Full text of Commercial and Financial Chronicle : December 16, 1943, Vol. 158, No. 4238, Section 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

In

ESTABLISHED OVER 100 YEARS

Edition

Final

2 Sections-Section

2

#

I

ommetcial an

S. Pat. Office '

Reg. U.

.Volume

added

it

a

inquiries come to me
explanation of "sub¬
sidies"v that I am in Washington
So

to' the

on

talker who
much less articulate business
V V:C'h'

the whole between the glib

eon

est. If you be¬

the

lieve in- "pay¬

"a d

ing

go".' arid

bank"

Oppose

dies;! b

u

and who warn of government stepping in to
fails to do—if it fails—but we hear much

frequently from those who calmly tell the reformers
government must do if it expects business to function
normally and vigorously—and in far greater degree we find
what

politicians taking heed and at least beginning to act

: :.'r;
(Continued on page 2449)

their managers.

aimed, or

Also, in that cam¬

paign of 1928 was one that

Hoo¬

when he had gone previously
down to Mississippi to deal with
the flood, had danced with a Mrs.
Booze, Negro Republican National
ver,

a

difti-

Committeewoman.

whether

worried

would

not

is this committee's
at

present,

as

only

the

oppo¬

be

The

doing nothing at all.

to

much advertised Charlie Michael-

vote in the States where
the
Negro vote counted.
Mrs.
Booze finally settled their dilemma

is

son

the proofs on his
a good one,

reading

The purpose

of the magazine is

clean campaign this
time. It is supporting Willkie, but
whether this is responsible for its
to

,

;

urge

a

campaign.
the

nose on

We

tactics

have

of

That is as apparent as
the face.

only to look at the
the latest New Deal

vehicle, the CIO

Political Action

headed
by- Sidney
Hillman, who is the dictator of the

Committee,
organized
every

garment workers in
of the word.
This

sense




not

making

enough money, they

(Continued on page 2452)

;

,

Special Articles in

The CIO Political Action Com¬

their

offices in droves.

simply

Exchange Stabilization
Benjamin
M.

Po&t-War Foreign

Considered:

Further
Anderson.

Railroads Have a Great

Future,

They

go

soldiers'

makes you wonder
are

vote

bill

just what they

Situation

Page
,.,...2445

...

spirits of those who want a
clean campaign.
The plain facts

are

that the

Senate

Replacement Of State-Federal System As
Dangerously Undermining Democratic Institutions
The proper procedure in unemployment insurance lies in im¬
proving the present State-Federal program—not in Federalization—
Warns

News

.

...

.

.

..

Moody's Common Stock Yields.2454
Trust Cos..2460
Odd-Lot

Trading... a

2458
,2454

........

Trading on NYSE...:
NYSE
Nov.

Bond,
30

Share

Values at
.....

....,.,

,2455, 2456

Changes in Holdings of Reacquired
Stock (Nov, 16).............. „,..2455

while

General

Review

of

Trade

on

a

in

State ba¬

.,.2446

Index.2^1
.2459

Weekly Carloadings v
Weexiy Engineering Construction.. .24*7
Paperboard Industry Statistics
2459
Weekly Lumber Movement
..24o9
Fertilizer Association Price Index...2457

Weekly Coal and Coke Output......2458
Weekly Steel Review....
.......2453
Moody's Daily Commodity Index... .2454
Weekly Crude Oil Production......2458
Non-Ferrous Metals Market
2457

to

manner

and

avoid

the

waged
,

in¬

gress

place
with

a

Con¬

fronts,"

.several

on

Describing dangerous he be¬
inherent in Federalization,

the

speaker said:

"Consider
enormous

M. A. Linton

to re¬
the State-Federal system
Federal system may ap¬

for

.

a

moment

discretionary

were

cerned about this bill and rightly

(Continued

the

power

a

plan of this kind would put into
the hands
of the thousands of
Federal officeholders from Maine
to California who would be decid¬

pear

geous,

v

by and large,

Mr.

lieves

a

system."
Proposals

before

Federalization

"This

Linton said.

wholly Feder¬
al

account of illness or

on

proposal takes us to the center of
the States rights' battle now being

peril of total¬
in

work

accident."

sounder

a

"the

system of unemployment benefits
a
system of temporary disability
benefits available to those unable

goal

sis, "it will be
accomplished

volved

.................

Commodity■ Prices,• Domestic

"Furthermore," he added,

proposals would give that machine
still more power by adding to the

it
the

reach

ultimate

by; Washington,

Linton declared.

Mr.

Mr. Linton said

that

controlled

and

varying
needs.

itarianism
State

Mutual Life Insurance

told the 37th annual meeting of the Association
of Life Insurance Presidents in New York City on Dec. 2. Asserting
that the existing system allows for experimentation and variations
required to
' ®
~
~

to

........... ♦

Items About Banks and
NYSE

President of the. Provident

Co., Philadelphia,

will take time

Regular Features
Washington Ahead of the

Says Linton

ing whether individual citizens
superficially to be advanta¬
should receive benefits from rich
but "the program would
Uncle Sam because they claimed
Weekly Electric Output.,
2453 dangerously undermine our demo¬
Cotton Ginnings Prior to Dec. 1....2455
institutions
by.
placing they could not find work or were
Republicans, Fertilizer Association Price Index .2457 cratic
physically not able to work. And
enormous
power over the indi¬
greatly con¬ Selected Income, Balance Sheet
these benefits would not be small,
vidual in the hands of a vast,

after, and certainly dampens

the

to

local

Editorial

;

Financial

tle trick

so-called

that has been raised to an
of all exchanges
once, is that it is difficult to
ons

Step Toward Totalitarianism*

meet
•

browbeat the Congressmen.

the

Ward

at

M. Albert Linton,

Section 1

.,.,2445
Moody's Bond Prices and Yields. . .2454

seemingly constitutes the
committee's main activity.

in

Wilbert

over-all settling

Federalization Of Unemployment Insurance

of wheat are

producers

and this

in to harangue and
A lit¬
they have in the subsidy
fight also is to have the opposing
members deluged with pig bones
concern or not, its appeal will unsent through, the mails.'
J doubtedly fall on deaf ears.
The agitation they are working
There is going to be plenty of
heat and plenty of dirt in the next hp against the Senate's action on

J

the

If

From

issuing a statement that the mittee, however, is pursuing an
offensive game of harassing Con¬
story was wholly untrue because
she was a Baptist and did not gressmen by appearing constantly
•

no

are

book which should be

by

dance.

Subsidies

time.

short

good to prevent price rises which
are due to a permanent increased
demand on shortage of supply.

cratic National Committee appears

who
an
indignant
endanger the

Negro

Therefore, subsidies are use¬
regulate prices; but only for

Demo¬

This one con¬

founded the Hoover managers

denial

quarters formerly occupied,
ironically enough, by the Repub¬
lican National Committee. Indeed,

from

sition

his

you a

operating

begun

anyhow, the initial
plan is set by the

but,

in

Now, of course, one of the ob¬
ject

Stabili¬

talked

auto¬

country itself,

well

as

zation follow:

GENERAL CONTENTS
has

state

his remarks

about

audible as to receive formal

committee

it

as

White's

will

plan

the

joins

which;

pro¬

"world

bank"

What Are Subsidies?

:

ply.

political campaigns in the past, the irresponsible charges that
are made, the scurrilous literature, the whispering campaigns, such as.
-for example, the one against Al Smith that he and the Pope were in
cahoots and the one against Harding that he had Negro blood in his

against whom they were

••

the

of formal

ful to

of

veins, both of which whispers became so
treatment
by
the
candidates

e

toward

be

sort

some

couple of months ago on the do; but by that mechanism it is
I don't not difficult to start.
A subsidy bears the same rela¬ subject of "Stabilization."
The real question comes as to
intend to talk about it again, ex¬
tion to prices as k dam bears to an
whether starting on that basis you
cept that I do want to say this:
unruly stream of water.. A dam
have anything that will stand.
I should say that there seemed to
does not destroy the water; but
That, to my mind, is an argu¬
the flow can be regulated by a be, generally speaking, a recogni¬
ment in favor of some sort of in¬
tion of the fact that stabilization
darn.
Dams are, therefore, useful
strumentality to control the busi¬
is desirable, and that the only dif¬
in flood control; but if too much
ness of stabilization because, as I
water is dammed up, it
either ference of opinion that has de¬ see
it, it is going to be impossible
flows over the dam or else breaks veloped is in regard to the method
for 40 or maybe somewhat fewer
the dam.
In, the long run, you by which it is to be achieved, and nations to arrive by any such
I want to add to that may own
cannot fool or have a substitute
(Continued on page 2450)
for the Law of Demand and Sup¬ feeling; that if the mechanism is

By CARLISLE BAKGERON

magazine is coming up soon with a story on the

-

.

be-

I

From Washington
Ahead ©f The Mews
A leading

>

To

-

t h

to

posed

V
specific, the
farmers
are
opposing subsidies;
but labor is urging subsidies.

more

ness

Babson

W.

would

of

own

my

matically state the currency of its
own country in terms of the dollar
or the "Unitas"—I have forgotten

respect

with
Roger

then *

will favor.?

you

that

comments

po.stpo ning
the day of set- i:

involved,

You will recall that Dr.

Ward's

Mr.
.

borrowing and

countries

plan envisaged that every country

desirable.

if

believe in-

the

mechanism to do it.

un¬

as

in

political situation

current

creation

a

much influenced by

too

the

rehabili¬

tation

not

inclination

the

"world

do what business

.

general, but

with

will
subsi¬

you

subsidies;

proposal

would assure stable opera¬

which
tion

i rable"

take its course,

•

:

m

then

tlemerit,

1, called the Treasury

simple and if it is set up on a basis

proposals

considers

let¬

t

New

in¬

-of

you

Dec,

that

linking

what will happen to "busi¬
ness" unless it does this, that or the other.
There are still
some who continue to talk of "one more chance" for the

'

in

you-.'

-

ting ;ri at u re 1

We hear much less often about

the

a s

-

on

considered

he

reflected on many sides!
at this time, and has-been for some time past.
Not nearly
so many—even among business men themselves—are
now
telling industry and trade what it must do to be saved.

.accordingly.

Ward

dicated

sides are hon-';

All.this, it seems to us, is being

business man,

Pennsylvania Hotel

Mr.

both-

on

Vice-President of the National City Bank of

in addressing a meeting of the Foreign Credit Interchange
Bureau of the National Association of Credit World Bank Men at

York,
the

vinee d

ers.

Wilbert Ward,

recently outlined by Secretary Henry Morgenthau "defective in that
it fails to recognize the primary function of a banking institution."

that the lead¬

Welcome' Change'
/

.

prob¬

arid I am

lem

instilling into the veins of business a renewed conf
in itself and in the ability of the American people
wisely

sides

two

are

dence

promises all things and the
man who gets1 things done.

Frankly, there

getting'the story.

good while past been making itself more and more evident
throughout the length and breadth of this land.. It is that
record and that" recognition which are driving the-New
Deal dreamers more and more to cover as the days pass,:

"to choose

Which Will Stand Test Of Time

many

asking for an

a

'and

Regards It Impossible For

Number Of Nations To Arrive At Any Rates

recognition which has for

dramatic touch to a

Stabilization,

Control

On

industry
is now beginning to bear rich fruit not only on the battle¬
fields of this war, but in other, and doubtless by many,
unexpected quarters. The testimony of Stalin to the essen¬
tial part the productive genius of this country has played
and is playing in the successful conduct of the war was
hardly more than a simple statement of the obvious, but
production record of American

The unmatched

■*

Copy

Wilbert Ward Discusses World Bank

The Financial Situation
'

60 Cents a

Price

N. Y., Thursday, December 16, 1943

New York,

Number 4238 1

158

on page

2460)

>,

Items

Class

1

Raiiroaas

English Gold and

(aepo.).. .2456

Silver Markets.

.

.2456

country-wide

machine

operated

(Continued

on page

2451)

2446

THE COMMERCIAL &

stimulated.

Simple, Plain Truths

Plates have not been

of the American way
living, of working, of doing business. And doing
business in the American way means free, private,competitive enterprise, by whatever name it is

Inc.

The
tail

called.

review

sales

estimated

gained 12 to 16%

"Enterprise"that is 'free' calls for the highest
degree of personal freedom attainable under just
laws impartially enforced.
With each individual
in

and invest in his

save

shop

own

farm

or

Regional percentage gains
England, 8 to 12%;
East, 10 to 14; Middle West, 11 to
15; Northwest, 9 to 12; South, 14

or

creased night

do

for

pared

of

the

after

hostilities

and

American enterprise

11,

the

if wartime taxes

the

confidence."—National

made such

an

Association

from

This

was

especially

rose

to

last

year's

retail

so

industries

with electric

last

power

figure.

Glowing

reports

week

continue

Carloadings of

freight

revenue

generally

over

last year.

to

in

862,759

cars

1,683,300 tons.

ciation

of

according to the Asso¬
American

was an

Railroads.

the

12 to 16%
_

November, 1942, production
"Despite

increase of 42,677 cars

from

come

For the comparable week

for the week ended Dec. 4, totaled

This

above

________

effects.

K

was

cars

above

years

128.29%

ago.

of

the

average

period

total

loadings

was

preceding years.

kilowatt hours in the week ended
Dec. 4, from 4,403,342,000 in the

preceding holiday week.

The old

4,513,299,000, reached

in the week of Nov. 20.

The latest

total

the year-

was

17.4%

generation

ago

kilowatt hours.
son

above

of

3,883,534,000

Consolidated Edi¬

Co. of New York reports sys¬

tem output of 222,100,000 kilowatt
hours in the week ended Dec. 5,
an

increase

of

36.2%

over

the

163,100,000
Local

reported a year ago.
distribution rose 36.5% to

218,000,000 kilowatt hours from
159,700,000 in; the 1942 week.
Steel

production

is

scheduled

this week at 99.3% of capacity, in¬

dicating output of 1,730,700 net
tons, unchanged from last week,
the American Iron & Steel Insti¬

tute reported. A month ago

Oper¬

ations werfc at 97.8 and output 1,-

"For

WOT®?"

the

demand

in

are

shows

less and

signs

next few weeks:

Board

predicts

that

requirements in 1944 will

ceed

of

longer view the War

Production

ex¬

those of this year, with

even

special emphasis

ships, trucks,
airplanes and oil refinery equip¬
ment, as well as auxiliary types
on

of ordnance.

"Curtailment in light arms and
ammunition, lend-lease program,
tanks

and

machine

contributed

to

and

creation

of

tools

leveling

a

demand, leading

to

have

off

in

cancellations

excess

stocks

at

various

plants.
As a result the
disposition of steel buyers at the
moment is to continue to trim in¬

ventories

and

to

buy

no

further

ahead than absolutely
necessary.

"Washington has made definite
efforts to stem the belief that the
European
the

same

is

war

time

near

war

its close. At

production

em¬

phasis is tending in the direction
of

Pacific

barges,

war

is

pressure

needs.

noted

which

for

call

for

Heavy
landing

plates,

heavy sheets and structural shapes,

704,600 tons, reflecting coal-strike the




production

tapering Pver the

war

Production of electricity rose to
an
all-time high of 4,560,158,000

was

ingot

for

the corresponding week of the 10

record

"Current orders

says.

same

This

latter

in

The bank

decline

large

that

market

being

"There

sav¬

are

some

T

executives

of

public

hous¬

ing, the termination of the

activ¬

non-acceptance

mined

in

as

re¬

stores

of

led

these

to

matters
ities

recom-

discussion

of

for

a

new

a

with

the

of

rayon

Economics

by

better

relations

with

the

various

and

agencies,

of this is that little
tant

ists

greatly

between

mental

work

and

agencies

associations

yarn

it

the

with

ence

Bureau,

in

led to the

must cooperate with the instru¬
mentalities of the
Government.
We want the associations to bene¬

the

American

output
of 700,000,000 pounds in 1942, and

as

the United States

"It was also felt," Mr. Bever
said, "that the managerial activ¬
ities of the League could be im¬

total

of

632,600,000

output

an

These

pounds

close third

three

accounted

world

for

"Of

the

duction

70%

1942

of

the

proved—that there
zation

half

over

produced.
world

yarn

from the

was

1939.

Half of the

pound

increase

control

pro¬

301,-

by giving

a

centrali¬

representa¬

was

re¬

war

staple

increased

by

one

ment
more

small
.

is

among

also

the

modern

a

strong

move¬

associations

public

.

for

relations,

which would include the dissemi¬

England, nation of information about their
dislocations, an services through newspaper ad¬

estimated decline is reported.

"Rayon

policy

.

"There

well scattered except in

where, due to

of

group.

ported by the United States, which
showed
a
gain
of
150,700,000
pounds. The remaining gains were

tion

is

which should be

permit free choice by the entire
membership and eliminate the

26%

up

1,145,400,000 pounds

in

800,000

output

fiber

87%

produc¬

from

1,082,-

vertising, locally by individual as¬
sociations, and, on a national scale
by the new league.
The associa¬

100,000 pounds in 1939 to 2,025>700,000 pounds in 1942.' Gains

tions

were

ate public
understanding of their
unique place in the national econ¬
omy through the power
of the

reported

primarily in Ger¬
Italy,
France
and
the
United States, although as in the
case
of filament
yarn, all coun¬
tries
excepting
Great
Britain
many,

shared

"The
more

in

the

increase.

United

Y

States

produces

filament

yarn
than
any
other country,
manufacturing 29%
of the world's total in 1939 and
33% in 1942. Filament rayon yarn

manufacturing countries ranked
according to their volume im¬
portance for both 1939 and
as

follows:

Germany,
ain."

1942

United States, Japan,
. and
Great Brit¬

Italy

■

.

of

efficiently

con¬

savings and loan associa-'

tions, and they naturally are eli¬
gible to continue as members of
this

half-century old national sav¬
ings and home financing organi¬
zation."

:

■

The

membership of the United
States Savings and Loan. League
consisted on Dec. 1,' 1943, of 3,700
local savings and loan
associa¬
tions and cooperative banks with
assets 6f

some

organization
states

and

$5,500,000,000.
includes

The

also

territorial

48

leagues

these institutions.

of

Y"' y.1

Steel Mills Spent

$465 Million For
Plant

tion to every section of the coun¬

pro¬

pounds was staple fiber. The fila¬

duced

Asso¬

1,447,200,000 pounds was try. More democratic methods of
yarn
and
2,025,700,000 electing officers and directors will

filament

ment

of power

eliminated

total

ducted

ciation, and others.

countries

production,

of which is Axis

Bankers

executives

as

conclusion-

same

or

was a

Savings and
League. We have a very
high regard for these individuals
Loan

associations must have better rep¬
resentation
in
Washington and

total

a

way

of the United States

to

harmony.
Discussions
during the Chicago War Confer¬

3,-

a

from our League will in no
alter the established policies

group

the

and

ranked second with

"This announced secession of

ex¬

govern¬

desire

a

29 to Dec. 1.

old

which

themselves

as

agency

ment, are
passed unanimously by the thou- •
sand delegates at the war confer¬
ence and fifty-first annual meet¬
ing of the League in Chicago, Nov.

no

dissenting members of the
League feel that anatgonism

re-establishment

of Govern¬
sought in a resolution

impor¬
legislation favorably affect¬
the
associations
has
been
passed in the last seven years. The
or

their

self-sustaining

the

especially
the
National
32% of ment,
Agency,
the
Federal
accounting Housing
for
480,000,000
pounds
of
the Home Loan Bank Administration,
and also trade organizations such
world's gain since. 1939,
Japan
total

after

year

and Loan Insurance
Corporation, from the National
Housing Agency in Washington,

particu¬
National Housing Ad¬
ministration. The best indication

larly

compared

as

by its members

jeral Savings

governmental

This total repre-.

1,100,000,000,

world's

with

Home

year; has been to oppose

progress
of the savings |
loan
associations
demands

and

re¬

world totaled

gain of 56%

of

total

the

Chicago Nov. 29 to Dec. 1.
strumentalities, the Federal Home
The purposes of the new
league,Loan Bank system and the Fedstated by Mr. Bever are:
T

fit'by the respect of Congress, re¬
The Bureau further reported on gardless of which political party
Dec. 8:
Y>..Y-i/^YY'' / Is in. power, so that they may re¬
"Germany was the largest pro¬ ceive the full cooperation of all
ducer of rayon lasf year, with a agencies of the Federal Govern¬
the

Federal

as

of

league, and

"The

ac¬

.was

measure

fewer

Y

open

Textile

alone

1

stiffening

some, products, the over-all trend
the preceding week this
year, in steel
buying continues to ease
103,028 cars more than in the cor¬
slightly," the magazine "Steel"
responding week in 1942, and 29,-

384

the

for

sents

over

two

the

of last year,

output of 2,227,500,000
pounds produced in 1939.. Y Y

were

and sales up

#

'

that

Inc., New York.

production, which again

trade, where holiday buying is brisk

above last year.

week

a preliminary estim¬
by the New York Fed¬

fact

the

heavy

Savings and Loan League:

meeting of

Federal
public housing and to hasten the
this was formed at the end of
liquidation of the emergency Home:
the
United
States
Savings and' Owners Loan Corporation. SepLoan League War Conference held ! aration of the
savings and loan in-

472,900,000 pounds in 1942, ac¬
cording to figures compiled by the
"Rayon- Organon," published by

of

all-time high, with local distribution
rising 36.5%

an

smaller than in

throughout' the

ringing words have
impression throughout the land.;

the

8%

Production

these

favorable, with most quarters showing sizable gains

a

attended by savings and loan ex¬
ecutives from eighteen states and
its final recommendations were

the. need

World Bayon Up 56%
Since War Began

for¬

move

21

ing

solved

are

June

mendations

-J

previous week ended Dec. 4, sales
this group of stores were 6%
higher than in the like 1942 week.

The State Of Tirade
Reports

-

of

Manufacturers.
that

compared

evenings this year
compared with last year.; In the

its debts
Employment

problems
promptly, then American industry can

wonder

13%

up

pays

"If these and reconversion

On

.

City in the week ended Dec.

were

counted

plants in competition with
private industry and that surplus war goods will
not be dumped on the market.

Little

were

mained

that it will not operate

with

the

eral Reserve Bank.

promptly when it cancels contracts.
will also be increased if Government makes clear

ward

4,

ported

then

are

com¬

according to

period—reconversion
solved wisely.

Government

7%

up

4;

Reserve

ate issued

transition

cease,

if

.

retary-Treasurer.

ex¬

Department store sales in New

"Employment in industry will be speeded up if
Wartime controls are ended as soon as
practicable
reduced,

Dec.

with the like period last year.

industry knows, and has a duty
to tell the American people, that it will be
impos¬
sible to have a post-war opportunity and jobs unless
to peace—are

Association,

year ago,

the

Dec.

"But American

war

were

corresponding

from

1

"

Owners Loan
corresponding
according to the approved by more than 600 state',Corporation,
and
the
National
and federal associations,.
having
Housing Agency. The policy of
Ssystem.
Sales
four-week period ended assets exceeding $500,000,000. The the United States League, deter-

a

Federal
for

basis
ended

with

week

again.

problems

new

Loan

Stores benefiting by holi¬

the week

York

it

openings helped

country-wide

America.

can

and

ings and loan executives, members savings and loan institutions afof the United States Savings and filiated
with the
day buying made the best show¬
United States;
Loan
League, was held at St. Savings and Loan
ing, although nearly all kinds of
League who
Louis to discuss and recommend
merchandise
were
in
favorable
seemingly differ with the estab¬
changes
in
the
administration
of
lished policy of our fifty-one
demand, with cash sales predom¬
year
inant. Department store sales on a that League. This conference was old national organization on such
review.

"Enterprise that is 'competitive' calls for a 'fair
no favors.'
There must be no special priv¬
ileges—for management, for labor or for capital.
It is competition that brings better values, higher :
quality and lower prices.
"Free, private, competitive enterprise is Amer¬
ican enterprise. It is the way of doing business that
brought the world's highest standards ,of living to
comes,

League are S. H. Bever, head of the Equitable
Association of Fort
Worth, Texas, President;
Arthur G, Erdmann, President of Bell
Savings and Loan

pand gift buying, according to the

field and

peace

Officers of the

of Chicago, First
Vice-President,S>—
•:
U
George M. Eason, President of tion of St. Paul,
Minn., newly
Standard
Federal
Savings
and elected President of the United
Loan Association of Los
to 18; Southwest, 25 to 28 and
Angeles, States Sayings and Loan League,
Second Vice-President, and Her¬ declared
Pacific Coast, 16 to 19. Yv .YYY'
regarding the announce¬
;
bert P. Taylor,
Jr., of Boston, Sec¬ ment of the formation of National
Favorable
weather
and
in¬

tem is individualist—not collectivist.

when

v

Building

New

were:

company

"And

over

Announcement has been made of the formation of
the National

re¬

country
that of last

year.

owned by many shareholders. And
no
arbitrary control by government.
/
"Enterprise that is 'private' calls for the preser¬
vation of property rights, the priceless heritage of
American citizens.
This means private ownership
—not government ownership.
The American sys¬
a

that

volume for the

Savings And Loan League Formed; Y%

Savings and Loan League, a new association of
savings and loan
organizations, to improve relations with Government agencies.

'.

'j;v Y "

.

>•$ Thursday, December 16,!; 1943

;<

To Forward Better Relations With Govt, Bureaus

ing continued brisk last week, ac¬
cording to the weekly trade re¬
view issued by Dun &
Bradstreet,

4'Freedom is the very basis

free to

National

affected by the general/easing."^
As to retail trade, holiday buy¬

of

•

FINANCIAL, CHRONICLE

were pioneers in thrift for
home ownership and need to cre¬

press.
.

r.

"Every effort

dissenting

was

members

made by

of

the

the. old

League to keep it intact by bring¬
ing about reforms from within,
but negotiations at the War Con¬
ference
demonstrated
that
this
was

impossible. The new National
Savings and Loan League was
then formed with the
expectation

A
was

Upkeep In 1842

total

of nearly $465,000,000
spent by the steel industry in

1942 for

repairs and maintenance
its war effort at
efficiency, according to

in order to keep
maximum

the American Iron and Steel Insti¬
tute.

of

This represents

than 10%

more

increase

an

the $420,-

over

000,000 expended for similar up¬
keep
in
1941.
The
Institute's
statement adds:

"The rise in expenditure for
plant upkeep in 1942 reflects the
continuing high operations rate
of the steel industry for that year.
Steel operations in 1942 remained
at 97% of capacity, approximately
the

same

level

as

in 1941.

"Wages represented the largest
single item in the expenditures for
repairs and maintenance.
Other
important items of expense were
cost of supplies, freight charges
on
supplies purchased, and cost
of repair materials.
maintenance

"Plant

costs

in

1942

averaged about $7.45 for each

ton

of

This

is

dollar

finished
an

steel

increase
ton

of

produced.
well

over

that it will benefit every associa¬
tion in

a

;. John

maintenance expenditures per ton

America," Mr. Bever said.

eral

F.

Scott, Minnesota Fed¬
Savings and Loan Associa¬

a

compared with

as

1940, and 65 cents

in 1941."

"

:

more

;K

than the

'

-

Y.r

Volume

THE COMMERCIAL & FINANCIAL

Number-4238

158

a

ance

Gerard

S.

Life insur¬
plays a vital

^management

picture.

this

in

role

We

Loaned To Gov.

Life insurance purchased from United States legal reserve com¬

bility by government.

of analysis and research to meet new conditions, con¬
their business.
Speaking at the 37th annual meeting of

the Association of

Third Of Companies' Assets

enterprise is thus serving to avoid
needless assumption < of responsi-Z

program

fronting

2447

1843 Life Ins. Sales 5% Above 1842 Volume

great value loathe preservation of
our democratic structure.
Private

unite behind

urged on Dec.42 to

Life insurance executives were

This trend is oL

n^ent_benefits.

Says U. S. Faces Reed Of Revival Of Faith In
Free Private Enterprise As Bulwark Of Society

CHRONICLE

panies during 1943 will approximate $12,700,000,000 by the end of the
year—5% above the 1942 volume—and policies owned by some

must

in New York, harmonize home office and agency" 68,000,000 Americans will aggregate $139,000,000,000, nearly 7% more
than the amount in force at the end of 1942, Col. Franklin
D'Olier,
Bankers Life Company, Des procedures with these modern de¬
President of the Prudential Insurance Co. of

Life Insurance Presidents, in session

Nollen,

President

of the

America, disclosed on
declared that changed social, economic and political rela¬ mands.' Our segment of private Dec. 2 in
opening the 37th annualstionships have brought new re-4>—
—
—
■.
T~7-. .• ~ ■. Z enterprise must meet its obliga¬
meeting of the Association of Life conservative
management,
Co],
sponsibilities to modern business ownership or management, con-. tion v to render complete service Insurance
Presidents in New York D'Olier said: "During the past ten
trol.
-s. free
from deficiencies either in
and suggested how they might be
years at least, the more conserva¬
City.
"We have maintained a stable
met in the life insurance industry.
scope or quality."
Speaking on the central theme tive a company has been in its
and exceptionally prosperous so-T
New conditions most significant
"We in the United States face
"Looking Forward with Life In¬ policies the better position it is in
ciety in our country by providing, to
life
insurance
management
no greater need than a revival of
effective* checks Were outlined by the speaker as surance," /Col. D'Olier who was today to meet present changing
faith in free, private enterprise as intelligent and
Moines,

.

'-

of a free and pros¬

bulwark

the

society motivated by a
spirit of energetic,
courageous
self-reliance,"
Mr.
Nollen
as¬
perous

serted.
"30

that

fact
100 million

ago,

years

conditions.

that the companies will
have paid or credited to policy¬
holders and beneficiaries during

verse

ourselves

the year an estimated total of $2,-

servatism

very
it is

courts settle disputes.

400,000,000 by Dec. 31—approximately $1,100,000,000, or 46%, to
beneficiaries in death claims, and

United States citizens were

ernment

about

in the traditional

ported

relationships be¬

tween
government and private
government of¬ enterprise.
In modern life, gov¬
ficials administer those rules. Our' ernment must concern itself with

living

simple life," Mr.
attention to the
transformation which has taken
reasonably
Nollen
called

period of 30

He noted that "the in¬
dustrial revolution just
in the
making was given a powerful im¬

years."

petus by the production demands
of World War I." He went on to

,

Our elected

live.

a

place "in that short

state

rules

must recognize that
permanent change has occurred

a

legislators/; enact
under which we shall

and

-

; / "First. / We

Our elected Fed¬

cal structures.
eral

follows:

politi¬

divisions of our social and

the

'>'//. „■"///

cognizance of the

Taking

Chairman of the meeting, also re¬

various

and balances between the

Thus gov¬ business, and accordingly business
business un¬ must concern itself with govern¬
der established rules, and, when
ment.
This involves no political
necessity arises, the courts inter¬ implications.
Organized business
vene to preserve justice.
has no place in politics. However,
"That system of checks and bal¬
the laws enacted affecting busiances
is the very foundation of
hessy ; and, the manner in which
our democracy, which gives every
those laws are administered, are
citizen the greatest opportunity to
definitely a concern of business.
reap
the rewards of energetic, That is a modern stewardship re¬
supervises

.

that "the subsequent war-inT courageous self-reliance;/' 1/ ;/ ' /
"The only safe course for us to
flated prosperity of the Hardingpursue is to preserve those checks
Coolidge era sped us further on
and balances without impairment.

.

in American history.
of that period played
with our traditional social,

depression
havoc

political relation¬

and

economic,

Men even began to ques¬
the feasibility of preserving
democratic processes in this

ships.
tion
our

.

know that our
are;

intervention

They
mere

welfare."'

man

attention

Closer

about

the

in

sphere of public education, and
more searching attention to home

livelihood.

dependable source of

■

office and agency

•

Meanwhile, life insurance funds
the extent of about $12,600,-

appreciation of the

revolutionary

social philosophy. Most people do
not seem to realize that during re¬
cent peacetime
years we were
travelihg, step by step and -step by

road of paternal¬

step, down the

.

government.
"No one can rightfully deny that

istic

attention.

factors
power

demands

One of the primary

this

in

problem

is

.

the

of government credit: con¬
With

trol.

also

investments

sound
our

or
the

/

"Third. We must recognize that,

our

vast Federal debt

to come." ;■/./

correc¬ /:.< Extensive credit agencies of the
tion existed in our economic and Federal government constitute a
social structure, and that our mod¬ problem which it is the responsi¬
ern complex society demands en¬
bility of life insurance to study/
larged governmental activities in Mr.- Nollen asserted: "Public in¬
certain restricted fields of social terest calls for a transfer of such
and economic need. However, the operations to private enterprise,
philosophy has no such limi¬ in so far as private enterprise is
It glorifies the role which able and willing to meet y the
; ■
.• /;/'■-/';/•
government must play in human need," he said.
affairs and relegates private en¬
Enlarged activities in the sphere
new

tations.

....

terprise to a
'/•'.

-ence.

"We

position of subservi.

,

in the

United States face

greater need than a revival of
faith in free, private enterprise as
the bulwark of a free and pros¬

no

society

perous

of

spirit

motivated by a
courageous

energetic,

self-reliance.
"The more

arbitrarily

..

v

private enterprise

is

controlled by govern¬

ment, the less will be the political
and economic freedom of all the

people.
sess
men

Men in

government pos¬
frailties as

the same human
in

other walks

of life.

~x-

unsupervised, centralized
power in the hands of any Sroup
of whatever character is bound to
lead to abuse.
That is the fundamental
fallacy of Ml political

tensive,

<

.*

schemes

which clothe

government
of business

with extensive powers




from

The

Federal

bond

holdings

of

Government

con¬

of

public education are needed, in
the opinion of Mr. Nollen, /to build
"a

clear

minds

of

understanding;; in >the
the public about .the

functions of life insurance and its
value to

We

our

should

democratic economy.
leave

no

stone

un¬

turned to build this service to its

private -enterprise will stand or
fall
on
the
publicly-recognized
excellence of its performance in
v

.

•

■.//!•'•

"Fifth/" We must

recognize that
intensive public education is es¬
sential to the stability of our mod¬
ern, /, complex,
democratic struc¬
ture; Public opinion is the power
behind'/the throne of legislative
and governmental procedure. Men
cannot judge intelligently respect¬
ing the complex issues of the day
unless placed in possession of the
-fundamental facts pertinent to the
issues.;/ The primary responsibility
for public instruction relating to
the service and Value of private

/enterprise rests
ders

of

m

ode

upon

the shoul¬

management

r n

highest -, possible state of eff i- Which has the facts at its com¬
V :
ciency."
*'vv mand."
On the subject of attention to
"Sixth. We must recognize that
home office and agency proced¬ our -legislators and Government
ures, he said: "The business of life officials constitute the most vital
insurance now stands high in pub¬ segment of the public in the mat¬
lic favor because of its past per¬ ter of informed opinion.
They
formance in harmony with public possess great power in molding
need.
But this is a new day. public-thought, as well as being
Growing complexity faces us in the ones who create and execute
our underwriting problems.
rules
of
For the
procedure
under
example, organized business is which both Government and pri¬
providing extensive benefit plans vate
enterprise
shall
operate.
for its employees, including dis- Those groups are merely crossability, death, and old age retire- sections of the country as. a whole,
-

'

.

policyholders

incorrect

in

statements

policyholder has to

interest

that

the

pay more

for

used, Col. D'Olier declared.
Legislation recommended by the

National Association of Insurance-

Commissioners, providing for the
of

use

new

mojdern mortality tables for
business, has now become
14 States, he pointed
out,

law

assets

and asserted that when this legis¬
lation has been generally enacted,
this criticism "which was never
valid can no longer be made."

companies represent an in¬
crease
during the year of about
$3,000,000,000, or the equivalent
of 109% of the increase in total
for

the

Col. D'Olier

year,

in

The speaker urged the life com¬

For 1942 and 1943, he

reported.

executives to

take

said, the increase in such holdings

pany

will be

$5,600,000,000—equivalent

and receptive attitude toward So¬

to 113%

of the asset increase. The

pares

with 21.4%

two years ago

when

the

States

United

entered

lowest

net

cost

consistent

with

safety,
the
speaker
described
vice, justifies immunity. Further¬ problems now facing the business.
more,
Government is now/ and Citing declining interest rates he
will continue to be, a potential saw no indication of any improve¬

the public interest.

and

decrease

the

quality of its ser¬

plus the extensive powers exist-, competitor ready to step into any
field /where private/.enterprise is
ing in the Federal Reserve / Sys¬
presumed to be guilty of exploita¬
tem; this factor alone might con-'
tion;?
Faith in the adequacy of
trol interest rates for many years

requiring

imperfections

;

freedom

trol unless the

to

the

were

the

procedures, es¬
with public approval, Government the
"Out of that bitter experience
war, and 18.2% at the end of
pecially in the underwriting field,. will endeavor to
provide all social 1938/the approximate beginning
has grown a
well-rooted social were cited by the speaker as illus¬
and economic needs unfulfilled by of the defense
program.
philosophy new to America. That trations of life insurance activities
private'' enterprise.
Management
As to the balance of the life in¬
philosophy ignores the traditional in which enlarged research is
must
search diligently for new surance
portfolio,
Col. -D'Olier
spirit of courageous self-reliance needed.;'/}; /, ■;>'/. '■ .;/'::y /■'-/•.;///
procedures which will discharge said investments in other govern¬
which built America.
On the con¬
"We cannot afford to proceed
every obligation of private enter¬
ment
bonds, including Canadian,
trary, it proclaims government as on the theory that the dearth of
In so far as will represent 6% of assets,. cor¬
the rightful guarantor of a contin¬ traditional life insurance invest¬ prise to modern life.
private
enterprise
fails
to
do
the
porate securities 29%, and real
uous livelihood for every citizen.
ments experienced during recent
entire job, Government will step estate
mortgages 17%.
Only 6%
It also accepts government in bus¬
years will be automatically cor¬ in
to fill the breach.
will represent policy loans, and
iness and government control of
rected after peace is restored,"
"Fourth.
We
must
recognize the remaining 9% will represent
'private business as sound public Mr. Nollen said. "We must begin
that public acceptance of the ade¬ real estate, collateral loans, cash,
policy without restriction."
now with a searching analysis of
Citing the dangers of the
new the probable course of events, in quacy/of private enterprise is and other assets.
Declaring that the goal of the
philosophy" Mr. Nollen had the preparation for the adoption of measured, not merely by scope of
service, but also by perfection of life insurance business is to con¬
following to say:
new
procedures if necessity de¬
"Let
me
say,
parenthetically, mands. .■ •;.;;,■/./'■■■
performance. / Private enterprise tinue to furnish the best possible
that there is far too little public
and should not, expect life insurance protection at the
"The future rate of return on cannot,
/significance, and also the inher¬
ent dangers, of that new American

public

realize

at

decent livelihood.

first law of human nature.
•

lack of conservatism."

a

The

our

He further said

easily, readily and
quickly be remedied, while
long hard task to recover

000,000/or one-third of the com¬
panies' admitted assets—estimated

resources

our ? democracy,
sacredness
of

con¬

over-con¬

his insurance than he would
pay
if an up-to-date mortality table

no

preserving

existing

to

earn a

that

tality table which have given rise

to

longer impressed by
of. sentimental appeals about
are

rnipd
can

benefits.

ample to provide everyone a

chance to

to 'kill the goose
which lays the golden egg' of hu¬

helps

merely

national

accordingly, having

in

a

from

people lost portfolios of life insurance invest¬ •American: way of life' of bygone present portion of assets invested
ments, enlarged activities in the days.
Self-preservation is the in Federal securities—33%—com¬
private enterprise as a

world. ^ Many of
faith

equity " and
opportunityEvery;

preserve

of

needless government

mechanized

changing

rapidly
.

to

recognize ad¬
and go\Tern

rates, but there are still miscon¬
ceptions with regard to the mor¬

.

needed

freedom

us

today

$1,300,000,000, or 54%, to
living policyholders as matured
endowments, annuities, surrender
values, dividends, and disability

complex, interde¬
that/ inevitably and
There is danger in transfering to
men now
demand action and re¬
pendent, modern,
gadget exis¬
tence.
Then followed the worst government any powers of own¬ sults in harmony with their basic
ership or control not imperatively economic and social needs.
Men
the way to our

The ravages

stantly

$37,675,000,000 as of the end of
year—will have been loaned
to the Federal government to aid
in the prosecution of the war and
rightfully, for other purposes, he pointed out.

sponsibility of management in
harmony with pubic welfare.
"Second.
We must recognize

.

say

Let

'

trends

ment, with government bonds at
2i/2% or lower absorbing as much
as
one-third of the assets of. all
the

companies,

cial

broad

a

Security, declaring that "what

is good socially and
economically
for the country at large should be

good

socially

and

economically
long run."

for life insurance in the

He

continued:

reasons

why

become

such

tution

"One

life

the

has

important insti¬

an

in. this

of

insurance

country is because

a

very substantial majority of the
population have wanted to do bet¬

ter for their

own

the

can

country

all alike and

though certain
Security
affect our new business

features

new

laws may

dependents than
afford to do for

even

of

Social

temporarily, nevertheless, in the
long run this part of the popula¬
tion will want to accomplish still
more
for their own dependents
than

be done

can

visions
Plan

So far
I

through the pro¬
Social Security
may be worked out.
legislation is concerned.,

of

any

which
as

have

confidence

common-sense

of

in

sound

the

lawmakers

our

that they will not ultimately

adopt
plan unduly burdensome on
the economy of the country, and
any

that

believe

attitude

we

toward

with

this

a

/

broad

subject

can

questioned help them substantially in attain¬

and

ing this objective."
I11 conclusion, Col. D'Olier said:
for life insurance,
tion of premium rates on new "Fortunately
we
have not the great problem
policies.
which
war plants are facing after
Pointing; to the desirability of
this emergency when they will
the

whether
to

face

They

are

pendable
want

a

has

time

not

come

this fact in the computa¬

composed mainly of de¬
people who need and

clear understanding of the

complex

problems

modern life.

;

we

face

in

With few exceptions,

their

support of unwise govern¬
procedure grows out of
lack of understanding and not
malicious intent.
To them, mod¬

mental

management owes the service
of factual education in the field of

have

"Seventh.
that

one

We

:;
/
must recognize

of the new vital elements

affecting private enterprise is

the

convert back

to

civilian

fortunate in
that we have no such problem.
All we need is not to be unduly
and
unfairly restricted in the
work that

We

are

have to do, and we
job that is to be done."

we

will do the

New N. Y. Rev. Collector
James

ern

private enterprise.

to

production.

W.

Johnson

in in New York

on

was

Dec. 2

sworn

as

Col¬

lector of Internal Revenue for the
Third District of New York.
Johnson; as

the

Mr.

formerly Assistant to

Collector, Joseph T. Higgins,

of change in who resigned in September to be¬
every phase of human existence.
come
a
candidate for the CityNo longer can management safely
follow the time-honored method Court bench. He was nominated
characterized by the phrase, 'Wait by President Roosevelt on Oct. 25,
and see.' Through
analysis and to succeed Mr. Higgins and the
research, practice must be har¬
Senate confirmed the appointment
monized with prospective as well
as
immediate developments.
In on Oct. 27. Mr. Johnson now heads
the rapid flow of modern events, the second largest collection dis¬
modern rapid tempo

must evaluate the
probabilities of future indicated
changes in terms of their impact

management

upon

constructive procedure."

trict in the country.

The resigna¬

tion of Mr. Higgins was reported
in

our

issue of Oct. 7, page

1428.

THE COMMERCIAL & FINANCIAL CHRONICLE

2443

Theis

Urges TrustHen leap Informed On Trends AIB Executive Council
And Their Effects On Property
To Meet In Memphis

Trust

The annual mid-winter

themselves informed on trends and their

must keep

men

of

the

Bisreaticraey Extending Controls Over Economic;
v?u7v;,.Life 0f America, Sexaiser Warned 7:7;

meeting

on

right to be justly proud.

face trust

over

men

in

their

to

c o n se rve

dollars

duty

have

erty
trust

by

private
—the

Henry

on

control inflation;

from

and the post¬
situation; of the

economic

war

of the transition

to peace

war

kind of treatment

given

our

huge

merchant marine, our large
tion

industry,

dustrial

avia¬
enormous in¬

our

treatment of
for in¬
ternational trade; our creditor po¬
the

plant;

our

question of

sition

in

currency

relation

imports, and
mestic

been

been at

war.

believe

that

times

.///'

such

property of
failure of the efforts to

or

country

I have
trust

no reason

will

men

to

not

keep the faith in the troublesome

Theis

A

7,

trusts

success

the

and

plans for. post-war personnel

problems, and \ training 7 will7 be
prominent in the. council's deliber¬
ations.
The Executive .Council.of
the

AIB is

bers,

composed of 15 mem¬

of

12

.

wbbni7are,^elected

Milk Producers Federation in the Morrison1 Hotel

in Chicago on Dec.1
3, it is learned from the Chicago "Daily Tribune" which quoted Mri

j

Sexauer

saving:
saying:

as

"This system is not only used to

AAA

our

to

exports

and

foreign and do¬

commercial

and

financial

have

that
been

lie

ahead.

faced

and

Problems
in the

met

trators seek the position of being
the last legal word in matters of

amount of their production in or¬
der to collect the
subsidy. But by

past, and those that lie ahead will
be met with equal courage and

fidelity.'' :777 7/7/77,

The .Institute's
presi¬
vice-president, and imme¬
diate past, president are the other
country.

;7/7 77/

Mr. Theis spoke also

of the
creasing burden of fiduciary
work, which is absorbing an
creasingly large share of trust

of: the

Members

in¬
tax
in¬
in¬

of the

three members

council./

Council

are:

President, David L. Colby; Vice-

President, William C.„ Way, Cenr
National Bank of Cleveland,
Cleveland, Ohio, - and immediate

,

which handlers of dairy products ment can be
changed into an iron-;
are
familiar contains the provi-" clad contract.
sion that the recipient agrees to
"Such
a
contract
could force
comply with all the orders of. the' compliance with'all conditions the

Office

of

the War

.Price

administrator

Administration,
Administration, or

Food

might

other Government agency in
order to collect a subsidy which

some

supposed to be for farmers.

law.

'

,

of

as tax laws be¬
past President, David;; E.:, Simms,
steadily more complicated. Seattle Branch,"Federal- Reserve
Bank
.of San Francisco, • Seattle,
"It is encouraging to note that
7%■ '■ !'
Congress is addressing itself to ef¬ Wash.'
Other members are: .Pierre H.
forts at simplification," he stated.
"Trust men have been invited to Hauser, First Wisconsin National

stitutions' income,

Bank, Milwaukee, Wis,;,
Lloyd, The Charleston

i d y

s

compliance,

a position !
omnipotence.,
!:

of dictatorial

"This is

.

dreanvlt is every¬
day experience of the handlers of

purchases of dairy
products compliance with the .reg¬
ulations .of various agencies fre¬
quently would be in violation of
conditions

b

s u

Such

would be entrenched in

of Government

express

the

of

order.

furthermore/ would probably be
subject to interpretation, only by
the ..administrator
himself, who

.

is

no

dairy products who are only one
step removed in the line of dis¬
tribution
milk

statutory

77:7,' ,7,'77. 7/7.,77-y 7'. 7/

from

the

.

producers

the farms."

on

7

.

Round table discussion in

7- "Such

experience is warning
enough Jor dairy farmers.. In the

of

|' j

,■

execu-[

tive session occupied the delegates
most of the day.

tral

come

are

appeal./
./;V i- .://•1;7.,..,;,/ <
the simple change of one
sentence,
;7 "Practically every subsidy with promising compliance, this state-,

"These
other
Cpunc.ilmen for threeprovisions may
represent the 400 have nothing to do with the pay¬
chapters and study groups of the ment of the subsidies. In the case

dent,

in effect

now

required to make only;
simple statement regarding the

a

terms: to

Institute in various sections of the

subsidy

farmers

Executive.
year

milk

control, but to bar the right of ap¬
peal to the courts.
The adminis¬

,

in

effect

in

conditions

eco¬

good and when they
bad; when the country
has been at peace and when it has

worth

institutions

-

have been

prop

held

period of time when

a

nomic

the millions of

of

:

"These records have been made

i

the]

over

I of

.

important
questions that

control

economic life of* America through the "triple dernons" of
priorities,/
rationing and subsidies, Fred H, Sexauer, Auburn, N.. Y., President
the Dairymen's League, told members of the National
Cooperative;

form their trust duties

.

Bureaucracy is extending regimentation and

,

Executive

Council of the
property, held in trust by them if they are to per¬
Institute
of
Banking
intelligently, New Jersey bankers were told on American
will
be
held
in
Memphis, Tenn.,
Dec. 3 at their 15th Mid-Year Trust and Banking Conference, at the
Jan.
30-Feb.
1, 1944, it is an¬
Federal Reserve Bank in New York City, by Henry A. Theis, Presi¬
dent of the Trust Division of the American Bankers Association, and nounced by David L.; Colby, na¬
<&>
—■
tional President of the Institute,
/Vice- Presi¬
l During the entire history
of the who is Assistant Vice-President
dent
of
the
existence of trust institutions the of the Boatmen's, National Bank,
Guaranty
entire loss to beneficiaries, through St. Louis, Mo.
Foremost on .the
Trust
Co.
of
misconduct or malfeasance of any agenda
of the meeting, will be
New York.
trust
institution,
is
singularly consideration of war-time bank
In
discuss¬
small.
On the other hand, the personnel training and. the Job
ing
current
record of the integrity and the Instructor Training (J.I.T.)<,^pro¬
and
prospechonesty of corporate administra-. gram now being e o n d u c t e.d
tive
trust
tion is one of which every trust throughout the country by the*In¬
problems, Mr.
institution in the country has a stitute.
In- addition,'• discussion
Theis
cited

probable effects

Thursday,. December 16, 194^

i

Willis Condemns Talk Of Runaway Food Prices;
Sees Danger In Widespread Subsidies
.

7

Reckless

statements

predicting

foods would be .doubled within

a

that/the

prices of some basic
unless Congress granted the

year

Victor R Administration's demand for subsidies were branded
problems. Mr. Theis said:
toward
faise and dan¬
;National gerous on Dec. 10 by Paul S.,
/'There are approximately 2,800 simplification, and it is hoped that
Willis; President of the Grocery Manu¬
we
can
make
some
constructive
Bank,
Charleston,
W.
Vaj
George
banking institutions engaged in
facturers of America, Inc.
:*..-7-/77'77..-:7 *:7_--A.7'-r•:7- 7 7/7 ■! 7 j
E. Powell, Traders Gate. City Naf
the trust business in this country. suggestions."
7
7"So-called 'official sources' have
/threatened that, the prices of!
tional Bank, Kansas
City, Mo.; such items as
contribute

ideas 'leading

v

•

■

.

.

butter, bacon and-7
j
First National eggs would be twice their
present fore. Subsidies will not solve this!
Boston/ .Boston. /Mass.; Ie,vel a ycar
fromZiiow,'-' Mr/Wil/ : problem.; Artificial price supports
George J: Greenwood Jr., The lis said.
"It
is perhaps under- will not
bring the essential eleBank of California National Assoj
stqndahle that the proponents of ments into balance,
(Subsidies .will
emtio,n, Portland/- Ore.; Herman food subsidies would like to
pre- in" fact further complicate the sitW. Kilman; Federal Reserve Bank sent
their case in a strong
light, uation and create an ever increasof Dallas,' Dallas, Texas; Walton L. but in a
time of emergency like ing
inflationary pressure. '
Sanderson,
Hamilton
National the present it- is dangerous and |
"Labor's income is at an all"*ank. Washington, D. C.; :Everett destructive
to
issue
unfounded, ' time high. Farm income has risen
C. Stevenson, Firct National Bank,
frightening statements which will 76.1 % since 1939.
People gen¬
vutley, N., J.: Flovd L. Geyer, (lead directly to
stampede buying erally have far more money today
California
Bank,
Los
Angeles, ,;and
(hoarding," Mr.' Willis went than ever before. In 1939 Ameri¬
Cal.r S. J. Kryzsko, The Winona
,
777. / • v"--.,/ ; cans had $33,300,000,000 on hand
National' and': Savings Bank, Wi¬ j on to say: 7
!;; "The Administration has failed in cash and checking accounts*
nona,
Mir*.;* Albert O. Werner,
to. convince Congress that sub¬ According to the most recent gov¬
Trdustrial National Bank;, Detroit,
ernment
——

David T. Scott, The

League Qf Nations Croup Urges NationsTo Form
Joint Policies For International Trade
The

meeting

League

of

Nations

Economic

and

Financial

Committees,

at

Princeton, N. J., on Dec. 6 and 7, emphasized as of
importance "that governments should formulate, as rapidly
possible, joint policies
for the immediate post-war period

cardinal
as

.

to

establish

.

.

international

system of maximum trade, with rising
living standards and the fullest employment of economic resources

•

an

in ail countries, unhampered by^unduly high tariffs, exchange con- , rferve Alphand (France), Director
trols, and quantitative trade re-| of Economic Affairs, Commissariat
ctrictions."
They urged that, in1 for Foreign Affairs; R. M. Campthe immediate
post-war period,'bell (New Zealand), Official Secwhile
Government
controls
are
retary, New Zealand High ComStill in force, vested interests in
j mission, London; Josias Carneiro
the maintenance of these controls

should not be allowed to develop
and

that

governments should

re¬

| Leao

(Brazil),

Secretary,

First

Brazilian Embassy, Washington,
D. C.; W. Domaniewski (Poland),

frain from

increasing their tariffs Commercial
Counselor,
Polish
as
the
counterpart to relaxing Embassy, Washington, D. C.; Con¬
trade controls.
The advices Dec. stants Fotitch (Yugoslavia), Yu¬
9 from the League further said:
goslav Ambassador in Washington,
"After the last world war and D. C.; Dr. Josef Hanc (Czecho¬
during the greater part of the in- slovakia), Chief of Czeehoslovakian

Economic Service in the U. S.
period, these League Com¬
were
mainly engaged in A.; Dr. Kan Lee (China), Com¬
mercial Counselor, Chinese Em¬
preparing for intergovernmental
action in matters, of trade and bassy, Washington, D. C.; Walter
terwar

mittees

financial reconstruction policy and
in

promoting aims similar to those

which the United Nations

pledged to
to

pursue.

prepare

their

for

are now

They decided

consideration

at

next

meeting a full report
drawing the lessons from their
past experience regarding trade
policy and, at a later meeting, a
parallel report dealing with finan¬
cial questions.
"United States members attend¬

.•

ing

the

meeting were Henry F.
Grady, former Assistant Secretary
of

State

and

American

President

President

of

Lines,

the

who

(Belgium), First Secre¬
tary, Belgian Embassy, Washing¬
ton, D. C.; F. L. McDougall (Aus¬
tralia), Economic Adviser to the
\ustralian

Government

in

Kingdom), Economic Ad-

/iser, British Embassy, Washing¬
ton, D. C.; Arne Skaug (Norway),
Jhief of Division in the Ministry
if Supply and Reconstruction.
From the announcement

Mich.; ard T. S„ Wiggins,

just been charged with im¬
portant functions on the Economic

we

also

quote:
"Part of the permanent staff of

Commission in

Italy; and Mitchell
B. Carroll of New York, (repre¬
senting the League's Fiscal Com¬
mittee). Sir Frederick Leith-Ross,
Economic

Adviser

to

the

British Government and Chairman
of the Inter-Allied Post-War Re-

the

League's

has

been

Committee, attended
principal British member, while
C. Clark, Deputy Minister of
Finance, and Fraser Elliott, Dep¬
uty Minister of Internal Revenue,
V/.

attended from Canada.

Among the others present

M




7.7/7-7V77/7' 77777!

.77

Tenn.

VHliiam A; .Irwrn; national

Dr.

educational,,director* of the AIB,

L/^qm/national
York,,;will

Floyd 7 W.

and

secretary, both of.New
also
.

attend the meeting;;

of

studies

problems of post-war economic
oolicy. /
on

"The Committees welcomed the
resolution

Lhe

Council members will, be held op

committees include;

Administration,

Chapter

Budget,

Educational" Advisory,; Nominat¬

the. meeting: will, be
:

quarters for
the Peabody

Hotel in Memphis,.

not

sound

a

economic

7

also

found

House

there

threat- of

is

inflation

of

no

se¬

in

the

present food situation,

It is

that

important

food

item

in

that the

is

most

the

cost

cost

of

advanced
borne

the

of living, and
living index has

about

1939,
in

true

22%

but

mind

since

Seo-

should

it

that

the

be

take

home pay of labor has risen over
three
times
that
much
in
the

which

adopted,at the Atlantic

was

City Conference and decided that
be offered by
to UNRRA,

sion

on

such

help

possible

fullest

the

should

the League services

the Interim Commis¬

Food and Agriculture, and
other

intergovernmental

agencies as may be created.
"Certain: important

(

problems of

post-war monetary policy, and for¬

eign investment are discussed by
the

committees

in the

be

issued

shortly.

special attention
the

on

the prob¬

On

investment;

directed to

was

establishment

report

which will

of

conditions

Y/hmh would satisfy both borrow¬
ers

?^d

lenders. and

it

was

pro¬

between

and

mittee

to

and

study

services this problem,"

•

report

on

-7

period.

In

the

absence

o^

subsidies the prices of some food
items may \advance fractionally,

perhaps as much as 3%, but food
prices cannot be considered in a
They must be consid¬
as
a
part of our tremen¬
dously expanding economy. Since
vacuum.

ered

the outbreak of

income

has

In 1939 it
in

war

more

was

our

than

national

doubled.

$70,800,000,000 and

1943 it is estimated that it will

reach

$147,000,000,000. In this

nansion all

S
make

ex-

of the elPmenf<? which

money,

ucts have

finished; food

In
the

order
one

to

inflation

prevent

hand and destructive

squeezes

on

on

price

the other all of these

elements must be kept in balance.
Unless farm prices, labor and ceil¬

ings

are

brought

there will be
food

an

production

-

into

balance

into

the

at

a
as

time

when

never

be-

would

cost

now

ready

115.6%,

In

do

fact

paying

nothing

elements

balance.

of

k

to

food
;

are not now alarm¬

they apt to be
family is

are

the ^American

the

lowest

proportion

its income for food in the
of the

:

•77\

77

"Food prices
ingly high* nor

country.

of

history

The latest official

estimate is that food is

now only
taking 16% of the family pay as
compared to 25% before the war.

In

short, America is being charged
fair and reasonable amount for

food, and
tion

it

it is

in

better

a

posi¬

to pay its

has

grocery bills than
been in the past.

ever

"A study of the problem shows
that without subsidies the
price of
food
may
be
forced

upward

slightly by the

pressure

cost

elements

will

not correct this

is

and

that

of rising
subsidies

situation.

It

serious problem, but present
conditions do not justify scarea

head statements from
reliable

supposedly

America

sources.

reiiaoie

sources.

America

has
nai

f00d to meet its needs. We

had

the

food

far

better

a

record

harvest

supply

situation

than

did

it

six

and

looks

months

ago.

Further evidence that there

is

cause

no

for alarm

can

,be

seen

in the fact that the armed
services

"millions

have

recently released

cases

of canned food for consumer

use.

In

the

face

of

these

of

facts,

to

predict runaway price rises is

to

destroy confidence

inevitable cut in

America needs food

increase of

an

and

bring

have

advanced..

The pride of
product is made
up of the cost of raw materials,
processing, labor and distribution.
a

in

/"Widespread subsidies, by arti¬
ficially reducing the cost of food
at the retail
level, would add to
this huge reservoir of
spending

L
Jenough
the
prices of food prod

up

individuals

$71,800,000,000

power

/f:;;

:

"The members of the

have

a

posed to set up a special subcom¬

UNRRA

.

flation.

same

co¬

technical

a

reports

sav¬

coun¬

designed to prevent in¬

Transportation. 7, Head-i tember,

and

ing

providing for close

League's

measure

have

Jan. 29. These

of this

problem,

issue and

/]

7 V

ultimate

an

people

thorough study of
most Congressmen
feel that subsidies are a political

the

rious

lem of future foreign

program

ing to the
try. After

Executive

of

composed

analyses of world economic devel¬
opments. It has also undertaken
extensive

sidies would be

Meetings of the Institute's com¬

mittees

this Princeton meeting,

an

National

Commerce,Memphis;

.

Dr. Alexander Loveday since
1940, where it has continued the
League's well-known surveys and

operation
were:

Services

working in Princeton,
New Jersey, under the direction

ouirements

as

Economic

of

aonk

Lon¬

don; II. S. Malik (India). ConsulGeneral New York, Member of
the Supervisory Committee of the
Sague of Nations; Redvers Opie
United

'

4

.

has

Chief

Loridan

of

Bank

hoarding.

and

invite

THE

Number 4238

Volume 158

COMMERCIAL & FINANCIAL

2449

CHRONICLE

—i—

plant construction and oper¬

war

the financial Situation
1.

;

i

first.page').;

(Continued from

Cooperation In Post-War Monetary
Planning, Advocated By Former ABA Head

iU. S,-British

ation, and that the resulting read¬

justments in all industry have set
in motion a wage inflation that is'
still

unchecked,, and which num¬

: : Cooperation between the United States and Britain in formu¬ bers among its consequences the
We think we see—-at least ing given in post-war discus¬ lating post-war;economic and monetary plans was termed vital to
stripping of the farms of much of
sion to those: factors which the future welfare of both nations, by W. Linn Hemingway, former
we hope we $ee—a reflection
their skilled manpower.
President of the American Bankers Association, on Dec. 1, upon his
render
it
possible
for
the
of this revival of self-confi¬
"Equally reprehensible and fun¬
efficient, enterprising returi) from a month's visit to England made at the invitation of damentally more vicious is the ar¬
dence and old-time vigor in alert,
the British Ministry of Information.
1
■
tificial restriction of production
and vigorous business man to
'the proceedings last week of
M r. Hem¬
forced by labor leaders and con¬
make a profit commensurate
this country was the debtor, both
ingway,; who
the National Association of
doned by the Government. Farm¬
nations worked together and pros¬
with
the
skill and energy is President of
Manufacturers.
*
.

which he is

What
have

to

good many appear
forgotten these past

a

willing to devote

In pro¬

his undertakings.

to

portion that such matters as
few years, is that the achieve¬
these obtain the consideration
ments of business are nothing
they deserve and the treat¬
more or less than the sum to¬
ment which wisdom demands,
tal of the achievements of
shall we succeed in reaching

individual" en¬
terprise, and that the achieve¬
ments of any individual en¬

each and every

goals which so many
have so often out¬
the past. It may ap¬

the very

dreamers

lined in

t i 1 e
merce

Bank

ing their post-war economic and
monetary plans." Mr. Hemingway

ru s

t

o

b

s

in E

"Cooperation

and

periences

ervations
n

g

1

d
the

a n

during

ing people are responsible for, or
are in agreement with, such poli¬
cies and

past month at
a
luncheon of

is

terprise are not governed by
a tpear strange that the best way welcome
/'national goals," magnificent to obtain a
standard is in his opinion indis¬
given end is to tended by the
staff
of
the
"objectives," "s o c i a 1 con¬
pensable in the post-war world.
apply oneself assiduously to Association.
sciousness," or any of the
Relating his experiences in Eng¬
some other task, but such is
W. L. Hemingway
"D u r i n g
other pet vaguenesses of the
land, Mr. Hemingway declared
the fact of the case in the situ¬ more than a Y
/.V,-.
v
day-dreamers in Washington ation here under considera¬ century of ; American expansion that "too much credit cannot be
given to the British for the mar¬
and elsewhere, but by the'in¬
and development Britain was a
velous job they have done and arc
tion. We best achieve full em¬
creditor
nation
to
the United
dividual enterprise and inge¬
ployment and what is known States," Mr. Hemingway declared. doing in prosecuting the war." ;.
nuity of the management and as
Reference to Mr. Hemingway's
prosperity by attending to "Today; the situation is reversed
'the effort of the workers to
trip to England was made in these
and it* is now the United States
our daily tasks as well as we
columns of Nov. 11, page 1917.
earn their daily bread.
So far
that is the creditor nation. When
can, and by seeing to it that
as we
are aware, a business
we do not place unnecessary
man does not, ordinarily em¬
obstacles ' in the way of- the Trammel!
ploy men in order to "do his most effective
performance of

giving

or

finding

those

dangered
of

by.

some

years,"

recent

"With the aid

read.

en¬

seems

developments
the resoiulion
and

encour¬

of government, and by
pressure, threat and force, some
labor/eaders have wrested a dan¬

agement

Apparent Trend

;;//;/Toward Federal Bosifrol ©f Mi®

daily tasks. Y/ '

of economic bal¬

between ^groups

ance

.

Warns Congress Of

,

.

"Maintenance

.

bit" toward

procedures."

Wartime strikes, slow-downs and
more'difficult
unnecessary
absenteeism
were
now because the war h^s made it
condemned
by
the
resolution,
necessary for Britain to adopt a
which declared that the ability of
fully managed currency and econ¬
labor and agriculture to absorb
omy, but through conference and
the maximum of each other's pro¬
a
meeting of minds, our mutual
duction "is dependent primarily
problems can be- solved." He as¬
upon
an
equality of purchasing
serted that adherence to the prin¬
power."
Y
■>; ./■. ■ . : Yv/'
ciples of sound money and a gold

i s,

Mo.,
related his ex¬
o u

rank and file of American work¬

/

added:

Company,' St.

do not believe that the great

ers

still prosper if

they cooperate fully in formulat¬

and"T
L

can

o m-

C

-

Both

pered.

it h e. Mercan-

'employment for 66 million or
Thus it is that we find en¬
56 million or any other num¬
/;/ NBG Head Urges Curbs On Bureaus
couragement
in the emphasis
ber of million men "set" as a
/ : Niles Trammell, President of the National Broadcasting Co., told
that is now being placed upon
the Senate Interstate Commerce Committee on Dec,
8 to check
national goal. Neither do they
such matters as the termina¬ without delay "the clearly apparent trend toward Government control
work overtime,-or lie awake
tion of war contracts, taxation of radio." •• To this erid, Mr. Trammell suggested "a simple amend¬
at night trying to puzzle out
ment now to the Communications Act halting further Government
in the post-war period, a ces¬
encroachment on the rights of the broadcaster and the listener."
ways
of
producing more
sation of the business-baiting
foods in order to bear their
Complete revision of the law,/>
which for a decade has placed because of the stress of war, might should be made subject "to the
computed part of the collec¬
same penalties as anyone else for
be
left to further deliberation, he
the
producer under heavy
tive goal of "national income
violation of the anti-trust- laws."
said, "but such a temporary legis¬
handicaps, a stripping away of lative
He advocated elimination from the
step should be taken now,"
produced."' /;,/;'/;-/;//'/-.//.
the strait-jackets that have
act of any right of the FCC to
We quote front a Washington dis¬
The Role of Profit
been placed about/business patch of DeC. 8 to the New York administer trust laws and inflict
for violation "the death penalty"
"Times" which reported his fur¬
In ordinary times business enterprises in the form of re¬
of license revocation.
ther testimony as follows:
strictive laws and regulations
men exert themselves to the
Separation of the regulation of
"What has happened lately is
.,
utmost, and assume risks for without number, a giving up the result of excessive zeal on the I radio in the common carrier field
from the regulation of broadcast¬
the profit they hope to obtain of the notion that government part of bureaucracy to apply new
ing, as provided in the Wheelerfrom their operations. That is must be eternally intermed¬ 'social concepts to American indus¬ White bill, was recommended by

which; if not
will threaten

.advantage
speedily checked,

gerous

disaster

economic

democratic

our

endanger

of

govern¬

An unbalanced economy is

ment.

injurious
of

be

and

form

all groups and can
permanent benefit to

to

no

any." ./

/ /

.

..

Senate Approves

..

;•■

•/

Wage

Rise Of B-Oenls An

Hour For Rail Workers
The Senate, according to an As¬
Press
dispatch
from

;

sociated

Washington, D. C., on Dec. 9 voted
approval of
increase

an

for

8-cent hourly wage
1,100,000 non-oper¬

ating railroad workers, thus disre¬
garding
a
warning
from
War
Mobilization
DirectorrJames
F.

.

v

try,"- Mr. Trammell told the com- Mr. Trammell, along with manda¬
they are in business for dling in the affairs of business
i mittee in testifying on the pro¬
either
to
tory issuance of experimental li¬
—not to "contribute" some¬
prevent abuses or to posed Wheeler-White radio bill;
censes by the Government, to en¬
thing or other; of uncertain "Stimulate" this, that or the /"With radio in the United States courage development of new radio
value to "society": which may other activity - thought desir¬ under bureaucratic control of re¬ services,. and prohibition of dis¬
search, of enterprise, of business crimination on the basis of occu¬
or
may not want the con¬ able, and more of the same
and of program policies, broad¬
pation or business in granting li¬
tribution.
This is a simple general sort. What is needed,
casting can become: a Federal censes for broadcasting stations.
fact of common ' observation ' of course, is- to call off the monopoly
without
government
Recommendations of the Fed¬
which no one is likely to deny, I dogs and permit business to owning a single share of stock in eral Communications Bar Asso¬
what

as

applied to any specific sit-* go its own way
but from 'which too

uation,

those

a

with

dem¬

law

of us shrink . when necessary to assure fair play,
stated in generalized form.
It and such regulations: as are
is, however, rather essential, necessary to provide a reason¬
set
of
"rules
of the
it seems to us, to get this mat¬ able
ter straight in our minds if game." t,.;y; ■;''; ////'.""/'
we
are
to
proceed intelli¬
Renewed Self-Confidence

great national struggle,
;

ness • ■ men

are

busi¬

actuated

-

by

patriotic motives in the con¬
duct of their affairs. It may
even
be that in
some
in¬
the patriotic

stances

desire to

produce drives the business
man

undertake

to

ventures

;

Time

to

be

was

when it appeared
as
axiomatic

assumed

in many

quarters that either

because "the economy

mature";

other

equally unreal reason,
always be

some

it henceforth would
necessary
man,

or,

to prod the business
to supplement his

activity with some sort of col¬
lective projects, in order to
itable open to him. But how¬
have the ordinary kind
of
ever all this may be in times
prosperity and progress to
of great national crisis, the
which the country has histori¬
fact remains that peacetime
which

not the most prof¬

are

economy

tives of

is actuated by mo¬

enlightened self-inter¬
be if success is

est, and must
to be
;

attained.

There is

.

plainly

cally
many

while

been accustomed for
decades.
For a good
it often/too often, ap¬

peared

.

-

that .business

themselves

an

implied

were

half convinced of

more

men

than

some:such

recognition of this elementary doctrine, We still find traces
truth in the

emphasis now be¬




of

such

items "in

the heart of all

ocratic freedom."

the

act 'he

the

utter-'

in

recommended

provi¬

guaranteeing radio broad¬
casting "full rights under the First

sions

to

Amendment

the Constitution,"

prohibiting the licensing authority
from exercising any business or
program control and providing for
long term or permanent licenses,

revocation for
by Government
suit and jury trial in the Federal

subject

only

of the

should be

court of the station's district.

Mr.

Trammell

By a vote of 74 to 4, the

Senate

adopted the resolution after Sena¬
tor
Ellender
(Dem.,
La.)
had
blocked an earlier attempt to pass
it by

unanimous consent.

The
the

pay

proposal
where

House

it on the President's
This, the dispatch added,

would

lay

desk.

would put Up to
on

-Y/'

now goes to
concurrence

him the decision

supporting the position of his

stabilization officials.

NYSE Borrowings
Show Decrease
The New York Stock Exchange

announced

on

Dec. 6 that the total

"goose-step" of money borrowed as reported
the industry could pot be imposed by Stock Exchange member firms
and at the same time preserve the
as of the close of business Nov. 30
American doctrine of free speech was
$718,198,581, a decrease of
and press.
:v
/
$155,162,552 below the Oct. 30 to¬
tions

which

would

tal of

$873,361,133.

The following

is the Stock Ex¬

Farm Bureau Assails

change's announcement:

Govt & Labor On Wages

from

.

Also Criticizes
said,

the

inflation line.

to

causes,

Licensees,

of

procedural sections of the
adopted, the wit¬
ness said.;
:Y/.Yv
;
Mr. Trammell said that restric¬
revising

our

.

consideration

For

had be¬ specified'

for

come

or

aimed at

National Associa¬
Broadcasters for revision

ciation and the
tion

;

many /

gently in formulating public
policy. Doubtless in times of

single

radio station or having a

restraints/ which ; are representative in • corporate maniagemcnt. / Such power is a gun

that
the
action would
Administration's anti-

Byrnes
crack

The

total

of

money

borrowed

banks; trust companies and
other lenders in the United States,

Artificial Re¬

excluding borrowings from other
members of national securities ex¬

striction of Money

changes (1) on direct obligations
Bureau
of or obligations guaranteed as to
resolution at
principal or interest by the United
and
its convention in Chicago on Dec.
States Government, $269,979,776;
9 blaming the Government and
(2) on all other collateral, $448,pears to us,/ steadily disap¬
labor leaders for setting in motion
pearing, - to be replaced with a "wage inflation," both in indus¬ ,400,8t)5Y reported by New York
Stock Exchange member firms as
a renewed faith in the forces
try and on the farm.
of the close of business Nov, 30,
and the abilities which have
In reporting this, Chicago ad¬
1943, aggregated $718,198,581.
vices
of
Dec.
9
to
the
New
York
in
the past
decades made
The total of money borrowed,
"Times" stated:
American history the marvel
compiled on the same basis, as of
"We hold Government, as well
of the world-r-and,' inciden¬ as unwise labor leadership, re¬ the close of business Oct. 30, 1943,
was (1) on direct obligations of or
tally, rendered the present sponsible for the dislocation ' of obligations guaranteed as to prin¬
wage structures in industry and
war- production
record pos¬
cipal or interest by the United
on the farm." the resolution read.
The

of

practical men here
there, but it is, so it ap¬

ances.

American

Farm

Federation adopted a

.

sible,^/We find
healthful

aging;

-

and

'

the

most

change

encour¬

1

that the Govern¬
itself has set the pace in the

"It is significant
ment

payment

of excessive wages

for

States

1

(2)

rn

Government. $372,505,039;
aU other collateral, $500,-

856,094; total,

$873,361,133.

2450

THE COMMERCIAL & FINANCIAL CHRONICLE

by

or

method at rates

any

which will stand the test of time.
Some of them will begin to show

almost
have

immediately

been

they

that

placed either too high

The

great advantage of having

organization of some kind to
cliscuss a change in rate, it seems
an

to me, is that it will make it more
likely that a nation that needs to
have its rates changed will meet
the situation and do what is nec¬

either adjust its econ¬
omy so as to avoid the change, or
else to make it, than would other¬
wise be the case; because my mind
to

essary

situation

the
for

back to
where,

goes

ing to the Bureau of Foreign and
Domestic Commerce, in 1948, an

with the statement that that is the

actual adverse balance of trade—

function of

something

France

almost

in

the amount of $7,000,000,000.
If

where

be¬
that

wrong

it had to be revalued; yet just

repercussions

the

of

cause

bound to come from the fact

were

that there

effective instru¬

was no

nothing
happened, and during that period
mentality

one

there.

the

was

stagnant;

gainer by virtue

/

So it

existed

which

situation

the

of

it,

in France was

business
no

cushion

to

K'

.

assumptions are any¬
correct, and there is
a
little leeway for being
and still create a fund of
near

quite

distributed

well

were

around

all

among

enable

would

of

it

if

the

world

customers,

our

sell

to

us

worth

000,000

$7,000,-

goods

and

get

seems

known

come

the

as

course
as

while

because

American

satellite

dollar

There is
I

and

currencies

satellite

the

sterling

together.

go

lot to be said for that.

a

don't know

that

beginning of the

ideas

the two

I

things just to
When the
ends, it is not likely to be one

war

of 40-odd nations with

don't think

have

country^by-country approach,

no

money

in their pockets, with an empty
porridge bowl, begging for food. I

I

suggested and still make

those

mention

really clash, because it is possible
to set up an organization such as
the

war.

show you the picture.

all.

have

So,

that

that is

the

the

picture at

tljtat,basis, I would

on

banking

funds that

mechanism

plus, the

now,

say
we

and

credit

manufacturers and

our

to me that some¬ exporters have themselves,, seem
to me to be adequate to meet the
picture there is room
situation
that
we
are
for an international debating so¬ normal
ciety in which changes in rate likely to run into post-war.
but it does

seem

where in the

might be discussed and
of

action

in the past

did

nary

through the ordi¬

forces of supply and demand.

"

So, what I
that

am

balance

on

trying to
I

say,

one*

am

leans toward the idea of

I

small

some

taken

jointly,
rather than to just let the whole
thing work as—or not work as—it
measure

is

who

an

do not

institution,
in

short-term

the

field

mercial

That

sort, to handle the stabiliza¬
fund
we

and

achieve what

to

I

all iegard as a desirable

thing, to wit, the stabilization of
exchange within certain limits,
Now, there has

come

into being

since your last meeting a proposal

by Mr. Morgenthau for
Nations Bank.

a

United

I don't know how

much of it you people know, but
I have not seen very much discus¬

on

com¬

import and

export account, post-war.

brings

bank do?

tion

of

credit, both

question

think

institution,
already have

we

ganization of
some

see

Other

or

other than those

an

some kind or other,,
international organization of

anticipate—I don't

that there is any volume of busi¬
ness to be done by a governmental

or¬

Does

of

down

me

what

will

the

to

the

world

about

that

it

is

it.

a

1

here

happen to
him Mr. Morgenthau's

anyone

have with
release?

I would like to make
ment

with

have

on

I

to

I

shall

therefore

in

part,

upon

and

me,

some com¬

Mr., Morgenthau's
have not the release

now

release.

rely,

my

memory.

My recollection is that Mr. Mor¬

I

matter

ing you to do so, I should say
something on the subject myself.
What I would say about the

met

by

ties.

■" '

United Nations Bank I have pretty

thau's memorandum is to the ef¬
fect that commercial banks and
merchants and manufacturers can

The

,

well

already said.

before

the

ciation

in

I made

Manufacturers'
Connecticut

talk

Asso¬
several

weeks ago, during which
bled

a

I

assem¬

series of facts and assump¬
tions which seemed to me to paint
a

picture

take

the existing

comes

essary

capital

sonable prospect of payment, than

which is

we

have

been

because, based
of

one

gard to

of

my

for
on

trade

long while,
some estimates
a

associates with

re¬

Mr.

ordinary credit; but
time, according to

of

of

taking
the

chants,

an

running
be

set

up

care

not

institution

into




the

of

rest

rehabilitation

the

billions
purpose

of

that

business

the proper province

exporters,

the

and

mer¬

the

commercial bankers.

the, American

of

people

at the moment

inflation."

bill

apparently
impor¬
against

(?

.

war

needs," he said, without
mentioning the House-approved
before the Senate Fi¬
Committee to raise
slightly

now

nance

do not realize the
supreme
tance of holding the line

world. A T ;don't

raise the question

address, Mr. Byrnes^
"the prospect of a
stable, our

peaceful and prosperous America
is.far from bright simply because

world

in

of

excess

$2,000,000,000,

one-

fifth of the amount asked
by the

v'r'
A Administration.
justified,
He appealed to the leaders of
except that I do say I do not think
.' Other pending bills against
labor, agriculture and industry to which
any of it is justified in the guise
he inveighed were those to
help the Government to hold-theof the functions of a bank.;;
grant a flat raise of 8 cents an
.;?> U,
to what extent that'is

as

line "so that

In other words, if you are going
to

set

it up

a

to finance

the

will

end

don't

a

it

unless

fulfills

function.

itself.

■

that

I

;A\A.V

.;v

,

Byrnes
and

v:(

that will serve through its
lending to enlarge that kitty.
In
other words, if, through the loans,
we
make, productive enterprises
are
set
in motion,
which will,
the

the

of

terms

loans

as

made, produce, in the hands of the
country to which the loan is made,
enough foreign exchange so that
they can retire the loan within its
terms, then you have done

thing; but it
of

test

seems

bank

a

to

me

some¬

that the

must

always be
international

that a bank doing an
lending business, must always feel
that no loan is justified unless it

has

reasonable prospect of pro¬

a

ducing, in addition to the foreign

exchange already available in that

he

\

happy

to

been

battles

of

the

war

he said, and

time

for

to

us

rest

Byrnes

Navy

bloodiest

strike.

are

ahead

to

take

is not

our

eyes

of

Review

the

that

War

off

Boards,

working

the

the

its

de¬

political pistol.

a

keep down the cost of living. He
general cost of living has
risen only about 5% during a
year
of
"drastic readjustments," but

said the

for any letdown.
not

unless

meets

pistol down.' "

by "the staggering amount

is

Government

Mr. Byrnes said the primary
issue before the American
people
today is whether we are going to

.$16,000,000,000," but this, he
added, should not be construed as
"There

wartime

legislative branch of

or

The Government must say to
any
such group 'lay that

and

of

reason

in

executive

the

with his office, have been able to
eliminate or reduce certain pro¬
grams

strike

mands, is using

said

get

and say that they will
Any group that threatens

agency

and

"this

miners

can

a right to hold a
political pistol at the head of the
Congress or any administrative

;"v

target."

Mr.

to

coal

or

employees,

"No group has

tremen¬

afford

critical

producers

railroad

special treatment.

oars," he warned.

our

coal

or
or

the

have

cannot

we

impossible," he said,

"for any administration to
attempt
to administer equal
justice under
law if special
groups, be they oil

assembly
that' results of full

The most

the

;

vA;'■

"'But

us,

"It is truly

Mr.

"150,000th

our

off

dous.

on

was

that

came

one

within

Washington

the benefit of Hitler

Hirohito

line, tciday,"
mobilization

good will be

any

said

airplane

going to have a kitty of $10,000,000,000, out of which our exports,
say in the year 1948, are to be
paid, then the only kind of bank
us

to
non-operating railroad
workers, and to raise the prices

of milk and oil.

Press

further

announce for

.

that will do

hour

the

reported
Byrnes' remarks as follows:

primary

<

boys .win

our

Associated
advices

what kind of bank it is;
bank that will-operate

care

it is not

liquidate

will not lose the

we

war."'.A'.;;;

transaction which in'

a

.

while

peace

bank, you should set
to do a specific job, which is
up

slightest

food

ground for believing that the cut¬
backs in our production program

has

any other possible economies
will relieve the urgent need for

gone
up
22% in two
Asserting this was a great
hardship to people with fixed in¬
comes, he said if Congress kills

greater savings and greater taxes

subsidies

in

bread and

years.

or

the

near

"We

adopt

future."

obviously

failed to
adequate for

have

a tax program

and

raises the price of
butter, meat and milk,
and
other
staples, these

sugar

people will suffer

even

more.

country, sufficient additional for¬
eign exchange to retire the loan
according to its terms. M
>
I fail

to

think

the

recognition; of
that principle in Mr. Morgenthau's
memorandum, and, to that extent,
I

fective.

see

any

memorandum

-.■!

'■

: \

is

de¬

A?-;

•

encourage

New York State

boys and girls to produce and con¬
serve foodstuffs vitally important
in the war effort, the New' York
Bankers

Chester
Dec.

C.

Davis, former War Food Administrator, declared

that

of the Federal Reserve Bank of St.

Association is

those which resulted in

expanded^

production should be continued.
Mr.

Davis stated

that

should

dis-;

was.

high enough to yield

a

cash

farm income of between $19,000,50,000
4-H .project
achievement pins in 55 agricul¬ 000,000 and $20,000,000,000, com¬
tural counties, Walter W;; Wight-' pared with $8,700,000,000 in 1930
and $11,300,000,000 in 1929.
man,
Chairman of the Associa¬
A The following was also reported
tion's Committee on Agriculture,
in Associated Press Chicago ad¬
announced on Dec. 7.

demand

entation
the

to

has

Pearl

since

pins for

/

and girls upon
completion of 4-H
more than doubled

Harbor,

Mr.

from

"Unless

own

should

Wight-

Mr. Davis stated the division of

;

pro-subsidy

anti-subsidy

"warring camps"

was

tragic mistake that could have

been averted

by proper

coopera¬

tion between executive and legis¬
lative

governmental

production costs
States
increase, farmers for

and the

join

and

groups into
a

branches

in

a long-range program
for the management of the United

their

materially
their

the

developing

vices Dec. 7:

pres¬

boys

successful

projects

for

depend

on their necessity
standpoint of planned
and intelligent food management."

the .gen¬

eral JeVel of farm prices this year

tributing

The

on

"in the interest of long-term farm welfare
any further
marked increase in the general level of farm prices is undesirable.".
7

Louis, told the American Farm Bureau Federation in Chicago that
he also opposed the general use of food subsidies but maintained that

Foodstuff Production
To

Any Further Increase In Farm Prices Undesirable,
Davis Says; Opposes General Use of Subsidies
I a Mr. Davis, who is President

Seeks To Encourage

wholeheartedly

to

food

"The

general welfare

sumer

can-

,

supply.
protection

best

have is(

the

con¬

ample sup¬

an

hold their prices in check. For one ply of essential foods," he con¬
tinued. "Some of the support price
activity among thing, further increases would add
farm boys and girls and also; in. to the danger of inflation in farm subsidies ,■ have contributed sub-,
part, to the large number of city- real estate prices that already is stantially to expanded production.
They ought to be continued, and
children who have become eligi¬ on the horizon."
similar moves should not be out¬
ble for achievement awards by
Mr.; Davis said flexibility in
lawed in the future if they become
reason of raising Victory gardens
price adjustment between com¬
desirable. On the other hand, the
and
chickens
and
carrying on modities is needed and "is almost
home
economics
lacking in the present impulsively and poorly planned
projects.
The wholly

said.

man

uted

to

The increase is attrib¬

greater

.

.

New York State Bankers Associa-'

OPA-WFA-Economic

tion

tion

has

pins,
made

as

wartime exigency, are
plastic instead of metal.

a

of

"I

to

Treasury Public Relations

in

appointment of Charles P.

Shaeffer,

former

Washington

news'paper

man,

Director

as

Department
Nov.

30.

Charles

was

Mr.

not

on

meat

intended

to

and

in¬

the food supply. They were

crease

aimed to bring about a slight sta¬

of

use

downward

secure

the

case

reward

on

succeeds

when

higher than
production and
the producer," Mr. Davis
are

of

wartime
Mr.

sidy of
the

food

Davis

said

management."
a

general

basic

principle

inflation

of

control,

"which is that

"Neither, on the other hand, do
I believe it is a wise national pol¬

buying

power

down

by taxes and firm

until

it

Whether
extent

to

they

use

are

which

of subsidies.

used,

they

the
used,

and

are

sub¬

consumer costs contradicts

asserted.

icy to prohibit all

j

adjustment

of commodities

prices
necessary to get

of

Schwarz. formerly of the.

Chicago "Daily News",

subsidies

were

that the gen¬

do not believe

consumer

Treasury

announced

Shaeffer

'rollback'

butter,

necessary

Shaeffer Director of

Public Relations for the

setup."

tistical lowering of the cost-ofTreasury subsidies is
living index, but they were not
either to
keep
food
well chosen from the standpoint
prices from advancing further or
eral

The

Stabiliza¬

He figured some
prices ranged higher and others
lower than they should have.

been, awarding achieve¬
ment pins since 1927. This year's

nec¬

import requirements,
At that point, it seems to
me,
post-war, plus the study of the his
argument
falters
a
little,
Bureau of Foreign and Domestic where
he makes one or two points.
Commerce, which I suppose you f In one of them he says the United
all have studied, it looks as
though States having spent billions for
our

the

the

for

around

the

,

radio-

a

said that

good-many

a

in food prices and demands for. increased
wages
•
,/

organized workers.

In

and, .perhaps,

dollars

of

increase of 7%

an

from

go¬

are

with

for the

manufacturers,

the

.

Morgen¬

a

that

should

post-war

in

the memorandum, when it is

in

of

of

care

there

bank facili¬
7

argument

which the United States would be
In better position to sell, with rea¬

a

millions

State

think, however,- genthau, in the release which ac¬
his
which should companied
proposal
for
a
be most carefully and thoroughly world bank, points out about what
1
have said—that the short-term
considered.
I hope some of those
present here will be led to discuss commercial needs of our 4 export¬
ers
and
importers can be well
it, and so, I suppose, before invit¬

sion

ing to be invited,
compelled, to give

we

has set up are correct and we are

be

cannot

key-country

approach first making the dollar
sound/bringing sterling into rela¬
tion with it, and then having the

not,

or

republics are accumu¬
foreign
exchange,
they

uation

to me, arid

it

do

in

to
we

My argument is this: That if the
assumptions that the Bureau of
Foreign and Domestic Commerce

Of

be fairly

can

to

if Cost Of Living Is Not Kept Down

Declaring that the primary issue before the American
people
today is whether the cost of living is going to be kept
down, James
F. Byrnes, War Mobilization
Director, warned on Dec. 7, that if
Congress kills the Administration's subsidy program it will result

words,

the sit¬
simple as
the Latin

paid for them.
that;

which,

exchange,

foreign,

the argu¬
lating
well supported,
probably have, collectively, some¬
that an organization of some l^ind
where around a $1,000,000,000 in
which would cushion the shock of
gold and dollar exchange, and
changes, and also consider dispas¬
they probably have that much in
sionately
whether
changes
are
sterling and other foreign curren¬
necessary
and
perhaps provide
cies as well, and there are also,
some facilities, if an extension of
according to Dr. Bernstein, of the
credit for a short period might
Division of Research of the Treas¬
breach over a temporary gap and
ury Department, foreign nations
do things of that kind, I can see
the world around holding as much
advantage in a mechanism which
gold, and $2,000,000,000 more of
approaches the problem as one dollar
exchange now than they
.problem instead of what has be¬
had at the
ment

want

those

was
perfectly obvious
that the franc was too high—that

Byrnes Warns Of Crisis On Home Front

have given

we

and we probably shall have
give—and it seems, whether

in that year, on
their assumptions, we might sell

$7,000,000,000
worth
of
goods,
while we might buy $6,000,000,000
worth of goods; and also pay for¬
eigners for goods, services, and
new investments
abroad, another
$4,000,000,000; so that as the ac¬
count would stand, we would give
the rest of the world $10,000,000,000 with which to buy from us to

bank. In other

a

I will concede that

In other words,

two

it

years,

have not had since

we

before World War I.

too low.

or

few

a

world.}

Now, I do not take issue with
that/except that I do say, and I
have already said, in a letter sent
to Mr. Bernstein, that I take issue

might achieve, at least accord¬

we

grudge.

billions to reconstitute the

(Continued from first page)
method

ought not to

war,

Wilberf Ward Discusses World Bank

Thursday, December 16, 1943

is

goods that

in

are

must

consumer

be

balance

for sale."

brought
savings

with

the

i*''1

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4238

158 r

Federalization Of

President'Signs Bill To Delay
Hershey Given Full Authority Over System
The White House announced on

s

signed the draft legislation designed to delay the induction of
pre-Pearl Harbor fathers. '
w'
The legislation does not prohibit the induction of pre-war fathers
but requires that they be called for service only after the nation-wide
.■'pool of available non-fathers has been exhausted. The measure also
strips the War Manpower Com-*>
order rescinding the WMC list of
; mission
of all jurisdiction lover
administration
Service

fies

the

of

Selective

the

Act and, in effect, nulli¬
WMC order
(work or

light), listing certain occupations
as
non-deferrable regardless of

,

dependency status of the oc-

the
"

cupant, by prohibiting group oc¬
cupational classifications as bases
for

deferment.

r',V;

Congressional action

on

the leg¬

completed on Nov. 22
when the Senate adopted a con¬
islation

was

ference

on
a

was

ure

which the House

report,

approved

Nov. 18. The meas¬
compromise between

"separate bills voted by the Senate
and House in October which were
the outgrowth
drive late in

of a Congressional

the summer to halt

the induction of fathers,

;

the Presi¬
dent's action, Maj. Gen. Lewis B.
Hershey, Selective Service Direc¬
tor, who is given sole jurisdiction
with

accordance

In

•v.,

Selective

the

over

Service

sys¬

tally

morally not up to Armystandards).
Gen. Hershey
the 'House Military Affairs
or

Navy
told

Committee

of

idea

McNutt, whose authority
the draft system is removed,

over

objected to passage of the legis¬
lation on Nov. 20, saying it would

"sabotage"

V.

McNutt,

of
10 an

Chairman

Dec.

administration

sound

of the over-all manpower program

designed to recruit manpower for
armed services, the war pro¬

the

industry and the civilian

duction

In a letter to Senator
(Dem., Colo.), Mr. Mc¬
Nutt wrote that the provision au¬

economy.

Johnson

President to dele¬
gate selective service authority to
the

Service

of Selective

Director

only "would tear apart the rela¬

has

which

tionship

WMC, issued

physical stand¬
explored fully. V

lowering

the

Paul

the

that

Mr.

possible to get their quotas other¬
and to recognize hardship

the

11

Dec.

on

ards would be

thorizing

cases.

"Since

the

control

tem would be

the

of

been

estab¬

lished and would seriously weaken

program."

the manpower

roll taxes to 12%. He termed

administration

facing

defeat

sound

the

should

be

dispensing

ployment

influence

to

And

votes.

the' presure.

der

be ; equally

Would

mained and there still

dangerous

of income

excess

the

use

is

was

sure

would

groups

large

a

that

find

it
no

the system is to use social security

ration

political party

in

we

power.

If

firm

law

Internal

of

of

Revenue

in

(1934-36).

President

mer

corpo¬
the District of

for

counsel

Columbia

use

He is

the

of

for¬

a

District

Columbia Bar Association.

It

of

was

indicated that the appointment of

were taxes for social security purposes
take a only."
long step toward totalitarian gov¬
Tests
which
Mr.
Linton
felt
ernment, destructive of personal should be applied in appraising
freedoms and the Bill of Rights, social
security
proposals
were:
Federalization of unemployment
(1) Does the program allow ample
insurance would be an effective
opportunity and provide adequate
way of doing it."
incentives for people to develop
Similar arguments may not be initiative and ambition,
thereby
advanced
against
the
existing reducing to a minimum the temp¬
to
turn
Federalized old age and survivors tation
government
to
personal
security?
(2)
system, Mr. Linton said, because achieve
little discretion has to be exer¬ Does the program undertake to
cised under that system since the do what can better be done by

matter which

H.

Richard

Washington (1933-30), and

to

ways

said

of the

member

a

Bureau

pres¬

the money that appeared not
to be needed. The way to protect

Barrett

Iiewes,
Prettyman,
Await and
Smiddy, of Washington. Formerly
he ..was general counsel for the

outgo, there

over

would be great danger

un¬

Furthermore,

"To

war.

would be dangerous," he
"Later when only the
single social security purpose re¬

civil

no

the

E.

Field, of Weston, Mass., was ap¬
pointed legal adviser and acting
general counsel.
Mr. Prettyman

continued.

benefits

service rules would stand up

finance

be

will

announcement

purpose

unem¬

disability

and

argument
that
they
increased in order to

social security taxes for a double

at

the polls to use a Federally con¬

trolled'.system

Committee

Prettyman, of Washington, D. C.,
who has accepted the appointment
made by Chester Bowles, Admin¬
istrator.
At the same time, the

un¬

combat inflation, and also asserted
that they should not be increased
on the plea that
they are needed
to

Price

ministration. The Chairman of the

to proposals before Con¬
which would raise the pay¬

gress

political

ington,

the

ferred

sys¬

centered in Wash¬

A

Legal Advisory Committee to
Administrator is being
established, it was announced on
Dec. 7 by the Office of Price Ad¬

(Continued from first page)
They would run up to a maximum quate hospital and medical care.
of $30 a week, that is at a rate of
Turning to the financing pf
social
$1,560 a year.
security, Mr. Linton re¬

influence could
be exercised in a single direction
non-deferrable occupation^. .ff:
from one end of the country to
The non-father draft legislation
the other, with none of the neu¬
also provides for appointment of
tralizing influences as between
a commission to determine wheth¬
states that would be present if
er
Army
and
Navy
physical
politics should perchance come to
standards" can be lowered to per¬
play an unsavory part in individ¬
mit' induction of some men now
ual state systems. The temptation
classified as 4-F (physically, men¬
would be enormous for a Federal

tem, instructed State directors to
defer fathers as long as it was
wise

Unemployment Insurance
Legal Advisory Group
Step Toward Totalitarianism, Says Linton Is Created By 0PA

f

Dec.'10 that President Roosevelt

had

•

2451

the

want to

members

other

three

will

committee

be

of

the

announced

shortly.
In

announcing the

creation

of

the above committee, Mr. Bowles
made the following statement:
"The
must

operations

necessarily
must

be

should also be

OPA
the

Each regu¬

legally

sound.

It

clear, practical, and

to live with,

easy

"Broadly

r

Legal

voluntary means?
(3)
falling due of benefits is usually private,
determined by the attainment of Does the program enhance unduly
a
given age, or by the death of the power of central government?
the insured worker, about which
Commenting on the third point,
there can be little question.
he
said:
"After
observing
the

upon

created it.

law which

lation

the

of
rest

been

speaking,
this new
Advisory Committee has
set up to help the present

legal staff in carrying out all
phases of its vitally important re¬
sponsibility.
It will advise the
Administrator as to the adequacy
The speaker warned against the events that occurred on the' con¬
•of the OPA legal staff and its
proposals
before
Congress
for tinent of Europe after the last budget to perform its functions in
compulsory insurance to provide war, it is not difficult to under¬ the difficult and fluctuating eco¬
Maj. Gen. Lewis B. Hershey, Director of Selective Service, es¬ health and
hospital care for the stand the real menace to demo¬ nomic and social conditions re¬
timated on Dec. 8 that 2,000,000 more men, including about 1,000,000
institutions
inherent
110,000,000 persons, who would be cratic
in sulting from the war.
pre-Pearl Harbor fathers would be inducted into the armed forces covered by the old age and survi¬
centralization programs.
Let no
"Perhaps most important of this
July "< 1944 ;• • :
'
,1. *
:■/
/f: ; .'J
V vors insurance
system if extended one delude himself that 'it can't committee's activities will be the
(!
•
Speaking at the War Congress of American Industry, marking the as
proposed.
happen here'."
following:
annual convention of the National Association of Manufacturers in
}''
•'
:
* •'
" '
Pointing out that the test of any
"1. The committee will, examine
New York City, Gen. Hershey con- '*>
•'Vli
*.
■' I
'
plan
to
provide
compulsory
health
any of the armed services, General
legal procedures, in the rent, price
-ceded that changes in the strategic
and hospital insurance is whether
Hershey said.
Of these, he ex¬
and
rationing departments and
situation might alter the picture.
or not it is likely to
achieve the
plained, 1,000,000 are being "pro¬
will make suggestions for simplic¬
In reporting his remarks, the
cessed"—that is, being reclassified objectives better than alternative
ity, efficiency and prompt execu¬
New York
"Times" of Dec. 9
Vf
by their local draft boards, or are plans, Mr. Linton declared:
tion.
on

Armed Forces To Induct 2 Million More Men
In Next Six Months, Gen. Hershey

Says

'

'

'

'

••4

"

••

•

'•

-

'v

,

|

•

—■

;

.

SEC Amends Rules On

' :/■\

stated:
:

that

estimated

He

about

fifth of the 5,000,000 men

.

one-

between

the ages of 18 and 38, who are
"?■ classified as 3-A because they are
pre-Pearl Harbor fathers, would
be
physically fit for induction.
General Hershey conceded that
-statisticians for the Selective Ser¬
vice
administration believe the

figure would run somewhat above
»■

*

1,000,000, probably
as
high as
1,300,000, but he said he was skep¬
tical of the latter figure.The remaining 1,000,000 to be
inducted will be made up of 400,000

olds

youths of 18; 100,000 17-yearwho will enlist voluntarily,

and 500,000 from

those

from

and

essential

on

reclassified 4-Fs
now

deferred as

farms or in war in¬

General Hershey said. In
response to a question, he broke
down the 500,000 figure into 200,000" from the farms and the reclas¬
dustry,

4-Fs, and 300,000 from in¬

sified

dustry;
frank

his

In

discussion

of the

Properly Reports

in

Xyl

of induction.

course

3,400,000 men in the age
group have deferments on occu¬
pational grounds, he said, ; with
1,600,000 of this total in. industry,
and
the remaining
1,800,000 in
About

agriculture. He added that 3,600,000 were classified as 4-Fs, includ¬
not only those rejected for
physical disability, but also those
discharged from the services on

ing

ground. The rest of the 13,000,000 consists of the 5,000,000
pre-Pearl Harbor fathers, he ex¬
plained. ■
\
?■':
■ Ti'
Out of the 5,000,000 fathers in
the age group; General Hershey
went on, 1,000,000 probably would
that

be classified as

1-A and inducted;

situation, General Her¬
shey disclosed that the strength
armed

the

of

forces

was

about

10,100,000,, with Army personnel
totaling 7,400,000 and those
the. Navy, Marines and Coast
Guard X numbering
2,400,000: He

now

in

pointed out, however, that to get
this total of slightly more than

about 11,000,000" men
inducted, almost 1,000,000 of whom had been discharged.
10,000,000,

had been

.

; The

goal of the armed forces is

J 1,300,000 men by July 1, General
Hershey said.
He added, how¬

work

fied

as

would

on

the farms.

He fore¬

1,500,000 would be classi¬
4-Fs, and that 500,000

cast that

be

deferred

as

that

cases

brought unusual hardship on their
families.
■"•
'.-.V
General
Hershey said
defer¬

this
000

and that

izing the Selective Service system
to give greater leeway to the local
boards - to meet local V conditions
would continue.
He
would

predicted that local boards
prove increasingly reluc¬

tant to

continue occupational de¬

ferments

for

young

single

men,

said, per¬

might come when the number of
men
under
25
to
be
deferred

ments.

After July 1, he

would
be required to maintain the fight¬
ing forces at their full strength..

haps 100,000 men a month

There

are

about 13,000,000 men

between 18 and 38 who are not in




places

remarked

would be

would
ton,

their

fill

to

quotas.

He

jokingly that the time

so

all be

rp»dy

Committee.

few that their names
on

for

file in Washing¬
a

Congressional

adoption

Rules

5-04

of

and

evident, therefore, that the
subject neds the most careful con¬
sideration

those

best

sound

the

before

launches'; upon

country

of

qualified

have a
would

to

believe

judgment

involve serious error."
need- for

The

is

the

method

objective.;
with

a

recognized, he
"the point at issue
of achieving the

generally

continued, but
is

improvement in
and hospital

field ' of■ health

Again

faced

are

we

choice between

a

sound but

relatively slow method which re¬
lies upon individual initiative,

Mr.
as

one

Linton

the main

swoop."

that

on
Dec. 22, 1942, it adopted
comprehensive
amendments
to
Regulation S-X designed to sim¬
plify and shorten reports required

be filed by

to

registrants by per¬

cited

following

the

points of

a

The

under

three-fold

designated condi¬
or partial omis¬

announcement

goes

on

to

Commission's

"The
with

these

been

experience
has

amendments

entirely

satisfactory.

not

with

secure

and

a

minimum, burden

certain information
deemed essential relating to prop¬

erty, plant, and equipment under
designated conditions. While the
rules

ing

amended call for the fil¬

as

under

circumstances

certain

with

information

respect

to

plant, and equipment
not now required, the present re¬
quirements relating thereto are
less than those existing prior to

property,

Dec.

22, 1942.
per¬

omission of Schedule V.

mits the

Property, plant, and equipment, if
at

the

beginning and end of the pe¬

many

riod does not exceed

5%

assets

intangibles)

(exclusive

,

provements

in

the

of

field

pre¬

(2)
lower

The present system of free
and

hospital

income

improved
not

if

and

neither

of

now

and

care

extended

adequately

for the

should

groups

to

served,

be

areas

and

sive

amendment
vides

prepared

encourage

systems

voluntary

providing

ade¬

In

market.

addition

to

studying

it will make recom¬
mendations as to budget and per¬
sonnel for enforcement.""

Cge. Home Loan Bank
Reduces Deb, Funds
Bank

Home Loan

The Federal

of Chicago entered December with
a reduction of $2,000,000 in its in¬
debtedness

A.

debentures,

on

R.

President of the Bank,
pointed out on Dec. 5. By refund¬
ing only $4,000,000 of its $6,000,000 participation in the consoli¬
Gardner,

dated debenture issue of the entire

which matured
bank

trict

on

Dec. I, the dis¬

serving

Illinois

and

Wisconsin

ciations

savings and loan asso¬
effected this
cut.
The

refunding issue for the en¬
system was $64,300,000,
reduction of $1,700,000 for all 12

Dec. 1

bank

tire
a

nor

Federal Home

ex¬

bined,

to

that, in

Rule
case

12-06

pro¬

the additions

ted

Schedule

permit¬
by Note 3 of Rule 12-06, the

total

to

the period

and deductions columns are omit¬

aged

(3) Maximum efforts should be

tion, promptness in hearing and
deciding cases, the fairness and
adequacy of procedures, and so on.
"3. Finally, the committee will
study the problems of the En¬
forcement Department, and par¬
ticularly the means of dealing
more
effectively with the black

It

is

Loan Banks

further

com¬

noted

that

5% of total assets (exclu¬ steady inflow of funds into mem¬
of intangible
assets).
The ber savings and loan institutions

ted

exerted

any sug¬

ceeded

improvements should also be made
in arrangements for care of the
poor.

of total

additions

the

deductions during

vention.

medical1

assets

both

who

by

of

such

experienced in this field:
(1) Vigorous, continuous efforts
should be made to achieve im¬

favored

make

gestions it cares to regarding the
efficiency of the present opera¬

Federal Home Loan Bank system

5-04

Rule

amended,

total

are:

tive Hearings and

expense

the

program

examine the opera¬

It will

The

present revisions are designed to

of

"2.

tion of the Office of Administra¬

procedures,

say:

"As

■

:co

Regula¬

The Commission states

tion S-X.

that

program

a

Dec. 9

amendments
12-06

sion of certain schedules.

is

problem at

physical standards;
the process of decentral¬

the

It

to lower their

occupational grounds
difficult to

on

would be increasingly

Exchange
on

tions the omission

getbduring v the ^ coming (■'• months;
that the armed forces would have

ments

and

ards achieved in the United States.

vol¬
untary action and decentralization,
and a dangerous program which
would v rely
upon
governmental
compulsion exercised from Wash¬
ington; and seeking to solve the

regardless of their skills, when
they had to call fathers in their

or

the

Securities

mitting

care

for

in

deterioration

actual

an

third

1,000,000 would be deferred

The

Commission announced

high medical and hospital stand¬

the

that in addition to the 1,200,1,300,000 required to reach
total, another 700,000 to 900,would be needed for replace¬

ever,

000

to

1,000,000 more would be deferred
essential in industry, and a

as

■

manpower

We encounter a strong convic¬
tion on the part of the great ma¬
jority b£ doctors and managers of
voluntary hospitals, that the rank
and file of the population would
be poorly served by such a plan
run
by bureaus controlled from
Washington. Indeed, they are con¬
vinced that the plan would lead
,

from

of

additions
and

retirements

given

in

schedule."

a

V,

as

and
sales

footnote

the

total

shall

to

be

the

throughout 1943,' plus the past ex¬
perience that January is a partic¬
ularly heavy month in the inflow
of

new

justifies
duction
was

money

the
in

from

regional

the

public,

bank's

re¬

its debenture funds,

pointed out.

it

FINANCIAL CHRONICLE

THE COMMERCIAL &

2452

Expansion Of Total Labor Force To..66,300,000
Adoption Of 'PrtidenUnveslmesil' Theory In
Public Utilities' Valuation Urged By 2 Agencies ^Workers By Next July Estimated By Mult

Roger Sabson
Discusses Subsidies
(Continued from first page)
will stop

raising wheat. There are
two ways to prevent this.
One is
to let the price of wheat go up
so
that production will again in¬
crease; the other is for the Gov¬
ernment to "appease" the farmers

Kripke Declares Federal Power Commission and Justice
Department Both Want This System
Commission

Power

Federal

the

Both
Justice

and

the

of

Department

continuing to press for adoption of the "prudent invest¬

are

ment" theory in the valuation

of public utilities, according to Homer

Kripke, Assistant Solicitor of the Securities'and Exchange Comby giving them a small bonus or 'mission.
,.:v■/'
;
subsidy for raising wheat. (A few
Speaking before the recent second annual conference of the
,

bonus

gave them a

ago we

years

In

wheat!)

for not raising

a way,

plan seems fair be¬
cause
then the extra cost would
be distributed all over the coun¬
the

subsidy

and not fixed
the farmers alone.

City, Mr. Kripke noted! that both the Federal Power Com
and
the Department of
that the "regulatory commissions mission
have
made strenuous efforts to Justice will keep trying to ac¬
hav'e the Supreme Court throw complish the abandonment of the
New York

over

upon

rate

Price

Prevent

Pyramiding

is

Demand

run

considerable

a

For

profits

of

pyramiding

to

in the long

be

is

there

—

freely

permitted

it must

work—as

Supply, and

of

Law

the

When

in¬
his

stance, when the farmer raises
wholesalers

the

add
the

to

amount

converters,

retailers

and

to

content

the

wheat,

for

price

not

are

equivalent

price of flour and
prices

bread but all increase their
on

percentage basis. This could
in the price of bread ' in¬

a

result

five

creasing

receives

farmer

only

the

Smyth v. Ames and hold that

regulations may be based on
prudent
investment instead
of
present value." He declared that
some lawyers were of the opinion
that the Supreme Court has al¬
ready done so in the Natural Gas

Pipeline

sidies...:''..

Court

Federal

."-V;

gle to keep wages at their present
level and this can be done only by

their

present

The Administration is in an

level.

especially tough spot at the pres¬
time
because next year is

ent

It will be very dif¬

election year.

ficult to hold both the farmer vote
and the labor vote, to say nothing

consumers'

the

regarding

vote.

the prob¬

not solve

do

Subsidies

case

Commission

Power

v.

possibility of

the

to

attention

a

decision in the next month or so.

question

this

if

Even

is

Mr. Kripke, it

remarked

have

been

times

in

Smyth

filed

other

v.

four

least

at

the

before

cases

Court.

lem; but they could postpone the
solution until after the election!

investment

theory,7 concluded Mr.
"the appraiser's role in

the

determination

production
from

of

current; re¬

and
to

cannot

tory

requirement

give

him

belt

a

to

pills to take
the necessity of

which will delay

immediate

an

over,

once

operation.
More¬
in awhile, during such

delay, nature cures the patient
operation is not needed at
all.
Although believing in their
hearts that the subsidy program
a

and the

will

give only temporary aid, the

President's advisors do know that
there

is

one.

chance

in

of it

ten

giving permanent relief.
Subsidies

.7

habit-forming. To
start subsidies may be like a rnan
starting to use a drug. A mah be¬
lieves he

quit it

time, but
too many have been sadly disap¬
pointed. Subsidies are like certain
drugs—useful on occasions, may¬
can

i>

Compared With $7.4 Billion In 1943

United States

construction expenditures in the continental

expected to drop from an estimated $7,400,000,000 in 1943 to
approvimately $4,200,000,000 in 1944, Secretary of Labor Frances
Perkins reported on Dec.
11. "Construction for private account
will decline from an estimated $1,600,000,000 in 1943 to $1,300,000,000
are

1944," she said.
"Public construction expenditures for 1944 are
at $2,900,000,000 as com- »
pared with a preliminary estimate preliminary estimate of these ex¬
penditures in 1943 is $1,737,000,000.!
of $5,700,000,000 in 1943."
Secretary Perkins further stated: Direct military and naval con¬
"Private construction expendi¬ struction expenditures will prob¬
in

forecast

tures

lower in

were

1943 than in

since 1934 and if the war
continues through 1944 will prob¬
any year

but very dangerous.
After
subsidizing one product, producers
of other products will try to get
similar Government aid; soon the
country could
be in an awful

Practically all of this type of con¬
will be found in critical

struction

lousing

areas

renteis.

As

in war industrial
1943, privately fi¬

in

non-residential

nanced

construc¬

tion is

expected to consist largely
if war plants and should not total
nore than $100,000,000 as against
$148,000,000 in 1943. The outlook
farm construction at this time

:or

ndicates

that

the

will be about the
°ublic utility

total

same

for

as

1944

in 1943.

construction expen¬
approximately

£400,000,000 in 1943 and the pros¬
are that they will not exceed
£310,000,000 in 1944.
pects

"The size of the 1944 public con¬
struction

Industrial
and

will be largely

program

determined

by the need for new
and military

facilities

amount

to

naval

construction.

At

this

is

it

always

easier

Some

A
that

Subsidies

further

they

are

of

never

is

paid for by

cost

on

bonds

future

and

dumping the

generations*; Natur¬

ally, this is a popular argument,
but a very questionable one in
the

of God.
Finally, this
question of subsidies is closely
connected with the possible length
of

sight

the

If

war.

we

are

in

for

a

hence,

in

the

end

one

a

short

war,

hand, if it is to be
then subsidies can

perform a real service even to the
farmers by lessening the danger¬
ous

sure

drop in farm prices which is
to take place after the war.

This is because subsidies will

suc¬

ceed in

keeping down prices for a
time.
(I will discuss the

short

let nature take its course and

Irise

wages.

in¬

gradually increase with
in

both,

prices

a

and

Both must go up together




eased

—as

on

the

subsidy
used

December 30.)

lesser

of

on a very

two

Probably
evils—a

few universally

products may now be wise.

nificant

revisions have also

made in estimates.

Mr.

been

•

McNutt said

he

considered

expansion of the total labor force
to

66,300,000 feasible. The increase

and strategy, to exceed
$76,7.00,000,000, whereas the War
Manpower Commission's estimate

in

the labor force due to popula¬

perience

munitions

industries,

nounced .last June
upon

for 1944."

It

is

an¬

based

was

earlier WPB production
totaling $82,400,000,000

an

schedule

v

.

7;l;/7

.

tion

should, provide

growth

ap¬

proximately 500,000 above and be¬
yond

normal

losses from death,
and
retirement,
he
pointed out. The remaining 1,000,-

disability
000

be

must

new

workers,

pri¬

marily Women.

•

expected, according
McNutt,
that
munitions

"The total of

now

Mr.

to

28,

10,700,000 workers

which will be needed in the muni¬

tions

industries

an in¬
the July,
1,000,000 over Sep¬
tember, 1943," Mr. McNutt said.

of

crease

represent

1,400,000

over

1943 level and

Proposed To Enable Banks To Combat
Through ^'Purchase Clubs"

;7': r'7,7f?7,
•'

:A plan

designed to enable the nation's banks to combat inflation

today, provide employment for millions after the war; and assure
themselves of billions of dollars in postwar consumer durable goods

financing, has been advanced by Charles W. Green of. the Franklin
Square National Bank, of Franklin, Square, Long Island.
The plan, already in practical operation in that, bank, calls for
the

organization

Clubs"

each

in

nation's

the

Members of these

15,000 banks.
clubs

"Purchase^

of
of

deposit

amounts in

regular
weekly
special Purchase Club
as
"My New

Individual pass

items.
issued

for' each

about

from

1943 to not

ent

which

now

are

Xew

Estimated

1943

7

Function and
Total

Expenditures

United

and

(Millions

of

1944

Ownership 7

1943

7,353
1,606

American,

Bankers

756

Convention

in New York by Mr.

Green

100

148
302

310

utility

construction

industrial

Other

2,920

'

5,747

200

/

628

housing)

650
1,737
1,350 7 2,474
1 390407

—

public—'

tFederal
tState

local

"^Preliminary,'
additions

80

subject

include

revision.

to

expenditures
but

maintenance."

and

r

conservation

The

for

major

and

and

not

for

7>\

:.

the

Luis

*

.Fernando

Bolivian

Guachalla,

Ambassador

Dec. 6 of his

try's declaration of

a

T.

Executive

Roth,

President of the Franklin

National

Government,"

Department

at

the

ward

to

a

substantial

credit

will

;•

H

„

the

war
.•

.

.

State

".Washington ;>

an¬

/

7.!

,

7

are

told that any

is the right answer.

result

ity

of

more

the

com¬

the

ser¬

want

from

home.

some

means

their

want
Many

overseas

men

news

tinuing

education

of

con¬

their

in

leisure time.

Contrary
sation and
diers

to barracks conver¬
Army jokes, most sol¬

satisfied with their food.

are

Four-fifths of the
their chow is
hot and
A

said

they have all they want.
war

over

Their

sible.

have

men

good. It is fresh and

majority of the

get the

as

men

want to

soon

as

pos¬

main

idea, " beyond
this, is to get back home and find
a job.
In the entertainment

tion

field,

mo¬

the favorite of
the majority. The soldier's favor¬
ite sport is baseball and his chief
pictures

are

off-duty occupation is writing let¬

of

7

r

things,

other

Among

ters home.

which

from

universal

.almost

has

vices division found that a major¬

Vice

share

eight

soldier in

one

plaint in the World War.

Square

financing

automatically

such accounts.

men

answer

Only

has

Bank,

consumer

•

Two-thirds

single,
and

go

of

the

soldiers

are

have been to high school
to church once in about

four weeks.

Army Survey Reveals
Soldiers'Complaints

Federal: Court Curbs OPA
'.Federal
ruled

conducted
Nov.
by the Army Services Division's
.

opinion

An

of

Director

survey

Morale

Dec. 5 that two out
men
ers

nounced, "received with gratifica¬
tion the notification,"

honest

announced
that the plan is being made avail¬
able to any bank in the country
that requests it, without charge.
He points out that those adopting
it have every reason to look for¬

coun¬

state of

the. Axis powers.

"This

to

States, notified the State
on

assured and

Ar¬

ex¬

'disposal;
.service
enter-'
7 ' v *
'.7

i

Department

with

advocating the plan,

u

U. S. Hails Bolivia At War

United

Association

development,'

public pipe line construction

miscellaneous, public

Dr.

thur

following

questionnaires are
distributed among, service men, at
home and abroad. Anonymity is

,

and-. alterations

tincludes

"391
7 HQ

250

■

and

estimates

TVA,

400

"

(includes

facilities)—.

speech delivered to the recent

600

•

300

Residential (war

inal

1,310

Nonresidential

Public

interested.

those

4,230 V

(nonfarm)

Farm

Public

to release the necessary

They have also reprinted the orig¬

*1944

on

Washington

5, the

further reported:

others

National
available
to banks all over the country, and
has made arrangements with its
to

Dec.

of

goes

Thousands of

by the New York State

literature

.*

dollars).

construction-

new

of the American Bankers Associa¬
and

was

fit—an

Manager of the Savings Division

printers

States,

Private construction
Residental

7

•

has been approved by
Ernest
M.
Fisher,
Deputy

Bank has made the plan

Construction

Continental

in

:

The plan

tion

advices

Press

complained that his shoes do not

tive channels.-

Dr.

United

being wasted on
into construe-,

luxuries

transient

which

opinion survey
continuously.
In

what he
through an

wants,

Space is left for expression cf un¬
solicited opinion or information.

the

in

in 1944."

a

he

what

doesn't like and why,

dollars

directs

It

time.

$80,000,000

$110,000,000
than

more

bool^s are

objective. ' In

it is time buying in ad¬
vance,
since consumer
durable
goods are unavailable at the pres¬
sense,

;

—

thinks,

known

Accounts

Banking Association.
The Franklin Square

On the other

1

slow

cline

prises."'"

orobable length of the war in my
Annual Forecast which will be re-

war

flation

expenditures will
probably not exceed $250,000,000
in 1944 as compared with $391,000,000 in 1943.
State and local
expenditures are expected to de¬

{Includes water; supply^isfiwage

no

group will be any better off.

there is no use of bother¬
ing with subsidies. We had better
long

000,000. The total of all other Fed¬

penditures.

current taxes, but by selling Gov-,
ernment

approximately $407,-

Military and naval—
Highway- •

and,

dur¬

ing the calendar year 1944 are not

eral construction

to

subsidies

indicate

expected, owing to changes in the
program dictated by military ex¬

,

tures totaled

:han $200,000,000 will be spent for
public war housing in 1944 as
compared with expenditures
of

Probably Wise

evil

below that of 1943 when expendi¬

Nonresidential

.

Board

that munitions expenditures

than

more

no

time the outlook is that not more

$628,000,000 in 1943. Nori-residenstart a habit than to break it up, tial construction expenditures, in¬
it will be much more difficult to cluding those for industrial facili¬
ties financed from public funds
cut off subsidies in years to come,
expected to total approxi¬
than to start them at the present are
mately $650,000,000 in :1944. The
time.
1 '■'
'
As

mess.

Production

War

Car,"
"My
New
Refrigerator,"
"My
New
Home"
and
so
on
$1,350,000,000
in
1944,
slightly
through
the
list
of consumer
more than half of the $2,474,000,-.

ably

ably

any

be,

view of these two

Plan

ditures amounted to

are

———
——--—Reappraisal of estimates was*>——
Mr. McNutt; said, in only slightly from 10.600,000 to
developments:
10,500,000, instead of to 9,900,000.
"(1) Employment in non-war Employment in the Federal war
activities such as trades and ser¬ agencies will remain constant at
vices is not declining as predicted. 1,600,000, instead of increasing to
A few other less sig¬
"(2) Changed estimates by the 2,000,000.

desirable,

finding of in trades and services will decline

for

military

or

present value."

1944 Construction Estimated At $4*2 Billion
New

mobilized into productive employment
■
• •
,'

ever

employment will increase only to
cases||except possibly! 10,700,000, instead of 11,600,000, as
a statu- i estimated
in June.
Employment

rate

time

Therefore,

certain

and

wear

the

afford

now

to the hospital.

go

largest

in States where there is

bottom

the ^doctors

the

service in this country.

willr disappear

cost

approach the level of the 000 expended in 1943> There is
depression year. Non-farm still work to be done on Hie stra
This country now is much like
residential construction expendi¬ tegic network of highways and
a man who needs to have a surgi¬
on
access roads and
flight, strips.
tures in 1944 will amount to ap¬
cal
operation, but he has some
proximately $600,000,000 as com¬ This work will maintain highway
very important affairs facing him
pared .with $756,000,000 in 1943. expenditures at a level not, far
Subsidies Are A Political Gamble

A total labor force of 66,300,000 in July, 1944, is envisaged in
reappraisal of manpower requirement estimates announced on Dec.
7 by Paul V. McNutt, Chairman of the War Manpower Commission,
This number, an increase of 1,500,000 over July, 1943, will be by far

a

for

Should the Supreme Court ex¬
pressly permit the rate base to be
determined on a cost or prudent

not

in the Hope case,
is likely

finally settled

Ames and
the adoption of the prudent in¬
vestment theory.
He noted that
their arguments in the Hope case

of the Kripke,

Hope Natural Gas Co., and called

visors are having a terrible strug¬

at

the

in

again

President Roosevelt and his ad¬

prices

decided

year.

in

cent

one

Hence, the labor unions want sub¬

keeping

it

which

case,

In any event, Mr.
Kripke pointed out, this very is¬
sue
is now squarely before the
last

doctrine

in the bread.

for the Wheat

more

when

cents

iiD>

Society

Valuation

Technical

try through taxation

Subsidies

Thursday, December 16, 1943

revealed

on

of five service

complained that their trous¬
were ill fitting and the War

Department immediately issued a
rule permitting the men to have
their
clothes
altered
without
charge.
v
Maj. Gen. F. H. Osborn, direc¬
tor,

a

Judge Peison M. Hall
Xos Angeles court on

against practices

of

the

Office of Price Administration of.

suing for treble damages in pricefixing violations and examining
records

without

subpoenas.

In dismissing alleged violations

against
form

a

lumber yard and a uni¬

manufacturing

company,

Judge Hall decreed that the OPA
had

no

right to

sue except

in

cases

about the tight involving black market operators
or
bootleggers, according to the
along with hundreds of
facts on what a private United Press.

found

trousers

other

in
30

-

out

THE COMMERCIAL. & FINANCIAL CHRONICLE

Number 4238

Volume 158

weir

as

Electric

Output For Week Ended Dec. II, 1943,
Shows 18% Sain Over Same Week Last Year
The Edison Electric

esti¬

Institute, in. its current weekly report,

production of electricity by the electric light and
power industry of the United States for the week ended Dec. 11, 1943,
was approximately 4,566,905,000 kwh., compared with 3,937,524,000
kwh. in the corresponding week last year, an increase of 16.0%,
The output of the week ended Dec, 4, 1943, was 17.4% in excess of
the similar period of 1942.
mated

that the

Weptc Ended

8.1

<

8.0

;

..

5.3

7.7

20.5

17.3

18.1

12.9

11.5

7.8

10.4

7.2

7.9

Southern States—

17.0

17.9

18.5

19.9

Rocky Mountaln-i^————

12.4

14.4

15.9

15.5

Pacific Coast——

30.3

35.3

34.6

36.9

Middle Atlahtic»j„«„».i„T-.-:w^-^,

17.4
•

11.7

Central Industrial-;-^

;West Central—

i-—

Total United States—.——

14.1

(Thousands of Kilowatt-Hours)
% Change
"

1943

1932

+ 18,0

3,132,954
3,322,346

+ 16.0

3.273.375

+ 17.2

+18.4

3.273.376
3,330,582

+17.3

3,355,440

+17.9

3,313,596

1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145

3,752,571

+ 17.7

3,774,891
3,761,961

+ 17.3

3,340,768
3.380,488
3.368,690,

.3,775,878

+ 18.7

Nov:'27'—

4,482,665
4,513,299
4.403,342

Dec.

4,560,158

3.883,534

4,566,905

3,937,524

Sep

11

Sep.

18

Oct.

2

Oct.

------

9

—i—

'Oct. '.16
Oct.

;

23

Oct.

—

30 —-il—

Nov.

6

4,413,863

;Nov. 13.——
Nov, 20

——

4

Dec.

'117^:--^.

1942>

.

4.350.511
4,229,262
4.358.512
4,359,610
.4,359,003
4,341,754
4.382,268.
4,415,405
4,452,592

-

Sep: 25

:

1929

1941

1943

...Week EndedSep
4

over

1942

+ 18.4

3.672.921
3,583,408
3.756.922
3,720,254
3,682,794

'

3,702,299
3.717.360

,

'
-

+18.0

3.795.361

3,766,381
,

to

Savings Bank Fund

con¬

A

•

ings Bank Fund in the amount of

stocks at vari¬

excess

seem

Workers

Steel

this

week

of

America

the

was

early

1,815,749

1,520,730

1,798,164
1,793,584

3,339(364

3,414,844

1,518,922

1,718,002
1,806,225

3,475,919

1,563,384

1,840,863

1,818,169

:

Adjusted

As

result the dispo¬

a

of steel buyers at the mo¬
ment is to continue to trim inven¬

"Plates have

been affected

not

full of their

than

more

accounted for

the shorter month.
"While

demand

fund of

by

heavy, recent cutbacks and

is

until

and

WPB

while

authorizes

others

offer

many

no

of

The

30,000

cars

which

WPB

has

is

cision

reached, any extension
agreed upon between the steel
companies and the union should
include provision for a retroac¬
tive date, covering any wage in¬
crease which might subsequently
be granted, either by the company
or the WLB.
Steel companies, it
is understood, were opposed to a
was

retroactive date, but not to an ex¬

tension because any price increase
to offset rising costs, already en¬

plus
any
wage . in¬
granted, would not
be approved by the OPA in time
to meet a retroactive wage in¬

countered,
creases

to be

crease.

have

allocated

been

A-

builders.

OPA

steel

bailiwick

being

SRC

of

handled

WPB

formerly

Stocks,

but

offices," is reflecting
on

the

currently

through

ing consciousness

ex¬

regional
a grow¬

the part of

holders of large steel inventories
toward early liquidation of over

supplies.

This is working to the

advantage of

some

civilian prod¬

and is aiding
class B producers in filling
out allocation.
Stocks throughout
the
country vary widely with
uct

manufacturers

many

reporting as low as 25,000
tons and up to the Cleveland dis¬

the WLB for

planned to petition
continuation of its

a

present contracts, in case no de¬
cision
is reached
by the time
called for in the ' contracts, and is
.

asking that such extension be ac¬
companied by an agreement that
wage increases be
the date on which

retroactive to
present

tracts would have terminated

con¬

had

trict's 200,000 tons on list."
The

American

Institute
that

had

Iron

Dec.

on

13

and

>

Steel

announced

telegraphic reports which it
received

indicated

that

the

operating rate of steel companies
having 94% of the steel capacity
of the industry will be 99.3% of

capacity for the week beginning
agreement or ex¬ Dec.
13, the same as one week
tension.
j' '
';'v ■'
ago,
and compares with 97.8%
"Mr. Murray's statement
con¬
one month

*

been

eral

need for removing
civilian steel, is¬
sued onv the eve of negotiations
for higher steel wages, have no
"recognition to the steel price fac¬
tor.
High
cost
and - marginal
cerning

ago

the

sustained for months by

plants,

and 98.4%

one year

;V •:■■■ ;.:V';
This

000

week's

"suspension

Judge

was

Dec.

the

of

over

"To

which

the

of

:d

yd;-:;

ury

kind

that

was

in

which

thege bonds may,
the
redemption
date, be offered the privilege of

mutual

to

ration

or

J.

refuse

an

in¬

other

notice

Will

hereafCer

be

an

A

(CIO),

was

a

u

t

o m o

b i 1

informatoin

the bonds for cash

Workers

e

Full

regarding

the presentation and surrender of

Thomas, President of the

redemption

un¬

der this call will be found in De¬

acquitted on Nov. 30
(Tex.) court on a

partment Circular No, 666, dated
July 21, 1941."

Houston

innocent

1

ruled Mr. Elected Directors Of

Peyton

Judge Allie
Thomas

Kellis

after

Attor¬ Richmond Reserve Bank

Daniel, Assistant District
ney, admitted a variation between
the State's complaint and its evi¬

Richmond

dence.

of

In

y.dy yy:'d
also

court

allocation. Were

ganizations,

the suspension order called a re¬
duction of ration, it would more

charged.

.

District.

acquitted John

who

v

On

Reserve

announces

Bank

of

the election

Harry L. Rust, President of the
Washington realty firm of H. L,
Rust Co., as a Class B Director
in Group 3 of the Fifth Reserve
::,,7'd'"J
H.

Crossland, sub-regional director
of the Congress of Industrial Or¬

neces¬

Federal

this.
Associated
advices
further

Houston

The

The

.d'-d,d.
reporting

Press

sarily include the power to with¬
hold

of

part

any

for

bor union law.

Rif¬

Michael

must

or

United

charge of violating the Texas la¬

stated:

doubt that the power

a

bonds

public

sail:

allocate

all

called

terest-bearing obligations of the
States, in which ^eyent

dd

taam

United

in

an

no

exchanging
their

"3.
R.

wrote:
"I have

of

be issued.

Station

for

advance

official circular gov¬
erning the exchange offering will

in
the
Bronx,
injunction against
carrying out of an OPA order di¬
recting him to sell no gasoline for
a 30-day suspension period. Deny¬
ing this motion, Judge Rifkind
moved

re¬

"2. Holders of

in

given and

•Panteleo, trading as the Parkside
Service

hereby called for

on April 15, 1944,
On
which date interest on such bonds
will cease.

that

further

are

Treas¬

1944-46, dated April

demption

same

decided by Judge

bonds of

16, 1934,

partici¬

:y-

hereby given

that all outstanding 3 V4%

dis¬

savings banks to the FDIC was re¬
ported in these columns July 8,

or¬

Treasury

,

$2-3,000,000 in re¬
it is expected will

admission

per,

redemption.

Holders of 3xk%

"1. Public notice is

pating savings banks from time to
time; as the remaining assets are
liquidated." .^Yv^v^iv ■V-/';;'-'
The

one-quarter

borjds of 1944-46, and Others Con¬
cerned; ■

$8,000^-

The

and

Treasury bonds of 1944-46—

notice of call for

Simon H. Rifkind in

which

10

case

13

Dec.

on

•

"Three
cent

also be distributed to the

in previous
subject two
Federal jurisdic¬
the opposite view
and nullified suspension orders,
while a third had upheld one. We
quote from the New York "Times"
The

announced

Bank:

insuring

as an

the New York District Court. The

of

of

recent

voted since it

accumulated.

was

against dealers who violate
'page 119.
rationing
regulations
was
down on Dec. 9 by Fed¬

opinion noted
rulings on the
judges in other
tions had taken

no

'restrictions upon

genthau

tribution of $37,695,000 now leaves

issue

97.8%

Secretary of the Treasury Mor-

on

handed

areas

"The union

there

the

in

time

to

earned surplus

an

decision upholding the right
Office of Price Adminis¬
to

of steel,

In
was

Treasury Calls 3%% Bds.

approximately
$55,000,000 and in the same period

Suspension Order

tration

output

"November steel production av¬
eraged 1,714,878 tons per week
compared with 1,765,025 tons per

banks amounted to

the

ders"

earnings

period of active
operation of the Fund total con¬
tributions to it by the savings

Upheld By Fed,Court
of

of idle and

was

approximately

A

,;y7;

"Redistribution
cess

among

time

longer required

sources

quired

tons

oper¬

capacity.

that all

"During

announced

reached within the re¬ will be produced in 1944 will re¬
number
of
days.
The quire approximately 450,000 tons
union was insisting that if no de¬ of steel. Many of. the cars already

cision

and

instrument.

all-steel freight

new,

banks

the Fund

no

v:

the situation."

industry
of

year ago

capacity.

■

"From

\

later dates.

7,179,812

a

outstanding, 3lk% Treas¬
ury bonds of 1944-46 are called
years certain savings banks de¬ lor redemption on
April l5, 1944.°
cided to avail themselves of the
Approximately $1,519,000,000 of
insurance provided by the Federal these bonds are now
outstanding.
Deposit
Insurance
Corporation,
The formal notice of call by
and in July of this year, the 121
Secretary Morgenthau was made
savings banks still insured by the available as follows to banks and
Mutual Savings "Bank Fund voted trust
companies in the New York
in
concert
to
join the, FDIC. Federal Reserve District by Allan
Shortly thereafter liquidation of Sproul of the Federal, Reserve

can¬

filling gaps in schedules they can
not
promise
definite
delivery
dates.
Some
offer
tentatively
April and May on both hot and
cold-rolled

the

as

101.3%

$18,000,000

assets.

cellations have left producers un¬
certain as to their delivery posi¬
tion

at

November

excess

member

sheets

ated

grew to slightly
of $63,000,000 as a result
annual
contributions
from

in

,

for

produced

deposits. All but two
week in October and
1,673,616
savings banks in the State
became members and the original tons per week in November, 1942."

the future

rate still is below the 100% mark.

de¬

question

contract extension in case

declined
from the October
peak both in total tonnage and in

sition

of

+ 16.9

over

ber

$37,695,000 is now being made to rate of operations, according to
all participating banks, according the American Iron and Steel In¬
to an announcement Dec. 13 by stitute, which added:
tories and to buy no further ahead August Ihlefeld, President of Sav¬
"During
November,
7,356,828
ings Bank Trust Co., which is the net tons of ingots and steel for
than absolutely necessary.
trustee
of
the
Fund.
This
dis¬
castings
were
"Washington has made definite
produced, equiva¬
of the industry's
efforts to stem the belief that the tribution amounts to 59V2 % of the lent to 98.4%
total
Resources
of
the
Fund
and
capacity.
In
October, the record
European war is near its close. At
the
same
time war
production, was approved by the directors of month to date, 7,819,061 tons were
plants.

ous

loss

1,824,160

+ 18.9

to have increased confusion

Production of steel in Novem¬

of

creation of

official statements issued recently

numerous

duction

Output Lower

distribution

in

the New York State Mutual Savr

industrialists,
"Final figures on Lake Superior
covering war pro¬ iron ore for the 1943 season show
pattern," shipments of 84,404,852 gross tons,
■;says "The Iron Age" in its issue of today (Dec. 16), further adding: which is 7,671,929 tons, 8.33%, less
"One development clearly to be seen this week, however, is the than the 1942 record.
December
increasing importance of labor's attitude in regard to the tapering movement totaled 749,512. tons, an
of production.
increase of 113,683 tons over De¬
"A snag, and possible temporary in great demand.
But with cer¬ cember, last year.
steel
products
less
stumbling - block, in the initial tain other
"Scrap is easier in spite of rela¬
stages of meetings between some tight and with lend-lease require¬ tively small winter reserves and
steel companies and the United ments down, the national ingot melters are not concerned over
•
the

.

dividend

1,806,403

1,819,276

Order

November Sleel

leveling off in de¬
mand, leading to cancellations and
a

1,798,633

: +17.4

•'Instead of clarifying uncertainties troubling

tributed

of the

1,533,028
1,525,410

Volume S!s!l Qoed—War Needs fire

Bislrihulien Of Mutual

.

by the general easing and Novem¬
ber
shipments are reported by
WPB at 1,141,140 tons, compared
with 1,146,845 tons in October, a

1,806,259
1,792,131
1,777,854

1,531,584
1,475,268
1,510,337

Steel Oiserations >UiB|Bha;iig;ed^-Tptal

tanks and machine tools have

1,674,588

3.347,893
3.247,938

+ 16.0

,

"Curtailment in light arms and.
ammunition, lend-lease program,
,

emphasis is tending in the direc¬ the trust company at their meet¬
tion of Pacific war needs.
Heavy ing on Dec. 10. The advices in the
pressure
is noted
for landing matter also stated:
barges,
which
call for plates,
"The
Mutual
Savings. Bank
h e a v y
sheets
and
structural Fund was created by the Savings
shapes, the latter market being Banks of New York State in 1934
as the agency for the insurance in
greatly stimulated.

18.9

16.9

17.5

16.0

•

DATA FOR RECENT WEEKS

of

;

.

NOV. 20

Nov. 27

Dec. 4

Dec. ll

England___^-.»J__^«^^—:

YEAR

PREVIOUS

.—.

,

New

OVER

INCREASE

PERCENTAGE

Major Geographical Divisions-

;

auxiliary "types

as

ordnance.

2453

was

Board of the

29,

Rust succeeds John

Chairman
of
the
Capital Transit Co.,

who had served

similarly

November

Mr.

Hanna,

as

a

Director for

ten years and was not a candidate
for reelection,

C.

M. Massengale, assistant to the
operating rate is
1.730,700 tons of clearly appear that it was an in¬ national director of the Oil Work¬
steel ingots
incident
of
and castings, com¬ evitable
rationing. ers Organizing
Campaign, was
; •
pared to 1,704,600 tons one month Every ration board in the country found innocent.
ago and 1,683,300 tons one year withholds that which it does not
The court's action hinged on the

The

equivalent- to

also

James
the

Richmond

announces

C.

Reserve

the

Braswell,

Planters

Bank

reelection

of

President of

National

Bank

&

grant. The mere fact that the Of¬
■
technicality that the defendants
above-ceiling ago.
Trust Co., Rocky Mount, N. C.,
"Steel" of Cleveland,, in its sum¬ fice of Price Administration has were soliciting
members for a
granted these; individual.
surrounded suspension orders with
as
a
Class A Director by banks
■mills, face difficulties now. Con-! mary of the iron and steel mar¬
union other than their own.
Ar¬
the
terminology, procedure and
sumers
are
reluctant
.to
pay, kets, on Dec. 13 stated, in part as
in Group 2.
/. form of quasi-judicial proceedings thur Mandell, defense
attorney,
higher prices; yvhep. material cajn; follows: does not. change their inherent cited sections
in the
State act
be obtained elsewhere.
:
"Despite stiffening demand in

heavy demand and

prices

.

,

v

"In steel, total - order Volume; some
products the overall trend
-still is good," but the product mix! in steel buying continues to ease
definitely is different than it was slightly, current orders are less
a few monthsi ago.
: "
:V
i and ingot production shows signs
"The steel industry is seeing of tapering
over
the. next few

character."'"

,.

•

ply only if

Turkish Envoy To Ottawa
An agreement

•

-

the

while
'

of; large- naval ;and.
cancellations, on onehand,'

paradox

army,

activity is occur-

frenzied

weeks.

/

"For the

duction

.

'

,V7v.'

longer view War Pro¬
predicts that war

Board

Government for the establishment
of

Turkish legation in Ottawa
recently announced by W. L.
Mackenzie King, Canadian Prime

to his union.

on

,

the defendants

a

the

was

specific items that ' are requirements in 1944 will exceed Minister. Mehmet Ali Sevki. Alwanted immediately for, certain,
han, Minister in the Turkish Em¬
even those of this
year, with spe¬
rush projects.. Plates, sheets, pipe
bassy at Washington, will be the
nd. component parts for the ex- cial emphasis on ships, trucks, air- first Turkish Minister here, Mr.
pedited landing craft program are .planes and oil refinery equipment King said.
ing

a person

Oil

com¬

The

were

not paid

Union but by the. Oil Workers

i

Organizing Committee.

1

The allegations in Mr.
case,

were

columns of

referred

to

;

of

a

trade

treaty

Argentina and Paraguay

recently

was

by

International

j

signing

between

He contended that

Workers

,




received

pensation for obtaining members

with the Turkish,

"

;

Argentine an" Paraguay
Sign Trade Treaty

which set forth that it would ap¬

announced

in

reported

that

Buenos Aires.

It is

the

approved with the

treaty

was

intention of eventually concluding

Thomas' j a customs union which is under¬
in

these

Sept. 30, page 1305.

stood

to

^American

be

open

countries.

to

all

South

and bond yield averages are

Moody's computed bond prices
given in the following table:
MOODY'S

U. S.

Govt.

Dally

Corpo¬

BOND

PRICESf

rate*

Aaa

119.54

110.34

118.00

13

119.56

110.52

118.20

115.63

110.52

118.20

115.63

119.57

11—
10—

Baa

R. R.

P. U.

98.73

102.96

113.12

110.52

98.88

102.96

113.12

115.82

110,70

98.73

103.13

113.12

115.63

102.96

113.12

115.63

115.63

119.57

110.52

118.20

115.63

110.70

98.73

115.63

110.70

98.73

103.13

115.63

110.52

118.20

113.12

119.59

110.70

98.73

103.13

113.12

115.63

118.20

115.63

110.34

118.20

115.63

110.70

98.57

102.98

113.12

119.62

115.63

110.70

98.57

103.13

115.63

110.34

118.20

113.12

119.63

4

-

110.52

119.62

115.63

110.34

115.43

110.70

98.57

102.96

113.12

119.63

118.20

115.63

115.43

110.70

98.57

115.63

110.34

118.20

113.12

119.63

102.96

3—-

110.34

118.20

115.43

110.52

98.57

102.96

113.12

2—,

119.63

115.43

110.70

98.57

102.96

113.12

115.63

115.82

19

—

12
5

110.88

98.73

102.96

111.07

98.73

103.13

113.50

116.02

119.64

110.70

118.80
118.80

116.22

111.07

98.57

103.30

116.02

110.70

113.70

119.91

116.61

111.25

98.73

103.30

113.70

116.61

111.07

119.00

99.04

103.30

113.89

116.61

111.07

119.00

116.61

111.25

119.00

116.61

111.44

99.04

103.30

113.89

116.61

111.25

99.04

103.30

113.89

116.61

111.25

98.73

103.13

113.89

116.41

_

—_—

May 28
30

115.63

116.02

111.07

Bept, 24

25

118.40

115.63

120.27

-

Jun

119.72

110.52

113.31

120.33

—

27
30

113.40

—

15

July

110.34

119.99

29

8

119.59

i_

—

22

Apr.

Indus.

A

110.52

*

'

Aug,

115.63

6

26_——

Oct.

*
Corporate by Groups*

7———

8~IZ

NOV.

Yields)

Aa

Bonds

14—

Averages

—

Mar. 26

120.28

111.07

119.20

116.61

120.57

110.88

119.00

116.41

119.00

116.22

111.07

98.73

103.13

116.22

110.88

113.89

120.62

119.00

116.41

111.25

98.88

103.30

116.41

111.07

113.89

120.55

103.13

112.89

117.20

120.34

111.25

119.20

116.80

111.44

98.88

119.41

117.00

111.62

99.04

103.30

117.2C

111.44

114.08

120.18

98.09

102.46

113.70

116.61

131.31

115.82

120.41

110.70

118.80

116.22

119.82

110.34

118.20

115.82

110.88

97.78

102.30

109.79

118.00

115.43

110.34

97.00

101.31

113.12

118.36

117.80

115.43

110.52

96.23

100.65

115.63

116.93

109.60

113.12

95.47

100.00

112.93

115.43

115.63

26

117.11

109.24

117.60

115.43

108.70

117.60

115.04

109.79

94.56

112.56

115.43

117.04

99.04

Jan. 29

111.44

119.41

117.00

111.81

99.36

114.27

117.40

120.87

103.47

High

107.44-

116.80

113.89

108.88

92.35

97.16

111.81

114.46

116.85

108.88

92.64

97.47

112.19

114.66

107.09

90.63

95.32

109.60

112.75

1943—
1943

Low

High 1942_____

118.41

107.62

117.20

114.27

Low

115.90

106.04

115.43

112.75

1942—j.—.

113.70

116.80

107.09

116.78

106.39.

118.13

1941—

116.80

■

.

113.70

Short sales

108.88

91.62

96.54

111.81

114.27

107.98

90.06

95.92

fl0,52

113.89

Total

Avge.

Govt.

Corpo¬

Averages

Bonds

rate

1943—

13

1.87

3.14

2.74

,1-87

3.14

2.74

—

'•

11
io

;

9

2.87

3.00

2.86

2.87

3.14

3.82

2.87

3.13

3.83

3.56

3.00

2.87

3.00

2.87

3.14

2.74

2.87

3.13

3.83

3.14

2.74

2.87

3.13

3.83

3.56

3.00

2.87

1.86

3.14

2.74

2.87

3.13

3.83

3.56

3.00

2.87

1.86

3.15

2.74

2.87-

3.13

3.84

3.57

3.00

2.87

3.56

3.00

2.87

3.15

2.74

2.87

3.13

3.84

1.86

3.15

2.74

2.88

3.13

3.84

3.57

3.00

2.87

4

1.86

3.15

2.74

2.88

3.13

3.84

3.57

3.00

2.87

3_t_:

1.86

3.15

2.74

2.88

3.14

3.84

3.57

3.00

2.87

1.87

3.15

2.73

2.88

3.13

3.84

3.57

3.00

2.87

3.12

3.83

3.57

2.99

2.86

3.11

3.83

3.56

2.98

2.85

1.86

—

2

-

1——
Nov.

3.00

1.87

'

6

■

.

3.57
3.57

.

,

26—_____

1.86

3.14

2.73

2.87

19

1.87

3.13

2.71

2.85

1.84

3.13

2.71

2.84

3.11

3.84

3.55

2.97

2.85

1.84

3.11

2.70

2.82

3.10

3.83

3.55

2.97

2.82

381

3.56

2.96

2.82

3.81

3.55

2.96

2.82

L

12
5

29

Oct.

22
15

1.82

3.11

8

1.80

3.12

1

Bept. 24
Aug. 27

______

-

3.11

1.81

:

3.09

2.70

2.82

2.69

2.82

3.10

3.81

3.55

2.96

2.82

2.70

2.83

3-10

3.83

3.56

2.96

2.83

3.56

2.96

2.84

1.80

3.12

2.70

2.84'

3.11

3.83

1.80

3.11

2.70

2.83

3.10

3-82

3.55

2.96

2.83

1.83

3.10

2.69

2.81

3.09

3.82

3.56

2.96

2.79

July

30

1.84

3.09

2.68

2.80

3.08

3.81

3.55

2.95

2.79

Jun

25

1.82

3.13

2.71

2.84

3.11

3.87

3.60

2.97

2.82

May 28
Apr. 30

1.88

3.15

2.74

2.86

3.12

3.89

3.61

2.99

2.86

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

Fed

26

2.06

3.21

2.77

2.88

3.16

4.04

3.75

3.01

2.88

Jan. 29

2.06

3.24

2.77

2.90

3.18

4.10

3.81

3.03

2.88

2.08

3.31

2.81

2.96

3.23

4.25

3.93

3.07

2.93

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

LOW

1.93

3.30

2.79

2.94

3.23

4.23

3.91

3.05

2.92

3.97

3.07

2.94

4.01

3.14

2.96

——

High 1943—
1943—___

Low

1942——

.

..

2.09

3.33

2.81

2.97

3.23

1.97

3.37

2.81

2.97

3.28

4.41

Short

13, 1941—

'•

v

JOther

coupon,

or

the

illustrate

in

Total

71,710

109,424

5,400

6,950

sales _1———

68,310

the

issue

of Jan.

14,

Total

purchases

Short

sales

fOther

i

;

sales

Total

,

Short sales

Railroads

(125)

Banks

Utilities

(25)

(25)

(15)

they are registered—
Total purchases'

Insurance

7.0

7.2

5.0

4.4

5.8

8.0

7.1

5.2

4.5

5.9

8.6

7.2

5.0

4.2

5.7

February.

1943
1943

■

___

5.0

7.9

6.8

4.5

4.1

5.4

4.7

7.3

6.3

4.4

4.1

5.1

March/1943
April, 1943

4.5

6.8

6.2

4.0

3.9

4.8

4.5

6.6

5.8

4.1

3.9

4.8

1943—

4.3

6.2

5.5

4.0

3.8

4.6

May,

Short

sales'

Sept.
Oct.,

Total

Total—

Nov.,

55,390

1,100

700

L

19,870.
• V

,

•

'Z.

'.,4^

■:

..

,

/

40,900

/

,

.

42,000

2.47

20.570

4,31

sales

"November

100

—

24^550

sales
sales

'

■24,550

2

30,095

2.94

30,195

3,260

6,845

107,490

155,915

__

—.

162,760 14.89

110,750 13.47

Total sales—.

5.4

3.9

3.8

5.5

4.1

3.9

4.7

5.5

4.0

3.8

4.7

4.3

6.5

5.5

4.0

3.7

4.6

1943—

4.5

6.6

5.5

4.0

3.7

4.7

1943——

4.9

7.8

5.7

4.0

4.0

5.1

Money In Circulation
The

Treasury

Department

that

in

Washington has issued its custom¬
ary
monthly statement showing
the amount of money in circula¬
tion

after

deducting

held in the United
ury

the

moneys

States Treas¬

and by Federal Reserve Banks

and

agents.-The figures this time

are

for

Oct.

31,

1943

and




show

money

date

in circulation

(including,

at

of

other sales__

SCustomers'

_____

,

purchases—
sales______

calculating

includes all regular

including

•'

,

,

"members"

and their partners,

fiSales marked

30,598

43,628

30,598

43,708

these, percentages the

"short exempt"

Charles

course,
that held in bank vaults of mem¬

Chief

ber banks of the Federal Reserve

Analysis

System) was $19,250,318,310, as
against $18,844,446,730, on Sept.
30, and $14,210,452,014 on Oct. 31,
1942 and compares with $5,698,214,612
fore

on

the

World

Oct. 31, 1920, just be¬
outbreak

War,

that is

of
on

the

first

June 30,

1914, the total was $3,459,434,174.

increase of 6 % .in pro¬

an

year,

total

of

1

33,484

21,592

'

■

.

;/
sales is

members': purchases and

are

Included with "other

Wardwell

sales.'0'

,

—" v

economic

was

of

the

A.

R.

/

advisor

Warjdwell,

Sheridan, Farwell & Morrison,
counsellors, of Chi¬
cago.
He was also Associate Pro¬

Business

fessor of Statistics and Finance at

Current

signed and will join the Interna¬
tional Statistical Bureau, Inc., as
of economic research, it
was
announced by A. W. Zelodirector

mek,

President

Prior

to

his

Department

of

the

Bureau.

association with the

of

Commerce,

Dr.

Northwestern

University.

Previ¬

Assistant Professor
of Finance at the Wharton School

ously he

was

of Finance

and

University

of

Commerce of the

Wardwell

pounds
pounds

Moody's Daily
Commodity Index

Dr.

Thursday,

Monday,

Year

Robert

1942

1943

assist

Dr.

rector of Research of the Bureau.

—

10

Dec.

11

Dec.

Tuesday,
Two

—

8-___

9__

Dec.

Dec.

Saturday,

Vice-President and Di¬

will

Dec.

Wednesday,

Friday,

7--;

Dec.

Tuesday,

Dec.

weeks

ago,

14______
Nov.

ago,

13

Nov.

Dec.

High, Dec.

High,

April

246:7
"246.5
246.0
246.5
247T
247.3
247.2

30_

244.2

243.4
236.0

—

i

14

22_______

Low, Jan. 2

C. Shook,

7,000,000

pounds
against
2,500,000
on Oct. 31 and 4,400,000
on Nov. 30, 1942."

000

Month-ago,

Pennsylvania.

were

pourids on Nov. 30, against 7,600,000 pounds on Oct. 31, and 8,100000
pounds on Nov. 30,
1942.
Staple fiber stocks held by pro¬
ducers on Nov. 30 totaled 2,600,-

-

investment

Unit of the U. S. De¬
partment of Commerce, has re¬

hands

ducers

ahd/assoclate Exchange members, their

special partners.

Statistical Bureau
Dr.

500,000 pounds against 138,600,000
pounds in the comparable period
"Stocks of filament yarn

to
the

13,900,000

pounds against 13,900,000 pounds
October and 12,400,000 pounds
in November a year ago. Eleven
months' shipments
totaled 147,-

80

____,

Wardwell to Join Intl.
that

,

fiber

in

last

the Account of special¬

Customers' short sales_

.

6.6

staple

totaled

shipments
2.71

173,645

89,215

sales

for

rayon

.

: ■

■

said:

The announcement also

31,080

19,085

purchases

published

pounds shipped during the corre¬
sponding period last year.
/

JOther sales

tin

6.4

—

7.87

90,565

.

compared with twice the. total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
V
i.
...
1 "
JRound-lot short sales which are exempted from restriction by the Commission
rules are included with "other sales."

6.3

—

8.06

2>ther transactions initiated off the floor-

•The term

4.2

1943
1943—

with

sales

Total

firms

4.4

1943

Aug.

Inc.,

sales
.

Total

4.5

1943—

July,

5,645

84,920

16,180

Organon,"

"Rayon

New York.
This compares
43,900,000 pounds in October
and 38,800,000 pounds in Novem¬
ber, 1942. Eleven months' deliver¬
ies totaled 450,900,000 pounds, an
increase of 5% over the 427,800,000

2,560

65,630

.

■

by the Textile Economics Bureaq,

87,175

63,070

2_—____—______

sales

tOther

Total

4.5

June,

1,129,840

the

—______

purchases

Shipments

of rayon filament
yarn
to domestic consumers in
November
totaled
42,800,000

Other transactions initiated on the floor-

2.

Yield

5.5

January,

Nov. Rayon

(200)

(10)

5.3

5.5

v

53,950

—-

—:

9 in

pounds, states the Dec. 9 issue of

sales

Short

of bills on De^.
$1,004,917,000.

issue

ilar

Shipments

which

Transactions of specialists In stocks in

1.

There

7,890

> ' /, 1,121,950
>

.

price was accepted).
was a maturity of a sim¬

the low

amount of

ists-

December,

1942 —
1942—_
1942—

?

Members:

Short

November,

October,

,

of

Account

the

for

Transactions

Round-Lot

Total purchases

Average
Industrials

:

,

742,075 :
B.

4.

SfOCKS

/

■11/20/43

5,410
736,665

3. Odd-Lot Transactions

COMMON

"

approximately 0.376%

for Week

f (w

11/27/43

*

—_————

tOther sales

published

;

/

,•./...

Total Round-Lot Sales:

Yearly Average yields in the years 1929 to 1941 inclusive, and
monthly average yields for 1941 will be found on page 2218 of the
WEIGHTED AVERAGE YIELD ON 200

/; 803,509 18.06

rate

(52% of the amount bid for at

•

Total

for Week

:

'

■

Equivalent

per annum.

''693,219

.

Total

:

-

Total

MOODY'S

'

York Curb Exchange and Stock
Transactions for Account of Members* (Shares)

Short

11, 1942 issue of the "Chronicle."

'

Low—99.905.
of discount

•

110,290

:

479,490 15.35'

;

_

_

793,526

"

65,800
413,690

Total Round-Lot Stock Sales on the New

K.

2.75

134,029

436,100

'

i-_-————2—

:

sales

JOther

June

■ /
;'///:/;
Equivalent rate;
approximately 0.356%

of discount

127,079
2.44

73,710

sales

Total

1943, page 202.

Moody's Common Stock Yields

accepted competitive

of

Range

I|igh—99.910.

Total

4.

3.

tThe latest complete list of bonds used in computing these indexes was

,

in

mately 0.375% per annum.
6.37

bids:

——-—-——

approxK

discount

of

rate

per annum.

Total

the latter being the true picture of the bond market.

246,610.
/ 282,160

4.36

130,540

Equiva¬

Average price—99.905.
lent

35.550

:

120,440 )'■

-

accepted in full).

281,410

10,100

————

sales

JOther

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
more comprehensive way the relative levels and the relative movement

of yield averages,

8.94

387,320

129,380.

v.

—-

purchases

Short

for—$1,694,400,000.

accepted—$1,011,452,000.
(Includes $63,887,000 entered on
fixed-price basis at 99.905 and

319,530

8.55

transactions initiated off the floor-

Other

3.

9, 1944, the Treasury gave
details on Dec. 6:

Total

floor-

sqles

average
a

224,940
275,240

_

sales

Total

♦These prices are computed

(3%%
level

—

sales—-—:————

Total
2 Years ago

Dec.

67,790

——_—

Total purchases

JOther sales

14, 1942_j_

Dec.

402,690

50,300

a

1 Year ago

4.30

235,010
—.

—

Other transactions initiated on the

2.

in

16

Dec.

the following

■

■

—

sales

Total

,

3.10

2.82

2.70

3.11

1.82

.

______

March

Total applied

JOther sales

Indus.

P. U.

R. R.

3.83

1.87
—

7—

A

3.14

3.57

8

•

2.75

Baa

Aa

2.87

Aaa

3.15

1.87

14—

Dec.

.

>

on

bills, dated Dec. 9 and maturing

which

sales

Short

-■

4,420,140

and

they are registered—
Total purchases

Corporate by Groups

Corporate by Ratings

bills

of

$1,008,639,000.
With respect to
the previous
week's $1,000,000,000 offering of

Mem¬

of

Specialists:
Transactions bf specialists in stocks in

:

Prices)

(Based on Individual Closing
u,a.

Daily

Account

for

of

issue

amount

for the Odd-Lot Accounts of Odd-

Dealers

1.

166,220

4,253,920

_—2,983,260

—

Transactions

Except

bers,

ilar

11/20/43

11/27/43
'i__—Li—-'•.■.■• 94,720 "
2,888,540

■_—■

sales

B. Round-Lot

YIELD AVERAGES!

BOND

«.

.

-

Total Round-Lot Sales:

A.

Lot

MOODY'S

Offerings

the vblumevbf' total'Zround-lot stock sales on the'
Secretary of the Treasury MorExchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the, account of all genthau announced on Dec. 13 thatmembers of these exchanges in the weeks ended Nov. 20 and 27, the tenders -for $1,000,000,000 of
continuing a series of current figures being published weekly t>y 91-day Treasury bills to be dated
the Commission.
Short sales are shown separately from other sales Dec.
16,
1943, and to mature
in these figures.
"■' ,,- March* 16, 1944, which were of¬
Trading ' on ..-the. Stock'Exchange-for the; account of members fered on Dec. 10, were opened at
(except odd-lot dealers) during the week ended Nov. 27 (in round- the Federal Reserve Banks on
"i./
lot transactions) totaled 915,590 shares, which amount was 15.35% Dec. 13.
of the total transactions on the Exchange of 2,983,260 shares.
This ; Details of the bidding follow: '
Total applied for—$1,814,954,000.
compares with member trading during the week ended Nov. 20 of
Total accepted — $1,000,179,000
1,597,035 shares or 18.06% of total trading of 4,420,140 shares.
On
the New York Curb Exchange member trading during the week (including $65,767,000 entered on
a
ended Nov. 27 amounted to 199,965 shares, or 13.47% of the total,
fixed-price basis at 99.905 and
volume of that Exchange of 742,075 shares; during the Nov. 20 week accepted in full).
trading for the account of Curb members of 336,405 shares was >; Average price—99.905 *. Equiv¬
14.89% of total trading of 1,129,840 shares.
\
y
'' alent rate of discount approxi¬
The SEC has also issued revised figures covering the week ended mately 0.375% per annum.
Nov. 13 (which appeared in our issue of Dec. 2, page 2240).
Range of accepted competitive
Under
the numeral 1—transactions of specialists in stocks in which they are bids:.
y ■ v/;/;■,
Zy
;
High—99.925.
Equivalent rate
registered—total purchases are revised to 559,170; short sales, 76,810;
other sales, 521,870; total sales, 598,680 and the percentage to 9.02. of discount approximately 0.297%
In No. 4 of the compilation—total purchases are 953,420; short sales, per annum.
;
;
•
Low—99.905, Equivalent rate of
113,510; other sales, 945,046; total sales, 1,058,556, and the percentage,
15.68%.
'
Z'^'y- discount approximately 0.376^
Following are the figures for the weeks ended Nov. 20 and 27:
per annum.
/
/;
Total Round-Lot Stock Sales on the New York Stock Exchange and Round-Lot Stock
(46% of the amount bid for at
Transactions for
Account of Members*
(Shares)
the low,price was accepted).
/
Total
Total
There was a maturity of a sim¬
for Week
for Week
t#
^

2 Years ago

Dec. 13,

Bill

-

Stock

■

1 Year ago

14, 1942—

public:

showing

figures

tOther sales
Dec.

Reswlt Of Treasury

.

111.07

110.15

Feb

°

'

'"
Corporate by Ratings*

Avge.

-Thursday, December 16;-1943

-vV"

••

.

has, made

and;>ExchangeCommission

Securities

The

New York

(Based on Average
1943—

^ M

Trading On New YorkvExchanges

Moody's Bond Prices And Bond Yield Averages

Dec.

FINANCIAL CHRONICLE

THE COMMERCIAL &

2454

.

1

Low, Jan. 2____,

239.9
220.(1
249.8
240.2

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4238

158

Changes In Holdings Of Reacquired Stock

332 bales.

The number of active

month

22,599,426.

was

In the interest of national

Of N. Y. Stock & Curb Listed Firms

2455

consuming, cotton spindles for the

defense, the Department of Commerce

has discontinued until further notice the
publication of statistics con¬

monthly compilation of companies listed on the New York
Exchange reporting changes in their holdings of reacquired
stock was made available on Nov/16,
Following is the tabulation
issued by the Stock Exchange: - " •

cerning imports and exports.

The

Shares

Shares

.Company and Class of Stock—.

'

.

.

;

.

Belding

Oil

Co.,

common

Heminway

Borden

Co.

Co.,

Reported

Report

.

446

Allegheny Ludlum Steel Co(rp.,
American-Hawaiian Steamship Co., capltal^_idi'Jl>/_il./«r
American Ice
Co.,, preferred™!!™!™™-™!™™™™.!---:
Associates Investment Co., common™—:™™„„„_™™™~
Atias Corp.,.: common .i._—
Barker Bros.;' 5'/a%' cum, pfd.^i———1/-/——:
Barnsdall

Per Latest

75,700
1

™—.i

13,226
35,224

57,532

58,032

!-™™__™™™__!-;A™—~™,!™'.

'53,567

.

5','f

Co.,

78,158

convertible

General

Motors

Gimbel

common-—

1*

preferred—,

Corp.,
$6

5','o
.

3,300

4,100

1,348

1,548

70

—i

837,924

6,111

6,911

(The), common——i———-111—_™
Square Garden Corp., common-.-!™™_™_:™™_

Corp.

Madison
Mead

(1)
(1)
(1)

Corp.

(The), $6 preferred
prefemd "B"_—.—

S5.50

Nash-Kelvinator
National

"A"„—_—.1;——

National

Steel

Newport

Corp., capital——

Corp.,

News

100

140

2,947

3,067

84,410

84,411

;—1

————™

-

capital-—

Shipbuilding and

Dry Dock

and

Western

Co.

(The), class A pref
Co., capital—

7,312

4,145

2,155

1,955

17,900

19,200

6,962

7,162

Railway Co., adjustment pfd
Farm Equipment Co., common

Oliver

6,812
3,545

In

making public
; >•

ported:

In the

Radio-Keith-Orpheum Corp., 6% preferred—!.———
Hosiery Mills, Inc., preferred™^.™-™--™™™™

4,000

5,190

6,575

6,075

and Steel Corp.,

Iron

A.)

(W.
Oil

Pen

Corp.,

Transamerica

Co.,

—

'

V

conunon—2———

common

common—

Corp.,

—

Century-Fox Film Corp., preferred—
Virginia Iron Coal and Coke Co., preferred—(The

S.

6

2,748

330,922.05

capital

1,210,992

50,763

52,931

4,112

4,192

———

S.)

Dental.Mfg. Co., capital—!_•
Willys-Overland Motors, Inc., 6% cum. conv. pfd

1,462

1,442

66,395

75,895

/'-.'.v.,(1)

notes

———

Business

and

Office

Equipment..-.
———.

Electrical

Equipment—————.
Machinery.—. —
!-!

Farm

Disposed of 200.

(3)

Acquired

19,

Financial

—

.

Garment

Land

disposed of 20.

&

Leather

Petroleum

:

Company and Class of Stock—•

Investors/lnc,,

Ail

convertible

2,495
374,062

Cooper-Bessemer Corp., $3 prior preference
r
.
Crown Central Petroleum Corp,, common—
Manufacturing Co,, A common—-—
1-!™
Equity Corp., S3 convertible preferred.:-————_™™i™Esquire, Inc., capital
/
Hearn Department Stores, Inci, et'/ preferred-—

3,045

None

591

592

Dennison

—

Klein

(D.

Emil)

Co., Inc.,; common!-..!————j--//-.
Knott Corporation, common
Ludwig Baumann & Co., 7$ 1st preferred————
—

Midland Oil Corp., $2 convertible preference—
Meek, Judson, Voehringer Co.; Inc., common
Process Company, common
Selected Industries, Inc., $5.50 div. pr. stock———
United Cigar-Whelan Stores
Corp., common

8,680

9,754

52,073

52,2.98

17,163

19,663

23,944

24,164

17,769

17,969

10,004

10,104

1,380

6,000

10,115

10,315

16,767

16,867

282

182

New

.

United

Wall

—.

Paper

Factories, Inc., common—
Utility Equities Corp., S5.50 div. pr. stock!-!i——!a.—

None

500

12,1.93

12,203

42,150

17,000

10,500

.10.700

Steel,

returns of the

Number

bales

of

cotton,

from

the

growth

of

Gas

&

Electric

Gas

&

Electric

Miscellaneous
U.

S.

-v-

'

'

Counting "round

■

■

state—

•

.

.

..

■

as

1943

1942

Alabama

Arizona

——!—!—————™_™_!
.

4,041,377

■

.

80,072

107,787
1,351,186

14,111

'

Georgia

•

Illinois--————.—'

Kentucky
Louisiana

1,869".
10,456

2,583,179

■"Includes
the

in

107,053 .bales

of

the supply for the

crops

of 1942

and

the

season

1941.

crop

of

1943

309,017

:

1,379,118

■

459,155

:'s79,224

■

673,291
681,229
^

574,448

.

.

.

<

22,601

to

which

Aug

was

for 1942-43, compared with 48,626 and 1,969 bales
.

<

The statistics in this report include

for 1942 and 846 for 1941,

no

round bales for

Included in the above

are

1943;

none

40,194 bales of

American-Egyptian for 1943; 39,423 for 1942 and 35,823 for 1941; also
269 bales Sea-Island for

1943; 712 for 1942 and 3,087 for 1941.

The statistics for 1943 in this report are

checked

against the individual returns of the ginners

mitted by mail.
to Nov. 14 is

The revised total of cotton ginned this

weevils.

900,036,595

18.03

756,777,160
965,672,157

2,963,335,731

35.40

3,111,576,820

37.17

42,106,264

25.18

45,259,220

27.07

26,902,347

5.53

28,998,621

5.96

229,651,235

27.24

231,154,936

27.42

1,512,681,747

21.96

1,645,862,101

23.89

9,930,308 bales.
Consumption and Stocks

Cotton consumed during the month of

846,209 bales.
was

Cotton

on

being trans¬
prior

>

—

United States,

reduce

earljr

resulted in considerable deteriora¬
tion of the crop,

especially in Ten¬

curred

the

2,450,865,016
516,869,990

33.65

2,590,511,774

35.57

killing frosts during mid-October.

48.88

560,926,146

53.05

The

87,046,237

15.78

100.669.523

18.25

ier

12,957,459

7.51

14,518,164

8.42

40.28

generally matured earl¬
usual, and the amount
still unpicked on Dec. 1 was less
crop

than

43.42

than average, except in the west¬
ern

20.73

2,258,793,895

21.91

.'

14.25

770,351,295

22.65

19.58

899,249,024

22.22

146.858,869

25.02

150,175,347

25.58

14.56

48,178,040,869

32.44

harvest.
300

vested

^Market

Value

Price

s

$
25.41

26.39

Jan.

30—

41,410,585,043

28.16

24.70

Feb.

27

29.61

24.02

Mar.

31—

43,533,661,753
45,845,738,377

22.36

Apr.

30—

46,192,361,639

31.45

21.41

May

29—

48,437,700,647

32.96

June

30—

48,878,520,886
47,577,989,240

33.27
32.17

32,913,725,225

22.40

June

and

in

30_

.

31.20

July

31—

31.

33,419,047,743
34,443,805,860

22.73

July

23.42

Aug.

31—

31-

34,871,607,323

23.70

Sept. 30—

47,710,472,858
48,711,451,018

32.82

Sept. 30.

35,604,809,453

24.20

Oct.

30-^,-

48,178,040,869

32.44

Oct.

37,727,599,526

25.65

Nov.

30—

45,101,778,943

30.33

31.

October Truck Freight
Volume 2.4% Over 1942
The volume of freight trans¬
ported by motor carriers in Octo¬
ber increased 2%

2.4%

over

September

October, 1942, ac¬
reports compiled and

over

to

Dec. 6

by the Ameri¬
Trucking Associations, Inc.
on

Comparable
by

reports were re¬
ATA from 409 motor

carriers in 44 States and the Dis¬
Columbia.

The

reporting

carriers transported an aggregate
of 3,696,916 tons in October, as

against 3,624,238 tons in Septem¬
ber/and 3,610,601 tons in October,

transported in the month was
hauled
by
carriers
of
general
freight/The volume in this cate¬
gory increased 0.3% over Septem¬
ber and 1.7% over October of last
year.

Transporters of petroleum prod¬
ucts, accounting for a litle more
than 20% of the total tonnage re¬

ported, showed an increase of
5.1% over September and 5.8%

October, 1942.

Haulers of iron and steel prod¬
ucts

about 4V2% of the
total tonnage. The volume of these
reported

commodities

puted

ATA
on

index

figure,

com¬

the basis of the average

increased

September and 3.2%

9.2%

over

over

October

of last year.
Almost

The

32.04

nage

over

5J/2%

reported

nage

180,700

1942.

har¬

acres

The

estimated

of the 225 pounds
with 200 pounds pro¬

per

acre

duced in 1942.

estimated at only 300

pared

with

last year.

has

800

bales, com¬
produced

bales

Production of this crop

been

sharply reduced during

recent years.

1943—

Aug.

commodities,

of the total
was

ton¬

miscellaneous

including

tobacco,

ABA

Membership Gains

Totals 14,478 Banks
A

total

of

added

were

343
to

members

new

the

membership

roll of the American Bankers As¬

sociation between Sept. 1 and Nov.
30 of this year, it is announced
by

Robert L. Dominick, Chairman of
the
Association's
Organization

Committee, who is Vice-President
of the Traders Gate

City National
Bank, Kansas City, Mo. The 343
members constitute the larg¬

new

est

gain in membership in

lar

a

simi¬

three-month

than

period in more
decade, and represent an

a

increase

of

number

that

period

of

120

banks

joined

1942,

members

the

when

203

added

were

the

over

in

same

new

the

to

A.B.A.'s roster.
On

Sept.

1, 1943, the Associa¬
membership totaled 14,478
banks, or 89.16% of the total of
banks eligible for membership.

tion's

The

announcement

in Louisiana and
new

member

states

that

Idaho, where

was

added

one

in

each

are

new

monthly tonnage of the reporting

milk,

carriers for the

bricks, building materials, cement

banks that opened for business

re¬

100,

and

household

cently, and their membership

in

index

this

class

of

1938-1940

hand in consuming establishments Oct. 31,

was

193.72.

12,264,-

Average
1942—

for
with 75,acres

This compares

bales

yield

145,900

on

Sea Island cotton production is

Exchange:

37,374,462,460

29_

Egyp¬

68,300 bales

20.95

30-

American

11.70
87.38

105,064,860

Price

of

1,120,953,539

712,658,671

30.33

irrigated States.

Production

tian cotton in 1943 is estimated at

792,207,331

31-

of

45.02

3,660,048,984
107,393,248

Apr,
May

result

33.91

38,811,728,666

Feb., 28_

fringe of

the

481,937,663

10.81

Marv

as

1,225,717,804

85.13

36,228,397,999
35,234,173,432
.32,844.183,750
31,449,206,904

northern

Belt

2,196,553,223

1,035,588,947

$

the

31.96

3,571,091,569

45,101.778,943

in

Cotton

42.02

•

30—-

31-

from

32.56

.

■

threat

drought and
throughout August
September, however,

3,670,616,747

two-year compilation of the total market value

v.

the

Continued

29.72

31—

195.24.




and

and

average

sufficiently dry and

23.59

Nov.

was

compresses

to

than

un¬

stands

30.25

21.64

Dec.

October, 1943, amounted to

2,203,829 bales, and in public storages and at

19.34

better

an

with

21.34

Businesses.

a

start

excessive heat

57.78

1942.

season

good

63.23

25.87

subject to revision when

1943

of cotton

The crop got off to

usually

39.12

2,136,973,809

39,057,023,174

of

in

purposes

.low that expected on
Aug. 1, when
the first forecast of the season was

1,599,961,477

24.46

trict

the

production for the United States is

5,985,537,265

26.66

ceived

re¬

with

estimate

54.46

37,882,316,239

can

acreage

Acreage destroyed

present

60.18

.

...

The

37.06

35,785,946,533

released

.565,451

Acreage

negligible.

713,393,492

29-

and

some

compliance

AAA program.
for compliance

hot

31-

Jan.

for

for

much

Utilities

31-

561,367

2,143,224

prior

moved

with weather

Dec.

398,198

23,503

for har¬

488,276,518

v—_

—

$

cording

2,671,649

'

ginned

63,613

556,520

623,998

—

\

.

381,089
"

Carolina——!———-—v—676,100'-;
/..) 462,146 " '

Texas

16,678

'!570,478
1,867,606

'

Virginia—17,959

of

/ 5,36?

——.351,470

Tennessee

counted

626,747

14,271

Mexico—1/ *'\ !
78,831/
North Carolina^—v 585,48.9
South

'840,460

v-./3<749

,

New

Oklahoma—

14,663

>

—271,749

;,-v -.'.'242,207

14,437

696,455;/. '
:1,737,722

———r————r——

Mississippi
Missouri—

827,570
•■-.

'

————.

'■

" 1,350,094

California-^———4.-^/—213,252w.-? 199,942 x'
Florida

allowance

17.95

NOV.

769,332

*

acreage, and acreage
vest at 21,874,000 acres.

26.90

2,037.826,751
454,175,676

Stocks—-—

Listed

Oct.

*9,592,229

885,162

v

69,021'.. '

——

Arkansas——/

.

ed

33.99

and the average price of stocks listed on the

1943

This

acres.

age abandonment of the 1943 crop
is estimated at 1.3% of the
plant¬

compares

1941

//'M 1,534,702

921,233

22,151,000

1,388,722,650

(Operating )—__,
(Holding),—

We give below

half bales and excluding linters)

'-v:■

...

United. States ._.™-!_!™™™-!Ai_!____™! *10,559,989

at

acreage is 4.9% below the 23,302,000 acres planted in 1942. Acre¬

6,139,280,628

Operating Abroad——.
Companies—

Miscellaneous
All

■

..

mated

19.82

Cos,

Foreign

prior to Dec. 1,1943, and comparative statistics to the corresponding
-..//V'. V,"'
■- /
'v'■>
\;V :;V:' :V
r / r
RUNNING BALES!.-.,//o.!
'. !
-

on

27.91

Jl!———A--.

Communications i

date in 1942 and 1941.
•

The acreage
vation

400,908,611

1942—

ginned

yield of 217.0 pounds.
of cotton in culti¬
July 1, 1943, is esti¬

average

556,838,588

Utilities~'/ 'TrTA'T"

ginners is shown below:
of

for the United States, at
pounds, is 20.4 pounds below

per acre

252.0

the 272.4 pounds produced in 1942
but 35.0 pounds above the 10-year

615,256,317

1,144,167,337

Dec. 8, compiled, from the individual,

on

with

compares

453,369,461

& Coke

Iron

Textiles

Crop of 1943 Prior to Dec. I

and

15.08

1,293,088,481

—w——v-——

—

1941—

report issued

census

1

24.95

Average

The

Nov.

5,649,528,182
3,349.981,675

Av

Market Value

Cotton Ginned front

of

increase

an

12,817,000 bales ginned in 1942 and
12,474,000 bales, the 10-year(1932~
41) average. The indicated yield

31.67

Building & Operating—
Shipping. Services
A

■

as

This is

1.

373,522,260
5,701,520,532
1,515,844,224

Ship

2,118

366,158

Corp.,

36,000 bales from the forecast

nessee, Arkansas, Oklahoma, and
Texas. Some further reduction oc¬

Rubber

Report

preference——————

General

of Dec.

518,097,375

•——!!

Retail Merchandising

Per Latest

common..——.

American

32.38

Publishing—_*■!■———

&

Paper

Railroad

Shares

Previously
Reported

3,903,097,902

——!—!-—-W--!... A.

holdings of reacquired stock:.
'

21.86

30.39

Realty

Machinery & Metals___
Mining (excluding iron)

Shares

506.443.522

3,663,731,068

—

The New York Curb Exchange has issued the
following list of
issuers of fully listed securities which have reported changes in their
v

Market Value Av. Price

19.77

532,645,161

3uilding

Chemical...

Acquired and disposed of during the month of October: 10 shares of common,
5' * preferred A, and 2 shares of 5% preferred B,
•

as

of

made.
.——/

of

(2)

—Oct. 30, 1943-——

.

457,990,591

Aviation

-

.

by

are classified by leading in¬
aggregate market value and average price

———___

Automobile

•

shares

the

approximately 1,100,000 bales be-

Amusement

•

2

collateralized

not

were

Market Value Av. Price

(3)

339,838.15

1,209,031

Twentieth

White

5

V

which

—-Nov. 30, 1943—

2,749

"

„

Re¬

following table listed stocks

for each:

Rustless

by

was

dustrial groups with the

Sheaffer

forecast

total market value."

loans

1,495

Sinclair

is

Reporting Board
of
the
United States Department of Ag¬
riculture based upon information

abandonment of the 1942 crop, at
3.0% of the planted acreage made

represented

9,184

Real Silk

further

'

Government issues.

(2)

weight

U. S.
The ratio of the latter borrowings to the market
value of all listed stocks, on that
date, was, therefore, 0.99%. As tha
loans not collateralized by U. S. Government issues include all other
types of member borrowings, these ratios will ordinarily exceed the
precise relationship between borrowings on listed shares and their

400,805

880

:

Oil

Exchange
j

8,284

Plymouth

Stock

"As of the close of business Nov.
30, New York Stock Exchange
borrowings amounted to $718,198,581 of which $448,-

2,590

1,090

the figures, the

.

——————————

Pittston

of

as

member total net

Co.—

S5 cumulative convertible preferred—
Norfolk

9,400
26,700

——————

Cylinder Gas Co., common—
Department Stores Corp,,. 6% preferred—.

National

8,500

Dec. 7 that

a
total market value of
$45,101,778,943. This compares with
1,235, stock issues aggregating 1,485,248,610 shares, with a total mar¬
ket value of $48,178,040,869 on Oct. 30 and with
1,242 stock issues,
aggregating 1,470,976,125 shares, with a total market value of $37,374,462,460 on Nov. 30, 1942.

—

26,400

on

with

—

—

Exchange announced

the close of business Nov. 30, there were
1,235 stock issues aggre¬
gating 1,486,877,195 shares listed on the New York Stock Exchange,

—

preferred A—™™_-;
cumulative preferred B———
!

Lehman

being omitted from this report

Exchange Lower On Nov. 30

The New York Stock

6,121

5,706

common———if—

cumulative

5ck

Stock
'

170

...

44,918

cum.

Jones & Laughlin Steel Corp.,

*156

——

.

——1

common—.

' preferred!-——
Interstate Department Stores, Inc., preferred——/—Brothers,

are

difficulties in obtaining de¬

Market Value Of Stocks On New York

114

116

■

pendable world statistics such data

14,035

35,200

common..^—™_™.L™__™—,

(The)

Because of War conditions and the

39,525

12,519

United States cotton crop of
11,478,000 bales of 500 pounds r

Crop

for the time being.

76,600

39,032

(J. I.) Co,, .preferred——-——/—--4—-Century Ribbon Mills, Inc.,' preferred™--™!™-™-™!™-!
Crucible Steel Co. of America, 5% conv. pfd._—_
Trailer

2,546
36,000

>4,928

Case

Fruehauf

/

-

■

35,200

World Statistics

......

Report

A

gross

Stock

Previously

Dec. I Cotton

as

three-year period
representing

The September

Approximately 70% of all ton¬

textile

8 %over

1.3%

products,

coke,

goods. Tonnage in

showed

an

increase

of

September, but decreased

under October,

1942.

state, the

the

new

A.B.A.

A.B.A.

members

maintains

the

100%

membership record previ¬

ously established in the two states.

July 20 and Rs. 123.12.0 on Sept. 25.
The decline to the low level
followed a "new Defence of India rule "under "which the

Selected Income And Balance Sheet Items

mentioned

prohibit

Central Government may

Glass I Railways For

restrict the making of advances

or

the security of such commodities, including bullion,
as may be specified in the order.
As a measure of control of specu¬
lative operations, the Government of India announced on Aug. 5
that it had modified its definition of a forward contract in bullion
of

September

Interstate Commerce Commission

The Bureau of Statistics of the

Thursday, December 16, 1943

CHRONICLE

THE COMMERCIAL & FINANCIAL

2456

money

on

aggregate totals of selected in¬
come and balance sheet items for class I steam railways in the United
so as to include any contract for delivery more than four days from
States for the month of September, 1943 and 1942, and the 9 months the date of the contract; toward the end of September the period
was further reduced to more than two days.
ending with September, 1943 and 1942.
•
Prior to the August
These figures are subject to revision and were compiled from announcement, forward delivery was defined for delivery more than
132 reports representing 136 steam railways.
12 days after the date of the contract.
The present statement
The
excludes returns for class A switching and terminal companies.
Recent news from America indicated that Mexico's silver coin¬

has issued a statement showing the

All Class I Railways

report is as follows:

Net

income

—,

Total income

_—

$1,073,142,989
123,483,804
1,196,626,793

2,691,268

4,417,086

22,197,822

$976,300,976
112,487,439
1,088,788,415

24,162,778

'

for

available

fixed

$155,062,974
11,959,470
167,022,444

——-—I.-

income

Income

$110,235,193
15,369,600
12o,ou4,802

deductions

Miscellaneous
from

1942

162,605,358

122,913,534

charges

1,064,625,637

1,174,428,971

Fixed charges:
Rent
and

♦Interest deductions

fixed

Total
Inc.

„„>_

22,795,440

236,993,876

183,252,977

11,760,704

8,357,959

127,963,087

*88,315,417

100,736,406
1,073,657,058

57,081,776
549,124,373

95,765,200
20,407,175

81,845,993

equip.)

107,993,596
2,310,324

defense

of

Amortization

projects
Federal income taxes—,

Dividend appropriations:
On

9,348.745

stock—

common

697,908

preferred stock—!—
of income to fixed

On

.
.

7,178,586
1,064,204

IRatio

charges,—-———

1,060,684

26,476,148

119,113

and

(way
and

structures

468,513,338
596,112,299
20,272,633
575,839,666

105,683,272

—
—

Depreciation

54,611,762

72,883,807

charges

charges

tNet income

36,894,311

50,02.\ 727

332,636,036

2,905,992
69;977,815

charges—

fixed

after

Contingent

35,409,450
130,126

134,816,618

130,072,117
324,740,448

*■1,113,091
455,925,656
718,503,315
21,059,231
697,444,084

deductions

-Other

17,598,338

14,430,151

equipment—-—

price fixed by the Green Law as
that paid

as

bonds,
those

'Cash

,

————

bills

receivable.

balances

,

(Dr.)

balance

Net

from

ductors

Materials

1,047,299,233

991,896,200

774,864,233

744,645,098

998,003

1,219,083,560
132,073,753
243,485

386,751,633

40,935,933

27,852,767

34,311,576

'.'-ceivable

35,920,462
•_

July, 1943

August,

171,071,317

141,639,523

135,506,433

115,754,371

385,020,067

506,72,9,190
424,521,657

308,719,032

23,140.864
1,632,066

20,941,324
1,251,720

.20,404,186
939,193

54,033,972

21,744,450
1,261,223
13,619,410

39,973,063

9,847,386

assets— 4,308,691,593

2,711,274,445

3,283,041,245

2,146,186,135

■-

supplies-;—

dividends

re-

522,560,0.19

.

;

7>

(Cr.)

Audited

75,395,500

1,000,000

1,705,850

152,433,570

105,351,625

105,573,925

70,309,109

384,013,838

318,302,370

312,103,810

255,969,257

and

accounts

payable

wages

60,214,136

16,851,200

car-service

and

balances

105,393,440

15,006,866

bills payable-

fLoans and
Traffic

80.898,616

months

six

—

?

payable ———
matured unpaid-

113,837,828

68,506,848

88,374,993

49,233,913

55,950,042
15,154,565
65,026,053

53,777,164

50,033,928

48,147,897

13,647,535

14,812,492

13,299,612

71,214,483

59,048,063

60,568,282

Interest

unpaid
Unmatured interest accrued
matured

Dividends

23V2d.

-

:

.

de¬

Total

22,008,805

19,492,787

838,614,159

1,384,788,240

765,937,062

49,095,049

46,732,199

—■———-

current

9,756,703

7,475,602
20,097,530

9,756,703

7,475,602
23,744,900
Unmatured rents accrued1,614,126,419
Accrued tax liability-:——
73,720,908
Other current liabilities—
clared

r

.

59,799,382

.■

1,577,830,274

1,341,152,671

2,092,403,632

tax

throughout

77/7 1 '>;.:'!v

U.

than

ernment

S.

688,686,653

1,452,729,370

643,934,411

1,255,595,200

Gov-

149,927,506

161,397,049

taxes

♦Represents

accruals,•

including

the

amount in

129,193,040

>

122,002,651

tFor railways not in

default.

receivership or trusteeship the net income was as follows: September, 1943, $51,521,114;
September, 1942, $84,651,037; for the nine months ended September, 1943, $534,686,545,
nine months ended September, 1942, $464,903,476.
tlncludes payments of principal of

debt (other than long-term debt in default) which will become due within
months after close of month of report.
fiFor railways in receivership and trustee¬

long-term
six

2.47; September, 1942 2.67; nine months,
^Includes obligations which mature not more

ship the ratio was us follows: September, 1943,
1943,

nine

2.44;

than

one

year

months,

■ >

1942,

2.02.

fixed

the

by

7

.

during
>

the

the months of July, August and September was

unaltered at £241.718.
The Bank of

168s/-

per

England's buying price for gold remained unchanged

fine ounce, at which figure the

calculated.

-

above amount was

value of

30, there

were

Exchange

1,098 bbnd issues

*

with

total

a

announced

value of $90,076,888,558, the

market
Nov.

on

This compares with

9.

the

In

table listed

following

mental and industrial groups with

1942
Fine Ounces

1943—Fine Ounces

,

June-_..--

July

—

_-

-

August

1,064,572

June

1,199,569

1,089.708
1,059,932

July ———August —.

1,220,154
1,182,437

Silver

presented no
two months'
delivery remained unaltered throughout the period. There was a
steady absorption of silver by war industries and this demand con¬
new

During the past three months the London market
features and the price of 23y2d. for both cash and

*

tinued to be met from official stocks.
In

Bombay

last

of

year

$11,000,000,000.

In-*

eluded in the current deposit fig-'

demand and time deposits

individuals,

Government

States

War

loan

deposits,, in¬
Series E

and

of

accounts

$10,847,000,000,

of

tied and cashiers'

.

checks,, cash let-,

price for each:

total market

the aggregate market value and

v.1

Group—.; 7-.:;

Price

;

Oct. 30, 1943

-

Average

'

Market Value

'
'■ ,
Market Value

Average

■

Price

$

Government

S.

0V S.

prices

ranged




between Rs.101.0.0

per

100 tolas on

States

and

of

$1,984,000,000, decreased $142,000,000 since June and $261,000,since December last year.
of $813,000,000, balances

"Cash

with other:

banks, including cash
of collection, of
$6,734,000,000, and reserves with
Federal Reserve banks of $7,876,000,000, a total of $15,423,000,000/
increased $196,000,000 since June
process

in December, last year,-

...

13,201,250

100.77

and office equipment.

15,712,500

104.75

15,825,000

105.50

:

of the banks

—

102.16

49,207,183

103.66

36,450,000

104.14

103,16

56,891,945

103.33

265,706,217

104.81

——!!

and

—

:

85.50

268,125,996
11,317,151

105.77

11,250,518
37,360,663

101.99

37,277,048

101.76

89,279,644

62.23

84.23

91,991,417

38,887,317

103.26

40,154,288

102.79

588.P44.574

103.63

592,179,791

104.20

7,238,107,742

72.75

7,451,440,403

11,808,723

85.52

12,069,148

87.40

70,663,295

102.90

71,154,941

103.62

12,059,940
21,725,313
483,231,098

105.13

103.38

80.91

11,859,180
22,018,185

101,57

489,246,607

102.02

———

Ship building and operating—
—

iron and coke,

47,094,000
36,281.250

64.12

merchandising

Shipping services

100.92

54,708,777

———

—

—7—

,7

102.84

—

equipment

Rubber

,—

———

74.56

81.75

37,830,069

104.40

37.919,113

104.65

172,319,902

105.03

173,344,401

105.72

3,315,650,188
59,660,000
1,229,371,340
100,230,470

108.46

Communications
Miscellaneous
companies

76,37

S.

107.64

59,180,000

105.68

—

110.65

1,215,304,854

109.47

98,022.535

67.57

abroad-

138,456,348

77.00

30,904,236

104.66

137,345,280
31,424,925

14,056,032,265

85.09

14,366,125,257

86.52

1,332,839,530

64.94

1,330,999,257

64.85

738,806,571

89.17

744,491,102

89.85

90,076,888,'558

99.02

—

oper.

—

companies—

government——,—,—
companies

.

and

son

——

•;

"The

percentage

listed

on

the Exchange:,

yalue and the

a

two-year

total average

106,42

99.45

compari-

price of bonds

>

Average

Average
Market Value

1941-

Price

Market Value

1942—•

$

Oct.

31

Nfov.

29_

Oec.

31

95.25

Nov.

30.

54,812,793,945

94.80

Dec.

31__-

55,033,616,312

94.50

55,106,635,894
—

31

28

Mar.

31

-

—

30

56,261,398.371

95.24

Feb/ 27-

57,584',410,504

95.13

Mar,

58.140.382.211

95.97

Apr.

30

29

i

Apr.

30_

57.923.553.616

95.63

May

29_

59.257.509,674

95.64

.June 30.

lune

30

31—

—

——

31-__—

May

July

Price

$

$

64,543.971,299
70,583,644,622

96,70

96.11

1943—

.T^n.

1942—
fan.

Feb.

!_

59.112,072.945

95.50

July

31_

61.277,620.583

95.76

Aug.

31—

—

—

—

-

i-

—

-

—

—

71,038,674.932

97.47

71,346,452.852
71,575,183.604

98.24

and

18, 1943, was 17.44, in comparison
16.78 on June 30, 1943, and

with

Dec. 31,

on

1942."

-

U. Si Gold Reserve Declines
Observing

that

71.857.596.488

98.69

81,048,543,830

99.47

80.704.321.646

99.64

80,352,221,151

99.35

80,109,269,964

99.23

the

Nation's

gold, supply is declining at a $2,-J
000,000-a-day rate—without wor¬
rying any one. Associated Press
advices from Washington Dec. 1
an

October, 1941, peak-of

$22,796,000,000,
store

*

,

From

of

the

Treasury's

the
yellow

metal

now

staiids at

$22,064,000,000 with the

prospect

that

the

it

may

dip

below

$22,000,000,000 mark by year's

end—but " most

of

represents simply a

the

outflow

bookkeeping

operation of earmarking and cre¬

97.79

62,720.371,752

96.08

Sept. 30

80,149,558,292

99.37

Sept.

30-

62,765.776.218

96.18

Oct.

30

90,501,768.934

99.45

Oct.

31

64,843.877,234

96.43

Nov.

30—

90,076,888,558

99.02

Aug. 31

of loans

discounts to total deposits on Oct.

69.09

90,501,768,934

following table, compiled by us, gives

of the total market

/»

$187,000,000 since December

1942.

added:
bonds——

-• ■

*

Oct.

18, 1943, was:
$1,496,000,000 including $132,000,- <
000 of preferred stock.' Surplus of
$1,511,000,000, undivided profits'of
$636,000,000, and reserves of $275,000,000, a total' of $2,422,000,000,
increased $95,00(1,000 since June
on

106.54

utilities,——

businesses

Miscellaneous

3,257,394,991

—

(operating).
(holding)

'

.,";The unimpaired captial stock

20.14
electric

Gas and electric

tfl listed

subdivisions

political

but showed a decrease of $827,00.0,000 under the amount reported

Railroad

U.

$3,397,000,-

000, which included obligations of

101.88

—

Petroleum

Total

Other bonds, stocks

securities held of

10,751,252
13,220,000

.

metals
Mining (excluding iron)—.
Paper and publishing——:

foreign

and

100.42

—

———

———

Foreign

cember 1942,

10,596,509

Machinery

s.

1943, and an increase of $11,884,000,000, Or nearly 50% > since De¬

103.55

Land and realty

rr

in

74,060,153,318

Chemical

Steel,

^

i

103.32

companies:

Retail

■

73,949,210,192

Automobile
Business

$

Y.

N.

etc.)—

Cities,

State,

(incl.

:

items 'in

V

,

$10,-

United, States
Government
obligations,!
direct
and guaranteed, of $35,710,000,000,
showed an. increase of $5,519,000,000, or over 18%, since June 30,

classified by govern¬

are

were

1943, and an increase of $575,000,r
or nearly 6%, since Dec. 31,

000

bonds

-Nov. 30. 1943

O.

Stock

1,108 bond

$90,501,768,934 on Oct. 30, 1943.

The

gold output of the Transvaal for

'

were

1943 of $7,000,000,-

"Investments

aggregating $91,003,711,823 par value, with a

issues,

,

the months of June, July
and August, 1943, are given .below together with figures for the
corresponding months of 1942 for the purpose of comparison:
The

since June 30,

1942.

aggregating $90,969,856,933 par value listed on the New York Stock

English gold find Silver Markets

following from the quarterly letter of Samuel
Montagu & Co. of London, written under date of Oct. 1, 1943:
The amount of gold held in the Issue Department of the Bank

at

1943,

18,

000,

7

.

$4.03 V2
4.02 Vz

——-

As of the close of business Nov.

Gas and

cf England during

Oct.

on

national

nearly $62,000,000,000, an increase

"Loans and discounts

Utilities:

print

banks

-

of the

deposits

775,000,000, an increase of $1,585,000,000, or ; 17%,- since June 30,

England

of

Bank

-

Textiles

after date of issue.

The

"The

outstanding of $614,000,000.

;v.>v44%d
rates

Selling

Tobacco

We

The

ment further stated:

New York

Market Value Of Bonds On N. Y. Slock

Food

Government taxes.

Other

$11,000,000,000 over'
reported by the 5,087
on Dec. 31, 1942.
;;
Comptroller's
announce¬

active banks

$2,600,000,000, postal
savings of $6,000,000, deposits of
banks of $7,314,000,000, and certi-

23V2d.

Market Price

dollar

:

Financial'.

liability::.

U. S.
.»

of

divisions

throughout

July, August and September, 1943, were as follows:

Building

liabilities. 2,520,490,591

accrued

of

,

and

deposits of States and political sub¬

23,%-d.

231/2d.

350

official

The

Electrical
< Analysis

States

amount

bond

_

dividends

Unmatured

the

cluding

throughout

throughout

;

"

Price

average

accounts

Miscellaneous

23%"d.

—

1943

U. S. Treasury

-

Exchange

maturing

debt

within

the .United

in

cov¬

national

active

$9,501,000,000, respectively, United
.

Quotations in the U. S. A. (per Ounce .999 Fine)

Liability Items—

JFunded

Delivery

throughout

Exchange
Selected

;

418,562,093

■

—

current

Cash Delivery

Buying

634,758,511
523,546,132

—.

banks

5,058

partnerships and
corporations of $30,901,000,000 and

September, 1943 ——'
23V2d.
'7.:..
7
throughout

105,304,660
946,907

re-

—

Other, current assets——
Total

147,878,309

246,611

,

receivable '———

Rents

443,671,303

1,637,944,586
173,037,833

con¬

accounts

and

,

and

Interest
.

$485,299,026

receivable

———

Miscellaneous
"t ceivable

the

ered

ters of credit and travelers' checks

$543,185,016

————

and

agents

:

,

(Bar Silver Per Ounce Standard)
*'•.!V-'.:.'''■. '
Two Months'

1942

$508,661.918

car-service

and

Traffic

,

—

—

Loans'and

the

of

Delano. Returns from the call

of

Not in

$570,651,166

invest

ments
Special deposits

troller

ures are

com¬

—.

cash

To

Quotations in London

of September

1943

domestic silver.

by the Treasury for newly-mined

the

than

——

Temporary

Balance at end

1942

$66,000,000,000, it
7 by Comp-"
Currency Preston

in the stocks of industrial users.

stocks,

in

etc.. other
of
affiliated

panies

September

1943

than

more

was announced on Dec.

000, and an increase since Dec. 31

Receivership or Trusteeship

All Class I Railways

13, "1943 amounted

inequality between this price and the 45 cents per
ounce for foreign silver, the Treasury has agreed to repurchase, on
the basis of 71.11 cents, any of jts former silver which may remain

minimize

,

Balance at end of

cents per ounce .999 fine, the same

is 71.11

silver must not be sold

,

Investments

which sales of
purposes.
The
the limit under which Treasury

the provisions of the Green Law,, under
Treasury silver may now be made for consuming

■

Selected Asset Items--.

to

national

of

assets

Oct.

on'

increase

all her supplies to the United States war industries and
coinage requirements under lease-lend terms from United States
Treasury silver which under existing legislation could not be sold
for industrial uses.
It was reported subsequently, however, that the
U. S. War Production Board had issued a regulation translating intc

2.27

Class I Railways

total

banks

meet

19,395,665

2.58

2.98

2.46

.

Deposits Higher

The

release

requirements of some 20,000,000 ounces would decrease cor¬
respondingly her exports of silver to the United States. As the latter
badly needed this silver it was suggested instead that Mexico should

practice

roads

leased

for

And

possessions. The assets reported
were greater by $7,000,000,000 than
those reported by the 5,066 na¬
tional banks on June 30, 1943, the
date of the previous call, and an

age

Months of

1943

1942

1943

income—

operat.

ry.

Other

For the 9

September

For the Month of
Income Items—

V

National Bank Assets

diting .to the account of other na¬
tions.
These nations

are

mostly Latin-

American republics whose

balance,

of trade with the United States is
now

favorable to them;

'

Volume

THE COMMERCIAL & FINANCIAL

Number 4233

158

Commodity Price
Index Declines Fractionally

The weekly

wholesale commodity price index, compiled by The
National Fertilizer Association and made public on Dec. 13 declined
to 135.0 in the week ending Dec, 11 from 135.2 in the preceding week.
A month ago this index stood at 134.8 and a year ago at
130.6, based

of Labor announced on Dec. 9 that the
Bureau of Labor Statistics' index of commodity prices in primary
markets rose 0.2% during the week ended Dec. 4, led by higher
S.' Department

U.

The

brought the allNotwithstanding
increase, average prices for these commodities are slightly below
early November level and 2.7% higher than at this.time last year.

prices for livestock, hides and coal.
The advance
commodity index to 102.8% of the 1926 average.
the
the

pri¬

marily to lower quotations in the foods and farm products groups.
Potatoes and eggs were lower in the foods group while reduced
prices
for wheat, eggs, cattle, heavy hogs, and poultry caused a decline in
the farm products group.
The only prices to rise in this group were

products
in primary markets roes 0.5% during the week largely because of
a 2.9% advance in prices, for livestock.
Quotations were higher for
cattle, hogs, sheep and for live poultry in the Chicago market.
Prices were also higher for hay, eggs and for milk in the Chicago
market.
Most grains declined, ranging from less than one-half of
] % for wheat and barley to 5% for oats.
Prices for cotton, apples,
citrus fruits, onions and for potatoes in most markets (except Port¬
land, Oregon) declined.
'
-V, ■/ ■
•Largely because of lower markets for fruits and vegetables
and for rye flour, prices for foods fell 0.2%.
Prices moved higher
*

.

Products

"Farm

Foods—Average prices for farm

and

barley,

and eggs in some cities.,.

milk

for

,;

,

■

level for this

a new

anthracite

for

This was due to higher quo¬
Tennessee
phosphate rock advanced

coal.

year.

,

in the

same

as

were

10 advances and 5 declines.
'

;

preceding week.

In the second preceding week there

-

WEEKLY WHOLESALE

Group

Dec.
•

25.3
";

'

products

iiii

Hides

leather

products—^

products
lighting materials____
metal'products-.-.^
Building materials
—
Chemicals and allied products—
Kousefurnishing goods
Miscellaneous commodities--—_
Metals

and

8.2

articles—.—

V

Manufactured products.—

*

1943

1943

•

products

farm

___

commodities

All

•Preliminary,

*102.8

*102.6

*102.6

*102.9

100.1

:+0.2

—0.1

+

Ago

Dec. 4,

11,

Year

Ago

Nov. 13

Dec. 12,

: •;

,;

other

no

single

"121.8

121.2

121.2

122.8

110.6

+ 0.5

—0.8,

+10.1

105.6

105.8

105.6

105.7

103.3

—0.2

—0.1

+

117.5

116.9

118.4

118.4

118.4

r

L o,...

96.6

97.2: <>97.2 ,..■97.2

0.5:, —0.8

+

...■

0

4l

82.1

?1.7

81.6

81.6

79.8

:+

0,5

+ 0.6

*103.9

*103.8

*103.8

*103.8

103.9

+

0.1

+

113.1

113.0

113.0

113.0

110.0

+ 0.1

—

+

+

2.8

100.4

100.4

100.4

99.6

0

0

+

0.8

104.2

104.2

104.2

104.1

o

0

+

0.1

93.0

93.0

93.0

92.9

90.0

o

+ 0.1

+

3.3

111.7

111.1

111.3

112.1

103.7

+ 0.5

—0.4

+

7.7

92,9

.92.9

92.9

92.9

92.5

0

+

0.4

*100.4

*100.3

*100.3

*100.3

99.7

*90.7

*98.6

*98.6

*98.6

*97.0

*97.5

*97.5

*97.5

o

,

+0.1

+

0.1

+

0.7

97,8

+0.1

+0.1

+

0.9

96.1

+0.1

+0.1

+

1.6

,

the
basis of 131/40 pe? pound of anti¬

mony.

161.3

164.7

pound

152.9

/• 151.7

143.6

185.6

185.0

186.8

186.3

162.5

162.5

157.7

123.2

pounds up to a carload lot; onehalf cent a pound for 224
pounds1,,

144.8

143.8

141.3

to

122.8

122.8

119.3

131.4

131.4

129.1

Cotton

V

142.3
'

131.4
:

HZ™

materials_______

'

123.7

;

149.7

149.6

149.9

148.9

104.4

104.4

104.4

104.4

152.4

152.4

152.4

151.4

127.7

127.7

127.7

127.6

117.7

117.7

117.7

117.5

Fertilizers

119.8

119.8

119.8

115.3

-3

Farm

104.2

104.2

104.2

104.1

135.0

135.2

134.8

131.0

All

materials

machinery_______________:
comblned__2__'__L______

groups

1926-1928 base

on

Dec.

were:

11,

1943,

105.2; Dec. 4, 105.3; and Dec. 12,

102.0.

Producers

the

direction

of

the

Office

of

•

& M.

J. Metal and

one-quarter

for

amounts

cent

from

a

10,000

10,000 pounds, and 20 a pound
for amounts less than 224 pounds.
Quicksilver

Quicksilver

livery
at

for

immediate

offered

was

in

New

de¬

York

$190

per flask, a reduction of
Prices named during the last
week ranged from $190 to
$193

$2.

flask, depending

per

involved.

-

producers' agents

or

add

Until

quantity

on

is known

more

on

probable demands for early next
year,
most buyers are limiting
purchases to a minimum. Unless
consumption continues at a high
rate,
production of
quicksilver
will
in

have

1944

to

to

be

reduced

sharply
prices, trade

maintain

authorities contend.

.

Mineral Markets,"

in its issue of Dec. 9,
'■%
Silver
'■
;./',
supply situation in metals is accumu¬
During the last week the silver
lating.
During the last week, WPB announced that antimony is to
market in London has been quiet
be freed from allocation beginning with 1944,
A movement is on and
unchanged at 23 V2 d. The New
foot to release molybdenum from allocation.
Buyers" of quicksilver York Official for
foreign silver
showed comparatively little interest in acquiring the metal for use
was unchanged at
44%0.
r
next year, and the price
situation^.
continues easy.
The New York by labor shortages.
A
certain
Daily Prices
market for quicksilver dropped $2 degree of control is to be main¬
The daily prices of
electrolytic
per flask.
Producers believe that tained to balance supply and de¬
copper (domestic and export, re¬
the emergency stockpiles in cop¬ mand.
'% + /
;::V
'
finery), lead, zinc and Straits tin
Zinc
per and zinc will
increase at a
were
unchanged from those ap¬
higher rate from now on unless
With the war program likely to
pearing in the "Commercial and
some way can be found to divert

0

+ 0.1

and

on

159.6

Fertilizer

"E.

99%

151.4

Censorship cer¬
shipment figures and other data have been omitted
the duration- of the war.
*%

for

2.9

for

159.6

Editor's Note—At

+. 0.6

0.1

standards

Cottonseed

tain production and

0.8

the

higher grades is to be sold

Farm Products

Quicksilver DeclinesAntimony Released From Allocations Jan. I

2.2

im¬

of 0.1%.

excess

may

.3

Indexes

ar¬

than

more

148.8

.3

2.7

stated:

"Evidence of

easier

an

.

than

other

maximum
not

146.1

Non-Ferrous Metals

products and foods..—

farm

and

of

145.6

/: ^Chemicals and drugs__

1942

than

other

commodities

All

with

content

145.6

Building

100.0

1942,

,

1B43

:

antimony

senic

per pound is
higher grades

and

Fats and Oils

Metals'
.

_

1.3

;

•T.443

materials

Raw

99.8%

1942

Miscellaneous commodities
Textiles'

•

1942

jC*

!

Semimanufactured

of

ceiling of 150
for

134.3

Fuels

6.1.

11-6

,

A
set

1943

17.3

7.1

1943

104.2

the customary practice
selling on the basis of Laredo,
Texas, plus freight.
The price
order, effective Dec. 9, leaves quo¬
tations unchanged.

139.9

10.8
.

11-20

100.4

ceiling prices into a regulation
covering the metal. OPA left un¬

1943

Grains

1943

97.2

a

per

140.6

;

Livestock

11-27

and

Fuel

14M>0

1943

.>■•

23.0

Percentage changes to
Dec, 4, 1943 from—
12-5
11-27
11-6
12-5:

•Textile

of

140.1

Foods
•"+

Week

Week

Total Index

■+

Farm

established

base ceiling
pound for 99
to 99.8%
antimony, to simplify
price control in this field by trans¬
lating the existing "freeze date"

price

meet

Month

Bears to the

!

__l—

quarterly
required to per¬

be

Antimony metal that :does not
V\

(192G===100)

commodities

However,

will

purity to be in

INDEX

Each Group

: •

^During the period; of rapitj change caused by price controls,
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
adjustment: and /revision as required by later and more complete
reports,"
;•/A.
■■'..V
y ■
:
:: The. following table shows [index numbers for the principal
groups of commodities < for the past three weeks, for Nov. 6, 1943
and Dec. 5, 1942, and-.the percentage changes from a week ago, a
month ago and a year ago:
•; V;/.' byy '■[■'•'■'(/■i-v;
;"L

PRICE

anti¬

any person

specific authorization

WPB.

0.05%

COMMODITY

1935-1939—100*

materials

All

tbe made.by

(M-112\
of

mit the Board lo observe the posi¬
tion of the metal.

Compiled by The National Fertilizer Association

;;,

Commodity groups—v

from

reports

of

./•'/•■vA5\ /

12-4

without

disturbed

made:

i

mony may

deliveries

:

'■/"

The following notation is

that

1%, reachiing

slightly causing a fractional rise in the prosphates group but not suf¬
ficient to change the index number for total fertilizer materials.
The
all-commodity index is 0.2% higher than a month ago and 4.0%
higher than a year ago.
./■;../
: •
+ +
During the week -3 price series advanced and 8 declined, the

."Industrial Coinmodities---Office of Price Administration action
in allowing higher ceiling prices for coal and coke to compensate
for increased production costs with more overtime brought the index
for fuel and lighting materials up; 0.5%.
Following the sharp decline
which began in October, prices for sheepskins reacted during the
week ended Dec. 4 and caused the index for hides and leather prod¬
ucts to rise 0.5%.
Higher prices were reported for radiation.
Quo¬
tations were lower Tor rosin, turpentine and shellac.
Prices for
some types of pine lumber advanced fractionally while others de¬
clined," '

An amended order

provides

rye, and cotton.
The textiles group advanced fractionally as
cotton noted a slight upward trend.
The fuels group advanced almost

tations

;

Jan. 1.

OPA

the 1935-1939 average as 100. -The Association's report added:
The all-commodity price index noted a slight recession due

on

Department's announcement further said:

The

2457

National Fertilizer Association

Advanced 0.2%
4, Later Depf. Reports

Wholesale JoBimoMifitttex

Bmgrfleek fide# it c.

CHRONICLE

'

Engineering OonsirucSion $34,852,000 For
Week; Privafs Work Cains Over Last leek

Civil

absorb

larger tonnages for civilian con¬
sumption."
The publication fur¬
ther went, on to. say in part as
follows:

engineering construction volume in continental United
$34,652,000 for the week.
This volume, not including
the construction by, military engineers abroad, American contracts
outside,the .country;.and shipbuilding, is 34% below last week and
50% lower than the total reported to "Engineering News-Record'
Civil

.

•

.

States totals

for

corresponding week last year.

the

9 added:

Dec.

% '■

;

Copper

Excepting
expected
in

The report made public on
.

;..///"/-"

.

current week's

The

construction brings 1943 volume to $2,972,-

..—

State

and

Federal
In

in

the

municipal.2,387,000
19,823,000

classified construction

industrial

and

commercial

week are in bridges and
totals for

groups,

buildings.

Dec. 9,1943

Dec. 2,1943
$52,181,000
7,787,000
44,394,000

,

3,814,000
40,580,000

gains

over

Increases

of construction

last week are
over

the

are:

1942

Sub¬

waterworks,

buildings, $5,790,000, and public buildings,

$8,547,000; earthwork and drainage, $93,000; streets and roads, $1,166,000, and unclassified
New

capital

construction,! $7,011,000.

for

construction

purposes

is 69% below

the

week

totals

financing for the 49 weeks of 1943, $3,067,283,000,

the $10,211,597,000 reported for the 50-week 1942 period.




contracts

of

more

cautious

an¬

looks Tor

to

steadily

the stockpile
unless civilian
consumption is increased. Whether
production will be permitted to
grow

decline

to

demand

offset

depends

Government's

largely

views

•'

ities believe.

V-V,-

opened by produc¬
ers for January shipment lead and
sales improved appreciably.
The
were

rate

same

Patino

in

as

accounting

tin

the

of

In commenting on the
meeting of the advisory

WPB

states

lead

from

ises to
labor
will

production

domestic

decline

in

group,

mines

1944, owing to

follows:
,y

Domestic

accounts

for

mine

about

out¬

40%

of

consumption, with the deficit
up from imports and sec¬
ondary lead.
Imports may in¬

—Jan.-Oct.—1G42

Patino

Other

_

producers

Straits

somewhat

during the com¬
ing year, but recovery of secon¬
dary lead is likely to be hampered

Chronicle"

of

July

31,

380.

page

V

Calif. Business Declines
Business
in

activity

October,

business

in

California

as

measured

by

the

index

compiled

by

the

Wells Fargo Bank & Union Trust
Co. of San Francisco, showed a

slight

recession

level

of

the

from

September.

The

high

Bank's

October Index, graphed in its cur¬
"Business
Outlook"
was

1943

251.6% of the 1935-39 average as
compared with a revised figure of
255.1% in September and 214.1%
in October

a

year ago.:

Department store dollar volume
in

the

state

in

October

greater in October,

ing

the

to

index

year-to-date sales

period,

same

down

14%

was

1942, accord¬
which reports
21%. In the

up

inventories

"were

4%. Newspaper advertising

in four

lineage

California

major

increase of 18%

15,837

16,743

cities showed

an

-r---

17,450

16,452

ovet- October

a

33,287

33,191

gain/of 23% for the January-Oc¬
tober^ period.

quality ton for shipment,
pound, follows:

year

and

ago

a

in cents per

Dec.

Dec. 2„
Dec. 3

___

——

Dec. 4

6_
-7-

Dec. 8-,,

__

■

_u,

Jan.

Feb.

52.000

52.000

£2.00C

52.000

52.000

52.001

52.000

52.000

52.000

52.000

52.000

52.000

52.000

f 2.00(

52.000

52.000

52.005

.

tin, continued
pound.

Chinese, or 99%
at 51-.1250 per

Egypt Will Adhere To
Atlantic

The Egyptian
cision

the
ceed

metal

position of antimony
sufficiently to release
from

allocation,

has

the
effective

Government's de¬

adhere

Atlantic

to

the

of

terms

Charter and

to pro¬

with negotiations leading

United
eased

to

inclusion

Egypt's

Antimony
The

Charter

52.000

made

crease

1942,

______

Totals

every effort 'Dec.
to maintain present Dec.

be made

concentrates

exported during the first 10 months
of 1943, with comparable figures
for 1942, in metric tons, was as

of

prom¬

shortages, but

production.

put

that

recent'

with
roughly
shipped.

1942,

for

tonnage

content

Financial

rent

v

Exports of tin concentrates from
holding at about

The

.

v/T"—'''':

TLead

~

'

one-half of

by the Government.

overfall

situation, continuation of
payments, imports and
problems, trade author¬

supply

The

fi¬

of

manpower

the

were

the

on

premium

at Phelps Dodge's Morenci
property started operating Dec. 1.

facilities

contraction in

a

units

additional

scheduled

a

Tin

total

for

$931,000, and is made-up entirely of State and municipal bond sales.
New construction

a

industry

developments.

$525,000; sewerage, $337,000; bridges, $923,000; industrial buildings,

$10,260,000; commercial

uncertainty in refer¬

$34,652,000
16,180,000
tonnage sold during the last week
18,472,000 exceeded the
preceding seven-day
1,209,000 period
by 42%. There were no
17,263,000 price

industrial and commercial buildings.

the week in each class

general

A cutback in brass pro¬

cancellation

Books

10,1942
Total U. S. construction.... $85,268,000
Private construction
3,058,000
Public construction _:_T—_
82,210,000

the

to

Bolivia have been

:

Dec.

in

lit¬

sees

among fabricators.
During the last week it was

volumes for the 1942 week, last

Civil engineering construction

new

copper

owing

reduction in brass production, the

nounced that the first of the new

..

week, and the current week are:

less

are

less zinc after the turn of

year,

attitude

nanced

the number of weeks.

ask Tor

tend to make for

weeks of the
period,
On - the weekly average. basis, 1943 construction is 67%
below the $9,120,618,000 Tor the 50-week 1942 period.
Private con¬
struction, $474,066,000,' is 12% lower than last year, and public con¬
struction, $2,498,151,000, is down 70% when adjusted for the differ¬
in

is*

and

to

ence

217,000, an average of $60,657,000 for each of the 49

ence

that

duction

(

consumers

January, the industry

tle

and is
is 58%

that

to

situation.

Private construction tops The preceding week by 108%,
430% above the-1842 week.,- Public construction, however,
under a week ago, and down 77% from a year ago.
;•
>•

y.

the

Nations

nounced

by

Nahas Pasha.

was

"among

recently

Premier

to*

the
an¬

Mustafa

"

The Solid Fuels Administration for

coal in the week

a

daily average figure
recommended by the Petroleum Administration for War for the
month of December, 1943.
The current figure, however, was 550,000
barrels per day in excess of production in the week ended Dec. 5,
1942.
Daily output for the four weeks ended Dec. 4, 1943 averaged

ceding week, and 40,850 barrels less than the

Further details as reported by the Institute follow:
Reports received from refining companies indicate that the in¬

4,412,200 barrels.

10,889,000 barrels of kerosine;
barrels of distillate fuel, and 61,603,000 barrels of residual
The above figures apply to the country as a whole, and

45,357,000
oil.

♦P. A. W.

Allow¬

Week

Change

ables

Ended

from

there

period last

same

"V'-'i

year.

(In Net Tons—000 Omitted.)
•

Week Ended——

Bituminous coal

Dec. 4,

and lignite—

incl.

Nov. 27,

PRODUCTION

Oklahoma
Kansas

——

—:

Nebraska

Dec. 1,

1943

330,000

315,000

{322,600

285,000

269,800

{267,100

Panhandle

Texas—

West

—

Texas

—

East Central
East Texas
Southwest

1942

325,700

363,950

277,650

285,950

1,700

3,000

incl.

:

1943

1943

fuel-

States
States

United

+

5,100

86,750

92,200

+

1,300

142,250

135,550

356,950

—

2,800

359,050

208,900

9,300

138,150

99,600

6,900

374,650

357,500

4,900

296,850

174,200

3,500

523,750

312,900

—21,000

1,921,450

1,380,850

100

78,750

92,750

1,900

272,650

223,700

"Includes

total

—

1,908,200

1,892,000 {1,888,938

Texas

—

of

orders!

'25, Thanks-

Number

of

shares—
458,895
—„——17,708,126

Nov,

.

••

.

•.»

Dec. 5,

Dec. 4,

%

y

1

■ '•■■■

operations.
revision.
{[Revised.

.

Thousands of

-—

—

based

are

OF COAL,

BY STATES

353,700

375,700

352,800

+

1,800

351,400

316,450

76,900

77,891

79,400

+

950

78,700

74,000

' ■■■,'

.

Nov.

State
Alabama—.

NOV. 20,

27,

1943

1943

426

410

s

5

49,650

62,500

-

Arkansas and Oklahoma

104

-

\V

Colorado

49,650

48,000

—

Illinois
Indiana

.

215,000

221,850

14,400

12,700

_—

'.:.'+

3,750

217,700

246,900

800

12,950

16,100

—

Eastern—

and

Ky.)

Kentucky

.7

111., Ind.

(Not inch
•"

__.

„—

77,000

70,050

25,500

23,950

57,000

50,100

100,000

102,550

23,500

21,300

7,000

7,100

Colorado

—

————

Mexico

New

:

—_—_

^

,

1

68,750

70,500

200

+

Nov.

.

27,

average

1937

1941

Illinois.

—

Indiana

Iowa-

:

Maryland—!

600

23,550

20,200

3,650

53,650

59,100

300

101,800

91,950

21,300

22,600

7,300

6,750

112,800

95,800

Montana

86

/

199

/

1,620

1,182

608

495

111923

1

East

California

Calif.

of

—

—

•

'

;

—

250

—

3,603,950

3,617,100

:

-

597

:/

;

236

1

»■>

1,120

1,571

362

536

72

50

128

96

k

80

149

175

568

724

207

193

158

164

960

922

932

308

252

257

178

35

28

41

/+V. .30

3

G

7

12

26

92

92

80

83

298
31

—

States

United

♦P.A.W.

780,300

—29,200

3,627,800

3,114,850

200

784,400

719,400

—

production of Crude
gas

derivatives

to

Oil only,

be

—29.400

4,384,250

4,425,100
and

recommendations

state

allowables,

as

shown

3,834,250

4,412,200
above,

represent

the

and do not include amounts of condensate and natural

produced.

{Oklahoma, Kansas, Nebraska figures are for week ended
{This js the net basic allowable as of Dec. 1 calculated
Includes shutdowns
and exemptions for the entire montb.
several fields which
were
exempted entirely and of certain

7:00 a.m. Dec. 2, 1943.
on a 31-day basis and
With the exception of
other fields for which
shutdowns were ordered for from 3 to 12 days, the entire state was ordered shut down
lor 9 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 9 days shut-down time during the calendar month,
^Recommendation of Conservation Committee of California

CRUDE

RUNS

AND

TO

STILLS;

UNFINISHED

PRODUCTION

GASOLINE,

RESIDUAL FUEL

OF

GAS

OIL,

2

+

V

OIL

GASOLINE;

Oil

35

-

108

and

;

134

lignite)——

—

DEC.

4,

OF

39

37

30

29

62

87

76

.75

83

73

*♦35

647

713

612

708

433

764

2,973

2,566

2,651

1,525

2,993

142

134

145

102

117

—

and

in

this

FINISHED

34

.

:

Ohio—i

and

(bituminous

Texas

—

Utah

155

lig¬
5

——,,

....

Virginia—.—
Washington

„/

2,915

Pennsylvania (bituminous)—
rennessee!

"

■

6

143

146

432

428

/9 v4

+
.

7

125

115

382

417

f

•

'■•••v.

17

29

,

69

112

227

217

i——...

40

26

37

41

40

72

•West Virginia—Southern—_.

2,375

2,344

2,134

2,288

1,377

1,271

777

910

418

776

182

134

184

{{

{f

**5

7,520

10,878

fWest Virginia—Northern—

926

1,002

Wyoming—

194

214

1

l

{{

12,700

10,866

11,695 •'

1,207

1,163

838

Total

■

187-

"

tOther Western States—

and

bituminous

lig-

12,450

^'Pennsylvania anthraciteTotal all coal
♦Includes

v

.

FUEL AND

1943

957

Crude

District—

Rims to Stills

% Re-

section

include

reported

Daily

{Stocks

fineries

Finished

Includ.

andUn-

{Stocks {Stocks
of Gas

ofRe-

Oil and

sidual

Distillate

Gasoline'

Fuels

Fuel
Oil

18,195

% Op-Natural finished

Coast,
Texas Gulf, Louisi¬
ana
Gulf,
North
Louisiana
Arkansas
-

2,444

88.7

2,205

90.2

6,558

32,427

23,067

130

83.9

97

74.6

303

1,614

1,001

149

47

87.2

47

100.0

147

1,086

90

170

Ind., 111., Ky.——_

824

85.2

787

95.5

2,575

13,653

6,399

2,845

Okla., Kans., Mo

_

416

80.1

342

82.2

1,252

7,045

2,293

1,085

—

8

26.9

9

112.5

31

66

22

36

141

58-3

87

61.7

336

1,225

416

732

817

89.9

757

92.7

2,123

13,924

12,069

38,391

Appalachian-

District No. 2'

,

13,711

—.—

13,907

operations on the N. & W.;

& O.;

12,774

8,477

12,533

12,029

C.

Virginian; K. & M.; B. C. & G.;

on the B. Si O. in Kanawha, Mason, and
Clay counties.
{Rest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties.
{Includes Arizona,
California, Idaho, Nevada and Oregon. JData for Pennsylvania anthracite from "pub¬

records

lished

of

the

Bureau

of

Mines.

District No. 4—.;.

California
Tot.

U.

1

S.

B.

basis Dec. 4,
Tot.

U.

basis

U.

S.

S.
Nov.

Bur.

basis Dec.

♦At

the

B.

27

of

of

of

4,827

86.4

4,331

89.7

13,325

and

in

26% the month before and
of

86.4

4,261

,

88.3

12,638

i 71,040

45,357

69,980

46,187

62,143

Mines

3,744

11,040

71,872

49,^73

.75,980

request of. the Petroleum Administration for

unfinished,

pipe

4,088,000 barrels and

the

cities

an

bidder
sales.

in

one

room

or

for the-year to date.

average of 30%

sections

sales this month

Actually there is

one

7,246,000 barrels,

respectively, in the week ended Dec. 5, 1942.
Notes.—Stocks of kerosine at Dec. 4, ,1943 amounted to 10,889,000 barrels, as
against 11,257,000 barrels a week earlier and 12,299,000 barrels a year before.
District No. 1 inventory indices are: Gasoline,
66.6%, and residual fuel oil, 75.9% of normal.




41.3%;

lot

round

exempt"

"short

sales."'

*..'
146,790

y

-

.

are

re¬

{Sales to offset
and* -sales

orders,

to

position which is less than

liquidate a long
a

'

shares--*

of

marked

♦Sales

"other

with

reported

are

sales."

/

„

*

NYSE Short Interest

Higher On Nov. 30
The New York Stock Exchange
announced

short

Dec.

on

interest

business

of

as

that

9

the

close

the

of

the Nov. 30 settlement

on

compiled from informa¬
by the New York
Stock Exchange from its members
and member firms,
was 760,166
shares,
compared
with
729,291
shares on Oct. 29, both totals ex¬
cluding short positions carried in

date,

as

obtained

tion

the odd-lot accounts of all odd-lot

As of the Nov. 30 settle¬

the total short interest

odd-lot

all

in
was

dealers'

accounts

42,864 shares, compared with

27,449 shares on Oct. 29.

Exchange's

The

./

announcement

further said:
Of the

1,235 individual stock is¬
on
the Exchange on

sues

listed

Nov.

30, there were 42 issues in
a
short interest of more

and the

decline from

kerosine,

49.4%;

gas

oil,

increase in. food

same

last

Total

New

York

City—

Chicago
Philadelphia
Washington

—

—„

Cleveland

-

Detroit

Pacific Coast

—

Texas
All

Others

Total
Year

—

to

{The

Date_

term

Rooms

year

.

Restaurant

Food

in our October

Beverages

Ratet

Occupancy
Oct.

Oct.

Increase

1943

1942
82%

Deer.
' * +11%
or

+21%

+24%'

+27%

+19%

89%

+17

+11

+25

+23

+29

87

85

+23

+36

+38

+32

91

83

+12

5

+15

91

94

+1

+29
+

4

—

2

+

7

+

■

+

8

+18

+24

+13

+13

+14

90

80

+10

+

+18

+21

+12

91

90

+21

+22

+20

+

7

+55

92

84

+16

+12

+21

+20

+29

87

81

+4

+19

+11

+26

+25

+28

84

78

+3

+19%

+14%

+24%

+22%

+29%

86%-

+30%

+24%

+35%

+33%

+38%

"rates"

4

'

wherever used

and not to scheduled rates.

refers

to

the

average

"Rooms and restaurant only.

v

.80%"

+10
+3
+11

+. 6%

73%
+ 7%
sales per occupied room
84%

In

the

following

shown the

at

close

the

tabulation

is

short interest existing

of the

last

business

day for each month of the present

'

year:..

Shares

1943—

Room

1942

+23%

,

pared with 593 on Oct. 29.

matched

tabulation, and actually it is in the national capitaU-2%' in room
sales; minus signs have been completely absent for some time."

61,603

«r

5, 1942—

V Dealers—*,•:>

which

its September sales
improvements over last year in any respect except Ghicago, which
had a larger increase in beverage sales, and Cleveland, which had a
none

Total*

4,827

;

than 5,000 shares existed, or in
Accountant," monthly
which a, change in the short po¬
published by Horwath & Horwath, New York public ac¬
countants, reports that all increases in total sales over the same sition of more than 2,000 shares
month of last year fall decidedly short both of those in September occurred during the month.
and the average gains for the year to date.
The only figure which
The number of issues in which
does measure up is the percentage of occupancy; the country-wide
a short interest was reported as of
average for October was 86% while that for the 10 months is 84%,
Nov. 30, exclusive of odd-lot deal¬
The publication adds:
;
v
■ ;
/'V ; ; :
"The increase in total sales was 19% compared with one of ers' short positions, was 585, com¬

M.

1943.

104,650

—■

bulletin

M.

1943—

;■

20
104,630

,

ported with "other
customers' odd-lot

.

Higher

OCTOBER, 1943, COMPARED WITH OCTOBER,
Sales, Increase or Decrease——

War.
{Finished, 60,863,000
10,177,000 barrels.
{At refineries, at bulk terminals, in transit
lines.
§Not including 1,455,00O barrels of kerosine, 4,714,000 barrels of
-gas
oil and distillate fuel oil and 8,348,000 barrels of residual fuel oil produced
during the week ended Dec. 4, 1943, which compares with 1,417,000 barrels, 4,379,000
barrels and 8,633,000 barrels, respectively.'in the preceding week and 1,265,000 barrels,

barrels;

October Hotel Sales

And

Rocky MountainDistrict No. 3

sales

ment date,

totals

•Combin'd: East

District No. 1—

{Other

The December issue of "The Horwath Hotel

at Re-

Rate porting Average erated Blended

and Inland Texas—

sales

1,896

.

Production

Daily Refining
Capacity

•

Shares:

of

dealers.

■

1,261 y

([Average weekly rate for entire month,
•♦Alaska, Georgia, North Carolina, and South Dakota included with "Other Western
States." tfLess than 1,000 tons.
,

§Gasoline

■'

J

tial

Sale,s by Dealers—

Short

v■.

'

(lignite)

plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis

Poten-

432,143

•

14,445,273

Total sales'

Dakota

South

and

Producers.

STOCKS

AND DISTILLATE

WEEK ENDED

Figures

-

■

218

v:

(Figures in Thousands of barrels of 42 Gallons Each)

.

sales—i.

value

"

New Mexico
North

'

Total

Customers'' total

Round-Lot Purchases by

100

91

1,004

—

(bituminous

nite)
§808,000

808,000

———

423,595

Number

177'
•

■

1,316
*

409

■

+

45

2

1: ;■'

572

—

210

85

■/

1,514

Kansas and Missouri

Kentucky—Eastern—
Kentucky—Western-.-—-—

.

167

•V

179
1

,

—

341

■/:"/. 5

328

■vi'-.'l'. 6.

l

——

Total

8,548

sales—

Nov.
Nov. 29,

Nov. 28,
1942

86

,s

174
■;

Georgia and North Carolina—

Michigan—'
—

112,900

110,600

110,600

sales—

other

Number

■

Michigan
Wyoming
Montana

short

railroad

-Week Ended
/ '

.

Alaska—

Mississippi

Customers'

Round-lot

Net Tons)
on

16,633

.

of Shares:

♦Customers'

Dollar

'

+

274,100

Coastal Louisiana

Arkansas

sales——

carloadings and river ship-1
merits and are subject to revision on receipt of monthly tonnage reports from district
ind State sources or of final annual returns from the operators.)
weekly estimates

(The current

y

,

total

16,328

'

78,700

Total Louisiana

Customers'

■

/,■;•/. •■■■,../

.

(In

sales—

6,195,000

washery and dredge coal, and coal shipped by truck from authorized
{Excludes colliery fuel.
{Comparable data not available.. §Subject : to

,

305

short sales
other

Number

•

7,719,300

7,395,ip0

,

Orders:

"Customers'

:

•,v

161,100

171,600

1
/ 'V '

Customers'

1929

1942

1943

Number of

Dec. 7,

.

16,664

•

(Customers'' Sales)

1,205,700 58,792,800 57,767,800

173,800

purchases)

Odd-Lot Purchases by

COKE

AND

1,064,000 53,921,000 54,308,000 63,382,000

;.

(Customers'

Dollar' value

1,250,800

ESTIMATED WEEKLY PRODUCTION
—

Number

1,211,000

.

Total
for Week

Odd-Lot Sales by Dealers:

1937

1,899

1,264,200

■

1943

4,

413,465
1,456

1,182,000

.

Dec.

1942

1,108,000 56,168,000 56,571,000 68,300,000

v

Ended

THE

ON

EXCHANGE

STOCK

Y.

Week

'

;

THE ODD-

FOR

ODD-LOT DEAL¬

OF

SPECIALISTS

AND

N.

1,261,000

Beehive coke—

with

odd-lot

the

specialists.

TRANSACTIONS
ACCOUNT

LOT

.

1,231,000

total—

published

The figures

by

Dealers—.

Dec. 5,,
'1942

JNov. 27,

By-product coke—

United

90,600

521,100

North Louisiana

coll.

{Commercial production

143,200

—

anthracite—

Penn.
'■Total

6,100
/.

293,200

—

Coastal Texas
Total

Dec. 5,

1943

3,200

—

369,500

——

Texas

—

133,650

Texas—

Dec. 4,

Week

:

{1,700

1,500

.

North Texas

Previous

Dec. 4,

Begin.

dations
December

§Dec. 4,

dealers and
STOCK

of

series

a

being

Commission

the

-Cal. Year to Date

Week Ended-

Ended

.

Ex¬

Stock

York

New

based upon reports filed

are

Net Tons)

(In

and

figures

Dec. 4,

Dec. 5,

PENNSYLVANIA ANTHRACITE

OF

dealers

539,681

1943

11,331

ac¬

all odd-lot

current

January 1 to Date———

1942

12,450

12,650

odd-lot

continuing

ERS

?..

,

*Dec. 4,

Dec. 5,

1943

"1943

fuel

mine

the

for

change,

COAL

OF

'

,

-r-

541,670
Daily average
2,108
t2,147
1,889
1,885
■'Subject to current adjustment.
{Average based on 5.8 days
giving Day, weighted as 0.8 of a normal working day:

Total,

Week

Ended

PRODUCTION

STATES

UNITED

,

volume

By the Commission.

^

the estimated output of
by-product coke in the United States for the week ended Dec. 4, 1943
showed an increase of 13,400 tons when compared with the production
for the week ended Nov. 27, 1943.
The quantity of coke from beehive
ovens increased 2,200 tons during the same period.
■■■'"/.'■',v">
The Bureau of Mines also reported that

ESTIMATED

of

the

on

The
with

was, however, an increase of 123,000 tons, or 11.1%.
calendar year to date shows a decrease of 0.7% when compared

ESTIMATED
4 Weeks

stock

daily

the

count

a

•

Recommen¬

show¬

of

specialists who handled odd lots

Actual Production

♦State

for the week ended

4 of complete figures

transactions

decrease of 30,000 tons (2.4%) from the preceding week. When
compared with the production in the corresponding week of 1942

tons,

(FIGURES IN BARRELS)

OIL PRODUCTION

AVERAGE CRUDE

DAILY

summary

Pennsylvania authracite for the week ended Dec. 4, 1943 was 1,231,000

...

Coast.

reflect conditions on the East

not

a

Dec.

ing

71,040,000 barrels of gasoline;

week

fuel

whole ran to stills on a Bureau

as a

12,700,000 tons produced in the week ended Nov.

Exchange,

and

made public on Dec.

20, 1943. Output of soft coal in the week ended) Dec. 5, 1942 amounted
to 11,331,000 tons.
Production for the current year to date was 0.4%
!in excess of that for the corresponding period last year.
/
The U. S,' Bureau of Mines estimated that the total output of.

the

of Mines basis approxi¬
mately 4,331,000 barrels of crude oil daily and produced 13,325,000
barrels of gasoline; 1,455,000 barrels of kerosine; 4,714,000 barrels
of distillate fuel oil, and 8,348,000 barrels of residual fuel oil during
the week ended Dec. 4, 1943; and had in storage at the end of that
dustry

13

of 21)0,000 tons over the Thanksgiving week preceding,

increase

an

The rSecurities
Commission

Jended Dec. 4, 1943 is estimated at 12,650,000 net tons,

and compares with

ended Dec. 4, 1943 was
decrease of 29,400 barrels per day from the pre¬

crude oil production for the week

4,384,250 barrels,

War, U. S. Department of the

Interior, in its latest report, states'that the'total production of soft

that the daily aver¬

The American Petroleum Institute estimates
age gross

NYSE Odd-

Weekly Goal And Coke Production Statistics

Daily Average Crude Oil Production For Week
Ended Dec. 4, 1943 Declined 29,400 Barrels

do

Thursday, December 16, 1943

THE COMMERCIAL & FINANCIAL CHRONICLE

2458

.

Jan.

29—

Feb.

26_

Mar.

31

579,394
——

—

663,750

774,871

April 30——— 882,376

980,047

May

28—

June

30————

879,575

July

30—

836,764

Aug.

31..——

——

—

801,321

Sept. 30.

761,827

Oct.

29__.-__-_.___.__..

729,291

Nov.

30————I- 760,166

Volume

Number 4238

158

'

"

THE COMMERCIAL & FINANCIAL CHRONICLE

2459
Total Loads

Revenue Freight £ar Loadings

During

/r^^Ra^foads.
i

Ended Dec. 4,
nounced

1843 Increasedh42,677 Cars

for the week ended Dec. 4, 1943,
cars, the Association - of American
Railroads an¬
Dec. 9.
This was an increase above the corresponding

Loading of
totaled
862,759
on

freight

revenue

week of 1942 of

103,028 cars, or 13.6%, and an increase over the same
in 1941 of 29,384 cars or 3.5%.
"Vt
'
./ /.

week

,

Loading of revenue freight for the week of Dec. 4, increased 42,5.2% over the preceding week.

677 cars, or

Miscellaneous

;

of 24,515

freight loading totaled 392,933 cars, an increase
above the preceding week, and an increase of 25,929

cars

above the

cars

corresponding week in 1942.

Loading of merchandise less than carload lot freight totaled 105,940 cars, an increase of 9,817 cars above the preceding week, and an
increase of 16,789 cars'above the-corresponding week in 1942.
Goal

loading amounted to 185,844 cars, an increase of 4,032 cars
preceding week and an increase of 24,393 cars above the
corresponding week in 1942.
%
;;
•
•
■•'.
v
above the

...

Grain and

grain products loading totaled 56,351 cars an increase
of 5,462 cars above the preceding week and an increase of 12,073
cars above the
corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of Dec. 4, totaled
;37,631 cars, an increase of 4,859 cars above the preceding week and
an increase of 7,283 cars above the corresponding week in 1942.

cars

Live stock loading amounted to 19,750 cars, an
above the preceding week, and an.increase of

increase of 3,709
1,437 cars, above
In .the Western Districts alone

the

corresponding week in 1942.
loading of live stock for the week of Dec. 4 totaled 14,881 cars, an
increase
of

of

2,712 cars above the preceding week, and
1,039 cars above the corresponding week in 1942.

increase

an

Southern District—

46,043 cars, an increase of 4,138
cars above, the preceding week and an increase of
6,982 cars above
the corresponding week in 1942.■ •'-v-:'•Ore

loading amounted to 40,743 cars, a decrease Of 8,909 cars
below the preceding week but an increase of 14,520 cars above the
corresponding week in 1942..
v'.-"':''*■;v"'*"■'

Received from

Connections

1943

-Alabama,'Tennessee & Northern

1941

1943

1942

354

356

333

232

816

679

879

3,251

2,715

737

680

796

1,391

1,472

a..

13,520

13,614

11,478

11,675

10,289

—

3,802

3,994

4,411

4,458

4,624

v

Atlantic Coast Line

Central of Georgia

1942

287

Atl. & W. P.—W. R. R. of Ala.

Atlanta, Birmingham & Coast

Charleston & Western Carolina—

390

420

451

1,903

1,360

1,704

1,549

1,802

3,123

2,924

Columbus & Greenville

274

411

281

248

470

Durham & Southern

117

109

183

741

351

Clinclxfield-

-

Florida East Coast

——

2,482

_

Gainesville Midland—

Georgia
Georgia & FloridaGulf, Mobile & Ohio

-

Macon, Dublin & Savannah
—

1,355

1,518

50

37

96

94

1,217

1,564

3,142

2,4'99

360

427

591

552

4,040

4,311

4,165

4,944

29,300

26,205

26,958

16,432

15,577

25,767

23,328

24,104

12,564

11,029

220

182

904:

866

361

310

137

560

566

3,635

2,882

3,452

4,946

4,342

1,088

1,083

1,350

1,896

1,443

450

372

554

1,512

1,280

196

—

Mississippi Central
Nashville, Chattanooga & St. L

952

1,766

46

1,291
4,398

—

Illinois Central System
Louisville & Nashville——;

-

•

Coke

loading

the

amounted

preceding week,

corresponding week in

to

15,155

but

cars,

1942.

of 905

'

of 87

decrease

a

increase

an

cars

cars

districts

All

reported increases, compared with the corresponds
in 1942.
All-districts reported increases compared with
1941 except the Eastern.
■:-...

6 weeks of

•

;

January

-

.3,136,253

.

--—-—-A.-—..-———-

•

•

5 weeks of

July

weeks of

4,307,406
—.

.

September—.

3,554.446

.

3,545.823

5 weeks of October

,

——Alii-J'

The

following table is

a

REVENUE

FREIGHT

LOADED

(NUMBER

OF

AND

RECEIVED

8,304

the conversations have been "most

577

1,273

904

Winston-Salem Southbound

159

114

148

966

837

127,251

116,342

122,191

123,755

112,430

10,730

10,028

-

Northwestern

CARS)WEEK

ENDED

the

Chicago & North Western

—

—

Chicago, Milw., St. P. & Pac.
Chicago* St* Paul, Minn. & Omaha
Duluth, Missabe & Iron Range
Dulutli, South Shore & Atlantic-

16,073

„

Elgin, Joliet & Eastern—

14,384

14,561

13,035

2,783

3,381

2,937

10,228

8,994

follows

3,947

3,789

4,475

3,733

3,537

Press Cairo advices:

18,426

6,473

12,625

206

268

715

523

724

513

570

7,652

10,861

11,264

9,975

390

410

568

132

105

13,393

15,620

5,350

5,145

550

486

530

790

758

773

—

Northern Pacific—

Spokane International

.Total

-

209

706

68

51

2,168

1,924

1,989

2,379

2,033

6,135

4,758

6,066

2,950

2,802

12,023

10,512

11,813

5,251

4,613

117

122

82

688

522

2,390

1,815

2,227

3,395

3,148

.

Spokane, Portland & Seattle

"Central Western

113,538

88,017

112,052

64,889

58,553

24,416

22,694

23,745

12,133

3,254

2,916

3,322

4,174

11,666
4,262

550

603

533

83

21,220

18,657

18,845

12,972

District—

Atch., Top. & Santa Fe System

Garfield—

Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois

2,757

2,490

2,672

994

670

12,521

11,982

13,038

11,402

11,130

2,944

2,378

2,809

6,526

3,299

1,192

1,263

1,183

2,087

1,826

4,425

5,271

3,890

6,119

5,654

776

774

682

18

9

Denver & Salt Lake—.

880

1,031

1,573

1,551

1,170

2,059

1,507

2,033

1,882

1,204

1; 168

1,049
2,052

1,165

536

391

1,774

2,023

123

114

930

994

869

758

583

City——.

Missouri-Illinois—
North Western Pacific.

—

—:

-

4,185,135

4,295,457

Peoria & Pekin Union—

3,487,905
3,503,383

3,581,350

Southern Pacific (Pacific)

3,540,210

Toledo, Peoria & Western
Union Pacific System

14

32'

22

0

30,989

29,195

26,717

14,270

406

272

438

1,828

18,060

18,413

18,552

19,301

——.

3,423,038
Western Pacific—

.

703

618

513

11

1

2,444

2,735

2,142

4,407

3,342

Southwestern

135,223

126,573

126,627

100,426

Eastern District—,

Ann Arbor—..

..

Bangor & Aroostook
Boston &'Maine-.

—.

—

Chicago, Indianapolis & Louisville—
Central Indiana——

„

Received from
Connections

1943

1942

International-Great Northern

-

266

299

2,527

1,719

•r

1943

1942

631

1,563

1,172

252

168

13,588

•1,497

-

7,040

5,788

8,618

15,919

1,464

1,370

1,586

2,208

35

20

27

1,983
■

.

47

47

Central Vermont—.——

1,081

938

1,363

3,127

2,009

Delaware & Hudson

5,870

5,923

5,513

12,536

10,943

8,151

6,757

8,955

10,532

8,794

233

397

483

101

137

2,138

1,45.6

2,537

1,583

1,233

322

283

349

3,806

3,037

19,194

15,148

—

Delaware, Lackawanna & WesternDetroit & Mackinac

Detroit, Toledo & Ironton
Detroit & Toledo Shore Line——

12,713

10,706

14,315

Grand Trunk Western———.-—-

3,820

3,928

5,897

8,787

7,257

Lehigh & Hudson River----—.
Lehigh & New England——^-——

176

196

227

2,614

2,280

1,906

1,724

1,811

1,581

1,684

Lehigh Valley—

9,447

7,840

8,221

13,683

12,013

2,328

2,003

3,030

3,954

6,006

5,877

6,128

433

Erie——

—-----«■

—

Maine Central-:—

—

Monongahela—

Montour—

————

;—-—*

New York Central Lines

—

N. Y.. N. H. & Hartford————

249

166

172

166

226

7,141

5,568

4,037

2,728

2,243

2,421

New York, Ontario &

Western

Louis——
N. Y.,' Susquehanna & WesternPittsburgh & Lake Erie——
Pere Marquette-.
i—L
New York, Chicago & St.

Pittsburgh & West Virginia———-

.

50.173

20,441

15,824

9,117

1,131

819

1,017

2,774

2,222

6,822

6,678

6,745

16,512

15,190

448

565

2,404

1.753

7,008

8,751

7,831

7.754

5,090

4,792

6,804

8,357

5,879

809

496

510

17

12

629

Pittsburg. Shawmut & North

17

59,742

12,332

2,165
42,966

7,718

Pittsburg & Shawmut————

9

50,277

2,613

.

287

280

362

291

184

1,142

821

940

2,934

2,186

414

327

580

1,069

824

6,475

5,581

5,045

4,510

165,129

6,207

11,724

12.174

4,625

4,528

4,013

143,232

172,649

240,553

203,116

,812

655

679

1,410

1,104

——

43,321

35,363

39,300

29,606

5,571

1,592

1,888

*"396

297

303

*2

3

————

1,678

1,740

1,884

6

7

7,641

6,696

7,260

20,926

18,182

612

613

567

64

253

217

346

9

7

175

129

130

31

65

Total

.

3,327

Bessemer & Lake Erie

4,511

—

Buffalo Creek & Gauley—
Cambria & Indiana

Central R. R. of New Jersey

Cornwall-

—

—

—

Cumberland & Pennsylvania—_—

Ligoriier Valley
Long Island—

—-

Penn-Reading Seashore Lines

Pennsylvania System—

——

Reading Co.

(Pittsburgh)
Western Maryland
Union

Total
Pocahontas

Quanah Acme & Pacific.

1,346

1,179

813

3,229

2,903

1,776

1,884

1,666

2,803

2,007

82,415

68,438

83,384

63,977

55,807

15,179

13,928

15,228

29,114

24,998

19,994

19,832

19,202

6,394

6,338

4,392

3,669

4,444

13,549

11,009

184,501

159,687

180,777

172,712

149,338

—

— ■—

Total




29,921

26,246

27,615

13,155

11,182

23,980

21,069

23,782

7,271

6,277

5,028

4,549

4,623

2,569

2,219

5.1,864~

56,020"

22,995

19,678

"58", 9 29

of

the

on

Dec.

4, 5 and 6, 1943,
Anthony Eden, His Majesty's principal Secretary of State
for Foreign Affairs; Mr. Numan
Menemencioglu, Minister of For¬
eign Affairs of Turkey, and Mr.
Harry Hopkins took part in their
Mr.

Participation in this conference
of the

head of the Turkish

state,

in response to the cordial invita¬
tion
addresed
to
him
by
the
United States, British and Soviet

governments,

bears striking tes¬
timony to the strength of the al¬
liance which unites Great Britain
and
Turkey, and to the firm

friendship existing between the
Turkish people
and the United

President

Roosevelt

and

Inonu

St. Louis-San Francisco--——.

St. Louis Southwestern

—

policy to be followed, taking into
the joint and several in¬

account

2,942

terests of the three countries.

1,304

1,185

2,815

2,554

3,426

3,342

2,718

2,820

2,409

392

304

335

The study of all problems in a
spirit of understanding and loy¬
alty showed that the closest unity

1,237

944

819

670

284

274

188

210

449

376

5,850

6,172

4,959

5,991

4,961

19,182

17,056

17,467

20,677

17,709

85

104

166

167

210

9,388

9,697

9,211

Texas & New Orleans.
Texas & Pacific

re¬

viewed the general political situ¬
ation and examined at length the

3,987

638

:

8,276 ;

existed between the United States
of

2,880

3,487

7,665

5,022

14,414

8,592

5,255

4,699

6,108

5,279

5,465

7,150

7,586

Wichita Falls & Southern.

80

91

141

128

30

Weatherford M. W. & N. W.

24

20

34

21

22

78,183

74,016

63,059

71,120

61,617

America,

Britain

in

Turkey

their

and

Great

attitude

to

the

world situation.

8,225

3,261

14,392

*

States of America arxd the Soviet

Union.

314

226

1
_

deliberations.

1,845

*

The conversations in Cairo have

.consequently
been most useful
anid most fruitful for future re¬
lations between the four countries
concerned.

Total

...

"'Previous

week's

Note—Previous

vear's

ylsecL

figures

The

identity of interests and of * J

views of the great American and
British democracies with those,of

figure.

the

Soviet

Union,

also

as

the

traditional relations of friendship

existing

Weekly Statistics Of Paperboard industry
We give herewith latest figures received by us from the National

paperboard industry.

'

■

-

The members of this Association represent

dustry, and its

program

includes

member of the orders and

cates

the

figures

a

are

83% of the total in¬

statement each week from each

production, and also

activity of the mill based

on

a

industry.

These

advanced to equal 100%, so that they represent the total

"

Received

1943—Week Ended

Sept.

Production

Orders

Tons

Tons

Current Cumulative

4_

177,766

150,943

598,255

97

93

Sept. 11-

121,125

126,427 '

589,323

83

93

Sept. 18—4_._

153,708

157,082

583,714

98

93

151,725

558,633

96

93

Oct'.

2——

164,954

152,479

579,800

97

93

Oct.

9

148,574

589,417

94

93

Oct.

16

156,044

148,293

595,257

95

93

Oct.

23

144,254

147,883

588,399

94

93

Oct.

30

143,686

587,324

93

93

147,467

608,782

93

93

149,295

608,893

95

146,286 \

587,715

94

93

578,434

91

93--

602,789

95

93

Nov.

6

Nov.

13—

Nov.

20—

Nov.

27—

Dec.

4_

not

-

172,441
_

_

126,726

142,136

\

93.

'

149,803

Cairo conference.
..."

Lumber Movement—Week

Ended Dec. 4, 1943
According to the National Lum¬
ber

Manufacturers

Notes—Unfilled orders of the prior week, pins orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent

reports, orders made for or filled from stock, and other items made necessary adjust¬
ments of unfilled orders.

Association;

lumber shipments of 464 mills re¬

porting

to

Trade

Barometer

ended
Percent of Activity

Remaining

Tons

powers

i.

above

STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

Period

these

Turkey, have been reaffirmed
throughout the proceedings of the

figure which indi¬

the time operated.

between

and

Paperboard Association, Chicago, 111., in relation to activity in the

48

District—

Chesapeake & Ohio—
Norfolk & Western
Virginian

5,047

24,972

President

Republic, an,d Mr. Win¬
ston Churchill, Prime Minister of
the United Kingdom, met in Cairo

2,750

—

Orders

■

Inonu,

Turkish

338

-I

r

Baltimore & Ohio——

>

4,560

Unfilled

Allegheny District—

Akron, Canton & Youngstown—

communique
to Associated

265

■

Wheeling & Lake Erie-

the

5,237

—

Missouri Pacific—;

339

10,549

1,746

—

;

Midland Valley.:
Missouri & Arkansas—

3,079.

50,882

'

Kansas, Oklahoma & Gulf
Kansas City Southern——

Missouri-Kansas-Texas Lines——

1941

83,346

District—-

Burlington-Rock Island
Gulf Coast Lines—

Louisiana & Arkansas—

Total Revenue

of

according

Ismet

1,341
14,273

text

and Prime Minister Uhurchill
—

Litchfield & Madison—:

Freight Loaded

0

12,000
.

to

throughout

Mr, Roosevelt, President of the
United
States
of America;
Mr.

114

Denver & Rio Grande Western-

Nevada Northerns

Total Loads

Railroads

:

The

10,297

Colorado & Southern——

;

Ambassador

present

22,556

16,431

fu¬

conversations.

2,330

IShpeming_,

4,160,060

4

Soviet
was

for

reported

was

19,237

Green Bay & Western

Minn., St. Paul & S. S. M

It

2,765

8,241

Minneapolis & St. Louis

18,427

fruitful

most

22,394

Dodge, Des Moines & South—

Great Northern—

2,793,630

DEC.

the

Ankara

Chicago Great Western

Ft;

and

relations."

that

District—

3,510.057

CONNECTIONS

useful
ture

Total

4,170,548

FROM

United

409

L

,

,

issued Ibn Dec. 7, the
talks, held at the invitation of the

munique

521

3,385,655

summary

the

friendly relations be¬
the three powers were re¬
affirmed. According to the com¬

tween

Tennessee Central

Fort Worth & Denver

the separate railroads and systems for the week ended Dec. 4,

political
and

23,210

Illinois Terminal—-

of the freight carloading for
1943.
During this period 96 roads showed increases when compared with
the corresponding week last year.
I
^
%
-

general

reviewed

9,771

3,066,011

40,077,169

the

was

traditional

25,729

2,866,565

■.40,190,476 ■'40,747,743

which

held

was

Dec. 4, 5 and

on

24,897

3,174,781
3,350,996 i

833,375

at

situation

President4

21,108

3,122,942

:

Cairo, Egypt

6

and

Turkey

451

1941

759,731

•
,

in

of

11,453

3,454,409

4,553,007

Churchill

393

1942

4,511,609
3,236,584

4,518,244

4 weeks of November
3,304,776
Week of December 4—862,759

Total.

■

3,151,146

4 weeks of August

4

.

:

4,149,708

4 weeks of June

•

./

Minister

Ismet Inonu

be¬

10,675

3,858,479

/

,
3,055,640
-3,073,426

4 weeks of April

5 weeks of May

■

1943

•

3,530,849

—

_

4 weeks of February

: 4 weeks of March
:

—

conference

Roosevelt, Prime

434

Richmond, Fred. & Potomac—
Seaboard Air Line—
Southern System—

Bingham &

ing week

three-day

11,172

:

-

above the

\.

A

tween President

23,843

Piedmont Northern—

.

below

Allies And Turkey
Reaffirm Friendship

States, British and Soviet
Governments, noted the closest
unity existing between these pow¬
ers
and Turkey and stated that

Norfolk Southern

Lake Superior ,&

Forest products loading totaled

Total Revenue

Freight Loaded

,

week

the

National Lumber

production
Dec.
new

were

for

the

4, 1943. In the
orders

of

these

4.0%
week
same

mills

13.1%' less than production.
Unfilled or$er files in the re¬
were

porting mills amounted to 94% of
stocks.
For
reporting softwood
mills, unfilled orders are equival¬
ent to 37 days' production at the
current rate, and gross stocks are
equivalent to 36 days' production.
For the year to

date, shipments
reporting identical mills ex¬
ceeded
production
by
7.3%;
orders by 7.7%.
of

Compared to the

average

cor¬

responding week of 1935-39,- pro¬
duction of reporting mills was
38.7%
greater; shipments were
40.6% greater; and orders were
0.7% greater.

70

Items About Banks , Trust

transfer

and

reserves

President of
Trust Company of New

Arthur S. Kleeman,

Colonial

$7,500,000

announces the election of
Frederick H.
Zimmer as 1 VicePresident. Mr. Zimmer, who is in

York,

profits account.
After
this ' transfer
the capital
stands unchanged at $77.500,oU0,
undivided

Street
surplus at $110,000,000, undivided
office, joined the bank at its or¬
profits account at about $23,000,ganization in 1929 and has been
000, and there will still remain
of the 57 William

charge

unallocated reserve values

Assistant Vice-President

an

of ap¬

and

Brownell, Vice-President
Real Estate Officer of the
H.

Savings Bank, New
York City,i has been elected to
the addition of ,$7,500,000 to the
the bank's Board of Trustees.

increasing it from $77,-

account,

•

500,000

to

referred

$85,000,000;
in our

to

this was

Bank
that Miss
Dorcas Campbell, Director of Pub¬
lic Relations, and the Service De¬
The

issue of June

River

East

Savings

of New York announces

17, page 2298.

President of
partments, has been appointed an
the Chemical Bank & Trust Co.,
Assistant Secretary of the bank.
Frank K. Houston,

City, announces that
of Directors on Dec.
Norborne
P.
Gatling,
former
9 declared the regular quarterly
Vice-President of the Chatham
dividend of 45 cents per share on
Phenix National Bank & Trust
the capital stock of the bank, payCo., New York City, died on Dec.
able Jan. 3 to stockholders of rec¬
9 at his home in Amherst, Va. He
ord Dec. 15.
The directors also
York

New

Board

the

«w.

since

that

System on Dec. 10,
announced by the Federal

Reserve

of

Bank

Citizens

Attica,

N.

Y., has been admitted t'o mem¬
bership in the Federal Reserve
System, it was announced on Dec.
13 by the Federal Reserve Bank
The

York.

New

of

new

$1,300,000.

Bank

of

St.

Louis.

The

member, chartered in 1920,
capital of $100,000, surplus
$20,000, and total resources of
$2,509,600. Its President is E, R.

new

has

a

of

\

Riemeier.

:

•The

Security

State

Bank

of

Pecos, Texas, was admitted to
membership in the Federal Re¬
serve System on Dec. 10.

H. FeltThe

Security Trust & Savings
San
Diego, Calif., re¬
Bank, Hudson, N. Y., was ^an¬ cently observed the 50th anni¬
versary of its founding. The bank
nounced on Dec. 6.
;
'
operates four branch offices and
has
Dexter P. Rumsey, President of
deposits in excess of $25,000,the Erie County Savings Bank," 000. The bank's history dates back
to
November,
1893,
when
the
Buffalo, N. Y., announces the elec¬
tion of Reginald B. Taylor and Blochman Banking Co., forerun¬
Daniel W. Streeter as Trustees of ner of the present institution, was
by Abraham
Blochman
the bank.
Mr. Taylor is Vice- started
President and Assistant Treasurer with a capital of $20,000. The end
of the Sterling Engine Co., and of the first year of business saw
Mr. Streeter is President of the $90,000 on the bank's books-—this
Buffalo Civil Service Commission. figure stood at $27,000,000 at the
close of business on Nov. 15, 1943.
as

a

member of the Board of

Directors of the Farmers National

William
President

S.

First

Innis,

of

the

ViceIsland

Rhode

Hospital Trust Co., and the Rhode
Island
Hospital National Bank,
Providence, died on Dec, 2 in that
city. He was 51 years old.

of

Bank

have occupied
the President's office during the
50-year history of the institution.
Only

four

and

Mr. Roose¬

velt Very

likely would take off at
the last minute for a global in¬
spection trip. Would his rival be
permitted to go along with him?
Or should there be a gentleman's
agreement that everybody stay at
home and let the election turn on

"agin"

an

for

You

vote.

are

either

the

incumbents, Presidential
Congressional, or you aren't.
Personally, I don't see why the
"outs" wouldn't be willing to take
it on this basis, but it would be an
awful way to have an election.
Briefly, it is difficult to imagine
anything more demoralizing to
our
troops than to throw them
into the campaign.
It is easy' to
and

member

bank, which was organized in
1911, has total assets in excess
of

member of the Fed¬

a

Reserve

is

it

time.

The election of George

Union Square

the board authorized

9

June

On

held

position he

a

Kirkwood,

the

tell

and

themselves

about

what they stand for.
The Kirkwood Bank,
eral

1920,

the battlefields

tour

soldiers

Mo., became

ner

R.

Co., Richmond, Va., died

President

in

Thursday, December 16, 1943

Dec. 1.

on

bookkeeper

since

1941.

proximately $40,000,000. This, it
is
pointed out, is
the second
change in the surplus account of
The National City Bank this year.

and Trust

of the National
Commercial Bank in 1892 to Viceant

The

by

allocated
from

Companies

merce, of the University of Penn¬
sylvania. He is stationed at'the
Irving's 48th Street office, "48th
Street at Rockefeller Plaza.

$25,000,000 by the
of $17,500,000 from un¬

bank

old, recently celebrated
the bank¬
ing business. He rose from assist¬
years

his 50th anniversary in

School of Finance and Com¬

ton

Chairman
of the Board of The National City
Bank of New York, announced on
Dec.
14
that the directors had
voted to increase the surplus of
Gordon S. Rentschler,

the

FINANCIAL CHRONICLE

THE COMMERCIAL &

2460

men

visualize
the
he

candidate

one

making

promise that if he is elected
will vote immediately to bring

them home.
in

ence

troops.

Stalin had

an experi¬
politics with his

mixing

They

*

utterly ham¬

were

in their earlier Finnish
campaign by the activity of the

strung

political • comrriissars who went
right along with the military of¬
ficers.
Stalin got wise and with¬
drew the political commissars and
his troops have been doing better
ever since.
"V
•
.

But to get back to the Republi¬
can

Senators, this writer does not
a single one who did not

know of

Mr. Blochman remained as active intend to vote for the bill after
was 74 years old.
approved the payment of a bonus
head until 1912, when his son Lu- it had been made as near fraud
Born in Raleigh, N. C., Mr. Gat¬
annual salaries to all officers
cien bought out his interest and proof as possible. Those that voted
and employees, amounting to 5% ling began his career in the pub¬
reorganized the company as the against it did so after the insur¬
lishing business in Virginia, later
on the first $5,000, with an addi¬
A special meeting of stockhold¬ Blochman
Banking
Co.,
later rection developed on the part o^
tional 3%% on the next $5,000, joining the Merchants National
ers of the First National Bank of
;
changed to Security Commercial the Southern Democrats. <
and an additional 2% on all sal¬ Bank of Philadelphia as its South¬
Out of this the CIO Political
Roselle, N. J,, will be held on Dec. & Savings Bank. He was Presi¬
aries above $10,000.
This pay¬ ern representative. He came to
Action
Committee
27 for the purpose of voting c.n a dent until 1917 when he was suc¬
prepared
a
ment will also be made to offi¬ New York in 1912 as an Assist¬
proposal to pay a 100% stock divi¬ ceeded by Willet S. Dorland,.who speech for Senator Guffey charg¬
cers
and employees in military ant Cashier in the Chatham Phe¬
dend, raising the bank's capital came to the bank as cashier in ing there had been an "unholy al¬
service. The Chemical Bank has nix National Bank, where he re¬
of
Southern
Democrats
stock from $100,000 to $200,000. 1913. Upon Mr. Borland's retire¬ liance"
mained until
his retirement as
paid a Christmas bonus continu¬
John Dalrymple, President of the ment, Charles H. Martin, present and Northern Republicans. There
Vice-President in 1928.
ously each year, with one excep¬
bank, said the dividend would be head, assumed direction in 1927. is not the slightest base for this
tion, since 1870.
Mr. Martin, in association with charge as a check of the vote will
paid out of undivided profits.
final li¬
on

,

Checks for

an

11th and

quidating dividend of 6.44% were
The Long Branch Banking Co.,
mailed Dec. 11 to Series II share¬
Long Branch, N. J., has joined the
holders
of
Bankers
Loan
&
Invest¬
hattan Company, New York City,
Federal Reserve System, it was
held Dec. 7, a quarterly dividend ment Co., it is announced by El¬ announced on Dec. 7
by the Fed¬
at the rate of 20 cents a share liott V. Bell, New York, Superin¬ eral Reserve Bank of New York.
and a special dividend at the rate tendent of Banks. In addition, a The bank was
organized in 1872
©f 10 cents a share on the capital first and final liquidating divi¬ and on June 30 had total
deposits
stock of the company were de¬ dend of 55.24% is to be distributed
of $4,300,000.
Walton Sherman is
clared, both payable Jan. 3,6 to to the Series I shareholders of this President,
The Bankers Loan
stockholders of record on Dee.T6. Association.
The transfer books will not be and Investment Co. was closed on

of the Board of
Directors of the Bank of the Man¬
At

a

meeting

•' April 12, 1933. The announcement

closed.
These

states: "The dividends

now

being

of distributed represent a payment of
approximately $186,230. Including
this present dividend, Series II
ganization in 1799.
of the Association
The annual report to the stock¬ shareholders
holders
by
J.
Stewart* Baker, have received total dividends of
Chairman of the Board, was re¬ 63.44%, representing a total
of
ferred to in these columns on Dec. $1,828,494.
9, page 2313.
"There are 8,500 shareholders of
dividends

•

the 332nd and 333rd

are

the

paid

by

the

Manhattan

Co.

since

Bank
its

or¬

.

Shareholders

tional

of

First

the

Na¬

of

Bank

Philadelphia, at
the annual meeting on Jan. 11 will
vote on a proposal to merge the
bank

and

the

First

Trust

Co.

of

Philadelphia.

New

closed

ern

director of North¬

a

Trust Co. of Philadelphia.

Association, but

a

held

York

on

Dec.

7

following appointments were
firmed:

Assistant

the
con¬

Secretaries-

shareholders

are

unknown to the

Banking Department. The total of
unclaimed dividends being held
for shareholders of the closed As¬

Nauts, Lloyd P. Rob¬
erts; Assistant Treasurers—Fran¬ sociation is now $56,300. Of this
cis J. Henkel, James J. Shannon, amount, $49,873 is represented by
George A. Wolf; Assistant Man¬ 884 items of $10 and over."
ager Foreign Dept.—William
A.
William B,

Johnston.
In addition to the

At the annual
holders

the

of

meeting of stock¬
Commercial

Na¬

tional Bank and Trust Co. of New

York, to be held on Jan. 11, stock¬
holders will be asked to take ac¬

tion

regular quar¬
terly dividend of 25 cents a share,
an

extra dividend of

share

was

12 Vz

declared by the

of Directors

of the

cents a

Board

County Trust

Co., of White Plains, N. Y., at its
December meeting. This dividend
is payable Jan. 3 to stockholders

to change
the present par value of the cap¬
of record Dec. 16.
ital stock of $100 per share to $20
per share.
There are at present
The
Washington Irving Trust
70,000 shares outstanding, which
will become 350,000 shares. This Co.,-Port Chester, N. Y., has been
granted authorization by the State
proposed change in par value will
Banking Department to reduce its
not, it is announced, affect the
capital stock from $600,000 to
capital account of the bank, which
at
the last published statement, $500,000. The capital will consist
of 25,000 shares of common stock
Oct. 18, 1943, showed capital of
having a par value of $20 each,
$7,000,000, surplus of $7,000,000
instead of 10,000 shares of com¬
and undivided profits of $3,047,000.
mon with a par value of $10 and
5,000 shares of preferred stock
Harry E. Ward, Chairman of the
having a par value of $100.
Board of Irving Trust Company
upon

a

proposal

.

of New
'*

York, announced on Dec.
appointment of Kenneth

10

the

M.

McGhee

as

Assistant

Secre¬

ident of the National

of

a




Currency,-according

phia "Inquirer.Leo T. Crowley,
Chairman of the Federal Deposit
Insurance
nounces

Corp., it is stated,

an¬

that depositors whose

ac¬

counts up to
the

interest

$5,000 are insured by
FDIC, will receive their funds

ed

in

1851,

estimated at

are

ceived

appointed

liquidator

as

the

of

bank.
1——

:•

of

the

Stockholders

Savings

&

Commercial

Security

Bank,

Dec. 6

a

plan to increase the

on

cap¬

ital stock from

$300,000 to $500,000. F. G. Addison, Jr., President
of the bank, explained that when
the plan is completed the bank
will have capital of $500,000, sur¬
plus of $400,000 and undivided
profits of about $100,000. The cap¬
ital stock plan provides for issu¬
ing of rights to buy one share of
new stock at $150 for each three

owned. Plans for this

the

of

New

Agent, Directors of Bar¬
clays Bank, Ltd., London, has rec¬
ommended final dividends of 4%
actual

cumulative

the

on

stock

ence

3Vfe%.

and

the "A" stock and "B"

prefer¬

actual

on

shares, thus

total distribution for the
financial
year
ending Sept. 30,
making

a

of 8%

British

on

annum

per

the

on

stock and 6Vz% per
the "A" stock and "B"

subject

in

each

European idealogy, and
together they are stirring up an
awful agitation. The armed forces,
from the letters pouring in on the
Congressmen, have become ex¬
cited.
There is a strong feeling
on

Capitol Hill

tution

or

case,

that, Consti¬
de¬

now

Constitution,

no

moralization

the

of

troops or no

demoralization; the Federal Gov¬
ernment must

provide

a

way

for

the armed forces to vote.
The plain fact

is that outside of

the Solid South, with one excep¬

of tion, there is

deduction

to
tax

income

reason

no

State Legislatures cannot

why the
be called

adjusted in relation to taxes pay¬

into extra session and take care of

able in the British territories over¬

the matter.

where

seas

The

the

the

dividends

bank

operates.

declared

now

are

for the year

1942 and
payable Dec. 30, 1943.

same

are

as

Barclays Bank (Dominion, Co¬
and Overseas) operates in

lonial

South,
East
and West
Africa,
Egypt, and The Sudan, Palestine,
Mediterranean

the

and

the

Brit¬

ish West Indies.

We

Washington

asmuch

as

tial

leave aside any

can

objections

say

the

very

election

a

to

seems

be all

the

agitators are concerned about.
But regardless of whether it's
Constitutional

on

awful

forces

last

we

or

uncon¬

are

war

if

are

in

for

an

noted
a lot of veterans of
who recall having
It

mess.

that there
the

grounds,

might

been "denied their

be

right to vote."

Didn't squawk about it

either.

least, that

the next Presidential election

headed for

are conceded to
and the Presiden¬

they

the Democrats,

armed

highthey had on
constitutional grounds and let it
go on the grounds that they were
minded

would

the next
campaign is to be carried to the

(Continued from first page)
so.

one

which

Presidential elections anyway in¬

done

From

The

exception is
have to
amend its Constitution.
The sol¬
dier vote in the other Southern
States would have no effect on the
Kentucky

stitutional

fearful, to

Washington, D. C.r approved

office

the

at

York

over

$4,000,000, of which about 90% are
fully covered by insurance. Fran¬
cis B. Kelly of the FDIC has been

jumped to the guns with the
which is Com¬
munist-tinged and dominated by
Action Committee,

Eastern

According to cable advices re¬

without delay. Deposit liability of
the institution, which was found¬

was

contest either in the

Portland

(Ore.) Joint Stk.

Land Bank Dividend

Supreme Court or in the House.
George B. Guthrie, receiver of
They were fearful, too, and justi¬
fiably so, that the proposal made the Oregon - Washington - Joint
for a gigantic stealing of the elec¬ Stock Land Bank of Portland, an¬
tion.
Regardless of their fears, it nounces that a further dividend
would seem to an objective ob¬ equal to 10% of the outstanding
.

that there is certainly an principal of farm loan bonds and
ahead regardless of unmatured interest accrued there¬
how the matter is subsequently
on up to April 30, 1936, has been
worked out, if the millions in the
declared as of the close of business
armed forces are to be brought
into the campaign. Assuming that Dec. 1. The dividend, distributed
server,

awful

Mr.

mess

-

Roosevelt is the New Deal from the proceeds derived from
candidate, would the Republican the liquidation of pledged assets of
Presidential candidate,
and the
the bank, is payable only to per¬
opponents of the present Con¬
sons who
have proved and filed
Julien H. Hill, Chairman of the gressional
incumbents, Democrat
Bu..u .k,X
^t«i^.-rArtiiXeis name or
Republican, be permitted to claims against the bank.

change were noted in
Commercial issue, page 2148.

and
Trust "Co.,
the Company. Mr. Mc¬ Bank
Albany,
graduate of the Univer¬ N. Y., died on Dec. 4 at his home
in
AioanyF Mr. ivnlier, who was
sity of Minnesota and the Whar-

tary

Ghee is

troller of the

to Easton advices to the Philadel-,

shares now,

MacNaughton Miller, Vice-Pres¬

have

ling

F.

been elected

Nevertheless, the radical

had purchased the control¬
in the institution
early in February of that year.

gans,

Berlinger, President annum
Quaker City Gear Works, has shares,

of

reveal.

commentators and the Communists

preference
Edward

Lind-

Hamilton

Speckels,

1943,

only
regular meeting of the 5,600 dividend checks are being
The First National Bank & Trust
Board of Trustees of Central Han¬ mailed out, for the present ad¬
Co., Easton, Pa., was closed on
over Bank and Trust Company of
dresses
of
approximately 3,000 Dec. 10 by direction of the Comp¬
the

At

Claus

ley and other prominent San Die-

our

Nov. 25