Full text of Commercial and Financial Chronicle : December 25, 1941, Vol. 154, No. 4024, Section 2

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THURSDAY

Final Edition

New

Number 4024

Section 2

-

Beg. TJ. 8. Pat. Office,

,

Volume 154

In 2 Sections

Price 60 Cents

York, N. Y., Thursday, December 25, 1941

Copy

a

GENERAL CONTENTS
Editorials
'

Page
"Once Upon

1658
1658
1657

A Time"..............
Capital Issues Controls.
Attention, Mr. President.

Regular Features

Cheerful sessions

the rule

were

the London stock market this

on

war news from some fronts evidently
British opinion, by favorable developments
elsewhere.
The Libyan campaign and the arrival of Prime Minister
Churchill in Washington were especially heartening to London.
A
rally developed which extended to virtually all groups of issues

week,
was

and

the

for

unfavorable

tended

to offset losses

estab-^
single share sometimes is assigned
to a purchaser on a large buying
was
far

lished late last week.

British

The
a

market

affair, when con¬

one-way

from

regarded

were

comfortable,

and

are

no

reports cur¬

rently available regarding trends
in Axis country
markets or in

over the period of a week.
Hong Kong and Malayan sit¬

uations

There

order.

sidered
The

those of the occupied countries.

far
produced
as

Planning And Strategy

Immediately upon the projec¬
ing the latter half of las| week. tion of the United States into the
A general hardening tendency de¬ World War it was evident that
veloped in the pre-holiday trad¬ over-all planning and a strategy

ing, however, on soothing reports commensurate with the scope of
of the Washington conversations, the
conflict would
have to be
and brilliant successes in Libya.
worked out by the leaders of the
Delayed reports of French se¬ United States and the Allied Na¬
indicate

markets

most complete cessation

al¬

an

of specu¬

and ever sterner regula¬
prices and trading. Heavier
taxes, when combined with the
trading restrictions, are almost
strangling the markets. Demand
for securities far outweighs sup¬
tion of

ply,
obviously because of the
flight from currency, and only, a

step

toward that

Monday, when
Prime Minister Winston Churchill
end

lation,

long

A

tions.

taken,

was

arrived in Washington, for White
House conferences with President

Churchill

Mr.

when

issued

statement

A

Roosevelt.

arrived

State of
General

Trade
1660

Review

Coal

and Coke Output.
Commodity Prices—Domestic

1670
1665, 1667

Indexes

Commodity Prices—World Index...

1669

Crude Oil Production—Week

1666

Iron and Steel

Operations—
Weekly Review..............
Lumber Production, Shipments,

1668
1671

Orders

Paperboard Statistics.......,,....

serious set-backs in securities dur¬

curities

...

than offset, in

more

from

Situation....,
1657
Moody's Bond Prices and Yields.., lboV
On the Foreign Front
1657
ruom
Washington Ahead of the
News
1657

by

airplane indicated that spokesmen
of the Russian, Chinese, Nether-

1664

Railroad Car Loadings.
Cotton Gmnings

1671
1666
1664

Reserve

Report on Business.....,.,

1665

Bank Debits

Miscellaneous
NYSE Odd-Lot Trading............

1671
1670
1670
1671

on N. Y. Exchanges
London Stock Exchange

Trading

Liquidation of National Banks
1942

1658

Allotments.....,,,.

Cotton

to Turkey
1670
Report
—...
1669
Changes in Holdings of Reacquired

Lend-Lease
Pension

Aid

Fund

Urged

to

1688

Control

Peruvian

Treasury

Reserves 1668

Sugar Output.
1667
Derense Savings Program 1660
Amortization

Plans

Ex¬

of

1660

Loan...-

port-Import

Trust

Banks,

About

Com¬

1661

panies

1672

and Defense

Life Insurance

Exports Down
..........
1665
Hawaiian Sugar Crop...
.......
1665
FHLBB on Mortgage Structure..... 1659
$25 Defense Bonds...1659
Third Lend-Lease Report,
...
1672
Lease-Mine Coal Subject to Coal
Act
1672

FROM WASHINGTON
AHEAD OF THE NEWS

Uphold

1672
1672
1672
Industries 1657

Subsidy Ended.,..

Hawaiian Civilian

times

uch

thing

iacts

is

fevered

more

of any importance become
is very little of any

The reporter who wants to stick to
impossible position. No one person knows what is

an

actually happening, not even the generals or admirals in command,
or those of the supreme councils over them.
One of the most un¬
reliable

those

phases of such times art^
war
in espionage and

engaged

counter

These people

espionage.

by nature intriguers and when
engaged
in the excitement 'of
war
it is never known whether
are

they

honest

are

reliable-and
a

as

or

dishonest or
is

result there

a

protective espionage against the
men engaged in espionage,
no

deliberate

to

confused

to

as

really happened. Men engaged in

up

inefficiency

the

government.

ried to

be

what

a

Chem.

in

....

..

awarded

A

a

ridiculous

extreme.

prime example is Churchill's

arrival.

On

announced

Monday night it
that

he

and

was

Lord

projects
in
the
chemical process industries total
construction

awarded
to

so

far this year amount

$867,813,000, adds this publica¬

tion, .which further states:
"In

addition

of

dium

a

nitrate

chlorine

plant,

a

and

so¬

dry

ice

plant and ammonia and chlorine

Charles, La., for
Beaverbrook were in the
Mathieson Alkali Works, at an es¬
House. Five hundred newspaper¬
timated cost of $6,000,000, $250,men, 'including
Canadian
and
000 and $1,000,000, respectively;
(Continued on page 1666)
Lake

at

construction

of

a

plant for char¬

and acetic acid and
alcohol
by-products
at

"The Financial Chronicle has been
had the copies

so

useful that

for Judge B.
kins
&
Associates, at an
mated cost of $2,500,000.
Rusk,

we

have

Texas^

"Principal

bound and kept for reference."

industrial

Running through

correspondence, we find a subscriber
whose file of bound copies dates back to 1887—another to
our

1906—and still another to

mind

about

Can there be

1880.

the value

of

binding

Financial Chronicle, of having at

of

all

important

Financial Chronicle

was

your

any

doubt in

copies of the
finger tips a complete
your

financial

developments?
The new
designed for binding. With the larger

size, bound volumes will be thinner, will

open

flat and

will be easier to handle.

This is merely a
want

you

to

suggestion—passed along

to you because

get full value from your subscription to the

Financial Chronicle.




struction of

plant

at

awards
a

the

The

term.

has

President

debts

picture through the persons of representatives of
throughout the country. The period
of intra-party storm and strife has arrived, and able states¬
manship and strong leadership are needed to save the. day.
There are indicatibns that the defense "honeymoon
period" is approaching its end—as was inevitable.
For a
short period after the attack at Pearl Harbor the nation,

small

save

constituencies

for

obvious

and

well-warranted

dissatisfaction

what had occurred in Hawaii, outwardly at least,
to be united almost to a man for the effort that

with

appeared
was

(and

clusion.
Leaders, in the ranks of labor as well as else¬
where, crowded upon one another's heels to avow their
readiness to

forget all

the most vigorous preparation
we had been
plunged.
The so-called isolationists had
nothing to say about the cir¬
cumstances which really led us into war (a subject which
some
day, of course, must again arise) and turned their at¬
tention to the urgent matters which now must be the coneern'of all.
They have as yet shown no observable dis¬
position to revert to pre-Pearl Harbor differences despite
the fact that they have had provocation, but other elements
with no such history of opposition to the foreign policy of

for and conduct of the

save

into which

war

(Continued

1659)

on page

Attention, Mr. President
The

of

of

a

Con¬

magnesium refining

Texas, for the
Co., at an estimated

$11,747,000;

catalytic

construction

cracking

plant

at

for the Standard
J., at an estimated
cost of $4,000,000; construction of
a
gasoline or recycling plant at
Katy, Texas, for the /Humble Oil
& Refining Co., at an estimated
Linden,
Oil

cost

Co.

of

N.

employer

members

President's direction

the establishment of
We

believe

for

J.,

the

of

accept for arbitration

We

recommend

ployers shall

procedure

determining the

in

principle

to the

to become

remain

or

hold

or

a

arrived

at

by

reservation

lectively.

member of

of the

war,

em¬

con¬

exist, it

Where

endorse

We

negotiation.

closed

a

under the law be

may

without

and bargain col¬

right of labor to organize

-

But it

would

be

serious mistake

a

to

abandon

the prin¬

ciple that the right to work should not be infringed by
ernment

zation,

through requirement of membership in

whether

The

it

an

as

or

otherwise.

shop

is

the

issue

for

this

and

management

issue

is

effectiveness of the
our

government

experience

arbitration

labor disputes

increase

we

resolved

in

the

vital job,

advance,

it

will

intensify
energy

impair the

convinced that the continued

tation of this issue before government

^of

production.

proposed War Labor Board itself.
are

and

To accept

would

and divert the

from

gov¬

organi¬

controversial

highly

most

any

question in industrial relations today.

labor

Unless

union

closed

agitation,
both

a

v

change the terms, in present

now

voluntary

the

a

job.

that, for the duration

not attempt to

shop contract does not

have

board should not

that the

which provide for the closed shop.

tracts,

the

of
we

consideration the issue of the closed

or

person

a

the

accept

War Labor Board.

a

that,

consistently maintained—namely,

shop, requiring

conference

peaceful settlement of disputes and

board, consideration should be given

emotional

private

are:

From
presen¬

agencies would seriously

of N.

$2,600,000
respectively."

and

to

so

enter the

Per¬
esti¬

Austin,

Union Potash
cost

for

construction

as

does each of the newly elected Congressmen.
There ^may not be enough
patronage and the like to go
around, and all manner of local and petty considerations

large proposed

to

for

struction

wTood

we

of

sense

and

pay,

labor organization if he is to get

the War Dept., the
outstanding
private
proposed
works reported are: for the con¬
projects

plant
White

One Reader Says...

page

meaner

current

on

coal distilling

record

Congress

new

referred to

"honeymoon" period of the new Administration. There
is usually at least outward
harmony among the various
party elements during this interim, and matters appear to
be proceeding smoothly without hard
feelings or bicker¬
ing.
Before long, however, the new President or Congress
or, usually, both, begin to think of politics, often in the

Chemical Industries
Contracts

of

It has, thus

far in this country, been car¬

definitely found. Just as any two

people witnessing an accident will
give two honestly different ac¬
counts, so will the generals in
actual command of an engage¬

carry

governments is that of
It
is
used
to

cover

the

point is that in war time
everything becomes turmoil. The
nowhere

can

censorship.

The

is

who

men

meantime, probably
greatest abuse of war¬

time

'

your

a

often

are

Construction In

or

the

In

certainty that the former

be

months after

office

the

students,

the

ity or downright dishonesty.

ment

Construction

Supplies...

the people or rather
$77,737,000, "Chemical & Metal¬
learn what very
lurgical Engineering" reports in
likely "happened by studying the
its December issue. Current pro¬
writings of the various men en¬
posed work totals $141,778,000,
gaged.
while
cumulative
contracts

reporting the truth, whether
their shortcoming be lack of abil¬

truth

calm, meditative

In later years

the

are

actual

not

are

subject through to rationalization.

very

and

or

take

real knowledge.

as

in

President

new

There

time.

in war

"Ledger

in

Board

Labor

Case"
Cotton Products

The ordinary fevered minds of men

a

is) plainly required to bring this war to a successful con¬

Price

Endure

Ever-Normal Granary Food

Cuba

and

1669

Stock

Canadians

Items

(Continued on page 1662)

1669

.,

Petroleum and Its Products....

Sc.ap

ten

The first few weeks

Financial

European Stock Markets

$800,000,

impair the nation's productive activities.—Industrialist
bers of the President's

These observations

mem¬

Industry-Labor Conference.
seem

We commend them to

to

us

to

speak for themselves.

the attention of the President.

THE COMMERCIAL & FINANCIAL

1658

About Same As 1941

y
^

State cotton

Preliminary

acre¬

totaling approxi¬
mately 26,598,000 acres for 1942,
allotments

age

announced

were

by the

16

Dec.

Department of Agriculture. These
allotments
do
not
include in¬
clude acreage increases to be made
to growers under the minimum
farm allotment provisions of the

In

Agricultural Adjustment Act.

same

<

:t

1942

are about the
1941 and will

as^those of

approximately 27,400,000, after
mirujaffdm allotment provi¬

the

sions

Closer official controls on the capital issues market
legend, simply told, is appropriate to the
It should have more than a bare sub¬ in the United States are under consideration in Washing¬
stratum of truth, not too subtly concealed.
As its active ton, and to a certain degree such augmented regulation
To any close stu-i
principle, it should convey a moral,, as insidiously effec¬ would appear to be almost inevitable.
tive and ultimately self-revealing as the essential, medica^- dent of the money market it is plain, however, that the
ment within a candied pill.
Such is the conventional in¬ existing mechanism is more than adequate to prevent any
tellectual fodder of the concluding week of each expiring needless diversion of funds.

S^te~~CQtton^ acre¬

resujfm an allotted acreage of

'

A Time" Capital Issues Controls

Holiday Season.

The

allotments

have

been

applied.

There

the prime
when the
and war's

Americas

In

1941,
final
allotments
totaled
approximately 27,400,000 acres,
but only 23,250,000

.

Instructive

.

year.

also said:

The

"Once Upon

Department

its announcement the

age

Editorial-*-

Editorial—

1942 Cotton Allotments

Thursday, December 25, 1941

CHRONICLE

was

Legend

*

time, not so long ago that men

a

still in

of middle age cannot recall some of its incidents,
whole earth was comparatively free from war
alarms.
In that day, throughout Europe and the
at least, the sight of enormous hordes of armed

The only real danger Here is that the war emergency
\yill be utilized by the ardent New Dealers as a club to
batter the capital issues market ever more out of shape.
Requests for special grants of powers, which already are
foreshadowed, must be examined with the utmost *care,
to assure reason rather than panic in our wartime econ¬
omy.
The adequate controls of 1918 already are surpassed
by the regulatory potentialities of enactments since 1933.
Whatever is added henceforth may be for purposes other
than simple wartime integration of the capital market.
■
Problems now to be solved in the money market

equipped with murderous mechanisms for spreading
and death, had become strange and unusual.
When seen at all, they were more than likely to be upon
acres were planted, resulting in
an estimated
crop of 10,976,000
pompous parades, nominally in honor of some potentate or
parallel in outline those of
bales.
titular national leader but really for the entertainment of
men,

destruction

.

The acreage

allotment is part
of
the
three-point
program,
which includes also marketing

f

.

the

first

World

our

In

War.

progressive participation in
however, there was no

1918,

intent upon some duty appertaining to their such
super-abundance of available funds as exists today.
super-policemen. There were localized wars. The
question now is less one of the supply of funds than
The longest and most costly was the Civil War that put an
quotas and
commodity loans.
of
availability of materials ..to be fashioned into new
The program is designed to adend to Negro slavery in the United States.
It enormously
plants, highways and other projects.
just production and marketings inconvenienced the textile industries of England and France
In the earlier emergency, it will be recalled, the prin¬
to
meet
present
and
future
and caused immense suffering among the workers who were
needs.
cipal financial groups acted vigorously to curtail non¬
made idle in both those countries, but neither undertook to
The State allotments will be
essential financing.
Through the Investment Bankers
broaden the struggle by intervention.
England,wFrance, Association the
used as a basis for calculating
representative underwriters agreed to re¬
farm acreage allotments under Italian Piedmont,
and Turkey, united against Russia, in frain from
floating unapproved issues.
The New York
the
1942 Agricultural Conser¬
1854 and 1855, but the conflict was localized within the
Stock Exchange denied listed facilities to such issues.
vation Program.
By complying Crimean
Peninsula,
a remote Russian province, and not a
State
authorities
with these allotments, farmers
cooperated, and Federal Departments
shot was heard within the boundaries of any of Russia's
which controlled the allocations of materials acted in a
may
earn
conservation pay¬
adversaries.
Prussia and Austria fought Denmark over
ments amounting to 1.25 cents a
similar spirit.
pound on the normal yield of Schleswig-Holstein, the former ultimately seizing the usu¬
All this eased the task of the Capital Issues Committee
the
farm's
allotted
acreage.
fruct, the conquered territory, but the war was little more which functioned
Parity payments also are coninformally, at first, and, later under due
than a dress-parade lasting only a few weeks, and no
ditioned upon compliance with
Congressional authorization, during the first World War.
nation intervened.
About as brief was the war of France
the allotments.
Less than one-fourth of some $4,250,000,000 of capital issue
and Piedmont for the exclusion of Austria and the "free¬
Farm allotments also will be
applications had to be disapproved in the period of great¬
used in determining marketing dom of
Italy from the Alps to the Adriatic," and even shorter est control
during 1918.
Refundings were permitted
quotas.
Continuance of mar-' the raid of Prussia into Austria which ended with Sadowa
steadily and regularly, and plainly should be continued
keting quotas for cotton in 1942
and
the
establishment
of
Prussian
supremacy
in
Germany.
was
assured on Dec. 13, when
in our
the masses, or
function

as

.

„

--

.

v

«.

/

,

V

farmers,

according

incom¬

to

plete returns voted by approxi¬
mately 94% in favor of their
retention. Quotas have been in
effect since 1938.

Napoleon III left Paris on July 27, 1870, to take command
of the French armies near the Rhine frontier, and on Sep¬

King.
The Boer War, the war between Russia
Turkey, the numerous wars between the sundry Bal¬
kan powers;/all these and other contests of the period were
United States Imports
strictly localized. Original neutrals did not crowd them¬
Of Oil From Venezuela selves into these contests nor was their participation antici¬
and

Preliminary
ports
crude

of

from

the

show

im¬

reports
customs

of 1,807,909,065 gallons of
petroleum,
topped
crude

petroleum, and fuel oil the
duce

or

manufacture

of

pro¬
Vene¬

zuela entered, or withdrawn from

warehouse, for consumption dur¬

/
The Securities and Exchange Commission, which al¬
pated or invited by the belligerents.
The struggles were
unfortunate, damaging to the extent of their effectiveness, ready examines new issue proposals with a view to supply
but no immeasurable injuries were wrought beyond the of needed materials/ doubtless will augment that part of
The Supply Priorities and Allo¬
boundaries of the participants and recovery and restoration its regulatory endeavors.
never
seemed beyond the possibilities of human endeavor cations Board is an element in the scheme, at least in a con¬

and

sultative

patience.

ing the period Jan. 1 to Dec. 6,
1941,
inclusive, the Bureau of

full century, from the exile of
Napoleon to St. Helena, during the early summer of 1815,

Customs announced

to

Under
dents

the

of

terms

the

of

proclamation

18.

Dec.

on

Presi¬

Dec.

28,

1940, not more than 1,913,049,600

gallons the produce or manufac¬
ture of Venezuela may be entered
or

for
rate

withdrawn

from

warehouse,
the reduced
of import tax of % cent per

consumption

at

In

short, for nearly

a

trade

and

fuel

the

reduced

oil

may

rate,

be accepted at

provided

the

merchandise is not released pend¬

capacity.

when added to other

almost all

The collaboration

of stich

circumstances, would

seem

agencies,
to answer

questions that might arise.

Securities and Exchange Commission regula¬
tion of State and municipal issues might seem, at first
ninety-nine years later, theFe was no widespread, long, or
Actually, the officials of
extensively devastating war involving any number of the glance, to leave a loophole.
great nations of Europe and North America, the actual many State and local communities already are finding new
leaders in what is called Western Civilization.
The reign money financing useless, owing to inadequate materials
of peace throughout this period was not perfect.
The supplies. In New York City, for instance, the capital bud¬
wastes of an armed neutrality became increasingly evident get has been cut to a mere shadow of its former self, be¬
the

invasion

wealth

of

Serbia

after

the

as

and

able climate of

Men"

and

to

see

in all their environment

perhaps the invention of some
that noble phrase.

Lack

murders of Sarajevo,

efficiency were increased under the favor¬
tranquillity.1 Nevertheless, looking only at
the broad outlines of the picture, as their period becomes
remote and legendary, and contrasting it in its entirety with
quota will be dutiable at the full
all that men know of the years from 1914 to these closing
rate of import tax of V2 cent per
gallon.
days of 1941, the century from Waterloo to Sarajevo must
seem
as one of
fortunate tranquillity, the confidence and
.In-order to provide for the con¬
comforts of which men everywhere would vastly like to
trol of this quota the collectors
of customs have been instructed
be able to regain and to retain.
Surely, there were dur¬
that, effective Dec. 22,1941, entries ing that long era no pervasive conditions that should have
and withdrawals for consumption led thoughtful men in Europe and America to smile wryly
covering
Venezuelan petroleum at the sound of the words "Peace on Earth, Good Will to

gallon provided for in the

agreement with Venezuela dur¬
ing the calendar year 1941. Such
imports in 1941 in excess of the

leading financial authorities already have given
thought to the procedure that might prove advisable
They hold, in the main, that various existing agen¬
cies are more than adequate for sluicing capital funds into
war channels,
to whatever degree this may be necessary.
The vastly overshadowing operations of the Federal Gov¬
ernment itself, as built up since 1933, indicate that further
control requirements are exceedingly modest.
much

2, having lost the last battle at Sedan, his army
had surrendered and he was himself a prisoner of the today.
tember

Prussian

collectors

present situation.

Our

cause
a

of

lend-lease aid to the Allies has absorbed materials

vast scale for months

on

past.

There is some danger that the Securities and Exchange
Commission, which was frustrated several years ago in its

endeavor to

bring State and city financing under its con¬
attempt to use the present emergency toward

trol,

may

that

end.

well

aware

The Conference
of this danger.

on

State Defense doubtless

Since virtually all States

is

now

are represented in that Conference,
general arrangements
easily could be made through it to avoid" non-essential drafts
dn the capital market for the period of the war,

\

*

parody,
achieved and accumulated, excluding from the comparison
thrice envenomed cynic, of
the works of Shakespeare and a few other immortals, and
only

a

few cathedrals planned by inspired architects and
over-worked and poverty-stricken peasants, dur¬
dise is desired before determin¬
Organized mass murdering, unrestrained slaughter by ing the whole one thousand years from the crowning of
armed bands, wide and planned destruction of the capital Charlemagne to the adoption of the Constitution of the
ation of the rate applicable, im¬
and tools men live by, were not the outstanding character¬ United States and the commencement of the Nineteenth
porters will be required to de¬
istics of the years from 1815 through the first half of 1914. Century, seems
insignificant when contrasted with the
posit estimated duties at the full
Peace came, peace im¬
rate.
Excessive duties deposited When men look back at that century they see, first of all, progress of that fecund century.
material progress, amazing in its extent and abundantly perfect but effective, and an earth and its population,
on such merchandise found to be
Everything that men which had been relatively sterile and without much progwithin the quota will be refunded. fruitful in its splendid consequences.
ing

determination

status.

of

its

quota

If release of the merchan¬




Progress During The Century Of Peace

perhaps

built by

a

Volume 154

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4024

1659

FHLBB Says Mortgage
suddenly flowered and began to produce '<• in abun¬
THE FBNANGIAL SITUATION
Structure Is Safe
things that maintain humanity in rising comfort,
\
•
4 "
(Continued from First Page)
with gradual additions of things contributing to the spirit
Although this country's out¬
the Administration, some indeed with a long record of
standing debt on one to fourand t6 the understanding.
Steam and electricity became
ardent vocal support of this policy, are plainly in danger family non-farm houses is ap¬
the motor forces of production.
Tools and machines were
of placing themselves, if in fact they have not already proaching
$20,000,000,000,
the
devised and multiplied in number and efficiency, reliev¬
highest
figure
since
1932,
the
placed themselves, in less favorable light.
ing labor of many of the severities of toil, shortening the
mortgage structure is on a safer
basis than in any period in its
hours of necessary effort in obtaining means of subsistence,
Now For Real Leadership!
history, according to the Federal
and so profoundly augmenting individual productivity that
The time has obviously come for real statesmanship in Home Loan Bank Board's forth¬
at the close of the period the poorest could enjoy comforts
report to Congress for the
If the Administration presently begins to coming
? and luxuries unknown to princes at its beginning.
fiscal year 1941.
Means Washington.
exhibit this quality in abundance, doubtless the situation
"More important than the ab¬
of transportation and communication had corresponding
which seems to be developing may be, probably will be, solute volume of debt
outstanding
development.
Knowledge increased and the means of its
at any time is the relative sound¬
quickly halted and corrected. Otherwise it is to be feared
preservation and diffusion.
Philanthropy acquired en¬ that our war effort will
ness
of debt structure," the re¬
deeply disappoint many of the en¬
larged vision and with augmented resources broadened thusiasts
port says.
"A volume of debt
of a fortnight ago.. Trouble that has long been
only half the size of that now
greatly the fields of its activities and strengthened Its
brewing among the welders of the country (a branch whose outstanding,
incurred
without
practical, efficacy.
Education, no longer the special per¬
importance to defense production can scarcely be exagger¬ proper attention to property and
quisite of a few, was opened to great masses and strengthcredit
risks,
might
well
prove
ated) is evidently still smoldering dangerously.
The con¬
ened in quality.' There were vast imperfections in the
many times more hazardous than
troversy
is
currently labeled a "jurisdictional dispute," a debt half again the size of that
social organization, there were residual defects and vestiwhich it doubtless technically is, but it likewise grows di¬ now
existing but incurred only
/ gial
injustices that called loudly for correction and-the
rectly out of,the labor policy of the Administration, par¬ after careful examination and se¬
-remedies for which wise and public-spirited men were per¬
lection of risk."
The Board's re¬
ticularly its Laodicean attitude (to say the least) concern¬
sistently searching.
On the whole, however, if one could
port further said:
ing
the
closed
shop
demanded
with
ever-increasing
insis¬
The
debt
shut his eyes to the increasing naval and military armstructure - of
the
tence by the unions.
It is this same closed shop issue which
Twenties was basically unsound
Laments, that seemed to clamor to be used, the balance of
in many respects as depression
brought the President's industry-labor conference to 'a
the picture appeared to be wholesome "and hopeful.
Manexperience only too clearly em¬
standstill.^ It is an issue that will continue to plague our
.1 kind seemed to be
moving onward and upward at a visibly
phasized.. During the period of
defense effort as long as the Administration either desires
boom conditions after the last
.accelerating pace.
\
,
"
'
'
to promote the closed shop or is wholly unwilling to do
war, real estate was often over¬
The Large Measure Of Freedom
priced, there was widespread
anything effective to prevent the unions from tak¬
and
unsound
speculation, in¬
At the tragic hour of Sarajevo, man,-at least through- ing, advantage of the present situation to promote it.
adequate attention was given to
The President apparently saw no objection to the policy
lout Europe and North'America, seemed almost to have
property appraisal and credit
of the unions in this respect until Mr. Lewis for a brief
achieved
freedom.
examination,
and., financing
Everywhere in these regions, he
costs and loan terms were in
period became its chief exponent, and then, after what was
possessed many more than the "four freedoms" which ap¬
many
cases
exorbitant
and illall too naively denominated "some plain talk" on the sub¬
pear to be all that Franklin D. Roosevelt regards as primary
suited to the needs of borrow¬
ject^
finally
weakly
surrendered
to
Mr.
Lewis.
and essential.
The freedoms of the press and of religious
ers.
Many institutions
over¬
Labor leaders obviously have no present intention of
extended themselves or found
observance of course were his.
If, anywhere in North
themselves in such a position
America, he feared poverty or oppression, it was because yielding the current "opportunity" to push the closed shop
because of the lack of any re¬
principle to the limit, whatever may be their protestations
; he doubted his own capacity or perseverance.
Opportunity of
serve credit facilities.
patriotism
and
the
like.
Moreover,
closed
shop
condi¬
was always his and he knew it.
He knew that it had no
Many of these defects have
tions where they have already been imposed are giving
boundaries except
largely
been
eliminated
and
his abilities and determination, and
rise to serious difficulties in a number of instances, includ¬
progress is steadily being made
there were all around him living examples of what able
toward
further
improvement.
but not exclusively, so-called jurisdictional disputes,
men could achieve from beginnings the most humble and ing,
Appraisals are made on a more
throughout
the
country.
The
responsibility
evidently
careful scientific basis and the
apparently most restrictive.
He could ibe forced to no
rests directly and of necessity upon the President himself.
importance of credit analysis is
conformity, even outward, in thought or opinion; he could
He.
must
throw
political considerations to the winds, and ^ more
generally
recognized.
not be regimented as to his vocations or avocations.
He
take a bold stand on the question, demanding, as did the
Long-term
amortized
loans
could ^vork where he pleased, for whom he pleased, during
with low down payments make
Wilson Administration in the first World War, that such
such hours and under such conditions as he chose to accept,
expensive junior financing less
matters as these remain in statu quo for the duration of
he could bargain freely on his own account and accept or
necessary.
Thrift
and
homethe war, and finding and proclaiming some formula with
financing institutions are bul¬
refuse
the
wages
offered
in
any
employment. , He
warked by a reserve credit sys¬
which to deal with situations created by past concessions.
could travel and trade wherever he pleased.
He could
tem—the
12
Federal
Home
He must, moreover, be ready to place the full force of his
Loan
go anywhere in the Americas or in most of Europe whenever
Banks—on
which
they
can
he desired, without passport or permission, stay as long as office, and the full power of his influence behind his pro¬
rely to avoid the credit
posals.
He,
and
only
he,
can
effectively
meet
and
cor¬
shortages
which
formerly
he wished, sell anything he owned and could deliver, and
ress,

dance the

„

-

.

■

,

•

.

-

.

-

.

■

buy anything he wished to own and could pay for.
Any¬
the United States, his buying or selling was

rect this state of affairs.

The alternatives

where in

without tariff

or

quota limitations;'if he bought abroad he

might be required to pay customs duties at the international
boundary of his own country or any other country to which
he shipped his purchases.
Moreover, his American dollars,
always exchangeable for gold coin or bullion at the fixed
valuation of 25.8 troy grains, was an admitted medium of
exchange anywhere he went, without discount or diminu¬
tion.
And there was no statute under which his sons could
be

conscripted for involuntary servitude in any army or
anywhere to fight or even to labor under compulsion,

sent

except as punishment for crime.
By what inducements,
or imaginary, could any section of humanity which
had been led to "this fair mountain leave to go and batten

ieal
on

that moor"?
As 1942 Must
The

not

Begin

contrasting conditions at this moment existing do

require description or admeasurement,
They are but
and weigh but too heavily upon the entire

too well known

citizenship.

With

no

such effective

magnitude of the alteration in conditions of life here and
elsewhere.
Men may, perhaps they must, differ as to the

plain, inevitable and unpleasant.

action from the President himself

in

are

even

nor

effective

designation
nearly satisfies the demands of the country for
an era

which neither suggests such

a

military action.

The President in his summary, not to say peremptory,
policies that plunged a nation, over-burdened with public
warfare upon both its Atlantic and action in bringing to a conclusion his industry-labor con¬
its Pacific fronts, but they cannot differ, while they remain ference has
plainly again evaded this question of the closed

debt and taxation into

world condi shop., He has either in unstatesmanlike manner deferred
peaceful and salutary, at their worst, than those the evil day when he must take some position in the matter,
of the progressive century from 1815 to 1914. . Civilization
(Continued on page 1660)
lias already surrendered, let it be hoped but temporarily,
many important freedoms which that century had gained
and which ought to have been preserved and perfected for what mankind once achieved in comfort and freedom and
is presently in process of losing for a while, all may endeavor
posterity. Many among the youth of this generation and
to comprehend what he is capable of re-creating and restor¬
very much of its possessions may necessarily .1^ given to
It is likely to appear more valuable and more nearly
destruction, but however the struggle may wa/x or wane, ing.
humanity everywhere will do well to envisage the benefits satisfying as for the time being it vanishes beyond sight and
of past days of peaceful progress and prosperity.
'< »'
if
For from contact. I Li
sane, as

tions

no

to the urgency of hereafter restoring

less




out

of

operations

completely

gear.

Treasury To Offer $25

danger of finding ourselves involved in one dis¬
Series F Defense Bonds
pute after another which can be brought to an end only by
Secretary of the Treasury Mor"patriotic" surrender of industrialists to a vicious system
genthau announced on Dec. 18
imposed unfairly in an extreme emergency, or unfortunate that on and after Jan.
1, 1942, the
seizure by government of plant after plant, following which additional denomination of
$25
the closed shop, or something very near it, will be conceded. (maturity value) of United States
As a matter of fact even these drastic steps may well fail Savings Bonds of Defense Series
F will be provided, the issue price
of complete removal of serious difficulty, since jurisdic¬
of which will be $18.50.
In ex¬
tional disputes over which management has no control and
planation, Secretary Morgenthau
which are not eliminated by government seizure might well said that as the sale of Defense
continue to be a thorn in the flesh of all real patriots.
It Savings Bonds of Series E was
restricted
to
individuals, many
is all very well to say that "public opinion" will deal with
small associations found it diffi¬
this situation effectively.
It probably would—but only if cult or impossible to participate
it has forceful leadership from Washington, and legislation in the Defense Savings program,
as
the smallest denomination of
on the subject would be very likely to fail of its objective
bond available for issue to them
unless that same public opinion, strongly led, amply sup¬
was
the
$100
denomination
of
ports it: The problem is per se the President's, and he Defense Series F. With| the addi¬
must deal, with it vigorously without delay if the "honey¬ tion of this denomination, the
participation of these small asso¬
moon period" in our defense
program is not to give way
we

To perceive that they had become inevitable
nothing from the violence and quickly to

and unavoidable subtracts

threw

are

■

ciations is assured, said the Treas¬
ury

announcement, which added:
Bonds of Defense Series F

12-year bonds, issued

on

a

are

dial-

count

basis,
the
issue
price
74% of their maturity
If held to maturity the
investment yield is 2.53% com¬
pounded semi-annually.
These
being

value.

bonds

are

redeemable

before

maturity, at the option of the
owners,
at fixed
redemption
values. Bonds of Defense Series
F

are

eral

issued

only by the Fed-^

Reserve

Banks

and

the

Treasury Department, but com¬
mercial

banks

generally

will

handle applications.

description of the Series F
appeared in our issue of
April 26, 1941, page 2627.
4
A

bonds

■'

"■pyj'tw*

THE COMMERCIAL & FINANCIAL CHRONICLE

1660

THE FINANCIAL SITUATION
(Continued from

page

in defense bonds and stamps.
Let's now - make every pay

The State Of Trade1-:.'

1659)

day

Business

to conduct the

production phases of our defense effort suc¬
cessfully by taking advantage of the patriotism of manage¬
ment and the awkwardness of the position of business in
"balking" at anything in times like these, but this would
certainly not be an ideal foundation upon which to build.
It is, moreover, still uncertain in what degree the conferees
assembled by the President in this matter can effectively
speak either for industry or labor.
Forceful leadership,
not quibbling and evasion, is sorely needed in Washington
once.

activity

fractionally

Production
But much

is

required of leadership in the existing
production effort from the
outset has been poorly managed at the top.
Of- this fact
the country quite generally is well convinced.
It has long
wished to see the machinery of over-all management ex¬
more

governmental curtailments resenting a decrease of 26,150
radios, textiles and gaso¬ cars, or 3.1% from the previous
line.
In fact food, with the ex¬ weekly total.
ception of fats and oils, appears
Engineering construction awards
for the week, $66,966,000, are 13%
now to be the only major classi¬
fication in consumer goods which higher than a week ago, but are
in tires,

will

slump

sudden; shock

America's

from

the

days'

few

a

the

writing the President has done virtually nothing to meet
this situation.
To be sure, some changes have taken place,
but

.

due

resulting

involvement

in

For

time

one

us

hope that such is the explanation of the continued delay,
compels the observation that coupled with vir¬

but candor

tually all the rumors and reports of such plans have been

increase in retail dollar voL

erage

1940 was from 6 to

and

the/East

interior

Steel

West

12%,

Coasts

rising above it.

.

/

'

'

production in the United
during
Christmas
week

States

sponding 1940 week as reported
"Engineering News-Record."
The increased volume of public

by

all time

at

with 97.9% last week,

pares

duction of
the

In

a re¬

construction
under

week

like

for

recent

operations were reduced
approximately four times as much
as this year. A month ago the rate
was 95.9%
and a year ago 80.8.%
years,

Scoring

never

is

off

sharply,

week, and 84%

77%
lower

than last year.

Reports from Washington indi¬
that labor has made

cate

ber of concessions

with

conference

a

in the

num¬

current

which

industry

chief

the

the

obstacle

the

union

shop.

an

As

far

same

as

men

semi-politicians or professional New Dealers.
the public is able to ascertain, moreover, these
are

still the closest advisers of the President-

if changes occur in the relative standing of individuals
with the Administration.
It is scarcely surprising that the

that

the

union

issues, like other issues in
dispute, are suitable questions for
shop

arbitration.

employment

released
division
of

the

by

Economics
Board.
ber

of

yesterday
Industrial
Conference

the

is

placed

extent

an

which

exceeded

the

sons

unemployed.

The

slack in
quickly

market

the

taken

by industrial and mili¬

report

13, issued by the Association

American

807,225

Railroads.

cars

of

revenue

A

total

freight

up

reduced

to

was

so

2,500,000.*

to

gain an accurate appraisal of what is taking place.
Despite all this, however, the thoughtful citizen, must be
excused if he harbors grave doubts as to whether all is well
with the

production side of the defense program.
We Must Produce!

And all must be

of the Treasury in its intensified Defense Savings Pro¬

well

as

gram

Addressing

duction, and it must be clear that such is the case.

greatly aggravate the problems surrounding production.
The President apparently has not hesitated to deal vigor¬
ously with military dereliction or incompetence.
On the
contrary, he seems to have acted with dispatch and, so far
as
can be judged, with good sense.
He should act with
similar strength on other fronts.
It is, of course, true that,
action elsewhere may involve what might in ordinary times
be regarded as political hazards, but such considerations
have no place in sound leadership at such a time as this.
Indeed, to be perfectly candid, the greatest anxiety in many
quarters concerns precisely whether the President, long
and continuously a politician par excellence, will be able

about Jan.

10

a

Nation-wide

of

homes, offices and fac¬
tories will get under way to ob¬
tain pledges to buy defense bonds
canvass

with

income

not

needed

for

the

bare essentials of life. In addition
the

to

canvass, the Nation's em¬
ployers will be urged to adopt a
pay-roll allotment plan in which

the workers will authorize
lar

deductions

for

regu¬

investment

in

those

in

all

walks

me,

be

life

who




/

inflation

allow

to

get

we

of

out

hand.
these

All
must

the

are

reach, with

people

we

determined

a

effort that will have

impact

an

in Berlin and Rome and

effort

an

that

heart

and

Tokyo,
give new
to the free

will

courage

peoples who

are fighting
everywhere.

side
I

have

been

times, whether

on our

asked

many

have

we

goal,

a

quota for the United

a

States.

I have

always avoided answer¬
with a money figure, be¬

ing

have been

I

interested,
vast

much

firstly,

numbers

in

of

more

reaching

individuals,

and, secondly,- in absorbing
income

rent

mulated
But

savings

will

I

rather

tell

quickly,
months,
of

regular

the

every

of

reach

few

recipient

income

in

States, and to have
of

one

these

35,000,000

setting aside

their

to

next

current

United

people

the

single

every

what

goal shall

It is

within

banks.

now

our

be and must be.

cur¬

accu¬

the

you

goal is, what

my

than

in

some

part
within

regularly

pay

the shortest possible time. And
when I say "some part of their

pay," I
of

a

a

real

not thinking merely

am

token contribution.

investment,

limit

that

ford

without

each

I

mean

the

person

very

af¬

can

actually

taking

food and other necessities from
himself and his family.

tensive

promotion

defense

bonds

opening

of

of

and

the

the

sale

of

stamps at the

Chicago

confer¬

Dec. 16, held at the Fed¬
Bank Building.

ence

on

eral

Reserve

Cuban Tax Schedule
For Amortization Of

Export-Import Loan
Service and amortization of the

Export-Import Bank loan
$25,000,000 to the Republic of
have been provided

for by
by the Cuban
Congress, the U. S. Department of

specific taxes set

up

Commerce
are

as

These

reports.
follows:

taxes

(1)

A one-fourth of 1% gross
tax; (2) taxes totaling 16
cents per 325-pound bag of raw
sugar produced (these taxes are
sales

now

in

effect but proceeds
other purposes);

are

for

used

(3)

of the receipts of certain
Government-owned
water¬

works;

and

(4)

income

from

tariffs

works executed under the law.

seem

income, rather than

heartless

spending

cess

to
on

on

It may
speak of ex¬
the part of

millions of

people in the middle
but, in
wartime, in the face of a lim¬
ited and dwindling supply of
civilian goods, there is such a
thing.
In
wartime,
excess
spending means the buying of
any
commodity that we can
safely do without.
Therefore,
and low income groups;

as

we

list
vert

have

for us,
from the

course

known

beginning, has been to

current

income

and

to

en¬

di¬

spending, to per¬
suade our people to set aside a
part of their pay every pay day
excess

Our success from this
bring himstelf really to dismiss political considerations program is about to come to a close.
in dealing with vital defense matters.
point forward will depend in large measure upon the vigor,
Such is the nature of the problems by which we are courage and good sense applied to them, largely in Wash¬
faced now that the "honeymoon period" of our defense ington.
to

from his mind

who

the money that now rests in the

current

very

it seems to
our major effort now must
directed
particularly
at

and

years

vaults of savings banks.

Declaring that the job is to
fight inflation as well as to gather
funds, the Secretary further said:
reason,

earn¬

the first

.or assessments to be col¬
lected from persons who use, or
derive
benefit
from,
public

the most effective

that

of

receive regular pay from wages
and salaries. Inflation feeds on

the bonds.

For

many

are

for

50%

the

cago,

that

meeting of Defense Sav¬

a

and Chairmen from all States, gathered at Chi¬

ings Administrators

Secretary
explained#'
that the purpose of the program
was not only to raise funds to fi¬
nance the expanding costs of the
war
but to protect the country
from the dangerous evils of infla¬
Mr. Morgenthau disclosed
pro¬ tion.

possible with defense
Failure
to produce armament in maximum amounts could not fail
to lengthen the war, and even might lose it.
Continued
doubts on that score, certainly if they are warranted, would
as

in

Cuba

Treasury's Defense Savings Program Aims
To Reach 35,000,000 Income Recipients

genthau declared on Dec. 17.

who

farmers

recent

is to reach quickly the 35,000,000 recipients of current income
and to have them set aside regularly some part of their pay to buy
con¬
Defense Savings Bonds and Stamps, Secretary of the Treasury Mor-

lic

the

regular salaries, but also

on

the

time

of

will be the first to suffer if

tary expansion, however, that by
May the number without jobs had
been

only

accountants, the
employes who

civic

ing solid incomes

of

The goal

not

and

and

Octo¬

the labor

Dec.

I

1,700,000.

at

usual seasonal

trend, according to
for the week ended

when

Harold
N.
Graves,
Assistant
to
Secretary
Morgenthau, also
In
discussed plans for the more in¬
without

in

Unemployment

previous week, which had September the number
registered the highest production jobs had fallen almost to 500,000.
figure for the industry up to that The increase in October resulted
time. The improvement over the
primarily from a normal seasonal
corresponding period last year decline in agricultural employ¬
amounted to 14.2%.
ment.
At the beginning of 1941
Freight carloadings declined to there were about 8.000,000 per¬

even

Washington scene at a time like this should be one of
siderable confusion.
It is, moreover, difficult for the pub¬

of

agree¬

any

politicians,

live

Labor represen¬

contend

tatives

to

deep difference over

event bear the burden of actual production.
For
the most part they are members of the same old group of
in

clerks

cause

the

of

could

teachers

a new

3,the

workers,

tory

energy

the

And

regular
investment
every pay day I am speaking
not only of the millions of fac¬

high record, elec¬
A general labor shortage is in
distributed by the prospect, if not immediately immi¬
electric light and power industry nent
according to revised estimates
during the week ended Dec. 13, of the total labor force and un¬
trical

of

of individuals who

last

ment is

4.5%.

Day.

of

•

of capacity, a are aimed at heading off restric¬
high for the period tive legislation. It is anticipated
and reflecting only a meager cur¬ that
a
War
Labor
Board
and
tailment, the American Iron and agreement to arbitrate disputes
Steel Institute reported yesterday. will result from the conference.
The
week's
output level
com¬ It is pointed out,
however, that
be

new

command the

names

corre¬

93.4%

will

confidence of those elements in the community which must

the

the

in

retail business regained buildings brings public construc¬
its momentum, and since Friday tion to a level 88% above a week
a week ago has spurted ahead of
ago
and is responsible for the
all
previous- records- for
the gain over the preceding week.
Christmas
period, .> according-. to Public awards, however, are 34%
Dun & Bradstreet,; Inc.. The av¬ lower .than a year ago.
Private

Edison Electric Institute reported.
This was an increase of 1.8% over

past there have been recurrent reports,
might almost say a continuous stream of reports, of
plans to reorganize defense production management dras¬
tically.
If may be, of course, that the President is having
trouble in selecting precisely the right man or men for the
tasks in hand.
Certainly it would be no easy choice. Let
some

than

war,

they have scarcely helped matters.
At any rate they the first week of war for
do not even begin to scratch the surface of requirements. United States, amounted to
Nor are there clear indications of intention to take the 431,328,000 kilowatt hours,
steps.

lower

49%

escape.

After
to

The defense

tensively changed, refurbished and placed in competent
hands, with a much greater concentration of responsibility
in men whose experience and records furnish evidence of
their fitness and whose past would completely remove any
suspicion of determination to intermingle defense and re¬
form.
The incidents at Pearl Harbor greatly increased this
desire on the part of all thoughtful men
and whetted
their hopes that something of the sort would be promptly
done.
Weeks have now elapsed, and to the date of this

week.

the

vere

falling below the average and the

circumstances.

during

turn

with

Management

rose

of the year, the public^
and business leaders look for se¬ were loaded by the railroads, rep¬
the

ume over

necessary

Bond

speak

else has

cisely this expectation—or he may (and it is most devoutly
to be hoped) appoint a Board of real strength and indepen¬
dence of mind—and support it to the limit.
But whatever he
may do in the future, he, as matters now stand, is on record
as
again "wincing and relenting and refraining" when
labor labor resistence is encountered.
It may be possible

at

w wwmmUL

Thursday, December 25, 1941

Electric
again weakly yielded to organized labor. Events
will probably without delay disclose the nature of his output was reported at a new all-time high and steel operations held
steady despite the scrap shortage.
There was another sharp cur¬
action.
He can appoint a War Labor Board which will al¬
tailment in automobile production, as. reported by Ward's. The figure
most
as
a
matter
of course concede labor's demand- for the week was placed at
65,875 ears and trucks, against 95,990 a
selected, as upon occasion in the; past, probably with pre¬ week ago. Rationing is the immediate worry of business, and with
or

n't aM%wawHW Hfiwtt

4 ims** 'WairtWft^wsrw^^U"1^ towf MMT flWn. wn-uJWfl1 uTiuswiw^mv -+r.t iw** .-* ■

W" tisWffl

The

Department's

advices

also

said:
In

order to provide revenues
to offset the loss of income from
the

sugar
taxes
assigned
to
payment of the loan, a 20%
surcharge is established on cer¬

tain

profits taxes and
surcharge is established
stamp

tax.

It

vided

that

5%

revenues

is
of

on

further
all

10%

a

the

pro¬

customs

be used for the service

and amortization of the

loan, if

it should be found
necessary to
use the revenue for loan service
purposes.

postage
now

Increased
and

domestic

telegraphic

in effect and

rates
provided for

in

a previous loan
law, which is
repealed by the present law,

will remain in force.

The loan was granted to Cuba
in May, 1941; this w.as
reported in
these columns of May 10, page
2947.

1

Volume 154

Number 4024

THE COMMERCIAL & FINANCIAL
CHRONICLE

the bank 25 years or
longer, was
held at the Hotel New Yorker on

Dec.

10 and

quire

attended by 150
members and their wives, includ¬

ing
E.
of

Chester

The

Gersten,

Public

Trust

Co.

nounced

National

of

New

the

Street

York,

&

Assistant

an

Midtown

and

7th

Dunckelmann

Cash¬

39th

Avenue.

Mr.

formerly Chief

was

Clerk at that office.

The

termined

words

Roosevelt's

and

in

Declaration

Speech
of Dec.
8, have
been
singled out by the Bank as an in¬
spiring patriotic theme for the

sentence

of

At

the

declaration speech:
armed

our

of the

part

ad¬

of

this

graph

at

are

facilities
service

your

purpose." A further para¬
offers free copies of the

President's

framing

words,

upon

suitable

for

application to

any

and

Trust

antique
white

Company.

The

the

of

The

Five

Na¬

New

effect.

blue

a

Assistant

Mr.

be

in

the

the

with

the

J.

af¬

liam

Metropolitan

formerly

was

con¬

bank's

associated

after keeping up his
payments for 10 years
may leave the money with the

Club

New
10

for

announced

appointment

Secretaries;

pany's payments
person's
entire

covers

in

its

Edward

S.

Secretary. Mr.
Davis joined the Trust Company

salaries

in 1910 and has been

first

Trust

Assistant

|

kins

Officer

since

31/2 %

Mr.

1928.

|

City

organization*

officers

and

on

additional

the next $5,000, and an
2%
on
all
salaries

in

It

throughout

since 1930 and is

Eugene

The National City Bank of New
announced on Dec. 23 the
Vice-Presi¬

new

dents,
Wilbert Ward, Alan H.
Temple and Delmont K, Pfeffer,
The
appointment was also an¬
nounced

of

Ralph W. Dey

Assistant Cashier.

has been

Mr.

as

.yK

of the

Ward, who

for

several

years.

He

joined the institution in 1931. Mr.
Pfeffer became affiliated with the
bank in

1934, and had been

man¬

rel

Avenue

P.

Callaway

will

vere

elected

to

the

staff

of

the

Dec.

Forbes,

viz:

23,

Raymond

G.

continue

as

will

who

treasurer; Manice deForest Lockvood. Jr., Secretary since 1930,
md Herbert J, Stroh, formerly
\ssistant Treasurer.
Preasurer

Mr.

nounced

at

the

same

Mr.

of

time

its

merger

Stroh, idenified with the banking business
or thirty years, has been associ-

ited

with

New

York Trust

since

in

is

addition

In

he

to

President

the

announce-

Vice-Presidents,

new

of

the

New

York

rrust, John E. Bierworth, also an¬
nounced

>ther

the

officers.

promotion
*

Clinton

of
D.

nine

jecomes

Trust Officer.:

Mr. Mac-




the

Dec.

on

special

tion.

ident

of

served

the

Trust

organizers

rate
,

Fiduciaries

and faithful

proposed to replace
formal practice with

that
the

annuity. plan

is

of

j
<

the

of

Vice-President

Mr.

in

Van

sociated

with

Trust

Co.

since

1919.

ant

trust

in

1924

has

the

in

1923

and

Vleck

been

He

was

Appointed

vided

,

and

the

as¬

cost

work

The

assist¬

1,

!

Vice-Pres¬

this

plan,

retirement
of

Board

of

recommended.

service

the

entire

income

before

on

Jan.

cost' for' past

service

is

$2,900,000 but the probable net
giving effect to tax sav¬
ings and other factors,, would
more

dinner

paid

-

of

the

Twenty-Five Year- Club of the
Manufacturers /Trust- Co.,
New

York,f comprising

'

officers

have

been

and
with

nearly

500,000.

fice at 741 Fifth Avenue.

who

the

approve

cost,

Manufacturers

employees

with

Assurance

1942, would be paid by the
The estimated total

gross

York

annual

new

company.

Trust Co.,
City, / was recently
authorized by the State Banking
Department to open a branch of¬

The.

of

account

ident in 1936.

New

which

plan

Under

,

in

a

in-

based

contract

Life

the stockholders

Directors has

1923, per¬
sonal trust officer in 1927, and

long

Now it is

which

group

a

rendered

service.

its

Society of the United States, ef¬
fective from Jan. 1, 1942, pro-

Guaranty

became

have

Equitable

The

1925.

fiduciary

officer

upon

,

;

Corpo¬
as

who

own

of

»

Association

President

members

i

New York City, and served
its

.

of

for

institu¬

1934-5, and as its President in 1935-6, He was one of

:

expense,

Vice-Pres-

tion in

the

rangements, entirely at its
staff

Division

of

;

!

the American Bankers Associa¬

;

90%

•

widely

own

as

than

more

the bank has made pension ar-

the

He

which

;

Mac-

^onnell/ formerly Assistant Secetary, was made Assistant Vicepresident.
Joseph A.:^O'Connor,
ormerly..Assistant. -Trust Officer,

;•

Irving's organization have
already expressed their desire
to participate.
For many years

1

fiduciary field,
long been active in
organizations aside from

trust

••

in

.919.

nent of the

branch

...///.

the
<

has

and

at
with

Prust since 1920. "Mr.

ap¬

Fifth

17, empha¬
importance of
two questions upon which share¬
sized

.The
,

Callaway

known

1921

Liberty National Bank. Mr. Lock vood has been with New York

time.

announcement added:

of the institution since

[930, joined the bank in
;he

Forbes,

Street

■//>'

stockholders

com¬

the Fiduciary Department to suc¬
ceed
Mr.
Callaway,
was
an¬

Slew York Trust Co. of New York
m

was

the

Directors, and in a general ad¬ holders will be asked to vote at
their annual meeting, Jan. 21,
visory capacity to the bank.
The announcement states:
The designation of A. Nye Van 1942,
Vleck, Vice-President, as head of
One is a new retirement plan

Presidents

-

of

29th

and

office.

Chairman cf the Trust In¬

his duties with his

Vice

as

the

of

vestment Committee of the Board

of the municipal bond de¬
partment.
He was President of
the Municipal Bond Club of New
York during the past year.
new

retire

head

and

Manager

of

ager

Three

and William C. McAdam

pointed

pany as

eign Exchange subcommittee. Mr.
Temple has served as the bank's
statistician

meeting, George I.
King was appointed Manager of
the 320 Broadway branch
office,

President

continue in the service of the

For¬

Bankers

Stetson,

same

company's Fiduciary Department,
effective Jan. 1, 1942.
Harry E. Ward, President of
Mr. Cal¬
laway, who has been associated Irving Trust Company, of New
with the Guaranty since 1919, will York, in a letter mailed to its

dent, became associated with the
bank in 1917, as head of the ex¬
port commercial department. He
is Chairman

W.

At the

Guaranty Trust Co. of New
York, announced Dec. 2 that MerVice-President

an

Assistant Vice-Presi¬

an

specialist.

of the

York

election of three

tax

a

*

-

cost

would

$1,be

period of years and
all amounts -required
in 1942
would
be provided. from
re¬
serves
previously accumulated,

-v.

over a

The cost

on

afterJan.; L

.

approximate

This

account of service

1942,.., would

be

/. borne one-half by the company
•

to

be

the

clearest

simplified tax guide

and

of

its

gives two sets of tables—namely
Federal

years.

in the Irving's employ.
certain

circumstances

ments may take

or

of

retire¬

ployee after his
The

retired

tions

her death,

or

by

which

the

Edward Charles
Grenfell, the
first Baron St. Just, senior partner
in the banking firm of
Morgan,

Grenfell & Co., London, England,
in that country on Nov. 26,

died

according

to

word

received

New York

Nov. 28.

on

of

years

He

was

71

tor of the Bank of

England/Vice-

of
the
International
Mercantile Marine, and a member
the Salvage and Towing

of

Co.,

Ltd.

Following

his

graduation

from Harrow and Trinity
Lord St.
Just

The

Board

Continental

of

employed.

&

pany of New York
old

37

Brummer

Dec. 18

Assistant

as

will make his

office

his

and

He became in time senior

the

Com¬
an¬

appointment of Har¬

President, effective Dec.
main

of

Trust

on

on

Broad

Directors

Bank

nounced the

Vice-

31.

He

headquarters at the
at

duties

30

Broad

will

Street

include

the

development and servicing of the
bank's

business

in

the

New

En¬

gland States. Prior to his appoint¬
Mr. Brummer had been

ment,

with the

Irving Trust Co. of New

York for several
The

Board

of

years.

Directors

of the

Lawyer's Trust Co., New York
City, has voted that additional
compensation be paid to all offi¬
cers
earning less than $5,000 a
year and to all employees, of an
amount

equal to one-half of

one

month's salary to all those in the

employ of

the

for

company

year or more, and

family had been active for 100

years.

are

Arthur
of

the

S.

Kleeman

Colonial

one

one-quarter of

College, one month's
salary to all
immediately en¬
ployees employed less than a
banking field in which

tered the

his

when

necessary

tables

to the bank,
St., New York City.

in

age,

tax

request

//.

company

and

Tables.

The booklet is available free

other

laws

often

so

usual

em¬

question is a pro¬
posed addition to the Irving's by¬

Tables

Tax

savings,
obviating lengthy computa¬

thus

place at earlier

a

Tax

Gift

these two
classifications
the guide tables show actual
fig¬
ures
of both taxes and

Under

an

survivor

and

Under

option may be
taken to provide for income to
a

Income

Estate

nor¬

with life incomes in lesser

ages

amounts

em¬

year.

President

Trust

Co., New
banking'
York, announces the appointment
firm with which J. P.
Morgan & of Chester W.
Hoyt
as Comptroller
Co. and Drexel & Co., in this
of the, bank and Miss
Angelica
country, were associated.
Lee as Safe Deposit Service Man¬
partner

,

in

At the

Co.,

the

London

meeting of the Board of

Trustees

of

held

The

New

Dec.

16,

York Trust

quarterly

a

dividend of 3%%

share)

(87V2 cents per
the capital stock of the
was
declared payable

on

company,
Jan. 2j
1942,

to

stockholders

of

record at the close of business

on

Dec. 20,

1941.

from

the

($1.25

per

This is

previous
share).

a

reduction

rate

of

5%

In announcing the cut, John E.

Bierwirth,

President,

the dividend

at the

stated

old

rate

that,

ager, in charge of customer rela¬
tions with boxholders at all four

offices

of the institution.'

joining
Hoyt

Colonial

Trust

Before

Co.,

Mr.

Comptroller
of
the
at Albany and, more
recently, in charge of bank analy¬
was

State Bank

sis for The Todd

Co., Inc.

Directors of Trust Company of
North America, New
York, an¬
nounced

on

in

of

view

the

pay

had' bonus

Dec. 12 their decision,
rising living costs, to

bank's

entire

for the year

staff

1941

a

amount¬

actually been earned.
He
ex-1 ing to one-half a month's
salary
plained, however, despite regrets for those employed prior to Jan.
j
at
impairing a dividend policy) 1, 1940, one week's salary for

which

had

broken

for

been
so

maintained

many

un-, those

that

years,

the' Board had

unanimously con- I
eluded, in the face of present un-'
certainties both

and

as

and

outlook,

to

as

to world events

domestic

that

employed thereafter L and
prior to July 1, 1941, and/in the
case

of

staff

members

employed
6% of actual
salary received in the final quar¬
after

July 1,

1941,

conditions4 ter of the year on the basis of the
be' first $1,800 of annual salary and

it would
wise and prudent to effect a

re¬
4% for the next- $1,200.
Begin¬
duction in the amount of the divi-"
ning next year, directors expect
dends and to. retain a larger part
that, instead of the annual bonus,
of the net earnings.
a
Mr.

Bier-1

regular supplementary pay

sys¬

wirth. stated further that this poT- tem will be instituted for
all em-.
j
icy should be/maintained until ployees and reviewed at the end
there is a material change in the1 of each
quarter in the light of
factors which have led to
this, then existing conditions.
* The
action.
;
bonus for 1941 is on the same
basis
"What

title of

Price

a

Giving?"

is

the

handy and authoritative

tabular guide to tax
comnutation)
issued
bv
the
Public
National'
Bank and Trust Co., New York. A
valuable

feature

of

this

copy¬

as last year excent that those
employed by the bank within the
past six months are now included.

The

Yates

election
as

a

of

William

Vice-President

National

guides

en¬

Yates

glance,

the

Cashier of the institution.

estate

tax

is

abled

to

that

the

find,

at

reader
a

by which his

is

E.

has

been announced by the Lafaye+te
Bank of Brooklvn.
Mr.

righted innovation, in. pocket tax

amount

re¬

it

ployee have paid in during the

?"done-half:;by,theemnloyes.
would

an

five

This

-arrangement

has

since

kind, the Public National booklet

em¬

President

offices

York.

finder

range,

a

This

estates

Said
most

on

Bank's

30

wide

on

erty" from $1,000.

an¬

and at his death
held
many
important financial
positions including that of Direc¬

Greater New

tax

leave the money with the insur¬

is
ap-| 1928 and was made an Assistant ployees in military service. The
proximately 16 by 21 inches. The Secretary in 1938. Mr. Ohmes, a Chemical Bank has paid a Christ¬
Bank reports requests for it are 1
bonus
graduate of Fordham Law School mas
continuously
each
coming in rapidly by mail, tele- and Brooklyn Law School has year, With one ; exception, since
j
phone and personal calls at the I been with City" Bank Farmers 1870. • •
"
,

Jan¬

running
upward
$100,000, taxable
income
from $10,000, gifts from
$10,000,
and "income from donated
prop¬

em¬

above $10,000.
This payment will
also be made to officers and em¬

University, started with the

National

all

ployees, amounting to 5% on the
$5,000, with an additional

Assistant

an

to

rates

on

from

mal retirement age for
everyone

on

tax

Anyone leaving the
company after making regular
payments for five years may

Sixty-five would be the

the

of

instant

extremely

well for that

time

company and receive
nuities from age 65 based

the

C.

Assistant

novel

as

gift

effective

tate, gift and income taxes
givqn income at a glance.

income from

ance

Twenty-

following new officers: Thaddeus
Cox, Assistant Treasurer; Gould
Jennings and David M. Proudfoot,

official

life

65 based not only on these
payments but also on the com¬

what the company and the

the

elected

York,

the

a

in

become

gift of

Clearly
in which

allel fold feature which enables
the reader to find the correst es¬

be

service.

Central Hanover Bank & Trust
Dec.

guaranteed

and

age

Gresser, Vice-President; Wil¬
Haas, Secretai-y-Treasurer.

Co.,

company

increases

manner

1, 1942 affect gift taxes and
estate tax .savings.
The booklet
has a new and ingenius dual
par¬

her

insurance

reduced
or

uary

company

or

area.

Assistant

an

Year

of

the

stated:

Any employee who leaves the

been
with
the
bank
61
years;
Chris J. Ochs, President; Edward /

Vice-

Magrath will

officers

are

be

portion of his property.

which

Director.,

a

provisions of the plan

will

donation

a

ment

coming year were Richard N. Cot¬
ter, Honorary President, who has

York

wall! Hobbs, a
graduate of Johns Hop¬

heavy
in
red,

on

printed

paper,

and

of

of

handling

pointed

office of the Public National Bank
motto thus refererd to is

Two

would indemnify directors
of Directors Dec. 2.
against
Arthur K. Brown, assistant manager of the
expense in defending unjust at¬
Davis, formerly an Assistant Trust Credit Department.
tacks upon them for alleged
neg¬
Officer, was appointed a Trust Of¬
or
misconduct
in
The Board of Directors of the ligence
of¬
ficer; G. Warfield Hobbs, 3rd, for¬
fice.
Similar by-laws have been
merly an Assistant Secretary, was Chemical' Bank & Trust Co., New
appointed
Assistant
Vice-Pres¬ York City, on Dec. 11 approved adopted by numerous other large
ident and Fred W. Ohmes was ap¬ the payment of a bonus on annual corporations.

Buy United

complete

Bank

for this

Bank

New

promotions were
by City Bank Farmers
Trust Co., New York City, fol¬
lowing the meeting of the Board

States Defense Bonds and Savings

The

to

Three

on a bronze plate.
below reads: "Every
man, woman and child can invest
in victory.
Back our defending

dollars.

The

Director of Manufacturers Trust
since
1902, and Harold C.

a

Of¬

announced

copy

Stamps.

Trust

Cashier.

inscription

with

Directors

appointed

He

quotation

forces

City

fairs

,

vertisements is set up to simulate
The

of

tional

officers

8, 1941.

The

Board

tinue

D, Roosevelt.

an

Assistant

regular meeting

President.

unbounding de¬
termination
of
our
people—we
will gain the inevitable triumph
—so help us God.
."—Franklin
Dec.

were

Co.

the

was

the

.

who

occasion.

H.

held Dec. 9, Frederick A. Magrath

"With confidence in

forces—with

this

on

Richard, also

advertising now appearing
in many city dailies, begins with
last

members

new

Chairman

Doubleday were ap¬
Assistant Treasurers of

named

were

This

historic

24

inducted

bank

ficers.

Bank's current advertising.

the

the

M.

pointed

de¬

President

War

with

income tax
result of

shown also is the

of the Board; Charles
Stone, Assistant Vice-President
and
the New York Trust.
Herbert J.
outgoing President of the
Gertscher, Jr., was appointed an Twenty-Five Year Club; Charles
Froeb,
Chairman of the Lincoln
Assistant Secretary and Bernard
deHosson and Marion B. Sessions Savings Bank, who has served as

James

momentous

been

and
as a

said to be somewhat unusual.
As
to this, the institution's announce¬

principal speaker was Harvey D.
1915.
Harry F. Littlejohn, who Gibson, president of the bank,
was
has
elected
been
in the bank's
to
service who
honorary
since 1936, was appointed Secre¬ membership and presented with
beautifully engrossed memo¬
tary.
He formerly held the post a
and
of Deputy Controller of the New rial
emblem
of
member¬
York Life Insurance Co.
Other
John T. ship.
speakers
were
C. ; Von
Elm,
ViceDegnan, John B. Stalford and Henry

an¬

Office,

has

outlay by the company
at $125,000 for 1942.

an

estimated

since 1909 and Mr. O'Connor since

appointed Edward H.

Dunckelmann
at

Bank

Dec. 18 that the Board

on

of Directors

ier

Connell

President

was

1661

was

formerlv

(Continued

an

on page

Assistant

1663)

THE COMMERCIAL & FINANCIAL

1662

Foreign Front

•

apparently are operating off our
Pacific Coast, with the obvious
(Continued from First Page)
intent of crippling our transporta¬
lands and British Dominion Gov¬
tion facilities.
The enemy craft

in

participate

will

ernments

the

reported
every
day this
making attacks on un¬
tankers, several of these
vessels being sunk, although most
of
them
escaped the attackers.

week

i

The Prime Minister was ac¬

companied

Beaver-

Lord

by

British
Minister
of
Supply, and by a group of
military
and
technical
ex¬
British

of

the

to

mind

\ board

conference
at
which

summer,

lantiC

Charter

lated.

As

casion,
leled

last

At-'

to

are

of

oc¬

the

discussions

advisers of the President and

Far

the

Minister..

Prime

aimed at Malaya,

was

British base of
Singapore is located. Land forces
the- giant

moved-southward from the Thai¬

his

supreme
Army Commander,
Field
Marshal
General Walther
.

Brauchitsch,

von

his

name.

own

and assume
the leadership

in
of

i
From Lingayen Gulf points the land border -into -Malaya, and ap¬ the Reich Army.
In all probability this change
approach to Manila is militarily parently made extensive gains.
reflects an effort to allay unrest
Japanese.
Wake Island is now feasible, "although - difficult. in Penang, the British island base on
among the German people, and
officially claimed by the Japa¬ spots. The attackers were reported the western side of the Malay
yesterday as having bombed and Peninsula, was evacuated by the perhaps also among the German
nese, and Guam fell soon after the
armed forces.
It is quite possible
war
began on Dec. 7. With two damaged a long steel bridge on defenders last Friday,. This pro¬
that
the
war-weary
German
of the main stepping-stone islands this route, in back of the defend¬ vided the Japanese with airfields
people are jbecoming rebellious
of American communications to ing armies.- The reason for heavy from which the1 Malacca Straits

the military and other

among

where

bombing by the

East in

their hands, the

•

,

despite

aerial

occasional

paral¬

be

.

Far- Pacific

between

mains in American hands

formu¬

was

lengthy

by

of
the

meetings

the

principals

ship-

the former

on

vessel ply¬
halt the Japanese entirely, for a
Honolulu and San
Francisco also has been sunk. No $mair section of the coast was
the attackers
further attacks have been made at occupied,. and
Hawaii, and Midway. Island re¬ promptly began to drive inland,
ing

called

group

famous

the

.

One sizeable passenger

arrival

dramatic

The

perts.

as

armed

brook,

.

.

were

conversations.

Thursday, December 25, 1941

decided, and much depends upon Were precarious, and the status of' vincibility," German forces are in
supply of the defenders and- the the Bxitsi'h Colony is in doubt. retreat in Russia and in Libya,
action, to be taken
by-our main The strategic importance of Hong and some drastic changes are innaval forces, there is no.d-oubt Kong
is not to be deprecated, progress / within, the Reich as a
of
the
that the Japanese have attained since it is a highly valuable naval consequence
radically
some of their early objectives. At
Just
base, especially suitable for sub¬ altered military situation.
least, three Japanese transports marine.. harrying of - communica¬ what these changes - signify, may
well depend upon the further for¬
were sunk in the landing attempt tions.
tunes of war.
It appears, how¬
at Lingayen Gulf, and more \yere
i
The main Japanese assault on
sent
to
the
bottom
thereafter. the Continental side of their two- ever, that Chancellor Adolf Hitler
Such losses apparently -failed - to pronged drive southward in the has found it necessary to dismiss

Japanese submarines

Numerous

CHRONICLE

landings

on

southeast Luzon

are

approach

less readily explicable, since deep

Japanese plainly decided to pro¬

to

Singapore

can

threatened.

and

be

their

making

are

discontent

plain through "go-slow" practices
and the many other ways that a

-

guard the approach to
Establishment of over-all unity ceed with their aggression in the gorges
After a slow retreat before people living under a dictatorship
Manila from that side.
In any
fpr the purpose of defeating Hit-; Philippines.
overwhelming Japanese odds,
•,
; :
develop.
lerism everywhere in the world is:
event, the attackers now are "more ; the
British
Empire
forces
The sporadic aerial attacks
But it also is possible that
the official aim of the new Roose¬
pr less established at five points
i made
a
stand,
early
this
and
occasional
landings
at >
fresh
strategic
plans
are
velt-Churchill gathering. Already,
pn Luzon, with Manila their ulti¬
I week, some 330 miles north
remote
northerly points in:
about to be disclosed, in an
some long steps
■
mate objective..
toward that end.
the
principal Philippine is- :
I of Singapore, on the narrow
effort
to
gain
advantages
Forces engaged in-this., conflict
have been taken, in the Western.
land of Luzon were sharply ;
j Kra Isthmus.
Aerial reinfrom the Japanese? entry into
are not generally disclosed. The.
Hemisphere. Canadian and United
forcements were brought up
augmented, Monday, when an /
the war. Withdrawal of much
American .defense alignment nat¬ ; and began to smash at the
States
programs
have
military
enormous flotilla of 80 Japa-•;
of the German air force from
been integrated for nearly a year,
urally is a military secret, and
Japanese.
It
is
obvious,
nese
transports appeared off ;
Russia
preceded
the
an¬
even conjecture on
and the lend-lease -project now
this point is
»
moreover, that the main de¬
the Gulf
of
Lingayen, and
nouncement
in v Berlin,
on
inadvisable.
The official reports
includes 33 countries.
■' 1
fenses of Singapore will be¬
began
to
pour;
attacking
Dec. 8, that lines in Russia
make it evident, however, that the
The problems of military, naval
come ever more
difficult for
troops onto the coastal area •
would be adjusted for a win¬
Filipino elements in our armed
and
aerial.
commands,
which
-the invaders, if they manage v
there
in- the face of fierce
ter war of position.
A logical
forces
are ..fighting
the invader
to move farther southward.
proved so
thorny in the first
American
opposition.
. An¬
assumption is that the Ger¬
valiantly and -sturdily.. Official,
World War, doubtless will be dis¬
other important landing ocStill
another
attack
by
the
mans
are
about
to
turn
their
estimates in Washington are that
cussed. "realistically in Washington;
; curred Tuesday, southeast .of
Japanese was developed over the
80,000 Or more Japanese soldiers
j
major aerial attention once
Tne immense significance of con¬
Manila.
A
good
deal
of
last week-end at North
Borneo,
again to the British, in the
•

,

...

.

■

■

'

.

,

.

,

,

cannot

action

certed

be

over¬

anxiety

This matter is espe¬
cially difficult just at present,
owing to sweeping changes con¬
sidered necessary in the United
emphasized.

States

consequence-

a

as

among

these

attack

Harbor

Pearl

at

Italian

German and

war

and

element

no

selected

by

of

sur¬

the

for

was

the

Before

fortified.

Well

were

declara¬

.

gan

preme

naval

forces

was

entrusted

that

obvious

the su¬
command of all American

on

the

imminent.

'

-

'

V :

-

;

V

the

At

.

landing

remote

three

King, whose command previously points of Northern Luzon, the at-,
clearly desired to .gain,
Was confined to the Atlantic Fleet. tackers
areas for airplane fields, so
that
The row1 officers appointed for
.

•

Hawaii stat:on are Rear Ad¬

the

aerial

distance at"sea.

-

the Japanese attack

be¬

Dec.' 7; military calcula¬
Washington- often were

superiority might be estab¬
communications

possessions

exceedingly

would.

difficult

,

C. Emmons,

endeavored

effort to prevent adequate re¬

Only mod¬
contingents apparr

aggression.

Japanese

inforcement of Empire forces
in

ently. were landed, on Borneo,, but
the defenders possibly had still
fewer men - available.
The Brit¬
ish-owned oil- fields of the area

if

major

effort

by

the

Germans and their Italian

sociates I might

be

against

the

^

either

as¬

directed
United

•

Kingdom, orJhe African.and

njake., progress

by Portugal and the Netherlands.
these -In,order to forestall any Japanese

Far East.

the

Any

were

become

ta falL-

Lieut. from such points are altogether
There
is,
unfortu¬
Com¬ inadequate.
mander of the Hawaiian Depart¬ nately, some reason to believe that
iswarms
of • Japanese- airplanes
ment, and Brig. Gen. • Clarence L.
have given the invaders at least
Tinker, as Chief of the Air Force
the Philippines, but it is clear that
in Hawaii.
The officers they- re¬ a momentary control of a portionequal importance attaches to the.
of the Philippine air.
placed are, respectively, Admiral
Japanese drive southward along
In the southerly portion of the
Husband E. Kimmel, L'eut. Gen.
the coast of. East Asia toward the
Walter C, Short and Major Gen. Philippines,
at
Davao
in
the great
British
and - Netherlands
■Island
of
Frederick L. Martin.
/
Mindanao, the Japanese
possessions.
There is somewhat
landed
important forces last Sat-* less peril to enemy communica4-Indicative of the grim intentDavao is a town of some tions in the coastal drive;- which
hess of the United States Govern^ urday.
me-nt in -winning the war was a 40,000, most of the inhabitants be¬ probably explains the urgency'of
ing Japanese. The fate of Davao the move against the American
new selective service law adopted
Delos

est

forces

British

to halt the

'Near

East strongholds

of "the

; Empire//,-) Indeed,, attacks,

-

rail

.

.-

directions, might

.tempted,, with
occupying

.

a

view toward

the, British. fplly.

This would tend to

.

'

,

the

cover

obvious- German

to...capture
achieve

;o

promised

in

be; at-

up

failure

Mosc.ow /and v 1

ther

by

,

objectives

Hitler

to >(.,the

•;'NgziS. 'V
-

.

Hitler issued

a

proclamation

on

Sunday, announcing the,dismissal

occupation ot. Timor, of Von Brauchitsch and his own
contingents
of
Australian and assumption of
supreme command.
British and Dutch Defenses
:Netherlands .troops marched into
.With inevitable verbosity he re¬
Major attention in the .Far East¬ the Portuguese part of the island,
called -events
of
recent
years,
ern
war
area
now
centers upon last Thursday, and took command
dilated on his own "intuition"
islands

mander of the Pacific Fleet;
Gen.

where

dynamited, lest the Japanese
and, thus capture
reported to be based upon the
vitally- important oil areas./ Aerial
possibility of losing the Philipatiaejks'.twerej made - bw -the^Japst-;
nines, after a sustained; defense.
nese >ion "some
Netherlands pos¬
If
such
calculations
ever . were
sessions, but- rio important landing
really: entertained, they, certainly
attempts were indicated. ? )•",
do not guide the defenders now.
t
'
Portuguese Timor
; <*
It; is evident, moreover, that we
must continue to hold the • Philips I :.Ope? small area of -the Far East
where the Allies acted -forehand-*
pines, if the Far East is not to fail'
entirely into Japanese hands, for-' edly is 'the Dof tugueseportion; of
the defense of British and Nether¬ the/ island of .Timor,, held jointly
in

lands

lished.. The land

miral Chester Wr Nimitz, as Com¬

at

r

•

the week-end to Admiral Ernest J.

-

-more
be arriving

.

all American military defenses

was

over

•

scale attack

"full

a

on

tions

landing on Luzon areas near Ma¬
nila
occurred, moreovecr, other
American Navy, Army and Air
moves
by the Japanese made it
Forces at Hawaii were relieved of

their posts, last week, and

some

Before

The three Commanders of

tions.

Gulf- points; and

Our aerial scouts' reported
the Japanese armada while -it still

Japanese
were
always regarded as likely
avenues
of aggression and they
the
areas

the

daily.

these, attacks,

in

prise

projection into the. conflict
througn the treacherous: Japanese
our.

was

invading

force

comprise

Lingayen

thousands are said to

■/■-./.-

moves.

There

of

has been occasioned
military analysts by

as

were

-

plans! for

,,

■

of;

East Indies,

"

to

military

service,

subject
and requires

of

all. between

the

reg'stration

ages,

18 to 64, inclusive.
calculated, provides

was

all men

This; it
a

poten¬

Situated

near

the island has

strategic

and,

while expressing full • appreciation
for The services of-von Brauch¬

itsch, declared that he had united
in his

own

hands all armed

com¬

potentialities which plainly war¬ mands. ' In
an
accompanying
rant the action taken.
. *'
proclamation to German.soldters,

,

last Friday, which makes
from 20 to 41, inclusive,

defenses..

the

Australia,- at the eastern end of
the vast.'chain, of the Netherlands

...

1This

j;

incident promptly oc-

Hitler asserted ThaLi-.the /war

is

casionedmild objections, on/y. -hearing- - its Vclimax/hnd Turning-

Lisbon, at.V least. Tn /official
Tdint." '
Grbssly ./exaggerdting
cirdles. Whether the objec- ; Japanese pro.wess;J The"; German
Philippines , can rj'
! tionsr were more than pro
Dictator said that; the war is ening was attempted, according to be reduced, the attackers will have
} forma,
however; ' is r to
be
tering on a new! 'phase favorable
our
own
military
spokesmen. a better chance to take over also
/ doubted. Premier Antonio de ^ to Germany,: and - he. ■ added ■ that
Japanese authorities claimed the' British Malaya and .the Nether¬
f
Ofiveira
Salazar
informed
the
decisions of - world-wide impor¬
town
fell
into their hands last lands
East. Indies."> •; ; J; Parliament that demands for / tance now*, are faced.
Saturday. Iloilo, principal port of
Hong Kong, as a. waystation > the withdrawal of the Aus/ ^ith respect to Russia, ;where
Panay Island, was bombed by
.on
the
Japanese. course of at¬
! traliari and N e t h e r 1 a n d s
Jthe German . forces, obviously are
Japanese airmen, and extensive
tempted conquest, remained un¬
troops had' been made, ,imspent, Hitler was fairly - precise.
raids were renorted against our
der siege early this .week;; with 1
mediately
upon
receipt
of
in!
The: task: :o£: the;!Germans; there
naval base at Cavite and military

has been "obscure" since the land¬

If

bastion;

the

.

.

'

tial
■men.

military force of 6.900,000
Also illustrative is t'~e an¬

'

nual''report' of the Secretary of
War,
published Monday, which
;
places great emphasis upon the installations.
aerial forces which are becoming
Numerous instances of he¬
ever more decisive on all fronts,
roic c«unter-action by Ameri¬
and

which

is espe-^

this- country

cially well equipped to provide.
>

,

Battle

of Manila

the

of

the

United

.

of

States

iniendod

the.

stated

.

note

•

was

from

!

f

war.

Fuehjfer toldJbris minions;:. He also;

^

British authorities,,took the;.upr^ .jr^piarked Oh. the necessity of pro¬
usual step,, Sunday, of issuing a tecting the., vast. German front
statement for the reassurance of front Kirkenes to the Spanish.bor¬
even
of
their
antagonists.
"Sir
the Portuguese people.. The occu¬ der, ;and on,.the,.difficulty..of- /'or¬
Mark Young", Governor^of Hong
ganizing, connections",, on> .this
Kong, denied .-in* personal - mes^ pation., was ..a regrettable, nece?-* western front. Not
,

j

,

-

.only are prep¬
sity, if wasjndicated, and the disclosure was made that Japanese arations,, to t proceed- for'rth e * re-,
claims of victory. : * v. ■
submarines had Teen observed ? in; sumption- of'fighting against,Rus¬
Even
in" London." however, if
sia;,' nextJSprin g,, ;but/"the*.introthe . vicinity, of .Timor; Premier
was admitted that the defense ofOliveira- Salazar was- qnite right, duetidn .of- fother< <i?deeisive?*,- war!
Hong Kong is virtually hopeless.according to London, in saying measures Js !iihpending,'/ he,. an¬
The Japanese, advanced
on
the
nounced.
that due adjustments will be ef¬
sages

American-

operating

•

•

the land 'side; adjoin?

will be to hold and* - defend, .until
formation regarding the military occupation.
He also as- . the arrival of Spring whatThey so
sured
his
countrymen
that
far. haye cqnquered, he-said/ New
the' matter will be straight-:, units are to be formed:;and-bet¬
ened out at the5 end of the
ter afrns are to. bef supplied, , the

..

.

which

situation

-

,

the

persistent.

Japanese

>

h°r

Japanese

of

others

went

them.

a num-

ships,
down

aviators

.American

and-

of

East Indies

after

also

mainland and took Kowloon early

bombed

tjh^e Netherlandsjoined in the de¬

fense, of the Philinnines, and

_.

.

last

Submarines and aerial

bombers

at




the

hand."

in

no

.

.

anpeared in

Philippine bas^s sank

clear, for

lor those

that

submarines

*o-imrpohhim

pines, and the struggle
strategic islands is on.

and

reports,

official

/'well

least in part; is r>ow
extensive troop landings
from transports have been
at various points in the pwimend

the .attackers

of undo^ concern

part of our Pacific Fleet and hold
the balance in o"r own Pacific
^waters. That the Japanese gained
this

among

indicated,

1 was

has new resolved itself
into-a contest for the Philinomes-,
which ic likely to become known
as' the
Battle of Manila.
As all
military
exr>ertss were
agreed
from the beginning; tb> treacher¬
ous
aerial attack on Pearl Har¬
was

life

oh

ing the island, and with Tittle or
no
aerial support, The'defenders
of Hong Kong fought an epic batr
tie' that aroused the admiration

.

Enormous .loss.

invaders.

the

and Japan

bor

rounded

bitting hard aT

his forces are

of the vast Pacific
which involves, directly

forces

are

Douglas MacArthur and

Gen.

-

ing sternly against the. seemingly
endless wavef* of attackers.*. Cut
off from sea communications, sur?

reported from Manila, where
;;

-That"part
struggle

others

and

airmen

can

the British Empire forces batter¬

„

.

wreaked

the invaders.

havoc

among

Thev

island

made

landings

last

fected at the conclusion of .thej i Intensification, of, the Battle of
! conflict., There was little - further the Atlantic, appears to be . among

Friday; and
comment. in, Lisboiv other; than, The^piansvOfTbef German/ Dictator.'
*lowly forced the defenders back
statemepts-riu; the- tflfegSs. that the The, .British, Admiralty announced
into
-the
higher
areaV'Tf/jTbe
Tnciebt understanding with; Great last Week, thatxtbe: light, cruiser,
mountainous island f>^er the laSt
^ Britain must not be prejudiced. >•; Dunedin; 4,8^0;., tons, ...had.. .been
week-end.
For considerable pe.sunk in the AtUut'e by .a German"'
German •Program •
on

-

week.

the

,

r-'ods

communications^ between

Although the issue is far from ;Hong Kong and the outside world-

.

.

Stripped.of their legend

of /inr. .submarine.

JBerlin...,,announced

Volume 154

Number 4024

THE COMMERCIAL &

<

FINANCIAL CHRONICLE
I)

that

•officially, last, Monday the sinking
"in

Atlantic" of *a "British: air¬

the

craft

carrier, -but

cated

indi¬

London

British authorities fully

Tuesday that the ship tor¬

pedoed
man

are rumored from, a number,,
European- listening posts;

of

aerial patrol

on

submarines

pect,

converted merchant¬

was a

duly.

tack

eral occasions off our

own

Campaign

held

'Nazi

by

indicated this week

forces

for

debacle
Russia,

increasing
in

the
the

and

the current war
affected by
this circumstance.
Although the
German
High
Command
anwill

the

Germans,

alleviate

the

Russian

defeat.

against

Gibraltar

of

pangs

A

would

f

o

France.

.!

Dec. 8

on

intention of

an

'the

appears

fixed

The retreat from Moscow,
the Russians to be a'
rout, and the Germans have little
or nothing to say from day to day.
geance.

said

by

with their

sharply

Contrasting

previous practices, the Russians at
.long last are permitting foreign

In

yesterday

front.

Committees in
-

<

^

addition
of

to

Christmas

a

week's

one

the

salary

to

were

also

employees of the Peoples National
Bank

numer-

of

by .'Feb.

Italian territory.

into'

1.

troop

officially,

'

•

the

'

Paul

appeal

an

and

fed

poorly

German

populace

to

send

woolen

articles

of

Americas
>

cate

that

'/ more
',

Russians

the

I and

numerous

equipped
forces.

recog¬

measures

of

extension

the

of-

indi¬
the

..// '/'/;

Martinique, in the Caribbean,
was settled last week^ by French

of

j

ard

'

American

set

arfd

c

regulations

Insurance

for

their

in

force

now

is

than

more

sented

cies.

--

mutual

York

$18,000,000,

repre¬

by more than 22,000 poli¬
Twenty-two
of
the
57

savings banks in New
City have insurance de¬

partments.

illustrated

Central

Savings

Bank,

New

York City, announces that Joseph

*

Campbell"

elected

was

bank's " board

of

to

trustees

tne;
the

at

authorities.

naval

•

by

-

week-end

were

,

decision * * to •Washington-on

Hitler's

J.
them- Field /Marshal Gen. Frederick
Hornep. and
the
Brauchitsch. ?. The French High Commissioner * Ad¬
•early: and: rigorous winter-was miral Georges Robert, arrange¬
;
blamed. by the Germans for the ments- were- made »which' Assure
neutralization
of
-debacle/ ' but
this-/ explanation the ' continued
among

New York

City,

• *

"

.

Walther.' yvon

-

■hardly suffices in view of the winters

-

the

hardly /to

is

; mans

retreat

'

by

the- Ger-

be

expected,;

since the Reich lines of communi-

L cation- steadily
-"'lengthen^
a

Russian

sbortlines

.

the wasteland left

by twg vast • armi es. There: is., no
doubt, however, that a crisis has
arisen in Germany because of the
for retreating,

need
•

over

being

are

the

while

ened,

.

Iher

coimse

will

: flict

'marked

be

influenced

-degree;

by

the:

unRs/now

have

achieved- another outstanding vic¬

tory in the dry Italian desert- of

-Libya,

in

nothern

Africa.

-Russian thrust against the Nazis,

the Axis forces at

places

heavy disadvantage
It is

a

two fronts;

quite possible/ however, that

.Hitler

and

into

his

turn

-deavor to
'feat

on

a

hordes

will

en-

their African de--

gain, through strokes




the

appointment of Fred

as

life

insurance offi¬

has

bank

been

selling

-

This

meeting

is

Jan.!

15, with

high officials of

to

begin

Republics

served the 75th

must

on

in

founding.

and

more

recently Secretary and

Treasurer of the American Bosch

Corp.,

Dec. 4 at his winter home

The

Lauderdale, Fla.

Greenwich, Conn.

67 years old.
in

He

Mr. Aiken

was

borni

was

was

elected

President

Trust

Company,

Putnam

cording to
the'

When

the

Chase

Na¬

The Board of Managers of The
Half, Dime Savings Bank, Orange,
N. J., has elected Henry T. Stet¬

senior partner of the firm of
Stetson & Gormley, attorneys, of
Orange and - New York, as Viceson,

President

Jan.

1,

succeed

who

of

bank,

Mr.

is

resigning

Board of

will

H.

Williams,
acting Vice-:

as

of

as

effective

Stetson

Frederick

President
the

the

next.

Dec.

The

31.

Managers also announced

election

of

Harrison

Faddin to the Board.

G.

Mc-

an

of

of

On Dec. 17,

ac¬

bank's

announcement

by

'board

of

\\

all

has

been

„

.

A.

Dunn

Mr. Stetson is the son of Horace

Stetson, who
of

Bank

from

formerly Treasr
Dime Savings

was

The

Half

1880

1921

to

and

its

Vice-President from 1907 to 1921.
His firm has been attorney for the
bank since 1929.
Williams whose resignation

Mr.

the bank,

Vice-President
has

and

of service with

years

will celebrate his 90th

birthday in 1942.

He

in

been

Managers

March,
the

on

duced

William's

special

a

Jersey

1935,

Board

since September

Mr.

cer.

elected

was

He is the bank's oldest

State

of

1894.

living offi¬

father

in

act

intro¬

the New

Legislature .for. the

bank's charter.

' '"

■

Mr.

McFaddin, the new mem¬
ber of the Board of Managers, is
retired from business, having for¬
merly headed the manufacturing
firm of H. G. McFaddin & Co.,
New York.

E.

Dieffenbach,

of

Dime

the

on

West

Manhattan

34th

since

Walter

it

the

will

problems

Pan-American Conference

be

that

unity which plainly

Vice-

Savings

war

against the Axis nations,

or

The Argentine

remains
some

on.

in

A

meeting called

has

been

elected

Chairman1

a

trustee of

the

of

the

Board

of

the

to

President

Arthur

Manhattan

York

City,

forbidden-,

was

Hill

Hospital,- New
shortly after he was

with

rhage-at. the

Roosevelt

a

cerebral

hemor¬

bank's'main

,

Pres¬

Association,

died

Haverford. Pa.

Nov.

on

He

was

30

at

76 years

Robb
of

was

sota
cis

College of Law.

War

as

Mr. Fran¬
first

World

Second Lieutenant in

a

the Field

the

in

served

Artillery.

Members of the special com¬
mittee who recommended Mr.

Francis

the

to

rectors for the

Board

Henry
Fletcher,
Ralph
E.
Brush,
Chester,

Louis

Arnold

H.

of

Presidency

Chairman;
Colby
M.

.

W.

Di¬

were:

Dommerich,

Jackson

and

Robert

A. Lee.

Henry Brown Day, senior part¬
in the Boston banking firm of
R. L. Day & Co. and President of
the Day Trust Company, died on
Dec. 1 at West Newton, Mass. He
was 79 years old.
In 1880 Mr. Day
joined the staff of R. L. Day &
Co., which has been founded by
his father in 1865, and in 1889 he
ner

became partner
became

of the firm.

member

a

of

the

He
New

York

Stock-Exchange in March
1914, and had been President of
Day Trust Co. since its organiza¬
in

tion

At

1929.

the

time

of his

death,

Mr. Day was a member
of the corporation of the Warren
Institution for Savings, an incor¬
porator of the West Newton Sav¬

ings Bank.
Donald

President

H.

Hemingway,

and

Director

a

Viceof

the

National

Second

Bank,
New
Haven, Conn., died of heart dis¬
Dee. 11 in the New Haven

Hospital.
Mr.

He

was

49

years

Hemingway had been

President of the
Bank

for

Second

the past

a

old.

Vice-

National

10 years.

His

father, the late Samuel Heming¬
way,
and also his grandfather,
had

been

ond

National.

Presidents

of

the

Sec¬

Mr.

Hemingway's
brother, Louis L. Hemingway, is
the
present
Chairman
of
the
Bank's Board of Directors.

Directors
Bank

of

of

the First National

Chicago

Pres¬

on

Dec.

thorized the transfer of

154. East 86th St.

He

was

63* years

"interior

from

12

au¬

$2,000,000

active

board

member

of

the

total to

remains

G.

of

Bank of
son

Johnson,

The

Penn

Vice-Pres¬

-

Mutual

Life

Philadelphia.

-

Mr. John¬

has been associated with The

Penn Mutual for 13. years, as gen¬
eral agent in Pittsburgh-and more

recently in Philadelphia
President in

as

Vice-

charge of agencies.

.

Samuel Wheeler

Morris, at

one

time Secretary of the Girard Trust

Co.,

un¬

$45,000,000. Capital stock
at $30,000,000.
The Di¬

rectors .also
ident

to

and

former until his death.

Eric

reserves"

the

Institution

an

former

a

office.

last week, by the Ar-/ ..old,.. A. native of
New-York, .Mr;
gentine authorities.
Stiles, after graduation from high
,

former

Insurance Co., has been- elected a
Director
of
the
First
National

bank.

Buenos Aires for -paying 'hom¬ •stricken

age

Minne¬

Burlington Savings divided
profits
and
$5,000,000
the
Burlington from undivided profits' to surplus.
City Loan and Trust Co. and was The addition to
surplus raised the

.

States/

of

Joseph F; Abbott, President of
the American Sugar Refining Co.,

military concessions* to -the the- Lenox

United

Bank

Mr.

Stiles,-President of the
Savings
Institution,:
sidelines, despite, New-York
.City, died on Dec. 17 in

Republic, however,

the

Reserve

apolis.
He received his LL.B.
degree in 1920 from the Minne¬

1866.

advisable in the current world Emigrant Industrial Savings Bank,
New York City, it was announced
crisis.
Almost all " the American
on Dec. 12 by Walter H.
Bennett,

already have/declared

Robb,

opened for business in December,' old.: A native of Burlington, N. J.,

is

Republics

eral

ident of the^New Jersev Bankers'

ident

the

among

E.

district for four

Following his graduafrom
the
University of
Minnesota in 1916, he began hi?
banking career with the Fed¬
tion

ease on

Emil
President

is

institution, which

located

in

Street

at-,

the New York
years.

.

.

anniversary of its

Harris

President 6f the

This have broken diplomatic relations.

/move vies in importance with the

/and

the

to

which

follow the World War.

Foremost
of

Egyptian and Tobruk bases;

Secretary in 1904.

died

on

Mr.

Carl C. Francis, former national
bank examiner in New York
City

jM. Aiken, former Vice-

-life-insurance since

tendance.

1

Driving steadily westward from

Empire

contributions

American

great

Victory in Libya

British

formuV/
for J the

a

/Decemberchange.

•their

possible

con-

to

Dec. 16

G. Kracke.

:

being

are

;♦/ reconstruction

the fur-

and

of the limitless

Philadelphia,

Chase, National Bank, New York,
in Fort

years

de¬

Institution, Newark, N. J., died on
January, 1939,
-lated,
meanwhile,
Dec. 4 in St. Barnabas Hospital.
having,; it * is stated, been one of
Pan-American Conference in
Newark.
Mr. Dieffenbach, who
the first institutions in the State
Rio de Janeiro, at
was .79 years old, had also beer- a
which/ the ,; to be so authorized.
•/
representatives
of
all
.21
consulting metallurgist with the
American Republics will dis¬
United States Metals Refining Co.,
The North River Savings Bank,
cuss
common
objectives and
New York City, on Dec. 17 ob¬ Carteret,. N. J.

soldiers in the first World War.

Indefinite

The
Lincoln
Savings
Bank.
Brooklyn, N. :-Y., announced on
;

cer.--.The

Plans

'

v

strategic island,

in Russia by German

spent

its

in

Hill,

67

was

In 1929 Mr. Morris retired
to devote more time to his
private
affairs.

President and Comptroller of the

concludes 47

'

confirmed : in versity,
a
position
which
he
Monday;'«by wSec*] assumed earlier this year." Prior
"take supreme command of all Ger-i retary of State Cordell Hull.—:As td Thht; tim'e' Mr. Campbell was
the
result
of
man forces and relieve a number
conferences."^ be¬ .engaged in active practice as a
our
own
Rear, Admiral certified
of
his
military aides, foremost tween
public
accountant
in

-further

was

Chancellor

Arthur

urer

regular "monthly meeting.
Mr.
The
grave
miscalculation /in Rumors to this effect which be-! Campbell is Assistant Treasurer
Russia by the German command¬ gan
to circulate /over the - last of the Trustees, of Columbia Uni¬
ers

doubled

Chestnut

tary.

posits.

such departments

pen

up

conduct.

'

The status of the French island

,

Reich

the '.

than

*

been

preparations.

■

are

better

has

long

rapid

a

j

this statement it was con-

engulfed

defense

-

j nized, and recent

clothing to the Eastern front,
ceded

for

need

The

•

In

has

war>

much of the Western Hemisphere;

;

ill-

clothed

the

that
.

to

mission to

.

enemy

be

Propaganda
Joseph Goeb-

addressed

carrying, the. war
to
obviously
are
to
applied in Washington, now

the

!

when

Minister

bels

while,

j

German

than

more

Born

in

He

Ten years later he became Secre¬

bank in June, 1924;
presidency the insti¬

his

announcement

for establishment of a Life Insur¬

communications of

The desperate plight of the
forces was revealed

■

the

of

during

1935.

The

transports.; There remains ance
Department by The Bowery.
the possibility of aerial transport
Trustees of the bank have voted
be in process of restoration.
In by the Germans of reinforcements
for its entry in the life insurance
the Donets Basin the defenders to Italian North Africa, since the
field.'
also are pushing the Nazis back¬ whereabouts of the main Reich
The Bowery will be the 42nd
ward. Only on the Crimean Pen- air fleets currently is a mystery.
mutual savings bank in the State
insula were the invaders able to
to establish an insurance depart¬
Western Hemisphere
-make any attacks, with the intent
ment- since
legislation
in
1938
Sound
strategic principles of
of
taking
Sevastopol, but that
safeguarding
the
home
front gave -savings banks general per¬
Russian naval base was held.

;

dent

tution

home

made Assistant

Vice-President and Secretary
in 1918.
Mr. Stiles became Presi¬

cashier.

..

<

tary

his

Morris became associated with the
Girard Trust Co. in 1884 and was

tional Bank absorbed the Mechan¬

The

the second Russian city are said to

-

with this organization.
He
appointed Assistant Secre¬
in 1916, a Trustee in 1917

at

,

Re-: was made
by Henry Bruere, Pres¬
culty and at great cost, they are inforcements were rushed by the
ident, who already has made ap¬
rap dly being rolled back.
In the Italians to their remaining African
plication to the State Superinten¬
northern sector, near Leningrad, "Empire," but British cruisers and
dent of Banks for authorization
the Reich army is being pushed submarines
sank
a
number
of
the

29

.business

directors.'
Texas,/and began his bankingBrooklyn,: N. Y., the career
as* "a messenger, in the old: The
announcement in the matter
Board of Directors of the bank, in
ous
reports,
however,
of
Chatham National Bank in New1
says.'""
order
to
German troop concentrations
j
help their employees,
York.
In 1907 he transferred to>
Mr.
Francis
was
for
three
meet
the
increased living
in the Balkans, and a threat
cost, the
National Copper Bank, and,
years
President
of
the
have announced that a payment
Kingsagainst
Turkey
and
the
when thgt institution merged witlr
boro National Bank,
of 6% of the weekly salaries paid
Brooklyn/
British-held Near
East
was
the,, Mechanics National Bank in
prior
to
.its
merger
with
the
seen by some observers.
during the period from Oct; I to
Ber¬
1910 he became chief clerk of the
Colonial Trust Co.
He was a
Dec. JU, 1941, will be made in
lin denied all the reports."
new
bank, the -Mechanics and
national bank examiner in New
January, 1942, to all employees
Metal National Bank. In 1915 Mr;
Despite
some'
unfavorable whose
York City from 1928 to
salaries
do
not
193f>
exceed
Aiken
became
Assistant
Cashier
weather, British columns steadily
and, before that, was an assis¬
$3,000 annually, excluding offi¬
and
in
1923
was
pursued the retreating German! cers.
promoted
to
tant national bank examiner in

are being abandoned by
retreating Nazis. From areas
60 to 80 miles west of Moscow,
which the Nazis took with diffi¬ miles
corpses

and

entire

.

Bowery Savings Bank, New ics and
coastline gave the British the Ital-;'
Metal-National Bank in
York" City, has announced that it
ian city of Derna; last Friday, and
1926, Mr. Aiken became Second
expects to start over-the-counter, Vice-President
of Chase National
Bengazi next may fall.
South of sale of
savings' bank lifeinsur¬ and in 1929
also became ComptrolBengazi," deep in the desert, a; ance and the issuance of
policies
ler.
He retired in
mobile British column raided 450

'agree that much war material and
i thousands
of
frozen
German

back

his

and

the

Hospital Fund 1941 Cam¬

Bonus

representatives to visit the and Italian forces in Libya;-thisi
All
such
correspondents week.
A rapid march along the|

press

,

i

Re¬

Mr. Clark at
Chairman of

,

old.

spent

.

already have been overthrown by
Red
Army units bent on ven¬
is

Brooklyn

paign.

the

movement of this

a

kind. There

that some of
positions of the Nazis

it

winter,

joined the

Customer

Department,
General

United

through /

Vichy is being Co¬

erced into

withdrawing to static lines for the

•

its

with

Philadelphia.'

and

career

unoccupied

Rumors ;•

that

were

lations

the

1

nounced

has

present" is

ne¬

possibly

and ;

assistance

their

move1

passage

Spain,

be

order to

in

M. Clark

Everett

connected

school, entered the employ of the
Manhattan - Savings
Institution

was

staff of the institution and will be

likely to be invaded

cessitate

world strategy of

necessarily

Spain

Turkey, and perhaps both,

or

All reports
an

Companies

(Continued from page 1661)
The Brooklyn Trust Co., Brook¬
lyn, N. Y.V has announced that

Medi¬

the

on

battlefield.

terranean

Atlun-

are

•

force

Trisst

.

tic Coast.
Russian

in

1

ex-/1/'

to! London

according

dispatches, that Hitler will at- /

Axis

reported on sev¬

were

Itemr AM Banks,

1663

'

Philadelphia,

died

on

Nov.

quarterly
share

on

declared the regular

dividend
of
$2.50
a
the capital stock, pay¬

able Jan. 1.

The

Board

of

Directors

of

the

Continental-Illinois National Bank
and Trust Co.,

Chicago, on Dee. 12
$5,000,000 from
undivided profits to the surolus
account thus bringing surplus to
$50,000,000, the same as the caoital

voted

to

transfer

stock account.
•was

A similar increase

made in the

(Continued

sural u= -"^aunt

on page

1665)

urns

1664

THE COMMERCIAL & FINANCIAL CHRONICLE

The gain of 204,600 bar¬ Supply, Priorities and Allocation of residual fuel
oil
were
off
sharpest / in •vweeks^estab-; Board - had • approved V the ■ far- slightly
at
95,560,000
barrels,
lished a total far above the De¬
reaching plans of the Office of the against 95,762,000 a week earlier.

ported.

Petroleum And Its Products
.Designed
with
under

whicn

troleum
is the
and

to

the

cope

conditions

nation's

pe¬

industry is now operating
tar-reaching plan of on

new

conservation

gas

this

primarily
war-time

the

week

announced

by Coordinator of Pe¬

be

submitted

the

to

rels,

Petroleum

only after he has approved them.
"A
conservation
plan for
Cali¬
fornia no longer is merely a ques¬

000.

of

Ickes

local

desirability,"

Mr.

has

be¬

stressed.

"It

now

which, in come a matter of national neces¬
effect, places control of the West sity."
The action was taken un¬
Coast industry in the hanas of the der the
power given to tne Pe¬
oil

States, such

executive.
as

Other

Illinois, which

are

troleum

Coordinator's

President

Roosevelt

neither members of the Interstate

broad

President in wartime.

production

satis¬

measures

authority

office

granted

to

demand

estimate

of Mines

of 4,lo9,-

Principal factor in the rise
was
a
gain of 227,0(70 barrels in
Texas production, which climbed
to
1,70-3,000 barrels," offset par¬
tially
by
lower
production
in:

Petroleum Coordinator for multi¬

Wnile

plying

distillates

line.

capacity

to

Formal

SPAB

approval
of the
given to the details of

was

the plan as submitted in
dential

defense

confi¬

a

by Mr. Ickes.

memo

Further

successful

nation's

produce 100-octane aviation gaso¬

California and Kansas.
Another

the

seasonal

expansion

in

inventories of finished, unfinished
and aviation gasoline developed

against litigation involving tripledamages was won by the major
oil companies convicted of anti¬

during the week of Dec. 20 with

tne

the

trust law violations at Madison in

to

by

under

Oil Compact Commission nor have
State

market

cember

of the Bureau

troleum Harold L. Ickes

Federal

-

Coordinator and become effective

tion

Thursday, December 25, 1941

1938

Estimating available crude oil
supplies above ground at suffi¬
cient for only 50 days, Col. E. O.
Thompson, Cnairman of the Texas

in

District

by Federal
Judge Patrick T.

Court

climbing 1,875,000 barrels
89,297,000 barrels.
The Amer¬

ican

Petroleum

disclosed

Institute

report

this

that

figure com¬
Stone on Dec. 18 in Wausau, Wis,
factory to Coordinator Ickes, may
pared with holdings of 81,651,000
be forced
to
The Judge ruled, in sustaining a barrels on the
operate under the
comparable 1940
same1 figid rules that now
motion
for
govern
summary
judgment ddte. / Production
of
gasoline
California oilmen.
Railroad Commission, told mem¬ against a ' Lidgerwood,
Wis., oil gaindd slightly during the week,
The new program, designed to bers of the Interstate Oil Compact
jobber, that
a • jobber
seeking rising to 13,687,000 barrels from
assure
the maximum producing Commission at their Dec. 19 meet¬ triple damages may not recover
13,610,000 barrels a week earlier.
efficiency in output of California ing in Oklahoma City that this a mere increase in price which A
sharp gain in gasoline produc¬
petroleum products for the war in supply is "dangerously low." The has resulted from the defendant tion
over
the
11,393,000-barrel
the
Pacific and civilian needs, United
oil
States,
he
continued,
companies' acts, in view of the figure for the like date a year ago
was
formulated by the Industry should "certainly" store an emer¬ decision in the Twin Port Oil Co.
was shown.
,

Committee

for

District

5

the

at

gency supply of crude oil above
ground totaling 60,000,000 barrels,

Oil

Pure

Co.

case, which the
A fractional
gain in refinery
Supreme Court re¬
operations lifted the figure to
Following his formal approval this 'which would not be touched ex¬ cently refused to review.
91.4% of capacity, against 90.4%
There were-no-price changes. ;
week, only the detail of action by cept in dire need."
He further
a
week earlier. Y Daily average
the Committee and California oil¬ suggested that the nation store an
runs of crude oil to stills were up
Prices of Typical Crude per.
men
to place the
new
rules, in additional
50,000,000
barrels of
73,000 barrels to 4,070,000 barrels.
Barrel At Wells /
'
effect
remained
to
be
accom¬
gasoline
for
a
"war
reserve."
Holdings of gas oil and distillates
plished.' Since Mr. Ickes recom¬ Bombproof ; underground : tanks
(All gravities where A.; P. I.
showed a normal seasonal drain,
mended immediate action, the new should be utilized for the storage
degrees are not shown)
:
easing off to 51,487,000 from 52,•rules
$2,75
virtually became effective of both crude and gasoline by the Bradford, Pa/1
809,000 barrels on Dec. 13. Stocks
with their announcement.
Government, Colonel Thompson Corning, Pa.
r-1.31

of

request

Coordinator

Ickes.

vs.

_ _„

Under

the

persons

"industry

new

conservation

announced by Mr.
Washington this week,

program,
Tckes
in

said.

engaged in the petroleum
may produce, store, sell,

•market, transport, purchase and
handle petroleum and its products
only if produced in accordance
with
conditions imposed
by an
Industry
Committee
and
"ap¬
proved" by the Federal Coordi¬
nator, which in effect places Cali¬
fornia oil production and market¬
ing in the hands of Mr. Ickes.
"From the military point of view,
this plan is essential," he said. "In
addition to assuring our supply, it

Eastern Illinois

Another

as

oil

shortage

the

on

East Coast due to the war-created

of transferring

necessity
the

from

Coast

East

Coast

foreseen by

Represen¬
Cole, head of the House
petroleum subcommittee, in his
was

tative

the

: *

above

.There

changes
in
the
principal
marketing
areas
throughout the country.
U.

S.

of

oil

in

__ _

above

storage

California's

surface.

the

on

vital

sup¬

plies of oil must be protected
properly
from
enemy
attack,
sabotage, or other dangerous ex¬
posure and this plan will make
this possible."
The
two-fold
purpose of
the
plan, to meet all demands both
military and civilian and to con¬
serve petroleum and gas and crit¬

-

Industrial

activity

ical

defense

their

materials

used

in

discovery, development and

production, can be achieved, by
Mr. Ickes said.
This can be done
through continuing discoveries of

by conducting de¬
production oper¬
ations
in
an
orderly,
efficient
manner and
by maintaining pro¬
duction "at, but not greater than,
a
rate sufficient to provide ade¬
quate stocks and to fill current
needs."
Wasteful production of
new

reserves,

velopment

oil

and

is expressly banned,
except where the Petroleum Co¬
ordinator may certify that there
is urgent direct defense demand
or

gas

for additional

production from
particular California field.

any

Committee

fornia

area

for

the

Cali¬

with the task of "pre¬

paring ar plan

plans" that-will:

or

turned

than those recently
by the British."

stimulus

this

of

week

Allocation

with

contemplates

immediate

no

further

activity in its investiga¬
tion of gasoline and fuel oil short¬
ages, unless new crises arise in
connection with petroleum needs
of
the
military
and
civilians.
While reporting that there was no
shortage of petroleum and prod¬
ucts up
to the time of its last
hearings in October, the Commit¬
tee pointed out in a letter accom¬
panying the report that a state of

Coordinator

the

Board

Priorities
approval

Ickes

announc¬

Assure

the

Coordinator

Atlantic

has noted

of petroleum in

reserves

distillate,

kerosene, naptha,
ural
gasoline,
butane and
butane, it was stated.

Coast

area

are

at

a

comfortable level.'

"Extension

Pacific

of

the

war

to

the

Ocean

than

$3,000,000

suggests that new
problems may arise in relation
to the supply of petroleum on the

Service

will

Co.,

Service Corp. and his

and

pointing

3.

contracts. with

finers.

New York

(Bayonne)

F.

"Under

use

4.

of critical materials.
the

Assure

efficient

use

of

transportation, storage and refin¬
ery

5.

facilities.
Eliminate the

necessary

6.

un¬

wells.

physical waste below
ground.

Assure

duced
trdeij™

in

that natural

coniunct'on

is u°ed

gas

pro¬

with

pe-

nri^arilv for the

efficient recovery
Anv

pl°n

however, it

or

was

the

civilian

of

years.

rially

Jemand

is

for

base

the

way

other

uses

stocks

and

Also

a

gasoline.

for income tax

The

check

a

C.dmmittee
on

ticipate
shortage."
A

20

in

of

more

daily

of crude

all

means

effort to

possible

any

spurt

barrels
tion

an

oil

lifted

than

average

during

has
of
an¬

the

Revenue

the

contraqt.

of

the

Commissioner,

liberal

•

deoreciation

during the life of
The importance of

agreement.

.

.

...

lies

in

the

200 000

the Dec.

a
a

market for.

product

war."

a

now

it possible for

sufficient period

used chiefly in

t^e total for the
of petroleum.
A few days previous. Mr; Jekes'
hh^s develooed, ^at.ien to 4 314..150 barrels, the
American
Petroleum
Institute re¬ office had
emphasized, must
announced
that
the




week

i

—04%-.04%
<

Refinery

B.

Terminal

or

Bunker C..__

$1.50
2.15

Bunker

C

1.30

Philadelphia, Bunker C
Gulf

Coast

Halifax

1.50

______—

__i_,

N.

Y.

______

28,30

Tulsa

1.70

_

Terminal

or

7 plus_____;—

(Bayonne)

Chicago,

$.85-.90

___

Gas, Oil, F. O. B. Refinery
D

;

$.04
.053

______

.03%

____________________

tion

maintained

defense

materials.

to

rose

at

woolen

! duction

of

of the

and

,

furni-

_

months

levels, and
high

other

seasonal

declines

indicated

manufactured:

Less

in

out-

for

shoes

food

prod¬

as

the

petroleum

production

.increased further in November.
Bituminous coal production de¬
clined somewhat owing to tem¬

shutdowns

porary

mines

at

some

during

November,
anthracite production was
tailed

as

the

able

result

a

weather

warm

and

in

ore

in

of

earlier

and
cur¬

of unusually

existence

stocks

lated
and

some

areas

of

consider¬

coal

accumu¬

months.

Iron

shipments continued in

large volume until the ship¬
ping season closed early in De¬
cember; during 1941 about 80,000,000
tons
of
ore
were
brought down the Lakes as
compared
record

1929.

of

with

the

previous

65,000,000

Stocks

of

tons
at

ore

in

lower

Lake ports om Nov. 30 amount¬
ed

production

to

about,

a

-

seven

supply at the current

months'

consump¬

and

automobile

new

sale
and

tires

for

halted

civilian

temporarily, pending

tablishment

of

use

were

system

a

of

construction

in

awarded

tracts

es-

for

of

level

other

con¬

November

declined sharply from

the high

recent

months,
according
to
figures
of
the
F. W. Dodge Corp.
Awards for
.

privately-fir\anced
decreased
and

contracts

financed

projects also declined
a
continued
large

following
volume

of

spring.

Total

vember

awards

the

year

10

last

in

about

a

first

they

year

since

awards

were

than

larger

construction

than seasonally
for
publicly-

more

No¬
fifth

a

while

ago,

months

of

the

three-fifths

were

larger.
Distribution
Volume

Crude

.

output

tubes

ucts.
.

of

of the end of January.

dered

Also,

for

maintained.

was

were

pro-

recent

were

cessation

other products was or¬

Value

the

of

were

controlling their distribution.

declined

or

record

mills

steps

and household
greatly
re¬

cars

and

some

of

in

activity declined

rate

declaration
of
country in early

goods
using., critical
Output quotas for

passenger

duced

seasonally.

new

6,500,000

a

further

appliances

ad¬

seasonally. At cotton
and rayon textile mills activity

I

around

Following
by this

In industries

increase

to

of

rate

tons a month.

The

index

,less than

rew

fact that it makes

of

O.

(Harbor)

Savannah,

previous
decline

season.

average.

factories

put

the refiners to undertake the large
investments with some assurance
of

Y.

F.

Diesel

a

and at lumber mills and
.ture

;and

carrier

produc¬

'

l

contributing

ternal

kept

4.25-4.625

_____

i.

Oil,

.0525
.04

_

<

N.

Car,

.0525
—.—

Texas

Fuel

In

for

the

permitting

Tank

$.053

Tulsa

at

the automobile indus¬
try activity increased, reflect¬
ing
larger
output
of
Both
military and civilian products,
ity.

than

mate¬
expansion program
recommendation by the In¬

to

White,

Refinery

Orleans

New

maintained at about capac¬

was

j

provisions

blending agents in the manufac¬
ture of high octane, or aviation

■transportation in

Prevent

and above
7.

drilling of

in

Mgh-test gasoline—because of the

B.

Philadelphia

output

November

this

at

was

i

develop¬
and utilization
of petroleum in

tailment

Water

O.

Baltimore

Output of materials, such as
steel
and
nonferrous
metals,

Defense

-

,

.

-

in

adjusted

less than

be

proper

Accomplish the most effective

put

nat¬
iso-

office, call-i

the

usual

continued

ing for the immediate start, of a
$2,000,000 plant in .the Middle
West

.06-.06%

;,

41-43

most other lines volume of out¬

lind Oil & Gas, Humble Oil & Re¬

similar

Super.

Kerosene,

engaged in production of arma¬
ment
and
munitions
activity

invested in the project byStario-

Cities

.06-.06
—*—

taken to curtail output of non-

rate of the
months, although

1935-39

.

the

.06-.06%

_

Oklahoma

December

vanced from 163 to 167%

exists and any interpret
of the report should be

that the

Cities—

war

high

Board's

Katy Gas Field in Waller
County,
will
process
approxi¬
mately 275,000,000 cubic feet of
gas daily—which will yield nearly
7,500 barrels daily of combined

production

ian needs.

the

is

now

Petroleum

.085

Coast

North

_.085

maintained at a high rate in November

was

industrial

of

sustained

two

21

West
Coast," it was continued, contract, a loan will be advanced
"Furthermore, the use of petrol¬ by the Government for part of the
eum tankerships in the new war
of the reserves
construction costs,". Mr. Ickes said
zones must be solved and, conse¬
in commenting
California.
upon the new con¬
2. Make
"The entire output of the
petroleum
and
its quently, civilian adjustments may tract.
products available at the orpoer be necessary. Tn addition, there plant will be purchased by the
places to meet military and civil¬ 's possible future need for cur¬ Government for at least three
1.

ment,

Volume
was

fining and Humble Pipe Line, Mr.
Ickes said, with Humble Oil &
tations
Refining operating the plant.
A
made in the light of that fact. preference
rating of A-l-a has
"The exigencies of war may mate¬ been assigned to the project to
rially change the situation in the insure speedy construction. ■ Mr;
future," it was stated, "although, Ickes also disclosed that.- a piodej
within
the
past few days, the contract has been developed by
war

•

Eastern

Other

prices,

the

More

.09

'

1.23

gas
Washington, however, the
Maloney subcommittee reported cycling plant, to be constructed
in Texas.
The plant, to be built
to the Senate on the same day that

it

$.085

—_

-

—_______

Chicago
Gulf

Tank

Our entry into
0.9§, cial conditions in the United States, issued Dec. 20.
1.12 the war was reflected in a sharp advance in the prices hf some com¬

ing in Washington on. Dec.
plans for the world's largest

in

Octane),

Refinery

eral Reserve System

1.29

under

Supply,

a

and

re¬

In

the

In announcing the new program,
Coordinator Ickes charged the In¬

dustry

greater

numbers

Oil

___

Shell

y

(55

B.

_

Water

Texas

y

O.

York—,

Socony-Vac.
Tide

modities, some decline in security
and further curtailment
of
nonmilitary > production,
the
of the Board
points out in- its summary,

Refined Products

in

service

F.

volume, reports the Board of Governors of the Fed¬
in its summary of general business and finan¬

tinued in large

dedication

speculate on the early use in the
Pacific of tankers moved from the
Atlantic

(Above

Lots,

and the first half of December and distribution of commodities con¬

1.25

.

momentum

Gasoline
Car

New

formerly
The expansion program
serving this territory for service
Petroleum
Coordinator's ; Office
on the West Coast, Representative
which further states:
is urgently needed because of the Cole said: "I see ahead with such covering the production of high
octane aviation
gasoline
Production
gained
dangers involved in having vast certainty, that I am willing to
amounts

price

the major refined products

Industrial
Activity Is Maintained At High Rate

V' 0.#S
Smackover, lieavy■ i;L_
Rodessa, Ark., 40 and above - 1.2fl
East Texas, Texas, 40 and

tankers

few

were

in

Federal Reserve Board Reports

"

1.25

southeastern

free

would

around

1.37

Mid-Coritin't, Okla., 40 and

of tne Kettlemari%,Hills-, -37.9
and
over
pipeline
.tretching from St. Joe, Fla., to Pecos County, Texas^_____
Chattanooga, Tenn, on Dec. 19. Lance Creek, Wyo
While pointing out that comple¬ Signal Hill, 30.9 and over__
tion
of
the
$5,000,000
pipeline

at

ipeecn

456-mile

off

were

1.22

Illinois Basin

tankers

the West

to

oil

oil and

gas

substantially
ago, stocks of

year

residual fuel

United States

.

a

6,000,000 barrels.

.

•

of

were

above those

stocks

decision

a4

inventories

creased

of

retail

trade

in¬

in November

following
some
decline in the previous
month. Department store sales,
measured, by

as

seasonally
vanced

to

average

115%

as

Board's

index,

of the

compared

in October and

116

ad¬

1923-25

with

105

in

Septem¬
Larger sales in November

ber.

also

were

creased
trade

reported

somewhat, according to
but, as in other
months, new car sales

reports,

recent

smaller

were

dealers' stocks
In

the

cember
stores

than

outout

rose

further.

second

sales

rose

Freight

week

at

the

traffic

continued

and

of

De¬

department

less than

particularly in
gions.
roads

by variety

Sales of automobiles in¬

stores.

ume

the

adjusted

seasonally,
coastal

on

in

the

large

re¬

rail¬

vol¬
in November and the first

,

Volume 154

Number 4024

Fertilizer Assn.

THE COMMERCIAL & FINANCIAL CHRONICLE

The weekly wholesale commodity price index
compiled by The
National Fertilizer Association was

;

result of rising prices for industrial commodities.
In the week
ended Dec. 20, it was reported Dec.
22, this index advanced to
119.2 from 119.1 in the preceding week.
A month ago it was 116.4
and a year ago 98.8, based on the 1935-1939
average as 100.
The farm product price index declined last week as most
grain
and

quotations sagged.
Cotton was somewhat higher
Price changes in the food group were nearly evenly bal¬
anced, with 11 items declining and 10 advancing.
The declines in

Companies

Directors of the Harris Trust &

in price.

Savings

food prices, however, were

authorized the transfer of $1,000,000 from undivided profits to the

causing

drop

small

a

also

was

in

commodities.

sulted

sixth

though

the

the

food

price

index.

fractional

A

registered by the index representing the prices
Rising prices for cotton and wool

miscellaneous
in

than sufficient to offset advances

more

recession

the fuel

consecutive

advance

in

the

textile

of
re¬

Al¬

index.

advanced

moderately, it was still below
Lead and linseed oil prices were higher
in the building material index.
The farm ma¬
mixed fertilizer price indexes were sharply higher,
average

the level of two weeks ago.

causing
chinery

upturn

an

and

reflecting to

some

defense

by non-defense

and

degree the scarcity of materials needed both by
industries.
A further advance in the

WEEKLY
;

WHOLESALE

PRICE

%

•

.

•

•

,

Latest

,

;
FOOdB

23.0

J

1941

17.3

Fuels

Miscellaneous

Commodities-!
——

Metals

Building

1.3

Chemicals

it

.3

Fertilizer

.3

Fertilizers

.3

Farm

Drugs

155.5

91.2

106.7

84.6

109.3

112.9

111.9

113.3

101.4

126.8

126.9

126.3

110.5

138.9-

112.0

140.8-

131.2

131.1

118.3

112.0

112.0

1.12.0

103.8

114.9

114.9

104.1

109,8

107.5

103.3

Materials
119.7

.

•Base

period changed
1926-28

on

Jan.

base

1926-1928

from
Dec.

were:

104.0

100.7

i

4

Bank Debits Up

larly timely when deposits are
increasing
and
the
demands
upon
banks in financing the

20,

to

average

1941,

92.9;

,

13,

ended Dec. 17

100.2

99.6

98.8

average

as

92.8;

Dec.

1941,

100.
21,

total reported
New York

$146,954,000,000,

for the corresponding period

City there

of

23% above the

or

At banks in

a year ago.

increase of 18% compared with the cor¬

was an

responding period a year ago, and at the other reporting centers there
SUMMARY

,

BY

FEDERAL

RESERVE

millions of

4

13 Weeks Ended

Week Ended
Dec. 17,

Boston

York

New

——

-

Philadelphia
Cleveland

—

666

8,265

7,084

59,080

50,137

5,917

5,311

—

Louis

-

Minneapolis
Kansas

City

-——i

Bank

bank, organized in 1910, has a
paid-in capital of $100,000.
Of
the eight directors of the bank

than

20

274

York

New

City*

Other

——

years.

6,236

7,813

8,233

4,618

439

354

4,849

3,723

2,110

1,624

21,977

17,455

Harsh,

President,

430

335

4,970

3,728

Perkins

and

255

179

2,870

2,201

Vice-Presidents;

3,567

324
274

4,525
3,949

2,945

856

12,045

9,523

14,224

146,954

119,450

5,444
7,590

11,824
4,897
5,982

54,015

45,935

80,171

63.443

1,190

944

12,768

10,072

—

1919.

Included in the national series covering 141 centers, available beginning with

half of December.

increased

ments

Grain ship¬
considerably

of miscellaneous
merchandise,
which
includes
most
manufactured
products,
were
maintained at the high
and

loadings

several

reached

level

Coal

earlier.

months

loadings declined

Retail

ured

food

the

by

prices,
Bureau

as

meas¬

of Labor

Statistics'

index,
increased
further from the middle

1%%
of

October

a

year ago.

retail

the .middle

to

November to

of

Indications are that

prices of both foods and

other commodities continued to

temporary

rise in December.

mines.

other

creased

this

less

than

is

usual

at

tinued

Commodity Prices

Following
United

Cashier;
Merlin

the

of

entry

into

States

industrial

traded

in

the

the

the
war,

materials

organized

mar¬

kets, being limited by Federal
regulation, showed little change.
Additional
advances
were

and

soon

measures

in.

ported

prevent

wholesale

prices

announced for

shellac

pepper,

to

and

for

and

in leading
advance

to

such

foods

wool
im¬

as
cocoa,
coffee,
and fats and oils.




of

ment

holdings

securities

Carl

Rolland Bright,
Marsh
and Miss

M.^»J.

President

of

Bank

of

Reserve

000 by

dend

bank

declaration of
payable

profits
the

the

in¬

institution's

stock divi¬

a

of

out

voted

was

be

$1,500,000 to $2,000,undivided
Nov.

on

Board

tors and announced

of

27

by

Direc¬

by A. P. Ima-

This will

The

.

seven

more

Institute

years
1934
than 21,701,-

000 net tons of
scrap were
to

foreign nations,
3,100,000 tons per

an

shipped
of
Almost

average

year.

exactly half of that tonnage went
Japan before what amounted
an
embargo on scrap exports
Japan went into effect in Octo¬

to

!

■

By comparison with the large
tonnage exported in earlier years,
scrap
exports in the first nine
months of 1941 totaled only 696,000 net tons, or at the rate of

930,000 tons
The

horn, President.

tons.

During the
through 1940,

ber 1940.

of

stock

creased from

for the whole year.

destination

of

is

exports

no

longer made public.
In

Andrew

L.

Bank

drowned

Knowles,
of

of

the

New

Nov.

on

of

Chase

became

30

San

National,
affiliated

Pacific

Mail

former

Chase

Na¬

Yorkj>

was

in

a

small

mZ,Knowles
witn

the

old

Steamship

Francisco,

P.

was

Giannini

an

Co. of
adviser to

when

two

recent years 1937 and
the tonnage of scrap steel
shipped out of the United States

1939,

exceeded

four

million

tons

per

year.

In

1940,

total of 3,162,000 tons
shipped abroad de¬
spite the fact that no scrap was
of scrap

a

was

shipped

to

Japan

in the closing
and that war

11 weeks ofdhe year

conditions

resulted

reduced

in

that

the appointment of Harry Tipton
Steck of Los Angeles as advertis¬

in

needed

tonnages than

greater

before.

ever

ing manager of the bank, effective
Dec.

15.
Irvin Borders, advertis¬
ing manager of the bank for the

last

two

and

one-half

has

years,

resigned to join the sales

promo¬

The directors and officers of the

The

Bank

nounces

the

of

Montreal

election ^of

an¬

Richard

Green

Ivey, K.C., as a director.
Ivey is senior member of the

Mr.

Northern

Hawaiian Sugar Crop
Cut Reported Small
The
plans of the Army and
Navy call for the withdrawal of
8.000

land

of

acres

from

sugar¬

in

cane

tile

land

not

cause

ture

Life

Cleveland, has announced the ad¬
mission
of
the
Alger
Savings
Bank, Alger,

corporations,

Ohio, and the Peo¬

Assurance

Co.

Street

Railway Co.

director of
General

including

to

16

the

number

of

Ohio

it

should

reduction

in

fu¬

production in Hawaii.

sugar

further

announcement

As toe crop

is normally har¬

in the period November
to June, it is reasonable to ex¬

pect that land will be utilized
as

is

cane

a

harvested.

withdrawal
cause

Canadian

of

Thus,

land

reduction

no

production

Insurance

Co., Bathurst
Power and Paper Co., Ltd., Silverwood
Dairies, Ltd., and London
serve System, both effective Nov.
28.
These two institutions bring Realty Co., Ltd.
ples Banking Co., McComb, Ohio,
to membership in the Federal Re¬

islands

vested

number of Canadian

a

the

much

says:

of

He is

in

The firm's

Canada and President of the Lon¬
don

from

should

in

the

sugar

present

crop.

Hawaii

normally

supplies

about one-seventh of the United
States'

State

According to cable advices re¬
were replenished in connection
ceived by the New York Agent of
with the issue of $1,600,000,000 Barclays Bank (Dominion, Colon¬
of new Government securities. ial and Overseas), ^at 120 Broad¬
Money in circulation has con¬ way, New York City, the Board

at

show

marked

a

in¬

Yields On Unlisted States Gov¬

cf

con¬

No¬

Govern¬

banks

reserves

out¬

increased

through most of the period as
a
result of Treasury expendi¬
Reserve

to

cities
during

change in November, again
increased sharply in the first
tw,o weeks of December.

from

Fleming,

Federal

crease.

net

tures

million

ital

Bank

Roswell
B.
E.
Yontz,

Whitcraft, Assistant Cash¬

tinued

side New York City.
Commer¬
cial loans, after showing little

Excess

two

in New Orleans, New Or¬
leans, La., that the common cap¬

Hibernia

American

year

further goes on to say:

to

Charles

investments

December, owing mostly to

increased

first

to

of the

to the
Institute.

Steel

the

since 1933 that
scrap exports have been less than

law firm of Ivey and Logan, of
London, Ontario, President of the

the

ernment

vember and the first two weeks

prices of grains, livestock, and
foods rose sharply.
Prices of
most

loans

at banks

season.

V**

Bank Credit

Total

be

sugar

requirements.

level 18% above

a

somewhat,

owing in part to
shutdowns at some
Shipments of
most
classes
of
freight
de¬

stock¬

according

Iron &

National

E,

5,970

411
383

centers*-——

centers

to

tons,

Hawaii, according to re¬
Yontz, have been
Bank of America National Trust ports received by B. W. Dyer &
directors since the organization of
and
Savings
Association,
San Co., New York, sugar economists
the bank in 1910.
Other directors
Francisco, announce the removal and brokers. This amounts, it is
of the bank are D. E. Harsh, Rolof the company's administrative stated, to only 3.4% of the total
land Bright, Roswell B. Perkins,
of
offices on Dec; 8 to its new head area
approximately
238,000
Merrill Armstrong, R. B. Longoffice building at 300 Montgomery acres
planted
to
sugar.
Even
streth
and
Emerson
S.
Poston;
though this may be the most fer¬
The officers of the bank are D. E. Street, San Francisco.
Charles

432

1,096

—

Other leading

140

133

centers-—

reporting

Recommendations

tion department of the Columbia
capacity for Broadcasting System, Los AngelesTwo of the

some

iers.
Total,

was

six have been identified with the

organization in

541

.—-

--

—

Merchants

10,642

——

—

:

Francisco

&

814

—

Dallas
Ban

Farmers

654

—

__

In¬

a regular quarterly
$.50 a share on its

of

804

"

St.

stock,

1,027
■

Chicago

1940

1941

812

_

Atlanta

Dec. 18,

1940

—*

r„—

Richmond

Dec. 17,

Dec. 18,

1941
—

of

amount

by about 1,800 depositors.

holders

directors Mr. John G. Collins and

DISTRICTS

dollars)

Federal Reserve District—

Directors

Logan, Ohio, has been
admitted to membership
in the
Federal
Reserve
System.
The

Mr.

(In

of

Logan,

more

increase of 26%.

an

was

Board

This

steel from the

scrap

shipments to almost every other
San
mon
stock, the'disbursement of
scrap-consuming country except
Francisco
financier
founded
these dividends to
the
be made
to
the United Kingdom and Canada.
vast Bank of America banking
stockholders of record Dec. 11.
.i
For the past several months, the
The
Directors
also
voted
to system in California, and for a American steel
industry has been
time
was
on
the staff of the
transfer $150,000 from undivided
experiencing increasing difficulty
"Coast
Banker,"
financial
profits to the surplus account,
weekly, in obtaining a sufficient supply of
United Press ac¬
raising surplus from $1,100,000 to according to
scrap to keep its furnaces running
counts.
$1,250,000.
at capacity.
Because
of
greatly increased
M.
J.
H. D.
Fleming, President
of
Ivey, President of the steel capacity in recent years and
Federal Reserve Bank of Cleve¬ Citizens National Trust &
Savings the present need for steel in
land, announced on Dec. 8 that Bank of Los Angeles, announces record-breaking tonnages, scrap is
The

aggregated $14,224,000,000. Total debits during the 13
to

says

insured.

A.

20% From Last Year

t>ec. 17 amounted

weeks ended

The

of

closing
$850,000, all of
the FDIC, appears to

Vice-President

■

stock, and an extra divi¬
dend of $.50 a share on its com¬

103.0

116.4

1935-1939

Dec.

be

likely to be greatly in¬

are

common

reported by banks in leading centers for the week

as

desirable to trans¬

part of that account to sur¬
plus. We believe it is particu¬

dividend

77.0

Bank debits

be

time

Exports of

United
States in
194f are ex¬
pected to total about 930,000 net

,

119.1

Indexes

have

would

ferred

89.4

104.0

.

Mr.

Deposits of the

the

at

amounted to about

Chicago creek on his estate near Santa
has declared a regular quarterly Cruz, CaMf.
He was 78] years old.
After retiring as a Vicef-President
dividend of $1.12 lk
on
its pre¬

90.0

115.8

163.1
117.0
118.4 •

100.0

1940,

68.1

66.7

announces.

bank

dustrial National Bank of

90.5

122.3
141.9

140.9

—.

Machinery

113.0

129.0
156.0

Deposit

tion

tional

1940

1941

104.0

___

_

19.

fer

Dec. 21

—131.6

—

;

Materials
and

V

124.4

_4

Textiles

7.1
6.1

Dec.

Ago

-

116.6

-

10.8

record

Year

Ago
13, Nov. 15,

1941

i-

i,

Grains

8.2

Dec.

Oil

Products—

{"arm

; Week

sur¬

permitted our un¬
divided profits to accumulate in
anticipation of the time when

INDEX

Preceedlng Month

Week
Dec. 20,

i

Total Index

Cottonseed

of

We

war

.

GROUP

..

increase the

creased.

Each Group

have

Fenton said:

1935-1939=100*

25.3

action will

holders

•

-

Chicago,

owned

Compiled by The National Fertilizer Association ",

Bears to the

of

plus account to $9,000,000.
At the same time, the regular
quarterly dividend of $3 a share
was
declared,; payable Jan. 2 to

..

COMMODITY

Bank,

Dec. 12, the Fed¬
Insurance Corpora¬

on

eral

The

During the week 35 price series included in the index advanced
and 20 declined; in the preceding week there were 39 advances and
3 declines; in the second preceding week there were 31 advances
and 10 declines.
<
•
•
:
H
-

started

which,

material average was due principally to increasing prices
organic nitrogenous materials. -

.

Bank, Dodgeville, Wis., closed by
supervisory authorities on Dec. 1,

surplus account, Howard Fenton,
President, announced on Dec. 10.

fertilizer
in

Payment of the insured claims
of depositors of the First National

was

;

From Peak Levels

.

(Continued from page 1663)
last July.
Since 1934 the bank
has made eight additions to its
surplus, totaling $40,000,000.

livestock

Scrap Export Down

year.

Trust

slightly higher again last week,

the

banks to be admitted in the
Sys¬
tem during the current calendar

Items About Banks,

Commodity Index Again Higher

Bank

bal¬

ances, but declined sharply on
Dec. 15 when these balances

The

yield

21/2%

Government

States

the

United

bonds

of

1967-72, which reached a record
low level of 2.32% on Nov. 5,
advanced
ber

and.

somewhat
after

in Novem¬

the entry of the

United States into the war, rose
to

2.50%.

Yields

on

short-term

Government securities increased

further.
notes

The yield on Treasury

of

vanced

December,

to

0.93%

on

compared with 0.62%

15,

and

the

month bills

rate

rose

to

ad¬

1945,
Dec.

on

17,

Sept.

on

three-

.295%.

has

Directors

shares

"A"

making
annum

3%%

"B"

actual

shares,

distribution of 8%

a

and

on

thus
per

Moody's Daily
dex

declined

ago

to

most
was

6!/2% per annum, re¬

the three classes of
(subject to deduction of

spectively,

capital

and

and

Index Declines

recommended

final dividends for the year of 4%
actual on the cumulative prefer¬
ence

Securities
on

of

Moody's Commodity

on

Commodity

from

217.6

a

216.6 this Tuesday.
The
important individual change
a
drop in the price of wheat.

The movement of the index
as

In¬

week

was

follows:

British income tax in each case).
The dividends now declared are

Tuesday, Dec. 16
Wednesday, Dec.
Thursday, Dec. 18

216.6

the

Friday,

216.9

same

as

for the year 1940 and

payable Dec. 29,1941. Barclays
Bank
(Dominion, Colonial and
Overseas) operates in British ter¬
ritories overseas, including South,
are

East and West

Africa,

Egvpt and

Saturday,

dies.

and

the

British

West

In¬

217.5

:

19

Dec.

Monday, Dec.

20

217.0

22

216.5

Tuesday, Dec. 23
Two weeks ago,

I

216.6

213.4

Dec. 9

Month ago. Dec. 12
Year ago, Dec. 23
1940

the Sudan, Palestine, the Mediter¬
ranean

Dec.

217.6
17

High—Dec.

Low—Aug.
1941

31

209.4
169.4
—

—

149.3

16

High—Sept. 9
Low—Feb.

17

171.8

219.9
——

171.6

Cotton

in 1940 and 1939.
RUNNING

State—■

1941

'

Alabama

Arkansas

,

California

—

Florida

-

.

i

—-

Illinois

767,362
154,592

1,367,592
262,094

1,330,620

1,353,804

495,116

405,495

14,219

17,885

9,620

631,853

979,559

904,771

5,445

3,092

4,031

17,027

9,892

12,797

J.-!

445,583

717,293

1,150,139

1,532,533

309,836

—

__

Mississippi

1,383,515

...

•-.>

424,611

337,004

466,906

.

11,276,225

117,823

Kentucky
Louisiana

#

737,720

———

Missouri

1939

11,430,454

119,565

—

Georgia

oil production for the week ended Dec. 20, 1941 was 4,314,150
This was an increase of 204,600 barrels over the output of
the preceding week and the current week's figure wag above the

barrels.

772,383

——u.—_

Arizona

1

New

Mexico

Nortl)

_

Oklahoma
South

72,528

99,204

563,160

717,469

——,

Carolina

—

—

Carolina

—

Tennessee

;—_

Texas

—

♦Includes
counted

1,969

bales

the

501,116

673,749

402,717

928,200

846,749

434,173

428,140

2,3lt,413

2,933,289

\2,666,654

22,890

19,937

9,877

1941

of

crop

of

4,139,000 barrels calculated by the U. S. Department of the Interior to
imposed by the various oil-producing States
during December.
Daily average" production for the four weeks

be the total of restrictions

ended

Dec.

20, 1941 is estimated at 4,154,550 barrels.
The daily
output for the week ended Dec. 21,1940 totaled 3,621,200

average

barrels.

for 1940 and 169,409 for 1939.

Further.^ details asT! reported by the Institute followf',

on
a
Bureau of Mines' basis, 4,070,000 barrels of crude oil daily
during the week, and that all companies had in storage at refineries,
bulk terminals, in transit and in pipe lines as of the end of the
week, 89,297,000 barrels of finished and unfinished gasoline.
The
total amount of gasoline produced by all companies is estimated to

been

have

ginned prior to Aug. 1 which was
compared with 32,187 and 137,254

13,687,000 barrels during the week.

DAILY AVERAGE CRUDE OIL PRODUCTION

'-.'e

Calcu¬

—

United States

i

Week

Require¬

State

ments

Allow¬

460,000:

1

Kansas

428,000

r

260,700.-,

Nebraska

Ended

264,000

849,733 bales.
Cotton on hand in consuming establishments on
Nov. 30, was 2,249,638 bales, and in public storages and at compresses

The nymber of active consuming cotton spindles

13,964,018 bales.

for the month was

West
East

——_

defense, the Department of Commerce
has decided to discontinue until further notice the publication of sta-r
tistics concerning imports and exports.

Coastal

Texas

Total

Texas

North

the difficulties in obtaining de¬

conditions and

war

'——_—

Mississippi

pendable world statistics such data are being omitted from this report
for the time being.

Ind.)_„

107,900

105,950

Shews 13.0% Gain Over Same Week Last Year
The

Institute, in its current weekly report,
production of electricity by the electric light
and power
industry of the United States for the week ended
Dec. 20, 1941, was 3,448,597,000 kwh.
The current week's output
is 13.0% above the output of the corresponding week of 1940 when
that

estimated

the

production totaled 3,052,419,000 kwh. The output for the week ended
Dec. 13, 1941 was estimated to be 3,431,328,000 kwh., an increase of
14.2% over the corresponding week a year ago.
INCREASE

New

England

West

Dec. 20, '41

Industrial

Central

Southern

Rocky

States

__j..

19.6

10.6

16.0

14.3

13.2

12.8

12.7

11.9

12.8

16.4

14.9

13.8

12.9

17.5

18.7.

♦7.9

♦6.6

♦9.8

*12.2

+13.0

14.2

13.2

12.3

—-

Total

—

United States

DATA

be

higher;

FOR "RECENT

data

under revision.

1

Percent

V

Week Ended

■

;

1940

1941

'

*■--

requirements

cThis is the
will increase

few

a

and

might

CRUDE

9.9

RUNS

■;

Ind.,

111.,

Okla.,

Mo.—

Texas

2.681.071

+ 18.0

2.377.902

2,152,779

2,321,531

Louisiana

3,183.925

2.760.935

+ 15.3

2,426,631

2,159,667

2,312,104

No.

3.226,141

+ 16.8

2,399.805

2,193,750

2,341.102

Rocky

3,196.009

2,762,240
2,743,284

+ 16.5

2,413,600

2,198,266

2,360,930

California

3,200,918

2,745,697

+ 16.6

2,453,556

2,208,560

2,365,859

3,193.404

2,714.193

+ 17.7

2,434,101

2,202,454

2,351,233

Reported
L—
Est.
unreported-^—

3,095,746

6

Sept 13
Sept 20

•

Sept 27
Oct.

4

Oct,

11

Oct.

18

Oct.

w.

-

25

2,591,957

+ 19.4

2,375,852

2,380,301

2,109,985

2,211,398

3,281,290

2,773,177

+ 18.3

2,532,014

2,279,233

2,338,370

3,232,192

2,769,346

+16.7

2,538,118

&2,211,059

2,231,277

3,233,278

2,816,358

+ 14.8

2,558,538

2,207,942

2,331,415

2,792,067

+ 17.8

2,554,290

2,228,586

2,339,384

3.314,952

2,817,465

+ 17.7

2,583,366

2,251,089

2,324,750

3.273,184

2,837,730

+ 15.3

2,576,331

2,281,328

2.327,212

3,299,120

2,866,827

+ 15.1

2,622,267

2,283,831

2,297,785

1

3.338,538

2,882,137

+ 15.8

2.608,664

2,270,534

8

3,325,574

2,858,054

+ 16.4

2,588,618

2,276,904

2,214,337

Nov.

15

3,304.464

2,889,937

+ 14.3

2,587.113

2.325,273

2.263.679

Nov,

22

+ 12.9

2,560,962

2,247,712

2,104,579

Nov,

29

3.293,415

2.931,877

+ 12.3

2,605,274

2,334,690

2,179,411

Dec.

6

3,368,870

2,975,704

+ 13.2

2,654,395

2,376,541

2.234.135

3 431.328

3.003.543

+ 14.2

2.694.194

2.390,388

2.241,972

3,448,597

3,052,419

+ 13.0

2,712,211

2,424,935

2,053,944

3,205,034
'

Dec.

13

Dec.

20

——

DATA

FOR

2,839,421

(Thousands

RECENT MONTHS

of

2.245,449

Kilowatt-Hours)

Change
1940

1941

1939

1938

1937

from
1940

January

13.149,116

11,683,430

+ 12.5

10,183,400

9,290,754

9,787,901

February

11,831,119

10,589,428

+ 11.7

9,256,313

8,396,231

8.911,125

March

10,974,335

+ 17.4

10,121,459

9,110,808

9,886,443

April

12.882,642
12,449,229

10,705,682

+16.3

9,525,317

8,607,031

9,573,698

May

13.21^633

11,118,543

+- 18.9

9,868,962

8,750,840

13,231.219

11,026,943

+ 20.0

10,068.845

8,832,736

9,773,908

19.1

10.185,255

9,170.375

10.036,410

—

—

June

11,616,238

13.836.992

July
August

September
October

+

9,665,137

14.118.619

11,924,381

+ 18.4

10,785.902

13,901,644

11,484,529

+ 21.0

10,653,197

9.486,866

9.908.314

11,289,617

9,844,519

10,065,805

32,474,727

_.

9.801,770

10,308.884

November

12.213,543

11,087.816

9.893,195

9,506,495

December

12,842,218

11,476,294

10,372,602

9,717,471

for

yr_

138,653.997




Texas

Gulf

—_—

——;L_

Gulf

124,502,309

such papers.
That

a

94,850

96,000

enough

54,900

41,800

times.

1,750

84,600

73,800

100

22,050

18,150

5,300

2 50

can

3,400

650,300

—-14,000

850,450

618,900

4,314,150

+204.600

4,154,550

3,621,200

he.

stocks,

from

inventories

or

must

-v.

comed

Price

ENDED

DEC.

20,

1941

'

5

the

111,557,727

117.141.591

Associated
Price

ProdUc'n.

:•

•

P. C.

v

ated

Aver.

Oil

ished

Jncl,""^

Daily r/Qper--Natural

ing

Gaso-

line'

Blended

e

•

Stocks j Stoclcs

-

of Re-

AUia- '

sidilal1

tiorv /

and

Fuel.

Dis-

Oil

92.5

651

100.0

1,800

strictly
letting the
any information of
His appointment is one of
view

20,218

88.1"'

-

97.4

2,467

418

81.1

305

90.0

1,183

265

64.9

132

; 76.7

653

•' 2,40.3

91.2

1,023

100.4

3,447

13,372

158

<' 96.9

441

2,927

1,755

51

102.0

465

"300

196,,/l-174

133

480

1,117"
172

,

j

94.8

v

3,253

" '597

16,050".

5,253

8,280

.

breaks the conservatives

have had in many a moon. Price,
whom this writer has long known

What

'137

Dec.

U.

Dec.

S.

13,

-50

:

90,9

548

6.8

3,680
390

■

.■/...,.e

iind '

12,598

(Dis-

:

167 '

72.'&-cv

-

trict

"424

4,213

•

■

1,843
-

•

439

' 7,069

-

breakup

2,111

discon-i

1,221

tinuedf

7,860

>

2,407

>

":'v

'+-1WC.:

:

329
320

,

76.6 .>1,483 /15,705-

.12,865

62.927

.49,947

94,410

/ 7,003

1,540

1,150

405

/

4,638 ^

-

-:

;

•

4,070

-

•

.

1,370

5,450

'13,687

b89,297

51,487

-95,560

7,408

13,610

87,422

52,809

95,762

7,280

.

S.

U.

1941——

3,997

4,622

.

leftist and Rightist conflicts
rule,

one

will vbe: Does this give valuable ■/

away

from /

,

the White House where there has
been

11

a

tendency to vindictiveness.

Notwithstanding
columnists

some

the

and

attack

the

of

*

general

'

tendency in Congress to sneer, at
military ?"brass hats,> and also
notwithstanding the red faces of
the Navy over what happened at
Hawaii, the military here is a

realistic.

very

considerably
what

over

of Mines

B.

traffic in

the

.91.4,12,317;. 83,847

i

im¬

more

no

ship gets the business

S.

1941--,—

20,
Total

aEst.

'.ry

-50.45

787

Total

aEst.

U.

Mountain—'

51.5

is

in the government.' His

'

97

not

-

19.693

126

-

to

tillates

636

?

as

be¬

information to .the enemy.'.;/: ,> >/■"/.;
His administration of censor¬

Gasq'

is

have

the best

any

of

it

rule

portant, he will have

Gas

"

Unfin-

Queries

rt.;

.port-)

Finished

at Re-

Press,

will;

the

■with

.

Crude Rttni f Gasoline-c Stocks: e Stocks
to Stills

news¬

intimately, will/have no traffic
preventing criticism of the

' "

*.

1' l:

might

Washington*

enforce

a

value,

y

which

OF

STOCKS

of

enemy

:'**■ *•'?/

:

of what

generally, have wel¬
aporatment of Byron

censor.-

with

-

J

the

lieved,

indicates that it

•

question

patriotism

particular matter of

the

papermen

the

oil

Ameri¬

110

is unpatriotic,

In view of the situation that has

17,

...

a

be

these

judgment/debatable.
existed,

from new production,
be
deducted from
the

>

en

in

it

Certainly

constitutes

.101,400

750,

,

unpa¬

would

ruin

the

particular

a

being

as

newspaper

though

%

the

does the Presi¬

to

newspaper

800

+;
,

through

denounce

4,300

+

+

or

when

Does it take

action

income tax

......

individual

an

newspaper.

dent

do

government

a

it "remembers"
or

every

present. What

newspaperman

which

+
—

*

-

frightened

triotic

84.7

Arkansas

&

La.

group.

They

disturbed

just

are
now

is coming out of Ger¬

•

aDec.

a

21,

3.581

1940-—

Estimated Bureau of, Mines'

bbl.

basis,

"81,651"

*11393

b Finished,

At

From

National

Washington

(Continued from First Page)
were told that'they could
not speculate upon, how he ar+

of

that

all-embracing

phrase "giving information to the
enemy."
'
■
<Jy,
.

It

so

.

.

happens

correspondents
London

tipped

that

in

on
Friday*
Washington of

newspapers > had

off

Churchill

by
was

Saturday there

their
on

was

been

offices

his
not

way/
a

that*

On

corre*

spondent in Washington who did
not

was

know

and
a

he

was

headed

this

Saturday night there
great hullabaloo in the
on

>6,340

42,909 101,366

8,083,000

/Included finished and
.

Press Club over reports

that he had already landed. More

British,

ground

J

81,214,000. bbl.;. unfinished,

refineries, bulk terminals, in transit and pipe lines.
unfinished gasoline total.
' : y
e

way,
Total

government

of these

many

replied that "the
would
remember"

20,100

3,002,300

oil

rived; when he had arrived. Nat¬
urally, this was placed upon the

Percent

1941

He

'

3.289,692

Nov.

Nov,

casualties.

327,100

84.1

: 771

Ky._—1

Kans.

3.162,586

2,216,648

might publish too

19,350

117,950

'

WEEK

Re;.

170

'

19

2,442,021

news¬

there shouldn't be too many stor¬
ies of this kind, he said. He was "
asked
about
a
newspaper
that

392,900

3,504,100

either

.

P. C.
■

704

Coast

East

12

+ 17.8

as

recent press con¬

1,600

STILLS;. PRODUCTION; OF -GASOLINE;

,tial

July

Sept

TO

Po-

July

2,736,224

a

16,600

+ 218,600

.Ui'"

Inland

3,223,609

+

118,500

.„

$613,200

ing Capacity

2,139,283

—

censorship

Washington

At

government.

2,358,438

Aug. 30

the

68,700

Conser.vatiqn.^onpnittef .of California Oil Producers.

ten-

'

timidate

73,700

'

'■

The result of the

thus far practised has been to im-

73,800

(Figures in Thousands of Barrels of 42 Gallons Each)

Appalachian

'mo

life of the President. A legend has
been built up as a deterrent.

650

9.3

'

deterrent. For years

a

100

completed, and if any upward revisions are made,
With
was ordered shut down on Dec. 6, 7, 13, 14/21, 25,

are

OIL,

16.3

1M7

as

5,500

—

FINISHED AND UNFINISHED GASOLINE. AND OAS AND FUEL

1,937,486

--

+»'•

31-day allowable as of Dec. 1, but experience

Rate

1938

being guarded should be

are

punitive

23.2

2,154,099

9

290,000

5,300

/,

2,402,893

16

221,300

356,250

figures indicated above^do not include any estimate of any
have been surreptitiously produced/^;
;"♦♦/'//

2,145,033

Aug.

274,500

3,663,850

117,000

be supplied
from crude

30.

+ 18.5

Aug. 23V_

850

1,400

+
.

NOTE:—The

+ 18.2

Aug.

•

.+;

84,350

wells

Kilowatt-Hours)

1939

they

flaunted

does

requirements to determine the amount of new crude to be produced.

new

2,425:229

2

68,700

22,700

may

net basic

as

2.651,626

Aug.

1,343,350

81,750

exceptions the entire State

3,141.158

—

1,537,400

550

bOkla., Kans., Neb., Miss., Ind. figures are for week ended 7 a. m. Dec.

2.866.865

July 26

227,100

20,700

withdrawals

5

Julv

+

'+••■

.

Change
from

>/ '•

47,000

248.500

52,600

4,139,000

//

1941

.

■

of

196,500

303,550

95,350

116,100

District

-

226,050

Bureau of Mines' calculations of the requirements of domestic crude Oil
certain premises outlined in its detailed forecast for the month of Decem¬

Bureau's estimated

v

(Thousands

WEEKS
•'

"■

,,

40,050

+

386,000

Dally Refill":
>

———~

should

♦Percentage

18.2

+

7-

are

contemplated

Nov. 29, '41

13.3

:—-

>

Dec. 6, '41

17.1

——

Coast

Dec. 13, '41

«

339,000

+

3,503,200

({Recommendation of
Week Ended

375,100

255,700

020,250 •'

635,800

aThese

YEAR

13.4

_—r~.——

Mountain

Pacific

PREVIOUS

10.7

-—

Atlantic :

Middle
Central

OVER

Week Ended Week Ended Week Ended

83,250

387,200

5,800

tz-zJ:

based upon
As

31,200
219,700

87,150

71,450

81,900

L__——./

Total United States

28

PERCENTAGE

Major Geographic
Regions y

—

California

ber.

31,250
301,650

7,300

,+
+ ;

52,300

Total East of Calif.

Electric

Edison

+■

•"

.

96,900

—

Mexico

New

250

49,200

+

-i

1

Michigan
Wyoming
Colorado

Ended Bee. 20,1341,

199,700

1,000

070,100 ;

19,700

Montana

Electric Output For Week

centers are being
guarded should be advertised, not
necessarily through the designa¬
tion, of troops, but the fact that

incl.

(not

and

249,350

r"+

75,297-

426,500

—

Eastern
Ill

76,500

4,350

L'.L^L-'

108,890

359,100

,

60,300

/

—————

[ndiana

354,705

399,500

2,700

276,850

340,000

1940

416,200

83,150

82,250
_

1941

3,050

5,500

7,706,000 »•

1,479,700 cl,555,192

.

Louisiana

Ellinois

Because of

Manifestly, the fact that

industrial

lumping casualties
together.
It
all right to have a story about
one
home boy being killed, but

92,650

440,700

»■.

Coastal Louisiana

Total

>

91,600 <

—

Ended
Dec. 21

10,850

Louisiana

Arkansas

Statistics

World

it.

use

our

was

Ended
Dec. 20

'

.+

340,000

Southwest Texas

23,069,146.

In the interest of national

to

his disapproval of any newspaper

Week

98,650
31,550

Texas

Central Texas.
Texas
.Li-

East

—

55,150

Texas—

North Texas

•

Week
+

5251.600
•

4 Weeks

From

1941

6,100 /

Panhandle

1/1

■'

^

Previous

b413,150

"

West Central Texas

the month of November, 1941, amounted

to

authority, would get a particular
War Department1 official on the
phone and be denied permission

ference the subject was under dis¬
The President expressed

'

«

Change

Dec. 20

ables

(December)
Oklahoma

'•

'

4-

—Actual Production—

lated

Included in the above are 42,104 bales

Consumption, Stocks, Imports, And Exports

community,
and
not
use the story without

wanting to

cussion.

include 863 round bales for 1941; 3,433

against the individual reports being transmitted by mail. ? The-revised
total of cotton ginned this season prior to Dec. 1 is 9,593,556 bales.
.+;

industrial

papermen.

(FIGURES IN BARRELS)

aB. Of M.

bale£ Sea-Island for 1941, 4,567 for 1940 and 2,118 for -1939;
for 1941 are subject to revision when checked

Cotton consumed during

'

.

1940-41,

statistics

The

''

central author¬

no

reporter
learning
that"
were to be
sent into air

received from refining companies owning 86.8% of in this
country stories have been
the 4,638,000 barrel estimated daily potential refining capacity of written
about
the
precautions
the United States, indicate that the industry as a whole ran to stills, which are
taken to preserve the

American-Egvptian for 1941; 23,560 for 1940; and 21,539 for 1939;

also 2,702-

ha$ been

A

Reports

crops of

The statistics in this report
of

83,141

453,639

616,077

supply for the season
1940 and 1939.

the

in

bales of the

of

<

'

569,897

^

Virginia

daily aver¬

age

1940

*9,915,117

States

BALES

half bales and excluding llnters)

as

ity.

20v 1941, Up 204,300 Barrels

The American Petroleum Institute estimates that the

(Counting round

There

troops

Ended Dee.

ginned from the growth of 1941, prior

Dec.,15, 1941 and comparative statistics to the corresponding date

United

Thursday, December 25, 1941

Daily Average Cride Oil Production for Week

Ginnings Continue Below 1940 Level

Number of bales of cotton
to

FINANCIAL CHRONICLE

THE COMMERCIAL &

1666

less

or

noted

facetiously,

t

that

this

election to the

might

it

resulted

in

be
.the

many

and Russia.

is that the

Their attitude

just a lit¬
good to be true. They
can't Understand why Hitler and
Goebbels are admitting so much.
news

seems

tle bit too

There

are

of

some

think the confessions
man

to

a

them

who/

in the Ger- *

high command are a prelude
surprise venture. In this cate¬

:

vice-presidency of

gory,and undoubtedly because of
happened at Hawaii, they
though not a Leftist himself, had are
anticipating am attack
on»-.«
the support of the Leftist ele-j Washington; during the -holidays*
ments. This can scarcely be con¬ or more likely, as they see it,
sidered important but it is a fact. some ..interesting
happenings in
the

club

of

a

candidate, who ■al¬

what
,

.«,

What

is

that> if

more

to

Washington

the

point

is

South'America.-+

'?

.

-

newspaper-;

influential' and gossipy
In ,1 spite of the factthat the ^
colony -of small town Washington,^ recent" order Cpartly;i
recirganizing•
knew: that Churchill - was on his the
country's production■ set-up
way,, Hitler's, espionage ..system
reemingly eliminated I.eon Hen¬
must have known about it..
derson from any jurisdiction'over
dom,

an

There
more

prises

"have

1- absurd.

around

been,
however, the allocation of civilian suobl'^s;
censorshio
enter-, leaving him as the nrice adminis¬

here

than

this.

trator

solely,

his

lieutenants

do

"

not look upon

it that way. It is a
the confusion of
that they still con¬

commentary

Rises

sider they have jurisdiction over
non-defense
industries and
can
tell

announced

down, etc. The general im¬
pression exists. among informed
Washington circles that more re¬
organization
is
in
the
offing,
probably the creation of a Su¬
preme War Council.
Wendell Willkie is being fre¬
quently mentioned and likely will
serve

this

on

council.

He

is

moved

of 2.2% for domestic agricultural commodities the
price series rose 1% during the week
ended Dec. 13 to the highest level since December, 1929.
At 93.1%
of the 1926 average, the index is 0.9% above a month ago and more
than 16% above the corresponding week of last year.

hard

a

time

with

major commodity groups rose during the week.
In addition to
a
gain of 2.2% for farm products, chemicals and allied products
rose
2%, foods, 1.9%; building materials and housefurnishing
goods, 0.4%; textile products and miscellaneous commodities,
0.3%; and metals and metal products, 0.1%.
Fuel and lighting
materials declined 0.3% and hides and leather products remained

.!•

getting together. The Presi¬
dent
is
reported to
have said
rather

definitely at his conference

Mr.

that

Willkie

he

had

a

unchanged at the level of the preceding week.

;

"place" for him in the defense
LaGuardia's

place

head of the Office of Civilian De¬

in

The

*

'

p

.i

creation of the

*

to

I'

v

Council,, it will be only an
advisory body, r,the thing to
.

watch

for

whether

is

\

Philip .1

Murray of the CIO is a memher of it.
Mr. Roosevelt is

way

looking for some
to blanket Sidney Hill-

'

man.

This protege of the New

to

WhoXesafc-PEfcefiL for. Ju^niture continued to rise.
■•'.ferke&ior-materials,were generally steady,
except: for^wpakeriihg;, pricgs^of Ponnsylvania fuel oil.
% %
r
J
The following'tables show (1) index numbers for the principal
| groups of - commodities ior the past 3 weeks, for Nov. 15, 1941
I and Dec. 14, ;:1940 ,and the percentage changes from from a week
J ago; .a -month 'ago, and a year, ago (2) percentage changes in sub¬
-group indexes fromt-Dec. 6 to Dec. 13, 1941.
;'

%

,

^Deal's

has

matters.

not

Too

.

leaders

labor

other

trustful

helped
many

■

him;

John

L.

Foods

-

.light,,a story going
Washington
and
about

around

which it' is difficult to tell

heads

tails, is that the Council will
also be used to. .blanket JCnudsen,
if not actually i the whole-OPM.-

,

.

What is

*

more

likely is that it (will

Washington set-up

since he has been here.

Oil

will
that

-

-

■

be

his, day

mean

tended;. -1

mm

—

,

-

"Ay

,

+ 16.8

+ 2.3

+ 34.9

1.9

+ 0.9

+ 23.0

0.0

+ 1.1

+ 12.5

+ 22.3

.

89.2

'89.6

73.5

115.4

114.1

102.6

90.6

.90.5

74.4

+ 0.3

+ 0.6

79.6

72.5

—0.3

—0.8

+

9.0

103.4

97.6

+

0.1

0.0

+

5.9

107.8

107.4

107.4

107.1

99.2

+

8.7

89.5

77.6

89,7

t.

•

89.7'

foods—.
:

-

.

.

+ 0.4

+ 0.7

87.5

87.2

87,1

87.2

77.2

+ 0.3

+

72.7

+1.6

91.4

.90.0,

89.9

,.90.2.
£>89.6

-89.7.
,.93.9

.94.6

■
,

89.6

93.9

94.1

■

Agricultu ral

.<

'"493^,^92;6>,; 92.6
■*,«

*

,i-«;93-8;:
-•

Paint

+ 1.7

,+ 25.7

+

0.4

+ 0.6

+ 11.6

0.7

+ 0.5

+1,3.7

r

^

.93,f7

-

-

'

<■

82.1 K +0.6

92,7^

,.

r

*

t!" (

ii1*-

f

'.

,t

v

<

farm

vCotton

*

+0.1
'

'■

*

^etDuring the

■*

Drugs
;":

1.8
1,2

"1939-40.*'•

,■>»

300

-«
'•

Of. the

'

.

tons

.United

Great

'
ilO,-

were

States.

exports

shipped
.

to

have

+

106.56

116.80

113.89

107.98

90.34

95.92

110.70

16

118.16

106.56

114.08

107.98

90.34

96.07

110.70

114.27

15

118.09

106.56

114.08

107.98

90.06

96.07

110.52

114.08

118.13

106.39

113.70

107.98

90.06

95.92

110:52

113.89

—

—

89.78

95.77

110.52

113.70

117.71

106.2-1

116.61

113.31

107.98

90.06

95.92

110.52

113.50

106.21

116.61

113.31

107.80

89.78

95.77

110.52

113.31

106.21

.

■

108.16

89.78

95.92

110.88

113.31

107.44

117.80

114.85

109.06

90.91

96.85

111.81

114.85

108.16

118.40

115.43

109.60

91.77

97.31

112.19

115.82

119.62

108.16

118.40

115.43

109.60

91.91

97.47

112.19

116.02

119.56

108.16

118.60

115.43

109.60

91.91

97.47

112.37

116.02

119.58

108.16

118.60

115.43

109.60

91.91

97.47

112.37

119.59

108.16

118.60

115.63

109.60

91.91

97.31

112.37

116.02

119.65

108.16

118.40

115.43

109.60

91.91

97.31

112.37

U6.02

119.77

108.16

118.60

115.63

109.60

91.62®

97.16

112.37

116.02

118.60

115.82

IIIIII

116.02

109.60

91.77

97.47

112.37

116.02

108.16

118.60

115.82

109.42

91.77

97.31

112.37

116.02

120.04

108.34

118.60

116.02

109.60

92.20

97.78

112.37

120.03

108.16

118.40

115.82

109.42

92.06

97.47

112.19

116.02

119.43

108.16

118.40

115.63

109.42

92.06

97.47

112.19

116.02

——

108.16

107.98

119.23

118.40

91.77

109.06

115.43

97.00

116.22

116.02

112.00

119.16

107.98

118.20

115.24

109.06

91.91

97.16

112.00

116.02

119.21

107.98

118.40

115.43

109.06

91.77

97.00

112.00

116.02

118.95

107.44

118.00

114.85

108.70

91.19

96.69

111.81

115.43

118.82

107.62

118.20

114.66

108.70

'91.48

96.69

111.62

119.02

107.62

118.00

114.66

108.70

91.62

97.00

111.81.

115.24

119.13

107.80

118.20

114.85

108.88

95.06

97.31

112.00

115.24

—

——-

115.43

119.14

107.80

118.40

114.85

108.88

91.77

97.16

111.81

115.43

July 25

119.55

107.80

118.00

115.24

108.52

92.06

97.47

112.00

115.04

June 27

119.45

107.44

118.00

114.66

107.80

91.77

97.16

114.44

May 29

118.71

106.39

116.61

113.31

107.09

91.05

96.69

110.70

112.78

25

118.62

106.21

116.61

112.75

106.56

91.19

96.69

110.34

112.19

Mar. 28

117.80

105.86

116.41

112.19

106.04

91.05

96.54

109.79

111.81

Aug. 29

Apr.

Feb.

28

Jan.

31

—

.■—

—

116.93

105.86

117.20

112.93

106.21

89.78

95.92

109.79

112.79

117,14

106.39

118.00

113.70

106.39

90.48

96.85

109.79

113.70

120.05

108.52

118.60

116.02

109.60

92.50

97.78

112.56

1941

High
High

112.00

106.04

89.23

95.62

109.42

111.62

106.74

119.00

115.04

106.74

89.92

96.07

110.88

114.89

1940

Low

113.02

99.04

112.19

109.60

99.52

79.37

86.38

,105.52

106.58

105.52

115.89

1940—
—

116.41

116.22

119.63

1941

Low

114.68

1940-

119.26

106.56

118.80

114.66.

106.53

89.51

95.77

110.52

114.46

years ago
23, 1939-

115.49

101.31

114.46

111.07

100.65

83.15

89.23

106.56

109.79

Dec.
2

Dec.

23,

MOODY 'S

(Based
1941

Avge,

Daily

Corpo¬

.

Other

•

0.7

•

-

-

i-.

Closing

4.02

3 .16

4.40

4.01

3 .15

2.96

4.40

4.02

3 15

2.96

2.83

2.96

3.38

2.83

2.97

3.30

17;

■

—J
-

u———-H-

15
13
12

——

Indus.

R.R.

4.42

A

3.37

-

P. U.

Baa

3.31

20
—

Corporate by Groups

'

2.96

Aa

2.83

22

18

Prices)

Corporate by Ratings

3.30.

19

t

Individual

Aao

3.38

23

AVERAGESt

YIELD

2.97

3.37

2.82

2.96,

3.29

4.40

4:02

3 .14

2.95

3.37

2.81

2.96

3.29

4.41

4.02

3 13

2.95

3.36

2.81

2.96

3.28

4.39

4.01

3 13

3.36

2.80

2.95

3.28

4.39

4.00

3 .13

2.94

3.36

2.80

2.95

3.28

4.41

4.00

3 14

2.95

3.37

2.81

2.97

3.28

4.41

4.01

3 .14

2.96

3.38

2.81

2.97

3.29

4.43

4.02

3 14

2.97

4.01

3 14

2.98
2.99

■

,

2.94

\

2.99

3.29.

4.43

4.02

3 .14

3.37

2.81

.2.98

3.27

4.43

4.01

3 .12

2.99

0.8

3.31

2.76

2.91

3.22

4.35

3.95

3 07

2.91

0.7

3.27

2,73

3 .19

4.29

3.92

3 .05

2.86

0.4

3.27

2.73

2.88

3.19

4.28

3.91

3 05

2.85

:2^—

0.4

3.27

2.72

2.88

3.19

4.28

3.91

3 .04

2.85

& pharmaceuticals

0.2

3.27

2.72

2.88

3.19

4.28

3.91

3 .04

2.85

0.1

3.27

2.72

2.87

3.19

4.28

3.92

3 04

2.85

0.1

3.27

2.73

2.88

3.19

4.28

3.92

3 .04

3.27

2.72

2.87

3.1,9

4.30

3.93

3 .04

2.85

2.86

'3.19

'4.29

3.91

3 04

2.85

2.86

3.20

4.29

3.92

3 .04

2.85

4.26

3.89

;

and

—li

r

vegetables—
i—.r

iimmziz:

%

•.

—.

;22

0.1

.Motor vehicles

.

rate

Average

Dec,

on

BOND

2.82

Dairy products

textile, products

______

28

Nov.

0.1

*

A

21

3.27

14
7

t-"

—

,

^

Oct.-.31
0.1

Bituminous edal

J.

,24

0

of medium

L

;

week - while

unchanged

while Illinois

:

2.72

3.27

2.73

2.86

3.27

2.73

2.87"

3.28

2.73

2.88

2.85

,

issues,

have

dis-

.weeks.' Among those

losing ground wereuAssociated, Electric. 4V2Sf 1953, International Tele¬

3.94

3 .06

2.85

3 06

2.89

3.24 "

4.33

3.96

3 07

2.88

4.31

3.96

3 08

4.30

3.94

3 07

2.89

4.27

3.92

3 06

2.89

3 23

4.29

3.93

3 06

2.88

.3.24
3.24

5

3.29

2.74

2.91

3.23

29

3.29

2.73

"

2.91

'

J—
—

—-

-J—.1-

1941

High 1940

:

-

1940

l'.Year ago
—

'

2.88

3.29

2.75

2.89

3.25

-4.27

3.91

3 .06

2.98

3.31

2.75

2.92

3.29

4.29

3.93

3 .09

2.92

3.37

2.82

2.99

3.33

4.34

3.96

3 .13

3.02

3.38

2.82

4.33

3.96

3 .15

3.05

"

■3.36"

3.02
3.05

3.39

4.34

3.97

3 .18

3.07

3.40

2.83

3.40

2.79

3.01

3.38

4.43

4.01

3 .18

3.02

3.37

2.75

2.97

3.37

4.37

3.95

3 18

2.97

3.42

2.84

3.06

3.39

4.47

4.03

3 .20

3.25

2.72

2.85

3.19

4.24

3.89

3 .03

2.83

3.81

3.06

3.19

3.78

5.24

4.68

3 .42

3.38

3.35

2.70

2.90

3.35

4.42

4.00

3 .12

2.91

3.36

2.71

2.92

3.36

4.45

4.02

3.14

2.93

,3.67

2,93

3.11

3.71

4.93

4.47

3.36

3.18

,

1940

23,

2.85

3.93

2.92

—

3 .06

3.94

2.d2

—

2.85
2.85

4.28

2.91

——

2.84

3 .05

3 .05

4.29

2.75

•

3 .04

>

3,?2;

2.74

,

2.85

3.22

2.75

*

1941

Low

4.29

3.22'"1

3.30

..

J—. —I

31

Dec.

3.91
3.91

3.30

28

Low

4.27
•4.27

3.31

-

28

Jan.

3.20
•3.20

2.89

25

Feb.

3U9,

.

2.88

May, 29

-

Speculative, Issues have eased somewhat further but

changes .have, been jnor^.-jarderly; than, in,repent

3.26

2.74

June 27

Mar.

lower but have

Defaulted rail bonds have

particularly:; investment-grade

2.72

'

at' 93 xk

-

3.27

■

2.73

'

July 23

Apr.

^

-

3.28 <

-

—y.-r-

^

17

Aug.

2.72 '

2.88

4

!

J

_

Sept 24
•

'

3.28

-.3

f

»..

Speculative^Jssues have lost ground:

195.5, at 35% lost 2Vs points.

narrow range;

113.50

116.80

3.38

played considerable stabiiity and price, fluctuations have held Within
a

106.39

119.98

119.96

io

undectoner throughout+Jhe^week., .Medium-grade

-

107.80

118.69

118.17

17

-

5s;' J,973,r,closed

Utility. bonds,

•;

113.70

116.80

119.59

—

—

5

116.80

114.27

117.70

118.18

—

1941

.




114.08

118.21

—-

12

iii

-

#,crap.year.

114.08

110.70

3ept 24

-

3.08

.

2 Years ago

1939

23,

Dec,
*

1

113.89

110.52

95.77

3.28

^£
/ ,1
raiiroadJ?onds,.have be,en slightly

been slightly lower,

J Sugar ^consumption- - jn :.Peru,
'./.v-du rin g; 1940-4 lZjotal ed; 107,848

long tons,,; as: k CQmp'Ced'. with
%100.230 7,tons J iii, -the .^preceding

110.34

95.77

90.06

2.99

Leather ^

■

.

been+mixed W^hile'

Northern

Central 4s,

the

; ••«*.-;»• -i*

95.77

90.20

107.80

3

£ Some softness- has vdevelnped ^currently Ja .the Treasury bond

rails

,,

1940.-41

90.20

107.80

17

High

*

*■

+ 0.2

Bonds InHlixed Trend;

:firm

113.89

•"

Hi

a

110.34

107.62

10

displayed

31,,1941. ,Peruyian. sugar
exports totaled;; 327.028 tons, as
'.compared, with -318,386 tons in

95.92

113.89

24

,

crop,- yearr..ended

;Aug.

-

+-13,5

i.o.

,V: High--gradq

90.20

2.82

'..Lumber

'

-2.4

Id"

goods

-

107.62

3.38

Furniture

'"PiPaits
■

4.o

.22^-

+ 0.5

-Other foods

products—,

lower

113.89

113.89

12

York,, from

113.70

116.41

113.70

17

.

110.15

106.39

116.80

10

■.

:

95.77

4.41

-^Jncr.e.aseg" \i

C?i9
s'v":

**•/ C'f.

Indus.

,

89.92

116.61

7

•

A

,93.6'• 84.4

93:7

;

ipaint matcr+alSi

Other-

P. U.

107.44

116.41

Oct. 31

'

Corporate by Groups •
R. R.

Baa

■

113.89

106.39

28::::::

■

A

Aa

116.41

.

106.39

13.3

+

"

IrZI

implements,

products "'2

118.24

Vields)

106.21

16

«T_j_^.T_I!ylrxlT_

rCareal

+

83.2

•M

*

and,poultry:—

0.3

80.7

tons,-;equivalent..-to-2 J%, .accord-,* .market .and, also- m-.high-grade, corporates. .JDorporates
ing to -advices received .by .Lam? quality^ have
^been^atber'indetefminaW^in "'trend' this

^Lima.-'The' advices-also.stated:

•

+ 13.4

90.2

T--

_

118.05

PRICESt

Average

118.25

2

Sugar

..borns-&' »Co.. ..New.

-

+ 17.9

101.6

6.8

£t:_ ^ i

Petroleum praducts-v—-rs;

.against 424,000 tons in the.,.previ¬
ous
season, an increase < oi 0,000
.

+

+ 2.2

101.9

14 2

production in, .-Peru fdur-t
ing the "current-' 1Mt-42 .season ...is
estimated at 433,000 Jong tonsjos
.

+ 0.7

—,

Peruvian Sugar; Output:.
•

0.4

+2.0

-101.9

Decreases

-

,

102.3

than

other*,

+

79.4

and,, fats

Livestock

in the sun with the;"

New; Dealers .has

.

—,f.

"

Meats

which,

significant. It W'll

+ 0.9

103.3

Cattle, feeds

It will be

experience

1.0
2.2

79.2

—_

products and

Grains

first

+
+

-90.7-

914-"

'.,.i

the Washington..propaganda .ever,
yHillmans

79.7
68.8

Pereentageiidhanges iir"Subgroup...Indexes, from Dec. £ to Dec. 13,

.mostly aimed at. - ;
: Knudsen.has.been. the victim of.

>

92.3

;

103.3

f^rtlpies—--. 4,90.1

products.

,

1940

79.0

'

commodities..

materials

"farm

-1941

103.4

.91.0
;

.

farm- products
iuc
All
commodities mother -than

and, that

1941

90.7

88.7

products
>-.1
lighting-materials-—products.—
Building vmaterials —
Chemicals and allied products
Housefurnishing goods

the propaganda play will- be that
Hillman is .one of. those it was.

t

12-14

92.3

115.4

All, .^commodities

1940

from—

11-15

12-6

91.1

90.4

Fuel and

Manufactured

1941

Dec. 13, 1941

92.2

115.4

3emi-manufactured

12-14

90.8

products.-

Textile

Raw

.

—-a——

Miscellaneous,

be ^j,usfc; another ? superstructure 4n
..the

—u*—

—

or

92.8

.

Metals -and. metal,

same

11-15

1941:

1941;

93.1

—

leather

and

Hides

even.Miss Frances' Perkins.
In the

loans

Brazilian bonds

1 Year ago

Commodities
products

11-29

v.

Groups

Commodity
All

dis¬

Farm

of

12-6

'1941"

..j Lewis- the AFL leaders, and
.

12-13

the

are

100)

Percentage changes to

1

labor

of

(1326

'

'

106.21

5

*

J"

be

Canadian

Commonwealth

118.30

9

Nov.

BOND

on

Aaa

117.66

8

An increase of more than

13%.

.

VSaid

in

18

6

and oils rose sharply. Nux vomica

.

.

;r

at advancing prices.

fluctuations

in

19

10

*:

A

*

Supreme War

sizable recovery

Norwegian loans have

Corporate by Ratings *

rate *

Bond*
—

12

price

for the group.
a point 160% above the level prevailing Jn August, 1939, prior
the outbreak of the war in Europe.
j

to

.

of the
the

ballyhoo that will -attend

(Based

17

1

for industrial fats and .oils brought the index

14%

accomplished

„'.t•...

■

print cloth, denims, drills and

yarns,

for imported drugs and for fats
advanced 14% and opium rose

i

-

Inasmuch as,, in spite

from

ranged

Following the declaration of war by the .United States, prices

-

;

ing of what a populace should do
and should not dp; in case of at¬

have

demand

and

MOODY'S

22

and yellow pine, and for oak flooring and red cedar shingles.
Oak lumber,: yellow pine boards, rosin and turpentine declined.

'

tack,
will
..something.

steady

some

points to 60.

In the South American list Argentine and

23

gum

the
definite understand¬

some

continued

in

been

Averayes

Dec.

advances for farm machinery, motor vehicles,
and quicksilver accounted for the slight increase in the metals
-and metal "products group index.
Average wholesale prices for
building materials. rose 0.4% as a result of higher prices for
linseed and tung oils, for certain types of lumber, particularly

;

and brings some order out of

,.chaos,

bonds

Perhaps the largest

given in the following tables:

than 12%

more

up

increases

Raw jute declined 3.1%.

Minor

who gets into the OCD

man

and affected carded

sheeting.

World War.

last

The

Administration.

Price

of

3%

to

His
made him a household
word, like Hoover's food admin¬
the

have

loans

than' 4% ^ Quotations were also higher for cereal products, but; ter, lard, edible tallow, vegetable oils, and for imported foods
such as cocoa beans,
coffee and pepper.
Average wholesale
prices ©f cattle feed advanced 6.8%.
The cotton textile markets
Were active as higher prices for raw cotton permitted increased
.1
prices for most fabrics under the sliding scale ceiling set by the
Office

displace La Guardia.

in

likewise been

Corpo-

has

istration

Denmark 6s which advanced 10

Govt.

general criticism extends to

like to

better.

or

declined better
company

5s, 1943, which lost 6y2 points at 31.

Daily

IVfrs. Roosevelt but the impression
is that Mr. Roosevelt would only

job

point

a

Among foreign bonds there has been

Avge.

bombing.

a

pany

*

.blackouts,

of

case

company issues

decline in the industrial section has been scored by the Childs Com¬

17. S.

sirens,, air raid wardens and the
do

The two rubber

point and sugar company and meat packing

a

1941

advice to people as to what they
should

2211340

than

Fresh beef, veal and dressed poultry rose more

week ago.

a

over

.

The

with fresh pork

market and rose 4.7%,

stock

membership, on... the so-called. Su¬
preme War Council.
La Guardia
apparently has too many jobs.
Anyway, there is rather general
dissatisfaction
in
Washington,
even
at
the White House, over
about

314 points at 3314.

lower

that job yet it would perhaps be
.abetter
political vehicle than

confusion

off, with the Standard of New Jersey 2%s, 1953, and the Union
3s, 1959, droping 1 to iy4 points. The Consolidation
Coal 5s, 1960, gained over a point but the Hudson Coal 5s, 1962, lost
California

of

limited.

hops, seeds, tobacco;-beans, onions and potatoes. ^Prices were
for citrus fruits and eggs.
Meat prices followed the live¬

for

fense. Willkie is said not to want

the

been

were increases of 4% for livestock and poultry and 3%
have developed some softness and Chilean loans declined fractionally,
grains arid quotations were higher for cattle, hogs, lambs,
Cuban issues have been mixed.
wethers, live poultry and for oats, rye and wheat. -Marked in¬
Moody's computed bond prices and bond yield averages are
creases were reported in prices for foreign wools, for cotton and'

the

as

The industrial section of the list has been generally lower this
Steels ruled at fractional declines. Oils also have generally

week.

for

impression he would like for him
take

The North Shore Gas Co. offered for sale $3,700,000

of 1st 41/4s, 1961.

There

set-up and to have given him the
to

general, and the indexes for 8 of the 10

Price advances were

be¬

ference

future issuance.

have been down fractions to

18 further said:

The Labor Bureau's announcement of Dec.

1

con¬

had

upward sharply after the attack on Pearl Harbor by Japan.

Bureau's index of nearly 900

erator of the industrial-labor
has

of Labor
commodity markets

18 that prices in wholesale

Dec.

on

Led by an advance

lieved to have wanted to be mod¬
which

Sharply In First Week Of War

The Bureau of Labor Statistics of the U. S. Department

non-defense industry when

a

to cut

1667

phone & Telegraph 4%s, 1952, New England Gas & Electric 5s, 1950,
and Standard Gas & Electric 6s, 1948. The Virginia Public Service
Company has registered new mortgage bonds and serial notes for

Labor Bureau's Wholesale Price Index

on

Washington ,

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4024

Volume 154

computed from average yields on the basis of one "typical" bond (3%%
maturing in 25 years) and do not purport to show either the average level or the
average-movement of actual price quotations.
They , merely serve to illustrate in a more com¬
These prices are

coupon,

prehensive
ter

being

way

the

t The

the

true

latest

relative levels and the relative
of the bond market.

picture

,

of bonds used
lished in the issue of Oct; 2, 1941, page 409.
complete

list

in
•

movement

of

yield

averages,

the

lat¬

'

computing these

Indexes was pub¬

•

1668

THE COMMERCIAL & FINANCIAL CHRONICLE
mo-

Sleet

Output To Reach ill-Time Holiday HighNew Production Goals Being Sol

Pressure for

increased production

of

plants this week

ther goes on to say:

war

was

.
«

new

shooting

a

24

96.3%

lun

16

99.0%

2

Sep

29_

96.9%

96.9%

Mar

10

98.8%

Jun

23

99.9%

Oct

6

98.1%

Dec

9

96.0%

Mar

17

99.4%

Jun

30

91.8%

Oct

13_

98.4%

Dec

16

96.8%

Mar

24.

99.8%

Jiy

20-.

23

„80.8%

Mar

31

99.2%

Jly

7——94.9%
14—
95.2%

Oct

Dec

Oct

27

—99.9%

Dec

30

95.9%

Apr

7

99.3%

Nov

3

98.2%

production goals being set as a result of U. S.
is that of the machine tool industry. Long

14—

98.3%

Apr

21

96.0%

Aug

96.3%

Nov

17

97.0%

Apr

28—;

94.3%

Aug

11——95.6%

Jan

20

Nov

24

95.9%

96.5%

May

96.8%

Aug

18

96.2%

27—

Dec

1

Jan

97.6%

97.1%

8_

97.5%

quired

97.9%

continued:

at

heine
being

altered
altered

all

would

hv

by Pearl
Pearl

sections

of the

for

go

needs but these figures

war

Harbor
Harbor.

industry

program

schedule

came

for

in

industrial

front

signs that the "UV S.

are

of

production

the, Office

from

announcement

an

News that the auto-aviation
bombers is months ahead of
of

Production

Management that the first Army bomber assembled from parts fabri¬
cated

by the automobile industry will roll off the line of the

new

North American Aviation plant in Kansas City early in January,
For another week all the

emphasis has been on great war pro¬
duction, with the needs of peacetime plants unable to get materials
tfr defense orders
still largely overshadowed by the demands of
war. Effects of the war so far on the farm equipment industry sug¬
gest that the industry faces a very sharp decline in production but
that the need for increasing food production for U. S. allies compli¬
cate the problem and may enable farm equipment makers to escape
with a 1942 output cut of only 20%.
Progress in the conversion of peacetime plants to war production
Is reported on many sectors, particularly in the automobile, electrical

supply and washing machine industries. Washing machine makers are
manufacturing machine guns. Vacuum cleaner manufacturers have
been converted to small fittings of all kinds. Safe and lock companies
have started to make gun parts and calculating machine companies
are now engaged in the production of shell fuses and fitting pins.
the

Despite

virtual

of non-defense orders for steel,
incoming defense* orders for vital war use are lifting December
bookings slightly above orders for the corresponding period of
November. The necessity for some adjustment in the priority and
allocation

setup

grows

stoppage

every

with

day

orders

some

for

projects reported blocked by orders for less essential
to now have been entitled to high priority ratings.
Allocations

of

steel

use

military
which up
:

effective in recent
weeks, and the steel industry believes that the Adams group com¬
plates have been

more

mittee should facilitate the flow of steel toward the

channels.

more

vital

war

99.2%

Aug

25

_96.5%

Dec

96.9%

May
May

12

3

19—

99.9%

Sep

96.3%

Feb

10..:

Dec

15

97.1%

May

26

98.6%

Sep

2
8

96.9 %

Dec

22—-93.4%

99.2%

Sep

15

96.1%

Sep

22-

96.8%

17

—94.6%

3

—97.5%

foregoing, to

great extent, the
usual Christmas shutdown to avoid any unnecessary loss of vital
steel supplies. Ingot operations for the current week are estimated
a

by "The Iron Age" at 93.5%, a decline of four points from

week

a

Had the holiday been observed as in the past, the rate would
have declined from 15 to 20 points. In the Christmas week of 1940,
the rate dropped 17 points.
~
ago.

The only large area to show a rise this week is

Chicago, which
Both Youngstown and Pitts¬
burgh are down 9 points this week to 88%. Philadelphia declined
31/2 points to 89%, Cleveland was off a half point to 99.5%, Wheeling
dropped four to 82%, the South declined 2 to 95.6%, the West lost
2 to 95%, St. Louis declined 14 to 102%, and the Eastern district
gain of

a

point to 104%.

one

eased 5

points to 104%, Buffalo was unchanged at 90%, while Detroit
gained IV2 points to 107.5%.
"IRON

THE

AGE"

COMPOSITE

Fini«hoA SO"1!
Dec.

23,

week

month

On.e

year

PRICES

High

/

1941, 2.30467c. a Lb.

ago

One

A

1939

2.30467c.
2.30467c.

—

$22.61

Sep

19

$20.01

2j.25

Jun

21

la.ol

1937

'

IjOW

c

23.25

Mar

9

20.25

_2.30467c.

1936

19.74

Nov 24

18.73

Aug 17

1935

18.84

Nov

5

17.83

May 14

17.90

16.90

ago

ago

78%

represent

——

sheets

cold-rolled

...

strip.

and

These

the United

of

1934

products

1933

output.

1932

States
Low

High
—2.30467c.

2.30467c.

Sep

-

_

1931

Sep

2.24107c.

Jan

—2.30467c.

1940

Apr

2
16

1939

—2.35367C.

Jan

2.26689c.

May 16

1938

—2.58414c.

Jan

2.27207c.

Oct

18

2.32263c.

Jan

4

—

—

1930
1929

—

1937

—2.58414c.

1936

—2.32263c.

Dec

28

2.05200c.

Mar

10

1935

—2.07642c.

Oct

1

2.06492c.

Jan

8

One

week
month
year

.

Dec.

1934

—2.15367c,

Apr

24

1.95&57C.

Jan

2

One

1933

—1.95578c,

Oct

3

1.75«3fic.

May

2

One

1932

—3.89196c.

Jly

Mar

1

Based

—1.99629c.

Jan

13

1.86586c.

Dec

29

1930

—2.25488c.

Jan

7

1.97319c.

Dec

9

1929

2.31773c.

May 28

2.26498c.

Oct

29

1.83901c.

5

phia,

Dec.

23,

1941,

$23.61

a

Gross Ton

month

One

One year
Based

on

cerned.

1941
1940

ago

1939

d

Valley

High
$23.61

and

;
:

The

23.45

Mar 20
Dec

American

23

22.61

In

Iron

and

23,

district

to

hold

steel

mills, have

shipments

until

had

requests

January

scheduled and promised for December.

in

lines

some

placed

of

ordnance

manufacture

and

large orders

a

6

14.79

De£ 15

7

15.90

Dec

16

18.71

May 14

18.21

Dec

17

be

war

for the

and

a

Gross

Ton

1

ago

19.17

ago-Sl—
consumers

at

scrap

quo¬

Pittsburgh, Philadel¬

Chicago.

—

-

—

Jan

7

$19.17

Dec 30

16.04

Apr

Oct

3

14.08

May 16

15.00

Nov 22

11.00

Jun

Nov 10
Jun

1935'

13.42

Dee

10

10.33

1934

13.00

Mar 13

9.50

Sep

6.75

Jan

6.43

Jly

1933

12.25

Aug

8

6

Apr 29

8.50

11.33

Jan

6

8.50

Dec

29

15.00

Feb

18

11.25

Dec

9

2

1930

2

1929

Institute

17.58

on

Jan 12

Jan

Dec.

29

22

14.08

Dee

5

3

announced

industry will be 93.4% of capacity for the week beginning Dec. 22,
compared with 97.9% one week ago, 95.9%. one month ago and
80.8% one year ago. This represents a decrease of 4.5 points or
4.6%, from the preceding week.
Weekly indicated
operations since Dec. 2, 1940, follow:

rates

of

steel

other

in

fixed

as-

being to keep
liquid position

a

times.

that

Bank

is

fully

prepared

in

The
Dominion
position and

sound

a

assist

to

the

fullest extent in the Nation's

war

and

to

discounts.
Bank's

Dominion

annual

referred

was

of

columns

of

Reserves

stored

fiber

Nov.

to

27,

in

page

food,

feed

Ever

in

-

and

Normal

Granary in times of abundance
under commodity loan programs
are

severe interruption of steel output.
Curtailment
production in the Detroit area is expected to reduce

in

case

of sales of less than

Lend-lease

Extras and discounts in effect

cotton,
and

units
to

.

production dropped to a new low last week, with
assembled, compared with 95,990 the preceding week.
meet

the

restriction

imposed

by

the

government

are

accumulated

accumulated

in

years

surplus harvest are provid¬
ing additional feed supplies re¬
quired for the planned expan-

Automobile

was

stores

for

wheat,
supplied

of

v

ore cars.

tobacco,

stocks

reserves

preponderating.

buy 250

naval

requirements

through loans and purchases by
Commodity Credit, Mr. Hutson's report stated, while corn

this an easier task than navy yards.
One cause of delay in
deliveries has been the large number of differing specifications
for material used for essentially the same purpose.
Railroads continue to place orders for locomotives, with diesel-

Considerable export business in cars and
being placed. Expectation of heavier iron ore move¬
has caused one important road in the Northwest to

corn,

from

in

electric

national

to

April 16 will apply.
Navy and merchant shipbuilders are working on a plate stand¬
ardization program, affecting weights, widths and
lengths, in an
effort to expedite shipments. Merchant shipbuilders are expected to

sion

of the production of pork,
dairy, and poultry products.

Commodity Credit loans and
purchases
amounted
to
ap¬

for

proximately $513,000,000 during

December

the 12 months of the fiscal year

was

ended June

output. In the corresponding week last year production
125,350 cars.
Price composites continue frozen: Finished steel, $56.73; semi¬

finished steel, $36;

stdelmaking pig iron, $23.05; steelmaking

modities

scrap,

ton,

30, 1941.

affected

The

com¬

include

cot¬

wheat, rye, barley,
sorghums, tobacco, pea¬

corn,

grain

nuts, prunes, raisins, turpen¬
tine, rosin, dairy products, and

Canadians Urged To Endure Price Control
As Means Of Avoiding Inflation Catastrophe
It is to the interest of all Canadians to endure

.1

seed

for

,

Substantial quantities of

that must necessarily follow inflation, and
especially true of the wage earner and the person of small
or moderate means, C. H. Carlisle, President of The Dominion
Bank.
Canada, told stockholders at the 70th annual meeting of the bank

sold

ing

the

catastrophe to

this

held
"In

of

price

everyone

is

in

the

control

Toronto

on

implementing
will

1940

of

be

such

be

no

made there

are

major

difficulties.

In

normal

be

opposed to regimentation, but

we

rapidly," Mr. Carlisle said. "Once

are

are

conditions

in abnormal

most

serious

we

times

and,

would

which

therefore,

redeemed

in

1941

fiscal

year

were

also

reported.
The

adjustments

should

efficiently administered these ad¬
justments will require to be made

were

by producers. Heavy
liquidations of corn stocks dur¬

10.^—

price
many
in¬
to be adjusted, and if

there

equalities

Dec.

com¬

particularly: cotton
wheat, pledged for loans in

and

condition

prac¬

modities,

and

unpleasant

porary

conservation

tices.

willingly a tem¬
regimentation to avoid the

3

1932

not

Granary Food Reserves
Defense Contribution

prevent

standard packages or units at retail.

25

1931

gov¬

are

Sees Ever-Normal

8
7

and,

to

banks

1207.

Apr IP

22.50

12.67

—_

periods,

or

banks
all

these

$19.17.

21.83

builder

home

object

statement

Low

_$22.00

„

phase
activity, and as

making effective contribution
defense, said J. B.
Hutson, President of the Com¬
materially the volume of scrap available to local mills.
Munitions
modity Credit Corp. in his annual
manufacture is not expected to make good this loss, A
plan has been
report to the Secretary of Agri¬
worked out for reclaiming empty tin containers from
army posts,
culture on the activities of the
said to be about 1,600 tons monthly.
corporation
in
the fiscal
year
An order by Office of Price Administration freezes
prices on 1940-41.
Advices on Dec. 16 from
resale of steel and iron products by warehouses and other distributors
the
Department of Agriculture'
at the level of Aoril 16, 1941. The order includes
seconds, rejects and
regarding the report said:
used products.
The only exception is
cations to

of automobile

21.42

heavy melung steel

the

The

nearing the point
Following the order for shipment of 10,000 tons
to Inland Steel Co. other
Chicago mills have asked allocations, evi¬
dently fearing the effect of the Inland order on their sources of
supply. Two melters in the St. Louis district have been given allo¬

$19.17

.

estate

loans

shutting down.

This
$19.17

dis¬

are

every

effort, Robert Rae, general man¬
ager,
in his address to stock¬
holders,
reported
increases for
the year ended Oct. 31, 1941, in
net profits, total deposits, which
were at a figure
of $143,151,534,
total
investments,
commercial

dropped 5 points to 91%.
Pittsburgh 2 points to 96 and Wheeling 3 points to 91. Unchanged
rates were maintained at Buffalo, 97%;
Detroit,,90; Eastern Pennsyl¬
vania, 87; New England, 84; Youngstown, 92.
While complete scrap allocation has not been
put in effect, await¬
ing detailed reports frorp the industry, a number of specific orders

65.875

Scrap

loaned

land advanced Vz point to 94J/2%. St. Louis

locomotives is

Jan

sums

The

sets,

Stating

but the decline probably will be less than usual. Chicago
advanced 1% points to 103%, close to its all-time
high. Birmingham
was 5 points higher at
95%, Cincinnati up 4 points to 95 and Cleve¬

ment next year

Jan

con¬

Chartered

have

about

the

to

real

at

week,

6

15.90

vast

to

specified

the

preceding week. Lack of scrap held back a higher rate at several
points.
Christmas observance probably will cut into output this

3

18.21

possible

the uni¬
all

permitted to make loans against

Chicago

as

control

a

of

present

ernments.

A number of bomb inquiries are before the trade. One
involves several hundred tons of
30-gage sheets and another sheet
tonnage is for bomb fins. Stovemakers, whose regular output has
been limited, are figuring on contracts for bomb
clusters.

Among the few definite indications of needs resulting from

prove

Canadian
at

These

for

soon.

in the Pacific is an order for steel sheet
piling placed with
mill for repairs at Pearl Harbor.
Steel production last week was at
97%%, the same

pricing is

It requires

commercial

well

from

may

He

worthy

000.

Inquiry for many steel products is light, in some cases much
below normal, in spite of war demand. Customers
without priority
are not seeking to
place further tonnage as they already have orders
on books without
delivery promise.
'Expected sharp increase in war demand has not appeared
yet,
but is in the making and will be felt soon. A
quickening is apparent

27

1941,

1

16

will

tributed

contracts

on

re¬

borrowers,
in
amounts both large and small,
$1,458,348,000, and have invest¬
ed in Federal, provincial and
municipal securities $1,539,498,-

The purpose is to co-operate
fully with OPM in the effort to prevent accumulation of unreason¬
ably large inventory.

Jan

ago

No.
to

Feb

that telegraphic reports which it had received indicated that operat¬
ing rate of steel companies having 91% of the steel capacity of the




.,

Cleveland

customers

Pec

Dec 21

Steel

the

several

Jan

1936 w„17.75

Jan

.

to

™]isers *° can^el p£SXio¥s bookings in orderan?
easily- This, includes many steel
old-rolled strip. Pig iron rea ry have been considerably less than for

of

13.56

22.61

iron

wiro

fnr

the

Price

cooperation

Banks

materials.

13.56

12.92

Low
$23.45
Jan

up ship¬
buyers have no

in the case of numerous melters. This is attributed
to an increase in foundry inventory, due to lessened demand for castings where their use was delayed by
inability to obtain other

5

Mar 30

Southern

notahlv

5

21.92

Cincinnati

.

P.'. fiipd
j?previous
.
,,
months

1

1937

for basic Iron at Valley furn¬
foundry iron at Chicago. Philadel¬

to cancel tonnages for which

it

The

,

to

business.

costs.

operation.

Curtailment of automobile and household
appliance manufacture

Jan

23.61

—i

Buffalo,

phia,
at

or

outlet.

Dec

1938

.

that

receiving requests to hold

books

now on

to

necessarily
a
complicated
operation, but we hope at least

mar¬

ments

May

$23.61

averages

and

aces

ago

summary of the iron and steel

and

is

fied

16.90

High
1940

One week ago

on

tations

1941

Pig Iron
'

Cleveland, in its

of

The basis of sound
economic

Dec. 22 stated:

on

14.81

Steel

Mar

1931

_98.6%

find

Sep 12
Jiy

weighted index based on steel bars, beams,
tank plates, wire, rails, black pipe, hot and

1941

2

9

volume

Reaction of steel consumers to a state
of war is distinctly helpful
and effort to obtain steel for
non-essential purposes is disappearing.
In addition, steel-makers are

of

One

Jun
Jun

times bear relation

all

have been issued to divert supply to steelmakers

•

The steel industry this week is

reports

96.6%

Feb

kets,

|

is little like the U. S. at peace.

war

■

5-

10

attempt¬

money,"
Mr.
Carlisle added, pointing out that
a
stabilized
currency
should at

Apr

Nov

is

inflation

sound

98.5%

"Steel" of

to

indicated that 68 to 70%

On

97.6%

4

maintain

—97.2%

Mar

basis, steel manufacturers estimate that within the
next 60 days as much as 90% of production at some plants will be i
earmarked for war use. Projected shipping schedules for December
|
are
are

28

control

6

wartime

a

Jly

Government

to

13

Emphasizing the speed with which industry is being converted
to

96.0%

ing

war

strategic position in the flow from
ships, tanks and planes, the machine tool makers
are now being asked to lift
production 50 to 100%. Those figures
apply specifically to machine tool plants manufacturing for the air¬
plane, anti-aircraft and machine gun industries^ but
th^ entire
machine tool industry is now being asked for a big irierease in
production.
materials

21

"Our,

97.8%

Jaii

under forced draft because of its

raw

Jiy

require abnormal treatment.

Jail

Feb

Typical of the
entry into

Feb

Dec

1941—

materials and equip¬
reaching levels which are
already making the pre-war (before Dec. 7) efforts look unimpressive
by comparison, according to "The Iron Age" of Dec. 25, which fur¬

ment from American

Thursday, December 25, 1941

total

chases
in
an

is

loans

and

pur¬

largest expended
any one fiscal year*, and is
increase
of;
$117,000,000

over

the

previous

irivcstmeht
the

of

the

in

close " of

year:«

The

commodities
the

fiscal

at

year

Volume 154

Number 4024

amounted to

THE COMMERCIAL & FINANCIAL CHRONICLE

100,000,000.

approximately $1,Appraisal of the

assets

liabilities

and

of

Weekly Statistics of Paperboard Industry

the

We give

Commodity Credit Corporation
indicated
of

cit

000

accumulated

an

approximately

for

the

entire

defi¬

$172,000,-

life

of

Paperboard Association,

of

which

the

substantial

a

.part is
"paper deficit"
representing the difference be¬
tween

as

the

modities
of

the

a

investment

and

market

date

inventory

in

values

which

on

com¬

dustry, and its

the

figures

are

of the total in¬

statement each week from

a

production, and also

activity of the mill based

as

official

includes

program

member of the orders and
cates

on

the

a

each

operated.

the

of

Rt.

Pension

Fund

of

the

Episcopal Church
Dec.

on

16

was

announced

91

whose

death

occurred

Bishop

at

raised

start

The

the

age

6.

It

Nov.

on

Lawrence

ago,

Massachu¬

of

was

who, 25 years
$8,000,000
to

over

Church

Pension

Fund,
the pension system for the
clergy,
their wives and children, of the
Protestant Episcopal Church. The
election of Bishop Powell took
place at the annual meeting of
the

Board

all

of

the

of

Trustees, at which
officers

present

were

reelected, including Bishop Wash¬
Newark, and Frank L. Polk
as
Vice-Presidents, Bradford B.

burn of

Locke

Executive

as

dent

and

J.

Vice-Presi¬

P.

_

____

June

)

July
August
September
„

May

____

;

September

____

July 12
July

2

Aug.

9

___

Aug.

16

___

Aug.

23

_

Aug. 30

Sept.

6

Sept. 13
Sept. 20

.....

...

18

25

Bishop

Nov.

March 1 of next year The Church
Pension
Fund
will
have
com¬

NOV.

of
successful operation during which
over $21,000,000 has been
paid out
in pensioris to Episcopal clergy¬
century

their widows and minor or¬
phans. "The present pension roll

men,

includes the

of about

names

1.

___

July 26
Aug.

...

__

1
...

is

the

at

of

rate

of

crease

the total would

Fund

in

its

as

rules."

an

in¬

what

over

have been if the

This

increase,

he

pointed out, is the result of a
pro¬
gram
of expansion
voluntarily
undertaken
Trustees

some

the

as

management

years ago by the

of

result

and

careful

fortunate

The

cumstances.

cir¬

announcement

regarding the Fund also said:

Although
port

Bishop

Davis'

re¬

necessarily tentative,

was

he stated that the assets of the
Fund
to

expected

are

to

amount

approximately $35,500,000 at

the

end

with

of

the

year

a

present market value in
of that figure. He point¬

however, that the

somewhat

a

247,644

76

72

509,781

236,693

79

73

544,221

587,339

196,037

72

73

Consolidated Laundries Corp., common
Consolidated Oil Corp., common

452,613

487,127

162,653

74

73

Continental

468,870

470,228

163,769

72

73

Baking Co., 8% cumul. pref.
Copperweld Steel Co., cumul. conv. pref.,

670,473

648,611

184,002

79

73

Cuban-American Sugar

488,990

509,945

161,985

77

464,537

479,099

151,729

71

608,521

202,417

548,579

261,650

75

'

higher

571,050

337,022

82

857,732

726,460

447,525

83

656,437
634,684

602,323

488,993

84

608,995

509,231

88

509,231

659,722

807,440
649,031

642,879

General

737,420

86

94

630,524

576,529
578,402

839,272

831,991

568,264

99

640,188

649,021

554,417

98

149,197

129,019

529,633

74

82

94

.

542,738

77

82

550,902

92

81

572,532

92

82

159,844

160,609
159,272

572,635

93

83

McGraw-Hill Publishing

174,815

159,894

587,498

91

83

Macy

169,472

162,889

592,840

92

83

158,403
157,032

162,964

584,484

94

83

163,284

576,529

97

84

163,915

578,402

98

85

176,619

168,256

582,287

100

85

7r/o

159,337

164,374

575,627

99

85

Norfolk

167,440

165,795

574,991

98

86

Petroleum

165,279

168,146
165,420
159,860

568,161

100

86

Plymouth Oil Co.,

Real Silk Hosiery Mills, Inc., 7% cumul. pref.
Republic Steel Corp., 6% cumul. conv. pref.
Revere Copper & Brass, Inc., common

87

166,080

567,373

102

87

Safeway Stores, Inc., common
5%
cumul, pref.
Schenley Distillers Corp., 5 V2 '1o

149,021

163,226

553,389

101

88

Shatthck

of

the

prior

orders

stock,

and

week
the

at

other

plus

close.

items

made

necessary

adjustments of

unfilled

orders

United

World Prices
General Motors

Steady

Vick

Corp. and Cornell University, which prior to the

is built upon 40 basic commodities and the list is the

each

country

in

far

so

as

possible.

Each

commodity

"a

comprehensive

list

of

several

including grains,
livestock and livestock
products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals and a list of other miscellaneous
materials
(rubber, hides, lumber, newsprint, linseed oil, &c.)."
Weights assigned in. the index to the different commodity groups are
follows:

Grains, 20; livestock and livestock products, 19; vege¬
table fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
laneous, 18.
The

of each

indexes, which are based on prices expressed in the
country, were reported Dec.1 22 as follows:
Argen-

Aus-

Can-

tina

tralia

ada

currency

1939=100)
England

Java

Mex-

New

Swe-

Switz-

ico

Zeal'd

den

erlani

United
States

1940—
112

fact that the annual cost of ad¬

136

109

July

118

120

145

115

112

114

ministering

August

119

120

150

115

111

120

132

144

109

September

120

121

145

116

110

122

135

153

111

Aside from

the

Fund

is

113

...

December

113

....

supported

mission

clesiastical
Church.

by

against

this

and

January

114

February
•

April

ec¬

of the

commenting

of

122

145

117

110

120

139

158

114

124

146

118

111

118

142

164

118

126

149

120

111

119

144

168

118

upon

the

Fund's

127

126

150

rl20

111

119

144

rl72

120

126

127

150

121

113

119

147

171

120

119

122
121

0

120

rl40

—

ad¬

141

129

150

123

114

119

154

176

122

131

150

125

115

"119

156

180

125

134

rl52

129

117

120

156

189

121

137'

155

131

119

121

155

193

132

1121

rl41

rl56

rl36

rl25

7T22

7-155

194

7T36

121

rl42

157

138

127

123

156

196

138

203

143

122

October

November

phase

109

123

121

May
July
August
September

Bishop

Davis

145

rl57

138

7*130

7123

156

123

143

rl58

139

132

126

156

207

7-140

124

143

158

141

133

124

157

209

141

Nov.

8

entire

Nov.

15

Nov.

22

history of the Fund amount to

142

Nov.

29

142

sessments

during

less than 1/5 of 1%

the

of the total

payable.




Dec.

6

Dec.

13

♦

140

_

__

Preliminary.

.

r

2,318

103,000

107,300

77

I,226(13)

—

18,342

45,750(14)

15,014

15,018

499

3,101

137,300

138,100

of

by

(9)

60

acquired;
shares

acquired;

class

of

Revised

American

General

(8)

retired.

acquired;

7,827

1,550

.

13,000

1,551

shares

disposed

1,440

1,164

shares

shares

disposed

acquired

since

of.

Feb.

,

(7)

770

14,

1941.

retired.
(10)
Retired.
(11)
22,400
shares
500 shares acquired and retired.
(13)
2,229
(14)
Increase resulting from reclassification

stock

common

new

on

a

3y2-to-l

basis.

(15)

13,332

shares

issued on Dec. 17 the following
listed securities which have reported changes

of reacquired stock:

$2

Corp.,

div. ser. pref.

Blue

Co.,

common

Corp.,

Shares
Per Latest

7,031

336,699

343,526

3,000

—

—_—__—_

—

common

Corp.,

Cooper-Bessemer

$3 prior pref.

Crown Central Petroleum Corp.,

6,500

167

1,667

9,850

10,200

6,225

6,875

1,118

;.

common

Report

6,231

—,—!_«.—.1

common

Ridge Corp.; $3. conv, pref.

Charis

Shares

Previously
Reported
—

;—t—

Writing Paper Corp.,

Rubber

_______

Dejay Stores, Inc., common _——_______——
Dennison Manufacturing Co., prior pref.
.—:

—

1,218

559

562

6,336

7,586

5,248

5,272

12,016

12,316

Equity Corp., $3 conv. pref.

43,788

45,873

Fanny Farmer Candy Shops, Inc., common
Klein (D. Emil) Co., Inc., common

35,698

36,488

13,655

13,855

26,135

26,235

5,776

5,976

Detroit

Gasket

Kleinert

Knott

&

(I. B.)

Corp.,

Mfg.

6%

Co.,

pref.

—

—

Rubber Co., common

common

—

——

—

Merritt-Chapman & Scott Corp., 6y2fo
Oil Corp., $2 conv. pref.

1,130

A pref.

Midland

Merchandise

York

New

Co.,

Inc.,

common

—

—__

Niagara Share Corp of Maryland, B common—
Industries, Inc., $5.50 div. prior stock

first pref.
second pref.
conv. pref.

Inc., 6%
Sterchi Bros. Stores, Inc., 5%
Sterchi

Bros. Stores,

7,550
21,263

99,481

106,581

2,600

4,250

Sunray Oil Corp.,

5Vz%

Sunray Oil Corp.,

common

Inc.,

common

337

2,470

2,520

—

——

101,800

102,800

—■—

Cigar-Whelan Stores Corp., common
Co., common —

United

'Wilson-Jones

»'

305

317

:

—_

___^

225

—„

•

1,305

„

7,500
19,963

-

____—.

Selected

15,834

16,434

12,096

12,101

3,800

4,300

English Financial Market-Per Cable
daily closing quotations for securities, &c-, at London,

The

reported by cable, have been as follows
Saturday
p.

£81%

£8iya

£81%

£8iya

L.

Closed

£104%

£ 104%

£104ya

£104%

£104 A

1960-90

Closed

£114y2

£114%

£ 114%

£1141/4

British

124

142

rl58

141

133

124

157

209

7-141

British

4%

124

143

*157

141

133

124

157

209

141

123

143

*158

♦141

132

124

157

209

7-141

157

209

142

*209

344

U.

S.

N.

price

of

silver

per

(in

cents)

in

the

23yad

168s

United

States

23 %d

168s

on

the

168s

£114y4
same

days

*

Y.

(Foreign)

Treas.

mined)

Friday

£81%

7139

Bar.

Thursday

168s
Closed

oz.

209

Hppn

23%d

168s

157

The

Wednesday

23%d

125

hoc

Tuesday

168s

fine

p.

Consols,

Monday

as

the past week:

23y2d

Closed

d

oz,

7T33

157

shares

Common

American

Baldwin

140

123

16,700

—-

Class of Stock

Company and

158

143

2,030(8)
17,800

_____——7,826

acquired;

shares

retired.

shares

into

their holdings

in

142

,»

590

The New York Curb Exchange

124

124

6,800

(6)

list of issuers of fully

2 y2 %
3y2% W.

137

5,031(7)
23,016

shares retired,

22,615

140

139

;

1,800

15,703

5,011
19,016

—_—_______

(2)

9,436(6)

15,403

_________

_

1,080

stock

A

acquired;

208

*141

3,800

!—

acquired;
3,305 shares
15,900 shares canceled.
(12)

157

*158

certifs.

(12)

trust,

.-1

shares

126

*159

vot.

;

::

shares

750

rl33

143

II,306

.

acquired;

140

122

Corp.,

pref

report.

dividend.

stock

shares

158

*122

4,161

11,300

of.
50 shares acquired and retired.
(4) Acquired through conversion of 14,028 shares
7% preferred stock.
(5) 363 shares acquired; 15,517 shares disposed

(3)

142

141

4,121
—

—

_—_—

Initial

124

137

8%

Inc.,

509

2,701

——

Co., The prior pref.

Co.,

100(5)
3,892

3,105

—

common

of old cumulative

Gold,

1

as¬

Co.,

Co., capital

Notes—(1)

Silver,

Weeks end.:
Nov.

pointed out that the unpaid

7,646
25,883

1,578

129

1941—

ministration,

7,638

:—

________—__________

Manufacturers

& Co., common
cumul. pref.

$6

Trunz,

March

as¬

every

other

organization

In

140

128

126

June

parish,

132

1941—

interest earnings,

levied

sessments

October

November

cumul. pref.

Rubber

Chemical

Wilson

groups,

132

of

is

weighted uniformly for each country, according to its relative im¬
portance in world production.
The actual price data are collected
weekly by General Motors overseas operations from sources de¬
scribed as "the most responsible
agencies available in each country,
usually a government department." The commodities involved in¬
clude

Pictures

States

300

29,883

______

Co., common
Van Raalte Co., Inc., 1% cumul. pref.

composite index of world prices,'these organizations now are
pub¬
lishing the information only as individual country indexes.
for

&

Cil

States Leather

United

European war had collaborated in the publication of a world com¬
modity price index, have resumed issuance of international price
statistics, but on a different basis than before the war.
Instead of a

The' index

—,—,—.__

—___——

Co., common

Associated

Merchants

Universal

same

______

(W. A.) Pen Co., common
Spear & Co., $5.50 cumul. pref. :
United

131

%

(Frank G.)

Water

2,213

5,853

pref.

—

Tide

10,614

1,613

66,541

—____—________—

orders
received, less production,
do
not
Compensation for delinquent reports, orders

5,400

8,414

64,861

Sheaffer

orders

the unfilled

4,400

15,254

87

from

—

common

87

filled

4%

Corp. of America, capital

99

or

pref.

—_

96

for

5,785

2,603

-—

T_—

adj.

Co.,

101

131

about

Co., common
A pref.

Western Ry.

554,417

Note—Unfilled

'

155,473

570,430

made

7,014(4)

:

84

cumul.

17,535 (4)

5,285

99

550,383.

necessarily equal

4,194

90

164,875

.....

4,408

4,206

A

National Lead

,

6,800(11)

4,318

..

—

National Cylinder Gas Co., common
National Department Stores Corp., 6%

165,397

_______

4,187

2,000

583,716

114

only

Corp., The, $5.50 series B

160,889

6

645

3,592

.

.

Square Garden Corp., capital
Maytag Co., The, $3 cumul. pref.

&

4,529

145

7,014(4)

& Co., Inc., common

series

7,165

4,528

common

166,797

112

of its assets.

Co., Inc.,

84

86

5,947

6,865

*£.
;

84

86

8,111

pref.______

_

98

99

167,221

7,811

5,847

300

80

97

134,321

pref.

589,770

568,264

3,558

_

591,414

5*76.923

2,266

3,540

_

Madison

$6

2,166

:

133,031

113

1%

B

169,111
181,185

13

_

166,781

113

to

cumul. ,pref.

(R. H.)

Mead

5,600

;

147,086

116

Church,

%

5,198

(3)

pref.

!

(10)
12.001

.

pref.

8,350

100

12,486

pref.

164,057
176,263

116

amounts

5

1,400

10,948

Co.,

156,989

(15)

1,300

-

Stores, Inc., 7%
Inc., common
Jones & Laughlin Steel Corp., common
5% cumul. pref. A
Tea

1,865(9)
25.000
361,455

10,648

__

A

cumul.

6VsYc

131,531

143

entire

of America,

1,800
1,814

7,950
:

^

156,394

__

series—.
pref.

______

common

182,603

144

the

$6

419

900

1,864

9,283
5%

conv.

common

Inc.,

The,

147,365

128

covers

Co.,

168,431

%

21,954(2)

5,110

_____

class

145,098

Dec.

51/2 c/o

common

Corp.,

Brothers,

Hat Corp.

Jewel

33P54

20,732

Household Finance Corp., common
Insuranshares Certificates, Inc., capital

■'

13,700
45,832

305,355

___

common

Co., Inc.,

11,573

8*500

____

Goodyear Tire & Rubber Co., The $5 cum. conv.
Greyhound Corp., The, 5%% conv. pref. ___

120

which

The,

Corp.,

Motors

Gimbel

118

Fund,

Co.,

Raynolds

Shoe

Glidden

118

the

&

General

__

May

He stressed the

Edison

__i

Gaylord Container Corp.,'5% % cumul. conv.
General Realty & Utilities
Corp., $6 pref.

81

652,128

l(h873
44,732

I.)

Co-., The,
Davega Stores Corp., common
5% cumul. conv. preferred

73

7,412

19

508,005

73

7I006

„„

682,490

„

179,234

______

_

Corp., common
Co., common
preferred

(J.
7 Vo

15

Dec.

__

449,221

June

figure for 1941.

L

Case

1,250

157,804
____

29

in«1940 but that he

for

Carriers & General

70

1,700

1.240

____

456,942
624,184

(August,

hoped

70

.70

71

1,300

4,500(1).
;

22

aver¬

age interest rate earned on the
Fund's reserve liabilities was

only 3.01%

69

193,411

71

1,103

,

T

NOV.

as

current

excess

ed out,

70

2,500

simply paying the
originally promised

were

pensions

40%

72

137,631
129,466

23,118

600

__

Barnsdall Oil Co., common
Belding Heminway Co., common
Borden Co., The, capital
Burlington Mills Corp., common

167,240

Report

21,718

....

Co., common

579,739

"

pref. _j

common

Nov.

$1,The total present

almost

Cumulative

Co.,

Nov.

over

370,000 a year.
pension roll still represents

Current

Shares
Per Latest

pref.

520,907

169.585

__

beneficiaries," Bishop Davis said,
"and

5 '/o

429,334

170,597

8

6

Shares

Previously

capital

pref.

453,518

629,863

16.

Reported

Interstate Department

_

_____

19

cumul.

Atlas Powder

1941—Wee^ Ended—

Oct.

a

____

November

Oct.

quarter of

..

October

on

a

>

June

port

pleted

_

_

5

Co.,
Corp.,

Corp,, common
% preferred

Devoe

July
August

July

Stores

Detroit

April

11

that

-

673,446

February

4

out

-

March

Oct.

Trustees,

Remaining

of-

lanuary

Oct.

the

_____

Sept. 27

Morgan

pointed

_____

1941—Month

as

to

_

December

Treasurer. In his preliminary re¬
Davis

'

October

November

Reduction

Percent of Activity

Tons

420,639

___________

March

May

the Dean of St. Alban's Cathedral
in Washington, succeeds the late
setts

Tons

528,155

February

Air

the New York

the Stock Exchange:

by

b'/o

o/—

/anuary

April

Bishop Cameron
Davis, President of the Board
of Trustees.
Bishop Powell, who
was
recently
consecrated
as
Bishop Coadjutor of the Diocese
of Maryland
and was formerly

of

1040—Month

Protestant

by

Lawrence

Received

on

holdings of reacquired
Following is the tabulation

Company and Class of Stock

Atlas

Orders

Tons

J.

Bishop

Production

Dec.

on

American Hide & Leather Co., 6%

^Period

Rev.

available

Associates Investment

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Ordert

election

made

was

issued

Allied

Unfilled

The

stock

These

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

STATISTICAL

Noble C. Powell, D. D., of Balti¬
more, as a Trustee of The Church

The monthly compilation of
companies listed
Stock Exchange reporting changes in their

figure which indi¬

time

industry.

Pension Fund Report

Of N. Y. Slock & Curb Listed Firms

Chicago, 111., in relation to activity in the

The members of this Association
represent 83%

made,

was

Cliaages In Holdings Of Reacquired Slock

from the National

us

paperboard industry.

organization from October, 1933,
described

herewithjlatest figures received by

1669

35 Va

35'/a

35 y8

35 y8

35%

35%

71.11

71.11

71.11

71.11

71.11

71.11

(newly

.

of

v-

Weekly Coal And Coke Production Statistics

Lend-lease Aid

By U. S. To Turkey
In

at

ment

the

to

note

a

State

Washington

Depart¬

14

Dec.

on

by the Turkish Ambassador, M. M.
Ertegun, it was indicated that the
Turkish

would

Government

main neutral in "the

which has just broken

re¬

conflict

new

out."

The

note stated:

UNITED STATES PRODUCTION OF SOFT COAL (IN THOUSANDS OF
TONS), WITH COMPARABLE DATA ON PRODUCTION OF
PETROLEUM

CRUDE

your

that

America

of

States

United

the Government of the

Republic

has decided to extend the neu¬

the new
conflict which has just broken
trality

of

Turkey

to

out.

Please

coal:

''Bituminous

Daily

Dec. 14 that Turkey has
remained neutral in the European

ington

on

despite diplomatic efforts by
and Britain to secure
her as an active ally.
These ad¬
war

Germany

Great

in

10,880

480,707

431,594

513,415

1,813

1,645

1,649

1,471

1,737

6,583

6,580

5,733

305,877

294,373

220,288

;■—

—

statistical
convenience the
of historical comparison and
production of lignite.
tTotal barrels produced during the week converted to equivalent
coal assuming 6,000,000 b.t.u. barrel of oil and 13,100 b.t.u. per pound of coal.' Note
that most of the supply of petroleum products is not directly competitive with coal.
(Minerals Yearbook, 1939, page 702). JSum of 50 full weeks ended Dec. 13, '1941, and
corresponding 50 weeks in 1940 and 1929.
§Revised. ^Subject to current adjustment.

for

"Includes

purposes

cur¬

the

for

$100,000,000

mechanization

moderniza¬

and

Dec. 14,

1940
1,259,000
1,196,000

133,600

148,800

106,100

22,267

24,800

17,683

1941
832,000
^Commercial product.. 790,000
coniery fuel

;

—

the
tions

strengthening of fortifica¬
in the
Dardenelles, the

strait

strategic
Black

the

between

Mediterra¬

the

and

Sea

nean.

The

States

United

only

Daily

through

the British since

May, to enable the British Gov¬
ernment to make good its com¬

Anglo-

the

under

mitments

The

average

for

Great

assistance

the

from

would maintain
toward

Britain,

benevolent neutrality

a

Britain, and would not permit
the Germans or any other mili¬

Turkish

utilize

to

force

tary

territory against Britain or per¬
of troops or mil¬

mit the passage

itary equipment through Turk¬
ish territory in what might be

49,253,000

46,035,000

64,918,000

5,984,200
20,149

2,776,100
9,347

6,263,400
21,089

*1929

flncludes washery and dredged
authorized operations. fExcludes colliery fuel..

other

Reports

showing

actions

initiated on

•

other

showing,

Reports

4.

Reports showing no

of

declaration

join the Axis under
threat of invasion by the Nazi^.

be forced to

The disclosure that Turkey was

receiving lend-lease aid from the
United States came from Govern¬

quarters
in
Washington
3, according to United

Dec.

Press
©n

accounts

Washington

from

Dec. 6,

Nov. 29

1941

1941

State—

,

242

96

537

552

odd-lot transactions are handled solely by

York Curb Exchange,

the New

all but

fraction of the odd-lot transactions

a

followed

revelation

a

White House announcement that

President Roosevelt had found
defense of

Colorado

^

of

Y V

Dec.

Dec. 7,

Dec. 7,

9,

1923§

Short

sales

Other

sales

3

314

427

349

61

160

83

163

187

176

137

299

253

("v 1

1

1

*■»

1,744

1,535

474

514

for the Ac¬
Except for the
Odd-Lot Accounts of Odd-Lot Dealer#

8.

6,285,080

Members,

of

1,242

1,339

573

457

409

67

78

72

116

121

and Specialists

Kansas and Missouri—

171

168

193

158

188

159

1.

Kentucky—Eastern-

806

928

792

702

982

584

Western

237

260

203

178

368

204

40

37

32

40

62

37

Short

sales

21

Other

sales

64

;

8

13

20

90

98

87

67

82

.

Montana————

Ohio

61

56

71

42

**59

*-27

613

459

479

593

599

—

2,630

2,406

2,331

2,380

2,796

2,818

137

134

125

116

113

103

Short

sales

9

8

10

15

18

21

Other

sales

107

92

83

143

396

402

304

278

260

193

36

49

49

35

60

57

2,254)
836'

2,275

1,823

1,760

2,041

1,132

891

617

653

716

692

Tennessee——

93

Virginia

—

Washington—
West

Virginia—"Southern—'
tNorthern-

25

30

.

Total

purchases

Total

Total

104

156

173

Short

sales

1

tt

*»5

**5

Other

sales

Total bituminous coal—_

10,880

11,280

9,871

9,217

11,942

9,900

UPennsyivania anthracite-

775

808

1,032

374

1,852

1,806

Total

Kanawha.

in

District

Panhandle

and

of

Mines.

of

Bureau

the

and

Carolina,

North

939.565

sales

Other

sales

counties,

Total

flncludes Arizona, Cali¬

t!Data for Pennsylvania anthracite from published
SAverage weekly rate for entire month.
* "Alaska,

South

151,374

purchases

Short

Grant, Mineral and Tucker

and Oregon.

Idaho, Nevada

fornia,

sales

11,706

13,794

9,591

10,903

-12,088

Mason,

137.564

C. & O.; Virginian; K. & M.; B. C. & G.; and
and Clay counties.
tRest of State, including the

11,655

operations on the N. & W.;
O.

Dakota

included

with

tTLess than 1,000 tons.

Western

"other

13,810
b

652,404

—

.

Stock

.

on the New York Curb Exchange
for Account of Members* (Shares)

Sales

Transactions

States."

war
supplies sent there
immediately.

dered

Week Ended Dec.

The London Stock
Quotations of representative stocks

an

Boots

Pure

British

Monday

Dec. 13

Dec. 15

92/6

Tobacco—
&

i

_

Invest.—

Goldfields of S. A.,

Cons.

Courtaulds
De

Saturday

36/6

ord

W.

Central Min.

(S.)

& Co

Beers

Distillers

Co

Electric & Musical Ind.—

Ltd

?ord

Closed

Box

Rand

Mines

Rio

Ry

implements of
*

White

President

had

House

said

the

directed LendEdward R.

Lease Administrator

Stettinius, Jr., "to see that the
defense needs of the Govern¬
of

as

Molasses

Jnited
Vlckers
Vest

Turkey

possible."

are
.




filled

as

sales

Total

Dec. 17

37/-

36/9

88/9

Dec. 18

%•

£ 13%

£13%

£13%

£ 65%

£13%

£13%

Transactions for

which they

are

Other

sales

43/9

42/6

42/6

42/6

34/-

33/9

33/6

33/6

£878

£8%

£8%

£8%

72/6

72/9

72/-

71/6

71/3

13/9

14/0

13/9

13/9

13/9

Short

sales

24/3

24/3

24/3

Other

sales

24/9

25/-

25/-

24/3
24/9

128/9

126/3

£ 16%

£16%

126/3

125/0

£16%

£ 16%.

126/3
£17
75/6

75/6

75/6

£7%

£7Va

£7V8

£7%

£7%

£8

£8

£8

£7%

£7

75/6"

90/-

90/6

90/-

91/3

91/9

54/3

53/9

52/-

48/9

48/9

30/-

29/9

29/9

29/9

29/3

17/-

17/-

17/-

16/9

16-6

Total
2.

sales

—

Total

Total

J. Other

Total

Trading On New York Exchanges

sales

Other

sales

b

these

exchanges in the week ended

Dec. 6,

1941,

continuing a series of current figures being published by the Com¬
mission.
Short sales are shown separately from other sales in
these

figures, the Commission explained.

—

on

the

Stock

(except odd-lot dealers)

100

27,350

27,450

3.42

159,285
8,035

purchases
sales

Other

sales

130,630

b

Sales

4._.->r1..u^rr->-m ——-

The term

138,665

12.00

for the Account

Specialists
short sales —
other sales e —.

0

91,897

91,897

purchases

32,278

sales

"members" Includes all

firm* and their partners,

regular and associate Exchange

including special partners.

member*, their
"

transactions as per cent of twice total round-lot volume.
In
calculating these percentages, the total members'
transactions is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales, while th* Exchange volum*
.^-Shares

in members'

includes only

Exchange for the account of members
during the week ended Dec. 6 (in roundlot transactions) totaled 776,244 shares, which amount was 13.65%
Trading

—

sales

Short

Total
•

57,480
—

Total

Total

figures showing the daily volume of total round-lot stock sales on
the New York Stock Exchange and the New York Curb Exchange
of

1.25

th*

purchases

Short

Total
4.

The Securities and Exchange Commission made public on Ddfc. 19

members

9,205

9,205

Customers'

all

21,765

—

sales

Customers'

of

7.33

floor

of

transactions for the account

102,010

0

b

transactions initiated off

Ifotal

of round-lot stock

80,040
7,935
94,075

initiated on th*

purchases

Odd-Lot Transactions

the volume

.

floor

£4%

£4%

b

Other transactions

Total

'£4%

stock*

registered

Short, sales

34/-

£9

the Ac¬

purchases

43/9

£4%

—

1,241,810

sales

Members

Total

84/6

£66

Per Cent a

8,960
1,232,850

b

Transactions of specialists in
in

36/6

85/3

88/3

1.

Dec. 19

36/9

£ 100 par value.

♦Per

sales

Other

Round-Lot

Witwatersrand

Areas

and

fast

,

,

Dec. 16

£ 65

75/6

_

Tinto—_—,.

Friday

Tuesday Wednesday Thursday

£66

24/6

Bay Company-

Metal

is

trucks and other

ment

received by cable each

£66%

24/3

,

♦London Mid.

shipped

supplying
Turkish forces with howitzers,

and Stoek

1941

For Week

Sales

Short

count of

Drugs

Amer.

&

♦Cable

informal basis" and that
Britain

The

as

day of the past week:

of American war ma¬

terials already had been
Great

Exchange

"considerable

a

6,

Total

time defense of-

same

said

13.65

776,244

Round-Lot

Total

123,840
b

sales

1. Total Round-Lot

Royce—

of war—"vital to the defense of

2.80

4. Total
Total

&

200,130

purchases

152

B.

STi

t V.
fi—p»

initiated off the

fj00r

ft

the

3.33

182,450

179

"Includes

17,700

164,750

sales

I. Other transactions

2

Total, ail coal—

236,475

—

b

100

"

150

on

7.52

442,420

th*

floor

tOther Western States-

Wyoming

92,330

350,090

;

Other transactions initiated on

2.

502,960

—

—

b

sales

23

83

_

Pennsylvania bituminous

Total

they are registered

purchases

700

Dakota-

and South

which
Total

63

25

/

New Mexico

North

6

19

specialists in stocks

Transactions of
In

6,147,390

Transactions

Round-Lot
count

.—

b

sales

Total

63

Michigan..-

137,690

4

500

Maryland

Per Cent a

Sales

Round-Lot

K, Total

a*

109

.

' '

For Week

average

1929

1939

1940

(Shares)

Total

Dec.

328

—

_

the New York Stock Exohsngo and Round-Lot

Week Ended Dec. 6, 1941

-

'

1,115

Iowa

Transport

"on

other

engaged

'

3

1

indana

on

Stock Transactions for Account of Members*

•>

1,087

Shell

amount"

the

reports received

89

1

Turkey—pivotal

At the

on

are effected by dealers

reports in the various classifications may total more than the num¬
because a single report may carry entries in more than on*

The number of
ber

355

—

_

State in the Near East theater

ficials

transactions of
from the spe¬

lolely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchange*.

3

Georgia and North Carolina
Illinois-

Rolls

the United States" and had or¬

.

*

.

trans-

75

Imp. Tob. of G. B. & I-

the

25

floor—

366

Alaska-

Arkansas and Oklahoma

Hudsons

that date which said:
The

93

198

transactions

off the

Initiated

Total Round-Lot Stock Sales

Week Ended

Georgia,

Turkey's

was interpreted here,
light of those facts, as
meaning that the delivery of
United States supplies to Britain
for final delivery to the Turks
had made it possible for the
Turkish Government to main¬
tain its neutral stand and not

©n

761

187

specialists in the stocks in which they are registered and the round-lot
specialists resulting from such odd-lot transactions are not segregated
cialists' other round-lot trades.
On the New York Stock Exchange,

(The current weekly estimates are based on railroad carloadings and river shipments
are subject
to revision on receipt of monthly tonnage reports from district and
State sources or of final annual returns from the operators.)

the

ment

Exchange

1,056

trans¬

neutrality
in

N. Y. Curb

Exchange

the floor—

3.

and

records

hostile acts against Britain.
The

2.

COAL, BY STATES
(In Thousands of Net Tons)

Utah—

Anglo-Turkish pact prothat Turkey, in re¬

vided also
turn

69,955,000

the

for

N. Y. Stock

—T—

"Adjusted to comparable periods in the three years,
coal, and coal shipped by truck from

Texas

Turkish pact.

,,

showing transactions as
specialists

hand,

total——

S.

re¬

cently revealed that lend-lease
aid had been extended to Tur¬
key,

*1940

48,458,000

data

1. Reports

Note—On

1941

51,840,000

Beehive Coke—

U.

Reports Received—

of

Total-Number

Calendar year to date-

Dec. 6,

1941
775,000
736,000

Dec. 13,

Anthracite—

Penn.

tTotal, including

following

and

actions

Week Ended-

the

published are based upon weekly reports filed with the New York Stock
the New York Curb Exchange by their respective members.
These

data

The

available

made

6:

reports are classified as follows:

BEEHIVE COKE

AND

Alabama

the Turkish Army and

of

tion

OF PENNSYLVANIA ANTHRACITE
(IN NET TONS)

PRODUCTION

ESTIMATED

transactions initiated off

instead of 202.

201

Commission

The

week ended Dec.
,

output

showing other

3—reports

item

floor—should be

—

1929

.1

Exchange

and to provide approxi¬

rency

1940

equivalent of weekly

October,

Turkish

stabilize

mately

This

shares.

ESTIMATED WEEKLY PRODUCTION OF

Britain

to

6,285,080

classification.

1939, extended credits of £40,000,000 to the Turkish Govern¬
ment

from

the

to date

1,800

n 1941

tCrude oil petroleum:
Coal

added:

vices

Calendar year

10,800

.

average

—

Dec. 14,
1940
9,878

Dec. 6,
§1941

1941

including mine fuel—

Total,

Mr. Secretary

accept,

of

Exchange

102,870, instead of 105,570, thus reducing the percentage figure
2.61 to 2.57.
Under the section giving the number of reports

were

received,

Week Ended
Dec. 13,

of

State, the assurance of my
highest consideration.
It was
pointed out in Asso¬
ciated Press accounts from Wash¬

the

on

compares

NET

^honor to inform

excellency that in a tele¬
gram
dated Ankara, Dec. 10,
1941, but received in Washing¬
ton
only this morning, I am
directed by my Government to
notify the Government of the

transactions

total

with member trading: during the previous week ended
Nov, 29 of 591,727 shares or 11.01% of total trading of 5,164,270
The Bituminous Coal Division, U. S. Department of the In¬ shares.
On the New York Curb; Exchange, member trading during
terior, in its latest report stated that production of soft coal showed the week ended Dec. 6 amounted to 138,665 shares, or 12.00%
little change in the week ended Dec. 13.
The total output is es¬ of the total volume on that Exchange of 1,241,810 shares; during the
timated at 10,800,000 net tons, as against 10,880,000 tons in the
preceding week trading for the account of Curb members of 165,preceding week.
175 shares was 12.76% of total trading of 1,183,800 shares.
The U. S. Bureau of Mines reported that the production of
With respect to the figures for the week ended Nov. 22 (see
Pennsylvania anthracite for the week ended Dec. 13 was estimated
issue of Dec. 11, page 1471) the SEC announces that the New York
at 832,000 tons, an increase of 57,000 tons over the preceding week.
Stock Exchange has submitted some corrections.
Under item B-3
Output in the corresponding week of 1940 was 1,259,000 tons.
—other transactions initiated off the floor—total sales for the week
ESTIMATED

the

have

I

Thursday, December 25, 194J-

FINANCIAL CHRONICLE

THE COMMERCIAL &

1670

sales.

b Round-lot short
are

•

included with

sales which are

exempted from restriction by the Commission rule*

"other sales."

Bales.marked "short exempt", are

included with "other aalea."

•

.

-Volume 154'

Number 4024

THE COMMERCIAL &

Revenue Freight Gar Loadings During Week
Ended Dec. 13 Amounted To 807,223 Gars
Loading of revenue freight for the week ended Dec. 13, totaled
807,225 cars, the Association of American Railroads announced on
Nov.

18.

70,885
cars

The

cars

increase

the

corresponding week in 1940 was
9.6%, and above the same week in 1939 was 129,093

or

cars

or

freight for the week of Dec. 13, decreased
below the preceding week.
freight loading totaled 371,621 cars, a decrease
below the preceding week, but an increase of 51,722
revenue

3.1%

Miscellaneous
of

7,225

cars

above

cars

the

Loading

corresponding week

of

merchandise

in

1940.
carload

decrease of 3,679

a

less

cars

above the

preceding week, and an increase of 5,231 cars above the
corresponding week in 1940.
Grain and grain products loading totaled 41,533 cars, a de¬
crease of
1,221 cars below the preceding week, but an increase of
8,477 cars above the corresponding week in 1940.
In the Western
Districts alone, grain and grain products loading for the week of
December 13 totaled 25,854 cars, a decrease of 889 cars below, the
preceding week, but an increase of 5,709 cars above the correspond¬
ing week in 1940.
Live stock loading amounted to 13,841 cars, a decrease of 790
preceding week, but an increase of 114 cars above

the

below

cars

the corresponding week in 1940.
In the Western Districts alone,
loading of live stock for the week of Dec. 13 totaled 10,374 cars, ?
decrease of 614 cars below the preceding week, but an increase of
437 cars above the corresponding week in 1940.

products loading totaled 42,377 cars, an increase of 1,372 cars above the preceding week, and an increase of 2,759 cars
above the corresponding week in 1940.
Forest

loading amounted to 16,173 cars, a decrease of 19,914 cars
preceding week but an increase of 2,703 cars above the

Ore

the

below

corresponding week in
Coke

1940.

of

January

4

Weeks

of

February

5

Weeks

March

Weeks

of

April

5

Weeks

of

May_„_~

4

Weeks

of

June____^_

4

Weeks

of

.A——

5

Weeks

of

July
August___

4

Weeks

of

September

4

Weeks

5

Weeks

-

_____

—

October

of

_

1939

1940

3,817,918

3,123,916

2,793,563
4,160.527

2,495,212

2,288,730
2,282,866
2,976,655
2,225,188

3,351,840'

2,926,408

3,510,137

2,896,953

2,563,953

3,413,427
4,464,458
3,539,171

2,822,450
3,717,933
3,135,122

2,532,236
3,387,672
3,102,236

3,657,882

3,269,476

4,317,738

3,355,701
3,708.292
683,973
678,132

2,557,735
2,488,879

2,740,095
2,824,188

4

Week

of

December

6___

833,375

3,780,423
738.513

Week

of

December

13

807,225

736,340

November.

of

—

1

—

32,712,042

35,114,792

40,879,704

204

145

Atl.

842

736

773

2,003

1,695

&

W. P.-W. R.R,

of

Ala

Atlanta, Birmingham & Coast
Atlantic

Coast

Central

of

Line

&

730

627

1,414

1,264

12,245

10,449

7,117

6,533

4,334

4,030

4,047

3,723

507

429

377

1,629

1,498

1,915

1,396

1,441

2,802

2,662

309

330

338

261

count

171

193

582

677

specialists who handle odd lots

281

;

Florida

Mobile

Ohio

&

Central

Louisville

Macon,

&

System

Nashville,

Chattanooga

&

St.

Richmond

Fred.

&

Air

370

800

595

3,637

2,911

23,442

22,792

21,509

14,272

12,444

24,774

23,457

21,525

8,144

6,495

182

150

260

672

964

142

143

164

495

386

3,640

3,361

2,741

3,655

3,472

1,168

1,110

1,133

1,264

1,269

523

452

397

1,645

1,525

L._

Southern

System

Tennessee

Potomac

Line
...

457

379

332

7,037

5,644

10,987

11,203

9,425

6,999

6,336

24,788

23,655

21,427

20,610

17,701

645

497

414

734

711

156

857

876

Central

Winston-Salem

Southbound

125,102

LOADED AND

FREIGHT

OF

FROM

RECEIVED

CARS)—WEEK

ENDED

DEC.

13

Railroads

Chicago & North Western..,
Chicago Great Western
Chicago, Milw., St. P. & Pac.__
Chicago, St. P., Minn. & Omaha...
Duluth,

Missabe

Duluth,

South

Elgin,
Ft.

Joliet

Dodge,

Great

District—

1941

Boston

640

—.

-

Aroostook—

&

Bangor

Maine-.-^--*-..—.

&

Chicago, Indianapolis & Louisville....
Indiana

Central

— ———.

Central Vermont
Delaware & Hudson...

Lackawanna

Delaware,

Toledo

Detroit,
Detroit

&

Iron

Shore

&

Maine

Des

Moines

New
N

St.

Paul

&

Spokane,

S.

Portland

5,507
9,700

10,844
9,219

346

332

145

108

2,861

2,684

S.

2,446

3,439

3,729

9,289

8,550

Dealers—

4,069

4,047

3,824

(Customers'

776

814

3,250

3,054

2,790

3,009^

Lines
Hartford

6,131
2,341
47,978
12,548

4,134
1,568
45,235
10,939

4,357
1,572
41,227
9,829

362
22
47,374
16,367

225
38
45,167
14,713

1,056
6,330
488
8,426
6,251

1,162
5,319
400
7,721

949
5,874
513
6,949

2,237
14,061
1,354
7,631

1,905
12,912
1,490
6,083

6,558

6,457

6,288

6,273

707
376

490
443

386
418

39
280

36
243

785
598

978
558
5,766

2,150
1,065

1,990
1,019

Rutland

—

Wabash

-

Erie.

14,013
9,181
2,335

554

570

487

8,207

10,872

8,448

560

461

426

179

172

12,629

10,798

3,300

6,547

10,540

10,530

4,512

3,776

3,851

4,259

3,752

169,280

161,849

151,947

201,987

185,631

—

Lake

Buffalo Creek &

Gauley———

Indiana

&

Cambria

Youngstown..

OhioErie

&
&

Bessemer

/

of New Jersey

Central R.R.

Cornwall

____

Pennsylvania
Ligonier
Valley
Long
Island—
Penn-Reading Seashore Lines—
Pennsylvania
System

Cumberland

Reading

Union
Western

&

Co.

;

-

—-

—

(Pittsburgh)
Maryland

—■—•

620
33,751
2,741
270
1,945
7,450

462
31,247
2,674
291
1,602
6,488

1,150
20,843
1,369
4
12
15,422

558
337

694
309

656
313

52
21

131
832
1,681
81,617

159
794

160

54
2,937

<1,302
68,873

1,141
64,818

1,998
50,324

1,601
44,198

15,288

16,696

13,974

20,201
4,224

20,260
3,744

18,754
3,630

24,089
4,475

20,712
' 3,025

9,261

8,009

176,359

159,608

146,755

132,011

116,106

545

912
18,690
2,201

94
7
13,662
48
31
47

5,703

5,108

4,752

3,179

2,869

9,986

10,083

4,228

3,740

...

Seattle

&

102

99

116

334

257

2,416

2,020

1,520

2,345

1,715

18,817

8,933

7,114

3,641

2,947

3,026

2,948

2,335

604

516

497

93

79

Chicago, Burlington & Quincy
Chicago & Illinois Midland

18,657

17,549

15,205

10,843

9,493

2,737

2,706

2,516

813

Chicago, Rock Island & Pacific

12,895

11,691

11,442

10,376

9,222

3,110

2,720

2,691

3,088

2,764

ported

1,252

807

718

1,870

1,611

set

3,640

3,589

2,791

4,133

3,254

Pocahontas

&

Virginian.

&

Garfield

&

Chicago & Eastern Illinois
Colorado
Denver

&

&

Denver

Southern

Rio

_

Grande

Salt

&

Worth

Illinois

..

Western

_

Lake__

&

Denver

City.:

Terminal____,

North

Western
&

__

18

12

1,394

1,021

1,700

435

do

136

effected

1,051

799

476

434

367

0

0

6,260

1,354

17,695

15,781

14,016

11,389

10,126

507

516

468

3

6

2,685

2,195

1,727

2,683

2,166

■

..

•

127,714

113,785

103,299

69,494

60,205

Southwestern

District—

Burlington-Rock
Coast

Island

Lines

...

Northern

Litchfield

Missouri

25,587
21,599

—-—;

-

-

21,953
20,401

21,112
17,279

10,357
5,673

9,749
5,401




-■

4,834

4,334

3,918

2,082

1,682

52,020

46,688

42,309

18,112

16,832

Ended Dec. 13, 1941
Lumber

production during the
Dec.
13, 1941, was
8% less than the previous week,
shipments were
5%
less;
new
ended

week

125

148

233

282

3,595

3,054

3,500

2,264

1,435

1,723

1,756

2,603

2,212

ing

business

2,280

1,615

375

397

381

953

996

covering the operations of repre¬

617

704

633

300

180

sentative hardwood

158

144

170

423

395

Lines

mills.

4,848

4,508

4,084

3,780

2,931

;

14,435

12,310

10,575

17,515

15,948

Pacific

152

110

Francisco

—9,561

8,791

7,528

6,035

4,843

2,985

2,766

2,479

3,692

2,931

&

Orleans...
&

Southern

88

182

140

8,676

6,932

7,067

4,407

3,287

4,897

4,098

4,597

5,829

4,290

153

135

161

40

61

26

10

28

32

234

61,530

54,083

51,363

—

....

year's

from

49,409

39,578

receiverships

Banks

finally

Total

closed,
on

creditors

Preston

Dec.

disbursements,

other

completed

was

of

12.

these

the

Delano,

His

including

and

affairs

Comptroller

announcement

offsets

seven

receiverships,

to

the corresponding week of 1940
production was 3%
less, ship¬
ments 22% less, and new business

10%

less.

of

of

of

all

these

66.02%

of

their

claims.

Total

receiverships averaged 8.27%

sources

including

offsets

allowed.

of

seven

such

of

the

depostors

November,

amounted

to

$1,628,034.

liquidation of the receiverships finally

Data

closed

costs

of

to

liqui¬

collections

Dividend

distribu¬

during the month
as

to

results

of

during the month

follows:

1935-39

and

1935-39

shipments

LIQUIDATED

MONTH

OF

AND

NOVEMBER,

FINALLY

Disbursements
to Creditors

Date of
Name and Location of Bank—

National

Carmel,

Fairfield

Bank,

1—i

Tower

City National Bank, Tower

Comparisons

1941

Date of

date

to

11%

was

corresponding
weeks
of
1940; shipments were 9% above
the
shipments, and new orders
above the orders of the

1940

period. For the 50 weeks of 1941
to
date, new business was 4%
above
were

and shipments

production,

5% above production.

Supply and Demand Comparisons
The

ratio

gross stocks

of

unfilled

31%

was

Unfilled

less than
were

7%

a

orders

to

orders

Dec.

on

1941, compared with 32%
ago.

a

13,

year

12%

were

gross stocks

year ago;

less.

Record

for

Dec.

Hardwoods

and

the

current

week

13, 1941, for the

responding week

cor¬

for the previous

and
week, follows in

thousand

feet:

Failure

$1,337,990

57.92

board

a

year

ago,

Softwoods and Hardwoods

$100,000

1

CO

1

CO

1,520,641

64.53

200,000

12-22-31

4,562,427

45.72

1,000,000

4-10-34

1,097,963

92.27

100,000

Mills

Shipments
Orders

1941

1940

Previous

Week

Week

Wk.frev.)

449
__

449

222.436

234,396

195,110

251.487

204,373

216,496

240,682

210.037

1941 Week

9-32

459,206

5-2-34

3,944,784

4-20-34

1,346,388

55.117
80.17
98.05

30,000
200,000

50,000

Mills

467

215,436

Softwoods

Boswell,
2-

—;

Stock at

Carlstadt,

National

PCnna.

of

Production

J.

First

Bank,

Claimants

Capital

Bank,

Mass.
Nat.

Including
Offsets Allowed

to All

same

above

ended

Declared

average,

the

""")

Bank,
.

Nat.

THE

Per Cent

Dividends

at

1941

5-31-34

Me

Boston-Continental

DURING

of

in

Bank,

111..
National

Fairfield,

Failure

CLOSED

1941

Total

American-First

117%

Softwoods

NATIONAL BANKS

industry stood

average of produc¬
tion in the corresponding week of

5%

amounted

total

The

the

Year-to-Year

$14,269,399, while dividends paid to unsecured creditors amounted
average

9% below

Reported production for the 50

added:

allowed,

and softwood

were

orders
0.5%
above production. Compared with

weeks

of

associations

regional

Shipments
production;
new

120%

figures revised.

Currency announced

City,

Associa¬

tion

1,958

During the month of November, 1941, the liquidation of

Mount

National

2,128

insolvent: National

Fort

the

to

2,531

Liquidation Of Insolvent National Banks

INSOLVENT

greater, accord¬

Manufacturers

reports

week.

as

3%

was

to

Arkansas..

.

Total—

Lumber Movement Week

Lumber

Note—Previous

are

stocks

2,179

Total

from

in

basis.

1,006

Arkansas—

dation

issued"

2,984

Southwestern

an

preceding reports

transactions

"when

a

1,013

Falls

Carlstadt

Western

on

210

Weatherford M. W. & N. W

to

report and

include

not

2,055

Pacific

and

position which is less
reported with "other

are

188

Acme

Wichita

re¬

off¬

sales

2,299

Missouri-Kansas-Texas
Quanah

to

and

320

Valley
&

orders,

2,710

Madison

&

Midland

long

are

b Sales

Southern

City
&

exempt"

sales,"

odd-lot

a

Note—This

2,286

268

151,380

"short

round lot

a

1,505

165

3j£6,900

——

shares

liquidate

than

128

8,192

_

to

476

22

,470

sales."

1,614

391

2

...

"other

customers'

895

22,715

1,242,231
32,097,528

by Dealers-

marked

with

1,578

21

sales..

430

of

Sales

a

1,854

397

13,464

1,228,767

a.

...

sales b

Number

896

25,483

System__

Pacific

Missouri

total

Total sales

1,901

25

43,693

sales..

Round-lot Purchases by
Dealers—

1,158

110

sales..

sales

2,044

28.726

(Pacific)
Western

&

Pacific

Western

474

980

Union_

Pacific

Peoria

Union

__

_

Pacific

Pekin

Southern

Toledo,

806

868
'*

Northern

Peoria

711

458

43,235

a

Number of Shares:

955

1,295

2,070

Missouri-Illinois
Nevada

total

short

value

Other

2,959

District—

Ohio.

52,648

District—

_

Bingham

N.

Norfolk

58,843

Short

Boston,

Chesapeake

sales

Shares:

Customers'

19,897

Fort

of

Dollar

23,101

Western

Top. & Santa Fe System

Fort

|

Total

short

Customers'

Number

78,949

of

619
38,236
3,097
325
2,030
7,183

Customers'

726

11,929

tions to all creditors of all active
receiverships
Allegheny District—

by

Sales)

Customers' other sales

86,287

2,639

—

Purchases

Number of Orders:
,

95,220

Central

1,285
8,019

—

1

Totfli

,

845
J'598
5,412

—
——

Baltimore

201

592

9,355

4,038

—

Shawmut—

Akron, Canton &

359

614

10,273

1,003,353
—30,502,440

19,475

Odd-lot

36,287

—

shares

2,661

M

1,637

1,365

of

value

Round-lot Sales

New

1,450
8,904

Pittsburgh, Shawmut & North
Pittsburgh & West Virginia

Dollar

4,137

South-

Spokane International

Pacific

2,759
1,656
9,737

Wheeling" &~Lake

12,589

20,742

927

Pacific

&

166
1,887
9,146

Marquette

&

13,116

Customers' other sales

Minn.,

Northern

&

151
2,241
9,983

Chicago

Pittsburgh

14,530

4,420

Atlantic.

&

16,724

Customers'

Texas

6,128

for week

by Dealers:

74

Louis-San

9,400

Sales

1,967

Louis

390

STOCK

Total

Odd-lot

2,154

St.

8,647

ON

Week Ended Dec. 13, 1941

1,646

Texas

5,146

YORK

2,015

St.

78
2,621
8,S23
7,993

THB

ODD-LOT

EXCHANGE

2,032

175

44

NEW

73

2,579

212

Y

Per®

THE

FOR

OF

SPECIALISTS

AND

734

12,205

2,801

ACCOUNT

DEALERS

3,925

235

3,985

Ontario & Western..——
& St. Louis—.

York,

Y.

ODD-LOT

550

2,318

18

given below:

are

TRANSACTIONS

206

13,464

1,322

specialists,

STOCK

9,555

1,583

15,362
9,408

' Susquehanna & Western
Pittsburgh & Lake Erie—
N

and

560

1,430

307

—

&

82,771

94,492

on

Exchange,

based upon reports filed with the
Commission by the odd-lot dealers

253

7,276

12,474
5,070

Central
H.

N.

103,510

ac¬

and

continuing a series of current fig¬
ures being published
by the Com¬
The figures, which are

261

1,561
11

Stock

568

1,504

1,305

odd-lot
dealers

mission.

2.832

Bay & Western...
Superior & Ishpeming
Minneapolis ,& St, ?.

7,803

34

York

Green

1,621
1,417

New

the

odd-lot

Lake

1,690

385

Central

York

1,425

1,607

6,302

&

Y.

571

562

13,647

Montour
New

1939

1940

353

—

Monongahela

N.

Connections
1941
1940

5,417

—

Hudson River....
Lehigh & New England
Lehigh Valley

Lehigh

Received from

14,131

<

-

Western

Trunk

Total Revenue

for

all

22,645

Range...

&

Eastern

8,330

2,574

Shore Line

Toledo

&

....

Ironton—

&

Erie....—
Grand-

& Western

Mackinac

&

Detroit

114,040

17,303

Northern

Louisiana

Freight Loaded

of

Number of orders

Kansas, Oklahoma & Gulf

CONNECTIONS
Total Loads

Arbor

the

District—

International-Great

•

Ann

transactions

Number

Kansas'

(NUMBER

13, 1941, of complete figures
showing
the
volume
of
stock

(Customers' Purchases)
Northwestern

Gulf

pared with? the corresponding week last year.

Eastern

138

141

Total.

Dec.

-

table

following

REVENUE

103

1,765

3,383

Northern

Seaboard

98

2,405

373

Southern

Piedmont

1,115

32
948

3,632

Mississippi Central
Norfolk

1,026

30

1,145

437

Savannah

&.

854

36

1,542
4,324

.

Nashville

Dublin

924

1,031

Midland
;

Georgia &
Gulf,

Exchange

Commission made public on Dec.
19 a summary for tne week ended

784

196

Florida East Coast

Georgia

Trading

and

4,366

Southern

Gainsville

Securities

11,581

Georgia

Charleston & Western Carolina...
Clinchfield
Durham

The

,

210

Total

is a summary of the freight carloadings
for the separate railroads and systems for the week ended Dec. 13,
1941.
During this period 103 roads showed increases when com¬
The

1940

"

249

Utah

Total

Connections

1941,

370

Alton

1941
Weeks

NYSE Odd-Lot

Received from

1939

Alabama, Tennessee & Northern..

Atch.

ing weeks in 1940 and 1939.
4

1940

1941

,

to 14,029 cars, an increase of 915 cars

reported increases compared with the correspond¬

districts

of

,

*

and an increase of 757 cars above the

preceding week,

corresponding week in
All

Total Revenue

District—

Total-

•

loading amounted

the

above

1940.

1671

Freight Loaded

■¥

Illinois

than
lot freight totaled
below the preceding week, and a
decrease of 878 cars below the corresponding week in 1940.
Coal loading amounted to 154,910 cars, an increase of 4,392 cars

152,741,

^Railroads

Southern

Columbus & Greenville

19.0%.

or

Loading of

26,150

above

FINANCIAL CHRONICLE

371

Hardwoods
1941 Week

93

Production

204,086—100^

11,350—100%

Shipments

184 309—

10.801—

Orders

207,770—102%

90'A

95'*

8,726— 77 %

President Makes Third Lend-Lease

Lease-Mine Goal Is

Report;
Aid Put At $1,202,000,000 Up to Nov. 30

Subject To Goal Act
In

decision

a

the

15

Dec,

down

handed

United

States

to

leased, but which were operated

cles

others under contract, was
subject to price-fixing provisions

Nov. 30 was only $595,000,000
that the difference between this^

by

Bituminous

Federal

Court's

The

Act.

5-3

Coal

decision,

applying' specifically to the Sea¬
board Air Line Rwy. Co., was de¬
livered

Justice

figure and the total value of ar¬
ticles
transferred is principally

Justice

Jackson

did

is

As

Court's

the

to

findings

ruling last
term (April, 1941). A rehearing
then was granted.
In appealing from a decision
in favor of the company by the
Fourth Federal Circuit Court,
the
Justice
Department con¬
tended
that
the
ruling
"ap¬
large

any
*

4-4

device through which

a

proves

can

consumer

chase coal at

pur-

prices below those

established under the Act."
The Justice

Department said
that Seaboard "arranged to pay
nine

ten cents

or

under

a

ton

royalty,
contract of lease, to the
a

of the land

owners

mineral

or

rights and the remainder of the
price of the coal to a mine
operator engaged under a con¬
tract as
an
independent con¬
tractor."

Coal Act

The Bituminous

in

ships
in -the

included

category
exports

goods

certain

lend-lease

to

ex¬

comes

In

a

ident

available.

Axis

powers,

Japan,
Germany
and
Italy.
He told Congress that "we
must not only help others to de¬
feat them" but "we must fight

against

them with all the forces
and

can

have

get."
reported that al¬
first appropria¬

the

of

of

$7,000,000,000 was com¬
pleted on Nov. 13 and that allo¬
of

A

the

second

exemption in the case

of coal obtained for its own use
from mines which it leased and

which
a

operated for it by

were

Coal

The

contractor.

Divi¬

held that the
railroad was not a producer.
The Court's majority opinion,
by Justice Stanley Reed, re¬
fused to go behind this ruling,
explaining that "in a matter
left specifically by Congress to
however,

sion,

•

the determination of
-

istrative
of
the

admin -

an

the question
was here
of review placed

body,
exemption
function

as

.

upon the courts
performed when

...

they

.

.

is fully
deter¬

mine that there has been a fair

hearing,

with

and

notice

an

the

and

decisive

to

arguments

body, and

an

ap¬

plication of the statute in a just
and

reasoned

"Where,

manner."

here,

as

a

body,"
the
opinion
continued, "this delegation will
be respected and the adminis¬
istrative

left

conclusion

"It

is

court

the

not

absorb

to

province of

a

adminis¬

the

trative functions to such an ex¬

the

is better off than

with

the

total

of

$1,202,000,000

was

in the follow¬

categories:
Defense articles
transferred, $723,000,000; articles
awaiting transfer or use, $140,000,000;
articles
in
process
of
manufacture, $92,000,000; servic¬
ing and repair of ships, $79,000,000;

rental

charter of ships,
production facilities

and

$92,000,000;
in

the

mid

United

States.

$75,000,000,
miscellaneous expenses, $1,-

000,000.

Associated

The

total

has

of

amount
grown

aid

steadily

ex¬

each

month since March, when it only
amounted
to
$18,000,000,
and

reached

a

new

$283,000,000 in
compares with
The

British

listed

mittal

to

We

32

to

have

and

been

have

He

that

added

the

coal

di¬

"was

a

and

misconstruction

which

Act

to

so

all

joined

be

startegy

use

arsenal

the

who

they

employed

be

can

effectively.

And

from

that

we

that

arsenal

Too

much

so
that they
put them to most effective

can

is

at

stake

in

this greatest of all wars for us
to

neglect peoples who are or
be attacked by our com¬

The
lease

goods,

quantities • of non-military
which were
also
trans¬

ferred

during the first 9 months

in

enemies.

President's

lend-

second

report, covering the period
to Aug. 31, was referred to

up

these

page

columns

Sept.

1941, to export the cot¬
ton products sold before July 1,
1941 and
in view of present
world
conditions,
this period

25,

318.

0. J. told 039 Life

insurance, Defense
In his address, opening the an¬

The
Court

United
on

J.

O.

surance

past

Supreme

peti¬

tion

of
the
Newark
(N.
J.)
"Morning Ledger" for review of a

Relations

Board

holding that the discharge
of Agnes Fahy, an editorial em¬
ployee and sister of Charles Fahy,

Navy
numbering
our

wherever,

Act

is sometimes done,
"coal is gotten out by employ¬
ing aJ miner who in turn em¬
ploys his own gang to assist him
as

in the mine."

question."

The

He

earlier

in

our

Supreme

this

year

decision

Court

decided

in

referred to

Labor

Board

in

Court's
was

April J9 issue, page 2480.

"Ledger"

case.

favor
the

of

the

Newark

the

in

insurance

com¬

those

is the most powerful

world.

the

in

battleships out¬
in our present

new

which

fleet

The

convention

"Life Insurance in De¬

was

of Democracy."

in

a

18

Dec.

(as

issue,

the
to

telegram

Roosevelt

dent

Arnold

yielding to pressure to invest in
common
stocks, as a solution to
the

interest

low

problem.

Mr,

Arnold said:

We

are

business

a

entrusted

with the security of millions of

think

it

and

people

in

of

dangerous

is

terms

of

sound

insurance

venture

funds

use

risk

as

or

capital and to involve¬

ment of insurance

in

to

solving the
investments

by opening the door to the

the

ownership
other enterprises.
the only reliable

management
control of

or

Historically,
safety valve
period of decreased inter¬
est earnings in our business has
been a higher cost for life in¬
in

a

While

surance.

and

you

I

de¬

plore the thought of further in¬
in the cost of insurance

creases

to the

public, in the business of
supplying security there is only
one-

choice

cost

or

between

as

lower

higher

quality.

Plan TV Provide Hawaii

With Civilian Supplies
A

for supplying food,
to meet civilian

program

feed,

and

seed

in

Hawaii

needs

announced

was

program

will

the announcement,

says

operate through

fund

established

$10,000,000
funds

made

revolving

a

with

initial*

an

available

from

appropriated by Congress to

President.

It will

be

admin¬

cultural
Marketing
Administra¬
tion, recently established by Sec¬
retary
of Agriculture
Wickard
consolidating the work of the
Surplus
Marketing Administra¬
tion, the Agricultural Marketing
Service, and the Commodity Ex¬
change Administration.
"Under

con¬

Presi¬

indicated in
page
1566),

the

program," Roy F.
Agricultural Mar¬
keting Administrator said, "re¬
quired supplies of food, feed, and
seed will be bought, shipped and
stored
as
necessary
for use in
Hendrickson,

Hawaii." He added:

As

needed, the supplies will

be turned
ians

for sale to civil¬

over

through

regular

channels in Hawaii.
will

the

for

pay

basis

the

The program was developed in

with
well

to

defeat any challenge to the liber¬

Reporting
to

top

on

the year's record
Mr. Arnold

executives,

that

said

as

Government

the Bureau of the

insurance

United

States

force

in
will

in

reach

a

Department,

representatives
as

those of other

agencies,

peace-loving country."

our

on

the

receipts will be used to reim¬
burse the revolving fund, con¬
tinuing the operation as long as
is necessary."

of Hawaii

Commander-in-Chief

of

on the mainland, plus
transportation, storage and
other handling charges. These

being made under your guidance
our

cost

products

cooperation

as

trade

Distributors:

their supplies

of

pledged "its utmost loyal and en¬
ergetic support to every effort

the

the

In¬

Life

that

sufficient
of
the
people's savings to buy 11,000
pursuit planes, or 20,000 medium
tanks, or sufficient to build for

tons.

counsel,
a viola¬
tion of the Wagner Act.
Earlier
reference to this case dealing with
the reversal on April 17 last by
the Third Circuit Court of Ap¬
peals at Philadelphia of its pre¬
vious position was noted in these
columns April 26, page '2633.
In
its
April findings the
Circuit

Mr.

investments,

30.546,999
barrels; fertilizer, 447,162 tons,
iron, and
steel,
1,361.492
tons, former
NLRB
general
and
nonferrous
metals,
63,012 was discriminatory and

under

life

year

of

panies alone have channeled back
to the Government, through bond

ties of

regulation

National
stated

Co.

11,
the

Dec.

on

President

Northwestern

our

Dec. 15 denied the

Labor

City

Arnold,

vention

"Ledger" Case
States

York

New

in

Associa¬

the

Insurance Presidents

of Life

tion

of

convention

nual

At the opening session

Upholds Labor Board

F.

the

istered by the Department's Agri¬

fense

fish

addressed

the

will not be extended.

theme

In Newark

until

have

Exporters

Dec. 31,

democracies

must
let
Britain,
China and other na¬
tions, including those of this
hemisphere, use the weapons

de¬

hogsheads;

bales.

of

are

emer¬

on
Dec. 17 by the United States
1, 1941 were
about
405,428 Department of Agriculture. The

to Dec.
equivalent
to

ports

s

most

1.

equivalent of 634,728
bales of cotton, while actual ex¬

in
resisting
Accordingly,
the weapons from

of

from July

30, 1941 amounted

met

the part

on

nations

program,

the

to

we

strategy

must

powers

the

must

the

earth's surface and contain nearly
of its population.

tobacco, 120,822
products,

1940-41

We

forces

a

will

Hobbs, who
convention,
cautioned
against

also

expoh under the

for

1940 to June

together
aggression.

their

two-thirds

It is specifically




We

they

as

-

products

others to
must
fight

world-wide

Axis

with equal

re¬

include: meat and

culture.

help

with

The

mon

of the
office

pointed out that under the
inajority decision captive coal
ihines could be subjected to

only

Gov¬

agent of the Secretary of Agri¬

them¬

enemies.

all the
have and can get.

countries "cover two-thirds of the

subject to review by

the statute in

in

now

powers

declared
our

them.

them,

may

error,

court review.
made

his

be

not

defeat

States, thus making them
eligible for lend-lease aid. It was
also pointed out that lend-lease

under all rele¬
authorities, is subject to

that

vant

created

Axis

openly

selves
must

order

rector's finding, if it was in error

for export under
totaled the
equivalent of 250,763 bales of
cotton, of which quantity only
a
small portion has been ex¬
ported.
Exporters have until
Oct. 31, 1942 to export cotton
products, the sales of which
have been registered with an
products

the 1941-42 program

were

The

emies.

leaf

its

1941, sales and deliveries of cot¬
ton

fighting the ag¬
gression of the Axis powers
were fighting our potential en¬

netroleum

shall not be subject to

portation of United States cot¬
ton products..
From July 1, 1941 to Dec. 1,

the Lend-Lease
the
conception that

was

we

im¬

any

Sales and deliveries of cotton

those who

the

in

markets

same

Charles

Like

Federal

constituting

credit

its

of

Underlying
Act

Hostilties will
products from

cotton

the

aid

without

ernment

petition,
continuation
of the
payments would be unlikely to
increase
substantially the ex¬

Ours also must be world

wide.

the defense of the

of the program

a

vestments

shortage

wide.

the

or

regulatory provisions."

republics,

Russia,

report

buy

over

come

portant volume, and in the ab¬
sence of
other important com¬

are

by inclusive and exclusive defi¬
who

the

war

,

means

countries

investments for in¬
long pull, he stated
their huge Government bond in¬
panies

ac¬

the two countries from entering

now
engaged in a
against a group of
Axis powers led by Nazi Ger¬
many and bent on world dom¬
ination. Their strategy is world

total

nition those who shall and those

executive

prevent

China

follows,

with Japan.

war

Those and the

Congress

and recorded. As to its

the result of the outbreak of

as

stated:

and

ex¬

Department said:
Department
of
Agriculture
officials took this step largely

the eligible nations.

as

National

the

advices

rate,

previously

tion the

President's letter of trans¬

The

use.

The

Press

after the

zero

transactions

on

made

Free
Belgium,
Free
France,
Greece, Iceland, The
Netherlands, Norway, Poland,
Turkey and Yugoslavia were

previous high in

Empire

clared vital

year ago

Latin-American

where

President's
that

effective date of the

cept

Egypt,

October of $225,000,000.

vealed

1940-41 program,

products will be made

have received the bulk of lend-

monthly high of
November.
This
a

zero,

payments at specified
for cotton products actually

rates

Britain

a

Russia

Britain,

of

tended

to

provides

to food.

respect

In

that

report said

products, 535,742,451 pounds;
milk products, 341.301.116 pounds;
legislative agencies become egg products, 87,438,813 pounds;
mere
fact-finding bodies de¬ fruits and
vegetables, 548,091,424
prived of the advantages of pounds; grain and cereal prod¬
prompt and definite action."
ucts,
719.834,984 pounds:
sugar
Justice Roberts, who wrote and
related
products, 6,058,740
the dissenting opinion, declared pounds; cotton linters., 13,094,955
that the law "carefully delimits pounds; raw cotton, 439.619 bales;
that

tent

with

British

and

ing

un¬

touched.

the

now

United

determina¬

tion has been left to an admin¬

trative

aid

showed that it

opportunity to present the cir¬
cumstances

of

break-down

lend-lease

will be ness and our thinking." Life in¬
the Department surance salesmen, comprising a
of Agriculture announced on Dec. highly skilled army working to
16. This program of the Surplus encourage saving, are a powerful
Marketing
Administration,
an- anti-inflationary force, Mr. Ar¬
nouncedon July 2, 1941, as a con¬ nold
said.
Because
life
com¬

reduced

"dumped" after the

by

1941,
busi¬

our

Products Export Program

major part:

The President

location
tion

we

of

upon

gency.

20

the

trends

payments for the export of cotton

have

tries

fact that the United
States is now engaged in the war

and

exports to the British alone
amounted to nearly $5,-

our

from Washington it was

the

events

the

notably the war,

to

lease assistance.

resisting

Cotton

1941-42

the

threat

promise to continue aiding coun¬
despite

under

not be

letter of

transmittal, Pres¬
Roosevelt
reiterated
his

Effective Dec. 20, rates of pay¬
ment

current

our

been the impact of

Department said, will be to nul¬
lify the 1941-42 program, since nc

for

of

Cotton Products Ended activities, has

fighting the aggressors.
Thus,
since the beginning of the war,

programs;

warehouses at the points

showing the vigor of

exported to foreign countries. The
effect. of the rate reduction, the

750,000,000, most of which was

port, so that there always will
be plenty of material ready to
be loaded as shipping space be¬

ducer."

claimed

only

financed

appropria¬
aimed at regulating
tion of $5,985,000,000 was "pro¬
prices
and
establishing
fair
ceeding at an accelerated rate"
competition, provides that its
with more than one-third already
penalties "shall not apply to
allocated.
coal • consumed
by
the
pro¬
The Seaboard Air Line Rwy.

is

alone

States, such as equipment and

cation

question,

aid

than these favorable figures

cant

Export Subsidy On

part of our total aid to those

a

countries for use in the United

supplies
training

The Court held the coal to be
a

report
also
called attention to the following:

their own dollars.
airplane pilot
has
been
There
and, third,
shipped
to
it
is
Britain
food
and
farm
necessary
to
maintain Great
some
inventory of stocks
of produce
totaling
2,796,000,000
finished articles at the various pounds,
valued at $292,000,000,

on

Associated
Press
ac¬
counts from Washington said:
in

not

figure;
second,
are
transferred

15,

exempt

the

under

fers

Thursday, December 25, 1941

tinuation of the

President's

Lend-lease

of trans¬

amount

the

First,

pate.
Dec.

The President explained

The

due to three facts:

concurred.
not partici¬

Byrnes

of exports of lend-lease

transferred, although the actual value

items up to

Chief Justice Stone

ion in which
and

11

by Justice Reed.
Justice
wrote a dissenting opin¬

Roberts

Dec. 15 his

on

quarterly report on the lend-lease program, disclosed that aid
the nations opposing the Axis totaled $1,202,000,000 from March
to Nov. 30.
Of this total, $723,000,000 represented defense arti¬

third

Court held that a company
which obtained coal from mines it

the

Congress

Roosevelt, in submitting to

President

on

Su¬

preme

of

FINANCIAL CHRONICLE

THE COMMERCIAL &

1672

including

Budget, the War

Maritime

Commis¬

sion, and the Department of the
Interior.

has-v

a

It is stated that Hawaii

population of around 423,-

high of $12^000.000,000 by 000 land is
dependent upon the
increase of 5%
States for the bulk of its supplies,
year ago, while new busjL?
written will showa^galh of especially food and livestock feed.

record

the year's end, an
over

ness
more

and
and

a

than

10%

payments

over

to

beneficiaries

550.000,000

year

will

total

which some 61%
living policyholders.

go

But,

he said,

"far more

The

seeds

tended

to

to

be

assist

shipped
in

the

$2.-

of

will

to

last

policyholders

signifi¬

ment

of

through

greater

the

are

in¬

develop¬

self-sufficiency

cultivation

dens and other crop

of

gar¬

production.

\