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Final Edition
THURSDAY
In 2 Sections
Section 2
-
(Beg. U. 8. Pat. Office
Volume
155
Number 4062
New
Price 60 Cents
York, N. Y., Thursday, April 9, 1942
Copy
a
:% GENERAL CONTENTS
FROM WASHINGTON
J" Editorials
JJ/'
:
'
••
The Tax
AHEAD Of THE NEWS
Exemption Issue
THE FINANCIAL SITUATION
Page
...1442
Prohibition Over Again?.........,
1441
Regular Features
The Bureaucrats' conception of their jobs these days is strikingly
illustrated in a frank session which Harold Ickes had with one of his
;
;
friends not long ago. He claimed to have wanted to resign when the
President took up his third term on the grounds that he and the other
oldsters of the Administration were incapable of giving the President
any
He needed younger men to keep feeding him
further "ideas."
"ideas," Harold contended.
I doubt very
serious
was
that
too,
certain
after
a
he
age
never
sim¬
ply having "ideas."
Most of the New Dealers would
of all.
The very
to
organizing
to
be
knocking around in one bureau¬
cratic job after another, for better
or worse, ever since the New Deal
Mr.
in.
came
Cooke
"active" mind.
the
of
Rural
has
First he
ministration,
into
got
labor-man¬
Fertilizer • Price Index.,............ 1455
1454
figured in the controversy which
Petroleum
disclosed that the REA
Weekly Steel Review............... 1453
indeed;
.......................
and
Its
Products.......
1449
Moody's Commodity Index
1452
Weekly Electric Power Ouput
1452
controversy which
a
taking the bit in the
saying REA couldn't
Meets
1454
March Defense Bond Sales Lower..
1454
Warns
1455
by with that order.
Typewriter Restrictions Expanded. 1455
More
of
recently Cooke has been
the small army having to
very
one
head
do
with
Ad¬
in
this
Latin
America.
It
Against Labor Laws........
was
Mortgage Loans Stimulated
1453
1941
1453
Cotton
Loans
Treasury Certificate Issue Marketed 1444
Federal Debt Limit Increased
Newspapers
Raise
Prices
FDR
Bill
t''.'
Levy
1444
'ij / '
.*
May
S
.
-
Include
V
,
National Bank Changes ..........
'
week,
were
on stock
suspended
in European financial centers.
Dealings
Monday, in the usual protracted observance of
holiday. Events in the Far East remained perturbing,
Easter
the
Forces
k
minimum this
markets
on
FDR,/CIO
markets.
investors
The
awaited
the
tone
Dealings in London
ceptionally
quiet
were
ex¬
during- the
latter half of last week, although
^trading continued
on
Good Fri¬
day;
Various
were
depressed by the Japanese
securities
Indian
dull
everywhere
as
commentary was af¬
a Tokio radio broad¬
cast, Monday, which told of a
sharp
rise
in • Japanese
stock
prices on the basis of hopes that
there will be ^io
war
Real Estate
Nations
Sales
the
on
Eastern
side
the
of
Indian Peninsula. Gilt-edged is¬
sues were
generally maintained,
however,
and
their
held
on
the
home
Tuesday
and
current
important
was
reflected
week
from
J
of
no
pre¬
.
..
in France
closed for four days, to mark
Lyons
the Easter
business
Bourse
period, and hardly any
was
done.
continue
to
markets.
There
available
the
also
Wednesday
variation
vious dealings.
The
rails
ground. The sessions
War
1
1445
tics of the political strategists during recent months have,
contrary presumably to their expectations, definitely tended
1452
to stimulate and
Stock/levels
advance
were
regarding
in
French
no
reports
markets
European Axis territory.
in
An
war
Export Price
is k becoming >; ever
concerned
nage of
able to
the
about
ton¬
merchant shipping avail¬
our own and other
supply
United Nations troops in the Far
East, the Near East, Africa, Ire¬
land, Iceland and" other theaters
of war and of troop concentration.
London also; according to a week¬
end dispatch to the "New York
Times," is more worried about
the increasing losses at sea than
(Continued
on
1450)
page
..»;.,
.
The work of
To Small
would be
Law
San
Francisco
Cuts
Rate
the
use
Savings
Housing;
to
Work
Bank
tion and loss.
Loans
Mobilize
/.
...
Labor
for
1447
Copper, Aluminum
1447
Savings Banks Create Building
Companies for Defense Housing..
1447
Senate Kills Rigid Profit Proposal.
1447
FDR
1447
and
Industrial
binders
which
is
designed
to
hold
two
months'
issues
of the Financial Chronicle. Orders for binders should be
to
sent
"Expandit" Binder, 25 Spruce Street, New York City,.
1443
which
concerns
*
could be dealt with.
easy targets
are
* *,
to
Cotton
Companies
To
on
....
Interest
Support
1443
1451
Exchange.......
Make
"black
countries
which
in
strict
regulation of
markets."
a
The
prohibition
"black market"
can
be. It
a
typical
of
course,
law is
means,
that the
law-abiding, responsible business
form
requirements and that the racketeers will find rich
to
opportunities to profit
new
and legitimate
tion,
not
business.
the
at
will
concerns
expense
of the
con¬
consumer
After the experience with prohibi¬
Washington should be particularly careful at this time
to
—Lew
create
a
of hijackers and bootleggers.
great crop
new
Hahn, National Retail Dry Goods Association.
r
But
the
of
multitude
vast
encountered in
any
of
difficulties
practical
such control scheme
mentioned.
hat
•
may
as
every
he
one
v.k
a
hat and
a
■
'■ ;
:
V;; ■:; V
pair of shoes
knows, there
are
a
.
V* v>
are
.
, ,
.
:
pair of shoes,
hats and hats, and shoes
and shoes.
Real
1451
V::'//
price changes in such items often take the form of
reduced quality.
'
;
1451
fo£ Cotton Bids.., 1451
Urges End of 40-Hour Week
few
w,.;•
A
but,
A 1451
Electrical
.v......,
Continued
a
which would be
1451
Synthetic
Suspension
Announces Date
of
1451
............
Controls
Appliances
those
1443
Wheat Loans
Rubber
1442
Senate Defers Action on Labor Bills 1442
Curb
of stores.
types
all-over price ceilings
Fronts
.
and
of
example of what
War
Urges Paper Conservation....
bane
ment
Production Soars
Greek
any
tremendous that it would be foredoomed to
so
1448
?........................... 1447
Seizes
Price
different
probability only those retail
1448
WPB
N. Y.
overlapping of items
great
a
between
as
1,700,000
are
They do not all deal in the
goods and prices has been attempted has been the develop¬
War Metals
25
The cost is $2.50 plus postage for each of these
quoque
>
Again?
1448
Defense
Aid
*......................
Cotton
Plah
task
In all
failure.
The
Named
of the Chronicle and will protect copies against mutila¬
The
,
1448
Y.
1941
States.
policing and enforcing
large enough to be
Rediscount
Argentine Sugar Output Lower....
N.
a
lines
k
;VvV,V;......,v..... 1448
here
supply temporary binders in which to file current issues of
new form. These will
facilitate
merchandise
'!....1448
Factory Wage Rate Doubled
the Financial Chronicle in its
.
figures show there
census
United
merchandise, but there is
same
Urges Repeal of Silver Purchase
•••.
the
in
and
CCC Corn
Of Our Subscribers |
Government
retailers
Approved Aid
Business.
FDR Vows AEF Full
to
1449
1448
Federal Home Bank Financing.....
I
Prohibition Over
1446
The
........
Analogous
Arrangements have been made with the "Expandit" Binder
1442)
1446
Supplies for Russia Given
Battle
Binders For The Convenience
on page
1449
Policy
Impede, War Effort;
efforts of the United Nations.
more
(Continued
•*V1'' * *v-'iV v'i';'''■*****'&■*/*"'/
Shipping
pointedly than * in 15 any
period of this war, the
shipping problem-looms as the
real bottleneck for the far-flung
strengthen that dissatisfaction.
1452
Says Farm Credit Bill Would
with Russia.
More
toward "over-all" control of almost every¬
more
those who must face the electorate this autumn, have good
cause for their present state of mind.
All the usual indica¬
1446
Virgin Islands Progress.
Priority
previous
Washington
.
Tax
Outline
"
attacks at Ceylon and at points
and
thing, and other tendencies of a similar sort speak for them¬
selves. Such are the regular symptoms of political uneasiness
and uncertainty.
/
It is highly probable that the politicians, particularly
Taxpayers Against
Senate
United
more
say
Oppose Sales Tax....... 1452
FDR Hails
interesting
forded by
dealings of the past, its
its refusal, to be sidetracked concern¬
ing changes in labor legislation vigorously opposed by both
the Administration and labor unions, its tendency to veer
reluctance, not to
traders
nextf^
in the global war,
moves
was
.
Pacific War Council at Washington
.
French
the
and
by hasty
Agencies Study Post-War Problems 1446
and also contributed to the subdued atmosphere of London and some
of
several of its committees with exposes or
alleged exposes,
its agitation about corporation profits accompanied
..
Says Double
Guayule Rubber Production Up...
a
political concern had not tempered efforts
to "get along" more
vigorously with the war effort, particu¬
larly those parts of that effort which have to do with indus¬
trial production.
As to Congress, • the ' pre-occupation of
'
Sales
Vote Increased Pay for Armed
Holiday influences kept trading in securities to
would have taken rather
or
different form if
tions strongly suggest deep dissatisfaction throughout the
country
with the way the war program is progressing. There
W.T.... ;;.\^;-;rl445
are some
good reasons for such dissatisfaction, and the tac¬
Time "Aids Enemy 1445
'•
Tax
J; Tax
1444
to Miners
fA *
..
New
1444
Subscription
....
RFC Loans
European Stock Markets
have not been undertaken at all
War Title..............,1456
Seeks New
capacity that, just after
(Continued on page 1451)
water
gesture toward so-called small business, the
operandi concerning enforcement of the anti-trust,
laws, the putative "study" being given plans which would
touch organized labor in tender
spots, and the repeated com¬
plaints about criticism of the Administration would either
attitude toward international cartel
Inter-American Defense Board
and
have any more copper at all. So
far Nelson seems to have gotten
•
concerning the forthcoming elections is certainly
to that section of the
city. The President's
confined
not
attempts at legislation concerning them, its horror stricken
Miscellaneous
Just been ended by Donald
was
hot
Carloadings
1455
a
Electrification
Commodity Prices—Domestic Index 1452
Weekly Coal and Coke Output
teeth
of Morris L. Cooke who has been
1443
Weekly Lumber Movement1452
hoard¬
easiness
recent solicitous
Trade
...................
de¬
was
Signs of what appears to be something closely approach¬
ing political panic are increasingly evident in Washington.
They are, perhaps, most plentiful on Capitol Hill, but un¬
modus
Review
Bank Debits
Nelson's
from the incubator is that
come
State of
General
agement councils in the little bus¬
inesses of the country.
He also
has
They exude "ideas."
latest gem of an idea
1452
Yields..
and
Bank^ and Trust Cos. 1456
1455
seemed
per,
best
Prices
Bond
Items About
Paperboard Industry Statistics.....
he
Roosevelt
one
Moodys'
helped and the record dis¬
ing copper while the country was
supposed to be very short of cop¬
the
1441
1454
crackerjack newspapermen,
particularly columnists. Mr.
make
make
J........
On The Foreign Front.............1441
1455
to
to get some work done than
help
the
........................
voted
man
would
News
of
Weekly Engineering Construction..
gets to a
more inclined
a
to
1441
Ahead
was
that
is
division
Little business
little business.
closes
It
is
the
of
charge
fact,
"ideas."
predecessor of the
Board, he was in
OPM,
War Production
understanding of the func¬
a
man
in his position is
revealing of what official Wash¬
ington runs on; not accomplish¬
but
the
of
of
ments
Situation
Washington
there and back in the earlier days
but his
tion
From
<$>-
much that Harold
wanting to resign
in
Financial
Realty. Annual Meeting,..,....1443
Can it be that
aur
thought to what they
would-be regulators have given
are
suggesting?
careful
v'V-t.
;>v
I';' '
THE COMMERCIAL
1442
& FINANCIAL; CHRONICLE-
Urges End Of 40-Hour ^ #TKEFIHAHCIflLSITUflTiqM
(Continued From First Page)
Week, Excess Spend'g type; of political 'argument and maneuver is very>likely
-H
The 40-hour week has
place
no
Editarial—
It
effect.
an
scarcely fail to produce such
can
.
j:V
a
1
in
mobilized
a
America
fighting
life—and should go, Fred¬
P. Champ, President of the
for its
erick
.
Mortgage Bankers Association of
America, told Pacific Coast mort¬
gage bankers at the Association's
Far
Conference
West
Clinic
gage
March
Mr.
31.
and
Mort¬
Francisco
at San
on
further
Champ
said:
"Non-defense
tial
and
non-essen¬
spending
is
Highly controver¬
sial legislation with long-term
social
implications having no
bearing on the war effort should
government
indefensible.
Activities that do
set aside.
be
the main
contribute to
not
the
jective
of
winning
should
be
forgotten
obwar
the
for
duration—and will be at the in¬
sistence of the American
If
have
we
that
the
day is
people.
believe
to
reason
near
when the
people will speak, it lies in part
in the appearance daily of cas¬
ualty lists which speak elo¬
quently of the sacrifices being
at
made
Mr.
the front."
Champ said too many peo¬
ple are devoting too much time
to planning what we will do after
the
"when
war
the
is
war
any¬
but won. In this life and
struggle, it is pretty safe
assume
that.'social advances,'
thing
death
to
parity'
'agricultural
not have
war
a
well
as
as
profits
business
exorbitant
of
our
fairly evident that the latest attempt by the Administration
ih
Washington to make the income from $20,000,000,000
both about equally skilled in this'; technique.
When organized labor and its friends in order to "get off
the spot" attempt to divert the attention of the public to
the shortcomings, real or' fancied, of "management" or
"capital" and make a showing sufficient to arouse the rank
and file, the net result can well be that the* public will reach
the point which once .led the President to exclaim: "A
plague on both your houses." From such a state of mind
it is but a short step to disgust with a Government which
permits things to get into such a- condition.
opponents
of State and
taxation
;
I
'
„
..,.
enemies."
Take
States'
rights
hearings late in March on the Treasury proposal to tax
outstanding and future issues, and who heard the
House Ways and Means Committee members
express their
views, came away with the conviction that the entire
matter will be shelved
quietly but firmly.
t SSFhe hearings were of absorbing interest, for they
brought out clearly-, and unmistakably the fact that the
United States Treasury would stand to
gain relatively little
revenue
from
taxation of
^
State and: local government is¬
and that costs to the States and their municipalities
would rise
approximately to the extent that Federal rev¬
sues,
increased.
There would be,;-as one able economist
true gain to the national economy from adding to
Federal revenue at the expense of the? States.
enues
said,
no
;:W Even
more significant was the determined
opposition
Treasury proposal by a score of representatives of
the States and municipalities, who
really spoke for vir¬
tually all the States and their local regimes.
It was not
merely on financial grounds that these spokesmen attacked
the Treasury proposal.
They based their opposition prin¬
cipally on what they called a "subtle attempt" to dominate
the States and gain control over them
by means of finan¬
cial power.
The sovereign rights of the States were seem
fo be at issue, and vigorous opposition was
expressed to in¬
fringements of such rights.
the
to
1'|
,-v
rock, of
same
both
do
the
the
on
the
doubt¬
if, save in regard to the; inevitable consequences; of the
eternal coddling of labor and agriculture, and
probably, as
usual, the machinations of political hangers-on, the Situation
is nearly as bad as many would have us believe recent "dis¬
closures" indicate.
There are, however, strong reasons to
suspect that the public is deeply dissatisfied, not to say
disgusted with a great many things—some of them quite
sufficient to warrant utter disgust and some not—and,
aftejr
all, that is what always disturbs the politician. What the
thoughtful man or woman who is above all interested in
winning the war as decisively and as soon as may be, must
above all hope is that neither the Administration nor Com
gress, or both of them, will be able to satisfy public demand
or soothe
public dissatisfaction by means of the hasty, illconsidered,'"jittery" type of action now -being taken or
suggested for that purpose.•; If so., this country is in much
greater danger of failure in its war effort than most> of lis
■
shatter
mood to accept a dictum which runs counter to the
genuine
wishes and interests of the 48 States.
Those who attended
Now in all candor it must be said that it is very
"Little Business" and
municipal securities subject to Federal income
will
which broke up all previous moves.
A complaisant Supreme
'Court eventually may rule otherwise in the several actions
initiated against holders of bonds issued
by State agencies
or
instrumentalities.
But Congress appears to be* in no
ful
prominent place in the
program
Although the final word has not yet been spoken, it is
situation when carried too far and when carried too far
believe it to be.
ify>'KVvi.|"f'iT
'>v f*--.. ■'? %
'
have such
Thursday, April 9, 1942
War
relatively innocuous example the President's
issuing an order authorizing the *War and i Navy
dollars
they spend and one of Departments and the Maritime Commission to make or
every two hours of their produc¬
guarantee loans to smaller business concerns in connection
tive labor. Business, he said, had
with war production. The rather 'strange way in which the
All of this brings into fresh and
better revise its thinking in many
inescapable promi¬
order was announced at the White House,
apparently for nence the stubborn refusal of the Administration in Wash¬
respects because "it is certain to
the
have its casualties no less than
purpose of giving certain Senators a helpful political ington to embrace the
proper and democratic method of
our
armed forces."
He told the hand, and the
wording of the. announcement itself so far solving the problem of tax exempt income from State and
mortgage men that they had best as: the terms
are: concerned under which such loans or ad¬
municipal bonds. Almost all high authorities are agreed
decide now to take the risks which
Victory, he added, will cost the
American people one of every two
must take in financing the
speculative type of housing
necessary' for the
war
effort.
"Such risks are mild compared to
they
more
which
alternative
the
front
us
will
in the event of
con¬
break¬
a
in any part of our produc¬
machine." v
as a
action in
vances are
The
to -be made; must leave the observer with doubts;
announcement, for example, says: V
Under
*
'•
the
Order, the War Department, the Navy Department;
Commission may guarantee or make loans wherv
they are needed for war production.
These guarantees will support
the operations of the banks, the Federal Reserve System, the Recon¬
and
the
struction
not be made under peacetime credit rules.
They will be made by
production men, wherever additional financing is essential for addi¬
ies
of
ences
ser¬
a
confer¬
clinics
regional
two-day
and
of
mortgage
on
supplies needed by the armed forces.
and
that the step here
small enterprises
April 13 and 14 in New Or¬
leans.
.
On Labor
The
Legislation
The
April
on
1
post¬
time would be harmful to
March
on
31
over¬
whelmingly rejected two motions
by Senator O'Daniel (D., Tex.) to
the closed
abolish over-time pay,
shop,
picketing and the 40-hour
week.
However, it is said, that
this
did
not
really reflect Senate
sentiment since Senator
O'Daniel
sought to attach his amendments
as
riders
the
to
Smaller
War
Plants
Corporation
Senate
considered such action ir¬
relevant.
bill
and
the
The Senate may take some de¬
action on restrictive labor
finite
legislation before April 20, if thechamber's regular business is re¬
sumed earlier*;.
.'
•:
this
test
some
a
evidence
that
the
test of the entire matter
States, them¬
on
the correct
a
properly drawn Constitutional Amendment. ; If
materializes it will be
heartening evidence of; a
government.
the Federal
The system of. checks and balances within
Government
war
prevent the current "trust-busting" campaign of Mr. Arnold
getting in the
•
.
/
I
;
.
•'•v1
v-^;
I 1
r
it V
of
production. In the first
place, the careful student will at once recognize that time
only will disclose the degree in. which the plan will really
way j
war
and
doing what the Government apparently wants, but we
existing conditions there is real .risk
doing so.
>
k .
-
are
in
certain that under
Criticism
,
and Treason
Of course, the effort to place virtually all criticism of
in the category of treason, or very close
it, has already shown not only its inefficacy but its
serious political dangers. It is not
likely, after the several
recent achievements of general public criticism in this
the Government
to
hold the avid Mr. Arnold in check, even "for the duration."
country and the way in which it has saved the day, if the
greater difficulties lie elsewhere. What is the day is saved, in Great Britain that the American people will
bearing of these statutes upon much of the "co-operative" be easily led to the belief that they must shut their eyes
war
effort today?
Which of . these arrangements violate and accept without cavil whatever is done in Washington—
these statutes and which do not? Nearly all of Mr. Arnold's or even what the still very popular President does.
Attempts
suits have ended, so far as they are ended, in consent-, de¬ to shut off
complaint or criticism of what is going on will,
crees.
Apart from labor union aspects of the situation little we believe and certainly hope, strengthen popular dissatis¬
But
even
the meaning of these dif¬ faction. If the Administration and others,, in Washington
much certainty about wish better informed, more constructive criticism, let them
their application to many situations by which the business; see to it that the
people are more fully and more promptly
man is
confronted, and now that the Supreme Court has told what is going on in this people's war.
■
been nearly reconstituted,1 the
Turn now to the other end of Pennsylvania Avenue.
uncertainty is greater, prob¬
ably, than it ever was. To be sure, there have been assur- Take the frantic efforts to draft and adopt almost overnight
or
no
ficult
.
•
now
obviously is faltering, owing to
the concentration of powers in Executive hands.
Emer¬
production, and thus give satisfaction to those
gence of the collective States, in this situation, as a balance
who have long been
bitterly complaining that such concerns
to the autocratic tendency of the Federal
are not able to"
authority,.offers
^get" war contracts satisfactorily. The trutb
a hopeful and satisfying promise 4hat our American
of the matter is that most small enterprises are. hot*
Way
equipped of life will not
easily be set aside.'
J
and have not the
required skills to take nearly so large a
part in war production as is popularly supposed. That and
difficulties inherent in any endeavor of so large, a scale, as ances from public officials, but business men
know, some of
well, doubtless, as administrative inefficiency in Washing¬ them from sad experience, how much such assurances are
ton which
prevents some such plants from finding out what really worth.: We are not in a position to know the degree
they can do and obtaining contracts to do it, are the roots in which business managers are today "taking a chance"
from
program.
Senate
is
hitherto unsuspected resilience in our democratic form .of
taken; will in important degree enable
generally to take an active and effective
.
war
basis of
point here is, however, the impression likely to be
given to the uninformed, the false impression so we think,
an<j to give the President greater
plant seizure power, will be taken
up. Senator Connally
(D., Tex.) of the trouble.
Neither; the President's order nor any
sponsor of the measure which is
"Smaller War Plants Corporation" will, therefore, relieve
given preference on the calendar,
in any
had sought prompt action on his
large degree the situation of which complaint is
made. 1
'
" "
'
bill but Senator Barkley (D., Ky.)
majority leader, argued success¬
Consider, too, the compromise arrangement designed to
fully that to bring up the issue
at this
only correct
*"short and simple statute" the Ad¬
what amounts to a forcible invasion
t
Senate
poned
consideration
of
labor
legislation until April 20, when it
is expected the Connally bill, to
"freeze" existing labor conditions
the
There
selves, will'initiate
The
part in
Senate iefers
a
abler constructionists of the Constitution.
credit cannot hold up production of war
brought under way in Chicago and
later duplicated in Seattle and Los
Angeles. Similar meetings will be
held April 10 and 11 in Dallas
Through
aim is
tional production.
Peacetime restrictions
Constitutional Amendment offers the
Through Court action the same
sought, for Congress previously refused to heed the
Administration on this matter,
They will
preferring to follow the
tion
Finant^Corporation, and other credit agencies.
a
ministration proposes
of State financial realms.
Maritime
down
This meeting was one
that
solution.
r
light has been thrown
laws.
There
never
upon
has
been
!'!<!. i
.
'Volume
"over-air- profits limitation law despite
an
v
J.V-
155;^Number "4062
by
even
leaders:
of
some
the
>
more
influential
One is reminded :of the lines
Burns:
•
tP
,,
doubts 'expressed; A
Administration
of the poet Robert
O, what
a
Baffle &Industrial
The State Of Trade
v
Fronts Seen
activity continues its trend upward in many lines, this
especially so in the steel industry, where operations have
xeacned a new peak.
Electric power production and carloadmgs
continue to show heavy gains over last year, all of which reflects
the increased acceleration of the war production effort.
Advices
^Business
being
'
Wee, sleekit, cowrin, tim'rous beastie V: ;;
/
-
1443
THE COMMERCIAL & FINANCIAL CHRONICLE
panic's in thy breastie.
•
;
y:
>
.
t
(
~j\
:
,
from
The flat 6 per cent limit which the House would
;
impose
enough, but it remained for the Senate Appropria¬
is bad
tions Committee to reach
a
sort of climax of
Washington state that labor management committees have been
in
3u8
plants and; twat^
-"many report large increases in compared with a year ago, and
an
increase
of
175,825 cars, or
production already." y-iyr-'f
t- Retailbusiness > continues^ at 26.0%, compared with 1940. -, 7
ingenious folly.
follows:
*
-
victory.
the
At
rush, proportions jammed stores
throughout the nation and bought
he took
time
same
"The
eering- News-Record.", Public con¬
for the week is 102%
struction
oc¬
of spring ready-to-wear over a year ago, but 40% under a
clothing.; Cash buying was - par¬ week ago. Private work is 45 and:
ticularly 7 heavy, 1 tne 7 review! 38% lower, respectively, than last
statedK with demand concentrated year and last weex.
The current week's volume
on wool-clothing
and other sta-j
pies,
but spreading
widely
into brings
lines.
tities
to
in adequate quan¬
buyers,; but
satisfy
un¬
1942
construction
100,224,000, fa
tne
total
in
1941.
gain
trie
ror
of
Private
to
37%
14-week
in
of
reference
With
as
Produc¬
labor-man¬
to
cooperation,
agement
.said:
erow
War
the
Board."
tion
is over 51%; lower
in the period last year, but
Nelson
Donald
of
Chairman
$199,928,000,
than
responsible head—in the
one
selection
$2,-
construction,
made
tardy,
portant decision in concentrat¬
ing all industrial war activities
over
period
although,
an im¬
Government,
somewhat
heavily
been available
-
to
high : levels; Pre-Easter shopping
Engineered construction for the
casion
to indicate his emphatic
surpassed' sales records for •• me weex, $107,136,000, tops the vol¬
ume
for tne corresponding 1941 support for the War Production
season,;Dun & Bradstreet, 'Inc.,
Board chief, Donald Nelson, sayrepptted;; in its- weekly -Trade week by 55%, but is 40% below
;
review. * Crowds; of
Cnristmas last week as reported by "Engin¬ ing:
other
as
facturers, stressed unity of thought
and action as primary requisites
;
gate powers) had nothing to do these days but to study and; U Informed ^7:.; V■:-'
quarters state, that
re-study contracts, pursue endless negotiations and the like; so far, consumers have not suf¬
;with a view; to protecting the public Treasury. But?fhe/ fered to any la^ge extent from
.Senate committee apparently developed an afterthought.
It the war effort. Most goods have
reads
the National Association of Manu¬
formed
Throughout the earlier provisions of its measure it displays
some faint conception of the difficulties inevitably encountered in determining the precise amount of profit earned on
any specific contract, and fakes the easy way around them
by merely authorizing and directing certain government
officials to determine .such prof its and "re-negotiate'? or,•
in plainer language, reduce them to" what they V think is
reasonable.
One would suppose that the committee had the
idea that these officials, who are the Secretary of War, the
Secretary of the Navy and the Chairman of the Maritime
Commission (and others to whom these officials "may dele¬
*■
Analogous
Addressing the annual dinner of
the Yale Engineering Association
in New York on March 26, Wil¬
liam P. Witherow, President of
/;,-'/•••
Mr, With:: '•
; -"I am one who thoroughly be•
the
in
lieves
public
work,
$1,900,296,000,
is
V0% higher tnan a year ago as a
devoted
and
full, untarnished
patriotism of the
I also am
profits on aiiy contract in excess of the amount; fortunately this' condition is now result of the 124% increase in ; American worker.
strong in my belief, through
following schedule of maximum profits rates shall; changing,-'and the effects of war Federal "work.
long association and knowledge,
be deemed to be excessive for the purposes of this section unless will bear more
Department store sales in the
heavily on con¬
; in the loyalty and patriotic ferthe Secretary of the Department concerned makes a specific determi¬ sumers with each
passing month. United States were 26% higher
In
v
set
any event, any
in
out
the
-
not excessive in the case of such ; It is pointed out that tnere are in the week ended March 28,
such1 determination shall be made to; several reasons why consumers compared with the same week in
[the Congress within thirty days from the date thereof.
' j
"escaped the problem of shortages 1941, while sales for the four
during the past several montns. weeks ended March 28, were S>j%
Schedule of Maximum Profit Rates
v
nation
that
..contract.
A
a
greater
profit is
.
Ten per centum of so much
exceeds $100,-
Six per centum of so much of the contract price
$500,000 but does not exceed $1;000,000; plus.
Five per centum of so much of' the contract price
$1,000,000 but does not exceed $5,000,000; ; plus .
Four per centum of so much of the contract price
$5,000,000 but does not exceed $20,000,000; plus
J
;
Three per centum of so much of the contract price
$20,000,000 but does not exceed $50,000,000; plus
Two per centum of so much of the contract price
$50,000,000.
'
4
"
as
exceeds
for
.
exceeds;
as
exceeds
^
*
usual.*
"business
conduct
to
however, -other
durable consumers goods indus¬
tries are being converted to war
as
exceeds:
as
time
a
Now,
goods or are forced to curtail
production due to • shortages of
critical-
raw
materials.
the power
with
Board reports. 1
1
■/
Persistent reports that an over¬
sidered
in
real
of either group, I can
authority deny em¬
propaganda.
many
their
state-
whoever
phatically these claims and can
equally well attribute them to
the malicious tongue of enemy
prices is being con¬
Washington are caus¬
on
retailers to reappraise
policies. While
such a ceiling tends to discourage
advance buying to some
extent,
the possibility of shortages may
provide the stimulus for contin¬
ual heavy buying.
Labor-management committees
free ing
manage
of
that there are concentrated
drives being made to destroy
serve
"
who
men
says
period of 1941, the Federal Re¬
this all ceiling
on
industries
goods
consumers
'
as
new
left other durable
latter industry
exceeds,
^
•
The" emphasis
duction;
*
as
constructing
in
plants and in converting the
automobile industry to war pro¬
war
the
ments to the contrary,
:
First, the government was more above sales in the corresponding
interested
of
vor
; business.; Regardless
.
of the contract prices as does.not
'exceed $100,000; plus
Eight per centum of so much of the contract as
•000 but does not exceed $500,000; 'plus
v
\
-
;
.
report of any
"The
inventory
battle
fronts—that
two
front
front—in
and
the
wartime,
is
the
industrial
are
analo-
There should be no quesin the mind of anyone that
?$■ gous..
;
lion
critical wartimes,
during these
<
■
no
new
scheme
or
method
introduced which
pointed out;that have notified Donald M. Nelson, ; should be
Chairman of the War Production 7 would influence the discipline
•
Washington dispatches now indicate that this particular the large inventories accumu¬
of industrial management. The
lated by wholesalers and retailers Board, that war production drives
scheme has been shelved at least for the time being,- and
manager of today is the worker
while goods were available, are have been organized in plants of
of yesterday.
He has acquired,
suggest that the "real" measure will be drafted by a oon- now being rapidly depleted. Al¬ 308 companies having war mate¬
lerence committee of the two houses. What that hill will, ready the government has stepped rials contracts. It is stated that ;; through work and skill, an ex¬
the
number
of
traordinary leadership ability—
committees; in
foe, time will tell, but the action of the Senate committee into conserve and ration remain¬
his prerogative of responsibility.
ing supplies in cases where the operation is larger than antici¬
clearly reveals the state of mind in Washington at present. goods; are essential to certain pated by the WPB,
The worker of today will be
the manager of tomorrow, and
The figure includes only those
Other Projects
people.-,
,
r ,
•
he will take the reins of leader¬
From < these observations, it is plants
in which labor-manage¬
Meanwhile, unless current Washington advices are un-. apparent that consumers are go¬ ment committees have actually
ship up in th£ succeeding years.
,
-j fit
is
further
.,
r
.
t
#
■
.
trustworthy, serious and increasing consideration is being
given to various otheri control measures, which sooner or
later may develop into the much publicized: "draft every¬
body and everything" plan, which might or 'might not;
"satisfy" the electorate for a brief period, but which would
.hot advance our war effort for take long to give rise to
jnore
dissatisfaction than now exists concerning the
management of affairs at Washington.
There is a good
deal of stewing—and not much else—about needed labor
'legislation,' chiefly without much question ;< because this
is what is known politically as a "hot potato.'*
There ap¬
to feel
ing
.more
-with
the pinch more
each
passing"
and
been
formed
and
are
; ""It seems to me
activating
month. plans whereby production is be¬
or
scheme should
that
no
plan
even
be
con¬
sidered
which
in
any
way
tMt all;of the ing stepped up to meet the Presi¬
f that
contributed to dent's goal, of 60,000 planes, 20,000 ; dilutes management's authority
adequate
supplies
of
durable anti-aircraft guns, 45,000 tanks ; in dealing with its men. That
consumers goods in the first cou¬
is not. to say that full cooperaand
8,000,000 tons of shipping.
tion between worker and manple of months after Dec. 7, 1941, Chairman Nelson requested that
-v
nave been; reversed. /
\
ager should not be developed
management-labor committees be
> Steel
trade
activity promises formed as a voluntary movement
to the utmost.
Stimulation for
IIv js: pointed i out?
conditions
.
•
<
all-time peak.
New production in response to President Roose¬ ; war production, through sugrecords in pig iron and steel in¬ velt's
direction
"to
take
gestion by employees (such as
every :
dicate. that -1942 will witrfess the possible step to raise production •7 contemplated in the new War
Production Drive), should be of
greatest, activity .ever
attained and to bring home to labor and
by the steel industry, the maga¬ management alike the supreme
great value in certain induszine "SteeFV points out in its cur¬ importance of war production in ;'/■ tries
where there may have
rent-release.
/
been
a lag;
this critical spring."
an
'
.
pears
to be no general agreement as to whether more voters
■will be
appeased by it
alienated.
or more
It need hardly
foe added that what little has been done to curtail the enor•
.'inous outlays upon schemes that have nothing to do with
the
war—except possibly to impede progress—has; been. of
the
"tricky" order.
tion of
Apparently there is
no
serious inten¬
doing anything more satisfactory about it. *
Can the American
course
tempo
was
way," the publication
continues; ."when the War Pro¬
duction Board asked acceleration
well
"Industry
under
FHLB Sells Debentures
instituting
Thd Federal Home Loan Banks
excellent re¬ sold on April 2 two issues of con¬
1, when first solidated debentures aggregating
production figures are asked. The $42,000,000, it was announced by
records were made in the face of Everett Smith, New York finan¬
management
committees
to
fur¬
ther production efforts. We will
and
will/ provide
ports as of April
and
supports this effort and is now
;
,
'
-
tasks by the full
efforts, un¬
unremitting."
-
accomplish
our
dedication
of
stinted
and
all
s
people be soothed in this way and
persuaded to continue to support those who are guilty of
■such utter lack of statesmanship?
The people themselves
will of
increasing
..."The
give the answer this Fall—if they are not bam¬
shortages,
which makes cial representative. The bonds
; Corn & Wheat Loans *
them the more impressive. -Vari¬ were offered earlier in the day
ous > factors
The Department of Agriculture
promise further in¬ (April 2) and were heavily over¬
crease ;as
new
equipment and subscribed.
The issues consisted reported on April 4 that Com¬
methods now under, way produce of $18,000,000 %% Series J deben¬ modity Credit Corporation made
scrap
.
results."
"
tures, due on Dec. 1, 1942, to yield 91,804 loans, in the amount of
by the electric about 0.65%, and $24,000,000 7/8% $69,520,413 on 95,260,899 bushels
light and power industry during Series K debentures, due on Feb. of 1941 crop corn through March
sake of us all, it is most ardently to be hoped, that answer the week ended March 28,. 1942, 1,1943, to yield about 0.75%. Both 28, 1942. Loans made to date have
was
3,345,502,000 kilowatt hours, issues are dated April 15, 1942. averaged, 73 cents per bushel.
will be an emphatic negative.
.
- The
a decrease of 0.1%
from the pre¬ The proceeds from the sale of the
Agriculture
Department
vious week's output, but 12.4% securities, together with $10,000,- also reported that through March
At
the
organization ." meeting higher than the comparable week 000 from the banks' surplus fund, 28, the CCC made "516,211 loans
J
Curb Realty Elects
which followed the following of¬ in 1941, according to report is¬ will be used to pay off $52,000,- on
356,826,446 bushels of 1941
The wheat under loan in¬
sued by the Edison Electric In¬ 000 of Series G %% debentures wheat.
; At
their annual meeting on ficers were elected for the ensu-!
At the cludes 117,813,267 bushels stored
•*.■;'■ *
.■. maturing on: April 15.
: £ .J
' stitute.
April 2, shareholders of the New ing year:
close of business April 15, 1942, on farms and 239,013,179 bushels
David ' U. y Page, " President;
York Curb Exchange Realty As¬
The
Association .of American
the banks will have a total of $91;- stored in public warehouses.
Austin K.
Re¬
Neftel, Vice-Presi¬ Railroads reported that. 804,746
sociates, Inc., elected David U.
payments to date amounted to 33,dent; Wiimont H. Goodrich, Ex¬ cars - of
revenuefreight
were -500,000 debentures outstanding.
Page and Fred C. Moffatt to di¬
ecutive Vice-President; Christo¬ loaded' during
The
consolidated
debentures 223,617
bushels
and
9,1617,739
the week ' ended
rectorships. William B. Steinhardt
boozled out of
an
opportunity to do so effectively. ; For the
: •
;
of
Sales
power
"
'
-
Cole were elected
inspectors of election for the an¬
nual meeting to be held in April,
1943.'
>•
'
and Joseph A.
v.
pher Hergeveld, Jr.-r Secretary-
March
Treasurer.
of;
v-
Mr. Steinhardt
-
•'
was
Assistant Treasurer.
-//v-
appointed
28.
8,106
with
of
was
an
increase
1.0%, comparep
preceding week; an jp-
cars,
the
crease
This
or
10,943:
cars,
or
1.4%,
on April
15, were bushels had been delivered to the
A total of 314,435,Nov., 1940; as was reported Corporation.
these columns Nov. 23, 1940, 090 bushels remained under loan
which
mature
sold in
in
page
3017.-
•
<
•
-•
-
as
of March 28.
1444
THE COMMERCIAL & FINANCIAL CHRONICLE
Treasury Offers For Cash $1,500,000,000
^|
imposed. - The certificates shall be
subject to estate, inheritance, gift
other
excise
whether
Federal or State, but shall be ex¬
empt from all taxation now or
The Treasury Department on April 6 offered for cash $1,500,hereafter imposed on
the prin¬
000,000 of Treasury Certificates of Indebtedness of Series A-1942. The
cipal or interest thereof by any
certificates offered at par and bearing interest at the rate of Vi%
State, or any of the possessions of
per annum, are dated April 15, 1942, and will mature Nov. 1, 1942. the United
States, or by any local
The Treasury announcement of the offering April 6, said:
taxing authority. ;7:/^fiA
"In order to insure more ex-3>
3. The certificates will be ac¬
tensive participation for moderIn the opinion of security ex¬
ceptable to secure deposits of pub¬
ate amounts on the part of cor¬
perts the issuance of Treasury lic moneys. -They will not be ac¬
certificates
of
indebtedness
will
porations, banks and others inceptable in payment of taxes and
be welcomed by investors who
X terested in a type of security
will
not
bear
the
circulation
have
not
previously been able
carrying maturities somewhat
privilege.
to employ advantageously their
longer than Treasury bills, sub4. Bearer certificates with one
lOf
or
taxes,
Geriificafes—Books Arei Closed
"
.
-
'
scriptions
allotted
in
idle funds in United States Gov¬
to $25,000 will be
up
full.
7
for
7
lotted
ury
basis, but not less than $25,000
will
7
AprilT, had the following to
regarding the proposed offer¬
•!
Secretary Morgenthau today
\rf
>
announced the
plan to be folthe Treasury in its
public offering of Treasury cer¬
Government
States
United
market
open
desirable
a
registered form.
tions.
United
It was pointed out by Secretary
Morgenthau that "Treasury certi¬
of indebtedness
ficates
i4. lowed by
new
•s,
were
of
type
States
v
of
issue
to
is
indebtedness.
the
take
form
of
a
single offering of about $1,500,000,000, instead of the two is¬
sues contemplated last month.
The Secretary explained that
the
\;
issue
new
meet
is
demand
a
designed
to
the part of
on
fjl corporations, banks, and other
investors for
carrying
type of security
a
maturities
somewhat
longer than Treasury bills.; Be-
.
f;, cause
7'/ cated
corporations have india desire to invest current
this type of security,
the
Secretary is contacting them di7 rectly to inform them of the
in
to
these
were
columns
referred
March
26,
and
received.
It
was
Treasury
Branches
sell
were
pointed out that
subscriptions,
curities
which
be
the
at
not
agree
dispose
of
of the
or
be
may
re¬
Reserve
Washing¬
must
otherwise
or
mit
for
banking institutions will not be
permitted to enter subscriptions
before the close of the subscrip¬ except for
their own account.
tion books. \
7
:;
7
Subscriptions from banks
and
•
Subscriptions for the Treasury trust companies for their
own ac¬
J
approaching offering.
certificates of
;
In his communication to corpo¬
accepted from the various classes deposit.. Subscriptions from all
of subscribers on the same basis others must be
accompanied by
rations,
Secretary
Morgenthau
said:
?C
indebtedness
were
those entered for the last two
as
will
count
be
of
payment
received
10%
-Other
The
Bank of its Dis¬
General
Provisions
ceive
lotments
the
and
requested
subscriptions,
the
on
amounts
to
basis
to
re¬
make
al¬
and
indicated
up
by
Reserve
Banks
of
to
the
certificates
delivery
of
The
2.
to
will
the
be
-
without
of the
amount
Treasury
Department
public offer-
cash offerings of Treasury
rent
accumulations
funds
I
am
since it
subscribe for
to
of these
some
'
.
me
wish
7
money '
income
was
no
new
financing in March since
tax
receipts and sales of
Defense Savings Bonds were suf¬
ficient
to
covef
expenses
up
to
April.
circular
official
The
governing
this offering was as follows:
7
"If you will telegraph me not
7-
j:
to
occurs
that your corporation may
securities.
*
business
in this type of security.
calling this issue to your
attention
.
of
There
later than Friday evening, April
3, 1942, indicating your interest,
rations,-pension funds, insur¬
ance companies, and similar in¬
stitutions and funds—not to
ceed
4.
Treasury Certificates of
cash
tion.
£
of Government securities,
ings
v.:
(
As
the
new
only
offering
be
may
day, prompt ac¬
tion is necessary if you wish to
open
one
1942
Department Circular No. 683 7
Fiscal Service
Bureau of the Public Debt
participate, 7 Subscriptions
for
up to
and ; including
TREASURY
7' amounts
also quote:
we
'
<
I.
In
introducing the new issue
the Treasury will also have the
benefit
of
the
facilities
7 investment industry.
7' tatives
i-
of
Bankers
the
of
RepresenInvestment
Association of Ameri-
ca, the National Association of
7; Securities
Dealers,
and
the
7 Association of
Stock
Exchange
Firms have volunteered to have
their
members
assist
in
famil¬
iarizing investors with the offering.
.
|
.
,
.
,
Secretary
Morgenthau
ii pointed out the obvious diffi*'■
culty of directly notifying the
.
;
a
investors
who
I. Offering of Certificates
7
The Secretary of the Treas¬
ury, pursuant
the Second
the
v
2
Washington, April 6, 1942
the Treasury advices of
From
April 1
amended, invites subscriptions, at
and accrued interest, from the
Treasury Certificates of Indebted¬
ness
of Series A-1942. The amount
of the
offering is $1,500,000,000, or
thereabouts.
1. The certificates will be dated
together
100%
of
subscrip¬
Secretary of the Treas¬
the
right to reject
any subscription, in whole or in
part, to allot less than the amount
of certificates applied for, and to
the books
as
at
to
any
all
with¬
or
time
action he may
take in these respects shall be
final.
Subject to these reserva¬
out
notice; and
any
ment
notices
promptly
be
sent
allotment.
out
:
:7'7777::IV. Payment 7'7':7
interest, if
1942,
at
the certificates.
the
rate
or
before April 15,
later allotment.
In
on
on
or
or
payable 6n
an every case where payment is not
maturity of so completed, the payment with
They will mature application up to 10%
of the
per annum,
basis
at
any,
and accrued
for certificates al¬
lotted hereunder must be made
terest from
date
the
Nov. 1, 1942, and will not be sub¬
amount of certificates
applied for
individual efforts 'of ject to call for redemption prior shall, upon declaration made by
members of the investment in¬ to maturity.
the Secretary of the Treasury in
2. The income derived from the his discretion, be forfeited to the
dustry
will give
sufficiently
certificates
shall
be
widespread publicity to the is¬
subject to all United States. Any qualified de¬
sue
' V '■ 7 7^7777*7^77 Federal taxes, now or hereafter positary
will be
permitted to
with
the
.
.
:
various
,i;
papers
price had been ad¬
April
Long Branch, N. J. "Daily
the
creased its retail price, effective
April 13 from 3 to 4 cents. Asso¬
MORGENTHAU, JR.,
Secretary ■ of the Treasury.
/
ciated Press advices added:
Louis H. Farb, General Man¬
Bill To Limi! Ml To
March
28
increased
-
and labor made the rise
signed on
increasing the
$65,000,$125,000,000,000.
The
bill
from
Federal
debt limit from
$2.75.
000,000
to
bill
also
amends
Liberty Bond Act
Treasury
thority.
Final
the
the
so as
greater
Congressional
measure
came
on
afternooii
26
creased
when the House
adopted the con¬
ference report, which had been
agreed to by- the Senate on the
previous day (March 25). This re¬
a
explaining
why the
on
will be boosted from
5 to 6 cents effective April 5. 7
The
publishers
said- rising
company,
J costs* taiadg
change necessary;:-"
production
The
advanced
went
dith :
re¬
the
was
and after
7 the
Senate
fully
from Virginia
the
$1
greatly
refused
time
the
at
yearly
price'was advanced
$1.50 a year, Lester
to
increased
and
March
26,
page
1229.
RFC Loans To Miners
In
the interest of quick agreement
.
March 25, Mere¬
reference
1041
page
Senator
*
on
prices recently put into effect by
magazines and daily papers ap¬
peared in these columns March 12,
himself agreed to
the debt-limit bill.,
to
15
production costs.
an
7 recede from the amendment, in duction
on
was
to
April issue which
same
Earlier
amendment.
the
cents
u g g e,
Circulation - Manager
stated, due he said to constantly
rising prices which have increased
had gone into the
we
10
M
Virginia (Mr.
onfe of the conferees;
matter
sale
on
from
The Senator from
Byrd)
the
subscription
this amend¬
conferees
to
magazine
Publishing Co, officials
Moines, Iowa, said.
At
told the Senate on
25, as reported in the
"Congressional Record":
7
accede
the
of
from
with
cents
March
The House
price
the
"
"Better Homes and Gardens"
ment, Senator George (Dem., Ga.)
Chairman of the Senate Finance
to
in¬
price of the "Sunday
News," published by the same
ported in our issues of March 19,
page 1140.
;;
conferees receded
Era"—was
copy.
Des
was
"New
today from 3 to 4 cents
-The
conferees receded.
Previous Senate action
daily
newspapers—the "Morning In¬
telligences-Journal"
and
the
on
,
March
hundred copies to
a
ciated Press reported:
The price of Lancaster's
au¬
action
$2.00
From Lancaster (Pa.) the Asso¬
Second
to give the
financing
neces¬
He said the wholesale rate
charged dealers would be raised
sary.
Roosevelt
the
of the "Daily Record," said
costs of production
ager
$125 Billion Signed
President
any
will
upon
completed
that
de¬
>
7
to encourage
strategic
and
minerals
from
metals
or
mines,
Secretary
Jesse
The House conferees took the
effort
of
of
pro¬
critical
small
Commerce
Jones announced
March
on
position that representatives of 27 a plan whereby the Recon¬
7. the Treasury had appeared be¬ struction Finance Corporation will
tions, subscriptions for amounts
fore the Ways and Means Com¬ make an initial loan of $20,000 to
up to and including $25,000 will
mittee and had stated that a any miner whose property ap¬
be allotted in full, and subscrip¬
limit of
tions
for amounts over
$12§,g)0,000,000 on the pears to have "reasonable promise
$25,000
public debt would meet all the of success." y: If the results are
will be allotted on an equal per¬
necessities of the Treasury. The good, it is explained, additional
centage basis, but not less than
April 15, 1942, and will bear in¬
annual
announcements
or
with
1. Payment at par
II. Description of Certificates
of Vz%
press
net
people of the United States for $25,000 on any one subscription.
Vz % certificates of indebtedness of The basis of the allotment will be
the
United
States,
designated publicly announced, and allot¬
is
it
to the authority of
Liberty Bond Act, as
par
expected will wish to subscribe
and
expressed the hope that
numerous
deposited
subscriptions
DEPARTMENT
of
;
Record" announced that it had in¬
HENRY
Committee,
reserves
close
Office of the Secretary,
;; $25,000 will be allotted in full."
.1
✓
.
50%
of net worth
2. The
ury
advised about subsequent offer-
exceed
Individuals—not to exceed
50%
Indebtedness of Series A-1942
Dated and bearing interest from
date,
April 15, 1942
I. complete details of the terms of 7:/7;V'7';.
Due; Nov. 1, 1942
7 this issue and see that you are
offering
to
other
7:
„
Banks.
In
resources.
worth.
>7 you
the
of total
profit, and dealers and brokers
|I shall be glad to have sent to
before
10%
ex¬
3. Corporations organized for
—not
UNITED STATES OF AMERICA
Vz%
accounts and investment corpo¬
editorial
.
7.
1
-
1952-55.
;
promptly to the Federal Reserve
•
of
and
-
vanced from 2 to 3 cents. On
..
cur¬
has
Commerce,"
with other publica¬
had to absorb sub¬
known that its
offering,
communicated
•
7 dicated the desire to invest
April 30.
on
which have recently raised their
prices is the Bridgeport (Conn.)
"Post," which on March 31 made
bonds of certificates applied for.
Sub¬
7'; expects to make a
(described in detail in the formal scriptions
will
be
entertained port eliminated the amendment
from the various classes of sub¬ which the Senate had added on
offering circular below).
| ing of about $1,500,000,000 ? of
2 Treasury certificates of indebt- 7 This is the third large cash of¬ scribers on the folio wing bases: 7 March.
17, increasing the national
77-"'7\;-. V
-7-r
7 ■ 7 '• *'
V -7 '
debt to $130,000,000,000 so as to
| edness on Monday, April 6, fering of securities to be made by
1. Banks fand trust compapies
-7 1942.
The certificates will be the Treasury since Dec. 15, 1941.
include in the debt limit all fully
for their own account—not to
!.;• offered at par and will bear in- In December over $1,500,000,000
exceed 50% of capital and sur¬ guaranteed obligations of Govern¬
; terest at the rate of % %, pay- ot2Vz% bonds of 1967-72 and 2%
ment corporations. The House con¬
plus.
able by coupon.
The maturity bonds of 1951-55 were issued and
ferees refused to accede to this
2. Mutual savings and cooper¬
in February the
Treasury sold
7 will be about six months. :
ative banks, Federal Savings amendment, insisting on its $125,K ;
"Many corporations have in- over $1,500,000,000 of 2V^% bonds
7 and Loan * Associations,■ trust 000,000,000 limit, and the Senate
"The
or
"Journal of
common
Among
prescribe
governing
which
by
production
partments*
supplemental
amendatory rules' and regula¬
tions
received
tions,
Secretary ■ of the Treas¬
at any time, or from time
time,
subscriptions for
.
.
X
stantial increases in costs in the
pending delivery of the definitive
*'
one
The
may
certificates.
tend their
in
.
subscriptions allotted, and
issue interim receipts
they
exr
The newsstand price will be 10
cents.
fulN
on
of
costs
The announcement added:
Present subscribers
is
the
allotted, to make
certificates
increased
year at the current price of $15
if the order for such extension
respective districts, to issue allot¬
ment notices, to receive payment
for
offset
may
Secretary of the Treasury to the
Federal
to
operation, its annual subscription
price will be advanced to $20 per
year, effective April 15.
i1
1. As fiscal agents of the United
States, Federal Reserve Banks are
authorized
New
York
"Journal
of
Commerce" announced on April 7
the
by
that
V.
Papers Up Price
of existing de¬
trict.
of
customers,
midnight April 6, would be con¬
sidered as having been entered
in
Reserve
Journal of Commerce
to
any
it" shall; be
notified
so
cer¬
itself
up
which
-
excess
when
Federal
sub¬
account
but only the Federal
any subscription
addressed to a Reserve Banks and the Treasury
Federal Reserve Bank or branch Department are authorized to act
and placed
in the mail before as official agencies. Others than
7
for
amount
for
allotted
generally7 may
subscriptions
it
customers
qualified in
se¬
thereon, prior to the closing of
the subscription books.
Banking
institutions
.its
posits,
by, credit for
allotted- to
ury may
and
Department,
Subscribers
ton.
to
their
books to the
closed at
the close of business on April 6,
Secretary Morgenthau explaining
that the offering had been well
offering
present
and
or
Banks
page 1236.
The subscription
Accumulations of business funds
1
the certificates
sue
certificates.
a
1.
Subscriptions will
They ceived at the Federal
last issued in 1934."
make payment
tificates
paid
not
are
obligation.
The plans of the Treasury to is¬
The
.
.C-
..
m. Subscription and Allotment
1
tificates
;
5. The certificates will be sub¬
means
ject to the general regulations of
through which banks can adjust the
Treasury Department, now or
their day-to-day reserve posi¬
hereafter
prescribed,-- governing
•
sued
ing:
the
furnish
securities-
7) The preliminary announcement
of the Treasury Department, is¬
say
issued in denominations of $1,000
expressed that Treas¬
$5,000, $10,000 and $100,000. The
certificates of indebtedness certificates will not be issued in
for
7 on any one subscription."
will be
£dso
is
larger amounts will be alon
an
equal percentage
attached
coupon
The belief
securities.
ernment
Subscriptions
interest
Thursday, April 9, 1942
loans up to
Senate conferees presented very
strongly the
case
able.
for the Senate
out of
amendment, to wit, that under
amendment, henceforth in¬
cluded in the public debt, would
be
the
obligations
of 'those
agencies of Government whose
to the
desirable,
clude in
limit
•
sold
RFC
were
as we thought, to in¬
the public debt, such
as
and
those
other
issued by
agencies
However, the House conferees
position that, since the
Treasury itself had said that a
$125,000,000,000 woul
place before the Hous
which
would
open
.
to
time
an
amendmei
raise
the
del
$130,000,000,000 woul
the whole bill to
so
muc
7 question in the House that i
prompt enactment might not I
obligations were fully
guaranteed both as to principal
took the
the min¬
ury, to
at
this
limit
whose
and interest.
of
on
meet all the needs of the Trea:
to
as
7 obligations
the
indebtedness
mortgages
ing property.
fully guaran¬
principal and in¬
and that it was highly
public
teed both
terest,
of
mining operations and will
not require
the
evidences
$20,000 will be avail¬
The loans will be repayable
secured.
Since
it
was
desire
to enact the
'
legislation promp
ly, the Senate conferees^ aft<
long argument with the Horn
conferees,
agreed
to
from the amendment.
recec
Volume 155
Number 4062
THE COMMERCIAL & FINANCIAL CHRONICLE
,
Inclusion Gf Safes Tax lei Revenue Measure
the
the farmer receives cash for his
:
Completing
on
Means Committee
April 3'a month of hearings
the Treasury De¬
on
the
Committee
seems
the
on
proposed
tax which appears
measure
would begin about April
it is reported that there
20, and
is little
likelihood of the bill reaching the
House before June 1. In its April 3
A
of
survey
•
Committee
the
tration
program
follows:
Mr.
:
Morgenthau's recommenA clear
tually
dation against sales tax:
-
majority favors either
;
facturers'
a manu-
monitor
chant
V order to be able to scale down
Mr. Morgenthau's request for
a
in both indicorporation taxes.
$3,200,000,000 more
of
Total
individuals:
from
-z.
«
last-ditch
:
such
v
:
Except
of
source
as
the
a
consumer
^
portion
which the
feel
the
added
as
that
"we
to
go
will
be
there
to
the
in
larger
of the
G.
oil
bill, at which time the
members
favor
profits
war
on
The
Another
>
Sixteen witnesses
Re-
public
the
v;
has
"harassed
was
by
and
ciation,
10%
uncer-
present
inclusion with
the
a
'
terms of the
able
tion to sales
do
The provision
contracts
activity,
■
understandable
But
the
sales tax is adopted:
a
of
'-
otherwise accepted for the most
It
close
fac¬
causes
Sundays and
It helps our enemies.
holidays,
on
The Congress of Industrial Or¬
ganizations, acting concurrently
in
with
the
American
Federation
of
Labor,
has I wisely
and
patriotically recommended that
resources
double
grow,
^
peacetime.
it puts a brake
production.
tories to
depletion of profit¬
-i
union
some
in
in wartime
on
work
and
premium
fall
on
within
the
•
Mr. Just declared that the de-
week, be given
| tion of the
tax
for
time
Saturdays,; i Sundays
holidays, where such days
and
/.
■'
in
requiring double time
other premium pay for week¬
end and holiday work is quite
he said,
mining operations must develop
constantly new sites* for their
opposi¬
taxes, the American
work
That would
every factory
and every
shipyard
should
be
working
seven
days a week, night and
day. The war does not stop for
Sundays and holidays.
allowances
deplete
week.
that
this
minimum
not
must
man
a
up, rather than quicken,
production.
But it does mean
or
this type
Retail
Federation, according to
; pletion allowance was necessary
throughout most of the
the
Journal of Commerce"
to produce the capital needed
States, while many persons paid
part, but only as a temporary
Washington < advices, ; told
the
an income tax for the first time;
by the mining industry in carry¬
war
measure.
Major revenue
House Committee on March 31,
ing on business.
\ y
;
would come from increases on v on March 15.
through its representative B. Earl
i distilled spirits, a doubling of
On. April 3 the House Commit-;
Similarly,; George A. Mer¬
Pluckett, that it favors a 5% re¬
the present IV2 cent tax on gas-. tee was told
chant of .Chicago, of the Binckby Carl B. Robbins,} tail sales tax on all
merchandise,
oline, and on cigarettes.1
President
of" the Axtori
Fisher
ley Mining Co., contended that
except Government purchases, as.
the depletion allowance is more
Compulsory joint individual Tobacco Co. of Louisville, Ky.,~
the most anti-inflationary tax to
V income tax returns by husband that there was no more
necessary now than ever.
He
"painless"1 meet present wartime needs of
y
and wife:
said that his industry was fully
Acceptable as a war method of increasing the Federal
the country. Continuing these ad¬
aware
of the; huge task con¬
measure, with the prospect that
revenue
than by raising the ta?c
vices to the" "Journal of Com¬
:
it would attract more votes than on cigarettes. He argued, how¬ merce" said
fronting
Congress in; raising
in part:
last year when it was defeated ever that the increase, should be
war
revenues
and that it was
According
to
Mr.
Pluckett
not the wish of his group to
- in
the House-after winning based on a differential propor¬
who is also President of Allied
tionate to the manufacturer's sell¬
y Committee indorsement. • ;
suggest the percentage of net
Stores
Corporation, ;; such
a
:
Taxation of State and munici¬
income to be taxed.
ing cost of "economy" and stand¬
measure would bring about $3,pal securities: Probably would ard brand cigarettes. The Asso¬
000,000,000
to
the
Treasury
and
be rejected because of the ef- ciated Press further said:
would give the Treasury lati¬
y, feet, ton outstanding indebted-;
He
suggested that the rate
tude in seeking the additional
ness and on future security flobe increased from the present
$4,610,000,000 required to meet
tations.
,y
;l-' „ k
$3.25 peif 1,000' cigarettes to*
j
tax requirements for the fiscal
Elimination of the present so$3.50 for the "economy" brand
year, 1943.
called percentage depletion al-;
President Roosevelt declared on
and ;$6.80
for
the
standard
lowance for oil well operators:
V: Also
brand.
appearing
before
the April 7 that payment of double
;
House Ways and Means Com¬ time for week-end and holiday
Opposed because it might inter-The Treasury has suggested a
mittee were Donald I. Greek of work in wartime "puts a brake on
boost from $3.25 for both types
; fere with maximum production,
of petroleum.
to $3.50 for the economy brand'
Dagrusch, Greek & King of Co- production", and "helps our en¬
and $4 for the standard brands.;
lumbus, Ohio, who advocated a emies." The President made this
Withholding ; income; at the;
Mr* Robbins said his proposal1
5% sales tax modeled after the statement in a letter to a special
■>;
source as a means of collection:!
; would
conference
of
the
United
..Ohio plan to meet preseqt Gov¬ war
bring in close to1 $500,Opposed on the ground that the;
ernment spending requirements Automobile Workers
000,000 as contrasted to an esti-i
(C.I.O.) at
average person would prefer to
jected if
•
days
bodies exclusively. Be¬
they
which
Reversing its stand in
been:
made acquainted with
ore
cause
calculated
the net sale price.
on
every
seven
He explained that it is impos¬
to rationalize the capital
in
operate
that
sible
investments
our
our'
on
a
seven-day
Every day must be a
day. That does not mean
pro¬
that
depletion
and
r
outstrip
munition
shipyards
or
in
mined
^
,
and
slow
unan¬
members
lead
tyrants
dig¬
rights of
the
work
week.
of the zinc and
contended
and
men
production,
must
just.
were
provision that
assessment t be
only
of the
country,
D. C., counsel for the
organization, argued that the
levy, now 5%, should be elimi¬
nated on repaired goods alto¬
gether or, if left on the books,
should specify definitely their
of
whose
totalitarian
overtake
Axis
Ore Producers Asso¬
duce about 40%
;
•
Lead
of
factories
: Evan
Just of Miami, Okla.,
Secretary of the Tri-State Zinc
-
Re-
ington,
these
already
Parts
workers to match and
the
To
the
appeared
group of
determined
no
more
free labor.
opposition of the oil and mining
industries.
•
that
sure
our
nity
Washing¬
a
attack
whose aim is to destroy the
imous for the last two days the
Meredith M. Daubin of Wash¬
contracts.
advantage
of
;
in
submitted briefs to make
Negro Council,
Automotive
tainties."
;
the
sales tax, members feel, is that
from
minerals
New York "Times" in
Association,
urged
committee to clarify the taxing
of
repaired automobile parts,'
contending that
the
industry
in¬
limitation
and
with
up
treacherous
people is
com¬
-
for
Brown,' speaking
National
builders
despite
of
Committee
catch
at Pearl Harbor.
us
am
than
April 2 issue,
be mentioned
our
may
tax
asked the committee to oppose
a sales tax.
taxpayers
some
in
new
the; United
Government
Employes,- Inc.,rand a director
v-
point
no
business,
that
fact
be
would
for
engage
the
to
I
ton account said:
Edgar
their
master
ance
for
should
taxes
ed
Committee
the
com¬
sales tax, much
a
dislike to."
we
now
and
income
ducement
combined
$1,344,000,000
that
pelled to
portion
that corporate
before
could
we
against
pleted hearings on March 24 on
Asserting that Congress could
the Treasury's proposal to elimi¬
not
raise
$7,000,000,000
from
nate or reduce the depletion allow¬
corporations and individuals, he
as
also
increased
be
where
excess
of
to
personal
not
-
starting at
and increased excises:
here
Treas¬
ury;
mer¬
are
a
it
by
fore
them, they deliberately launch¬
regarding
the
week ago on the tax
1344,
receives is
members
-VX/,'••
details
for peace,
drove their
overtime, Sundays and
holidays, to prepare for war.
They got a jump on us, and be¬
charac¬
While
hearings
worked
we
people
the
ter.
noted
proposed
While
the Fascist Powers
because
war
anti-inflationary
page
the tax and
the tax stamp
from the
Committee
members declare.
Sum
sales
its
were
which the merchant retains.;
profit rates
ranging up- to 75%. f Rates ap¬
pear to be almost confiscatory,
new
"an
a
•
our
of
the
f
consumer
said
some
for
vote
after the
measure
corporation
pays
of
vidual's tax so closely upon last
year's trebling of income taxes.
Levy of $3,060,000,000 addi-
55%,i and
would
/
Ohio plan the tax
the
we must win this war
which the Fascist Powers plotted and planned for many years.
,
He
measure.
revenue
taxes
re¬
obligation
that
;
rights of free
and women in the modern
men
as
added that he would oppose
.
revenue,
high, what with
the
manent
of
proposals
stamp is torn in two at the time
program
normal and surtaxes
his
fulfills
distinguished
a
that
see
would be rejected On the ground that it
would double the average indi-
too
v
to
;
well
as
tax rather than for big increases
in individual and
tax colT
"tax collector."
the
%■ tional from corporations: Much
1
-
Under
steep' increases
vidual and
•
a
.
showed
made
House
-
•
I.
merchant
every
.
Disney
overwhelming majority" of the
ment
retail sales tax, in
or
had
lecting agency for the Governand
every
purchaser a
*"
f.
*
.
its effect on
department
store
sales,
Mr.
Pluckett, declared that he ad¬
vocated such a tax only at the
present time and not as a per¬
prices
on
Oklahoma, a member of the
committee, issued a statement
saying that a survey which he
ported from Washington:
r..
Such system would make vir¬
,
war
upon those ; who
incomes
because
.
to be most fav¬
"Journal of Commerce further
the Adminiswould fare as
taken today
were
v
' fixed
in¬
the
placing added bur¬
tax
Representative
is the plan
now in operation in Ohio, where
the
merchants
prepay < the
tax
through
the
purchase
of1 tax
stamps and then reimburse them¬
selves by collecting for the stamps
from the ultimate consumer, the
members indicated that if votes
have
from
persons with
fixed inalready have undertaken
fixed obligations."
ored by the Committee
advices the Associated Press said:
of
upon
enjoying
comes
-
;
My dear Mr. Thomas:
To preserve the
Explaining that he has here¬
tofore opposed a sales tax as a
means
of raising revenue for
the
Federal
Government, be¬
cause of its
deflationary effect
many
i
.
sions
dens
taxes
new
are
incomes
and to avoid
willing to ^accept right now is the
amount," two members said.-Ac-<^
of sales taxes and increased in¬
cording to Washington Associated
come
taxes
with
Press accounts on April 3, which
heavy
em¬
noted that Mr. Morgenthau had
phasis on the sales tax. Inform¬
ed
recommended
the
quarters also believe that
$7,610,000,000
repeal of the capital gains tax
increase over this year's recordwill be advocated purely on the
breaking revenue law, Chairman
grounds of revenue.
v ytoi"
Doughton of the Committee stated
on April 3
that closed-door ses¬
Indicating that the type of sales
the
of
:
wno
creased
Secretary Morgenthau's revenue proposals would be rejected when
the Committee drafts a new $7,610,000,000 tax bill. "About the only
thing
burden
those
said to have predicted that day that many of
was
>\
which
in
world,
general purpose,"
he
told the committee, "is to place
partment's recommendations for new taxation, the House Ways and
sales
"The T
-
•
year's
one
products.
"
r
;
rates
first
ranging from 50% of the
>$5,000
to \ 100%
above
$100,000.
■■
'
■/*
1445
normal
work
for the dura-
up
and that these
war
days be treated like any other
day of the week.
I am sure
-
1
>
•
that
with
this
policy
war
.
«
your
am
knowledge that
will help expedite
; production, it will ; have
whole hearted support/ I;
likewise
sure
that
this
policy,
understood, will
so
com¬
mend,itself to the rank and file
of the American workers every-
.
.
where.
Of
course
the relinquishment
of double time should not oper¬
ate as a windfall to any em¬
,
ployer
We
or
of
group
asking
are
employers.
from
sacrifices
group for the selfish benefit
of any other group.
Total war
no
Double Tiitse Pay
Helps
Enemy Says Roosevelt
r
the
demands
total
common
good.
sacrifice
for
the
.It is the intentiop of the Gov¬
'
ernment to
with
the
.
to
necessary
•
;
.
insure
that
the
savings from the relinquishment
of double or premium time* go
.
'
,
renegotiate contracts
employers wherever
not to the employer but to the
^
nation.
•
"
Very sincerely yours,
,
/
•
1
-
make his
own
tax- payments
..
$188,000,000
y mated
plans to meet his
Treasury plan.
next March 15. y
..
..
under
and
the
to
,
an
be
after
additional 5%
refunded
the
to
consumers
Such
war.
sales tax
a
plan
is
its
Washington * bureau "A suggestion for a $14,800,000,-.
similar to the system in Eng-(
6 the New York "Journal: 000 tax program based on tapping
/•"land at the present time, under
;of Commerce" reported that,; in recent increases in income to in¬
which a part of increased taxes
.the view of official circles there dividuals and corporations was: '
will be-refunded to taxpayers
mow
appears a virtual - certainty: presented to the House Commit-:
after the war..
{•that the House, Committee willi tee on April. 2 by Prof. Joseph E.;
recommend a bill which Will pro-' Shafer of Bowlings Green State
Advocating a more equitable
; ' From
April
_
_
a sales tax to raise from.
University*. Ohio.' From the April
.'$3,000,060,000 to $4,000,000,000 with 2 "Associated Press Washington
;
;
:
;
.the remainder necessary to pro-: advices we also quote:
.duce
the
•from
by
$7,600,000,000 recam-ithe Treasury coming;
increased
income
-•These advices added:
.
-»
'
time
Some
ferences
seemed
over-
to-
..,
-the
:
i
>
tax
}
dif--
.the
aso,
center
taxes;
f
bill-
on-whether
the
-
r .
v
Treasury's
proposals
creased
.
favor
members
would be rejected
a' sales
tax, r but
of
the- Ways- -and
to
lean
toward
a
combination
would
'
the
.
income
over
1941
-
to
■
:
committee
that
farmers
should be allowed to carry over
their profits from year to year
in. order
to
declared
that
offset
it
losses.
takes
-
two
He
to
three years to raise some types
•
95%
of any increase exceeding
> of crops and a somewhat shorter
$11,800. This levy would be in
time to raise livestock and cat-i
addition to regular taxes. *
<
tie, during which period there
of
Means Committee are now' said
it
"
the next year
in
that
..
for
raising the funds necessary for
estimated
produce, $8,800,000,000 from in-,
div.iduals and $6,000,000,000
:
from corporations. - ~
{
He proposed a special indi: vidual income tax ranging from
.20% of the first $100, of in¬
1
•
He
.
For
„
C.I.O.
waive
.
and
for the duration.
Guayule Rubber Progress
to
-
premium time
.
/
a
progress
in
the guayule
project is re¬
Department • of
production
ported
by
the
Agriculture's Forest Service. Seed
Saying that "the relinquishment
as
Rapid
rubber
of double time should not operate
sowing for-. 500
windfall to any employer or
good."
common
out
to
follow
He also pointed
intends
,
of, nursery
acres
renegotiate contracts with the
employers
"wherever
to insure that the
progressively
stallation
that the Government
necessary
savings from the
the
nursery.
also
states
when
behind
in¬
of irrigation systems
the
.
The
that
since
Guayule
in
Department
March.
Rubber
5,
Pro¬
relinquishment of double or pre¬ duction Act was signed, a seed
mium time go not to the employer treating
building, 80 x 109 feet has
but to the nation."
[
been
completed
and
is
now; in
The President's
letter, address-;
ed to R. J. Thomas, international
President of the U. A. W.-C. I. O.,
r
would ---is-no income to the farmers.. He
use. a 1938-40 base and tax the
added, however, that the tax on
increases above that level at
thes£ products is computed on follows:
corporations, .he
board
executive
double
beds near Salinas, Calif., started
group of employers," Mr. Roose-late : in
March,
plowing
and
tax program for the agricultural; velt-explained that no; group Js
interests of the country, Samuel being asked to make sacrifices for discing of the nursery beds, and
soil surveys and maps having been
Fraser of Rochesterr N. Y., whof the selfish benefit of any other
is secretary of the International group and added that "total war completed, says the Department,
which indicates that sowing will
Apple Growers Association, told demands total sacrifice-, for the
'vide for
'mended
Detroit, called for the purpose of
acting on the recommendation of
the
FRANKLIN D. ROOSEVELT.
-
v
•
r •
•
-
.
>,
.
opera tion ./Launching
ect
was
umns
of the proj¬
referred to in-these
March 12, page 1062.
col¬
.
:
THE COMMERCIAL & FINANCIAL CHRONICLE
1446
School for Social Research, Na¬
;
More Than 100 Government, Private Agencies
Seal Estate Group
tional Policy
Committee, Social
Council, Coun¬
Foreign Relations, Amer-^
Science Research
Studying Post-War Social, Economic Problems
ican
the
emerge after
Planning for a richer and better America to
ends is now engaging the attention qf more
cil'on
many
Library
others.
Association,
K:
:
i ; Thursday, April 9, 1942
'
Opposes Federal Sales Tax
Urges Co-ordination Of Entire Tax Structure
.
and
K Suggestions for constructive
:;
■
national-State-local tax action in
than 100 govern¬
It is added that The Twentieth ,view of necessary and increasing war, requirements, coupled with
criticism of certain current proposals in the Federal tax field, has
mental and private agencies and i commercial firms throughout the
Century Fund itself is one of the
been expressed by the National Council of Real Estate Taxpayers to
United States, according to a survey of the subject recently made
leading agencies now active in
the House Ways and Means Committee.
for The Twentieth Century Fund. A report of this survey, "Postwar the/
postwar field.. It will soon
K
The real estate taxpayers warn against current proposals which',
Planning in the United States," was issued on April 6 by the Fund.
publish a series of special reports
war
.
The
which
survey,
made<^"
was
George B.
Galloway, emphasizes the magni¬
tude Of the public and private ef¬
fort to anticipate and make plans
to meet the social and economic
for
Fund
the
country will face
this
problems
Dr.
by
There is, it
when the war is over.
is
and peace
same
wartime
that
and
and
postwar
planning is a continuous and in¬
process." /:!/
divisible
in the
describes
Planning
"Postwar
In
United States" the Fund
the work of 35 Government agen¬
tions,
other
organiza¬
financial
and
dustrial
seven
11 in¬
private agencies,
33
cies,
16 . trade associations and
rail, highway, water and
transportation agencies now
actively engaged in postwar plan¬
ning research and says that fur¬
ther
investigation
undoubtedly
would reveal more. Much of the
research, it is pointed out, is still
in the planning stage.
The re¬
agencies,
port catalogs the leading
lists
and
classifies the
projects
and includes
a bibliography
of current books,
pamphlets and articles on post¬
war planning.
each has under way
.
,
findings of
states:
the
Summarizing
.
>
,
the investigation the report
i
Certain mpre or less common
assumptions and objectives for
the United States after the war
taking shape. With few
are now
exceptions, a democratic victory
is generally and
confi¬
•
dently anticipated.
The possi¬
bility of an Axis victory enters
the calcula¬
at all into
hardly
.
of American
tions
postwar re¬
The desirability of pre¬
search.
serving! the private enterprise
as the chief component
system
redevelopment | and hous¬
ing;
Federal-State-local fiscal
relationships; and international
crucial-
postwar
questions
are
particularly likely to be and will suggest some
in
connection with the Joint possible solutions. The Fund also,
:EconomicK Committees of Can¬ is now organizing-/a major, re¬
economic relations;
statement
by
.
and the United States:
ada
search
K
ning
Board,
Eliot
Charles W.
under
Director, is exploring
postwar problems with the ad¬
as
ther
John
Gulick,
The Public
developing
public
post
"reservoir of use¬
a
ful
projects
Reserve, which
by the Work Proj¬
financed
Set
ects
Administration, sponsored
by the Federal Works Agency,
and co-sponsored by the Na¬
Resourced
tional
the
as
States
Board.
P1
a n n
i
n
g
'
\
eral sales tax
!
conservation
of physical
and
additional infor¬
March
Roosevelt
30
the
Z'
of
ton to consider "matters of ■
field
the
and
Netherlands.
had
been
set
The
•
,
.
Committee:
a
~
-
of
ing out long-run programs - in
the
fallowing
fields:
public;
this
State
public
of the survey I also?
The report
says
in part:
Among
and
man
tive Director.
central
the
eral
field.
It
Execu¬
The Board is now
agency
Government
planning
in
Perkins
Milo
in the Fed¬
for- postwar
in the international
is intensively engaged
with
dealing
the
economic
,
fiscal
studies
the
also
are
Division
search and Statistics.
Postwar
studies
the allocation of lend-lease ma¬
stuffs
to
friendly
The Board
of food¬
nations,
etc.
in this work is
even
De-;
are cen-;
mainly in the Division of!
Economy,
under;
International
the export
the
E.
Taylor, and the Divi¬
the
tioned, a great many other gov-;
ernmental departments, bureaus,5
war.
In
the
1
;■
(' lK KKK;*-:'
Labor Department,
a
addition
In
to
commissions, etc.,
established
of
working
Division,
Included
in
the .Bureau
Statistics.
Labor
The
.
in
the
Fund
in
those
are
Britain, said there
was a
general
situation by
the President and various points
report as
the
war
among
such
the
!
of
Office
Inter-American Affairs, Federal
of
be
actively
field.
are the;
ernment
Coordinator
the meeting was most
said
helpful and that meetings would
postwar
in collaboration with other Gov¬
•
further
serious
Pres. Hails Strides
Federal taxing
Made By Virgin Islands
In
a
message of
greetings to the
of the Virgin' Islands,'on
people
the occasion
into
of the 25th anniver¬
i
stability
/ local
and
local
of
and
tend to
so
cornerstone
our
State
governments,
weaken
the
en¬
tire national financial structure.
4
To
structure
tax
levels
mary
been
problem,
31
strides"
hailed the "remarkable
have been and are
that
being made economically, socially
spiritually. He also expressed
and
full faith and confidence that
"we
the shall
be victorious in our
strug¬
of
gle to maintain the democratic
three
asks for co-ordination
Council
the
this
meet
March
on
Government
of
all
a
as
pri¬
need, and one which has
repeatedly asked by State,
way of life."
The
message,
Virgin
Island
as
contained
advices
to
in
the
New York
definite Federal tax policy
would indicate fields which
be
left
open
for
State
which
are
with
held
reasonable
regu-
be
,
As in 1917, we are living, in
art unhappy, world, but I have
should be proposed by
Committee.
The
have
K
resolution of both Houses of Con¬
the-House
strides
being made
economically, socially and spir¬
itually.
and local
This could
done, it is suggested, by a joint
gress, and
remarkable
years,
been made and afe
to
considered and discussed.» government financing.
were
He
men-;
described
make this possible.
,
'
Division,
with
Dai
Hitchcock as Chief, has been
Postwar
-
,
review of the
J
mestic Commerce.
partially or wholly tax
Step No. 2 would help
exempt.
.
sion of National Economy, un¬
der -Arthur R. Upgren, both in;
the Bureau of Foreign and Do¬
giving thought to long-run implications, for ' the worlcl after
are now
sary of the transfer of the islands
fields,
as
from
Denmark, to
the
United
through
Federal
sales
taxes
President
Roosevelt
on
would ! weaken
the
financial States,
.
-
all
"Times" and read by
local, and Federal Government
Governor Charles
Harwood, fol¬
agencies, labor unions, and tax¬
lows:
payers'. groups. A bill to accom¬
I am happy
T, V. Soong, Chinese Foreign Min-j plish this was introduced in July,
through you to
send my greetings to the
isfer;
Dr.
Alexander
Loudon, 1941, by Representative Homer D.
people
of
the Virgin Islands on the oc¬
Netherland
Minister; Hume Angell of Oregon. It is under¬
casion
of the celebration of the
Wrong, counselor of the Canadian stood, says the Council, that the
silver anniversary of the trans¬
bill has never been considered by
Legation.
*
;
'
fer
of
the
islands from Denmark
As to the Council's first meeting the Ways and Means Committee.
to the United States. Since the
Associated Press accounts from In view of the immediacy of the
Virgin Islands have been in the
Washington on April 1 said;
•
| matter, the House Committee is!
possession of the United States,
Lord Halifax, the British Am¬ urged by the Council to take ac¬
tion at once through adoption of a
particularly
in
the
last
ten
bassador,
representing
Great
.
of
partment of Commerce
tered
Amos
and
being made by
of Monetary Re¬
search and the Division of Re-?
phases of the war itself, such as
terials
Other;
relations.
property
situation
power
Vice-President Wallace is Chair¬
and
private
agencies, although there is some
question whether private enter¬
prise, alone and unaided, can
create
full
employment
and
produce security and abundance
|K for the masses.
both
by
<
of
rev-
years
incursion of the
The new council will be in inti¬
.
been
State
tax for
has been at the
point of diminishing returns. In
many
J
the' major* Federal
Government
agencies covered
in the report is the Board of
Economic
Warfare,
of which
econ¬
is widely taken for granted
The
enues.
-
nations -concerned.
the
all
of
merchan¬
already
have
etc.,
reflected in reduced
only be
prosecuted with the, complete
cooperation and understanding
Officer. The Committee is work¬
impact
sources
dise,
!
effort,*
the
also
duced stocks of local
An effective war can
Planning,
with
Walter D. Cocking as Executive
costs
Government, over
citizens, including those who
ness-like tax policies.
finances,
government
feel
demands, find many
drying up.
De¬
creased use of automobiles, re-
policy relating to pur/joint war
Agency j
>
_
all
of
tax
which
.
distribution
paying all ordi¬
increased
State
•
a
The Council also points out that
good citizens today are paying
taxes willingly, but also that
they
are
demanding fair distribution of
the total tax
responsibility, busi¬
must be greatly increased.
But in the meantime local and
the
Equitable
burden of
nary
and
war
branches of
Federal taxation for war pur¬
poses
that the Council
up,
3.
the
the
by
Adoption by Congress of
tures which meet in
early 1943.
Govern¬
action
any
township
taken immediately to serve as a
guide to the 44- State Legisla¬
vading the States' field of rev¬
enue is basically unsound.
in Washington on April 1,
In announcing,
•
appointed
2.
Federal Government further in¬
.
initial meeting of the council was
held
then
and
Federal tax policy, as outlined
above, which should be under¬
the
be
to
Federal
the
of
ment,
is
tax
county,
be
city' govern¬
every
board, school board, etc.
-/. ,■■./'■
income
by
ment,
by implication the States have
had the sales tax as their field.
the
allexpendi?
necessary, 'or
victory. .Some
to
Similar action should
taken
xHistorically the Federal Gov-
If
Program
,
held;
ernment has had primary rights
! in the net income tax field, and
•
longer
no
essential
of this type ex¬
penditures could be eliminated
from the Federal budget, it i$
K
a
country in
period.* It includes:
■ k,
$2,000,000,000
Fed¬
the
of
structure
pro-
basic program
Elimination of
not
-
.
_
,
on
-
ture.
announced
creation
,
last fall
1.
imposed. The Coun¬
/
?;!;!/!
-
war
tures
gen¬
a
eral
Government.
If
adopted
they would tend to weaken the
/
President
said;
*
'
range land and forest land; the
It is imperative that all of. the
development of rural facilities
United Nations now actually en¬
and services; and agricultural-gaged in the Pacific conflict
industrial relations.
consider
together matters of
Administrator Paul V. McNutt <
of the Federal Security
the
out¬
as
proposals
revenue
Pacific War Council at.? Washing!
re-;
land and pasture,
sources, crop
tax
estate taxpayers
three-step
a
for tax action over the
would add
to the existing confusion without
materially improving the
„
Cp At Washington
President
on
China
Department in the postwar field
involves three principal lines of
development
These
from
policy
of Agricul¬
ture; has set up an Interbureau relating to our joint war effort;"
Committee on Post-War Plan¬ The nations represented on it are
the United States, Great Britain,
ning, with Roy I. Kimmel as
Chairman.
The
work
of
the Australia, New Zealand, Canada,
The Department
activity:- the
suggest
who
income
The real
pose
by the U. S. Treasury De¬
cil states :• ■'
Pacific War Council
the Public Work
is
to time,
Commerce,
net
Cham¬
some
! local and State financial struc¬
Coordinator of
is
Baker
in
time
mation becomes available."
absorb
to
United
ning
of
the
unemployment."
defense
-
Jacob
Reserve is
Work
bers
and
partment be softened and
directory :oL postwar studies i of
agencies as nearly .up; to
date as possible.
We shall issue
revised editions of Postwar Plan¬
and others.
is that advanced
Association of
says,
National
that
lined
other
Miilett,
D.
Evans
activities,! iW^hope^ tbr keep-/the
of -Lu¬
assistance
ministrative
project in this field.
Clark, Executive Director of The
Twentieth Century Fund, said on
April 5, "In; addition to our own
.The National Resources Plan¬
the
Manufacturers
mate
contact
with
a
similar
health, social security,' educa¬
body in London.
tion, nutrition, recreation and
At his press conference on Mar.
unemployed youth—and is de-:
veloping plans for postwar ac-l 31,; the President said that • the
Council is purely *a consultative
tivity in each of them.
The Treasury' Department is! body and would deal with the
concentrating on current and progress being made in the fight
postwar
aspects
of
govern¬ against the powers of darkness.
mental finance.
President Roosevelt represents
The Office of
the Secretary is studying inter¬ the United States on the Council,,
governmental
debt
problems the other members being Viscount
and problems of belligerent oc¬ Halifax, British Ambassador; Dr.
cupation. The Division of Tax! Herbert V; Evatt, Australian Min-t
Research,
directed
by
R o yi ister of External Affairs; Walter
Nash, New Zealand Minister; Dr.
Blough,. is studying Federal
the American postwar
in
omy
;
in which he will describe in pop¬
ular language what he thinks the
ban
problems of war
inseparable, being
social fabric,
are
the
of
part
of
"recognition
frank
stated,
the fact that the
state, would increase the<$>
—
1
present conflict, competition, and agers, the Mortgage Bankers As¬
overlap between Federal Govern¬ sociation of America, and the Na¬
ment and State-local government. tional Apartment Owners Associ¬
Typical of such proposals,! the ation!,
they
made to the Fund by Stuart Chase
and State aid in stimulating ur¬
■
full
faith" and confidence
that
real
we
shall be victorious in our
next session • was
estate
taxpayers'
proposal was
scheduled for Tuesday [April- 7 ] J
struggle to maintain the demo!
presented to the Ways and Means
cratic way of life. It gives me
The
participants ' indicated
Committee by Myers Y. Cooper,
great pleasure to send every
that
no
major decisions had
of
Cincinnati, '.President of the,
been reached
at the meeting,
good wish to the loyal people
Council/ and former Governor of
which was largely of a prelimiv
of the Virgin Islands,
Ohio.! Constituents of the Council
which
nary nature to map out what the
are the National Grange, the Na¬
represent in the American scene
Council will do.
*
:~!! : " ' tional Association of Real Estate
K a strategic outpost of freedom
Harry L. Hopkins, lend-lease Boards, the National Association
supervisor and member of the of Building Owners and Man- //and liberty which we are deter¬
War Production Board, was a
mined to defend against
larity.
The
.
agencies, is studying
such subjects as
current and
postwar labor problems of com¬
munities paving a large expan¬
sion of
■■
.v
war
industries.
,
;:'V.
The Division of Research apd
Statistics under the Board of
Governors
of
the
Federal
Re¬
System has retained Pro¬
serve
Housing
of pri-l
vate agencies, many of whose
study projects are of a scale
nomic
studied
adviser.
Subjects being
include
probable
changes in American trade re¬
sulting from postwar develop¬
ments; possibilities of Federal
.
,
every
scope to match govern-;
efforts/ is included in
Postwar Planning in the United
States.
the
eco¬
long list
arjfd
vard
special
equally
second American representative
mental
lists
as
and
-
An
fessor Alvin H. Hansen of Har¬
University
Administration,
the Federal Power Commission.;
Among them the Fund
Commission to study
the
at the
Organization
of
The
Peace,
Rotary
Dr. T. V. Soong, Chinese For¬
eign Minister, told reporters:
"We will be getting to grips
National Bureau
of Economic Research, National
Planning
Association, Federal
of
Churches.v New
following is also from the
1:
Associated Press advices April
International,
Council
*;!■ /'/!!•■:!
ceived
encouragement re-,
garding his own country's problems, he replied that the em-!
! phasis was on the over-all war
any
enemy.
-
?
vv
Council for Democracy,
parley.
with
and
.;>■
....
To
the
whole
more."
a
situation
.
more
'
question whether he-re-
effort rather than on the
Z ests of any
single nation.
-
same
large
• /•>. -
j
j
,
advices
^
stated
Henderson,! head
of
Price
and member
participants
indicated
that Mr. Roosevelt acted as pre¬
a
Leon
inter- Office
!' ' The
siding officer and did
portion of the talking.
The
1
,
tion Board,
of
that
of
the
Administration,
the War Produc¬
arrived at St. Thomas
on
March 30 to be guest of honor
at
the
celebration.
,
-■
!
'.
j
ite in Arkansas to 2,000,000 long
i,
Outline Plait Tii Mobilize Labor For War Work? ^
l .tons
'per'annum,,- representing
Defense
Housing Demand Causes N. Y. Savings
Banks To Create Bldg. Cos. To Aid Construction
a
j dotal increase of .approximately
4 200%- over. 1941 production.
;
| - Antimony—Domestic produc¬
-
Giving Sovt. Power To Allocate Workers
;
A 14-point plan to mobilize memand women for work in war in¬
dustries was made public on April 2 by Sidney Hillman, Labor Direc¬
tor of the War. Production Board. Included in the plan is. Government
f
accordance
( large increase in imports from
,
industrial needs, x
7. The War Production Board
should; direct all contracting de¬
.; a'.-
Press
accounts from Washington, April
^According
Associated
to
2, Mr. Hillman, who is on leave
the Amal¬
from the Presidency of
gamated Clothing Workers (CIO),
made the plan public after he was
partments and agencies to, take
the necessary action to insure
full utilization of the local labor
1 supply,
women"; and
/ n,
'
" {«
including
minority groups.
;
■j Mexico.'
s1'■ '•
«' ?>
•
'
]
to
centralizing control of all Federal
agencies engaged in .defense training.and creation of a national man¬
power board to consider the real-<^
ing
transferred, ; as
well
as
istic and practical determination
transportation costs. .
of- the military needs of the Army
and Navy, and
continues
antimony
supply only a small proportion
of domestic requirements, but
contracts are being made for a
to transfer workers from one factory to another in
power
with the needs of the war program,
of
tion
1447
CHRONICLE ;
THE COMMERCIAL & FINANCIAL
Volume 155 \ Number .4062
pointed out recently by Earl B. Schwulst, Vice-President
was
of the Bowery
Savings Bank of New York, that the current demand
550,000, according to
the Housing Co-ordinator's estimates of this number; 73%, or 400,000
fo.r housing units near defense plants exceeds
units, it was noted, is scheduled to be constructed by private enter¬
proposal which
opposed.
Said the
servation Corps, a
Mr.
Hillman
Associated Press:
It
•
•
•
-
4 Chrome—Production rate of beginning
to
pick
up.
Mr.
I 360,000 short tons annually from Schwulst's observations were con¬
three Montana properties alone tained in an address on "Defense
made
to say
iri 1918 in World War I. ;
i ' Copper—Metals Reserve Co.
;
3.. In-migrant i;war workers i V has agreed to pay a premium of
! should have first call on all war j five vcents a pound for "overI housing.vThe bulk, if not all, of ,; quota,r production (of domestic
:
copper, and this is expected to
war housing should be rented to
j war workers without; require- : enable some mines to operate
ment to purchase such housing..
J .which could not function prof! In more critical .areas, ,dormi-r i itablyait ceiling prices of 12
j.'cents X pound and to permit
! tories should be provided .to ac¬
i; numerous, small indiVidual
commodate workers whose famt
bperatorsi tO expand their pror
} ilies have been- left ;• in Itheir j duction
greatly.
in which he went on
in part:
responsibility
i-sumes
of
/■••>
not made clear whether
was
Mr. Hillman
the author of
was
what'other of¬
might have endorsed the
It was understood, how¬
that a proposal of this
the program, or
ficials
'plan.
ever,
had
kind"
submitted
been
to
President Roosevelt.
.
making of building loans and
servicing of mortgages of
-
! production through the break*
1 down of local transportation
has gone on record in opposi¬
j systems, action should be taken:.
; to
tion to Senator McKellar's bill,
stagger hours for depaFtof
large
industries,
'.and today, in a message sent in i ments
.observance of the CCC's ninth
schools,
office workers, and
anniversary, he declared:
<; shoppers; and to obtain greater
I utilization of rail services, in"There is a real place for the
! ter-city
and sight-seeing buses
CCC during this emergency and
Roosevelt
President
already
■
•
•
and other means of
and
it will be called upon more
perform tasks which
will strengthen our country."
to
»more
•
14-point
Hillman's
-Mr.
plan
transporta-
!
tion used for services not essen-
!
tial to the war effort.
f
•
-
.
all
1 and in such skilled occupations
-to
outlined
all
contractors
war
ployed
that
utilizing
jobs
at
accord¬
must be
craftsmen
skilled
•
follows,
as
their
ance
zation of
.
;
prosecution of the war effort,
II. The War Production Board
should curtail less essential pro-
\
is required, with
.
j
inspectors
plant
,
for
r
other
the
;
Manganese— With Anaconda
Copper Mining Co. now produci Trig nigh-graae manganese nod¬
;
should
board
man-power
established
be
the
Army
and
;
:
and
needs
should
include
controls necessary to prevent
wastage of skills through vol¬
untary enlistment in the Army
consideration
.
and Navy.
persons
14.
-
to
stabilization
ever
uation in communities in which
action should
Necessary
taken
be
v
establish
wage-
agreements
Representatives of
should be consulted in the first
v
stages
of
tons
serve
Co. has- made contracts
beneficiation
of 112,000
Metal Re-
rate
yearly,
for increased production of
this
iri
20
commodity
"permanent,"—that
'
:
Vanadium
—
recruitment
control
to
;
and
pn
have
;
occupations
essential
production.
•
5.
t
devel-
in
properties
had:
times
mal
well
the
;
set
necessary
.
.
.
to
- up /
the
war
r
mechanism
to establish priorities
of
.
;
i
March 29 to the New York "Her¬
with the needs of the war pro-
vduction program.
ald Tribune":,
Such author¬
protection of seniority and other
rights acquired by workers be-.
;';<>»
;
Bauxite—Plans
ity should include-provision for
^
.•;* r-.v-
production by items of equip¬
and priorities of plants
manufacturing such equipment
in order that proper labor pricapacity have been effected.
orities may be determined, i
The following details of the re¬
6.
Authority should be ob¬
tained for transferring workers port on the various metals were
among employers in accordance given in a Washington despatch
ment
:
4.-.
ing
■
for
possible
are
proceed¬
increase
in
production of high-grade baux-
housing
how obsolete many
little
seen
vious that
be
as
or no
the
in
eral
Utah. These two
trial
60%.
;
—
Contracts
with
four
production
will
nies
have
been
major compafor ^production
of 94,400
tons of zinc this year, and
Seizes ^Copper,
The
.actions
pounds of
a
r
also
be
in-
Aluminum
involved
78,000
sheet, owned by
dealer,
and
1,000
copper
supplies
pounds of high-grade commercial
aluminum
ingot, owned by an¬
other
dealer.
The stocks were
to represent in¬
ventories
in excess
of require¬
ments to fill rated orders.
said by the WPB
Tnis plan, ae-
ations Committee.
residential
past
few
mum
000,000.
rejected
contracts
up
and
2%
between
contracts
to
and
3%
for
above $50,-
The Senate earlier had
the flat 6% profit on
growing out of this ap¬
,
investments will
if not impossible,
proved on March 28 (reported in
our issue of
April 2, page 1341).
.
The
.
the need: for
Government in
its
con¬
indus¬
money
the Afmy
.Administration
and
high
de¬
the New York fense officials had expressed their
State
savings-banks
ha v e opposition to both war profits
plans, preferring in¬
created a mechanism which will limitation
help create $150,000,000 of de¬ stead high excess profits tax rates.
-Secretaryof
the
Treasury
fense housing in that State de¬
spite the obstacles and deter¬ Morgenthau told his press con¬
ference
on
April 6 that "one good
rents. Of equal significance is
the fact that, by taking the in- tax bill will take care of excess
steps are ex-
pected to. boost domestic vana¬
dium production this year about
"
this modified
plan, the Senate rejected by a 40
to 21 vote the slidmg-scale form¬
is mainly to provide
with 30,000 new warstructive assistance to the Fed¬ planes and to equip 3,600,000 men.
.
Realizing
of
of western Colorado and eastern
made
new
difficult,
to find.
the
for
production
•J vanadium from sandstone ores
!
to
adopting
propriation bill. In order to con¬
where sider attaching the profits limit¬
badly needed ation to the appropriation bill the
now, and will be after the war Senate had
to first suspend its
when replacement of old hous¬ rules.
.This was accomplished by*
ing; becomes a more apparent a:vote of 51 to 10, well above the
need.
It is in this field that required two-thirds majority.
savings banks have their real
The House and Senate conferees
opportunity to help the govern¬ will now settle differences in the
ment program and, at the same two versions.
With regard to the
time, make sound, new mort¬ funds; the Senate " added over
gage investments when it is ob¬ $700,000,000 to the House total ap¬
the West which
as
( increase i in
to
re¬
wnen profits
be
excessive.
contracts
deemed
and
There are many places
economic value in nor¬
no
With regard, to copper,.lead and
zinc, Mr. Jones revealed that .the ^ The War Production Board's
and
Requisitioning
output of numerous of these small Inventory
producers has been greatly stimu-: Branch on April 6 invoked its au¬
lated by premium payments over thority for the first time and made
"ceiling" prices. He also said that seizures of copper and aluminum
substantial expansion in copper after ^ holders,
according
to
production has been made through charges, had refused to sell to the
Metals
Reserve
Corporation
at
large companies and that neces¬
established
prices.
sary
increases in zinc smelting Government
The War Production Board
should
.
-.
,
Prior
to
defense housing is
program,
in this critical period, profits, if Congress passes it as
they are assuring themselves of recommended by the Treasury."
The Treasury program, now be¬
a new and big market for in¬
vestment of mortgage funds for fore the House Ways and Means
Committee^ proposes that excess
the "duration."
itiative
I
as
March.29,
on
construction
j Opmerit of sevefal lead vanadate
'■
Zinc
j
placement of workers in critical
is,
dwelling units really are. Many
sections in the United
States
Arrangements
ihade Jor the rapid
/
„
are
Commission
a
attention
producers.
now
Navy Departments
Maritime
negotiate
the
granted powers to the
years.
•
,
the
and
provided for a range an Profits
great deal of defense from a maximum of 10% on con¬
industrial activity has focused tracts up to $100,000 to a mini¬
there is
•
•
senate bill
j living space in localities where
;
i
as sent to conference,
profits,
War
tne
war
signed as a substitute for the flat
is in normal demand in those 6% ceiling over profits whicn the
areas.
Increased demand for House had written into the bill,
Tungsten— Contracts
have
been made with three of the
raw l creased
by arrangements now
bauxite,
chrome,
f: being made for continued sup¬
manganese, tungsten and ( vana¬
engaged in defense training.
plies from foreign sources and
dium are being effected by the
/
4. The President should issue
for stimulus to domestic producMetails Reserve Co. in co-opera¬
i an Executive order designating
tiqh by payment of a premium
I the United States Employment tion with the Reconstruction; FL : \of 2% cents a pound for "overnance
Corporation and Defense
Service under the direction and
| quota" production.
Plant Corporation, Jesse H. Jones,
> supervision of the War Produc¬
tion Board as the single agency Secretary of Commerce announced
control of all Federal agencies materials
.
.
vote
supplemental
built in defense areas but which
'
"
tion of such vital strategic
.
voice
-
1
Large increases in the produc¬
incalculable.
Senate on April 7 passed by
$19,0«2,373,260
appropriation
bill but eliminated proposals to
include specific limitations on war
a
greater part of the de¬ ula to limit profits wnich had been
fense housing program is to be recommended
by. its
Appropri¬
•
short
;
are
j The
The
Mercury—Production of mer¬
has increased so rapidly in
;; the United States and Mexico
under price' stimlulation that no
f
stepsr are being contemplated
how for any" substantial gov¬
:
War Metals Production
contract negotja-
all
short
^
the
future
cury
'
Large Increases Isi
the Labor Division of the WPB
; tions.
V 3. The President should issue
'an Executive order centralizing
at
'
states.
they are planning the placement
of contracts.
from
} important
wher¬
feasible.
.
,
/
tary
.
j
ernment financing.
national
A
Killed In Senate Bill
;
Administration
Works
.
•
war
Navy on one hand and industrial needs on the other.
This
eration to the labor supply sit-
•
its
ules
plant
•
and
the
;
placing contracts
.should be directed to keep in¬
formed of and give due consid¬
.
of
problem
man-power
Fixed Profits Limits
| bureaus which are doing the
! job.;Of
this number, 137,451
j were ready for occupancy or
occupied.
The effects which the constant
■! decreasing of housing costs and
the
development
of
mobile
<
housing units will have on the
traditional
pattern
of
homemortgage financing and on resi; dential real estate values of the
''
plant of supervisory personnel,
.professional and technical per¬
sonnel, semi-skilled workers be¬
ing improved to take on skilled
jobs, and beginners,
2.
Procurement officers
Federal
•
: largest
domestic producers of
Man-power hoards should, ,'l tungsten to permit substantial
among other things, promptly
| increase in their production, and
consider the realistic and prac¬
similar contracts are being ar¬
tical determination of. the miliranged with numerous other
relative
within
$600,000,900 of
the three Lanhan Act funds, has
I made good headway. By the end
of January 1942, 238,681 units
had been assigned to the various
gram, primed by
^
13.
skilled workers
training
if
meet
to
necessary;
promptly.
-and of training programs neces¬
sary
when
services
and
duction
12.
by the plant management of the
recommendations*] of
Governto utilization of
•
I production.
made for compulsory acceptance
.ment
private enterprise.
1'
The
Federal
building
pro¬
.
staff of plant inspec¬
a
as are
'
authority
]to review detailed plant opera¬
tions as frequently as deemed
necessary.
Provision must be
tors
deer»ed necessary for the
(
i
compli¬
with this directive, utili¬
insure
To
skills.
best
,
•
i ulation of small-mine producj
tion may be expected to result
from the premium price of 9.25
Cents a pound, which is in ex| cess of the highest
average
; price level for lead in 50 years.
r
em¬
have
Arrangements
premium of
2% Cents a pound on over-quota
1 production of lead for a' period
j of two-and-a-half years from
'
Feb. 1, 1942.
Substantial stim-
*
ing to the Associated Press:
1.
Directives should be sent
was
—
been made to pay a
Legislation should be se-
10.
cured authorizing the War Pro¬
duction
Board to mobilize a
mobile labor corps of such size
1
Lead
( those
banks which were re;
motely located "in respect to
"their investments. • ',< (v
ne.ede<^
war and therefore constitutes a risky investment for-
.
'
former homes. In addition, auI thority should, be obtained to
; requisition existing housing
; spaee for war workers.
9. T6 prevent delays in war
be
j after the
.
|
not
may
reno-
the
I grounds that this proportion of
f housing
banks with an implement which
j ivation of owned real estate, the
the
on
the
This
i would assist them in the
as-
27%
ifor
needs
current
the
;
*i
Government
The Federal
r
of
Institutional
Corporation.
j $10,000,000 organization was in?
I; corpora ted in 1933 in order to
i equip
the New York -'savings
,
March- 26,
because
the
of
Securities
j by end of 1942 compares with Housing" before the Real Estate
States peak Mortgage Clinic in New York on
1 production: figure of 92,400 short
lions fori entire country achieved
,
possible
existence
4Tprevious J United
•.
.
,
t:
.
questioned about it during a hear¬
ing on Senator McKellar's bill to
abolish the National Youth Ad¬
ministration and the Civilian Con¬
through FHA, whose Title
.1
■
■. (
:•.. v
prise. /The great majority will be cleared
.■ • - VI - Defense
Housing ^plan- -is<£
.
State savings profits be taxed from 50 to 75%.
: In : testimony
made public on
their own
April6, it was revealed
that
building company which is de¬
Donald M. Nelson, Chairman of
signed to operate where, and the War Production Board had
only where, the local builders told the Senate
Appropriations
and developers are not suffiCommittee that limiting profits by
; ciently
strong to carry their law would slow
up procurement
proportionate share of needed and interfere in a substantial de¬
building. It so happens, in this
gree with the war program.
i respect, that many communities
! which have had a sudden, war¬
time increase in the demand for
Urges Govt. Paper Savings
housing have had very little dePresident
Roosevelt
revealed
mand in the past several years;
therefore, local builders are not on April 3 that he had directed
presently "geared" to do a large Government agencies to do every¬
thing possible to save paper.
At
job.
his press conference, the Presi¬
r
The creation of a building com¬
The New Ybrk
banks
have
set up
,
pany and the establishment of a
C revolving fund of $500,000 to be
used for equity financing (both
b;
'
moves upsetting, on the surface,
at least, many traditional policies of the savings
dent
stated
that
such
would make more paper
a policy
available,
for newspapers.
reporter's
President
In response to a
question whether the
was
in favor of that, he
banks) were I replied in the affirmative.
THE COMMERCIAL & FINANCIAL CHRONICLE
1448
claimed
Farm Credit Bill Would
Sabotage War Effort,
Placing Unjustifiable Burden On National Credit
An
fectiveness
! and-
„
•
of
their
with
front
backs
productive effort and our
our
bill,
to
and need every ounce
savings for munitions and sup¬
sidy
:J
| for and which, further, sets
centering
up
Washing-
Progressive,
v,
the
never
in
carry
and
farm
borrower
better
a
his
pay
•
tion Board
unnecessary and harm¬
which they contend will
as
and
will
but
fort
place
burden
a
ceive its
nell
on
University and former Presi¬
dent of the Farm Credit Adminis¬
tration
his
in
several
appearance
days previously before the Sen¬
Banking and Currency Com¬
ate
when
mittee
is
real
said
he
that
"there
justification
for this
unnecessary increase in the bur¬
dens of the treasury in view of
no
the
strains
enormous
credit
tional
of the
prosecution
the
on
the
for
na¬
successful
and
war
our
survival."
Mr.
Champ also stated:
;
Follette,
with
Board
the
to
be most
be
(page
issue
our
1360)
issued
March 25.
on
in
reported
of
au¬
dicted
i
an
time
Commission
loans
guarantee
smaller
;
for
President's
Order
the
by
5
n
need
does
not
the
bill
for
the
Senate, sponsored
(Dem.)
of
Murray
Montana, Chairman of the Senate
by
ator
Business
Committee.
Sen¬
may
layed.
to
own
777.7 *,V.' ';:77
views
jhe
<
at a
ury
;
ter
concerns
generally
are
conference last
press
quoted
was
as
you
to
mention in your let-
important ones
{
.justifying reconsideration of the
silver purchase program at this
7 time with a view to its repeal. J
me
are
supplement President Roosevelt's
of the Farm Credit Administra¬
order.
tion,
the
have had no reason to change
The corporation created under
the bill would be headed by five
7 niy own views, which I have
directors appointed by Chairman 7 publicly expressed for a number
Donald M. Nelson, of the War ! of years.
I stated before the
a Presidential appointee.
provides that the interest
will remain at 3 ¥2% for
It
years
and this subre¬
the
bill
from
^
of
borrowers'
pense
debts
at
the
ex¬
of the Government.
authorizes the FCA
to
re¬
finance those farmers not in the
of
ital of the
of the Bankruptcy Act.
doing
this
Credit
Production
i
in
its
5
Board.
Prompt enactment of the legis¬
was urged by Senator Mur¬
March 31, when the Senate
lation
advices
Special
Silver
Committee
and
I later before* a banking and
j rency subcommittee of the
Sen-
in
nate
ray on
1939 ; that
cur-
did
"I
refinancing,
the
Administration
is
-authorized,
without
limit, to
; purchase
for
any
individual
farmer additional land and pro¬
vide
him
with
satisfactory
suggested that the
new
cap¬
March
19,
1156.
page
j
..
agency be elimin¬
ated, together with its powers of
providing equipment or facilities
for small plants, and
place loan¬
ing powers in the Reconstruction
Sugar production in the Argen¬
tine Republic during the calendar
Finance Corporation.
year
According
1.
j
Less Argentine Sugar
.
[
1941, totaled 405,825 metric
I
so
j
]
machinery and labor now devoted to silver production be
far
as
utilized in the
[7
L
With
war
kindest
gards,
•
Sincerely
personal
ment
-contribute to the demoralization
ness .and
according to ad¬ 1 An item relative to a statement
by Lamborn & Co., by Secretary Morgenthau that he
New York.
For 1942 it is antici¬ would "be glad to see Congress
pated that a record crop will be strike all of the silver legislation
produced exceeding the high of off the books" because of the cost
540,591
tons
manufactured
in to the Treasury appeared in our
1940.
: :".y,';■> ■•<.'-:•••
\.' 7. issue of Feb. 19, page 765.
of the farm credit structure.
•
>
The
legislation does
not
lieve the Government from
s
re¬
con-
tinued
subsidy
in ' the ■ farm
-mortgage field but will, it ap¬
pears, increase this subsidy.
>
At
time
a
when
all
the
Na¬
tion's energies, wealth and man¬
lending operations for busiproduction
war
previ¬
ously, would be limited to servic¬
ing and collecting loans granted
by the Smaller War Plants Corp.
created under the bill.
The
bill
on
York
Senate
in
April
1,
considering the
(said
"Journal
of
New
the
crease
mately
with
540,591
the
previous year, a de¬
of 134,766 tons, or approxi¬
The
Commerce"
Washington advices) voted down
;
sumption
amendments proposed by Senator
?
1941 amounted to 421.217 metric
thing and one thing alone—
winning
the
war — certain
groups in Congress continue to
■agitate
for
this
legislation
Bailey (Dem.) of North Carolina,
which would authorize loans only
ought
to
be
devoted
which, stripped to its barest
es-
sentials, is a wholly unnecessary
subsidy for farm borrowers.
,The situation is all the
more
;
portion of the 1940 distribution
ness
ownership in the Federal Land
farm-
mortgage
civilian
as one
more
same
were
and
a
defense
small
whose gross income is
than
$400,000 annually.
advices stated:
amendment
down
was
intended to lay
safer loan policy of the
Smaller War Plants Corpora-
t<
went
ac¬
busi¬
The North Carolina Senator's
Bank
System and
ultimately
destroy the cooperative basis of
farm
lending
and
substitute
"socialized'"
in
which
tivity, and defined
ness
The
farmer
in
480,216
decrease of 58,-
a
tion, Senator Taft (Dem.,
Ohio)
*
into
the
"invisible"
sup-
ply which was absorbed in 1941;
Argentine
exports
during
1941 totaled 13,500 metric tons
as
against 44,000 tons in the
previous year. v
Stocks of sugar on hand in
the Argentine on/ Jan. 1, 1942
totaled
384,630 tons as against
413,520 tons on hand at the
+ w
•
beginning of 1941.
projects
be
developed
and
sound
as-
un¬
on *
basis, ;
so
not
as
risk
to
the
of
the
State
whose
'points
;
M. S.
-
"
;
out
building companies and the ap¬
propriation of $500,000 to provide
those companies with
capital, and
about
month
ago
a
whollybuilding company, Free¬
holders, Inc., was organized with
a
owned
a
of
part
those
nouncement
adds:
V
:
to
ital
r
developers
continue
to
project. /
In
or
since its
holders,
:■
closely
and
understood
houses in
manage
the
to
have
tract
a
up-state city and
negotiating for land in at
to be
centers. : This
active
war
is
in
production
addition
part which
played by local banks
areas
•
ac¬
of fifty
one
least five other
ECCLES, Chairman.
a
short
has
cooperated
individual banks
with
is
the
are un-
formation, Free-
(Inc.
quired title for
-
#
provide enterprise cap¬
rental
r-time
an¬
will step into
situations where local
builders and
able
'
The
Association
*
■
V
company
critical
•;
the
.
,
This
<
funds.
of
to
is being
in such
Syracuse where Harold
President of the Onon¬
as
Stone,
daga County Savings Bank, has
assured local authorities that the
savings
banks
to
on
be
can
finance
at
counted
least
1,200
housing
units; in Utica where
savings bank has worked
the
out full details with local buildr
ing interests; in Buffalo where
local savings banks are fi¬
nancing a large proportion of
the
Rediscount Rate Cut
the
By S. F. Reserve Bank
with
\
actually
reduce
tons
contrasted
during
solvent
concerns
not
to
as
Argentina
Dec. 1, 1941, and which #re found
to need money to
carry on busi¬
fantastic when the effect would
be
tons
in
1940, a
999 tons, equivalent to 12.3%. A
to
i
yours,
firm
further reported:
/
Distribution of sugar for con-
first,
any
that the savings banks authorized
the
formation
of one' or
more
24.9%,
to
power
one
veloped
people
vices received
i
soundly:
\ accumulations of savings of the
7'-77"
" -7 7
•him the full amount of the cost.
*The
scale-down' of debt may
compared
as
in
—
/
i
re-
tons
the
to
are
and second, that an
up-to-date
7 construction
formula
be
de-
effort.
tons
'lending
be
may
can
permanent
a
possible the materials,
Associated
apparently
.?
j inflationary effects of the silver
j program be removed and that
Press of March 25 the RFC which
has sponsored all major Govern¬
•buildings,
dertaken
not
Washington stated that the began consideration of the bill. 7 know of anything that tended
had 7 originally
included According to Senator Murray the f to destroy ultimately the do¬
clauses making the RFC an al¬ measure includes most of the
mestic* silver, industry
rec¬
as
ternative lending agency, 7;
ommendations
;.
made
thorough^ as the present silver
by
WPB
Before approving the measure Chairman Nelson.
7 program."
;7v;
on March
25, the Senate Commit¬ ; Mr, Nelson's testimony before
j • In- view of the war situation,
tee rejected proposals by Secre¬ the
Senate
Committee 5
was
it is- all more urgent that the
tary of Commerce Jesse Jones, referred
to
in
these
columns
who had
In
Recon¬
as
7 surance that
bill
tion
'Farm
the
Corporation. In
Commerce"
•Federal Land Bank System who
have taken advantage of Sec¬
75
to
v-:\
,
~
It
Finance
■;
•
noting this, the New York "Jour¬
eminent.
paying.
The bill invites a scale-down
reference
struction
nal
are
tracts.
April 1, at
Senator Brown
on
request of
(Dem.) of Michigan, deleted from
gardless of the cost to the GovIt is lower than urban
The Senate
workers in New
war
only limitations
get
con¬
aggres-
silver accumulated by the
7 funds
make
this, 7: financing
Treasury
during
the - past .7 1 possible.;':: ■"77
7 years. Likewise, I feel that the ? The Association ai&
points
war
six
over
and
] the
were
business
assets
financed by private capital. The
"7
'■ /■
j vocating the sale to industry of
40-hour
amendments,
(D.,
designed,- it is said :'i
greater share of
in
7York State
•
favoring
i
Texas)
.a
savings banks, with
billion
mands for
your
by the Secretary of the Treas-
7 month when he
The
small
reply
in accord with those expressed
by Senator O'Daniel
help
-
77- My
offered
to
this
repeal of. the silverrider, amend¬ 7 purchase legislation and as ad-
week, overtime pay and the closed
shop was rejected by the Senate
•
-
Murray told the Senate on
April 1 that the legislation would
•borrowers
v
with Allied and associated gov-
the
?
7 letter of March 3 has been de¬
all
tach to the bill, as a
ments
to
suspend
31.
the
;.
j .ernments,
get lost."
'.'7,77;;
An attempt in the Senate to at¬
March
also
tion particularly in relation to
unless ' amended,
to j
rush on the Treasury 7
[in which small business
on
Senator
a
and
need to review the silver situa-
,
Smaller War
a
here
■
7 sively seeking new savings de7 such agreements as the Governposits^ have
ample
funds
to
ment has
made or is making
':} meet such of the housing de¬
.
>:
the
lost, and said it
would establish
.
;
or
production;
be
;I Plants Corporation linked to the
K; Wari' Production
Board,
was
nation's
war
■■•'V-
i
meas-
change the entire basis
making Government loans
; for.
war.
production. " Senator
} Bailey
said
the. bill,
which
was
financing
it is stated that
1
pressures
large proportion
for
likely,
and 7; "bring
make
a
7 would
Executive
the
businesses
would
ure
2
Roosevelt
to
to
that
of loans made under, the
•
of April
President
March 26
on
As
'
-
efficiently and ef¬
1
Order authorizing the War
Navy Departments and the Mari¬
Small
;7'sidy will remain in effect
•
savings
banks.
During this six months
period when priority allocations
were made for
9,300 units, the
out whether he joined in the rec¬ ■■{
savings banks financed in exommendation. Mr. Eccles reply to
cess of 3,200, for a total of
$14,Senator Vandenberg
follows in
309,000, according to incomplete
•
/ V v
The bill was approved by the
Senate
Banking
and
Currency
Committee
7 units financed by the
Act be repealed, and the Senator
stated that he had interrogated
Mr. Eccles on the subject to find
effect, place all farm mort¬
gage lending decisions in the
hands of one man, the Governor
-another five
/
,
v
production.
war
,•
-
plants and provide financ¬
to
7
•
of
small
would
./•'
-
$100,000,000 capital from
and
The Associa¬
7
7^-;77 ; , . returns.
Of
these,' approxi¬
Board of Governors,
• 7: mately 2,000 units were com;
Federal Reserve System,
pleted or in the process of con¬
■
Washington, March 30, 1942 struction. V .On
| civilian purposes, and that busi- : f
the
balance,
Hon. Arthur H. Vandenberg,: ■
priorities have been allocated
j ness enterprises ;i other - than
small business concerns will be
and
F1IA
;
approvals
of
the
7 United States Senate,
;] utilized to the fullest extent for
^
Washington, D. C.
7 7 mortgages are in process,
; war productiQp purposes."
According to Earl B. Schwulst,
7My Dear Senator Vandenberg:
Senator Prentiss M.
Chairman
of
the
Brown,
Savings Banks
7 1 Because of the many wartime
Democrat, of Michigan, -pre¬
I Committee on Defense Housing,
capital
a
,
tion states:"
genthau that the Silver Purchase
co¬
Director
State of New York.
March 30.
of Mr.
on
insertion
,
»
ing if necessary to convert busi¬
ness
the Farm Loan Act and would,
rate
-
with
Treasury
in
-
.
the
the
,
7
Reports for the first priority
Record," Senator Vandenberg re¬ 7 period, Sept. 1, 1941 to March
ferred to the recommendation by 1 1,
1942, showed a mounting
Secretary of the Treasury Mor- j percentage of defense
housing
fectively utilized in the produc¬
tion of articles, equipment,
:
sup¬ 7
plies and materials essential for
>7
0,
thorized to sub-contract orders to
small
passed
'
legislation would elimi¬
nate the cooperative features of
v^te of 82 to
The agency would re¬
eliminate
This
-
the
777'v
Mr. Champ said he subscribed
wholeheartedly to the expressed
views of William I. Myers of Cor¬
work.
war
contribute nothing to the war ef¬
the Federal treasury.
La
Vandenberg
asking
Eccles' letter in the "Congressional
before final
of Wisconsin, diChairman of the
Production
I, will
$100,000,000
to
mobilize
manufacturing plants adapted for
Bankers Association has been op¬
ful
vote
that
Smaller War Plants
a
Corporation
legislation which the Mortgage
posing
war
ator
In
Civilian Supply in seeing to it
"small
business
concerns
;
Plants
On April 1 by a
His statement attacked the Ful¬
mer
War
operate
Approves Aid
the United States Senate passed a
bill setting up in the War Produc¬
to
debts.
The
the
full:
was
position
own
recting
.
—
when
voice
a
Senator Robert M.
,
•■-7v^:;'777'
For Small
pro¬
that the
"
;
Senate
into billions
eventually, to provide a subsidy
for a routine peace-time opera¬
tion
particularly at a time
probably
war
Taft said
the Chamber (Senate)
| approved an amendment by
of the Farm Credit Administra-
V'
Mr.
passage,
the Governor
on
On
-
measure
.
Government guarantee,
a
mean
running
vast bureaucracy in
a
ton
some;.,; factories
from Washington April 1, we take
the following:
thority which the bill provides
treasury. :Vj. tion.
would
Federal
the
by
Further," the
who
farmers
1 posed
plies, it is inconceivable that
Congress should even consider
7' a measure which means mil¬
lions of dollars of outright sub.
including
would be harmed by it, are opto centralization of au-
:
Urges Repeal Of Silver Vital Role In Housing
j Purchase Legislation For N, L Savings Banks
corporation
more
panion bill in the Senate. Speaking before a meeting of the Utah
Mortgage Bankers Association, at<S>
credit for it.
Salt Lake City on March 24, Mr.
All
thinking
citizens who
Champ said:
have carefully considered the
'
While our men are fighting at
the
the
Government must expect to lose
■\
the Fulmer Farm Credit bill in the House and the Bankhead com¬
the wall
of
With the record of
opinion that, "in view of
providing
situation, it is all the roughly 30% of the defense hous¬
urgent that the inflationary ing in New York State during
money in this undertaking.
7
"Certainly
you're
going to effects of the isilver program be 1941,-the savings banks are play¬
lose money," he said. "So is the removed"
and. that
"materials, ing an increasingly important role
RFC in its programs.
It isn't a machinery and labor now devoted in making homes available for
:question of relief, but rather of to silver production be utilized in the rapidly expanding influx of
in
the
providing
work
for
smaller the-war effort," was expressed by workers
State's
critical
plants who need work and are Chairman M. S. Eccles, of the areas, according to an announce¬
Board of Governors of the Federal ment issued
capable of doing war work."
April 5 by the Sav¬
From Associated Press advices Reserve System in a letter to Sen¬ ings Banks
Association
of
the
which, if passed, would
make a mockery of parts of the war effort was cited by Frederick P.
Champ, President of the Mortgage Bankers Association of America,
as
proposed
being placed in
duction.
and
war
the
prevent;
from
example of the kind of national legislation which ought to be
"blacked out" for the duration of the
that
amendments :wduld..•.limitef¬
i
-
Thursday, April 9, 1942
The
Federal
Bank
Reserve
San'Francisco announced
7
that
count
it
had
reduced
on
its
of
ApriJ
redis¬
new
Island
are
and
aid¬
ing the local institutions in pro¬
viding ninety
The
This action raises to ten the num¬
reported
units.
new
rate- on
ber of Reserve
banks
with
a
1%
only
Cleveland and Kansas City with
rediscount
1 Mi %
rate,
leaving
rate.
Recent
reductions
made
by
other Reserve Banks were report¬
ed in
Manhattan
Brooklyn savings banks
April 2 to 1%, ef¬
fective April 4.
The rate had
been
1V2 %
since Sept. 3, 1937.
a
housing; and in Staten
where
our
issue of April 2, p.; 1340.
1941 Cotton Loans
Department of Agriculture
modity
made
on
March
Credit
25
1,119,847 loans
loans
bales,
had
on
2,161,087
cotton through
bales of 1941 crop
March 21, 1942.
A
075
that Com¬
Corporation
were
leaving
772 loans
on
total
repaid
on
of 232.-
471,187
outstanding 887,1,689,900 bales, k • i •' *
-
Volume
which
•
In view of the
probably will
sharply higher prices-for gasoline and
other petroleum products in the East Coast area as the result of the
rise of 162 to 187% in oil tanker charges announced by the War Ship¬
*
Summer
-
see
ping Administration this week, which brings the cost of motor fuel
and kerosene transportation up to approximately 3 cents per gal¬
creased
Trenton
from
runs
Florida.
-
board.
:
this situation has
urally
agitation for in¬
system
the
this
week
by
petroleum
in
Between ports
freight rate.
Caribbean
the
lantic ports from
and
North
At¬
Miami to Mont¬
real, inclusive, 225%. Tlie current
surcharge of 37%%. was made ef¬
fective on voyages starting after
rate is 40 cents per
rel
freight
The present basic
Feb. 15.
42-gallon bar¬
gasoline and kerosene, Port
on
Arthur to New York.
484,000 barrels during the March
28
week, to 263,208,000 barrels,
the Bureau of Mines reported this
stocks
Domestic
week.
were
up
■; •
;
April saw Texas oil
pare
production to the
level
(.
,
nearly
in
lowest
years
seven
as
Railroad Commission ordered
the
18 days dur¬
wells shut down for
of
many:
our
danger morale at home, on the
| other hand insufficient export
margins will result in a loss of
foreign markets at a time when
em¬
of
Gulf
crude
oil
crude
no
the
to
due
the
,
i tanker
increased
*
substantial
industry supply and dis¬
tribution subcommittee
orized
and
area
directed
he
it
the
imize
effect
Mr.
of
>
Ickes
.
also
subcommittee
the
.
to
lows from "3")
tional
middlemen
selves
as
,
the
by •£ coordinatingand
arranging for the sale, exchange,
price
isting
it
once,
tanks
sult
in
porter.
5.
!
stressed, full storage
was
the Gulf Coast will
on
re¬
reduced
refinery opera¬
tions with consequent reduction
in by-product recovery of avia¬
tion gasoline and other military
necessities.
of Typical Crude per
transportation
pointed out. Un¬
steps are taken at
was
remedial
less
"
'
under which the industry
ditions
is
now
operating means that hun¬
thousands of dollars in
daily losses is the price paid by
companies operating in the East
Coast territory, so it is generally
held that the OPA will
afyow the
price advances.
Movements of crude oil by
into
tank Vcar
road
rail¬
Atlantic
the
the final
week of March passed the 505,000barrel level to set a new daily
Seaboard
states
during
high of almost one-third of the 1,700,000 barrels consumed along
the East Coast daily at the pres¬
ent time.- The report issued by
Petroleum Coordinator Ickes also
pointed out that rapid progress
was
being made by Eastern in¬
dustries in converting their facili¬
East Coast
the
on
be¬
ties to
use
More
of coal
instead of fuel
than
representatives ^ of
all
branches of the petroleum indus¬
y
1.25
,
Not
has* production been
only
sharply curtailed by drilling, and
refinery operations have been cut
down, halting what up to now has
been a period of steady expansion
of
Only petroleum prod¬
activity.
Kettleman
37.9
Hills,
and
•
in the Lone Star State
from
The
the
of
nine
exemption
barrels
18
shutdowns.
affected
225,591
as
result of the
a
situation resulting
to
the
problem of transportation of crude
oil to the East's refining areas
possible
?
The
will
apply to hospitals, sani¬
tariums, nursing homes
residences where
private
or
illness
other
or
emergencies require more fuel for
heat. War factories, the army and
services
will receive a minimum quantity
for all operations. The cut was
by the petroleum
Texas oil fields to the East. The recommended
marketing .committee
cost of such a canal, which would industry's
navy
and
transportation
York, both of the Institute,, to the enormous sums represented Mr. Henderson authorized motor
been named Chairman and in the tankers sunk and cargoes fuel retailers in the East and West
Secretary,
respectively,
E.
V. lost already off the American coast curtailment areas to charge
result
of
Weber, Chairman of the General
coast
Committee announced.
marine action, he said. •*
industry
also
as
a
with
has
been
the
appointment this
week of William E. Callahan, who
service
manager
connected with
division
of
the
since
the
1936,
car
as
newly-created
Tank Car Section of the car service
enemy
sub¬ .customers 3
cents
a
gallon more
than the wholesale prices
-
the
dealers
and
allowed
paid by
them to
"As a matter of fact, coastwise ?
shipments of oil and gasoline willj increase prices if necessary to obfmn +hnt
All nut a TPW
tain
that marcfin
margin. All
but a few
have to cease entirely unless ships
have
already
posted such
in¬
can
be convoyed, and, of course,
creases.
The
OPA refused to lift
naval
<
,
.
i.~
ice
i—
~
vessels
cannot
be
for
spared
t
_*
•
this
purpose
at the
present
time,"
he
continued.
"Inland
transportation of some kind will
division of the Association of 1 have
to
be
resorted
to."
Up
maximum
fuel oils
prices
on
on
No. 1 and 2
the East coast.
bottleneck
in! that has been felt so hard in the
The
transportation
of,East is now beginning to be felt
will maintain close contact with | New
Jersey said that be was in the Southwest with the Texas
the PCO and other Government 1 studying a proposal, which orig-'Co. announcing on April 7 that it
agencies directly concerned with inated in Florida, whereby a lot was forced to clo§e its Houston
the movement of products han-! of small barges would be used for refinery
due to the pinch of
died in
tank cars.
In Chicago, j moving oil from Florida to New tanker losses and restricted conC. E. Johnston, Chairman of: the, York; along the Inland Waterway sumption, along the Atlantic Sea-
American Railroads. Mr. Callahan!New
$.057
.058
New
.04
4.25-4.625
—_____^___..:_w.__...0.43/8-.045
OH, F.
Y.
O.
(Harbor)
Diesel
B.
Refinery
Terminal
or
Bunker C___
$1.55
2.318
—
Savannah, Bunker C
Philadelphia,
Gulf
.058
'
_
Orleans
Fuel
N.
K
Texas
1.50
___
Bunker
Gas,
O.
B.
ff. Y. (Bayonne)
Chicago, 28.30
Tmsa
v
#85
A';'
1.70
r
;
,
.
.
Oil, F.
purchases in the pre¬
period
of exports at
much
above
ceiling
ations,
ceding
prices
6. To
err
on
.
Refinery
Terminal
or
7 plus
$.04
t,
.053
-
\r
:
the side of liber¬
ality where generous treatment
will enable exporters
lost
much
who have
their
trade
to
maintain export contacts for
the
of
'
post-war period.
7. To cooperate and collabo¬
with BEW
rate
that
in such
a
man¬
appeal
ceiling price provisions will be
instructed in the most expedi¬
ner
exporters who
of
manner
treatment.
has been con¬
siderable
argument
advanced
against the fixing of price ceil¬
ings with respect to individual
commodities, the OPA is adopting
the policy of fixing "functional
differentials," the memorandum
said, in preference to blanket
ceilings fixed on an arbitrary
there
Although
'
basis.
mm
il.55
Coast
Halifax
FDR Orders Speeding Of
War Materials to Russia
.03%
White
The
March
OPA And BEW Outline
velt,
*
President
-
in
-
Chief
on v
Roose¬
capacity
his
in
acting
armed
revealed
House
that
27
Commander
Export Price Policy
deliveries
reductions ? in
not
have
railroad
y
Refinery
(Bayonne)
answer
New
The
North
Cat
areas.
One
to aid in the heating oil shortage.
existing; barge • canals
from aW parts of the connect
the large membership which extend from Trenton, N. J., V; A second increase in retail gas¬
testifying to the rising importance to Jacksonville, *Fla., and from oline prices for certain filling
west
coast
of
Florida
to stations was authorized by Leon
of rail transportation of petroleum the
products. Fayette B. Dow, Wash¬ Texas, would be only about $25,- Henderson, OPA Administrator,
ington, D. C., and D. V. Stroop, 000.000, which is small compared on April 7/effective Saturday.
moved to bolster its tank car serv¬
B.
Tank
from the trans¬
country,
,
O.
White,
tight supply
portation bottleneck in these two
the average daily.
on
fice
Water
Philadelphia
East Coast states and Washington
and
try
special considerhardship cases; distress
sales resulting from war condi¬
tions, sales required by strong
political or military consider¬
tious
,
.
41-43
York
Tulsa
ordered, this week by
Coordinator's of¬
'
-F.
New
1.23
Petroleum
053/a-.055/8
Kerosene,
Signal Hill, 30.9 and over—
yielded crude for av¬
the
gasoline
were
exempted
;055-.625
21..
; "Super. " -
Baltimore
and Oregon
which have
iation
Coast
Oklahoma
1.29
0.95
1.12
nojt affected by the trans¬
five fields
Gulf
County, Texas
Creek, Wyo
'; over
Pecos
Lance
The normal slackening in de¬
mand with the approach of the
portation : bottleneck
are
100octane gasoline,
needed for the Spring warm weather will alle¬
any
hardships that might
Allied * flying forces, and others viate
otherwise result from the
25%
in heavy demand with the armed
forces
of the
Nation.
Twenty- reduction in fuel oil deliveries to
ucts
3,000,000; barrels
of heavy fuel oil will thus be came from Chairman Mansfield of
House
Rivers
and
Harbors
saved annually for use in war the
Committee, who
this week in
industries/he said.
The
1942
committee
on
rail¬ Washington urged construction of
road transportation of the Ameri¬ a barge canal across Florida to
can "Petroleum Institute
division provide
a
continuous
inland
of marketing, named this week, waterway
from
Louisiana
and
includes
0.83
1.20
of the heavy
,
oil.
—
toll of tankers Smackover, Heavy
Rodessa, Ark., 40 and above
by Axis submarines off the United
East Texas, Texas, 40 and
States coast.
; •
above
of
dreds
areas
•'
•
give
prices.
average
cause
V
-
To
ation to
ing the month in order to hold the
tion
:
not raised in order to
are
-
•
ex¬
storage and
facilities, it
them¬
disturbed
of
the unnecessary midIf, on the other hand,
producers refuse to sell to ex¬
porters and take over the ex¬
port market, the OPA is not
disposed to allow the producer
the
margin
which otherwise
would
have
gone to
the ex¬
already have
area
insert
dlemen.
gasoline and other oil products in
Gulf Coast
addi¬
result
a
of
Where
support
'
-
The con¬
gins
loan, transportation of petroleum
and products among the various
producers and refiners. Stocks of
begun "to tax to the utmost"
business.
market conditions, export mar1
emergency
situations
tne
methods
established
disturb
(which fol¬
which will not
tanker
<
is
who
export differ¬
manner
doing
authorized
meet
a
min¬
way as to
margin
larger costs, inclusive
entials in
to immediately relieve
through the equita¬
ble sharing of tanker cargo space
shortage.
highest
4. To establish
take steps
a
at
risks.
or
to
the situation
available in such
the
incur the
Mr. Ickes in the Gulf
by
Coast
auth¬
was
__
transportation costs.
export margins
levels, according to
functions performed by the
the
—
in
carefully
sellers;
oil
an
.
cient to offset the sharp expansion
;
different
war
There were no price changes
Barrel At Wells
posted during the week. : ;
flow of crude oil down ; (All gravities where A. P. I.
to
1,035,512 barrels, against 1,U. S.
Gasoline
(Above 05 Octane), Tanl
degrees are not shown)
sums
to the'-industry'under the
Car Lots, F. O. B. Refinery
450,000 barrels at the start of 1942.
$3.00
existing price scale, it is believed The sharp contraction of output, Bradford, Pa.
New York— ,-£
that the industry, through its East in line with curtailed
Socony-Vacuum
V:
$.098
w. 1.31
production Corning, Pa.
>
1.22 Tide Water Oil_»_
J&698
Coast ; district
committees, .; will in other sections of the Nation, Eastern Illinois
Texas
.098
1.37 "Shell
apply formally to the Office of is the result of the transportation Illinois Basin
Eastern
®_
.098
Price Administration for permis¬
Mid-Contin't,
Okla.,
40
and
Other
Cities—
'
' bottleneck to the heavy-consump¬
:
above
U
•
1.25
sion to lift prices on a scale suffi¬
%-.05
Since
rates mean the loss of
fix
To
3.
the
in
stocks
oil
are
OPA
allowed to the middlemen
changes posted during the week.
}' Prices
of
Coast
The
home.
/weighs both considerations.
ac¬
of
oil
were
excessive
prevent
movements of crude. The creation
against
There
by
| culties and contracted supply at
announced
shortage of tankers for eastward
of
flow
Total
1942.
to
cumulation
during February
with
the
initial
compared
are 1 already
shipping diffi-
markets
'
action
off in production
month
j■ export
week, Petroleum
Coordinator Ickes had
ezuela. The United States also fell
as
domestic
jeopardized
Earlier in the
all
hit 170,678,512 barrels,
197,768,258
in
January
and
163,433,650
barrels
in
the
operators comparable 1941 month.
1,412,000 barrels, foreign up 72,000 barrels.
as
j
shutdown.
ac¬
of
one-third
about
for
count
products
its
and
.
Montreal, inclusive, <the new
surcharge will be 200% of the
deeply ; regret
report released ployes as possible to other Tex¬
the
American aco plants," J. S. Leach, Vice
Petroleum Institute showing that President, said in announcing the
way
lon, against about 1 cent a gallon at the pre-war freight levels. The
water-borne freight of the United
charges are effective on load-^
States assumed fresh importance.
ings made on and after April 1, Western Association of Railway
On the basis of 1940 figures, the
and were posted on April 2.
Executives, said that petroleum
report disclosed, petroleum car¬
The increases in the surcharges products in tank cars on Western
goes contributed 200,077,000 tons
on
tanker freight rates between lines will receive preferred atten¬
of the
607,900,000 tons shipped
the Gulf ports, Caribbean ports tion to assist in easing the oil
that year by water to and from,
and
North
Atlantic
ports
are transportation crisis, v -■■"V; ;
and
within, this country.
The
based upon lengthening of voy¬
A decline of 404,300 barrels in
greatest movement of petroleum
ages
due ; to new routings,the daily average production of crude was
in
coastwise
shipments,
WSA explained, plus the new in¬ oil in the United States during
which totaled 114,640,000 tons, or
surance
rates of 6% which went the week ended April 4 carried
nearly three-fourths of the total
into effect at the outset of April. the total off to 3,439,850 barrels,
of all products.
The
announcement
pointed out the lowest total reported in more
February crude oil production
that a study of average values of than 14 months. Texas, with two
throughout the world showed a
shutdown. days,
the
tonnage employed in the trade in¬ additional
sharp contraction in the prelimi¬
dicates that the original value of "Oil & Gas Journal'' reported, was
nary
report
made
public
this
$75 per ton deadweight is too low, off 364,500 barrels, to. 1,045,650
week by "World Petroleum", due
and an average figure of $100 per barrels. Louisiana, California and
not only to the loss in the Dutch
ton deadweight is nearer the cor¬ Illinois also reported lower pro¬
East Indies where wells were de¬
rect figure.
duction totals.
Kansas, Michigan
;
; " '
stroyed in order that the victori¬
The new surcharges are as fol¬ and Oklahoma were among the
ous
Japs might not utilize their
lows: Between United States Gulf oil-producing States showing in¬
conquered property but also to
ports
(including Tampico)
and creased output. Stocks of domes-, the
lower
production in Ven¬
North Atlantic ports from Miami tic and foreign crude oil rose 1,to
we
the maintenance of
ceilings and thus en¬
endanger
that
arisen, and nat¬
shall make qvery effort
transfer
to
of the inland waters
use
"We
to
new
basic
1449
THE COMMERCIAL & FINANCIAL CHRONICLE
155 " Number 4062
of
as ;
the^
has- instructed the;
agencies concerned with ■
forces,
various
the shipment of war supplies to
joint memorandum issued
Soviet Russia to give them prior¬
April 5, the Office of Price Ad¬
In
a
.
the
and
ministration
Warfare
Economic
Board
forth
set
of
ity.
the
Stephen
policies and functions relating to
export price control.
The memo¬
Secretary,
summarizes the function
randum
of the OPA
and
BEW
Early,
White House
made public a letter,
17, .in which the
March
dated,
President told Rear Admiral Em¬
ory
S.- Land, Chairman of the
exports; gives a seven-point OPA Maritime Commission and head 1
export price policy, and outlines of the War Shipping Administra¬
the
machinery
established
for tion, that he had found that "our
close
collaboration- between the protocol shipments to Russia are
two
agencies in
regards
as
connection with
export ceiling prices.
As
an
said advices
oration,
the
example of this collab¬
New York
merce" from
Washington bu¬
He
behind."
far
instructed
Land
needs for
military supplies
April 5 to priority
"Journal of Com¬
its
still
Admiral
him
the
structed
give
shippings"
in
informed
to
that
he
Army,
Russian
a "first
and also
had
Navy
in¬
and ^
the memorandum gives in War Production Board to release
considerable; detail the "?ase his¬ the war materials promised to
tory"
surrounding
the * recent Russia as soon as possible.
reau,
amendment made to the; OPA's ,; The extension of aid to Russia
price schedule covering the resale is in accordance with the agree¬
of iron and steel products, in the ment reached in Moscow last Oc¬
interest of
exporters.
tober
by
price policy
was
reported as follows in the
"Journal of Commerce" advices:
Great
Britain
set a fair price which
credit
The
,
OPA
1. To
covers
Jersey, Governor Edison
export
the
additional
costs
in¬
volved in exporting.
2.
To
set
a
price,
neutral in its effect
tribution
.
of
which
on
is
the dis¬
sales, between
ex¬
issue
of
United
United States and
as reported in
our
the
Oct.
9,
States
of
page
then
527.
The
granted
a
$1,000,000,000 to Soviet-
Russia under the Lend-Lease
Act
(referred to in these columns Nov.
13, page
1038)
and
President
Roosevelt
of
authorized the transfer
defense
supplies
under
the
port
and
domestic
markets. lend-lease program (noted in our
While excessive .export prices }issue ;of .Nov.>20, page 1135).
THE COMMERCIAL & FINANCIAL CHRONICLE
1450
Russia
Foreign Front
.
'
(Continued from First Page)
is
now
of the crucial
one
continuous
adequate supplies to the Rus¬
of
theaters
and
warfare,
fighters are imperative.
It is no secret that warships
are available to the United Na¬
making some progress. Thist now is unfolding on the Russian
may not suggest an early plains. The fighting in other areas
end of the Bataan Battle, but the may eventually turn out to have
value of the defense in the Philip¬ equal significance, but both pro¬
pines is not open to question, for fessional and "arm-chair" strate¬
it
established
the
prestige
of gists are agreed that the entire
It is well understood,
may or
however, that no effort is being
spared
sian
to be
eventual offense fronts Northern
Australia.
preparations for
the
in
^
other aspect of the con¬
flict, even that of invasion. «
about any
British
and
American
.
pro¬
material finally
believed to have topped that
of
duction
is
of
war
Axis
the
aggressors,
or
at
is about. to do so.
Large bombing airplanes can be
flown to war zones, of course,
but almost all
other types of
rate
any
supplies needs must be
war
fer¬
of
ried to war fronts by means
ships. The millions of
American
troops
now; being
trained for service everywhere
in the world also will have to
cargo
.
transported by ships.
be
war
with
The
German
their
day, which claimed the sinking
forces.
American submarines and
the
scheme. In the long run
Battle *of Shipping promises
war
the
be One of the more
to
of the world conflict.
of
sinkings
Fresh
a
February and March of
in
eight
cruiser,
Nations
United
one
ships off our own Atlantic Coast
again reported almost every
Some
waters.
lantic
of these re¬
develop¬
Axis
The
both
shipping at
is
also
losing
merchant
and
naval
.
high rate, and in some respects
the losses may have a significance
a
Navy Frank
that ac¬
the
of
Secretary
Axis
Japanese
routes.
Mediterranean
losses
can
Such Axis
satis¬
with
viewed
be
cations that the Japanese also are
further
encountering
re-,
since the beginning sistance in the Netherlands East
The war in the
taken a sharp Indian islands.
downward
course,
in our own Southwestern Pacific Ocean is far
waters.
The
Secretary
warned, from over. It may be said, indeed,
however, that 'Axis submarines to have just begun, for the task
April
have
to be arriving in waves,
replace U-boats sunk or with¬
drawn for repair
and relief of
appear
to
crew^'. The German High
mand claimed
on
Com¬
April 2 that to¬
Nations
shipping by German submarines
tal
of / United
sinkings
bombers
aerial
and
amounted to
646,900 tons, during March.
German
claims
invariably
Such
are
homeland
certain
is
of the
invaders back to
their
defeat them
there
and
to
war
be
a
reached
a
stalemate, for the time
The conflict on Bataan
Peninsula, in the Philippines, is
being.
exaggerated, but when ac¬ regarded by the military experts
count is taken of Italian and Jap¬ as a sideshow, albeit a highly im¬
portant one with many psycho¬
anese sinkings of United Nations
shipping, the toll plainly is on a logical aspects. The Japanese still,
scale that imperils our immedi¬ are attempting to capture Port
Moresby and other points on New
ate war effort.
The problem of the United Na¬ Guinea and the nearby islands of
tions is not merely one of ton¬ Oceania.
Heavy
seasonal
rains
nage, but also of the long routes already have started in that re¬
over which war supplies must be
gion, however, and the actual
carried. From British and Ameri¬ fighting has diminished in recent
troops, tanks and
airplanes must be trans¬
ported half-way around the world
to
reach Far Eastern areas of
centers,
fighter
combat.
closed
With, the
to
Mediterranean
through shipping, sup¬
plies for the Near East also must
travel great distances. In the first
bottom
in
in
the sinkings being
addition to those previously re¬
The
had
unfortunate
some
and
disclose,
were
Department
Navy
as
universal protests.
tos occasion
ferrying
airplanes
front.
Java
Langley
The
damaged
heavily. by
bombers,
and
finally
forces to
own
went
of
aboard
was
pute,
bombed
later,
and
sunk
the
and
,,
that
disclose
made
the
in
order
safely
United
The
to
the
number
hazardous
to
serve
run
the
Nations.
.
Department also dis¬
upon
her
the
guns
blazing.
Casualties
sinkings of the Langley,
Pecos and Peary were estimated
at-700
men.
No explanation was
vouchsafed for
the long
delay"" in
The
the
less
vitally
important
Mandalay
was
Russians
100,
The
;
re¬
list
to
'
,
them¬
accord¬
official
fail
Berlin assertions
any
■
,
.
,
generally
were
the
effect that heavy fighting
jn progress, with all Russian
assaults
repulsed.
The German
to
was
radio
stated
on
Tuesday that in
previous days 307 Rus¬
sian airplanes
were
shot down,
while hardly any German losses
the
five
conceded in the air
were
front.
Even
the
over
Berlin
ad- :
mitted, on the other hand, that t
the powerful Russian drive was 1
progressing in the - Lake Ilmen
;
area, south; of Leningrad, where
the ground still is frozen, f
what
Just
the
is, of
next
the
Russian
battle
phase
of
'
bring
may
beyond prediction.
course,
Sizable supplies have been sent
to
Russian
Britain
States, and
material
recent
X
the
and
of the
some
deficiencies
the
;
made
v
Extraordinary aggregates of
:
Russians
up.
ports during
by
thus
and
man
been
sians
and
have
machine
accumulated
and
the
of
been
power
by
the
German
have
>
Rus-
•
enemy,
the coming battles may
sanguinary
more
oil
fields;
full flower.
than
territorial gains.
made the Navy
Burma
devas-
•
be
V
than
'
summer.
Western
Europe
i
:
cated
will hesitate at attacks
on
the Aus¬
a
view to its
of
basis
the
can
which the
mainland,- where Ameri¬
forces are concentrating to
United
Nations
will
able
be
to
effect, rather than on
simple truthfulness
public obviously would
prefer.
,
connection, and
counter-moves
for
this
that
likely
hastened
be
reason.
American
week
it is
will
to
forces
other
United
continued
assemble
this
in
their
independenc^tftdrlSTeymow
indicated
fine punishment
Philippines, meanwhile, they intend to visit upon their
the struggle moved into a new fellow Asiatics if the demands are
phase, and the gravity of the ignored. The harbor of Colombo,
In
have
the
War
Ceylon, was bombarded from the
air, late last week,* and several
ports on the Eastern shore of the
Japanese
plainly
designed to reduce that bastion.
Exceedingly heavy artillery fire
has been augmented by infiltra¬
tions and land attacks, and it was
admitted on Tuesday that heavy
and
sustained
attack at Bataan which is
at
Australia from which
eventual
assaults
Japanese will
information
be
is
..immediate
bases
one
of the
against
the
launched.
No
available
defense
as
to
and
enemy,
moreover,
was
said
will be stepped up. Whether they 1
be decisive at this time is not
-can
clear, for invasion probably must
be attempted on a huge scale to
bring about
American
and
other
Continent
the
at
in
their
Rangoon
and
of
Na¬
Asia.
Chinese
British
and
vent
in
of
the
new
defense
was
enemy
of Burma,
made to pre¬
attaining
frorp
of that British Crown
area
.
i
.
' \
kind,
and
even
attacks
The
German
proceed¬
important battle than that which
British
of
severe
may
the
was
.
;
have
1940
and
industrial
;
:
actions
heaviest
Rhineland
the
;
soared over
a
single 24-
ex-
■
Ger-
;
1941.
district
was
ham-
mered to great effect, and some .1
bombs also were dropped in the
«
Paris area, where certain plants
{
reported to be working for
•
the Germans. Reich fliers heav-
.1
are
lly attacked
Russian and German Claims
Military action now Is
its
most
man
of
!
in
the
ceeded
divisions aided the
everf effort
Colony.
:
the
positions
elsewhere in
300
period, Monday. This
hour
tions fliers meanwhile blasted the
Japanese
than
less,
No
effect.
United
real military turn
a
bombing airplanes
,
one
much
without
week,
:
of affairs.
Indian Peninsula were hammered
this
Department reports of the the oil
last three days indicate a Well or¬
ganized
and
unquestionably:
Japanese spokesmenV are call¬
ing upon the Indians toassert
;
The
supply route to
lost
those of last
for
endeavoring
planes,- and
even
the
re¬
tions:: in
Moscow that 25,000 to
40,000 Germans were killed. The
aerial bag for the last seven days
approximates
500
German
air¬
moved north of Prome and closer
warships now are the rule. Since
intercept the
are
a
and infiltration tactics the enemy
to
into
The Communist
8.
of April not
day has gone by without asser¬
announcing the losses.
Immedi¬
ately after this disclosure was
Department indi¬
for
the beginning
Since
British
attacks
? positions
held by
Empire units. By direct
mese
lines
■
turned
was
mendous claims is in
Japanese, meanwhile, re¬
their attack-against Bur¬
sumed
of
tendency of putting forward tre¬
United
in
German
advance
man
months
all
re¬
tell
strove since the Ger¬
treat last Dec.
releases of herioc
American personnel, dependence, and the Indian Na¬
tionalist Congress followed these
Peary, 1,190
leaders.
The Moslems awaited a
tons, had been bombed by the
decision by the Hindus, and the
Japanese at Port Darwin, Aus¬
entire problem remains unsettled.
tralia, on Feb. 19 and sunk with
the numbers of troops gathered
to
naval units
which they
destroyer
Murmansk, and larger escorts of
man
the
of
ing
and
Nehru
sides
The Russians, it is evident, are
trying to effect that final smash¬
guiders of Hindu India,
declared for prompt in¬
political
likewise
amid
both
prodigious efforts by the armies.
that
..the
Nevertheless,
from
ports
Maulana Abul Kalam Azad, as the
ing with fierce intensity on the
long Russo-German front, but the
developments are obscured rather
than clarified by the claims and
losses were sustained by our own counter-claims
put forward by
forces, as well as by the Japanese. the contestants. There is no more
convoy
bog
action by our
tralian
Nations
problem for sup¬
plies to Russia is one of the more
thorny aspects of the matter. Ger¬
spiritual leader of Hindu
The
case.
was
spondingly.
Russian
Jawaharlal
India.
was
augment their defenses in North¬ situation is hardly to be exagger¬
ern
Australia and the points in ated.
Although the Japanese are
circumstances, and
still held by them,
in reported to^be attacking only five
there are many incidents to illus¬ Oceania
of
the
Japanese forces
7,000 Philippine Islands,
trate the problem. Eleven Norwe¬ coming months.
said
to
be
encountering the regions under attack obviously
gian merchant ships last week are
are
vitally important for defense
resistance at isolated
made a dash from Swedish ports desperate
Of the areas un¬
for England, in an effort to escape in Java and Sumatra, from Neth¬ of this outpost.
erlands forces.
The
der
enemy
also
attack, moreover, the Bataan
litigation that had kept them
faces
the
Peninsula
is
by
far
the most im¬
problem
of
exploiting
moored at wharves. Some of the
The Japanese now are
ships were sunk by German war¬ the oil reserves and other supplies portant.
of the region conquered by him concentrating
their
fire
upon
ships, and others had to return to
A respite possibly General
Jonathan
Swedish ports, but a few appar¬ since Dec. 7.
Wainwright>
ently got through, to the satisfac¬ will aid the Japanese, in this and his valiant band on Bataan.
refused
of
Mohandas
K.
immediate
independence, without resort "to
violence either against Great Brit¬
ain or the Japanese attackers of
present
tion of British authorities. London
effectiveness
insisted
Gandhi
was
,.
dis¬
Mahatma
India,
days
of life
loss
considerable.
The Navy
several
have
Indian
the
the
but
As the
Tanker
also
in
demonstrated.
Langley
Navy
ship
is said to
Roosevelt
such intervention remains to be
by
prevent her
the
the
that
but
Pecos,
the
to
the
extremely se¬
and the break-up tends to
y
the' armies down
corre'
vere
concession
inadequate
Nationalist leaders.
intervened
Almost all of the
complement
seemed
ident
airplanes falling into the hands
of the enemy.
as
Through United States Minister
to India Louis A. Johnson, Pres¬
Japanese
sunk
past winter
Moscow.
Indian
an
north¬
of mud
masses
is
however,
Indian
the
to
usually
ports,
still
Lang-
greater
even
than
ing to
when Sir
the
suggested
of
Defense Minister, the
•Every ton of shipping is vital in
the
ing
selves
Cripps
moving
Moscow sector, and is occasion¬
-
Feb. 27, while the ship
on
was
them.
is
effort appeared for a time to be
appointment
ley, 11,050 tons, was sent to the
bottom between Australia and
Java
before
laid
the Indian defense
thaw
the point of issue, but
Stafford
As an after¬
the U. S. aircraft tender
Stafford
Direction of
to
disclosed last Friday,
was
however,
leaders,
after the end of the war, which
the Battle of the Java
math of
Sea, it
still indisposed toward the
revelations
the
belated
so
Indian
were
Sir
also
news
The
proffer of full Dominion status
-v.--:'.y-
ported.
cor¬
.
•
fi-C'
.
the
to
with
Extremely heavy aerial bomb¬
that,U. S. submarines had tatedyin an aerial attack by in¬
ing now marks the direct conflict!
sunk a light Japanese cruiser and
cendiary bombs. The Burma Road in Western
Europe between the
five other enemy vessels in waters
supply line for China seems to be
United Kingdom and the German ;
of the Java Sea and the Indian of little immediate
days.
The
Monsoon
rains
are
use, although
Reich, while British Commando
likely to hamper both friend and Qcean. The sequence of admitted some
supplies
are
said
to
be
raids against German posts ap- <
losses and of claims of successes
foe for some months to
come.
reaching China by way of defiles
pear to be strengthening. As the •
Lacking
possession
of
Port bolstered the impression that in¬ through the mountains between
fighting develops on other fronts,
Moresby the Japanese probably formation is being disclosed with India and Burma.
;
>::
these
activities
shipping were available to the Al¬ aid in the defense against the aglies, but now are on the other gressor. ■
World War, Japanese and Italian
The
indications are
that
the
.side.
sent
been
closed,
in that theatre.
general sense the war in
Pacific Oceania appears to
have
In
discussed
endlessly the problems of the
"brightest jewel in the British
Crown" of Empire, this week.
the China Sea,
the determinant
much
can
had
of the United Nations to drive the
Japanese
British envoy to India,
and the Caroline
On Tuesday a further re¬
port stated that a liner of 10,000
tons and a freighter of 5,000 tons
our
stern
tual sinkings
of
heavy blows
upon
of the
extended supply lines
the
is
Knox stated on Tuesday
exceptionally grave threat to the
United Nations position in the Far
East.
In the long run, however,
recent weeks.
Islands.
viewed
are
from the Crimea into the
ward
an
waters off Japan
often faction, but they do not alleviate
our own problem of supply while
only after a considerable lapse, the war continues.
when survivors are picked up and
Philippines and the Malay Barrier
brought into port.. No official in¬
\
Bitter fighting continues in "the
formation is being divulged as to
the tonnages lost in this manner. Philippines, and there are indi¬
'
reason
East.
apart
are
from actual and imaginary sink¬
sinkings become known
true that
this
for
ings by the Japanese in the Far
claims
vessels. These
smaller
many
partner require
day, at the beginning of April. large tonnages. Germany needs
No less than four sinkings were shipping for her coastal supply
noted last Sunday, inclusive of lines in Europe, and Italy has lost
such incidents in Canadian At¬ much
shipping
in
the
transports clearly referred to
ments in March, for it
entails
it
the Japanese supply lines in
the negotiations respecting India
The Navy Depart¬
may prove to be of even greater
ment announced on Monday the
significance.;
■
sinking by our submarines of
Sir : Stafford
Cripps, special
three
Japanese
freighters
in
and
destroyers
important fully equal to that of United Na¬
v..- -■ tions sinkings. Japan is most vul¬
merchant nerable in this connection, since
were
other warships dealt
and
invasion
numerous
decided this spring
Reports from the Rus¬
front
spring
for control of
the Asian mainland, and the re¬
decisive.
sults were not conclusive.
Japa¬
shipping problem is one of
nese forces continued their moves
the more important phases of the
against British Empire units in
Pacific struggle, with all indica¬
Burma. ? This offense threatens to
tions pointing to exceptional dif¬
shut off the supply line to China,
ficulties for the Japanese in sup¬
plying
submarine and other sinkings can
second place in
Command
High
and
Nations
United
the Axis aggressors
not likely to
are
the
between
and
blows
these
V/■ Asian Mainland
be
may
in Russia.
sian
responding interest.
v 'Both
diplomatic ■ and -military
.What is clear concerning the A
conflicts were waged this week
tremendous struggle is that the
It was recognized, how¬
that
: '
;
recapitulation, last Fri¬
that
available tonnage is so great
Navy.
one-ocean
a
Na¬
and
war
The
seas
seven
a
on
United
Rabaul
by
upon
nothing else could have done.
as
prove
the
embarked
are
fliers
counter-blows
United States,
however, it is evident that we
for
only
reported
tions
ever,
Speaking
vessels.
damaged
to
inade¬
British
turning out new ships
relegated to
full
is
were
pation.
is a war secret. Nor
knowledge available as
naturally
ply
remains
decidedly
quate.
Our
own
and
yards are
at an accelerated rate, but it may
well be another year before the
American
and
American soldiers in the Far East
last
other centers of Japanese occu¬
of the
Navies
disposition
the
British
Japanese fliers bombed
week-end, and some heavy raids
voying and fighting tasks faced
on all seas. Specific information
about
Pacific
Far
the
Port Darwin again, over the
ton¬
inadequate
quite
in
*
Ocean.
for the tremendous con¬
nages
issued
Although the need for shipping
was
never more
acute,; the sup¬
be
in
tions
warfare
Thursday, April 9, 1942;
England,
the Dover
over
the
last
area
of
week¬
end.
Fresh
developments, involving
activities, possibly im¬
American
pend in the struggle, for a fresh
military
mission
ar-'
American
rived in London, yesterday, with
Harry Hopkins, personal assistant'
of President Roosevelt, sitting in'
Volume 155
the
on
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4062
conferences
fer to
It would be
British
With
military advisers. A sizable U. S.
contingent now is in Northern
'Ireland, awaiting action or trans¬
other sectors. That
a
Brit¬
if
could
ture
new
struc¬
down and
struck
ish-American
in
front
be
may
of the
year, is not regarded as out
question.'
Little
•
'
'
,
'
;
Mediterranean Battle
J
i
es¬
Russia, later in the
than
more
aerial
.;
I
raids
marked the
fighting in the Medi¬
terranean region chiring the early
days of April, and the impression
far
and only 9% since Septem¬
ber, 1939, leaving a substantial
Secretary of Commerce Jesse
net improvement in the stand¬
Jones announced on April I that
ard of living of American work-
the production front is con¬
as
that the necessary
get to the plants
turning out the war goods, to co¬
ordinate their flow to shipbuild¬
cerned, to
see
ing,
When
railroad.
a
on
tank
turer
wants
that action there will
be coordinated with other battles.
patcher
and
empty
cars
where
knows
orders
.
to "pick
train
a
V
manufac¬
a
the dis¬
they are
them
British Empire units are known
up and deliver them. As it is this
to
have
been
concentrated
in country is
being put in • such an
force in Libya, and a large Ger¬ economic
strait-jacket that the
man-Italian ■ mechanized
army whole
thing is liable to end up
faces
the
British.
The
fighting in one gigantic log jam.
•
season is waning,
moreover, and
It is no secret here that the nec¬
fresh activity may develop soon
essary materials are not flowing
for this reason.
'
V
.
'
/ • freely. The work in many plants
still prevails
Axis aerial attacks were con¬
tinued
ferocity
reckless
with
against the British base at Mal¬
ta,
of
scores
ranging
j base
over
*'
in
"
fighter planes and anti-aircraft
fire both took a heavy toll of
the
modest in Valetta,
was
Germans bombed
the
heavily, Tuesday, but few other
occurred
had
in
worked
the 25
industries, with the work
41.6 hours.
increases
also oc¬
of the
last war, wage earners
in many
industries were probably work¬
ing close to the maximum num5 ber of hours. Any lengthening
the
of
week
work
there-
was
physical
take
a larger part in production. The
situation now is quite different
since it is possible to expand
fore
f
limited
the
by
'ability of the workers to
the
considerably
on the
week
work
without harmful effects
health of workers.
.
It is fewer*
bureaus
bureaucrats.
Seem¬
the
country
/
fewer
ingly,
everybody in
wants
to
serve
Nation's Full
Support
agitating
Disclosure was made in Wash¬
moves
were
made. Turkey re¬ for
labor-management
commit¬
ington on March 31 that each
mains under diplomatic pressure, tees; Mrs. Roosevelt, if she has
member of the United States Ex¬
without
giving
any
signs
of her way, will have everybody on peditionary Forces, upon departing
changed policies. A German drive a committee. Everybody will be for distant war
fronts, receives a
eastward through Turkey is not "conferring.".
Nobody
will
be copy of a letter from President
so confidently predicted, now that
working,
v .
Roosevelt pledging them support
A Congressional committee also
the battle is unfolding in Russia.
"by the whole force and power of
A human touch was supplied in wants some of the aviation pro¬
labor
The
leaders
lays
The
the
this struggle over
the last week-;
badly as to be unable to resume
.'
combat.
ducers
are
to
from
drawn
be
initial
program called for
of synthetic rubber
annually but this goal was re¬
cently raised to 700,000 tons of
rubber.
The cost of the produc¬
tion facilities for the program is
estimated at $600,000,000 with the
tons
Rubber
fense
Reserve
Plant
Co.
the
and
Reconstruction
the
11
■
The
following
companies
will
participate in the program:
Refining
Co., Carbide
Co., Celanese
of America, Cities
Co., Dow Chemical
From
trying to work out some
coordination of his multiple pub¬
Washington
licity!/services.
(Continued from First Page)
conferring with the President,
he
expression to an "idea" for
increasing production. We should
gave
some "industrial comman¬
dos," he said.- They would refuse
to take "no" for an answer.
If
set up
called upon a certain
the military
industry to perform a certain task
and the industry simply could not
it
do
;
sweep
the "commandos" would
in and take charge.
The.
Northern Ireland.
letter
who have not heretofore
men
been
*
attractive
-
industry,
to
he
He means by this, of course,
said.
would be men so bril¬
efficient that indus¬
that they
liant and
so
wanted
naturally J hot
has
try
them around.
call based
Orleans
with
and at least two-thirds of those on
ing;
the
payroll.
If
isn't
this
complished
And
its
as
by
the
new
friends
ter distributed
at
has
court
Oil
Factory Wage Rale
Doubling World War I
ing fought.
<'
sale and
workers increased almost twice
is
but? it
.with
will
Much
be
office
ington.
''
has occurred to
of the New Dealers that the
it
Somehow
none
goods must be produced by
industry and that the more they
let industry alone the more goods
will be produced. The whole ten¬
dency is to set up bureau after
bureau. Just how an industrialist
war
19.0%
rose
average
an
from July,
dom
./October, 1916, and 36.4%* from
September, 1939, through De¬
cember, 1941.
,
But
in
terms of
the
cost
living, the rise in "real"
ings
since
September,
,
amounted^ to
•
19.9%,
or
1939,
more
than three times
as
much
as
"conferring"
with
them,,
the 5.9% increase in the period
rafter contending with them,, has
any
time left to devote to his /from July, 1914-October, 1916.
At the start of World War I,
industry is difficult to under¬
after
stand.
•
ican
w;
-
Somehow
or
people
i
another, the Amer¬
have
got
Washington's
;through
cratic head that it cannot
the
"
war.
goods
It is
necessary
a
get it
bureau¬
ference Board
produce
average of
to
>
commentary on some¬
thing that the men who are doing
it,
are
who
the
must continue
Ernest
Weirs,
to
the
do it,
Tom
Girdlers, th£ Henry Fords, whom
the New dealers despised. •
were
.
win the
to
} employees in the 25 industries
regularly surveyed by the Con¬
actual
dollars
September,
receiving in
and
$12.68
1939,
per
cents
week.
workers
lives
those
of
tyrannical,
more ar¬
..
Yours
God - fearing,
proud, courageous people, which
throughout its history has put
its
is,,
freedom
a
under
God
before
all other purposes.
We
who stay
duties
our
owed
■
in
to
Nation.
will
be
It
in
and
confidence,
the
your
fellow
citizens
and
"this
Commodity Credit
Corporation will sell the /1938,
1939, and 1940 loan cotton pooled
John
E.
action
the
trical
Hamm
of
30
these
*
While earnings thus increased
in
is
will
facture
be
sale.,
The OPA said that
Northup,
a
partner
of
was
in the
also
a
elected
Exchange.
member
Board of Trade.
to
membership
Mr. Northup is
of
the
Chicago
J
1
The
debt
the Greek external
recently received by us
was
vibrator
ers'
horsepower
covered
are
Biscuit
by
muffin
and
the
1940,
and
cigar
dishes,
chafing
casseroles*
cigarettes
lighters,
clothes dryers, coffee
makers,
corn
poppers,
curling
irons,j deep
fat fryers,
double
boileikj&ry
shavers, egg cook¬
ers,
fan-type heaters, fans, flat
irons, food and plate warmers,
pers,
griddles, hair clip¬
hair dryers, hot plates and
stoves, immersion heaters,
juice extractors, massage vibra•
tors,;
neckware
-
trouser
pads and blank¬
percolators,
heaters,
and
portable
roasters,
air
sandwich
toasters, smoothing irons, table
stoves/ tea
unit
kettles,
radiator
tea
heaters,
tables,
urns,
vaporizers, waffle irons, water
heaters and
whippers.
the
to
ternal
debt for the
pay
on its ex¬
duration of
confirm that the
and
war,
to
undertook
)43% of the interest
the
arrange-
concluded
in January,
under which the Greek../; -
Greek Government made regu¬
provision for the payment
coupons in accord¬
ance with this arrangement up
to and including April 1, 1941.
lar
of
maturing
It is to be noted that the interN
est service
maintained dur-
was
attack
the
following
months
the
ing
in
Greece
on
October, 1940, and broke down
only after the German invasion
in April, 1941.
,
The
/
Government has
Greek
Council and
the
informed
now
the Committee
of the
makers,
bottle warmers,' bread toasters,
broilers,
,
Government
only those
rated elec¬
Items affected include:
order.
attention
ment
/,
Italian
fractional
>
*
Committee recall the bondhold¬
,
electrical
or
'
\ \
.
Bond¬
holders and the League Loans
last
appliances having a
trical capacity up to 2,500 watts,
those powered by an electrical
.
The Council of Foreign
con¬
to
-.v
.
announcement
following
from London:
pro¬
or
ets,
A.
information with
offered
the
with regard to
elec¬
now
necessary
Suspension Of Greek
Interest Service Prolonged
in distribut¬
through most of 1942.
pressers, ovens,
John
the
as
the terms and conditions of the
/
ton
2,
time
and full information concerning
rationing
not
sufficient
Managers of the New York Cot¬
April
and
from
made
be
lists of the pooled stocks
to
ors' hand and in process of manu¬
New Cotton Exch. Member
on
i bales
33,000
participated in the General
Program and others re¬
Sales
Board's
other
that
stated
food mixers,
held
will
to
have
May 31." Mr.
on
of appliances
stocks
disc
Exchange
It
1941.
31,
held in these pools
now
time
templated, predicting that present
your
meeting of the Board of
July
on
Approximately
view
halting
and
appliances
also
taken
prices
Production
March
of
that
said
been
has
runaway
War
Hamm
FRANKLIN D. ROOSEVELT.
a
made
added:
of 44 electrical
duction
President.
At
General
the
under
Sales Program,
r
gratitude
Ga.,
increase
re¬
household
appliances. The order, which be¬
came effective on April 7, sets the
ceiling at prices prevailing on
March 30. Acting Price Adminis¬
and prayer of your families and
J. J. Williamson & Co. of Atlanta,
war, an additional
of 31 % has occurred.
Adminis¬
April 3 "froze" the
on
prices
You bear with you the hope
or
Since the outbreak
By OP A
Price
an
In
r
tail, wholesale and manufacturers'
win
an
of
of
Office
tration
victory of all the
people—common to them all.
average
118% more.
Price Frozen
The
the
these industries
were getting
of $27.58 per week,
Appliances
perform—duties
you
sold
cotton
questing
at home have
victory
by the
announced
also
was
Department that in addition to the
Refining Co., Socony-Vacuum Oil
many
The
Credit
Commodity
pool records are completed. The
Regional Office at New Orleans
will furnish
all
persons
who
parts to you—
You will be supported by the
whole force and power of this
of
earn¬
more
rogant.
*
of
1914, through
the
depends
lives; the
of
Corporation, New Orleans, La.
Never were enemies of free¬
.
earnings
of
your
you
trial Economics of the Conference
in Board. At
the same time, the rise
the end it is not at all unlikely
in the cost of living has been less
that in addition to the burdens
rapid than a quarter-century ago,
under which industry is already
says
the Board, which, further
operating it will have to contend
s^id: v v
-;; ^;^./.;/■ /•
-:.-: ■
with these additional flying squad¬
For wage earners in, manu¬
rons
of jackasses.
Furthermore,
facturing " industries, weekly
it is typical of the trend M Wash-,
Leard of it in the future and
outcome
of
love—your fellow citizens—
your people. ./.
fast in the first 28 months of this
they did in the correspond¬
period of World War I, ac¬
cording/; to a comparison rec6ntly;
develop, made
by the Division of Indus¬
will
that
one
agitation.
the
freedom
as
war as
an
were
Upon
required bid forms may
from the regional
secured
be
offerings
of these articles
the freedom
of industrial
information " concerning
Full
the terms and conditions of the
Goodyear Tire &
Co., Gulf Oil Co., Humble
Oil Refining Co., Hycar Chemical
Co., Koppers Co., Monsanto Chemi¬
cal Co., Phillips Petroleum Co.,
Pure Oil Co., Richfield Oil Corp.,
Shell Union Oil Corp., Sinclair
order
tant places where the war is be¬
5
right to fix price.
prices will be fixed prior to de■//livery, .-v;
'■1
'
Rubber
of
have embarked for dis¬
New
or
contracts
;
are
You are soldiers of the United
You
sellers
future
Delivery must be within 30 days
after offers are accepted and
F. Goodrich Co.,
prevent
Army.
New York
on
July
Co., E. I. du Pont de Nemours Co.,
Firestone Tire & Rubber Co., B.
of the United States
Expeditionary Forces:
States
sales
the
and
ment
trator
To Members
;;£:
yf;;V
earnings
in
ing, to, Associated Press advices:
prepared to - resist any action be¬
ing taken against it.
Weekly
the soldiers
to
agency. Northern Ireland follows, accord¬
it stands every agency
influential
The text of the President's let¬
be
to
done, nothing will have been ac¬
permanent bases.
no
Feb.
in accordance with the announce¬
similar
Forces, Mr. Early said the letter
was not being distributed to Navy
men since they are on ships hav¬
with
during
Corporation
to members of the
Corps
Expeditionary
goes
Marine
isolated "idea"
ing
it would not be worth passing on*
If this
a
can't accom¬
plish % it because manifestly the
first job of the coordinator would
be to get rid of the other agencies
He
"commandos" would be made up
of
While
■
procedure observed
& Carbon Chemicals
-
.
has been
-
Credit
The announcement
!
March
will be followed, officials ex¬
plained, Bids must be made on
De¬
Finance
"
Sales
General
connection
in
Corp., both affiliates
Corp., engaging in the financing.
that bids
1
Commodity
same
made
.
400,000
of
The
de¬
Secretary,
ment following publication of the States Rubber Co.
not let them continue to turn out
message received by members of
planes?
;
>
the Army Expeditionary Force in
Mr. Roosevelt for several months
Electrical
-
t
Stephen
and
the
of
also stated:
Co., Inc., Standard Oil Co. of In¬
diana, Standard Oil Co. of New
Early, White House Jersey, Standard Oil Co. of Louis¬
made this announce¬ iana, the Texas Co., and United
their
brought to Washington
to "coordinate" the industry. Why
jobs
terms
Program of
Corporation.
this Nation."
•end, when British and Italian hos¬
pital ships met at Smyrna, and
exchanged prisoners wounded so
April
on
will be considered April 13, 1942,
for the purchase of cotton under
production by
The
April 13
Department of Agriculture
announced
encountered, all should
the end of
are
in
be
Service
committee.
a
on
unforeseen construction
no
>\ Atlantic
,
expanding War Produc¬
tion Board.
if
1943.
Although
not more bureaus or more men in
and
Mediterranean
Alexandria
Eastern
the
In
;
damage
Military
enemy.
were
curred in the early part
ployes
the daily
to
Cotton Bids For
in
week then averaging
has
British
and the Gerpaid dearly
down.
shot
planes
a^Congressional Committee
And
employers which in turn makes
them surly arid dispirited.
The solution to this situation is
f newly
Italians
and
mans
'
.
for lack of them.
up
rein¬
Valetta daily. The
• been
forced, however,
has
held
reported that when the em¬
see the work being slowed
down they take it to mean A dis¬
interestedness on the part of the
bombers
enemy
is being
only
hours
•
,
awarded
been
25 chemical, petroleum and rub¬
earnings much ber
companies for the production
July, 1914, than in of
synthetic rubber, expected to
September, 1939, but workers be more than
700,000 tons an¬
in the earlier month put in an
nually.
■
"v.
average of 51.5 hours per week.
The plants participating in the
In September, 1939, the average
was
only 38.2 hours per week. program will begin to operate in
the next 18 months and, it is said,
By December, 1941, increases in
Not
smaller
building, to planes
as
need might be.
The bureau
could serve like the dispatchers
to
have
contracts
materials
raw
Companies To Make
Synthetic Robber
war;
bureau could then be .set up, inso¬
1
tablished
25
1914, to the start of the present
a
made. -;; One/*, simple
start
v.
bureaucratic
be
tremendously, the cost of living
advanced only 39% from July,
tremendous thing
a
whole
the
1451
that, as a result
occupation of the whole
territory of Greece by the en¬
emy
and the consequent loss of
all
practically
and
revenue,
of
conditions
and
its
in
of
sources
the
of
view
distress
terrible
privation in which Greece
and her
it is
people find themselves,
compelled, to its deep re¬
gret, to prolong the suspension
of
of
payment
the
upon
the
which
debt
.
of
service
forced
was
it in April, 1941. The Gov¬
ernment has assured the Coun¬
cil
and
soon
the
as
Committee
that
as
possible after the lib¬
eration of Greece and the estab¬
lishment of
ery
a
measure
carefully
reexamine
tion
will
the
of
recov¬
in her economic life, it will
and
the situa¬
with
collaborate
representatives of the bond¬
holders in order to reach
and equitable
settlement.
a
just
"V
;
THE COMMERCIAL' & FINANCIAL CHRONICLE
1452
Thursday, April 9, 1942
Lumber Mo
Moody's Bond Prices find Bond Yield Averages Labor Bureau's Wholesale Price Index
Moody's. computed bond prices and bond yield averages are
Again itdvaiiced Slightly In Mar/ 28 Week
given in the following tabies:
Ended March 28, 1942
-.
;
V. S.
1942—
Baa
R. R.
92.50
97.16
110.70
114.08
advanced moderately while industrial commodity markets, continued
92.20
97.16
110.52
113.89
steady under the influence of Government regulation.
ber
97.00
92.20
113.70
STOCK EXCHANGE CLOSED
110.52
114.08
the 1926 level, prices are the highest since the Autumn of 1928, and
ate 0.6% above the corresponding week of February of this year
and nearly 19% above last year at this time.
ft:
Apr.,
7 ——Z"6
I—-siU'
4
■
2
1
■
A
-
Mftr, 27
—•
•20
™
6
'
Feb.
——
27
;
118.17
106.92
116.22
113.70
118.16
106.92
116.41
A
:
..:.
107.62
107.62
107.62
118.10
106.92
116.22
97.00
110.52
114.08
106.92
116.22
113.70'
107.62
107.62
92.20
118.03
92.20
97.00
110.52
113.89
118.20
106.74
116.22
.113.50
107.62
91.91
97.00
110.34
113.50
107.09
107.27
91.34
96.85
109.79
112.93
112.75
113.70
,117.33
106.21
115.43
113.12
112.93
91.34
96.85
109.60
T17.32
106 21
115.63
112.93
107.27
91.62
96.85
109.79
113.31
116.34
106.39
115.63
107.62
91.62
96.85
110.15
113.31
116.32
106.56
115.82
107.80
107.80
91.62
96.85
110.34
91.77
97,16
110.70
113.50
107.80
91.91
97.16
110.70
113.70
-
—
6
-
A—-—
116.27
106.74
116.41
113.31
113.31
113.50
117.02
106.74,
116.41
113.50
97.31
92.06
ft ft
113.70
106.92
116.22
114.08
107.62
91.91
9731
110.70
113.70
117.60
108.92 .116.41,
113.89
107.62
91.91
97.31
110.52
113.70
117.08
ft
118.00
106.92
116.61
114.08
107.62
ft-. 91.77
97.16
110.70
113.89
117.61
106.04 ft 115.82
113.50
107.09
90.63
95.92
110.34
113,31
118/27
if5. Op
106.92
116.61
114.08
107.98
92.50
97.47
110.88
114.08
106.04
115.43
112.93
107.09
90.63
95.92
109.60
112.75
1941—
120.05
108.52
118.60
116.02
109.60
92.50
97.78
112.56
116.4:
1941.——
115.89
105.52
116.22
112.00
106.04
89;23 ft
95.62
109.42
111.62
ft.' ;i9.
r
—
High
^1942-/2/
Low
1942-/1—
High
Low
ft.
1941—
117.45
,2 Years ago
Apr. £, 1940—
117.17
Apr. 7,
/
/
'
:
t
,
,i /t
96.85
85.98
91.62
::r:
<ti3
—-
3.30
.' 4.24
2.97
3.30
4.26
STOCK
:zz
-II
3.34
3.35
13
-
^
*
JanV
2.96
3.14
3.94
2.84
2.97
3.30
4.26
2.84
2.97
3.30
4.26
2.84
2.98
3.30
4.28
3.94
3.95-
"
3.94
'
3.14
2.95
3.14
2.96
3.15
2.98
3.33
2.87
3.00
3.33
4.32
3.18
3.01
3.38
2.88
3.01
3.32
ft 4.32
3.95
3.19
3.02
4.30
3.95
3.18
2.99
!3.01
2.87
2.99
3.30
4.30
3.95
3.16
2.99
20
3.36
2.86
2.99
3.29
4.30
3.95
3.15
2.98
13—,
3.35
2.83
2.98
3.29
4-29
3.93
3.13
2.98
3.35
2.83
2.98
3.29
4.28
3.93
3.13
—
3.34
2.84
2.97
3.29
4.27
3.92
3.14
2.97
—
3.34
2.84
2.95
3.30
4.28
3.92
3.13
2.97
16
/:
———.
9
;2
————.
High 1942
Low -<1942
a.
Highr(1941
1941
yellow pine flooring, boards, lath and timbers.
The indexes for textile
3.92
3.14
2.97
3.93
3.13
2.98
a
3.39
2,86
2.98
3.33
4.37
4.01
3.15
2.99
indexes from March 21 to March 28, 1942.
3.39
2.88
3.01
3.33
4.37
4.01
3.19
3.02
3.34
2.82
2.95
3.28
4.24
3.91
3.12
2.95
.
3.39
4.47
4.03
4.24
3.89
ft!
3.20
3.08
3.03
2.K
2 Years ago
3.39
'
2.82
3.04
3.37
2.80
2.98
3.59
4.33
3.95
3.16
3.05
4.71
4.30
3,23
3.03
3-14
2-28
3-29
3-21
1942
1942
1942
1942
1941
1942
1942
ft
from average yields on the basis of one ,"typical", bond (8%*
and do not purport to show either tho average level or th»
Quotations.' They merely -serve to Illustrate in a more com
prehensive way the relative levels and the relative movement of yield averages, the lat
ter being the true picture- of the' bond market.
t The latest complete list of bonds used in computing these Indexes! was pufc
lishedjin the issue of Oct,. 2, 1941, page 409.
'
!
maturing. In 25
products-^.—:—
Farm
.
97.2
97.1
96.8
82.0
+0.2
+0.6
+18.8
102.3
102.0
73.2
+ 0.3
+ 1.4
+ 41.3
95.9
95.5
95.8
95.5
76.4
products/,.... 117.6
95.9
products—————ft-.
78.1
Fuel and lighting materials..-.^,;
103.7
Metals and metal products—..-/,
11C.0
Building materials—
—
97.1
Chemicals and allied products—
Housefurnlshing goods—— 104.1
116.6
116.4
116.3
103.5
95.9
95.9
94.9
79.2
78.2
78.2
78.4
72.6
Foods——
Textile
.
Miscellaneous commodities—..
Output For Week Ended Spri! 4,1942
Shews 13.1 ^ Gain Over Same Week In 1941
The Edison Electric Institute,
power
industry of the United States for the week ended April 4,
kwh.
in
the
which
corresponding period in 1941,
kwh;,
12.4%
increase of
an
13%
greater
Record
-ft/■"/
ft ——
Major Geographical Divisions—
April 4, '42
New England—i—
9.3
Middlev Atlantic—
'
9.0
Central Industrial
10.2
'
'
'
Central-—ft
'.Southern States
Rocky Mountain
-
103.7:? 103.7
97.9 ft ft
110.4
110.2
0*
109.9
99.7
97.1
97.1
97.1
80.6
104.1
104.1
104.1
91.2
O
9.8
11.5
aa—.
,
Total United States—
■
89.7
89.4
89.1
77.8
0
+ 0.7
+'•5.9;
,
98.3
■
9.2 '
10.7
Week Ended—
3—_—.
10—
Jan.
,
Jan.
17—31—
Feb.
7
Feb,
Feb.
.V——
24™—
•Jan."
14A
..
21—a/A—:
'—-ft
28'—/—/.ft:
.Feb,
11.0
12.4
12.7
11,7
■ft,?, 10.9
.
ftMar
13.6
28.8
27.2
-
; 12.4
T25
13.1>
ft ft /
-ft/'
'i
■•■
'•v
;!
1942
1041
2,845,727
3,472,579
3,002,454
3,450,468
3,012,638
3,440,163
3,468,193
2,996,155
.+14.8
2.994,047
+ 15.8
3,474,638
2,989,392
3,421,639
2,976,478
3,423,589
over
2,993,253
14—
3.357,444
2,983,591;
21-™/—
3,357,032
2,983,048
28_—•—Z'_i
'3.345,502
ft,-/.
1941
"
Shipments
259,511
20.5'
Orders
318,203/ 276,919
+ 0.8
+ 15.3
0
ft
+ 0.3
+
ft
+ 0.5
+ 15.4
products—ft:———...
96.1
95.9
95.9
ft.
.
95.3"
•'
•
^
95.3
■
95,6/
-:ft -J
ft 'ftft/:
•
ft'95.2
85.4
0
+28.8
■
+0.3
ft'*''
Production.
1942,
TO MAR.
28,
ftiftft /'ftftft
/ft'ft;' ,:/:'ft"/ftftftft':./ Increases
Paint
Hides and sktns_ft.^.—__
0.9
Lumber.
Livestock
0,9
Woolen and worsted goods--.
0.6
Other foods
and
poultry—;..—.—.
Cement
feed
—0.5
farm: products—.——_—
0.4
—.
1.6
and
111
14,491
106
12,158
89
National Banks
.
paint materials..——-
.-.——ft-.---
Bituminous coal
Brick
and
products
goods
Petroleum products
Cotton
.
tile————.—
ftftft 12.5
1932 ft
1940
of
!
-ft;
3,348,608
DATA
2,975,407
•
FOR RECENT
2,959,646
'*■^'
r
MONTHS
'ft./'"/
————
1941
1940
13,219,304
11,683,430
The Senate unanimously ap¬
proved on March 30 a bill provid¬
ing for substantial pay increases
1929
11,894,905
10.589,428
1,588,967
1,717,315
1,588,853
1,728.203
Colo ),
is estimated
will have to bear under the Treas-:
+16.2
2,616,111
1,578,817
1,726,161
to
+15.0
2,564,670
1,545,459
maintaining
1,718,304
2,546,816
1,512,158
1,699.250
ury's proposal for raising new wari
revenue; he still feels that impo-l
sition of a sales levy is wrong/ ft
+ 13.9
2,568,328
1,519,679
1,706,719
+12.9:
2,553,109
1,538,452
1*702,570
+ 12.5
2,550,000
1,537,747
1,687,229
+12.5
' 2,508,321
1,514,553
1,687,*229
2,524,066
2,493,690
1941".
;
1940
1,679.589
1,663,291
/
*
ft
1,480,208
1,465,076
Kilowatt-Hours)
„■
.
...
,
;■//
1999
■•+13.1
+12.3
of
*
1938
10,183.400
9,256,313
9,290,754
.
1937
ft
"2,787,901
8,396,231
8,911.125
10,974,335
+ 18.1
10,121,459
9,110.808
9,886,443
+17.3
9,525.317
8,607,031
9,573,698
May ————— 13,216,962
'June
13.187,225
-July
13,837.916
August——
14,118,976
-'September ——1 13.915.353
11,118,543
11,026.943
+ 18.9
9,868,962
8,750,840
9,665,137
+ 19.6
10,068,845
8,832,730
9,773*908
11,616,238
+ 19.1
10,183,255
9,170,375
10,036,410
11,924,381
11,484,529
+ 18.4
10,785,902
9,801,770
10,308.884
———
.October
J3ecember_
Total
for
+ 21.2
'
10,653,197
-
9,486,866.
9,908;314
14,765,945
12.474-,727
+18.4
11,289,617
-0.844,519
10,065,805
ft— 13,988,934
12,213,543
+ 14.5
111,087,866
9,893.195
9.506.495
15,095,452
12,842,218
+ 17.5
11,476,294
10,372,602
9,717,471
——
November
—
:
-
.
April 7
2.632,555
+ 12.4-
of
the
31,250
ft
close
v!
,
$125.,000
'
: -
of
93,750
business
,,
the
.
the
raise
measure
the
cost of
armed forces by $282,000,000
cers—second
lieutenants and
signs—from $1,500 to $1,800
and grants
en¬
a year
higher subsistence and
rental allowances for
all officers
Mai'.
taken
tax.
by the sales
Workers would be hardest
into
account
hit by the levy* Mr* Murray said,
while those
capable^ of paying
much higher income
.30ftr-The, National
+17.4 124,502,309 111,557,727 117,141,591
in the
high grades.
get off lightly.
Bank
*
,
ofSanford,
Sanford,
N. C.
Location of branch: No. 5 S. Steele St;,
ft. Sanford, N. C.
.ft".-... ■;
COMMON CAPITAL STOCK INCREASED
t
i.
■'
y
Amount of
#*\*;.
.
increase
Mar. 30—The National Bank of
creased burden income tax payers;
annually. Under the bill the Army
privates - and - Navy • seamen will!
Opposition of the Congress of
get $42 a month, instead of the Industrial Organizations ta a Fed/
$21 "they now receive at the start eral sales tax was voiced before!
of service. In addition, non-com¬ the
House Ways and Means Com¬
missioned officers in the Army, as mittee on
April 7. The labor or¬
well as those of equivalent ranks
ganization advocated instead in+
in the Navy, Coast Guard, Marine creased income taxes for individ¬
Corps and Geodetic Survey* would uals and corporations.
President
also get. higher pay. The measure,
Philip Murray's statement, read
which now goes to the House, alsa to the House
group by Ralph Het-i
provides for raising the pay of zel, CIO economist, declared that'
two grades of commissioned offi¬ the
"ability to pay" system is not
.
.
AUTHORIZED
BRANCH
ft.
Sanford, Sanford; N. C.
From $64,850
to. $100,000..
;
$35,15*0
Moody's Daily " ft ft ?
Commodity Index
Tuesday, March 3I--._-™_„___.l_l_231,6
Wednesday;
Aprii 1
__
ftft._
___
__*231.7
Thursday, April 2—_ft.__ft__ft.ft.„_232.3
Friday, April
3™_™™.™_^__!._
«
Saturday, April '4-_-ft!l^.ftir_li"_l_"._;/._232.7
Monday, April 6l/--l--...-'-_-._lft._„233.'2
Tuesday; April
7™i.ft—_i—™././_233.3
weeks ago, March 24—__™.___23ft«f
Two
Month
Year
1941
ago/March 7:_____ft.__/::i_229.2
ago,ft April'7L—.±.—1861
High—Sept.
9
.219.9
—:
Low—Feb/17 ift-./.ii
1942
taxes would;
:
;_171.6
High—Ajpr'il'7-i-ft——_-.™.™233;3
Low—Jan.
2ft./
"
year—162,762,560 138,653,997
?
Weatherly, Pa......
as
:
Amount
National ft
Mar. 14, 1942.
Liquidating
committee:
Samuel
W.
Harriet S. Warner and A. F.
ft.Hoegg, care of the liquidating bank//•
Absorbed by:"The, Hazletop/Nation^l
ft Bank/'; Hazletori, Pa.
ft
- :'
*
a
2,660,962
+13.1
_
,.
Federal sales tax. At his press
conference
the
President
said
to
that, .in spite of the greatly in^-
over
.
on
officers in the armed forces. Spon¬
sored by Senator Johnson (Dem.,
10,705,682
—
—
President Roosevelt
again went on record as opposed
l,t93,810
ft
ft ft/ ft '.'.
First
"Preferred Stock -(local)
-
Effective
Higher Pay For
.1,736,729
;
ft:ft ft.ft;+/;•
Common stock
ft
0.1
Roosevelt, G!0 Oppose
Men In firmed Forces /
Federal Sales Tax
* .ft.
12,965.158
April
i——
.
.
.
12.556,430
-
March
Furnishings
1,598,201
2,688,380
2,673,823
% Change
■
0.2
1,602,482'
+ 15.7/
(Thousands
"
———.i—
/;./ /■;
,
30—The
Mar.
0.1
■
is
VOLUNTARY LIQUIDATION
0.1.
for enlisted men and lowest grade
ft+ 14.7
ft
■Leather1
j
«
information
Comptroller
Currency/ Treasury De¬
the
partment:
0.1
1,542,000
.1,619,265
following
Bank of
0.6
0.4
v
from the office of the
0.3:
0.3
0.3
0.2
0.2
Dairy products—-..—0.1
Meats .0.1
—.—.
'
>
108
13,709—100%
+11.6
ftftft!ft:ft',ft;ftftVvftftft:ft-:ft '/ft/.
Clothing.
.'■ft
139
308,045
The
1.6
1942 Week
'ft'
220,846—100%
Orders
1942
4.5
251,387 ft
Hardwoods
Shipments. 245,020
'
vegetables
266,570
I
J/. PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
21,
257,439.
^
"ftftft •'
1942 Week
MillSii///.',
377- • •
9.2i
:'-.i.-'
Shoes
Cattle
0.9
ii*.
Softwoods
+0.5 +14.4,
j.-.V
'ft;.
95.0
+
84.0 /+ 0.2
'
Week
Week-Wk (Rev.)»'
; ' 470" '
470 :
'472 .ft:
234,5555 ■ 242,650
238,773 ft
10.9
0
'
2,558,180
•'
4—
January
•February
*
+ 14.1
84.8
29.1
+ 15.6 +■:
+14.5
..
2,985,585
3,004.639
,
;
Softwoods and Hardwoods
+
76.3
Vote
'
•Mar.
and
year ago,
+
-84.4
"ft
•
Production
9.9
*
1942
3,288,685
3.409.907
.Apr;
a
O
97.4
,
'
Mills'-
11.6
//: 12.6.
ft13.4 ft,' -'1'
13.2
13.3
3.392,221,
7—
ftMar.
week
Hamm,
'
"Mar."
current
.."ft;ft,
/!ft/ft^/.1942 /ft 1941 ft'Previous
8.3
■
ft'.'- :///;!'■' ] % Change
•ftftft ft.'
■
the
0
97.4
Cereal
Mar. 14, '42
10.4
28.3
w
'
Hardwoods
+ 0.6
ft
"
91.9
;
DATA FOR RECENT WEEKS (Thousands of Kilowatt-Hours)
♦
Jan.
./■:>;y
•.v;.
"
97.9
'
.Jan.
for
ago;
.-/■
••
,v.~,1942
;/:o-.
<n+ 0.2
0
•
7.6
92.1
Grains
Mar. 21, '42
8.4
14.8 ft
Coast—
42
10.1
—
•
year
less.
•*.-
thousand' board feet:
+
97.4
Other
Week Ended-—^
Mar. 28,
„
,
;•
a
"ft
responding week
.-+0,4
97.6
Fruits and
estimated to be 3,345,-
-—0.1
92.2
Mar.
the corresponding week
.
Pacific
■
a
were
for the previous
week/ follows in
Decreases
West
orders
than
; •'*••
Softwoods and
13.6j
97.9
'
The
PERCENTAGE INCREASE OVER PREVIOUS YEAR
■/-.- /
Unfilled
ago.
+ 21.1
92.2
products and foods_-u._.._^..
2,959,646,000
gain of 13.1%.
a
was
over
*
in 1941.
with
compares
output for the week ended March 14, 1942,
; 502,000
March
on
ended March 28* 1942, for the cor¬
+ 25.5
+
97.9
electricity by the electric light and
kwh.,
3,348,608,000
was
0,4
+ 1.1
Manufactured products—......
All commodities other than farm
ft
that the production of
+
+ 1.1
0
103.7
89.7
All commodities other than farm
in its current weekly report; esti¬
mated
•
+ 0.4
+ 0.9
.
Semimanufactured articles...
Raw materials.——.——--
1942,
orders to
47%
1942, ft compared with 38%
•
1941
103.1
15%
were
*
was
:ft
3-29
97.4
Hides and leather
years)
:average' movement of actual price
Electric
2-28
103.4
All Commodities——a™—...
.
3.52
*>vThese prices are computed
■
coupon,
3-21
stocks
year
ft
3-28
orders 5%
the
1941
of
gross stocks were 10%
Percentage changes to
March 28, 1942, from
ft=:. ./ft//././/.
■
■
of
above
,
Apr, 6, 1940—--——
-
ft
ft.,. ;X:'ft: ftft/ft/ftft-ft'
Commodity Groups— !'
•
Apr. 7, 1941———.
»-•
28,
■
,
ftft ftft/'ft
weeks
new
orders
the
3%
For the 12 weeks of 1942,
business was 24% above pro¬
gross
(1926=100)
-
the
for
was
3%
The ratio of unfilled
•
of commodities for the past three weeks, for Feb. 28, 1942,
29, 1941, and the percentage changes from a week ago,
month ago, and a year ago; (2) percentage changes in subgroup
4.29
3.19
-
1
Supply and Demand Comparisons
and March
4.28
1942
duction, and shipments
ft groups
3.30
of
above production.
The following tables show (1) index numbers for the principal
2.97
production
weeks
shipments, and
new
products, metals and metal products,
3.30
3.06
/ft/// .!■ vft'ft1 ,ftft
corresponding
shipments were
1941;
the
chemicals and allied products* housefurnishing goods and miscel¬
laneous commodities remained unchanged at last week's level.
1 Year ago
12
below
reported for .shellac, turpentine, for maple flooring and for
were
2.96
2.85
Reported
first
prices for building materials was mixed,
Prices were higher for drain tile, linseed oil, rosin, oak flooring,
and certain types of yellow pine and cypress lumber.
Lower prices
2.95
2.86
/ft•■■■f'
Year-to-date Comparisons
in
movement
2.82
2.72
corresponding week
and 136% of
average
shipments in the same
week.
above
2.83
3.42
the
1935-39
period.
3.34
3.25
in
1935-39
erage
v
LOW
tion
of
gasoline in the Mid-conti¬
3.34
ft
greater.
The industry stood at
138% of the average of produc¬
lower levels while
The
2.95
ft
CLOSED
EXCHANGE
2,87
'•6
ho
.
2.95
3.94
3.37
—.
^23
/
Indur
3.13
3.14
3.38
6
,
P. V.
3.93
3.93
3.32
27—.
h
4.26
3.30
2.97
2.83
3.34 ft
20
Feb.
R. R.
^aa
2.97
2.84
was
3% less, shipments,
1% greater, and new business 15%
continued to force prices for gasoline in that area to
gasoline in the California fields advanced. Av¬
prices for bituminous! coal rose slightly as a result of the
increased freight rates which became effective March 18.
'
Mar/^7
■
r'V
2.83 ft
3.34
duction
nent regton
/ft/ft
ft"'ft;
softwood
-
Corporate by Groups
3.34
3.34
"
112.56
/./ft///
Prices)
A
Aa
Aaa
fpj hides and leather products rose 0.9% during the
week largely because of higher prices for shoes and Brazilian
goatskins.
/.ft.,-"/ft-ft. ft/''/',ft'////'./ft-.-/
/
Food prices as a group advanced 0.4% and farm product prices
Further accumulation of stocks of
Corporate by Ratings
rate
rrS
112.19
110.15
108.88
and
Shipments were 11% above
production; new orders 36% above
production.
Compared with the
corresponding week of 1941, pro¬
Prices
AVERAGESt
Avge.
APri—
/n,
91.19:
Corpo¬
Jiti fibber age
•
106.39
102.63
(Based on Individual Closing
Bally
■
112.37
113.50
MOODY'S BOND YIELD
1942^—
;
;
116.61
117.00
/"■//■■'
ft
.
!,
106.04
103.80
;
hardwood
ti ve
poultry, also for cotton, flaxseed, barley and corn were mainly re¬
sponsible for the advance in the farm products group index which is
at the highest point since October, 1929. Prices moved lower during
the week for oats, rye, wheat and for steers.
1 Year ago
„
mills.
bananas; dried apricots, for mutton and fresh beef at Chicago, and
for corn meal, glucose, molasses and eggs accounted for the ad¬
vance in the foods group index.; Quotations were lower for butter,
cheese, pork, flour, citrus fruits, onions and tea. In the past year
average prices for foods have risen 25%.
: .ftftft
Higher- prices for livestock, particularly cows, hogs, sheep and
■/
Association
associations cover¬
ing the operations of representa*
i
ft
Manufacturers
from regional
increased 0.3% over the preceding week, and wholesale prices for
cattle feed continued to advance.
Sharp increases in prices for
113.70
116.22
117.51
-
—
107.80
110.52
106.92
-™—
16
'
At 97.4% of
,
The Bureau's announcement further said:
113.50
23
Jan. 30
.//ft;
113.70
115.63
ft
13
,
116.41
106.21
——...
20
/
Aa
106.92
117.80
—.
i-i3
;i- rf
Aaa
118.11
2%
hensive index of prices of nearly 900 commodities in primary mar¬
kets again rose slightly, by 0.2%.
Prices for agricultural products
Corporate by Groups *
P. V.
lndtit
Corporate by Ratings *
Corporate •
3
'
•
Yields)
Average
on
'
Bonds
ended/ March 28,
week
nounced
Avge.
Govt.
Dally
prdduction ddring the
Luihber
1942, was
less than the previous week,
shipments were- .3%
less, ft new
business, 27% greater, according
to reports to the National Lum¬
(Based
;
The Bureau of Labor Statistics, U. S. Department of Labor, an¬
on April 2 that during the last week of
March, its compre¬
BOND PRICESt
MOODY'S
Averages
■"?
"Holiday.
:
"
ft,
_____220.O
Volume 155
1453
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4062
'
i>
Steel
of steel
Mar
Recently approved iron and steel expansion projects are located
steel-making centers from the Atlantic Seaboard to the Pacific
in
Coast and
intended particularly to increase
are
Weekly indicated rates
operations since March 31; 1941, follow:,:
: •
•„;
1941—
the nation's capacity
Jly
_99.2%
33.__.__,
Jly
Apr
7
-99.3%
Apr
14
_98.3%
Apr
21
-96.0%
Aug
Apr
28
-94.37c
Aug
May
5
-96.87#
Aug
Jly
Jly
94.9%
14—.—-95.2%
21
96.0%
28
97.6%
4
96.3%
11—
95.6%
18
—96.2%
25—
96.5%
2
96.3%
7_.
Oct
20_
Feb
2
10
96.6%
Feb
9___.
—97.0%
3
Nov
-
17
Feb
16
96.2%
24
95.9%
Feb
23
_96.3%
1
97.6%
Mar
2
97.2%
Dec
8
97.5%
Mar
9__.
May
19-
-99.9%
Aug
Sep
May
26_
-98.6%
Sep
—96.9%
Dec
growing war demand, includes the building of four blast furnaces,
two plate mills and installation of facilities at more strip mills to
produce plates, adds that publication, which further goes on to say:
Jua
2
,99.27c
Sep
Dec
Jun
9
9o.67c
lun
16
99.07c
96.1%
96.8%
96.9%
Jan
5
93.8%
12
19
—95.1%
95.0%
this week squeezed out another all time
tonnage record, with operations | gaining a half point to 99% of
capacity, according to "Iron Age" estimates. The week's gain was due
to minor advances in several areas, with only one district, Cleveland,
showing a decline. Pittsburgh, Chicago and Youngstown, the nation's
Dec
Jun
23
.99.97c
Oct
6
98.1%
Jun
30
91.8%
Oct
13
98.4%
Jan
kets,
on
April 6 stated:
We
of
—97.4 %
ward.
30_.J_:,__.98.8%
to the British war time
Apr
6—_ —98.6 %
inquiry indicates that a similar
trend was experienced by this
group of institutions. It is true
that we can attribute paft of
this directly to the sale of de¬
fense bonds and hoarding, but
correctly, I believe, it, can
philosophy
which we might call the "TJndesirability of Savings Deposits''
more
be attributed to the
7
with
ber
business
be
low to
too
enable continuous production.
Some steel producers
the urgently needed
•
Ly
tin plate.
\,r
doing a savings
so
successfully
imbued
the
public in recent
>;,>
yY-.y
•" fYy.
It is not only my opinion but
years.
V;
that
of
many
others that we
properly
discuss
the
mortgage end of our business
cannot
without
the future thereof
and
1
having formulated
well estab¬
lished and sound policy,; with
respect to our savings.
v
*
As
to
*
a
*
■
Y.-..v.;- y;
defense
housing, I should like to
couple of questions:
^Y^Y^Y'''
•
If
1.
of
financing
banks
doing "their
are
part with regard to stimulation
and
investment?
,
>•' Y
yY'Y''~:
,
'
oven
WPB.
a
;
expected from
'
re¬
large coking coal operation in the Connellsville region
the coal. By-product
expansion is proceeding faster than the program asked by
;
:.
--.^Y. ;
y
,;
.
.
"Y
*
2..
•
:
Except for a moderate
refinancing available
existing structures at com-
amount of
: Scrap supply holds the improvement of the past fortnight and
steelmaking equipment returned to service recently after idleness
for its lack continues in service.1
Effect of the various organized
with wide strip mills are likely to run into difficulties in producing
large num¬
very
have
coke
opening of
y "Some; tin plate manufacturers who must obtain their black plate
from wide strip mills already jammed with plates and sheets this
week were fearful that the A-l-c rating authorized for tin plate may
a
banks
and rehabilitation of about 500 ovens to process
Youngstown 94.
Some relief in the beehive coke situation is
i
of
development of new savings, is it not logical that a
goodly portion, of these sayings
will* be available for mortgage
and
a
which
.
.
Frequently a rush of A-l-a business forces
of machine tool shipping schedules.
experi¬
savings banks have increased by
approximately
10%
and
the
number of depositors has in¬
creased approximately 6%.
yy
Compare this to the actual
decline of savings deposits in
mutual
savings banks in < this
country of over 1%. While the
year-end figures for savings de¬
posits in commercial banks are
not available to this date, sppt
</YY' /.Y'Y
",v
This is in direct contrast
ence, where in the past year
alone amounts due depositors in
of the iron and steel mar¬
"
trend
down¬
been
23_^_ __-99.0%
Mar
.
complete redrawing
has
16_-_-___97.9%
Mar
•
value at Washington.
past
Mar
93.4%
,
.
the
that
know
96.1%
:
.
all
22—
records in pig iron and steel and opening of the
iron; ore season at the earliest date ever known forecast probably
three
largest^ producing centers, ; continue to operate at 100% of the greatest activity ever attained by the steel industry.
capacity or better.
.yy.y".
i
Numerous steelmakers established new high marks in March,
"Pittsburgh and Chicago operations this week are unchanged among other accomplishments being a daily and monthly blast fur¬
at 100 and 104.5% respectively, with Youngstown holding at 100%. nace production figure by a Michigan stack, claimed as a new world
Philadelphia is up a half point to 91%, while Cleveland is down record. The increasing tempo was well under way when the War
IV2 points to 95.5% due to repairs. Buffalo rose three points, to Production Board asked acceleration and will provide excellent re¬
109.5%. Wheeling and Birmingham are unchanged at 83 and 99% ports as of April 1, when first production figures are asked. That the
respectively, while St. Louis gained two points to 103%. Detroit is records were made in the face of scrap shortages makes them the
unaltered at 105%, as is south Ohio River at 104%. ; :
more impressive.
Various factors promise further increase as new
y^Y
V"Meanwhile the steel industry, which has lifted production far equipment and methods now under way produce results. Opening of the iron ore shipping season 12 days earlier than the
beyond the levels expected, reports another flood of orders. At
New York, for example, the emphasis is not only upon plates and shell record set last year indicates the effort to bring down the expected
In March
steel but on light steel for ammunition boxes, bomb cases and similar 5,000,000 tons or more above the record total of 1941.
items.
Many steel companies report March shipments included 96 792,558 tons were loaded at upper lake ports, the first cargo of about
10,000 tons reaching a Cleveland dock March 28. Last year the first
to 97% priority rated business and believe that 99 to 100% of April
arrival was April 9, then a new record. Most of the ore fleet now
business will be rated tonnage. In some instances as much as 90%
"
\:;Y.y y f Ay YY\Yy. Y^ YY
'
of current steel shipments involve bookings with A-3 ratings or is in service.
While plate demand leads all steel products, ship-building con¬
higher,
tributing most, bars are becoming almost as important. Requirements
:;
"Since Army, Navy, Maritime Commission and, Lend-Lease class¬
for shells are a large factor and allocations are being made to cover
ifications will take practically all steel output for the remainder of
needs of the Army and Navy. One lot of 11,000 tons was distributed
1942 other types of business, however essential, will be pushed aside.
recently for delivery to shellmakers in the East and other tonnages
Lend-Lease orders for Russia are increasing sharply and cover vast
are about to be provided for the Middle West. This heavy demand
tonnages.
One order alone involves more than 100,000 tons of oil
for munitions manufacture has crowded other bar users severely
casing and from 30,000 to 40,000 tons of line pipe.
;
!
and agricultural implement manufacturers have been forced to curtail
V;
"An Ohio defense town housing project, carrying an A-4 rating, some of their lines. Alloy grades of bars are in greatest demand and
may be halted because of the inability of the steel company to supply
top priorities are applied to most of the tonnage.
V - r
"
" *v
reinforcing bars. This project, however, was going to receive the
Steel production last week edged upward 'V2-point to 98%, the
necessary structural steel. A project to supply as many as 50 million
same rate as prevailed a year ago, though the larger
capacity now
stirrup pumps, requiring a considerable tonnage of electric welded available means greater tonnage than a year ago. Pittsburgh advanced
tubing, is unlikely to get a rating which would permit shipping of V2-point to 96y2%; Chicago V2-point to 104
equal to its all-time
the material.
/
K
•
Y
*
record of December; Cleveland gained 1 point to 90V2% and St.
Louis 4 points to 87%. Detroit receded 5 points to 88%. Unchanged
V.
"Reports from some machine tool centers indicate that the de¬
tailed statistics on prospective deliveries required by the WPB fre¬ rates were held at other points: Birmingham 95, Cincinnati 92,
quently are obsolete before they are put in the mail and are of little Wheeling 82^, New England 80, Buffalo 93, Eastern Pennsylvania 90
,
^acceptance
>i«
savings deposits in the im¬
mediate
New production
•
to
su
29—.
"Steel" of Cleveland, in its summary
.
deposits/
>:<
15——97.9 ofr
1942—
Jan
*
vacillating poli¬
pursue
with regard
of savings
95.5%
iW
-99.27c
"Steel ingot production
.___95.0%
Dec
May 12—
8—
15
Sep 22
Sep 29
26___
NoV
making plates and pig iron, states "The Iron Age" in its issue
today (April 9). New steps in the expansion, accelerated by ever¬
for
ing to
Jart
98.2%
27_;
cies
94.6%'
—99.9%
Oct
Nov
*
mortgage field if they are go¬
1942—
97.8%
f-,4*
'
they have been occupying in the
month ago, and, 1,602,600 tons one -year, ago..
Industry* Sets New High Records
c
Priority Rated Business
'
•'
on
petitive rates, is it not true -that
the principal volume of^ new
"During the last 10 days, steel salesmen have started on a hunt campaigns to search out and move dormant scrap is more apparent
mortgage business must bev,ob¬
for high-rated orders for finishing lines operating' at a subnormal and tonnage in the aggregate is large enough to have a decided effect
tained from the financing ol de¬
rate. Thus, a company with its bar mills heavily taxed with A-l-c
Some allocations still are necessary to assure good distribution and
fense housing, at least for the
or higher orders will seek business for its finishing mills to balance
melters whose stocks have been depleted have asked assistance in
To me,
out production. * Other steel salesmen are becoming specialists on some instances/ Weather conditions have had much to do with freer j duration of the war?
the answer is "yes" on both.: r
the operations of the priority system. ,
»
:/ '-'-a : movement and indications are the shortage will not reappear before
v
....
_
.
„
_
v
"
"Fabricated structural steel awards for the week
V U '
next winter.
estimated
are
week, with new projects
at 51,900 tons against 46,500 tons a week earlier.
Reinforcing steel
awards for the week rose to 37,950 tons from 30,650 tons last week
while new projects climbed to 5,300 tons from 1,865* tons."
Finished
«
.
.
4
Steel
-
April 7, 1942, 2.30467c.
,
One
week ago—
One
month ago___
One
"IRON
year
.
AGE"
High
1940
r
A
1938
2.30467c,
*
ago
hot
weighted
of
represent
output.
products
States
2.30467c.
—2.30467c.
1940
—2.30467C.
Jan.
2
2.24107C.
Apr.
16
2.35367c.
Jan.
3
2.26689c.
Mv
16
4
2.27207c*-Oct
18
—2.58414c. Jan/
1937
—2.58414c.
Mar.
9
2.32263c.
Jan.
4
1936
—2.32263c.
Dec
28
2.05200c.
Mot
10
1935
—2.07642c.
Oct
1
2.06492c.
Jan.
8
1934
—2.1536TC.
Apr.
24
1.95757c.
Jan.
2
1933
1.95578c.
Oct
3
1.75836c.
May
2
1932
—1.89196c.
Jul.
5
1.83901c.
Mar.
1
1931
—1.99629c.
Jan.
13
1.86586c.
Dec.
29
1930
—2.25488c.
Jan.
7
1.97319c.
Dec.
9
1929
—2.31773C.
May
28
*2.26498c.
Oct
29
One
—
Iron
Sep.
12
21
19.61
Jul.
6
20.25
Feb.
16
24
18.73
Aug
11
3f8.84
Nor.
.
.
.
5
17.83
May
14
17.90
May
1
16.90
Jan.
27
16.90
Dec
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dec
6
15.90
Jan.
6
,'14.79
Dec
15
18.21
Jan.
v.7
15.90
Dec
16
18.71
Miyr
14
18.21
Dec
Steel
Scrap
April 7, 1942, $19.17
One
■r
9
Nov.
■
week ago
.
Based
on
No.
quotation?
scrap
burgh,
1
melting
«
Pitts¬
Philadelphia, and Chicago.
—
1940
April 7, 1942, $23.61 a Gross Ton
week ago—
$23.61
month ago———
23.61
steel
at
Low
$22.00
Jan.
7
30
$19.17
Apr.
16.04
Apr.
9
14.08
May
16
11.00
Jun.
7
-12.92
Nov
10
10
21.83
Dec
1939
22.50
Oct
3
1938
15.00
Nor.
22
1937
21.92
Mar.
30
1936
17.75
Dec
21
12.67
Jun.
9
13.42
Dec
10
10.33
Apr.
29
1934
—
•
.
year
ago——
___
23.61
1935
at Cincinnati.
.
High
$23.61
1941
The
that
Low
Mar.
20
American
$23.45
Iron
2
Jan.
and
—
13.00,
Mar.
13
9.50
Sep.
25
1933
12.25
Aug
8
6.75
Jan.
3
ers,
8.50
Jan.
12
6.43
Jul.
5
ferent
1931
11.33
Jan.
6
8.50
Dec
29
1930
15.00
Fob.
18
13.25
Dec
9
Dec
3
telegraphic reports which it
17.58
Institute
had
on
received
Jan.
29
April
14.08
6
announced
indicated
that
the
operating rate of steel companies having 91% of the steel capacity
of the industry will be 98.6% of capacity for the week beginning
April 6, compared with 98.8%
and 99.3%
0.2%
one year
ago..
from the preceding
one
week ago, 97.4,%
This represents
week.
a
one
month ago
decrease of 0.2 point, or
The operating rate for the week
beginning April 6 is equivalent to 1,674,800 tons of steel ingots and
castings, compared to 1,678,200 tons one week ago, 1,654,500 tons
yet
one
towards
the
stimulation
and
terest rate reductions
commensuate
vestment
beyond
shrinkage
returns,
a
in in¬
have
point with respect to the peo¬
ples' savings, which they now
so earnestly seek?
We
can't
make
mortgage
ments
loans
of
programs
stupendous armament
on
the part of world
forces opposed to the
idea?" He added:
Democratic
Would not banks which have
in the past seven or
eight years
discouraged the acceptance and
off
to
have
assumed
broader and longer range
without
savings.
is
a
If pri¬
constructed.
be
to
there
of housing
residential con¬
know that the
Government will, and
financing
new
struction,
we-
Federal
dential values will be the
go
not
banks
war
essential.
or
Is it
that we, as bankers,
into this job with
rolled
same
partici¬
up,
sleeves
our
rather than leave it
to the Federal Government
up
and
incur the risk of receiving
blotch
another
The
the
record?
our
on
Government
has
provided
vehicle
through which we
safely do it. As much as
some of us might prefer it, We
can
*
risk
cannot
coming
the
censure
government
vestment trusts.
of be¬
bond
in¬
Let's all go out
"whole hog" for savings and
mortgages and regain our for¬
mer
rank in these two fields.
been
development of new savings
business, even in face of vigorous
and growing competition, and that
our national leadership developed
a
sense
of complacency and se¬
curity on the part of the populace
in the face of known accomplish¬
better
that
amount
rightfully so. In other words*
the housing will be built be¬
cause it is a war time requisite
and the effect on existing resi¬
Savings Accounts Have Stimulated
Mortgage Loans, Says Frazier of ABA
have been exceedingly indif¬
-
vately chartered financial insti¬
tutions do not do their part in
not better
Addressing the recent Real Estate Mortgage Clinic in New York
on March
26, Stuart C.. Frazier, President of the Savings Division of
the ABA, observed that "the trend of a discussion on savings busi¬
ness and real estate mortgages would not be uplike a talk on 'Arma¬
ments and War Victory'." "You will all agree,"lie said, "that without
the former, you cannot successively prosecute the latter—in either
case.
Is it not true," he contin-$>-—
:
——»——
ued, "in both instances that until
growth of savings deposits by
either
outright refusal or by in¬
very recent months we, as bank¬
1932
1929
Steel
,
tremendous
grades
pate in this
New
19.17
—
•
all know
whether
.-$19,17
consumers
special
Office of Price Administration having made no changes in prices
affecting price composites, they remain at the level of several weeks:
Finished steel $56.73; semifinished steel $36.00; steelmaking pig iron
$23.05; steelmaking scrap $19.17.
—19.17
heavy
to
'
,•
Gross Ton
a
We
17
'
.
High
1941
■.
—
One month ago_i__——
One year ago
___.
Based on averages for basic iron at Val¬
ley furnaces and foundry iron at Chicago,
Philadelphia, Buffalo, Valley and Southern
iron
2
19
Mar.
.
—
1929
1938
One
1932
1930
Jan.
Sep.
20.61
Jnnl
.
1931
1941
Pig
_J_
$22.61
23.25
.
1933
23
Dec
23.25
.
—
1934
Low
1939
One
1935
United
the
v
High
—
22.61
.19.74
.
.
1936
on
cold-rolled sheets and strip. These
and
—_
f937
2.30467c.
—
index. based
.
Low
;
.$23.45
1939
J2.30467c.
steel bars,
beams, tank plates, wire, rails, black pipe,
j;
PRICES
.
Lb.
a
COMPOSITE
to
concluding his remarks, Mr;
Frazier said:
and» differentials. Cast iron. borings
for chemical use are placed on a uniform $5 premium instead of
$3 and $5 previously. High-manganese steel takes a premium of $7
over heavy
melting steel to conserve manganese. Several railroad
grades for special purposes are placed on a premium basis to prevent
their misuse. The changes are designed to provide relief to certain
classes of consumers who formerly found difficulty in obtaining
their requirements.
v
:
;
•
y'"
principally
,
THE
In
Y.?; :Y]
yy.ryL'• V'y
Office of Price Administration has amended regulations on scrap
without changing prices on standard grades.
The changes related
at 33,500 tons compared with 23,100 tons last
a
1941 Cotton Loans
view¬
This
is
The Department of Agriculture
reported
modity
made
on
April
Credit
1
that
Com¬
Corporation
1,123,247 loans
on
had
2,169,164
undeniable
statement, bales of 1941 crop cdtton through
savings be in March 28, 1942.
A total of 262,banks, life insurance companies,
712 loans were repaid on 526,378
or savings and loan associations.
outstanding 860,It
follows
that banks
cannot bales, leaving
an
whether
maintain
such
the
important
place
535 loans
on
1,642,786 bales.
THE COMMERCIAL & FINANCIAL CHRONICLE
1454
Thursday, April 9, 1942
Total Loads
;
Freight Car Leadings During Week
Ended Mareh 28, 1942 Totaled 804,746 Cars
Railroads
Revenge
March 28, totaled
of American Railroads announce^ on
April 2.
The increase above the corresponding week in 1941 was
10,943 cars or 1.4%, and above the same week in 1940 was 175,825
Loading of revenue freight for the week ended
804,746 cars, the Association
28.0%.
or
cars
,
\
merchandise
of
Loading
than
less
lot freight totaled
carload
143,550 cars, a decrease of 1,528 cars below the preceding week, and
a decrease of 17,569 cars below the corresponding week in 1941.
increase of 3,141 cars
above the preceding week, but a decrease of 12,779 cars below the
corresponding week in 1941.
;
to 156,048 cars,
Coal loading amounted
an
,
loading totaled 33,714
Grain and grain products
decrease
cars a
below the preceding week, and a decrease of 3,240 cars
In the Western Districts alone,
of 1,894 cars
Southern
District—
&
W.
Atlanta,
P.—W.
R.
R. of
Birmingham &
Atlantic
:
345
203
V 367
874
823
2,259
1,841
581
730
549
1,257
1,163
13,440
12,189
4,623
10,063
9,304
6,738
4,045
4,270
3,866
389
1,762
Southern...
&
307
-
——
....
Gainesville Midland—
433
1,311
185
1,231
44
Florida—
&
Mobile & Ohio.....
-
Nashville...
&
Air
3,979
3,455
20,941
15,005'
25,615
21,583
9,482
200
158
126
758
785
loading amounted to TO,797 cars, an increase of 352
above the preceding week, and an increase of 402 cars above
Live stock
cars
corresponding week in 1941. In the Western Districts alone, load¬
the
ing of live stock for the week of March 28 totaled 7,753 cars, an
increase of 112 cars above the preceding week, and an increase
of
5
cars
above the
corresponding week in 1941.
;
'
Forest
products loading totaled 45,921 cars, a decrease of 1,548
below the preceding week, but an increase of 5,896 cars above
.
cars
the corresponding week
in 1941.
i
'
;
;
'
preceding week, and
corresponding week in 1941.
Coke
below the
cars an increase of 14,191 cars
increase of 13,652 cars above the
an
v
cars
cor¬
^/./TV-
Ty,\
v
All districts reported increases compared with the corresponding
week in 1941 except the Eastern, Pocahontas, and Central Western.
districts
All
reported increases
1940.
over
1942
weeks of January
weeks of February—...—.
Five
Four
Week
March
of
1941
3,858,273
3,215,565
3.465,685
2,866,565
•>;'
770,697
Week of March
14—
799,356
Week
of
March
21__.
796.640
Week
of
March
28
804,746
■
742,617
:
620.596
759,607
v
619,388
"t:
769,984
793,803
10,152,485
J
1940
::
3,454,409
3,122,773
—JlL,——
T__.
620,375
628,921
;
8,170,530
9,386,985
The following table is a summary of the freight carloadings for
the separate
railroads and systems for the week ended March 28, 1942.
REVENUE
FREIGHT
LOADED
(NUMBER OF
V
7;
-
'
J"'
'
'
*
Railroads
'
'..f
.
•
•
,
.
RECEIVED
AND
CARS)--WEEK
,
FROM
ENDED
Frank
426
1,268
1,558
499
(440
319
10,219
6,178
Knox; Secretary of War
L. Stimson; Gen. George
Marshall, Chief of Staff; Majl
Gen. Espinosa of Chile, senior of;
10,924
10,421
9,024
7,194
6,262
ficer of the Latin American dele¬
24,500
25,439
20,369
22,155
18,440
732
511
431
858,.
I 125
152
136
993
,,125,995
122,950
101,473
105,134
537
T.a' 423
,3,840
3,617
Henry
1,566
1,248
C.
:.!
469
Line...——....4...,.
...
-
.
690
■*'
930
•
88,439
gates, and Dr. Diogenes Escalante,
Ambassador, who is
Acting
Chairman
of
the
Pan
American Union governing board.
Venezuelan
The United States officials warned
District-
Northwestern
-•
Chicago & North Western—
16,488
13,758
12,447
12,383
2,616
•2,613
2,289
2,946
3,324
20,007
21,172
18,414
8,973
3,327
3,801
555
362
V
Chicago, St. Paul, Minn. & Omaha.
Duluth,
Missabe & Iron Range
Duluth,
South Shore & Atlantic-
Elgin, Joliet & Eastern——.:
Ft. Dodge, Des Moines & South....
1
.3,350
3,586
.5,544
840
705
528
9,814
9,914
:
443
!
466
.10,806
V 504
Lake
2,178
213
14,211
—„i._
Superior & Ishpeming—.
Minneapolis & St. Louis...—......
Minn., St. Paul & 9. S. M.__
International....—...—.
Spokane, Portland & Seattle.......
Total
;
I
.......
•
280
475
10,414 '
:
9,639
502
V* 145
9,236
154
139
4,509
>!• 820
3,806
433
;
4,007
611
403
5,915
•
9,256
••
r
■
780
74
89
1,769
1,777
1,587
2,192.
2.441
<5,388
,5,064
4,644
3,532
2,613
9,990
t4,325
4,067,
t8,925
! 171
Northern Pacific—
V
465
;
Green Bay & Western-...—..-.—,.
Great Northern
of
18,449
:
Chicago Great Western—.—
Chicago, Milw., St. P. & Pac.—
x
■
9,430-
:
'
99
105
316
309
2,601
2,375
1,610
2,650
1,941
96,627
85,880
73,225
58,134
55,138
District—
Western
Central
21,639
Atch., Top. & Santa Fe System
3,501
Alton '
& Garfield.:—
Burlington & Quincy.
Bingham
Chicago,
Denver
656
520
132
14,526
10,151
2,831
2,699
1,969
804
10,622
Toledo,
Western
Peoria &
2,763
2,068
4,201
7
-
930
1,097
'966
,1,865
1,751
1,729
T' 400
,
582
923
795
1,900
151
786
609
457
10
9
0
0
25,578
20,446
9,866
6,253
r "
22
1
j' 252
452
14,815
-.V
T44.
13,311
448
225
1,662
1,673
1,339
113,106
114,308
95,312
Pacific.—
;
!:
824
421
1,483
.
:9,353
f
8
5
■■"
•
f 181
■;
10,931
15,360
542
,'t
—'—
•:
19
385
856
1,946
3.111
;
1,943
27,095
Pacific System
Union
Utah
1,644
1,261
.
(Pacific)—.
3,227
1.654
■
U17
& Pekin Union....—...
10,377
2,951
|2,003
Pacific
Western
Peoria
11.489
720
vV.
,2.218
Northern..——......
940
;
'
'
614
f 349
(']■ 958
Missouri-Illinois
Southern Pacific
"
•117
9,434
,
2,529
3,390
2,530
>7,192
2,994
755
12,066
•''
907
City—„
North
3,866
2,450
Illinois Terminal—...
Nevada
3,762
2,654
18,334
...
Salt Lake
&
Fort Worth & Denver
8,906
577
& Rio Grande Western.
Denver
17,546
i,
11,206
Chicago, Rock Island & Pacific
Chicago & Eastern IllinoisColorado & Southern....
19,294
15,171
Chicago & Illinois Midland
be
achieved, while the Latin offir
pledged their complete sup¬
port to measures of military de¬
fense. The delegates elected Lieut.
cials
Gen.
i f;
}'y
Total Revenue
•
Eastern
District—
Arbor..
1942
'
l
Received from
Connections >
3,012
2.112
»
1,376
1,625
263
220
8,476
6,892
-j
7,825
L470
Central
Vermont—
,
Delaware
&
Delaware,
Lackawanna & Western—
&
Trunk Western
Grand
River^
Lehigh & New England
Lehigh Valley...
Lehigh
&
Maine
Central
Hudson
^
New
N.
Central
N. iY.,
Ontario & Western
& Lake
•
Louis
Erie..
-
...
1,368
2,049
13,490
10,252
St.
9,268
8,926
St.
261
239
203
162
100
Marquette
Pittsburgh & Shawmut
Pittsburgh, Shawmut & North......
Pittsburgh & West Virginia
3,218
...
843
2,897
2,136
&
&
1,556
Texas
332
3,362
4,575
Wichita Falls & Southern
11,138
16,263
15,809
4,541
6,272
4,878
8,451
10,433
211
221
175
3,665
2,653
V 1,662
:!>>■
2,098
'v
9,185
.
1,401
2,925
1,009
1,819
7,620
10,276
3,794
2,374
4,851
3,692
6,582
Wheeling & Lake Erie
Embieh of the United
The Board
•
the
initial
1,996
343
1,043
449
245
3,628
4,076
12,598
14,977
986
2,716
1,816
Secretary
the
;
270
i, 409
3,021
„
10,014
170
H6
109
79
8,105
6,538
7,251
5,310
3,440
2,620
2,206
5,201
3,158
7,344
3,740
6,181
4,636
3,518
».
.
•.
4,367
130
158
13
9
62,849
'52,922
!
>4-:
I,.; 5,876 >
3,834
*
•
4,337
*
142
42
7
22
■;
55
29
.
44,931 > 55,522
40,943
for
the
aid
naval
the Board
as a
General
2,441
518
441
393
1,567
1.925
8,533
8,286
5,879
8,377
6,617
5,934
8,250
6,281
691
510
59
>44
368
382
277
315
832
2,733
1,144
10,718
4,770
1,338
522
619
594
6,883
5,195
4,912
:i 5,230
3,035
2,277
1.2351
11,644
4,630
of
-
envisaged
nation
each
and
re¬
he
and
Both
promised. that
the United States would not cease
its efforts short
General
of victory.
Marshall informed
delegates that the great
of
the
United
States
was
gather all its forces for
offensive at the earliest
date."
:
the
purpose
a
J<to
major
possible
;
.
Maj.-Gen.
Espinosa
said
the
spirit of Latin America held that
liberty was "almost a biological
necessity" and pledged his col¬
leagues' support.
Dr, Diogenes Escalante told the
delegates that "measures of mili-r
tary defense must take • prece¬
:
tReport incomplete account wire trouble.
•Previous figures.
year's figures revised,
Note—Previous
!
-
•••%
>
•
v
;
•k
Bank Debits Down .51 % From Last Year
■
.
Bank
debits
•
•
,
.
'
V
>
•
"•
.•
*
■
^
centers for the
in leading
by banks
reported
as
6,802
,
of
Marshall
and
13,223
,
understood
exploited.
sources
extent
*
"Common Council"
needs
over
2,964
«
Stimson
be
dence
15,586
the
to
;
the
tions"
897
he
resources
its ability."
16,154
4,932
required
But
19,996
1,115
en¬
by Latin
urged each of
the republics to "develop its own
America!
8,993
6,944
the
tire Pacific," he said.
Mr. Knox pledged all possible
naval material and naval training
11,815
1,183
called
to the South Atlantic and the
35
7,418
was
that
"We must now prepare for an
extension of the theatre of action
49,424
,
As¬
•
tle of the North Atlantic.
55,327
'26
1940
recalled
Britain; in 1941 the bat¬
1,784
v
Knox
in
war
battle of
1,042
£
-
396
188
175
4,135
15,930
'
meeting,- the
sociated Press reported:
38,971
5,688
in accord¬
Republics at Rio de Janeiro. T ;
With regard to remarks made
2,314
■m
set up
was
tr
•"■•v;;.:•'■■I
with a resolution adopted at
January conference pf For¬
eign Ministers of the American
51,365
:
Permanent
as
the
2,453
}
.
ance
46,457
993
...
'
1,969
407
527
•:
8,138
——
Weatherford M. W. & N. W—
329
446
4,851
Pacific
268
•
9,649
Orleans.^—...—_
407
475
...
Southwestern...!
New
Texas
i
-
-
144
Quanah Acme & Pacific——
Louis-San Francisco—.
Louis
424;
15,209
15,633
Lines.
,—
14,549
376
2,462
2,600
•
Pacific.
14,252
571
......
Rutland
'
■
Missouri-Kansas-Texas
Missouri
8,509
5,184
Pere
Wabash
233
2,118
3,106
Missouri & Arkansas.,
4,718
12,430
;
...
Susquehanna & Western.^
Pittsburgh
73
58
1,528
6,986
i
Y., N. H. & Hartford
New York,
13,491
17,072
' ■!■: 2,062 rV
2,741
24
*
Lines
New York, Chicago & St.
'
9,822
1,425
——
York
1,309
-
6,610
9,177
——
Montour
187
2255
•
:
1,746
2,174
321
391
Valley——.
2,936
4,306
.
Litchfield & Madison.—
Midland
226
2,689
1,591
1,859
2,119
—
Southern
2,690
3,082-
4,580
Lines....—
226
137;
144
>=611
Island.^.——..
Oklahoma & Gulf.—
Kansas,
1,233
2,934
Monongahela
Coast
Kansas City
8,161
\
Line..
Erie
■
17
2,172
Ironton
&
& Toledo Bhore
1,561
D.
delegation
Chairman. '
would-
International-Great Northern—
6,487
Mackinac
Toledo
Detroit,
Detroit
,
...
'■>■•'■
29
61,949
72,849
•"
Louisiana & Arkansas——...
625
2,053
Indianapolis & Louisville.,..
.
Indiana——1
Detroit
1941
1942
527
H' 2,300
Central
Hudson.
1940
557
2,343
—
& Aroostook
Boston & Maine^___
Bangor
Chicago,
1941
Gulf
Total Loads
Freight Loaded
Ann
S.
States
Secretary
District—
Burlington-Roek
v
,"
conti¬
dangers facing the
where
Southwestern
28
'
.
the
nent, promising that victory will
at
^
CONNECTIONS
MARCH
for the de¬
Union building, heard
speeches by Secretary of the Navy
140
Total
•
began con¬
American
During this pferiod 71 roads showed increases when compared with
*'
and
measures
fense of the Western Hemisphere,
The officers, meeting at the Pah
1,067
Central—.—
Western
the corresponding week last year.,
21
.
loading amounted to 13,846 cars, a decrease of 228
preceding week, but an increase of 61 cars above the
responding week in 1941.
March 30
on
sideration of
2,947
Spokane
Offloading amounted to 30,154
above the
ton
195
below the corresponding week in 1941.
grain and grain products loading for the week of March 28 totaled
20,457 cars, a decrease of 1,442 cars below the preceding week, and
a decrease of 1,239 cars below the corresponding week in 1941.
the
republics, held its for¬
mal opening session in Washing¬
1,219
...
Total
7,557
?,
of
American
3,631
«'>' 464
Winston-Salem Southbound
3,413
14,182
-
officials
naval
and
1,276
System—
Tennessee
3,284
Defense
Board, consisting of military, air
3,411
'
Southern
694
v
Inter-American
The
;>•>: 147
Northern.
Seaboard
2,017
611
26,781
Southern.—
Piedmont
T 275
■
4,298
,
Mississippi Central—...
Nashville, Chattanooga & St. L._.___
Richmond, Fred. & Potomac—
107
2,426
.
24,847
Macon, Dublin & Savannah—.—.—
Norfolk
919
122
27,758
.
Central System—_—
Illinois
Louisville
'
A, 100
423
653
603
1,120
29
:
971
iV
343
244
1,159
35
;;
394
i
1,824
2,818
•
1,369
Georgia
1,975
J
148
i
>
Board Holds Meeting
173
2,917:,
371
258
187
;
Georgia
450
1,629
:
2,703
—
Florida East Coast—.,.
•::
•
Clinchfield
Gulf,
•
4,338
Columbus & Greenville—
'
Inter-American Defense
1941
1942
1940, M
943
Western Carolina—--..
&
1941
.357
Ala._
Coast
of Georgia..
Charleston
Connections
•
Line
Coast
Central
Received from
1942
Alabama, Tennessee & Northern__.il'"
Atl.
Total Revenue
Freight Loaded
'
.4
Durham
March 28 increased
8,106 cars or 1% above,-the preceding week.
/;■/>-, vV.v.;:'v
Miscellaneous freight loading totaled 370,716 cars, a decrease of
4,380 cars below the preceding week, but an increase of 24,520 cars'
above the corresponding week in 1941.
J
Loading of revenue freight for the week of
•
■
ended April. 1,
week
13 weeks
the
ing
aggregated $11,707,000,000.*
ended April
1 amounted to $141,286,000,000
,
above the total reported for
13%
At banks in New York
ago.
Total debits dur¬
all
other
declared
considera¬
that
"if
the
history of the last two and a half
years has taught one lesson, it is
that every country of this conti¬
ngent is affected
one
by
of them."
a
ihreat to any
•.%!
or
the corresponding period a year Defense Bond
City there was an increase of 4%
Sales of United
Sales Down
States
Defense
corresponding period a year ago, and at the Savings Bonds in March amount-?
ed to $557,892,000, or 20.7% less
reporting centers there was an increase of 18%.
compared with the
Total
167,777
.
139,771
180,563
226,032
208,057
other
than the
T
SUMMARY BY FEDERAL RESERVE DISTRICTS
Allegheny District—
Akron,
r--,,
i-:.
Canton & Youngstown.......
& Ohio..
& Lake Erie
Baltimore
Bessemer
Buffalo
Creek & Gauley
Cambria & Indiana
...
Central R. R. of New Jersey—.......
:
Cornwall
Cumberland
&
Pennsylvania
Ligonier Valley.
;
—.....
Long Island
Penn-Reading
Pennsylvania
Seashore Lines
System—
Reading Co.__..
Union
(Pittsburgh).....
Western
...
».
.....—
Maryland
>
[In
"
645
yN- 577
421
1,175
1,059
41,273
40,418
28,580
4,755
2,415
27,301
1,934
20,834
3,037
2,104
*314
294
353
*2
4
1,994
2,002
1,352
12
7
8,334
7,892
6,155
20,177
15,482
489
647
623
81
84
327
348
217
20
32
149
158
96
45
43
931
758
437
3,644
3,230
1,803
1,454
1,116
2,676
1.831
81,588
79,810
55,454
52,905
15,714
17,118
13,857
60,541
29,495
23,945
21,509
20,109
13,399
3,822
5,091
4,179
4,280
3,266
12,645
8,887.
v
162,286
.......
180,620
127,741
163,736
April 1,
Federal Reserve District—
=
13 Weeks Ended
April 1,- .April 2,
^
'
1942
1941
8,307
7,051
York——....... ...——-—i^r-,
4,427
.'.5,092
54,378
51,876
:—.——_—.—
635
i
689
7,622
6,667
8^3
T 733
,10,275
8,730
408
5,814
4,868
4,962
4,101
21,964
19,124
310"
4r649
"3,795
,2,072
Philadelphia
—
Richmond
—————
——-—
r-—
,
,
483
—
—
1941
378
340
■2,190
2,059
Atlanta. "r——-———-————
—--T—-
r
359
Minneapolis
—
-
135,538
—
'
190
175
2,605
335
297
4,533
3,693
278
243
3,880
3,143
913
794
12,298
10,265
1,707
11,768
3,999
4,720
49,212
47,391.
6,713
6,160
7SC414
67,584
995
888
13,660
10,411
——
City....——....—......——
Francisco
Pocahontas District—
Chesapeake & Ohio
Norfolk & Western
......
....
28,476
'27,754
23,139
23,656
4,491
5,150
13,670
13,056
19,409
6,895
6,428
4,175
2,265
1,633
46,468
22,830
21.117
22,884
Total, 274 reporting centers.
New
York
City*.——
X
141,286125,386,
'
Virginian
140
other centers*.,
•
/
133 other
"
Total
—.——
56,106
56,560
reporting centers-
•Included in the national series covering 141
of
March income tax
pay7
The total sales of Defense
Bonds since the
campaign opened
cause
ments.
last
May now amounts to $4,858,848J)00. March sales were made
.
'
Chicago
$703,300,000 sold in Feb¬
the Treasury Department
announced on April 3. It was ex¬
plained by Treasury officials that
the drop had been expected be¬
ruary,
628
—
Cleveland
San
•--
689
Boston
New
•
April
April 2,
2,
1942
Kansas
Total
millions of dollars]
*
•'
Week Ended
centers, available beginning with 1919.
follows:
Series E, $337,599,000; Series F, $41,070,000; Series
G, $179,223,060.' Total cash de¬
up as
posits at the Treasury for all
three series of bonds were'
given
by months as follows: May, $349,-
818,000; June, $314,527,000; July!
$342,132J)G0; August, $265,606,000;
September^ $232,327,000; October,
$270,713,000; November, $233,487,T
000; December, $528,599,000; Jan¬
uary,
$1,060,546,000;
February,
$703,200,000; March, $557,892,000.'
1455
ESTIMATED
UNITED STATES PRODUCTION OF SOFT COAL, IN THOUSANDS OF
NET TONS WITH COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
-Weefcly Stalisiics Of Paperboard Industry
•
(Data
for
Pennsylvania
We give herewith latest figures received by us from the National .Report- of
the
Bureau
of
of the; total in¬
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates/the activity of the. mill based on the time operated.
These
figures are advanced to equal 100%, so that, they represent the total
industry.
*
•
•
/
•Bituminous coal—
1942
1942
11,150
10,950
11,697
1,858
1,825
1,950
6,119,000
5,913,000
.—-
•includes
TTotal
STATISTICAL REPORTS—ORDERS, PRODUCTION,
:
"
Period
Received
.
January
February '
1
Tons
Remaining
Aciiultj
'
June"--*™***,™ *_**™*™,.
548.579
261,650
571.050
1,778
6,001,000 80,002,000 73,125,000 64,700,000
and statistical convenience the
comparison
1
82
■
-
*,
„™™_™
726.460
602,323
634,684
509,231
659,722
608,995
.509,231
88
•Total, incl. colliery fuel
737,420
86
tCommercial production
649,031
576,529
94
642.879
630,524
-578,402
807,440
83
568,264
99
55.4,417,
98
December'
743,637
760,775.
530,459
93
United
.
C 673.122
10 L
.176,619
168,256
583,287
100
.
Oct.
18,™*_™-__„
■■
159,337
164,374
.575,627;'
; 99
85
165,795
574,991
98
86
.165,279
168,146
568,161
100
86
Vl70;597
165,420,
568,264
99
86
97
86
25
Nov.
-1_™*
Nov.
" 8____
Nov.
15
Nov.
22
Nov.
„™
-
29™*™
Dec.
w
6*.*
576,923
'
total—
(The
.State—
570,430
99
87
Alaska—.
160,889
550,383
96
87
Alabama
169,111
164,875
554,417
101
181,185
166,080
567,373
102
87
101
88
.
,
__ -
_
87
149.021
166.948
553,389
535,556
101
88
.Illinois-^._vi.'w-:^-_;
116,138
124,258;
523,119
76
88
Indiana—
_■
166,095
527,514
,101'
Jan.
i7.rT..w-~-:~----
167,846
165,360
525,088
102
Feb..,
..
_
102
167,040
528,698
101
102
522,320
101
102
14l™ZZZ™ZIZ™
156,745
167.424
21**^™---^*-.—
157,563
165,240
101
510,542
496,272
.
I
H
100
164.601
493,947
165,081
505,233
Mar.
14
140,125
166,130
476,182
100
•
,
101
A
—
-
-
iv.';
1
1,553
1,684
523
575
71
55
.122
122
140
166
197
123
203
144
910
642
898
560
259
154
282
215
40
31
41
40
.
6
8
71
74
2,600
Tennessee—.—
-:■■:/
101
101
101
—-
Virginia
Washington
♦West Virginia—Southern-TWest Virginia—NorthernWyoming—
received, less production, do not
equal the unfilled orders at the close. Compensation for delinquent reports,
orders made for or tilled stock, and other items made necessary adjustments of unfilled
■*■'
346
$107,136,000, tops
.
36
52
12
12
18
32
63
44
72
68
28
41
53
38
38
••34
393
644
740
2,849
3,249
16
;
55
1'
624
■
;i
A
2,709
.
;
1,992
'"."■v 99
149
115
95
;;■," 77
49
386
363
251
118
,
14
12 :/,v
8
v
.
v.
19
,-"V 93
68
333
230
'
'
34
41
25
38
74
2,145
2,205
2,165
1,701
2,079
1,172
675
903
827
597
767
717
140
132
142
89
132
136
2
2
'1
1
1
••7
coal—_
10,950
11,272
8,013
1,107
1,105
874
11,365
1,334
10,764
^Pennsylvania anthracite—
11,050
1,175
'
_
33
.
-
tOther Western States
Total bituminous
Engineering Construction Down 40% In Week
■:
.
93
,
_
;
:v;i
8
Utah————
,
■
145
137
Texas
■
33
30
2,825
loo
•
267
_
101
.
775
220
Pennsylvania bituminous—is
442,556
•'
_
806
101
465,*439
for the week,
*«
63
56
168,394
construction
195
tt
60
714
necessarily
Engineered
77
153
335
-
—.
—.
;
■l'"v: 52
939
36
169,444
orders.^
•
583
706
144,061
Note—Unfitted orders of the prior week plus orders
103
1,362
Ohio-i.-——L-,
157,908
.
j", ■: •':> 24
1
495
North and South Dakota-—-
■
"
2i
71
423
1,242
102
102
163.067
Mar.
.
♦#
.
474
New Mexico
102
A
102
and Missouri———
Montana:
'
177,823
:
•
";v
1923
307
1,195
.
Kentucky—Eastern—
Kentucky—Western——
Maryland-™-.
—i—-u-.
Michigan—————
'
102
168,424
;
'
T--
181,070
Feb..28**;*
.
■
162,894
Mar.
1VX fX r
■
;
101>
514,622
169,735
161,713
Kansas
88
86
10*™*.
147,419
162,493
530,549
Jan,
24_™i™_**_,--.™—
1
avge.
2
V
284
;.■■
2,040
the
Total, all coal
1941 week by 55%* but is 40% below
last week as reported by ''Engineering News-Record, April 2. Public
construction for the week is 102% over a year ago, but 40% under
12,225
12,057
^
♦Includes operations on the N. & W.;
and
the B.
on
District and Grant,
Panhandle
the
in Kanawha, Mason,
& O.
12,377
.
12,804
12,699
8,887
C, & O.; Virginian;- K.
& M.; B. C. & G.;
tRest of State, including
and Tucker counties,
tlncludes Arizona,
and Clay counties.
Mineral,
§Data for Pennsylvania anthracite from pub¬
California, Idaho, Nevada, and Oregon.
Private work is 45 and 38% lower, respectively, than lished records of the Bureau of Mines. JAverage weekly rate for entire month
••Ala'ska, Georgia, North Carolina, and South Dakota included with "other Western
last year and last week.
< y',V;VV::,
States." ttLess than 1,000 tons.
'' •/;
The current week's volume brings 1942 construction to $2,100,224,000, a gain of 37% over the total for the 14-week period in 1941.
Private construction, $199,928,000, is 51% lower than in the period
last year,, but public work, $1,900,296,000, is 70% higher than a year
ago as a result of the 124% increase in Federal work.
■*'
The weekly wholesale commodity price index
compiled by
Construction volumes for the 1941 week, last week, and the
The National Fertilizer Association which was made public April
current week are:
April 3,1941
March 26,1942
April 2,1942 - ,
6, was again substantially higher in the week ended April 4, when
week ago.
Fertilizer Iss'n Price Index Again
construction a*™™,*;*
Total
Private
Public
construction
construction
State
and
Federal-
$68,989,000
22,030,000
*_***,.*..
™*
**;
V
46,899,000
25,291,000
21,608,000
™*-
Municipal-——
*i_
$177,115,000
19,843,000
157,272,000
$107,136,000
.
,12,224,000
94,912,000
11,878,000
83,034,000
.
10,620,000
146,652,000
.
it advanced to
124.9
at
■year
125.7%
the
in
of the 1935-1939 average.
123.5
preceding week,
month
a
of
Higher
This index stood
ago,
and
a
year ago,
above the level
was
in sewerage, public buildings, and unclassified
Increases over the preceding week's volumes are in
week
are
-
WEEKLY WHOLESALE COMMODITY
PRICE INDEX
ZZ';'
y'
Weekly Coa! Snd Soke Production SfaHslics
Bears to the
Total Index
Division, U. S. Department of the Interior,
that the total production of soft coal in
the week ended March 28 is estimated at 11,150,000 net tons, indicat¬
ing an increase of 200,000 tons, or 1.8%, over the preceding week.
Production in the corresponding week of March, 1941, amounted to
11,697.000, which was the highest point reached during the year,
V
The U. S. Bureau of Mines reported that*production of Pennsyl¬
vania anthracite for the week ended March 28 was estimated at 1,158,000 tons, an increase of 51,000 tons (about 5%) over the preceding
week. When compared with the output in the corresponding week
of 1941 there was an increase of 74,000 tons, or 6.8%. The calendar
year 1942 to date shows a gain of 0.5% when compared with the
corresponding period of 1941.
■
The estimated production of byproduct coke in the United States
.
ji
l
i' -1
4( } } *t
«
"<
6 (*,
i
•
• i
t-
(-.V
j.
&
■
,;
Foods
Cottonseed Oil
23.0
Farm
.
,
.
.
,
._
-
Products
..
—
Cotton-
Month
Year
Week
Ago
Mar. 28
Feb. 28
Ago
Apr. 5
1942
1942
1942
1941
here
ourselves
"J
in
;
•
that the sponsors
of this bill are
charge
and supporters
waging
now
undeclared
an
war
against President Roosevelt and
against the workers of America
who
believe
the
in
policies of-
his administration."
Mr.
Murray
made
similar
charges, and continued:
"With their
backs
bent
over
their machines, their hearts and
mind devoted to increased and
ever
increased
workers
production,. the
look
now
their
over
behind them
shoulders and find
with knife
upraised, groups who
would
this
at
attacks
time
old
renew
the working
and his organization.
■
>■'
upon
man
"This committee has the grave
responsibility
whether
of
that
plunged
determining
knife
will
be
whether the faith
agencies of gov¬
or
—
Grains.
^
~
Miscellaneous commodities
-
Textiles
Metals
6.1
Building
.»
•
Fertilizer
.3
.a
™
—
materials—
Chemicals, and drugs
1.3
.
•
3
100.0
r
.
7.1
;
.
Revised.
97.3; April 5,
.
Livestock
FuelS
10.8
■
.*
—.—
17.3
8.2
ernment
will
122.4
121.8
..
to revive old
—.
Farm
All
...
machinery
effort
groups
combined
•Indexes on
1941, 80.8.
——
-
•
^
national
silenced
and for all for the
once
duration."
■
;•
Messrs.
Murray and Green in¬
sisted that the issue of speeding
war
production was not -in¬
in the present fight" to
suspend the payment of time-
volved
for work
a
in
excess
week.
They cited Labor Department
that'
statistics
workers
war
seven
are
out
now
on
of
10
a
48-''
schedule.
week
hour
>
Both union chiefs argued that
the
only
involved
issue
is
in
:
whether present wage levels
industries
war
tained
or
shall
be
main¬
reduced.
"The present wage levels are
being slashed, not merely
by rises in the cost of living,
but
by loss of income when
working members of .the fam¬
ily are drafted," Mr. Murray
now
said.
Z;.;j'
"Man for
workers
'./Z'
v.-
,
the
man
American
outproducing
are
the
workers of any other nation in
the world.
giving
into
the
with
are
day by
lives, blown
night covered
seamen
day
their
seas
at
burning oil.
Such is the
record of American workers."
121.9
98.4
136.2
135.8
92.4
159.0
136.4
136.2
132.7
98.6
193.2
189.8
182.9
106.5,
110.8
116.0
119.4
91.5
March 27 amended the order
Expands Typewriter Order
94.0
The War ProductionTBoard
on
ro-
131.8
130.7
125.7
98.0
stricting the production and dis¬
117.4
114.0
113.3
102.2
128.1
128.1
127.3
113.7
tribution of standard and portable
149.0
148.4
146.6r
119.9
104.4
104.4
104.4
139.9
,139.8
134.8
115.3.
120.3
120.3
104.0
'..
103.4
,
typewriters so as to make it ap¬
plicable to wide-carriage type¬
writers; designed for statistical or
118.8
118.9
118.3
100.4
^accounting
work.
115.3
115.3
115.3
102.0
amendment
excluded
103.8
99.8
125.7
vmi12419
123.5r
.
1926-1928 base were'; April 4, 1942, 97.9;
,
our
by
spreading sus¬
picion and distrusts, are to be
war
159.0
104.1
——
and
antagonisms, those
who seek to weaken
136.8
120.3
materials™*—*
Fertilizers
fulfilled
be
those who seek to drive wedges
between groups, those who seek
159.0
'
,
r
Preceding
1
Fats and Oils™™_,™.**__™_™-
10,300 tons less than the output for
Coke from beehive *>vens showed an increase of
5,Q00 tons for the same period.
.<[
Latest
Apr. 4
Group
25.3
the previous week.
*
;
VV'v Week
for the week ended .March 28 was
»
=
::■■;
The Bituminous Coal
.('Ji
1*1935-1939
100)
Each Group
in its latest coal report states:
...
n
"Union
Compiled by The National Fertilizer Association
,
g
o
America.
A
a
war
and
a
of 40 hours
due primarily to increased prices of foodstuffs,
fuels, and textiles.
The food price index is gradually moving up
construction.
to the 1929 high level; last week price advances took place in but¬
waterworks, commercial building and large-scale private housing, ter, cheese, eggs, rice, beef, and sugar. The largest gain for the
earthwork and drainage, and unclassified construction. Subtotals for week was registered by the fuel index, which rose sharply as the
the week in each class - of construction are: waterworks, $2,323,000; result of higher prices for bunker oil, gasoline, and kerosene.
The
sewerage, $2,347,000; bridges, $263,000; industrial buildings, $3,704,- textile price average advanced, recording another advance in raw
000; Commercial building and large-scale private housing, $8,130,000; cotton and several cotton materials.
Although grain prices were
public buildings, $53,284,000; earthwork and drainage, $723,000; sharply lower, the effect of these declines on the farm product
streets and roads, $6,500,000; and unclassified construction, $29,862,000. price index was more than offset by increases in cotton and live¬
New capital for construction purposes for the week totals $994,- stock
prices; the net result was an upturn in the groqp average
925,000, an incfeasa^f 19% over the volume for the week last year. for the seventh consecutive time. The building material index
The current week's new financing is made up of $3,460,000 in state was
slightly higher last week. The only group to move to lower
and municipal bond sales, $400,000 in corporate security issues, $65,- levels was the index of fertilizer
materials, which declined fraction¬
000 in RFC loans for public improvements, $8,000,000 in RFC loans
ally due to lower cottonseed meal and blood quotations.
for defense plant construbtion; and $983,000,000 in Federal appro¬
During the week 25 price series included in the index ad¬
priations for construction.
vanced and 11 declined; in the preceding week there were 29 ad¬
New construction financing for 1942 to date, $2,414,379,000, is vances and 10
declines; in the second preceding week there were
11% above the $2,169,192,000 reported for the corresponding 14-week 24 advances and 12 declines.
period a year ago.
1941
such
undeclared
another
m
in
fight
and-a-half
103.7
ago^.'
The rise in the all-commodity index, now 21%
.
In the classified construction groups, gains over the correspond¬
ing
afford
to take time out to
of labor in the
volume for the corresponding
a
told the committee.
cannot
crisis
UMarch
1937
3
;
142
■
160
'
;t-'
■
Iowa™——
31**™™™™*-—----
is at war against
foreign
foes; who
threaten
our
possessions, our
freedom and our very lives,"
Mr, Green
Liar. 20
-
1942—Week Ended
Feb.v
V'.'
Mar. 23
testimony,
"America
authorized
-
/
their
powerful
't
STATES
1940
369
50
40
149,874
Feb.
into groups.
Regarding
United Press Washington advices
of March 26 said;
1,562,500
——
3
388
143
;*.
Jan.
nation
"We
1941
2
4
370
*
Mar. 22
1942
1942
159,860
165,397
13
Jan,
Mar. 14
Mar. 21
145.098
■;
BY
-Week End ed
156,394
140,263
1,583,600
to
not
legislation which
start an "undeclared war
ourselves" and divide the
might
current
20—i.
Jan.
1,845,000
Committee
labor
among
1929
t
WEEKLY PRODUCTION OF COAL,
'''V"'[In Thousands of Net Tons]
169,585
163,226
137,300
1,158,700
ESTIMATED
Dec.
Dec.
149,400
1941
1,169,000
14,575,700
washery and dredge coal, and coal shipped by truck from
fExcludes colliery fuel.
tComparable data not available.
Dec.
•
1,052,000
154,400
1942
1,084,000 13,923,000 13,851,000 18,350,000
1,030,000 13,227,000 13,158,000 17,029,000
Fed¬
American
the
Affairs
approve
weekly estimates are based on railroad carloadings and river ship¬
ments and a. e subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
;,
-85
^"167,440
11_™_™_;.
-.
Oct;
Oct.
1,100,000
total*™*
States
i
1941—Week Ended4.*™-™™™™
1,107,000
of
of
Labor, and by Philip
Murray, President of the Congress
of Industrial Organizations.
The
two
officials
urged the House
102
665,689
640,269
1941
1942
1
1942
1,158,000
•Includes
.528,698:;
493,947
668.230
President
By-product coke-^-
operations.
February
Oct.
States
United
1942—Month of—
<
anthracite—
Beehive coke—
94-
831,991
(
Penn.
-
649.021
.
PENNSYLVANIA ANTHRACITE AND COKE
(in Net Tons) ■ •■■■/;,,
-Week Ended
1~
Calendar year to date-—».
Mar. 21
Mar. 29
Mar. 28
Mar. 23
Mar. 29
Mar. 33
,
84
Opposition of Organized labor
legislation abolishing overtime
pay for work in excess of the^ 40houi1
week
was
expressed
on
March
26
by
William
Green,
to
Naval
PRODUCTION OF
857,732
656,437
640,188
January
ESTIMATED
V
,81,
V 839,272
■
1937
129,642
eration
,337,022
447,525
488,993
'■November
■
1941
131,446
1,753
SSubject to current adjustment.
75
202,417
652.128
"
August..
September!
October;
629,863 "
,608.521
April
Mayi—,^1
.
1942
136,104
1,840
1941
barrels
ISubject to revision.
Cumulativi
Current
Tons
.
673.446
..
■
March.'
■
historical
Mar. 27
Mar. 29
1941—Month of—
■
1
Percent of
Or dsn
i
,Tons
;
MILL ACTIVITY
Production
of
purposes
§Mar. 28
produced during the week converted into equivalent coal assuming
6,000,000 b.t.u. per barrel of oil and 13,100 b.t.u. per pound of coal.
Note the most of
the-supply of petroleum products is not directly competitive w.th coal.
(Minerals
Yearbook, 1939, page 702).
. .
.
„
'Unfilled,
'
Orders
for
,———January 1 to,Date
r
Mar. 29
Total, incl. mine fuel
Daily average
1 Crude petroleum—
Coal equiv. of weekly
output
Against Labor
Laws Making Disunity'
-
Mar. 21
product'on of lignite.
,
Warn
Weekly Anthracite and Beehive Coke
petroleum computed from weekly
crude
for
Week Ended
$Mar. 28
The members of this Association represent 83%
from
data
statistics of American Petroleum Institute.)
Paperboard Association, Chicago/ 111.; in relatiori to activity in the
paperboard industry.
.
anthracite
Mines;
t
riage
must
103.7
March 28,
1942,
,
machines.
now
include
A
previous
wide-car¬
Manufacturers
wide-carriage
typewriters in their production
quotas for non-portable machines.
THE COMMERCIAL & FINANCIAL CHRONICLE
1456
Thursday, April 9, 1942
$750,003, the amount required by ment Securities (valued at lower to $9,153,176.40 from $9,094,264.13
preferred stock sinking fund op¬ of cost or market) $56,418,797 after the payment of regular
erations for the full year.
This against $51,535,932 and $46,554,589; quarterly,; dividend,
-r H
amount is shown on the states marketable bonds and stocks (val¬
,
;
Trust Companies
'
ment
deposits of
$27,943,519 and total assets of
$33,144,668 in its statement of
March 31,1942, compared with de¬
posits of $29,593,181 and assets of
$34,797,648 on Dec. 31,1941.
Cash,
U.
total
reports
Government securities
S.
demand
secured
loans
& Bradstreet, Inc.,
financial serv¬
joined the
Trust
Co.,
announces the
March 30 of its prin¬
City,
on
cipal office to 50 Broadway.
J.
pj
porated,
densed
of
Co. Incor¬
in its con¬
Morgan &
New York,
statement of condition
March
increased to
amounted to $4,497,455
$5,773,990 at the end of
1941.
Total deposits increased to
$89,603,705 and total resources to
$99,622,870 from $88,237,901 and
$98,491,837, respectively, On Dec.
brokers
against
hand and due from
reported
as
of
condition
the
at
end
the
of
811,803,000 on Dec. 31 and $3,890,245,000 a year ago; cash in the
bank's vaults and on deposit with
first quarter of 1942.
Deposits on
March 31, 1942, amounted tp $10,431,862, compared with deposits
of $10,121,722 on Dec. 31, 1941,
and $9,312,814 a year ago.
Sur¬
plus and undivided profits of the
bank
stood at $390,000 -against
$385,000 three months ago and
$347,69? on March 30, 1941. Cap¬
ital
stock
of
Clinton
Trust
re¬
unchanged at $600,000,
capital
notes
stood
at
$75,000, unchanged from Dec. 31,
1941, but $25,000 less than the
$100,000 reported at March 30,
while
Loans and discounts
were
$3,128,095 at March 31, 1942,
$2,911,583 three months be¬
fore, and $2,773,995 a year before.
up to
from
Other
items
asset
compare
as
follows with the figures for throe
months ago and a year ago: cash
on hand and due from banks,
$3,-
266,506
against
$3,462,227: and
$2,857,352; investments in bonds,
$4,687,824 against $4,392,909 and
$4,349,222.
Guaranty
Trust
Company
New York announced
on
that with the enlistment
date of its 300th
10%
flow
of
its
on
York
that
staff
are
serving in the armed forces
of the United States.
branch
The 300
include
on
in
men
of
military and
comprise re¬
servists, enlistments, former Na¬
every
naval
service
Reserve
are
shown
and
tional Guardsmen and
men
called
under the Selective Service Act.
Eighty members of the Guar¬
anty's London staff are in the
British military or naval service,
according to the last available
re¬
\
Bank
&
The
the
statement
April,; shows total re¬
of $2,555,077,767, and de¬
posits of $2,256,851,588. Holdings
of U. S. Government obligations
total $1,040,616,951, and loans and
bills purchased are $545,411,322.
The company's capital and sur¬
plus are $90,000,000 and $170,000,000, respectively, and undivided
profits total $19,470,856.
sources
The
statement
of
Manufacturers Trust
-y'V
r.
"■
'
:
year
as
many
and
year-end.
clined
from $15,544,818 to $14,355,728, while holdings of U. S.
,
Government securities
were
sub¬
stantially unchanged, aggregating
$4,996,321 as compared with $5,016,526.
Holdings of State, mu¬
nicipal and corporate securities
.decreased from $1,827,597 to $797,822.
i
.;
i
The
Empire
j
,
.
1
Co., New
Yofk City, announces, the promo¬
tion of Walter G., Schaerer from
Assistant Secretary to Assistant
Vice-President in charge of the
Hudson office at Broadway and
Trust
39th Street..
The
statement
the Brooklyn
o^
condition
of
Trust Company of
as
ness
March 31 total resources
on
a
months
$2,000,^,VX \
teed)
pare
was $51,945,436, against
$49,461,430, and holdings of U. S.
Government securities
were
$56,Total
$30,614,447, against $33,682,646.
Un¬
divided profits
were
$1,423,410,
against $1,418,676.' Capital and
surplus were unchanged at $8,200,000
and $4,600,000, respec¬
tively.
A, !
872,278, against $53,211,270.
loans
and
discounts
were
U. S. Government
(direct and guaran¬
The Philadelphia National
at $223,755,086, com¬ Bank, Philadelphia, reports in its
now
with $196,596,510, and loans,
discounts
tances
March 31
ago;
The First National Bank of the obligations
and
bankers'
accep¬
condition
of
statement
March 31
as
of
total deposits of $623,-
$136,341,986, against
The bank's capital
are unchanged from
three months ago at $12,500,000
and $25,000,000, respectively, while
undivided profits total $3,574,721,
as compared with $3,383,773 at the
620,165 and total assets of $679,076,711, compared, respectively,
end of December.
Government securities
are
$134,157,858.
and surplus
with
on
and due from, banks on March 31
amounted to
$304,524,667;
31
According to the March 31,1942,
statement of condition of the Pub¬
lic National Bank and Trust Co.
of
New
York, total resources
$208,835,241, while de¬
posits are reported at $187,738,862.
This compares with resources of
amount to
the
cur¬
$292,650,737, against
holdings/of U. S.
shown
on
March
$227,206,143,
against $221,215,634; and loans
and
discounts
total
$94,383,559,
against $91,630,774. Capital is un¬
changed at $14,000,000 while sur¬
plus and net profits are now $32,536,119, against $32,295,272 at the
end of December, 1941.
$209,515,670 and deposits of $187,299,297 on Dec. 31, 1941/ Cash
and due from banks in
$629,732,560 and $684,347,113
31, 1941; Cash on hand
Dec.
are
as
The Ohio Citizens Trust
Toledo,
on
Co., of
March 28 observed its
tenth
are given as $56,anniversary,
Willard
I.
346,054, against $77,275,924; loans Webb, Jr., President, according to
and discounts are shown as $87,- the
Toledo
"Blade,"
said • the
518,976, compared with $72,361,- bank's deposits have increased
738, and U. S. Government obli¬ every year except one during the
gations
stand
at
$51,351,579, 10-year period and now stand, at
against $44,690,148.
Capital and more than $18,000,000. It is added
surplus at the latest date are un¬ that nearly 1,000 individuals and
changed; at $7,000,000 each and corporations subscribed to the
undivided profits are $4,176,953, bank's Original capital of $350,000.
against $4,059,988 at the end of Today the capital stock, surplus
1941. X
V,. • .:X:X and undivided
profits are re¬
ported in excess of $1,500,000.
rent statement
.
-
Total
assets
-
and
deposits
of
Brown Brothers Harriman & Co.,
private bankers, established new
high levels on March 31, 1942.
The
date
financial
statement
shows total assets
for
of
that
$162,-
019,786, compared with $157,643,704 on Dec: 31, 1941 and $148,053,927 on March 31, 1941.
Deposits
increased to $137,462,686 against
$133,722,124 at the end of 1941 and
The Commercial National Bank
& Trust Company of New
York
Asks New Name For War
reported as of March 31, 1942,
deposits of $157,415,278.13
President Roosevelt
total
on
April 3
$177,504,199.73, requested that- the American peo¬
$124,388,489 on March 31, 1941. compared respectively with $160,- ple suggest a new name for the
war.
Saying that the names "Sec¬
condition of Capital and surplus of $13,385,363 709,499,81 and $181,100,139.70 on
ond World War" and World War
compared with $13,365,284 three Dec.
31, 1941.
The bank held
Company of
.
,
was
Cashier.
located at the Head
meeting of the Board of of $579,318,492 and total deposits
This compares
Managers of the New York Coffee of $535,323,438.
and Sugar Exchange held on April with resources of $580,838,745 and
2 it was voted to close the Ex¬ deposits of $537,081,903 on Dec,
Cash on hand and in
change for trading purposes on 31, 1941.
Saturdays during the months of Federal Reserve and other banks,
April and May. The by-laws and including exchanges, collections
rules of the Exchange already pro¬ and other cash items, under the
vide for Saturday closing during latest date, amounts to $182,170,387
the months of June through Sept. as
against
$218,783,283
three
vAt
in addition, 20 mem¬ New York as of March 31, 1942, months ago and $13,305,052 a year
ago.
'■ ;
serving in shows
deposits of $998,156,498 and
the British Home Guard.
Loans and advances increased
resources of $1,094,006,798.
This
compares with deposits of $938,- to $30,325,602 against $30,113,560
Charles ' A.
Richards, former 264,124 and resources of $1,035,- on Dec. 31, 1941 and $26,174,148
Assistant Manager of the Foreign 422,005 shown on March 31, 1941. on March 31,1941. Other import¬
Department of the Chase National Preferred stock is shown as $8,- ant asset items compare as follows
Bank, New York, died of heart 892,780, common as $32,998,440, with the figures for three months
disease on March 30 at his home and surplus and undivided profits ago and a year ago: Cash $40,651,in Flushing, Queens. 'Mr. Rich¬ as
$42,167,116. Undivided profits 166 against $41,291,083 and $41,ards .retired last..January* after account lias been reduced by 082,727; United States Govern¬
-
compared with $46,041,338
Capital, surplus
undivided profits increased
as
at the
The
indicated
net
Brooklyn, N. Y., as of March 31,
300 or 400 members of its staff
1942,showed total deposits of $143,earnings on the bank's 2,000,000 will
be serving with the armed
shares (par $10) amount to $0.55
139,698, comparing with $139,874,forces of the United States.
1
550 on Dec. 31, 1941."
Total re¬
per, share for the first quarter of
sources were $158,704,230 against
1942 as compared with $0.50 per
The
New
York Trust Company $155,506,025 at the year-end. Cash
share for the same quarter a year
reports as of the close of busi¬ on hand and due from banks
ago.
V
;
port, and,
bers of that office are
men are
Mr. Potter
Assistant
an
the
of 000.
Guaranty Trust. Company of
as of March 31, 1942,
issued
Assistant Cashier.
December.
■
091
Armitage Morrison was appoihted during quapter to $4,030,164, com¬
pared with $4,016,459; reserves
an Assistant Secretary.
rose
from $610,714 to $668,352;
while deposits; advanced to $41,At the regular meeting of the
704,054, an increase from $40,Board of Directors bf The National
810,045. Feature of the statement
City Bank of New York on March
was expansion of loans and dis¬
31; John M. Potter was appointed
counts from $22,938,535 at yearan
Assistant Vice-President and
end to $27,093,206 on March 31.
Paul W. Kimzey was appointed an
Cash and due from banks de¬
$1,009,608,632 and total assets of
On Monday afternoon, April 6,
$1,098,302,223 compared, respec¬
Manufacturers Trust Company of¬
tively
with $1,014,109,864
and
ficially Unveiled two bronze tab¬
$1,101,728,374 on Dec. 31, 1941. lets
erected in the entrance foyer
Cash
on
hand
and
due
from
of its principal office at 55 Broad
banks amounted to $371,778,098,
Street, New York, and that con¬
compared with $377,335,460; hold¬
tain the names of about 225 of¬
ings of U. S. Government securi¬
ficers and employees of the bank
ties to $328,050,121 against $321,who are now in military service.
211,478; and loans and discounts
Harvey D. Gibson, President of
to $156,926,040 against $156,455,the bank, delivered a brief ad¬
076.
Capital and surplus were
dress at the unveiling.
Space has
unchanged at $20,000,000 and $50,been provided on these tablets for
000,000,
respectively,
and
un¬
several hundred additional names,
divided
profits were $9,369,690
as the r bank
anticipates that by
against $9,161,724 at the end of
the end of
as
condition
of
meeting of the Trustees of
the United States Trust Company
of New York held on April 2.
Trust Both
for the Jan 2 dividend of
•
a
formerly
Bank
member, nearly New York
New
leave of absence
Federal
of
March 31
-TA ''
and City of New York, in its state¬
$1,254,- ment of .conditions at the close Of
614,000, compared with $1,248,- business on March 31, 1942, shows
516,000 and $1,557,501,000 on the total resources of $900,866,271 and
respective dates; investments in total
deposits
of
$776,149,295,
U. S. Government securities on compared with $962,710,227 and
March 31 appear as $1,417,883,000, $837,545,082, respectively, on Dec.
contrasting
with
$1,364,847,000 31, last. Cash and due from Fed¬
and
$1,252,185,000;
loans,
dis¬ eral Reserve Bank and other
counts and bankers' acceptances banks, including exchanges, in the
amount
to
$830,806,000 against latest statement are given as $250,$802,221,000 and $690,342,000. On 464,514, against $296,986,908 on the
March 31, 1942, the capital of the earlier date; holdings of United
bank was $100,270,000 and the States
Government
obligations,
surplus $100,270,000, both amounts are now $440,377,478, compared
unchanged. The undivided prof¬ with $458,194,913; and loans and
its on March 31 amounted to $43,- discounts are shown as $53,582,507,
043,000, compared with $40,370,000 against $50,570,193.
Capital and
on Dec. 31, 1941, and $39,269,000 surplus remain unchanged at $10,on March
31, 1941.
Earnings of 000,000 and $100,000,000, respec¬
the bank for the first quarter of tively.
Undivided profits in the
1942, after increased allowance current statement are shown at
for taxes, amounted to 36 cents $10,047,701, after making provision
per share, compared with 41 cents for^the April 1 dividend of $2,a
share in the first quarter of 000,000, as compared with $10,278,417 on Dec, 31, after providing
ip4i,:,■
the
other banks
mained
1941,
}r
shows total resources of $47,911,-
At
Company of New York reported Office.
as of March 31, 1942, deposits of
,
"
y
Chemical
The
of $693,491,887
$34,867,$39,780,223 • and hold¬
ings of Government securities in¬
creased to $8,742,470 from $8,655,862 on Dec. 31.
Capital remains
months ago.
unchanged at $4,000,000 and sur¬
plus and undivided profits inThe statement of the Chase Na¬
creased to
$4,595,763 from $4,- tional Bank of New York for
574,943 at the end of 1941.
■;
March 31, 1942, shows deposits
of $3,628,257,000, the largest de¬
Total assets of Clinton Trust
posit figure yet reported by the
Company of New York increased bank.
This total compares with
to $11,632,227 at March 31, 1942,
$3,534,967,000 on Dec. 31, 1941,
from $11,269,628 at Dec. 31, 1941,
and $3,617,530,000 on March 31,
and $10,507,022 on March 30,1941,
1941.
Total resources are now
according to the bank's statement $3,899,439,000, compared with $3,are
014 against
Statement of condition of Ster¬
for that pur¬ ued at lower of cost or market)1
$13,545,845 against $13,287,282 and ling National Bank 8c Trust Co.
of New York as of March 31, 1942,
$12,704,686.
as
1942,
31,
reserve
riod last year.
shows : total
and total
deposits
of
$637,020,357,
com¬
pared with $749,725,411 and $689,361,244 on Dec. 31, 1941.
Ac¬
cording to the current statement,
cash on hand and. on deposit in
banks
amounts
to
$230,318,782,
against $251,630,571 three months
ago; U. S. Government securities
(direct and fully guaranteed) on
March 31 are given as $318,023,388, compared with $356,023,513;
State and municipal bonds and
notes are now $35,691,020, against
$33,993,423, and loans and bills
purchased at .$68,889,195 at • the
end of March compare with $63,918,203 on Dec. 31, 1941.
The
capital
and
surplus
are
un¬
changed from the close of 1941
at
$20,000,000 each, while un¬
divided profits, listed at $1,214,541, are also the same as three
resources
from $20,728,045 on
Dec.
31;
collateral
loans
to
$8,576,828 'from $7,894,925 on
Dec.
31;
while call loans to
banks
York
removal
$24,355,857
on
Dun
Richards
Underwriters
The
New
Continental Bank & Trust Co. of
Cash
con¬
Chase National Bank in 1925.
and
New York shows that commercial
31.
time
a
by collat¬
The March 31 statement of The
discounts
Mr,
ice.
totaled $26,413,189,
against
$27,491,247 at the year-end. State
and municipal bonds were $2,503,566, compared with $3,073,627;
time loans secured by collateral
were $761,252 against $838,427 On
Dec.
31, 1941.
The undivided
profits account, after provision for
dividends in both cases, totaled
$939,280 on March 31, against
$933,845 at the year-end.
.
and
for
was
nected with Bradstreet, now
eral
loans
and
Bank
a
When this amount of pre¬
ferred stock is actually redeemed
about May 12 next approximately
$300,000, representing $20 a Share,
it is stated, will be deducted from
preferred capital stock account
and restored to undivided profits.
Net operating
earnings for the
three months ending March 31,
1942, after preferred stock divi¬
dend, amortization, reserve for
taxes, etc., amounted to $1,508,331,
or 91 cents a share, as compared
with
$1,591,561, or 96 cents a
share, for the corresponding pe¬
serving 10 years in the pdst held
by him.
He started his banking
career with the Flushing National
Fulton Trust Company of New
York
as
pose.
and total assets of
cash
on
hand and due from banks
II
were
not very good, the Presi¬
dent told his
press conference that
$62,268,430.64 compared with
the new name should be short but
$65,981,080.26;
investments
in
U, S. Government securities of express the thought that this is a
war to preserve
the democracies
$70,789,285.50 compared with $70,and the small people of the world.
457,549.48; and loans and dis¬
He
said
that
Federal
agencies
counts of $35,234,122.50 compared
with $36,281,004.30.
The bank's engaged in the war effort had
of
capital amount was Unchanged at
asked for
and its surplus and prefer
undivided profit account increased. people,,.
$7,000,000
a
one
name
and he would
suggested
by
the
•
@FedFRASER