Full text of Commercial and Financial Chronicle : December 30, 1943, Vol. 158, No. 4242, Section 2

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Final

ESTABLISHED OVER 100

Edition

YEARS

2 Sections-Section 2

ommatciaL

Keg. U.

Volume

Number

158

New

4242

S. Pat.

Office

Price

York, N. Y., Thursday, December 30,1943

President Sees Peace Insured filter

The Financial Situation

Cents

Copy

Victory

The President would like to have the
of his

regime

public cease to think
the New Deal Administration. Henceforth

he would have his

winning the war. Perhaps no more encouraging indi¬
has yet appeared of the trend of public sentiment
away from the hodge-podge of reform (mingled with the
grossest variety of politics and untouched and unblessed by
any sense of realism) that'has become popularly known as
the New Deal!
Otherwise
and apart from the fact that
the President may well with his usual
political cleverness
make use of such an artful, if obvious, dodge to
strengthen
himself politically for an effort to return for another term
to the White House—not
very much significance is to be
attached to this move by the master politician of the day.
cation

—

the

;

destructive

Roosevelt, in a world-wide Christmas Eve broadcast.^
expressed a "certainty" that we may look forward into the future of war in the hands of the enemy,
with confidence that peace can be ensured "though the cost may be waiting for the day when they
will again be free.
high and the time may be long."
"And we ask that God receive
The President revealed that General Dwight D. Eisenhower har
been selected to lead the combined American and British forces in and cherish those who have given
their lives, and that He

launching
"a
gigantic
at -

arising

tackV

war."

upon

coordinate air,

land

and

sea

power.

maneuvers

those

which

confer¬

ences

Te¬

with

heran

Minis¬

Prime

Churchill

ter

charac¬

Mar¬

and

ain

not yet

office, particularly the first and
shal Stalin of
second term.
It has been repeatedly asserted in such
quar¬ Russia,
Mr.
ters for. a long while past that the President had so altered Roosevelt said
his point of view and his course.
The fact is, however, that they agreed
one-would need

very

position.

He is well known to be

of the keenest stu¬

one

From

Casey,

one

American

striking

the

that

and

Japan

principles for assuring peace in
the Far East, involving the per¬
manent elimination of the empire
of Japan, were

discussed.

"in

than

of the

three-quarters

population of the earth" and,
he added, "as long as these four
nations with great military power
stick together in determination to
keep the peace there will be no
possibility of an aggressor nation
total

began snickering.

the

Dr. Thomas G. I What of it. It is rapidly proving
dairy and poultry more of a liability than an asset.

istration.

f'-'f

Even after

the

Mediterranean

there is substantial

The year 1944 will be one of the
'most momentous; it may be one of
the

disastrous in this

most

try's history.

coun¬

In spite of the gay

lieve

that

our

GENERAL CONTENTS
-

reason

be¬

seem

to have

got

for
you and for all your comrades in
arms who fight to rid the world

Mr.

Roosevelt

thinkers

realistic

of Wash¬

ington officialdom believe

are

cleared;
ian

awful

fleet.

time of Pearl Harbor

with that

of several months afterwards.

The realists

But the whole

logical effect
tions. Maybe

asking the ques¬

how close are we to

licking Germany and Japan after
of war and their answer
to that question is that they have

come,

tion

of just

NYSE

two years

of evil.

"We

;

little idea. After more than
a year since our forces landed
at
Tunisia, where are we.
Are we

wery

'any closer to Germany?
in

military

our

don't

think

wanted

high

are.

They never

the diversion in

instance.

We have

Realists
command
the first

part of Italy.

—

other

Messrs.

well

2671
2669

Trading

"We

that

ask

God's

the

shall

grace

upon

comfort

granted

who

those

and

are

Review

psycho¬

come.

any

<•

Fertilizer

.'(.'v

Association

Price

and Coke

.2670

. . -

Weekly

Crude

Non-Ferrous

2666)

there

the

One

alone.

1,700,000
Today,
figure has been more than
doubled to 3,800,000 on duty over¬
seas.
By next July that number
ago

year

serving

overseas.

this

will rise to over 5,000,000.

That this

truly

world

demonstrated when

was

ments

were

war

arrange¬

made with our over-

(Continued

on page

2668)

capacity.

may

Weekly

November

ord

can

creased

exceeded
1944.

November

and

Life

Prior

Federal

Dec.

Reserve

Indexes

business

were

This

will

sugar

Continued

Commodity

dicated

Prices

de-

during

1944. The col¬

lapse
many

of Ger¬
could

result

ing

hold.

In¬

coffee, cocoa
hold down their

wholesale

heavy demand is in¬
most

industrial

what extent

com¬

efforts

roll

shortages, unprecedented demand
and the necessity for maximum
output
will
tend
to
maintain
strong upward pressure on most
prices. Advancing parity prices,
storage, insurance and black mar¬
kets further tend to keep prices
high. Subsidies will be granted
certain producers during 1944.

mod ity

prices

back food prices to Sept.
15, 1942, levels will succeed is
problematical. Mounting over-all
to

influence

com

for

modities.

lop ment s

will

well

imports

prices.

;

Output............2672

Roger

Babson

indexes. If the

Inventories
Businessmen

should

watch

the

Permits,.

.2673

going in Italy

Outstanding..

.2672

Insurance

Sales..

.2674

From

Crop

pectedly hard—indicating a longer of its huge inventories of conwar_prices should firm.
Cattle sumer merchandise. With supplies
and hogs may bring lower average at a much higher level than in
prices. Soybean and corn prices World War I. retailers, wholeface the test of large marketings, v
(Continued on page 2667)

Paper

Cotton Ginned

will

They

rec¬

action in lead¬

Building

Commercial

and

any

possible

this

.2671

Electric

be able to handle it for many months.

roughly my forecast for 1944. The Babsonchart Index of the
Physical Volume of Business for the final quarter of 1943 averaged
141 compared with 150.7 for the same period of 1942. The all-time high
was reached
in December, 1942, when my Index stood at 155.6.
It

Oil Production...... 2675

Metals Market2672

are

on page

Eve

men

armed forces of the United States

prisoners

sharp, though
temporary, re¬

Moody's Daily Commodity,Index...

It may

-2671

Index..2672

Output.... .2673

............2671

Weekly Steel Review

(Continued

10,000,000

By ROGER W. BABSON

War

2662

V..

Weekly Lumber Movement,....

time.

Roosevelt

.......

Industry;Statistics.....2674

Paperboard

na¬

for

hand, there

Christmas

this

over

are

iSfOiriklook For 1944

Trade

Carloadings

Weekly Coal

keyed

Business And Financial

.2669 I

Weekly Engineering Construction...2674

not striking it off
they formerly did.
Churchill seems manifestly never

—

Cos..2676

Commodity Prices, Domestic Index..2674

Weekly

Washington
is filled with disquieting reports

Churchill

Banks and Trust

Odd-Lot

General

be breaks against us.

that

blessing

suc¬

enemies

our

possible and from many
different points of the compass.

were

your

upon

that

-2661

State

It hasn't yet be¬

been

course,

the

God's

ask

.'V. ■

fathers and
mothers, wives and children—all
your loved ones at home.
v
*
you

is not

Washington Ahead of the

accom¬

the satellite

on
so.

break which hasn't

2661

Trading on New York Exchanges..

apparent.
have

prayers

have most of the Ital¬

to have had a tremendous

come

are

Page

Situation.....'....'•

Items About

mess

position today with that at the

our

Moody's Bond Prices and Yields

everywhere.
It plishment must be measured as it
the collapse
does little good to brag that the relates to
of Ger¬
Jap fleet won't come out and fight many, and that is not yet in sight.
Mussolini's downfall is supposed
us or to be favorably comparing
in

;

News

upon

.more

are

offered they would not

Regular Features
From

his bear by the tail and can't turn
We are killing Germans in
return from Cairo and Teheran, in loose.
spite of his frequent utterances, in Italy which is to our account;
spite of the; wishy-washiness of Americans are being killed which
our
domestic
propaganda,
the is not.
The Mediterranean is
mood

Financial

wanted

only to occupy sufficient of Italy's
boot to protect the Mediterranean.
Somehow

hearts

our

military

present—especially

plans for stepping up our

■■

"In

matters of the

Editorial:

campaign,

command

armed forces" in which he

our

said:

Most firms are booked to

became committed

American

the

people,"
Christmas message to those

been delivered by

Stitts,

con¬

ain, Russia, China and the United
States and their Allies represent

have often wondered what the anonymity boys
do.
Here is an example.
Youngish Eugene
of them, was recently assigned to make a speech before the

division of the War Food Admin¬

those who are sick and wounded,

The President stated that "Brit¬

you

Institute

"definite

that

I have

ferred with the leaders of Britain

military strategy" was settled for

President

Butter

said

the borders of Russia.

quickly

sent

Kai-

Chiang

look

2666)

mem¬

tensive journeyings in the region
of the Mediterranean and as far as

attack

;v'. /

President

the

Chicago. After a few minutes the
He was'embarrassed but. he went on
with his speech.
It developed that at an earlier session, exactly the
same speech, word for word, had<3>audience

might"

"is

reach¬
"where we shall
forward to
large

stage

war

now

cessful

shek of China and Mr,. Churchill,

By CARLISLE BARGERON

the

of the

behalf

enslave the Ger¬

Generalissimo

with

keep them

grateful

of their countrymen forever.

ory

and Russia and China

"v.:
respect ,"iQ his Cairo talks

With

Washington

Undoubtedly

military

people."

man

Ahead OS The Mews
around

intention

in honor and in the

casualty lists—dead, wounded and
missing."
In conclusion the President, "on

but that the United Nations "have

public psychology—and one of the most ready to
change with the changing wind of popular feeling.
on page

President Roosevelt

must-be
stripped of her

dents of

(Continued

have

many

the President has, quite possibly more
clearly than many
of the rest of us, sensed a turn in the
feelings of the rank
and file and the consequent need of a shift in his own

world

to say:

in sight" but is

the

ing

I' "Ger¬

that

substantial measure of naivete to
accept such notions at face value.
It probably is true that
a

He went

another

ident said the end

of Great Brit¬

terized his earlier terms in

start

"God bless us all.
God keep us
must be
united with and cooperate with strong in our faith that we fight
all the freedom-loving peoples of for a better day for human kind
Europe and Asia and Africa and —here and everywhere."
the Americas. The rights of every
The President's address, deliv¬
nation, large or small, must be re¬ ered from the library at his Hyde
spected and guarded as jealously Park (N. Y.) home, follows, ac¬
as
are
the rights of every indi¬ cording to the Associated Press:
vidual within our own Republic."
Text of President's Radio Address
Warning
against
over-confi¬
I have just returned from ex¬
dence on the home front, the Pres¬

will

that

"But those four powers

Germany'' and

already been hailed by a good many as further
and perhaps conclusive evidence that the President has
"turned definitely to the right," and is more or less through
such

President

Regarding

Right?

It has

with

lllll By Application Of Force If Necessary

and his Administration associated

name

with

1943

13...................2674
November

Business

.....................2663,2675

elsewhere should prove unex¬

Government's

policy of disposing

THE COMMERCIAL & FINANCIAL CHRONICLE v

2662

Political Fiction—Latest
"Before

Savings Conference Speakers Cite Need Posl-War Prosperity
For Return To Thrift Principles 7'-777 In U. $. And Canada
Must Be Encouraged To Save And Invest Dollars
Seen By IL0 Official

ABA

Style

signing the executive order taking over
decision as

Saver

the railroads the President rendered his

disputes affecting the Brotherhood
of: Locomotive. Trainmen and the Brotherhood of

arbitrator of the

Through Channels Of Investment

pebple to return again to the sound and
time-tested principles and practice of thrift "was voiced by both
Fred. F. Lawrence, President of the Savings Division of the Amer¬
ican Bankers Association, who Js Treasurer of the Maine Savings
Bank, Portland, Me., and Dr.wPauL F. Cadman; the Association's

Engineers.
He affirmed the increase
hour which had previously been
granted by the Stacy Emergency Board and had
been
approved by the Economic Stabilization

economist,

Director.

banking held in

cents

per

hour effective immediately, in lieu of
a half for overtime in excess of

home.

;;

.v-

be effec¬

"The President directed that his award
tive for the duration of the war without
•

prejudice

rights of either party thereafter to request a
change in the agreement.
"The President further stated that he had been

his

stabilization

economic

worthwhile?

itary,

"But
in

that

discrediting?

lf|f§

with latest reports indicating that the steel strike of 170,000 has been
called off and that the railroads have been taken over by the gov¬

effort will be made to keep these

great war industries operating smoothly.
Nation-wide steel ingot production was off 5 points to 93%

strike

coal

the
the
The

period in June.
attributed by the maga¬

slack

was

zine

"Steel"

widespread ob¬
servance
of Christmas, the first
since the beginning of the war.
Fewer plant suspensions for New
Year's

weekend

should

mas

than

create

Christ¬

for

day buying of last year,
for

the

1942

is
on

making

season

history,
observers
place
the
in¬

Estimates

month

publi¬

in retail trade thus far this

crease

all

Christmas

best

nation's

state.

active

steel production, the trade
cation said in its weekly

the

volume.

the

realized

over

This

comparative
gain becomes

impressive when

top

that

13%

achieved

was

sales

increase

registered during December, 1942,
mary of the industry.
December,
1941.
Even
7.77; over
Electric production continues to though the national average for
hold the spotlight on the business the Yuletide season was ahead of
front.
Electric
power
output a year ago, December retail trade
again reached a new high of 4,- in several leading cities, notably
612,994,000 kilowatt hours in the New York and Philadelphia, did
week ended Dec. 18, against the not equal 1942 figures.
In other
previous peak of 4,566,905,000 last cities, including Boston,; St. Louis,
week
and
Detroit and Chicago, business was
3,975,873,000 a year
earlier, according to the Edison decidedly spotty, with some stores
Electric Institute.
This was 16 %'x reporting
gains -and' others de¬
above last year. Consolidated Ed¬ clines.
./..777',7.;7.' '''77?7 : h'r
ison Co. reports system output of
Department store sales on a
232,400,000 kilowatt hours in the country-wide basis were down
week ended Dec. 20, against 171,4% for the week ended Dec. 18,
800,000 a year ago, a rise of 35.2%. compared with the like week a
sum¬

Carloadings of
for

the

week

freight

revenue

Dec.

ended

totaled 759,288 cars, according to
the Association of American Rail¬
This

roads.

was

decrease

from the preceding
week this year, 16,227 cars more
than the corresponding week in
63,923

cars

and

1942
same*

39,580 cars below
period two years ago.

This total

was

the

123.13% of aver¬

loadings for the correspond¬
ing week of the 10 preceding

age

years.

advance reports
from Class I railroads, whose rev¬
enues represent 81.6% of total op¬
erating revenues, the Association
of American Railroads estimated
railroad

that
in

upon

operating

November,

/1943,

year

full

week

ended

11%
a

point¬
only operating ex¬
taxes, or final income re¬

ed out, covers
sults.

never

price of victory.

before the

the

banks

borrow

basis

huge

by the ex¬

of
the

through

In the current pronounce¬

ment.

invited' to

are

invest

war

bonds; but the war is not a pro¬
ductive enterprise. Strictly speak¬

ing; we cannot invest in it. Fur¬
thermore, governments are rarely
productive agencies in the eco¬
nomic
sense.
Historically, they
spend wealth and do not conserve
Insofar

it.

invest

the

Government's promises to pay

times like

these, we are investing
in the future taxing power of the
Modern

Government.

not

ments

govern¬

treasuries

have

They have only the power to tax
the- power to

Taxa¬
the

borrow.

tion is compulsory; lending to

pulsory.

could

also

com¬

But there

are

of these processes.

both

Then will come the;

ears.

real

duced and saved.

challenge to the banker, one:
of whose highest functions is bat¬

"There is

drifting
a

Cadman

that

declared

phenomenon of

outstanding

our

present-day economic life "is the
fact that we are not forming capn
tal—we are consuming it.
"The fact is that the

growing

nation

day," he
asserted.
"A greater part of the
oroduction of our industry is be-;
ing .sunk in the seas, blown to
pieces in the air, or
stored for
poorer

every

this

Our

accumulated.

for

the transient currents

fickle public sentiment."

Dr.

the

dividual to
he

ability of the in¬

save

and

earns

out of that which

which he

that
the

Since

ceives.

hope

best

bulk

economic transactions

are

re¬
our

mineral

coal.<

are..

reserves

oil, lumber and

ores,

being

consumed

rate which could not be sustained

without

exhausting much of the

available supply.

This latter form

said

Board,
Mr.
Phelan
post-war unem¬

that

also

ployment in other countries was
"not inevitable."
In

reporting his

in terms

"Times"

York

New

comments the
of

Dec.

stated:
He stressed the belief that

post¬

employment would be an in¬

war

ternational rather than a national

problem.

"What
tins part

to do

have

is to get

of the world running," he

said, "but it won't keep running if
the
other
countries
are
not

brought along. You cannot have a
half prosperous and half

world

It would only lead to new

poor.

difficulties."

;

•:

■

expressed the belief
that the democratic nations would
Mr. Phelan

with Soviet
saying he

continue to cooperate

Russia
saw

the

after

war,

barriers to

such coopera¬

tion because of their different so¬

cial and

political systems.

The ILO director said he

hoped

the Soviet Government would be

present

the

among

than

thirty nations to be represented at
the ILO conference in Philadel¬

phia

April 20. The represen¬

member

the

tatives

govern¬

ments, consisting of employer, la¬
and

bor

will
war

spokesmen,
and post¬
economic and social problems
government

deal with present

will

and

recommendations

make

to the respective

devised

governments.
that the plans

Phelan said

Mr.

the

conference

proposals previously
by the ILO easily
could be incorporated in the re¬
habilitation program that might
be evolved by any international
well

out

worked

that may be estab¬
the war along the
of the old League of Nations.

organization
lished

after

of the

One

lems,
that

big post-war prob¬

out, would

pointed

rehabilitation

from

to 35,000,000 persons
the Germans from their
during the war. However,

30,000,000

moved by
homes

"we may not have

to
inas¬
much as Europe may be freed
piecemeal," and adjustments can
be made as each country is freed.
he

added,

face that figure all at once

dollars, the saver must again
encouraged to save dollars and
to offer them freely through the

It will be

channels of investment.
difficult to
this

persuade them to do

the

volume

necessary

ultimate destruction. Our

attended

lines

unhealthy economic trends.; capital formation—a large part of
present ■ purchasing
power
That lasting good-will for which the
must be invested, and a large sup¬
we
all strive is
npt attained by
catering to human weakness, or ply of new and real saving must
be

plane from London, where he
a
meeting of the ILO's

per

governing

hocus-pocus about

tling

Arriving in New York by clip¬

which have storehouses of wealth.

and

and Canada.

States

United

monetary procedures we

the

country

producing
wealth
channels of invest¬

•

limits to
In gen¬
eral, the limit of taxation is the
credit.
•
\
point where the levy discourages
"But I venture the opinion that, both
production and accumula¬
in all this effort we have merely
tion.
Borrowing is limited by the
been
serving an apprenticeship confidence of the lenders in both
for the real job that lies ahead.
the ability and the capacity of the
The mercurial temperament of the; Government to
pay.
American
people is proverbial.
"Today the Government is pay¬
Nothing is more certain than that
ing interest and redeeming its
when the days of wartime priva¬
promises by taxing or borrowing
tion are assumed to be at the end
from one and paying to another.
the sirens of the school of pros-i
We
are
mortgaging the future
perity through spending will once
heavily, piling up charges which
again chant their alluring song,1
cannot possibly be paid until real
perhaps all too seductive to war-;
wealth begins again to be pro¬
weary

perity rather than depression may*
be expected after the war in the

continues

and

sums

Dec. 27 that considerable pros¬

"Normally, savings quicken the
process

Government

with

The

Dec.

from

year

four

last

sales

were

the comparative

ago.

December

Sale Of War Stamps

Over $1 Billion Mark

long as the Government pursues

7 The Office of War Information

the policy of deficit financing in
which the supply of purchasing

reported on Dec. 20
war stamps reached
on Nov. 30, with
a
heavy" sale now in
Christmas gifts.

is constantly increased. The
individual
cannot
be
expected
to shovel sand against the rising
power

tide.

Our

■

natural

resources

are

world.

the

history

The-labor

force

the

United States is

probably as fully
employed as it has ever been of
is likely1'to bo in our lifetime,'
Our economy has all of the sem¬
blance

altogether
neither

prosperity.

Here

nor

homely
was

proof that
national in¬

necessarily represent wealth.
"We are actually led to believe

littled

virtue

saving

which

recently ridiculed and be¬
is

coming

again

'■ -Vv

own.1;

into

its

■■

"The doctrine of the inexhaust¬

convincing

money

being depleted; our capital goods
are wearing out; depreciation and
obsolescence proceed at an appal¬

ible' Treasury

The

ited.

has" been

discred¬

of national

nature

in¬

come

issue

"Ex¬

change,"

published by the New
York Stock Exchange, adds 109
companies to the tabulation of
corporation

of wealth cannot be restored." Dr.'

that

are

creating and saving

earnings

with

com¬

come

The

under

critical

theory that

months

ended

Sept. 30

was

10%

since

under

owe

importance,

it to each other, is

heavy fire.

We are getting

back to .first principles
is

one

scrutiny.

the size of the

national debt is of

higher than for the correspond¬
As
concerns
the retail trade, mon stocks listed
on
the
exing 1942 period, against 11.4% of
December business on a country- change.
Net income of the 494 the- 385 companies covered by the
wide basis topped the peak holi- 1 enterprises to report for the nine magazine's November issue.

deficit

In that cam¬

have played a part that to the end
of
time
will
redound
to
their

enjoyed

The week

shopping days this

year,
which accounted for the
major portion of the increase, the
bank pointed out. In the previous

week

This estimate, it was

compared

1942.

penses,

five

revenues

were

than in the same month of

year.

Federal Reserve Bank.

down

illu¬

Nations, declared

of the League of

that .sales of
$1,068,000,000

"particularly
progress for
•

7y-77 7;

Washington
advices, it was further stated that
Department store sales in New Cadman further stated: '
"almost one-fifth of the value of
York
City in the week ended
"The national income is, now
stamps sold since the program
Dec. 25 were 21% larger than in
calculated
at
$140,000,000,000- a ling rate. The reconversion and began in May, 1941, was still in
the corresponding week of last
year, which is nearly twice the restoration of our
productive ma¬ the hands of purchasers. About
year, according to a preliminary sum which
any nation has ever
chine1 will require vast sums. The $720,782,000 worth of stamps had
estimate issued by the New York
period last

had

•

Based

according to weekly
figures of the Federal "Reserve
system. Sales for the four-week
period ended Dec. 18 were up 3%
compared with the corresponding
ago,

year

learned
the mil¬

necessity for sacrificial saving

The threatened railroad and steel strikes loomed large last week

estimated capacity last week,
lowest of the year except for

one, we

that

paign

that every

the

where
destined

was

the decisive

consciousness

the

clear

conflict,

front

ourselves

found

front, as on
battles were to be won
with
tomorrow's
So
weapons.
there was dinned into the public

boards," and similar organ¬
izations, which the unions, following Lewis tactics,

when

world

prove

Or the various "labor

ago

were

program.":—White House statement.
Obviously "the national stabilization program"
has become remarkably "flexible."
Is further continuation of this fiction really

ernment.

statistical

ments

years

finding their livelihood
geared to the pace of individual
and national extravagance." Con¬
tinuing, Mr. Lawrence said:

by the Economic Stabilization Director that
was
in conformity with the national

The State Of Trade

This is

pansion of bank credit, it will not
be possible to form capital.

zens

decision

have little trouble in

soundness

economists of no
mean ability were warning of the
dangers of excessive savings, and
—what was probably of1 greater
practical moment—too many 'citi¬

to the

advised

savings

five

'"V

conference

recent

be preserved.
"Savings has been forced into
the spotlight of public attention
not by any initiative of ours but
by the logic of events," Mr. Law¬
rence
declared.
"No longer than

approved a vacation of one week a year
the basic hourly rate of employment.
vacation is now received by the non-operat¬

ing employes.

economic

with pay at
a

rapid rate be offset

the future

"He also

Such

the

and

the

Edward Phelany Director of the
International Labor Office, an arm

by the
wealth.

forward at

while away from

week and for expenses

Chicago

pointed out that sion, the unreality of which is
the nation is consuming its wealth gradually
coming home to the
in the war, and they asserted that American mind. There is a slowly
consciousness
that
as
only through genuine savings can dawning
the depletion of capital now going .long as our Government operates

claims for time and
40 hours

before

addresses

Both speakers

presented to the Stacy Board or the Economic Sta¬
bilization Director, he granted a further increase of
5 cents per

division.

considering claims not previously

"In addition, in

•

Need for the American

Locomotive
of

Thursday; December 30, 1943

of them."

and thrift

In Associated Press

been converted into war

Oct! 31.

V. 7

bonds up
■

•

7-y-

organizations, including
Boy and Girl Scouts and Camp
Fire Girls will sell nearly $1,000,Youth

000,000 worth of stamps and bonds
year, the report said, while
expected to

this

sales in schools were

top $500,000,000,

Newsboys were aiming at a to¬

of one billion tenand this goal, repre¬

tal for the year
cent stamps

senting

$100,000,000, was "defin¬

itely in sight," the OWI declared.
Total
November
sales :were

$39,565,000,
than

about $500,000: more

November

vear

aeo.

ut*

,rf

*"•"" r'!'

Volume

IV,

w><

,*w

„VT,^._ -lin..

,.,

2663

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4242

158

.wJ,---£+jj..iC.«ra«c

of 1 agreements of; economic
cooperation entered into between
governments of Latin America.
ber

lespecfing
Money Viewed As Regulated In Open Market
of

discussion

"Bank

the Reserve Board's "Monthly

Build-

itin," in which it is noted that "during the war period, the major prob¬
lem of the Federal Reserve system has been to keep the volume of
^bank reserves and the yields on Treasury issues consonant with the

requirements of war finance." The Board adds that "the expansion in
and
the
substantial^
growth of deposits have made it nance of ample and enlarged ex¬
cess reserves so-as to avoid ran¬
necessary for the system to supply
a
large volume of reserve funds dom and unexpected pinches at
,to the market."
"The V currency individual banks or in selected
demand," it adds, "has been par¬ areas. The effect of the present
currency

ticularly important in creating a
need for reserves since its effect
is

absorb

funds

reserve

whereas de¬

dollar-to-dollar basis,

posit growth requires the replen¬
ishment of reserve balances only
on

fractional basis."

In terming

C;\ ■

the comments in the
"an unusually plain-

provision is actually to release re¬
at the time of a war loan

serves

drive.

September

the

During

provided
that they

drive banks were so well

with

reserves

excess

purchases

substantial

made

Government securities in the open
market, y

•

/A',

New York "Sun" of Dec. 21 finds

hinting "strongly that future

Governors- of

the

banks

"Although

volume' of excess

large

longer

reserves

necessary.

seems

Dec. 27 that industrial activity was

attached to them in

in other Reserve cities are

down to

The

recent

years.

"Many banks, in fact, have re¬

$300,000,000 of ex¬ sumed the long dormant practice
cess funds, but country banks still
of investing all available funds
have $800,000,000 of them.
The and thus of holding no excess re¬
required re¬
for the Reserve city banks,

ratio
serves

excess

the Board

indicates, has fallen to
although the country banks

7 %,

maintain
"Sun"

30% ratio.

From the

quote:

"As bankers interpret, the pro¬

ing that while any banks hold any
excess
reserves it will not pro¬
vide

except by means other

changes in reserve require¬
The Board's concluding
statement is considered
signifi¬

than

ments."
cant:

,"Under existing

Federal Reserve

therefore,
the
large
amounts of certificates, "as well as
of bills, now held by banks pro¬
vide the means of obtaining at
low rates any amount of addi¬

policies,,

an¬

the

maintained at

manufactured food products

vember
than

one-fourth

was

ing the
•

Bank

Credit

since

early this year. At reserve

city banks excess reserves, which
remained above a billion dollars

con¬

level

slightly

larger

below

During

month.

that

the

during

prevailed

the

which

five

weeks

ending Dec. 2, reserve funds were
absorbed by a pre-holiday rise in
money

circulation, of about
required reserves
to increase as Treasury

$800,000,000, and
continued

expenditures

transferred

from Government
vate
were

funds

accounts to pri¬

deposits. ' Needed reserves
supplied to member banks

through an increase of $1,700,000,000 in Government security hold¬
ings at the Reserve

Banks. Addi¬

bill holdings ac¬
for the larger part of the

tions to Treasury
counted

.increase,

but certificate

holdings

to
"Bank Reserves and Federal Re¬

store

have

and

generally

maintained

smaller than a
and it is estimated that,
000,000. The ratio of excess to re¬ contrary to the usual seasonal
"Bulletin" as follows:
'hS';-; fi'
quired reserves for these banks is
V "Since the end of 1941 the cur¬ still above 30%. ,:i:,v;.Ai-*v
rency
growth has amounted to
"Another aspect of Federal Re¬
$8,000,000,000 and the amount of
serve policy has been the main¬
required reserves, notwithstanding
serve

some

Policy"

are

taken from the

reduction in the proportions

required against deposits, has in¬
creased by $2,000,000,000.
These
needs have been met principally
by

increase

in Reserve Bank

ernment
of

$8,000,000,000

holdings of Gov¬

securities

and

decline

$2,000,000,000 in excess reserves.

The volume of excess reserves of
all

.to

member
a

billion

banks

dollars

this is at country

now,

and .most

banks;o,28':

of
...

"The elimination of reserve

re¬

quirements against war loan bal¬
ances
in April of this year has
removed the need for special re¬
serve

action

during

loan

war

drives but it has also had the ef¬

fect of causing wide

variations in
required and excess reserves. Be¬
fore. this legislation, when war
loan balances were subject to the

other de¬
posits, the wide-scale shifting of
same

requirements

accounts that characterized
riod of Treasury

pe¬

financing and the
resulting from

increase in deposits
bank

purchases

securities,, required

Government
the. mainte-

excess

reserves

tenance

of prices

securities

around

$80Q,-

which

the

that

became

'decline

over

the period J

established

report prepared under the direction of the
Post-War Problems of the Governing Board
of the Pan American Union, and just submitted to that body, sets
forth the recent, trends in inter-American economic cooperation and
emphasizes the important contributions of the American Republics to
the economic side of the war effort.
The report is signed by the Am¬
..

comprehensive

Executive Committee on

period, when banks
large volume of excess re¬
serves, has been maintained. This
of Mexico,
Ecuador,3>
has required at times the purchase bassadors
of certain securities and at other Cuba,
Uruguay, Guatemala and report sets forth the manner in
which these principles and meas¬
the Charges d'Affaires of Colom¬
times their sale. The general re¬
ures
have been given practical
bia and Brazil, and concludes with
sult of these operations and of
a
recommendation, that a Tech¬ application. Some of these meas¬
those to supply reserves has been nical
Economic ^Conference
be ures, the report states, have been
taken
by
specially
organized
that the Reserve Banks have pur¬ convened at jWashington in Sep¬
emergency agencies, such as the
chased from member banks short- tember, 1944, or earlier,; to con¬
Inter-American
Financial
and
sider the economic problems that
Advisory
Committee,
term, low-rate securities—Treas¬ will confront the American Re¬ Economic
ury
bills ^nd
certificates—and publics at the termination of the the Inter-American Coffee Board,
the
Inter - American
Maritime
during this year have actually war. The advices from the Pan
Technical
Commission, and the
American Union further state:
sold notes and bonds.
Inter - American
Development
"After
presenting
the
basic
"Under existing Federal Reserve
Commission; others have been
principles of inter-American eco¬ carried out
by bilateral agree¬
policies,
the
large nomic relations and the emer¬
therefore,
ments between governments. Al¬
amounts of certificates, as well as
gency
measures
of cooperation
though these latter arrangements
of bills, now held by banks pro¬
agreed Aipon at recent Pan Amer¬ have been
principally between
ican Conferences and meetings of the United States and other Gov¬
vide ,the means for obtaining at
low rates any amount of additional the Ministers of Foreign Affairs ernments of the American Repub-

held

pre-war
a

difficult
are

some

everywhere, but there
problems that are pe¬

culiar to the nations of the West¬

Hemisphere. In many coun¬
the
production of certain

ern

tries

has

commodities
far

been stimulated

beyond that which prevailed

before the war; the adjustment of
this expanded wartime production
to

possibly reduced peacetime de¬
confront most of the

mands will

countries of America.
also

arise

industries
as

the

the
that

manner

tries

are

tion of

There will

question
have

new

been started

of the

consequence

war,

and

in which these indus¬

function

anticipa¬

resumption of trade with

will

munication

also

extend

into

the post-war period, and will

tional

in¬

the internal and internar

fluence

situation

the

American

"These

are

basic

continues,

report

beyond

the

y■

y,;;

Republics."

problems," the
"extending far

immediate

economic

implications which they involve.
On

the spirit in which they are
approached and the manner in
they are solved will depend
the political and social, as well

which

the

economic, order prevailing
American

the

Continent

many years to come.

for

Their satis¬

solution will require the
spirit of cooperation, collab¬

factory
same

facili¬

Treasury financing.
general, the pattern of interest

rates

tinued to

of Government,

levels

tate. Current
In

ported to be 9%

year ago

other producing areas now tem¬
substantially.
porarily closed. Wartime develop¬
"During November and the first,
ments in transportation and com¬
half of December, loans and in¬

with respect

remarks

* *

also rose

lection;; of
ment

war.

"In

commenting on the desira¬
"Excess reserves at all member bility of a conference to consider
banks fluctuated around one bil¬ post-war economic problems, the
lion dollars in November and De¬ report declares that the transi¬
cember, maintaining an average tion from war to peace will be

Newsprint con¬

year ago.

tistics index.

high level.

al¬
sumption in November declined
most all
of the money market,
to a level 15% below the same
banks in New. York and Chicago,
month last year.
Output in the
have been on a full investment
rubber
products and petroleum
basis and certain other banks have
refining industries continued to
also come to this position.
In increase.
general, however, most banks still i "Ch a L production increased
continue to carry some volume of
sharply in the . latter part of No¬
excess reserves
and there, appear
vember but for the month as a
to be a few that have the clear
whole bituminous coal output was
policy of not allowing their excess down 9% from October and an¬
reserves
to
fall
below
certain
thracite 19%.
In the early part
fixed levels.
of December output of bituminous
"Banks in New York City and coal was at the highest rate in
Chicago,
which
together
held many years.
$1,250,000,000 of excess reserves
at
the end of
1941,?-have held VSvSS-tS Distribution.®
"Notwithstanding a reduced se¬
practically
no
excess
reserves

Federally
inspected meat production in No¬
tinued at

Since early this year

serves.

cent conferences.'
Nearly all of
prices of various industrial com¬
modities, including coal, were in?; them embody the unconditional
most
favored
nation
principle,
creased somewhat.
•
,
thereby reversing the policy of
"The cost, of living, which had
trade restrictions which hereto¬
increased
.4%
in
October, de¬
fore prevailed, and in that respect
clined .2% in November, accord¬
they should be a factor of the ut¬
ing to the Bureau of Labor Sta¬
most value in the period follow¬

vestments; at reporting
member
merchandise, depart¬
sales
in November banks-in 101 leading cities de¬
were about 10%
greater than the clined by around $2,500,000,000,
after increasing by $6,250,000,000
tional reserves that banks may during most of 1942, have declined large volume of sales in Novem¬
need."
steadily in recent months and are, ber, 1942, and in the first three in September and October. Hold¬
now around $300,000,000, or about
Weeks of December sales were ings of all types of Government
Aside from the opening para¬
Bill hold¬
7%
of
requirements.
Country about the same as a year ago. securities decreased.
graph which we quoted above
banks have gained reserve funds Value of department store stocks ings, mainly; because of sales to
;from the "Reserve Bulletin," the
Reserve Banks showed the
as their requirements have grown
at the tend of October was re¬ .the

Board's

arrangements,

report states, have covered a

•

nouncement,, the Board is suggest¬

System

banks

Reserve

level in November and the early part of December.

buying rate on bills established by
the System, combined with the
as a result, of increases in outputoption to repurchase, works in the of electrical equipment and other
open market operations or redisdirection of giving banks great
machinery, which includes air¬
counting, rather than through any
further lowering of member bank facility in the easy and precise craft engines.
management
of
their
reserve
"Total
reserve requirements."
output of nondurable
funds.
The fact that the broad
goods in November continued at
The "Sun" points out that the
level of prices of other Govern¬
the level of recent months/Activ¬
Reserve
Board emphasizes that
ment securities is being main¬
ity in woolen mills showed little
banks in New York and Chicago,
tained also endows these securities
change as increased production of
the central Reserve cities, have
with a high degree of liquidity.
civilian fabrics, resulting from the
"resumed the long dormant prac¬ Under these circumstances, excess
lifting of restrictions on the use
tice"
of
investing all available reserves no
longer have the, spe¬ of
wool, offset reduced output of
funds and of operating virtually
cial
significance that has been military
fabrics. Production of
without
excess
reserves — that
supplies of additional reserves for
banks will he provided through

now

Federal

should have
spoken review of the money and adequate reserves to meet wartime
banking system in wartime," the needs, the maintenance of a very
"Bulletin"

Board

wide variety of subjects, includ¬
a high
Value of retail ing the establishment of credits
sales during the Christmas buying season has been larger than last to facilitate trade and for other
♦year's' record sales.1 The Board's summary of general business and purposes; measures of agricul¬
tural, mineral and industrial co¬
financial conditions follows:
;'
;-K"■■■'.""v ■■■;'"■•■i'V";
operation, to increase the produc¬
Industrial Production
tion of strategic and essential ma¬
movement, stocks declined in No¬
terials; transportation, including
"Industrial production
in No¬ vember..;..;..;.;
,;,yy; ■; ■
••
the taking over of Axis vessels1
vember was at 247% of the 1935"Freight
carloadings
were
in American ports and the elimi¬
39 average, the same as in Octo¬
maintained
in large volume in
nation of Axis-controlled airlines
ber and 2 points higher than in November and in the first half of
in
the
Americas;
and
public
September according to the December. Loadings of coal dur¬
Board's
seasonally adjusted in¬ ing the four weeks ending Dec. 11 health and sanitation projects to
make
this expanded production
dex. • Further increases in muni¬ were at the
highest rate in many
' \ ,vy'-fr.
tions
production
in
November years, following a sharp drop in possible.
were offset in the total index by
"Although most of the meas¬
the first half of November. Ship¬
smaller output of coal and steel.
ments of grain and livestock were ures taken in the last two years
"The reduction in steel output in
have been of an emergency char¬
unusually large volume for this
from the high October rate was time of
acter designed to meet the prob¬
year.
lems arising out of the war, the
small and reflected partly a de¬
Commodity Prices
' /"■ ■ report emphasizes the large num¬
cline in war orders for some types
of steel products.
Activity in the
"Grain prices continued to ad¬ ber of commercial treaties entered
machinery
and
transportation vance
from
mid-November
to into between the American Re¬
These
equipment industries Continued to mid-December and reached levels publics in recent years.
rise in November.
The Board's more than one-fourth higher than treaties, the report declares, 'have
machinery index, which had been a year ago.
Wholesale prices of sought to give concrete expression
stable from April to August, ad¬ other
farm
and
food • products to the/ liberal principles of inter¬
vanced 5% in the past 3 months showed
a
little
change, while national trade enunciated at re¬
nounced

Federal Reserve Policy"

and

Reserves

features the. December issue of

bilateral

"The
The

oration and mutual assistance that
has

characterized the conduct tof

the Americas in the war."

Signs Time Limit Bill
For Pearl Harbor Trials
President Koosevelt
ed to have
resolution

was report¬
signed on Dec. 20 the
extending thp statute

limitations
as
it
applies to
Army and Navy officers who were
in charge of operations at Pearl

Harbor

Dec.

7, 1941, the date

of the Japanese attack.

The

period

legislation extends for <a
of six months after the

cessation of hostilities with Japan
the time limit for prosecution of

reserves

that banks-may need."

the

American

Republics,

the i lies, the report points out a num-

military
were

civilian personnel who

deemed

derelict

their

duty at Pearl Harbor.

Passage of the measure, by the
Senate
on

Dec.

Dec.
was

and

noted

the
in

columns .Dec.; 23j page 2558.

House
these
f

Sen. George

Defends:
New Tax Bill Against
iorgenfbu Criticism

"Forgotten San"
Who Will Lead ToPosl-War Jobs

HAS Sails Tlss Salesman

Manufacturers nominates the sales¬
of the all-out war," who

The National Association of

forgotten man

"the

role

the

for

man

yet lead the country into full post-war employment.
salesman is proposed as the answer to a question

may

which

published within
NAM declares

the next two weeks,

production

when

that

con¬

goods is resumed, the vol¬
of trade again will bq depend,

sumer
ume

upon

advices state:

special section of the PostWar Report is devoted to distri¬
bution. It brings to its first formal
"A

is, however, no magic or obvious
cut to radically lower dis¬

short

the

elements of dis¬
tribution costs in the future, and
these cannot be reduced by wish-

3ykes, Chairman of NAM's PostWar Committee and President of

It rep¬
resents a year's work by 150 man¬
ufacturers, .constituting a cross-

supplied during war."
step indicated

jection of the country.

back
who

are

forces

armed

the

now

introducing the distribution
lection of the Post-War Report,
In

che NAM Distribution

working to make things for one
consumer—the Government. They
will be needed to sell things.

constitute

net

Subcommit¬

tee. headed by Howard E. Blood,
President of the Norge Division

They

Borg-Warner Corp., Detroit,

of the

unemploy¬

Co., Chicago.

inland Steel

The first post-war

by the report will be to get

1943

cor

Govern¬

the salesmen and distributors

complete Post-War Report
is
signed by Wilfred

The

and
research executives, who must and
will
undertake
to
provide ■ for
manufacturing industry in peace¬
ment has

the necessary

thinking."

collaboration with production

time the outlet which the

distribution

are

closest

continues, "in

report

the basic elements
costs in the past

tribution costs;
of

of America,"

managers

concludes that "there

The report

expression in the NAM the fact
that organized manufacturing en¬
terprise, which makes the goods,
is interesting itself more than ever
in the distribution system."
"It is the marketing and dis¬
tribution

wrote:

problem, according to the
NAM, but an employment solu¬
tion.
The report also says:
;
ment

forced

draft of

has

"The

stimulated

duction

war

pro¬

further

;ion."

methods

production

Mass

have

come

accepted

"should

will

should

clearly

defi-

and

j ™tely recognized in the future

distribution

and

The

the

further defended
the proposed freeze of Social Se¬
curity tax rates-at 1% each on
employers and employes through¬
out 1944, saying there is'hd;justification for increasing the1'rates
time.

From

con¬

the
with

„r

.....

rely'work

of the organization."

•

earliest

consistent

moment

national

security for imme-

o£

instead

issuing

it in

advanCe,

,the .?"s,"ess( F°r.unh- He,,fld ."for release to the public
without
stabilization there{

that

at some

future hour "

would

inflation.

inflation

permitted to run rampant, the
of our citizens will sag

morale

system for

new

diate publication and broadcast,"

Washington office second speaker

Wash¬

Press

issue

important

Government

the

handling the release of informa¬
tion "having a security value."
In the future, the President said,
such news will be given out "at

the opinion of John T. Burke, la¬
bor
relations
officer
of
OPA's

Associated

most

economy

our

Dec. 19 to follow

fronting the home front today, in

George

this

Stabilization of

relating to the release of of¬
-war
news,
instructed all

branches

tion."

Dec, 21, is estimated
to raise $2,275,600,000 a year.' .b
Mr.

ficial

enforced

additional* revenue.
bill, formally

•

everything I can to
rationing and price

regulations are rigorously
to assure
that v protec¬

control

Senate group's

reported

the

that

Roosevelt

referred

"regrettable confusions"

the

over

release o£ newg Qf ^ Cairo and
also
■
•
'
;. '
i production will fall off, and the Teheran conferences, praising the
cost of waging the war will be
He declared Mr. Morgenthau's
loyalty shown by the American
so
prohibitive that it will take press and radio in observing the
denunciation of the renegotiation
generations to repay."
He said release dates on this information,
sections
came
"with
exceeding
organized labor, by virtue of it which they had in advance.
bad
He
grace"; that the Secretary
being the largest organized group also noted
that
"failures
else¬
had "failed to take

Dec.

advices

ington
quote:

position on

renegotiation and had offered no
suggestions or recommendations."
"Mr.

from its

in the country, was

inception.

Willis, President of the
Grocery Manufacturers of Amer¬
ica, stated that in all probability
there was no other single group
with as much a1
stake in the battle against infla¬
tion as the food industry.
Long
before
the country, entered the
the

matter of fact, the renego¬

tiation

law

contracts

workable

far

•

under the Senate

where"

most disappointing.

were

The release date

news

not ob¬

was

British

Reuters,

the

the Cairo conference
served

Paul

absorbed into the revenue law.
"As

consumers

gravely aware of the dangers of
inflation and had supported OPA

news

by Tass, the official
Soviet news agency, on the news
of the Teheran meeting, it was
agency,

said.

country

ucts."

executives

500,000,000

pecularly American achievement.
3ut it is frequently
overlooked
that
mass
production
methods

it is

declares

Treasury's program to raise $10,-

to do

mean

see

cerning renegotiation since it was

tion

NAM

accept the

ap¬

been

has

consideration

plied to the

■

The

the

failure- of

the

Committee to

Finance

problems of distribu-

past

wanting
oould net have been realized with¬
power, stimulated by
salesman¬
out the development of mass dis¬
ship
and';'advertising, that has
tribution."
nourished the tree of prosperity."
In accepting this report of the
The report cites the far-reach¬
ing effect of the introduction of j qrst Distribution Committee in its
the automobile in America, and history, the NAM Board of Direc¬
pointed out that this followed tors resolved that "distribution
when "the hardy pioneers of the and production are equally impor¬
horseless
carriage
found
other tant parts of manufacturing, and
hdrdy enthusiasts who could in¬
that tlpe importance of distribu¬
duce people to buy the early prod¬
but

Pennsylvania, Delaware,

the States of New York, New Jersey,

covers

Maryland and the District of Co-<S>
lumbia.
He said that his plans
PfAQgifAgftl

protect the revenue," Mr. ^George
said, "but has been of. no. help at
all to the Finance Committee con¬

little

of wants.
Much
been
directed
at

has

for

apology"

problems has been focused on the
oroblems of production. Relatively

ther stimulation

power,

imminent program of rigorous enforcement of
price control regulations, was made by OPA Re¬

gional Administrator Daniel P. Woolley on Dec. 15 . at the weekly
Commerce and Industry Association of New
;York broadcast over Station WMCA.;
Mr. Woolley's jurisdiction

Morgenthau not only has
failed to take appropriate steps to

the

discussion

in manufacturing.
To
furnish ample outlets for this will
require the 'supercharging' of the
industrial motive power by fur¬

buying

Business Forum of the

Chairman of the Senate Finance
Committee," replied on Dec. 21
to Secretary of the Treasury Morgenthau's criticism of the new tax
bill and particularly the proposed

and current
of post-war conversion

"Most

progress

attention

Warning, of

OPA rationing and

Ga),

(Derm,

George

GeilingsM Footl Raficsitag To Be Strictly
Enforced, SaysWocltey ■ /

NAM

* The

' salesmanship."

Senator

Price

|$AifiCAC
before on
were now in the process of
com-j rl v5>*w!©iil Ifi^vldGO
■ h
the techniques of distribution re¬ revision of the war ^ contract re-i
pletion. Of them, he said, P^"
'
vV;
search;
when
it is effectively negotiation law. v i; w
ticular stress will be placed -on oVSfSHI rOf N3I1tSil!1!£
Senator
teamed up with product research,
George declared that
A(U|
_
"Mr. Morgenthau knows nothing enforcement of price ceilings on I
it is industry's most effective and
foods
during periods, of; acute Jfg|gfg$g Of ff 31* N6WS
certainly its most modern machin¬ about the Contract Renegotiation
Act and less about how it is ac¬
ery for measuring market possi¬
"It is the primary function of +n^rre^^?toR„°o0Seye^'in
bilities
and
distribution ; effi¬ tually administered."
-/ • - ^ t
OA
He further said that he had "no OPA to protect the Lenmor and to prevent a recurrence of confuconsumer
ciency."
sion
heavily than ever

Report

Post-War

1943

the

*>-

output?"

this increased

at an unrivaled rate, how

the post-war years

put by !
produce

"Granted that we can
shall we distribute

the NAM:

the Post-war Committee of

(

The

Thursday, December 30, 1943

& FINANCIAL CHRONICLE

THE COMMERCIAL

2664

nor

The

statement

was

the following memoran¬

made

sent

dum

President's
to

Secretary

War

Secretary of the Navy
Knox, and Elmer Davis, Director
Stimson,

he said the food manufactur¬
industry called on the Gov¬ _of the Office of War Information.
"You are fully aware, I know,
establish
fair and
Mr. George offered this explan-: workable price controls.
At the of
the
regrettable
confusions
ation of why the Treasury's $10,- same time, he said, the rationing which have arisen
recently over
500,000.000 tax increase goal was of scarce items so that everyone ^g issuance of official news relatthan

amendments

has

any

time heretofore."

not

war,,

been

ing

achieved:

•

ernment, to,

■

his share, was advo¬
"Unfortunately," he said

could; get

"The Treasury

proposed to raise cated.
"our

ing

the

particularly,, in

war,

with

connection

the

conferences

price control ma¬
enue by relieving from
all taxes ! chinery is neither practical nor
thorough.
In the field of retail
11 million present taxpayers, and
food distribution, many of these
ilso to reduce the tax burden on

at Cairo and Teheran.

regulations have the net effect of
l.oad over to individual taxpayers penalizing the honest, legitimate
merchant. The grocer often findc
with earnings of $3,500 and up. he is caught in a squeeze between
"The Treasury has consistently j
mounting
operation
costs
and
opposed • any defensible savings
rigid price ceilings. It is essential
program ,and has likewise
conwe fight black markets, but it
is
sistently opposed every sugges-'
equally important that we do not
lion of a sales tax.
injure the corner grocer in the
"On the contrary, the only sug¬
process."
:
"
gestion made by the Treasury thus
Mr. Willis was optimistic about
far, aside from the one mentioned
enough food to meet .future needs.
above,
is a spending tax that
If
the
grower
gets a weather
would be imposed on what the
break, he said that next year th*
taxpayer spends, with very heavy
food supply will be at least - 5%
excise taxes on ,-many ..products,
He also
articles
and services, and' With greater than this year.
predicted that the food industry
high taxes, on incomes.
Y ;
b
would have enough men and ma¬
"A spendings 'tax did not com¬
chinery to pack and distribute the
mend itself to the Committee and
record supply expected.
I dare say would commend itself
Thomas Jefferson Miley, Asso¬
to few thoughtful men and women
ciation Secretary, was moderator
in the country."
.
•'
■

faith

large part of this additional rev¬

million

two more, shifting

present

the

"We

all

may

that

proud

American newspapers, news agen¬
cies

broadcasters

and

the

kept

the -release

observed

and

dates which had been fixed by in¬

ternational agreement.

have

should

It is most
such loyalty
penalized by

that

disappointing

been

failures elsewhere.

Nationalization Of Canadian

Banking System
Opposed By Presidents Of Canadian Banks
the/'^nadiap^'jbanking

Strongly opposing the nationalization of

Canadian'Rank ,of Cpfnmerce,
told shareholders at their annual meeting in Toronto jorfr Dec. 14 that
"free enterprise is the only road to full employment'and better eco¬

system, S. H. Logan; President of the

nomic and social

opportunities for all."

Toronto advices to the New

York "Herald Tribune" also quoted Mr.
The other choice of bureaucratic

socialistic

follows:

Mr. Logan

control,

Logan

abolition

the

that

facilities

asserted, "had elements of danger

:hese banks have established after

for

classes, as well as labor."
this statement, he

years

quoted William Green, President

patch

all

support of

the

American

Federation

effect that labor
would suffer most, if ever a sys¬
tem of governmental regimenta¬
tion were adpoted, and that labor,
therefore,
"should everlastingly

Labor,

the

maintain
agers

that

owners

of business

are

and

entitled to

fair and just return."
If the Canadian

man¬

continuous

^sporting

this

the

New

banking system

nationalized, said Mr.» Lo¬
gan, the result would be monopo¬
listic banking in the true sense of

dis¬

"Times"

York

Ukewise indicated Mr.

Carlisle

aying:
"In

Mr.

time

chartered

war," he said, "the

banks of

rendered

lave

and

the Dominion

rendering

are

oecml services. They have loaned

Government

key

men,

to the

fact

of their
remuneration

many

without

banks, notwithstanding the

thpt

the

banks

dire

were

the

word

and

account

would

scrutiny

each

individual's

be
subject
"to
representative of

socialistic authority."
:

Bank

need

of these

"The

been

chartered

Canada, ad¬
dressing the stockholders at the
annual
meeting at Toronto on
Dec. 8, stated that the plan of the

banks

have

the

principal purchasers of
Treasury
bills, and have pur¬
chased upward of $300,000,000 at
average rate of 0.456%. These
banks have also purchased de¬

posit

certificates

notes

history

final

George

would

and

the

lowest

Canadian

short-term

rates

the

banking.

These banks paid taxes aggregat¬

well

The

Germans

York

"Herald

Canada

could result only in the

in 1942. If these
nationalized, the Gov¬
would
be
deprived of

ernment

this revenue."

Tribune"

Dec.

19, which further stated:
The

wireless

dispatch, directed

of Europe and report-,

Unite-* States Government

monitors;

said

tbp- treaty* would

expire Sept. 30, 1944.

To that end, your Depart¬

rence.

all

and

ment

branches

other

the Government will be

guided by

the following:

"First, no information having a
security value in connection with
jssueci in advance,

war

for

release to the

public at some

future hour.

"Secondly, all. such information
be given out instead at the
earliest moment consistent with

will

security,

for

immediate

titled

Savings
and
will hold its na¬

American

The

Institute

national

zation,

conference

mid-winter

Feb. 21-22, it
by Charles L.

the national educational
of the savings and loan
,

cooperative

and

20th an¬
the junior

banks. This' will be the
nual

get-together
leadership in the

business^ Em¬
phasis of the discussions will be
personnel problems and policies
of

the

thrift

business

and

home financing

adjustment

staffs of these institutions
wartime
ments.

and

post-war

people

want

to, have it without the inter¬

position

9f artificial barriers."

House Passes Bill To

is . an¬ Protect
Plumb,
A bill

President of the organi¬

group
associations

American

promptly all the news which can
be told safely, and they are en¬

To Hold Gonference

nounced

News

decisive action to prevent a recur¬

"The

Savs. & Loan Institute

Chicago,

Official

Important thing is that we take

publication and broadcast.

tional

the traditional spirit of mutual
friendship," according to the. New

banks

Treasury

Agency, D. N. B., said on Dec. 18
that Bulgaria and Germany had
renewed
their trade agreement
after negotiations carried out "in

to the p^es*

chartered

the

prolonging

point in

see * no

national

Germany" And Bulgaria

banks

the

for

thought

Loan

ing $15,453,700

alize

of govern¬
ment to await the final action of
the committee ."before giving out
information |o their frenchmen."

Cooperative Commonwealth Fed¬

were

said

Mr.

and other departments

eration

political party to nation¬

suggestion,"

Renew; T radePact

men.

C.. H. Carlisle, President of the

Dominion

of the Business Forum.

the
a

service.
Toronto

controversy over what is past; the

of the
to meet

adjust¬

Beneficiaries
to

beneficiaries
shoremen's

protect the rights of
under
the
Long¬
Harbor Workers'

and

Compensation

Act

who

are

de¬

prived of benefits by insolvency
of the employer or the employer's
insurance carrier, was passed by
the House
The

Dec. 6.

measure,

Associated Press,
the

according to the
would authorize
Compensation

Employee's

Commission to make payments t6

such beneficiaries out of
fund set up under the

special

original act.

M»fc irtttWn Wfl

»trWjlU<

wflBWWj,

•„

I '•

X? S,#H HUWmi JUlWOimwrtHMW^.p,

»-**«*— rwr; Vjy-

Volume

"WWu^w

2665

CHRONICLE

THE COMMERCIAL & FINANCIAL

Number 4242

158

Agricultural Department Report On Winter Wheat Tax Bill Inadequate, Says EHorgenlhau; Opposes
; ft ft; And Rye Acreage Sown !n 1844 Crop !ft ft Renegotiation Changes and Payroll Tax Freeze
of the Treasury Morgenthau
Dec. 20 voiced his
Secretary

Agriculture made public on Dec. 20, its report showing the
and condition of winter wheat and rye for the crop of 1944 as
<*>-

v/YftWinter Wheat

the 'larger

toward

return

.ft

^ Production in 1944 is indicated
J at 526,957,000 bushels by factors
which

of winter wheat sown in

acreages

than

below

Included ft in

for the

sown

was

1942

either

to yields

— reported condition
cropland rainfall and tem¬
peratures to date. While nearly
equal to the 1943 crop, such a
crop! would be only three-fourths
or
the large 1942 crop and 4%

vious years
of the

crop

and only

1943,

measurable and
in pre¬

now

are

can

made in the fall
of 1943 when 47,127,000 acres of
winter wheat were sown for har¬
vest in 1944. •- This is one-fourth
earlier years was

the 1932-41 average.
the estimated acre¬

teer

usual,

1932-41

the

than

less

average.

which will be har¬
grain. Much of the in¬

the

limitations * under the faim
program and a response by farm¬
age

the

ers

than

wheat

«for
in

1943

the

practically

every

sown

State

estimated

the

below

15%

acres,

seeded in the fall of 1942
below
the
10-year

seeded ', acreage ft of
6,101.000 acres. The reduction in
seedings follows a substantial de¬
crease last year. The seeded acre¬

crop

were

1943

19%

(1932

ofwinter

acreages

acreage

and

production for food, feed, and in¬
dustrial purposes.
'
Larger

fall

4,922,000

increased

for

demand

>'-ftftftft:ftT;' Rye ftft'ftft'/':ft''-:'- V
The acreage of rye seeded in

•

is due to removal of acre¬

crease

ft.

growing the crop, the only

41)

additional

revenue

under

basis

war

annual

conditions.

"But this calculation leaves out

proposed will make renegotiation
so
complex as to be practically
unworkable

of the

work

Much

tion of seedbeds and

under

done

Atlantic and South Central States

of prepara¬

where
used

seeding was

conditions

unfavor¬

half

over

for

grain.
tended

the

acreage.

the

eastern Corn Belt States was the
weather

all

favorable;

The

there

the dry fall permitted rapid har¬
late

vest

the

crops

for

awaited

rains

weather

winter in

heavy

a manner

war

crop

and

areas/ Some
of

because

Rye is

rye.

some acreage

might have been put to
rye, was probably held out for
planting of war crops in the
spring.

present form is naturally
disappointing to the

paid into the Treasury by agree¬

its

will

retumfng soldiers, of passing on

points
ago

year

10-year

that indicates

below the condition a
but 1 point above the
(1932-41)
December
1

The current condition is
year in all but a few
producing States and from
to 23 points lower than a year

average.

rela¬

last

below

tively low yields per seeded acre.

minor

The

.proportion of the

1944

crop

be harvested

will not

which

for

ago

10.3 in T943 and

10-year average of 20.6%.

in States from North Dakota,

southward

grain is indicated at 21.9%, com¬
pared with

will

Government

the

amounts

in future

for

years

The increase ought
effect now when wages

that purpose;

to go into

Kansas—due

pri¬

marily to unfavorable weather at

the

ment.
"This is not their worst feature

Their

however.

that

feature

worst

Mr. Roosevelt's letter to Donald

M. Nelson, Chairman
follows:

of the WPB,

ftftft'ft ft: ft ftftft ft-", ft. - ft
recruit

and keep
plants, and
thereby
maintain :, and
increase
production for war, it is neces¬
sary that proper cafeterias, rest
rooms, toilets, and locker facili¬
ties be provided. This is particu¬
larly essential now because of the
necessity of increasing the num¬
ber of women employed in our
order

"In

war

industries.

war
•

manpower

to truly

they open the way

ft/

ft/ft; ft;ftftftftft-<ft

informed that

war

many

profits. I predict tha
production plants are now badly
enacted into law they in need of these facilities. As a
will come back to plague not only
consequence much production is
the Congress but the war goods
being lost by loss of time during
manufacturers who get temporary
working hours and through in¬
gain from them.
'
•,<
ft • 1
duced absenteeism.
ft- ftftft''ftftft;.
extortionate
if they dre

hold the seed of a na¬
I refer to provi¬

"They

scandal.

tional

eliminating
renegotiation the makers of
such

sions
from

those

and

articles

standard

so-called

retroactive exemption of subcon¬
tractors whose
into the final

visions

goods do not enter

product. Other pro¬
bill would leave
renegotia¬

the

final settlements under
tion

for years to come."

open

"Employment

increasing

number of women in war

makes

tion

even

produc¬
im¬

proper

that such adequate and
lin-plant' facilities be in-,

stalled

soon.

portant

"Therefore, in order to prevent
unnecessary
loss of man hours
and productive effort in our es¬
sential industries and to increase
the

employment

it is

of women,

desire that your agency make
the necesary materials available
my

N. Y.

Committee Named To Distribute Greater
Fund

Campaign Proceeds
community leaders, under the
,

representative
of both<«>— • „
~ ftftTftft ft
contributorsva n d
beneficiaries, President ofThe Bowery
Bank since 1936.
was : authorized.
Mr. ft Ballantine
women

and

Distribution

Fund

responsibilities include
rules
and regulations' regarding
admissions and policies on the
distribution of money, including
recommendations for specific
its

amounts toft be .distributed among

participating agencies.

the

Fund

Greater ; New ft York

The

appeals annually to the business
community in behalf of -406 local
voluntary hospitals, • health and
welfare agencies. ;
ft

may

appro¬

directed

let¬

separate

ters to the

Secretary of War, Sec¬
retary of the Navy and the Chair¬
man

Commission

of the Maritime

requesting that they provide funds
and materials for such facilities
in

under

plants

respective

their

ftftft "ft jurisdictions.

mission

and

have

Chairmanship
of Earl B. Schwulst, First Vice-President of the Bowery Savings
Bank of New York, has been appointed by the Greater New York
Fund to assist in distributing the proceeds of the Fund s annual cam¬
paigns, Arthur A. Ballantine, Fund President, announced on Dec. 20
Appointment of this committee, which is composed of men anc
A committee of 23

such facilities

for

priately be installed in the plants.

Savings

"It

the

further request

that

Board

im¬

Production

War

who
mediately establish as its policy
will serve with Mr. Schwulst on
that such facilities are necessary
the Committee are: Mrs. F. Mere¬
and set up the necesary proce¬
dith
Blagden; Charles Burlingdures for the prompt approval of
ham, partner, Burlingham, Vee- such facilities when submitted
by
der, Clark '& Hupper; Bailey B. the War
Department, Navy De¬
Burritt, chairman, executive coun¬
partment, or Maritime Commis¬
cil, Community Service Society
sion.','. ftft'ft'Vftftft '/'-..ft:' '
ft.:
Dr. Jean A. Curran, dean, Long
Island College of Medicine; Free
I.
Daniels, ft executive
director
22

The

men

and

women

Brooklyn
Bureau of Charities
Homeri Folks,ft- Secretary,
State
Charities Aid Association; Lester

Granger,' 'Assistant Executive
Secretary."/The1 ''National Urban
v^-ftftftftftftft ftftft
League for Social Service Among
Negroes; "; Mrs. 'ft William
Henry
ftftlnftthe ..opinion of Mr. Ballan¬ Hays, Dr. Maurice B. Hexter, Ex¬

seeding time. ftft->:;' ft>

•

in many

will involve refunds of ad¬

mittedly excessive profits alreadj

We had
hoped both that the unfairness to
future
taxpayers, including the

have to raise

substantial and

cases

Department.

Treasury,

calculation of their
cost, but we know that i

money

said, by changes in the Fund's by¬
laws voted by the Fund member¬
The December 1, condition of ship on Nov. 4. It will be known
rye is indicated at 76% of normal, as the'Committee on Agency Ad¬

nor¬

and

occurred

which

is going into the

abandonment

but

unfavorable ft at
some

high prices for seed
not

with the

cer¬

exact

any

extremely

factors.

restrictions

AAA

was

decreases

were

is considerably below

seeding time in

promoting germination
and growth
and improving the
condition of the crop. In much of
the important Great Plains area,
however, rainfall has been in¬
sufficient and condition of ft the

mal, so that it

winter wheat

removal

received,

crop

shift

favoring rain. In most sec¬

tions These

a'ft combination

will

tainly cost the Government? large
amounts. It is impossible to make

Probably the most important was

and prolonged

period for seeding wheat. In

nearly all other States there was
Some seeding in dry seedbeds or
late seeding
as farmers
waited
,

decreases resulted

acreage

from

than

other

purposes

These increases were in¬
primarily for pasture and

germination,5 and
growth of the crop. Only in the roughage supplement,
for

able

also

and

consideration the decision to
freeze
Social Security pay roll
taxes and the changes the House
and
Senate
have
proposed
to
make in the law governing con¬
tract renegotiation.
■ ft "
"The revenue yield of the bill

age
and

the

available

make

Board

•

Dec,

directed

Roosevelt

Production

War

includes that intended for hay
war costs that we -afte
pasture,
soil, improvement able to meet now and the need
exception being Iowa where the purposes, as well as rye to be for,
.protecting ourselves against
acreage has been rapidly declin-. harvested for grain, and an allow¬
inflation would have made an ap¬
ing for several years. The sown ance for spring seeding in States peal to the members of the com¬
acreage is larger than average in growing
spring, rye.
Decreases mittees.
New York, Michigan, all South¬ were
general and were largest in
"I regret that the Senate com¬
eastern
and most Great Plains the
important producing States mittee has voted to freeze pay roll
and Western States/ The impor¬ of the North Central Area. The
taxes at the present rate of 1%.
tant States of Kansas, Texas, and decrease
was
59%
in ft North This .will mean reducing Social
Idaho planted only slightly less
Dakota, 25% in South Dakota, and Security collections by $1,400,than average, but in Arizona and 22% in Nebraska. In contrast, in¬
000,000 in the next year.
The
California the acreage is much creases occurred in several South
effect
will
be
to
increase
the
below average.

the

some

acreage

vested for

President

materials necessary for providing
cafeterias, rest rooms and other
At a. press conference, the Secretary said 'The Treasury wpulc
be better off with no tax bill—but on that basis we would be. facilities in war plants in order to
<•
prevent unnecessary loss of man
awfully bad off."
<?>
hours and increase the employ¬
Mr. Morgenthau's prepared are high and employment condi¬
ment of women.
ft
tions good, when both employers
statement follows: •
"The. revenue > bill, as it now and employees can afford to put
The President turtner directed
stands, after giving effect to the aside money for security pur¬ the War and Navy Departments
tentative decisions of the Senate poses. ./ft,'.;'ft- ;ft ftftft
ft//''ft/, / 'ft ft;','ft:'':ft.;ft/' and the Maritime Commission to
Finance, Committee,
appears
to
"The changes in the renegotia¬
provide the funds for the conpromise about $2,100,000,000 of tion provisions which have beer struction.of such facilities.

still in¬ Average yield per seeded acre
tended to be sown, some intended is indicated at 11.2 bushels, much
lower than in ft 1943, and slightly
primarily for pasture4 and hay;
below average.
ft ft
'ft
as well as an allowance for volun¬
age,

Urges Better

War Plant Facilities

States Department of
opposition ,to the Congressional action taken with respect to a newacreage tax
bill, criticizing .the revenue yield and the proposed changes in
follows:
the renegotiation law.
•
ft '
ft : ft

Crop Reporting Board of the United

The

FDR

■

Com. & Ind. Ass'n

Names Committees

Neal

Becker, President of

Dow

the Commerce and Industry Asso¬
of

ciation

announced

New. York,

....

More Time To Enforce Law tn lank

Exchange
Charges Asked Of Cong. BylansohtIf Fed, Res,
ft

;

Ronald Ransom, Vice-Chairman of the Board of Governors of

the

Federal Reserve

System, urged the

House Banking

Committee on Dec. 10 to give the Board

rency

the ban on absorption of

country-bank

exchange charge^ by big city banks for their

customers.:

This

learned

from

Washington advices, which further stated:
'ft "We think we have the bear by<e>————
the

tail

and

now

can

stop

the

books

relied

September, and Mr.
Ransom said that was like "shoot¬
ing into a tree for blackbirds."
i

case

all wanted to drop at
collectively, but with
reservations," he said. "Those res¬
"They

and

once

ervations
forced

were

ties among

Mr.
there

tion

that the Act be en¬

communi¬
competitors."

neighboring

Ransom
was

which

not a

said

thought

bank in the

would

na-|

fail to find it

>'■ ft ft ft.

the

ftftft

'-ft

-ft ■■■;■—i—ft'

—;^

counsel of its law¬

expressed

the

opinion

tion

is of

qualified men and women,
representative of a variety of
authoritative viewpoints, will as¬
sure
maximum benefits both for
the community as a
our

whole and for

participating agencies."

enforcement in

that

One

alternative

one

tile

permit
its

would

big city bank to

country-correspondent

interest

to
pay

bank

demand

Bankihg *

Davis,

•

States

sively

special

from

struction-

his

the earnings on its account

with the city bank, and the latter
would

be relieved from

violating

board

'Theodore
to

return

became

assistant

directors of the
Finance

Governors

Stimson ft and

Roosevelt.

United

exchange

Commissioner

islands?* > under:

the

deposits. Then
charges could be
paid outright by the country bank
the

Vice-President, Federa¬
the Support of Jewish

Philanthropic
York

Societies

President,

Bankers

Com¬

mercial Corp.
Also

David

Fletcher

Leahy,

Brown:

Mrs.

advisory

which

will

capacity

Directors

appointment

partner

Oswald

act

the

Board

Association

the

New throughout the coming

City, and Richard W. Law¬

rence,

committees

the

year. •.

There are 34 standing commit¬
tees, comprising in their member¬
ship approximately 400 leading

York

New

City

.executives

and

professional men, virtually all of
of the B. Lord, the Rev. James J. Lynch, them
specialists in the particular
Division
of
Finance.
Committee, received his A. B. de¬ director,
fields in which they will serve the
gree from Harvard in 1919
and Catholic Charities of the Arch¬
Association,
The special commit¬
pursued post-graduate studies at diocese of New York; Henry L
tees are seven in number with a
the University of London, He be¬ Moses, partner, Moses & Singer;
.
;
Willis G. Nealley,
director. membership of 77.
gan his career as assistant to the Dr.

First

for

Mr. Schwulst, Chairman

statistician of J. P. Morgan & Co.
case
and in ,1928 -went'to the Philip¬
prompted country • banks to
pines wherefl afterftf ilftng. several
put the pressure on Congress for
important
posfts,' rhe ^served as,
a change in the law.
ft. ftftft-. ft.ft;,,
the

enforcement,^except for
one case.
■ ";.;fift$fft-ft
-The Board
announced ^decision
one

Press

ecutive

qdmmitfeev''cpm^
well

had

successful

yers.

1933 Without

sirtce

Associated

was'violating the provision

practice," Mr. Ransom said, admit¬
ting that the ban has been on the
statute

Cur¬

and

time to enforce

tine, the appointment of the new

Dec.

the

succes¬

the

Recon¬

Corporation,

president and director of the RFC
Mortgage
the

the present provision against ab-

sorption of interest payments.

ration.

Company, and

director

Commodity Credit Corpo¬
He

has

been

First

Vice-

Brooklyn

Hospital;

Roy

Richardson, partner, Root, Clark.
Buckner &

Ballantine; William J.'

Schmitt, lawyer; Mrs. E. M. Stat-

Chairman of Board, Hotels
Statler Co., Inc.; Fred M. Stein,
Vice-President, G. F. Hathaway
Co.; Clinton S, Van Cise, Assist¬
ant
Treasurer,
American Tele¬
ler,

phone & Telegraph Co.; Adrian
Van Sinderen, partner, W. A. &
A. M. White, and Edwin C. Vogel,
chairman,

executive

committee,

Commercial Invest. Trust Corp.
The activities of the committee

Canada Raises Legations
Elevation of the Canadian lega¬
tions-in

the

Soviet Union,

China

and

Brazil to the rank of embas¬

sies

was

announced in Ottawa

by Prime Minister W.ftL.
Mackenzie
King, Similar action

Dec.

will

these

taken

countries,

with

respect

legations in

Ot¬

tawa.
The

the

recent

United

agreement between
States

and

Canada

raising their legations to embas¬

will be carried on at Fund head¬

sies

quarters, 11 West 42nd St.

of Nov.

was

referred to

18, page 2024.

our

issue

THE COMMERCIAL & FINANCIAL CHRONICLE

2666

it would be to believe that he

Transfer

Certifying Authority For Tax
Amortization'Privileges To WPB Chairman

Following the White House announcement of Dec. 18 that the
President had signed an Executive Order transferring the certifying
authority for tax

amortization

privileges

from

the

Secretaries of

War and Navy to the Chairman of the War Production Board, Don¬
ald M. Nelson, WPB Chairman, said that with few exceptions the
United States
of

the

has the capital equipment needed for

now

production

war

completion

program.^

"The

effort today, therefore, is should be filed only with the War
directed, not to further expansion Production Board.
of plant, but to full utilization of
"5. The Facilities Bureau of the
existing
capacity,"
Mr,
Nelson War Production Board, under the
said. The announcement from the supervision
of
Vice-Chairman
Donald D. Davis, will handle the
WPB on Dec. 18 also stated:
"In connection with the admin¬ analysis of applications for tax
Roy W.
istration of the certifying author¬ amortization privileges.
ity the following points are of Johnson, Director of the Facilities
Bureau, has appointed Carman G.
special interest:
Blough as Deputy Director of the
"1. Taxpayers who wish to avail
Facilities Bureau for Tax Amor¬
>

themselves

amortization

tax

privileges must hereafter file ap¬
plications for necessity certificates
from the WPB.

"2.

Effective

where

been

Dec.

1943,

17,

facilities have not yet

new

acquired

construction

not yet

begun, the application for
a necessity certificate must there¬
after be filed along with the ap¬
plication for specific authorization
or for priority assistance. Issuance
of necessity certificates will not
be considered unless these appli¬
cations

filed together.

are

Thursday, December 30, 1943 ,v

The financial Situation

con¬

tach

and

it—not the

amended

write

allowed

off the

cost

measure

taxpayers

of facilities

over

five-year period

(or

less

or facil¬ should the emergency end sooner)
acquired— instead of over the longer depre¬
applications for necessity certifi¬ ciation period normally used, in
cases
cates and applications for priority
where the facilities were
assistance should be filed with certified to be necessary in the
interest of national defense.
the agency with which the pri¬
"In the three years the law has
ority application itself would nor¬
been in existence, the War and
mally be filed.
"4. In cases where construction, Navy
Departments have issued
was begun or facilities were
ac¬ more than 29,000 necessity certif¬
quired prior to Oct. 5, 1943, ap¬ icates for facilities having a value
plications for necessity certificates of approximately $6,000,000,000."

have

not

been

ries

and

that

means—for

"unite"—whatever

Washington

(Continued from first page)
have

enthusiastic

been

about

attack across the channel, and
certainly it must be pretty gen¬
erally apparent that the prevailing
Allied strategy has been to try
everything else first.
Even now
with the .growing realization in
Washington that it is necessary,
an

Churchill
would

cool

seems

dilatoriness

there

and

to be a degree of

appear

the

decision

commanders from Mar¬
shall to Eisenhower just when we

change

were
telling the world that the
shooting was about to begin.
A
commentary on the situation, too,
,

would

seem

published

the

flood

stories

that we must
furnish 70% of the invading force.
That certainly tends to add to our

disquiet.

these

of con¬

days

trolled news, you

wonder why en¬
couragement is being given to the
circulation of this discomforting
bit.
It is bound to provoke dis¬
,

cussion

Congress when it

re¬

turns.

months

Several

Lord

ago

Mountbatten.came here with
siderable
his

publicity fanfare to get

final

push.
than

con¬

orders

for

the

Burma

He hadn't been gone more
three

weeks

before

corre¬

spondents here were told privately
what a tremendous, almost impos¬
sible undertaking this was and not

New

of the

brief,
and

cautious

ness—that's

else's.

our

official attitude.

with

winning the

with

our

prospect with alarm.

for

treatment

Germany is to
dismember it,
tear out Prussia
with its military caste.
We had
thought it was Hitler who started
this
war,
rather than4 the old
Prussian military caste;, which we
were told, started the other one.
Anyway, it ma^ be that Britain
doesn't look joyfully upon a de¬
stroyed Germany and a destroyed

What it is all about this writer
would not undertake to
is

say'. There

such thing as a real, genu¬

inely reliable source of informa¬
tion these days. Our officials talk
and even think in terms of propa¬

ganda.

There is this serious

the year grows on.
On our home front

ideological

life

economic

that

believe

seem

has

been

tie the hands of the

would

well to remember

that

the

still

stand

books

securities

two

are

tax

laws

thoroughly
legislation,
which

enactments

our

vicious
f arm

cies or administer them.

ter off

The
;

other able

some

•

What We Must Have

What;

must

such

with the

have

new deal!
even
Not one, of course,
circumstances,-:. but which bears any resemblance
wide and powerful to the Rooseveltian New Deal,
;

influence of the President

side

the

but

foolish

There

determination

our

than

upon

any

count

such

thing. It will be recalled

that

until

about

the Administration

moralizing

thing as one could
imagine. Agitation to thi& end was
a

the sole contribution of his, much
advertised Christmas "gift" to the

how

If you want to know

much

this

just
ideological

re¬

not

year

ago

self-reliance

and,

was

several

voluminousV reports

in this
category to Congress with his
commendation.

Nor

will it be overlooked that the

President

self-respect.

Such

President Roosevelt in

Christ-r

and New Year message trans¬
on Dec. 21
to veterans in

mitted

Government

hospitals,

assured

them of the nation's gratitude for
service "so

bravely; and honorably

rendered."

The

President's

lows:

fol¬

message

'■>■;. I':,-

■

"Now

that

hearts

that

know

our

ultimate

certain, we can
struggle ahead

victory is
face the long, hard
with

confidence

ness.

•■■

V "I

know

that

for the
myself, when
I assure you of our gratitude for*
the service you so bravely
and
honorably rendered and of' our

nation,

well

speak

continued solicitude for your wel¬
fare and contentment.
A Merry

Christmas
the

New

each

Year

you—may

for

and

you

happy one."

yours a

did

type of reform would

neces¬

sitate; repeal

of the larger
part of the strange and dis¬
ruptive
legislation of the
past decade and maj or modi¬
fication

mainder.

most

the

re¬

Outlawing PollTaxes

quirement for voting, said on Dec.
21 that most poll taxes were writ¬
ten to

prohibit the Negro and

advices, which added:
The

committee

majority con¬
poll tax was illegal
and unconstitutional, basing the'
statement en the Thirteenth and
tended that

Fourteenth

there is one) of the New Deal, Constitution,
States
from
which the President now
says vote because
in effect is

remain with

fait
us

accompli to

forever

more.

sums

capable of formulating such
program

would be about

unwarranted

by the facts

poor

white from voting. This is learned
from
United
Press
Washington

,,'v

It would in its
very

just about all To
suppose that the .President

appropriated to
the groups making these plans
so that
they might continue

Senate Group Urges

that he could to have further

large

Gratitude To Veterans

The Senate Judiciary Commit¬
tee, recommending passage of a
"reform" to end the New Deal House-approved bill to outlaw the
payment of a poll tax as a re¬

added,

'fdbgotten by essence be a repudiation: of
£dfeh%"atters that
the
underlying theory (if
President ' Sent

warm

President Expresses

it may be

have

the

much

students

or¬

have

it would be

alas!

must

not

in the White House

man

with

the troubled waters.

and, fortitude, and let the spirit of
Christmas pervade our thoughts
exist¬ and bring us comfort and happi¬

have

after

country would be much bet¬

dis¬

defections

than that.

recent events

the Social Se¬
the most un¬

laws,

wholesome

being admin¬
who are thor¬
with the New

much

the

He would like to pour

But

acts

the statute

upon

and

history,
banking

lation.

oil upon

mas

istered, rby men
oughly imbued
Deal spirit—as
remind us; that

curity

President,

among many so-called inde¬
pendent elements in the popu¬

the slightest excuse for
Certainly he would ence, and literally dozens of
not
be a particularly good other laws of a similar sort
choice to formulate such poli¬ await
,constructive attention.

throw the political Campaign into
armed forces, about as de¬

hoods.

Communism seems to the legislation dealing with
ready to take over as soon negotiation of war contracts.

strife.

statute

Thus those who

policy of
letting matters stand would
profit us greatly, or those
who appear to bank upon a
hostile Congress which would

and

the part of our radical forces
with Mr. Roosevelt in the lead,' to

most conservative labor

our

though: British officialdom may agitation we are in for in the han¬
coming to view the troubled dling of our affairs, just consider
scene
in Europe in a different the
attack
now
taking
place
light than Mr. Roosevelt.
Yugo¬ against the Senate Finance Com¬
slavia and Greece are torn With mittee for adopting amendments
to

war,

spend¬
ing large sums in an endeavor
to saddle the country with the
most ambitious and, generally
speaking, the silliest kind
of post-war plans.
It will

civil

the

upon

a more

the situation isn't likely to clarify

nation.

possibility,

books.

largely

now

thorough reformulation
good sense it of policy arid programs care¬
would be very much easier to
powerful Russia. We don't know.
fully > designed to reinstate
It is really doubtful if anybody be certain of sound
.policies common sense and. traditional
knows anything these days, and when this war is over.
But; American ideals of individual
France in between her and

and

written

'•

to overlook the fact that

the war!

It is being
rather
authoritatively
reported
these days that Roosevelt's plan

have been getting
ganizations, the railroad brother¬
more the picture of a

Churchill

- ■

It may very well be that Brit¬
ish
officialdom
is
viewing the

dashing, adventurous Roosevelt.

that

doubtless

by merely
turbed
about it.
They

the New Deal is

Deal

forgetting
seem

—

expect anything too soon.

task of

is over
in France,
Germany, Eastern Europe gener¬
If Only It Were True!
ally.
The Communists, for the
How helpful it would be if
most part, make up the vast underground'upon which we are de¬ one could now count upon the
pending so much. Insofar as our President to stand on the side
Government is concerned, we have
of sound sensq in public af¬
practically given Stalin the green
light, not to the extent of his fairs—and in opposition to
literally taking over the greater such
strange and harmful
part of Europe, but of course, if measures as those which com¬
any country wants to adopt Com¬
munism, if it wants to be in the prise the New Deal! How en¬
Russian orbit, as the expression couraging it would be both as
goes, then that's none of our busi- to matters that have to do
war

agitation is increasing,, not dimin¬
Now, ishing. There is something seri¬
Churchill is represented as def- ously wrong when we are con¬
intely throwing cold water on the fronted with a nationwide steel
strike, or with the open defiance
project.
to

the

winning the war and, per¬
haps, certain other things.
"Unity" ■—an ideal long
sought by the President but
not yet found by him, is not
likely to become an accom¬
plished fact so long as he in¬
sists that the uniting be done
solely on his terms and on no
one

the

From

such

been

the

■

struction has not begun

ities

so.

closely with him have forgot¬
impossible for him to obtain
policies which con¬ ten all' about the grandiose
unity.
He has during most
stitute the New Deal.
They schemes which were hatched
of the time he has been in
are two quite different things.
out and embodied in these
the White House made most
Indeed, the President (or his voluminous reports of the
of his appeals to the selfish
spokesmen) who would shuf¬ National Resources Planning
interests
of
groups
whose
fle off this title now grown Commission.
Nor
is
there
favor he sought, and has spon¬
to be a liability, says in so
any reason whatever to sup¬ sored all their causes in a
way
many words that the New pose that the President has
to divide and embitter.
He
tization, with authority to approve Deal is now largely a part
any notion of changing the still
wants
the
support of
necessity certificates for the War and
parcel of the laws of the general tenor of his policies
Production Board.
those whom he has constantly
land, and—by implication at once this war is over pro¬
"Tax
amortization
privileges
favored in the past—which as
least—can be expected to re¬ vided
were written into the law in 1940,
public opinion does not a
practical matter in the con¬
shortly after the start of the re¬ main there. What is evidently
oblige him to do so—assum¬ duct of the war he has- not
armament program, in order to
wanted is that those who have
ing thatyhe has anything to been able to obtain
encourage expansion of privately
nearly so
suffered and smarted under
owned facilities of the national
say about post-war matters.
fully as he has had the co¬
the various measures and pol¬
defense program.
This was acConstructive Effort Needed
operation of groups he has re¬
complished by insertion in the icies of the New Deal should
Internal Revenue Code of a new
There are those who seem peatedly held up to ridicule
now proceed to forget about
section—Section 124. The law as
and often deeply injured. But
their wrongs and their inju¬ to suppose that we can get rid
thus
to

cases—where

such

willing to do

There is evidence enough
r with their planning.
Con¬ that the President wants
But beyond that it would
gress, however, would have what he terms
"unity," and it
be foolish to go.
What the none of it, and the matter has
is more than probable that he
President
quite evidently apparently
more
or
less senses the fact that his Adwishes to be rid of is the ap¬
dropped out of sight. But it rninistration and his attitude
pellation "New Deal" and the must not be supposed that the
toward all opposition have
political liability which at¬ President or those who work
(Continued from first fcage)

"3.

Amendments

the

which

prohibit the
denying citizens a

race

and from

en¬

forcing
"any
law which shall
abridge the privileges or immu¬
nities

citizens

the

United

States."
A

minority report contended
only way to abolish poll
taxes
is
by
a
Constitutional
Amendment rather than by legis¬
that the

lation.

-Volume

2,000,000 workers must be added
to essential plants in the next few
months.
However, over 2,000,000
should prosper. Heavy chemicals men and women reach
age
18
may not show any gain over 1943
every 12 months.
Therefore, the
volume. Building about the same labor
situation may begin to ease.
level for total new building as in There will be
many disputes but
1943.
Relaxing
restrictions on most upsets will be of short dura¬
private construction will come in tion and small scope. Labor lead-,
near
future.
Gains in 1944 will ers
must
threaten
strikes
for

Business And Financial Outlook For
(Continued from first page)

should

salers, and manufacturers
there

insist

dumping on
This
could

markets.

domestic

smash prices.

Flooding the export

markets could make it difficult to

fair profit.
Thope a substantial portion of our
surplus will be given to the peo¬
ples of Continental Europe and
sell goods abroad at a

China.

show in this category

publicity and to hold jobs.
cost-of-living situation will

pared with 1943. Am pptimistic
on post-war home building.

■

Sales Prospects

when com¬

price

1943 in the

consumer

physical volume of re¬

will

merchandise

manufacturers
are

now

wait for

rather

war

made

should

tory.

As good war

will

consumers

post-war merchan¬

new

dise

but

well

wholesalers

and

of it.

wary

increases,

news

sold

has

than

buy synthetic
goods.
Merchants

keep

inven¬

workable

sylvania,

Ohio, Indiana, Illinois,
Missouri, Texas, California, Ore¬
gon and Washington
Of smaller
volume
States, I like: Georgia,
Minnesota,
Florida,
Nebraska,
Utah

and

Florida

boom.

cities

sales
ago

Arizona.

real

are

simple

was

with

expected

50%.

Now

spot

gains

for

cities

It will make

1944

business
in the

cracks
of

the

whether

early

Germany

latter part

Washington will begin at once to
cancel war orders, especially on
the Atlantic Seaboard. The Army

will accept no more recruits^ may

begin
Navy

orderly demobilization.
may be in for two or
three years more. Army demobil¬
ization may start around election
time in 1944.
This should-help
men

retail

equipment

the cut in newsprint.

Paperboard

prices for crude probable. All-time

for

1944.

show

ings will."

•

only

The
enjoyed

trucks.

chemical

skilled and unskilled workers

industry has
This may con¬
Leaders
in
new
drugs

can

Few

investment.

stocks

new

are

available.

/ Present holders are less
willing to let stocks go, except at
higher prices. The rise from May,

1942, to July,

was a long,
A period of

1943,

advance.

unbroken

history.
;

than

stronger

ever.

Debts

are

have

been

could quickly develop.

market

Some

industrial

and

liberal

dividends.
com¬

I have recommended Amer¬

Jewel

Tea,

Stores

"A."

General

Shoe,

Preferred

and

railroad

and

The

equipment groups ought to
better-than-average
prog¬

Favorites include American

ress.

Shoe, General American
Transportation, Baldwin and Har¬
vester; although post-war pros¬
pects convince me that selected
steel and iron issues hold appeal.

two

date; of Ger-

many's collapse; and (b) from said date
to Dec. 31:r/-A
A.A/

;W'/-

j.,...:;./

into

divided

1 to

''/Ayv.;:

U. S.

Babsonchart

Production:

will

Index

around

average

130, about 12% below 1943.
Commodities:

a:. Sales:

•
'

Retail: sales

will

volume

dollar

average;^
vol- A

highei- for entire " year,/ but physical:
will be down 10%., r

*'-nume

5.'

■-< ■■■>

Labor:;>.^^fe^Pressur€'':for- higher
tinue

labor ^troubles

will

wage rates

throughout, the
and

year'\with

'rA -i

Stocks: -: -V? : If .the market iis/low when Germany

; it will then go up;-but

....'/'vy

7. /, Bonds:; -

;

.''
•

"'
-

'
•

V,.. tv

i..

down.-

•.

"•

V'•

•'
■'

V-.

Preferred; Stocks

X. Vv

selective. My usual advice
buy only first mortgage

after

Presidential elections in

our

November, 1944,
Germany
collapse early in the year,
consider the following:

may

but

Churchill is very close to
He desperately wants

(1)

Roosevelt.

him rd-elected. Knowing that only

continuation

of the European
through October,
1944,
assure this, he is not hurrying

conflict

Front.

Second

not

Republicans have
insisted upon "uncondi¬

(2)

yet

tional
and

the

surrender,"

the

German

Japanese people think their
might be better with a

chances

Republican President,—which is a
temptation for them to hold out..
(3) Stalin is definitely waiting
after Nov. 6, 1944, before
making certain decisions, and this
will delay Germany's collapse.
until

•

be the last year of tax mis¬

Taxes should begin to .decline
in 1945. Investors should especially
ery.

in mind that—when

keep

excess

profit taxes are eliminated—many
corporations
can
make
more
money
and pay more dividends

has

nual

Men

and

women

armed

enter the

have

gas,

left jobs

who

should

forces

real trouble

will

Chiang

serious illness of
Churchill, Stalin,
perhaps even Hitler in

and

behavior.

record
and

habits

will

thrills

good job for everyone after

cracks.
In fact, there
begin to be unemployment
when Roumania, Bulgaria or Hun¬
Germany
will

gary

Needed: More Research and

Religion
Businessmen

give up, which I expect fairly
Politics and Inflation

(2) Should subcontracting be re¬
by approximately 50% so
to be ready for civilian goods
production?
(3) Is all-out war
production to utmost capacity the
best course to pursue? My advice
duced
as

Continue to take all

is:

contracting
it

you

and,;/;-probably

elected. ,It,looks

nominated

leaders

publican
velt

now as

will not tie your

plant up be¬
Election Day next year.
Stop further expansion plans now.

yond

Work research and post-war plan¬

-''.i-:.-'

has

the

Re¬

Roose¬

believe

election

This would be

the

bag;

of get¬
ting rid of Willkie forever. .An¬
other, possibility is that Willkie
may accept Second place on the
Democratic
licans

good

way

The, Repub¬

ticket.

will put their efforts

Congress.

November,

Finally, 1944 will see a continu¬

ation of the conflict between those

re-- two
philosophical theories

if Willkie

sub¬

war

get provided

can

equipment.
Unless? Germany collapses be¬
fore August, Rooseyelt will be re¬

would

with

ning departments overtime.
Give
orders
now
for
reconversion

soon.

nominated

faced

are

(1) Is it time now to give up seek¬
ing war contracts and prepare
plants for civilian goods output?

armed

the

may

;

unemployed when

forces
based on

war

;-V

1944.

have

may

post-war jobs

get

■

be upset

three vitally important questions:

entered

their

getting post-war jobs.

Men who were

they

should not ex¬
until
bacteria bombs

above may

Wash¬

.elsewhere

-;;

All of the

ington

■

entered

Those who

return.

"armchair"

the

chemicals
used.

are

trouble getting jobs when

they

and

Roosevelt,

Jobs

Post-War

Forecasts,

by the death

ings.

base

pect an ending of the War

earn¬

gross

second

rounded

the way home. As, however, I
stated in my 1942 and 1943 An¬

■

smaller

much

with

upon

which

splitting civilization
today?
These may be expressed by the
are

eternal

question of whether mari

spiritual being to be
the Ten Command¬
(2) is an evolutionary
permitted to follow the

is
guided

ments;

(1)

animal
rules

the

possessing
dressed

a
a

jungle even when
college diploma and
tuxedo.

our

first

1944,

they should secure a good major¬
ity of the House and six more

and

Socialistic

the

real

experi¬

inflationary

force

down

sunk.

The

hope

better

post-war world lies with greater
research and more religion.

interest

payments

ernment-bonds dominate the high-

•

forbids
a
manipulate
the period. In the meantime, we will
price of its securities but the Gov¬ have, slowly creeping inflation
ernment is using artificial means until
1948; but nothing radical.
corporation:- to

life insurance. This is unfair. Gov¬

.•

will

ments

grade field. Corporates
\

•>

widows, orphans, and
others dependent upon savings or

•■''"/ V
.•

building.
Republic
Pfd. "A" offers liberal

//•The A Government

•••

:
•

from

needed. by

■

:
:V

Good and medium-grade bonds will hold
close to
presentr-levels throughout- the
year.

•••■

•

cracks /-V;;

if then'high;'it .will'

the general trend
stocks; but the field is

the Democrats in 1952. Then there

^"'V/v:'ti^1fc;thanind943.'"v'>^'1-' "A':J
! K 6.

short time, 1944
different year than
if Germany should hold out until
a

a very

assumption, the one for which our
fchurches stand, is adopted as a
Steel $5
income. National Steel and Allegoal, the coming year can be the
Senators.
When
I
look
further
beginning of a glorious future. If
gheny-Ludlum are sound issues.
ahead, 1948 seems now like a good the
second, which too many edu¬
Electrical equipment should ex¬
Republican year with Gov. Dewey cators are
teaching, is allowed to
perience heavy post-war demand. the
victor, in case Willkie is not
grow,
then World War II may
General .Electric. is the outstandr
already
President.
During
the have been in vain. In
the end,
ing. leader.
:
A/A 1948-52 term will come the next
spiritual forces must overcome
depression followed by a return of the material forces or
civilization
Bonds, Interest Rates and

morey:,;/

increases?']/,•

wage

very

investors

with

over

common

favor

1944
upon

con-

Pipe Line & Foundry should

benefit

should A,

various v commodities
be followed by renewed weakness.

Strength

skeptical
of

Such issues

preferreds.
in

also

are

panies makes their stocks favor¬

Brake

be.

mulative

be left "high and dry" when
the war is over.
There will not

prospects for good post-war

farm

should

not

within

may

his

should

the

crack

will

When the re¬
the investor
tied up in long-

comes

lurch to get more money or

Flexibility of merchandising

show

From Jan.

based

forecasts

should

assumption as to the length
war.
If Germany is to

some

continues to grow.

others.

should

stocks

Preferred

(a)

business

adjustment

appear

benefit
the
war.
Johns-Manville, Lone Star
Cement
and
Eagle-Picher Lead

Building

ger,

1944

pansion of business to meet civil¬
ian demands and the money hoard

than

from the expected boom after

United

parts:

groups

attractive

ican Stores, McCrory Stores, Kro¬

Year

near-term shift in
interest rates. They may remain
low as long as Government fi¬
nancing must be carried on in
large volume, or as long as re¬
strictions are placed upon the ex¬

expect

important consideration. Men and
women who left employers in the

What Stocks to Buy

;

dustries. ': TL

General:

Character

tinue.

Thumbnail Outlook For 1944

Series, preferably E's. Otherwise,
hold
cash.
Municipals are too
high,
.:

may

companies

listed

Most

ites.

that

atively greater risk in corporates,
I favor confining high-grade bond
purchases to the E, F and G War

Intelligent

(4) Although the Washington
consolidation, such as from July 14 bonds or else common stocks of
New Deal group might do nothing
to date, vyas in order.
The next companies with no cumulative
to prolong the war merely to in¬
few months may still be marked preferreds.
sure
themselves
another / four
Taxes
byi( irregularity. This should not
years of power, yet they surely
disturb real investors.
Corpora¬
There may be a small increase
would not
be averse
to others
tions ^arb" adjusted
to wartime in 1944 taxes. This increase will
doing so.
operations. Any material change hurt
only a few industries through
in the war situation may create
(5) Generally good war news
increased
excise
taxes.
Income
should feature 1944. The battletemporarily upsetting uncertain¬
taxes, inheritance taxes, gift taxes,
hardened
Russians
should
ties. On the bullish side the mar¬
conr
and
probably corporation taxes
tinue to drive the German hordes
ket strengthened in the face of the
will remain about where they are
back. As we enter 1944 the war
largest: War Bond Crive in our or lowered.
Furthermore,
1944

be channeled into critical war in¬

estimated

In view of the rel¬

Governments.

IIow Long Will War II Last?

the few
buy

long-term

great expansion.

high

corporates

trend of have been forced down too low.
definitely upward. Investors looking for liberal in¬
growing hoard of money seeks come are, therefore, buying cu¬
1944

earnings

sufficient

is whether

Crux

remaining

stock prices is

hold

Outlook for Labor

have to bid very

term, low-coupon bonds.
Cur¬
rent yields on better-grade issues

;

stockpile low. Look

car

relief

steel output/scheduled
Shipbuilding may not
further gains, but launch-in

peaks
for

Expansion of airplane factories
has been practically
completed.
Automotive industry during 1944
will gradually reconvert to nor¬
New

railroad strike in 1944.
Stock Market

Refinery petroleum output in 1944
will run 10% above 1943. Higher

Industries Differ

mal.

output in 1944 should equal 1943.

trade.

will be

reduced, cash reserves in¬
creased. Companies doing well in
war work may get new buildings
pipe lines, airplanes and trucks. and machinery for a song.
War
Eastern roads will slump as soon
stocks
have
gradually
given
as Germany collapses.
ground in spite of record earn¬
Electronics and television ings and growth in net current
should
boom.
Many peace stocks have
Heavy I electrical assets.
equipment
orders
may
decline forged ahead in spite of declines
in earnings and lower dividend
slightly in 1944. Kilowatt output
payments. It is possible the "war
may be 10% better in 1944 than
in 1943. Lumber volume will con¬ babies" may become oversold and
tinue to be reduced. Backlog of the peace stocks overbought, but
machine tool orders is declining the total industrial averages will
sharply. Subcontracts may help. go higher sometime during 1944
Nonferrous metals are held down than they are at present. In case
by acute manpower shortage. Pa¬ a Republican President should be
per and pulp will be affected by elected in November a big bull

When this happens

year.

-from

haul, they will face, as never
before, competition from coastwise
shipping, river transportation, new

difference in

suffer

Detroit, Mich.; Jackson,
Knoxville, Tenn.; Phoenix,
Portland, Ore.; San Diego,
Savannah, Ga.; Springfield,
Topeka, Kan., and Wichita,

Kan.

air

will
be forced.
railroads will have
terrible slump. With much less

cities will show

of the lot:

Ariz.;
Calif.;
Mass.;

both

for

After the war,

gains of only 5% to 10% in 1944
over a year ago.
Here is the pick
Mich.;

and freight. Railroads

continue

will

year

40%

solved. The trend of

from

industry

equipment shortages. War peak of
traffic is passed.
Railroad needs
are so acute that higher, priorities

may

1943.

than in

1944

passengers

Outstanding

scarcer.

far

the

cracks, there will be no
scarcity of labor. Labor's honey¬
moon is approaching its end. There

The

Air transport will gain in equip¬
ment and efficiency.
Manpower

The following ten
States are
tops for 1944: New York, Penn¬

see

better

Do not over-stock.

strikes.

many

demand for these goods

quickly replace war orders.
Dairy products will be scarce be¬
cause of feed problems. Slaughter
houses should do a big volume.
Cereal
products
will
do
well.
Canned goods will feel effects of
sharply higher costs and lower
output. Bituminous coal depends
upon labor union policy, but I ex¬
pect output to be at least 10%

should

tail sales duetto scarcity of goods
and less employment.
Substitute

is successful,
for higher wages will be
considerably reduced. After Ger¬

continue through 1944.

5% to 10% higher in

fall

and

pressure

Woolen in¬
dustry will remain very active.
1944 than in 1943.
Sales volume
of consumer goods will again start Rayon will continue at capacity
output.
Cotton textiles will be
to climb as smaller companies get
fairly active—nearly equal last
.the okay on post-war merchan¬
year's level. With Germany out,
dise. I expect some decline from
will average

rise

The
dic¬

If rolling back prices

indus¬
ceilings

These

increased* costs.

and

I forecast that retail dollar sales

beset

are

clothing

and

shoe

The
tries

the

tate

2667

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4242

158

called in increasing

stitutional' investors

are

being
In¬

amounts.
and

trustees

After Roosevelt is re-elected with
a

Vice

President

satisfactory

Brown Elected Trustee
The Board

of Governors

of the

him, I should not be surprised to New York Stock Exchange elected
Thatcher M. Brown, partner in
see him resign to accept the head
of the new World Organization Brown Brothers, Harriman & Co.,
whatever this may be. This could as a Trustee of the Gratuity Fund
take

place as soon as Japan
whipped,—possibly in 1945.
,

is
.

to fill the

vacancy

caused by the

retirement of Fiarman R. Dick.

THE COMMERCIAL & FINANCIAL CHRONICLE

2668

President Sees Peace Insured After

in Italy„and Africa, will bring, re¬
It has been our steady policy—
lentless ; ^pressure
on VGermahy; and it is certainly a common'sense
from the south, and now the en¬ policy—that the.right of each na¬

Victory

By Application Of Force If Necessary
(Continued, from first page)
<8>—
—
————
seas
broadcasting
agencies
for each other across the table at
time to speak today to our sol¬ Cairo and Teheran; but we soon
diers, sailors, Marines and mer¬ found that we were all on the
We came
chant seamen in every part of the same side of the table.
world. In fixing the time for the to the conferences with faith in
broadcast

took into considera¬

the

and

Caribbean

northeast

the

cpast of South America it is after¬
In

noon.

Alaska

; and the
morning.

Hawaii

and

mid-Pacific

still

In Iceland, in Great
Britain, in. North Africa, in Italy

and the Middle East it is

now eve¬

':77\-'*V:-n V*:/V.7'??

ning,

In the southwest Pacific, in Aus¬

in China and Burma and
India, it is already Christmas Day.
tralia,
We
•;

correctly say that at this

can

moment,

those

Eastern

Far

parts where Americans are fight¬
ing, today is tomorrow.
But everywhere throughout the
world—throughout this war which
the world—there is

covers

cial

has

which

spirit

hearts since

spe¬

warmed

earliest childhood

our

spirit which brings us close
to our homes, our families, our
friends and neighbors—the Christ¬
mas
spirit of "Peace on earth,
goodwill toward men."
During the past yehrs of inter¬
national gangersterism and brutal
aggression in Europe and in" Asia,
—a

;

Christmas

our

celebrations

have

been darkened with apprehension

the future.
We have said,
"Merry Christmas •— Happy New
Year," but we have known in our
hearts that the clouds which have
for

hung

have

world

our

over

vented

pre¬

from saying it with full

sincerity and conviction.
Arid

this

even

year,

still

have much to face in the way of

further

suffering and sacrifice,
personal tragedy.
Our men,
Who have been through the fierce
battles in the Solomons, the Gil¬
berts, Tunisia and Italy know,
from their experience and knowl¬
edge of modern war, that many
bigger and costlier battles are still
to be fought.
:v
and

But

least

may

with

future

confidence

Eve

this

to you that at
look forward into

say

can

Christmas

—

year—I
the

substantial

real,

that,

however

great

the cost, "Peace on earth, goodwill
toward

men,"

be, and will be
This, year I

can

realized and ensured.

I could not
do more than express a hope. To¬
day I express a certainty—though
the cost may be high and the time
may be long.
; I 7777
Within
the
past year—within
the past few weeks—history has
been made, and it is far better his¬
tory for the whole human race
thaft any that we have known, or
even
dared to hope for, in these
tragic times through which we
can

say

that. Last

pass.
A great

year

' v;:.:

77 '

tion to freedom must be measured

great American and British forces

beginning

was

made in

by Mr. Molotov, Mr. Eden and
Mr. Hull.

own

our

There and then the

Way was paved for the later meet-

irigs.

Cairo

voted

and

But

other.

de¬

ourselves not only to mili¬

tary matters, we devoted ourselves
also to consideration of the future
-—to

plans for the kind of world

which

alone

can

sacrifices of this

justify

all

the

war.

needed

many

from .other

the

combined

other

each

attack

points

Eisenhower.

know

these

ground

conferences

which

plenty of bad

news

will

spell
for the Japs in

conferences

I
man

met

the, Generalissimo, a
great vision and great

courage, and

remarkably keen un¬
derstanding of the problems of to¬
day and tomorrow. We discussed

all the manifold

military plans for
Japan With decisive
force from many directions, and I
at

believe I

can

say

that he returned

Chungking with the positive as¬
surance of total victory over our
common enemy.
Today we and
the Republic of China are closer
ever

Af ter

the

before in deep

conference,

pur-

tremendous,

less determination with

our

armed

faith and confidence

have in

Gen. Marshall and Admiral King
who direct all of our armed might

potent forces against
when the day

going

are

get

durable peace

with

the

just

truce,

not just

tice—but peace
enforced and
man

can

peace—not

that is

durable

make it.

armis¬
strongly

mortal

are

will¬

well

con¬

launching of
to sit down at gigant'o attack upon Germany,

shall

with these unconquer- I
The Russian Army will continue
and talk with them face'its stern offensives on
Germany's
to face. We had planned to talk to: eastern
front,- the Allied Armies

the

war

and winning a just peace

that will last for generations.
The
are

offensives

massive

which

in the making—both in Europe
the

and

every

that

tude

Far

summon

East—will

•

require

of energy and forti¬

ounce
we

and our, Allies can

fighting fronts

the

and in all the workshops

at home.
cannot

As I have said before, you

not

doctrine

that

reject it.

cerned

the attainment of

possible, and, I hope, probable,
that they will abandon the phil¬
osophy of aggression-^-the belief
rope and Asia §nd,.Africa and the that
they- can. gain the .whole
Americas.
f;Th^jjghts yt every na¬ world even at the risk of "losing
tion, large or small,., must be re¬ their, own souls.,, V *7
; <.
spected and iguardedl as jealously -I "shall have more to say about
as
are
the rights* of every indi¬
the Cairo and Teheran confer¬
vidual within our own republic.
ences when I make >my report.to

point

for

united with and cooperate with all
the freedom-loving peoples of Eu¬

doctrine of

every

along

people
well indeed..' \717

The

stalwart

with him and the Russian

Within three days of intense and

agreed

relent¬

of partisan thinking and
talking. I hope I am wrong. For,
surely our first and foremost talks
are
all concerned with winning
break

ing to fight for peace now, is it order up a great attack on a Monr
good logic that we should Use day and demand that it be deliv¬
force if necessary, in the future, ered on Saturday.
—very
to keep the peace?
Less than a month ago I flew in
: Britain, Russia, China and the
I believe, and I think I can say, a big Army transport plane over
United States and their Allies rep¬
that the other three great nations the little town of Bethlehem, in
resent more than three-quarters
who are fighting so magnificently Palestine.
7.7 7.
'
of
the
total
population of the to
Tonight, on Christmas Eve, all
gain peace are in complete
earth.
As long as ,these four na¬
agreement that we must be pre¬ men and women everywhere who
tions with great military power
pared to keep the peace by force. love Christmas are thinking of
stick together in determination to
If the people
of Germany and that ancient town and of the star
keep the peace there will be no
Japan are made to realize thor¬ of faith that shone there more
possibility of an aggressor nation
oughly that the world is not going than 19, centuries ago.
arising to start another world war. to let them break out
American boys are fighting to¬
again, it is
we

consistently amicable discussions

were

I believe he is truly
representative of the heart and
soul of Russia; and I believe that

however, gave me my first
opportunity to meet the General¬
issimo, Chiang Kai-shek, and Mar.

men

oc¬

But those four powers must be

Mr.

very

combines

The Cairo and Teheran confer¬

table

good humor.

-he not too far distant future.

after the war.

Stalin:—and

the members

D; of liberation.

MacArthur and Admiral Nimitz—

illness.

the

Dwight

Gen.

His performances in

-stablishmerit, of

ences,

Allies in

countries — the under¬
ground resistance and the armies

and air forces
concerned with basic principles- their homes and lock their front
Air
by
American
doors
behind
them.
Assuming
principles which i n v o 1 ve the
Forces are playing a vital part in
security arid the welfare and the that their motives were of the
3tarting the drive which will push
they have shown
standard of living of human be¬ highest, everi
the invaders into the sea.
how unwilling they were to face
ings in countries large and small.
Following out the miltary decithe facts, v.
-;Il';i'
To use an American and unjions at Cairo, Gen, Marshall has
The
overwhelming
majority
,ust. flown around the world and grammatical colloquialism, I may of all the
people in the world want
Oris had
conferences with Gen. say that "I got along fine" with
peace.
Most of them are fighting
Marshal Stalin. He is a man who

of the world in his recent serious

able

these

from

our unseen

lead, cupied

augmented

together than

other

salute

The commander selected to

forces, to their wives, mothers and
And today fathers, I want to affirm the great

of -the to fight for freedom.

points

compass.'' 7 771

Chinese

well.

shal

complete

friendship and in unity of
happily met Pose

times before, and

understand

for the future.

by the willingness of that nation

attack

will

the

Churchill and I went by airplane
Indeed, Mr. Churchill has m Teheran.
There we met with
become known and beloved by Marshal Stalin.
We talked with
many millions of Americans, rind
complete frankness on every eonthe heartfelt prayers of all of us
livable subject connected with
have been with this great citizen me winning of the war and the
and

greatest

Of course, as you all know, Mr.

Churchill and I have

the greatest inspiration
eriCoufageriient

the"

arid

striking

Teheran

given

They will provide throughout the world. Upon them
the great responsibility of
our enemies, falls
of invasion comes. planning the strategy of determin¬
Through the development
of ing when and where we-" shall
science the world has become so fight. Both of these men have al¬
inite knowledge.
:
to coordinate
airy sea and land much smaller that^ve have had to ready gained high places in Amer¬
It
was
well
worth traveling
the
power. All these will be under his discard
geographical yard¬ ican history, which will record
thousands of miles over land and
control. Lieut.-Gen. Carl D. Spaatz sticks of the past.
For instance, many evidences of their military
sea
to bring about this personal
will command the entire Ameri¬ through our early history the At¬ genius that cannot be published
meeting, and to gain the hearten¬ can strategic
bombing force oper¬ lantic and Pacific oceans were be¬
ing assurance that we are abso¬
Some of our men overseas are
ating against Germany.
-' ;:.
' lieved to be walls of safety for tne
lutely agreed with one another on
Gen. Eisenhower gives up his United States. Time and distance now spending their third Christ¬
all the major objectives—and on
command in the Mediterranean to made it physically possible for us mas far from home. To them and
the military means of obtaining
a
British officer whose name is and for the other American Re¬ to all others overseas or soon to
them. 7 771 :J77'- ■'77>V7V; II I'^I;y*. n
being announced by Mr. Churchill. publics to obtain and maintain our go overseas, I can give assurance
At
Cairo,
Prime 7 Minister We now
pledge that new com¬ independence
against
infinitely that it is the purpose of their Gov¬
Churchill and I spent four days
mander that our powerful ground, stronger powers.
Until recently ernment to win this war and to
with the Generalissimo, Chiang
sea
and air forces in the vital very few people, even military bring them home at the earliest
Kai-Shek.
It was the first time
Mediterranean area will stand by experts, thought the day could possible date.
"'^ 7.7.7,7 IV'■
that we had had an opportunity to
his side until every objective in ever come when we might have to
And
we
here
in the United
go over the complex situation in that theater is attained.
V,
:;7 defend our Pacific Coast against States had better be sure that
the Far East with him personally.
Both of these new commanders Japanese threats of invasion.
when our soldiers and sailors do
We were able not, only to settle
will have American and British
At
the
outbreak
of
the first, come
home7 they
will find an
upon
definite military strategy, subordinate
commanders
whose world war relatively few people America in which they are given
but also to discuss certain longnames will be announced in a'few thought that our ships and ship¬ full opportunities for education,
range principles which we believe
days.
.iv.i
il'U)1
ping would be menaced by Ger¬ rehabilitation, social security, emcan assure peace in the Far Jiast
During the last two .» days at man submarines on the high seas ployment and business enterprise
for many generations to come.
or
that the German militarists under the free American system—
Teheran, ' Marshal
Stalin, 7 Mr.
Those principles are as simple
Churchill and I looked ahead to would ever attempt ; to dominate and that they will find a Govern¬
as they are fundamental.
They in¬ the days and months and years
any nation outside of central Eu¬ ment
which, by their votes as
volve
the
restoration
of
stolen
which will follow Germany's de¬ rope.
American citizens, they have had
property to its rightful owners, feat.
We were united in deter¬
After the armistice in 1918, we a full share in electing.
; 77
7
and the recognition of the rights
mination that Germany must be thought arid hoped that the mili¬
The American people have had
of millions of people in the Far
stripped of her military might and taristic philosophy of Germany every reason to know that this is
East to build up their own forms
be given no opportunity within had been crushed; and being full a tough/ destructive war.
On my
af self-government without molesthe foreseeable future to regain of the milk of human kindness we trip abroad, I talked with many
cation. -Essential to all peace and
that might.7:77V ;77777777I7V777 spent the next 15 years disarming, military men who had faced our
security in the Pacific and in the
The United Nations have no in¬ while the Germans whined so pa¬ enemies in the field. These hardrest of the world is the permanent
tention
to
enslave
the German thetically that the other nations headed
realists
testify
to
the
elimination of the empire of Japan
people. We wish them to have a permitted them—and even helped strength and skill and resourceful¬
as a potential force of aggression.
normal
chance
to
ness
of the enemy generals and
develop,
in them—to rearm.
Never again must our soldiers and
For too many years we lived on men whom we must beat before
peace, as useful and respectable
jailors and Marines be compelled
members of the European family. pious hopes that aggressor and final victory is won.
The war is
co fight from
island to island as But we most
certainly emphasize warlike nations would learn and now reaching the stage where we
-hey are fighting so gallantly and that word
understand and carry out the doc¬ shall have to look forward to large
"respectable"—for we
jo successfully today.
Ibl/'jl-vI";:III Intend to rid them once for all trine of purely yoluritary peace.
casualty lists—dead, wounded and
Increasingly powerful forces are of Nazism and Prussian militarism
Well-intentioned
but
ill-fated missing.
now
hammering at the Japanese and the fantastic and disastrous
War entails just that. There is
experiments of former years did
at many points over an enormous
notion that they constitute
the not work. It is my hope that we no easy road to victory; And the
arc which
courses
down through
"master race," 777.', •,7,1 -;, I'v,.!
will not try therh again. No—that end is not yet in sight.
I
the Pacific from the Aleutians to
We did, discuss International re¬ is trio weak.
It is my intention to
I have been back only for a
the jungles of Burma.
Our own lationships from the point of view do all that I humanly can as Pres¬ week. It is fair that I should tell,
Army and Navy, our Air Forces, of
big, broad• objectives, rather ident and commander-in-chief to you my impression. I think I see
the Australians and New Zealandthan details.
But on the basis of see to it that these tragic mistakes a tendency in some of our people
ers,
the Dutch, and the British what we did
here to assume a quick ending of
discuss, I can say shall not be made again.
land, air and sea forces are all even
There have always been cheer¬ the war—that we have already
today that I do not think any
forming a band of steel which is 'nsoluble differences will arise ful idiots in this
cou,ntry who be¬ gained the victory. Arid, perhaps
closing in on Japan.
among Russia, Great Britain and lieved that there would be no as a result of this false reasoning,
Cn the mainland of Asia, under
the United States.
more war for us, if everybody in
I think I discern an effort to re¬
J
,
the Generalissimo's leadership, the
America would only return into sume or even encourage an out¬
each

:';77:7:'A'

the Moscow conference in October

■

circlement

Africa, Sicly and Italy have been
that at this moment here in personal contact..
And now we brilliant. He knows by
practical
United
States
and
in
the have supplemented faith with def¬ and successful
experience the way

tion

Thursday, December 30,, 1943

dominate
our

But; at the

the

weak

strong
is

enemies—and
*

same

agreed

time,

the
we

are

that if force is necessary
peace, inter¬
national force will be applied—for
as long as it may be
necessary.
to

keep international

jungles and on blazing
deserts.I. ^hey'^are fightirig on the
far stretches, of, the sea and above
in malarial

the

clouds, 7

the

ajqd

which ,they struggle

thing

for

is best sym¬

bolized by the message that came
out of Bethlehem.

On behalf of the American peo¬

weeks' ple—your own people-r-I send this
Christmas message to you who are
time, and, on that occasion I shall
in our armed forces:
/
also have a great deal to say about
the Congress in about two

certain conditions here at home.

in^'snow^covered mountains,

day

I wish to say that in
ail
my
travels,
at home and
abroad, it is the sight of our sol¬
But today

diers

and

sailors

and their mag¬

nificent achievements which have

In
you

our

hearts

are

prayers

for

and for all your comrades in
who fight to rid the world of

arms

evil.

We ask God's blessing upon you
—upon your

fathers and mothers,

Volume

wives

children

and

'loved

ones

ask

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4242

158

that

all

—

at home.

the

your

Effect

:■

grace shall be granted to
those who are sick and wounded,

hands

the

war

the

waiting for the day
will again be free.
And

enemy,

when
God

by the Guaranty Trust Compahy of New York in the Dec. 28 issue of

given

"The Guaranty Survey," its
conditions.

their lives, and that He keep them
in honor and in the grateful mem¬

of their countrymen forever.

ory

God

bless

strong in
for

monthly review of business and financial
YY,p."'.v.,.'
-.v..'.
-h'- The Survey states that "Congressional sentiment is clearly against

the

of subsidies

use

wartimes-

fight

for humankind—

here and everywhere.

stabilization device, but only time
can reveal whether this sentiment

and

many

to override the

enough

apparent determination of the Ad¬

NYSE OdiM.ot Trading
The

Securities

Commission
27

ing

the

for the week ended

complete figures show¬

daily

transactions
of

count

Exchange
public on Dec.

made

summary

Dec. 18 of

and

volume

for

all

stock

odd-lot

ac¬

dealers

and

the

odd-lot

specialists who handled odd lots
the

New

York

Stock

Ex¬

continuing

current

figures

The figures

based upon reports filed with
Commission

odd-loi

the

dealers and specialists.
TRANSACTIONS

STOCK

ACCOUNT

LOT

ERS

Odd-Lot

FOR

Ended

Sales

DEAL-

Dec.

18,

Total
for Week

purchases)

orders_..-__l.^-^r..;':

Number

19,810
530,202

Dollar value

21,543,629

Odd-Lot Purchases

short

sales,—r_

357

other

sales—

18.423

total

Customers'

short

sales..

»Customers'

other

sales.

Customers* fto'tal

8,817

493,223

sales—

502,040

Dollar value

17,288,880

device."

this

V ?";/
——A.I,.

food

550

subsidies

.137,410

cies

price

whether

they

marked

with

liquidate

172,450

exempt"

sales.''

re¬

off¬

orders, and sales to

lot

are

reported

"other
■■■■,'XitU

with

•' ,"7'v;• '.v

sales."

are

tSales

long position which is less than

found

"short

odd-lot

continue to
measure

their

rewarded

Discussing "Wages and Prices,"

ment and the

tives

the

between

agreement

Govern¬

miners'-representa¬
a striking il¬

have provided

the

interaction

and

wages
to

come

be¬

prices that has
as
the 'wage-

known

conclusion

Promptly

the

upon

the

agreement,

the Economic Stabilization Di¬

rector

Waste Paper Drive
Started In N. Y. 0.

memorandum

the

less

un¬

price of coal is raised to

for higher costs and
of Government oper¬

compensate
the expenses

The United

Steel Workers

quickly announced a drive to lift
the wage ceiling established by
the 'Little Steel' formula, and the
President of the organization pre¬

Chairman of the War Production

States

Board, warning that the inventory
of the country's paper mills was at
"alarmingly low levels".

statement to the effect

paper collection
launched in New York

Dec. 16 with Donald M.

his

message

read to the

or¬

ganizational meeting, Mr. Nelson
stressed

"the

constantly growing
demand for paper by our armed
forces for the production of hun¬
dreds of military items" that has
resulted

the

present shortage.

He also said:

"Because

desperate,
the

the
we

situation

have

newspaper

again asked
publishers
of
.

take

tjiat

other

similar

action.

Steel

ployment costs

increased, the

other than

course

press

this

and may participate

urgency

actively

be further

has 'no

to seek

re¬

com¬

the broad threat to price sta¬

over

bility arising from
in

crease

time

when

and

the rapid

in¬

individual incomes at
the

services

quantity of goods

for
be

which

those

in¬

is steadily
shrinking. Estimates of the amount
comes

can

appeared

spent

'inflationary gap'
such frequent

waste

paper
some

dealers

charitable

donating
organiza¬

tion."

Nelson
York

indicated

campaign,

that

"must

the
con¬

beyond
the

purchasing power and
gap, which consti¬
threat

greatest

of the

total transactions

on the
Exchange of 5,627,970 shares.
This
trading during the week ended Dec. 4 of
1,121,762 shares, or 13.97% of total trading of 4,014,630 shares.
On
the New York Curb
Exchange, member trading during the week

ended

with

Dec.

member

amounted

to 323,025 shares, or 13.49% of the total
exchange of 1,197,470 shares; during the Dec. 4 week
trading for the account of Curb mernbers of 300,980 shares was
15.75% of total trading of 955,620 shares.
V
volume

that

Total

Round-Lot

V:,

Stock

war

"The

price

Round-Lot

bers,
Lot
1.

obstacles

August, 1939,

Account

and

Total

stocks in which

i........

„

—

Total purchases
Short sales

Total
4.

Total—

against

-roughly

Total sales

930,735

Sales

the

for

New

Account
ENDED

York

37%

have

the

Members*

DEC.

11,

price

Round-Lot

11,185

two

^Transactions

Account

stocks in

registered—

are

one

moderate and of shorter

Other transactions initiated off the floor—

Tot^l purchases
Shortsales

from 1927 to 1930, testified before
| proposed it as an amendment to
the House Foreign. Affairs Com-1 the bill under consideration which
mittcc on Dec. 17, urging adoption provides for U. S. participation in

stabilization"1

international plan. He | work

——*—-—

of the United

Nations Re-

■

39.105'

400

33,190

Total sales..

Total—■

2.76

;

fOther sales...

33,590

...

"y;;

•'

3.04

i,! Total purchases......^..—

;

168,630

Short:$ales._;^-,...-.—7,535

r
'

JOther. sales—
;\yh

146.860

■

•"
...

Tbtal/sa-les
C.

154,395

Odd-Loitiyfransaotiions for the Account
ists—v.
Customers' short sales.J.
gCustomers' other sales.—....

."y
y

purchases

firms

term

and

tin

56,561
■'

—

the

includes

these

twice

JRound-lot

the

lief

short

included

are

§Sales

total

sales

with

the

round-lot

only

which

"other

marked "short

and

regular and

percentages

Exchange volume includes

rules

all

volume

are

included

Admin¬

Mr.

plan

was

reported in As¬

appropriated by Con¬
for rehabilitation,' currency
and long term cred¬

stabilization

credit guarantees.

The

the

purchases

and

Exchange for the

their

sales

reason

from
with

restriction
."other

thai

the

Commission

sales."

construction Finance

Corporation
Senators, two House member

and

two governors of the Federa

Reserve

Board.

The

chairman

named

by the President with Sen
consent, could be dismisse<

ate

by the President.
The
an

would

governors

prepari

annual

budget of needs an<
might borrow amounts not to ex
ceed 10% of the budget estimat
from the

Treasury.

Initial provision would be madi

S„ whose participation

for

would
total

members'

two

regarding

The central reconstruction fund

exempted

are

would go "joint account" with
any
other
interested
nations/. within

its

total

sales."

exempt"

Rehabilitation

following
s

-y

sales.

istration.
The

■

associate Exchange members,

partners, including special partners.

calculating

compared with

^a.oeti

"members"

their

...

56,561

'■The

13.49

Special¬

Total sales.....

gress

Mr.

29,170

...

sociated Press Washington advices
Dec, 17:

(Rep., 111.),, introduced in the House on
Dec. 17 a joint resolution to provide for a central reconstruction
fund to be used in joint account with foreign governments for re¬
habilitation, stabilization of currencies and reconstruction.

29,970

Dewey

Representative Dewey

been

800

duration, and the leveling-off has
marked."

36,145

Total sales

during the
interesting

gradually to level off. Dur¬
ing the present war, however, the
initial period of stability contin¬
ued longer; the ensuing advance

7.69

the floor—

•

JOther sales..

level

90,835

Short sales

84,500

._.

i.Y.

Other transactions initiated

6,335

Total purchases

tended

93,380

Total sales..—

Total

show

which
-

fOther sales.___._i_-^.___^_..—

movements

•

less

similarity: in each case there was
an
initial period of more than a
year of approximate stability, fol¬
lowed by a strong upward surge
that began rather suddenly and

the

Shortsales

100%

wars

for

Transactions of specialists in

they

Harbor.

"Price

t %

1,186^285

...

Members:

com¬

1939, reflects an ad¬
in prices of farm
products and one of only 27% in
prices of other commodities. The
non-farm group has risen only 6%
during the two years since Pearl
of

Total for Week

L.~ .Total sales—1,197,470

The rise of

general

(Shares)

v,;.

f Other sales:

parallel:

advanced

much.

17.20

Exchange and Stock

1943

Shortsales

since August,
vance

Curb

Total Round-Lot Sales:

815,385

...

Stock

115,350

„

—

Round-Lot

■.

■

1,006,264

WEEK

approximately dou¬
bled in price. Thus far during the
present war, farm products have
risen almost as sharply as they
did from 1914 to 1918, while other
as

2.73

;

Total purchases............:

products and other

"'Yy-.y"\Wy/'-: Y"\

Transactions

201700

sales..—149,495

„

JOther sales
...

5.07

158,034

—128,795

Short sales....

Total

255,740

;—

Total purchases..

236,440

JOther sales-

I, the price movements

third

19.300

amounts

new

314,850
...

;
'

Other transactions initiated off the floor>

group

j
9.40

the floor—

Total sales

behavior of prices of nonagricultural commodities. During

commodities

75,350

525,500

purchases

JOlher sales

war.

were

j
"

450,150

Short sales—

ferent

than

Odd-

__—__—

com¬

motfe than 100% in the

;i;_hw

of his

Other transactions initiated

"The contrast is due to the dif¬

of farm

Mem-

Specialists:

JOther sales..

the

Oenirai Reconstruction Fund For Rehabilitation

currency

Except for the Odd-Lot Accounts

Short sales

period
of
approximately
equal
length that marked the duration

World War

5,627,970
for

price level has risen only 37%

of the last

■

165,230

5,462,740

they are. registered—
Total purchases__^.__„.533,380

compares

small

appears

advance of

Slook

Total for Week

...

Transactions of specialists in

•

such

Round-Lot

1943

: V;"

—

Transactions

Dealers

;W:

stability

maintained

"i-

ii,

'--"v- 'V

say:

Poland

dec.

and

(Shares)

bonds, and debt

parison with the huge productive
capacities now devoted to war
purposes.
Yet the general whole¬
since

Exchange

Members*'

Total sales
B.

the industrial mobilization of 1917

was

■

Stock

..j.,.——•

JOther sales.,

favorably with the advance
that took place during the last
war.
The present war has already
continued longer than World War
I and has resulted in vastly greater
industrial and financial readjust¬
ments
and
dislocations, particu¬
larly in the United States, where

sale

York

■

Short sales.---....

very

1918

i/v

Total Round-Lot Sales:

comparison with
the Survey has the

been

New

week ended

■

p
A.

degree

has

face

■

Presenting

that

the

Total sales..—_—

the last war,

following to

Sales

vTransactions for Account

sta¬

Washington looked "to the people
of our nation's largest city to. lead
the way by producing the great¬
est results in the/collection -of

Trading on the Stock Exchange for the account of member»
(except odd-lot dealers) during the week ended Dec. 11 (in roundtransactions) totaled 1,936,999 shares, which amount was 17.20%

lot

wide disparity

Dewey, a former Assistant Secretary of the Treasury in
the Coolidge Administration and United States financial adviser in

paper."

shown separately from other sales in these
figures.

are

one

tinue until the urgency is passed,"
and that Government officials in

waste

being published weekly by the Commission.

Short sales

This

the

tutes

collecting all waste
disposing of it through

it .-to

New

between

paper and

Mr.

this

pensating increase in steel prices.'
"In addition to specific prob¬
lems, authorities
are
concerned

of this so-called

that every man, woman;.and child
in America may, be conscious of

are

company

have

daily

Early

Corporation issued a
that, if em¬

influence

the

would

month the President of the United

America to exert the tremendous
of

unions

volume of round-lot stock transactions for the account
of all
members of these exchanges in the week ended Dec.
11, continuing
a series of current
figures

opposite directons

and have created

each

dicted

have moved in

modities

tonnage face ruin

drive
City
Nelson,

A waste

was

outline.

of individual incomes

tion's

coal

Exchange and

the

question, however, that the trends

declaring
that producers of 40% of the na¬
a

ation.

broadest

and

thus far."

the Survey says:
"Events since the signing of the

:.Yhyy/Hy"y'
;

"other

questions

can

has

that

success

face

stability

group of mine operators submitted

Number of shares

customers'

will

and

front, Government agen¬
charged with the duty of

price spiral.'

.Total sales

Sales

On every

136,860

■

Round-lot purchases by
Dealers—:

use

y.V.-v :• ■,■/

probably pass a tax bill providing
only a fraction of the additional
revenue
asked by the Treasury.

tween

/tOther sales

the

■

"Congress
shows a strong tendency to insist
on higher farm
prices in prefer¬

lustration

Round-lot Sales by Dealers—

set

was

And any

war%

known evils that lie in

ported

byi purchases of
the avoidance of the dangers and repayments."

18,780

sales;>

Shares*

probably have little meaning
for
most
readers.
It
may
be
doubted whether the problem is
statistically measurable except in

than compensated for

efforts

Short sales

limits than it

narrower

show the considerable

Customers'

Number

supply.

Sales)

■"Customers'

Number of

different bases that the fig¬

ures

much

held during the last

conditions that raise

Number of Orders:

Customers'

widely

calculated

hand and of the production of con¬
sumers' goods on the other hand

maintaining

Dealers—
(Customers'
;

varied

been

however, and even if the price
stability of recent months is not
fully maintained, there is still rea¬
son to hope that general price con¬
trol, reinforced by high tax rates
and the large flow of savings into
Government bond purchases, will
hold
the
price advance within

ence

1943

:iVNumber

v.;

THE

by Dealers

(Customers'

ODD-

THE

EXCHANGE

STOCK

Week

use

The Survey finds that

ODD-LOT

SPECIALISTS

and

the

have

series

by the Commission.

the

continue

intervals, have

sacrifice
of
price stability that bility of the price level, has been
oi might result from the abandon¬
only partly closed by such off¬
being published ment of subsidies would perhaps setting-influences as higheFlaxes,

change,

arc

ministration

of the subsidy method."
It adds:
"Even if subsidies are given up,

The Securities and Exchange Commission made
public on Dec. 27
figures showing the volume of total round-lot stock sales on the
New York Stock
Exchange and the New York Curb

compares

iS strong

faith that

our

better day

God keep us

all.

persistent upward pressure on wages and prices is making
of stabilization authorities increasingly difficult, it is stated

the task

receive

and cherish those who have

37%

Compared With 100% In Last War

they
The

that

ask

Finds Wholesale Price Rise In Current War

prisoners of

are

Trading On New York Exchanges

Trend Reviewed by Guaranty Trust Co.

God's

and to those who

Stabilization Task Of War Price

comfort

2669

limited

currency stabilization fund

cost,

would

50%

act

the

independ¬

placing $500,000,000 from tin

revolving

ently, deciding to what extent it

used

should

fund

which

into

would

with

participate.

governors

created

the

board

fund

would

composed of two State
Department members, two from
the Treasury, two from the Re¬

;

exclusively for undertaking

foreign governments in join
account projects: Congress wouh

appropriate
tuition

ticn.

money

expenses

for

adminis

of the crganiza

THE COMMERCIAL &

2670

Thursday, December 30, 1943

FINANCIAL CHRONICLE
Total Loads

Southern

Ended Dec. 18,1843,

5%.
freight for the week of Dec.

1941 of 39,580 cars or

Loading of revenue

Clinchfield

and

the preceding week

6 weeks of January

4 weeks of

2,317

3,350,996

612

535

3,885

4,280

26,552

26,378
24,442

28,526

16.131

17,010

25,510

11,508

10,859

210

*1,030

940

451

4,610

4,299

1,755

1,432

334

sector

191

128

127

116,310

117,069

125,599

459

363

9,916

10,396

22,119

21,518

739

552

Richmond, Fred. & Potomac
Southern System_.__.____
Tennessee Central—

Winston-Salem Southbound
Total

1,389

1,303

10,137

10,010

9,060

488
561
10,796
25,393
664
138

394

Piedmont Northern—..
Seaboard Air Line...

401

9,138

nearly 125,000 below 1942, but this
decline was more-than offset by

24,470

24,751
844

737

..."

954

880

116,145

113,747

gains in durable goods

13,742

13,669

2,456

2,962

3,183

3,264

19,385

22,685

10,138

9,652

3,498

3,511

265

291

17,551

14,319

Ft. Dodge, Des Moines & South—...

14,241
2,574
20,129
3,939
1,008
737
8,125
390

451

515

118

112

Great Northern

12,280

11,905

12,968

4,912

5,368

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

Duluth, Missabe & Iron Range.
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern

4,619
972

635

655

489

8,078

10,943

9,675

11,080

802

801

564

445
243

272

2,040

1,972

2.456

2.137

5,444

4,944

5,884

2,949

3,172

10,690

11,625

5,438

100
2,397

122

691

1,851

2,545

3,266

Minn., St. Paul & S. S. M

...

■

61,666

*'.'•*

Western

"•

96,815

82,460

84,671
.•

old.

22,364

22,056

10,766

11.643

3,176

3,562

3,772

4,731

773

584

J7.882

21,490

Atch., Top. & Santa Fe System

18,110

11,703

11,266

2,744

Alton

594
19,263
2,864
11,427
2,392

Bingham & Garfield
Chicago, Burlington & Quincy
Chicago & Illinois-Midland

917

940

12,082

12,072

Deal,

administrator

2,433

2,878

6,033

5,339

1,048

712

2,300

1,811

4(089

4,142

...

Colorado & Southern

Denver & Salt Lake

5,237

Fort Worth & Denver City

6,263

749

678

627

—

3,618

867

Denver & Rio Grande Western

1.040

1,231

1,653

1,184

1.646

2,016

1,756

1,680

977

1,104

462

450

132

104

4,295,457

1,910

3,487,905
3,503,383

3,581,350

North Western Pacific

3,540,210

Peoria & Pekin Union

4,511,609

4,553,007

3,236,584

3,423,038

759,731

833,375

744,183

807,225

Utah

798,868

Western Pacific

weeks of October

3,545,823
...

of November.

weeks

Week

December

4..

Week

December

3,304,776

•

....

18.

823,211

---

...

743,061

759,283

1,777

619

754

•847

995

853

Southern Pacific (Pacific)

27,967

28,537

25,711

15,407

11,706

Toledo, Peoria & Western

293
16,887

434

338

1,705

1,850

15,716

16,068

15,975

14,601

Union Pacific

System

671

678

505

2,488

2,217

4,651

Total..———:

41,683,262

42,234,992

of the freight carloading for
the separate railroads and systems for the week ended Dec. 18, 1943.
During the period 71 roads showed increases when compared with
following table is

The

summary

•:

;

FREIGHT

LOADED

120,411

121,858

119,658

96,456

88,876

RECEIVED

FROM

1941

1943

1942

247

589

1,506

1,304

1,624

214

198

6,629

5,450

8,295

13,722

12,570

1,314

1,409

1,467

2,120

1,999

Central Vermont

1,028

1,006

1,528

2,429

1,965

Delaware & Hudson

5,756

5,760

6,173

11,845

11,525

Delaware, Lackawanna & Western

7,250

6.779

9,100

9,956

9,114

1942

1943

Chicago, Indianapolis & Louisville

Central Indiana

Detroit & Toledo Shore Line

298

335

11,626

10,808

14,471

3,412

3,500

5.057

195

201

1,400

1,687

8,210

Erie...

8,118

i .17.4.72,

648

193

250

16,384

192
5,023
18,049

366
5,711
19,485

114

'175

288
126
6,296

5,795

16,302'

5,939

Wichita Falls & Southern

71,286

72,583

8,107;..

St. Louis Southwestern

2,971
—.

13,564

Texas & New Orleans
Texas-& Pacific

3,495
*Previous

16.357

week's

9,386 %
3,305
8.267
4,379. '
143
11

Weatherford M. W. & N. W

9,007
2,832
12,944
5,328

St. Louis-San Francisco

Total

3,514

2,175

856

1,629

1,654
:

2,766
1,153

173

—.

2,215
" 2,975

2,653
417

778

Missouri Pacific

280
..

985

359
5,098
18,981
218
' 230
8,448 • > 8,308
6,972
5,486
4,796
4.921
7,207 "
7,673
139' ;
3*
49
37

67,370

61,465

63,683

figure.

Grand Trunk Western..——

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

;

Montour..

New

Central Lines

York, Chicago & St. Louis...—.-..

47,437

55,123

52,477

12,325

17,908

16,235

1,082

2,621

2,033

6,518

16,202

16,039

5,943

6,456

407

537

2,522

7.108

8,271

8,163

7,567

4,994

5,756

8,614

7,393

•

601

717

v.'

2,006

308

—

Wabash..

;

Wheeling & Lake Erie
Total

—

Allegheny District—

392

266

263

934

823

2,240

3,466

325

—...

317

1,091

271

540

1,015

833

5,673

5,301

'6,232

11,905

12,738

4,513

...

4,909

4,515

4,169

146,562

140,674 .168,713

223,431,

5,490

214,413

*776

581

*1,346

1,021

35,286

37,760

26,093

27,089

2,220

....

...

Erie.—i

705

38,352

Akron, Canton & Youngstown..
Bessemer & Lake

41,300

863

...

Pittsburgh & West Virginia

Baltimore & Ohio

6,751

Pittsburg, Sha wmut & North....—...
—

361

4,479

—_—

—...

Pittsburg & Shawmut—

Rutland..

3,097

488

1,716

606

Susquehanna & Western—

Marquette.

3,469

6,113

2,479

2,960

1,349

1,935

290

331

5
6

295

Buffalo Creek & Gauley

;

1,765

1,756

1,991

6,513

6,344

7,426

18,132

624

570

October Employment Drops150,000 For First
;
Decline In 1843

Cumberland & Pennsylvania...

219

231

327

Llgonier Valley

124

114

1,188

-1,013

788

3,404

3,108

1,468

1,547

1,741

Pennsylvania System

74.282

68,696

78,751

62,062

57,256

Reading Co

13,125

13,496

16,079

26,157

27,763

19,706

20,119

20,514

4,178

3,960

—.

Union (Pittsburgh)
Western

Pocahontas

2,057

4,299

Maryland

Total

———

3,538

4,391

12,232

12,999

164,737

156,248

174,324

157,317

157,412

District—

leaving the total for October at 64,400,000, against

28,028

20,293

25,135

11,805

10,878

Norfolk & Western

22,619

21,260

22,367

7,165

6,532

——

—

4,664

"55.311

4,616

52,169~

vigorous

1940.

the

was

co-author
1936 of
Quit Our

with Samuel Crowther in

"Why

entitled

book

accused

which

Own?",

the New

at a socialistic
state. He moved to California six

aiming

Deal

Moline.

his

from

ago

years

;

home

President

Signs Repealer

Of Chinese Exclusion Act
Roosevelt

President

signed

repealing the
Chinese exclusion laws and, in a
formal :U statement,
commented
that "an unfortunate barrier be¬
tween allies has been removed."
the

Dec.

bill

legislation, which

4,792

2,308

2,283

52,294

21,278

19,693

special

message

had been
in

plies

and

laws

quota

immigration

sions

to in-our issue;

The Board's announcement fur¬

ther

';i- J.

stated:

"The

pattern, of

strictions
tial

;

number

.of; essen¬

materials have been relaxed,

TLis pointed out, - The; number,, of
future, Tabor labor, shortage areas has declined
from

77 to

69.

requirements is now. less . clear
[•"Relief on the manpower front
than at any time since our entry
into the war, the Board finds. has: also been afforded-;by the- re¬
Official forecasts of employment lease of at least £800,000 service¬
in the munitions industries are men up to the beginning of Oc-*
almost a million below midyear tober, virtually allrof whom are
estimates, but may - be further believed to have returned to their
as

down,

the Board believes,

supply requirements are read¬

justed by additional cutbacks and
unanticipated
surpluses,
or
by
favorable

developments

normer
new

positions

to have taken

jobs. /'

"On

the

provi¬

naturalization
removes
im¬

extends
It

them.

for the. first time, durable goods manufacturers have
this year, this decline more than been permitted to resume" producr
offset further net additions to the tion for civilian markets;, hnd re¬
p

11,

the wartime peak migration barriers to permit 105

lier. In October,

Oct.

repeals all existing pro¬
Chinese, ap¬

Chinese to enter the

military forces.;;. •;£;

excluding

visions

64,600,000 in September* The Board reports that civilian nonfarm employment had begun to*>
fall off slowly two months earlier, European war theater. Sharp cur¬
have
recently
been
and in October stood for the sec¬ tailments
ond consecutive month below the made in employment in the man¬
corresponding figure a year, ear¬ ufacture of small arms,, several
of

scaled

Chesapeake & Ohio
Virginian

became

Peek

•

opponent of the New Deal from
that time, backing Mr. Landon in
the 1936 elections and Mr. Willkie

measure

employment declined in October,
according to the regular monthly survey of the National Industrial
Conference Board, made available Dec. 21.
The reduction in the
number at work or in the armed forces amounted to 150,000 persons,

2,260

26, 1935.

Mr.

138

Long Island
.
Perm-Reading Seashore Lines..

ber

accepted by
on
Novem¬

was

Roosevelt

President

passed the House on Oct. 21 and
the
Senate
on
Nov.
26.
The

For the first time this year total

20,089

391

Cambria & Indiana.._

Central R. R. of New Jersey..

Cornwall

revised.

which

last

recommended by the President

3,258

869

figures

interests, notably the reciprocal
agreements
of
1934,
he
handed in four resignations, the

trade

The

11,286
'

5,874

8,165

year's

over

1,626

2,302

1,102

Note—Previous

New
AAA

Breaking
New Deal administra¬
issues affecting farm
1933.

2,686

2,052

9,008

Pittsburgh & Lake Erie
Pere

8,445
■'

44,111

...

York, Ontario & Western......™

N. Y.,

2,485

2,514

—_________

N. Y„ N. H. & Hartford
New

8 ,5*01

1,753, h j!r 1.565 <>
9,082
11,565 j-

5,814

2,024

...

Monongahela
New York

190-

was

the

tion

963
2,713

302

Quanah Acme & Pacific

2,989
3,265

1,092
2,337

3,196

120

102

2,471

244

438

1.544

304

■

Detroit, Toledo & Ironton

163

2,033

Detroit & Mackinac

4,027

—

Missouri-Kansas-Texas Lines

1,616

218
2,852

•

Missouri & Arkansas

Connections

258

;

450
4,800

271
5,001

Midland Valley

Received from

1,826

District—

Eastern

2,134

•

184

3,5651,996

Litchfield & Madison..

Total Loads

Ann Arbor

—_...

5,484
3,383

—

Kansas City Southern

Total Revenue

Bangor & Aroostook
Boston & Maine

164

6,212

Louisiana & Arkansas

Freight Loaded

Railroads

186

367
—.

Kansas, Oklahoma & Gulf.

CONNECTIONS

(NUMBER OF CARS) WEEK ENDED DEC. 18

District—

Southwestern

International-Great Northern

AND

■

Burlington-Rock Island
Gulf Coast Lines

the corresponding week last year.
REVENUE

with

3,571

and

the
appointed

under

Bank

Import

2,152

Total

2,804

695

Chicago & Eastern Illinois

time

12,676

;

Company. He served for a
President of the Export-

Piow

2,444

2,152

York

president of the Moline

former

12,173

1,741

New

Polo, 111., Mr. Peek was

Born in

1,002

the

from

"Sun" of Dec. 18:

* *

District—

Nevada Northern

September

his

regarding

following

The
career

Illinois Terminal

July

Diego, Cal. He was 70 years

San

Missouri-Illinois

Roosevelt, died on Dec. 17 at his
home in Rancho Santa Fe near

643

4,160,060

the first Adr
Agricultural

Adjustment act and special for¬
eign trade adviser to President

4,936
...

3,510.057

of August

the

ministrator

62,622

Spokane International

Spokane, Portland & Seattle

1935 after serving as

3,296

_v.

broke with the New Deal

who

10,560

& Ishpeming
Minneapolis & St. Louis

leader

farm

Peek,

George

653

;

" K 545
243

...

Lake Superior

3,754

1,142

! 1,959

Green Bay & Western

Central

George N. Peek Dies

4,170,548

weeks

:;;;>.■■'

tries."
<

District—

Northwestern

manufac¬

especially aircraft indus¬

turing,

3,385,655
4,185,135

manufacturing which
there
employed

thetotal

took

4,149,708

4 weeks

15,r

165

24,706

3,151,146

6 weeks of

com¬

pared with slightly less than

5 weeks of May

___

reached 16,400,000

1,061

...

4 weeks of June

...

nation's

the

work

factories

824

3,066,011
2,793,630

3,174,781

in preparation
business. The total

group

number

386

4,165

881 '

3,454,409
2,866,565

3,122,942

April

2,306

343

3,798

Norfolk Southern

1941

1942

3,073,426

1,427

1,312

ti;ibution

for the holiday

297

Chicago, Rock Island & Pacific..

3,858,479

March

3,722

Southwestern.

February

4 weeks of

102

,166

Central

4 weeks of

3,137

1943

1,097

1,967

•

324

Western and South¬
reported decreases compared with 1941 except

All districts

western.

435

1,521

3,649

Total

the Pocohontas & Central West and

802

1,408

1,023

...

Northern Pacific

Southern,

the

except

1942,

187

*214

14,759 cars, a decrease of 957 cars
preceding week and a decrease of four cars below the
corresponding week in 1942.
All districts reported increases compared with the corresponding
in

284

3,246

the

week

372

Macon, Dublin & Savannah—.™

corresponding week in 1942.
Coke loading amounted to

below

270

262

*' '
h-.

."v../;''•'

500,000 a year earlier, and about
14,00.0,000 at the time of our en¬
try into the war. There was a
decline in the non-durable goods

decrease of 5,082 cars
decrease of 1,498 cars below the

3,091

■

Mississippi Central., j
Nashville, Chattanooga & St. L...

'•?■■■•' '
Livestock loading amounted to 17,063 cars, a decrease of 1,503
cars below the preceding week but an increase of 1,403 cars above
the corresponding week in 1942.
In the Western Districts alone
loading of livestock for the week of Dec. 18 totaled 12,607 cars, a
decrease of 1,420 cars below the preceding week but an increase
of 1,205 cars above the corresponding week in 1942.
Forest products loading totaled 41,737 cars, a decrease of 3,428
cars
below the preceding week but an increase of 239 cars above

below

3,152

....

Louisville & Nashville

..J

cars,

1,912

"Sharp increases were reported
in October by the trade and dis-

—.

decrease
of 4,862 cars below the preceding week but an increase of 876 cars
above the corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of Dec. 18
totaled 33,468 cars, a decrease of 2,663 cars below the preceding
week but an increase of 669 cars above the corresponding week

corresponding week in 1942.
Ore loading amounted to 12,357

1,527

1,303

2,404

Georgia
Georgia & Florida...
Gulf, Mobile & Ohio....
Illinois Central System

the

4,235

1,820

corresponding week in 1942.
V-V.'-v
Grain and grain products loading totaled 48,564 cars, a

1942.

4,848

475

107

Gainesville Midland

decrease of
30,741 cars under the preceding week and a decrease of 9,873 cars
below the corresponding week in 1942. • :■
'"''-ry'',
Loading of merchandise less than carload lot freight totaled
98,719 cars, a decrease of 5,283 ears under the preceding week, but
an increase of 1.1,528 cars above the corresponding week in 1942.
Coal loading amounted to 177,079 cars, a decrease of 12,067 cars
below the preceding week, b#ut an increase of 13,556 cars above the

4,328

387

257

Florida East Coast..—....

6*3,923 cars, or 7.8% under the preceding week.
Miscellaneous freight loading totaled 349,010 cars, a

3,831

mer.

1,708

....

...

Durham & Southern—

18 decreased

the

1,608
9,656

forces to

9,890

345

....

Columbus & Greenville

2,427

1,458

3,478

Central of Georgia..

2,593

659

13,438

Charleston & Western Carolina..

net

863
788

711

11,595

...

1,500,000 more in¬
required to bring
strength of the armed
11,300,000 by next sum¬
least

ductees will be

11,974

691

714

Atl. & W. P.—W. R. R. of Ala.....

Atlantic Coast Line.

while

294

387

■-

447

404

July, 1944,

munitions industries by

1942

1943

1941

1942

298

Atlanta, Birmingham & Coast—

the week ended Dec. 18, 1943,
totaled 759,288 cars, the Association of American Railroads announced
on
Dec. 24.
This was an increase above the corresponding week
of 1942 of 16,227 cars, or 2.2%, but a decrease under the same week

Connections

1943

District—

Alabama* Tennessee & Northern..

Loading of revenue freight for

Received from

additional.. .workers

million

Total Revenue

Freight Loaded

Railroads

Freight Gar Loadings During Week
Decreased 63,923 Gars

Revenue

other hand,

for.

citizenship.'.'!.. %;■.!' £'

Passage of the

■

ment

follows:
.

bill was referred

Dec. 9, page 2348.

formal

President's

The

state¬

legislation
!', .,;*u
,• y'v;
signing

the

"It is with particular

pride and

pleasure that I have today

signed

repealing* the Chinese ex¬
clusion laws* The Chinese people;
the .bill

sure,

will take pleasure in

•knowing that ? this r represents/ -a
manifestation, on the part of the
American
and

rier

people, of their affection

regards An unfortunate bar¬
between allies has been re¬

moved. The war effort

estimates

United States

annually on a quota basis. It is
estimated that over 40,000 Chi¬
nese
residents would be eligible

East

can now

in the Far

be carried on with a

by the War Manpower Commis¬ greater vigor and a larger under¬
standing of our common purpose."
the sion1 envisage need for about a

Volume

Number 4242

158

THE COMMERCIAL & FINANCIAL CHRONICLE

2671

Moody's Bond Prices And Bond Yield Averages Steel Production Gut Sharply By StrikeFactory Workers' Hours
Moody's computed bond prices and bond yield
given in the following table:
v "
Pig Iron To Be Removed From Allocations Feb. I And Earnings In Oct.

148

averages

(Based

Daily
Averages
.

BOND

MOODY'S

1943—

,■

are

u. s.

PRICESt

"Nearing the completion of another sensational production year,
metal producers and users in the United States find themselves fac¬

Average Yields)

Avge.

Govt.

Corporate by Groups*

Corporate by Ratings

Corpo-

Bonds

rate*

Aaa

Baa

R. R.

P. U.

Indus.

119.52

110,70

118.20

116.22

110.88

99.04

103.30

113.31

116.02

27—;

119.55

110.70

118.20

116.02

110.88

99.04

103.30

113.12

116.22

25__i___

STOCK

EXCHANGE

119.55

110.70

118.20

110.88

99.04

103.13

113.12

116.22

119.55

110.52

118.20

115.63

110.88

99.04

103.13

113.12

116.02

119.56

110.52

118.20

115.63

110.88

99.04

103.13

113.12

116.02

Dec.
.:

;

)}

.*'

CLOSED.
116.02

119.56

17—

118.20

115.82

110.88

99.04

103.13

113.12

116.02

110.52

118.20

115.82

110.88

98.88

103.13

113.12

115.82

119.55

110.70

119.56

110.52

118.20

115.82

110.70

98.88

103.13

113.12

115.82

119.54

110.52

118.00

115.63

110.88

98.88

103.13

113.12

119.53

110.52

118.20

115.63

110.70

98.73

102.96

113.12

115.82

119.53

110,52

118.20

115.63

110.70

98.73

102.96

113.12

115.82

119.54

110.34

118.00

115.63

110.52

98.73

102.96

113.12

115.63

13-

119.56

110.52

118.20

115.63

110.52

98.88

102.96

113.12

115.82

11—

119.57

110,52

118.20

115.63

110.70

98.73

103.13

113.12

119.57

110.52

118.20

115.63

110.70

98.73

102.96

113.12

115.63

119.59

110.52

118.20

115.63

110.70

98.73

103.13

113.12

115.63

119.62

110.52

118.20

115.63

110.70

98.73

103.13

113.12

115.63

16,_

15,—/

_—_v;

—

2261—
■

844^~;'

115.82

115.63

y/v '

119.62

110.34

118.20

115.63

110.70

98.57

102.98

113.12

115.63

6——III

119.63

110.34

118.20

115.63

110.70

98.57

103.13

113.12

115.63

4—/.A

119.63

110.34

118.20

115.43

110.70

98.57

102.96

113.12

115.63

119.63

110.34

118.20

115.43

110.70

98,57

102.96

113.12

115.63

119.63.

110.34

118.20

115.43

110.52

98.57

102.96

113.12

115.63

izs:r
1——

„

119.59

110.34

118.40

115.43

110.70

98.57

102.96

113.12

115.63

119.72

110.52

118.40

115.63

110.88:

98.73

102.96

113.31

115.82

119.64

1*10.70

118.80

116.02

111.07

98.73

103.13

113.50

119.91

110.70'

118.80

116.22

111.07

98.57

103.30

113.70

116.02

119.99

111.07

119.00

116.61

111.25

98.73

103.30

113.70

116.61

Nov.

120.27

111.07

119.00

116.61

111.25

99.04

103.30

113.89

116.61

——:

Oct.

116.02

American factories working long¬
er hours than ever
before, Secre¬

marine warfare was

being curbed
expected
to

simultaneously,

is
difficulty
readjusting
production schedules.

120.33

111.07

119.00

116.61

111.44

111.07

119.20

116.61

111.25

99.04

103.30

113.89

116.61

110.88

119.00

116.41

111.25

98.73

103.13

113.89

116.41

•„>; i

120.62

110.88

119.00

116.22

111.07

98.73

163.13

113.89

116.22

Sept. 24

120.55

111.07

119.00

116.41

111.25

98.88

103.30

113.89

116.41

Aug. 27

120.34

111.25

119.20

116.80

111.44

98.88

103.13

112.89

117.20

July

120.18

117.00

111.62

103.30

114.08

117.20

120.41

110.70

118.80

116.22

111.07

98.09

102.46

113.70

116.61

changes in
1943, perhaps the most striking is
that of the steel industry, which

119.82

110.34

118.20

115.82

110.88

97.78

102.30

131.31

115.82

118.36

109.79

118.00

115.43

110.34

97.00

101.31

113.12

115.63

Jun

May
Apr.

—

111.44

119.41

99.04

tions.

"Of

all

the

throes

116.93

109.60

96.23

•100.65

113.12

115.63

117.11

109.24

117.60

115.43

110.15

95.47

100.00

112.93

115.43

strikes

117.04

108.70

117.60

115.04

109.79

94.56

99.04

112.56

115.43

tion

120.87

111.44

119.41

117.00

111.81

99.36

103.47

114.27

117.40

116.85

107.44

industry

116.80

113.89

108.88

92.35

97.16

111.81

114.46

High
Low

1943—.

1943

High 1942
Low
'

118.41

1942

107.62

115.43

117.20

115.90

106.04

107.44

117.00

117.21

105.86

114.27

115.43

116.78

110.52

115.82

108.88

92.64

97.47

112.19

114.66

112.75

107.09

90.63

95.32

109.60

112.75

113.89

108.88

92.20

97.00

111.81

114.46

113.50

107.27-

89.64

95.62

109.97

113.31

1 Year ago

Dec.

1942_

28,

2 Years

Deo.

MOODY'S

(Based

1943—

V. V

Dally
Averages

U. 3.

YIELD

AVERAGESt

Individual Closing

Corpo¬

Bonds

28iV—
27———

Dec.

Avge.1'

Govt.

BOND

■'

Prices)

;*.V;V;

Corporate by Ratings
Aaa

rate

Corporate by Groups
Baa

R. R.

P. U.

Indus.

1.86

3.13

2.74

2.84

3.12

3.81.

3.55

2.99

■2.85

1.86

3.13

2.74

2.85

3.12

3.81

3.55

3.00

25——

STOCK

1.86

EXCHANGE

CLOSED.

3.13

2.74

2.85

3.12

V'1

3.56

3.00

2.84

1.86

3.14

2.74

2.87

3.12

3.81

3.56

3.00

2.85

22——

■

3.81

23
■

1.86

3.14

2.74

2.87

3.12

3.81

3.56

3.00

2.85

•

1.86

18—_

3.14 '

2.74

1.86

3.13

1.86

20.—v—

of'the

week

3.14

2.74

V 2.86

2.74

2.86
»

industry

effective

delivery of the steel vital to the
being impaired seriously
strike.-.Consumers hit by

war, was

3.56

3.00

2.85

3.56

3.00

2.86

3.82

3.56

3.00

2.86

the

strike

2.75

2.87

3.12

3.82

3.56

3.00

2.74

2.87

3.13

3.83

3.57

3.00

2.86

'stop

orders'

3.14

2.74

2.87

3.13

3.83

3.57

3.00

2.86

Dec.

'27,

2.75

3.15

2.87

3.14

3.83

3.57

3.00

2.87

1.87

3.14

2.74

2.87

3.14

3.82

3.57

3.00

2.74

2.87

3.13

3.83

3.56

3.00

2.87

1.87

3.14

2.74

2.87

3.13

3.83

3.57

3.00

2.87

1.87

V 3.14

2.74

V 2.87

3.13

3.83

3.56

3.00

2.87

1.86

3.14

2.74

2.87

3.13

3.83

3.56

3.00

2.87

1.86

—

3.15

2.74

2.87

3.13

3.84

3.57

3.00

2.87

1.86

3.15,

2.74

2.87

3.13

3.84

3.56

3.00

2.87

1.86

3.15

2.74

2.88

3.13

3.84

3.57

3.00

2.87

1.8G

3.15'

2.74

2.88

3.13

3.84

3.57

3.00

2.87

2——

1.86

3.15

2.74

2.88

3.14

3.84

3.57

3.00

2.87

I-J.

1.87

3.15

2.73

2.88

3.13

3.84

3.57

3.00

2.87

3—

1.86

Sept. 24

3.83

3.57

2.99

2.86

3.83

3.5G

2.98

2.85

3.11

3.84

3.55

2.97

2.85

3.11

2.70

2.82

3.10

3.83

3.55

2.97

2.82

3.56

2.96

2.82

following day,
Murray, President of the
Steel

3.11

2.82

3.09

3.81

3.55

2.96

2.82

2.69

2.82

3.10

3.81

3.55

2.96

2.82

3.12

2.70

2*.83

3.10

3.83

3.56

2.96

2.83

3.12

->2.70

2.84

3.11

3.83

3.56

2.96

2.84

'3.11

2.70

•2.83

3.10

3.55

2.9G

2.69

2.81

3,09

3.82-

3.56

2.96

2.79

3.09

2.68

2.80

3.08

3.81

3.55

2.95

3.87

3.60

2.97

2.82

3.12

3:89

3.61

2.99

'2.86

3.15

3.94

3.67

3.00

2.87

3.13

2.71

2.84

1.88

3.15

2.74

•2.86

1.98

3.18

-2.75

2.88

2.08

3.19

2.06

3.21

.±—'1_

2.06

3.24

High 1943——

2.08

Low

1.79

1943——i'

2.76

3.82
;

2.88

3.14

3.99

3.71

3.00

2.87

2.77

2.88

3.16

4.04

3.75

3.01

2.88

2.77-

3.31

•

2.90:

3.18

.2.81

73.09

.2.96

2.68

4.10

3.81

3.23

2.80

4.25

3.07

3.79

3.03

3.54

3.93

;

2.88

3.07

2.93

2.94

2.78

2.14

1942

3.39

2.88

3.02

3.33

4.37

4.05

3.19

3.02

1.93

High 1942—

3.30

2.79

2.94

3.23

4.23

3.91

3.05

2.92

1 Year ago

28,

2.08

1942_

3.31

2.80

2.96

3.23

4.26

3.94

3.07

2.93

27,

2.04

1941_

3.40

2.(

2.98

3.32

•These prices are computed from average yields on

(33A%

coupon,

the

Illustrate in
of yield

4.44

4.03

•„

the basis of

one

3.17

maturing in 25 years) and do not purport to show either the average
movement of actual price quotations.
They merely serve to
comprehensive way the relative levels and the relative .movement

average
a

averages,

the latter being the true picture of the bond market.

tThe latest complete list- of. bonds used in computing these indexes
In

the

issue

Jan.

14,

1943, page 202.

Stop Scrap Purchases
sidiary of the Reconstruction Fi¬
nance

Corp., will discontinue the

purchase

scrap

after

31, it was announced on Dec,
t/y Secretary of Commerce

Jesse H. Jones.
This

action, taken with the

ap¬

proval of the Office of the Rub¬
ber

Director

and

the

New

stated:

Since

York

its

entry

into

rubber business in

Rubber

"Times," it

•

Rekerve

the

scrap

June, 1942, the

Co.

has

bought

170,000 on
when Philip
United

Workers of America, a CIO

affiliate,

ordered

the

strikers

return to work.]

"Easier
the

year

several

conditions

end

are

recent

metals

reflected

actions

cess

of aluminum

aluminum

Wash¬

ington. Not only is there

ex¬

ingots but also

extruded

shapes,
according to WPB which is taking
a census of
capacity before order¬
ing cutbacks. Another significant
order is the lifting of Direction 2
to Order
M-21-a, an action which

now

affords

alloy steel

between

hearth

open

the

users

and

electric

furnace grades, testifying
passing of the carbon steei
shortage.
to the

\'."Large
stocks
.of
ferro-alloy materials
31, 1943,

are

important
as

Dec.

United

the

revealed, indicating
States definitely

is past the scarcity stage for many
of these critical

materials.

"Relaxation
limitation

orders

government

inevit¬
able in 1944, but this does not
necessarily mean substantial in¬
appears

the

Office

Price

Administration, will return
the scrap rubber business to pri¬
vate industry.

creases

in the production of con¬

tons

sumer'

goods

and about

740,000 short tons have

future.

However,

the nation's transportation

/than

sold

million

members

short

the

claiming industry and other

re¬

con¬

sumers.

The

present

stockpile of about

350,000 short tons will be liqui¬
dated.

with

influences, combined
delivery promises

extended

products, notably plates
sheets, have restricted steel
buying, with the probability that
it may be even lighter this week,
following the Christmas week¬

some

and

end.

was

earners

Perkins

reported

earners

devoted to the

the

immediate

replacement

equip¬

ment, which is suffering badly
through insufficient rolling equip¬
ment, is expected."
The

American

Institute
that

Dec.

Iron
27

and

Steel

announced

telegraphic reports which it

durable

declined

offsetting

the

for

weekend

than

Year's

New

for

pended

Christmas,
generally
sus¬
production for 24 hours

and

some

when

producers

instances

finishing

operations for an equal period.
Relatively little curtailment is ex¬
pected

Christmas

the
of the

first

year,

since

the beginning
war,
brought the operating rate down
to 93%

goods

earnings,

mained

above

"Plate

coal

the

those

strike

cov¬

production
material sched¬
uled for December. ' Tonnage for
the landing barge program is ex¬
pected to keep up for first quar¬
into

full

week's

January

ter

Sheetmakers

delivery

June

quoting

for hot and

cases

earners

October

all

tember.

The
are

the

rise

average

September to October.
an

of 0.4 hours

average

week,

due

increased

the

other

most

cold-rolled and

tinued to

show

"Dropping
of
the
allocation
system on pig iron Feb. 1 will
cause
marked / changes
in
the
buying picture as melters tend to
-disrupted relations with
normal sources of supply.

resume

"Contrary to expectations held
a few months ago the steel indus¬
try is well into winter with suffi¬
cient inventory of scrap to carry
the continued high rate of steel
production.
furnaces

blast

smelted

Lake

Superior

furnaces

compares

stock

gross

iron

and

ore,

Lake

49,371,030 tons,
with 53,703,458
the

date

same

last year.
Blast furnaces in the
United States and Canada Dec. 1
numbered

stack

diana

than

194, including the

Inland

Harbor,
at

the

Steel

Ind.,

same

Of these 183

were

nine

idle

being

Co.

new

three

In¬

date last year.
in blast Dec. 1,

the

United

States and two in Canada.

"Coke prices have been

further

increase,

allowed
and

trucked

increase

ant

machine-drawn

cents.

weekly hours largely as a re¬
of the continuing increased
of part-time work-

'ers."

Lumber Movement—Week
Ended December 18, 1943
According to the National Lum¬
ber

Manufacturers

cents."

Association,

lumber shipments of 450 mills

porting

the

National

production

20.6%

for

1943.

were

the

given

hand-drawn
coal
of

being
cents

ovens

By-products furnace coke

top of
'

a
*

recent raise of 80
.

re¬

Lumber

6.8% above

week

ended

same

week

these

mills

were

than

the

production.

greater

Unfilled order files in the report¬
ing mills amounted to 99% of
stocks.

mills,

For
reporting
softwood
unfilled orders are equiv¬

alent

days'

toe current rate,
are

equivalent

production

and gross stocks
to

days'

pro¬

duction.
For the year to
of

reporting

date, shipments

identical

ceeded production

mills

ex¬

by 7.6%; orders

by 8.2%;
Compared

the

average

cor-

lesponding week of 1935-39,
duction of reporting mills
31.5%
greater;
shipments
01.4% greater; and orders
39.1% greater.

pro¬
was

were
were

Moody's Baity
Commodity Index
Tuesday, Dec. 21
Wednesday,
Thursday,

246.8

22^

Dec.

1__

-246.6

246.3

Dec.

Friday, Dec.

has been given 30 cents more per

ton,

con¬
aver¬

employment

246.4

Saturday, Dec. 25

Monday, Dec. 27___.______„

■

Tuesday, Dec. 28

using

ovens

No¬

7,409,213

Erie docks totaled

which

mining indus¬

declines

orders

rolling schedules

immediately.

per

Hours

"Most lines of retail trade

new

stocks

less

strikes.

tries.

18,

above

in weekly
largely by
hours from

caused

Dec.

tons

15%

increases

earnings

and vacancies in

"After

manufactur¬

Ninety-nine out of
manufacturing
industries
showed higher average weekly
earnings in October than in Sep¬

Trade Barometer

vember

earnings

1942.

though some special¬
ties
can
be
promised in April.
Cancellations are relatively few
filled

■

while

1.3 cents

were

135

are

galvanized,

are

cents

August,

weekly

re¬

2.8

least.

about

ing reached $44.90

sult

well

are

for first half and many will

ered

wage

age

producers

however,

levels

non-durable-goods
above August.
<

of capacity, lowest for the

except for
period in June.
year,

cent,
increase

"Bituminous coal miners worked

observance

this

goods

one

shown the month before. Durable-

New Year's day.

over

"Widespread

by
the

part

"Average

"Steel

tons

that

•

[This

been

rubber

Dec:
21

published

Washington advices of Dec.

was

The Rubber Reserve Co., a sub¬

was

■

•

Rubber Reserve Co. To

•

2.99

"typical" bond

strike.

the

choice

2 Years ago

were

increased

number

2.79

3.11

workers

2.83

3.10

■£

1.82

381 :

2.82

.3.11 ;

1.84

—

3.10 ;

2.70

-i——

Jan; 29

2.70

3.11

1.80

Feb

3.12
3.11

2.84'

1.80

May 28
Mar.

2.87
2.85

2.71

1.83

Ihe steel union expired at
night Dec. 24, most of them with
smaller
steel
fabricating
firms
but three with large steel pro¬
ducers. At mid-morning on Dec.
27, about 135,000 steel plant em¬
ployees
and
steel
fabricating

2.71

1.80
■

Aug. 27
25

by
mid¬

2.73

1.82

——

Jun

held

3.13

1.82

——

July

contracts

3.13

1.81

15
i

214

.3.14

-—

——_

"About

1.84

—,

Labor

were

industries
"Seasonal

carry

1.84

——

level

steel

1.87

—„

Dec.

halting

2.86

3.14

Dec.

telegraphing
companies
production on

their orders.

1.87

4—

were

2.86

3.14

7——

Low

can only be made
unshipped tonnage. •

"An intricate directive program,
set
up
by the WPB to insure

3.14

9...

Apr.

union

retroactive price increase in the

steel

1.86

the steel

retroactive wage adjustment
accompanied by only a rather
vague statement that some com¬
pensating
aid
might
be
given
steel companies. The fact is that

1.86

10—

'■ty

of
its

3.81

13——.—.

Qct.

part

with

was

3.82

11—-^— ■

Nov.

greatest

early
1944

promise to

1.86

14——

its

■r.

wage

Dec. 19. "Ten million additional

wage

follows:

pensions

3.13

tary
on

hours

velt's

3.12

that, the

production, on the other
hand, should be more active this
week, as there will be fewer sus¬

3.12

2.86

indicated

earnings prospects very poor, par¬
ticularly since President Roose¬

17—

■■■;■

the

faced

16— '

one

was

the result of the expira¬
contracts. The steel

15—.

week

2.84

—

■'

of union

this

ago

1941.

27,

hV r.

industrial

start

Feb

117.80

1/.

Mar. 26

Jan.

received

its

120.57

•

had

attributable

manu¬
operating rate of steel companies
having 94% of the steel capacity facture of war supplies in October,
seven million of which were the
of the industry will be 81.3% of
result of a longer work week,"
"For
one
thing,
information capacity for the week beginning
has been inadequate concerning Dec.
27,
compared
with
93% she said. "Workers in the muni¬
tions
the extent of the
/ dominated
durable-goods
proposed war one week ago, 99.5% one month
industries
averaged
47.3
hours
agency cutbacks, which will run ago and 98.2% one year ago. This
indicating a scheduled work-week
a
decrease
of
11.7
very
high cumulatively by the represents
end of the first quarter. Working points, or 12.6% from the preced¬ of nearly 50 hours."
Secretary Perkins further stated:
in the dark, it will, be difficult ing week, The operating rate for
for industry to effect a smooth the week
beginning Dec. 27 is stated:
"Expanded production in the
transition.
y; YY'.y
Y:I/y I;I'y:;;':'■;• equivalent to 1,417,000 tons of in¬
equipment,
iron
gots and castings, compared to transportation
"High production levels obvi¬
and .-steel; and the converted auto¬
tons
one
week
ago,
ously could be maintained in most 1,620,900
mobile groups was met largely by
industries through resumption of 1,734,200 tons one month ago, and
lengthening
of
the
individual
Civilian goods output, but govern¬ 1,679,900 tons one year ago.
work-week rather than by em¬
"Steel"
of
mental officials have been forced
Cleveland,
in
its
ploying additional workers.
to move slowly in this direction summary of the iron
and steel
"Average hourly earnings
of
through a number of considera¬ markets, on Dec. 27 stated in part

have

120.28

116.61

pro¬

bring heavy contract cancellations by war agencies, and the mighty
U. S. war goods machine, which surpassed all
expectations for speedy
output in 1943 while Nazi sub-<S>-

113.89

munitions

tion Board to 647 in October

103.30

the

ing distinctly cloudy conditions in early 1944," says "The Iron Age"
in its issue of today (Dec.
30), further adding: "The first quarter will

99,04

The rise

duction index of the War Produc¬

Two

weeks

Month

Year
1942

ago,

Low,
1943

Nov.

Dec

High,

High,
Low,

*Holiday,

246.7

Dec.

ago,

247.2

244.2

April
Jan.

14_^_

239.7

Dec.

Jan.

246.8

239.9

____

1
2—

220,0

249.8
;

240.2

Thursday, December 30, 1943

THE COMMERCIAL & FINANCIAL CHRONICLE

2672

Up Sharply % National Fertilizer Association Commodity y New York Giiy Exceeds
Nal'l War Fund Goal A
In 1943—Domestic Copper stoves First In Jan.
;--:yyyv< Price Index Advances
York City goal of $17,-

Non-Ferrous Melals—Zinc Stocks

The New

The weekly wholesale commodity price index, compiled by The
publication during the last National Fertilizer Association and made public Dec. 27, advanced
to 136.8 in the week ending Dec. 25, from 135.4 in the preceding
week.
The official figures revealed a substantial increase in stocks
week. A month ago this index stood at 135.0 and a year ago at 132.2,
on hand, but producers pointed out that much of the surplus consists
based on the 1935-1939 average as 100,, The index has risen 4.4%
of metal owned by Metals Reserve Co, Revised procedure in moving
since January 1, 1943, and is. 17,3% nabove the corresponding week
copper stipulates that in a month of lean deliveries the output of
of 1941. The Association's report went on to say:
y.AVy ./
y
domestic producers is to receive
—
The all-ecmmodity index continued to advance last week as
first consideration. The tin marDuring the first 10 months of y
ket remained calm in the face of 1943 the exports of tin by Bolivia three of the eleven principal group indexes advanced and none de¬
The farm products group continued its upward trend as
a
political upheaval in Bolivia." (totaled 33,195 metric tons, about clined.
The publication went on to say in one-half of which was consigned higher quotations were noted for rye, choice^cattle, hogs, and poultry.
to the Texas smelter and the re¬
Lower prices for cotton, wheat, lambs, and ewes were not sufficient
part as follows: 'yyyy >>;•/
mainder to the United Kingdom.
to hold this group to the previous week's level. The fuels gronn again
Copper
moved into higher ground due to a sharp rise in the price of bitumin¬
>'!%
With the price fully controlled,
"E. & M. J. Metal and Mineral

Markets," in its issue of Dec. 23,

National
War
raise $125,000,000, in behalf of American war
Fund's

announced

Janu¬

continued unchanged.

the market

ary will be smaller than in recent
months, and, because of this de-

Straits

domestic metal is to .lows:
consideration in de- j

velopment,

restrictions

lifted

WPB

the

■

52.000

20—A
21—A

Dec.

52.000

and

copper

base

copper

equipment subject to the pro¬

tion

52.000

90% tin, continued
51.1250 all week.

visions of M-9-c and other mate¬

Restrictions

orders.

rials

such

equipment

until

and

models

number

WEEKLY WHOLESALE

postponed

were

undetermined date.

some

Lead

Division allotted

The Tin-Lead

This

17,000 tons of foreign metal
January shipment, or about

action

some

for

10,000 tons less than in the cur¬
rent month.
About one-half was

mestic

tons,

15,218

the do¬

normal

for

"allot¬

total

lead

Prevailing

States during Novem¬

for

first

the

in the Jam-Nov.

been

have

492,426 tons, against 580,265 tons

selling

for

duction and

Institute

Zinc

shipments of zinc by

of the figures,

follows:

in tons,

Shipments

—

Prod.

/'\

•

■

Export* Total

Dom.

706,100 674,615

1943:/

With

the

forward

viewed

117.7

117.6

115.3

mendous

104.2

104.1

shalling

45,735

10,296

76,667

66,552

83,787

79,361

66,111
73,131
75,225
68,271
67,549
68,953
68,180

83,066

69,845

8,210
9,922
5,650
4,201
5,920
3,229
2,857
980
2,101

56,031
74,762
76,033
78,781
79,426
74,191
70,778
71,810
69,160
71,946

Nov. yA; 80,579

73,364

1,769

mains

time

some

April

81,057

May A A 82,399
June —78,865
•

July
Sept.
Oct.

■}

80,249

.....

August

and

Fertilizer

79,736

—

•

Stocks of zinc at the end of 1940
amounted

All

^Indexes

1942,

26,

materials..
drugs

machinery

groups

combined.
base

1926-1928

104.4
152.4

151.4

127.7

were:

Dec.

127.6

1943,

Dec.

106.6;

Dec.

and

105.5;

18,

The Federal Reserve Bank of New
that

by the bank from commercial paper dealers
$201,900,000 of open market paper outstanding on
This was an advance of $14,100,000, or 8%, from the Oct. 30

Nov 30, 1942 total

of $260,600,000.

Following are the totals for the last two years:

i943~-//yyy-%'' yyy<:i(;%yy
Nov

17,582 tons; 1941,
24,066 tons; 1942, 68,268 tons; No¬
vember, 1943, 159,853 tons.
Most of the gain in stocks" of
zinc occurred this* year. The total
on hand consists largely of metal
to

;

London

The

30—_A—201,900,000
A—
187,800,000

Oct

169,500,000
Aug 31A A—_A—156,200,000
July 31~A_^__A_A..A—' '149,800,000

Sep 30—

Jun

143,300.000

May 29^

Feb
Jan

27a^AAAA..A*.AAA 30.AAAA—A------+A

1942—
Dec

4rj;!CJ
continued

silver

with

domestic

The

metal

Treasury's

price

The

■

30—„A——A—A—A/

271,400,000

281,800,000
297,200,000
July 31AAAAAAA—AAA'.:" 305,300,000
Jun 30
;
A— 315,200,000
May 29
354,200,000
Apr 30AAAAAAAAA-A„' 373,100,000

Sep

-AAA

Aug 31—A———_A_AAA—

Mar 31

384,300,000

Feb

28—AA—

Jan

388,400,000
380,600,000

A-A

229,900,000

Dec

374,500,000

—

Output For Week Ended Dec. 25,1943,
Shows 18,7% Gain Over Same Week Last Year
power

at '44%0,
70 %0.
was

corresponding week/last year, an increase of

the

output of the week ended Dec. 18, 1943, was also

of the similar

un¬

Institute, in its current weekly report, esti¬

period of 1942.

(domesitc and export,

Dec. 25

Major Geographical DivisionsEngland___^^_*._^——

Atlantic___„___—A»_A
;—A A*-A

Middle

West Centrals

Dec.

/'•

17.3

17.4

Not

16.3
10.7

11.7

6.0

7.8

>'4 19.4

17.0

—A-A-+'

8.0

12.9
+••.-

A,; 10.4

15.0

12.4

14.4

Pacific Coast..

31.0

30.3

35.3

16.0

_—..

Total United States.

*18.7

'Subject to revision;':
:i

OT.h;

Tin

Interest

...

$30,000,000 To Veterans

centered

develop¬

reported

Dec.

that

it has

lutionary movement, led by Victor
Paz Estenssoro," a former finance

more than
$30,000,000
account of disability and death

the

Dec. 20 overthrew the
government of President Penaranda.
The new regime announced
thht "internal policy will be di¬

the- Associated

minister,

rected, as rapidly as possible, to
improving
the
welfare of the

class."

working
stated,

policy

Also,
it was
of cooperation

with the United States will

prevail

in the foreign field.

paid

Administration

Veterans

The

ments in Bolivia. A national revo¬

DATA (FOR

out

present war. According to

Frank T.
veterans

Press,

Brig.

17.5

;;

Oct. 31.

!'4i3fe0,511
4,229,262
4,358,512
"4,359,610

3,583,408

+ 18.0

3.756.922

+ 16.0

18 A—A

Sep.

Oct.

aALAAA

Nov.

20
27

3.273,376

+ 18.4

3,330,582

3,355,440

3.717.360

+ 17.9

3.313,596

3,752,571

1——

Nov.

+ 17.2
+ 17.3

4,415,405

——_

3,322,346
3,273,375

3,702,299

Ser¬

3,132,954

3,682,794

policies

+ 18.4-

4.382,268

Nov.

Dec.

13
25

3,340,768

1,499,459
1,506,219
1,507.(503
1,528,145
1,533,028

....

___

3.774,891

+ 18,0

3.380,488

1,525,410

3,761,961

+ 17.3

3.368,690

.1,520,730

4,482,665

3,775,878

+ 18.7

3.347,893

1,531,584

4,513,299"

3.795.361

18.9

3.247,938

Soldiers and Sailors
AAA;- y >;y y%y

Glenn Reelected Head
Of Latin-American Group
John B. Glenn,

President of Pan
of

Chairman

been re¬
Latin-

the

York Board

the

Section

American

of Trade

Lee has been re-elected

and Treasurer.

1,792,133

'1,777,854
1,819,276
1,806,403
1.798.633
1;824,160
1,815,749
1,798,164
1,793,584

1,816,169

New

and Hal F,

Secretary
%

Other officers named are: Rob¬

P.
Holt,
Vice-President of
Amsinck, Sonne & Co., First ViceChairman; Arthur Rocke, Presi¬
ert

Marshall1 Walton,

McK<jea'& ''Co.,

Chairman!''
New

;

port

Arthur

Third
•
;■

Vice-

>■_;

Committee
tWe*1 Latin-American

Executive

members ' of

Section1

Elec¬

Secohd -Vice-Chairman,

Co.,

are

D." H; Bellamore. Ex¬

Manager' of Republic

Steel

Corp,;. Floyd Jefferson, President
of Iselin Jefferson & Co.; Donald
Hilton, of E. R. Squibb & Co.; W.
C.

Keeley, of Air Reduction Sales

Co.j G. McK. Roberts, of Inter¬

4.403,342

3,766,381

+ 16.9

3,339,364

1,475,268
1,510,337

1,718,002

national

4.560.158

3.883.534

+ 17.4

3.414,844

1,518.922

1.806,225

John

4,566,905

3,937,524

+ 16.0

3,475,919

1,563,384

1,840,863

4.612,994

3,975,873

+ 16.0

3.405,140

1.554.473

1.860.021

*4,340,000

3,655,926

18.7

3,234,128

1,414,710

1,6%,683 ier, of Standard Oil Co. of New

Dec.

+ 17.7

1,490,863

4.452,592

Dec.

3,720,254

.1929%

1932

1,423,977 ".1,674,588
1)476,442
1,806,259

4,413,863

—:

Club.

G.'

4,359,003

Service, Ships' Service Com¬

mittee, and

and

;.L
1941

4,341,754

2,—*

Oct.

National

>19431

Kilowatt-Hours)

■'

1942

Oct.

1943
over

Sep

Hines, administrator of

Insurance

% Change
1942

Sep

Sep.

War

tric
(Thousands of

3.672.921

affairs, said that of this

beneficiaries
life

Week Endedr^Sf Ay

English
Speaking Union, "New
City Nursing Council for

York

dent of Rocke International

RECENT WEEKS

.tOBQVJu i

Oct.

$8,223,000 was paid on dis¬
ability pensions and $8,443,000 on
death pensions to Nov. 30. In ad¬
dition $13,392,000 has been paid
to

Gen.

sum,

vice

i-U

;

Navy League of the U. S., Amer¬
ican Women's Voluntary Services,

17.9

Rocky Mountain—I—A----

pearing, in the "Commercial and
Financial Chronicle" of July 31,
1942, page 380.
Ay .

Metals Reserve Co. arid
at producers'
plants
:mr

Ser¬

C.D.V.O.—Community

tee,

—

8.1

avail¬
able

—

Southern States.

owned by

stored

Relief

Children, United Yugoslav

Fund, USO (United Service Or¬
ganizations), United Seamen's Ser¬
vice, and War Prisoners Aid. Also
participating in the New York
campaign
are
nine local
war
agencies, as follows: New York
City Defense Recreation Commit¬

elected

warehouses.

Association,

American Trust Co.; has

Dec. 11

Dec. 18
7.0

Central Industrial

18.7%t

Wepk Ended

New

re¬

finery), lead, zinc and Straits tin
were
unchanged from those ap¬

of ^Luxembourg,

Relief

Committee for Care of European

1943,

16.0% in excess
A Ay : y

PERCENTAGE INCREASE OVER PREVIOUS YEAR

yy-

——

Daily Prices y'Vy yy:

and

production of electricity by the electric light

industry of the United States for the week ended Dec. 25,
in

kwh.
The

the

that

approximately 4,340,000,000 kwh., compared with 3,655,926,000

was

daily prices of electrolytic

copper

Electric

changed at 350.
y+y:

v3.-.■
A
260,600,000

Oct 31

War

Norwegian Relief, Polish War Re¬
lief,
Queen
Wilhelmina
Fund,
Refugee Relief Trustees, Russian
War Relief, United China Relief,
United Czechoslovak Relief, U. S.

vices, Officers Service Committee,
New York City Women's Council,

The New York Official for for¬

eign

y..W?yy;,A

31 AAA A A AAA

mated

price Unchanged

23V2d.

159,600,000
178,900,000
200,600,000
209,100,000
220,400,000

Nov

A'■/

1941—

The Edison Electric

OyHA., '

rH^^et'^^R'^ilver

quiet and the

was

1912

Friends

Fund,
Greek

$187,800,000, but a decline of $58,700,000, or 23%, from the

total

Bel¬

gian < War- Relief Society, British
War Relief Society, French Relief

York announced on, Dec. 22

total

include:

War Fund

National

reports recevied

show

17 member agencies of the

-The

Commercial Paper Outstanding

toa

Silver

;'3

New
into

impulses of
of people

millions of dollars.

are

re¬

mar¬

millions

York's

Quota¬
The

manpower, '

humanitarian

103.0.

Mar 31 A,—A A _—A——

material

made

strides

acquainting
the
public with the War Fund
program
and in translating the

132.2

135.0

135.4

136.8

25,

goals.

104.4

152.4

127.7

materials

Apr 30

unchanged at $190 to $193
of 76 pounds! : ' t''
y

flask

per

75,133

March

Chemicals

100.0

104.4

152.4

104.4

Metals

Building

1.3

are

wholly nominal.

their

119.8

prices

inactive.

remains

tions

929,770 733,918 151,650 885,568
....

149.2

104.2

the market for quick¬

year,

silver

83,870

Jan.

149.7

119.8

marking time,

consumers

106,195 857,471

Feb.

150.1

117.7

7.1

88,165 762,780

751,276

863,955

3942

150.1

of the Commit¬

divisions

117.7

Quicksilver

1940
1941

tee, many of which exceeded

104.2

prompt position in New York

' ;•
•

129.5

119.8

developments that may
influence prices after the turn of

statistics, commencing with
1940, reflect production from do¬
mestic as well as/foreign ore.
A

131.4

Fertilizers

pending

The

•

131.4

Farm

producers
represented
in
the
membership of the association.

several

131.4

commodities

prevent contamination, WPB
is restricting the flow of certain

yesterday released figures on pro¬

summary

144.8

123,7

119.3

161.0

164.5

American

The'

128.7

144.2

187.9

domestic refiners
amounted to 49,548 tons in No¬
high-zinc-alloy aluminum scrap.
vember, against 51,045 tons in
After Dec. 31, 1943, the scrap may
November last year. Stocks at the
be sold only to dealers, the Alumi¬
end
of November amounted
to
num
Company of America, and
27,996 tons, against 35,602 tons a
the National Smelting Co.
The
year ago. Stocks do not include'
two companies named, WPB states,
Metals Reserve metal.
are the only ones willing to. han¬
yyyy ;
Zinc
-v!y y_y dle this type of scrap.
Shipments

who

Fund,

and

Textiles

Nov. 30.

period last year.

members

are

War

base

scrap

new

below the new ceiling levels.

agencies

122.8

147.0

185.4

145.5

;

6.1

expected to remain unchanged, as
secondary aluminum products

months

market

all

whose

In expressing the commit¬
tee's compliments to the division
chairmen and workers, Mr. Schram
said that he marvelled at the tre¬

Contracts
before Dec. 23
be executed at prices up to
former ceiling through Jan.

the

50,448 tons, making the

was

8.2

Nations

144.0

159.6
152.3

187.9

21, 1944.
refined

Production

ber

Miscellaneous

attended by

joined the campaign workers in
applauding announcements of the
fund-raising achievements of the

164.7

159.6
153.1

164.3

io.8

was

representatives of

National

the

was
sep¬

129.7

___

ex¬

relief

148.8

United

the

135.8

154.1

Grains

Livestock

Fuels

(Primary ingot is 150.)
may

f 140.8
1 145.6

159.6

JAuA

:£AAlAAA-+_

Farm Products
Cotton

entered info on or

ment" week.
the United

The

146.1

26,

137.8"

O il A A

Cottonseed

price for ingot is 12V20 a pound.

6,114
in the
decline in

tons

The

week.

was

amounted to

market

volume

week

the

of both

ingot.

a 7

23.0

will facilitate

level

movement

secondary

against

preceding

new

X f B

it is hoped

and

industry,

the

lead.
for

Sales

the

that

139.7

146.1

_ck-,A—.

The- luncheon

1942

much

agencies in
last year.

the

campaigns

diplomatic

Ago
Dec.

1943

139.8

♦.„A:_uA-A4-

members

discussion* with

tensive

common

Foods

17.3

after

taken

was

1943

AiL\'y:

Year

Ago

1943

Fats and Oils

aluminum
scrap and secondary ingot were
reduced by OPA to the extent of
l]/20 a
pound on the standard
grades, effective Dec. 23, 1943.
prices

Ceiling

Month

Nov. 27,

Dec. 18,

Dec. 25,

raised was approx¬

sum

twice

secured

Week

Total Index

25,6-,

the

that

arate

Group

fi¬

the work of certain other
local war-related agencies.
Mr.
Schram
made
it
known

imately

Latest Preceding

Sears to the

total
$17,-

balance will

the

while

1935-1939—100*

Sach Group

the

totaled

that

reported

nance

by The National Fertiiizer Association

Compiled

•

the

All

PRICE INDEX

COMMODITY

was

110,913. New York City's share of
national goal was $14,875,000,

The slight advance

preceding week there were 13 advances and 2 declines; and in the
preceding week there were 6 advances and 8 declines.
„

Fund.

contributed

amount

second

■"A

Aluminum

the

sizes

Schram

not sufficient to

was

who

"victory" luncheon held
Hotel Pennsylvania,
Mr.

the

52.000

62.000

52.000

Chinese,

During the week 8 price series advanced and 5 declined; in the

52.000

22——-

Dec.

alloys for production of lubrica¬

cotton

Emit

the' New

Exchange,

mittee of the

indexes remained at the previous week's level.

other group

use

raw

caused by higher quotations for potatoes.

in the foods group was

52.000

re¬

it was

chairman of the New York Com¬

52.000

16___A-

This meansK Dec.

receipts of for- j Dec.
eign copper will be available for j Dec.
the stockpile. v
Dec.
that.. most of the

decline

change the index number for the textiles group.

March

Feb.

Jan.

receive prior

liveries to consumers.

shipment,

for

tin

quality

\n cents per pound, was as fol-

The fractional

coal.

ous

Stock

York

Dec.

President

Schram,

Nations

exceeded,

been

has

lief,

United

and

services

Allocations of copper for

for
the
campaign

000,000

"Zinc statistics were released for

stated:

___

—

^Subject to revision.

General

Electric

Corp.;,

White, of Westinghouse
International Co., and G. H. MichJersey;

YWMRtoWN*

if**)*

Volume

fiftMpwp

•«$v ,l(r<li'KT,(**i .UHMMfihw

*•

THE COMMERCIAL & FINANCIAL

Number 4242

1$8

)f.' wua»wml(»j

from

of. 2.%

CHRONICLE

2673

the

total for October,
1943, and-a.15% increase over tistics and Information
under the
November, 1942,
About 45%, or 7,754
units, were in direction of Dr. E. B. Patton."
Federal housiing projects for war workers.
This is 39%, more than
The Solid Fuels, Administration for War, U. S. Department of
An employment
drop of 1.4%
the number of Federally financed units started
during October, 1943, in the food group was caused
the Interior, in its latest report, states that the total production of
by
and an increase of one-third over the
number-started during No¬ seasonal
soft coal in the week ended Dec/ 18, 1943, is estimated at 12,175,000
decreases in canneries,
vember, 1942.
The number of privately financed
net tons, a decrease of 875,000'tons, or 6.7% from the preceding
dwelling units ice cream plants and breweries.
started during November was -21% less than
week.
during the previous Increases were reported
Soft coal output in the week ended Dec. 19, 1942, amouhted
by pro¬
month but 3% more than
during November, 1942.
to 11,815,000 tons. Production in the current year to date was"0.6%
ducers of flour, baked
goods; can¬
"The cumulative dollar value of
building construction started in dy and soft drinks.
in excess of that for the corresponding period last year.
,u
Payrolls were
urban areas of the United States thus far in
1943 was $1,179,000,000
The U. S. Bureau of Mines estimated that total output of Penn¬
1.4% higher for the group. Sea¬

Weekly -.Coal tad Soke Production Statistics

the vtotal Tor

sylvania anthracite for week ended Dec. 18, 1943, was 1,127,000 tons,
decrease of 88,000 tons (7.2%) from the preceding week.
When
compared with the output in the corresponding week of 1942 there
was, however^ an increase of 6,000 tons, or 0.5%. The calendar ye§r to
date shows a decrease of 0.5% when compared with the same period

►

last year. «</.**■

•JThe Bureau

■/'//+//-;//;'' +/Z- :"7;, '///U
■

Mines

54% less than the total for the

new

volume of non-Federal

also

■

18, 1943, showed an increase of 5,000 tons when compared with the
production for the week ended Dec. 11, 1943.' The quantity of coke
from beehive

ovens

increased

•/a"'estimated

4,100 tons during the

united

period.

same

work

declined

states

production

coal

and lignite—
Bituminous coal

Daily

1943

Dec. 18,

"Dec. 11,
13,050

mine" fuel-

incl.

Total

■

12,175
2,029

average

"Revised.

tSubject

ESTIMATED

1942

1937

/'.'■

tDec. 18,

Dec. 19,

566,975

563,527

1,969

1,894

1,903

432,950
1,465

2,175

PENNSYLVANIA ANTHRACITE

/:•///>/ //-; ■;tIn Net

COKE

Tons)/Z;//////+//''V •//7 7v/: 7'/,/■•/:,.

Week Ended—

——

AND

.———-Cal. Year to Date

—

■

§Dec. 18,

Penn!

anthracite—

ilDec, 11,

Dec. 19,

Dec. 18,

1942

1943

/ 1943

1943

"Total incl. coll. fuel1,127,000
1,215,000
1 Commercial production 1,082,000
1,166,000
Byproduct coke—
Z■"";/. //' //:/- •.
United States total—
1,273,000
1,268,000

Dec. 21,

Dec. 19,

1929

1942

1,121,000 58,510,000 58,800,000 72,015,000
1,076,000 56,169,000 56,448,000 66,830,000
/. z////
//'• /./'
//'/■••//+" <
1,228,400 61,333,100 60,415,400
t
■

sonal slackness in the men's tail¬

decreased

Federal

change

repairs

"The

2,545,880
872,765

—53,7

535,181

—39.2

183,366

1,405,793

—69.2

337,576

216,366

— _

figures

1942

267,322

■.

change

1,498,297
294,747
1,169,687

r—64.3

33,863

—58.0

—37.8

worked

—71.1

thus

14,239

full week in November

increasing their payrolls and

—19.1

blouses

clothing hired additional workers
this month. Many firms which ob¬
served the holidays
in October

of dollars)

432,464

Additions, alterations
and

1943

(In thousands

of dollars)

employ¬

group. Manu¬

men's neckwear, wo¬
and
children's

men's

-——First II Months-

1942

1,179,365
530,535

„

residential
non-residential

Dec. 18,

11,815

Dec. 19,

current adjustment,

PRODUCTION

■■■:7

:V V7■■-•;-/r

1943

1942

construction

New

January 1 to Date———

The volume

39% from the corresponding ment in the
apparel
v///./:/:///■,Y,/. :/r./■ *
facturers of

(In thousands

:,
Class of construction—
New

(In Net Tons—000 Omitted.)

0./'

First 11 Months1943

All

———Week Ended-——

period of 1942.

building declined
69%; of residential oring and shirt firms as well as
building 39%, and of additions, alterations and repairs 19%.
The in the women's
dress, suit, coat
value of Federal
building construction contracts awarded during the and
skirt, millinery, fur and lin¬
first 11 months of 1943 was
64%, less than the value of such con¬ gerie branches of the
industry ac¬
tracts awarded during the same months of
1942, while the dollar counted for

reported that the estimated output ;1942 total. //,//V,/,/-■
/;/•,/:/;/.'•
/of byproduct coke in the United States for the week ended Dec.
Total
-

same

non-residential

hours.

Employment increases in other

building construction cover the entire urban
area of the United
States, which, by Census definition, includes all
incorporated places with a 1940 population of 2,500 or more and
by special rule, a small number of unincorporated civil divisions.
on

civilian

goods

industries

notably

The

tobacco, furniture, printing, and
stone, clay and glass ranged from
1.5% to 2.9%, while payroll gains

the

ranged

volume of privately financed construction is estimated
from
building permit data received from a large majority of all urban
places, and these estimates are combined with data on
building con¬
struction contracts awarded as furnished
by Federal and State agen¬
cies,

All

figures for the current month

are

preliminary,;

revisions in

from

1.8%

12.6%

these industries.
War

plants

tained the

Upward

last

sarne

general

main¬

employment level
A. few additional

month.

Federally financed non-residential construction may be
workers, however, were hired for
expected due to late* notifications of contracts awarded.
.//"/.■ /:// the manufacture of
167,300
162,100
7,733,800
8,049,600
6,368,800
fire control *
"Principal centers of various types of building construction for
"Includes washery and dredge coal, and coal shipped by truck from authorized
apparatus, machined shell, and
which permits were issued or contracts were
awarded in Novem¬
operations,
tExcludes colliery fuel.
{Comparable data not available.
communication equipment.
(§Subject to ber, 1943, except
Em¬
revision. /iiRevised.
projects which, have been excluded because of
/■•//;/■'://>>//;/ -/'L/zZ"////////-..'■•/ //'■•'■•'////. '•/'/
ployment dropped slightly in air¬
their confidential nature were:
/
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
Stamford, Conn., 4 apartments pro¬ craft and
shipbuilding plants, as
viding 55 units to cost $200,000; Hoboken, N. J., one pier to cost
v :"//'■•'■> ■.
■/
■,///// Rn Thousands.of Net Tons) ./•
/■//';//
well as in steel mills. A strike in
$450,000; Allentown, Pa., 236 one-family dwellings to cost
(The current weekly estimates are based on railroad carloadings and river ship¬
$708,000; a large steel
ments and are subject to revision on receipt of monthly tonnage
plant caused a pay¬
reports from district
Dearborn, Mich., 60 one-family dwellings to cost $282,000;
Detroit, roll
and State sources or of final annual returns from the
operators.)
drop in that industry. Pay¬
Mich., 359 one-family/dwellings to cost $1,797,280 and 52 units in
w
'7v.7
'■ //*;//////>/■ ■ ■/;■
—Week Ended—
rolls advanced in other war in¬
——-Dec.
two-family dwellings to cost $244,500; Cleveland, Ohio, 66
Dec. 11,
Dec. 4,
one-family dustries. The increases for
Dec. 12,
Dec. 13,
Dec. 11, average
the
State
/
dwellings to cost $351,500; Euclid, Ohio, 59 one-family dwellings to
1943
1942
1941
1937
H1923
...1943
metals and machinery group as a
Alabama-/---^—418 ;.
403
:
cost $326,300 and 2
380
382
309
349
apartments providing 94 families to cost $421,000;
Alaska.—.
—/—
5
■'/ / 6
7whole were 0.3% in employment
3
>/// 4 «•
Milwaukee, Wis,, 52 one-family dwellings to cost $228,050 and 56
Arkansas and Oklahoma///;• 94 '
99
95
81
>109 /
r 83
and 1.2% in payrolls.
units in two-family dwellings to cost
/•//"•//
Colorado
194 ^
,183
197 \
174
204
253
$224,200 and eight apartments
Georgia and North Carolina—/
1
l
1 '>
;/■
i
providing 50 units to cost $155,800/ also one factory building to cost
New York City
'Illinois
:
T.606
1,602
1,279
1,348
1,525
1,535
//^/V'■ +'■
$450,000; Washington, D. C., five apartments providing 72 units to cost
Indiana
618
:
597
540
526
532 /
514Employment gains in war plants
Iowa
$207,000; Jacksonville, Fla., 81 one-family dwellings to cost
48
51
C: 78
105
70
121
$208,920; and most civilian
; Kansas and Missouri——; ■:
goods indus¬
191
St. Petersburg, Fla., one
,206
183
157
207
159
public works and utility building to cost
tries in the City more than coun¬
./Kentucky-^-Eastern—/*--——1,050
{967
; 943
/ 807
898
584
$200,000; Baltimore, Md., 110 units in two-family
Kentucky—Western.,——
318
310
dwellings to cost terbalanced a
302
252
329 :
204
drop of 1.5% in the
$275,000; Oklahoma City, Okla., 192 one-family
Maryland——
V
35
'27
38
;.
35
36
37
dwellings to cost apparel
industry.
Payrolls in¬
9
19
••Michigan7.-k£'ii4i^
?"■'
5 •'
21
,j5
$938,800; Dallas, Texas, 254 one-family dwellings to cost
/':/ 7
$421,525 creased in all industries
Montana
(bituminous
and
arid 122 units' in
except
two-family dwellings to cost $233,800; Fort Worth,
/ "lot:'-;
117
lignite).—
106.
90
72
64
petroleum, resulting in an advance
Texas, 132 one-story dwellings to cost $227,700 and 142 units in
New Mexico—,40
// 41 /.
33
32
33
/
56
of 2.6% for total payrolls in man¬
North
and
South
Dakota
two-family dwellings to cost $250,600; Galena Park,
Texas, 228 one■/■V (lignite)—
:// 84
78
"■r 75
78
75"
"*27
ufacturing industries. In the ap¬
family dwellings to cost $933,048; Houston,
Ohio—
—/ :/ 748 ;■
Texas, 111 one-family
719
669
683
631
599
parel group, the same seasonal
dwellings to cost $239,200; Salt Lake City, Utah,
Pennsylvania (bituminous)^.-.■
3,080
2,987
2,884
2,955
2,089
2,818
64/one-family patterns were evident in the vari- '
Tenne ssee—./;. " 160»
136
■144..*
147
136
103
dwellings to cost $285,600; Cheyenne,' Wyo., 64 one-story
dwellings ous branches of the
Texas, (bituminous and lig-/
to cost $256,000; Los
industry in
Angeles, Calif., 70 one-family dwellings to
5
5
18
,21
New York City as appeared for
cost $179,250 and 22
Utah-,—aLZ—-E/Z-L/L
141
;•
148
127
apartments providing 97 units to cost $229,510;
/ 102
93
100
the State as a whole, except that
;•*:
420
423/
389
/ 366
295.
193
Long Beach, Calif., 279 one-family dwellings to cost
$997,700; Oak¬ men's
/"Washington—:
31.
37
44
/■ 37
;
;
35
57
tailoring firms in the City
land, Calif., 170 one-family dwellings to cost $635,450 and 160 units
"West Virginia—Southern
2,426
2,395
2,371
2,161
1,719
1,132
expanded
in two-family
employment / slightly
'tWest Virginia—Northern—1,045
887
dwellings to cost $463,950; San Diego, Calif., 133 one/ ' 960
850
723
692
while those upstate curtailed it.
198
200
158
/.Wybming-^-w/^-'_w/W^v-#r^/'--'/-204;:
148
family dwellings to cost $491,300; Inglewood, Calif., 50
173
one-family Manufacturers of men's furnish¬
/'■;/
1
^Other Western States—■ 1
'/
1
ft
**5
tt
dwellings to cost $198,000; Sunnyvale, Calif., 160 one-family dwell¬
ings and women's clothing suf¬
ings to cost $712,000; Portland, Ore., 81
Total bituminous and lig- -■
■:/■/'/■/
one-family dwellings to fered seasonal
nite—
—: 13,050
cost $409,000 and 11
losses, but those
12,730
12,031
11,457
10,346 /'
9,900
apartments providing 88 units co cost $327,500;
§ Pennsylvania anthracite
1,215 :
1
1,231
1,108
;•/ 863
making children's wear took on
-1,130 /
1,806
Seattle, Wash.,r/170 one-family dwellings to cost
$752,550; Spokape, additional
help.
Payrolls
were
Total all coal—-/—:——
Wash., 239 one-family dwellings to cost $1,177,100.
14,265
13,961
13,139
12,320
11,476
///,;> z//;/:'/
11,706
slightly higher for the group.
•Includes operations on the N. & W.;1 C. & O.;
; "In
addition, contracts were awarded during. ^November, 1943,
Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha,
for the
Mason, and Clay counties.
tRest of State, including
Among the war industries which
following Federally financed projects containing the indi¬
the Panhandle District and Grant,
Mineral,/and Tucker counties, tlncludes Arizona, cated number of
hired
additional workers
were
housekeeping units:
Beehive coke—

United

States

total—

171,400

■

—

■

——

•

■

■.

■

„•

•

—...

•

■

•

...

■

•

California, Idaho,
lished

records

Nevada
the

States."

ttLess

than

and. Oregon.
§Data for Pennsylvania anthracite from pub¬
of
Mines./ ilAverage weekly rate for entire month.
Carolina, and South Dakota included with "Other Western

Bureau

••Alaska, Georgia, North

1,000

tons.

v; •

....

/ '/.••'/■ y. •' /■//'/;... //././//..//:

'■/

November

Building Permit Valuations Down 20%
From October, Secretary Perkins Reports

One-fifth

less building construction was started in urban
areas
November than during October, 1943, Secretary of Labor
Frances Perkins reported on Dec. 25 (Saturday).
"Federal building
contract awards declined ,38% /while all
types of private building
decreased 9%," she said.
"New, non-residential construction de¬
creased 33%, new residential
18%, and additions, alterations and
repairs 6% from October to November, 1943.
New non-residential
was the only class of private
building construction to show an in¬

during

crease

for

the

.construction

period,, 27%, while

declined.>

•.

y--

all

!..••••.

■

classes

Waterbury,iCflrin.,-$335,848 for
140 units; South
Portland, Me., $184,934 for ,6Q,units; Detroit, Mich.,
$482,274 for 234 units; Akron, Ohio, $2,594,6p0
forp,000 units; Berea,
Ohio, $1,212,000 for 400 units; Cleveland,' Ohio/ $1,054,000 for 500
units; Hastings, Neb., $709,800 for 260 units;
Gastonia, N. C., $142,827
for 60 units;
Tuscumbra, Ala., $238,361 for 100 units; Grenada, Miss.,
$90,846 for 40 units; Coeur d'Alene, Idaho, $157,894 for 60
units;
Berkeley, Calif., $2^884,589 for 1,896 ur/ts; Long
Beach, Calif.,
$1,823,549 for 1.000 units; Los
Angfeles, Calif., $1,686,767 for 900 units;
Richmond, Calif., $1,881,104 for 1,104 units.
"Federal contracts
dations for

were

also

at Stockton,

persons

N. Y. State

Factory Jobs
Steady—-Payrolls 0p

The sharp upward trend in em¬
building
'■/' /.'/./ ployment of factory wage earners
in New York State' has levelled
: v

Federal

///.•'/ ■■' "

"J,*

Secretary Perkins .further stated;

awarded

for

dormitory

aircraft,
trical

the

higher

elec¬

equip¬
correspond¬

these

machinery group

industries

in the metals
a

whole,

was

0.9%

employment

greater.

Employment changes in the
state

were

advanced 2.2%

and

this

Calif., to cost $54,792."

creases

Payrolls

ingly

while

and

communication

and

accommo¬

1%. Contributing factors

shipbuilding,

and

ment.

districts

month,

crease

de¬

the

Kingston-

Poughkeepsie
Payrolls were higher in all

lumber industries offset by mod¬
erate increases in the"
furniture,

of the

the

printing, chemical and stone/clay
glass groups and a very flight
increase in metals and
machinery

and

son

up¬

small

a de¬
in Buffalo to*an in¬

0.8%

Newburgh

food, apparel and

very

ranging from

of 1%

crease

' were

upstate industrial

area.
seven

areas.

Binghampton-Endicott-John¬
City area, an employment

gain of 0.7%

increase

was

the result of

the

metals and ma¬
buildipg .construction valuations were 3% higher in No¬ off during the past eight months group. Factory payrolls advanced
1.7% duri ng the past month, with chinery group and a slight de¬
vember, 1943, than in Noyember, 1942, due to an Increase of 57% according to./a statement issued
increases in all of the major in¬ crease in the shoe industry.
in additions, alterations and repairs/., The dollar
Pay¬
15 by /Industrial
volume of new Dec.
Commis¬
dustrial groups except petroleum. rolls, however, were almost 5%
residential buildings started
during November, .1943, declined 6% sioner Edward Corsi. Since March
/"Employment
for
November greater in the shoe industry and
and new non-residential
of this year there has been
buildings 10%.
Federal construction con¬
very
was 161.2% of the 1935-39
tracts awarded were about two-thirds .of the
average slightly higher in the war indus¬
.November, 1942, valu¬ little change in. the total volume and
5% above the figure for No¬ tries; for all industries combined
ations.
Permit valuations for other
of employment.
building construction increased
Although war in¬
the
"Total

37%.":

'■

■

■■

I./..:' "

Nov, 1942 to Nov. 1943

Oth. than
Class

All

building

construction—

Total

construction

Federal

—20.8

Oth.than

Federal,
-38.4

Total
2.5

Federal

+ 33.8

—33.8

2.2

—18.5

+ 148.9

—46.0

New
-

residential

—17.7

—21.5

9.0

6.0

New

non-residential-

—33.2

+ 27.4

-55.6

9.5

5.9

6.2

+57.0

+63.0

-14.9

Additions,

alterations

and

■■

—

5.9

—

The Labor Department's announcement further
explained:
"The 17,166 family dwelling units for which
permits were issued

contracts

awarded

during November,

hire

New

York

vember -1942.

City

additional

con¬

workers,

those

upstate1 are for the most
part limiting their hirings to re¬
placements for men entering .the
armed services.

The Department further stated:

repairs

dustries

tinue

'■

...

-Percentage chahge fromOct. 1943 to Nov. 1943

1943, represents

decline

"The

change
ment

October

base and 20.5%
ber

year

gain

Payrolls this month

304.7%

the

1935-1939

was

3.2%.

Employment remained practic¬

than Novem¬ ally the same this month in
the
Average weekly ; Albany - Schenectady - Troy
and

ago.

earnings were $47.09 this month
compared with $46.10 in October

| Utica districts.
among

war

and $40.80 in November 1942. The

factories

above

Slight

plants

and

decreases

clothing

set

statements

are

based

November

preliminary tabulations covering
total factory employ¬ reports
from
3,173
factories
extremely slight, an in¬ throughout the State. The data are
of less than one-tenth of compiled
by the Division of Sta¬

the

former

area

off¬

gains in the textile, paper and
printing industries so that total
employment increased only 0.1%.

was

crease

were

Payrolls,
greater.

however,

were

1.7%

Thursday, December 30, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

2674

1943 Prior to Dec. 13 Mustering-Out Pay
individ¬
Voted By Senate
below:

Wholesale Commodity Index Remains Unchanged Cotton Dinned from Crop of
The

During Week Ended Dec. 18, Labor Dept. Reports
Dec,<23 that during
the week ended Dec. 18, commodity prices in primary markets were
comparatively steady. The Bureau of Labor Statistics' all-commodity
Department of Labor announced on

vThe U. S.

0.3%
month ago and slightly more than 2% above a year ago.
The
Department's announcement further stated:
' •*
,
.
"Farm
Products and Foods—Continued weakness
in market
level

price

was

prices for certain fruits and vegetables together with lower quota¬
tions for livestock was largely responsible for the 0.2% decline in

higher

Grain markets were strong with

products.

the index for farm

prices for barley, oats >and wheat. Quotations were lower for calves,
cows, steers and hogs, and for apples, lemons, onions and white
potatoes in the Chicago market. The general average of farm prodct
prices in mid-December was 0.5% higher than mid-November and
7V2% above the corresponding week of December, 1942.
•
- ' ;
"Moderately higher prices for flour and sweet potatoes were
more than offset by sharply lower prices for fruits and vegetables.

State—

'
1'C

prod¬

prices.";

-'V •."■/

120,250

78,444

96,045

1,062,233

1,359,480

1-t36-6,575

252,006

246,146

262,094

Florida

*14,112

14.448

14,796

,1-

—__

—:

Illinois—

______

J:—___—

■____.

Mississippi

1,384,289
466,556

382,733

*Includes

the

bales of

107,053

72,528

635,474

615,644

686,756

402,719

those

578,387

569,929

months

2,742,134

2,316,504
23,503

of 1943 ginned prior to Aug. 1 which was
1942 -43, compared with 48,626 and 1,969 bales

and 1941.

1942

crops

24,996

round bales for 1943; none

The statistics in this report include no

for

subject to revision when

The statistics for 1943 in this report are

against the individual returns of the ginners being trans¬

The revised total of cotton ginned this season prior
is 10,561,337 bales.
.
'

A*
'
Consumption and Stocks — United States
During the period of rapid changes caused by price controls,
materials allocation and rationing the Bureau of Labor Statistics
Cotton consumed during the month of November, 1943, amounted
will attempt promptly to report changing prices.
Indexes marked to 858,813 bales. Cotton on hand in consuming establishments Nov:
('"), however, must be considered as preliminary and subject to such 30, was 2,388,772 bales, and in public storages and at compresses 12,adjustment and revision as required by later and more complete 936,375 bales.
The number of active consuming cotton spindles for
reports..
commodities

ago

22,623,406.

the month was

table shows index numbers for the principal groups
for the past three weeks, for Nov. 20, 1943 and

The following
Dec.

19, 1942, and the percentage changes from a
and a year ago:

week ago, a month

defense, the Department of Commerce

has discontinued until further notice

cerning imports and exports.

Percentage changes to
.■

12-11

12-18

1943
1943
commodities———— *102.9 *102.9

Commodity groups—
AH

12-4

11-20

12-19

1942:
100.7

1943
1943
*102.8 *102.6

12-11

1943
0

11-20

12-19

1943
1942
+0.3 + 2.2

$300

overseas;

service

for

States

one

the

United

and

more,

year

less than
one
year's
service in the United States.
for

provides payment

The bill also

to the rank of Colonel in the
Army and corresponding ranks in
other branches.
It was estimated
up

ultimate

the

that

Nov. 23 to

urged

had

Roosevelt

President
on

would

cost

than $4,000,000,000.

not less

provide "reasonable"

mustering-out pay on

monthly

noted in
these columns Dec. 2, page 2231.1
Senator Barkley at that time in¬
troduced his bill providing for a
instalment basis, as, was

straight payment of $300 regard¬
length of time anyone
had
been
in the service.
The
Military Affairs Commit¬

Senate
tee

Dec. 10 revised the

schedule

payments, according to the
proposals of Senators Austin and

Statistics

conditions and the difficulties in obtaining de¬

Because of War

V '• :..vDec. 18, 1943 from—

the publication of statistics con¬

World

(1926—100)

year

one

less of the

In the interest of national

$300

Included in the above are 44,800 bales of

1943; 45,281 for 1942 and 42,284 for 1941;
bales Sea-Island for 1943; 751 for 1942 and 3,289 for 1941.

to Dec. 8

$400 for
to
18
for over¬

States;

United

service of less than one year;

seas

mitted by mail.

;

outside the con¬

serving

$200

for 1942 and 863 for 1941.

American-Egyptian

months
tinental

crop

the supply for the season for

following notation is made:

The

provides that these sums be paid:
$500 for those who served 18

563,572

(Dem., Ky.), the bill

ator Barkley

86,477

18,462

—

Sponsored by Senators Austin
(Rep., Vt.)
and Bridges (Rep.,
N. H.) in collaboration with Sen¬

693,925

2,624,409

Texas

checked

service.

470,511

_______

Virginia———_——

also 306

ranging from $200 to $500,

ments

depending on length and place of

683,558

;—

sliding scale of pay¬

proposes

361,622

Carolina—

the

provide mustering-out

for all members of the armed
forces
passed
the
Senate
on
Dec; 17
by a voice vote.
The
measure,
which
covers
all
branches of the Army and Navy,

83,845

Oklahoma—

309,646

1,874,847

279,892

counted

A bill
pay

598,668

—t

Carolina

South

16,927

571,359

1,766,414

________

Mexico

New

North

5,445
'

14,319

704,952

—

631,702

3,796
-

10,725
Louisiana

845,783

835,671
1,958

Georgia

adjustments in ceiling

Quotations for other major

771,870

887,887

California——

Arizona
Arkansas—

commodity markets for the week.

*9,914,549
•

this time last year.

ucts, except |or white oak lumber and turpentine, which declined
slightly, remained unchanged from the week before.
Continued
demand and low stocks caused most commodities to move at ceiling

*11,744,992 ' :

927,323

_______

1941

1942

,.'
*10,774,805

Alabama

Quotations for rye and wheat flour and oatmeal sharply advanced and
potatoes were 11% above the previous week.
The average
during the week was 4.2%. They were frac¬
tionally higher than a month ago and approximately lx/2% above
"Industrial Commodities—Further upward

linters)

1943

States

United

decline for food prices

prices for coal and higher prices for goatskins, rosin and wooden
bedroom furniture were the principal developments in industrial

BALES

RUNNING

(Counting round as half bales and excluding

Tennessee

sweet

corresponding date

1941.

1942 and

'■

ginned from the growth of 1943 prior

13, 1943, and comparative statistics to the

1926 average.

of the

102.9%

is shown

Number of bales of cotton

The
higher than for the corresponding week a

unchanged

remained

index

ual returns of the ginners

to Dec.

report issued«on Dec. 20, compiled from the

census

pendable world statistics such data are being omitted from
for the time being.
'
~

Bridges.

this report

sent to

The Senate measure was

final approval will
have to wait until the new year,
since both branches of Congress
the House, but
.

121.8

122.0

121.8

121.2

113.3

—0.2

0.5

7.5

105.7

105.9

105.6

104.2

—0.2

+ 0.1

1.4

117.9
117,5
117.5
118.4
97.2
97.2
97.2
97.2
*82.6
82.4
82.1
81.6
Metals and metal products— *103.9 *103.9 *103.9 *103.8
Building materials
113.4 : 113.4
113.1
113.0
Chemicals and allied products—
100.3 .100.3
100.4
100.4
Kousefurnishing goods
104,4
104.2
104.2
104.2
Miscellaneous commodities—93.0
93.0
93.0
93.0
Raw materials
*112.1
112.1
111.7 ,■ 111.3
Semimanufactured articles—__
93.1
93.1
92.9
92.9
Manufactured products..:
*100.4 *100.4 *100.4 *100.3

118.4
96.6
79.9
103.9
110.0
99.5
104.1

+ 0.3

—0.4

—

Farm

products

—i

FcodS

Textile

Fuel

leather

and

Hides

products

and

products—

______________

lighting materials

_____—

All

other

commodities

farm

All

other

farm products, and

♦Preliminary.

0.6

+ 1.2

3.4
3.1

0.1

+ 0.4

—0.1

+ 0.2

2.9

+ 0.7

6.4

+ 0.2

0.6

0.8

+ 0.1

0.6

*98.7

*98.6

98.0

+ 0.1

+0.3

0.9

*97.8
*97.6
" "".v,V'.v.- r,

*97.5

96.2

+0.3

:••

The members of this

Association represent 83% of the total in¬

■

Unfilled

Tons

1943—Week Ended

Week

Orders

Percent of Activity

'F'

Current Cumulative

Tons

177,766

150,943

598,255

______

121,125

126,427

589,323

Sept. 11—

;

:■

157,082

583,714

construction in continental U. S. totals $34,655,000 for the week.
This volume, not including the construction by
military engineers abroad, American contracts outside the country,
and shipbuilding, is 30% higher than in the preceding week, and ex¬
ceeds the $33,377,000 reported to "Engineering News-Record" for the
holiday-shortened 1942 week and made public on Dcca23. The re¬

Sept. 25

144,100

151,725

558,633

Oct,

164,954

152,479

579,800

156,808

148,574

589,417

148,293

595,257

144,254

147,883

588,399

port added":

Nov.

172,441

Nov.; 13

153,126

Public

V
work is 43%

above

week ago as a result of the 48%

2—

Oct.

;

Oct.

16—

Oct.

——

Federal

work.

Private

below last week.

■

The current week's construction

brings 1943 volume to $3,033,-

664,000, an average of $59,484,000 for each of the 51 weeks of the
period.
On the weekly average basis, 1943 construction is 66x/2%
under the $9,229,534,000 for the 52-week period in 1942.
Private con¬
struction, $484,043,000, is 11% lower than last year, and public con¬
struction, $2,549,621,000, is down 70% when adjusted for the differ¬
ence

in the number of weeks.

Civil engineering

12-24-42

Public
State

Construction...

Construction
and

Federal

—.

Municipal-

________________

12-16-43

(5 Days)

$33,377,000
513,000
32,864,000
813,000
32,051,000

$26,792,000
5,580,000
21,212,000
2,188,000
19,024,000

In the classified construction groups,

4_.

—

;

Dec.

!•''

608,782

149,295

608,893

146,286

587,715

142,136

578,434

177,664

.149,803

602,789

93'

146,662,

148,826

600,323

148,431

589,659

18-

—

;

93
;

•

96;.

received, less production, do
orders at the close.' Compensation for delinquent
filled from stock, and other Items made necessary adjust¬

Notes—Unfilled orders of the prior week, plus orders

gains

over

prepared to act on

from the Office of
.Administration to Interior

Secretary Harold Ickes.

November Life Insurance Sales Advance

House

2. The

called

mittee

Com¬

Interstate

hearing

public

United States in No¬
on a measure to give more than
the amount
$34,655,000 sold in the same month of 1942, according to the monthly survey 1,000,000 non-operating railroad
workers a pay boost amounting to
4,397,000
issued by the Life Insurance Sales Research Bureau, Hartford, Conn.
eight cent an hour. Despite sharp
30,258,000
The total sale$, volume for the first 11 months of 1943 aggregated
opposition from-the Chief Execu¬
2,185,000
$6,614,063,000, a 10% increase over the same period of 1942.
tive's stabilization director, this
(5 Days)

are

$729,000; bridges, $320,000; industrial buildings, $1,114,000; commer¬
cial building and large scale private housing, $3,233,000; public build¬
ings, $16,530,000; earthwork and drainage, $356,000; streets and roads,

$1,955,000; and unclassified construction, $10,186,000.
New capital for construction purposes for the week totals $4,414,000, and is made up of $4,211,000 in state and municipal bond
sales, and $203,000 in corporate security issues. New construction fi¬
nancing for the 51 weeks of 1943, $3,072,882,000, is 69% lower than
the $10,219,111,000 reported for the 52-week 1942 period.

ordinary life insurance in the

The sale of

vember

28,073,000

last week

bridges, commercial and public buildings, streets and
roads, and unclassified.
Increases over the short 1942 week are in
sewerage, bridges, industrial, commercial and public buildings, earth¬
work and drainage, and streets and roads.
Subtotals for the week
in each class of construction are: waterworks, $232,000; sewerage,

•'

prices

Price

12-23-43

par¬

shifting control of oil arid -

bill

coal

blow

service

statement came as:

1. The House

necessarily, equal/the unfilled

reports, orders made for or
ments of unfilled orders.

groups

1 pressure

ously will deal a devastating
to the fixed-income group,

His
not

the

ticularly the dependents of
men." "
vr:''
\

■-

that

operating.
;
"Inflation, if it comes,!' he said,
"will have a serious effect on the
conduct of the war and simultane¬

147,467

144,413

pro¬

are

went on to say:

Administration

controlling wages and
prices, subsidies and taxes under
fire, Mr. McCormaek bluntly asr
serted

587,324

11___

Dec.

amounted to $645,275,000, a 39% increase over

The sales

folume and the ratios for all sections are reported by

Bureau'as.follows;:

the

.'"Y

sewerage,

93
'

reporting this

for

gram

143,686

construction volumes for the short 1942 week,

Construction

V:';V:

the

With

(4 Days)
Private

139,654

last week and the current week are:

Total U.

134,959

Nov.

construction, however, is 21%

;

*126,726

Oct.

Dec.

increase

153,708

—_——

The

program,

from Washington,

; 93

156,044

Sept. 18

affecting
anti-infla¬

President .Roosevel.t's:

Associated Press, in

the

tackled a batch

directly

legislation

tion-stabilization

______ __

4——

Sept.

•'

House and Senate

Remaining

Tons

Received

the

releasing
inflation as

against

floodtides

PRODUCTION, MILL ACTIVITY

Production

Orders

Civil engineering

Against Inflation mffn
Dec.

STATISTICAL REPORTS—ORDERS,

-■

Engineering Goitsfruelion $34,055,000

Dec. 18 until Jan. 10.

Representative
McCormaek
indi¬
Mass.), House majority
cates the activity of the mill based on the time operated. : These (Dem.,
warned
Congress
on
figures are advanced to equal 100%, so that they represent the total leader,

Period

Civil

each

dustry, and its program includes a statement each week from
member of the orders and production, and also a figure which

industry.

*97.8

give herewith latest figures received by us from

paperboard industry.

1.7

V-

than

foods—_

*98.8

adjourned

the National
Paperboard Association, Chicago, 111., in relation to activity in the
We

0.3

than

*98.9

products
commodities

90.4
105.4
92.5
99.8

Weekly Statistics Of Paperboard Industry

0.4

+ 0.2

J '

Volume

W.
S.

Central

All Cos.

Central-

—

-—— -

504,007

134
135

142
140

132

40,634

—

136

23,687

—-

49,933

65,498
—

,—

Mountain

Pacific

In $1,000

65,415

Central—

134

1,719,114
1,468,351
667,728
676,668
262,936
459,970
192,301
.662,988.:.

7 19,567.,

69,209

148

161

of 74 to 4.

'43-'42

$6,614,063

1391o

'
,

resolution has received Senate ap¬

proval by the
Ratios

Volume

142,685

Atlantic

E. S.

168,647

—

—.—

Central

Sales

All Cos.

Sales

$645,275

England

Middle
E.

Total

New

Ratios
'43-'42

in $1,000

•

YEAR TO DATE

NOVEMBER, 1943

;,<+■■/

110 %

agriculture members
demanded
immediate action on
their measure to create an overall
3. House

with control over prices
production and distri¬
Passage of this bill would

food czar,

105
108
108
113
115
108
110
"124
,117

overwhelming vote
;

well

bution.

reduce OPA to a skeleton.
At

the

sumer

increase

to
.

too, in the Senate
proposed ban on con¬
subsidies and the measure

stake,

were

taxes

mately 't'l I'
$2,000,000,000.,,,I*.
'J
'£J i A"*'
L

--T

approxi¬
J'

■

0*4.

Volume

£ Number

158

4242

THE COMMERCIAL & FINANCIAL CHRONICLE

'V;•->

Federal Reserve: November Business Indexes
V

Daily Average Crude Oil Production For Week 48-Hour Week Is

In
Ended Dec. 18, 1943 Declined 12,750 Barrels Effect In Most Labor

The Board of Governors of the Federal Reserve System issued

on Dec. 27 its monthly indexes of industrial production, factory em¬
ployment and payrolls, etc. At the same time, the Board made avail¬
able its customary summary of general business conditions.
The in¬
dexes for November, together with comparisons for a month and a
year ago, are as follows:
•

^',.7''
1935-39

for

1923-25

Adjusted for

;

Nov.

Industrial production—

■

1943

1943
247

month of

*267

266

*377 '

375..

*178

178

*132

136

Adjustment—
Oct.

Nov.

1943

1942

249

220

*247

■if,;.

Durable
Nondurable

»-+

——+-'

—•

,—

Minerals

Construction contracts, value—
Total
'

Residential

All

—

168

140

*131

132

■:

fuel

174

198

*43

*61

other

236

319

181

*31

*32

Factory employment—

*179

130

286

*52

oil.

The

clo not reflect

DAILY

'
*170.7

161.5

*170.7

170.4

.VV232'.0

210.2

*234.0

232.2

123.2

*120.9

121.7

week

Factory payrolls—

123.8

'77 "-.i>

Total

.7/.

Durable

goods

■

above

figures apply to the country
on the East Coast.

AVERAGE CRUDE OIL PRODUCTION
♦State
•P. A. W.

_______

,'+.'7 \-+r.-Tv'

Freight-car loadings

139
*152

-V,

"Department store sales, value

✓.

Department store stocks, value.

t..

'■>0

* Preliminary or estimated.-

Note—Production,

107

470.3

382.8

Allow*-

Week

$Data not yet available.

East

able by

.379, non-durable by .469, and minerals by .152.

Construction

indexes based

contract

shown intothe Federal Reserve Chart Book, multiply
by $184,137,000, and all other by $226,132,000.
•

residential

Employment index, without seasonal adjustment,

Labor

Bureau of

Statistics.

total by

Oct.

1943 7 7

Lumber and products
*

■

777

Plate

glass
'Cement————.--——.,——

;

7 *235

241

'7,7

182

7 7 *184

190

527

*592

607

*464

7 458

600

■7 *788

233

7U.'": t

782

126

171

170
35

107

172

124

Gypsum and plaster products

192

*329

326

Textiles

and

*151

products—;

178
"7-

Cotton

consumption

Rayon

deliveries

Wool

Leather
•

>——

156

153
*191

textiles

*106

products

Cattle hide leathers

*329

326

*151

152

:■■■

food

*108
'

Meat
r

flour

103

500

20,950

22,650

7,000
110,600

________

East

Calif.

United

derivatives

shutdowns
fields

*187

packing

Other

manufactured

168

*141

foods
;

,000

151
;

124

vegetables
Tobacco

Cigars
.

*118

products

.148

,•

121

168

■

139

101

_____—__________

Cigarettes —-__i'
Other tobacco products——;

100

186

151

117

173

100

■■■•.

exemptions

>77

for

•Combin'd: East Coast,

117

Texas

167

;

District—

Paper and products—'——
Paperboard

X
"7

——______

Newsprint production

coal

Fuel

oil

■V/. 96
206

",*217

______

;

_________

Kerosene

"7.,
t

110

169

■

*391

7 166

7158

*469

■

532

503

398

330

*227

225

187

*401

7396

*393

Fuels

'•'."•■•V

;

—

'133

200.

*238

138

130

•77

*133

144

*131

331

234

154

*131

and

gas oil

124

*102

127

121

*138

137

123

133

148

143

—U-—•

*223

223

310

229

211

*199

FREIGHT-CAR LOADINGS

(1935-39 average
Coal——.—.——

127

139

127

140

Livestock—.i.

186

191

186

167

126

157

167

1124

132

119

114

166

183

1143

150

137

140

147

144

138

191

130

193

274

147

________

•Forest products

—

Miscellaneous

Merchandise,

—.—

140

145

153

150

Note—To

l.c.l.

♦Preliminary

estimated.

convert

coal

tRevised!

and Un-

of Gas

of Re

Oil and

sidual

Distillate

Fuel

Fuels

;

labor

ped

86.3

5,767

33,499

22,957

16,494

309

1,733

853

158

87.2

148

1,079

123

194

85.2

739

89.7

2,396

14,115

6,136

2,677

416

80.1

328

78.8

1,141

6,767

2,203

971

26.9

137.5

shortage

but it has

for

141

58.3

62.4

286

1,254

380

661

89.9

732

89.6

2,164

14,211

11,443

37,088

12,240

t72,725

44,117

86.4

4,146

4,827

,86.4

cut

down

the

demand

example of the reduc¬
tion of labor demands which has
been brought about by the
plication of
McNutt

the

Mr.

48-hour

referred

week,

Akron,
Ohio, where it had been estimated
that

its

been

labor

reduced
area

requirements had
by 10,000.
In the

it was reported

that

although many employers are not
laying off personnel they
are
granting releases to employees de¬
siring
them
without
replacing
those released.
in

this

referrals

area

that
of

estimated

was

the

elimination,
workers

new

85.9

ductions
the

alone

filling

made unnecessary

12,000

"Mr,

McJNutt

20,000

both

that

said

desirability of extending

the working hours

one

means

utilizing more fully the
try's manpower.

coun¬

"In applying the 48-hour week,
McNutt

emphasized

iron-bound rules had been

laid down.

In line with the policy

that manpower

problems for the

most part should be settled in the
communities where they
local

develop,

representatives

the

Commission, working with labor
and management, have made the

exemptions which

12,570

Petroleum

10,067,000
§Not

barrels.

including

Administration
$At

71,937

45,510

59,715

10,630

3,645

76,141+

47,165

74,449

for

1,383,000 barrels

War.

tFinished, 62,658,000
terminals, in transit
of kerosine, 4,387,000 barrels of

refineries,

tial

party

bulk

Gen.

was

seemed

Included in the Presiden¬

Allied

forces

ranean area.

Dwight

the

Mediter¬

When the President's

wide

latitude

Sicily,

ported that he

was

it
met

was

re¬

by Gen.

where

cases

week

(1)

because

the

longer work

impractical

nature

opera¬

tions, (2) would not contribute to
any

reduction

ments and

labor

require¬

(3) would conflict with

State

local

laws

regulations.
"The

occupational

generally

exempted

most

group

the

48-

hour week is clerical workers. In¬

dustrial

exempted

enth

ties,

Forces.

the

would

ton, Jr., commander, of the Sev¬

Chief of the Army Air

they

exemptions shall be granted only

Clark, Lieut.-Gen George S. Pat-

Army, and Gen. H. H. Arnold,

long

adhere to the basic provisions that

plane landed at Castelvetrano in
southwestern

be
On

that point, he explained they have

Eisenhower, Commander-in-Chief Federal,
on

jobs vacated through military in¬

the

85.9

4,144

Sicily to inspect troops
personally decorate Lieut.-

Mc¬

demanded by local conditions.

over at

closed.

Mr.

58,272

4,827

Gen, Mark W. Clark and five
other officers of the Fifth
Army.
The date of the visit was not dis,

areas,"

labor and replacements."

new

"As

and distillate fuel oil and 8,291,000 barrels

and to

tData not yet available.

ing of the labor demand.
It has
not resulted in the release of
any
considerable number of workers

that

74.6

Roosevelt,

206

week

Nutt said, "has been the decreas¬

Oil

on
his homeward
journey from
the Middle East
conferences, stop¬

to points in total
index,' shown
Book, multiply coal by .213 and miscellaneous by ; ,548.

Includ.

fStocks tStocks

2,110

The White House announced
Dec. 13 that President

and miscellaneous indexes

the Federal Reserve Chart

tStocks
Finished

Runs to Stills

President Visits Sicily

77 139

195

■

at Re-

fineries

■

191

—-j—-

"••*
Crude

100)

161

186
Grain—_______

Ore_:

140

•

longer

labor and management had recog-

the week ended Dec.

121

lines.

the
;

and

124

137

pipe

"The principal effect of the
ap¬
plication of the 48-hour week in

niezd the

of residual fuel oil produced
during
18, 1943, which compares withal,273,000 barrels, 4,636,000 barrels
8,151,000 barrels; respectively, in the
preceding week and 1,208,000 barrels,
4,081,000 barrels .and
,7,201,000 barrels, respectively, in the week ended Dec. 19, 1942.
■Notes—Stocks of Jkerosine at Dec, 18, 1943 amounted to
10,4/9,000
barrels, as
against 10,725,000 barrels a week earlier and
11,140,000 barrels a year before.
District No. 1 inventory indices are:
Gasoline, 42.4%; kerosine, 51.4%; gas oil,
75.1%; and residual fuel oil, 67.7% of normal.
"

154

127

working
Jan.

art

83.9

request of the

unfinished,

longer week is in effect and re¬
gional reports make it appear
likely that almost all will be

totals

817

the

barrels;

130

144

*138

'3,"

S. Bur. of Mines
basis Dec. 19, 1942_

■

138

reported

88.7

District No.-3
District No. 4

*A.t

7 200

iVr;:'

include

estimate of unreported amounts and
on a Bureau of Mines basis
SGasoline

187

L———

ore

•: 310"-

*102

—^

petroleum

Metals—-—
Iron

;

156

section

824

U. S. B. of M.
basis Dec. 18, 1943Tot. TJ. s. b, of M.
basis Dec. 11, 1943_

48-

instructions

vacancies.

130

the

were issued in October.
To these
have been added 20 in which the

Producers.

Tot.

down

2,444

California

503"

•

1943.

which

for

shut

•

coal

Anthracite
Crude

.7 234

396

" v-'
——

Bituminous

*238

400
225

114 7.

166

-158 77'

16,

Rocky Mountain—
i

'113

;7;i/

•7; 532 7.

*401

;

169

-v

■

.138

113
7

*227

'•310

Minerals—

-1

*155
*469"

151

With

Dec.

31-day basis and
the exception ol

j-:

Ind., 111., Ky
Okla., Kans., Mo

.110

were

when

Chairman

District No. 2

157
155

134;

*164

156

Industrial chemicals___^—

Rubber—•

,7
>,

122

114

Rayon—
>

206
211

.*155

——

115

*210

138

113

■

7*164

—-i:—.-

134

•

————

Byproduct——..
Beehive

151

101

*122

110

a.m.
a

tial
% Re
Daily
% Op* Natural finished
Rate porting Average era ted; Blended Gdsoline

District No. 1—

121.

*217

157

155

122

this

Appalachian—

103

112

month.

.North
Arkansas

and Inland Texas-

137

Gulf,

Louisiana

;

137

777; 148

*111

106

.v-7

211

*122

.Chemicals

151

102

116

7";

141

137

110

"7*210

oil

Coke
•i-

_______—

Lubricating

148

products-

Petroleum refining
Gasoline

137

*107

Newsprint consumption
and

151'

—___;

Printing and publishing
-Petroleum

141

entire

Gulf, Louisi¬

ana

Nineteen of the

areas

list

Detroit

ended 7:00

calculated

,•;Production

Daily Refining
Capacity

141 7

•

the

therefore

Poten¬

179
.7

103

Dec.

Figures

112

7100

190

for week

are

plus

144

■

include

,/■

155

101

163

3,891,500

above, represent the
amounts of condensate and natural

(Figures in Thousands of barrels of 42 Gallons Each)

145

138

'•

4,384,650

shown

produced.

166

156

*109

allowables,

141v

*209

122

774,500

—12,750

4,363,950

7126

*147

3,117,000

785,150

TO STILLS; PRODUCTION OF
GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE. GAS OIL AND DISTILLATE FUEL AND
RESIDUAL FUEL OIL, WEEK ENDED DEC.
18, 1943

97 7

*148

139

77;

3,599,550

14,600

RUNS

*129

149

.140

„

—27,350

797,200

4,425,100

and

•

6,350

93,350

were
exempted entirely and of certain other fields
ordered for from 3 to 12
days, the entire state was ordered
definite dates during the month

•

Processed fruits and

7,150

ap¬

3,566,750

808,000

111

•

16,000

112,900

which

were

144

113

States

172

125

24,000

A 1,050

6,550

110,600

3,617,100

_________

AND

113

140

5,450

—

CRUDE

;

173

■

—

20,350

130

*108

142

72,800

gRecommendation of Conservation Committee of California Oil

119

104

7/ '' v/: J

117

70,100

being specified; operators only being
shut down as best suits their
operating schedules or labor needed lo
operate leases, a total equivalent to 9
days shut-down time during the calendar month.

1617

111

*147

5,450

23,500

Wheat

—

___________

days,
required to

177

110

t +

13,050

58,900

for

;

2,350

91,300

Includes

171

;

163

77' *128

products-

152

173

—

Manufactured

156

'71186

139

77
95

t 7
Sheep and lamb leathers__,; ■;.r'
L—__———.
77
*108 7; V

Shoes

153
*191

59,100

—

239,000
14,700

52,450

shutdowns

159

•

777-;$.

117

73,700

48,550

219,000

21,000

JThis. is the net basic allowable

•'

t: '* 7; 7,

-■■

Goat and kid leathers—___■■

67,500

tOklahoma, Kansas, Nebraska figures

270

125

102

■7,7.7/;'■*7.7

Calf and kip leathers
r

11,850

79,000

350

—14,650

97,700

150

177

109

1,650

—

200

gas

194

161

103

Tanning

313,150

7,400

186

131

199

171

186

152

—

78,200

47,600

P. A.W + recommendations and
state
production of crude oil only, and do not

353,000

159

77;

90,150

223,000

Total

175

124

•

*131

354,050

210,700

Colorado

142

'*196

78,650

274,350

89,050

123

270

152

1,390,150

100,000

several

—

1,903,750

Montana

Abrasive and asbestos

products

174,000
313,650

130

7;77't

■

144

194

358,600

293,200

—

Total

133

368,650

521,700

53,100

California

152

*125

hour

+11,800

from

that

48-hour week.

Group

25,500
57,000

New Mexico

139,900

209,300
101,500

___________

239

7"/7 124

*120

*154

;

*192

93,200

Wyoming

600

289

*132

132

142

Clay products——:

3,000

91,250

77,891

392

305,700

1,650

142,950

77,000

Michigan

527

392

■

271,400

100

■

111., Ind.
Ky.) —:

Kentucky

182

128

1,700

356,350
129,650

14,400

——__

and

224

115

?154

7,77

Stone, clay, & glass products—
•

224

152

*123

—

Furniture

201

7.:/"

782

*'.*;*•: * 134

•

—*

(Not lncl.

204

202

200

289

*788

Transportation equipment

214

7'■

*209

607

:*464

Non-ferrous metals & products

Lumber

201

458

*592

■

indicate

48,000

__________

Eastern—■

NOV;

1942

241

*184

Electric

Oct.

190

*235

Open hearth—-.i

,.'204

202

200

•*,

357,150

—

215,000

Indiana

1943

Nov.

1943' .7

1942

214 77"

*209

—

Machinery

76,900

___________

Mississippi

—Seasonal Adjustment—
Nov.

Nov.

________

Arkansas

Without

1943

324,850

+11,800

375,700

Reports
regional directors
by the end of the
year a large proportion of the 124
areas in Group II will also be on

650

78,550

353,700

announce¬

struction to field offices.

received

275,500

Louisiana

short¬

of the
Group I areas
recently provided for in a
War Manpower Commission
in¬
week

1942

1,894,700

—

labor

quote:
"Mandatory application

Dec. 19,

364,300

Illinois

—Seasonal Variatlon-

Pig iron

Total

"}7Vi

Adjusted for

Manufactures-

Ended

290,800

North Louisiana

193

From the Commission's

1943

520,500

1,892,000 tl,888,938

the

ment we also

Dec. 18,

126,900

Texas

Coastal Louisiana

100)..

Week

Ended

Week

mission, announced on Dec. 9.
Among these areas, it was ex¬
plained, are 69 in which acute
shortages have actually developed.
They are classified as Group I.
The
remainder,
classified
as
Group II, are those in which it
is anticipated
"acute" shortages
will develop within six months.

143,400

Central Texas—

Total Texas

payrolls index compiled by

and

majority

age areas, Paul V. McNutt, Chair¬
of the War Manpower Com¬

man

354,400

________

PRODUCTION

(1935-39 average

4 Weeks

94,400

Coastal Texas

$410,269,000,

The 48-hour week will be in
effect by the end of the
year in a

was

from

f 1,600

East Texas

centered at

averages,

Shortage Areas

48-hour

BARRELS)

t271,800

1,500

P"7;7:7':'

;
-INDUSTRIAL

Iron and steel

t325,800

Texas,

Southwest

whole, and

To convert indexes to value

second month, of F. W. Dodge data for 37 Eastern States.

figures,

315,000
269,800

.7.

three-month moving

330,000

Ended

Texas

North Texas
West

carloadings, and department store sales Indexes based

indexes

122

1943

Panhandle

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

averages.

157

120

■

Dec. 1,

285,000

Nebraska

'173

Dec. 18,

Kansas

180.3

Change

ables

Begin.

______

140

150 "».

Oklahoma

142

136
133
105

199.6
147

77. 7' -'137
140

333.4

(FIGURES

December

280.4

aver¬

18, 1943,
day from the

Actual Production

Recommen-

..'v.v

-7,7, 7—

—

goods

Nondurable

—

y':.
'■/

daily

Dec.

The current figure, however, was 472,450
in the week ended Dec. 19, 1942.

dations

■>

ended

conditions

210.4

121.1

the

production

161.9

*120.9

—-

''170.0

*233.8

Total
Durable goods
Nondurable goods

excess

246

"/'

■77 49''

*48

—____—

*378

168;
'

269
376

*268

236

319

for

output for the four weeks ended Dec. 18, 1943,
averaged
4,384,650 barrels. Further details as reported by the Institute follow:
Reports received from refining companies indicate that the indus¬
try as a whole ran to stills on a Bureau of Mines basis
approximately
4,146,000 barrels of crude oil daily and produced
12,240,000 barrels
of gasoline;
1,383,000 barrels of kerosine; 4,387,000 barrels of distil¬
late fuel oil, and
8,291,000 barrels of residual fuel oil during the
week ended Dec.
18, 1943; and had in storage at the end of that
week 72,725,000 barrels of
gasoline, 10,479,000 barrels of kerosine,
44,117,000 barrels of distillate fuel and 58,272,000 barrels of residual

Manufactures—

December, 1943.

Daily

■■■?

1943

220

production

4,363,950 barrels, a decrease of 12,750 barrels per,
preceding week, and 61,150 barrels less than the daily
average figure
recommended by the Petroleum Administration for
War for the
barrels

Nov.

1942

♦2*7

Total

oil

—Seasonal

Nov.

Oct.

crude

gross

was

'■

;

Without

■

The American Petroleum Institute estimates that
the
age

loadings;

for

—Seasonal Variation—

industrial

production and frelght-qar
factory employment and payrolls;
:
average = 100, for; all other series

1939—100
,

BUSINESS INDEXES

—

averaee —100

n ■„!

2675

groups
are

banks

ments."

most

commonly

newspapers,

and

retail

utili¬

establish¬

I.,
W.

of the

of Directors

Board

The

Chase National Bank of New York
on

Dec. 22 authorized an increase

$13,000,000 in the surplus of the
raising it to $134,730,000.
is the second time the sur¬

bank,

plus has been enlarged this year.
On Sept. 22 last the Board author¬
ized an increase of $21,460,000 to
the

surplus from $100,270,$121,730,000.
These in¬

appointed Assistant Treasurer at
that office in 1934, and Second
Vice-President in 1936. Mr. Par¬
vin was born in Philadelphia in
1897 and was educated there and

in Plainfield, N. J.
He received
his first banking experience with
announced,
the Plainfield Trust Company."
were made possible as a result of
It is added that:
recoveries, improved earnings, and
"Newly appointed Second Viceprofits on securities sold (which
Presidents
are
Alan
C.
Abeel,
profits were largely of a non-re¬
Fifth Avenue Office; Alexander N.
curring nature).
J.V'"' :
Gentes and Philip F. Swart, Jr.,
A
comparative
table of the
baiik's capital funds at the end Foreign Department; Lawrence D.
Scheu and William J. Weig, Trust
of last year and as of Dec. 31,
Department.
1943, after giving effect to the cur¬
"Other appointees are Ralph E.
rent action (with undivided profits
estimated for Dec. 31, 1943, after Kimpel, Assistant .Manager, and

000

creases

deferred
branches agreed to continue the
life of the Commodity Credit Corporation and the present subsidy
program until Feb. 17.
The Senate had adopted on Dec. 17 a resolu¬
tion for a 60-day (to Feb. 29) extension of the CCC and its authority
The Bank of
Malverne, Mal- to finance the subsidies but the House resolution favored extension
verne, L. I., has received author¬
only fof 35 days, or until Feb. 29,<S>
:
*
ization from the State Banking
a
joint
conference
committee condemned the provisions of the
Department to increase its capital compromised on the Feb. 17 date. House bill that would require

in surplus, it is

from $25,000, consisting of
2,500 shares with a par value of
$10 each, to $75,000, made up of
7,500 shares with -^a par value
of $10.

Dec.

Capital

Surplus
Undivided

Dec. 31,'43

31,'42

$100,270,000 $100,270,000
100,270,000
134,730,000
profits
45,049,000
37,500,000
$245,589,000 $272,500,000

Total

that the reserve

It is estimated

for

follows:

Dec. 22)

contingencies

$11,810,000 on Dec. 31, 1942.

8, the
shareholders of the bank will vote
announced

Dec.

at the annual meeting

Jan. 11 on

proposal to transfer $10,730,000
surplus to capital. If this
proposal
is
adopted
and
the
transfer made, capital of the bank
will be increased from $100,270,-

from

000

000,000.

this

for

Plans

noted in

change

were

issue of Dec. 9, page

our

2356.'

following were appointed Assist¬
Vice-Presidents: Lawrence C.

ant

pointed
Frederick

Assistant
Secretaries:
N. Goodrich, Elmo P.
Frank

and

Brown

Keeler.

Bank

The Commercial National

of New York
Dec. 27 the follow¬

and Trust Company

announced

ing official changes, effective Jan.
1: John M. Budinger, Vice-Presi¬

dent, to become Senior Vice-Pres¬

Charles E. Wolff, Cashier,
become
Vice-President
and

Vice-President

the

title

and

holds

now

Vice-President

and

Comptroller.
Mr. Clough began
his banking career with the Title
Guarantee & Trust Company.

Cashier, to become Assistant

ant

Vice-President.

$3,500,000,
was

of $7,000,000.

excess

or¬

The Manufacturers and Traders
Trust

Co., Buffalo, N. Y., has been
by the State Banking

authorized

Directors

the

Bank, Newark, N.

Dec. 23 voted a special div¬
idend of $2 a share in addition
on

the

regular semi-annual divi¬
$10. At the same time

dend

Board

the

transfer

approved

$500,000 from undivided profits to

surplus account, making the lat¬
ter figure $3,000,000.
Directors of National Newark &
Essex

Banking Co., Newark, N. J.
a
dividend of $3

declared

have

per

its

the

Dec,

meeting

of Federation

of Directors

Bank and Trust Company

Company.

000.

of New

capital,

$3,000,000

payable Jan. 3 to stockholders of
as
of Dec. 23. The divi¬

record

dend had

been

voted

$2.

The directors

transfer

from undivided profits
Board

$250,000

to surplus,

making the latter item $1,750,000,
an

increase of

$375,000 during the

;

year.

of
which was Subsequently merged
$100,000 from undivided profits to
The Girard Trust Co., Philadel¬
into the Bank of the Manhattan
surplus, making surplus $1,175,- phia, announces the promotion of
Several

after

years

York

approved

the

transfer

bank has added to its G. Wilbur
Hornsby, Jr., and T.
account from undivided Wesley Matthews from Trust Of¬
ager of the company's Woodhaven profits various sums totaling $500,ficers to Assistant Vice-Presidents.
office.
Mr. Clough became af¬ 000
during the past several years. The bank also announces, accord¬
that he

was

named Assistant Man¬

The

surplus

filiated with Manufacturers Trust

Company in 1921, and three years
later he

was

elected

Assistant

The last remaining
defunct

Bank

asset of the
States,

United

Secretary. In 1929 he was elected New
York—a
six-story
office
Comptroller. Mr. Clough is a Di¬ building in Lynbrook, L. I.—was
rector of the Security Banknote offered for sale
gt public auction
Company of Philadelphia, and of on Dec. 21. The New York "Her¬
Manufacturers Safe Deposit Co. ald Tribune" noted that the sche¬
He

the

Hotel

Director

and

New

Treasurer

Yorker, and also

Director and Treasurer of the 261
Fifth Avenue Corporation.

In ad¬

Secretary and
Liqui¬
dating Agency Corp.
dition, he

Treasurer

serves as

the

Central

ing to the Philadelphia "Inquirer,"
was promoted

that James C. Butt
to Trust

Officer in administrative

division,

and W. Taylor Vallier,
of supervised agency ac¬
was made Trust Invest¬

in charge

counts,

ments Officer.

tax

thirteen years after the bank was

sistant

and

assets

its

taken

over

by the State Banking Department.
At

the

time, the Bank of United

States had $188,750,000 on deposit
and 400,000 depositors. Following

division, was designated As¬
Trust

Adams
cer,

William F. Black-

inheritance tax specialist in

man,

duled sale of the property occurs

closed

was

Officer;

John

made Personnel Offi¬

and Walter F. Baker and S.
Browne, Jr., both estate

Hulme

Lynbrook property,
of
Banks, said that the final divi¬
New York, announced on Dec. 24 dend to be paid to the bank's
the appointment of two new Vice- creditors will be computed.
Up
Presidents of the company, Jere to now depositors have received
D. Buckley and William R. Par- 75%
of claims.
Mr.
Bell
an¬
win, and eleven other official ap¬
pointments and promotions. The
announcement

"Mr.
are

states:

Buckley

and

Elliott V. Bell, Superintendent

nounced

the

final

paid

dividend

about

three months.

Mr.

Assistant

Trust Officers.

Fifth Avenue
Office, at 44th Street. Mr. Buckley
has been with the company, prin¬
Company's

mas

last

week's

Christ¬

festivities of the Williamsburg

and in recent years

Savings Bank of Brooklyn, ar¬
for the entertainment of
pupils from neighboring schools,
a typographical error occurred in

ond

our

cipally in credit work, since 1919,
has been Sec¬
Vice-President at the Fifth
Avenue
Office.
Born in Pitts¬
burgh in 1898, he was graduated
Carnegie Institute of Tech¬

from

nology in 1918,

and before com¬

ing to New York was associated
with the United States Steel Cor¬
"Mr. Parvin has also been

the Guaranty Trust

with

Company since

ranged

reference thereto in

here

the

take

occasion

issue

our

week ago, page 2572,

and

state

that

Christmas

carols, which fea¬
tured the festival, were rendered
with organ

dend of 20%,

amounting to $970,to 3,376 re¬
maining depositors, brings to 100
473.

This

cents

payment,

dollar

the

original

it had

the

balances.

payment

When

the

Aug. 15, 1931,

55,188 depositors and total

deposits of $22,431,132;

elected

Shore

War Food Administra¬

vin Jones,

tor, on the grounds that

hampered.

Deferment of action on the sub¬

sidy question until February was

proposed

subsidy

vin

favors

Jones

now

make their 1944 pro¬

can

plans accordingly.
Mr.
Jones made this appeal for Con¬
duction

restricted
F. H. La
City and

and
3,

York

New

from several other cities

mayors

warned

the

Committee

Senate

that

withdrawing subsidies will
cause living living costs to soar.
Mr. La Guardia
also suggested
that wages and

prices be adjusted,

Opposition to Government food
subsidies

voiced

was

Dec. 7 by

the National
Council of Farmer Cooperatives.
of

spokesman

At the opening of the Senate
group's hearings on Nov. 30, Al¬
bert S. Gross, Master of the Na¬
tional
Grange, and Edward A.
O'Neal, President of the American
Farm
Bureau
Federation, said

gressional action on Dec. 6, in tes¬
tifying before the Senate Com¬
mittee, and renewed his plea on
Dec. 12.
In his latter statement, that subsidies act as a brake on
Mr. Jones said the subsidy fight
increased
farm
production and
had "clouded" other needs of the are a
disguised wage increase for
farmer, such as machinnery, parts, labor.
labor and feed, and added:
On Dec. 1 spokesmen for labor
"The farmer will produce if we
organizations testified in favor of
see that he gets the tools and then
the subsidy program and on Dec.
get out of his way. We continue
2 Price Administrator Chester A.
this fight for months while pro¬
Bowles urged the Senate group to
duction waits. The farmer needs
continue the program. Mr. Bowles
to know now so that his produc¬
warned that living costs may be
tion plans can be made."
Mr. Jones said he wanted "se¬ expected to rise 10% if Congress
abolishes food subsidies, and also
lective" subsidies continued and
also would like
"the chance to said that termination would!
continue

the

use

support

threaten the Government wage as

price
to
assure
the
producer well as food price controls by un¬
through the planting, harvesting
loosing "terrific pressures" for in¬
and marketing season against the
added hazards and risks of ex¬ creases all along the line.
In Associated Press Washington
panded production."
The Senate Committee had con¬
advices, it was stated:
ducted
public hearings on the
Under Committee questioning,
subsidy issue from Nov. 30 to
Mr. Bowles
said he
Dec. 9 and has been in executive

pers^ffally

since.

session
referred

The question was

but

subcommittee

subsidies, but added

didn't

that he believed they were essen¬

failed on Dec. 4 to tial to
keep living costs in line
reach any compromise.
J. B. Hutson, President of the during war time,
In comparing a cost-of-living
CCC, told the Senate group on
Dec. 6 that he was of the same rise to a Federal sales
tax, he
opinion as Mr. Jones.
emphasized his view that no one
In
Associated
Press
advices
could predict accurately how high
from Washington, it was reported:
Like other Administration wit¬ living costs would go if subsidy

this

group

nesses,

Mr. Jones1 and Mr. Hutson

profits to sur¬

plus from $62,000,000 to

$75,000,-

000.

controls

foodstuffs were elim¬

inated.

said

Bowles

Mr.

ment

is paying

now

the

Govern¬

subsidies at

$1,100,000,000 a year,

the

Ivey, President,

National Trust & Savings

Citizens
Bank of

Angeles, Cat., announced on
Dec. 23 that H: H. Christensen,
Assistant
Vice-President of the

Los

Trust

American

Co.,

San

Fran¬

cisco, has been appointed head of
a department of consumer credit,

Farmers

Mechanics

Bank, k. Minneapolis,
nounced
S.

Kingman,

Dec.

Savings

was,
an¬
by Henry

President

the

bank.

experience

banking

since

1910,

exception of 1917 to 1919,
he served with the United

with the
when

States

Marines.

authority
with

Considered

authorized the transfer of $13,000,-

Francisco.

credit

matters pertaining to
credit, he has been

American Trust

South

the

Mar¬

control agencies and

that price

farmers

decision

Dec*

Guardia

advocates,

but War Food Administrator

Co., Rockville Cen¬

planning

production would

farm

1944

past 21 years, and

President

Trust

by Mar¬

issue was opposed

installment

been

Mayor

period

Delay in settling the food sub¬
sidy

(National, Trust & Savings As¬
sociation),
San Francisco, have

has

ited

amount.

itations.

ica

Breitbach

promise plan which would permit

rate of

and

argued that they are cheaper
Federal

the

higher
they

taxpayers

would be if

removed.

He thought,

are

however, they should be
limitations"
but

than

living costs

did

elaborate

not

"definite

subsidy payments,

this

loans point.
; ./•••' •
with Citizens National Bank, and
Food prices/ he said, have been
Mr..
Theb^resignation of Albert H. will take over on Jan. 1.
held approximately stable since
Crosby as Vice-President of the Christensen has had continuous

accompaniment.

are

automobile and installment

Directors of the Bank of Amer¬
Frank

poration in Pittsburgh.

Toledo, Ohio, now in liquidation,
have been granted a final divi¬

attempts

outlay of subsidy funds for a .lim¬

plus account, increasing the sur¬

old bank was closed

Incident

It is reported that

being made to work out a com¬

permitted subsidies up to $600,000,000 a year under certain lim¬

000 from undivided

Depositors of the old Commerce
Guardian Trust & Savings Bank,

Parvin

associated with the Guaranty

Trust

that

expected

promise proposal offered by Sen¬
ator Taft (Rep.,.Ohio) would have

administrators, were promoted to

the sale of the

Eugene W. Stetson, President of
the Guaranty Trust Company of

promise proposal, and approved
the 60-day extension.
The com¬

Board

The

National State

CCC to

"If prices are raised on even a
few selected food items on which
and
Currency prices now are being supported
Committee, which had been con¬ through subsidies, you are going
sidering the issue for some time, to be confronted with pressures to
refused on Dec. 16 to accept the raise them all along the line," Mr,
flat subsidy repeal bill or a com¬ Jones asserted.

for

also

later he accepted a position
with the Bank
of Long Island,

year

1924

1934 and has deposits

ganized in
in

National

First

ident;

Cashier; R. L. Armstrong, LaurisClough, who has ton C. Lake, Miller Moore and
been
Comptroller of
Manufac¬ Charles Summers, Assistant Viceturers
Trust
Company of New Presidents, to become Vice-Presi¬
York since 1929, has been elected
dents; Herbert W. Tinsley, Assist¬
a

deposits

the

while

previously (Nov.

Banking

Senate

The Central

established

was

has

and

J.,

Charles

National

July 1, 1945, but banning payment
of food subsidies.
However, the

Marshall, Ferdinand G. von Kum- Department to operate personal
mer, H. John Simmen and Fred¬
loan departments at its main and
erick M. E. Puelle; at the same
branch offices.
',
:
time
the
following
were
ap¬

$111,000,000 and the par
capital stock will be

$15.00 per
share.
The surplus will then be
reduced from $134,730,000 to $124,-

meeting of the Trustees of
Company
New York held Dec. 23, the

of $11,500,000.

excess

assets

prices to be raised, in lieu
subsidies, as certain to result
general food price inflation
and
a
shattering 'of President
Roosevelt's hold-the-line policy.

food

The House had

dent; of the Central National, and
Ernest H. Watson, President of the
First
National.
The
purchase
transaction, which has been ap¬
proved by stockholders, will give
First National total

signed the measure on

23) voted to continue the

The

the

the controversial food subsidy issue was

Dec.. 24.

the United States Trust

value of the

increased from $13.55 to

Treas¬

Banking Department; Clar¬
ence H. Thorn, Assistant Trust Of¬
ficer, and G. Kenneth Crowther
and
Carl H. Johnson, Assistant
Credit Managers."
urer,

of Dec. 31,

1943, will amount to approxi¬
mately $6,000,000 compared with
As

^Temple

President Roosevelt was report¬
ed to have

purchase of the Central
National
Bank,
New
Rochelle,
N. Y., by the First National Bank
of that city, was announced on
Dec. 21 by Louis R. Smith, Presi¬

Secre¬

tary, Foreign Department;
E.
Dalrymple, Assistant

semi-annual dividend of $5,180,000

Heemsath, Assistant

John

A decision

by Congress on D£c. 18 when both

stock

declared

Congress Postpones Food Subsidy IssueVotes Temporary Extension Of CGG

Vice-Presi¬

Executive

been

1919, and served in various de¬ dent of the institution for the last
partments at the
Main Office three years. Douglas F. Frisby was
prior to his assignment to the elected a director to succeed Mr.
Banking Department at the Fifth Loft, whose death was noted in
Avenue Office in 1934.
He was these columns Nov. 11, page 1932.

This

raise

had

Breitbach

Mr.

Loft.

late

the

succeeding

Geoi'ge

tre,

Companies

Items About Banks, Trust

Thursday, December 30, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

2676

men's

Co. for the

last March.

OPA

soon

certain

He asserted that

the

would put ceilings on

fruits

and

tables that would

winter

vege¬

bring the prices

of those items down

substantially.

Passage of the anti-subsidy

has bee" ar+wo by the House
affairs in. San
issue of Nov.

was

bill

reported in our

25, page 2131.

Full text of Commercial and Financial Chronicle : December 30, 1943, Vol. 158, No. 4242, Section 2

FRASER