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Final
ESTABLISHED OVER 100 YEARS
Edition
Reg.
Volume
New York, N. Y.,
Number 4240
158
The Financial Situation
/,,
It now begins, to appear quite possible that "reconver¬
sion," about which so much has been written and said dur¬
ing the past year, may be a thing quite different from what
people have imagined. For a good while after dis¬
cussion of the problems likely to surround the task of get¬
ting back to a peace basis commenced, it was for the most
part assumed that peace would come about as suddenly as
war fell
upon us, and that we should be about as unready
to return industry to the production of peace time goods
as we had been to "convert" to the
production of planes,
tanks, guns, and the rest.
Then it began to appear likely
that the war would be over in Europe some considerable
period of time before it ended in the East, Ideas about "re¬
conversion" were altered accordingly, 'upon the assumption
that to carry on the war against Japan, once Germany and
Italy were out of it, would not, no matter how vigorously
we proceeded with
the task, require the entire force and
strength of American industry—the less so since we, along
with our Allies, should meanwhile have built large "stock
■piles" of all sorts.
; •
/ '
most
•
"Reconversion" Now' //•**/• /'///;;\
.A
/
•;
already begun., "Cutbacks", in various directions, and down¬
ward revisions of calculated needs in many others, have not
been fully offset by "raised sights" in other fields with the
result that the schedule of war production in toto is not as
great as originally expected, and. may be more substantially
below that figure than is now generally realized.
There can
not be very much doubt that the authorities are very reluc¬
tant to call such matters to the attention of the public—prob¬
ably lest the "complacency" so much feared in official
quarters be encouraged.
Some of the general statements
;
"
(Continued
on
2561)
page
bore
E
o
c
(Mass.)
o m
n
i
total
c
Cairo, Teheran
to
'tell the
thing he has
waiting public was of
the part
the discovery of a plot on
of
capture
to
Germans
the
him,
Churchill and Stalin. Mr. Stalin's
discovered
men
plot and al¬
the
though Mr. Roosevelt emphasized
he didn't take it too seriously, Mr.
Stalin
very
was
that
insisted
and
much perturbed
Mr.
Roosevelt
and stay in the Russian em¬
come
bassy.
'
'./;
took
We
:
*
this
at
■;
first
another example of how
'
as
the rela¬
icance^ we are now being assured
Mr. Roosevelt, we are assured, de¬
liberately put out this story: to
ward off criticism for his having
Russian embassy/We
juch
criticism,
and we doubt that any
was com¬
had
heard
of
no
As we understand it; the
American
people
have
finally
been taught to be so grateful to
Stalin
that they
measure
their
own
public servants and those
seeking to become their public
servants by the cordiality of their
relations
with the Soviet boss.
ing up.
But
presumably there
are
those
among
And it is
lot
a
the
while
clear
is
"it
circumstances
costs
the
strument of
be met
"In
far as pos¬
as
The
one.
the
W.
do
to
him
American
time.
last
hand,
among
vote.
the Polish-
He had this vote
Willkie,
the
on
other
had
the Italian-American
vote. In '44 thisjatter vote is ex¬
pected to go to the President, but
to exact a high price for their
relatives
back home in doing so.
Already the. Allied Military Gov¬
ernment is, showing a disposition
to
handle
with
kid
ently
the
conquered Italians
gloves.
fef for
the
We
are
appar¬
spectacle
of
a
vanquished nation, that part of it
which we have, sitting amazingly
pretty. These people haven't had
any
voice
in
their
own
country
but they have one in ours, and it
be expected that in the next
may
few months they will cash in on it
heavily.
It's
or
a
commentary
on
something
other.
(Continued
on page
2563)
in¬
the burden
total
war
cost
bor¬
be
must
in order to avoid
unneces¬
disruption in the economy.
the next place, the magni¬
tude of our war, effort is fixed by
sary
"In
bur full gross product,
rather than
by our net national income.
This
means* that during war-time re¬
levy,
men
in the
even
These rules
other compul¬
if
it
take but little ac¬
can
count of individual Circumstances.
paying their/much
It requires considerable time for
higher price in human cost on the
fighting fronts, exceptions from many individuals to adjust their
this rule should be permitted only living standards and commitments
to the nfew and lower levels which
when clearly justified by special
would be dictated by all-out war¬
circumstances."
are
,
Mr. Bell
are
a
pointed out that "there
number of these special cir¬
that
has
and it is because of
the Treasury Depart¬
never
would
recommended
to
taxation.
time
"While
some
individuals
are re¬
have
absorbed
war
effort.
Producers, as well as consumers,
asked by their Government
are
'Use it
up;
wear
to
it out; make it
do, or do without.'
"This
most
vising
their
living
standards
downward,
other
individuals,
whose
incomes
have
been
in¬
out
creased by the war to levels con¬
this
siderably above those required to
meet their former standards of
in
means
business
more
that
during
firms
rapidly
wearing
are
they
than
wear
and tear
At
the
(Continued
are
deprecia¬
being replaced, and the
tion reserves set aside
cash.
the
the capital assets of
period
war
/
otherwise
be thrown into the
can
:
,
to
offset
piling up
time the
are
same
2562)
on page
to^ say, "it is these exceptions,
the
not
general rule, which
justification; and I
should like to explain to you to¬
night, not why the Treasury has
special
W.
Randolph
Human Side 0! Inflation
GENERAL CONTENTS
v
Situation.
Financial
2557
—
Articles in
Special
and
Corporations
•nvestors,
Section 1
The
Present
Position
of
Savings Minded Attitude Of People Explaining
Sees
Why Prices Have Risen No Faster—Urges Reduction
Of Inflationary Gap By Taxes, Government Econ¬
omy,-
Etc.
„;
human
side
■
■
■■■
Our
Federal Excess Profits Tax System.
'The
Railroads.
of the
bond campaign in which we are priv¬
ileged to have a part," was dwelt upon in an
address on Dec. 3 by
Vice-President of the American Bankers As¬
sociation and Vice-Chairman of the Board The National City Bank
From Washington Ahead of the
."'News- ;
.2557 of New York; who went on to state that "it provides opportunity
Moody's Bond Prices and Yields,.. .2563
for public expression of the noblest emotions and ideals of the
Items About Banks and Trust Cos..2572
people."
*>
;
~~
NYSE Odd-Lot Trading
2564
Mr. Burgess' of spending it." "Good estimates,"
Trading on New York Exchanges.. .2564
remarks were he said, "place the peole's savings
State of Trade
made before today at an annual rate not far
General Review
..2558
the
Chicago from $40,000,000,000"; and "this,"
Commodity Prices, Domestic Index.2570
District of the he
stated, "is the basic reason
Weekly Carloadings.
..2571
Illinois Bank¬ prices have risen no faster."
The
Weekly' Engineering Construction. .2570
Paperboard Industry Statistics
2571
ers
Associa¬ speaker observed that "in World
W. Randolph Burgess,
Regular Features
Mr. Roosevelt's polit¬
are
in high glee
over what his wooing of Stalin at
the expense of Poland is likely
bor¬
finance?
war
first place,
the
these
are
superior
the
tax—or of any
Beli
lines were
ill-wishers
a
sory
Daniel
time that the
same
services
of
This time,
ical
war
placements and repairs on plant
is subse¬ and equipment must be postponed,
quently
reimbursable—must
be as far as possible, so that the man¬
paid for once
rules. power and materials which they
and for all by today's civilians at levied according to fixed
of
sible by taxes,
and
so
be
cam¬
fairly well defined then.
our
which
under
thus
is
rowing
war
of
What
taxation.
of
use
working
than would the exclusive
economy
the
that
money
paign which did not exist for the
Third Term
place in the war economy.
This
is unlikely to occur, except in a
very long war; and, in the mean¬
time, a considerable proportion of
rowed
alien
our
are
pitfalls for the Fourth Term
to
but
little
lived in the
that
vote' there
...
things of these mo¬
mentous and historic gatherings
seem
to ' impress Mr.
Roosevelt
most. But ah, in this instance, it
had a deeper and graver signif¬
tively
thought otherwise.
fact
minded
y
smoother
as¬
that
-
Page
who
the full cost."
special circumstances, makes for a
Bell
serted
Editorial
a
cover
Mr.
Re¬
he returns from his$-
recent trip the main
Copy
steadily increasing burden of tax¬
ation until each person's standard
of living and financial commit¬
ment's had become adjusted to his
adjustment,"
Post-War
devices the Secret Service men took.
Then when
of
expenditures/ but
why it has not asked for
taxes to
the
and
that he always seems unduly impressed
by the extensive arrangements which have to be made to insure his
personal safety. For example, when he returned from Casablanca
the thing he seemed to want most to talk about was the various
one-half
about
Continuing, Mr. Bell said:
"The use of borrowing, to the
extent
that
it
is
justified
by
and
War
need
Our first reaction to Mr. Roosevelt's return from
provide sufficient rev¬
cover
Federal
rather
Club, on "Fi¬
nancing. the
on
and intermediate stops, was
to
enue
that the whole cost of
the war should be paid for out of
current taxation."
"But," he went
By CARLISLE BARGERON
/>/
would only
the Wor¬
cester
ment
Ahead Of The Mews
a
Under Secretary of the Treasury, declared on 4
the post¬ living, are ready and willing to
lend a substantial proportion of
war world will be "to help society achieve more fully the promise
increased
incomes
to
the
of abundance implicit in our capacity to produce, to help maintain their
output and employment at a level more nearly corresponding to our Government, in order to insure
true productive potential, and to secure this at a price that a peaceful their future security.
"Ultimately, if the war should
democracy can
recommended
to
Congress
ad¬ last long enough, these adjust¬
pay."/
,
ditional taxes, which
Speaking beif enacted ments might be continued under a
Congress
Washington
Cents
60
W. Bell,
Daniel
them
From
Price
Thursday, December 23, 1943
cumstances,
\
Office
Dec. 16 that the greatest task of economic statesmanship in
should
Now it appears that in a real sense, reconversion has
.
Pat.
2 Sections-Section 2
Financing The War And Post-War Readjustment
Discussed By Under Secretary Of Treasury Bell
of
...
S.
U.
In
•
Weekly Lumber Movement.
...2564
Price
Index..2564
Fertilizer
Association
tion, at which
time
Weekly Coal and Coke Output..... .2564
Weekly Steel Review
2562
Finished Steel Shipments in Nov..2570
Moody's Daily
Weekly Crude
Non-Ferrous
November
in
New
there
2563
Store
Department
2565
Bankers'
Dollar Accaptances at
November
30
,
has
been less than
i.. .2558
15-Oct. 15.2568
the
as
much
as
possible, reduce
inflationary gap by taxes, by
"
W.
R.
Burgess
had
reason
every
to
ex¬
Cottonseed
for September
Living Costs Index Sept.
flation
aging production of civilian goods
as
promptly as feasible."
And
he also reminded his hearers that
we as backers.
have at
we
Receipts to Nov. 30
2539
Individuals' Liquid Savings in Third
Quarter
..2568
Gross
and
Net
Railroad
Earnings
down the mechanical causes of in¬
inflation;
inflation
.2563
2569
danger
after the
yet so far the
..2565
Limit at
Mortgage
and
is,
greatest inflation came
war,"and in asking "what
ought to be done about all this?"
he noted that "we ought to keep
War I the
Government economy, by encour¬
of
....2565
District
No^. 30
Debt
October
still
grave
Sales
Recordings
Changes in Reacquired Stock
Holdings
Federal
that
state
"there was,
2565
Metals Market
York
occasion to
Commodity Index...2563
Oil Production..—2569
Weekly Electric Output
took
he
pect." Mr. Bur¬
gess
pointed to "the interesting and
curious fact"
people
are
that today so
many
saving money instead
...
our
there is for the
a
.
.
.
hands the greatest instrument
encouragement of
savings habit of mind among the
people," viz., "the sale of Govern-
(Continued
on page
2561)
THE COMMERCIAL & FINANCIAL
2558
CHRpNICLE
period
but
the
Senate
amendment, reducing the time to
six months, was accepted by the
year
The State Of Trade
Peacetiine vs- Waitime^Business
JElec¬ House on Dec. 7.
Y'Y-V Y,Y
tric production was a strong exception, however, reaching another
The
measure,
sponsored1' by
historic peak. The retail trade also made a disappointing showing Representative Short (Rep., Mo.)y
last week, a number of causes contributing to the declines that were preserves the right to court-mar¬
shown.
Advance buying in November, g growing shortage in gift tial or prosecute any persons con¬
heavy industries showed declines generally last week.
The
7
"For
American industry
artificial atmosphere, and dur¬
ing the past two years that has been largely true of
state.
$
sources
making it the best November
•
w
in
of
production
This
tute.
16%
was
the
above
York reports
New
of
business
tic of the
of 37.7%
of
totaled 823,211
this
the Satur¬
on
Christmas
that
means
last
there
year,
will
be
business day this week.
extra
an
closed
were
after
day
123.70% of
aver¬
This total was
of
a
for
ago
year
the
Representative McCormack of
Massachusetts, Democratic leader
in the House, on Dec. 14 accused
"
observance of the
Christmas holiday by some plants,
to
in
production
"capacity "this*
J
J1
-
Republican
ing politics" while, he said, Presi¬
brilliantly and
courageously performing his grave
task of winning the war."
Y' At
93%, output of ingots and
castings would be 1,620,900 net
tons for Hie week, compared with
1,730,700 in the preceding week
and
1,678,200. tons in. the 1942
Mr.
McCormack's
given out in
11
Bricker's
New
in
views
speech
York
,
Pennsylvania
three
in
time
first
„
question
might
at
future
some
At
Society
the
of
duction of the legislation.
following
'.The
regarding
Mr.
ingot
.
.
iv
i
n.
n
.1.
and have reached the point
they
able
are
to ship
ma¬
terial to civilian customers if per¬
to
do
so.
Steelmakers,
mitted
however,
for
sheets
rials
to
advising
are
and
other mate¬
some
from
.War Production Board.
can
be
ascertained,
no
the
So far
as
such prior¬
ities have been granted.
Department
store
country-wide basis
sales
on
a
down 1%
were
for the week ended Dec.
pared with the like week
com¬
a
year
according to weekly figures
by the Federal Reserve
System. Sales for the four weeks
ago,
released
ended Dec.
pared
with
11
were
the
up
like
9%,
com¬
period
last
year.
Business
New
in
York
City's
department stores has been
run¬
ning at levels well under a year
ago during the last two weeks.
The
Dec.
decrease
18
in the
week
ended
11%,
according to
preliminary figures issued by the
was
isolationist"
tionist,"
"It
to
please
Party.
"The
to
Merchants
are
at
a
loss to
ex-
plain the severity of the drop to
business. They realize that a good
part of the holiday buying had
been moved ahead into
"still
an
isola¬
'
speech designed only
the big interests who
and
run
the
Republican
v
the
was
five
- v
to
set
30
date
for
railway strike,
ciated Press
of
the
as
This
plan
pay,
after 40 hours.
the
of
and
15
based
was
members
98%
group that controlled
National
do the
same
the
Convention
safe
a
man
Harding,
are
thing in 1944.
engaging in the most vicious type
of
politics, preparing to spend
many millions of dollars to smear
President
Roosevelt.
...
this group has not as yet selected
its man to support in the
Republican
coming
such
a
convention,
the
unions
of
the
have
operat¬
unions,
ing
according
to
patches, : have: appointed ,~a
committee
to
hours in
a
dis¬
sub¬
draft
counter-pro¬
to include de¬
week.
Setting
walkout
in
date
history,
nationwide
joint
a
for
the
the
Big
third
Five
time
estab¬
lished Dec. 30 and the three
ceeding
days
for
suc¬
"progressive
a
strike" which the National Medi¬
Board
ation
to
immediately ; sought
prevent, the dispatches added.
The
operating employees have
asked wage increases of 30% in
proceedings
which
began
last
January, and object to an award
by the Emergency Board for in¬
of four cents
creases
der
the
"Little
an
Steel"
hour
un¬
formula,
which
permits • increases only up
15%; above the Jan. 1, 1941,
to
The
level.
non-operating
em¬
ployees had been awaiting final
Congressional action on a resolu¬
which
would
have
given
a
raise of eight cents an
hour,—the same amount vetoed
by Stabilization Director Vinson
them
it
after
was
May by
an
recommended 7 last
Emergency Board..
arising in the prepa¬
Federal tax returns on
1943 incomes will be considered in
short
the last week
for
after
were
deemed
Dec. 6 for
the
marily- for accountants, attorneys
and
corporate executives, these
derelict
a
on
General Education. Intended pri¬
in their duty at Pearl Harbor was
passed by the Senate on Dec. 7.
The legislation was approved by
on
announced
a
cessation of hostilities with Japan
the time limit affecting the pros¬
ecution of fhilitary or civil perwho
was
one-
courses
have
been
Trust
If
scheduled
as
well
that be understood this situa¬
powers
the business
as
ICuEin, Loeb Position
Gn
Competitive Bidding
Explained To ICC
Kuhn, Loeb & Co. of New York,
bankers,
wrote
on
investment
Dec.
14
community does.
to
J.
Haddon
Alldredge,
hope that it would be a failure,
stating that as a matter of policy
they never bid on competitively
offered railway issues.
Despite their feeling that com¬
pulsory competitive bidding for
such issues ".would not be in the
public interest
or in the interest of
the railroads, the investors or the
dealers,^
Chairman of the Interstate Com¬
security-
merce
added:.';)
Commission, that they
were
not bidding
competitively now on
public utility issues of securities,
although they had done so in the
past, "because the number of bid¬
"We
the ' bankers
..%>%/■ 7
believe
•;
that
railroad
the
right to * sell
by competitive bidding
desires.
We, therefore,
reason
to hope that the
should
any
have
securities
if
it
so
ders
for
competitive issues will
inevitably be reduced and the
prices offered for such issues low¬
recent sale of Atlanta & Charlotte
bonds would be a failure.
We
ered
in
would
conformity with the
creased:
fewer
risk :
in¬
involved."
bidders,' they
The
said,
would
result from "difficult market
ditions." ;Y
con¬
had
no
have preferred
to
it
see
a
success, even from a
purely selfish
because of the bene¬
standpoint,
ficial effect of successful sales
on
general railroad credit."
In
indicating this, a Washington
dispatch, Dec. 14, to the'New York
not been bidders for three
"Times" further said;
issues
The
bankers
wrote
to
deny
charges made by Robert J. Bulkley, counsel for Halsey, Stuart &
Co. of Chicago, made in a letter to
the Commission early this
month,
that "major Eastern investment
banking houses" had staged
a
down
recent
strike"
against
the
"sit-
competitive offering of $15,000,000
of
bonds
lotte
of
Air
the
Atlanta
& Char¬
Line Railway
Kuhn, Loeb & Co. said they had
In
a
15,
to
Mr.
Mr.
All-
Bulkley
described Kuhn, Loeb's letter
confirmation
of
his
as a
charges,
ac¬
cording to a New York "Times"
Washington dispatch, which went
on
to say:
"Writing to Mr. Alldredge, Mr.
Bulkley said that Kuhn, Loeb's
The
statement
railroad
failure."
letter
Dec.
on
that
a
15.
further
dredge,
moreover,
charged,
utility
competitively
marketed
since Nov.
Co.
houses
that
bonds
it
never
offered
bid
for
competi¬
tively, although it sometimes bid
utility bonds on that basis,
for
constituted
confirmation
'
of
his
so
charge that Kuhn, Loeb and other
New York firms purposelv stayed
out of the Atlanta &
Charlotte
ding
profits
excess
taxes..
It
will
be
conducted by J. K. Lasser, certi¬
fied public accountant, , author of
several
works
and Chairman
tax
on
problems,
of New York Uni¬
New
was
that
Federal Tax-
scheduled to
railroad under writings
pates in Morgan and Kuhn, Loeb
Dec.
30, will be given by
Chase, member of the
Jersey bar and author of
B,
income
Personal
Guide."
view
Kuhn, Loeb,
other course,
The
David
that the point of his earlier letter,
answered bv
on
atioh.
begin
bidding in the hope that the mar¬
keting of the issue would fail.
"Mr. Bulkley told the Chairman
'the New York banking houses of
the group which usually partici¬
versity's Institute
Federal tax returns.
to be held
this specific issue in the
on
"Your
the courses,
like
Company.
only the
tion
they will be completed before
March 15, the last date for filing
of
no customers
that, and before long we are going to make a
partial
return to peacetime
competition."—The Cleveland
that
One
making
Kuhn, Loeb & Co. denied flatly
Problems
two
•
sev-
that they had refrained from bid¬
of December,
Dec. 18 by
Paul A. McGhee/ acting director
of
the
University's Division of
Pearl Harbor Trials
sons
Peacetime competition has
that the sale would be
On Fed. Income Taxes
sity
months
Many plants produce
much per worker as do others
"deliberately
re¬
frained; from bidding in the hope
RYU Offers Courses
of
,
alike because it has to have the
muni¬
ones
letter
it
six
cient
these
ration
•
the
Extend Time Limit For
of
incredible.
as
Big Five
of
Y
Washington showing the
same
tions.
overtime
evening courses > which
will begin at New York Univer¬
extending
in
products. The government buys the out¬
puts of the efficient makers and those of the ineffi¬
a
plan is definitely under way."
resolution
the
Asso¬
favor of the walkout.
Representatives
While
.
,
almost
are
dispute.
members
non-operating
voted in
;;!Y:vWyY
v
records
are
eral times
Y
About 97.7%
of
of the
on
Like all
man hours
required in different plants
produce the same sorts of ships and weapons,
planes, and engines. The differences in
efficiency
basis for
a
wage
previous history.
to
operating brotherhoods this week
rejected a plan put forward by
settlement
prosperities.
"There
dispatches state. The
President Roosevelt
period of that sort that
any
our
numbers of
the
as
had in
ever
booms it is different in character from
peace¬
time
railroad
Dec.
have
war
operating
representing
approx¬
imately 350,000 workers, and lead¬
ers of the
15 non-operating rail¬
way
labor unions, representing
1,100,000 employees, on Dec. 15
and Dec., 21, respectively, voted
nationwide
It has
government.
has paid whatever
prices were necessary to obtain
speed and quantity. Its payments have been so huge
that they have affected
every kind of business ac¬
tivity. Now we are experiencing a business boom
-
For Dec. 30—Overtime
tion
.
November, the House
"a consistent
They feel they are in the saddle
again. With the war ort they are
period
by
to
stated:
in the late President
The decline in the previous week
ended Dec. 11, was 7%, accord¬
figures issued
as
in 1920 and nominated
A
ing to revised
referred.
a
Republican
New York Federal Reserve Bank.
the bank.
and
and
was
control
out
11,
McCormack
Governor Bricker
customers
priorities
get
Mr.
where
more
had
and that
bought goods and services in huge amounts, and it
be
McCormack's statement was. re- posals expected
ported in .Associated Press, Wash- mands for vacation pay, lay-over
expenses at terminals away from
ington advices of Dec. 14:
He [Mr. .McCormack] called home, and pay at the rate of time
Pittsburgh, largest producing that speech Governor Bricker's and one-half for work over 40
1
business have
customer,
Rail Unions Set Strike
New
production will be, "first
Presidential effort; and
cut back to 92% of rated capacity, I assailed it as "nothing but petty
the low of the year. The district criticism based on incorrect premfinished last week at 97 against 'ses>,
an expression of slogans
the previously scheduled rate of i and high-sounding phrases."
102.5 and operations at 103.5% a
He asserted that the speech
month ago.
Many finishing de-! "shows he has only - one policy—
partments as well as open hearth attack everything that President
furnaces, it was reported, will be Roosevelt has done.
'
"As a matter nf fa
As
matter of fact," he added,
included in the holiday curtail¬
"that is the only policy, outside
ment. •' Y
of Mr. Willkie's, that all actual
;
In the meantime, steel pro¬
ducers report that they are get¬ and prospective candidates for the
ting more cut-backs in war orders Republican nomination have."
•
date
*
y
large sections of
only one important
war years
American
claimed invalid inspired the intro¬
holiday, reflecting lessened urgency of certain phases of
the steel war production program,
]
•it was learned recently
J
center,
except money.
V'During the past two
to whether this waiver
as
Christmas
,
scarce
_T
York, which address was given in
our issue of Dec,. 16, page 2413. ^
American steel plants are
making plans to permit workers
years
time off for the observance of the
....
.
on
before
.
'
were
statement relating
a
Governor
to
Dec.
Christmas week.
the
a
dent Roosevelt "is
Institute.
Steel
&
for
Ohio,
Presdential nomination/of "play-
-
99.3% last week, according to. the
Iron
W. Bricker of
candidate
week/ against
-
-
John
Gov.
the
United States will decline to 93%
the
become
•
unions,
Politics"
loadings for the corresponding
week of the ten preceding years.
For
York
(who had charge of operations at
Harbor)
and others had
long since waived the statute of
The
age
American
New
Plan Rejected
RIcGormaek Charges
Brisker With "Playing
same
-----
the
to
enough to put business
Christmas period.
decrease of 39,preceding week
15,986 cars above the
period two years ago. V
of
6
and General Walter C. Short
we
ahead
according to
cars,
was a
ingot
Dec.
"Times" that .Admiral H. E. Kimmel
exceeding in intensity
it will be
year, 79,028 cars more than
corresponding week in 1942
steel
vices
"'V
J"'1,-,
stated in Washington avd-
was
increase, but merchants hesi¬
tate at this time to guess whether
11
Dec.
and
Owing
due to expire.
It
This combination should make, for
freight
revenue
548 cars from the
the
everything has exceeded the supply. As a re¬
developed shortages of labor and of
housing, of materials and of fabricating capacity, of
transportation and of fuel. Almost everything has
sult there have
such prosecutions must Commence,
was
The chief characteris¬
period has been that the demand for al¬
most
wherein
limitations. Representative Short
reminded
the
House,, but
the
which
the year-
ended
week
This
five
are
days
ago
year
stores
the Association of American Rail¬
roads.
the
because
limitations,
an
160,000,000.
Carloadings
the
there
as
of
there were four .days
before Christmas. Moreover, most
ag'6 total of 162,600,000. Local dis¬
tribution was 220,500,000, against
for
enacted
was
•
statute
Pearl
a
system output
over
ure
This meas¬
before Christmas,
whereas in the comparative week
223,800,000 kilowatt hours, an
increase
inasmuch
crease,
total of 3,937,524,000 and
represented the smallest year to
year gain since Sept. 18.
Consolidated " Edison
Co.
of
year-ago
an
almost all kinds of business.
7, 1941.
.
electricity history for many stores. The No¬
reached a second successive his¬ vember gain in dollar sales over
toric
peak in the week ended the comparative 1942 month was
according to the Federal
Dec, 11, totaling 4,566,905,000 kil¬ 20%,
Reserve Bank.
owatt hours, against 4,560,158,000
Business
this week, however,
in the preceding period, accord¬
ing to the Edison Electric Insti¬ undoubtedly will show an in¬
The
living in
nected with the Pearl Harbor dis¬
■
authoritative
sales,
than three years
more
has been
;
aster of Dec.
contributing factors in the drop
lines and the severe cold wave were
in
Thursday, December 23, 1943
Mr.
taxes
of
the
Income
Chase
from
will
the
various
Tax
discuss
point
of
functions
now
offered
under
quiring
competitive
refrain
road
from
continuing
SFC
rule
bidding
comneting for
securities
persuade
the
because
of
re¬
but
rail¬
their
hope that they can
Commission that
your
Monday evenings beginning Dec; which produce income subject to commit]ve; bidding; is not
27, will be exclusively devoted to tax,
ticable.' n
'
V:
I
com¬
pete freely for public ut.ilitv issues
prac¬
Volume
be
Bill For United Nations
Reconstruction And
(World) Bank For
reconstruction
ciated
United
*'such
would
States
amounts
as
"' •' ■
ties and railroads, public buildings
appropriate'^-
may
be
neces-
to enable it to subscribe for.; and public works
sary
such number of shares
as
may
be
appropriate,
taking
into
account
the national
income
and
interna¬
tional
the
of
trade
nation
and
other relevant factors."
The Treasury
tative draft of
Nations
Bank
Department's ten¬
plan for a United
a
for
Reconstruction
repaired
United
will have to be
In all of the
restored.
or
Nations,
industries
now^
producing war goods will require
capital for reconversion to peace¬
time production. Finally, in many
areas of the world,
large invest¬
will
ment
be
needed
indus¬
for
trial, agricultural and commercial
pub¬
development.
lic by the Department on Nov. 23,
and in a reference thereto in our
"Countries
capacity has
issue of Nov. 25, page
paired by war will find that their
industries
cannot
provide
the
and Development was made
2125, it was
that announcement
indicated
had
been made by Secretary Morgehthau that the draft was then being
sent
the
to
eration.
;
Ministers of
Foreign
various
the
countries
for consid¬
Treasury's
preliminary
draft outline of the proposed bank
has since come to us, and we are
The
making room here for the Nov. 23
statement of Mr. Morgenthau, the
the
of
outline
whose
productive
been seriously im¬
proposal, and a
memorandum bearing on the re¬
goods
investment
in those countries where a consid¬
be
supplement the funds that can
sions by the
Treasury Department
follow:
tal
be raised at home.
"With the return of
;
Sec.
by
Morgenthau
primary aim of such an
should be to encourage
private capital to go abroad for
productive .investment by sharing
the risks of private investors and
by participating with private in¬
vestors in large ventures.
The
of the capita*!
needed for reconstruction and de¬
proposal for an
Stabilization Fund,
tentative
the
principles
which we believe
should guide us in the establish¬
of
ment
for
a
United
Reconstruction
ment.;',;;
and
V;
an
assured
private financial agencies
may be expected to supply most
of the needed short-term foreign
staffs
of
the
tion
and
assisting in the financing
avoid
undertaking loans that pri¬
more
hope .that such discus¬
with; the
will
also
return of peace
a gradual re¬
be
interna¬
investment, particularly in
sumption
tional
form
of
of
long-term
the establishment
of
tentative proposal for foreign
Bank.
thorities and to the public.
the world.
forth
constructive
"A United Nations Bank for Re¬
construction
and
world-wide
after the war.
prosperity
It is designed as a
companion agency to an Interna¬
tional Stabilization Fund.
Each
"The
1. To
Treasury
of
this
of
the
and other departments
Government are of the
opinion that an
of
could
institutions
financial^
sound
which private
a
need
so
prosperous
for
foreign capital
great and the provision
International Sta¬
Fund
„
*
of
Vision
Bank
reconstruc¬
the
capital
constructive
and
sound
for
international
invest¬
ment.
2.
To
provide capital for recon¬
and development under
conditions which will amply safe¬
struction
adequate capital
so
important
provide a
foundation
on
help
enterprise can build
world economy.
MORGENTHAU, JR.,
icies of member countries.
3.
ternational
If
problem.
then be little for
an
international
Of
Proposal
A
the
that
and
tries
not only
will
lower costs
world
at
of pro¬
in undeveloped
capital-needy countries
in
means
investment
capital
be
that those coun¬
to supply at
of the goods the
able
more
needs, -but
the
same
time
that they will
become
better
markets for the world's goods.
By
rehabilitation
and
a
con¬
agency
substantial .amounts
of
long-
life
of
tries.
4. To
assist in raising the pro¬
ductivity of member countries by
For
United
National Bank For
Reconstruction And Development
helping to make available through
international collaboration longcapital for the sound devel¬
term
opment of productive resources.
Preamble
nize
disruption of the
member coun¬
serious
economic
,
to do, beyond encouraging
agency
hance the attractiveness of
be
by increasing the flow of interna¬
thus to help
avoid
Preliminary Draft Otuline
A
to a peacetime economy
economy
"Washington, D. C., November,
private
capital should suffice there would
and
rapid
a
tional investment, and
"Secretary of the Treasury.
1943."
facilitate
To
smooth transition from a wartime
that it would be extremely short¬
out adequate supplies of capital,
and a Bank for term foreign investment even in
however, recovery in Europe and
Reconstruction and Development the early post-war period, the
Asia will be slow and sporadic;
could help provide a sound finan¬ flow of capital to countries greatly
and economic discontent and in¬
cial foundation on which private in need of foreign capital is likely
ternational bitterness will in time
enterprise can build a prosperous to be inadequate for many years assume
disturbing proportions. To
world economy.
to come.
Private capital will unspend hundreds of billions to fight
derstandingly hesitate to venture a war thrust upon us, and then
A United Nations Bank For
abroad in anything like the re¬ to balk at
investing a few billions
Reconstruction and Development
quired volume. It has suffered too to help assure peace and pros¬
"One of the important interna¬
many losses from war, from de¬ perity would appear to be a singu¬
tional
economic
and financial preciating currencies, from ex¬
larly unwise policy.
problems which will confront the change
restrictions,
and
from
"Accompanying this memoran¬
United Nations at the end of the business
failures
and
defaults.
dum is a draft proposal for a Bank
war
will be the unprecedented There is little evidence to justify
for Reconstruction and Develop¬
need for foreign capital.
In the the hope that in the years imme¬
ment of the United and Associated
areas devastated by war or plun¬
diately after the war investors Nations. The draft was prepared
dered and ravaged by the enemy,
will lend the large sums that can by
the technical staff of the
factories and mines, public utili-
bilization
in
development of member
tion and
could stand and function
effectively without the other; but
the establishment of such a Bank
would make easier the task of an
International Stabilization Fund,
could do much to en¬
stantly improving standard of liv¬
foreign
ing. Nothing could be more con¬
investments.
ducive to political stability and to
"While there will undoubtedly international collaboration. With¬
an
staffs
assist
countries by cooperating with pri¬
vate financial agencies in the pro-
agency
"HENRY
"The
will be
toward
technical
.
I. The Purposes of the
Development is
as another international
heeded to help attain and'
agency
maintain
This tentative pro¬
this country.
capable.
are
purposes can be a significant fac¬
tor
in expanding trade and in
helping to maintain a high level
of
business activity
throughout
call
native
branch plants and the
investing in countries in need of
acquisition of shares in estab¬
capital,
the
lending
countries,
posal is being sent to the Finance lished foreign enterprises.
With
therefore, help themselves as well
Ministers of the United Nations the
growth of confidence in mone¬
as the borrowing countries.
If the
and the countries associated with
tary stability, foreign investments
them, for consideration and for will gradually assume the form of capital made available to foreign
countries
would
not
otherwise
study by their technical staffs. publicly floated loans to govern¬
have
been
currently employed,
The Finance Ministers have been ments and
municipalities, and to
and if it is used for productive
informed that this tentative pro¬ public utilities and other indus¬
purposes, then the. whole world is
posal does not represent the offi¬ tries.
truly the gainer.
Foreign trade
cial views of this Government
"This flow of private capital to
everywhere will be increased; the
but it is an indication of the views
war stricken countries will be en¬
real cost of producing the goods
held by our technical staffs.
couraged by an adequate program the world consumes*- will be low¬
"We are releasing for publica¬ of
international
relief and re¬
ered; and the economic well-being
tion the tentative proposal for a habilitation which helps to quickly
of
the
borrowing and
lending
United Nations Bank for Recon¬ restore to a working basis, the
countries will be raised.
struction and Development and a economic life of those countries.
"One great contribution that the
covering
memorandum on the Another, and possibly even more
United Nations can make to sus¬
problem of international invest¬ important, stimulant to foreign in¬
tained
and
world-wide
peace
ment.
These two documents, sent vestments, would be the existence
to the Finance Ministers, are be¬ of an international agency, such as prosperity is to make certain that
adequate capital is available on
ing released to make them avail¬ the
International
Stabilization
able for public discussion.
It is Fund, designed to promote sta¬ reasonable terms for productive
uses
in
capital-poor
countries.
our intention to discuss the tenta¬
bility of foreign exchange rates
With abundant capital, the devas¬
tive proposal with business, bank¬ and freedom from restrictions on
tated countries can move steadily
ing and other interested groups in the withdrawal of earnings. Such
a
of which they
criticism, suggestions, and alter¬
proposals for possible later
submission to the appropriate au¬
will
sion
alone.
ductive
"It is not unreasonable to hope
that
the
a
of
international trade.
partments and agencies have now
such
steadily toward reconstruc¬
move
tion, and the newer countries can
undertake the economic develop¬
International investment for these
the
is
Treasury and other interested de¬
prepared
and
countries affected by the war can
capital.
there
technical
"The
Bank
Develop¬
Nations
con¬
peace
prosperity. With adequate capital,
private investment.
If, however,
When the shipping situa¬
private capital were to prove un¬
1. The provision of foreign capi¬
improved and peacetime
able fully to meet the needs, then tal will be one of the important
International
industry here and abroad has re¬
such > an
international
agency international economic and finan¬
I
said
that we
were
studying
covered, many business firms will
would be able to fill the breach cial problems of the post-war pe¬
means of encouraging and facili¬
be eager to sell their products
until private capital again flowed riod.
Many countries will require
tating international investment for abroad on reasonable and even
freely and the demand for foreign capital for reconstruction, for the
reconstruction and development.
generous credit terms. And banks
capital throughout the world be¬ conversion of their industries to
A few weeks ago I appeared be¬ likewise
will hasten to expand
came less urgent.
fore the Congressional Commit¬ their
peacetime needs, and for the de¬
foreign business, reopening
"It is imperative that we recog¬ velopment of their productive re¬
tees and summarized for them the and
establishing branches abroad,
"When the Treasury made pub¬
lic
important
an
enduring
ment
on
proposed
"The
some
Govern¬
to
lem in the
sighted to neglect this urgent in¬
i
peace,
Statement
capital not
of this
It is in outline form touch¬
make
terms,
important points
and is intended only to stimulate
thoughtful discussion of the prob¬
ing
agency
provision of
department
ment.
adequate amounts and
a part of the
otherwise available.
erable part
to
emis¬
can
tribution
any
productive
the
reasonable
Bank
of this Gov¬
proposal has neither
official status nor the approval of
for
available
is
ernment. The
through
the
channels,
and to the extent that private in¬
vestment is inadequate, to provide
supplemental facilities. The prob¬
lem is fundamentally an inter¬
national problem and only an in¬
ternational governmental agency
equipped with broad powers and
large resources can effectively en¬
courage
private capital "to flow
provide
tal
of other departments
purposes
in
con¬
on
to
peace,
These several
provision
in
Treasury
the. technical staffs
uses
acquire the vate investors are willing to make
terms.
It should
funds for the purchase of machin¬ on reasonable
ery; equipment, and other capital perform only that part of the task
goods for development. And even which private capital cannot do
eign
sumption,
investment.
in every way,
of capital for pro¬
encourage
abroad
States
sultation with
and
of the need for capi¬
can be met locally, there will
some need for foreign capital
with
the
return
to
of long-term international
the
to
United
foreign
guard the Bank's funds, when pri¬
velopment, where private capital
vate financial agencies are unable
their people is unable to take the risk, is in¬ and the successful operation of an
to supply the needed capital for
cannot provide the savings they tended to remain secondary in the International
Stabilization Fund
sucn purposes on reasonable terms
require for reconstruction.
Mc^t operations of such an agency. It would enhance the effectiveness
consistent with the borrowing pol¬
of course, scrupulously of the bank.
non-industrial countries tyill of should,
Together, the two
capital
necessity be dependent upon for¬
'
..
.
able
ductive
development with an authorized capital of $10,000,000,000. Asso¬
Press advices from Washington Dec. 17 reported that the
and
in
usual private investment
Congressional action toward the creation of the proposed world
with the introduction in the House
by Representative Patman of Texas (Dem.) of a bill calling for the
United Nations' Bank for post-war
used
'
"Obviously, it would be desir¬
Development Introduced
bank has been brought under way
a
economically
countries.
Treasury's Outline Of Proposal
establishment of
2559
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4240
158
sources.
*
Others will find that for¬
eign investment provides a grow¬
ing market for their goods. Sound
international investment can be of
benefit
immense
as
well
tries.
as
d/
2. Even
to
the
lending
to the borrowing coun¬
'V ;
■
in
the
early
it may be hoped
siderable part of the
years
post-war
proinote
the long-range
growth of international
trade among member countries.
5. To
balanced
Capital Structure of the
II.
Bank
capital
shall
1. The
authorized
about $10,000,000,000 consisting of shares having
a par value equal to $100,000.
2. The shares of the Bank shall
be
equivalent to
non-transferable,
be
non-asses¬
sable, and non-taxable.
The lia¬
bility on shares shall be limited
to the unpaid portion of the sub¬
scription price.
Each Government
3.
member of the
bilization Fund shall
a
number of
which is a
.International Sta¬
subscribe to
shares to be deter¬
that a con¬
mined by an agreed upon formula.
capital for The formula shall take into ac¬
will be
count such relevant data as the
provided through private invest¬ national income and the interna¬
ment channels.
It will undoubt¬
tional trade of the member coun¬
edly be necessary, however, to try.
■'■/■' ,/ v
encourage private investment by
Such a formula would make the
assuming some of the risks that subscription of the United States,
will be especially large imme¬
approximately one-third of the
diately after the war and to sup¬ total.
plement private investment with
4. Payments on subscriptions to
capital provided through interna¬ the shares of the Bank shall be
tional cooperation.
The United made as follows:
international
investment
,
Nations
and
Bank for
Reconstruction
Development is proposed as a
(a) The initial payment of
each
of its sub¬
scription, some portion of which
(not to exceed 20%) shall be in
gold and the remainder in local
tive purposes.
currency.
The proportions to be
3. The Bank is intended to co¬
paid in gold and local currency
operate
with private financial shall be graduated according to an
agencies in making available long- agreed upon schedule which shall
term
capital for reconstruction take into account the adequacy of
and development and to supple¬ the
gold and free foreign exf-
permanent institution to encour¬
age
and facilitate international
investment for sound and produc¬
ment such investment where
pri¬
agencies are unable to meet
fully
the legitimate needs for
capital for productive purposes.
The Bank would make no loans
or
investments
that
could
be
secured from private investors on
reasonable terms.
The principal
function of the Bank would be to
vate
guarantee and participate
in loans
country shall be 20%
change holdings of each
country.
member
(b) The member countries
shall
within
60 days after the date set for the
operations of the Bank to begin.
make-the initial payments
The remainder of their
respective
subscriptions shall be paid in such
amounts and at such times as the
Board of Directors may
determine,
by private investment agen¬
but not more than 20%
of the
cies and to lend directly from its
subscription may be called in any
own resources whatever additional
made
capital may be needed. The facili¬
ties of the Bank would be avail¬
one
year.
(c) Calls for further payment
on subscriptions shall be uniform
able only for approved govern¬
mental
and
industrial projects on all shares, and no calls shall
which have been guaranteed by be made unless funds are needed
national governments.
Operating for the operations of the Bank.
The proportion of subsequent pay¬
under these principles, the bank
ments to be made in gold shall be
should be a powerful factor in
determined by the schedule in
encouraging the provision of pri¬
II-4-a as it applies to each mem¬
vate capital for international in¬
ber country at the time of each
vestment.
4. By
making certain that capi¬
pall
THE COMMERCIAL & FINANCIAL CHRONICLE
2560
5. A substantial
part of the sub¬
scribed capital of the Bank shall
be reserved in the form of unpaid
time the.payments; of interest arid shall not limit the right of an of¬ make, guarantee or participate iri
principal in local currency. The ficer- of the Bank to participate loans. Such powers shall be exer¬
in :the political life of his own cised in a manner consistent with
the general policies and practices
rowing country for the repurchase country.
Bank shall arrange with the bor¬
surety fund for the borrower.
The Bank shall not be influ¬ of the Board.
2. In accordance with the pro¬ of such local currency over a pe¬
The Board may by
guaranteed by tne
visions in IV-1, above, the Bank riod of years on appropriate terms enced in its decisions with respect a three-fourths vote delegate to
Bank or issued by the Bank,
6. When the cash resources of may guarantee in whole or in part that safeguard the value of the to applications for lbans by the the
Executive
Committee
the
the Bank are substantially in ex¬ loans made by private investors Bank's holdings of such currency. political character of the govern¬ power to make, guarantee or par¬
(d) Payments of interest and ment of the country requesting a ticipate in loans in ^uch amounts
cess
of
prospective needs, the provided further:
(a) The rate of interest arid principal, whether made in mem¬ loan.
Only economic considera¬ as may be fixed by the Board. In
Board
may
return,
subject to
shall
be
relevant to
the passing
future call, uniform proportions of other conditions of the loan are ber currencies or in gold, mUst be tions
upon
applications
for
equivalent to the Unitas Value of Bank's decisions.
the subscriptions. When the local reasonable.
loans, the Executive Committee
the loan and of the contractual
(b) The Bank is compensated
shall act under the requirements
currency holdings of the. Bank ex¬
A
V. Management
ceed 20% of the subscription of for its risk in guaranteeing the interest thereon.
specified for each type of loan.
subscriptions
the
.
priate to the character of the
project arid the balance of pay¬
ments prospects of the country of
Thursday, December 23, 1943
as a
securities
_
,
-
.
member country, the Board
arrange to repurchase with
any
11. The Bank may levy a charge
loan.
3. The Bank may
participate in
local currency some of the shares loans placed through the usual in¬
vestment channels, provided all
held by such a country.
7. Each member country agreed the conditions listed under IV-1
to repurchase each year its local above are met except that the rate
currency
held by the
Bank of interest may be higher than
amounting to hot more than 2% if the loans were guaranteed by
of its paid subscription, paying for the Bank.
4. The Bank may encourage and
it with gold; provided, however,
may
that:
facilitate international investment
■-'
■
(a) This requirement may be
generally suspended for any year
by a three-fourths vote of the
Board.
(b) No country shall be required
repurchase local currency in
•
to
any given year in excess of onehalf of the addition to its official
holdings of gold during the pre¬
ceding year".
;
(c) The obligation of a member
to repurchase its local
shall be limited to the
amount of the local currency paid
country
currency
its subscription.
on
8. All
member
countries
agree
that all of the local currency hold¬
ings and other assets of the Bank
located in their countries shall be
equity
the guarantee
placed through the usual private
as.to
able
strictions
the
are
as
consented to by
IV-13,
Bank, and subject to
V-
v
9. The
channels
ties of the Bank shall be used ex¬
clusively for the benefit of mem¬
ber countries.
in, The International Monetary
Unit
;
The
terms.
on
reason¬
shall
Bank
by
grains of fine gold, that
(137-1/7
is, equivalent to $10 U. S,). >
2. The Bank shall keep its ac¬
counts
in
terms
of
local currency assets
to be
are
The
Unitas.
of the Bank
guaranteed against any
depreciation
their
in
value
terms of Unitas.
•
in
.
8.
The
Bank
in
(a)
The
connection
foreign
with
enterprises
or
therein
under
Conditions provided below.
(a)
The
!
in
or
the.
proceeds
of the loan will be spent and drily
with the approval of such Coun¬
The local
connection
with
the project shall
the assistance of the Bank.
(c)
In
special
circumstances,
where the Bank considers that the
local part of any project cannot be
financed at home except on very
unreasonable
portion
terms, it can lend
to the borrower in
of interest local currency.
\
principal is fully guaranteed
(d)
Where the developmental
by the national government. H
program will give rise to an in¬
(b) The borrower is otherwise creased need for foreign exchange
...
from
for
other sources, even with the na-
for
t'onal
from the program, the Bank will
the
funds
government's
guaranty of
under
conditions
repayment,
which in the opinion of the Bank
are
reasonable.
(c) A competent committee has
a careful study of the merits
Of the project or the program and,
in a written report, concludes that
the loan Would serve directly or
indirectly to raise the productivity
of the borrowing country and that
the prospects are favorable to the
servicing of the loan.
The ma¬
jority of the committee making
the
purposes
that
provide
loan
not directly needed
program
appropriate part of the
gold or desired foreign
an
in
report shall consist of
mem¬
9. When
a
loan is made by the
the
country requesting the loan who
may or may not be a member of
an
expert selected by
the technical staff of the Bank,.
(d) The
Bank
rangements- to
shall
assure
make
the
use
ar¬
of
the proceeds of any loan which it
a
by it.
The director and alternate shall
for
period of three years,
the pleasure of their
government. Directors and alter¬
serve
subject
a
to
nates may be reappointed.
2. Voting by the Board shall
:
be
follows:
as
(a) The director
alternate of
or
each member country shall be en¬
titled to cast 1,000 votes plus one
vote for each share of stock held.
Thus
owning
government
a
one
share shall cast 1,001 votes, while
government having 1,000 shares
a
shall cast
2,000 votes. ;
(b) No country shall cast more
than 25% of the aggregate votes.
.
from
financial
obligations
to
membership during the
pe¬
riod of its default provided a ma¬
jority bf the member countries
decide.
the
so
While under suspension,
country shall
be
the
denied
privileges
of
membership,
but
shall' be subject to the obligations
of membership. At the end of one
year the country ■ shall be auto¬
matically dropped from ipembership in the Bank unless it has been
restored
to good standing" by a
majority of the member countries.
If
member
a
withdraw
or
country
ejects
to
is dropped from the
Bank its shares of stock shall, if
the Bank has a surplus, be re-
:
,
buy or- sell foreign
exchange, after consultation with:
t h
e
.
International
Stabiliaztion
necessary
in
connection
operations.
drafts
national
Loa^s
Participated in or
by the Bank shall contain
the following payment provisions:
(a) Payment of interest due
on
loans shall be made in currencies
or
be payable
amounts withdrawn. >
in; gold.
only
on
'
(b) Payment on account of "prin¬
cipal of a loan shall be in'cur¬
rencies acceptable to the Bank or
in gold. If the Bank and the bor¬
of
y
(a) All profits shall be. distrib¬
uted in proportion to shares held,
except
that one-fourth of the
profits shall be applied;to. surplus
by the Board
an
than
to
trustee,
Committee
of
not
The
members.
nine
an
the
authority
delegated
it
by the Board.
In the ab¬
registrar or agent in connection sence of any member of the Execu¬
with
loans ^guaranteed,
partici¬ tive Committee, his alternate on
pated in, made, or placed through the Board shall act in his place.
the Bank.
/
Except
17.
Members
as
otherwise
of the Executive Com¬
indi¬
mittee shall receive appropriate
Bank shall deal only remuneration.
through:
: 1
5. The Board of Directors shall
(a) The governments of mem¬ select an Advisory
Council of
ber countries, 'their central banks; seven members.. The Council shall
the
cated
with
or
f
stabilization
agencies.
(b) The
u n
d
s
and
fiscal
advise with the Board and the of¬
ficers of the Bank
International
Stabili¬
by
member
gov-t
may,
•.
nevertheless,
occasions
quest.
as
of
shall
be
not more than
one
Advispry
selected "from
outstanding
men
ernment of the country concerned,
re¬
nomic information and reports re¬
lating to
ab'lity,
but
member .shall
be selected from .the
same
coun¬
the
operations
Bank.
/
of
the
-'AA.
Member countries shall furnish
the Bank with all information and
that
data
would
the
facilitate
operations of the Bank.
Boulware Named By WPB
E.
Charles
Wilson,
Vice-Chairman
Executive
of the
War Pro¬
duction
Board,
announced
on
appointment of Lem¬
uel R. Boulware as WPB Opera¬
Dec. 17 the
tions
Vice-Chairman.
ware
succeeds
Hilarid
Mr.
G.
Boul¬
Batch-
eller, who resigned Nov. 25.
announcement also states:
"In his
ware
will
new
The
i
y
capacity, Mr. Boul¬
assume
direction of all
industry operations and divisions
except the Steel, Copper, Alumir
num
and
Magnesium Divisions,
and
the
members, of
Council
may
A
with the approval of the member
gov¬
matters of
Board
the
'
of the Board
representing the
on
general policy. 1 The Council shall
meet annually and on such other
The
Bank
Bank shall collect and
*A'"v.,
Executive
more
exercise
as
10. The
make available to member coun¬
•'
>■ *■
4. The Board of Directors shall tries and to the International Sta¬
appoint from among its members, bilization Fund financial and eco¬
act
may
the Minerals Bureau.
metals
and
These
minerals groups
will
Subsequently be organized under
a separate Vice-Chairmah.
"Mr.
Boulware
has
been
with
They shall serve for two the WPB since March 30, 1942.
institu¬ try.
tions of member countries in its. vears, and the term-of any mem¬ Recently he has been deputy con¬
(the Bank's) own securities or ber may be renewed....Members of troller of
shipbuilding.
securities which it has guaran¬ the Council shall be paid their ex¬
"At the same time,^ Mr. Wilson
teed. '
v
<• 'v
<•
! penses and a remuneration to be
announced
that
Vice-Chairman
18. If the Bank shall declare fixed by the Board.
deal
with
the
public
.
or
,
any country
as suspended from
membership; the member govern¬
ments and their
agencies agree not
rower
to extend any
a
to
should so agree at the time
loan is made, payment on prin¬
established
of Directors..
institutions.
financial
Bank
The
The
10.
Vice-Presidents
The Bank may act as agent ex-officio member of the Execu¬
correspondent for the govern¬ tive Committee.
ments of member countries, their
The Executive Committee shall
central banks, Stabilization funds be continuously available at the
and fiscal agencies, and for inter¬ head office of the Bank and shall
expenses.
made
and
the Bank shall hold office for four
16.
ernments. '■
to meet
President
or
account
this
ating staff of the Bank and ex-offie: 6 a member of the Board, and
one or more Vice-Presidents.
The
President of the Bank shall be
from
coveripg audited
the Bank unless three-fourths of
manner as the Board
shall by regulation provide.
' the member votes favor its re¬
3. The Board ef Directors shall: maining as a member.
v
;
select a President of the Bank, A 9.* The yearly net * profits shall
who shall be the chief of the oper-; be applied as follows:
;;
them in such
lations
may
predominantly
(c) In event of an acute ex¬
change stringency the Bank may
reasonable rates of interest with in its judgment
accept for periods
schedule of repayment appro¬ not exceeding three years at a
A
V'S
■
,
(c) It
national financial agencies owned
guarantees,
participates
in,
or cipal may be in gold, or at the op¬
makes, for the purposes for which tion of the borrower, in the cur¬
was approved.
rency actually borrowed;
at
in
government
to be determined
manner
its
the Bank may be declared in de¬
fault and it may be suspended
regu¬
cies.
Payment shall be made
the loan
(e) The Bank shall guarantee,
participate in or make loans only
by each member
a
A member country failing to
8.
meet
■
the loan.
Intere-t wiU
in¬
central
the borrower with the amount of
acceptable to the Bank
clude
shall
*
zation Fund and any other, inter¬
Bank.
committee
Directors composed of one di¬
rector and one alternate appointed
until the surplus equals 20% of
years, shall be. eligible for re-elec¬ the
capital.;"•
\
banks; stabilization tion, and may be removed for
funds, private financial institu-! cause at any trine by the Board. *; (b) Profits shall be payable in
a
country's local currency,or in
tions
in
member
countries, or. The staff of the Bank; shall be
gold at the option of the Bank. "
*rom international financial-agen¬ selected in accordance with
member
Bank it shall credit the account of
bers of the technical staff of the
The
resulting
yet
exchange.
made
,
its
payment
secure
'
-, •
borrow/ from any
governments,; fiscal: agen-j
may
are
largely financed locally with¬
that
(b) It
with
needs in
currency
and
unable to
of
Any member country that with¬
interests of the Bank, decisions of
the loan.
1 the Board may be made, without draws or is dropped from the In¬
ternational
Stabilization
approval of the. a meeting, by polling the directors
Fund,
of, the
govern-: on specific questions • submitted to shall relinquish its membership in
A''A;'; FUnd, where such transactions
(b)
indus¬
exchange
project
the
countries. in, which
out
to business
Board
a,
by the borrower
the
which it has guaranteed.'
eies,
shall be provided by the
in
the
currencies of
the
Bank
be
or
loans
'
,
•moeram
antee,
trial
making
shall provide that:
1. To achieve the purposes stated
in Section I, the Bank may guar¬
divisions
made
.
tries;.
participate in, or make
loans to any member country and
through the government of such
country to any of its political sub¬
the
of
in
.
IV. Powers and Operations
>
administration
from the proceeds of
regulation prescribe procedure for
its operations that will assure the representatives
ments of the member countries
application of this principle
7. The Bank shall impose no involved, the - Bank may engage
condition upon a loan as to the in the following operations: k :/• \
(a) It may issue, buy .or sell,;
particular
member
country
in
which the proceeds of the loan pledge, or discount any of its own;
and
must be spent; provided, however, securities
obligations,
or.
that the proceeds of a loan may securities and obligations taken
its portfolio, -or securities'
not be spent in any country which from
Fund
Stabilization
International
countries
15. With
1. The monetary unit of the is not a member country without
Bank shall be the Unitas of the the approval of the Bank;
-
in
tures
The
Bank shall be vested
purchased at the price paid. If the
Bank's books show a loss, such
(c)
Except where otherwise
country shall bear a proportionate
provided, decisions of the Board
share of the loss. The Bank shall
of Directors shall be by simple
have five years in which to liquir
majority of the votes cast, each
date its obligations to a member
member of the Board, casting the
votes allotted to his government. withdrawing or dropped from the
"■;
-A'
the currencies of those When deemed to be i n the best Bank.
.
and the facili¬
resources
,
.
investment
below,
-
securities by securing vided that one-half of the par¬
in
the
international
of governments of ticipants
conversion into foreign exchange agencies are members of the Bank.
13. In considering any applica¬
of the current earnings of such
foreign held investments. In pro¬ tion to guarantee, participate in,
moting this objective the Bank or make a loan to a member coun¬
try, the Bank shall give due re¬
may also participate in such in¬
vestments, but its aggregates par¬ gard to the effect of such a 'loan
ticipation in such equity securi¬ on business and financial condi¬
ties shall not exceed 10% pf; its tions in the country in which the
loan is to be spent, and shall ac-;
paid in capital.
.''■"•■"V;
5. The Bank may publicly offer cordingly obtain the consent of
i
any
securities it has previously the country affected.
14. At the request of the coun¬
acquired. To facilitate the placing
of such securities, the Bank may, tries in which portions of the loan
in its discretion, guarantee them. are spent, the Bank will repur¬
chase for gold or needed foreign
6.
The
Bank shall
make
no
loans or investments that can be exchange a part of the expendi-,
iri
free from any
special restrictions
their use, except such re¬
against the borrower for its ex¬
penses iri investigating any loan
placed, guaranteed, -participated
in, or made in whole or in part
by the Bank. -'V !.
^
'
12. The Bank may guarantee,
participate in, or make loans to
international governmental agen¬
cies for objectives consonant with
the purposes of the Bank, pro¬
1.
that
financial assistance
without the ap¬
country
proval of the Bank untT the
+'-v
counT
has been restored to member¬
ship.
;
19. .The
P^nk
6. The Board; „of Directors may Donald t). Davis has been given
appoint such other committees as charge of all WPB field opera¬
it. finds, necessary for the work of
tions', in addition to his present
the Bank.* It riiay also appoint ad¬
duties. Regional directors hence¬
visory, committees chosen wholly
forth will report, to Mr. Davis,
or partially from persons not reg¬
ularly employed by the Bank.
,who assumes all of, the functions
7. The Board
and
its
officers
at any
of Directors may
meeting authorize any of¬
and
responsibilities iri respect to
the
field
organization that pre¬
scrupnlo,1<jlv avo'd.interfer¬ ficers or committees " of the Bank
viously were exercised by the op¬
pobhcal ^'fairs of any, to exercise any specified powers
member country.
This provision of the Board except the power to erations Vice-Chairman."
shall
ence
in the
<
Volume
W.
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4240
158
Human Side Of Inflation
(Continued from first page)
an
•/
abstract of his remarks follows:
the
About
the
tion
most
frequent ques¬
been asked
has
banker
in the. past
decade has been, "what
will be the result of this country s
ask whether the Government may
the
have
not
though
its bonds,
market shows
to; repudiate
the
bond
You
and
I
usually
that
reply
repudiate iheir in¬
ternal
debts, but pay them in the
currency being used for money at
time.
that
result
normal
The
of
ynmanageable debt is price infla¬
tion, the result of printing, or
otherwise creating money.
Eco¬
nomic history is full of examples
of the operation of this economic
law..
But the dire forebodings of in¬
formed opinion were not. realized
in the '30s; prices rose very mod¬
estly, were still tinder 1926, and
even since the gigantic deficits of
the war the cost of living has
risen only-26%. This is very dis¬
concerting. "Have economic laws
been suspended or weren't they
really economic laws at all?
Now the fact is that opinion
really
was
informed
when
it
warned of the danger of inflation.
It was opinion based on many
decades of economic experience.
;
There was, and
there still is, grave
danger of inflation; yet so far the
has
inflation
less
been
than
had every reason to expect.
we
Since
fire
the
to* be
this.
all
about
Moreover,
lit.
be
not
is
party
and
of inflation,
fear
could
yet
In
over.
World War I the greatest
inflation
after the war.
; •
came
•
ought to be done about all
First, of course, we ought
What
that few people really believe this.
nations seldom
y
We
of
liquid funds in this country—cur¬
rency and bank deposits.
This is
the material of which inflation is
made.
A little change.is public
feeling, a little real instead of
theoretical
this?
to
mechanical
the
down
keep
of inflation as much as pos¬
causes
sible, reduce the inflationary gap
by taxes, by Government econ¬
encouraging production
civilian goods as promptly as
by
omy,
of
feasible.
is
>
.
,
ought to think a lot
about the human reactions. They
will be influenced by the whole
Second,
we
situation, by the action of Govern¬
ment, by the future outlook for
employment and enterprise. But
[ wonder if we as bankers do not
have at our hands the greatest in¬
strument there is for the encouragementof a
the people.
I mean, of
of Government
sale
the
course,
bonds.
■
y
•
reading
have been
address
an
by George Spinney who was until
recently Chairman of the War
Loan Committee in Canada,
He
.s
which
(Continued from first page)
'
have been issued
in re- succeeded in making it the
give the fashion to preach self-abne¬
impression that Hext year's gation for its own sake. The
war
production is scheduled fact is, however, that it is far
to be a great deal larger than better all round to continue
other fully as authentic fig¬ with full, production of what
ures would indicate. Most ob¬
the ordinary people want in
servers
who have given the their ordinary lives, war or
matter most careful thought no war, so long as that can be
are
now
convinced
that done, and in the degree that
American industry will all in it can be done, without inter¬
all be asked to produce
very fering with the war effort.
substantially less next year Many problems, among them
than .had
originally' been what is known as the infla¬
tion danger, are very much
planned. V. y •
cent
weeks
would
.
amenable
more,
and lighten and
the
period
confusion
during
and
uncer¬
tainty
are likely to breed un¬
and demand for wholly
rest
into forms
unsound ventures
of state socialism.
A Gradual Process
Such
shall
a
make
beginning as we
during the next
months
few
reconversion
in
will doubtless be followed
by
of the
process
when Germany is
crushed and Japan remains as
our
only opponent. Thus a
return
to
peacetime opera¬
tions is now clearly to be a
further
development
..
control
to
gradual one, rather than a
production is ample sudden, dramatic, total shift
But such developments are than when
supply is limited. from one type of economy to
not altogether still in the fu¬ There is reason to
hope at another. This being the case
Materials Released
A
ture.
number
of
critical
materials have become
abundant
atively
have
been
of
c
rel¬
so
that
released
manufacture
when
for
i
this
view
of
the
length coming to
Reconversion Problems
a n
it would appear
tation
that the temp¬
ourselves
launch
to
upon foolish schemes should
be correspondingly reduced,
the
i 1 i
v
that
least
matter is at
they prevail.
ideas of the
the
influencing
in
loans
war
goods.
the decline rather than
are on
the increase.
on
Of course, it
remains for the future to dis¬
the
close
which all
these things will work them¬
impressed by the place selves out in the actual event,
greatly
af
shorten
It is one thing to slip gradu¬
The number of man¬
ally back to normal pursuits
S u c h
developments
as
power shortage areas has now
-quite possibly without full
these, however, tend to place
savings habit of mind been reduced, and apparently
realization of what is going
what have heretofore
been
among
I
:V.-
v
have accumulated a huge mass
huge spending and swelling debt?'
questioner often goes on to
The
•
that
■ r
.
not, of course,
bonds,"-The subject of Mr. j.. We ought
Burgess' address was "The Human, too cheerful
ment
Finance," and
be the case,
The Financial Situation
Randolph Burgess Analyzes
Side of Government
2561
people. All of
who
us
have been in the bond-selling or¬
that
felt
have
ganization
i, same
but
tlTere
that
the
be
can
doubt
no
pressure
tool
chine
in
way
upon
makers
has
ma¬
been
''reconversion
termed
prob¬
calendars for
today, not a year or two from
today. "Cutbacks" have al¬
ready posed many questions
which will be typical of the
day when industrial demobi¬
lization takes place. The vol¬
lems" upon our
of business involved
ume
on—and
the
on
quite another to find
necessity for the shift up¬
our
door step some fine
The gradual, na¬
of getting back to
normalcy is likely to prove
morning.
tural way
the
best—particularly
since
beyond
our
control appear likely to dic¬
is,
tate such a procedure.
so
circumstances
declining for some little time of course, nothing like
to reflect inflation of money is
past, and that there is ..good
Reconverting To peacetime
large, either absolutely or in
partly explained by direct con¬
reason
to believe that they
relation to the total volume pursuits will, naturally, be a.
New York War Finance Commit¬
trols of prices and wages, but this
will be in a position to go to
on hand, but the
is not an adequate explanation. tee I thought I knew why people
questions in¬ distinctly different process
It was simple: to work in part, at least upon volved
We know how imperfect the con¬ bought bonds.
in closing
out ac¬ from the shift to war produc¬
the
war
began the failure of prices
have
trols
and
been
the
number
We need
explanation.
We
need to explain also what hap¬
pened in the '30s when inflation
of money brought little inflation
pf
uncovered
areas. "
„
.
further
some
of prices.
To me the
.ruth, and it has carried with it
a
great sense of responsibility, y
When I started service with the
help win the war, to save money,
to resist inflation.
The longer I
work at it th«f more I am im¬
with,-the
human
motives—the
the
see
of this great national
unifying our coun¬
power
is
disunity
These
explanation
For this problem
few weeks.' There is
.
activities
few
in which the
There are no
mechanical
and the human. We are hearing
much these days about the me¬
the
chanics of inflation.
infla¬
tion. They make possible both an
emotional and intellectual appeal.
The income of indi¬
two
form
aspects—the
of
It takes the
discussioh
tionary gap,
viduals
is
today
of
at
the
the
rate
of
about
$150,000,000,000 a year. We
are currently producing only $90,000,000,000 worth of goods for
consumers to purchase. Taxes ab¬
sorb perhaps $20,000,000,000. That
leaves a "gap" of expendable funds
of
$40,000,000,000 which are all
ready to make mischief.
That's
the
side.
mechanical
point of view
we
this
From
need to tax
more
to close the gap.
:
■
But there is the human side also.
whole nation unites.
parties; there is
two
for
nation
the
itself to
noblest ideals. "
its
in
;
K
/
Wings and a commission and has
decided that it is more patriotic
stay
and buy
job
the
on
Another
is
an
buying
extra
bond.
people actually use the
extra money? The interesting and
curious fact is that today so many
bonds
because he
people are saving money instead
of spending it.
There are some
the
conspicuous spenders, but good es-i
timates place the people's, savings
do
of
very.,
soon
be
work
begun
on
All this
.
course.
is
placed,
them.
and
encouraging, of
There
*
slightest
never
the
was
reason
necessary to press the war
with the utmost vigor. There
and
were,
there
-
still
viduals
hold
to
today
wants
Another
present
were
•.
in' the '30s;
slow to spend.
This
human
side
the
people
quite
possibly
certain indi¬
are,
who
so
reasons
are
inflation
of
Why, for example,
much savings?
Some
evident.
We
still
are
under the shadow of the great
pression;
value
of
learned
we
reserves
of
seemed
to
then
of
a uto s,
refrigerators,
increases
have
made
us
ings,; especially through bond pur¬
chases.
- .
am
Faces
-
I
buying
:
an
^
extra
v
'
war
other alliec among products or services
involved in they buy. The business com¬
they will be munity will once again be
involved in the larger scale obliged not only to take orders
cancellations
which
must and produce but to decide
come
when the fighting is what to produce — in fine,
over.
They must be dealt make the best guess it can as
with promptly, and in deal¬ to what the public wants and
Nor will pres¬
ing with them now, we should will pay for.
be able to develop the tech¬ sure be so great that costs can
nique necessary for handing be forgotten. It would be a
the much larger volume of most excellent thing if the
sup¬
the
never
y
want
to
see
or
of
necessities. .'
-
The
Like those I left behind,
are
today
engaged in a
testing whether that
any nation so conceived
'/war
nation,
or
c
Yes, they will keep on smiling,
If I do my share."
That is, after all, a way of say¬
ing in other words what Lincoln
said when -he spoke of a "new
so
dedicated, can long en¬
dure," the kind of nation where
can
.smile.
And again today we do
that
have died
well to
dead
these
in vain;
that
this nation, under God, shall have
a new birth of
freedom, and that
government of the people, by the
.
This
bond
is
the. human
campaign
side
in which
of
the
we
are
privileged to have a part.
It pro¬
vides opportunity for public ex¬
pression ofthe - noblest emotions
and
tion
be
can
different situa¬
gradually
made
we
dispose of
and the
sure
for
speed.
now,
V
:
:
■
ideals
to
"reconvert" in
part at least to peace¬
production, - and to in¬
time
volume
the
crease
production
final
the
easier
time
as
of
-
that
The Senate
passes, the
transition
on
debate
without
Dec. 9 approved
sent
and
to
the
legislation authorizing the
House
President to advance from July 4,
-
and
people
return to this
of problems
rather than under great pres¬
better
They short time
people, and for the people, shall
not perish from the earth."
Into Terror and Suffering
■
We
great
type
same
when peace comes.
ordinary more extensively we find it
their pro¬ possible to begin now, or at
from the the very least in a relatively
apart
shall not
this country
.:
I
goods
"highly- resolve
:
ness
time—these and
sort of these difficulties
nation,, conceived in liberty, and
dedicated to the proposition that
all men are created equal."
bond
changed
cau<-
also for having made a conscious,
terms.
statements.
faces,
etc.
vigorous effort to encourage sav¬
be
I. met. people with kind, smiling
....
Again taxes and possible further
tax
these
When coming to
the
tious. But let's take a little credit
in
because
Also, we can't get ,today
just the things we would like to
—
cannot
One of the best of these read:
"I
de¬
and the danger
which
economic
reasons
busi¬
entrprise will then bo
the entire procedure m ordei obliged
to begin producing
that the working capital ol for a market, a market con¬
the enterprises concerned are sisting not of one necessitous
not hopelessly and needlesslj buyer, but many purchasers
have
tied up for long periods oi who
many
choices
some
all very
These are
Japs.
was some
another
should like to read you in full one
of debt.
buy
the
human
civilian
barest
slacker dollars.
In the first place,
tion.
bal¬
to think of
even
bonds
buys
because his
daughter are prisoners
and
sin
that it
duction
buys bonds
defined
..
needs analysis.
is there
wife
no
pose
doing
were
Still
corporal.
a
from
at an annual rate not far
$40,000,000,000. This is the
basic reason prices have risen no
faster.
This same tendency was
Another
part.
be
World
doubted then that
home
back
folks
their
to
never
member
a
First
the
in
AEF
the
War and
was
determining
due, and in expediting
ances
because he has just been promoted
How
.
in
counts,
formed circles it is expected
problems
are
that orders of this' sort will "cutbacks" and
why the writer was buy¬
ing bonds. One bond buyer had
been saving money to go to Texas
to see her son receive his Silver
to
manufacture of fools
the
for
why civilian
competition
economy should have to suf¬
brief state¬
fer more than was absolutely
held for the best
ment of
rededicate
to
Some months ago a
was
opposi¬
no
habit of savings^
just to foster a
out
very
talk, apparently well authen¬
ticated, of an early beginning
They provide an opportunity not
has
a
already
making civilian automo¬
time when the forces of
biles again, as soon as circum¬
are strong.
bond drives are one of stances permit.' In some in¬
try at a
found in the human side of infla¬
tion economics.
I
more
movement for
V
best
of
richness
pressed
civilian orders within
of the
people.
from
to war will be, 1946, the statutory date for grant¬
and the less the danger that ing the Philippines full inde¬
peace
fOught
having
costly
save
war
certain
"system",
at home.
has at
we
An
a
hard
presumably
ideas
and
and
, to
pendence.
our
United Press,
The
measure,
President to
shall lose them
industry which
least made a good be¬
for
hood
ginning at getting under way
driven
wiil
occurs
when the soldiers return
be able
to
absorb
the work¬
It
provide the oppor¬
tunities and the goods that
ers,
and
needed very
much more
quickly than would otherwise
are
on
which
,
for
as
soon
Japanese
the
out—if
such
an
as
are
event
authorizes
negotiations
of military or naval bases
may
be deemed necessary
mutual
United
islands
before 1946.
also
use
proclaim full nation¬
the
after
possible
according to the
would empower the
States
protection
and
of
the islands.
the
THE COMMERCIAL & FINANCIAL CHRONICLE
2562
Thursday, December 23, 1943
Holiday Observance To Reduce Steel Output— Financing The War And PosFWar Readjustment
Outback Situation Clearing— Backlogs Heavy Discussed By Under Secretary Of Treasury Bell
production went into a very'sharp decline this
week, reflecting the growing surplus of raw steel over the nation,"
says "The Iron Age" in its issue of today (Dec. 23); further adding:
"Apparently acting upon authority from Washington, several
steel companies adopted the policy of giving as many of their
employees a holiday as possible, without interrupting prpduction
against
directives.
Thus, plated
mills and other units Whose out¬ and 98.1% one year ago. The op¬
put is vital to the war effort, will erating rate for the week begin¬
continue to roll at full speed, but ning Dec. 20 is equivalent to 1
the surplus of ingots, which is be¬ 620,900 tons of steel ingots and
ing studied by the WPB, Will be castings, compared to 1,730,700
"Steel
ingot
tons one week ago,
cut down.
week in national
"The drop this
one
ingot production will not jeopards
ize to any great extent the steel
industry's unprecedented Output
for 1943, expected to be around
one year
of Cleveland, in its
of the iron and steel
markets, on Dec. 20 stated in part
summary
steel production of the
since.
promises
also to the
"While
is
ago,
clearing and vacant spots caused
cancellations are being filled
by other essential material. Plates
shdets continue in the spot¬
and
well distrib¬
months
several
requirements
in
disruption
by
Orders for bars,
structural items and several other
tended into 1944.
uted
in
some
steel mill schedules this situation
becoming more, ex¬
products, which were
approaching year end.
shifts
caused
have
flat-rolled products
on
are;
apparent
market, partially due
changed military programs and
to
degree than at any time
Pearl
Harbor.
Delivery
steadily
is
easing
in the steel
steel
greater
;
"Continued
industry's product
continues unbalanced to a
.mix
accounts receivable of these firms
hazards
of
the
reconversion
enough to make the
and
their sub-con-'
be
.
tractors whole for the losses they
have:sustained
the result of the
as
contract cancellations.
:
"It is important, also, that pay¬
ments to contractors should be
running down, which results period.
Stalking
hand-in-hand
also
in piling up
cash.
These with it goes the hazard of unem¬
funds are all'available'to be lent ployment.
Normally these two
to the Government; but they are are never seen together, since un¬
doubt
not
it—but for the benefit of the
are
available
to be taxed, since
they represent capital, rather than
income, of the firms possessing
them, and represent very differ¬
ent proportions of the total capi¬
employment usually rises from a
lack of demand for goods and in¬
This is not primarily for
prompt,
the
benefit
of
the
contractors
themselves—a lthough
that
try as
a
they
whole.
.
I
,.,<■
have
no
appreciate
will
coun¬
0
flation from a; shortage of goods.
"My second point with respect
of the recon¬ to the reconversion period relates
period will be caused, to the
adequacy
of
corporate
tal of different firms, depending however, not by a lack of demand
financial resources to carry on the
upon the type of business.
A for the finished products, but be¬ work of reconversion.
The ade¬
policy of borrowing these funds, cause the plants are not yet ready quacy of these resources is im¬
rather than taxing them away, is, for m ass reemployment, and so
portant, not merely or even prin¬
therefore, clearly indicated.
may go hand-in-hand with infla¬
cipally from the point of view of
"In the third place, the great tion.
the
corporations
involved,
but
war-time expansion in the econ¬
"Once the period of reconver¬
from the point of view of the
omy requires—even at a constant sion is over and the tremendous whole economic
system.
?
price level—a great increase in potentialities
of
the American
"We in the Treasury have given
the available supply of currency economy which have been demon¬
careful consideration to this mat¬
and bank deposits; and this in¬ strated during the war period are
ter, and believe that funds for the
crease, under our existing institu¬ directed to the production of the
reconversion pf war industry will
tions and under war-time con¬ goods of peace, the main hazard
be ample, provided that a prompt
...
ditions, cdn be supplied only by of inflation will be over.
settlement is made of canceled
an increase in
Government bor¬
"This evening I shall discuss
war
contracts.
Our reasons for
rowing.
y
only three aspects of fiscal plan¬
believing this are as follows:
"Finally, it is necessary that ning for the reconversion period,
"First, the war-time period has
some financial incentive be sup¬
and these briefly.
They are, first,
The unemployment
version
>
follows:
as
balance of the world.
"The
ago.
"Steel,"
89,000,000 net tons of ingots, only
a few million tons short of equal¬
ing total
1,727,300 tons
tons
month ago, and 1,678,200
(Continued from first page)
should
contractors
light and producers of both have
heavy backlogs and will carry
some scheduled tonnage over into
are
spotty as to sizes and grades.
"Despite the fact Maritime yards
ordered onto a six-day
week
instead
of
a
seven-day
next
have been
year.
.
"Scrap is in easier situation,
though some tight spots remain.
In
general supply is sufficient
and melters are not pressing for
shipments, though usually taking
in all steelmaking grades offered.
Closing of a mill in Pennsylvania
at the end of the year will make
schedule, Maritime has told WPB
it needs more steel than ever.
It
possible that the scheduled in¬
crease
of plates to the Maritime
Commission to nearly 600,000 tons
is
monthly by the new troop trans¬
port ' program accounts for the
greater demand. WPB hopes plate
available
production in first quarter will be
3,355,000 tons, an all-time-high
thousand
several
tons
monthly usually consumed there.
"Machine
.
plied to individuals t.o work long >the cancellation of
and
to
corporations to second, the adequacy of corporate
operate
with
the
utmost
ef¬ financial resources to carry on the
ficiency. If the whole of the extra work of reconversion, and third,
incomes resultin g from the over¬ the control of individual spending
time pay of individuals and the during the reconversion period.
efficient management of business
"If the war should end today on
be out-,
enterprises
were
taxed
away, all' fronts there would
there
,
would
be
economic
in¬
poli¬
standing
more
than
$75,000,000,000 of war contracts on which
deliveries had not yet been mac}e.
Much of the material covered by
cies of the Treasury with respect
these contracts would be of no use
to war-time borrowing have been
to the Government if it were de¬
dominated
livered after the immediate emer¬
centive
to
call
no
forth
these
exer¬
tions."
:
Mr., Bell observed that the
by the following
'
con¬
siderations:
tool
production this
mark.
year
is expected to fall about
"The melting 6f chrome and
$100,000,000 short of the record
molybdenum grades of alloy steel valuation 0f 1942 and Output for
has dropped sharply during the , 1944 is estimated
tq be about 25%
past year, while a steep rise in 0f that year's production. October
chrome-mckel-moly
grades has machine tool
shipments declined
taken place.
.During one recent g
fr0m September and unrnonth the melting of National fmec| orders were also consider-
contracts;
war
hours,
"First,
as
much
other
have tried to borrow
possible from investors
we
as
than
commercial
banks.
gency
of this war had passed.
This is because there are no goods
with
to
which -obsolesc¬
faster
runs
a
profitable
one
for Amer¬
ican corporations as a whole.
v
"Second, in addition to their
savings from undistributed earn¬
ings, American corporations have
piled
large volume of liquid
result of repayment of
receivables, and in some cases re¬
up a
assets
as a
duction
in inventories, and the
inability to expend de¬
preciation and depletion reserves
general
Which has been brought about by
war-time conditions.
.
.
,
"Third,
generous
carry-back
and carry-forward provisions in¬
cluded in the
corpqratibn tax laws
insure that corporations
than it does for
respect
ence
been
losses
during
the
suffering
reconversion
period, or even earning incomes
goods of war; so the best of less than their excess
profits
preparation for future wars con¬ credit, will receive substantial re¬
sists in maintaining the skills and funds of the "taxes
paid in their
sirable to do all of our borrowing plant capacity necessary for the prosperous years. These refunds—
outside of the banking system.
I development, prdfcuction and use for the expediting of which the
have already explained that one of; new war goods rather than in Treasury has made recommenda¬
iS e5 accounted for &biy reduced. Numerous cancel- of the reasons for borrowing at hoarding vast quantities of old tions to the Congressional commit¬
46% of total alloy steel Pro<tuc~ lations
■*
were received in October, all,
rather than relying exclu¬ ones; "
tees—will be available to carry on
"Part of the undelivered con¬ the work of reconversion. In ad¬
' which more than balanced new sively upon taxation, is that an
"At the same time the excess of ordp „
■
tracts would still exist merely in
expanding
war-time
economy
dition, there ' is provided In the
alloy scrap has risen until 100,000,
'
•
needs—even at a constant price blue-prints in the hands of the present law a
tons per month is being generated
Lake Superior iron ore ship- level—a greatly increased amount contractors, while part would be irrespective of post-war refund,
future tax status,
above consumption.
This is de~ Pfrs have been given relief from of
currency
and bank deposits. represented by goods in process, of 10 % of the excess profits tax
spite the fact one-half of the *he situation which has prevailed These can be
some of which
in turn could be
obtained, under ex¬
paid in the war period."
5;
nickel being melted comes from
jeYeru rnonths and a price isting institutions and in war¬ converted into peace-time goods.
Regarding the prospects for the
•'
"In my < opinion, all wan con¬
scrap and about One-quarter of > schedule based on $4.45 per gross
time, only by a corresponding in¬
This principle must be stated sub¬
the'
ject
to
some
qualification.
It
would neither be possible nor de¬
.
u.,.
j.
.
j.u
x
u
the
of
40%
and
chrome
the
'
steel.
This
the
negotiations went forPittsburgh last week upon
the steel union's request for higher
,,
doubt
over
mills
some
a
shadow of
not
anxious
a
price without first
sulting the customer.
"If the WLB
tion
one
way
retroactive
another
or
on
to
ac¬
the
stumbling-block before
'
"With the Government now dis¬
tributing
and
for
vast quantities of idle
steel, often at prices
excess
well
below
new
levels
the
house' operators
concern
losses
prevailing
steel ware¬
material,
have cause for
though
specific
even
of business have been
un¬
covered only rarely so far. As a
matter of fact, even some steel
mill
executives
are
cies."
The
American
on
Dec.
Iron
ture.
and- Steel
20
announced
that
received
to
telegraphic reports which it
had
indicated
that
were
also
in the
frozen.
This
re¬
price real¬
$4.30 per ton.
average
The country was summoned
last April 7 by President
war
Enrique Penaranda
in
the
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 93.0% of
4
was
these; columns April
1381.
1
as
page
•
for them elsewhere.
"The
amount
'r
of
Government
securities which would' thus haye
This is desirable for two im¬
First, it avoids
portant reasons.
the
tremendous
and material
waste
resources
of
human
involved in
making goods which we will never
use; and second, it gives the maxi¬
mum
stimulation to the
men
and
to
be
Bell
of
^ individualspending,
said
this problem must
be planned to forestall the
bility of
a
possi¬
post-war inflation, and
he urged "that the direct controls,'
such as price ceilings,
and
priorities,
rationing, should be kept in
as long
as necessary; ancf
effect
high income
possible."
taxes
V.
as
long
as
.::
sold
N. Y.
Banking Board
Codifies Regulations
event is
the
Department's appeal to small
has been confined to
investors
Series E bonds, which
negotiable,
payable
and hence are
A decree
after
15,
noted
was adopted on Dec.
Supreme Defense
the
capacity for the week beginning Council advised the government
Dec. 20, compared with 99.3% one to
"strengthen the international
Week ago, 99.1% one month ago position of the country."
provide
for.
control
Mr.
.
perturbed at
the implications of redistribution
at low prices by numerous agen¬
Institute
to be sold to the banks to
this necessary circulating m edium",
even
if adequate markets exist
tracts should be canceled immedi¬
ately upon the passing of the mili¬
tary need for the goods contracted
-
in steel.
strikes
in the Government security
holdings of commercial and Fed¬
eral Reserve banks; and a suf¬
ficient amount of securities have
crease
to the banks in any management released from mak¬
ing such, goods to seek employ¬
substantial; but, in prac?
ment in; the production of goods
ized being about
tice, I must admit that this; has
for which there is a human need,
Rising expenses made this level proved little of a problem, since and so hastens the
process of re¬
Unprofitable and the OPA has al¬ it has taken care of itself by the
conversion.
Elliott V. Bell, New York State
lowed all shippers to raise prices rapid expansion of the. borrowing
{ "The abrupt cancellation of war
to the $4.45 ceiling, retroactive to needs of the Federal Government,
Superintendent of Banks, has dis¬
contracts will give rise to two
and the slower development of
the beginning of 1943.
tributed to banking institutions a
;
problems.
These are: first, pro¬
"Office of Price Administration non-banking sources ■ for ' Federal vision for the labor thrown out of compilation of the General Regu¬
borrowing. ■;
■"
lations ' of
y'V. ,v'\
the
Banking Board
has afforded relief to a number of
employment, and second, compen¬ which
are now in force and
"For this reason we have di¬
steel producers on showing that
effect.',
sation for the contractors.
Since "no compilation of the pres¬
rected our main effort to the sale
rising costs have caused losses at
;. "The
first of these problems
of securities to non-banking in¬
ently effective
resolutions
was
the existing ceilings.
These ac¬
should be settled with liberality;
vestors.
available," Mr. Bell explained that
During the past year we
tions are in line with the
policy
the second, with the utmost of the
have sold to such investors, net
Banking Board reviewed the
of
the
administration to grant
more
than 375 resolutions as of
after all switches and redemp¬
concessions on proper showing."
tions,
about
$40,000,000,000 * of V "A generous treatment of the Nov. 8, 1943, which had .been
Government, securities, as com¬ labor displaced by contract can¬ adopted from its first meeting in
Bolivia Reaffirms
pared with about $30,000,000,000 cellation is required, not merely May, 1932, until October, 1943, for
absorbed by the banks.
by considerations of common hut the accommodation of the banks.
;
War On Axis Powers
"Second, we have, tried to make manity and fair dealing, but also Some of the resolutions the Bank¬
Bolivia, which declared war on the
securities sold to the small in¬ by considerations of economy; for ing Board, has preserved intact,
Germany, Italy and Japan by an vestor
without it we are unlikely to while others it has revised and
as riskless as possible.
The
Executive decree last April, re¬
secure abrupt cancellation at all,
codified.
Treasury has considered itself the
affirmed/ on Dec. 4 its position
and there is no form of relief
Mr. Bell further stated:
trustee of the inexperienced in¬
with the approval of the
more expensive than the produc¬
"In the process of codification
Legisla¬ vestor. It is with this in view that
ures
sulted
present contracts expire some ob¬
servers look for another outbreak
of outlaw
price
ably lower prices, but these fig¬
con¬
does not take
,
ducers with contracts at consider¬
accept orders carrying the stipu¬
lation that shipments will not be
made against the order except at
the current
.
producer could charge. How¬
ever, the order fixing prices at
that time caught, numerous pro¬
steel markets in that
were
,
any
effect of a pos¬
rates, the
sible advance cast
.
prevailing for other grades.
is the same ceiling as was
-
se* *n 1941 as the highest
ward at
wage
,
Jon delivered at lower lake ports;
Mesabi nonbessemer, has been
allowed by OPA, usual differen¬
tials
molybdenum and about 70% of
the tungsten used in high-speed
"As
.
are
non-
demand,
guaranteed agaiffst
on.
fluctuations in market values."
tion
of
unneeded
tools
of
war,
We should be sure, however, that
the treatment accorded labor dis¬
the-Board has divided the resolu¬
tions into two
categories—Gen¬
eral
and
Special—and has desig¬
as
regulations.
The
placed from War production is Of
nated
such
a
ages,
rather than slows down, its
General Regulations are applicable
to all or to particular types of
character
that it
encour¬
them
As to financing the post-war ad¬
quest for peace-time employment.
institutions.
justment/Mr. Bell had the follow¬
"Payments to contractors should
be just in accordance with a fixed
tions
ing to say, in part:
VA price inflation is one of the'standard
of equity; that is, they
are
The Special Regula¬
applicable to individual
institutions
tions."
or
to
special
situa¬
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4240
158
Moody's Bond Prices And Bond Yield Averages
Changes In Holdings Of Reacquired Slock
11Y. Stock & Curb Listed Firms
made
was
available
the New York
of reacquired
Following is the tabulation
16.
Dec.
on
issued by the Stock Exchange:
Company and Class of Stock—
Dec.'
5%
Corp,,
American-Hawaiian
Steamship,
American
Leather
Hide and
cumulative
6 %•
American
Ice
Associates
5%
preferred
capital
None
1)
43.200
39,525
41,522
652
:
657
preferred—/——-—-———-——-
Corp.,
.6't
The
Bros.,
Borden
cumulative preferred—
5Vs'/o
1—
capital
Co.,
118 20
115.82 '
110.88
98.88
103.13
110.52
118.20
115.82
110.70
98.88
.103.13
113.12
115.82
110.52
118.00
115.63
110.88
98,88
103.13
113.12
115.82
119.53
110.52
118.20
115.63
110.70
98.73
102.96
113.12
115.82
119.53
110.52
118.20
115.63
110.70
98.73
102.96
113,12
115.82
political
119.54
110.34
118.00
115.63
110.52
98.73
102.96
113.12
115.63
doing
119.56
110.52
118.20
115.63
110.52
98.88
102.96
119.57
disservice.
113.12
115.82
110.52
118.20*
115.63
110.70
98.73 "
103.13
113.12
115.63
110.52
116.20
115.63
110.70
98.73
102.96
113.12
115.63
119.59
113.12
115.63
8—
;
119.57
9
.
110.70
98.73
103.13
110,70
98.73
103,13
113.12
115.63
110.70
98.57
102.98
113.12 '
115.63
87,958
119.63
110.34
118,20
115.63
110.70
98.57
103.13
113.12
115.63
119.63
110.34
118.20
115.43
110.70
98.57
102.96
113.12
115.63
of
119.63
110.34
118.20
115.43
110.70
98.57
102.96
113.12
115.63
the
119.63
110.34
118.20
115.43
110.52
98.57
102.96
113.12
115.63
5,665
7,766
3—!—
226
.7,031
119.59
: 550
1,548
2,448
170
:
(The),;:Common^___^_-^--_-j-__—
common...-.li-Ai..—//—/!•!—.!
113.89
103.30
113.89
116.61
/-/!!_
120.57
110.88
119.00
116.41
111.25
98.73
103.13
113.89
120.62
110.88
119.00
116.22
111.07
98.73
103.13
113.89
116.22
120.55
111.07
119.00
116.41"
Reliable Stores
Corp.,
Inc.,
1,210,992
6,902
Co.
(The),
prior preference—!/—-
6,922
14.
.
capital-----/!-—-2/--//-//--U/-!/!-;
4,192
Chemical
Co,,
(IV 500
shares
number
of
6ft
-
stock
held
preferred
preferred
shares
110.70
118.80
116.22
111.07
98.09
102.46
113.70
116.61
118.20
115.82
110.88
97.78
102.30
131.31
115.82
tax dollar he could lay his hands
109.79
118.00
11$.43
110.34
97.00
101.31
113.12
115.63
116.93
109.60
117.80
115.43
110.52
96.23
100.65
113.12
115.63
115.43
)
103.13
112.89
117.20
99.04
103.30
114.08
117.20
117.11
109.24
117.60
115.43
110.15
95.47
100.00
112.93
117.04
108.70
117.60
94.56
99.04
112.56
The
New
Curb
York
•
has
Exchange
the
115.43
103.47
114.27
117.40
a
92.35
97.16
111.81
114.46
vent inflation."
118.41
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
115.90
106,04
when then did the inflation start?
115.43
112.75
107.09
90.63
95.32
109.60
112.75
1942——
21,
116.78
1942.
107.27
20,
118.24
1941-
,
Investors,
Inc.,
•
1943—
Daily
American
Cities
American
General. Corp.,
American
Writing Paper Corp.,
Automatic
Pw.
Products
common
374,062
————•—
BeaU Brummell Ties,
Inc.,
800 A;.
Dennison
Equity
Klein
(D.
Knott
Emjl)
Corp.
3.13
2.74
2-74
2.74
2.86
New
Process: Co.,
Bros.,
3-82
3.56
3.13
3.83
3.57
2.87
3.13
3.83
3.57
14—
1.87
3.15
2.75
2.87
3.14
3.83
.,.13,:—/!-•/!.'■
1.87
3.14
2.74
2.87
3.14
n—!-
1.87
3.14
2.74
2.87
3,14
2.74
3.14
2.74
3.14
2.74
3.15
2.74
10../--!/!
132
v
1.87
9—'_"—/! ""
1.87
1.86
'1
"
current weekly report, esti¬
mated that the production of electricity by the electric light; and
power industry of the United States for the week ended Dec. 18, 1943,
was
approximately 4,612,994,000 kwh., compared with 3,975,873,000
kwh. in the corresponding week last year, an increase of 16.0%.
The output of the week ended Dec. 11, 1943, was also 16.0% in excess
:
INCREASE
PERCENTAGE
PREVIOUS
!%
YEAR
——,—•—Week Ended—
' Dec." 11
8.1
17,4
;
7.0
Middle Atlantic—/—-—-—,, r, 16.3
Central Industrial
'
—
3.13
3.83
3.57
3.00
2.87
2.87
3.13
3.83
3.56
3.00
2.87
2.87
3.13
3.83
3.56
3.00
2,87
2.87
3.13
3.84
3.57
3.00
2.87
! 2.87
2.87
/3.13
3.84
3.56
3.00
2.88
3.13
3.84
3.57
3.00
2.88
3.13
3.84
3.57
3.00
2.87
1.86
3.15
2.74
2.88
3.14
3.84
3.57
3.00
2.87
.
2.87
1.87
3,15
2.73
2.88
3.13
3.34
-3.57
3.00
2.87
3.14-!,
2.73
2.87
3.12
3.83
3.57
2.99
2.71
2.85
3.11
3.83
3.56
2.98
J;••'-'•12V———::
1.84
3.13
2,71
1.84
3.11
2.70
•
1.82
1.81-
.
-
3.11
2.70
•;
3.55
2.97
2.85
3.55
2.97
2.82
381
3.56
2.96
2.82
2.82
3.10
2.82
'2.70
*
3.84
3.83
States—//_/!_/!!!_—-
19.4
Rocky.Mountain-//!!////!!!-—/ '•; 15.0. h
Pacific Coast
;31.0
—
—
17.0
.
).
' ■:;! 30.3 .,'/
.
/Total United States-—
;
•
16.0.
16.0
"•
(Thousands of
DATA FOR RECENT WEEKS
•,
3.09
3.81
3.55
2.96
2.82
2.82
3.10
3.81
3.55
2.96
2.82
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
curity payroll tax at the present
——--;
1.80
3.11
2.70
2.83
3.10
3.82
3.55
2.96
2.83
2.81
3.09
rate of 1% each on
3.82
1.83
<
V2.69
3.10
30
!
26
,/_!—!
2.96
2.79
3.55
2.95
2.79
3.60
2.97
2.82
of 1944
2.74
2.86
3.12
3.89
3.61
2.99
2.86
Senate and the House
2.75
2.88
3.15
3.94
3.67
3.00
2.87
2.76
2.88
3.14
3.99
3.71
3.00
2.87
and sent to the White House.
3.19
*
Week Ended—
Sep
4
Sep
11
'
■
17.9,
14.4
!/ 35.3'
2.77
2.88
3.16
4.04
3.75
3.01
2.8t
2.77
2.90
3.18
4.10
3.81
3.03
2.85
present rate was voted to block a
2.08
3.31"
2.81
2.96
3.23
4.25
3.93
3.07
2.93
scheduled
1.79
3.09
2.68
2.80
3.07-
3.79
3.54
2.94
2.78
the
3.39
2.88
3.02
3.33
4.37
'4.05
3.19
3.02
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
3.32
2.81
2.96
3.23
4.26
3.95
3.07
2.93
Years'
Dec. .20,
3.38
2.83
3.15
2.96
;
1.96
_
2.97
3.30
/•These prices are computed from average yields
on
4.40
4.02
the basis of
one
"typical" bond
(3%%"coupon, maturing in 25 years) and do not purport to show either the average
or
the
average movement of actual price quotations.
They merely serve to
level
illustrate in
more
comprehensive way the relative levels and the relative
yield averages, the latter being the true picture of the bond market.
a
tThe latest complete list, of bonds used in
18
25
Oct.
2
over
pet.
9
16
23
/——!—
Oct.
30
———
Nov.
6
NOV.
NOV.
20
Nov. 27
Dec.
4
Dec.
11
Dec.
18
—
issue
of
Jan.
computing these indexes
1943, page 202.
14,
"
movement
published
was
...
•
,
seem
Roosevelt
to be
purpose
a
—
—
———
———
-
-
—
3,132,954
3,322,346
1932
^
fact that
16.9
so
well
1929.!
.
.
1,423,977
•1,674,588
1,476,442
1,499,459
1,777,854
was
+18.4
3,330,582
1,506,219
1,819,276
3,702,299
+17,3
3,355,440
1,5(17,503
diality.
4.382,268
■
3,717,360
+17.9
3,313,596
1,528,145
4,415,405
3,752,571
3,774,891
+17.7
+ 18.0
3,340,768
3.380,488
1,533,028
l,824;i60
1,525,410
'3,761,961
+17.3
3.368,690
1,520,730
1,815,749
1,798,164
4,413,863
i.
that
guarded
.
L806.403
1,798,633
Russian,
embassy,
at
Teheran; the Russians an em¬
bassy. Stalin was determined Mr.
Roosevelt should enjoy the com¬
3,775,878
+ 18.7
,+ 18.9
3.247,938
1,531,584
1,475,268
1,793,584
3,795,361
1,818,169
told
4.403,342
3,766,381
3,339,364
1,510,337
1,718,002
3.347,893
3,883.534
+16.9
+17.4
1,518,922
1.806.225
4,566,905
3,937,524
+ 16.0
3,475,919
I', 563,384
4,612,994
3,975,873
+16.0
3,495,140
1,554,473
1,840,863
1,860,021
4.560,158
•t.
3.414.844.
cor¬
We only have a legation
4,513,299
1
incidentally,
at
we were
first.
What
think
place,
is
now,
the
Russian
boss
to
after the wonderful
of mutual good¬
accomplishment
of
1
pending'
the
.which,
general
new
as
approved
contains
provision to freezq,
a
rent rates for all of
Senator
cur¬
1944.
Vandenberg
(Rep.,
Mich.), who has led this postpone¬
fight
in
the
two
previous
the temporary freeze
had
be
our
used for livestock feed.
world leaders.
'
if
if
if
Anyone who has been active
German
to show Stalin's unusual
forts of the larger
4,482,665
a
group
1,490,863
is
It
by the Senate Finance Committee,
ment
.
of cult for us average people to un¬
derstand the ways and wherefores
of spies. The first story
put out as to why he went to the
a
3.273.376
,
sort
army"/could not have gotten to
them, much less a German spy or
:
on
bill
in
1.
stop-gap
a
action
revenue
increase
Jan.
in putting out the story
German plot,
The fact is
he, Churchill and Stalin were
3.273.375
;
some
of the
kflbwattrjqours)!'
01941
had
.
34.6
17.5
as
on
Teheran, for Mr. attached as a rider to a resolution
coming back and permitting the duty-free importa¬
"explaining" why he accepted his
tion for 90 days of certain grain
hospitality. Sometimes it is diffi¬
Roosevelt to
}•' (Continued from first page)
15.9
■
2%
will achieved at
From Washington
1,806,259
1,792,131
4,452,592.
—
——
3,682,794
4,341,754
—
———I—
13
3,756,922
3,720,254 :
+18.0
+16.0
+17.2
4,359,003
———
Oct.
+ 18.4
4,359,610
——
Oct.
1942
,3,583,408
4,358,512;
—
——
designed
years,
Mr.
automatic
to
ago
1941
,
rate
final
2.08
1942-
•olt would
18.5
extension of the
3.21
2.14
r
7.2
% Change
1942
3,672,921
4,229,262
———
Sep.
,"
4,350,511.
—
Sep.
1943
This temporary
17
Dec.
on
3.24
1 Year ago
the
approved by both the
2.06
1942
Dec. -21,
in
was
2.06
1943—..e
,
employers and
employees for the first two months
3.56
3.81
3.18
1.93
of
Se¬
3.87
3.15
Low
1-
Social
3.08
2.71
2.08
the
freeze
3.11
2.68
3.13
1.98
—
to
2.80
3.09
1.82
1.88
.
bill
A
2.84
1.84
30 -/-—/v,
2
Congress Delays Rise
In Social Security Tax
2.70
11.5
1943
*
tinually yelling inflation/ isn't it
to be bringing that very
thing on?
likely
2.69
25
'.
'
.
is
maneuvering to
put the blame for inevitable price
rises on its opponents. But in con¬
——/!•
Sept. 24:
that
.
mostly political! That the Ad¬
ministration
3.11
18.1
-
;
:.12.4
.
10.4
...
increased
about inflation
now
3.12
'
\
cry
observers
the
1.80
—/
——
12.9
7.8...
.
that
1.82
15 '—!!!/'"
?eb
3.11
3.11
3.10
.
11.7
'West Central—6.0
Southern
is
and
;
.
informed
2.85
2.84
2.82
'
'".7!
5.3
been
over¬
2.86
3.13
Nov. 27
Dec.* 4
■
8.0
■; 17.3 ;
■
,,
10.7
-
2.87
2.87
1
best
believe
;:^
OVER
——
Dec. 18
hue
3.00
1.87
*
Major Geographical DivisionsNew England
——.*/—./!-/-/!
3.56
2.74
High 1943
The Edison Electric Institute,, in its
period of 1942.
2.86
3.83
2.74
Jan. 29
Week Ended Dec. 18,1943,
The
3.13
2.74
Mar. 26
.
warnings. ;"
3.00
1.86
ipr.
r
What
is that the Adminis¬
and it has gotten so that
few if any people pay any atten¬
to
the
Administration's
3.57
3.15
May 28
.
saying serious
not be ahead.
done,
3.82
3.15
/uly
10,900
we
tion
here
♦43.15
.tug. 27
,
succeed;
way
propaganda
has
badly handled; it has been
2.86
1.86
Jun
,
Shows 16% Oafn Over Same Week Last Year
of the similar
2.86
1.86
2(5—
•
/
/
its
aren't
apparent
2.87
1.86
:0.ct... 29._!—!:
:
: -.22 !-_/_!■
.
have
may
3.00
.19 -——!/!
Nov.
•
;
We
3.57
2-— -!/!*?
Low
,
i
1.86.
High 1942
Electric Output For
doesn't
with
will have in¬
flation,
really
this
time;
they
were only kidding about John L.
3.00
'
:
3.00
;
5-::-/!!!,;
A
•
,
12,208
10,700
2.86
3.12
2.87
ii
!'•' 1,500
12,203"
3.00
2.87
2.74
2.74
•!
20,600
500
-
2.86
2.75
/'
11,167
.
2.86
4___/_i!.,;
10,465
182
2.85
3.00
3.00
3.14
"
10,212
20,200
Inc.,' -common—'
Selected Industries, Inc., $5.50 div. prior stock!-!/-!-/!/
United Cigar-Whelan Stores Corp., common/-/!-!-!-Utility Equities"' Corp., $5.50 div. prior stock————
Seeman
.
:
!
3.00
3.56
6—!—!/"-.
24,324
18,469
11,792
common-!—
3.56
3.56
3.82
3.14
'4
10,315
Neptune Meter Co., A common
3.81
3.82
3.13
3.14
"
Indus.
3.12
*
1.86
11,105
10,104
P. U.
3.12
2.86
1.86
8
17,969
!
common
Corp,, $2 convertible preference--!/-!/!—•---
R. R.
1.86
54,423
.
V
Corporate by Groups
Baa
15-"—!
24,663
9,005
it
It didn't
subsidies, then
is
3!'!_—!!■'
500
.
A
2.86
3.14
•
.
"593
,
John L. Lewis "to pre¬
on
trouble
AVERAGESf
Aa
3.14
.
..,;/:7!-//_!!
.;
208
24,164
—_
Co., Inc., common———/—-///—-—/-!
(The),
Midland Oil
/,
—
113.89
Closing Prices)
Corporate by Ratlni
Aaa
1.86
19,663
Gellman
Mfg. Co,, common—
Hearn Dept. Stores, Inc., 6'A preferred—,
22,100
592
rate
1.86
52,298
$3
Inc./xapital—-/-——/!———!-!;!_/U-V-
110.34
If
job
tration's
Corpo¬
8
1,000
"
None
Co.,- debenture stock—————
convertible preferred.—
Mfg.
Corp.,
Esquire,
•■
...
.'.None"!.
YIELD
Individual
17._-_/_!
list
26,100 "•
/
'
',y.
•:
•
114.46
Avge.
Bonds
//.
! 382,569
•
3.
BOND
on
"
783
•A;,', IOO
.
•
.
16.—/—
37,762
capital———_//—!-_/!!—!///.'
common---/.—
•
95.77
■'■Vv"
25,700
'Cooper-Bessemer Corp., $3 -prior preference!-//-!—-l!-^./
Crown Central Petroleum Corp., common—/--!/—--——
90.20
l'!.!
.
"Bourjoisi.'tnci,'
107.62
1.86
•
34,262
common-/—-—
113,70
111.81
96.85
\
Govt.
'
18—'—!
:
2,835
•
! V ,650
Corp., xapital——!-—-/—/!—//—!—;
92.28
21-!—!/^''" "V
Dec.
Report
;
,
108.88
20—!—
.
Shares
:: 2,495
tJ
Werages
.
Reported
r
r
Lewis.
per Latest
•
convertible preference/!-/--!-—_/_-J
&i Lt. Corp., cv, A opt. div. ser._-—
113.89
116.41
106.21
(Based
listed securities which have reported changes in
holdings of reacquired stock:
i
"
y
Company and Class of Stock—
Air
116.80
MOODY'S
Previously
/
been
bonds.
99.36
2 Years ago
following
Shares
has
scare
Government
108.88
of issuers of fully
their
sell
111.81
/'
V';/'!.
issued
to
113.89
97,695
!% !, 'V
used
117.00
.
1 Year ago
acquired during November, bringing, to 2,200
in Treasury,' which were converted/ during
November, into 11,000 shares ..common.
the Inflation
on;
Low
4,682
75,895
reforms
110.34
116.41
98.88
115.04
'
the
wall, manip¬
effect business
to
116.80
20,600 '
19,100
Virginia Iron-Coal and Coke Co., preferred—/————
Willys-Overland Motors, Inc., 6% cum. cv, pfd.—
the
to
prices
High 1942—
17
.
ulated
119.41
1,217,992
Leather
businesses
118.36
113.89
111.44
111.62
89.5
Dorp./ ^capital//—_!—///—/—_/!--—!///-
thrdat of inflation to get what it
wanted. Under the guise of pre¬
venting inflation the pinks of the.
OPA pressed .^hundreds of small
107.44
4,394
United States Rubber Co., common.—
the
120.41
103.30
116.80
117.00
6,940
United
and
politics.
on
entered the war,
Administration has used the
we
111.44
Dec.
Transamerica
economics
on
two-thirds
116.85
6,105
22,743
based
other
119.82
"
98.88
119.20
119.41
52,011
common———————/————
is
it
Ever since
are
perhaps one-third
—
111.25
111.25
111.44
440,838
Corp./common/—--/—.——/!-———/_!—
convinced that
120.87
11,384
87.1
up a
1943—
Low
6,270
(E. R.) & Sons,
116.61
keeping
are
1943-/-
High
339,838
They
not
are
tremendous,
a
The Administration wanted to do
6,075
Corp.,
Distillers
country
109.79
Dec.
cumulative... preferred-/,-/-!——!——V
5'A % cumulative preferred—/
Stores, .5 ft
the
30 ——,!26.——
52,005
'
:——
/!—_—/—-/—!——
to whether the
as
propagandists
and to create scarcities;
Henry Morgenthau has used the
inflation scare to gobble up every
25
•
15,500
9,300
preferred.
common—
111.25
120.18
—
/an. 29
7,212
—
Real Silk Hosiery Mills,
116.61
120.34
30
^eb
150
arises
116.41
8
Mar. 26 —!
20,700
.
116.61
113.89
103.30
1,730
.
116.61
103.30
4,845
■
113.70
99.04
4pr.
8,112-
——.
103.30
99.04
Way 28
••
98.73
99.04
/un
" ;
.
116.02
111.25
1 —/,!!
Sept. 24
3,217
140
113.70
11$.61
111.44
14,700
Cylinder Gas Co.,.common——_!_/—!-/—!//-!+;', % 7,312
:
National Department Stores Corp., 67<? preferred—/_/
4,145
:
National Steel Corp., capital_-———-—!--!* V r 1,955
Newport News Shipbuilding and Dry Dock Co;—v../V ■!!■;!■!:!
$5 cumulative convertible preferred-,.
19,200
—
_/• ...
Norfolk and Western Railway Co., adjustable preferred— !
7,162 •:
9,184
Plymouth Oil Co., capital—//——!—/—..!!_—i_V; ,•■■■
Pullman, ■ Inc., ^capital
——-—>;/
5,190
Radio-Keith-Orpheum Corp., 6 ft,- preferred—/—
.—.— ;■>
103.30
119,00
111.25
3,476
29,200;
3,067
98.57
111.07
116.61
July
,
111.07
116.61
Aug. 27
,
116.22
119.20
1,400
-3,175
118.80
119.00
2,546 !
.26,.700
116.02
110.70
119.00
-
..
33,691
9,400
.•
115.82
113.50
being the case, the ques¬
now
from morning until night. We
115.63
113.31
103.13
111.07
1,075.,
.
113.12
102.96
98.73
111.07
15
2,305.
33,591
•
,,
102.96
98.73
111.07
,111.07
■
r
V
4.VV$f cumulative preferred..,.!;.!-—— \
98.57
110.88
116.02
120.33
6,917
3,040
110.70
115.63
118.80
120.27
—!!_
22
8,211
17,612
29
115.43
118.40
120.28
848,524
6,911
5 .—!—!
Oct.
720
■
837,924
—_
118.40
110.70
119.99
12
1,550
'
110.52
119.91
19-—/—
110.34
119.72
119.64
26-!!/IZ
V
3,325
.
•
.
Nov.
8,659
7,629
Y:"
—.
40,269
39,869
/■/V
2
.'
..
until
steady hue and cry about infla¬
tion.
They din it into our heads
115.63
National
Vick
This
tion
115.63
Co,,,"capital—v/^
Bobbins,
States
115.82
115.63
156
Square, Garden Corp.,, capital-—!■.
Mead Corp; -(The), $5.50 series.
■;
.A $6 .preferred
"A"/—-_—//_/_!!/—/!——/-■— !!!!/—/!
•
•
113.12
accordingly
act
110.52
118.20
r
and
their cumulative a.cts really bring
the inflation.
on
118.20
6,971
Madison
Squibb
116.02
119.54
2,584
Schenley
Indus
113.12
118.20
Co.,
Co., Inc.,
Sinclair Oil
P, U.
,
Sugar Corp., preferred—!_/— /-—!/!-!/!!!!!-—!;Sound Co., capital—
——:
——/———
Safeway
103.13
119.55
115.82
110.34
Brothers, $6 cumulative preferred-!-/——\
Goodyear Tire & Rubber Co. (The), $5 conv.; pfd;!/!—!/
&
99.04
119.56
110.52
Gimbel
Corp.
110.88
terms
told,
110.52
——
common.——' ■
,L. 5'k convertible preferred-—-/-—/!!—!—!—/—/--—!; ,
General Motors Corp.,-common capital——/————!-—/
Trailer
McKesson
R, R.
119.56
16
.
31,543
.
.Lehman
Baa
119.62
Davega Stores Corp.,, 5% cumulative preferred--—;
Flintkote Co. (The), $4.50 cumulative preferred—v
Tea
113.20
A
119.62
Copperweld Steel Co., 5%'cum,,.cv! preferred—!!-!—!/!-V"
jewel
110.70
Aa
13
-
■
Chicago Yellow Cab
Howe
Aaa
78,158
Mill? Corp., common.;
Century Ribbon Mills, Inc., preferred
Chicago Pneumatic Tool Co., prior preferred
Holly
rate*
Inflation, we were
time, is largely a state
People get to thinking
of inflation, we. were
mind.
13,926
—
Burlington
Fruehauf
Bonds
Corporate by Groups*
3
14,035
common
.preferred
Barker
of
Corporate by Ratings*
13,226
•
Atlas
on
defense of
a
the dollar.
of
ii—_!
(1)
1,700
preferred—!!————
Co.; common....-—'
Co.,
70,550
—--
PRICESf
Average Yields)
in
Avge.
Corpo¬
.
as
told at that
BOND
13—/.
79,600
59,500
Investment
cumulative
U. S.
Govt.
New Deal
Mr, Roosevelt's cutting the value
10——
76,GOO
Co., common—--:—!
1
!
15——
2,212
—-
are
17
Report
412
—
averages
the
21
1
36,000
:
yield
of
18——/
Reported
•
preferred
bond
advanced in the earlier days
was
20—-
Per Latest
'
Stores
(Based
1943—
Shares
Previously
Allied
MOODY'S
,
iVerages
Shares
and
|
1
Daily
I
"
14
Moody's computed bond prices
given in the following table:
The monthly compilation of companies'listed on
Stock Exchange reporting changes in their holdings
stock
2563
a
newspaperman
writer
or
Washington the past 12
been
exposed to
economics that
our
we
have
in
has
every school of
was
ever
On several occasions
ticles
years
as
devised.
in these
omist but there is
as
Wednesday,
no
Monday,
in
our
247.4
247.4
—
247.1
17—,——
18——-.-——.-—---
Dec.
minds
Dec.' 20——,———
Tuesday,
Two
Year
1942
Dec.
weeks
Month
ago,
High,
High,
Low,
Dec.
Nov.
Dec.
■
247.2
April
247.4
246.8
7
20
246.7
—
—
.244.5
238.7
21
Dec.
Jan.
Jan.
:
21^—
ago,
ago,
Low,
1943
sticks
247.2
—
15--—
16———,
econ¬
vanced.
that
Dec.
Friday,
Saturday,
an
14..——
Dec.
Dec.
ar¬
escaping the
fact that we have been saturated,
in the natural course of our work,
with
every
economic
postulate
and the reasoning and unreason¬
ing behind it, that has been ad¬
One
Dec.
Tuesday,
Thursday,
modestly belittled
authoritativeness
Moody's Daily
Commodity Index
22—
2—
—/
239.9
220.0
/—
249.8
240.2
—
1—
'2—-
THE COMMERCIAL & FINANCIAL CHRONICLE
2564
the preceding week there were 6
as in'the second preceding: week,
Trading On Hew York Exchanges
'
;
Commission made public on Dec. 18
The Securities and Exchange
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
members of these exchanges in the week ended Dec. 4, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
Stock Sales oil the New York Stock Exchange and
Transactions for Account of Members* (Shares)
Round-Lot
Total
WEEK ENDED DEC.
"■>
:•>'"■■■
':'VV
•'
\y
..The
v.
,
Bears to the
Assoclafciorii>
Fertilizer
Group
Dec.
Dec. 11, Nov.
18,
19$3
Foods
139.7
:
■
1943
140.1
F.atS; and Oils____—
146.1
145.6
Cottonseed
159.6
133;1
Cotton
114.0
Livestock,
v.,
•17.3
162.5
■Fuels v__.
transactions
148.8
164.7
152.3
142.7,
122.8
Miscellaneous commodities—'.^—
131.4
8.2
Textiles
150.1
7.1
Metals'
"104.4
6.1
Building materials.'—
Chemicals and .drugs_i_*.__^*,a—
152.4
152.4
152.4
127.7
127.7
127.6
Fertilizer
117.7
117.7
117.5
1.3
.3
-
-materials.™
131.4
r
131.4,
v
...
104.4
■
*
117.7
■
.
129.5
150.2
104.4
.3
Fertilizers.
119.8
119.8
119.8
Farm
104.2
104.2
104.2
135,0
135.0
All
"Indexes
machinery.—.^.——-
combined.™——l
groups
base
1926-1928
on
Dec.
were:
1943,
18,
105.5; Dec.
11,
105.2,
102;6i'y."V--4-"-.
1942,
and
dealers and
•
:
'Short sales
-
-
and
ERS
.:
N.
Sales
■■Total sales
3,014,630
• '
v
—,
Transactions for Account of Members, Except for the Odd-Lot Accounts of OddLot Dealers and Specialists;
1. Transactions of specialists in stocks in which
they are registered—
'■:■■
• ;■
Round-Lot
Total
:<
348,340
53,940
™
239,300
Total sales..
7.99
233,240
.
.
;i'-
Total sales™
■/'
Total purchases-™.
.
Short sales—
Total sales™—
.4. Total—
97,124
.■■■
—.__™_™—:
■
■•
■
Daily average
Odd-Lot Purchases by
—
1943
fuel_
.
.
'•
Dealers—
,
■
.
Sales)
(Customers'
,
Number of Orders;
short sales-
Customers'
^Customers'
OF COAL
'
Y-:" ■■
•'./
-——-January 1 to Date
(In Net Tons—000 Omitted.)
Dec. 11,
-
Week Ended
—
"Dec. 4,
Dec. 12,
1943
1942
12,975
12,730
2,163
2,122
-
—_
19,572
558,436
21,700,541
other
total
373
sales™
19,537
sales-
19,910
PRODUCTION
STATES
UNITED
:
"Revised.
Number
.
tDec, 11,
Dec. 12,
1943
2,005
551,712
of
Shares;
short sales-
Customers'
other
10,982
sales-
total
.."Curiomers"
Dec. 11,
1942
554,725
1,831
12,031
.
sales-
524,148
1937
Customers'
423,811
1,901
value
Dollar
1,462
::
"'-rv:
■':;:;
:
..
Round-lot
Number
ESTIMATED WEEKLY PRODUCTION OF
COAL, BY STATES
(In Thousands of Net Tons)
""':■.
535,130
17,517,674
■■
'■;;r;,■■■:'
md State
■; Total purchases—
_____
_______
.
603,034
Short sa.es__i„_____i.____-^_._Hr„i,_-.-^'___;,:V. " 68,040■'
{Other sales—i.—__________—_—______
450,688.
sources
or
of
Shares:
50
■'_.
Short sales
tOther
149,960
sales,
Total sales
150,010
of final annual returns from the operators.)
*
-Week Ended*
Dec. 4,
state
Sales Dealers—
'
(The current weekly estimates are based on railroad carloadlngs and river ship*
nettts and are subject to revision on receipt of monthly tonnage reports from district
2.31
88,088;
.
current adjustment.
tSubject to
82,888
______
,:
'y"y'::'
5,200
:
„
_
shares
■
_____
™,—;
tOther sales
3.67
' 137,400"..
:
—
'■
and lignite—
Total incl. mine
.
of
value 1
Dollar
v;.;
ESTIMATED
.
'v
.
Other transactions initiated off the f.oor—•
.
:
Bituminous coal
~
tocher sales—
3.
-
.
period last year.
"■i."'.'";;
purchases.™——157,570
_______
8,900
—™™—__™™__
128,500
Short saies—
'1
.
orders-______*._-
Customers'
same
the floor—
Other transactions initiated on
Total
~i-'
of
Number
War, U. S. Department of the
Interior, in its latest report, states that the total production of soft
coal in the week ended Dec. 11, 1943 is estimated at 12,975,000 net
tons, an increase of 245,000 tons, or 1.9%, over the preceding week,
and 944,000 tons above that in the corresponding week of 1942.
Pro¬
duction for the current year to date was 0.5% in excess of that for the
:
■
______—.
,—
The Solid Fuel Administration for
;
{Other sales.:—;™_™u___™_—
•
2.
purchases
Short saies—•
■
•
.
■
Total I
' '-for Week
•
Number
B,
THE
1948
by Dealers
(Customers' purchases)
-
DEAL-
ODD-LOT
EXCHANGE
11,
-
THE-ODD-
SPECIALISTS. ON
STOCK
Y.
Week Ended Dec.
.■
odd-lot
,
FOR
y
Odd-Iiot
3,912,020
filed with
the
specialists,
ACCOUNT 'OF
LOT
Dec.
.y-Y:-
102,610
■,
——
—
?Ovher sale™™™-™™™----™-—---
_
The figures
by
TRANSACTIONS
STOCK
of
published
being
Commission
the
Ex-,
series
a
based upon reports
Total Round-Lot Sales:
A.
Stock
York
by the Commission*.
131.7
X
100.0
19,
New
figures
are
104.1
135.4
and
115.3
.3
dealers
continuing
149.0
104.4
149.7
ac¬
odd-lot
current
151.3
127.7
10.8
odd-lot
change,
119.3
.
the
on
128.3
143.5
stock
the
specialists who handled odd lots
187.0
,
show¬
of
volume
for
all
of
count
145.6
160.5
142.3
123.7
123:7
u-.^—
134.9
.188,9
■
the: daily
ing
145.6
185.6
■"'i
164.5
19,
1942,
Dec.
for the week ended
Dec. 11 of complete figures
-Ago,
.
Dec.
159.6:
•
151.4
'
187.9
_«>
.■Grains
:
20,
140.6
159.6
Oil—
Farm Products'
23.0
1
18 a summary
Year
1943
Exchange
Securities; and
Commission made public on
'
Latest Preceding, Month
Week
•Week..
Ago
Total Index
25.3
>
,
.
'
"
Each Group
:
Total for Week
'
Nationki
'Compiled by The,
-
1935-1939—100*
Bound-Lot Stock
4, 1943
COMMODITY PRICE INDEX
same
'
the Stock Exchange for the
on
advances, and 8 declines, the.
f! ' * -Vr-w *"
'
account of members
{except odd-lot.dealers) during the week ended Dec. 4 (in roundlot transactions) totaled 1,121,762 shares,, which amount was 13.97%
of the total transactions on the Exchange of 4,014,630 shares.
This
compares with member trading during the week ended Nov. 27 of
915.590 shares, or 15.35% of total trading of 2,983,260 shares.
On
the New York Curb Exchange, member trading during the week
ended Dec. 4 amounted to 300,980 shares, or 15.75% of the, total
volume on that exchange of 955,620 shares; during the Nov, 27 week
trading for the account of Curb members of 199,965 shares was
13,47% of total trading of 742,075 shares.
?
,
x,;Trading
<
WEEKLY WHOLESALE
Thursday, December 23, 1943
Nov.
Dec.
27,
1943
1943
403
426
5
•v;;'-.5'
99
•;
104
Dec.
5,
1942
■
Dep.
Dec. 4,
1937
6,
1941
Round-lot purchases by
Dealers-—
average
' V'.'
'
■■
Number of shares™—;
fl 1923
■
196,330
'
saies._™,—.-' 518,728
Total
..
Alabama
13.97
-
:
■Alaska__;_w™l-'-_-™u_i-'.__™_:
Bound-Lot Stock Sales
Total
Transactions
on
for
Arkansas and Oklahcma—™.
the New York Curb Exchange and Stock
Account
of
Members*
Colorado™—
(Shares)
;
183
4
95-
v,,-;
,■*•■
■
83
'■■
168
188
349
2
,
72
■*
>
271
373
:
3
■
174
: ■
.;'*■•
387
83
165
253
•
"
WEEK ENDED DEC.
*
Geoi'gia and North Cax*olina__
4, 1943
"H '
Total for Week
VvvY!'1;,'■
Sales';,.' vv^s'1;
Total Round-Lot
A.
i".V
V
Short
5,790Vv.'
949,830 '
;
sale3-_-i.___w_^rf4r--^r^^-'A-f---^4-;
tOther
;
Iowa
Kansas arid
_;■'
:™
206;
'
;
.
;
207
967
159
584
205
.
•rales."
■
•
lot
odd-lot orders,
are
and sales to
.•/..■•■'
:-■;■
"other
with
reported
-
121
178
690
•;
round
514
-
94
163
837
customers'
set
a
1,535
430
86
168
£03
1,004
-
-
liquidate ai long position which is less than
■«*
'
1*209
514
70
:v: tt-
1,135
540
/
51
Mis§ouri_™__;_^
Kentucky—Eastern_____
1,300
45
1,514.
618
'_
1
572
1,602
Indiana—™
'.
!-::;i;
l
: *«:
Illinois—
"Sales marked "short exempt" are re¬
ported with "other sales."
tSales to off¬
204
Lumber Movement—r-Week
•
Kentucky—Western__™,
Total sales__
Round-Lot
B.
Transactions
Members; ■'
1.
955,620
______
for
the
'j
.'
Transactions of specialists
Michigan™
■
■
/
.
-r--.
;__;
{Othersales
if: A
"
North
Ohio
and
_____
Dakota
South
_
IV-.
_;
Short sales
__
;
___
:
39,790
'
-___™_
{Other sales
719
■'*5.56'
28,275
nite)___
and
Total purchases____
39,780
Total— '
,
.
27,040
',
for
the
tin
^Round-lot
these
short
SSales
percentages the total
total round-lot volume
of
on
which
"other
"short
at
are
.
exempted
from
restriction
riy the
Commission
sales."
exempt"
are
.
143
118
102
356
393
40
39
2,375
2,272
.
960
198
■;;-.i
926
■':■
the
included
with
"other
sales."
its
277
12,^30
lig-
12,450
193
'
1,231
,
13,961
,
13,711
ttLess than
1.000
less
of
than
these
mills
production.
Unfilled order files in the report¬
57
894
431
692
stocks.
154
135
173
mills, unfilled orders are equiva¬
lent to 37 days' production at the
current rate, and gross stocks are
equivalent to 35 days' production.
For the year to date, shipments
of reporting identical mills ex¬
ceeded production by, 7.2%; or¬
ders by 7.5%.
vr-'i.''",-',::/'''.
Compared to the average cor¬
responding Week of 1935-39, pro¬
duction
of reporting mills was
31.0 %
greater; shipments were
39.9% greater; and orders were
19.1 % greater.■ ' •: •
;
'
ft ■
11,415
-*"5
1.;
8,320
OO 0
1,108
•
orders
1,132
■•
11,331
1,261
new
3.1%
46
,
9,900
:'
12,439
849
12,219
tons.
1,803
9,169
11,706
*
on Dec. 13 to review a de¬
upholding a Selective Service Board's reclassification of a
registrant from 3-A to l-A after he had become a father.
In
account
of
The
average
as
the
action
of
the
Commodity
100.
The Association's
,r
slight iipward trend in the general level of the all-com¬
modity index may be attributed principally to higher quotations on
all grains and livestock which in turn caused the
farm products
group to reach the highest peak in the last six-weeks period.' The
foods group declined as lower prices were noted for
eggs and
ing
mills
amounted
For
98% of
softwood
to
reporting
Washington Dec. 13, said:
husband
without any new evi¬
dence except that he had become
a father.
•
;
During October, the number of
non-farm
est
challenged :by Mrs. Adolph
foreclosures
in
the
United States dropped to the low¬
figure since such records have
been assembled, the Federal Home
The discharge of Stanziale
cation
is
based
upon
evi^
equals 100) declined to 13.7,
its lowest point.
"For
was
by the Federal District
Court for New Jersey.. This was
.
age
which
dence is final."
Auditors Elect Glass
ordered
an
Down In October
Stanziale of Essex^ County, N,
l)oah Bankv Administration1 re¬
■.
.v
t :
v'
whose husband was. inducted into' Federal Court has no
The Board's
right to ported on Dec, 11.
the Army at Fprt Dix last Janu¬
review the action of a local selec¬ advices added:Lr•■;'
'vy■ '•
ary. She sought to obtain his re¬ tive service board."
"The 1,765 foreclosures for the
lease by means of a writ of habeas
I
The Department of Justice said month were 44% below the total
corpus on the ground that the i
the Circuit Court's; decision was for October, 1942. The foreclosure
Board's action was "unlawful, ar¬
index maintained by the Bank
; "in effect no more than a holding
bitrary and capricious." She as¬
Administration. (1935-1939 aver¬
serted the Board reclassified her that a Selective Service classifi¬
advance in quotations for lard caused the reversed, however, by the Third
Federal Circuit Court, and the
fats and oils group to move into higher ground btit still not reach¬
ing the level of the corresponding period of 1942.
The only other Supreme Court today Refused to
review this decision. Mrs* Stan¬
group index to change was the textiles.
This was due to rising
ziale said the Circuit Court "in
prices for raw cotton.
During the week 13 price series advanced and 2 declined; in substantial effect decided that a
However,
Supreme Court, Associated Press
The ;action of the draft boardt' was
'ago
1935-1939
report continued as follows:
oranges.
v'V
week
were
1,445
tt.
1
'21
100
73
41
193
•
■v'V
,.'v'
be¬
2,358
;
863
194
,
103
18 i
The U. S. Supreme Court, refused
cision
draft
Association and made public on Dec. 20
ad¬
in the week ending Dec. 18 from 135.0 in
the'pre¬
A month ago this index stood at 135.0 and a ye'ar
on
121
■
1.5 %
were
production for
the
week
ended Dec. 11, 1943. In the same
Non-Farm Foreclosures
purchases arid sales is
Exchange for the reason that
135.4
131.7 based
;6
Barometer
low
_
Fertiliser
ceding week.
,148
136
,
l
Trade
.
weekly wholesale commodity price index, compiled by The
National
599
2,818
•
According to the National Lumf
ber
Manufacturers ' Association;
lumber shipments of 454 mills re¬
porting to the National Lumber
their
Price Bdex Advances
;
524
1,638
members'
the
National Fertilizer Association
vanced to
™
—_
advices from
The
/,;
v627
2,882
,
43,117
31,280
includes all regular and associa,te
Exchange members,
including special partners.
sales
with
marked
"
•*Alaska, Georgia, North Carolina, and South Dakota included with "Other Western
*t.ates."
Exchange volume includes only sales.
rules are included
-.1'
'
621
:
r-y-x 432
2,395
•
56
V«27
,
Ended Dec. 11,1943
.
''members"
compared with twice the
the
70
Arizona,
California, Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite from pub¬
lished records of the Bureau of Mines,
tIAverage weekly rate for entire month.
43,117
—
their partners,
calculating
62
-
Account of Special-
purchases —#
term
78
;he Panhandle
15.75
148,340
-
"Total sales--.
and
64
"Includes operations on the N. & W.; C. &
O.; Virginian; K. & M.; B. C. & Q.;
md on the B. & Oi In Kanawha, Mason, and
Clay counties.
fRest of State, 'including
District and Grant, Mineral, and Tucker counties,
{Includes
143,380
0
ifCustomers' other sal.es
'The
and
■■
Total all coal
4,960
Customers' short sales
firms
nitt?,
3.50
"\'"'
Total
" 72
152,640
Short sa.e3___—V™V™_„—
fOther sales
;
Odd-Lot Transactions
ists—
bituminous
§Pennsylvania anthracite..-™
Total sales_-._-^_—
C.
37
21
31
2,539
:;■■■:; i; ..5
35
.
-
'
Total purchases—-—!
i
•
■■■■.
28;
420
tOther Western States™™—
.
■
22-
27,040
-"*■,Total sales.—
4.
88
:V-
148
Total
•
;■'■;
155
■'1 5
•
■r-'":
Virginia—Southern—™
tWest Virginia—Northern.;™'.
Wyoming™
y-L v_—-
Short
{Other sales—
29
33
647
lig-
—
"West
■
3. Other transactions initiated off the f'.oor-i
.
r;':
8
■
102 ^
2,915
,Virginiai_™*.__^i,^__i._-rf__*:*._
26,975
sales™—Vi__—
:
87
2,987
__■„
Washington
Total
•■"
84
Utah_
1,300
,
________
;
|V
136
(bituminous
Texas
V
'■
—_
■;:
108
'■■■,; .39
'•
Tennessee
8.69
93,025
the floor—
on
Total purchases-—
''
'■
40
(lignite)—_——
..'■
89,365
,
Other transactions initiated
9
117
:
Pennsylvania (bituminous)™. ;
2.
2
41
;
'
3,660
-
Total sales
30
;
v
•
New Mexico
73,070
.
J
Short sales
and
lignite)
in stocks in which
they are registered—
Total purchases---,—.:
'
:
31
231
•
•
"
''
(bituminous
278.
5
_
Montana
298
35
Maryland
of
Account
310
the
.'
January-October
riod, foreclosures numbered 21,933, a decline of 40% from; the
comparable ' 1942 ,total.
Each of
,
Joseph E. Glass, Auditor of the
Guaranty Trust Co. of New York,
has
been
made
tary of the
Auditors,
year.
Financial
Secre¬
Institute of Internal
Inc.,
for
the
ensuing
pe¬
the
districts
ment.
in
shared
in
the
improve¬
Declines ranged from 56%
the
Indianapolis district (In¬
Michigan) to 31% in
(New Jer¬
and New York)." •
diana
and
the New York district
sey
r
12 Federal Home Loan Bank
.Volume 158
Number 4240
THE COMMERCIAL & FINANCIAL
CHRONICLE
2565
Nov.
Department Store Sales In New York
October
Federal Reserve District 17% Above Year Ago
The Federal Reserve Bank of New York
announced
that November sales of
department stores in the Second
Dec.
on
17
reported
(New York)
Fderal Reserve District increased
bind sales for
17%
over
a
January through November
"The
Thev cornhigher than in
year, ago.
1%
are
the same period last year.
Stocks of merchandise on hand in
partment stores at the end of November were 14% below
1942.,-;:"
'
:;p',7
; : ;■
,
,
*
.
'
:
'
'
"For
de¬
the
'
with
T
„
A
.
.
Second
.
•
;.■'
A'Av
V
:
MAJOR
Federal
■■
■
BY
orded
for
the
"...
;■
■.,+ ■"
".A-.. ++:.;■/•'
Jan. thru
Nov.
+/■V;"\AA!''Ai.-+V»
i,
8
Counties
-
Poughkeepsie
tipper
Hudson
—
2
-
+
7
Valley
_1_,
'
+'30
New
State_„_
.;■
to
"♦Niagara Falls„^„
V—L
+11
♦All
publish statistics
been
to
revision, 25 shopping days,, 1943; 24 shopping
days,
OF
;
.
DEPARTMENT
Second
/
r^'A;V.
"v-
H923-25
'■'■•■
V;^^:,;''A;AV;+AAvA"'+\.
A+": A,,.Y,\.A
,'v'•"+■■■;+,A--'-AA
average
(average daily),
Btocks,
1
restrictions
'y
seasonally
7.
+
,
1942.
:
:
.
'"'AAA AAv.
fluence
./
»',1.4.,a.
A Statutory
at
place
Sept.
Oct.
137
163
exert
War
121
137
for
128
131
131
thorities
-135+
123
119
114
owned
of
time
some
to
come, trade au¬
-
Aa;:■ +--A
Copper
Though the Copper Institute has
Debt Limitation As Of Nov. 30,1843
eral
Treasury Department made public on Dec. 6 its
monthly
showing the face -amount of public debt obligations issued
Liberty Bond Act, (as amended) outstanding on
Nov. 30, 1943, totaled
$171,314,289,416, thus leaving the face amount
of obligations which
may be issued, subject to the
$210,000,000,000
statutory debt limitation at $38,685,710,584.
In another table in the
report, the Treasury indicates that from the total face
amount of
outstanding public debt obligations ($171,314,289,416) should be de¬
under the Second
ducted
distribution, the trade
obtained
to the
access
published
the
data
to
$1,169,956,325 (the other ©.iblic debt obligations
outstanding but not
subject to the statutory limitation).
Thus, the total gross debt out¬
standing as of Nov. 30, 1943, was $166,158,400,235.
available.
necessary
not
were
-'Ar
production of crude
copper for November was 99,1-35
tons, making the total for the first
of Nov. 30, 1943
A
Bond Act, as amended, pro¬
vided that the face
amopnt of obligations issued under authority of
21
of
the
as
Second Liberty
that
Act, "shall not exceed
Standing at any one time."
in
the
aggregate
: yy;;■•-■■--A-
The following table shows the face
standing and the face
limitation:
•
amount
which
-A'
amount
still
can
>,V\\:\a!;;+
;y
$210,000,000,000
•"■'>/.■+
of
be
;>y;A+
A„.A.. A A,
■
,
Interest-bearing:'■■■
'-Bonds—
'A
A.
..
JA'A'" A ',; ;.A
A
■.'■
;-AAv!AA.A-i+,
■
.
Certificates
;
of
Treasury" bills
' 1
$210,000,000,000
'•
■•■■.-•'AA
;+
' ■
"■■■';■'
■
■'.' '■'■' '
+A;:-v
■
'-■.A-
,
;+
V;--.-
—
$27,687,610,400
28,066,911,000
13,073,822,000
Indebtedness^--.
(Maturity val.)
not
to
amount of
obligations issuable
under
above
RECONCILEIP3NT WITH DAILY STATEMENT
.
-■
•"
'
NOV.
30,
THE
v'
$38,685,710,584
UNITED STATES
TREASURY
1943
Deduct-, unearned discount- on Savings Bonds (difference
between
current redemption value and
maturity value)—-——————
.
other
public debt obligations
not subject to the
statutory
outstanding
$171,314,289,416
6,325,845,506
$164,988,443,910
but
—_—
—
$195,942,720
7,936,840
966,076,765
1,169,956,325
Total
gross
debt outstanding
as
♦Approximate maturity value.
cording to preliminary public debt
of Nov.
Principal
statement
30,
1943————
amount
in
tical
November,
or
in
the
same
time
in
1942.
Stocks of refined copper in the
hands of the
industry at the end
of November totaled
52,231
(current
$26,697,013,319.
61,833
tons
a
year
ago.
day.
'
.
Lead
ac¬
totaling
15,218 tons, against 10,792 tons in
the preceding week.
However,
requests for foreign lead to
sup¬
plement domestic metal in Janu¬
ary may be smaller, some mem¬
bers of the
industry believe.
$166,158,400,235
redemption
value)
ac¬
December 20, "because of travel
difficulties."
Allotments of for¬
eign lead can be made in Wash¬
ington on the basis of informat'on
available
sion.
to
WPB
the
Tin-Lead
announced
ap-
meeting of all the
mem¬
York
pany declared.
On
and
to
It
'has
the
revised
classified
code,
the
among
information
covering
on
giving statis¬
imports,- ex¬
stockpiles is
not
':,t
to
be
A''.;
',.
'
date
capital
'
funds
operated
trust
of
three
$4,521,994.
branches.
The
company's latest statement,
Sept. 30, 1943, showed de¬
of
as
Censorship
the
Brooklyn Trust
Co, left the Clearing House in
1922, it had deposits of $35,831,089
posits of $196,169,319 and capital
of $14,362,489.
The com¬
pany now operates 23 branches.
funds
The
Brooklyn Trust Co. is the
new member of the
Clearing
House in the last two months.
The
last member
admitted was
the
third
United
States
Trust
Co.
of
New
York, under date of Nov. 29, (re¬
ferred to in our Dec. 2nd
issue,
amounted
tin-plate in the
during
October
151,331 tons, against
to
112,934 tons in October last
year,
J.
2217)
Nov.
1,841,393
tons, against 2,429,233 tons in the
same period last
year.
There
were
price
no
develop¬
ments in tin last week.
-
Straits quality tin for
shipment,
in cents per
pound, was as fol¬
lows:
Dec.
Dec.
9
Jan.
.
52.000
s
52.000
52.000
52.000
Dec.
13—
52.000
52.000
52.000
14
52.000
52.000
52.000
Dec.
15———
52.000
52.000
52.000
99%
or
per
tin, continued
pound.
Quicksilver
changed
tober
the
The price situation in
quick¬
silver remained about
unchanged
last week. The New York
market
per
flask
on
to
of
National
ence
The Board's
76
at
lb.
food declined
reducing theira in¬
owing to un¬
sharply,
certainty that surrounds the price
outlook
foi^next
year.
Producers,
the other hand, hope that out¬
put will be reduced more than
on
normal
during the winter period.
of
living
in
Treasury silver
essential
made
industries
(1923=100).
November
as
in
September
ber, 1942.
"The
3.2%
stood
it
as
compared
level
Food
available
under
the
in
103.1
and 100.5 in Novem¬
-
of
A
A,
living costs
higher than that of
ago.
at
had
with
showed
over
the
a
was
year
greatest
November,
increase of 5.4%.
1942,
Other
advances
during the 12 months
were:
sundries, 2.7%; fuel and
light, 2.8%; and clothing, 2.6%.
Housing remained unchanged.
"The
dollar,
to
the
purchasing
on
the
dollar
basis
in
power
of
100
of
the
cents
1923,
which
Septem¬
amounted to 97.0 cents in
ber, declined to 96.4 cents in Oc¬
tober and remained at that
Silver
to
0.4%.
"The Board's index of the
cost
advance
be
announcement Dec;
"Clothing rose 0.3%, fuel and
light 0.4%, and sundries
0.5%, but.
with an
were largely nominal and
to negotiation where quan¬
tity business es involved.
Manu¬
facturers of mercurials are be¬
to
Confer¬
14 further saicl:
Futures
ventories
Industrial
Board.
open
lieved
the average from Oc¬
November, according to
October,
_
jftL.$193
Living Costs Static
• costs
of wage earners
and lower-salaried clerical
work¬
ers in the United
States were un¬
103.7
$190
thereto
52.000
Dec.
Chinese,
at 51.1250
previous
Living
Feb.
52.000
52.000
11
52.000
52.000
10„_.™
and
P.
Morgan & Co., Inc., became
member on Oct.
29, noted in
these columns Nov.
4, page 1800.
the American Iron and Steel In¬
stitute reports. ■ Production for the
first ten months totaled
Divi¬
that
a
membership in
Clearing House will be dis¬
tinctly advantageous to Brooklyn
Trust Company,^'
George V. Mc¬
Laughlin, President of the com¬
.%;■:
1A'-i/ for prompt material continued
Demand for lead continued
tive, sales for the week
-
"We believe that
publication
ob¬
a few places yester¬
A,AAA A'-:"A A-A'v
ft"'-
silver
a
Dec.
1,469,733
New
foreign
the
page
Dec.
against
expected
for
strategic materials
data
or
for
silver
Clearing
on Dec.
13, the
Brooklyn Trust Company was ad¬
mitted to membership in the As¬
Production of
United
States
1,527,623
tons,
or
which
the monthly average for
the year to date. The
peak in de¬
liveries this year was
150,451 tons
in April.
Deliveries for the 11
months' period this
year came to
WPB has cancelled its
meeting
with lead
producers, scheduled for
limitation:
Interest-bearing (pre-war,'etc.).
—A
Matured obligations on which interest has
ceased
Bearing no interest1
—
•
tons
to
A
outstanding public debt, obligations issued under
authority of the Second Liberty Bond Act;
Add
138,677
turned up in
171,314,289,416
o+b
authority-,-—
OF
to
close
Emergency stockpile figures
Total face amount of
'
^
viously are not included.,
January allocation certificates
202,415,459
'
Face
period
of
Under
still
critical
for
The
Clearing House from 1911 to
1922, when the institution volun¬
tarily withdrew from membership.
up.
changed its position in regard
is
market
23M»d.
the
alloca¬
Tin
Office
tin.
meet¬
clearing number will
102, which is the number it
formerly had while a member of
of
is used
January
available
re¬
tons,
$170,911,048,382
200,825,575
Matured obligations," on which interest has"
ceased—.
no interest (U. S. Savings -'stamps)-^——
of
January-November
totaled
1,102,227
tons,
against
68,828,343,400
Bearing
Production
the
against 1,030,499 tons in the same
period last year.
A;
a
'
A ^
Deliveries
of
refined
copper
(domestic and foreign) amounted
tons
$102,082,704,982
Treasury notes
<
+A+A " A'
■'■.
■• -
.A-
under this
AAA
'.A
Treasury
—-_v—A—
$67,940,349,000
♦Savings (Maturity value)—
33,022,858,825
Depository
399,824,250
Adjusted Service —1.!—■—. +.'•••
719,672,907
■.
obligations out¬
issued
Total face amount that may be
outstanding at any one time—__
Outstanding as of Nov. 30,. 1943:
.'
1
out-
tons.
tons
(
Domestic production of refined
copper for November amounted to
for
.10.000
zinc
words,
published.
vember period last year.
fined
the
:a'A;-. A
A.
The
tin
Domestic
102,136
A.,'^'A.A
At
concerned
in the near future.
news
at
Official
bers of the New
House Association
A;,
press
its
Import statistics,
complete the picture,
until
other
$6*325,845,506 (the unearned discount on savings bonds), re¬ 11 months 1,095,956
tons, against ports,
ducing the total to $164,988,443,910, but to this figure should be added 1,051,099 tons ift
the January-No¬
Statutory Debt Limitation
favorably at the
The bank's
plants, carrying
about
tions will be smaller.
Zinc statistics are
figures and
for
value.
is
per-
be
buying from the plants in¬
become
with
Brooklyn Trast Joins
Clearing Konse
some
on
reserve, have
been asked to consume this
metal
next month.
This action will cut
In
AAA+A':;A
not yet released statistics for
gen¬
report
Section
balance
sociation.
of
volved
per¬
silver
N. Y.
ban,
High Grade zinc
down
believe."
the
de¬
44%£.
was
This uncertainty
ordnance
total
a
The publica¬
tion continued in
part as follows;
A./A...AA:: A'.-v+ A.- AA:A ■•;'■+'+.
?+;x.,U-A-L'.,(.1,.',1,;,;.
30;
on
continued
figures because of
industries
domestic
close
mented
Yoik
not under the*
were
in
the
foreign-origin metal.
mined
in
with
ing of the group.
Government-
in¬
no
demands,
tion
,118
following is the Treasury's report for Nov.
15
100ft
about the trend in
consumption of
zinc at war plants.
concerned,
contracts,
and
WPB policy 011 civilian
consump¬
will determine price trends
Nov,
♦126
is
present
cancellation
-1943-
The
The
4
22
for
allotments
from
Metah. Reserve's
stocks
should
reach Washington not later
than
data
prices.
on
121
adjusted
on
market
"152
—
those
use
is
concentrates, and
balance
surplus inventories of Treasury
silver in the hands of
industry at
the close of the war was com¬
20
code, dated Dec. 1 and ef- I plications
statistics
' -\ A
^Revised.
r~
—14
144
seasonally adjusted—.
"
7
Office of
covering imports,
or
exports,
Government December 17.
stockpiles of tin, uranium, chroZinc
mium,
manganese, tantalum,
The
industry was
tungsten, and platinum. So far as
Nov.
—
32
$3,176,739,000
revised^
oress
STOCKS
1942-
"•
unadjusted
Stocks,
AND
100]
.=
.-A+A+'A-f +;.A
Bales (average daily), unadjusted—
Bales
SALES
District
The
fective'immediately,'still imposes I
the
STORE
Reserve
Federal
removed.
7
—11
*
+21
•
the
Lead statistics
its production
—
/
,'+...7.. '-A
r-—L-_—.>—' '+30'
INDEXES
;/;.'■ !
.
7
+
+17
:
$1,024,511,000
234,563,000
620,652,000
125,001,000 A
698,942,000
473,070,000
foreign sil¬
mitfed-use demand. The proposed.
Treasury agreement to purchase
Percent
Markets," in its issue of Dec. 16
censorship regulations now makes it possible
on the position of
copper, zinc, quicksilver,
5
_
department stores
•Apparel' stores
351,632
47,294
182,621
—
—
11
+ 27
—L~:•. +13
♦Subject
L
—
Amount
questions relating to the interpretation of
the code.
•
+10
;+
,.'■ + 17
Rochester
Newly
lender,
war.
aluminum, and magnesium.
but the industry withheld
3
••••
of
mitted to
rec¬
"E. & M. J. Metal and
Mineral
stated: "Relaxation of
-18
+ 15
+18
Number
130,722
for the duration of the
+23
in
mands
less
and
ores
barely
Censorship cer¬
production and shipment figures and other
data have been omitted
■'
•
"A:+'
31,906
-7
+
,—+15
or
that all
currently imported
form of
Non-Ferrous Melals—Lead Sales
Large—
aas
*Western New York State——
ver
v.-;.;
year, by type of
309,851
tain
+ 20
Binghamton
''■"'.
revealed
was
Sav¬
8
2
' + 14
State-L-^-^^wA^---^—: A- +11
York
1942.
have been issued to
ounces
Thex London
+12
Northern New York
being purchased in
volume
by WPB, it was stated of¬
ficially last week. After a meet¬
ing of the advisory committee, it
Censorship Regulations On Statistics Relaxed
13
is
date
14%
also
""
banks
-3
+23 ". +
Utica'
in
mortgages of $20,000
companies
+12
State^_-Lt___^i-,_T^_^-Hi—+ 25
■Syracuse
Southern
-
Act
000,000
but
A;AA'aA;
4
;'+
_
Mohawk River
"■
trust
savings
A
of
Editor's Note-—At the
direction of
.+' 7
Central New York
total
-22
+24
y.v Schenectady
1942,
mortgage recordings reached
1,055,026
;-V. + 23
+ 9
Valley^-i-^^v--—■+' 8—1
River
1943
January-October
Individuals
-11
Lower Hudson River Valley^,___„_„'_-»————
October,
1941.
Other mortgagees
-15
0
9
+
in
-20
+
+10
Fairfield
and
Mutual
hand,
30, 1943
—' 1
+10
♦Newark
on
Nov.
advices also state:
January-October period this
follows:
as
Banks
Stock
Nov.
+ 20
Northern New York State—-—
and
amount
Savings and loan associations-—^
Insurance companies
a
year earlier
■
Net-Sales
New York
Westchester
1943
Percentage changes from
"'-AAA-
A-
Av-A'7.'.A'.--
;
are
and
■
;
A
NOVEMBER,
of
below the
Reserve District
A+V+'+'%+.'A'-A'A'A'
Department Stores—
LOCALITIES
month
months
The
above
'■
number
'
TRADE
11.
8%
was
same
1942.
"The
following is the bank's tabulation:
STORE
Green
substantial
ings and loan associations have increased
their activity to date this
year by. 1%.
Mortgages recorded in the name of "individuals"
rose
by 12%.
All other classes of lenders
showed declines in
comparison
apparel stores in the New York Reserve District reported
a gain of 30%
in net sales in November.
Their stocks on hand at
the close of the month were 7% above last
year.
DEPARTMENT
10
7%
or
Dec.
on
figure
first
$3,176,700,000
'The
The
October
under the level of the
November,
•
Mortgage Recordings Up Slightly
for the pro¬
During October, recordings of non-farm real
estate
mortgages duction of engine bearings, braz¬
totaled $386,000,000, 1% above
September activity and the
highest ing alloys, and solders. Purchase
aggregate for any month this
year, the Federal Home Loan Bank authorizations
totaling some 25,Administration
figure
in November. It stood at
99.5 cents
in
November, 1942."
although the
industries- com¬
bined is lower in the City. This is
due to the greater relative impor¬
tance of large plants and war in¬
Arrangements have been completed for three Regulation V and
dustries in the upstate area. Earn¬ VT loans totaling $64,500,000 and an additional $5,500,000 in loan
ings for office workers in New credit is under negotiation for two other concerns in the Fourth
York
City amounted to $40.57; Federal Reserve District, it was announced on Dec. 10 by Matthew J,
men averaged $56,07
and women Fleming, President of the Federal Reserve Bank of Cleveland. The
$31.69. Women's earnings in 1942 largest credit is that extended the Crosley Corp. of Cincinnati for
were $28.37.
$30,000,000. It is the second largest ®Regulation V credit established so
those
than
Quota Of $911 Million For Individual Sales
In N. Y. State Set For Fourth War Loan Drive
of'$911,000,000 for "sale to individuals in New York
fman was announced on Dec. 9 byTW. Ran¬
dolph Burgess, Chairman of the War Finance Committee for New
York State at a meeting of the group. This means says the announce¬
ment, that the citizens of New York State will be called upon to sub¬
A
quota
State in the Fourth War
$60,000,000 more than during
scribe
purchased $850,000,000
of bonds, against a quota of $796,000,000. County and district goals
are now being established.
Total
quotas including corporation pur¬
chases have
not yet been an¬
actually
may
It was further stated:
"In successive drives the amount
$598,000,000.
estimated that the number
Bonds in the
War
of
purchasers
separate
of
Third War Loan was
3,750,000 as compared with 2,640,000 in the Second War Loan.
"The whole plan of organization
as discussed at the meeting of the
War Finance Committee is cen¬
tered around an increase in sales
to individuals and'the emphasis in
this direction will be even more
than in the Third War
first 13 days of the
vigorous
The
Loan.
drive, from Jan.
18 to Feb. 1, will
concentrated on solicitation of
individuals. All sales of E, F and
be
during, the whole of Jan¬
G bonds
and February will be includ¬
the drive totals.
"Since the share to be raised
from individuals is greater than
ever
before," Mr. Burgess ex¬
uary
in
ed
plained to the committee, "the
whole organization is being set up
to
obtain wider distribution of
sales.
There will be a larger
number of workers for the Fourth
Third although
War Loan than the
show that we had
about a half million enrolled in
that drive. But it has been proved
records
our
that
subscriptions' go up in pro¬
portion to the number of persons
solicited.
For the country as a
whole,
of all people
47%
about
income
with
were
asked
to
War Bonds in the Third War
as
buy
Loan
compared,with 24% in the Sec¬
ond, with the result that sales di¬
rectly to individuals amounted to
$5,377,000,000 as compared with
$3,290,000,000; It's the people who
'
•
deposited at the Agency
Bank of Montreal, 64 Wall
Cleveland Reserve Bank Arranges
all
V And VTCredils Of
ing to the announcement from
7/7;'r7;/:;
Failures Lower
lower
ities
Bank, from which we
Reserve
quote:
failures are
in both number and liabil¬
involved than
in October
November" business
-;:vvv"■■■V»'
'
"A VT credit
been
the
also
Health Service Funds
■ -y.
■
The
of $20,000,000 has
available
made
Senate Votes Public
District, accord¬
far in the Fourth
November Business
have
•
.
chinery group amounted to $48.09,
and in miscellaneous manufactur¬
Louis
St.
the
and
Reserve
Dis¬
Co.
trict which had the same number.
Mclntyre's death and sent the fol¬
lowing
message
to
the White
Pittsburgh and two other
of
Pittsburgh
again
The Dallas Reserve District
Common¬
the
banks,
a
country.
of
the activities in which the whole
"These
nation
bond
unites.
drives
They
are
one
provide
an
opportunity not only to foster a
habit of savings, but also for the
nation to rededicate itself to its
$2.00 more per week,
Some of this
difference is due to the fact that
little
over
than office workers.
office employees are
composed of
District
Reserve
which
we
have
Dec. 31,
not have any,
while all of the remaining dis¬
tricts has less liabilities involved
did
said
already
Nov.
in November than in October.
7;
1946.
Newsprint Output Up
percentage of women
The Newsprint Association
of
whose average earnings are lower
Canada reported on Dec. 11 North
than those for men. Considering Russia And Czechoslovakia
American production of newsprint
noblest ideals."
each sex separately most indus¬
Three new members of the com¬
paper in November amounted to
tries show higher weekly earnings Sign Mutual Aid Pact
mittee attended for the first time.
349,656 tons, against 346,708 tons
for office employees than for wage
A 20-year treaty of friendship,
in November,
1942, according to
They are Nugent Fallon, President
earners in the shop. Men in fac¬
mutual
assistance and post-war
of the Federal Home Loan
Bank;
former Presi¬
dent of the W. T. Grant Co., and
former director of procurement,
Karl
D.
Gardner,
a
higher
tory
week
as
collaboration
the shop.
Women office employees
$32.27 as compared with
ernment-in-exile
Army Exchange Service, who has $31.50 for
succeeded Walter H.
Johnson, Jr.
as
head
of the Community Sales
in the shop.
"Comparative data on the earnwomen
Joseph'ofare available for the year
office workers for women
1942
Vice Presi~~~
"
*"
A.
and
Bower, Executive
dent of the Chemical
Bank
&
who has succeeded
Eugene R. Black as director of the
Banking and Investment Division.
It is also announced that the gen¬
Trust
eral
Co.,
organization
throughout the
state will continue along
the
same
only. These figures show that dur¬
ing the past year, the average
weekly earnings of women office
workers increased $3.09. This re¬
presents a gain of 10.6% and com¬
pares
with an increase, of 23%
for women shop employees. In¬
creases in the earnings of women
office workers were evident in all
between
the
Soviet
Moscow
Dec.
on
was
in
signed
12.
Dec.
of
Union and the Czechoslovak gov¬
Montreal advices
Press
Canadian
average $57.83 per
against $54.62 for men in
offices
average
Division in Manhattan;
on
.
ing industries $45.95. Included in
wealth Trust Co. and First Na¬
the latter group are manufactur¬ enjoys the distinction of not hav¬ tional
Bank, and four New York
much
ers
of professional and scientific ing any failures when the amount
banks,
Chase
National
Bank,
wider implication than the sale of
of the liabilities is.considered, the
instruments, photographic appar¬
Bankers Trust Co., Manufacturers
bonds alone. They furnish the op¬
New York,. Cleveland and Rich¬
atus, and optical goods. Earnings
Trust Co., and New York Trust Co.
portunity for the people of Amer¬ for other industries ranged from mond Reserve districts had more
The
Crosley Corporation credit
ica
to give
liabilities involved in November
expression to their
$28.23 to $39.72.
will run until June 30, 1946, and
than in October, and the Dallas
loyalty and their ideals for their
"Shop
employees averaged a
the National Supply credit until
drives
appropriated
$340,000 to be made avail¬
able to the Public Health Service
.
called upon by our
"These
Senate
Dec. 8
the Na¬
to
$64,589,000
this, year and November,
1942. tional Supply Co. of Pittsburgh. in an attempt to remedy the
New York City, for re¬
Business insolvencies in Novem¬ The third credit of $14,500,000 will
demption 'in sterling at the Bank
scarcity of physicians and dentists
be announced later.
'
of
in the nation, particularly in the
England in
London. Bonds ber, according to Dun & Bradv
"Both the $30,000,000 and $20,held in Canada may be deposited street, Inc., totaled 155 and in¬
poorer communities of rural areas
volved
$2,402,000" liabilities
as 000,000 credits, which are guaran¬ and in war-boom localities.
with the
Bank of Montreal in
compared
with
169
involving teed substantially by the War
Montreal.
'V
7;V7,77V':'
Under the legislation, which is
$3,785,000 in October and 585 in¬ Department, were made available
volving $5,245,000 in November through groups of banks in order part of the First Supplemental
to finance the huge war produc¬ National Defense Appropriations
N. Y. Fact. Office Workers' a year ago.; .'yy; ••;7-ivv' ^
tion of the two companies, Mr. bill, the Surgeon General would
Thfe decrease in the number of
Weekly Pay Is $43.82
be authorized, on application of a
Fleming said. ;.-..77 cv.
failures and liabilities in Novem¬
V "
Office workers in factories in
fVictory Termination' credits local community, to pay the doc¬
ber from October took place in
New York State earn on the aver¬
are
designed to increase protec-1 tor or dentist the sum of $250 a
all of the divisions of trade into
month for three months and
to
tion for manufacturers of war ma¬
age $43.82, according to a state¬
which the report is divided, except
ment issued Nov. 29 by the New
terial and to lessen the danger of pay his transportation expenses to
in the amount of liabilities in¬
York State Department of Labor.
It will be
frozen working capital as a result the new community.
volved there was an increase in
Men working
in factory offices
of terminated war contracts. This necessary for the requesting com¬
the
wholesale
and
retail divi¬
earned an average of $57.83 per
permits better planning for con¬ munities to contribute $100 to the
sions.
.'. 77: A7
v AY/'fy-V"/ ;7
week
while
women
averaged
ventional conversion of production total cost of such relocation allow¬
Manufacturing
failureslast to
ance,
travel and transportation
$32.27. This variation in earnings
peace-time manufacturing."
month
numbered
31, involving
is explained, in part, by the dif¬
Mr.
Fleming pointed out the expenses.- ' //;•7/ •
: Vv; r.y_;: 7,
liabilities,
compared fact that Crosley & National^ Sup¬
ference in the occupational dis¬ $1,211,000
Senator Russell (Derm, Ga.) evwith 33 in October with $2,468,000
tribution of jobs for the two sexes,
ply have obtained revolving cred¬ plained that the Federal Govern¬
liabilities. Wholesale failures de¬
These statements are based on a
its totaling
$50,000,000 does not ment has taken 50,000 doctors out
creased to 11 from 12 but liabili¬
mean that they will
immediately of the communities and placed
special survey of the earnings of
ties
increased from
$150,000 in
office and clerical workers in fac¬
borrow this amount, or that they them in the Army and Navy and
October to $180,000 in November.
tories for October 1943, made by
shall ever be required to do so.
that the more remote areas are
In the Retail trade section insol¬
the Division of Statistics and In¬
The Fifth Third Union Trust Co.
badly in need of medical atten¬
vencies were lowered from 81 to
formation. The study is based on
of Cincinnati is agent for itself tion.
He also said that the meas¬
78 but liabilities were up from
and 12 other banks in handling the ure could not be construed as per¬
reports from 2,612 firms through¬
out the State and covers clerical $544,000 to $658,000. Construction Crosley credit. The others are:
taining to "socialized medicine"
failures numbered 26 with $206,and other non - supervisory sal¬
Central Trust Co. and First Na¬ but Senator Revercomb (Dem., W.
000 liabilities in November, which
aried employees.
tional Bank, Cincinnati; Cleveland
Va.), who opposed the legislation,
compares with 27 with $298,000
The
Trust Co. and National City Bank,
Department's
announce¬
expressed the belief that it was a
liabilities in October. Commercial
ment further explained:
:'
Cleveland;
777a';7'::77' 77'77777 close approach to it.
'7 777"/"Service failures amounted to 9 in
"Considerable variation is indi¬
Bankers Trust Co., Bank of the
November as compared with 16 in
Manhattan
Co.
and New York
cated in the earnings of office
October
and liabilities $147,000
; Marvin Mclntyre Dead
;
workers
in different industries.
Trust Co., New York; Continental
in November against $325,000 in
Marvin H., Mclntyre, Secretary
The averages are highest for those
Illinois National Bank & Trust Co.,
October,
: 7'7t' 7; A'A'V'777;-/
industries
composed
mostly of
Chicago; Indiana National Bank to President Roosevelt, since 1933
When the
country is' divided of Indianapolis; Mercantile Com¬ and a close' friend of the Presi¬
large sized plants where the need
into Federal Reserve Districts it merce Bank & Trust
for highly skilled office workers
Co., and Mis¬ dent for 25 years, died on Dec. 13
exists. Higher weekly earnings are is seen that all of the Districts sissippi Valley Trust Co:, St. Louis; in Washington.
He was 65 years
had fewer failures in November and Union Trust Co.;
old. ;77-v—
evident also among war industries
Pittsburgh.
'-7.
than October, except the Cleve¬
which operate on a comparatively
President Roosevelt, on his way
It is further stated that the Na¬
long work week. Average weekly land, Richmond and Chicago Re¬ tional Supply Co. credit was ar¬ home from conferences in Cairo
serve
districts which had more
earnings in the metals and ma¬
ranged through the Union Trust and Teheran, was notified of Mr.
door-bellringing brigade that buy bonds.
are
wherty they
/
—::
upstate,
for
average
Street,
individuals has'steadily
increased. In the first War Loan
in December 1942, sales to indi¬
viduals in the state totaled $320,000,000 and in' the Second War
in April,
1111
be
of the
of Sales to
"It is
—■»■
——
privilege of conversion into
the new 3%% Egyptian National
Loan maturing 1963-73. Arrange¬
ments have been made whereby
bonds held in the United States
nounced.
Loan
the Third War Loan
their
Thursday, December 23, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
2566
11,
which
further
"Canadian production was,
33-3
and
tons
United
tons.
in
a
Czech
and
President
Foreign
Benes.
acheslav
Molotov
Eduard
Commissar Vysigned for the
Czech
.
and shipments
'77; 7;/:.; '177'7.'
"Production
months
ended
29f;
for
Canada
in
November, - 30
11
was
for; his
Union
Soviet
sador
and
2,733,266 tons, against 2,993,001 in
the like 1942 period, the Associa¬
' ;
tion said.
United States produc¬
agreement, it is reported, tion was 742,646 tons; against 877.-
Zdenek
The
leaves
the
way
open
for
Poland
961
tons,
and
of
servant
7
is
public service in the
Marvin Mclntyre.
De¬
spite t$l handicap of frail health
in
recent
years,
which would
have
defeated
a ; less
valiant
spirit, he could not be persuaded
by any consideration of self-in¬
terest to relax his devotion to the
important duties and
responsibilities which fell to him
to discharge.
7 7
heavy and
"To
his
personally
me
severing
the
means
of
a
death
close
friendship of a quarter of a cen¬
We at the White House shall
We shall remember
tury.
him.
miss
him
as
and
Ambas¬
Fierlinger
government-in-exile.'
tons
26,855
070 tons.
faithful
the
to
death
256,-
shipments 260,590
mills made
signed at the, 66,465 tons and shipped 67,490 tons
ceremony attended and Newfoundland's output was
by Premier Marshal Josef Stalin
lost
whole
States
77;:; 777 7::^' - A 7.7 ,-7'.'.
■
"Another
said:
The document was
Kremlin
House:
a
public servant whose
emphasized fidelity
career
integrity in the performance
of the many
tasks which made up
busy day.
We shall remem¬
ber also his never failing humor,
his
his
and his everhelpfulness
throughout
years."
f 7 •' ,"'
; ;-
cheerful spirit
ready '
these
.
Mclntyre's long association
with the- President began when
Mr. Roosevelt was Assistant Sec¬
Mr.
and he was in
of press relations during;
the' first World War. /Mr.? McIriV'
retary of the Navy
charge
Newfoundland's tyre
served as Mr. Roosevelt's
publicity
representative during
American the Vice-Presidential campaign of !
industries,
although there was
man
vices of Dec. 13, it was stated:
manufacturers declinedi494 tons 1920, and following this he was
considerable
variation
in
the
Manager.
amounts.
Some of the increase
"A
major implication of the in November and at the end of the. engaged in public relations work
in total earnings was due to a pact was that it brought the two month amounted to 121,973 tons.
in Washington until 1932, when
To Redeem Egyptian 3^2 s shift in employment from con¬ States into direct collaboration,
he became business manager and
in opposition to the principle of contents of the document and had
sumer goods industries with rela¬
The
Royal Egyptian Govern¬
publicity ^presentative for Mr.
federation
of
small
eastern approved.
tively low average earnings to a
ment has called for redemption
war industries with the high aver¬
"It was understood that the So¬ Roosevelt's Presidential campaign.
European countries; British and
on
Jan. 16, 1944, at par and ac¬
United States representatives had viet Union desired "a similar ac¬ When the President assumed of¬
age earnings.
lines
ard
as
the Third War Loan. Bay¬
is State Vice Chair¬
and Nevil Ford is Executive
F. Pope
crued interest all of the
3V2 %
to
come
in
later.
.
.
.
In Associated Press Moscow ad¬
Egyptian
loan, including
such bonds held outside of Egypt,
whose
holders
do
not
exercise
Preference
also
"On
basis,
have
an
individual
industry
no
direct part in the negotiations
of the pact, but it was believed
firms in New York City
higher
average
earnings they have been informed of the
213,516 tons, against 257,990 tons,
"•
"Stocks
cord
of all North
with Poland,
although rela¬
and Rus¬
tions between the Poles
sians
are
now
broken."
,
fice
he
immediately
Mr. Mclntyre as
appointed
his Secretary.
Volume
158
Number 4240
THE COMMERCIAL & FINANCIAL
CHRONICLE
Sees Little Likelihood Of
fishing equipment, machinery and
Changes In Tax Law
Predicting that
UNRRA
power,
act
it
as
applies
the
provisions of the current
corporation^— ■■
to
pension trusts.
School
of
Law
and
the
The
the
history
of
House
Committee
of General Eduction of New York
University, Mr. Tarleau
ings
tions
Administration...
was
would
to
of
commenting
the
present
statutory
Tarleau said,
act.
"It
"As
;
on
the
Committee
Assistant
"This
its
organization
work
the
close
and
not
disorganization
old
plans
until
Dec.
31, 1944.
Generally
speaking, these old plans have not
been submitted for
by the Department.
ion,
if a
properly
approval
ity of the old plans, it should be
possible
to
those
separate
old
plans which were really against
public policy from those which
were
bona
With
"The
in
their
administration, it is
opinion, that there is very lit¬
tle
-likelihood
of
serious
any
change at this time in the pension
trust
provisions
Revenue Code."
of
,v
v
,
the
Internal
:l F-, % y -y.
According to Mr. Tarleau,
porations are now turning to
y
■,
need
Mr.
work
to
compensation
sation
of
employees
violating the; provisions
Wage and Salary Stabili¬
Law.
said:-:■
In
of
remarks
tions.
Wage and Salary Stabili¬
Law
of • Oct.
2,
1942,
amended
the
Emergencyv Price
Control Act to freeze
wages and
salaries
in
check the
der
the
order
to
prevent
or
inflationary spiral. Un¬
Executive
Order
issued
'pursuant to the law, there is ex¬
empted from the definition:' of
wages and salaries 'insurance and
pension benefits in a reasonable
amount.' Pensions,; however, are
now
one
of the few
means
where¬
by increased compensation
can
be
given to employees without violat¬
ing the Salary Stabilization Act.
In
times
when
the
need
for
em¬
ployees and employee cooperation
is extremely great, pension trusts
form
by
an
the
tional
important method where¬
employer can give addi¬
compensation to
his
help."
hearings
with
the
on
Herbert
The
Royal
Egyptian 4s
Egyptian
ment has called for
Govern¬
redemption
on
Jan.
1, 1944, at par and accrued
interest all of the Egyptian Gov¬
ernment 4% unified
sterling bonds
whose holders do not elect to
exer¬
cise their privilege to convert into
the
3%%
new
Egyptian
Na¬
tional Loan maturing 1963-73. Ar¬
rangements
have
been
made
whereby bonds held in the United
States may be deposited at the
agency
of the Bank of Montreal,
the
Bank
of
Montreal
Montreal.
in
of
only
nation's
liant
H.
day of
the
of
Administrator, outlined
House
group
the
States financial
to
proposed
contribu-
front,
aside
a
give thanks to
for
His
constant
in every hour
us
and
peace
the
national
beginning of the
be
preserved from false pride of
accomplishment and from willful
neglect of the last measure of
public and private sacrifice nec¬
essary
to attain final victory and
peace.
--
\
the
plan
UNRRA
for
there
financing
would
be
a
fund
contributed
by member countries
international relief agree¬
the
ment
the basis of 1%
on
nation's
national
though 44 United
of each
income.
and
Al¬
associated
nations
signed the relief agree¬
only those countries which
ment
have
not
enemy
The
In
occupied
asked
for
come
the
to
Lehman
to
by
the
contribute.
United
States
about$l,500,000,000;
radio
a
Mr.
been
are
sum
would
talk
said
Dec. " 4,
on
the
purpose
and scope of the
organization "are
to an
limited
and are
period
emergency
intended to care
only for
emergency needs."
Mr. Lehman
stressed as the
agency's theme the
sponsibilities
tory.
May
of
increasing
vic¬
find in the infinite
mercy of the God of our fathers
some
of
measure
comfort for the
anxieties of separation
personal
and
we
themselves, -explaining
that the
nations and peoples who have
suf¬
fered most directly from
this
not
easily or willingly
recipients
of
relief
sistance."
He noted,
the Associated
tional
in
"Now, therefore, I, Franklin D.
Roosevelt, President of the United
States of America, do
hereby ap¬
point
Saturday,t the first day
January, 1944,
for
all
our
of
homes,
those
of
as
in
us,
and
who
us
a
of
day of prayer
our
churches, in
in
our
walk
in
hearts,
the
fa¬
miliar
paths of home, those who
the wide battlefields of
the
world, those who go down to
fight
the
on
in
sea
ships,
rise in the air
on
war
and
those
who
wings."
be¬
as¬
according to
FDR, Eisenhower Confer
President
days
in
Roosevelt
conference
mander-in-Chief
ranean
decided
on
there
to
victims
help
classifications:
Relief
needs
the
Supplies—"Meaning
goods
such
ing, shelter
to
as
meet
food,
es¬
immediate
fuel,
and medical
In
Gen.
talking with the Allied Com¬
area,
Mr.
report
in
the Mediter¬
Roosevelt gave
ABA Speakers Available
For Bankers'-
The
surance
investigation of life
porary
companies by the
National Economic
mittee
which
"disclosed
damaging
concerning
operations,
methods,
Bringing
in¬
service
Tem¬
Association, its Speakers Bureau
Com¬
has sent to the A.
nothing
the
family
available
attempt to establish that stock fire
insurance
corporations are vio¬
lating the Federal anti-trust laws.
The bill introduced
McCarren
fund
and
to
(S-26)
bond
to
set
up
controlled
by
Government.
The delving into the experi¬
of 500 companies
ence
cident
writing
ac¬
insurance
health
and
by
the "bureau" of research and sta¬
tistics
of
the
Social
Board.
5.
Pending legislation
all,
23
B.
A.'s
staff
the
business.
6. The suggestion made
by Sec¬
retary Morgenthau in September
post-war credit
individual income
a
or
re¬
taxes
under the 1943 tax bill in the form
of Government life insurance.
Wagner
bill
(S-1161)
which
of
a
includes the establishment
Unified National Social In¬
surance
System
and
insurance
benefits for workers permanently
disabled among its many proposed
social
security benefits.
Commenting
on
attack
"The goal is first
to destroy
State regulation of insurance, then
ment
Government
i.e.,
Federal Govern¬
control, and then to put the
Federal Government in the insur¬
ance
business,
first
to
compete
with individual enterprise in this
is
the Federal
no
"In
brief
a
man,
they
foreword
booklet, stress is
are
laid
to
the
the fact
on
speakers are available
to bankers' groups, such as
only
and
county
associations,
clearing house associations, Amer¬
Institute
of
Banking chap¬
ters, and meetings of similar or¬
ganizations. Invitations cannot be
accepted
for
addresses
before
service
or
community
clubs
and
like groups.
"The foreword
phasis
on
tance
the
also places em¬
that accep¬
point
of
engagements by these
speakers is necessarily limited by
war-time travel
restrictions,
vious
engagements,
ments
pre¬
of their other duties."
and
require¬
Record Import And Coastal
Freight Handled In Nov.
There
were 133,537 cars of ex¬
freight, excluding coal and
grain,
handled through United
port
States ports in November com¬
pared with 75,767 cars in Novem¬
ber
76%
last
year, or an increase of
the Association of American
Railroads reported
Export
public demand for
Government to enter
the insurance
subjects
the
bio¬
each subject.
field and then absorb it."
There
brief
each
on
by the Department of Justice, the
report said:
:
:
to substitute Federal
and
of
in
:
the
the stock fire insurance companies
regulation,
with
sketches
topics
State
The
the
listed
are
prepared to discuss, and a
synop¬
sis of the material covered
under
ican
7.
of
members
booklet, together
graphical
aviation
on
also
_
"In
A.
in Con¬
(H.R. 1992) authorizing the
Federal Government to enter the
gress
to allow
14
said:
that these
'
insurance
speakers at bankers'
The
Association
in
making this known Dec.
a
the Federal
4.
A.'s official
by Sena¬
employees
employees of agencies or cor¬
or
as
meetings.
Federal
porations owned
B.
and
Secretaries of State
Bankers Associations a
booklet
listing the members of the Asso¬
ciation's staff whose services
are
basic
airfis
and
soundness" of the business.
2. The
Department of Justice
3.
Meetings
up
to
date another
the American Bankers
of
business, the report
grain
ports totaled
3,259
in
on
Dec.
13.
unloaded
at
the
4,772, compared with
November,
increase of 46%
1942,
or
an
.
cloth¬
supplies."
Rehabilitation Supplies—"Such
as
seeds, fertilizers, raw
materials,
in collaboration with
Prime Min¬
ister Churchill and the
combined
fairness of rates and treatment of
American
insurance
companies
In addition, the railroads han¬
dled 781 carloads of coastal
freight
in November this
year, compared
with 657 in the same month last
British-American
of war will embrace
supplies and services
coming under the following four
emergency
sential
with
two
strategy," the
Press, the interna¬
White House disclosed on Dec. 11.
harmony which prevailed
gram
main
spent
Dwight D.
Eisenhower
in
the
North African
city of Carthage on
the "new over-all
the recent UNRRA
meeting at
Atlantic City, .and said the
pro¬
the
departments,
report
concluded.
ferred to in the report follow:
bate
anguish of bereavement.
American insurance business and
all American
business," the
are
Security
.
"May we humbly seek strength
and guidance for the
problems of
widening warfare and for the re¬
principle of helping others to help
will
assets
commented:
"Imagine this fund
under Federal control!"
The
Government
attacks re¬
tor
new
1944, which now lies before
is fitting that we pray to
\
answer its call to
arms and
defend itself against
Federal con¬
trol
and
ultimate
destruction.
Then there will be no
doubt about
the nature of the future
of the
the
;
$2,000,000,000 administrative
of
it
us,
also
.7v.v-v>v,'..:
"At
year
10
Lehman, Direc¬
has
set
we
peril.
its
Dec.
on
but
every battle
over
national
opera¬
of
bril¬
God
providence
mani¬
with
to
prayer
1943,
courage
efforts
fitting that
by
surance
vic¬
year
made
and
sons,
their
Almighty
y>
bill
devotion
success on
is
the
will
in
policyholders and
not the companies and are under
the supervision of the 48 State in¬
1.
not
it
UNRRA
concluded
increasing
has
the
our
-
so
of
Emphasizing that these
owned
re¬
of
crowned
as health
Stret, New York City, for
the redemption in sterling at the
assisting dis¬
placed persons in
Bank of England in London. Bonds
securing their
held in Canada may be deposited repatriation or return."
with
problems
end
fest
war
Relief Services—"Such
and
welfare
and
64 Wall
and
and for the
which
the
tor-General of the UNRRA, testi¬
fying. On the previous day (Dec.
9), Leo T. Crowley, Foreign Eco¬
come
To Redeem
the
the
•
Committee
Under
he
sation
the
v.«J:
yi
The
the
'.yyy•. vm y;:y.
■\ "The
in
organization
.
his
ya\J.;'
pro¬
"strength
"At
great
declara¬
funds .appropriated
can begin its
sary
the
the
out
Council, told the Committee of the
importance of having the neces¬
United
of
this
y&,y\-
;:
tion.
without
of
insure,
member
sion plans as a device to increase
:
the
growing
Acheson, who is the United
States
the
pen¬
has
The text of the proclama¬
tion was made public as
follows
by the White House:
conference, which
warmly indorsed,
so
organization
nomic
cor¬
plans
words of the four-nation
purpose.
my
broad
the Moscow
will
proper
fide
for
held
was
wing" of the legal reserve life in¬
companies, the report said.
national day
a
$36,600,000,000
"The American insurance busi¬
and all American
business
ness
estimated
was
business "must
tack, if it expects to combat these
onslaughts"
and
hold
back Governmental control.
surance
tory."
v;
sympathetic
as
for
sponsibilities
to peace.' "
attitude is taken by Bureau of¬
ficials in passing upon the valid¬
1
prayer
guidance
further
tion, 'a rapid transition from
In my opin¬
of
and
Mr. Hull's letter further stated:
Congress has
compliance by the
and
Roosevelt
widening warfare
of
extended the time
President
Sept. 30 it
or otherwise."
Federal
and
trust, in effect, for 67,000,000 pol¬
icyholders "under the protective
Day Of Prayer
claimed Jan.
the end
conflict."
the
now
As
commerce
would
safeguard
its
continued
regulation by the States.
As of
FDR Proclaims Jan. I
liberated peoples will live and be
strengthened
for
the
tasks
of
peace, but to assure that
of the
fighting brings
our
25, pagg 2139.
interstate
re¬
offensive, one for all and
all for one, attack and
counter at¬
lish that the insurance business is
not
that
must begin
the heels of
upon
referred to in
was
issue of Nov.
of
of
the United
Na¬
Not only to assure that the
gress has
yet
Dean
armies
tions.
body of precedents
Is built up, the desire for
statutory
Change has lessened.
The Con¬
for
by
Secretary
peace
-.
the months passed, howand Bureau rulings are is^
fever,
sued
Mr. Tarleau went
to
of
the
Eu¬
supplies committees.
A previous item
regarding the
State, said:
was
pointed out that a good many past
pension plans that were bona fide
might find it difficult, if not im¬
possible, to qualify under the pres¬
to say:
conference
companies,
The report said
take the
Congress would definitely estab¬
ropean and
the provisions of
on
revenue
ent statute."
Vice-Chairmanship
will
Federal
business
as
we
now
know
it,
whether the form be stock or
mu¬
tual
urged active support for the Bai¬
ley-Van Nuys bill under which
nese
y
the
enterprise will have its withering
and deadly effect on the
insurance
seven attacks of the Federal
Government
on
the
insurance
business in the last five years and
member, the Far East group.
The Russian delegation has
the
Acheson,
the
requirements," ; Mr.
on
Insurance, of which Theodore M.
is
chairman, the report
read
made by Con¬
mitigate the se¬
of
some
Committee
listed
group; the Ca¬
member,
the
supplies
group; the British member, the
European committee, and the Chi¬
Rehabilitation
the
in
Government
setting up another bureau in com¬
petition with private insurance
Riehle
nadian
by
"Any legislation which
sult
ultimate
by
this
country,"
Secretary of State Hull in a letter
be
gress in order to
verity
Drawn
their officers on Nov. 30.
The member for the United
States
heads the financial
from
participation
passed that amendments
have
and
supplies, financial con¬
Europe and the Far East,
trol,
terprise be saved
destruction.
In urging that Congress author¬
ize funds for "full and effective
talk when the
some
Relief
on
way, the report declared, could
the American system of free en¬
elected
Affairs
on a measure
plans in the light of recent legis¬
lation and administrative
rulings.
was
mittees
lative
pen¬
sions in this country and
surveyed
"There
The four permanent
supervisory
the UNRRA—the com¬
ex¬
govern¬
rights," the Chamber of Commerce of
monthly meeting on Deo. 2 adopted a
report urging all business to take the offensive
against Federal inva¬
sion of the field of
private enterprise and the expansion of
bureau¬
cratic government.
Only in this<s>-
Dec. 1 and the work
on
bodies of
setting up legis¬
machinery for this nation's
participation in the" United Na¬
reviewed
corporation
Atlantic City meeting was
organizing was transferred to
the headquarters in
Washington.
Dec. 7 opened hear¬
on
Citing the attempts at Federal control of insurance
as "an
ample of the dangerous trend toward an
all-powerful central
ment at the expense of States
the State of New York at its
of
-
Foreign
the current status of these
pension
Act
The
Urges Funds For
Financing UNRRA
Division
repairing
light, water
as.
transportation,
concluded
Hull
Speaking at the fourth" session
a
three-day conference on pen¬
sion and
profit-sharing trusts be¬
ing
jointly
sponsored
by I: the
of
in
mediate needs."
revenue
;
assist
sanitation
communications to meet im¬
and
and member of the firm of
Willkie, Owen, Otis, Farr & Gallagher,
stated that there is now neither the
need nor the likelihood of any
ease
will
public utilities such
sympathetic attitude will be taken by officials
passing on the employee pen¬
corporations, Thomas N. Tarleau, New York, attorney
a
to
Urges Business Take Offensive
Against Federal Attempts To Control Insurance
And
of the Bureau of Internal Revenue in
sion plans of
Congressional action
N. Y. Chamber
parts."
Fourth—/'The pledge that
spare
To Ease Provisions On Pension Trusts
2567
under state regulation.
year, or an increase of 19%
"details
ranean
of
the
grand
staff
White House said.
The
dent
Mediter¬
strategy determined
days
visited
revealed
on
upon
s,1"
the
which
the
Presi¬
not
were
by the White House. Par¬
ticipating in the talks with Gen.
Eisenhower
were
his
chief
of
staff, Major General Walter Smith,
and
Lieutenant
Spaatz,
General
Commanding
adding that the public has
confidence
"The
.
Carthage
said,
Carl
General
of
the Northwest African Air Force.
in
success
the
it
stability
(the
and
insurance
business) has achieved because of
service to its policyholders breeds
governmental envy and
the report charged.
ing coal, handled through the
jealousy," ports in November represented an
distrusted Federal control
supervision, the report warned:
daily unloading of 4,636
average
Declaring that the insurance
business "is the soft underbelly of
all business" and that it feared
and
k
The total of 139,090 cars of ex¬
port and coasted freight, exclud¬
or
cars,
the
highest
on
record.
It
slightly exceeds the previous high
average
in
of 4,592
September this
cars
year.
established
■.
Thursday, December 23, 1943
& FINANCIAL CHRONICLE
THE COMMERCIAL
2568
Industry Chairmen For
Fourth War Loan Drive
"
made
on
Dec. 13 at a luncheon given
by
William E. Cotter, of the
Union Carbide and Carbon Co.,
who is a Director of the Division,
and also a Director of the War
Finance Committee of New York.
Fourth War Loan Drive was
the
outlined
Cotter
Mr.
Currency
Savings
3.
Insurance
;he Commerce and In¬
dustry Division, stating that it
was organized as a liaison group
between business and the War Fi¬
promote and
Committee to
nance
maximum purchase
of bonds with special emphasis on
executive and employee subscrip¬
tions.
In this connection three
stimulate the
the
Corporate and other
and approximately
committeemen.
The latter
groups,
+ 8.0
+ .3
+10.1
+ 2.9
0
0
+ 2.6
9.3
+11.4
+
+
—
—
''..',0
*— 1.1
classified
—
+1.7
,,
0
—
+
0
.4
+
1.6
7.6
+ 2.8
+,:
+
.3
0
+
'.3.2
+ .2
+ .2
Does not include
by bank loans.
In
chases of U. S. Goverhment
and $300,000,000 for
brokers and dealers
other individuals.
acquisition of
Committee, and Walter's. Gifford,
President of the American Tele¬
phone and Telegraph Co. spoke,
outlining the details of the cam¬
and the necessity of the
people of New York, ahd the na¬
tion, subscribing to the best of
their ability.
The Fourth War
Loan bond sales will start Jan. 18
and
continue, through Feb.
15,
with the emphasis during the first
two weeks of the drive on sales to
paign
Earnings Of United States
Railroads For The Month Of September
section chairmen of
the
and Industry Division
are:
.
1943
1942
229,218
$776,539,717
478,073,689
230,442
$697,792,911399,705,278
+
Amount
earnings
Dross
Operating expenses
Advertising,
+
0.13
+
378,395
$298,087,633 ". +
divisions,
ual
all of the districts—Eastern, Southern and Western, as also all the
of Batten, Barton, Durstine & Os¬
different regions grouped under these districts—record gains in gross.
borne, Inc.
Apparel—James J. Walker, im¬ In the net earnings all districts showed increases except the three
partial chairman, National Coat regions in the Eastern District, which disclose moderate recessions.
Suit
and
men's
Section
Morris
ris
W.
—
Wo¬
Board,
Recovery
co-chairmen
are
Haft, President, Mor¬
Haft & Bros., Inc., and
W.
Samuel Zahn,
President, Interna¬
As previously explained, we group the roads to
conform to the classification of the Interstate Commerce Commission.
The boundaries of the different groups and regions are indicated in
Beverages, Wines & Spirits and
Tobacco—Seton Porter, President,
National Distillers Products Corp.
John C. Hegeman,
Hegeman-Harris Co.,
Building
Inc.
—
;.v
..
Hotel Roosevelt.
F.
Bliss,
Secretary,
'
V
24,846,346
+
1,813,320
+
114,011,741
+
10,534,077
+
139,528,919
+
13.988,589
Oil
1
■
-
Total
Co.,
region
+
26,335,986
+
(30
'
'
•
96,138,727
+
9,193,944
+
33,742,174
2,851,748
+
:
.
s
Johnston,
F.
Insurance —Gale
Vice-President, Metropolitan Life
129,880,901
+
12,045,692
+
80,183,008
+
9,450,368
170,582,008
148,494,909
+
22,087,099
Insurance Co.
8,827,661
Merchandising —H. L. Brooks,
President, Coty, Inc.
ices^—Douglas Gibbons, President,
Douglas Gibbons & Co.
Retail
—
Edward
J.
dent,
Radio—Major
Vice-Presi¬
Radio-Keith-Orpheum.
E.
Thompson,
Textiles—J.
W.
+
697,792,911
78,746,806
+
v
.
§
g
6,639
8,351,630
9,534,189
39,644,025
—
region.
23,998
52,017,621
42,567,474
54,207,079
56,699
100,613,276
106,308,742
37,403
6,014
37,621
582,559
2,923,449
2,189,458
—
25,865
24,195
—
232,186
232,378
1.90
232.772
232,349
480,408,546
+
113,783,775
+ 23.68
226.955
224,922
—19.55
235,155
234,559
0.35
235,280
235,20&
594,192,321
—
—
Total
Southern
region——.
Pocahontas
Total
region.
8.91
235,611
236,525
235,178
235,640
+
4.51
236,752
236,581
+
4.28
236.779
235,977
4.42
238.814
237,854
1.77
240,693
239,499
1.76
241,704
241,447
99,634.540
—17.59
242,341
243,322
—117.073,774
—
—25.08
242.815
242,593
+- 77,612,781
—22.20
242,292
242,143
8.62
240,992
239,904
5.70
238,977
240,563
566.461,331
—
1932——
349,821,538
272,049,868
466,895,312
*349,662,649
1933.1
295,506,009
272,059,765
+
291,772,770
275.158.450
—
7...
.
-
1931
275,129,512
306,566.997
356.633.472
.
6,047
43,668
43,420
—...
356,449,463
6.11
6.87
4.04
—
+
+
+
24,192,009
—
Northwestern
—
■
43,052,246
43,333,514
r
17,122,055
17,328,489
+
+
60,174,301
60,662,003
+
+
281,268
206,434
+
0.65
+
1.20
of
Romero
announced by President
Mr. Estellita, for¬
General Director of National
recently
487,702
0.81
3,030,642
+
don to
replaces
+
23,446,244
16,643,258
+
31,408(547
+
11.41
237,431
238,819
50,080,594
6,005,266
+
16.34
236,686
236,918
+
1.68
235,304
235,886
40,346,921
—11.13
234,423
235,308
58,381,250
+
18.13
233,378
234,236
0.37
232,708
233,373
+
-
+
—
362,454.728
322,055,751
380,437,002
+
1,426,422
+
488,975.757
382.028.588
+
106,947,169
+
27.99
232,110
232,749
697.792,911
488,975,758
+
208,817,153
+ 42.71
230,532
776,539,717
697,792,911
+
78,746,806
+ 11.28"
229,218
232,137
230,442
-
-
-
+
+
-Net Earnings-
Month
Year
Increase {+) or
Year Given
Preceding
Decrease (—)
$91,444,754
$78,939,440
94,307,971
of
Sept.
1909——77--
90,191,439
-
+
+
1.43
+
6.64
5,153,067
—
91,274,033
93,181,915
748,914
+
0.82
18,546,361
+
19.90
12,572,543
7,699,654
+
11.24
—
36,877,736
67,960,708
66,733,148
+••
1,227,558
27,993,706
+,
1,327,957
129,577
all
Total
districts.229,218
{roups
Oscar
1920
120,604,462
109.232.938
+
9L381.593
120,428,552
—
—
—
,
1923—
ing the tri-lateral plan for settle¬
ment of Brazil's foreign debt.
131,604,590
+
5,586,159
230,442
298,087,633
+
378,395
grouping
New
1.84
+
91,858,924
+
134.911,897
+
Great
England
Region—Comprises the section' on the
the westerly shore of Lake Michigan
Lakes
and
a
line
mouth
from
Chicago
10.41
+
40.76
+
22.34
+
11.32
-i—7
1928.
176,936,230
14,996,918
193,233,706
178,647,780
178.800.939
13,799,429
1,711,331
—
179.434.277
180,359,111
;
+
181.413.185
—
71,781,674
88,955,493
108,659,760
7
.i,
100,395,949
1937—
90,537,737
129,871,715
122,391,572
176,738,626
-
1939—i-i;
9,060,608
11,129,616
+
20,938,789
—
+
16,564,585
+
19,749,522
1.46
—19.74
—37.43
—
9.83
—
13.39
+
—22.58
+
22.88
+
22.21
7.57
—
39,328,587
7,480,143
+
+
54,296,709
+
121,348,284
378,395
•+
+
9,859,213
—
7.13
0.96
—
176,739,349
298,087,633
298,466,028
8,48
+
8,226,506
—
122,441.917
298.087.633
iytJ—
—-
92,153,547
83,092,822
92,720,463
72,390,908
88,910,238
108,622,455 >.
100,396,950
90,543,128
129,871,715
94,222,438
^
36,255,079
55.161,214
—
183,486,079
147,379,100
147,231,000
92,217,886
83,092,939
—
2,612,246
+
9.82
43.44
—
5.76
+ 44.35
+
68.66-
+
0.13
Living Costs In Large Cities Advanced 0,4%
Between Sept, 15-Oct. 15, Labor Dept. Reports
"Costs of miscellaneous
goods and services rose
Increases were
15.
15 to Oct.
and prescriptions for
admissions continued
charges for hospital care, obstetrical services,
Laundry prices and motion picture
medicine.
to
advance.".
0.5% from Sept.
such as
reported in medical services,
.
COST
LIVING
OF
Indexes,
IN LARGE CITIES
1935-3^—100"
Fuel
House-
electricity
1939:
Jan.
Food
Clothing
Rent
98.6
93.5
100.3
104.3
May
furnishings
100.8
Ang.. 15
1942:
and ice
All items
,
97.5
,
.100.6 I
.
15-,-.
100.8
97,8
100.7
105.0
121.6
126.2
109.9
108.0
106.2
100.1
104.9
15—.
116.0
"
122.2
Misceilaneous
100,4
101.9
110.9
123.6
<
111.4
15——i..
117.8
126:6
125.8
129.6
125.9
108.0
123.6
15—
119.0
106.2
Oct
137.4
132.5'
108.0
107.7
126.3
111.8
117.0
138.2
133.0
t
107.9
126.5
117.6
Sep.
15.—...
123.9
Oct.
1943:
15—
124.4
CHANGE
Fuel,
-•: -*'c*
classification of the Interstate
the confines of the different
States.
Canadian boundary between New
to Chicago, and north of a line
Region—Comprises the section south of the Great Lakes Region east
through Peoria to St. Louis and the Mississippi River to the
of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.. and a
Central Eastern
>f
9.53
+
—24.12
159,216,004
0.13
Chicago via Pittsburgh to New York.
'rom
+
177,242,895
191,933.148
—
4.25
+.
and regions:
England Region—Comprises the New England
29,046,959
37,441,385
2.79
+
—16.08
30,137,287'
18.026,891
1291300,309
—
1929.7
11,372,524
165.049.184
—
1930-
8,905,693
+
6.22
—
Sep.
EASTERN DISTRICT
Bor-
who will proceed to Lon¬
arrange a plan for execut¬
1.37,190,749
298,466,028«'
of the roads conforms to the
Commission, and the following indicates
Note—Our
Commerce
130,075
3,190,550
18,828,861
+
102,329,084
—
5.26
111,875,296
123,785,757
1919—
1921__
4.36
1,321,815
114,280.071
117,131,459
93,423,391
1922
-
15.84
6,035,612
117,470,621
98,302.598,
1918
4.74
39,908,378
4,116,532
—
+
—
90,842,946
98,000,260
92,847,193
92,022,947
111.728.276
124,447,839
116,086,103
-
%
$12,505,314
+
89,393,733
90,720,548
96,878,558
1913———
R.22
29,321,663
Getulio Vargas.
Finances,
+
380,437,001
381,863,424
1941:
+
45,512
region. 28,759
Total
head of 'the Brazilian
Treasury agdncy in New York was
mann,
—
5.35
5,695,466
region 55,258 " "'55,671
28,892
region. 45,560
West,
Central
Heads Brazil N. Y. Agency
mer
—
—
PERCENT OF
as
26,058,156
—
—
322,107,807
1940—
V'r J
"
appointment
+
5,116,223
24,381,004
—
306,552,878
362,454,729
-
Date—
Western District—
Southwestern
Estellita
+
0.94
466,826,791
Southern District—
Schwab, Presi¬
dent, Cohn-Hall-Marx Co.
The
+
1,723,772
44,549,658
—
Incr. ( + ) or Dec. (—)
$
°Ir
6,597
129,367,931
9,252,922
+ 36.16
+-
565,816,654
11.28
25,626
+
487,140,781
9,812,986
13.94
+
1942
243,027
33,901,638
357,772,850
495,123.397 -485,870,475
330.978,448
364.880.086
Davidson,
.
Leslie
40,365,128
56,221
Lakes
lentral JEast.
President, James McCreery & Co.
State. Screen and
+
region-
England region-
3-reat
1942
1943
Eastern District—
Mew
+
1943
—-Mileage—
District and Region
247,466
245,148
+ 10.24
9,980,689
:——Net Earnings
—
Special Serv¬
Professional and
.60,847,087
776,539,717
248,156
+
+
+ 14.51
Total all districts (132 roads)—
+ 13.10
—
7.30
9.24
289,525,004 >
•
38,555,541
556,003,668
+ 14.88
69,674,748
294.333.449
564,421,630
+ 11.79
329,890,132
243,463
332.888,990
554,440,941
9.27
89,633,376
Total (51 roads).
245,132
564,043,987
.
roads)——.
Central Western region (16 roads)—
Southwestern regioxi (20 roads)__
Northwestern region (15
6.43
564,756,924
590,102,143
'.
.
17,783,141
+
588,948.933
8.45
141,926,593
.
242,386
564.443,591
9.57
+.
roads)
Western District—
4.50
540.062.587
9.46
(4 roads)—
—
+
+10.03
278,387,006
(26 roads)—
region
3ocahontas
■
'
26,659,666
124,545,818
153,517,508
36,593,922
(18 roads)—.
Total (51 roads)
Southern
Industry—John A. Brown, Pres¬
Socony-Vacuum
11993245746028—
12.857,844
294,241,340
285,850,745
276,458,199
—
Dec. (—)
105.332,671
Ireat
lentral Eastern region
National Biscuit Co.
Inc.
or
304,722,992
England region (10 roads)
Lakes region (23 roads)—.
New
238,698
275,244,811
272,992,901
499,720,575
$
7
Eastern District—
)
239,050
+
285,050,042
1934—
Inc. ( +
1942
235,140
242,097
544,970,083
_
1943
226,526
237,591
544,270,233
-Gross Earnings-
District and Region
229,161
230,918
7,88
jess
539,853.860
GROUPS—MONTH OP SEPTEMBER
Southern District—1
Food—C.
ident,
.
SUMMARY BY
Commercial—B. G. Hines, Man¬
ager,
below.
appears
the footnotes to the table.
tional Dress Co.
President,
corresponding month a year ago there were substantial gains
all districts in both gross and net earnings. Our summary by groups
In the
in
233,428
0.02
+
1010—
arranged in groups, or geographical
When the roads are
12.11
+
19,891,032
9,805,231
+,
19.61
+
78,368,411
■
+
39,801
252,318,597
617,537.676
(57.28"p )
...
$298,456,026
earnings
Net
Graphic and Vis¬
Arts—Bruce Barton, President
(61.56% )
earnings-
Ratio of expenses to
217,277
272,209,629
+
496,978.503
+ 11.28
$78,746,806
+
220,205
$10,148,617
25,593,110
+
498,702,275
0.53
—
4.18
249,014,235
496,784,097
Vo
-
1,224
—
roads
132
of
Year
Preced'g
Given
*
+
1922..——.
(—)
Incr. ( +) or Deer.
Month of September—
Vc
-120,753,579
.
in¬
249,054,036
1930—
of the railroads of the United States for
the month of September, while at high levels, did not reach the peak
of $800,232,157 in gross and $332,944,921 in net, attained in August.
Gross earnings in September were $776,539,717 as compared with
$697,792,911 in the same month a year ago, an increase of $78,746,806,
or 11.28%.
As the ratio of expenses to earnings was higher, only a
small portion of the gross increase was reflected in the net.
Net
earnings in September, 1943, amounted to $298,466,028, as against
$298,087,633 in September, 1942, an increase of $378,395 or 0.13%.
The ratio of expenses to earnings was 61.56% in September
as compared with 58.3% in August and 57.28%
in September a year
ago.
We now give in tabular form the results for the month of
September, 1943, as compared with the months of September, 1942.
the
—Mileage—»
Year
(+ ) or
Dec. (—)
$252,711,5)5 $242,562,898
211,281,315
236,874,425
^
1926—
Gross and net earnings
.
Inc.
Preceding
1921—..
flow cur-
Gross And Net
Milage
/ .i
111999344658732546—7—-
customary summary
-Gross Earnings-
1923—
2,000
and thence to El Paso,
•i
7
Year
Year
Given
1910—1911:
automobiles and other
jINew construction of one- to fouiSfamily nonfarm homes less net
properties by non-individuals.
;
"""Purchases.
Based on Department of Commerce data on commodity
the Mississippi River
section lying between
St. Louis to Kansas City
line from
'
1909.
by other individuals
the third quarter of 1943 it is estimated that such pur¬
securities amounted to approximately $1,000,000,000 for
financed
a
which follows we furnish our
"7':
Sept.
by brokers and dealers or
not include net purchases
and
by the Rio Grande to the Gulf of Mexico.
<>r-.v.,■
"i;.-
the types specified.
the
Region—Comprises
Louis
St.
Month
+ 1.8
+1.9
.7
+
.2
+
1
.
pf the September comparisons of the gross and net earninfs of
railroads of the country from the current year back to and
cluding 1909:
...
,r
consumers' goods,
§Does
lying west of tha
thence to Portland,'
...
of
In the table
+ 5.2
+ 4.0
.2
.2
+
government saving.
"k: •; saving excluding purchases of homes as well as of
tGross
11199922324806547587—
ind
.3
.2
—
jouth
;
w
.6
.'1
(
Western
Southwestern
.+. 3.0 .+ 3.4
+ 1.2 + 2.1
/Q
+ .1
+ 2.6
+1.9
—.1
.2
.5
—t
+ 1.7
-v
' .8
—
f
unincorporated business saving of
*Includes
durable
Randolph Burgess,
State
Chairman
of -the War Finance
13
■ "•
+ 2.8
+
WESTERN DISTRICT
.
Region—Comprises the section adjoining Canada
north of a line from Chicago to Omaha and
by the Columbia River to the Pacific.
Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis,' and north of a line
irom St. Louis to Kansas City and thence to El Paso
and by the Mexican boundary
so the Pacific.
>■ '
■>
■,
' . 7.'.
:• . .."
1
.■ : ■
corporate or
W,
The
goods
uid
+ .7
+ 1.0
+ .8
.+ 1.1
+ 1.8
.8
.8
+
+
+ 2.4
+ 4.9
+ 1.6
+
.1
+ 1.5
of debt, not
tf Liquidation
elsewhere
'>■
+ 3.8
+ 3.0
+
.9
+ 2.1
Saving (a. minus b.}
""Automobiles and other durable
"
+ 2.4
+ 2.1
+ 1.8
.——+ 2.5
+
.9
—
+ 1.7
Change in debt—
southern boundary of Vir¬
Parkersburg,/W. Va., and south
of Maryland and thence by tha
Region—Comprises the section north of.the
<i(
+ 2.7
+ .1
+ 3.0
+ .2
+ 3.8
+. .1
+11.5
+ .3
+ 5.0
+
.4
\
fPurchase
7.
York City.
Commerce
;
—
section east of the Mississippi River and south
W.' Va., and a line thertce following tha
the southern boundary of Virginia to the Atlantic.
the
point near Kenova,
a
Northwestern
dwellings:
Non-farm
consumers'
will
contact 30,000 commercial, indus¬
trial and professional firms hav¬
ing 2,500,000 employees in New
individuals,
—
—_
to
boundary of Kentucky and
3reat Lakes Region,
professional
and
trade
—
—
-
c.
organization is completed,
said there will be
serving
under the
13 section
chairmen, more than 200 chair¬
of
State and
Total
S.
Cotter
men
government-^—.k.
local governments—
b.
When
Mr.
-——
■■■'
.
-
'
v..
_
.9
.4
.1
,5
.1
+
Other U. S.
a.
War Loan.
9.9
,
■ <"
bonds,
U. S. savings
plete coverage to
home
k'
§Securities:
e.
personally bring
message of the Fourth
11.9
9.2
+ '1.7
+ 1.2
+ 2^9
——
'
d.
of a more com¬
the purpose
for
11.4
9.0
+ 3.0
+
.2
—
insurance
Government
b.
created
been
have
sections
new
Private insurance
River
Ohio
Central
Total
a.
5.
10.8
29.5
and pension reserves:
b.
c.
38.7
10.6
"
deposits-—associations--:.
and loan
c.
o.*
gram
25.0
-
and bank
1.
pro¬
Sept..
4.0
2.
4.
June
*
saving by type—
a.
March
—
(Liquid saving :
Gross
1942
15.8
saving
Gross
the
Pocahontas
1941
1
.
ginia, east of Kentucky and the Ohio River north to
jf a line from Parkersburg to the southwestern corner
Potomac River to its mouth.
July-
April-
1940
...
Region—Comprises
Southern
sastern
-1943—
Jan.-
7..: •'/•:
■
SOUTHERN DISTRICT
jf
STATES*
(Billions of dollars)
1940-1943.
•>
accept¬
ance of key businessmen to head
the 13 sections of the Commerce
and
Industry
Division
of the
the
of
Announcement
In Third Quarter
INDIVIDUALS IN. THE UNITED
SAVINGS BY
GROSS
mouth.
River to its
'• ' '
of Maryland and by the Potomac
Une thence to the southwestern corner
Individuals' Liquid Savings
•
items
Date—
Jan.
15,
Clothmgf tRent and ice.
t
0.2
+..- 0.2
+
4.5
+
6.6
+
5.6
0
1.6
+
2.3
+
5.2
5.7
0 "
1.6
+'
2.3
+
5,6
5.4'
+^3.5
-.+
6.0
+
15.4
23.4
+ 41.3
V+.32.L,
Oct. 15, 1943
26.2
+ 47.8
+ 32.6
based
(Rents
surveyed
(Changes
0.5
0.4
+
are
laneous
.+
+
indexes
ings
0.6
15, 1943
and lower-salaried
,
Miscel-
+.
1941 to Oct.
"These
nish-
0.4
15, 1943
15, 1943
15, 1943
15, 1943
Aug. 15. 1939 to
earners
Food
' '
Housefur-'
tricity
+
to Oct.
to Oct.
to Oct.
to Oct.
15, 1943
Oct. 15; 1942
Sep. 15, 1942
May 15, 1942
Sep.
"'elect-'
+
All
+
5.6
+
9.2
+
+
7.2
+
13.7
+
on
—1.7
,+ 2.9
+ 3,5.
2.9
7.0
+10.7
.
,,+ 26.4
+
25.7
+
+ 17.1
changes-iri the (cost of goods purchased by wage
workers in large cities.
at quarterly dates:
through Sept. 15,
1943.
'
March i5, June 15, Sept: 15,'Dec. 15. '
'
"
; " " **'
-
Volume
158
Number 4240
THE COMMERCIAL 8c
FINANCIAL CHRONICLE
2569
Bankers' Dollar Acceptances Outstanding
Nov. 30 Decline To $911,289,000
Daily Average Briide Bit Production For Week Price Control'Aet '•
Ended Dec. i 1 Declined 7,550 Barrets
+a '
The volume of bankers'
The American Petroleum
Institute estimates that the
dollar
acceptances outstanding on Nov,
decrease of $3,594,000 from the Oct. 30
total, according to the monthly acceptance survey issued Dec, 15 by
30 amounted to
$111,289,000,
the Federal Reserve Bank of New York.
ceding week.
As compared with a year
decline of $4,778,000.
In the month-to-month
comparison, credits for exports, domestic
shipments and domestic warehouse credits were higher, while in the
the Nov. 30 total represents
ago,
yearly analysis, only credits for imports and exports
The Reserve Bank's report follows:
BANKERS'
•
■
DOLLAR
■■'
ACCEPTANCES
BY
FEDERAL
RESERVE
Federal Reserve District—
1
Oct. 30, '43
Nov. 30, '42
$20,114,000
$20,223,000
65,254,000
66,732,000
5,208,000
7,043,000
1,681,000
2,019,000
2,363,000
2,014,000
1,412,000
i
—
Philadelphia--—
Cleveland
Richmond
i—
2,026,000
2,578,000
■
Chicago
St.
3,345,000
837,000
Minneapolis——.,—
City_—-J———
10
54,000
Dallas—
12
San
.'174,000,
0
Kansas
11
•:
481,000
Francisco-—-
9,326,000
;
DAILY
Total——--:
Decrease
'■jW
$111,289,000
for. month——: .$3,594,000
$114,883,000
Decrease
for
ACCORDING
TO
NATURE
OF
'
Oklahoma
11,107,000
__——:A
goods stored in
between foreign
iVest
6,404,000
12,895,000
21,350,000
173,000
26.510,000
Bouthwest
or
9,448,000
9,606,000
12,473,000
$57,466,000
East
319,000
vt
bills——$52,531,000
Bills
'
•
Increase
CURRENT MARKET RATES
Days
for
ON
month
j————
PRIME
60
——A
-1
Total
Total—$87,847,000
'
ACCEPTANCES
"A,;
DEC.
15,
.120 —AA
150 —A
Arkansas
V2
Illinois
Vff
Indiana
bankers'
month -since .Dec.
.
'
acceptances
31, .1940:
1940—
Dec.
208,659,000-
——•
Dec.
•
record of
a
the
at
close
of
the
"
k
$
•■■v.
1942
-
194,220,000
/•
,
'
Dec.
'
,
'
•
31—
'
'
.
212,777,000
Jan.
3 A A.
197,278,000*
-Jan.
28— A— 211.865,000
Feb.
190,010,000
Feb.
27-—_.
Mar; .3UA-
182,675,000
Mar: 31
Mar.
Apr.
.
'
31—.
217.312,000
—
.
30—
219,561.000
31— ^A_ 215,005,000
May
June 30—.
Apr. 30—,29—.
July ...31- ,—w 209.899,000.
Aug.
30-.
•Sept.
30-,
Oct.
31_.
197,472,000
——
177,293,000
Apr.
30
173,906,000
May
29--A-
June 30—7
.
June
30
139,846,000
31A A
138,692.000
31 A..UAaa'
v
Aug.
.Sept.
176.801.000
31—
Oct.
193,590,000
July
Nov.
128,350,000
Aug.; 31-+,+Sept. 30--A
30—„i-A—■ 123.494,000
31 A-"j
184,806.000
——
Nov, 29—
118,581.000
Oct.
NOV.
30
Total
of
13, the Bureau of Census
RECEIVED,
CRUSHED,
AND
"Received at mills
United States
1943
V
HAND
AThis
is
*''
1942
214,925
1943
3,710,483
221,285
+
2,900
71,000
+
2,500
24,600
16,000
52,900
+
2,800
51,700
60,400
—
6,100
100,700
90,200
450
21,200
22,650
••
A
96,450
}
" 20,850
r,
AAi i[ -A/
.
7,600
\
110,600
V
.
Arkansas
29,413
—A-
3,594,100
to
808,000
§808,000
the
net
basic
and
and
state
allowable
allowables,,
are
of
as
exemptions
were
3RUDE
of
1942
1943
.
-
•
2,074,615
1,514,196
1,714,639
141,459
140,710
82,011
for
exempted
for
Dec.
the
entirely
17,121
20,544
12,295
173,360
Conservation
A
week
1
164,275
26,355
32,870
44,221
,
"
? ;'v
101,496
70,155
Oklahoma—
184,031
91,312
Tennessee
156,256
189,660
107,226
72,073
39,541
303,950
356,816
399,505
120,851
81,551
88,278
104,798
63,060
101,749
105,947
118,590
155,241
30,044
——
245,384
339,070
133,999
.■:
.;
798,824
862,880
503,631
533,411
88,207
123,494
37,696
51,661
All other states.
"Does
not
tons
reshipped
1943
and
include
for
3,157 for
COTTONSEED
90,336
1943
and
and 81,928
1942
tons
Does
respectively,
1942.
hand
on
MANUFACTURED,
Aug.
1
include
52,914
nor
1,560
27,788
tons
and
24,248
destroyed
for
SHIPPED
OUT, AND
ON
Produced
Shipped out
Aug. 1 to
Aug. 1 to
On hand
Nov. 30
Nov. 30
1
1943-44
"23,283
575,722
522,075
1942-43
"135,493
\
34,460
640.125
585,728
I
1943-44
158,727
t207,409
£43^244
1942-43
1219,244
A
310,191
465,361
I
i
1943-44
18,542
865,355
818,544
1.942-43
190,100
912,999
1943-44
11,964
439,483
985,659
412,293
1942-43
44,118
500,583
1
1943-44
135,927
§560,659
:
bales)—!
1912-43
43,295
618,143
-;
509,999
I
1943-44
§259,273
151,439
556
10,527
:•
9,354
1,729
(thousand pounds)
_
Cake and meal
n
j,
z::i
Hulls
(tons)
-
Llnters
(running
fiber
Hull
ana
■
*
:
(500-lb. bales):—_f
Grabbots, motes, &c.)
(500-lb. bales).— J
"Includes
1942-43
13,826,000
establishments
and
229
1943-44
and
3,150,000
39,154
71,848
472,853
10,651
1,962
20,365
pounds
18,770
15,701
24,973
23,644
55,026,000
65,353 *
117,440
437,313
.
12,384
14,106
1942-43
15,684
32,939
held
by
refining
and
Gulf,
and
1,
♦
1943
and
Produced
JTotal
cut
5,064,000 pounds
and
Nov.
from
linters
30,
1943
460,741,000
produced
in
transit
respectively.
pounds
includes
of
manufacturers
Does
crude
not
bales
held
includes
45,437 bales mill run.
Total
second cut and 29,421 bales mill
of
include
shortening,
winterized
soap,
oil.
etc.
oil.
131,261
and
bales
to
first
cut, 383,961 bales second
48,520 bales first cut, 181,332
tistics
the
has
interest
of
national
defense,
discontinued until further
concerning imports and exports.
the
Department
notice the
California
Oil
oi
Producers.
on
'
amounts
Bureau of Mines
a
2,444,
•
fineries
Finished
Includ.
and Un-
tStocks
tStocks
of Gas
of Re-
Oil and
sidnal
Distillate
Fuel
Fuels
Oil
88.7
2,071
84.7
5,968
22,739
23,392
16,992
83.9
94
72.3
326
1,658
901
87.2
42
89.4
177
1,078
123
California
:.
824
85.2
2,654 ,
1,167
14,,060
6,381
80.1
*2,750
6,770
2,304
1,028
748
90.8
335
80.5
8
26.9
10
of
Com¬
33
V
68
58.3
84
59.6
331
1,249
817
89.9
760
93.0
1,914
14,31$
basis Dec,
U.
S.
Bur.
"At
the
in
gas
oil
pipe
and
'
86.4
■
.
4,827
4,144
85.9
86.4
12,570
'1
<
4,331
'•
21
30
404
695
11,984
.
89.7
request
lines.
+71,937
■""7"
13,325
Mines
3,717
of
the
Petroleum
10,040,000
§Not
distillate
barrels.
10,973
Administration
for
•:
37,862
45,510
■.
59,715
■
71,040
'
12, 1942,
barrels;, unfinished,
and
4,827
12, 1943of
basis Dec.
"
45,107
61,420
48,749
75,287
7
74,093
War.
tFinished
XAt
61,897,000
refineries, at bulk terminals, in transit
including 1,208,000 barrels, of kerosine, 4,081,000 barrels o!
fuel
oil
and
7,201,000 barrels of residual fuel oil
produced
during the week ended Dec, 11, 1943, which
compares with 1,455,000 barrels,
4,714,000
barrels, and 8,348,000
barrels, respectively, in the preceding week.
Note.—District
oil,
73.0%, and
No.
1
as
sell¬
has it at any time sold,
the
garments
referred
regulation at prices in
the maximum
mitted
to
the
to
ex¬
prices per¬
defendant
such
as
seller."
one
•
This
the
answer, made in each' of
four cases, was the
only one
eight affirmative replies to the
OPA complaint that
Judge Rifkind
allowed to stand. He ruled that
the act
was
of its
gress
valid
a
war
use
by Con¬
that the
power,
delegation of authority to the OPA
valid and had been exercised
was
properly in the adoption of Regu¬
lation 330, and that the restricted
legal processes permitted to busipeople who wish to challenge the
OPA
was
not
violation
a
constitutional
provision
of
for
the
"due
He
specifically upheld the pro¬
priety of reouiring obedience to
OPA
regulations while they are
being attacked in the courts. This
requirement, he held, was a con¬
move
against inflation,
Defenses against the OPA's in¬
junction suit which the Court re¬
jected and struck out, as num¬
2. That MPR 330 acts to
compel
in the
chances
by
it.
inventory indices are:;Gja^oline, ,42.07c; kerosine, 52.0%
69.7% of normal,;'7
'
residual fuel oil,
.
;
3.
industry affected
unfair, allowing
is
It
competitors of the defendants to
sell identical merchandise at
high¬
er
prices. 4. It
out
U. S. B.
of M.
basis Dec. 11, 1943_
Tot. U. S. B.
of M.
and
now
bered by the court, were:
Tot.
was
consultation
the
industry.
adopted with¬
of
5.
members
of
It
establishes
maximum prices not
generally fair
or of general
application.
6. The
act and the regulation are uncon¬
7. Both are
stitutional.
and
arbitrary
capricious.
process
3. Both deny due
of law.
Patterson Heads ICC
gas
.
The Interstate Commerce Com¬
Sale Of
Treasury Silver
meeting With the Silver Industry
Advisory
Committee, at which
By WPB Authorized
Authorization
of
the
several
use
of
$25,000,000 worth of Treasury sil¬
ver
as
a
substitute
for
scarce
engine bearings, brazing
alloys, solder and other war items
publication of sta¬
125.0
141
,A
seller it is not
one
of
cess
199
416
District No. 3—
District No. 4______
: A' •'
..
159
47
District No. 2—
ind., 111., Ky
OK la., Kans., Mo
Chal¬
process of law."
basis-
130
District No. 1
goods.
seller,
such
sidered
Arkansas
Inland Texas—
and
expensive
are
■
tStocks
Runs to Stills
and
*;/+''■ V
■
% Re-
metals in
In
exception
North
run.
Exports and Imports of Cottonseed Products
merce
the
Louisiana
and
Aug.
'
manufacturing
20,513,000 pounds in transit to refiners and con¬
sumers Aug.
1, 1943 and Nov. 30, 1943 respectively.
(•Includes. 2,196,000 and 2,956,000 pounds held by
refiners, brokers/ agents,' and
warehousemen at places other than refineries and
manufacturing estab'ishments
3,734,000
1943.
31-day basis and
Appalachian-
258,821
'■ > v
Refined oil
(tons)
District— ''
Nov. 30
oil
natural
9,
R,ocky MountainHAND
Aug. 1
(thousand pounds)
and
stores,
merchan¬
"That the defendant operates its
492 stores as one
the
other
Daily
% Op- Natural finished
Rate porting
Average erated Blended Gasoline
'Combin'd: East
Coast,
Texas Gulf, Louisi¬
73,124
On hand
Crude
a
With
at Re-
Crude
Potential
196,704
362,424
Season
Item—
represent
a.m.! Dec.
§Gasoline
L
Capacity,.'.
7
':
36,598
114,651'
-339,862
•
PRODUCTS
on
certain
3,881,150
some
obtain
of
7:00
month.
——therefore
■
Daily Refining
86,746
52,902
151,553
—
Texas—
above,
Production
36,367
201,840
104,569
294,790
ended
calculated
of
and
Committee of
Ay';-,' 'AA'.
235,642
...
186,651
697,214
4,397,250
plus.an estimate of unreported
12,007
206,018
shown
as
entire
77,548
413,427
640,066
*
774,000
.
1942
68,062
267,938
146,023
176,099
South Carolina- -L.--.
783,200
7,550
TO STILLS; PRODUCTION OF
GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE. GAS OIL AND
DISTILLATE FUEL AND
RESIDUAL FUEL OIL, WEEK ENDED DEC.
11, 1943 *
;
(Figures in Thousands of barrels of 42 Gallons
Eacb>
Figures in this section Include reported totals
:
1,884,351
•
32,160
North Carolina- —185,284
——v.
2,300
RUNS
AND
court:..
of
no .definite .dates
SRecommendation
;
,
more
nor
—
-
to
lenging this theory, the Grant Co.
had
contended, in the words of the
any
only, and do not include amounts of condensate
produced.
A'A";zAC A A '"A-
which
in
ing,
+
4,376,700
the
qualities sold in the past,
would be prohibited from
trading
6,700
3,107,150
of
of
95,800
3,614,050
782,600
'A
4,425,100
be
unable
7,400
9,850
differing
stores
specified time. Thus
a
in the
3,617,100
sets
higher than those dealt in before
112,900
500
—
i
Nov. 30
63,680
285,909
—
.
75,700
were
days,
On hand at mills
328,052
California—.: .A-A
Georgia———: ADouisianna——;
A
Mississippi—
+V
.
'
112,900
■
Arizona
';
'
fields for which
ordered for from 3 to 12
days, the entire, state was ordered shut down
during the month being specified; operators
only being
required to shut down as best suits their
operating schedules or labor needed to
operate leases, a total
equivalent to 9 days shut-down time during the calendar
month.
9
,■
Alabama——.
r"A"
72,950
7,000
States
shutdowns
/A^Y'v
(TONS)
Aug. 1 to Nov.30
3.309,771
—.
ON
Crushed
Aug, 1 to Nov. 30
: C
16,200
26,450
tOklahoma, Kansas, Nebraska figures
111.283.00P
issued the following state¬
received, crushed, and on hand, and cotton¬
manufactured, shipped out, on hand, and exported for
the three months ended Nov.
30, 1943 and 1942.
a'aY-a./;
.
255,250
.A.
,•;■•
v
110,600
Calif.
derivatives
gas
114,883,000
...
ment showing cottonseed
seed products
State—
dise
13,200
A 23,500
1+—AAA
United
shutdowns
/
37,600
220,150
"P.A.W. recommendations
production of Crude Oil
130,244,000
117,016,000
A
30—
116,067,000
30—.
California
for
COTTONSEED
48,350
25,500
A—
several .fields
Dec.
when
57,000
East
Includes
On
73,600
.
it
different
and prevents the
garments at price-lines
of
79,000
1,500
—_
sale
314,900
3,500
-
330,
wholesale
company,
352,200
.
for
same
222,600
+
AA ■' -'"A '''
construed,
prices
273,500
135,815,000
162,849,000
156,302,000
139,304,000
July
.
"
Total
1,400
92,300
.
-;'v
-AaAA~->-
Mexico
129,818,000
-—V
May
,
212,932,000
_
New
127,062,000
+
+
77,000
Colorado
30—A---.-J 119,682,000
28AA
78,700
14,200
1943—
31-_.
Feb.
100
.
225,350
100,000
Montana
v
$
118,039,000
So
—
2,400
„
and
considered separately.
—
—
Regulation
prices
for
children's
1,385,250
47,250
Ky.)
Kentucky
Michigan
retail
sets
—25,300 ; 1,911,100
450
111., Ind.
of
which
ings and sales practices must be
1,300
Wyoming
31
1942—
incl.
Newberry Co., J. C. Penney Co.
and
McCrory Stores. It alleged
violations
174,850
+
A A
The OPA had asked
injunctions
against W. T. Grant Co., J. J.
313,200
.+
V
also
7
522,700
79,850
A
From
we
follows:
as
600
354,100
;
15
101,300
77,89 1
14,400
A
■AA'.AA'y'-' A AV
many
stores.
358,600
375,700
215,000
Dec.
one set
as
295,050
208,300
353,700
48,000
has
of
"Times"
by
by
or
it
as
371,650
275,500
————„A
and
each
Jan.
——
..
——
(Not
■; ;
•A 1941—
31—
1941—
furnishes
us,
outstanding
>
ceilings
standards
2,400
357,700"
2,550
f..
1,
,
_
on
132,400
93,200
135,800
—
78,600
:
•'
—
•
iff
following table, compiled by
decided
5,200
89,000
142,600
76,900
SasternA;
volume, of
be
—
1,882,900
YV.
—
%
180
The
to
concerns
single issue of whether each
—
364,300
1,892,000 tl ,888,938
Mississippi
■
—
Price
—18,550
115,100
.
520,500
\
2,900
to o o
—
290,800
—
284,700
3,800
+
354,400
Texas
Total Louisiana -A
1943
Dealers'Selling Rates
J/2
-------
Maximum
were
women's, girls' ' and
outerwear
garments.
Under the agency's
interpretation
of this regulation each
store is a
separate unit, whose price ceil¬
94,400
7;;7"
Texas
273,800
.
11,700
;,7:'vi A A
Coastal Louisiana -A
is
90
6,400
■
$262,000
BANKERS
+
143,400
STorth Louisiana
others—_$35,316,000
Dealers'Buying Rates
30
-
Of
t273,500
1942
349,300
1,700
269,800
—
Dec, 12,
325,050
2,550
Texas-
Ended
U,
1943
+
:i\
Central
Dec.
Week
1325,150
1,500
Week
Ended
Previous
V
285,000
BILLS HELD BY ACCEPTING
BANKS
Own
1943
Coastal Texas A
shipped
countries——,
store
the
BARRELS)
4 Weeks
from
Dec. 11.
''A,-
East Texas
22,656,000
Ended
Begin.
Texas
7,593,000
Change
Dec. 1,
North Texas
Nov. 30, '42
9,290,000
;
of
330
quote further
315,000
Texas
$66,871,000
exchange
ables
:
#
11,150,000
8,414,000
w:
credits
Week
IN
330,000
—A——-A
Nebraska
-AA_A
; - 126,000
shipments
Domestic warehouse
on
.
.$4,778,000
Oct. 30, '43
(FIGURES
Allow-;
Recommen¬
dations
$59,495,000
——.———.—
Exports,,,—;—A1'
Based
A'; J'V
.
December
CREDIT
Nov. 30, '43
tmports
•
Actual Production
•P. A. W.
\
$116,067,000
year—
PRODUCTION
•State
Panhandle
Dollar
AVERAGE CRUDE OIL
Kansas
Grand
Domestic
;
212,000
9,493,000
and
East Coast.
57,000
443,000
Act
chain should be bound
of price
4,952,000
277,000
Louis
trol
Regulation
the
1,689,000
5,982,000
548,000
Atlanta—-.—
The constitutionality and
valid¬
ity of the Emergency Price Con¬
late
;
4,620,000
r
71,937,000 barrels of
gasoline; 10,725,000 barrels of kerosine;
45,510,000 barrels of distil¬
fuel, and 59,715,000 barrels of residual fuel oil. The
above figures
apply to the country as a while, and do not reflect
conditions on the
:
DISTRICTS
Nov. 30, '43
$19,835,000
—
New' York
9
.V
STATES
65,458,000
4.682,000
Boston—
8
^
OUTSTANDING—UNITED
was
upheld on
Dec. 14 in a decision by Federal
Reports received from refining
companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of
Judge Simon H. Rifkind in N. Y,
Mines basis approxi¬
District
Court.
The
mately 4,144 barrels of crude oil daily and
New
York
produced 12,570 000 bar¬
rels of gasoline;
1,273,000 barrels of kerosine; 4,636,000 barrels of dis¬ "Times" reports that the court's
tillate fuel oil, and
ruling left Office of Price Admin¬
8,151,000 barrels of residual fuel oil
during the istration
suits against four chainweek; and had in storage at the end of the week
higher.
were
aver¬
1943
the pre¬
weeks ended Dec. 11,
Daily production for the four
4,397,250 barrels.
1943 averaged
a
Upheld By Fed. Court
daily
age gross crude oil production for the
week ended Dec.
11,
4,376,700 barrels, a decrease of 7,550 barrels
per day from
a
j
was
War
announced
on
Dec.
Production Board.
cision
was
announced
7
by the
This
after
de¬
a
producers predicted
domestic
silver
would
somewhat
be
output
less
in
Chairman for
1944
Haden
than
in
A previous item
concerning the
"free" Treasury silver was
given in
2134.
our
Nov.
25
issue,
page
on
Dec. 14 the
election of W. J. Patterson
that
the present year,
according to the
Associated Press.
sale of
mission announced
as
its
1944, succeeding J.
Alldredge. The ICC Chair¬
manship is rotated annually. John
L.
Rogers, who
election,
was
additional
j association
fense
was
in
line
for
unable to accept the
duties
because
of
his
with the Office of De-
Transportation.
Advanced 0.1%
During Week Ended Dec. 11, Labor Dept. Reports
Thursday, December 23,
FINANCIAL CHRONICLE
THE COMMERCIAL &
2570
Market Transactions
Fairchild Publications Retail Price Index
Wholesale Commodity Index
1943
•
In Govts. For November
Again Unchanged In November %
Market
transactions
in direct
Index remained
The U. S. Department of Labor announced on Dec. 16 that com¬
at 113.1 (Jan. 2, 1931—100) for the third consecutive month,
This is and guaranteed securities of the
modity prices in primary markets moved moderately upward dur¬
also unchanged from Dec. 1, 1942.
On July 1, 1942, as a result of Government for Treasury invest¬
ing the week ended Dec. 11, led by higher prices for fruits and
the over-all price ceilings placed on retail, commodities, the index ment and other accounts resulted
vegetables, and for coal.
The increase of 0.1% brought the Bureau declined to 113.1 where it remained unchanged for eight consecutive in net sales of $5,000,000 during
of Labor Statistics'
all-commodity index to 102.9% of the 1926
months.
Following that period only minor changes have been November, Secretary of the Treasr
average.
The price level for these commodities is 0.1% higher than
recorded.
In comparison with the period just preceding the out¬ ury
Morgenthau announced on
at this time last month and approximately 2.%% over the correspond¬
Dec. 15.
In October there were
break of the European War, the complete index shows a 27.2%
ing week of last year.
no market transactions.
increase.
'■
;%■">
'"A''A;V..;v:<
The Department's announcement further said:
Under date of Dec. 15, {he Fairchild announcement further re¬
The following tabulation shows
"Farm Products and Foods—Prices for farm, products in pri¬
ported: ■■ • 1
.'.'v-.v.
■
:■
the
Treasury's
transactions in
mary markets rose 0.2% during the Week with sharp increases re¬
"The major groups with the exception of women's apparel have Government, securities for the last
ported for wheat and cotton, for calves, steers, and sheep, and for remained unchanged from the Nov. 1, 1943 level.
As a result of the two years:%v
//,/
apples, beans and onions.
Quotations were lower for hogs as heavy continuing advance of fur prices women's apparel increased 0.1%
1941—
'y
shipments continued to arrive.
Prices were also lower for oats, for during the month. Women's apparel also recorded a 0.6% increase November
No sales or purchases
poultry and eggs, and for citrus fruits and potatoes.
Despite the over Dec. 1, 1942. The only other major group to show a change December
$60,004,000 purchased
recent advance, average prices for farm products are slightly lower
from last year was infants' wear, which increased 0.1%.
Piece goods
1942—
..V
.''AA-V\v"j.
than at this time last month and less than 9% above their level of has increased the most over the 1939 pre-war period, 33.1%, and January
$520,700 sold
the Fairchild Publications Retail Price
On Dec. 1,
-
_______
mid-December 1942.
"The marked increase
in prices for apples, beans
•'■■■v.''
and onions con¬
of 0.3% in prices for foods
markets. Flour advanced fractionally as did also butter
San Francisco market.
This week's index of food prices,
of the 1926 level, marks the highest point reached since early
tributed in
large measure to an anvance
a
in primary
the
in
105.9%
in
August.
infants'
the least,
wear
"Increases
February
12.7%.
April
1943, and this month they continued their advance; the only indivi¬
dual commodity to record any change, they increased 0.2%. Women's
hose is the
which has
only commodity
July
August
—
The upward
8,446,000 sold
4,500.000 sold
.
September
October
adjustments in ceiling
prices for coal, and higher prices for pine tar, which is now in strong
demand, were the principal developments in industrial commodity
markets during the week.
Prices for lumber were steady as stocks the least, 6.8%.
continued low.
A reduction in prices for calcium carbide early in
"Any slight movements recorded by the index have been due to
November accounted for the decline in the chemicals and allied prod¬
the setting of new price ceilings, or the allowance of individual ad¬
ucts group index. There was a decline of 2.5% in market prices for
justments of the ceiling prices. Prices will continue to show little
quicksilver although the index for metals and metal products as a or no movement in the near future, according to A. W. Zelomek, eco¬
group was unchanged.
Paper and pulp products advanced fraction¬ nomist under whose supervision the index is compiled. It must be
ally as a result of higher prices for boxboard and quotations were emphasized, however, that quality deterioration is not reflected in
also higher for neutral oil, a base for lubricants."
the index." •
,
Commodities
"Industrial
16,625 purchased
250,000 sold
2,295,000 sold
—
'
June
decreased from last year,
men's hose, men's clothing,
infants' socks and underwear, and floor coverings.
Of these, furs
advanced the most in comparison with last year, 6.5%, and the others
each showed a 0.1% increase.
Furs continue to show the largest
increase over the 1939 pre-war period, 59.2%, and women's shoes
300,000 purchased'
______
May
Increases were recorded in furs,
5.2%.
29.980,000 purchased
5,814.450 purchased
—
March
since April 1,
fur index have been recorded
in the
;
;
1,000,800 sold
purchases
__.
November
No sales or
December
No sales or purchases
,
The following
notation is made:
Indexes marked (*),
must be considered as preliminary and subject to such ad¬
and revision as required by later and 'more complete
however,
justment
reports."
shows index
table
following
The
numbers for the principal
of commodities for the past 3 weeks, for Nov. 13, 1943 and
12, 1942 and the percentage changes from a week ago, a month
and a year ago:
groups
Dec.
ago,
(1926=100)
Percentage changes to
.Dec. 11, 1943 from—
11-13
12-4
12-12
1943
1942
12-11
1942
1943
*102.6
*102.8
100.5
+ 0.1
+ 0.1
+
—--
121.2
122.1
112.0
+ 0.2
—0.1
+
8.9
+
1.8
0.3
105.6
105.8
105.5
104.0
products
117.5
117.5
116.9
118.4
118.4
97.2
97.2
97.2
96.6
materials
82.1
81.7
81.6
80.0
+ 0.4
lighting
and
and
*103.9
*103.9
*103.8
*103.8
103.9
113.4
113.1
113.0
113.0
110.0
+ 0.3
100.3
104.2
93.0
112.1
93.1
100.4
100.4
100.4
99.5
—0.1
104.2
104.1
*100.4
products
metal
materials
Building
—
and allied
Chemicals
products..
Housefurnishing goods
Miscellaneous commodities.
Raw materials
...
Semimanufactured
Manufactured
farm
articles
products
other
Oct. 1,
Nov. 1,
1943
1943
1943
Dec. 1,
1943
Composite Index________69.4
Piece Goods
65.1
113.1
113.1
113.1
113.1
112.2
105.3
112.2
112.2
105.3
112.5
108.0
115.5
113.0
108.1
115.5
105.3
113:1
108.1
115.5
105.3
113.1
108.1
115.5
57.4
69.2
68.6
84.7
108.0
143.8
84.7
108.0
143.3
84.7
108.0
143.8
84.7
108.0
143.8
65.0
72.9
126.8
135.0
126.8
135.0
126.8
135.0
59.2
75.5
94.1
140.5
89.2
140.5
89.2
140.5
83.6
66.8
69.2
76.5
111.2
134.3
102.7
92.4
111.2
141.7
102.7
92.4
111.2
142.6
102.7
92.4
111.2
142.7
102.7
92.4
64.9
108.0
108.1
108.1
108.1
108.1
69.6
74.3
114.8
99.1
114.8
99.1
114.8
99.1
114.8
99.1
114.8
99.1
94.3
105.9
94.3
106.0
94.3
106.0
94.3
106.0
109.6
94.3
106.0
109.6
109.6
109.6
104.2
104.2
93.0
93.0
93.0
111.1
111.7
104.7
92.9
92.9
92.9
92.5
*100.4
*100.3
*100.3
—0.8
0
—
0.8
0
+
0.6
+
1.0
+
3.0
+
0
0.1
+
0.4
+
3.1
—0.1
+
0.8
0
Infants' Wear
Furnishings..
Home
—
Piece Goods
___
Woolens
Cotton Wash Goods
__
113.2
108.1
115.5
r
84.7
108.0
143.8
Sheets—iJ
-
-
Blankets & Comfortables———
Hosiery
-
Aprons & House Dresses
Corsets & Brassieres
Furs
;
—
——
Underwear
126.8
135.0
Shoes———
——
—
Hosiery——
0
+
0.1
Underwear-
+
3.0
Shirts & Neckwear
+
7.1
Hats & Caps
0.2
+
0.2
+
0.6
Clothing incl. Overalls
69.7
70.1
0
+ 0.1
+
0.6
Shoes
76.3
99.8
-
126.8
135.0
..
89.2
140.5
89.2
140.5
111.2
143.0
102.7
92.4
Men's Apparel
0.4
+
.
—.
-
•
<
*98.7
*98.6
*98.6
98.0
+
0.1
+ 0.2
+
*97.8
*97.6
*97.5
*97.5
96.2
+ 0.2
+ 0.3
+
1.7
Socks
74.0
74.3
80.9
69.4
79.9
50.6
-
Shoes
—
Furniture
——
Floor Coverings
i
:
Radios—
.___
——
Luggage—
China
114.5
103.6
106.0
129.2
146.8
66.8
114.6
103.7
106.0
129.2
146.9
66.8
114.6
103.7
106.0
129.2
146.9
66.8
60.1
———
94.7
94.7
94.7
94.7
93.5
110.6
93.5
110.6
93.5
110.6
93.5
110.6
114.6
103.7
106.0
129.2
146.9
66.8
94.7
93.5
110.6
Major group indexes are arith¬
NOTE—Composite Index is a weighted aggregate.
metic
114.6
103.7
106.0
129.2
146.9
66.8
72.5
81.5
—_
—_
Electrical Household Appliances
engineering construction volume in continental United
States totals $26,792,000 for the week.
This volume, not including
the construction by military engineers abroad, American contracts
outside the country, and shipbuilding, is 23% lower than in the
of subgroups.
average
on
Dec. 16.
Public
follows:
last week by 15%, but is down 71%
Private work declines 66% from a week
The report continued as
construction tops
compared with last year.
ago,
reported to "Engineering
week, and made public
but climbs 81 over a year ago.
The
current week's construction
brings 1943 volume to $2,999,-
009,000, an average of $59,980,000 for each of
period.
On the weekly average basis, 1943
the 50 weeks of the
construction is 67%
$9,196,157,000 for the 51-week period in 1942.
Private
construction, $479,646,000, is 11% lower than a year ago, and public
construction, $2,519,363,000, is down 70% when adjusted for the dif¬
under
the
ference in the number of weeks.
Civil
engineering construction volumes for the 1942 week, last
1
week, and the current week are:
Dec. 17,1942
t
Dec. 9,1943
$34,652,000
-16,180,000
18,472,000
1,209,000
17,263,000
Dec. 16,1943
$26,792,000
5,580,000
Public construction
21,212,000
State and municipal.....
2,188,000
Federal
*
19,024,000
In the classified construction groups, gains over last week are
in sewerage, public buildings, and earthwork and drainage.
Increases
over the 1942 week are in bridges, industrial and commercial build¬
ings, and earthwork and drainage.
Subtotals for the week in each
class of construction are: waterworks, $399,000; sewerage, $688,000;
bridges, $190,000; industrial buildings, $2,122,000; commercial build¬
ing and large-scale private housing, $2,535,000; public buildings,
$14,684,000; earthwork and drainage, $1,490,000; streets and roads,
Total U. S. construction.___
Private
construction
____
...
$75,539,000
3,085,000
72,454,000
2,668,000
69,786,000
$924,000; and unclassified construction, $3,760,000.
New
capital for construction purposes for. the
Sproul, President of the
Reserve Bank of New
Allan
Federal
York, announced on Dec. 13 that
the Treasury has made its first
revision in its circular relating to
Treasury Savings Notes,
This revision brings up
and
to date,
changes
in,
certain
make
Series C,
of the original
amended. The prin¬
cipal changes resulting from the
provisions
circular,
as
revision
of
the
to
circular
the
summarized
be,
may
follows, according
as
Treasury
advices.
"Notes will be issued in denom¬
inations of $100 and
$500 in addi¬
previously authorized
denominations
of $1,000, $5,000,
tion
the
to
and
$500,000
$100,000,
$10,000,
$1,000,000.
"Notes may be inscribed in the
cf one (but not more than
individual, corporation, part¬
nership, unincorporated associa¬
one)
tion
or
society, fiduciary, town,
city, county or other governmen¬
tal body.
Notes inscribed in the
name
of
pays
Federal
a
entity which
income, estate or
person or
gift taxes will be received in pay¬
of
such
in
taxes
the
same
Notes may
heretofore.
also
Subsidiaries Of
Corporation Fell Off En November
as
purchased for investment
or not
the purchaser is
be
whether
U. S. Steel
scribed in the name of an entity
a
Federal taxpayer,
which
does
not
but notes in¬
in¬
Federal
pay
products by subsidiaries of the come, estate or gift taxes as such
United States Steel Corporation in November, amounted to 1,660,- (e.g.? a partnership) will not be
594 net tons, a decrease of 134,374 net tons from the preceding month, received in payment of taxes.:
and 4,951 net tons less than in November, 1942.
"Notes inscribed in the name
November, 1943 deliveries averaged 63,869 net tons per day, of one spouse may be reissued in
the name of the other, upon re¬
compared with 69,037 net tons per day in October, and with 66,622
net tons for each of the 25 working days in November, 1942.
There quest of the one in whose name
were 26 working days in October and November, 1943.
they are inscribed and surrender
For the eleven months ended Nov. 30, last, shipments totaled of the notes to the agent which
18,525,206 net tons, against 19,214,522 net tons for the like period issued them.
of last year, a decrease of 689,316 net tons.
As compared with the
"Notes will be paid or reissued
18,612,901 net tons delivered in the first 11 months of 1941, this to the persons lawfully entitled
year's shipments recorded a decrease of 87,695 net tons.
upon the death of an individual
In the table below we list the figures by months for various
owner,
or upon the
dissolution,
consolidation or merger of a cor¬
periods since January, 1929:
Shipments
of finished
steel
1939
1942
1941
1940
1,685,993
1,691,592
1,738,893
1,616,587
1,682,454
1,548,451
1,145,592
1,009,256
870,866
747,427
1,772,397
1,780,938
1,720,366
931,905
845,108
1,630,828
1,706,543
1,758,894
1,834,127
1,687,674
1,745,295
1,552,663
1,774,068
1,668,637
1,660,762
1,704,289
1,664,577
1,765,749
1,788,650
1,703,570
1,666,667
1,753,665
1,664,227
907,904
1,084,057
1,209,684
1,296,887
1,455,604
1,392,838
1,794,968
1,660,594
1,787,501
1,665,545
1,849,635
1,851,279
1,624,186
1,846,036
771,752
795,689
607,562
745,364
885,636
1,086,683
1,345,855
1,544,0^3
1,406,205
1,443,969
21,064,157
20,458,937
14,976,110
11,752,116
*449,020
*42,333
37,639
*44,865
20,615,137
20,416,604
15,013,749
11,707,251
1943
January
February
—
March
April
_________
May
——
June
July *
—•
—
August
—
September
_____
October—
November
December
_____
f
1,572,408
1,425,352
1929
poration
by mos.
ject to
hended
Total—
♦Decrease.
—
.
—
1,500,281
1,262,874
unincorporated body
ings
in
a
of
court
competent
1,333,385 jurisdiction."
1,110,050
Mr. Sproul said that the changes
931,744
,
the
terms
of
the
offering
of
16,825,477 Treasury Savings Notes, Series
C,
*12,827
16,812,650
resulting from the revision of the
circular, should add further to the
attractiveness of such notes
*
sub¬
adjustments reflecting annual tonnage reconciliations. These will be compre¬
in the cumulative yearly shipments as stated in the annual report.
NOTE—The monthly shipments as
or
1,364,801 in whose name they are inscribed.
1,388,407 Notes will be paid, but not re¬
1,605,510
1.617,302 issued, to the persons lawfully
1,701,874 entitled upon the bankruptcy or
,1,52?,241 insolvency of the owner or as the
1,480,008 result of other judicial proceed¬
in
Total
the
Treasury Revises Circular
On Series C Savs. Notes
Finished Steel Shipments By
totals
$1,185,000, and is made up of $685,000 in State and municipal bond
sales and $500,000 in RFC loans for public improvements. The new
financing total for the 50 weeks of 1943, $3,068,468,000, is 69% below
$10,214,049,000 reported for the 51-week 1942 period.
$5,000,000 sold
November
manner
Yearly adjust
week
October
ment
Civil
preceding week, and is 65% below the total
News-Record" for the corresponding 1942
August
name
Underwear————_
Engineering Construction Volume
$26,792,000 For Week
July
September
109.6
Infant's Wear
O GO
145.768,000 sold
the
Domestics
0
♦Preliminary.
Givil
112.2
105.3
*
Silks
+
0
0
*98.8
and foods
Women's Apparel_____
+ 0.4
90.3
111.7
+
than
products
commodities
farm products
___.
—
June
113.1
112.2
70.7
71.8
76.4
70.2
-
Women's Apparel
:
than
other
commodities
+ 0.4
0
82.4
products
Metals
Sep. 1,
1942
2.4
121.8
97.2
leather
and
Hides
All
12-12
1943
105.9
Textile
All
11-13
1943
122.0
Fcods
Fuel
11-27
1943
*102.8
products Y__
12-4
1943
Commodity groups-
Farm
Dec. 1,
-
400,000 purchased
35,200,000 sold
»
;
67,757,200 sold
15,800,000 sold
2,651,600 sold
No sales or purchases
April
May
'
•
72,927,750 sold
PRICE INDEX
1933
May 1,
Men's Apparel
$14,500,000 sold
90,300,000 sold
:
____________
3, 1931=100
JAN.
report changing prices.
attempt promptly to
RETAIL
Copyright 1943 Fairchild News Service
a.;-
Statistics will
and rationing the Bureau of Labor
PUBLICATIONS
FAIRCHILD
controls,
rapid changes caused by price
"During the period of
materials allocation,
THE
1943—
January
February
March
currently reported during the year 1942, are
investment
for
tax
as
reserves
currently idle cash balances.
an
and
Volume
158
Number 4240
THE COMMERCIAL & FINANCIAL
CHRONICLE
Revenue Freight Gar Loadings During Week
Ended Dec, i I Decreased 39,548 Gars
,V
Loading of
freight for the week ended Dec.-11* 1943,
cars, the Association of American Railroads announced
totaled 823.211
Dec. 16.
revenue
This
was an increase above the
corresponding week of 1942
79,028 cars, or 10.6%, and an increase over the same week in 1941
of 15,986 cars or two
per cent.
\\
freight for the week of Dec. 11 decreased
39,548 cars, or 4.6% under the preceding week.
Miscellaneous freight loading totaled 379,751 cars, a decrease of
13,182 cars under the preceding week, but an increase of
21,383 cars
above the corresponding week in 1942.
'
,'
revenue
*
♦
:
Loading of merchandise
less
than
carload
■
Southern District-
freight totaled
104,002 cars, a decrease of 1,938 cars under the
preceding week, but
an increase of
13,315 cars above the corresponding week in 1942.
1\
Coal loading amounted to 189,146
cars, an increase of 3,302 cars
above the preceding
week, and an increase of 22,919 cars above the
corresponding week in 1942.
.;
■■
All.
& W. P.—W. R. R. of
Ala.—Atlanta, Birmingham & Coast.
1942
>
1941
382
1943
Increased Payroll
1942
370
384
Quotas For Fourth
223
794
641
842
2,877
726
2,503
.....
671
784
1,412
1,488
........
Atlantic Coast Line....
Central of Georgia—
14,262
13,537
11,581
11,694
3,970
3,628
4,366
5,151
428
362
507
1,995
4,416
1,406 V
1,626
1,623
1,915
3,530
2,858
Columbus & Greenville
Durham & Southern
—T„—■
315
292
281
256
78
196
684
561
1,526
1,031
1,432
1,634
43
38
36
86
74
1,077
1,542
2,926
493
2,330
339
437
703
447
4,342
_
.....
Gulf, Mobile & Ohio
3,604
4,324
29,442
17,393
24,774
12,700
10,448
186
182
1,030
Line————...7.:
510
963
1,169
2,003
1,450
360
523
1,488
1,418
356
457
11,834
9.929
9,727
11,590
Winston-Salem Southbound
10,111
10,9871
20,235
24,788
26,880
573
645
919
mittee's
160
101
141
1,003
125,102
127,973
112,338
corresponding week in 1942.
cars
the
Live stock loading amounted to
18,566 cars, a decrease of 1,184
below the preceding
week, but an increase of 854 cars above
corresponding week in 1942.
ing of live stock for the
In the Western Districts alone load¬
week of Dec. 11 totaled
14,027 cars, a decrease
preceding week, but an increase of 782 cars
above the corresponding week in 1942.
of
854
below
cars
the
District—
15,393
^
Forest
products
loading-totaled 45,165 cars, a decrease of 878
below the
preceding week but an increase of 7,975 cars above
the corresponding week in
1942.'.-;-:;." L-:>V^
V.?
VOre loading amounted to
17,439 cars, a decrease of 23,304 cars
cars
below the
preceding week but
corresponding week in 1942. ■
increase
an
of
3,239
above the
cars
17,303
2,385
2,832
3,446
19,207
22,645
10,423
9,677
4,126
3,956
4,420
3,832
3,398
1,137
1,41.9
927
258
265
592
614
556
655
8,516
7,595
10,273
11,146
10,804
;
460
436
Ishpeming.—
,
115
5,042
852
60
compared with
1941
except the Eastern and Northwestern.
'
VA''-'VV
6 weeks of
January
; 4 weeks of February
!
■
V"
v\\
5 weeks of
4
1942
-
1941
July
_
-
3,454,409
2,866,565
3,066,011
2,032
2,551
2,085
5,709
3,043
3,112
company approached. Experience
has indicated that this is the
most
5,238
4,410
feasible
122
102
683
587
1,861
2,416
3,477
3,093
81,921
95,220
65,358
60,159
longer period, it is expected that
increased participation will result.
This
plan
larly
appropriate
90,906
of
,
Week
of
December
Monongahela
•3,540,210
4,553,007
3,423,038
833,375
744,183.
807,225
41,491,931
FROM
CONNECTIONS
,
V
A
Connections
1942
'7\ 285
1,723
1941
1943
640
1,517
1,335
1,690
247
191
v
1942
'
5,768
8,330
15,213
1,492
1,621
2,221
42
31
1,110
6,098
1,030
'..
6,019
6,902
34
60
1,417
:
13,562
1,895
3,079
'
:
.,■■■■
54
2,138
5,146
12,835
8,647
10,675
9,600
479
390
122
1,511
2,574
1,697
293
353
3,771
10,703
14,131
•20,225
3,621
3,911
;
■
V
11,508
1,438
5,417
9,270
Northern—.—
203
212
2,662
Utah
1,450
1,570
7,613
8,904
12,362
2,239
2,226
3.250
3,997
1
5,807
6,131
2,341
27
-■-A
59,802
52,889
12,548
20,744
17,488
1,056
3,022
New York, Chicago & St. Louis—
6,389
6,346
6,330
16,996
1,951
•15,801
JN. Y„ Susquehanna & Western—
Pittsburgh & Lake Erie————
615
375
488
2,926
2,112
7,625
7,122
8,426
7,924
7,686
5,073
6.251
8,637
7,748
4,781
985
751
1,254
'
707)
282
,7.322
376
264
240
1,029
A 785
2,768
2,950
18
9
374
_x„—
330
598
1,001
816
5,928
4,811
5,319
6,547
12,356
12,613
4,570
4,512
4,705
:
Baltimore & Ohio—...—.—.
Bessemer & Lake Erie——.——
Buffalo Creek & Gauley..
Cambria & Indiana——
Central R. R. of New Jersey
Cornwall.——
,———
Cumberland & Pennsylvania.——
Ligonier Valley
—A——
Long Island
j,
Fenn-Reading Seashore Lines——
Pennsylvania System......
Reading Co
Union (Pittsburgh)
.....—......
Western Maryland
144,437
169,280
243,073
776
708
V 619
1,346
1,010
43,103
38,236
29,538
25,511
4,505
35,944
3,050
3,097
1,646
2,153
388
319
325
3
v
i
Total—
■
17,552
17,695
1,634
17,604
'
1,790
2,030
9
6
6,847
7,183
20,517
19,812
464
609
558
47
61
247
220
337
13
16
166
132
131
37
1,344
1,138
832
15,357
692
507
5
2,685
4,651
121,938
127,714
101,349
.86,992
*249
179
125
*166
5,289
3,595
2,610
3,856
3,046
2,948
2,286
1,258
1,054
Chairman
2,541
Relations
3,241
2,531
3,094
2,260
360
301
375
1,256
1,029
677
.617
226
230
187
1 144
158
484
5,491
4,848
6,086
17,515
20,665
152
221
307
8,679
9,561
....
7,985
5,316
Wichita Falls & Southern
Weatherford M. W. & N. W.._.
2,540
2,985
8,864
7,418
14,266
13,221
8,676
4,905
4,680
4,961
4,897
7,843
7,426
71
.
15
...
.
104
153
119
38
16
*26
28
20
69,546
61,530
71,743
61,287
;■
75,026
-
^Previous
week's
figure.
Note—Previous year's
,
2,210
1,699
79,652
1,668
1,681
69,555
;
81,617
66,285
61,858
3,051
14,743
13,195
15,288
30,685
20,836
20,201
7,171
4,486
14,330
12,240
3,773
4,224
159,784
176,359
30,280
27,328
25,587
13,781
10,791
24,175
21,266
21,599
7,590
6,630
5,101
4,559
4,834
2,928
2,077
—■
59,556
53,153
52,020
24,299
19,498
calling
the
on
Axis
get out of the war
down with the sinking
ship."
"It' is
just two
Governments
since the
years
of
Bulgaria, Hun¬
gary and Rumania, having already
become servile puppets of
Hitler,
to
the
master, declared
"To
revised.
Weekly Statistics Of Paperboard Industry
We give herewith latest
figures received by us from the National
Paperboard Association, Chicago,
111., in relation to activity in the
paperboard industry.
The members of this Association
represent 83% of the total in¬
dustry, and its program includes a statement each week from each
member of the orders and
production, and also a
cates the activity of the mill based on the
figure which indi¬
time
figures
operated.
These
advanced to equal 100%, so that
they represent the total
are
industry.
orders
of
their
against the
war
what
degree
-
to
they
their
spare
have
of
consequences
peoples
this
rash
foredoomed to disaster
we
the
step
do not
know.
"'The fact is that whatever
may
be the sentiments of their
peoples,
the governments in power in these
three
countries
have
recklessly
continued
the
war
with
their participation in
against us,>strengthening
and
men
the Nazi
war
material
resources
machine.
.
"They must by this time realize
they will have to share the
responsibility
for
the
conse¬
that
Unfilled
Received
1943—Week Ended
Sept.
Sept. 18—
;i
93
589,323
:
97
83
United Nations
157,082;
583,714
98
so
surely
93
151,725
558,633
96
93
152,479
579,800
97
93
156,q08
148,574
589,417
94
93
$233,915.06
148,293
595,257
95
93
installment
144,254
Oct.
are
bringing to Nazi Germany."
156,044
-
arms
93
164,954
«
23-
147,883
588,399
94
93
from
Finland Pays On War Debt
Finland paid the United States
this
Dec. ,14
on
on
as
money
another
borrowed
country after the first
144,413
Nov.
6—
tNov.
13
27.
4
1—
11
-
■
143,686
587,324
93
93
World
172,441
-
20
Dec.
598,255
153,708
Oct.
Oct.
quences of the terrible defeat that
Current Cumulative
144,100
—
2
16
150,943
126,427
Percent of Activity
Remaining
Tons
121,125
...
Sept. 25—
Oct,
Orders
Tons
177,766
Sept. 11
Oct.
Production
Tons
4.
147,467'
608,782
93
93
153,126
149,295
608,893
95
93
cording to the Associated Press,
represented $84,000 in principal,
—
•
126,726
146,286
587,715
94
93
a
134,959
—
159,946
—
Committee, also issued
Mr. Hull's statement follows:
ity
Nov.
177,692
German
Tex.),
Foreign
Senate
been counting on our
magnanim¬
27,476
21,235
the
United States.
' '•
figures
United
surely bring¬
to
obedient
Total
that
so
'
2,873
,
...
Texas & Pacific!.
"go
or
17,595
137
6,556
St. Louis Southwestern
Texas & New Orleans
satellites
4,976
15,373
8,510
—
6,058
17,472
68
~
of
statement
a
414
•
are
formal
2,644
;
845
Missouri-Kansas-Texas Lines.
i
Missouri Pacific—
Quanah Acme &
Pacific————.
...
320
2,710
3,456
;
Midland Valley
——
Missouri & Arkansas—....
St. Louis-San
Francisco—
377
5,301
"consequences of
defeat
war on the United States
by the
three Balkan "puppets of Hitler."*
Senator Connally
(Dem.,
2,085
.257
the
arms
the
Dec. 11 that they
statement by Secretary
Hull, issued on the second
anniversary of the declaration of
285
7,097
warned
Bulgaria, Hungary
of State
District—
2,204
$911,000,-
ing to Nazi, Germany."
This warning was contained in
3,029
5,049
of
States
on
terrible
Nations
8
2,333
United
share
the
a
53
3,565
2,500
must
0
2,057
110-
128,303
Louisiana & Arkansas—
——
Litchfield & Madison.—.—..
Dec.
305
i
12,164
704
Kansas City Southern..
Nov.
Virginian.—.—
quota
Hull Warns Balkans
The
578
0
14,117
•
.
2,152
3
1,836
7,224
District—
Norfolk & Western—
327
.
—
Period
4,310
Chesapeake & Ohio
729
25
28,726
216,812
181,752
Pocahontas
1,051
30
18,311
Orders
Allegheny District—
7
Akron, Canton & Youngstown—..
936
29,401
5,038
159,634
_
i
2,065
8
;
Southwestern
409
47,978
.....
:
29,251
Burlington-Rock Island
Lines—.,
International-Great Northern
Kansas, Oklahoma & Gulf—...
23
360
1,069
Wheeling & Lake Erie———....
'
1,800
"... 817
Gulf Coast
2,948
6,294
2,694
9,002
Rutland
9
state
a
1,477.
12,315
1,238
■Wabash—j——...
22
1,543
9,731
Pittsburgh & West Virginia—.
.
Total...—.
}• 2,761
1,774
49,694
—
—
Southern Pacific (Pacific)—.—.
Toledo, Peoria & Western.
Union Pacific System—
8,023
176
1,829
>
jNew York, Ontario & Western—
Pere Marquette
6,679
711
*880
North Western Pacific....
Peoria & Peldn Union
16,183
'
\
N. Y„ N. H. & Hartford
Pittsburg & Shawmut-—7^——.
Pittsburg. Shawmut & North—.
City
Illinois Terminal
i" 3,414
203
2,371
43,028
New York Central Lines
1,252
3,640
790
131
12,221
—v--—
1,069
4,281
905
.
40,884,394
300
—-A—
—•.
5,018
714
4,240
Denver & Rio Grande Western
Denver & Salt Lake
em¬
participation,
000."
and Rumania
8,543
-
with
Fourth
will
5,049
111
Received from
2,081
Montour—..A..;
866
12,234
6,751
2,221
118
1,472.
*•
1,037
12,783
-
2,044
RECEIVED
Detroit, Toledo & Ironton
Lehigh Valley—
ilaine Central—
3,110
governments of
7,673
Grand Trunk Western————
Lehigh & Hudson River—
Lehigh & New England-————
12,895
2,350
387
:
Delaware, Lackawanna & WesternDetroit & Mackinac———-——2
_
2,737
11,527
2,717
particu¬
the
which
individual
521
6,753
Detroit & Toledo Shore Line
Erie—
2,436
12,108
phasize
1,158
273
.w;
10,841
973
2,265
Vermont—
12,617
Missouri-Illinois..1,179
1943
Delaware & Hudson———.
18,657
4,295,457
3,581,350
Total Loads
.
Central
18,226
2,986
3,510.057
Total Revenue
Central Indiana
21,021
—.
4,185,135
Freight Loaded
Chicago, Indianapolis & Louisville-
95
for
drive
3,385,655
.
AAv%A'AA
—_
63
Loan
1,401
823,211
AND
Boston & Maine
604
War
considered
1,071
(NUMBER OF CARS) WEEK ENDED DEC. 11
Ann
Arbor———————
Bangor & Aroostook—
369
is
1,899
'
District-
4,085
*1,551
862,759"
year.
Eastern
11,578
4,277
2,070
The following table is a
summary of the freight carloading for
the separate railroads and
systems for the week ended Dec. 11, 1943.
During the period 104 roads showed increases when
compared with
the corresponding week last
.
11,647
3,641
Colorado & Southern..
Western Pacific
Railroads
23,101
3,120
461
Bingham & Garfield..——
Chicago, Burlington & Quincy—
21,096
3,159
1,295
41,013,687
7,'
22,699
840
ll_x—'
LOADED
V
1,547
Dgeefnber^47I.r'_7iA-irAF^F-iJ:'''
FREIGHT
District—
Chicago & Illinois Midland—
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
method of reaching the
individual wage-earner.
By bud¬
geting
bond
payments
over
a
142
1,864
4,511,609
3,236,584
759,731 '
each
11,929
2,062
2,793,630
4,160,060
3.487,905
3,503,383
em¬
in
2,376
Atch., Top. & Santa Fe System
Nevada
employees,
executives
4,170,548
3,304,776
_
Week
REVENUE
and
Fort Worth & Denver
3,545,823
4,518,244
——
—i—A——i-'
i
3,174,781
3,350,996
ployers
4,307,406
3,554,446
;
weeks of October
3,122,942
sliding scale based
savings partic¬
anticipated
extra
3,151,146
i—
weeks of No vembe r—
3,858,479
3,073,426
3,136,253
4,149,708
——————
74 weeks of .August .A-i—
4 weeks of September
>' 5
!
3,055,640
———————•;
—
1943
3,530,849
4 weeks of March
■;4 weeks of April
6 weeks of May'
'4 weeks of June
.
:"/V
•;
—u—
a
payroll
4,484
xl
Alton——
corresponding
the
10,505
2,382
Total....
•>
.
All ^districts reported increases
compared with the
week in 1942.
All districts reported increases
on
ipation
and
bond purchases of
50
from
embrace
5,770
Spokane International—....
Spokane, Portland & Seattle
Western
and
10,881
Minneapolis & St. Louis....
Minn., St. Paul & S. S. M
Northern Pacific
Central
1
to the end of the forth¬
drive Feb. 15, are de¬
the
upon
792
261
305
date
up
coming
4,787
568
v
r
Dec.
termined
126
12,629
533
237
493
560
11,791
13,462
—...
Gfeen Bay & Western..
Lake Superior &
Coke
loading amounted to 15,716 cars, an increase of 561 cars
above the preceding week, and an increase of
1,163 cars above the
corresponding week in 1942.
2,986
2,708
Ft. Dodge, Des Moines &
South
Great Northern.
about
13,332
728
—
17
employees.
quotas, which
period
14,636
21,977
......
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern
•'
14,736
■
„
:
more
"The
Chicago & North Western..
Chicago Great Western
Chicago, Milw., St. P. & Pac,
Chicago. St. Paul, Minn. & Omaha...__
Duluth, Missabe & Iron Range..
com¬
Dec.
companies in Manhattan with 100
or
Northwestern
announcement
"Although the drive does not
officially get under way until Jan.
18, team captains are now estab¬
lishing quotas in each of the 2,000
11,
totaled 36,131 cars, a decrease of
1,500 cars below the preceding week
but an increase of 5,261 cars above the
now
,
925
113,404
save
said:
857
128,034
begin to
can
under
forthcoming campaign. The
8,955
23,822
478
system
the payroll sav¬
on
buy during the
4,590
23,839
Southern System
Tennessee Central
ings plan
470
4,930
422
Richmond, Fred. & Potomac
Seaboard Air
142
3,640
1,054
—
Piedmont Northern—
147
2,851
new
for the extra War Bonds
they will
be called upon to
959
351
3,367
484
Norfolk Southern.-.
a
which workers
16,056
23,751
evolved
4,325
26,067
214
A
4,426
28,064
26,376
Illinois Central System....
Sought
anticipation of the Fourth
Loan, the Payroll Savings
Division of the War Finance Com¬
mittee for New York State has
1,277
——.
....
In
War
266
94
......
'
Gainesville Midland....
Georgia——;
Georgia & Florida....
War Loan
9.928
2,815
...
Florida East Coast...:
Macon, Dublin & Savannah—.........
Mississippi Central—
Nashville, Chattanooga & St. L
•<
Grain and grain products
loading totaled. 53,426 cars a decrease
2,925 cars below the preceding week but an increase of
8,180 ears
above the
corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of Dec.
Connections
355
...
Louisville & Nashville
lot
Received from
1943
Alabama, Tennessee & Northern
Clinchfield
"
Loading of
Total Loads
Total Revenue
Freight Loaded
Charleston & Western Carolina
of
2571
142,136
578,434
91
93
149,803
602,789
95
93
146,662
148,826
600,323
96
93
The
payment,
ac¬
of
177,664
War.
semi-annual
interest
payment
$136,220 on the outstanding ag¬
debt
of
gregate
approximately
$9,000,000 and $136,695.06 due on
' the
payment
which was post-
Notes—Unfilled orders of the prior
week, plus orders received, less production, do
not necessarily equal the unfilled orders
at the close.
Compensation for delinquent r,r,n/Sri
reports, orders made for or filled from stock, and other
items made necessary adjust-1
wents of unfilled orders.
P«Fi
ltm.
w
rnntrrpcc
B
nn
Tnnp
19
'
Chairman of
Herbert P. Howell,
ing value of the stock of the MunRealty Co. by $250,000, or a
Banks, Tiust Companies
Items About
The Commercial National Bank
&
Trust Co. of New York, announces
George P. Kennedy,
the Lafayette Na¬
President;
of
President
surplus
account
$2,000,000
by
transferring that amount from un¬
Bank,
Vice-Presi¬
$1,200,000.
.
The Williamsburg
Savings Bank
dinner given
a
Rio
Del
Mr.
assistant
appointed
was
of the foreign
manager
department of the Central Union
Trust Co. in 1925 and Assistant
Vice-President in 1927.
Mr. McAlpin entered the employ of the
Central Union Trust Co. in 1927
has
and
the personal
since 1928. Mr,
in
been
trust department
Harrigan became associated with
the bank in 1914 and has spent his
entire
banking
career
in
the
Mr.
trust department.
corporate
McKenzie is in the personal trust
department; Robert G. Norwood
is in personnel, and John P. Sul¬
livan is in the credit department.
Bank &
Directors of the Trade
Co., New York City,
Trust
have
approved the transfer of $75,000
from reserves to surplus and have
declared a stock dividend of onefifteenth of a share of stock for
share
©very
payable
held,
now
record Dec. 10.
Dec. 22 to stock of
featured the festi¬
which ice cream was
companiment
Assistant Vice-Presidents.
val,
at
to the children.
served
The
announced
I.,
L.
Dec. 15 the election
of
on
of Charles A.
the Grover
School, to its
principal of
Tonsor,
High
Cleveland
in
dividend
this
for
Plans
noted
were
2
Dem
our
Ass'ns Gain In Nov.
issue,
"
2244.
page
board of trustees.
1—$584,500
follows:
as
to
the write-down of the realty com¬
stock and the charge-offs of
2—$139,600 to
be added to surplus account to in¬
crease the
latter from $1,110,400
pany
certain mortgages;
$1,250,000, thereby equalizing
capital and surplus; 3—the $25,900
to
contingencies."
board
The
Bank,
of
the
Virginia Trust Co. of Richmond
declared, on Dec. 17, a stock divi¬
dend of 100%, thereby increasing
capital from $500,000 to $1,-
The declaration, says the
000,000.
Washington "Post," will have the
the company's
old stock of $50 par value to $100.
In addition to the $1,000,000 capi¬
effect of replacing
tal, the company has a surplus of
$300,000,
undivided
profits
of
$300,000, and
of $200,000.
Wis.,
Wilwaukee,
Insured
recently
ing the surplus equal to the capi¬
tal at
The capital
$2,200,000.
count
consists
now
of:
in excess
reserves
of
announced
the
month' "totaled
$3,520,958,
and
withdrawals, including disburse¬
ments of over $350,000 on Christ¬
contingencies to surplus, mak¬
for
Associations
Savings
New, York State, it was
ac¬
capital
$2,200,000; surplus, $2,200,000, and
undivided profits of $1,000,000.
New savings for
17.
Dec.
on
accounts, amounted
At the close of No¬
vember the total amount in sav¬
savings
mas
to
$2,515,918.
28 insured
$117,663,854, an
1% for November and
ings accounts in these
associations
increase of
was
Total
9% for the first 11 months.
that date were
on
resources
$137,-
The average savings ac¬
$796.
;
Also in November these asso¬
ciations financed the purchase of
199
homes
with loans, totaling
951,502.
ii—eg————
count balance was
Crowley To Address
directors
of
$1,055,040 in sav¬
accounts was reported for
November by the 28 savings asso¬
ciation members of the Council of
transferred $700,000 from reserves
balance to be added to the reserve
for
An increase of
ings
the
plied
the
Ridgewood Savings Bank
Queens,
$50,000.
Surplus of the Harris Trust &
Savings Bank, Chicago, was in¬
proposal to reduce par
creased by the directors on Dec. 8
value of capital stock is approved
from $9,000,000 to $12,000,000 by a
by
stockholders,
capitalization
transfer of $3,000,000 from Undi¬
would be changed from $2,000,000
vided profits.
to
$1,250,000,
thereby
making
$750,000 available on the books.
The Marine National Exchange
The latter amount would be ap¬
of
Brooklyn
entertained at • a
by the Presi¬
Christmas party on
Dec. 22 a
dent to the officers of Central
Hanover Bank & Trust Co., on group of children from neighbor¬
schools —10 pupils having
Dec. 17, announcement was made ing
been "selected from each of the
©f the election of Daniel A. Del
schools.
One of the bank's de¬
Rio,
James
T,
Harrigan and
William
R.
McAlpin
as
Vice- positors acted as Santa Claus, and
Presidents and the appointment games and other gifts were dis¬
tributed among
the youngsters.
of Fred P. McKenzie, Robert G.
Norwood and John P. Sullivan as Christmas carols, mouthorgan ac¬
At
Insured N, Y. Savings
divided; profits
gages.
"If
Hooper,
W.
John
Savings
profits to surplus effective
Dec. 31, 1943.
After giving effect dent, 'Comptroller and a director
of American Machine & Foundry
to this transfer, the bank's capital
will be as follows: capital, $7,- Co., has been elected a trustee of
the
Lincoln
Savings
Bank of
©00,000; surplus, $9,000,000, and
■ . ■
undivided
profits approximately Brooklyn. ;
divided
to $1,~
$600,000 from $500,000, and un¬
to $100,000 from
to
650,000.
Second, a charge-off on
the company's books of approxi¬
Treasurer.
as
from $1,900,000
and mately $350,000 of the carrying
Sec¬ value of certain real estate mort¬
Bank, as Secretary,
Christian Mende, Assistant
tional
of directors
had voted to increase the bank's retary of the Green Point
that the bank's board
sey
reduction
Thursday, December 23, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
2572
N. Y. Bankers' Dinner
T.
Leo
Foreign
principal speaker at the 16th an¬
nual midwinter dinner of the New
Association
Bankers
York
State
at the
Waldorf-Astoria, New York
City, on Jan. 17, it was announced
on Dec. 18 by E. Chester Gersten,
the Association's President, who
also
is
President
the
of
Public
Co. of
President of the
the
that
out
Distelhorst,
F.
Carl
$844,840.
Eco¬
nomic Administrator, will be the
Crowley,
Council, pointed
amount
average
loaned had declined
in each of the
past four months, even though
residential real estate prices in the
same
period had rising tendencies;
is indicative of the care
which
which these associations are exer¬
cising
in their
lending,
policies
appraisals
during
and
this
period of uncertainty.
• .. -:J,
•
A
special Fourth War Loan
been set up
Jr
The dinner at which Mr. Crow¬
ville (N. Y.) and the Waterville
Stockholders of the Continental
in
the
Council,
consisting
of
Savings
and
Loan Association, Illinois National Bank & Trust ley will speak will follow a oneGardner W. Taylor, President of
died on Dec. 13.
He was 54 years
day meeting in the Federal Re¬
Co.
of
Chicago
approved
on
the
First
Federal
Savings and
old.
Mr. Huntington was a promi¬
serve Bank of New York, at which
Dec. 17 an increase in the bank's
Loan Association of New York/
war-time banking problems and
nent real estate operator and once
capital stock from $50,000,000 to
Chairman; Willis J< Almekinder,
served as President of the Real
$60,000,000 by the declaration of a post-war plans will be discussed. President of the First Federal
More than 800 representatives
Estate Association of New York
20%
stock dividend.
Also ap¬
State.
He also was an ex-Mayor
of the Association's 734 member Savings and Loan Association of
proved was an increase in surplus
Richard
A.
Greer,
of Waterville.
banks will hear talks from Allan Rochester;
from
$50,000,000 to $60,000,000.
Secretary-Treasurer of the WBite
Both increases are to be effected Sproul, President of the Federal
Plains Federal Savings and Loan
John E. Mahar, Vice-President
Reserve Bank; Arthur J. White,
by
transfers
from
undivided
Association, and Harold C. Hahn,
of the Industrial Bank of Hartford orofits.
In Chicago advices to the Regional Wage and Hour Direc¬
(Conn.), died on Dec. 10.
Mr. "Wall Street Journal" it was tor; Dr. Lionel D. Edie, economist, Secretary of the First Federal
and
others.
Emphasis will be Savings and Loan Association of
Mahar, who had been previously stated:
'
New York.'
'■■■'■ \
connected with the Prudential In¬
placed
on
bank
man-power,
"There will now be
1,800,000
Leon Fleischmann, President of
surance Co., had
been a director
wage and salary control, and plans
shares outstanding of ..the bank's
the Ninth Federal" Savings and
of the Industrial Bank from the
for meeting the credit needs of
capital
stock,
compared
with
Loan Association, is Chairman of
time it was organized until he be¬
industry,
agriculture,
business,
1,500,000 shares formerly.
Par and the consumer now and after the Council's Committee on Con¬
came
Vice-President five
years
value of the stock is $33% a share.
struction Standards and Commit¬
the war.
ago.
Under the plan each shareholder
tee on Ethics; Gardner W. Tay¬
Mr. Crowley, who is also Chair¬
will receive one additional share
man of the
Board of the Federal lor, President of the First Federal
George
Munsick
has
been
of stock for each five shares now
elected President of the MorrisDeposit
Insurance
Corporation Savings and Loan Association, is
held.
It is contemplated that the
Chairman of the Post-War Plan¬
town (N. J.) Trust Co., succeed¬
and
Alien
Property Custodian,
present $2 annual dividend rate
will talk to the bankers on the ning Committee and Fourth War
ing Carl V. Vogt, who becomes
will be continued on the increased
Loan
Drive Committee; A. G,
Chairman of the Board.
Mr. Vogt
work of his agency in the fields
stock."
'
counsel for the First
had served as President of the
of controlling United States for¬ Lampke,
Federal Savings and Loan Asso¬
Plans
for
the
increase were
company since 1938, but due to
eign sales and purchases, supply¬
noted in these columns Dec. 2,
ciation, is Chairman of the Hous¬
illness requested to be relieved of
ing war materials to our allies,
Committee,
and C. Harry
these duties.
Mr. Munsick served page 2244.
and supervising the relief of lib¬ ing
Minners, President of the Bankers
for a number a years as Financial
erated nations.
Federal Savings and Loan Asso¬
Stockholders of the First Na¬
At 12:30 o'clock Monday noon
Secretary of the Connecticut Mu¬
tional Bank of Chicago approved
ciation, is Chairman of the Com¬
the bankers will be the guests of
tual Life Insurance Co. and was at
mittee for Development of Stand¬
on
Dec. 20 an increase in the
one time Trust Officer of the New
the Federal Reserve Bank of New
ard Mortgage Clauses.
bank's canital stock from $30,York Trust Co.
York at a luncheon in the bank.
of
director
Roger W. Huntington, a
the National Bank of
Water-
&
Bank
National
Trust
New York.
Drive Committee has
.
-
William
Knox,
the
of
dent
Vice-Presi¬
Greenwich Savings
F.
City, has been
New York
Bank,
elected Vice-President and Treas¬
of
urer
bank.
the
Knox is
Mr.
completing 35 years of continuous
service with the institution.
'
Bank
The
for
in
Savings
the
City of New York has appointed
Dolson Rauscher
as
property man¬
ager in charge of the bank's ac¬
quired real estate. Mr. Rauscher,
who
a
H.
Charles
succeeds
for
was
number
Hayes,
of years
con¬
the Prudential
Co. of America.
with
nected
surance
In¬
At the meeting of the board of
of the Federation Bank
directors
Co.
Trust
8c
of
New
York, held
Dec. 14, the company
declared
a regular semi-annual dividend of
50 cents per share, payable Dec. 28
on
holders
to
line
with
21.
In
cost
of
of record Dec.
increased
the
living, a semi-annual bonus of 4%
was
voted, making a total of
1l/2%, the same as paid to em¬
ployees last year.
Myron G. Darby, senior partner
in the investment firm of Darby &
Co., has been elected a trustee of
the Bronx Savings Bank.
000,000
to
$50,000,000,
to
be
Dec. 17, of the brought about through a stock
dividend of 66%%. The additional
board of directors of the Tradesstock of $20,000,000 will represent
mens National Bank & Trust Co.
a
transfer from surplus account
of Philadelphia Philip H. Cooney,
and will be distributed to share¬
investment manager of the Insur¬
holders. Approval by the Comp¬
ance Company of North
At
a
meeting,
on
America,
was
elected
a
director to
fill the
board
proved
of
have
directors
payment
of
the
ap¬
usual
Christmas bonus to all employees.
Chester
dent
of
of
Allen,
Kings
Brooklyn,
elected
Club
Vice-Presi¬
County Trust Co.
N. Y., has been
President of the Bankers
Brooklyn,
of
Henry L.
the
A.
succeeding
is
scheduled
stockholders
elected
Vice-President
John
of
New York Savings
J.
the
Bank,
be
at
a
voted
This is learned from
re¬
S.
which
account in
1-3
Goodman,
from
also
quote the fol¬
lowing:
letter
C.
to
H.
stockholders,
Pope
said
of
67.
that
directors of the company had ap¬
Bank
tional
bank's
Hagey
had
Na¬
since
He was successively the
assistant attorney, Assist¬
Cashier, and Vice-President
charge of the bank and bank¬
ers'
division.
United States war
to
an
a
new
high of $7,794,000,000,
of $689,000,000 over
increase
October, or nearly 10%, the War
Production Board said on Dec. 15.
November
war
the
ceeded
expenditures
ex¬
previous high of $7,-
688,000,000 in June by $106,000,000, or slightly more than 1%.
The WPB announcement added:
"The average daily rate of ex¬
penditures for war purposes was
close to the $300,000,000 mark in
November, $299,800,000, compared
to $273,300,000
in October, and
$295,700,000
rate
in June.
based
is
on
The daily
days in
checks were
the 26
each month on which
of
the
National
to
1943, amounted
$146,000,000,000, $78,600,000,000
Bank of Chicago at a of which was expended in 1943,
special meeting on Dec. 14 ap¬ or 53 %
proved a plan to increase the
"These figures include checks
bank's total capitalization to $1,-*
450,000 from $1,050,000, from ac¬ cleared by the Treasury and pay¬
cumulated
earnings.
According able" from war appropriations and
to the Chicago "Journal of Com¬
net outlays of the Reconstruction
.
accomplish these objectives:
"First, a reduction in the carry¬
creased
to
by
a
will
be
in¬
$750,000 from $500,000
50% stock dividend, surplus
cording to F. W. Dodge
Corpora¬
tion/in a report made
public on
Finance
Corporation and its sub¬
sidiaries for war
purposes."
This
22.
Dec.
compares
with
for
the preceding
$654,184,000 for No¬
vember, 1942.
73% of the No-1
vember
volume
was
in public
$213,529,000
month
and
The
ownership, projects.
report
added:
Non-residential building valua¬
of $67,028,000 Was
tion
27% be¬
one-fourth
1942, total of
low October and only
the
of
November,
$256,513,000. The hospital and in¬
stitutional ^building
was
the only one to
classification
equal its prior
month's total.
-
"Expenditures
for war pur¬
poses by the United States Gov¬
ernment
from
July
1,
1940,
Boulevard
canital
during November total $184,399,000 in the 37 Eastern Sattes, ac¬
by the Treasury.
cleared
awarded
Construction contracts
expenditures
of November went
through Nov. 30,
Shareholders
Greater
order
Mr.
Chicago.
the
in
Na¬
graduating from the University of
merce"
step
First
1901, when he
entered its law department after
to
the
the
Chicago, died on
Chicago home at
been connected with the First
in
Oliver
we
his
in
age
of
ant
the Washington "Post" of Dec.
by
the
of
Bank
12
Dec.
on
meeting
an
tional
proved
Vice-
was
Edward E. Brown,
John Franklin Hagey, a Senior
Hickey,
as
Currency
Vice-President
by
on
18, thereby reducing the com¬
pany's capitalization by $750,000.
"In
a
Genninger, Cashier of
Savings
Bank. President
are:
to
Jan.
Roosevelt
Other officers of the Bankers Club
the
ceived Dec. 21.
merly Assistant to Vice-President
in charge of trust department, has
George P. Kennedy, President been appointed Assistant Trust
of the Lafayette National Bank of Officer; H. Townsend Bongarclt,
Brooklyn
in
New
York,
an¬ formerly Statistician, has been ap¬
nounced on Dec. 15 that at the pointed Trust Investment Officer.
meeting of the board of directors,
A proposal to reduce the par
held on Dec. 14, the board unani¬
mously
voted
to
increase the value of the capital stock of the
bank's surplus by $50,000.
Presi¬ Munsey Trust Co., Washington,
dent Kennedy also announces that D, C., from $100 to $62,50 a share
the
of
troller
caused by the death of
President of the bank, said the
Philip S. Collins.
directors have voted to transfer
The following new appointments
$10,000,000 from undivided profits
were also announced on Dec. 20
to surplus on Dec, 29, which will
by the Tradesmens National Bank
raise the surplus to $40,000,000.,
& Trust: Robert H. Wass, Jr., for¬
vacancy
Contracts Down From Oct.
Totaled $7.8 Billions
for the month
Construction
Nov.
Nov. War Expenditures
■
Valuation
of residential build¬
16% behind October and
63%
behind
the
corresponding
month last year, however, 15,279
new
dwelling units were pro¬
vided as compared with 20,081 in
the preceding month and 18,616 in
November, 1943. Private owner¬
ship projects provided 57% of the
ing
was
month's valuation.
Heavy
were
-
engineering
let to the extent of
000 during
the month.
contracts
$58,987,This was
reduction of 7 % from October and
74%
from November last year.
@FedFRASER