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Final ESTABLISHED OVER 100 Edition YEARS In 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 60 a Copy Victory The President would like to have the of his regime public cease to think the New Deal Administration. Henceforth as 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 To ! ; 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 as which i confer¬ s in 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 no From Casey, one American striking the that and Japan at principles for assuring peace in the Far East, involving the per¬ manent elimination of the empire of Japan, were discussed. "in than more 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 at began snickering. the of 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 to 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 - to reason be¬ we seem to have got for you and for all your comrades in arms who fight to rid the world Mr. of Roosevelt thinkers realistic of Wash¬ ington officialdom believe we are cleared; ian we an awful fleet. time of Pearl Harbor or with that of several months afterwards. The realists But the whole logical effect tions. Maybe asking the ques¬ how close are we to We 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 we high are. They never the diversion in instance. We have a Realists command the first part of Italy. On — other Messrs. well 2671 2669 Trading "We that ask God's the shall grace upon comfort of granted to be who those to and are Review psycho¬ at up come. any <• Fertilizer .'(.'v <i Association Price and Coke .2670 . . . - Weekly Crude Non-Ferrous 2666) there in 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 is truly a world demonstrated when was ments were war arrange¬ made with our over- (Continued on page 2668) capacity. may Weekly November ord can be creased in exceeded 1944. November and Life Prior Federal i to Dec. Reserve Indexes business were This do will sugar Continued Commodity dicated Prices ve de- during 1944. The col¬ lapse many of Ger¬ could result ing hold. In¬ coffee, cocoa hold down their in a wholesale heavy demand is in¬ most To 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 to of 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 W. Babson indexes. If the Inventories Businessmen should watch the Permits,. . .2673 going in Italy Outstanding.. . .2672 or 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 more any possible this .2671 Electric If 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 a as (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 of Carloadings Weekly Coal keyed as Business And Financial .2669 I Weekly Engineering Construction...2674 not striking it off they formerly did. Churchill seems manifestly never as — 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 on 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 of 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 a 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 1 ' Financial wanted only to occupy sufficient of Italy's boot to protect the Mediterranean. Somehow hearts our military on present—especially plans for stepping up our on On ■■ "In matters of the is Editorial: campaign, command armed forces" in which he our said: Most firms are booked to became committed we American the people," Christmas message to those a 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¬ of those who are sick and wounded, The President stated that "Brit¬ you Institute "definite that I have ferred with the leaders of Britain as 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 to war now cessful shek of China and Mr,. Churchill, By CARLISLE BARGERON the of the behalf enslave the Ger¬ to 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: on 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 he that to "But those four powers Germany'' and h 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 4 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" to 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 in history, observers place the in¬ Estimates month publi¬ of in retail trade thus far this crease all Christmas best nation's state. active more steel production, the trade cation said in its weekly the 6% at volume. the realized of over This comparative gain becomes impressive when more top that it 13% a it 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 18 totaled 759,288 cars, according to the Association of American Rail¬ This roads. was a decrease of 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 no week ended 11% a point¬ only operating ex¬ taxes, or final income re¬ ed out, covers sults. as never price of victory. before the the banks of as borrow to basis huge by the ex¬ of the through In the current pronounce¬ ment. invited' to are in 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. as in invest we the Government's promises to pay in times like these, we are investing in the future taxing power of the Modern Government. not do ments govern¬ treasuries have They have only the power to tax the- power to Taxa¬ the borrow. tion is compulsory; lending to pulsory. could be also com¬ But there are of these processes. both t 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 an 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 is 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 on fickle public sentiment." Dr. the is dividual to he ability of the in¬ save and earns out of that which which he that the Since ceives. hope best of bulk economic transactions are re¬ our of mineral coal.< are.. reserves oil, lumber and ores, being consumed at a 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 v comments the of Dec. 28 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 we 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." 7 ; •: . ■ expressed the belief that the democratic nations would Mr. Phelan with Soviet saying he continue to cooperate Russia saw the after war, barriers to no 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 more thirty nations to be represented at the ILO conference in Philadel¬ phia April 20. The represen¬ on member the of 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 be to governments. that the plans Phelan said Mr. the at conference proposals previously by the ILO easily could be incorporated in the re¬ habilitation program that might be evolved by any international well as as out worked that may be estab¬ the war along the of the old League of Nations. organization lished after of the One he lems, that big post-war prob¬ out, would pointed rehabilitation of of be 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 of dollars, the saver must again encouraged to save dollars and to offer them freely through the be It will be channels of investment. difficult to this in persuade them to do the volume necessary as . 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 no tling of Arriving in New York by clip¬ which have storehouses of wealth. and and Canada. States United monetary procedures we on 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¬ on "Normally, savings quicken the process Government with The Dec. from year 18 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. in the history The-labor of force the in 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 of altogether neither prosperity. Here nor homely was proof that national in¬ necessarily represent wealth. "We are actually led to believe so littled of virtue saving which recently ridiculed and be¬ is coming again '■ -Vv own.1; into its ■■ "The doctrine of the inexhaust¬ is 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 of "Ex¬ change," published by the New York Stock Exchange, adds 109 companies to the tabulation of corporation of wealth cannot be restored." Dr.' that we are creating and saving earnings with com¬ is come The under critical theory that months ended Sept. 30 was 10% since we under owe no 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 a on 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 9% 1942. penses, five revenues were than in the same month of year. Federal Reserve Bank. down more 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 to one, we that on paign that every the where destined was the decisive consciousness the clear conflict, front ourselves found we 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, is when world a prove Or the various "labor It ago were program.":—White House statement. Obviously "the national stabilization program" has become remarkably "flexible." Is further continuation of this fiction really ernment. statistical a 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 of 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 on five '"V ,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 a 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 a 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 in division. considering claims not previously "In addition, in • . Need for the American Locomotive of Thursday; December 30, 1943 of them." and thrift 7 In Associated Press , been converted into war to 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 in about $500,000: more November a 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 A ' "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 to funds reserve on a whereas de¬ dollar-to-dollar basis, posit growth requires the replen¬ ishment of reserve balances only on fractional basis." a 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 of purchases substantial made Government securities in the open market, y :' • /A', as New York "Sun" of Dec. 21 finds it hinting "strongly that future as Governors- of of the banks "Although volume' of excess large longer no reserves necessary. seems on 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, of ratio serves to excess the Board indicates, has fallen to although the country banks 7 %, maintain "Sun" a 30% ratio. From the quote: we . "As bankers interpret, the pro¬ ing that while any banks hold any excess reserves it will not pro¬ vide more 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 a a 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 previous five weeks ending Dec. 2, reserve funds were absorbed by a pre-holiday rise in money in 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 an increase in Reserve Bank ernment of of $8,000,000,000 holdings of Gov¬ securities and a 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 is now, close 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 as accounts that characterized riod of Treasury a pe¬ financing and the resulting from increase in deposits bank purchases of securities,, required Government the. mainte- excess reserves tenance of of prices securities at around $80Q,- which the that became 'decline over the period J established in 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¬ .. .. A 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 a the the that manner tries to are tion of There will of question have new been started of the consequence war, and in which these indus¬ function in anticipa¬ resumption of trade with a will munication also extend into the post-war period, and will tional in¬ the internal and internar fluence situation of 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 as economic, order prevailing American the on 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 , A 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 of limitations as it applies to Army and Navy officers who were in charge of operations at Pearl Harbor Dec. on 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." of the American Republics, the i lies, the report points out a num- military were or civilian personnel who deemed derelict in their duty at Pearl Harbor. Passage of the measure, by the Senate on on Dec. 6 Dec. was 7 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 of role the for man yet lead the country into full post-war employment. salesman is proposed as the answer to a question may ,! which is published within NAM declares be to the next two weeks, of 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 in now introducing the distribution lection of the Post-War Report, In or che NAM Distribution working to make things for one consumer—the Government. They will be needed to sell things. constitute net do Subcommit¬ tee. headed by Howard E. Blood, President of the Norge Division They Borg-Warner Corp., Detroit, of the unemploy¬ an 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." mi 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 to come accepted be as "should will should be clearly defi- and j ™tely recognized in the future distribution and The 1 on v 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." • a 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 is at some future hour " would If inflation. be inflation permitted to run rampant, the of our citizens will sag morale on 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 is the opinion of John T. Burke, la¬ bor relations officer of OPA's < Associated most economy our of Dec. 19 to follow fronting the home front today, in George this at 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 to 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: 21 we , . position on .a of renegotiation and had offered no suggestions or recommendations." "Mr. from its a 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 in matter of fact, the renego¬ tiation law contracts of workable more far is • under the Senate where" most disappointing. were The release date news of not ob¬ was British Reuters, by the on the Cairo conference served S. 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 a 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 I 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 of discussion in manufacturing. To furnish ample outlets for this will require the 'supercharging' of the industrial motive power by fur¬ buying an 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 more Report Post-War 1943 the In *>- output?" this increased i at an unrivaled rate, how the post-war years in put by ! produce "Granted that we can shall we distribute the NAM: the Post-war Committee of j V ( The Thursday, December 30, 1943 & FINANCIAL CHRONICLE THE COMMERCIAL 2664 nor ' . The statement was the following memoran¬ in made sent dum , , President's to Secretary War of 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 it any time heretofore." not war,, at been ing achieved: ' • ernment, to, ■ his share, was advo¬ "Unfortunately," he said could; get "The Treasury proposed to raise cated. "our ing the to 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 a a large part of this additional rev¬ million or two more, shifting present the "We all may be 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 or follows: as ^ Mr. Logan control, Logan abolition of 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 In all support of of the American Federation of 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 to maintain agers that owners of business are and entitled to fair and just return." If the Canadian man¬ of continuous ^sporting this the in New . banking system nationalized, said Mr.» Lo¬ gan, the result would be monopo¬ listic banking in the true sense of In dis¬ "Times" York , Ukewise indicated Mr. Carlisle aying: "In - Mr. time chartered of 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 in were were the word and account would scrutiny by a each individual's be subject "to representative of socialistic authority." : Bank need of these "The been chartered of 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 at history final "a George would be and the lowest of Canadian short-term rates in the banking. These banks paid taxes aggregat¬ well The Germans York "Herald Canada of could result only in the in 1942. If these nationalized, the Gov¬ would be deprived of ernment this revenue." Tribune" of Dec. 19, which further stated: The wireless bv 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 of 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. in 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 of business^ Em¬ phasis of the discussions will be personnel problems and policies of the thrift business and 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 ed 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 it Germany" And Bulgaria banks the for thought Loan ing $15,453,700 alize he 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. an C.. H. Carlisle, President of the Dominion of the Business Forum. as As the a service. Toronto a "I 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 on 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 a 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 A .ft ^ Production in 1944 is indicated J at 526,957,000 bushels by factors which of winter wheat sown in acreages than more below 2% Included ft in for the sown was 1942 either of to yields related — 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, or measurable and in pre¬ now are be 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 is usual, as 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 to ers than wheat «for in 1943 the practically every sown State estimated the below 15% acres, at 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 is 1943 19% (1932 ofwinter acreages of 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 on an 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 at favorable; The there the dry fall permitted rapid har¬ late of 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 in will retumfng soldiers, of passing on 10 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 3 .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 to Kansas—due pri¬ marily to unfavorable weather at the ment. "This is not their worst feature Their however. that feature worst if 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 • to in manpower to truly they open the way "I ft/ ft/ft; ft;ftftftftft-<ft informed that am 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 ft hold the seed of a na¬ I refer to provi¬ "They scandal. tional eliminating renegotiation the makers of such sions from as , 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 of final settlements under tion for years to come." open "Employment of increasing an number of women in war it makes tion even an produc¬ im¬ more 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 as 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 "I 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 is "It the further request my 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 be 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 a 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 of 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 of winter wheat to removal received, crop shift a favoring rain. In most sec¬ a 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 is 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 of age and - on the available make to Board . • 1 22 Dec, directed Roosevelt Production War f 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 ,, p some acreage vested for President on 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, ft 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 B. 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 is learned from f 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 in case all wanted to drop at collectively, but with reservations," he said. "Those res¬ "They and once ervations forced were in ties among Mr. there tion that the Act be en¬ communi¬ competitors." neighboring Ransom was which not a said he thought bank in the would na-| fail to find it >'■ ft ft ft. the He ftftft '-ft -ft ■■■;■—i—ft' —;^ if it 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." fy enforcement in that One alternative one tile permit its would big city bank to country-correspondent interest be to pay bank demand Bankihg * Davis, • On States sively special from struction- his the earnings on its account with the city bank, and the latter would be relieved from violating board of he ' 'Theodore to return became assistant directors of the Finance of Governors Stimson ft and Roosevelt. United on 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 of President, Bankers Com¬ mercial Corp. Also David Fletcher & T. Leahy, Brown: Mrs. advisory which of in an will capacity Directors of appointment of partner Oswald act the to Board Association the New throughout the coming City, and Richard W. Law¬ rence, committees the ft year. •. There are 34 standing commit¬ tees, comprising in their member¬ ship approximately 400 leading ft 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 18 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 in on yers. 1933 Without sirtce ft Associated was'violating the provision practice," Mr. Ransom said, admit¬ ting that the ban has been on the statute Cur¬ and time to enforce more tine, the appointment of the new Dec. on the succes¬ to the Recon¬ Corporation, president and director of the RFC Mortgage the the present provision against ab- of sorption of interest payments. ration. Company, and director Commodity Credit Corpo¬ He has been First Vice- Brooklyn Hospital; Roy M. D 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 on 10 by Prime Minister W.ftL. Mackenzie King, Similar action Dec. will be these taken countries, with respect legations in to 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. in 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 of 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 is construction or 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 to and it—not the amended write allowed off the cost measure taxpayers of facilities over a 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 to 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 in the decision to 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 to seem published be the of flood stories that we must furnish 70% of the invading force. That certainly tends to add to our disquiet. In 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 in 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 more cautious ness—that's else's. our official attitude. with winning the with our prospect with alarm. for treatment of 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 a more What it is all about this writer would not undertake to is no 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. - | V There is this serious as the year grows on. On our home front ideological be life economic that believe seem it has been tie the hands of the would well to remember do that the still stand books securities two are tax laws of thoroughly legislation, which enactments our vicious f arm cies or administer them. ter off The ; other able some • What We Must Have ~ t What; must we such with the have is a 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 on but foolish There is a determination on our to more than upon any count such thing. It will be recalled that until about a 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 of 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 a 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 we in our ultimate certain, we can struggle ahead victory is face the long, hard with confidence ness. •■■ V "I know that y I for the myself, when I assure you of our gratitude for* the service you so bravely and honorably rendered and of' our nation, well as speak as # continued solicitude for your wel¬ fare and contentment. A Merry Christmas the New each to Year of be 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 of mainder. most of the re¬ y 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 a Fourteenth there is one) of the New Deal, Constitution, States from which the President now says vote because in effect is a remain with fait us accompli to forever more. is sums a capable of formulating such program would be about unwarranted by the facts as as 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 a 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 a students or¬ have of it would be alas! must not in the White House man in with the troubled waters. we 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. more 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, is by among many so-called inde¬ pendent elements in the popu¬ a 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 be 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 of 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 we dashing, adventurous Roosevelt. that doubtless by merely turbed about it. They the New Deal is to he Deal forgetting seem — expect anything too soon. In 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 as 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 In 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. is Amendments to the which prohibit the denying citizens a of race and from en¬ forcing "any law which shall abridge the privileges or immu¬ nities of citizens of 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 be dumping on This could no 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 by 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 a is sylvania, Ohio, Indiana, Illinois, Missouri, Texas, California, Ore¬ gon and Washington Of smaller volume States, I like: Georgia, Minnesota, Florida, Nebraska, Utah and it Florida boom. cities sales ago Arizona. real a are simple was with expected 50%. Now to spot gains more of for cities It will make 1944 business in the cracks of the whether early or 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. on chemical skilled and unskilled workers industry has This may con¬ Leaders in new drugs can A 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 6% "A." General Shoe, Preferred and railroad and The equipment groups ought to better-than-average prog¬ 7, 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: 2. will Index around average 130, about 12% below 1943. Commodities: 3. . a:. Sales: ' • ' Retail: sales will volume dollar - . in . 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 more , 'rA -i Stocks: -: -V? : If .the market iis/low when Germany ; it will then go up;-but , ....'/'vy V - .. 7. /, Bonds:; - ; .'' • "' - ' • V,.. tv i.. down.- go ' •. "• V'• ,, V' ' P •' ■' '* ' 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 a of the European through October, 1944, assure this, he is not hurrying conflict Front. Second not Republicans have insisted upon "uncondi¬ As (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 forces real trouble will Chiang serious illness of Churchill, Stalin, perhaps even Hitler in and behavior. record and habits be will an thrills good job for everyone after cracks. In fact, there begin to be unemployment when Roumania, Bulgaria or Hun¬ Germany will gary or or 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 be 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 the in 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 a good way The, Repub¬ ticket. will put their efforts Congress. November, In Finally, 1944 will see a continu¬ ation of the conflict between those re-- two philosophical theories if Willkie if 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 a ; unemployed when forces based on war ;-V 1944. have may post-war jobs get ■ be upset three vitally important questions: entered their or getting post-war jobs. Men who were they is should not ex¬ until bacteria bombs above may Wash¬ at .elsewhere or we -;; All of the - ington be ■ entered Those who return. "armchair" the chemicals used. are trouble getting jobs when no they and Roosevelt, Jobs Post-War to 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¬ on ■ 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 a ments; or (1) animal rules by of the possessing dressed in a a jungle even when college diploma and tuxedo. If our first 1944, they should secure a good major¬ ity of the House and six more ? r; more and Socialistic the real experi¬ inflationary force down is sunk. The - hope of a better post-war world lies with greater research and more religion. . interest payments ernment-bonds dominate the high- • be 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 to ••• : • from needed. by ■ : :V f: x' ' ' Good and medium-grade bonds will hold close to presentr-levels throughout- the year. •••■ • cracks /-V;; if then'high;'it .will' to 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 is 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 be not within be may his should be 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. of of 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: no groups attractive more 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: .. I 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 or In view of the rel¬ Governments. IIow Long Will War II Last? the few buy on long-term great expansion. is 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. no 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 a suffer to to 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 a to cities will show of the lot: Ariz.; Calif.; Mass.; both for up After the war, gains of only 5% to 10% in 1944 over a year ago. Here is the pick Mich.; is 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 A 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 in 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 of 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 to 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 we took into considera¬ the and Caribbean northeast the on cpast of South America it is after¬ In noon. Alaska ; and the morning. in Hawaii it is 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 in 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 a 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 us sincerity and conviction. Arid this even year, still we 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 we Christmas on — 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. 7 At Cairo voted and But other. we 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. we needed many be from .other the combined other each attack points is Eisenhower. we know these ground conferences which plenty of bad news will spell for the Japs in conferences I man in met the, Generalissimo, a great vision and great of 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 to 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, a less determination with . our armed faith and confidence have in we Gen. Marshall and Admiral King who direct all of our armed might potent forces against when the day going are to get durable peace with the just a truce, not just tice—but peace enforced and man can peace—not as that is durable make it. If armis¬ strongly an as we as mortal are will¬ well con¬ launching of to sit down at gigant'o attack upon Germany, shall a 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 1; 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 on 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 we point for united with and cooperate with all the freedom-loving peoples of Eu¬ doctrine of every along people well indeed..' \717 The on stalwart a 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 of 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 a combines The Cairo and Teheran confer¬ table we good humor. -he not too far distant future. after the war. Stalin:—and 7 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 we 1 The commander selected to 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 In 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 me 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 ■ as 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 the weak strong is enemies—and * same agreed time, the we 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 We 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 in war of 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 as wartimes- a fight we 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 a 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 of odd-lot ac¬ dealers and the odd-lot specialists who handled odd lots the on New York Stock Ex¬ continuing current figures The figures based upon reports filed with Commission odd-loi the by dealers and specialists. TRANSACTIONS STOCK ACCOUNT LOT ERS Y. N. Odd-Lot FOR Ended Sales DEAL- Dec. 18, Total for Week purchases) of orders_..-__l.^-^r..;': Number of shares : 19,810 530,202 V . Dollar value 21,543,629 Odd-Lot Purchases - short sales,—r_ 357 other sales— 18.423 be total Customers' short sales.. »Customers' other sales. Customers* fto'tal 8,817 493,223 _ sales— 502,040 - , h Dollar value 17,288,880 device." this Shares: V ?";/ ——A.I,. food to 550 subsidies .137,410 cies # price whether they marked with liquidate 172,450 exempt" sales.'' re¬ to off¬ orders, and sales to lot are reported "other ■■■■,'XitU with •' ,"7'v;• '.v sales." are tSales long position which is less than a found a "short odd-lot as continue to measure of their rewarded Discussing "Wages and Prices," ment and the tives the between agreement Govern¬ miners'-representa¬ a striking il¬ have provided of the be interaction and wages to come be¬ prices that has as the 'wage- known conclusion , Promptly of the upon the agreement, a 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. In 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 in the present shortage. He also said: "Because desperate, the - the we situation is so have newspaper again asked publishers of . take tjiat other similar action. Steel ployment costs increased, the other than course press so this and may participate urgency actively be further has 'no to seek a 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 a which those in¬ is steadily shrinking. Estimates of the amount comes can appeared spent 'inflationary gap' such frequent at waste paper some dealers or charitable donating organiza¬ tion." Nelson York indicated campaign, that "must the con¬ It is beyond the on purchasing power and gap, which consti¬ threat greatest to 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 11 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 on , Total Round-Lot V:, Stock war "The of price Round-Lot bers, Lot 1. obstacles August, 1939, Account in and in Total stocks in which i........ „ — Total purchases Short sales Total 4. Total— against as an -roughly Total sales 930,735 Sales the on for New Account ENDED York of 37% in have the Members* DEC. 11, price B. Round-Lot 1. 11,185 two ^Transactions Account stocks in registered— are 2. 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- « ■ 1 1 ! 39.105' < 400 - 33,190 4_ Total sales.. Total—■ 2.76 . ; fOther sales... 33,590 ... "y;; •' v 3.04 y i,! Total purchases......^..— ; y 168,630 Short:$ales._;^-,...-.—7,535 r ' JOther. sales— ;\yh .t i< 'V 146.860 : . ■ •" ... ' ' Tbtal/sa-les C. 154,395 Odd-Loitiyfransaotiions for the Account ists—v. Customers' short sales.J. gCustomers' other sales.—.... of ."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 is thai by 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 U. S„ whose participation for be would total on members' two regarding The central reconstruction fund or of 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 yy ^a.oeti "members" their ... 0 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 if , 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— on • JOther sales.. level " 90,835 Short sales 4. , 84,500 ._. i.Y. Other transactions initiated 3. t , 6,335 Total purchases tended more of 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 more 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 w Total Round-Lot Sales: j 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 A. 1 201700 sales..—149,495 „ JOther sales ... 5.07 158,034 —128,795 Short sales.... Total 255,740 . ;— Total purchases.. ' i 236,440 _ JOther sales- I, the price movements third 19.300 , amounts new 314,850 ... . ! ; ' , Other transactions initiated off the floor> group a j 9.40 the floor— on Total sales , ^ 3. : behavior of prices of nonagricultural commodities. During commodities .{ 75,350 525,500 purchases JOlher sales war. were j " 450,150 Short sales— ferent than i Odd- __—__— com¬ motfe than 100% in the ;i;_hw of his of ' Other transactions initiated "The contrast is due to the dif¬ of farm j Mem- Specialists: JOther sales.. the Oenirai Reconstruction Fund For Rehabilitation currency of Except for the Odd-Lot Accounts Short sales period of approximately equal length that marked the duration World War 4 . 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- on ii, '--"v- 'V say: 1 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 of ..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 of New week ended ■ p A. a degree has face ■ 2. Presenting that the on 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 a 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 by 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 to 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 on 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. v. broadest and thus far." the Survey says: "Events since the signing of the to :.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 of 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* of probably have little meaning for most readers. It may be doubted whether the problem is statistically measurable except in than compensated for more efforts Short sales limits than it narrower show the considerable Customers' Number so supply. to Sales) ■"Customers' Number of on different bases that the fig¬ ures much held during the last conditions that raise Number of Orders: Customers' widely so calculated hand and of the production of con¬ sumers' goods on the other hand maintaining by 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 ON EXCHANGE STOCK Week use The Survey finds that ODD-LOT OF SPECIALISTS and the have series a by the Commission. the continue to 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 a : God keep us all. us t 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 we 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 on of comfort 2669 limited currency stabilization fund cost, to would 50% act of 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 of the A board of fund would be composed of two State Department members, two from the Treasury, two from the Re¬ ; b 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 in 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 v 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 45 36 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 83 691 1,851 2,545 3,266 Minn., St. Paul & S. S. M ... ■ 61,666 v *'.'•* 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 75 84 J7.882 21,490 Atch., Top. & Santa Fe System 18,110 11,703 11,266 2,744 Alton V 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 16 9 627 — 3,618 867 Denver & Rio Grande Western 1.040 1,231 1,653 1,184 i . 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 4 3,545,823 ... of November. weeks Week of December of December . 4.. Week 11 Week of December 3,304,776 . • .... _ __ 18. 823,211 --- - - _ ... . 743,061 759,283 - . 1,777 . 619 754 •847 995 853 16 11 33 0 0 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 11 2,488 2,217 4,651 L. ' 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 a •: ; 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 33 31 24 48 54 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 j. 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' 69 5,939 Wichita Falls & Southern 83 22 14 71,286 72,583 8,107;.. St. Louis Southwestern 2,971 —. 13,564 i Texas & New Orleans Texas-& Pacific 3,495 *Previous 16.357 week's , 9,386 % 3,305 8.267 4,379. ' 143 11 86 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.' 10 - 2,006 23 308 — 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 19 6,751 Pittsburg, Sha wmut & North....—... — 361 18 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 4 5 6 295 Buffalo Creek & Gauley ; 1,765 1,756 1,991 6,513 : 5 6,344 7,426 18,132 624 570 53 51 October Employment Drops150,000 For First ; Decline In 1843 Cumberland & Pennsylvania... 219 231 327 10 Llgonier Valley 124 114 32 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~ a vigorous He 1940. the was co-author 1936 of Quit Our with Samuel Crowther in "Why entitled book a accused which Own?", the New at a socialistic state. He moved to California six aiming of Deal Moline. his from ago years ; in home : President Signs Repealer v Of Chinese Exclusion Act Roosevelt President signed on repealing the Chinese exclusion laws and, in a formal :U statement, commented that "an unfortunate barrier be¬ tween allies has been removed." the 17 Dec. bill legislation, which 4,792 2,308 2,283 52,294 21,278 19,693 special message had been in plies and laws to quota immigration sions to in-our issue; The Board's announcement fur¬ ther ';i- J. stated: "The pattern, of strictions tial ; on a 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 in normer new positions or 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.;;. •;£; on 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, 50 2,260 26, 1935. Mr. a . 23 138 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 of 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. in 2,686 2,052 J 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 in : 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 'f 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 2,152 * Total as 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 a 12,173 1,741 __ New Polo, 111., Mr. Peek was Born in 1,002 _ the from "Sun" of Dec. 18: * * District— Nevada Northern September is his regarding following The career Illinois Terminal July Diego, Cal. He was 70 years San Missouri-Illinois 5 . Roosevelt, died on Dec. 17 at his home in Rancho Santa Fe near 643 4,160,060 of the first Adr Agricultural Adjustment act and special for¬ eign trade adviser to President 4,936 ... 3,510.057 of August the of ministrator 62,622 j Spokane International Spokane, Portland & Seattle 1935 after serving as 3,296 _v. in broke with the New Deal who 10,560 & Ishpeming Minneapolis & St. Louis leader farm Peek, N. 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 4 manufacturing which there employed of 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 in work at 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 72 3,722 Southwestern. February 4 weeks of 102 ,166 Central _ 4 weeks of 32 . 3,137 a 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 92 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 a 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 44 .... ^ Louisville & Nashville ..J cars, 1,912 "Sharp increases were reported in October by the trade and dis- 46 —. 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 in 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 at 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 in additional.. .workers million Total Revenue Freight Loaded Railroads " Freight Gar Loadings During Week Decreased 63,923 Gars Revenue v other hand, for. citizenship.'.'!.. %;■.!' £' Passage of the ■ ment on 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 I am 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. V , PRICESt "Nearing the completion of another sensational production year, metal producers and users in the United States find themselves fac¬ Average Yields) on Avge. Govt. Corporate by Groups* Corporate by Ratings Corpo- Bonds rate* Aaa A Baa R. R. P. U. Indus. 28 119.52 110,70 118.20 116.22 110.88 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 24 119.55 110.70 118.20 110.88 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. .: ; )} .*' 22 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 20 . Aa 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; 9 ' — 2261— ■ 844^~;' 115.82 115.63 y/v ' w 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 26 119.72 110.52 118.40 115.63 110.88: 98.73 102.96 113.31 115.82 19 119.64 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 5 119.99 111.07 119.00 116.61 111.25 98.73 103.30 113.70 116.61 29 Nov. 120.27 111.07 119.00 116.61 111.25 99.04 103.30 113.89 116.61 ——: 12 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 30 120.18 117.00 111.62 103.30 114.08 117.20 25 120.41 110.70 118.80 116.22 111.07 98.09 102.46 113.70 116.61 changes in 1943, perhaps the most striking is that of the steel industry, which 28 119.82 110.34 118.20 115.82 110.88 97.78 102.30 131.31 115.82 at 118.36 109.79 118.00 115.43 110.34 97.00 101.31 113.12 115.63 Jun May Apr. 30 — 111.44 119.41 99.04 tions. I ' "Of all the the throes 116.93 109.60 96.23 •100.65 113.12 115.63 26 117.11 109.24 117.60 115.43 110.15 95.47 100.00 112.93 115.43 strikes 29 117.04 108.70 117.60 115.04 109.79 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 V .- AVERAGESt Individual Closing Y Corpo¬ Bonds 28iV— 27——— Dec. Avge.1' Govt. BOND on ■' Prices) y ;*.V;V; Corporate by Ratings Aaa rate Aa A 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 of of as week 3.14 2.74 V 2.86 2.74 2.86 » a industry effective on 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 by 3.82 3.56 3.00 2.86 the 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 i: 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 s, 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— 19 1.86 29 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 v 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 J • I 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, or 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 more 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 of Jan. 14, 1943, page 202. 'v In 21 Stop Scrap Purchases sidiary of the Reconstruction Fi¬ nance Corp., will discontinue the purchase of 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 to return to work.] "Easier the year several conditions end are recent in metals reflected actions cess of of aluminum aluminum at in Wash¬ at ington. Not only is there an 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 of Dec. United the revealed, indicating States definitely is past the scarcity stage for many of these critical materials. "Relaxation limitation of orders government inevit¬ able in 1944, but this does not necessarily mean substantial in¬ appears the Office Price of 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, to the nation's transportation more /than sold million a members short of 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¬ on some and end. was in earners Perkins reported earners devoted to the in the immediate replacement of equip¬ ment, which is suffering badly through insufficient rolling equip¬ ment, is expected." The American Institute that on Dec. Iron 27 and Steel announced telegraphic reports which it in durable declined offsetting in the for weekend than Year's New for pended Christmas, generally sus¬ production for 24 hours and some when producers in 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 at 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 a week's January ter of Sheetmakers delivery June quoting for hot and cases in earners October all tember. The are the in rise average September to October. an of 0.4 hours average week, due increased the to in other in 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 in stock in gross iron and ore, Lake on 49,371,030 tons, with 53,703,458 the at date same last year. Blast furnaces in the United States and Canada Dec. 1 numbered of stack diana than 194, including the Inland Harbor, at the Steel Ind., same Of these 183 were nine idle being Co. new at three In¬ more date last year. in blast Dec. 1, in 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 on cents." Association, lumber shipments of 450 mills porting to the National production 20.6% for 1943. were the In given a hand-drawn coal of 75 being cents ovens 50 By-products furnace coke top of ' a * recent raise of 80 . re¬ Lumber 6.8% above week ended same week these mills were than of 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 to 37 days' toe current rate, are equivalent production at and gross stocks to 34 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 to 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 If 23 246.3 i_ 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 in No¬ 7,409,213 Erie docks totaled which mining indus¬ declines orders rolling schedules immediately. at per Hours "Most lines of retail trade new stocks less strikes. tries. 18, of above in weekly largely by hours from caused Dec. tons 15% or increases earnings and vacancies in "After of 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 of least. at 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 of observance this goods - one shown the month before. Durable- New Year's day. over "Widespread by the part "Average "Steel tons that • [This to been rubber Dec: 21 - published Washington advices of Dec. to was The Rubber Reserve Co., a sub¬ was i ■ • Rubber Reserve Co. To • 2.99 "typical" bond strike. on the choice 2 Years ago were increased number 2.79 3.11 workers 2.83 3.10 ■£ 1.82 26 381 : 2.82 .3.11 ; 1.84 — 3.10 ; 2.70 -i—— Jan; 29 i 2.70 3.11 1.80 , - 26 Feb 3.12 3.11 2.84' 1.80 May 28 Mar. 2.87 2.85 2.71 1.83 30 30 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 -— ——_ 8 , "About 1.84 —, 22 ' . Labor were industries "Seasonal carry 1.84 —— 5 level steel 1.87 —„ 12 Dec. to halting 2.86 3.14 6 Dec. telegraphing companies production on their orders. 1.87 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 8 :: 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 a 3.81 13——.—. Qct. part with was 3.82 11—-^— ■ Nov. greatest early 1944 promise to 1.86 14—— ' its in , ■r. of wage Dec. 19. "Ten million additional wage follows: as 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— ' . . of one was the result of the expira¬ contracts. The steel 15—. ' week 2.84 24 — ■' of union this of ago 1941. 27, V as hV r. industrial start Feb 117.80 1/. I Mar. 26 Jan. received to 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>- 8 113.89 munitions tion Board to 647 in October 15 103.30 the in ing distinctly cloudy conditions in early 1944," says "The Iron Age" in its issue of today (Dec. 30), further adding: "The first quarter will 22 99,04 The rise duction index of the War Produc¬ Two weeks Month Year 1942 ago, ago, Low, 1943 Nov. Dec High, High, Low, *Holiday, 246.7 Dec. ago, 247.2 244.2 28 April Jan. 14_^_ 27 239.7 22 Dec. Jan. 246.8 239.9 2 ____ 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 on ■ 52.000 52.000 52.000 52.000 52.000 52.000 52.000 52.000 52.000 52.000 52.000 20—A 21—A Dec. 52.000 of and copper base copper equipment subject to the pro¬ tion 52.000 90% tin, continued 51.1250 all week. at or visions of M-9-c and other mate¬ Restrictions orders. rials such equipment until and models of 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 of 10,000 tons less than in the cur¬ rent month. About one-half was mestic tons, 15,218 the do¬ normal for "allot¬ total in lead Prevailing States during Novem¬ for first the in the Jam-Nov. been have 492,426 tons, against 580,265 tons at selling for duction and Institute Zinc 3 5 shipments of zinc by of the figures, follows: in tons, Shipments — Prod. /'\ • ■ Export* Total Dom. 706,100 674,615 A 1943:/ With the forward on 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 on 104.4 152.4 151.4 127.7 127.7 . were: Dec. 127.6 1943, Dec. 106.6; Dec. and 105.5; 18, 7. 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 30 Oct J 169,500,000 Aug 31A A—_A—156,200,000 July 31~A_^__A_A..A—' '149,800,000 Sep 30— Jun 30 143,300.000 - May 29^ - , Feb Jan 27a^AAAA..A*.AAA 30.AAAA—A------+A 1942— Dec at 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 30 Aug 31—A———_A_AAA— Mar 31 384,300,000 - Feb 28—AA— Jan 31 388,400,000 380,600,000 , - - A-A 229,900,000 Dec 31 374,500,000 — 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 at 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-+' 4 8.0 12.9 +••.- A,; 10.4 15.0 12.4 14.4 Pacific Coast.. 31.0 30.3 35.3 16.0 16.0 _—.. Total United States. *18.7 'Subject to revision;': :i OT.h; Tin Interest ... $30,000,000 To Veterans centered in develop¬ reported on Dec. 19 that it has lutionary movement, led by Victor Paz Estenssoro," a former finance on more than $30,000,000 account of disability and death in the Dec. 20 overthrew the government of President Penaranda. The new regime announced thht "internal policy will be di¬ the- Associated minister, on rected, as rapidly as possible, to improving the welfare of the class." working stated, a 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. 4 !'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. 25 Oct. aALAAA Nov. 13 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 6 ——_ to 3,322,346 3,273,375 3,702,299 23 Ser¬ 3,132,954 3,682,794 30 policies y + 18.4- 4.382,268 Nov. Dec. 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 of 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 -' of 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 11 Dec. + 17.7 1,490,863 4.452,592 4 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 16 Service, Ships' Service Com¬ mittee, and and ;.L 1941 4,341,754 2,—* Oct. Oct. National >19431 Kilowatt-Hours) ■' 1942 11 Oct. of 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 yy 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 . t 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 of total Bel¬ gian < War- Relief Society, British War Relief Society, French Relief York announced on, Dec. 22 of total a 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 in 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. as 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 v 131.4 Fertilizers pending The • 131.4 Farm _ _ producers represented in the membership of the association. . several 131.4 commodities .3 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 .3 To by American The' 128.7 144.2 187.9 .3 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 of who Fund, and Textiles Nov. 30. period last year. members are War base scrap new below the new ceiling levels. or agencies 122.8 147.0 185.4 145.5 ; 6.1 expected to remain unchanged, as secondary aluminum products months 11 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 of 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 as United the of 12 135.8 154.1 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 in 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 the lead. for Sales the that 139.7 146.1 _ck-,A—. The- luncheon 1942 v much agencies in last year. as 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: on by 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 Week Total Index 25,6-, of the that arate Group fi¬ to go 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 $14,875,000, The slight advance preceding week there were 13 advances and 2 declines; and in the preceding week there were 6 advances and 8 declines. „ Fund. contributed amount second ■"A Aluminum - the on sizes Schram not sufficient to was who "victory" luncheon held Hotel Pennsylvania, Mr. a the at 52.000 62.000 52.000 Chinese, At During the week 8 price series advanced and 5 declined; in the 52.000 22——- Dec. alloys for production of lubrica¬ cotton Emit the' New Exchange, mittee of the indexes remained at the previous week's level. other group . use raw caused by higher quotations for potatoes. in the foods group was 52.000 n is in of : re¬ it was by chairman of the New York Com¬ 52.000 16___A- This meansK Dec. receipts of for- j Dec. eign copper will be available for j Dec. the stockpile. v Dec. that.. most of the decline change the index number for the textiles group. March Feb. Jan. receive prior liveries to consumers. shipment, for tin quality \n cents per pound, was as fol- The fractional coal. ous Stock York 17 Dec. on President Schram, Nations exceeded, been has lief, to United and services . Allocations of copper for for the campaign 000,000 "Zinc statistics were released for stated: ___ — — — ^Subject to revision. General Electric Corp.;, W. White, of Westinghouse International Co., and G. H. MichJersey; YWMRtoWN* tk if**)* Volume fiftMpwp •«$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 . or 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 of ■/'//+//-;//;'' +/Z- :"7;, '///U ■ Mines 54% less than the total for the of a new v 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 of coal and lignite— Bituminous coal Daily 1943 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 . OF 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 .' 1 267,322 ■. io :. change 1,498,297 294,747 1,169,687 r—64.3 33,863 —58.0 —37.8 worked —71.1 thus 14,239 . a 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 to 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% to in these industries. War plants tained the Upward as last in 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 ■ ' ■ - ■ ** — . 1 ■ . —— • • ■ ■. ;1 ■ ■ . ■ - „• , • , . —... . • . ■ . . . . • , . ... . .. . : . ■ • California, Idaho, lished of 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-- v. all !..••••. ■ classes of 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 72 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 in the higher elec¬ equip¬ correspond¬ these machinery group industries in the metals a whole, was 0.9% as employment greater. Employment changes in the state were were in 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 of de¬ in 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. In Binghampton-Endicott-John¬ City area, an employment gain of 0.7% increase in was the result of an 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 of building construction— Total construction Federal —20.8 Oth.than Federal, -38.4 Total 2.5 Federal 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 ■■ <. . or — 5.9 — The Labor Department's announcement further explained: "The 17,166 family dwelling units for which permits were issued contracts awarded during November, in hire to 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 a decline "The change ment October base and 20.5% ber a year gain Payrolls this month 304.7% of the 1935-1939 | was 3.2%. Employment remained practic¬ than Novem¬ ally the same this month in the Average weekly ; Albany - Schenectady - Troy and more 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¬ in the former area off¬ gains in the textile, paper and printing industries so that total employment increased only 0.1%. on in was crease to were I 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- Hi —__ —: _r 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 of 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 of 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 for States one the in United and more, or 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 be would cost than $4,000,000,000. not less provide "reasonable" mustering-out pay on a 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 on schedule payments, according to the proposals of Senators Austin and of 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¬ more or 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 V * (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¬ a proposes 361,622 Carolina— the : provide mustering-out to 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— in 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— of 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 ,, lt 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 in '■ ginned from the growth of 1943 prior 13, 1943, and comparative statistics to the 1926 average. of the 102.9% at 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. t 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 + 7.5 105.7 105.9 105.6 105.6 104.2 —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 + 0.6 + 1.2 + 3.4 3.1 0 + 0 0.1 b + 0.4 + o —0.1 + + 0.2 + 0.2 + 0 + 2.9 0 + 0.7 + 6.4 0 + 0.2 + 0.6 0.8 0 + 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 +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 v: Tons 177,766 150,943 598,255 97 ______ 121,125 126,427 589,323 Sept. 11— ; : : , :■ 98 157,082 583,714 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 95 144,254 147,883 588,399 94 port added": Nov. 172,441 Nov.; 13 153,126 Public V work is 43% above a week ago as a result of the 48% 2— Oct. ; Oct. 16— Oct. 23 —— U Federal in 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... S. 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. 93 f !•'' v 608,782 93 149,295 608,893 95 146,286 587,715 94 93 142,136 578,434 91 93 177,664 .149,803 602,789 95 93' 146,662, 148,826 600,323 148,431 589,659 18- — , ; 93 ; 96 • r 93 > 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 a + 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 in $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, m •' prices Price 12-23-43 par¬ shifting control of oil arid - bill a 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:'' \ 93 ■- 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 93 93 went on to say: Administration controlling wages and prices, subsidies and taxes under fire, Mr. McCormaek bluntly asr serted 93 : 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 93 97 143,686 27 construction volumes for the short 1942 week, Construction V:';V: the With 93 v (4 Days) Private . T 96 139,654 20 last week and the current week are: Total U. : : 134,959 Nov. Nov. construction, however, is 21% ; *126,726 30 Oct. Dec. increase 153,708 —_—— The program, from Washington, ; 93 94 156,044 Sept. 18 affecting anti-infla¬ President .Roosevel.t's: Associated Press, in 93 the tackled a batch directly legislation of tion-stabilization 93 83 ______ __ 4—— Sept. •' of House and Senate Remaining Tons Received ^ the releasing inflation as against 13 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 on 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 0 : than *98.9 products commodities 90.4 105.4 92.5 99.8 Weekly Statistics Of Paperboard Industry 0.4 0 + 0.2 J ' ' : ' Volume U. W. S. N. W. Central S. 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 Atlantic E. S. a 168,647 — —.— Central N. Sales All Cos. Sales $645,275 England Middle E. " Total S. 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 as bution. as 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 by mately 't'l I' $2,000,000,000.,,,I*. 'J '£J i A"*' L . t, ' --T . approxi¬ J' / A ■ 0*4. it 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 V ; v 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 f »-+ ——+-' —• ,— Minerals Construction contracts, value— Total ' Residential All , — : 168 140 *131 132 ■: fuel 174 198 *43 47 34 *61 other 7 236 319 181 ' 90 *31 33 86 61 *32 Factory employment— *179 130 286 *52 58 :" oil. The clo not reflect , DAILY ' *170.7 161.5 *170.7 170.4 of .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. ? i _______ ,'+.'7 \-+r.-Tv' Freight-car loadings 139 *152 -V, "Department store sales, value ✓. Department store stocks, value. t.. . '■>0 * Preliminary or estimated.- V Note—Production, 107 470.3 382.8 Allow*- Week $Data not yet available. East to able by .379, non-durable by .469, and minerals by .152. Construction indexes based contract 7 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 77 126 - 171 170 35 107 172 124 Gypsum and plaster products 192 *329 326 Textiles and *151 products—; 178 "7- "V Cotton consumption Rayon deliveries Wool Leather • > >—— 156 153 *191 textiles *106 products Cattle hide leathers *329 326 ' 7 *151 152 :■■■ x food *108 ' 94 Meat r flour , 103 500 20,950 22,650 7,000 110,600 ________ East of Calif. V United derivatives to be shutdowns fields *187 packing Other manufactured 168 v *141 foods ; ,000 9 no 151 ; : 124 vegetables Tobacco Cigars . , *118 products . ' .148 ,• 7 121 168 ■ 139 101 _____—__________ Cigarettes —-__i' Other tobacco products——; 100 186 151 117 173 100 ■■■•. 7, exemptions >77 94 for •Combin'd: East Coast, 117 Texas 167 99 ; District— 97 ' ' Paper and products—'—— Paperboard X "7 ——______ Newsprint production f coal Fuel oil 90 ■V/. 96 206 7 ",*217 ______ ; _________ Kerosene ' 7 . . - t' + "7., t 110 169 . ■ *391 7 166 7158 , *469 7. ■ . 532 7 503 -, 398 7 330 , *227 225 187 *401 7396 *393 Fuels '•'."•■•V ; — / . '133 7 200. *238 . 138 130 , •77 *133 144 : *131 iy - 331 234 154 *131 - and gas oil 124 *102 127 121 *138 137 123 133 t 148 143 —U-—• *223 223 310 229 211 ' *199 - FREIGHT-CAR LOADINGS (1935-39 average Coal——.—.—— 127 139 127 140 Livestock—.i. 186 186 191 186 167 126 157 167 1124 132 119 114 166 183 1143 150 137 140 147 144 138 191 130 193 274 147 ________ •Forest products — — Miscellaneous Merchandise, —.— 140 145 153 153 150 64 58 68 66 59 Note—To in 67 l.c.l. ♦Preliminary or estimated. convert coal tRevised! v 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 47 87.2 41 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 8 26.9 11 137.5 29 67 22 shortage but it has for 141 58.3 88 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 an example of the reduc¬ tion of labor demands which has been brought about by the plication of McNutt the Mr. 48-hour referred week, to 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 It that of estimated was the elimination, workers new 85.9 ductions the alone filling made unnecessary of 12,000 "Mr, McJNutt 20,000 to both that said desirability of extending the working hours one as means of utilizing more fully the try's manpower. coun¬ "In applying the 48-hour week, McNutt emphasized iron-bound rules had been no 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 of 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, at tial party bulk Gen. was seemed to Included in the Presiden¬ of Allied forces ranean area. in Dwight the D. Mediter¬ When the President's a wide latitude Sicily, ported that he was it met was re¬ by Gen. in where cases week (1) because the longer work be impractical nature of opera¬ tions, (2) would not contribute to any reduction ments and of labor require¬ (3) would conflict with State or local laws or regulations. "The occupational generally exempted most group in the 48- hour week is clerical workers. In¬ dustrial exempted enth ties, Forces. the would of ton, Jr., commander, of the Sev¬ Chief of the Army Air they as exemptions shall be granted only Clark, Lieut.-Gen George S. Pat- Army, and Gen. H. H. Arnold, long as 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 to 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 29 and distillate fuel oil and 8,291,000 barrels and to - tData not yet available. by 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 97 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 t lines. the ; and 124 137 pipe 1, "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 in 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 an v U. 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 on the were issued in October. To these have been added 20 in which the of Producers. Tot. ' ' 77 down 2,444 California 503" >- • 1943. which for shut • ' 1 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 ' V .*155 —— 7 115 *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 in Appalachian— 103 112 98 month. .North Arkansas - and Inland Texas- 137 83 :7 Gulf, Louisiana ; 137 777; 148 87 *111 ,. 106 .v-7 211 *122 .Chemicals 151 102 116 . 7"; 141 137 83 110 "7*210 oil Coke •i- 7 _______— Lubricating 7 148 86 products- Petroleum refining Gasoline 137 *107 Newsprint consumption and 151' —___; Printing and publishing -Petroleum 141 entire on Gulf, Louisi¬ ana Nineteen of the areas list Detroit ended 7:00 calculated ,•;Production Daily Refining Capacity 141 7 • the 1 therefore Poten¬ 179 .7 103 Dec. Figures 112 7100 190 7 for week are of as plus 144 ■ include : ,/■ 155 101 163 93 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 as 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 79 *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 II ap¬ 3,566,750 808,000 111 • 16,000 112,900 112,900 which were 144 113 States 172 125 24,000 A 1,050 6,550 110,600 3,617,100 _________ AND 78 113 140 5,450 — CRUDE 95 ; 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 + t , 13,050 58,900 for X ; 81 7 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 ;7 102 ■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 7 186 152 — 78,200 47,600 P. A.W + recommendations and state production of crude oil only, and do not - ' i 353,000 50 * 35 159 77; 90,150 223,000 + Total 175 47 124 • 7 *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 54 , 368,650 521,700 53,100 California 152 ;# $ 47 *125 hour +11,800 from that 48-hour week. Group 25,500 57,000 New Mexico a 139,900 209,300 101,500 ___________ 239 7 7"/7 124 *120 *154 ; + *192 93,200 Wyoming 600 289 *132 132 142 Clay products——: 3,000 91,250 50 77,891 392 X * 305,700 1,650 142,950 77,000 Michigan 527 392 54 ■ 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 7 — Furniture 201 7.:/" 782 ' *'.*;*•: * 134 • —* (Not lncl. 204 202 200 289 *788 Transportation equipment 214 7'■ *209 7 607 :*464 Non-ferrous metals & products Lumber 201 458 *592 : ■ v7 indicate V 48,000 __________ Eastern—■ NOV; 1942 241 : *184 Electric Oct. 190 *235 Open hearth—-.i ,.'204 .7 202 200 •*, 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 in 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 ' of 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) Previous t271,800 1,500 P"7;7:7':' ; -INDUSTRIAL Iron and steel t325,800 Texas, Southwest whole, and a 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 on 330,000 Ended Texas North Texas West ' carloadings, and department store sales Indexes based indexes v 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. 7 157 120 t ■ Dec. 1, 285,000 Nebraska '173 Dec. 18, Kansas 180.3 IN Change ables Begin. ______ 140 150 "». Oklahoma % 142 136 133 105 . 199.6 147 X 77. 7' -'137 140 v 333.4 ' as (FIGURES December 280.4 . aver¬ 18, 1943, day from the Actual Production Recommen- . ..'v.v X -7,7, 7— — goods Nondurable — y':. '■/ 77 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— .j December, 1943. in 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 1 —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 of $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 to 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. i_ 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. on 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,- a from 000 to of 000,000. . this for Plans noted in change were issue of Dec. 9, page our 2356.' a following were appointed Assist¬ Vice-Presidents: Lawrence C. ant pointed Frederick Assistant Secretaries: N. Goodrich, Elmo P. Frank and Brown Keeler. J. Bank The Commercial National of New York Dec. 27 the follow¬ and Trust Company announced on 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 to Vice-President the of title and holds now Vice-President and Comptroller. Mr. Clough began his banking career with the Title Guarantee & Trust Company. A 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 of of Directors the Bank, Newark, N. Dec. 23 voted a special div¬ idend of $2 a share in addition on to the regular semi-annual divi¬ $10. At the same time of dend Board the transfer approved of $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 share per At its the 14 Dec, meeting of Federation of Directors Bank and Trust Company Company. 000. of New capital, $3,000,000 on payable Jan. 3 to stockholders of as of Dec. 23. The divi¬ record dend had been voted to $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. fi / 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 an Assistant The last remaining defunct Bank of 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 is the Hotel Director and New Treasurer of 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 of 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 P. 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 is the to final paid be dividend in 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 to 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 of reference thereto in a here the take occasion to issue our week ago, page 2572, and state we 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 on 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. be Deferment of action on the sub¬ sidy question until February was proposed subsidy by 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, of 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 on Dec. 7 by the National Council of Farmer Cooperatives. of spokesman a 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 of use a 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 to a The question was but subcommittee subsidies, but added like 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¬ on inated. said Bowles Mr. ment is paying now the Govern¬ subsidies at $1,100,000,000 a year, the H. Ivey, President, D. 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. on Kingman, Dec. 22 Savings was, an¬ by Henry President of the bank. experience banking since 1910, exception of 1917 to 1919, he served with the United with the when States Marines. authority with on Considered in authorized the transfer of $13,000,- Francisco. credit an matters pertaining to credit, he has been American Trust South the Mar¬ control agencies and that price farmers decision a Dec* Guardia advocates, but War Food Administrator Co., Rockville Cen¬ of planning production would farm 1944 past 21 years, and President Trust by Mar¬ issue was opposed installment been a Mayor period On 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 to higher they taxpayers would be if removed. He thought, are however, they should be limitations" but than living costs did on elaborate not "definite subsidy payments, this on 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. W. 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, on 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¬ so 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 of National First in 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 in previously (Nov. a Banking Senate The Central established was has and J., C. Charles National of 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 At 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 in 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, as 1943, will amount to approxi¬ mately $6,000,000 compared with As ^Temple on 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 L. 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.