into
zones
communities
6.6
4.7
entire
made for
shipments
on
received before April 15. In effect
this declares a moratorium until
4.9
7.2
5.0
in
contrary, by any order, in¬
cluding authorized CMP orders,
4.7
%
in the
its
tected from displacement of such
orders
4.8
5.1
the
are
and unzoned
not
shouting and tu¬
plate
Provisions
areas. Ceiling
probably will not be ma¬
terially altered as present prices
steel
April 5 stated in part
on
follows:
as
5.6
7.3
4.7
1,170,000 tons
the production of
tin
prices will be
plan later may
cover
ies ranging from 1 to 90%.
Cleveland,
the
5.5
8.0
8.6
on
to
reported
year ago.
"Steel"
5.7
r)
7.0
5.3
lot of
size concrete
5.5
■:'
a
came
mult, the WPB has removed
8.9
7.7
5.8
Yield
8.5%
6.1
6.0
Insurance
v;:;- (25)
6.4
•
"After
COMMON STOCKS
8.3
6.7
;
200
apparently
close to the goal of
that had been set.
8.2%
"%v;
7.7
ON
bar mills. The semi¬
finished steel has been
going into
vital programs like
plate output
which in March
(25)
7.7%
—_
—
Railroads
(125)
■
March, 1942 —J.__"
April, 1942
May, 1942
June, 1942 —'
July, 1942
August, 1942
September,
1942___
October, 1942
November, *1942—
December,
1942
January,
1943
February, 1943
YIELD
extended
zoned
operating rate for the week
the
grams
be
preceding week.
livery shall not be displaced,
absence of specific directions
that
cents
The
of 5%
or less,
and 121 of this
beginning April 5 is equivalent to number said
100% recovery was
1,724,700 tons of steel ingots and
achieved, while 92 made subse¬
castings, compared to 1,723,000 quent
gains in circulation ranging
tons one Week
ago, 1,716,100 tons from 1 to 20% of
former total cir¬
one month
ago, and 1,674,800 tons
culation, and 68
promised
been
•These prices are computed from
average yields on the basis of
(3%% coupon, maturing in 25 years) and do not
purport^to show
level or the average movement of actual
Ad¬
This
increase of 0.1 point .38%.,
an
year
replaced. Furthermore, allotments
received by arms makers have
Apr. 5, 1941
,
99.1%
ago,
98.6%
one
tion No. 1.
so
1942
An¬
Price
Prices Had Little
checks, like the ratings granted
freely under the system being
1942
1 Year ago
1943
week
and
plaining that they have not re¬
ceived allotments yet, or that al¬
1943
Low
High
ware¬
be
Increased Newspaper %
privately predict that phases whose orders already have been
placed with mills will be pro¬
expected.,
to
Office of
and
account in
beginning
lotments obtained
High
'
Materials
of the plan will be
postponed and
the entire program will not come
into full operation as
3.83
15
created
that
ton
3.81
2.06
has
so
3.79
2.90
Controlled
by
about
prices
1,706,719
April 5, compared with 99.5%
swing of the
3.77
2.77
Jan. 29
2.87
?
3.75
4.07
r
3.74
3.16
3.16
2.88
2.77
""4.02*
decline
Heavy Effect On Circulation
2.76
2.07
is
established.
impossibility of attaining balanced production
3.20
2.99
In
reduced
1,633.291
3.20
3.72
months.
1,679,589
+ 16.2
3.19
,
recent
melters have
steel
country.
prices
1,718.304
2.08
2M
—
15
March,
1,588,967
1,699,250
2.07
16 ••
^
2,996,155
14.7
1,545,459
2.08
17
••
3.012.638
+15.5
1,512,158
2.08
,
18
6,
+14.5
1,542,000
1,733,810
military equipment or adhering to fixed war
schedules is being
demonstrated in the United
States," states "The Iron Age" in its
issue of today (April
8), which further goes on to
say, in part:
"As foreign
campaigns unfold and strategy shifts, and as trans¬
portation problems vary, the
changed requirements are reflected
through wide sections of the® %..■
■,%'%• %
metalworking industry.
In some
The American Iron and Steel
lines where peak production re¬
Institute on April 5, announced
cently was implored and worker that
telegraphic reports which it
absenteeism flayed, curtailments had
received indicated that the
and layoffs now are scheduled. In¬
operating rate of steel companies
dividuals and
communities
will having 91% of the
steel capacity of
suffer, temporarily at least, yet the
industry will be 99.6% of
in the heat of battle
today the capacity for the week
2.88.
being
/:
plan for pricing
new
dollars
1,619,265
1,602,482
1,598,201
+13,8
Steel Operations Higher—GMP Allotments
In Full Force By
April 15—Demand
2.76
19
22
2,845,727
3,002,454
1929
2,976,478
3.889,858
—
2.76
'20
•
_
3.19
'
23
Apr.
Mar 27
are
Maine to North Carolina, in which
1932
2,985,585
3,946,836
3,928,170
3.20
22
VOW
Mar 20
3
1941
+ 15.1
3,892,796
L.
in¬
con¬
ministration in amendment No. 14
to revised price schedule No. 49.
It will set up four
zones, from
Kilowatt-Hours)
3,946.630
_:
»'• 2.08
-
•'
;
6
Mar 13
2.08
25
:
■
2.07
-
29
,
Mar
1942
+ 14.9
+
in
cases
nounced
•
3.68
2.04
6
109.97
Avge.
Govt.
Daily
Averages
«
17.5
+ 15.3
of
MOODY'S
Apr.
17.6
3,421,639
3,423,589
3,409,907
3,948,749
___
"Once again the
2 Years ago
Apr.
3,939,708
20
27
113.89
"
1 Year ago
Apr.
17.4
Exchange Closed
High. i943->>__
High
13
Feb
Feb
than
house
114.66
115.82
.'_
115.04
117.02
—
1
J
6
Apr
117.05
8
—
than
apprehension for
situation.
summer
"A
13.1
25.8
16.2
3,952,479
3,974,202
3,976,844
3,960,242
23
J117.80
5
16.2
12.5
over
causes
to
as
many
"Pig iron is currently in good
supply and April allotments in
instances were more gener¬
24.1
28.3
—3,952,587
109.24
109.24
-
in
:
% Change
1943
16
109.42
26
Vow
Jan
116.90
116.98
•
95.77
but
their requests, indicating a
in their orders.
16.2
14.6
26.0?
12.2
-
3,288,685
3,472,579
3,450,468
3,440,163
3,468,193
3,474,638
116.93
______
14.7
SI." 25.4'
the
ous
11.7
26.3
3,779,993
Jan; 9
110.34
115.43
115.43
supply
scrap
some
'
112.93 ,115.63
113.12
115.63
115.43
8
'•
-i
12.3
1942
100.16
117.60
117.60
14.8
r
'
11.6;
14.2
1943
95.77
109.24
109.24
:
,
•
2
112.93
116.89
7.7
24.4
Week Elided—
.
Jan
100.16
116.89
Mar. 13
DATA FOR RECENT WEEKS
(Thousands of
95.77
11
Feb
115.63
110.34
10
9
:
?
115.63
,12 Lj
for second quarter.
as
hardship is being felt
some
8.2
,
Total United States_______;
______
17
16
17.4% in
was
Mar. 20
,
12.5
11.0
115.63
.18
of
7^
:•
22.5
115.63
116.86
1943,
increase
Mar. 27
%
13.1
West Central
110.52
117.80
22
..
IO.O
Central Industrial_____
109.42
116.86
______
Apr. 3
13.1
116.86
:
•
.
Major Geographical DivisionsEngland
'
116.90
25
'
;
an
YEAR
Week Ended
27
;
plan
This
year,
1942.
29
26
electricity by the electric light and
PERCENTAGE INCREASE OVER <
PREVIOUS
30
'
of
weekly report, esti¬
The output for the week
ended March
27,
excess of the similar
period of
115.63
117,20
production
16.2%.
115.63
109.79
Mar. 31
-
the
608,000 kwh. in the corresponding week last
115.82
117.38
1
«
same
"No
current
stances receipts are less
industry of the United States for the week ended
April 3,
1943, was approximately 3,889,858,000
sumption and reserves
kwh., compared with 3,348,used.
power
.-117.29
______
*2
•
Corpo+
1J7.44
117.51
.
mated
Avge.
Institute, in its
1317
WPB requirements board
by May
1
and
allotments will
be
an¬
nounced May 15. This follows the
''
"
'
'
.
' 239.9
;
220.0
f249.8
240.2
to
taxpayers
in the
preparation of their returns:
"1—If the taxpayer claims the
gestions
Wallace On Tosir
Of Latin America
Vice-President
A.
Henry
Wal¬
lace, who is on a good-will tour of
seven
Latin-America
republics,
expressed the hope on March 23
after this war will
that the peace
bring about a Federal union which
7, would have in its membership the
entire world.
Mr. Wallace made
in
statement
this
to
address
an
the Bolivarian Society of Panama
echoing the ideal of Gen. Simon
Bolivar, the South American lib¬
guiding
principles for the first Pan-Amer¬
ican Congress in 1826.
The VicePresident, who received the So¬
ciety's medal for his efforts on be¬
also de¬
freedom
desired
the
that
clared
by Bolivar
Roosevelt
freedoms
freedom must be
"this
that
four
his
in
President
by
proclaimed
one
and
and must be the
can
cannot be a
universal, for there
slave."
Mr. Wallace's official tour be¬
world half free and half
in San Jose, Costa Rica, on
Marbh 18, he having traveled there
gan
by commercial airplane.
During
three-day visit to Costa Rica,
Mr. Wallace addressed a special
his
attended
the InterInstitute of Agricultural
of Congress and
session
of
inauguration
the
American
Sciences at Turrialba.
The
Vice-President, who is ac¬
companied by Laurence Duggan,
Department adviser on po¬
litical relations, and Hector Lazo
of the Board of Economic War¬
State
Wallace heads,
Mr.
which
fare,
Panama on March 21
traveled to
farm fair at David,
Panama.
He was the guest of the
President
of
Panama,
Ricardo
Adolfo de La Guardia, on March
attending
a
22.
is
to the
which
time
he
tour of Chile's agricul¬
planned a
tural and
He be¬
mining regions.
his first full day's round of
activities on March 27 by paying
gan
official call
an
dressing
a
a
parade
and ad¬
armed forces,
Chile's
of
President Juan
on
reviewing
Antonio Rios,
joint session of Con¬
On March 28 Mr. Wallace
addressed a mass meeting of ap¬
gress.
proximately 80,000 persons in the
National Stadium, expressing his
belief that the dream of "brother¬
nations" was about to
the Americas but
that each nation must bear its
share of the heavy responsibility
hood among
true
come
premiums, this deduction
be entered on line 31d, Page
may
2, under "other deductions," and
a complete explanation should be
made
either in Schedule 1 on
or in an attached state¬
The statement should list
2
Page
ment.
the
give
the
the type of policy and
Chile,
At Santiago,
the
told
Vice-President
conference
that
March 31
on
a
after
the
press
war
'United States investments in Latin
America should be under the con¬
trol of "an international
board."
of
name
The
assured.
the
is entitled to a deduc¬
taxpayer
premium
insurance
life
for
tion
insurance
of the
name
company,
policies
payments only on
his
on
maximum limit
of $150.
The amount should rep¬
resent net premiums, after de¬
duction of any dividends.
life up to
own
which
penses,
allowable only
are
prescribed
certain
under
condi¬
tions, may also be entered on line
31d, Page 2, under "other deduc¬
tions" and a complete explana¬
either
made
tion
Valparaiso and concluded his visit
to Chile on April 4. His good-will
tour took him to Bolivia on April
5.
other
tached
same
Schedule
in
statement.
should
tion
page
include
in an at¬
The explana¬
or
amounts
ex¬
pended, the name of the attend¬
ing physician, the name and re¬
lationship of the person for whom
the expenditures were made, any
dent
from
received
health
or
acci¬
an
insurance
policy,
will
medical
"The
tion
touch
of
5%
taken
expended in
net
income,
for
file
husband
a
order
in
the
get
to
If
other.
each
with
names
and addresses of both par¬
ican
also, Amer¬
presented
were
business
get to¬
could
men
gether and do their own business
without the intermediary costs in
time and effort of clearing their
through the WPB."
information
In conclusion the memorandum
states:
5
.
.
preservation of free private
"The
medical
for
sated
1942, should experience
difficulty in getting the bene¬
of new laws comprising Gov¬
turns for
no
fit
ernor
Dewey's
manize"
the
income
blanks,
enactment
Commissioner
is
period. This can only
be done if they are allowed to do
business in normal, legal ways,
out the
compen¬
is
that
they
installment if
than $5.
If your
$20 or more, you may pay
equal quarterly install¬
four
than $5 but less
than $20, no installment payment
may be for less than $5, except
the last.
Returns and payments
are due April
15.
ments;
if
more
materials
of the
out
power
and
of small business produc¬
tion.
are
easier
and
tical
based
more
prac¬
suggestions
the belief that it is
businesses
stay
to
them
existing
help
tax,
even
it is pointed out
Department
of
Taxation
and Finance.
Referring
to
the
recently
enacted amendments, which ap¬
ply to returns due April 15, Rollin
on
President
of the
Commission, offered
the following sug¬
Browne,
State
Tax
March
13
on
the
ex¬
City
businesses
time
mention of the new exemption
the
York
war
work
and meet
designed to offset what
to be needlessly damaging
'1
grams.";" V
■
BEW Names Dr. Baruch
war¬
recommendations are not designed
for
aside
The report
will
ing March 23, which also
ever,
that the Government's Food
Distribution
to
Reclassifications
among
Manpower Com¬
mission's order designating certain
activities and occupations as "nonents effective
of Selective
will
April 1, the Bureau
WMC
Service of the
begin promptly to reclassify
in
on
categories,
those
Chairman
WMC
V.
Paul
McNutt
Mr. Mc¬
March 31.
be
action
'a
assure
lease
With the War
may
of cold storage
civilian use after May 31,
such
should
Administration
supplies
eggs for
Non-Deferrable Job
stated:
Wickard announced, how¬
"Mr.
allocate
lair
necessary
distribution
military, civiliah and lend-
requirements.'
"Today's action was made nec¬
Mr. Wickard said, because
heavy movement of eggs into
storage, resulting in short
essary,
of
a
cold
supplies for civilian use in some
cities. The fact that ceiling prices
for eggs
next fall and winter are
than
higher
present
prices was
said to be responsible
placed in charge of the Brazilian
of Economic
office of the Board
it
Warfare,
was
announced
on
9.
Dr. Baruch,
who is
a
brother of
Baruch, head of the
Industries Board in the first
M.
Bernard
War
World
War, will take the place of
scope."
suggestions are as follows:
"1. Unfreeze existing inventor¬
ies in hands of all little or big
arbitrarily^ frozen
who is not
activities
the
were
in
administrative
capac¬
The
was
appointment of Dr. Baruch
with
said to have been made
view
to
that
eliminating controver¬
arisen among the
have
Ufnited States agencies
of activ¬
ities there.
gold bonds, due June 1, 1952, that
it will redeem and pay on June 1,
1943, all of the outstanding bonds
of such issue at a price equivalent
to
101%
of the principal amount
date.
All
unpaid
coupons
from
1, 1936, to June 1, 1943, both
inclusive, will be included in the
payment. 7\
,
"7.7
coupons
the
tion date.
other
WMC order issued
named
in
Feb. 2.
on
said:; ;
>
,
i
I
"It is particularly desirable that
there
be
no
misunderstanding
for the in¬
stocks." 7
Volume
chiefly to the fact there
working days, the
Due
were
7,
12.8% Over 1942
7 fewer
volume
of freight
transported by
February showed
motor carriers in
.
*
a
slight decrease of 0.2% under
held 12.8% over
January,7 but
according to re¬
and released on
March 29 by the American Truck¬
ing Associations,
;
1942,
concerning the scope of this or¬
der.
It is specific in defining the
occupations and activities that are
non-deferrable
from
military
February,
service
regis¬
Comparable reports were re¬
by ATA from 208 motor
carriers in 42 States. The report¬
to whether or
ing carriers transported an aggre¬
regardless of dependency
and only registrants in those cate¬
gories
are
is
he
affected.
as
included
If
in
any
its
compiled
ports
ceived
1,371,984 tons in Febru¬
against^ 1,374,282 tons in
January,.7 and
1,216,457 tons in
provi¬
gate
of
sions, he should consult his Selec¬
ary,
as
tive
ity."
or
storage
February Truck,Freight
occupations
specifically
with the BEW in Brazil in another
important
one
and
cold
that
and
age,
not
should be presented at
principal office of The Na¬
tional City Bank of New York, as
fiscal
agent.
Interest on the
bonds drawn for redemption shall
cease from and after the redemp¬
The
military
trant is in doubt
problem of preserving individual
business organizations is nation¬
as
however,
only registrants
in no way
changes the status of any regis¬
of
Cresswell Micou who "will remain
The said bonds and the interest
alone,
emphasized,
He
Dr. Herman B. Baruch has been
in
crease
the
To Brazilian Post
the
now
cold storage on
before the Chamber for
that
Dec.
business,
shell eggs held in
May 31 to bet set
Government
use
at
all
requiring
This is learned from Associa¬
George H. Coppers, Peter
Grimm, J. Wilbur Lewis and Ed- ted Press accounts from. Wash--
trant
rectly concerned, and in his letter
to them Mr. Miley said: "These
in
Storage
Secretary of Agriculture Wickard issued an order on March 23
were
of
thereof, together with unpaid ac¬
crued interest to the redemption
wide
To Control Egg
into the Fed¬
money
mond E. Lincoln.
announced
problems.
These suggestions have been sent
to the
Washington officials di¬
to benefit New York
7
prices not in excess of OPA ceil¬
ings then in effect. ~ The order
hardship to the taxpayer."
provided also that no eggs may be
Other members of the Commit¬ stored after May 31 except for
tee, in addition to the Chairman, Government use.
Government
by
in Brazil over the extent
perience of the Bureau gained
through its extensive efforts to
New
will
debt,
balance his
budget and will
expense
more
registrants
Three
obtain
bring
in normal
try to re¬
alive
rather than to
number of
Steps To Aid
Small Business In War
help
out of
deferrable" regardless of depend¬
"These
on
and Feb. 11 ;l page 579,
eral and State treasuries with less
its needs of man¬
has taken
stream
a
Bureau, and is based
monthly
left to them after the war ef¬
fort
sies
Three
keep him
increase his ability to
and abilities
with what materials
by
by
the tax is more
will
to meet his obligations
Government
when
due,
war
$1,-
reminded
Browne
pay
now
may
the
to
come
March
were
to
t
to the "non-defer¬
rable" job order were made in
these columns of Feb. 4, page 489,
References
;
this order affects
wise."
"hu¬
income tax
advance of
of these laws, contain
and deductions,
by
to
the
State
printed in
though
no
program
o'f\registrant; .(b)
circumstances that would not per¬
will help the
system
a
factors in other Government pro¬
by insurance or other¬
Taxpayers
"Such
taxpayer
appear
and wife who
expenses
equal force
with
of
computed
excess
No deduction may be taken
$750.
income
ap¬
enterprise requires the preserva¬
tion of a maximum number, of proval of the membership at the
next monthly meeting on. April 1.
existing small businesses through¬
a
for
apply
Nutt
joint return, or for a head
of family.
The maximum deduc¬
tion of any other individual is
in
Production
touch
ties
Federal
for
programs
deduction
maximum
The
in
office
Board
system
pay-as-you-go
deduc¬
only
for
without benefit of this deduction.
500
prime con¬
War
the
the
make
taxes
Explained
filing their State income tax re¬
mediate family
physical disqualification; (c) rea¬
sonable vacation; (d) compelling
sub-contractors- state taxes. The report said:
the
with
suscitate
expense
be
may
amounts
Chairman, pointed out in the re¬
port that the same reasons which
desirable
NY State Income Tax
Amendments
Tax Plan
Urged By NY Chamber
have to take their, time to get in;
ways,
and the cost of such policy.
and
an¬
Dr. Baruch is a member of the
specific recommendations firm of H. Hentz & Co., New York
visit Peru and Ecuador, returning to help small business adjust to commodity brokers.
conditions more effectively
to the United States about April war
were
made on March 17 by the
25.
Commerce and Industry Associa¬
To Redeem Panama 6l/zs
tion
of
New
York,
Inc.
The
The National City Bank of New
memorandum,
released
by the
Association's
Secretary, Thomas York, as fiscal agent, is notifying
Jefferson Miley, was prepared by holders of Municipality of Panama
Wadsworth W. Mount,
Manager (Republic of Panama) external
New York State taxpayers, now of
the
Association's
Industrial 25-year secured sinking fund 6V2%
Vice-President
the
Later,
State Pay-So
code num¬
bers—so that both the
•
in
and
'Special Facilities
column,
tractors
'Sub-
column
one
Wanted'
Available'—all under
are
of the
1
April 1 Mr. Wallace visited
On
production.
under
listed
Contractors
a
"3—Deductions for medical ex¬
tax
sphere.
premium payments,
life insurance
for
present hanging over the hemi¬
at
entitled
deduction for life in¬
new
surance
during
stay,
taken for war
a
taxpayer is
"2—-If the
amounts
Santiago,
Mr. Wallace arrived in
Chile, on March 26 for a ten-day
by limitation orders, when-;such
inventories cannot efficiently 'be
"2. Have Army, Navy and Mar¬
dependent
mit the change
of .employment
over
18 in college or school, he itime Commission's procurement
The pay-as-you-go plan for the
without
undue
hardship to the
should
indicate this on lines 8 offices post in their announce¬ payment of State income
taxes
registrant or his dependents.
and 9 of page 1 of the return and ments to prospective bidders, the' was endorsed on March 12 by the
"General 7 Hershey
emphasized
take the credit on line
12.
A lowest prices, including the size Committee on Taxation of the
also that all cases must be 'con¬
statement should be attached, ex¬ of the procurement, at which a Chamber
of
Commerce
of the
sidered with common sense' and
plaining the dependency claim, particular article had been bought State of New York in an interim
that
local
boards
and
appeals
giving the name of the school and by them on the last three pro¬ report
approving
the Mitchell
the period of attendance.
This curements of that item, or nearest Bill now pending at Albany. agencies in considering the status
of such registrants shall be gov¬
exemption
of
$400
may
be comparable item.
Copies of the report were sent to
erned by the general provisions
claimed for a dependent over 18
"3. The War Production Board Governor Dewey and members of
of Selective Service Regulations
years of age who was in full time in New York City publishes the the Legislature. The; committee,
as
to procedure, notices, and ap¬
attendance at an approved school 'War Production News,' in which of which Charles B. Couchman is
peals.", ;77.^7k/^
;
or college in 1942.
for
exemption
new
erator, who laid down the
half of Pan-Americanism,
Thursday, April 8, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1318
Service local board at once."
The advices added:
February, 1942. 1
"Underthe WMC order,
.
;
Xhe; ATA index figure, com¬
puted on the basis of the average
or engaged in any capacity in
19 monthly tonnage of the reporting
manufacturing,
eight wholesale carriers for the three-year period
and retail trades, and nine service of 1938-1940 as representing 100,
activities were declared non-de¬ was 164.58.
The January index
trants
regis¬
in 35 specified occupations
ferrable
from
military
Such registrants were
service.
given until
was
168.10.,
90%
of
Almost
all
tonnage
April I, 1943, to fipd war jobs or
to register with the United States
Employment
Service
for
war
transported in the month was
transported by carriers of general
work.
gory
The volume in this cate¬
showed a very slight decline
of 0.03% under January, but held
"Registrants in these categories
who have been unable to find war 13.5% over February of last year.
Transporters of petroleum prod¬
jobs by April 1, -but who have
registered with the USES for war ucts, accounting for a little more
than 5% of the total tonnage re¬
work, will be given a 30-day pe¬
riod to make such transfer if they ported, showed a decrease of 0.6%
under
January,
but
increased
present evidence of such USES
35.9% over February, 1942.
registration to their local boards.
Haulers of iron and steel prod¬
The 30-day period for transfer be¬
ucts reported approximately 1V2%
gins with the date when such evi¬
dence is presented to the
local of the total tonnage. The volume
of these
commodities increased
board.
%
.7
"Instructions
sent
to
local 4.3% over February, but decreased
11.6%
under
February of last
boards
by Maj.-Gen. Lewis ;B.
•
freight.
_
.
•
7.
■
"
Director of Selective year.
Approximately 3V2% of the to¬
that registrants in
'non-deferrable' activities are to tal tonnage reported was miscel¬
laneous
commodities,
including
be classified 'without considera¬
milk, textile products,
tion of their dependency status,' tobacco,
except that the following grounds coke, bricks, building materials,
cement
and
household
goods.
Hershey,
Service,'
.
^
are
reasonable ex¬
idleness or for Tonnage in this class Showed a
decrease of 4.7% under January,
being engaged in a 'non-de¬
and a decrease of 13.4%
under
ferrable' activity or occupation:
February of last year.
(a) sickness of registrant or im¬
may
be accepted as
cuses
for temporary
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4166
157
or* it was. performing
the freeze.
7
ation- by interchanges of coal
from other utility'1
Hurfsy To iepreseirt 7; hydro
systems under WPB coordination
77■> 7.7- .-V;;:
.J:: FPU In Hear East arrangements.
by the
power
President Roosevelt
March
on
the
his
23
resignation
of
acceptance
of
Patrick J. Hurley
Brig,
Gen.
Minister to
as
New Zealand and the appointment
of General
Hurley
Middle East
his personal
the. Near and
as
in
representative
theatres.
war
of
War
'■
who
was
under
1-942.
He had
been
President
named
Min¬
January, but first under¬
took
a
special mission for the
U. S. Army in the Southwest Pa¬
cific area; this was noted in our
issue of
April 30, page 1712. J
The President's letter to Gen¬
eral Hurley follows:
"The Acting Secretary of State
me
letter of
your
March 4 offering your resignation
•as
Minister to New > Zealand in
order
for
which
duties
to accept the
you
I
you.
"In
new
assigned to
*
accepting
Minister
as
have
.
.
your
resignation
New
to
Zealand,
I
wish you to know how very much
I
appreciate
done
all
that
have
you
in
furthering
the
very
happy relationships that exist be¬
tween our people and the people
of New Zealand."
;
:
General Hurley's letter of resig¬
,
,.
nation
Hull
was
addressed to Secretary
follows:
as
the
through the use of
fuel oil.
These plants have an
installed capacity of over 900,000
kilowatts.
In addition, 123 utili¬
ties
am
assum¬
ing today under the direction of
President
possible for
will
make
it
im¬
to return as Min¬
ister to New Zealand, at least for
a great period of time.
"•
"Owing to these circumstances
it is with regret that I hereby
tender my resignation as Minister
me
,to New Zealand,
to be effective
at your pleasure.
In my service
;as Minister I enjoyed the most
complete and helpful cooperation
of yourself and all of the officers
of
your
"On
department."
leaving this post I cannot
from
refrain
expressing to you
the deep sentiments of fellowship,
kinship and unity of ideals that I
experienced among* the officials
and the people of New Zealand.
As a people and as a Dominion
New Zealand has
never
"That Dominion has the fairest
v
history
of
of
Englishspeaking nations and I think of
any nation in the world.
In the
century
of its
existence
New
Zealand always has endeavored to
apply the Golden Rule to the
.solution of its problems.
The rec¬
of
ord
any
New
the
Zealand
is
one
to
which the
English-speaking peo¬
ple all over the world may justly
point with pride."
Offices
The
tration,
of
Price
Petroleum
for War and
tion
:War
Utilities,
Adminis¬
Administra¬
WPB Office of
March 20 an¬
nounced a joint program for fur¬
on
ther reductions in
dor
electric
have
area
same
al¬
the
700,000
of fuel oil.
use
The
OPA
order
the form
in
Or¬
50 to Ration
Amendment No.
of
No.
11, specifically prohibits
5, 1943,
for
the
operation
of
electric
power equipment having an ag¬
gregate capacity of 100 kilowatts
of fuel oil after April
use
use
of fuel oil
generation
the East Coast shortage area.
power
in
flexible
A
is
ment
switch
alternate
an
arrange¬
when a con¬
entirely to
provided
of
use
rationing
cannot
sumer
source
of
but may do so partly.
In
these instances, it was stated, the
power,
ration—which
issued
fuel
oil
on
three-months' basis—will be
is
All
will
source
power
minimum
consumers
fuel
oil
allowed
be
ration
for
10
frozen.
general
a
permit
issued
was
by
Eastman exempting the War,
Navy, Interior and Treasury De¬
partments from the inventory re¬
quirements of all boats not en¬
in
general
passenger
or
home-to-work transportation. The
exemption
applies
those
as
such
to
serving
Ellis
boats
Island,
lighthouse tenders and vessels in
Coast Guard and customs service.
Anniversary Of
Metropolitan Life
CoEtsntentorafed
Family
March
The
24.
of
Administration
of
the Company, "is particularly
American, reflecting the national
for War has in preparation a sup¬
genius
to its Distribution Or¬
der No. 3 (Supplementary Order
skill and good administration."
plement
to PDO—No.
1
No.
deliveries
stricts
the
the
fuel. oil
of electricity
generation
less
3), which re¬
of
consumer
certifies
for
un¬
com¬
pliance with the new regulations
of
the
Office
Price
of
Adminis¬
tration.
The
amendment
became
effec¬
March 24.
tive
for
The
enterprise,
book
politan's
the
records
entry
technical
into
the
field
of
Life insurance for the wage earn¬
er
first
through the Industrial
Life
business;
novations
its
succeeding in¬
ordinary and group
in
insurance; its introduction of spe¬
cial policies for persons who were
formerly
its
considered
progressive
uninsurable;
liberalizations
of
the policy contract; and its volun¬
All Buses "Frozen"
Joseph B. Eastman, Director of
the Office of Defense Transpor¬
in an order issued on
March 17, froze in present service
every
vehicle. carrying nine or
more
persons in local passenger
tation,
transportation
in • the
United
States, its Territories and posses¬
tary mutualization in 1915, which
put the control of the Company
into the hands of its policyholders.
There
its
is
extensive
welfare
literature
discussion
distributed
of
health
its
program,
millions
in
of
homes, its nursing service, its
medical and statistical research, its
housing ventures and farm reha¬
The order
applies to all buses,
street cars, trolley coaches, trucks
converted for passenger use, fer¬
other vessels except
combat equipment of the armed
ryboats and
forces.
order
The
requires all Federal
agencies,: including
the
Army,
Navy and Maritime Commission,
and
war
contractors furnishing
transportation for their employ¬
ees, to file with the ODT an in¬
ventory of their: passenger-car¬
bilitation
work—all
what
sions.
be done for the protec¬
tion
the
can
and
service
of
course
tions
of
The
a
of
progress
following
ment
the
of
the
a
vast
in
opera¬
the
social
development
the
develop¬
the country
of
clients
of
organization."
recites
emergence
and records
the small
organization
and
of
1868
great financial
a
whose
count
its
regular
closely
struggling
into
of
business
book
indicative
institution,
policyholders
30,000,000
its
immediate effect of the
or¬
ODT officials said, will be
stop a developing "black mar¬
in. school
buses
which
was
deprive children
transportation between their
threatening
of
to
There
are
approximately 93,000
school buses in the United States,
it
was
from
stated.
Reports received
15 States indicate losses al¬
and
their
vidual
terms
of $6,-
Their
families.
efforts
American
are
indi¬
typical of
tradition.
the
The Ameri¬
fuel
oil
for
electric
mass
exodus
of
school
buses
same
service, but in the same job
other
and
and
The
history
which
the good
Metropolitan
succession of
stresses
the
organization. Frederick H. Ecker,
tive
the
business in¬
interested
indi¬
154 stations.
over
in
every
major undertaking
newer
developments
which
Board
sup¬
the
to
March
on
by representatives of the com¬
mercial
printing industry.
Asso¬
"The recommendations, drafted
committee of the United Ty¬
a
of America, called for a
po thetae
reduction
of
of
about
66%
weights,
the
in
grades
and
sizes of paper stock which com¬
mittee members estimated would
result in
saving of 8 to 10% in
a
paper consumption by printers.
"The proposals were presented
to E. W.
of
the
Palmer, Deputy Director
Printing and Publishing
Branch
the
of
Production
War
Board.
"Thomas B.
Sheridan
Balti¬
of
who presented the recom¬
more,
mendations
to
Mr.
said
logi¬
of
the
paper
sizes,
grades
and
weights now in use by printers.
"It is our studied opinion that
more paper can be produced with
the same equipment and person¬
Palmer,
the Committee had found 'no
cal economic reason' for many
WMO CommitteeFor
Induslry-Lafeor-Farai
V.
Paul
War
Chairman
McNutt,
Manpower
appointed
on
-
of
Committee
of
Commission,
March 20 a new
Labor - Agriculture
nine
members
to
the former
17-member
Management-Labor Policy Com¬
replace
nel,
the
or
amount of paper
same
with
produced
less
considerably
equipment and personnel, if this
Committee's recommendations
are
followed," he said.
Work Draft "Inevitable"
In Associated Press advices this
action
reported as follows:
was
old
"The
Management-Labor
Committee recommended
appointment of a new and
Policy
the
committee.
smaller
in
had
committee
old
said
It
been
the
helpful
Commission
with the Manpower
during the past 10
months
that
advising
but
the
"maximum
Paul V. McNutt, War
Commission
March
22
that
"inevitable,"
was
but that the
timing was
President and Congress.
that
confer¬
meantime
the
in
to the
up
7 .Mr. McNutt told a press
ence
on
compulsory na¬
a
tional service act
Manpower
declared
head,
the
WMC will do its best, to make the
"voluntary"
system
of
and complete co¬
manpower placement work.
effort of Government,
Mr. McNutt had expressed op¬
labor, agriculture and industrial
position to the Austin-Wadsworth
management has not yet been
National Service Billy on which
brought to bear on manpower
the Senate Military Affairs Com¬
problems."
mittee is now conducting hearings.
"Three industry members of the
He
pointed out that legislation
old
committee,
Eric
Johnson,
authorizing the Government to
President, U. S. Chamber of Com¬
tell each man and woman what
merce; Frederick Crawford, Pres¬
work to perform would be un¬
ident of the National Association
precedented, and added this com¬
of Manufacturers, and R. Conrad
ment :
■;-7:^7 :v7;■■
:77;-' V
7.
Cooper, Vice-President, Wheeling
"If a democracy can by a volun¬
Steel Corp., remain members of
tary measure solve a problem
of
force
current
full
operative
.
the
committee.
new
which
have
others
had
solve
to
and William
Green, Presidents of the CIO and
AFL, are members of the new
committee and a representative of
through compulsion, it is one of
the greatest tributes to a democ¬
racy."
brotherhoods will be
that he wished to avoid compul¬
Labor members sat on
group
but Murray and
sory service legislation as long as
possible, but the big question was
that of timing; this was referred
Murray
"Philip
the railroad
appointed.
the
old
Green
were
not members.
President
O'Neil, President, Amer¬
'to in
A.
our
has
Roosevelt
1109.
E.
stated
issue of March 25. page
*7
7^."
^ 7- 7 "'';7
'
"
'
<
James Patton,
President, National
Union, remain on the
new
committee, and A. S. Goss.
Master of the National Grange.,
Farmers
becomes
a
new
Senate Confirms Land
To Maritime Post
member.
By
a
vote of 70 to 5, the Sen¬
ate confirmed
Russia And
Japan Extend
on
Fishing Agreements
Moscow
advices,
London
said:
broadcast
recorded
here said, however, that Japanese
fishing companies
must
pay
be¬
tween 4 and 5% more than during
the last year.
The payments are
gold, as before.
Under
the 1942 agreement, which ended
be
to
on
in
Dec.
acted
over
nese
a
31
the Russians had ex¬
20%
increase
in
rentals
paid by the Japa¬
the previous year.
the price
Roosevelt's
Admiral
Chairman
and Russia have signed
an agreement continuing Japanese
fishing privileges in Soviet far
western waters, it was announced
on
March 26, according to Asso¬
Japan
"A
ident
Rear
Press
the freeze order-does not prohibit m its history.
Leroy A. Lincoln.
their oil generation either by con-;, the sale of equipment as long as President, joined the Company in
version of equipment to coal or it is continued, not only in the- 1918 and has participated in all of
through replacing their oil gener¬
libraries,
schools, colleges, banks,
the press,
insurance
further
for the end of. Chairman of the Board of Direc¬
school year, when tors,- has participated in six dec¬
about 30,000 school-bus contracts; ades
of
the
Company's extra¬
will expire.
ordinary growth and has been ac¬
pointed out that
and
and will be distributed to
which
fortune
standardi¬
paper
recommended
was
number
ciated
prospect
ODT officials
is
The book is not for sale, but is
intended to reach a wide public
security to a greater ex¬
tent than any other nation, and
have
achieved
it
through their
own
initiative and through insti¬
tutions of their own making.
surance
in
a
insurance
Life
people have achieved Life in¬
can
18
conserve
Production
ican Farm Bureau Federation, and
assets in
000,000,000.
For equipment
Besides commemorating a mile¬
in continental United States, the
inventories must be filed by May i stone in the history of the institu¬
15.
For the territories and pos¬ tion, this book is singularly ap¬
propriate at this time when our
sessions, the date is June 15.
national
attention
is being
fo¬
In addition, the order provides
cused on various plans for social
that
local
passenger
equipment
security. It has attempted an ap¬
cannot be bought, leased, requi¬
praisal of what the policyholders
sitioned or used by these agen¬
of one mutual company have done
cies and contractors without ODT
through Life insurance to provide
approval.
financial security for themselves
An
plies
mittee.
present
The large utility sys¬
tems in the Eastern shortage area
-already have eliminated most of
glimpse into the essentials
a
what
does.
Metro¬
the
of
of
guard against any disruption of
production due to emergencies.
was
users
ing
Management
Petroleum
to
by
the
Statistician
zation
fies the operations of Life insur¬
in general; the volume giv¬
ance
Vice-President
and
Paper
A drastic program of
ciated Press advices reporting this,
added:
Million,"
history
To Conserve
Metropolitan Life Insurance
Company, the volume also clari¬
cast
of Thirty
utilities which operate Diesel gen¬
all
the
the
The
Thirty
of
Family
Propose Standardization
War
throughout the country.
The
75th
anniversary
was
marked
by a dinner given on
March 24, by the company at its
home office, with addresses by
Messrs. Ecker and Lincoln, broad¬
75th
7 "A
own.
viduals
ready of from 200 to 500 buses a. has enjoyed in its
State.
School authorities, peti¬
great
and
enterprising leaders.
tioning for a freeze of such equip¬ Notable among these are the two
ment, had informed the ODT that executives who today direct the
-generation,
"A
stitutions
ing facilities to facilities consum¬
ing other less critical fuels. While
•the program principally
affects
industrial concerns which generate
'their own electricity and small
erating sets, it applies equally to
While,
its two
of
Million" is nominally a history ox
Mr.
gaged
25th
along with its
Metropolitan,
according
to
the
author, Dr. Louis I. Dublin, Third
Officials stated that this action
consum¬
equip¬
Simultaneously with the order,
7
leaders
the
and
days' full operation of their elec¬
tric equipment in order to safe¬
homes and school.
conversion from fuel oil
the
60th
the company's 75th year and was
issued on the anniversary date,
ket"
substantial quantities
'of industrial fuel oil by requiring
the
has been written in celebration of
of
save
which
ized the contracts for
to
who
of
would
is
in
of
liberal¬
as
switch partly or entirely to a new
other power.
to
:
service
have
bus
discontinue
not
the standards
and
also,
school
a
workers
embodying a history of the Metro¬
politan Life Insurance Company,
reflect
to
der,
be made available.
service,
partial use of
a
reduced
The program, which affects the
•17 Eastern States and the District
Columbia, prohibits deliveries
oil for electric generation in
cases
where power produced at
.existing coal or hydro plants can
additional
war
improved
policyhold¬
ers.
This year the Company cele¬
brates
these
two
anniversaries,
more.
or
rying equipment.
Less Fuel Oil For Power
.
V
the
kilowatts of plant
capacity generating power through
committed
crime.
a
in
operator
he does
as
ment
an
using
have
administration
permits
on
as
transport
electric power
,
"The duties which I
•the
or¬
industrial
900
take
such
long
,
■has referred to
than
to
plants generate all or part of their
der
in
J
covered
area
more
;
Sec¬
Hoover, has been serving in the
New Zealand post since April 1,
ister
the
der
most
General Hurley,
retary
In
announced
The order
at the time of
1319
of
March 30 Pres¬
nomination
S.
Emory
the
Maritime
S.
U,
of
Land,
Commission,
to a new six-year
term from April 16, 1943.
Voting
against confirmation were five
Republicans — Senators Aiken of
Vermont,
Holman
of
Oregon,
Langer of North Dakota, Shipstead of Minnesota and Tobey of
New
led
Hampshire.
fight to
the
firmation
a
Senator Aiken
postpone con¬
of Admiral
Land until
thorough investigation could be
the
Mari¬
time Commission has been
guilty
made
determine
to
if
of any alleged waste or misspend¬
ing of Governmental funds. The
reappointed
Admiral
President
Land
on
March 16 but the Senate
had several times passed over the
nomination
in
view
of
Senator
of the Japanese-So¬
Aiken's charges of irregularity
agreement generally is re¬
against the Commission.
< ;
garded as a gauge of relations be¬
Admiral Land, who has been
tween the two countries, which
have a neutrality agreement de¬ Chairman of the Maritime Com¬
spite the fact that Japan is allied mission since February, 1938, has
with Germany and Russia is a also served as head of the War
member of the- United Nations iShipping Administration since its
"Renewal
viet
group."
creation in February,
1942.
in
surplus
of $1,500,000, the institution is to¬
day the eighth largest in the na¬
Items About Banks, Trust
Companies
(Continued from page 1307)
served the bank in
ites
_
outstanding
since 1926;
Acceptances
$34,342,911.
various capaci- against
are
now
with
1903
$6,455,445,
tion.
capital and
a
surplus
and
Capital
close of 1942 was
the
as
of
$75,000,000,
approxi¬
advances
and
Loans
Starting
held.
was
servance
Thursday, April 8, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1320
now
are
York and Vice-President
$25,870,596 against $25,874,629 on
Dec. 31, 1942, and $30,325,602 on
March 31, 1942.
Other important
asset items compared as follows
with the figures
for three months
of
and Di¬
Wall Corp.
rector of the South
Spencer Scott Marsh, Chairman
the
Board
of The
National
and
Newark
Banking Co.,
Essex
Cash, $41,- Newark, N. J., retired on April 4
against $37,455,406 and because of age and ill health.
mately $1,625,000,000 and deposits 989,284
The Board of Directors of the
Schroder Trust Co., New York, amounted to
$1,505,000,000.
The $40,651,166, respectively; United
the bank's employ in 1926 and has
States
Government
Securities institution have adopted resolu¬
served as Chief Examiner since reported March 31 resources of bank was organized by the late
$29,145,549, compared with $29,- Henry P. Davison as a trust com¬ (valued at lower of cost or mar¬ tions commending Mr. Marsh for
1938;
'
his more than 25 years' service
ErnestCalcaterra,
appointed 321,624 on Dec. 31, 1942., Cash pany to which the National and ket), $63,660,603 against $67,329,and
due from banks $6,601,483, State banks of the country might 281 and
$56,418,797; marketable as Cashier, Vice-President, Direc¬
Chief Accountant,
has been in
against $6,303,063; U. S. Govern¬ send their fiduciary business and bonds and stocks (valued at lower tor and Chairman.
charge of the accounting depart¬
Mr. Marsh began his banking
ment securities $16,581,530, com¬ which would not
compete for ac¬ of cost or market), $14,968,373
ment of the bank since 1933, fol¬
pared with $15,531,440; loans and tive accounts on a basis of in¬ against $13,078,218 and $13,545,845. career at the age of 15 with the
lowing the merger of the Italian
discounts $3,913,414, against $4,- terest rates.
People's Bank of East Orange and
It was to be in fact
Savings Bank, where he was head
12 years later became Cashier of
332,208.
Surplus and undivided as well as in name a bankers'
bookkeeper,
The Corn Exchange Bank Trust
the North Ward National Bank of
profits are now shown as $1,874,- trust company. However, in 1917
Co., New York City, reported as Newark.
701
:
against $1,871,377.
Deposits changes in economic and finan¬ of the close of business March 31,
The Commercial National Bank
In 1917 he joined the National
are
now
$25,531,852, compared cial conditions made it necessary
&
Trust Co. of New York re¬
1943, total deposits and other lia¬
Newark and Essex Banking Co.
with $25,726,851.
for the institution to broaden its bilities of
ported as of March 31, 1943, total
$514,044,920 and total
as Cashier; became Vice-President
functions and enter the commer¬ resources
of $550,333,613, com¬
deposits of $174,567,852 and total
in
1920, Director in
1926 and
Fulton Trust Co. of NeW/York cial field.
assets of $195,699,149,' compared
pared with $532,798,687 and $568,Business
was
started at
143 935,217, respectively, on Dec. 31, Chairman of the Board in 1940.
respectively with $187,640,873 and in its statement of conditions at
Mr. Marsh was one of the organ¬
$208,382,959 on Dec. 31, 1942. The March 31, 1943, showed total de¬ Liberty Street on March 30, 1903, 1942. Cash in vaults and due from
izers
of
the
Newark
Clearing
bank on March 31 held cash on posits of $26,462,859 and total as¬ with Edmund C. Converse serv¬ banks total $141,522,676, against
House Association and is a former
hand
and
due from banks of sets of $31,672,887, as compared ing as the institution's first Pres¬ $152,476,572; holdings of U. S.
President
of
the
New
Jersey
Four months
after the Government
securities
are
re¬
$45,366,848 compared with $50,- with deposits of $30,804,814 and ident.
Bankers Association. His election
365,892 on Dec. 31, 1942; invest¬ assets of $36,032,884 on Dec. 31, bank opened there were deposits ported at $332,581,628, compared
in 1940 as Chairman was reported
ments in U. S. Government se¬ 1942. Capital and surplus showed of $5,750,000 and it was necessary with $324,312,363, and loans and
in our issue of Oct. 26, 1940, page
curities are now reported as $120,- no change in total at $4,000,000, to move to larger quarters at 7 discounts are $30,467,331, against
2437. .0
:
'
'
537,405 compared with $115,657,- but undivided profits increased Wall Street. There the offices re¬ $37,035,467 at the end of 1942.
759 on Dec. 31, 1942, and loans to $964,661, after dividend pay¬ mained until 1912 when they were
Capital and surplus are unchanged
The Philadelphia National Bank,
in
May
of that year at $15,000,000 each, while undi¬
and discounts now at $25,740,785, able April 1, 1943, as compared removed
to
the
new
37-story
building vided profits now stand at $6,- Philadelphia, reports in its state¬
compare with $37,432,810 on Dec. with $962,721 shown on Dec. 31,
ment of condition as of March 31,
31, 1942.
The bank's capital ac¬ Cash, U. S. Government securities with the pyramid-top at 16 Wall 288,693, as against $6,136,530 on
Joseph A. Duddy, appointed As¬
sistant Comptroller, also entered
against $6,132,841.
while
total
assets
were
and
ago
year
a
ago:
-
e
-
(
•
.
is
count
its
and
unchanged at $7,000,000
surplus and undivided
and demand loans
profit account has increased to
$9,581,004 from $9,479,707 at Dec.
31, 1942, after payment of the
regular dividend.
Net earnings
per share for the quarter were
$3.45.
to
$31,002,532
against
State and
1942.
secured by col¬
amounted
lateral
$27,075,616,
Dec.
on
31,
Street, its present location.
In August,
1911, the Bankers
Trust Co. acquired by merger the
municipal bonds
with
$1,067,677; time loans secured by
were
$820,053, as compared
collateral
pared
were
$973,784,
com¬
with $992,689 on Dec.
31,
and seven
months later took over the Man¬
The
hattan
New York
statement
$98,332,767 and total assets of
$109,135,244,
compared, respec¬ shows deposits of $1,344,604,197
tively, with $96,759,799 and $107,- and resources of $1,443,510,368,
222,793 on Dec. 31, 1942. Cash on which compare with $1,322,420,hand and due from banks at the 807 and $1,419,495,474 shown on
end of March amounted to $27,- Dec. 31, 1942.
On March 31, 1942,
235,163, against $27,701,725; hold¬ the respective figures were $998,ings of U. S. Government securi-. 156,498 and $1,094,006,798.
Cash
ties to $40,370,799, compared with and due from banks is listed at
These mergers
Co.
capital and surplus to $20,000,000
and deposits of over $134,000,000
at the close of 1912.
In April,
Trust
$4,302,533,
and
commercial
other deposits were
and
at the record
required under its preferred
stock indenture, capital account
was
reduced by $291,900, repre¬
senting the aggregate par value
Bank
of
and
total re¬
$266,541,416
of New York,
Co.
amounted
sources
March 31,
condition of
National
Public
the
the
of
to
deposits totaled $243,970,435.
This compares with resources of
and
1917, the Astor Trust Co. was ac¬
quired by merger, increasing the
rent statement are
capital and surplus to
this
ers
Mr.
in
Bank¬
'
Converse
the
$23,000,000;
the last merger by
was
Trust Co.
succeeded
was
Presidency
by
Benjamin
Strong, Jr., in January, 1914,
'of that
was
the
year.
When Mr.
to
the
City, reported as of the close
of business March 31, 1943, total
York
given as $59,-
securities
ment securities
totaled $28,743,668,
compared with $32,379,322; State,
municipal and corporate securi¬
$1,411,314, against $2,019,705;
loans
and discounts $20,085,876,
ties
compared with $18,935,384. Stock
in
Federal
Reserve
Bank
re¬
mained
003.
the same,
namely, $120,$582,525, as
Reserves totaled
compared
with $547,633
SI, 1942.
on
Dec.
$51
per
March 31,
against $140,601,229.
The bank's
three months ending
1943, after
amortization, taxes, capital and surplus are unchanged
from the close of 1942 at $12,500,etc., as well as dividends on pre¬
ago
at $7,000,000
undivided profits are
at $4,726,376, as compared
$4,598,773 at the close of
months
listed
with
Brown
of
Brothers Harriman & Co.,
assets
and
$81,461,521.
stands
change has
No
which
$14,000,000," but surplus
at
undivided
and
creased
in¬
have
profits
$34,146,968 from $33,-
to
869,234 at the end of 1942.
GENERAL CONTENTS
(Continued from first
page)f-:'
Page
of
assets
Total
Clinton
Trust
Heads
ABA
Farm
Legislative Groupl310
Co., New York, increased to $14,263,728 at March 31, 1943, from
Named
$13,804,381 at Dec. 31, 1942, and
$11,632,227 on March 31, 1942, ac¬
cording to the bank's statement
Cohen Heads SEC Division..........1310
of condition at the end
of the first
quarter
of 1943.
Deposits on
March 31, 1943, amounted to $13,-
077,208, compared with deposits
of $12,634,000 on Dec. 31, 1942,
and $10,431,862 a year ago. Sur¬
plus and undivided profits of the
bank
totaled
$425,193
against
three
$417,350
$390,000 a year
months ago and
ago. Capital stock
$2,239,967 at March 31,
compared with $2,596,996
months ago and $3,128,095
1943,
three
a
compare
for
ures
Other . asset items
as follows with the fig¬
three months ago and a
ago.
year
year ago:
deposits
Wilson,
H.
Thomas
for
many
Vice-President and Secre¬
the United States Trust
years
of
Aslsstant
Comptroller1310
General
U. S.-Britain Sign Steel
Pacts
Colorado
Credit
1310
Draft of Farm
Halts
.....1310
Workers
Press
—>.
.
......................1310
Cotton Industry. .1311
Army Reports to
Named
to
Cotton Exchange. .1311
Y.
N.
V
War Bond
Confer on
Leaders
Drive
May 16 Proclaimed "American Day". 1311
District
Named
Arnold
Factory Workers'
January
Judge.......1311
in
.1311
Lower
Hours
Morgenthau Names New Counsel
...1311
Aids
Proceedings Issued.. 1311
Forum
Cotton
WPB
Appoints Steel Industry
Group
.....1312
January Food Shipments to Allies.. 1313
WPA
Fully Liquidated by May 1....1313
Ration.......,.....1313
Coffee
Increase
Cotton
Planting Increase Permitted. 1316
Great
Lakes
Record
Effect
Sets
Movement
Ore
1316
»
Prices
Newspaper
Higher
on
Had
No
....1317
Circulation
Wallace on Tour of Latin America.
Y.
N.
Tax Amendments
Offer
Busi¬
1318
.'■•
.,
BEW Brazilian
.1318
Unit
To
.1318
Explained. .1318
to Aid Small
Program
ness
Dr. Baruch Heads
To
Total
compared
been made in capital stock,
1942.
paid
stock
with
dis¬
and
loans
and
$84,197,020,
but
Cash on hand and due
from
banks, $3,473,645,
against
ferred stock was $1,511,342, or 92 000 and $25,000,000, respectively,
$3,667,592 and $3,266,506; invest¬
cents
a
share, which compares while undivided profits now total
ments in bonds $8,036,240, against
with 91 cents a share for the three $4,786,418, compared with $4,532,$7,064,885 and $4,687,824.
months ending March 31,
1942. 434 on Dec. 31, 1942.
Of this amount $824,959 was
to
counts
$63,961,035, and U. S. Gov¬
ernment obligations to $128,556,-
_
Schroder
Banking and
$686,382 was credited to un¬
Corp., New York, reports total divided
profits.
resources
of
$42,215,156 as of
March 31, 1943, against $48,701,207
The Manufacturers Trust
Co.,
on Dec.
31, 1942.
Cash on hand
New
York
City, announced on
and due from banks now at $5,March 30 that Henry W. Becker,
304,891, compared with $6,958,181;
Assistant Vice President, has been
U. S. Government securities in the
in charge of its Canal
latest
statement are $23,040,815, placed
Street office.
Mr. Becker has
against $27,053,924; customers'liabeen connected with this branch
bility on acceptances (less antici¬
for about 39 years.
pations) at $4,903,057, compared
with $5,157,487 in December. Sur¬
plus and undivided profits stand
Bankers Trust Company, New
at $2,615,276, against $2,607,781 in j York City, was 40 years old on
the previous quarter; amount due March 30 but due to wartime concustomers is shown as $27,389,141, Lditions no special anniversary obHenry
of
share, plus the accu¬ ernment obligations (direct and
mulated dividend of 39 cents per guaranteed) to $333,369,710, com¬
share.
;
pared with $326,995,937, and loans
discounts 'to
Net operating earnings for the and
$135,094,626,
at
in dividends on the common
J.
assets
$205,-
$406,817,692, against
to
$375,279,847,
$641,756,214 and total of
Clinton
Trust
remains
un¬
Capital, sur¬
deposits of $596,585,149, compared
profits totaled
changed at $600,000, while capital
for
such shares, and undivided with assets of $673,169,484 and de¬
notes are now $50,000 compared
$4,331,947 against $4,303,153 on
Dec. 31, 1942. Cash and due from profits account was reduced by posits of $628,777,301 on Dec. 31, with the same amount on Dec.
approximately $458,100, represent¬ 1942. Cash items amount to $142,banks amounted to $17,514,759 on
31, 1942, and with $75,000 on
March 31, 1943, against $18,370,692 ing the amount in excess of the 845,896, against $172,140,077 three March 31, 1942.
Loans and dis¬
months ago; United States Gov¬
on
Dec. 31, 1942; U. S. Govern¬ par value of the shares redeemed
counts are
high of $58,798,819.
plus and undivided
cash- and
statement,
415; holdings of U. S. Government
with
three
current
037,384, compared with $213,194,-
687,267,
against
$58,839,785 on
Dec. 31, 1942; loans and discounts
amount to $66,311,040, compared
each,
of
In
resources
due from banks amounts to
and
513, against $130,495,243.
Capital
in and surplus are unchanged from
advanced
and
$678,427,431
$733,168,806 on Dec. 31, 1942.
he, in turn, by Seward Prosser
October
This compares with deposits
931.
to
$265,365,952 and deposits of $243,398,918 at the end of 1942. Cash
and due from banks in the cur¬
Prosser
as
and
statement
1943,
$33,367,977, and loans and dis¬ $375,714,378 as against $370,862,counts to $28,738,960, against $31,- 493 shown on December 31 and newly-created office of Chairman
of the Board in 1923, A. A. Til390,318. Capital and surplus are $357,441,582 shown a year ago.
unchanged at $4,000,000 and $3^. United States Government secur¬ ney became the fourth President
of the institution.
In 1929 Henry
000,000, respectively, and undi¬ ities stands at $676,984,890; three
J. Cochran became President of
vided profits are now $1,851,969 months ago
it was $635,564,410
Bankers
Trust and Mr. Tilney
against $1,770,157 at the end of and one year ago it was $319,910,was made Vice-Chairman of the
December.
631.
Loans, bills purchased and
Mr.
Cochran
was
suc¬
bankers' acceptances is now $279,- Board.
which
compares
with ceeded in the Presidency by S.
The statement of condition of 375,385,
Sloan Colt in June, 1931, when
Sterling National Bank & Trust $300,378,843 on December 31 and
the former was made Vice-Chairon
March 31 last
Co., New York, at March 31, 1943, $301,101,095
man of the Board, succeeding Mr.
shows
total
resources
and de¬ year.
who became Chairman.
Preferred stock is shown as $8,- Tilney,
posits of $68,287,342 and $63,101,Mr. Colt continues as President
352, as compared with $72,301,206 307,640, common as $32,998,440, and chief executive officer of the
and surplus and undivided prof¬
and
$67,090,997, respectively, as
trust company today.
of Dec. 31, 1942.
Of the March its as $45,128,250. As a result of
total deposits of $63,101,352 U. S. the redemption of 14,595 shares
The New York Trust Co., New
Government deposits amounted to of its preferred stock on March
25,
1943, total deposits of $703,038,134
total resources of $759,239,-
1942.
31,
According
Co.
capital increases incident
brought
the
combined
thereto
of condition of
Manufacturers Trust Company of
New York as of March 31, 1943,
The
Trust
and the
Continental Bank & Trust
reported as of
March 31, 1943, total deposits of
of
Trust
Mercantile
1942.
Co.
Dec.
,
Redeem Panama
Control
Egg
Non-Deferrable
1318
6]/jS
1318
Storage.
Job
Re-Classifica¬
1318
tions
1318
Urge N. Y. State Pay-Go Plan
private bankers, are shown at new
tary
high record levels in their finan¬
cial statement as
of March 31,
Co. of New York,
Hurley Represents FDR in Far East. 1319
30
died on March
the White Plains Hospital,
Buses
He was 62
years
old.
Mr. Wilson started
with the United States Trust Co.
as an office boy in 1897.
He be¬
came
an
authority on trust ad¬
ministration.
He was appointed
Less Fuel Oil for Power Production. 1319
1943.
Total
assets
amounted to
$166,477,869 compared with $163,742,348 on Dec. 31, 1942, and with
$162,019,786 on March 31, 1942,
Deposits increased to $145,930,119
compared with
$143,686,578 on
December 31, 1942, and $137,462,686 on March 31, 1942.
Capital
and surplus
of $13,465,913 com¬
pared
with
$13,445,284
three
months
ago
and
$13,385,363 a
year ago.
at
White
Plains, N. Y.
Secretary
Assistant
pany
in
1927
and
also
was
of the com¬
Vice-President in
Secretary in 1932.
He
1920,
a
Director of the
bia Casualty
Co., the
Union Fire Insurance
Colum¬
Commercial
Co. of New
in Present
Frozen
Schedules. 1319
Metropolitan Life Observes 75th
Anniversary
.....
.>...............
1319
Russia and Japan Extend Fishing
Pact
Work
1319
.....................
Draft
Held
Inevitable........1319
Senate Confirms Admiral Land
1319
Appointment
Propose Standardization to Conserve
Paper .....;
....1319
WMC
Names
Industry-Labor
mittee
Additional Tires
Com¬
......1319
For Motorists,*
1307
@FedFRASER