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Final
Edition
ESTABLISHED OVER 100 YEARS
In
2
Sections-Section 2
I
ommetctal an
Reg. U.
Volume
Number 4234
158
New
The
post-war world
will
be
peopled with men and
different from
those of the men and women of
1913, 1918, 1929 or 1939.
It would be
strange, indeed, if mankind had learned nothing
about itself in three
decades, and it would be astounding
if human
beings had mot become "conditioned," as the
psychologists express it, in such a way as to fix responses
to certain situations in relation to
experiences of the past
two or three decades.
There is little reason to believe,
however, that so far as the fundamentals of human nature
whose basic reactions
are
concerned, the learning
are
little if any
of the past few decades
process
has gone very far
beyond the superficialities, and any alter¬
ation in the behavior of human
beings in the face of par¬
ticular circumstances is the
experience, and
outgrowth of particularistic
not be either rational or en¬
may or may
during.
,
It
seems appropriate to
give expression at this time to
generalities—we had almost said platitudes—since,
despite the fact that few would undertake an explicit denial
of them, much of the current discussion of
post-war matters
abounds with assertions which can be true
only if these
it is probably true that
the rank and file
throughout the world have "learned" a
great deal about a great many things—thanks to the vastly
improved means of transport and communications during
propositions
are
false.
In
a sense,
the past two or
three decades—but it is likewise true that
great deal of what they have learned simply is not so!
On
Guard!
It would be well therefore for the
public to be
on
guard
when it hears of the "new economics" which will rule the
post-war world.
when
we
Full
An equally skeptical attitude is in order
told of the sweeping "lessons" in economics
are
that the past
decade
or two (most frequently
(Continued on page 2232)
the
war
years)
Ruml Offers 9-Point Program For Post-Wu Fiscal
Policy Which
Will Help Create Good Products, Good Jobs and Good
Investments—Reduction in Tax Rates Called For
Both Beardsley Ruml and
Employment and High Pro¬
ination of
on
for
the
post-war
pe¬
ment
Murray estimated that full
employment will require about
55,000,000 people working steadily
in "real" jobs with decent wages,
and at the
time warned that
same
concealed
that' hides
to say that
"many will go
far
so
behind
avoided.
this
unemployment
short
hours"
He added that,
to
meet with you tonight.
It is a
of genuine pleasure to talk
with
you
respecting our
be
can
hopes for America Tomorrow.
system of pri¬
the
vate
come'taxes and estate taxes
business
enter pr is e,
private
people
our
tax
to
urged
giving
all
legitimate encouragement to com¬
petitive enterprise, reducing mo¬
a
reexamination of the
nopoly,
entire tax
structure and
Govern¬
sponsorship of
a
public
"adequate to help
free competitive enterprise in the
job of realizing full employment."
ment
works program
also said that income must be
kept moving so as to prevent un¬
employment and waste.
Mr.
I deem it an honor and
around
privilege
cruel
a
experience for
Stating that
business is "definitely committed
to
take
the
initiative
part"-in "the
proper
and
task
do
its
of
at¬
taining high peace-time employ¬
ment," Mr, Ruml pointed out that
"it would be folly to expect that
business
can
full
make
the
transition
war-time
employment
without co-operation from public
government at'every level—Fed¬
eral, State and lo'cal." At the same
timef he
declared
"it
that
is
in¬
escapable that the National State,
through an explicit and imple¬
mented fiscal and monetary
policy
complement and supplement
activities of private business
the
maintenance of high
pro-
GENEKAL CONTENTS
Page
Financial
From
Situation
.............,
.....
the
and
millions
world.
of
For
tens
of
thousands
of
brave
homes
of
in
workers
town
from
and
to
Review
of
Trade
.........
......
Weekly Carloadings
,2230
demanded and secured
duction of food that is
to
vast pro¬
a
a
It has
memorial
the
patriotism of farmers and
willingness of farm families
bear heavy burdens for the na¬
the
tion's welfare.
to business
in
And it has
men
established
brought
profound changes
practices,
compli¬
by government, and
(Continued
on
page
2235)
rates
on
Weekly Engineering Construction.. .2241
Association-Price»Index., .2242
Weekly Coal and Coke Output..... .2241
..2238
Index...2239
Weekly Crude Oil Production.......2242
individual
the
sis; the planning of public works
stabilize
to
the
construction
industry", etc.
stated that "in spite
criticism, some of which
was just, and some of which was
not, it is a good thing that in this
country we have a Congress to
Mr.
of
Ruml
the
work
with."
"I think," he said, "we
must
that
membership
in
recognize
Congress has become a full-time
job, not a job that can be fitted
in between crop seasons, or be¬
tween law cases, or while a part¬
«
ner
can
the
handle
time
The
alone.
30
Sales
District.
Dollar
in
...2239
on
Federal
Oct.
2240
trial
Oct.
Reserve
Activity
retail
Price
Reports
Index..2240
on
in
all aware, I am sure,
great popular interest in
post-war planning, and I suppose
there are) few subjects on which
of
are
the
there
is
than
more
that
to
get
plans.
we
ahead
It
general
agreement
begin now
our
post-war
should
with
must
be
planning of the sort
ing about does not
mentation.
In
cleqr
we
that
are
talk¬
regi¬
mean
certain
quarters,
against the
word
"planning" that probably
springs from apprehension that
planning may lead us into a regi¬
there
is
prejudice
a
mented way of life. I feel that
just the opposite is the case. Free,
open, democratic planning, think¬
ing about our national future out
loud, will contribute to the suc¬
of
cess
by
our
form
of
government
bringing abiding
satisfactions
of life. Thus,
render regimenta¬
in the American way
planning will
tion, always distasteful, unneces¬
sary.
People want those agencies and
who are responsible
for thinking about the post-war
period to proceed energetically
with their work. To be sure, they
individuals
want
first
of all
to
win
the
war,
speedily and decisively,, and they
want nothing to detract from that
effort.
Second,
they want no
plans that represent mere wishful
thinking or special interest axegrinding. They want some practi¬
cal leads as to where we go from
here when the present job is fin¬
ished.
'
There
is
deep influence that
may explain in part this insistent
demand on
the part of
people
generally that something be done
now about planning for the period
a
to follow the
war.
continued
We
are
on page
a
well-
2232)
Washington
may expect more or less, a steady flow of ex¬
similar to the Brazilian rubber scandal by a group of Wash¬
ington correspondents a couple of weeks ago and the more recent
report by Senator Hugh Butler of Nebraska, on his 20,000 mile trip
over 20 Latin American countries.
The reason is not altogether due
now
2241
on
we
posures
to
the fact that Congress has become more
assertive.
As much re¬
the feeling that the^
exposures can now be made with¬ usually attractive girls, while the
out interfering with the war ef¬ officers attached to it have to have
fort, if not altogether a feeling cast iron stomachs. When the his¬
that the end of the war in Europe tory of the war is written these
is in sight.
people should certainly be given
Butler would not have had to honorary mention for what they
leave Washington to disclose some have had to go through... Not the
of the junketing in the guise of least of what these people have had
is
good-neighborliness. We in Wash¬
ington spend many of our light
moments with
its
from
tales of the Inter-
Defense
so
Board.
is
might think
one
name,
It
to
coordinate
North and Latin-America strategy.
to go
through was the determina¬
Argentines never to do
tion of the
anything
ment
side
except
of
the
entertain¬
collaboration.
Henry Wallace, who strangely
enough passed up the Brazilian
rubber expose—and the responsi¬
the entertainment of Latin Amer¬
bility for our boondoggling down
there was largely his—was quite
ican
sensitive about Butler's report. He
coordination
means
mostly
dignitaries and "such" enter¬
tainment do most of these gentle¬
men
Indus¬
t.-.
follows
full:
By CARLISLE BARCERON
From
This
Acceptances
...
Fairchild's
in
addres:
Ahead O! The News
supposed, or
.,..2239
Department Store
York
business
required
Washington has grown to be and
will continue to be extensive, and
the time at home is fully occu¬
Weekly Electric Output.
New
income
possible investment in
enterprise on a business ba-r.
new
American
Bankers
ten¬
stimulate consumption and
to
Non-Ferrous Metals Market.......2242
October
the
the
make
sponsible
................2243
centers of war produc¬ Weekly Steel,Review.
tion, where life at best has been Moody's Daily Commodity
of strain and sacrifice.
to
reversing
in¬
as
purchasing power to
rest," and "reduce the
Bond Prices and Yields....2239
crowded
one
come
of
From
Commodity Prices, Domestic Index.2241
their
farm
of
......................2229
the disfigurement and Paperboard Industry Statistics...... .2243
disabling of thousands more.: It Weekly Lumber Movement.^........2243
has
required,, the movement of Fertilizer
millions
way
progressive
of
Items About Banks and Trust Cos...2244
General
Ruml's
.'.2229
Washington Ahead of the
News
we
pied with duties that arise from
Editorial
young men,
cated controls
Aldrich, Gentlemen:
been
Americans it has meant the lives
to
the gathering,
at which
W.. Aldrich, President
of the Economic Club, presided,
Mr. Murray spoke as follows:
Before
Winthrop
services."
State
has
war
best
goods
and
principle
dency
enterprise will be supplanted
by some other arrangements for
the production and distribution of
paths.
The
4 of
Murray
Beardsley Ruml
busi¬
ness
NYSE
tional income after the war of be¬
$140,000,000,000 and $160,-
here.
be
soon
purposes
j et at some agreed level of hidi
i employment"; that we hold "to
a
Odd-Lot Trading
.....2240
Complete United Nations victory
in the war already casts a
length¬ Trading on New1 York Exchanges...2240
ening and welcome shadow across
bitter
000,000,000.
will
national
accomplish; the lowering
tax rates to the,, point
I where they will balance the budgof. "our
elim¬
inated under
the
resents
want to
employment
plans Moody's
and
Tomorrow
and the
production
resources,
the country can easily have a na¬
employment
to
as
agree that un¬
less mass un¬
Regular Features
source
immense
He
suggested for discussion a 9-point
post-war Federal fiscal program,
which includes, "a national ex¬
penditure budget that fairly rep¬
on
Nov. 23 that the basic problem will be that of
Mr.
Mr.
the
first;; require¬
the Economic Club of New York,3>-
tween
mass
is
ment
and
high employment."
"Business," he said, "wants a fis¬
cal
program
that will help it
create good products, good
jobs
and good investments."
; "As a step toward agreement
on
long term policy" Mr. Ruml
ploy-
u n e m
Mr.
We
duction
agree
that the elim¬
in
achieving
full employment, high production, and new levels of
living.
In an address on the theme "The Challenge of
Tomorrow," before
be
York, made the statement that "today
men
the
55,000,000 Will Be Needed
with
Macy & Co., and Chairman of the Board of Directors of the
business
most
Expressing the hope that in the post-war period "the old fight
against labor organizations will be laid permanently to rest," Philip
Murray, President of the Congress of Industrial Organizations,
must
pay."
of R. H.
Federal Reserve Bank of New
must
Philip Murray Declares Steady Employment Of
"the
Philip Murray (the latter President of
the Congress of Industrial Organizations) discussed "The
Challenge of i legislative
responsibilities.
And
Tomorrow" before the Economic Club of New York at the Hotel !
here, as elsewhere, a full-time job
Astor on Nov. 23.
In outlining his views, Mr. Ruml, who is Treasurer
deserves full-time
from
duction Basic Post-War Problems
asserted
Office
riod." He went
these
a
Pat.
York, N. Y., Thursday, December 2, 1943
The Financial Situation
women
S.
seem
nntorl
-Pnv
to want,
ito
The Board is
nnllprtinn
nf
un¬
three
associations and apologized
called in reporters from the
press
fPnntinnprl
nn
na?P
22361
2230
THE COMMERCIAL
w
-
.
"Demand for
or
purchasing
antees of
goods has been deferred,
accumulating alleged 'savings,'
power,
but these
we
post-war prosperity.
with much deferred maintenance.
We
.
'
;
'
.
'■
.'
-1
I
ments, carried
by the
war,
to
are
call for
Economist for the
plainly is
sense!
Would there
were
The
,
interstate
"this
bill
of
V
the
(c)
closing of large munition plants and the
telescoping of contracts
some open hearths
being closed, according to the
pub¬
"Iron Age." As an
offset, however, the production of elec¬
tricity has reached another new high.
Carloadings continue to show
substantial
gains.
Retail
trade
to
backs
rise
of
department
stores
being
21%.
kilowatt hours in the week ended
Nov. 20, according to the Edison
Electric Institute.
with
This compares
4,4.82,665,000 kilbwatt hours
week earlier and is 18.9%
a
above
the year ago total of
3,795,361,000.
Consolidated Edison Company of
New
of
York
reports system
output
218,900,000 kilowatt hours in the
week ended Nov.
900,000
21, against 154,earlier, an increase
a year
of 41.3%.
Local
distribution
was
214,800,000 kilowatt hours, against
151,200,000.
Carloadings of revenue freight
for
the
totaled
week
ended
Nov.
20
882,287 cars, according to
the Association of American Rail¬
roads.
This
was
34,604
cars
over
week
this
an"
increase
the
of
preceding
the
1942
and
same
period two years ago.
was
132.95%
of
average
total
loadings
for
the
corresponding
week of the ten preceding years.
Steel production in the United
States
is
scheduled
at
99.5%
of
rated
capacity, indicating produc¬
1,734,200 net tons of ingots
castings, compared with a
rate of 99>.l and output of 1,727,300
tons last week, according to the
tion of
and
American
Iron
& Steel
Institute.
A month ago steel making was at
full capacity, with weekly output
of
1,743,000 net tons.
For the
Nov. 30, 1942,
1,681,000 tons.
beginning
production was
For the first time since the war
began steel production is showing
lower tendencies due to slacken¬
ing
All
demand.
downs
flected
in
the
or
previous
last two
shortage
materials
of
years
urgent.
let¬
re¬
steelmaking
In all
labor tie-ups.
of those periods
was
tary contracts
are
having
initely depressing effect
def¬
a
on
steel
So
far, the Youngstown, Ohio,
district is most affected.
It is the
country's third largest steel-pro¬
ducing area.
Youngstown sched¬
ules for the
coming week are not
to be much above 90%
of rated
capacity. This, the pro¬
ducers report, results from the lull
in war orders and from
shifts in
expected
specifications. "Some Washington
authorities expect that the steel
industry will
90%
over
continue
in
the
to
first
operate
quarter
of
1944."'
In
the
trade
Christmas
buying is reported as exceptional¬
ly active with retail sales for this
week
estimated
above
the
same
at
12
week
to
14%
last
year,
according to Dun & Bradstreet.
Regional percentage increases in
retail
trade
were
New
3 to 5;
East,
12 to 14;
Dollar sales of retail stores will
total
$62,900,000,000 this year, the
highest on record, despite short¬
of many civilian goods, ac¬
cording to estimates by business
analysts of the Department of
ages
Commerce. Price rises
sible for
a
increase,
even
after
the
to
situation
may
be
existing
law
are
respon¬
is
pointed
out,
but
allowing for this, 1943
year
record
will
levels,
exceed
the
last
study
Dollar sales of retail stores
are
expected by the department to
be at least as great in 1944 as this
The
upon a
unit
will,
volume
of
however,
retail
depend
number of factors.
Department
country-wide
store
sales
say
merce" is
.
only
'
laws.
know
for
In
of
not
the
be
a
it
as
conflicts
with
our
more
maintenance
es¬
and
of
the
the
Justice
De¬
pending legisla¬
issue of
our
latter
a
The
cided
as now
and
ac-.
in effect for¬
it;
(f) The application of the anti¬
trust
acts
to
insurance
intended by Congress
not be in the public
was
and
not
would
interest;
(g) Such application must now
predicated upon a change in
the law by the Supreme
Court;
(h) The insurance business is
essentially local and best super¬
vised locally by the States rather
than
through another cumber¬
Federal
some
(i)
It
is
bureau;- and '
believed
that
of the
bill
will
preserve
State regulation, and is
necessary
to make certain that it
will be
ment
preserved.
'■
-
The
that
minority report
introduction of the
charged
bill
was
an
attempt to circumvent an ap¬
peal by the Department of Justice
of a decision
by the Federal Dis¬
trict Court for Northern
Georgia.
Georgia court held that the
The
in
the^like* 1942 week, ac¬
to^the ^Federal Reserve
cording
In
20
tlie four
sales
the
weeks
ended
were
14% higher
corresponding period
last year.
.
Department store sales in New
York City in the week ended
Nov.
27 were 13 %
larger than in the
corresponding week of last year,
according to a preliminary esti¬
mate
issued
serve
Bank of New York.
by the Federal. Re¬
week
In the
ended; Nov.
sales of this group of stores
20
were
19% higher than in the like week'
last year.
Department has de¬
place in the Bureau of
Budget
-
'•
-
Another
War
$56,000,000,000.
$4,500,000,000
Department
added,
"has
of
the
reserves,
Mr.
been set up
the fiscal year 1945
"The final
thereafter.
or
$2,500,000,000 in re¬
serves," Mr. Smith continued, "was
due
to
an
mated
increase
in
of
amount
appropriations carried
the fiscal year
the
esti¬
unobligated
1943.
from
over
.
.
.
the
fiscal
a
1944,
year
reduction
in
they
or
expendi¬
reserve
total
a
of
previous or future fiscal
years.
It would be erroneous to
deduct these reserves from
present
expenditure estimates for the cur¬
rent
fiscal
In his
year."
statement, Mr. Smith also
noted that estimates of this
year's
war
spending had been reduced
$800,000,000 below the estimate of
last
January, or from $100,000,mies which have been
instituted
000,000 to $92,000,000,000.
as a result of the
changes in the
As
a
war situation.
result, and due to collec¬
This disclosure was
made to the
House on Nov. 18 by
Representative
Snyder
(Dem.,
Pa.) Chairman of the
Appropria¬
tions
Committee's
military
sub¬
committee.
Mr. Snyder
explained that the
War Department had made
a restudy of its fiscal needs and had
found it "practicable" to
release
these funds from its
some unforesee¬
able situation .should
arise, all of
the 13
billions-plus will revert to
the Treasury on next
July
1,."
further said the War
Depart¬
ment gave its assurance
that "in
the
light of conditions presently
obtaining, this
given
vast amount
can
be
without in the least imparing the war effort of ourselves
of
or
least
and
up
our
Allies; without in the
impeding the expeditious
vigorous
prosecution
of
the
war."
The
tion
of
nue
than
said
the
the
$3,000,000,000 more
anticipated, Mr.
reve¬
Smith
prospective deficit for
12-month period
ending next
30 had declined
from
June
$68,000,000,000' to about
$57,000,000,000, thus placing the public debt
at
$194,000,000,000, instead
of pass¬
ing the $200,000,000,000 mark.
control, add¬
ing that "unless
contributing factors, Repre
Payment On
Argentine Bonds
Baring Brothers & Co.,
Limited,
paying agents for Argentine
Republic 4V2% conversion loan of
1934
(called for redemption on
Jan. 1, 1944) and 4% loans of
1897,
1898, 1899, and 1900 (called for
redemption on April
1,
1944),
as
have
arranged
to
in London of the
of
bonds
held
make
payment
redemption price
in
this country
against delivery of such bonds to
P. Morgan & Co. Inc.
or
Na-
J.
J tional City Bank of
sentative Snyder
said, are:
New York.
First, reduction in military per¬ Under new British regulations on
sonnel
than
War
to
He
enact¬
timate to
expenditures
fkvy To Heed Here
.
cooperation
which
cut estimated
Army
spending this fiscal year from the
$62,000,000,000 January budget es¬
tures of
interpreted by the Department of
Justice, for the former encourages
requires
in¬
expan¬
000,000
was
reflected
in
the,
President's August budget revi¬
sion
for
pattern
of
$13,163,159,000 of the funds made
in direct con-:
available by Congress for the cur¬
prohibitions of the:
rent fiscal year in view of
econo¬
bids
of
and
"Thus,
these
reserves
reflect
savings which have already been
taken into account in the
August
revision of estimated
con¬
general
cord and the
because
personnel
De¬
sion of the
reflect
Federal
Sherman and Clayton acts
in
Navy's
the
additional
against 1944 appropriations -which
were intended for
expenditure in
enterprise than the anti-trust
Destroy them and you build
laws.
Saving Of $13- BilEicn
State regulation is
or
appropriations
creases
and
require
and
the
flict with the
expanded
will
strengthening of private initiative
partment to
law;
The
$13,000,000,000
"com¬
,
nullified and
been
partment
of
post-war
nothing
the
Opposition
existing
about the
Smith
.,
;
upon
"reaching the end of
gram has been curtailed the
/
stroy the very foundations of
sential
re¬
landing craft program.
Concerning the War Department
funds, Mr. Smith explained, ac¬
an insult to one's intel¬
cording to the Associated Press,
that $6,000,000,000 of the
it is not "interstate
$13,000,-
insurance is
anti-trust
I
area,
War
had
intrastate
in
Caribbean
Department reserves had
been "very
misleading," explain¬
ing that, although the Army's pro¬
they
To vote approval of
any of these
bills would be to de¬
'
.
of : .State
regulation
only .be at the sufferance of
Congress and could not exist in so
(e)
of
al¬
insurance
com¬
could
previous
on
the call for steel
basis
were
21%
This time, according larger in the week ended Nov. 20
To
the
,
late will
than in
year.
engaged
the
Budget,..; issued on
Nov.
27
a
"clarifying statement,"-saying the
remarks
the
Following is the conclusion
the minority report:
era
If long-standing decisions
reversed, then the constitu¬
tional right of the States to
Regu¬
only 7% under the 1941 peak. The
expectation
is
that
Christmas
business
for
in
convoys and
Government
them
cited
the expansion".
Harold D. Smith, Director of the
the
commerce, the report added.
as
(d)
Nov.
says.
are
'
be
Board.
year's
Federal
prosecute
He
opening of the Mediterranean to
Similarly,
anti-trust
violations,
insurance companies claim
presented" to
(
sales in "constant dollars" will be
this
laws,"
leged
Committee
summarized
»
Grounded
slightly above last year's level and
trade
State
la,w, the.States have successfully tion was .reported in
regulated insurance and the busi¬ Nov. 4,
page 1814.
ness of insurance has been con¬
formed thereto;
'
far
tions
to ignore its obvi¬
ously inherent characteristics.
substantial part of this
it
the
to
ligence.
be
retail
England,
5 to-7; Middle West,
Northwest, 5 to U; South,
17 to 20;
Southwest, 23 to 25; Pa¬
This cific Coast, 21 to 24.
year, 45,525 cars more
corresponding week in
82,901 cars above the
than
week
trade sources, cuh.
cancellations of mili-
output.
Production of electricity reached
an
all-time high of 4,513,299,000
seeks
to
report, said.
tinuation
informed
and
of
acts.
for yourselves Frankenstein
mon¬
opolies and cartels—the very an¬
Congress; executive branches of, tithesis of private
initiative," en¬
the
Federal
Government,
the terprise, and competition.
1
common
lication
of course being lifted by
Christmas
buying,
sales
when
(b) For over 75 years the exist¬
ing law has been recognized and
accepted by the Supreme Court,
has resulted in
tivity,
"heavy
Clayton
To
following general summary
say
majority report: v commerce" is
merce;
steel because
'continues to show exceptional ac-
not
exempting
business of insurance is not
heavy industries generally continue to
report operations at
peak levels.
However, reduction of orders for
near
of the
subject
minority
the
(a) Under
The State Of Trade
or
not
insurance, and if in¬
appears
that
and
As¬
violation
maintain that they are in in¬
commerce
and therefore
as-,
Summary
It
in
terstate
com¬
could
of
Sherman
ies
not
report
States and the public;:
The
has
was
economies".
passages from the General's
report, covering the maintenance
of large air and
ground installa¬
"When States attempt to regu¬
late them, the insurance
compan¬
v
concluded the
we
of them!
•
*
substantial
some
The appeal is now
pending before
the United States Supreme Court.
body of the Government."
Commerce of the
more
re¬
Congress, which is
law-making and policy-fixing
follows:
with
was
insurance
effect
of
numerous
"economist"
bill
majority
the
Congress
an
that
considered
act
an
the
States.
Here
show
from pre-war and accentuated
Chamber of
the
on
)S to be made subject to
}hose laws,, it should be done by
high levels of employment, pro¬
exchange." — Emerson P. Schmidt,
and
United
Underwriters'
not
harmonious
readjustments if
i
Southeastern
business
maladjust-
'
'
the
of
ennial report covering the
period
July 1, 1941 to June 30, 1943, had
paved the way for some "very
Nov. 16 to recommend
passage
on
deferment
Marshall, Chief of Staff, in his bi¬
should
the
to
move
duction
over
regulation
States, is favored by the
.*
■
surance
tion, a fundamental reexamination of what makes
private system click is going on. The Chamber
of Commerce of the United
States, the National
Association of
Manufacturers, the Committee for
are
•
that
sociation
have
are
Development and others
<
insurance1 companies from anti¬
trust laws since anti-trust laws
have never been
applicable to the
ac-
"
in their view that these
distortions and
the several
legislation.
merce,
the
serted that
a
Economic
Judiciary Committee.
and
ority reports
been
energy
these basic issues which will
require prompt action
by'Congress, business and other groups. In addi¬
'
.
of
After reviewing a number of
Supreme Court decisions tending
devoting much time and
to defining, isolating and analysing some of
groups
control
laws
\
The
following
the
regarding
House group's majority and min¬
to
.
"Business
the
Washington bureau:
during
■/
within
anti-trust
ported Nov. 19, to the New York
"Journal of Commerce" from its
the war, are
apt to interfere with favorable expectations of this future.
Business and consumers will
circulating them
Federal
to
permanent
airplane program, $2,086,069,000.
Fifth,
miscellaneous
projects,
$88,205,000.
'
:
Mr. Snyder also stated that Gen.
Bailey-Van Nuys bill, which would reaffirm
Congress that the business of insurance companies is
of
The House group voted 16 to 5
of the
...
tively.
subject
House
problem in the post-war period is likely
to be one of
securing adequate flexibility. Surplus
commodities and surplus plant
capacity, unless
effective policies are
adopted by Congress
hoard their funds instead of
intent
remain
"Our
■V'
the
not
under-
were
housed, and yet prosperity did not follow.
'
"Basically, business is nothing but barter and,
in order that high levels of barter be
carried on,
there must be effective
adjustment of prices, wages
and other costs so that
exchange can take place.
ble
Group Favors Bill Preserving.
Slate Regulation Of Insurance Business
Enactment of the
not firm guar¬
are
In the middle 1930s
had accumulated savings and were confronted
•
,
House
consumer
have been
we
Thursday, December 2, 1943
•
An Economist With Commonsense
and
& FINANCIAL CHRONICLE
-
for
strength. We appropriated
force of,
roundly,
officers and men.
a
By
subsequent
war
8,200,000
of
reason
developments,
a
foreign
exchange,
proceeds
of
bonds held by United States
resi¬
dents may be credited in
London
to
United States registered ac¬
reduction of 548,000 has been de¬
termined upon by the War De¬
partment
high command. That
counts, rather than to blocked
counts, and thus bondholders
means
this country.
a
savings
in
pay,
subsistence, clothing and
of
travel,
so
forth
$1,946,039,000.
Second, curtailment
mament and
transfer
the
of
the
ar¬
proceeds
Further details
set forth in the letter of
tal which must
equipment programs,
transmit¬
presented and which
may be ob¬
tained from J. P.
Morgan & Co.
Inc., 23 Wall Street,
Third, reduction in facilities, incluring maintenance, $780,447,000.
porate
Trust
tional
City
and possi¬
to
are
accompany bonds
$8,262,759,000.
Fourth, modification
ac¬
may
dollar
or
the
Department
Bank,
Place.'
Y
20
of
Cor¬
Na¬
Exchange
Volume
a
Provide Pay How For Mustering Oat Of
Armed Forces, President Urges Osngress
President Roosevelt
sent a special message to
Congress on Nov.
urging that steps be taken now to help returning service
women "bridge the gap from war to peace activity."
23
men
and
of allowances for
uniform system
unemployed' service
men
and
women and extension of the Fed¬
and survivors' insur¬
ance law to give members of the
armed forces credit for their pe¬
riod of military service. In addi¬
eral old-age
protection
an
chant marine.
Roosevelt
Mr.
that
part of a
proposed
steps be taken as
these
of minimum assistance.
previously suggested a
legislative program to provide
educational and training oppor¬
tunities for those members of the
armed forces who wish to pursue
their studies after their discharge.
The text of the President's mes¬
program
He had
sage
Congress
the
of
United
the
States:
concentrating now
All of us are
primary objective of
winning this war. But even as we
devote onr energy and resources
the
on
one
cannot neglect
for things to come after
to that purpose, we»
to
plan
victory is won.
problem of reconverting
America to a peacetime
basis is one for which we are now
The
wartime
submitted to the
action. As I said last
laying plans to be
Congress for
diers
and
and
demobilization
sailors
and
with
servicemen
both
for
workers.
war
of
thousands
to
The
seem
Already
the
and
men
men
the difficult pe¬
premium
low
on Nov. 29 before the Bridgeport Chamber of Commerce,
Zelomek, President of the International Statistical Bureau and
economist with Fairchild Publications, told the members that he was
In
ing,
and
women want, more than anything
else, is the assurance of satisfac¬
tory employment upon their re¬
turn to civil life. The first task
after
the
war
ployment for
men
out
ployment or inflation.
Economic difficulties that some
wartime
solve them.
ingenuity,
production,
out sights
levels, The goal after
the war should be the maximum
utilization of our human and ma¬
terial resources. This is the way
to rout the forces of insecurity
and unemployment at home, as
completely as we shall have de¬
feated the forces of tyranny and
oppression on the fields of battle.
There
are,
however,
certain
measures which merit the imme¬
diate attention of the Congress to
round out the program already
pre-war
commenced
tection
of
for
the
the special
pro¬
of
the
has already
en¬
members
armed forces.
Congress
The
acted
a
of ben¬
servicement and for the
generous program
efits for
tration
these
at
with
which to
laws.
carry
able
velopes and near-depression.
Recognizing
the
absence
of
clear-cut
Government
planning
for termination and reconversion,
1942 model tools in grease.
who
The
..
be obtained only
each
person
and
much
pendous accomplishment."
Replying to fears that
while a
whose dependents were pro¬
the survivors' insurance
obliged to register with benefits at the time they entered
States
Employment the armed forces, are losing en¬
Service, and, following the usual tirely those insurance rights while
practice in unemployment insur¬ they are in service.
ment, or to engage in a
training
him for such
employment. The protection under
this system should be continued
for an adequate length of time
following the period for which
out mustering-out payment is made.
course
At
to
prepare
present
persons
serving in
possible
of
termination
such
create
Mr.
activity,
abrupt
orders
war
a "Slump
will
in economic
predicted
Zelomek
that the continuation of the
ship¬
and aircraft programs
and the gradual decline in pro¬
duction of ordnance of all kinds
building
during
between the
the interval
ending of the European phase and
the
ending of the Far Eastern
phase of the war will "keep the
bottom from falling out of the
production index, and out of work
and business morale, before the
achievement of high production of
consumers'
goods
inspires
the
economy with a substitute stimu¬
lus." Considerable advances in re¬
conversion, he predicted, will be
made before the defeat of Japan.
Businessmen's belief in the eco¬
of the past
Zelomek
said, will facilitate the reconver¬
sion by making them more will¬
ing to take risks at that time.
Similarly, a successful reconver¬
nomic
potentialities
reconversion period, Mr..
sion
will
enhance
opportunities
of
economic
the
the
succeeding
years.
mmm
recommend that the
Congress enact
it
industrial know-how,
more
hardly extravagant to predict
that' they will reverse that stu¬
tected by
I therefore
workers
new
it is
United
must be willing to accept
available
and
suitable
employ¬
trained
still
produced aircraft at a
rate increasing by 10% to 20% a
month. With some old tools, mil¬
lions
of
trained
workers,
and
is engaged in certain spe¬
cific types of employment. Ser¬
vice in the armed forces is not
included in these types. Since the
size of the insurance benefits de¬
ance,
and
tooled
should be
the
successful transition from
a
the first part of 1942,'*
said, "American in¬
dustry built new plants and re¬
person
sons
con¬
"During
predicted/will have re¬
tooled'and built up an operating
can
initial
Mr. Zelomek
Zelomek
law
call
kind of production to another.
one
Mr.
industry,
of the
success
effect
•
automobile
to
period was cited as evi¬
dence that American industry can
Operate at high levels despite
The
Those
able
be
version
have to take some losses on
inventories, but their anticipation
of several years of good business
during which such losses can be
recouped will sustain their ability
such losses.
will
not
the vastly expanded capa¬
city of the machine tool industry
for the new tools they will need.
may
to
do
upon
apparel industries,
the textile and
qualify for an unemploy¬
allowance
ment
It will not be too diffi¬
once.
found to cult, if necessary, for the industry
be contradictory and ill founded. to establish new lines of produc¬
As examples of such contradic¬ tion.
Further, the process of tooling
tions, he cited fears of manpower
shortages and unemployment, of up for production will not take so
as
many
have predicted.
inflationary competitive spending long
in the face of decreasing pay en¬ Many automotive firms have their
sion period Mr. Zelomek
leaving the service, are un¬ to service men and women. Fur¬
to find
suitable work.
In thermore, a large number of per¬
legislation to make
members of the
S
for
Administra¬
der the Federal old-age and sur¬ tion on Nov. 29 formally increased
vivors' insurance law during the soft coal ceiling prices an aver¬
armed, forces to obtain
period
burden
military
of
of
age and
members
this
credit
service.
un¬
The
extension ol old-
survivors' insurance to
of
the
armed
forces
The Office of Price
age
of 17 cents a ton at the mines
compensate producers
in order to
for
higher labor costs.
vance,
which
This ad¬
is temporary, had
other measures the merchnat marine are not in¬ should be carried by the Federal been authorized on Nov. 27 by
adopted for the protec¬ sured under State unemployment Government, and the Federal con¬ Fred M. Vinson, Director of Eco¬
servicemen such as insurance laws, primarily because tributions should be uniform for nomic Stabilization.
the
Soldiers' and Sailors' Civil the very nature of their employ¬ all members of the armed forces
On Nov. 15, Harold L. Ickes,
Relief
Act* suspending
the en¬ ment carries them beyond the
irrespective of their rank.
Solid
Fuels
Administrator, had
forcement of certain obligations confines of any particular State.
increases
in the
I have
already communicated recommended
against members of the armed I believe that the most effective
with the Congress requesting the prices of bituminous coal which,
forces, the creation of reemploy¬ way of protecting maritime work¬
enactment of legislation to pro¬ on a weighted national average,
ment rights under the Selective ers against post-war: unemploy¬
vide
educational
and
training were approximately 16 cents a ton
Service Act, and the provision for ment is to enact without delay a
opportunities for the members of higher than those proposed by the
emergency maternity care to the Federal maritime unemployment
Since the original recom¬
the armed forces who desire to OPA.
wives and infants pf enlisted men. insurance act. There has been in
pursue their studies
after their mendations, Mr. Ickes has reduced
However,
I believe that we effect since 1938 a Railroad Unem¬ discharge.
the price increases recommended,
ployment Insurance Act and a
must go much further.
The Congress will agree, I am following a ruling by the National
similar act for maritime workers
War Labor Board on Nov. 20 low¬
We must make provision now
is long overdue. Marine workers sure, that this time we must have
to help our returning service men
ering the basic weekly wage some
and legislation ready for
are, however, insured under the plans
32 cents below that reflected in
and women bridge the gap from
our returning veterans instead of
existing Federal' old-age and sur¬
his original recommendation.
war to peace activity.
When the
waiting
until
the
last
moment.
It
vivors' insurance law.
war is over, our men and women
On Nov. 24, the OPA permitted
will
give notice to our armed
3. Members of the armed forces
in the armed forces will be eager
forces that the people back home a price increase of 70 cents a ton
to rejoin their families, get a job, are not receiving credit under the
do not propose to let them down. for the most widely used domestic
or
continue their education, and Federal old-age and survivors' in¬
sizes of anthracite and 35 cents
FRANKLIN D. ROOSEVELT.
to pick up the threads of their surance law for their period of
The" White House, Nov. 23,'1943. a ton for other sizes.
former lives. They will return at military service. Credit under the
5.
Numerous
have been
tion
they can
We must not lower
to
ably not have contracts terminated
observers forsee for the reconver¬
I
order to
emphasis
placed on the fact
will prob¬
be
not
that the entire industry
after
boldness that
in
should
unem¬
the Congress.
employed to such ad¬
they have
vantage
prolonged
or
Too much
six months.
swift reconversion with¬
a
extreme
prior wars. The pension rates for
the family of those killed in this
war
were recently
increased by
provided for the veterans of
the consideration by the Congress
workers.
There were skeptics who said of various amendments of exist¬
that our wartime production goals ing laws which will facilitate ad¬
would never be attained.
There ministration, and which will cor¬
will
also be skeptics who will rect any defects in our present
question our ability to make the statutory scheme which experi¬
ence may disclose. I am confident
necessary plans to meet the prob¬
lems of /unemployment and want that the Congress, in line with the
after the war. But, I am confident historic policy of this Government
that if industry and labor and toward its ill, injured, and dis¬
Government tackle the problem of abled service men and women,
economic readjustment after the will provide generous appropria¬
tions to the Veterans' Adminis¬
war with the same unity of pur¬
and with the same
will
pends upon the total number of
years
in which credits are ob¬
believp that there should be a tained, the exclusion of military
fixed and uniform rate of benefit service will operate to decrease
for a fixed period of time for all the old-age retirement
benefits
members of the .armed forces who, which will eventually be payable
are
The
Veterans'
Administration
is to provide em¬
them and for our will, from time to time, request
resourcefulness and
po
difficulties'
industrial
and
achieve
can
demobilized war
pose
speech
persuaded that the economic,
civil
citizens
service
a
A. W.
tion at all when they leave mili¬
life, who, with proper train¬
tary service. Benefits payable to
be equipped to play a
those who are covered by State
useful part in the war effort at
law are unequal, and will vary
home.. Men who are rejected for
greatly among the States because
military service because of phy¬
of the
wide differences in the
sical or mental defects, or who are
provisions of the State laws. The
discharged from the armed forces
protection in many cases will be
because of a disability existing at
inadequate. It is plainly a Federal
the time of induction, are thus
responsibility to provide for a
eligible for such rehabilitation ser¬
vices
and
training as may
be payment of adequate and equi¬
table allowances to those service
necessary and feasible in order to
us, and are entitled to definite ac¬
men and women who are unable
fit them for useful and gainful
tion to help take care of their spe¬
to find
employment after their
employment.
cial problems.
demobilization.
4. By
recent legislation, our
At that time I outlined what
For these reasons, I recommend
seemed to me to be a minimum of present service men and women
have been assured the same pen¬ to the Congress that a uniform
action to which the members of
sion benefits for death or disabil¬ system of allowances for unem¬
our armed forces are entitled over
ployed service men and women be
and above that taken for other ity incurred in the line of duty
while in active military service as established.
soldier and sailor
and marine are a part of the prob¬
lem of demobilizing the rest of the
millions of Americans who have
been working and living in a war
economy since 1941. * * * But the
members of the armed forces have
been compelled to make greater
economic sacrifice and every other
kind of sacrifice than the rest of
The returning
our
managed by American industry as success¬
the conversion was and without the disastrous consequences
extreme deflationary or extreme inflationary tendencies.
Mr. Zelomek nevertheless main¬
totaling
$135,582,000 have been
2. We must anticipate, however,
tained that business would be able
guaranteed, as a result of 56,276 that some members of the armed
to overcome the difficulties con¬
applications by servicemen for forces may not be able to obtain
nected with vague and conflicting,
such relief.
employment within a reasonable Government
policies.
Business¬
3. The Congress has also enacted
time after their return to civil
men
who do not get immediate
legislation making provision for life.
For
them, unemployment
100%
settlements on their ter¬
the
hospitalization and medical allowances should be provided
minated contracts will not hesi¬
care of all veterans of the present
until they can reasonably be ab¬
tate to use reserves and borrowed
war, and for the vocational re¬ sorbed
by private industry.
funds to finance reconversion and
habilitation and training of those
Members of the armed services
expansion of plant.
suffering from disability incurred
are
not now adequately covered
Some industries will not require
in, or aggravated by? military ser¬
by existing unemployment- insur¬ any reconversion, but will merely
vice, when such disability results
ance laws of the States.
It is esti¬ go back to producing for civilians
in a vocational handicap prevent¬
mated
that
approximately one- the same kinds of goods formerly
ing reemployment. Similar provi¬
half
of
them
will
have, no
produced mainly for the Govern¬
sion has been made for the re¬
unemployment insurance protec¬ ment.
These industries, notably
habilitation of disabled persons in
July:
What
as
either
of
inventory of parts within three
certainly prevail will months after plant space becomes
not offset the powerful urge and available aild will be producing
and
ability of American business to at the rate reached in 1941 within
service
over
fully
steps that
now:
help
tide
The reconversion will be
litical
further
following
To
.1.
service
civil life.
desirable
women
According To Economist A. W. Zelomek
con¬
our
armed forces have returned many
dependents of those
Service
be
must
plans for the
reconversion of industry and for
the creation of employment op¬
sistent
Reconversion Problem Is Over-Esllmated
of sol¬
Act, life insurance riod of readjustment from military
rates is now to civilian life,'Tnustering-out pay
available
to
members
of
the will be needed. It will relieve
armed forces in amounts not less
them of anxiety while they seek
than $1,000 and not more than
private employment or make their
$10,000 per person.
A total of personal plans for the future. I
nearly $90,000,000,000 of insurance therefore recommend to the Con¬
has already been applied for.
gress, that it enact legislation and
2.
In
addition, provision has
provide funds for the payment of
been made, under the
Soldiers' a uniform, reasonable musteringand Sailors' Relief Act, for the
out pay to all members of the
guaranty by the Government of armed forces upon their honorable
the
payment
of premiums on discharge or transfer to inactive
commercial policies held by mem¬
duty. This pay should not be in
bers of the armed forces while in
a lump sum but on a monthly in¬
service.
Premiums on insurance stallment basis.
at
Nov. 23 follows:
To
for
be in
Our
Life Insurance
presented to Congress on
as
plans
women
filled in action.
For example:
1. Under the National
unemployment
system for the mer¬
tion, he urged
three-point program, involving
widows
of reconversion.
throes
portunities
Emphasizing that plans and legislation must be ready for the
demobilization of soldiers and sailors, the President called on Con¬
gress to give immediate attention to a
"reasonable" mustering-out pay, af
when industry will
time
the
2231
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4234
158
of
our
,
THE COMMERCIAL &
FINANCIAL CHRONICLE
Thursday, December 2, 1943
for
ituation
taught.
When the pub- j specific end
lie is tola that
ether nation
termined
do when un•£
rtyait
the pressure of a great
~ir -:
this,
or
1
not
or
much
more,
educated
represents
we
people, and we know j high peace-time employment is
recognizing wonderful difficult, the rewards of success
advances, the scientific are so great from every material
thateeven
material
;
-
let
expenditure
'"'(Continued from first page)
..
.
show .much
Neither
crisis.
else
...
1
n
der
some
people, is de¬
to repeat the
or
can
-
1
.
want
program.
have
us
budget
the
to
national
a
that
national
accomplish.
Let
our
cient
carrying out of these
estimates
activities.
fairly
purposes
base
while
and technical
nine-point post¬
a
Feder.al fiscal
First,
Policy Which Will Help Create Bood Products
(Continued from first page)
have
discussion
war
the
on
We
us
effi¬
worth¬
want
no
progress of the last and human point of view that it is
spending for its own sake and
certainly remains to be hundred and
fifty years has never an effort which can be undertaken
projects merely because they
riod (usually now the years seen whether the Russians truly ripened in terms of human
with real zest and. enthusiasm.
support purchasing power in
genimmediately following World can match, or even come near betterment. We know that in ,our Little differences of opinion and eral..
.V .'
War I), it would do well to matching, such a record in the country, to go no farther afield, petty special interests become in¬
Second, let us lower our tax
we had a decade of mass unem¬
significant and can be brushed rates to the point where
inquire whether there is any production of shoes, clothes ployment of men and
they will
machines, aside in view of the prospect that balance the
budget at some agreed
and
other
articles
of
and
before
ordinary
that
general agreement as to what
we were worried
lies ahead.
Business is definitely level of
high' employment, say,
the "mistakes", of that other consumption in peace time. about what we called "techno¬ committed to take the initiative for
example, 55,000,000 persons'
logical unemployment." We know and to do its proper part.
period really were—and if And, of course, the whole sys¬ that
working 40 hours a week. We do
during the 30's alone in. the
But it would be folly to expect not,want
a
there is such an agreement tem under which the Russians
deflationary tax proUnited States, we lost forever a that business can
make the tran¬ gram at times
of less than stand¬
whether it appears to be sol¬ operate presupposes that Mr. product of
goods
and
services sition from full war-time employ¬ ard
high
employment.
Taxes
which would have amounted to ment to
Stalin
(or
some
other
figure)
idly based in hard, common
high peace-time employ¬ should be reduced
where they
will decide the relative pro¬ more.;, than two hundred billion ment without cooperation from will do the most
•sense or is merely the judg¬
good
in
dollars. Not only for these mate¬
creating
public government at every level demand and in
ment of articulate publicists portions
of
the
different rial things, but for other values
encouraging pri¬
—Federal, state, and local.
vate enterprise.
/.
or
classes
of
politicians whose' ability
goods the people lost as well, we want in the future
These measures of cooperation
Third, having set our tax rates
that this product be
lies
more in influencing other
lies illUJLC
created, con¬ between government and business to balance the
may have, i.e., pairs of shoes,
budget at high emserved, and applied to the
are good, but in my opinion
tfiey
in¬
people than in discerning the houses, automobiles, clothes, creased
ploy ment, let us leave them
welfare of
alone,
are
not enough. In addition, we
qs,
all.
We,
in
truth themselves.
except as there are major,
"mistakes" of
other pe¬
some
It
,
■.
.
■
,
ill
w
_r
■>
^
"
'
'
-i
-
-
j and the rest.
So far < the
be^recalled by those i scarcity of all such goods has
■
It will
America,
our
with1
lier
fantastic
as
nonsense
the
as
ear-
In "total war."
killing of little pigs and the
destruction
Enough has
fields.
crops
in
the
In other quarters wor¬
As
Peace
Economy
i.
j
j
„
J
4-
nr.
i
•
have
r
arisen
a
n
i
i
number of spe-
xi
conceded
j.
that
n
{ti
i
full
»
the
of
toward
way
these
now con-
ment"
elimination
men
of
that
unless
rangements
and
for
the
distribution
services.
The
we
are
some
other
of
able to
der the rules of
a
high production and
ployment.
' ;
ar¬
■
production
goods
and
demonstration
produce
war-time
ganization
can
and
men
-
un-
ments.
work
ask
.
accomplish if their
technical capacities are given full
And we know that at the
j
rein.
present
wUh
ncwncS5 ol
war-time
conditions
under
,which
we are
working, the organ- !
izationaland administrative ar-'
rangements
effectiveness
are
of
much
than they ^will beionger experience. And
so, for these good reasons, much
thought is being given to the ways
terpnse may do its full part
to
m
that as,
' would
in
every
it
is
not efficienly discharged.
undisguised form but also Improbable—again assuming
running implicit through ar- the willingness of workmen
guments which are likely to really to work as directed—
prove more damaging) is that that large production
might
Russia has shown the
way to be achieved. Such production
almost incredible
production,1 mieht not be—indeed, almost
a
way which would serve the certainly would not be—of the
purposes of peace as well as things that the rank and file
those of war. We, in addition want. The war
has shown us
to
supplying our own armed —if any showing was necesforces and many of those of
sary—that full employment
several other nations, have
along with scarcity of many
shipped enormous supplies to items desired by the public is
but it is also true that
Russia has made
production
a
record,
o
year or
But what does it prove
far
as
peace
nossible
in
peace
as
;particu-; It could result from
larly, during the past
two.
quite possible. It would be
remarkable
time is
in
as
war.
>
Although the task of attaining
serious
Sixth,
social
and
of production.
to
the
practices
from
that
A
years
ago,
tient
was
and
insurance, let us set our rates so
that intake and
outgo balance at
let
employment
sales
pa¬
tax
the
for
the
im¬
time
rest.
If
need no general
fiscal policy pur¬
that the individual
fpr
poses,
now
income tax is on
both
diabetes,
keep
as
and
VV'-' flationary..
some
a
us
production lag
overmuch, ,let us get rid of these
too, except'when they have some
social purpose, since
they are de¬
fear
mine,
told me that if
suffering from
rates and benefits so that
our
they come somewhere near bal¬
ancing/and for unemployment
being/and get rid of the
check
v;'->
doctor friend of
:
portant excise taxes
of insufficient effective consumer
demand.
the
they have been highly deflation¬
ary. /For old age
security, let us
set
the
a
current
basis.
Eighth,
let
us
"arrange our
lending abroad, whether for sta¬
bilization,
relief, ; or
long-time
reconstruction,
so
that
it
will
the
of course, many civilian items
the
which must be supplied to the disorder of metabolism, so that
individuals in the armed ser- the body may be properly nour¬ support rather than
contradict
ished and may help father than
vices, there is no question of
fiscal
policies
adopted
to
hinder attack on the second dis¬
markets. Such supplies of al- ease.*"
strengthen
our domestic
economy.
'
:
' A,""'
Ninth,
and
most all types of ordinary
indispensably, let us
This rule of medicine can be
press for a reorganization of the
goods as are left for the ordi- extended to a wider field. The parts of the Federal
government
body politic has long been suf¬
that have to do with fiscal
nary civilian are so smalt in
policy
fering
from
undernourishment,
We
comparison with demand that caused' in-large measure by dis¬ and administration.
want
there is-v.ery little likelihood, orders-* of' 'fiscal program. This clarity in policy, unity in admin¬
istration,
and
cooperation
be¬
of serious'surpluses any where; hndernohriskment has brought tween the
executive and
•
~
.
w
.
legisla¬
thtom the hoarders,
£'ad LevTtabl/To^ovlrnment| public or private, would deal
| controlled monopoly,': class preju—or
if
tive
branches.
.
sure
things done, in
over-
,
other ways. ,
In the war
,
goods—including,
,
~
^
would
run
,
__
7
certainly in the long
wreck it.
The
war
econ¬
omy has taught us very much
less about peacetime econ¬
omy
than
many
of
us
imagine.
that
chasing
the
maintained.
truly
dence
blood
is
"Only
of
pur¬
adequately
then
-
can
we
appraise the nature of the
other
then'
life
demand
Having
got this
far, we then want the maximum
necessary
evils
can
on
that
we
afflict
decide
the other
monetary
only
us;
with
fiscal policy itself. We shall
expect
that unity of fiscal ,and
policy
will
be
along the way. *
confi¬
measures
that
This
some
gram
As
a
step toward agreement on
long-term policy, I have suggested
why
be
and
easily
nine-point program raises
questions, but if the pro¬
makes
sense, .there
constitutional
ought to be applied.
attained
it
ready
we
or
could
once
are
are
no
technical reasons
be adopted to
not
peace
able
to
is
v
:
as
as
Seventh,
restrictive
spring
;:.
neutralize
programs
levels of
employment
hitherto defined.
But the fis-
also
us
far
their fiscal influences are
con¬
cerned/
Since
their
beginning
_
high
cal policy here suggested will aid
all want; and it will
tendencies
toward
let
security
,
1
a
markets
to
errors
economy
the
people working closely problem of marketing hardly
tegeth^r * in
an
economy exists.
Concerning the vast
planned toward a limited, bulk of war
what
optional projects. >;
with them without delay.
In dice and international tension between degree of coordination
Federal, state, and local
in the management of, very > large segments of the The first stej» is to control the
governments, as their tax and ex¬
j production,
inefficiency in, economy costs are a secondary undernourishment, and to make penditure policies affect national
j
con-getting
sive record of the past
year
two.
Either or both show
works—Federal, state, - and
local—scheduling, and the holdmg." back of a large ' reserve of
addition
procedure is to treat
diabetes first. "First correct
r
or
In
policy, there
government
stability,
protection against illegal aggression, confidence in the outlook
for
profitable relationships between volume, costs and prices,
pub-
he
fiscal
proper
consideration, to say the least.
Certainly not very production of things not in Obviously such a state of afmuch.
Obviously no more demand commensurate with fairs cannot exist in
ordinary
than our own fully as
impres¬ production, or in a number of, peace economy and, if it
did,
cerned?
year
and over the;
years.
This would
require advance
planning of
does
be
tuberculosis
-
Russia
expect
do the
It
subordinate, strongly in getting the
high pro-*
duction and high employment we
case
being
wisdom,
it.
employment
production.
sound
means
say
high
of
high
a
period.
far as ( know, these business men!
not
for
^
must
en-
does
fiscal policy to
business
con¬
objective
should be to provide in
this basic
industry continuous activity on an
agreed level throughout the
Business knows that fiscal policy alone cannot produce a healthy
access
hasten to
economy, but to stabilize the
struction industry. Our
cooperation in maintaining a flow of purchasing demand
that will have some general correspondence to what agriculture,
labc", and business are able to
produce and distribute.
achieving
and
high production
high employment in the post-war,
I
Fifth, let us plan our public
Works, not to balance the whole
for
and
come
is
necessary
of
less .condition
fn(i means whereby private
em¬
fiscal program
a
Business
national
a
orr_
business basis.
high
that will help it create good prod¬
ucts, good jobs and good invest¬
cf
econ¬
and
Fourth, let us hold on to the
principle of progressive income
taxes and estate taxes as
.
Business wants
is unanswerable evidence of
machines
prices, let
the best
private
business
enterprise,
private business enterprise will
supplanted by
When employ¬
agreed level,
boom in
To put it in another way, it is
way of reversing the
tendency of
inescapable
that
the
national
purchasing power to come to rest.
state, through an explicit and im
Let us reduce the
rates on the in¬
plemented fiscal and monetary dividual
income tax to stimulate
policy, must complement and sup¬
consumption and to make possible
plement the activities of private
investment in new
enterprise on a
business in the maintenance of
un¬
of
be
changes
policy*
us hold the
surplus or use it to
reduce the national
debt, not as an.
excuse for. further tax
reduction*
and effective demand.
system
a
in national
ment goes
beyond an
or if we have a
on the part of
gov¬
that, through an explicit
fiscal and monetary policy, it will
act
when business, as business,
cannot act to sustain employment
unemployment
mass,
be eliminated urfder
the attack
t
ernment
employment is the first require¬
for
the
post-war period.
Many will go so far as to agree
can
7
commitment
a
agree
mass
in
success
business and, governmept on
the danger of mass unemployment
the
.
of these (often encountered in
by
expectations.
employthinking
about
post-war i
possible—in return employment to efforts directed!
stitute a genuine threat to for whatever sort of
money is toward the winning of the war,
the Post-war
economy and used
to
meet
the
payroll,
has made
which must be exposed as the Should
the
economic
manthat his responsibilities for presnonsense which
they are. One agers be able to summon the ent war-time production are
cific doctrines which
require for
ment
VVHWU
ship of the extreme of compecompe
appears
to have je- oenence has taught some
placed the doctrine that the our post-war propagandists-—
evils of competition, even of that
full
employment and
the ordinary garden
variety, abundant production far beJ.
TT+^v,io
were in considerable
part re- yond the dreams of Utopia is
sponsible for the conditions aasily possible in a iully
existing in ./the early '30s—a "planned economy." If we are
doctrine which gave birth to to assume that
people will act
'11
t
attj a
i'
n;w ^oii^xr
ov,A rl^
the ill-fated NRA.
:
like galley, slaves, and
do unI complainingly and to the limit
False Doctrines
of their
ability precisely what
But out of all this there
they are told to do, it may be
U1
that the
what
been said
to dispose of that other rekt.d Wesson" that war ex-
of
our re7
should encour¬
we
Today most business
omy
tition
i
points
realization
what
now
fruition
skill, and
leadership wherever it arises
age
that
i
War
of
with, and that
'
wliich led to the
this'
expect
energy, our
sources, and it is therefore natural
that we
should be sympathetic
reasonably good memo- j always been such as to preelude the problem of surpluses of individual goods
ing neW post-war (economics; arising from miscalculations
are
the very ones who not of the amounts the people
long ago were announcing to want.
Such problem would,
the world economic discover-! of course, abound in an ecoies to which their more recent nomy of relative abundance
doctrines give the lie.
The such as that to which we are
war has apparently converted accustomed—and, it is
scarcely
many of the "scarcity econ- • likely that the American peoomy" school to an economy pie will tolerate in peace time
of
abundance,
the precise the regimentation essential to
nature of which often upon
any such production and dis¬
close examination appears al- tribution process as is normal
ries that the. very groups who
are now most vocal in^preach;
most
•*
—
declared
begin to
re-
•
peace-time way of life. publicly supported agency for em¬
During the transition period, the ployment.
The attainment of high levels
nine-point program itself cannot
of
employment'" will still leave
be expected to eliminate the need
for some public expenditure for many individual men and women
relief and rehabilitation. But it in need. A modern industrial so¬
will provide a flow of'purchasing ciety with its enormous produc¬
tive capacity can give a certain
demand, which springs authenti¬
minimum protection to the indi¬
cally from the tens of millions
vidual citizen against the occasion
whose tax burdens will have been
of unemployment, destitution in
reduced. It vidll express in a mo¬
old age, accident, and disease. It
saic aggregate the American way
can assess the burden of this min¬
of life as pictured in consumer
imum protection with reasonable
preferences.
Against this back¬
fairness against the aggregate na¬
ground,
the
readjustments
of
tional produce. I do not believe
employment and the reconversion
that such humane provision will
Of
business, and
industry
can
readily
remarked
I have
not
occur.
weaken
everywhere con¬ "Journal American" of Nov. 26
indispensable. With said:
Declaring that only three of the
high prosperity, we shall require
20 countries he visited can "fairly
permanent establishments of the large imports of raw materials,
administrative branch. These good and we may even welcome the be called democracies," Senator
sources
of information and sug¬ economic advantages of lower tar¬ Butler said:
As
our
sume
been
has
it
result
a
too
de¬
pendent on outside experts, occa¬
sional consultation^ and on
the
gestion should not be brushed
aside, but Congress should have
its own
technical services fully
equipped to handle problems as
the recognized servant of Con¬
gress. Such services could be built
up in a number of ways. For ex¬
ample, the Library of Congress
lends itself admirably to impor¬
energies or our am¬
our
extension
tant
development.
and
United States is
ceded
iffs
leave
"Why
-
at bitions,
"All
manufactured |
and
foods
on
of
cannot do the job.
expect, and
small gain, is that pub¬
most
The
this is
no
be planned and
in such a way as to
works-
lic
can
we
can
undertaken
out the
providing
a
construction
throughout the year
Some rough
approximation could be made of
and year
at that.",
The
after year.
weaken
the
of years, and to
maintain the desired volume of
construction; public works might
be undertaken when private con¬
period
struction fell off.
the
we
level
of
that
the, average
standard
made
rough
rebuilding
physical plant/once a gen¬
our
This
eration.
improvement
initiative,, of
suggestion has the
make
would
that
of
the essential integrity
representative
process,
but
it less clumsy
effective, more nearly
in fact as we picture it as an
ideal.
The
initiative
for these
and
more
changes must come from Congress
'tself, because in Congress is to
be found the. wisdom, the intuitive
sense
employment
suggestion has been
we might take as ,. a
The
of
:1 vy
'
in
construction industry should
take as a long-time normal?
: What
:
the
Congress itself. Change and mod¬
ernization
of: rules, - precedents,
aggregate employment in
construction
would be suitable
a
this
on
into
authorhelpful reforms
of balance, and the
ty that can bring
being.
:
\
,
.
introduced in
by Repre¬
Monroney and Senator
resolutions
The
the House and Senate
sentative
Maloney
to
create
a
to
committee
joint
bi-partisan
recommend
efficiency of
appeal of picturing each genera¬ Congress come as a timely and
tion
turning over to the next encouraging step in the right di¬
generation new, modern struc¬ rection.',.,: ,; I■'yJ,
instead
tures
of
old,
outmoded
schools and factories. It
estimated that such a
houses,
has
been
program
would
as
a
mation.
about
national
6,500,000
require
eight per cent of the
product and would keep
men. employed
011 and'
but
this figure should
taken
ways
to improve the
But there are
some
things that
Congress cannot do alone,
that re¬
quire the initiative and support of
the people generally, the citizens
whom Congress serves.; ;
;
.
I think we must
recognize that
off site; membership in Congress is the
only be top
legislative job in our very
preliminary approxi¬
important
country,
that it is
/;-/v
said, it seems, to
unreasonable, indeed I feel
But, as I have
me
estimated' this
program
official
.
The
circles.
squabbles
termination
contract
U.> S.
armaments
Lend-Lease
States
United
countries and
1o
a' prepare
for war on its South
disturbing symptom of the pres- i American neighbors.
ent incapacity of the government I
2. Many
countries are openly
to think ahead. The problem of playing us for suckers and Ameri¬
domestic recovery and long-term 1 can officials told Senator Butler
over
are
no longer be so! U. S. cash is finding its way into
neglected nor should it be rele¬ local graft.
3. High
gated to the private agencies of j
wages
on
American
agriculture, labor1 and business 1 projects are looting local business
Much, as these private agencies j men of workers, causing labor un¬
can and must do, they cannot do
rest and forcing inflation in some
prosperity should
(
they cannot even do 1 countries.
4. U. S. Government money is
without proper gov¬
ernmental leadership and coop¬ being used to industrialize nations
eration.
;
which intend to compete with us
;
We must succeed at home if we for post-war markets.
<,
are to succeed abroad. Our great
Senator Butler turned his report
contribution to world peace and over to the Truman and Byrd com¬
indeed
all,
their
part,
.
freedom
are
able
only be made if we
can
to
advantages
mittees!" 'investigating- Federal
spending and 'the war programs;
unparalleled
our
use
clear that the New Deal
has been neither abol¬
adjourned, but merely
transplanted to Latin America " he
'
establishing shere,
in
home, a high standard of pros¬
at
."It
program
ished
perity and democracy.
nor
1
said.
The
following
is
also
from
Washington Associated Press ad¬
vices Nov. 26:
.
Senator Butler's report was met
with both criticism
the lessons of
that the
is spending about $6,000,000,000 in Latin-American
charged the. Administration with "waste and extrava¬
Senator Butler
come
Nebraskan
country has poured $6,000,000,000
with the passage
from
of
Some
must
what
over
and
and
his
(Rep., Neb.) told the Senate on Nov. 26
and praise by
colleagues on Capitol Hill to¬
day.
,
'
Representative Martin of Massa¬
•v chusetts, minority leader, sug¬
American gested that the revelations " "de¬
mand an immediate correction of
and procedures should be under¬ countries, the Senator said that this $6,000,000,000 figure covers actual
conditions," while the majority
reasonable level of taken, changes that would' not expenditures, commitments,. anc<S>—
the
activities of the con¬
struction industry itself, thereby
even
time
if
dictatorships
.
nor
experience.
are
autocratic sort,
generally militaristic dictatorships
Senator
lic works alone
rest
most
\ into
"good neighbor" countries.
for high Instead of resultant good-will he
prosperity for the United States1 said he found:
has been too little emphasized m l
1. At least one country is using
critical
The
quire the
ment that comes
the
the
to the world's essential, needs.
nerstone
,
be
With high prosperity, we
shall be less greedy for foreign
outlets to take up low-cost excess
capacity and we will be morel
willing to see our exports directed
time, it might become the cor¬
of a national university
In
to
goods.
of a special type, a great institu¬
do 1 feel that we re¬
tion of learning-, serving the peo¬
spectacle
of
fortuitous
home, for expenditure by the in¬
the same
human
distress to teach us the ple generally and at
dividual, money that would have
time available to the members of
wisdom of avoiding error and evil,
to be pumped out again to sustain
Congress and responsive to every
> Not only in the area of high
employment?"
The
nine-point
technical need.
: ^; :
employment, high production, and
program is a way of carrying out
humane
protection,
are
there "J We must give due attention to
the policy implied in this simple
our
representative process and
goals to aim at. In our democratic
question. < ■ './.■.v-:'. '..."
the measures and attitude's that
representative process, there are
Much has been said and written
also
objectives that are worth may strengthen it. Our economic
about public works as - a means
and social problems are exceed¬
of providing employment and of thinking about.
ingly important, but we need not
During the debates of receht
evening out the business cycle.
for that reason neglect our legis¬
months, the public has watched
Lately, we have become familiar
lative institutions, on
which so
the operations of the legislative
with the phrase "a shelf of proj¬
much depends, as we move on to
ects"
to
be
ready
if business process with" unusually close at¬ extend and enrich our democracy.
tention. Inevitably, as a result of
should become depressed.
Plans for world economic rela¬
the ups and downs and delays,
We must not expect too much
tionships have recently received
Congress has come in for a lot
from a public works program as a
a great deal
of governmental at¬
of criticism. In spite of the criti¬
tention and public discussion. For
general support for high employ¬
cism, some of which was just, and
ment. If we believe in the policy
the success of all these interna¬
some
of which was not, it is a
of no wasteful public expenditure
tional plans, a high level of em¬
good thing that in this country
and no spending for its own sake,
ployment and production in the
we have a Congress to work with.
the
administrative
difficulties
This does not mean that Con¬
make proper timing almost im¬
gress is perfect, or even that as a
possible, and reduce the potential
democratic legislative body it is
volume well below the require¬
not susceptible to the improve¬
ments of a true depression. Pub¬
elsewhere
223(3
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4234
Volume 158
,
therefore
a
very
important, job*
both for the country and
for the
gance."
In
,;£
credit
of
extensions
States
•
reporting on his recept tour of 20 Central and South
on
United
cudgels for the Administra¬
tion' and declared that we have
leader, Mr. McCormack, also of
Massachusetts, warned that the
Wal¬
spent only $2,207,000,000 in South
America.
Senator McKellar dif¬
American
activities.
Vice-President
A.
Henry
statement, apol¬
Latin-Americans "for
lace, in a formal
ogized to
this' shocking
slur," " describing
Senator Butler's figures as "fan¬
tastic"
be
and
"refuted
said
that they would
the
by
such
people
"should
view
utterings with caution.!'
b
fered with Mr. Rockefeller to the
tune
of
$2,000,000,000-~~not
some
big discrepancy, from the
a
Deal
New
point of view."
Stee!
Payrolls Rise
Senator Butler made his report
agencies in¬
after
a
60-day
tour
of Soufh
Payrolls of the steel industry
radio talk on America. Referring to Mr. Wal¬
reached a new peak of $143,769,Nov. 27, reiterated his charges and lace's recent visit there, the Nebraskan said, "I went as a tax¬
000 in September despite the short
suggested that Mr. Wallace apolo¬
gize to "the hard-beset taxpayers payer, not as one who had had month, according to figures re¬
of this nation who are paying for I free access to an almost limitless leased on Nov. 10 by the Ameri¬
the wild and wooly activities of Federal treasury for eleven year? can Iron and Steel Institute, which
this global WPA."
reports as follows:
•
now."
"Naturally, we saw things dif¬
From. Associated Press Wash¬
The record-breaking September
ferently,
and
I
am
sure
we
saw
ington advices of . Nov. 27 regard¬
payroll
was
$1,000,000
greater
different things," he added.
ing Senator Butler's remarks over
than the previous peak of $142,As for Mr. Wallace's assertion
the radio we quote:1- '
:
769,000 paid out in July of this
dis¬
In a prepared speech he called that Senator Butler would
year. In August, steel payrolls to¬
Mr., Wallace "that notorious mod¬ credit the good-neighbor policy, taled $139,855,000. In September a
ern Don Quixote,
who persists in the Nebraskan said-, he went to year ago $124,777,000 was distrib¬
engaging myterious enemies in South America believing in it and uted in payrolls, indicating an
"came back sold on it completely,'
battle."
v.■■::r- '/:■
increase of 15%' in total steel pay¬
"We in this country have- been
"My advice to Mr. Wallace," he
rolls over the past 12 months.
\
committed to a policy of friend¬
said,f "is to .get an adding machine,
Continuing the trend of the
go through the Federal register, ship for Latin America since the past
year,
employment in steel
get the. names of the various agen¬ days of Presidept James G. Blaine,
volved."
r-
-
'
Butler, in
Mr.
•
a
.
■
,
.
cies
dealing -with Latin America,
from
each
agency
the
obtain
money they have wasted in South
■'■■■V-\
must recognize that America, and add the figures.
who
initiated
the
Pan-American
Union," he continued. > ;:/>< '
? :
-
'
"But
we
can
have a more valu¬
plants again declined. In Septem¬
ber, an average of 620,000 employ¬
ees
was at work, compared with
balancing factor for
as a whole. However,
the econmy
if we could
only achieve reasonable balance
in
the construction industry it¬
self, a great deal would have been
625,000 in August and 640,000 in
neighbors on a
September 1942. The peak em¬
scale,
in
the
opinion
; "If
he uses an old-fashioned
membership in Congress has be¬
ployment in steel plants during
of every sensible economist whe
the war period was in June 1942,
come
a
full-time job, not a job adding machine—and not a New
has looked over our dream-world
when 659,000 were employed.
that can be fitted in between crop Deal kind—I am sure lie will ar¬
program
of
buying
friends
below
rive at the same; figures I pre¬
seasons, or between law cases, or
Average
hourly
earnings
of
our
border."
'
while a partner can handle the sented- to - the Senate yesterday
James G. Blaine, as it was noted wage-earning employees rose to
business alone. The time required and give you tonight.
.
;
a new peak of $1.16 per hour in
in Washington has grown to be
Senator Butler also noted that by the Associated Press, was the
accomplished.
and will continue to be
it is reckless optimism, to
expect that public works expen¬
ditures can be counted on as a
that
:
,
world.
I think
we
'
level
in¬
dustry, within the year and over
the years would greatly increase
the efficiency of the industry and
A
reasonably
continuous
and the time at home
extensive, Mr. Rockefeller (Nelson Rocke¬
is fully oc¬ feller, Coordinator of Inter-Amer¬
able
tie with our,
much cheaper
Republican candidate for Presi¬
dent in 1884, but was defeated by
Grover Cleveland.
As Secretary
September, The number-of hours
worked per'week by wage earn¬
cupied with duties that arise from ican Affairs) had challenged his
ers in that month
averaged 45.3,
of State in President Harrison's
legislative responsibilities.
And figures.
Mr.. jjlpqkgfqller
said
administration
indicating
an
average
weekly
he
presided
over
here, as elsewhere, a full-time job •spending
and .^prjipqitments
to the Fan-American Congress.
deserves full-time pay.
wage
of approximately
$52.55.
spend in Latin-America in the last
Describing United States1 aid to
any
given level of employment
I think we must recognize that three
years
byJ Rall-' government
.That weekly wage compared with
Latin
American
countries
as
would yield a larger and larger
membership in Congress requires agencies, including - military and
$48.85 per week !in-August,, and
product.as the years went by; The unusual
talents,. o| ' intellectual naval installations, "total less than "naively conceived and badly co-.
ordinated boondoggling," Senator with $43.20 per week in Septem¬
traditional recurrent idleness of equipment, energy ft courage, and $600,000,000."
This. figure, Mr.
Butler in his remarks addressed ber a year ago.
men
and equipment in the con-, the rare
ability tb make oneself Rockefeller said, "as in the case
struction industry has forced for
of
that
$6,000,000,000
figure," does to the Senate on Nov. 26 stated
During August, steel wage earn¬
s acceptable
to
a
constituency
the
sheer
survival the adoption of through, the operations of our not include "the sums: spent for that
program
should
be
ers received an average of $1,133
practices which all deplore,
, "
democratic process.
goods, services -and raw mate¬ changed to one of technical as¬
These practices. I feel sure, can
sistance and cultural contact and per hour and worked an average
..
* >.i
We should also encourage Con¬ rials.".
be largely ,eliminated once the in¬
understanding. As to the report of 43.1 hours per week. In Sep-:
;
Senator
Butler
commented:
gress to. provide itself with much
of the Senator's tour of Central
dustry comes to have confidence,
tember, 1942 the average hourly
more adequate technical and pro¬ i • /'Perhaps he did not hear Sen¬
and South American countries, an
fn continuity of activity. But as
fessional services
Congress has ator Kenneth McKellar, Democrat
earnings was $1,086 and the aver¬
Associated
Press
account
from
these 'practices now..,exist,' they
of
Of activity
in.the construction
,
.
.
are
'--a-serious-obstacle- to the-useconstruction industry as a
of the
,
Tennessee,.; who;- immediately:
not made the provision for its own
.needs that modern times require. after I gave my report took up
Washington
in
the
New
age
work-week
was
39.8 hours.
-
pute was
War Used As Excuse To Soften Provisions
Of Anti-Trust Laws, Thurman
ding
of
new
a
would
Arnold Charges
bring
new
Associate Justice of the
which*'-4—
great benefits will
industrial
Swiss decree forbid¬
reveal
in any way what it sells to which
foreign country. This was followed
one day
later by a statement in
"Gazette
de
in
Lausanne,"
a
front-page article entitled "Switz¬
erland and Economic War," sees
the
case
in
this
light:
Enactment Of Bill Holding
Insurance Cos. Not Subject To Anti-Trust Laws
U. S. Chamber Urges
pending Bailey-Van Nuy$ bill which would
insurance companies not subject to regulations
under the Federal anti-trust laws is favored by the Board of Direc¬
tors of the Chamber of Commerce of the United States.
This position,
which is consistent with Chamber policy previously adopted in annual
Enactment
of
the
declare the business of
belligerents,
the justice of their cause,
provided monopoly gain enough faith in our tradition it a
of free enterprise to attack the the
was
not permitted to stifle the
elements of progress."
The New special privileges which are sap¬ land "alone must control the eco¬ in part:
■ /
York
"Times" of Nov. 25 also ping its vitality," he said. "Monop¬ nomic activity of the country and
"For over 75 years the Supreme
gave
the following remarks of oly control is easy to destroy if accept no meddling by any for¬ Court of the United States has
the people have the vision to de¬
eign power in this domain." Sub¬ repeatedly
Justice Arnold:
held that insurance
While
assailing monopoly on stroy it. Instead of a partnership mitting industries to "foreign con¬ may be regulated by the states.
between cartels and the Govern¬ trol"
would
risk
overthrowing
the right, he also attacked the
"For over 90 years
insurance
ment I see a new age of commer¬ neutrality and a "serious blow"
has been regulated by the states—
planners on the left who would
cial freedom.
would have been directed at the each
place concentrated industry under
acting to meet local condi¬
"The ideal of a managed eco¬
"dignity
and
independence
of tions and each as it deems best
control of a Government bureau¬
nomic
order
is alien to every Switzerland."
cracy.
for its citizens.
American.
While these traditions
Lacking an official Allied pres¬
Predicting a new era of indus¬
"State
regulation began long
endure we will never accept con¬
entation, this average American prior to the enactment of Federal
trial development, "an age of light
trol of production and distribu¬ after nearly three years in this
metals
and
chemicals, cheaper
anti-trust laws, and Congressioiial
transportation
and
unimagined tion by any bureaucracy, either of country sees the case thus:
history
strongly
indicates that
liberals or conservatives.
These
Switzerland,
militantly
proud
of
plenty in every form of industrial
Congress
never
intended such
traditions are represented by the her democracy, is interested in
laws to apply to insurance. Con¬
production," Justice Arnold said
anti-trust laws, which have been the
preservation of democracy, gress has evidenced no desire to
that
"this industrial revolution
forgotten
from
time
to
time,
but
and has a big stake in this war
may promote an expanding econ¬
regulate insurance.
never abandoned."
1
despite neutrality.
"In
reliance
upon
Supreme
omy
of incalculable benefit to
The American philosophy of the
Switzerland is still surrounded Court decisions, state regulation
everyone not interested in obso¬
economics
of
opportunity
for by the Axis and her ability to ex¬ has been developed. It has been
lete investment or in pursuing a
which he pleaded, Justice Arnold port thus is subject to a measure
accepted by the courts, the states,
policy of high cost 2nd low turn¬
said, "means that invested capital of Axis control.
The bigger part the insurance business and the
over."
■
v,'» ;1
values must not be allowed to of Swiss exports go to Axis na¬
Pointing out that this "can be
public as the proper and the most
protect themselves against new tions for this physical reason if no effective means of protecting poli¬
our greatest hedge against infla¬
tion because inflation is a scarcity enterprise or new techniques, un¬ other.
cyholders and the public interest
der the cloak of corporate fran¬
The Allies, convinced their war in
insurance.
Because
of local
to
the nation,
.
are
or
associations, or patent
any
"Established
or
other device.
enterprise
is
for
the
benefit
of
all
democ¬
racies, seek to reduce this where
conditions
neither the Fed¬
of Justice nor
any other Federal department has,
until 1942, sought to" apply those
than
50
eral
Department
approving the committee re¬
port,
tne
Board
of
Directors
In
authorized the Chamber's Depart¬
ment
of Governmental Affairs
to
the pending legislation.
previous declaration of the
Chamber, with which the Board's
action is consistent, was as fol¬
support
The
preferences, the de¬
practices under state
lows:
)
"The safety record of insurance
both
in
times
is
normal
the
and
result of
abnormal
sound and
wise
principles and methods/un¬
regulations laid down by the
states. The performance of effec¬
tive
state
regulation has
been
der
The present system
regulation offers a vehicle for
steady improvement which makes
unnecessary any form of Federal
regulation. The characteristics of
insurance render this essentially a
outstanding.
of
constantly meet the
new
years,
insurance."
laws to
in the belief that this regulation vary with the states;
challenge of will strike a fairer balance for a however, Federal anti-trust laws
Justice
Arnold
neutral
State
that in peace time
tion is dominated by those inter¬
maintained.
"It means that the hopes again for Allied tourists and
ested in maintaining their control
and
protecting their dividends opportunity to make a fortune, products.
not the stabilization of fortunes
The greater part of Swiss for¬
against new enterprise," he de¬
already made, is the impulse that eign trade/in peace time as now,
clared.
develop freely and competitively."
"It will be impossible if produc¬
fundamental
pattern of state regulation.
"Although
Federal
anti-trust
laws have been in effect for more
or
tails of and
must possible,
———
repugnant to the
concept of insurance and its regu¬
lation as reflected in the general
.
phenomenon," he warned, how¬
ever,
that this will be possible chises,
only "if we allow production to pools,
of the Insurance Depart¬
meeting, was taken in approving a report
Committee at the Board's^—:—
ment
convinced of bi-monthly meeting at Kansas
consider City, Mo., Nov. 19. The commit¬
"scandal" that nations outside tee
report, submitted by John
war refuse to choose. Switzer¬
Thomas, a Chamber director, said
The
remain with us until we re¬
powers or
defense of Sulzer.
"
age,
a
firm to sign any declara¬
tions to foreign
United States Court of
Appeals and former Assistant Attorney General, speaking before the
Institute on Post-War Reconstruction at the New York University on
Nov. 24, charged that the war was being used as an excuse to soften
provisions of the anti-trust laws to pave the way for domination of
industry after the war.
Mr. Arnold also said "we are on the verge
Thurman Arnold,
any
Thursday, December 2, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
2234
problem
Federal
for
state
than
rather
control."
enterprise,"
U. S. Must Lead World Into Saner Era
The full
production of the war
makes the
profit system
work."
is with Germany.
During Post-War Period, Declares Elmer Davis
The Swiss be¬
Condemning the "obsession for lieve there will be a Germany
concentration of in¬
Elmer Davis, Director of the Office of War Information, asserted
war
and
they don't on Nov. 27 that the United States, in its capacity as the strongest
dustrial power which created our security," which, he said, domi¬ after this
nated the pre-war years, Justice therefore
want to do anything
great depression, Justice Arnold
military power and as the least distrusted nation, is obligated to lead
Arnold asserted that, while "it is now that, will endanger trade with
asserted, adding that "the plan¬
the world into a saner era during the post-war period.
They don't ap¬
ners
both to the left and to the the duty of a Government to pro¬ Germany then.
Mr. Davis made this statement in a radio talk from New York
vide social security
and unem¬ pear to have given much serious
right are struggling with the prob¬
City at the Metropolitan Opera Guild's first Victory Rally of the
ployment relief, and safeguards thought to the degree of post-war new season's intermission
lem of how to distribute the vast
series,<S>for investment" in.time of crisis, control the Allied nations expect
the
United
production of a new age without
"The Road to Lasting Peace."
States, Britain and
this type of thinking should not to maintain over the Axis nations.
breaking up that concentration."
In reporting Mr. Davis' remarks, Russia and that upon these three
be allowed to freeze the economic
To
understand
the
full
import
Charging these- elements with
powers
will depend the task of
the New York "Herald Tribune"
life of the nation into a rigid pat¬ of the dispute it is necessary to go
being guided by a "wavering faith
leading the nations through the
of Nov. 28 said;
tern."
back to June, 1941, when Swiss
in American traditions and a Uto¬
He
asserted
/"The United States is not only transition period.
"Our choice today is not be¬ credits in America were "frozen."
pian faith in Government partner¬
the power whose policies arouse that the Moscow conference rec¬
tween different plans for our in¬
This
aroused
resentment,;
but
ship with industrial cartels," Jus¬
least
distrust among other na¬ ognized the fact that leadership
economy,"
the Justice did not become a serious issue be¬
tice Arnold stressed his opposition dustrial
tions," Mr. Davis said, "but is in solving the problems of the
to plans for control of production added. "It is not between the vari¬ cause Switzerland could use those
also, at the moment, the strongest peace must be taken by "the na¬
ous
isms which march before us
at home and abroad, establishment
credits then
to purchase goods. military
power
in
the world,
tions on whose armed forces
of quotas and efforts to determine like a parade of Chinese dragons.
re^ts
But last April 15 the Allies can¬ counting all the armed forces of
the business policies of all the Our choice lies between a cartel
the main responsibility for de¬
land, sea and air."
celled
all
Swiss
navicerts.
Now
independent units of industry and economy, which will usher in an¬
He explained that while this was feating the enemy."
subordinate business opportunity other decade of restricted produc¬ they are granted only to 50% of
hot true in the past and may not
"In an age when military power
tion, high prices and low turn¬ what they were before April 15,
to a managed order.
be true very far into the future,
is dependent on industrial power,
"Such ideas are the children of over, and a new age of commer¬
irt
this
but whether this will be main¬
"perhaps brief moment of
confusion and despair, but they. cial freedom."
only
Russia,
Britain
and
the
our primacy we are under a pecu¬
tained is not certain.
threatens the
The result has been a
Swiss-Allies Engaged In
Switzerland
and
the
Angloin "eco¬
Economic Warfare
crease
sharp in¬
in blocked dollars held by
Swiss National Bank in'America.
The Swiss contend
this is
an
im¬
liar
to
obligation to
lead
the
use
our
into
world
a
power
saner
when justice rather than mil¬
itary force will rule mankind."
era,
"Since this
is
United States
capable of main¬
military
estab¬
lishments," Mr. Davis said.'
Regarding/
hazardous and
a
are
taining first-rate
the
solving
of
the
the blacklisting of
uncertain undertaking," Mr. Davis problems of the peace, Mr. Davis
firm
of
Sulzer
Brothers, position which endangers/ their
nomic warfare," it was reported the
said, "we must somehow exert our warned that the setting up of a
headed by Dr. Hans Sulzer, leader currency. It has led, furthermore,
on Nov. 24 in an Associated Press
leadership in such a way that if— world organization must not be
of Switzerland's Emergency Eco¬ to a decrease in the number of
God forbid!—the endeavor should
dispatch from Bern, Switzerland,
expected
to
"bring
about
the
which said that this was the real nomic Administration and a for¬ dollars that the bank will accept fail, we shall not in the effort have
mer Minister to Washington.
millennium because there will be
meaning of a recent series of
for
francs,
even
for financing endangered our own security."
The Swiss say Dr. Sulzer was
statements by Swiss Government
Mr. Davis said that the task of plenty of human problems left to
with
exporting Diesel trade.
and industry recently to announce, charged
effecting the transition from an be solved, even if we should attain
motors
for submarines to Ger¬
The watch industry, which sup¬
explain and defend new economic
era
of military force and power
lasting peace." He also urged his
many, which is denied.
measures.
plies a livelihood for an estimated politics to one of international
The Allies wanted Dr. Sulzer to
audience not "expect too much
The Associated Press accounts,
15 to 20% of the population and organization is the "highest and
cease exports to Germany, except
as given in the New York "Herald
too soon."
the
hardest
task
that
the
states¬
has America as the only big mar¬
Tribune"
of .Nov.
25, further in so far as they received Allied
Indicating that post-war plan¬
manship of the world has ever at¬
indorsement, in the belief that, ket, is hard hit.
It must curtail
stated:
Saxon Allies are involved
limelight
by
-
The whole
as
issue of the conflict
presented by the Swiss press
was
this:
whether motors were sent to Ger¬
for submarines or not, most
exports
fall within the
classifications of material benefit¬
many
Sulzer
exports or
tempted." r>
accept partial payment
"The
first
■
*
steps
ning should not be projected too
were
taken,
Some,/espe¬ however, in- the recent Moscow
cially smaller, .firms, declare that conference," he said, "and taken
in
blocked
dollars.
far into the
that
future, Mr Davis saidN
"whatever
international
or¬
right as
with caution and
a^ense of the ganization may be now created,
reducing theip/e^ports will make
ing the enemy.
a neutral to trade with whom she
realities.
'•
we must not freeze it into some¬
Dr.
Sulzer
refused
and
was it
wishes on the basis of accords
impossible for them to operate;
"It was determined at Moscow
thing static—we must remember
concluded with all belligerents. blacklisted, meaning that his firm that
taking blocked dollars in that, whatever, international or¬
can
do
no
business with Allied
The Allies, on the other hand, are.
always to leave open the possi¬
ganization woqjjd be created would
nations now and very probably partial payment will put them in¬
striving to prevent export of im¬
be based on the sovereign equal¬
bility of change."
to
bankruptcy.
for some time after the war.
portant supplies to Germany.
ity/of all nations, both great and
"If we can get a peace that will
The Swiss Government is mak¬
The
industry is fighting 'the
Switzerland,
in
other words,
small.
This is not merely a de¬
last for the next few decades, those
wants to live as if there were no ing it a test case, contending it bank's decision,
contending the mand of abstract justice; it seems
war
in so far as possible.
The alone can control foreign trade in American market must be main¬ the best way to gain general ac¬ who come after us—and they may.
this country and that Sulzer ex¬
United Nations are striving to win
ceptance in a world where nation¬ be wiser than we—can take up the
ports do not infringe neutrality tained or risk being lost, since the
the war by whatever economic,
alistic sentiment is still predomi¬ job of making it stick
a
little
United
States
can
make
watches
obligations.
They feel the effort
nant."
political or military measures are
to
obtain a pledge from Sulzer
longer, and their grandchildren a
and may do so in far larger quan¬
available.
Switzerland's foreign
Mr. Davis said that when the
was
interference with Swiss sov¬
little longer still—and so on," he
policy puts her in the line of fire
tities as soon as war requirements war is over the only first-class
ereignty.
economically.
armed powers in the world will be continued.
The first public step in the dis
permit.
All this was brought into the
Switzerland claims the
Volume 158
Number 4234
THE COMMERCIAL & FINANCIAL
CHRONICLE
all children will receive the edu¬
cational opportunity now afforded
Itirray Sees W Employment, High Prediction,
the. more privileged.
The good
earth,; our greatest natural re¬
source,
(Continued from first page)
has
exacted from them the fullest
of
measure
ability in management
of the nation's
resources.
These have been great
in
a
common
resulted
tories.
They have provided
unprecedented
goods at home.
vic¬
military
industrial base for the
a
sacrifices
a
war
firm
in the
production
We
pride in this.
...
I -would emphasize here that
common
..
these
achievements in battle, on
farm, in the factory have been
the joint work of all Americans.
They
have
exacted
universal
•sacrifices. They must imperative¬
the
ly lead to
real
yictory .that will have
a
meaning
to*
all
who
have
habilitated
.
,
This
against great odds.
been made
Resistance to
workers'
organize
efforts
common
to
prolonged,, in
stances
-
bitter.
It is
is
emphasize
purpose
growth
different
that
the
to
come
a
of
the
from
labor
joint
problems.
been
from
regularly, and to change of¬
they desire to do
so.
Industrial
freedom
and
want
Americans have
a
so
whole
basis
rendezvous
with
destiny. No people was ever
vouchsafed so magnificent a chal¬
lenge, so great an opportunity, so
heavy a responsibility,.
: The problems of the post war
are many and complex.
I do not
'wish to entangle myself in their
complexities tonight.
Nor do I
intend to touch upon any, of them
in detail, I wish only to state two
or three
principles or goals which
seem
to me fundamental, in the
hope • that they may be helpful
to us in our joint endeavor.
First, let me say something that
will not surprise you. I deeply be¬
lieve ' that «the' organized
labor
movement is good not only for
between
of
the
workers
and
management have
stressed
power over instead of power with.
Workers tell
agement
personified
as
man¬
in
the
The
finally
to call forth legislation to prevent
its continued denial. The National
Labor
Relations
Act
was
passed
to give substance to this principle.
By removing obstacles, it has
helped workers to form unions
of their own choosing, and to re¬
store
the
which
we
cratic
opinion.
my
contract
It has freed
of workers from
millions
fluence
of
profess as a demo¬
It has been a good
right.
law'in
the
in¬
of private power which
in no Way responsible to the
was
,
workers
was
freedom
all
that
whom
over
exercised..
power
-
There is abundant evidence that
men
had
been
vented from
previously pre¬
joining unions freely.
The fact that since the passage of
the NLRA a very great expansion
their
to
and
the
na¬
.
Meanwhile, in scores of in¬
stances, managements and unions
have begun an experiment which
may. assume
They
avoid this if
their
are
level.
foremen
Frankly, too
The Congress
it
is
came
has
Organizations, which
privilege to renresent,
my
into
won
existence
an
in most of the basic
the country,
in
important
1935
and
position
industries of
including steel, auto,
a
aluminum,
shipbuilding
one
pride
make
to
possible
possible.
The
main¬
American
home,
which
on
depends
of
real
our
for
likely
large
others.
at
full
em¬
it will
need
times,
small at
Government it¬
Finally,
should
be
studied
and
im¬
proved to make flexible adminis¬
tration possible.
There are many other
questions
to be dealt with in the
post-war;
I
have
chosen
phasize
to
me
to
our
de¬
are
the
most
upon
work
wages
More
be
•
self
home
children, and enough
and clothing to
keep
and happy.
It means
rests,
worker.
at
of
his
small.
opportunity
to balance
as
competitive enterprise in the job
realizing full employment. This
may have to be large; it may be
and
and
man
two
however
of
them
we
em¬
seem
importance
democratic life.
problems
to
that
of transcendent
can,
And they
I might al¬
say, easily master.
If we
support such a fiscal program as
I have
suggested, we can in two
with
every
A
and
bad
the
light
return
to
For
the
the
has
never
In
;
are
in
records
other
are
industries
The cooperative efforts of
over
the
forced labor
give
can
results
into
schools
areas
in
can
us
where
play
and
oyer
can
—
grow.
with
teachers,
so
to¬
now
Our
into
a
world
are
now
In
all
return to peace.
transcendenf objective
It
'
who
wants
to
work.
jobs that will be de¬
factors
that
cannot
be
accurately
determined.
labor force, including our
will
home
people will
elect
duties.
retire.
hides
hours, and
sharing'of misery..
With
with
such
means
to
return
Many
Many
to
older
young
will go back to school.
There may be five or six million
The estimated capital resources
un¬
of
Columbia
behind
six
only
a
$159,547,376,
1
$159,275,680
•**
employment,
to
and
immense production
our
At $ 159,000,000
equipment
budget for
ation that will
was
the
actly
does
mean
to
be the
perfect
an¬
question:
"What
ex¬
victory
me?"
well-being
will
freedom
cans
will
evoke
in
the
These
give
from
all
They
Americans
'loyalty
to their country and
institutions beyond anything
have
ever
of
Ameri¬
want.
from
war
levels
a
its
we
known. They will make
compared
as
a year
statistics
enjoy levels of living, food/ shel¬
ter, clothing, education and recre¬
to
and
institutions
its
are
with
according
public at the
ago,
made
University.
Capital endowment,
excluding value of the plant, is
re
value
swer
University
affiliated
sources, we can easily have a na¬
tional income after
the war of
140 to 160 billion dollars.
We can
listed at $88,265,934, and the total
.
of
land,
at
buildings,
$59,683,067.
the
last
fiscal
and
The
year
$14,443,882.
University's announcement
The
further stated:
"The affiliated
institutions, Bar¬
College, Teachers College,
College of Pharmacy, Bard%
College, the New York Post-Grad¬
uate Medical School, and the New
nard
the
York
School
under
of
Social
Work
financial
separate
are
control
it possible for us to help bind
up
the wounds of the World and as¬
sist other peoples to secure free¬
educationally a part of the
University system. All degrees
dom from
stitutions
attain
us
want.
They will help
freedom
from
fear
for
but
granted
bia
all.
to
students
are
The
answer
material
our
in
these
in¬
conferred by Colum¬
University.
"Degrees
last
ing
year
the
conferred
numbered
in
course
3,857, bring¬
total
number of degrees
by the University since
knowledge.
The answer again is 1758 to 142,162. The total number
yes, if we can believe economists of living graduates and
non-grad¬
of every political color, who, in
uates
resources,
our
skills
and
our
government and out, have learned
so much in the last decade about
how our economy works.
The
lesson of their findings is that to
achieve full employment we must
keep
all
our
income
moving,
matter how large it becomes.
must not allow income to be
waste,
men
the concealed
that
short
it
upon
people
employment
and
many
women
their
must avoid
we
else
services, is now around 63,000,000.
After
the
war,
many
Our
ends, hours will be
by; some amount, .pos¬
sibly to a national working aver¬
age of less than 40 per week.
But,
increase that
we
armed
chil¬
that
the
of
We must have full
employment
real job for every able bodied
How
en¬
backward
and
poor
be rebuilt and staffed
competent
pro¬
a net annual income of
American
be built
healthy
We
shall
war
reduced
We must continue to pro¬
of yours.
equally start¬
carried
Our slums
homes
can
if
can
wil) be the.trarf^cehdent objective
free
the
work
we
of my own organization. I
hope it
pends
peacetime.
dren
of
to
demonstrated
$150,000,000,000.
That is the
being
daily.
our
sacrifices
substance
known.
greatest asset.
When-
is yes, if we look at
of which
duce it when
rriore triumphed
willingness
gether
ling
once
like
in 1944.
days,to
produced in 83 days.
that
our
good enough.
possibilities.
has
first things first.
People
important.
And children are
Can this be done?
our
material
probability
the world's greatest and
most powerful navy.
Today, ships
which formerly took* 135
Production
our
war
producing
us
produce
the
about
Steel, translated into ships, has
broken
of
unanswerably
life
given
not
such
ful denial of
duce
1940, 67,000,000 tons.
In 1942, 86,000,000 tons.
In 1943, 93,000,000
tons,
was
to, put
are
must
we
waste, idleness,
and; penury would be a
mockery
of our hopes as it would be a sin¬
'
rubber,
To that world
production of steel:
This
times that of 1934.
the
the
producing the necessities of life
for everyone and as
many of the
pay
are
.
this cooperation has meant in the
three
of Industrial
In
production of the tools of war
You share with me, I am
sure, a
feeling of satisfaction over what
slaved.
to
elicit
of
as
so
benefits
threaten in the post-war a
repeti¬
tion of the depression of 1937-38.
for
man and his
neighbors.
job," gentlemen, means
at, an annual wage high
luxuries
anil
ployment.
The rates now are
highly
deflationary
and
will
A "real
them well
and
shortage of jobs, low or three, years achieve the
eco¬
working conditions nomic progress of a
picked because
generation.
they are good production men. pieans postponed marriages, de¬ If at the:
same'time, the labor
But • it does not follow that the clining birth rates, and emotional
Imions are accepted
genuinely and
abilities which make a man a
insecurity.
Study
sometime,
if
in
good
good faith, and full coopera¬
sprayer in the paint shop auto¬ you will, the correlation between tion
developed between manage¬
matically makes him a good fore¬ the business cycle and the decline ment and
workers, we shall re¬
in birth rate.
From 1929 fo 1939,
man.
lease strength for
our
national
the years of
As to union officers
depression, millions productive effort and
being in¬
tap a tre¬
competent, I have only this to say. pf marriages were postponed, the mendous
reservoir
of
goodwill
There are hundreds of able union birth rate declined sharply, „ and
throughout the nation.
the pattern' of America's future
men,
working zealously at all
was
levels for the welfare of
changed because we failed
industry
foreman
many
not return. It
special interests aside and
performing miracles in the
Membership in
increased
will
satisfaction
decent, union
and fear.
tators
of
Germany, Italy and
Japan, labor and management put
reasonable doubt..
has
will.
we
Threatened by the ruthless dic¬
people have
unions
fake job. It should be
a
which
understand personnel relations
are
of the organized labor movement
has occurred proves this beyond
,
job,
encourage
willing and able finally we must instruct our Gov¬
of course, that it ernment to
sponsor public works,
"made" job, a relief on a scale
adequate to help free
a
mocracy
on
job"
to
.
insecurities
tion's great gain.
can
so as
shall not be
in "Readers' Digest" indicates
the need for
developing men who
the
"real
a
made
too should be set
income
every American
to work. I
mean,
ers
,
practice—so much
said
and
investment, production
employment. Social security taxes
benchmark against
success
should
be
impossible to get'along tenance "of the
the foundation
testimony of the work¬
foreman is
with.
daily that
me
growing importance.. and the nation.
There are more'
cooperating to improve of them every
day. Above all, if
production, to promote efficiency, we move
beyond the stage of re¬
to
raise living standards, while
sistance to the very
existence of
the workers themselves are
.pro¬
unions; union ■; leadership
will
tected from speed up and
injury grow.- Unions have had to
fight
to their health and
well-being.
for existence for decades. A mili¬
I have
been urged
for some tant environment
produces mili¬
time that this type of
cooperation tant leaders. Once unions are ac¬
be encouraged.
I have suggested cepted as
necessary parts of our
that it be given a suitable struc¬
industrial life, leadership
develops
ture
in
the
form
of
Industry those qualities suitable* to 'their
Councils, representative of man¬ opportunities and thbir
'jbfr. :"
agement and unions, to encourage
I hope then that we face a
workers but for the nation.
Ours
post¬
maximum output, under adequate
war
where the old fight, against
is a civilization based on liberty
safeguards, and with equitable labor
of contract.
organizations will be laid
Liberty of contract, distribution
among all concerned.
of
permanently to rest.
Our basic
course,
cannot
exist
where
In the post-war, I most earn¬
problem of raising our national
equality of bargaining does not
estly hope that responsible busi¬
income
and
levels. of living will
exist, for without equality of bar¬ ness
leaders
in
America
will
then enjoy the wholesome aid of
gaining power, one party coerces
freely accept the labor movement workers. For
the other, and makes impossible
when collective bar¬
as an established
part of our life.
free agreement.
gaining is freed from being a tug
Now most men I
hope that there will be no re¬ of
will admit that there can be no
war,
it can develop into a
newal of the ancient
struggle.
I mechanism to
release
the
full
equality of bargaining power be¬
hope that business will decide to brain
tween the individual worker and
power of management and
go on from where we are, will
the
workers; on our productive pro¬
corporation
which employs welcome
unions
as
workers'
him.
cesses, to the enormous good of
Therefore, the recognition
spokesmen and join with union all.
of collective bargaining is, as Mr.
'
'■
leaders in tackling the problems
Our basic
Justice Taft once said, an "ele¬
problem, I say, will
we have in common.
Attacks on be that of
mentary principle of our indus¬
achieving full employ¬
unions to undermine them and to
trial civilization."
ment, high production, new levels
kill
them
will
constitute
sad
of living.
The decade before the
An
elementary principle, yes. wastes of our
energies; and breed war was shadowed by mass un¬
But that elementary
principle for serious dangers for us all.
We
employment, work relief, misery
years has been denied in Ameri¬
can
have
neighbors.
and
we
measured.
I
designed to help economic;
If so, they should be
studied
actual
a
our
tion of the
labor's task to train
,
from
which
mands
subjected to
relationships
employers
desperately longs.
It is my hope have been strengthened
by mak¬
and my belief that this can be
ing the people who are affected
done.
It requires only a faith
part of the process by which the
that it can be done, and the will¬ rules
are made.. Men by the hun¬
ingness to work, together to do it. dreds of thousands have been
As President Roosevelt once said,
freed from petty tyrannies and
we
their
activity.
55,000,000
people
steadily every working
working
day. This is
be
now
have
leaders
The
from fear for which the world
should
capable of adapting themselves to
the responsibilities which leader¬
ship in the labor movement de¬
"
freedom
is
elect
frictional unemployment,
a
job
today. There must be less enough to
table pounding and more
willing¬ ownership,
ness to work together.
Both labor good food
in thou¬
cause.
intense study.
;
A body of indus¬
military' victory ' will be trial law has been hamihered out
good in itself. It will rid the world jointly to give stability and rea¬
of a brutal tyranny which threat¬ sonableness to
the conditions un¬
ened freedom everywhere.
But der which men work. Government
that alone will not be enough.
by consent has replaced govern¬
Victory must be translated into ment by one-sided action.
The
officers, to
It
sands of places have met for the
first time to reason together about
their
make
^rules,
ficers when
this
come
men
themselves, to
union
to
these, leaving a civilian labor
population of say 57,000,000 after
the Army and Navy have been de¬
mobilized. Allowing for ordinary
that
course,
press
meet
movement.
can
Management and
of
ers
in-,
good- has
great
follows,
unions must be democratic. Work¬
must have full freedom to ex¬
has
I would
one.
nation
And greater good
it.
many
It
a story I do
tonight. My
not wish to rehearse
fought, bled, wqrked and died in relations have
the
has
progress
been
of
well feel
can
re¬
by
well-formulated
and the manufacture of electric; conservation
plans.
AH
these
and radio-equipment — fields in things and much more can
be ac¬
which unions had been conspicu¬ complished if the
cooperation of
war time is
ously absent before.
projected into peace.
They have
cause.
in, great
?-
be conserved and
can
2235
of
wll
cause
granted
including
over
students
entire
no
«
unemployment
last
University
our
for
year
for
the
22,920.
was
"The teaching staff of the Uni¬
versity consisted of 3,022 persons,
and the non-academic
falling income and!' in the previous
business loss.
Many concrete and
ponding figures
practical suggestions follow from
this principle.
We must give all 3,103.
legitimate encouragement to com¬
petitive enterprise.
We 'must do
and
100,000. Registration of resi¬
dent
We
idle,
Barnard
Teachers College, is estimated at
"There
year
were
71
are
staff 3,933.
the
corres¬
3,096
buildings
and
at
Morningside Heights and the Uni-
utmost to reduce monopoly,
yersity Library contains 1,934,512
monopoly restricts output and
We must ex¬ Volumes. The University, founded
thwarts investment.
amine
with
duction
entire
our
an
eye
and
vestment
tax
structure
to its effect
on
employment,
on
pro¬
in¬
in
1754, is described
tional
courses
and
except
and
in
in
as
co-educa¬
undergraduate
certain
isolated
spending.
Sales
courses
which are not open to
example,
must
be
avoided for they take purchasing women. Religious control is nonpower from those who spend it sectarian. Tuition last
year ranged
and depress business and employ¬
from $400 to $553, while other
ment.
Progressive income taxes
averaged $757, with a
must be retained for the opposite expenses
taxes,
reason.
for
Corporate taxes
may
not
low
of $503.
2236
THE COMMERCIAL & FINANCIAL CHRONICLE
Build For Peace Now,
drawn up
Says Kaiser, Declaring
Peak War Production Passed In Some Lines
Henry J. Kaiser, at an interview in his office on Nov. 24, said
that the peak of war production in ships and some other lines had
passed and that it was time right now to begin building for a
peace which could bring the greatest era in our industrial history—
if its full possibilities were realized.
Mr. Kaiser's views were pre¬
sented by Montgomery Wright in a special article which appeared
in the New York "Sun" of Nov. 24>
'our responsibility goes beyond
We give below in full Mr. Mont¬
:he responsibility to just self.''
gomery's article:
"An active, progressive, expand¬
The veteran builder, noted for
his daring in meeting and con¬ ing production is the chief source
t
the quality of leadership in
labor unions and edu¬
cational institutions.
"Prospects are not clear at the
because we have a tre¬
moment
mendous credit problem which
must be concluded before we can
forward,"
said,
Kaiser
Mr.
glancing out across the skating
area through the windows of his
Rockefeller
Center
office.
"It
is extremely serious, because it
soon must be decided whether the
banks
mond, Cal., only one of his enter¬
prises, delivered 32 Liberty ships
nation «Ori the
this
of
so
ships, and we are building ships
at a much greater speed."
The Kaiser shipyard at Rich¬
going to take care of
are
credit
the
we
desire," he said,
"In some working channels we
lave not passed the peak of war
production.
I don't believe we
lave passed the war peak in air:raft production, for example. But
we have passed it in shipbuilding.
We have gone beyond the supply
in basic materials, except steel.
We have passed the peak because
we have passed the need for that
much tonnage per year.
At the
moment we are sinking more sub¬
marines
than they are. sinking
commerce,
go
which
nuch
timately come, would depend only
upon
welfare
social
3f
quering changing conditions, de¬
clared
that
the
heights which
would be reached, and the Gov¬
ernment control which would ul¬
for him. He figuratively
thumbed 'his .nose at it knd set out
to walk to the
of
five
airport,
miles 1'
>
Aside "frOm
tailed coats.
shortly after Henry
was
re¬
full
,
,
Insurance Director Fraizer of Nebraska has written the Senators' and
1944.
There has been
coolness
a
A rugged and two-fisted busi-
displaced
by the machine can be quickly adapted to
new
techniques.
In the dread
Of
circumstances
we
war
j
(
Mr. Kaiser turned to a
ness man,
reverently spoken Biblical com-
have' parison to illustrate his .idea of
brought employment to the peak the ordeal through which the
and, efficiency
to an all-time ■ world has gone and the bright
high."
| future ahead.
Mr. Kaiser asserted that the J
"Gf a truth, we have passed
j
and
has
it
running mate whether the Presi¬
dent wants him
Part
of
the
or
not.,
coolness
has
been
attributed to the admitted popular
acclaim which Henry received in
Latin America.
fact
There is also the
that-insofar
ments
as
the
govern¬
he didn't help goodneighborliness any.
Nowhere is
the caste feeling stronger than in
Latin America. They are referred
to as republics down, there, but
mostly there aren't anything like
republics.
A
go
few weeks after
he
turn
Henry's
appeared before
an
re¬
off-
the-record gathering of the town's
of.
it
Subsequently
they
reported
the most exhaustive lecture
was
corn
they had ever received.
Henry's a sight; Causes a lot of
harm, thoUgh.
on
interesting to note the line¬
up behind the President in his
fight for subsidies: The CIO, the
whole nations mount the cross,
t
j
in
force
est
the world—the only
until
force that is creative* < Once Gov¬
it
is
easy
want to
and
to
The
minute
it
become
reaches
creative.
the point
'where it is itself creative it per¬
forms that service which the peo¬
ple as a whole should perform."
-
But
here
even
Mr.
Kaiser
final
responsibility
people's leaders in
industry, labor unions and edu¬
checked
the
back
the
to
the
feed
as
From
cation.
"The only time a democratic
government can succeed in retaining powers which should not belong to it," he said, "is when it
finds disorder. And the only time
there is disorder is when there is
confusion and friction among the
will
various
leaders
create
to
We
are
not
mist to write
enough of an econo¬
authoritatively about
the merits of subsidies in this par¬
ticular instance.-But we do know
(Continued from first page)
«,•«
,
tries was going to be destroyed by
the
The
sun.
President
assured
them he would give them
some¬
sible
a
thing
"roll back" in prices. Funny
now
who
represent
will
win
be
uc
the
people,
to
compelled
VU1 V
and moting, and the State Deoartment Ray Atherton presented his
d0;al™st
hadcountry
conniption
fits.
Jn
Jjg was me|.
Mr.
Kaiser declared firmly
belief
that
power
of
commerce
now
to
it
the
and
was
within
leaders
prepare for
his
the
of labor,
education
to
act
full post-war
that
prospects, with the realization
^
fry
the pr0ner State officials, as befitting his position, in the tradione
something about it.
in "this office, I am fully
persuaded that a transfer to Fed¬
supervision would be detri¬
mental.
Policyholders
are
in
ence
eral
touch
constant
with
with reference to their
this
interests, and
rights and
give final
answers.
were
we can
Even if there
.ional
manner
of
the
country—a
dentials
erton had been
to
Canada
ance
in
He expressed his annoy¬
no
uncertain terms.
Upon
his departure the coach was again
cre¬
the first United States
Ambassador to Canada.
cour-horse-drawn coach with out¬ 'change
riders.
as
serving
since
as
Mr. Ath¬
" in diplomatic status
was
aggregate reported by
corporations in 1942.
the
same
The publication further states:
"The showing reveals a not¬
able
alteration, of trend, for the
companies reported;on last
year disclosed a decline of 16.3%
bureau, with the best intentions from 1941. Explanation for this
in the world, would be required,
divergence is displayed strongly
as
other
local Federal bureaus
among
individual
groups.
The
are required, to refer questions to
companies of the automotive cate¬
Washington. It is safe to say that, gory, for
example, gained 24.6%
at least in this area, such proce¬
over
the corresponding 1942 pe¬
dure would be almost unanimous¬
riod; in the latter period, contrast¬
ly disliked.
ed with the same interval
local
"Again, with such a vast amount
activity already added
for more valid reasons, this field,
which no one (unless it be those
in Federal bureaus) is seeking to
transfer, should be left to the
of Federal
an
effort
made to
were
classify
companies
operating
wholly within one State unto a
State group and companies oper¬
ating in several States into a
Federal group, the citizen Would
be deprived of the benefits of. the
present \ keen competition> which
?
inures to his benefit."
v
The
Insurance
390
of
the State
of New York went
on
record
Nov. 19
on
posed
strongly op¬
Federal develop¬
"any
to
ments"
which
with its
own
as
interfere
would
of 1941,
of
40.7%
Heavily engaged in war produc¬
tion,, the figures indicate that such
listed
companies
expanded
their
rates
and
control 'serves
that
to
protect the hundreds bf thousands
our
.
.
statutes."
deliveries
And the same can be said of
the chemical group which, in con*
trast with a decline of 30.1% in
net
profits Jn
1942, showed this
upturn of 10.4%, with a
net of $162,508,000 for 42 corpora-*
year
an
tions,'
'
.
"
"
,.
'
v
V
,
,
.
ments
had
that
the
time
scanty
lumped with
their
issued
this
at
of
state¬
the
reports
year
were
.
others among
some
'other companies,' This
year near-.,
rise of 60.09%
Contrary
to
"The
railroads
year
ago,
net
earnings of corporations listed
on the New York Stock Exchange
have tended this year to improve
over
last year's results, it was
stated
in the November
issue
of
Exchange," monthly publi¬
noted
therein that the
tabulating
this
year's
task
of
earnings
has, however, been
between the two countries raising
capped
their
growing out of taxation, renego-
this
year
more
by
corres*
year.
moved
;
.
ahead
again, but their income gain dis¬
closed something of a
leveling off
Whereas the $360,653,000
improvement of net was 21.6%
process.
above
the
44.2%
rise
1941.
1942
group
total, • a
in 1942 over
occurred
The, railroad
tax
bill
has
been
higher in 1943; a rise of
freight rates was rescinded by the
.
Interstate
and
Commerce Commission,
costs
though
have
not. receded.
Al¬
rful. earnings--have re¬
substantial in respect to
mained
their
relationship to fixed charges,
possible, in the opinion of
statisticians, that debt retirement
it
is
will
not
have
to
prove
extensive
this year
as
been
as
many ob¬
servers
expected.
.
strong reversal of trend' was
scored by petroleum
companies."
"A
.
«"
;
i
.
,
^
,
French Africa Pays U. S.
For Civilian Supplies
Administrator,
predic¬
numerous
soon after the
Revenue Act of 1942 was enacted,
a
Ore
over
ponding period of last
of
the
French
Committee of National Liberation
handed a $15,000,000 check to Leo
J.
Crowley, Foreign Economic
Earnings Sain 11.4%
is
:
/
■
"In the report published a year
ago, so few of the 13^ 'amusement
;
Representatives
NYSE Listed Gc.'s
"The
these largely
this
as.
year,
a
"Wall Street Journal" of Nov. 20,
which stated that in a letter to
tions
occurred.
ly half of the grpup had their
regulation of insur¬ nine months'
figures out, showing
This was indicated in the
ance,
of
decline'
a
concerns
Department
necessitated by the recent accord
legations to embassies.
companies was $1,589,563,000,
increase of 11.4% over the
an
Federal bureaus, the local Federal
Minister cation of the Stock Exchange. It
August, but the
385
office
is that the A. F. of L.
opportunities and their responsi- as Butler's will; cause. Henry, who Atherton^Bfeddfoies U. S.
bilities. In our complicated, eco- had studied Spanish for the trip,
nomic society the working man took his Crusade for that "com- Ambassador To Canada
At a ceremony.in the Govern^
himself cannot do this personally, mon" man of his with him,
His
It iS' the responsibility of those speeches were fiery, strife pro- ment House at Ottawa on Nov. 19,
is
It
etc.
added:
Corporate
reports,
quarterly,
"It
is
submitted- that
State half-yearly,
etc., have been slow¬
supervision has capably protected er in reaching the public; in con¬
and is capably protecting the in¬
sequence, "The Exchange" is able
suring public. There is no evi¬ at this time to record the results
dence supplied in other fields to for the first nine months of
only
indicate that Federal supervision 385
companies, compared with 390
will
render
better
service
to a year
ago and 400 two years ago.
American policyholders.
For the three quarters of 1943,
"After several years of experi¬ the estimated net
income of the
.
.
they
Xlltjy
Commerce," which reports
as stating in
part:
contracts,
Fraizer
thing to show their influence with of policyholders in this State.
the
Administration.
Subsidies This Department woUld regard as
were the result; well not subsidies
highly detrimental to (their) in¬
exactly, because the Administra¬ terest any Federal developments,
tion had long been using them in either in the form, of judicial de¬
the matter of milk, coal, some cisions or Congressional action or
other commodities.
But to ap¬ inaction, which would make it
for insurers and rating
pease Green and Murray, an ex¬ illegal
tension was evolved to make pos¬ organizations to follow the spirit
The amount of Gov- our loose operatipns.
is not active in the subsidy fight.
ernment control that will result
The fact is that Henry, when he
The CIO is very much active. To
to achieve the postrwar resurrec- made his "triumphal" toUr sevits members it is claiming the
tion will depend
entirely upon eral months ago, caused more disorigin of the roll-back formula.
whether or not the people's lead- turbance, at least in official cirers Will become aroused to their
cles,' than any' such disclosures
prosperity.
——;
"Jour-j Rations of
Washington
to Latm_America for Butler s msuit,
He purposely would not
permit a larger crowd of reportsr$ for fear he might be put
through a severe interrogation,
Butler,-of course, said nothing mpeople
" i suiting to the Latm Americans.
"You can't
defeat prosperity. Instead, he said that many thinkEvery one will vote for prosper- ing Latin Americans were; fearful
ity. So it's up to industry and all lest the economy of their counthese
Mr.
Lincoln, Neb.^——
New York
did the leaves and
Senator Van Nuys, Chairman of
fishes. Coal tar, a by-product of the political origin of them.
At the subcommittee of the Senate
the coke used in making steel for the height of John L. Lewis' de¬ Judiciary Committee which has
cannon
and
machine
guns,
is fiance of the Administration, Bill just reported favorably on the
transformed into "the sulfa series.
Green of the A. F. of L. and Phil Bailey-Van Nuys bill to declare
"Our resurrection is at hand.
Murray complained bitterly to the insurance exempt from the Fed¬
Today man faces the most superb President that Lewis' aggressive¬ eral Anti-Trust Laws, Robert1;,'E.
opportunity which has come to ness was most popular among the Dineen, the recently appointed
him.
His world lies in ashes.
It workers, that he was being touted superintendent of insurance for
is now his to rebuild."
as
the country's greatest" labor New York State, declared:
leader.
"Our statutes give us a sub¬
They felt that they had
to cut up, show some aggressive¬
stantial degree of contrbl over fire
ness, to maintain their places in insurers, rating organizations and
becomes
very
Food is processed
basketful
a
multitude,
a policing unit
for that policing
unit to want to expand its powers
ernment
fed
by the blood plasma which is
into their veins.
nal of
-States. If
It is
been, in existence for years in a
scarcity," he declared with his
"We are in the business of
At one time it
moribund state.
characteristic 'forcefulness. "I be- j building the instruments of Re¬
was a vehicle of sorts for the Re¬
lieve in full production, full pro- struction.
In this effort miracles
ductive employment, and I believe are a daily occurrence.
Sea water publicans among Southern farm¬
The New Deal revived it
that the more we produce the. 's turned into a valuable metal ers.
more we will have to divide.
Our as was the water into wine. Men when the farmers split with the
American
Farm Bureau.
task and our hope is to release are air but raised from the dead
"Competitive force is the great¬
the continuation of State control of the business of insurance.
advices to the
since
ever
caused Henry to say frankly that
he intends to be the President's
of
out energies for creative effort,
for
This is learned from
intimates
possibilities for a new industrial through Gethsemane," he said,
advance, the blueprints of mar-, "The crucifixion is upon us. With
Farmers' Union and the National
velous new products in nearly each passing hour thousands of
Consumers' League, all of them
every
field were in industrial young men are laying down their
Leftist and more or less New Deal
laboratories, waiting to come forth. lives that others may live, Today
agencies.v;The Farmers' Union has
"I don't believe in an economics
.
Representatives from Nebraska to support the pending bills declaring
between him and the White House
.
is
,
clique that Henry was not to .be
the President's running mate in
ernment by
which
Asserting that "many of 'us are convinced that there must be a
> the. present movement toward Federalization if the Federal
system is to be conserved and local government continued," State
halt to
will
it
whether
.
turned that stories began to ema¬
nate
from
the
Harry Hopkins
employment, or
leading
correspondents
to
tell
go to the Govr> were completed in the month by about his trip. Aside from the good
:he
Vancouver
yards.
He
is
happy.
time
he
had
had the only thing
default.
"We have already demonstrated in the belief that troubles of the was the relative merits of Chilean
in the war effort that,we can pro- Brewster Aeronautical Corp., of and United States corn.
The as¬
duce almost anything in any quanwhich he assumed active manage- sembled correspondents, sensing
tity. The war has taught us how i ment as President when produc- this, continued for two hours to
to train men and women quickly, don lagged, seem to be on the ask him -every conceivable
ques¬
for new trades so that the labor i way to solution.
v
tion about corn they could think
of
basis
New York Insurance Superintendent Opposes Interference With State Regulations
along in their top hats and long
•
Says Fraizer, Supporting Stale Control
:
thus
Four, aircraft carriers
ast month.
Movement To -Federalize Insurance;
distance
a
insulting the Government, the of¬
ficials assigned, to him had to, trot
It
Thursday, December 2, 1943
Nov.
on
18.
It
brought their payments thus far
to
the
United
States for civilian
supplies furnished to French North
Africa
to
to
United
$56,340,000
Press
according
Washington ad¬
vices, which also reported:
In
addition
ment,
an
to
the
Cash
pay¬
F. E. A. official said, the
French committee also has turned
over
to
30,000
the
tons
United
of
States
wheat
and
about
many
handi¬ thousands of tons of fresh fruits
influences and vegetables under reverse lend-
lease.
'
•¥
Volume
158
Number 4234
THE COMMERCIAL &
FINANCIAL
Govt. To Lease Gerrilos Channel Oil & Gas
Arrangements
public's
to
share
in
protect
estimated
an
the
with
Interior
the
Harold
L.
bition,
tain
.
land
tracts
States
to
their
use
"In
Wilmington Field in
these
oil
and
gas
time,
resources
included
are
being drained from the Govern¬
ment
property
the
at
interests
without direct
ompense to the
it is estimated.
Federal
"
rec¬
treasury,
.%'.*■
,
to say
on
in part:
"With the operation of the
program, which
1943,
16%% royalty
a
duction from the
the
on
area.
was
iginal
Moreover,
the
right to develop the deposits
will be granted to the
highest bid¬
der for the leasing
privilege.
"The highest price ever
paid
in
the
United
portunity
Federal
for
States
of
drilling
lands
Was
the
for
of
peace, but let it
which is not founded
United
reached
order
the
last
August, when $1,407,500 was of¬
as a bonus for
leasing 262%
of
acres
land
in
the
Elk
Cerritos
War
Channel
Department to
from
Basin
the
by Commissioner
interest in the petroleum
supply
in the Channel was
formulated by
the several bureaus of
the Interior
Fred
W.
son,
of the General Land
The
Cerritos
estimated
Channel
Supply
✓atff185,000 barrels
is
Department."
per
companied
cash
or
bonus
also
his
by
equal to
bid.
The
must
bid
successful
to
and
him. The
the
bidder
remainder
file
of
$25,000
a
before the lease will
sued
ac¬
of
be
deposits of
is¬
un¬
successful bidders will then be
re¬
turned.
"The
bonus
received
as
lease
for
from
the
bid
and
all
royalties
oil
and
land
will
money
under
the
extracted
gas
be
deposited
in
a special fund in the
Treasury
pending final judgment in the
litigation involving this land.
"The lessee's
operatidns will be
subject to the supervisory juris¬
diction
of
the
Survey of the
Interior,
U.
S.
Departnipnt
although
partment
^Geological
will
De¬
jtinsdiction
to any surface installations af¬
as
fecting flood control and naviga¬
tion.
"The
leasing program calls for
drilling to begin > within 60 days
after the delivery date of the lease
and the drilling of 10 wells to
pro¬
duction within 12 months, and an
6 wells for a total of
additional
16
wells
within
18
months
delivery of the lease, in the
Terminal and Ranger zones. Other
development
requirements
are
specified in the lease.
"Consent
lesser
to
the
drilling
of
a
number
of wells may be
given by the Secretary of the In¬
terior, who also may approve a
unit plan of operation, if
proposed
by the
"The
ment
and
of
gas
lessee.^
leasing
the
by 'the
Cerritos
resources
Govern¬
Channel oil
forms
another
interesting chapter in the history
of commerce and the
of
development
Angeles
petroleum in the Los
Records
area.
that
the
in
problems
the
show
case
had
their
be¬
ginning in 1908, when Los Angeles
sought to transform a tortuous,
shallow
Beach
able
water'
into
a
channel
link
with
Long
full-fledged, navig¬
for
ocean
-
borne
officials,
actuaries
of
the
the
and
again." In
Cardinal
participate in
a
problems
pension and profiton
a
Associated
vices, from which
London
we
to
ad¬
reported:
Calling oq.the faithful to turn
God, the Pope said;! "Even if
this
gigantic, conflict — certainly
the greatest {fiat the
whole world
of
history has
basis
of
these trusts
will
on
the
depend
whether
on
concerned
lem
of
"with
the
creating
liberal
and
and
efficient
sys¬
tems in the face of
lation
pending legis¬
a
rapidly changing
picture."
The conference has been
by
the
School
New
of
York
Law
and
planned
and
ruin
and in the
on
air,
both
land
we see with
sadness that many are
living for¬
of their personal
duties to
getful
God.
"They ignore and
sneer
and vi¬
olate His holy laws."
"It
is
true
that
of
with
Life
of
"Not
everybody who
touched
by
these
has
terrible
been
afflic¬
tions, however, reflects that hu¬
manity brought it upon itself and
that it is paying the
penalty—the
penalty of having drawn
away
from God
"It is
all
and
His laws.
necessary,
Underwriters of the City
of New York and the
Insurance
Department of the United States
Chamber of Commerce.
the
consultant
actuary;
C.
Preston
Dawson cf the C. P. Dawson
Co.;
Adrian
W.
and
again to God.
"While
of
peni¬
virtuous thoughts turn
only
.
.
.
the
Gospel
can
bring the nations together again—
and this often
forgotten—it is nec¬
to
be
con¬
area
used
on
base
period,
the 1935-
increased
during September.
5%
Congressmen Endorse
State
World Free Press
A crusade to
obtain peace-table
a free
press through¬
out
the
world—as
guaranties of
proposed
Kent
by
Cooper, Executive Director
of the
that
such
certifications
on
the
of certificates may be used
far as deliveries of securi¬
.
in
so
ties
are
York
'Bank;
John Gerd^fojof .Gerdes
Montgomery;
eral tax
associate
Life
&
Sidpg^^Jtk.m, Fed¬
consultant^ R. A. Hohaus,
actuary,
Insurance
certified public
accountant; James
L.
Madden, Vice-President, Metro¬
politan Life Insurance Co.; Denis
Brandon Maduro of the New York
&
Case;
Thomas
N.
of White
Tarleau
of
the Mutual Benefit Life
Insurance
Newark, N. J.
Nov.
on
State
and
Federal
23. from members
Congress according to Associ¬
ated
Press
Nov.
Washington
23,
which
hereby certified that New following to
accounts
also
had
the
say:
"Representative
Sol
Bloomc
(Dem., N. Y.) Chairman of the
Foreign
Affairs
Com¬
paid through mittee,
said
in
an
interview
shares
stamp
certificate have been
(Insert
name
of
of clearing
this
"""(Date)"""1
House
that achievement of
Mr. Cooper's
would do as
much, or more,
than any other
step which can be
taken
to
guarantee;
a
aim
house)
...
lasting
peace.
(Facsimile
The
sig. of member
notice
to
firm)"
by Max Jacquin, Jr., As¬
sistant Secretary of the
Exchange,
further pointed out:
Notwithstanding
the
use
of
certification, it will
the combined
still be necessary to pay New York
State transfer taxes on Curb Ex¬
Curb
such
transactions
Clearing
time
tions
the
State
the
,
we
it Will be pos¬
sible to pay all taxes through one
clearing corporation.
expect
"Attention is
the
fact
that
again directed tc
both
the
.,
is
:
of
one
gestions
gan,"
the most
State
and
Federal regulations apply to
pair-
stamps
made
said
since
the
war
a sim¬
ilar proposal 25
years ago at Ver¬
sailles. It has taken 25
years to
come around
it
would
to it
be
but, if accepted,
of the
one
best
sible
pos¬
hedges against another war."
Representative
Edith
Nourse
Rogers, (Rep., Mass.) one of the
ranking minority members of the
Foreign Affairs
Committee, called
Mr.
Cooper's proposal "a con¬
structive
world's
approach
real
to
one
of
the
problems," and
de¬
that American
statesmen
should make
every effort at the
clared
oeace
table
to
obtain
guaranties.
Mr.
free-press
Cooper's proposal
ferred
in
may
our
issue
of
was
re-
Nov.
25,
page 2140.«
not be used."
be¬
representative
Clare
Boothe Luce
(Rep., Conn.) "I be¬
lieve Mr. Cooper
advanced
regula¬
brought into conformity
Federal
regulations,
are
with
when
through
Corporation until
the
as
"It
enlight¬
firms, ened,
intelligent, democratic' sug¬
member
sent out
Stop C.O.D.
Non-Farm Foreclosures From
Postal Service
Cuban Naval Base
Down In Nine Months
The
Federal
Home
Loan
Bank
Postmaster Albert Goldman of
New York announced
on Nov.
22
that
information has been re¬
ceived from the Post
Office De¬
,
Administration reports that nonfarm real estate foreclosure ac¬
tivity for the first nine' months
of
1943
the
[ The
substantially
comparable
20,228
January
39%
was
-
period
below
for
1942.
estimated for
September represent a
cases
reduction
from
completed during the
the
number
same
peijiod
Willkie, Cwen. Otis, Farr & Gal¬ a year ago. This movement was
lagher; and G. G. Terriberry of geographically widespread, each
Co. of
of
taxes applicable to the transfer of
Metropolitan
Co.; J. K. Lasser,
ments
on
concerned:
"It is
DeWind, senior attor¬ offs and transactions in odd-lots
ney,
Office of Tax Legislative with respect to which
payment of
Counsel, United States Treasury the required taxes must be made
Department; John W. Drye, Jr., of through Stock
Clearing Corpora¬
Rathbone, Perry, Kelley & Drye; tion and adhesive
therefore, that bar; Chauncey A. Newlin
through the medium
tence
certification
Underwriters, the Association change
Life
everybody in
Milton Elrod of the Indiana
general laments over
tffejpresent
bar;
tragedies, the difficult state of af¬ Esmond B. Gardner, Second Vicefairs
and, in many places^ ? the ,president of the
sCh.ase ,National
frightening economic situation. It
is true that
many are living in a
state of fear—fear of
present and
future dangers. c\.
'
"
1939
Nov.
back
back
University
Division
Education in cooperation
the National Association of
conference are Harry B. Blagden, assistant actuary, Prudential
Insurance Co.; George B.
Buck,
sea
also
not
particular
proximately 84% below
certifica¬
and
a
noted
ap¬
informed
and
economic
daily raging with increasing vio¬
lence
and
causing innumerable
tragedies
Federal
completed
was
but
in eight of the
twelve
bank districts. The
index of fore¬
closures which now
stands
was
on mem¬
maintaining
pension
Among those who will address
and
combined
a
both
broad prob¬
witnessed—is
ever
centrated1 in
orandums of sale.
The
Exchange
the
have to be submitted to the
General
quote, fur¬
ther
on
September
were
the United States.
The
upward''Piovement
Exchange
firms
during
cases
throughout
stamp taxes to be placed
will
the trusts meet gov¬
ernment standards. Dean Vander¬
bilt said the conference will be
syllable, is imme¬
Press
employees
Treasury Department and that fu¬
prevalent, the frater¬
charity is Silent or, if
about to utter
their
ture tax reductions allowed
tary of
Vatican radio in both
English and
German, the Pope said:
"While the
rumbling and crash¬
ing of arms goes on and while so
diately silenced."
for
up
soon
papal letter to Luigi
Maglione, Papal Secre¬
State, broadcast by the
nal voice of
of
for
bined
by Dr.
which business organizations1 have
a
much hate is
member
use
tion
Federal
announced Nov. 21
was
set
throughout the world, said
on Nov. 27
that "only the
gospel
can
bring the nations together
from
the
The New York Stock
notified
9%
2,077
.
peace
'<
•
when
Explaining that reports on the
pension and profit-sharing trust
Pope Pius XII, designating Dec. 8
as
a
day for public prayers for
of the
the '. War
retain
creased'
"day of the Im¬
of certificates, if and
Associated Press—Won en¬
Vanderbilt, Dean of the
when the Exchange shall decide thusiastic,
bi-partisan
University's School of Law.
indorse¬
Designated Day
Of Prayer For World
Peace By Pope
cus¬
check
one-fifth
the
pay
bonus
bond
certified
a
,
Arthur T.
tomary procedure, each bid of a,
bonus 1 forf leasing
privileges in
the Cerritos Channel must be
held
sharing trusts to be held at the members that the Federal and
Washington Square Center of New State authorities have also agreed
to the use of the
York University
following com¬
beginning Dec. 2,
Gee. 8
the
the
Virgin
be
Conception."
connected with
it
reserves.
with
is
three-day conference
nearly four times the ca¬
pacity of the known Elk Basin
accordance
8
maculate
Government will
acre,
"In
Dec.
public prayers
the world."
company
"
:
that
over
the day that is
on
Immaculate
representatives
public
John¬
Office.
the
to
Corporation executives, lawyers,1, 20 that both the Federal and State
bankers,
accountants, ^insurance taxing authorities have agreed to
the
the production of oil
and gas was
concerned, and the detailed pro¬
gram for protection of the
Virgin Mary
Profit-Sharing Trusts
of
Wyoming. In this trans¬
action, the highest per-acre bonus
bid was $5,800, it was
reported
on
NYU to Hold Conference Fsr Federal State
On Pension And
Tax On Stock Sales
ment of the
in
ask
peace
Combined Certification
Depart¬
Interior, insofar as the
administration of the
property for
fered
Field
all
interference with the or¬
plan for the maintenance
transferring jurisdiction
a
us turn again to the
Virgin
We desire that all turn to
sacred
and
a
the
or
Mary.
finding, President Roosevelt sub¬
sequently
issued
an
executive
in
"We
be
on
fears, on
hate, but on right¬
eousness, on truth, on justice and
on fraternal
charity.
force,
navigation channel. Pending
final action on an
appeal by the
original owners from this court
op¬
oil
no
">
Continuing, he said:
States District Court for Southern
California held that title to the
pro¬
——
Pope stressed hopes for a
"benign peace—a peace universal¬
ly desired."
ing of sealed bids for the leasing
privileges at the Office of the land rested in the United States
Secretary of the Interior in Wash¬ Government, and maintained that
ington before 10 a. m., on Dec. the United States had the
right to
13, 1943, the Government will re¬ extract oil from the land if there
ceive
,
The
"Let
the
..
of the papal let¬
for
the
contractor and the
original contracting agency is
essential, declared
the Federal Reserve
Board ori Nov.
16, in making public a resolution
adopted by its Advisory Council
and concurred in
by the Board,
The resolution said that
such set-<$>——
;
tlements should not be
subject to inishing volume of
distress actions
review by
any other agency ex¬ is a
reflection of national eco¬
cept for fraud, and added:
nomic improvement and
increased
"Any amounts that might con¬
earning power of home owners.
ceivably be saved the Govern¬
The announcement further
stat¬
ment through a
post, audit will ed: '
fade into
insignificance in com¬
"The national foreclosure
rate
parison with grants for relief that
for the third
quarter of 1943 ex¬
will be necessitated
by resulting pressed on an
annual basis, wqs
delay, uncertainty
and
unem¬
1.1 per
1,000 non-farm structures.
ployment."
This compares
The
favorably with the
resolution
recommended rate of
1.8 for the
legislation to provide "more ade¬
corresponding
period of 1942.
During
the current
quate means of interim
financing" quarter
foreclosure rates by dis-r
in cases where there
is "unavoid¬
tricts ranged from
0.2 per 1,000
able" delay in final
payment for
structures in
canceled contracts and to
Portland, Ore. Dis¬
relieve trict to
2.4 for the
New York
contracting officers who negotiate
District.
settlements from personal
liability
"Non farm foreclosures in¬
except for fraud.
op¬
tion.
*
Government-main¬
January,
calls for the fil¬
If
Government and business are to
meet the
stupendous
post-war task of
converting to a peace
economy, prompt and final
settlement of terminated war
contracts by agreement
between the
ter, which was heard by the Brit¬
ish Ministry of
Information, made
no
mention by name of
any na¬
Long Beacha region that
drained from the channel.
"In
new
of
.
indicating that more than
6,000,000 barrels already had been
Mr. Ickes announcement further
went
risk
,
The broadcast
mates
.
at the
even
pression."
tained
1,000,000 barrels annually by pri¬
vate
the
pray
their per¬
God for pardon for
prayers,
Cerritos Channel, Subse¬
quently,
intensive
private
oil
drilling
operations
threatened
depletion of the oil and gas on the
Government property, some esti¬
of
rate
famous
now
Prompt Settlement Of Terminated War Contrasts
Urged By Federal Reserve Board
their
renew
pete between: themselves in their
1936, the first
brought into production
was
the
and
sins, but with spontaneous
deeds of penitence they must com¬
December,
alty
well
reawaken
sonal
abandoned.
in
present
to
con¬
for channel purposes was
for development under lease from
ihe General Land Office on a roy¬
the
cer¬
United
the
in the deeds that the lands should
revert to the original owners if
Ickes,
in the channel
At
the
for
a
straight, deep, nav¬
igable channel. It was stipulated
completion of plans for
basis.
deeded
owners
of land
Government
struction of
offering these deposits under ap¬
proximately 92 acres of Govern¬
ment-owned lands
only
faithful,
God, not
personal faith and virtue, and not
only must they continually
commerce. To meet that civic am¬
17,000,000 barrels of oil and gas
deposits underlying the Cerritos
Channel between Los Angeles and
Long
Beach,
Calif., were
an¬
nounced on Nov. 22 by Secretary
of
that all of the
united in their love for
essary
Rights
the^
CHRONICLE
Federal
trict
Home
showing
Loan
more
Bank
than
a
Dis¬
30%
decline in foreclosures. The dim¬
partment
that,
effective
C. O. D. service is
cr
from
the
Dec.
1,
discontinued to
United
States
Naval
Operating
Base,
Guantanamo,
Cuba, (including the nersonnel
of
the Navy
naval
on
vessels
board United States
located in
Cubai
waters who receive mail
that
base)
and
the
through
First Marine
Marine
Force,
Guantanamo.
This
action, it is
announced is taken at the
request
Division,
of the
Fleet
Navy Department.
THE COMMERCIAL & FINANCIAL CHRONICLE
2238
Thursday, December 2, 1943
of war equipment became known
"New cutbacks in certain types
other military items pressure has increased for
quick delivery, but the predominant thought in the metalworking in¬
this week, while upon
dustries
(Dec. 2), further adding in part as
"Considerable
readjusting
oii>
production schedules has
way
recently, with
aircraft
under
suppliers' contracts pushed
back or eliminated.
With supply
some
lines
a
orders
filled,
heavily
ground
military
considerable
for
equipment have been cancelled or
Industrialists are ex¬
trimmed.
cancellations
further
pecting
the small arms program
haps another sharp slash
Army tank program.
is equivalent to
1,734,200 tons of steel ingots and
castings, compared to
1,727,300
tons one week ago, 1,743,000 tons
one month ago, and 1,681,600 tons
"Steel" of
Cleveland, in its
of the iron and steel
sum¬
mar¬
Nov. 29 stated in part
on
in the
requirements
for
the
next few months are greater than
"Contrasting with the reduc¬
capacity but the margin is nar¬
in
contracts, new
secret rower than in recent
quarters and
weapons for the Army and Navy
indications point to possibility of
are creating
a tight situation at
more
steel
being released
for
certain tube mills, the demand for
domestic requirements.
truck parts is far above supply,
"Washington estimates are to
and renewed emphasis is noted
the effect that first quarter de¬
upon construction of landing craft.
mands of claimant agencies are
"Meanwhile, the steel industry
Mr.
piling ingots and the na¬ within 2,000,000 tons above esti¬
production rate, plainly is mated output, which is regarded
being buoyed by heavy plate and not only as a leveling of ordnance
sheet
orders.
Some
authorities requirements but also a better re¬
believe steel operations are near lationship between supply and de¬
still
is
their peak.
At the year's end, in
the opinion of one Washington ex¬
pert, as many as 40 to 50 open
hearths may be idle.
Government
of
"Relaxation
limitation
orders, predicted last
week is quite likely.
If the rate
of steel operations holds between
and
80
90%, the CMP plan prob¬
ably will be continued very much
it
as
exists now,
rate
drops
below
but if the ingot
80%, the CMP
be dropped entirely or
modified drastically.
"Aside
from
recent cancella¬
plan
may
tions
resulting from cutbacks in
the steel indus¬
try has noted an increase in can¬
Plan.
who
customers
from
apparently have been checking
more closely their
inventory po¬
sition.
Also, the difficulty in ob¬
taining
plates
and
sheets
has
forced cancellations of other types
of
from
steel
such
ers
manufactur¬
some
farm
as
equipment
.
"Pressure for steel has eased in
with demand for plates
and sheets being sustained, but
orders are lighter in other major
general,
with
lines,
pronounced disposition to draw
a
inventories where
on
carefully
ends
is
noted
effect
of
"Ingots are in freer supply but
movement abroad during
being negligible.
ments,
"In
general
the
are
plates
only major
and sheets
products on
have
been
re¬
promises
sheets
and
quarter.
well into May
run
even
further.
sheetmakers have nothing to
hot-rolled
cold-rolled
or
nothing before July or
Ship
work
dominates
and it is estimated the
duction, with the Navy requiring
now
quantities
listed
of
steel
are
surplus inventory at
regional redistribution of¬
WPB
fices
over
as
the nation.
In the San
Francisco
territory between 75,000
and 100,000 tons are reported in
sight for listing.
It is estimated
that probably 75,000 tons of air¬
craft steel may be in "the idle or
surplus category over the nation.
"The
plies
in
weakness
is
scrap
are
alloy
steel
pronounced.
Sup¬
plentiful and substantial
more
Maritime
will
Commission
half
the
first
take
quarter pro¬
additional 30%.
an
bar
"Carbon
deliveries
little change,, most
show
promises being
for
February,*, .with small sizes
available in January, though some
producers can offer nothing on
large
rounds and flats before
the steel
The
increase
wage
from
industry."
American
Institute
that
a
on
Nov.
"Faced by
the possibility of pig
allocations
being dropped,
iron
some
forced
melters
to
take
who
iron
have
at
been
premium
needs may be possible.
"Pig iron production in October
Iron
29
and
Steel
announced
telegraphic reports which it
had
typeof business in passing
applications for broadcasting
its powers, as
defined by the Con¬
gressional
act
creating it, but
said, nevertheless, that its present
policies apparently had the sanc¬
tion
of
the
Supreme Court. A
censes.
court
of
This
core
ownership.
newspaper'
'
Seymour advocated legisla¬
it unlawful for the
FCC to discriminate against any
Mr.
making
will
for
two
into
the
get
to
■
Federal Reserve Board
iaking Study Of
Installment Baying And Gfiarge Accounts
A
set
a
survey
conducted by the Federal Reserve Board,
to
'
It is pointed out
new
additional
high record, reflecting
capacity in new stacks
which have
come
into action, Oc¬
V\,
an
urgency exists
get products back into the ci¬
vilian
distributive set-up, some
'
that since the regulations were invoked many
applied, including increased
taxes, war bond sales, price con¬
trols,
rationing
of
consumers'
goods
and
production
curtail¬
There may
be considerable
them
enabled
charge
to
tighten
the
is
Bankers'
in
32
states.
with
215
It
"served its
purpose
well." But it said the man-power
situation,
shortages
of
durable
and other conditions re¬
sulting from the war have placed
goods
serious
handicaps
industrial
on
North
not
Bankers'
Asso¬
record,
of its members feel the
have
curbs
,
gone
served
on
their purpose.
Carolina
Bankers'
try for information
to its open
as
capacity, when WPB knows such
4s,the case, and as to the number
and types of products
they want
to manufacture.
Totaling the am¬
bitions of all plants
and compar¬
ing them with available material
the WPB will have to do
what it
did in war
production, equitably
allocate materials within the
scope
of manufacture which
can be
per¬
mitted. Once the great
of
majority
industry is back
basis
all
material
on
a
peacetime
controls should
be abandoned."
Mr.
Booz
disclosed
that
the
management
engineers'
associa¬
currently cooperating with
the Committee for
Economic De¬
tion
is
velopment
and
of
is
preparing "an
questions"
which the
CED will distribute to
small busi¬
ness
enabling them
men,
their
own
^businesses in
to
study
the light
of post-war
problems.
Booz Concerned Over
Pay On Sao Paulo
'Climate' For Business
In looking
notifying holders of City of Sao
forward to post-war
and conversion of in¬
contraction
dustry, business management en¬
visages four primary problems,
one
of
the
most
important of
which is the extent to which Gov¬
ernment
will
remain
the
partner
business in peacetime
economy,
GV: Booz, President of the
Association of Consulting Man¬
Edwin
agement
The Federal Reserve Board will
Nov. 28.
Engineers,
declared
'
:
on
•'
.
study the issue thoroughly before
In
acting, it was said.
I
The regulations were adopted in
August, 1941, to offset inflationary
closed
Booz, held at the University Club
tendencies. They require a down-
"Times"
payment of one-third
dicated his views
install¬
reporting that this
in
an
in New York:
of
interview
was
dis¬
with
Mr.
City, the New York
Nov.
29
as
further
follows:
in¬
%
"Pointing out that in the devel¬
opment of the nation's war econ¬
omy
Government has "gotten into
business with all of us,
and for all
practical purposes speaks with the
authority of the senior partner,"
Mr.
men
Booz
asserted
that
would like to have
business
an
expression of "the kind of
a
8s
City Bank Farmers Trust C.o.,
New
York, as special agent, is
In Post-War Period
Association asked bluntly that the
curbs be1 removed immediately.
on
production longer
equal chance in
necessary to turn again to indus¬
outlme
'
has
but many
the restriction
of
American
The
believe
they
stating
usefulness
ciation
of
banking.
The
resolutions
the
an
markets.
"I believe the WPB
may find it
modifica¬
adopted
a resolution saying the regulation
—known technically as Regula¬
W—had
state
one
war
on
curb
Industrial
American
Association
members
and
bankers' association have adopted
op¬
up
and
accounts
those asking
Among
tions
bankers
of
has ended.
position from retail merchants,
many of whom would like to see
the curbs continued. They have
their
ciation
in
others
regaining their civilian
inflationary restraints have $•
been
tion
according to United Press
Washington on Nov. 21, which also had the following
say:-
other
products as the
facilities become
to
than
Seymour
of free Federal Constitution."
new
and
available. While
remain
business.
radio
contended that
any FCC
order divorcing radio
from newspaper ownership "would
be a dangerous experiment upon
and invasion of rights guaranteed
by the first amendment to the
Mr.
or
equitable method must be devised
to give those
plants which may
attempts
years
publishers
newspaper
'
allowed
materials
Other witnesses said the FCC—
in¬
once
capacity.
order in which plants
to produce their
an
be
normal
li¬
any open
"There is little doubt," he
said,
that this is one of the most com¬
plex issues we face—establish¬
ment of
on
by putting all newspaper applica¬
tions in a "suspended file"—has
blocked
manufacture,
dustry has
It
list of products which
a
it wants, to
likewise stated:
was
composi¬
received indicated that the
ment sales, with the balance to be
tober
output was 5,323,738 net
operating rate of steel companies
paid in twelve months, and freeze
having 94% of the steel capacity tons, an increase of 8,108 tons over charge accounts when bills due
of the industry will be 99.5% of the previous high in August. To are not paid within a specified
capacity for the week beginning Nov. 1 this year aggregate has period.
Nov.
Federal
Reserve
Banks
have
29, compared with 99.1%
been
51,231,075
tons, compared been directed to
one week ago, 100.0%
one month
survey banks and
with 49,665,163 tons in the cor¬
bankers to ascertain their ideas.
ago and 98.3% one year ago.
The
operating rate for the week be¬ responding period last year."
Meanwhile, a nation-wide asso¬
from
programs.
the very
at
ment with
rectly at the freedom of the press"
if it divorced all radio stations
decision, Mr. Craven- said,
"strikes
industry to provide the Govern¬
di¬
"strike
would
Mr. Craven expressed the belief
that the FCC had gone beyond
"dead-beats."
March.
are
obtain
to
FCC
the
tion
ments.
going
begging. prices are said to be seeking to
Amounts
being sold often are increase their future purchases
minus
the
customary premium from other furnaces selling at the
price for alloy content. However, ceiling. Applications for January
iron
rumors that scrap allocations may
probably will be filed as
be abandoned are denied strongly usual about Dec. 1, in absence of
at WPB despite the fact that many instructions to the contrary. With
Steel
Division
officials
expect at least nine of ten new blast fur¬
lower steel operations.
Cast iron naces expected to be lighted be¬
grades
continue
tight,
particu¬ fore the end of the year supply
probably will be ample for all
larly west of the Mississippi.
"The CIO steel workers union emergency requirements and some
this week is perfecting its plans broadening of supply for civilian
tonnages
committee
newspaper-radio
consulting
the
chosen
representatives of the people."
majority, he observed, up¬
held FCC rulings involving broad¬
casting chains which, Mr. Craven
said, permit the Commission, in
some time,
however, Mr. Booz
indicated. In reconverting
industry
to a peacetime basis the War
Pro¬
duction Board may have to ask
publishers interested in radio,
without
promise
August.
about
"Huge
the
of
advices from
specific period after
eased.
the
.
for
Whitney N. Seymour, counsel for
.
'
partnership of business and
industry will have to be continued
that, testifying before the Senate
Interstate* Commerce Committee,
said
the
is not being allowed to
capital to convert its plants
The
stated
was
offer
gal¬
materials
are
*
same" advices it
In the
attitude," Mr. Craven
continued^ "constitutes in a sense
a trend toward cessation of gradu¬
alism which I interpret as a meth¬
od by which you impose social
reforms
of
your
own
choosing
regulate
business
services."
reasonable men."
an
to
business without
run
the
Commission's back. If
that trend continues as
policies as "narrow, re¬ it is
going now it will have serious
and discouraging," Mr;
effects, .on re-employment of the
Craven said that what is needed
11,000,000 men who are in the
are1
"reasonable
regulations by armed
and
of
;
<
rene¬
Government is .taking earnings of
business away at such a. rate that
save
Most
ered within
a
"Such
/, /
"You can't
Describing
"taken
acts
majority
a
"business
capital," Mr. Booz declared. "The
asserted,; "is the freedom from
of government reprisal" in
to determine whether the restrictions on charge ac¬
counts and installment buying, should be eased or removed, is being
plates
over
with
Commission.
first
beyond
ceiving orders for specific types of
equipment to be built and deliv¬
controls
fered
Germany's de¬
time, he added;
climate" in great
strictive
has frequently dif¬
Craven
which deliveries are substantially
vanized before May and some can
also
had
legislative
to
same
depends upon present
gotiation policies.
;.
coun¬
first quarter
makers have been
builders
Commission
are
manufac¬
present
opinion,"
added
but
tion of radio
gots is a sharp cut in export ship¬
of
to
part
the form of license controls.
adopted policies not granted it by
Congress."
Mr.
the
fear
gradualism."
replied,
itself
upon
factor in the softer
in
tool
that" the
he
available
in the period after
of radio,
real freedom
the
But
whether he
"earmarks" in
matter
a
Craven
ship
through the industry. Auto parts
particularly ag¬
gressive in this respect. Machine
"That's
Mr.
free democratic
a
made
feat. At the
try like ours."
policies
of
the
technique known
cessation of
in
radio
asked
"Communistic
as
pressure
for forging ingots for
work shows no decline. A
position of in¬
pervaded
from
can
turers in the transition period and
what products will be produced
committee
was
in which materials
manner
Associated^
in
m
any
agency's
effect,
Plate
war
possible
the
higher raw material costs and
wage demands on steel prices.
"At the ^ame time, an increase
of 'conditional orders' for steel for
the
possible, in
spite of the fact they are weighing
extended
after
increasing
show
reluctance to order far ahead and
makers.
use
requirements
overall
Consumers
off.
the war program,
cellations
Materials
mand under Controlled
Garey
observed
the
tions
tional
accounts
agency
Washington
Nov. 24, which also had the fol¬
lowing to say:
•
-
had
"Steel
House
special
the
contained
were
as
follows:
the
that
24
planning
done,, Mr. Booz, who is also
partner in Booz, Allen &
be
investigating the FCC
with "the doctrine of
instituting social reforms through seizing powers not granted it."
Mr. Craven expressed this opinion in response to questions from
Eugene L. Garey, counsel for the committee. Advices to this effect
Press
/
ago.
year
told
Nov.
on
"
•••
Hamilton,
stated
that
officials
first, must be told what is going
to
be
done with surpluses, the
Ownership
mission,
in kets,
and per¬
be
1
'
thorough
senior
Hearing Freedom Of Press Seen
start
follows:
mary
Before
T. A. M. Craven, a member of the Federal Communications Com¬
ginning Nov. 29
one
erate* in/"%
Violated If Radio Is Divorced From Newspaper
reconversion," "The Iron Age" states in its issue of today
toward
been
around the necessity for
the nation is centering
over
At Senate Committee
climate they will have to opr
ness
Graven Of FGG Contends Commission Exceeds
In Steel Production Rate
Powers Granted To It By Congress
Buoyed By Heavy Plate And Sheet Orders
Further Recovery
early
busi¬
Paulo
(United
external
30
States
of
Brazil)
8%
year
secured
sinking fund gold bonds
due
March
1,
1952,
have been remitted to
Farmers Trust
of
that
1922,
funds
City Bank:
Co., who heve been
instructed to apply to the
payment
of
the
coupons
at the rate of
amount
ing
of
the
due Nov. 1,
amount¬
coupons,
to $6.50. for each $40
and
$3,25
The
for
each
announcement
that
the
1941-
16.25% of the face
coupons
$20
coupon
coupon.
points
presented
out
for
payment, in accordance with the
Presidential Decrees of the United
States
panied
letter
of
Brazil, must be
by
of
a
transmittal
couponholder
such
and
properly
agrees
accom¬
executed
wherein
to
the
accept
payment in full satisfaction
discharge of such coupons.
Volume
in net sales in October.
gain of 15%
Moody's Bond Prices And Bond Yield Averages
U. S.
1943—
on
averages
rate*
Aaa
30
119.58
110.34
118.20
29
119.65
110.52
27—
119.69
110,52
110.52
Indus.
113.12
115.43
115.43
110.70
98.57
102.96
118.40
115.82
110.88
98.57
103.13
113.31
115.82
118.40
115.63
115.88
98.73
102.96
113.31
115.82
118.40
115.63
110.88
98.73
102.96
113.31
115.82
110.88
98.73
103.13
113.31
115.82
110.88
98.73
103.13
113.31
116.02
119.72
STOCK EXCHANGE
24
119.71
115.82
115.82
118.60
119.70
110.70
22
119.61
110.70
118.60
116.02
111.07
98.57
103.13.
113.50
115.82
—
20
—i__
119.61
110.70
118.60
116.02
110.88
98.73
103.13
113.50
115.82
Northern
118.80
116.02
111.07
98.73
103.13
113.50
116.02
116.02
111.07
98.57
103.13
113.50
116.02
York State
New
and
Poughkeepsie
—i™.
Albany
Schenectady
—____
119.70
110.70
118.60
118.80
116.22
111.07
98.57
103.13
113.50
116.02
Central New York State
110.70
119.76
110.70
118.60
116.22
111.07
98.57
103.13
113.13
116.02
Mohawk River Valley
Utica
119.78
110.70
118.80
116.22
111.07
98.41
103.13
113.50
119.90
110.70
118.80
116.22
111.07
98.41
103.30
113.50
116.02
103.30
113.70
116.02
116.22
EXCHANGE
98.57
111.07
116.22
118.80
110.70
119.91
STOCK
—
Southern
CLOSED.
119.95
110.70
118.80
116.22
111.07
98.57
103.13
119.92
110.70
118.80
116.22
111.07
98.41
103.13
113.50
116.02
■—
119.96
110.70
118.80
116.22
111.07
98.57
103.13
113.50
116.22
111.07
119.00
116.61
111.25
98.73
103.30
113.70
116.61
Buffalo——.
120.02
113.70
116.61
♦Niagara
5
119.99
111.07
119.00
116.61
111.25
98.73
4
120.02
110.88
119.00
116.61
111.07
98.73
103.30
113.70
116.61
3
120.07
111.07
119.20
116.61
111.07
99.04
103.30
113.70
116.80
2
STOCK
EXCHANGE
99.04
103.47
113.70
116.80
99.04
103.30
113.89
116.61
116.61
116.61
116.41
116.22
1
120.21
111.07
119.20
116.61
29
—,
120.27
111.07
119.00
116.61
111.25
120.33
111.07
119.00
116.61
111.44
99.04
103.30
1113.89,
...
120.28
111.07
119.20
116.61
111.25
99.04
103.30
120.57
110.88
119.00
116.41
111.25
98.73
103.13
120.62
110.88
119.00
116.22
111.07
98.73
103.13
113.89
113.89
113.89
120.55
111.07
119.00
116.41
111.25
98.88
103.30
120.55
111.07
119.20
116.61
111.07
98.73
103.13
120.56
111.07
119.20
116.61
111.25
98.88
103.13
120.30
111.25
119.20
116.80
111.62
98.73
103.30
15
8
1
—
Bepfc. 24
__
17
10
3
—
116.41
113.89
113.70
113.89
113.89
116.61
116.80
117.00
111.25
119.20
116.80
111.44
98.88
103.13
120.18
111.44
119.41
117.00
111.62
99.04
103.30
25
120.41
110.70
118.80
116.22
111.07
98.09
102.46
112.89
114.08
113.70
May 28
119.82
110.34
118.20
115.82
110.88
97.78
102.30
131.31
30
118.36
109.79
118.00
115.43
110.34
97.00
113.12
Mar. 26
116.93
109.60
117.80
115.43
110.52
96.23
101.31
100.65
117.11
109.24
117.60
115.43
110.15
95.47
100.00
112.93
117.04
108.70
117.60
115.04
109.79
94.56
99.04
<112.56
1943
120.87
1943.
Aug.
27
July
30
Jun
Apr.
Feb
26
Jan.
29
120.34
„
—
113.12
117.20
117.20
116.61
115.82
115.63
115.63
115.43
115.43
111.44
119.41
117.00
111.81
99.36
103.47
114.27
116.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81
117.40
114.46
High 1942
118.41
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
Low
115.90
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
116.78
107.27
116.80
113.89
108.88
91.91
96.69
111.81
114.46
'
91.77
97.31
112.37
116.02
High
Low
1942
;
*1 Year ago
Nov.
1942_
30,
2 Years ago
Nov.
■
1941-
29,
108.16
119.77
118.60
109.60
115.63
BOND
(Based on Individual Closing
1943—
Dally
'
Averages
TT.3.
Avge.
Govt.
Bonds
Corporate
Indus.
P. U.
'
1.87
3.15
2.74
2.88
3.13
3.84
3.57
3.00
2.88
3.14
2.73
2.86
3.12
3.84
3.56
2.99
2.86
27___—
1.86
3.14
2.73
2.87
3.12
3.83
3.57
2.99
2.86
26_!
1.86
3.14
2.73
2.87
3.12
3.83
3.57
2.99
2.86
29
—
a...
'
<
.
24—,
1.86
3.14
23—__—
1.86
3.13
2.72
22
1.87
3.13
2.72.
20
__
19
18
■
,f
—
17-
■
*
:
1
•pi-'1-...
.i
2.86
2.99
3.56
2.86
3.12
3.83
3.56
2.99
2.85
3.11
3.84
3.56
2.98
2.86
2.85
1.87
3.13
2.72
2.85
3.12
3.83.
3.56
2.98
3.13
2.71
2.85
3.11
3.83
3.56
2.98
2.85
1.86
3.13
2.72
2.85
3.11
3.84
3.56
2.98
2.85
1.86
3.13
2.71
2.84
3.11
3.84
3.56
2.98
2.85
2.84
3.11
3.84
3.56
2.98
2.85
3.11
3.85
3.56
2.98
2.85
3.11
3.85
3.55
2.98
.',2.85
—
1.86
—
1.85
1.84
'
1.84
_;
l
3.83
1.87
16
13
,
3.12
2.86
2.73
2.8G
15
12
r.
STOCK EXCHANGE CLOSED.
25__
,
3.13
2.72
3.13
2.71
3.13
2.71
3.13
2.71
2.84
.
2.84
■,
.
2.84
3.11
3.84
3.55
2.97
2.85
3.11
3.84
3.56
2.98
2.84
'
•
STOCK
11
10
9
8
—
'I
5
-
:
'
3
—-
CLOSED.
2.71
1.84
3.13
2.71
2.84
3.11
3.85
3.56
2.98
2.85
1.84
3.13
2.71
2.84
3.11
3.84
3.56
2.98
2.84
(average daily),
Stocks,
unadjusted
Stocks,
seasonally
3.11
2.70
2.82
3.10
3.83
2.97
2.82
1.84
3.11
2.70
2.82
3.10
3.83
3.55
2.97
2.82
3.12
2.70
2.82
3.11
3.83
3.55
2.97
2.82
1.83
3.11
2.69
2.82
3.11
3.81
3.55
2.97
2.81
3.55
if
the
137
121
131
119
118
128
123
In
only
when
the
playing
we
home
Nazi
that
see
front
would
be.
a
meantime, we
Hitler's game
just around
peace*
the corner."
*
'fii
.
*
*
-Afterreviewing his observations
on his recent
trip abroad and giv¬
ing his opinion of the task ahead,
♦Revised.
he added:
"I do not want to underestimate
Electric Output
For Week Ended Nov. 27,1943,
Shows 16.9% Gain Over Same Week Last Year
in its current weekly report, esti¬
The Edison Electric Institute,
however, the effects that the ter¬
rible defeats in Russia, or the de¬
of Germany must have
struction
in the Nazi home front.
struction
must
be
That de¬
fantastic.
In
light and Italy I saw what bombs can do.
power industry of the United States for the week ended Nov. 27, 1943, I saw the port of
Naples lying in
was
approximately 4,403,342,000 kwh., compared with 3,766,381,000 a mass of ruins.
I saw the port
kwh. in the corresponding week last year, an increase of 16.9%. of Palermo in
Sicily battered so
The output of the week ended Nov. 20, 1943, was 18.9% in excess
badly that one sizable ship lay
mated
production of electricity by the electric
the
that
period of 1942.
INCREASE
high and dry on a wharf, blown
completely out of the water.
But
PREVIOUS YEAR
OVER
Week Ended
New England™.
—
Middle Atlantic-,
i.
_
Central Industrial
—
West Central
2
Southern States.,.
ctocky Mountain
^
'*
Pacific Coast-
:_
Total United States
—
Nov.
Nov. 20
Nov. 27
Major Geographical Divisions-
General
Nov. 6
13
Palermo
8.3
8.2
18.1
20.5
19.0
18.1
11.5
14.1
15.1
12.7
7.2
7.9
10.5
8.7
18.5
19.9
20.3
20.4
15.9
15.5
14.8
15.5
Nazi
cities
34.6
36.9
33.3
29.7
more
destruction.
16.9
18.9
"l8.7
17.3
selves
1942
(Thousands of Kilowatt-Hours)
7
—-
Aug 14
———
Aug 28
Sep
Sep
_
_
Aug .21
_
4,240,638
_
—
4
_
11
:
—
Sep.
25
Oct;
2
Oct.
9
Oct.
23
Oct.
30
+
1,415,122
1,729,667
3,654,795
+ 17.3
3,238,160
1,431,910
1,732,110
3,673,717
+ 16.1
3,230,750
1,436,440
1,750,056
4,322,195
4,350,511
3,639,961
+ 18.7
1,761,594
+18.4
3,583,408
+ 18.0
4,358,512
3,756,922
+16.0
3,261,149
3,132,954
3,322,346
3.273.375
1,464,700
3,672,921
4,229,262
4,359,610
3,720,254
3,682,794
+
17.2
3.273.376
+
18.4
_
_
-
time
1,792,131
1,798,633
3,340,768
1,533,028
1,824,160
+ 18.0
3.380,488
1,525,410
+ 17.3
3.368,690
1,815,749
1,798,164
+ 18.7
3.347,893
1,520,730
1,531,584
4,513,299
3,761,961
3,775,878
3,795,361
+ 18.9
3.247,938
1,475,268
1,818,169
4.403,342
3,766,381
+ 16.9
3,339,364
1,510,337
1,718,002
4,415,405
4,452,592
3,774,891
pa¬
boys selling extras.
1,806,259
+ 17.7
4,382,268
_
3,330,582
'
ing by whistles and bells and
per
1,499,459
1,506,219
1,507,503
+ 17.3
that happened the last time.
1,674,588
1,528,145
3,702,299
3,717,360
3,752,571
It is pos¬
thing will hap¬
1,490,863
3,313,596
4,341,754
same
1,423,977
3,355,440
4,359,003
_
even
1,476,442
+ 17.9
_
—
other
"But it is also possible that we
can waste a great deal of precious
1,777,854
1,819,276
1,806,403
_____
—
3,233,242
3,637,070
4,264,825
16.6
several
received
We may be awakened some morn¬
1929
4,287,827
16
Oct.
1932
and
have
sible that the
pen
1941
1942
over
that
me
"Yet, it is conceivable that the
1943
1943
admit,
Germans can't take it.
% Change
Aug
assured
only 3 or 4% de¬
stroyed, Hamburg has been 70%
destroyed,
the
Germans
them¬
was
7.7
DATA FOR RECENT WEEKS
Week Ended—
Patton
5.3
thinking about that morning,
can divert a great deal of
our
precious energy into making
ready for it, and then find that it
shows no sign of coming. And in
and
the
we
1.81
3.11
2.70
2.82
2.82
Nov.
20
_____—&
1.82
3.11
2.69
2.82
3.10
3.81
3.55
2.96
2.82
Nov.
27
__•
1.80
3.12
2.70
2.83
3.10
3.83
3.56
2.96
2.83
1.80
3.12
.2.70
2.84
3.11
3.83
3.56
2.96
2.84
at all."
1.80
3.11
2.70
2.83
3.10
3.82
3.55
2.96
2.83
1.80
3.11
2.69
2.82
3.11
3.83
3.56
2.97
2.82
——
1.81
3.11;
2.69
2.82
3.10
3.82
3.56
2.96
2.81
__
1.83
3.10
2.69
2.81
3.08
3.83
3.55
2.96
2.80
—
—
1
_
Sept. 24
______
17
10
3
Aug, 27
__
"
w
2.81
13
3.10
2.69
2.81
3.09
3.8?
3.56
2.96
3.09
2.68
2.80
3.08
3.81
3.55
2.95
2.79
2.84
3.11
3.87
3.60
2.97
2.82
2.86
3.12
3.89
3.61
2.99
2.86
3.94
3 67'
3.00
2.8 7
30
1.82
3.13
2.71
1.88
3.15
2.74
1.98
,
.
2.88
2.75
3.18
Mar.
26
2.08
3.19
2.76
Feb
26
2.06
3.21
2.77
2.06
3.24
2.77
-
.
3.15
2.88
3.14
3.99
3.71
3.00
2.87
2.88
3.16
4.04
3.75
3.01
2.88
2.90
3.18
4.10
3.81
3.03
2.88
2.08
3,31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
High 1942
2.14
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
Low
1.93
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
2.09
3.32
2.81
2.96
3.23
4.28
3.96
3.07
2.93
1.86
3.27
2.72
2.87
3.19
4.29
3.92
3.04
2.85
Jan. 29
——
High 1943__
1943—
1942—;
v
'
1 Year ago
1942-
30,
1941
the basis of one "typical"! bond
maturing in 25 years) and do not purport to show either the average
level or the average movement of
actual price quotations.
They merely-'serve to
illustrate In a more comprehensive way the relative levels and the relative movement
♦These
(3%%
prices are computed from average yields on
coupon,
of yield
averages,
tThe
the
the latter being the true picture of the bond market.
latest complete list of bonds used
issue
14,
of Jan.
Oct. Department
in computing these indexes was published
:
4,413,863
_
4,482,665
_
_
Store Sales In Hew York
Federal Reserve District I % Above Year Ago
that October sales of department
Reserve District
York announced
stores in the Second
increased 1%
over
a
year
on
Nov. 17
(New York)
ago.
The
com¬
In
Of Battle Fronts, Says German
Win Next War
Discussing Tour
Prisoners Count On Next Fuehrer To
meantime,
young
men
are
Reserves Decision
the
petition
of
& Co., Inc., New
York, for a review of the' Securi¬
ties
and
Exchange Commission
Decision
on
Charles Hughes
order
revoking
its broker-dealer
in history, registration, was reserved by the
United States Court of Appeals.
with practically no precedent to go on," was the message conveyed
The Commission, after a hear¬
to the Association of National Advertisers by Secretary of the Treas¬
ing, had found that the Hughes
ury Morgenthau in addressing the Association at a dinner meeting
firm
had
wilfully violated the
in New York City at the Hotel Commodore on Nov. 18, and he
fraud provisions of the Securities
warned that "there is a good chance that letting down now can
Exchange Act of 1934, the Securi¬
That
advertisers
needlessly
prolong
Mr.
the
New
indicated
"Your
war for<£
Thus report¬ that
the
Morgenthau's
ing
York
him
as
facing "the biggest selling job
are
remarks,
"Times"
further
saying:.
job is barely, begun. And
going tp, gef.,more dif¬
ficult
every
wegkJn^nd
every
the swar. wears Cn.
Because we are going to get tired.
Everybody is going to get tired.
We are going to want peace and
relief from the restrictions that
war puts on what we do, and what
we eat, and what we have.
that
"Unconditional
surrender
is
a
large order,., and there may be a
temptation to settle for less as the
of peace approaches.
bined sales for January through October are 6% higher than in the
I hope you will remember that.
same
period last year.
Stocks of merchandise on hand in depart¬ I hope you will put your minds
to doing.something about it, and
ment stores at the end of October were 17% below October, 1942.
The apparel stores in the New York Reserve District reported a thus continue the patriotic record
1,793,584
Morgenlhau Warns Advertisers They Face
Biggest Selling Job In History
month,
^
The Federal Reserve Bank of New
Federal
—u______
the job is
1943, page 202.
:
„
_
weeks and months."
2 Years ago
29,
6
Nov,
1.84
25
Nov;r
2.82
1.83
July
30
2.96
3.55
3.81
3.09
2.96
3,56
381
3.10
2.97
3.54
3.81
3.10
2.79
Jun
—
; ■'
2.82
2.70
3.11
1.82
2.82
2.69
May 28
In
Oct.
127
the
take
.15
8
Nov.
Sep.
"
to
them.
upon
"But
should* crack
1943-
95
126
123
127
unable
22
CLOSED
EXCHANGE
3.11
1.82
_
29
Nov.
seasonally adjusted
adjusted
be
from Russia, or the ter¬
our
bombs are
destruction
are
130
115
"160
*148
;
will
windfall.
Aug.
an
front
raining
STOCKS
'
further
prospect of
news
rible
100]
Oct.
_
1.84
STOCK
—
1
Low
average s=s
1942
Sales
AND
SALES
bad
1942.
days,
great
near
front
—17
+4
+6
+15+20
+1
STORE
'
(average daily), unadjusted
7
—2
—3
—14
—
+6
next
good American
losing their lives
trying to end the war the hard
way, because they have no choice
except to do it that way, or not
2
Apr.
2.84
3.13
1.84
6
4
Oct.
EXCHANGE
1.84
—
+9
the
the Nazi troops are
cracking.
"It is always possible, of course,
that the people on the Nazi home
not
•>—
2.
+10
+12+28
27 shopping
1-
R. R.
1
"Times"
the
Italian
2
+
Federal Reserve District
[1923-25
Sales
—<2
+2
1943;
days,
DEPARTMENT
Second
/:
—
+10+10
—
—
shopping
PERCENTAGE
1.86
30
Nov.
OF
—8
.—17
—
...
_
26
1
+10+12
+15
win
reported
early end
of the war in Europe, Mr. Mor¬
genthau said:
"No one in Washington can give
me
any
concrete evidence that
Germany is tottering on the brink
of capitulation—and I have sought
out
practically every one who
would have any reason to know.
And I can tell you that on the
+2
6
will
So here they are—these de¬
The
—
+
until
do
tion."
on
—
—
7+2
+1+10
■
Corporate by Groups
—18
0
_
stores
revision,
to
INDEXES
Prices)
Corporate by Ratings
Aaa
Aa
A
Baa
—15
—.
___
AVERAGESf
YIELD
—
♦Rochester
of the similar
MOODY'S
3
__
___
♦All department
—
—14 —■ 6
+3+5
+4+7
—
—
+
—
Falls
♦Subject
—10
.
New York State—
•Apparel stores
CLOSED
111.25
22
♦Western
—21
9—2
to
prisoners—already plan¬
ning another assault on civiliza¬
—
__
—
2
___
State——
York State—:
New
8
103.30
—
—
Binghamton
9
6
-
—
r
113.50
_
—
Syracuse
Northern New York
—
—
-
hand,
4
9—5
—8+3
+8+11
+3
+11
;_
on
Oct. 31, 1943
—20
—
,
L
—
119.74
13
—.
Upper Hudson River Valley
18
15
——
_
Valley
16
116.02
Counties
•
Stock
Oct.
have
feated
+2+7
—
Fairfield
Bridgeport
Lower Hudson River
17
10
Oct.
York City
Westchester
23—
110.70
Jan. thru
Oct.
Department Stores—
New
CLOSED.
118,40
110.52
P. U.
find another," Mr. Mor¬
can
Fuehrer
Corporate by Groups*
R. R.
Aa
will
they
war.
year earlier
Baa
26—
119.64
1943
District
Federal Reserve
Second
OCTOBER,
Percentage changes from a
A
25-Ji.
11
LOCALITIES
MAJOR
BY
Net Sales
Corpo¬
12
TRADE
STORE
tion—-he
genthau continued. "And get this,
gentlemen—they say their next
following is the bank's tabulation:
DEPARTMENT
i
Corporate by Ratings'
Govt.
Bonds
19
The
are
Avge.
Daiiy
Averages
Nov.
yield
Their stocks on hand at the
close of the month were 4% above last year.
BOND PRICESf
Average Yields)
MOODY'S
(Based
bond
and
Moody's computed bond prices
given in the following table:
2239
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4234
158
possibility
some
of you started back in
ties Act of 1933 and the SEC reg¬
ulations, through the sales of un¬
of defense."
listed
securities
at prices
sub¬
Secretary Morgenthau
in his
address before the gathering, at stantially in excess of prevailing
over-the-counter market prices. **
which were present some 800 na*tional advertisers, brought in a
reference to what he had gleaned
from his recent tour of the Med¬
those early days
iterranean battle
ence
which
to
fronts
(a refer¬
appeared
in
our
issue of Nov.
as
11, page 1931), and
pris¬
his trip to the fighting
to his talks with German
oners
front
on
in
Italy, the Secretary said
believe strongly in
that they still
Adolf Hitler and blame the failure
of
the
Russian
German
campaign
on
generals.
From
"Times" we also quote:
"Then if you peruse the
the
the
sub¬
ject of their present leader, they
may
admit that he is not perfec-
Moody's Daily
Commodity Index
Tuesday, Nov. 23—
Wednesday, Nov. 24
Thursday, Nov. 25
Friday,
Nov.
26.__,
__
—
Saturday, Nov. 27
Monday, Nov. 29
Tuesday, Nov. 30™——
Tv/o weeks ago, Nov.
16
Month
ago,
Oct. 30
Nov. 30——:
Year
ago,
1942
High, Dec. 22
1943
High, April 1
Low, Jan. 2
Low, Jan. 2
♦Holiday.
J*,-
244.7
244.2
'
243.6
244.2
243.7
244.4
244.0
246.6
230.4
239.9
220.0
249.8
240.2
THE COMMERCIAL & FINANCIAL CHRONICLE
2240
Thursday, December 2, 1943
increasing steadily since April'l, 1943. .It is
now 6.0% above Nov. 1,
1942,
Only one commodity, decreased since 1942; women's hose
showing a decline of 5.2%,
Men's hose, shirts, and neckwear and
The Securities and Exchange
clothing, infants' socks, and underwear, and floor coverings have all
Commission made public on Nov,
increased just 0.1% over Nov. 1, 1942.
Furs still show the largest
£9 a summary for the week ended
advance/over the 1939 pre-war period and women's shoes the
Nov. 20 of complete figures show¬
smallest.
ing the daily volume of stock
"The index continues to fluctuate slightly and the indications are
transactions for the odd-lot ac¬
that it will remain comparatively stable in the near future, according
count of all odd-lot dealers and
to A. W. Zelomek, economist under whose supervision, the index is
specialists who handled odd lots
compiled.
Any further fluctuations will continue to be minor."
on
the
New" York
Stock
Ex¬
Trading On Ilew York Exchanges
The Securities and Exchange Commission made public on Nov, 29
figures showing the volume of total round-lot stock sales oh the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
UYSE Odd-Lot
-
,
the week ended Nov. 13, continuing
being published weekly by the Commis¬
shown separately from other sales in these
members of these exchanges in
series of current figures
a
Short sales
sion.
figures.
are
*
.
the Stock-Exchange for the account of members
(except odd-lot dealers) during the week ended Nov.' 13 (in roundlot transactions) totaled 2,020,496 shares, .which amount was 15.74%
of the total transactions on the Exchange of 6,416^760 shares.
This
Trading on
'
■
■
'
.
:•
•
113.1
113.1
113.1
112.2
112.2
112.2
105.3
105.3
105.3
Women's Apparel
71.8
112.6
112.7
113.0
113.1
113.1
Furnishings
{Other sales
Total
—*
Total
-
Total purchases
Short sales
Total'sales
—
Total
1
247,200
sales'
83.2
Aprons & House Dresses—
75.5
140.5
140.5
140.5
140.5
140.8
83.6
111.2
111.2
111.2
111.2
111.2
Customers'
66.8
134.6
140.0
141.7
142.6
142.7
"Customers'
102.7
102.7 ;
102.7
102.7
102.7
—
;**—,
69.2
*
:
,
Total purchases
-*
Short
—-
.
sales
*_*_*:
:***/*■.
*i_—
—
—
——.——
'
—
Radios
*
2.37
Sales
15.74
on
*
;—9,305,
——
**■—**•—
1,346,650
—
—-:
Transactions
the
for
Account
of
<
Members:
i
,
Total purchases
Short sales
{Other sales
In the month-to-month
In which
Transactions of specialists in stocks
they are registered—
128,350
—*——;
6,500
^**—'
121,520
———-—-
Total .sales
BANKERS'
9.45
.128,020
— *>.
*_
DOLLAR
{Other
————■——,
;Total
2.891
Philadelphia
4
Cleveland
8 St,
2,98
32,920
4. Total-
{Other sales
-
._*—.
208,275
„_
Totalsales**.—.*
—
,*_***
Louis
—
Minneapolis
10
Kansas
tl
Dallas
City 1
*
*
12 San Francisco
8,100
*_*
199,190
1
**——-*.
——
_*■
**.—
7 Chicago
32,620
***
—-*—**—**———*_**/.'
Total purchases
Short sales ■
„*•*.
8 Atlanta
300
——-
*—
*—
*.
_—***■
3
9
Decrease for
15.32
,207.230
-v
.
(Jrand. Total
mohth__
C, Odd-Lot
Transactions for the Account of speciaiJsts—.
'
Customers' short sales**_
.***_*
94.3
70.1
105.9
106,0
106.0
106.0
106.0
76.3
109.6
109.6
109.6
109.6
109.6
74.0
sales—
.**_.
..
-25.'
,
Imports
39,424
-
—
Exports.
Tojjal purchases-
39,449
—
sales—*—
:
*_—*
,
,*****.{-*
;
Domestic, shipments
Domestic warehouse
39,695
•
'
"members" includes allregular
('•
'
**
other
credits
v
Dollar exchange*
and associate Exchange members, their
firms and their partners, including special partners. : tin calculating these percentages the total of members'
Based
purchases and sales is
compared with,twice the total roundrlot volume on the Exchange for t,he reason that
the Exchange volume includes only sales.
{Round-lot short sales which are exempted from restriction by the Commission
rules are included with "other sales.''
.,
.
,esaies marked "short exempt" are Included with "Other sales,"
on
goods stored in
between
shipped
or
foreign countries..
...
114.5
114.6
114.6
114.6
114.P
74.3
103.6
103.7
103.7
103.7
103.7
106.0
106.0
106.0
106.0
106.0
69.4
129.2
129.2
129.2
129.2
129.2
79.9
146.8
146.9
146.9
143.9
146.8
bills..i_$48,385,000
Bills
Increase
66.8
66.8
66.8
66.8
95.7
94.7
Days
October Retail Prices Continue
Unchanged,
According To Fairchild Publications Index
the
second
Retail Price Index
consecutive
is
month
the
Fairchild
•
93.5
93.5
93.5
81.5
110.6
110.6
110.6
301
.
€0
"••'
unchanged, remaining at 113.1
RESERVE
93.5
110.6
llo.i.
during October.
comprising the
index
remained
/
foM^ving table,
The
of
has shown any
1940—
movement.
•Sales
196,683,000
31
31**—
Feb.
28
Mar. 31
Apr.
,
—
$19,338,000
$19,885,000
65,254,000
'68,719,000
5,208,000
5,398,000
2,019,000
2,014,000
1,780,000
1,934,000
71,430,000
7,233,000
2,853,000
.iquidate
3,345,000
2,848,000
1,264,000
5,982,000
6,542,000
4,864,000
837,000
760,000
281,000
261,000
174,000
443,660
2o7,66o
143,066
9,493,000/
TO
Decrease
NATURE
OF
9,215,000
9,168,000
$117,016,000
$118,581,000
for
shares—
"short
Oct. 30, *43
'/(Sept.
$66,871,000
'
*
J/
V
30, '43
$68,868,000ft
9,290,000
and sales t|Q
long position which is less than
lot
are
reported
7,593,000
6,922,000
12,553,000
23,103,000
27,737,000
"
■'
188i000
■
«
1941
Nov.
29—/
Dec.
31.
now
dated
1,
be
the
acts
Dec.
interest from that date
of
rate
%%
now
hereafter enacted.
or
Branches and at the Treasury De¬
partment, Washington, and should
be accompanied • by a like face
of the maturing certifi¬
Subject to the usual, reser¬
amount
cates,
vations, all subscriptions will be
allotted
12, 1943
■
are now
799,736,000
,
-
in full.
"There
of
outstanding $3,-
the
Healey To Head 0\VI Div.
George W. Healy Jr., Managing
Editor of the New Orleans "Times-
i.lli
furnished a, record
outstanding,,at the
close
of the Picayune", has been selected to
of each succeed Palmer Hoyt as Director,
•I
P.L)\
$
J
ig42
193,590,000
Nov.
194,220,000
Dec.
30i
31-.*-—
,116,067,000
118,039,000
1943—
211,865,000
Feb.
28
190,010.000
Feb.
27-
127,062.000
Mar. 31
182.675.000
after
Jan.
served
217.312,000
—i
of Domestic Operations of the
Of->
fice of War Information and is
scheduled to assume the post soon
Mar. 31
129,818,000
Apr.
30
128,350,000
May
29—
135,815,000
OWI
as
1.
Mr.
Hoyt, who has
domestic
177,293,000
173,906,000
land. "Oregpnian"..
31..,
162,849,000
156,302,000
30 „139,846,000-
July
31-.
:
31
139,304,000
Aug.
31
176.801.000
July
Aug.
Sept.
...
123.494.000
Sept. 30—
184,806,000
Oct.
■_
118,581,000
Oct.
.**
30
138.692.000
I— 130,244,000'
117.016.000
114,883,000
of1 the
announced,
.his intention of returning to his.
position as publisher of the Port¬
30
June
head
since-June, r has
Apr.
31^
-
A
May 29
June 30
Oct:
E-1943
,
219,561.000
—
Series
certificates."
iff.
215,005,000
30L
annum,
not have any exemp¬
30
Sept,-
per
at the! Federal; Reserve, Banks.and
.1.1)859,000
119,682,000
212,932,000
offered
1943, and
"Subscriptions, will, be received,
•7ff
*
.
certificates
tion, as/such, under Federal tax:
Vz
i
Treasury statement further
offered
i°ff
us,
be
payable semi-annually on June 1
and Dec. 1, 1944.
They will ma¬
ture Dec. 1, 1944.
They will be
issued in bearer form only, with
two interest coupons attached, ip
denominations of $1,000, $5,000,
$10,000, $100,000 and $1,000,000.
"Pursuant to the provisions of
the Public Debt Act of 1941, in¬
terest updn the certificates how
Total__n.$37,535,000
1
compiled by
acceptances
Series
will bear
•
3(1
'
_
•
not
at
Dealers'Selling Rates
•
will
will
'263,OoO
lb,599,000
9,606,000
of
1, 1943.
"The
5,903,000
21,350,000
173,000
ness
Dec.
E-1943, maturing
Cash subscriptions
received.
The sub¬
scription books closed yesterday
(Nov. 24).
Oct. 31, '42
30—.:
197,472,000
with, "other
exchange
basis, par for par, to holders of
Treasury Certificates of Indebted¬
$60,266,000
»
7,336,000
Jan.
209.899,000
re¬
tSales to offset
odd-lot 'orders,,
a
round
are
ries G-1944, open on an
.
,
197,278,000
31
164,630
exempt"
Banks, of % %
Treasury
Certificates of Indebtedness of Se¬
..-$3,698,000
year
CREDIT
31..
30*
90.840
serve
67,000
Jan,
July
:
—
„
Treasury Refunds Ctfs. ;
Secretary of the Treasury Morgenthau announced on Nov, 22 an'
offering, through the Federal Re¬
.1,413,000
212,777,000
June 30
30
90,810
May 31
1 Aug.
•
-
—
...
marked
customers'
The
$20,114,000
1942—
Jan.
434,996
16,008,832
stated:
Oct. 31,'42
month.*..$4,034,000
-5,.
—
ported with "other sales."
STATES
Sept. 30, '43
$114,883,000
l/2
30, 1940:
$
1941—
This is the first time since July that not
,
bankers'
month since Nov.
un¬
However, women's apparel and in¬
fants' wear were 0.4% and 0.1% respectively above the previous year,
with the other groups remaining unchanged.
Compared with the pe¬
riod immediately preceding the outbreak of the. European war,- piece
goods advanced the most, 33.6%, and infants' wear the least, 12.7%,
"Furs were the only individual commodity to record any change
during the month, having advanced 0.1%.
The fuf index has been
one
Number. of
DISTRICTS
Oct. 30, '43
iff
'■■
value
423,370
sales*.—
Dealers-
.
OUTSTANDING—UNITED
1/2*
•
NOV. 30
groups
/
*•■
——.....
180
volume
Dec.
major
■
!l20:--;J.i.u..£— ''
•
•
Under date of Nov. 16, the Fairchild announcement further
"The five
t •
-
■
total
sales."
others__._$39,?00,000
Publications
said:
changed
90
'
i
..;■
other sales.—.
Round-Lot Purchases by
a
of
'
'
11,626
,
Short sales
95.7
93.5
16,324
.
sales
tOther sales
Major group indexes are arith-
Dealers'Buying Rates
30-.—*
.
(Jan. 2=100).
The index is the same as on Nov. ,1, 1942.
Starting with July 1, 1942
the index remained constant for eight consecutive months due to the
effect of-the : General Maximum Price Regulation.
The index is
63.0% above the May, 1933, low, and 27.2% above the 1939-pre-war
period.
Dollar
sales——
Round-lot Sales by DealersNumber of Shares:
66.8
95.7
95.7
72.5
CURRENT MARKET RATES ON PRIME BANKERS
ACCEPTANCES NOV.
-
total
short
Total sales
for
•
388
15,936
Shares;
Customers'
BILLS HELD BY ACCEPTING BANKS
Own
,
For
114.8
80.9
.—-$2,133,003
ACCORDING
■
8Customers'
The term
99.1
94.3
FEDERAL
5 Richmond
47,905
—
*
*
■■I New York
off the floor—
—
(.-{Other sales
1 Boston
46,350
sales. *.***——;**_—*.
■'Total sales
*
99.1
94.3
comparison, only credits for exports and
Federal Reserve District—
45,0.50
sales,^—*.**—*—*—.■**_:—
Total purchases
Short sales
32,020
1,300
——*—
3. Other, transactions initiated
Total
114.8
99.1
94.3
ACCEPTANCES
BY
•
'.
114.8
99.1
of
•Customers'
only credits for imports and exports were above Oct. 31, 1942.
The Reserve Bank's report follows:
-
Other transactions Initiated on the floor—
..
114.8
99.0
94.3
sales..*.
other sales——
Customers'
domestic shipments were higher, while in the year-to-year analysis
,
—.——.
Total purchases'
.'. Short sales
.
114.8
74.3
69.7
short
Customers'
$il4,883,000, a decrease of $2,133,000 from the Sept. 30
total, according to the monthly acceptance survey issued Nov. 12 by
the Federal Reserve Bank of New York.
As compared with a year
ago, the Oct. 30 total represents a decline of $3,698,000.
amounted to
,
1,355^955
Total sales'
••
92.4
108.1
The volume of bankers' dollar acceptances outstanding on Oct. 30
tPer Cent
for week
•
—
{Other sales
2.
92.4
108.1
Oct. 30 Decline To §914,883,008
'
Total
Short sales
(Customers' Sales)
Number of Orders:
Dollar Acceptances Outstanding On
Bankers'
Stock
1943 '.
WEEK ENDED NOV. 13,
Total Round-Lot Sales:
1.
92.4
108.1
NOTE—Composite Ihdex is a weighted aggregate.
metric average of subgroups.
the New York Curb Exchange and
Transactions for Account of Members* (Shares) ■.
Total Round-Lot Stock
Round-Lot
92.4
108.1
60.1
.
....
92.4
108.0
50.6
*
Luggage
1,063,156
Total' sales„——****—_——
B.
.**„**;■
949,548
■
-
!
Coverings——***_*———*
Electrical Household Appliances
China*
957,340
113,610
'
—.*—————
sales
{Other
1
76.5
64.9
69.6
**********
Neckwear**—***_—*'*„.
Furniture*
1
,
Odd-Lot Purchases by
89.2
'
Number
4.29
—
Dealers—
Underwear
156,706
.
orders
89.2
Socks**
7,900
148,803
—•'——,
•
.Total
for Week
19,464
Number of shares..489,748
Dollar r value
19,969,485
of
Number
89.3
Floor
—i——.—
••
143.8
Infant's Wear
303,470
—•—r-
—
•
143.8
94.1
'
4. Total—
143.8
59.2
Clothing incl. Overalls*:
28,800
—
y
20, 1943
OddrLot Sales by Dealers:
(Customers' purchases)
Hosiery
9.08
147,050
{Other sales
-
,
143.8
108.0
126.8
Shirts &
initiated off the floor-
Total purchases
Short sales
.
143.8
84.7
108.0
.
135,.C
Underwear
274,670
——
—
68.6
84.7
108.0
84.7
"
126,8
Shoes
—-—->■—
—
108.0
135.0
Shoes*
3. Other transactions
84.7
108.0
135.0
Hosiery
602,980
—
——
84.7
69.2
126.8
Furs___
the floor-
.***
sales
{Other
57.4
DEAL¬
ON-THE
EXCHANGE
STOCK
126.8
Hats & Caps————*
—*L'iit.**i-i*,l---------
sales
Other transactions initiated on
2.
Y,
135.0
•Corsets & Brassieres*
563,090
76,910
526,070
ODD-LOT
OF
SPECIALISTS
AND
N.
126.8
Shoes**—
*
——-7-——
ERS
Men's Apparel
—
.
{Other sales
llo.i,
135.0
—.
Underwear***———L_
—r—
sales.
Short
.
108.1
■115.5
65.0
,
.
.
:
,108.1
Women's Apparel
6,416,760
*—:
108.1'
115.5
72.9
Blankets & Comfortables—*
Transactions
Total purchases
—
Sheets
tPer Cent
for -Account or Mem¬
for the Odd-Lot Accounts of OddDealers and Specialists:
Transactions of specialists In stocks in which
they are registered—
1.
108.1
115.5
specialists,
TRANSACTIONS'FOR THE ODD*
ACCOUNT
Week Ended Nov.
*
Cotton Wash Goods
bers, Except
Lot
108.0
115.5
LOT
Piece Goods
175,090
6,241,670
sales
Round-Lot
B.
]
———
—{
——*
dealers and
STOCK
Domestics
...
..
76.4
70.2
Infants' Wear*
Woolens*
for week
*—
113.0
Nov. 1,
1943
1943
112.2
Total:
.
Total RoundrLot Sales:
Short sales
113.1
Oct. 1,
1943
105.3
(Shares)
V ■■■'.'■■
•
1943
112.2
Home
13", 1943
NOV.
WEEK ENDED
'
A.
1942
105.3
Siiks
Account of Members*
current
70.7
,
continuing a series of
figures being published
by the Commission/ The figures
are based upon reports filed with
Ihe Commission by the odd-lot
change,
65.1
69.4
Piece Goods—
.
for
INDEX
Men's Apparel*—
Composite Index—,-
15.32% of the total
volume dn that exchange of 1,355,955 shares; during the Nov. 6 week
trading for the' account of Curb members of 258,025 shares was
13.77% of total trading of 936,480 shares.
* ^
13 amounted to 415,565 shares, or
Transactions
1933
;'
,
Curb Exchange, member trading during the week
York
New
ended Nov.
PRICE
1931=100
Copyright 1943 Fairchild News Service
Nov. 1,
Sep*.l,
Aug. 1,
May 1,
Nov. 6 of
15.09% of total trading of 4,366,820 shares.
On
1,318,157 shares, or
RETAIL
PUBLICATIONS
FAIRCHILD
JAN. 3,
with member trading during the week ended
compares
the
THE
Trading
.
.
-(v
Mr'.. Healy: is - Chairman
Associated Press
.
of
the-
Managing Edi¬
tors Association,
.
•
1241
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4234
153
Volume
(,!!), however, must be
S. Department of
Administration for War, U.
Solid Fuels
The
reports.
Omitted.)
lignite—
and
Kov.
Nov. 20,
Bituminous coal
1943
516,570
11,721
11,270
12,700
1,874
11,910
1,954
Daily average
.
2,117
Armistice
tAverage'based on 5.9.
"Subject to current adjustment
Weighted as 0.9 of a normal working day. ''
' '
1
• ■
incl. mine fueL.
tTotal,
Day,
l9<u
100.1
—0.3
110.9
—0.7
—1.2
9.3
2.2
and
0
during
1943
11-21
l-»43
i*4,j
122.1
122.8
122.7
105.6
105.5
105.7
104.8
103.3
-h 0.1
+ 0.8
118.4
118.4
118.4
118.4
118.4
0
0
97.2
97,2
97.2
97.1
96.6
0
+ 0.1
0.6
79.7
0
—0.2
81.6
81.6
81.8
2.4
"103.8
"103.8
103.9
0
0
0.1
dle
113.0
113.0
112.6
110.2
0
+
0.4
2.5
products—
100.4
100,4
100.4
100.3
99.5
0
+.0.1
0.9
Kousefurnishing goods „—_.—
Miscellaneous commodities
104.2
104.2
104.2
104.2
104.1
0
0
0.1
93.0
93.0
92.9
92.9
89.9
0
+ 0.1
3.4
—0.4
Building materials
Raw materials
All
All
other,
commodities
farm
products
commodities
farm
—0.7
7.2
92.9
92.9
92.8
92.5
0
+ 0.1
0.4
"100.3
"100.3
"100.3
.99.7
0
0
"98.6
"98.6
"98.6
"98.6
97.8
0
0
+
"97.5
"97.5
"97.5
"97.5
96.1
0
0
+1,5
103.8
0.6
than
—
other
112.1
112.1
111.7
0.8
JiNov. 13,
JNov.20,
Penn.
tCommercial production
By-product coke—
United States total—
Beehive coke—
•Preliminary.
1943
1,207,000
1,084,000
1,159,000
1,041,000
1,165,000 53,676,000
1,118,000 51,528,000
1,231^900
1,173,600
1,213,800 56,274,200
period of 1942, when they were at
the
highest
level of
the
war
period.
Distribution
tExcludes
of final annual returns from
«nd State sources or
——1
State-
Alabama—
Oklahoma
Arkansas and
5
r_——L.
—
Indiana-;
Iowa
6
6
90
96
72
100
164
152
236
l
tt
5
.-■■■
.
40
•
lignite)
1,227
1,164
1,107
524
512
372
22
67
75
76
128
175
Total U. S. construction—..
724
Private
41
'
138
172
162
138
V112
976
940
860
165
309
261
188
3
32
39
33
3
7
7
12
1.9
925
1
319
32
and1
■-
"\:
"
■*
'
(lignitei
218
-
35
i.
29
62
02
""35
32
27
70
106
103
195
672
705
5?0
7P4
623
2,410
744
2,556
2,869
2,017
2,993
17
148
155
125
5
5
7
122
46
118
83
72
398
432
•
/
——
132
'
117
—
(bituminous
a id
^
hi
—.>
nite)
390-
.
'
"
i
'
25
Vashineton—
26
,
37
,
42
,
Vyoming
29
17
112
si,
217
280
1
38
,
339
2,260
2,375
1,824
1,271
256
909
887
572
776
997
159
66
197
152
127
184
1
1
tt
""5
-
—
..'•'v.
nite
——
72
2,1*3
—- —
Virginia—Southern—.
Virginia—Northern—
-
+
1
.....
+
,1
,
11,270
2,995
11,453
11,666
9,032
10,878
1,084
(146
1,181
1,105
1,002
1,896
12,354
3,141
12,634
12,771
10,034
V
•
..
,
sonal
changes,
what
higher
•Includes
quarter
level
of
this
in
recent
and
State
Nov, 18,1943
(four days)
(five days)
$65,929,000
.8,689,000
$63,931,000
39,906.000
Nov. 25,1941
(four days)
$36.523.00f
1,2S4,00(
57 ?AQ 000
29.025.000
35.229.00(
3,733,000
53,507,000
1,599,000
27,426,000
83,637,000
.
______
municipal.—,.D
years.'
Commodity Prices
1,592^000
"Grain
early
prices
of
livestock
operations on
the N. & W.; C. &
ton,
.
000.
It
is
made
up
of $4,000,000 in corporate security issues and mid-August to mid-October. There
were increases in prices of food,
$3,005,000 in State and municipal bond sales.
New construction
financing for the 47 weeks of 1943, $3,065,104,000, is 69% below the
clothing, and
$10,2G4,2o5,000 reported for the 48-week period in 1942.
cellaneous items.
"The
C. & G.;
State, including
{Includes Arizona,
from pub¬
entire month.
with "Other Western
I
Department of Labor, announced on Nov. 25 that
commodity prices in primary markets dropped 0.2% during the week
ended Nov. 20 to the lowest level since February.
Continued declines
in agricultural products, particularly livestock, poultry, and eggs,
largely accounted for the decrease.
At 102.6% of the 1926 average,
S.
the Bureau of
than
Labor Statistics' all-commodity index
last month and 2V2% higher than
at this time
is 0.3% lower
for the corre¬
sponding week of last year.
The Department's announcement further stated:
"Farm Products and Foods—Led by a decline of
3.3% for live¬
stock and poultry, average prices for farm products fell 0.7% dur¬
ing the week to the lowest point in nearly 9 monlits.
Lower prices
were reported for cattle, hogs, sheep, qnd live poultry in the Chicago
market.
In addition, eggs declined nearly 2% and prices were also
lower for onions.
Grains advanced 0.7% with higher prices re¬
ported for oats,, rye and wheat. Cotton and wool prices also went
up and potatoes in most markets, except Boston,, were higher.
"Average prices for foods in primary markets rose 0.1% as a
result of a sharp upturn in prices for -fresh fruits and vegetables.
Higher prices were also reported for oatmeal and for rye flour.
"Industrial Commodities—The indexes for all industrial com¬
modity groups remained unchanged at last week's level,
Minor in¬
creases occurred in prices for rosin, sand and chip
board. Quota¬
turpentine declined."
•,
notation is made:
During the period of rapid changes caused
materials allocation, and rationing, the Bureau
tions for
The following
will
atempt promptly
by price controls,
of Labor Statistics
to report" changing prices. Indexes marked
number of mis¬
a
Credit
12,774
%
U.
such as cot¬
materials,
raw
wool, and nonferrous metal
In the classified construction groups, gains over the 1942 week scrap, have also declined some¬
what
since the middle .of October
are in water works, bridges and earthwork and drainage.
Increases
over
the preceding weeK are in water works, bridges and public reflecting larger supplies and un¬
buildings.
Subtotals for the week in each class of construction are: certainties as to the extent of de¬
Water works, $499,000; sewerage, $672,000; bridges, $177,000; indus¬ mands for these materials in war
trial buildings, $330,000; commercial building and large-scale private production.
"The total cost of living, which
housing, $964,000; public buildings, $27,805,000; earthwork and drain¬
declined
1.4%
during
the
age, $383,000; streets and roads, $818,000, and unclassified construc¬ had
summer, according to the Bureau
tion, $4,875,000.
New capital for construction purposes for the week totals $7,005,- of Labor Statistics, rose .8% from
——
O.; Virginian; K. & M.; B.
on
The
of November, while
livestock declined as
marketings
expanded
Prices of certain indus¬
sharply.
trial
advanced in the
prices
part
Bank
'
the B. & O. in Kanawha, Mason, and Clay counties.
tRest of
the Panhandle District and Grant, Mineral, and Tucker counties.
California, Idaho. Nevada andiOregon.
§Data for Pennsylvania anthracite
lished records of the Bureau^ of Mines.
tfAverage weekly rate for
•♦Alaska, Georgia, North Carolina, pnd South Dakota included
States." ttLess than 1.000 toils, ;
and
sales were some¬
than in the third
quarter 'of this year. Total con¬
sumer expenditures for commodi¬
ties
and
services
in
the
third
^Pennsylvania anthraciteTotal all coal
period
,
Nov.26,1942
construction
Federal
83
70
90
94
95
V:
Public construction
26
V
11
—•
Tennessee——
,
536
73
39
Dasota
<bituminous)!,
Pennsylvania
1,571
'•
*
holiday
same
and, allowing for sea¬
year,
week, and the current, week are:
.—
South
Ohio
<s *
,1
Day
construction volume for the 1942 week, last
102
•
2
—
Civil engineering
348
1
—
and
9
470
113
New Mexico--
&
1,440
Michigan—-—
tbituminous
.•
.
1
.
Montana
:
Thanksgiving
the
the
were at about the peak
prevailing in the first half
year
and were substan¬
Public construction is 38% lower than in the week last year
as both State and municipal work
and Federal volume report de¬ tially larger than a year ago.
"Carloadings
of railway freight
creases.
Private construction declines 85% from a year ago.
in October were slightly less than
The current week's volume brings 1943 construction to $2,885,in
September, reflecting chiefly
384,000, an average of $61,391,000 for each of the 47 weeks of the
declines in shipments of coal and
period.
On the weekly average basis, 1943 construction is 67%
below the $8,932,207,000 for the 48-week 1942 period.
Private con¬ ore. Loadings of grain increased
struction, $450,099,000, is 15% under last year, and public construc¬ sharply to a level 20% greater
than in October, 1942, and live¬
tion, $2,435,285,000, is down 70% when adjusted for the difference
stock shipments were the highest
in the number o'f weeks. .
f
:
added:
174
Kansas and Missouri
——
Kentucky—Eastern-;——- ,
Kentucky.—Western
Maryland
—
North
310
2
to
shipbuilding, is 45% below the total for the corresponding 1942
week, and compares with $68,931,000 reported to "Engineering NewsRecord" for the preceding week.
The report, made public on Nov. 25
1
/
—
409
333
——
.
H1923
240
70
'
due
43
'
.
i..—
Illinois——-—
average
1937
1941
145'
—-1
and North Carolina-.
Nov.
—-—-———
Nov. 13,
Nov. 15,
14,
1942
55
.
Colorado
Georgia
''
:
Nov.
1*43
349
-j
—
the operators.)
—Week Ended
6,
Nov.
Nov.
Nov. 13,
Alaska.'
!
and river ship¬
reports from district
are based on railroad carloadlngs
subject to revision on receipt of monthly tonnage
ments and are
week
short
last
and
%
BY STATES
ESTIMATED WEEKLY PRODUCTION OF COAL,
fin Thousands of Net Tonsi
West
54,300,000 65,063,000
52,128,000 60,378,000
55,350,600
the
for
continental United
in
$36,523,000.
This volume, not including the construction by
military engineers abroad, American contracts outside the country,
145,800
Current weekly estimates
(The
'West
States
volume
totals
JIRevised.
revision.
Texas
Nov. 23,
1929
Nov. 21,
1942
engineering construction
Civil
%
in dollar
larger
were 10%
volume than in
ber
170,400 7,050,700 7,408,200 6,011,700
and dredge coal, and coal shipped by truck from authorized
colliery fuel.
{Comparable data not available. SSubject to
170,500
170,500
washery"
"Includes
operations.
Nov. 20,
1942
ac¬
reports
to
"Department store sales in Oc¬
tober and the first half of Novem¬
..
>
States, total—
United
'
Nov. 21,
1943
1943
anthracite—
"Total incl. coll. fuel.
October,
in
of the F. W.
Dodge Corp., continued at the low
level of other recent months. Total
awards this year have been 60%
smaller than in the corresponding
than
products and foods
construction con¬
awarded
cording
'92.9
111.3
articles-1—
Manufactured products
of November.
"The value of
tracts
"100.3
—
—-
Semimanufactured
-Cal. Year to Date———
—Week Ended-
—
further
sharply
"103.8
ANTHRACITE
AND COKE
'
OF(In
PENNSYLVANIA
Net Tons)
ESTIMATED PRODUCTION
;•
,
81.6
products
„
,
dropped
113.0
leather
and
11,
Nov.
re¬
"103.8
Date
Nov. 21,
Nov. 20,
1942
1937
517,484
397,625
1,894
1,457
"Nov. 20,
1942
'
"102.9 "102.9
10-23
the first week of No¬
vember, but increased in the mid¬
-January 1 to
Nov. 21,
13,
1943
1943
,
———
Chemicals and allied
of Mines also
(In Net Tons—000
Week Ended-
—:
products
—
Fuel and lighting materials
Metals and metal products-
reported that the estimated output of
by-product coke in the United States for the week ended Nov. 20,
1943, showed an increase of 58,300 tons when compared with the
production for the week ended Nov. 13, 1943. The quantity of coke
from beehive ovens increased 24,700 tons during the same period.
ESTIMATED UNITED STATES PRODUCTION OF COAL
The Bureau
1943
"102.8
Textile
period of 1942.
-
1943
11-6
of
months, while production of
rubber
products and industrial
chemicals increased. Coal produc¬
tion
declined
6%
in
October
"102.6
121.2
—
Hides
with the same
1.1% when compared
decrease of
shows a
date
—
products
Fcods
3.6%. The calendar year
increase of 42,000 tons, or
1942 there was an
to
commodities
11-13
10-23
cent
11-21
1*42
+ 2.5
Commodity groups—
Farm
was
products remained at
the somewhat reduced rate
Nov. 20, 1943 from—
11-13
i*4j
—0.2
11-20
,
All
There
rise in production of wheat
and
other
manufactured
of textile
and leather
Percentage changes to
•
estimated that the . total output of
Pensylvania anthracite for the week ended Nov. 20,1943 was 1,207,000
tons, an increase of 123,000 tons (11.3%) over the preceding week.
When compared with the production in the corresponding week of
a'
flour
...
.
period in
same
alsp
in¬
the first three
in
November.
foods in October. Output
(1926—100)
of Mines
Bureau
S.
U.
of
year ago:
a
1942.
The
sharply
weeks
percentage changes from a week ago, a month ago, and
1942 and the
continued to
and
crease
,
of commodities for the
Production for
721,000 tons in.the corresponding week of last year.
the current year to date was 0.2% below that for the
*
,
exceptionally high level
an
October
in
following table shows index numbers for the principal groups
past 3 weeks, for Oct. 23, 1943. and Nov. 21,
The
states that the total production of
soft coal in the week ended Nov. 20, 1943, the second week of the
Government's wage contract with the coal miners, was 12,700,000
net tons, a figure exceeded but once in the current year.
This com¬
pares wih 11,270,000 Tons produced in the preceding week and 11,its latest report,
the Interior, in
•
at
was
considered as preliminary and subject to such
adjustment and revision as required by later and more "complete
average
reserves
level
of
excess
at all member banks was
$1,100,000,000 in mid-No¬
reflecting some decline
comparable October pe¬
The Board of Governors,of the Federal Reserve System an¬
riod. During the four weeks end¬
nounced on Nov. 26 that industrial activity was maintained in record
volume in October and the early part of November. Value of depart¬ ing Nov. 17 reserve funds were
supplied to member banks by an
ment store sales continued at an exceptionally high level.
The Board's summary of general business and financial con¬ increase of over $900,000,000 in
the Government security portfolio
ditions follows:
of the Reserve Banks; increased
around
vember
from the
®
Industrial Production
"The total volume of industrial
production
continued
to
increase
slightly in October and the Board's
seasonally adjusted index was at
245%
of
the
1935-39
average,
as
and
227 in January. War production
hi the machinery and transporta¬
tion equipment industries showed
a
further rise, reflecting)-largely
a new high level of production of
aircraft,
aircraft •;,<engines,
and
parts. The total number of planes
accepted during the month was
8,362, or 11% more than the aver¬
age in the third quarter. Deliver¬
ies of cargo vessels from merchant
compared
with
240
in
July
ing output of this metal. Lumber
holdings consisted largely of bills
somewhat
purchased under option and in
part of certificates. The effect of
these security purchases on excess
production
declined
than msual
more
and the
this
season
prospective supply situa¬
critical
remains
tion
at
notwith¬
standing; reduced demand for luihber for, building purposes. Output of stone; clay, and glass prod¬
ucts : as
whole
a
showed
little
,
change and was at about the level
of
in
a
year ago.
October
last year
Cement production
was
down
40%
from
but production of other
like
clay, and glass products,
glass containers and asbestos,
and
abrasive
stone,
products,
was
con¬
reserves,
more
was
however, by
a
than
offset,
currency; demand
$540,000,000 and a continued in¬
in required' Preserves
as
Treasury
disbursements
trans¬
of
crease
ferred funds from reserve-exempt
war
'loan accounts
to
private de¬
posits.
"Following
.
substantial
bank
purchases of-special Treasury of¬
ferings in mid-October, Govern¬
ment security holdings at report¬
ing member banks in 101 leading
cities declined somewhat over the
of most nondurable
following month.
The principal
goods showed little change from
decrease was in holdings of bills
September to October. Food man¬
at banks outside New York. Com¬
October at the highest monthly ufacturing as a whole continued
mercial
loans
while
decreasing
in large volume, allowing for sea¬
rate during the war period. Pro¬
during the past two weeks, showed
sonal
changes,
although
butter
duction of nonferrous pietals also
a net gain for the four week pe¬
declined.
continued to rise. Announcement and cheese production
riod, while loans on securities,
of permission to use aluminum in Output of butter was 11% below
which rose to a high level during
additional types of war products last year in October and declined
the Third War Loan Drive, de¬
and
some
essential
industrial further in the early part of No¬
clined substantially."
vember.
Meatpacking,
however,
products followed rapidly increas¬
shipyards continued at an annual
rate of 20,000.000 deadweight tens.
"Steel
mills
operated
during
siderably
"Output
higher
than
last
year.
THE COMMERCIAL & FINANCIAL CHRONICLE
2242
Thursday, December 2, 1943
Daily Average Crude Oil Production For Week laliona! Fertilizer Association Commodity Price
Ended Nov. 20, 1843 Declined 22,050 Barrels
Average Unchanged
The
estimates that
Institute
Petroleum
American
barrels from the preceding
4,414,400 barrels, a decrease of 22,050
was
week.
502,000 barrels per day higher than in the
It was, however,
.
daily
the
crude oil production for the week ended Nov. 20, 1943
average gross
exceeded the daily average
corresponding week of last year, and
Administration for War for
barrels. Daily production
ended Nov. 20, 1943, averaged 4,405,750 barrels.
figure recommended by the Petroleum
the month of November, 1943, by 37,700
for the four weeks
reported by the Institute follow:
Further details as
indicate that the in¬
as a whole ran to stills on a Bureau of Mines basis approxi¬
4,192,000 barrels t>f crude oil daily and produced 12,488,000
Reports received from refining companies
dustry
mately
of gasoline;
1,380,000 barrels of kerosine; 4,643,000 barrels
of distillate fuel oil,
and 8,797,000 barrels of residual fuel oil during
barrels
and had in storage at the end of that
the week ended Nov. 20, 1943;
1,492,000 barrels of kerosine; 45,*
68,996,000 barrels of gasoline;
week
The weekly wholesale commodity price index, .compiled by The
National Fertilizer Association and made public on Nov. 29, registered
135.0. in the week ending Nov. 27, the same as in the .preceding week.
A month ago it stood at 135.4 and a year ago at 130.6, based on the
1935-1939 average as 100. The Association's report went on to say:
change in the general level of the allcommodity price index, there were* various group changes. The foods
group advanced fractionally with higher quotations for potatoes and
eggs. The livestock and grains groups moved into higher ground, but
the; lower prices for cotton were sufficient to counterbalance this
and to cause the farm products group to remain at the samedevel as
the preceding Week.
The continued decline in cotton reflects the
uncertainty with which traders regard recent favorable war develop¬
Although there
•State
*P. A. W.
Allow¬
Recommen¬
ables
dations
,
Nov. 1
Week
Change
from
318,000;
325,000
t326,650
285,000;
274,800
t281,350
:
Nebraska
>-
21,
1,050
328,550
363,300
7,550
271,850
1,700
311,550
86,150
89,800
North Texas
414,000
137,600
West Texas
359,750
Central Texas—
East
East Texas
Southwest
Texas
'
•
—-
;
Total Texas
1,881,000 $1,905,471
——-
Arkansas
353,700
—
77,891
76,900
—
Mississippi
375,700
'
49,000
— -—
Illinois
Indiana
8.2
Textiles
7.1
Metals
173,250
L3
523,300
312,900
.3
.3
Fertilizers
1,916,050
1,376,450
.3
Farm
6.1
78,950
96,700
273,900
228,700
100
352,850
325,400
74,000
100
+.
350,950
+
78,350
205,000
215,250
14,000
12,500
200
78,500
5,700
49,550
64,500
250
218,400
264,100
650
13,400
16,850
—
46,800
—
*
—
78,500
Kentucky
24,500
Michigan
56,000
Wyoming
71,100
50,100
98,000
—
100,850
100
72,450
78,850
+
1,000
24,000
15,300
—10.500
53,650
61,050
100
99,550
92,450
21,350
22,650
23,350
.
+
—
'
Montana
21,350
23,000
Colorado
7,450
+
150
7,300
6,200
112,950
+
400
112,650
95,800
7,000
—
New Mexico
110,500
Total East of Calif.
110,500
:—
134.1
145.6
145.6
146.1
147.0
159.6
159.6
161.3
160.0
materials—
Chemicals and drugs....—-
materials—:
Fertilizer
of
cipated.
Whether Bolivia
will
ship
tin
concentrates
to
this
country at the 1943 rate without
benefit of a higher price is ques¬
tionable.
The market here
last week.
unchanged
was
Straits quality tin for
shipment, in cents
pound:
per
Feb..
Jan.
Dec.
Nov.
18—.
52.000
52.000
52.000
Nov.
19—
52.000
52.000
52.000
52.000
52.000
,Nov. 20
52.000
Nov. 22
52.000
52.000
Nov, 23—
52.000
52.000
52.000
52.000
52.000
52.000
24
NOV.
52.000
152.3
188.9
192.2
192.5
160,5
154.9
117.7
144.2
143.5
148.7
141.2
122.8
122.8
122.8
119.3
131.4
131.4
131.4
128.4
150.2
150.7
148.4
104.4
104.4
104.4
104.4
152.4
152.4
152.5
151.3
127.7
51.1250
Platinum
ments and decreased supplies of
platinum in 1944, the WPB ruled
last
week
that
platinum scrap
may not be held in excess of the
amount produced in 30 days. In
addition, the revised * regulations,
contained
vide
that
amendment
an
Order
no
M-162,
processor
have
to
pro¬
or
con¬
sumer
may
excess
of final product deliveries
during
a
The
inventory in
an
60-day period,
supply situation
in plati¬
and platinum metals was re¬
viewed at a recent meeting of the
num
advisory committee and officials
of WPB, and it was agreed that
127.7
127.7
127.6
additional
117.7
117.7
117.5
119.8
119.8
115.3
104.2
104.2
104.2
104.1
necessary in view of the supplydemand picture.
135.4
130.6
135.0
135.0
controls
would
be
.
Quicksilver
the undertone
105.2; Nov, 20, 105.2; and Nov.
Nov. 27, 1943,
for
Demands
Seen—Quicksilver Price Declines
Editor's Note—At the direction of the
quicksilver
war.
data have been omitted
»
.
....
-T
of
has
the
market
been
easier
time, but prices have not
reflected this condition, owing to
uncertainty in regard to the Gov¬
some
ernment's
program
for cutting
back the production program. As
matters
Office of Censorship cer¬
and shipment figures and other
for the duration of the
in
Conservation
117.7
Non-Ferrous Metals—Cutback In War
tain production
continues
Anticipating increased require¬
for
For Brass
99% tin,
pound.
or
a
119.8
101.7.
1942,
Chinese,
at
—-
base were:
1926-1928
on
142.1
154.9
152.3
185.4
—
machinery-
All groups combined-
'Indexes
"
28,
161.0
—
—
Building
100.0
(Not incl. 111., Ind.
Ky.)
139.8
149.7
295,550
,
140.8
140;6
-——
524,600
354,800
Eastern—
and
J—
298,100
272,200
1943
1942
...—
Miscellaneous commodities.
10.8
95,600
.
28,
touisiana
Total
Fuels
374,450
78,750
North Louisiana
Coastal Louisiana-
Livestock
17.3
:—
■—
376,400
<----■
1943
1943
—
Grains,
137,300
1,924,200
Oct. 30,
—-—
137,950
*
Coastal Texas..
Cotton
■
212,500
358,300
—
Farm Products
23.0
3,250
85,500
Texas
Oil——
Cottonseed
Ago
Nov.
Nov. 20,
——
-
Fats and Oils—
141,900
Panhandle
Foods
25.3
1942
1943
tl,700
1,600
—
Nov.
Nov. 20,
Year
Month
Ago
Week
Week
Nov. 27,
Ended
Ended
Week
Kansas
Latest Preceding
Group
Total Index
Week
4 Weeks
Previous
1943
Oklahoma —1
COMMODITY PRICE INDEX
National Fertilizer Association
Compiled by The
Bears to the
Ended
Nov. 20,
Begin.
November
WHOLESALE
WEEKLY
Each Group
Actual Production
'
and 5 declined; in the
5 declines; and in the
and 9 declines.
During the week 10 price series advanced
preceding week there were 11 advances and
second preceding week there were 6 advances
1935-1939—100*
(FIGURES IN BARRELS),
AVERAGE CRUDE OIL PRODUCTION
larger receipts
of metal from that source is anti¬
will, mean wholesale contract
new low since the period of Dec.
5, 1942, Causing the textiles group to reach a new low for the period
since Jan. 2 of this year. All other groups remained unchanged.
East Coast.
do not reflect conditions on the
DAILY
Cotton has reached a
cancellations.
and 62,662,000 barrels of residual
figures apply to the country as a whole, and
The above
no
from
ments and the fear that sudden peace
772,000 barrels of distillate fuel,
fuel oils.
was
resulted
tin from the Belgian Congo, and
a further gain in
the movement
ft-
Mineral Markets," in its issue of Nov. 25
stated "Production schedules for various wjar materials are being cut
"E. & M. J. Metal and
back, in some instances sharply, which tends to create an air of un¬
certainty in the market for major non-ferrous metals. Brass produc¬
tion is to be reduced after the turn of the year.^ Work on a third
stand, WPB has asked
purchases for 1944 be re¬
by 30%. During the last
week the price in the open market
that
duced
in
New York became established
at
$192
1944
$194
$3.
flask, a re¬
first-quarter
business prices might have
-
duction
of
per
On
been shaded.
■'
•
•
1.
Silver
plant was discontinued during the last week.
California
-!
+ 2,200
795,000
§795,000
789,500
740,700 Secondary aluminum ingot will be^—Though consumption of silver
783,950
~
——r
continues at a high level, tension
stockpiled by MRC to maintain month of the .year, trade authoriTotal United States
4,414,400
—22,050
3,912,400
4,376,700
4,405,750
With
the
stockpile in the market has eased. The fact
production of grades still on the ties hold.
*P.A.W. recommendations and state allowables, as shown above, represent the
active list. Quicksilver was avail¬ growing, the industry hopes that that war demands have not been
production of Crude Oil only, and do not include amounts of condensate and natural
as
large as first estimated has
able at lower prices for nearby larger tonnages of zinc will be re¬
gas derivatives to be produced.
leased before
long for civilian been a factor in removing much
tOklahoma, Kansas; Nebraska figures are for wee]c ended 7:00 a.m., Nov. 18, 1943. and forward shipment, notwith¬
of the nervousness
among sellers
fThis is the net basic allowable as of Nov. 1 calculated on a 30-day basis and
standing a proposed reduction in consumption. There were no price
that was so apparent earlier in*
includes shutdowns and exemptions for the entire month.
With the exception of
buying for next year of 30% developments in zinc last week.
several fields which were exempted entirely, and of certain other fields for which
the year.
The supply situation in platinum
shutdowns were ordered for from 3 to 8 days, the entire state was ordered shut down
The London price continued at
Aluminum
remains tight."
for 8 days, no definite dates during the month
The publication
being% specified; operators only being
23
¥2 d. The New York Official for
required to shut down as best suits their operating schedules or labor needed to
further went on to say in part:
Restrictions
on
the
use
of
operate leases, a total equivalent to 8 days shut-down time during the calendar month,
aluminum
in
certain types of foreign silver held at 44%0 an
^Recommendation of Conservation Committee of California Oil Producers.
Copper
safety equipment have been eased ounce; with domestic at 70 %0.
3,581,700
3,624,900
—24,250
3,171,700-
3,621,800
aluminum fabricating
,
CRUDE
RUNS
AND
TO
STILLS;
PRODUCTION
UNFINISHED GASOLINE.
OF
GASOLINE;
STOCKS
OF FINISHED
GAS OIL AND DISTILLATE FUEL
RESIDUAL FUEL OIL, WEEK ENDED NOV. 20,
AND
1943
(Figures in Thousands of barrels of 42 Gallons Each)
Figures in this section include reported totals
plus an estimate of unreported amounts and are
——therefore
on
a
Bureau of Mines
basis-
r
SGasoline
Production
Daily Refining
Capacity
Crude
Poten¬
tial
*
t Stocks
fineries
Finished
Includ.
andUn-
tStocks tStocks
of Gas
of Re-
Oil and
sidual
Daily
% Op- Natural finished Distillate
Rate porting Average erated Blended Gasoline
Fuels
District—
•Combin'd: East
Texas
Runs to Stills
% Re-
-
at Re-
Fuel
.
Oil
Coast,
No'rth
Gulf,
-
88.7
District No. 1
130
83.9
District No. 2
47
87.2
824
85.2
416
80.1
2,164
Ind., HI., Ky.
—
-
Okla., Kans., Mo.——
District No. 3
8
26.9
District No. 4
141
58.3
817
89.9
B.
of
swer
this
to
problem
in manpower
re¬
94
72.3
288
1,538
963
177
foreign lead to
complete December requirements
;
49
104.3
124
734
124
146
of consumers were taken care of
737
89.4
2,591
13,336
6,639
2,936
351
84.4
1.275
6,788
2,344'
1,187
'
9
112.5
33
22
33
92
65.2
362
1,131
440
714
696
85.2
1,803
14,345
12,218
38,909
66
Allotments
at the
on
of
meeting held in New York
Those who asked for
Nov. 22.
ratio
of
4,192
86.9
12,488
t68,996
45,772
62,662
absis Nov. 13, 19438. Bur. of Mines
4,827
86.4
4,134
85.6
12,223
§68,610 **45,518
62,647
V.
1942-
3,731
11,482
74,745
50,085
two-thirds
common
one-third
corroding, which
better than anticipated.
to
was
.
Sales
M.
86.4
week
the
of
common
were
previous week.
in volume
lead for
the
about 48% of those in
was
77,796
The
decline
normal.
request of toe Petroleum Administration for War.
tFinished, 58,901,000
unfinished, 10,095,000 barrels.
^At refineries, at bulk terminals, in transit
lines.
§Not including 1,380,000 barrels of kerosine,
4,643,000 barrels of
oil and distillate fuel oil and 8,797,000 barrels of residual fuel oil
produced during
pipe
Zinc
Jsrov\20' 1943, which
l
4,098,000
barrels, respectively,
compares with 1,327,000 barrels, 4,633,000 barrels
in the preceding week and 1,344 000 barrels
barrels and 7,306,000 barrels, respectively, in the week ended
Nov. 21, .1943:
gasoline stocks revised downward by 116,000 barrels in California,
VLnfimshed
basis in California due to inclusion of
202,000
Notes—Stocks
of
kerosine
against i 1,630,000 barrels
a
at
week
Nov.
earlier
^On
barrels not previously reported.
20,
1943 amounted to 11492 000 barrel*
and 12,635,000 barrels a year before
District No. 1 inventory indies are:
Gasoline, 39.5%; kerosine
distillate fuel, 64.2%, and residual fuel
oil, 76.3% of normal,
52 3%-
eas'oil
«*
and
December allocations of zinc
scheduled to
come
are
through before
the end of the current week. The
desire
to
hold
together with
about
the
production
down
some
Primary or secondary
may be used for pro¬
tective
safety hats, machine
guards,
hazard measuring
de¬
vices, inhalators and resuscitators,
oxygen breathing ; apparatus, re¬
ducing valve housing, masks and
by WPB.
inventories,
hoods.
The Reclamation and Inventory
Branch
of
Aluminum
of WPB is
to stockpile
ingots to as¬
of the segre¬
re¬
of electrolytic
(domestic and export, re¬
finery), lead, zinc and Straits tin
were unchanged from those
ap¬
pearing in the "Commercial and
Financial Chronicle" of July 31,
copper
1942, page 380.
'
'
;
Wolfe Heads Pennsylvania
War Finance Group
O.
Howard
Wolfe,
Vice-Presi¬
dent of the Philadelphia National
Bank, has been appointed Execu¬
'
material tive Manager of the Pennsylvania
might be disrupted.
Tentative War Finance Committee. Mr.
plans call for the sale of secondary Wolfe, who has been on leave
claimed,
the
flow
of
Metals Reserve, from his banking post since Feb¬
pontract, at about 10. per ruary, 1942, was released as ad¬
pound below the prevailing ministrative officer of the Phila¬
market price.
Pure and silicon delphia Army District in order to
ingot, delivered,:,is now bringing assume the Treasury Department
110 per pound,, qr 30 below the post. '
aluminum ingot to
under
.
ceiling level.
WPB has halted construction at
Transfer Envoy
To Finns
Hammond, Ind., aluminum
The State Department in Wash¬
fabricating plant of Phelps Dodge
ington announced ort Nov. 17 the
Copper Products Corp., owing to
transfer of' Robert T.
McClintock,
a
downward
revision
in
the
Secretary and Charge d'Affaires
Army's needs. Two shutdowns in
of the American Legation in Hel¬
aluminum units were announced
sinki, Finland, to Stockholm, Swe¬
earlier in the month.
den.
look
Mr.
McClintock
who
been in Finland four years,
Tin
brass
should
The daily prices
and
gation of aluminum scrap. With¬
out a ready outlet for ingots, it is
Consumers
program,
the
Magnesium Division
working on a plan
secondary aluminum
sure the continuation
uncertainty
government's
Daily Prices
aluminum
the
the
barrels,
new
civilian
The an¬
rests to a
18,560
4,827
gas
essential
for
needs is not yet known.
*23,022
basis Nov, 20, 1943U. S. B. of M.
in
released
31,058
Tot.
basis Nov, 21,
program
foreign lead obtained metal at the
California
*At
war
beginning
6,012
Rocky Mountain—
and
is to be
January.
Whether all excess copper will be
stockpiled or at least some of it
curtailed
88.5
Appalachian—
S.
brass for the
Production of
Dead
2,444
U.
work.
war
on
Arkansas
and Inland Texas—
Tot.
now
great extent
quirements.
Gulf, Louisi¬
ana
Louisiana
Interest
in
copper
centered
largely in WPB plans that call for
a fairly large reduction in the out¬
put of brass fabricating plants
for
no
im¬
portant change in the tin situation
sult in a smaller movement of
in the early months of next year.
zinc to
consumers
ini the, last A fair increase in .supplies in 1943
had
is be¬
ing replaced by George West, at
present Third Secretary at Stock¬
holm.
The transfers
be routine.
were
said to
Volume
Number 4234
158
THE COMMERCIAL & FINANCIAL CHRONICLE
Loading of
totaled 882,287
nounced.
cars,
was
increase
an
above
the
corresponding
cars
.
above the corresponding week in 1942.
cars
;
Coal
•
loading
amounted
Grain
Live stock
loading amounted to 22,397
cars,
the
loading of live stock for the week of Nov. 20
a
decrease of 3,221
of 2,046
cars
17,616.
below the preceding week, but
above the corresponding week in
cars
totaled
loading amounted to 49,070
.above'the
preceding week but
.corresponding week in 1942.
increase
an
11,203
4,661
4,805
4,906
413
443
1,820
1,452
istrator of the Office of Price Ad¬
1,752
1,852
1,829
1,794
.2,875
311
445
330
260
401
130
119
161
640
529
ministration, also announced that
Period 3 coupons, which also went
into effect on Nov. 30 in the Mid¬
a
1943
'1941
3,858,479
3,454,409
3,122,942
2,866,565
3,066,011
2,793,630
4,149,708
4,170,548
3;385,655
4,185,135
—-
S weeks of May
3,174,781
3,350,996
3,151,146
—.—
4,307,406
—
4 weeks, of August
—
weeks of September.—
3,554,446
4
4,518,244
4,511,609
November
6
754,724
'Week
829,663
873,582
of
November
13
847,683
826,695
883,890
Week
of
November
20.
Total
882,287
836,762
799,386
38,507,635
39,244,553
38,377,614
AND
RECEIVED
CARS)—WEEK
Eastern
District—
NOV.
Total Revenue
Received from
Freight Loaded
Connections
1942
1941
1943
1942
469
583
1,477
1,167
1,433
260
191
.
Delaware, Lackawanna & Western
Detroit & Mackinac..
Detroit, Toledo & Ironton
...
—
,it—-—"
Western—-—A-—
Lehigh Valley*.
Monongahela-
•
—^rr-
—I
6,020
7,653
*15,159
13,557
1,529
1,726
2,178
2,053
41
23
17
47
44
2,157
—
i—_1——A- •—L—
23,178
12,885
11,922
227
229
859
820
165
3,475
502
583
4,470
1,764
1,807
376
320
470
Richmond, Fred. & Potomac—.
1,189
1,269
387
480
10,676
10,144
8,922
23,617
24,727
602
523
Winston-Salem Southbound
551
24,034
1,054
138
119
138
938
927
126,605
125,591
119,779
124,861
118,048
Chicago & North Western—.
Chicago Great Western
17,636
3,010
17,952
14,517
12,696
2,173
Chicago, Milw., St. P. & Pac
Chicago. St. Paul, Minn. & Omaha
Dulutli, Missabe & Iron Range
Dulutli, South Shore & Atlantic
Elgin, Joliet & Eastern
2,625
3,584
3,285
22,289
19,854
20,748
10,019
10,066
3,669
3,237
3,786
3,777
3,616
17,863
22,321
21,249
215
377
482
695
780
502
546
8,723
9,539
9,929
12,192
9,839
420
405
598
77
122
15,591
18,703
17,227
4,970
5,258
585
480
542
904
742
1,063
2,424
2,819
36
41
___
—
2,378
2,873
5,276
168
148
86
498
732
2,548
1,981
2,056
3,477
3,002
60,685
__
Western
115,121
120,309
119,734
65,817
24,294
23,918
22,624
12,579
3,508
3,371
District—
;
3,731
493
670
82
121
22,287
21,558
19,312
13,098
12,001
3,302
2,614
854
Chicago, Rock Island
2,622
713
13,002
12,716
12,333
11,830
12,173
& Pacific
Denver & Salt Lake—.
117
139
1,574
2,387
1,354
253
327
'2,586
11,822
13,292
19,795
5,323
7,328
15,954
6,881
215
2,543
2,932
4,160
228
1
254
.
2,061
2,058
8,465
8,267
2,319
2,230
6,099
5,917
A,961
1,332
1,798
8,689
13,704
12,949
*2,941
'2,406
3,808
3,160
429
456
.
«
2,476
16,135
15,691
451
1,779
1,955
.
1,664,
Pittsburgh & Lake Erie-,-
7,654
7,088
7,588
7,542
8,514
Pere Marquette.!
5,125
5,908
6,442
7,886
6,656
£03
760
877
6
14
355
380
304
261
869
982
2,587
2,692
571
1,087
814
Pittsburg & Shawmut——
Pittsburg, Shawmut & North,,
Pittsburgh & West Virginia
354
1,203
366
291
6,780
5,673
6,073
11,956
13,305
4,519
4,572
4,810
4,498
4,267
167,397
152,195
159,879
230,23?
_
'
y
Southern
769
728
615
1,350
38,176
36,135
32,037
Western
t
.
———
22
9
1,636
1,464
2,051
1,396
1,199
1,228
1,071
452
582
—2,244
2,150
1,856
139
83
939
867
893
814
574
12
22
39
0
0
30,738
26,933
25,982
339
416
15,618
1,691
12,252
408
20,448
19,772
18,433
18,536
15,519
;
___
.
kMwt
l.r'
ir-
:
1
1,735
the
is
and
therefore
no
However,
necessary.
oil supply for civilians has
improved to an extent where
not
increase
an
in
the
value
of
the
coupons can be made.
The coupons, the value of which
set on Nov.
26, are those
was
numbered
Class
"2"
and
"3"
the
on
4>u 5
and 6 coupon sheets
by1'consumers. Class 4 cou¬
pons, used mostly by small house¬
used
holders
will
for
heat
continue to
and
hot
have
a
water
value
of
10 gallons
each, while class 5 cou¬
used by larger consumers^
pons,
1,162
28,108
Missouri-Kansas-Texas Lines
St. Louis Southwestern
!
—.
.
Total—
the
figures
134
730
■
SO
21
28
Sept.
while in the South it ends
2,325
3,712
1,849
3,966
2,869
244
434
248
22.
1,147
1,345
5,478
5,138
2,710
3,711
3,765
41
15
Sept. 11
fJt;45
38
Sept. 18
.3,480
3,330
3,062
66,884
15,717
15.047
16,041
27,952
27,806
Oct.
20,028
20,807
19,746
6,318
7,172
Oct.
16
Oct.
23_!
175,843
171,506
30,708
27,373
18,734
23,569
21,857
18,368
7,057
4,859
4,796
2,896
2,672
2,153
54,026
39,998
25,274
21,857
15,545
13,087
—
—1
Oct.
'Oct.
—
—
Sept. 25
67,116
172,767
2,833
2,625
2,637
3,160
2,671
260
335
1,286
1,068
602
689
767
294
338
181
203
177
478
419
1
6,436
6,655
4,780
5,975
5,551
19,385
18,807
17,705
21,642
19,729
103
100
162
163
336
9,433
9,439
9,434
8,908
9,000
3,469
3,308
3,056
7,240
■5,520
14,788
78,427
62,012
59,136
'
on
starts
March 14,
285
2,591
on
Feb,
on
The overlapping of the heating
periods, allowing the
each
period!
to
coupons
remain
for
valid
throughout the entire succeeding
period was set • up to eliminate
many of the small delivery prob¬
lems encountered by the industry
last year.
In addition to the
which
pons
"period"
cou¬
assigned gallonage
periodically on the basis
of supplies of fuel oil
available,
are
values
rationing plan
in
effect
this
winter provides the householders
with definite value coupons valid
—
!
2
9_,
30
6
—_
:
Tons
Tons
———J!
iL-
4
1,704
.175,566
which
139
2,847
Production
resent
These
year.
cou¬
!
1
*
Remaining
11
Willi
Ended November 20, 1943
According to the National Lum¬
ber
Manufacturers
porting
Trade
Percent of Activity
low
^
j Current
con¬
Lumber Movement—Week
totlal
ed
Cumulative
Association,
shipments of 477 mills re¬
to the National Lumber
Barometer
4.5%
were
be¬
production for the week end¬
Nov.
20,
1943.
In
the
same
146,515
600,338
94
93
week
new
154,747
150,012
586,901
98
S3
were
3.0%
568,361
95
93
Unfilled order files in the report¬
148,381
147,494
570,859
96
93
ing
177,766
150,943
598,255
97
93
stocks.
93
143,629
.nu 133,446
121,125
,
126,427
589,323
83
153,708
157,082
583,714
98
93
144,100
151,725
558,633
96
93
164,954
152,479
579,800
97
93
156,808
148,574
589,417
94
93
156,044
148,293
595,257
95
93
144,254
147,883
588,399
94
93
144,413
143,686
587,324
93
93
172,441
147,467
608,782
93
93
Nov.
13—
153,126
149,295
608,893
95
93
Nov.
20
126,726
146,286
587,715
94
93
6,617
sizable portion of the
a
sumers' total ration this year.
MILL ACTIVITY
Orders
Tons
177,541
——
;Tnrj
19
12,098
3,
Nov. 30 also ends
on
182
3,798
—
Received
.
'J 57
11,633
for
area
except the south where it ends
lumber
7
14
79,675
3,860
104,472
advanced to equal 100%, so that they represent the
are
1943—Week Ended
,Aug.
Aug.
1,787
3,669
125,217
Unfilled
78,344
,
rationed
90,688
130,648
production, and also a figure which indi¬
activity of the mill based on the time operated.
These
2,271
2,124
the
Jan. 25. Period 3 begins Jan. 4 in
revised.
Orders
Aug.
-
in
ex¬
8
the Eastern and far Western area
and extends until March 14. In the
STATISTICAL REPORTS—ORDERS, PRODUCTION,
3
123
States
30 to Feb.
4
industry.
5
1,060
heating period
2,644
member of the orders and
cates
20,449
154
second
8
The members of this Association
represent 83% of the total in¬
dustry, and its program includes a statement each week from each
8
1,360
all
paperboard industry.
21,028
'
The
tends from Nov.
4,368
We give herewith latest
figures received by us from the National
Paperboard Association, Chicago, 111., in relation to
activity in the
848
.
per¬
"change-makers" and
"inventory, reserve coupons", rep¬
7,1*79
123
Nov. 30,
fuel oil.
throughout the
7,017
657
on
heating
iod, which became valid last July,
may be used until Jan. 4 to buy
pons, called
1,787
<
figures
250
460
figure.
Note—Previous year's
effect
coupons for the first
the
week's
worth
2,314
81,023
,
•^Previous
1,775
746
be
gallons.
204
1
Texas & New Orleans
Texas & Pacific—
7,557
217
establishments,
to
5,364
2—
Missouri Pacific—
Aug.
635
commercial
continue
575
349
Quanah Acme & Pacific—
St. Louis-San Francisco
284
•238
and
will
350
—
Period
l:
!•
be valid at 50 gallons each.
Each class 6
coupon, given to vol¬
ume
users of oil for
apartments
1,690
Notes—Unfilled orders of the prior
week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made
necessary adjust¬
ments of unfilled orders.'1
mills
orders
less
of
than
amounted
these
mills
production.
to
95%
of
For
reporting
softwood
mills, unfilled orders-are equiv¬
alent to 38 days' production at the
current rate, and gross stocks are
equivalent to 37 days' production.
For the year to
date, shipments
identical mills ex¬
ceeded production by 7.5%; orders
by 8.3%.
of
reporting
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
of reporting
mills was
32.9%
greater; shipments were
not
demand
7,516
—,
219,021
,
District-
.
ration
Midwest, .Period
:
Midland Valley
Missouri & Arkansas-.:
5,036
193,776
—-
for War. It
that supplies are available
in sufficient
quantity to meet the
708
■ ■
.
International-Great Northern
327
3
1,712
District—
Burlington-Rock Island
Nov.
Total
Administration
means
2,618
139,229
,'•••■;
847
758
Pacific———1
Gulf Coast Lines
5,731
4,993
....
leum
Although Period, 2 and Period 3
(for the midwest and south) cou¬
1,468
Pac|fic (Pacific)
Southwestern
404
'
?—-
value
pons went into
1,947
Total—
■
4.832
1,991
Chesapeake & Ohio
'par'
3,902
1,502
Union Pacific System
Utah—
f" I ' '
47,043
86,280
Pocahontas
gallon
5,219
1,684
Toledo, Peoria & Western
t
Total.
ten
1,991
982
Peoria & Pekin Union-
*
Maryland—i
"The
continued by OPA after con¬
sultation with the Office of Civil¬
ian Requirements and the Petro¬
was
7,119
2,762
'
6,678
Union (Pittsburgh)u
to say:
6,451
662
North Western Pacific
1,279
269
13,017
456
—
,
The announcement further went
on
2,393
67,580
364
7,338
Long Island
Penn-Reading Seashore Lines.
value.
3,050
73,379
433
671
—
oil
rationing,
have
been
similarly given a 10 gallon unit
4,183
39
7,008
Cornwall—,.,——
Pennsylvania
fuel
1,385
33
New York, Chicago & St.
Cumberland &
western and Southern States under
4.551
51
2,589
...—.
began
1,268
33
1,000
Central R. R. of New Jersey
which
2.550
31
973
Cambria & Indiana—.
2,
Chester Bowles, Admin¬
3,032
134
1,394
——
re¬
per
5,156
28
New York, Ontario & Western—
Bessemer & Lake Erie
Period
1,193
1,993
DenverUity—
Missouri-Illinois
Nevada Northern
5,452
107
244
•
12,869
3,396
504
Chicago, Burlington & Quincy
Chicago & Illinois Midland
84
oq
Buffalo Creek & Gauley———
2,214
2,914
5,676
23
10,827
18,282
Allegheny District—
.
Akron, Canton & Youngstown——
2,459
6,041
11,197
Weatherford M. W. & N. W
8,035
54,888
Baltimore & Ohio.,—
1,743
5,875
12,282
11,107
7,003
22
Wheeling & Lake Erie
2,240
6,806
11,890
10,591
7,926
20,161
—
18,308
will
area
unchanged at 10 gallons
reduction
District—
8,450
56,382
——
941
4,711
10,682
Wabash—
10,260
11,162
23,508
_
System-,.-
8,015
47,927
————-—--
11,740
11,016
23,336
Tennessee Central——
5,196
9,110
Louis—;—.—
414
5,639
2,306
Susquehanna-&.Western
'
8,368
45,755
Virginian
25,260
197
■297
5,941
2,654
11,700
2,596
—
N. Y.. N. H. & Hartford
Western
16,509
26,302
14,225
1,411
4,991
10,549
—————--•
New York Central Lines—.
.
4,861
6,546
958
6,104
53,614
Montour,
N. Y.,
4,475
17,203
Wichita Falls & Southern
1,125
6,184
3,389
Lehigh & Hudson Ri ver
_!_
Lehigh & New England———li——.—
Maine Central
6,951
1,269
2,279
—
Detroit & Toledo Shore Line
"Erie—,,
473
4,242
Litchfield & Madison—!
1,658
.
764
5,346
Kansas City Southern
Louisiana & Arkansas——
254
—
Delaware & Hudson—
512
154
Fort Worth &
Loads
.2,541
—*
310
27,630
Illinois Terminal
20
Total
1943
Central VermQnt—
Grand Trunk
ENDED
...
:
106
2,372
4,318
Denver & Rio Grande Western
CONNECTIONS
—
Chicago, Indianapolis & Louisville
Central Indiana
114
3,640
28,975
'
1
40
1,439
1,009
Kansas, Oklahoma & Gulf
FROM
'
.....
Ann Arbor—
1,400
40
1,441
3,829
of the freight carloadings for
a summary
Railroads
Bangor & Aroostook
Boston & Maine
30.
4,504
Colorado & Southern
Ihe separate railroads and systems for the week ended Nov.
20, 1943.
During this period 84 roads showed increases when compared with
the corresponding week last year.
(NUMBER OF
Nov.
4,354
Alton
4,295,457
of
S weeks of October
LOADED
for
1,243
Atch., Top. & Santa Fe System
3,581,350
Week
*
FREIGHT
unit
1,117
Central
4,160,060
3,540,210
4,553,007
REVENUE
1,375
Piedmont Northern-
Total
3,510.057
3,487,905
3,503,383
3,545,823
The.following table is
1,375
2,680
main
29,559
Chicago & Eastern Illinois
1942
3,530,849
3,055,640
3,073,426
3,136,253
,
468'
.
Bingham & Garfield
5 weeks of January
5 weeks of July.
Georgia & Florida
Gulf, Mobile & Ohio
793
253
.
will
4 weeks of February
4 weeks of March
4 weeks of June
1,270
41'
1,182
Spokane, Portland & Seattle
an
'
1,968
Gainesville Midland
Georgia-,
Spokane International—
increases compared with the correspond¬
ing weeks in 1942 and 1941, except the Northwestern.
April
1
Minneapolis & St. Louis—;
Minn., St. Paul & S. S. M
districts reported
4 weeks of
Florida East Coast
Northern Pacific-
'corresponding week in 1942.
All
412
Durham & Southern—
Ishpeming
increase of 4,795 cars
decrease of 9,341 cars below the
cars,
3,861
—
Green Bay & WesternLake Superior &
1942.
Coke loading amounted to 15,218
cars, an increase of 1,020 cars
above the preceding week, and an increase of 743 cars above the
"
11,468
3,759
13,440
Central of Georgia—.
Ft. Dodge, Des Moines & South
above
Ore
,
13,507
1,338
11,440
Great Northern
loading totaled 45,883. cars, an increase of 2,905
the preceding week and an increase of 3,686 cars above
the corresponding week in 1942.
-
761
-
Forest products
cars
'
728
Northwestern
cars,
throughout
707
Total-
decrease of 3,760
a
oil
304
Seaboard Air Line
below the preceding week, but an increase of
2,691 cars above
corresponding week in 1942.
In the Western Districts alone
cars
Unchanged!
fuel
3,434
Southern
grain products loading totaled 55,055 cars, an in¬
crease of 3,060 cars above the preceding
week, and an increase of
9,297 cars above the corresponding week in 1942.
In the Western
Districts alone, grain and grain products loading for the week of
:Nov. 20, totaled 35,481 cars, an increase of
1,704 cars above the
preceding week and an increase of 4,780 cars above the correspond¬
ing week in 1942.
of
868
Norfolk Southern—
and
Rations
the 33-state rationed
337
Macon, Dublin & Savannah
188,273 cars, an» increase of 21,140
-cars above the
preceding week, and an increase of 20,837 cars above
the corresponding week in 1942.
'
"
Fuel Oil Unit
1942
748
Mississippi Central
Nashville, Chattanooga & St. L.__
to
1943
305
Illinois Central System
Louisville & Nashville
Loading of merchandise less thai* carload lot freight totaled
106,346 cars, a decrease of 974 cars below the preceding week, but
an increase of
14,784 cars above the corresponding week in 1942.
1941
702
Columbus & Greenville
"of 6,418
1942
325
1941 of
freight loading totaled 400,045 cars, an increase
above the preceding week, and an increase of 2,828
Connections
Atl. & W. P.^W. R. R. of Ala.—...
1942 of
Miscellaneous
Received from
Alabama, Tennessee & Northern.
Charleston & Western Carolina—
Clinchfield
45,5,25 cars, or 5.4%, and an increase over the same week in
82,901 cars or 10.4%,
Loading of revenue freight for the week of Nov. 20, increased
34,604 cars, or .4.1% above the preceding week.
Total Revenue
Freight Loaded
1943
Atlantic Coast Line
of
week
District-
Atlanta, Birmingham & Coast
freight for the week ended Nov. 20, 1943,
the Association of American Railroads an¬
revenue
This
Total Loads
'
Railroads
Southern
2243
4
39.6% greater;
38.2% greater.
and
orders
were
THE COMMERCIAL & FINANCIAL CHRONICLE
2244
W.
Items About Banks, Trust
Stockholders of The Continental
Bank
at
a
&
Ttust
Co.
meeting held
fied
the
of
board
the
directors in the adoption
tirement
and
the
all
insurance
more
or
of
of a re¬
plan for
burgh, has been elected President
the Bankers and Bank Clerks
of
serv¬
ice, it was announced by Frede¬
rick E. Hasler, Chairman of the
Board.
"The
plan, which was formu¬
lated by a committee of the board
of directors, is a unique correla¬
tion of a group annuity contract in
the Equitable Life Assurance So¬
ciety of the United States and a
Coates
succeeds
meeting of the board of
of the Continental Illi¬
nois National Bank & Trust Co.
At
University.
The plan supplements
benefits
the
York
which
Continental
employees will receive from the
present group life insurance which
is prvoided'by the bank and the
retirement
incomes
which
they
will receive under the Social Se¬
stock dividend of 20%
a
of the
would receive one additional share
of stock for each five shares held.
bank's announcement states:
"When cash dividends are here¬
will be pay¬
after declared, they
First
Chamberlain,
L.
tional, Bank
the
of
and
First
Trust
Na¬
Co., New
Haven, Conn., will become Presi¬
dent of the institution on Jan. 1,
increased
the
on
become
of
Chairman
the
Board.
Mr. Steele, who has served
as' President of the bank since
nected
'
with
1918
since
the
and
Vice-President
and
director
a
1923.
since
The
executives
was
New Haven
Nov.
concerning
reported in
the
the
fairs for
is
many
Mr.
years.
member
a
of
Steele
Federal
$50,000,000 to ,$60,000,000, so that
if the capital is increased, there
$60,000,000 of capital stock
and $60,000,000 of surplus,
"The
increases would
be ef¬
will be
fected
undi¬
from
by transfers
profits.
vided
is
"A two-thirds vote
necessary
the
of
authorization
pro¬
the
Legislative
trict
the
on
Council and
Connecticut
in
3940.
Advisory
President of the
Bankers
Association
V"
.
„
"Mr. Chamberlain is Vice-Presi¬
dent and
tive
member of the
a
committee
of
the
execu¬
National
Bank Division of the Connecticut
Bankers
Association.
During the
banking crisis, he was
one of two
representatives of this
area
passing on all loan applica¬
1932-1933
tions
.
from
banks
to
the
Recon¬
struction Finance Corporation. He
is a former member of the com¬
mittee on economics of the na¬
tional bank loan officers' associa¬
tion
known
the Rqbert Morris
as
Associates.
of
Public
the
State
Welfare
of
Connecticut
Council.
He is
a
Vice-President of the New Haven
Chamber of Commerce and
mer
Vice-President
necticut
Chamber
of
the
a
for¬
Con¬
as
President
of
the
Second
National
Bank, Orange, N. J., was
recently announced. Mr. Roberts,
who
was
Vice-President
and
Cashier, succeeds the later Wilbur
Munn.
Charles
George Stuart, retired Chicago
banker, died on Nov.
19 in the Wesley Memorial Hos¬
investment
pital, Chicago.
old.: Mr. Stuart engaged
Harold
Charles B.
and
L.
President and
Coates,-. Assistant
Secretary
McCarthy*
indepen¬
producer
and
operator
who recently purchased the Shell
Building
in
Frank
Houston.
Champion,
of
Mr.
McCarthy.
H. Roy Cullen, independent oil
producer and philanthropist.
Earl H.
oil
Hankamer, independent
operator.
John H.
"
Freeman, attorney and
Fulbright, Crooker,
of
Freeman & Bates.
Kyle Morrow, executive of the
R. W.
ton.
Weir, prominent in lum¬
1
■
.
';,v
,
Allyn R. Cline, Houston invest¬
ment
broker
President
and
Mortgage & Trust. Co.
C, A. Perlitz, Jr., attorney and
executive assistant to George W.
Strake, independent oil operator.
Carr
P. Collins, Dallas busi¬
ness
and
President
of
Union
Insurance
Co.
man
Fidelity
the
of
Dallas.
and
others.
.!
,.
$68,000,000
and
total re¬
sources in excess of $72,000,000.
Beverly D. Harris has been
President of the bank since 1932.
L.
R.
Bryan,
Jr.,
is
Executive
The
transaction paves
the way
expansion of Second Na¬
an
Co., Inc.
Bates, spokesman for the purchas¬
ing group, said. The stock just
:
Boulevard
of
vote
14
Dec.
on
distribution
on
of
National
the
of
Bank
Chicago will
a plan for the
dividend
50%
a
Under.the plan,
be increased from
payable in stock.
capital
is
to
sold
was
his
elected
Stock
L.
Paxton,
director
a
National
Jr.,
of
was
Live
the
been
Omaha,
Bank,
in
a
trust
President
became
Co. in
1937,
of
suc¬
ceeding his father, who had been
superintendent of the Union Stock
Yards company in Omaha. In Jan¬
uary of this year he was awarded
Report British Reject
Blockage
Plea To Relax
Churchill
cording
Press
Government
London
to
accounts turned
gestions
Nov.
on
blockade
ac¬
Associated
down sug¬
10 that it relax
and
send
food
to
German-occupied Europe, assert¬
ing that such an action would lead
more
star¬
vation and shortages. The advices
from which we quote added:
Dingle
M.
House
of
Commons
that
no
the
inten¬
tion of repeating the Herbert Hoo¬
the Germans would not hesitate to
a
Association
in
1942,
Vice-President of the As¬
sociated Industries of Nebraska, a
director of the National Security
Insurance
Company, and a mem¬
ber of the executive committee of
the
Omaha
merce's
Chamber
post-war
of
planning
mittee.
Com¬
create
ages
more
/if such
now,"
starvation and short¬
a program
lowed
added
that
propose
Mr.
the
Foot said.
British
Bank
the
in
of
controlling
the
Second
blackmail."
com¬
Houston
stock
National
was
did
to lay themselves
While
fol¬
negotiations
the
Protective
Rio
These
purpose.
able
were
the
Council,
Janeiro
de
ably better terms than
offered
inally
that
offer
this
which
The
is
recommerids
and
able
consider¬
orig¬
Brazilian
Council
the
have
could
to
of
secured,
the
favor¬
the
bond¬
holders.
"Under the
bondholders
of
plan, which will be¬
Jan. 1, 1944, the
effective
come
two
offered the choice
are
'.
as
"Under
to
occupied
Europe,
the
secretary
reduced
are
amounts,
dollar
3V2%
bonds
the
varying
3%%
from
Federal
secured,
funding, and Sao Paulo Realiza¬
tion issues; from 2% to 2\k% on
States
of
Mines
Geraes,
Rio
Grande do Sul, and Sao Paulo is¬
sues; and from 1%%- to 2%% on
the
other
State' and municipal
on
The
responsibility
the
original
"Under
obligor.
'B' there
Option
reduction
of
20%
of
amount of the bond
in the
$2,000,000.
This
Houston
is
learned
"Press"
of
from
Nov.
20,
which states that the controlling
stock was sold by the estate of
the
of the Colonial Trust Co. of Pitts¬
Neal
late
to
J.
a
W.
Neal
group
and
by Mrs.
headed by Col.
The
Nazis, he said, could not af¬
ford to create starvation in
coun¬
tries where they have to garrison
troops and from which they want
production and labor.
of the State of Ceara
pro¬
no
the ster¬
or
ling bonds formerly classified in
Grade VIII, but does provide for
their
retirement,
the
Brazilian
Government offering to purchase
these bonds at
12%
of
their face
amount, all coupons thereon being
cancelled., The Council, in line
with its general practice not to
give
advice
chase
regarding
sale of
or
recommendation
tance
of
this
the
pur¬
bonds, makes
to
as
offer
no
the accep¬
the Ceara
on
bonds.
"In general both
Option 'A' and
Option 'B' represent
improvement
over
which
the
has been
substantial
a
the
service
Brazilian* Government
offering in the past few
It also apportions more
statement issued Nov. 25, said
a
the bond settlement
"a mani¬
was
festation of Brazil's earnest desire
to
its
meet
foreign
obligations
within the limits of its capacity."
The Secretary's statement fur¬
ther
said, according to the Asso¬
ciated Press:
"This Government is extremely
gratified that
this
arrangement of
an
far-reaching definitive nature
has
been
reached
between
the
Brazilian authorities and the rep¬
resentatives of the United States
and British bondholders.
"The breadth of vision and the
a
spirit
of
these
which
have
characterized
funding, and
understanding between the Brazil¬
ian and American peoples,"
the Federal secured,
the State and
case
municipal issues. In¬
remaining
face
the
on
of
3%%
to
NewVvheat
Flour
.
Subsidy Announced
for
the reduction in principal and in¬
As part of the Administration's
terest rates, and the holders will general plan for holding the-line
receive cash payments in varying on the cost of living, Fred M. Vin¬
compensate
The Brazilian Govern¬
amounts.
ment makes itself
der this
and
responsible
un¬
option for service of State
municipal bonds.
acceptance 'will be
automatically
included in plan A.'
through
cumulative
which will
purchase of bonds when
below par and for draw¬
ings at face value when at par or
Under
Option A' the total
of *
service
interest
and
amortization for each debtor will
be
until
constant
tion,
it
and
is
final
redemp¬
understood
would,
on
the
and
45.5%
to
of the
interest
annual
Federal
to
35.5%
secured, funding,
on,
the
State
Under
and
Option
'B' the total annual service of in¬
terest
and
zation
of the
year
new
"In payment of arrears of
of
as
for
continue
to
than
more
no
sell
the
prices.
by
//
j.
The
will
be
financed
Reconstruction
Finance
program
the
flour
ceiling
Corporation,
with
its
the Defense Supplies
subsidiary,
Corporation
administering.
The
Office of Economic
ization said the
subsidy
because
essary
resulting
of
from
the
Stabil¬
was
nec¬
"squeeze"
increasing
wheat
prices and the permitted flour and
bread
price ceilings. Without this
government
aid
cost-of-living
it
said
was
would
the
consum¬
plan,
that amorti¬
during the first
10%
wheat
high
as
final-liquidation of through higher prices to
is understood
be
the
for
ers
both
bread
and
family
flour.
will
prin¬
To
complement
this
program,
the Office of Price Administration
inter¬
est, the Brazilian Government of¬
fers
pay
affected
will
all bonds included under the
it
to
to
monthly
be
amortization
constant until
time
same
re¬
payments
Sao Paulo Realization issues,
municipal issues.
Di¬
estimated
it is stated enable
millers
flour
the
amortization during the first year
amount
plan,
$9,000,000
be
used for
annual
The
about
cost
quoted
above.
Stabilization
parity prices for wheat and at the
/'Under both options, bonds will
retired
Economic
son,
rector, announced on Nov, 18 a
subsidy program for wheat flour
millers..
"The Decree Law provides that
holders failing to elect an option
within the period established for
cipal amount of the bonds.
condi¬
plan makes
new
Sao Paulo Realization issues, and
reduction of 50% in the case of
and
a
"The
not
under Decree
vision for the service of the bonds
face
a
amount to 2.65%
approximately
occupied Europe is in
had
of De¬
to
respect
negotiations
are
further
testimony of the friendshio and
ing."
for
is
the
tion of famine is entirely mislead¬
interests
for
service under this option remains
with
cial
group
"face
the
maintained,
of
a
year
with
become
Law 2085
to and including Dec. 31, 1943,
in
A'
is
bond
fixed
the
on
to
and
said the impression that the "whole
2085
which
coupons
payable
Option
the
of
new
duced
suffering in
during the last
years.
but the interest rates
will
were
~—
—
percentages of¬
equitably the funds available for
'B.'
Each
bondholder
has
the service, an objective for which the
right to elect one or the other Council has been contending since
of these two options during the Brazil's first temporary plan of
period Jan. 1, 1944 to Dec, 31, service was worked out in 1934."
1944.:.
Vy/A; Ay;/,;
Secretary of State Cordell Hull,
He
.r
':
1
-
of the
Law
cree
of settlement, de¬
Option A' and Option
plans
scribed
recently
of Houston's out¬
standing businessmen and finan¬
made to
feels
maximum
been
it
consideration
for
were
the
by
Government.
this
over-all
bondholders
dollar
Inc.,
for
representatives
obtain
to
by
Lee
and
Foreign Bond¬
sent
to
than
»
25%
fered
adjust¬
more
McCormick
whom
holders
not
"open
conceding that there
great hardships and
of
were-
to this particular form of German
-
interest
E,
of
be
President of the Omaha Man¬
ufacturers'
months
Orton,
of
result* of
amortiaztion funds
ver
plan of the last war, when
food was^shipped to Belgium.
"We know by experience that
was
the
Warfare, declared in
civic development and community
welfare during 1942.
Mr. Paxton
Omaha
offer
present
is
two
—
and
up
"The
of Economic
the
to
issues.
Foot, parliamentary
the British Ministry
British Government had
most
23, 1943, providing for the service
$837,662,000 outstanding dol¬
lar and sterling bonds, of which
$286,036,000, or 34.2%, are dollar
ment
Foreign
issued^
has
6019, dated Nov;
secretary of
the Junior Chamber of Commerce
contributed
the
of its
rate
distinguished servcie key, offered
to
the young man adjudged to
have
Government
Decree Law No.
terest
the Germans to create
Paxton
by
'..
.with
amount will be paid at a uniform
Mr.
Paxton-Mitchell
created
will.
the
on
Brazilian
B.
1940 and it has
Nov. 23. Mr. Paxton, who
is
35 years old, is
one of
the
youngest bank directors in Omaha
Neb.,
W.
He held the stock
until his death in
since
Col.
acquired by the late J.
W. Neal in 1928.
The
James
activities,
'■
1.
discussions
Bondholders Protective
Council,, Inc., and the Bptish Council of Foreign Bondholders, the
issues.
Vice-President.
for
'
"After
•
According to the last published
statement, The Second National
Bank of Houston has a
capital
stock
of
$1,000,000,
surplus
of
$1,000,000 with deposits of more
than
bonds:
value
-V
-
Foreign Bondholders Protective Council, Inc., New York
issued on Nov. 26 the following; statement with respect to
new plan for servicing
its outstanding dollar and sterling
Brazil's
of
Cline
Stuart,
Vice-President,
The
City,
Robert
associate
tional's
Treasurer and Assistant
H;
oil
respectively, of Halsey, Stuart &
the
E.
or¬
Clayton Foundation for Research
of Commerce."
Harvey M. Rob¬
its
of
one
be
would
there
increase,
Sale
The election of
erts
and
1,800,000 shares outstanding, com¬
pared with
1,500,000 shares at
present. Par value of the stock
is $33 % per share."
posed
and is
"Governor Baldwin recently ap¬
pointed Mr. Chamberlain a mem¬
ber
Glenn
dent
Commit¬
Federal
was
merchants
ganizers.
M. D. Anderson Foundation, the
the
For nine years he represented
First Federal Reserve- Dis¬
tee.
ton
ber and financial circles in Hous-
Executive' $500,000 to $750,000, surplus from
Council of the American Bankers $500,000 to $600,000 and undivided
Association and also a member of profits from $50,000 to $100,000.
its
Benjamin Clayton, well known
Houston capitalist and philanthro¬
$2 a share.
"It is contemplated, also, to in¬
crease
the surplus account from
Stockholders
-
and
retiring Presi¬
dents are prominent in banking
circles and they also have been
active in community and civic af¬
new-
group includes:
Standard Rice Co.
"Evening Register" of
26:
"Both
The
contemplated.
paying semi-annual dividends of
are
following
"Press"' states:
member
He was 100 years
in busi¬
ness
with N. W. HalSey & Co.,
First
National which later became, Halsey, Stuart
has been First & Co.
His two surviving sons,
1924, will continue to be actively
with the organization.
|dr. Chamberlain has been con¬
associated
are
Houston
stock,-and
succeeding Thomas M. Steele, who
will
stitution
contemplated that the present
rate of dividend per share will be
continued.
The bank has been
after
Vice-President
bank, said that no changes
in personnel or policies of the in¬
Each shareholder
present capital.
to increase the bank's capital and,
curity Act.
Dwight
for
$60,000,000 by the declaration
to
able
New
called
was
17, for the purpose of acting
on a resolution increasing the cap¬
ital of the bank from $o0,000,0u0
it is
at
bank
the
of
ers
plan, the committee had as con¬
Insurance
a
Dec.
sultants the bank's attorneys,
Life, and formerly Professor
Officer
Trust
and
of Chicago, held on Nov.- 24, a pist, former member of -Anderson
special meeting of the sharehold¬ Clayton & Co., world's largest cot¬
The
Wise,
Shepard, Houghton & Kelly; the
bank's insurance brokers, Hagedorn & Company, and James El¬
ton Bragg, manager of the Doremus-Bragg Agency of the Guar¬
Irving,
M.
George
of the
directors
Hasler explained.
In their study of the broad so¬
cial and economic aspects of the
Mr.
Life
transaction,
Vice-President
Along with Colonel Bates, the
of
of
L.
Robert
leyson of the Monongahela Trust
Co., Homestead, Pa.
pension trust embodying levelpremium life insurance and an¬
nuity contracts in the Guardian
Life Insurance Co. of America,"
dian
Mr.
Fin-
Association.
Benefit
Bates, member of the law
Fulbright, Crooker, Free¬
Bates. In announcing the
&
man
of
Mutual
B.
firm of
bank
the
of
employees
with six months
York,
Nov. 23, rati¬
on
of
action
New
Companies
Thursday, December 2, 1943
is
said
ceiling
to
for
be
all
planning
wheat
a
price
reflecting
of¬ 100% of
parity. A ceiling on soft
DeLaw 2085 with respect to wheat in the Eastern States was
coupons due before April 1, 1934, recently put into effect.
percentages
fered during the last year of
cree
,
j
@FedFRASER