The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THURSDAY
Final Edition
Volume 154
New
Number 4021
In 2 Sections
York, N.Y., Thursday, December 18, 1941
Section 2
-
Price 60 Cents
a
Copy
PENERAL CONTENTS
Secretary Of The Kavy Knox MakesReport 8
Editorial*r
On Damage Done In Attack On Pearl Harbor |■:'
;
Economic
On
'
-
Page
•
Warfare..-!!.".
1554
Seeing It Through
1554
Secretary of the Navy Frank Knox revealed on Dec. 15, after a
Some Things To Think About..... 1553
personal inspection trip to Hawaii, that the surprise Japanese attack
on
Pearl Harbor on Dec. 7 failed in its main purpose, which was
Regular Features
"to knock out the United States before the war began." Disclosing Financial Situation...........
1553
•; Some ten days have now elapsed since the treacherous
that the Army and Navy had suffered severe losses, Secretary Knox Legal
Oddities......
1576
The facts
announced that the United States forces "were not on the alert" Moody's Bond Prices and Yields... 1572 attack; of the Japanese upon the United States.
and that an investigation would^On the Foreign Front
1553 concerning that attack, as they have been bit by bit dis¬
be made.
He reported that there Knox said that Japan was aided
closed during the interval, have not lessened the sense of
State of Trade
were
almost 3,000 killed in the in Hawaii by the "most effective
Coal and Coke Output...
outrage initially felt by the American people. Further
1568
attack, made up of 2,729 Naval fifth column work in this war,
attacks upon the Pacific outposts of this
Commodity Prices—Domestic
country have like¬
casualties, 168 Army dead and with the exception of Norway.''
Indexes
,1568, 1560, 1571
wise served to keep the
about 50 civilians. The Navy ship He added that the attackers had
people aroused to a fever pitch.
Commodity Prices—World Index.. 1571
losses, the Secretary asserted, in¬ "most perfect information" as to Crude Oil Production—Week
Impassioned oratory and almost endless excoriation in the
1572
cluded the sinkings of the bat¬ the position of the fleet. The Sec¬
Electricity Output
1571 press are doubtless in
part the result and in part the cause
tleship Arizona, three destroyers, retary also told in some detail Iron and Steel
Operations—
of the state of feeling that now exists throughout the
an
old
battleship
which
had of many individual actions of
length
Weekly Review
1569
been converted into a training outstanding valor.
and breadth of the land. It is, of course, well that
Lumber Production. Shipments,
we, as a
Orders
1565
ship, and
one
minelayer,
and
Following
is
the
Secretary's
people, are aroused and in a serious mood. We have a
1566
damage to several other vessels. prepared statement of the general Paperboard Statistics
..............
The
Army
suffered
severe
losses
concerning the attack:
My inspection trip to
island
material
the
losses,
Secretary
Knox
these consisted of three sub¬
said
marines and 41
planes.
to
me
present
which
hitherto
the
have
The essential fact is
1.
the
Japanese
purpose
that
was
to
knock out the United States be¬
fore
replies, Secretary
the
began.. This was
1576)
war
(Continued
and
Railroad
Car
October
Hotel
November
Its
Products...!..
1560
Loadings
1570
Sales.
1561
Syndicate Store Sales...
1561
Corporate Profits In Third Quarter 1563
November Zinc Output, Shipments 1564
unavailable.
been
supplemented his prepared
statement, given out at a special
press
conference, by answering
questions put to him.
In the
of these
enables
the
general facts covering
attack
He
course
Petroleum
facts
in aircraft and hangars, he added.
With regard to known Japanese
on page
Oct;
Manufacturing Employment..
Smaller
Retail
Cotton
Crop..............
1566
in November.........
Prices
1567
Flour
November
Production
November Anthracite
Quota
1568
1575
Imports
Dollar
Bankers
1567
Shipments...
Statistics
Cottonseed
Wheat
1564
1575
Acceptances
Out¬
1560
standing Nov. », 1941
September and August Elec. Power
Statistics
November
1575
Department
Store
Sales 1575
October Natural Gasoline Output..
1575
Sugar Quota Entries
1574
;
November Living Cost in Industrial
"
v;/
Recovery
Cities
European Stock Markets
the rule in recent days
was
European financial centers, but the gains were far from
The shock of the Japanese entry into war with Britain
the United States reverberated in many ways on the London
,
coordination and
Pig-iron
November
Cotton
Production..
,
.
Consumption
intelligent, not to say utterly cold-blooded,
getting those things done which
victory, and an important part of that
concentration of effort upon
are
essential
to
planning, that coordination, and that concentration of effort
consists in putting aside all those
things which impede
progress. It was natural enough, without question, for the
first week or two after this outbreak to be filled with emo¬
tionalism, with protestations of patriotism, with avowals
of cooperation, with a tendency to
support without ques¬
tion any, or almost any, suggestion
emanating from official
sources—and
with
time has
come,
work
1574
November
stock markets in the
on
stupendous task ahead of us.
.
It is, however, perhaps not too soon to utter a
warning/
Wars are not won these days by anger, hatred or even na¬
tional unity. There must be careful
planning, painstaking,
now
awaiting
us.
Immunity To Slogans
3574
1574
principal
Chain
universal.
One of the first
September Gas Company Statistics 1574
and
market.
Little
tinental
exchanges,
immediate trends
is available of the
news
but
buying
as
hedge
a
on
Con¬
inflationary
against
similar
^in
Prices
London
rallied
sharply in the latter half of last
week, from the depressed levels
occasioned by news of the war
developments in the Far East.
The relatively small loss of life
in the sinkings of the Prince of
Wales and the Repulse heartened
•
observers
in
The
a
good tone
general rule,
market.
continued, as
during the cur¬
was
have
markets
been
un¬
available, since war declarations
were exchanged by Germany and
the United States.
it
When
appeared,
Rapid exchanges of
ations
now
have
declar¬
war
involved
the
United States fully in warfare, not
only with Japan' but also with
Germany, Italy and the ;other
members of the
Axis bloc of
na¬
themselves
at
war
with
the United States, and Congress
upward trend has been somewhat
immediately adopted identic reso¬
by increased taxes on lutions
recognizing the existence
transactions in securities.
Drastic
of. a state of war with the leading
regulations on transfers of secur¬ Axis countries. Numerous addi¬
ities also are noted in Vichy re¬
tional
Sellers
the
on
are
said
Lyons
to
and
be ranged
other
declarations
war
either
a
markets,; and not many
deals are effected despite the in¬
sistent demand.
Berlin,
Reports of trad¬
Amsterdam
and
In
what
of
score
side.
have
countries
on
v'
French
on
1571
Shipments
1570
;r.?..,........
Trading.....
1565
N, Y, Exchanges
Trading
on
London
Stock
1567
Exchange.
1575
National Banks—,.!
of
World
War
Prime
II
the
Minister
(Continued
on
page
task
of
Churchill
1558)
1562
1562
Bond
Market Value
on
NYSE..
Industry Reports...
Loan
Corn
1941
Conversion
of Stocks
1563
Loans
1563
Government
Quit
Housing
Business
Value
of
Business
1564
NYSE
Bonds
1566
Pledges Support
Lend-Lease
1566
Activity
N. Y. Loan Bank Counsel Resigns..
SEC on Investment Companies
Cuban Bond Redemption.
Japan Enterprises Taken Over....
for Purchase
supply temporary binders in which to file current issues of
new form. These will facilitate
the Financial Chronicle in its
use
of the Chronicle and will protect copies against mutila¬
tion and loss.
The cost is $2.50 plus postage for each of these
binders which have been
designed to hold
one
month's issues
of the Financial Chronicle. Orders for binders should be sent
to
"Expandit" Binder, 25 Spruce Street, New York City,
the
Financial
of
on
U.
S.
supply problem
of
this magnitude
Hundreds of ships carrying airplanes and
guns
and food
and machines and other cargoes are required for each
supply
route.
Some indication of the work to be done and of the
problems involved is given by the quantities
a
typical loading of a small cargo
planes, 12 medium tanks, eight light
tanks, 140 tons of ammunition, 200 trucks, 1,000 drums of
petroleum products, 170 tons of barbed wire, 200 tons of
explosives, 100 tons of chemicals and 500 tons of metals.
transportation
which
included in
be
can
steamer—24
pursuit
The service of supply means more than merely loading
dispatching vessels. It means the construction of a vast
new
fleet—"the bridge of ships"—to replace losses and to
furnish the increased tonnage needed for carrying the mounand
1554
tains
of
which
material
will
pile
attains its full stride.
up
It
when the production
1557
U.
S
repairing and re¬
fitting damaged vessels, installing protective equipment and
additional gear on many ships, and constructing new facilities
in ports of debarkation.-—-The President in, histhird report
on
1554
1575
Sugar Crop
Agencies Seized
Tobacco
No
been encountered before.
1570
,.
Position
Gulf.
Persian
ever
1567
1567
1568
1588
Costa Rica
of
Coupons
...
Aid
Loans
1575
1574
program
means
Lease-Lend Aid.
Farm
Family Credit—•
.1570
English Financial Markets
1569
Oct. Blue Stamp Food Purchases.. 1569
Chilean
Bondholders' Rights
1569
SEC
Arrangements have been made with the "Expandit" Binder
to
the
to
1566
Continues
Industrial
Canadian
Funds
1563
1563
Repayment
Wheat
Urges
production of
arms it not enough; the «rme must be
fighting men at the front.
The quantities of
materials to be transported are enormous and
they must be
carried to fighting forces all over the world.
Supplies must
be delivered over many thousands of miles of
water—to
Britain, to Suez, to Burma, to the Arctic Ocean, to Siberia,
1562
3teel Capacity, U. S. vs; Axis.......
1941
the
1561
Argentine
Italian
01 Our Subscribers
The
has
Sales|
Litvinoff
Binders For The Convenience
-
Statutory Debt Limit, Nov. 30, 1941 1562
SEC
.
Some Things To Think About
delivered
Brazilian
to
1571
Auction
modified
ing
...
Mitcellaneoue
Condition
democracy,
a
Sugar Refiners Posi¬
Odd-Lot
NYSE
time in
1555)
page
1571
Steel
*
at any
on
1573
..
Production...
......
;
(Continued
1573
.\ /....
...
Cane
Costs......
Output..
Insolvent National Bank' Dividends 1561
French markets the general
scarce
tion
T v"
wholly uninterested
come
so far as the public is con¬
immune to slogans and to be¬
in gestures. A constructively
1573
tions, making thh current conflict
declared
ports!
Living
Debits
Eastern
that a real threat to
The inevitable conjunction of the
Singapore and Hong Kong exists,
European and Asiatic wars, with
selling of tin, tea, rubber and
America in the middle, came to
similar shares took : place.
The
pass
last
Thursday, when
the
Far Eastern issues were especially
Italian and German governments
weak yesterday.
however,
In
November
prerequisites
all to grow
us
critical attitude is essential
Sugar Statistics
November Steel
Bank
cerned is for
1556
November
World War II
1555
Foreseen
November Coal
-
Failures
Business
Money Market Disturbance
in every sense a War of the World.
week.
rent
British
the
November
No
10 Months'
developments appears still to be<^
in progress.
;Store Index..,,............. 1574
grandiose proposals of all sorts. The
however, for us to get down to the real
Volume
on
Judicial
Decisions 1559
Fair Play on Labor Law Asked
SEC on Investment Company
1556
Ex¬
faced
in
of
account
the
difficulties
which
must
lease-lend aid effective should be in¬
structive to thbs6wh<> have not taken the trouble to give the
subject careful thought as, we fear, a good many have not.
..1556
amination
admirable
This
be
These
Trading Suspended in Axis Securi¬
making
same
problems many times multiplied, of course,
and supporting substantial bodies of our
long distances.
ties
...............,.........
1575
arise in transporting
Knox
Reports on Pearl Harbor....
1553
own
Pre-War Events.
1557
Security Booklet...,,.......
Non-Farm
Foreclosures............
1573
President Reviews
Social
Railroads
German,
SEC
Seek
Curb
Short
Urges
Open
War
Declarations
Changed..,.
Stock
Position.
1573
......
....
efforts
1559
forgotten
1555
1555
men
over
facts
these
1576
Higher Rates.
Italian
Rules
troops
Let
in
the
Far
when
armies
are
be
not
East,
for
proposals
overlooked
example,
for
raising
under consideration.
Exchanges Be Kept
a,!;».1576
:.,,.i..
.i
in
and
five
appraising
let them not
or
six
our
be
million
THE COMMERCIAL
•1554
Editorial—
Treasury Takes Over
..'X
\
_v:-
J'--"
'
Economic Warfare §
k
/
v.
FINANCIAL CHRONICLE
Secretary of the Treasury MorProper appraisal of the economic factors of the war in
genthau
announced
on
Dec.
8
that Treasury agents had taken which the United States now is fully engaged is one of the
custody of the premises of Japa¬ more important tasks that confront the country. In this con¬
nese banking and business enter¬
prises
throughout
the
United
States.
Treasury personnel, who
included, among others, bank ex¬
aminers,
Customs officers, and
Treasury
investigators,
had
instructions
special
the
of
access
all
to
prevent
to
persons
the
premises of such enterprises and
to prevent the destruction or removal of their books, records and
other property. The Treasury an¬
nouncement further stated:
The
arranged
Secretary
the
precautionary measure through
telegrams
-yesterday
to
the
Presidents
quested
'
all
Federal
whom
local
to
necessary
re¬
coopera-
police
wherever
his in-
out
carry
Re-
he
obtain the
to
of
tion
of
Banks,
serve
.,
structions.
ri) >
said
Morgenthau
of Treasury
Secretary
that
the; presence
Department
forestalled
to
documents
valuable
premises
prises.
personnel
of
In
had
attempts
numerous
securities
remove
and
from
Japanese
one
other
the
enter¬
nection
there is
an
evident
tendency in official and other
circles to
emphasize the vast strength of the British Empire
and the Americas, and to disparage the resources of the
Axis countries. This is all very well up to a certain point,
but a degree of caution is suggested by past errors.
In the
military sense we appear to have under-rated
which is the gravest of strategical mistakes.
The military commentator of the New York "Times" states
flatly that "this Government, our intelligence service, the
Navy, the Army and the nation have grossly underesti¬
mated the Japanese."
If this sweeping underestimation is
paralleled in the economic sphere, not only with respect
to Japan but also to the
European members of the Axis,
extraordinary harm may follow.
' *
the
enemy,
There is,
obviously, the danger that a fatuous assump¬
invincibility will lead to a sort of "Maginot mentality" among the English-speaking peoples.
In
the early months of this World War, as we now know,
Great Britain looked to the economic aspect for defeat of
Germany and delayed perilously the vitally necessary ex¬
pansion of aerial and land forces.
The military experts
in London unquestionably knew better, but the sense of
danger among the British people was lulled.
tion of economic
instance in San
■■■J'*
.
ord, paper, or other document
relating in any way to any
.
property
or / transaction
in
which any blocked national, in¬
cluding
a
a
person
national of Japan,
acting
half of such
.
;;
Editorial-
-r
o
On Seeing IfThrough
'•
;v,Vr
The
.
;
.
>\
'/.■■A-,-1
1 ■,
United
States
is at
'/-A w-;'-
t,'v,
with
Japan, with Italy,
with Germany and the rest of the Axis adherents.
The
fighting, anticipated by all sensible men, dreaded by many,
and desired by very few has become actual. It has begun
badly, very badly indeed, with losses of lives that can never
be recompensed, with losses of national property in imple¬
ments of war that establish limitations upon efficiencyoffensive and defensive.
Japan acted very badly indeed,
concealing its hostile intentions behind fraudulent diplo¬
macy which pretended to seek peace, while the declara¬
tion of war was delayed in transmission so that bombs
dropped from the air might surprise an unsuspecting and
unready adversary. Admiral Kichisaburo Nomura, Japanese
Ambassador, and Saburo Kurusu, special envoy of that
country, called at the State Department in Washington, by
special appointment with Secretary Hull, at 2:20 p. m. on
Sunday, December 7, Eastern Standard Time. Their mis¬
sion, ostensibly, was one possible only in a time of peace.
Just one hour and a quarter earlier, Japanese bombs had
been dropped at Pearl Harbor and combat and destruction
at that moment were raging within the Hawaiian
posses-'
sions of the United States. At Tokyo, precisely one hour/
and forty minutes later, by the same reckoning of time,
the self-dishonored Japanese Imperial headquarters issued
its declaration of war upon this country.
The shameful story is not unique: "Joab said to Amasa,
'Art thou in health my brother?'" and, while he spoke,
"took Amasa by the beard with his right hand to kiss him."
Amasa was innocent and without suspicion, like Secretaries
Stimson and Knox, and perhaps some of the naval and
military commanders upon the Pacific for the record con¬
war
It was the custom at that time to point to the
Japanese
nationals
poverty
were prevented from removing of the German Reich and to an assumed lack of oil as the
from a Japanese company sefactors that would defeat the Nazis in the end.
Persuasive
curities estimated as having a
arguments were advanced by numberless "experts" that
value of $40,000 or more.
the Reich could not fight a major war,
owing to such limit¬ tinues:—
The Secretary supplemented
ations.
"But Amasa took no heed to the sword that was in Joab's hand,
Unfortunately the findings now are known to
his
announcement
by
stating
that
any
A few ob¬ so he.smote him therewith in the fifth rib, and shed out his bowels
person,
destroying, have been nothing more than wishful thinking.
to the ground, and struck him not again, and he died."
secreting, or altering any rec- servers
Francisco,
.
Thursday, December 18,-1941
,
1
for
or
on
or
be¬
national, has any
interest, is exposing himself to
criminal prosecution, to a fine
of $10,000, and to imprisonment
for 10 years.
Any person aid¬
ing in, abetting, advising, or
conspiring in the destruction,
secreting, or alteration of any
such
document
is
similarly
subject to these criminal pena
pointed out that the German militarists, with their
long experience and their tradition of thorough prepara¬
Japan was not only treacherous and base. She was
tion; would hardly have ventured into conflict without indiscreet, which from some points of view may seem worse.
assuring their supplies. But such voices were disregarded. It was that recoiling type of blunder which is not only a
crime in itself but worse than crime in its consequences. It
period of negotiation and of strategic
has had, it will have reverberations, long and loud and
preceded the open clash between Japan and
the United States, the economic weapon was employed distant, but approaching ever nearer and nearer to the in¬
ternational marauder and miscreant until the end. It will
bluntly by the United States, Great Britain and the Neth¬
erlands East Indies.
Severe economic sanctions were im¬ be necessary for America to see it through. Unready per¬
posed upon Japan, last Summer, presumably after careful haps in some things, America is ready for that resolution.
In the delicate
moves
which
calculation of the effects.
based upon the
war materials.
alties.
The gamble for high stakes was
Japanese need to import oil, iron and other
It is made!
Some
No
doubt
one
the
in
the
nature
Comparisons
United
States
ought for
a
moment to
of the ultimate
ending. Japan, a selfActing in cooperation with the tions were basically correct.
It is bitterly evident, how¬ styled empire, has fewer than 90,000,000 inhabitants occu¬
Treasury Department, William R.
ever, that the economic pressure, instead of forcing Japan pying an Asiatic archipelago, stretching between Kamchatka
White, New York State Superin¬
to renounce her Axis ties, actually contributed to precipi¬ and Malacca, the two arms with which Asia reaches out
tendent of Banks, on Dec. 8 as¬
This particular measure "short of: war" into the Pacific Ocean, and a small portion (1,436 square
sumed possession of the business tation of the war.
and property of all agencies oi turned out to
be the prelude to the treacherous attack miles) of the Liaotung Peninsula. From north to south, the
Japanese
banks
in
New
York
upon Hawaii, the Philippines and Malaya.
Warfare, born chain extends more than 2,000 miles, including 1,744 islands
City. The State Banking Depart¬
(not counting innumerable small ones having coast-lines of
ment, it is announced, will exer¬ perhaps of desperation, was preferred by the Japanese
less than 2.4 miles), with an aggregate coast-line of 13,449
cise a protective custody over the military clique.
records and assets of the agencies
miles,, and a combined area of but 261,815 square miles.
Immediately upon the outbreak pf„ hostilities, economic This
until
proper
arrangements
are
area, slightly less than that of Texas and not four
made to transfer control to duly "experts" of every sort rushed to the fore and once again
times that of New England, is rugged, subject to frequent
constituted
Federal
/authority. began to demonstrate that an American victory is inevit¬
The agencies in question include
earthquakes (17,750 shocks of that origin were recorded
able, owing to the superior resources of the United States.
those of Yokohama Specie Bank.
during the thirteen years ending with 1897) many of which
It is a melancholy fact, moreover, that some of those who
are
Limited; The Sumitomo Bank,
very severe (that of January 9, 1923, at Sagami Bay
were
saying only a few weeks ago that Japan would be
Limited; Mitsubishi Bank, Lim¬
destroyed 558,049 houses and caused 91,344 deaths in the
eliminated promptly in a military encounter now ; are
vicinities of Tokyo and Yokohama), is
ited; Mitsui Bank, Limited; Bank
always under threat
shouting assurances of final victory on the basis of our ob¬ of violent volcanic
-of Chosen, and Bank of
Taiwan,
action, and is but scantily endowed with
vious economic supremacy.;(Vast statistical' compilations
Limited. '
^
mineral resources, although it has some deposits of coal,
are adduced
to show the preponderance of American and
iron, copper and of precious metals.:/Within this narrow
British Empire steel production capacity, oil resources, rail¬
area
there were, at the latest census, in 1925, 84,511,003
Funds For Purchase
road mileage, telephones in use and other items galore..
v
inhabitants, making an average density of 323 per square
Of Costa Rica Coupons
There is a disconcerting similarity in all this to the mile. Before the
annexations, which began with Formosa
J. ; & W. Seligman & Co. an¬
sort of soothing syrup that was purveyed so liberally With and the
Pescadores,. after the war with China of 1894-95,
nounced Dec. 16 that funds are
respect to Germany, at the outset of the European war.
In the area was 147,327 square miles. In 1925 this old Japan
available for the purchase, in ac¬
England the lesson has been well learned, it appears, for had 59,736,822 inhabitants, giving an average density of
cordance with the terms of the
«ffer
the
the
of
feca,
to
Perhaps it will turn out in the end that the calcula¬
dated
coupons
Nov.
tehant
Republic
March
20,
dated
of
Nov.
1,
1, 1941, inclusive,
to
bonds of
the
Costa
1939,
of
1926, due 1951, and 5%
65
Broadway,
New
in
end.
But
the
York
over-simplified comparisons
resources
are
a
military
use
may
be far
more
are
Tt is
a
put to
-
The
no
dis¬
important.
question of morale enters into all this, and there is
puting the importance of morale.
and
snare
delusion, for the degree in which the resources
405
mile.
On approximately one-fourth of
New England maintains about one-tenth the
number of Japan's population, that is, 8,431,684 inhabitants
upon 66,924 square miles, an average density of 126 per
square mile. Neither Japan or New England is economically
self-contained in the sense of producing, or having capacity
to produce, either the raw materials for its industries or
the food required by its population. But standards of
living
in New England are very high, in Japan they are so
very
-
per
Japan's
well be that economic aspects will decide the
the
Anglo-American and Axis
purchases will be made at effective
the office of J. & W. Seligman &
Co.,
It may
conflict
of
no
estimate upon the Japanese economic resources.
7%
funding bonds of 1932, due 1951.
Such
Ministry of Economic Warfare in London places
1936,
appur-
Republic's
the
mean
-
low
as
square
area,
to
be
inconceivable
as
well
as
intolerable
to
any
contribution to American. It is inconceivable that the
United States, with
City, until June, 30, 1942, when
mprale, however, to foster the notion of an easy defeat of 3,026,789
the 1939 offer expires in so far as
square miles within its continental area, exclu¬
the purchase of coupons in New the enemy on the economic battlefront, when military mat¬ sive of Alaska;
richly endowed in natural resources of
York is
concerned.,./.
ters
require major attention.
no
-
-
fertile
soil, salubrious climate, and great and widely diver-
Volume 154
Number 4021
'
THE COMMERCIAL & FINANCIAL
CHRONICLE
ft§ifiedmin^ral- deposits
wonder if this procedure -would not entail a
131,, 669 ^275" iqhabjtapts, inth.^t
great deal
Failures Below 1940
in its non-adjacent and insular of wasted effort which could be far better
employed where
Business failures in November
possessions; morally- backed and to some extent physically it would pay much higher t dividends in
preparation for showed a slight increase over
area,
♦
1555
and"18,961,445
to
>
more
.supported
by'.all the Americas; should have insuperable .victory. • ':y
September, contrary to the more
y :
usual tendency to decline at this
difficulty in overwhelming Japan. sa."-;; -;4;'
jy:>/v/If the proposal is a prelude, as it seems to be, to a
pro¬ season, but the number of casual¬
\*--s
That is, with singleness of purpose in this country; gram for
raising an army comparable, when related to the ties in the month was substantially
With such singleness of
purpose not even the head-start population of the United States, .to those- existing on the under the corresponding month of
1940.
The same can be said for
..treacherously obtained by Japan could much delay disaster, Continent of Europe or, for that matter, in Japan, the
ques¬ liabilities involved
to that audacious
which, - except
upstart.- The ignoble Japanese attacks; tion as to whether we are not in
danger of wasting: our for September, were the smallest
upon Hawaii, and the Philippines,;' on December* "7y in- substance becomes/ the more; acute. It is
in over 20 years.
Last month's
very difficult to
conceive of any
stantaneously ^unified and consolidated^ ^
way in which we, situated as we are in failures. totaled 842 .and involved
ment of the entire TJnited States- in
grim determination to ,the.iexisting ,oirioreseeabje circumstances, could make effec¬ $9,197,000 liabilities in comparison
with 809/involving
$7,333,000 in
•prevail as completely and as promptly over Japan as con* tive use of an army,
say of five or six million men, as is now October and 1,024 involving
$16,*
editions / will permit,* /regardless of -'-difficulties,sacrifices,!
corhmonly spoken of in some quarters as the ultimate ^goal." 572,000 in November, 1940. AH
and
the business groups into which the
costs^v TJpbu: thai; determinate
,Certainly there are much more urgent and practicable con¬
failures are divided had/fewer
simply does mot exist. Towards that, as a unit of exclusive, tributions which we could make to j the common
cause, so failures last month than they had
•purpose3 this'Nation, in its >entiretyy is prepared- at; once» far- as any one can now- foresee. *
Fully to equip the-army in :the V corresponding month, - of
ta^ marchr
fdmar^J^is oh^ man; each attempting; his ufmostl we already have in any reasonably short period of time 1940 and the wholesale and con¬
struction groups also had fewer
tvitho^
Jand^using aftn^
is whaLUie^d
much more urgent needs is a task that
than in October.
The most- con¬
tion:; desires,-"
unity, - resolution, strength,. endurance,, con- will demand the best that is. in us. Tt can
siderable decline from a year. ago"
scarcely be the
: f idencey are * all
here,- impregnable: and sufficient to over-: part of; wisdom further to deplete our/ labor forcewas
in the retail division where
by ; with¬
number
of
insolvencies
drawing large numbers of men into;the army at any .near the
dropped to 529 with $3,472,000 lia¬
future-date.' Why then all this haste not to
Unity With lndependence l i /
A - / i
say hysteria bilities /from''-646 with $4,699,000
about
extending draft registration and obligations to mili- last year. Manufacturing casual¬
jcourse, mean uninformed and unquestioningsubmission taryj service—particularly in^ view of the flood of applicants ties fell to 167 from $3,827,000
,,
?
.
.
>
f
-
to alL the elements of
authority claimed or solicited hy "a!
leadership that might conceivably, in the future, if;
it. has not in the
past, ignore the basic principal that its
Government is "for the
people," presumably;: the- people
of the United States, and "of the
people," no more than; it;
•is "by the
people." Questionings as to all those elementsi
;and items of Federal policy that- antedated the declarations
•of war have been
adjourned by unanimous consent and will
; remain
adjourned until an ultimate day of reckoning thatj
is unlikely to come until the war has
successfully termi-i
nated. Not so as to the conduct and
objectives of the war
that is in progress and while both remain
subject to con-;
sideration and correction to the extent that
they are impro¬
vident or unacceptable.
An independent, intelligent,. en¬
lightened, and confident citizenship, clothed in its dignity,
.as the final
depositary of the sovereign power, is incapable
of conceding
merely mechanical unity in support of policies
framed in secrecy and in the
light of conditions and cir¬
cumstances that are unrevealed
though relevant and ma¬
-titular
terial to the determinations in which it is asked to
The first conditions,
for enlistment?
many
,
It
seems
other and far
more
The
to!
us
quite clear that we have
urgent things to do—now.
trade insolvencies decreased to 57,
involving $832,000 from-.89: in¬
volving $1,349,000 last year.
In
the construction group, 51 firms
operafailed for $618,000 as compared
in our with 53 for
$838,000 a year ago.
Seven-Day Week
Then there is the
sevemday week, continuous
tbrislsldgdn.\ To be sure- there are places and plants
industrial.organizations where intensified operations of this
"■
sort,
would
result
in
substantially
enlarged production.
000 in
of course, be
promptly" taken. There are, however, many
circumstances in which such a plan is for one reason, or
another not feasible, and where an
attempt to install it
In some instances it is
man's maximum
insolvencies
/
*
.
i
;
'
geographical standpoint
the improvement over a year ago
was
fairly widespread, only the
Boston and Kansas City Federal
Reserve
Districts
showings in¬
creases; as compared with October
the trend was not so uniform, five
districts reporting decreases and
seven, increases.
adoption. Our supply of skilled labor
now
nearly, if
not quite exhausted. There has been of late
years entirely
too much
sympathy lost on men who work more than forty
hours per week, or who
formerly worked for longer
periods.'For many types of work forty hours is unquestion¬
ably an uneconomically short, week. There are also many
a
service
November, 1940.
From
would not warrant its
where
Commercial
numbered 38 with $448,000 liabili¬
ties compared with 40 with $596,-
Where this is the case,
steps of the sort in question should,
is not inexhaustible.
from 196 with $9,090,000 liabilities
in
November, 1940.
Wholesale
a
SEC
production is achieved at much
On
Changes In Rules
Dec.
2,
the
Securities
v
and
acquiesce. less than 56 hours.
Exchange Commission announced
therefore, of giving effectiveness and
the adoption of a rule under the
Under the
existing law—which the President has said Investment
permanence to the new unity which attack from without
Company Act of 1940
must continue in force—the cost of
has created, frankness in disclosure of all the facts
production of any article affording any employees', secur¬
that;,as
ities company which files an ap¬
upon which men work substantially more than
they develop, must control policies and measures, and at
forty hours
least of the outlines and limitations of the measures that per week is very high.
This war will be an exceedingly plication for permanent exemp¬
tion/, under
Section
6
(b)
of
are
considered, in the light of the revealed facts, to be expensive one. We can not afford hot. to stop long enough the Act a temporary exemp¬
to weigh the
cost/against the envisaged advantages. Cer¬ tion pending final determination
appropriate.
•
»«
,
>
1 '
tainly* we can not expect any enterprise deliberately/to of the; application. The rule,
No Arbitrariness At Home
'
which is known as Rule
send itself to the
N-6B-1,
bankruptcy courts for the sake cof the is in effect a
modification of Rule
v
Government "by the people" mot only requires wide¬
country. It would not. be patriotism in any event, since
N-6C-3,f > adopted Nov.'01, '1940;
spread public comprehension of the facts conditioning pub¬
continuance in operation -is' essential.
There should be which provided a similar tempor¬
lic policies and of the policies
proposed in dealing withi reason in all
things, and war is no exception. Industrial ary exemption for employees' se^
those conditions, but it leaves no
place whatever for arbi¬ executives know well
curities
enough where continuous operations cations companies filing appli¬
trary governmental action. Unity in acceptance of the de- are feasible
prior to Nov. 5, 1940. The
and where they are not. Let there be no dis¬
new
rule becomes effective on
ieat of Japan as the direct and
uncompromisable objective,;; position on the
part of the politicians to inject themselves Dee. 2, 1941, and Rule N-6C-3 is
involves also unity-in/the
acceptance of sacrifices and fin i and their
judgments into situations where they can only rescinded as of the same date. /
the support of the policies
contributing the utmost to the i do harm, and above all let there be no
The SEC on Dec. 9 announced
popular hysteria
achievement of that objective.; But not blind nor
the adoption of a minor amend¬
unques¬ which makes
any man or any enterprise "unpatriotic" be¬
ment to Form T-l, which is the
tioning acceptance of any sacrifices or support of any pol? cause ittdoes not
forthwith operate upon a seven
day, three form for statements of eligibility
icies that; officers of Government
temporarily entrusted shift basis. - What is wanted is maximum
production, not and Qualification filed under the
with the attributes of democratic
leadership may determine; merely the
Act by corporations designated to
opportunity to say that we are working as hard
act as trustees of indentures to be
upon. The democracy that must democratically sh^re the or as
long as some other country.
"v
<
'
Lurdens must equally share in the definition of the sac¬
qualified.
The amendment is in
•r It
is strange that in all the resolve
expressed during the form of an instruction to item
rifices and the formulation of the policies of which
they the
10 which calls for the holdings of
past week or ten days to out-produce the world in terms
become a part.
;
;
>
'
securities of underwriters by the
of military
equipment, there should have been no deter¬ trustee or its
t
,
-
.
.
,
mined demand that,
and
THE FINANCIAL SITUATION
other
kindred
It is
parents
labor-wasting and money-wasting WPA
organizations be forthwith liquidated.
wholly incongruous now-a-days to come upon streets
" '
:
"
torn up for no observable
good reason with hundreds of
men
and most of all in times like these. Otherwise mere
plying pick axes in- leisurely fashion surrounded by
impul¬
siveness and popular clamor
may do quite as much to delay signs reading "A WPA Project. Sponsored by The City of
victory as the enemy himself. We think the beginnings of New York" (or some other political unit). Yet one still
danger from this source are already to be observed. One finds them all around him. Not only that, but many other
of the first proposals placed before
Congress after the attack organizations: serving in no conceivable way to promote
armament
or / defense
upon Pearl Harbor, for example, was
j. are.* j still active throughout the
designed to extend
registrations under the draft law to practically all male country.. Are such things to be permitted to proceed, for¬
citizens, in one form embracing immature youth and men gotten in the natural and laudable pre-occupation with our
war effort?
.far beyond the age at which it would be
We fear that
precisely that will occur unless
possible for them
to take active parta
effectively in modern warfare. Re¬ the American people themselves reach a stage of realism
sponsibility for military service is called for up to the age in their, righteous anger which peremptorily demands their
of 45 years, despite the fact the
C; v
'
•
army has found that men discontinuance.-v ; : v;\ ; '
much younger do not
readily become effective soldiers.
7—^•:j:-;;^/Government Of Able Men
W
Such suggestion has the usual earmarks of
good political
There is another realization which the American
people
strategy—an "all-out" step which - would apply equally to
appear to be slow in reaching. It is this. We shall be
all men, a typically "democratic"
fully
procedure, and the like. successful in this.
gigantic endeavor upon which we have
Such it may be, but the
thoughtful man can scarcely fail'
V
(Continued on page 1556)
"
(Continued from First Page)
-
iaries.
The
subsid¬
or
amendment
provides
the information need not be
that
given
to any class where the
its parents and sub¬
as
trustee
and
sidiaries
collectively
own
than
more
1%
not
of the class.
Curb Short Position
Total
dealt
short
in
position
the
on
New
of
stocks
York
Curb
Exchange for the month of No¬
vember, 1941, reported as of Nov.
28, amounted to 10,591 shares as
compared with 9,664 shares re¬
ported on Oct. 31 last, the Ex¬
change announced on Dec. 9.
Four issues showed
tion of
were:
;
more
'
Co.
-*
...
*
-
•
.
Gas & Electric
(com.l
American
1,146
—
Cyanamid
non-vot.
Michigan *
com.)
Steel
1,098
1,063
Co.
697
.
1,032
Tube "
.
nh
.i (r
e i
lI
c-?
<1 j>-j
\
out:;
U
ill})'?!
i.td
•
Nov ,1941 Oct., 194*
Venezuelan Petroleum Co.
<B
<
t
,// '
American
short posi¬
a
than 500 shares. They
Products.Co. (com.)
j
1
^
'
500
/"•
/I
.t
s"
THE COMMERCIAL & FINANCIAL
11556
V
'
■
•V/
THE FINANCIAL SITUATION mm.
y
j,
.
"jy.j(Continued from page 1555)
y
/ \.,X
willy-nilly launched only if the national government
from the President to the humblest public servant is made
as effective, as efficient,
and as able to "get things done"
been
it is humanly possible to make it.; That means, for one
thing, that what in former times would have been called
;as
President's "kitchen
the
cabinet" of New Deal reformers
and inter-meddlers must be sent home to earn
their living
Thursday, December 18* 1941
CHRONICLE
Eugene • Stetson; President^:;of
the Federal; Reserve Board President of the Curtis Publish¬
X-i vthe Guaranty, -Trust"
:
•' %••?. f ing
: In his first public pronounce-;, ;; J. C. Traphagen, President of
.Analysis of; reports from all
Bank of New York
parts of the country indicate that ment as head of the NAM, .Mr.
A; Ihlefeld, President, Savings
business is shaping itself -rapidlyj Witherow, in a radio broadcast on
.
year,
furthermore that
■
Banks Trust Co.",calm, to. full war Pec. 6> - called for;;"a - new; fair
Schram,President / of !
Dun & Bradstreet,; Inc., and equitable national labor re¬ ,! rEmil
New York Stock Exchange
policy''
and ; demanded
reports. The reaction of trade to lations
/Frederick
the
outbreak
of
hostilities
has that such a policy be written into
H./; Ecker, /Chairbeen on the whole- favorable, it ■the law.-"t ?;. - *!
man, Metropolitan' Life In■£ * ,jA-- ,.x i
: surance Co. r
/i-'i
.
/ ///';
!!, Mr. Witherow offered the fol¬
was
-"V
with
relative
footing,
■
-
,,
four-point.:; program,of
lowing
v
action
However, .one of the leading in¬
dustries to be sharply and ad-;
versely affected is the automotive
line.- The ;autdmpbile:^industry; ig
preparing <fpr - probable/-complete
suspension of passenger i car pro-l
for
business
:
•
the
in
men
present crisis; xXX'XX '"f*
way," and without undue ceremony or delay. It
First, -that- no interest-" shall
appointees to important posts who
£3 come, ;between? .manufacturers
•owe their positions to some quality other than their ability
y-aod their duty, toward .their
to get the right things done must be replaced by others of
country. / Secondly, that free
duction after Jan.
enterprise shall'! be; i improved
real ability. They are in the way now. Not only that. They
Hard on the heels of last week's1
!/and preserved ;as hest^for ns dn
in many instances have acquired records which can never war measures lopping" 25 %";' off
both times,_of peace and times
inspire real confidence in the public, certainly not that, part the December and 50 % off -the
.of defense.- Thirdly, that manuJanuary quotas, warning has been;
of the public upon which all of us now depend for our salvafacturers shall cooperate fully
received from/a 1 high ; Govern- •
and: willingly with Government
tion. Their places must be filled with men chosen really* ment
soufpd'! tfrat; arf. order to: end'
-/an^d! .Any- jand* afL^. groups ! (oi.
not ostensibly, without regard, to party or other affiliations output of passenger ears arid'1'^1
people whose ideals represent
'and certainly without; reference to their attitude -toward trucks on Jan. '31 is under cort-j '■"
sound> Americanism!/; And
sideration^^ii^^t^;^?^^'^
fourthly,
thatweJ shall - ap.the President and his past policies. When this war is won,
vlt; &
; proach
all;, relationships " and
there will be enough time for that kind of politics.
reaching
shiftsare ahead
in:
"the hard
means
i
reports.
.
George L. Tlarrison,; President,
; New York Life Insurance Co.
Harold
v
:
Iiicorporatedr; 1
& Co.-
-
.
Stanley, Morgan Stanley
A7
v
,
;^The~meeting nf; dealers- in Gov¬
Bonds
ernment
attended
was
by
ri^resentatiyes'^i^iargc^G9^"i i
erhmenl Bond jhduses.*; ",-V'i
following thle !J
'ffiXXX
Y A rbport r'iss^
meetings' said:
v,
It
was
-the conseiisus' of the
>
-
--
••.
■';[,Other Measures
In
industries.
other
1
wooltex-:
money
war developments that no repeiititiom bf the difficulties of the *
..earlier period need be expected
at this time, and that no seri¬
r
) X problems in
;//piay.
real spirit -of fair
a
*
^
tiles, for example, total output
is expected to be' needed-by thel
A
number
of
measures
are
now
before
Congress, or
proposals which have to do with price control and taxation.
There appears to be a tendency to suppose that bills here¬
tofore generally condemned by thoughtful students of such
matters
now
become wise
as
a
result of the events of the
The assumption in many quarters
appears to be that opposition in the past is to be laid to lack
of patriotism or, at the least, want of realization of the serious¬
ness
of the situation by which this country was faced.
Hence, it appears to be reasoned, now that it is plain to all
that we have a gigantic task before us, all opposition should
disappear, and any and all such measures rushed to the
statute books as a manifestation of unity if for nothing else.
This is an unworthy and highly dangerous line of reasoning.
past week or ten days.
Both the Government and the rank and file must avoid it
.
of
series
calling
resolutions
heavy demand! T It is reported
correction
that 'electrical v applia
.Will;
in
is
pointed out that-a.
of
civilian
It
num¬
industries -which
are
most likely to be affected do
not
weigh,heavily,in the Federal
Board
Reserve
of
index
indus¬
"advanced
h
A ::
v;:
e
■XT*
cial consideration in view of its
;
/•importance to the national' in¬
terests 'and
=
to" the-credit'
arid1
/banking
position. There was
general acceptance of the view,
that responsible factors in the
.
market, as holders of Govern¬
ment securities and as subscrib¬
to the
ers
issues
new
being
now
contribute
to any nervous selling which
might develop and would, in
fact, proceed with their normal
investment; programs,
It was
allotted, would
been
have
that
laws
securities
;
: Government
security
market was the subject of spe¬
:; •' T
•
ber
the United States.
on
"
for
^"fundamental
iniquities" and "defects" of the
also be hard bitr
* -y-V :
•
Wagqer! Labor Relations Act and
Although changeoyers* to de-: alteration of the * Wage-Hour- Act
fense; production.: in. civilian in¬ to "remove restrictions that are
dustries are
; Ukplyt^tox be unnecessary for the maintenance
pressed without regard for dislo¬ of minimum wage standards and
cations, overall industrial activ-; establishment of a basic work
ity is not likely to be affected week."r
markedly. through the first quar-.
The industrialists also adopted
ter of next year, informed ob- a resolution condemning propo¬
servers state.
sals to amend the two Federal
markets
to be anticipated as a re-,
suit of the ! Jiajpariese attack Uft-
; are
the
of
disturbances in our
ous
^Supplementing ; th\e iplqtfprm
adopted on Dec, A?'"($ee issue of
armed services!/; Currently, mili¬
Dec. It;: page 1464).,; the indus¬
shortly will be, which concern the conduct of the war very
tary requirements■£ take; :40.% : of|
really,-if possibly somewhat indirectly. Among them are the output. Cotton Will also be trialists; on Dec! 5 - adopted a
.
sincq
was ;(estab-;;.
conditioned the:^
and security markets fo
X lished -'bave, so
•
by the Securities and
Exchange Commission
and by
representatives
of V investment
further
understood
situations
bankers," and declared that they
not
of
that
if any
special difficulty
should
develop, the monetary
if it were the plague. In some particulars possibly recent trial production.:! Consequently, would
"add
new
burdens
to
and credit authorities were able
even
if production were halted American business."
developments may alter the needs of the situation, but gen¬
and ready to take care of them,
completely it would affect the
Other resolutions urged a $2,erally speaking, a half-baked price control measure, prob¬ index by np more than 0.5 point,
so as to prevent disorderly trad¬
000,000,000 cut in. Federal. noning or unwarranted declines in
ably an(y sweeping price control measure, certainly one which it is. said. The Federal Reserve defense expenditures, opposed the
prices.
places any official in a position of dictatorial control of Board index of production is es¬ pending Rivers and Harbors Bill
timated to have reached 167% of and the St. Lawrence waterway
prices, would be precisely as unwise now as it would have
the 1935-39 average during No¬ and Florida ship canal. projects,
SEC On Examination
been before our guns went into action. Taxation which was
vember.
This month it is ex¬ urged
measures
to keep small
unsound before is probably precisely as unwise now. Noth¬ pected to
Of The Portfolios Of
fise/to'; 169/" It is be¬ manufacturing businesses alive
ing is to be gained, and very much may be lost, by pre¬ lieved the average' during ^the through the defense emergency,
Investment Companies
first quarter! will, probably, be .at
deplored the: "racketeering"' in
cipitate, unreasoning, ill-devised legislation on such sub¬
The Securities
and- Exchange
this leveL
labor unions' "hot cargo" methods
--{j :
jects as these. These and similar-problems require careful
Commission on: pec. ! 11 jn^®
Although thevnumber of work¬ of preventing the movement of
study—and a thoughtful relating to the paramount task ers involved;in .strikes shortly goods, and called for the post¬ public; an opinion ofrits chief ac¬
countant in its Accounting Series
of the day, victory at arms.
'!, >
before the outbreak of the i war ponement of any plans for exten¬
as
,
,
.
.
-
,
,
.
The
.
precious unity of spirit now attained in the crisis
may not long survive persistent unwillingness on the part
of those in power to give, or to permit such vital issues to
have, such consideration, and severe popular disappoint¬
ment, damaging to morale, can scarcely fail to follow im¬
pulsive but unwise action even though supported and even
demanded by the people at large. It is as yet too soon to
determine conclusively how far the Administration is ready
to proceed from this point on with an eye single to the prose¬
cution of the war, but it is certainly not too soon to warn
of the consequences of its failure to be ready to do so in a
degree not yet fully observable. Neither is it too soon to
call the attention of the people to the fact that they have
not only the right, upon which they must insist, but the
obligation to approach current problems with cool realism
approximating that among our enemies, or to make the ob¬
servation that in such manner and only in such manner
shall we win this war in, as short time and with as little
sacrifice as may be.
Japan
World
rushed .for¬
..
ward with
pledges of support for
Government,
They promise
Following meetings of financial
that no strikes will be called dur¬ leaders, held at the Federal Re¬
serve
Bank of New York on
ing the war, and that they will
cooperate
with the
President's Dec. 8, it was announced that no
plan for seven-day operation in serious disturbances to the money
war
industries.
In return, they and security markets are to be
ask
that
the
Smith
bill
be anticipated as a result of the
shelved, arid that industrial, peace Japanese war. It was also stated
the
.
again
The
that it
abri-
ment
j
•
Administration apparently
ready
to
for iPresident
called
do
its
Roosevelt
conference of indus¬
a
try and labor to weigh a program
for
disruption
preventing
To most observers,
dustrial peace
without
of
it indi¬
in¬
believes
President
the
to
in
the
authorities
care
ago,,
recent
Congress -of
46th
American
National
;Leon
in
attendance
1940.
standards
bond
of
the
National
V";';
'
"
'
•
-
J
Burgess,
of
Chairman
Vice-
National
City
■
,
r
Herbert P.
New
Pittsburgh, and Chairman of the
Howell, President of
York
Clearing House
Association
Commit¬
and Chairman of
V Commercial
1
-
succeeding Walter D. Fuller,
Randolph
Bank..
Witherow,
President of the Blaw-Knox Co.,
tee, as President for the coming
v
which
and Trust Co.
National
Bank
sets up certain
be
followed
investment
maintain
custody
ities
by
com¬
their
and
in
their
portfolio
similar
own
secur¬
investments.
Paragraph (7) of that rule is as
follows: ■;•■';
.•
/! /
"Such
of the Chase National Bank.
Association
Defense
the- First
'
y
Winthrop W. Aldrich, Chairman
P.
National
•
of
W.
to
panies registered under the In¬
vestment Company Act of 1940
the
at
and Presi¬
of
dent
annual
-
Rule N-17F-2
of
one
Vice-Chairman
Fraser,
t
Bank.
Industry
Association
William
Directors
yean,
certificate
required
by
paragraph (4) of Rule N-17F-1
and
paragraph
(7)
of
Rule
N-17F-2 promulgated under the
Investment
Company Act
of
.and
General Committee meeting were:
Manufacturers, held in New York,
NAM
Inquiry has been made as to
the nature of the examination
management
•
elected
follows:
dealers.
Play On Labor Law
the
and
each year by
independent public accountant.
The opinion, prepared by Wil¬
liam W. Werntz, chief accountant,
an
are
government
principal
of the Committee
the
at least three times
ready
of them "to prevent
years
.
such investments shall be verified
held at the
of the general
consultative committee organized
at the outbreak of the European
the
NAM Head Asks Fair
of
that where regis¬
/management
investment
companies retain custody of their
portfolio investments, or place
them in the custody of a member
of a national securities exchange,
require
tered
Two meetings were
two
re¬
Company Act of 1940. These
rules
Reserve Bank; one
Those
the
ment
price declines."
War
legislation.
At
govern¬
market the monetary
the
nature
of
certificate
.
and
quired by paragraph (4) of Rule
N-17F-1 and by paragraph (7) of
Rule N-17F-2 tinder the • Investr
disorderly trading or unwarranted
to a anti-strike
recourse
arise
bond
take
be maintained
can
was
credit
and
from the
preceding week. Heavily offsetting this was the production
of electric power, which rose to an all-time high in the same week,
totaling 3,368,870,000 kilowatt hours, according to the Edison Insti¬
tute. This compares with a pre-^
vious peak in the Nov. 1 week of' with 92,205 last week and 131,175
Manu¬
3,335,538,000
kilowatt
hours. last year at this time.
Overall production of the steel facturers are preparing most rap¬
for
industry will be at the rate of idly
immediately
enlarged
97.9% of capacity, against 97.5% volume on armament output.
last week, the American Iron &
Department store sales rose 9%
Steel Institute reported today.
during the week of Dec. 9, and
Automobile output this week is 12% during the four weeks end¬
estimated by Ward's reports at ing on the same date compared
95,990 cars and trucks, compared with the respective periods last
understood that should
difficulties
.?/./
labor"; is
share,
has
upon
voluntary
and
J/;
tration.
feels
dependent
made
be
conciliation
cates
Business activity shows no signs of abating, with most of the
leading industries working at or near capacity.
However, loadings
of revenue freight for the week ended Dec. 6, were off 32,814 cars
Security And Money i* Market Disturbances
1918. v v
Labor leaders * have
the
examination
War
1917 and
work.
The State Of Trade
discussing
was double that of sion of social security.
days,, now that war
is here strikes are expected to be
Foresee No Serious
less serious than *~they. were in
with
securities
and
invest¬
ments shall be verified by com¬
plete examination by an inde¬
pendent public
tained by such
pany
accountant
registered
re¬
com¬
at least three times dur¬
ing the fiscal year, at least two
of
which
shall
be
chosen
by
Volume 154
such
Number 4021
accountant
THE COMMERCIAL & FINANCIAL
CHRONICLE
without
prior
v"'
notice to such company/ A cer-*
■:jj tificate ; of such
accountant,
':
'ic' stating that he has made an ex¬
;
,
Litvinoff
Expresses Gratitude For U. S. Aid
President In
,
Maxim
investments and describing the
;;/7
to
particularly
Associated
ments referred to in the quoted
;
paragraph
rule
identified
are
.7 paragraphs
(1)
and
(2)
(a) securities
as
appointed Soviet Ambassador
following his recent arrival in the
with
Washington
by
tion and in
to
accounts
Japan.
on
securities which
77 And,
collateralized to the extent
Russia
their
full
market
are
of
value;
(c)
securities
'
pledged,
for
placed
or
account
in
tory;*
escrow
i
of
such
.
certificate required by the
quoted paragraph should therefore cover all of the securities
listed
in paragraphs
(1)
In order to make
'
welcome
accountant
and
,//7 make
*
:
.
•
only-
cases
to
.
obtain
Asked
v
to
*
con-
•
.
firmation, but also
the
•77 tion
<
with
the
a
necessary
just
no
specifically
of
Russia
Asked
be
break in
between
terest
7; know.
a reconciliation that there
have been made an
appropriate
in
common
the
same
gan: "His
asking for
"as
war
an
declaration of
a
•
to
you
made
day
by Japan the
the United
TThe
upon
States."
the
■Vi
Dealing specifically with
Japanese attack in the Hawai¬
mind
have to
disappoint
waiian
than
are
even
To
umns
Nov.
13/ page 1038, the
United States early in November
arranged to grant Soviet Russia a
v/77:/;7/77//77
loan
1
.
.
.
desire
hitherto
to
6
,
•
•
.
-
./
descriptioit-Of the scope of; the
examination
^ of the accounts
;
.
'
and the
/
physical examination
confirmation;.of the securities.
•I
'
Finally/ in* order to meet the
requirements
of
paragraph
'
of Rule N-17F-2
(t)
the certificate
should
'
:
or
*•
•
•
1
comply with the usual
technical
requirements
as
to
dating, salutation and manual
signature and, in addition to
the description of the examina-
4
tion
made, should set forth:
*
(a) the date of the physical
count' and. verification,. and the
1 period for which the invest; ment accounts and transactions
v
a
clear designation of the
made without prior notice
; to the company;
(d)
\
the
and
amination.
Rule
results
of
the
'
*
ex-
-
N-17F-1
'1
v
■ ■
,,
specifies
/ conditions under which
.
the
reg-
a
istered management investment
company
;
•
tain its
place
may
securities
ments in the
main-
or
and
invest-
custody of
a
com-
•
pany
/
/
which is,a member of
national
a
1
for
periodic
the
securities
so
placed
or
certificates
,
!
tion thereof.
exchange.
examinations
and
of
investments
maintained and for
as
to
the
verifica-
In my opinion
pie
requirements of such paragraph
(4)
i
-
-
same
involve
substantially
considerations
as
the
those of
paragraph (7) of Rule N-17F-2
and
the
therfore
discussion
above
likewise
applicable
the examination and
is
to
certificate
required by such paragraph (4).
•/„-
!
to retreat while the three great
centers which have always been
—
most
coveted
"♦
ii '
-
a ii
forces
consid -
be
plain
even
to
politically speak¬
ing babes or blind* that;all that
is
now :'v
going
on
is
the
by
of
yast
a.
handful
a
gangsters,
of
to
preserve
there
peace,
10,
8:23
;
plunder all
enslaving their peo¬
ples will rivet still more strong¬
ly the. bonds of friendship be¬
tween, them.
outlines of this plot
roughed out with the crea¬
tion
of
the
so-called
pact.
handful of
little
have
made
slaves and
their
mere
will,
is
President Roosevelt in his reoly
had the following to say in part:
ant;-
: Against
this
plotters, who
.their
peoples
of
You
taking up your duties
here uoon a day of great hisinstruments of / /toric
import. V As
you
have
arraigned
the
pointed
out,.* coincident
with
;
7
•the
o'clock
on
struggle
'battlefield.
against
In
the
this
him to call at his official
interna¬
' the
Ambassador
a
dated
memorandum
8
Britain
States.
We
are
sure
the
great country. I
forces: and
which
allies of
among
or
quite
resnonse
very
will be arrived at
these three allies
i
i
i
L
ii
as
;
have
-
the
by
has been
the
same
unleashed
same
ideology
war
in
Europe and other continents. In
that complete understand¬
ing exists,
which had
been
ing
to
to
moment
unon
a
with Japan,
1
i.l
this
J
I
attack, at this
Congress
is
vot¬
declaration
of
war
which is guilty of
(
i
i
I
had
gust! •,'
.
the
to
record,
read
in sorrow,
We
•
is
history
in
all/
for
amazement,
in horror and in dis-/:
;
are
1
at
now
We are;
war.
fighting in self*defense»
We
are
fighting in defense of our.
national existence, of our
right
/to be secure, of our right to
enjoy the blessings of peace.:
We are fighting in defense of
principles of law and order and
justice, against an effort of un-
trans¬
/ precedented ferocity
;
presented to the American Gov¬
ernment
(this
the
Was
Secretary of State at 2:20 pah.
on
Sunday, Dec. 7 (Monday,
Dec. 8, 4:20 a.m., Tokyo
time);
the
been
in
Foreign
touch
be
regarded
reply to
Minister
with
peror;
and that
desired that the
had
Em¬
the. Emperor
memorandum
the
as
the
Emperor's
my message.
made
oral
an
the
deliberate and
Tex-
statement
unprovoked
be-
ag¬
gression
against
the
United
States. I am grateful for
your
assurances
of
the
best
wishes
and warm sympathy of the
peo¬
ple of the Soviet Union for the
American
people
trying days.
There
can
be
during
these
doubt
no
component part of, a gigantic
on a world scale which
struggle
has been brought about by kin¬
dred forces of aggression in¬
with
ambitions
for
world conquest and world domi¬
nation.
I agree with you that
the
successful
come
of
and
speedy out¬
this
struggle will de¬
pend largely upon the extent to
which
the
aggression
resources
among
countries
opposing
willing to coordi¬
activities, to use their
in a timely and ra¬
are
themselves
assure
you
them—have*
Japan.
to maintain
full
that
your
under¬
a"d
I
efforts
to create conditions in the rela¬
tions between the United States
declared
war
Some of them
attacked
by Japan,
as
on
first
were
have
we
/•been./China
has already been
valiantly resisting Japan in an
undeclared
forced upon her
After four and 'oneyears ' of
stubborn
re-1
war
by Japan.
half
.
sistance,
the
Chinese now and
will fight with re¬
newed and confirmed
assurance/
/of victory.
AU
members
British
selves
many
in
us
of
the
great/
Commonwealth, them¬
heroically on
fronts against Germany
fighting
and her
allies, have joined with
the
Battle
of
the Pacific,
have joined with them in
the Battle of the Atlantic.
///</
All but three of the Govern- as we
ments
of
German
that
States is being forced to engage
is closely connected
with, if not
flamed
r
war
the struggle in which the United
a
a regime
by un¬
arbitrary force. //
Other countries, too—a host of
henceforth
statement.
oral
humanity
of ruthless domination
.
Further, the Ambassador re¬
ports,
the
Foreign
Minister
tually,
upon
to over-'
principles and to
those
restricted and
memo¬
randum which was delivered
by
the Japanese Ambassador to the
that
,
throw
impose
mitted to the Japanese Ambas¬
sador. in
Washington "to
be
can
brought ; about
United
am
of
standing and confidence
correctly state,
which
*
text
quite
proud and happy
to count ourselves
your
the
and
an¬
Dec.
(Dec. 7, Washington time), the
other State. This attack, as you
tional gangsters, the heavy end
has fallen to the Soviet Union
Great
attack from
an
its earnest endeav¬
Majesty trusts that the;
fully aware of this
There
resi¬
dence; that the Foreign Minister
handed
tional manner, and
subjected to
were
the
has
Government
the Pacific.
(Dec. 7, 5 p.m., Wash¬
ington time) the Japanese Min¬
ister of Foreign Affairs asked
American
forces
for
he
which
his
already been/
warning upon our*
territories at various points in*
8th
nate their
armed
His
tack
the morning of
arrival yesterday in Wash¬
ington, American territory and
your
of the world, senarate sectors of
great
are
.
r
whole of the rest of the world.
We now have, in various parts
one
warm sympathy of
people of the Soviet Union
convinced that the similar trial
of the Soviet and American
peo¬
ples/ The
were
myself,
towards the American people in
these days of their ordeal. I am
powers,to
countries,
limit
must
Majesty
of
made
made without
Tokyo
p.m.,
The Ambassador reported that
at
wishes and
international
themselves
I
the
conspiracy
calling
same
at the
present moment, Mr, President
to the assurance: of the best
.
those who are,
result
the
in Europe and other continents.
erably more extensive,. spread¬
ing
to
all
continents.
It
now
and
same
ideology
which let loose sanguinary war
,
During the last few days the
was
brought about by the
was
become
half months ago, the
a
Union
subjected.
This event* arising ,irom the
present international situation,
♦
.
unexpected than that to which;
five and
hands.
our
$"i
t.ory and American armed forces
were subject to attack from an¬
other State—an attack no less
Soviet
objects—
Leningrad, Moscow and Rostov
all in
ment in which American terri-
:
:
Comintern
securities
'P Paragraph (4) of that rule calls
-
•
held'up almost all along the
front, but they have been forced
Axis
•
../'-/'My arrival in Washington coincid.ed pre^sely:with the mo-
washed; out. Instead of this; not
only. have the' Germans been
their
government and my coun-
fry for this generous support.
six weeks be¬
that, and the Red Army
should have / been //"completely
must
'
;
Red Square
to express to
Mr.'President, and to your
people/ the warm, gratitude of
you,
my
'
fore
battlefront has
(c)) whether the examination
was
the
-
•
to.his people,.his hordes should
have been marching ; through
*'
depository;
/
,
keen pleasure
me
,
/ hourly
—•are
examined:
(b)
/-gates, .subjectthg^the icapital to
bombardments, by day
!
and by night. VAccording, howf'
/ever, to Hitler's solemn promise
;
/ material' support, and it afford?
•
-
.
were
only their sympathy in this
struggle,: but / also substantial
;
views
Japan's real reply, however,
by Japan's war lords and;
evidently formulated many days;
before, took the form of the at¬
Tokyo dated
DeCi 8, 1p.m. (Dec.
7, 11 p.m.,
Washington time).
^/tl b ri/ /thAL; / ttxey
® ///riv iri g
/ from./ the' American
people not
that each step taken be porters) the Ambassador
said; In
/,77 set out; instead, there should be
/•;
included in the certificate "in |7*J 'When I;left Moscow a month
^7' general
terms - an
appropriate !7 ago, the enemy was at its very
essary
its
Government.
made
ican Ambassador at
"
•
His
continue
ors.
in further
me
,
-
.
state
President is
,
..
of
realization
time) a reply, conveyed in a
telegraphic report by the Amer¬
of
$1,000,000,000 under the
immediately,
Lend-Lease Act, and the transfer
7; /;••/• examination of the investment :
however,- added that Russia had
of defense supplies to that coun¬
accounts - and
long known that Germany was
supporting rec¬
try under the Act was authorized
ords,
including an adequate i putting all possible pressure on
checkor analysis ofthe seciir- ; -Japan to get the /Japanese to by ; President • Roosevelt, as was
:noted in our Nov. 30 issue, page
ity transactions since the last
open a' second front against the
n.35/In presenting his letters of
examination* and * the
entries i
Soyiet, thereby hoping to" force
pertaining thereto. ? While the / Russia to? transfer some of her; credence /to/ the " President on
Dec. 9 Mr. Litvinoff said in part:
; certificate-; filed
must describe ; i ^Uhs- aridl^nieh-front the Eastern
Front.
'
the nature ; and extent of the
7". The peoples of/' the Soviet
,7 "
*
r
examination made, ip is not hec/ Union are happy in the realizaIn his prepared
staterqent to re¬
The Ambassador
Dec.
to
American
"Establishment of peace in the
Pacific, and consequently of the
world, has been the cherished
on
P.
of
message
the
The message concluded, textually, with the statement:.
and
Ha¬
commenced
in
French
Indo-China,
Majesty had commanded his
Government
to
has finally come to me on Dec.
10 (6:23 a. m.,
Washington time
indicated in these col¬
was
air
the
con¬
fact."
—Dec.
*
<
t
As
my
effort
.
questions I* won't be able
to answer.
Islands
in
further
message
forces
His
cooperation with
press
representatives. And so don't
get sore with me if there are
some
actual
Majesty has expressed
gard to our inquiries on the
subject of increase of Japanese
(9 p.m. Washington time—Dec.
7, 11 a.m., Tokyo time) to the
Emperor of Japan/invoking his
eagerly for my
answers
not
President
tinued to the effect that, in re¬
M.,
A.
M.,
Honolulu time of same
day—
Monday, Dec. 8, 3:20 A. M.;
Tokyo time.
to you. I quite under¬
what many of you have
"
the
attack
Sunday, Dec. 7 at 1:20
Washington time—7:50
you
more:
that
submarine
You will forgive
ing still
and
15,
gratefulness and apprecia¬
tion for the cordial message of
the President."
"A.
/
to the treach¬
answer
attack
erous
previous
the tip of your tongues, but
you see our enemies are listen¬
would
Soviet
Dec.
his
on
diplomatic rela¬
the
all
are
any.
if I
stand
atti-
on'
Dec. 8,
now
me
an¬
Japan, Litvinoff said he did
.
such
there
Congress
message this week supple-^mented his previous
message of
by failing to give answers to all
the questions which are of in¬
toward
whether
a
tions
records.
opinion it
prerequisite to
my
the
to
or
tions, if
front in
any
and
is to provide you with
background for your ques¬
a
.
Japan,
the Ambassador quickly charac-'
terized Japan as "the common
enemy" belonging to "the same
bunch of Axis gangsters."
'
confirma-
or
book
Furthermore, in
is
to reconcile
tude
-
physical count
on
concen¬
efforts
All that I have- said
.
,
77* ;• 7^777' 7;7/7
the securities themselves, or in
Certain
in
swer
in public concerning the
question about the "air bases." 1
physical examination of
a
v
message' addressed
transmitted to that body an "historical
summary of the
past policy of this country in relation to the Pacific area and
of
the more immediate events
leading up to this Japanese onslaught
upon our forces and territory."
He attached thereto various docu¬
ments and correspondence
implementing this history.
The Presi¬
together triumph ian islands on Dec. 7, the Presi¬
greatest evil of our dent in the concluding portion of
times, over the spirit of aggres¬ his Dec. 15
message said:
7/;/';/,/:
sion, of international infamy
For the record of history, it is
and barbarity.; And
essential in reading this
triumph we
part of
will!
my message always to bear in
against
cause, and
could make
a
not
-bases
attacks
help
common
"That he
complete
examination of the securities, it
is,, in my opinion, necessary for
the
air
use
for
a
Roosevelt
the
over
7
"That the Soviet Union would
the
(2).
:
together
United
7 Japan, he replied:-: 7 7
77
and
;
to
Siberia
the
boat now, and will either
perish
Allied
the
We
cause.
whether
permit
permit
or
States
>
regis-
company; and (d) securities in transit. The examination
•
;
the
asked
greatest
its
should
by the interests of the
forces to fight on Russian terri¬
hypothecated,
tered
•
when
would
them
energy
on
which sector, and
that they will be ruled in this
Associated Press likewise said:
(b)
in
out
In
.
dent's
to questions at
answer
pointed
was
trate
Russia's posi¬
on
It
which of
a
•
,
the
from<S>
Dec. 13 that, in
on
formal statement
of the
respect
Press
deposit the
press conference, the Ambas¬
in a vault or other
depository sador
carefully avoided making at
/Tnjr maintained by a bank or other
this time any commitments con¬
: company
whose function and
cerning
actual
Soviet ' military
physical facilities
are
super¬
vised by Federal or State au¬ operations in the Far East. The
thority;'
to
,
the Commission promptly after
,
newly
States,
who
United
States, presented his letters of credence to President Roosevelt on
Dec. 9, held a press conference in
Washington on Dec. 13, at which
time he was queried as to the
position of Russia in the World War
each such examination."
/;, ;
The
securities
and
invest.
Litvinoff,
United
exam-
ination, shall be transmitted
Message To Congress Reviews
Preceding Japanese Attack On U. S.
Events
amination of such securities and
nature and extent of the
1557
are
overrun
have
by
declared
Japan. The other three
severing relations.
on
In
of
nations
armies
our
our
clared
hemisphere many
sister republics have de¬
own
war
on
Japan,
and
the
others have given firm
expres¬
sion of their
solidarity with the
United States.
The
tries
following
which
clared
war
are
have
the
to
coun- '
date
de¬
against Japan:
Australia,
Canada,
China,;
Rica, Cuba, Dominican
Republic,
Guatemala.
Haiti,
Honduras,
The
Netherlands,
Nicaragua, New Zealand, Pan-/
Costa
ama,
El Salvador, South Africa, "
United
Kingdom/Poland.
These and other
countries will be
peace-loving!
fighting
as we
first, to put an end to Ja¬
pan's
program
of
aggression,
and, second, to make good the
right of nations and of mankind
are,
and the Soviet Union most fav¬
orable for bringing about a suc¬
cessful outcome of this struggle
will be met bv similar efforts on
to live in peace under conditions
of security and justice.
the
mination
part of the American gov¬
ernment.
The people of this country are
united in their deter¬
totally
to
(Continued
consecrate
our
on page 1559)
na-
t
/
.'•
£ Thursday, .December 18r 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1558
respecting the possibility- of •nese have made a little .progress ;Jngtop Jhat the .enemy lost a
False air raid alarms to'ridate. y As > Anglo-American ! *' .number- of" these»»ships. > At-»>'^
tacks were made-Tuesday,^ it *
strength, is- brought to bearon this ;
Germany, Italy and Japan con¬ ;have sounded frequently an both
(Continued pom First
'the Pacific and Atlantic Coasts.: situation,/however, the prospects | ? appears, on - outlying- islands »
cluded the brief ceremonies with
calls the
"Freedom Nations" is
of the Hawaiian group, but G
This is a matter in which British- doubtless will changer**'G'4;* (
signatures to a pact binding the
T' shelling of such outposts did
more difficult than it was iri the
Theattack on Pearl Harbor $
three
Axis ? Powers
to. conduct 'experience su g g e s.t s" sensible
'"
no
first World War. The forces at the
and the sinkings of the great
damage
of .consequence.
jointly the war which "has been [courses of procedure...
A Norwegian, freighter went British
warships
Prince
of
disposal of the enemy are more
i
Legislative enactments suitable
imposed on them by the United
numerous
and powerful.
down
Monday,., near . Ilono- b
All of
Wales and Repulse continued
for the new situation; in which
Foreign Front
zeal
preference for neu-
continued
a
lair
"tralityv A-
raids.
.
.
.
>
England." They agreed
States and
Europe now is under the heels of
„
.
"
to
separately and the country finds itself promptly
the dictators, and the Pacific is a
to
continue
their collaboration began to come out of Congress.
war
theater in a much different
The military forces of the coun¬
after "the victorious conclusion of
sense than during the earlier con¬
try are to be expanded prodig¬
this war."
flict.
spirit and determi¬
English-speaking
the
But
In
the
nation
of
nations
is. the
make peace
not to
i
.
tween King
dent
,
ish
to
be
important
more
*
<
•
After
important in
of the
United States and the Philippines.
Midway and Wake held out, but
Guam was silent and the Japanese
'
changed
dispelled
were
last Thursday.
early
his
Calling
into,
Atlantic.
the
across
ideas
'Such
•
.
puppet Reichstag
Chancellor
Hitler
session,
•202,000,000 by Dec. .1, according ;to
[the usual quarterly report of the
Executive to Congress. The third
•report on lend-lease operatiops,;
published Monday, indicates: that
33 countries now are eligible for
just ..cause". The Chinese
Generalissimo, Chiang Kai-shek,
pledged, the aid of his country in
a message to President Roosevelt.
General boards of strategy al¬
in
a,
ready %r€
on
up
in process of being set
either side in this World
large group of Japanese
islands Jn the far' Pacific*"
Toward the Philippines the Ja¬
near
plunged into one of his excessive¬ War. The need for a supreme staff
ly wordy performances and after promptly was urged in London,
some 90 minutes of verbosity he
and in Washington it is assumed
ipade known to the German peo¬
last
powerful America had in our own capital. Representa¬ of France and Sweden: - The great,
to their opponents. tivesof
Germany,
Italy
afid French liner Normaridie, which
Mussolini spoke briefly
Japan 1 started general "staff con¬ ;readily can be converted intd
to his Fascist supporters and in versations in Berlin on
Monday;
aircraft carrier, was seized along.
"a day of solemn decision" ranged
'with
13
other
French vessels
Russia and Japan
Italy with Japan, at war with the
The
Swedish
liner • Kungsholm
United States.
Such speeches, of
Although War declarations have was taken under the right, of
Course, were for home consump¬ been issued' with ' great abandon
angary, equivalent to the right of
in the last two weeks, it is highly
tion.
.eminent dbmain, and Just., qomt
The actual declarations of war significant that Russia and Japan
pensatiOn will be made to her
have refrained from making war
were brief documents. A German
;owners. Spain promptly canceled
note accused the United States of on each other. The .real meaning
all
ship sailings to the United:
u
iv / K* ;
having "violated in the most fla¬ of this situation is hard to fa¬ States.
:" • /
grant manner and in ever-increas¬ thom.; Both countries are fully in
Latin
the
war
on
opposite sides and
ing measure all-rules of neutrality
-America.: t; § ,
added
been
Shaw
The
down.
west coasts of Luzon were broken
-on
and
an" un«*
announced number of other ships
suffered
will
that
damage
tr
r-i.
^
rr-i.
.
<
*1
.
in
the
note, along with
Berlin
eral incidents in
destroyers
sev¬
whjch American
Strict
involved.
were
by Germany 'to the
international law in her
relations
with
the
•
was
.
i'.Fountain and th^r United'T
tc;States. thteG.lsja | matter.1 of;,;
•
great,;; strategic- importance,:
bases, are not.
-
[.
in
of alleged
view
available
|
war
was
developed
situation
ent
fly
on
*
King Victor Emmanuel that Italy
The
considers herself in
with the
a
state of war
declaring
in
United States.
;
the
challenge
in¬
stantly, President Roosevelt sent
a
message
to Congress on the
same day, reporting that "the long
known and the long expected has
Accepting
,
taken
place." The forces endeav¬
enslave the world, Mr.
Roosevelt said, now are moving
toward
this hemisphere.
"Rapid
and united effort by all of the
peoples of the world who are de¬
oring
to
termined
remain
to
will
free
accord-
others.
A
to
; ;
arranged
Britain
by' Russian spokesmen
is
the Unjted States,
and
the" ''common
victory of the enemy", of, Russia, Bxitain and
forces of justice and of righteous¬
the United States, last "Saturday.
ness over
the forces of savagery He also made it
quite clear that
and of barbarism," said the Presi¬
Russia would not open a second
dent, who called forthwith for a front
against Japan in the East;
war declaration against Germany
but would, concentrate/ instead
arid Italy. Congress /adopted the
upon" the task of. beating back
ferred Jo. Japan
-
as,
tine
a
world
a
entire Axis
was
begun.
Hungary, Rumania and Bulgaria
afmm«t
tions
Much of
war
the
United
La tin-Am erica
arrayed
was
declara¬
issued
successively
with
States.
promptly
this
country.
Two of the key States of Europe
continued their neutrality, how¬
ever,
de^mte-their, proximity
the. conflict
and
the
matter
just
to
enormous
own
ond
re^am
aloof despite the
try of the United
I
titude
Of
de
ish
/Rates
was
made
by
Government
notified
the
United States on the same day of
Moscow
however, of
a
and
Tokio
is
somewhat differ¬
ent order.
from
vast
It is a puzzling and far
comforting incident of the
conflict.
'■
f
War Measures
free
to
and
Argen¬
use
ings
*
reached by. -the
set
in
.
motion
a
good
Republics
American
at
of
Pacific Theatre
*•-•'."
''
Desperate efforts were made
by
Japanese in recent , days
extend whatever, advantage
to
the
the
initiative
provides in modern war¬
fighting continued on
numerous fronts in the vast Pa¬
cific area,
The strategic factors
fare,
and
deal
of
a
perfectly
enormous
•
battle
the
Singapore,and
for", that vital base will be >obseryed with bated breath.
L. Against., the... British*.* island ,
fortress of - Hongkong the* Japar,
damaged and pos¬
nese
staged still • another heavy
destroyed.
These . losses
!hotf beC'n ^conceded - by iattari^iG Here^lsoy ^he. invaders
badly
„
,
have
admittedly
Tokio.
broadcasts ad¬
however,
that, a light
mitted,
cruiser
in attacks
islands,, and. that
damaged
was
American
on
[some -transports an^.,.other >ships
were sunk.
In transports, accord¬
ing1 to " American,
nese
the
Japa¬
out
V-"
: V
.
'.
•
w»r
it
wf»s.
stands
as
American
fense.
The
Pearl
defense
.
and
Japanese
of¬
appar¬
ently have submarines prowl-.
G
ing around the island, and it.,
is
officially
stated in
Wash-
the
immediate
deter-'
may
fate
of
Occasional
made
the.'
,
by
the
attempts
Japanese
also
were
to
effect-
that the
Japanese do not/ have and .need,
British
despite the losses
r.
'time,
can-,
the precious oil is located
,
Harbor, /
the great bastion of
at
suffered
supplies, >
hold ¬
but not in¬
-
landings in North Borneo, where
"
that Hawaii,
the.British:s
island.
-•
evident
some
Pacific/struggle
mine
this second week of the
Pacific
for
rear
the attack of
from: outside
off
eral
European
war,
each
side
claims heavv damage to opoosing
aircraft while conceding little loss
,
the Japanese
have failed to stem
definitely^. The course'of the gen- /
the
In
attacks against
Cut
reported sunk every day.
Aerial
losses, are not fully known, but
were severe on both sides.
As in
to its own.
jsterosstthe riarrow strditi v Chinese
the To kip forces ;upon
heavily, two to six being
lost
progress,
some
British, and Hongkong -presumably
accounts,
Netherlands
made
notably through occupation.of the
Kowloon area on the mainland,
Japanese * radio
r
.
dentals out of the East the Japa-
it
sibly
/:
official
.
ported
that the Japanese- hope to
keen
the
Pacific
Fleet of the
United States at a distance, while
chinery of war in the United
States, and also has brought with
ma¬
tons, had been
sunk off Luzon, in the Philippines,
and
another
battleship
of
the
,wv
just
attempting to reduce the bastions
of the Philippines and Singapore.
In
their
aim- of
driving Occi-
the administrative and other
the small island pf. Victoria,; at the;
southern
tip of„ JBurma. J Rein¬
forcements are being rushed to¬
ward
Hlaruna; '29,330
begun to clarify
in this second week of the newest
war.,
It is fairly evident, how-,
have-only
this week toward ;Penang and took
battleship
week that the Japanese
thq; Japanese progressed
fenders,
announced- last'
Stimson
aisk^ .those
such
-sunk./ Attacking with much
greater land and aerial forces than
had been anticipated by the de¬
Kongo class subsequently was re¬
v
ever,
Arrival of "M" Day. already has
inow
-
War
-
admitted on
was
[erful : sea.; units
1
Heavy losses also have been in¬
'of
against the; British lines.
against ^Singapore has become a
major threat.-- Defense plans for
that giant base were partly calcu-j,
lated upon the presence of pow-
flicted upon the Japanese, princi¬
In accordance with understand¬
decide:
which the Soviet regime ardently
desired. The mutual hands-eff at¬
en¬
Prime. Mmist^ Famon
Valera. last Sunday. The Turk¬
clear
to
decisions respecting the- sec¬
front
in
Western- Europe
strategic value of their territories
to the warring blocs. That Eire
will
Russia
for
Britain had to make her
as
'a decisive element of the war in
1
through a, declar¬
the United States,
ports as war bases. v:
of
are
Tuesday that the Japanese- move
Lack*of the great ships is
keenly -felt^ however^ and may be
ilVEalaya.',. t: "
Havana,-, last . year
(Secretary
State Cordell Hull
fast week called a meeting of all
Foreign
Ministers
of
Western
Hemisphere republics. This gath¬
ering will take place in Rio. de
Janeiro, during the first .week of
January..
The
discussion
will"
necessary
resolutions v in
little the legions of Hitler in Europe.'
concern measures for hemispheric
more than an hour, and the grim
Russian strategy is necessarily defense.
'
'•1 '
business of all-out war with the
insure
diers
men were res-
r cued.
slowlyj
quick-;;;
"non-belligerent"
a
therefore
in the war against
Japap., Maxim
Litvinoff, newly arrived- Soviet
Ambassador • to [Washington,,; re¬
that
possibly
Jn Londoii- it
er¬
The list of missing ,num-,
roneous*
piers 595, and ,2,330
aid for the United States was
ation
•»
.
.
,
,
extended
worked
possessions
•
pally by American fliers and by
Argentina, alone, preferred to,, \ British forces in general and the
maintain technical neutrality ;
Netherlands submarines operating
toward the. Axis, but active
from East Indian bases. Secretary
good deal of verbal support,
costs very little, has been
which
war
instances, and
-
less immediate strategic sig¬
grievous loss, Secretary Knox de¬
nificance
than
a
strenuous
clared that the Japanese faded to
'attain their objective of knock-, ^Japanese 'advance upon the,
?
Malay States, where the Briting-out the Pacific Fleet/which,
he said, was at sea seeking contact
isfe -are ^contesting;.: It o t ly;
every foot of ground.
From
;\vith' the enemy.
The attack on
/Thailand* which is said by
iPearl Harbor was launched from
I Japanese aircraft carriers, Ke said;
the 'Axis Jd Jbie Tully in ^its
and tiriy submarines operated by 5camp,/and,- from.- troop, trans¬
itwo men ftnwed to be the only
ports, the Japanese poured
;surprise weapon.
Numerous in- 2 J down the Kra.i Isthmus, Jot
stances » of
heroism - among our
ward Singapore;1" They cap[forces were cited.-'
r/turcd the 'important^airfield ^
at Kota, Bharur last week, and v -:
J, Full details of the British dis¬
aster off Malaya were disclosed
.after the sinking of the Prince ^
of .Wales, and »*«epuise^senL* 4
jlate last week. - Early fears ;that,
.virtually the entire complements
uncounted -numbers ^of ^ sol-; £*?
ships have fortunately proved
Where the propess
was
long
and cumber- ;
some,
diplomatic,
relations
with the Axis were broken.,
present stand obviates this
-strategic
possibility,*.along5
wifh: a' number of
some
for
*
Philippines,
of * course, no re¬
are,
These attacks on American
this
Notwithstanding
there
ports as to its movements.
were
pulse went down with these fine
ly in others.
ing to such plans, 'would in-"
volve another bombing of ob-;
jectives
in Japan*
Russia's
:
machinery
.
(
their
signalized
but
bf the Prince of Wales and the Re¬
of
liamentary
ing Japanese ports and cities."
journey,
•.
Washington J by
declaring war
upon
Japan,
Germany and Italy. The par-;
it
tence
return
and it achieved a
success.c r v** s-y
countries
bomb-'
to Siberia, after
end,
support
Philippine airfields and
from
this
ward
policy of/President
designed partly to¬
Most of the Latin-American
assumed that long-range'
bombers
wduld
take'
off;
said to exist. An Ital¬
was
•distinguished
forces in the
our
was
proclamation of a single sen¬
declared in the name of
ian
Roosevelt
under the Russian
procedure.
Before the' pres¬
war-against Germany a state
of
to
Good Neighbor
Pacific,
acts
open
j
tlsijjce*< Russian
claimed by the Reich regime,
but
of
.
a'reflection
States
United
■
ar.e
peace
adherence
rules-of
•
pledged not to make
To one degree or another,. all of
separately. It is, of course, jthe 20 LatinTAmerican republics
upon
their £ several [promptly were aligned with the
pledges, that ..they refrain from •United states in the war with the
.•that all-out war which they de¬ Axis Powers, and a good deal of
clare they will not-emerge from
•strength thus was added to. the
alliance
of
free
nations. - The
separately. ...
;
adversaries* of both;
-of. -the
favor
Germany," and of having "con¬
tinually been guilty of the most
severe provocations toward Ger¬
many ever since the outbreak of
tjhe European war." The Presiden¬
tial order to shoot at sight, any
German vessels was cited by the
<
j
.
wounded.'
mien
many
Fleet is based on the
nri.se attack,
prise attack. Mr. Knox admitted.
ship losses. 2,897
saitors and soldiers lost their lives,
In addition to the
and
downed
and
ships
vading
Japanese; airplanes'*-/ Our: Asiatic-
against this surMr. Knox admitted:;
on the »!ert
officers
Manila
bombed, without much mili¬
tary damage reported done. Amer¬
ican fliers, hammered at the in¬
take
The United States services were,
656
returned./ The
and the naval base at Cavite
were
varying periods to repair.
and
still the
several occasions,*' and
attackers
area
.
Premier
the invaders on east and
holds by
battleship
old
little
vessels
the principal
were
extended,' over the
Oklahoma, capsized
week-end, to include those
that
ple
stabbed again and again,
regard Jo, their heavy
At the,
idesired to. administer. The battle¬ losses in ships and men.
^northern tip of Luzon island they
ship Arizona/;32,600 tons, and the;
effected
a
landing which they
destroyers
Cassin, Downes and
have so' far held.
" But tenuous
with
exports
were
a
panese
.khbckroufc/blow^
went
ports
staff would function
that such a
iPearl .Harbor.; These Were ex¬
tremely serious, but far from that
underythe; lost in the treacherous attack: /The"
program amounted to $595,000,000,, *old target and training..ship Utah
Seizures of ships in -American lan^/the/: minelayer ri Oglaia/alsO
Actual
aid.
Tuesday to
which lies
on
have taken that island,
waii, Secretary of the Navy Frank
<Knox reported frankly on Monday
the American losses suffered at
-
declarations would not be ex-
officially
claimed
speedy journey to Ha¬
a
.
the communications system
j.' gree of collaboration among;:
j all;' forces.
i,
,
and Guam, which are
;
gest the greatest possible de-■,
I
.
islands
stone
.
still, but modern tactics sug-
Japanese, however,
steadily
the
stepping
.of (Midway, Wake
-The
attacked
Ing; significance^ A eri a L :
t ;.,• strength may turn out in the
»,;■
end
N
- *
Pearl Harbor naturally
correspond-...;., closed.
a
/ ;
/.
ranging .out of
is not dis¬
Fleet ris
Pacific
,
ships have
under. . Japa4:G
.
submarine attack.
Just how far the United. States
'
;
obviously
lulu.
nese
denly opened on Dec. .7, the
losses of American and Brit-
;
men planned.
A fresh appropria¬
George VI and Presi¬
tion of $10,000,000,000 has been
Roosevelt, last Friday, 'the
British sovereign voiced the pride placed.at the disposal of the Navy
is cast and victory must be won.
of Britain in being able to fight ^Department/* for the most part,
To a large degree the war
'with the United States against the although other branches of the
declarations exchanged with
armed forces also are, to shar.e.
"powers of darkness'' and J or rthe
4 Germany
and
Italy merely q
This
increases
national defense
establishment of the "four free¬
formalized the shooting naval
doms
-Mr. Roosevelt lauded the appropriations to $70,772,563,270.
conflict
upon
which
the
Lend-lease
aid
to
countries
courage of Britain and; declared ;
United
States
entered
last
that
the
forces
which
have which, in the opinion of PresiSeptember. Even after Japan
plunged the world in war "cannot .dent (Roosevelt, ought to have
attacked on Dec. 7, however,*
prevail against the indomitable •this form of support -ironi Jhe
some hope seemed to prevail
strength of free peoples fighting .United States, amounted to $1,•in
Washington
that
formal
while their
same,
unmatched. The die
are
resources
circles.
all
"
iously, with an army of 7,500,000
exchange of messages be¬
an
in
reverberate
Sin.ce .navaL strength is, yital
in the war that Japan sud-.
forces .in
turn bled,
■
ocean,
.
North
.
;
Borneo
the. attackers 4 into
the
and at last accounts the in-,
vaders failed to gain more than a
momentary foothold.
v.;:G.
Retreat from Moscow
^...Everywhere in Russia, but par¬
ticularly on the Moscow front,
Volume 154
Number 4021
;
.......
THE COMMERCIAL & FINANCIAL CHRONICLE
r.
.
Retreat by the Axis forces' from
forces were in reweek; arid the effect of the battle ground south of Tobruk
was started more than a week
development upon the gen
ago,
thev.German
'
this
and Prime Minister Churchill
eral course-of the war is incalcu
an
nounced
of
Dec.
on
8
the
Russian
side
suggest,- how
that the Germans are not
retiring - merely^-'according / vtc
plan," but are being driven back
■precipitately
and
with
heavy
losses;
'
v:
v
//.£:'
acceptingy the
,7 face value, for the Germans gave
move
nc
doubts however, of the rather
tensive
sian
Army.
Germans
but
retaken
area
they
transports
continue
least
o-
the-second city of Russia; North
Moscow ; the*; Germans
were
forced
also
;
of
out
while
south
had
Klin
of
to
Kalinin
and
the
capital
give ground.
thej
the
In
■■
Donets Basin- the Russians startec
a-major
all;
move a
Moscow
both in
One
tial
/ ports
■
state
sources,
is
raging
>
occupied
v
Europe.
:
;;
;
the Nazi
the
to
in
an
forces,
favor
Britain,
developments is
which
heartening.
.
/
of
of
all
one
j
of
Prime
?
?
:
*
/
to
;
fuse
the
rllast
House
of
Thursday.-
vealing
stated
-Commons,
\
Without;
re-.
figures,
he
/
improvement
;
actual
that
the
ing
months
tained
in
had
been
%
main-
ferred
1
Berlinmerely
the
to
War
f'locai engagements."
J
Chancellor
course
4
Hitler'
the
of
to the
//
struggle
las:
The
Thursday, and' he supplies allegedly official statistics of Ger¬
>
man
losses
on
with
Japan
must
gap
be
filled
the other islands of the
;
confirmed
Reviews Events
of
,
warm
thatv with
the
weather next
year
the
controversy on the
man-Russian
c a m p a i g n
to
«
the
fortifying them,
closing them to
but. her own; but
struck
the
at
States.
Gerr
has
:
v
"On
For it
large portion of his front
rhe is in retreat and the sufferings
•<bf his troops - are ^indescribable
-
/
.
Japan
successes
immense.'
was
in
General,
Rommel, have taken on
impressive proportions in the last
decided, how¬
clear." German and
Italian ; reinforcements are being
rushed to^ North Africa, both by
sea
a
-is not
and
airland it is admittedly
stubborn
Axis is
resistance
putting
up.
that-
; :
.
;
the
on
a
The Council
thereafter,
•
"
The
that
<;
United
effort.
States supported
For
Government
States
on
of
Jan.
example; the
/ the
United
7, 1932, specifi¬
-
cally stated in notes sent to the
Japanese and the Chinese Gov¬
ernments that. it would not
.
large
tried to.
persuade Japan to stop. ■ \ /;/: 7
Erwin
be regarded as
effort
ognize any
war
/
7
;
Government of the United
States
with the
rec¬
situation, treaty
she
or
the
even
World
and
re-
;.
"
all
War
by
only
not
"and
a
which
vast
amount of
:
ler wanted them to do.
26
7
"
Throughout
no
I
was
their
international
*
every
or¬
law,
mind,
on
sage
To
and
program of Japanese aggression,
wthe Government of the United
"
26
7
'
hen
to
of
the
has
finally:
acts of
open
war
The Govern-:
United
virtually
States
has
created
a
war/:'/x7;7/7-,;,::/,.):7
German
Government,
discontinues
relations
States
declares
that
cumstances
of
dip¬
with
the'
America
under
brought
and
these
cir-'
about
by
President
too,
Roosevelt, Germany,)
has from today/ considers
herself
war
pro¬
being in a state
United States
as
with
America.
the
.
.*;Z-- ':
\ /'.-..y
of7
of
; ,„;7
Accept, Mr. Charge d'Affaires,!
the expression of my high con-!
sideration.
•/!; 7"\:7!'7'''7-/';;;/:v
.:•'/ '•/• : /„, RIBBENTROP.
the
.
7 Dec.
H, 1941.
livered
with the United States and with
neutrality
United
Japanese
Government made no reply un¬
til
Dec.
7.
On that
day the
Japanese Ambassador here and
the special representative whom
the Japanese Government had
endeavored
the Government of
Japan that Japan's best interests
would lie in maintaining and
cultivating
friendly
relations
of
The
ef-
•;
on-;
during every period of the pres¬
ent war, the Government of the
/United States from initial viola¬
lomatic
.'f
-
part has strictly adhered to the
consequently,
a
Government's
\
,
Germany
relations with the United States)
thereby
personal mes¬
to the Emperor of Japan.
this
.
.
rules of international law in her-
state of
With this, in
the evening of Dec. S
of Nov.
ing facts:
against Germany.
'■ r
conceivable
last I addressed
German 7 Government
77, Although
ment
broad
high
ships.
enemy
> The
the
on
therefore establishes the follow¬
tions
peace.
for
as
vessels
proceeded
a
determined, however, to
for
posal
States'. consistently
Government- and
of
seas
war¬
simple settlement.
exhaust
The di¬
course
basis for
*
<
this
States, under
der
merchant
proposal
by Japan of her
have
Japanese ally forced the peaceloving nations to establish and
maintain a huge front * in the
Pacific.
narrow
clear-cut plan for a
a
but
version thus created by Hitler's
f
of the United
contrary 7to
*/7 "
peaceful
settlement or even for a tempo¬
rary adjustment
The American
Government, in order to clarify
the; issues,
presented to. the
Japanese Government; on 'Nov;
been used against Hitler.
That,
of course, is exactly what Hit¬
•
■
which called fpr supplying by
the United States to Japan of
as much oil as Japan' might re¬
quire, for suspension of freezing, measures, and - for discontinuance by the United * States'
of aid to China.
It contained,
however, no provision for aban¬
offered
material
might .^otherwise
❖
like operations or aims.
Such
a
proposal obviously
any
to visit them.-,;
and
jiew
donment
commerce
forbidding
"
1
„
man¬
had
*
7
Finally, on Nov. 20, 1941, ilie
Japanese Government presented
a
this course of aggression
Japan made it necessary for
various countries, including our
-;own, to keep in the Pacific in
"self-defense large armed forces
the
ous
4-
have treated and seized German
•
thai
Assembly
of> the
League of Nations, at once and
during many months of continu¬
few days. Whether the action, now
ever,
undertook
part of China.
and
Libya
against the Axis forces under the
-command of the German
then, in 1931,
scale; its present
policy/c^iConr.
quest of China. It began by ihe
invasions of Manchuria, which
Libyan Campaign
British
can
was
a
Their losses have been
*
/
/ By
;
,
In the earlier part of his Dec. 15
last
stan$still///;said ^Mr.^ ChurchiUi
t
foreigner
deliberately and directly
safety of the ^United
/Thursday, by asserting that Hitler message to Congress the President
made
one
of •« the
outstanding stated that "the course of events
blunders of history' in attacking which have led directly /to'' the
v Russia.■?', Russia „v Hitler
has present crisis
began ten-years
everywhere; been brought to r ago." He went on to say:1..
which
lands* after
which
state of
a
to both countries.
7 line/ Marshall and Mariana Is¬
1557j
long menaced
the world arid which' now has
German advance, will be resumed
'-vr Prime Minister Churchill added
-
page
under
date
force
returr
7\ The
as
arriving at
understanding acceptable
some
'
ceived th6 custody of the;Caro-
■
bring conclusively, to an end
the pestilence of aggression and
by the German leader
added
the
Pacific,
ippines Japan violated the
tional strength and man power
'
who
on
chain of the Aleutian Islands.
to
was
follows:*
as
..
/To' the eastward of the Phil¬
j
Prior To Attack
(Continued from
Roosevelt,' Germany, too,'
being in
including Hawaii and the great
.
bait
next
Australia, New Zealand and all
through
the Eastern Front
The. winter
come
and it is
/ probable that further down; the
Japanese page are the names of
will- entail.
British-efforts; he said.
.From; the. beginning of. the, Rus¬
sian
campaign on June'. 22, ;tc
Dec; 1, Hitler said, Nazi losses
: were 162,314 dead, .477,767 wounds
ed, and 33.334 missing.
Russian
prisoners in German hands were
said- by Nov. 8:'to have totaled
3,806,000.
dent
was
/ Mr. Charge d'Affaires:
fnom:tQday,cbpsidersherselfras
\ "Japanese timetable;
.
campaigr
speech,
matra, Java,
in the Far East and the
war
curtailment in American supplied
and American naval aid that the
the
traced
Russian
his ^ Reichstag
in
I
British people that greater efforts
will be required Of them owing
as
circum¬
V
note
>-
With- respect to the World
re*
battles
Russian
these
/
German
the
,
November.
as
a
whole, Mr. Churchill was
6,000,000 .-Nazis have been
He reminded the
/ sacrificed,*' according ' to1 Moscow quite realistic.'
spokesmen.
under
of
a
.
>
than
;
that
text
to
Piazza
-
noted during the four preced*;*
•85,000 Germans killed in a single
engagement, - last : week.
More
•
in
vious satisfaction, in a report
adequately explained,
Communists, who still re
to permit foreign observers
to
visit
the
front, declared ir
-'ringing .statements this week thai
v the
Germans are in a "Napoleonic ^retreat."'They
reported
'
'•
of the; Atlantic
run
.
stances/brought about by Presi¬
The
;
11
the
'
de¬
any
clares
relations with
'/ 'i/;"' and de¬
States
Dec.
on
-
reserves
the Atlantic struggle with ob-
The
•v
diplomatic
talk
a
assembled"4 in
.
the
or--
Minister Churchill referred to
re-
;
^
to
the most
Venezia in Rome./ " /
tinues
the United
crowd-
.
British authorities
recent
treat from Moscow perhaps is
;
be¬
groomed,jfor
may fall
and these
British r: Isles
The -Battle
un¬
Nazi
combat
Great
is adding
the
direct
seem to be
keeping their
high, in. preparation for
velopments.
7
Russian destruction of
German
•*
7 re;-
activity -is
.
is/being
continues
laration in
having violated in the
most/flagrant manner- aid in
7/ever - increasing
measure
all
United States of
America.'/;,; /:/ ■ 7 rules of neutrality in favor of
f choose their own time to make 7
When .the Italian :Aibba^sador/
4 it. clear that the United States
T^ the adversaries of Germany and
7 and the New World
were
in- Prince Ascanio Colonna, called at
having continually been guiltyStatecLuded in their scheme;of" de¬ the
Department, '• accom¬
of the most severe provocations:
panied by Signor Mario Conti,
struction. .;..
toward Germany ever since the'
f^ ..«
7
This r they did last year,-in First Secretary of the' Embassy, he '• outbreak of the
European war/
11940; wfien Hitler and" Musso- was informed by James C. Dunn, / provoked by the British decla-;^
political adviser; on European' <af; lihi-conciuded a treaty of alli£ ration of war against Germany
^ance ,vwith Japan: deliberately
> on Sept. 3, 1939, has finally re¬
; : hostilities. between
"aimed ^t the- United States.;.
Japan and
sorted to open military acts of
China in 1937, this Government
7 * The strategy of Japan in the
aggression.
\ \'
.;£;/7:Pacific area was a faithful counmade known to the Japanese
7
On Sept. 11, 1941. the Presi¬
r? terpart of that used by Hitler in
Government and to the Chinese
dent of the United States pub¬
Government that whenever both
;> Europe. 1 Through infiltration,
licly declared that he had or¬
7 encirclement, intimidation
those governments considered it
and,
dered the American Navy and
desirable
we
stood
:•
finally, armed attack, control
ready to
Air Force to shoot on sight at
was extended over
exercise our good offices.
neighboring
Dur¬
any German war vessel. • In his
ing the following years of con¬
7 peoples.- Each such acquisition
speech of Oct. 27, 1941, he once
was
a
hew starting
flict that attitude on our part
$qint for
more
expressly affirmed that
new aggression.
remained unchanged.
* V *
this order was in force.
Acting
Pursuing this policy of con¬
under this order, vessels of the
It became clear that, unless
quest, Japan. had - first worked
/American Navy, since early Sep¬
"her sway into and finally seized
this, course of affairs in the Far
tember, 1941, have systemati¬
; CManchuriav/ Next 7 slie
East was halted/the Pacific area
had incally.;-attacked
German
naval
vaded
was
doomed to -experience* the
China, and has sought for
-forces.
Thus.
American
de¬
same horrors which have devasthe. .past four and one*half years
stroyers, as for 7 instance the
/I to subjugate her.,
«v,.
Z tated Europe.
'
^
Greer,
the
Kearny
and
the
; Passing,
through the « China
Therefore, in this year of
Reuben James have opened fire
Sea close to the Philippine Is1941, in an endeavor to end
on German submarines accord-;
lands,/she'; then invaded and r this process :hy peaceful means
in to plan;
The Secretary of the
took t possession of Indo-China;
while there seemed jstill to be- a
-American Navy, Mr. Knox, him¬
Today-the Japanese are extend¬
chance, the United' States en¬
self confirmed
that
American
tered into discussions with Ja¬
ing
this conquest
throughout
destroyers
attacked
German
f Thailand and seeking the occu¬
pan.
For nine months these
"submarines,
conversations were carried on
pation of Malaya and Burma.
7
?
Furthermore, the naval forces
The Philippines, jBorneo, Sufor the purpose of
United
the
upon
es-
epidemic
the
Libyan front.
Eastern
If typhus
aerial
•
doubtless
and
would not
•■•■v .$*'
i
<
fresh attacks,
re-
typhus
of
the
of
A.
,
German-
the
yy ■,;
the
It is quite clear that
army
scathed;
7
in
areas;
such
cape
of
rest
were
large part from the Russian front,
i^These reports
epidemic
an
'
in
cruisers
Kingdom - and
Reich, both sides apr
parently being content; to;; send
over
occasional
bombers/:; The
Reich air > force, > withdrawn/ih
importance
week,
Swedish
from"
Swiss
V
this
noted
was
yz>:-
ported
possibly also of im¬
immediate
mense
■
s
the
world.
the German
men and materials.
4
factor of much poten-
and
Italian
of
have systematically attacked Ger¬
man
naval forces," declared that
the German Government "discon¬
enslavement
British
cruisers,, and. at
the
■ •
tween
indicates/ some 60f
and immense losses have
inflicted upon
the Nazis
been
;
to
Modest
week ago.; All ir
towns and villages have been re¬
taken,
sunk, by
and
two
sent
of
;;
Numerous ./ Axis
; 7, The very existence of the
bottom, last, week..
German
High' Command state¬ J; United States as a great" free
people, and the free existence
ments, Tuesday, claimed the sirikr
of the American family of naing of a British cruiser by Gerr
7 tions in the New World, woifld
man submarines, off North Africa.^
he a 'standing challenge to the
Battle Of The Atlantic 7. " ^ ; Axis.; The Axis dictators would
miles
their seige
were
submarines
East of Leningrad th
many
soon
and
-
v
ex
by the Rus
retreated
Italy
.
art
There vis
'
/
.
ana
possibly
reports
officially informed of the German and
when diplomatic* representatives of the
.
isI advisable £ip
Russian claims ai
Russian
was
war
.
/^/SomeZ*caution
the
The United States
Italian declarations 'of
,
..
.
V: over-enthusiastic.
Japan
in Manchuria
set
the
example and the pattern for the
7
-
>•
notice of this
German, Italian Declarations Of War On U. S:
of
-
v.: ever,
first
aggression
.
to
the
by
7.
two countries called at the State
Department on Dec. 11.
to be pursued by
The German envoys, Dr. Hans
Thomsen, Charge d'Affaires, and
Germany in Africa
Heribert von Strempel, First
have
since
and in Europe.
Secretary of the Embassy, handed to
given
ground ; very
In 1933, Hitler
Ray Atherton, Chief of the European Division of the State Depart¬
.assumed power in Germany.
slowly,
and
frequent > thrusts
It
against -the
advancing - British ■'. was evident that, once rearmed, ment, a copy of the note which<$>
had been delivered earlier in the
Empire forces are reported. These : Germany would embark upon a
fairs, that the Italian Government
Fabian 7tacties -of
the ; German
policy of conquest in Europe. day to the American Charge d'Af¬ had already notified the American
faires in Berlin, George L. Brandt.
commander are occasioning some
.Italy—then still under the domCharge d'Affaires in Rome, George
caution at British Headquarters.
inatipn of Mussolini—also had This note, signed by Joachim von Wadsworth, that Italy considered
at
•resolved upon a policy of con¬ Ribbentrop, German Foreign Min¬ itself
war
with
the
United
!/ In his report to the House of
Mr. Wadsworth had been
quest
in
Africa
and
in
the ister, said that the United States States.
Commons, Mr. Churchill made it
"from initial violations of neutral¬ informed
Mediterranean.■ •'■
by the Italian Foreign
\
■
plain
that ' the
British
have
;. Through the years which fol¬ ity has finally proceeded to open Minister, Count Galeazzo Ciano.
superior forces in Libya/and »that
acts of war against Germany" and
Reichsfuehrer Adolf Hitler an¬
lowed, Germany,; Italy and Jamastery gradually fwas • attained
"has thereby virtually created a nounced
pan reached an understanding
Germany's decision in a
during the first phase of. the bat¬
to time their acts of aggression state of war." The note, which as¬ speech to the Reichstag in Berlin
tle. He expressed the utmost con¬
; to
their common advantage— serted that American naval/ves¬ on Dec. 11 and Premier Benito
fidence regarding the next; moves
and to bring about-the ultimate sels "since early September, 1941, Mussolini made known Italy's dec¬
in
the
battle,
intention
an
barbaric
Course
re¬
The Germans and Italians
lieved.
prepared positions
for the winter. All reports from
retiring
This
:
on
-
Rostov, at the southern end of
the long line; the Germans an*-■■■■
' violation 'of treaties.
<
was
state
categorically
important.* After suffering able to
obvious
military
defeat ..at Dec. 11 that Tobruk has been
lably
.
agreement; -broughtabout
treat this
1559
our
to persuade
all
other" countries that believe
in
orderly
esses."
-V
and .peaceful
'
•'
Follbwing: the
proc¬
-
outbreak
of
sent to the United States to
;
/
/
7
£
According to an announcement
by the State Department at Wash¬
ington on Dec. 11, the German
as¬
sist in peaceful negotiations de¬
a
lengthy document to- Charge d'Affaires stated that the
Secretary of State one hou*1 Swiss
Government
would
take:
after the Japanese had launched over
German
interests
in
this
a vicious attack
upon American
territory and American citizens
in the Pacific.
country
and that Dr. Burgmannalready received appropriate,
'instructions from his Government.
:
had
MMMimmWH
Southeastern pipeline,
gency
Bankers' Dollar Acceptances
Outstanding
November 29 Totaled $193,590,000
On
acceptances increased $8,784,000 during
The volume of bankers'
new
the;
lanta
facing the country requires
prevention: of all waste of
petroleum and its products, and be
it further resolved that:the chair¬
authorized
be
man
Thursday, December 18, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1560
to
appoint
on
y:'//
De'c;:.-19./.
in At¬
>',
Price changes follow:
subcommittee of five members of
in
Monday
Washingtaon
by the Office of
Price Administration which
OPA announced claimed that j American motorists
3-cent advance in today are wasting millions of dol¬
north
and
north
central
Texas lars in using higher grade gasoline
crude oil prices, initiated by Sin¬ than is required by their automo¬
/•
a
issued;
statement
a
11.—The
Dec.
approval of
a
monthly re¬ the Council for the purpose of
biles. The reduction of octane rat¬
port of the Acceptance Analysis Unit of the Federal Reserve Bank determining the character and na¬ clair-Prairie Oil Marketing, which
of New York, issued Dec. 15.
As compared with a year ago, the ture of such preventable waste, set a new price of $1.21 for top ing in gasoline available for civil¬
ian use is being considered be¬
,>'-*•<
Nov. 29 total is $3,093,000 below that of Nov. 30, 1940, when the and that this subcommittee report gravity.
cause of the constantly expanding
back
to
this
committee,
as
acceptances outstanding amounted to $196,683,000.
Prices of Typical Crude per
amounts of high-test gasoline re¬
The increase in the volume of acceptances outstanding from promptly as possible, appropriate
/
Barrel At Wells
quired by the Army and Navy
the previous month was due to advances in all branches of credit measures to publicize the neces¬
(All gravities where A. P. I.
which has caused fears of a short^
excepting domestic warehouse credits, while in the year-to-year sity of a policy of rational con¬
y /
degrees are not shown Liage of ingredients for high-grade
comparison only
credits for imports, domestic shipments and servation of petroleum and its
domestic warehouse credits were higher than last year. /■>.
products in order that the cooper¬ Bradford, Pa, Z—« $2,75 gasoline for civilian consumption.
$193,590,000 on Nov. 29, according to the
November to
,
/The Reserve Bank's report for Nov. 29 follows:
:•.
.'/••••/;,;-
y
BY
//:///
Federal Reserve District—
1
Boston
2
$22,031,000
New York
"
3
,4
5
6
•7
8
Philadelphia
10,448,000 ;
—.—
Richmond
1,636,000
__w
_
Atlanta
2,951,000
,
——_
—;
Chicago
; ■
•
4,585,000 •'
;
744,000
Louis
St.
:
1,430,000
10
Minneapolis
Kansas City
11
Dallas
,/9
;
'
>
$193,590,000
—
month
for
ACCORDING TO NATURE
Nov. 29,
-——1
~
shipments
——:——
warehouse credits
Domestic
Domestic
Dollar exchange
v
$108,867,000
>12,472,000
.10,939,000
/ 20,195,000
V 37,169.000
4,116,000
11,243,000
28,566,000
V
4,506,000 1
__
..
bills held by accepting
Bills of
$92,941,000
bills
11,852,000
Increase
•
11,894,000
36,095,000
v
9,385,000
9,266,000
$6,050,000
7-
$143,887,000
Total
,
.
,
,
J
DEC. 15, 1941
Dealers'Selling Rates
Dealers'Buying Rates
'
-
month,
PRIME BANKERS' ACCEPTANCES,
CURRENT MARKET RATES ON
Days
banks
$50,946,000
others.
for
production
asked "of ; the
with
31,373,000
..
1.31
——
some
and
storage
Commission,
estimates
indicating
a
gain of 1,000,000 barrels over ; the
current allowable of 1,517,000 bar¬
rels. Both..Humble Oil'& Refining
and the Pure Oil Co, asked increase$
«
above—
1.25
0.83
1.20
Smackover, Heavy
§ allowables
J
over
/y//
1.25
■
1.29
seasonal
Further
of
stocks
in
aviation
and
improvement
finished, unfinished
gasoline developed
during the week of Dec. 13 despite
the unchanged refinery rate, the
American Petroleum Institute dis¬
closed. Inventories during
the per¬
1,066,000
barrels better than in the initial
iod
review
under
,of
week
were
December
at. 87,422,000
barrels, which figure compared
County, Texas.__0.95 with
holdings of 80,769,000 barrels
Lance Creek, Wyo1.12
on
the comparable; date a year
Signal Hill, 30.9 arid over..1 1.23 earlier.
Refinery operations held
Refined Products'
unchanged at 90.1 % of capacity,
The price structure in the na¬ with daily average.runs of crude
tion's gasoline markets continues to stills totaling 3,997,000 barrels*
3,945,000 barrels fin the
to show contraseasonal strength, against
reflecting conditions created by previous ' week A/ Production nof
the war /in • which the United gasoline of 13^610,000 barrels com¬
pared with 13,659,000 barrels in
StatesPecos
.
^^ritl^/^kged^^ith |
Axis powers
the
and the general
the Dec. 6 week.
;
;
,
,
/' ;
6f/MV least. LQOQjpiM/jiai/
creased
0
1.22
—1.37
Mid-Contin't, Okla.; 40 and
the
immediate future. In¬
was
Nov. 30,1940
Oct. 31, 1941
on
/./y/y
Own
within the
creased
13,544,000
goods stored in or shipped
between foreign countries
Based
out
$97,898,000
—-
to -consider
date
quota that is being worked
to
meet war requirements.
The plan was reported to be ready
for submission to the Commission
$196,683,000
$115,699,000
Exports
later
some
Texas
OF CREDIT
1941
Austin Monday
the disclosure that the Com¬
Corning, Pa.
Eastern Illinois
Illinois Basin
Rodessa, Ark., 40 and above
East Texas, Texas, 40 and
Deputy
Petroleum, Coordinator
//above
Davies requesting/a hearing at
Kettleman
Hills, ■ 37.9 and
¥l,o6o
$184,806,000
$3,093,000.
5y/y-
mission had received a wire from
17,092,000
y-
$8,784,000.; Decrease for year
was
958,000
;
2,431,000
23,780,000
22,377,000
—
Total
Increase
*
2,806,000
_—
12 San Francisco
Grand
'
168,000
.
.
in
Commission
4,823,000
503,000
■/.
secured,"
y Feature of the .statewide prora¬
tion hearing Of the Texas Railroad
1,642,000
■'
public in achieving
this end may be
1,224,000
654,000
142,000
the
of
ation
.
NOV. 30, 1940
i;
'
.5,869,000
.
.
'
^
$22,301,000
135,151,000
10.497,000
2,431,000
$20,898,000
115,200,000
10,670,000
2,919,000
1,152,000
1,091,000
■
124,414,000
Cleveland
STATES
'/ Oct. 31, 1941'//•
Nov. 29, 1941*
—
H
y
OUTSTANDING—UNITED
FEDERAL RESERVE DISTRICTS
ACCEPTANCES
DOLLAR
BANKERS'
V
importance of gasoline imthe na" ; The experiments of the Depart¬
rels' /storage. ■- Applications were tional defense setups Retail service ment of the, Interior witk strategic
made to the Commission for,in¬ stations prices, including taxes, as and ■-critical
materials /indicate
fields
test
in
and
lubricants
various
,
demands
meet
to
for cold
high
octane
of
the first of the current month
Were at
that, in
their highest levels since States
1937.'////:;/.J//;/;///'/
the United
begin "fpll-scale" pro-
an emergency,
can
duction
...
of
gasoline from coal at/
gasoline crudes.
/
The net dealer's price as of any time that "natural resources
E. O. Thompson, chairman of the Dec, -1, last, averaged 10.04 cents show signs of depletion," SecreCommission,
submitted .-without a
gallon
in. 50
leading ; cities tary Ickes said in Washington this
recommendation a plan, suggested throughout the nation; according week. He stressed in his annual/
to
President /. Roosevelt,
to him by a prominent indepen¬ to a survey made by the American report
dent operator which called for the Petroleum Institute. This is frac¬ however, that there is no immediate
shortage oii : lack Apf base
plugging of one-half of the ap¬ tionally / better
than the • 10.02
November,
.
/;;;//
30
///yyy.
1/2
I
90
v"--v:v;;
»/a
ig
120
■
:r''!
is
%yy.y:,;;
-
is
■
Ys
180
The
is
■
150
volume
ft
Va
60
following table, compiled by us, furnishes a
bankers' acceptances outstanding at the
of
month since Jan. 31, 1939:
•
1940—
1939-*.
record of the
close of each proximately y1 ()0,000
wells in
-
1941—
<
Jan.
31
$212,777,000
211,865,000
Jan.
31-.
Feb.
28_
Feb.
—$229,230,000
29—_ 233,015,000
Feb.
28__—
Mar.
31_
Mar.
30
229,705,000
Mar.
31—
217,312,000
Apr.
29— 237,831,575
31
246,574,727
30
244,530,440
Apr.
30— 223,305,000
31
213,685,000
29
206,149,000
Apr.
May
30
31
219,561,000
215,005,000
June
30
236.010,050
31_
235,034,177
30
215,881,724
31—.— 221,115,945
July
188,350,000
31— 181,813,000
30
176,614,000
July
Aug.
31
30
—
209,899,000
197,472,000
Sent.
30—
176.801,000
May
June
-
248,095,184
245,016,075
.
31
July
Aug.
—
Sept.
Oct.
Nov.
$255,402,175
;
•
30—
30——
Dec.
Jan.
May
June
Aug.
Sept.
Oct
31
—
—
31
—
31
222,599,000
Nov.
30
232,644,000
Dec.
31
—
186,789,000
196,683,000
...
212,932,000
Texas, with their part of
total production allow¬
a
gallon price prevailing a
The hydro-
petroleum J supplies.
month
gbove
able
Oct.
31
184,806,000
salvaged
from,
Nov.
29
193,590,000
wells and
used
the./abandoned
for drilling addi¬
a gallon were 2.03 cents a the refined products markets this
gallon above Dec. 1, last year/and week.
/' •/■/;. A
•:"
: •
fractionally above the Nov. 1 level 0. S. Gasoline (Above 65
Octane), Tank
cents
(
208,659,000
tional wells in other fields. It was
that
out
barrel in crude oil prices in north and
north central Texas was approved by the Office of Price Administra¬
tion on Dec. 11 and Sinclair-Prairie Oil Marketing led the way in a
An increase of 3 cents a
produced in this area.
between north Texas
Oklahoma fields to 4 cents, against the former 7-cent
general markup to $1.21 for top gravity crude
The advance, which reduces the differential
figure, was permitted by the OPAS>
in Oklahoma crude oil
after a study of transportation and decline
while
demand
has
other costs and "should not be production
construed" as indicative of the been increasing for products and
policy upon the general
crude oil price question now un¬
der study by the Federal agency,
OPA
if
10,000
of
the
approximately 26,000 wells in the
East Texas field; were plugged,
with
their allowables produced
Petroleum And Its Products
adjoining
cents
earlier and /substantially
genation of coal, thus far confined
the /8,46-cerit level , re¬ to tests on; a semi-commercial..
applied to / the ? remaining corded for,4he comparable^ 4940
The service station price, scale, could be started commer-'
wells, thus causing no change in date.
the current allowable. Under the before
taxes, ; was
14.07 ceiits, daily "at any time" if needed
suggested program, the casing, against 14.04 cents on Nov. 1 and vitally.
tubing,
all
connections > above 12.09 a year ago.' Including taxes,
station
ground, and the derrick, would be service
prices /of /20.02 / There were no price changes in
the State
estimated
and
,
producing
crude oil from both of these areas.
of
would
the ; remaining/wells, ;it
release steel totaling 300,-
000 tons,
With
.
valued at $30,000,000. * /
reports from all over
the nation telling of test "black¬
outs" against possible air raids, oil
men
in the country's producing
regions
had new problems
to
worry them. First, is the problem
of turning out all of the lights on
the /derricks of which there are
news
of 19.99 cents.
Petroleum
/
•
placed/ the / ayihtion
~
Ickes
basis
in orders
gasoline;
issued
over
week-end
Lots,
F,
O.
Refinery
B.
New York—
.
Tide
Water
;
J:
,
•.-Z$'.085
Socony-Vac.
branch of the industry on a war-¬
time
Car
.
Coordinator
Oil-.
/
.09'
'
■.
Texas
.085
Shell Eastern
-...Other-'Cities—
y
;
/
/,
.085
providing that no
Chicago
/ .06-.06%
gasoline can be made, 'Gulf:;. Coast
.06-.06 L'
■sold/or shipped without his ap¬ Oklahoma
;
. ..08-,06%
proval. At the' same time, Mr, •/y Super.
A,// ///;;///;/A///,/; ./A •
Ickes announced,
that with the Kerosene, 41-43 Water White, Tank Car,
last
r
-
•
,
aviation
■■
approval
ciif / the / Departmerit of
anti-trust laws will
not stand in the way of his efforts
to provide ample supplies of this
vital war necessity.
Under the
Justice,
the
•
/////W*.New York
U*
Refinery
..
(Bayonne).»^___i.^___
New
*
.
.0525
V;' .0525
Philadelphia
North
.
$.053
Baltimore
Texas
.04
Orleans
•
4.25-4.625
Tulsa
»„___.04%-.04%
25,000 in the East Texas area agreement with the Department of
price differ¬ alone. Second, and most impor¬
Fuel 011, F. O. B. Refinery or. TerinfnaL
Justice, the oil companies will be
approved by the OPA, tant, is the problem of what to do
permitted to engage in pooling N. Y. (Harbor) Bunker C./ $1.50
takes cognizance of these develop¬ with the familiar
Diesel
i
!
2.15
it was stated. ;/
,v
U;
gas flares which operations, under the direction of
Savannah, Bunker C
1.30
A little over a month ago, a 7- ments in the relative positions of represent/the
burning of waste Mr. Ickes, in order to speed pro¬ Philadelphia, Bunker C
1.50
Oklahoma and north and north
cent a barrel increase in north and
orders apply Gulf Coast
gas. If the flares are extinguished, duction./! The new
$.85-.90
1.70
north central Texas, which elimi¬ central Teaxs, the announcement and the gas allowed to accumu¬ also to high octane gasoline base Halifax
:/y/4///Ayy//A/.:; late it presents a potent source stocks and the, blending agents Gas, Oil, F. O.: B. Refinery or Terminal:
nated
the
differential
entirely, pointed out.
The first action of the recently- of
was
rescinded by the companies
danger not only 'to the wells used in its manufacture. Refiners N. Y. (Bayonne) 7 plus
1 $.04
/
.053
posting it after the OPA, which created Petroleum Industry Coun¬ but also, in the case of a wind," to were also ordered to report on Chicago, 28,30 D_„_
Tulsa
.03Va
had not received prior notice of cil for National Defense will be a neighboring towns or cities,
their existing contracts.
to
prevent all waste of
their intentions, requested them drive
The orders of the Petroleum Co¬
y
Daily
average
production
of
to do so.
At that time, it was petroleum, currently under way, crude oil in the United Stated rose
ordinator followed a meeting in
it was
disclosed in Washington
stated that should an investigation
1,600 barrels during the Dec. 13 Washington on Dec. 10 of refiners
disclose the need for eliminating this week in an announcement by
week, totaling 4,109,550. barrels, of * 100 ./octane
gasoline
and
the differential, the OPA would William R. Boyd, Jr., chairman of
according to the American Petrol¬ technical-experts from all sections
executive committee of the
allow it. The revised price sched¬ the
eum Institute. The total compared
in the office of Deputy Petroleum
Moody's Daily Commodity In¬
ule applies to the following coun¬ Council. The executive committee,
with estimated December market Coordinator
Davies where they
dex advanced from 213.4 a week
ties: Archer, Baylor, Brown, Cal¬ he said, has appointed a subcom¬
demand of 4,139,000 barrels, indir heard
reports from Army and
ago to 217.6 this Tuesday.
The
lahan,
Clay,
Coleman,
Cooke, mittee of the Council to determine
eating that production again ran Navy
officers
concerning the most
important individual changes
Eastland, Palo Pinto, Stephens, the character and nature of pre¬ below the market demand as esti¬ needs of aviation
gasoline for our
were in
cotton, hog and wheat
Wichita,
Young and Montague. ventable waste of petroleum and mated
by the United States Bu¬ own air forces as well as those of
The advance, which was followed to report appropriate measures "to
prices. ;5;/;...
'/
/
reau
of Mines.
Sharp gains in our Allies. After the all-day meet¬
The movement of the index was
by all major purchasers in the publicize the necessity of a policy California and Kansas offset low¬
ing was ended, refiners and the
of national conservation of petrol¬
area, became effective Dec. 11.
y /
er production totals in the other
Petroleum
Coordinator's
office as follows:
In recent years, it was pointed eum and its products" so that the
213.4
revised their plans in order to Tuesday, December 9-major oil-producing States.
Wednesday, December 10
214.1
out, the volume of production in cooperation of the public to this
hasten the program for maximum
Thursday, December
217.1
Total
north and north central Texas has end be secured.
production
of
crude
218.0
production with existing facilities Friday, December 12
The move was made at the first petroleum in 1940 broke all rec¬
broadened to the point where a
and the speeding up of the con¬ Saturday, December 13———217.0
substantial amount of crude oil meeting of the executive commit¬ ords, climbing 7% above the 1939
Monday, December 15
217.9
struction of new refineries.
Tuesday, December 16—
217.6
from those areas is moving both tee of the Council following its total to hit a peak of 1,353,214
Published reports that reduction Two weeks ago, December 2——210.0
in
northward and southward to dis¬ organization
Washington by barrels, according to the final re¬
Month ago, November 15.
208.6
Petroleum Coordinator Ickes on port of the Bureau of Mines. The of the octane rating of regular Year
tant
refineries.
Formerly crude
some
The narrowing of the
ential,
as
Moody's Commodity
/
Index Advances
.
ago,
oil
produced in those areas was
largely refmed locally. Concur¬
rent with this change in condi¬
tions,
there
has
been
a
relative
Dec. 8.
The text of the resolution
adopted by the committee follows:
"Be it resolved that it is the
sense
of this committee that the emer¬
total
was
-3%
above the previous
high, set in 1937. Ralph K. Davies,
Deouty
PetroleumCoordinator,
will speak at
the dedication of the
gasoline would mean increased
operating costs for American mo¬
torists running into hundreds of
millions of dollars were denied in
December 16
1940—High,
Low,
1941—High,
.
168.0
December 31———171.8
August
16.—
September
Low, February
9
17._._
——_
149.3
—_
219.9
171.6
.
Volume 154
Number 4021
THE COMMERCIAL & FINANCIAL
CHRONICLE
Condition of National Banks
The statement
^
has
of
condition
National
the
of
back to
and
including Dec. 31, 1940
CONDITION
OF
Dec.
previous
THE
IN
3
that
UNITED
STATES
ON
JUNE
29
AND
1941
proved
Apr. 4, 1941 June 30,1941
(5,150banks) (5,144banks) (5,136 banks)
and
discounts,
Including overdrafts
securities, direct obligations
Obligations guaranteed by U. S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
The
authorized
Sept. 24, 1941
$
loans
and
Bank
premises
Real
estate
2,094,056
than
212,905
23,695,813
and fixtures
bank
2,068,091
1,634,616
209,456
25,015,102
25,877,277
26,476,214
15,120,067
14,243,808
594,398
103,068
14,521,658
592,897
96,568
62,439
45,736
61,764
49,977
68,289
61,469
65,759
55,857
53,025
53,710
The
40,193,021
41,314,635
42,521,106
The
1,694,058
™™
—
premises
.__
Investments and other assets indirectly representing bank premises or other
Customers'
Interest,
Other
liability
commissions,
assets
acceptances
on
rent,
and
outstanding
other
income
_
accrued
or
but
8,593,247
2,534,541
203,946
DIVIDEND
Deposits
deposits
....
Other
(certified
and
cashiers'
8,044,337
—
2,358,230
2,530,319
6,575,298
6,751,121
2,529,179
6,591,645
stock
Undivided
Reserves
memoranda
(see
capital
liabilities
value
453,178
Class
110
1
101
54,489
52,371
V 46,395
51,299
55,644
Class
B
59,775
56,215
First
192,937
.-w
167,198
191,889
37,716,494"
38,892,785
36,620,655
value
1,526,939
1,319,321
491,310
1,523,383
234,796
240,292
241,622
3,536,398
3,572,366
3,598,141
39,733,962
40,193,021
1,514,706
:
1,336,090
498,376
1,350,710
•
,
'
521,283
'
41,314,635
182,019
175,651
42.521,106
171,260
13,638
13,374
1,399,894
1,340,705
1,528,919
159,527
13,181
1,333,816
—"
'yK^tf"
Pleasant
Point
their
Horwath
1,525,146
&
for
Reserves
for
account
preferred
contingencies,
233,280
13,098
1,343,743
.
724,900
11-14-41
46,800
914,800
Vfj
801,200
20.00%
1,043,220
65.00%
1,115,300
94.1%
,
,
National
332,000
4%
for
the
in
year was held
October
the
over
cor¬
down by the slight rise of
miscellaneous
group, '"All Others," which con¬
ranging from 13 to 17% for this group in re¬
sales than
a
;
year
The
creases.
235,037
stock
a
under
,
21,396
r
it
includes
had
lower
bulletin
further
states:
.
sales decrease because its convention businss
point.
The
average
1929.
to
241,622
for
occupancy
the
entire
country,
Room rates
5%, which is 2 points above the
rose
is
the
OCTOBER,
average
'
:
204,628
71%
year and the best for the month of October since
date.
20,503
196.296
_*._™__.—
firm's
highest for this
;
/.
8,494
hotels
that
15,046
6,667
234,796^
of the
was sharply
a
year ago, though the
occupancy was down only
While Chicago had an average increase of 9%, quite a
large proportion of hotels had decreases.
•,
222,770
5,381
8,571
—
cent
ago,
Washington as usual reported heavy business, the average
occupancy being 86 %.
Philadelphia made an exceedingly good
showing with an occupancy of 67%» which, though below the
country-wide average of 71%, is the best monthly average for
that city in 14 years.
In New York City room sales were down
|f slightly but food and beverages were up a little. Cleveland re¬
207.724
240,001
;
219,908
15,129
Forty
most of them being in the Middle West.
In
Pittsburgh a hotel strike caused considerable loss of business.
Again
from the Atlantic Seaboard States come
reports of substantial in¬
1,516,368
224,711
15,290
15,523
—
stock_____
etc
208,644
$1,564,500
per
Reserves:
Retirement
11-3-41
Bank
increase in hotel business
months.
1
248,803
dividends payable in common
other undeclared dividends
102.08%
'
monthly report on the trend of business in hotels,
Horwath, New York hotel accountants, state that the
average
only
of
.
for
16,700
responding month of last
•
Total
for
11-21-41
47.3% '
&
Pa.__
Bk., Point Pleasant, W. Va.
total
3,628,321
________
--
Reserve
86.46%
cent
231,644
—
preferred capital stock:
Class
A
preferred stock
:
Class B preferred stock__™___
Reserve
59,100
11-22-41
Bank
National
ported
Retirable
$67,300
trasts with increases
1,527,237
v
V
^
of
Lehigh Valley National
of Bethlehem, Pa.
In
45,931
ACCOUNTS
—.—_™_™__—___™—i*.
;
Proved
11-19-41
of Bedford,
Keswick
59
.
;;;
*
Claims
to Date
11-13-41
Bank
National
Co.
9,275
'•
1,529,473
stock
Common
Amount
Dividends
v
October Hotel Sales Advance
68,168
171,034
2,430
36,197,564
accounts
;
Percentage
Authorized
Authorized
of Glenside, Pa,
:
da,898
48,082
3,127
™_™________™;._—_______—______
capital stock:
preferred stock
preferred stock—
A
BANKS
1941
410,314
MEMORANDA
Par
30,
National Bk.
National
38,538,320
37,351,303
2,005
■■•-U
59
59,379
1,309,533
467,984
of
and capital
NATIONAL
NOV.
6,957,718
407,137
accounts___™™__-__™__™™™
Total
ENDED
by Dividend
Bank, N. J,
First
The
603,581
36,287,481
below)
profits
;
(see memoranda below)
Total
478,412
518,760
—
CAPITAL
Capital
INSOLVENT
2,578,267
—™_
_—
—
OF
MONTH
Date
Secaucus, N. J.
19,944,103
8,042,313
540,937
etc.)
;_——
_____
liabilities
THE
"'
of Red
Trust
35,852,424
liabilities
CREDITORS
Authorized
The Broad Street
The
19,194,051
_______
Total
TO
DURING
Name and Location
39,492
8,050,125
rediscounts, and other liabilities for borrowed money
Mortgages or other liens on bank premises and other real estate
Acceptances executed by or for account of reporting banks and outstanding
Interest, discount, rent, and other income collected but not earned
Interest, taxes, and other expenses accrued and unpaid
Other
largest
month
the
of Funds
60,629
18,070,367
payablef
Bills
dividends
and
during
Distribution
91,620
7,954,096
506,709
___________
checks,
of
Total
17,939,331
S.
Government, including postal savings.
of States and political subdivisions
i——
of banks.—,___
Deposits
PAYMENTS
Bank
deposits of individuals, partnerships, and corporations
deposits of individuals, partnerships, and corporations
of
payment
average
authorizations
591,544
The
Demand
an
percentages
follows:
AUTHORIZED
LIABILITIES
Time
on
30,
1,606,133
not
_™_
Deposits of U.
announced
1941, authorizations
65.0%, while the smallest
dividend
of Bank—
47,154
earned
ih
or
maximum
15,142,138
598,722
108,197
45,519
furniture
other
1,113,876
2,147,574
2,008,472
:
investments
owned,
owned
11,470,256
8,856,499
2,279,453
2,020,242
1,590,191
208,409
39,733,962
Total
and
were as
10,922,483
8,482,114
!
Cash, balances with other banks including reserve balances, and cash items
in process of collection
;
.___
involved
$5,771,020,
ana
2.08%
1941,
10,427,466
7,658,549
_
Corporate stocks, including stock of Federal Reserve banks
Delano
Of the six dividends au¬
thorized three were final dividend
payments, two were regular
dividend payments and one was a
partial interest dividend payment.
Dividnd payments so authorized
during the month ended Nov.
:
.
10,027,773
_
Government
Preston
$16,700 and $724,900, respectively.
60,399
S.
aggregating
minimum
were
payments
(5,131 banks)
62,415
U.
Currency
were
$
'
claims
19.47%,
Loans
the
issued to receivers for payments of
dividends to the creditors
of six insolvent national banks.
Dividends
so
authorized
will
effect total distributions of
$1,123,444 to 19,340 claimants who have
Dec. 31, 1940
ASSETS
of
during the month ended Nov. 30,
were
1940, APR. 4, JUNE 30 AND SEPT. 24,
[In thousands of dollars]
31,
,
Comptroller
,
included.
are
BANKS
NATIONAL
DEC.
•
•
Insolvent National Bank Dividends
banks under the Comptroller's call of
Sept. 24, 1941
For purposes of comparison, like details for
just been issued and is summarized below.
calls
1561
1941, COMPARED WITH OCTOBER,
1940
tRoom
Total
-
direct
and
guaranteed, pledged to
and other liabilities—
and
for purposes
Securities loaned
2,457,149
Total.
'___
;—r
——
™—______
'
agreements
:.
Other liabilities secured by pledged assets™
in
banks
of
foreign
other American
branches of
branches)
601,405 :
V
89{113
countries
(including
banks but excluding
-
-
14,437
3,210,576
banks
Reserve
Total
2,630,448
2,659,791
Details of time
27,152
3,496,788
2,746,217
2,558
2,064
: U.'-U-r485
1,984
2,802,808
*
banks
2,662,340
New York City_.
Chicago
Philadelphia
Washington
+
balances
of
amounts
2,212,054
19.194,051
498,900
2,200,817
436,830
\
foreign
due to
9
+
+ 43
•
f
8
+ 42
-
Pacific. ,Coast™
+ 20
Texas
+ 12
All
others
"
"
+ 25
2"
+
6
4
+
Year
>
and
not
term
to
8%
+
5
+
3
+
8%
7%
+
-
Deer.
or
77%
73
67
51
+ 10
+32
+
9%
0
+
.
6 %
.
9
86
75
5
74 •:.
75
2
75
70
+
3
+ 26
.
4
81
55
+
7
68
+
4
+
5
+
3%
—
+
.
2'"
+
;
73
5
+
1
70
70
+
7%
71%
io%
+
10%
■
.
.
'
70%
+
6
0
.
8 o/r
+
refers
and
1940
76%
75
+ 49
.
21
1941
12
+
+
+ 10%
used
*Rooms
.+
+ 14
7%
wherever
+
+
+ 12
+
"rates"
,
' '
+ 23
38
+
+
scheduled rates.
Nov.
566,645
2,267,161
6,151,745
date___
to
+The
r
7
+ 23
+
+ 12
5%
+
.
.
2
+ 17
Beverages
+
+
+ 10
—
;
Food
9
+ 23
1
+
to
the
average
restaurant
68%
sales
'
65%
occupied
per
room
only.
Syndicate Store Sales 13% Over 1940
.During November "5 & 10" sales enjoyed-a substantial
1
6,647,921-
y.;
6%
+
"
—
Detroit-;
19,994,103
■
.
355,707
__
6,853,773
•
•
recov¬
which brought them nearly to the best levels of the year. As
by the Syndicate Store Merchandiser's seasonally ad¬
justed Sales Index, issued Dec. 11, average daily volume per store
ery
measured
337,633
518,760
407,137
453,178
410,314
27,397,446
—
+.
+ 43
+ 24
___
1%
9
—
Occupancy
Rate
Oct.,
Oct.,.*„Inerease
.2,811,970
;
own
account)
deposits
2%
+
Cleveland
8,613
549
2,748,722
18,070,367
1,998,658
6,121,622'
and
•
521
17,939,331
463,368
^
___________
(transit
demand
101.S66
3.394,743
cashiers' checks
(including dividend checks), letters of
travelers' checks sold for cash, and amounts due to Federal
credit and
580,382
'
19,344
and
Certified
-
■'-
■
100.882
-
2,633,514
____
2,787,388
Decrease-
Rooms Restaurant
+;: 7%
508
of individuals, partnerships,, and corporations
of United States Government.™
i__™
Deposits of States and political subdivisions
Deposits of banks in the United States (including private
American branches of foreign banks)
foreign
629,253
:
89,741
3,204,625
.
Deposits
Deposits
»
•
deposits:
demand
Deposits
V
2,673,112
or
Total
...
—
____™—-
of
2,477,773
13,372
1
chase
Total
241,622
"
-
-
___™L___™„__
______
644,363
•
Deposits secured by pledged assets pursuant to requirements of law—
Borrowings secured by pledged assets, including rediscounts and repur¬
Details
-Sales, Increase
__
"
-
_______
liabilities: V
Secured
240,292
secure
—:
pledged to qualify for exercise of fiduciary or corporate powers,
other than" to-secure .liabilities™:
Assets
;
234,796
-
♦Total
Other assets pledged to secure deposits & other liabilities, including notes
and bills rediscounted and securities sold under repurchase agreement.
1
,
obligations,
Government
S.
deposits
231,644
—
and securities loaned:
assets
Pledged
U.
—
27.774,309
28,836,324
30.041,996
in November
October.
to
rose
130.2%
This compares
of the 1935-39 average from 126.8 in
with 130.9 in August and 111.4 in Novem¬
ber of last year.
deposits:
•
Deposits of individuals,
Savings deposits
.Certificates
of
partnerships,
deposit
Actual sales of 12
and corporations:
—
7,129,006
510,887
_™
Deposit's accumulated for payment of personal loans__i.__
Christmas savings and similar accounts.™
48,418
^
Postal-savings
deposits
banks
8,050,125
359,572
private
banks
318,265
42,037
328,362
and
_™__,
8,044,337
1940, which month had
this
amounted
Total
.
;
36,936
time
Total,
Total,
103,200.
required
reserves
to
Central Reserve city
city banks
net demand plus time deposits:
banks_™___.;____™_____
_______—.
banks _:
all member National banks—;
Total, Country
Total,
—
5c
8,513,172
8,514,979
8,496,324
S.
S.
21.52%
14.03%
8.34.%
8.37%
14.73%
14.81%
21.57%
26.60%
14.10%
.
14.29%
S.iA'.-:'
8.45%
14.88%
8 68%
14.93 %
Wool worth.
W.
b Includes United States Treasurer's time
Note.—Beginning with the call as of Oct. 2, 1939, and continuing with each subsequent spring and autumn call a "short"
form,
schedules of loans and investments, etc., was adopted for obtaining condition reports of national banks.
The ab¬
covering each of such calls therefore contain fewer pages than the abstracts for the remaining calls made in the
stracts
'I
.1
i.-i
i
T- V;
:
>
'•
A.;,:
•
.••■J:
year.
••
c
was
these
the
chains
improvement
of
case
have
13.4%
year.
10c
TO
$1.00
SYNDICATE
'
-.V:
1940
STORE
$29,687,157
Pet.
SALES
11 Months
Chg.
1941
+ 13.7
$314,132,930
15,847,758
14,179,322
+ 11.8
146,554,871
12,169,948
Grant™™
10,628,238
+ 14.5
104,706,117
rv;
1940
$280,889,179
131,798,910
Pet
Chg.
+ 12.0
+ 11.2
Murphy____
5,608,205
4,884,341
+ 14.8
52,616,742
J.
J*
Newberry.™
5,522,951
4,937,959
+ 11.8
52,065,700
45,917,254
+ 14.1
H.
L.
Green_____.
4,899,204
4,394,561
+ 11.5
43,642,227
39,133,181
+ 11.5
4,654,915
4,057,712
+ 14.7
H.
G.
C.
Kress
McCrory
8,458,093
Stores™
'
Neisner
deposits—open accounts.
eliminating,
t
&
$33,775,951
Kresge
T.
McLellan
,
an
of
91,020,596
72,567,731
44,323,584
S.
__;
day than
sales
representing
period of last
1941
5,323.
13.94%
_____—
____
business
total
103,945
4,923.
21.46%
__________
.___
date
311,106
,
™
more
to
November
.
8,454,978
Reserve
one
year
$896,729,735,
similar
96,944
in foreign countries
deposits
the
over
W.
of
to
8,044,337
-
F.
itio
For the
year.
-NOVEMBER, 1941
93,046
_■
-
8,042,313
41,582 ;'--v
43,341
_____________
(including balances of foreign
branches of other American banks but excluding amounts due to own
foreign branches)
of
55,138
91,237
238,925
7,954,096
b
Deposits of States and political subdivisions
Deposits of banks in the United States (including
American branches of foreign banks)
_____
Deposits
8,050,125
18,888
leading 5c & 10c to $1.00 variety syndicates,
showed a gain of 13.2% over November,
which totaled $96,969,049,
504,332
246,897
accounts
Open
7,152,681
\
Bros
Rose's
M.
H.
Stores—
Stores
12
+ 10.4
84,013,613
-
+ 15.8
+ 18.7
43,614,829
38,180,219
+ 14.2
2,435,850
2,134,169
+ 14.1
22,490,379
2,107,126
+ 13.9
21,693,820
19,434,619
18,843,379
+ 15.7
2,400,821
+ 15.1
734,624
566,227
+ 29.7
6,260,288
4,968,396
+ 26.0
460,729
416,982
+ 10.1
4,398,219
3,918,489
+12.2\
Synd. $96,969,049
$85,652,931
+ 13.2
$896,729,735
$790,995,537
Fishman
Total,
-
7,659,137
+ 15.0
+13.4
Transacted at
Auction Sales
Transacted
75 .'.
•
97
100
*
200
.
5
•:
110
J.
'
25
1
40
J
750
-
100
"• ,25
:
/■ ;*.■•/
'\i;
Stocks
Corp.,
Rumbletop
25
>
common——_____
convertible
Corp.,
Rumbletop
50
(
Boston
Insurance
Boston
Insurance
Exchange
preferred,
3
&
Son,
Inc.,
preferred,
Bird
&
Son,
Inc.,
30
Amity
10
Bergen
Durbar
$100
preferred
$100—
'38
11
10
;
60
60
-
Mortgage
Hampden
85
1
Utilities
Gold
Durbar
1,000
&
Power
Ltd.,
Mines,
National
19
National
Service
Cos.,
National
Service
Cos.,
$4
Cos.,
Service
National
100
F.
A.
Poth's
Sons,
lot
110
100
$4 lot
10
class
A
100
National
Service
Cos.,
$3
lot
$25
lot
.100
Service
Cos., common
Motors,
/ 500
?
124
50
$1,000
The Rivers
sub.
and
1933,
$2,000
$19,040
$4
lot
on
lot
$15 lot
,
—
J
—
1947,
July,
coupon
'
.
$25
-
.
lot
y,
.4
Shares V
•
52
•
=
$1
—
lot
250
50
Self
5
20
Feeding
Woodbury
Devonshire
33
Woodbury
1,100 lot
) :
Fifth Madison Corp.,
$1,476.29 Fifth Madison Corp.
Fifth
120
1,800
\
Raymond-^Whitcomb,
,10
Home
50
Home
.
Home
$i,qoo"
El
4.Q00
300
.
1
.
,
/-
2,200
H.
of One State Street,
New Haven„_—_—i
Grelle. Club Corp., preferred. New Haven, par $25——_j
> 100 V
•
—
Cripple Creek Mining & Milling, Ltd., par $1
1.—
Elkland Leather Co., Inc., par $10044—&.——
Pemberton Building Trust, par $100__—__r——_
Pioneer Petroleum Co., par $5—ji._i._-—_——„
20.
'600
mv
8
Building Trust, par $100—i_r—
_r—
Massachusetts Building, par $100—)
Kimball
250
Petroleum
400
Petroleum
Rights Corp., preferred,
Rights Corp., common:
Central
10,000
Building
Hultene
60
Rubber
Trust,
Corp.,
par
par
$100—j——____)
$100—
common,
par
—
1
$1„
——
8
Adams
14
Adams
par
i
Federal
Investment Trust,
Federal Investment Trust,
: -5
1
;-
1
I?
9
lot
.
20 lot
;
75
20
class A common
Copper-Gold Mines, Ltd., par $1
Consolidated Tin Corp., Ltd
____
Central Public Utility, income 5'/2S, 1952
Empire State Bancorporation, class B—
Lafayette Hotel Co., Ltd., 7% cumulative preferred
10
Fred
Empire Public Service Corp.,
35
'
Jay
100
1,000
$2,000
67
'
T.
Ley
Co.——.
,$534
!
Title
Insurance
.Mortgage
Co.
54 lot
1
further
based
goes
on
"Of possible significance
is the fact that France, Belgiumsay:
and
Luxembourg, conquered by
Germany in the 1940 campaigns,
reached their peak of steel pro¬
duction
in
/1929,
and
failed
to
.
*
reach that level in any later year.
On the v"other
hand, Germany's
steel
production
most
back to
in
the
1935
1929
was
•
al¬
level, and
American
steel
-
capacity,
bombings and the blockade. Can¬
ada. und South Africa are each
establishing new production rec¬
1941
in
as
2,600,000- tons
tons.
400,000
for
Canada produces
and
* '
',
4.
South Africa
'
e
1941
avail¬
not
are
""
^
able for /Australia andU India, buL
in
last year; audrlpdia .1,200,PQ0;fpn§_
The 4 RUssian' " ^ s t e eT *MndOStry "
-•
•
maximum
achieved, its
12,103,115
362.753,025
-
recorded
output in 1940."
570,902.740
debt outstanding as of ;Nov. 30, 1941;
preliminary
to
?
$55,039,819,927
accord¬
Principal amount (current redemption value)
public debt statement, $5,619,676,406.
lot
120
lot
314
7
U. S. Alone Gah Produce Three: Tons
lot
71
Of $teel
lot
j For Every Two Axis Powers Can Produce
10 lot
1
'•
70c
The
Conversion Succeeds
second
mammoth
conversion,
affecting
na¬
tional
mortgage
bonds ' totaling
over 1,300.000,000 pesos, has been
an unqualified success,
indicating"
the great strength of the Argen¬
tine money market, according to
an announcement made Dec. 5 by /
the Argentine Information Bureau
in New York.
Under this opera¬
United
alone
States
can
produce three tons of steel for
be made by Germany, Italy, Japan and all
the Axis-dominated countries of the world put together, according
to a survey of the American, Iron and Steel Institute released on
tion,
5%
and /414%
mortgage
Dec. 12, which adds that the Combined-steel capacity of the United
bonds were convertible into new
States, the British Empire, and Russia is considerably more than
every
lot
45
Argentina's 2nd Bond
bond
...
lot
two tons that can
twice the Axis
total.-
taxable 4%
—
■
tons per year, while that
of Rus¬
nounced
issues.
that
of
It is
the
now
total
an¬
bonds
the -close of the current
sia is. about 21,800,000 tons.
To¬ affected, amounting to 1,368,000,the American steel indus¬
000 pesos, requests for conversion
gether with the steel capacity of
try will have capacity for produc¬
totaled
1,247,485,325 pesos.
Re¬
■the United States, this would be
ing approximately 88,000,000- net
iabout 130,400,000 -tons per year, demption applications amounted
By
:
year,
,
survey
available,
latent
approxi¬
tons per year
produced, by Germany,
Japan, and all continental Euro¬
pean steelmaking nations except
60,600,000
mately
can
1 lot
the
On the basis .of- the
states.
information
—
be
Russia."
22 lot
The
first
mortgage, series D 1-41/25, March, 1946
'Danzig Port '& Waterways extended sinking fund 6J/2S,^ July,
1952, coupon January, 1939, stamped and Sub. on
-
$196,046,600
interest
tons of steel per. year,
insured
to
Institute
Argentina's
15
27 lot
;
_—_____
$3,000
no
Total gross
1
;
&
Bearing
ing
:}
Chicago, North Shore & Milwaukee RR. Co. 1st & ref. mtge. 6s,
Jan. 1, 1955, series A, coupon July, 1933. and sub. on
Conveyancers
The
"Data
amount of outstanding public-debt obligations
'"^Approximate maturity value.
lot
Bonds
$1,000
tons of steel annually
past performance.
each- case^the output of.,.steel
in 1940 represented a new peak,
$54,468,917,187 Australia, produced 1,300,000 tons,
lot
250
? 30
v ■
000
on
lot
Hodges Carpet Co., par $100
Ozark Corp., common (old stock)
10
UNITED STATES TREASURY
debt obligatiohs outstanding but not
subject to 4;he statutory: 'limitation:
•' 'interest-bearing (pre-war, &c.) '
i Matured obligations on which interest has ceased_/
8% cumulative preferred, par $100—
of Commerce Realty Trust,. 1st pref. par $100—
Boston Chamber
$9,235,555,919
issuable under above authority
}r
Federal Investment Trust,
i
55,764,444.081
Add oGher public
r.
Washington (D. C.) Investment Trust, preferred, par $100— ___
Federal Investment Trust, common—
3
129,376,400
ceased—
,
5
$100—
par
16.158,354,825
authority of the Second Liberty Bond Act, as
common—:
8% cumulative preferred,
steel production of Hun- ;/:>■;
Spain
and
Sweden,
to¬
gether, can produce about 2,700,-
low
issued "under
amended—;—-• $55,764,444,081
Deduct, unearned discount on savings bonds (difference between cur.
rent redemption value and maturity value)—
I
1,295.526.894
face
Total
$100
—
Building Trust, $7 cumulative preferred,
Building Trust, common
The
gary,
to have
RECONCILEMENT WITH DAILy STATEMENT Of THE
NOV. 30, 1941
lot
j
Hultene Rubber Corp., 6%' preferred, par $1
5,000
■Vv.
1
$25,——
1939. :
ords
face amount of obligations
lot,
Grelle Club Corp.,' common,
Quincy Mining Co., $24.50 paid, par
Bassani Processes, Inc., common—
-
10,200 "
>.4.v
class A
2,724,550,000
•1,703,300,000
Matured obligations, on which interest has
__—.3 lot
IV2 lot
,
.
75
!
$1—.
'
100,000 tons in 1939, and is said
dropped only slightly be¬
that total in
1940 despite
$11.7)30,504,825
—
-
par $100
^
13 lot
Corp.—————1 lot
par
.
prob¬
"Steel production in the United
Kingdom reached a peak of 15,-
$55,635,067,681
Byllesby & Co., class A_l___1L___——1—:———_|
M. Byllesby & Co., class B—
)
The
.
Mines,
M.
The
40
.//
Dryer
lot
61
)
Industrial Development Corp.,v temporary certificates, par $1—j
Cripple Creek Mining & Milling Co., common, pgr $1——
-•
500
Building,
Vacuum
Gold
Trustees
140
$5__—1——,—r--.—-r.
and
3,000,000 tons.
Japan's steel capacity is about,
7,100,000 tons per year, based on
1940
output, while Italian steel
capacity is. about 3,000,000 tons,
the production peak reached in
1929.
lot
31
—I
——————J
common—
production
for example, will by the end of
194! be 20% greater than in 1929.
-
62,171.000
Treasury bills (maturity value)
20 lot
Cos.,
par
Doreva
20
40
Oil.
Minton
H.
^ 5P
&
lot
390 lot
'734.339,806
Treasury notes
Certificates of indebtedness—:—
.
4
'
Corp.,
Massachusetts
400 V
2,655 '
,
S'?
Mines Co.,
Service
11
capacity in Belgium, 4,500,tons,
and
in
Luxembourg
000
r f
'
i
service
Adjusted
lot
2
i——
1——_
Temblor.
.
Li_i
Ltd., par $1———1Coated Paper Co., comnion__,
$3 preferred—
Qzarlc
200
50Q
Inc., prior preferred
_.
Gummed
lot
to go back to 1929 to estabpeak
able
lot
1
-
Depositary
lot
2%
Co., common:—-——
Co., preferred; par $5_l———
Mortgage Cp., 5s, Jan. 15, 1936-.———T__
Canada
1
Dec. 4 its monthly
—
lot
15
________
Mortgage
National
450
,
lot
330 lot
Mortgage
Nashua
\/> 2.4
sary
lish
-
—$31,764,998,750
Savings (maturity value)*
— 6,915,203,300 *
lot
.-.
40-
160
lot
$39,476,712,856
second 6s, April 1, 1953, reg
second 6s, non-interest hearing certificate
Gray Realty Co., Inc., preferred, par $10
National Service Cos., common, par $1_——
:
'' Treasury
lot
2
101
300
-
■
Department made public on
Bonds—
/
lot
45
Madison
United
*7,600
,
2'/a
Corp., class A, par $1
Reduction & Mines Co., B__
Mercury Mines, par 10 cents—.
*
.of
._
Juanajuato
12 Vz
Treasury
Interest-bearing:
j f.
—
Trust, common, par $100
Montana Mines, par $1—_________
$6,000
>
700,000 tons, the tonnage actually
produced in 1929. In no succeed- :
ing year, however, did French' ' /.
steel output come within 12% of
that total. It is likewise neces¬
German output from 1936 through
that Ac,t "shall not exceed in the aggregate $65,000,000,000 1940 was in excess of 1929.
j outstanding at any one time." >
"
7
"
"Similarly, the present
esti¬
The following table shows 'the face amount of obligations
mated
capacity of the
United
outstanding and the face amount which can still be issued under
States, the United Kingdom and
| this limitation:
.
^
.
'
British Dominions, and likewise
Total face amount that may be outstanding at any one time_
$65,000,000,000
Russia is much greater than in
Outstanding as of Nov.: 30, 1941:
-
lot
25
Trust—
Germany,
,
Trust—-—
Building
,
lot
1
y/hjeh however, are noL subject to the debt limitation. Thus, the
gross public debt outstanding- on Nov. 30 is shown as $55,039,819,927.
I
" The following is" the Treasury's report as of Nov. 30:
|
Section 21 of the tSecond -Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
i
1 lpt
Building
National Boston
i
25
of
mills
steel
have
i
;
lot
15
Sputhern Ice Co., common del., par $1—
Southern Ice Co., 7c/o preferred del—
2,376
lot
9
.___
100
Building
lot
common, par $!___——_
temp. ctf. W. W., par $1
,25
200
lot "
1
par $10Q__—
Florida, common.
Carburetor Co., Inc
United States Electric Power Corp.,
United States Electric Power Corp.,
53 V2
f.
5
of
Co.
Land
x
lot
250
Co.,? par
Chocolates Co.. common,
The
10
'
•
2
& Northwestern RR.
San-Man
185
.
1014
-
—
——
$100
Co., common (old), par $100
Trustees of One State Street, class A——_
——
Hptel Hamilton Trust, preferred————
Chicago
Lot
or per
National Bank, Lynn, par $20
Manufacturing
Pierce
62
!
$ per Share
v
'T'f
/
'
•
6
outstanding public
$18 jot
'
Trust
Assets
41
L-f;
'
Stocks
•
Manufacturers Central
lot
Wednesday, Dec. 3. total
by R. L. Day & Co., Boston on
"$333.33 Central
lot
report the Treasury indicates that from the total face amount of
debt obligations ($55,764,444,081) should be de¬
ducted $1,295,526,894 (the unearned discount, on savings bonds),
reducing the total to $54,468,917,187, and to this figure should be
added $570,902,740/ the other' public debt obligations outstanding,
3
January,
—
*
!
■■■
The
,
lot
$5
deposited—
—
.
lot
1
1
preferred—
report showing .the'face apioUnt of public debt obligations Issued
Under the Second Liberty Bond? Act (as amended) outstanding
Nov. 30, 1941, totaled $55,764,444,081 thus leaving the face amount
of obligations which may be issued subject to the $65,000,000,000
Statutory debt limitation at $9,235,555,919.
In- another table in the
'
Sciiqol, class A income April 1, 1950, registered—
1
1
■Corp:l':::—_____i__^
J
Statutory; QeM Limitation Asi Of Nov; 30, 1941
$12 lot
.
;
5s,
lob
.
par
Building
lot
________
i/
Transacted
$250
lot
1
.
steel capacity is-estimated at 10,-
lot
1
Manufacturers Country Club proprietary certificate
:
Athletic Cluh of Philadelphia, second 5s
■
—*
) iHoopes & Townsend Steel Co., "first mortgage 7% : 15-year
sinking fund, dated 3-1-24, registered C/D, stamped——
Suburban Co., debenture, income 6s." 1943—
_________—_
$250
i
$114 lot
93 lot'
1
central
in
.
200^
vri
lot
1
facilities
produced as much as
29,600,000 tons of steel per yeur;
equivalent to about half the total:
*
steel capacity owned by Axis and
Axis-dominated countries. French
._)
.
Corp.,' $4
land
"
1
par-
though they could op¬
capacity all the
Austria,- Czechoslovakia and Po¬
lot
50c
•
South.American Utilities,. Corp., common
Canadian Colonial Airways, Inc.,; scrip/_:i'J/.:_/^_i:-.::.._:/_
Seaboard utilities Sharesi corp., common, no par
45;
Bonds
Price
Center
Professional
South American Utilities
540/1,000
!
Bands
$5,300 t
50s
!
Engineering. Inc.—-r__ —•i;_
—
City Associates, $300 pai,d in liquidation, par $50——
—
Pemherton Building Trust,
par $100—
——
*
75
Co.i par $ipo
Madaras Rotor Power
'
10 lot
96
)
J
only // /
full
at
The
.,,,
lot
—
Seabay
6
lot
3
Mid-West'States Utilities Co.: "A/' commoii, no par
Central Trust & Savings Co., capital, par $10..—,
j
Stanley
'
Hotels Corp., cpmmon, no ,par_:—
Utilities Shares Corp., common, no
210
lot
1
3
make
and" southern Russia, which seems
doubtful..
lot
3
—____—
par
Seaboard
.
$200
no
200
130
$1
preferred
National
Lincoln
>' 100
Pocono
10
$2
common,
Ocean: City
jo
preferred
preferred—————r^_____—
Co.,
Automobile Bridge Co., common, par $1
Ocean City Automobile Bridge Co., preferred, par $50—
Pocono Hotels Corp., preferred, par $100__i___—
Pocono Hotels;Corp., cqmmqp, no,par
Skinner Organ Co., vno parxL—
Utilities Power & Light Corp., class A, par $l__-.__Pocono hotels Corp^ preferred, par $100—
"B" common, no par
"B"
1
could
73,700,000 tons of steel per
even
steelmaking
f-;80o
$1__—
par
common,
Parkview Beachfront Co.,
10
lot
common__
Mining
&
814
Pavkview
Co.,
year
,
$1 lot
—
$5
certificate
Metal
White
400
Inc.,
lot
erate
j____■___———:
preferred, par $5—
24-
Beachfront
about
lot
$50_
par
Inc.,
lot
44
countries
nated
1 lot
87
par
no
6
j
"*
steeliriakih'^^^^
parison, the Axis and Axis-domi¬
subject to; $10 assess¬
in,
paid
55
25
$625
—)
f
par.
:
10
<
.
25
preferred——
~—
National Service Cos., $4 preferred
——-——
-----
50
-
Sons,
$25
$3
Cos.,
Service
National
63
1
Poth's
>
—1
$100__i—
$1—
par
$5
par
$3
11
«-r;
A.
$500 lot
-----.-J
common_____J——
Cos./
Service
20 .;.
■i
F.
($25
Co.
common,
Corp.,
Alden
20
preferred, par $10—
Corp.,
Light, common,
due),
Park
Market
7514
—-
RR.y preferred,
Pacific
'Missouri
20
y 100
t
ment
.1
—.
Harbord Corp., par $100—
—:
Associates, Inc., par $100_______—_—
Gold Mines, Ltd., par $5
744"
$10—
Equitable Trust Co., Atlantic City,, preferred, par $10—
Southwestern
LoW
per
10c
Philadelphia and Trust Co., par $10
75c
Agawam
$500
(
lot
77 944/3000
lot
or
...
$1
par
Equitable Trust Co., Atlantic City, preferred, par
85c
Springfield Home Builders Co., capital, par $10
—
Racing & Breeders' Association, Inc., capital———
Agawam, income debentures 4s, Jan. 2, 1942
Adaskin Tilley Furniture Co., preferred, par $100
General Mortgage & Loan Corp., preferred
Home Builders Mortgage Corp., preferred, par $10—
10
Bank of
153 980/3000
$1
.-'x-
Corp.,
Atlantic City, N. J., common, par $10
National Bank, N. J., capital, par $5—i
Haddonfield
lot
East
60
t
i
lot
3
Victoria
6,250
150
210
40 'A
v..
Forge
Guarantee Trust Co.,
349
$25
Gypsum Co., common ,V. T. C
.N. Y., N. H. & Hartford, common, par $100—
Springfield Mortgage Corp., capital, par $100—____________
Surety Gold Mining Co., capital, par
-The Phelps Publishing Co.,
capital—
—
.
210
(
par
Pennsylvania
$31
B——
*ri:
---
common...
6,000
J
Bird
60
par
Inc.,
common
Stocks
Shares
;i: 100
60
$2
nually by. the-American and Brit-A /
ish Empire " steel' industries plus"
the remaining .40%
of. Russian!
Lofland, Philadelphia, on Wednesday,
&
Barnes
3.
$ per Share
Boston.
,
$ per Share
-----
__—
Building,
Building,
Exchange
56»/2
*
Co
'*■
I'
Somerville Trust Co., common, Somerville, par $100_
—
Lexington Trust Co., Lexington, par $20—■____
—:_
Pierce Manufacturing Co., par $100
________
Pierce Manufacturing Co., par $10Q__—
—w—
Goldfield Peep Mines Co. assessment 1-21 paid, par 5 cents—)
Stoneham Trust Co., par $10
_______
—— J
Manchester Gas Co. (N. H.), common, par $100
—
State Street Exchange, par
$100___-____—
Central Building
Trust, par $1001_—
—
—
Fawn Mining Co., Ltd., par 50 cents
The
Metropolitan Corp., par $100
_____
—
7
.
Wednesday, Nov. 26, by R. L, Day &
on
'"V1'''
Shares
Dec.
Thursday, December 18, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1562
2014 lot
3% lot
ish
tute
the Axis.
About-
steel
the Brit¬
Empire is cited by the Insti¬
at
approximately 20,600,000
60%
capacity
located
be
southern
The
if
steel capacity of
nearly 120% more than that oi
or
-
in
areas
Institute
Russia
tire steel
of
the
Russian
is / believed
the
of
central
that
points
should
lose
to
and
country,
out
the
to only 20,676,000 pesos.
Argentina of internal bonds totaling
about
2,700,000,000
pesos,
which
were
converted
that and 41/2% bonds into
en¬
capacity of those areas,
./
This operation followed the re¬
cent
successful
conversion
in
4%
A
from
new
:
5%.
taxable-
issues.
previous
item
concerning
approximately 117,300,000 "tons of these : conversions appeared
in
steel could still be produced anr these columns of Dec. 4, page 1356.
-,
?
.uk
Volume 154
-
TttEi COMMERCIAL & FINANCIAL CHRONICLE
-Number 4021
1563
\t • I
a
iw
iScsk
The
New
York
a
: j.-
\
___
announced
Exchange
Dec.
on
4
that
•
ratio of
these member
on
that
borrowings to the market value of- all listed
•
date was,
therefore, 1.15%. As the above figure ineluded all types of member borrowings, these ratios will ordinarily exceed the precise relationship between borrowings on listed
shares and their total market value.!
•
>
'
<*
,
'
'
t
-
"
the
-—Oct.
Nov,.29,1941—-t- /
///""
Group—:'/
,7
j.
$
17.93
580.686,336
.
1
Business and office
equipment,—
Chemical
42,65
14.36
27.04
41,251,474
24.64
_
Financial
_
Food
Garment
Land
and
realty
.
/quarter and the nine
42,272,407
(Net Profits in
14,999,125
Aircraft
19.09
1,365,853,207
1,387,438,750
I 389,668,477
367,233,592
16.59
22.75
2,774,757,074
24.88
2,023.025,895
27.59
348,621,574
32.92
100,153,719
23.37
'
_
——
merchandising *
___:
Rubber
_
Ship building and operating,,
Shipping Services
4^353,174.713
2,880,718,589
2,141,987,481
348,320,613
100,280,889
20.22 V
i
.
22.64
29.21
4.74
-9,381,330
41.39
23.69
41.00
322,104,563
1,203,718,652
1,690.334,615
(operating)
electric (holding)
18.30
Communications
J.
812,568,798
Li..,..
8.48
3,149.471,056
_.
76.51
10.96
14.91
629.039,887
15.54
109,266,779
businesses
79,789,788
490,860,013
v,
U.
S. companies
operating abroad
Foreign companies
18.61
1,782,526,330
857,354,709
3,279,643,860
78,598,414
477,871,174
698,226,976
113,725,142
45.02
37,882,316,239
—
We give below
25.87
39,057,023,174
i
...
,
f
Market Value
Price
$41,652,664,710
$29.12
NOV.
30
1940
Jan.
Feb.
31_.
Dec;
31
41,890,646,959
Steel
40,279,504,457
39,696.269,155
28
Mar.
■.
31
.—'—:
Aug.
31.96
Apr.
30_;
37.710.958,708
May
31
June
30_a^___
37,815,306,034
39.607,836,569.
;25.84
32.35
36,546,583,208
25.26
26.74
40,706,241.811
'
41,491,698.705
28.00
v
S8.56
•July 31
Aug. 30
Sept. 30
Oct.
Nov.
;15.2
6
5.0
3 2.9
n
2.9
.'7.8 '
11
9.5
26
,37.8
-
34.1
2.4
.
13.1
33 9
1.8*
13.2
17.2
_4—
14.0
1.8
3.0
"?
2.9 ;
5.6
53.8
47.8
4.7.
15.8
'
t.
14.8
16.5
t
"5:1
15.9/
19.0
22.5
7.1
7.5
11.6
25.1
25.3
31.8
7.9
13.2
42.5
25.8
37.2
2.1
3.8
0.1
4.8
8.5
9.6
13.5
40.0
34.4
44.5
4.6
4.0
19.9
18.2
12.3
49.5
—0.4
j
11.7
'
6.1
r
.
■
7.2
23.2
51.2
12
8.8
7.1
/--4-
32
69.7
77.2
4-
12
84
9
2.3
(cigars)
■
.
f
Total, 32
'Class I railroads (net income)
10.7
11.7
«
8.9
\ 9.1
33.5
35.1
13.4
4.8
10.3
13.1
19.5
23.9
24.1
150.4
/ 83.7
118.8
32.0
21.2
27.0
75.6
216.7
'172.2
"20.7
234.4
9.7
10.8
4.3
3.1
•
:
>18.6
7.2
0.8
<
:v
7.3
-
9.7
;
•
■
:
/ 9.8
:
23:0
20.5
*.
4
3.5
,
3.6
«
9.0
"
40.984,419,434
26,66
37,682,316,239
29
28.02
39,057,023,174
31.
28.32
25,87
j
1.3
1.2
2.4
3.3
3.3
10.9
17.2
21.6
!212
407.5
319.5
450.4
1,280.5
1,042.1
1,314.3
.
.
at
and
book
corporations
sales
reported
man¬
and
cars
for
1940
to
1939.
Net
profit
after
all
charges
totaled $11,000,000v in
against $5,100,000 in 1939,
1940
42.5
69.8
188.4
81.4
60.7
359.7
62
55.7
.54,3
50.8
185.0
193.7
191.8
/
SEC Issues Two! Industry Reports
earlier
ance
and
$233,000,000
as
compared with $165,000,000 • in.
32.2
!The SEC has made public the fourth and fifth of a
new series of
.industry reports of the Survey of American Listed Corporations.
These reports cover the calendar years of 1939 and
1940 and extend
reports which generally covered the period 1934-1939.
Bal¬
sheets and profit and loss statements,
expressed both iri dollars
and percentages,
8.1%
17.6%'
worth
net
amounted
10.9
•
-Corporate Profits Show 3rd Quarter
to
or
of v these
/ trucks
22.1
'
28.46
41,472,032,904
of
For the 12
____
....
in
,
public utilities .(excl. telephone companies) het income—,
—Deficit.
sales
ufacturing commercial
"
Other
,
as com¬
10
enterprises
$2,025,000,000 at the encl
of 1940 compared with
$1,736,000,000 at the end of 1939, while
surplus increased to $674,000,000
at the end of 1940 from
$638,000,000 at the end of 1939. v//;;.
401
:
of
assets
1.1
i"
groups
com¬
totaled
38
.
•':>
:
-
Total dividends paid out
by these enterprises Were $195,000,000 in 1940 against $182,000,000 in 1939. The combihed
12.3
14.1
4.2
9";
equivalent
16.9%
12.7
8.2
10.5
59.1
•____
'
13.6
5.9
5.3
v
4.8''
14.2
,
;
Net "profit ' after
all
totaled $235,000,000 in
against / $217,000,000
in
1939,
54.2
4.2
•
i 2.5
vs.
5.0
8
./
10 automobile
9.6%
53.4
16.5
'
44.5
/
Manu-
with / $2,254,000,000
1940
9.6
44.4
34
;
-
22.8
119.8
8.4-
>
,<
Coach
charges
10.5
22.4
112.7
17.4
6.6
4
6.0
28,9
•
&
$2,903,000,000 in 1940
/VI939.
119.9
■
j
value.
6.3:
^
7
8.0
8,7'
39.5
.
14
4
j.
4.1
27.07
41,654,256.215.
■L**-
to
rll;2
/
{
-
panies combined sales amounted
Z 4.2
8.2
/ Eor the
44.2
3.8
12.5
:
4.6
5.0
equipment __44:
iron
s
4.0
v.
25.78
32.34
46,769.244,271
27.51
,46.4
1941
137
31—
Feb.
31.68
Jan.
1.4
16.5
// 1941—
*
12.9
'
27.24
32.37
tv 207.0
9
j.__
—4-
Tobacco
27.08
31.79
•
■:>:
160.5
4
.4^^^
Textiles
27.6B
39.398,228,749
y:
199.9
7
,4_i
4*
and
Stores
28.80
38.775,241,138
39.991,865,997
31_-____
31
Sept. 30
33.11
46.058,132,499
■
29_
July
Railroad
28.72
46.694,763,118
'•
f'M.
30_
May
41,848,246.961
45,636,655,548
Mar. 30
June
30-y.i-^
,•>>
31
29
Nov-.
46,467,616,372
—
Apr.
33.15
58.7
1940
r
r_a-
Miscellaneous
47.373,972,773
45.505,228,611
30
Dec.
;
silvera_i_z
Petroleum
$29.38
47.440,476,682
Oct.
•
Paper and paper products
Price
32.2
6.9
5
and
viotion pictures
$42,673,890,518
31
/ "i-8.3
23.3
0.9
28
Copper
1940—
Oct.
8.2
5.8
$
Truck
'!/ facturing Co.
9.5
15.6
0.9
12
J. v}.
Other.
Market Value
1939—
Allg. 31
Sept. 30
■
—
"Gold
Average
-First nine months-
15.1
r
://■ "I'/;
.
.
.
Motors, Inc.; / •; ,?/
The Seagrave Corp.Twin Coach Co.
^
/
Yellow
11.3
11.0
iv±-. a.-ik
Coal
-
Average
2.2
Trucks, Inc.
Reo
^
1937
53.8
i $'■<*
is'f} (■m, o
Mining:
79.61
two -year compilation of the total market value
and the average
price of stocks listed on the Exchange:•> /,v, j' ' f""
Mack
The Meteor Motor Car Co.
2.6
11
Confectionery.
.Flour milling .& cereal products.!
Other
26.66
;
1941
;
12
i--*
Industrial machinery & accessories
8.95
2.4
i
pared
Heating and plumbing_r_.:__—__,.
and'roofing
.*
'
Other
ur,—
Beverages
I
/
19.29
a
/v.":
For
.
Office' equipment <4444,4
____
„
<■
"Bakery products
■i
!/)■
Gas and electric
;
1940
32
.
Drugs, cosmetics, and soaps.
Electrical equipment
5.11
2,103,306,810
23.32
1,096,206,245
Utilities:
All listed stocks
".
23.46
40.09
5
Copper and brass fabricators/;.!:; >)
32.89
317,006,220
Tobacco
Miscellaneous
...
Chemicals
"25.87
2,037,544,836
"
-
Miscellaneous
materials:
Lumber
23.47
8,699,320
Textiles
1940.
r.;
The Four Wheel Drive Auto Co.
Fruehauf Trailer Co. /
/[////:'
The White Motor Co.
—Third Quarter1937
13
'
Steel, iron and coke
V;
-
Hardware-
17.62
...
of
v'
>
Federal Motor Truck Go.
-
1
—
manufacturing.
Building
■
-
/
Divco-Twin Truck Co. h•>
•
was
1.5
Automobile accessories (excl; tires)
>22.30
22.68
/,
trucks are:-;>/ .'••/ ;/./>.4
periods.'
cos;
Automobiles
"3.08
186,998,544
••
,
^iliiohs-of Dollars)'
No. of
Corporation Group—
Advertising, printing & publishing.
25.23
3.12
21.54
4,374,562,423
Railroad
months
19.04
1,340,588,545
Petroleum
j
,279,977,422 <;■' 23.93
5,370,174,717 '
56.73
1,199,278,039 - 30.08
579,496,378
44.21!
758,111;694
.14.70 '
2.596,8671532 27.68 ;
1,289,195,116
__
and
,
;
Graham-Paige Motors Corp.
Hudson Motor Car Co.
Diamond T Motor Co.
about six times that of
1940,
amounting to approximately .$360,000,000 as against
$61,000,000
a
year before, and was the largest since 1930.
Net income of
other public utilities (excluding,
telephone companies) showed a
year-to-year decline of 6% and 1% respectively, during the third
23.77
i :. 17.83
180,643,410
—
Machinery and metals
Mining (excluding iron)
Paper and publishing,^.——___
Gas
j
13.45
15,193,964
Leuther
Retail
A'-i* '•<£ $
■
413,613,551
29.28
559.035,260
737,783,223
machinery
-577,384,573
56.35
1,172,257,807
2,535,811,033
Farm
,2,855,738,823
5
23.58
5,3^ 7.99 7,866
:«r
Electrical equipment
$ / / l>'-\:■
-287,909,692
18.68
•
275,810.261
(v
*.L'
Price
'
406,559,249
>
,,t
22.62
2,717,991,441
—r__
Aviation
Building
1'
13.56
282,373,420
Automobile
Market Value
$70,000,000 during the corresponding period
the full nine months net income
Average
Price
■?; $
Amusement
.With
j
31, 1941
Average
Market Value
Chrysler Corp.
General Motors Corp,
earnings
following table listed stocks are classified by leading
industrial- groups with the aggregate market 'value and
average
price for each:
-
.
are:
Checker Cab Manufacturing Co.
;
Z
general exemption, from payment of excess
profits taxes because
are still relatively low on the large amounts<of
invested
capital, net income, after all charges, of Class I railroads
aggre¬
gated $188,000,000 during the September
quarter, as compared
p
j
.
-In
ing the automobile group
cot-
*
"
stocks
cov-
corporations compris¬
Hupp Motor Corpl
>
j
companies producing durable goods; 185 such companies included K Nash-Kelvinator
Corp. :
in the table showed an
aggregate gain over 1940 of 32%, while
Packard Motor Car Co.
;
profits of 33 mining companies rose 17%, and 183
The Studebaker Corp,
companies in
/
:
the nondurable goods and service lines
Willys-Overland Motors, Inc.
showed, an increase of
20%.: Profits in durable goods industries
/' ' The group of 12 corporations
generally fluctuate
much more widely than
profits in nondurable goods industries.
engaged largely in the manufac.Owihg/to the large volume of freight traffic and also to / ture of commercial cars and
*■
-
industry during the period
/';/-■ • ••'■/••
ered.
,The 10
same
/ responding period of 1940.
All groups, with the
exception of
bakery products, gold and silver mining, and cigar
companies,
had - largeri-profits than in
1940,/The largest percentage gains
occurfed in the motion
picture, coal mining, lumber and roofingproducts, hardware, and copper and brass
fabricating groups.
In general, gains in net
profits over 1940 were the greatest in
as
29, 1941, there were 1,234 stock issues
aggregating 1,464,476,868 shares listed on the New York Stock Ex// change, with a total market value of $37,882,316,239. (This com¬
pares with 1,236 stock issues, aggregating 1,465,181,804 shares, listed
on the
Exchange on Oct. 31 with a total market value of $39,057,023,174 and with 1,234 stock issues, aggregating 1,457,084,734 shares
having a total market value of $41,848,246,961 on Nov. 30/71940.1As of the close of business Nov. 29, 1941, New York Stock Ex> change member total net
borrowings amounted to $435,717*673.-/ The
-
higher-, price- structure for petroleum products and
large demand-. •!!/
/•/>/////,/:;/
a
For the first nine months of the'year net profits of this
group of 401 companies were 26% above the level for the
Excii^nge Reclined In Ncvensber
Stock
continued
of
;/•
of the close of business Nov.
•
result
well as surplus statements and financial
ratios,
The Federal Reserve Board of New York
reports that. its sea¬ are presented for individual
com-'f
sonally adjusted index of the net profits. of i67 commercial and
with $535,000,000 in 1939.
panies and for the industry group'
Net
industrial companies rose
approximately 10% between the secohd as a whole in uniform tabular
profit after all charges totaled
and third quarters of
1941, primarily as a result of a more favor¬ form which permits easy refer¬
$53,000,000 in 1940 against $31,able showing by the automotive
industry than is usual during the ence and comparison.
Reference
000,000 in 1939/ equivalent to
third quarter.
The bank"s study, presented in its "Monthly Re¬ to
previous reports in the series
8.3%
and
5.9%
of. sales
or
view"for December, indicates that corporation
profits showed fid as made in our issue of Dec. 4,
8.5% and 5.3% of net worth at
great change during the first nine months of 1941, while industrial page 1342.
book
1
:
^ ' :i
''.
value.
Total
dividends
.production, under the stimulus of the defense effort, was risihg
As to report No. 4," issued Nov.
paid -out by these enterprises
rapidly to record high levels.
Ordinarily fluctuations in production
were
$30,000,000 in 1940 against
23, the Commission had the fol¬ :
are reflected
to a large extent in
corresponding changes in net lowing to say':
$25,000,000 * in 1939. The com¬
profits, with profits rising«or falling at a faster rate than pro¬
bined assets of these 10 enter¬
Report No. 4 covers compa-;
duction.
During the past nine months, however, increases in
prises totaled $821,000,000 at the
nies engaged primarily in the,
taxes, together with higher wage arid material costs, have reached
end
of
1940
compared with
manufacture of agricultural ma¬
such proportions as to offset, in large
/
measure, the effect on profits
$763,000,000 at the end of 1939.
chinery and tractors which had
of the increased volume of sales together with associated reductions
while
surplus
increased : to
securities registered under the
in costs per unit.
At current levels profits of these corporations
/ $194,000,000 at the end of 1940
Securities Exchange Act of 1934
are 20%
below the 1929 peak, although, the volume of
from $172,000,000 at the end of
production
at Dec. 31, 1940.
This group of
is about 40% greater.
The bank's analysis continues:
*
1939.
/
registrants comprises practically
A compilation of the aggregate
sales, expense, 'arid profit
all of the large companies in this
Report No. 5 of the series was
and loss data published by 60
companies indicates that for the
'
industry during the period cov¬ made available on Dec. 5 and an
first nine months of 1941 gross sales of this
group rose approxi¬
ered. • -A Inajority of - the com¬ hnnbuncement
by the SEC thereon
mately $1,570,000,000, or some 45% above those in the corres¬
panies in this industry have said:
ponding period of 1940.
Profits, before Federal tax accruals, rose
-negotiated prime defense con96% while profits, after Federal taxes, were 21% larger than in
Report
No.
5
covers
two
tracts.'
the first nine months of 1940; the aggregate amount set aside for
groups of companies in closely
/ The 10 corporations included
related industries, one composed
I
Federal taxes was approximately four times the amount in the
in this report are:
of the companies
comparable, period of 194Q.
engaged pri¬
...
Allis-Chalmers Manufacturing
marily in the manufacture of
The accompanying table "shows that reported" net
"
"
profits bf //<) Go.
/
automobiles, but in several im':■/ a broader list of 401 commercial and industrial" -companies dur¬
B. F. Avery & Sons Co. /--/!*.
'/ portant instances other types of
ing the third quarter were 41% larger than a year earlier, r.This ' J. I. Case-Co.
/ vehicles and products as
well,
rather large gain is attributable in part to the fact that last
Caterpillar Tractor Co.
year's
/ and the other of
companies pri¬
reported third quarter earnings generally were "restricted by
The Cleveland Tractor Co.
marily manufacturing commer;'/> deductions for retroactive tax charges
Deere & Co.
(under the Second Rev¬
/ cial cars and trucks.
All of the
enue Act of 1940)
International Harvester Cos
applicable to the first six months of that year,
corporations in these two groups
whereas during the 1941 third quarter such retroactive
Minneapolis-Moline Power Imcharges
had securities registered under
were
less common because corporations had to a large extent
plement Co. /
the Securities Exchange Act of
New Idea, Inc.
anticipated the increases in tax rates provided for in the Rev*
f
"r »•
1934
at
Dec.
31, \1940.
The
enue Act of
1941.
Other important factors were the high third
Oliver Farm Equipment Co.
group
comprising the manu¬
quarter automobile earnings referred to-previously and a sub¬
Combined sales reported by
facturers
of
automobiles
in¬
stantial increase in steel company profits.
Net profits of pe¬
the entire group amounted to
cludes, with one major exceptroleum companies also were much larger than-a year earlier as
$634,000,000 in 1940 compared / tion, all of the companies in the
as
/equivalent to 4.6% and 3.1% of
sales or 8.7% and 4.4% of net
worth at book value. Total divi¬
dends paid out by these enter¬
prises were $8,400,000 in 1940
against $3,200,000 in ,1039.
The
combined assets of these 12
en¬
terprises totaled $180,000,000 at
the end oi 1940 compared with
$152,000,000 at the end of 1939,
while surplus increased to
$91,000,000 at the end of 1940 from
$82,000,000 at the end of 1939.
Single copies of the reports in
the
series
out
be secured, with¬
request
to
the
may
charge
by
Publications
Unit
of
.
Washington, D.
the
C. !;/:/Z
SEC,
.
■
.
(
Com Loan
Repayments
The Department of
reported
Dec.
on
15
Agriculture
that
91,628
loans made by
Commodity Credit
Corporation/ representing 96,857,499
bushels
1938-39
of
paid
from
Dec;
6, 1941.'
The
ment
1940
resealed
Jan.
' corn '
and
were
re¬
corn,
1,
1941,
/
*
f///r//>/
Department's
further
through
announce¬
'
said:
Repayments were fnadfe
57,930,108 bushels pledged
der
loan
sealed
on
in
1938-39
under farm
38,927,391
corn.
and
re-
storage^ and
bushels
There
on
un¬
of '1940
remained
out¬
standing a total of 174,301 loans
199,506,429 bushels.
on
.
1941 Wheat Loans
-
;
•
•
-
'
-
,
-
-•
Agriculture
reported on Dec.) 15 that
through
Decft
6, 1941, Commodity Credit
Corporation made 487,973 loans
on
331,849.807 bushels of 1941
wheat in the amount of
119.
The
wheat
under
-
.
The Department of
$325,982,loan
in¬
cludes, 102,704,190 bushels stofed
on
farms and 229.145,617 bushels
stored / in
public( warehouses.
Loans to the
same
had been made
on
263,000,000 bushels.
date last year
approximately
/■.:,/••/
Paul Endicott,
President of the United States
proximately 34,000 over September.
In each month since Feb¬
ruary of this year, nonagricultural employment has exceeded all
previously recorded levels.
Revised estimates show that there
has been an increase of 3,374,000 since October, 1940, and that
Four directors were elected: E.
Van Norden, New York City,
.•
Savings and Loan League Strongly Urges
f
Government To Quit Housing Business
M.
for District
1, including New York
States;
State and the New England
Best, Pittsburgh, Pa.,
compris¬
E.
William
re-elected for District 3,
Savings and Loan
Thursday, December 18, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1564
nonagricultural employment exceeds the 1929
peak by more than
■>
V 3,000,000.
One of the important contributing factors to the increase in
ing Pennsylvania; Carl J. Bergopening session of the League's convention at Coral
nonagricultural employment from mid-September to mid-October
mann,
Washington,
D,
C.,
re¬
Gables, Fla., on Dec. 2 that "in every defense area where private en¬
-was
a
.rise
in
construction
employment.. This increase was
elected for District 5, comprising
terprise can reasonably assume the risks incident thereto, savings
all the States South of the Mason
brought about largely by the building of new defense plant
and loan associations have been in the forefront of home-financing
facilities financed by the Federal Government.
'
•
and Dixon and the Ohio and West
activities; and private enterprise, in turn has to date provided a very
s; ;
of the Mississippi; and Halsey R.
The Federal construction program in recent months has re¬
large percentage of the new de-^
sulted in substantial employment gains comparable to those ex¬
exists today between the financial Hanger, Dubuque, Iowa, for Dis¬
fense
housing which has been
trict 7, comprising Indiana, Michi¬
institutions and the government.
perienced during the final quarter of 1940 and early this year,
completed in such areas.": Ad¬
when the Army cantonment program was under way.
The only
"Our job is to fight the pessi¬ gan,
Illinois, Wisconsin, Minnedressing over 1,000 savings and
mism, the impression that no mat¬ sotarIowa, Nebraska, the Dakotas. : other major group to show a substantial rise in employment over
loan executives, Mr. Endicott said
the month was trade, where the usual seasonal expansion oc¬
ter what form the final victory in
'.
■"
that the present is by no means a
this war takes, our American in¬
curred.
During the past year manufacturing employment has in¬
Defense Bond Sale Down
period of business as usual and
stitutions will be sacrificed in the
creased 1^854^00% compared to gains in excess of 300,000 in con¬
"all indications are that we face
struggle," Mr. Delano added. -"We / Sales of/Defense Savings Bonds
struction, trade, and the Federal, State, and local government
a
period very much further re¬
have the tools to fight that pessi¬ in November totaled $233,487,000, >1 services." The armed forces of the Nation now amount to 2,014,moved from business as usual." i
mism and it is our obligation to the
Treasury ; announced f op
; 000, a rise of 1,281,000 since October, 1940, in addition to the 3,Emphasizing the / contribution
Dec. 9, bringing total sales for
use them. We have the tools suc¬
374,000 increase of employment noted above. ""i-.V
which private enterprise has made
cessfully; 4<x fight any attempt to the; seven months;; since the de¬
Since the defense - program was inaugurated in June, 1940,
to housing the defense workers,
take away our. fundamental instir fense savings program began on
;
there has been an increase of more than 2,500,000 wage earners
he said:
/-•
League, told the
.
.
.
"
v*
'
''
1
1
11
-
"
.
..
tufions."
Despite these facts, however,
■
-
continues to
a threat to private enterhousing interests due to
1
,
>>
May
1
1
This
$2,008,611,000.
not include
about
to
aggregate
Z
.
housing
Fermor S. Cannon,
same
proportion of the defense production orders have shown an em¬
ployment increase of more than 1,100,000, or 69%. Approxi¬
mately half of this increase has occurred in three basic indus¬
tries: blast furnaces, steel workS and rolling mills; foundries and
machine shops; and electrical machinery, apparatus and supplies.
.
if such housing
character; -.i;--,/
The shortening
to
loans
home
is of permanent
z.. ;r.:'r
j
of maturities on
its
by
And Shipments Of Slab Zinc
Zinc Institute
American
The
high income at this time was rec¬
ommended to the League in a re¬
port
TOTAL
ZINC
SLAB
SMELTER
-+'';
•
v
report, empha¬
existing borrowers
that
sized
504,463
300,738
129,842
213.531
124,856
324,705
' 105,560
366,933
V
—
1932
1933.
of the loan.
^
I
Among other recommendations
of the Committee were (1) that
associations continue to make con¬
struction loans ; where materials
are
available;
(2) that associa¬
1935
1934
,
,
1936—
.
,
44,955
1937—
.
.
adopted Dec. 15,
asked the Federal
Government today to get out of
the housing business.
According
to Associated Press advices, the
resolutions called for liquidation
of
resolutions
Owners' Loan Cor¬
poration, for the Federal Housing
Authority to stop placing guaran¬
tees behind mortgages on existing
properties and eventually to stop
giving new home building loans.
The League declared the FHA
$58,000,000
in
the first five years of its
operation.
In
defense
ernment
housing, the gov¬
requested to limit
to "rapidly built,
demountable
units
providing
only the necessities of comfort-
the
Feb.
-
able and livable shelter."
The
Administration's
i
defense ef¬
forts, but they demanded drastic curtailment> of spending in
non-defense fields.
44,955
1,429
'
•
„-•••••• o
—
>
65,333
1,615
48,339
20
126,769
40,829
1,252
0
65,995
53,751
1,475
58,442
54,291
5,535
72,878
36,808
1,885
47,469
1,914
-
May
+!
74,529
80,623
87,820
79,057
75,530
68,007
.
58,690
80,623
34,580
87,820
45,326
79,057
55,389
52,946
3,854
79,530
56,064
"
8,627
68,007
13,478
63,045
12,148
63,970
9,129
,
'27,060
61,502
61,200
4,864
'
22,498
65,354
64,984
5,286
52,214
36,821
59,800
63,338
Nov.
27,060
Dec.
22,498
Monthly
Average
1,776
1,844
1,845
88,165
58,842
674,615
56,217
57,196
Oct.
Sept.
1,881
•
69,508
52,214
59,511
706,100
AUg.;
59,043
53,726
-
•
36,821
7,347
/-
1,993
95,445
2,043
116,420
126,120
-
1
2,050
125,132
2,108
Daily Average
1,929
17,582
:
17,582
66,121
63,930
4,914
14,859
121,026
14,859
61,603
57,663
10,644
108,151
10,644
70,341
68,543
5,379
11,474
11,394
11,833
13,345
95,256
2,285
98,435
:
2,369
May
11,474
73,449
61,696
June
11,833
70,837
61,546
10,023
11,101
92,583
2,361
July
74,641
62,714
9,180
13,848
81,456
2,408
....
11,101
...
13,848
75,524
61,061
10,342
17,969
68,604
2,436
17,969
73,225
64,673
7,094
19,427
67,079
2,441
Aug.
Sept.
■;;;
Oct.
19,427
75,980
*61,594
*12,219
21,594
62,559
2,451
Nov.
21,594
74,710
60,913
12,209
23,182
84.101
2,490
BY
GRADES
Prime
Inter-
Spec. H.G. High Grade
Month
mediate Brass Spcl.
Western
Select
Oct.
i
ii*
16,352
16,078
*
18,404
Nov.
♦Corrected
*14,921
*18,043
16,399
4,548
3,596
4,695
*5,152
*7,077
4,364
conven¬
October stood at 135.1
addition to the staff of 27,100. The number of persons
projects and in CCC camps declined 3,300 and 17,500
during the
respectively
29,730
1,456
1,456
75,980
74,710
month.
of
figures.
a
was
persons.
the month of October, while
the NYA employed 293,000,
or 19,100 fewer persons than in September.
The following tabulations were made available by the Depart¬
school, employed 274,000 persons in
the out-of-school-work program of
•
Labor:
of
ment
AND PAYROLLS ON
OR PARTIALLY FROM
EMPLOYMENT
WHOLLY
Depk Reports Oct.v Manufacturing
Employment Unchanged; Payrolls Higher
Manufacturing
in
the past year amounted to almost three-quarters
The school-work program of the NYA,
being expanded in September due to the reopening of
million
which
monthly figures
Labor
The corresponding decline
the number over
29,431
'
with January 1940, production front foreign ores is included
which reflect the total output at smelters of Slab Zinc of all
grades, as reported by all producers represented in the membership of the Institute.
The unchanged totals for previous years do not inolude production from foreign ores,
which was not a vital factor in those;years;
this explains the discrepancy between
stock shown at end of 1939 and at the beginning of 1940.
/%•■ /
the
WPA
on
1,417
for
index
employment
73,225
30,796
Note—Commencing
In
important defense
000 persons, an
Total
1941—
Sept.
1,400
.
—
Employment on construction projects financed from regular
appropriations passed the 1,000,000 mark in the month
ending Oct. 15, with a gain of 87,300 over the preceding month.
Nonresidential defense building construction was mainly respon¬
sible for the increase.
Employment on construction projects fi¬
nanced from Reconstruction Finance Corporation funds showed
an increase of 7,600 for defense work while only slight increases
were reported in the number
of employees on the U. S. Housing
Authority construction projects and on State-financed road main¬
tenance projects.
It is estimated that in the month of October,
the executive service of the Federal Government employed 1,515,-
2,269
13,345
65,011
65,035
97,638
Apr.
1,700
102,300
.
Federal
2,200
Mar.
8,155
2,629
2,400
62,700
portions. •
2,133
Feb
employment showed virtually no change from
mid-September to mid-October, although payrolls advanced by
tion on the Defense Bond program
more
than the usual seasonal amount, Secretary of Labor Frances
in which the savings and loan in¬
"Employment increases continued
stitutions are participating, Pres¬ Perkins reported on Nov. 29.
ton A. Delano, Comptroller of the in durable goods industries, high-lighted by further marked ex¬
pansions in shipbuilding and aircraft," she said. /. "These gains
Currency, said on Dec. 3 that the
great problem of trying to control were offset by decreased employment in nondurable goods caused
the price level in the midst of largely by a sharp seasonal decline in the canning and preserving
As a result, total manufacturing employment fell by
deficit financing cab partially be industry.
14,000 workers, or 0.1%.
Shortages of materials caused serious
solved by delaying the use of the
employment disclocations in many industries, notably plumbers'
excess earning power now being
generated in America. The De¬ supplies, stoves, vacuum cleaners, washing machines, refrigerators,
fense Bond program is a means electrical appliances, metal furniture, structural steel, brass, bronze
and copper, silk and rayon, and hosiery."
to that end. He said he had never,
Secretary Perkins added:
Total civil nonagricultural employment in October amounted
in his years in public office, seen
to 40,749,000 according to revised estimates, an increase of ap¬
a finer spirit of cooperation than
Speaking to the League
,
1941—
Jan.
586,700
all manufacturing industries
of the 1923-25 average, and
the payroll index reached 166.7.
During the past year, there has
been a considerably greater increase in payrolls than in employ¬
ment, reflecting expansion in working hours, overtime payments
and wage-rate increases.
Slight employment gains were reported
in anthracite and bituminous coal mining.
Employment in metal
mines remained at the September level, while in quarries and
in the oil fields employment was slightly curtailed.
Wholesale
trade employment showed the u§ual seasonal advance, while the
increase in retail stores was of slightly less than seasonal pro¬
1,910
13,526
2,700
—
tools
combined in
1,900
4,604
53,557
'
57,299
58,320
53,273
57,168
3,481
3,633
74,529
49,163
45,498
50,386
55,518
72,878
Apr.
foreign
policy was approved, and dele¬
gates favored unlimited expen¬
ditures for necessary
o
83.758
395,534
Mar.'
was
program
v:.:':+v59-//
598,972
/
456,990
PRODUCTION
cost the government
890
1,182
•
465,687
561,969
569,241
538,198
The advices further declared:
:
583
1,004
65,333
126,769
League
the Home
machinery
The
July
In
•
:
1940—
Jan.
June
should take advantage of the ris¬
;•
15,978
51,186
78,626
,-..4 119,830
5,500
5
industries showed decreases in em¬
ployment from mid-September to mid-October. Blast furnaces,
steel works, and rolling mills reported a decrease of 2,800 caused
largely by a critical shortage of steel scrap and inability of fin¬
ishing mills to secure rough steel. Serious shortages of copper,
Sine, nickel, and steel are largely responsible for an employ¬
ment decrease of 1,000 in the brass, bronze, and copper products
industry.
Shortages of raw materials extended to many non¬
durable goods industries, but the principal factor in the decline
in that group was the sharp seasonal decrease of 92,300 in the
canning and preserving industry.
*
,
822
; 30,786
"
105,560
148
24,000
16.400
>
377.900
accessories
1,355
'V-
74,262
1938—.
that: associations
ing real estate market and liqui¬
date the real estate on their books.
•
8,478
124,856
239
1,730
•:
•
machine shop products
Prod.
18,273
170
-
352,515
523,166
589,619
129,842
256,400
108,500
Electrical
Avge.
26,651
41
343,762
'
75,430
143,618
v
to Oct.
263,100
Engines
Daily
18,585
196
:
436,079
314,473
218,347
;
431,499
118,005
83,758
1939
give careful consideration to
loan delinquencies which may
result from "priorities unemploy¬
tions
the
'
'
any
ment"; and (3)
L
—:
——~-
Two
Orders
Period
6,352
596,249
631,601
75,430
143,618
1930___™
plan, providing for a more rapid
rate of amortization in the early
years
r-
:
(private)
Aircraft'
Machine
End of
Period
Drawback
Domestic
duction
46,430
i929„
1931
Stock
Exports 8c
Pro¬
Stock at
Beginning
from Sept.
Oct., 1941
Shipbuilding
Unfilled
End of
Shipments
''v.: /
encouraged to pay
ahead on > their loans, and that
local
home lending
institutions
should consider adopting a loan
be
1929-1941
GRADES)
(ALL
OUTPUT
Gain
Est. No. of
Machine-tool
tabulation of slab zinc statistics:
percentage
wage earners
Foundry, and
Committee.: The
should
the following
6 released
Dec.
on
Policies
Economic
greatest
Industry
November Output
en j oy ing
persons
the
gains have occurred in aircraft and'shipbuilding, and even; in
terms of the aggregate number of workers employed, the gains
in these industries have been comparable to those in the basic
metal working industries.
In October shipbuilding and aircraft
continued to lead all major defense industries in employment in¬
creases as indicated by the following table:
housing,..for exam¬ Minn., Second Vice President; and July,; $342,132,000; August, $263,ple, with ; the rather obvious H. F. Cellarius, Cincinnati, Ohio, 606,000; September,.. $232,327,000;
hope of being able to take over Secretary - Treasurer, re-elected
October, $270,813,000.
•
and operate defense housing on for the 45th time to this office.
a permanent basis after the war,
.
industries
major defense
the
Among
/temporary
v'
private manufacturing establishments, or 31%. During this
interval, 18 defense industries which have handled a greater
in
does
Indianapolis,
proceeds from the sale of De¬
President of the
Railroadmen's
carry
fense Savings Stamps,: except in
Federal Savings and Loan Asso¬
prise
instances where stamps have been
the zeal of public housers who ciation, was elected President of
turned in as payment for bonds.
see in
the present situation] a the League at the third session of
Total
cash
deposits
at
the
golden opportunity to advance the annual convention on Dec. 4,
the cause of permanent subsi¬ succeeding
Mr. Endicott. Other Treasury for all three series of
dized low-rent housing, of so¬ officers chosen included Ralph H.
bonds by months follows; ; May,
cialized housing, under the guise Cake, Portland, Ore., First Vice
Jyne, $314,527,000;
of defense housing; who oppose President; John F: Scott, St. Paul, $349JB18,QOO;
public
•
CONSTRUCTION PROJECTS FINANCED
FEDERAL FUNDS" AND ON ROADS
OCTOBER, 1941''"
!
STATE FUNDS,
FROM
FINANCED
Thousands)
(In
Employment—— -1
Change from
r
Sept.
Oct.
Financed by regular
/;■/,+.
Program
I
1,031.0
Appropriationst
Defense
809.0
222.0
.....
Other
U. S. Housing
Defense
1941
1941*
Federal
Other
1940
Oct.
1941
1941*
1940
+
$33,468
+
$119,189
+
33,253
+
115,558
215
+
3,627
87.3
+
554.0
$170,912
+
504.0
1.5
+
50.0
146,161
24,751
10.6
5,006
447
8.4
1,369
16
19.0
3,637
430
33.5
475
50
+
1.2
.2
12.1
29.9
—,
Change from
Sept.
Oct.
+ 88.8
—
42.0
Authorityt-..
)
——Payrolls
-
Oct.
1.0
.2
—
+
—
—
•
—
+
571
1,071
1,642
—
3,717
4.4
769
+
7.4
+
21.6
3,432
3,190
23.93
795
5
7.6
3,150
':w, 5
Defense
21.8
26
282
§
.2
Other
2.1
343
+
13.0
1,277
16,791
+
1.0
State Roadsfl
195.0
♦Preliminary.
tData for the month ending the 15th, except data for Federal-aid
roads which are for the calendar month.. Employment data represent the maximum
number employed In any one week.
Data for Federal-aid roads for October, 1941, are
estimated. tData are for the month ending the 15th. Employment data represent the
Financed by PWAt
Financed
by
—
RFCt
-
—
.
—
maximum number
flData
are
categories not set up.
the average number
estimated.
employed in any one week. §Defense and other
calendar month. Employment data represent
for the
working during the
month.
Data for October, 1941, are
Volume 154
<,
PAYROLLS
AND
EMPLOYMENT
;
.
;
A
.
•;■•,+>aa
1941
Thousands)
(In
v
'
Employment—AAA/
• I Change from
Oct.
Sept.
Oct.
••'.
Service
a
Legislative
6.3'
-
—_
•
,.•«
2.6
Judicial«+i--- V
-Z—Z—. 2,pl4.0
Military
.J''
•
j
J
1
-
•1
-
-
(In Thousands)
v-
Oct.,
328.0,
-L
Other
712.0
+
Oct.,
Civilian
„
•Preliminary.
293.0
H~
month.
.—
468
+
+4:"...A.aaaAaa':
ESTIMATES
All
■
79.3
1,730
+
7,191
—
1,583
261
8,511
—
747
not
Blast
—
—145.0
.
5,548
,A'Av< A.Aaa
v;
'Oct.,
Oct.,;
inary)
>1941
1941 '/■
Total civil non-agricult. employment*.
40,749
: 34,606
12,768
34,572
Mining
|
—
1,980
Transportation and public utilities—A
3,364
Trade*
■_A_a
7,068
Finance, service and miscellaneous*.
Federal, State and local government.
Military and naval forces * (not in¬
4,252
37,375
31,232
+ 3,374
Tin
+ 3,374
Tools
10,914
+
cluded
—'
above)
^Revised.
52
326
243
60
73
+
4,248
4,105
on
147
390
+
t o
vf
733
22
+
362
3,876
18
+
1,992
2,014
available
856
1,654
k
....
Earlier figures
1,854
3,121
6,706
2
44
4-+,V3-:;
4,325
4,266
1,281
+
above table, represent the total
in the United States
excluding military and naval per¬
sonnel, persons employed on WPA or NYA projects, and enrollees
in CCC camps.
The series described as "Employees in nonagri¬
cultural establishments'' excludes also proprietors and firm mem¬
given
the
on
first
line
of the
number of persons engaged in gainful work
in
self-employed
service.
domestic
.
The
establishments"
tural
estimates
for
shown
are
and
workers
casual
persons,
174.7
171.3
of
for each
seven
for the
number
more at the
have been unemployed for one week or
178.6
131.0
253.5
246.3
149.5
83.9
120.6
115.9
127.8
111.3
155.7
149.5
113.0
80.4
-178.7
172.9
102:2
115.8
105.3
.161.5
156.5
118.8
i_
114.0
106.6
99.0
.
91.1
99.0
,
293.8
292.6
•
127.5
127.4
99.4
157.3
154.9
102.5
116.2
106.2
130.3
127.9
106.7
109.3
85.6
124.8
122.8
145.0
101.4
171.6
187.6
106.1
203.2
196.6
113.9
r
210.8
190.6
282.3
278.0
127.3
'256.7
248.1
134,9
232.2
230.7
226.4
229.8
244.7
241.4
611.5
mach.
197.2
187.8
361.4
356.4
257.9
597.3
577.8
216.4
212.5
163.6
<260.5
254.4
174.9
products—
tools
109.1
'i
•
•
79.7
141.7
126.8
230.6
352.3
September, 1941 and October, 1940.
The 3-year average (1923-25)
is used as a base in computing the indexes for the manufactur¬
253.3
4.639.4
158.9
56.2
117.4
102.5
::
39.3
112.3
'110.6
794.4
700.1
147.9
126.1
185.2
187.5
136.3
245.7
209.7
363.0
358.8
259.6
194.9
154.9
262.0
273.2
190.0
112.3
104.6
150.7
149.5
119.1
121.0
-
■A 119.8
110.4
122.9 A
121.8
97.3
106.8
150.4
146.7
96.5
76.5
107.0
103.7
79.5
118.5
87.6
85.8
101.3
103.0
94.6
118.2
80.5
74.4
92.1
92.5
73.7
108.3
96.8
121.9
119.1
Millwork
76.7
76.4
Sawmills
69.2
70.4
glass products-
102.7
101.8
and terra cotta—
78.0
79.1
Stone,
clay,
Brick,
a
,
and
tile,
72.9
77.6
87.5
110.3
105.5
83.0
65.0
76.1
76.2
55.1
66.6
AAA.,'
Industry
Oct.
1941
1941*
-
A
65.1
1135.1
0.1
—
+ 18. 7
lass
.5
+
119.3
Railroads!—
Steam
I
Carpets
and
1.0
+
"A
.3
.5
—
Dry goods & apparel—
Mach., equip. k suppl—
—i
Silk
+
;
AAAf
9.4
> §
Automotive.^+1
.8
+
------
;+
§
*
+ 11.
mater..
and
.1
Ice
8
+
1.3
+
3.5
1.0
+
5,
92.5
+
2.4
+
4.
85.0
+
9.1
2.5
+
2.
86.2
82.9
.6
+
4,
87.1
.3
+ 14.5
HI 17.6
+
1.7
H116.0
A
+
Electric light & power
Street
rys.
&
+
2.0
1178.1
a;
+
+
•'
buses**—
Mining:
Anthracite
1170.1
,
A—*~
+
8.2
0
50.3
95.0
—
Metalliferous
+
.6
+
1.8
49.2
+
A
.9
+
6.5
122.6
tt
79.4
Quarrying & nonmetallic.
Crude-petrol, production..
53.8
—.
■
Dyeing &
Insurance
110.9
—
—
—
Construction
Transportation
Building
Water
"
—
121.0
cleaning
Brokerage
•
95.6
(year-round)
■—
47.6
119.1
—
1
§
§§77.6
.8
.9
61.3
Bervices:
Laundries
.3
A +
'
—
Bituminous—coal
Hotels
1.1
beet
—
—
<'
—
.4
2.3
!!92.0
+ 10.7
.3
+
.1
+ 10.5
+
9.3
+ 10.6
+
2.0
98.4
2.3
+ 17.2
1.2
9.3
45.4
+
.9
1.8
112.1
+
1.0
+
1.3
+
4.7
2.8
+ 13.1
1.1
—
3.0
-
'•
'-•"'•§
■A
A
§
A
8
136.4 +
—
1.8
5.6
:
re¬
sales."
b Sales to off¬
orders, and sales
odd-lot
to
liquidate a long position which is less
than a round lot are reported with "other
sales."
"
1
'
Note—This report and preceding reports
not
include
transactions
in
stocks
do
effected
on
"when
a
issued"
basis.
-
——
and periodicals-
cake, & meal
——
—
Rayon & allied products
Soap
—
and shoes———
boots
tires
Rubber
goods,
k
inner
other
tubes
♦October,
1939
dated
8Not
1941,
Census
earlier
than
available.
the
10%
orders
new
below
with
production. Compared
the
corresponding week of 1940 pro¬
duction
2%
less, shipments
23% less, and new business 19%
less. The industry stood at 125%
was
150.1
156.5
84.2
133.1
55.3
101.6
of
the
average of production in
corresponding week of 1935-
the
124.2
146.7;h 114.5
95.3
73.4
69.1
81.6
114.5
114.2
162.7
153.5
141.3
161.9
157.8
170.2
157.4
382.8
96.6
233.3
401.5
99.6
Year-to-Year
Comparisons
Reported production for the 49
weeks
of
1941
date
to
was
11%
81.6
145.9
271.2
315.1
106.4
95.7
321.6
101.5
201.6
102.0
80.6
80.6
85.2
73.8
123.6
104.8
'
77.9
64.0
115.8
217.1
a
102.6
74.9
70.7 ! ;
75.3
135.6
194.6
164.4
95.2
--
82.9
70.4
69.3
70.4
v 66.5
were
.5% above production.
Supply and Demand Comparisons
The
gross
ratio
30%
orders to
on
Dec. 6,
1941, compared with 32% a year
ago.
Unfilled orders were 16%
115.2
141,7 less than a year, .ago; gross stocks
123.8 were 8% less.;.-: ;,..:::A, u-C'.. aA:^a-;A',A.
133.3
188.0
163.0
Softwoods
andt Hardwoods
102.6
99.3
91.0
114.8
114.1
111.5
125.4
121.2
126.5
190.7
163.2
199.2
186.8
166.4
193.1
145.6
;
102.2
117.6
.
257.6
250.2
6, 1941, for the corre¬
139.3
136.2 sponding week a year ago, and
140.2 for the previous week, follows in
,
1
Record
for
115.2
137.2
141.9
115.4
135.7
146.7
§
143.8
8
118.3
§
184.4
•
§
177.9
§
133.3 aav.;a
110.2
143.9
96.7
125.1
101.9
173.5
111.6
169.9
82.4
135.8
327.0
98.2
311.1
88.8
375.5
143.5
374.3
139.6
.
r
>
176.2
current
week
thousand board feet:
AAA.;
/
322.6
107.2
111.5
134.2
99.5
77.2
86.0
86.5
A,, 92.6
58.7
73.9
135.8
80.6
106.3
108.2
104.1
107.3
192.5
193.2
160.5
234.5
231.6
62.9
86.6
162.1
revision.
the
ended Dec.
132.7
subject to
unfilled
was
67.6
182.0
144.0
326.4
100.2
of
stocks
66.2
146.5
128.5
150.8
t
of
period.
For the 49 weeks of 1941
170.3 to date, new business was 3%
103.2 above
production, and shipments
146.1
r
95.9
117.6
124.1
115.1
144.7'
116.9
215.4
95.0
*
63.8
;
151.1
: "
weeks
314.4
81.7
92.5
77.1
66.5
103.7
.
266.9
A
corresponding
1940; shipments were 10% above
134.2 the shipments,-and new orders
139.2
6% above the orders of the 1940
359.1
114.8
88.4
71.0
109.6
90.5
; A
120.8
above
148.5
128.6
153.4
indexes preliminary;
(Adjusted to preliminary
(Indexes not comparable to indexes appearing in press releases
November, 1940.
Revised figures available in mimeographed form,
figures.
re¬
covering
162.1
111.6
products
from
144.7
139.0
169.1
60.3
155.2
97.0
103.0
———
Rubber
'
.
Manu¬
Lumber
Association
associations
tion;
182.7
—
Druggists' preparations
Rubber
-National
the
to
94.8 39 and
118% of average 1935-39
77.3
131.2 shipments in the same week.
93.8
''
———
petroleum refining
Cottons'd—oil,
during the
6, 1941, was 3%
less than the previous week, ship¬
ments were 16% less; new busi¬
ness 6%
less, according to reports
production
week ended Dec.
61.5
100.5
allied
refining
Chemicals
Lumber
126.3
" 114.7
90.0
88.4
118.3
products,
and petroleum refining
Other than
Lumber Movement
129.2
98.0
95.2
128.3
and
'
+ 19.3
7.9
+
—
are
61.8
112.6
124.8
v
,
exempt"
"short
128.1
127.0
76.1
122.0
126.5
147.0
8.4
.1
.4
122.6
67.3
—
+ 24.0
+
'
177.5
131.5
85.3
103.8
printing
paper
Newspapers
+ 15.1
.9
AA
119.0
113.3
64.6
94.1
118.9,
104.3
171.5
56.6
+ 30.3
103.2
52.4
87.6
63.2
110.5
131.2
123.6
Paper and pulp
128.0
Printing «nd publishing:
Book
and job-i-u+ 108.0
+ 14.0
2.2
136.3
67.7
.4
+
+
+
!
cane
3.0
88.4
156.8
53.6
Chemicals
" 72.1
95.9
147.9
65.1
and
65.6
80.6
100.1
236.3
and cigarettes
Boxes,
79.8
76.0
157.3
54.3
Paper
90.3
87.9
126.1
■
-
Paints and varnishes
63.0
75.3A!'
82.5
•
160.4
79.1
Explosives
60.8
111.4
66.9
158.1
80.3
—
Fertilizers
1.9
135.7
80.3
151.6
211.3
105.7
-
Cream
+ 46.7
9.4
134.3
^
76.1
162.3
303.6
+ 52.2
10.1
128.6
80.0
142.8
102.6
Rubber
.1
1.8
-
.9
+
83.0
136.0
79.1
136.2
"
130.2
151.3
153.9
—
6.2
+
—
126.5
96.5
+
-y
.'/v 96.6
69.0
'
+/
93.6
135.2
124.8
98.5
94.8
......
manufactures
'
Chewing & smok. tob. & snuff
+ 21.3
1193.9
79.6
95.1
83.2
137.3
-
manufactures--
Sugar refining,
+ 12.5
1.9
H90.6
—
91.0
110.2
107.4
108.7
Tobacco
+ 19.5
96.7
81.0
:
A
157,630
^
"other
customers'
set
:
.
89,5
133.8
76.7
—
Sugar,
+ 11.9
marked
with
ported
? • •
AAi'AA-'A+/,■;
Number of shares
Sales
232,-130
v
by
93 2
118.0
172.0
—
—
Slaughtering & meat packing.
+13.6
110.3
123.4
120.2
5
1.8
231,720
operations of representative hard¬
wood and softwood mills.
Ship¬
72.8 ments were 13% below produc¬
122.3
109.9
garments—
shoes
Beverages
,
sales
Dealers—
■
facturers
96.1
128.9
123;7
-
Cigars
+
37.3
104.5
61.7
goods.
;
collars
Its
and
Petroleum
Public Utilities:
Tel. k Tel.
allied
&
furnishings
Millinery
§
87.5
bldg.
&
3.5
115.6
■
————
Automotive
Lumber
1.3
107.2
6
Furniture
1.7
1.2
110.6
...—-—----
'•''•A AA 8
A.A':A §
97.5
7,
worsted
Food and kindred products——
.7
9.6
.3
+
merchandising.
Corsets
§
410
v
.
92.8
88.4
goods
rayon
and
Men's
+ 14.7
+
AZ'A|A;
1.0
—
r~
'.9
General
—-
§
§ A
-—100.9
Food
z,
+
36.8
124.8
106.3
82.6
Canning and preserving—
'
products ...
and petrol, prod.
(incl. bulk tank sta.)_
Apparel
A5
■
8
.3
+
8
Farm
and
Wearing apparel
Clothing, Men's
Clothing, Women's
+ 43.5
'
'"a.-
149.4
———
cloth
Knit
.Leather
1.2
98.0
115.5
136.2
Hosiery
Boots
tt
+
§ A
v';> I':,' si
S
Petrol,
■'
—
Confectionery —
92.0
6.1
38.0
131.1
47.9
-
133.8
78.6
textiles.
—
I
,1
+,r
+
p.-
90.5
110.8
wares
Dyeing & finishing
Hats, fur-felt
-
+
45.9
121.0
129.8
161.0
.
107.2
goods
small
Flour
•'aA'A:"'AAAA a-aA;-:
-A ••'••••'•'"••■
96.6
Wholesale
Food products
Groceries k food spec..
:
114.6.
rugs...;
Cotton
Cotton
(1929=100)
rade:
176.0
75.5
93.5
93.4
75.7 A
113.2
106.1
-
Butter
+ 13. &
(1929=100)
Retail
2.3
+
A V;Total
■
gional
Fabrics
Baking
1166.7
47.2
._±—:i
Textiles and their products
(1935-39=100)
(1935-39=100)
:
J
124.9
products
Leather and
1940
1941
83.8
130.3
Non-Durable Goods—
(1923-25=100)
(1923-25=100)
—v
lanufacturlng
Oct.
1941*
1940
82.6
■
change from
Oct.
Sept
-
'
Week Ended Dec. 6<
——
Shirts
-Pay RollPercentage
.
,
.
—
;
58.4
74.5
77.4
69.3
A
and
slate,
granite,
other
Pottery
Woolen
Index
a'tAvv;;;A; A;
-
sales b
,
—
Marble,
laundries, and dyeing and cleaning cover wage earners only; those
for railroads cover all employees while the data for water trans¬
change from
Oct
Sept.
733,794
20,097-,209
91.3
Lumber:
outerwear
-Employment
Percentage
;.A
93.4
79.8
108.4
underwear
Index
728,855
<;
——
Round-lot Purchases
a
111.6
Knitted
>
4^39
t,
by Dealers—,.-AAA.'A
Number of Shares:
1
244.0
128.0
executives,
AAA': '- ■' "a
.
Customers' total sales——A
40.1
197.4
193.4
devices
Knitted
proprietors and firm members, corporation officers,
and others whose work is mainly supervisory.
/•
,
237
26,236
sales——26,473i
Dollar value
50.3
147.2
Furniture
portation cover employees on vessels of 1,000 gross tons or over
in deep-sea trades only.
The data for other industries exclude
;'t ri- :
"
a—
Shares: ,:;,:., AA
short sales
Round-lot Sales
149.2
243.0
-
bronze, k cop. products
watches
and
time-
'
mining, building construction,
justed for seasonal variation.
The data for manufacturing,
. •
V'
sales—'
Customers' other sales
163.2
11,302.1
171.7
81.2
ware.—
ing industries and'the 5-year average (1935-39) as a base for Class
I steam railroads.
For the other nonmanufacturing industries
information for years prior to 1929 is not available from the
Bureau's records, and the 12-month average for 1929 is used as a
base in computing the index numbers.
These indexes are not ad¬
-t:' *
163.2
439.6
Smelting and refining copper,
lead, and zinc
Lumber and allied products
:r
of
Other
<279.7
126.6
Class I steam railroads, and for those non-
'.'*s ■-
Customers'
Short sales
83.0
Shipbuilding
payrolls for all manufacturing
and
employment
manufacturing industries for which information is available, are
shown below for October, 1941, with percentage changes from
•
..
total
Customers'
Number
A, A;
483.7
'
Cement
industries combined.
1
f
-
-
short
;A' i
'
of
by
,
Customers' other sales
78.8
12,615.4
>
95,6
133.2
Indexes
23,889,450
•
Purchases
164.3
■£
125.1
139.5
123.4
>
97.2
steam-railr'd
111.7
4,115.9
190.8
8,571.2
125.6
Non-ferrous metals k their prod.
time of the Census.-
;
647,-739
——
Numberof Orders:
A<
265.1
/
233.4
i
200.0
9,156.7
—
108.5
141.1
158.2
158.5
—
equipment
& plated
;
A
'
k
Lighting
A.
A
.
'
.
(Customers' Sales)
;
A
569.6
106.7
Silverware
by Dealers:
:A Dealers—
138.2
191.6
recording
Jewelry
Sales
:
Total
Dollar value
;
.
142.3
147.0
Brass,
■
for Week
(Customers' Purchases)
Odd-lot
A, <;
323.0
Clocks,
•-
wheels,
manufacturest
A,
;'A;
Number of shares
158.8
147.6
Aluminum
STOCK
A YORK
Number of orders—?3,345
145.4
170.7
170.8
340.2
Locomotives
ON A
226.3
178.5
•
windmills
k
'
ACustomers'
116.1
electric-
Odd-lot
113.1
144.4
135.8
145.5
168.7
Cars,
NEW
THE
AAiA'AvAAA'' A'A
79.6
107.9
169.9
water
ODD-LOT
•>;:... i'.;'«.», ..EXCHANGE.,.
■
ap¬
180.3
shop
•
216.7
132.2
k
;
;
87.3
189.5
228.4
226.8
•
THft
FOR
OF
AND SPECIALISTS
106.3
114.0
ac¬
and
ACCOUNT
DEALERS
84.8
■f
transporta¬
Automobiles
a
the figures shown by the 1930 Census of Occupations
number of nonagricultural "gainful workers'" less the
to
182.8
121.3
173.7
Aircraft!
in nonagricul¬
"Employees
separately
125.2
97.7
odd-lot
dealers
TRANSACTIONS
ODD-LOT
>
148.9
the
odd-lot
for
all
specialists who handle odd lots on
the New York Stock Exchange,
continuing a series of current fig¬
ures being published by the Com¬
mission.
The figures, which are*
based upon reports filed with the
Commission by the odd-lot dealer#
and specialists, are given below:
' 123.5
170.6
-
—r—
The figures represent the number of persons working at any
during the week ending nearest the middle of each month.
The totals for the United States have been adjusted to conform
shown to
117.1
116.4
■
tinware
turbines,
of
Week Ended Dec. 6, 1941
phonographs
Textile machinery k parts
Typewriters k parts
Transportation equipment!—
time
-
108.1
140.5
206.9
Machine
data.
census
139.5
128.7
98.5
(not incl. edge tools, mach.
Hies k saws)
Radios
in
persons
other
6;
cans
Engines,
major industry - groups. Data for the manufacturing and trade
groups have been revised to include adjustments to preliminary
1939
138.9
112.8
131.8
Agricult'l impl.
(incl. tractors)
Cash registers, adding machines,
k calculating machinesElec. mach., apparatus, k suppl.
nonagricultural industries,
bers,
123.4
114.8
113.8
142.2
169.3
metalwork
ornamental
k
Machinery, not incl.
tion equipment
&
also issued the following data:
; of "Total civil nonagricultural employment,"
estimates
116.2
184.0
135.3
148.2
Wirework
request.
Department of Labor
The
163.0
191.6
1941
-
tools,
Fdy.
The
166.7
1940
115.7
Struct,
14
+
•
i.
1941
1941
"
■
34
.+
906
3,367
7,008
i.
1941
34
—
1,936
-
1940
summary
STOCK
Stoves
+
;
12,782
908
construction——i———-—
Contract
Oct.,
+
40,715
Employees in non-agricuL establish.♦_
V
(
—
supplies
Stamped k enameled ware
Steam k hot-water heating
paratus k steam fittings
1940 to
(prelim¬
Oct.
■
1940
139.6
including machinery-j^.i
furnaces, steel works, and
Plumbers'
Oct.,
Oct.,
-Pay RollsSept.
♦Oct.
products,
Cast-iron
entire
:,,a
Change
Sept.,
their
&
Hardware
Sept. to
11941
for the week ended
6, 1941, of complete figures
showing
the
volume
of
stock
a
transactions
:
rolling mills
Bolts, nuts, washers, & rivets—
pipe
Cutlery (not including silver &
plated cutlery), & edge tools__
Forgings, iron and steel—
JDefense and other categories not
.
steel
&
517
+
NONAGRICULTURAL EMPLOYMENT
—_
-Employment
Sept.
Oct.
Exchangd
Dec.
count
126.9
Goodst
Durable Goods—
Change
Manufacturing*
I;
MANU-
OF
1923-25=100.0)
average
143.7
Goodst
Non-durable
2,235
—
56.8
(In Thousands)
-v.;
CENSUS
1937
135.1
Industries!-.
Durable
!
last day of month; payrolls for the
A ! A;::A "•"'
TOTAL
OF
TO
Trading
and
Commission made public on Dec.
Industries—
Manufacturing
!
+
for the calendar month.
are
vv
Securities
The
1940
—
17i5
tData
.v.:A
: -I
(Three-year
—$39,944
§Data on employment-are for the
up.
computed.
ROLLS OF WAGE EARNERS IN
PAY
ADJUSTED
♦Oct.
2,043
—
43,400
t
19.1
Corps § • .173.0
.....
Conservation
...
set
NYSE OM-Lot
of
FACTURES, EXCEPT AS INDICATED IN NOTES f AND !
1941
$1,575
+
.19,400
7.5
10.8
+241.0
274.0;
programf—„
work prog.f
i/10
65
18
+ 90,743
+
Iron
work
NUMBERS OF EMPLOYMENT AND
MANUFACTURING INDUSTRIES
-
Out-of-school
ttLess than
12
+.
1941
1941*
....
Student
Interstate
payments only; value of board, ^ room, and tips cannot be
estimates prepared by the United States Maritime Commission,
on
INDEX
+$61,220
Change from
Oct.,
Sept.,
$62,800
<—743.0
-r',.3.3
Defense
■
tSource:
1941
■:1940
11941
Program—
- 1941*<■
Projects!-—————,; 1,040.0
Projects:
§§Based
payrolls-
—
Change from
Oct.,
Sept.,
WPA
NYA
figures.
ttCash
,
—Employment
-'
"
•
-
■
■.
.
RELIEF PROGRAMS, OCTOBER,
PAYROLLS ON
EMPLOYMENT AND
Oct.
1941*
Census
affiliated and successor Companies.
operations of subsidiary,
1%.
1939
(IRetail-trade Indexes adjusted to 1935 Census,
**Covers street railways and trolley and motor-
tCha,nges of less than 100.
(Data estimated.
•Preliminary.
Pay Rolls
Change from
Sept.
Oct.
1941
1940
+
preliminary
public, utility indexes to 1937 Census.
bus
423.1 $228,441'*+$4,300
:+'
tU"+-:+v";;.4 A
1.364
+
12
—
t
+
t
654 —
8
+ 22.4
+1,281.0
138,645 + 5,614
+27.1
1,515.0
—-
1940
1941
1941*
Executive!
to
§Not available.
Commission.
Commerce
*
••
'
" '
(Adjusted
•Preliminary.
REGULAR FEDERAL SERVICES,
IN
O.CTOBER,
V
1565
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4021
Softwoods and Hardwoods
A" -a. A"A
1941
1941
1940
Mills
Shipments
Orders
452
:
Production
—
—
—
452
463
230.447
236.069
238.002
200,534
258.918
239,816
207,251
256,185
220,372
Softwoods ~
1941 Week
Mills
Hardwoods
1941 Week
*
93
374
Production
219,788—100#,
10.659—100
Shioments
189.388
86
11,146
105
195,576
89
11,675
110
Orders
A.;
Previous-
Week Wk. (rev.)
Week
Thursday, December 18, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
-
1566
:
lives
have
been
bombings; ships sunk;
planes destroyed.
These lives
will be avenged through unin¬
terrupted
production
on ' the
factory front. The munitions of
war can and will "be replaced.
Industry will build two bat¬
tleships for every one that
fAmerican
Weekly Statistics of Paperboard Industry # Agriculture Dept. Lowers
'■
We
herewith latest figures received by
give
Department at Washington on Dec. 8 issued
condition and production as of Dec. 1.
None of the figures take any account of linters.
Below is the re¬
The
from the National
the
us
'• r't'''0$
1
The members of this Association
A
These
the total
activity of the mill based on the time operated.
the
figures are advanced to equal 100 %> so that they represent
industry.
'•>.'1: \;ti
v»;'
Percent of Activity
Orders
;
'•
"■
Tons./ *;•
IDiQ—Month
■'
■
449,221
456,942
520,907
April
70
247,644
236,693
196,037
487,127
162,653
74
470,228
163,769
September
October
72
648,611
184,002
^•79
;
November
•
73
79
73 " ^
■
161,985
•
202,417
548,579
261,650
571,050
337,022
82
447,525
73
151,729
629,863
73
73
v'f 73
.
..77
509,943
83
v:
464,537
of—
673,446
'January ——February
V
608,521
March
652,128
April
857,732
656,437
634,684
May
<
4:?' 479,099 y
488,990
December
1041—Month
72
72
468,870
670,473
—
70
.
76
624,184
509,781
587,339
—___________
June
:
V 726,460
'
602,323
';
81
509,231
■
509,231
807,440
737,420
86
659,722
649,031
September
642,879
630,524
576,529
578,402
"' '*!
'a
94
69
&
October
—-
—
839.272
831,991
568,264
640,188
649,021
554,417
149,197
__
.
November
129,019
529,633
542,738
..i'\
damage
77
".•*'
98
:v
■
5
131,531
01
82
82
July 12
July 19 ' ii_i_i._____4.-_—ii".
147,365
168,431
July 26
182,603
160,609
572,532
92
82
159,844
159,272
572,635
93
83
587,498
91
83
--vV' 83
2
Aug.
i_,—
'
156,989
i-
550,902
f
V
92
Aug.
9
Aug.
16
,174,815
169,472
159,894
162,889
592,840
-r-'
92
23
158,403
162,964
584,484
..r
94
83
Aug. 30
157,032
163,284
576,529
97
84
Sept.
6
147,086
133,031
591,414
Sept. 13
Sept. 20
Aug.
-
:
Oct.
4
Oct.
11
159.337
Sept. 27
80
84
589,770
4
166.797
98
84
583,716
166,781
164,057
176,263
155,473
176,619
■v;v:
99
84
163,915
578,402
98
168,256
582,287
100
164,374
575,627
99
■
85
'
85
Oct.
18
574,991
98
Oct.
25
165,279
168,146
568,161
100
86
1
170,597
165,420
99
86
8
169,585
159,860
568,264
576,923
97
15 86
Nov.
165,795
167,440
Nov.
15
22
29
6
181,185
orders
Note—Unfilled
for
made
or
of
the
week
prior
570,430
.£.*!■: 99
87
101
87
567,373
102
1
87
96
554,417
87
plus
orders
productiori,
less
received,
do
the unfilled orders at the close.
Compensation for delinquent reports,
from stock, and other items made necessary adjustments of unfilled
equal
necessarily
4
550,383
164,875
166,080
169,111
Dec.
165,397
145,098
Nov.
86
160,889
156,394
Nov.
filled
to
.^Precipitation
continued.
Oklahoma
in
Texas
and
patriotic
try is on the inarch! It will pro.'duce, produce, and produce* to
the end that victory shall' be
and east Texas, and boll weevil
Arkansas
i
not
orders
orders.
»>
-
other
every
element in the country, indus¬
-was
and-hot weather in
;swift and sure.
Virginia and North Carolina held boll weevils in check. ■
*
•
The complete support of the
During September there was improvement in the crop in Nation's banks was
pledged by
States adjoining the Mississippi River and in Alabama due to dry
Henry K. Koeneke, President of
weather and high temperatures which checked weevil activities
the American Bankers Associa¬
and caused rapid development of the crop.
Moderate rainfall was
tion, - and the readiness of the
helpful in Oklahoma, but excessive rainfall caused deterioration commercial banks in New York
in Louisiana and Texas except in the northwest whete it further
State to aid was offered by Eu¬
improved prospects.
j ?
gene C.
Donovan, President of
By Nov. 1 further evidence of boll weevil damage had devel¬ tlie New York State Bankers As¬
oped in Mississippi, Louisiana, and Arkansas, but in North Carolina,
sociation^ \
(
,
Tennessee, and Missouri, light rainfall and above-norhial temper¬
A pledge of allegiance and sup¬
atures in October facilitated harvesting and increased prospective
port of the Investment Bankers
production. In South Carolina: and Louisiana and to a considerable Association of America, unan¬
extent in Georgia and east Texas crop prospects continued' unfavor¬
imously adopted at the organiza¬
able through the season.
tion's annual convention in Flor¬
The proportion of the crop ginned to Dec. 1 was higher than
ida on Dec. 5, was transmitted
average in all States east of Texas and Oklahoma.
Missouri had to President Roosevelt on Dec. 9
exceptionally high percentage ginned. In Texas and Oklahoma, by John S.' Fleek, of Cleveland,
where most of the unpicked cotton is in the West, and in the West¬
incoming President of the Asso¬
ern States, the percentage ginned to Dec. i was much beldw aver¬
ciation.
k
SS x:';.
Nov.
weather
Georgia
favorable in the western parts of those States
11)41 -Week Ended—
July
from
area
:•»
forgotten.
are
With
central South Carolina and Georgia.
continued during August in the entire
most serious ih
was
Unfavorable
O'
■
74
_
.
festation
politics
The in¬
and the heaviest infestation since 1932 was in prospect.
ers
88
August
July
multiplied rapidly because of frequent show¬
'
,
:
'
August 1, boll weevils
84
488,993
608,995
75
V:
of
crop
,
70
69
193,411
452,613
_
—
August
,S: 71
70
*
129,466
.
508,005
544,221
682,490
_
___
July;
72
137,631
453,518
429,334
i
167,240
579,739
528,155
420,639
February
March
Cumulative
Current
Tons
of-
January
June
Remaining
Tons
Received
ji.'-y.;'':'
cotton
•
Unfilled
Production
Orders
Period
States
United
'
MILL ACTIVITY
STATISTICAL REPORTS—ORDERS, PRODUCTION,
.
in
'
:
10,976,000 bales is forecast
by the Crop Reporting Board t>f the United States Department of
Agriculture, based upon indications as of Dec. 1, .1941.
This is a $ sinks. ' '
reduction of 44,000 bales from the forecast as of Nov. 1 and com¬
It will match every-enemy
pares with 12,566,000 bales ginned in 1940, 11,817^000 bales in 1939, -:
bomb with a dozen. ■.
and 13,246,000 bales, the 10-year (1930-39) average.
The indicated
It will blacken the skies with
yield per acre for the United States of 235.4 pounds compares 'With
planes to replace the ones shot
252.5 pounds in 1940, 237.9 pounds in 1939, and 205.4 pounds, the
down.
10-year (1930-39) average.
Industry's production to arm
Harvested acreage is now estimated at 22,376,000 acres which
our fighting forces will be lim¬
is 93.8% of the 23,861,000 acres harvested in 1940.
The December
ited only by the human endur¬
estimate is about 1.1% less than used in preparing, the reports, for
ance of the men who man: and
September, October, and November.
The area in cultivation on
manage its facilities.
July 1 is placed at 23,250,000 acres with abandonment estimated at
We Americans have not al¬
3.8%.
In estimating abandonment the Board made allowance for
ways seen eye to
eye among
acreage removed by farmers after July 1 for compliance with the
ourselvesi But, as always, agAgricultural Conservation program.
gression from without fuses our
During much of the 1941 season, growing conditions were favors
family 'differences in unity of
able in the Mississippi River delta and in Western Oklahoma and
purpose.
The enemies of our
Texas, but unfavorable in thd southeast.
The crop was earlier
democratic way will find us
than usual throughout the season from Mississippi east and later
one
unbreakable
phalanx. in
than usual in Texas, Oklahoma, and the Western States.* Up to
which
class, creed and petty
port in full:
represent 83% of the total in¬
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates
Agricultural
its report on cotton acreage,
Paperboard Association, Chicago, 111., in relation to activity in
paperboard industry.'
lost
f
New high record yields were recorded in Missouri and Ten¬
The Association of Life Insur¬
and the highest yield of recent years in Oklahoma.
Yields ance Presidents, at their conven¬
low in South Carolina, Georgia, Louisiana, and Florida. tion, in New* York on Dec. 11,
The yield in Alabama Was just about average." Other States hdd
unanimously voted to pledge "its
above average yields, with high yields in northwest Texas more
utmost loyal and energetic sup¬
than offsetting the low yields in the central and eastern parts of
age..
nessee
were
Value Of Bonds On N. Y. Stock
Exchange
very
,
As of the close of business Nov. 29, there were 1,281 bond issues
aggregating $57,821,383,127 par value listed on the New York Stock
Exchange with a total market value of $54,812,793,945, it was an¬
port'' and
State.
that
by the Exchange on Dec. 8. This compares with 1,274 bond
issues aggregating $57,855,667,727 par value listed on the Exchange
Oct. 31, 1941, with a total market value of $55,106,635,894.
In the following tables listed bonds are classified by govern¬
mental and industrial groups with the aggregate market value and
average price, for each:
,
Average
Average
Market Value
Price
Market Value
U.
(incl.
Government
S.
Cities,
U.
S.
i:
■&4
States,
39,607,192,166
108.17
39,753,699,340
99.19
>45,203,578
14,133,762
104.34
91.60
21.521,402
93.72
15,356,250
102.38
99.51
15,337,500
75,798,250
102.25
76,522,500
16,125,000
107.50
16,125,000
107.50
companies:
Amusements
:
Automobile
Building
Business
and office
equipment-
Chemical
Electrical
equipment
Financial
102.67
50,213,886
Food
9,032,768
:
-
102.70
64.44
105.27
65.48
Machinery
49,870,914
99.89
49,864,845
99.88
Mining
88.959,796
55.11
91,030,506
56.34
59,495,196
100.69
59,721,127
101.08
and metals
(excluding iron)
and publishing
Paper
587,938,111
and operating-
101.24
23,170,418
101.63
17,582.062
17,415,376
63.26
101.82
568.150.661
77.62
101.00
62.66
101.86
;___
'26.611,140
100.25
26,642,060
100.36
41,023,259
Utilities.
121.83
41,194,740
122.34
■:
and electric
Gas and electric
(operating).
(holding)
Miscellaneous
S.
108.30
3,192,560,678
108.63
116,704,375
utilities
105.14
117,073,125
105.47
109.56
1,231,990,072
81,696,082
100,240,374
109.79
32,261,250
105.77
54.49
companies
Foreign government——
53.72
..,.32,216,875
105.63
77.07
13,230,308,520
1,304,941,359
abroad—,
businesses—
102,723.415
13,125,222,644
U. S. companies oper.
Miscellaneous
3,182,878.376
1,229.382,762
80,515,755
—
Communications
Foreign
75,088,781
23,313,818
;
•
Tobacco
U.
101.54
560.931,700
Shipping services
Steel, iron and'coke
Textiles
—__L_i'_—
Total
77.26
6,453,056,399
11,926,703
61.65
11,871,528
„'
Ship building
104.44
75,304,488
merchandising
Rubber
Gas
61.03
:
Railroad
Retail
598,076,993
104.45
6,378,719.448
Petroleum
45.28
1,344,633,609
775,437,776
companies
54.812,793,945'
the Exchange:
;
:
52.42
31
$47,621,245,885
$90.79
Nov.
30
47,839,377,778
91.24
Dec.
30
49,919,813,386
92.33
31
29____.
30_____
April
May
31
30
June
31___—
__
__
Aug.
31
Sept.
30
Oct.
31_i_—
__
$93.58
93.84
50,374,446,095
t
$50,755,887,399
50,831,283,315
j
Price
93.05
28
50,277,456,796
Mar.
31
52,252,053.607
93.73
30__
52,518,036,554
94.32
92.48
30
46,936,861,020
87.87
June
30
52,321,710,056
94.22
53,237,234,699
i__
94.80
90.14
July
31
48,601,638,211
90.96
Aug.
30
49,238,728,732
91.33
Sept.
30
53,418,055,935
94.74
92.08
Oct.
31_____ti
55,106,635,894
95.25
54,812,793,945
94.80
Nov.
29
494"
824
966
164
493
1,132
1,010
624
125
491
32
1,172
1,233
265
375
1,826
1,874
221
250
;-
'
'
28
67
146
:■:;.; 21
257
340
518
465
509
600
1,755
1.800 '
216
1 190
216
508
779
790
Mississippi—
2,375
2,459
246
240
287
511
1,145
1,585
1,250
Arkansas
2,020
2,097
236
349
343
1,281
1,501
1.032
1,087
65
'.
L—
Louisiana
—
—
Texas
521
,,,
237
194
"
147
1,731
136
211
..
217
154
184
169
576
508
315
456
703
616
750
802
520
■
3,766
*'•
3,234
750
2,745
115
:
.
\
United States
440
483
509 ■;,'.
100
128
253
401..
424
389
512
159
195
351
355
538
■749
609
509
333
545
21
320
394
635 v
L
483
16
18
205.4
252.5
13,246
12,566
White House, in a state¬
ment issued Dec. 8, charged" that
4.0
2.8
33
Germany had done all it could
"to push Japan into the war" with
the hope that
such a .conflict
"would,put an end to the lefidlease
program." The
statement
10.978
62
;
114
—
other-
ii7
250
California
Lend-Lease Continues
20
""
i
,
1
22,376
23,250
•1Sea
Island-
34.4
Egyptian
134.4
135.9
72
40.0
Mm.
The
.
1,420
1,445
'
235.4
:
.
'
511.8
.
'512
223:
'
- <■
•
(
'
203
446
*
■
27
added
•
180
program of aid¬
fighting other Axis
powers Vis and will continue in
17
nations
operation,."
See Island
grown
.
,
38
said:
-
;
53,259,696,637
95.04
53,216,867,646
__
94.86
V
-
statement
-1
Obviously Germany did all it
to push Japan into the
war.
It was the German hope
could
American
§Not included in California figures, nor in
principally in Georgia and Florida.
in Arizona.
House
White
The
'
270
236
205
this
that
ing
fiill
394
39
,
233
236
§Lower Calif.
'
Trade.
'
8,180
Arizona
All
.
1,658
Mexico-
New
154
7,794
—
Oklahoma
700
__
of
Board
York
17
710
Alabama
Tennessee
New
405
Carolina-
'
that
if
the
United
States
and
Japan could be pushed into
such
Business
end
Organizations Pledge Fullest
Cooperation To Government In War Effort
Following the declaration of war by Congress on Dec.
P.
Witherow, President-
elect of the Association:
,
.
8, various
Industry stands squarely bb-
the President and Con.in the.fateful.^ctioai&ken.
today.
V ■
-'V*>
1" '
an
the wish is father to
thought behind the broad¬
public announcements
emanating from Germany with
relation
the
to
war
lend-lease program.
That
.
casts
.
and
German
the
;
.
broad¬
announcements
continuously
'are
and
completely
100% inaccurate is shown by the
and
'
such
and
fact the
hind
^gress
put
program.
the
Industry's pledge was given in the following statement to the
President sent by Walter D.
Fuller, ; President of the ^National
Association of Manufacturers, and<§>*
William
would
the lend-lease
casts and
organizations sent telegrams to President Roosevelt pledg¬
ing full cooperation and offering their services in the national war
effort.
/.
" ''
J
'• :
•
conflict
a
to
war
As usual,
business
April
May
92.84
556
165
S.
490
Egyptian grown principally
United States total.
91.97
50,438,409,964
739
-
60.01
92.86
'
__
629
25
!•
95.25
49,605,261,998
^
492
286
33
777,994,425
50,006,387,149
49,611.937,544
•;
335
V 813
":'■'
totals.
49,643,200.867
__
427
:
796
388
292
V
States
92.72
47,665,777,410
29
July
_
1
31
Feb.
92.02
49,678.905,641
j
Feb.
i
31
Jan.
Mar.
1
495
United
1941—
1940—
Jan.
CO O
502
373
lb.
77.54
Average
Oct.
570
370
;
48.59
Market Value
1940^-
Dec.
454
260
of
York, the Com¬
merce
and Industry Association
of New York, Inc., and the New
60
10.1
"Continuing round bales as half bales.
Mllowancfes made for interstate movement of
seed cotton for ginning.
Not including production of linters. ^Included in State and
"
Nov.
bales
bales
lb.
362
Carolina—
Florida
the country were
State
416
N.
Georgia
lb.
their support to
the Chamber of Commerce of the
179
<
Price
lb.
the organization.
Among other business organi¬
zations
iii New York pledging
,
1,000
1,000
1.000.
bales
est.)
Mex.)
.
94.80
m
,
„
,
est.)
55,106,635,894
59.98 7
-
Market Value
36
_—
Crop
(Old
•;
Average
1939—
Virginia
est)
1940
(Dec. 1
1940
37
■%
412
-w
Aver.
1930-39
1941
acres
acres
State-
L930-39
55.26
The following table, compiled by us, gives a two-year comparison
of the total market value and the total average price of bonds listed
on
:'
Missouri
Aver.
1,000
'> 1,000
Crop
bales"
(Dec. 1 (Dec. 1
July 1
harvest
■*(
1941
running
1941
vation
Left for
98.57
50,358,763
211,295,637
9,376,438
105.37
211,495,570
Land and realty
v
.
v > gross
'•
Acreage for 1941 crop
;
In culti- —Yield per acre—
99.27
103.50
:"
108.59
45,406,942
:
■
4
Product. (Ginnings) f
500 lb. gross wt. bales
Average
wt. of
'
$
13,992,814
21.033,896
etc.)
rector of
Price
■
on the same day the
of the New York Cot¬
Exchange adopted a similar
resolution.
Crop
.
$
ton
Reporting Board of the U. S. Department of
Assurance of the full support
makes the following report from data furnished by of the National Association of
crop
correspondents, field statisticians, and cooperating State
Securities Dealers, Inc., was given
agencies.
The final total ginnings for the season will depend upon
to the Government on Dec. 11 by
whether the various influences affecting the harvesting of the portion
Wallace H. Fulton, Executive Di¬
of the crop still in the field, will be more or less favorable than usual.
The
-Oct. 31, 1941-—
Nov. 29,1941
.
members
,
Report As Of Dec. 1, 1941
Agriculture
'
Group—
,
^
Cotton
nounced
lend-lease
program
will continue in full
otion. v'rv?
is,
oper-
<*¥*
Volume
THE COMMERCIAL
Number 4021
154
& FINANCIAL CHRONICLE
.'v'-v-1.7C°tal Round-Lot Stock Sales
Retail Prices Gained Further In November
"v:
>
1567
the New York Stock Exchange and Round-Lot
on
Stock transactions for Account of Members* (Shares)
'
Week
Ended
Nov.
29,
-
Canadian Industrial
1941
Activity Still Rising
Total
For Week
A.
There
r
a further advance in retail prices during November,
Publications Retail Price Index having gained 1.2%,
a
ities in 1939.
the gain of 1% during the previous month.
also 11.3% above the 1937 high.
The
following is also
by Fairchild Publications:
Each
of
one
the
from
-count
•
issued Dec.
1.
Total
12
:
Total
floor
Piece goods also showed the greatest.gain aboye a year
with infants' wear recording the smallest advance. In comr
•parison with the period immediately preceding the outbreak of
•hostilities, piece -goods showed the greatest gain, and infants'
,wear showed the-smallest gain:
With the exception of furs, eatjb
item in the index either gained or remained unchanged.
The
greatest advances during the month were recorded by cotton piece
goods, men's underwear and shoes.
In comparison with a year
ago the greatest advances were recorded by cotton piece goods,
sheets and pillow cases, women's hosiery, women's aprons and
housedresses, furs and furniture.: These items also showed the
greatest gains over the period immediately preceding the outbreak
of
in
war
is
114
14,600
12,150
which
147,547
purchases
545,650
4. Total
W i*i
Shori
,
sales
*
1 I
W.' Zlomek; economist;,
1
J
Total
Stock
Round-Lot
Sales
Transactions
He
compiled.
Less
THE
FAIRCHILD
PUBLICATIONS
Jan.
:
Copyright
3,
1941
RETAIL
PRICE
May 1,
1941
Composite index
Piece
goods
69.4
Men's
70.7v/'89.3
Home
;,:■■> 93.7-
65.1
apparel
apparel
70.2
"
103.7
97.5
105.7
106.9
101.2
100.0
U 104.9
>>95.6
v,
102.1
108.5
57.4
'
wash
Cotton
goods
'
w
169.1
ing
In
most of this
specialists in stocks
which they are registered
fotal purchase?
Short
<88.0
95.8
103.2
118.7
68.6 5
•
Domestics—' <> V'>': "
:
■
Sheets
r.
;
■
65.0
Blankets
'
comfortables
&
Women's Apparel—
72.9
•
..>/>
Aprons
&
Corsets
house
dresses
75.5
.......
v.
;
'•:83.6 I
brassieres
&
,,
;
66.8V
Furs
Underwear
Shoes
•
.
..
123.8
124.4'"i?
83.4
121.4
86.0
124.6
87.8
127.4
99.1
100.1
102.1
>96.3
J92.9
133.0
' 138.1
">138.1
90.7
.93.8
89.5
>88.9
89.6
95.7
89.6
,
69.6
64.9
neckwear
&
&
Hats
—J
^
I-:,;
Wpn
l'
■
■■
.
-.i
76.3
^
Shoes
Tnfnnfa1
74.0
91.4
89.0
>98.3
101.0
89.1
99.2
101.7
Total
89.4
99.7
102.6
106.3
98.8
98.6
123.1
106.3
100.3
99.6
124.7
107.3
100.7
101.5
80.9
Floor coverings
•
instruments
—-
_::
;
94.1
102.7
120.5
,
,95.2
■
50.6
$27.6
..
53.8
79.9
;
•
136.7 ; '
58.9
,
138.3
61.3
.
' 138.6
<"64.6
Short
76.0
>,81.8
>>84.2
*89.2
87.1
89.0
*90.4
—
-81.5
94.7
103:4
" 104.1
105.1
of
-
China
sales
Major group indexes are arith¬
'
,
.fur index.
electrical appliances are levied on the
Note:—Composite index is a weighted aggregate.
metic averages of subgropp?.-,
Federal tax of
excise
taxes
on
10(^
-
,
5
at retail is excluded in the computation of the
luggage,
radios,
and
manufacturers.,
<
-
-
"
special partners.
of twice total round-dot volume.^.Xh
calculating these percentages, the total members'
transactions is compared witb
twice the total round-lot volume on the Exchange for the reason that the total ol
members1 transactions includes both purchases and sales, while the Exchange WW
b Round-lot
Trading On New York Exchanges
-
short sales which
with
"other
are
exempted from restriction by the
Commission rule*
--'.p.'-■>>•
sales."
ar«
which
pay¬
increased
AA-A
New York Loan Bank
GenT Counsel Resigns
George
Sharply In November
of
the
MacDonald,
Board
of
Chairman
Directors
of the
Federal Home Loan Bank of New
York, has announced the resigna¬
tion of Judge Fred G.
Stickel, Jr.
Newark, N. J., as General
Below October Levels
1941,
The most important
manufacturing
of trade.
Includwf with "other lale*?
Flour Production Falls
in
was
'.'A'•.'.A^■»•'•"•fkr
pv-r*-V*}^™•• .'<••'.•
il"
Commission made public on Dec. 12
exchanges in the week ended Nov. 29,
of these
included
i'e Bales-'markedt "short exempt"
figures, showing thev daily .vplmne qf total round-lot stock sales on
the'New 'York Stock Exchange and the New York Curb Exchange
and the volume of round-lot stock transactions for the account of
members
>
_
■:1':>/..V--
moderate rise in
a
nearly
11% but other major industries
also showed increases, with the
exception of the retail section
«8hare& in members' transactions as Her cent
"..J•• v:
Industrial products
and rubber ac¬
leather
tober, 1940.
rise
ail regular and associate Exchange members, theli
Includes
of
civilian
ber
36,253
"members"
The term
other
compared with 174 for Septem¬
(revised) and 142 for Oc¬
0
80,033
firms and their partners, including
are
The Securities and Exchange
as
rolls
•
orders.
definite
output
Our wage payroll index for
October
was
189
(1937=100)
80,033
e
purchases
Includes only fifties.
all
;V'.-
sales
other
v:;>Total^Sales ^
"
The
short
Customers'
..
Total
105.6
12.76
•
Customers'
.
and
counted for
165,175
—
Specialists
the
a
the miscellaneous group.
Household—
Appliances
fThe
sale*
'
Odd-Lot Transactions for the Account
*91.1
.
158,590
Total
.
*89.7
79.9
sales
sales b::
in
effort.
war
such
137,035
6,585
——»
war
to be
goods in these groups, as is only
to be expected in this period of
3.60
31,865
—
—
—
of which
many
on
appears
household
1,000
30,865
sales
Total purchases
*65.6
60.1
;
sales b
;
in
the
groups, but
trend towards
a
trades,
working
Total
4.
.140.4
„■
72.5
-
Electrical
Other
Total
125.5
———
Luggage
sales
Other
.
105.3
96.8
97.9
74.3
..
—i
,
53,320
purchases
or
of the heavy secacceleration of the
an
recession
'
.'
?
103.8
are
floor
105.5
91.8
V
lighter
1.24
14,170
-
There
96.Q
102.8
,90.0
69.4
Underwear
Shoes
Furniture
Musical
.Ua ' '• •*
„
.
Socks'
V,
<83.3
.,C86.9
>92.1 #c- 97.1
94.8
99.6
'70.1
'
94.8
100.3
88.3
,86.0
69.7
caps
Clothing inch overalls
94.3
96.6
91.3
87.6
192.0
74.3
Underwear
A tions and
13,770
course
orders.
change
metal
stabilization
.400
■
—
Other transactions initiated off the
97.7
89.8
net
no
non-ferrous
15,300
——
vTotal sales
.
3.
activity is of
Government
was
there has been
sales
Short
Hosiery
7.92
U9,i40
Other sales b
a
the
either the iron and steel
purchases
Short
.
{■
">136.4
r.
Total
>;■=!.
...
Men's Apparel—
Shirts
113.955
—
floor
125.3
,
—
causing
point approach¬
past summer;
a
of
to
There
Other transactions initiated on the
1.
113.2
,
-
Totalsales—
129.2
t
•
111.4
79.4114.6
85.9*,
76.5
-
125.6
••
108.9
.
106.9,
69.2
—
:iki
173.4'
106.4
sale? 1)
that
due
5,185
101.2
122.8
*
116.7
,*
59.2
•
68,415
—
sales
other
80.7
99.5
122.4
-
-
...
79.8
98.4
104.8
,93.5
••
Hosiery
78.9
,-
factor
tive trades to
Transactions of
1.
109.5
76.7
69.2
-
major
rise in the composite index was
the speeding up in the automo¬
1483,800
—
—
slightly busier.
The
1,176,415
count of Member*
-
Woolens
were
a
Round-Lo£ Transactions for the Ac*
103.2
106.9
I.
Piece Ooods—
Silks
b
Total saleg
107.5
101.6
: u: 96.5
104.1
100.4
-97.7
v<
106.2
95.5
.
sales
1941
99.9
93.3
Per Cent
7,385
sales
Other
Dec. 1,
1941
105.2
97.1
.
.192.4
76.4
wear
furnishings
1941
102.6
<86.8.
71.8
Oct. 1, V.Nov. 1.
Sept. 2,
1940
1933
Short
Service
Dec. 1,
paper bags and boxes
pulp and newsprint low¬
pulp and
There was no net
change in other forest products,
furniture
factories
although
Total
For Week
4. Total Round-Lot Sales
<?
News
activity in the manufac¬
of
paper group.
IPPJIiWIIIp
1941
men's
ered the index for the
Btoek
Account
Ended Nov. 29,
INDEX
1931 r* 100
Fairchild
and
New York Curb Exchange
of Members* (Shares)
the
on
for
Week
in
furnishings,
ture
11.01
591,727
sales
from
than offset moder¬
more
and in
whose supervision., the
under
Total
The
capacity
month
He continued:
increases
and
497,477
b
the
clothing
knitted
and
piece goods and footwear.
tvr
i.j
94,250
sales
Other
-
ate
2.62
sales
factory
in
to 117."
October
whole owing to a sharp seasonal
decline
in
women's
clothing
'
Infants'
.-X.KT
135,397
b
points out,- however, that the gain dur¬
ing coming months will be at a lower rate of advance.
Women's
--
123,200
sales
sales
of
rose
in
and meats, increased, but the
clothing group receded as a
,
/£irOTXW>jJ8w
purchases
162
output of foodstuffs, es¬
pecially confectionery, cereals
2.44
122,520
sales
Other transactions initiated off the
Total
in
The
107,920
-
as
November, 1940.
134
percentage
129,710
sales
Total
(1937=100)
with
1939.
A.
to
index
321,660
^ *
purchases
Other
■'
"Our index," Mr.
"registered 165 at
said,
utilized
Short
Retail prices are still below replacement levels at wholesale.
Therefore a further gain in retail quotations is indicated, accord¬
ing
xxwwdtt:l
5.95
>j
sal^s b
Total
satisfy
compared
iloor
.
;
254,160
sales'
Other
Total
to
and
Short
I.
Commerce.
mid-November
67,500
;
b
v
Total
vance.
ago,
•
sales
2. Other transactions Initiated on th#
-
-
if
sales
Other
^month, with1'piece, ■goodsv recording the greatest gain. Home fur-*
.pishings, for the first time in months,: showed the smallest ad-
j
of
Arscott
292,740
the
during
again
advanced
groups
the
Odd-Lot Dealers
purchases
Short
partly
mainly for
Transactions of specialists in stocks
in which they are registered
'
major
for
and
consumer
demand,
non-capital goods, it
is stated by A. E.
Arscott, General
Manager of The Canadian Bank
Ac-
Except
Members,
Accounts of
the
orders
war
increased
5,164,270
for
and Specialists
-
5?;
of
Odd-Lot
activity as a whole has continued
rise, partly to fill Government
to
5,054,850
Transactions
The level of Canadian industrial
a
109,420
__—
b
sales
Round-Lot
Current quotations ere
announcement
an
sales
Total
B.
during the month compares with
The advance of 1.2%
sales
Other
Current
high in the present upward movement.
new
Per Cent
Sales
Short-
prices are also, 14.7% above the corresponding period a year ago, and
20.9% above the low immediately preceding the outbreak of hostiL
.
Round-Lot
was
the Fairchild
reaching
Total
continuing a series of current figures being published by the Com¬
mission.
Short sales are shown separately from other sales in
of
Flour production, according to reports received by "The North¬
Counsel
of
the
Bank,
Judge
western Miller" by plants representing 65% of the total national out¬
Stickel tendered his resignation
the Commission explained,
>
- ■ • „
put, in November fell sharply under that of the previous month- a number of
months ago so that
Trading on the Stock Exchange for the account of members
more than 850,000 bbjs., in fact—and trailed about 258,000 bbls. be¬
he might devote his entire time to
(except odd-lot dealers) during the:week ended Nov, 29 (in round- hind the output of November, 1940.
his law practice, but stayed on at
lot transactions) totaled 591,727 shares, which amount was 11.01%
.Total production for November was compiled at 5,614,551 bbls.,
the request of the Board of Di¬
of total transactions on the Exchange of 5,164,270 shares.
This
compared with 6,469,796 the month before and 5,872,252 the same
rectors until the many important
compares with member trading during the previous week ended month last
year.
All the major producing sections registered deNov. 22 of 387,770 shares or 11.34%
of total trading of 3,657,060
legal phases of the New Jersey
cfeases from their October, 1941, figures.
Building
and Loan reorganiza¬
shares.
On the New York Curb Exchange, member trading during
'The Northwestern decline over the month was about 220,700 bbls.,
tion program were disposed of
the week ended Nov. 28 amounted to 165,175 shares, or 12.76%
but the total of 1,342,045 bbls. represented a 30,000-bbl. increase over
and
until
of the total volume op that. Exchange of 1,183,800 shares; during, the
satisfactory arrange¬
the 1940 total for November. Buffalo mills showed a drop of 74,000
preceding week trading for the account of Curb members of 104,- bbls. from October but made a gain of 24,350 bbls. over the 1940 ments could be made for a suc¬
cessor.
"The legality of that pro¬
145 shares was 42.34% of total trading of 816,045 shares.
figure.
•
;
The Commission made available the following data for the
Southwestern production, totaling 2,061,596 bbls. for November, gram having now been sustained
these figures,
,
week
The
ended Nov.
data
Exchange
29:
f
;
,
.
•
reports are
Exchange
1.
.
2.
-
3.
i -
specialists
showing
Reports
actions
New
York
members.
other
trans- ,■>
initiated on the floor—
showing
other trans¬
actions initiated off the floor—
Reports
Stock
These
N. Y. Curb
Exchange
1,055
764
188
Reports Received—
Reports showing transactions as
Total Number of
37,400
was
published are based upon weekly, reports filed with the
the New York .Curb Exchange by their respective
N. Y. Stock
classified as follows:
and
98
bbls.
ever,
569
:
bar-
of
of
in the various classifications may total more than the num?
reports received because a single report may carry entries in more than one
of the flour manufactured in the U. S.)
November
538
the New York
-November-
Previous
1939
1940
1938
1941
month
1,562,742
1,312,016
1,245,656
1,387,477
2,061.596
2,433,107
2,114,191
2,014,031
2,028,645
817-839
891,998
793,494
715,294
819.754
Central West—Eastern Division
Division
:
Southwest.
——
—
590,049
623,779
273,007
251,299
103,(Jl 7
107,751
134.687
Pacific
483,356
577,412
720,723
5,614,551
6,469,795
5,372,252
527,853
545,842
216,049
Southeast
Western
Coast
499.648
254,695
265.488
124,799
*173,246
474,388
437,991
5,356,713
5,612,249
.
-
number of reports
classification.
Totals
*
—
Includes
Indiana,
since
and
1938 under Central West, Eastern
Division.
the
way,
program
the Board
time Mr. MacDon¬
same
announced
Joseph
F.
fice attorney.
admitted to
.the
X.
Bayonne, N. J.,
1,342,045
Northwest
Buffalo
Courts
reluctantly and regretfully
accepted Judge Stickel's resigna¬
tion/' Mr* MacDonald said.
ald
detailed table, with comparable figures:
(Reported by mills producing 65%
106
the
At the
a
TOTAL MONTHLY FLOUR PRODUCTION
205
by
has
.
28
showing no transactions
Curb Exchange, odd-lot transactions are handled solely by
•nacialists in the stocks in which they are registered and the round-lot transactions oi
«>ecialists resulting from such odd-lot transactions are not segregated from the»spe¬
cialists' other round-lot trades.
On the Naw York Stock Exchange, on the other
hand
all but a fraction of the odd-lot transactions are effected by dealers engaged
■olely in the odd-lot business.
As a result, the round-lot transactions of specialists in
gtocks in which they are registered are not directly comparable on the two exchanges.
The
52,600 bbls. below the
being well under
4. Reports
Note—On
and
In the Pacific Northwest, big decreases were also noted, espe¬
cially the 237,000-bbl. slip from last year's monthly total. In the
eastern Central West, a gain was made over the 1940 output, how¬
Below is
181
that of October
under
November, 1940, figure.
appointment
O'Sullivan
of
the Bank's of¬
Mr. O'Sullivan was
as
the Bar of New Jer¬
in 1933 and there engaged in
the practice of law, later becom¬
ing associated with the Federal
sey
Savings and Loan Insurance Cor¬
poration handling legal matters
for
the
Second
Federal
Loan Bank District.
Home
Thursday, December 18, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1568
SEG Completes Study
Comparatively Steady
Of Investment Cos
Pre-War Week, Reports Labor Bureau
Wholesale Prices
Weekly Goal And Coke Production Statistics
'.The
Bituminous Coal Division, U. S. Department of the Interior,
9
that the total production of bitumin¬
The final portions of the Se¬
estimated at 10,700,000 net tons.
During the week preceding the attack upon the United States
curities and Exchange Commis¬
This is in comparison with 11,280,000 tons in the preceding week
by the Japanese, prices in wholesale commodity markets were com¬ sion's
report on its study of in¬
and 9,820,000 tons in the corresponding week last year.
paratively steady.
The Bureau of Labor Statistics' index of nearly vestment
companies,
conducted
The U. S. Bureau of Mines reported that the production of
900 price series declined by 0.1% to 92.2% of the 1926 average,
pursuant to Section 30 of the
Pennsylvania anthracite for the week ended Dec. 6 was estimated largely because of lower prices for foods.
At this level, whole¬ Public
Utility Holding Company
at 775,000 tons, a decrease of 33,000 tons from the preceding week. sale
Commodity prices were nearly 23 % above those prevailing in
Act of 1935, were transmitted to
Output in the corresponding week of 1940 amounted to 1,032,000 August, 1939, when war broke out in Europe, and 15.5% higher
the Congress on Dec. 4,;+ They
Ions,
,
In
in its latest coal report, stated
coal in the week ended Dec. 6 is
ous
v/./-''
/vy."V
"ry-'
than in the first week of December,
PRODUCTION OF SOFT COAL (IN THOUSANDS
WITH COMPARABLE DATA ON PRODUCTION OF
NET TONS),
CRUDE PETROLEUM
v:..;,
Daily
9,820
/1.958
469,727
421,665
501,610
1,636
;i?'
11,280
average
1929
1940
194le
1,646
1,467
petroleum b
equivalent of
-
216,088
288,640
299,294
5,787
6,546
6,580
-
Historical comparison and statistical convenience the pro¬
duction of lignite,
b Total barrels produced during the week converted to equivalent
coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal.
Note that most of the supply of petroleum products is not directly competitive with
coal ("Minerals Yearbook,"
1939, page 702).
c Sum of 49 full weeks ended Dec. 6,
1941, and corresponding 49 weeks of 1940 and 1929.
d Revised,
e Subject to current
adjustment.
/Average based on 5.76 working days.
for purposes ot
Includes
a
PRODUCTION
ESTIMATED
v>.
'
'*•>
:V'.;v;
(IN NET TONS)
Dec. 6
Nov. 29
1941
1941
a
1940
1940
1941
1929
a
775,000
Total
Daily
51,008.000
47,199.000
68,035,000
980,000
48,463,000
44,839,000
63,136,000
135.900
120,100
5,850,700
2,670,000
22,650
20,017
20,105
9,175
6.178,200
21,231
Coke—
Beehive
U. S.
1,032,000
24,817
c~
768,000
148,900
production
808,000
736,000
fuel b
Comm'l
average
(b) Includes washery'and
authorized operations,
(c) Excludes
Adjusted to comparable periods in the three years,
(a)
shipped
coal
and
coal,
fuel.
dredge
colliery
,
truck
by
,
from
(In Thousands of Net Tons)
\
cotton
1941
Nov.
Nov. 22,
1941
State—■
established by
Manila hemp and raw jute
e
4
3
(/)
314
259
294
409
97
94
51
131
100
187
166
196
1
«
and
Oklahoma-.
I
Paul
536
91
128
156
161
160
175
757
656
852
183
181
313
928
40
43
c;>435.
5
601
260
9
15
230
37
18
,
84
§■:+!'/ 3i
24
83
Dakota
South
and
100
30
+
Mexico
96
85
•'
700
Ohio
:
Pennsylvania bituminous
620
134
Utah
7;v
Wyoming
292
' 52
44
39
54
1,271
1,865
v«50
660
632
122
"155
154
179
via
,V
V
a
'■
9,712
9,119
10,176
10,878
918
856
1,385
1,896
10,630
9,490
12,088
9,975
11,561
12,774
North Carolina; and
than
* Less
-
FIRST
FOR
OUTPUT
COAL,' BY STATES, IN OCTOBER, WITH TOTAL
TEN MONTHS OF 1941, 1940 AND 1937
OF
PRODUCTION
ESTIMATED-
South Dakota included with "other Western
tons.
1,000
(In Thousands
of Net Tons)
'
carloadings and river ship¬
reports from a number of
mining companies, local coal operators' associations, and detailed monthly production
statistics compiled by the State Mine Departments of Colorado, Illinois, Pennsylvania,
Washington, and West Virginia.
In making the estimates, allowance is made for
(Figures are preliminary estimates based on railroad
ments of coal and beehive coke, supplemented by direct
■i
shipments, local sales, and colliery fuel, and for small trucking
mines producing-over.' 1,000 tons a year. +.A'<••
The estimates here given are based upon the latest information available, and
■differ in some cases from the current figures previously published in the Weekly Coal
Keport.)
■;;■+■'.■
pJaJV
October, 1941
State.;,.-'
All
end of October
1941
in
.03
14
144
114
2.42
1,264
1,330
12,390
12,542
10,242
458
.91
540
287
2,696
2,385
Building materials
Chemicals and allied products
655
1.29
666
555
5,355
4,952
Housefurnishing goods
Miscellaneous
commodities—
Illinois
.l
;
-
31
24
7
4.658
4,077
43,260
39,447
41,054
2,018
1,440
18,039
14,801
14,072
194
235
1,927
2,298
2,828
3,
.01
655
1.29
8.63
2 /'
.
4,083
535
5,997
5,294
34,540
33,520
12-7
11-29
11-8
nomic Section.
12-7
1940
1941
1941
1940
101.9
——
farm products
90.2
89.6
93.9
89.7
93.9
Judge Prank, former Chair¬
of the
Commission, did
participate in the prepara-
■;
93.7
;
—
goods
L.
and
0.3
goods
worsted
89.7
89.5
94.0
89.2
89.5
93.5
73.4
80.5
83.1
—0.2
+ 0.1
0.0
>
—
92.2
93.1
and
Fruits
vegetables
foods
Other
Other farm products
+ 15.6
+13.0
+ 12.7
+0.9 + 22.6
+0.2 + 11.4
+0.4 +13.0
detail
—
—
•,
+0.4 +12.8
-
f
0.2
0.1
2.2
1.4 ■*;:
1.3
0.8 •
0.0
84.4
+ 0.8 +11.0
tures ;
0.1
0.1
0.1
—_
—_
—
0.7
0.3
0.2
0.2
635
9,640
7,046
168
; •< 120
1,426
1,206
30
43
299
356
tribution
panies;
298
2,664
2,296
.07
Montana
406
.80
106
.21
97
88
946
873
322
.64
186
288
1,725
1,561
1,696
Mexico
North and So. Dakota___
6.14
2,930
1,650
23,838
18,332
24.11
11,150
10,782
101,094
92,404
1.34
460
5,523
5,030
4,297
1
620
v
312
581
.92
450
340
3,153
2,662
3,046
1,845
;
.07
y.'v
41;,
27
3.64
1,712
1,270
14,730
12,535
190
.38
176
146
1,512
1,317
21.07
9,798
7,879
84,873
80,114
3,951
3,689
2,401
31,132
25,674
24,695
728
(b) ____A_—
Northern
Wyoming
__________—
1.44
659
564
5,153
4,456
4,722
3
.01
2
4
24
13
11
'
Other West.
Total
All
.?■/
100.0
.
46,880
38,700
412,423
371,833
coal
50,615
(d)___
5.380
5,143
4,355
46,401
42,671
55,995
52,023
43,055
458,824
414,504
bituminous
anthracite
Total,
(c)__
States
Coal__
—
-
This
is
a
Anthracite
decrease,
as
Institute,
ity
371,415:.
'
42,658
414,073
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Mason, and Clay counties, (b) Rest of State, includ¬
ing the Panhandle District and Grant, Mineral, and Tucker counties,
(c) Includes
Arizona, California, Idaho. Nevada, and Oregon, (d) Data for Pennsylvania anthracite
from published records of the Bureau of Mines.
(a) Includes operations on the
end on the B. & O. in Kanawha,
stockholders,
ment
and
companies
investors'
as
a
invest¬
medium
savings.
Part
1941
to
Copies will not be available
public
distribution
until
printed
by
the; Government
Printing Office.
for
November, 1941, as
amounted
elusions of the Commission.
3,166,083 net
compared with shipments during the
76,174
7.80
com¬
and when com¬
Cuban Bond
Redemption
J. P. Morgan
& Co. Incorpo¬
shows a decrease of 230,305 net tons.
rated, fiscal agents, have drawn
Shipments by originating carriers (in net tons) were reported
as
(a)_
to
companies
pared with November, 1940,
1,644
10.663
K
Virginia:
Southern
the
to
preceding month of October, of 1,208,168 net tons,
11,548
Utah
Virginia ;
tons.
753
465
;,;VX 37
Washington
reported
95,614
____;
Texas
Shipments of Anthracite for the month of
1,449
681
bituminous
Anthracite Shipments-November,
1,281
20,946
3,107
Tennessee
,
12,205
Ohio
Pennsylvania
:
securities
Five sets forth briefly the con-
2,327
.33
34
of
investment
in the role of articulate minor¬
.
,
434
314
1.89
166
the >' participation
of
companies in reorganizations; the participation of
investment companies in redis¬
for
6,765
886
957
Western
new ven¬
participation of >; invest¬
companies in underwrit-
ings;
■
0.1
0.1
—
mar¬
direct
capital
to industry, par¬
investment
0.1
r
Cereal products —
Other textile products
Bituminous coal
Lumber
capital
including
ment
yiy
investment
of
ticularly to small and
32,307
Maryland
Michigan
role
'contributions
6, 1941
Kentucky:;
Eastern
the
ket,
■;
Decreases
Livestock and poultry
0.0
82.1
\^
•
II * of Part
Four,
which was
prepared in draft
prior to the passage of the Investment Company Act of 1940,
deals primarily with the eco¬
nomic significance of invest-;
ment companies. It discusses in
companies in the
^
Part Five.,,
or
Chapter
+ 1.5
Agricultural implements
Plumbing and heating
Furnishings ;
Cattle feed ——
Paper and pulp
Paint and paint materials
5.5
0.4
_
Other miscellaneous
Woolen
—0.1
+1.8
93.6
93.7
0.5
:
—
0.0
0.0
+ 0.1
consideration of Chapter
or
II of Part Four
+ 12.0
0.0
0.0
Indexes from Nov. 29 to Dec.
Increases
Meats
tion
+30.1
+20.0
+22.1
+ 8.8
+1.1 + 5.9
+0.3- .+. 8.4
77.4
;
and foods—w
materials
—0.6
85.9
92.6
.92.6
92.6
...
—-
not
+9.5 +15.5
+1.3
—0.1
0.0
+ 1.1
+0.1
+0.3
—0^ —0.6•
73.9
man
'
.
t
Percentage Changes in Sugroup
Grains
79.8 —9.1
89.8 —0.3
87.1
.
than
other
commodities
87.1
90.0
products
farm
All
91.7
89,6
68.8
89.5
115.4: 114.9
114.1
103.0
90.6 ; 90.4
90.4 , 74.3
> 79.4 :
79.4 - 79.7 • • .72.8
103.3. 103.4 102.2
97.5
107.4 ; 107.4 107.1
99.1
89.7
89.5
89.8
77.6
101.9
101.7
100.1
90.2
87.2
Semi-manufactured articles—
Manufactured products
All
commodities
other than;
92.8
90.3
'
.
„
5,454
3,220
'
636
4.370
Kansas and Missouri
10
4.48
232
'
■:
.46
4,868 '
2,270
;>:(
9.62
:
3
.
.
___________
Indiana
89.7
materials
Raw
,
5,607
Colorado
Georgia and N. 'Car.__i«
,U
2,331
■v.;
Oklahoma
and
15
115.4
90.7 r
'79;2
103.3
107.4
leather products—
products
——:
—
Fuel and lighting- materials—-.;
Metals-and metal products--
Textile
.
92.8
91.1
89.2j'
88.7
and
Hides
'
98.8
90.8
—
1941
1941
1941.
,
—
Cotton
:
1937
1940
1,223
+
_____
.
„
Commodities
products
Poods
Fertilizer
Calendar year to the
1940
1941
total
Net tons
v
Oct.,
Sept.,
-I'.;;
Alaska
Arkansas
U Commodity Groups
truck
commercial
11-8
"
Porta
the N. & W.; C. Si O.; Virginian; K. & M.; B. C. Si G.; and
«n the B. & O. in Kanawha, Mason, and Glay. counties,
b Rest of State, including the
Panhandle District and. Grant; Mineral,j and Tucker counties.
c Includes Arizona,
California, Idaho, Nevada» and Oregon,
d Data for Pennsylvania anthracite from pub¬
lished records of the Bureau of Mines.' >-,t Average weekly rate .for entire month.
11-22
11-29
12-6
Currie, William Parker,
B. Cooper, and Ruth'
Fielding, formerly of the Eco¬
Dec. 6, 1941. from—
/5
super¬
Gilles, War¬
Donald
184
/5
G.
ren
Percentage changes to
1941
875 :,
808
i
-
8,615
11,280
coal—-
1
;
vision of Robert C.
100)
=
776
Includes operations on
/Alaska, Georgia,
(1926
prepared under the
was
to Dec. 6, 1941.
indexes from Nov. 29
-
*
•
■
for Nov. 8, 1941
(2) percentage changes in subgroup
month ago, and a year ago;
217
v
520
anthracite d
Pennsylvania
248
308
Schenker, Counsel, and L. M. C.
Smith, Associate Counsel;
The
portion
of the; report
transmitted to Congress today
7,1940, and the percentage changes from a week ago, a
and Dec.
72
1,864
■V
1,513
States c——
bituminous
112
16
80
891
—■—_—
Western
141
9
106
1,735
—-——
_
15
29
the
the study, was under the
immediate supervision of David
index numbers for the prin¬
cipal groups of commodities for the past 3 weeks,
764
Throughout
of
chemicals
,
.
following tables show (1)
The
117
2,275
Virginia—Southern a—
Northern b
<
allied products.
and
2,993
104
328
,
402
Virginia
Washington
403
2,443
9
107
sharp advance in prices for silver nitrate and
a
1938.
study the legal staff, and in its
the entire direction
later stages
/35
-
94
8
Texas
/ 56
454
112
Aside from
William
Spratt, Jr., served as Chief
study until his death in
J une,
,
phosphate rock, there was little change in quotations for
62
52
53
109
i
2,397
141
v
during the week.
26
2,361
A^;^l'451+:
1,684
2,406
Tennessee
Penn.
Director
was
of the
Turpentine declined nearly 2%
and lath.
drop siding, dimension
83
23
,
V
>
;-V:M+?
78
70
98
Montana
Total
,
-d 5 +:
8
R.
218
32
160
Western
West
Gourrich
study until his resigna¬
tion in March of 1939.
for yellow pine
Douglas fir timbers, red cedar shingles and
724
168
Maryland
Michigan
New
P.
of the
Lower prices were reported
boards, finish, flooring and timbers.
1,571
364
72
Kentucky—Eastern
Iowa
maple
such as
of yellow pine,
certain types
and for
and oak lumber,
for
1,389
432
66
Missouri
and
:%:</)
65
1,179
547
67
Kansas
y
(/)
404
1,170
573
Iowa
236
274
1,096
1,242
Indiana
Btates."
prices for building materials was mixed.
higher for rosin, shellac, gravel, sand, lime, for
Prices were
if)
217
3
'
Other
'
89
—-
Arkansas
West
1923
following
.
Georgia and North CarolinaIllinois
i
North
1929
movement in
The
average
1939
1940
'
declined nearly 6%.
Nov. 30,
2,
355
-
Colorado
New
Dec.
30,
1940.
of
is also from an
announcement by the SEC:
The entire investigation and
the preparation
of the Com¬
mission's reports was under the
general
supervision of Com¬
missioner
Robert
E.
Healy.
permitted higher prices for
and textiles under the sliding scale
yarns
Office of Price Administration.
the
Nov.
-Week Ended
Nov. 29,
■
The
Act
Advisers
vestment
higher for hay, hops, seeds and wool.
•
based on railroad carloadings and river shipments
.subject to revision on receipt of monthly tonnage reports from district and
State sources or of final annual returns from the operators.)
a
the
a
in the
reports
public record
Commission's successive
are
Alaska
made
and
of
matter
Advancing prices for raw cotton
STATES
(The current weekly estimates are
Alabama
digested,
studied,
ago.
and to the Congress. The informa¬
wethers were down about 9%; cows, nearly 5%; hogs and calves, tion brought out in the investi¬
more than 2%; and live poultry at New York, 5%.
Grain prices, gation and reports provided much
of
the
factual
background for
on the contrary, averaged 5 V2 % higher than for the previous week;
two
statutes,
the
Investment
rye advanced 10%; wheat, corn and oats, about 5%; and barley,
over 2%.
In addition cotton rose 2.4% and quotations were also Company Act of 1940 and the In¬
■
t
ESTIMATED WEEKLY PRODUCTION OF COAL, BY
•nd
investi¬
1935, when knowledge of
this industry,
even
in financial
circles, was only fragmentary. In
the course of the investigation all
aspects
of
the
industry
were
Average wholesale prices for foods
and cottonseed oil.
comprehensive
gation of investment companies.
The investigation
began in De¬
decline
colliery
incl.
mission's
chap¬
concludes the Com¬
Higher prices cember,
A sharp drop in livestock prices largely accounted for
in the average prices of farm, products.
Lambs
a
Penn. anthracite—
Total,
and
conclusions
The transmission of these
slightly lower than in early November but were 20% above
year
Five, dealing with the
ters formally
reported for milk at Chicago, bread at Cincinnati, crackers,
rice, flour, corn meal, certain canned and dried fruits and vege¬
tables, lemons, fresh beef and pork, and for cocoa beans, molasses,
Calendar Year to Date
Dec. 7
vegetables
and
fruits
were
were
i':\ \:Y;+7.:
'
,—Week Ended-
fresh
for
prices
lard, rye flour, tea, mutton, ham and veal.
eggs,
Part
Commission's
dropped 1.4%.
Oranges declined more than 21% and prices of
apples and potatoes in Eastern markets were considerably lower
than in the previous week,
A sharp decline was reported for
bread in the Chicago area and quotations were lower for butter,
pepper
ANTHRACITE
PENNSYLVANIA
OF
-AND BEEHIVE COKE
:
,
and
other
recommendations.
wholesale
Average
weekly
output
0.3%.
products and fuel and lighting materials dropped
products and miscellaneous commodities, on the
Part Four,
dealing with the economic signif¬
icance of investment companies,
hand, advanced 0.1%.
1,733
Crude
Coal
consist of Chapter II of
decline
a
Textile
Calendar Year to Date c
7,
1940
1941d
1941
including mine fuel—10,700
Total,
Dec.
NOV. 2.9,
6,
Bituminous coal a
farm
-Week Ended
-—
"i"'.\
;
■
to
addition
In
1940,
announcement of Dec. 11 further said:
of 0.6% in wholesale food prices,
The Labor Bureau's
OF
STATES
UNITED
ESTIMATED
by lot for redemption
follows:
'
>
Central
838,046
612.646
Co.
Reading
Lehigh
Nov., 1941
.':r
of
Lackawanna & Western
Delaware
& Hudson RR.
Pennsylvania RR.
Erie
New
RR.
York
Corp.
Ontario
Total
-
——.——————
& Western Ry.
-
853.988
685.635
778,299
668,512
289,571
343,395
486,977
415.230
480,620
478,796
304.359
320,837
389,985
1351.353
383,053
250,699
56,680
RR—
i,
—
Lehigh & New England RR.
828.470
on Jan. 15,
1942, out of moneys in the sink¬
ing
fund,
$842,000
principal
amount of Republic of Cuba ex¬
388,045
410,739
281,767
315,749
ment
84,417
81,952
101,703
Jan.
185,943
229,588
175,174
172,896
3,166,083
4,374,251
3,396,388
3,657,876
254,980
368,326
255.379
New Jersey
Delaware
1,127,405
NOV., 1940
343,384
Valley RR.
RR.
Oct., 1941
Oct.. 1940
,
ternal
loan 30-year sinking fund
bonds, dated Jan. 26, 1923,
at 100 and accrued interest. Pay¬
5V2%
will
15
be
at the
made
New
on
or
York
after
office
(5=of J. P. Morgan & Co. Incorpo¬
rated. '
-.
!
■
Volume 154
Number 4021
THE COMMERCIAL & FINANCIAL CHRONICLE
SfeeS Plant
Expansion To Be Pushed With New
Speed-War Needs To Impose New Demands
Contraction of the
reflected
in
of Dec. 18.
panies
other
automobile
industry's peacetime activities is
leading industries, according to "The Iron Age"
the automobile com¬
Late last week and early this week
suspending all or almost all of their unfilled steel orders.
Space made available on steel rolling mill schedules was immediately
taken by highly rated defense tonnage. The OPM is already in the
process of allocating heavy tonnages of drum stock for barrels which
will
were
crowd
all
strip mills.
Strip mills
The
adds
"The
to say:
which further
Age,"
Iron
goes
operations since Dec.
of
industries,
expected to cushion effects of the reduction.
are
Dec,
15
announced
2, 1940, follow:
;
Feb
24__
98.3%
Jun
16
99.0%
Sep 29
Mar
96.9%
.....
10
98.8%
Jun
23
99.9%
Oct
6
98.1%
—96.9%
9
96.0%
Mar
17
99.4%
Jun
30
91.8%
Oct
13
96.8%
Mar
24
99.8%
Jly
97.8%
Mar
31
-
99.2%
Jly
94.9%
95.2%
20
80.8%
7
14
Oct
23
Oct
27-
30
95.9%
Apr
7
-
99.3%
96.0%
Nov
3
98.2%
14
98.3%
Jly
Jly
21
Apr
28
97.6%
Nov
10
_96.6%
97.2%
Apr
21
96.0%
Aug
4
96.3%
Nov
17
1841—-
Jan
6
,
Jan
13-
98.5%
Apr
28
94.3%
Aug
Jan
20-___
96.5%
May
5
12
96.8%
-
Aug
11——95.6%
97.1%
May
Feb
3
96.9%
May
19
99.9%
18
Aug 25
Sep
2
Feb
10
97.1%
May
26——
98.6%
Sep
Feb
17-— _—94.6%
Jun
99.2%
Sep
22
97.0%
Nov: 24——95.9%
Dec
1
15_—96.1%
Sep
—99.9%
27
Mar
3—. —:97.5%
•,
"Steel" of
99.2%
2
JUn
9
98.6%
Cleveland, in its
96.2%
96.5%
96".3 %
96.9%
8
Dec
Dec
97.6%
8——97.5%
15
97.9%
__96.8%
summary
of the iron and Steel
kets, on Dec. 15 stated:
) •'
1
Entry of the United States into the World War last
mar¬
general tightening of nerves and improved morale among all inter¬
ests.
That war requirements will call for even greater
production
and further curtailment of steel to civilian users is
fully
were told they would get 407,916 tons of plates in December,
greater tonnage than for any other recent month." This step gains
significance with the pressure on the country's transportation system
a
result of breaking out of War|in the Pacific.
as a
Two hundred loco-
motives, distributed among three; manufacturers, were ordered re¬
cently for export. All will get an A-l-a priority rating as will 5,000
railroad
cars
to be
soon
*5';- A4 midWeek it
of
strategic
ordered
for the Army for export,
Was clear that stricter control over all inventories
materials
likely
accompanied by formal
are not being put to
direct war use: OPM has, had power to control stocks but has been
•slow to use this authority* Now, however, with the armanent effort
passing from the defense to the war stage, and with the Pacific war
threatening supplies of tin,' rubber, manganese, tungsten and other
materials, defense officials may be forced to use their power to fill
■•••gaps in defense plant needs.ivV {■■'
y
I
was
be
to
requisitioning of Vsuch materials iwhen they
.
-
v'^'y
•
:
-
Defense leaders have appealed to American industry to "immedi-
ately and wholeheartedly" comply with all priority orders and revquests for information issued by the OPM Priorities Division and
:;.other agencies.''-1
; "
*
'
*
;
\
''
.
This week brought
y'
flood of priority actions. Buyers of
.steel plates were told, for example, that Form PD-73, regardless of
allocation of plates, must accompany each plate order because the
:
OPM needs
than
more
a
new
193
the information
ever
carried
the forms.
on
The Priorities Division, acting to kill one of the rumors growing out
;
of
that -retail
announced
war,
and
cannot
consumers
must
not
^ expected,to produce preference rating certificates when placing
mal orders for finished
goods.
This declaration
be
nor¬
intended chiefly
was
for distributers of metal products.
;: First development in the steel-expansion situation to follow U* S.
gentry into a shooting war is the announcement by W. L. Batt (OPM
director of materials)
that steel plant expansion will
.with
;;
i
r
'
now
be pushed
new speed.
High military ratings will be given these projects
which-, Mr. Batt said would (1) increase pig iron capacity to balance
present finishing facilities and to offset expected scrap shortages
and
(2) increase electric furnace and other facilities to provide
special treatment steels, alloy ^steels ,and specific steel products
for
sary
production.
war
-
,
t
-
neces-
-
Meanwhile the Office of Price
Administration
took
long ex¬
pected step in freezing resale prices of steel at levels prevailing April
16, 1941. The order, effective Dec. 16, affects all distributors, dealers
-and jobbers, covering plumbing supplies, warehouses, hardware job¬
-
a
bers and dealers, industrial, supply firms and oil" field suppliers.
Every steel seller is required to maintain records of sales, inventories
.'and orders for inspection (of the OP A. Sellers whose annual gross
sales exceed
April 16.
.
$50,000 annually
(:.i
("g
are
.
.
required to file prices in effect
' ' 1
Considerable fluctuation in district steel
production rates is
on
[ capacity.
reflected
in
the
and
iron
steel
market, aside from
a
recognized
and
all
thinking is along these lines.
'
;
Steel, recognized as the basis of all war preparation,' is being
provided in tonnage never before attained and every possible
method to increase output is welcomed.
Pending completion of en¬
larged production facilities the only means by which more steel
.
be
can
obtained
channels
not
for
being given of
are
other
is
use
war
connected
with
the
further
limiting or cutting off supply tc
main object.
Already indications
reduction
in
automobile
.
THE
V
"IRON
AGE"
Finished Steel
Dec. 10, 1941, 2.30467c. a Lb.
a
output
and
probably will feel; the hand of the government in
The President; has indicated that half the steel
formerly going to civilian use will be diverted to war purposes; This
would
indicate
In
placed
of
and I pig
strap
iron
Under practically
two
complementary
Steel Co. has blown in
a
One
week
One
month
Onp
year
A
ago
Tempo
of the
industry is indicated by shipment of 18,612,901 net tons of finished steel by the United States Steel Corp.
in the first eleven months this year, compared with 13,431,487 tons
in the corresponding period last year, a new record for these months.
November shipment of 1,634,186 tons was the highest in history for
that month, although 227,093 tons less than in October, largely due
__2.30467c.
ago
ago
,„„rw^-_-r-^*----2.30467c.
steel
index
weighted
based
steel
on
bars,
plates, wire, rails, black pipe,
cold-rolled sheets and strip, These
tank
•
:
78%
the United
of
States
High
Sep
-_2.35367C.,
1939
2.30467c.
2
2.24107c.
3
Jun
Sep
Apr
16
2.26689c.
2
__2,30467c.r-Jan
May
16
2
r_2.58414c.
Jan
4
2.27207c.
1937
—2.58414c.
Mar
9
2.32263c.
Jan
4
1936
__2.32263C.
Dec
28
2.05200c.
Mar
10
1935
—2.07642c.
Oct
1
2.06492c.
1934
—2.15367c.
Apr
24
1.95578c.
Oct
1938
1933
—
1932 —1.89196c.
Oct
18
Jan
8
1.95757c.-
Jan
2
1.75<<36c.
Mav
2
1.83901c.
Jly
1$
$30.01
Jun
21
19.61
Jly
1937
—23.25
Mar
♦
20.25
Feb
Nov 24
18.73
19.74
,
Mar
1
1931
j_1.99629c.
Jan
13
1.86586c.
Dec
29
1930
—2.25488c.
Jan
7
l.C7319c.
Dec
9
1929
—2.31773c.
May 28
2.26498c.
Oct
29
18.84
Nov
15
17.83
17.90
Mav
1
16.90
Jan
27
16.90
Dec
•
13.56
Jan
3
14.81
Jnn
5
13.56
Dec
15.90
Jan
«
14.79
Dec
15
1930
18.21
Jan
7
15.90
Dec
16
18.71
May 14
18.21
Dec
17
1935
—___
1934
1933.
—_
1932
1929
—>
month
One
year
Based
on
aces
phia.
V
at
ago
One
One
One
16,
week
tations
phia,
ago
—
22.61
for basic iron at Valley furn¬
foundry iron at Chicago, Philadel¬
Valley
and
Southern
iron
averages
and
Buffalo,
Cincinnati
.
..
•
-■
...
High
1941
——$27.61
1940
__—23.45
.
-
Low
Mar 20
$23.45
Jan
2
23
22.61
Jail
2
Dec
$19.17
-a-
Gross
to
and
.
imports
scrap.
products and 16,405 tons of scrap in August.
In September, 1940.
2,542,1008^01 steel products were imported, with 56 tons of scrap
;
All records were broken in Lake. Superior iron ore movement
the season total being 80,116,360 gross tons, 25.75% above the' 194C
total
of
63,712,982
The
tons.
former
record
season
in
was
heavy
consumers
Office
the
of
Production
season.
Management set
-
a
goal of 74,600,000 tons for
Jan
7
Dec
30
16.04
Apr
Oct
3
14.08
15.00
Nov 22
11.00
Jun
1937
21.92
Mar 30 %
12.92
Nov
If
1936
17.75
12.67
Jun
9
1935
13.42
Dec
10
10.33
1934
13.00
Mar 13
9.50
Sep
25
1933—
12.25
Aug
8
6.75
Jan
English Financial Marfcel-Per Gable
Jan 12
6.43
securities, &c-, at London,
reported by cable, have been as follows the past week:
3
8.50
Dec 21
Apr 10
daily closing quotations for
f
7
Apr 29
Jly
5
Dec 29
11.33
Jan
6
8.50
1930
15.00
Feb
18
11.25
Dec
9
1929
17.58
Jan
29
14.08
Dec
3
continued
distribute
use
to
in
free
in
school
lunches
needy families in
served
October
farm products for
and
not
areas
by the Food Stamp pro¬
\
gram.
Chilean Bondholders
Notified Of Rights
Pursuant
to Law No. 5580 of
Jan. 31, 1935, and subsequent de¬
crees
of the Republic
of Chile,
holders of unstamped dollar bonds
with all unmatured and
unpaid
the Republic of Chile,
Mortgage Bank of Chile, Water
Company of Valparaiso, City of
Santiago and Chilean Consolidated
Municipal Loan are being notified
they they are entitled to receive
in
exchange an equal principal
amount of bonds, stamped under
the law and decrees, on which the
coupons of
Government of Chile will be sole
debtor,
together
with
coupons against which
•: stamped
subsequent
payments
of
will
be
by
the
the
in
respect
interest
made
under the law and
The announcement made
decrees.
Autnomous
Amortization
of
Institute
Public
for
Debt
also states that if the
exchange is
made on or before Dec.
31, 1941,
the bondholders will also receive
$15.39 in cash
$1,000 bond,
per
as
payment in respect of interest de¬
clared in 1941.
Letters
the
case
of
transmittal,
and
in
of dollar bonds of the
city
Santiago and the Consolidated
Municipal Loan copies of the pros¬
pectus, may be
obtained
from
of
Schroder Trust Co.,
Street, New York.
46
William
SEC Publishes Vol.1
Of Judicial Decisions
The SEC
announced
on
Dec.
4
Decisions"
is
a
in
has
been
buckram.
printed
The
and
volume
compilation of court decisions
(reported
and
unreported)- in
civil and criminal cases
involving
statutes administered by the Com¬
its creation in 1934
May 16
1938
$19.17
to
mission from
The
22.50
istration
;
bound
;
,
Chicago.
21.83
of
with blue stamps,
Surplus Marketing Admin-
the
65,204,600 tons were moved. December shipments were 835,- that Volume 1 of "Securities and
081 tons, compared with 14,547 tons in December, 1940.
Commission
Judicial
Last spring Exchange
melting steel scrap quo¬
at Pittsburgh, Philadel¬
Low
y-
purchases
when
19.17
;
'•
••
to
t commodities
1929
21.33
1
$22.00
—
in September totaled 4,230 gross tons
This compares with 1,975 tons of steel
$19.17
ago
High
v
1932
•
Composite prices are: Finished steel, $56.73; semifinished steel.
$36.00; steelmaking pig iron, $23.05; steelmaking scrap, $19.17. '
Ton
ago
No.
on
1941,
ago
month
year
Based
1939
.'23.61
—
f
.yV?;steel Scrap
Dec.
1940
16, 1941, $23.61 a Gross Ton
One week ago—$27:61
One
6
16
Aug 17
May 14
1941
Pig Iron
•
Dec.
Sep 12
1931
output.
Low
1941 —2.30467c.
1940
beams.
hot and
products
.
represent
Sep
23.25
iron
tons of
4,259
Lovt
$22.61
1936
and
Steel
High'
______
addition
two
V
19J8
In
ready
with
1639
2.30467c.
—
raisins. y.'\,'
stack at Detroit and has another practically
at Weirton, W. Va.
Two Carnegie-Illinois Steel Corp. and
Republic Steel Corp. furnaces are under way.
Relining is al¬
most completed on several other units.
More pig iron may be .8
partial answer to lack of scrap, supply of which seems impossible
of enlargement under present price conditions.
Announcement of unchanged prices on ferroalloys for first
quarter has been made by a leading producer.
Expectation had
been that ferromanganese price would be increased in view of
higher cost of manganese ore. Nevertheless the quotation of $120,
seaboard, is maintained.
This material has risen $40 per ton since
September, 1939.
'
*
Production last week advanced 1 point to 97
% in spite of
scrap shortage holding several districts down.
St. Louis gained 10
points to 96% as furnaces were relighted.
Chicago advanced IV2
points to 101%%, Detroit 5 points to 90 and Cleveland 2V2 points
from the revised rate of the previous week, to 94%.
New England
declined 8 points to 84% as another open hearth was taken off
and Wheeling lost 1 point to 94%.
Rates were unchanged as fol¬
lows: Pittsburgh, 98; Youngstown,
92; Birmingham, 90; Eastern
Pennsylvania, 87; Buffalo, 79; Cincinnati, 91.
Automobile production last week showed a gain with 95,990
cars, compared with 90,205 the previous" week.
In the correspond¬
ing week last year output was 125,625.
>■
than
4,200,000 pounds of
pears,
nearly
2,000,000
pounds y of •<" dried prunes and
nearly
1,800,000 ' pounds
of
•
one
agency, co-ordinating control
of these
ma¬
terials, largely used by the same type of industrial plants.
This is
expected to ease the situation to some extent, though small supply
of scrap will place an added burden on pig iron.
Pig iron production promises to be heavier from now on as
additional blast
furnace stacks come
into
production.
National
its
in
for fruits.
more
to
allocation
9
Dec.
fresh
sharp contraction in peacetime production.
synchronize supply of raw materials OPM has
a
effort
an
.
PRICES
'
articles
-
COMPOSITE
announced
Purchases with blue stamps,
representing new
outlets
for
farm products, as estimated by
the Surplus Marketing Admin¬
istration, included about 45,000,000 pounds of potatoes, 46,000,000
pounds
of
white
flour,
6,000,000 dozen eggs and nearly
14,000,000 pounds of fresh ap~
pies. yy>'-:.
Other blue stamp purchases
during the month included over
2,500,000 dozens of fresh oranges,
heavy restriction.
The Pittsburgh rate this week is off 2 points to 97%,
while Chicago is up 1% points to 103%.
Youngstown declined 1
point to 97%, Cleveland rose 2 points to 100%, while Wheeling lost
.7 points to 86%. Detroit moved 2 points higher to 106% and the to the shorter month.
Eastern district was reported *7^ points higher at 109 %. The other
v
Weekly average production of steel ingots in November was
districte^ereL uncha^
r •/ • -Ar./:-,..:-;. .v ..:
\ A;;y| second
highest in history, 1,624,706 net tons, slightly under theIncoming orders for steel are fairly close to the November rates, record of
1,634,917 tons in October.
In November, 1940, production
although some mills report an advance of as much as 10%.
Many averaged 1,507,950 tons, a peak at that time.
November total out¬
producers have been forced to turn away non-defense business, a
put was 6,969,987, compared with an October production of 7,242,step partly accounting for the leveling-off of orders. A large order 683 tons.
In eleven months ingot production was 75,763,558 tons.
has been placed for alloy steel bars to go into manufacture of shell
25% greater than during the same period in 1940 and 50% over the
caps.
It is reported that the most promising steel shell casing that entire
year 1917, which was the peak of the first World War.
has developed thus far is one drawn from a forging.
J
i
yet beeft
_
re-
ported.this week to "The Iron Age." The losses, however, counter5 balanced the gains, leaving the national rate unchanged at 97.5% of
;
1
culture
monthly report on the Food Stamp
program.
The Department said:
During October, families tak¬
ing part in the Food Stamp pro¬
gram used blue stamps, which
increased their expenditures for
agricultural
commodities
ap¬
proximately 50%, as follows:
about 32%
for vegetables and
potatoes, 25% for cereals, in¬
cluding flour, 22% for eggs and
21%
builders
-
Blue food stamps added about
$9,100,000 worth of farm products
to the diets of more than 3,400,000
persons eligible to receive public
assistance during
the month of
October, the Department of Agri¬
*
not
Stamp Food
Purchases $9,000,000
.
has
week
defense
v
Oct. Blue
98.4%
16,
Dec
washing
Diversion of steel and other materials from peacetime plants to
use is rapidly growing.
At a meeting last week railroad car
-
on
Dec
on
"
Institute
Dec
machines and irons of
l'rom 5% to 40% below the monthly average sales in the 12 months
ended June 30. The larger companies making these household items
took the largest cuts and defense orders in this, as in some othei
civilian
2
Jan
manufacture
Steel
Dec
%
in
,■'■/■•.v.'i
1940—
Dec
Curtailment of civilian production, now in full swing, includes
additional^ cuts
and
telegraphic reports which it had received indicated that operat¬
ing rate of steel companies having 91% of the steel capacity of the
industry will be 97.9% of capacity for the week beginning Dec. 15,
compared with 97.5% one week ago, 97.0% one month ago and
96.8%) one year ago. This represents an increase of 0.4
points or
0.4%, from the preceding week. Weekly indicated rates of steel
greater tonnages of plates and heavy sheets which have been taken
from large plate mills which now must concentrate on Navy and
'Maritime material,
Iron
that
likely also to take even
are
American
1569
Saturday
Silver,
p.
Gold.
oz4-
Consols,
British
3V2%
British
4%
The
WJL.7
1960-90
price
23 V2d
;
168s
of
168s
Closed"
£104
Closed
(in
oz.
per
Bar.
N.
Y.
£104%
ft
£114%
cents)
has been:
23 %d
in
the
Thursday
£81%
S.
£ 811/2
£81%
£104tV
£104%
£ 104%
£114%
£114%
United
States
on
the
£114%
same
days
:
35%
3518
CForeien)
Treas.
mined)
23 %d
168s
35%
71-n
71.11
35%
35%
35%
*71-11
71.11
71.11
'■
U.
Friday
23V2d
168s
£82
£114%
silver
Wednesday
23 %d
168s
£ 821/8
Closed
%
2
Tuesday
Monday
Closed
d
oz.
fine
p.
ai
(newiy
;
y,'
71.11
to Dec. 31, 1939.
It contains, in
addition, tables of cases, reprints
of statutes, and an
index-digest.
Official
pagination is indicated
throughout the text of reported
decisions.
The
volume
may
be
obtained from the Superintendent
of
Documents, United States Gov¬
ernment
Printing Office, Wash¬
ington, D. C., for $2 per copy. The
announcement
said
that
cooies
cannot be obtained from the SEC
•
7
;;
itself.
■
■
;!,•
THE COMMERCIAL & FINANCIAL CHRONICLE
1570
Thursday, December 18, 1941
•
Total Loads
Revenue
Freight Car Loadings During Week
Ended Dec. 6 Amounted To 833,375 Cars
the Association of American
cars,
increase
The
11.
Dec.
the
above
'
Atl.
Central
1940 was
Durham
Miscellaneous
freight loading
totaled
378,846
cars,
9,768 cars below the preceding week, but an increase of 60,007
above the corresponding week in 1940.
i :/
merchandise
of
less
than
cars
amounted
corresponding
the
and
Grain
of
crease
1,852
1940.{
-
products, loading
Norfolk
-
;
an
:
977, '•*•
ft
3,291
91
1.821
2,404
512
v:
ft
144
>
>
12,893
12,516
'
8,575
6,458
715
"•V 857
ft
3,759
153
167
>146
3,360
.
2,774
1,139
■
1,161
!•
467
3,341
1,427
1,275
•
406
1,599
1,399
374
V
332,
6,806
,5.339
1,175
and
purchase
program for
burley, firecured, dark air-cured, sun-cured,
Maryland, cigar filler, and binder
tobacco.
In addition purchases of
a maximum of 500,000 pounds of
the
1941
?
21,441
23,138
">>456
"171
114,393
Northwestern
Chicago
102,025
.
ftft 744
;
K
i.
944
thorized
.853
122,191 *
The
Loans i will: be. made
ducers,;
through
Milw,,
St.
P,
&
.'<2,783
Pac.iiu.^—
*
115
14.750
13,997
2,432 *■ ft 3,517
Duluth,
Missabe
Duluth,
South
Elgin,
Joliet
&
&
Bay
Commodity
423
444 se
■t;'"
T;'t 15,620 ft- 11
669
583
10,810
8,717
,'
'ft
753
8,089
accord¬
in
85%
of
par¬
will. mature
»>.,•
"ft';;':;:
ft' -; Purchases of tobacco by
com¬
panies for the account of Comr
modify Credit Corporation will
;
2,117
'
The ft loans
demand.
on
'
.
Credit,
iftOct 1,. 1943 and will be payable
ftftftftft 724.
2,345
pror
with schedules of rate ap-
ity.
69
''
conditions
ft,rates.wil average
159
194ft
*1.829 ft
.
,
434
.
to
cooperative
agencies,
specified by
other
or
As
169
■
•
exr
plicable to the respective types.
provided by law, the loan
*
4,198 i.VCi8»4i4: ft
570
Superior & Ishpeming-A'-.X*-- '> Vi..ft.».7 06,«,> 'i'-''. 229
i 1.989 "'ft 1 926
Minneapolis & St. Louis—i^iSI
3,784
rV '•
ft He ft
ft
'"
Lake
9.015
11,055
";i'
4 lift
552
.3.479
:
ftft 310 "ft
.
.ft 596-
9
10,861,^
South——:.
&
under
ft >11,927
4,777
-874
-
584
WesternJtiX:'AlL—JJ
&
associations
79,999
9.674
4,272
*"
1
784
ft.
724ft
Eastern—
Ft. Dodge, Des Moines
Great.• Northern—
Green
20,164 A!
4 414
12,625
Atlantic-
&
r
':4,475
Range—>— ft'ft
Iron
Shore
2 ,816
21 776
i/J. -
22,556,
■
Chicago, St. P., Minn. & Omaha—-I"
stock loading amounted to 14,631 cars, a decrease; of.16
preceding week, and a decrease of 965 cars below
the corresponding week in 1940.1
In the Western Districts alone,
loading of live stock for the week of Dec. 6 totaled 10,988 cars, an
increase of 72 cars above the preceding week, but a decrease of
376 cars below the corresponding week in 1940.
-
;
ance
18,427ftv,G6
Western—
Western...:—_*
Great
Chicago,
Department
,
plained:
J.
-ft
"
Chicago
95,834
;
cost basis underthe
on a
program,..
685
ft
air-
dark
packed to meet the requirements
of British manufacturers, aie au¬
—
—,
District—
North
&
.
and-
tobacco of the 1939 crop,
ft;
'"v
——«
of
crops
fire-cured
cured
16,924
21,706
403
>..147
577
1-148
dark
5,945
9,170
11,092
.ft
24,897
-
Southbound---^^—
440'
.
474
451
->•"> 11.453
Central
2,863
3,675-
•
20.518
Y 554
•
i
—
1,144
■ft;
■
351'v" ftft- 828
■'
System
-426
;
71
-
21.837'
1,350
\
—
-
516
.
1,082
V
23,586
..
.
'137
3,452
—
Potomac
Total—
below the
cars
K
Line
Winston-Salem
Live
;
Air
Tennessee
in¬
increase of
cars,
increase of j 4,950 cars above the correspond¬
»
I
/ •
Vv
ceding week, and an
&
Seaboard
7,289 cars above the corresponding week in 1940.
In the Western
Districts alone, grain and grain products loading for the week of
Dec. 6 totaled 26,743 cars, an increase of 1,521 cars above the pre¬
ing week in 1940.
Fred.
182
■
;
Northern—
Richmond
281
ft
24.190
»
L.
Southern--
Piedmont
189
35
>-3,595
«
—
St.
loan
1,386
2,570
362
791.
1,150
24,104
&
ft*
.-46
*>>-ftft325":
4,311
Savannah—
&
Chattanooga
Southern
42,754
above the preceding week, and an
cars
Dublin
that
the
Commodity Credit
Corporation will make available a
1,806
27
'
u—ft.,-., 26,958
System-^*-,,'
3,666
ft
896
427
6,247
; 2,900
352
".'179
.
37 ft;:
1
Nashville—
&
Nashville,
<
totaled
Central
Macon,
to
in
week
grain
952
Stafes : Department
United
of Agriculture announced on Nov.
4,626
1,504.
294
•
1,647
.1,127
;
.
L 7.157
ft
'420
1,395
<
ft.
The
159
.
1,266
3,939,
ft
414
'
2,048
:
9,910
4,257
281
,
Mississippi Central—.
150,518 cars, a decrease of 13,810
below the preceding week, but an increase of 2,112 cars above
loading
;Coal
;
11,781
>/
183
Coast
Midland—
Louisville
totaled
lot'freight
carload
646
1,564
Illinois
156,420 an increase of 3,917 cars above the preceding week, and an
increase of 1,101 cars above the corresponding week in 1940.
828
1,802
Georgia & Florida—————————
Gulf, Mobile & Ohio
cars
.
v
■j
Georgia
decrease
a
310
722
11,478
Southern—
East
259
807
451
And Purchase Program
1940
•
796
Carolina
...
Gainsville
' 1939
•.
.
286
4,411
Western
Greenville
&
1940
1941
879
■J'
Georgia
&
&
Florida
V;>(.
below the preceding week.
Ala..!
of
R.R.
Clinchfield
freight for the week of Dec. 6, decreased
Loading of revenue
Loading
of
Charleston
Columbus
32,814 cars or 3.8%
of
P.—W.
Birmingham & Coast.—
Atlantic Coast Line.—J
21.8%.
or
W.
&
Atlanta,
94,862 cars or 12.8%, and above the same week in 1939 was 149,402
cars
Connections
•••
356
1941 Tobacco Loan
Received from
f-'
1941
Alabama, Tennessee & Northern.
Railroads announced on
corresponding week in
J
Southern" District—
Loading of revenue freight for the week ended Dec. 6, totaled
833,375
Total Revenue ""
Freight Loaded '
.Railroads
'
Forest
decrease of 3,442
increase of 1,172 cars above
products loading totaled 41,005
below the preceding week,
but an
the corresponding week in 1940. j
cars
a
cars,
Minn.. St.
Spokane,
loading amounted to 36,087 cars, a decrease of 11,309
Ore
'■
cars
corresponding week' in
*
1940.
loading amounted to 13,114 cars, a decrease of 238 cars
preceding week, but4 an increase of 547 cars above
the corresponding week in 1940. \
' ^
>
ing weeks in 1940 and 1939.
■'
■.
of
Weeks
4
r-vv.
'
Western
Chicago
& Eastern
Colorado
2,557,735
2,288,730
Denver
2,488,879
2,282,866
Denver
5
Weeks
of
March
3,817,918
3,123,916
2,976.655
Fort
Weeks
of
April
2,793,563
2,495,212
2,225,188
Rio
Worth
&
Weeks
2,926,408
of
June
3,510,137
2,896,953
2,563,953
Nevada
Weeks
of
July
3,413,427
2.822,450
2,532,236
North
5
Weeks
of
4,464,458
3,717,933
3,387,672
Peoria
Southern
4
Weeks
of
September.
3,539,171
3,135,122
4
Weeks
of
October—
3,657,882
3,269,476
3,355,701
Toledo,
Onion
November-
4,317,738
3,780,423
!—
833,375
738,513
683,973
—
-
-
—
The following table
is
a
FREIGHT
OF
FROM CONNECTIONS
AND RECEIVED
LOADED
(NUMBER
CARS)—WEEK
DEC.
ENDED
Gulf
Indiana—
Central
Detroit
Detroit
11,461
7,942
13,081
2,562
2,400
:
54
.23
18
27
;>
1,391.
1,353
2.688
4,631
10,821
7,448
8,556
387
370
177
2,943
2,771
1,295
Trunk
Lehigh
349
459
328
4,526
s
,
Lehigh
Central
Maine
N.
N.
Y„
12.149
15,883
4,956
10,320
N.
137
2,813
1,587
8,110
10,119
2,857
2,979
^ 6,128
3,970
4,608
404
Rutland
1,600
1.432
44,256
40,056
30
50,293
10,470
15,559
2,357
V
70,520
59,932
158
268
238
'3.162
'
'->2.245
.
1.542 *
'ft
215
764
2,495
-
>
.
1,818
•'•""'594
'
'^>150. "ft-ft
936
2.458
"1,097
;
2,080
2,080
1,56^
1,102
-
...913
237
.
ft" 205
•
166
497
183
ft > 3,987
ft 4,470
V, 16,224
-
ft,,
366
3,789
14,808
ft -125
2.885
12,430
,
106
-
10,510
239
>136
Falls
&
5,465
1
Southern;
"ft
6.157' t''
4,828
ft
>>
2.607
3,678
2.640
7,798
(8.592
—ft:1
-.ft7.596
8 896.
2.965
3.487^
.ftft
ft;
7,281
4.394
'3-294
5,546 '
'4.137
4,473
ft> 145-"
137
137'
ft
4,815
;
39
ft
.
53
'
W
ft..!-
—
32
18
34'-.
<13 059
...
56 220
Note—Previous
year's figures
revised.
7,183
7,977
6,366
6,924
510
387
6,207
648;
;
Nov. Steel
51.477
■
35 >
-
ft
49
T 9(1
v
319.'.;, *38
672
-.^v.
1,961
628
1,112
3,782
3,984
4,568
3.717
158,265
172,649-
147,181
208,125
1940,
9.999
176,864
ft
,
year 1941 to date, shipments yrere 18,612.901 net tons
with .13,431,487 net tons in the comparable period of
an
increase of 5,181,414 net-tons,-
*
-
,
^
«
■
.
:
'
Shipments in November, 1941,. are an all-time .high
month,. Shipments. for the .eleven-month period'of ,1941
an
all-time high..
>',ft
*
;
;
In
Allegheny District—
Bessemer
&
Lake
■
Long - Island
Penn-Reading
——
Union
1,963
2
■5
1,718
15
12
5,067
-'-ftft' 604
15,987
"13,550
601
47
70
346
287
305
32
44
ft-ft;:. 147 ft
813, ft
: 808
ft
ftft
•121
2,445
1,666
37
2,715
1,420
1,182
67,977
68.216
51,302
15,927
13,685
24,937
1.463
1,699
^2.812
t
20,152
19,202
19,084
.19.120
5,508
2.837
4,444
3,528
3,697
10,207
for. that
also
are
Pocahontas
the
180,777
153,806
149,405
137,614
113,210
'
-
figures by months
ftft.
February '
March
;
.
—-
April
L—-•
their
to
farm
farms.
families
This
Dec. 5 to
given OA
credit
advice
all
from"
ers
over
parts
200
was
bank-i-;
of New York
State
gathered at Ithaca for a' twoday Farm Credit School. spon¬
sored
by the New > York State;
Bankers
tion
Association
with
the
ft
New
in
cooperai ft
York
State
College of Agriculture.
"The ' production, of " adequate
food supply requires the efficient
operation of our farms and the
extension of a large amount of'
credit to individual farmers," Burr
P. Cleveland, President, First Na*
tional Bank of Cortland, stated in
>
address. % '"The
$1,000
individual
an
<;
June
-1940;
ft-"-:T939
1938ft
•
loan
farmer-;,
^"1
4 Drawing
with
long-term ^mortgage
20,000
ft' experience
loans
,
July-
August
September
October
-
—■
November
—_
484,611
615,521"
ftJ 635,645
1,666,667
1,296,887 "
745.364
1,753,665
1,455,604 ft 885,636
1,664,227 " 1,392,838 ft 1,086,683
1,851,279" "1,572,408 ft 1,345,855
1,624,186
1,425.352
1,406.205
1
294,764
in
340,610 3
336.726
1.701,874
1,529.241
1,262,874
* '1,333,385
299,076'ft
December
Yearly
1,544,623
—
by mos.
;adjust—
/1,443,969
"ft—*14,976,110 "11,752,116
37,639«->
"" *44,865
.
7,286,347
1
or
250,008
1,110,050
931,744
-4,329,082
16,825,477
29,159
*>-*5,237
*12,827
failure in northeastern
farming."
Comparing
agriculf
types of business
enterprise, Mr. Thomson said that ;
farming will show up over, a pe¬
other
to
ture
riod of years to be among the best
risks.
of
a
stable
"Farming
York
New
is
basically
industry,"fthe stated, "and
State
farmers
are
implanted on- their farms
backed by long years of
experience; coupled with thrift
and integrity."
ft 'ft'
'ft
firmly
Norfolk
Si
Western
Virginian,
Total-—
21.855
13.294
ft'
9 882
23.782
—
•
———-—.
22.262
20.454
17.938
6.177
4,623
4.009
4,238
2,252
1,514
56,020
46.725
44,031
21,723
16,731
•Decrease.
5.335
Note—The
to
15,013,749
—
ft
•
■
11,707,251
7,315,506"
• r
"ft
monthly shipments as currently reported during the year 1940,
adjustments reflecting1 annual tonnage reconciliations;
in the
4,323,845 Vl6,812,650
•.
cumulative'yearly shipments
as
.
are
ft
v
subject
These wilL be -comprehended
stated in the annual report.
m
State farmers
the
success
1,364,801
1,388,40
1,480,008
''1.500.281
''316,417
ft 730.312:
" 749.328
v 765,868
< on
1.617,302
1929
'
•
the green things that God
intended, there will still be a need
for agricultural credit for-the re¬
habilitation of the world." * .ft",
1,605,510
1932
464,524 '
-1,145.592 - " 870.866'ft- 570.264
1,548.451.-.*1,009,256 ft' >747,427 ftft'522,395 ft»'449,418
>422,117 ft
1,720,366
931,905 :ftT 845,108
>
627,047
429,965 1,687,674
' 907,904
771,75»-'4'i.550,551^
369,882
1,745,295
1,084.057
795.689
- 509,811
'.'ft 355.575. T1'
1,668 637
1,209,684
607.562
,524.994
1
—
Total.;—
ft 27.615
...
forth
1
May
District—
Chesapeake Si Ohio_
.
past 25 years, Edward H.
Thomson, - President, * Springfield r
(Mass.)' Land Bank, stated that
"character
and ftft ability
of
the ft;
farmer himself are as important as ft
any other factor in determining
for various
r.
"
Total
ft
of
made to New York
''1,682.454
—
"
ft-*
ft
ft *
To Fat m Families
7,862
(Pittsburgh)
Maryland—
Total
list
below-we
1941-m
January
—
83,384
Seashore Lines
System—.,;
ftft;-'..
58
563
,
15.228
Pennsylvania
table
periods since January, 1929:ft
18.722
1,725
ft 294
1,700
130
—
Reading Co
Western
21,606
2,697.
6,839
(t.
—
.
31,703
246
567
;
Pennsylvania—
Llgonier .Valley
>
966
1,884
ft-
&
ftft;
1,044
-
7.26Q
—
of New Jersey
Cornwall
Cumberland
■
433
2,375
:
303
ft-,;
ft
32.290
5,571
'
Central R.R.
,-.-^ft'
•
■
577
679
39.300
—
EriecL——i-.;
Buffalo Creek & Gauley
Cambria
St
Indiana
the
'
ftft-jftv
-
ft,ft;
■
Shipmenfsi 12.3% Below October
,
Ekron, Canton & Youngstown
Baltimore Si Ohio
ft
may
965
10,973
.-
'
.
The most important part tommercial bankers operating in rural
areas can play in the nation's de¬
fense
program
is
the
making
an
the
For
compared
19(
2,402.
" 881
'
5,979
>5,715
620
;
be just as big a deal to him
•as
the $1,000,000 loan to a com¬
pany
that
is making
bombing
Shipments of finished steel products by subsidiary companies planes—1,000 such loans add up
of the United States Steel Corp.. for the month of November, 1941 ? to
$1,000,000.
When the need for
totaled 1,624,186 net tons.
The November-shipments-compare with loans for bombing planes, guns,
1,851,279 net tons in th$ preceding month- (October), a decrease tanks and
battleships ; is
over,
of 227,093 net tons,, and with 1,425,352 net tons in the correspond¬ when the scorched earth of to¬
ing month in 1940 (November) an increase of 198,834 net tons. ' - day's battlefields shall again give
'ft. 3f
.
265
5,749
;•
4,625
Lake Erie
:
360
•
36
:
518
438
-
of
amounts
Urges Credit Extension
made ft to
6.235
6,360
>
the
>
■'„ ;i.08^
-
3,152 f >
ft
393
335
210
■ft;
.
needed for the efficient operation
2.035
670
ft: -9 697"»'
2—
Total
,
1.643
7.403
580
; :
'
V
——j
Orleans—
Weatherford M. W. & N.
12.25C
1,196
6,804
ft' 940
Total
Wichita
2,012
14,793
354
420
8,751
—
Si
906
1,021..
5,348
565
i
;
5,865
1,017
6,745
——
ft
Pacific
13.761
West' Virginia—i——
—
&
43,210
11,214
'362
St
V
107,842
167
17.467
Francisco-ftft
Texas
v
1,746
12,332
>•'
—
Wheeling
1,496
-
50.277
—
Sliawmut—
—ft..,
Shawmut & North——
Wabash-^-
.
.
2.146
2,191
,4,959
^..
Pacific.—
Southwestern.
New
221
&
Pittsburgh
Lines_u_
ft—
&
&
2,235
York,
Pittsburgh,
Acme
Louis-San
7,292
2,917
1.811-
Y.,
Pittsburgh
*
^
Pacific
Louis
1.373
1,292
9,474
■3,030
Marquette j,
7
,
,
2 988
'
4 '!
—ft—-ft
Arkansas.,
St.
2,093
N. Y.,
Pere
•
.
1.968
8,387
151
Ontario & Western—
Chicago Si St. Louis—
Susquehanna & Western.^
Pittsburgh Si Lake Erie
New
390
10,221
13,845
6,008
8,221
Si Hartford
H.
13,549
—
——
Monongahela
I
—_
Monto.,ir____---_-->'-*----'--,-;-----New
York Central Lines.—
1.24r
.
of
their net investments in the to¬
6 23f
,
'
227
f.
.
—
1.756
2.379
ft
2,718
;
Madison——ft——
&
3t.
117,
5,897
Western—
&
Lehigh
•
11,333
•,
-■1,673
314
2.750
Valley
&
Texas
3,795
-
Hudson River
& New England
Valley
8.142
-
1,395
>
14,315
Grand
;
>
—
7.771
2,537
Line
154
366
companies
ft-; bacco
0 ft. •if
'
8.512
9,161
.v'-f 483
Toledo Shore
Quanah
2.372
5.860
8,955
Ironton—
&
1,348
5,513
Western-M.
ft- ft
318
ft
3,267
-
-ft-jl.845
-
& Gulf——w—
Missouri-Kansas-Texas
57
.
1,363
Toledo
&
183
> 1,574
Mackinac
Si
Detroit,
217
1,430
Hudson
Lackawanna &
Delaware,
1940
1,346
1,332
—
135
412 >•
'
29
f 460"
172
4,037
—ft.—.
Northern—
Arkansas
&
Litchfield
1,558
7,979
Central Vermont
Delaware &
>
1,586
—
Chicago, Indianapolis & Louisville.-—
3RO
'
ft
tp
flue-
1,465
499
15.238
119,283
Southern
City
Connections
1941
1,497
Maine
Si
Boston
1,695
'ft
2.060
ft 1
Island—
Oklahoma
Kansas,
Kansas
Midland
-
."533
537
1,282
23.943
449
>
,
2.142
ft
Lines
Coast
Missouri
t 8 618
Aroostook
Bangon &
631
District—
International-Great
Louisiana
1939
1940
15
.-ft' ft1.--.
■
17,595
513
..ft
•.
for
tions
available
Missouri
I
Arbor
ftft
—ft-i—
Pacific
Received from
Freight Loaded
1941
District—
Eastern
2.729
1.030
•"
ft.ft 022
•
347
..v
■.
•
effect
poration, plus interest. -The op>
extended
until
Oct.
1,
ft
1943; unless terminated prior to
V* that; date v, by payment to the
•
1.576
885
26,978
>
pror
;
3.23C
1.900;
.800
18.413
System
Burlington-Rock
Total Loads
~
•
Western—-
&
Pacific
Southwestern
;
6
Total Revenue
Railroads
ft-; 26,717
ft ft
43tf
ft
-3,636
11
1,056
2225
(Pacific)
9.268
9,311
-
ft' 510
•ft
813
<
91!
4,107
896
>',869
5.712
973.,
1,774
,1,763
,
92
.
11,059
670
>'■2,023'; ift'l.863 ftft 'ftft 1.873
—
,
,
REVENUE
Enn
Peoria
ft.V
033".
1,165
2,342
:
3.263
743
1,573
;_.
in
now
the
similar
manner
investments*,the
compa¬
nies will be given options to rer
purchase the tobacco at the cost
to the Commodity Credit Cor-
6,768
ft'"
101':
■
2.544
>
;> 3,837
126,627
of the freight carloadings for
railroads and system for the week ended Dec. 6, 1941.
During this period 105 roads showed increases when compared with
the corresponding week last year.
*
,
,
: '" ' *
;
Union
Utah—
the separate
V
ft-
32,033,910
34,378,452
40,072,479
summary
"ft
,i___
City.
;
1,204
3.890
2
Pacific
*
8.487
2,812
?
15,736:
;
i«2f893'
»
-1,183
682
—
Pekin
Western
Total
ft;
2,729
'
3,708.292
6
;2,809
*
Northern——ft .^ftft-^-ftft
Pacific
—ft
&
»18.655-
-
a
net
ft;
-ft
>
iftV 469,
.2.672, .^v 2.661 > ft. 2,656
13,038
12,229 *
11,481
ft>
Western
3,102,-330
of
.i.
Pacific—J—1
Denver
Weeks
Dec.
;ft 52,350
19,562
19.903
-•ft 18,845
■
Terminal.
5
of
ft 61,519
that
*1,799
made ft under
in
gram,
cured tobacco. In return for their
*3,099
3,322
533" ir-:;47o-
Lake.
Salt
Si
4
Weeks
2,310
•
82,002
ft 89,821
23,745
Western-
Grande
4
5
134
1,462
also ft be
3.007
4,097 r;;.^ 3,915
339 ft!
-*249
>:•••
•-:
.
Illinois—y—_—
Missouri-Illinois
Week
.t
Southern—
&
&
Illinois
August
^
Midlandl^ii'iftv-.,
Illinois
&
Chicago, Rock Island &
-ft'-ft 1939
3,351,840
ft:;;
Garfield—.l-_-—.Lift—^
Si
Chicago
4,160,527
District—'
Chicago. Burlington & Quincyfti
2,740,095
May—
>112,052
:
4
of
ft;
131.
",'2,227 ftft 2 157
v
.
Top. & Santa Fe System
1940
2.824,188
ft ft
.11
(ft
'4, 3.316
.9,960
'
.
February..
;
4.827
•'
418
fi'jft.
\llon
1941
,
January—
of
Weeks
4
■
\
.
"
'X"' •
,,,
!
."ft
'»•: •* V
•.V'.'i4'1-
5 384
■
82
•-"
-u.
Bingham
compared with the correspond¬
districts reported increases
' v
;
-ft 11,813
Seattle
&
v
4tch.
the
All
Portland
'
Central
Coke
below
2
.*fW
*j%';/
.
:ftft6,066
S.
S.
Total-
,
the
week but an increase of 23,599 cars above
&
Spokane International-^—^--—
'
below the preceding
Paul
Pacific
Northern
and
.•
are
Dr.
William
I, Myers, ' head " of
the ' Department
of" Agricultural—
Volume
154
THE COMMERCIAL
Number 4021
.
Economics .and..Farm
Manage¬
ment,-New York State *Gollege -b£
World Prices
;
the
that X:. General Motors Corp. and, Cornell University, which prior to the
also-addressing
1571
Fertilizer Assn. Price
Steady
■
Agriculture,
& FINANCIAL CHRONICLE
Average Rises
'
The
V
-
general level of wholesale
commodity prices was moder¬
ately higher last week, according to the price index compiled by
not European war had collaborated in the publication of a world com¬
This index,
modity price index, have resumed issuance of international price The National Fertilizer Association and issued Dec. 15.
high,; being still more than 10%
Instead of a in the week ended Dec. 13 rose to 119.1, the highest point recorded
below the 1926 level, and the criti¬ statistics, but on a different basis than before the war.
cism of consumers to present food composite index of world prices, these organizations now are pub¬ since February, 1930, from 117.2 in the preceding week. The index
was 116.5 a month ago and 98.8 a
costs is based upon memories of lishing the information only as individual country indexes.
year ago, based on the 1935-1939
XX':the abnormally low food prices.
The index is built upon '40 basic commodities and the list is the average as 100. ■-.V:".->'/.?.?v
Dr. Myers said that during the 30's same for eachcountry irr so far as
The food index continued its uptrend, rising to the highest
possible....Each commodity, is
city people became accustomed to weighted uniformly for each country, according to its relative im¬ level recorded since 1929, with 19 items included in the group ad¬
food prices that were too low for
The farm product index soared up¬
portance in world production.
The actual price data are collected vancing and only 1 declining.
national welfare and too low to be
weekly by General Motors Overseas operations from sources de¬ ward as grains, livestock, eggs, and hay increased in price during
maintained. "He also warned New scribed as "the most
the week; a slight decline in the price of raw cotton had
responsible agencies available in each country,
very little
York State farmers and bankers
Increased prices for cottonseed meal,
usually a government department."
The commodities involved in¬ effect on the group index.
.to be on the lookout for "overand cattle feed pushed the index of miscellaneous commodities
clude "a comprehensive > list of" several-groups; including grains,
up¬
enthusiasm"- in land- valuesj add*
The textile price average registered a fractional advance.
livestock and livestock'products, miscellaneous foods {coffee, cocoa, ward.
ing: 1
The only other group index to change
during the week-was the
tea, sugar, &c.), textiles, fuels, metals and a list of other miscellaneous
meeting
Dec.
.
5,
declared
present retail food prices
are
,
;
:■ *
'
Good::; farms are still cheap,
■'.vj but the ingredients of a land
X boom are present. Farm prices
and
incomes
rising;
are
materials
(rubber, hides,--lumber, newsprint, linseed oil, &c.)."
Weights assigned in the index to the different commodity groups are
as
follows: -Grains, 20; livestock and livestock products, 19; vege¬
table fats and other foods, 9; textiles, 12; fuel, 11; metals; 11; miscel¬
laneous, 18.;;
•-•.••••'. -XX4:;}
Gov-
<
ernment subsidies in AAA payments
continuing at the high
Farm
are
lowest
in
duced
.
are
*
The indexes,
are
history, and
still
to
lower
of each
the
country,
re-
levels
which
are based on prices expressed in the
reported Dec. 15 as follows:
were
(August,
Argen-
Aus-
Una
tralia
by
to
Eng-
X Federal Land Bank borrowers,
'
The result of these inflationary
forces is inevitable as the mem-
bries
depression
(co
113
120wA: 144
118
118.
120
118
erlani
Dr. Myers stated that a
able"" recovery
in
112
119>,
120
A
116
115
J
145
>.150
113
112
'•
131
114
131
136
were
'
,
.■■/,
;•
declines
advances
25
and
10
advances
V114
132
140
and
'(:
115
111
144
15
declines.
120 V.'
121-
145v
116
110-
122
135
153
122;
145
117
110
120
139
158
.«?
A 113
-125
124
146
118
1114
118
142
164
118
113
"126
126
149
120
111
119
144
168
132
and
Oils__.
Cottonseed
23.0
Farm
desirable, but he warned that "no
one gains from a land boom in
f the long run, and steps should
114
127
.126
114
126
127
119
January
122
129
__
February
Products——.-——--^—
_
150
150
rl20
111
119
144
rl72
121'
113
119
147
171
120
123
.
be
now
danger."
,
taken
to
114
119
154
176
122
:
17.3
120
,
,
r
i
Fuels
Refiners
•
126.2
140.7
Commodities
180
125
7.1
Metals
104.0
104.0
104.0
103.0
134
rl52n.
117
120
156
189
129
6.1
Building Materials
131.2
131.2
131.3
118.5
155
a
f
138
155
131
rl4l
rl56
rl36
rl25
rl42
138
"'127
157;
V 119
;
193
132
rl22
rl55
194
rl36
123
156
196
138
143
»f121
*
140
November
123
141
_
;
,
rl57
138
rl30
rl23
156
203'
,.143.. rl58
139
132
126
156
207
141
433
124
157
209
141
143
124
158
.3
*Base
158
140
Nov.
140
124
142
158
140 M33.
140
22
Nov.
124
142
'157
>■
124
143
*157
142
141
Preliminary,
r
122
Revised
rl33
141
126
•
208
157
209
debits
ended
week
ing the
as
'i
157
209
157
209
157
209
rl41
157'
209
142
.124
reported
by
banks
in
leading
for the
centers
$10,914,000,000.;/ Total debits dur¬
to
$144,395,000,000,
compared with ,the corresponding J>eriod
aj year ago,
other reporting centers there was an increase of 27%.
BV1
SUMMARY
v
■
FEDERAL
(in
,
or
millions of
Federal Reserve District
Cleveland /
comparable 1941 figures
stocks, afloats, and ehartef-
of 5 these refiners in the
';•* November-December. 1940, peX'. riod amounted: to 468,711. tons.
.•
Therefore, the raw sugar sup-
Dec.
490
353
5,894
291
4,775
3,648
1,282
21,614
17,118
4,913
3,656
,,437
366
/ /
;
1,609
■
305
220
'170
2,851
;
4,501
281
215
3,871
910
729
11,952
V
_—A1——J-
.
.
.
..Total,:.., 274 reporting centers
' V New Yorl; City»—1—■
/'
140 Other leading centers1'-.!—
133
Other
Included
144.395
Central
.3,538
4,883
52,875
78,939
Distribution by
966
768
12,582
.
;
to preliminary estimates made
the;, Bituminous Coal?;Division of
and
>of
ances
?
articles
quota,, sugars
or
bal-
chartered.
raw
sugar
In
addition
to
while
rect
eastern
importers
Anthracite b
Beehive
V
of
•
direct-consumption,
isugar
the year.
.
of
or¬
i: • Month '
Working
(Net Tons)
Days
Cal. Year
to
Working
:
.16,0
Coast
Bituminous
United States
coil
a
•"ii*—-•
be
higher;
data
under
9.3
FOR
RECENT
WEEKS
1941
of
(Thousands
1941
1940
1,844.000
4
"
"
'
,
-•*
t
T
,*:.!*■
/
.
Note—All
complete
1>VA
411,845,000
2,567,700
'
estimates
■»
'
••
V4- J
.
rl\'1
•'.•••
.
colliery fuel, washery and .dredge coal and coal shipped
authorized operations.
current
canvass
*■><
will
of production
later
v -t. ^
be
,
adjusted
made at the end of
.
-•>
to
3,183,925
?! 2,760.935
3.226,141
2,762,240
3,198,009
2,743,284 :
+ 16.5
with
the
results
1931
,2,413,600
3,200,918
2,745,697
2,714.193
+ 16.6
2,453,556
+ 17.7
2,434,101
Aug.
2
9
-
———<
——
———
;
193T
Sept 13
Sept 20
8
Nov.
2,341,103
2,399,805.
2,198,266
2,360,96®
2,206,560
•
2,365,85®
2,351,231
2,380,301
2,211,398
2,736,224
+ 17.8
,2,442,021
2,202,454
2,216,648
2,591,957
+ 19.4
2,375,852
2,109,985
2,773,177
+ 18.3
2,532,014
2,769,346
+ 16.7
2,538,118
2,279,233
2,211,059
2,338,370
2.231.27T
2,816,358
+14.8
2,558,538
2,207,942
2,331*415
2,792,067
+ 17.8,
2,554,290
2,228,586
!
'2,339,384
2,817,405
■'"+17.7
2,583,366"
2,251,089
2,837,730
+15.3
2,576,331
2,281,328
2,327,212
3,299,120
2,866,827
+ 15.1
2,622,267
2,283,831
2,297,785
3,338,538
—
22
2,882,137
2,858,054
+ 15.8
2,608,664
2,270,534
2,245,449
2,324,750
+ 16.4
2,588,618
3,304,464
2,889,937
+ 14.3
2.587,113
2,276,904
2,325,273
2,263.679
3,205,034
2,839,421
+
12.9
2,560,962
2,247,712
2,104,579
3,325,574
—,
.—.—aw—.—''
29
6
2,193,750
+ 16.8
2,358,438
3,273,184
15 i
Dec.
'2,312,104
3,314,952
1
Nov.
2,159,667
3,289,692
—,
25
Nov.
■2,426,631
3,233,278
———.
18
Nov.
2,321,531
3,232,192
._
11
Oct.
2,152,779
3,281,290
—_
4
Oct.
Oct.
1,937,486
2,154,099
2,139,281
2,402,893
12,377,902
3,095,746
i,
.
Sept 27
Oct.
2,145.033
+18.0 '
+ 15.3
r
3,193,404
3,223,609
6
3,293,415
;
13
—'—
2,931,877
+ 12.3
2,605,274
3,368,870
—
2,975,704
+ 13.2
3,003,543
+14.2
2,334,690
2,654,395
3,431,328
■—
DATA
2,694,194
FOR
RECENT
1941
.-v.'
MONTHS
1940
?
13,149,116
11,831,119
12,882,642
2,214,337
2,179,411
2,376,541
i
2.234,135
2,390,388
■2,241,972
(Thousands
12,449,229
of
of
Kilowatt-Hours)
/?/;.'
i
1941
1939
1938
from :>"? '/.-'/ ''
.
1937
-I-/
>;/".
10,183 400
11,683,430
10,589,428
+ 12.5
9,290 754
9,787,901
+17.4
10,121, 459
8,396 231
9,110 808
9,886,443
+ 16.3
9,525, 317
8,607 031
9,573,698
+11.7
j
9,256, 313
,
8,911,125
May.
13,218,633
+ 18.9
9,868 962
8,750 840
June
13,231,219
10,974,335
10,705,682
11,118,543
11,026,943
+ 20.0
10,068, 845
8,832, 736
9,773,908
13,836,992
11,616,238
+ 19.1
10.185 255
9,170 375
10.036.410
11,924,381
+ 18.4
11,484,529
+ 21.0
July
August
14,118.619
9,665,137
10,785 902
9,801 770
10.308,884
10,653 .197
October
12,474,727
11,289 617
9,486 ,866
9,844 519
10,065,805
November
12.213,543
12,842,218
11,087. 866
9,893, 195
9,506,495
11,476, 294
10,372, 602
9,717,471
138,653,997
124,502,309
111,557,727
117.141.591
„_
September
13,901,644
December
agree
the calendar year.
12.9
\
+ 18.2
March
46,651,000
-
13.0
17.4
; V*, /
,
1939
•> + 18.5
February
historical,comparison and statistical convenience the pro¬
*"?
" --
■
Kilowatt-Hours)
,M 1
2,425,229
January
416*800
6 Total production, including
:
'%12.?-/:>"
'2,651,626
5,702,000
3.980 090
a Includes for purposes of
duction of'lignite:-•
>■
14.8
,v
*10.5
'2,681.071
2,866,865
———.
Change
1,667,000
11-2
14.5
12.8
13.2
Percent
24
"
-
revision.
454,473,000
50,233.000
46:012.000
;13:2 p
9-5
%
?■;
*9-8.
14.2
should
April
Beehive coke
,
Nov. 22, '4L
;
9.9
of
_J-.a__--^__w<i-_r«..^.;5,380.000
Anthracite
Week Ended
16.3
*6.8
(Net Tons!
49 800,000
output
13.8
i;7;/ /'■>•//'■';;"/'//'1940
,_j_
week's
23.2
'
*
11.9
1,816,000
27
ended
18.7
;
-532,000
a
;;
14.3
.
,
17.5
November
Day
light
week
Nov. 29, '41
10,0 "
(Net Tons)
23.6
report,
YEAR
18.2
13.3
14.0
Aug. 30
coke,o_>ii_^_-^r—612,800
by truck from
during the last two months of
Dec. 6, '41
3,162,588
Sept
November, 1940 (Revised)—
continental cans mills nor-
mally market about 35,000 tons
of
14.
.
electric
current
July 26
States
aforementioned
Average per
the
PREVIOUS
:
(Revised)—
coal
Bituminous
Number
42,865,000
a
;
October. 1941
;
...
OVER
832.000
coal
coke
Beehive
>
>;?;■? for •?
Anthracite b
'
over,
■/•
November, 1941 (Preliminary)—
of di-<
tons of quota
date, More-
-..iv..'-!
Bituminous
consumption sugar had ap-
; proximately 79,000
X sugar on the same
v
[ ■ -:'•'. 7>/j>
155,000 tons of
v
;
Bureau
United
the
for
3,141,158
Nov.
hand on Nov. 1
>
The
the
19.6
DATA
Dec.
'Total
supplies, eastern re¬
refined sugar on
,
the
by
two
100.
Dec.
weekly
by
July 19
ganizations-follows:
the
finers had about
the
as
91.3:
Week Ended Week Ended Week Ended
?
*
■
;
-
of
statement
tobe
.......
■
kwh.
States
5
July
July 12
62,345
9,918
Anthracite production .during
the raw sugar stocks of firms November, 1941, totaled 3,832,000 net .tons, as against 3,980,000 net
tons in the same month a year ago and. 5,380,000. net tons in October,
refining sugar for their own use
consolidated
98.8
average
1941,
from
of Interior;:bituminous coal output during the month
1941, amounted to 42,865,000 net tons, compared with
net. tons in the Corresponding mpnth last year and 49,-
The
6,
current
States
Dec. 13, '41 ;
Week Ended
of Novembef,
/;X;•/XX:
40,012,000
figures do not include 800,000 net tons in October, 1941.
in manufactured
United
3,431,328,000
its
electricity
? Percent
covering 141 centers, available beginning with 1919
According
1941.
X
the
in
of
Mountain
>
'
44,149
i
1935-1939
Dec.
estimated to be 3,368,870,000 kwh., an increase of
was
Central
•Percentage
Department
•
92.8;
the corresponding week a year ago;
Industrial
Total
Preliminary Estimate Of Nov. Goal Production
December,- V 1940, ii totaled
These
was
of
Atlantic
Aug. 23
748,430 tons.
v
1941
Aug. 16
V.J and
:
industry
1941,
Institute,
production
England
Aug.
,»/%these refiners during November
:
Electric
the
Regions
Pacific
116,412
5,888
V.J
national series
.9,190
4,060
-
centers
in the
10,914
«
to
average
1941,
1940
•
Mines
'
13,
9,451
'
-1——-■—'-111-.——J-1—1—
Francisco
San
1
compared with total meltings of
688,503 tons during the last two
:
that
over
Middle
2,909
•
,t. months of 1940..
1926-1928
Dec.
3,546
plies of all eastern refiners for
'I) the 1941 period under discussion
X amounted ? to '963,270 tons
as
•t
from
above the output of the corresponding week of 1940 when
(
"
.
4
were:
2,197
260;
•
•
6,
13.2%
Rocky
4,533
373
A———
116.5
8,086
325
City
Dallas
99.6
117.2
production totaled 3,003,543,000 kwh. The output for the week ended
Dec.
West
6,040
602
7,621
10,480
764
j
Edison
13,
Southern
6,933
48,265
St."' Louis
.
ings
8,073
57,849
.Kansas:
ings of offshore sugar of the refiners -north of Cape Hatteras
V totaled 533,313 tons.
The melt.
•.
668
—
Chicago?
1940
3,825
J—
~
Atlanta
'
Dec. 11,
1941
V: 597
—:
Richmond..
>phe
•'
--i-
Dec* 10,
1940
//,;:
Jan.
base
PERCENTAGE INCREASE
4,421
—.—_I-'„—_____^/
Philadelphia 1
ing the last two months of 1940.
report notes:
(
" 1 /, »
,
610
Boston
York
100.2
119.1
Combined-,...—-
Major Geographic
13 Weeks Ended
Dec. 11,
1941
New
100.7
.
is 14.2%
^;-
Dec. 10,
Groups
changed
power
-o*' '
dollars);
Week Ended
The
■'on
and
New
ing the balance of the year, totals
429,957: tons, as- compared with
their meltings of 219,792 tons dur¬
v
and at the
DISTRICTS " V
RESERVE
1941- crop
•
103.0
100.7
Machinery
1926-1928
on
estimated
24% - abovei-the total, reported - for, the .corresponding period a year
6r for which vessels 'ago.. At"banks in New York City there was^an increase of 20%
had been chartered as of Nov.-22,
which will be available
for melting by these refiners dur¬
period
The
Dec., 10 aggregated
^
104.3
107.5
Electric Output For Week Ended Dec. 13,1941
Shews 14.2% Gain Over Same Week Last Year
sugars afloat
154,957 short tons,
raw value./ This supply, together
with the estimated 275,000 tons of
mainland t cane ;> sugar ; from
the
103.8
114.6
141
124
Up l 9% From Last Year
weeks .ended • Dec. ,10 amounted
13
112.3
109.8
rl41
124
132
ii'-iy
Bank
112.0
114.8
109.8
:
rl39
*;<
Bank Debits
112.0
114.9
Drugs
Materials
77.0.
1940,
140
124
133
ii'-. 137
143; >158
157
125
133
141
'141 <
123
-
"6
Dec.
v.
142
^
Novf 29.—-J-±±-__
to'"
All
Indexes
142
*
Farm
100.0
end.;
Nov,
and
Fertilizer
:Fertilizers.
rl40
124
the remade public
Chemicals
.3
.3
1941
sugars-refiners, for
/■
1.3
/..-:?
1
122' ,145
rl40
October
t
137
121
121.
121
133
rl35
rl40
'amounted
111.5
156
July
prepared by the
of the? Agricul¬
tural Adjustment Administration,
show that the quantity of offshore
sugar-the refiners south of Cape
Hatteras had on hand on Nov. 1,
their receipts of sugar between
that time and Nov.. 22, and their
-
110.6
138.6
119
report and
Sugar ■ Division
•
126.0
115
the
i
.
V
129
Dec,-5 by the Department of AgridultureXj?Sfatistics contained in
•*'
101.1
113.3
140.8
Miscellaneous
125
Nov.
was
112.3
111.9
/. 126.9
Textiles
150
Reported
rhaindef "of 1911
88.6
131V
second
and
91.5
85.0
110.5
120
Weeks
%dane
153,8
107.7
121
report on the supply
shipping position of eastern
A
163.4
109.2
112.5
126
August
September
Eastern Cane Sugar
89.6
May
Supply Position Of
"
116.4
,
121.
—
■
68.9
66.1
118.4
^
-
8.2
10.8
91.3
122.7
143.6
April
June
;
119.2
'
that
reauce
150:
;
113.5
•
124.4
163.1
1940
117.0
;
Livestock
Ago
Dec. 14.
1941
149.3
124.4
;
Year
■v
•
Nov. 8,
113.1
129.0
.
March
'
Ago
Dec. 6,
1941
156.0
Oil
Cotton
/ "
;
1
Week
116.6
Fats
1941—
k
INDEX
Preceeding Month
Dec. 13,
Foods
.V:.:
1
;
»
-
1
1941
118
120
V
•
Week
GROUP
Grains
is
i-' •
■
■
;
25.3
114
-
PRICE
Latest
Group
111
123
,
\
COMMODITY
Total Index
109
116
?'
1935-1939=100*
•.
Bears to the
109
bunker
?>■'..
39 to 3; in the preceding week there
declines; in the second preceding week
WHOLESALE
'
/
Each
109
December
"reason¬
values
land
31
States
132
United
113
,
October
X
,.dim.,
den
112
Switz-
Zeal'd
"116
143
118 i
—
August
September
-grow
outnumbered
WEEKLY
November
the
of
dex
were
currency
Swe-
Java
:.
;
"118
July
New
120
..
lower
to
Compiled by The National Fertilizer Association
Mex-.
-,sv
adaland
118 >A
,
due
V-
%
,120
.
June
•
somewhat
:/.y./?..",;;
?
During the week advances in price series included in the in¬
■
.
w;
1940—
May
price average which declined
quotations.
1939=100)
Can-
'
direct Government subsidies
oil
there
*
levels of the depression.
.
,mortgage interest rates
fuel
9,908,314
the
Total
for
yr_
X
THE COMMERCIAL & FINANCIAL CHRONICLE
1572
The
{Daily Average Crude Oil Production for Week
Ended Dec. 13,1941 Up 1,300 Barrels
if
The
American
Petroleum
the
that
estimates
Institute
•
This
550 barrels.
was
increase
an
preceding week* and
High
partially
recovered
Reflecting early uncertainty
grades
have
gained"
fractions>
from
last
Lower Canadian Beet;
war devel¬
prices '.of
a
over
over
:
Sugar Output Expected
Brooklyn Edison. 3Vis, ;.1966, advancing, %- to 108%-, and i Canadian beef
sugar' production
Bell Telephone 3s, 1968, gaining 144 at 106%,
Ad¬ from the 1941
crop is estimated at
vances
among
speculatives assumed larger proportions.
Laclede approximately 100,000 short tons
Gas 5%s, 1953, at 79% were up 5%.
Cities Service 5s, 1958, ad¬ of refined, according to the re¬
vanced 4% to 83% and Standard Gas & Electric 6s, 1957, recovered
ports received by B. W. Dyer &
3 points to 74i/2.
.'■<>.
Co., New York,, sugar economists
Southwestern
of
current week's
the
market has
bond
1 week, ago,/
daily
1,600 barrels over the output
figure was below
the 4,139,000 barrels calculated by the U. S. Department of the In¬
terior to be the total of restrictions imposed by the various oilproducing States during December.
Daily average production for
the four weeks ended Dec. 13, 1941 is estimated at 4,160,250 barrels.
The daily average output for the week ended Dec. 14, 1940 totald 3,578,950 barrels.
Further details as reported by the institute follow:
the
of
utility
falling prices
opments.
oil production for the week ended Dec. 13, 1941 was 4,109,
average
week's
Thursday, December 18, 1941
■
brokers.
and
This
is based
on
Group movements among industrial bonds have been much
710,000 tons suger beet production
more pronounced this week than for some time in the
past.
Thus,
and a yield of 14%.
i '
paper, sugar, textile, coal and oil bonds gained, with steel com¬
In 1940, sugar beet production
pany bonds showing mixed changes, Although gains have been pre¬
was
825,100 short- tons.
With a
dominant.
The best gains in the oil group have been made by
low yield of 12.9%, refined beet
such high grades as Phillips Petroleum l%s, 1951, Socony-Vacuum
sugar production totaled
Reports received from refining companies owning 86.7% of the 3s, 1964, and Texas Corporation 3s, 1965, the foregoing
106,801
gaining 1
This was the largest pro¬
4,622,000 barrel estimated daily potential refining capacity of the to 2% points; other gains registered by oil bonds have been frac¬ tons.
duction
in
Canada
on
record.
United States, indicate that the industry as a whole ran to stills, on tional.
Tobacco company bonds have been mixed, with the Liggett
There was a considerable increase
a Bureau of
Mines' basis, 3,997,000 barrels of crude oil daily dur¬ &
Myers 7s, 1944, gaining fractionally whereas the Lorillard 5s,
in 1940 because of the opening of
ing the week, and that all companies had in storage at refineries, 1951, lost 3% points at 122.
Among machinery and machine tool
a
new
beet sugar factory in the
bulk terminals, in transit and in pipe lines as of the end of the week,
bonds, issues such as the Allis Chalmers 4s, 1952, and R. Hoe 4i/2s,
Province of Manitoba where com¬
87,422,000 barrels of finished and unfinished gasoline. The total 1944, gained one or more points while .others in the "group have
mercial sugar beets had not pre¬
amount of gasoline produced by all companies is estimated to have been
steady. "
•
viously been produced. ;
been 13,610,000 barrels during the week.
•
After their sharp break, foreign issues developed some
rally¬
v
DAILY AVERAGE CRUDE OIL PRODUCTION (FIGURES IN BARRELS)
ing strength but for the most part prices have remained below last
Absences With Pay
week's
closing levels.
Canadian loans have been comparatively
■;/ /;V y
/,'■
oB. of M.
And Overtime Clarified
steady with losses limited to one point and less; better-grade Latin-
*
•
,
—Actual Production—
Calcu¬
State
ments
v"'.
Allow¬
.
Change
4 Weeks
From
Ended
Ended
while
Previous
Dec. 13
Dec. 14
260.700
Nebraska
'
•
428,000
5410,100
/
264,000
5255,950
=
"•
Panhandle
Texas
Texas
V :'r
Texas
109,550
106,750
31,700
31,150
299,800
218.250
1,500
+
2,350
86,900
4
T
50
386,600
225,150
—
"
Arkansas
75,297
73,600
60,300
243,350
1,331.650
200
81,700
r-' Y
1.
426,500
3.503.200
(Based
U. S.
Govt.
Daily
Total United States
A
Baa
R. R.
106.56
117.00
114.08
107.98
90.34
96.07
110.70
118.09
106.56
117.00
114.08
107.98
90.06
96.07
110.52
/•
d613,200
114.08
113.89
As requirements may
contemplated withdrawals
ber.
Bureau's estimated
13
118.13
116.80
113.70
90.06
95.92
110.52
12
118.18
106.21
116.80
113.70
107.80
89.78
95.77
110.52
68.700
11
117.71
106.21
116.61
113.31
107.98
90.06
95.92
110.52
113.50
75,950
10
117.70
106.21
116.61
113.31
107.80
89.78
95.77
110,52
113.31
>
13,350
9
118.17
106.39
116.80
113.50
108.16
89.78
95.92
110.88
8
118.69
107.44
117.80
114.85
109.06
90.91
96.85
111.81
119.59
108.16
118.40
115.43
109.60
91.77
97.31
112.19
1,250
94,800
93.850
5
119.62
108.16
118.40
115.43
109.60
91.91
97.47
112.19
42,450
'4
119.56
108.16
118.60
115.43
109.60
91.91
97.47
112.37
116.02
550
84,300
68,350
119.58
108.16
118.60
115.43
109.60
91.91
97.47
112.37
116.02
,
21,700
1,150
5
3
—
5,300
117,700
101,400
13,800
3,509,550
650,700
618,500
1,600
4,160.250
3,578,950
28
NOV.
___■
the net
...
figures indicated
havo been
above
do
not
astimate of
any
OF GASOLINE;
109.60
91.77
97.47
118.60
115.82
109.42
91.77
97.31
112.37
118.60
116.02
109.60
92.20
97.78
112.37
116.22
108.16
118.40
115.82
109.42
92.06
97.47
112.19
116.02
118.40
115.63
112.19
116.02
,
116.02
108.16
92.06
97.47
119.23
107.98
118.40
115.43
109.00
91.77
97.00
112.00
116.02
119.16
107.98
118.20
115.24
109.06
91.91
97.16
112.00
for. at time and,*
one-half.Whenever overtime
-
; 'is
-.
worked,
problem
pre--
determining am
employee's regular rate of pay;(
107.98
118.40
115.43
109.06
91,77
112.00
116.02
118.00
114.85
108.70
91.19
96.69
111.81
115.42
107.62
118.20
114.66
108.70
91.48
96.69
"111.62
115.42
may
119.02
107.62
118.00
114.66
108.70
91.62
97.00
111.81
115.24
der > the
:>
119.13
107.80
118.20
114.85
108.88
107.80
118.40
114.85 ■:
108.88
91.77
107.80
118.00
115.24
108.52
97-.00
-j
95.06
119.14
119.55
92.06
5
119.45
118.00
107.44
114.66
107.80
97.31
91.77
112.00
111.81
115.04
114.65
97.16
114.44
118.71
106.39
116.61
113.31
107.09
91.05
96.69"
110.70
118.62
106.21
116.61
112.75
106.56
91.19
96.69.
110.34
112.11
117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
116.93
105.86
117.20
112.93, 106.21.
89.78/,
95.92
109.79
112.7?
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.74
120.05
108.52
118.60
116.02
'109.6Q
92.50
97.78 < '112.56
115.89-
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
119.00
115.04
106.74
89.92
96.07
110.88
114.8?
—
28
31
-
1941
High
Low
1941-
High
119.63
1940——
106.74
overtime compensation;
be computed thereon. Un¬
interpretations of the,'
Wage and Hour Division, an
employee's regular hourly rater>
of pay'is determined by divid-:
115.42
112.00
that
so
115.24
97.16/
97.47,
,
25
Feb.
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
the
sented is that of
107.44
112.71
ing the hours which he works,;
during a workweek, into 'the
total earnings for such hours of
employment (paragraph 7 of In-:"
terpretative"Bulletin No.' 4.) >:
The .question under - consider¬
116.4}
'
-•
The overtime provision
118.82
May 29
whloh
during
simply that hours worked in
of forty
per
week be
119.21
'—
June 27'
8TOCKS OF
time
^compensated
}
116.02
109.42
for
excess
116.02
112.37
108.16
119.43
Mar. 28
oil
115.82
118.60
108.16
July 25
14, 21, . 29,
any
is
110.02
Aug. 29
i
PRODUCTION
work..
116.02
112.37
118.95
;.Fan.
include
surreptitiously produced,
RUNS TO STILLS;
CRUDE
116.02
112.37
97.16
108.34
—
3
y
California Oil Producers.
Of Conservation Committee of
112.37
97.31
91.62
Sept 24
Apr.
dRecommendation
97.31
91.91
109.60
17
-
.
91.91
109.60
115.63
120.03
17
31-day allowable as of Dec. 1, but experience indicates that it
wells are completed, and if any upward revisions are made.
With
entire State was ordered shut down on Dec. 6,' 7, 13,
109.60
115.43
118.60
119.98
10——
basic
few exceptions the
and 30.
118.60
118.40
108.16
120.04
Oct. 31
week ended 7 a. m. Dec. 10.
are for
108.16
108.16
119.96
m::::::
their
regular
Under this provi¬
employer is free to pay
j^which the employee is not at
115.63
119.77
2,960,450
15,400
+
an
times
employee
an
•
,
119.59
3,500
50
sion,
115.82
119.65
18,150
400
either from stocks, or from new production,
oil inventories must be deducted from
the
be supplied
from crude
rate of pay.
116.02
56,150
one-half
r
114.85
3,750
*
113.31
19,800
of the
calculations
/ such employees overtime comV'pensatioh at. a rate of one and
113.70
325,400
•
requirements to determine the amount of new crude to be produced.
will increase as new
tv.
107.98
18,800
4,109,550
j bOkla., Kans., Neb., Miss., Ind. figures
it> might
106.39
*
12
NOTE:—The
Indus
218.800
*
28
p.
287.550
requirements of domestic crude oil
certain premises outlined in its detailed forecast for the month of Decem¬
of Mines'
Bureau
who works any employees, sub¬
ject to its provisions, more than
forty hours in a workweek, pay
114.27
15
24
a.
Corporate by Groups •
rate *
118.16
Aa
following is the statement:,'
With respect to overtime, the
Act requires that an
employerR;
—
397,650
—
664.300
4,139,000
is
The
Bonds
Aaa
-
with
pay and the com¬
putation of overtime as required
under the Wage and Hours Law.
Yields)
Corporate by Eatings •
Corpo-
Labor, on Nov. 25 made
statementclarifying
a
absences
PRICES t
Average
16
Averages
21
cThis
BOND
on
of
ment
public
Avpe.
73,750
—
3,445.250
635,800
response to inquiries, Gen¬
Philip B. Fleming, Adminis¬
trator
of
the
Wage and Hour
Division, United States Depart¬
eral
are
353,500
—
117,750
117,000
4-i—
upon
averages
271,800
11,950
+/'
5,050
5,800
116,100
aTe
yield
350
—
22,600
20.700
4
oThese
bond
and
+
86,100
Total East of Calif.
:
prices
+
56,900
—
In
points.
+
94.550
81,900
Mexico
based
lower
several
1,450
—
518,650
52,300
Montana
!
point
a
to
2,050
—
386.650
•.
96,900
—-
California
bond
MOODY'S
Dec.
"
New
computed
i94i
incl.
Ind.)—
—
Colorado
over
2,250
—
575,600
19,700
(not
were
extended
6
■r
Illinois^
Indiana
Michigan
Wyoming
issues
given in the following tables:
68,750
+
—
357,700
76,500
Mississippi
303,100
1,534,550
Aires
900
276,000
354,705
340,000
50
13,250
.—
81,700
Louisiana
Moody's
•
199,050
Louisiana
Coastal Louisiana
Argentine 4s
as
Buenos
375,050
1,000
—
1,478.900
cl .555.192
such
in
81,500
.—
292,000
1.479,700
and
91,750
50
100
.—
215,650
Total
111
11,350
76,550
84,300
Coastal
Eastern
3,000
+
290,800
;./■/■
Southwest Texas
Total
199,050
5,650
369,250
Texas
East Texas
North
250,000
—
31,300
Texas
Central
15,250
+
—
107,800
West Central TexasWest
384,250
700
v.'
87,800
North Texas
East
419,750
declines
3y4S, 1994, were
lower at 59% and Cuba 4V2S, 1977,
gained V2 point at 73 V2.
Among Brazilian bonds the Sao Paulo
Coffee 7s, 1940, suffered a loss of 2V& points at 55%.
Denmark 6s
and Norwegian long terms showed the most impressive rally in
late dealings, jpftf :i
v'fy i/R y
1940
6,450
.,—
55,150
6.100
1941
Week
1941
,'5
460.000
Kansas
13
Week
issues
Panama
Dec.
ables
(December)
-
Oklahoma
American
Week
Ended
lated
Require¬
,
OIL,
WEEK
ENDED
:•'/
1941
13,
DEC.
(Figure* in Thousands of Barrels of 42 Gallons Each)
.
'
:
.
..
Daily Re fining Capacity
-'f;i"
Po¬
tial
Okla.,
100.0
ated
Aver.
e
Dec.
of
e
of Re¬
Oil
Unfin¬ Y
sidual
109.60
99.52
79.37
66.38
105.52
108.54
.118.80
114.66
106.74'
89.64
95.92
-110.70
114.66
16,
(Based
Oil
1941
line
Corpo¬
■/'v.z'
Dec.
E. Coast
15
129
91.5
475
3,365
626
428
587
13
84.7
617
95.2
2.430
15,802
5,433
4,258
Interior
12
413
80.7
1,869
2,103
1,497
19,675
21,146
12,809
83.28
89.23
106.04
of
Closing
_
■'
.•.
A
2.95
2.80
3.28
at
Corporate by Groups
,
4.39
Baa
R. R.
P. U.
4.00
Indus
3.13
salary for
a
of
hours
equivalent
2.95
illness,
2.98
Where
3.36
2.80
2.95
3.28
4.41
4.00
3.14
2.81
2.97
3.28
4.41
4.01
3.14
3.38
2.81
2.97
3.29
4.43
4.02
3.14
2.97
11
:
such
rate
worked due to
2.94
3.37
'
;
•h
for
other
or
hours
similar
employee is
without regard
an
salary
No.
La.
283
85.0
3.38
2.82
2.99
3.28
4.41
4.01
3.14
>U 2.98
147
87.5
636
2,413
464
10
3.38
2.82
2.99
3.29
4.43
4.02
3.14
2.99
number of hours worked it
985
96.7
3,423
13,167
6,920
8,153 G. Coast
9
3.37
2.81
2.98
3.27
4.43
4.01
3.12
2.99
not
172
95.3
167
101.8
513
2,619
1,636
2,348
2,669
8
3.31
2.76
2.91
3.22
4.35
3.95
3.07
2.91
3.92
3.05
2.86
holidays and the like;
3.91
3.05
2.85
3.91
3.04
2.85
Gulf
8,011
1,242
64.7
174
1,161
134
322
Calif.
1,511
15,331
12,693
62,585
2,127
86.7
3.612
90.1
12,250
82,022
51,234
94,587
5,400
1,575
1,175
400
Total
aEst.
13,
3,997
13,610
b87,422
52,809
95,762
7,280
S.
Nov;
U.
be
said that
he
is
13.610
3.945
52,809
b87,422
95,762
7.280
2.72
2.88
3.19
4.28
3.91
3.04
2.85
2.73
2.87
3.19
4.28
3.92
3.04
2.85
2.73 \
3.27
3.26
.
3.19
2.87
4.28
3.92
3.19
2.86
,2.72
V-: 2.72.
=
4.30
4.29
3.04
3.93
3.19
2.86
2.72
3.27
L
7 /
2.88
2.72
3.27
—
14
4,567
4.28
3.91
3.20
4.29
3.92
3.04
4.26
3.89
3.04
4.27
3.91
3.05
2.85
,4.27
3.91
3.05
pay
tributed
-
2.85
2.85
V
of
rate
2.85
3.19
for
he
works,
less, and he has
-2.85
3.20
$
2.85
hours
2.85
3.04
3.04
;
compensates
ary
.
2.84
more
set
which
hours
to
the sal-"
whatever
no
no
can¬
paid for
can
not
no
hourly
be
at-
worked.
aDec.
;
a
bbl.
14,
Assuming, therefore, that an
employee is paid at his regular
hourly rate of pay for hours
e
1940
3,942
At refineries,
gasoline
3.27
2.73
3.28
2.73
2.88 ;
3.22
4.29
3.94
3.06
2.85
10
3.28
2.74
2.89
3.22
4.28
3.93
3.06
2.85
vacation,
3.28
2.73
2.88
3.22
4.29
3.94
3.06
2.81
other similar cause, the amount
Sept 24
3.31
2.75
2.91
3.24
4.33
3.96
3.07
2.88
2.74
2.92
3.24'
4.31
3.96
3.08
2.85
2.75
2.92
3.24
4.30
3.94
3.07
2.85
2.74
2.91
'3.23
2.73
2.91
3.23
31
Oct.
Estimated Bureau of Mines'
unfinished
24
Mines'
2.73
3
B.
3.27
17
U. S.
of
4.28 ' /
3.19
3.27
28
21
S.
1941
6,
4,622
4.29
3.19
2.88
3.27
,'i
1
U.
1941—__
Total
Dec.
2
3.19
2.88
2.72
3.27
.
.
3
6,880
1,360
2.88
2.73
3.27
4
—
2.73
3.27
3.27
5
79.2
unreported
Dec.
; V
,
6
44
566
49.9
385
Reported
oEst.
339
106.4
50.1
90.9
95
California
Est.
313
478
156
50
136
787
Arkansas
&
Mountain—
Rocky
cause.
91.2
•
Louisiana
not
paid a
to the
63.4
1,096
an'
vacation, holiday,
265
_
a
per
of
1,117
Mo.—
Texas
Gulf
an:
hourly-
an
hourly rate of pay) and is paid
V:
^
Aa
.
or
number
(the
Prices) ?
''r-
Aaa
week
only where
receives
v
pay
109.24
AVERAGESt
Corporate by Ratings
3.36
16
83.9
1,836
100.00
YIELD
Individual
■
•
rate
Average
168
88.6
110.52
BOND
on
Augc.
Daily
Gaso¬
Dis¬
114.27
100.98
arise
can
employee
regular
tion
Fuel
tillates
115.10
1939_
MOODY'S
765
624
ation
rate
*
and
line
112.19
106.56
Avia-
Gaso¬
Blended
1940_
Stocks / Stocks
Gas
ished
Incl.
16.
2 Years ago
Stocks
Fin¬
ished &
Oper¬ Natural
Daily
port¬
704
—:
Ky.r
Kans.,
Inland
Produc'n
fineries
ing
_—
Appalachian
Texas
Stocks
Gasoline
P. C
Re.
Rate
Coast
to Stills
P. C.
ten¬
Ind., 111.,
„
■
District
East
Crude Runs
at Re¬
/v-'..
,Y'.
99.04
119.60
1 Year ago
Dec.
■
113.02
LOW; 1940—
*•
basis,
80,769
11,301
b Finished,
102,517
6,332
79,388,000 bbl.; unfinished, 8,034,000
/ Included finished and
bulk terminals, in transit and pipe lines.
total.
44,598
v'yb/.:
3.30
3.30
5
:
17
12
-
3.29
29
3.29
•
Aug.
Bonds In Moderate
i
have
acted
better
this
week
'
?
! r
.'.T
:t tc.
3
>
.
•
',*■
•
C
?
*
,
t
t v
.
)
I •}
J'
3.06
2.85
3.93
3.06
2.85
hours
not at
work due
to
illness,
or
holiday,
worked
included
and
need
not
be
in
computing the em¬
ployee's regular rate of pay and'
3.29
2.75
2.89
3.25 *
4.27'
2.75
2.92
3.29
4.29
3.93
3.09
2.95
2.82
2.99
3.33
4.34
3.96
3.13
3.05
the Act.
3.38;
2.82
3.02
3.36
4.33
3.96
3.15
3.05
or
"3.91 ■*. ■3.06
2.9C
'
25
-
overtime
compensation under™
The very term, holiday
3.97
3.18
4.01
3.18
3.02
illness with pay, negates the
idea
that
such
payment was
3.95
3.18
2.9')
made for hours worked.
3.40
2.83
'3.05
3.39
4.34
28
3.40
2.79
3.01
3.38
4.43
31
3.37
2.75
2.97
3.37
4.37
3.42
2.84
3.06
3.39
4.4T-
4.03
3.20
3.05
3.25
2.72
2.85
3.19
4.24
3.89
3.03
2.8/
High 1940
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.35
70(7) of Interpretative Bulletin
Low
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
No.
3.36
2.71
2.92
3.35
4.01
3.13
2.92
28
Mar.
High
and
)
3.92
v
is
paid is not compensation for
so
.
3.37
_______
1941
1941
—
1940
/
/
v
,
a-O1:
1 Year ago
Dec.
1940
16,
2 Years ago
Dec.
; v
•'
4.44
/
1 2.94
3.14
3.75
4.92
It is pointed out in
4.4*7
that
hours
3.21
constitute
prices are computed from average yields on the basis of one "typical" bond (3®i$
coupon, maturing in 25 years)
and do not purport to show either the average level or tru
average movement of actual price quotations..
They merely serve to Illustrate in a more com
prehensive way the relative levels and the relative movement of yield averages, the 1st
ter being the true picture of the bond market.
therefore,
*
These
t The
j
3.39
4
in
-
latest
the
"
■
complete
issue
V:
•
of
list
Oct.
'
2,
■:
of
bonds
used
m
computing
these
Indexes
was
pub
payment to
not
an
worked
em¬
pay
does
not
payment of overtime
compensation
be
and
not,
may
credited
against
overtime compensation due un¬
der
the
Act.
It
is
stated
that
such payment is not compensa-
1941, page 409.
"
paragraph
ployee at his hourly rate of
for
«•
3.69
1939
16,
llshed
J>it*
4.27
4.29.
when he
Feb.
increase.
Pi!
Y
;
Jan.
Through the Association of American Railroads, Class 1 roads pe¬
titioned the ICC to grant increased passenger and freight rates to
enable them to meet the higher costs resulting from the recently
wage
:
*"3.31
Apr.
prices have been fractionally higher.
Kansas City Terminal 4s,'
1960, gained % at 109.
Medium-grade rail bonds have been higher
while speculative rail issues in good trading volume scored ad¬
vances.
Among the latter Southern Pacific 4%s, 1981, advanced
2 to 45%.
New York Central 4%s, 2013, at 43% were up 1%.
awarded
/
'
3.20
.
May 29
Low
bonds
2.87
July 25
Wednesday there has been a general .recovery in bond
prices.
High-grade corporates and Treasury bonds have regained
perhaps a fourth of the loss experienced upon the advent of war.
with lower-grade corporates lagging in the recovery.
railroad
2.86
June 27
flecovery;f;5R§:
Since last
High-grade
%
;;
•
■
■
U<t
•
■
i
_•
-
i
i
>
tion v for
overtime1- work
-
-
I
Sugar Statistics First 10 Months 1941
likewise does not alter the em-
.
;The purchasing value of the dollar was 107.6 cents in Novem-
;
and
'
>,:
1573
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154 Y-Number 4021
7 ber
compared with 108.7 cents in October, 117.0 cents in Novem¬
as
•Y,'. ployee's regular hourly rate of
Y The Department of Agriculture issued on Dec. 5 its monthly
ber, 1940, 99.0 cents in November, 1929, and 100.0 cents in 1923.
pay.
The considerations which statistical statement covering the first 10 months of 1941, consoli¬ ,.j'Y The following table shows The Conference Board's indexes
^ dictate that interpretation' are dating reports obtained from cane sugar refiners, beet sugar pro¬ for the
major items of the family budget in October and November,
like those which control here. Y
cessors,
importers and others. The statement, prepared by the
f ' The employer's records must, Sugar Division of the Agricultural Adjustment Administration, 1941, and the percentages of change in each:
.
-7
of course, show the hours of ab~
;
paid
therefor, if a sum so paid is to
be excluded when an employee's
regular rate of pay and overtime compensation under the
and
sence
■j.
'7
>.
-7
•
7
■
J-y• ;•
Yt
*
amount
the
,
.
-
Act
are
■
computed.
"&■
'p
•
?Y'V|
i ■ \,f'f
i;
'
-«^n-r arm Keal Lstate ;:yyY i
.
^
'
-T
-poreclosures Up In Oct i
■^1;
Home Loan
1, The, Federal
r
Bank
VY- Board announced Dec. ;1 that
.the
rise in the seasonally-adjusted
7
Distribution of
;
.
.
Raw
sugar
:
in those areas which are not expe-;
riencing -a
;->v
shortage
of housing
-
7
Total
"'•
displayed sizeable expansion in;
the
September-to-October corh;J parisoh, while foreclosures in the
7:
largest metropolitan cities con-:
•
.
,
v
with
tinued
:»
favorable
a
down-:
7 ward movement. 7The Board furY'V:Y:-''.
ther reports:
-
••;:j
Stocks of
••
refined
Mainland
Total
k
3% de¬
cline expected at this time of
year.
After adjustment for this
7\ seasonal factor, the, foreclosure
index
7*
4% in the month of
rose
October and
now
stands 34.2
'These
data
f
°f the 1935-1939 period. ^wYYr.;
77.777 More than half of the States
in the country
October
•
;
Home
V
■
show increases in
compared with SepOut of the 12 Federal
as
tember.
P
Loan
Districts,
: Bank
77 eight participated in this
up-
'..
.
:
,
'
ward movement, thus more than
: V'
offsetting
shown: by
decreases
the Pittsburgh;-Winston-Salem,
7
Des Moines and Topeka dis•'7 tricts.
:;y~77";
YY/Y'Y'Y/yY.'
;
;
value,
commercial
short
In
1940.
„
i
»
■.
Y.YY;
Stocks
^Y'+Y''Y
'
Jan.
on
•Y-YY
1,
Supply
Cuba;
87,288
Hawaii
34,798
Booklet J
w
Ninety-five per cent of em7 ,ployees in American industry do
not
know
that they and
their
•
to substan¬
entitled
the Social
tial cash benefits from
Security Program while under 65
of
years
the
by
vey
tions Division
search
also
of Commodity Re¬
Inc.
Bureau,
„
great ma¬
jority of employees did not real¬
ize how large a sum their em¬
contributing regu¬
the
various
Social
ployers
were
;
~
1
,
„v.
j
j
.
Lost by
for direct
Y -
820,290
780,384
1,938,847
.
Y
on
fire, etc. 10-31-41
consumption
2,663
92
2,063
1,100
23,861
88,889
780,185
844,044
65,727
775,935
737,726
13
48,223
124,749
162,418
2,149
20
8,385
0
4,602
4,602
o
0
0
199,901
0
2
$33,143
Virgin Island..—...
Other countries
220,609
12,437
-v
103,800
Miscellaneous
0
384
384
0
337,362
4,772,033
4,688,306
7,988
(sweepings, etc.)..
Total...
o
•
Y
143,757 tons in customs'
t Includes
9,838
Production
refined, Jan.
1,
271,268
—
stocks
Pinal
of
Compiled
and
beet
refined,
by
sugar
Oct.
31,
1941
$1,638,635
666,483
297,707
reports submitted by the
from
the Sugar Division,
factories.
is
which
the
refineries
sugar
;
';
,
.
than .actual
deliveries
tic.
processing,
by
a
•
'
small
"
Supply
amount
representing
Deliveries
on
Receipts
or
375,287
25,702
losses
in
re
Stocks
on
Oct. 31, '41
325,805
usage
Rico
4,013
4,013
J
foreign areas
Total
118,129
4,385
3,981
303
567,368
information
more
this
on
for
im¬
portant subject, a comprehensive
32-page booklet has been pre¬
pared
Research
Commodity
by
Bureau
for
by
distribution
>
,
4—Mainland
Cane
Mills'
1941
103,380
503,166
Stocks, Production and Deliveries,
(short tons, raw value)
Jan. 1, '41
111,139
Table 5—Distribution
Puerto
Puerto
of
of Sugar
Rico
processing
consumption
Production
Y
Territory
ployers to their workers. All in¬
was compiled from of¬
ficial Government sources and is
"special
the
American
signed
full
dealing with
study
many
to
help
measure
of life.
for Local Consumption In the Territory of Hawaii and
January-October, 1941
(short tons, raw value)
of
country has to offer."
.
-
BESSEMER AND ELECTRIC STEEL INGOTS AND
STEEL FOR
what
Security" which may be obtained
by writing Commodity Research
Bureau, Inc., 82 Beaver St., New
York City, ,-Y ■
and
vember, 1940, and 22.4% since August, 1939.
Clothing prices in
were 8.9% higher than a year previous.
The rise dur¬
ing the war period (since August, 1939) has not been nearly so
steep as the rise in food prices and has amounted to only 10.7%.
November
Advances
in
the
costs
of
other
necessities
have been
more
increased 0.4% in November. Since Novem¬
ber, 1940, they have advanced 7.1%.
For fuel and light taken as a
whole, the November increase was only 0.2%, and the increase
since August, 1939, has been 7.4%.
. /
/
modest.
7
.
Coal prices
Rents in November
-
rose
on
the average 0.3%, and were 2.3%
higher than in November, 1940. They have risen only 3.7% since
August, 1939.- Miscellaneous purchases, or "sundries," cost 0.4%
more in November than in
October, and 3.9% more than in No¬
vember, 1940.
1939.
Numk:r
all companies
of
Net tons
of weeks
capacity
In month
(net tons)
6,237,900
96.6
1,563,902
1,559.475
7,131,641
99.7
Y 1,609,851
6,928,085
;
96.9
97.8
20,297,626
Quarter
6,756,949
April
Y
June
Y 98.2
98.2
40,908,543
";
98.7
6,800,730
20,610,917
_
—
1.575,046
98.0
4.43
:
-
4.43;
,
12.66
4.29
.
4.43
1,592,153
1,585,252
•
4.00
•
,
1,578,353
V
97.6
7,053,238
May
2nd. Quarter
1st
6
——
———
months
^
4.29
1,584,237
13.01
1,581,312
.
25.87
3rd
Y
6,821,682
9 months
_
—
—
..
November
4.43
1,593,389
4.28
20,642,345
95.2
1,572,151
13.13
61,550,888
97.0
1,578,228
7,242,683
99.0
1,634,917
4.43
98.3
1,624,706
4.29
5,764,723
4.525,797
83.4
70.0
4,389,183
_
4.42
1,580,351
63.5
14,679,703
4,100,474
4,967,782
Quarter
1,543,367
95.7
6,969,987
;—
93.4*
7,000,957
96.4
July
August
September
1940
39.00
f
f
January
'
February
——
-
■
1st
Quarter
—
i
-
~_I
5,657,443
-
.
2nd
1st
1,301,292
1,093,188
4.43
4.14
990,786
4.43
72.3
1,129,208
13.00
61.2
71.8
955,821
1,121.395
?
They were 5.2% more expensive than in August,
—-
-
"
-
September
9
—
Quarter
V
-
_i.
13.01
72.5
1,130,875
29,405,402
72.4
1,130.542
83.0
89.5
1,295,164
1,396,475
6,056,246
90.6
1,415,011
4.28
87.7
' 1,368,412
13.12
—-
-
.I
77.5
1,499,897
1,507,950
V 1,469,538
95.6
M92.314
66,981,662
82.1
' 1,281,210
:
47,372,656
•/-,
-
26.01
4.42
4.43
39.14
1,210,339
96.1
96.6
94.1
19)609,006
-
4th Quarter
Total
.
6,644,542
6,469.107
6,495,357
months
October
December
.
17,967,254
-
July
3rd
4.29
4.43
4.29
1,318,751
84.5
.
14,725,699
-
months
August"
'
5,724,625
6,186,383
Quarter
6
November
clothing prices advanced the most in November.
They both increased 1.7%.
Food has increased 19.4% since No¬
get
Copies , are ^ offered : to - em¬
ployers in quantity lots at nomi¬
nal
prices.
All employers and
executives are invited to request
a
free specimen copy of "Social
of
Board, and issued on Dec. 12.
Since November, 1940, living
costs have gone up 8.7%.
They are now 29.6% above the April,
1933, low point, 8.0% below November, 1929, costs, and 10.6% above
August, 1939, prices. • The survey further noted:
this
weekly
production,
Percent
March
ence
one
Calculated
Total
30,534
1.0%
Food
CASTINGS
—All Companies—
March
living for wage earners' families in the United
in November, according to the monthly survey
conducted by the Division of Industrial Economics of The Confer¬
of
our/citizens
out
date:
OF OPEN HEARTH,
.
67,256
cost
:
,
Oct. 31, '41
Hawaii_-_^_^_»_———
rose
V
tabulation shows steel ingot production by months
for 1940 and 1941 to
PRODUCTION
Living Costs Rose I % In November
•:
According To National Conference Board
the
It is de¬
advantages
way,
in November of last year.
The following
June
The
World War I.
operated at an
of 98.3 % of capacity, compared with 99.0 % in October and
April
presented in finished form in an
attractive' red,
white and blue
cover design.
On the first page,
the
publishers
state ■ that
the
booklet
"Social Security" is a
of
corresponding period of 1940 and 50% more than production
96.6%
16,907
110,676
43,770
Rico
States
than output of 60,486,305 ton's
50,467,880 tons in the whole year 1917, the peak in
October
For further ■Stocks on
For direct
on
60,214
more
During the month just closed the steel industry
January-October,
Deliveries
Stocks
total of 75,763,558 tons of
In the first eleven months of 1941, a
707
reports and Information submitted by im¬
porters and distributors of direct-consumption sugar.
•Includes 4,192 tons in customs' custody. ' tlncludes 5,350 tons in customs' custody.
em¬
formation
.
A total of 6,469,107 tons was produced in Novem¬
7,242,683 tons.
steel has been produced, 25%
14,735
51,238
from
Sugar Division
the
-
$12,754
39,178
Compiled In
\
of 6,969,987
ber, 1940.
0
130,642
53,041
12,932
Philippines
Table
:-
- r
•
•75,184
o
241
,—
Puerto
Other
'
.
during November fell short of the October record figure
tons of steel
of
In November a
October.
...
....
Jan. 1, '41
:
,
February
_
Receipts and Deliveries of Direct-Consumption Sugar from Specified
Areas, January-October, 1941 (short tons, raw value)
Stocks
Source of
-
Because of the shorter month, the total production
.
May
need
evident
the
fill
To
to that time.
up
,
1st
3—Stocks,
Table
/A
1940.
available.
•vtLarger
report released Dec. 9 by thp
tons per week achieved in
v.YYtDeliveries include sugar delivered against sales for export.
The Department of
Period
Commerce reports that exports of refined sugar amounted to 47,461 short tons, raw
1941 f
value, during January-September, 1941.
Data for exports during October are not January
yet
a
Estimated Production
to
Security benefits.
larly
according to
figures are converted to raw value by using the factor 1.063030
ratio of meltings of raw sugar to refined sugar produced during the
and
1939
years
/
Second Only To October
and Steel Institute.
refineries'
'•The
—l.o •
:•
steel production averaged 1,507,950 tons per week, a peak
year: ago,
703,464
———_
108.7r
production of steel during November was the second
1,634,917
1,601.654
1141
107.6
during November, only slightly less than the record
of
average
factories
4,683,034
of
+ 1.0
duced per week
States
f4,656,595
stocks
Initial
+ 0.4
92.0r
of 1,624,706 net tons of ingots and castings was pro¬
of
Domestic beet
•Refineries
0
101.5r
92.9
An average
-
in the
,
_
V
85.9
101.9
The Conference Board index of food
on
American Iron
:
412,795
2—Stocks, Production and Deliveries of Cane and Beet Sugar by United
Refiners and Processors, January-October, 1941 (short tons, raw value)
Table
85.9
highest in history,
custody.
in customs'
tons
/
custody.
of
.
+0.4
30
all items
dollar_______
of
,•
„
'IV+0.2
100
electricity
Weekly
•
0
306
Compiled in the Sugar Division, from reports submitted by sugar refineries.
•Includes
1.3
+ 2.1.
92.0
■
November Steel Output
72,641
Philippines.^.^
—
+
•
prices for No\r. 14, 1941, and Oct: 15,
1941.
tBased upon retail prices of 35 kilowatt hours of electricity, 1,000 cubic feet of
natural gas, or 2,000 cubic feet of manufactured gas.
r Revised.
:
'
.
•170,965
0
69
Puerto Rico
The survey
revealed that the
16,157
Meltings and Deliveries for Direct
(Short Tons, Raw Value)
J
Deliveries
ft': -";YY Stocks
Meltings
*
according to a sur¬
International Rela¬
age,
77,106
Continental U.
Hawaii
are
;,;Y
+1.7
1
780,844
refiners, which
and 38,168 short tons,
1941,
V
••
90.0
92.4
+0.3
,
'
70.4
.90.2
'
+1.7
.
359,975
;
1,554,502
t
'Receipts
2,045,279
1941
In
.
''"Y*.?, \ '
Cuba
families
'
.
rSugsir; Refiners' Stocks, Receipts,
Consumption for January-October,. 1941
'
Social Security
value,
commercial
tons,
1—Raw
■Source of
"
86.2
87.3
71.9
and
•Based
for processing held by importers other than
raws
19,835
to
78.3
Y——
$Gas
1940
320,420
the Sugar Act of 1937.
obtained in the administration of
were
Including
*Not
89.2
89.6
,
Weighted average
Purchasing value
1,497,272
—.
90.7
89.5
-w———w————u——
Coal
-16,907
_L-__—
7
——
follows:*
297,707
:—----
92.2
20
.
Fuel' -and light—
(Table 5).
1941
412,795
—--
•
Men s
Women's
Nov., 1941
to
1941
T2
•
_
——
-—
-----
1941
Dec. (—)
or
from Oct., 1941
Oct.,
Nov.,
A;y;-33 Y-
:
——
Sundries
—------666,483
103,380
sugar————.—f
as
compared to the average month
-
factories
cane
amounted
This is somewhat unfavorable in
view of the customary
i;
J:--
processors-
sugar
:f,'..V YY vY'Y
:
Pet. of Inc. ( + )
Living
1923=100
Family
Budget
•Food
6,802,693
*
were as
Y'yy;: ,;:YYY;Y:Y:.v:'
•
Importers' direct-consumption
In terms of actual cases, non-i
.
-
V
Housing
Clothing
the Territory of Hawaii for
in
hand Oct. 31, in short tons, raw value,
-\Y.-. -Y'-7'7
Y•-—
Refiners'
Beet
for local consumption
sugar
on
sugar
•••'
raws
Item—
43,770
L*.—
months of 1941 was 30,534 tons and in Puerto Rico 67,265 tons
Refiners'
farm real estate foreclosures in
•7 the United States increased less
than 1%, from 4,374 cases in
September to 4,408 in October,
.
of
distribution
The
-•
the first ten
in
503,166
i—
Cost of
Importance
; 7,988
4,609,134
1,638,635
v
Indexes of the
Relative
v
months of
.'•'
—
——
—
—
(
>
processors
sugar
V 7 due to increased defense activity:
Table
YY - Of interest also is the fact that 4he
Y
;
smaller communities of the nation :-y . ■
:
January-
:
—>
(Table 2)
-----—
Importers' direct-consumption sugar
(Table
Mainland cane mills for direct consumption (Table 4)
7 This increase from SepJ,
Member was caused almost entirely;
7' by accelerated foreclosure actionis
.
period
value, Was as follows:
by refiners (Table 1)
by refiners (Table 2, less exports)
sugar
Refined
years.
'
the
in continental United States during the first ten
sugar
1941, in short tons, raw
-
7 '.index of non-farm foreclosure ac-j
tivity, which was noted during the;
77. .month of October,";.' represents a:
;-7>: ^reversal from the! lowering fore 7 ; closure " trend of the' past -eight
during
sugar
October, 1941 amounted to 6,802,693 short tons, raw value, com¬
pared with 5,742,273 tons during the corresponding period last
year.
The Department gave the following details:
Beet
'■n
of
deliveries
total
that
shows
,
4.43
4.29
4.42
-13.14 :
52.28
which in 1940 made 98.43% of tho
of the Electric Ingot an<| Steel for
Y Y ?Y
Note—In
1940 the percentages of capacity operated are calculated on weekly
capacities of 1,410,130 net tons open hearth, 114,956 net tons Bessemer and 36,011 net
tons electric ingots and steel for castings, total 1,561,097 net tons; based on annual
capacities as of Dec. 31, 1939 as follows:
Open hearth 73,721,592 net tons, Bessemer
6,009,920 net tons, electric 1,882,630 net tons.
In 1941 the percentages of capacity
operated in the first 6 months are calculated on weekly capacities of 1,430,102 net
tons open hearth, 134,187 net tons Bessemer and 49,603 net tons electric ingots and
steel for castings, total 1,613,892 net tons; based on annual capacities as of Dec. 31,
1940 as follows:
Open hearth 74.565,510 net tons, Bessemer 6,996,520 net tons, electric
2,586,320 net tons.
Beginning July 1, 1941, the percentages of capacity operated are
calculated on weekly capacities of 1,459,132 net tons open hearth, 130,292 net tona
Bessemer and 62,761 net tons electric ingots and steel for castings, total 1,652,185 net
tons; based on annual capacities as of June 30, 1941 as follows:
Open hearth,
76,079,130 net tons, Bessemer 6,793,400 net tons, Electric 3,272,370 net tons.
f Based on Reports by Companies
100% of the Bessemer and 85.82%
Castings Production.
Y,'"'v:
•
Revised,
Open Hearth,
THE COMMERCIAL & FINANCIAL CHRONICLE
1574
November
Sugar Quota Entries Above Last Year
U.
The
S.
market.
?;•
r
R. White, New York
Superintendent of Banks,
on Dec. 11
assumed possession of
the business and property of all,,
4,856,306 tons in October and 4,716,901 tons in September, the pre¬
vious 30-day month.
Output on a daily basis last month, however,
increased slightly to 156,764 tons from 156,655 tons a day in October.
The operating rate for the industry in November was 97.7% of the
new
increased capacity of 160,408 net tons a day compared with
98.2%' in October.
y
.y
T.Vf"V
On Dec. 1 there were 215 furnaces in blast, .producing at the
Agricultural Adjustment Administration, shows that the quantity
of sugar charged against the quotas for all offshore areas, including
the
full-duty countries,
amounted to 5,320,738 short tons raw
-
William
production in November dropped to 4,702,927 net tons compared with
offshore
-v
In New York Seized
.:;h
that coke pig iron
.■
sugar-producing areas supplying the United
The report, prepared by the Sugar Division of the
various
States
its
6
Dec.
on
Italian Bank Agencies y
Pig Iron Production At 97.7%
•A"-' &
'
4 .:
.
»-f.
The Dec. 11th issue of the "Iron Age" reported
monthly report on the status of the 1941 sugar quotas for
eleventh
the
issued
Agriculture
of
Department
Thursday, December 18, 1941
State
agencies of Italian banks in New
City, The Department's an¬
nouncement of Dec. 11 said: "y 5 y
York
during the first 11 months of the year, as compared with
yv'y The Banking Department is
4,222,311 tons in the corresponding periods of 1940. An announce¬
/ acting in cooperation
with the
ment by
the Department of Agriculture also had the following rate of 156,855 tons a day, compared with 214-in blast-on Nov; 1
with a production rate of 156,265 tons.
Department,
and
The;, United States Steel : (Treasury J
to say:
■
\'
y:,. ,•' y.,
■
/
;."y. v
representatives - of
both / the
The report includes sugar from all areas recorded as entered Corp. took one furnace off blast.
Indepenednt producers put three
Banking Department and. the
or certified for entry before Dec. 1, 1941.
The figures are subject in and took off two and merchant producers blew in two furnaces
•t' Treasury Department are pres-ry vfar .•
to change after final outturn weight and polarization data for and took off two. yy y.y<+ •:>
Furnaces blown included: One. Lackawanna, Bethlehem Steel yent on, the-premises of each of
tall entries are available.
.--v;'.,;yy yy/vy/v
yy/y ;,yyi
+
the agencies/ The Banking DeThere were 165,110 short tons of sugar, raw value, charged Co.; one Brier Hill, Youngstown Sheet & Tube Co.yone<:<Toledo;
value,
.
.
'
.
...
,
'
against the quota for the mainland cane area, and 1,638,635 short
tons, raw value, against the quota for the continental sugar beet
area, during the period January-October this year.,., Data for these
two areas are not yet available for November.
tJ
,-:••.••
quantities charged against the quotas for the
during the first eleven months of the year and
remaining are as follows:;
+'yy,::
The
areas
ances
T3
Tons.
(Short
*
Decree Eaulvalent)
9G
:y
I
,
Charged
•< ''
•
1,387.383
Philippines
-
1,148,160
—
January
—---J
-
r
-
reallotted____:
amount
Less
-'
reallotted
amount
Less
1,263,700
>
270,178
—
.—
993,522
12,829
Cuba—:
Foreign countries other than
t'vdy
July L.+
August
-
'y.
..
/—•>:
the
quota balance.
Direct-consumption
Half-year
the
Sugar
Total
Degrees
Charge
375,000
126,033
112,190
Hawaii
29,616
Philippines
80,214
4,176,527
4,445,961
.
551
55'489
:
Year
Balance
149,924
96.9
—:—
East Indies
I
144,475
; :'.y 91.8
148,386
93.8
151,772
149,465
•In
2,419,776
>
■
3,599,842
369,191
11,406,676
216,977,931
'.'•""'yyyyyy
;
440,304
'
1937, the first 10 short tons
other than Cuba have not
total includes the following
{in pounds): Argentina, 172,756; Costa Rica, 244,105; Honduras, 40,680,533; Nicaragua,
121,132,598; Salvador, 97,282,227; United Kingdom, 4,155,876; Venezuela, 3,436,912;
ether countries, $9,282,293.
,
'
raw
,
:
pounds have been imported from various countries, but under the provisions of
212 of the Sugar Act, referred to in footnote *, these importations have not
137
Section
'.v,
charged against the quota.
.
143,419
y
146,774
y;97.1
156,655
October
November
156,764
__
December
•: 97.7/
.
v.
85,130
86,3.
139 218
AC''.'•yy'
»■•
$21,744,600 a year ago
to $25,121,300 in September, 1941,
a gain of
15.5%.., Revenues from
domestic
uses
such as: cooking,
water/ heating and refrigeration,
136,146
-
84.6
96,769
Consumption Continues High
846,900*
in November
as
in October.
-y
.
1940.
commercial sales of manufactured
vyin.-yyy
consumption of cotton includes 4,000 bales distrib¬
by Surplus Marketing Administration through various cot¬
mattress
:
REPORT
COTTON
OF
EXPORTED,
;
ing costs advanced the least over
souri and Cincinnati,
Percentage Changes
October
from
changes
Percentage
size, are tabulated below:
the year in Kansas City, Mis¬
Costs-went up the most in Syracuse.
Ohio.
to
Cotton
..,
(bales)
1941
establish-
ingNov. 30
•
,.+849,733
(bales) v
••
other
+ 1.8
—
The
Egyptian
1941
New
Chge.
Omaha
Orleans
+ 1.0
Louis
Pittsburgh
+ 1.0
.
Newark
»New
Haven
St.
ti°o
Baltimore
+ 0.9
Syracuse
Lynn
New York
+ 1.3
Detroit
+ 0.9
+ 1.3
Indianapolis
+ 0.9
Birmingham
Bridgeport
Akron
+ 1.2
Milwaukee
+ 0.9
Buffalo
+ 0.9
Erie
Francisco
San
Atlanta
+ 0.8
Front
Chicago
+ 0.8
Duluth
+ 1.1
Dayton
Parkersburg
Philadelphia
Grand
+ 1.1
Rapids
Des
;
+ 0.8
+ 0.8
-
Youngstown
Manchester
+ 1.1
Spokane
+ 0.8
—
-
—
-
—
Memphis
Wilmington
+ 0.8
—
Macon
+ 1.1
Oakland
Roanoke
—
Minneapolis
Kansas City, Mo.——
+ 1.1
Chattanooga
+ 0.7
+ 1.0
Cincinnati
+
Los
+ 1.0
Muskegon
.'(J-.:
r
•
?
,
'
•
i
)A'Jth>U ;i:
-
0.7
+ 0.7
\\ i 'ri'irr.i
—
_
—
—
—
Richmond
< •:
—
__
Sacramento
t
—
_
Meadvhle
Rochester
4,997
1941
2,892
10,113
39,240 ?.
•
644,716
v>
v
623,766"
+0.6
;
■
—
__
>'s
2,811.
<
-
,
+0.5
+0.5
+0.5
+0.5
+0.4
-
1940
,
^November
;
major
greater
107,892
12,484
,.
•10,225
y
-y".'
through various cotton mattress
"
V
^
sales in
than for ! the
else at the
or
preceding
high
same
according to "Chain
The "Chain Store
-v;
:
.
store
reported busi¬
point
substantially
groups
a
Store
Age.^,-y-vy y"
95,903
70,278
level,
-
abovef';■■
'."511,679 ' " 476,966
403,342
453,586
,
0.4%.
was
Age" index of
sales for the month was 151 of the
y
'
1929-1931
distributed by. Surplus Mar-i
/ i
<
programs,
average
as
100,
com¬
pared with 146 in October and 124
in November, 1940.
y
; The index figures by groups for,
Department of Com¬ November compare as follows:,
merce has decided to
discontinue until further notice the publica¬
y ;C"Vnov.,1941 Oct., 1941 Nov., 194q
tion of statistics concerning imports and exports.
v:
In
of
interest
the
national
defense
the
■
.
.
Variety
""
•'*.
y-:.
■;
World
pendable world statistics such
report for the time being.
y
;
"■>?.;
-
-.
.
..
.
.
153
170
154
are
being omitted
from this Drug'
175
-
168
145
145
''-V-^
;
•:
;itc.■
....
■
132
-147
162
Shoe
.•
difficulties in obtaining de¬
.
1
•.
data
153
Apparel
y.;: ;'y"■
Statistics
Because of war conditions and the
+0.3
0
10,878
month,
45.965
25,808
.
at
\
■
4,607
f'
•'.., 7,766-.
7,518
industrial
Imports And Exports Of Cotton And Linters
-
;
+0.3
+0.1
"•
11,250
•
51,879 ;*
28,852 >
;
consumption of cotton includes;4,000 bales
keting Administration
+0.4
+0.3
117,628
30,350
>?
22,700
included
1941"
Linters
+0.5
' + 0.5
37,332
1940." Revenues from
November chain
all
.
32,649
.■•'!• 17,499
,*<;
1,761
+ 0.6
+0£
Wausau
+ 0.8
+ 0.8
Moines
Providence
+ 1.1
: I t
;
9,051
1940
Amer.-Egyptian cotton
+0.6
+0.5
Royal
+ 1.1
Angeles
I—
.—
+ 1.2
Lansing
Louisville
17,994
-i •:'
re¬
Chain Store Sales Index {
4,891,702
,154,847
24,418
r,„
4,267
«/,.
1940
.
_
cotton
foreign
:'!*
+0.6
+ 1.2
River
.—
—
+ 1.2
Denver
—
Portland
Toledo
Fall
350,696
,
■
+0.7
.—
Seattle
—
6,001
1940
.—
+ 1.5
Houston
17,170,154
5,011,340
191,621
'V
utilities
17,413,090.
y; 59,733
.INCLUDED ABOVE
1941
% Chge.
City
+ 1.3
—
Dallas
-
'
gas
for domestic purposes
13,595,328
320,974
,
75,967
22,231
1941
cotton
Conference Board
+ 1.3
/Cleveland
326,368
115,530
cor¬
purposes increased 19.2%, while
the increase in revenue from sales
14,561,536
i.'
than for the
sales of natural gas for
(number)
:*•
natural
The
ness
City
+ 1.7
St. Paul
Boston
83,005'
24,027
-
'{bales)
1,868,931
1,453,157
3,017,522
1941
V
in Living Costs in 60 Cities October to November,
% Chge.
City
1941
States—__
1940
Other
:
726,584;
635,934? "-2,398,790
99,122
420,076
1940
All
fbales)
more
September,
November*
:—r—^
«—r
•
Source:
spindles r.
and at active during
age
compresses
•
...
1940
New England States_
Cotton
3,553,128
2,249,638
13,964,018
23,069,146
801,1'25+*'1>684,018+14,726,496 ' 22,685,622
1941
Cotton-growing States
ments
0.2%
ported revenues of $32,231,200 for
the month, or 9.4% more than for
consuming public stor-
»
4 mos. end-
States.—
v
-
In
24.4%
were
responding period of 1940.
■" .y i'
hand
•
November
.
were
in
November 30
■.■■■■In
during
.
on
is
uses
higher than for-September, >1940.
Revenues
from' • domestic ?" uses
""/kA-"
foreign which
except
*
'
in order of
November,
half bales,
bales.)
'
industrial
from
AND
IMPORTED
SPINDLES
as
500-pound
Year
in
HAND,
ON
COTTON
Cotton consumed
United
November, 1940, increases of 6.5% to 14,0% have oc¬
the 56 cities for which this information is available.
For the United States as a whole, the year's rise was 8.7%.- Liv¬
CONSUMED,
ACTIVE
counting round
in running bales,
(Cotton
AND
gained 2.1%, while revenues
gas
statement.-^yji'tyy
The-following is the
programs.
Since
curred
increase of
•
NOVEMBER
y y.
a year ago/ an.
0.3%. '
1941, the Census Bureau issued its report
The manufactured gas industryshowing cotton consumed in the United States, cotton on hand,
active cotton spindles, and imports arid exports of cotton for the reported revenues; of $29,835,300
for
the
month, an increase of
month of November, 1941, and 1940.
Cotton consumed amounted
to 849,733 bales of lint and 117,628 bales of linters, as compared 2.4% from the same month of the
Revenues from
with 741,170 bales of lint and 107,892 bales of linters in November, preceding year.
Des Moines, Providence, Rochester, Spokane
In Richmond, living costs averaged the same
Chicago, Dayton,
and Wilmington.
...
Under date of Dec. 15,.
ton
Living Costs Up In Industrial Cities
users
etc., were $36,945,200 for Septem¬
ber, 1941, as compared with $36,-
Ncvember Cotton
uted
Nov.
and
from
rose
November
Living costs rose in November in 59 of the 60 industrial cities
surveyed each month by the Division of Industrial Economics of
The Conference Board.
Under date of Dec. 15, the Board explained:
The increases ranged from 0.1% in Sacramento to 1.8% in
St. Paul.
A median rise of 0.8%
was recorded for Atlanta,
commercial
industrial
138,877
,
97.2 '
128,276
Year
Revenues from
increase of 5.9%.
96,096
107.466
.
94.8
-■
146,697
__
and
gas
131,061
92.2.
-
,
7,351,754
516,995,168
ry 258,498
value, imported from any foreign country
keen charged against the quota for that country.
fThis
been
;
99.2
98.2
157,230
_
natural
utilities amounted to
62,052
79,089 $62,066,500 in September, 1941,-as
compared with $58,591,500 for the
,77,486 corresponding month of 1940, an
vy oo.4,y
136,711
that
,
76,764
>'76.1
130,772
:
Association
Gas
American
in November, 1941, reported
revenues
of
manufactured
86,516
;
276,387,300
363,612,832
181,806
the Sugar Act of
of
September
84,537,707
o
7,351,754
212
Section
with
y. 83.9
115,844
■
71,208,716
y
accordance
127,297
94.5
3,406,392
796,042
880,608,000
sugar,
y- 95.9
49.990,658
:
276,387,300
Tons—
©f
Half-year
97.1
13,595,886
_.
Total—
74.8
276,281
301,515,638
____
113,345
v
'V 97.5
72,004,758
reserve—
68.6
153,896
25,002,562
•fQuotas not used to date
104,567
154,562
3,969,033
Guatemala
June
75.1
,i
The
78,596
82,407
y.:.: 68.9
August
85,405
deposits made available at
possible date.
Sept. Gas Co. Statistics
Net
105,500
July
2,505,181
Corp.
Insurance
the earliest
Tons
85.8
130,061
Remaining
'
+--—
For
di r Napoli >v Trust
The deposits Of the
are insured by Fed¬
Deposit
have
1939
%
Capacity
114,189
130,919,262
180,909,920 :/
and creditors.
IRON
Tons
95.2
151 745
6,686,347
3,682,673
:___
."in¬
__
(in pounds)
592,834
7,279,181
PIG
Net
capacity
95.5
May
Quota ♦
——:.
COKE
—_
January
March
(in pounds)
-
Every effort will be made by
the
Banking
Departmentto
'473,667
.__
-1940-
%
150,441
Charged
Against
1941
31,155
Included in pig iron figures.
y
-1941Net
April
47,334
563,529
35,882
Quota
Republic.
pig iron.'
PRODUCTION" OF
24,174
56,040
(in pounds)
v?yy
Hongkong:
charcoal
AVERAGE
DAILY
Quantity
/
include
23,160
,
February
;••
do not
eral
"
35,666
46,948,906
——
totals
These
x
Tons
527,647
610,863
32,270
>
4,547,602
126,033
6,456
33,024
Company.
institution
37,003
47,669
v
Banco
the
43,341
y 55,495
4,403,230
-
,261,208
46,932
4,856,306
.
QUOTAS FOR FULL-DUTY COUNTRIES
Unallotted
I
4,716 901
-
been conThe effect
0
375,000
13,843
2,428
4.028
Dutch
:
4,702,927
Remaining
19,060
355,940
Puerto Rico
Total
Balance
less than 99.8
Cuba.
Dominican
52,735
December
and Above
44,973
44,631
57,710
4,238,041,
November
B9.8 Degrees
Quota
Area—
and
.293,727
4,053,945
...4,791,432
October
Sugar
Polarizing
Polarizing
China
21,083,600
___.
September
1941
Area—
53,854
27,053,100
.
43,384
•
3,818,897
•_.
August
Degree Equivalent)
96
Tons,
•
553,165
58,578
4,770,778
June
quotas.
(Short
V
4
'
56,871
/:,
-'
has
action is to require the
this
n/this reason the Banking Depart- >.<
; r' ment, acting jointly with reprer sentatives of
the Treasury De„•'.partment, has taken possession
4 of the business and property of
46,260
55,460
3,270,499 *
"3,137,019
Co.
Trust
ducting its business.
to depositors
4 3,240
-
y-," 38,720
••'3,513,683.,
poli
institution to suspend payments
1940
•.
35,337
33,627
4,599,966
j
included in the above amounts charged against
is
sugar
1941'".
4,334,267
July
TONS
3,311,480
a.
-
r
of
4.032,022
4,704,135
—•
j under which the Banco di Na-
17,541: y:
><12,289
4,197 872
May
be less than
•■
-Ferromanganese y—
1940
.
•f,'
-
s';.
FERROMANGANESE—NET
1941
"
21,224
'
'a
.
morning
22,473
4,063,695
—
April
quan-
DIRECT-CONSUMPTION SUGAR
various
"-.y 10,266
OF COKE PIG IRON AND
February
is expected to
during the remainder of the year
'
- ■
•
14,793
16,912
The Treasury Department this
revoked all licenses
;-t
;
,it
...,,19,971
12,095
16,409
16,642
——Pig Iron x——
January
tThe
21,962
-
di Napoli,
Banco
di: Romay and CreditorItaliano.
.T
r.]Z
ciale Italiana, Banco
;
17 774
f'
12,550* -v
22,792
v
4,602
5,320,738
in U. S. Customs' custody,
approximately 165,000 tons were
sOf which
tity available for entry
,cff.
•••»•.*
21,821
-»18,694
rr-
;
6,327,939
-
11,225
-
>•
19,779
22,690
_____
March
1.
—
Total
;■ 6,154
7,408
12,648
...
^1.17,571
•-.23,243**
__i•; ,'■•■
_____
-
...
.
21,803
.
6,020
9,404
+*
elude those of Banca Commer;,
t"
"
7,203
16,521
>
'
.....18,496
18,432
■••' "'-'16,259
9,529
8,527
13,656
21,235
-9,547
*9,266
10,025
•
•/'*
181,806
y
1937 1
18,039
,9,916
:
y
7,883
11,760
k-/ 21,933 ;
13,662
21 95716,619.
22,578
;y, 17,395
146,499
847,023
440,304
v;
20,434
April
10,793
,1/14,773,
,,v
23 069
PRODUCTION
!<i'r -
Tinal disposal/ * •»* - •f
^ •J *
yj: The agencies in question in-
:>•'.;£«:«
'
TONS
1938
y.
y; 11,911:,.
!939
11,875
25,625
.'
..r
Hawaii
21,254
f
Ociober
985,567
1,011,192
136,968
,
March
V1
1940
"/• 16,475 i.-.w
20,812^
February :
December
•'
•
1941
November
Rico
Puerto
RATE—NET
DAILY
MADE.
"
September
851,689
982,663
■.+, 404,720
reallotted———
amount
Less
'>437,378
2,450,051
2,887,429
IRON
June
Remaining
Quota
—1941 Sugar Quota—
y/yy.y y-1 y-v'y
——ii———•:
MERCHANT
May
Balance
Against
Area— y
Cuba
,
offshore
the bal¬
: "■ *'• '>.■'• y :y y+y
Pf. -J ik.
*V
Quantity
"
partment will exercise a pro->
Pickands, Mather & Co., and one Palmerton, New Jersey Zinc Co,
itective custody over the records
Among the furnaces blown out or banked were: One Central
American Steel & Wire Co.y .one National, National Steel Co., - and •yand assets of the- agencies pendtwo Woodward, Woodward Iron Co.
.yyyrWy,y y/ing definite decision as to their '•*'
Grocery
136
•
148
150
■a
109
i
1*1
.
-jtc en-
.
•
'
c< (>,c&
•
Volume
v
^
.
.
The London Stock
v'.O"
<■
Number 4021
154
:
:
"•
'
Drugs
Araer. Tobacco—
British
♦Cable
&
Central
Cons.
"
Co
Closed
Electric & Musical Ind.__
Ford
Bay Company..
Imp. Tob. of G. B. & I..
•London
Metal
Ry
Box
Rand
Rio
Mid.
Mines
Tinto——
Rolls
Royce
Shell
-
'
Vickers
76/6
v
>
£ 7 Va
£8
///
55/—
Areas
17/9
£5'/a
£ 100 par
♦Per
ultimate
30/3
Rural
2,037,461,000
1,819,400,000
12,081,158,000
10,104,981,000
+ 19.6
17/-
17/3
COTTON SEED RECEIVED,
"
Crushed
Residential
Rural
'
•-
Small
45,515
423,005
167,564
191,104
158,520
Georgia
75,175
440,512
58,434
159,739
131,231
270,087
797,033
82,670
respectively.
1940
On hand
August 1
'
Season
111,875
OUT,
SHIPPED
447,740
20,914
123,154
123,340
443,387/
bales)
1940-41
,
Grabbots, motes, &c.
1941-42
bales).-—
1940-41
(500-lb.
.
establishments
500,358
INDEX
389,056
'
of
Customs
-/"v/
14,681
2,682
13,833
—31.1
10,056,629,000
+ 20.5
12,081,158,000
10.104,981,000
+ 19.6
$204,434,000
+ 10.4
$223,560,900
$201,993,100
+ 10.7
DOMESTIC
OR
SERVICE
(Revised
1940
1941
18,241
■/
that
of
the
the
974
+ 1.0
$36.72
;
'
3.88c
—3.1
3.77c
STORE
*
l_*_
System
an¬
Sept., 1941
Nov., 1940
116
112
'
100
125
105
132
from
Corresponding
Period
Nov. 15
Nov. 8
Nov. 29
33
9
+ 28
+
9
+
3
+ 14
+
6
+
+ 11
+
14
+
+ 19
+
17
+ 18
+
Richmond^-
+16
+
19
+ 12
+
18
+
+ 15
+ 10
+ 22
+
—
Year
a
Nov. 1
+ 15
6
Atlanta
•
St. Louis
__
_
-A
_
(%)
Ago
and
+ 16
+ 37 /
+ -9
+ 33
+
+ 37
+
17
+ 14
+ 45
+
20
+ 14
+ 10
+ 40
+ 21
+ 14
+
+ 11
+ 15
+ 31
+ 16
+ 21
+ 16
+ 38
+
+ 10
+ 22
+ 15
+
+ 15
+ 40
'
•
+
21
+ 11
'
+ 18
+ 13
+ 24
+ 22
10
+ 23
+ 15
+ 12
+ 12
7
+
16
+
+ 20
/"
+
36
.
+ 16
14
+
+
15./
+18
21
<j+i3r
+
activity.
+ 17
+ 19
+ 21
+ 35
+ 14
+ 35
be
the
122
—
128
Nov.
116
_
conditions
in the
Government
;;•■/
*
products
Imports
May 29, 1941
Quota
to Nov. 29, 1941
Quota
to Nov. 29, 1941
(Bu.)
(Bu.)
(Lbs.)
(Lbs.)
795,000
795,000
3,815,000
24,000
_•_—1'--
Kong
:-V
—
Japan
Kingdom
Australia
13,000
1,000
„
100
—
.
~
Cuba
____
12,000
......
'
1,000
—
■-
Greece
..
Mexico
100
—--—
■
*
______
Danzig
Yugoslavia
Norway
+;
.
100
-
Republics
Soviet
—
received-by
the
•
•
Panhandle
and
Texas
East
and
stocks
of
Oct:
Coast
Stocks-
Appalachian
__r^._
111.,. Mich., Ky
Kansas
Texas
7^896
1941
;7
1940
fineries
& Ter-
minals
5,710
53,727
25,760
5,670
3,427
450
32,597
315,523
334,803
1,092
26,589
6.345
.109,905
;
23,040
Louisiana
3,300
Arkansas
6/302
72,708
Sept. 30. 1941
At
65,057
840
At
re-
fineries
plants
& Ter-
minals
672
2,811
6,804
472
1,260
5,586
58,734
52,420
126
1,773
42
1,806
105,450
960,023
760,541
6,468
78,780
6,972
84.899
2,717
126
2,723
22,070
2.890
133,107
29,159
93,149
26,549
84
672
272
462
269
8,549
83,335
77,205
5,040
2,078
5,544
2,531
48,734
483,060
489,502
61,068
1,766
70,182
1,717
Total"———-249,984 237,888 2,189,376 1,924,986 86,688
117,852
95,298
130,368
2,806
2,269
3,104
Mountain-
.
8,609
50,101
>
7,202
6,311
8.064
7,930
5,952
5,664
52,128
45,833
average—192
,189
171
150
average-
—-
W Total (thousands of
barrels)
795,000
4,000,000
sugar
now
Dally
—
* • •
2,064
received
from
duction
record
in
was
a new
Brazil.
factured.
The
de
high for pro¬
previous
The
established in
1,175.000
Rio
& Co., New
crop
is ex¬
tons
firm
were
1939-40
manu¬
further
re¬
33,140
_—
566,926
1941-42
harvesting of which is
pected to set
when
3,234
6,924
i__
.
re-
33,870
_—•/——
Rocky
S.
At
5,628
1,000
Oklahoma
1941
Oct,
At plants
Jan.-
___i
East
' /
crop,
Sugar Crop
current
Janeiro by Lamborn
York.
The current
100
800,000
Brazilian
Brazil's
advices
natural gasoline
Gallons)
Oct.
Sept.
1941
97
1,000
California
.
of
-
__:
on
se¬
is forecast at 1,257,000
long
tons
as
compared
with
Stocks continued to decrease, amounting to 204,540,000 gallons
1,142,000 tons produced last year,
on Oct. 31, 1941, compared with 225,666,000
gallons on Sept. 30 and an increase of 115,000 tons, or ap¬
proximately 10.1%, according to
275,898,000 gallons on hand Oct. 31, 1940.
Oct. 31, 1941
1,000
funds
Government
under way,
Districts.
1,000
•""
advance
The daily
Interior.
gallons, compared with 7,930,000
Jan.-
...
reports
The chief increases occurred in the Appa¬
lachian, +Illinois-Kentucky-Michigan,
Daily
-
to
of the
Production—
Socialist
.
according
S. Department
(Thousands
'
ioo
Belgium
-
__•
1,000
lr
—
•
______
-
—
Guatemala
of
i
1,000
______
•
—
1941,
U.
production
f1,000
Brazil
*
in October was 8,064,000
October,
Mimes,
gallons in September.
1,000
.
—________
Islands
Rumania
of
1,000
V
_^_.
——---+
Canary
Bureau
1,000
-
and
Sweden
Union
'
.
T-r
•
'
Panama
Poland
States
1,000
-
Uruguay
to
curities at par to all banks.
2,000
n_
__——t—
France
ready
1,000
-•
Europe,
Banks* stand
United
14,000 "
..."
ioo
,
.V,
,
2,000
in
war
production of natural gasoline and recycle condensate in¬
1,000
100
'
—
of
Reserve
in
The
1,000
_
Federal
~
_r__——_——~—
Higher In October
following 'the
creased
5,000
...
———
Argentina '
outbreak
5,000
100
—
Netherlands
M 7,365
75,000
—
_j—.—
Italy
6,136
8,000
Zealand
Chile
.:••/
100
...
Germany
New
■
—
Syria
553,328
13,000
Hungary
United
'
States
market
policy which
announced
May 29, 1941
Established
Origin
Established
United
average
crushed or cracked wheat,
Tmnnrh
Imports
exert its
security
Continuing the
was
Natural Gasoline Output
to
maintaining
that are satisfactory from the
standpoint of the Government's
requirements.
<
;
'Comparisons for some districts affected by differences in date of Thanks¬
figures estimated from weekly sales.
and
toward
giving this year and last year. **Not shown separately but included in United States
total.
IMonthly indexes refer to daily average sales in calendar month; November,
1941,
effort
war
influence
147
30
-
is
''
preliminary
11
states, adding:
System
130
23
Nov.
to add to these
prepared to
use its powers to assure that an
ample supply of funds is avail¬
able at all times for financing
1935-39=100
16
Nov.
168
22__
29
Board
The
1940—
148
Reserve
Federal
powers
required in the future, the Re¬
serve
+ 17
ADJUSTMENT,
SEASONAL
of funds
the Board
to whatever extent may
resources
+ 19
+11
reserves,
The
System has
19
+13
■'
14
bank
is fully adequate to meet all
present and prospective needs of
the Government and of private
+ 15
28
139
—
Nov.
+ 13
+ 15
+14
8v.y
+
8
+ 20
+
12
12
supply
existing
of
says,
1
+ 10
2
+
WITHOUT
:
+ 18
+ 25
,
.
_A
—
15_
22
INDEX,
T
"
8
19
•
7
9
+
+ 15
U. S. total
f+
+ 19
San Francisco—
-
+
:.•
+ 18
1941—
+ 15
9
an¬
in a statement issued
8, that the financial and
banking mechanism of the coun¬
try is today in a stronger position
to meet any emergency than ever
Yr. to
Sept.27 Aug.30 Nov.29
8
3
+ 13
+
System
before.
+ 10
+
+
7i
+ 31
17
+ 12
City______
Dallas
NOV.
24
04
Minneapolis—•_—*
Kansas
Reserve
114
Four Weeks Ended
-One Week Ended
of the
The Board of Governors
Dec.
Oct., 1941
115
+
Nov.
Dec.
on
Reserve
.
Financial Position
SALES") 1923-25 AVERAGE=100
Nov., 1941
+
Department of Com¬
the
//
♦NOV. 29'Nov. 22
WEEKLY
Country of
Hong
+ 1.1
Sees U. S. In Strongest
of
New York—
Products
Of Cottonseed
and similar wheat
China
+4.3
—3.1
3.89c
,
of the 1923-25 average.
115%
Change
Chicago
-
—Wheat—
Canada
% Change
$36.33
"
months commencing May 29, 1941, as follows:
^
'V ,///.•■ v<.. :'V
- Wheat flour, semolina,
12
for the
13.7
934
$36.32
Federal
value
Philadelphia
11,604
:
President's Proclamation of May 28, 1941,
quotas established in the
1940
+ 4.3
'
Boston
4,008
16,137
quantities of wheat and wheat flour entered.
from warehouse, for consumption under the import
withdrawn
0.4
+
—12 Months Ended Aug. 31—
^Change
936
figures showing the
or
+
Series)
976
Cleveland—
7,355
11,986
;
by refining and manufacturing
in transit to refiners and con¬
announced
57,794,000
adjustment
District—
Wheat Imports Under Quotas
Bureau
152.318,000
The
fRevised.
The
299,146,000
Department Store Sales
DEPARTMENT
r
>.
Nov.
:
+ 15.5
39,794,000
—
Governors
4
Federal Reserve
concerning imports and exports.
tion of statistics
3.6
+
224,062,000
$225,751,400
Adjusted for seasonal variation
discontinue until further notice the publica¬
decided to
has
+ 29.5
173,147,000
3.76c
-
203,065
defense,
national
of
interest
the
In
OF
Without .seasonal
4,194,000 pounds held by refiners, brokers, agents, and ware¬
housemen
at
places other than refineries and manufacturing establishments and
3,903,000 and 4,016,000 pounds in transit to manufacturers of shortening, oleomargar¬
ine, soap. etc. Aug. 1, 1941 and Nov. 30, 1941 respectively.
;
tProduced from 406,861,000 pounds of crude oil.
merce
of
;
tlncludes 7,268,000 and
And Imports
+ 11.3
.
148,938.000
300,348,000
than
index advanced to
*
Exports
1.915,360 000
5,191,335,000
5.9
department store sales in¬ Federal
seasonally in November, following a sharp
decline in the previous month, and the Board's seasonally adjusted nounced,
136,921
•
i
$36.70
Dec.
more
144,183
1941 respectively.
3.4
+ 12.6
+ 10.9
kilowatthour—
on
creased
153,688
320,118
:
,
////l,215;4-^:'.,v;; 10,148
6,183 /'■'•■ }"j. 21,940
12,449 //
17,396
1,'1941 and Nov. 30,
Aug.
sumers
:
355,497
and
2,131,426.000
6,724,427.000
154,246,000
258,843,000
+ 31.9
+ 11.9
bill
Board
nounced
243,682
66,879,000 pounds held
and 7,859,000 and 21,803,000 pounds
13,192,000
'Includes
+ 10.1
+
+
;
1941
November
356,670
462,781
-
+ 14.4
35,384.000
customers
183,925
514,125 /
1,834
1941-42
fiber
(500-lb.
per
*159,259
717,964
:
151,439
,'
7.7
+
150,490,000
397,015
1940-41
1940-41
annual
1273,448
1941-42
bales)—
1,925,776,000
5,115.115,000
164,701,000
222,214,000
///By courtesy of the Federal Power Commission.
Nov. 30
1 to Nov. 30
792,151
1941-42
288,030,000
291,555,000
customer——;
per
Revenue
On hand
585,318
79,501
1,827,998,000
329,429,000
12,122,268,000
customers
ultimate
Average
ON HAND
Ship, out Aug.
777,544
1940-41
Linters
AND
488,172
164,444
1,969,498,000
+
39,233,000
Average customer data—
and 8,377 tons
465,991
493,658
/
;
7.4
+ 14.1
168,459.000
railways
,
ultimate
from
39,695
(tons)
Hull
4.6
274,611
70,558
Aug. 1 nor 22,843
1940-41
meal
307,033
43,196
550,092
37,352
1294,005
(running
+
exchange
1940
150,958
(tons)
Hulls
.
29,758,231
—Month of August—
1941
20,083
226,106
538,834
1941-42
1940-41
1941-42
and
16,463
120,255
564,630
1382,376
372,856
pounds)
oil—.——
68,173
111,257
111,664
Produced Aug
1 to Nov. 30
''
—-
railroads
steam
The
*29,708
1941-42
Oil
(thousand pounds)
,
4.6
31,125,187
4.5
+
259,966,000
'/r.-vvvv-1 ''UvT-.//"--:/
298,231,000
•
interurban
and
Kilowatthours
-
MANUFACTURED,
PRODUCTS
"
'
.
130,529 and 39,507 tons on hand
Item
(thousand
0.9
+
—12 Months Ended Sept. 30—
63,122
48,990
and
1941
.
+
110,545
^Change
.1,891,428,000
.
2,120,200,000
6,747,359,000
170,231,000
250,251,000^
—
RESIDENTIAL
137,191
125,884
—
include
for
180,563(
115,982
1940
296,612,000
_______
Total to
48,663
254,853
720,351
Refined
52,284
39,560
190,368
'
Cake
43,246
143,573
260,070
100,644
110,671
61,164
159,704
74,619
States
not
4.2
4,239,021 )
4,285,648
173,437
0.7
+
29,944,661
2,031,692,000
•
—
rates)—:
11,902
321,045
171,387
rural
power
Electrified
201,335
127,387
13,377
365,142
L_
COTTONSEED
Crude
14,488
246,104
78.567
178,312
...
Texas■/
♦Does
28,648
165,030
61,111
Carolina
reshipped
+
672,929
21,780
52,762
100,192
166,083
Carolina
other
c/f) Change
1940
24,555,173
967,292
September—
1941
Interdepartmental
1940
510,897
Tennessee
All
As of Aug. 31—
25,582,828
•
1,167,596
73,962
Mississippi
South
11,924,381,000
industrial:
or
Railways and railroad.,:
21,879
___
domestic—
or
highway lighting
public authorities
Other
Nov. 30
1941
90,703
114,821
31,244
201,831
43,946
137,876
360,810
89,735
Arkansas
California
Oklahoma
470,705,000
1941
4.1
+
112,842
31,289,098
.<
light and
Street
1,436,936
1,777,216
1,782,028
111,901
40,542
156,410
:
Arizona
North
—
(^Change
4,249,193)
181,627)
117,908
Large light and power
Revenue
Louisiana
,
/•
4,286,847
174,351
Street and
On hand at mills
1940
1941
1940
2,905,305
3,088,435
....
__
226,356,000
258,777,000
14,118,619.000
'
6'.7,173
and power.
(distinct
Commercial
<TONS)
•
Aug. 1 to Nov. 30
Aug. 1 to Nov. 30
1941
Alabama
.
Sept. 30
974,969
—
Large light and power
the following state¬
CRUSHED, AND ON HAND
Received at mills*
!
■
SALES
24,723,826
Other customers
on hand,*: and
hand, and ex¬
for the 4 months ended with November, 1941 and 1940:
States
34.0
+ 21.0
*1940
industrial:
or
Small light
£ 47/a
•
showing cottonseed received, crushed, and
cottonseed products manufactured,- shipped out, on
State
OF
25,735,023
—
(distinct rural rates)
Commercial
Slocks Surpass Last Year
On Dec. 12 the Bureau of the Census issued
United
—19.8
+20.5
—
value.
Cottonseed Receipts,
•
79,677,000
128,389,000
+24.6
—Month of
ported
+ 76.8
+ 16.8
1,427,900,000
'—As of
domestic
or
Kilowatt Sales—
\
3.5
—
1.0
—
.
10,056,629,000
;; Total ultimate customers
ment
12,443,798,000
1,779,376,000
*
Nunlber of Customers—
Residential
53/-
£ 4%
£4% ;
14,539.847,000
63,905,000
<~L Change
+ 25.2
12,122,268,000
>
——
customers
£8
29/3
17/3
17/9
£ 5 Va
...
for
+ 19.7
/11,984,385,000
75,836,000
125,756,000
: : 449,936,000;,
11,484,529,000
CLASSIFICATION
/ 89/3 +
52/6
'
28/3
to
75/6
87/6
50/-
unaccounted
3,968,158,000
£7%
:
£8
,
89/6
Sales
£16%
/
£ 7Va
£7 »/8
£8
and
8,475,640,000
3,929,636.000
+76.3
—45.0
+ 18.4
+ 12.0
;
.
Losses
1941
10,610,211,000
127/6 »■
75/6
75/6
29/6
—.—....
£16
!■;/■/
£ 16
£16'/4
3,996,637,000
—Month of August—
1940
.
% Change
+ 27.3
+ 3.7
8,129,390,000
3,854,995,000
10,351,185,000
14,347,822,000
boundaries
73,176,000
Less—Company use
222.315,000
Less—Energy used by producer-^—. i
297,039,000
Net energy for distribution—
.13,901,644,000
24/6
24/6
123/9
'
burning plants
water power plants
Total generation
Add—Net imports over intern,
72/3
Witwatersrand
Vest
1941 and 1940, covering
ENERGY
1940
1941
fuel
-'
13/9
24/6
24/3.;
24/6
90/6
Molasses
73/9
124/6
30/-
Transport
CJnited
25/3
127/6
By
34/£8U
14/-
'■'r 24/3
90/62/-
;
£8%
71/-
13/6
24/9
;
76/6
£7'/a
£8
.
£8%
73/9
14/6
*
43/9 v
43/9
33/9
«
£9
.{.
25/6
130/£ 16% V
V,
45/-.
34/-
45/6
y:
By
£13%
£13%
24/9
:/"+/'
Ltd.
Hudsons
£ 67
£ 13 Vb
34/9
35/£9%
74/3
14/6
Beers
•Distillers
£ 68 V\.
,
45/- V
>
& Co
(S.)
£66%
£65
OF
—Month of September—
♦Generation (net)—
90/6
87/6
'
87/6
DISPOSAL
AND
SOURCE
//,
36/6
36/6
36/6
£13%
£69
£13%
of S. A._
Goldfields
Friday
37/91/3
95/6
Invest
&
months of September and August;
Dec; 12
Dec. 10
'
Dec. 9
-
:
ord
W.
Min.
Courtaulds
De
.'.
Light and Power Industry Statistics
Electrical research statistics Tor the
tv;if ^
100% -of the electric Tight and power industry, as released by the Edison Electric Institute, follow:
Dec. 11,
Dec. 8
37/6
Dec. 6
Pure
Electric
each
cable
by
Tuesday Wednesday Thursday
Monday
Saturday
.
Boots
received
/ /-'v.
•
157S
"THE COMMERCIAL & FINANCIAL CHRONICLR
.
Exchange
stocks as
Quotations of representative
day of the past week:
.
ported:
-
Sugar consumption in Brazil
during the year ending Aug. 31,
1941, totaled 1,133,000 long tons
as against 1,067,000 tons in the
previous year, an increase of
66.000
tons,
equivalent
to
6.2%.
Exports during 1940-41
amounted to 28,000 tons, while
in
the
ments
previous year the ship¬
aggregated 61,000 tons.
6%
-y;! /7
/;■'/■ ^:
>;;; ••/
Exchange follows:
t
.
7
Gt.
City of Berlin—30-year 6% external
ing fund gold bonds, due June 15,
•
"If,
that's
motive,
your
no
transfer," the
him. "Those are my
register
tells
clerk
nothing to do
with it—register or take the con¬
sequences," Doe threatens.
This point has been before the
American Courts on several oc¬
casions,
and the
general rule
which has been laid down is that
a stockholder, who complies with
all
the
required conditions in
reference
to
transferring
his
stock, is entitled to have it trans¬
ferred, and the corporation has
no right of inquiry as to his mo¬
tive for doing so.
One case in
which this principle is laid down
is State vs. Mclvor, a decision of
Court
Carolina
South
*'•
fund
Oct.
15,
Farm
lien
First
1960.
Cologne—25-year 614%
gold bonds, municipal
of
loan
:
1925, due March 15, 1950.
: Hydro-Electric
Works
of
Wuerttemberg—First mortgage
30-year sinking fund gold bonds,
Jan.
15, 1956.
7 777////;.:.7::
of
Upper
7 %
due
•
loan
bonds, due Jan. 15,
v;7'7:7. 7. :/,/77;: ■ 7./:,
15-year 614% gold sinking fund deben¬
tures, due Dec. 1, 1940.
20-year 6 % gold sinking fund debentures,
and recommended a reof our attitude
the
securities markets.
at Oscar's
due
dress follow:
Oct.
1945... :
15,
due
Oct.
V
debenture bonds,
gold deben-
30-year 514%
1, 1958.
Electric Power Co., Ltd.—First
6 V2 %
sinking fund bonds,
Dec.
1,
City
due
Ltd.—40-year
gold bonds, due
514 %
Tokio—514%
of
bonds,
fund
inform
Such
Knox
of
loan
due
6%
1, 1948.
German Provincial and Communal Banks—
Consolidated agricultural loan, 30-year
i
6 14 % secured sinking fund gold bonds,
series A, due June 1, 1958.
. > ;
bonds, series of 1928, due Aug.
March
y
1945.
'
Dec. 1, 1961.
loan of 1926,
:777,;:77;
ties Markets; '
1 'y
\■;/
City
opinion, the financial
industry is one of greatest imIn
f!
>:
my
not only to business
and the wage earner but also to
the very existence of our gov-
an
dustry,
find
tion with
a
nation
will find a weak na¬
low standard of liv¬
gold
Sept.
1,
Rhine-Ruhr
debentures,
has been great beshe fostered her financial
industry and backed the capital
England
investment of her subiects with
Service
Union—25-year
sinking fund 6% external gold
tures, due Jan. 1, 1953.
deben¬
Electric Power Corp.—
mortgage gold bonds, 7% series,
Direct
due
Nov.
Direct
1,
.
1950.
gold
1952.
mortgage
due
1,
May
bonds,
6%
series,
gold bonds,
;
series of 1928, due Aug. 1, 1953.
Consolidated
mortgage gold bonds,
series of 1930, due April 1, 1955.
mortgage
Chemical
6%
6%
sinking fund
mortgage bonds, series A, due April 1,
Ruhr
Corp.—6%
1948.
her Navy if need
be. The United
States has grown great because
City of Saarbrucken—6 % sinking fund gold
bonds, due Jan. 1, 1953.
government in the past en¬
couraged the free flow of capi¬
Saxon
our
tal into industry and developed
a
-
of private business
free system
enterprise.
There is
and
the
.
.
.
who
believe
that
Exchange should
be
This is especially empha¬
sized
*
!
bv
I went
the
outbreak of
war.
period of
some
through
a
months when the Exchange was
closed
at
anteed gold bonds, due Dec.
1, 1945.
collateral sinking fund 614%
guaranteed gold bonds, due Dec.
1,
Mortgage
Siemens
small group of men
closed for the good of the peo¬
ple.
Mortgage
1946.
.
a
women
Stock
Institution—Mort¬
collateral sinking fund 7% guar¬
State
gage
the
outbreak
of
the
first World War and I would not
j .want to, see. it. closed again.,
,
&
sinking
Sept.
Silesia
Feb.
United
Halske, A. G.—25-year 614%
fund
gold
debentures,
due
1,
1951.
Electric
gage
Steel
Works
sinking
fund
series A,
614%
series,
Corp.—25-year
mortgage
gold
1, 1951.
mort¬
due
614%
bonds,
due June
1953.
y.,\V
.
yU
Fiat' ADR's.
Consolidated Municipal Loan—7s,
1947.
V.-.:German Consolidated Municipal Loan—6s,
German
1947.
y yv
Gesfuerel—6s,
.
-
1951.
Hungarian
1953.
1935.
Under. & Street
Electric Co.—7s, 1952.
Italian Bank, Ltd.—7V2S
.Corp.—Assented
Rys.
Mining & Smelting Co.—7s,
Electric
of
Province
Prussian
(C)
25-
the
Housing Corp.—6 "4s, 1958.
Inc.—6s, 1937.
net
was
an
:
increase is pro¬
Co.—7s, A, 1956.4
many
converted
vi
a
passenger
River
into
a
This
Line
mine
ing : the. World War
ship
and
on
con¬
layer dur¬
H.M
*2
I
of
10%
in
all;
de¬
dockage, tippling, or
tollage charges or in the charges
for
protective service against heat
cold.
Besides
additional
/ revenues
needed to meet the wage
the railroads said
increase,
that additional
are required to make cer¬
readjustments in the wages
funds
tain
employees not covered by the
award and to meet in¬
creased operating costs running
into many millions of dollars as a
result of precautionary measures
of
■
merchantman
all rates plus one
in lake terminal
murrage,
ship for anti-aircraft
and experimental pur¬
the
the
on
increase
An
3.
or
•
lake
upper
accessorial charges except in
in service as a
•v\',77
ton
cent; increase
years
destroyers,
Downes and
at
increase of 6 cents per
in the Southern District,
increase of 4 cents per
charge in the Eastern District.
'
:
an
gross
dockage
an
ton
and
through the
.,7
Fall
verted
1953.
Electric Service
was
Three
formerly
Saxon Public Works,
United
a
1954.
Corp.—614s A. 1953.
Terni—6V2s A.
services
Cassin, the
Shaw;
(D) Mine layer Oglala.
was
Ruhr Gas
for
ship
poses;
1941.
1953.
(Germany)—614s,
Hanover
ally passed down
smokestack;
gunnery
Co.—6s.
Electric Co.—6s,
both
cent
one
.
made ports;
attack the
the
after
by
training
AC,
Nippon Electric Power Co., Ltd.—6v2s, 1953.
Piedmont Hvdro-Electric Co.—6J4s A, 1960.
Pomerania
-
.
investigation
y
and which
Inc.—7'4s, 1946.
Tietz,
\y.
,
My
that
combat
1963.
Mansfield
ore
if there was any posed of 6 cents per gross ton for
the the entire Western District plus
(B) The old target ship Utah,
which has not been used as a
Isarco Hydro
Ruhr
25-year 614% sinking fund mortgage gold
bonds, series C. due June 1. 1951.
Works
'
,y...
Hamburg Electric Co.—7s,
Hamburg Elevated
Co.—5%s, 1938.
For iron
first, its boiler and then its for¬
ward magazine due to a bomb
which, was said to have liter¬
■
Co.»r-6l4s A,
-.'V.v.■- < 1: ~'i yy
-
coal is asked.
ous
contributed to the
(the product of coal)
bitumin¬
increase the same as
an
ly.
The Navy lost—(A) the
battleship Arizona, which was
destroyed by the explosion of,
Mfg.
Electric
For coke
conducted skillfully and brave¬
1949.
314 %
sinking
fund
mortgage bonds, series A, due June 1,
25-year
United* Steel,
.7.
Marelli
rates from 76
increased 5 cents;
$1 to be increased
cents;
77'; 7,7- 77;.;7'.y-7/,.'7...
10 cents.
of judg¬
error
any
(B)
defense
.
City of Hanover (Germany)—7s, 1939.
Consolidated Municipalities of Baden—7s,
1951.
was
it
know
to
which
3.
1951.
Ercole
3
and rates over
(A)
clear
Provin.7
Central Bank of German State and Provin¬
cial Banks—6s B,
if
entitled
.attack.
Central Bank of German State and
1952,
increased
dereliction of duty prior to
pended from dealing by the New
York Curb Exchange follows: 7
cial Banks—6s A,
as , follows:
cents and less to be
increased
be
of 75
Rates
are
surprise,
sus¬ ;
securities
the
of
list
We
ment
to 4
are
a
by
there
fund
Chicago and Milwaukee (both intraterritorial and interterritorial)
dependent on the facts
this investigating board.
all
a
on
ton basis except that rates
origins to points west of
gross
which will
recommendations made
and
Tyrol Hydro-Electric Power Co.—7 V2 % 30year closed first mortgage sinking fund
gold bonds, due May 1, 1955.
7% guaranteed secured mortgage sinking
fund gold bonds, due Feb. 1, 1952.
Leonhard
Corp.—Sinking fund
gold
bonds,
1, 1946.
Assented
course,
stated
where
basis
ton
net
a
on
cents
6
petition pro¬
of 5 cents in
from all
on
for
stated
rates
and
increase
an
Further action is, of .cents to $1 to be
President.
1944.
A
bituminous coal, the
immediately by the
be initiated
Hydro-Electric Power Co.—
20-year closed first mortgage sinking
fund
gold 6'4% bonds, due Aug. 1,
City of Vienna—External loan sinking
6% gold bonds, due Nov. 1, 1952.
calls
fact
except
poses
against
attack
air
This
Hawaii.
alert
the
on
surprise
formal investigation
1950.
Water
Consolidated
cause
1946.
sinking
series A, due
Rhine-Westphalia
to its enemies.
■<
bonds, due Jan. 1,
Corp.—7%
mortgage
ing—one overrun with poverty
and ignorance and an easy prey
;
7% sinking fund
Rhine-Main-Danube
in¬
financial
unsound
you
a
25-year- 6%
due "Aug. 1,
mortgage gold bonds, due Jan. 1, 1946.
Assented
20-year
314 %
sinking
fund
fund
you
'
1952.
7 ernment itself.
with
of Nuremberg—External
sinking fund gold bonds,
Rheinelbe Union—20-year
portance,
Wherever
,7
1956.
not
the
■
1,
for anthracite and
bituminous coal, coke, and iron
ore.
In the case of anthracite and
The United States services
2.
were
in all freight
2. Increase of 10%
rates
throughout the Pacific. In this
purpose the Japanese failed.
.
June
charged on particular trains.
themselves, which
made
simultaneously
...
all passen¬
fares except in the IV4 cents
per mile rate allowed members of
military or naval forces traveling
on furlough.
There also is no in¬
crease proposed in the extra fares
Reports On
were
-
1
due
1. Increase of 10% in
ger
attacks
the
due
bonds,
The diabolical acts of Japan on
7y ; 7
'
austrian
y'"
Sunday, Dec. 7, and the prompt
Alpine Montan Steel Corp.—7% closed first
response of the United States.
mortgage 30-year sinking fund gold
Rudolph
Karstadt, Inc.—Deposit certifi¬
expressed through its President
■;.[
bonds, due March 1, 1955.
cates for first mortgage collateral 6%
Austrian Government International Loan of
and its Congress, accepting the
sinking fund bonds, due Nov. 1, 1943.
1930—Sinking fund 7%
gold bonds,
challenge to perpetuate a so¬ City of -Liepzig—Sinking fund gold bonds,
y
due July 1, 1957.
;
-y
7% external loan of 1926, due Feb. 1,
Province of Lower Austria—Secured sink¬
ciety of free peoples, makes it
; :
1947.
•
-yy
... V.
7 ■ '
ing fund 7'4% gold bonds, due Dec. 1,
imperative that we re-examine Miag Mill Machinery Co.—7% closed first
1950.
.y'v
yy";
/
7 7/7
our attitude toward the Securi¬
mortgage
30-year sinking fund gold Lower Austrian
bonds,
follow:
(Continued from First Page)
apparent by the deception prac¬
ticed,
by
the
preparations
which had gone on for many
weeks
before the attack, and
Power Co., Ltd.—First
sinking fund gold bonds,
15,
City of Yokohama—External
sinking
fund
6%
gold
"
should
Pearl Harbor Attack
y1.':-7//7/:y7-:'/: yyj
proposed increases sought
The
by
communications
1961.
1953.
Ujigawa Electric
mortgage 7%
due
y
mortgage
1950.
Steel
Corp.—Gold
1,
15,
cluded within one week.
such contracts
purchase or sale.
be addressed
to
the
Director,
Trading and Exchange
Division, Securities and Exchange Commis¬
sion, Washington, D. C.
them
to
relating
closing
of
enue
of all the relevant
Commission
the
circumstances
Ltd.—First mort¬
gold bonds, 6% dollar series, due
June
yield increased rev¬
approximately $356,525,000 annually,
.y .,'7'
7
Public hearings will begin at
Chicago on Jan. 5 and the Com¬
mission expects them to be con¬
will
creases
Curb
gold
1912,
sinking
1,
Oct.
of
Tokio—5%
sept. 1, 1952. ■
gage
con¬
Co.,
Power
fund
1971.
sinking
promptly an increase in passenger
and freight rates.
The railroads
estimate
that the
proposed in¬
that
open
Italian and
1952.
1,
Electric
Taiwan
advised
hold
suspended
and
before
mortgage
due
may
of the German,
some
securities in which trading has
by the New York Stock
Exchanges and the Boston Stock
Exchange.
The Commission requests bro¬
kers or dealers, who may . wish to make
offsetting
purchases
or
sales
of these
securities
to
complete
contracts entered
into
prior
to suspension of
trading, to
been
Tokio Electric Light Co.,
of
Heidelberg—External 20-25-year
714%
sinking fund gold bonds, due
Ilseder
due
dealers
and
in
Japanese
Ltd.—External
Co.,
bonds, due Nov.
ture
Harpen Mining Corp.—Gold mortgage 6%
bonds, series of 1929, due Jan. 1, 1949.
July
Development
External loan,
City
•
■
1946.
1,
1, 1954.
sinking
May 1,
35-year
bonds,
gold
1965.
6% gold bonds,
State of Hamburg—20-year
1930,
of
loan
fund
sinking
gold bonds, due Feb.
loan, 30-year 6% gold
due March
15, 1953.
due
Works—20-year
1924,
514%
Oriental
sinking fund mortgage gold bonds,
due
30-year
fund
July
Good Hope Steel and Iron
7%
of
614 %
1965.
1,
sinking fund gold
1, 1944.
7%
Government—External
External
gold
bonds,
gold
514%
1930—35-year
June
tracts
Japanese
Shinyetsu
1924—7%
bonds, due Oct, 15, 1949.
German Government International Loan of
City
Pask's ad¬
1948.
External Loan of
May 1,
German
brokers
been
has
Commission
The
1,
bonds, series A, due Aug.
1945.
following statement:
y
mortgage
First
gold bonds, external loan of 1926, due
"•7 Sept. 15, 1951,
'.7
6 %
sinking fund gold bonds, external
loan of 1927, due Oct. 15, 1952.
German General Electric Co.—20-year 7%
debenture
due July
the roads, asked the Interstate Com¬
merce
Commission
to
grant
issued
12
Dec.
Commission
~;77'77;|.
1950.
Imperial
of Prussia—614 %
State
■;'/<
gold bonds,
fund
sinking
sinking fund
Oldelmonico Restaurant.
\
.
.
1, 1952.
due
Great
Consolidated
Electric
Power Co.,
Ltd.—First and general mortgage 6 V2 %
1953.
external loan of 1928, due May 1,
spoke before the Young
Men's Board of Trade at a meet¬
K
.
Japanese
Frankford-on-Main—25-year sink¬
ing fund 614% gold bonds, municipal
Free
Mr. Pask
>a
1953.
Rhine-Westphalia Elec. Power Corp.—Dir.
mortgage gold bonds, 7s, 1950.
Ruhr Chemical Corp—6% s. f. mtge. bonds,
secured
7%
gold
of
City
■examination
Mr.
.
,
•
ed; enlisted men, 2,638 dead
Credit Institute—Ex¬
and 636 wounded.
'7
.;",v
7'^7
sinking fund gold
series a, 1948.: y y y,;/..yy
.vybonds, due Jan. 1, 1952.
Shinyetsu Elec. Pow. Co., Ltd.—First mtge.
Kingdom of Italy—External loan sinking
sinking fund 614s, 1952.
Railroads Seek
fund 7% gold bonds, due Dec. 1, 1951. Siemens & Halske, A. G. & Siemens SchuckLombard Electric Co.—First mortgage 7%
ert-werke—25-year s. f. gold debs. 614s,
Rates To Meet Costs
external
sinking
fund
gold
bonds, 7...
1951.
7v '
series A, due Dec. 1, 1952.
Siemens & Halske, A. G.—Part, debs, series
To enable them to meet higher
City of Milan—External loan of 1927, sink¬
A, unassented, 2930.
y'y;yy'.' ; '
ing fund 6y2%
bonds, due April 1, United Steel Works Corp.—25-year s. f. operating costs resulting from the
1952.
VVo, 7'-.
7v/v;/
gold bonds, series A, 6!4s, 1951.
recent wage increase and other
City of Rome—Sinking fund 614%
gold
20-year 614s s. f. debs., series A, 1947.
bonds, due April 1, 1952.
causes, Class 1 railroads, in a pe¬
25-year s. f. gold bonds, series C, 614s,
1951.
Mortgage Bank of Venetian Provinces—25;vyy;y ;,;yyy,7:yyy-y tition filed on Dec. 13 by the
year 7% external secured sinking fund
of
American
Rail¬
The
Securities and Exchange Association
bonds, series A,
Oct.
City of Dresden—20-year 7% sinking fund
gold bonds, external loan of 1925, due
Nov. 1, 1945.
Chairman of
Commodities and
Banking Section, of the New York
Board of Trade, on Dec. 10 called
from
;
debs.,
external gold
6s,
hangars,
some
replacements have arrived
or are on their way..:-.;.,
y
6.
The up-to-date figures of
Navy killed and wounded are:
officers, 91 dead and 20 wound¬
-
sinking
external
Consolidated
Securities,
Excerpts
farm loan sinking
15, 1950.
gold sinking fund
gold
7%;
loan secured 6%
fund
Marshall W. Pask,
ing held in New York
fund
and
aircraft
in
\
severe
were
but
gold bonds, 7s, 1946. . ,
•
Water Service Union—25-year
sinking
losses
Higher
bonds, due July 15,
City
Kept Open During War
toward
1947.
1,
ternal
bonds, due Sept.
fund
Farm
Urges Stock Exchange
for unity
..
sub-;
aircraft.
.
gold
the
1952.
three
were
and 41
Army
5.
v
Rhine-Ruhr
due
B,
7%
fund
losses
marines
■
known Japanese ma-
The
4.
terial
-
sinking fund gold
secured
temal
bonds,
Italian Public Utility
V
1960.
series
yuninjured and are all at sea
,'i. seeking
contact
with
the
:
enemy.
: ;;C-:
;
Rheinelbe-Union—20-year mortgage sinking
7%
mortgage
bonds,
gold
March
,
re¬
N. W. 582.
secured
Agriculture,
for
Co.—First
Breda
cruisers, its light cruisers, its
destroyers and submarines are
1961.
'
:
y\
Italian Public Utility Credit Institute—Ex-^
V.
its heavy
carriers,
aircraft
its
$ B,
series B
,
sinking fund bonds, due Feb. 1, 1954.
Credit ^Consortium
for
Public
Works—External loan sinking fund 7%
Germany—
loan
secured 6%
gold sinking
bonds, second series of 1927, due
Bank
Central
.
.
Italian
Underground
Rys. Co.—30-year first mortgage 6 '4 %
sinking fund gold bonds, due Oct. 1,
1956.
.v.;'.-.' 77 u, ■
7;
ported in 2 S. C. 25, and there is
a Wisconsin decision to the same
effect found in 29
Ernesto
1958.
&
Electric
Berlin
"My motive has
the
1950.
Elevated
April 1.
orders
r'.'v7/7./■>'7//7;
company."
from the
sink-
25-year 6'/a % sinking fund gold bonds,
municipal external loan of 1925, due
we'll
f.
s.
f
'
y;,:y\y
Ltd.—First mtge.
gold bonds, series A, 7s, 1944.
Co.,
Pr.
Elec.
In
is the older
battleship Oklahoma, which has
capsized, but can be righted
and repaired.
The entire bal~;
ance of the Pacific Fleet, witlr
•.
Communal Banks—
bonds, series A, 614s,
'■•'.yy '■'■ y>,y.
Cons.
week
a
category
last
the
v
mortgage
tion—First
transfer of my
7wgerman 77:7777^7777
stock to Richard Roe," Doe de¬ ,7.,7v":1
Free State of Bavaria—20-year 6*4% sink¬
mands.
"He's getting control of
ing fund gold bonds, due Aug. 1, 1945.
the
company,
and
100 shares Berlin City Electric Co., Inc.—25-year 6%
debentures, due April 1, 1955.
more will put him in the saddle.
25-year 614%. sinking fund debentures, ::;7y
77y7- • italian
:;7 '7.7 ■•'77
Then he's going to 'bounce' the
due Dec. 1, 1951.
.77
Adriatic Electric Co.—25-year 7% external
whole Board of Directors and all
30-year 6 ]4%
sinking fund debentures,
sinking fund gold bonds, due April 1,
due Feb. 1, 1959.
1952.
you officials at
the next meet¬
ing."
&
from
several months to repair.
to
614s, 1950.
yy.
y/'yW yy:y7:
Landowners Associa¬
collateral
6% Hungarian Disc. 81 Exch. Bank—7% 35year s. f. g. b., dollar issue,
1963.
sinking fund gold bonds, due Aug. 1, y
Hungarian Ld. Mtg. Institute—714% S. F.
y' 1947.
yvyy: '
7
land mortgage gold bonds, series A $
Westphalia United Electric Power Corp.—
B, 1961. /
yyy'v..
A- y ■y'-'
7
First mortgage 6% sinking fund gold
714% S. F. land mortgage gold bonds,
yy: bonds, series A, due Jan. 1, 1953.
the Silesian
Bank of
-
this
"Register
which
1947.
1928,
Provincial
1958.
■:
>
^
of
series
Secured s, f. gold
sea,
to
will take
to
gone
f. debs., 614s.
30-year s. f. debs., 6'4s, 1959.
25-year 6% debs., 1955.
German
Consolidated Municipal Loan of
German
Savings
Bank
&
Clearing
Association—7% series of 1926, 1947.
German
have
which have
a few
ships
or
•
25-year s.
,
/
City Electric Co.—
for. sea,
ready
Association—
bonds, T947. * 7
V'
6s, s. f. gold
>
damage
which
ships
already repaired, and are
been
Bank of Silesian Landowners
Berlin
damage
This
vessels.
varies', from
suspended on the Boston
Exchange follow:
•-
the Treasury
sustained
Navy
other
to
-
;
has been
Department, the Board of Governors of the New
York Stock Exchange on Dec. 11 announced that it has until fur¬
ther notice, suspended from dealings all German, Italian and Jap¬
anese 7 securities,
including those issued by political sub-divisions
and corporations.
The New York Curb Exchange and the Boston
THE DANGEROUS MOTIVE
Stock Exchange made similar an-<§>'
year
3 14 %
sinking
fund mortgage
An interesting financial situa¬
bonds, series C, due June 1, 1951.
nouncements affecting securities
tion occurs when John Doe sells
20-year 6 V2 % sinking fund debentures,
of the foregoing countries.
7
series A, due July 1, 1947.
y
his stock in a corporation and ap¬
A
list ; of
the securities / sus¬
Assented 20-year 314% sinking fund deproaches
the
transfer
clerk
;
bentures, series A, due July 1, 1947.
pended by the New York Stock
thereof.
ODDITIES
'
*
which trading
The securities in
Exchange Commission
the Securities and
After consultation with
'
and
1941,
1945.
United Industrial Corp.—6s,
Trading Suspended In Axis Securities By
H.Y. Stock, Gurb and Boston Stock Exchanges
The
Corp.—6V2S,
Industrial
United
LEGAL
Thursday, December 18, 194F
COMMERCIAL & FINANCIAL CHRONICLE
THE
1576
wage
taking upon
recommendation of the War De¬
which they are now
partment to safeguard their prop¬
erties and operations during the
present.
war,..4,.;;.;,
„
.
.
@FedFRASER