Full text of Commercial and Financial Chronicle : December 3, 1942, Vol. 156, No. 4130, Section 2

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

New

Number 4130

Volume 156

Procedure On

impartial application of the statute providing for the renegotiation of
war contracts and sub-contracts, in order to keep to a minimum the

J. Brown¬
ing, Director of the Purchases Division, Service of Supply, War De¬
partment.
• ■ . ' .
disadvantages of this procedure, according to Col. Albert

In

address before the Illinois<§>fore

an

Nov. 10, Col. Browning,
formerly President of

cago

on

who

was

United Wall Paper
and has

been

Factories, Inc.,

connected with the

after

or

dollar

total

de¬
tailed explanation of the amend¬
ments recently adopted by Con¬
gress in the Revenue Act of 1942
with respect to renegotiation pro¬
cedure, and in part said:
"In March and April of this
year,
while the Sixth Supple¬

handled

National Defense

mental

sometimes

is

quite important.
Two per cent
might be a satisfactory profit for
some
simple operations, such as
stamping out blanks where the

Government in various capacities
for the last two years, gave a

taxes

is

small.

Ten

but

large

very

-

done

of work

amount

material

of

volume

on

the

it very

cent might be a

per

small profit for a company
a

doing
complex operation for the

very

of

amount

facilities

and

labor

the turnover of

"One

Appro¬

is

in

both

investment

large and

production small.

suggestion was made that

profit of 6% after taxes be al¬
as a ceiling.
Because of the
excessive profits tax each con¬

priation Act of 1942 was before
Congress,
public attention was
focused on the large profits be¬

a

ing made under some of the early
war contracts and an amendment

tractor

proposed to that act limiting

was

profits under war contracts to a
percentage of sales varying from
2% to 10%. ^It was never def¬
initely stated whether this was
'before

or

after taxes.'

of you know,

As many

contract

consider

his

last

coming under the ex¬

as

and, therefore,
nearly every contract we signed
would probably be considered as
coming under the excess profits
tax bracket. Therefore, we would
have to allow 30% net profit beprofits

cess

the question of be¬

tax

(Continued on page 1981)

|
I

This

j

..1977

News

1986

Moody's Bond Prices and Yields

Items About Banks and Trust Cos.. 1992

Trading on New York Exchanges... .1990
NYSE Odd-Lot Trading....
..1990

of

„State

Some of the difficulties which

1977

Situation

Washington. Ahead of the

From

Trade
.1978

General Review

Commodity Prices—Domestic Index. 1990

Weekly Carloadings
...1991
Less Carloadings in Sept
,...1987
Weekly Engineering Construction. .1988
Paperboard Industi y Statistics..... 1987
Weekly Lumber Movement,........1987
Fertilizer Price Index.'.
1989

"everywhere in the world" must inevitably en¬
counter, and some of the hazards to which it must as in¬
exorably expose us in due course are now beginning to ap¬
pear plainly writ across the face of events.
The evan¬
gelistic fervor of Mr. Willkie; the intemperate insistence
of some groups in this country, and some elements of the

Metals

Market:......,1991

Sheet
(Sept.) 1988
Cotton Ginnings Prior to Nov. 14.. 1990
Mortgage Financing Declines...... .1988
Banker Dollar Acceptances on
Oct.
31
...r;.....................1987
American Zinc Institute Summary..
*

Selected

and Balance

Income

Items for Class I Railroads

*

direction

at

the

of

..1980

Accidents

Turning Point: FDR....... 1980
Security Valuation Rule Re¬

at

One outstanding

is likely to be a

result of the recent elections

have long

known that the

Administration is no friend of theirs; they

known that the CIO was conceived inside the Administra¬
tion and advanced by it, that it is a political adjunct of the New Deal.

have long

greater emphasis was
the political nature of

Even
en

to

CIO at its recent

giv-«>
;
—
the part to try to turn their followers

annual conven¬

Running throughout the pro¬

tion.

ceedings is a high note of cooper¬
ating

with

the New Deal in its

post-war wide world aims.
convention made it quite
the

that

CIO wanted

The
clear

to be and

hoped to be one of the main po¬
litical vehicles of these New Deal
ambitions.
What the convention
did was to make firmer its hitch

He could appeal over

from him.

The elections

showed, however,

that he has nothing

labor

There

which

could

be

like the hold
he once had.

no

question

in

anyone's mind that his leadership
on
domestic
problems and on
post-war problems was
at stake.

Labor

definitely

registered its un¬

the least.
The
to the New Deal star, for better changed situation will undoubt¬
or for worse.
With labor work¬ edly embolden those AFL leaders
ing conditions and wages fairly who realize the Administration
their
organization,
stabilized it rather behooved the doesn't like
organization to dig up something because it is not political enough.
Just now they are outraged by
new
to emphasize its association
what seems to be one of the worst
with the reigning Government.
Heretofore, AFL

concern,

leaders, fully examples

to

of

say

bureaucratic bung¬

understanding

the score,
were
nevertheless powerless to do any¬

ling in a long time.
They insist,
however, that it was deliberate.

thing about it, to do

anything like

story goes back to early
1941 when the Pacific Coast ship¬

showing their hostility to the Ad¬
ministration.
Mr. Roosevelt was
frankly too

strong for them.
It
suicide on their

would have been

The

industry was rampant
strikes and Communism. Sid-

building
wth

Kelley Resigns from N. Y. SEC Staff 1978
Renegotiation
of
War
Contracts
Procedure Upheld
1977
Payment on St. Louis Land Bank
Bonds
1981
More Railroad Cars in Service
1981
Heads N. Y. Labor Board
1981
McNutt Favors Drafting of Chronic
Absentees
....:
1982
Roosevelt

Mrs.

1982

Christmas Observance 1982
F. L. Carlisle Dead
1982

continue*^ on page 1989)

FDR

Hails

Alaska

Notice To Our Readers
constantly expanding volume of current news

paramount importance to business and industry, we are
obliged, owing to space limitations, to divert to Section 1 a
considerable amount of material which, under ordinary con¬
ditions, is usually contained in this section of the "Chronicle."
In bringing this matter to the attention of our readers, we
are mindful of our pledge to make every effort to increase
the value of the "Chronicle" by reporting, without delay,
all of the information essential to a thorough knowledge of
the manifold changes in tax and other legislative matters
originating in Washington, together with the activities of
the many Government agencies whose functions are of in¬
creasing importance to the conduct of business in the present




sibility of Sir Stafford Cripps, who has "advanced" lean¬

not

afford

what

fall to

to

quarreling

Weight

won.

Precisely what Great Britain will be willing to do after
war
is over,, no one, quite possibly not even Great
Britain itself, knows at the present time.
It is, however,

this

apparent that Mr. Churchill is not overly impressed with
crusading proposals and has no intention of permitting

our

himself

be

to

bludgeoned

cajoled,

into

maneuvered

or

merely taking his cue from Washington.
The dispassionate
observer finds it difficult to doubt that he already feels
more than a little nettled as a result of the tactics of this
country
British

regard post-war dispositions of parts of the

as

Empire.

* •
Vital To Britain

1982

These

that

matters

are

reach

the

very

roots

of the

traditional British world policy.

Empire and

British

(Continued

Air-Mail

on

themselves about

among

they want to do after the war is over before the war

on page

1979)

1982

Letters

Roosevelt Leads Thanksgiving Serv¬

1983

ices

Asks

CIO

Salaries
Price

Prevent Inflation. 1983

Aid to

Allows

NWLB

Bonus

Payments

on

Factionalism

1983

;

Ceilings on Bldg., Repair

vs

American

in

Land

Forces

French

until

Up

now

all discussions concerning post-war

1983

Africa

opened

were

Lend-Lease Aid to Egypt Productive 1983

on a

apology.

note of

Associated

Says

Suit

Press

Reassures

Against

Spain

and

Aggression
Appointed

Directors

be expected to speak more

N.

Y.

However,

Re¬
1984

war

Pan-American Jurists Propose World
Order
Nelson

1984

.........

Says American Economy Will

Survive

Supports

Plans

Treasury

1985

Financing

,; i..................... v,

Defends

1985

,

Right to Criticize. 1985

Club

Members

Get

.

.

our

Administration has said that post¬

and

simultaneously with the waging
may be sure that labor

Management

the Government itself

things to

come.

are

have their post-war aims

laying plans to fashion the shape of

The danger is that the nation is thinking

factionally about the post-war world.—-Alvin
dent of

E. Dodd, Presi¬

the American Management Association.

It

seems

to

us

that the real danger

may

be of

a

rather

different order.

Bank of Toronto Reports
1992

Urged to Use

War Loan De¬

Business

is

1987

one

Government to Suspend
tions
Against Utilities

Asks

Court

to

Review

Ac¬

1979

are

not

helped by factionalism, but neither

of leaving the planning to

faction—the Administration and its Allies.

Nor will it do to be
one

must save us

mealy-mouthed in this situation. Some¬

from official post-war

planners!

Wage-

1979

Ruling

To

Ruling on Vacation Pay in General
Motors

we

Age Limit for Girls... .1987

October Lend-Lease Aid Sets Record 1986

Suoreme

sure

good to be expected of a policy

1992

Soars

Payroll Bond Pledges Increase
Job

To be

1992

Accounts

California

Hour

.

1992

Gains

Lowers

in

production battle.

defined and

well

$410

Million

posit

a

the post-war planner

Food Demands Unlimited 1990

Christmas

Banks

of the
unions

Anniversary. 1985

Albig to Retire From ABA.
ABA

one

no

planning cannot proceed

1985

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

Hails Jewish Seminary

plans

that at least

1984

..

by

freely.

now

Portugal

Bank

serve

to

1984

Stand

Must

"But

victory has been shown to us,

way
may

Biddle

FDR

Surrender?

1983

Work

Dominion

Due to the

presiding at the liquidation of the British Empire.
the transfer to a post of lesser political respon¬

came

1982

Dedicated

Highway

FDR Says

of

1982
Chile's War Aid....

Lower

Urges

tion of

Series Radio

Forum

Business

Willkie

^

London

Describes

Visit
Nelson Urges

Feature

their heads.

over

1980

.".

vised

progression of the secret hostility which high American Federation
of Labor officials have long felt for the New Deal. These gentlemen

not

was

Prime Minister made his now

is

Miscellaneous

Bank

dashed cold water upon
much to the dismay
long after that the British
familiar denial of any inten¬

reformers,

ings in several directions.
Now Mr. Churchill quite point¬
edly warns a listening world that the United Nations can

War

Industry Acts to Curtail Plant
War

It

of Mr. Willkie.

world

Then

from

omitted

statistics

FROM WASHINGTON

of

the enthusiasm

Speaks Out

time ago

some

*

Sales

These

Churchill

Mr.

*
•

Institute Summary..,.
Pig Iron Production
Daily and Weekly Copper, Lead and
Copper

Zinc

Churchill

Mr.

Review............. .1981,1988

"Chronicle"

s

dently not been missed in Great Britain.

Reserve Bank Index..........1987

Y.

Board.
(See notice on first
page
of Section 2 in Aug. 27, 1942,
"Chronicle.")

BARGERON

aganda by the President himself; and the significant sug¬
gestion the other day by Under-Secretary of State Sumner
Welles that the task of reaching agreements in these mat¬
ters be undertaken while the fighting continues have evi¬

Reserye October Business

Indexes

N.

Censorship

By CARLISLE

parts of the earth; the apparent support afforded such prop¬

Weekly Electric Output............ .1987
Federal

which would apply in embarrassing

press, upon a program

Moody's Daily Commodity Index....1986
Weekly Crude Oil Production
1989
Non-Ferrous

crusade for the "four

our

freedoms"

Weekly Coal and Coke Output.... .1989
Weekly Steel Review................1986
Plate Shipments 2nd Largest.. , . .1988

•

AHEAD OF THE NEWS

Copy

Regular Features
Financial

lowed

would

a

Way?
t J
t Fourth of a series of articles, appears |
on first page of Section 1,
We Get

Did

How

Department is making every effort to insure fair and

Section 2

j

Editorials

After^f he-War World';.'...... 1978

The

Manufacturers Association at Chi¬

CONTENTS

GENERAL

Renegotiation Of War Contracts

-

Price 60 Cents

York, N. Y., Thursday, December 3, 1942

,

The War

In 2 Sections

THURSDAY

Edition

Final

1979

Case

WAAC Force of 150,000 Approved by
FDR

Derenberg Joins OPA..............

1979

.1979

permit ourselves to be

be to court disaster.

delivered into their hands would

It

1973

THE COMMERCIAL &

Editorial—

and to the

plans

for

a

revolutionized

after-the-war

nence

to be the current obsession of all the collectiv-

who have been dismissed

ists
it

seems

pursuit of: happiness, without involuntary servi¬
without intrusion upon his human rights to

and control the products of his labor and the

possess

fruct

Contriving

/Thursday, December 3,

tude of any sort,

The Aiter-The-War World
world

FINANCIAL QHRQNICLE

of

the

usu¬

capital. which he has accumulated by absti¬

from wasteful

household

cannot

for.

scrap

expected, the industry
is intensifying its efforts to ob¬
tain dormant scrap from
every
possible
source.
Government
are

It structures,
13

drive

be

consumption, - without forced labor of agencies

any sort at any time or upon any alleged justification.
is the historic
way of life that has persisted since the
colonies revolted against '.British

from the war-effort because

the

1942

pushing

equipment

salvage
and

of

other

material, largely those where the

cost of reclaiming is not greater
speedily discovered that they had nothing whatever
..tyranny and established than scrap value. Additional pig
to contribute.
While, upon all the continents and through- themselves
upon a narrow strip of land confronting
the iron production from new fur¬
cut the seven oceans, America is
fighting to repel an attack Atlantic Ocean in 1776. Without
naces may serve to close the
gap
deviating from it in any
of late winter shortage.
upon its way of life, sacrificing painfully at home and of its essentials
the scanty -population of 166
years
age
In the retail trade early Christ¬
cruelly upon remote fields of combat, these busy planners
grew to the 135,000,000 of 1942, the area of national juris¬ mas
shopping proved a strong
are
industriously scheming to replace that way of life diction expanded to the Pacific Coast and from
the Saint stimulant last week, although an
wherever it exists, to exclude it forever where it
might Croix, the Saint Lawrence, and the Great
Lakes, to Oregon, exceptional demand for winter
sometime be adopted, and substitute
something nearer to the Gulf of Mexico, and the Rio Grande.
apparel continued to be the main¬
National re¬
their hearts' desire.
stay of the retail spending boom,
Perhaps it is a harmless parlor diver¬ sources were
developed until: annual production exceeded according to Dun &
sion for the otherwise
Bradstreet,
mentally unemployed, sufficing to that of every other
nation; prosperity and wealth came Inc. X".
X' X''
X
restrain them from
meddling beyond their shallow depths largely • to surpass
Department store sales on *a
anything! which the world had seen in
in problems of civilian defense,
co-operative resettlements any other region or under
country-wide basis were up 30%
any regime of government other
for the unsuccessful, restriction of earned incomes, and
for the week ended Nov.
21st,
than the government of
individualism,- liberty, and order compared with the same week a
other matters beyond their experience or
competence.
As which had been here established in
pursuance of the splen¬ year ago, according to the Fed¬
such, perhaps it might be indulged without criticism.
did Constitution of 1737. XX
eral Reserve System.
" *.; *
\
:
Store sales
But peace is coming.
were
Whether it comes early or late
up 19%
for the four-week
Under no other
system of government, nowhere else
in 1943, or not until
period ended Nov. 21st, compared
egregious folly and unnecessary suffer¬
upon the earth, has there been,-'either
during < the same with last year"
ing have extended themselves well into 1944 or 1945, the
period or any other period of time/equivalent progress,
Department store sales in New
end must come and with it must come
huge problems of
equivalent high standards of living and well-being, equiva¬ York City in the week ended
reorganization and reconstruction.
When these problems lent diffusion
Nov. 21st, were 26% larger than
of comfort and
security among the masses oi in the like week last
arrive and must be dealt with it will not be the time to
year, and
citizenship. It should be and it will be idle and fruitless foi in the four weeks ended Nov.
discard the lessons of experience,
attempting to build a the
proponents of any radically different way of life directly 21st, were up 13% from the com¬
new
society organized in accordance with the dream-philoso¬ to
attempt to substitute any alien system for one so weighed parable period in 1941, according
phies of altruistic men and women wholly without expe¬ in
to the New York Federal Reserve
the processes of time and so
marvelously justified by its Bank/'
rience in practical control of enterprise and
•'
radically an¬ results.
Equally it should be impossible to beguile Ameri¬
Department store sales in New
tagonistic to everything having the sanction of past suc¬
cans into
acquiescence in after-the-war policies so reckles? York City in the week ended Nov.
cess in the field of economic
production.
*
and wasteful that
they would inevitably endanger the in¬ 28th, were 15% smaller than in
the like period last
"Swiftly the charlatan goes: is it dark—he borrows
year, accord¬
tegrity of the sound system of liberty and individualism
a
ing to a preliminary estimate is¬
lantern;
" ,,/X
/■;'/
under
which
the greatness
of their country has been sued by the New York Federal
Slowly the statesman, and sure; guiding his steps by achieved.
When they are asked to continue the vast bud¬ Reserve Bank. The bank
pointed
the stars."
■./'
/
geting deficits of the war to provide for experimental out that there were only five
The stars represent the deathless illumination of uni¬
manipulations of the economics of peace, to sacrifice for the shopping days last week because
of Thanksgiving,
compared to six
versal experience.
It has no meaning for the collectivist reconstruction of other lands as
they have sacrificed tc shopping days in the comparable
charlatans who happily are most unlikely to control
anything, protect their own, to interfere An the internal affairs oi 1941 week.
even
the consequences of their own
The
scheming, when the other peoples even as benevolently as they have interfered
good business being en¬
was

.

.

•

.

.

.

•

-

,

ultimate task confronts the world's statesmen.

,

Their pres¬

guard them against external aggression, they will, it joyed by stores currently is be¬
ing stimulated-by the widespread
ent ideal,
apparently, is a world so organized that no indi¬ is confidently to be hoped, remember
Washington and Jef¬ campaign urging early Christmas
vidual anywhere need feel
any obligation for his own main¬ ferson and refuse to be victimized
by entangling alliances shopping.
In contrast with the
tenance or that of any whom
society now. regards as his na¬ luring them into fruitless participation in matters and situation prevailing a few months
tural dependents: wife, children, and
kindred; but may be very probably into quarrels not their own.
The post-wai back, dollar sales today, as com¬
pared with a year ago, exceed the
agreeably assured that any improvidence or neglect upon his world which the American people desire and
deserve, and rise in prices/ Prices in depart¬
part will be compensated by an appropriation out of an in¬ intend to have, will be a
continuation, with orderly progress, ment stores are estimated at
exhaustible store which he
vaguely supposes to be held of our way of lifer according with the Declaration of In¬ around 6% above comparative
somewhere by a remote but
1941 quotations, while dollar sales
omnipotent entity that he calls dependence, the Constitution of 1787 and its Bill of
Rights, this month are
averaging close to
government.
The charlatans know a very little mdre about under which their greatness was
achieved, by which they 20% above a year
ago.
" X
government than that, they are familiar now with the in¬ attained the power and
prestige 'they now possess, and un¬
This
means
that the physical
terior of the palace, but
they know almost nothing of prac¬ der which, with the return of sanity and restraint in their volume of
goods
now
being
tical economics, nothing of the effects
upon'mankind of elim¬ government, they can hope speedily to restore the losses of moved off store shelves is high;
ination of the incentives of material rewards for
that the bulge in sales is
having
industry recent years and mount to new heights of prosperity and
the effect of reducing inventories.
and frugal and orderly
living or of complete relief from stability.
%"vwxx/A:-"xX/;y>x 'X
Latest figures by the New York
the penalties of idleness,
waste, and-evil conduct.
Their
Federal Reserve Bank bear out
concept is that government, however unrestrained its extrav¬
this trend. At the end of July the
bank reported
agance, has only to proclaim taxes and. its coffers will im¬
the dollar value

mediately be filled to overflowing.
Government, they sup¬
has only to say, "Let there be funds," and as the sun
rising in the east flooded the newly-created firmament, just
so abundant
funds, mysteriously produced by taxation, will
pour into the public treasury, funds sufficient to relieve all
distress and to provide ease and comfort
everywhere,, even
pose,

to

§ The State Of Trade
/

'The

new

heavy industries continue to operate at

peaks being • reached

electricity

was

at

an

in

a •

high

number of: quarters.

levels, with

Production of

all-time; high for the second successive time in

of

department

store

inventories

at

88% higher than a year ago.
Since then the decrease in inven¬
tories has been rapid.

At the end

of

August they were 63% above
year; at the end of Septem¬
ber, 44% higher, and at the close
of October, 26%
larger.
" •
last

the week ended Nov.

21st, when, the industry distributed 3,795,361,000
hours,, compared with the previous peak of 3,775,878,000 in
ended Nov. i.4th, according to the Edison Electric Insti¬
after liberal deductions to
satisfy the needs of the vast and tute. This was 16.9% above'
The Department of
the"——: '■
-1
V ■; ,.; . X'; ..' ' X
Commerce,
hungry bureaucracy required for their administration and year-ago.. total"of 3,247,938,000 the $5,868,699,000 reported for the in reviewing
third-quarter inven¬
distribution.
kilowatt hours.
' :
X ,X* ;, entire
They do not even perceive that, as they "tax
year 1941.
Private con¬ tory developments a few days
and tax, spend and spend, elect and
Loading of revenue freight for struction, $542,544,000, is 52% be¬ ago, observed that the heavy buy¬
elect," as they feed
the week ended Nov.
low-last year, but public work, ing generated
21st, totaled
into the maw of the greedy bureaucrats one after another
by war-time ex¬
836,427, cars, according to the Asf $8,389,663,000, is 80% higher. The pansion is cutting into existing
the staple industries of the
country, to possess, to regulate, sociation of American Railroads/ 137%. increase in Federal work stocks- to supplement the re¬
and to direct, some
profit-making industries will have to be This was an increase of 9,826 cars is responsible for the public gain stricted volume of goods being'
ever.
the
left somewhere, to earn and
preceding . -week, this over last year, inasmuch as State produced
for
consumers.
The
pay the taxes which an. insa¬
year, 37,041 cars more than
tiable treasury, conducted as a
^the and municipal work is 57% lower. Commerce Department notes that
huge eleemosynary institution
Steel operations for the week retailers' stocks in the third quar¬
corresponding week in 1941 and
will require to finance its almost boundless
beneficences. 102,936 cars above the same
peK, beginning Nov. 30th, will be at ter of 1942 had declined approxi¬
Perhaps it required everything which has happened in the riod two years • ago.' ' This total "8.3%
of
capacity,
unchanged mately
$200,000,000
and
that
was
last ten years, even the
132.92% of average loadings frbm
the
rate
prevailing
last wholesalers' stocks had dropped
great war in its vast expansion since
for the
corresponding week of the week; Recording to the American about $400,000,000.
American participation became
unavoidable, to make this ten
Iron & Steel Institute.
The rate
preceding years.
situation and the social and political doctrines out of which
Engineering construction vol¬ for this week represents produc¬
it arises completely clear to those who would have to
bear ume for the short week due to the tion of 1,681,600 net tons, com¬
Kelley Joins Law Firm )
the cost and weight of its continuance and extension.'
Thanksgiving holiday, totals $65,- pared with a rate of 99.6% or
John H.
Kelley, Assistant Gen¬
929,000,reports
There is an American Way of life.
"Engineering production of 1,703,800 tons a eral Counsel of the Securities and
It is neither the
News-Record."
It compares with month ago.
A year ago the rate Exchange Commission in
charge
way of the collectivists nor that of Moscow.
It is the
way $100,060,000
for
the
preceding was 97.6%, indicating production of the enforcement staff in the
of the Declaration of Independence.
It begins with the in¬ week and $110,331,000 for the full pf 1.612,500 tons.
New York office, is
resigning, ef¬
alienable rights of manhood,
With fears of shortages in criti¬
rights so-essential to indivi¬ week last year. Federal work ac¬
fective Dec. 1, to resume the pri¬
counts
for $53,507,000,
or
81%; cal materials diminishing as war vate practice of law. He will join
duality and freedom that even their possessor is
kilowatt

the period

■

,

incompe¬
with them when fatuously yielding before
tyranny or foolishly beguiled by the mendacious preten¬
sions of usurping dictatorships.
It rests upon the splendid
independence of the individual who is a sovereign in his own
tent

to

part

right, fully entitled to the free enjoyment of his life, his liberty




$8,689,000 is for private work and
$3;733.000 is for State and mu¬

nicipal.
The. current, total
,

^instruction

to

60%

the

above

....

brings «- 1942
$8 932,207,000, or
48-week

last year, and already 52%

period
above

production

hits

a

more

stable

basis, stocks of ingots and billets

the law firm of

Ignatius & Stone.

actually are accumulating at some

He had been with the Commission
since its organization,

points due to cancellation of cer¬
tain
lend-lease
shipments,
the

employed in the office of general
counsel in Washington, and has

magazine "Steel" reports.
"Convinced that a repetition of

since 1937.

being first

been

Assistant

General

Counsel

Number 4130

Volume 156

1979

THE COMMERCIAL & FINANCIAL CHRONICLE

'

pines wholly free, it might easily have happened that with¬
in a quarter of a century they would have found themselves
y"'f
;
(Continued from first .page)
; ,
"virtually a part of the Japanese Empire without a gun hav¬
would be a sad blunder on our part to suppose that they ing been fired—merely by
infiltration, colonization, and
can be disposed of by impassioned oratory, political intrigue,
finally domination at the polls.
There are many other re¬
or
by the purchase of friends in various parts of the globe, gions of the world where precisely this process could easily
particularly, perhaps, in Great Britain itself. All these take place in time.
Unsolved Problems
techniques are familiar to British statesmen, who in one
form or another have been making use of them for cen¬
Are;we so foolish as to suppose that we can undertake
turies.
Moreover it is their ox that is in danger; of being fo
guarantee the possession and control of all areas in the
gored. To many Britishers it must appear that we have world by the people that now occupy and are preponderant
undertaken to save the Empire only to demand that it in them?' It would appear that the United States Govern¬
voluntarily commit hara-kiri once "its traditional enemies ment and that of Great Britain are fully agreed upon one
are laid.
Some of us are fond of calling the British Em¬
thing—that Germany, Italy and Japan are to be so re¬

THE FINANCIAL SITUATION

-

,

Supreme Court Agrees
To Wage-Hoar Review
The

U.

agreed

on

S.
Supreme
Court
Oct. 19 to review a rul¬

ing that the Wage-Hour Act does
apply to employes of a whole¬

not

saler

handling products obtained

-

from

States

other

which

but

the hands of the

"come to rest in

-

importer"

before

the

in

in

distribution

,

State

which

conducts

he

his business.

Regarding the case, the Associ¬
on Oct. 20 reported:

-

ated Press

Appealing from

•

■Fifth

a

ruling by the
Court

Circuit

Federal

in¬

"Commonwealth of Nations,'' and in part that is duced in military strength that they shall not be able to volving the Jacksonville (Fla.)
what it is.
We seem, however, to forget that of the 505,- breach the
peace of the world in the future.
How long we Paper Co., the Federal Wage-Hour
.000,000 souls in this vast domain, some 359,000,000 live in shall keep that resolve after peace has returned remains Administrator contended that the
decision "would exclude from the
Asia, upwards of 50,000,000 in Africa, and millions more to be; seen, but suppose we did so indefinitely?
So long as coverage of the Act many thou¬
in other parts of the world in a status that bars the use of
German, Italian and Japanese populations continue to sands of employes who are en¬
the word "nation" in reference to them.
increase at the rate
customary m those countries, they titled to its benefits." The High
•Court yesterday granted his peti¬
In short, it is still an empire, and much the larger part would
probably remain a world problem.
If we insist upon tion for a review.
of the peoples comprising it are of bloods, traditions, and
believing that we have solutions of all problems "every¬ ; The only function of such a dis¬
in most other respects quite foreign to those of the British. where in the world" we are doomed to sad disappointment tributor "is to serve as a medium
It is, moreover, a fact that a "liquidation" of-this, vast'em¬ to
through which large scale sources
say the least.
r
•
i of supply meet a nation-wide de¬
pire ■■■on terms which would appear to be implied in much
mand," the Administrator added.
that is being said in this country might well leave Great
"The fortuitous circumstance that
Britain a second- or even a third-rate power.
This may be
rthe final delivery of goods by the
IBA Urges Government
a "new era."
These may be "modern" times., "Nineteenth
intermediate
wholesaler
some¬
times takes place wholly within
century imperialism" may be "outmoded"—and all the rest
:
,the confines of a single State can¬
—but we should be foolish to expect the British to be ready
not deprive the last step in the
i
Declaring that the public utilities are indispensable as a war
at our bidding to leave all this territory, all these peoples
.'distribution process of its inter¬

pire

a

.

To Suspend Hsedtess
Hampering Of Utility Operations For Duration

"A

and all the riches in these lands to their own

the

war

assume

what

devices when

safer ground to
that the British will have ideas of -their own about
is

over. -

they regard

We should be

as

their

on

own.

much

;

.

■-

and

and that their treatment at this time is of the utmost social
Public Service Securities Committee
Investment Bankers Association of America, in a special re¬

economic importance, the

of the

recommended that "needless hamper¬
ing of utility operations by governmental agencies be suspended for
the duration."
Among hampering^
port made public on Nov. 24,

acts which the Committee is "con¬

Disappointment Ahead

vinced"y

Danger of disappointment, and disillusionment lurk in
any assumption that we
the world to our liking,

-

agency

shall "this time": be able to reorder
with the full support and applaiise

of Great Britain and the other members of the

United Na¬

> Even more serious conse¬
could easily follow an attempt at this time to exact
agreements from the British and the others as a price of our
part in this war.
As a matter of fact we have made the
welkin ring with assertions that we are in point; of fact
•merely defending our own shores in attacking Germany and
Japan before they got around to attacking us. It now
scarcely lies in our mouths to argue that we are expending
our treasure and shedding our blood to "save"'orto "liber¬
ate" any ,one else, and hence-have ; the right' to demand
sweeping concessions to our notions of a perfect world.
But whatever the strength of our argument, the fact re¬
mains that these other peoples, who have , been playing

tions, when the fighting is over.

quences

'the'war
was

retarding

"seriously

are

effort," greatest emphasis

placed on-the forced dissolu¬

companies during
period under the "Death

tion of holding
the.

war

Sentence."
■

.

Gy/f j

■■•■*

cepted by local commissions, thus
making the sale of equity secur¬
ities difficult and speculative.
taxation

'Multiple

is

a

further

the utilities and their
stockholders, the report stated,
citing many instances of gross re¬
blight

on

ceipts taxes by city, county and
piled on top of income and
excess profits taxes, leaving little
out," the report stated. Their pro-;
or
nothing for corporate surplus
tection and support, their supply¬

.1: Holding companies are, with
exceptions, ''oil the way

certain "

ing

of* capital needs and credit
helpful during the period of

state

expansion,

experimentation

standardization" of

'

and

the 'industry,

added, but

Counsel

Exchange

and

Securities

The

Commission's public bidding

rule

the initial sale of

on

would

re¬

kind, no matter how limited in
extent,
carried on within the
boundaries of a particular State
which would not be subject to

regulation."

Federal

WPB Rules On Vacation

Pay In General Motors Case
supplementary order, includ¬

A

eligibility rules for vacation

ing

•allowances for

employees on mil¬

itary leaves of absence, was issued
Nov.
17
by the National
War
Labor
Board
in
the
General

better have

securities

company

hardly be a business of any

can

public utili¬

ties

the

for

that if the construction of
the Act sought by the Govern¬
ment official were adopted "there
plied

of stockholders.

were

character."

state

are no longer neces¬
been left untried during the war
"at any rate for thpse com¬
Motors Corp.-United Automobile
period also, the Committee con¬
panies whose subsidiaries are now
Workers,
CIO,
case.
The an¬
tended., Its over-all recommenda¬
self-sufficient" Progress in elim-*
nouncement adds:
tion .was that all regulations that
inating holding companies should
"A wage increase schedule for
do not relate to current fraud pre¬
nevertheless be gradual, it was
vention should be postponed "in apprentices, starting with a 60felt;: so as, not to destroy values
this time of great emergency" and cent-an-hour hiring rate, also was
-and unsettle markets.
- "
that Government bureaus should provided in the ruling.
A 5-cent
Pressed now, compulsory dis¬
world politics for centuries,; are not likely to accept; our
refrain from unnecessary rulings, increase will be granted appren¬
ruption' of holding compaiiies has,
Idealism at face value, and any attempt to bring pressure
tices at the end of each period of
cease- disrupting the normal oper¬
according to- the Committee, seri¬
ations of the utilities, avoid dis¬ 910 hours of work, for eight such
upon them at this time can cost many lives .and Vmuch ously hampered the necessary allturbance of markets, subordinat¬ periods.
treasure as a result of lack of perfect understanding and out war effort of the industry by,
"The order also extended pro¬
ing everything to the war effort.
coordination of military forces and plans.
We have gone (1) taking the time of important
The report was prepared by a visions of previous Board orders
meniiri litigation and contention,
about as far as we had" better go in this business for; the
Commitee* of
which Albert T. for General Motors to the Olds(2): causing undue and unneces¬
present—if, indeed, we must go farther after the' war' is sary expense to - both the -operat¬ Armitage of Coffin; & Burr, Inc., mobile plant of General Motors
in Kansas City, Mo., where the
Boston, is chairman.
won.
ing' and holding companies, (3)
UAW-CIO was certified as bar¬
instigating sales on unprepared
■'-'G;
■:,•;■ / If We Had .Our Way?
• v-,- u >'•'•/ •>•-:
gaining agent Nov. 6.
and unreceptive markets, (4) dis¬
Derenberg Joins OP A
;
An about equally disquieting prospect'would confront turbing-the-very foundation of the
"The supplementary order was
Dr. Walter J. Derenberg, Direc¬ issued
after
conferences
with
us * were
we able Jo have our way.
One would; suppose, .productive machinery of the in¬
tor. of
Legal.. Research of the corporation and union representa¬
1 ;
■from listening to many of the "four freedom"- enthusiasts, dustry.
American Arbitration Association, tives, to clarify provisions of the
As another consequence, forced
that about all that would-be necessary on the political side
dissolution of companies and sys¬ and an authority on patent law, Board's order of Sept. 26, cover¬
it

sary^

.

-

•

vs'•.'ClV>>v■'♦'I;;'i)■}%

'

•

,

.

•

would be to have alien powers

withdraw from these*'various

tems in thin and

unstable markets

regions of the earth where they are now dominant over has "greatly stimulated'new fi¬
.native
peoples. Such withdrawal, however,: guarantees nancing by/revenue districts' and
the municipal buying of proper¬
exactly nothing.
Many of them are patently not in a posi-, ties, through theJssuance of reve¬
tion even to keep order, to say nothing of developing and nue bonds," the report said. This
-exploiting their rich natural resources. Even if they w£re! was said- to lead to the "munici¬
The
able to do these things it is clear enough that they could palization" of the business.
exemption from Federal taxation
not defend themselves against the larger nations, which
thus
afforded, it added; makes
would always be eyeing them enviously.
Nor is encroach? the financing of municipal owner¬

merely
attack from without. On the con¬
trary it is often for long periods peaceful economic pene¬
tration—not infrequently with ,the consent if not upon the
invitation of native groups.
Defense of these outlying re¬
gions from alien exploitation is a difficult and virtually
ment, as some naive commentators appear to suppose,
a

matter

of military

endless task.

And, of

ship nnd support of the resulting

.comparatively easy.
"We
"also hear," the report continued,
"of the" suggested formation by
debt

groups' of non¬
profit; corporations which are to
'public
be

free

mittee

power

"highly
course,

under plans such

as we

appear

to be

The Com¬

of taxation."

considered

from r an

such

disputable
economic

moves

value

of

both

and' social

v
laying for the future we—and, so we hope, our friends— standpoint."
The report pointed to a "paraperpetuity.
We should have learned
dox" of having Government agen¬
some
lessons in this field from our experience with the cies Stressing the need of equity
Philippines. We have long promised to give them their financing and at the same time
"freedom," but it has as long been obvious: that to give insisting " on the writing off or
freezing of surplus accounts or
them their freedom would in no way assure them of re¬
the
■

must defend them in

val¬
break with Japan came before matters had ues of operating companies after
in these islands, but had we set the Philip¬ these values. had been long ac¬
writing down of property

The
fully developed
taining it.




has

resigned to accept the

position

225,000

approximately

ing

of the Opinions ployes."
and Research Bureau of the Of¬
fice of Price Administration, Lu¬
cius R. Eastman, Chairman of the WAAC
Board
of
the
Association, an¬

em¬

of. Chief Counsel

nounced

his governmental

and" will

immediately

position

headquarters in Wash¬

his

make

Mr. Deren¬

Nov. 19.

on

berg is assuming

ington.'-The announcement from
"Dr. Derenberg

division of the
Arbitration Association

American

since 1935,

and has acted as legal

director

research

the

of

inception

the

under

Picture Consent Decree

to

addition
classes
on

for

at

having

New

York

Motion

on

several

these

in the

crease

Corps from

Army

the expansion,

told his press

total

of

legal publica¬

subjects."

authorization
the President

conference that the

150,000

would

reached for a long
the

Auxiliary

25,000 to 150,000.

announcing his

In

for

ultimate strength of

Women's

government

quired.

is the

of

he had issued an

authorizing an in¬

conducted
University

period of years, he

a

author

executive order

ahead in view of

marks

and

Roosevelt announced

Nov. 20 that

in 1940. In

trade

abritration

tions

Motion

Arbitration System since

Picture
its

has headed the

research

legal

President
on

the

the Association says:

Force Of 150,000

Approved By President

-

.

not

be

time but that

is

looking

far

the training re¬

He added that it is ex¬

pected the corps will

reach 56,000

The WAAC's now
about 10,000, of which

by July, 1943.
number

7,000 have completed
ing.

their train¬

THE COMMERCIAL & FINANCIAL CHRONICLE

1980

President Believes War At
Bat Wares Of
President Roosevelt asserted

Taming Point

Uphill Fight To Victory

on

Nov. 17 that the "great deal of

exaggerate.
Loose
talk
delays
victory..
Loose talk is the damp
that gets into powder.
We prefer
to keep our powder-dry>
"We have a gigantic job to do
—all of us, together,

Our battle

Guadalcanal.

These

lines

as

forces

good news" of the last two weeks would seem to indicate that the lines
today stretch from Kiska
"turning point of this war has at last been reached" but warned that to
Murmansk, from Tunisia to
this is no time for exultation or anything but "fighting and working
to win."

The President made these remarks in a radio address from Wash¬

Forum

Current

on

Problems

of I the

actual

lend

the war,
politics
criticism from those who,
know in our hearts, are

ears

"a

or

to

to do," Mr. Roose¬
velt said the fight "will continue

as

we

be

to

uphill,

"there

the way"

all

be

can

is

there

that

Declaring
gigantic job

He took occasion to com¬
mend the Navy for its action in
Solomon

will

ad¬

of

"Yes, we have had an uphill
fight, and it will continue to be
uphill, all the way. There can be
no coasting to victory.
"During the last two weeks we

by political motives.
have had a great deal of good
that
this
type of
news and it would seem that the
criticism has done less harm in
turning point of this war has at
the United States than might be
last been reached,
But this is no
expected has been due to the good time for
exultation.
There is no
old horse sense of the American
time now for anything but fight¬
people. I know from a somewhat
ing and working to win.
long experience—in war-time as
"A few days ago, as our Army
well as peace-time — that the
advanced through North Africa,
overwhelming majority of our
"The

tory."
the

progress

to the clamor of

actuated

and

coasting to vic¬

no

our

vance.

ington to the final session of the<§>
the New York "Herald Tribune."

longer,

grow

fact

describing
it as "one of the greatest battles
of our history."
In defending the Government's
policy regarding the giving out of
on the other side of the world our
war
news,
the
President
ex¬ people know how to discriminate
Navy was fighting what was one
in their reading and in their radio
plained that facts that would be
of the greatest battles of our his¬
of advantage to the enemy cannot listening between informed dis¬
tory,
be
disclosed
for
a
reasonable cussion and verbal thrusts in the
"A
very
powerful
Japanese
length of time and added that dark. force was moving at night toward
"loose talk delays victory."
He
"I think you will realize that our
positions in the Solomon Is¬
also

stated

Islands,

"those

that

who

are

I have made

a

constant effort as

in possession of

all the news Commander - in - Chief to keep
must
almost
inevitably
speak politics out of the fighting of this
from guesswork based on infor¬ war.
mation of doubtful accuracy."
"But I must confess that my
While saying he has made a foot
slipped oncei About ten days
constant effort to keep politics before the late Election
Day one
out of the fighting of this war of our aircraft carriers was tor¬
the President confessed that "my
pedoed in the Southwest Pacific.
not

,

foot

He went on
days before

slipped once."
how

relate

to

Election

ten

She

did not
clear

became

sink at once, but it
that she could not

had yielded to make port.
She was, therefore,
the clamor as to the suppression destroyed
by our own forces. We
of news and had disclosed the in
Washington
did ; not know
sinking of an aircraft carrier in whether the enemy was aware of
Day he

the Southwest Pacific. Mr. Roose¬
velt

further

mirals

that

said

in command in

the

that

ad¬
area

lands.
that

The spearhead of the force

enemy

of

sent

we

was

Rear

to

under

Admiral

intercept,

the

command

the

Daniel

Cal-

J.

laghan. He was aboard the lead¬
ing ship, the cruiser San Francisco.

"The San Francisco Sailed right
into
the
enemy
fleet — right

through the whole

blazing.

guns

enemy

She

the release of
the news on the ground that the
Japanese Navy had ho informa¬
tion of the sinking—since none of
tinuing naval operations for some hit many times.
Admiral Caltheir ships were near enough to time after the event.
We, for in¬ laghan, my close personal friend,
see the carrier go down—and that
stance, know that we have sunk and many of his gallant officers
"handing them the information on a number of Japanese aircraft and men
gave their lives in this
a silver platter" gave them a mili¬
carriers and we know that we battle.
But the San Francisco
tary advantage which they would have bombed or torpedoed others. was brought safely back to
port
against

protested

,

not have had.. He added that this

to the

illustrates

"that in time of

people the fact
war

the conduct

of that war,

with the aim of vic¬
tory, comes absolutely first."
The text of the President's ad¬
dress
as
given in the "Herald
follows:

Tribune"

raised in the Congress and in the
gentlemen, I haite
public vehicles of information as
always welcomed the opportunity to
the suppression of news from
to
participate
in
the
'Herald the
fighting fronts. There was a
Tribune' Forum because I have
division of opinion among respon¬
always been interested in the
sible authorities.
public presentation of all kinds
"Here
came
my
mistake.
I
of national problems.
I did so
"In time of peace every variety yielded to the clamor.
of problem and issue is. an inter¬ partly in realization of the cer¬
the news of the
esting subject for public discus¬ tainty that if
sinking were given out two or
sion,' :
■■
z;/: -V/-''

"But in time of war the Amer¬

people know that the one
all-important job before them is
fighting and working td win.
Therefore,
of necessity,
while
long-range social and economic
problems are by no means for¬
gotten, they are a little like books
which

for

the

moment

laid aside in order that

we
we

have

might

get out the old atlas to learn the

Hawaii

on

for it.

tively

means

those

few people who

do

probability,
had

the

information

no

of the sink¬

rela¬

"This confession of mine illus¬

have trates to the people of this coun¬
try the fact that in time of war

the facts from all over the world,

day but every the conduct of that
war, with the
day, are somewhat aim of victory, comes
absolutely
precluded from discussing , these first. They know that not one of
facts publicly, except in the most their inalienable
rights is taken
general of terms.
If thdr did, away through the failure to dis¬
not

only

every

hour of every

they would almost inevitably say close to them, for a reasonable
things which would help the peo¬ length of
time, facts that Hitler
ple who are trying to destroy us. and Mussolini and To jo
| would
"In reverse, those who are not give
their
eye-teeth to
learn.
in possession of all the news must Facts,
therefore, become para¬
almost
inevitably
speak
from mount—facts that cannot be told

guesswork based

on

information

of doubtful accuracy. They do not
know the facts, and

greatly reduced.

to the
as

.

that

can

and

as

well

should

be

at all times.

"The

Nor must we, in 'Loose




public at the time,

facts

therefore the told

value of their statements becomes

President Roosevelt.

Safety
the

Council,

and
production

scope

the

War

,

which

A brochure has been issued

F u

d,
out,
n

latter, it is pointed
parallel objectives: first,

has two

"to

enlist

the

support

of

the

nation's responsible

posters

inform the general public, on the
accident situation, and its deep
,

meaning to. national welfare."
the

has

time

same

been made

,

information

available

dealing

with the growth of the accidentprevention
movement
in
this

Country, resulting from the proc¬
by President Roosevelt,

lamation

who,
dents

productive

on

called

manpower,
National
Safety

the

on

Council

talk

costs

tell

lives,'

do

you,

."The

for

vast

a

expansion of

of

the

Irvin, former Pres¬
United

States

Steel

Corporation, has accepted the na¬
tional Chairmanship of the War
Production Fund, and Thomas W.
Lamont
of
J.
P.
Morgan and
Company, has become Treasurer.
A goal of $5,000,000 was agreed
on, this sum to be raised from
business and industry throughout

with
74

600

members

was

son, Chairman of the WPB.
Fund
has
been
expressly

The
ap¬

proved by the National Associa¬
tion of

Manufacturers, by the di¬

rectors of the American and Steel

the

Eastern

Conference

Railroads
and

Presidents

other im¬
portant national organizations.
many

National

Safety

Council

has' worked

out a very careful
plaii for putting the $5,00,000 to

No
radical
departures
previous practice are con¬
templated. The general strategy
will be to speed up the existing
work.

from

program, to get' more coverage,
more technical assistance
in the

field, and above all, more public
cooperation in accidqnt-prevention.

,

.

"The national aspect of the ac¬
cident problem is underscored in
council

formed, need

Executive Committee of
both made up of senior

an

—

Fund

Roosevelt and of Donald M. Nel¬

"The

William A.

than

Production

movement has received the
blanket endorsement of President

its program.

ident

and Boston.

War

is
stated,
becoming Institute, by the Western Asso¬
by the inroads of acci¬ ciation of Railway Executives,

it

alarmed

planning,

the

over-all

contrasted with an aggre¬

as

gate of scattered needs."
The following, regarding the
mounting casualties on the home
front which are "already exceed¬
,

executives

in

ing those on the fighting front,"
was issued by the Fund:
"Since Pearl Harbor 85,000 per¬
in all have been killed by

sons

accident in the United

States, 7,Destruction of
human material on this grand
scale means something more than
personal
tragedy endlessly re¬
peated. It means that 410,000,000
man-days of work have been lost.
These
man-days
might
better
are planned in these areas:,
have
been
spent
turning out
"Seattle,
Los
Angeles,
San tanks, planes, guns, ships and the
Francisco, Denver,: Minneapolis, thousand and one complementary
£)es Moines, Kansas City, Okla¬ materials of war. homa City, Ft. Worth, Houston,
"Of these fatalities 42,000 were
injured,

700,000

workers—at

of their comrades-in-arms.

"The

to

ever."

be

worthy
this war,

of

them,

and the bank examiners were re¬

for¬ quired to take considerable time
working out these averages for

and

■

each bank.

a

time

when

man¬

is the nation's major nonmilitary concern.
Only one out

power
of

eight industrial establishments
are 196,000 in all—is fully
by
a
safety program.
Even more alarming, three out of
five workers injured were struck
down not in line of duty at fur¬
nace, press or lathe, but off the
job."

—there

covered

In

a

recent address before the

National Safety Congress

in Chi¬

cago, William A. Irvin, the Fund's
National Chairman, hadt this to
say:''

"•

V.-\, '

'■

"In terms of its importance to

18- the war effort, and in terms of
valuation, bank its day-by-day social and eco¬
examiners now are instructed to nomic significance to the nation,
take the bank's valuation provided the safety movement is ten times
important
as
many
other
it is not in excess of the current as
A six-year-old bank examining
market value of the securities movements that get ten times its
rule has
been
revised
by the in question.
public recognition and support."
Comptroller of the Currency's Of¬
The National Safety Council
"The rule for figuring the valu¬
fice with respect to the appraisal
has just entered into its 31st year.
ation of group 2 securities on the
of group 2 securities in national
It is a private organization of 5,basis of the
18-month average 483
banks, according to Washington
members, some of these cor¬
market price was established un¬
advices appearing in the "Wall
porations, others private indi¬
der an agreement in June, 1938,
Street Journal" of Oct. 23, which
viduals.
The Council's finances
between the Federal Reserve, the
went on to say:
are
controlled
by
a
non-paid
Federal Deposit Insurance Corp., Board of Trustees
recruited from
"The Comptroller's Office, it is
the Comptroller of the Currency the
management of leading cor¬
understood,. has eliminated the and the Secretary of the Treasury.
"In

Revise

Regulation On
Security Valuation

requirement

that

securities

in

group 2 be valued at the average
market price for 18 months just

preceding examination.
"Group 2 securities
in which the
teristics

that

Orleans, Birmingham, At¬
lanta,
Winston-Salem,
Norfolk,
Louisville, Chicago, Milwaukee,
St. Louis, Indianapolis, Detroit,
Cincinnati, Cleveland, Pittsburgh,
Buffalo, Baltimore, State of Dela¬
ware, Philadelphia, Northern New
Jersey, New York City, State of

leadership in
financing. and activating an exr
pounded program for the Coun¬
cil," and second, "to awaken and Connecticut

At

by the National

Inc., indicating <$>development of New

.

"But there are no citations, no
medals, which carry with them
such high honor as that accorded
to fighting men by the respect

in all
Japanese Navy throughout

otherwise not have had.

that

ing service.

tinue

the ground that,

ing, and that handing them the
information on a silver platter—
"In time of war your Govern¬
although we were careful not to
ment
cannot
always give spot
reveal the name of the carriernews to the people. Nearly every¬
still gave to the Japanese a mili¬
body Understands that—and the
tary advantage which they would
"This

sels to be decorated for outstand¬

the sabotage of manpower by

Manpower in order to finance the National Safety Council's "con¬
certed and intensified campaign against accidents" as called for by

tions in grades below the four
Commanding General of
the Marines in Guadalcanal, Gen¬ highest and unrated securities of
eral Vandegrift, yesterday sent a equivalent value.
"One reason given for eliminat¬
message to the Commander of the
Admiral Halsey, saying, ing this requirement is to con¬
three weeks later it would be Fleet,
'We lift our battered helmets in serve
manpower.
The banking
publicly charged that the news
been
had been suppressed by me until admiration for those who fought supervisory agencies have
magnificently against overwhelm¬ losing men to the armed forces
after the election.
like every other private and pub¬
"Then, shortly thereafter pro¬ ing odds and drove the enemy
lic concern.
There is no service
tests came from the admirals in back to crushing defeat.'
"Let us thank God for such men which
compiles
the
18-month
command in the Southwest Pa¬
as these.
May our nation con¬ average market price of securities
cific and at our great base in

geography of the battle areas.

reason

.Unified action designed to curb

accident, has been taken by representative leaders of business and
industry, who have organized the War Production Fund to Conserve

nationally promi¬
nent firms,
A preliminary can¬
vass through the national connec¬
tions
of
major companies has
yielded above $i,000,000 in cash
and nearly another in oral com¬
mitments.
At
present regional
We would give a king's ransom by a Lieutenant
Commander, and campaigns are getting under way
to know whether the latter were she will fight again for her coun¬ in
major industrial centers from
sunk or were saved, repaired and try. ■'
coast to coast.
\
"The Commander of the task
put back into commission.
"Regional committees for ob¬
"However, when we got hews force of which the San Francisco taining support of companies not
of the sinking of this particular was a part has recommended that accessible
through national chan¬
ship a great issue was being she be the first of our Navy's ves¬ nels have either been set up or

"Ladies and

ican

War Production Fund Organized By Business
in Intensified Campaign Against Accidents

fleet—
engaged
and hit three enemy vessels, sink¬
ing one of them. At point-blank
range she engaged an enemy bat¬
The announcement
tleship—heavily her superior in the country.
size and firepower.
She silenced in the matter also says in part:
this battleship's big guns and so
"A National Committee of more
her

sinking—for there were no
Japanese ships near enough to see
her go down.
You will realize, disabled her that she could be
of course, that the actual knowl¬ sunk
by
torpedoes
from
our
edge of the loss of enemy ships destroyers and aircraft.
has a definite bearing on con¬
"The San Francisco herself was
her

Thursday, December 3, 1942

inantly

not includes

are

investment

those

charac¬

distinctly or predom¬
speculative.
This group

are

general

marked

o^liga-

lieu

of

troublesome

month " average

porations. President of the Coun¬
Chairman cil is Col. John Stilwell, who is
of
the
Consoli¬
Eccles of the Board of Governors Vice-President
of the Reserve System supported dated Edison Co, of New York,
and Ned. A. Dearborn is Execu¬
the 18-month average price rule.
Vice-President
and
Man¬
Its elimination by the Comptrol¬ tive
ler's Office insofar as national aging Director, heading a staff of
"It is understood that

banks

are

concerned was opposed

by Fccles"

,

f

144 members.

Chicago.

Home offices

are

in.

Renegotiation Of War Contracts i
Called Superior To Other Proposed Methods

Procedure On

bility to maintain control of prices
tne area exempted by the Of¬
Ob*

in

fice of Price Administration.

fore

a

to

order

in

taxes

come

out

"Believing that this type of re¬
striction would impede the pro¬
curement

substitute
under which the

program,

suggested

was

furnish

to

data as to his
profits and to

adequate
and

costs

actual

required

be

could

contractor

a

bargain in good faith in the light
of

such

the

for

data

of

purpose

Con¬

adjusting the contract price.

adopted this substitute in
place of the flat limitation but
made the procedure compulsory
gress

placed greater emphasis
recapture of profits.

and

the

on

time Commission to eliminate ex¬

profits by renegotiating
price whenever, in

cessive

the

contract

the Secretary of the
concerned, excessive

the opinion of

Department
to

,

or

been

have

.profits

likely

contract
To implement the
under

realized

be

are

or

subcontract.

a

the statute requires a
for such renegotiation
be inserted in every contract
subcontract in an amount in

procedure

.

provision
to
or

of

excess

defines

$100,000;

're-1

negotiation' to include a refixing
of the contract price by the Sec*
retary of a department, and pro¬
vides for

recapture of exces¬

the

profits from contractors and

sive

subcontractors.
"As

you know, the statute has
seriously criticized and in
cases
violently
attacked.

been
some

of

Much

this

is

criticism

appar¬

this

probable

of

costs

In its summary of general business and financial

conditions, the
System reported on
Nov. 23 that "industrial output expanded further in October and the
Board

made and
if retained

when the contract was

would

by

exorbitant

be

But the fact
profits accrue

the contractor.

that

such

large

should not reflect
tor

indicate

or

the contrac¬

on

default

any

or

neglect of his duties by the con¬
tracting officer. They are merely
an

of

index

the

uncertainty

re¬

the

when

duction

contract

was

is
the
attain
these objectives in the military
field.
Properly administered it
does provide for current control
renegotiation
best

of

one

so

have voluntarily re¬
duced contract prices to the levels
which would have been agreed on

profits

and

if the full facts about
costs
and
production had been
known at that time.
Very few

originally

business

have

men

desire to
of war

any

touchstone; much

depends on how it is administered.
If used merely as a means to re¬
capture past profits, renegotiation
will not tend to control costs any

than

an excess profits tax;
renegotiation is used pri¬
marily to readjust prices for the
future for specified periods, it can
more

if

but

production

contin¬

weeks

to maintain incentives. Con¬

serve

quently ask why the job cannot be
by taxation or by a flat

done

the original statute the

"Under
fear

was

general that contractors

might be subject to repeated rene¬

during
ending Nov. 18

re¬

four
were the
the

3

points to 188% of the 1935- net result of an increase of $500,Gains in armament 000,000 in Reserve Bank holdings
production accounted for most of of Government obligations,
the increase,1 and it is estimated which
approximately covered the
that currently well over 50% of continued
heavy currency drain,
total industrial output is for war and a decrease of
$200,000,000 in
purposes. In lines producing dur¬ Treasury balances at the Reserve
ante manufactures, approximately Banks.
80%
of output now consists of
"Holdings of Government se¬
products essential to the war ef¬ curities
by reporting banks in 101
fort.
cities increased by $1,900,000,000
"Steel
output reached a new to $24,000,000,000 during the four
high level in October as produc¬ weeks ending Nov. 11.
Almost
tion expanded to 100% of rated half of the increase occurred at
capacity. In the first half of No¬ New York City banks. There were
vember output declined slightly substantial increases in holdings
to around 99%, reflecting some of
Treasury notes, bonds, and cer¬
shutdowns for furnace repairs, ac¬
tificates, and a smaller increase in
,

cording to trade reports.
in

Activity Treasury bills, while holdings of

industries

,

with the objective, but they fre¬

balances

1939 average.

producing non-dur¬
production.
Moreover, Congress sequently the War Department is able goods declined less than sea¬
now seeking to put the emphasis
and the country are clearly de¬
sonally in October. Production of
termined that no one will be al¬ on" renegotiation
of prices for foods, especially canning, was un¬
lowed unjustified, excessive or in¬ prospective
periods rather than usually large for this time of year
ordinate profits from this war.
It primarily on the recapture of past and output of textiles continued
is certain that such profits will be profits."
at a high level. Mineral produc¬
■
With reference to a group of tion, which usually increases in
prevented or curtailed in some
manner.
Accordingly the only amendments dealing with limita¬ October,
declined slightly this
real question is how it shall be tions on the time for renegotia¬ year owing chiefly to a decrease
done.
Enlightened business men tion, Col. Browning had the fol¬ in coal production which had been
maintained
in
large
volume
recognize this fact and many agree lowing to say:
make excessive profits out

"Additions to member bank
serve

rose

renego¬

course,

■

amounted to about

excess reserves

Board's seasonally adjusted index

By renegotiation to re¬
prices in the light of experi¬
ence, the incentive of producers to
keep down their costs can
be
a

maintained in large volume."

consumers was

$500,000,000.
"Industrial

price.

Of

Reserve

ued to advance in October and the

duce

tiation is not

Federal

Production

prices, and for indirectly keep¬

maintained.

the

The Board's summary continued :<S>—

procedure

"Most reputable contractors do
not wish to keep these swollen

of

tion of commodities to

far proposed to

made.

Governors

Retail food prices continued to advance while
prices of other commodities generally showed little change. Distribu¬

ing costs down through pressure
on

of

first half of November.

The contract prices

garding costs and methods of pro¬

Section
403,
as
adopted, requires the War and
Navy Departments and the Mari¬
"Briefly,

profits

excess

meet

Industrial Output Expanded Further
In October Reserve Board Reports

production. costs, and expenses by a producer
negotiated in are met. Accordingly, they do not
restrain the tendency toward in¬
many cases were estimates which
through increased costs
proved far too high when tested flation
and expenses."
by actual experience. The result¬
Col. Browning further stated:
ing profits often greatly exceed
those contemplated by the parties
"While it is far from ideal, the

of

net of 6% after taxes.

permit accurate estimates

cient to

taxes will
problem.
They
operate too late and reach only
what is left after all payments,

viously
not

(Continued from first page)
with

1981

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4130

Volume 156

throughout the summer.
construction

of

"Value

awarded

tracts

in

con¬

in¬

October

obligations declined.
changes reflected new of¬
ferings and retirements by the
Treasury during the period.
guaranteed
These

"Commercial

industrial

and

loans at reporting member banks
in leading cities increased some¬
what during the first two weeks
of

Brokers'

November.

in

loans

New York City increased around
Government

financing

but

dates,

subsequently declined.
U. S. Government Security Prices
"Prices

United

of

States

Gov¬

misinformation profit limitation instead of renego¬ gotiations until three years after creased somewhat over that of ernment securities were steady in
tiation.
the four weeks ending Nov. 18.
Why inject the added the war. This
•and
am sure, be cleared
possibility is clearly September, according to reports
difficulties of renegotiation, they
Pub¬ Long-term taxable bonds yielded
lip by Mr. Oates in his talk on the
eliminated in the revised statute. of the F. W. Dodge Corp.
actual
practice upon renegotia¬ ask, when a high profits tax will Under it renegotiation of any con¬ licly-financed projects continued 2.32%, and three-month Treasury
tion.
Various other fears on the prevent excessive profits? One of tract or subcontract must be com¬ to account for over 90% of total bills sold at a yield of 0.37%.
ently

based
will, I

on

part of contractors arose from un¬
certainties and omissions in the

the

is

original statute itself.
From the
beginning, however, the boards
have tried to overcome these dif¬

reasonable construc¬
procedures.
As I
will explain later, basis for criti¬
cism of this type has now been
removed by the recent amend¬
ments, to the statute which clarify
its earlier ambiguities and omisficulties

by

fair

and

tion

•

sions.

•

v'

"Still other objections,

however,

the heart of the act and raise
fundamental questions. The

go to
more

statute, it is said, allows the Gov¬
ernment to revise its bargains at

•

the

of

expense

and financial

ating

merit it

their

other factors

in the

menced within

one

completed or
terminated.
Furthermore,
the
contractor
has
certain
optional
the

contract

was

is

just

and labor.

terials

A high

excess

profits tax does not encourage
such efficiency and may even tend
to discourage it.
When a large
proportion of profits will be taken
in

incentive

taxes,, the

costs down may be

sequently

some

to
reduced.

other

keep

Con¬
method is

"The

practical method is
careful
price
control.

only

through

after its close."

S.

L.

Cantley, Receiver for the

St. Louis Joint Stock Land Bank,

designated

as

in the amount

further dividend,

a

equal to 18% of the

,

When current

face

amount, of

farm

matured

normal times this function is per-

issued by the St.

loan

bonds

Louis Joint Stock

Louis,

or

by the

Central Illinois Joint Stock Land
Bank

of

Greenville, and the

formed. by

keen

,

required

in. enormous

With

almost

half of

the national

income and

production devoted to
war purposes, control of inflation
necessarily requires some control
of the prices of war materials;
perience.
Many of these articles Nevertheless, ordinary methods of
are new
and subject to frequent price control become extremely
change; and the quantities needed complex and difficult to adminis*
.and the rate of delivery must ter for many types of military
often be revised iri the light of commodities. For this reason the
.experience
•war.

Finally,

terial,

the demands of

and

shortages of

priorities,

•increase

the

and

ma¬

allocation

uncertainty of pro¬

Bank and

on

the St. Louis

Greenville Bank bonds

of business Dec. 5, 1942.

The

an¬

nouncement added:

"This dividend is being distrib¬
uted

out of the

the

proceeds derived
liquidation
of
the

from

ministration

pledged assets of the respective
banks, in compliance with the de¬

to

refrain

from

ex-i

tending their control further into

cree

Service

Class I railroads put

58,346 new
freight cars in service in the first
10 months of 1942, the Association
of American Railroads announced
Of the total number in¬

Nov. 19.

stalled there

were

33,848 box, 20,-

832

coal, 1,814 flat, 619 refriger¬
ator, 100 stock, and 1,133 miscel¬
laneous freight cars.
New

freight

cars

on

order on

Nov.

1, 1942, included 9,721 box,
16,608 coal, 2,167 flat, 800 refriger¬
ator, 200 stock, and 508 miscellan¬
eous freight cars, or a total of 30,004 compared with 80,504 on Nov,

further

creased

and

17%-

were

motives of which 258 were steam

larger than in the

shipments of freight,

"Railroad
were

maintained in large volume

entered by the United States

ice

of which

376

117

were

electric

were

and

steam and

Diesel.

,

New locomotives on order on
during October and declined sea¬
sonally in the first half of No¬ Nov. 1, 1942, totaled 779 which

vember.

1

'

.

.

••

included
and

tric

Commodity Prices

continued to
advance sharply from the middle
of September to the middle
of
"Retail food prices

289

steam

and 490 elec¬

On Nov.

Diesel.

1, last

they had 611 new locomo¬
tives on order including 284 steam
year,

and 327

new

electric and Diesel.

October and further increases are

indicated in November.

Prices of

goods and services in¬
creased slightly in this period. In
the early part of October maxi¬

Heads N. Y. Labor Board

most other

controls were estab¬
number of additional
and 50% of unpaid interest ma¬ foods. Maximum price levels for
tured on the Cape Girardeau Bank many other food products have
bonds on or before June 1, 1932, been raised, however, and the Of¬
has been declared as of the close fice of Price Administration re¬

interest matured

War and

Navy Departments havb
requested the Office of Price Ad-

Board's

Freight Cars And

Locomotives In

compared with 123% in Septem¬ 1, 1941.
Class I railroads in the first 10
ber and 130% in August.
In the
first half of November sales in-' months of 1942 installed 638 loco¬

interest accrued thereon

,

are

creased in October and the

un¬

'

."quantities with the least possible
.delay; and many companies must
; undertake
production of articles
.with which they have had no ex¬

construction amounted to $4,200,-

More

corresponding and 380 were electric and Diesel.
period last year, reflecting in In the same period last year they
dividend Number 5, part price advances of about 10%.; put 493 new locomotives in serv¬

that

competition
up to but not including June 1,
among producers, but in war time
What
are
these unusual, condiwhen all production facilities must 1932, and 50% of the face amount
tionS?
•' r- .'*!■
of farm loan bonds issued by the
•
;
;
be utilized and competition is in¬
"As you all know, the war pro¬ operative, other means must be Southeast Missouri Joint Stock
gram has created problems of used to keep prices close, to costs, Land Bank of Cape Girardeau,
and unmatured interest accrued
.procurement and production un¬ in order to maintain efficiency.
thereon up to but not including
"In the second place excess prof¬
precedented in scale and com¬
June 1, 1932, and 18% of unpaid
plexity.
War materials of all its taxes do not prevent inflation;
'.kinds

Department of Commerce

third quar¬
1942, expenditures for new

ter of

seasonally adjusted index rose to
129% of the 1923-1925 average as

Pay On Land Bank Bonds

announces

needed for this purpose.
.

during their fiscal year or imme¬

diately

must be

.

"The

estimates that, in the

place the control of

Land Bank of St.

.measure

awards.

as

prices are kept close
to costs, producers must exercise
available,
Undoubtedly the act
careful management and ingenuity
confers on the departments con¬
to earn a reasonable profit.
In
cerned a sweeping power, but it
judged as an emergency
to meet war conditions.

after the

year

of the fiscal year in which

close

privileges to limit the period for 000,000, of which $3,500,000,000
important in the renegotiation by filing statements came from public funds. For the
program
as
the control of of costs of production and other first nine months of this year the
profits. - Increasing shortages : in financial statements at any time corresponding figures were $10,materials and manpower clearly for a
past fiscal period. The Sec¬ 200,000,000
and
$7,700,000,000.
require the most efficient use of retary of the Department con¬ Construction of military and naval
our
resources
if maximum pro¬ cerned may then initiate renego¬ facilities and of industrial build¬
duction of war materials is to be tiation within one year thereafter,
ings accounted for the bulk of the
maintained.
This means that all but if he fails to do so the power
expenditures.
producers must be encouraged to to renegotiate ceases.
Moreover,
Distribution
,
operate at their highest efficiency, in practice, renegotiations will be
with the minimum waste of ma¬ conducted with most companies
"Department
store
sales in¬

is essential

the

mind

in

bear

two

"In the first

positionj'and penaL

situation
which the statute is designed-to
meet and the alternative methods

;to

limitations

profit

costs

producers. These are
criticisms, but in evalu¬

•serious

Taxes
leave un¬

war

izes efficient

-

profit control

part of the job.

situation which are equally vital.'

provides no standards for fixing
excessive profits; leaves contractors uncertain about their profits

■

a

touched

contractor;

the

is that

answers

only

and

price

mum

lished for

a

ports on the basis of a recent sur¬
vey
that in numerous instances
sellers
with

not

are.

the

complying

regulations now

fully
in ef¬

appointment

Labor

State

Bank
"Excess

of

Paul

M.

New

Relations

York
is

Board

Father Boland

requested the Gov¬
chair¬

to relieve him of the

ernor

manship
duties

he
of the
until the close of the year.
Buffalo.

remain

Board

of his pastoral

because

at

a

However

member

who has been a mem¬
forma¬

ber of the board since its

Credit

reserves

were

of

by Governor Lehman.

announced

will

the

of

Chairman

Mr. Herzog,

fect.

banks

The

Herzog of New York City to suc¬
ceed the Rev. John P. Boland as.

member

$2,500,000,000 in the

tion

on

nated

June 24,

Chairman

1937, was desig¬
Mr. Lehman

by

joint recommendation of
its this field. An agreement has been District Court at St. Louis on Sept. middle of November, a somewhat Father Boland and George L.
Under these cir¬ reached to carry out this request) 23, 1942, in the case of Andrews higher level than generally pre¬ Cassidy, third member of the
-in
the
preceding
four
et al vs. St: Louis Joint Stock vailed
cumstances, experience: and in¬ but the Army and Navy have
board.
months. At New York City banks
Land Bank et al."
•
+
;
.
•
formation are frequently insuffi¬ thereby Undertaken the responsi¬

duction

and

regular

interferewith

flow.




at

the

,

Czech

McNntl Favors Drafting

told

ference he had
cation

a

as

workers

Haakon of Norway,
King George of Greece, and King
Peter of Yugoslavia. Mrs. Roose¬

did

whether any such revoca¬
actually, had been made by

occupied France—through a Navy
officer's binoculars—on
Oct. 30
from the white cliffs of Dovar,

From Associated Press

"At the

accounts,

same

short¬

ages' had been developed in Octo¬
ber, as he had forecast, but con¬
tended action taken by the War
Manpower Commission had
duction
no

avert¬

curtailment of war pro¬
and resulted in 'virtually

any

being lost.'

crops

"Mr. McNutt

said that providing

needed for the war
rather stupen¬

as

manpower

effort had been 'a

the number
of persons employed in war pro¬
duction had been increased from
dous

that

and

job'

that the
far from

still

is

States

privations
that go with a total war effort.
Speaking at a rally in. Philadel¬
phia, which officially opened the

realizing the needs and

"Women

-

at

Harbor'

Pearl
15,000,000 today.
'at

to

reporters if he agreed
charge by Senator Harry

"Asked by
with
F.

a

ment

Va.)

(D.,

Byrd

agencies

are

that Govern¬
wasting man¬

by hoarding workers, Mr.
McNutt replied that
in hunting

Mrs.

Week,"

War

-

Roosevelt said:

in this country
will continue to spend money oh
themselves no matter what you
"Some

people

hoarders, the Govern¬

manpower

certainly one place you

'is

look.'

can

had witnessed in¬

he

said

"He

where

stances

Government

one

and the way to do that is to
work with all our might at the
us,

;;

'

/

.

"Therefore,
in every factory
which is producing war goods or
goods essential to our war econ¬
omy, and in every mine or plant
where war-essential raw materials

being produced, we must have

are

full

production

day's

Thanksgiving Day.,

this

on

•p.•

>fJ

i

"Our enemies are not going to
situation
in
England,
"where
you
simply can't buy "stop their production on Nov.'26;
Men
things because they are not avail¬ we dare not do so either.
able."''
•
;
'
and women of management and

present

.

audience of 3,200

told her

that

persons,

campaign

the

"to focus the eyes
on

was

of every woman

bonds
of encouraging

her duty of buying war

and

stamps and
others to do likewise.
"This
whole

public,

of

course.

But we

hope that every individual woman
will come to know that she has a

job

until

the
ner

And the deep¬

devotion we have
expression in

religious
its

find

will

truest

to

attention

unflagging

by all of us."

./

:;y-

inaugurated by the Commerce and

are

The Forum begins at

speech px*aising the Canadian peo¬
ple and Government for their co¬
operation in helping to build the

8:04

following

the

p.m.,

immediately

New

York

"Times"

sum¬

news

highway.
Messages from Prime Minister
W. L. Mackenzie King of Canada,

arid will' last until 8.30
o'clock.
Subjects for the Forum
discussion will be chosen on the

mary;

basis of timeliness,

relation to war

the Association's

the

Foster

and .business-— "To

York,"

Trade and Welfare of New

slogan.-

*

subject of the opening pro¬

The

13
was
"New
Transportation."
John L. Rog¬
Assistant Director of the Of¬

gram

Nov.,

on

York's

Wartime

The speakers were
ers,

fice

Transportation;

Defense

of-

President, New
York Central System; L. O. Head,
P r es i d e n t,
Railway
Express

F. E. Williamson,

and

Commerce

the

of

Association,

the

was

moderator.
The

subject of the second pro¬

Co. of New York,

.

York

Mrs. Roosevelt's Recent

"During this year of war then?
have been no full holidays in war

after

studying

Visit To Britain

production.
With patriotic zeal,
management and workers in our
mines and factories have
made

1905,

Becker acted

Moderator. A

as

ceremony,

Brig. Gen. James A. O'Connor,
commanding the Army's North¬
west Service Command, made a

Friday evening, Nov. 13, and
scheduled to continue for 13

weeks.

schedule.

dedicatory

the

At

Industry Association of New York
on

is

The

year.

weeks ahead of

under the
title of' "Business Forum," were

Industry

Carlisle, Chairman ofBoard of Consolidated Edison

New

Completion of the per¬

expected within
road construction,
begun in March, was completed

a

WMCA,

President

follows:

troops
road

manent

gram
on
Friday, Nov. 20, was.
Inc., and of Niag¬
"New, York's Wartime
Food
ara Hudson Power Corp., died on
Front."
The speakers were
Nov. 9 at the North Shore Hospital,
Daniel P. Woolley, Commissioner
Glen Cove., L. I., of an embolism.
Board, on Mr. Carlisle was born in Watertowri, Department of Markets, New York
in
a
short time be given work
Nov. 27 expressed the hope that N. Y., on March 5, 1881., His pre¬ City; Francis L. Whitmarsh, Pres¬
which
would not
only require
ident Francis H, Leggett & Co.
all war plants observe Christmas
liminary education was received
those employees but others too.
and
Association
Director,
and
Day as a full holiday,:;and that in the public schools of 'Water"Mr. McNutt, however, credited
Frank
L.
Andrews,
Presided
after the holiday workers "drive town and Dayton, Ohio.
In 1903
Government
agencies with
co¬
Hotel Association of New York
ahead with increased energy for he graduated from Cornell Uni¬
operating more and more in elim¬
and
member Association's Con¬
the increased production job of
versity, where he studied law.
inating hoarding and pirating."
vention
Committee.
President
1943."
Mr.
Nelson's
statement Mr. Carlisle was admitted to the

Nelson Urges War Plants
with higher pay.
K
"The agencies accused of keep¬
To Observe Christmas
ing unneeded workers often an¬
Donald M. Nelson, Chairman of
swered, he said, that they might
the War Production

of

ment

duty Agency, Inc., and Ted V. Rodgers,
President, American Trucking As¬
;
sociations, Inc. Neal Dow Becker,

F. L. Carlisle Dies
the

engineers,

broadcasts

weekly

Station

over

Floyd L.

another by

of

series

cere¬

a

road, built by Army
will facilitate move¬
and supplies to

,The

try.

Inaugurated On Radio
A

at

20

held at Soldier's Summit,
overlooking isolated Kluane Lake
in the St. Elias Mountain coun¬

mony

.

has been finished.

an

rearrange

personal

won't be
is signed."

peace

easily

can

schedules so that
traditional Thanksgiving din¬
can
be enjoyed after work

their

that

job

do—a

to

finished

alike

labor

est

the

involves

campaign

had pirated workers from
offering them positions

agency

our

job which is before us.

ori Nov.

dedicated

New Business Forum

gratitude by
we
deserve
the mercies that have been shown

a

She

New

guid¬

Alaska.

that

demonstrating

power

ment

show

best

can

the

this.»with

contrasted

She

of

1,600-mile Alcan highway,
linking Alaska and Canada, was

:1

given us. w

VWe have, been brought .through

do."

.

7,000,000

has

Mrs.

England,

Co.

Mr. Carlisle was the

Dedicated

The

present

ing figure in the series of mergers
of subsidiary companies into Con¬

to

from

the

Consolidated

thari

tradition

American

the

Alaska Highway

York,

became
Edison

■

.

roots

deeper

of Con¬

New

of

Co.

Thanskgiving Day.
Year after solidated
Edison, which resulted
year, it has been our custom to
in a greatly simplified corporate
cease from work on that day and
structure."
thank God for the blessings He

Roosevelt said on Nov. 22
United

time Mr. McNutt

said the first 'serious labor

ed

according

returning

is taken:

the following

has

holiday

London AssoT many trials and perils during
ciated
Press
accounts that dajl the
past year; more than ever be¬
found it "very exciting to be so
fore, we can make this Thanks¬
near the enemy."
giving Day a day of devout and
In her first public address since humble thanks to God.
But we

and

Service.

Selective

-v: '

■"

later

York.

"No

velt had her first look at German-

not say

tion

King

which

formal statement, Mr. Nel¬

a

Gas

solidated

..v?

,V

of the Board

Chairman

plants producing

materials.

raw

said:

in

viz.

"urged" such revo¬
means
of keeping

their jobs, but he

on

In

she re¬

that

stated

also

son

con¬

press

a

essential

Allied
Governments in Exile in London,

McNutt,

McNutt

Mr.

in all mines and

ceived the heads of several

Chairman of
the War Manpower Commission,
declared on Nov. 16 that he fa¬
vored revocation of draft-defer¬
ment of workers chronically ab¬
sent from their jobs.
V.

is

It

,

Of Work Absentees
Paul

Jan G.

Minister,

Foreign

Masarky.

Thursday, December 3, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL 8c

1982

Vice-President Henry A. Wallace
and

Command, also

"

.

'

•

the

hailing

messages

highway.

States

United

the

Defense

Western

sent

John L. DeWitt,

Gen,

Lieut.

commanding

:

■

-

new

>

v

of War Stimson an¬
nounced on Oct.' 29 that the !,671-mile
military road, extend¬
Secretary

Creek, north¬

Dawson

from

ing

Alberta, Can¬

west of Edmonton,

Fairbanks, Alaska, had
been opened-to traffic. It is stated
that the actual opening was ad¬
vanced from Dec. 1, the date set
earlier this fall, when it was de¬
termined that the pioneer road
could
be
used
several months
earlier than originally anticipated.
Secretary Stimson said that 10,000 soldiers and 2,000 civilians,
under the direction of the Public
Roads Administration, completed
the Alaskan highway job in six
to

ada,

months.
'

Approval of plans for construc¬
of the road was reported in

tion

19, page

columns of March

these
1158.

"'""Secretary of the

his

indicated

has

Interior Ickes
approval of a

highway linking the United
and Alaska, although the
Navy Departments and
Director of the Budget have

second
States

War
the

and

reported adversely
posal..
■"

the

on

pro¬

:■'[

*
advices

Watertowh, of. which his

Bar

State

law

in

4

Nov.

of

date

Under

the office

in

-■■

from Yukon Territory, Canada, to
Hugo at
Chilean Support Hailed
the New York "Times"
said in;
brother;
■
•.
v
.n
'•
President Roosevelt on Nov. 14 part; :•>.
John N. Carlisle, was a partner:
'•••
Although the new Alaskan high¬
For several years thereafter, he. •expressed deep appreciation of the
Mrs. Franklin D. Roosevelt re¬
even such traditional
holidays as practiced ' as a member of that assurances of Chilean support in way linking the United States
turned to Washington on Nov. 17
Independence Day and Labor Day firm which later, became Carlisle regard to the North African of¬ with Alaska has been in use some
from a three weeks' visit to Brit¬
time, the final link was not com¬
fensive. '/ "
days of steady unbroken produc¬ & Carlisle:
■,":;"
ain.
The President's wife, who
tion.
It has been necessary to do
His first business .venture was
The President sent a message pleted until the North and South
left New York on Oct. 21, and
Ehis, because of the overwhelming the organization of the Northern to President Juan Antonio Rios of crews met head-on in the spruce
of

&

Carlisle

Brown,

.

,

airport

at

an

on

Nov.

23,

Oct.

London

reached

arrived

Washington

near

need

out" munitions

turn

to

and

essential equipment in

the great¬
est possible volume without de¬
Roosevelt.
Her
trip
to
Great
lays
or
interruption,
and
the
Britain was marked by visits with
country has recognized this need
the King and Queen, Prime Min¬
and has met it.
ister Churchill and to American
and

17

was

met by Mr.

"Now

in

troops

England and Northern

Water-

at

him for his recent
approving
the
North
African operations.
The text of
the message follows:
companies in northern New

trust

Mr.

York.

President
time

of

until

1922.

served

Carlisle

:

this

of

Christ¬

the

I believe that

holiday.

mas

Ireland.

to

Co,

town, formed by the merger of
two banks into one of the first

this
exception

come

we

Trust

York

New

as

day should be the one
headed a group of business men
conference on Nov.
to the rule which has been ob-r who
purchased control of the St,
Mrs. Roosevelt said that her served thus far.
Regis Paper Co.
He served first
trip to England had convinced her
"More than ever before in our as
Assistant
Treasurer
of
this
that if American citizens could
lives, I suppose, we need this year company, and later as' President:
only realize that the length of
to
pause
from our labors
on Mr, Carlisle had retained, his in¬
the war will depend largely on
Christmas Day and think deeply terest in the St. Regis Paper Co.
what
they do we might put a
and humbly about the faith by
throughtout the years and at his
great deal more into our war ef¬
which we live, in order that from death was Chairman of the Board.
fort.
the profound promise of this day
Entering the public utility field
In summing up what she got
we
may draw the> hope and the
in
1920, Mr, Carlisle played a
out of her trip, she said:
vision which we must have.
On prominent part in the organization
"I am glad I went because I
the birthday
of the Prince of in 1926 of the Northeastern Pqwer
learned a tremendous amount.
I
At her press

18,

back

came

with

an

enormous

Peace

and

can

we

should

from the production of

rest

the weap¬

pride in the ability of human na¬
the things that ons of war.
"Therefore,
except
for
such
bother us the most—the little in¬
conveniences. I came back with maintenance and stand-by oper¬
ations as are necessary for best
a
tremendous feeling that when

ture to rise above

you

have

to face things you can

in

do it."
In
was

and

productive efficiency, I hope that
all

where it can
be done Christmas Day
plants

war

England,
Mrs.
Roosevelt oossibly
th*s year will be observed as a
guest of King George VI
After the holiday,
Queen Elizabeth at Bucking¬ full holiday.
the

ham

Palace

and

carried

out

extensive inspection tour of

an

mili¬

tary and civilian activities.
Mrs. Roosevelt on Oct. 31 called
upon

Queen

Wilhelmina

Dutch Embassy in London

at

the

and her

we

drive

must

newed

energy

production

iob than

fore."
On

•

ahead

for

the

with

Power

Niagara-Hudson

Mr, Carlisle
in

1921

have

ever

-

the

invest¬

17

Mr.

Nelson

I

the

of New York.
From

Co.

the
is

it

"His

first

Consolidated

Edison

Consolidated

learned:

.

connection
Edison

with

group

the

came

Director of

with his election

the New York Edison Co. in May.

called

February, 1931. he was
made Chairman of the Board of
1930.

a

In

Directors
Tn

as

May,

Trustee

of

New

Edison

he was elected a
in February,. 1932,

1930,
and

York

of

understanding

of

operations

military

progress

in

I was

confident that the significance

of

rela¬
tion to the liberation of France
from the domination of the Nazis
but also
to the security of the
offensive

this

only

not

would

ciated
Of

by

you

whole
appre¬

and by the people

Chile,
have

lhe

operations in which
engaged and the
difficult offensives of

now

more

future

make

the

assurances

profoundly
welcome.
In
this
moment,
in
which the; full support of free
of

Chilean

dedication

take

place

Canada

and

cere¬

20,

Nov.

military

ranking

high

and

States

in attendance.

Postmaster Urges

Of

support

Use

Lightweight Stationery

For Air Mail
Goldman

of

New "York announced on Nov.

18

Albert

Postmaster

that the volume of air mail is con¬

at the
transport¬
ing it have been curtailed in order
time, facilities for

same

to

while

increasing,

stantly

essential

move

material

war

Therefore,
in
order that space available for air
mail may be utilized for the full¬
est advantage of the greatest num¬
ber of persons, it is necessary that
all
cooperate
by reducing
the
weight of air-mail
letters and
packages as much
as
possible,
and

The .vast
we

will

in

republics as a
be enthusiastically

American

Formal

;

of

now

in North Africa.

occurred just 20
Alaska-Yukon

the

civil officials of the United

deeply appreciative
Excellency's
message

wholehearted

of

east

with

Rios,

am

Your

meeting

The
miles

monies

President of Chile, Santiago.

even

ment banking firm of F. L. Car-r
lisle & Co., which operated up to
1934.
He was also 'formerly a di¬
rector of the National City Bank

be¬

faced

Juan Antonio

yesterday.

Creek.

14, 1942.

His. Excellency,

to New York

came

establish

to

1

we

engagements also included visits bm a full dav's production on
from D*\ Eduard Benes, President Thanksgiving Day in all factories
of the Czecho-Slovak Government- producing war goods or goods es¬
in
Exile; ;Mrs. Benes and the sential to the war economy, and




the

Nov.

Territory

Yukon

the

of

forests

international boundary at Beaver

The White House,

I

Corp.

increased

job of 1943—a bigger

'

Nov.

re¬

Corp. and in the formation in 1929
of

message

bank from thq

organization in 1910
In 1916 Mr. Carlisle

its

Chile thanking

personnel.

peoples everywhere is most ur¬
gently- needed, the news of * in¬
creased
and more effective co¬

The

heartening.

letters

announcement adds:

1

light-weight envel¬
opes
and stationery (procurable
operation by Chile for the secur¬ generally through
dealers)
ap¬
ity.-of this hemisphere is most proximately twice the number of
I take

advantage of this oppor¬

tunity of renewing to you my

sin¬

profound
-and friendship.
-

es¬

cere-assurances

teem

of

.

FRANKLIN D. ROOSEVELT..

,"By

as

using,

to

when

the

pound can be sent
ordinary stationary is

The

used.
able

for

thi^

be

air

limited

mail

conserved

space

in

avail¬

planes

for

will

maximum

THE COMMERCIAL & FINANCIAL CHRONICLE

?

Number 4130

Volume 156

this time

Thanksgiving Services
nation-wide

;

armed

services

observance

Thanksgiving Day in an unpre¬
cedented White House service of

"With

;

thanks for your in¬

many

and prayer.
The President
Now, therefore, -I, Franklin D. vitation, I, am sincerely yours,* •
opened the brief ceremony by
Roosevelt, President of the United i "FRANKLIN D, ROOSEVELT."
reacting the proclamation in which States of
America, do hereby in¬
he asked thai Thanksgiving and
vite the attention of the people to
New Year's Day be observed in
he joint resolution of Congress
prayer.
The Rev. Howard Wil¬
approved Dec. 26, 1941, which,
kinson, rector of St. Thomas Epis¬
designates the fourth Thursday in.
copal Church, Washington, then November of each

NWLB Allows Bonus

govern¬

ooth

leading of the 103rd Psalm.

preme

sional

guests,

Roosevelt

ica to the affixed.

this eleventh day of

Nov. 26, and New Year's
Day, Jan. 1, as days to be observed
Day,
in

;

prayer.

to

is

in

included

also

Psalm.

it

to

,:v»

"for the
the
history

in

.

of

time of

this

in

us

national emergency."
The

•

President's

the

of

text

proclamation follows:
OF

DAYS

I GIVING

DAY

*

————■

*.

*"

employees can be continued in the
without approval by the

future

Board with two provisos:

DAY

To Prevent Inflation

THE

Proclamation

A

good thing to give thanks
unto the Lord." Across the uncer¬
"It is

v

a

and time, our
the

tain ways of space

words, for

those

echo

hearts

days are with us again when, at
the gathering of the harvest, we
solemnly express our dependence

Almighty God.

upon

of this year,

months

final

The

-

find

spent,

almost

now

our

Re¬

public and the nations joined with
it waging a battle on many fronts
for the preservation of liberty,

y In giving thanks for the great¬
est harvest in the history our na¬

tion, we who plant and reap can
well resolve that in the. year to

will do all in our power

we

come

that milestone; for by our

to pass

labors in the fields we can

share

part of the sacrifice with
brothers and sons who wear

some

our

of the United States.
that we recall now

the uniform

is fitting

It

of

words

reverent

the

George

Washington:

God, we make our
that Thou wilt
keep the United States in Thy
holy protection," and that every
American in his own way lift his
voice to Heaven.V
"Almighty

earnest

1

in

prayer

I recommend that all of us bear
mind this great Psalm:
"The Lord is my shepherd: I

shall not want.
'"He maketh
green

me

to lie down in

pastures; He leadeth me be¬

the still waters,

side

"He restoreth my soul; He

i

eth

lead¬

in the paths of righteous¬

me

for His name's sake.

ness

V '"Yea,

though

I

walk

through

the shadow of death,
I will fear no evil; for Thou art
the valley of

with

Thy rod and Thy staff,

me;

comfort me.
"Thou preparest

they

me

in the

mies;

a

presence

Thou

table before
of mine ene¬

anointest my head
runneth over.

with oil; my cup

."Surely

goodness

and

mercy

shall follow me all the days of my
life: and I will dwell in the house
of the Lord
,

forever."

.

Inspired with faith and courage
by these

words, let us turn again




already under the control

other

of

President

Roosevelt,

in a mes¬

read to the annual conven¬
tion of the Congress of Industrial

sage

Organizations at Boston on Nov. 9,
called on the members "for con¬
tinued

cooperation in carrying out
necessary for The
effort,' particularly those

programs

national

•

to

CIO

President

V; ;•
(2) If it is computed

•

..

V_'

,

part

any

of

northern

western

.

formed
.

on

a

may

the.current bonus year

yield

more

no

during
unless they

not be changed

ordinary household

on

that

and

and have

serv¬

electricians.

-

.

struction and

repair work done by

the

job, but does not apply to the
wages of persons performing these

subject to the regulation.
contract entered into,

"Every

except those of $500 or less, must
be filed with OPA within ten days
the

instance,

suppose

an

;

-

V

em¬

bonus
This
year his salary is $3,000.
His em¬
ployer can continue to pay him a
5%; bonus on this year's salary
ployee last
of 5%

year

on a

received

a

salary of $2,500.

approval'by the Board
even
though the amount of the
bonus increased from $125 to $150.
without

announcement adds:

The- Board's

action

"This

of

General

in the form

came

Order

No.

10,

which

no

contract.'

award of the

American

seek

Roosevelt

Nov, 7 that

a

people

of

France

quested to cooperate with and
the

sist

iterranean

and

Atlantic

coasts

of

the French colonies in

Africa, de¬

signed to forestall

invasion of'

an

Africa „by Germany and Italy and

provide

an

effective

second

The

President's- statement

released

was

at 9 p.m.

(EWT), simul¬
taneously with the actual landings
and the War Department's com¬
munique

telling

of

the

invasion.

as¬

expedition in
repel the German and

Italian international criminals and

by

doing

so

the

and

Axis

to

French

•

liberate

France

Empire from the

yoke.

"This

into

expedition

will

develop

major effort by the Allied

a

Nations and there is every expec¬
tation

in

that

it

will

be

successful

repelling the planned German

and Italian invasion of Africa and

the first historic step to the

prove

and

restoration

'!

of

:

in

Egypt Told By FOR
-

President Roosevelt reported on

Nov*

^

mat

lena-jiease

contributed
British

the

was

the
While
pointed out
to

victory in Egypt.

Nov.

on

equipment

importantly

President

the

of

front assistance to Russia.

the

American

its effort to

announced

the Med¬

and

French possessions have been re¬

powerful Amer¬
on

au¬

"The Government of France and

Army Lands

ican force had landed

to

territory

no

In French Africa Lend-Lease Aid
President
on

this

intention of interfer¬

France."

only if the rate and method
of computation are not changed in
-:

Allies

liberation

during the current bonds

the' current bonus year.

the

the

,

than they did dur¬

ing the-preceding year.'The em¬
ployee
may
receive
a
greater

in¬

of

purpose

thorities in Africa.

plumbers, carpenters

jobs by

after

the

expedition/and have been assured

and

"The regulation covers all con¬

per¬

of

and

been

Ceilings are.. .established - ing with the friendly French

streets.

,

government

are

telephone and power lines,
the construction of sewers

and

French

the French people have

such jobs as. the stringing of new

ice

"The

„

"Included in the regulation

also

heroic allies in Russia.

our

agencies

OPA said.

not be

centage, Incentive or similar basis,
the rate and method of computa¬

v..

addressed
Philip Murray,
'
"■

Governmental

a

year.,,

:

STATES OF AMERICA

UNITED

(1) .If it is

For

flation,

OF

PRESIDENT

THE

of

Africa, and to deny'
aggressor nations a starting

arid

jobs.
Thus, a roofing contractor
fixed amount, the who named a
price for the entire
total amount paid during the cur¬
job is covered by the regulation,
rent .bonus; year must not exceed
but if the householder bought the
the total paid an employee for like
roofing material and employed a
work during the preceding bonus
roofer to lay it, the roofer would

The President's letter,

BY

tion not

year

having to do with preventing in¬

NEW

AND

YEAR'S

.

on Nov. 6 that a bonus,
fee, gift, commission or other form
of compensation customarily paid

amount

the

THANKS-

PRAYER:

announced

tion

^

our

possible to pass that record next
year.
At the conclusion of his
proclamation, the President urged
all to "turn again to the work
confronts

hundred and

President:
V'v
Hull, Secretary' of State.

-—

.

country" and to resolve to do all

that

Lord

greatest

give thanks

harvest

the

By

Cordell

-Mr. Roosevelt called on farmers

»

our

FRANKLIN D. ROOSEVELT.

23rd

the

November in

sixty-seventh.

Lord,"

the

of

year

of America the one

thing

good

a

unto

thanks

give

and

"It

Psalm:

•

.

nineteen
hundred and forty-two, and of the
independence of the United States
the

The President began his procla¬
mation with a quotation from the
92nd

.

.

City of Washington

Done at the

Thanksgiving

both

proclaimed

The National War Labor Board

.

seal of the United States of Amer¬

11

Nov.

on

Day, Jan.

hand and caused the

unto set my

and leaders of the armed forces.
President

New Year's

1, ,1943, be observed in prayer,
publicly and privately.
In witness whereof, I have here¬

including Su¬
Court Justices, Congres¬
leaders, Cabinet members

200

about

and

1942,

-Attending the ceremony, which
was
broadcast
nationally, were

Payments On Salaries

Thanks¬

giving Day; and I request that
Thanksgiving Day, Nov. 26,

in the responsive

leaders

mental

year as

and

President

armies

de¬

are

.

homes.

song

the

regulations

v

of

led

new

-

Merchant Marine;-in

(President Roosevelt on Nov. 26

the

"The

i

signed'to' maintain 'the March,
rationing, with price controls, 1942, price level,, except to allow

the
and the with
factories and and with other economic measures for increased labor costs, to pro^ point from which to launch 'an
for the domestic security, as well vide a workable means for de¬
attack against the Atlantic Coast
offices; on farms and in the mines;
I am termining maximum prices at this of the Americas.
jn
highways, railways and air¬ as the pursuit of the war.
level and to maintain a constant
"In addition, it provides an ef¬
sure that this cooperation will be
ways; in other places - of . public
•
" observation of prices of construc¬ fective second-front assistance to
service to the nation; and in our forthcoming generously.
the

in

led

confronts us in ; .the spirit of the executive order
oLnational emergency; '< that'deals with wage stabilization,

the work that

to

President Leads

1983

6

had

that

British

less

than

half

Army's equipment

American, he issued a report

showing that since the beginning
of lend-lease total shipments to the
Egyptian fighting zone amounted
to

$636,952,000.
The

report, made to President
Edward R. Stettinius
"My Dear Mr. Murray:
Jr., Lend - Lease Administrator,
only the compensations for those
"Let me' thank you sincerely for
covered exports from March, 1941,
whose5 wages or salaries are un¬ was broadcast by short-wave from
your
invitation to speak at the der the
through September, 1942, and in¬
jurisdiction of the Board.: stations in the United States and
Congress of Industrial Organiza¬ The Board
cluded,lend-lease munitions and
hag, jurisdiction over Great Britain.
other
tions in its annual convention, and
products and direct pur¬
In his statement, the President
all wages and over salaries under
let me assure you of my very deep
chases.
The $636,952,000 total was
$5,000, except for supervisory or explained that the landing of the
i egret that the responsibilities and
broken down as follows: Ordnance,
American
Army was being as¬
professional employees.
duties which I have at this time
aircraft,
excluding
"At-the same time the Board sisted by the British Navy and $130,058,000;
of emergency are such that I 'can¬
issued
amendments * to
General air forces and would soon be rein¬ flyaways, $164,149,000; tanks, $88,not accept and be with you. Will
Orders Nos. 1 and 6, which have forced by a "considerable num¬ 239,000; motor vehicles, $73,113,you convey to your membership
British 000; miscellaneous manufactures,
the. effect of applying those orders ber of - divisions of the
this regret and express my interest
to salaries over which the Board Army." * The > combined
Allied $74,606,000; agricultural products,
in all that you will do'at your
has jurisdiction.
Originally these force is under the command of $33,687,000, and industrial mate¬
convention? ■■
orders applied only to wage rates. Lieut. Gen. Dwight D. Eisenhower, rials, $73,100,000.
The bulk of these shipments, it
"My recent visit to industrial,
June
was
placed in
"General Order No.
1 directs who last
areas throughout the country has
was pointed out, took place in the
that all increases approved by the charge of the European theater
last nine months, during which
given me new insight into what Board
prior, to Oct. 3 should be of operations for United States
labor is doing to fulfill its part
the
United
States
shipped
to
.V
put into effect.
General Order forces. .•
in winning the war.
The picture No. 6
more
than 1,000 planes,
President Roosevelt further Egypt
prohibits employers from
is most encouraging. The extraor¬
"many hundreds of tanks,"
of
paying employees more than the pointed out that the landings are
which more than 500 were of the
dinary
skill and speed of the rate
existing in the plant for that designed "to deny the aggressor
American workman, the intelli¬
medium type, 20,000 trucks and
type of work without Board; ap¬ nations a starting point from which
hundreds of pieces of artillery.
gence and capacity for coopera¬
proval. If there are no established to launch an attack against the
tion with management, with each
In
releasing
the report,
Mr.
rates, as in the case of new plants, Atlantic coast of the Americas."
other and with the Government,
Roosevelt made this formal state¬
He called on the French Gov¬
the rate fixed shall not be in ex¬
shown i by the wage
ment:
./■ ;■•;>'
earners of
cess
of .that which prevails for ernment and people to assist the
America is bound to be astonish¬
"While we must not overlook
similar classifications within the American expedition "in its effort
ing and satisfactory, even to one areas."
to repel the German and Italian the fact that the larger part of
....
who, like myself, always expected
international criminals, and by so the equipment used in Egypt is
that every working man'and every
doing, to liberate France and the of British origin, we have a right
OPA Price Ceiling On
labor union would do full duty
French
Empire from the Axis to be proud that so much and such
in the oroduction program.
excellent equipment from Amer¬
Building And Repair
yoke."
"Through you I should like to
The text of the President's an¬ ican factories and shipyards con¬
Specialized price control for the
thank all the members of the or¬
tributed to the victory.
In par¬
nation's construction industry, es¬ nouncement follows:
ticular we should be gratified by
ganizations
affiliated
with the tablishing ceilings - for work on
"In order to forestall an inva¬
performance of AmericanCongress of Industrial Organiza¬ the smallest household repair job sion of Africa by Germany and the
tions for what they personally are
made tanks.
to the biggest construction proj¬ Italy, which, if successful, would
doing and to invite their further
"From
the
enactment of the
ect, went into effect on Nov. 5 in constitute a direct threat to Amer¬
cooperation and effort in the days
accordancewith a regulation is¬ ica across the comparatively nar¬ Lend-Lease Act this country has
ahead.
We have built a vital and
sued-by the Office of Price Ad¬ row sea from western Africa, a proceeded on the policy that in
tremendous industrial production
ministration..
;
•
powerful American force equipped giving the tools of war to the
structure and program. It is work¬
with adequate weapons of modern nations fighting the Axis we are
to the Associated
ing. : Now we have to show the j- According
Press" the new regulation covers warfare and under American com¬ aiding ourselves just as surely as
endurance, the tenacity and the'
mand
is
today landing on the if those tools were in the hands
alP construction and maintenance
persistence necessary to continue
of American soldiers.
Since we
services and sales in which con¬ Mediterranean and Atlantic coasts
this program and extend it, even
of the French colonies in Africa. ourselves became involved in the
tractors,' builders, installers and
if faced with fatigue and discour¬
war we have known that our own
"The landing of this American
erectors furnish building or in¬
agement. I count on the members
armed forces must also take part
dustrial-equipment or materials army is being assisted by the
of your organization to help in
in the fight, but we have not
together with labor required for British Navy and air forces and
carrying out all the programs that
swerved from our policy of the
actual construction, installation or it will, in the immediate future,
are necessary for our national ef¬
maximum
possible aid
to our
service.
From the same advices be reinforced by a considerable
fort, and particularly those pro¬
allies.
number of
we quote:
divisions of the British
grams that have to do with pre¬
"In the Egyptian campaign we
."Ceilings established by the rul¬ Army.
venting inflation, with sharing-our
can
see
the vindication of the
"This
combined
Allied force,
customary good living with others, ing. OPA said, "are the equivalent
lend-lease idea.
We propose to
in order that the world may be of those generally in effect during under American command, in con¬
continue to expand our lend-lease
the British cam¬
safe for liberty and human better¬ March,-1942, adjusted for increase junction with
aid to all of our allies until com¬
ment.
In particular, I expect your .in labor costs between March 31, paign in Egypt, is designed to pre¬
vent an occupation by the Axis plete victory is achieved."
members to help in carrying out 1942; and July 1, 1942.
follows:

,,

unanimously approved by the

was

This

Board.

general order covers

Also, at the same time, a record¬
ing of an address by President
Roosevelt to the French people

•

.v.

■

.

,

Jobs

•

►

.

.

.

,

Roosevelt by

1984

THE COMMERCIAL & FINANCIAL CHRONICLE

with military force French

occupy

Nothing In Anti-Trust Legislation Warrants
Postponing Associated Press Suit Says Biddle

North Africa.

/ \>/

.

"

.

Thursday, December 3, 1942

Your

Excellency to send troops of
the American Army to
occupy the
territories pf the French
posses¬

"With your wide military expe¬
rience you will understand.clearly

Pan-American Jurists

sions :and .protectoratesin

,

1

North

that in the interest of the defense Africa.
' 7
•
nothing in the recent anti-trust legisla¬
"I accept with pleasure and I
tion which would warrant the deferring of the Government's suit of both North America and South
America it is essential that action thank
you
for
the
assurances
against the Associated Press is taken by Attorney General Biddle.
The latter's advices in the matter are contained in a letter addressed be taken to prevent an Axis occu¬ which Your Excellency offers the
pation of French Africa without Government and the people of
to Representative Cole (Republican) of New
York, who, in a commu¬
7 7 7,
nication to the Attorney General in October, stated that the announce¬ delay.
■■
/•.' 77 Spain to the effect that the meas¬
"To provide for America's de¬ ures
ment of the prosecution of the<S>—————
————
adopted are not in any man¬

Propose World Order

The stand that there is

Associated

deal

great

"has

Press

of

those who

grave

caused

intended

a

it

intended

was

that

fense

should

cases

I

sending

am

to

anti-trust

suits,

and

these

will

areas

asserted

the

"I hope

;

not

devastated

be.

horrors, of

7 7, .7,7;

.war..

by
77

.

you will accept my .full
that these moves are in

assurance

prosecutions

statute to which I made reference

held

no shape, mariner or form directed
by the President,
1942, Public 740, adopted against the Government or people
by the Congress unanimously and of Spain ; or Spanish territory,
metropolitan or overseas. 771 be¬
providing as follows:
'Be it enacted,7 etc., that the lieve that the Spanish Government
running of any existing statute of and the Spanish people wish >to

would actually be
abeyance. I cannot urge
upon you too strongly that your
department view this case from
the standpoint of its effect on the
in

1 and

war

the

nation

was

■

advices

In

Nov.

the

9

from

limitations
of

Washington
Press

anti-trust

United

following to say as to mes¬
sages which have since passed be¬
tween Mr. Biddle and Represen¬
:

the

laws

the

of

States,

anti-trust

til

by

if

such

action

is

such

earlier time

acts,

the War Production

the

as

Con¬

under which he advocated suspen¬
sion of the suit was public law

"

or

'Sec. 2.

of the

advisability

pressing the suit at this time

economic

life

are

co¬

our

essential

so

to

suit

"Mr. Biddle referred to the suit

lows: 7
"I
of

A

be instituted.'"

•

fol¬

to

the

of

contention

Associated

Press

is

monopoly, appeared in
issue, page 1643.

:•

not

a

Nov. 5

our

relating

ated Press and its members.

"You state that you
to discuss the merits;

therefore,41

great friendship, and our

mutual

desire

to

insure'its

con¬

strong army of the United States.
"I

have

reliable
that

been

advised
of

sources

in

the

Spain And Portugal
Reassured By FDR

by

information

future

near

very

it

is

the

intention of Germany and Italy to

the French North African

occupy

colonies

with

force.4'
"I

,.'7.7/

know

peoples.

7

.

friendship."'77.77-•- '',7
The

text

of

the

%

•

that

to you

His

the

nations, with its inherent danger
the

to

defenses

me

of

the

in

again to
that the

categorically

ence

iri

fact

new

north

of

Africa

does

not

insular

Portugal.
7 v
v/v.
■| "I do not wish to lose any time
in thanking Your Excellency for
friendly

tenor

and

communication

your

spirit

and

Western

the

for

the

my

country has nothing

.

solemn

of

further

assurances

to

that

fear

forestall occupation by the

from the intentions of the United

Axis nations of the French North

States, which is another proof of

African

possessions

torates,

and

defense

of

thus

and

to

protec¬
the

insure

American

nations,

is

the

unalterable

friendship
two

and

confident

existing; between our
nations.
V/7 .7//y :!,V/ ^7: v/
;

violative

the
anti-trust
laws, cannot
made the basis of prosecution
der those acts
certified by

if such

of

and

be

neutrality

un¬

conduct

is

the Chairman of the

War Production

Board

to

be

which in

one

be

This is not
our

instituted."

"wish

to

maintain

and to remain outside

war."

He

added:

"Spain has

Since I realize that

I

States."
The
the

7". :-7

President

President

his

in

letter

to

of

Portugal, Gen.
such a case, but Antonio
de
Fragoso
Carmona,
judgment should stated that "your country should
have

no

Acknowledging
the
Attorney United Nations."
letter, Mr. Cole cited
The letter to General
recent law,
Public. 740, was as follows:

by the President Oct.
10,1942, which permits suspension

of time limitations
trust

on

trying anti¬

"It
mine

The text of Mr. Cole's letter in

replying

to

Mr.

Biddle,

was

as

follows:

of the

I

are

"I

appreciate your early re¬
sponse
to my letter questioning
the advisability of prosecuting the
anti-trust

suit

ciated Press.

against the Asso¬

At that time I sug¬

gested that since the Congress had
recently passed legislation sus¬

pending
statute

the

operation

of limitations

nature

it

was

in

of
cases

because

nation and
sense

good, that I want very
tell you of the comS-

simply

to

pelling

reasons

me

to send

military

a

force

that

have

to

the

forced

assistance

of the French possessions in North
Africa.

the

ofito

"We have accurate information

the effect that
an

have

of

fear

no

the United

the

Germany and

early date to

7

N, Y. Reserve Bank

"FRANKLIN D. ROOSEVELT,"

of

co

Spain
of

mona

and

General

Portugal.

The

Car¬

White

House made public the Portuguese

reply

on

Nov. 12 and the Spanish

response on Nov.

14.

General

letter

dent

Franco's

The text of
to

Presi¬

of your Ambassador

which,
of

by

the

the

letter in
•

relations

friendship which unite

our peo¬

ple,

and

should
to

actuated

me

be

which

in

their

benefit

preserved/you explain

the reasons which

induced

joint obligation to
the observance of the

over

fundamental

principles of inter¬
law, and they must as¬

national

collective

a

responsibility

for the maintenance of peace and

order.'

It

,

called,

-

repudiation
tlement

also,

of force

for

the

the

for

set¬

of

disputes, and the un¬
qualified obligation to settle dif¬
ferences by peaceful methods.
7 ■
"The proposal
further recom¬
mended

sition
war

that

the

between

and the

period'of tran-'

the

close

of

the

establishment of the

international
not be

organization 'must
prolonged beyond the time;

is

that

strictly

must. be

necessary'
by the

governed

principles

upon

and
same

which the organ¬

ization itself is to be based.
7 7"Abandonment of the

system of

balance of power was also pro¬

a

jected by the Juridical Committee,
together
with
a
limitation
of
armaments.

'The manufacture of

munitions of

war

should be

clusive function of the

an

ex¬

State,' they

stated, 'the private manufacture of
being opposed to the general
security.'
arms

"Political

;

rialism,

and

the

in

weak

over

economic

form

nations

of

and

impe¬
control

undevel¬

oped

countries, must be aban¬
doned, while political and eco¬

nomic
be

nationalism

must

likewise

eliminated, the report added.

"The report concluded with the

on

dustries to meet the needs of all

people and not merely those of
privileged groups, the social fac¬

Ruml,

Beardsley

Chairman

National

Glen

Watkins

of

Bank

the

of

of

Glen, N. Y.,

was

Glen, Watkins
elected by mem¬

ber banks in Group 3 as a Class A
of

the

bank,

and

that

tors

of

The

could

war

was transmitted to
the Pan American Union from the

Committee's

headquarters at Rio

de Janeiro and

Board of the Continental Can

members:

Inc.,

York,

New

N. Y.,

Co.,

be eliminated."

report

Carle C. Conway, Chairman of the

was

signed by the

Afranio de Mello Fran¬

co, F. Nieto del Rio, Charles G.
Fenwick, Carlos E. Stolk and
Campos Ortiz.
Group 3 as a Class B Director.
At the meeting of the Govern¬
Each was chosen for a term of
ing Board on Nov. 4, Secretary
three years beginning Jan. 1, 1943.
of
State
Cordell

elected

by

member

was

re¬

banks

in

P.

Hull

Mr.

Clute

succeeds Neil H. Dor-

rance,

"I have received from the hands,

and

common

Clute, Jr.,

|

Roosevelt reads:

"My dear Mr. President:

a

watch

the Board of the Federal Reserve

Director

Cordial replies to the President's

port stipulated that 'nations have

Bank of New York announced

President

7

of

proposal that through raising the
standard of living by means of
the organization of national in¬

Nov. 17 that Warren W.

Nations.

dear Mr. President,
"Your sincere friend,

77

7

powerful American
,

my

have been received by
Mr. Roosevelt from General Fran¬

word, and because you and
sincerely desirous of the

mutual

accept

that your coun¬

assurances

friends in the best

inferentially Italy intend at




your

war,

7

continuation of that friendship for
our

this

is
are

of

"I am, my

Franco

"Dear General Franco:

cases.

should

try

will

you

assurance

motives of

fear of the motives of the

General's

devastation

hope that

another

approved

and

solemn

777. ' 7:

Portugal really

desires above all else to avoid the

horrors

nothing to fear from the United

re¬

quisite to the prosecution of the
war.

the

people

reconcile

universality

-

pres¬

forebode any attempt against the

to

as

of

"Other salient points of the re¬

sume

military American forces

7

of

view
assure

principle

regional groups formed by natu¬
ral bonds of solidarity and com¬
mon
interests.'
7
7
7; 7 7 '

message

Excellency's wish

of that

experts

membership with the existence of

with which
Your
Excellency
honored
me,
conveying to me the motives for

Your

constituted

so

the

Excellency the United States

Minister

community of na¬
agreed, 'must

the

be

77.-V ' • /'7;- 7 7 ""Nov: 12, 1942.
"Mr. President: ,7
7 ' ^
"I received from; the hands of

the Axis the

deter such hn attempt by

international

tions,

7

Elected Directors Of

be

and

►

community on the basis of the co¬
operation of all nations, with 'no
nation privileged to remain aloof
from the organization,' Such an

'Portuguese

President's letter follows: ? 7

■

otherwise

ernments^, for. observation

7

not go

would

./The proposal will be

Ministers.

transmitted to the American Gov¬

salutation the expression of my
esteem
and ' sincere

a

The White House revealed on the only reason which
prompts
j "The Government and the peo¬
into1 them, but shall
the despatch of powerful United ple of Portugal learned with sin¬
assume, which I believe to be the Nov. 8 that President Roosevelt
had sent messages to the leaders States forces to the area.
It is cere appreciation of the contents
case, that there is a violation of
law. '
777'' "'■■■A; 77W 77,v of Spain and Portugal reassuring hoped that French North Africa of the message and join me in
them that the presence of Amer¬ will not suffer in any way from conveying to Your Excellency the
"The matter, therefore, comes
down to one of policy. For that ican troops in French North Af¬ the destruction of war on its own thanks and the wishes I hereby
we must look
first to the Con¬ rica did not in any manner con¬ soil.
express
for
Your
Excellency's
"I desire to reassure you fully personal prosperities and those of
gress; no statute has been passed stitute a threat to either country.
In a letter to Gen. Francisco that
the
which forbids the Department of
of American your people. ■
presence
'//777/,/;7' y/;7
Justice to enforce the anti-trust Franco, Spanish Chief of State, military forces in French North
"GENERAL CARMONA,
laws.
Africa
the
President
7
"President of the Republic of
said
that
these
presages
in no manner
"It is true that under Section 12 moves are not directed
Portugal."
against whatsoever a move against the
f
of the Act of June 11, 1942 (Pub¬ the Government or the
people or government of Portugal
people of
lic Law No. 603, 77th Congress, Spain and
or against
any of Portugal's con¬
expressed the belief
second
or
island
session), conduct which that both the Spanish Government tinental
possessions.

shall

Rio.de Janeiro Meeting of Foreign

7

;

am

military people and Government of Por¬
'77'7'. tugal or, against f continental or

large

a

.7'777'; V

it will be quite
that prompt and ef¬
fective action should be-taken to

clear

"To

'

do not wish

"The Republic of Portugal and
the United States of America have

Hemisphere. 7

to the civil
suit which the government recent¬
ly instituted against the Associ¬

22,

provisions

'7';7-7,;-7 '7 7.7"'7v7

reference

the

interested in your letter

was

Oct.

the

by Representative Michener that

\is''\

:

under

Public 740."

judgment,
as

and

>

tinuation, I desire to relate to you
passage.'
the urgent reasons that have com¬
intention to not
pelled me to despatch to the as¬ the
military operations
under¬
question the merits of the litiga¬ sistance of
the friendly French taken in French North Africa.
tion, but reassert that I entertain
"In the same message it was
possessions
in
North
Africa
a

sentative wrote.

Mr. Biddle's letter read

peace

pleased
to reciprocate the same
friendly
sentiments you expressed to me

.

"I reiterate my

victory.
Certainly the govern¬
ment's position cannot possibly be
prejudiced by suspension of the

should

of

"On this occasion I

Carmona of Portugal:
"My dear Mri President: 7»7

of this

possibly be prejudiced' by de¬
laying the suit under provisions
of this law, the New York Repre¬

our

r

ident

That this Act shall be

complete harmony and
operation from all phases of

not

which, in

Following is the letter to Pres¬

7

transactions long
enjoyed the full and complete
barred by the friendship of each other. Because

when

cases.

'one

value

-

personal

the date of its

of

'The government's position can¬

as

the

and for all other

"FRANKLIN D. ROOSEVELT."

in force and effect from and after

serious doubts

740, which permits suspending of
limitations on trying anti¬
"

knows

Governing
Board
of
the
Pan
American Union at its meeting on
Nov. 4 in Washington, in conform¬
ity with Resolution XXV of the

7

:

that 7 Spain

you

.

5

time

trust

are

already
provisions of existing laws.

Mr.

Biddle, does not come
into, this category.
"But, Representative Cole re¬
plied to this argument, the statute

offenses

which

Board to be needed in the prose¬
cution of the war. The A. P. case,
said

assure

can

.

'

cases

Inter-American

now

"Representative Cole originally gress by concurrent resolution or
had suggested that the suit be the President may designate. This
dropped for the duration in the Act shall apply to acts, offenses
interests of economic unity. In re¬ or transactions where the existing
ply Mr. Biddle mentioned public statute of limitations has not yet
law 603 authorizing suspension of fully run, but it shall not
apply to
certified

the

Committee, made up of
experts representing the 21 Amer¬

sincerely desires peace for itself

maintain neutrality and to remain
outside the,war,
Spain has noth¬

applicable to violation

by

Juridical

indictable or ing to fear from the United.Na? and to express my * intention of comment.. The announcement is¬
sued in the matter said:,,;7.
subject to civil proceedings under tions. 7 7.7' ■ ■ - >y-.'
v-. 7.*,:.'J7- 7,77ti",
avoiding anything which might
"I am, my dear General,
"The
any existing statutes, shall be sus¬
report recommends the
disturb our relations in 'any of
"Your sincere friend,. > i7 U their
pended until June 30, 1945, or un¬ 7
aspects, and I reiterate with organization of an international

had

the

tative Cole:

y-..*T-

"

generally,

Associated

acterized them up to now. 7

approved

Oct. 10,

rather than the particulars of the
case itself." - /■ 7.7 •

Hemisphere pattern
post-war world has been

drawn

directed

ner

suspended

that this law does not govern the
Associated Press litigation.
The

Western

for the

ican Republics, by which regional
organizations would be constituted
against their inter¬
as
an
integral part of a new
ests, or against their territories,;
metropolitan or overseas, or League of Nations, to- recognize
special needs of nations joined by
against the protectorate in Mo¬
natural .bonds of solidarity and
rocco, and I confidently hope that
common interests.
The Pan Amer¬
the relations among the Moroccan
ican Union, at Washington, under
people of both zones likewise,will
of
Nov.
4, indicated that
in the future be maintained in the date
the proposal was embodied, in a
same, spirit of peace and recip¬
22-page report submitted to the
rocal confidence which have char¬

powerful

a

of them

the prosecution of this war;" in
part, Representative Cole added:
"I feel it can safely be said that
when the Congress passed the Act
suspending the statute of limita¬
tions

these

where prosecution army to the French possessions
and protectorates in North Africa
might interfere with the
with the sole purpose of prevent¬
war effort.
"In your reply you mentioned ing occupation by Germany and
the Act of June 11, 1942, relating Italy, and with the hope that these
be

to

concern

most serious about

are

that

A

President of the First Na¬

tional

Bank and Trust

The banks in

was

issue of Nov.

re¬

consecutive

held

by

nando

an

of

the

year,

the

post has been

individual.

The

Am¬

Bolivia, Dr. Luis Fer¬

Guachalla,

was named Vice-

Nomination of Chairman, succeeding the Ambas¬

$300,000 and less.
these directors

10th

Group 3 consist of bassador

those with capital and surplus of

our

the

Co., Cam¬ longest period

,,7

den, N. Y.7

was

elected Chairman of the Board for

referred to in

12, page 1728.

sador of

Venezuela, Dr. Diogenes

Escalante.

Volume 156

Number 4130

THE COMMERCIAL & FINANCIAL
CHRONICLE

Nelson Foresees Long War But Declares Our

institutions.
tack

at¬

an

ABA

all

and

monotheistic

the

upon

ligions

Economy Vital & Flexible Enough To Survive

It has become

Distribution Of Government Securities

they£ have taught mankind—the
Warning against over-optimism on war, developments, Donald M. dignity and worth of human per¬
Nelson, Chairman of the War Production Board, said on Nov. 12 that sonality, the value of reason and
"there is no present reason to suppose that this is
going to be a
short war,", but he asserted that the American
economy was suffi¬
ciently vital and flexible to crush the enemy without itself
breaking
down in the process.

►

truth,

The

address before the

an

ciation* of

National

Conference
Nelson

//"It
t h

in

said:

has

a n

■

York,

greater

a

enemies

our

greater, I suppose,
selves .suspected."

INavy.,"E"

-r>S!

■

Win the

we-our¬

His further*

V ;

,

remarks

that

war

want

advertising

made

relationships

more

of

Louis.

important
to

for

work

the

work

by •;the .Associated

follows"'
follows:

ery Jhad

-

in

un¬

Press

but without too much

although
vastly different,, role in the war
,

ies,

to

established

and conducted in
cooperation with

pect from

effort.

which

/

/./,£////■:

Through. it,

r

(added,
be

can

and

prosperity

which
;

was an essential

£

part of

system,

and

keting

He said he

"no

is

going to

tighten

up

of civilian

"This

much

so

production

and

for

said,

production,"

mass

"today

it

is

the

vital

role

it

narily fills, js denied to it for the
duration of the

we

you em¬

through taxatioh and

"We have

A

banking

to

to

received many

the

wide

will

circle

continue

their work for our
try and for religious faith.

carry on

Government
FRANKLIN D. ROOSEVELT.
Rabbi

Louis

taken

Seminary

charge of its Savings
retire

the

at

year, it was made known
Nov. 10 by W. Linn Heming¬

the

every

you

receive

to

it

read

I
it

by

it

deserves."

committee

ap¬

Mr.

Hemingway in/•/
■ ;//
Mr.
Hemingway, Chairman;
Edward
E.
Brown, President,

cludes:

other

the

be

First

National

cago;..

Bank

///%// '

W.

officers of the Association

to

bring about the

tribution

ties.

of

Chi¬

•:/;./

.

Randolph

Chairman

of

the

recommendation
the

tion

Trust

of

officers

of

have stated
will

we

to

met

in'

Trust Co. of New York;
M. Steele, President,

your

.

commit-

Associa-

of
New
Conn.;

Haven,

j, Robert
Trust

Secretary
to give

undertake

Thomas

First National Bank & Trust Co.

this

the

William C. Potter, Chairman of
the Executive Committee, Guar-

securi-; anty

committee,

vitation of the Secretary and held
series of conferences. Upon the

that

New

Strickland,

Company

of

Haven,

President,

Georgia,

At-

jlanta, Ga.;

| W. H. Wood, President, Amermem-jican Trust Co. of Charlotte, N. C.;

all-out aid and we urge our
bers to go the limit in
supporting
the
work
of the
Victory Fund

Mr.,Albig has been
the

dis-

Washington last week at the in-

tile-Commerce

and

necessary

Government

This

tee

Bank

of

a

way, President of the A. B. A.,
who is President of the Mercan¬

with,

to

-Association

you

urge

special

pointed

Association to cooperate with him I

end

this

Co., St. Louis.

the

that

W. Espey Albig, Deputy Man¬

associated

the

Burgess, ViceBoard, the Na¬
we
offered our services to tional City Bank of New
York;
the Secretary of the
Robeft V. Fleming,
Treasury and
President,
appointed a special committee to Riggs National Bank,
Washington,
consider what we might do as an D. C.;
to

of

York, N.Y.

Division, will

mailed

When

•

The

important

so

ob¬

answer

consideration that

by non-bank investors.
seemed

and

carefully and give the subject the

A still

and

be
of

earnestly

com¬

obligations must

"This has

Finkelstein,

Theological
America,
-•

war.

larger volume of these

•

to

questions that will un¬
occur to many of you

will

copy

shortly.

public.
But it is not ex¬
that War Savings Bonds

alone will finance this

,

Very sincerely yours,

the

and

member

on
our
splendid job in
selling of War Savings Bonds

pected

coun¬

you

ways

is

«

us

with

the

regarding this program, a booklet
being prepared on the subject.

Government
the

discuss

accomplishing these

doubtedly

should

of

of

numerous

possible

revenue

to

detail

jectives.,

pliments

,

Anniversary
Of Jewish Seminary

as

order

more

means

This

of

the

of

Hails

ordi¬

"In

in

the

securities outside

ager of the American Bankers As¬

dependent." //;//

secured

of

within

influence

sociation in

Adver¬

which

be

necessary

those

on

tising has nothing to do with r it,
and the

is

fort

the

effect.

much

as

have

through the sale

may

itself

war

which provides that urge.

he

that,

of

Albig To Retire From ABA

now

deeply and

structure and

inflationary

means

flow

beginning to cut
dangerously im¬
an important
job to do in the dis¬ pair the machinery of distribu¬
tribution of goods." "///.' //.//.//' tion,
marketing and advertising
/'While in ordinary times it is pn which our civilian economy
advertising which provides the and therefore our whole war ef¬
urge

least

goods.

is

strongly recommend that

a
way which will put
strain
on
the nation's

least

all, I hope that the seminary and
its

New

the

upon

Therefore,

all

we

economic

and

the difficult days before

necessary war measures have dis¬

that advertising will not still have

doctrine and practice

Jewish

located

to assume that the field

reason

V In

of

materials,

no scope is
going to be left for the
free exercise of his
talents; I see
no

side"

com¬

responsibility for system.
If such a program is to
development of democratic be successful, it must have the
civilization.
/ v >
active support of the banks.

limitations, concentration, ration¬
ing, all these and many other

why
that

any man should assume, now,

advertising

■

respective

look to the banks.

the

ef¬

war

"Conversion of industry to the
manufacture
of
war

re¬

reason

point in the

;<

,.

Com¬

President urged

Hemingway stated ploy your surplus funds
by in¬
/' ; /•//./'
' vesting in Government
securities

common

;

the country

:;;////./
•"/ /
Heretofore, Mr. West said, "all
emphasis, in Washington and in
business, has been on production.

;so.'//', /,///''

do

saw

no

a

and

economy.

our

adding:

have

we

motest desire to
,

their

for

fort at which "recognition must
be given to the distribution, mar¬

lie

// /£

"We dare not destroy or
cripple
that
communications system
in

war-time,

other's

future

fighting.
:
West, President of the

has reached

Mr. Nelson declared that adver¬
communications

inspiration

the

of

ex¬

are

Association, said that

years, of

ahead."./,'i./
tising

we

Paul B.

"our

preserved

kept sound for the

peace

vision

a

to

.

he

basic structure
and

and

advertisers

their

the^—

be raised in

the

ingly powerful instrument for en¬
lightening men of all faiths re¬
garding the basic values of each

boasting.

8.. The public continues

,

economy and could help cushion
the conversion to, an all-out war

Victory Fund

Mr.

,

for

know, the money and that you take your full share
Religious Stud¬ required to win the war must of future issues in
some general
at the
seminary and will be raised, but it should relationship to your size.

serve

found- a .vital,

part:
"As

aid"

The Institute for

about regular products,
but above all about how to con¬

'■ Vrr;

^

in

munities.

-■

,

mac*e. Public Nov. 20, the ABA

"all-out

of the

mittees

har¬

mutual

u11
banks

the

men

Catholic, Jewish and Protestant
what they have.
scholars, is an important symbol
- ;
' /
of national
solidarity.
It will in
He said' .the peace-time dis¬ j 7. They want companies to tell
time, I trust, become an increas¬
tributive and marketing machin¬ them about their war production,
ported

as
as

by W. L,

Hemingway, President of the Association, in a
membership. Mr. Hemingway is President of the
Mercantile-Commerce Bank & Trust Co. in St.

Never has it

freedom

plans for distribution of government
securities has been

announced

im¬

among

moniously together in
derstanding.
;

in¬

a

tell them

re¬

mercy

letter to the ABA

has

different faiths.

lovers

good job to help
is higher than ever.

6. People

;

were

belief

of

been

■

public's

dustry is doing

'

;

5. The

i

adaptability
dreamed;

than

of

award advertisements
contribute to morale and the war
effort.
'
••
1
\

Mr.

v-r-.-V.

,•

lems

Asso-f;

Advertisers

New

seminary

of

Support of the American Bankers
Association for the Treasury
Department s

pressive efforts to study the prob¬

,

In

the blessedness
justice,

and

Supports Treasury Program For

principles which

re¬

1985

American

A. L. M. Wiggins, President,
congratulating the Jewish Bankers Association for the past
Bank
of
Hartsville,
Hartsville,
tinued, must be kept sound since Theological Seminary of America 18 years, having joined it as Dep¬ Committees in the sale of Govern¬ S. C., Vice-President, American
on its 55th
a
Bankers Association;
anniversary, President uty Manager and Secretary of its ment securities to the public.
wobbly, economy
could
not
Roosevelt
"But after all when the public
declared, in a letter Savings Division in 1924. He has
Harold Stonier, Executive Man¬
carry a huge war program "any
more
than
a
half-starved man made public Nov. 12, that an en¬ now reached the age for retire¬ has taken all the bonds that it ager, American Bankers Associa¬
during peace and freedom for the ment prescribed by the Associa¬ will take, then the Treasury must tion, /Secretary.
can
do a heavy day's labor." ;:/■■■'-/:/'//
He declared that some of the world, after a United Nations' vic¬ tion's retirement system.
Mrv?Alf.
The

emergency."

In

-

civilian

he

economy,

,

con¬

.

"must

things that must be done to win

tory

the

newed

loyalty

to

values

inherent

in

would

war

"some
that

give businessmen
headaches," adding

severe

of them

one

came

in

connec¬

tion with concentration of indus¬

Revealing that the WPB was
"preparing a complete program
for
the
production
of
civilian
goods in America during the com¬
ing year," he declared that in¬
dustry would be "consulted in the
formation of this program. Every
effort will be made to get a wellrounded
At

of

the

the

before

opinion
Nov.

dinner

12

conference,

session

William

.

M.

the

on

the

spiritual

great

Rabbi Louis

•

//'■' '■/'

"If you will

•

//

think of the public

reaction in its national

sense

each

time you write or talk about rub¬

there

ber,
and

if

there

American

the

with

will
is

be
no

people

on

survey

confusion

will

rubber

program 100%."
The findings of

the

confusion

no

go

the

along

conservation

nation-wide
public's attitude
a

advertising was presented
by Dr. Henry C. Link, Vice-Pres¬
ident of the Psychological Corp.
summarized them in

lowing
1.

part
and

A

the fol¬

eight points:
growing confidence in the

that

advertising

is

playing

play in the war effort.
2. While the public is apprecia¬
can

tive, it

is also critical, as shown

by its discrimination between dif¬
ferent types of advertisement.
3.

The

public

approves

of scrap

and war-bond campaigns.
4.

It

believes

that

the




a

Willkie Defends Right To Criticize War Conduct-

Urges Laying Basis Now For Economic Freedom
pealed for
both the

in

New

President's
;

J /

York

letter

THE

City.

The

=

follows:

WHITE

,

J£

HOUSE,

Washington,
Oct.

Dear

Dr.

The

Finkelstein:

55th

Jewish

27, 1942.
r

anniversary

Theological

America

is

an

of

the

Seminary

occasion

for

of

con¬

faculty, board of di¬
alumni and others asso¬

ciated with the

institution, but the
community. Of special importance
today is the emphasis which your
teachers

and

graduates

place

on

number

a

of years.

As

a

re¬

sult of his activities in
organizing
liberty loan campaigns in western
Pennsylvania during World War
No. 1, he became associated with

the

United

States

Chamber

In

came

to the A. B. A.

addition

retary

of

•

to

serving as Sec¬
Savings Division,

the

Mr.

Albig has been Secretary of

the

Association's

Marine
B.

in

the intimate

A.

Commerce

Commission,
Foundation

and

and

the A.
Education

for

Economics, for which he helped

relationship between to raise the funds established in
religious traditions deriving from 1925 in celebration of the
50th an¬
the prophets of Scripture and the
niversary of the American Bank¬
democratic

are

struggling

world

the

ideals

conflict.

the

world

after

war

United

Nations

for

which

we

the

present

is

to

be

world

a

dom must be founded

on

renewed

loyalty to the spiritual values in¬
herent in the
great religious tra¬
ditions which have saved man¬
kind from degradation in the

past

which

offer

for

the

civilization

greatest
in

the

future.
The
are

of articles

enemies

realized

in

this,

their

world with

of

and

effort
an

mankind

battle

war
cess

sable

assault

subdue
on

us

to

and

savings busi¬
of

brochures

ings banking subjects.
author of

a

a

book

on

He
the

number
on

sav¬

was co¬

railroad

situation published in 1932
called,
"Stop, Look and Listen." Mr. Albig's friends are planning to ten¬
Astoria
on

Dec.

a

dinner at the Waldorf-

Hotel
11

as

in
a

New York

token

of

City
their

economic

ment.

This

plished

by

self-develop¬

cannot

be

accom¬

declarations

mere

of

out*

leaders, as in an Atlantic
Charter, particularly when one of
the two principals to that instru¬
has

ment

in

last

the

few

days

seemingly defended the old im¬
perialistic order and declared to
shocked

ment

world,

'We mean to
accomplish¬
depends primarily upon ac¬
own.'

our

ceptance

the

by

of

peoples

the

For if the failure to reach

international
it

Its

last

war

taught

leaders

us

understanding after
taught us anything
this: Even if war

apparently

agree

upon

principles, when they come to the
item—they make their own
interpretations of their previous

peace

declarations.

So

while the

is being fought, the

war

unless

today,

people of the United States and of
Great

Britain,

of

Russia

and

of

China and of all the other United

esteem and in recognition of his Nations, fundamentally agree on
long service to the savings bank¬ their purposes, fine and idealistic
religious ing business.
expressions of hope such as those

therefore
to

who

against

author

today / to
presently to/all

and, when the
is over, to all the world, ac¬
to
the
materials
indispen¬

the

is

work

available

close student of the
and

be¬

the

as

to the

into

come

fighting for" and

of the Atlantic

Charter

merely to mock
Wilson's

the United Nations

world.

ness

all

ap¬

working together with all the Allies in order to win

should

make

the banks in the country to more
Mr. Albig has been a

der him

arrayed

"We

a

than 87%.

we may

and the peace.

spoke before the New York
"Herald Tribune" Forum, stated:

hold

A.

more

war

who

1934 he has been

B.

Nov. 17 called for frank discussion

on

As to the goals to the accomplishment of real
freedom, the 194(1
Republican Presidential candidate^

A.

enduring peace and of free¬
dom, that peace and that free¬

and

Since

January
Secretary of the
Membership Committee,
to
emerge from during which period the member¬
a
victory of the ship has risen from 64% of all
in

of

promise

Association.

ers

Wendell Willkie

desires and needs of the Allied peoples "so that
substantial agreement concerning what we are

of

Commerce, from which organiza¬
tion he

mem¬

bers of your

gan

Army-

educated in its school

was

and is

for

Hotel

If

toward

He

•

re-

sity of Pittsburgh and at Harvard
University. He taught
in
the
schools of western Pennsylvania

rectors,

Mr. Jeffers

Pennsylvania,

did graduate work at the Univer¬

publishing profession to help give
the public a complete picture of
situation.

native of

a

Finkelstein, Pres¬

gratulation not only to the

the rubber

big is

ident of the Seminary, was read at
a
dinner at the Waldorf-Astoria

Jeffers,
R fibber
Administrator,
appealed to the advertising and

stated:

re¬

,

act."

we

founded

system,
graduate of Pennsylvania
Teachers College and West Vir¬
ligious traditions."
•.
£
^
K
The President's letter, addressed ginia University.
In addition, he
to

try.

be

us

Fourteen

will

by

the

Mr.

Points.

four freedoms will not be

plished

live

have

as

The

accom¬

declarations

those momentarily in power.
will become real only if the

of

They
peo¬

ple of the world forge them into
'And political interna¬

actuality.
tionalism

alone

plish them.
rest

economic

on

ism.

.

not

accom¬

must

international¬

///V/'V///<'•;,:,

.

"There

is

condition
be

will

Real freedom

another

about

thinking,

economic

which

we

must

for

it is the most
necessary of all goals to the ac¬
complishment of real freedom.
Not only must people have access
to what other peoples
produce,
but

their

own

turn reach

men

There will be^
be

norqal

will be
less

we

products
all

no

must

in

over

the world.

peace,

there will

* development,

there
stability un¬
find the method by which
no

economic

the trade barriers hampering the
flow of goods are removed.
I
know there are many men, par¬

ticularly

in America, where our
of
living exceeds the
living in the rest of
the world, who shudder at such a
standard

standard

of

project, who believe that
will only lessen

process

standard

of

living.

of this is true."

The

any

such

our

own

reverse

FINANCIAL CHRONICLF'

THE COMMERCIAL &

1986

Thursday/December 3, 1942"

'

Moody's Bond Prices And Bond Yield Averages Steel Operations Unchanged-t War Contracts Lend-Lease To Allies :
Moody's computed bond prices and bond yield averages are
Set Record In October
Being Readjusted—Better Balance Attained
given in the following tables:
'

MOODY'S

(Based

on

BOND

"Readjustment of

PRICES!

contracts is confusing many companies,"

war

they know the war is far from being won, they are
1942—

U.S.

Daily

Corpo¬

orders

221436

rate"

Aaa

116.78

1

Corporate by Groups*

Corporate by Ratings*

Bonds

Averages
Dec.

Avge.

Govt.

107.27

116.80

A

Baa

108.88

91.77

Aa

113.89

R. R.

96.54

Indus.

P. U.
111.81

114.27

could

items

of

116.80

113.89

108.88

91.91

96.69

111.81

114.46

107.27

117.00

113.89

108.70

91.91

96.69

111.81

114.46

ports an increase in cancellations

27

116.85

107.27

117.00

113.89

108.88

91.91

96.54

112.00

114.66

which

are

116.99

107.44

117.00

92.20

96.85

112.00

114.66

switch

in

Closed

partly
due
emphasis to

the

to

23

117.21

107.44

117.00

114.27

108.88

92.35

97.00

112.00

114.66

21

117.24

107.44

117.00

114.27

108.70

92.50

97.00

112.00

114.66

20

117.30

107.44

117.00

114.27

108.70

92.50

97.00

112.00

114.66

fighting
planes and ships. Structural and
reinforcing fabricators report
many
cancellations—a result of

107.44

24

107.44

117.06

______

108.88

114.08

108.88

114.27

117.00

92.20

96.85

112.00

114.66

decision

WPB

117.00

114.27

108.70

52.50

97.00

114.66

the

18

_____

117.36

107.44

117.00

114.27

108.88

92.35

97.00

112.00

114.66

struction

17

117.36

107.62

117.20

114.08

108.88

92.50

97.16

112.00

114.66

_____

16

117.36

107.44

317.20

114.08

108.70

92.50

97.16

112.00

114.66

_____

117.36

107.62

117.20

114.27

108.70

92.50

97.16

112.00

114.66

112.19

114.46

112.00

114.46

117.36

19

1

■

14

13

117.36

107.62

117.20

114.27

108.70

92.50

97.16

12

117.36

107.62

117.20

114.27

108.70

92.50

97.16

11

Closed

Exchange

_

112.00

curtail

to

order to make materials available

military

"Already
duction

use.

slashes

tank

114.46

117.36

107.62

117.20

114 08

108.70

92.64

97.31

112.00

114.27

Some

117.36

107.62

117.00

114.27

108.70

92.64

97.31

112.00

114.27

6

117.36

107.62

117.20

114.27

108.70

92.64

97.47

112.00

114.46

5

117.38

107.62

117.00

114.27

108.70

92.64

97.31

112.00

114.27

117.38

107.44

117.00

114.08

108.70

92.64

97.31

112.00

114.27

2

117.38

107,62

117.20

114.27

108.70

92.64

97.31

112.00

114.27

30

117.38

107.44

117.00

114.08

108.70

92.50

97.31

112.00

114.27

117.38

107.44

117.00

114.08

108.70

92.50

97.31

111.81

114.27

required

117.37

107.44

117.00

114.08

108.70

92.50

97.31

111.81

114.46

ments will find its way

114.46

tial civilian needs.

10

-

.

flected

9

.

107.62

117.36

_____

4

117.38

11

97.31

111.81

92.35

97.16

111.81

92.06

97.00

111.62

114.08

107.27

117.00

113.70

108.52

92.06

96.85

111.81

114.08

107.09

116.80

113.50

108.34

92.06

96.69

111.81

113.89

______

107.09

117.00

113.31

108.34

92.06

96.54

111.62

114.08

106.92

116.80

113.31

108.16

92.06

96.54

111.62

114.08

117.93

106.92

116.80

113.31

108.16

92.06

96.38

111.44

114.08

117.92

108.16

96.23

111.44

113.12

108.16

91.91

96.23

111.44

114.27

116.41

113.50

108.16

91.77

96.07

111.44

114.27

106.74

116.61

113.31

107.98

91.77

95.92

111.62

114.08

118.22

17

113.31

116.61

106.92

118.22

July 31

116.80

106.92

118.11

______

106.92

117.97

14

114.08

106.74

116.41

113.12

107.98

91.62

95.77

111.44

114.27

91.62

95.77

111.25

106.74

116.41

113.31

3

118.09

106.56

116.22

113.12

107.98

91.34

95.77

111.25

113.89

26

118.14

106.39

116.22

112.93

107.80

91.05

95.47

110.88

118.35

106.39

116.02

112.93

107.44

91.77

96.07

110.70

113.70

High

92.06

96.69

110.70

113.70

113.50

107.62

91.91

97.00

110.34

113.50

113.31

107.62

91.62

96.85

110.15

113.31

106.92

116.22

113.70

107 80

92.06

97.31

110.52

113.70

118.41

117.20

114.27

108.88

92.64

97.47

112.19

114.66

115.43

112.75

107.09

90.63

95.32

109.60

112.75

108.52

118.60

116.02

109.60

92.50

97.78

112.56

116.41

115.89

105.52

116.22

112.00

106.04

89.23

95.62

109.42

111.62

119.65

108.16

118.40

115.43

109.60

91.91

97.31

112.37

116.02

118.84

1941

107.62

106.04

120.05

1941

Low

107.62

116.22

115.63

115.90

1942____
1942

High

113.12

106.74
106.39

117.08

-

30

Low

116.22

118.20

116.34

27

27

Jan.

106.74

117.80

24

Apr.
Mar.

Feb.

"As

1,

19 41

30;

_

106.39

118.60

114.^7

106.56

89.23

95.47

110.70

113.89

require¬
into essen¬

war

;

■

•

of

extent

steel

raw

various steel plants, the

Age" has learned that at
some plants in the Chicago, Pitts¬
burgh and Eastern districts, the
inventory
of
ingots is
slightly
higher

than

it had been before
requirements.
The

Lend-Lease
condition

mills

by

a

gots.'

of

in¬

these

of

one

plants in the

East, the situation was in a class

itself

by

almost the

since

entire

output of steel ingots has been al¬
located for Lend-Lease require¬
Since this plant has no fin¬

ments.

ishing facilities, these ingots must
be shipped elsewhere.
another

which

a

company

slightly

a

up

ingot inventory did

of

cause

case

built

had

in

breakdown

a

be¬

so

bloom¬

mill equipment. The inven¬
tory will be
dissipated rapidly
now that repairs have been made.

ing
BOND YIELD AVERAGES!

MOODY'S
(Based
1942—-

U.S.
Govt.

Averages

'

;

Prices)

In

Corpo¬

Bonds

Individual Closing

Avge.

Daily

on

Dec.

Corporate by Groups

Corporate by Ratings
Aa

Aaa

Baa

A

R. R.

P. U.

30
28

27

_____

2.96

3.23

4.29

3.97

3.07

2.94

3.32

2.81

2.96

3.23

4.28

3.96

3.07

2.93

3.32

2.80

2.96

3.24

4.28

3.96

3.07

3.32

2.80

3.23

4.28

3.97

3.06

2.92

3.31

2.80

4.26

3.95

3.06

2.92

2.96

Exchange

26

25

2.95

Closed
3.23

other

The situation in

3.31

2.80

2.94

3.23

4.26

3.95

3.06

2.92

production is

3.31

2.80

2.94

3.23

4.25

3.94

3.66

2.92

seems

_____

2.06

3.31

2.80

2.94

3.24

4.24

3.94

3.06

2.92

2.06

3.31

2.80

2.94

3.24

4.24

3.94

3.06

2.92

nearing

Last

climax.

week

._

3.24

4.24

3.94

3.06

2.92

pressure

2.94

3.23

4.25

3.94

3.06

2.92

panies which

2.79

2.95

3.23

4.24

3.93

3.06

2.92

2.05

_____

■

13

2.94

2.80

3.30
3.31

2.79

2.95

3.24

4.24

3.93

3.06

2.05

3.30

2.79

2.94

3.24

4.24

3.93

3.06

2.92

2.05

16

2.80

3.31

3.30

2.79

2.94

3.24

4.24

3.93

3.05

2.93

2.94

3.24

2.92

2.05

3.30

2.79

4.24

3.93

3.06*

2.93

11

;.

10

_____

2.05

3.30

2.79

2.95

3.24

4.23

3.93

3.06

2.93

2.05

3.30

2.79

2.95

3.24

4.23

3.92

3.06

2.94

_____

12

_____

9

Exchange

alloy

on

are

tight

the

WPB

steel

not

but

sort of

put

com¬

making

now

their openhearths,

in

steel

carbon
alloy steel

some

various

3.31

2.05

2.05

14

to

only

not

be

to

2.05
_____

17

refer

stocking

2.07

18

v

ingot

2.06

19

this tem¬

_

steels.

21

.

December

"Most of the current reports of

_____

20

the

in

situation.

porary

23

24

;

investigated

cases

revisions

steel quota will correct

2.93

2.09

_____

2.09

2.81

2.09

.

_____

3.32

2.09

_____._

the

WPB

Indus.

2.08

1

Nov.

rate

are making small
amounts, to
explore the possibility , of step¬

or

ping

up

Closed
■

The

alloy steel production."

American

Institute

Iron

Nov.

on

and

30

announced

2.05

4

3

2.80

2,94

3.24

4.23

3.92

3.06

2.94

3.30

2.79

2.94

3.24

4.23

3.91

3.06

2.93

that

2.80

2.94

3.24

4.23

3.92

3.06

2.94

had

received

3.31

2.80

2.95

3.24

4.23

3.92

3.06

2.94

3.92

3.06

2.94

operating rate of steel companies
having 91% of the steel capacity
of the industry will be 98.3% of
capacity for the week beginning

Exchange Closed

__

30

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.06

2.94

23

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

2.94

16

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

2.93

9

2.05

3.31

2.79

2.95

3.24

4.24

3.92

3.07

2.93

2

Oct

2.05

3.32

2.80

2.96

3.25

4.25

3.93

3.07

2.94

3.32

2.80

2.96

3.24

4.27

3.94

3.08

2.95

4.27

3.95

3.07

2.04

25

Sep

2.03

3.32

2.80

2.97

3.25

2.95

2.03

3.33

2.81

2.98

3.26

4.27

3.96

3.07

2.96

to

4

2.03

3.33

2.80

2.99

3.26

4.27

3 97

3.08

2,95

2.03

3.34

2.81

2.99

3.27

4.27

3.97

3.08

2.95

3.34

3.27

28

__

7

___

______

3.98

3.09

2.95

2.99

3.27

4.28

3.99

3.09

2.95

3.00

3.27

4.28

3.99

3.09

2.94

one

month ago,

one

3.34

2.83

2.98

3.27

4.29

4.00

3.09

2.94

2.00

3.35

2.82

2.99

3.28

4.29

4.01

3.08

tons

2.95

3,35

2.83

3.00

3.28

4.30

4.02

3.09

2.94

3.35

2.83

2.99

3.29

4.30

4.02

3.10

2.95

mary

3.36

2.84

3.00

3.28

4.32

4.02

3.10

2.96

kets,

3.37

2.84

3.01

3.29

4.34

4.04

3.12

2.96

29

1.95

3.37

2.85

3.01

3.31

4.29

4.00

3.13

2.97

1.99

3.35

2.84

3.00

3.30

4.27

3.96

3.13

2.97

1,703,800 tons
and 1,612,500 tons

of

of the iron and steel
on

mar¬

"Signs of the better balancing
war production continue to ac¬

27

1.96

3.35

2.84

2.98

3.30

4.28

3.94

3.15

2.98

Feb

27

2.11

3.37

2.67

2.99

3.30

4.30

3.95

3.16

2.99

about

Jan.

30—

2.05

3.34

2.84

2.97

3.29

4.27

3.92

3.14

2.97

terial.

2.14

3.39

2.88

3.02

3 33

4.37

4.05

3.19

3.02

1.93

3.30

2.79

2.94

3.23

4.23

3.91

3.05

2.92

2.13

3.42

2.86

3.06,

3.39

4.47

4.03

3.20

3.08

"Ingots and billets actually are
piling up here and there, due to

1.84

3.25

2.72

2.85

3.19

4.24

3.89

3.03

2.83

cancellation of

1942 —

High

1942

Low

High

1941

Low

1941

1

Year

Dec.

1,

___

—

1.87

3.27

2.73

2.88

3.19

4.28

3.92

3.04

2.85

1.94

3.37

2.72

2.94

3.36

4.47

4.04

3.13

2.96

2 Years ago

Nov.

30,

1940.

yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages the latter being the true picture of the bond market.
!The latest complete list of bonds used in computing these Indexes was published
•These

V

prices are computed from average

.

in

the

and

issue of Sept.

17,

1942, page 995.




less

shortages

shipments

ago

1041_

have

*

the

about

goods manufacturers
regarded
the
news
easier steel supply as

paving the
tion
not

for early resump¬

way

normal activities

their

of

and

talk

of

heard

critical

certain

to

is

yet have justification for this
other than that the War

Production

some

is

Board

revisions in

orders, unless liberalized, will re¬

being
converted
structural shapes, tin plate,
and reinforcing bars.
Also
duction
has
as

of certain

been
a

hausted.

pected,

While

of

or

lessons

reduced

learned

at

reached.

been

steel

producers

stricted

they

customers

to

as

sharply

are

re¬

whom

to

sell.

may

"Reductions in PRP quotas con¬

tinue

to

cancellations

cause

too small to match commit¬

ances

reduce

to

our

Allies would

had been

once we

brought into the war." He added:
"During the last four months
we
have had the1 imposing task

;

of

>

equipping and transstrong expeditionary

arming,

porting
force

our

in North Africa. Never-

now

theless,
months

we

orders

new

resulted

were

services to
of the

Two-thirds

Allies.

our

users

late to place or¬
ders for delivery this year.
This
quotas until too
includes

contractors

some

on

war

work.

"War

a

steel

cars

rails,

be

has

Board

Production

and

allowed railroads

for vari¬

tonnage for first quarter is 480,000 tons, with 288,000 tons of ac¬

For first

equipment repairs.

freight cars will

six months 20,000
be allowed.

"Delivery situation is steady in

nearly all products.

•

possible

every

are

source

intensified and the fact is

repetition of

kept in mind that a
drive

household

be

not

can

Other sources are being

explored and government agencies

military items
ferred

those

largely

of re¬

than

value.

Additional pig

duction

from

serve

material,

cost

where
greater

is

claiming

other

and

equipment

ter

scrap

iron pro¬

furnaces

new

to close the gap

''Blast-

370,595

in

and

tons

of

Lake

7,-

Su¬

perior iron ore, compared with 6,-

last year.

the same month

in

hand

Furnaces Nov. 1

45,883,243 tons, com¬

pared with 38,852,223 tons a year
In the United States 174

blast furnace stacks were

ice

Nov.

month

1

in serv¬

compared with

earlier and

Early

169

on

172

a

Nov. 1,

on

Nov. 23 loading of

90,000,000' tons of ore at the head
of

the

lake

season

*
■
>

war

December, 1941,

out that there are al- *

Pointing

valleys in pro- '
transfers, the Presi¬
warned
against
assuming ;.
and

peaks

ways

dent

he

and

thought the "steady increase
our
production is likely to

in

was

completed, top¬

shipments of 1941."

,

the ;

increase in

growing

a

mean

aid

supplied to our Allies for the

next

year."
President's

The

said

ther

fur-

statement

alone

"figures

da

not

reflect the importance
of the help the Allies have given
begin

to

,

\

other.

each

"Figures do not show how the
aircraft carrier Wasp carried two **

of Spitfires
to
American engiexpanding

priceless
loads
Malta, or how
the

soldiers are

and

neers

capacity
of
the
railroads
supplies
into
Russia
Gulf;

Persian

the

from

Nor

'
•
*

;

do

figures indicate the value of the '
assistance being furnished to our
troops abroad under the re-

own

ciprocal

>

agreements recently

aid

Great

with

concluded

New

Australia,

Britain,

,

and

Zealand

•

Fighting France.
"We
do

intended

and '»

intend

to

diminish

our

aid

in

the# slightest.

have

not

lend-lease

never

record

The

months

the

for

that

shows

we

"last

four
seek¬

are

ing to strike a careful balance be¬
supplying our own army

tween

and

supplying

the

other

armies

fighting in the common cause."
further

President

an¬

nounced that the Lend-Lease Ad¬
has

ministration

discussions
of

the

just

with

completed

representatives
countries

re¬

requirements

for

lend-lease

garding

their

1943.

Moody's Daily
Commodity Index
Tuesday, Nov. 24___
Wednesday,
Thursday,
Friday,

230.4

Nov.. 25__;_;
Nov.

Nov,

230.7

!

26____

27__

*
230.8

___

Saturday, Nov. 28
Monday,

Nov.

weeks

Month
Year

ago,

1941

High.

Low,
1942

•Holiday.

17

231.8

31__'..___^_.

232.2

1__L_

Sept.

Feb.

Low. Jan.

230.8

Nov.

Oct.

Dec.

High,

230.4

1

ago,

ago.

230.6

30___

Tuesday, Dec.
Two

1941.

the

of

outset

68,946,113 tons,

against 61,393,488 tons in the like

earlier.

the

In ten months this year

consumption was

on

Allies, and con$169,000,000
military items transwith

January, 1942.

The

United

the

consumed

October

gross

tons

alone were trans¬

our

this

in the months of

•

furnaces

in

States

may

of late win¬

shortage.

had

to

trasted

pushing salvage of structures,

are

in

and

carrying

"Efforts to obtain dormant scrap

the

that

October, "when
our
preparations for the African '
campaign were at their height," '
more
than $198,000,000 worth of-

tons of steel

cessories and 330,000

expected.

stated

President

The

September

for steel, that the record levels could be
locomotives maintained every month, although '

portions of 1943, to allow or¬
ders to be placed promptly to ob¬
tain delivery. Allowances are con¬
siderably below quantities desired
by the carriers and are deter¬
mined in accordance with needs
of other steel
consumers.
Rail

from

,

program

ous

for

were

in Russia."

lines

duction

formulated

to

goods

has
receiving

in

delay

>

same four able to transfer >

$2,713,000,000 worth of goods and

at

by PRP

from

•

those

during

ferred

full

to

aid

our

of

continue

devised

that

sharply decline

worth

ping by nearly 10,000,000 tons the

be

Jr., Lend-Lease Ad-,
the
President said
that
"these
figures show
how
Wrong the Axis was in assuming'
Stettinius,

ministrator,

Some curtailment

ments at mills.

in

by

allow-r

their

find

who

the fighting fronts.
Of all metals
'zinc is most critical and new ways
to

a

record
of more
$915,000,000 worth of lend-'
lease goods and services had been
furnished to the Allies, topping'
monthly

than

decisions yet
Meanwhile,

definite

no

easing is ex¬

some

have

pipe
pro¬

military items

eliminated

result

of

into

on

October

during

military items,
sult in stripping the civilian econ¬
including large numbers of planes
omy
to an unwarranted degree and tanks that helped to turn the
after present inventories are ex¬
tide
in Egypt
and to hold the

period last year.

reduction

tonnage

considering

of its limitation

The board feels that these

orders.

ma¬

lend-lease

do

belief

421,959

Nov. 30 stated in part:

cumulate

Mar

who

ago,

"Steel" of Cleveland, in its sum¬

1.98

Apr., 24

week

one

1.96

.

"Civilian

year ago.

4.27

1.98

______

3'
June 26

2.99

2.81
2.82

1.99

17

10

2.81

3.34

3.34

2.Of

31
24

operating rate, according
Institute, is equivalent to
1,681,600 tons of steel ingots and
castings, compared to
1,681,600

2.02

14

May

the

the

2.02

2.02

21

•

that

week's

11

July

indicated

Nov. 30, compared with 98.3% one
week ago, 99.6% one month ago
and 97.6%
one
year
ago.
This

18

Aug

example, eliminating certain
applications of stainless steel.

telegraphic reports which it

3.30

4.23

._

5

3.30

2.05

_____

6

2.05
2.05

7

that

assure

for

being

Steel

To

of alloying elements
will go round further efforts are
being made to conserve them, as,
supply

consumers

':>v:/■

"At

craft construction.
the

no

'piling

these

at

indicates

means

heavier

1940-

the

to

"In

2 Years ago

Nov.

on

"Iron

1 Year ago

Dec.

direct

for

stocks in

113.89

29

May

118.26

107.80

pressure

steel mills which have been

114.08

91.91

10

June

lessening

re¬

that

15

any previous
comparable period
consumption, as by painting in¬
by more than one-third.
stead of galvanizing sheets.
In commenting on the results,
"A notable trend is the rising
demand for alloy ♦ steels for air¬ submitted to- him by Edward R.

pro¬

been

rolling tank piates.
"As
reported two weeks ago,
the WPB will not permit any pil¬
ing of ingots but will see that any
steel production in excess of that

114.27

108.70

114.08

117.80

21

.

92.50

108.52

113.89

117.85

4

Aug. 28 —

V'

108.70

113.89

117.00

117.75

—

117.20
117.00

107.27

117.62

______

18

107.44
107.27

117.51

—

25

I

112.00

117.39

9

2

Sep

97.16

Exchange Closed

3

Oct

92.64

108.70

114.08

117.20

in

in
have

schedules

7

1

con¬

drastically in

programs

for direct

nation

the

■/.

107.27

116.78

Exchange

seemed

once

re-3>

116.78

25

it

;

.

"The machine tool industry

30"!

26

which

get enough," adds the "Age," which further goes on to

never

in part:

say

material

war

on

28

Nov.

President Roosevelt revealed

"While Nov.
receiving stop new

according to "The Iron Age" in its issue of today (Dec. 3),

Average Yields)

,230.8

9_

219.9

'

17

Oct.
2__

3

___

1

171.6

236.4
220.0

■

Volume 156

Number 4130

Bankers' Dollar

THE COMMERCIAL & FINANCIAL CHRONICLE

seven points in the
component index of
output of producers' durable goods from September to October evi¬
denced the continued progress in the production of war
goods which
are
largely concentrated in this group.
Output of producers' non¬

Acceptances Outstanding

On Oct. 31 Decline To $118,581,000

durable goods, and of consumers'
goods, both durable and non-dur¬
able, was maintained at approximately the September level
during
October.".
1 x ■ xA

J

The volume of bankers' dollar acceptances

outstanding

Oct. 31

on

totaled
and

$118,581,000, a decrease of $4,913,000 from the Sept. 30 figure
new low for the last 25
years, according to the monthly report

a

issued Nov.

.

"After allowance for seasonal
factors, somewhat divergent ten¬
dencies were shown
among the various available retail trade series
during October. Sales by department stores, mail order

17 by the Acceptance Analysis Unit of the Federal Re¬
The total amount of acceptances outstand¬

Bank of New York.

serve

ing, on Oct. 31

$66,225,000 below

was

Only credits based

a year ago.

variety chain stores

goods stored in or shipped between foreign
countries were higher than both a month and a
year ago. All other
comparisons, with the exception of exports, which was above a month
ago, and domestic shipments, which advanced over a year ago, were
'-x/

lower.

XX-'

BANKERS'

DOLLAR

AAXXA A;AX X':':

ACCEPTANCES

BY

FEDERAL

Boston

X,,AAuxA.XX-

71,430,000

Philadelphia X^-A,xAX-^~-A AX'
Richmond
Atlanta

A;

x_x-

—.A—

7

Chicago

8

St.

9

Minneapolis

1,413,000

;xX~~~+AA--XAx/;;

Kansas

A—'---+

11

Dallas

San Francisco

__A

—

4,707,000

■

Domestic

shipments

Dollar

exchange —1;

;

$108,867,000

5,755,000

10.939,000

28,491,000

37,169,000

Bills

.

Decrease

'

BY ACCEPTING

323,000

for

month.

Dealers'

V2
'•■■■vX' ;•

_

Va

,

17,

that

_

1939

Atlantic

Southern

Nov.
Dec.

Jan.

31

Feb.

233.015,000

Feb.

28—

Mar.

31—

Nov,

„

._

3OX

Dec.

Jan.

31

211.865,000

Feb.

28——

Mar.

31—

132.675,000

219,561,000

Apr.

30—

177,293,000

;

229,705,000

Mar.

30_-

223,305.000

Apr.

31-—.---

213,685,000

May

31

29—AA 206.149,000

June

30_

July

31

July

31—

Aug.

31—XX- 181,813,000

Aug.

30—

197,472,000

Aug.

30——

Sept.

30—

176,801,000

Sept.

Oct.

31

Oct.

186,786,000

-

XX

215,005,000

May

212,932,000

June

209,899,000

Julv

—

—

31

29

member of the orders and

the

cates

figures

activity of the

are

'

based

on

the

a

operated,

!

'

1

Period

Orders

Production

ReceivedX

,

A xx;XX;-xxv,.

Tons

Orders

Tons

•

4—

94,257

—

11——XX—

'July

92,481

112,513

Aug.

IX——.——X,;

Aug.

8—

15

Aug.

*

Sept.

1.423,977

1,674,588

3,583,408

3,222,346 j

1,476,442

19

1,806,259

—

3.756.922

3.273.375

+

14.8

2,769,346

1,490,863

26

—

3,720,254

3.273.376

+ 13.7

2,816,358

1,499,459

1,777,854

3,682,794

3,330,582

+ 10.6

2,792,067

1,506,219

1,819,276

already agreed to buy war bonds
by this method of systematic sav¬
ing. These figures do not include

3

10

Activity

Oct.

Oct.

•

Nov.
Nov.

208,206

119,299

213,890
212,953

10.3

2,817,465

1,507,503

1,806,403

payroll savings of members of the

2,837,730

1,528.145

1,798,633

+ 12.3

2,866,827

armed forces.

1,533,028

1,824,160

3,774,891

3,380,488

+

11.7

2,882,137

1,525,410

1,815,749

31 X—

14

73

3,761,961

3,368.690

+ 11.7

2,858,054

1,520,730

1,798,164

3.775,878

3,347,893

+ 12.8

2,889,937

'AAA,

1,531,584

1,793,584

3.795.361

3,247,938

+ 16.9

2.839.421

1,475.268

-AX

1,818,169

3,766,381

3,339,364

+ 12.8

2,931,877 :

1,510,337

1,718,002

20,596

as

87

General

86

132,212

228,355

10—147,437

131,961

24—

—

152,644

X

-

224,926

131,173

'

81

78
80

86

80

261,871

86

•

79

'

85

150,133

136,249

275,139

81

85

138,423

138,262

272,006

84, X

85

157,919

138,492

291.780

84.

85

'14—147,815

137,355

301,088

83

133,188

310,439

83

—

31

————

7—..

—r

X——

21—

146.335

,

'

made

for

or

filled

from

stock,

and

other

85

made

•

unfilled orders.

X

necessary

adjustments of

X

N. Y. Reserve Bank Index At Record In October
During October the monthly index of production and trade com¬
puted at the Federal Reserve Bank of New York rose one point to
a record high of 121% of estimated
long-term trend, 11 points above
Industrial production moved into
retail

trade

in

general

remained

level, seasonal factors considered.
The bank further stated:




new

at

announced

on

Nov. 24.

high ground in October* while
approximately the September

No.

of

1

first

580,717,000
merchandise

26,800 less

cars.

The

load per car jumped from
17,858 pounds to the September
high of 20,566, a figure just over
the

10-ton

minimum

set

by

the

order.

efficiency in

from

14,638

pounds

switching companies—showed
increase
in
September over
of

10,837,000

pounds of
for
which
these
roads used only 73 more cars than
they used in August. The average
load per car increased from
15,411
pounds in August to 16,395 pounds
1-c-l

in

freight

September,

for

bond

load

Class

failed

I

roads

to

reach

cars

loaded

were
one

of

the

and

eight

exceptions to the order.
The

panies

11,249

freight forwarding com¬
during September loaded
cars
with
424,115,767

pounds of merchandise for

high

average

The

car.

a

new

of 37,703 pounds

forwarders

showed

increase in September 1-c-l

per
an

over

August of 27,070,000 pounds.
See

also

Oct.

29

issue

of

icle,"

page

L.

or

the

minimum set by the general

order, the

paying

"The

1556.—Ed.)

Perkins

had

lowered to

ployed

by

concerns

mum

the

New

of Nov.

York

"Herald

x

ducing

possible wherever State
it.
Mr.
Walling

permit

pointed
of

goods, it is explained,

war

be

that

out

restrictions

load

new

re¬

such employers to
adhere strictly to the new mini¬
Lumber shipments of 461 mills
mum age limit and to eniploy no
reporting to the National Lumber
girls under 18 years in hazardous
Trade Barometer exceeded pro¬
posts or between the hours of 10
duction by
4.4%
for the week
In the same

sponsibility,

p.m.

and 6

on

a.m.

"Secretary

Perkins

reporting mills amounted to 71%
of stocks. For reporting softwood time Commission."

average

relaxation

the

imposed

merchandise

the

Tribune"

"Hiring of 16-year-old girls by
manufacturers
engaged in pro¬

10.9%

and

industries spe¬
Reporting this,

14 said:

were

cars,

on
The mini¬

formerly was 18 years,

age

except in fifteen
cifically exempt.

new

handled in 369

years

working

Government contracts.

week

were

16

the minimum age for women em¬

laws

Ended Nov. 21, 1942

Walling, Adminis¬

Wage and Hour Divisions of the
Nov. 13 that Secretary of Labor

will

Lumber Movement—Week

Metcalfe

trator of the Public Contracts and

comparing the short line fig¬
ures for September
against those
of May, 11,467,000 more
pounds of
less

than

better

to

10% by the end of the year."

pointed out,

was

ended Nov. 21, 1942.

In

and, as the slogan indicates,
increase deductions authorized

to

in

ways—the short lines and termi¬
nal

payroll savings plans to 30,000,-

Job Age Limit For Girls
it

either
lines

cooperation

Labor Department Lowers

——

In all cases,

short

in

000

May to 16,395.
where

Nov. 16 by

383,429,000

was

Commercial and Financial Chron¬

The Class II and Class III rail¬

August

October, 1941, the Reserve Bank

on

average

an

the level of

in

ODT

shows

more

handled

*

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

items

effect,

85

Note—Unfilled orders of the prior week
plus orders

necessarily equal the unfilled orders at the close.

Order

pounds

86

248,026

134,197

took

86

•
'

236,208

went

increased

savings

drive, ini¬
the Treasury
with
leaders of management and labor,
with the slogan, 'Top That 10%
By New Year's/ has as its object
on

The Class I carriers,

operated under

87

1

The

car.

September Class I record,
compared
with
May, when

78

138,477

per

further

The

65

129,503

pounds

to say:
X

87

of

payroll

Department

in

The Office of Defense
Transportation on Nov. 18 announced that
nation's major railroads reached a new

peak

"A

tiated

raising the number of participants

Averaged IOV4 Tons In September

Order ODT No. 1,
prescribing cer¬
limits for merchandise load¬

'88

74'
77

X

v

.'Xx-1

218,539

133,513

orders

+

+ 12,2

3,340,768

7

•

144,506

Nov

3,355,440

3,313,596

tain

88

have

3,752,571

222,636

Oct, .17——
Oct.

122,735

-

number

3.717.360

announcement

.

this

of

3.702,299

of

76

75%

X-A-

17
24

pounds for which 7,700 less cars were required.
the provision of General^

Xv X'-'.vX

75

1,792,131

than

—.

89

x

have

12 A—.

89

.

.

plans

1,750,056

August

A/Xft;

74

X;
..

savings

been introduced in firms and

1,761,594

90.

219,700

+ 13.7

"Payroll

1,436,440

101,891

—

government agencies which em¬
ploy 28,100,000 people, and more

3,230,750

1929

1,464,700

124,580

—

1,733,110

1932

2,714,193

124,440

—

1,431,910

1940

2,736,224

129,486

3-

+12.9

1941

2.591,957
2,773,177

106,933

19—-X X-X
26

Oct.

now

3,238,160

over

+ 11.6

122,236

.Sept.

1,729,667

3,673,717

—

•Sept.

1,724,728

1,415,122

3,654,795

—X

5
12

1,426,986

2.743,284
2,745,697

90

124,763

X-

2,762,240

71

213,443

earnings which

the deductions represent.

+ 12.5

52

208,769

the percentage of

+ 11.8

226,341

125,653

11.7

3,233,242

ing, handled during September a
total
of 8,042,677,763
pounds in
391,064 cars for an average weight

121,035

12.8

3,263,082

91

120,262

22—
29—

-Sept.,

X

16.9 '

(Thousands of Kilowatt-Hours)

3,637,070

59

114,969

28.8

1941

236,536
X

120,982

119,023
1

'

Aug.
Aug.

114,917

9.7

26.0

% Change

■

223,809

77,996

103,559

July. 18—A+--.—.L
July 25—

20.0

11.4

less-than-carload freight movement
during September when the 116
reporting lines loaded an average of 10V\ tons per car. The mer¬
chandise
increase
for
September over

TonsCurrent Cumulative

.'100,337

10.4

22.6

+ 12.4

the

1942—Week Ended—

July

X 11.5
XX

under
.

000,

6.9

3,649,146
—

L. G. L.

,

'

XX.

27.8

12.8

"During the month, $287,000,representing 7.7%
of total
earnings, was set aside for war
bond, buying through payroll sav¬
ings plans. The increasing num¬
ber of participants in this period
is, of course, not yet entirely re¬
flected in total deductions, or in

4.7

X X 7.7

Nov 28

These

Percent of

Remaining

,:

•

* x

6.4
•

Nov 21

'

Unfilled

2.4

1942

each

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

States, the announcement
said, adding:

Nov. 7

3,261,149

Nov

•

STATISTICAL

12.9

20.0

X X

Included in this total are nearly
19,000,000 employees in private
firms; 2,400,000 workers in Gov¬

agencies, and 2,000,000
people in the armed forces of the

NOV. 14

9.8

14.2

WEEKS

of their

earnings for the purchase of War
Savings Bonds, bringing the total
number of participants in payroll
savings plans up to 23,300,000, the
War Savings Staff of the Treasury
Department announces.

United

6.0

11.8

States..

workers

3,132,954)

Oct

figure which indi¬

time

!

25.8

United

more

October pledged part

3,639,961

Oct

118,581,000

from

The output
of the simi¬

Nearly 2,000,000
in

3.672.921

of the total in-1
week

Pledged to Buy War

XXX.

Oct

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

Industry,
■'

production, and also
mill

More

Sep

156,302,000

We give herewith latest figures received
by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.

each

columns.—-Ed. 1

127

Sep

Weekly Statistics Of Paperboard Industry x

statement

previously given each week

our

89

and seasonal varia-

excess

10.6

9.9

5

Nov

The. members of this Association
represent 83%

and

Sep

123.494,000

31—X—

Nov. 21

0.8

7.5

Aug 29

139,304,000

X
—

shipments

industry, which

ernment

5.6

Aug 22

Oct

a

in

X

OVER PREVIOUS YEAR

29.0

8

Sep

162,849,000

31

16.9% in

was

13.9

1

Oct

dustry, and its program includes

were

138

89
128

increase of 12.8%.

an

Nov. 28

_

'Aug 15

173,906,000

30—

Oct.

184.806,000

Vug

Aug

30.

176,614,000

30

194,220,000

'

31

Sept.

31
-

129

113

113
135
X

1942

190.010,000

217.312,000

_

May
June'

188,350,000

INCREASE

_

Week Ended

197.278,000

31—

1942—

Apr.

x

_

X/ '

208,659,000
—.

91

Institute, in its current weekly report, esti¬
electricity by the electric light and

Coast

Total

29—X—$193,590,000

212,777,000

1941—

31—.
29A

113
135

production,

other data of the

adjusted for price changes.

States

Pacific

1941—

XX—$196,683,000

232,644,000

1940—
Jan.

30

153

production of

DATA FOR RECENT

229,230.000

—

also

Mountain

.•locky

'

30

are

Industrial

us, furnishes a record of the
outstanding at the close of each

1940—

30...--..$222,599.000

148

103

Central

30, 1939:

Nov.

the

Central

:

yx.The following table, compiled by

Deck

ber

146

94

has

publication of the
figures on national lum¬

weekly

37

103

111

Major Geographical Divisions—
England

Iff

acceptances

87

36

87

Association

discontinued

preliminary.

Mew

'2

bankers'

Manufacturers'

104

-Week Ended-

1942

A

of

[Pending a revision in lumber
statistics, the National Lumber

39

88

116

Iff

J.

month since Nov.

production of reporting mills was
46% greater; shipments were 60%
greater
and
orders
were
56%

104

.

PERCENTAGE

West

150

volume

126

Output For Week Ended Nov, 28,1942

Middle

ft'

XXAXX'

120

180

201

127

adjusted individually for estimated long term trend

■

Selling Rates

X-'/AX'

.

NOV.

X

Compared to the average cor¬
responding week of 1935-1939,

125

corresponding week last year,
21, 1942,
period in 1941.

.$93,834,000
X./X; v;

Dealers'

■

the

lar
Total-

S3,250,000.

A-A'X'X

X;x,XX V2

...

166

194

126

130

industry of the United States for the week ended Nov. 28,1942,
3,766,381,000 kwh., which compares with 3,339,364,000 kwh. in

was

BANKS

Buying Rates

30
60
50

by 17%.

95

for the week ended Nov.

CURRENT MARKET RATES ON PRIME
BANKERS ACCEPTANCES

Days

163

191

121

;

power

11,243,000

: ,•

others. A__$30,863,000

of

mated

4,116,000

10,173,000

.

11,859,000

BILLS HELD

Bills..—__$62,971,000

reporting identical mills ex¬
ceeded production by
11%; orders

105

A—Ax

The Edison Electric

12,472,000

12.995,000

on goods stored in or
shipped
between foreign countries___„A.

129

Shows 12.8% Gain Over Same Week Last Year

Oct. 31, 1941

$65,757,000

XV. 263,000

,

Based

Own

Sept. 30, 1942

27,737,000

credits

120

128

118

;xx.

those reported in dollars

Electric

for year____. ,$66,225,000

12,553,000

_A

:

Domestic warehouse

For the year to
date, shipments
of

Bonds On Payroll Plans

$184,806,000

5,903,000

,r

rate, and gross stocks are
equivalent to 52 days' production.

23,780,000

$123,494,000

$60,266,000

Exports A

A—

120

138

consumer_xA_

are

are

"Oct.

160

103

equiva¬

are

lent to 40 days' production at the

greater.

"Sept.

116

goods-—

mills, unfilled orders
current

2,431; 000

CREDIT

Oct. 31, 1942

^

Imports

tion;

9,054,000

ACCORDING TO NATURE OF

.

xX
—1942-

128

services

"Indexes
Series

142,000

162,000

-

.

9,168,000

A-

Miscellaneous

-

143,000

to

'/

v/'xAAA

Aug.

110

goods—total A

distribution

Distribution

654,000

,

durable

goods—total

Nondurable

Primary

5,869,000

26,000

TotakAxXAx—IX—Ax $118,581,000
XDecrease -lor jnonthxA—$4,913,000 't
Decrease
X

Durable

X:

Grand

•

190,000

.

A-,

Producers' nondurable goods

.

1,091,000

X

Trade

goods—total
Consumers' durable goodsAA
Consumers' nondurable goods.

1,152,000

1,191,000

261,000

X

12

1,014,000
■

and

Consumers'

2,919,000

,
'
;
X'X

X'''

100—estimated long term trend

..

Production

Producers'

X'

10,670,000

:

'■

Producers' goods—total

;

115,200,000

XxA'-67,000~
■■■.AAA—

X

City

of

$20,898,000

XX

4,864,000

.

Index

Oct. 31, 1941

3,490,000
;

X

Oct.

A'X

v

/A, A/

:

INDEXES OF PRODUCTION AND TRADE
1941

AA?

7,543,000

X1,264,00

Louis

STATES

74,548,000

■

XT

Production XX—.——————A.

$21,569,000
•

2,853,000

*

5

A;

'

AA "A "v

A"'

Sept. 30. 1942

•

7,233,00.0

6

10

*

$19,885,000

'

4 Cleveland

:Ax\''A;:/AA'..

DISTRICTS

:

,

'

OUTSTANDING—-UNITED

Oct. 31. 1942

New York

3

7\y) '

RESERVE

Federal Reserve District—
1
2

i;':;'"': X'X

Ax,f'i;A v x-x'Ax V4 A':A'/ "xx'''A- Ax Ax

The Reserve Bank's report follows:

•

houses, and
higher than in September, whereas grocery

were

chain store sales
appear to have declined somewhat."

on

-.A- v

•?'

1987

"A further advance of

tion.

orders

of

these

mills

greater than produc¬
Unfilled order-files in the

signed

the

said, at
request of the War and
Navy Departments and the Mari¬
hew

ruling, Mr. Walling

the joint

THE COMMERCIAL & FINANCIAL CHRONICLE

1988

rent short week

of the Federal Reserve System issued

The Board of Governors

industrial production, factory em¬

Nov. 23 its monthly indexes of

on

its

available

customary

the

At

ployment and payrolls, etc.

conditions.

follows:

ago, are as

average

industrial

for

100

=

1923-25

average

production

100 for all

=

',:7"'7

INDEXES

BUSINESS

1935-39

series
Without
—Seasonal

—Seasonal Variation—
'

■

'

■

' : /'V

-

•'

Oct.

7

Industrial productionTotal
1

1942

4185

164

1941

4195

170

t268

4260

208

1143

4141

139

168

173

1263

210
143

137

139

181

4202

1201

4192

1199

1191

1150

1188

'

Oct.

1942

1942

1941

Adjustment—

Sept.

Oct.

Oct.

Sept.

1942

i'

•

loadings;

freight-car

and

other

Adjusted for

,,7
>

The in¬

October, together with comparisons for a month and a year

dexes for

i

made

Board

the

time

same

of business

summary

(;; Total

—

Durable
Nondurable
■Minerals

—

4270

ti35
;

Construction contracts,

1185

Total

:;

179

"

4148

131

131

———! 1127
value-

,

V

All

I

-!

other

•V.v

481

1175

145

4269

-

4253

192

268

...

Factory employment—
Total

-

Durable

Nondurable

4145.0

'

#

.

—_,...

Durable

goods

goods

'

133

136

\

'■

123

ii6

4123

97

*

•

•!

.

estimated.

*Data

1138

;•

133

.

averages.
to

and

carloadings,

department

non-durable by .469, and minerals by

by .379,

residential

by

index,

152.

Bureau

Labor

of

and

all other

by $226,132,000.

seasonal

adjustment,

and

(1935-39

PRODUCTION

average= 100)

hearth

Open

and

•'

1942

1942

1941

Net

229

219

207

Other

179

186

179

179

536

503

4306

4300

232

from

269

4493

4475

269

Income

4191

190

185

4191

123

135

4135

Lumber

plate

and

159

deliveries

Calf

37

156

161

172

172

155

164

105

125
129

food

flour

products

123

4112

_

and

134

4164

101

.

'

125

,

143

_^_L.

flct'<

On

110
134

133

128

«

144

s>

107

112

Si

123
170

106

134

151

•;

105,190,123

123

158

..: 107

106

110

«

109
101

105

102
»

120

7

•

O

.

22,888,749

113

131

131

«

136

107

110
131

102

8,356,188

8,275,899

Minerals—

135

bonds,
those

in

137

130

112

129

Loans

106

121

Traffic

166

1154

4166

155

145

4155

521

1462

4512

4172

148

4181

166

-.

.

1154

155
:

v

145

521

1462
153

4178
••

>

ments

129

4130

144

131

4145

150

1110

134

120

4117

129

127

Crude

4123

120

128

4121

120

127

4150

151

146

4181

187

181

240

240

182

334

357

281

petroleum

Metals
Iron

ore

,

FREIGHT-CAR

(1935-39
Coal

Forest

121

138

142

138

188

165

180

184

165

126

97

139

139

104

169

—

Miscellaneous

154

140

158

167

not

204

260

304

232

146

133

163

162

151

Note—To

56

—

convert

coal

55

tPreliminary.

yet available.

and

In. the Federal Reserve Chart

or

miscellaneous

indexes

to

Book, multiply coal by .213

57

58

97

estimated.

1941

7777

y

^

;

$435,307,750

.

from

$635,252,744

998,003

223,666,788
1,234,133

387,051,634
105.987.877
946,907

145.148,230
179,152,228
1,009,136

40,935,933

—

32,955,712

34,335,930

and

ceivable

dividends

and

79,774,944

:

165,369,033

310,324,888

■

411,976,308

419,890,786

330,340,426

20,951,217
1,427.298
10,130,934

20,408,314
939,193
10,060,072

19,083.115
1,045,142
8,962,686

.

21,744,450

current

1,261,223

receivable

Other

.

.

assets

.

The report

.'7/7 77.77/7777 77:

.

"During September, mortgage
recordings amounted to $346,000,000,

rise of 3% from the August

a

total, but a sharp decrease from

aggregate of $425,000,000 re¬

13,619.410

in

the

August to September in¬

crease was
,

128.302,394

re¬

ceivable
Rents

65,272,471

116,261,079

i

522,560,019

supplies!

and

-

141,684,254

re-

_

current

2,711,216,860

1,915,606,658

2,150,839,409

1,543,480,751

$103,291,207

assets-

$125,491,971

$73,573,983

$106,059,743

$1,925,850

the insurance company

which expanded its lending

group,

by 11% for the month."
The

compilations

$15,364,050

Selected Liability Items—

tFunded

debt..

Within

six

^Revised.
points

:

v

The

Nov. 7.

of two years ago.

said:

the

385,064.283

—

Adminis¬

Bank
on

ported for September, 1941. Leader

con-

accounts

Loan

reported

receded below the comparable fig¬

29,912,179

receivable

agents

Interest

$744,632,729

154,441,814

invest¬

ductors

Materials

$813,678,477

147,889,534

(Dr.)

$3,-

of 1940, although mortgage
financing in recent months has

ures

$502,186,209

car-service

balance

nine

to

ters

are

corded

throughout

the

says

based on

or

the

less re¬
country,

which

announcement

maturing

months

147

174

144

.Merchandise, l.c.l.

balances
.Net

first

$2,988,000,figure for the first three quar¬

000

1942

'■

;i

the

amounted

total is still above the

Receivership or Trusteeship

$552,330,565

Home

tration

Balance at End of September

1941
y

1942

added:

146

102

149
—

95

135

110

i.

•Data

135

223

products

Railways Not in

;y:v7 7-v''•7*'

receivable.

and

Total

130

Ore

1.80

443,671.304

bills

and

100)

180

Livestock

;

=

eral

2.26

September

during

months of

mortgages of $20,000

121

__

Coke
■Grain

'

146

LOADINGS

average

'

financing

041,000,000, a 13% decline from
17,666,843 the same period in 1941, the Fed¬

K-;'

$991,788,447
cash

Special deposits

132

4127

Anthracite

;

19,398,665

2.15

$508.661,918

—

Miscellaneous

128

+124

coal;

75,000

2.97

com-

•

—

ti

128

Bituminous

1,064,204

than

affiliated

Temporary

Mtg. Financing Down

81,185.964

1942

stocks,

other

etc.,
of

Cash

SI

121

;'"V
•

78,554,055

Items-7

panies

134

'; 1

Fuels

6,189.195

stock

Investments

132

4172

Chemicals

145,235,551

All Class I Railways

109

4512

-

274,805

551,777,651

Class I

116

4155

4166

_

57,073,185

28,421,340

-

till

129

109

a

__

219,626

88,659,752

appropriations:

Selected Asset

9,736,300

Transactions in home mortgage

112

122

109

129

112

_

1
_

161,911,924

equip.)

preferred stock——
of income to fixed
charges

167

106

136

129

106

oil

Beehive

184,010,945

377,060,852

defense

-■

Byproduct

18,'259,084

Total—

and

(way
and

'

Coke

13,892.577
363,168,275

2,305,848

133

•

109

■

133

«

4108

products L.'

refining

__

20,227,867
571,971,991

107,495,971

Balance at End of
;

127

Gasoline

__

1,547,288
59,766,847

——1,101,382

469,248.231

—

■■

146
:

116

0

104

130

123

oil

468,513,338
592,199,858

141

98

0

Kerosene

53,086,393
61,314,135

——.

1,070,780

135

Paperboard

Lubricating

1,060,684

——1,061,836

October

120,065,073

120,478

1,050,962
——1,124,118
,.1,097,866

Seotember

•.

348,112,378

tIRatio

151

144

•'

134,816,618
332,636,036

On

147
+ 198

V:" V'

.

13,801,304
39,164,616

54.611,762

-

of

common

118

159

>77'

•

August

119,113

charges

895,971

1,012,194

-

July

1

,

36,894,311

-

758,723
878,726

-

—

June

v.-y>
846,309,083

1,060,713,196

/

.

May

20,949,034

;;

114,400,533

Tons

■'

t

projects
Dividend

4179

and products

Fuel

:

162,107,733

Federal income taxes-

4152

91

coal

24,177,058

.

17.598,338

fixed

structures

133

&

_

i'Afl

charges

Amortization

135

snuff

Newsprint production
Printing and publishing
Newsprint consumption

April

2,290,248
//

charges

Depreciation

101

—

tobacco

867,258,117

-

tNet income

159

■

Manufactured

fixed

after

Inc.

4154

:A'A——■

Cigarettes

1,084,890,254

——

,

laa e#>/L

Contingent

103
120

4181

108

products-——
_

116,690,781

——.

March

deductions

Total

4160

_

foods

111,283,885

.

ap¬

754,522

February

$755,974,232

equipment

Other

Si

_

_

Tobacco

and

"

111

4148

4152

,

140

77

121

99

.

charges

Net

January

1941

111,900,616

■

at

follows:

as

Month-

$972,989,638

4,412,342
for

■

December

and

v

have been

For the Nine Months of

1942

plate

..:-'?yyyy.y>. v /77777;
Shipments of steel plates by
months during the current year
ary.

:'VV'

■

that

said

proximately the same level as
October, but that increased pro¬
duction is anticipated for Janu¬

12,331,944

♦Interest deductions

4151

_

manufactured

Petroleum

93

76

4110

_.

November

$104,358,837

deductions

■>

1941.

Batcheller

166,520,075

available

fr» v

.PAnt

129

134

<<
o

127

114 '
*

107

95

leathers

112

4113

138

135

<»

leathers

kid

packing

Petroleum

1170

114

leathers

Other

Paper

172

4173

164

it

kip

Manufactured

Cigars

172

172

/

4112

:

Wheat

161

172

1170

ship¬

approximately 6,000,000
during the entire
12

tons

$154,631,722

income

fixed

150

0

and

117

4156

Tanning

Goat and

185

102

Leather products

Shoes

200

150

155

hide

fc

38

4173

: 7-7

1941

•

of

dur¬
the
net

production is being scheduled for

159

156

;

ing the first ten months of
year have reached 9,736,000

11,888,353

Fixed charges:

175

32

textiles

Cattle

4136
163

;;

4156

consumption

Rayon

138

38

glass

products

Cotton

Meat

167

145

134

4139

135

158

■:

it';-.

Cement

v

1942

income—

Miscellaneous

185

190

;

4132

146

145

119

4128
•

Wool

129

4130

4124

lA--,

Furniture

Stone, clay, & glass products.—.
Polished

409

409
232

4125

::;v/"7

For the Month of September

«•

Total income

503

Non-ferrous metals &

Textiles

:

'

income

4475

products..
products

-

are

Items—

operat.

ry.

4300

536

figures

■■

■

Income

4493

:

equipment

of selected in¬

subject to revision and were compiled from
132 reports representing 136 steam railways.
The present statement
excludes returns for Class A switching and terminal companies. The
report is as follows:
•77><71''7';;; .7-7
--'.'•' 7:

207

Lumber

and

These

.4306

Electric—^———-

Machinery ___:
Transportation

statement showing the aggregate totals

a

September, 1942 and 1941.

179,.

■"■'■j.

186

Bessemer

114,506 net tons

and

universal plate mills.
Total shipments of plates

\Mr.

and balance sheet items for class I steam railways in the United
States for the month of September and the nine months ending with

1941

1942

229

—

has issued

219

'

1942

Manufactures—
Steel

Oct.

Sept.

mills

mills,
sheared

strip
on

on

net

come

All Class I Railways

—Seasonal Adjustment—
Oct.
Oct.
Sept..

—Seasonal Variation—
Oct.

tons '

net

months of

The Bureau of Statistics of the Interstate Commerce Commission

Without

Adjusted for

converted

on

ments

Class I Railways For September

t

payrolls index compiled by

Statistics.

INDUSTRIAL

..

Selected Income And Balance Sheet Items

indexes

three-month

on

without

$184,137,000,

Employment

based

duced

449,895

plate

to date, $10,204,255,000,

year

ments, 536,981 net tons were pro¬

tons, which compares with

108

moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern States.
To convert indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000,
indexes

contract

Construction

.

:

sales

store

the

tops the $6,282,297,000 reported for the corresponding 48-week period
in 1941 by 63%.
.77/: ^
7,/. ;,7";•> '■\v77/

125

based on dally
To convert durable manufactures, non-durable manufactures and minerals
points in total index, shown in Federal Reserve Chart Book, multiply dur¬

Note—Production,

New construction financing for

144

4128

■

yet available.

not

,v":

new

139.6

;V
*:■'

152

construction purposes for the week totals $2,with $23,928,000 for the week last year. The
financing is made up of $440,000 in State and

compares

191.4

4159.6

150

127

4129

value

Department store stocks, value
or

it

——

loadings _!
Department store sales,
tPreliminary

,

'

—

Freight-car

indexes

167.0

4274.9

J;

—
''

Nondurable

127.3

'

•'

This

week's

municipal bond sales, and $2,390,000 in corporate security issues.

144.0

4220.5

123.8

135.4

On Record

.

New capital for

830,000.

4168.2

•

>

Total

____________

current

1148.2

1

:•
'

a

goods

Factory payrolls—

able

is

-

4129.2

*t

142.3

4123.8

-

-

-

132.8

4167.2

—

goods

__

84

271

2nd Largest

Nov. 19, '42
(five days)
$100,060,000
5,971,000
94,089,000
3,192,000
90,897,000

Nov. 27, '41
(five days)
$110,331,000
25,584,000
84,747,000
21,099,000
63,648,000

C

l

181

70

478 ,'

87

70

'

Steel Plate Shipments
cur¬

1

Nov. 26, '42 / October steel plate shipments
(four days) of
1,101,382 net tons were the
Total Construction
$65,929,000 second largest on record, H. G.
Private Construction-8,689,000
Batcheller, Chief of the Iron and
Public Construction57,240,000 Steel Branch of the War Produc¬
State and Municipal—--3,733,000 tion Board, reported on Nov. 6,
Federal
;
53,507,000 Approximately 80% of this ton¬
In the classified construction groups, commercial building and
nage was for direct use by the
large-scale private housing-exceeds its volume of a week ago. This Army, Navy and Maritime Com¬
is the only gain reported, either over last week, or the 1941 week. mission, with the remainder being
Subtotals for the week in each class of construction are: Waterworks, for export and essential civilian
$432,000; sewerage, $1,162,000; bridges, $159,000; industrial buildings, needs.
The tonnage shipped last month
$627,000; commercial building and large-scale private housing, $7,753,000; public buildings, $35,865,000; earthwork and drainage, $100,- was the largest since July, when
000; streets and roads, $3,984,000; and unclassified construction, a record of 1,124,118 net tons was
established.
Of
October
$15,847,000.
.;-A V7'
7,/. ,7'v.':
ship¬

■

'

Residential

•'

are:

v

137

Manufactures—

;

work is 57% lower.
week, last week, and the

year, inasmuch as State and municipal
Construction volumes for the 1941

Federal Reserve October Business Indexes

Thursday, December 3, 1942

101

:

in total index,

and miscellaneous by

"In
§Loans and
Traffic:

balances
Audited

:

shown

bills

payable

Miscellaneous

accounts

payable

.548.:

Interest

—

matured

68,531.644

unpaid

Engineeriig Constmclion $65,929,000 For 3
Holiday Week

76,561,025

Unmatured

dividends

?

9,756,703 ■■'}•

de-

'

49,328,346
47,897,834 /,
13,299,612 .
61,293,026 ;
9,756,703

47,991,471
44,902,607
14.661.939
76,173,799

>/.

53,777,164
13,647,535

unpaid—

matured

42,958,747

215,593,561

5,123,955

:

36,036,358
41,640,124
14,309,630
60,108,342

5,123,955

clared

21.995,647

22.095,770

19,515,444

20,094.968

liability—

838,614,063

367,022,393

768,221,215

327,497,770

liabilities—.

59,799,382

48,991,469

46,958.471

Other

tax

current

higher

priced

mortgage

average

mained

brackets,- the

at

about

,

recorded

re¬

$2,900 over the

past, year, largely because of rising
of

costs

estate

36,888,431

Unmatured rents accrued—
Accrued

the

.

267,464,047
y

-

Unmatured interest accrued

Dividends

70,359,829

257,589,282

59,488,619

;

318,302,370

spite of the practical stop¬

of all home construction in

page

7

and
._

'

$71,214,355

i
•

105,402,345

<Cr.)
accounts

payable !——

wages

$32,289,499

car-service

and

building and higher real

prices,

the report

out.

77./-

pointed
■

7

v

"The number and dollar amount

■

Engineering construction volume for the short week due to the
Thanksgiving Day holiday totals $65,929,000 as reported by, "Engineer¬
ing News-Record" on Nov. 26. This total compares with $100,060,000
for the preceding week, and $110,331,000 for the full week last year.
Federal work accounts for $53,507,000, or 81% of the volume; $8,689,C00 is for private construction, and $3,733,000 is for State and munici¬
pal work.
7

The

.

The report went on to say;

week's total

•increase of 60%

over

1942

and already 52% above the $5,868,699,000 reported

.1941.
-year,

for the entire

year

Private construction, $542,544,000, is 52% below the period last

but public work, $8,389,663,000, is 88% higher. The 137% in¬
in Federal work is responsible for the public gain over last

crease




Total

current

liabilities-

—

——

__

1,025,130,424

1,598,677,377

1,346,145.612

815,665,936

of

Analysis
of
liability:
U.

S.

Other

accrued

than

688,686,671

223,722,004

645,879,937

149,927,392

taxes.

S,

U.

143,300,389

122,341,278

y

of

principal

become
which

due

or

of

long-term
six

debt

months

more

than

(other
after
two

than

close
years

long-term debt

of month

after

in

1.60; nine months,

default)

which

will

of report,
fincludes obligations
of issue.
fFor railways in

date

receivership and trusteeship the ratio was as follows: September,

1941,

1942, by type of

follows:
Per r

Number

116,296,664

accruals,

not

of

as

211,201,106

trusteeship

within

mature

are

Gov¬

taxes

including, the amount in default.
fFor railways not in
the net income was as follows: September, 1942, $84,457,996;
September,
1941,
$52,478,609;
for the nine months ended September, 1942,
$462,959,980: nine months ended September, 1941, $348,328,607.
fincludes payments
receivership

months

tax

lender,

Government

ernment

mortgages made in the first

new

nine

•Represents

construction to $8,932,207,000, an
the volume for the 48-week period last year,
brings

:

.

1942, 2.02; nine months, 1941,

1.19.

nies

■

...

and

■banks

279,913,000

9

210,803

690,917,000

23-

34,023
271,636
140,506

128,621,000
555,037,000
476,403,000

18.

30

trust

companies'
Mutual.

$010,912,000

58,424

Cent

.

associations
Insurance compa¬
Banks

Amount

331,033

Savings find lean

.savings
........

Individuals

Other mortgagees

4

16-

1942, 2.67; September,
Totals

1,046,425- $3,041,803,000

100#

Volume 156

Number 4130 '

•

THE COMMERCIAL & FINANCIAL
CHRONICLE

-

Daily Average Crade Oil Production For Week
Ended Nov. 21, 1942, Up 32,650 Barrels
The American Petroleum Institute estimates that the

daily

aver¬

age gross crude oil production for the week ended Nov. 21, 1942, was

3,912,400 barrels, a gain of 32,650 barrels over the preceding week.
The current figure, however, was 424,450 barrels per day below the
figure for the corresponding period last year, and 119,000 barrels
lower than the daily average figure for the month of November,
1942,
as recommended by the Office of Petroleum Coordinator.
Daily pro¬
duction for the four weeks ended Nov. 21, 1942, averaged
3,882,950
barrels.

Further details

reported by the Institute follow:

as

of

was an increase of 251,000
tons, or 27.7%.
The calendar year to date shows a
gain of 5.3%,
The U. S. Bureau of Mines also
reported that the estimated pro¬
duction of byproduct coke in the United
States for the week ended
Nov. 21 showed an increase of

ESTIMATED UNITED

CRUDE

OIL

Y

/ '

A',.'

:

'State

♦O.P.C.

^

nations

A*------?-'

Kansas..

ables

407,500
300,700

Nebraska V_—AAwA

North Texas

-

Total

Texas

'..A';"

A

-

Coastal

—;

ww

,■

95,600

91,950

162,700

VA+

332,700

♦Includes

washery

and

(Excludes

colliery

weekly estimates

and are subject

to revision

A"" v+AYYYY..

Alaska.

Total United States

352

Arkansas and Oklahoma——.

91

251,950

Colorado—^

+

400

314,750

337,150

Georgia and North Carolina/ A A
1""';
Illinois——A——A——.
1,243

325,400

73,461

74,000
(64,500

V

A

—

Y-

+

1,000

228,750

1,550

+

v

,

Y
-—

Indiana———A,———,
A-.'AAA-A A'.
and

Missouri

+

'

73,900

73,350

66,700

79,000

258,300

405,100

16,550

18,100

New

Mexico—.———.

North

and

South

tion

of

95,150

Ohio_

Pennsylvania

83,500

Tennessee-—. A/

800

22,050

21,450

50

6,500

5,250

98,800

117,400

32,950

+

740,700

3,157,300
725,650

300

—

32,650

+

3,685,650
651,200

3,882,950

the

represent

4,336,850

production

all

of

reported the daily average produc¬
August, 1942, as follows:. Oklahoma,

gasoline and allied products in
4,500; Texas, 102,400; Louisiana, 19,700;
(not including Illinois and Indiana), 8,400;
2,400; Montana, 200; New Mexico, 6,200; California, 42,100.

Kansas,

Eastern

8,800;

tOklahoma,
7

Nov.

a.m.

•A

Kansas,

Mississippi,

Nebraska,

Indiana

Arkansas,
Michigan,

(bituminous)

the

basic

net

Illinois,
Wyoming,

yAy'''-'v'''-

figures

are

for

(bituminous

allowable

ended

of Nov.

month.

.•

as

exemptions

for

yA'A'A"'YA.j AA

Aa/y'yyA'A'

y'A A:A;/A A

and

CRUDE

RUNS

TO

PRODUCTION

STILLS;

OP

'' "

■

Figures
plus

'

'

-

!;

GASOLINE; STOCKS OP

on

a

Bureau of Mines basis

Gasoline

;Y :;A. Production

Ay

Poten-

tial

AAAV'V

in this section include reported totals
estimate of unreported amounts and are

therefore

Daily Refining
Capacity

7 District-—'

an

'

' A, AAy.A;;
AAV
kr>

i

at Re-

Crude

Stocks

(Stocks

fineries

Runs to Stills

,

% Re-

Finished

Includ.

and Un-

Daily

% Op- Natural finished
Rate porting Average erated Blended Gasoline

(Stocks

of Gas

ana

Gulf,
Gulf,

Louisiana

sidual
Fuel

Fuels

Oil

-

Louisi¬
North

2,440

88.2

1,669

68.4

5,077

37,638

26,871

17,900

176

84.8

163

92.6

510

2,499

813

396

——

804

84.9

742

92.3

2,407

13,380

6,411

2,533

362

87.0

1,327

5,998

2,104

1,420

96

65.3

341

1,523

419

597

Okla., Kansas, Mo-

416

80.1

Rocky Mountain

147

48.0

817

89.9

690

84.5

1,769

17,545

12,923

54,933

4,800

85.9

3,722

77.5

11,431

+78,583

49,541

77,779

4,800

85.9

3,788

78.9

11,417

79,418

49,861

U.

A——A__

S.

B.

of

M.

basis, Nov. 21, 1942
U.

Tot.

S.

basis, Nov.
U.

S.

Bur.

B.

of

14,
of

M.

1942

Mines

the

request

of

the

unfinished 8,888,000

bbls.;

4,035

•

Office

bbls.

of

(At

37

27

105

Petroleum

13,850

85,409

Coordinator.

refineries, at bulk

55,649

A

680

A/" HO

:

714

8

.

913

858

29

200

183

152

tt

1

11,340
1,174

States.:—
and

Total

all

♦♦35
764

2,993

125

117

.

/'■'AT 7

:

99

Y.

308

/

■

29

81 /•

that

Idaho

(Finished

The Bituminous Coal

Division, U. S. Department of the Interior,
in its latest report, states that following a week interrupted by a

partial holiday observance of Armistice Day, production of soft coal
rose sharply in the week ended Nov. 21, 1942, the total output in that
period being estimated at 11,550,000 net tons, an increase of 210,000

:

217

to

seems

be

imagine what

expectation of AFL officials that

plant erected since the

tional

emergency

dnto

na¬

will be thrown

jurisdictional labor

turmoil,

to be iustified.

There

nically

to

seems

be

but

little

right

under

the

Wagner
slightest
doubt, however, that it has acted
with unaccustomed stupidity.
Act.

There

AFL

is

not

officials

the

have

long

charging that the board

1,271

666

572

776

cent

158

127

184

1

.1

tt

♦♦5

11,622

9,907

9,032

10,878

1,084

1,105

919

1,002

1,896

been
CIO

was

which

72

,

'

■■A.'-A.

12,284
& W.;

12,727

C. & O.;

10,826

Virginian;

10,034

K.

12,774

& M.; B. C. & G.;
of State, Including
(Includes

Arizona,

Oregon.
§Data for Pennsylvania anthracite from published records of the
Mines.([Average weekly rate for entire month.
♦♦Alaska, Georgia, North
Carolina, and South Dakota included with "other Western States."
((Less than
1,000 tons. V / V AVAy:'A; y,;y.V
■' YYAV/ V:A7VyV;A'A Y AAyA'' !
,

/-•

A'A A

•iA'V

•

/

'■

minded.

As the result of the

clash

of

some

Commodity
Price Index Advances Fractionally

re¬

the

things
Frey has been saying about
the board are more denunciatory
than
anything any industrialist

has

said.

ever

The

'

episode makes mockery of

the recent peace overtures be¬
tween the two labor organizations.

They

perhaps

are

further

apart

than they were a year ago.

The

strange

thing

about

the

CIO's efforts to get into the Pa¬
cific Coast plants is their agitation

against Kaiser.

National Fertilizer Association

' In

the CIO

one

crowd

talking with

can't escape
the impression there is more be¬
hind their attitude than a desire
to

get members.

They pass out all
poison against the ship¬
builder, say he is a phoney, that
he is greatly overrated, etc.
You

slight rise in the general level of wholesale commodity prices
was registered last week
by the price index compiled by the Na¬
tional Fertilizer Association and made
public on Nov. 30.
In the
week ended Nov. 28, 1942, this index rose to 130.6 from 130.5 in the
preceding week. A month ago the index was 130.0 and a year ago

would

116.6 based

organization.

the 1935-1939 average as 100.

on

The index is now 8.8%
higher than at the first of the year and is 12.0% above the corre¬
sponding week of 1941.
The Association's report continued as fol¬
lows:

>

,

,

Advances in the food and farm

product price indexes were re¬
slight advance in the all commodity index last
week.
The farm product price index moved
upward as advances
in grains, cattle, and
sheep more than offset declines in hogs and
raw cotton.
Food price changes were
few, but upturns in potatoes
sponsible for the

corn

meal

only other

caused

slight advance in the

a

group

group average to

index, which

change during the week
fractionally lower.

was

The

average.

was

the textile

During the week prices of 13 commodities advanced and two
declined; in the preceding week there were 13 declines and eight
advances; in the second preceding week there were 15 advances
and three declines.
+ .'/'"V
y/yy/Ayya
a/;
V;;,"
WEEKLY

WHOLESALE

COMMODITY

PRICE

[♦i935-i939=ioo]
Each Group

'

.

■.

Foods
Fats

and Oils

''

1

•

-

'

Cotton

132.6

113.0

147.0

145.9

160.0

160.0

156.1

142.9

142.1

142.0

142.5

117.2

182.5

183.5

181.3

157.7

117.7

116.4

112.6

—

~

122.2

104.6

141.2

(Thanksgiving

6.1

Building materials

week) amounted to 8,843,000 tons. The output of soft coal to date
shows an increase of 14.2% over the same period last year.

1.3

Chemicals and drugs
Fertilizer materials

.3

Fertilizers

According to the U. S. Bureau of Mines, production of Pennsyl¬
vania anthracite for the week ended Nov. 21 was estimated at 1,-

.3

Farm

is,

political

concern

of

their

however, that a
agitation
runs

throughout the whole CIO move¬
They are seldom for an
employer even after he has giv¬
them

en

everything they want.
naturally disposes
employers to prefer dealing
with the AFL, if they must deal
with a labor organization.
And
this disposition of the employers
naturally makes it necessary for
the NLRB to give the CIO pro¬
This

attitude

most

tection,

or as the Federation
lows say, outright assistance.

within

see

fel¬

surprised at all

the

next

year

a

drawing together of the
Federations
and
organizations
representing industry and busi¬
such

119.3

(128.4

126.?
148.2

139.6

of

the National Associa¬
and

the

States Chamber of Com¬

United
merce.

The

as

Manufacturers

■/.

■'

V

•>;.

Y

definite fact is that
they are faced with a common
enemy, an enemy which is on the
very

126.1

148.5

tion

111.8

A

113.3

run

but

more

one

which

will

become

dangerous because it is
The New Deal minds

on

104.4

104.4

104.4

104.0

the

1—1111'

151.3

151.3

151.4

131.0

A-

127.6

(127.6

120.7

112.0

working overtime these days try¬

117.5

117.5

117,3

114.8

115.3

All groups combined
base

were:

'

Nov.

28

115.3

115.3

109.8

104.1

machinery

1926-1928

143.6

119.3

148.4

Metals

141.3

128.4

Miscellaneous commodities

on

:

119.3

10.8

fact

sole

extension

ment.

ness

1941

134.0

-

Grains—

♦Indexes

Ago

134.1

Livestock

100.0

Year

Ago

]■

Fuels

1941, 90,8.

Month

Week

147.0

17.3

..3

.

1942

Farm Products
'

v

1942

—

Cottonseed Oil
23.0

...

1942

,.A

y

The
Leftist

their

the

gradual

/

——

think
be

I would not be

Preceding

Week

Group
:•/' ' ■■■

would

to

y,y

Latest

of

sorts

INDEX

Compiled by The National Fertilizer Association

Textiles

a decrease of 16,000 tons (1.4%) from the preceding
When compared with the output in the corresponding week

been

ship production. Furthermore, the

of

7.1

22, 1941

said

had

every

1,824

•

and

8.2

Production in the week ended Nov.

officials
box

the attendant
agitation, confusion
and possible disorder will do to

1,908

the B.

Bears to the

Weekly Goal and Coke Production Statistics

AFL

three other plants.
One can readily

38

69,695,000

terminals, in transit and in

The

Kaiser

case.

47

■

& O. in Kanawha, Mason, and Clay counties.
(Rest
Panhandle District and Grant, Mineral, and Tucker counties.
on

a

challenging

three

Pandora's

a

11,200

12,514

—

♦Includes operations on the N.
and

Rela¬

threw

Already the CIO is de¬
manding that elections be held in

112

: Y 280

lig-

ant"hracite_—

coal

recently

by

in

plants.

62

62
538

YwY .-9

884

Wyoming——————.

25.3




,

2,017

;;A 112 "J

8

2,390

bituminous

situation, the
Labor

AFL
plants.
Kaiser has been cited to show
why
elections should not be
held, thus
permitting the CIO to enter the

83

''A

465

2,115

,

158,000 tons,

Y

2.428

"YV, 147

2,250

.al Index

week.

26

A

National

contracts

35
.

70

23 •;,

2.808

2,490
.

Virginia—Southern—
(West Virginia—Northern-

♦West

94,894

pipe lines.

tons.

218

A:A

12 V.

YA

118

43

§Pennsylvania

Y

188
33

13

45

Western

128
175

86

101

—

AAAyYYA:

basis, Nov. 22, 1941
♦At

•

A\

102

52

Total

A

the Pacific Coast, the

on

Board

seems
;

82

78,631

California

Tot.

_—

10

90

.

A:

,

A- 724

28

430

and

Arkansas

and Inland Texas—

Appalachian
Ind., 111., Ky

'.

6

536

,

76

860

;

211

41

.

A 1,571

Y

138

of Re-

Oil and
Distillate

•Combin'd: East Coast,
Texas

.;

395

f

OIL, WEEK ENDED NOV. 21, 1942
(Figures in Thousands of barrels of 42 Gallons Each)

* -

:Y,

32

:

A

100

372

820

265

110

.

FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL

^

293

409

236

.

174

'Y

A

152

tt
/ "" 1,107

81

Y
•

926

H4

A

f-

••••

.AY

Ay>

1

.

2

.

72

410

76

412

(Other

ever

industry

labor dis¬
since, the AFL con¬
any

the Atlantic.

on

bombshell

the

♦*

'

A

——

Washington

shipbuilding
without

opened up and that

avge.

(11923

240

1,164 >

169

910

145

lig¬

—A.—A—A.—.

A'/

§Recommendation of Conservation Committee of California Oil Producers.
:■

;''''.Y.

1'' 8

U tah

the

week

1, calculated on a 30-day basis and
the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
Shutdowns were ordered for from 4 to 15 days, the entire state was ordered shut
'down for 9 days, no definite dates during the month being specified;
operators-only
being required to shut down, as best suits their operating schedules or labor needed
to operate leases, a
total equivalent to 9 days shut-down time during the calendar
and

/

514

50

175

..

A'

•.A

187

1

535

55

2,385

—

nite)—

Bureau

shutdowns

165

..

4

13,..

1937

94 /.• YAY

-1,132

690

-

Texas

2,800;

200;

18.

(This is

Includes

A-.A

Nov.
Y

.

solely with it.

Into this stabilized

of Mines

natural

29,000;

-

A'/'

dealt

question that the NLRB is tech¬

57,600

Virginia

3,912,400

Bureau

■■

■

.

292

98

34

90,550

4,200

3,171,700

The

■

A',;Y

'

■

338

,

101

93,850

the allowables granted, or may be limited
Actual state production would, under such conditions, prove to

less than the allowables.

6

1

Y

510

Y.

—A

certain wells may be incapable of producing
be

'

Dakota

62,350

+

CIO

tions

BY STATES

Nov. 16,
1940

v 1941

1,310

—

1,600

+

6,200

allowables

348,000

petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil, condensate and gas fields.
Past records of production indicate, however, that

by pipeline proration.

> -/

■

Kentucky—Eastern
i
980
Kentucky—Western—.—A
315
Maryland
v:y. 34
Michigan--—A—
+AA: ..:AA 7
Montana
(bituminous
and
lignite)
109
AAA:-- A-

1,350

+

95,800

§782,000

266,050

4,450

—

22.650
Y

state

AY 365
A/A 85
168

'■;Y175

(lignite)—

94,150

100,600

v

325,300

.

61,050
92,450

.

and

Nov. 15,

"5

159

'

1,550

4,031,400

•

171,050

Kansas

the

been

trolling

5,920,000

t

NOV,

'

345,800

•

...

1,600

+

recommendations

5,874,800

55,163,200

"/

1942

Y 5

•

Alabama—AAA-AA(

81.950

3,249,400
782,000

t

Nov. 7,

1942
•v;

-

90,450

1,694,450

7,000

Total East of Calif.

51.259,000 65,063,000
51,353,000 48,696,000 60,378,000

based on railroad carloadings and river
ship¬
receipt of monthly tonnage reports from district
the operators.)

312,900

24,800

California

53.971,000

7,082,300

Thus

and

turbance

are

on

Nov. 14,
:

Later when this
stabilization plan was extended to
the Atlantic Coast he
recognized
the CIO as the dominant

has

of final annual returns from

or

438,250

96,550

100,600

1929

coal, and coal shipped by truck from authorized
fuel.-: (Comparable data rot available.
SSubject to

+

MAyA
fl6,850
'A. ,/AA"'v A/yyy

—A/

Nov. 23,

1941

dredge

173,250

64,500

Mexico

Nov. 22,

1942

112,700

solely

the AFL.

organ¬

Nov. 21,

22,

1941

y;.
.■
'
ESTIMATED WEEKLY PRODUCTION OF
COAL,
(In Thousands of Net Tons)

State—

the Coast and dealt

on

with

ization

NOV.

1,206,800

93,800

1,378,900

94,400

COKE

—Calendar Year to Date—

——-

142,400

.

1,209,500

356,600

500

dAAAA'.

550

105,200

ANTHRACITE, AND

tion

quiescent

total

95,000
148,950

212,550

700

18,400

w_———»^, ■+,■:

♦O.P.C.

V,

138,200

"+•

+

Montana
New

States

(The current

3,200

,

1937

By-product coke—

5,850

264,100

A+

Colorado

total—'

3,300

280,900

Ind.)
Michigan
Wyoming

States

ments

2,600
24,050

(not incl. Ill,

Nov. 20,

1941

Beehive coke—

United

and State sources

+

.

PENNSYLVANIA

Week Ended

862,000

ioo

A-

v

Nov, 22,

1942

(In Net Tons)

■.

'

907,000

1941

96,700

77,200

Nov. 21,

5.7 days.
OF

1,127,000

427,200

1,376,450

50,000

&

•

1,457

1.174,000

254,250

A '■

333,800

Illinois
Eastern

1,660

1,158,000

364,400

228,700

Mississippi
Indiana

1,884

"

A

Arkansas

1,701

1,112,000

295,850

354,800

Louisiana Aw

Total Louisiana

+1,989

♦Total, inc. colliery fuel

revision.

(1,447,368

y y '

...

1,925

(Commercial production

5,600

137,600

A";'v' t

1,381,000

North Louisiana AA ...v;

397,625

Nov. 14,
1942

4,350

212,500

''■•A' A'':';:''AYA;'
A"A' V' CA':;AA:«

Texas A——

450,964

1942

+

89,800

■■•■•AAA'
:A".AAA- v/
AA
;A;
A'AAAA

.AAAA'

514,861

§Nov. 21,

<"+

.;+/

January 1 to Date—

8,843

on

Department, in sta¬

bilizing the labor set-up for the
Hillman, although a high
CIO
influence, recognized a condi¬
duration.

11,340

Penn. anthracite—

Nov. 22

1942

Metal Trades

.

.

11,550

AV, AAA

'

A

"■

Ended

Nov. 21

•

NOV. 22,
1941

PRODUCTION

-r'.
-

COAL

VV CCIV JLhllElCU.

——,

Southwest Texas —A
Coastal

Week

(363,300
(311,550
+ 3,250

VA—i-w AA

Texas .AA-Aa:
East Central Texas-.,

Ended

Previous

'AY

; ....

West

East Texas

AA---;

3,400

From

Nov. 21

SOFT

1942

(Average based

ESTIMATED

operations.
Week

OF

'Nov. 14,

Total, incl. mine fuelDaily average

AA

BARRELS)

4 Weeks

1942

300,700

IN

Change

Ended

Nov. 1

407,500 '
.

Panhandle Texas

Week

Beginning

November

(FIGURES

—Actual Production-

Allow-

Recommen-

Oklahoma

*

official, succeeded with the aid of
P. Frey, head of the AFL

Nov. 21,
1942

lignite coal-

United

PRODUCTION

PRODUCTION

Washington

John

(000 omitted)

—•—Week Ended

Bituminous and

Bureau of Mines' basis, 3,722,000 barrels

AVERAGE

STATES

In Net Tons

.

.

DAILY

2,700 tons when compared with the
The quantity of coke from bee¬
increased 20,300 tons during the same
period.

ovens

-Revised.

of crude oil daily during the
21, 1942, and that all companies had in storage at
refineries, bulk terminals, in transit and in pipe lines as of the end
of that week,
78,583,000 barrels of finished and unfinished gasoline.
The total amount of gasoline produced by all
companies is estimated
to have been 11,431,000 barrels during the week ended Nov.
21, 1942.

From

(Continued from first page)
ney Hillman, then a Government

output for the week ended Nov. 14.
hive

Reports received from refining companies owning 85.9% of the
4,800,000-barrel estimated daily potential refining capacity of the
United States, indicate that the industry as a whole ran to
stills, on a
week ended Nov.

1989

1941, however, there

104.1

104.1

100.7

130.6'

1942,

101.7;

130.0

(130.5

Nov.

21,

101.7;

116.6

Nov.

29,

run.

are

something with
masses again.
The last elections proved
they
must be given a hypodermic if
ing to think up

which to

arouse

the

they are to continue to sing the
New Deal poems of hate.

'

November 21 Week, Labor Bureau Reports
Department of Labor,
markets were comparatively

U. S.

Statistics,

Labor

of

Bureau

The

announced

Nov. 26 that commodity

on

over

and

prices for most fruits and vegetables, flour, cornmeal, mutton and
dressed poultry also advanced.
Average prices of foods at whole¬
sale are now at the relatively high level reached in the Autumn
of

for the account of members continuing

Commodities—There

"Industrial

were

trading for the account of Curb members of

•

in prices
5%. Quick¬

promptly

complete reports.

more

The

Nov.

for

index numbers

shows

table

following

the principal

weeks, for Oct. 24, 1942 and
and the percentage changes from a week ago, a month

of commodities for the past 3.

groups

22, 1941

Exchange

N. Y. Stock

Commodity

1942

1942

1942

*100.1

*100.1

groups

commodities—__

All

10-24
1942

11-7

11-14
1942

11-22

1941

*99.7

*99.7

92.2

11-22
1941

10-24
1942

0

+ 0.4

8.6

+

110.9

products

109.8

108.7

90.3

+ 0.2

+ 2.0

Exchange
958

2.

3.

Reports showing

4.

other transactions initiated off

102.9

103.1

89.5

+ 0.3

+ 0.2

+ 15.4

0

3.0

+ 0.1

6.9

118.4

Textile

118.4

118.4

118.4

114.9

0

96.6

96.6

96.6

96.5

90.4

0

products
metal

and

materials

Building

and

Chemicals

79.7

79.7

79.6

79.6

79.4

+ 0.1

0.4

*103.9

*103.9

*103.9

*103.9

103.4

0

0

0.5

110.2

materials—._
products

and lighting

Metals

0

110.2

110.2

110.2

107.4

0

0

99.5

96.2

96.1

89.5

0

+ 3.5

104.1

104.1

104.1

104.1

101.7

0

0

+

78

511 -

-

90.0

88.7

88.3

87.1

—0.1

+ 1.8

+

+ 0.1

+ 1.3

reports received

of

103.8

other

because a

farm

farm

92.5

89.5

0

0

+

3.4

*99.7

*99.3

*99.6

94.0

0

+ 0.1

+

Sales:

A. Total Round-Lot

*96.1

*96.1

products and foods

*97.7

*97.5

*95.6

*95.7

92.6

+ 0.1

+

93.6

+

purchases™,—!

Total

Total

sales,

Arizona

—

—

——!

Arkansas

California

-

Florida

—

-

-

_

,

-

-_

Georgia

™—

i.

„

815,003

609,415

3,338

4,932

___

13,027

15,382

Louisiana

304,822

—.

—_

_

______

__

Mexico

;

-—__

_

Carolina

Oklahoma

South

i™___—_

1,805.188

1,345,325

'■

—-

__

Carolina

—

-

__

.

Tennessee

™_™___

Texas

_

Virginia

;;

•

sales

;___

427,849
46,585
528,115
459,742
384,023
537,377
1,842,343

—

™__™

—

20,733

—

The statistics in this

-!

-

,

566,448

on

the New York

WEEK

.

tOther sales

2.87

Members:

and

'

for

the

to

'..•v...;.'-.:

statistics concerning imports and exports.

of

Account

___.—

—

*. 4,960

——

sales

Because of war conditions

and the difficulties in obtaining de¬




omitted from this report

;

.

.

'

,

2.

,

Other transactions initiated on the floor-r
Total purchases

Short

—

sales

Total sales

0

ity in the fight to achieve it.

10,145

war,
the need for
,food ; and other farm
products is almost without-limit.

American

3. Other transactions initiated off the floorTotal

purchases

Short

16,585

;

sales—

tOther

This year American farmers

made
magnificent response to the de¬
mands made upon them.
Those

0

'

;

sales—

a

22,075

—
t

Total—
Total

Short

_•

demands

'

'

,

purchases

3.39

22,075

I

Total sales
4.

4,960

sales

:

88,790

tOther 'salesTotal sales

ists—

17.02

Special¬

food

i

0

Customers' short sales

{Customers'
Total

other

sales

term

firms and

their

17,756

;

includes all regular and

tShares in members' 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'
Includes

both

purchases and

sales,

fRound-Iot
rules

are

face

we

need

to

time obligations as

assuciate Exchange members, their
partners, including special partners.

"members"

families

rural

States

of

many

win

this

war

citizens.

As in

the past, the great farm organiza¬
tions have a large place in help¬

31,066

i

Totfil sales

•

and to fulfill all their other war¬

31,066

purchases.

are

so

the
sacri¬
fices, many difficulties.
The na¬
tion looks to them to produce the
"The

United

93,750

—

C. Odd-Lot Transactions for the Account of

increasing;

are

the obstacles to meeting them.

100,415

—

this

"In

1.90

.10,145

—

children. The

a great stake in that better world;
they also have a great responsibil¬

11,505

——

our

farm families of the nation have

11.73

61,530

/

j.

sales

tOther

the Reconstruction

seen

better world for

56,570

—

r_—

——

while the Exchange volume

Includes

only sales.

pendable world statistics such data are being
for the time being.

fol¬

■

72,325

Total sales—

transactions

World Statistics

<

,

■

'

,

message

period, two other wars and many
great changes in our national life.
"Today our country is deep in
a world struggle to preserve our
democratic way of life, to build a

'

'

sales—

Short
tOther

•The

defense, the Department of Commerce
the publication of

to

message

-

since has

570,350

Specialists in stocks in which
registered—
+:+ ^

Total purchases—-

.V

the month of October, 1942, amounted

discontinue until further notice

tFer Cent

5,360

—

'

•

•

Stock

564,900

_l—_

—

.

they are

establishments on Oct.
and at compresses 12,674,414 bales. The number of active consuming cotton spindles for

decided

a

the

ajl its long history, the Na¬
tional Grange never has met at a
time when the nation depended
more upon its farmers, and farm¬
ers faced so many grave decisions.
I say this in the knowledge that
the Grange was born in the very
shadow of our Civil War, and

1. Transactions of

972,490 bales. Cotton on hand in consuming
31, was 2,117,902 bales, and in public storages

In the interest of national

in

:

lows:
15.34

Total for Week

*

—

Transactions

B. Round-Lot

to

23,012,046.

said

to

response

them,"

upon

President's

The

;
j

Curb Exchange

1942

14,

ENDED NOV.

;

sales

Total

checked

was

farm

Master. Albert S. Goss.
"Those demand?" are increasing;
so
are
the obstacles in meeting

Members* (Shares)

Short sales—™—™———

3,274 for 1940. Included in the above are 26,598 bales of
American-Egyptian for 1942; 27,188 for 1941 and 17,559 for 1940; also
550 bales Sea-Island for 1942; 2,741 for 1941 and 3,811 for 1940.
The statistics for 1942 in this report are subject to revision when

Cotton consumed during

other

Grange

them."

for 1941 and

Exports—United States

and

magnificent

a

demands

President

i—i_!___—, 627,158

Sales

Stock

Round-Lot

Total

report include no round bales for 1942; 783

Consumption, Stocks, Imports, and

the

\i:

l_..' V.

'

16,265

against the individual returns of the ginners being trans¬
mitted by mail. The revised total of cotton ginned this season prior
to Nov. 1 is 9,723,140 bales.

Wenatchee, (Wash.,
the need for

war,

food

"In

267,235
72,648
626,322
569,250
867,642
328,713
2,727,051

!

made

5.22

'

i f
.
'J

573.390
60,710

at

this

American

,

~~m,338 " V-

——

the

told

products.is almost without limit."
"This
year
American farmers

208,890
,
:•••-

sales———;—!!___!—•.

!

14, in a
to their national

message

"in

that

'

Total sales——_____

the crop of 1942 ginned prior to Aug. 1 which was counted
in the supply for the season of 1941-42, compared with 1,969 and 32,187 bales of the
crops if 1941 and 1940.

has

296,930
" *

115.538

_____________—-

purchases.™™™—™-!™-——

tOther

•Includes 48,626 bales of

the month

.

Food Need Is
Roosevelt

convention

103,350

_—

__™_™1—_______

-J

Short

990,643

349,865
62,127
602,016
536,374
658,906
521,433
2,418,908

long position which is less then
are reported with "other sales.'/

"Almost Without Limit'.'

special
7.25

—5,800

sales

'

'

_~

the floor—•

sales™—

Total sales™—

Total

428,517

19,180

_

Mississippi

North

i—

purchases

Total

•4

7,605

563,338

Kentucky

New

641,236
82,942
1,130,483
387,777
17,593
906,896
2,349

754,875
89,722
1,252,824
169,818
14,394

™

—

Illinois

Missouri

.

A. Total Round-Lot Sales:

864.489
57,228
1,248,727
133,317
14,415

a

President

199,410

Other transactions initiated off

1940

—-

re¬

are

tSales to offsei
orders,
and
sales to

National Grange on Nov.
■ 7

*10,069,167

Alabama—

97,770

,

exempt"

'

253,620

.

the floor—

Total sales

Am.'I';

*
43.310

'

Transactions for Account of

States

—_

"short

odd-lot

round lot

:

—11,600
197,290

sales___i

fOther

statistics to the corresponding date

State—

Shares.—

FDR Says

\

■;

270,630

purchases™4-.

excluding linters):
United

liquidate
a

\

—

Other transactions initiated on

2.

(running bales, counting round as half bales and

1940

of

marked

customers'5

.

T——.—

Total sales

issued on Nov. 21, compiled from the individ¬
is shown below:
*
of bales of cotton ginned from the growth of 1942 prior

14, 1942, and comparative
and

;

,

.

!_L—Li!-'''-

sales

tOther

ual returns of the ginners

1941

115,460

sales

ported with "other sales."

tFer Cent

Total for Week

______—___

sales

Short

Total

Crop Of '42 Prior To Nov. 14

Total

.

3,914,350

The Census report

in

•'=.

Transactions
for
the
Account ' of
Members,
Except for the Odd-Lot Accounts of
Odd-Lot Dealers and Specialists:
1. Transactions of specialists in stocks in which
they are registered—
' '•

tOther

Number

"

• ^

•

—.!.——_______—1_——.

sales.

Total

Short

to Nov.

-.

B.vRound-Lot

3.

Cotton Ginned From

200

<

115.260

sales

Dealers—

3,837,700

2.7

•Preliminary.

'

•Sales

JOther sales___——--2—________________

5.6

+ 0.5

10,387,441

Short sales

tOther

;

1942

14,

than

*97.8

369,051

Value

Number

sales———76,650

Short

6.1

*97.8

365,074

—

Round-lot Sales by Dealers—
Number of Shares:

Members* (Shares)

NOV.

ENDED

WEEK

Short

products.

commodities

All

92.5

sales—

total

Customers

Dollar

3,977

short sales
other- sales.—-

*Customers'

Stock Exchange and Round-Lot

Round-Lot Stock Sales on the New York
Stock Transactions for Account of

than

other

commodities

92.5

*99.7

produots—___.

Manufactured
All

103.2

92.5

articles

Semimanufactured

103.7

14,046

Round-lot Purchases by

+ 11.2

102.5

13,922

of Shares:

Customers'

.

total more than the num¬
single report may carry entries In more than one
"f
'' ■■ v /■'.

classification,

+ 15.7

allied products^.
goods —...—_
commodities ___

materials

Raw

?;

3.2

89.7

r.

526

,

124

•

sales

total

Customers'

Number

transactions are handled solely by

sales

short

other sales——

*Customers'

f

the various classifications may

The number of reports in

2.4

89.9

—.

Housefurnishing
Miscellaneous

i

specialists' other round-lot trades.
On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
solely 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 exchanges.

2.6

99.5

(Customers' Sales)
Number of Orders:

registered and the round-lot transactions
transactions are not segregated from the

specialists in the stocks in which they are
specialists resulting from such odd-lot

of

ber

12,426

342,113
11,912,150

Odd-lot Purchases by

-V

■

-

^205

_

.tTansactions___:__J.___;___A-,

Vork Curb Exchange, odd-lot

the New

Shares

28

-

—

Reports showing no
Note—On

of

•.

Value

Dollar

Customers'

91

174

the floor

the floor

Total *
for Week

Orders—

652

175

<

Reports showing transactions as specialists—
Reports showing other transactions initiated on

1.

21, 1942

Purchases)

of

Exchange

received:

Total number of reports

+ 22.8

103.0

—

and leather products-

Hides

Fuel

110.7

103.3

Farm

(Customers'

N. Y. Curb

Nov. 21, 1942 from—

11-14

Nov.

by Dealers:

Dealers—

follows:

reports are classified as

Percentage changes to
11-21

Sales

Odd-lot

Stock
These

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

(1926=100)

•

EXCHANGE

Number

data

Total

and a year ago:

ago,

revision as required by later and

adjustment and

such

to

ject

changing prices. The indexes
considered as preliminary and sub¬

report

to

(*), however, must be

'

Week Ended

■

Number
The

ceiling, advanced slightly.
oil, rosin and* turpentine."
During the period of rapid changes caused by price controls,
materials allocation, and rationing the Bureau of Labor Statistics
attempt

"

ended Nov. 14:

silver, which has been selling under the
prices were reported for linseed

marked

mission.

following data for the week

The Commission made available the

Lower

will

series of current fig¬

a

being published by the Com¬
The figures, which are

ures

174,000 shares was 15.33%

trading of 567,450 shares.

of total

changes

few

Raw jute advanced about

commodities.

round15.34%

the Exchange of 3,914,350 shares.
This com¬ based upon reports filed with the
with member trading during the previous week ended Nov. 7 Commission by the odd-lot dealers
of 1,247,017 shares, or 16.75% of total trading of 3,802,760 shares.
On and specialists, are given below:
the New York Curb Exchange, member trading during the week STOCK
TRANSACTIONS
FOR
THB
ODD-LOT
ACCOUNT
OF
ODD-LOT
ended Nov. 14 amounted to 194,165 shares, or 17.02% of the total vol¬
DEALERS AND SPECIALISTS ON
ume of that Exchange of 570,350 shares; during the preceding week
THE
NEW
YORK
STOCK

1929.

for industrial

and

dealers

odd-lot

all

of

specialists who handle odd lots oh
the New York Stock Exchange,

of total transactions on

on

were

for the week ended

summary

pares

the
lower.

Hogs,

Exchange

Stock

(except odd-lot dealers) during the week ended Nov. 14 (in
totaled 1,200,548 shares, which amount was

lot transactions)

contrary, declined, and most grains, except
Rye and oats dropped nearly 3% and corn
1%.
Markets were also lower for cotton, lemons, peanuts,
for potatoes at Portland, Oregon and Boston.
"Food prices rose 0.3% during the week.
In addition to higher

0.2%.

barley,

the

on

a

count

figures, the Commission explained.

Foods—Average prices for farm products

markets moved up 0.2%, led by a sharp seasonal increase
in prices for oranges, and certain vegetables, particularly dried beans,
onions, and potatoes in the Chicago and New York markets.
Ad¬
vancing prices for cows, - lambs, and for live poultry at Chicago
caused average prices for livestock and poultry as a group to rise

in primary

27

published by the Commis¬
from other sales in these

tinuing a series of current figures being
Short sales are shown separately

sion,

Trading

Exchange

and

Securities

Commission made^public on 'Nov.

Nov. 21, 1942, of complete figures
showing the daily volume of stock
the week ended Nov. 14, 1942, con¬ transactions for the odd-lot ac¬

members of these exchanges in

ended Nov. 21. There were some increases
quotations for cattle, sheep, live poultry, and certain fruits and
vegetables and reductions for cotton, peanuts, potatoes and most
grains. The Bureau's comprehensive index of nearly 900 price se¬
ries remained unchanged at 100.1% of the 1926 average.
The Bureau's announcement further said:
and

The

public on Nov.

27, figures showing the daily volume of total round-lot stock sales on
the New York Stock Exchange and the New York Curb Exchange
and the volume of round-lot stock transactions for the account of all

in

Products

and Exchange Commission made

The Securities

steady during the week

"Farm

NYSE Odd-Lot Trading

Trading On New York Exchanges

Steady In

Wholesale Commodity Prices

Thursday, December 3, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

1990

ing farmers
victory.

work

"The National
est of

our

together

for

Grange, the old¬

national farm organiza¬

tions, faces heavy responsibility
and great opportunity for service
to the nation as it meets in its an¬

short

sales

included with

which

are

exempted

from restriction by

"other sales."

ISales marked "short exemot" are included

with "other sales."

the Commission

nual conference. I send my greet¬

ings and best wishes."

Volume' 156

Revenue

Number 4130

THE COMMERCIAL & FINANCIAL
CHRONICLE

Freight Ger Loadings During Week s

1

Loading of

•;

freight for the week ended Nov. 21, totaled

revenue

836,427 cars, the Association of American Railroads announced on
Nov. 27: This was an increase above the corresponding week of 1941,

,

,

of 37,041 cars or 4.6%, and an increase above the

:

of

week in

same

1940,

102,939 cars*or 14.0%. Both 1941 and 1940 include holiday.
Loading of revenue freight for the week of Nov. 21 increased
9,826 cars or 1,2% above the preceding week.
V.
Miscellaneous freight loading totaled 396,989
cars, an increase
of 5,211 cars above the preceding week, and an increase of
29,716

:■

above

cars

the

corresponding week in 1941, a
Loading of merchandise less than carload lot freight totaled 91,541 cars, an increase of 476 cars above the
preceding week, but a
decrease of 49,716 cars below the
corresponding week in 1941.
Coal loading amounted to 167,404
cars, an increase of 2,163 cars

•

;

,

above the preceding week, and an increase of 37,196 cars above the

;

corresponding week in 1941.-/,

;

'-'."-/.sV

'

Grain and
;

of

4,350

Total Revenue

y; Southern DistrictAlabama," Tennessee

grain products loading totaled 45,690 cars, an increase
the preceding week, and an increase of 4,668

above the corresponding week in 1941.- In the Western Districts
alone, grain and grain products loading for the week of Nov. 21
30,701 cars, an increase of 3,448 cars above the preceding
week, and an increase of 5,554 cars above the corresponding week
cars

thicker,

Received from

1942

1941

1940

1942

are

muntz

Connections
1941

bronze,

manganese

metal,

naval brass, tofcftn"
bronze, hot-rolled Everdur, apd
20 and 30%
cupro-nickel. The re-

& Northern.

305

337

273

P.—W. R. R. of Ala-

253

252

768

868

725

Atlanta, Birmingham & Coast-.

2,680

2,240

728

761

674

1,375

vised

1.156

schedule

13.507

11,468

10,196

11,203

7.025

Brass

3,759

4,661

4,108

Co., effective Nov. 16, calls

4,906

4,240

for

deduction

from

Atl. & W.

Atlantic Coast

Line—

Central of Georgia—

—

Charleston & Western Carolina

ClinchfieldA—A———

Florida East Coast—
Gainesville Midland

Georgia—A—

pound

per

407

1,452

1,620

1,293

2,875

2,665

330

326

401

428

161

loys sold in the dimensions speci¬

159

529

424

fied.

793

939

1,400

40

30

106

1,156

2,372

2.545

512

378

473

787

"4,077

4,242

3,469

"4,539

3,539

28,975

27,630

22,050

16,509

14,424

22,288

11,922

8,597

23,178

227

229

——.

165

154

153

588

468

Nashville, Chattanooga & St, L.—_.

4,354

3,829

3,549

4,470

3,726

1,243

1,009

1,098

1,807

1,481

320

470

453

1,269

1,660

480

414

384

10,260

6,597

Norfolk

SouthernA—.
Piedmont. Northern.———

Richmond, Fred.

115

820

649

11,162

10,676

10,099

8,922

23,617

22,243

24,727

20,338

523

551

481

941

802

119

138

146

927

911

125,370

119,779

107,192

117,726

and

actual

proved

Winston-Salem Southbound--—.

those

on

remains

consumption

during

al¬

the

good

has

last

im¬

month.

Consumers have been
buying lead
for forward

shipment

under

liberalized

the

of

program

the

more

lead

freely
inventory

division

of

WpB.

95,081

;

Total—

Inquiry for lead

7,382

23.508

Southern System———

price

Lead

25,260

& Potomac—
Line—.

base

91

1,439

310

-

the

1,034

40

1,441

—

———

Central

5<S

443
1,829

Macon, Dublin & Savannah—.
Mississippi Central
a

Tennessee

of

American

119

Georgia & Florida—^—.
Gulf, Mobile & Ohio .-.AA

Air

the

445.

1—.

Illinois Central System--—
Louisville & Nashville..

of

413

:

1,270
-

a

1.852

—A.

Columbus & Greenville-—
Durham & Southern—

Seaboard

above

cars

Total Loads

Railroads

Freight Loaded

Ended Nov. 21,1942 Totaled 836,427 Cars
i'

1991

Quotations
basis

continued

.of

6.500,
6.350, St. Louis.

on

the

York,

New

and

Zinc

,!v

'totaled
•

in

:

1941.

1

•

;:■ /

•

.,

Livestock

loading amounted to 19,707 cars, a decrease of 536 cars
preceding week, but an increase of 6,506 cars above the

below the
•

corresponding week in 1941:

In the Western Districts alone, loading
of livestock for the week of Nov, 21 totaled
15,570 cars, a decrease

;

of 389

•

above the

cars

below the preceding week, but an increase of 5,586 cars
corresponding week in 1941. aa;/a a;; . ;y: aa'a;.
a'';
V

Forest

■

products

loading totaled 42,233 cars, a decrease of 414
preceding week, but an increase of 2,508 cars above
the corresponding week in 1941.
a'.^'.a--; a-'/:r: •
Ore loading amounted to 58,376
cars, a decrease of 1,776 cars
below the preceding week/but an increase of 3,349 cars above the
below the

cars

■

:
'

corresponding week in 1941.

: ;'. :a/.

Northwestern

Chicago & North Western—

.

All districts reported increases compared with the
corresponding
weeks in 1941 and 1940
except the Eastern.
%%/AAr a: Vy;.A a-a'
■,

1942

y Flvt

weeks

Four
•

of

weeks

Four

weeks

Four

weeks of

V Five

of

weeks

Four

.

Four

3,858,273
AAA

March

weeks

of

Five

weeks of

Week

of

Week

i

August

of

;

..aA

,

October--—-

Nov.
Nov.

2,489,280

7

-I--———.

Spokane

308

695

780

518

546

9.929

9,452

9,839

405

598

342

122

147

17,227

14,423

5,258

4.002

542

588

742

648

2,424

2,819

2,244

41

2,240

1,743

1,669

2,214

5,875

6,041

5,569

2,873

2,896

12,282

11,197

11,231
122

732

344

2,056

1,806

3,002

2.003

120,309

119,734

103,612

60,685

56,924

23,918

-

,.

"a (NUMEER OF CARS—WEEK
:y, ;*.'■■■; ■:.<
a.;AA a.\ V::-':' ,.-y.-

y;

V
:

y;

:■

.

;

Railroads

,

ENDED

NOV.

AA

.

■

Ay

Ay

Ann

.

'

;.y;

Boston

Aroostockf

&
&

Central

:

AA-AJ:' A

11,107
11,013 AA

477

879

10,033

2.550

3,050

2,560

3,903

3,270

Western

1,268

1,385

1,087

1,991

1,560

4,183

3,859

5,219

Louis.

4,424

758

946

9

33

.

8,563
142

1,279
15,954

;',y6,881

148

:

.

Missouri-Illinois.^——_rA——

1,228

1,071

902

582

450

Nov.

Nevada

2,150

1,856

ceiling
prices, effective
23,
were
announced
last

1,856

83

114

867

898

750

week

574

425

by

Northern

Western

Pacific—.—

Pacific

22

(Pacific)

39

99

0

26,933

—

25,982

24,246

12,259

Toledo, Peoria & WesternUnion

Pacific

416

293

1.712

1,450

18,433

17,899

15,519

II,785

Utah

,575

460

578

4

2,314

1,739

2,644

112,129

90,688

69,717

--A--

Island-

204

Gulf Coast Lines

.

.

,5,908

6,655
18.807

Cambria

.

&

Indiana—

Central R. R.

—

of New Jersey—A—

Cornwall--——
Cumberland

•

Llgonier

■

; Long

&

—

Pennsylvania—

Valley—

——

y.

Island—.———,—

Penn-Reading Seashore Lines—A—
•

Pennsylvania System

Reading Co
Union (Pittsburgh)——
—.—

!

Western

Total—
Pocahontas

—

1,719

29

45

43,344

54,888
.18,282

'

451

•

6,442

..

.

>

'

2,476

5,941

869

982

•

291

;

6,073

19,729

12,586

4.810

3,604

159,879

140

336

9,000

3,308

3,056

2,888

5,520

3,621

Orleans—.

14,225

8,368

7,390

4,711

4,017

5,941

5,639

5,079

8,450

5,660

134

139

39

75

week,

31

13

33

39

for

62,012

54,435

67,580

48,852

Falls

&

Southern—

107

Weatherford M. W. & N. W..,

Ay.

—JL

.

163

78,427
"Previous

———




.

V'Tin

:A'Vaa-

Tin prices were unchanged last

with Straits quality metal

forward

shipment

nominally

follows:

as

A'

Nov.

Dec,

figure.

Jan,

Nov.

'

year's figures

revised.

l9__

52.000

52.000

52.000

Nov.

week's

Note—Previous

20

52.000

52.000

52.000

52.000

52.000

Non-Ferrous

Metals—Ceiling Prices Not

To Be Disturbed

;!

■

152,349

4,267

10,370

544

1.1^2

36,135

32,780

28,108

22,616

5,731

5,036

5,495

2,271

2,039

<"309

284

251

*3

3

178/-

848

1.685

5

9

7,017

7,179

6,645

746

657

673

41-

48

123

259

15

26

143

38

43

134

1,060

,

730

882

20,449

effective Dec.

increase

which

cannot

be

3,330

2,838

1.704

1.424

2,124

66,884

51,763

15,047

16,041

15,602

27,806

23,479

19,746

19,416

7,172

6,098

3,860

12,098

9,658

171,506

137,123

•

27.373

18.734

18,368

19,796

6,617

2,896

4,226

2,153

54,026

39,998

46,386

21.857

22,364

on

disturb

to

where non-ferrous metals and other commodities

13.087

12,525

absorb

the

higher

cost

on

sales

f.o.b.

producer's

Other

developments of the week

included
the

an

establishment.

a

freight

upward

revision

of

Reserve

trates;

sold

on

a

Tri-State

on

higher price

concen¬

Quotations

ored

with

were

substantial

plants

sult

fav¬

tonnages.

are

that deliveries of copper are

of record

proportions.

situation

in

foreign metal

of
a

to say

Copper
December
were

released

copper

both

The price

was

domestic

and

unchanged last

(9.6250)

,'aa 'r

imported

of

the buyer

to

a

of

silver

machine

a

or

containing the metal was
granted by OPA, effective Nov.
25- '
..

The
was

a

silver

production
brass

of

mills

certain
has

re¬

downward revision in

t

the

involved in the price change, cov¬

price of those materials. Items

ering

'•

plates

one-half

inch

or

"

.

market

unchanged

,a

in

last

.

London

week

The New York Official

23V2d.
mained

at

at
re¬

443/i0, and the Treas¬

ury's price held at 350.
Daily

Volume

allocations

during the current

contin¬

$198 per flask.

Silver

de¬

getting
into full production, with the re¬

sulted in

on

part:

@

Permission to pass the increased

.

munition

products

in

price

in New York

ued at $196

week.

on

war,

part

tungsten
ore
for
small
producers,
and
higher prices for fluorspar." The
a

suspended
buyers con¬
situation in

the

the

the metal is not likely to change.

cost
are

business

containing

virtually

of

that

for

products

ceiling prices,

week, and brass mills
New

premium payment by Metals

1,750

20,179

most

on

5,904
.

as

basis, and the buyer will<?>-

publication further went

M78
157,385

172,767.

1, must be considered

This means that the seller will absorb the tax

1,997

68,108

Markets," in its issue of Nov. 26,

livered

competition

because

passed

15,532

>

79,675

.

in

property transportation tax, imposed under the Rev¬

Act of 1942,

974

38,176

52.000

tin, 99%, spot, 51.1250

quicksilver

war.

"E; & M. J. Metal and Mineral
stated: "The 3%

193,689

615

y

Quicksilver
With

tend

4,279

219,310

.

By Transportation Tax

production and shipment figures and other data have been

omitted for the duration of the

1,009
"

52.000

Chinese

Editor's Note.—At the direction of the Office of
Censorship
certain

2,503

814;

21—

all week.

48

728

123

Nov.

335

13,305

4,796

—

serve.

:

'

—

tons of trioxide

6,272

—,

Pacific————

&

100

during the last year, will not alter
the selling basis of Metals Re¬

8,439

OP A ruled last week.

"

Total

out less than

162

Texas & New

2,137

,

2,692

530

5,109

.

,

Virginian-—--

15,099

9,434

Louis Southwestern

5,918

14

21,857

—

Norfolk & Western—

17,705

245

100

Francisco

12,973

261

751

571

'

5,673

"

6,656

486

District—

Chesapeake & Ohio——

•

3,555

9,489

St.

15,737

'

586 •

175,548

5,551

45,531

10,918

380

3,669
—.

4,201

52.000

20,807

—

Maryland——

444

4,780

new

% 401

4,475

.

877

1.7R7

419

The

price, calculated to increase out¬
put of those producers who turned

A 456

2,406

78,344

——

338

179

unit.

per

after

settling

52.000

217

——A—'

Gauley—A—-

732

:

$24

and

on

former

52.000

355

152,099

Lake Erie

177

Lines.

Pacific

Louis-San

enue

Buffalo Creek &

767

203

•

Co.

The

52.000

760

•

j

689

Quanah Acme & Pacific——

rate

Bessemer

974

304

-

Allegheny District—

'

1,068

2,041

335

:

Reserve

25-—,A

7,588

4,572

Akron, Canton & Youngstown„Baltimore & Ohio———A—A-—-.

was

1,941

2.205

2,637

260

Valley

1,445

'

basis

2,956

2,671

2,710

3,765
:

St.

7,424

;

19.

Nov.

8,514

Total-—

Nov.

1,288

2,953

.1,955

.

Metals

2,695

1,345
2,625

3,160

-

355

Wheeling & Lake Erie

2,075

2,869

2,913

7,685

.

2,591

202

52.000

1,664

7,088

,

5,138

3,419
1,814

248

52.000

10,682

'

__—---_—A-—

1,849

States will be paid $30
short-ton unit of W03 by the

per

52.000

15,691

—

246

52.000

1,060

Wabash

285

'A;

434

Missouri & Arkansas

Wichita

151

3,798

3,712

Texas

of
the

in

23

5,561

Pittsburgh & West Virginia—u-j—
.Rutland——A———A————

182

5,364

Missouri

producers

concentrate

ore

24..

1,000

.

"eligible"

United

Southwestern District—

Midland

$28

Tungsten Ore
Small

tungsten
Burlington-Rock

at

Nov.

6,678

Pittsburg & Shawmut—
;
Pittsburg, Shawmut & North--—

:

set

now

advance of $3.

an

Nov,

973

'

top grade is
ton,

per

2,812

125,217

The

2

1,690

130,648

Pacific^A—

Total

metallurgical

on

2,478

;

i

7,419

339

19,772

System—

OPA

fluorspar, to stimulate production.

9,421

7,338
456

0

.

A A 1,576

York, Chicago & St. Louis——

Pittsburgh
Lake Erie
Ipere Marquette———————-

-

New

2,932

York, Ontario & Western—.

■

Fluorspar

I.70C

A 12,949

47,927 A

9,119

Y., Susquehanna & Western..—

St.

Ay

1,805 AA A' 1,798

New
N.

"

Prime

8.250,

8,365

'New
'

-

at

1.079

8,799

215

week.

1,396

14.955

5,318

this

continued

1,464

1,190

328 A

late

move

976

3.853

A A,

to

8,689 A

45,755

,

10,238

139

11,028

.

The trade believes that zinc al¬
locations for December will begin

1;96L

.

2,306

;

6i Hartford-—-A—A

2,446

output

2.941

5,917

—

N. Y„ N. H.

:

2,157

A; 2,762

5,323

2,230

Monongahela

.

12,609

13.292

"

y

2.594

327

4,160

.

: 1,365

2,387

y

11,822

——„_

y

61

.

4,879

253

New York Central Lines—A—A—

44

,

8,406

——_

Montour

.

364

—,

s

16

8,035

1,574

:

^

Central—

12.768

A 2,394

17A

Lehigh Az Hudson River—a-A-L——1 Aa, 254
f Lehigh & New England
2.058
Lehigh Valley———
y. 8,267 '
.

266

13.557
^ 1,920

433

Grand Trunk Western

.' Maine

191

7,862

1,386

..

1,411

Detroit & Toledo Shore Line...

:

1,122

1,431

4,991

——

A Detroit, Toledo & Ronton—
Erie—A

1,167

958

Lackawanna & Western—^

Detroit & Mackinac

:

6,104

.

.

•

12,001

trict.

713

Louisiana & Arkansas

1941

-

7,003

Hudson

Delaware,
■

1,433

1,726

23

-

——

582

7,653

,

*1,433

.1942

contend, is

increase

1,613

Missouri-Kansas-Texas

583

6,020

& Louisville

Indiana—

Delaware

469

1,658

Maine

Central Vermont—;

.

Connections

1940 A

to

1,947

Litchfield & Madison

A-A; Received from

AAA'1"AAAAr Freight Loaded

.

'Chicago, Indianapolis
•

AA1"

■

Arbor

Bangor

.

'"

Eastern District— y/ y'-'y^yy-yy yy%^

99

12,173

Kansas City Southern

■"

Total Loads y

-•

vance, zinc authorities

2,641

Kansas, Oklahoma & Gulf

a^'a-A^

211

y'y,;:y.

Total Revenue

.

settling basis with recent
changes made elsewhere. The ad¬

10,857

International-Great NorthernCONNECTIONS

the

ize the

2,622

Peoria & Pekin Union

FROM

ton,

industry hold that this was done
to simplify
procedure and equal¬

1,468

32,911,414

RECEIVED

the basis of $41.80 per
of $39.60.
Some in

1,684

Western

REVENUE FREIGHT LOADED AND

on

instead

1,502

The following table is a summary of the
freight carloadings for
the>sepm,ate railroads and systems for the week ended Nov. 21, 1942.

-

area

per

;-a-~

Southern

During this period 63 roads showed increases when compared with
'/' the- corresponding week last year. a- V V"

for

12,333

•

$29.70

ton,
of the prevailing rate of
$28.05. Lead concentrate produced
in excess of quotas will be
paid

2,614

4.551

the Tri-State
of

City—.

4,064,273

38,377,614

3.078

121

y

on

zinc

instead

12,716

847

4,553,007

39,240,743

8,055

5,452

574

16,775

Re¬

of

substantially in the Tri-Sate dis-

12,869

2,655

670

19.312

Denver & Salt Lake

4Sorth

778,318

3,396

493

Colorado & Southern—
Denver & Rio Grande

3,135,122

.745,295
733,488

19,301

21,558

-

2,822,450

799.386

22,624

3,371
:

Chicago, Burlington & Quincy.
Chicago & Illinois Midland—
Chicago, Rock Island & Pacific—.
Chicago & Eastern Illinois—Aa—_

3,717,933

883,890

in

basis

insufficient

Alton

3,540,210
873,582

4,158

86

1,981

Atch., Top. & Santa Fe System.—

3,413,435

836,427

5,276

76

Central Western District—•

4,463,372

826.601

A.

148

Bingham & Garfield—:

the

Metals

premiums

production

concentrate
on

1,

grant

over-quota

2,351

610

9,605
'

Dec.

will

serve

4,289

377

9,539

TotalA-A———_aL-A—

v.

'

3,616

& Seattle—

Fort Worth & Denver

829,490

—I--—'

Total

4,339
12,686

480

Illinois Terminal—.

'

3,786
21,249

International

Spokane, Portland

2,896,953

,aL,

8,871

3,237

Northern Pacific

2,495,212

14——L,——

10,066

Ishpeming—
Minneapolis & St. Louis—.
Minn.,.St. Paul & S. S. M—

3,351,840

4,512,046

19,834

Lake Superior &

2,793,630

.

20,748

Bay & Western

3,510,057
•...

3,402

22,321

Northern

Green

4,160,060

3,321,568
4,350,948
3,503,658

■

Week of Nov. 21

y,

•a": 2,465,685

13,214

3,285

18,703

Great

4,170,713

of

weeks

2,866,565

3,066,011

J

12,696

2,412

Elgin, Joliet & Eastern——.
Ft. Dodge, Des Moines &
South—A.

3,351,038
<

June

Four weeks of September

y

3,215,565

16,377

2,625

19,854

Duiuth, Missabe & Iron Range—
Duluth, South Shore & Atlantic—.

3,385,769

May

of

! a

3,171,439

:..A~

1940

3,454,409

3,122,773

aafaa,,.,.-;

AprilA^-A

of

weeks

;• Five

January
February

of

a a 1941

:

18,308

2,173

'

loading amounted to 14,487 cars, an increase of 352 cars
above-the preceding week, and an increase of
2,814 cars above the
corresponding week in 1941.
y.a'f

,

17,952

Chicago Great Western————
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha.

Coke

,

Effective

District-

The
copper

Prices

daily prices of electrolytic
(domestic and export, re¬

finery), lead, 2inc and Straits tin
were
unchanged from those ap¬
pearing in
Financial

the "Commercial
Chronicle"

.31, 1942, page 380.

as

of

and

July

THE COMMERCIAL &

1992

This period

[things until Dec. 20.

peak time for enrollment
and many thousands. that were
members in 1941 failed to join for

is

Bunks, Trust Companies

Items About

the

Banks Urged To Use War Loan Deposit
Accounts To Facilitate War Financing

1942.

weekly meeting
of the Board of Directors of the
National City Bank of New York
held Nov. 24, John F. Young was
the regular

At

with

associated

and

Department.

Business

Standard

agency

to Brook¬
credits. Mr.
Head Office
1, 1934, where he is now lo¬
assigned

was

to
supervise
Young returned to
lyn

Oct.

9, 1926, he was
Assistant Cashier of
bank; on June 18, 1929, he
promoted to the office of As¬
On Nov.

cated.

appointed
the
was

an

sistant Vice-President.

tional

Na¬

in 1916 as a
College Training

Bank

City

member

the

entered

Buford

Mr.

the

of

time

After spending some

Class.

Head Office, he was

in training at

worked in the
Petrograd. and Moscow branches
of the bank until their closing.
After
another period
spent in
Head Office, Mr. Buford departed
for Belgium.
He had been asso¬
ciated with the Belgium branches
of the bank ever since their es¬
tablishment, and had been Man¬
ager of the Brussels Branch for
some time.
During a part of this
sent to Russia, and

Christmas Purchases

22

made."

be

7.6%

amounts

of

their

claims.

of

70%

ceived

Trust

Lawrence

Co.

of

of

the

fifteenth

dividend to depositors

Chairman

the

of

Finance

Jr.,

Com¬

Vice-

Vice-President,

mittee,

Chairman of the Executive Com¬

mittee, and Director of the United
States Rubber Co., was elected a
Director of the
Chemical Bank
Trust

Company

phreys is Director
Mutual

Fire

of Arkwright
Co., Bos¬

Insurance

Dominion Rubber Co., Ltd.,
Montreal; Latex Fiber Industries,
ton;

Inc.; Terminal Warehouses, Ltd.,
Toronto; United States Rubber
Export Co., Ltd., and Westside
Branch, Young Men's Christian
Association, N. Y. C.
Mr. Hum¬
phreys is a native of Philadelphia,
attended the public
schools of

4,100,000

distribution

during the

war,

Mr.

the American National
Trust

Co.

Rawll

"The Secretary

lowing
graduation
he
became
identified with Price, Waterhouse

to

mington, Del., joining the United
States Rubber Co. on June 1, 1938.

in

the

Middle
the

States

diana,

Minnesota, Wisconsin and

In¬

banks, for their own ac¬

tions by

Savings

and loan asso¬
The con¬

Christ¬

distribution of

the

"In
mas

this

funds

Club

year,

York State leads the other

4%

New
States

$110,000,000; the esti¬
Pennsylvania are $43,-

with about

for

mates

$18,000,000

members.

counts are left in the

operations
hereafter. is, of course, bound to be some
operations must shifting in the distribution of
substantially funds, since the disbursal of Gov¬
larger scale than heretofore and ernment funds does not penetrate
make it important that the banks to ail communities and banks in

The Bank of the Man¬

$5,000,000 for 100,offices
Greater New York. The Sea¬

000 members enrolled at 49

men's

Bank

for

Maurice
M.

Savings in New

York

City

has

financing

give further consideration to the exact proportion to the purchase
Government
securities,
nor
best method of making payments of
for the large amounts of securi¬ with equal promptness, but ef¬
will

that

ties

"During
there

was

cedure

by

F.

Harnett

and

Assistant

Joseph

Cashiers.

Both Messrs. Harnett and Murray
are

located

at

the

Main




Office

fects

on

the

reserve

positions of
mini¬

the banks are reduced to a

depositors.

the first World War
developed the so-called

Loan

War

purchased

be

them and their

Deposit Account pro¬

by means of which banks

are

permitted to make payment

for

Government

securities

pur¬

an

been

the Army.

He is stationed in
Services
of

Headquarters

has been

To Get

$410,060,000

$410,000,000 will be dis¬
to more than 8,000,000
Christmas Club members by ap¬
About

tributed

proximately 5,000 banking and
savings institutions and other or-

Gains For Year Reported

by

founder

and

President of Christ¬

Club, A Corporation, spon¬
sors of National Prosperity Week.
It is announced that the total dis¬
mas

tribution for 1942 is about

2% in

which would

mum

by the use of this

method.

incorporated
bank or
trust company in this district not
presently qualified as a special
depositary of public moneys may
apply for qualification as such de¬
positary by, submitting to us an
application on Form H-5 accom¬
panied by a certified copy of a
resolution of its board of direc¬
tors on Form J-5.
In fixing the
maximum amount of deposits for
which it will apply, the applicant
"Any

otherwise occur.

If

crease

over

last year, it was ex¬

higher deposits and another
increase in the bank's in¬
vestment in
Dominion Govern¬

ly

banks

were

lions

of

country

guided by any

to

would

all of these funds

before

ment

securities.

that

after

It

allowing

is

indicated

for

all tax¬

profits were $920,990
for the year
under review, as
compared with $939,322 for the
ation,

net

dividends. Total deposits

to

total

liabilities

Total

assets have

$184,639,000,

Government

Bonds,

with us, as collateral for such de¬
the public.
posits, securities of the character
reached $212,- and in the amount
,

annual meeting will use of its account, may submit its
application for such increase on
Toronto on Dec. 9.
Form H-5 accompanied by a cer¬
tified copy of resolution on Form
Business At Record J-5. The Treasury has recently

The bank's
be held in

Calif.

California

business during Oc¬
its record-break¬

tober continued

ing expansion, according
current "Business Outlook"

$8,000,000 for the year.
sets

now

exceed

the War Loan

to

over

Provincial

as

required by
443,000, the highest ever published
Treasury Circular No. 92.
in the history of the bank.
Cap¬
"Any special depositary now or
ital $7,000,000 and reserve fund
hereafter qualified which wishes
$7,000,000, or 100% of paid-up
to increase its maximum qualifi¬
capital, remain unchanged with
cation in order to make greater
undivided profits $866,000.

amount¬

increased
$41,000,000 and investment
securities, largely Dominion and

ing

States, known

Deposit Account and will pledge

large

Cash as¬

$39,791,000, with
7,1941, mil¬
people throughout the immediately available assets of
$130,460,000 equal to over 67% of
stopped
doing
many

plained, since on Dec.

and should also be

limitations
upon
the
make imme¬ statutory
Toronto diate remittances in full payment amount of deposits which it is
The 72nd annual statement of for their own and their custom¬ permitted to receive from any one
The
Dominion
Upon approval of the
Bank,
Toronto, ers' subscriptions to Government depositor.
Canada, showing results of the securities on the date of issue, a application, the depositary will
bank's
operations for the year very large volume of funds would open and maintain a separate ac¬
ended Oct. 31,
1942, indicates a be withdrawn from use, and a count for such deposits, in our
strong liquid position, substantial¬ considerable time would elapse name as fiscal agent of the United
all

Dominion Bank,

totaled

Murray,

with¬

almost imme¬

of necessity be on a

hattan Co. has

in

They are

expenditures

to the
$81,168,000, an increase of
excess of 1941, and that the aver¬
of The
over
$44,000,000.
Commercial
age
distribution
per
member
loans
and
discounts in Canada Wells Fargo Bank & Union Trust
The directors of the Public Na¬ amounts to $49 — slightly more
Co. of San Francisco. The bank's
now aggregate $70,495,000, repre¬
tional Bank and Trust Company than in 1941. Pearl Harbor is re¬
index rose to a preliminary level
of
New
York
have
appointed sponsible for the very small in¬ senting a decrease of slightly over
of 214.9% of the 1935-39 average,

Iowa.

banks until

by the Treasury in instal¬

ments.

financing

current

war

Such

400,000

to

Ac¬

nancing

000,000; for Massachusetts $38,000,000; for New Jersey $29,000,000. New York's Metropolitan dis¬
trict will receive about $68,000,000.
The Bank of America N. T.
and S. A. in California will dis¬
tribute

of

means

will
for two diately returned to the banking
months, and Secretary Morgen- system in the form of private de¬
thau,
in
his
preliminary
an¬ posits through Government dis¬
nouncement
of
this
program, bursements, so that there is little
indicated
that
it may lead to change in aggregate deposits as a
bi-monthly instead of monthly fi¬ result of these transactions. There
"The

i
formerly an Assis¬ ganizations during

district,
comprising
of Illinois, Michigan,

by

to War Loan Deposit

counts, rather than by immediate
However, se¬ remittance.
curities appropriate for subscrip¬
"Government funds in these ac¬

previous year and after making
a
contribution of $105,000 to the
National Pros¬
Officers Pension
Fund, writing
perity Week starting Nov. 30, ac¬
tant Treasurer, and with his new
$150,000 off Bank Premises ac¬
cording to an estimate given out
appointment continues to be iden¬
Nov.
11
by Herbert F. Rawll, count, $665,000 was provided for
tified with the
West

salesmen

volunteer

of all types.

tions

purchase value. The announce¬

at

Xmas Club Members

company's bank¬

subscribe,

tomers

credits

ment also says:

Washington, where he
serving in a civilian ca¬
&
Co., Philadelphia and from pacity since August.
1927 to 1938 was associated with
the Christiana Securities Co., Wil¬

relationships

of the Treasury
war
financing

solicit

000 all in War Bonds and

Supply,

ing

a

subscriptions from indi¬
viduals and non-banking institu¬

of

staff

provides awards totalling $5,Stamps

test

Bank and

the

Sherman was

announced

has

cover

Chicago, on leave,
commissioned a Major

in

Nov. 24
the
appointment of Harold M.
Sherman, Jr., as a Second VicePresident of the company.
Mr.

ing such magnitude, it becomes
important for all banks to con¬
sider carefully whether it would
campaign of unprecedented size not be to their interest to qualify
starting Nov. 30, 1942.
Primary as Government depositaries, and
emphasis is placed upon sales of thus to be in a position to make
Government securities to the gen¬ payment, (eitheryin full
or in
eral public and the Victory Fund part) for Government securities,
and their cus¬
Committee has organized a large for which they

following to say in part:

ciations of the country.

of

the

on

banks expenditures and the volume of
the Government financing are attain¬

in the New York District had

.

University of Pennsylvania. Fol¬

Eugene W. Stetson, President of
Guaranty Trust Company of

Deposit Accounts than was
Now that war

approximate chased, not only for themselves
total of $2,500,000; the Dime Sav¬ but for their customers as well,
ings Bank of Brooklyn $1,500,000. by a deposit to the credit of the
of the Chicago Title and Trust The Howard Savings Institution Government on their own books.
These deposits are subsequently
Company of Chicago, announced of Newark, N. J., the Trust Co. of
New Jersey, the Hudson County withdrawn by the Treasury, in
on Nov. 23 appointment of Harold
C. Bull, Gertrude H. Hellenthai National Bank and the Commer¬ instalments, as needed to meet
cial Trust Co., all in Jersey City, Government expenditures. As the should be guided by the amount
and Harold A. Shircliffe as As¬
each have a sum in excess of $1,- withdrawals are closely synchron¬ of the payments which it expects
sistant Trust Officers of the com¬
000,000 for a combined total of ized with the actual disburse¬ to make, for itself and others, in
pany. ■■■
ment of the money, this method respect of Government securities
90,000 members."
is designed to prevent, so far as which may be paid for by credit
O. P. Decker, Vice-President of
possible, the dislocation of funds to the War Loan Deposit Account,
has

the

Sproul's circular to

Loan

formerly the case.

by the other Reserve Banks.

indicate

Mr.

Chicago, and presumably

Bank of

$410,000,000

banks and savings

in the Sav¬

and was graduated from
Wharton School of Finance,

announced

12,300,000

drawn

Department of the defunct
City Bank & Trust Co., Hartford,
Conn., began on Nov. 16 and will
be
completed on Dec. 11.
The
Superior
Court
for
Hartford
County recently entered an order
authorizing the receiver of the
bank, Walter Perry, Bank Com¬

that city

New York,

32.800,000

ferings.

of New York missioner, to make the payment.
at a meeting of the Board of Di¬
Holman D. Pettibone, President
rectors on Nov. 25.
Mr. Hum¬
&

45,100,000

(Chicago)

they are needed, and then

ings

Humphreys,

effect

count, are also included in the of¬

450.

Payment

this

Bonds and to
save more-in Tax Savings Notes,
all from current income in the

be

2.44%, amounting to $175,256, and
will bring total claims to 70.94%,

to

3
l

for

War

in

the

will

depositors

Department

Nov. 19 to all mem¬

on

8

purchase of
Savings Bonds. A total of

War

790. The final

similar

serves

the method of making payment for
Federal Re¬ Government securities, and as a
serve
District by C. S. Young, result there are now considerably
banks
maintaining
War
President of the Federal Reserve fewer

$75,000,000 is anticipated. To en¬
courage a better understanding of
the need for every form of sav¬

in

banks "have had

sent

;

Seventh

larger

a

"During recent years when most
large excess re¬
there has been less occa¬
sion to use the War Loan Deposit

Ac¬

Deposit

Loan

*1
notice

A
was

this December in the

re¬

claims

their

War

their

counts.

percentage of the
total fund will be voluntarily used

amounting to $5,620,dividend to Savings

dividends,

Office.

Elmer

of

ber and non-member banks in

and Charity-

Plans

These

previously

had

depositors

Mr. Buford was appointed
Assistant Cashier and assigned
the Overseas Division, Head

Harry

now

53,300,000

100%

of the original

depositary of p u b 1 i c<£
and that all depositaries be returned to. the: banks through
qualified make effective use Government disbursements.

49,200,000

Unclassified

that

of New York,
in the New York
designation as a

moneys,

12

Zear-end Bills
Education

and trust companies,

position of banks

11

<(

Premiums

insurance

ings

will

reserve

special

of stated that Christmas Club is an¬
$562,392 and $273,706 have been nouncing a Victory Through Thrift
authorized to depositors of the Slogan Contest for the 8,000,000
closed Exchange Trust Co., Bos¬ members enrolling for 1943. Slo¬
ton, and the Lawrence Trust Co., gans are to be submitted that best
Lawrence, Mass.
The final divi¬ express an incentive for people to
dend to depositors of the savings save more in permanent savings,
department of the Exchange Trust for post-war security, save more
Co.

the

urged that any incorporated bank or trust company
Reserve District not presently qualified, apply for

$123,000,000
90,200,000

upon

Sproul, President of the Federal Reserve Bank

Allan

payments

dividend

Final

1933,
an

curities

13

Taxes

Commercial
period he acted as President of totaling $5,181,326.
the American Chamber of Com¬ depositors will receive a first and
final dividend of 7.5%, or $98,merce
in Belgium.
On Aug. 1,

to

Savings

War Bonds.

and all usual and neces¬

provisions have been

sary

30 %

Permanent

The

last

ber

re¬

000,000 will be used by the re¬
cipients approximately as follows:

be

next.

these

ports to the entire distribution for
1942, the estimated fund of $410,-

posted on 29th Januarybank's investments
stand in the books at less than
market value as at 30th Septem¬
will

applying

and

cember,

National City the operations of this bank for
half-year
ended Sept. 30,
Bank in 1916, beginning his con¬ the
1942:
nection there in the credit depart¬
"The directors of the Standard
ment at Head Office.
From there
Bank of South Africa, Ltd., have
he was transferred to the Comp¬
trollers
Department,
where in resolved to pay to the sharehold¬
ers
an
interim dividend, payable
1923 he was made head of the
Domestic Loan Supervision Sec¬ in British currency, of five shil¬
tion.
Shortly after the merger of lings per share, being at the rate
the Peoples Trust Company with 10% per annum, subject to British
Dividend warrants
the
National
City
Bank,
Mr. income tax.
Young

the

to

as

January of this year
use of funds last De¬

prospective increased amount of war financing
effect of purchases of Government se¬

and in order to minimize the

in

received

the

with

announce¬

Rawll's of¬

Mr.

fice, based upon reports from in¬
dividual Christmas Club members

appointed Vice-President; Charles
W. Buford, Assistant Vice-Presi¬ Ltd., at 67 Wall Street, announced
on Nov. 28 the following advices
dent, and E. C. Southwick and
M.
A.
Moosbrugger,
Assistant received by telegram from the
Cashiers.
Mr. Young became as¬ Head Office in London regarding
sociated

by

the

to

issued

ment

of the
Bank of South Africa,
York

New

The

new

view of the

In

According

the

Thursday, December 3, 1942

FINANCIAL CHRONICLE

revised September
A year ago in
it stood at 172%.
from a

212.8%.

authorized increases in the maxi¬

qualification of a depositary,
appropriate cases, to more than
100% of its capital and surplus

mum

in

and has

provided that any of the

securities referred to in Treasury
Circular
collateral

No.
for

92
the

level of deposits including
excess of 100% of
October

are

full
any

eligible

as

amount of

amount in

the capital and

surplus of the depositary."