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Final
Edition
Reg., U.
Volume 158
New
Number 4204
S.
Office
Pat.
York, N. Y., Thursday, August 19, 1943
The Financial Situation il
;
Many months ago it began to be apparent-that the calls
of selective service arid the beckoning of high wages in War
v;
.
plants had so denuded the farms .of labor that the nation's
food supply was, in' serious '
danger.:As "time passed ; the
situation thus created became more and more critical, and
the authorities sought first one remedy and then another,
some of them little short of ludicrous in their
impracticability.
It is not even yet clear whether this state of affairs, which,:,
of course, should never have been permitted to come into
being, has really been adequately remedied. - Our food sup¬
ply is certainly far from over-abundant, and the prospect
far from clear,
*';•.
-;r; r w-.^
••3
Behind
i
<
is
decaying
situation
rapidly.
dustrial, executives.
Italy- is defenseless, as we
con¬
trol the air and sea on both sides
7.
-
of'
the
boot.
Wherever
elect
.
holders in the U, S. A. will prove
their
a
will not only prove
resources
to
be
sound
insurance
to
wage scales and other conditions of work, and
of abnormal conditions which are in
be
spiraling
flation,
their
M
by
number
a
dealt with
by the authorities. This situation is
reported to have developed with peculiar intensity in certain
sections of the aircraft industry,: which with the
possible
their
rear
that
sea.
ed
at¬
forthcom-
Life
tacks
not
ing war bond
campaign will
Civilian
the
are
necessary.
Swiss
be
ru¬
digging in
are
the
River
•
.
Which
Paul Mallon
V
;
:
"It
line,
all
leave
the
us.
It
However, both positions can be
fed from Germany only through
the Brenner Pass (about 200 yards
wide); Our bombers can close
that pass and cut off any Nazi de¬
will
R.
closer
soil
citizens
(Continued
increase
to
men
on
number
that
continue
can
we
American
live
to
in
t
GENERAL
Note:
Indicating that definite progress ii beiiig made "in a food price
program with a view to stabilizing the cost of living as nearly" as
practicable at the level fixed by Congress," James F. Byrnes, Direc¬
Aug. 16 that "there
substantial reduction in the cost of actual necessities—not
of fancied wants." Mr. Byrnes, who made these statements in a radio
a
address, broadcast from Washing-^:
tion, cautions that "wages as well
"Congress, by the act of Oct. 2.
as
prices must be held."
"The 1942,
declared that prices and
fight against inflation," he said, wages should be stabilized so far
From
if
won
It
we
have the will
jcannot be
if the
won
will for higher wages and higher
prices
is
stronger
than the
keep down the cost of living."
In part, he also said:
first
of
interest
practicable at the level of Sept.
15, 1942."
-
every
;
-V ^ ;
Likewise, he stated:
"We
cannot
abandon
the-line order on the
without
abandoning
wage front.
And
it on both fronts,
if
the
'
hold-
price front
it
on
the
we
abandon
the 20 millions
there is no further rise in the cost or more of our people receiving
low
of living.
wages,
small salaries and
If, in some cases, in¬
small fixed incomes which have
creased
production
costs
make
not
been
increased
materially
further
price
adjustments
un¬
good citizen should be to
avoidable in order to obtain
essary
production,
war
that
see
nec¬
then
we
must, by more rigid price control,
or
subsidy, of other items
there is
no
see
that
rise in the cost of liv-
"It does not make
that
we
can
use
sense
subsidies
to
say
to pre¬
vent numerous specific
food prices
from
we
use
rising
but
subsidies to
number of key
food
since
the
ground
basket
that
reduce
a
to' offset
as
a
level
of
be
fair
"having
tivities in Wartime.
'
'
"
Washington
By CARLISLE BARGERON
gentleman who has formed the Republican Post-War As¬
Page
Situation
;........,......
48-hour week for
"Because of the threatened coal
shortage,
Secretary
several days ago
requested me do
Ickes
to
consider
the
ask
the
advisability
of
increasing
the
working hours in the mines. Sec-
continued
on
page 715)
709
Regular Features
Ahead
Washington
_
of
to say
the
.......
709
Moody's Bond Prices and Yields....
721
and Trust Cos..
724
;......;.......
Items About Banks
Odd-Lot
Trading
i:.>. 722
at July 31 718
Borrowings at
NYSE Bond Issue Values
NYSE Member
July 31
618
Trading on the New York Exchanges 721
State
General
of
Trade
■
;:-v;
Review
...
.
going
are
that
midst who ara terribly worried
not
in
in world
Coolidge
and
and to
us
Rhineland
Roosevelt,
dertakings,
Moody's
721
Daily Commodity Index...
Weekly Crude Oil Production,.....
Nmn-Ferrous Metals Market........
Weekly Electric Output....
Exchange Stabilization Fund as of
31
722
720
720
719
Movements in Supply of Money and
Prices in Two War Periods........ 719
July Cottonseed Receipts
July Retail Price Index
716
claimed
and
Report
Commercial
Debits
at
Aug. 1...
Paper Outstanding..'..
for
July
718
720
723
Mr.
of his first un¬
scuttled the London
which
conference
had
he
initiated;
considerable
credit
also
for
As kids most of
used to give our
us
foreign
Ruhr.
the
as one
the Munich Pact.
missions
pennies to the
which the
by
Chinese and other "heathens" were
to be
taught
our
Christian way of
life.
718
Crop
much lesser
a
extent, Britain, the French would
probably have still been in the
Hoover
718
affairs.
Hoover
ing international conferences or
preparing for them.
Had it not
Economic
Index..
was
seemed to be forever either hold¬
723
Price
when-it
and
meddling
Harding,
721
Association
v
on
have never known
we
"concerned"
Weekly Coal and Coke Output
Weekly Steel Review
Bank
our
the time when this country wasn't
been for
710
Commodity Prices, Domestic Index. 720
Weekly Carloadings
722
Weekly Engineering Construction... 720
July Survey .........
719
Paperboard Industry Statistics..... 723
Weekly Lumber Movement.....
723
Mar.
in
aren't going to show the proper "concern" in post-war world
the assumption! bad on their home front and they
had to do something to divert the
that all the racket being stirred
minds of their subjects.
This was
up about this "concern" is nothing
the explanation we accepted, at
more than an enterprise by a lot
the time, for Mussolini's move into
of pretty good propagandists in
which a lot of well meaning peo¬ Abyssinia, and it is difficult to un¬
derstand just what other reason
ple have been hooked. We mean
We
Editorial
\
we
aren't sunk anyway.
;
the American, British
;and Canadian Currency Plans.
NYSE
and Bruce Barton.
as
affairs, had better quit trying to force a candidate on the Republi¬
whom they don't want, and concentrate on the reelection of
Roosevelt.
Even then there is a serious question whether they
Summary of
News
Gifford,. President of the Amer¬
Telephone and Telegraph Co.,
Mr.
A Moratorium for Non-Essential Ac¬
From.
always
cans
Exchange Stabilization Re-
Fertilizer
mines,
to which he (Mr. Byrnes) said:
limited
per¬
the
will
Mr. Byrnes made known in his
address the approval by the Pres¬
President
rises
mitted in other food items.
below
cannot
items in the family
started
war
subsistence."
ident of
ing.
CONTENTS
.
will
to
"The
as
is
Ahead Of The News
that
viewed.
Financial
fellow
715)
page
Special Articles (in Section 1)
Pottt-war
little
help his Uncle Sam."
speakers were Walter S.
to
Other
so
the
way."
He further said that
That
"can be
"the
ready
ican
sociation and the other people
to win it.
homes of small income groups. He
said
invested
in
war
But it is up to business
through
run
volunteer
Ford, Exec¬
urged business leaders to lend the
services of as many executives as
they could spare to help direct and
of
already
bonds.
other possible German
routes^; for defense
on
Italian
a
million, Mr. Burg¬
Nevil
__0
Switzerland, and the neutral Swiss
will be
revealed.
utive Manager of the War Finance
Committee for New York State,
Burgess
More than 50,000,000
us.
have
The only
north
in
part of
a
knitting
the
people
of I supervise the thousands of voluntogether
in
I teer war bond salesmen. Former
a
united grohp to finance the war Mayor James J. Walker advised
and bring it to a victorious end for the campaign be carried into the
W.
America
fense in Italy as soon as they get
into. Italian .mainland ;airfields.
supply
on
ess
help
as
of half
army
and the
being
the Third
agents
Defense Corps are
War Loan
be
means
a
WOUld
the Italians and to
than
added..
Po
insurance
recruited ; to
ing effort. Mr.
Burgess
suggested they
on
more
the
money-rais¬
a
have
mors
depositors
payroll savings plan was another
idea born during war loan drives,
he said,
and 46,000 firms have
adopted the plan.
Frontal
from
710)
Mobilization, declared
r.
pointed out.
He emphasiz¬
in
advise
withdraw their money and in¬
vest it in government bonds." The
Burgess
landing
to
to
in¬
positions by
campaign the dis¬
made that banks could
"induced
.
part the product of the
way in which civilian occupations in the service industries
tor of the Office of War
bond
war
will prevent a
can
stock¬
great force in post-war times."
Burgess recalled that in the
last
covery was
we
possible
as
Mr.
for
the future, but
their
turn
boot to
page
—•
people
many
Italy,
pointed out, and in consequence the
and more limited skilled working forces
on
^—
bonds by
ordinary Americans to the limit of
war
fensive line in
was
(Continued
of
the
type of labor market excessive turnover is usual,
is too far north to be turned from
indeed almost inevitable, but in recent
months, and par¬ the sea. A better line runs across
ticularly in recent weeks, the instability of working forces the top of the Apennine Moun¬
appears to have been seriously aggravated by the peculiari¬ tains,- north of Florence, but it
could be turned.
ties of the workings of the draft
;7
system, by differentials in
,
The purchase
de¬
dig
In this
V
State, stressed this point at a luncheon in the
League Club, where plans for the Third War Loan, beginning
September 9, were outlined to a cross-section of business and in¬
Union
German military
■
was
1
war
mittee for New York
By PAUL MALLON
The
'
Nazis
steadily grownig. Many have for months been bluntly
stating in private that war industry would, if policies and
practices in drafting skilled men continued unchanged,
presently be faced with impossible demands for production.
These predictions appear to be
finding strong support in re¬
cent reports of production.
:
r
\
Copy
by individuals of
bonds, New York business leaders were told on Aug.
16 when W. Randolph Burgess, Chairman of the War Finance Com¬
For several months past key executives have been: ex¬
pressing the opinion that we were headed for a similar situa¬
tion as respects production of war
goods. ; The armed forces
were
taking so many of their men with badly needed skills,
they warned, that production, schedules were being met with
the greatest difficulty.
These quotas had been set upon an
pressure upon more
a
The best antidote for inflation is the purchase
;
ascending scale, it
60 Cents
Seen Best Antidote For Inflation
government
*;:•'
v;
Price
Individual War Bond Purchases
L
Shortages Real Ty
have been
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
■'
the
has
v
•*
explanation for
belligerency of the dictators
been that things were going
Heretofore,
our
he could have
now
told
it
less
warm
had, though
we are
the
general plan. Indeed, we have ac¬
cepted the big excursions abroad
of our own politicians as more or
which
us.
showing
fairs at
a
a
piece of
weather diversion with
they
tertain
was
were
seeking to
en¬
But certainly they were
"concern" in world af¬
the time.
We remember
well after Hoover had suc¬
ceeded Coolidge, the latter came
back to
Washington to preside
over
the formal signing of the
Kellogg pact. That instrument was
a
big showing of "concern" in
world affairs, and Mr. Hoover's
publicity man thought Coolidge
was getting a little too much play
in the newspapers that day, so in
the late afternoon, after the morn¬
ing ceremonies attendant upon
signing the pact, Hoover came out
very
with
an
announcement
Government
that
this
and Britain to show
(Continued
on
page
715)
Thursday, August 19, 1943
CHRONICLE
THE COMMERCIAL & FINANCIAL
710
The Financial Situation
those of
~
(Continued from first page)
properly;:be quite'unfortunate
allies
our
Time For Reconsideration
-"i'Xff-
Store sales were up 14% for the
four-week period ended Aug. 7th,;
.v.-
equip them and
ing could, if it were the cause of failure to
/""V
:
enough;^
-
.
>
with
Compared
\
like
the
period
'•>,•>V :y.
last year.
Department store sales in New
beyond the control of the War Man¬
Yrork City in the week ended Aug.
rests with the President'himself in
the Commander-in-Chief would, we
confined to this key industry, but, on the contrary, is proving
believe, do well to reconsider this entire question in light of
quite troublesome in a number of other branches, , some of
the facts as they are now developing.
It may be taken for
them in turn essential to full scale plane production. / All
in ail, this situation appears to be reaching, if indeed it has granted that the most recently announced program of the
War Manpower Commission will not t work perfectly, or
not already reached, a critical stage.
even approach perfection.
They are much more likely to
Controversy Over Fathers
fail to have any very important helpful effect —as many
"Meanwhile the armed forces continue to insist upon others have failed before them. To cling stubbornly to plans
large accretions to their ranks, additions so large that the which have proved unsound may 'well be to court disaster
War Manpower Commission is finding itself hard put to it if the war is greatly further prolonged.
to supply them.
This organization has been taking the
position that it had no alternative to the calling up of fathers.
In some instances possibly it is a choice of calling out ir¬
14th, were 2% smaller than in the
corresponding
week
of
last
exception of ship construction is now regarded as the most
vital of all war industries.
It is, however, by no means
v
replaceable single men from war industry or drafting men
with dependent children; in others apparently—due to the
peculiarities of the methods employed in fixing the quotas
of the local draft boards—no choice at all remains.
The
idea of drafting fathers is, however, anathema in certain
Congressional circles, and it has appeared at times that were
the Administration to proceed with plans for drafting them
on
any
large scale, its difficulties on Capitol Hill, where there
enough as it is, might well assume substantially
is trouble
greater proportions.
<:
,>
,
>
..
.
New Plans
To meet all these
•
difficulties at least in part War Man¬
Commissioner McNutt has evolved a new scheme,
announced late last week. The plan has a number
of characteristics of what is known as a clever political
maneuver, but the real question is:. In what degree the plan
will contribute to the solution of the pressing problems con¬
fronting the nation? The War Manpower Commission osten¬
sibly at least sticks to its guns as regards the drafting of
fathers, but offers them an opportunity to get into war work,
and if they are possessed of certain so-called critical skills
they will for that reason receive special deferment if in
war work.
The list of non-deferrable occupations is length¬
ened considerably, and new and more stringent rules are
promulgated designed to curtail labor turnover. " The pur¬
pose announced is to place all able-bodied men, whether
fathers or not, between the ages of 18 and 38 either in the
power
which
was
armed services
or
This is
matter
a
power Commission."; It
the final analysis, and
.
"Fear of
the policies and
attitudes of business management.
Ac¬
cordingly, profits are sought mainly as a means to security.
One
respondent, for example, states that 'Present taxes take so much of
income that we will have to be very careful if we are to have enough
to
get through the next slump.' ; And another says: 'Our job from
here out is to get in the strongest possible financial shape.
It will
be
struggle with present and possible-future taxes.
a
No more ex¬
which they are
3%
a
less than
of
in the
year ago..
Retail sales
to
of this group
sales
were
ended
week
well
are
on
the way
all-time
high, observers
state.; The upturn thus far in 1943
a
new
indicates
that, the /nation's stores
this year, for the first time in his¬
will
tory,
do
business in
of
volume
total
a
of $60,000,000,-
excess
This compares with $56,400,-
000.
000,000 in the record year of 1942
and with
$54,200,000,000 in 1941,
However, most economists close
.
to
retail
the
that
lieve
realized.
not be¬
top figure can be
They■;admit
income
sumer
do
picture
this
and
that
consumer
con¬
de¬
for
mand
goods are both suffi¬
large enough to • achieve
end, but hold that the
merchandise necessary to
make
ciently
such
an
When peace comes
.state.
were
cash to meet these payments.'1
"Those who feel forced to. use their
•.
,
is, to be denied; reasonable freedom from fear, how
If business
shall any of us attain freedom from want?.
T*—11 "■
■'»—*—1
....—:■
"——
"
1
J
Wood
Pulp Output In
17.5%
;
First Half Off
Near-stability
appears
in
■■■ —
the
to have
amount* of
been
'
v
——-—f?
:
-
currently be¬
production are quite apprehensive as to
they, are creating for themselves."
of the urgency of war
cause
tax reserves
the dangerous post-war situation
—The Conference Board.
'
achieved
wood
pulp becoming available for
consumption in the United States,
The State OI Trade
a new high again scored in
the fourth consecutive week
electric production.
ended
Aug. 7, electric dis¬
4,240,638,000 kilowatt
hours, which compares with 4,226,705,000 kwh. in the preceding
week and 3,637,070,000 for the like 1942 week, according to the Edison
Electric Institute.
r 'IV ' ■ ■
f•
^
:
tribution
reached
all-time
new
a
high
of
-
Production
for
electrical. power
of
latest > week
the
above
a
Coast
and
sions
showed
16.6%
was;
is
campaign
encouraging
to
us
all."
over
.
Southern
the
divi¬
the Association of American Rail¬
gains
roads.
States
largest
.
1942.
,
437
i
Consolidated Edison Co. of New
York announced that the
system's
output of electricity for the week
ended
Aug. 8 was 202,100,000 kilo¬
watt hours, against 153,200,000 for
the like 1942 week, an increase of
This
cars
this
Puget Sound Pulp & Timber Co.,
declared last week, but at a leyel
considerably below the current
was a
decrease of 13,-
below the preceding week
21,856 cars more than
corresponding week in 1942
and 6,428 cars under the same
period two years ago.
This total was 124.01% of Aver¬
year,
the
consumption. He warned
national pulp stock pile
rate
of
that
the
is being
depleted at a rate which
long continued.
*
i
cannot be
Total pulp
000
tons
came
against a year
Carloadipgs of. revenue freight
to year gain of 15.8% in the July for
the week ended Aug.
7th,
31
week.
Mid-Atlantic, Pacific totaled 872,077 cars, according to
ago,
year
Stevenot, President of the
Fred G.
Reports from most of the heavy, industries continue to show up
For
plants with the manpower required. The over-all objective
as stated is to add 2,000,000 men to the armed services and
1,600,000 to the war labor force by July 1, 1944. That the
procedures now announced will succeed in finding 3,600,000
men for the
purposes during the period mentioned is seri¬
ously to be doubted. It will, of course, create no manpower
which does not already exist, or which does not automatically
come into
being as time passes quite irrespective of what
may be done in the matters here in question. That another
3,600,000 men can be drained off from the labor force now
serving the civilian population without grave consequences
may well be doubted.
It is not proving easy to enlist more
women to take the
place of men either .in war work or other
occupations due to a number of causes, some of them quite
natural and others products of the reductions already ef¬
fected in services offered the civilian population. A spokes¬
man for the War
Manpower Commission only the other day
asserted that from 1,500,000 to 2,000,000 more women must
7th,
stores
like week
sources
levied
well, with
whether the plan, if it worked out in actual practice as de¬
sired, would provide both the armed services and the war
Aug.
previous
earned, reserves are set up by corpora¬
stores should enjoy a good busi¬
they: become due. Many corpora¬
ness. Of course, there will be some
tions are making current use of the funds represented by these re¬
post-war readjustments to face
serves and are depending upon future earnings or liquidation of assets
first, but once American factories
for cash with which to pay taxes.
Some corporations feel that this
roll into production on now hardis such a hazardous practice that they refuse to do it; rather, they
to-get items of civilian goods, re¬
restrict current operations, if necessary, to permit the setting aside of
tail sales should rise substantially.
working where they are wanted most. What is likely to be
planning and ordering? ft
first of all,
the
tions to meet the payments when
,the result of all this
Asking The Impossible
In
pansion with our money.'
"A specific example of post-war dangers is that of liquidating
1 the gain possible will not .be avail¬
inventories-in-process and accounts receivable at the termination
able.
of hostilities.
Borrowing to provide additional working capital is a
Although merchants will have
normal procedure for many corporations when liquidation of inven¬
to contend with more and more
tories and accounts receivable is expected to provide the funds with
war-time merchandise shortages,
which to repay loans. The present danger arises from the strong pos¬
as
well as with man-power and
sibility that post-war liquidation of labor-and-materials-in-prpcess
delivery problems, the future o^
and accounts receivable cannot be consummated without grave losses.
retailing remains bright, informed
"Since taxes are not due until about a year after the profits upon
in essential war work, and to keep men
The careful observer would like to know,
.
.
post-war depression and preparation for it appear to
a
preliminary
to
estimate issued by the Federal Re¬
serve Bank of New York. ;
;
■
Fear And Want
dominate
according
year,;
production of 4,557,-
in the first half of 1943
within 116,000 tons
of equal¬
ing production in the last half of
1942, but fell 965,000 tons (or
17.5%) short: of the record for
the first half of that year, Mr.
Stevenot said.
Domestic produc¬
tion,
slightly in-i
reduction in
approximately
by
augmented
creased imports and a
exports,
provided
the
total amount of new sup¬
same
ply for domestic consumption in
each of the four quarterly periods
loadings for the correspond¬
ended June 30, 1943.
ing ;yveek, of-the ten preceding v
Spmedivergence imlrends was
■Steel operations this' weekV are ''years:'' >:; -11
pointed out by Mr. Stevenot, with
scheduled, at 98.8% of capacity
Civil engineering I construction
slight gains in receipts of mechan¬
continental
United ical
compared with 98.4% last week, volume; in
pulp, from which newsprint
an increase of 0.4%, according :fo
States totals $31,773,000 for the
is made, while chemical pulp re¬
the American Iron & Steel lnsti- week.
This, not including con¬ ceipts showed minor declines in
lute.
'
'
' v*
*":
struction by military combat en¬
f
successive
quarterly periods..
A month ago the rate was 98.3%
gineers, American contracts out¬
be drawn into war work before the end of the current calen¬ of ingot capacity, while operations side the country and shipbuilding, ; "For most of the past year pulp
inventories have been drawn upon
is 33% below the preceding week
stood at 97.2% in the correspond¬
dar year.
heavily to meet consumption de¬
and 84% .below the total for the
ing week of 1942.
1
The thoughtful observer is therefore
mands,"
Mr.
Stevenot
stated.
A .gain of more than 1,000,000 corresponding 1942 week, accord¬
obliged again to
"Stocks at pulp producing mills
ask whether we are not in effect
asking for better bread tons of steel tor use during the ing— to "Engineering News- were reduced 47%, from 192,000
last half of this year has resulted Record."
"
than can be made of wheat, ,
or, perhaps better stated,
tons in August, 1942, to 102,000
from the steel-for-victory drive,
Private work is 47% below a
more bread than can be made of the wheat at our command.
tons
in
June, 1943.
Stocks, of
it was announced by Donald M. week ago and 69% below a year
In our anxiety to enlarge the size of our
fighting forces to Nelson; chairman of the War Pro¬ ago. Public is off 31% from last paper grades of pulp declined an
estimated 37% between October,
week
compare more favorably with those of some of the other duction Board.
despite the 48% gain in
1942, and June, 1943."
This figure,
countries engaged in this war, are we not
Mr. Nelson said, state and municipal construction,
endangering our
Crux of the situation is the low
represents
half
of the
drive's as Federal work is $own 37%,
capacity to remain in a very real sense the arsenal of demo¬ over-all
rate of production of logs -and
quota of 2,000,000 tons of Both state and municipal and Fed¬
cracy? It should never be lost to sight that our factories additional steel for the third and eral volume are below last year pulpwood for months past. Sharp
31.9%.
...
.
age
j
_
,
.
,tr
t
.
•
expected to produce not only the armamept required
by our own forces, but a very large part of that needed by
Russia, Great Britain, China, and many, many other smaller
allies.
It would be simply disastrous for us to fail in our
undertaking to see that all these associates of ours have all
the arms and munitions—not to
say food, in many instances
—they require. It is often said that it is better to have too
large an army than too small an army. This, like so many;
catch phrases, half reveals and half conceals the truth within.
Too large an army in the circumstances
actually now exist¬
are
fourth quarters.
of
The other parts
die drive—increased
make
more,
facilities
steel
and
the
from
efforts
to
existing
acceleration
of
the
completion of selected new
being pushed, and
is every expectation that
the drive will be a complete suc^
and
responsible for the 85%
are
decrease
in
construction.
public
Current volume brings 1943 con¬
struction
average
to
$2,141,802,000,
an
of $66,931,000 for each of
facilities—are
the 32 weeks.
"there
Department store sales on a
country-wide basis were up 6%
for the week ended Aug. 7th, com¬
cess.
Fourth-quarter
steel
-
re¬
quirements are still some 4,000,000
tons greater than supply. But the
success
of
the
share-the-steel
-V
,
>
pared with the like week a year
ago,
according to the Federal Re¬
serve
System.
>,
v
inroads
have
been
ventories of wood for
made
in
in¬
pulping pur¬
but even this expedient
pulp mills to operate at
only about 78% of capacity in the
poses,
enabled
first half of 1943, and at less than
75% of capacity in June, the state¬
ment added.
"Renewed efforts, all on a vol¬
untary basis, are now being made
to step up production of
logs and
pulpwood,"
Mr.
Stevenot
said.
Volume
Number 4204
158
THE COMMERCIAL & FINANCIAL CHRONICLE
Pest-War Prosperity
Spahr Says Treasury Statement On Invasion
; Money Shows Clearly That It Is Fiat Money Depends On National
Treasury Department's explanation, Aug. 16 of
Thrift Now, Hook Says
Prof. Walter E. Spahr finds that the Treasury
"Invasion Money" Used By Allied Treeps
In Sicily Made Legal Tender There
That the so-called "invasion," or "occupation
money" being used
by the Allied troops in Sicily has been made legal tender there, ex¬
changeable at par against local currency, was made known at Wash¬
ington on Aug. 16, at which time, the War and Treasury Departments
Incident to the
its
invasion
money,
makes clear that the currency is "outright fiat money." The observa¬
is also made by Prof. Spahr that the Treasury while planning
tion
for and printing this currency, apparently
to
gram
did hot present this pro¬
points out, which has Con¬
Congress—the
stitutional power
only body, he
to authorize the<^
issuance
currency/
711
The need for thrift in American
society
to build up reserve for
post-war purchasing was empha¬
sized on Aug. 8 by Charles R.
Hook, President of the American
also
disclosed, according to Washington advices to the New York
that soldiers paid with "occupation money"
might remit
portion of their pay to the4>
—
"Times"
any
views of Mr. Spahr, who is Pro¬
of Economics, New -York
United States.
"Payment will be
should explore very quickly Rolling Mill
Co., in a talk to the
made here in dollars," said the ad¬
and very thoroughly/; V
•
;
Ohio Department of the American
vice, which added that "exchange
"One arresting'.-aspect of this Legion at Cincinnati,. <.
University; and Secretary of the
matter is the fact that the Treas¬
of
our
The
fessor
Economists
National
Monetary
on
tained
him
in
con¬
issued
by
Aug. 17:
on
'"Perhaps the
;
were
statement
a
follows
as
Committee
Policy,
chief
made
by the Treasury in its ex¬
planation of its printing and is¬
of invasion money is that
suance
is
currency
money.
'
"
outright
fiat
1
;"To the extent that the Treas¬
attempts
ury
to
redeem
while planning for and print¬
ing this currency, apparently did
ury,
not present this program to Con¬
it,
this
money constitutes a net addition
to the paper money authorized by
'-"Planning for post-war produc¬
jobs for
military service is
meaningless, unless there is built
men
in
now
'been
issued
within
the
ad¬
sil¬
ef¬
if
a
had
United
States.
"The
Treasury says that the
Army's use of this money for nor¬
mal military operations would be
charged to War Department ap¬
propriations,
thus
making
'no
change in the customary control
by the Congress over the size and
nature
of
It
says
also
Army appropriations.'
that that portion of
this money used for local govern¬
mental
operations, including such
things as 'maintenance of public
schools, water systems, salaries of
local
officials
and
the
like'
will
be charged against Army ap¬
propriations 'for obvious reasons.'
"When
Congress appropriated
money for the War Department, it
provided that the Treasury should
raise the funds by, taxation and
borrowing; it did not authorize
the Treasury to pay War Depart¬
ment expenses by the printing of
fiat money.
To charge expendi¬
tures of such money against War
Department appropriations does
not change the fact that the Treas¬
ury has met these expenses by the
not
of fiat
use
not authorized
money
by Congress.
"To
ury
the
extent that
attempts
in our
the
Treas¬
to " redeem
gold
this
and
silver,
these reserves can be depleted.
Should the Treasury issue a suf¬
money
ficient amount of this fiat money
and attempt to redeem it our sup¬
ply of metallic
exhausted.
done
reserves
could be
And all this could be
without
the
metallic
money
re¬
therefore the fact that the
Treasury proposes to charge part
serves;
of
fiat
this
Department
fords
no
money
against
against endangering the monetary
reserve systems of this country.
•
"As to
money
that portion of this fiat
which the occupied coun¬
obliged to use and which
tries
are
will
not
be
charged against War
Department
appropriations,; the
question arises as to what that
money will be worth unless the
Treasury redeems it in dollars at
the rate specified on its face.
If
the Treasury does not redeem it,
the
specified rate of exchange
means nothing.
If it is to be re¬
deemed, then it, too, becomes a
liability of our Treasury and a
burden
on
our
metallic money re¬
"The
money
Treasury
is
issued
says
under
that this
interna¬
tional rather than American law.
Just
what
thorizes,
Treasury
international
to
our
au¬
authorize, the
fiat
money
used to impair or
could
or
issue
which could be
destroy
'law'
monetary and reserve
Congress having
structure without
anything to
say
about the matter
is certainly a question
that Con-
created
Reemployment and Placement of
Veterans,"
stated,
The
commission's
action
was
undertaken "pursuant to its statu¬
tory responsibility under the Mer¬
chant
act
Marine
Act
requires
of
the
1936.
The
commission
to
make various surveys to determine
shipping
requirements
of
the
United States and to assure main¬
tenance
of
a
merchant
marine
adequate
the
to
"The
economic survey
1937 resulted in various
for
of
needs
com¬
and defense."
merce
made in
measures
the upbuilding
ican
for
of the Amer¬
fleet, notably a 10-year plan
the replacement of obsoles¬
cent
vessels
and
a
training pro¬
development of an
for the
gram
efficient
seagoing personnel.
The
is expected to pro¬
broad background of infor¬
current survey
vide
a
mation
which
Commission
will
not
the
enable
only to plan for
the immediate post-war period but
to
formulate, a long-range pro¬
gram as
The
well."
t
.
Post-War
Woodward, serving
Co-Chairman.
the committee
agement-Labor
tee.''
as
Representing
itself
buy after the war."
Maritime
it
was
in
the
withdrawal
policy
part:
statement
says,
"Effective
prosecution of
requires that every
power
in
^V;;;//',/'
;//:/.,
war
total
man¬
of the Nation be
resource
utilized to the fullest extent pos¬
sible.
During the course of the war,
large numbers of the Nation's vet¬
who suffer combat disabili¬
erans
ties will be returned home; addi¬
tional thousands will be returned
to civil
from
life, honorably discharged
the
armed
forces
for
other
Full and effective utili¬
reasons.
zation
of
returned
veterans
through reemployment, rehabili¬
tation,
training
and
selective
placement is the Nation's respon¬
sibility and privilege.
de¬
or
Commit¬
struction of currency stbcks and
that corporations
the resulting depletion of the cir¬
should pay their debts to be in a
culating medium of exchange of
"The War Manpower Commis¬
position to readjust quickly to
the area. On the other hand, the sion fully
recognized its obligations
production of peace-time com¬
enemy
might, in its efforts to to veterans of the present war
modities, Mr.'Hook urged that the
cause maximum difficulties to the
and to those of past wars and will
Government allow industry to cre¬
occupying forces, flood the area continue to carry out these re¬
ate a genuine post-war cushion
to be, occupied with local currency
sponsibilities
through the setting up of reserves.
in such a point that it becomes Employment through its Veterans'
Service Division of
He added:
practically worthless as a satisfac¬ the Bureau
of
Placement
and
"Government, too, must econo¬ tory medium of exchange; and
through its Regional, State and
mize drastically.
Individuals will may even resort to the use of area
offices, its local United States
not, and corporations can'not, put counterfeit local currency."
Employment Service offices, State
their financial houses in order if
Advices that the Treasury and
and local Veterans' Employment
government does not. In this rep¬ War Departments had announced
Representatives and through its
resentative democracy, the gov¬ that Allied
military currency now Bureau of Selective Service. The
Pointing
ernment is
ple.
out
a
mirror of all the peo¬
Therefore, the people of the
United
their
States .' must
all the post¬
studies
in the
pattern of thrift,
or
production
world won't do
a
of
that it set the
government
war
demand
bit of good when
in
issued
than
contained
were
Press
under
War
Manpower
Commission
through these channels will place
opera¬
interna¬
returned veterans in gainful and
law; essential
employment
or
refer
Associated them to the
proper, agencies for
American
in
dispatches from Washington
Aug. 16, which said:
rehabilitation
■;
thereafter
explanatory statement said
War
training
them
and
selective
placement."
Non-Farm Foreclosures
Down
tions, thus making "no change in
the customary control by the Con¬
gress over the size^and nature of
Army appropriations.
Of Civilian Needs
and
accord
the
Army's use of the dis¬
tinctive money for normal mili¬
tary operations would be charged
to
War
Department; appropria¬
Johnson Leaves Army
To Push Production
Smaller
offensive
future
rather
"An
the
Sicily and held in readi¬
was
tional
that
of
for
tions
victory comes."
Chairman
in
use
ness
Brig. Gen. Robert W. Johnson,
the
policy,
Policy
■./';
•
The
is
Other members of
are:
This
approved by the Man¬
was
,
'
;
forces
armed
returning
increasing num¬
bers, and the list of those honor¬
ably discharged for other reasons
rapidly
lengthening,
the
War
Manpower Commission issued on
July 28 a statement of "Policy on
by savings now."
"There
the
home in steadily
Post-War
should
"It
with
contrast
be
noted
Axis
.
that,
39% In First Half
Continuing a decline which be¬
gan in 1933, foreclosures on nonfarm
real
in
estate
the
months of 1943
14,179,
in
procedure,
were
of
a
drop
first
six
estimated at
39%
from
the
Administration: F. M. Darr, Direc¬
same period of
1942, and the low¬
policy of est
figure for any half year in the
exploitation or of outright de¬ 16
years for which such informa¬
struction of the existing economy
tion
is
available, the Federal
of a conquered area, Allied mili¬
Home Loan Bank Administration
tary policy and procedure is gov¬
announced on Aug. 7.
duction of essential civilian needs.
erned by a spirit of liberation and
All 12 Federal Home Loan Bank
In - j explaining /his
return to a policy of rehabilitation and fair
districts participated in the cur¬
civilian status, Gen. Johnson said
dealing
with
the
liberated
rent downward movement, with
he wanted to become a "champion
peoples."-•;
' ,/ • J
decreases ranging from 56%
of civilian economy to a large de¬
in
"The announcement had been
the Indianapolis region to 29% in
gree" and that it would be inap¬
promised by
Secretary of the the
New York area.
propriate to carry out these re¬
Treasury Henry Morgenthau, Jr.,
sponsibilities as head of the SWPC as a
The seasonally adjusted index
reply to Walter E. Spahr,
wbile still an officer in the Army. New
York University Economics of foreclosures for June was 16.1,
When Gen. Johnson was borrowed
as
compared with the average
Professor and- Secretary
of the
from the War Department last
Economists' National Committee .level of the 1935-1939 base per¬
February to direct the SWPC, it
iod (taken as 100).
on
Monetary Policy.
Mr. Spahr
was agreed that he would retain
had demanded to know the nature
To determine the effect of war¬
his, military status as long as it
of the military currency, who was
time population
shifts on foreproved beneficial in his post..
liable
for its redemption,
what I closure activity, the Federal Home
; ,In
announcing - his resignation the .reserve was against it and un¬ Loan Bank Administration re¬
from the Army, Mr. Johnson made
der what authority it had been is¬
cently made a study of foreclosure
public a letter from Chairman sued. No specific answers to the
Donald M. Nelson of the War Pro¬
; records in more than half of the
; questions concerning redemption
: nation's counties.
It was revealed
duction Board to Secretary Stim-, and reserves were given."
tor of
son.
Commission:
R.
E.
Anderson, Di¬
rector, Division of Finance; James
L. Bates, Director, Technical Di¬
vision; Henry L. Deimel, Jr., Di¬
rector, Division of Economics and
Statistics; Ralph H. Hallett, Direc¬
tor, Division of Regulation; Gerald
H.
of
Helmbold,
Director,
Division
Operations and Traffic; Harvey
Klemmer,
Economic
Adviser
to
the Commission; Donald E. Law¬
Chief Examiner of the Ex¬
rence,
amining Division;
Huntington T.
Morse, Assistant to the Chairman;
Daniel S. Ring, Director, Division
of
Shipyard Labor Relations;
Duvall
serves.
With combat-disabled members
of
the distribution of
currency
in
other conquered territories. These
nothing mysterious
about it," he continued.
"You just plans are designed, in part, to
simply must have the money to counteract steps that the fleeing
The U. S. Maritime Commission buy an itCm or you can't buy it, enemy may take to disrupt condi¬
announced on Aug. 11 the forma¬ now or in the post-war period. In¬ tions. /vV ';/■.:"
"The enemy," it was explained,
tion of a post-war planning com¬ dividuals must save their earn¬
"might,
for
example, adopt
a
mission
which
will
develop a ings, buy War Bonds, stay out of
scorched-earth policy, which, on
long-range program for the Amer¬ black markets, pay off their debts,
the monetary side, may evidence
and sacrifice now to be able to
ican shipping industry.
Group Named To Study
War
appropriations
af¬
protection
whatever
War Veterans
v
...
Thomas M.
."War
also quote:
we
"On the other
.
this
knowledge of Congress.
nation's
account
Policy
Reemployment Of
On
available
,
Department appropriations
exceed many times the amount of
or
is
rate
hand, for obvious
which was then in session. up at the same time a reserve for
reasons," it was said, "War De¬
Withholding from Congress, the the/purchase of
peacetime arti¬ partment
appropriations will not
only body which has Constitucles,"; Mr. Hook asserted.
"The be charged for expenditures in
tiqnal power to authorize the'is¬ formula for the conversion of
Sicily by the Allied Military Gov¬
suance of our currency, all knowl¬
post-war production plans from ernment for local
governmental
edge of i a Treasury program of
paper to pay rolls is expressed in
operations, whether financed from
printing and issuing; a new and two
words—'Thrift
Now.'
For local
taxes or revenue or through
unauthorized
paper
money—if prosperous
post-war
conditions the use of Allied
military cur¬
that was, in fact, the case—would
we
must have individual thrift,
rency. Thus, for example, the Al¬
seem
to raise a question of the
corporate thrift and government lied
Military
Government
will
gravest import both to Congress thrift."
"
not charge Army appropriations
and to the American people.
It
in connection with the mainte¬
"Industry can plan production,"
may have been necessary or de¬
he said, "determine what it can nance
of
public schools, water
sirable for the military forces to
efficiently make, where it can systems, salaries of local officials
have some special currency but, if
make it and to whom it can sell and the like."
'»
/
•
this was the ease, it would, seem
it, but industry must have a de¬
Following the example set in
quite clear that only Congress
mand for that production.
And connection with the Sicilian occu¬
could authorize its issuance."
demand, very simply, is purchas¬ pation,
the
Allied
forces. are
ing power. Future demand
is making elaborate preparations for
Planning Com¬
mittee is headed by Commissioner
Howard
L. Vickery,
serving as
Chairman,
and
Commissioner
consent
decreed
WHIG Slates
when the troops leave the area/From the "Times" Washington
tion which would provide
-
Congress and just that much
ditional load on our gold and
ver
monetary reserves.
The
fect is precisely the same as
like ^amount of fiat money
the
at
gress
fact
clear
this
gress
and
Wade
H.
/';•■/
Skinner,
/
S.
General
V:
Representing the War Shipping
sistant
Traffic; Telfair Knight, As¬
Deputy Administrator for
Training;
eral
William
Radner,
which is governed by
a
,
This said Mr. Nelson shared ;
General
Gen¬ would
Counsel; David E. Scoll, As¬
sistant to the Administrator.
Corporation/announced on
Aug. 10 "that he had obtained a
discharge from the Army in order
that he might be free to take' a
"strong position" in behalf of pro¬
(
Schell, Executive Director,
Counsel.
Plants
Johnson's
be
"less
belief
that
embarrassing
it
to
himself and the Army" if he re¬
turned
to
civilian status.
Dr. Spahr's queries on
money
invasion
issue of
516, and a further
appeared in
our
Aug. 5, page
reference to the subject was
in
these
604.
'
columns
■
Aug.
12,
made
page
that
in
foreclosures
but
not
1%
attributable
losses in
values.
have
of those
to
population
increased
areas,
the
on
a
rise
effect of
real estate
4
w»Unfcw**4H<)n>m tkMfruJ«M<w«> ■< i«»■ t -.s
1 j n'ii
5a. 4
|
Reconvene For Action
Land Assessments
Security System Mas
/' McNutt Declares Social
Congress Will Mot
Roger W. Babson Discusses
Thursday, August 19, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
Proved Utility In Last Eight Years
On the eighth anniversary of the signing of the Social Security
Act, Paul McNutt, Federal Security Administrator, said on Aug. 14
that "the program has proved its utility both in continuing and emer¬
gency circumstances."
/■ *.'^V--^
■ . >
/
,
V
i
"On the basis of eight years' experience, we should now prepare
y
On Draft Of Fathers
to me asking my idea as to what
The request of Senator Wheeler
economic structure are ahead. These let¬
Vice-President Wallace made his recent (Dem., Mont.) that Congress be
reconvened before the end of the
Detroit address. As this is a nice cool day, I am making a guess as
for post-war readjustments as well as for the permanent economic
recess
Sept. 14 in order to con¬
to what developments may take place or at least the route that such
security of all the American peo~—y
- .. r?
sider bills dealing with the draft¬
developments may follow. These comments, however, are merely
pie," he added.
v •/.j the needy blind, and dependent
ing of fathers has been turned
forecasts and I am not arguing for »
Citing current reports made to I children.
continually
Letters
come
changes in the social and
ters have increased since
others recom¬
Production Dollar based
cost of living;
the
them.
mend
a
Ky.),
more upon the nation's
improve¬
Fundamentals
Instead of Socialism, Fascism, ments; while others present still
different plans.
I hope that the
Commu n i s m '
world will return to a reasonable
or even Capi¬
gold standard—at least until we
talism
suc¬
straighten -out present economic
Begin with
ceeding, I ex-
-
problems.
pect that all of
the soil. This does not mean
based upon the number of acres
which a nation has, but rather
Tax"
upon
of
Henry George
or the "Elim¬
the
Winter
is
goal. In select¬
ing this goal,
Roger W.
must finally come
Babson
2.
economic
words, to
Capitalism
enterprise feature of Capital¬
and
free
conserved; while a
the soil must be
avoided.
Home owners, who use
the land, must be protected.
der that we do
than
we
time in or¬
not "bite off more
My forecast,
lem.
and
soil
By
include
I
gardens, natural resources
improvements, all of which
Due to
high taxes farmers now have not
the money to build up their soil
and prevent its loss by erosion. As
to make up real estate.
go
a
result the nation is losing every
day
the
soil
equivalent
of
200
Forty-Acre Farms.
Protection
tate owners—as well as the
public
protected by fair and
equal tax assessment. This can be
accomplished only by legislation
whereby the taxable body—town,
city, county or state—must, upon
request of the owner, take over
said
property at said assessed
value any time on proper notice.
This is the only way to prevent
unfair assessments although said
assessments
can
be
readjusted
Why more ambitious
politicians have not tackled the
problem of present ruinous assess¬
ments is beyond my understand¬
each year.
ing.:;.
7/
.-V,.
Fair assessments by
■
themselves,
however, may not be enough to
equalize opportunities and protect
those who
are
diligently using
property to raise families or crops.
I, therefore, forecast that the time
imay come when real estate can
be purchased or sold only at the
assessed values.
This would pre¬
vent both unfair foreclosures by
banks and
greedy lenders, and it
would enable young people to
farms and other
buy
property at fair
Banks may at first object
this, but in the end it would
protect their mortgages and en¬
able buyers of property to more
easily secure mortgage money.
prices.
to
hear
much
discussion
re¬
garding what is going to be put
"behind the dollar" after the war.
Some
economists
are
urging a
Commodity
move
up
I
Dollar, the value to
and down according to
hence. Certainly,
arguing for it at the
years
not
am
time; but to statisticians it seems
inevitable
some
day. Some ac-
in
will not always stand
Capitalism as it now relates to
land holdings. Oh the other hand,
the Russian system where all land
People
for
and
the
improvements are owned by
crushes private initia¬
Fascism is an attempt at a
State
tive.
happy medium whereby the
land
privately but the gov¬
its people what to
owned
tells
with it,
how to use it, when
it, etc. This fantastic Rus¬
sian system will not work in the
long run.
•
•
do
to sell
June Steel
Payrolls Set
Month
Record For 30-Day
.!
"
June
$136,217,000 for the month, ac¬
cording to a report released on
August 5 by the American Iron
and Steel Institute.
In May, a
month,
steel
payrolls
$137,404,000 while in
year ago $118,067,000 were
amounted to
a
distributed to
steel company em¬
Institute's
The
ployees.
further adds:
/
report
""
Employment in the industry
again declined slightly during the
month
to
a
total
of
631,000
is
supposed
proximately half the cost.
.
All
but, three .-jurisdictions—
Churchill announced the Atlantic
Alaska,.»Iowa,; and Nevada—are
receiving Federal funds to help
pay. the ..cost- of assistance for a
total, of- nearly, 800,000 children,
more-than, two and a-half times
Charter, the fifth plank of; which
to
as
.
.
Sees Economic Gains
In Posl-War Period
tion
the
between
Great
United States.
Britain
and
Mr. Johnston
and
technical skill of Amer¬
the
number of hours will want
week by all wageArmy
including
the
payrolls for only a day or so dur¬
ing the month, was 43.3 in June,
compared
week
said
average
employees,
with
41.9
in May and 38.7
hours
per
hours per
week in June a year ago.
N. Y. Bankers Ass'n
lumbia,, Alaska, and Hawaii. Pay¬
ments
have
radically
declined
predicted that the United States since the
peak month of June 1940,
would
embark on
a
period of
when more than 1,200,000 workers
widespread economic development drew
unemployment benefits
after the war under a system of
totaling over $53,600,000. In con¬
free enterprise, according to As¬
trast with these figures, a weekly
sociated Press London advices of
average of only 100,000 workers
Aug. 12.
This account' further received benefits in June of this
stated:
- '
'
year with payments totaling less
He declared the standard of liv¬ than
$6,000,000 for the month.
ing would be even higher than in Some 40,000,000 workers are now
pre-war years.
covered by unemployment insur¬
More than $2,000,000,000
y Technological advices, develop¬ ance,
ment of synthetics, the demand has
been
paid to
unemployed
for goods in a war ravaged world workers June 30, although bene¬
He
earning
.
.
i942.
per
vic¬
Aug. 14—-in 1941—-that,. President,
Roosevelt,, and
Prime
Minister
against 632,000 employees in May ican labor will combine to produce
659,000 in June of last year.
post-war prosperity, he told a
Average
hourly
earnings press conference.
of
wage-earning
employees
Mr. Johnson foresaw the gradual
amounted to
112.7 cents in the
abandonment
of many Govern¬
month of June, which compares
ment restrictions in peace years
with 113.4 cents per hour in May
because Americans will weary of
and 102.0 cents per hour in June
priorities and artificial controls.
The
that these programs
tory, we all strive for on; the home
front—freedom from want."
T $ge .assistance programs, with the
t
He, recalled it was also on an Federal; Government paying ap¬
and
worked
said
have, "brought, us nearer The
take effect,
30-day month on record, totaling
June
McNutt
2,000,000 needy old
peoples are receiving cash pay¬
ments through State public assist¬
ance
programs under the Social
Security Act; Mr, McNutt said. All
States and Territories, have* old-
calls; for ;"collaboration between
all; nations in the economic field
which will give Con¬
>vith the object of securing for all
gress ample time to; consider and
improved, labor/ standards,; eco¬ as many as were cared for under
dispose of any legislation- on the
the State Mothers' Aid Laws, in
subject if it desires. to do so." nomic advancement and social se¬
A.!'• //'v '■'.■■■■ effect in the spring of 1935.
Senator
Barkley'added that he curity."
Aid to needy blind people, with
\
As evidence that "social secur¬
had communicated with" Repre¬
the Federal Government sharing
sentative v McCormack 'v* (Dem., ity now has an accepted place in
our/'democratic system and has the cost, is provided in all but 6
Mass.), House Majority Leader,
jurisdictions.
About 54,000 per¬
and that Mr. McCormack concurs helped millions of Americans to
build a substantial foundation for sons are receiving this type of as¬
in Mr. Barklev's views.
"
'
freedom from want," Mr. McNutt sistance under Federal-State pro¬
Speaker' Rayburn telegraphed outlined progress under each of grams.
on
Aug. 12 that "as you know the major programs.
Federal grants to States from
the House has already passed the
"More than 60,000,000 workers February, 1936, through June of
Kilday Bill and from your tele¬
this year, for all three types of
in industry and commerce have
gram I understand that a Senate
assistance,
amounted to
earned wage credits which count public
Committee has
reported a bill
toward payments under the Fed¬ nearly $2,000,000,000, Mr. McNutt
for yourself.1 //
; • 4 ■
' K /
said.
Total payments of $4,100,eral old-age and survivors insur¬
"It would appear to me that if
ance; program,"
he said. "Total 000,000 for the same period, in
the Senate in its wisdom desires
States With plans approved by the
payments amounted to $359,000,to pass either one of these bills it
Social
Security Board, were as
000 from 1937 to June 30 of this
could be done, between Sept. 14
follows:
$3,200,000,000 / to ' the
year, although only small lump¬
and Oct. 1.
Therefore I cannot see
needy aged; $800,000,000 ; to de¬
sum benefits
were payable prior
sufficient reason for calling 531
pendent children, and $100,000,000
to 1940.
Insurance benefits are
Senators
and
Representatives based on the worker's own wages to the needy blind.'
from their helpful visit
"Chief gaps { and inequities in
among in
jobs covered by the law and
their home people back to Wash¬
the present program are," Admin¬
are related, therefore, to the con¬
istrator McNutt said, "(1) lack of
ington at this time."
/
tributions he and his employer
Representative
May
(Dem., have paid. The system is finan¬ insurance protection against sick¬
ness and disability and against the
Ky.), Chairman of the House Mili¬ cially sound, is paying its way
cost of hospital care; (2) exclusion
tary Affairs Committee, announced now and is- building up reserves
6n Aug. 10 tliat he would ihtro- against the heavy drains of the of some 20,000,000 persons from
coverage under old-age and sur¬
duce a bill as soon as Congress future when millions of persons
vivors insurance and unemploy¬
reconvenes to prohibit the draft¬
will be drawing regular monthly
ment insurance; (3) absence of a
ing of all fathers and might even payments." ; ;
'//
'
uniform unemployment compen¬
ask that' fathers already in the
"Payments
made
to
686,346 sation
system in place of the
Army be discharged.
beneficiaries; totaled
$13,600,000
present 51 separate systems with
The policy of the Selective Ser¬ dollars
in
June
of
this year.
varying benefit rates, contribution
vice Bureau of the War Manpower Beneficiaries
include
retired
rates, and size of reserves which
Commission on drafting of fathers
workers, their wives and young result in disadvantages and in¬
was
given in these columns on children, and the widows, children
equities to both workers and em¬
Aug. 12, page 610.
or aged parents of deceased work¬
ployers; (4) lack of coverage of
ers.
About 600,000 workers elig¬
needy
persons
other than the
ible for retirement benefits are
aged, the blind, and dependent
still working, and thus have post¬
children under the assisance pro¬
poned drawing their benefits until
grams; and (5) variations in the
later.
y
amounts of assistance provided to
"To tide workers over periods individuals within
a
State and
Eric A. Johnston, President of
of temporary unemployment, Fed¬ among the States."
the U. S. Chamber of Commerce,
eral-State unemployment insur¬
arrived in London on Aug. 12 to
ance systems are now in operation
study closer post-war collabora¬ in
every State, the District of Co¬
discussion
under
industry payrolls during
were
the highest for any
longer
the Social Security Board,
a
part of the Federal
Security Agency,
Administrator
is
which
than
More
him by
*
Steel
those who may have been on
"After-the-War" System
We
more
or
ernment
Real estate values and real es¬
—should be
get land
is
Fair Assessments a
become
co.mpanying restrictions must then
be provided to avoid bootlegging
land.
Perhaps only a return
farms, to
religion will do this.
//
.
therefore, is that the first problem
to be tackled will be the soil prob¬
home
may
dollars for their land
and religion—
chew."
can
it
for everyone to be able
for* their dollars or
at a fair as¬
sessed value.
This may be fifty
to
fundamentals—soil,
must be met one at a
make the dollar good
equal opportunities to
people,
necessary
of
babies,-education
assure
young
ism/must be
four
of
government to redeem its dol¬
in land values or issue dol¬
lars
for land
value.
In other
the
half-way between
and Communism/ The
These
,
lars
system will be
monopoly
Dollar"
the (willingness
and
sessments
system.
coming
the
That
V
<
,
step toward a "Land
Dollar" must be fair as¬
Value
the four founda¬
stones of any permanent eco¬
countries
first
The
i
and religion are
nomic and social
to it.
"Land Value
assumptions as follows:
That soil, babies, education
tion
all
that
is
guess
my
two
make
I
This "Land Value Dollar"
probably a long way off; but
ligion.
desired
e
natural resources, and
the number of children, in¬
their .education and re¬
cluding
nearer
comes
pro¬
This in
depend on the quality of
soil,
upon
Park, Florida,
t h
the
ductivity of these acres.
turn will
theory of Mrs.
John
Martin
of
with
correlate
it
that
Poverty"
inate
special
money
change.The
theory
y
theory, my guess is that
the ultimate dollar will be based
up^-will
"Single
,
Without advocating any
these—as now
set
/
;
•
Senator Barkley (Dem.,
majority leader, and by
Speaker of the House: Rayburn.'*
Senator Wheeler had asked that
members of both houses be called
back to Washington "to take up
these bills to determine the policy
of the nation on the subject."
v.'
Senator Barkley,. in a telegram
to Senator Wheeler on * Aug. -11
said that "the recess will terminate
two
weeks prior to ^Oct. 1, the
date on
which. the draft order
down by
and
after the
the
to
American
maintain
Navy
war
and
a
Air
were
not payable
Ip all States
emphasized that
old-age and survivors insurance
and unemployment insurance pro¬
McNutt
Mr.
tect
earn rights to
employment in jobs
workers who
benefits
by
covered by the systems.
Benefit
Force
for defense.
by a Stars and Stripes
reported where members
of the armed forces would fit into
a
floor
workers
security upon which
can build through
sav¬
of
ings and private insurance to at¬
tain a more adequate standard of
living.
The
public assistance programs,
post-war industry, Mr. Johnston
replied that opportunities should the Administrator explained, sup¬
be
unlimited
and
that
many plement the social insurances by
should start their
own
businesses.
providing aid for the needy
aged,
Association
Bankers
nounced
-\y.ere
an¬
Aug. 16 by E. Chester
on
Gersten, President.
Mr. Gersten
is President of the Public National
Bank
and
Trust
Company,
New
The Chairmen of the
York City.
Committees
follow:
Agriculture: Walter Wightman,
of North Collins,
Bank
Cashier,
North Collins.
Management
Bank
search:
ident,
until 1939."
payments under both systems are
less
than regular
people considerably
strong wages, he said, but they furnish
Asked
Army
fits
Appoints Chairmen
Appointments to seven standing
committees of the New York State
and
Re¬
Stanley A. Neilson, Pres¬
Bank
wanda.
of
•
County
Gowanda,
Vv
Go-
••/.:,
Organization:
Charles
Hawkins, President, First National
Bank, Spring Valley.
Convention:
George
Brooks,
Vice President, National Bank and
Trust Co., Norwich.
Legislation: Frederic E. Worden, President, National Bank of
Auburn, Auburn.
Trust
Functions:
John W. Rem¬
ington, Vice President and Trust
Officer,
Lincoln-Alliance
Bank
and Trust
Public
Co., Rochester.
Relations:
Samuel
F.
Joor, Jr., Public Relations Depart¬
ment, ' First Trust and ~
Deposit
Co., Syracuse.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4204
158'
New Rules For Inducting
-Commenting
Ken Into
into-
By WMC
)
V
Lists Critical Occupations
And Non-Deferable Activites
A series of
changes in the rules for inducting men into the armed
forces under the Selective Service System was announced by the War
Manpower Commission
taken
to
ment of
from
production. With respect to the establish¬
standards for permitting the transfer of civilian workers
workers in
necessary
Aug. 14, and at the same time action was
war industry and hold
on
transfer of workers to
the
control
new
war
job-to job, the Commissionf
' workers with these critical skills
said that these standards "are in-
essential
to
jobs, pro-?
hiring
only upon referral by or with con¬
sent
of the U.
S.
Employment
Service.
(Regulation: 7.)
.::
vision
essential
more
jobs, and to reduce the un¬
shifting of workers from
job to job which has pyramided
turnover/ and .* interfered - with
vital production in many plants."
war
necessary
Besides
a
new
revised
a
occupations was
the
diate
effect .of
tional
effort and
available
(b) -to insure that when
drafted
the fathers
who contribute least to the war
,
lined
r
>
-
production.. \->A:
"We must increase war produc¬
tion and at the
same
time give our
armed forces the men they
need,"
He acted as the
Mr. McNutt said.
nation
prepared to induct fathers.
It was" indicated that the new pro¬
will have a major effect in
deciding which fathers and which
gram
made'
is
60,000
known
/
that : about
of draft age in New
engaged in the occu¬
men
York
are
pations which were classified as
non-deferrable in the list released
b y
McNutt,
M r.
effect
this
to
ment
tributed
to
a
stateat¬
being
Mrs. ' Anna
M;
.
Ro¬
director of the
at
: a
press
conference
she held jointly on Aug. 14
senberg, regional
WMC
which
with
Col.
New
York
Arthur
V.
McDermott,
City selective service
director, at her New York offices.
"Herald Tribune"
The New York
reporting this also said:
80,000 and 90,000 in
New York State will be affected
of Aug. 15
"
"Between
by the list, Mrs. Rosenberg
.said,
explaining that the preponderance
of residents of New York, City
was due to the character of New
York business and industry,. One
the
of
single
largest
groups
.of
non-deferrables will be composed
cf sales
stores,
the
in the New York
clerks
who
earlier
are
not
affected by
released
list
McNutt.
by
Mr.
VK'
"Urging that men in the nonr
deferrable occupations, regardless
cf whether
they are fathers, ap¬
ply as soon as
offices of the
on
current
or
un¬
Closer collaboration
possible to the local
United 1 States. Em¬
Manpower'.Commis¬
sion made public as follows" the
steps which it is taking under the
program:
announced, - by ; kit on
Aug. 14:.
rV]
1.
Establishment of a list of
critical occupations covering skills
urgently needed in the war effort.
The
War
possessing such skills
must
get into war industry or
supporting civilian activities by
October 1 or lose further claim
Workers
occupational
deferment.
(Local :-Board. Memo¬
randum No. 115Av).
In order to
insure
accurate
channeling ot
to
Selective
Service
list
is
search
to
skills and to
employed
out
to
as
entific occupations.
Persons qualified in these crit¬
ical occupations if not engaged in
particular
that they are so
see
speed
victory,
scope
transfers
for
supplemental local
ac¬
tion.
The
,
standards
under
which
whether
their employment
essential
industry
or
by the U. S. Employment Service
statements
fill needed jobs. They will be
placed in such jobs and may be
hired only "upon referral by or
by employers
with the consent of the U. S. Em¬
individual whose last employment
is or was in an essential or locally
is in
the military services.
"Second, the non-deferrable list
is
limited
a
list.
Read
it
from
mote
therefore
the
effort
war
and
cannot
"Third, the provisions govern¬
ing the transfer of civilian work¬
outlined
in. Regulation 7
greatly dissimilar to those
applied in most local employment
stabilization plans today.
More¬
over, they do not apply to any
person until4 acted upon by the
Area War Manpower Director and
incorporated into the local stabil¬
ers
as
are
asked
be
to
care¬
fully and, if your activity or oc¬
cupation is not on jt, it does not
affect you. It represents types of
employment which plainly are re¬
will
activities
ployment Service."
'
needed
The critical occupations will be
included in
officials
be
of
allowed
availability
are
and
issued
follows:
as
activity
shall
receive
a
statement of availability from his
stabilization pro¬
employer if:
War Manpower Commis¬
grams.
sion
area
will
"(b) Issuance of Statements of
Availability by Employers:
An
emphasize that the
"(1)
He
,
.
has
been
announcement of the list of criti¬
cr
cal
discharged,
wise terminated
occupations does not modify
or
abrogate essential lists pre¬
viously established.j
.
■: "(2)
Local
No.
Board
Memoran¬
taining
war
Service
production.
Boards
off for
,
to
,
,
personal
Selective
instructed
are
laid
been
"(3) Continuance of his em¬
ployment would involve undue
115
emphasis is placed
the critical need for main-
upon
He has
indefinite period, or for a pe¬
riod of seven or more days, or
™ :
an
Occupational Deferments
dum
employment has been other¬
by his employer,
-.j-'..
'
I
or
not
Under
his
"(4)
I
hardship,
or
Such
employment is or
wage or salary or under
ization' plan.
There; is time for deal with occupational deferments was at a
digestion of these pro¬ with the greatest of care so as not! working conditions below stand¬
individual should to
Employment
impair war production or vital ards established by State or Fed¬
Service in ymaking these deter¬ wait for the local announcements
civilian,, functions.' Occupational eral law or regulation, or
v ,
minations.
(Local Board Memo¬ telling how these plans apply to deferment for
necessary men has I
"(5) Such employment is or
randum No. 115.)
•\
' him,
j
J-/ j<
:•
j:,':■.-J s always been based on the judg- was at a wage or salary below a
j
3. Establishment of new stand¬
"Fourth, these actions are based ment of the local Selective Serv¬ level established or approved by
ards for permitting the transfer
upon the best practice of local ice Boards, and will continue to the National War Labor Board
(or
of. civilian workers from job to boards
and-local employment sta¬ be.
But an additional yardstick other
agency authorized to adjust
job.
These standards are based bilization
agreements. They rep¬ was set up for measuring the "re- wages
or
approve
adjustments
on experience under
employment resent a codification of
policies piaceability" of men in vital in¬ thereof)
as
warranting adjust¬
stabilization plans and will be
which it is
known from expe¬ dustry.
ment, and the employer has failed
written
into all such plans by
rience
will-- contribute • most
to
In judging replaceability, the to adjust the wage in accordance
October 15. They are intended to
maintaining maximum production boards are instructed to consider with such level or to apply to the
stimulate transfer from less es¬
and at the same time permit mili¬
(a) the shortage of the regis¬ t-ppropriate agency for such ad¬
sential to more essential war jobs,
tary calls to be filled on schedule. trant's skill in the total labor justment or approval thereof."
and
to
reduce the
unnecessary
"Fifth, it should be noted that force; (b) the shortage of workers I
In a move designed to insure
shifting of workers from job to
between
essential activities and
to replace the man even though', the accurate
channeling of critical
job which has pyramided turn¬
non-deferrable activities are he is an unskilled worker; (c) a skills to the most
over
and
urgent jobs the
interfered
with
vital
many
activities which are not shortage in the place of employ¬ regulation provides that workers
production in many plants. (Regu¬
classified.
ment
even
when
no
national in the
Similarly, between
newly announced group of
lation 7.) At, the same time broad
the lists pf critical and essential shortage exists.
149 critical occupations may not
•
powers
to
determine when
a
occupations jand the non-defer¬
he hired merely on the presenta¬
;j Thus the boards will study the
transfer is in the interest of,the
rable occupations there are many
war effort are given to local and
question of the actual immediate tion of a statement of availability.
occupations which have not been effect upon war production and "Referral by" or the "consent of"
regional WMC offices.
(Regula¬
singled out either as directly sup¬ essential supporting activity of the United States Employment
tions 4 and 7.) / \
\ " !..
Service
is required
to employ
4. Extension of the list of non- porting the war effort or as being workers who are subject to in¬
non-deferrable. Thus, lawyers and duction.:
Provision is made for them.
;
deferrable activities and occupa¬
bankers, taxi drivers, and many in close collaboration between the
In order to control migration
tions, providing that all men of
other fields are not included in Selective Service Boards and the
United States Employment Serv¬
military age must transfer from
any of the lists.
They, are still U. S. Employment Service offices ice referral is necessary,
;sueh jobs or* be placed first on
also, in
the list
for induction by local subject to the rules as they apply for the exchange of manpower in¬
l;he case of workers who have not
boards. This will insure that the in the ordinary. Change .order of formation.; The responsibility of lived orvworked in the locality
call."
;
' ;
the Selective Service Board for
first fathers to be drafted will be
during the preceding thirty-day
4
hose who are contributing • least
filling military calls in such a oeriod.. "Workers who wish to
List of Critical Occupations
1o the war effort; -(Local Board
leave a community to seek em¬
way as to permit the maintenance
The new list of critical occupa¬ of production was emphasized by ployment elsewhere should con¬
Memorandum 181.)
<
{
There are 149 occupations listed tions v contains
skills; urgently General Hershey in his memo¬ sult with their local employment
Boards
and
the
the U. S.
local
visions.
Each
-
(
.
,,
.
•
-
in
the
list.
rable
the
list
revised
60
are
58 activities.
occupations and
-
on
must
the steps which
of
terms
his
effort.
war
Service
ferred
men
<
come
justify
when every
himself
contribution
Under
so
that
would
be
instructions
still
have
the
de¬
were
available
taken
in
Selective
our
System fathers
to
single
first.
always
:
Our
called
call for single men
in essential jobs to be taken
not
first.
Fathers were not, however-, given
exemptions, and there is nothing
in ; the
Selective
Service
Act
of fatherhood regardless
the fact
of
employment
ferment
-
at
as a: cause
any
mobilization,-:
for de¬
stage: of military
-Fatherhood
■not excuse" any man
----
"The drafting of fathers is not
cation
of
.
The necessary
additional
critical skills to
men
allo¬
with
jobs and the
failure of many; thousands of men
in critical labor shortage areas to
transfer-to-war work have placed
practical limits on our ability to
fill military- calls with safety to
the
war
war industry and sup¬
civilian
activity.
Men
should
skills
who
industry
available
to
take
es¬
jobs. If they do not agree
to transfer when called,, they will
.
subject
reclassification
to
so
that they will be available to the
forces
military
skilled
men.
Local
•
which
•
,
>■
-
need
also
.
Offices of the U, S. Em¬
war
production program."-
-
.
in
or they may
ineligible for em¬
ployment when they arrive in the
Civilian Jobs
In line with the War Manpower
Commission
as
much
policy of delegating
authority
possible to
as
regional and local officials, trans¬
one job to another are
regulated by local employment
stabilization plans. (Regulation 4.)
fers from
m
every
established
part of the country after
with
ment and labor.
local
manage¬
Regulation No. 7
standards to
sets forth minimum
ployment-Service of War Man¬
be incorporated in local employ¬
power Commission have been or¬
dered :tO'certify workers possess-, ment-stabilization plans, .which
will govern the transfer of work¬
ing- such "skills to'.the Selective
Service
are:
local-boards
"when they
found not properly employing
their
skills,"
which/
Selective
•
Service
haye ;been-advised
not
effort.
means
using them to aid the
war
local
to
boards
give
men
such
skills, -special consid¬
eration- with reference to defer¬
with
ment
if
they
are
in
war-useful
ers.
in
These standards
that
All the
occupations
on
the crit¬
are
they apply to
dniform
all trans¬
are
"last regular emoloyment was
for
-
order
nermit
to
maximum
adjustment to the needs
ticular
ries
labor
of
market
of par¬
areas
controls
optional
a
is
lined, permitting the extension of
referral to new grouos of
occupations and activities.
These
afford
flexi-.
bility
opoortunity for
and
for
meeting
which
may
an
needs
locally.
develop
list
is intended
Cal
thA
trancfor
fathoms jmto
the
war
ef-r
:>
Non-Deferrable List
Extension of the non-deferrable
of
which will aid the
fort."
Regulation No. 4, as originally
April 17, 1943, was pro¬
mulgated to implement the Presi¬
on
all types..
■
-
.'V
!
The minimum standards do not,
however, become effective in any
community
until thev have been
acted
locally by the WMC
upon
se¬
out¬
USES
(b)
are
to
w^
encourage
jobs
effort and
to insure that when fathers
drafted, the fathers ^T,ho con-:
tribute least to the
war
effort will
be inducted first.
among
production;"- (tr> - the - occupation
must -be one requiring
lengthy
training 'and considerable expe-^
rienee; (c). the occupation must
be of such type that replacements
non-agricultural work."
In
"is whether it
serves
in
agriculture -and he is to be hired
same
the essential dent's "hold-the-line" Executive
occupations listed * by the War Order 9328. The nation-wide de¬
Manpower Commission. - For in¬ velopment of employment stabi¬
clusion on the list of critical oc¬ lization plans since the original
cupations (a) the-shortage of the issuance of Regulation No. 4 has
skill must be so acute "as to im¬ now made, it possible to provide
pede or threaten to ' impede war uniform control over transfers of
list
locality," Mr. McNutt said.
USES referral is necessary also
in the case of a> worker whose
fers, whether at a higher rate of
lower rate of pay, or at the
pay. ■■ "The
measure
of a
transfer," Mr. McNutt pointed out;
pay,
issued
'
new
These plans have been
consultation
,
office before leaving
find themselves
Transfers
in
sential
be
randum to the local boards.
present
their local
and
make
register, with
themselves
not
are
at
employment ...offices
ical
the only issue which we must face
at this time.
in
those
does
from making
his contribution to victory.
:;'
'
with
essential
<
.
being taken, Mr. McNutt said:
"The time has
worker
and
needed
porting
-
Commenting
are
critical
non-defer¬
newly established
On
.
•
required-"-,.-y•
director who must consult
with his management-labor com¬
mittee before making the
required
area
nite need in industries in which changes.
Provision is made for
'.-•"Several.points should be em¬ current production schedules must their incorporation into existing
phasized.,!
'
}■ be maintained or expanded for the employment stabilization plans by
"First, the new .critical list does successful prosecution of the war. October 15. The standards were
not displace the existing essen¬
The list includes highly skilled approved by the national
Manage¬
tial lists of activities and occupa¬ production and services occupa¬ ment-Labor
Policy Committee and
tions.
The purpose
are minimums which leave broad
of the new tions; and professional and sci¬
the
Service
of
.
experience is
McNutt
cannot readily be made by up¬
grading; and (d) must be an oc¬
cupation for which there is a defi¬
■;: -'1
?-•
lective
ployment Service for jobs in es¬
sential industries, Mrs. Rosenberg which assumes that they should be
revealed
that
the - New
York- passed by at the expense of the
' "A ' / <
i"■
offices
of
the
USES have on war effort itself.
"America is the only nation in
hand more than 30,000 openings
the world which has recognized
in essential industries fob which
no
in
be put
,
workers will be inducted first.
It
induction
shorta|es of skilled
offices
•
war
Chairman
-■
is provided, between the local Se¬
McNutt out¬
a
three-point t program
planned: J
•
,
.
j
(a) To hold essential workers
on war-useful jobs if they are so
employed now.
(b) To assure transfer of work¬
ers to jobs aiding in the war. ef¬
fort; and ..
(c) To supply men needed for
the armed forces without cutting
his
workersand.
skilled labor.
v
Chairman Paul V.
instructed
are
of his skill; but
replacements for even
local
effort will be inducted first."
greater
before to
shortage
unskilled
are
give
ever
vital production. They are to take
into account not merely the na-^
mission, "is intended (a) to en¬
courage
the transfer of fathers
jnto jobs which will aid the war
fathers
their
to consider the actual and imme¬
an¬
Com¬
the
from
advices
to
worker the boards
nounced; the extension of this list,
said
manner,
compete with
occupational deferment. In deter-, the, armed services'or war pro¬
mining the "replaceability"' of a duction for .necessary manpower,
oL non-deferrable
list
activities and
instructed
were
in' war industry
civilian industry,"
needed
and supporting
for
consideration than
occupations "containing skills ur¬
gently
made
2. Selective Service local boards
critical
of
list
is
effect,
said:'-"/
to the most urgent war
tended to stimulate transfer from
Jess
the
on
which the program would
713
*
This
will
+o
serve
make
more
available to waruseful activities and w'll enable
men
currently
the military
a
calls to be filled with
to pro¬
minimum of disruption
duction..
The
"the
status
treated
ity."
as
The
v
-
new
a
list
of
■
also
states
idleness
is
to
that
be
non-deferrable activ¬
new
(Continued
list of no^-Hpferon
page
714)
*"
THE COMMERCIAL & FINANCIAL CHRONICLE
714
the knowledge of
New Rules For
Inducting Men Into
Armed Forces Issued
By WHIG
occupations
activities
and
follows:
who
ers
in
one
qualified to perform
more of the critical oc¬
are
or
this title
are
under
Included
Certified Public Ac¬
and
countants
oc-;
r
•
Accountant.
(Continued from page 713)
rable
the critical
cupations.
those
comparable training,
responsibilities.
who
List of Critical Occupations
Part
I—Production
and
their
Services
Occupations:
f
have
have
training
iii
either
programs
in
Blaster, Mining;
Furnace Blower,
Boatbuilder, Steel or Wood, All
Around; Boilermaker, All Around;
Boring-Mill Operator, All Around;
Bricklayer,
Refractory
Brick;
Cabinetmaker, All Around; Cable
Splicer, Telephone, Telegraph or
Submarine Cable;
Cable Trans¬
Telegraph, or Power, All Around;
Load Dispatcher, Power or Gas;
Locomotive
Engine -i, Repairman;
In
Shipbuild¬
ing; Loom Fixer.
Mining;
Driller
Machine
Ma¬
Man, Machin¬
Tool Set-Up
ist, All Around; Machinists, Ma¬
Cam-Lay- rine, All Around; Mate, First,
Railroad Second, or Third.
Transportation; Catalytic-Conver¬
Mechanician,
Communications
ter Engineer, Synthetic Rubber;
Equipment. This title includes in¬
Cementer, Oil Well; Chainmaker, dividuals who maintain and re¬
All Around; Chamberman, Acid;
pair
telephone
and
telegraph
Coke Burner, Computer, Electric,
equipment and circuits; technical
Seismic, or Gravity; Conductor, broadcast equipment; radio-tele¬
Railroad Transportation; Conver¬
phone and radio-telegraph equip¬
ter Operator, Nonferrous Smelt¬
ment;
or
submarine cable ap¬
ing & Refining; Continuous-Still
paratus.
•
^
Engineer, Synthetic Rubber; Cop-r
Miller,
Grain
products,
All
persmith, Marine, All Around;
Around; Millwright.
Coremaker, All Around; Cutting
Miner,
Underground,
A11
Machine
Runner, Mining; Dia¬
and
mitter
Receiver,
Out Man, Car Inspector,
mond
Driller, Mining; Die Mak¬
er, All Around; Die Setter, Die
Sinker,
Diesel
Mechanic,
All
Around; Dispatcher, Radio Com¬
munications, Telegraph, or Sub¬
marine Cable; Diver, Driller, Fine
Diamond Dies; Driller, Oil Well,
Cable or Rotary.
; '?
Included under this title
Around.
are
Engineer, Professional or Techni¬
who
are actually engaged as engineers
in
the
operating, research,
or
teaching phases of these profes¬
sions, who are qualified either by*
having met the educational re¬
quirements or because of long ex¬
perience.
In addition, this title
is intended to include those indi¬
viduals
who may
specialize in
cal.
This title covers persons
certain
phases of the professions
irne,
Mechanical,
Entomologist,
gist,
Geolo¬
Forester,
Geophysicist,
Horticulturist,
ogist,
pher,
Medical;
Physi¬
Pharmacologist,
cist, Physiologist, Medical; Plant
Physiologist or Pathologist, Seis¬
mologist.
^
\
'
List of Nondeferrable
and
All
Activities
Occupations
.
occupations in the following
are ■nondeferrable:
activities
Manufacturing of the following
Alcoholic
products:
beverages;
to
.
Engineer,
Sheetmetal
Worker,
Marine,
All
Around;
Shipfitter,
All
Around;
Ship¬
wright, All Around; Ship Rigger,
All Around; Ship Captain, Ship
Pilot, Signal Maintainer, Still Op¬
erator,
Chemical,
All
Around;
Stillman, Petroleum Processing;
Supervisor, see Foreman; Switch¬
board Operator, Power; Tanner,
All Around;- Testing and Regulat¬
ing Technician, Telephone or Tel¬
egraph; Timberman, Mining, All
Around; Tool Designer, Tool Ma¬
ker, Train Dispatcher, Transmis¬
sion Engineer, Tugboat
Captain,
Tugboat Engineer, Wood Seasoner Kiln; X-Ray
Equipment Serv¬
frigerator
they
supervising, the
independent judgment
and responsibility for the products
made or services rendered, and a
are
exercise of
training
years.
period
In
of
two
or
plants, the
some
more
super¬
visory
personnel may be desig¬
by other than supervisory
titles, and where they meet the
requirements outlined above they
nated
are
included.
Form
Aircraft; Glass
Blower, Scientific Laboratory Ap¬
paratus; Heat Treater, All Around;
Heater, Steel Mill, All Around;
Hoisting Engineer, Mining.
Builder,
Inspector.
Included
under
this
designation are only those workers
who are qualified to perform in
one
or
of the critical
more
occu¬
pations appearing in this list, and
who
utilize the knowledge and
skill
of
such
occupations
in
in¬
order to insure
uniformity and accuracy of prod¬
specting work
ucts
or
in
services.
Installer,
Telephone
or
Tele¬
graph Equipment.
Instructor.
designation
*
Included under this
are
ntended to
:n
.
'
•
cover
full-time
only those/ work-. which
ings,
ornamental shoe buckles,
albums, costume novelties, etc.;
ornamental gold and silver leaf
require
■
gress
persons
inspecting
the
cigar holders, boxes, cases,
made available at the White
was
House
duties
of
follows:
as
"The
Minister of
consultation
after
Britain,
British
the
United
the
and the Prime
Great
the
United States Navy Department
and the Canadian Department of
Admiralty,
National Defense for Naval Serv¬
ices,
the
following
on
issued
haVe
of
ress
the prog¬
anti-U-boat
the
war:
"During the month of July very
results
poor
were
most favorably in all areas,
during May, June and July
have
we
an
90
sunk
at
sea
total
a
*1
of
U-boats, which represents
loss of nearly one
day. over the period.
average
U-boat
a
"The
decline
in
the
effective¬
is illustrated
of the U-boats
ness
by the following figures:
;
•
"In the first six months of 1943
the
of
number
U-boat
ships
operating
was
sunk
only
per
half
that in the last six months of 1942
and
only
quarter
a
that
in
first half of 1942.
the
:,
<
"The tonnage of shipping in the
obtained by the
widespread service of the United Nations con¬
their
from
U-boats
and
over
of
President
continued
has
scale
and such sinkings as
unmolested,
have taken
in distant areas have had
but an insignificant effect on the
conduct of the war by the Allies.
place
In fact,
July is probably our most
have
ports
high,
been
losses moderate
shipping
and U-boat sink¬
"Before the descent upon
Sicily
of
troop
armada
an
warships,
transports, supply ships and land¬
ing craft proceeded through At¬
Mediterranean
and
lantic
scarcely
any
from
U-boats.
Large
have
island.
also
waters
been
reinforce¬
landed in
Over
2,500 vessels
involved in these operations
that
were
the
and
80,000
all
from
sinkings
causes
by
in the battle against the
it must be remembered
;hat the enemy still have large
U-boat reserves, completed and
progress
U-boat,
It
construction.
under
is
neces¬
therefore, to prepare for in¬
sary,
losses
tons.
are
and
sea
the
in
shipyards and to
shipping with utmQst
economy to strengthen and speed
the
general
offensive
of
the
use
our
But we
Nations.
United
can
ex¬
interference pect continued success only if we
with
ments
all
upward of 3,000,000 tons. .X:' '• :v*,' ;
"In spite of this very favorable
tensification of the battle both at
heavy.
ings
only
about
On the other hand
relax
not
do
efforts in
our
any
; " '• V >
* I ■'
"ROOSEVELT, ,
way.
■
.
•
"CHURCHILL."
It
was
observed
advices
Press
in
from
Associated
Washington
Aug. 14 that the joint statement
ists, games and toys, jewelry, mu¬ by President Roosevelt and Prime
sical instruments, novelties, pet Minister Churchill on anti-sub¬
marine activities was signed sim¬
shops, soft drinks, tobacco.
following occupations ply: "Roosevelt, Churchill."
The
advices
from which
we
regardless of
the activity in which they may be quote further observes this; usage
the
All
are
nondeferrable
found:
advance-advertisement
amusement-device opera¬
tor, bar boy, bar cashier, barker,
Bartender, Bath-house attendant,
Beauty operator, Bellboy, Bill¬
poster, Book and periodical agent,
Booking agent,
Bootblack, Bus
boy, Butler, Caller, Station; Can¬
vasser, Car hop, curb services; Car
polisher.
Car
washer, Caterer,
social;
Charman
and
cleaner,
agent,
departed from prior custom. For
example,
the
joint
statement
signed by them two years ago
today announcing the 8-poiut At¬
lantic Charter was signed with the
full names "Franklin D. Roose¬
velt" and "Winston S. Churchill."
Govt.
Spent For War
$5,746 Billion In July
Cosmetician,;; / Custom
furrier,
Dancing
teacher,
Desk
clerk;
Expenditures for war purposes
Hotel, apartment, club, etc.; Dish¬
by the United States Government
washer, Doorman and starter.
amounted to $6,746,000,000 during
Elevator
operator
(passenger the month of July, a decrease of
and freight—excluding industrial
$942,000,000 from expenditures in
freight elevators used in connec¬ June, or 12%, according to ad¬
tion
with
warehousing
and pro¬
Services:
Amusement
arcades,
amusement ticket agencies,
mobile-rental
service
and
and
auto¬
clubs:
,
so¬
liquors, candy, confectionery
nuts,
custom
furriers,
Gardener,
Greenskeeper,
Groundkeeper,
Guide, sightsee¬
light¬ etc.);
smoking stands and tobacco
jars; soft drinks; stained, leaded,
ornamented, and decorative glass;
trimming and art needlework.
ers,
engaged tiques, artists' supplies, beer, wines
utilization
the United States,
on Aug. 15,
returning to Quebec
the
from
vices
War
Production
foil
cial, fraternal,
litical; dance,
;
"Our offensive operations against
Axis submarines continue to pro¬
(non-industrial); pleat¬ duction); Elevator starter (pas¬ Board, Aug. 13, which added: •
:
"This is the
first time since
ing, stitching, tucking, and em¬ senger and freight); Errand boy
broidery; signs and advertising (including messenger and office February of this year that month¬
displays; silverware and plated boy); Floorwalker, Fortuneteller, ly war expenditures have de¬
ware
(non-industrial); smoking (including astrologer, clairvoyant, creased from the previous month.
reader,
palmist,
"The average daily rate of war
accessories, such as cigarette and medium, mind
and
business/ and po¬
music, theatrical
Part II—Professional and Scien¬
and art studios and schools;'gam¬
tific Occupations:
;
I
bling, interior decorating, night
The
titles
appearing in this clubs, parking lots, photographic
critical list of Professional, Tech¬
studios, pool and billiard halls,
nical, and Scientific Occupations race tracks and courses, travel
are also intended to
cover those
agencies, Turkish baths/ massage
persons who are engaged in full- parlors,
clothing rental, porter
time teaching of these professions. service, and social-escort services.
In addition, these titles are also
Wholesale and retail trade: An¬
iceman.
poor
several days in
successful month, because the im¬
.
r
work
"very
analyst),
-
'
that
(including Crypteffort against the shipping of the tinues to show a considerable net
Metallurgist, Meteorol¬
Allies. The steady flow of trans¬ increase. During 1943 new ships
Nematologist, Oceanograatlantic supplies on the greatest completed by the Allies exceed
Parasitologist, Pathologist,
Mathematician
standardizations of amusement machines and equip¬
mining methods these functions ment, such as juke boxes, slot ma¬
Electrical Tester, Power Equip¬ may be performed by separate in¬ chines, games of chance, and pinball machines (does not include
ment; Electrician, Installation and dividuals whose occupational titles
athletic and sport equipment); art
Maintenance, All Around; Electri¬ also appear in this list because the
and otherwise,
cian,
Aircraft,
Marine,
Power jobs meet the criterion of critical goods—stamped
House, or Submarine Cable, All occupations. Since the term "Mi¬ artists' materials, decorative ma¬
book gilding, bronzing
Around; Engineer, Chief, First, ner" is generally used in the in¬ terials;
Second, or Third Assistant, Ship; dustry to identify underground and edging; -costume jewelry; cos¬
tumes: lodge, masquerade, theat¬
Engineer,
Locomotive,
Railroad workers, it should be clearly un¬
;Transportation; Engineer, Turbine derstood that it does not cover rical, academic caps and gowns;
or Diesel;
draperies,
and
bed¬
Engineering Draftsman, such workers as muckers, tram¬ curtains,
spreads; cut, beveled and edged
Design; Finisher, Fine Diamond mers, and helpers.
Dies; First Helper, Open Hearth
Molder, Bench or Floor, All glass; cutware; decorative feath¬
or
Electric Furnace; Flight DisAround; Model Maker, All Around; ers, plumes, and artificial flowers;
patcher.
' ' ;",v
■
;/; '
;
v.;V;v:.'': Observer, Seismic; Oil Well Gun fancy fabrics such as brocades,
Foreman.
Included under this
Perforator,
Oil
Well ; Treater, chiffons, damasks, laces and lace
designation are only those indi¬ Acidising; Optical Mechanic, All goods, velvet, etc.; frames, mirror
and
viduals who are (1) utilizing in
picture; furniture:
garden,
Around; Paper Making Machine
their supervisory jobs the knowl¬
Engineer; Patternmaker, Metal or beach, porch, toy; games and toys;
edge and skills of lone or more of Wood; Pipe Fitter, Marine; Pow- greeting, souvenir, visiting, and
the occupations included in the ershovel
Engineer, Mining; Pre¬ picture post-cards; jewelers';:fix¬
List of Critical Occupations, and cision Lens
Grinder, All Around; ings and materials; jewelry, jew¬
(2) those who supervise directly Pulpit Operator, Steel Mill; Pump¬ elry cases, lapidary work (non-in¬
or
through subordinate foremen er, Refinery, in Charge; Purifi¬ dustrial); merchandising display
and supervisors production, tech¬
cation Engineer, Synthetic Rub¬ equipment such as cabinets and
(excluding.; refriger¬
nical, or scientific work in essen¬ ber; Radio Communications Tech¬ showcases
ated display equipment); mosaic
tial activities, although the occu¬
nician, Radio Telegrapher, Radiomusical instruments, ex¬
pations of the workers supervised photo Technician, Reactor Engi¬ glass
cept
for
the armed forces;
may not be listed.
The second
neer, Synthetic Rubber; Receiver
novelties,
manufactured
from
category includes only individuals Tester,
Radio
or
Radar;
Re¬
who must be in jobs requiring
materials
of any
kind ,such
frigerator Equipment Repairman,
an
i.s
extensive
fancy boxes and containers,
knowledge of the Gas or Electric, All Around; Re¬
souvenirs, figures, models, carv¬
production, technical, or scientific
Due
Britain stated
obtained (during July) by the U-boats from their wide¬
Metallurgical, monthly statement
Mining, Petroleum, Radio, Safety.
>
ill, who arrived in Canada on
Aug. 10 and who has since spent
with
tural, Ceramic, Chemical, Civil,
Communications, Electrical, Ma-
were
V
the progress of the anti U-boat
14, President Roosevelt and Prime
on
spread effort against the shipping of the Allies." "In fact," said the
statement, "July is probably our most successful month because the
imports have been high, shippingslosses moderate, and U-boat sink¬ the U-boats which attempted to
ings heavy?' The statement,'signed interfere with these' operations
by the President and Mr. Church¬ suffered severe losses.
States
only those individuals whose
job assignment requires them to
perform the duties involved in
driving underground openings in¬
cluding drilling, blasting, timber¬
ing.
results
listed, below, such as Mechanical
Engineers who specialize in the
automotive, heating, or refriger¬
special designations have not been
mentioned: Aeronautical, Agricul¬
joint statement bearing
a
war, issued at Washington Aug.
Minister Winston Churchill of Great
ating engineering field but whose
Loftsman, Aircraft or
chine
Ninety U-Boats Sunk In Three Months
experience,
Agronomist, Anatomist, Arch¬
listed and because of itect, Naval; Astronomer, Bacteri¬
aptitutde and
experience ologist, Chemist.
been assigned as instructors
Aircraft-Engine Mechanic, All plant or vocational.
Instrument Maker and Repairer,
Around; Aircraft-Engine Tester,
All Around; Aircraft-Instrument Electrical, Mechanical, or Scien¬
Mechanic, Aircraft Mechanic, All tific; Jewel Bearing Baker, All
Submarine
Around; Airplane Navigator, Air¬ Around; Jointer,
Lay-Out Man, Boilerplane Pilot, Commercial; Airship Cable;
Mechanic, All Around; Ballisti- making, Foundry, Machinery,
cian, Bessemer Converter Blower, or Shipbuilding; Lead Burner, All
Lineman,
Telephone,
Blacksmith, All Around;
Blast Around;
Progress Of Anti U-Boa! War Cited By
Roosevelt, Churchill In Joint Statements
or
cupations
Thursday, August 19, 1943
flor-
ing; Guide, hunting and fishing;
Hair dresser, Houseman, Lavatory
attendant,
Literary, and
actor
agent, Managing agent (theatrical
and film); Marker (in wholesale
and retail trade); Model, News¬
boy, Night club manager, and em¬
ployees, Porter
(other than in
railroad-train
service);
Private
chauffeur,
Sign
Receptionist,
Sales
expenditures in July amounted 'to
$249,900,000 compared to a daily
rate of $295,700,000 in June, a de¬
of 15%.
crease
based
the
on
26
checks
ury.
the
The daily rate is
the 27 days in July and
days in June upon which
cleared by the Treas¬
were
This is the first decrease in
daily rate since De¬
average
cember
daily
of
rate
1942
and
the
lowest
since January nt this
year.
"From July 1,1940, through July
painter, Sign writer,
Soda
dispenser,
Taxidermist, 31, 1943, the United States Gov¬
Ticket taker, Usher, Valet, Waiter ernment expended
$116,800,000,(other than in railroad-train ser¬ 000 for war purposes.
"These figures include checks
vice); Whndow trimmer and dis¬
cleared by the Treasury and pay¬
play man.
In addition to the activities and able from war appropriations and
net outlays of the Reconstruction
occupations set forth above, the
status "of idleness is to be treated Finance Corporation and its sub¬
clerk,
as
a
nondeferrable activity.
sidiaries.
Volume
158
Number 4204
THE COMMERCIAL & FINANCIAL
CHRONICLE
'
715
Assures Philippines Of
Urges U. S. To Abandon
'^Independence After Defeat Of Japan Faiil Surrender Demand
(Continued from first page)
retary Ickes,
tion
in accordance with
the law, applied to the War Labor
Beard for authority
to change
frpm a 7-hour day to an 8-hour
day, so as to permit a 48-hour
week. Today the Board issued an
and
absenteeism
our
they
think
that the
American
people no longer have the will to
may
make
the
We
war.
must
will be
war
realize
that
by those who
won
win the
President Roosevelt reiterated on
Aug. 12 his promise to the
people of the Philippine Island that their
Republic "will be estab¬
lished the moment the power of our
Japanese enemies is destroyed"
and said they "will soon be redeemed
from the Japanese yoke."
In a radio broadcast
marking the 45th anniversary of American
occupation of the islands, the President
pledged a fight of everincreasing
strength
until
thes
last battle.,;. And the last
battle has not been fought.
" VV:
"We have every reason for con¬
Pnilippines are free, adding that
Japan's taste of defenU in the
pines. The time will
designated by Sec¬
retary Ickesr The order has been
fidence
islands of the Southwest Pacific is
You
"only the beginning."
the
formally approved by the Presi¬
many and
dent."
ized by the President to say that
in his judgment as of today the
order
permitting an 8-hour day
conjunction with
a
48-hour
in
week at mines
Mr. Byrnes
v
in
ultimate
an
whelming victory
also dealt with the
need for the
draining off by taxa¬
tion, or freezing by enforced tax¬
ation of "spending money which,"
he said, "is flooding our
markets,"
essaying that too much time has
Japan, but I
over¬
•
both Ger¬
over
major battles lie ahead of us, nd't
behind
-us;'£^
From
their
business of imposing
the
higher taxes which total war re¬
quires."
reporter
From
quote:
a;";.-
"Work
,
will
omy
if
age
to
money
markets.
of
we
may,
stable
a
cour¬
than
power
they
will
three
time
sho'to
•
showed
affairs
less
than
predecessors
his
that
'
of his
until
up
domestic
Mr,
"concern"
any
clean to pot; that is to say, when
second depression or the "re-,
cession" as it was called, came out
a
have
of his
spending and then Congress
when
turned
to
spending.
Cordell Hull used to
complain bitterly about his chiefs
produce the goods which they
would like to buy.
'
"Allowing for the present high¬
taxes
er
and
for normal
savings,
lack
thumbs
of
affairs
show
down
in
concern
and
international
when
he
"concern"
a
further
on
began
his
New
people have nearly 20 billion
more to
spend a year for goods
and services than there are
goods
and services available for them to
ing
buy.
got
enforce
he
to
Deal
lieutenants hit the ceiling.
our
It is hard to control prices,
rationing and to stamp
out black markets when people
have so much surplus spending
money;;;
*
"For
must
our *
own
drain
off
But he
was showing an increas¬
"concern" as his third term
underway,
would
draft
until
notwithstanding,
;
for
out
come
the
Willkie
did, and the
propaganda worked up about that
"concern" reelected him and is
being
now
protection
by taxation
not
we
effectively
used
elect him again.
to
-
,
firm
Philip¬
proclamation to
their
freedom
will
and
fighting
together against
in
The
and
men
the
United
that
entire
"We
just
stand
keep
this
..
.
v;
promise,
'
have kept every prom¬
ise which America has made to the
as we
Filipino people.
"The
story
Bataan
baric
our
day of
"The
United
the
fighting
on
States
those
.
be
remembered
continue
as. men
bravery,
and
termination.
principles we have
by those principles
policies
true
will buy
cern" iri world; affairs which they
less.
-
"We have spent too
arguing
how
much
taxes should be
-
-
much time
of
our
past
forgiven in order
candidate,
Mr.
Willkie
will not be able to show the "con¬
can't .imagine' just
what "concern" it is they expect,
We
expect...
but
we
are
convinced Mr. Willkie
is not their man. '
1 ' "■ '
"
basis,
We have no doubt that if elected
getting down to the
grim business * of imposing the he would always be trying to do
higher taxes which total war re¬ something by way of showing his
to'
get
of
measures
pay
fighting and also
when they re¬
the
battlefields.
should
not
War
become
3
in a political game. It is a
duty to be met by every
citizen in accordance with his
'
In the early portion
ca¬
-
-
dress, Mr. Byrnes said:
;
sol¬
taxes
pacity to pay."
•
of his ad¬
v
'
international
ing his
affair
concern.
and
But it
concerner
we
the White House.
so
It
-
had
ever
in
is not gen¬
erally thought of, but the fact is
that regardless of who wins the
Presidency in 1944, the Senate
,
remains
Democratic
the
means
fqture.
Street"
also
in
.
are
Well,
now
world
but
they
Let "
a
concerners,
politicians.
this
Democrats
control.
gentlemen
affair
and
Southern
remain
those
hope of unconditional surrender
by the Axis powers in the near
It is by no means clear
mind
that in this respect he would turn
out to be the most negative world
will
"There is nothing to justify the
that
Republican
get-, in
the
White House and start any world
the
Democrats
are
summer
offensive
of 1940. No full-scale
against Japan has
commenced..
The
heroes
of
yet
Ba-
shenanigans.
What those Southern
with
their
gift
of
soldiers will
preme
sacrifice.
make the su¬
The
roads
to
Berlin
are
can;
and
hard and
Tokio
bloody.
in
vvorld
should
,
"Our overconfidence is based in
a .great measure
upon the belief
that the Italians no longer possess
the will to fight.
' "concern"
affairs, in the eyes of the
Southern Democrats, it's the peo¬
still long,
ple's concern. 1 If a Republican
r
or
the
try
it
to
the
extent
that
rest
Wall
assured, it would be
And
a
some
of
Street's devilishness.
as we
serious
planned.
Food
Your
and
Philippine
question
whether
the
lower,
amount
Agriculture, and
-representative
is
created by that conference.
of course,
ment
And,
the Philippine govern¬
will
have its rightful place
in the conference which will fol¬
low the defeat of Japan.;
\ "These
r
the
are
complete-and
hood
the
for
promise but
"As
,
attributes
respected
nation¬
Philippines,
a
of
not
about
was
be
to
at¬
tacked, causing the Germans to
call in their planes and anti-air¬
craft for defense of their capital.
To
do
this, they had to
uncover
most of the rest of the
country,
including Nuremberg and Mann¬
heim. They cannot defend every¬
thing, therefore they cannot de¬
fend
a
amount
Quezon
himself
has told you, 'the only thing lack¬
ing is the formal establishment of
the " Philippine Republic.' - These
words of your President were ut¬
I
now
wise
weakening..
Their
com¬
muniques feebly claim their cur¬
rent
withdrawals are voluntary.
they cannot conceal the fact
that they fought their best pos¬
But
repeat
battle
to you myself.
I give the
Filipino .people my word that the
Republic of the Philippines will
be, established
Germans
for
the
defense
of
losing it, had to
upon
retire.
them
power
of
our
destroyed.
the
the
Japanese enemies is
The
Congress of the
United States has
the
moment
independence
acted
of
to set up
the
a
Belgorod, they put
fight.
But
is
With the
running
the
over
stormy
weather both at home and abroad
which shattered Wilson's
dream,
arid it appears not to be
stance of what is to
a
come.
the
sure
yielding a
foot of Russian territory volun¬
tarily. Everything they held was
vital militarily. •
loss
circum¬
whole
of
this
.
,
Bryansk
astrous
will
from
standpoint,
defended
as
rail
Kharkov
road
Russian
be
it
Loss
the
of
equally
dis¬
military
Nazi
was
a
involved
the
is
and
groups
re¬
Manufacturing failures
last
service
corded smaller totals.
month amounted
with
39
to
43, involving
liabilities,
compared
June with $1,441,000
$2,017,000
in
liabilities.
Wholesale failures
creased to
19 from 15 and liabili¬
ties
involved
in
declined
and
from
to
98
to
the
In
section
re¬
insolvencies
from
liabilities
in¬
$124,000
June.
trade
in
147
also
June
fell
from
$2,334,000 in June to $429,000 in
July.
Construction failures
bered
23
with
num¬
$647,000 liabilities
compared
with
liabilities
in
33
with
June.
$577,000
Commercial
service failures dropped to 20 in
Jbly from 31 in June and liabili¬
ties
involved
from
$1,600,000
in
June to $300,000 in
July.
,
When
is
the
country
is
Federal
into
Reserve
districts
that
seen
the
divided
it
Cleveland,
At¬
lanta, St. Louis and Minneapolis
districts
had
fail¬
more
ures
and the Boston Reserve
trict
the
same
dis¬
number, while all
the remaining districts had fewer
failures in July than
in June.
When the amount of liabilities is
considered all districts, except the
Boston, Cleveland, Atlanta and
Minneapolis Reserve districts, had
smaller
of
amount
liabilities
in¬
July than in June.
of
this
has
war
quately reported
strongly
junction.
Yet the greatest German defeat
not
been
ade¬
popularly un¬
derstood. Hitler apparently placed
great hopes—far more than we
knew
the
at
restricted
will
behind
front.
a
only
now
.
lengthen
into
not
liabilities
less of
Philip¬
not yet
war
be
you may
are
up
took
retail
volved in
At
Nazi
velt.
of
considered
commercial
Reserve
anything.
Their defense in Russia is like¬
fact.
President
Berlin
June
ceptions of the manufacturing and
groups.
When
the
(hat
government
the number of
July from
wholesale
a
is charted
member of the interim commission
he
said before, there is
Japanese. And as the Nazis and! world concerners aren't in for unJaps read of our reduced produc-1 happiness even under Mr. Roose-
Pacific
Wilson and Roosevelt did, you can'
That cannot be
said of either the Germans
and
in the
him
shows
are
the
place in all the groups into which
the report is divided with the ex¬
For four or five days previous¬
ly, our air forces had been re¬
latively quiet, obviously cooking
up a heavy new campaign;
(We
generally lay off a week between
bombing campaigns.) During this
inactivity we circulated rumors
.
Orel, and
President
of Ameri¬
war
in
$202,000
edge and .approval.
that is done thousands
new
time in his¬
and
The decrease in
tail
demagogic harangue would do to
In
number
failures
and Mannheim.
meetings of
Council, where
War
practically defenseless
The futility of her
efforts was shown by the British
attacks Wednesday on Nuremberg
sible
would be nobody's business:
addition, he would have about
half of the
Senate Republicans
against him. When a Democratic
still
a
It's for you to decide
.
liabilities
a
attend. .the
Pacific
German homeland itself is
becoming
from the air.
tered to you with my prior knowl¬
prisoners -of the
army has crossed
the borders of Germany. Before
are
Japs. No Allied
■
Osmena
the
are
"Wall
today as,near win¬
ning the war as the "Axis was in
we
taan
signatory of the declaration by
the United Nations, along with
thirty-one other nations. - Pres¬
ident Quezon and Vice President
a
on
our
our
from
stern
The
happens
do
our
.
both
of
in the west.
express¬
taxation
pawn
as
; "The Philippine government is
We
ask
.
Julv business failures
as
has participated fully and equally
in the United Nations Conference
cannot
who
that the principle of uncon¬
surrender
is
not
pro¬
.
in
a
the
diers to
turn
pay-as-you-go
"On
Turks,
we
the Filipino
Japanese in¬
the
of
quires.
to
a
on
instead
.
so
respect
and de¬
people.
sons, shortly will become subject
;""That is why the United States, ..to
feasible
dual-invasion. /; Our
in practice,*'regards > your lawful troops can land in Albania faced
and | to Mr. Roosevelt because their Re-; well
publican
hand,
in
Business' Failures In July
Again Lower
-
insurance
other
whether, for the first
excess
into
by
involved, than in
June, 1943, and July, 1942. Busi¬
ness insolvencies in
July, accord¬
vaders with their very
ing to Dun & Bradstreet, Inc.,
lives, they
(Continued from first page)
gave final proof that here was a
totaled 203 and involved
$3,595,000
nation fit to be respected as the have
promised to blow up the liabilities, as compared with 265
equal to any on earth, not in size tunnels at the first move.
involving $6,076,000 in June, 1943,
;
or wealth, but in the stout heart
and with 764
The
involving $8,548,000
Balkans,
weakened
by
and national dignity which are the
withdrawals of the Italian garri¬ in July, 1942.
When
people resisted
government
into savings accounts is worthless
and the dollars we have earned
governed
tory, we are to abandon the way
of evil and find the
way of rea¬
son."
freeze
put
to
and not by vengeance.
world.
to
devotion,
be
visit
world after
pitious for the creation of
Corregidor—and, in¬
everywhere in the Philip¬
long
his
on
a
Roosevelt,
ditional
and
deed,
pines—will
met
Mr.
the camp of the van¬
quished after the last war, have
only to remember to understand.
the
having the same only by Italians.
If such an at¬
by enforced;savings that •V So, we say that those who have status as the governments of other tack is accompanied by a simul¬
purchasing power.
If we fallen for the propaganda, those independent nations. That is why taneous declaration of war
by
do not, we will probably try to Republicans who have become a I
have" looked
\jpon
President Turkey and an invasion of Sal¬
outbid one
another
to
get the party to it by apologizing for their Quezon and Vice President Os- onika from the east, all Greece
goods and services we want.
If party and insisting upon its re¬ mena, not only as old friends, but can be cut from Nazi communica¬
that happens we will not get more forming and nominating a map j&lso; as ; trusted collaborators in tions without the hazards of a
but we will pay more, and we who has made a couple of trips to our united task of
destroying our frontal assault through Crete.
will find that the money we have Europe, had better turn outright
common
enemies in the east as
or
the
shall live."
we
of
should
war
were
war.
"For
from
vanquished," Yalman wrote.
bar¬
and
the
"You are victorious.
Therefore
it is very difficult for
you to un¬
derstand the state of mind of the
libera¬
your
he
reason
Philippines have learned the prin¬
ciples of honest co-operation, of
mutual respect, in peace and in
fought—and
of
the
attacks.
"The great
admirer
Washington, said the
stood
their
toured
letter to the Presi¬
open
whom
But that
men
an
great
tion will come, as surely as there
is a God in heaven.
of
behind
.?;'■>
shall
re¬
materials
pledge.'
States
firm
redeemed
independence established
protected.
sources
be
In
against the false promises of the
Japanese, just as your fighting
men
who
dent, Yalman, who said he is
in your faith—to stand firm
"
editors
Istanbul, Aug. 9, said:
war.
is only the beginning.
"I call upon you, the heroic
peo¬
ple of the Philippines, to stand
on
because
United States last year.
A United Press
dispatch
Already Ja¬
is tasting defeat in the islands
pan
principle of
newspaper
"Vatan"
five Turkish news¬
of
one
paper
will be
in. the full repair of the
of the southwest Pacific.
attack
and
that end is achieved.
people of the
Philippines, I said then:
'I give to the
people of the
Philippines my solemn pledge that
the
went
program
President's
according to the
pine soil, I sent a
you,
the gallant
and
world
the
the
surrender
an
pro-Allied
effect.
you
abandon
"expression of the spirit
of vengeance" was made on
Aug.
9 by Emin
Walman, editor of the
be redeemed from
soon
Japanese yoke and
is
'
Press:
their
and their
in
rising 'prices
and
rising
wages have given the majority of
our people a
vastly greater pur¬
before enjoyed and at a time
we have not the man
power
de¬
were
-
Roosevelt
sizable mi¬
our
war,
chasing
that
'"
History
people have less
purchasing power than before the
ever
prints
launched
fairs.
econ¬
of
it
quickly
full
appeal to President Roose¬
to
unconditional
"We shall fight with ever in¬
creasing strength and vigor until
Philippines:
three weeks
after the armies of the Japanese
can be no gain¬
saying the fact that this was all
showing a "concern" in world af¬
surplus
of
which is flooding
a
the fact that it
up
stroyed. But there
we
the
While
dug
blue
was
X•'?
we
do not have the
control
nority
as
preserve
we
spending
remarks
"Vv"-:/:''''
hard
as
not
our
his
the
to
text
will
come
into
goes
rayages caused by the
agaihst the false promises of the
Japanese." r •
''
The
that
assisted
firm
•
;
grim
down
the
on
stand-
"To the people of the
"On Dec. 28, 1941,
Washington
good faith were sinking a
couple of battleships apiece. ". A
year or so later an enterprising
getting
';
called
"to
speech follows,
(Continued from first page)
forgiven,
of
Roosevelt
Filipino 'people
Associated
bden spent in arguing how much
of" past taxes should be
"instead
Mr.
author¬
am
when
An
velt
or
time—upon
submarine
warf
un¬
are.
Like the
Kaiser, he staked all
stopping
the
tions and
of
flow
men
North
of
on
muni¬
our
to the battle fronts
Africa,
Russia
and
Britain.
(Distributed
Inc.,
by
King
reproduction
strictly
in
Features
whole
prohibited.)
Syndicate,
or
in
pari
THE COMMERCIAL & FINANCIAL CHRONICLE
716
there
that
Agricultural Department General Crop
Report As Of August 1,1943
■
milk
U.
the
S.
Crop
Reporting
basis
the
Board on
heifer
milk
The.
calves
is
cows
being
also
un¬
usually large, apparently 8 or 9%
large number on hand a
Crop prospects improved about 3% during July chiefly because
exceptionally favorable start given to the cotton crop, the
rapid growth of the late-planted corn in northern States and a con¬
tinuation of favorable conditions in the Wheat Belt from Nebraska
said
for
more,
the- farms.
above the
of the
northward
on'
of
number
raised
about
are
cows
year ago.
was
at peak
in all parts of the country
of except in the West where it
the
August 1 conditions.
largest since
was
The rate
1931.
of egg production per layer during
abandonment in *
prospect the
acreage
of crops about 10% above the number a July was 13.7 eggs, compared with
harvested will probably be larger year ago, farmers will be com¬ 13.9 last year, but with 12% more
than in other years since 1932, pelled to make some adjustments, layers on farms total egg
pro¬
and with yields per acre as high oresumably including closer utili¬ duction on farms was 11% higher
With only light
the
indicated
now
as
volume
of
production would be nearly
crop
the
above
18%
1923-32
or
pre-
Last year, due
chiefly to exceptionally favorable
weather, aggregate crop produc¬
tion was 25% above predrought
drought average.
seasons
but in the previous five
production ranged from
103 to
little
average
tions
a
on
Condi¬
112%.
over
the first of August were
therefore for aggregate crop pro¬
lower than last
duction about 6%
higher than in any
previous year.
Further improve¬
ment in prospects appear to have
occurred during the first week of
August.
but 5%
year
zation
feed
of
reserves
small adjustments
hand,
on
than in July last year.
hogs at more nearly
weights, and possibly some
marketing
usual
■
—
,
in feeding rates,
Corn
>
<'
.
prospects point to a
adjustments in numbers of hogs production of 2,874,711,000 bush¬
and poultry in feed deficit areas.
els, a gain of 168 million bushels
Allowing for cuttings still to be over the July 1 forecast.
A crop
made, the hay crop should be 99,- this size would fall short of the
000,000 tons. This would be above record 1942 crop of 3,175,154,000
the production in any season prior
bushels by 300 million bushels but
Lo last year and would provide
would be larger than any other
about a normal supply per unit
crop
produced ; since 1932.
It
ror the increased number of live¬
stock
md
hand.
on
good
as
as
not
Pastures
would
not
are
22%
at this time last year
quite
good
as
as
be
525 million
bushels,
or
above the 10-year (1932-41)
2,349,267,000 bushels.
however, includes
the two drought years, 1934 and
average
in 1938,
This
but they have held up better than
in other recent years.
Western
,
.
favorable
.
for
in
corn
the
North
the
Atlantic States and the crop made
higher than
where
Yield prospects are
month ago but pro¬
a
cated.
For
prospects
Atlantic
States,
better than a month
are
1940.
Corn
is ;
suffering
from
drought in northern Virginia and
in
1936,
of
average,
when production
•
from .5 to
Prospects
much
as
as
5.0 bushels.
fpr the smallest
are
since 1939 in these States.
1943
crop
In
was
was even more
adequate and deteriora¬
larger than the 10-year average. this date. In many important corn
rapid in areas Production of tree nuts (walnuts,
growing
sections, ■„ moisture re¬
that were dry.
Prospects declined pecans, almonds, and filberts) in
serves in corn fields were depleted
seriously in an area which covered 1943 is indicated to be 8% more
aS* a result of below'normal, July
most of Arkansas and Oklahoma than in 1942 and 19%
larger than
precipitation and by Aug. 1 many
and
extended
into
adjoining average.
s
*
sections of the nation were in
States. Another dry area centered
need of rain.
Since Aug. 1, benein Maryland and there were ex¬
Commercial Truck Crops
ficial rains have brought tempo¬
tensive areas in need of rain in
,
.
Commercial
the
central
and
southern parts of
the Great Plains.
July rains were
also
lighter
areas
west
than
of
usual
the
in
most
Rockies.
cept cotton
are
expected to show
yields per acre equal to the very
high yields obtained last year, few
crops
as
likely to show yields
during the
seem
low
as
the average
previous ten
ceptions
years.
rice
The chief
ex¬
and
peanuts,
which have been planted on great¬
ly increased acreages, and some
fruits and vegetables which were
damaged by the late frosts last
are
relief in mafly areas although
tinued to make good progress in the extreme western part of the
-ections during the last half of Corn Belt and parts of the South
Tuly, but temperatures were above Central States are in need of
normal and
While few important crops ex¬
truck
lack
of
as
the
moisture
mrious in
con¬
crops
month
closed
becoming
particularly
was
some areas,
:n the Middle Atlantic States.
estimated
production
mercial truck crops in
which
most
supplies will
of
the
come
of
areas
fresh
The
com¬
from
market
during the next
few weeks is 5% less than in 1942
but 3% above the 1932-41 average.
Compared with
a
year
ago,
sub-
tantial to moderate increases
are
Indicated for carrots, beets, toma-
spring.
oes,
snap
beans, cabbage, eggsituation olant, and green peas, but there
seems
materially better than it will be much lighter supplies of
was
a
month ago.
The danger cantaloups, celery, watermelons,
that
the
large acreage of late end cucumbers, with moderate re¬
planted corn will fail to mature ductions in spinach, cauliflower,
before frost has been materially 'ettuce, onions, lima beans, sweet
relieved.
The danger of loss from corn, and green peppers.
drought is still to be considered
August 1 indications point to a
but most parts of the Corn Belt total
tonnage of truck crops for
have adequate moisture for the
processing in 1943 not greatly dif¬
present.
Farmers now have in¬ ferent from that of 1942.
Three
On the whole the crop
creased
and
assurances
of
a
full crop
in better .position to mar¬
some
of the grain on hand.
are
ket
There has been
an
extensive shift
of
the
four
crops
show
above
that
11%;
green
corn,
4%
principal
processing
production
1942—snap beans,
indicated
of
7%; and sweet
Production of
that can be harvested for grain tomatoes' for
processing is ex¬
and a large crop is to be expected pected to be about 2% below that
in the Southwest if rains come in of last
year.
Of the less impor¬
time.
Oats and barley suffered tant
crops an increase is indicated
from hot weather during July and for beets and no
change for spin¬
yields were far below expecta¬ ach, with smaVer crops of cabbage
tions in eastern Corn Belt States, cor
kraut, cucumbers for pickles,
but good yields are still expected lima
beans, and pimientos in pros¬
from Icwa and Nebraska north¬
pect.
:
V
:'v
ward.
The combined production
Milk production -has been hold¬
cf Pw four feed grains is now exing close to production at this
pc^ed to total more than 111 same time last
year.
The lower
million tons, a total which has
condition of pastures, the tighter
been
exceeded
only twice but
from
which
sorghum for forage to kinds
would
duction
last
be
10%
below pro¬
feed situation and the hot weather
have tended to reduce
year.
per cow
A* the number of units of live-
rtock
and
poultry
to
be
fed
is
peas,
greater.
production
but the recent survey of
numbers, made with the coopera¬
tion of rural carriers, indicated
rary
moisture to
check further deteri¬
will need
rains, and.a'late killing
oration. In general, corn
generous
an
•
the
relatively
year average
;> A
duction
prospects
were
much
yield
improved
decline
in
oats
which
bushels,
below
12.5%
>
}
•
10-; '
pros- >
Pro¬
is estimated at 1,189,-
now
546,000
1
of 11 ;7 bushels.
pects occurred during July.
the
is
about
excellent
1942
but 17% above the 10-year
The decline "since July
1
amounted' to about 53,000,000
bushels and was- largely due to
sharply lower yield prospects in
'
s
crop,
average.
■'
the East North Central States. De¬
clines in yields also occurred in
Minnesota,
Iowa, 7 Missouri k and
Kansas, nearly offsetting improve-
'
ment in northern Great Plains and
'%
Western -States.
most
Drought
•
bushels be¬
high
yield
has
indicated winter
wheat production of 533,857,000
bushels is about 2.8% higher than
the July 1 estimate of 519,190,000
bushels and compares with 703,253,000 bushels produced in 1942
and the 10-year average produc¬
Aug.
tion of
■
1
made
Ohio
ation.
;
heads
bushels
1942
»
filling
appears
cause
to have,
for declining
compared with 35.9 in
10-year average of
28.1 bushels.
for harvest and
to yield per acre less favorable
than the record high of 1942. The
Barley
indicated
The
348,848,000
; production
of
bushels of< barley is
about
yield of the 1943 crop
of 15.8 bushels compared with 19.7
the
situ-;
and the
acreage
and
weather
yield prospects in the Corn Belt.
The average yield per acre is 31.4 7
last
is owing to the somewhat
1942
Wet
notable excep-.
Hot, dry weather when the •'»:
were
been the chief
550,181,000 bushels.
in
a
tion to this general favorable
The smaller production than
bushels
border.
northern
.Winter Wheat
The
■
indicated
States,
sharp
compared with
1942 and the
*
.
eastern Iowa.
Belt
bushels in
20.0
-
bushels is 3.1
16.7
low
smaller
Corn
<
'
conditions caused yield reductions *
f :
of in the Central Atlantic area. <
Conditions have been Lfavorable; 7
19.8 bushels in 1942 but well above
the 10-year average of 13.5 bush¬ for
harvesting
and. harvesting els.
operations were under way to the
}}'-};}.}}}:
of
year
the
bushels
18.9
now
.
•
-
compares
,
of good quality. Some dam¬
age from corn borer is evident in
Eastern States and as far west as
In
average,
centering in Arkansas and and
'
'
Oklahoma,- and extending into bushels. 1 4
4/
(
Production
of
other
surrounding States, corn suffered
spring
severe damage
from high tem¬ wheat was indicated on Aug. 1 at
peratures and drought.
In Texas 263,834,000 bushels compared with
and Oklahoma, early planted corn
233,414,000 bushels in 1942 and the
escaped the heat and yields are 1932-41 ; average
production
of
promising, but late corn was bad¬ 161,240,000.7 The indicated yield
ly
injured.
Rains since Aug. <1 per acre for other spring wheat is
frost date to insure a mature corn
crop
.The indicated
yield per acre of 18.3 bushels
with 21.2 bushels in 1942
the 1932-41 average of 10.1
10-year
area
_
was
>
-
Durum wheat production on Aug. ;
but in most other
states
of this region yields are l was indicated at
37,203,000 bush¬
higher than a month ago and bet¬ els compared with 44,660,000 bush- }}
ter
than
average;
;;•;«
' ^ els in 1942 and the 10-year aver- ;;
In
the
South
Central
States, age production of 26,992,000 bush¬
August prospects were sharply els. The acreage of durum wheat
lower than a month ago with de¬ is about 3.5% below that of 1942
clines in yield per acre ranging and
20.5%
smaller
than
the
-
tion
77777
ton. £:
}
Maryland,
•
fall
In Minnesota,
yield
prospects. On the other
hand, hot weather reduced yield
prospects somewhat in Washing¬
and for the largest crop since
ago
only
The forecast for corn is 2,875,- "anges are in about average con¬ 1,448,920,000 bushels and 1,505,- have brought relief to parts of
Texas and Oklahoma.
2
* - i
dition for this season of the year.
000,000 bushels which is 168,000,689,000 bushels, respectively. The
In the Western States, warmer
000 above expectations a month
Aggregate production of major indicated yield per: accre 0'ri Aug.
hurts other than citrus is expected 1 is 30.5 bushels, compared with weather was favorable for corn.
ago and indicates prospects for
the second-largest corn crop in 10 to be about 17% smaller than in 35.5 bushels in 1942 and 24.9 bush-i Irrigated corn is in good condition
but most corn is late and in dan¬
years.
The forecast for wheat is 1942 and 12% below the 10-year els, the 10-year (1932-41) aver¬
ger of frost.
There was a general
835,000,000 bushels, which is 6% (1932-41) average production. Cit¬ age.
need for rains in areas east of the
above expectations a month ago rus crops from the bloom of 1943
Above
normal July ? tempera¬
particularly
in
New
and indicates that a fairly large are
making good progress and tures were favorable for the de¬ Rockies,
Mexico.
\
i.*
■
wheat crop is being produced on barring
damage
from
unusual velopment of the corp crop except
All Wheat
an unusually small acreage. Pros¬
weather conditions the combined
in the South Central States and
Both winter' and spring wheat
pects for flaxseed, peas, potatoes, production of oranges, grapefruit in a ,few scattered areas, where
beans, sugar beets, pears, grapes and lemons should be close to the lack of rainfall
together with high improved during July and the
and tobacco improved during July 'arge production during the 19421943 wheat crop is now indicated
temperatures caused moderate to
but prospects for oats, barley, rye, 43 season
at
and much above the
834,984,000 bushels compared
serious deterioration.
By Aug. 1,
with 790,823,000 bushels a month
hay, sweet potatoes, sugarcane production levels of a few years
however, corn was still somewhat
and peaches declined from 1
Last
to ago.
Present conditions point to behind schedule owing to a mate¬ earlier.
year,
981,327,000
5%.
Many sharp local changes a total supply of all fruits (in¬
bushels were produced and the
rial delay in" planting and a slow
took place, for temperatures were cluding citrus)
for the 1943-44
early season growth.
Although 10-year (1932-41) average pro¬
above normal in nearly all States
marketing
season
about
11% the crop is promising, the stage of duction is 738,412,000 bushels. The
and growth was rapid when rain¬ smaller than in 1942-43 but 7%
expected yield per acre for 1943
growth is unusually varied for
_
1942 yields are now indi¬
rainfall was
favorable for improving
likewise
South
were
yields closely approaching
the good
duction is the smallest since 1940.
the
Conditions
Dakotas.
favorable for the crop in Montana
'
'
1
August
-
by
drought .< and high during. July, even though rainfall-,
temperatures, but good rain's since' was somewhat below normal and !
Aug. 1 have brought relief there. temperatures were high enough to
i July;.: weather.} was .'generally- cause some premature ripening iin
inj ured
}.o: V;; -;: good growth.
.
July egg production
levels
Thursday, August 19, 1943
>
below
18%
the
duction but about 43%
10-year
1942
;
pro¬
above the
The indicated
| July weather was
generally yield per acre on Aug. 1 is 2.3
crop is somewhat spotted.
Prog¬
bushels below last year but 1.7
favorable for maturing and har¬
ress during July was good but not
bushels above the 10-year, (1932-*;
sufficient to fully offset early set¬ vesting the crop and for combine
41) average, The progress of the
threshing in the dryland western
backs caused by late plantings, ex¬
areas.
Wet weather, however, de¬ crop during July varied greatly
cessive rains and floods,
Corn
but the net change for he United
harvesting operations
in
showed marked improvement in layed
States generally was a slight de- ■
some eastern Corn Belt States.
the southern parts of Ohio and
crease of three-tenth of a bushel
; Yields reported at harvest were
Indiana, but made only poor to
in line with the July 1 prospects per acre below the July 1 indica¬
fair
progress - in
the
northern
tion.
in southern Great Plains States.
third of these two States, particu¬
They were higher as a rule in the 7 Hot weather for\ much of the }}
larly in northwestern Ohio, where
Pacific northwest and Mountain country forced the early ripening
too much rain has been detriment¬
of barley and this tended to reduce ,
al.
Progress was slow in Mich¬ States,: and were more spotted
than expected and in some cases the yield., Also rust, blight and,
igan, and the Illinois crop, varying
scab damage resulted in some re¬
widely in development but of gen¬ disappointing in the eastern Corn
ductions in the important areas of
Belt States.
'>
.'
'
erally good color, heavily taxed
the northwestern Corn Belt. Pre¬
soil moisture reserves during July
cipitation in California was too
'
Spring Wheat
to register"" a 2-bushel improve¬
light during May to allow for
ment in yield per acre.
In Iowa, f The 17.4% increase in all spring
proper
filling and consequently
corn showed
a
gain of 6 bushels wheat plantings in 1943 laid the
the yield will be light in that sec- }■:,
in yield per acre over July 1.
The basis for offsetting much of the tion. '
,.}}■■'■ 7'777.':i-v;
7 7 V7;:77.'
crop ; made
rapid
development decrease in winter wheat produc¬
The crop progressed generally I
The
during the month and was almost tion compared with 1942.
on schedule, with late corn mak¬
Aug. 1 indicated yield per acre of according to earlier expectations
however and relatively good yields V.
ing exceptionally good gains. In all spring wheat of 18.8 bushels
Wisconsin, ' southern
Minnesota, now promises a. total spring wheat were indicated on Aug. 1 for most
eastern
Nebraska
and
South crop of 301,037,000 bushels com¬ barley areas, including such im¬
Dakota, and central Kansas, corn pared, with 278.074,000, bushels in portant States as North Dakota, }.
is in good to excellent condition 1942 and the 10-year
(1932-41) South Dakota, Kansas, Nebraska,
Colorado and Montana.
.2 7.,
and progress has been very satis¬ average production of 188,231.000
over
those of July 1 although the
average
of 14.3 bushels.
10-year 2 average.
'■
,
,
<•
*
.
...
-
„
;
,
,
yielded
: ''-'v i-' V
Rye
20.2 bushels
per acre compared
'
Rye production prospects on
hot dry July weather, cut pros¬ with the
10-year .average yield
Aug. 1 show little change from
pects
and
some
corn
is. firing. per acre of 11.4 bushels.
With good soil moisture reserves July 1 and the crop is now esti¬
Some
improvement was
regis¬
mated
to; be
33,314.000 bushels
tered in northern Missouri, while in the main spring wheat States
in the southern part the crop was the crop more than held its own compared with the July estimate
factory.
parts of
In - the more western
the latter three States,
bushels.
In 1942 the crop
•
.
„
.
Volume 158
Number 4204
r
:
<
THE COMMERCIAL & FINANCIAL
CHRONICLE
717
ot 33,562,000 bushels. This is 42%
smaller than the 57,341,000 bush¬
.
el
of 1942 and
crop
than the
14%
Has'
Coupon Value Gut In Middle West And
smaller
10-year (1932-41)
production of 38,589,000 bush¬
age
1
els.
*
.■
v
■
■
■.
.
Reduction
•
July forecast yield, due to a
in prospects of Vz bushel
decline
in both South Dakota and Minne¬
in
from
enimnns
The yield per acre of 11.6 bush¬
els is one-tenth of a bushel below
the
the
four
value
gallons
of
"A,"
The nation's
"B" and "C" gasoline ration
gallons in the Middle West and
to three
gigantic government-financed
facilities program
than four-fifths
completed at the year's
midpoint, Donald
Chairman of the War Production Board
reported on
; ■'.
/'■'1
'
At the end of
June/the completion of
$12,038,000,000 out of a
current
$14,582,000,000 Government-financed war facilities
program
had been
was
war
more
Southwest, effective 12.01 a.m., Monday, Aug. 16, was ordered
on( M, Nelson,
Aug. 13 by Chester Bowles, Acting Price
Administrator, to reduce Aug. 6.
,
gasoline consumption in those areas as directed
by the Petroleum
Administrator for War, Harold L. Ickes.
At the same time Mr.' Bowles^
accomplished, Mr. Nel-S*announced that if the ban on non¬ work.
This means that two gal-'. son
said.
That compares with
essential driving in the 12 North¬ Ions in
beginning of 1943 and is more than
each three-gallon. "A" cou-, 61% at the
beginning of the year 90% completed
eastern States is observed
today.
during pon may be reserved for family, and only 24% a
year ago.
An analysis of the
the balance of
Government's
August, the ban or nonoccupational, driving. The
The • mid-year mark saw
war
can be lifted on
facilities program this
the
Sept. 1.
'
year
remaining one .gallon must be
greatest accomplishment in the clearly indicates that
"It is our further
the end of
hope," Mr. held available for occupational
construction of plants to
the munitions facilities
Bowles, said, "that if sufficient use in the
produce
program
case of car owners who
finished munitions such as
is the
supplies can be built up in the drive to
beginning of the end of the
guns,
work, or use their cars in combat
vehicles, aircraft, ships raw materials program.
East, some increase in the value of work. y.{■ ■'"
Of the
\i
!7v '
and
ammunition.
Facilities for facilities completed in
coupons in the 17 Atlantic Coast
"A" bookholders who
1942, the
require production of
states and the District of Colum¬ more than
ammunition and ex¬ largest
proposition—70%—went
60 miles a month of
plosives were 95% completed.
into ordnance,
bia, may be made later in Sept. occupational
aircraft, and shipdriving will be elig¬
At present "A" rations are now ible
way
This.;remarkable record,
facilities, while only 21%
for necessary
Mr.
supplemental
went into raw materials.
set at IVz gallons a
week, and "B" mileage through "B" or "C'\ ra¬ Nelson declared, means that the
This
and "C" coupons at 2% gallons in tions.
"B" and "C" bookholders arsenal which America is building year, on the other hand, 40% of
the facilities scheduled
the 12 Northeastern states.
for com¬
who are unable to meet their oc¬ to defeat the Axis is rapidly nearThe States affected by the re¬
pletion is destined for raw mate¬
cupational driving needs with the ing completion, and as facilities
rials and 50% for end
duction are those
moves
munitions.
ly^ng between reduced coupons may apply to construction
along
a
the Rocky Mountains and the 17 their
planned decline, more and more
War Price and
Rationing} of the nation's
Atlantic Coast states.
Boards for .a restoration of mile¬
resources can be
New
As PAW made no curtailment in
Decrease
thrown into the direct
age lost.
'
production
Construction
was.
started
of munitions.
on
gasoline in the Rocky Mountain
Such
7<,'V
applications,
however,
200,000
new
non-farm
and Pacific Coast
family
states, coupon cannot be accepted by Boards be¬
The construction and
equipment dwelling units
values in these States remain un¬ fore
during the first
Aug. 23, by which time in¬ of plants to produce raw
materials, six months of 1943, less than twochanged.
structions v and
mileage
tables such as synthetic rubber and steel, thirds
7 "Curtailments in the Midwest needed for
as,.,many as were started
issuing the "further" was fast catching up after earlier
during the same period of
and Southwest are based on new
rations will be in Board hands. In tendencies to
1942,
lag.
The extent of Secretary of Labor
Perkins re¬
gasoline allocations assigned to
reviewing
these
advance
which
has
applications, the
been ported on
this area by the Petroleum Ad¬
Aug. 7.
"Almost 60%
Boards will be urged to be both gained in this
category this year of these new
ministrator for War," Mr. Bowles critical and
family dwelling units
thorough in determin¬ is illustrated by the synthetic rub¬ will be
located in
said.
"With these reductions in
publicly financed
ing the exact amount of mileage ber program. Only 3% finished a
war
the supplies
housing projects," she said.
allotted to us, no which the
applicant needs.
A year
ago,
the synthetic rubber "Private builders
course
was
started construc¬
possible but to cut great part of the
necessary reduc¬ facilities
program'' was
15%
in tion
the "A," and "B," and "C" cou¬ tion in
during the first six months
gasoline consumption must place at the
beginning of 1943, and of 1943 on 85,747
pons as we have done.
family dwelling
be made from
bringing all supple¬ had risen to 61% by the end of
"The PAW allocations are
units, 73,500 of which are being
480,- mental rations down to minimum June.
constructed under the private war
000 barrels a day for District II
—
sota, two of the important rye pro¬
ducing States./This decline was
.partially offset by a one bushel
increase in yield in North Dakota
Government-Financed War Facilities
Program
More Than 80% Completed At
Mid-Year, Nelson
Southwest—May Lift Nou-Esseniial Ban
aver¬
—
.
and
1.5 bushel increase in Colo¬
a
rado, where the 1943 acreage for
harvest is almost three times thq,
10-year average acreage.
.
...
Harvest is completed or partial¬
ly completed in Nebraska, Kansas,
South Dakota and southern Min¬
nesota,
but
started
in
has little
North
than
more
Dakota
and
the
northern
part of Minnesota.
A
heavy ergot infection is reported
in
fields
in
North
Dakota
and
....
northwestern Minnesota.
//////'.
}
Buckwheat
i/;/;
■
Indicated production of 8,294,000
bushels
is
substantially
larger
than
the
1942
of 6,687,000
bushels and nearly one-fifth above
the .10-year ;; (1932-41)
average.
This production if realized, would
be the largest since 1935, with the
acreage
harvested nearly equal
the
and
crop
indicated yield
in that year.
as
the
same
1 The acreage for
harvest
of 493,000 acres is 30%
larger than the 378,000 acres har¬
vested
last
10-year
and above the
of 424,000 acres.
year
average
Buckwheat played the usual role
of a "catch crop" on ground in¬
tended for other spring-planted
which
delayed
crops
of
...
flooded
in
planted because
spring
work
and
were
,
bottom
lands.
Difficulty
obtaining seed for the expanded
plantings in some
acreage limited
The indicated yield of 16.8 bush¬
els per acre is about
a
bushel
under last year's yield, but is fully
to the 10-year average. An ap¬
praisal of the yield prosnects on
.up
Aug. 1 is
than
.
in
difficult this year
more
others
because
continued until
a
later
planting
date than
usual, with variations on Aug. 1
ranging from early fields in bloom
to latest
plantings just coming in.
f /i\•/.
-'/;•
is
the
2%
Aug. 1 estimate
than indicated on
larger
July 1.
Total
production in
the
Coast).
15%
a
These
repre¬
from the
reduction
gasoline
consumption in
June, as shown by the flow-back
of gasoline coupons.
;
Emphasizing
of the ban
that
the
removal
non-essential driv¬
on
ing in September depends on conr
tinued improvement in the
supply
situation, Mr. Bowles stated: v
:
"Failure to respect the ban be¬
tween
now
and
Sept. 1 must ine¬
vitably prevent
it
that
on
supplies
.
July weather was favorable for
development of the potato
crop in most of the important late
and
Gulf
and
sent
tions
Potatoes 'r;
the
States
(Middle West) and 140,000 barrels
day in District III (Southwest
a
civilian
cases..*y-^py-
.
Dwellings
We
hand
on
can
from removing
must have
us
date.
be
before
restric¬
relaxed and
we
can
accumulate those supplies only
by
means of the various restrictions
in
now
effect.
Black
market
operations, too, could readily de¬
stroy
plans and postpone the
date for relief."
our
In addition
to the
cuts
requirements, it was pointed out.
In
addition, OPA on Aug. 16 re¬
stored to Boards in the 12 North¬
eastern States the
authority to
grant drivers
is provided
book
more gasoline than
by the maximum "B"
It is only since the
beginning of housing program of the National
Housing Agency."
half-way mark, Mr.
Secretary Perkins further stated:
this year that raw materials
facili¬
ties passed the
Nelson pointed out.
while only 15% of
financed
(360
miles) for home-todriving in hardship cases. ;
work
driving in
continues
one
a
States
of
last
June
as
reducing mileage
supply;: crisis.
gasoline
moved
favorable
the East, has been, and
means
during
ies
rubber
pro¬
rapidly ahead to the
position they occupied
it the end of June after
j to be, in effect in all
Northeastern
synthetic
federally
gram was in place on Jan. 1, con¬
struction and equipment deliver¬
The provision for
breaking the
"B"
ceiling
for
home-to-work
other sections of the country.
The
provision had to be revoked in 12
For example,
the
^referential
treatment
ponents.
receiving
for
com¬
"
.
1942, and the 10-year average of
720 miles
a
to
ures
be
removed
with
pros¬
pective easing of the East Coast
gasoline supply crisis.
480 miles
a
y
ly
war
workers'
families, slight¬
than the 111,747 units in
projects started during the corre¬
more
sponding period in
clearance
projects
1942.
Slum-
transferred
to
war
granted
units of public war
first half of 1943.
and
Federal
octane
gasoline plants have been
high preference ratings,
steady increases in the pro¬
•
month to
053
At the beginning of the of other
This restriction worked extreme oline.
types of structures to
hardship on thousands of workers year, less than 1% of the Govern¬ family dwelling units by the Fed¬
living long distances from their ment-financed program was in eral Public Housing Authority
jobs. For this reason it is one of olace, but by July 1 the program will provide 290 units, making a
the first of the emergency meas¬ was about 39% complete.
High- total of 115,702 additional family
in
immediately from
month.
.y
housing
construction
during the first half of
1943 will provide homes for
114,-
housing program during
largest percentage gain of the first six months of 1943 will
the first half was registered for provide accommodations for an-,
plants to produce 100-octane gas¬ other 1,359 families.
Conversions
•
116.9 bushels.:,
financed
under
The
.
will be reduced
put
contract
the
gram may be expected over the
"A,"
United States is now placed at
"B," and "C" coupons the curtail¬
20% Bus-Taxi Mileage Cut
remaining months of the year.
443,067,000 bushels, compared with ment in PAW Districts II and
Restored
III
Even greater progress has been
371,150,000 bushels in 1942, and will include:
i
'
in the privately financed
The new gasoline rationing pro¬ made
the 10-year (1932-41) average of
1. The maximum allotment of
gram
will not affect necessary high-octane program where, by
363,332,000 bushels.
The indi¬ gasoline
for
in-course-of
work commercial motor vehicle
opera¬ July 1, around 63% of the expan¬
cated yield per acre on the large
driving, except for those entitled tions in the Middle
West, Joseph sion had been completed. 7,
acreage of 1943 is 131.7 bushels, to preferred
mileage ("C" books), B. Eastman, Director of the Office
An encouraging picture is re¬
compared with 136.9 bushels in
.
"Federally
projects
of
Defense
clared
on
At the
Transportation,
de¬
Aug. 13.
flected in the iron and steel
pro¬
gram.
which is now more than
time Mr. Eastman 75% in
place. Seven of the plants
T This
In the three eastern late surplus
will reduce
substantially announced that a supplementary that are the furtherest advanced
States, as a group, Aug. 1 condi¬ the occupational driving of per¬ allotment of
14,000 barrels of gas¬ ^re being rushed to
completion
tion points to an excellent yield sons, such as
salesmen, who use oline per day has been granted by this
year,
and these alone will
per acre although hot, dry weather their cars in connection with their the Petroleum Administration for
make up about one-third of the
work.
in
Pennsylvania
caused
some
However, it does not af¬ War to the ODT for transportation entire
program.
;/ 1
■%.
damage through tin burn and wilt¬ fect the home-to-work mileage of facilities and services under its
In the field of
ing. :' The five 1 Central surplus drivers who may continue to get jurisdiction in
chemistry, the
the -East
Coast
rate of expansion has been ex¬
States show prospects for a good up to 720 miles a month to drive
shortage area.'
The - allotment,
favorable.
Only
31%
yield per acre but, with plantings to work, if they need it.
which is now effective, will make tremely
2. Motorcyclists will have their
made at a later average date than
possible the orderly restoration of complete a year ago, the chemical
"D" rations cut in
program had risen to 66% at the
usual, much acreage will run the
proportion to necessary commercial motor
same
housing in the
In
addition,
construction
contracts
awarded
were
during the first six
months of 1943 for dormitories to
accommodate
31,004 persons and
projects to contain 16,736
trailer
trailers.
Contracts
awarded
1943
were
also
during the first half of
by the Home Owners Loan
Corporation for the conversion of
2,117 structures to provide 8,949
additional family units.
"The Bureau of Labor Statis¬
tics estimates the valuation of the
new
non-farm family dwellings
put under construction during the
first six months of 1943 to aggre¬
gate approximately $486,000,000.
The nonfarm area of the United
States,
as defined by the Bureau
Census, includes all urban
of the
places and all rural places except
farms.
'
ve¬
hazard of damage from fall frosts.
Apparently
late
blight
is less
prevalent than usual in both the
Eastern and Central States.
Most
of the improvement in
yield pros¬
pects between July 1 and Aug. 1
occurred in these groups of States.
•The
10
Western
show evidence of
cron
1..
than
surplus
States
slightly smaller
indicated on July
was
a
Prospects in Idaho,
are
moder¬
ately below those of July 1
cause
of
temperatures in
River Vallev
ger eral
on
be¬
lateness
of
from
the
low
crop,
Nebraska's crop prospects also de¬
clined
some
in
temperatures.
Western
groun
in passenger car rations.
will be done by
This
extending
the valid period of the basic "D"
ration
through Nov.
These
books
scheduled
next
to
11,
1944.
previously
only through
were
last
July 21.
In
reducing
in
coupons
value
the
tional
also
amount
driving
in
of
"A"
Midwest
Southwest, OPA is
somewhat the
the
and
reducing
of occupa¬
"A"
book
from 150 miles to 60
July due to high
Other States of the
show
as
good
better prospects than on July
or
1.
90 miles to 120 miles.
This
tional
increase
driving
somewhat
their
cars
in
non-occupa¬
is made to provide
more
mileage for
hicle operations along the Eastern
Seaboard.
V
,
As claimant agency
for all highway
ODT
transportation, the
Aug. 10 received the fol¬
on
lowing
for gasoline
allotments
for
PAW
for
the
the
miles, while
the Upper Snake increasing the amount of family,
or
non-occupational, driving from
July 12 and the
damage
some
the cuts
car
adequate family
owners
who
use
in connection with their
areas
newly included in the
gasoline rationing program:
District 2—390,787 barrels
per
day; District 3—125,757 barrels
day.
Both allotments became
effective Aug. 15.
per
Within
for
the
the
quotas
districts,
established
ODT
will
de¬
termine the amount of gasoline to
be
distributed among
passenger
automobiles,
cabs
and
trucks,
other
buses, taxi-
classes
of
trans¬
portation.
The
supplementary gasoline al¬
lotment of 14,000 barrels
per day
"One-family
for
the
used
East
Coast
area
will
prised
be
primarily to grant relief to
bus and truck operators who can
establish that reduction in their
mileage, required by ODT to
re¬
duce gasoline consumption in the
East, has resulted in the curtail¬
ment
of
necessary
services,
Mr.
Eastman explained.
Under Gen¬
Order
No.
39,
the
ODT
eral
on
May 27 ordered
tion
in
bus
20%
a
mileage
the East Coast
reduc¬
throughout
area.
"Since the general reduction in
mileage is not
a
now
necessary
as
result of the supplementary al¬
about
dwellings
82%
of
com¬
all
units
started
during the first six months
of 1943,
2-family dwellings ac¬
counted for 4%, and multi-family
units for 14%.
During the same
period in 1942, 84% of the new
units
4%
were
were
12%
of
the
1-family type,
of the 2-family type, and
in
multifamily
Wartime
restrictions
materials
were
for
a
shift
on
buildings.
building
largely responsible
from
single-family to
2-family and multifamily units in
privately financed structures. The
number
by
first
of
private
half
1-family units started
builders during the
1943 was 60% less
of
than in the
same
period last
year.
lotment, the ODT will promptly |
privately financed units in 2-fam39," Mr.
rescind its General Order
Eastman stated.
.
j iiy houses declined 24%
'multifamily units, 36%."
and in
CHRONICLE
THE COMMERCIAL & FINANCIAL
718
Thursday, August 19, 1943
•
i!A.^Thisj^is:APar^pularly>» true f in
Jiarkel Value Of Bonds On N. Y. Stock Exchange July Retail Prices Continue UuchaRgedjAAA «
Exchange announced
Aug. 11 that as
According To fairchild Publications Index
of business July 31, there
1,117 bond issues, ag¬
Stock
New York
The
on
close
of the
were
value listed on the Stock Exchange
$80,352,221,151.
This compares with
gregating $80,878,879,937
with
par
total market value of
a
1,124 bond issues, aggregating $80,999,206,037 par value, listed on the
Exchange as of June 30 with a total market value of $80,704,321,646.
In the following table listed bonds are classified by govern¬
mental and industrial groups with the aggregate market value and
'
~
average price for
The following
listed
gives a two-year compari¬
table, compiled by us,
of bonds
and the total average price
the Exchange:
on
—June 30, 1943=
July 31, 1943
Average
Average
$
■
:
\
...
N.
Government (Incl.
Cities, etc.)__—
companies:
S.
U.
S.
102.25
102.16
the
ever,
orders
100.73
month.
were
balanced
105.13
15,712,500
104.75
showing a decline of 0.7% during
1.3% for June.
And furs increased
vance of 1.0% for June.
Women's
July, as compared with one of
0.5% as compared with an ad¬
hose declined 5.1% under Aug.
1, 1942, the largest decrease shown by any of the individual com¬
allotments
76,477,450
104.40
;Y; 76,399,888
104.29
36,237,500
103.54
36,775,000
105.07
56,574,328
233,708,845
102.75
56,638,288
102.87
105.04
234,513,238
105.40
—
79.59
10,835,551
80.64
101.45
10,693,763
37,384,362
-—*
37,328,902
101.30
98,528,703
102.14
40,486,946
102.20
104.87
612,102,207
104.63
73.37
7,540,242,205
74.71
stable
7,362,116,232
under whose
63.52
96,357.637
40,366,617
12,951,623
92.61
12,258,568
76.289.994
104.98
76,095,865
104.72
11,844,840
103.25
11,959,560
104.25
21,660,496
78.96
21,481,377
78.07
495,146,927
38.062.995
101.77
494,319,333
101.50
104.88
38,236,380
155,614,751
155,238,588
106.80
3,367,447,911
109.35
3,382,366,279
109.28
95,618,140
105.67
96,288,610
104.68
1,235,569,210
94,922,752
138,923,744
31,398,640
110.72
1,238,529,222
94,816,086
110.85
merchandising
-——
and operating—
Shipping services ____—
Ship building
Steel, iron and coke
Textiles
Tobacco
Utilities:
electric (operating)-;
businesses
under this
1956—have been
of
4s
14,609,867,105
86.79
66.03
1,417,833,281
65.41
90.84
761,206,648
89.78
retired.
99.64
80,704,321,646
99.35
6s
Brothers
group- -Warner
1948
of
and
Paramount
The following table,
of the
son
listed
the Exchange:
on
Market Value
1942—
Market Value
Price
June 30
53,237,234,699
94.80
July
July
53,259,696,637
95.04
Aug. 31
31
—
Aug. 30
Sept. 30———,
$
53,418,055,935
55,106,635,894
54,812,793,945
55,033,616,312
Oct.
31
Nov.
29
Dec.
31—
31
——
Sept. 30
94.86
53,216,867,646
94.74
Oct.
31_
95.25
Nov.
30
94.80
Dec.
31
—
—
30
Jan.
—
56,261,398,371
Jan.
31
Apr.
29
June
27_—
' 57,584,410,504
95.13
Mar.
31
58,140,382,211
95.97
Apr.
30—
57,923,553,616
59,257,509,674
95.63
95.64
95.50
30—
May
Feb.
59,112,072,945
28
95.24
31—
Feb.
Mar.
30—
.
—
-
,
—
—
of considerable steel for third and
112.8
112.7
112.6
112.7
fourth
108.0
115.6
115.5
115.5
.
; •'
v
115.5
r
84.7
84.7
108.0
108.0
108.0
68.6
143.9
143.8
143.8
143.8
143.8
Goods
Cotton Wash
96.08
96.18
96.48
64,843,877,284
64,543,971,299
70,583,644,622
71,038,674,932
98.24
May 29
June 30—
juiy
135.0
91.1
89.9
94.1
140.5
140.5
140.5
111.3
111.2
111.2
111.2
111.2
over
136.0
135.5
137.9r
139.3
140.0
102.7
102.7
102.7
102.7
102.7
"Pig iron melters in several dis¬
tricts have asked smaller tonnages
76.5
92.4
92.4
92,4
r
•
—
;
y.
114.6
114.8
114.8
74.3
99.1
99.1
94.3
94.3
Shoes
70.1
99.64
106.0
109.6
v
RECEIVED,
\
"-Received at mills
Aug. 1 to July 31
.
State—
ON HAND
AND
CRUSHED,
Crushed
,
Aug. 1 to July 31
1942
1943
1942
United
4,514,728
States
3,959,835
4,496,942
4,008,436
produced in July to a total of 7,-
114.6
to. equal any other 31-day month
114.6
ii 114.6
103.7
1103.7
103.7
106.0
106.0
106.0
106.0
3,29.2
129.2
129.2
129.2
129.2
146.8
146.9
105.9
69.4
f—
103.6
80.9
■
146.9
146.9
146.9
66.8
66.8
66.8
66.8
94.7
94.7
94.7
95.7
93.5
93.5
93.5
93.5
81.5
110.6
110.6
110.6
110.6
110.6
i
Appliances
Household
average
of subgroups,
49,680,881 tons produced
corresponding period in
1942.
Average weekly production
in July was 1,668,782 tons, com¬
in
Major group indexes are arith-
weighted aggregate.
82,864
California
Georgia
476,267
158,430
343,224
*
78,234
473,207
Arizona
230,245
/v Revised.
158,887
269,435
343,320
166,518
745,605
272,667
222,194
6,896
3,961
547
11,402 A PI
1,023
1,792
164,207
\
284,294
85,893
166,321
86,111
Mississippi
750,766
569,146
North Carolina
272,033
215,399.
Oklahoma—-—-——
219,522
240,151
South Carolina
207,789
122,232
205,145
Tennessee
383,041
398,328
388,962
409,809
3,266
1,042,924
138,714
974,814
44,658
Louisiana
—
1,054,627
other
All
140,261
States
"-Does
tons
for
982,979
145,058
Texas
not
include
for
reshipped
81,928 and 130,529 tons on hand
1943
and
1942
1943.
PRODUCTS
a:
222,024
236,219
2,'591
124,540
142,078 a
Aug.
;
2,403
4,057
744
6,241
3,113
4,464
700
9,187
35,359
1,291
1 nor C3.559 and 68,845
9,897 tons destroyed
include
Does
MANUFACTURED,
A-^ A
a
On hand
SHIPPED OUT, AND
Produced Aug.
1 to
)
Hulls
1
I
(tons)
Linters
t310,191
1941-42
i
(tons)
29,708
1942-43
(thousand pounds)
Cake and meal
On hand
July 31
Aug. 1 to July 31
July 31
Aug. 1
"■34,460
1941-42
oil A
ON HAND
Shipped out
Season
A:
oil
294,005
1942-43
1941-42
1942-43
190,100
1,157,917
1,994,053
164,444
1,752,610
44,118
1,084,755
2,165,560
1,726,954
1,116,887
1941-42
151,439
991,521
1,098,842
1,400,259
1,249,872
tl, 297,034
1,401,677
"■21,825
1,250,671
34,460
310,191
18,5931
-
<.190,100
§1,355,221
1,263,400
§135,116
1,183,963
1,263,822
43,295
i
1942-43
229
36,417
36,015
631
motes, Ac.)
1941-42
1,834
32,958
229
(thousand pounds).)
1942-43
1941-42
23,644
31,353
63,615
72,978
14,281
6,183
55,300
37,839
23,644
(500-lb.
bales)
J
24,484,000 and 12,863,000 pounds held by refining and manufacturing
and 2,118,000 and 2,522,000 pounds in transit to refiners and con¬
sumers Aug. 1, 1942, and July 31,
1943, respectively.
tlncludes 3,620,000 and 3,203,000 pounds held by refiners, brokers, agents, and
•warehousemen at places other than refineries and manufacturing establishments and
"■Includes
was
the
This
cause
few
a
case
months
ago.
home steel
possible be¬
CMP is much better under¬
on
success
front has
the
been made
and fi¬
nally there have been less com¬
by
steel customers
orders.
•
"Steel
order
volume
which
is
longer the criterion it was for¬
merly because of CMP has never¬
no
so
far this month, shown
increase over the
substantial
until
further notice
concerning imports and exports.
the
publication
of statistics
Shipments Up 18.7%
The
Canadian
and
Iron
American
Steel
that
had
received
16
Aug.
on
that
indicated
week
ago,
98.3%
97.2%
and
one
one
year
tons one month ago,
bookings
on
of
40,596
news¬
tons,
or
month of 1942,
the Newsprint As¬
sociation of Canada reported on
while
month ago
ago.
over a
schedules
closing
the more important
tons
one
1,702,200
and 1,662,800
week ago,
"Steel" of Cleveland, in
its sum¬
of the iron and steel mar¬
part as fol¬
■ /,
kets, Aug. 16 stated in
lows:
;-y
Canadian
.
to
323
production amounted to 262,and was 21,145 tons, or
tons
"Shipments and production
United
States
from the
sweeping
in position
allotments for
was a corre¬
sponding reduction in stocks held
by Canadian manufacturers.
1 'I
steel products and most
quarter, orders generally so
far this month are off noticeably.
from
the follow¬
8.8% higher than July, 1942. Ship¬
ments
exceeded-; production
by
deliveries well extended
ask
advices
"The survey showed that Cana¬
dian
most
first
Press
ing:
"With
claimant agencies not
de¬
July, 1942.
Montreal also reported
10.6%
on
Canada
to
.-a/-y'Sifv.. 21,893 tons and there
tons one year ago.
mary
shipments
creased 9.5% from
This
operating rate for the week
beginning Aug. 16 is equivalent
to
1,710,900 tons of steel ingots
and castings, compared.to 1,704,000
rapidly
were
16.7% higher than the comparable
the
represents an increase of 0.4 point
or 0.4% fromthe preceding week.
past week reflected a slight drop,
quarter
and
tons
Aug. 16, compared with 98.4% one
in
first
shipments
print in July amounted to 284,216
announced
telegraphic reports which it
Institute
The
week ago,
this is not held significant since
the
two
previous weeks
were
record
periods for some com¬
1,389,000 and 5,135,000 pounds in transit to manufacturers of shortening, soap, etc.
panies. As a result of this activity
Aug. 1, 1942, and July 31, 1943, respectively. Does not include winterized oil.
steel backlogs are quite heavy and
fProduced from 1,393,806,000 pounds of crude oil.
Total linters produced includes 29,661 bales first cut, 138,086 bales second cut
practically all mills are booked
and 1,187,474 bales mill run.
Total held includes 8,289 bales first cut, 13,959 bales
up for the rest of this year on all
second cut and 112,868 bales mill run.
a
products except a few.. ;
Exports and Imports of Cottonseed Products
"Some companies are reporting
In the interest of national defense, the Department of Commerce
discontinued
Canadian ttewsftrinl
bars."
period in July.
Some dis¬
report increases
in new
orders over a month ago ranging
from 10% to 30%.
Although this
same
tricts
new
•
from
over
sumers
a
operating rate of steel companies
steel con- having 91% of the steel capacity Aug. 12. Shipments to the United
deliveries
and of the industry will be 98.8% of States and overseas customers in¬
capacity for the week beginning creased 18.7 and 18% respectively,
recently
plaints
establishments
has
1942."
since the war begun," says the "Iron
Age" in its issue of today (Aug. 19), further adding in part: "Major
credit for such a situation can be laid at the door o,£ the Controlled
Materials Plan which is now func-*>
tioning in far better shape than items such as plates, sheets and
a
43,295
Grabbots,
demand than has been the case
theless,
123,154
(500-lb. bales)
August which with some companies almost reached previous peaks,
steel observers this week saw a better balance between supply and
44,118
1942-43
slightly more than 1,059,360 tons
in June, but falling below the 1,124,118 tons produced in July,
the first half of
Despite the avalanche of steel orders during
.
11,986
'
1941-42
bales)
fiber
"...
t207,081
{
(running
Hull
Operations Increased—Supply And
Demand Better Balanced—Buying Slackens
stood
1942-43
*
Item—
Refined
respectively.
566,931
11,875
1,175
■■
COTTONSEED
Crude
f
,
3,333
391
3
9,100
the
pared with 1,616,506 tons per week
in July last year.
"Plate production in July is an¬
nounced by the Iron and Steel
Division of WPB as 1,089,677 tons,
Steel
81,928
2,175
78,060
489,322
' 259,004
83,252
475,928
152,709
222,405
257,846
Alabama
Arkansas
was
than the
—.
NOTE—Composite Index is a
In July, 1942, produc¬
7,144,958 tons. In seven
months this year total output was
51,242,929 tons, 1,562,048 tons more
93.5
50.6
.
_____
tion
95;7
72.5
79.9
—
——
this year.
66.8
60.1
Coverings
1942
89,817
*
376,017 net tons, compared with
7,027,101 tons in June, but failed
for
(TONS)
On hand at mills
July 31
1943
1943
;
sev¬
■
106.0
the twelve months ended
COTTONSEED
',
109.6
C
103.7
114.5
74.3
—
—
Electrical
,
109.6
114.6
74.0
—-—
Luggage
'
.
______
Furniture
months.
.; "Ingots and steel castings were
106.0
J 106.0
109.6
:<
Infant's Wear
Shoes
105.1
109.6
September, continuing the de¬
eral
994
94.3.
94.3
;
prospects for winter supply.
cline that has been rioted for
114.8
'
76.3
Overalls
incl.
_
Underwear
manufactured, shipped out, on hand, and exported
with July, 1943 and 1942.
■
for
A
108.1
99.1
94.3"
1
-
114.8
99.0
69.7
Caps——
Clothing
.A
69.6
Neckwear
&
&
Hats
92.4
92.4
108.1
1084
108.1
103,0
64.9
Shirts
140.5
!■
'At,
Underwear
metric
current
69.2
—i—-————
Socks
Aug. 12, the Bureau of Census issued the following state¬
showing cottonseed received, crushed, and on hand, and cotton¬
the
140.5
Apparel
China
support
75.5
-
66.8
Floor
to
83.6
__
Hosiery
On
v
94.1
•
98.69
July
volume
high rate of production but un¬
easiness is felt in some quarters
•-
89.3
59.2
99.47
—--
135.0
-
S
y
_
& House Dresses.
& Brassieres
Shoes
96.70
bv.oo
or
126.8
135.0
97.79
71,575,183.604
126.8
135.0
i":V'
Furs
97.47
71,346,452,852
126.8
135.0
Apparel
Corsets
A 96.11
127.0
72.9
Comfortables
&
Hosiery
Men's
"Steelmaking scrap is being re¬
ceived
by melters in sufficient
126.8
65.0
.
Blankets
materials.
vide these
;''V" •' ••'
Domestics
Women's
,
difficulty
some
enough bars and small shapes un¬
less special action is taken to pro¬
84.7
84.7
108.0
purpose
be experienced in obtaining
may
Oy-
.J*'
this
for
108.1
115.5 i.
.
While supply of
quarters.
plates is expected to be sufficient
112.7
r
108.1
108.1
108.1
70.2
105.3
y
85.0
Underwear
95.76
61,277,620,583
62,720,371,752
62,765,776,218
71,857.596,488
81,048,543,830
80,704,321,646
Cottonseed Receipts In
seed products
105.3
112.2
•
108.1
Radios
ment
105.3
69.2
1943—
94.50
1942—
112.2
105.3
57.4
Aprons
Average
Price
Average
1941—
112.2
'
"
;-:-v
.
113.1
112.3
Silks
Sheets
<
compiled by us, gives a two-year compari¬
total market value and the total average price of bonds
"
Goods
Piece
1943
105.1
76.4
—
------------
113.0
112.2
113.0
71.8
Furnishings
Home
is
replacement
Aug. 1,
1943'
July 1,
113.0
70.7
Apparel
Apparel
Women's
rail
recognized by Washington
and the enlarged car building pro¬
gram has resulted in distribution
Woolens
80,352,221,151
Issues
two
The
Pictures
31,298,003
86.00
Men's
h
June l,
1943
113.2
69.4
—1
-
Goods
Piece
1942 4
for
and
being
May 1,
1943
Aug. 1,
1933
being
reduction is
necessary
cars
65.1
Composite Index
.
Fairchild News Service
May 1,
76.56
105.71
1943
■■■;
105.37
1,429,652,248
770,224,358
listed bonds
All
Copyright
-
.
1931=100
JAN. 3,
65.20
137,706,305
77.24
14,374,516,888
-
government
companies..
Foreign
Foreign
65.32
INDEX
FAIRCHILD PUBLICATIONS. RETAIL PRICE
THE
Infants': Wear
companies—
S.
U.
—
abroad
companies oper.
Miscellaneous
'
—
utilities
Miscellaneous
_>—
occurs
bounds, official an¬
simply marking com¬
accomplished, indicating progress
toward realistic planning.
"Existence of pressing needs of
railroads
for
additional
freight
105.36
107.22
the
Any fluctuation that
supervision the index is compiled.
will be minor." ' ; ;::;
quarter
pletion of broad details of overall
division of tonnage../ While de¬
mand for steel exceeded supply
months, the indications are that it will remain comparatively
in the near future, according to A. W. Zejomek, economist
three
87.65
nouncement
the pas';
the same level that it has been for
"With the index at
fourth
for
against tentative
and
kept
within
reasonable
1942.
Furs increased the most over
modities.
608,125.497
Railroad
Total
only individual commodities to show any change during the
However, the rate of change has been narrowing, with hose
64.54
Petroleum
S.
certain percentage markup in determining steel, under CMP, recently an¬
prices of men's outer coats. Piece goods rose the most and nounced by the War Production
infants' wear the least in the comparison with the period just before Board came at a time when pro¬
ducers were largely booked for
the outbreak of the European war.
"For the third consecutive month women's hose and furs are the remainder of the yeHr.
How¬
which permitted a
mat time
13,809,881
and metals
Mining (excluding iron)
Paper and publishing—
U.
of fourth quarter
10,781,617
——
Communications
covered
virtually
are
35,118,011
and electric (holding)
shade more
a
quarter.
"Distribution
100.80
Machinery
Gas
for third
102.66
—-—-
equipment
V Gas and
schedules
previous year, with men's apparel increasing the most, 0.2%. > This
was undoubtedly caused by the issuance of the price
regulation at
13,819,604
15,768,750
and office equipment-
Rubber
Shapes are
active, as a result of recent orders
from car builders and structural
remained un¬
They showed only slight changes over the
during July.
changed
index
the
comprising
groups
10,834,280
Land and realty
Retail
104.52
—
Financial
Food
major
five
"The
63,915,414,612
___
Chemical
Electrical
level.
of Aug. 13 further said:
The Fairchild announcement
104.30
Building
Business
higher.
27.1%
63,777,827,657
Amusements
Automobile
pipe, shapes and most wire prod¬
ucts maintain about the previous
the ceiling
-A
■
..
Y.
State,
U.
Price
$
Market Value
$ ;•!•„;/>'•
•.
$
; A,:-A
Price
Market Value
.'-.'A
Group—
price index remain unchanged, at 113.0 (Jan. 1, 193M.00). The
index is still 0.1% under Aug. 1, 1942.
At that time the index was at
113.1 the level at which it remained unchanged for eight consecu¬
tive months.
Compared with the pre-war period of 1939 it is still
tail
each;.
of the total market value
son
gish but is appreciably under July
levels,; Tin plate buying is also
below the recent peak, due mainly
to seasonal influences.
Merchant
consecutive month the Fairchild Publications re¬
For the second
.
plates, bars5 and sheets, the major
tonnage factors at present.
De¬
mand for these is;far from slug¬
and
mills
by
decreased
11.8%
respectively,
July, 1942, levels. Ship¬
ments exceeded production by 200
tons
gnd stocks held by United
States
mills
amount."
decreased
by
that
Volume
Number 4204
158
THE COMMERCIAL & FINANCIAL
Exchange Stabilization Fund As Of Mar. 31, '43
The
Exchange Stabilization Fund earned
total of $32,100,859
from its inception Jan. 31, 1934,. through March 31, 1943, according
to tabulations appearing in the current issue of the "Bulletin" of the
a
Treasury Department. The chief source of earnings has been "profits
on gold
bullion," which accounted for $20,860,425 of the total.
The balance sheet of the Fund
as of March 31,
1943, shows total
$2,030,266,098 with cash aggregating $1,994,419,412, of which
$1,800,000,000 is gold. Additional gold of $14,182,611 is listed in a
special account of the Secretary of the Treasury.
Following are the balance sheet, earnings and expense accounts
for June 30,
1942, and March 31, 1943:
assets of
Balance
Sheet
of
the
Exchange
and
Stabilization
March
Assets—
Fund
of
as
June
;
Treasurer
80, 194$
'
Treasurer
of
checking
Federal
the
the
March 31, 1943
New
<
York,
count
counts
151,531,135
Gold
177,908,989
Union
of
Note
United
ac-
v'
" ,r
'
5,992
Special
$1,994,419,412
of
the
Federal
of
New
1917
1942
1918
1942
193
204
162
230
129
629
298
304
179
108
391
345
$273
*199
French
francs
Belgas
1,
arrangement was by "agreement,"
but informed quarters said there
195
196
157
decided
Central
Bank
Foreign
Total
of
14,182,611
353
4,250
940
/
223
269
221
306
,376
136
302
425
764
t695
341
'232,630
18
banks
Investments
Accrued
505
2,980
119,121,925
U0,036,986
266,640
V
i
•
in
19,358,058
11,143,392
10,448,723
.
10,448,723
69,142
United
se¬
___
.,V-
.
interest
receivable
accounts
9,731
(deferred
charges)
985
Commodity
sales
(deferred
Total
Jv.
charges)
,.,2,636
2,636
$2,031,615,840
,i
and
182
•>
contracts
assets
Liabilities
-
foreign
Government
curities
Other
18
505
V,-
States
$2,030,266,098
Capital—
tax
from
ployees,
;
,
'
lotment
of
Treasury
partment
2,051
al-
savings
377
Vouchers^ payableto
foreign
Due
to
Union
Socialist
of
(agreement
1941
and
Capital
10,*.
3, 1942)
2,471,717
1,500
payable-
3,256
$
account
Earnings
tive
c s
_________
accounts
less
2,473,813
&
2,000,000,000
administra¬
expenses
119,678
2,000,000,000
29,142,028
tConsisted of 200,739,726.03
yuan
as
of
March
Earnings of the Exchange Stabilization
31,
1942
Fund
31,
franc
transactions—
transactions———.
March 31,
1942
sterling
through
June 30,
Source
1934
through
French
1943
$310,638
—
$310,638
351,538
.___
351,538
_
Profits
on gold bullion
(including profits.from handling charges
gold)
——————
Profits
silver
on
sale
on
Profits
transactions
Interest
19,948,590
20,860,424
105,371
105,371
3,473,362
3,473,362
——
to
Treasury
'J.
______
on
earned
on
(nationalized)—
_y
1,019,326
1,019,326
——3|71l'o09
3,889,135
'474
488
——
.
—1_„
—
profits'
earned
Total
bullion
investments
on
Miscellaneous
Interest
silver
investments
on
Interest
of
foreign
balances
Chinese
'
§__
—
yuan
earnings
JJuly.
264
11221
H199
$243
..
tt347
_u_
*308
**468
316
—
267
241
§Aug.
liSept.
**Oct.
ttNov,
181
'••'••">0
it
123,889
more
1,966,687
$30,885,535 $32,100,859
.
or
The cost of
less stable
far
so
living in Europe
in
1943
but in
ap¬
Latin
still
was
2149%
the 1939
over
level.
belligerent, occupied and even
higher than in the last pre-war
year, the extent of the rise depending, of course, not only on the war
or defense effort, but also on the
pre-war level of expenditure and
the
scope
or
of the national budgets.
1942-43 accounted for
over
War
90%
defense expenditure in
of total expenditure in the
or
States
estimated to
were
.
have amounted in
1942
to
some
46%
36% in France and somewhat less than 30% in the United States."
Continental U. S. Civil
Engineering
Construction $296,288,000 In July
Civil
Record"
the
Exchange Stabilization
engineering
construction
$296,288,000,
as
volume
in
continental
of $59,258,000 for each
reported by "Engineering News-
an average
side
on
Aug. 12.
the country,
and shipbuilding, is 14% lower than the average
June, 1943, and 75% below the five-week aver¬
July, 1942. The report continued in part as follows:
weekly average basis, public construction is 5% above the
preceding month.
Federal volume, with a 7% increase, is respon¬
sible for the public gain over a month ago, as State and municipal
work is down 15%.
Private construction declines 64% from last
age for
month,
v;-V>.
Private construction for
y,./.
July, 1943, is 47% lower than in the
•':'-"r
.
cor¬
responding month last year, and public work is 77% lower.
State
municipal work and Federal volume are 54 and 78% lower, re¬
and
»_i__
Telephone
other
Total
.
and
Stationery,
All
a
etc.
__i__
_______
———v
________
__
____________
—
.
______
—.——;
administrative
engineering construction volumes for the
month, last month, and the current month are:
through
March 31,
1943
July, 1942
(5 Weeks)
'
Total U. S. Construction—
______
____
.
$1,328,950
61,554
—________
———a——______
telegraph
1942
$1,151,157
,
Travel
Subsistence
31,
June 30,
1
_—;
-----
—a
—-
66,656
Private
45,910
335,666
53,576
Public
351,683
17,765
131,455
135,054
18,521
In
$1,743,507
$1,954,439
Supply Of Money M
Prices In Two World War Periods
The
July number of the League of Nations
Monthly Bulletin of
Statistics, published by the League Mission at Princeton, N.
tains
in
addition to the regular tables a set of
graphs
countries the movements in the
J.,
con¬
showing for
supply of money and in
prices during the two war periods, 1914-1919 and 1939-1943. Advices
from the League at Princeton State:
some
20
"The
reached
graphs indicate
so
that,
far in the countries
in general, the
covered is
degree of inflation
distinctly less than in the
corresponding period of World War I,-a result due mainly to the
early introduction of comprehensive rationing and price
controls, as
Construction
Construction
State
and
Municipal
Federal
—>
June, 1943
(4 Weeks)
July, 1943
(5 Weeks)
$1,201,526,000
62,040,000
1,139,486,000
50,899,000
1,088,587,000
$274,493,000
72,718,000
201,775,000
21,956,000
179,819,000
$296,288,000
32,704,000
263,584,000
23,200,000
240,384,000
The July volume
Sweden
Foreign Office communique
said that transport of war ma¬
to
Finland
cease
on
"leave"
and from Norway and
through Sweden would
Aug. 15, that so-cMled
traffic of
Norway
soldiers
to
and
traffic
between
Narvic would
"horseshoe"
and
Trondheim
cease
on
and
Aug. 20.
Orders To Less Critical
Labor
Supply Areas
Because of the
increasing short¬
age of manpower in certain criti¬
cal
areas,
approximately
1,000
prime contractors who have back¬
of orders totaling $5,000,000
logs
or
each were requested on
to place future subcon¬
for fabrication of products
more
Aug.
11
tracts
in
the
less
of
areas
critical
the
labor
supply
nation.
The request to observe this
pol¬
which was called "'vital to
icy,
the
retary of
Secretary
War
Patterson, Under
Navy Forrest and
Clifton Mack, Director of the Pro¬
of
Division
of
the
Treas¬
Department.
latter,
prime
policy
same
in
effect,
contractors
in
to
urged
follow
placing
the
subcon¬
tracts which the Federal Govern¬
ment
observes
contracts.
War
in
placing prime
months the
For many
Department,
ment,
Navy Depart¬
Commission ah'^"
Maritime
Treasury Department have been
making every effort to place con¬
tracts in noncritical
areas
where-
production facilities and the
required speed of delivery can be
ever
secured in such
areas.
In
the al¬
work, the procure¬
ment agencies rely on the War
Manpower Commission's monthly
list of
war
than 300 labor market
more
classified in four groups ac¬
cording to the adequacy or short¬
age of labor supply.
Authorize Flood Area Loan
Secretary of Agriculture Wickard has anouneed authorization of
flood
restoration
counties
in
loans
twelve
in
314
mid-Western
Southern States.
The loans,
special $15,provided by Con¬
brings 1943 construction to $2,062,540,000 for the
of $68,751,000 for each of the 30 weeks in
the period.
On the weekly average basis, 1943 construction is 65%
below the $6,106,820,000 for the seven-month, 31-week
period in
000,000
the month last year.
production restoration loans. The
seven
Movements
equipment
war
neutral
A
and
expenses
much
through
areas,
1934
through
■: 'Vt
Classification—
Jan.
v;
1942
■'
V
troops and
passed
location of
Continental U. S. civil
31,
1934
Salaries :
more
The
United
for the four weeks of
Fund
Jan.
f'.
months, it was esti¬
than 1,000 German
many
curement
spectively, than a year ago.
Administrative Expenses of
the
daily.
ury
This weekly average volume, not including the
construction by military combat engineers, American contracts out¬
123,889
1,841,337
—
—__—_
—
not at all in June.
or
was
For
mated,
terials
States
On the
————
—
Profits
11276
—
of the five weeks of the month
Jan.
31,
1934
on
216
**372
—
.
States for July totals
'
on
146
"Government expenditure in the
neutral countries is now many times
1943.
Jan.
Profits
211
had
to
Urges Spread Of War
$2,030,266,098
v.
British
202
doors
military machine in view of
war
developments.
149
119
Sweden
the
Ireland, 50% in Norway and Sweden, 49% in Mexico and Switzer¬
land, 43% in Peru, 33% in Japan, 28% in the United Kingdom, 24%
in the United States, 21% in the
Argentine, 19% in South Rhodesia.
18% in Canada, 14% in Colombia, Uruguay and
Venezuela, and 11%
in Germany.
In China (Chung King) the cost of living by August
amounted
on
tMay.
238
that
close
transit
recent
146
179
tt473
•
340
188
239
Nazi
to
the
from
"Consisted of 941,053.554 ounces on June
30, 1942.
tConsisted of secured deposits
amounting to 65,032,054.79 yuan as of June 30, 1942. Gold held as
collateral
Profits
——
to have been
pears
30,146,420
$2,031,615,840
—
Total liabilities and capital
$19,379,015.65.
—
———
—
202
369
'
-
185
434
—
——
424
370
150
doubt
no
of
war effort," was contained in
"Although taxation has greatly increased, the proportion of total copies of a letter signed
by Chair¬
expenditure covered of receipts in 1942 or 1942-43 was approximately man Nelson of the War Production
60% in the Union of South Africa, 52% in Canada, 51% in the United Board,
Chairman
Land
of
the
Kingdom, 47% in New Zealand, 40% in Australia and Switzerland, Maritime Commission, Under Sec¬
Soviet
Oct.
Jan.
Miscellaneous
Total
145
113,405
b 1 i
151
254
;
264
430
(or 56% if the financing of exports to Germany is included) of total
expenditure in France, and in;1941 to 45% and 36% respectively in
Belgium and the" Netherlands."'
821
219
banks
R ep u
—
—i
occupation'
account, U. S.
bonds
Due
——
190
226
179
§184
232
245
was
184
and the United Kingdom, for about 85% in
Canada:
83% in Australia and nearly 80% in New Zealand, for 72% in neutral
Switzerland and about 50% in the Union of South Africa; 'costs ol
De-
pay-roll
222
:
_
198
(.
373
'
United
em¬
—
^Employees'
.
withheld
salaries
.
Switzerland
1942
Accounts payable:
Victory
—J—_
—
201
336
termination
rising.
Compared with the pre-war average,
January-June 1939, the cost of living in the first or second quarter
of 1943 was up 274% in
Turkey, 237% in Palestine, 203% in Iran
(X-1942), 206% in Bolivia, 145% in Iceland, 95% in India, 86% in
Finland, 84% in Chile, 67% in Costa Rica, 66% in Spain, 59% in
836,263
2,980
China-
from
205
276
.•
that
260
250
293
,.
America
depositories-
due
306
222
—
_
changed little
7,936,045
_____
Foreign Office announced
182
347
"The regular Bulletin tables show inter alia that:
"The cost of living indices for Canada and the United
.
The
*153
588
♦March.-
——
;
further
230
York:...
Sterling
advices
341
Sec¬
.
The
stated:
941
Treasury
francs
dispatch.
461
India—
from
foreign
banks
(foreign exchange):
Swiss
for
676
Iraq
;
operations
three
years,
accord¬
United Press Stockholm
200
Reserve Bank
gold
military
a
ft 190
Egypt
Due
tran¬
than
more
ing to
107
248
a
343
Iran
14,358,449
Special account No.
Living—
1942
163
days, ending
676
Palestine
Social¬
of
accounts
retary
in
—of
IS17
184
11255
many's
Cost
1942
150
few
a
790
Portugal
from
____
within
369
Sweden
1942)*
Wholesale
—Prices—
769
—
Norway
Turkey
•
ist .Republics (agreement
Oct.
10, 1941 and Jan.
3,
Sight
—Deposits—
1917
Kindom——
Netherlands
$1,979,501,213
Soviet
Righti
sit agreement that had aided Ger¬
levels by the end of 1917 (1918 for cost of living) and 1942
is brought out by the
following indices. (Pre-war levels=100):
Greece
42,882,284
v..
10,965
purchased
Ending
Nazi Transit
in
"The extent to which these series had risen above the
respective
Roumania——-——
—
increases
pre-war
Denmark
of
cash
The
living appear in general to have not
The Swedish government an¬
only kept well below the levels reached in 1917 but also to have
nounced on Aug. 5 that traffic of
lagged further behind the increases in the supply of money.
It
German soldiers and war mate¬
must be remembered,
however, that these indices are generally based
rials across Sweden to and from
on official prices and take no account of
the black market which in
Norway and Finland would cease
certain Axis controlled countries is important.
s
*
bal¬
advance
in most countries.
Bulgaria
ac¬
officers'
and
ances
Total
special
Sweden
wholesale prices and the cost of
Finland
—
Disbursing
to
also expanded less
_______
■
■
have
Italy
1,581,259
Bank
banks
France
$1,800,000,000
,
United
account—
Reserve
''
*
$1,800,000,000
Note circulation has risen
less, except
Denmark, Norway and the Netherlands, neutrals in the last war,
Portugal. Sight deposits in commercial
in
and also than in Greece and
Germany ■__v:-,
United
gold
719
heavier taxation.
End of—
81, 1943
June 30, 1942
of
States,
to
as
—Circulation—
v:
Cash:
well
CHRONICLE
months,
an
average
to
be
made
from
fund
a
gress, are to be
available ina
Arkansas, Indiana, Illinois, Kan¬
1942.
Private construction, $255,188,000, is 35%
lower, and public
sas,
Michigan, Minnesota, Mis¬
work, $1,807,352,000, is down 67% when adjusted for the difference in
sissippi,
Missouri,
Ohio,
Okla¬
the number of weeks reported.
homa, Wisconsin and Texas. Un¬
New Capital
der the program, it is stated eli¬
New capital for construction purposes for
July totals $2,424,122,- gible farmers will be able to get
000, a volume 7% below the new construction financing reported for real estate restoration loans and
The month's total is made up of $22,634,000 in
private investment; $148,000,000 in Federal funds for non-Federal
work* and $2,253,488,000 in Federal appropriations for war construc¬
tion and regular departmental building.
The month's
financing brings 1943 volume to $2,921,188,000
for the 30-week period, a total 68% below the
$9,500,250,000 reported
for the 31-week period in 1942.
new
real estate loans may be made for
a
period of
bear
up
to 20
interest at
production
loans
years
and will
3%%, while tho
will
be
mostly
short-term but may run as long as
10 years, bearing interest at 5%.
Index Advanced 0=2%
During Week Ended Aug. 7, Says Labor Dept.
'
prehensive all-commodity index to
The
explained:
under Office of Price
eggs
"Led
this time last month.
at
than
lower
'
"
' ■ •"
;
-
-
0.5% as a
I
'■
result of higher prices for lin¬
<
f
..
totals of a
ago.
year
Subtotals for the week in each class of
waterworks, $623,000;-sewerage, $767,000; bridges,
000, is 68% below the
by Aluminum Company of Amer¬
ica exceeds the metal output of
$9,509,648,000 for the 33-week period in 1942.
mated
in prices
output for the week ended Aug.
of commodities for the past 3 weeks, for July 10,
Aug. 8, 1942 and the percentage changes from a week ago,
ago, and a year ago:
.
.
•
•,
1943 and
a month
similar period of
period at its Nigerian tin proper¬
ties.
This was accomplished in
spite of moving the plant and a
subsequent shortage of water and
1942.
July 24
July 31
9.3
6.70
8.7
5.8
_
17.6
14.1
13.6
14.3
_
_
14.2
12.3
19.1
Southern States
_
16.6
16.0
__
_
_
_
"
19.6
16.3
West Central—
■
•'
20.5
16.5
21.1
20.6
16.6
15.8
15.7
a
7-31
8-7
7-31
7-24
7-10
8-8
1943
Commodity groups—
1943
1943
1943
1942
1943
+ 0.2
Foods
Hides and leather
products.
Textile
products..
Fuel and lighting materials
Metals and metal products
Housefurnishing goods
Miscellaneous commodities
99.7
+
0.2
-M).7
commodities
+
0.4
+
2.5
*103.8
103.9
0
0
110.5
110.2
+ 1.0
+ 1.3
100.1
100.1
96.3
104.4
104.3
104.4
92.1
100.1
104.2
92.1
0
+ 0.1
110.6
110.8
0
0
*103.8
111.9
96.5
79.6
91.6
88.9
*113.3
*114.0
lOu.4
92.7
92.7
*99.8
*99.6
*98.2
*98.3
*97.1
*97.1
products and foods
'
♦Preliminary.
—
—o.t
0
1.5
+
0
0
0.1
+
3.9
—
0.2
+ 0.1
+ 0.7
+
3.7
+ 0.4
—0.4
+
13.0
92.6
0
0
;
+
0.1
98.9
+ 0.1
+ 0.3
+
1.0
*98.1
97.2
+ 0.1
+ 0.2
+
1.1
*96.9
95.7
+ 0.1
+ 0.3
+
1.6
1
May
•
■
-
.
s"
year,
8
3,304,602
+17.0
2,944,906
1,429,032
1,688,434
+16.0
+18.2
+18.1
+20.1
3,003,921
3.011,345
3,040,029
2,954,647
1,698,941
l,704,42fc
1,705,460
1,615,085
+16.4
+16.7
1,436,928
1,435,731
1,425,151
1,381.452
1,435,471
May 22
—_
3,903,723
3,969,161
3,992,250
3,365,208
3,356.921
3,379,985
May 29
...
——
—
3,990,040
3,322,651
Jun
5
3,925,893
3,372,374
Jun
12
4,040,376
Jun
19
4,098.401
3,463,528
3.433,711
Jun
26
4,120,038
3,457,024
+19.2
3,076,323
3,101,291
3,091.672
3,156,825
4,110.793
3,919,398
4,184,143
4,196,357
4,226,705
4,240,638
4,287,827
3,424,188
3,428,916
3,565,367
3,625,645
3,649,146
3,637,070
3,654,795
+20.1
+14.3
+17.4
+15.7
+15.8
+16.6
+17.3
2,903,727
3,178.054
3,199,105
3,220,526
3,263,082
3,233,242
3,238,160
July
3
July 10
July 17
—
—
July 31
7
Aug
14
—————
+19.4
1,441,532
1.440.541
1,456,961
1,341,730
1,415,704
1,433,993
1,440,386
1,426,986
1(415,122
1,431,910
1,689,925
1,699,227
1,702,501
1,723,428
1,592,075
1,711.625
1,727,225
1,732,031
1,724,728
1,729,667
'
Supplies
Exceeded By Requests For Critical Materials
the Federal Reserve Bank of New York from
commercial paper dealers show a total of $149,800,000 of open mar¬
ket paper outstanding on July 31, the Bank announced on Aug. 11.
This was an advance of $6,500,000 from the June 30th total but a
decline of $155,500,000 from July 31, 1942. This is the first monthly
rise in seventeen months and is attributed to the seasonal financing
'Following are the totals for the
30-
143,300.000
-
May 29
Apr 30
149,800,000
——
—
—
-
159,600,000
" 178,900,000
200,600,000
209,100,000
220,400,000
Mar 31
Feb
27
Jan
30
—
last two years:
$
1942—
$
1942—
Jun
July 31——...
Jun
315,200,000
354,200,000
373,100,000
May 29
Apr 30
Mar 31
;
384,300,000
i
Feb 28..
Jan
"
305,300,000
-
30
388,400,000
380,600,000
,
.
31
Nov 30
—
Oct
31__
Sep
30
...
...
Aug 31—
229,900,000
260,600,000
271,400,000
Dec
Nov
29
Oct
31
Sep
374,500,000
387,100,000
377,700,000
31
281,800,000
297,200,000
-
—
production and shipment figures and other data have been
for the duration of the
Civil
30
370,500,000
353,900,000
;
Aug 30.
"E. & M. J. Metal and Mineral
Engineering Construction
The
plies.
went
on
production
available sup¬
keep
to
within
schedules
publication
further
•
and 84% below the total
Public work declines 31% from last week despite
and municipal construction, as Federal work
the 48% gain
is down 37%.
municipal volume and Federal construction are under
and are responsible
The report went on
The current
for the 85% decrease in public con¬
to say:
week's volume brings 1943
:
i
,
construction to $2,141,-
Copper
■.
802,000, an average
000
for
9
10
Aug.
11
-
—
Chinese,
or
99% tin, continues
pound.
at 51.125c. a
Vanadium
supply position of vanadium
eased moderately and WPB
now
metal
permits limited use of the
by tool steel producers in
steel other
the manufacture of tool
than
high speed steel.
cer¬
Quicksilver
:
omitted
Some
soon
that extra manpower will
be available.
showing
are
consumers
about world political de¬
the 32 weeks. On the
than the $6,471,393,construction, $264,than in 1942, and public work, $1,876,905,000,
of $66,931,000 for each of
basis, 1943 volume is 66% lower
the 33-week period last year.
Private
897,000, is 35% lower
meeting to be
a
ficials
on
of
of
common
week
were
week
the
lead
about
for the
times
previous.
The
price situation was unchanged.
Sellers
of. solder and
babbitt
and sold as Treasury or
domestic
casting metal under Conservation
Order M-199, as amended July 29,
may
be priced on a
higher basis
provided
for
those
classifications/Previous¬
have been authorized by OPA to
silver scrap was priced
add to their prices increased costs ly, all
as
foreign silver.
The revised
resulting from the use of Treasury
ceiling for Treasury or domestic
silver.
*
•
^
silver sold as casting metal is the
Canada produced 243,800 tons of
seller's March 1942 price, plus
lead in 1942, against 191,000 tons in
36.125c. an ounce troy of contained
1939, the
Wartime Information silver. This change is authorized
specifically
now
-
_
middle of the current
month. With
ample supply, re¬
quests for copper by the brass
mills may be reduced, the trade
brass scrap and
believes.
270,600 tons
of refined copper in 1942, accord¬
ing to the Wartime Information
Board, the equivalent of 12V2%
of the United Nations' supply.
In
1939,
Canada
produced 232,000
tons. :
;!,
' ■
produced
....
Lead
.
Buying of lead increased appre¬
Board stated.
in Amendment
Zinc
;
The labor situation in
the min¬
smelters
also are confronted with a labor
problem.
So far, although mine
production has been substantially
the
less
service.
than
mines
the domestic
plus imports have been able
all the concentrates
could handle.
Smelter
furnish
to
with
smelters
Consumers re¬
during the
23V2d. The
New York Official for foreign sil¬
The
London
sponded to the request for earlier production of slab zinc
could .be
price
last week continued at
ver
unchanged at 44%c.
was
However,
capacity,
14 to the price reg¬
ulation, effective Aug. 14.
ing areas is expected to show some
improvement before the end of
September, following action by
the Army to release miners from
ciably during the last week, in line
expectations.
produced by manu¬
semi-fabricated items
Silver scrap
facturers of
Aug. 16.
-
Copper allocations for Septem¬
ber will be released about the
-
Canada
at
held in New York with WPB of¬
that
;
^
weekly average
be considered
last
Army
for the corresponding 1942
week as reported by "Engineering News-Record" on Aug. 12. Private
construction is 47% lower than a week ago, and 69% below a year
struction.
Aug.
Aug.
Markets," in its issue of August
Sales
to say:
ters, and fabricating plants.. Some
have been notified by the
For Week
last year,
7__~——
Aug.
velopments in that they are not
fourth entering into any long-term con¬
available supplies, Donald M. Nelson, head of tracts for the metal. It begins to
WPB, said last week.
He referred to copper as being particularly look as if large consumers will
adversely affected, owing to manpower shortages. J. A. Krug, chair¬ lean more heavily on Metals Re¬
man of the Requirements Committee, pointed out that the over-all
serve for
their quicksilver sup¬
reduction
in
claimants, fourth-^
plies.
The price in New York
consideration on their September
quarter requests amounted to only
continues unchanged at $196@$198
needs.
The question of allocating
13%, which compares with a re¬
per flask.
foreign lead for next mor*th will
duction of 25% in third-quarter
Silver
mines
engineering construction volume in continental, United
States totals $31,773,000 for the week.
This volume, not including
the construction by military combat engineers, American contracts
outside the country, and shipbuilding, is 33% lower than in the pre¬
Both state and
6
"Requests for critical materials under CMP for the
12 stated:
centers in the
labor situation at the mines, smel¬
Civil
in state
52.000
52.000
52.000
52.000
52.000
52.000
5
Aug.1
war.
Interest in copper
ago.
Aug.
concern
,,
ceding week,
Oct.
52.000 52.000
52.000 "152.000
52.000i 52.000
52.000 52.000
52.000 52.000
52.000 52.000
Sept.
August
v
tain
1942—
31
Censorship
Editor's Note.—At the direction of the Office of
allotments
1941—
Dec
follows:
as
quarter still outrun
■
July 31———
shipment
Straits quality tin for
was
has
Commercial Paper Outstanding
r
at the rate of
The
Reports received by
:
was
56.5% of capacity.
1,733,110
Non-Ferrous Metals—Available
of crops.
.
stitute.. This
1928
1932
1941
1942
over
3,866,721
-
May 15
Aug
than
other
0.3
96.9
May
1942
1943
Week Ended—
July 24
products
commodities
6.9
81.5
than
other
0
0
118.8
118.4
+
—
new
plate during the first half of 1943
was
1,076,259 tons, according to
the American Iron and Steel In¬
(Thousands ot Kilowatt-Hours)
'% Change
4.5
+ 18.6
96.9
100.1
104.2
92.2
RECENT WEEKS
*
1943
*98.3
Manufactured products
farm
107.3
+
—0.8
*97.2
Semimanufactured articles
farm
0.6
81.8
I
All
+
*113.5 *113.0
92.7
92.7
*99-9
*99.8
Raw materials——
All
105.4
118.4
*103.8 *103.8
Building materials
...
Chemicals and allied products—.
98.6
*126.0
107.0
*125.0 *124.3
106.6
106.4
118.4 118.4
96.9
96.9
81.6
81.6
products
Farm
♦103.0
*124.8
FOR
DATA
1942
0
*102.9
Total United States
8-8
7-10
1943
long tons a year.
agreement, Ni¬
10,500
the
Production of cold reduced tin-
Percentage changes to
Aug. 7, 1943 from—
Nigerian pro¬
increase in out¬
geria's quota is set at 15,367 tons
10.2
18.6
17.3
..
Pacific Coast
15.4
19.1
Rocky Mountain.
around
Under
17.6
/•a
an
put of approximately 9%. In 1939
and 1940, Nigerian production of
tin
contained
in
ore
averaged
17.5
15.8
17.1
18.3
Middle Atlantic
Central Industrial
Another
power.
ducer reports
YEAR
Week Ended
Aug. 7
Aug. 14
Major Geographical DivisionsNew England
'
(1926=100)
ended April 30, 1943,
states that a high rate of output
was
maintained throughout the
i7, 1943, was 16.6% in excess of the
PERCENTAGE INCREASE OVER PREVIOUS
in its report
London Tin Corp.,
industry of the United States for the week ended Aug. 14, 1943,
was
approximately 4,287,827,000 kwh., compared with 3,654,795,000
kwh. in the corresponding week last year, an increase of 17.3%.
The
rapid changes caused by price control, ma¬
terials allocation, and rationing the Bureau of Labor Statistics will
►attempt promptly to report changing prices.
Indexes marked (*'),
however, must be considered as preliminary and subject to such ad¬
justment and revision as required by later and more complete reports.
The following table
shows index numbers for the principal
.
for the year
the electric light and
production of electricity by
the
that
facilities.
Tin
power
During the period of
•;;v;
2,100,000,000 lb. a year. The Gov¬
ernment according to Jesse Jones,
has invested $760,000,000 in alumi¬
in its current weekly report, esti¬
The Edison Electric Institute,
upward adjustment in
groups
operated
plants
ernment-owned
For Week Ended Aug. 14,1943,
Shows 17.3% Gain Over Same Week Last Year
notation is made:
The following
Aluminum
••
Production of aluminum in gov¬
num
....
ceiling prices on southern pine lumber and an increase
for rosin, industrial commodity prices remained steady."
216,000 tons. This compares
output of 175,600 tons in
an
1939.
Electric Output
'
advance of 1% in prices
materials, brought about by an
as
with
,
1
Except for an
"Industrial commodities.
'
ly
zinc
of
$654,000; industrial buildings, $1,025,000; commercial building and the company's own plants, and
large-scale private housing, $2,067,000; public buildings, $11,492,000; within a few months governmentearthwork and drainage, $1,509,000; streets and roads, $5,165,000; and.
owned plants will account for an
unclassified construction, $8,471,000.
annual output of about 1,100,000,New capital for construction purposes for the week totals $3,000 lb., according to C. C. Carr, of
185,000, an increase of 212% over the total for the corresponding Alcoa.
Capacity
t o
produce
week in 1942.
The current total is made up entirely of, state and
aluminum in the United States
municipal bond sales;
will, within a few months, exceed
New construction financing for the 32 weeks of 1943, $2,924,770,-
fruits and vegetables, average
during the week ended Aug. 7. Quotations
"Cattle feed advanced
for building
Canada
official¬
increase of 0.7% in
by an
prices for foods rose 0.2%
were lower for flour.
seed meal.
in
during 1942 was reported
waterworks, bridges, industrial buildings, earthwork and drainage,
and streets and roads.
All classes of work are below their respec¬
construction are:
'
■
Production
.
.
Administration regulations and for
potatoes at Chicago and New York brought average prices for farm
products in primary markets up 0.6% during the week.
Smaller
increases were reported in prices for oats, wheat and cotton, for hogs
and steers, and for citrus truits.
Quotations for corn and rye were
off slightly from the preceding week and prices were also lower for
sheep, onions, potatoes at Boston and Portland (Oregon), and wool.
Notwithstanding the recent advance farm product prices are 0.8%
for
piling.
in
Sharp seasonal advances in prices
products and foods.
;
The American Zinc Institute last
week came out for postwar stock¬
....
tive
labor could be
more
T
...
^
Department's announcement further
Labor
"Farm
•', ^
Aug. 13, '42
Aug. 5, '43
Aug. 12, '43
...$200,600,000 I $47,489,000
$31,773,000
Private Construction10,889,000
6,330,000
* 3,379,000
Public Construction
.189,711,000
41,159,000
28,394,000
State and Municipal
6,744,000
3,110,000 ■
v 4,613,000
Federal
182,967,000
38,049,000
23,781,000
In the classified construction groups, gains over last week are
103.0% of the 1926 average, 41/2%
higher than at this time last year.
obtained.
week, and the current week are:
of Labor Statistics' com¬
The increase brought the Bureau
if
increased
when
Total U. S. Construction
Aug. 19 that fol¬
lowing their downward tendency of the past several weeks, com¬
modity prices in primary markets reacted during the first week of
August and advanced 0.2%. Higher prices for domestic agricultural
commodities, together with Office of Price Administration action in
raising ceiling prices on southern pine lumber, largely accounted for
the rise.
Thursday, August 19, 1943
adjusted for the difference in the number of
68%
weeks
Department of Labor announced on
The U. S.
>
reported.. ./•" "
...'.V-' w...
Civil engineering construction volumes for the 1942 week, last
down
is
Wholesale Gonmodity
;
FINANCIAL CHRONICLE
THE! COMMERCIAL &
720
Daily Prices
.
.
The
daily prices of electrolytic
copper
(domestic and export,
re¬
finery), lead, zinc and Straits tin
were unchanged from those
ap¬
pearing
in the "Commercial and
Chronicle" of July 31,
Financial
1942, page. 380.;/,.
,
V
;
.
.Volume 158
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4204
the textiles group.
Trading On New York Exchanges
The Securities and Exchange Commission made public on Aug. 13
<
figures showing
New York
the
volume of total round-lot stock sales on the
Exchange and the New York Curb Exchange and
round-lot
of
transactions
stock
for
the
account
of
and
and
all
exchanges in the week ended July 31, continuing
series of current figures being published weekly by the Commis¬
sion.
Short
figures.
sales
shown
are
separately from other sales
J
<..■
'■(/■'
■>
J 13.13% of total trading of 1,364,460.
three
declines; and in the second preceding week there
•
York
Stock
-
NYSE Short Interest
Lower On
announced
WEEKLY
'7>"'7 7;.
WHOLESALE
1935-1939^100*:,-.7
Cottonseed
Cotton
7
u———
'r
:
145.1
'
159.0
,152.3
139.4
195.5
199.8
174.6
146.5
145.7
149.0
145.6
122.8<.
122.8
122.8
130.2
130.1
130.1
150.6
150.6
commodities
Textiles
.
158.4
154.0
150.3
firms,
836,764 shares,
was
short positions carried in the odd-
-
y ; 145.0
Fuels
member
128.5
-
195.9
—
of
-7140.3
138.0
160.7
-
tne
close
compared with 879,575 shares on
June 30,
both totals excluding
145.6
160.7
that
the
the
on
ment
Ago
.
154.4
_____
Miscellaneous
8.2
.v 1943
Aug. 15,
; 1942.
of
as
Exchange
11
July 30 settle¬
date, as compiled from in¬
formation obtained by the Stock
Exchange from its members and
'
Year
Ago-
•
July 17,
138.0
145.6
Oil
Livestock.
10.8
1943
138.6
Grains
7^7^77
17.3
1943
-
Farm Products
-
77.
.
Aug. 7,
Foods
;
77 Fats and Oils
77
23.0
-
Month
Week
Aug. 14,
;
«
,
Preceding
week
*
/
7.777 '.">7
7 -.- 7 ':
7>7.77^77
■.
interest
business
INDEX
.
:
Latest
Group
Total Index
;
v..
77,777:7777;,'*
Bears to the
25.3
PRICE
Compiled by The National Fertilizer Association
%
Each Group
1
COMMODITY
Aug.
on
.
^
July 30
The New York Stock
were
short
■.
*
rising.
,
in these
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended July 31 (in roundlot transaction) totaled 3,023,670 shares, which amount was 16.98%
of the total transactions on the Exchange of 8,903,940 shares.
This
compares with member trading during the week ended July 24 of
1,598,833 shares, or 16.54%;. of total trading of 5,086,320 shares.
On
'the New York Curb Exchange, member trading during the week
ended July 3T amounted to 490,885 shares, or 16.20% of the total
volume of that exchange of 1,515,140 shares; during the July 24
week trading for the account of Curb members of 353,340 shares was
declines than ad¬
more
six advances and six declines.;'
members of these
a
were
Although the index advanced, six of the price series advanced
eight declined; in the preceding week there were 11 advances
■
the
Stock
volume
The fact that there
did not prevent the total
average from
vances
721
'112.5 '
"140.1
lot account of all
odd-lot dealers.
As of July 30 settlement
date, the
total short interest in all odd-lot
dealers'
accounts
was
36,489
with
32,630
118.8
127.0
„
'151.2
146.9
shares,
compared
shares
June 30.
on
■
Total
1
Sales"
Stock
Round-Lot
'•
Transactions
.the
on
New
Exchange
Members*
Account' of
for
f 7.1
Stock
and
■
•
'
4
'
"
WEEK ENDED JULY 31, 1943
7
Total
for week
Total Round-Lot Sales:
Short
sale3
vj.3
t Per Cent
<
tOther sales A——
100.0
*'
•
•
Total
-
B.
sales..
Round-Lot
Members:
they
rv-W:.,-'
-
,
tOther
sales
Total
Other
2.
Short
104.1
All
135.0
-•
-Indexes
groups
combined
1926-1928 base were Aug. 14,
on
120.7
115.3
104.1
104.1
134.6
128.6
_134.8
1943, 105.1; Aug. 7, 105.0; ahd Aug.
15,
"
Exchange's
"Of
117.8
^119.8 '•
104.1 f
the
88,820
the
on
9.65
MOODY'S
floor-
——_____
(Based
237,960
_____
sales
1943—
18,800
373,400
sales
U.S.
Daily
4.10
392,200
Other transactions initiated
off
the
Aug
which
than
22,000
13
265,440
12
averages
are
PRICESt
Corpo¬
Aaa
111.25
119.20
117.00
111.25
119.20
117.00
Aa
Corporate by Groups*
Baa
R. R.
111.62
99.04
111.62
99.04
,
sales
Total
sales
short interest
Total
7-:v
purchases
Short
sales
tOther
positions,
the
following
sales
113.89
117.20
113.89
117.20
day for each month for the last
two
close
117.00 ; 111.62
99.04
103.30
113.89
117.20
119.20
116.80
111.62
99.04
103.30
113.89
117.20
119.20
116.80
111.62
99.04
103.30
114.08
117.00
120.40
111.25
119.20
116.80
111.81
99.04
103.30
114.08
117.20
.
120.38
111.44
119.20
117.00
111.81
99.04
103.30,
114.08
117.20
.
120.27
111.25
119.20
116.80
111.62
99.04
103.30
114.08
117.20
.
120.19
111.25
119.20
117.00
111.62
99.04
103.13
114.08
117.40
120.19
111.25
119.20
117.00
111.62
99.04
103.13
114.08
120.19
111.25
119.41
117.00
111.44
99.04-
103.30
114.08
117.20
120.19
111.44
119.41
117.00
111.44
99.20
103.30
114.08
117.40
Dec.
the New York Curb
on
Transactions for Account
of
Members*
WEEK ENDED JULY 31,
120.19
111.25
119.20
117.00
111.44
99.04
103.13
114.08
120.19
-
Short
ft? f'
B.
'
:
2
1
Round-Lot
Transactions
for
V
they
are
Jun
....
119.20
116.80
111.44
99.20
103.13
114.08
117.20
-120.73
111.07
119.20
116.61
111.25
98.88
102.80
114.08
117.00
Mar.
31
120.75
110.70
118.80
116.22
111.25
98.25
102.46
113.70
116.61
April 30
489,223
513,546
530,636
120.41
110.70
118.80
116.22
111.07
98.09
102.46
113.70
116.61
May
29
120.15
110.52
118.60
116.02
111.07
97.94
102.30
113.50
116.41
June
30
102.30
113.50
116.41
Total
sales
off
the
;
102.30
131.31
115.82
101.97
113.12
115.82
H9.27
109.97
118.00
115.63
110.70
97.47
101.80
113.12
115.82
Oct.
30
119.03
109.79
118.00
115.43
110.52
97.16
101.47
112.93
115.82
Nov.
30
109.79
551,053
118.36
118.00
115.43
110.34
97.00
101.31
113.12
115.63
Dec.
31.
116.93
109.60
117.80
115.43
501,833
110.52
96.23
100.65
113.12
115.63
26
117.11
109.24
117.60
115.43
110.15
95.47
100.00
112.93
115.43
117.04
108.70
117.60
115.04
109.79
94.56
99.04
112.56
115.43
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
116.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81
114.46
1942_!
118.41
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
1942—___
115.90
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
96.23
111.44
30
1943—__
Aug.
17,
117.88
106.92
116.80
118.88
107.62
118.00
sales
16,
Account
V_
'
,
of
.v.'.-. ; -: ':
other
1941_
1943—
16.20
Aug
Special-
.
54,206
associate
these
with twice
the
volume
short
percentages
total
Includes
sales
the
round-lot
only
which
total
volume
of
purchases
for the
are
and
by the
Govt.
26.
31
May
28
June
30.
July
30.
—
-
'
'
1
1
>
rate
Corporate by Ratings
Aaa
Aa
A
Corporate by Groups
Baa
R. R.
P. U.
Indus.
2.80
3.08
3.81
3.55
2.96
2.79
2.80
3.08
3.81
3.55
2.96
2.79
2.96
2.79
is
3.55
3.81
3.55
2.96
2.79
3.08
3.81
3.55
2.95
2.80
3.10
2.69
2.81
3.07
3.81
3.55
2.95
2.79
3.09
Commission
in
held
ury
the United
2.69
2.80
3.07
3.81
3.55
2.95
2.79
and agents.
3.10
2.69
2.81
3.08
3.81
3.55
2.95
2.79
are
3.10
2.69
2.80
3.08
3.81
3.56
2.95
2.78
that
3.10
2.69
2.80
3.08
3.81
3.56
2.95
2.79
3.10
2.68
3.09
3.81
3^55
2.95
2.79
1.84
2.80
States Treas¬
and by Federal Reserve Banks
1.84
for
the
that
The figures this time
June
30,
money
date
1943, and show
in circulation at
(including,
of
2.68
2.80
3.09
3.80
3.55
2.95
2.78
that held in bank vaults of
2.69
2.80
3.09
3.81
3.56
2.95
2.79
ber banks of the Federal Reserve
1.84
_
3.09
3.10
3.10
2.69
2.80
3.09
3.81
3.56
2.95
2.79
July
30
1.84
3.09
2.68
2.80
3.08
3.81
3.55
2.95
2.79
23
1.81
3.10
2.69
2.81
3.09
3.80
3.55
2.95
2.80
2.69
2.81
3.09
16
Jun
a
month ago,
age as 100.
and 128.6
Commodity
The Associations report continued
price index continued its upward trend
eight declined.
as
continued
upward with
a
was
principally to
four items advanced and
however,'
more
a
30,
1.82
3.13
2.95
<
2.71
2.84
3.11
3.87
3.60
2.97
2.82
1.84
3.14
2.72
2.85
3.11
3.88
3.61
2.98
3.14
2.72
2.85
3.11
3.88
3.61
2.98
2.83
1.87
3.15
2.73
2.86
3.11
3.89
3.61
2.98
2.85
.1.88
3.15
2.74
2.86
3.12
3.89
3.61
2.99
sufficient to
There
cause
a
was
a
3.16
2.74
3.91
2.86
3.13
3.63
3.00
change in the price index for
June
on
the
Oct. 31, 1920.
outbreak
of
the
Just
first
World
War, that is on June 30,
1914, the total was $3,459,434,174.
2.86
1.92
3.17
2.75
2.87
3.13
3.91
3.64
3.00
2.86
7
1.93
3.18
2.75
2.88
3.14
3.93
3.66
3.01
2.86
30
1.98
3.18
2.75
2.88
3.15
3.94
3.67
3.00
2.87
Mar.26
2.08
3.19
2.76
2.88
3.14
3.99
3.71
3.00
2.87
2.88
Apr.
26
2.06
3.21
2.77
2.88
3.16
4.04
3.75
3.01
Jan. 29
2.06
3.24
2.77
2.90
3.18
4.10
3.81
3.03
2.88
High 1943
2.08
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
1943
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
High 1942
2.14
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
1.93
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
1942
1 Year ago
Aug.
17,
1942.
2.02
3.34
2.81
2.99
3.27
4.28
3.99
3.09
2.95
1.96
3.30
2.75
2.90
3.24
4.29
3.93
3.06
2.90
16,
1941.
•These prices are computed
(3%%
from average yields
on
the basis of
one
"typical" bond
maturing
in 25 years) and do not purport to show either the average
movement of actual price quotations.
They merely serve to
comprehensive way the relative levels and the relative movement
of yield averages the latter being the true picture of the bond market.
coupon,
or
Illustrate
the
in
average
a
Moody's Baity
CoModily Isidex
Tuesday, Aug. 10-——
Wednesday,
Thursday,
Friday,
Aug.
Aug.
245.1
12—______
13
Aug.
Two
Month
Year
1942
more
tThe latest complete
In the issue of Jan.
list of bonds used In computing these indexes
14, 1943. page 202.
was
published
weeks
—
ago,
ago,
July
Aug.
244.5
244.6
Aug.
3—
244.7
17_.
17_.
High, Dec. 22——
243,£:»
________
230.9
—
239.9
Low, Jan. 2
1943
High, April 1—
Low, Jan. 2
245.3
245.1
16
ago,
•
;—245.0
14__—
Saturday, Aug.
Monday, Aug.
245.1
11_
Tuesday, Aug. 17
2 Years ago
Aug.
level
slight
698,214,612
before
on
and compares with $5,-
2.86
1.90
___—
1942
2.83
1.87
_.
14
The foods group
change in the index number for the miscellaneous commodities group.
The advance in cotton did not effect
2.80
2.82
3.56
Low
rise in eggs and potatoes.
slight advance in linseed meal, which
2.95
2.97
3.80
Feb
was
aver¬
The farm product
The rise in cotton, hogs, and eggs,
than offset the eight declines in the grains
group.
3.58
3.60
3.10
Low
It
follows:
The advance in the all-commodity index was due
advances in the farm products and food groups.
3.82
3.86
21
the 1935-1939
as
3.10
3.10
4
fractionally, accord¬
on
2.82
2.84
May 28
preceding week.
based
a year ago,
2.69
2.71
18
ing to the price index compiled by The National Fertilizer Associ¬
ation and made public on Aug. 16.
In the week ended August 14
134.7
1943, and $12,382,866,105
3.11
3.13
11
Average Again Advances
this index advanced to 135.0 from 134.8 in the
2.79
1.80
1.82
mem¬
System)
was
$17,421,261,974 as
against $17,113,731,415 on May 31,
1.80
25
course,
1.84
1.84
_
_
•
lation after deducting the moneys
1.83
_
4
3.31
3.08
2.81
Treasury Department in
Washington has issued its cus¬
tomary monthly statement showing the amount of money in circu¬
1.84
_
3
3.08
2.81
2.69
1.83
_
_
6
2.80
2.69
3.10
1.83
_
7
2.69
3.10
1.83
_
3.10
1.83
_
_
9
f:
1.83
_
10
included with "other sales."
Wholesale commodity prices again advance
'
The
9
Price
"
Money In Circulation
AVERAGESt
Wy
National Fertilizer Association
836,764
—
2
are
579,394
663,750
774,871
882,376
980,047
879,575
April 30—
Closing Prices)
2.69
that
sales
reason
Corpo¬
YIELD
Individual
Avge.
Bonds
BOND
on
2.69
2
exempted from restriction
29___
Feb.
115.04
3.10
sales.
included with "other sales."
fiSales marked "short exempt"
112.00
3.10
5
members'
97.16
1.83
'
'
Exchange members, their
the Exchange
on
91.77
1.83
,
partners, including special partners.
calculating
108.70
_
.
Includes all regular and
115.04
_
11
53,090
"members"
114.08
17
13
54,181
J
91.91
16
14
25
;
U. S.
Daily
Averages
V
sales
108.16
Jan.
5|cRevised.
(Based
254,860
the
1943—
3.17
247,820
_
113.31
558,446
—
Mar.
2 Years ago
7,040
sales
their
1942-
236,025
—
purchases
term
i
1 Year ago
54,810
\
JRound-lot
are
116.02
97.78
97.47
54,610
Transactions for
Exchange
rules
113.50
110.88
110.70
;
the
102.30
115.82
115.82
12
tin
97.78
118.20
118.20
MOODY'S
{Customers'
compared
111.07
110.34
110.15
534,396
514,158
July. 31___.________.___, *517,422
Aug. 31
532,867
Sept. 30__
548,365
LOW
2.62
200
Customers' short sales
r
115.82
97.94
119.82
41,170
;
,
and
118.40
111.07
119.44
Aug.
■
•The
110.34
116.02
Lowi 1943__—:
floor-
;
Total sales
firms
119.92
118.60
______
High
42,295
initiated
sales
sales
tOther
Total
110.52
>
_•
Feb
-37,175
purchases
Short
7
119.99
:______
________
Mar. 26
10.41
41,995
purchases
Short sales.
Total
______
______
floor-
4. Total—
1111
460,577
27
111.25
High
the
.
transactions
Total
IstS
31
Feb.
120.46
7
300
tOther sales
Odd-Lot
Jan.
117.00
25
Apr.
157,755
on
Total
C.
117.20
114.08
Jan. 29
■
purchases
Total
Other
.
117.20
114.08
103.30
4
6,540
tOther sales A-_-—
;
114.08
103.30
99.20
157,680
Short: sales
-J
103.13
99.04
111.44
18
151,215
sales
Other transactions initiated
Total
.
99.04
111.62
116.80
14
:
______
.
3.
111.44
117.00
119.20
21
sales
Total
2.
117.00
119.41
of
:
sales
tOther
1942—
119.20
111.25
•
of
purchases
Short
453,244
349,154
2
specialists in stocks in which
registered—
Total
444,745
28
111.44
1,515,140
Account
31
111.25
______
11
A——
the
Oct.
Nov.
120.51
_
May 28
Transactions
487,169
470,002
486,912
120.18
tPer Cent
77 Members:
1.
117.20
July 31__________
Aug. 29
Sept. 30
9
V
9,600
1,505,540
____—.:
Total sales
.
July 30
Total
for week
,
sales
tOther sales
.
.
;
1941—
16
■
%
business
23
Exchange and Stock
1943
,
last
117.20
.
3
W
(Shares)
■
,
A. Total Round-Lot Sales:
'
the
31____
;
Total Round-Lot Stock Sales
of
years:
119.20
111.25
5
16.98
1,535,210
existing
103.30
111.25
6
is*
tabulation
interest
103.30
the
111.25
■0
com¬
at
120.32
4
Total
636
was
June 30." '
on
shown the short
120.29
V-'1'-
of
as
Indus
7
129,620
1,405,590
_
reported
P: U.
120.29
1,488,460
__
cales
was
July 30, exclusive of odd-lot deal¬
.
Total—
4.
oc¬
"The number of issues in which
a
_
_
more
than 2,000 shares
during the month.
10
3.23
287,440
of-
more
9
sales
tOther
on'
issues, in
interest
shares existed, or in
change in the short posi¬
a
ii.
Short
stock
5,000
In
Corporate by Ratings*
rate*
47
were
pared with 607
Average Yields)
120.29
.
14
yield
individual
short
a
ers' short
BOND
120.24
.
16
bond
announcement
the Exchange
on
July 30, there
Avge.
Govt
287,780
on
Bonds
17
floor-
purchases
and
>
,
855,570
s
._
initiated
Moody's computed bond prices
given in the following table:
766,750
-—
1,235
issues listed
which
Moody's Bond Prices And Bond Yield Averages
862,720
1--
——:
sales
Total
"119.8
119.8
Averages
Total
-117.7
The
further stated:
tion of
tOther ,sales
3.
126.6
117.7
151.5
which
—;
purchases
126.6
.
curred
—
transactions
Total
126.6
117.7
104.4
-
7
registered—
are
drugs
104.4
7 152.6
Farm machinery
(i
1942, 100.1.
of
Account
Total purchases
.V7 Short' sales
;
7
the
for
Transactions of specialists in stocks in
1.
f,
•»
8,903,940
—————
Transactions
and
materials
104.4
152.5
Fertilizers
/"'L3 ;
180,940
3,723,000
—
Chemicals
Fertilizer
.3
"
104.4
152.5
;•
Building materials
1.3
v
'
/
Metals
77'6.1
(Shares)
220.0
—
249.8
—
240.2
Thursday, August 19, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
722
Revenue Freight Car Loadings During Week
Daily Average Crude Oil Production For Week NYSE Odd-Lot Trading
and Exchange
Ended August 7,1943, Decreased 13,437 Gars
Ended August 7, 1943 Up 69,300 Carrels
public
Aug.
Loading of
freight for the week ended Aug. 7, 1943
Securities
The
;
Commission made
that the daily aver¬
The American Petroleum Institute estimates
13
a
on
revenue
for the week ended
summary
872,077 cars, the Association of American Railroads announced •
on August 2.
This was an increase above the corresponding week of.
1942 of 21,856 cars, or 2.6%, but a decrease below the same week in,
totaled
August 7, 1943 was Aug. 7 of complete figures show¬
the preceding week ing the daily volume of stock
than produced in the week ended transactions for the odd-lot ac¬
crude oil production for the week ended
age gross
4,202,600 barrels, a gain of 69,300 barrels over
and
232,150 barrels per day more
the
than
daily
figure
average
Daily output
month of August, 1943.
ministration for War for the
barrels.
August 7, 1943 averaged 4,139,450
four weeks ended
for the
barrels less
recommended by the Petroleum Ad¬
The current figure, however, is 222,000
August 8, 1942.
reported by the Institute follow:
Further details as
of
count
continuing
change,
current
cars, or 1.5% below
Miscellaneous freight
13,437
oi
crude oil daily and produced 10,791,000
3,677,000 barrels of
fuel oil, and 7,850,000 barrels of residual fuel oil during
ended Aug. 7, 1943; and had in storage at the end of that
gasoline; 1,021,000 barrels of kerosene;
barrels of
distillate
the week
Commission
the
of merchandise less, than carload lot freight totaled
increase of 268 cars above the preceding week, and an
increase of 9,792 cars above the corresponding week in 1942.. >
Coal loading amounted to 173,134 cars, a decrease of 4,983 cars
below the preceding week, but an increase of 9,656 cars above the
corresponding week in 1942.,»
Grain and grain products loading totaled 57,910 cars, a decrease
of 643 cars below the preceding week, but an increase of 15,955 cars
above the corresponding week in 1942.
In the Western Districts
98,974
dealers ahd specialists.
9,485,000 barrels of kerosene;
73,368,000 barrels of gasoline;
fuel, and 66,714,000 barrels of residual
figures apply to the country as a whole, and
above
The
oils.
fuel
AVERAGE CRUDE OIL
DAILY
"State
Week
J?
Begin.
Aug. 1
Aug. 7,
Previous
Aug. 7,
Aug. 8,
1943
Week
1943
1942
247,000
358,000
1329,900
300,000
290,000
dations
August
Oklahoma
————
Kansas
Nebraska
...»
f2,000
2,100
—
3,600
295,900
256,250
200
2,150
of
by
90,350
Texas
138,400
248,800
short
sales—--
286
other
sales——
17,829
sales.
258,400
West
Texas
—
Central Texas-
East
f.;
East Texas
Southwest
Texas
North
1,800
128,450
18,115
above
cars
371,000
420,000
8,600
232,150
61,350
428,250
37,150
1,637,400
sales.
8,261
other
sales-
491,402
total
sales.
83,600
900
84,600
+
265,100
Round-lot Sales
of
Number
97,200
4,500
234,700
—,
3,600
349,700
77,200
4,850
51,650
75,200
76,850
50,000
48,400
—
[Illinois
222,800
227,000
+
8,150
217,800
Shares:
sales
40
—
14,000
14,700
+
850
13,750
4
86,500
74,200
Total
19,050
Mississippi
—
sales
weeks of March-
4
94,100
weeks
25,000
——
.
Colorado
7,000
California
6,900
104,000
110,000
110,000
23,250
7,250
May
June
3,151,146
3,385,655
3,510,057
July—.
4,307,406
4,185,135
4,295,457
872,077
850,221
52,400
3,363,800
+
16,900
775,650
weeks
+
69,300
4,139,450
shut down
month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 9 days shut-down time during the calendar month.
§Recommendation of Conservation Committee of California Oil Producers.
TO
RUNS
15 days, the entire state was ordered
OF
PRODUCTION
STILLS;
UNFINISHED
AND
STOCKS OF
GASOLINE;
GAS OIL AND DISTILLATE FUEL
GASOLINE.
RESIDUAL FUEL OIL,
FINISHED
AND
Figures
plus
an
on
a
Bureau
of Mines basis
at Re-
Crude
Capacity
Runs to Stills
Daily
Rate porting Average
tStocks
fineries
Finished
Includ.
tStocks tStocks
and Un-
% Op- Natural finished
erated Blended Gasoline
of Gas
of Re-
Oil and
sidual
Distillate
Fuel
Fuels
Louisi¬
North
Gulf,
Gulf,
Louisiana
-
1
No.
—
2,444
88.7
1,766
72.3
4,649
30,185
15,161
14,392
130
83.9
90
69.2
267
1,218
937
393
47
District No. 2
District
No.
3
District
No.
U.
U.
Tot.
S.
S.
B.
7,
B.
basis July 31,
U.
S.
Bur.
basis
"At
barrels;
of
Aug. 8,
123
681
130
165
85.2
713
86.5
2,588
14,607
5,643
3,297
80.1
320
76.9
1,117
6,004
2,111
1,696
8
.—
26.9
8
100.0
29
51
6
31
139
Of
82
59.0
262
1,472
354
645
89.9
751
91.9
1,756
19,150
12,002
46,095
M.
1943_
of
57.7
817
—
Aug.
97.9
824
4
basis
46
87.2
416
Ind., 111., Ky
Okla., Kans., Mo.
Rocky Mountain—
California
sales
to
$
.
...
25,024,694
26,098,757
25,276,505
of the freight carloadings
for the separate railroads and systems for the weeks ended July 31,
1943, and Aug. 7, 1943.
During the first period 63 roads showed
increases when compared with the corresponding
week in 1942,
while during the second period 65 roads reported gains over the
"other
with
..•••.
following
week ended
table
is
a
summary
Aug. 8, 1942.
CARS—WEEKS
RECEIVED FROM CONNECTIONS
ENDED JULY
31 AND AUG. 7)
-Week Ended Aug. 7-
Week Ended July 31Total Loads
District—
..
1943
.
235
Ann Arbor__
Bangor & Aroostook
.
Boston & Maine
Chicago, Indianapolis & Louisville.
:
187
1,081
423
174
954
1,027
14,789
13,410
6,348
5,929
8,917
14,232
13,839
1,441
1,684
2,106
1,632
2,225
1,772
1,404
1,881
1,359
.
53
39
14
27
28
50
59
22
29
943
1,573
2,623
2,701
725
1,036
1,555
2,198
2,528
7,272
12,105
11,352
6,582
7,161
11,957
11,481
10,189
13,183
10,273
7,693
6,617
7,402
10,277
12,394
10,371
Ill
182
346
414
104
2,025
1,511
2,442
1,317
1,273
329
307
290
2,500
2,915
6,635 ;
7,628
190
344
233
:
-
122
-.
2,399
1,438
1,172
327
275
2,463
2,926 +
14,448
13,186
-15,904
17,608
16,687
13,247
12,800
15,048
17,458
15,640
3,676
5,005
,7,753
7,672
3,627
4,007
4,189
7,876
7,798
3,743
-
1,547
290
..
146
157
2,954
3,260)
158
Lehigh & New England
.
Lehigh Valley
:
—
Monongahela
3,450
1,854
1,973
2,103
2,258
2,504
1,837
2,042
10,320
14,780
11,447
3,241
2,221
2,487
8,788
10.520
15,733
13,080
8,451
2,292
3,135
2,651
2,431
2,370
9,049
2,265
5,909
381
333
6,377
6,385
6,640
2,431
82
29
2,332
2,305
2,444
56,653
56,148
46,782
49,181
6,388
_
6,449
2,245
-
_
2,607
2,335
2,284
.
—
—
....
176
2,178
9,052
.
Maine Central
141
151
2,090
Lehigh & Hudson River
>2,403
f;
56,789
46,323
51,034
12,162
58,162
18,520
.
.
9,355
19,340
—
1,265
961
15,995
7,018
7,094
408
510
2,713
1,349
512
310
8,029
8,701
9,041
8,452
7,704
5,291
6,044
8,102
6,482
4,916
750
857
25
25
901
426
Rutland
2,586
16,957
349
459
309
305
998
Pittsburg & Shawmut
Pittsburg, Shawmut & North
Pittsburgh & West Virginia
2,542
7,541
906
_
1,212
7,285
5,017
.
_
__
1,025
7,686
Y., Susquehanna & Western—
9.226
460
.
.
York, Ontario & Western
York, Chicago & St. Louis
11,964
9,447
9,903
1,280
7,561
1,232
1,148
338
553
3,597
1,071
3,489
350
Hartford
124
2,112
.
_
Marquette
1,271
9.000
1.045
6,717
■
Grand Trunk Western
N.
255
6,010
7,909
.
Detroit, Toledo & Ironton^--.-——
Detroit & Toledo Shore Line
New
1,675
29
Delaware & Hudson
New
587
1942
1943
389
1,078
.
_
_
_
Delaware, Lackawanna & Western
Detroit & Mackinac
....
1941
1,432
.
_
Central Vermont
Erie
1942
255
1,306
1,560
Connections
1943
,
921
939
-
_
Central Indiana
1942
.1943
..
614
397:
Freight Loaded
6,394
__
..
1941
1942
Received from
Total Revenue
Connections
Total Revenue
Freight Loaded
Eastern
Total Loads
Received from
-
Railroads
174
9 tt
58,508
55,789
19,013
19,374
2,379
1,238
2,768
15,685
15,456.
538
2,416
1,837
7,631
8,287
*9,137
5,166
5,627
7,972
8,641
6,372
804
664
19
22
406
372
439
319
285
1,036
1,151
1,240
3,559
3,602
'
1,086
319
13,220
5,721
371
5,684
562
1,1.43
978
6,108
13,575
13,005
6,154
4,999
5,404
5,651
6,062
13,075
5,293
5,507
5,628
5,403
4,906
5,211
5,202
5,883
169,806
156,760
181,785
239,048
224.908
165,689
156,142
177,718
766
;
338
427
>
7,234
*
Wabash
Total
Appalachian—
District
:
878,505
*
236,934 221,550
Arkansas
and Inland Texas—
Tot.
7
Wheeling & Lake Erie
Oil
"Combin'd: East Coast,
ana
Aug.
The
(NUMBER OF
Pere
Production
% Re-
and
reported
are
.
Pittsburgh & Lake Erie
§ Gasoline
Dally Refining
District—
lot
NT. Y., N. H. &
Each)
this section include reported totals
estimate of unreported amounts and are
therefore
tial
;
New York Central Lines
in
+;:•>/
Poten¬
orders,
Montour
WEEK ENDED AUG. 7, 1943
(Figures in Thousands of barrels of 42 Gallons
■
re¬
>ales."
3,970,450
days, no definite dates during the
Texas
of
of
709,800
-
CRUDE
are
tSales to offset
3,260,650
represent the production of all
and natural gas derivatives recovered
of production indicate, however, that
certain wells may be incapable of producing the allowables granted, or may be limited
by pipeline proration.
Actual state production would, under such conditions, prove to
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
tion of natural gasoline and allied products in May, 1943, as follows: Oklahoma, 26,600;
Kansas,
5,100; Texas, 107,400;
Louisiana, 18,400; Arkansas, 3,800; Illinois,
11,100; Eastern (not including Illinois, Indiana or Kentucky). 7,300; Kentucky, 2,600;
Michigan, 100; Wyoming, 2,100; Montana, 300; New Mexico, 5,100; California, 45,300.
tOklahoma, Kansas, Nebraska figures are for week ended 7 a.m. Aug. 5, 1943.
'<*■
JThis is the net basic allowable as of Aug. 1 calculated on a 31-day basis and
includes shutdowns
and exemptions for the entire month.
With the exception of
several fields which were exempted entirely
and of certain other fields for which
9
exempt"
long position which is less than
" ■"
4,160,060
of
allowables
state
shutdowns were ordered for from 3 to
round
a
t
of
REVENUE FREIGHT LOADED AND
petroleum liquids, including crude oil, condensate
from oil, condensate and gas fields.
Past records
for
a
2.793.630
3.350.996
4,170,548
70,650
104,000
50
+
4,202,600
and
recommendations
"P.A.W.
liquidate
.
,
"short
odd-lot
customers'
3,066.011
,
3,136,253
187,660
—
ported with "other sales."
6,600
400
—
784,200
4,424,600
Total United States
91,900
+
§830,000
830,000
—:
97,900
3,418,400
3,594,600
Total East of Calif.
1,350
+
21,450
—
—
Mexico
New
10,900
62,400
—
101,350
23,300
...
.
_
23,350
56,250
21,150
55,400
98,000
Wyoming
Montana
1,350
2,500
—
23,700
60,100
Kentucky
Michigan
3,174,781
3.073,426
weeks
5
shares—
marked
2,866.565
April
Total
"Sales
-81,500
77,350
6,850
—
3,454.409
weeks
Week
Ind.
111.,
incl.
'•-'Ky.)
.
5
Dealers—
of
of
-
4,149,708
Round-Lot Purchases by
Number
of
4
—
Eastern—
Not
3,055,640
weeks
3,858,479
3,122,942
3,530,849
weeks
4
94,060
1941
1942
January.
of February.
5
281,650
Indiana
80,052
75,500
-
corresponding
all districts reported decreases
compared with 1941 except the Centralwestern & Southwestern.
reported increases compared with the
1942, except the Southern but
1943
Short
72,550
—
loading amounted to 14,327 cars, a decrease of 610 cars
preceding week, but an increase of 449 cars above the
All districts
week in
by Dealers-
331,900
550
+
352,100
380,300
the
below the
cars
corresponding week in 1942.
16,420,671
tOther sales
356,300
Coke
499,663
Dollar value
1,484,100
the
below
300,950
+
short
Customers'
184,650
+
268,500
Louisiana
Arkansas
Shares:
Customers'
+
•O
Louisiana
of
"Customers'
1,702,750
tl,817,937
1,317,000
__
Number
increase of 1,344 cars
loading amounted to 88,048 cars, an
preceding week but a decrease of 988
corresponding week in 1942.
91,550
----I
238,600
-■
Coastal Louisiana
Total
+
474,250
jiiy
v;
Texas
Total
12,800
371,000
+
Texas
Coastal
-+
129,800
North Texas
+
598
the
corresponding week in 1942.
total
247,850
140,400
-
products loading totaled 47,590 cars, a decrease of
below the preceding week and a decrease of 5,437 cars below
Customers'
139,100
—
corresponding week in 1942.
Forest
Ore
Panhandle
90,300
week, and an increase of 1,271 cars
above the preceding
cars
Customers'
100,000
2,700
38
above the
"Customers'
3,550
100
—
21,384,315
—
(Customers' Sales)
Number of Orders:
389.200
—28,450
1277,700
;
604,197
Dealers—
331,000
—
Value
Dollar
Odd-Lot Purchases
Ended
from
ables
preceding week, but an increase of 2,026 cars above the
corresponding week in 1942. In the Western District alone, loading,
of live stock for the week of Aug. 7, totaled 10,141 cars, an increase
below the
'
Ended
loading amounted to 14,149 cars, a decrease of 121 cars
Live stock
22,043
Orders.
Week
4 Weeks
Change
Ended
Recommen
-
an
for Week
■
Number of Shares.
Actual Production
Allow-
"P. A. W.
of
but
Total
purchase's)
(Customers'
and grain products loading for the week of Aug. 7,
decrease of 462 cars below the preceding week
increase of 14,712 cars above the corresponding week in 1942/.
totaled 42,191 cars, a
1943
7,
Odd-Lot Sales by Dealers:
Number
PRODUCTION (FIGURES IN BARRELS)
Ended Aug.
cars, an
alone, grain
EXCHANGE
STOCK
Y.
Week
conditions on the East Coast.
do not -reflect
SPECIALISTS
AND
N.
36,344,000 barrels of distillate
ODD-
ODD-LOT DEAL¬
ON THE
OF
ACCOUNT
LOT
FOR THE
TRANSACTIONS
STOCK
ERS
week
odd-lot
the
by
decreases
a
cars,
Loading
published
refining companies indicate that the in¬ by the Commission. The figures
to stills on a Bureau of Mines basis approxi¬ are based upon reports filed with
dustry as a whole, ran
loading totaled 377,945
8,094 cars below the preceding week, and a decrease of 9,597 cars
below the corresponding week in 1942.
Reports received from
mately 3,776,000 barrels of
week of Aug. 7, decreased
the preceding week.
of
Ex¬
series
a
being
figures
.
odd lots
Stock
York
New
the
on
handle
who
specialists
1941, of 6,428 cars or 0.7%.
T+.'1/
Loading of revenue freight for the
dealers and
odd-lot
all
4,825
86.4
3,776
78.3
10,791
t73,368
36,344
66,714
M.
1943-
4,825
86.4
3,788
78.5
11,127
74,977
36,363
66,877
11,125
79,559
39,372
78,316
Mines
3,574
1942,
request of the Petroleum Administration for War.
unfinished, 10,152,000 barrels.
tAt refineries, at bulk
the
fFinished, 63,216,000
terminals, in transit
.qqjd in pipe lines. §Not including 1,021,000 barrels of kerosene, 3,677,000 barrels of gas
oil and distillate fuel oil and 7,850,000 barrels of residual fuel oil produced during the
1943, which compares with. 1,187,000 barrels, 3,765,000 barrels and
8,478,000 barrels, respectively, in the preceding week and 1,206,000 barrels, 3,850,000
barrels and 6,875,000 barrels, respectively, in the week ended Aug. 8, 1942.
week ended Aug. 7,
Note—Stocks
of
9,296,000 barrels a
kerosene
amounted
to
9,485,000
barrels
at
Aug.
week earlier and 11,214,000 barrels a year before.
7,
1943,
Allegheny DistrictBaltimore & Ohio
764
847
1,107
1,031
41,780
1,136
30,957
984
43,431
26,038
43,716
41,960
42,620
30,264
26,003
6,538
6,280
2,049
2,756
6,002
7,173
6,825
2,067
2,930
'5
6,066
Bessemer & Lake Erie
Buffalo Creek &
643
627
798
43,718
Akron, Canton Si Youngstown
>
"289
281
301
"5
"278
281
328
"3
2
2,025
1,699
6
9
1,755
1,930
1,916
3
8
1,832
Gauley
Cambria & Indiana
22,725
19,207
7,236
7,410
8,535
20,905
20,342
53
52
-.648
658
659
30
47
280
321
7,325
7,157
8,422
686
574
689
227
278
320
18
138
122
42
42
146
125
128
21
133
1,857
1,720
90,013
3,741
3,517
1,942
1,006
896
3,919
1,754
1,843
2,891
2,242
1,895
1,729
1,773
2,780
83,938
89,373
70,106
65,065
85,149
83,239
87,279
66,561
64,642
16,356
15,020
17,064
29,082
28,310
16,591
14,412
18,067
29,174
28,582
22,072
21,050
19,584
7,563
7,209
20,978
21,202
19,059
7,184
7,841
4,344
4,195
3,979
12,501
13,234
4,643
4,007
4,317
13,246
13,454
197,425
187,966
193,130
182,873
168,678
191,992
186,039
193,543
177,276
170,732
Chesapeake & Ohio
12,945
Norfolk & Western
Central R. R. of New Jersey__^__
Cornwall
¥
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Penn-Reading Seashore Lines_
Pennsylvania System
Reading Co
Union
(Pittsburgh)
Western Maryland
Total
Pocahontas
s
i.
.
■
944
:'>•
881
...
'
11
•
238
10
16
29
-
3,485
2,317
District—
29,015
28,893
28,930
14,094
13,873
28,188
27,373
29,405
14,329
22,885
23,358
24.792
7,605
6,749
23,317
23,530
6,641
5,016
4,835
4,657
2,225
1,965
4,740
4,342
24,648
4,630
6,764
Virginian
2,119
2,075
Total—
56,916
57,086
58,379
23,924
22,587
55,245
55,245
58,683
23,212
21,661
against
V
•
Volume 158
Number 4204
THE COMMERCIAL & FINANCIAL CHRONICLE
723
v.
V'-v
.
i; i'-'v?'-
l
V->.'£>"
"
"V
••
_
'
V
Railroads
v
—Week Ended July 31
—:
'•
V1"
-Week Ended Aug. 7-
■
Total Loads ;
Southern
Total Revenue
District—
Connections
1943
1942
271
389
Alabama, Tennessee & Northern
Atl. & W. P.—W. R. R. of Ala._-__-_.__-
Atlanta, Birmingham & Coast—
631
1,066
1,057
399
2,840
308
930
2,901
3,041
969
944
1,104
1,007
10,511
9,760
10,081
10,021
3,972
5,209
4,120
3,820
3,778
3,768
4,635
4,125
3,927
rv
597
647
1,483
1,668
1,377
447
490
623
1,493
1,549
1,704
1,728
134
2,805
2,764
1,823
1,784
1,788
2,589
2,634
333
285
>383
230
153
815
.—
Gainesville Midland
48
3,846
—.
126
190
506
955
1,923
1,427
1,393
915
428
1,739
1,483
36
74
109
46
46
33
98
103
3,261
557
2,991
1,195
1,257
1,261
3,091
2,596
483
698
675
604
4,326
5,200
3,796
4,223
3,986
4,178
4,885
17,485
18,615
27,480
26,118
25,119
17,574
17,573
25,888
11,171
11,868
25,083
25,032
25,727
11,376
11,162
236
701
542
282
210
199
691
652
481'
294
171
240
551
675
4,762
3,176
2,841
1,919
1,048
1,185
1,155
385
'316
178'
491
.
3,061
3,443
1,305
1,307
335
494
.
4,749
1,729
1,015
r
455
4,069
304.
\
528
25,280
V
» :.
;
>v
.
..
3,352
1,510
'4,322
4,441
1,422
1,989
492
".
1,096
1,229
'"
434
Southern System—
Tennessee Central—
485
438
9,442
9,551
423
431
428
9,371
V 8,764
9,629
Seaboard Air Line
10,044
10,792
8,156
9,117
9,541
10,134
10,510
8,385
8,372
25,609
23,615
23,067
22,170
24.400
25,968
23,100
22,772
517
895
848
538
529
537
798
148
829
873
101
116
144
1,163
120,762
113,349
116,739
116,977
117,790
120,099
112,805
The U.
calendar year to date shows
the same period last year.
119,325
*
24,665
670
100
.
;
121,272
,
decreased 4,100
ovens
ESTIMATED
WITH
UNITED
COMPARABLE
DATA
Duiuth, Missabe & Iron Range
22,453
2,705
14,401
19,254
3,233
22,802
3,997
27,336
,
21,132
2,160
4,191
,
22,313
2,849
21,171
.
30,239
13,763
22,262
21,057
2,820
3,195
3,210
2,236
10,601
10,027
20,734
19,186
'
15,152
3,121
10,915
3,525
4,213
3,344
23,005
4,087
523
29,108
481
13,489
4,095
2,812
.
"
3,933
25,709
23,038
and lignite—
incl. mine
3,773
30,432
25,800
287
1,024
1,161
1,234
631
775
973
757
10,401
11,864
10,292
7,959
10,013
11,000
9,939
448
530
102
163
441
521
524
98
118
26,935
27,196
25,257
5,711
27,515
26,700
6,041
5,470
493
578
5,729
750
26,185
Green Bay & Western—422
390
472
588
1,160
744
51
3,671
Daily
Aug. 7,
fuel-
Elgin, Joliet & Eastern
—
Ft. Dodge, Des Moines & South
Great NorthernLake Superior &
r.
.
Ishpeming
2,679
Minneapolis & St. Louis
7,106
,11,647
..
Northern Pacific
V ;
Total. J,
2,675
1,997
2,477
7,371
„
7,062
2,699
5,113
1L665
>
?04
2,881
Spokane, Portland & Seattle
1,012
2,291
2,156
2,027
—
Minn., St. Paul & S. S. M.»_—
Spokane International
/
<
41
11,600
-
.,
196
i»i;h4.<
311
.(2,897
.
2,859
average
"Crude
142,161
2,583
39
2,001
2,288
1,936
2,412
7,153
7,889
2,944
11,349
11,429
5,752
6,000,000 B.t.u.
District—
'
•
■
•
21,339
5,367
-
Bingham & Garfield
462
688
144
204
253
367
1,967
'2,028
1,848
1,879
1,872
1,433
2,694
2,866
*3,168
143,690
141,867
145,709
67,159
61,865
ESTIMATED
18,650
12,062
4,454
21,355
4,406
22,680
"3,367
22,526
3,329
11,803
3,500
12,003
"4,454
4,455
711
108
123
569
698
645
78
12,160
11,206
21,164
18,716
17,882
12,351
11,566
3,000
2,765
850
948
3,089
2,480
2,760
1,024
833
12,772
13,678
11,952
11,965
11,796
12,210
13,657
12,026
2,251
2,899
5,372
4,250
2,678
2,146
2,801
5,658
(1,833
1,018
794
830
2,023
4,146
3,710
3,398
6,987
27
792
689
824
1,950
3,743
3,449
6,513
646
>.
.>706
13
709
-
v
655
20
932
1,240
1,498
1,085
941
1,310
1,235
2,136
1,404
1,518
2,008
2,389
2,617
1,829
1,452
2,092
2,038
incl.
1,207
1,313
1,136
462
369
1,202
1,355
499
Missouri-Illinois
Nevada Northern
;
—
North Western Pacific
2,105
1,911
114
134
1,785
2,126
146
>
959
—
1,245
1,193
902
1,209
668
1,217
1,263
12
726
1,073
'
11
6
12
0
0
10
12
16
33,399
32,409
31,496
.13,303
10,029
32,521
31,030
31,124
13,420
10,424
269
278
379
1,827
1,552
267
277
440
1,899
1,622
>
.
Toledo, Peoria & Western
Union Pacific System
—4
16,306
14,300
902
»
572
Utah
Western Pacific
2-604
u;
.
.
16,512
.397.:
7.U .^-3^..'
-1>771
-
:
-
2>271
>
131,821
—
total
States
IIJuly 31,
1943
126.409
163,800-
vision.
(In
nents
and
v 18,967
15,633
15,281
14,787
';4 4,723
4,058
498
2,429
2,089
2,197
99,614
88,493
128,097
July 31,
__
17,669
->
15,211
5
Colorado
_
128,315
124,039
7
969
182
183
151
,
•434
_
__
_
Illinois-
4,881
4,328
100,190
127,634
648
5,299
;
4,206
89,617
156
_
July 31,
avge.
1941
1937
H1923
336
367
352
264
5 .'v:
150
6
5
2
83
79
58
74
145
147
120
116
88
165
1
tt
1
1
tt
0 (l
1,516
1,123
1,120
710
1,268
430
234
_
..
;■
> o27
2,878
3,344
2,613
202
1,139
1,157
254
396
184
1,168
1,142
41
44
37
33
146
155
129
92
134
1,008
1,010
970
937
745
735
287
284
223
195
137
202
35
37
37
29
42
5
:
7
4
1
Wr,- 3
17
3,238
5,021
4,874
2,572
3,075
North
3,206
4,456
2,173
.
Mew Mexico
2.771
349
291
848
147
—
98
2,469
3,401
4,169
3,403
2,493
1,243
391
285
357
1,313
1,331
211
758
681
868
268
234
Pennsylvania (bituminous)
153
422
356
Tennessee
153
430
337
162
171
5,415
5,526
4,801
5,920
4,630
5,571
5,338
4,621
5,751
4,818
17,303
17,568
116
18,758
19,415
16,813
16,519
16,492
18,892
63
270
169
61
70
139
254
234
St. Louis-San Francisco
9.224
9,570
8,706
8,915
9,305
8,524
8,889
8,372
10,245
8,282
St. Louis Southwestern
2,703
3,054
2,694
7,319
6,064
2,735
2,597
2,609
7,829
6,647
South
(lignite)
;
Texas
__
(bituminous
nite) ;
CJtah
and
_
__
Washington
7,626
5,340
4,789
5,133
3,724
6,109
7,037
70
120
140
39
36
54
15
31
20
16
55
17
22
25
68.378
72,987
70,387
69,099
55,119
70,041
Total
figures revised.
65,202
"Previous week's figures.1
bituminous
mite—;
■
Paperboard Association, Chicago, 111., in relation to
paperboard industry.
'
'
1
The members of this Association represent 83%
activity
in the
on
Panhandle
the B.
STATISTICAL
Un¬
reporting
than production.
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
&
and
O.
reporting softwood mills, un¬
valent to 36
8—
May
_
15
-
'
to date, shipments
mills
ex¬
by 9.3%;
or¬
May
Compared to the average cor¬
168,051
172,437
10—
17
was
.
2,280
2,271
1,903
1,062
899
805
483
170
1 56
131
110
97
11*
tt
tt
tt
tt
<•>>4.
12,150
11,232
-10,734
7,837
11,208
1,326
1,251
1,299
611
1,950
13,476
12,483
12,033
8,448
13,158
records
•♦Alaska,
were
.7-
96
561.571
96
of
ttLess
the
93
95
141,337
565,291
92
than
97
561,945
95
96
1,000
and
Tucker
HAverage
South
580,683
100,115
573,342
"
148,852
587,181
.
92
.
{Includes
Dakota
for
rate
included
with
Arizona,
from
entire
"Other
pub¬
month.
Western
Board of Governors
of the Federal Reserve
System issued
Aug. 11 its usual monthly summary of "bank
debits," which we
give below:
on
(In millions
RESERVE
of
DISTRICTS
dollars)
July
—3 Months Ended—
69
91
93
97
93
94
Ban
93
97
600,338
1942
2,967
9,771
8,698
26,305
20,317
82,066
61,252
3,000
2,555
8,916
7,685
4,491
—
3,864
13,169
11,362
93
Francisco
"New York
5,447
8,556
29,354
25,158
1,640
5,776
5,176
1,303
1,023
3,760
2,987
1,866
1,494
5,967
—
6,517
6,589
1,860
—
7,129
1,859
2,315
City
2,255
1,842
—
Total, 334 centers
Notes—Unfilled orders of the prior week, plus orders received, less
production, do
not necessarily equal the unfilled orders at
the close.
Compensation for delinquent reports,
'y
10,200
Louis
Dallas
July
1943
3,363
2,454
Kansas
July
1942
2,249
St.
93
571,705
York
July
1943
;
Minneapolis
93
572,786
>.
counties.
weekly
tons.
Chicago
93
150,337
Carolina,
and
§Data for Pennsylvania anthracite
Atlanta
93
547,301
>146,515
Mineral,
Mines.
Richmond
93
153,646
>
of
Cleveland
93
586,183
...177,541
—
Grant,
Philadelphia
93
149,675
140,803
and
Bureau
kl
The
New
93
96
144,232
866
'V'$:>:•>:>>•'■;:>'•
;
02
548,911
545,673
1,519
.
on the N. & W,; C. & O.;
Virginian; K, & M.; B. C. & G.;
Kanawha, Mason, and Clay counties.
(Rest of State, including
Georgia, North
Boston
-
151,653
150,504
;
-
lig-
Federal Reserve District—
92
152,960
151,993
_
31—
Aug.
'
136,881
:
July.
shipments
2,303
999
,
89
145,324
111,912
——
duction
greater;
37
Current Cumulative
142,865
179,835
July -24—
28.3%
32
,
133,808
—
3—
responding week of 1935-39 pro¬
mills
27
SUMMARY BY FEDERAL
136,166
26
July
522,336
.151,308
12-
Jun.
153,634
142,673
Jun.. 19
July
reporting
33
2,334
Percent of Activity
525,287
177,968
—:
—
5_—_—
Jun.
Tons
135,924
165,871
—
29
Jun.
July
12.0%.
of
32
Remaining
147,212
22-
production
ders by
May
Orders
Tons
Tons
1_
May
identical
reporting
ceeded
1943—Week Ended
current
the
Production
Received
May
stocks are equi¬
days' production.
For the year
of
equivalent to 41
Period
in
District
Unfilled
Orders
mills amounted to 105% of stocks.
at
239
California, Idaho, Nevada and Oregon.
States."
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.
production
87
245
73 l
of the total in¬
•production for the week ended
August 7, 1943. In the same week
new
orders of these mills were
and gross
48
404
.
operations
ind
lished
23
112
402
30
—
the
We give herewith latest figures received
by us from the National
'
110
{Pennsylvania anthracite
♦Includes
23
402
tOther Western States
66,598
113
■
6
113
(West
dustry, and its program includes a statement each week from each
member of the orders and production, and also a
figure which indi¬
days'
8
411
•West Virginia—Southern
Virginia—Northern
Wyoming
Trade Barometer was 3.7% below
rate,
2
97
./
13,547
12,166
4,989
of 471 mills re¬
the National Lumber
are
132
1,377
13,598
50
lumber shipments
filled orders
133
12,170
4,991
8,186
47
According to the National Lum¬
ber
Manufacturers
Association,
For
114
•"14
tt
5,766
6,975
133
Ended Aug. 7, 1943
less
3,680
_____
7,458
Lumber Movement—Week
2.2%
854
2,035
.
18
filled order files in the
13
395
■;
Total all cop,!——-
to
22
614
2,764
.
3,908
,
20
681
2,817
133
_
129
69,934
34
697
2,944
.
Virginia
■
porting
39
lig¬
5,584
57,490
41
52
—
13,559
V:
43
28
2,941
—
_
145
Weatherford M. W. & N. W
47
20
3
__
__
5,321
:
66
33
639
11.762
Wichita Falls & Southern
91
38
Dakota
Ohio_.
19,635
V 78
87
36
and
236
>
.
ti.
lignite)
2,532
2,240
17,325
Quanah Acme & Pacific
and
3,218
894
207
Midland Valley
(bituminous
1,516
322
709,
Litchfield & Madison
415
42
.
..
2,727
2,782
473
34
Montana
1,820
2,194
2,724
490
OKI
160
_
Michigan
3,069
389
5
1,532
_
__
192
July
Aug. 2,
1942
88
Kansas and Missouri
346
>
v
Tons)
88
_
4,094
.
Net
390
_
Indiana—.
325
4,876
2,290
of
Aug. 1,
Georgia and North Carolina—
2,347
Note—Previous year's
37,898,300 37,143,300
157,300
1943
:>v'
3,316
-
'
July 24,
Arkansas and Oklahoma
3,124
T"tp|
1929
36.141,000 36,339,000 41,886,000
34,695,000 34,885,000 38,870,000
1943
\labama
2,077
—•
167,900
Thousands
State—-
:
3,361
Texas & Pacific
Aug. 10-*.
1942
of final annual returns from the
operators.)
Week Ended-
or
Alaska
17,303
592
529.
5/
are
2,737
Texas & New Orleans.
'Aug. 8,
1943
weekly estimates are based on railroad carloadlngs and river
shlpsubject to revision on receipt of monthly tonnage reports from district
And State sources
4,242
Missouri-Kansas-Texas Lines
Aug. 7,
1942
ESTIMATED WEEKLY PRODUCTION OF
COAL, BY STATES
1,840
Missouri Pacific
COKE
(The current
4,504
Missouri & Arkansas—
AND
HRevised.
International-Great Northern—
Louisiana & Arkansas
most
4,652,600
4,989,300
4,211,300
washery and dredge coal, and coal shipped by truck from authorized
(Excludes'colliery fuel.
{Comparable data not available. §Subject to re¬
Gulf Coast Lines
—
that
"Includes
operations.
Maryland
Burlington-Rock IslancL:_—386
Kansas City Southern
Aug. 8,
_1,234,400 1,219,200 1,206,600
total
Kentucky—Eastern
Kentucky—Western
Kansas, Oklahoma & Gulf
172,007
Note
Cal. Year to Date
'
District—
Southwestern
coal.
coke—
Iowa
Total
of
coke—
States
United
128
Peoria & Pekin Union
Southern Pacific (Pacific)
189,537
equivalent coal assuming
ANTHRACITE
fuel-1,302,000 1,377,000 1,234,000
production_l,250,000 1,322,000 1,185,000
410
1,962
1,073
1,847
988
1,856
_
PENNSYLVANIA
coll.
2,592
——-—-
Fort Worth & Denver City—
OF
1943
anthracite—
Beehive
6,285
,
749
3,990
—.
Illinois Terminal-
into
pound
per
—Week Ended
—^
1,776
5,873
899
Denver & Salt Lake
198,233
converted
B.t.u.
§Aug. 7,
Penn.
"Total
4,035
—
Denver & Rio Grande Western
6,360
13,100
11,704
2,520
.—;»
2,616
13,064
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois-—
and
(In Net Tons)
100
19,001
•
oil
PRODUCTION
;'•'■>>>'>:*
United
3,680
.
6,621
during the week
barrel of
the supply of petroleum products is not
directly competitive with coal. (Minerals
Yearbook, Review of 1940, page 775.) tRcvised. tSubject to current adjustment.
2,812
63,856
12,054
6,732
produced
per
702
2,795
,
22,547
698
22,308
.
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Colorado & Southern
23,955
3,380
1937
264,168
of
By-product
Central Western
Aug. 7,
1942
345,433
of
barrels
(Commercial
Atch., Top. & Santa Fe System
Alton
——:
Aug. 8,
1943
349,408
62
3,528
<-.r;
tAug. 7,
1942
11,090
output—
"Total
4,711
440
PETROLEUM
-January 1 to Date-
Aug. 8,
1943
3,225
11,638
CRUDE
12,170
—
equivalent
weekly
2,203
7,966
.5,333
65,667
i4i,HUH ■
■.
2,586
2,243
tJuly 31,
COAL
petroleum—
Coal
"432
3,265
v
3,341
v
.
OF
11,800
799
9,097
555
1,112
11,087
603
8,610
Duluth, South Shore & Atlantic
OF
period.
same
PRODUCTION
PRODUCTION
1943
Total
3,128
10,258
tons during the
STATES
ON
(In Net Tons—-000 Omitted.)
Week Ended
—
Bituminous coal
,
when compared with
7, 1943, showed an increase of 15,100 tons when compared with the
output for the week ended July 31, 1943. The quantity of coke from
beehive
District—,
.
decrease of 0.5%
a
•The Bureau of Mines also reported that the estimated
production
of byproduct coke in the United States for the week
ended August
112,697
:.
100 ":
Chicago & North Western
Chicago Great Western
(
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
'•■■■
S.
Bureau of Mines estimated that the total
production
Pennsylvania anthracite for the week ended August 7, 1943 was
1,302,000 tons, a decrease of 75,000 tons (5.4%) from the preceding
week. When compared with the
output in the corresponding week of
1942 there was,
however, an increase of 68,000 tons, or 5.5%. The
of
985
>520
Winston-Salem Southbound
:
dicating a decrease of 370,000 tons, or 3.0% from the preceding week.
Output in the corresponding week of 1942 amounted to
11,090,000
tons. For the present year to
August 7, soft coal production was 1.2%
in excess of that for the same
period in 1942.
814
22,076
! Total——
The Bituminous Coal
Division, U. S. Department of the Interior,
in its latest report, states that the total
production of soft coal in the
week ended August 7, 1943 is estimated at
11,800,000 net tons, in¬
215
432
26,036
220
'
7 350
Richmond, Fred. & Potomac—
103
1,262
27,060
1,591
-
10,092
.
4,253
•
>
267
3,284,
—
400
432
36
258
Norfolk Southern
186
'£•%
166,.'.
639
28,498
25,885
w.
284
1,361
»
491,
—2——-
V
402
,
1,074
_—
Georgia & Florida—
Northwestern
715
3,lyJ
943
113
.'
398
10,903
Durham & Southern—:
Piedmont Northern
370
1,044
372
Macon, Dublin & Savannah—
Mississippi CentralNashville, Chattanooga & St. L
391
9,786
311
Illinois Central System—
Louisville & Nashville
352
1,226
1,793
Gulf, Mobile & Ohio
1942
9,728
Charleston & Western Carolina
L
1943
1,227
"
.
Columbus & Greenville
Georgia
1941
9,521
——.
——
1942
331
320
V
Connections
1943
1942
10,266
Clinchfield
Florida East Coast
Freight Loaded
3,784
.
:
359
914
848
1943
Received from
Total Revenue
v;
11,368
'
Atlantic Coast Line
Central of Georgia
1941
v
Weekly Coal And Coke Production Statistics
Total Loads
Received from
Freight Loaded
;
6,578
5,194
5,559
4,321
4,579
17,222
13,025
196,488
<
65,348
52,975
City
23,976
18,401
75,177
centers
34,955
28,968
102,515
85,402
5,417
5,605
18,796
16,246
156,82^
55,1^4
,
28.2%
greater;
27.7% greater.
and
orders
were
orders
1
made for
unfilled orders.
or
.-•••
.
filled from 6tock,
•
k
.
•
.
and other Items made necessary'adjustments
of
♦140
193
other
other
centers
>
•Included in the national series covering
141 centers, available beginning in 1919.
THE COMMERCIAL &
724
Eugene W. Stetson, President of
Guaranty Trust Co. of New
the
York, announced on Aug. 13 the
appointment of J. Brougham Wal¬
X
lace, Jr., and William C. Lang as
Second Vice Presidents. Both were
and
formerly Assistant Treasurers
appointments con¬
identified with the
with their new
tinue
be
to
accept the position
and Cashier of
the
National
Capital Bank, of
Washington.
Peyton B. Fletcher,
Jr., who has been Assistant Man¬
ager of the 7th and I Sts. Branch
since Dec., 1939, has been transfer¬
red to the Park Road Branch as As¬
of the bank, to
sistant Manager.
handles the
relationships in the
States of New York, New Jersey,
Maryland, Delaware, and the District Of Columbia.: Mr. Lang, who
is with the Banking Department's
Company's
■
years,
having
with
served
National Bank of Commerce
to
its
X
«
Department, an¬
Treasury
Aug. 13 that in order
on
facilitate
to
payment^ to depen¬
dents of our armed
in
forces, work¬
and other in¬
Navy yards
:
dustrial;: plants: of ; the Govern¬
Aug. ment, as well as to other Claim¬
ants and beneficiaries, the Gov¬
M. J. Fleming, President of
ernment has extended the use of a
Reserve Bank of Cleve¬
comparatively new form of check
land that The Rossford Savings
known
as
a
"tabulating
card
Bank, of Rossford, Ohio, had been
check."'
X;
admitted to membership in the
When delivered to payees, these
Federal .Reserve System.
With
checks
contain
punched
holes
the admission of this bank ap¬
which are essential not only to
lion
13 by
proximately 60% of all banks
90%
the
prior
in
their
Ohio, representing
of the bank deposits in the
of
State
the
banks.
The
Rossford Savings Bank was
incor¬
State,
member
are
their
men
r
the American Business Congress—
..
the
of
United
States
presented for payment. Since these checks have been
in the interest of the
payees, as well as in the interest
of economy, the Treasury urgent¬
ly requested all persons receiving
or handling
the new card checks
to avoid punching holes in them,
adopted
establish
will
in
office
an
the
Street gate,
:
will open for business
on Wednesday, Aug. 18.
In addi¬
tion to rendering the services de-
V
scribed here, this office
...
<
'
•
will cash
pay checks for Navy Yard em¬
ployees without charge.
"
t
"It is expected the Manufactur¬
ers Trust Company will establish
additional offices in the Brooklyn
Navy Yard in the near future.
"Manufacturers Trust Company,
through its 68 offices in Greater
New York,
serves over 600,000
customers. Resources of the bank
X
and one-half billion
are over one
dollars."
"The
tution for ten years.
bank in ad¬
Ford, Bowers
The Directors of the
Messrs.
to
Westminster
Bank Limited, London, have de¬
clared an Interim Dividend of 9%
for the half year ended June 30,
1943
on
the £4 shares, and the
maximum dividend of 6*4% on
the stock for the
same period.
The dividends (less income tax)
The
of
Directors
orders," said a
representative of the Congress, an
organization of small and inter¬
the
payable on Aug. 2 to those
were
and
shareholders
whose
were
names
of
books
the
the
persons
of folding checks into
wallets or to fit into pockets or
.
Kennedy, President
National Bank of
ident of the Waltham (Mass.)
Na¬
Bank, died on Aug. 11 in
the Waltham H->s ;itar
He was 61
tional
years
bank
Mr, bear* headed the
from 1924 to 1939, when he
old.
He
retired.
institution
was a
director of the
the
at
of
time
'
death.
William
D.
Post,
Executive
the
his
Central
Penn
Chairman of
Committee
National
of
Bank
the
of
Philadelphia, died on Aug. 10 at
his
Island Park,
He
home
summer
was
89.
at
Thousand
Alexander Bay, N. Y.
.V V.X/x>;-
of accounts as
of June 30, 1943, the Westminister
Bank, Ltd., showed total resources
of
total assets of
same
(against £116,645,433); Treasury
deposit receipts, £105,000,000 (com¬
pared
with
£66,000,000);v coin,
Bank of England notes, and bal¬
ances with the Bank of England,
£49,967,688 (against £50,610,311);
bills discounted, £35,415,576 (con¬
with £35,072,749).
Cur¬
rent, deposit, and other accounts,
are
shown at £493,668,648 (com¬
trasting
paring with £455,374,641) and lia¬
bilities for acceptances, endorse¬
ments, etc., as per contra
Philadelphia, which was merged
into the Central Penn National
of
He began his career
Bank in 1930.
and
reserve
year ago,
the Office of the Treasurer
paid, process the checks from
oerforations made at the time of
are
The Chase National Bank of
tenders
for
1917, resigning in 1920 to be¬
amount
of
City
"Post"
Robert
the
Washington
V. Fleming, Pres¬
ident and Chairman of the
the
New
York
the
is
inviting
sale to it of an
of New South
State
external 30-year
due
Feb. 1, 1957, sufficient to exhaust
the sum of $235,147.42.
Tenders
will be accepted at prices not ex¬
ceeding par and accrued interest
and will be opened at 12 o'clock
noon on Aug. 9, 1943
at the cor¬
Board
sinking fund gold bonds
National Bank, of
Washington, announced on Aug.
12 that due to the resignation of
Robert
V.
Mellefont, Assistant porate
of
of
the
Wales, Australia,
5%
to
Riggs
Manager of the Park Road Branch
properly
the
thus
introducing
trust
department of the
New York.
bank, 11 Broad Street,
the
organize and coordinate the
of 30,000 volunteers, many
of them already enlisted in insur¬
will
work
whole¬
is
Congress
must
be devised to
from
workers
vent
origin.
resorting to
quit their jobs unless the em¬
ployer pays their taxes for them.
Many small businessmen are now
disregard the law
self preservation
of the shortage of labor.
being forced to
in the interest of
" 7 '1
'
the
In
resented
X
„
volunteer salesmen for
"
Uncle Sam
being recruited to carry the
are
of the Third War Loan—
message
the
"Back
Attack"—into;
home in the native tongue
pective investors.?Xy
every
of
; :•
pros¬
,X
X>.,
campaign, starting Sept. 9; is
the third war'loan drive in which
Mr. Johnson has; volunteered his
-
The
Congress
call upon the
Small
Business
Committees of services.; "The point I wish to stress is the
both House and Senate within the
next few days in an attempt to closeness to home and community
find a means of solving this se¬ in this appeal/' he said. "An aver¬
rious problem which no one fore¬ age of 20 to 40 boys from every
block in New York City is serving
saw when the tax was enacted."
American Business
The
undoubtedly
will
request to President Roose¬
the matter in
his talk to the Nation on July 28
The
velt that he discuss
the American Busi¬
was
made by
ness
Congress, in a wire,
dent Seedman as
by Presi¬
follows:
respectfully urge that in
"We
talk tonight you
that employees
emphasize
demanding or al¬
the
in
forces
armed
Their
now.
neighbors must see that they get
the guns and ammunition to carry
to
on
victory.
.
,
;X■ v.'\-X;/
"Although this is a national ap¬
peal, I see it as a neighbor's re¬
sponsibility to the lads in his own
block who are risking their lives
for
v',
at home."
us
k
lowing employers to
pay
20%
withholding tax without deduct¬
ing
from salary are
defeating at¬ Urges OPA Abandon
Food Price Fixing
tempts to avoid inflation as well
as breaking the law by accepting
increases.
salary
small
businessmen
must either pay
this tax for their employees quiet¬
in silence as they
ly and illegally or lose
have it deducted
from salary.
In
:
Abandonment of food price fix¬
Thousands of
ing
are suffering
their irre¬
punched holes, placeable workers who refuse to
an error.
of foreign
*', •; 5 1
foreign-born field, rep¬
by 24 nationalities, 5,000
Negro groups and those
pre¬
almost be called busi¬
blackmail by threatening to
because
women's organizations,
fraternal societies,
and
churches
what might
ness
companies, sales staffs of re¬
ance
tail stores,
heartedly in favor of the principle
of : the
withholding tax,
some
method
State.
Community Sales Division
The
sized- businessmen.
mediate
While
Committee for New York
C.
called for on July 26 by
Du Mond, New York
was
Chester
State
Agriculture
Commissioner.
In
address at a
meeting of the
an
County
Oneida-Herkimer
bers
Dairymen's
the
of
mem¬
League
Co-operative Association, at New
thickens doing this they automatically give
Hartford, N. Y., Mr. Du Mond de¬
illegal salary increases and de¬
clared that "the future of farming
fraud
Government of full tax
and the future of the nation as a
check appreciably so as to disturb since they pay on employees base
democracy is entirely dependent
the alignment of the holes and salary which is lower than base
upon the removal of controls and
thus causes the machine to make salary including tax.
Unless Gov¬
restrictions
to
production
that
erroneous recordings.
ernment gives wide publicity to
have
been
placed upon us
as
"It
is
intended
to
increase this recently developed condition
farmers."
v
greatly the use of card checks for so that every worker fully under¬
In
Associated
Press
accounts
various classes of disbursements stands complete object and mean¬
as rapidly as arrangements can be
ing of the deduction, small busi¬ from New Hartford it was also
made and equipment procured." ness will be further endangered
stated:
x
since it cannot survive a general
The
Commissioner
contended
20% salary increase which, be¬
Stimson Back From Tour;
cause
it is paid surreptitiously, that OPA price-fixing programs
cannot even be deducted as a bus¬ and. policies
"have
thrown
a
Calls Troops Finest
iness expense.
Big business is not monkey-wrench in the machinery
Secretary
of War Henry L. affected
as
its
employees
are
of food production and distribu¬
Stimson returned to Washington frozen.
The only alternative will
tion over the entire country and
on July 31 from a three-week in¬
be to freeze every worker in every
spection tour of American troops job and refuse certification for particularly in our own New York
and
establishments in
Iceland,
job change if requested because State.
The fact is that no Fed¬
Great Britain and North Africa.
of lawful tax deductions.
This is eral
of
program
price-fixing,
The Secretary said that "there
a
most serious problem and we
"Folding
or
creasing
edges and causes clogging,
while folding also shortens the
the
...
are
soldiers"
finer
no
mented
Buying New So. Wales 5s
a
According
of the
States, where the checks
United
on
and
their determined
com¬
will-
were set
statement
issued by the War Department:
"I have just returned from an
aerial trip to our military estab¬
lishment in Iceland, Britain and
Mr.
in
Chairman.
tab¬
freeze
wage
your
and
to-win.
as
come
remain the same as a
both at £9,320,157.
in 1871
clerk and became President
with the Central National
£11,940,-
(against £16,785,826 a year
ago). The bank's paid-up capital
919
:
formerly was President
of the old Central National Bank
Mr. Post
r'<
sorting
issuing.
If a check has been
stockholders
spindled, pinned, or stapled, the
registered in
tabulating machine registers the
company on
hole made by mutilation as well
£524,266,212 (as compared with
£490,816,898 on the
date last year), of which the
Bay Parkway Branch at 6614 Bay principal items are: investments:
£163,949,764 (compared with £153,Parkway, Brooklyn.
153,513); advances to customers,
and
other accounts,- £103,613,831
Francis B. Sears, former Pres¬
Brooklyn in New York, announced
on Aug. 13 that he has appointed
Charles Suesens Manager of the
*
check
"Card
ulating equipment employed at
the Federal Reserve Banks and
as
In its statement
George P.
in
many
purses.v-
therefore
and
banks and business estab¬
lishments,
of thrusting checks
and Werner, are William H. Burns,
taken in from customers onto steel
Arnold Frautschi, and George P.
spindles; and of the habit of many
MacNichol.
dition
June 30.
of the Lafayette
the practice,
over
employing less than eight
not coming under
nesses
particularly
is
Treasury
concerned
busi¬
small
for
blow
death
the
-
Brooklyn Navy Yard to carry out
these functions. This office, which
will be located near the Sands
Pres¬
Midland Trust
ident of the Marine
"ts
when
Treasury
concern to small business
throughout the country.
In
grave
H. Johnson, Vice
Walter
Co., New York City, has been ap¬
announcement in the matter pointed Director of the Commun¬
ity Sales Division for the Third
the shall business man's organiza¬
War Loan, it was announced Aug.
prompt issuance but also to tion—said: .;:;X.XX; XXxV/XXY'.V, 12
by; X W. 4 Randolph \ Burgess,
"This new problem can strike Chairman, of the War Finance
subsequent handling by the
Treasurer
designated
Division
aggravate a new condition,
which
it
is
stated, is causing
Department has mately $2,750,000.
George R. Ford, Jr., President
the X Manufacturers
Trust Company of New York City of the bank, is now serving with
:
as
a
Depositary and Financial the Navy at the Philadelphia Navy
spindling, pinning them together,
Yard.
Prior to his entrance into
Agent of the United States Gov¬
the Navy he served as Assistant |olding, or creasing.
ernment, to perform the following
The Treasury pointed out that
Superintendent of the
functions at the Brooklyn Navy General
the card checks are sorted through
Yard
for
the
duration of the Libbey-Owens-Ford Glass Co., of automatic
electrical
accounting
which he also was a Director. He
■iw, emergency. ;
:
machines* which are actuated by
succeeded his father as President
1. Provide paying and receivelectrical
contacts through
the
of the bank in October of 1938. Ed¬
ing facilities for Navy personnel.
punched holes appearing in the
2. Furnish
cash to disbursing win C. Bowers, Vice President of
checks.
The highly sensitive ac¬
the bank, is now Assistant Gen¬
officers of the Navy.XXX!x:x^:;X;
counting machines are liable to
3. Accept
deposits from dis¬ eral Superintendent of the glass
jam or cause incorrect distribu¬
bursing officers of the Navy for company's Rossford plant. Henry tion if even a stray pinpoint is
Werner, Jr.,; Cashier, Secretary
credit to the account of the Treasmade in the surface of the check.
and Director, was elected to his
X
ury of the United States.
One crease or wrinkle can clog a
present position in July of 1920.
4. Sell cashier's-checks and bank
machine during a lengthy opera¬
He was formerly associated with
money orders.
.''":X;.:'X
tion and require tedious manual
The trust company's announce- The First National Bank of To¬
sorting and rechecking.
ledo.
C. Donald Kemp, Assistant
X
ment also said:
'
f '
The announcement also stated:
"Manufacturers Trust Company Cashier, has been with the insti¬
The
:
publicity
such
that
fearing
would
-
with the Guaranty porated in 1917 with a paid-in
.V :■ /XxXxrx-T^X capital of $50,000. Total deposits
at the present time are approxi¬
merger
in 1929.'
.
The
nounced
worker
Federal
bank for many
the
with
,
Announcement was made
Personal Division, has been asso¬
ciated
•
President Roosevelt was urged on July 27 by the American Busi¬
Congress to stress the need of the acceptance by every
of
the
deduction
of the new
20%
withholding tax,
thus
assuming
his
share
of
this ': tax :• burden.
The action
of
Business $ Congress
the
was''- prompted by recent publicity
given to reports that in some cases employees of small companies are
seeking to have the employer as-<S>
—
——
r—
vrf
ness
ers
which he is associated
"
a
of Vice President
Company's Banking Department.
Mr. Wallace has been with the
Guaranty since 1928 and the Bank¬
ing
Department
district ' with
I-.-.,
Urges President Roosevelt to impress Workers
With Need Of Accepting
Treasury Urges Care
Trust Companies
Items About Banks,
Thursday, August 49, 1943
FINANCIAL CHRONICLE
forth
North
Stimson's
in
the
views
following
Africa.
I
have
had
talks
with Lieut. Gen. Jacob L. Devers,
commander of the European
thea¬
full
wide pub¬
cannot too strongly urge your
cooperation in giving it
licity tonight."
National
tive
SEEDMAN,
President, American
GEORGE
J.
hower, •Commander
in
applied
as
a
when
lems
as
keting
men.
•
"There are no
/
XX
finer soldiers.
"Everywhere there was demon¬
a sober, determined will-
strated
pattern
over
we
take
into
account
marketing and distribution prob¬
found around
Business Congress.
Eisen¬ to-win, fortified by our successful
Chief in operations in Sicily and Tunisia,
and in the air over Germany and
North Africa.
"I have seen our men in train¬ occupied Europe."
An item regarding his trio aning and ready for acti™ and p^^rs
who have been in action.
They peared in our issue of July 22,
;
X
are
well equipped, well trained page 328.
tre, and General Dwight D.
when
the entire country could be effec¬
He
areas
said
cessors
and
local
mar¬
in this State."
local
producers,
pro¬
distributors, "in inti¬
mate contact with those who
sume
their
ones
qualified
product,"
are
con¬
the only
to%set price-ceil¬
ings,
and
"I
even
they
could
question
whether
improvise
ceil¬
ings which would work in actual
practice."
x
"
@FedFRASER