Full text of Commercial and Financial Chronicle : December 31, 1942, Vol. 156, No. 4138, Section 2

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

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Final

Edition

THURSDAY

In 2 Sections

Section 1

-

Reg. U. S. Pat. Office

Volume 156

New

Number 4138

York, N. Y., Thursday, December 31, 1942

Washington Bank Protests WLB 'Red Tape';
Paper Work Required By Govt. Held Needless
Because

a Washington bank wanted to give two "clerks merited
increases of $10 and $15 a month, its officials have found they
would have to spend at least $300 in lawyers' fees to satify the "ques¬

pay

GENERAL

Page
the

We

tEighth of a series of articles,"
pears on first page of Section 1.

disclosed

learned from Washington advices
that date to the New York "Her-<«>aid

is

store

Tribune," which added:

"The

president

of

the

Washington,
tape'

of

protest

C.

F.

City

by

of

f£ank

against

demanded

Burton,

'red

the

Govern¬

one

ment

agency is one of many re¬
ceived by the committee.
The

Senate, at the committee's

them

where."
would

in

garage

hire

to

some¬

tape." !
the committee's

naire, the

in¬

question¬

WPB

advices stated:

same

mendation, recently approved the gation, the committee has made
Vandenberg resolution which pro¬ an analysis of the - latest ques¬
vides for a sweeping inquiry in¬ tionnaire developed by the War
to the Government 'paper work' Production
Board—P.
D.
25-A,
now
deviling industry and agri¬ an application for priority assist¬
ance under the requirement plans
culture."
From

its

Washington

the

"Herald

the

following

Tribune"

bureau
had

also

to say regarding
Mr. Burton's complaint:

•

'

"I

10

enclose

of

the

a

of Form No.

copy

National

War

Labor

Board," wrote Mr. Burton.
want

to

raise

"We

for the calendar

"This

be

normal

clude

these

course

in

are

we

have

a

form,
You

the

five

sending
will

pages

war

or

note

Now

of

copies

in

four

there

We

not.

total staff of 100.

make

must

of things it is time
a boost whether

have

men

of

are

we

this

them.
twelve

in all."

made

out in

quadruplicate,

reverse

two

thus

sets

making

in

96

pages.
"Now

if

one

were

to

count the

side of each page and in¬
the

carbon

copies,

one

amazing situation.
Sixteen inches (the actual length
comes

upon

of each page)

multiplied by eight
(the number of copies of each
page) multiplied by twelve (the
number of pages), bring the total
to 1,536 inches in length, or ex¬

"Mr. Burton said later that the

.What

the

actly 128 feet of red tape.
"This
report
must
be
madq
sought was not only
difficult to get. quarterly, so at'the end of one
W. L. B. wanted five year the oppressed
industrialist
'but

copies for he did not pretend to
unless "they
expected to

must

know

On

2329

and

Cos. .2344

Trust

New

York Exchanges.,
Trading

Odd-Lot

":Omitted

fill

General

this

week.

State

of

*
*

out

four

(Continued

on

times

page

128

feet

2344)

........2330

.

.

Fertilizer

Price

Index:....

....2337

Weekly Coal and Coke Output... .2339
Weekly Steel. Review.
.2337
Moody's Daily Commodity Index...2335
Weekly Crude Oil Production....... 2337
.

Non-Ferrous Metal^ Market

....2339

Weekly Electric Output...
...2337
Building Permits Off 41% From 1941
....2334

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

Federal

Reserve

November Business

Indexes

.2338

Cotton Ginned From

1942

Crop.... .2338

Winter Wheat Sown for 1943
General Crop Report At Dec.

Crop..2343

1
2339
Large City Living Costs Again Incr..2341
Gross
and
Net
Railroad
Earnings
(October)
...
....2342
American Zinc Institute Summary.
*
Copper Institute Summary.
•
Pig Iron Production
*
Daily and Weekly Copper, Lead and
Sales

Zinc

These

*

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

statistics

"Chronicle"

omitted

direction

at

Censorship Board. (See
page
of
Section 2
in

of

from

the

War

on

first
1942,

notice

27,

Aug.

"Chronicle.")

Miscellaneous
Washington Bank Protests Pay In¬
crease
"Red
Tape".....
....2329
Victory Loan Over $12 Billion Mark.2332
Wickard

Calls

for

Essential

Foods
2332

Increase

November

War

Expenses $244,500,000

Daily
Asks
Mortgage
Overbuilding

Bankers

to

Hull

Unity

War

Pleads

FDR

FROM WASHINGTON

In

..2332
Prices

2332

Maritime

Lauds

Service...

2332

Urges Pay Equalization for Govt.
Employees .......................2333
Small Business Group
Meets

AHEAD OF THE NEWS

ABA

12

FDR

CARLISLE BARGERON

Republican senators to take his seat next month,

Judge Homer Ferguson, of Detroit, is hailed as a great fact finder.
a reputation as one in cleaning up Detroit's political corrup¬
tion and racketeering.
He used this reputation extensively in defeat¬
ing one of the President's lieutenants, Prentiss Brown, and the pub¬
licity that has preceded his coming to Washington stresses his fact¬
finding ability.
If ever a gentle-<5>
of Jesse joined.
man had an opportunity for ser¬

example, the facts
about
the
BEW's
"preclusive"
buying, the-source of a serious
Take,

for

current controversy between

Jesse

Jones, on the one hand, and Henry
Wallace and Milo Perkins, on the
other.

The controversy was born

of the New Dealers' efforts to run
Jesse out of town and was

the
in

part of

campaign against him
which non-New Deal enemies
smear




mentators have

But soberer com¬
come

in with the

observation that Jesse is all right,
with

his

"banker

mind"

in

his

field, that there is an honest
difference of opinion between the
two groups and that the. solution
lies, not in running Jesse out of
town, but in giving the BEW its
own funds to
do its "preclusive"
buying with, so it won't be forever
own

in

conflict with Jesse.
This handy

involves

the

Finance Corporation on
the other.
The
origin of this controversy, if that is what it is, is found in

the
of

for purposes of "economic warfare" of the funds
of the subsidiaries of the RFC.
It will be recalled

use

some

that last

spring the President issued an order under which
agencies must obey "directives" of the Board
of Economic Warfare in certain
types of cases, which have
become very numerous and which have cost the
agencies
many hundreds of millions of dollars, many of which they
are
not likely ever to see
again.
The directing head of
the RFC is credited with never
liking the way these funds
have been cast upon the waters, and, of course, was not
greatly pleased when he was in effect over-ruled by the
these

RFC

President.
A Real

A

Issue

Congress is soon to convene and it is reported
a distinct
possibility that it will take substan¬
tial interest in the dispute—as indeed did the present Con¬
gress though not to the point of defying the President.
Considerable
personal animosity is said to have been
aroused in the course of the months
during which these
matters have seethed in Washington, but it would be an
error of
magnitude to suppose that nothing more is involved
than personalities, or the question of whether this official
or that shall have final control in the matters
in question.
Fundamental war and post-war policies are at stake.
new

that there is

activities

of

the

of

Board

the detailed
Warfare, but this

about

Economic

organization is charged with the duty of conducting what
is known as economic warfare—involving the-purchase in
large quantities in many parts of the world of many things
needed in the conduct of global warfare and also of acquir¬
ing many things not needed by us in order to prevent their

for

Nation's

(Continued

on

Press

2331)

page

Post¬
..,.2333
2333

War

-He made

vice he has one. A fact-finder in
Washington will stand out like the
Washington monument.

Planning

Reconstruction

Praises

late

right hand man in the Board of
Economic Warfare, Milo Perkins, on the one
hand, and
the Secretary of Commerce
and directing head of the

.2333

..

Industry

war

of

his

Executive

to

Council

Urges

2333

......,.,......,.......-

Appoints

and

Washington which has

discussion

Relatively little is made known

Ef¬

Senate

By

considerable

Vice-President

Curb

,,..2332

for

Newspapers Increase Subscrip¬

tion

new

under

...2332

fort
More

One of the

been

Reconstruction

Trade

Review

Commodity Prices—Domestic Index.2335
Weekly Carloadings
.......2336
Weekly Engineering Construction. .2338
Paperboard Industry Statistics..
.2338
Weekly Lumber Movement,.........2340

an

information

unnecessary

NYSE

Total

colossal

form, at first
glance," said the committee mem¬
orandum, "consists of a mere 12
pages, but each of the 12 pages

employee from
,$165 a month to. $175 and an¬
other from
$150 to $165.
The
only reason we have is in the
one

months January-

March, 1943.

must

Trading

to

"In connection with the investi¬

recom¬

the News

of

the red

Regarding
quiry into the

One of the feuds in feud-ridden

.2329

Ahead

Items About Banks

lawyer

a

Wash.

Moody's Bond Prices and Yields... .2335

Meanwhile, he said, he

<

have

unwind

a

on

ap¬

Regular Features
From

This

THE FINANCIAL SITUATION

Strongest Case
.....2330
Get This Way?;t

Did

Financial' Situation

23.

Copy

CONTENTS

V:
State
How

tionnaire" requirements of the National War Labor Board, records of
Dec.

a

Editorials

the Byrd committee investigating non-essential Federal expenditures
on

Price 60 Cents

solution accepts the
on

page

Bonds

2332)

V

:

Conference

2335

Board

Reports Nov. Liv¬
ing Costs Higher
2335
Phillips Named Envoy to India.. .2335
Additions to Special
Treasury De¬
positaries
2336

Reckless and Dangerous
Wilson's failure
the

Red

Cross

Expenditures for Foreign

Relief

Senate

2336

Group

Asks Farm Price In¬
quiry
2336
Byrnes Empowered to Settle Food
Disputes
2337
Oil

States

Rations

U.

Egyptian

Britain,

Form

in

Govt,

Association

...2340

Issues. .2342

Appoints

Explains

eral

Prudent

Cuba's

Program

of

2344

Certificates
Set

for

Income

Eliminated
Draft

President

New

Gas

Ban

tary

War

defeated France

would

still

be

and

men

be

not

lost

Wilson

Because

have

would not be

a

charnal house;

battle

the

already died, and millions

for

more

mil'

peace,

will yet die.

And yet his

reader

will

believe

discover

that

the

have

not in

was

this

in

world

in

learned

vain.

His ideals

words

His

ever.

There

book.

general and the

the

is

good

today
the

reason

to

United States in

lesson.—S.

bitter

are

still glow—as

K.

Padover,

Ideals."

"Wilson's

reckless

seems

to

us

statements

few

sentences.

vast

volume

of

would

that

it

and

more

Yet

Dr.

be

difficult to

dangerous

Padover's

"internationalist"

words

find

propaganda
are

clamor heard

typical
today

mors

in
of
on

so
a

all

,...2344

sides.

Lauds

Good

How

could

it

2331

for

anyone

Consideration

Powers

East

Needs

work

challenging than

more

2331

46 ^Billion
in

been

not

Policy for Fed¬

Defers

Group

Costs

shambles.

It
2344

Employees

War

a

In¬

Neighbor Policy
House

had

.2344

Trust

Sales

to

Armaged-

Finance
.

Tax Records

Group

no

Greece

Editor of

Approves Bank Sub-Agents for War

Ownership

If he

permanent

secure

depopulated; Yugoslavia would not be

would

particular

....:

ABA .Booklet On

Bond

to

Poland

2342

vestment

struggle

and Norway and Holland and Czechoslovakia

Payment On Cuban 5%s,2343

Committees

Morgenthau
Policy

probably

Italy would be free.

Steel

...

Transactions

Announce

Wilson

nation,

2338

Canada

60% Govt. Employees in War Work.2341
Ayres Sees Gloomy Outlook for 1943.2342
Industry

was

modern times.

of

Ruler

Gift

Committee

Nov.

his

in

It

measure.

and the rights of nations, there would be

lions of

13

defeated

his

failure

heroic

...2338

Thanks

AEF

S.,

in

....

Roosevelt
for

Increased

also

was

and

today.

If
a

been

not

peace

don

colossal

most

had

.

Fuel

contention that BEW's operations

(Continued

Damage Insurance Policies On
Money and Securities
2334
Farm Mobilization Day Jan. 12
2334
Governors
of
Chicago
Mercantile
Exchange
..2334
Agricultural Representatives On
Manpower Group
2334
Details of Mexican Debt Payment..2334
Churchill Hopes U. S. Remains Per¬
manent Ally
2335
Study Private Financing for WarHousing
2335
Seeks Offerings of New South Wales

2331

Bill

in First Year.2331
African

Mili¬

2331

be

humanly possible

for Dr.

Padover,

or

else, to know what would have happened if President

Wilson had had his

way?

i.

THE

:330

Now that, a bill has been

the

new

prepared for introduction in

Congress to alter radically the 40-hour week legis¬

immensely important that opponents of this illadvised restriction upon all-out war production state their
case
most carefully.
Hitherto, when the issue came up
for serious consideration, the opportunity for amendment
it becomes

repeal

was

lost perhaps

as

the

argument that industries can afford to pay over¬
they wish to does not apply to most nonwar indus¬
Virtually all of the nonwar industries are subject
price ceilings,: they cannot pass high overtime costs

time if

lation, and the issue seems certain to come up for debate,

or

This is The lowest weekly volume

that

Strongest Case

much because of the incom¬

plete and inadequate case stated by the opponents as
because of the misrepresentations propagandized by friends
of the legislation.
That mistake should not be repeated.
Right at the outset, opponents of the 40-hour week
should decide to concentrate their fire, to depend upon
-

Thursday, Dec ember 31,1942

change the law that causes Them to.hoard labor.unduly?
reported
One other point must be made.
Let no one fail to note

or

Editorial—

Slate The

FINANCIAL CHRONICLE

COMMERCIAL &

tries.
the

to

the

to

Only a small proportion of them are
subject to the higher brackets of the excess profits tax
(because their gross sales have not soared as "have sales oi
war
trades) and they cannot: simply transfer most of the
costs to the Government as do war producers who pay 80 %
of their net profits to the .Treasury. in the form of taxes.
Many;of these nonwar trades are deficit-ridden and cannot
on

absorb

penny'more of costs.
%
/•
suggestion made here, therefore, is that this fire
all be concentrated upon forcing the nonwar industries to
work at least 48 hours a week.
Accept the New Deal theory

employees cannot work more, than 48 hours a week,
practical rather than theoretical considerations to win their
despite the evidence of experience in England, Germany
case.
They should aim squarely at the arguments used by
and Russia!
Accept their contention that the war indus¬
New Dealers to keep the statute on the books.
tries are working almost 48, hours a week and take no
One of these arguments, certainly attractive to the
action that would force employees in those industries tc
mass of voters, is the claim that the law does not restrict
the work week to 40 hours—"Any plant can work 48 or 50 accept a wage cut of any type!
Instead, (1) provide by law that employees in nonwar
hours if the owners wish, only they must pay time and a
industries and only those industries may be worked up to
half for the hours over 40," the proponents of the 40-hour
48 hours a week without The payment of time and a half,
week argue.
A supplementary defense was "Why does the
despite union contracts, (2) emulate England and force the
requirement for overtime payments matter—it all' comes
nonwar industries
to go up to such a schedule by taking
out of the Government's pockets anyway—so why don't
away draft and priority protection from firms in both war
.the war industries work the longer work week?"
the

arguments that have kept the 40-hour
week law on the books.
Just a week, or so ago, Secretary
of Labor Perkins re-stated then,, when she pointed out that
are

and.

industries

nonwar

Such

is 34% below the total for the cor¬

I f'l 1'

responding

that fail to work at least 48 hours.

program would surely, make available to the . war
effort the services of several million workers forced, out oi
a

short

Record."

■

•

Federal

work

8%

is

below' the

cline, coupled with the, 97% drop
in
State
and
municipal
work;
its

under

the

last

year's

current

a

still

"vested interest" in overtime: had

another

ago.

year

Engineering
ume

for

000,

is

1942

to

Pri¬

/

57%

the 52 weeks of

wound

total

the

In

October

the average for all non-durable goods in¬
only 40.6 hours.
Several millions of skilled
!and unskilled employees are being "hoarded" by those in¬
dustries operating at only 40 hours a week or less.
In ad¬
dition, the vast majority of the 15,000,000 workers in con¬
struction, financial institutions, the service trades, whole¬
sale trade, and mining, work less than 40 hours a week. ;
dustries

was

Consider the manpower possibilities..

One million

men

working 35 hours a week can be replaced by 800,000 work¬
ing 45 hours a week.
One million men working 40 hours
a
week can be replaced by 850,000
working 48' hours a
week.

Are

not

these

Reports
the

industry
cation
the
to

from

Ke

some

industrial:quarters

for

inventories/
gain

actual

in

In

Is there any

precedent for

drastic

In Eng¬
land, priority assistance and draft deferments are denied
so

a

move?

rate

last week.
One
ago
operations stood •' at
while
operations
were

month

98.3%,
-96.1%

The ^week's
1,679,900
net-tons
of steel,
as
compared
with 1,678,200 tons a'week ago;
;
The industry turned out 1,681;600 tons a month ago, while pro¬
duction
amounted
to
1,587,800
a

year

is

output

ago.

estimated

at

ing week this year, the previous
high, according to Edison Electric
Institute
All

New

greatest




steel

there

is

expected

output.

New
over

geographical areas except
England showed increases
a

year

ago.

England
rise

The decline in
0.7%.
The

was

was

on

the

Pacific-

above

production
last year.
In
the

'■li' "

5.3%". :

..was

■

was

the

increase
.

%

1"

'

The Federal Power Commission

.

reports that electric

energy

pro¬

this

1

year

of

conditions

weather

favorable

In the final shop¬

the last week.

ness

ended

ceeded

in

which

rush

a

,

retailers'

many

the

ended

week

freight for

revenue

Dec.

19

totaled

742,911 cars, according to reports
filed

the

with

Association

American Railroads.

increase

an

of

2,575 cars over the
week this year, 55,957

preceding
cars

of

This was

fewer than the

week

in

corresponding
45,156 cars
period two years

1941

above the

and

same

ago.

riod reached
as

was

125.54%?

of

aver¬

loadings for the correspond¬
week of the 10 preceding

years..

ume

the
mas

for

early

the

construction
short

closing

"holiday,

vol¬

week, due

for The

totaled

to

Christ¬

$33,377,000.

,j|l j

jv1

;

v u

all-time high,

new

a

dollar volume

match

comfortably

ran

U

levels.

1941

Retail

"T

<

sales

themselves boomed to the

highest
history in the final pre-

in

!I

jj

••Tta

m

.■

.

1
*

4*1

VI

IT

t

J

■

I

by the Federal Reserve System for

department
country-wide

sales

stores
basis.

on

a

weekly

The

figures showed store sales up 9%
for the four-week period ending
Dec.

19, compared with last year.

The- increase

the

for

was

year

:

11%.

%

Department store sales in New
York
of

Christmas,

ended
the

above

riod,

19,

an

pares

with

week

ended

a

the

1941 pe¬
preliminary

a

by the New York

4%

a

gain

19,

ended

.Dec.. 5.

;

in

This

com¬

increase in the

Dec.

week

2%

the

rise

comparative

made

Federal Reserve Bank.

in

in

8%

season

Dec.

according to

estimate

I

the best record

City made

the

week

an

8%;. rise

Dec.

week

the

•

12, and
ended
,/.

....

,

h''

fife

(These

weekly' increases made
for a 6%> improvement over the
four weeks ended Dec. 26,
ac¬
cording to the bank. While the
bank

made

Christmas

generally

other

held

on

than

its

1941, merchants
that it was the
the

holiday business in
of the city's stores.

history
In

comment

no

trade

comparison with

main

its

of. business

outline

the

course

fairly clear, the
Guaranty Trust Co.; reports in its
year-end monthly survey.- Fur¬
seems

ther gains in war production are

will

con¬

be

large, "but
probably pre¬
vent any significant increase in
net earnings."
i
concerns

W'

f;:

the tax burden will

"Industrial payrolls will rise to

peaks,

new

limit

the

will

shortages

but

amount

that

be

can

spent for consumers'

adds.

survey

goods," the
For many business

enterprises

continuance

ations

become

will

1942

bank

the

duction
ness

than

Engineering

$?'

V

higher than a year ago, although
.iude in "physical units" failed to

The

This total
age

v

expecta¬

tions, according to Dun & Bradstreet, Inc.
Preliminary
reports
indicate
that sales for the full holiday pe¬

ness

Loading of

11

ex¬

likely to be accompanied by

1941.

ft

it
'

ping days in The retail stores busi¬

tinued declines in output of non¬
essentials. Gross receipts of busi¬

crease

* m

a

totaled

16,191,145,000 kwh., an in¬
of 13.7% over November,

*
m.

--A

Hi

for

duced' for public use in November

ing

figures.

where

if
iet

record buying
splurge both in the retail and
wholesale markets, despite the un¬
with

up

biggest

Mid-Atlantic. States

reported

it

accurately and fairly, why should not the nation repeal

finished

operations this week ,are^scheduled at 98.2% of capacity, a Coast
slight increase over--the 98.1% 29.3 %

industry or shop that does not maintain a full work
Why should not this nation similarly compel its
nonwar industries
to stop hoarding labor?
Or to phrase
any

week.

during
the stee.

usual in

as

Steel

savings worth while?
Suppose the working hours were lengthened in the nonwar industries and time and a half
payments for work over
40 hours flatly banned, would any employee, take a cut in
wages?
Obviously not, the millions in the trades now tons a year ago.
working 35 and 40 hours a week would secure an appre¬
Production of electricity during
ciable wage increase.
Many of the employees, true, would the week ended Dec. 19 totaled
have to transfer to war industries—because the longer work 3,975,87-3,000. kilowatt-hours as the
week would displace workers throughout the consumer industry continued to set all-time
high
records.
The
total
was
trades—but the nation surely has a right to ask them to 13.3%
above the like week in 1941
make the transfer, especially when they will receive -a and
compares
with
output oh
3,937,524,000 kwh. in the preced¬
handsome wage increase for so doing.
manpower

favorable

were

much

the holiday period, according to the trade publi¬
Among foundries there were few suspensions a"

during

"Steel."

year-end

most

Work, continued pretty

past week,

W"

1941.

trade

-

be¬

i

above

Christmas

is 91%

construction vol¬
date, $9,229,534,-

,

The State Of Trade

s;

26%

mark.

week,

1

■■-A

work, accounting for $513,000

vate

low

construction

public

brings

in

7 "w -9

week last year;- and this de¬

same

level

accrued/ should likewise
big obstacle to be overcome.
.There are probably 15,000,000 workers in war industries proceed. upon the 48-hour week. . Thus; shortly after this
who now are receiving each week time and a half for from program was. adopted the'nation's, industry—war and nonwar
combined—should be operating on a 48-hour week,
three to eight works of work over 40 hours.
To propose
instead of 43.5 hours as was the. case in October.
\
,to eliminate the time and a half requirement for these
But none of these ' objectives are likely to be attained
millions, and thus cut their weekly income by from $4 to
if
the
opposition insists upon complete and sweeping
$12, is simply too much to ask of a Congress.
Not even
How then, meet the arguments and secure a change amendment or repeal of. the 40-hour week law.
the Republicans who won .the biggest majorities last Novem¬
in the law?
ber will relish voting a wage cut for the millions of wai
It appears that the case must be. based squarely upon
the manpower shortage, and it must be stated as a proposal industry workers, so the law can only be amended by mak¬
ing the change apply to : the nonwar trades alone, and by
to increase, not decrease wages for many millions.
Here
is what we are talking about: the garment trades generally showing how millions of workers can be transferred from
nonwar
industries without anypinterference to production
are
working only 36.8 hours a week, according to latest
in the war trades.
'
1
>
•1
■
figures.
One branch, the millinery trade, worked only
32.3 hours a week in October.
The hosiery industry worked
only 38.2 hours a week in October and the work:week in
newspaper and periodical publishing was 36.1 hours!
t
is

iAi

in. 1941;

week

It would in¬ Christmas
the war industries in general were working much longer plants formerly working less than 40 hours.
week, despite weather,
crease the
earnings of these workers and millions of others, which usually keeps buying
than 40
hours
a
week despite the statutory
overtime
and it would in no way ruffle or disturb labor conditions housewives at home.
requirement.
She declared that the war industries in
and relationships in the war industries.
Peak crowds taxed store capac¬
October averaged 45.7 hours a week, and that if absentee¬
ity,. and in war centers, accord¬
;
Such
a
program
involves
compromise
of
principle
and
ism
and other such interruptions; were allowed for. those
ing to Dun & Bradstreet, Inc.,
it involves discrimination among the industries.
The dis¬
•industries actually were on a scheduled 48-hour week.
jammed transportation facilities:
crimination,
however,
is
no more serious than that which Record spending spread sales over
Thus, the opponents of this legislation should not be
the war program has already caused many of the nonwar a variety of merchandise.
Tra¬
misled into thinking they do not face serious opposition
trades to suffer and the compromise of principle can be ditional gift lines held the spot¬
in the fight on the 40-hour restriction.
One can now hear
light,
and
with
foods,
scored
the
chalked off as a war necessity.
the "President and the labor leaders say—"Why the war
highest gains over a year ago.
If such a program were adopted, it also could provide
industries are already working 48 hours a week, so what's
An
increase
of
1G%>
for the
that war work in, 'newly-established plants, where nc week ended Dec. 19 was
the shouting over the 40-hour law all about anyway?"
reported
There

\

w

•

according to "Engineering News-

a

that

These

$'

consumer.

The

,

during 1942.
It com¬
pares
with $75,539,000 recorded
for the full preceding-; week, and

points

effects

of oper¬

impossible.
out

of

that

larger

for
pro¬

the

earnings of busi¬
enterprises have been more
on

offset

by

the

rise

in

taxes

and other costs and that dividends

paid in the first 10 months
almost 10%> below the
twu

a

year ago;

were

comparable

r

ft

THE. COMMERCIAL &

Number 4138 '

■Volume 156

(Continued

fjrom first page)

preached constantly for the past year or two are now
finding it expedient to explain and to defend. We must
see to it that this is
only a beginning.

-

/

.

..

2331

and

THE FINANCIAL SITUATION
;

FINANCIAL CHRONICLE

,;>}

.

.

hands.
It is likewise quite clear that
it is pursuing a policy, particularly, although not exclu¬
sively, in Latin America, of'"buying friends" through all

.falling into

enemy

'manner of "aid" and "relief."

No

one

.years

much

'

Post-War Plans

'
•

But it is not this
•

The

realistic eyes

more

than

viewed with
in Washington

are

are common

today.
The notion that war in the future can be barred
by giving everyone, except of •course the Axis peoples, vir¬
tually everything we think they ought to have—as if it lay

<

within

our

before

it

power to give on such a scale—must
becomes one of those foolish beliefs

be nailed
implanted
We should do well to face the fact

by endless repetition.
aspect of the Board's activities which

rather than

now

later, that

measure

supported by

was

James

V.
Forrestal,
and
War
Shipping Administrator Emory S.
Land.

greatest concern i to thoughtful observers—and pire are realists; that Russians not a democracy and Mr.
■among them one is inclined, without knowing the facts, to Stalin is
nothing if not one of the world's coldest realists.
include the Secretary of Commerce and a numbertof mem¬ The
problems arising out of the division among the French
bers of Congress.; It is difficult to escape the suspicion in Africa should
warn us we can not
even with gold of

1

Cattlemen

protested
tation

and

that

broad

so

farmers

dairy

the

measure

was

it would permit impor¬

of

Canadian

Argentine

beef

and

dairy

products without
subjecting them to sanitary safe¬
guards.

leaders of the British Em¬

the

the

causes

sub¬

a

leaving the country.

Issue

fighting—unless the world and its future

<

by

allow
suspension
only of laws and regulations gov¬
erning the movement of persons
to

tragic as have been'the blunders of the past ten high-ranking officials of the war
they may pale into virtual insignificance in the agencies, among them Undersec¬
retary of War Robert P. Patter¬
to come after the fighting ceases—i.e., the present son, Undersecretary of the Navy

outside of the inner, years,

of knowing how many American dollars
.have.been expended in this way, or how many more have
.been promised for the future.
It is, however, known that
the outlays to date are large, arid that many of its'commit-;
ments run for years to come—long after the present war
is over, if the hopes of most observers are realized. -■

modified

was

committee

As

-

.

circle has any way

•

Vital

A

section

The President's special message
to

Congress requesting the broad
was given in our issue of
Nov. 12, page 1721.
powers

.

•that

funds

being sown around throughout the world; Midas and the kindheartedness of a Santa Claus-manage
profligate hand that has for the past ten! the. affairs of other peoples, and expect them to like it—or
years been squandering billions of dollars at home, but in: accept it.
The time has come for many of us to reappraise
this case the existence of a state of war provides an excuse
many things.
A.
!
1
the

with

are

Tola! War in One Year

same

Cost U.

„

•

.

for withholding the facts from the public
jn such a degree that it is utterly impossible to say with'
certainty whether such a suspicion is well founded, or in

;if not

what

a

reason

What is most disturbing about the situation
'is the fact that post-war arrangements, plans and programs;
have been injected into it.
The Vice-President, who is the
•moving figure in the organization, has on numerous occa-'
sions laid emphasis upon the post-war aspects of the Board's
operations and his dreamy, mystical approach has so greatly
perturbed so many people that he has recently been driven
to endeavor to explain away a number of things that he
had said in the past.
His address on Monday evening last
must be read in light of this fact.
degree.

His

a

rather

more

than

the Board of Economic

playful reference to the Board
Welfare, his ambition to see that

quart of milk a day is in the post-war world available
and. his general" doctrine • that -it is task - of

j for; everyone,
the

people of United States to expend its wealth and its'
denying itself if need be, in the post-war era to see;
that virtually everyone has the good things of life that we
think he ought to have, and have them in virtual per¬
petuity, are all, cut from the same cloth, and, one must
conclude from the evidence,' are part and parcel of the
energy,

widely held in Washington at this time,.. Pre¬
cisely where the President himself stands on some of these
concepts

Roosevsll fass

group

good neighbor has brought

hope

new

those of

to

of

us

the

New World who cherish the ideal

To Set Draft

Policy

of

justice."

-

The Cuban leader also said that

For Federal
President

".

Dec. 11

on

Employees

Roosevelt

a

appointed

.three-man committee

to formulate a nation-wide

to

the.

Atlantic

"b

11

e

Charter

brought

perspective"

e r

a

the

for

the

inspiration

nations

of

which

a

The Vice-President and

'

the attention of the rank and file.; Lest there be misunder-'

the point, let it be said that these two earnest,,
sincere, deluded, trusting gentlemen have an abundance of
company in Administration circles.
Were this not .true the
.strange procedure of placing the funds of subsidiaries of the
RFC at the disposal of the Board of Economic Warfare
,'standing

■

appointing

to;

committee

this

establishment

the

assure

sound

is
of

have occurred.

'

monument to officers and

the^Maine

and

morial.

Lincoln

the

of

Me¬

to

maximum
total

j

:

;

•

•

v

•

;

which the Vice-President and many others have envisaged




war

of its

with

the

Batista

visited

New

turned
14

-

to New York

and

City

addressed

the

Chamber of Commerce
at

at

dinner'given

a

the

Cuban
Dec. 15

on

in

his

Waldorf-Astoria.

Dec.

on

honor

In

New-

in

history, and

military

in.

y\

'

last

President

comed

was

wel¬

latest

House

ser¬

all
Federal
departments
agencies to cancel deferments
their employees.
This was re¬

House

in

to

Nov.

our

ly-TV;

;26 issue,
'

.

Good

neighbor Policy
Fulgencia Batista

Cuba, who was
the

United

mission

as

a

of

recent visitor to

States,

on

official

an

the guest of President

President

Dec.

on

route to Havana.

en

Batista

Means

and

10

to

quested
for

postpone further
of

con¬

legislation

President

by

broad

the

wartime

re¬

in

arrived

month,
times
the na¬
before

program

Harbor.

"The public
twice what it

debt, too, is nearly
a year ago. At

was

the

orig¬

States

United

World

the
a

It

War

debt

gross

in

about

of

en¬

1917

it

$1,-

500,000.000. During the first year
of participation in that war the
public debt rose to $11,350,376,680 and
at

Roosevelt

powers,

on Nov. 30, 1918, it stood
$19,438,375,022.
"The bulk of »war expenditures

in

the

on

the Army and

current

struggle has been
Navy, the Army
tariff, immigration and espionage
accounting for $25,383,464,511, and
laws
whenever
they interfered
the Navy $12,851,455,689.
In the
with the free movement of per¬
same
period the Maritime Com¬
sons,
property and information
mission spent $1,426,991,798."
inally proposing the suspension of

Pres. Batista Praises
President

Ways

under

were

defense

Pearl

had

Committee voted unanimously on
sideration

1894.

they

tional

"When

Suspend Tariff Law
Dec.

page

what

a

four

8, 1941—it was
has
since
mounted to more than $100,000,000,000, the latest Treasury fig¬
ure
on
Dec. 5 placing the gross
debt at $103,577,860,314.

Group Shelves

and

ferred

which

tered

The
or¬

running at the rate of

$6,000,000,000
is just
about

$55,231,154,812.

War Powers Bill To

.

,

month

are

that time—on Dec.

by Mayor La Guardia.

dered

of

Batista

costs mount¬

war

unprecedented
heights.
Treasury statements
that current war expendi¬

to

The

the

in his civilian

program

York

against the Axis

war

greatest public debt in

ing

cooperate

contribution

16 for Miami

But

year

its

'

-President

•

men

entered-the second

"The nation

York City on Dec. 12 and after
with the
show
several
formal—and
private re¬
Commission. .In
tures
advices from its Washington bu¬ ceptions left by train for Buffalo,
about
to
inspect war plants.
He re¬
reau
on
Dec. 11 the New York
instructed

Roosevelt, left New York

fortunately there is reason to believe that the
country as a whole is at long length beginning to awake to
; tbe true state of affairs and to ask some pointed questions—
and to make some pointed protests.
The "feud" between
•the Vice-President and the Secretary of Commerce, as-it
is commonly termed,-may presently become a contest, .'and
a vigorous
contest,, between the many who believe as the
'Vice-President does about post-war policies and the millions
'who either do, or will once they understand/think other¬
wise.
The phrase, "the people of the United States will
never again make the mistake," etc., is beginning to lose
some of its magic spell.
Defenders of the "New Order"

.

Wash¬

Press in

Associated

War. Manpower

„■

never

The

Arlington National Cemetery, the

policies and adequate ma¬

chinery for quickly carrying out
these policies.
The new group is

on

regardless of the views of those formally charged with the
administration of the affairs of these organizations would

expect

.

in

Mr.. Roosevelt

popular mind this whole philosophy of post-war profligacy
and meddling, and that is not strange.
They have been
•much in the limelight'and have rarely missed an oppor¬
tunity to express such views,' while the many others work-!
ing with the same general ideas for both domestic and
foreign application have not in the same degree attracted

officials

Budget

expenditures to amount to

...

vice."

•

ac¬

$78,000,000,000.

said his purpose

The President

assignment or
''"v. A

perhaps his good man Friday,
come
to embody in the

have apparently

ago,

years

neither domination nor conquest ington advices Dec, 9 further said:
employees/ Heading the'group is but rather the advent for human¬
"Since Dec. 8, when Congress
Paul
Bellamy,
editor of
"The
declared
a
state
of
war
with
ity of an era in which it may live
Cleveland Plain Dealer,'' and the
in peace and enjoy the inalienable Japan, the Treasury has reported
other members are Ordway Tqad,
right to the pursuit of happiness." $46,393,890,525 spent on war ac¬
Chairman of the Board of Higher
On Dec. 10 he also paid tribute tivities alone up to Dec. 5.
Education, New York City, and
"The net cost of American par¬
at the
various
national
shrines,
Eric- Johnston, President of the
ticipation in the first World War,
including
Mount
Vernon,
the
'Chamber
of
Commerce
of
the
home of George Washington; the Treasury statistics show, was $40,United States.
v
Tomb of the Unknown Soldier in 583,062,000.

.

'Milo Perkins,

25

this sum appears, it is dwarfed
by latest budget estimates of war
expenditures for the 1943 fiscal

seek

.

•

conflict

the entire
the last

in

as

these

are

participation

cording to the Associated Press.
It is pointed out that staggering

year.

policy which

•

/c/''./riV:;

world

over

than

more

has cost
$46,000,-

war

States

—

of

cost

"embodies the essential principles

requests for deferment
group ' of
military service of Federal

•

Merely The Vice-President

United

Nations for this document

United

govern

from

•'•questions, he has been rather too canny to say explicitly,
"Herald Tribune" said:
but he has said enough to make it clear that, his thinking
The committee was directed to
runs in the same general direction at least.
1 It is the broad-; "give consideration to standards
ening realization on the part of many citizens throughout of ;- determining (1) whether an
the land that plans are being prepared and programs are; employee is actually performing
duties which are critically essen¬
'being shaped which could easily result in efforts to win tial to the war effort, (2) whether
the peace which are in the long run about as expensive the employee can be replaced by
others who are not eligible for
as winning the war—and all utterly in vain—that is beginmilitary service, and (3) whether
;r.ing to make itself felt in many quarters, including the the
employee's skill and abilities
political.
can
best
be
used
to
make
his
Not

the

000,000
of the

•

as

One year of total

"into and out of the United States.
In

announcing the Committee's

action, Chairman Doughton (Dem.,
N. C.), said the members decided
there was "no reasonable possi¬

bility" that the bill could be
acted

before

the

current

Gas Ban In East Due To
African Military
President

en¬

session

of

Congress expires, adding that
it had been "passed over without

Dec.

on

Needs

explained

18 that the ban on gaso¬

sales

line

Roosevelt

non-commercial

for

in
the
East was
Washington by. plane on Dec. 8
prejudice for the new Congress prompted by a hurry-up order for
and" was met by. a group of high
more
gasoline for the North Af¬
to consider if it wants to."
Government officials, headed by.
The
following regarding
the rican military campaign.
The
President -. Roosevelt, Vice-Presi¬
•suspension
of gasoline sales in the
measure was reported in Associ¬
dent
Wallace and
17 Eastern States and the District
Secretary of ated Press advices:
consumption

_

..

State Hull.

He

was

a

guest over¬

night at the White House, where
a State
dinner was given in his
honor.

After

conferring

President

Roosevelt

American

relations

on

and

with

Cubanthe.

war

effort, President Batista was the
guest of honor at various recep¬
tions

and

dinners.

Executive,

In

an

address

to
on

the

House

of

Dec. 10, Pres¬

ident Batista said that the "policy

upon

certification

of

Columbia

of

was

Dec. 18 to

noon

The

in

effect

from

midnight Dec. 20.

President

said

that

the

necessity by the head of any one
of several war agencies, to suspend

gasoline had to be removed from

regulations covering the
movement of property or informa¬
tion into or out of this country.

took

laws and

original form, the meas¬
ure
would have empowered the
President to suspend immigration
.

Representatives

the
legislation
empowered the Chief

Specifically,
would have

Ia its

laws, also.

As a compromise, that

the

Atlantic
a

seaboard

because

it

much longer time to move

petroleum supplies from Texas to
Africa.

He

meant

giving

for

short

added
up

that, while it

pleasure driving

time, he knew the
people would understand the sit¬
a

uation.

THE COMMERCIAL & FINANCIAL CHRONICLE

2332

would

it

Victory Loan Drive Over $12 Billion MarkOriginal Goal Exceeded By $3 Billion
announced on Dec. 28
that
the
totaled $11,946,000,000
through Dec. 26, and said that the figure will go "considerably"
over $12,000,000,000 as funds from sales of Series E, F and G Sav¬
ings Bonds and tax notes are received.
Mr. Morgenthau said that
this is a tidy sum in anybody's money.
He revealed that, of the
Treasury Morgenthau
Victory Fund Drive

of the
Treasury's

Secretary

total figure,

$7,071,000,000 was re-«>-

onc

—i

An/i

Konirincf

nnn

$4,875,000,000 from banking
sources,
or about 40%.
One of
the principal aims of the drive
and

three

four

or

be

will

-

head of our food program,

"As
I

Secretary

supply.

stated:

Wickard

farmers and

shall work to help

times

which

that

needed; ; This

actually

the country
this source of
emergency
housing.
So far it
appears home owners and prop¬
erty owners have been slow to
respond to the Government offer.
shows

clearly

has

not

that

the

of

"Success

the

Homes

Use

will
mean
a
maximum saving of scarce war
materials and almost immediately
providing 1 badly
needed
living
quarters.
The public still has no
program

by letting other realization of the fact that lack of
Government agencies know ex¬
housing is actually slowing down
actly how much man-power and was
production in many- centers.
materials they need to get their
The
thing that so many have
parts of the job done.
I shall feared
wartime
over-building
work to help distributors by see¬
that
food

fullest

opportunity, for

each

people to select their leaders and
their forms of government. These
two. central points. of the world
situation
have
been
expressed

tapped

Service

non-banking sources I dairy product

ceived from

that the houses
conversion are

appear

available for quick

Thursday, December 31, 1942

processors

heretofore by myself and

others."
Charter,
which Mr. Hull referred, is as

Point 3 of the Atlantic
to

follows:

the right of all

respect

peoples to choose the form of
government, under which they
will live; and they wish to see
sovereign rights and self govern¬
who have

to those

ment restored

been forcibly deprived of them."
The full text of the Atlantic

from

funds

the

—

public

fine

the

of

view

in

re¬

I shall work to help con¬

firms.

studying their needs
sponse.
carefully before making plans for
Secretary Morgenthau also dis¬
producing
and allocating food,
closed on Dec. 28 that the sale
and by directing any special steps
of Series E bonds from May 1,1941,
that may be needed to insure each
to Dec. 24, 1942, totaled $6,886,person of his fair share of avail¬
000,000 and that of this total only
able supplies."
$211,000,000, or 3%, had been re¬
He predicted that there would
deemed.
He declared that this
by

sumers

.

.

is

good showing.
Mr. Morgenthau issued the fol¬
a

funds bor¬

lowing breakdown on
rowed

26,

including Dec.

and

to

from all sources,

the different

on

issues:

from banking

Funds

be

%% certificates—

1%% Treasury bds.

the war,

country should have a liberal diet.
Asked what he considered the

sources:

$4,875,000,000

Total

non-banking

between

made

increases

in

prices and Government

consumer

subsidy he would choose a sub¬
sidy as the best curb to inflation.
He added that if faced with
a

sources:

$1,681,000,000
1%% Treasury bds.
1,003,000,000 choice between higher prices or
2%-% Treasury bds.
2,830,000,000 scarcity he would take the higher
certificates

y8%

notes

828,000,000

Savings bonds

729,000,000

Tax

$7,071,000,000

Total

total

Grand

the

with

Asks MBA Members
To

Use Service Program

comparison
heretofore

loan

largest

Supped Homes

December

indicated by

is

drive

prices.

$11,946,000,000
the

of

The-success

$244,500,000 Daily
War expenditures by the United
States
Government
totaled
$6,-

<

112,000,000 in November, up $390,000,000 or 6.8% over October, the
War Production Board announced

re¬

marking
that
the
people
of
Europe and Asia will have to be
fed
and
that
everyone
in this

be

from

after

$700,000,000 better course to follow if farm
2,117,000,000 prices keep increasing, Mr. Wick¬
2,058,000,000 ard said that if a choice had to

Treasury bills

Funds

even

American

unprecedented

in

products

amounts

for

need

continued

farm

US Nov. War Expenses;

Federal
Government,
floated, which was the $6,964,581,100 Fourth Liberty raised in three through the newly set up Homes
Use Service program,
is taking
weeks by the Treasury in 1918.
Together with tax and other re- steps to avoid what real estate
men and property owners gener¬
cepits of about $2,500,000,000, the
The

of bor¬ ally, as late as six months ago,
feared
might
be
a
disasterous
rowing
would
draw
into
the
aftermath
of,'this war—this is,
Treasury a total of about $14,-

Dec.

on

10.

penditures

In

October, war ex¬
increased $264,-

had

000,000 or 4.8% over the previous
The announcement of the

month.

WPB

added:

"The daily rate of expenditure
in November averaged $244,500,000 compared with

$211,900,000 in

October. In November there
25

were

500,000,000 in this single month of
In

December.

view

the

of

suc¬

tremendous
would be

a

overbuilding

that

is

Treasury

campaign

the

expected to

en¬

loan

drug on the post-war

not

and

market

15, 1948, and

7/&% certificates of centers.

indebtedness

due

The

various

tax

savings

issues

Closing
books

was

columns

of

taxes, assessments, insurance, in¬

sale.

subscription terest, mortgage installments and

the

referred

Dec.

on

to

in

other

these

expenses.

Mr.

24, page 2245.

Mullenix

"No

stated:

1942,
war
expenditures totaled
$46,075,000,000
which compared
with $11,929,000,000 for the cor¬
responding period of 1941.
"The average daily rate of ex¬
penditure for the 284 days on
which checks were cleared during

as

to

cleared in

were

is

to

speech

before

get farmers to reduce pro-

Finance

Reconstruction
tion

and its

Corpora¬

subsidiaries."

*

to

in

grow

foods of high value and MBA

greater

.

need,

especially




members

the living quarters

in
are

cities

where

most needed,

little

more

nounced

on

than

a

Dec.

26

year ago, an¬

increase

an

in its newsstand

.

operate with

another

one

'Enquirer'

announced

increased

be

12

cents within

of

Cincinnati,

a

from

10

to

100-mile radius

and to 15 cents
price boost was
deemed necessary, the paper said,
because
of
the
'constantly
in¬
creasing costs of newspaper pro¬
elsewhere.

The

duction and distribution.'

"Daily editions will continue to
for

sell

three cents."

Buffalo

advices

(Associated

Press), Dec. 26, said "the Buffalo
'Courier

Express'

announced

to¬

night that the price of its Sun¬
day edition would be increased
Jan. 3 from 10 to 12 cents a copy

of

because

advancing production

costs."

Praises Maritime Service

following is Mr. Hull's for¬
reply as given in Washington

President Roosevelt

Dec. 12

of

cause

the

the

of

until final

supreme

question

that

success.

us

alike in every

of the world.

lost

there

restored
it

or

to

who

would

That is

immediate
addresses itself to
the

and

each and all of

part

military

Allied

We

those
are

then

need

all

who

have

seeking

it,

arise, under
Point 3 of the Atlantic Charter,

men

marine

"so

dedication

there

war

United

exercises

for the

Maritime

States

new

Service

Station at Sheepshead
Bay, N. Y., follows:
"It is with a feeling of great
pride that I send my heartiest
congratulations and best wishes
to

the

ice

officers

and

men

of

the

United States Maritime Serv¬

new

Station at Sheeps¬
N. Y. Ten thousand

Training

head

Bay,

apprentice seamen in training at
one

station

is

a

thing about Latin America.
were

lot

a

ians

magnificent

fighting

paying tribute to

of the Merchant Marine

are so

gallantly working and

side

by

side

with

our

Army and Navy to defend the way
of life which is so dear to us

they

two-fisted

hardhitting,

were

Adolph

Berle, as the descriptions went in
those days, concocted a plan.
It
was
to
buy
up
all
of
Latin
America's exports and dump them
into
the
Atlantic,
inasmuch as
there

was

little of them we
off what in

very

head

To

could

use.

those

days seemed

the height of

Congress

appropriated

fantasy,

$500,000,000 to be put at the dis¬
posal of the Export-Import Bank
under Jesse.
Congress had a way
of turning crazy
to

Jesse

the

on

propositions over
assumption that

business-like

his

let

either

"banker

or

would

administration

minded"

die

them

put some

or

into them.

sense

The BEW has grown up

out of
original plan. Several months
ago the Administration by-passed
Congress'
intent
by
removing
the

Jesse's

veto

BEW's
however,

over

powers

Apparently,

spending.

BEW still feels Jesse's restraining
hand

and the

called

be

whether

Congress will

next

the

determine

to

upon

should

two

be

en¬

tirely divorced or Jesse's original
authority returned to him.
in

Bear

BEW's

that

mind

case

that
pp'heeded ma¬
terial from other countries, but
that he acts too slowly, that he
quibbles over prices, over being
held up.
What must be done, says
BEW, is to act quickly, to buy
right on the spot, even to pay 20

turns

on

Jesse

won't

or

the. contention, not

50 times

buy

than the stuff is

more

worth, to keep the Axis from get¬
ting it.
Surely, you aren't going
to
quibble about dollars when
boys' lives are at stake.
The job for the fact-finder in
this particular case is to ascertain
just what country it is on this
globe, where we must be gouged
in order to beat the Axis agents
to the

is

What country

pocketbook.

it?

couldn't

It

American

be

Latin-

a

Aside

country.

from

the fact that all but two of these

countries
United

are

side

the

on

of

the

Latin-Ameri¬
can country can get any stuff to
the Axis.
Of course, we are buy¬
ing essential raw materials from
Nations,

no

countries

of them is also

Axis that

we

which

but

one

available to the

so

must outbid the Axis

letting

by

agents

little

Bureau¬
a

check¬

Turkey is

pockets?

the only possible one we can think

of, and I doubt the BEW would
to justify its far-flung and
mysterious
operations
on
that

seek

alone.

country

is

This

a

needed.

which

in

case

facts

needed also
in the whimpering that is going
up over Leon Henderson's sup¬
posed retirement as price fixer.
(Let's see if he really retires.)

are

The
is

They

are

underlying fight against him
because
of
patronage

not

troubles

with

Congress, not be¬
doing a hard job
fearlessly; it is not that he is a
cause

he

martyr.

who

and

There

and Ital¬

Germans

there

down

mess

in

of

shipping stuff to Germany, to the
extent they could get it through
the British blockade.
Brilliant,

try joins me in wishing you every
and

the

on

achievement, and the entire coun¬

success

terrible hulla¬

was a

part of the intelli¬
gentsia that we had to do some¬
baloo

Training

you men

and free¬

Before" we even entered

paign.
the

book in their

"I have had only one view with
respect to the two central points

support

you?

crats walk around with

gallantly working and fighting
side by side with our Army and
Navy." His message, read at the

as

Well, you've got to
the BEW's "preclusive"
buying operations.
It so happens that this engag¬
ing word made its appearance in
the heat of the 1940 political cam¬
don't

uphold

for

Tribune" from John Elliott:

situation

You want to win the war,

the

congratulated

American 1 merchant

international

the

on

advices to the New York "Herald

the

serious effort to get at the

any

several

in the

effort?

The
mal

Press

3, the price of its Sunday edition

Urges Unity Of Effort
In Support Of Allies

common

Dec. 26, the
reported "the

Cincinnati,

tonight that effective Sunday, Jan.
would

dom

scattered and ad¬
mittedly inconclusive reports from

morning

sold at two cents per
weekday copy since its founding

newspaper

a

or

,

"Sun,"

Chicago

Cincinnati

I

upon

The

both by the Treasury and by the

the help we can get.
"With the victory won

"Based

said:

f •
:
and
magazines
throughout the United States have
sustained greatly increased costs
of
production
and distribution
'caused by the war, and therefore
have found it necessary to
in¬
crease
their selling prices.
"The
'Tribune,' regretfully, is
compelled to do likewise. Conse¬
quently, effective next Monday,
Dec. 28, the price of the 'Daily

From

jthe next six months.

eduction of less essential items and

announcement

"Newspapers

1941.

stores,

a

"Tribune"

the

Associated

in

buildings of this sort in these
regional crowded centers
could, of their
production goals meeting in New owners
respond to the Govern¬
York City, attended by represen¬
ment's appeal, house a substantial
tatives of Eastern farm organiza¬
portion of the hundreds of thou¬
tions, Mr. Wickard explained that sands of
in-migrant workers who
a
major concern of the Agricul¬
I must be decently housed within
ture Department's 1943 program
a

its

In

cents.

two

"The figures cover expenditures

would be met.
In

Dec. 26

on

,

avail¬
old large

how

made

by the Chicago "Daily Tribune."
The
price had heretofore been

price in the Chi¬
cago area to three cents, accord¬
ing to the Associated Press, which
the first eleven months of the cur¬
stated that the paper said increas¬
rent year was $162,200,000.
This ing costs of production and dis¬
compared with $42,800,000 for the tribution made the change neces¬
first 279 days on which checks
sary.

accurate figures are

houses,

edition to

.,

they address themselves especi¬
many
ally to the Allied nations, and
warehouses and that view applies universally, and
other buildings suitable fdr con¬ not to
any one country or one
More Essential Foods
version into living quarters are
people any more than another.
Secretary of Agriculture Wick¬ available in the war
production The first central point is that
ard, recently-appointed Food Ad¬ centers where
they are
badly every person in sympathy with
ministrator, said on Dec. 14 that needed because there has never
the cause of the United Nations
the 1943 farm program calls for
been any reason to survey prop¬ and
every group of persons and
unprecedented
goals,
but
ex¬
erty with this thought in view. every other one concerned should
pressed
confidence
that
they It seems
plain,
however, that strive to unify their efforts in the
able

Wickard Urges Raising

in

change

a

daily

its

three cents was

"For the first eleven months of

Dec.

notes
continue to be

bonds

The Government is leas¬

1, 1943. ing the properties and remodel¬
of Treasury ing them and the HOLC is acting
and savings as agent to collect rents, pay

of

price

on

depress all property
Secretary of State Hull on Dec.
values, Charles A. Mullenix, Pres¬ 17 issued a
plea that all those in
ident
of the Mortgage Bankers
gage in further major financing
sympathy with the cause of the
Association
of
America,
said
on
until March or early April, rely¬
United Nations should strive "to
ing for its new money needs in Dec. 19 in an announcement that unify their efforts in the support
the organization is enlisting the
January and February on further
of the Allied military cause until
in the
sales of Tax Savings Notes, Sav¬ services of its members
final success."
This declaration
drive.
The Homes Use Service
ings Bonds and Treasury bills.
by Secretary Hull was made at
The present drive was launched organization was organized by the his
press conference in response
on Nov. 30 and closed on Dec. 23 National Housing Agency to con¬
to
a
question whether
French
for the three principal issues in¬ vert
existing residences, stores, leaders who are able to
help us
warehouses,
apartments
and
flats
volved—Victory 2y2% bonds due
in bringing about the defeat of
additional
accommodations
Dec. 15, 1968, and callable Dec. into
the Axis should now try to co¬
15, 1963; 1%% "bonds due June for workers in war production
the

of

cess

of

Announcement
the

which Treasury checks Tribune' at newsstands in Chi¬
were
cleared as compared with
cago and suburban area will be
27 such days in October.
three cents."
days

$12,000,000,000

estimated

Chgo. 'Tribune,' Other
Papers Raise Price

Washington

Here, then, is where a fact-finder
can render yoeman service. There
has been no fact-finding so far,
facts.

"They

proportion
non-banking
Charter, as signed by President
Roosevelt
and
Prime, Minister
sources, and the results show that
the drive was successful in this
Chruchill, appeared in these col¬
as well as in the amount involved.
umns Aug: 16, 1941, page 915.
The original goal of the Victory
might
wreck
real
estate
ing
that
civilian
supplies
of
food
Loan campaign was $9,000,000,000,
values after the war—can be sub¬
are
divided
fairly
among
the
but the Treasury later raised the
stantially forestalled by the sue-;
various
wholesale
and
retail
amount sought to $11,000,000,000
cess of this program.
to borrow a large

was

of

From

(Continued from first page)
are essentiaLto winning the war.

and

has

was

is

It

been

anyone

because
made

of

of the agency

attempting

more,

job,

workings

he has built
to

would have

all." finding why.

holy

who would take the

trouble to look into the

is

a

the

■

build
no
,

up

and

still

up

trouble
.

,

.

in

Advices from,,
to' the New

the war. is. ended.

Equalization For Govt. Employees
To Correct "Grossly Unfair" Conditions

Asks Pay

Dec.

1

"Times"

York
*■

13

said:

,.,

'"Specifically, "..three

Crawford

NowFor Posf-War Reconstniclion

questions'

consideration.

for

of

first

The

management's responsibility does not end with
utmost production for victory, Frederick C. Crawford, President¬
elect of the National Association of Manufacturers, stated on Dec.
10 that it "must show a similar leadership if we are going to preserve
individual freedom in the post-war world."
Y
Y
In an address before the National Conference of Business Paper
Declaring that

unfair" conditions regarding rates of pay, fhese concerns the Government's
hours of work and overtime compensation for civiliain employees of policy with reference to meeting
civilian
the Government and requested that if this could not be done im¬ essential
requirements.
mediately, to give him power to deal with the problem "during the Members of the Senate Commit¬
tee on Small Business hold this
war period or until such time as Congress may otherwise provide."
to be a question of basis signifi¬
The legislation was passed by the'£;
;
—
Senate and House on Dec. 15 and , groups of these salaried employ- cance because* they say, such re¬
are
being
inade¬
signed
by
the
President
on; ees for work in excess of 40 hours quirements
per week.
But other employees quately handled by the Federal
Dec. 24. - :
in the same agencies and in other
In
identical
letters
to Viceagencies.
While
shortages
of
President Wallace, as President of agencies of the Government per¬ civilian goods are inevitable in
forming
similar
work,
whose
time of war, unnecessary short¬
the Senate, and to Speaker of the
hours of duty have been length¬
House
Rayburn, Mr. Roosevelt
ages are dangerous not only to
ened beyond the peace-time work morale but to the effective
fight¬
pointed out that the Federal Gov¬
week of 39 or 40 hours, cannot
ing of the war on the home front,
ernment,- the largest single em¬
be paid overtime.
This
is
a com¬ it'is held
Y'Y;.v."
Ave."'.'
'v
ployer in the nation, has per¬
"The second question has to do
mitted ail employment condition plete violation of equal pay for
to develop which "is one of the equal work which has been the with the voice or influence of the
guiding ' policy • in Federal - pay smaller wholesalers and retailers
major causes of needlessly high
matters
since
the enactment of in
government
policy making.
personnel turnover and is imped¬
the Classification Act.of 1923. The Third on the list of
questions re¬
ing the successful' prosecution of
authority for the payment of this lates to the steps necessary today
the war effort."
The text of the President's let¬ type of overtime compensation to for securing a competitive 'distri¬
groups in the War and Navy De¬
bution system after the war, and
ter follows:
partments expired on June 30, in this connectition it is pointed
; ; "The Government of the United
1942, and has since been twice out that the war itself actually is
States,. which is the' largest sin¬
extended by joint resolution, the the best
type of post-war plan¬
gle employer in the nation, has
last extension expiring on Nov.:
ning.'"
',:;vYY-vYY,;
permitted a condition to develop
30, 1942.
-;YYY.Y Y;Y"'Y
regarding rates of pay, hours of
"I approved these extensions of
work and overtime compensation
for its civilian employees which existing authority to pay overtime
correct "grossly

tion to

.

Editors

is

grossly unfair, is one of the
major causes of needlessly high

personnel

turnover,

and is im¬

peding the successful prosecution
of the war effort.
This condition
may

be

summarized

briefly

ASA

had

been

means

of

Congress

as

follows:

various

complicated

urgent and
I

lem.

that

felt

pay

'

rates for most
these extensions of overtime com¬
mechanics, tradesmen and labor¬
authorization, oppor¬
ers
in navy yards, arsenals and pensation
tunity would be afforded to ar¬
other
production establishments
rive
at
an
equitable
solution
of the Government are fixed and
"(A) The

pay

which

would

needs

the

meet

generally been set at a minimum
.week, and the earnings
of
these
employees have been
further increased through the re¬
ceipt of overtime compensation at
time and one-half rates for work
in

of 40

excess

hours per week.
with
respect to

The

situation

these

employees corresponds with

pertaining to industrial em¬
ployees and represents a satisfac¬
tory condition which requires no

that

'YYYV .:;Y.':';;;Y ■
"(B) The pay rates for the po¬
sitions held by most salaried em¬
ployees—clerical workers, postal
employees,
hospital
attendants,
professional, scientific, technical
change..

and;

YY;.

•.

administrative

employees-

of

action

immediate

dreds

suffer

will

is

a

taken,

hun¬

of employees

thousands

of

in the War and

Navy Departments
cut in earn¬

severe

ings for the first half of Decem¬
ber because
of the stoppage of
the

compensation.

overtime

their

of

payment

;

"I realize that the enactment

of

adequate solution to the prob¬

an

lem

presents

difficulties.
I am
particular for¬

not wedded to any

mula

for

But I feel

its solution.

is so urgent that un¬
the Congress is able to arrive

the problem

Senate Small Business Y;YY,

Group Calls Conference

other

of

the

Saturday half-holi¬

which has already
suspended in so far as the
and Navy Departments are
cerned but still requires in
agencies of the Government

day law

pensatory
of

excess

been

War

than
associations engaged in

Representatives
50

the

trade

wholesale

of

and

more

retail

'

Navy.

ago

years

drawn

ties, not content with denying to
of Jewish race in all the
territories
the

Harbor after; the

Pearl

start

preparing for
the problems that must then be

Armistice

to

guaranteeing

and

St.

YY;'Y•://'' ; Y.V_Y




coun¬

being transported
horror

are

of appalling

brutality to Eastern Europe.

the

principal

slaughter¬

Nazi

house, the ghettos established by
the
German
invader are being

big nation policing,

for

systematically
emptied
of
all
Jews except a few highly skilled
workers required for war indus¬

am

burden it will require to

international police force.

an

permanent world peace must be' firm are left to die of exposure
secured.
Y;'Y'-YY Y.Y ';,YY
and starvation or are deliberately
"Third, I believe that this na-j massacred in
mass
executions.
tion must participate as well in
The number of victims of these
the economic rehabilitation of our

consists

sister

by A. B. A.
members in the 48 States and the

over.'

elected

bankers

of

after

nations

'

the

war

;

have been summoned by the Sen¬
ate Committee on Small
to assist the group

its

legislative

Business

in formulating

program

for

coming session of Congress.
will
meet
in Washington

the
They
in

a

conference

three-day

dicated

that"

serious

tries must be turned to more proj

attention

large appointed by

12 members at

the

The 12 appointees
by Mr.
Hemingway

president.

announced
are

the following:

Campbell, President,
Bank,i New

II. Donald

National

The' Chase

CityA-.':.,YY YYY;,Y
Curtis, Vice-President,

York-

Zay B.
Guaranty
■

V.

Robert

New

York

President,

Fleming,

Riggs National Bank, Wash¬

'-'-'"C-iC

C,YYY

ington, D.

President, Frost
National Bank, San Antonio, Tex.
H. Hiter Harris, President, First
and
Merchants .National
Bank,
H.

J.

Frost,;

Richmond, Va.
Citizens

YYay

D.

Herbert

President,

Ivey,

National Trust and Sav¬

ings Bank, Los Angeles, Cal.
Harold Kountze,
orado

National

President, Col¬
Denver,

Bank,

Colo.

F.

William

Kurtz, President,
The Pennsylvania Co. for Insur¬
ances on Lives and Granting An¬
nuities, Philadelphia, Pa.
J.
F. McRae, President,
chants
Ala.

National

Bank,

Mer¬
Mobile,

President, W.

Worthen Co., bankers, Little
Rock, Ark;
;YY YY
' Y.
Tom K. Smith, President, The
Boatmen's
National
Bank,
St.

B.

...

.

Louis,- Mo. '
C.

YYY

" Y
'Y-;
Waugh, Executive
;

Vice President and Trust
The First Trust
The

Officer,

Co., Lincoln, Neb.

Administrative

better living standards. for, these crimes shall not escape
"Government, having no money retribution, and to press on with
of its own, can supply the capital
the necessary practical measures
creating

needed

this

for

tremendous

construction job only by a

re¬

would

be

given

to

this end."

to

crush¬

the

three

poverish our people.

Despite the

altruism of the American
I

not

do

to

themselves

ished.

capital

Especially so when private
can do the job to the ben¬

efit of those in foreign lands and

profit, through prosperity,
American citizen.
fourth conviction on the
post-war world is that the Amer¬
ican people neither want a new
form of government and society

with
to

every

"My

imposed upon them without their
consent, nor do they wish to im¬
pose
our
form ofY government
lands."

other

immediate

past Presidents, the President of
each of the Association's four di¬

that

13

Dec.

Roosevelt
said
on
the understanding

by the working press of
obligation to use its freedom
for democracy is another instance
of his "confidence in the ability
of our democracy to grapple with
the bitter necessities of total war
without losing any of its essential
devotion to liberty."
Y
;
The
President
expressed this
in a letter to Harold J. Wiegand,
President of the Pen and Pencil
shown
the

Mr.

•>.; ';Y

expressed
the conviction that industry must
Crawford

Mr.

President

Club, Philadelphia, which is cele¬
of brating its 50th anniversary.

citizens

reluctant

the

upon

Praises Nation's Press

people,

they will allow
be thus impover¬

believe

also

in

given

Roosevelt's letter, as

the

to

Philadelphia advices
"Times," said:

New York

Benjamin Franklin, an

was

practice during 1943 a judicious
mixture of wholehearted co-op¬ old Philadelphia newspaper man,
eration
and
hard-hitting,
con¬ who said, 'we must all hang to¬
structive
that

"it

Pointing

criticism.
is

for

anyone

to

suppress

misguided

with
it,"

a

out

patriotism

valid opinion
Mr. Crawford

stated that this country is too big
to

be

dominated

by

gether or most assuredly we
"This is
in

of any one man or any one group.

shall

separately.'

all hang

as

for

1776,

true today as

it was

freedom has always

those who would
obligation to use that
for the purpose of de-»

imposed

upon

the-opinion enjoy it

an

freedom

and liberty.
great body of our work¬

mocracy

Committee

consists of the officers of the As¬

sociation,

peoples to overthrow the bar¬
productivity of all other barous Hitlerite tyranny.
They
nations once again must be con¬
reaffirm their solemn resolution
cerned with the primary task of
to insure that those responsible

"It

\'.

■

James H. Penick,

Samuel

of all freedom-loving

the resolve

American industry

uses.

the

and

Y YY,YYYYy Y\-'-A ing tax burden which will im¬

Y:

City.'-' ..V:Y
The

Co.,

Trust

ductive

United Nations Condemn
Nazi
Eleven

of

Killing Of Jews
the

United

Nations

the
State
Secretaries and the French National Com¬
proposal, visions,
already before the Committee, to Section, the American Institute of mittee on Dec. 17 joined in a joint
condemning
Ger¬
recommend to Congress the crea¬ Banking, and four members ap¬ declaration
Department,
Navy Department,
many's "bestial policy of cold¬
Maritime
Commission and Na¬ tion of an improved credit system pointed by the president from
blooded
extermination"
of
Jews
Reserve
authority to' provide the four different Federal
tional Advisory Committee for with
districts.
The four named by Mr. and reaffirming their pledge that
Aeronautics,
specific
legislative necessary capital for the expan¬
sion, conversion and re-entry of Hemingway are Messrs. Campbell, those responsible shall not escape
authority has been granted to pay
.
- Y
i *
Fleming, Ivey and <:■Smith.
\ ~ retribution^
overtime compensation to certain smaller, business enterprises after
"(C) In four agencies of the
Government,
namely, the Wai

Y;.Y;

YY YY'
occupied

Poland, which has been made

In

that

the

it, despite the economic; tries. None of those taken away
maintain are ever heard of again.
The
At able-bodied are slowly worked to
whatever cost, world order' and
death in labor camps.
The in¬

I

Asso¬

all

conditions

in

must not have to live through

means

to

tries Jews

another holocaust 25 years hence;
If this

into

oft-repeated inten¬
exterminate the Jewish

"From

part among the nations of
in

human

carrying

now

people in E.urope.'

States must play a prom¬

world

the

tion

the

"A second conviction is that

United

are

bar¬

extended,

been

effect Hitler's

--.Y'Y.\".y> Yi .yYYY' \YY

faced.

has

.'elementary

most

rights,

which their

over

rule

barous

"America must not wait for an
economic

been

reports from

numerous

persons

Y'Y Y'Y ■' ■•'. YY-.m',':.;

.

has

Committee

to

Europe, that the German authori¬

think

to

might need a two-ocean

inent

Co.,

any

who

two

who is

Executive Council

The

field

Jan. 19-21,
con¬ and will present their views at
other hearings before the Committee.
In announcing the conference,
com¬
time off for work in Senator Murray (Dem., Mont.),
four hours on Satur¬ Chairman of the Committee, in¬

day.

'■

for peace
did with those

that

we

National

agree

prepare

I

ernments and also of the French

-

less

tence

Trust

and

Bank

merce

not

refused

President of the Mercantile-Com¬

Louis,' Mo.

do

who refuse in time of

than

more

Commit¬

Association,

Bankers

can

to

war

I

effort.

war

with those

ingway, President of the Ameri¬

generally fixed by statute and
at a solution within the next few
adjusted by any admin¬
days, legislation should be enacted
istrative action. Except for recent
that would delegate to the Chief
increases in the rates of pay for
Executive authority to deal with
custodial employees, the last gem
problems
of
wage
and salary
eral readjustment of salary rates
rates, hours of work and over¬
occurred in the 1928 and 1930
time
compensation
within
the
amendments to the Classification
Federal service, during the war
Act, and in 1925 in so far as the
period or until such time as Con¬
postal service is concerned.
The
gress may otherwise provide."
work weelc for these types of em¬

erally have been placed on a 48hour week except for the exis¬

the

announced by W. L. Hem¬

tee is

cannot bfe

partments, and to 44 hours in
departments and agencies,
with the exception of the postal
service • where
the • amount
of
overtime varies with the volume
of work in each locality.
The
Government service would gen¬

planning for that period
right now, to the fullest * extent
possible without detracting from

bloody cruelties is reckoned in
is
many hundreds of thousands of
YY' entirely innocent men, women
"This, however, is not a policing and children.
District of Columbia, usually at
job to be done by government but
"The above-mentioned govern¬
the time of their State conven¬ an
opportunity and a job for priv¬ ments and the French National
tions, the officers of the Associa¬ ate capital and initiative. Y!
Committee
condemn
in
the
tion and should be avoided. How¬
tion, the three immediate past
"Post-war reconstruction is go¬
strongest
possible ( terms
this
ever, it can be avoided only by
Presidents,"1 the Presidents
and ing to J>e 'an expensive job'both
bestial policy of cold-blooded ex¬
immediate action on the part of
Vice-Presidents of the Associa¬ here and abroad. Physical destruc¬
termination.
They declare that
the Congress to deal realistically
tion's
divisions
and
sections, tion must be repaired. War indus¬
such events can only strengthen
with this entire problem.
Unless chairman of its commissions, and

are

ployees has been extended to 48
hours in the War and Navy De¬

the

to

members

Administrative

ciation's

adjusted to correspond with pre¬
the Government service and of
vailing wage rates for similar
the employees involved.
> '
i,
work
outside
the
Government
"It is my judgment that any
service in the same locality. These
further temporary extension of
pay rates have kept pace with the
this authorization to pay overtime
increases in wages which have oc¬
to
limited groups of employees
curred in private industry; hours
is only perpetuating a bad situa¬
of work for these groups have
of 48 per

"First of all I believe we must
start

Appoints 12 To

four

and

.

Czechoslovak,
Greek,
Luxem¬
bourg, Netherlands,
Norwegian,
over" but offered these "few and Polish, Soviet, United Kingdom,
United States and Yugoslav ,Gov¬
simple" post-war convictions:

we

prob¬

—•————-———

The declaration, as given out
by the State Department in Wash¬
ington, follows;
YY,
"The attention of the Belgian,
.

"to have any formula for
building the ideal society after
the
present
world
conflict
is
ing

Appointment of 12 members to
Executive
Council
of
the
American
Bankers ; Association,

approving

by

Mr.<$>-

City,

Cleveland, said he is not claim¬

the

this

solving

York

Crawford, who is also, President
the Thompson Products, Inc.,

Executive Council

considering

New

at

of

,

compensation to limited groups
notwithstanding the gross unfair¬
ness
and inequalities which this
condition
created,
because
the

Urges Industry To Plan

,

,

will be laid before the conference

legisla¬

asked Congress on Dec. 11 to enact

President Roosevelt

Washington

2333

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4138

Volume 156

a

,

.

"The

ing press has shown

that

confidence

in

democracy

to

bitter

deep un¬
find

I

understanding

another ground

a

obligation. In

derstanding of that

still

for my profound

the

ability

necessities

total

of

without losing any of

devotion to liberty."

of our

with

grapple

the
war

its essential:
>

.

v

;,

A

THE COMMERCIAL

2334

will

tion

Forms And

Specimen Policies For War Damage
Insurance On Money And Securities

:

Announcement
of

■

"Times" reported that the money

general

the

of

'corollary

war

,

even

year

of

more

Nov.

that'is'now

Thursday, December 31, 1942

Building Permit Valuations Down 30%;

.

Eleven Months' Total Decreased 41% From '41

fulDFealizqtidn • of the mahy*
difficulties affecting farm produc¬
A decline of 30% was shown in November building permit val¬
tion during war time, the people
uations as compared with
October, Secretary of Labor Frances
of this nation place reliance on
Perkins reported on Dec. 26.
"All types of building construction
the
zeal, devotion and unstinting
shared in the decrease," she said, "but the most pronounced drop
efforts of farmers to do their part
was in the value of. new non-residential buildings, which decreased
toward ultimate victory:

protection against loss

after

obtainable

us.

"In

14 by Jesse Jones, Secretary

Damage Insurance

require

during the

before

to or destruction of money and securities would
Dec. 21.
From Washington the New York

.through damage
be

made on Dec.

was

that War

Commerce,

them

& FINANCIAL CHRONICLE

and securities program will be a
insurance program already

52%,-

damage

New residential valuations declined 21%

v

and ,those for addi¬

"Food is no less a weapon than
tions, alterations and repairs tu<?;——t—~ •■■:■■
t—
.
*
by the fire insur-**
:
——-———
tanks, guns and planes.
As the
ance companies. It will be handled
existing structures declined 25%," i'amily dwellings to cost • $2,717,in the policy.
power of our enemies decreases,'
"At present supplies are being
!Miss Perkins further said:
000, -and 2-family- dwellings to
•through 85 or more casualty and
the
importance of the food re-1
distributed
to
"November
producers by the, sources of the United Nations in-*
building
permit cost $213,000; Dearborn, Mieh., 1surety companies that will par-,
valuations were 66% lower than family dwellings to cost $381,000;
companies but additional supplies, creases.
.ticipate as fiduciary agents.
With' this
thought ' in
during-the corresponding month Wayne, Mich., 1-family dwellings
On
Dec.
14
distribution was will soon be available at the cen¬
mind, we must further mobilize;
tral office.
•"
of 1941/
Indicated expenditures to cost $441,000; Cleveland, Ohio,
•begun to producers of special in¬
our
resources for "the
production
for- all types of buildings were 1-family dwellings to cost $474/
"Any questions regarding money; of food. •' '•■■' '
structions, Regulations D, appli¬
'■■.'• :
.4,".• :
and
lower- during the current month 000;
{securities insurance which
cation forms and specimen poli¬
Columbus,
Ohio,
1-family
"Now, therefore, I, Franklin D.;
cies
applicable to War Damage may arise and which are not fully; Roosevelt, President of'the United ' than during November, 1941. The dwellings to cost $386,000; St.
Corporation on money and securi-: covered by Regulations D. and; States of America, do hereby pro¬ decline for new'residential build¬ Louis, Mo., factories to cost $1/
ings amounted to 52%; for new 153,000; Washington, D. C., multities.
The forms and regulations; supplemental instructions should claim
Tuesday, Jan. 12, 1943, 'as
non-residential
have
been
made
available
by be addressed to the central office Farm Mobilization
buildings,
85%; family dwellings to cost $1,062,Day; and ask*
or
to
the
for
home
office
of
the
fi¬
member companies of the Money
additions, alterations and re¬ 000; Norfolk, Va.* 1-family dwell¬
that on that day the farmers of'
agent
named
in
pairs, 46%.
the; this
ings to cost $366,000;
and Securities War Damage Group duciary
Garland,
country gather, wherever pos¬
policy."
:.
'
v :
"During the first eleven months Tex., 1-family dwellings to> cost
at 111 John St., this city, accord¬
sible, with Department of Agricul¬
From the "Times". Washington;
cf T942, permits were issued in $353,000;
Burbank, Calif., stores
ing to the New York "Journal of
ture
representatives,
extension
cost
reporting cities for buildings val¬ to
Commerce" of Dec. 15, which in advices Dec. 14 we take the fol-; service
$621,000;
Los
Angeles;
agents, vocational Teach¬
ued
at
lowing:
!
$1,658,907,000, a' decrease Calif., 1-family dwellings to cost
part said:
ers, State officials, farm organiza¬
of
41 %
"Four
as
compared
with
the
types
of
coverage,
are,
$387,000.
"For the present, coverage will
tions
and
others
concerned,- in
"Contracts were awarded dur¬
A, B, G and D.
A,; order to discuss ways and means' same period in 1941. Permit val¬
'be written only within the con¬ provided,
which costs 25 ; cents per $1,000;
uations for new residential build¬ ing November for the following
tinental
United
of insuring for the year 1943 the \
States,
Alaska,

being handled

,

,

■

-

•

•

.

..

.

.

.

.

Canal

the

and

Puerto

Hawaii,

Islands,

Virgin
Rico

Zone.

preparation for the writing

"In

this

of

business, commencing on
21, the special instructions

for money and 7.5 cents per
for

will

securities,

$1,000; maximum

them;

cover

while

within

any

'preferred

vault.1

Coverage B,

which costs

50

and

foods

country,.
"I

15

of-' vital

production

farm -in This i

every

upon

/:

.

should

like

for

office'

'branch

nation-wide

-such purposes.

Each of the mem¬
companies has designated this

ber

office

its branch and the name

as

.of the company nominated

by the

producer in the application form
will appear
the
-

fiduciary agent in

as

policy.

participate
to the extent, of 10% up to $5,000/
:000 in the final net profit or loss*
The service fee to the producer
exceed

not

5%

with

and

maximum fee of

a

the

of

'mium

minimum

a

The

policy.

fee

pre-

of

$1

$1,000 per

empha-,

regulations

■size that the service fee must not
deducted

be

.'which

and securities in transit or!

money

ses'

business pur¬
and all 'prem-,
'safe" deposit!boxes' and

and

/aults,
mail

for, any

outside

pose

any

excluding loss in the

but

the custody of any carrier

or

)ther than.

armored motor

an

from

the

accompanies

tion.- The fee

remittance

applica¬

the

due

becomes

15

cents

per" $1,000,

"The

Coverage

no'riey

respectively.;

maximum

which

C

be obtained

can

to the

or

month
.will

following.

"The
iher
the

Service

fees

be paid on renewals.

special

when

that

state

fur-1

instructions

rMoney

orders

of

ment

drawn

agent in the

checks, in pay¬
are to be

or

premium

any

the order of War

to

Dam¬

Corporation and must ac¬
company
the application, which
age

should

forwarded

be

directly

111 John

the central office at

to

St.,

New

York, N. Y. This applies re¬
gardless of the territory within
■'which the business is written.
.

order

"In

.

not

discriminate

to

against any applicant, by reason
geographical location, with re¬
spect to the effective date of the
insurance, alternate methods for
'determining the date have been
"of

provided.
When the application
'and
premium
remittance
are
mailed, the post office cancella¬
tion date on the envelope becomes
the effective

lation

is

date.

If the cancel¬

illegible, then the latest

possible date of mailing computed
retrospectively from the time of
arrival becomes the effective date.

In

in which the appli¬
premium remittance
received
by
the
fiduciary

any

are

case

and

cation

agent (including the central
or

the home

office

office, but excluding

branch office Other than the
central office) by personal deliv¬
any

the effective date will be the
date when the application is re¬
ery,

ceived by the
"In

the

event

of

loss

the

pro¬

office

or

In

proclamation

a

Ian. 12

Roosevelt

Resident

asked

farmers

farm

'of

to

on

discuss

16

organization
that day in
and

ways

the
production

insuring

Dec.

with gov¬

to meet

and

representatives
arder

on

for

..means

year

1943
vital

The

South

1941,

of

10

candi¬

the

on

referred

In

to

2052,

page

Dec.. 10

our

includes

Governors:

Frank

issues

P.

for

accommodations

cost

2,716
Washington, D. C,, to

at

persons

dormi¬

for

$2,127,000;

for

1,000

persons

at

Brunswick, Ga., to cost $700.000; and for 100 persons at Eliza¬
beth City, N. C., to cost $63,000."

Details Revealed Of

Oct. 1942

Mexican Debt Payment

All Cities

New

residential:.-—-A

—21.0/

New

non-residential.—

—52.3':

Thomas

—24.7'/

Morgan; .,&

Additions, alterations & repairs

W.

Chairman
AU

construction

—30.4/

—
.

Change from
"

..

/"

'

/

Nov. 1941

■'

y*

to Nov. 1942

Class of Construction-

..J.,.

New'residential
New

'.-"■All

'.I,//;..

Construction

"Permits

;

—45.5'
—66.0b

issued

were

2,367

ardo

Dec.

—61.7/
—85.4/

non-residential

Additions, alterations. & repairs

in

of

the

Suarez,
17

'

Group!:

.

.

.

P.

International

Mexico,1

on

made
public
on
holders of Mexi-t

the

to

payments

under

the

an¬

pro¬

posed plan for the resumption.of
service of the Mexican debt.

The

announcement said:

reporting

•

J.

securities the schedule of

can

nuity

the

of

Incorporated,

with the approval of the Secretary
of the Treasury of Mexico, Edu-

All Cities

•—

Lamont

Co.

Committee of Bankers

Percentage

cities in Novem¬
maximum
Merrill Lynch, Pierce, Fenner &
of
ber, 1942, for new housekeeping
foods
upon
every
farm in this Beane, and Michael E. Fox of the
dwellings which will provide 13,Peter
Fox 'Sons
Co.
The
Ex¬
country."
- v
085 'units, or 18%
less than the
Saying that, "food is no less a change's election will- be held'JanI
'15,888 dwelling urlits 'provided in
weapon
than
tanks,
guns
and 6. and nominations by petitions
October, 1942, and 46% less than
planes,", the. President expressed may be filed up to noon • Dec. 30.* the" number
provided in Novem¬
.he hope that Farm Mobilization
ber, 1941. Dwelling- units in pub¬
Day would be a "symbol of the
licly ' financed projects included
Added To WMC
might and productivity of our na¬
in these totals numbered 3,715 in
Paul V. McNutt, Chairman of
tion, and a symbol of our unalter¬
November/1942; 5,471 in October,
able determination to put to full the War Manpower Commission,
1942, and 2,736 in November, 1941.
use of our
agricultural resources, announced on Dec. 11 the ap¬ In
addition, the Federal Govern¬
as well as our other
resources, in pointment of two representatives
ment awarded contracts in
No¬
he achievement of complete vic¬ of agriculture to the WMC's Man¬
vember, 1942, for dormitories pro¬
tory."
agement-Labor. - Policy ; Commit¬
viding accommodations for 4,048
The text of the proclamation tee.
persons.
In'October, 1942, 1,988
follows:
The hew members are Edward
dormitory units were provided.
"The people of this country may A. O'Neal, President of the Amer¬
"Principal centers of various
Farm
Bureau. Federation!
well
be grateful that
for three ican
types
of
building
construction
successive
years the
farmers of and James G. Patton, President of for which permits were issued
.

awarded

were

tory

to Nov. 1942

•

Class of Construction-

...

two

present
Collyer of

tracts

Percentage

two-year .term

Exchange's govern¬
ing board, presented .a week ago
by the nominating committee and

posts

are

below:■;

bearing his name.

regular slate

for 500 units;

Change from

They, are
of-Faroll: Bro¬

for-the .six

dates

"Under

the

plan

.

the

/

Govern¬

ment of Mexico is to make annual

payments for the service of bonds

assentihg to the agreement in an
amount, (based on the total of
the .bonds affected by the plan),
of a maximum of 10,000,000 pesos
or the dollar equivalent at
present
exchange rates.
•
;
,

,

"The
of

Pan-American
Wall

70

will act

as

St.,

New

Trust

the fiscal agent

the proposed plan.

/;.

Co.,'
City,

York

under

•/•/

,

"The

annuity will be distributed
among the security holders assent¬
ing to

the proposed

cordance with
to

the

a

plan

in

ac¬

schedule attached

the

between

agreement

.

,

the

United

harvests.

record
food

States

finds

soldiers,

use

given

us

the National Farmers Union.

Every pound of

in

sailors

have

war

and

time.

Our

marines

re¬

contracts

or

Mr. McNutt also announced the

November,

were

awarded

awarded

and

Navy

President

Departments, the Maritime

Com¬

of

the

United, States

by

the

War

quire large supplies of food both
in' this country and abroad, and

dition

these three

-years

resentatives

mean

The WMC ..Management-Labor
Policy Committee, composed of an

tial

nature,

Pa.,

1-family; dwellings

equal

$1,082,000;

record-smashing
of
farm
production will
much for victory.
"Farmers
the

may

justly be proud

production record of agri¬

culture.

They have achieved this

Chamber of Commerce,, as an ad¬
to
the management rep¬

Although they have

produced much this year, the

na¬

.

on

number

the

Committee.

representing

each

division and established last May;

recently completed for the WMC

notice to the
to the Iwme of¬

of eral itude.

those

except

1942,

in

appointment of Eric A. Johnston,

a




1942,, and .November,
summarized

S.* Moore of James E.
Co., and L.* D;.,Sehrei-

ber of the firm

overall

named

"Changes in the permit valua¬
tions in the *2,367 reporting cities
between November, 1942, October,

trading' center.

Bennett &

designating

Farm Mobilization Day.

as

ernment

Day

publicly financed housing projects
containing the indicated number
of
housekeeping
units:
Bristol,
Conn.,
$325,000
for
100
units-

.

October, 1942, $39,469,000; and
November, 1941, $66,419,000.

S. Tenny,

the produce

manager of -

thers/ W.

Farm Mobilization

and the country owes them a debt

fice of the fiduciary agent

Lloyd

H.. .Field

Harry

record in spite of many handicaps,

insured gives prompt
central

President Sets Jan. 12

the

ducer is instructed to see that

with

filed

futures

of

fiduciary agent.

>

business

nominating

appli¬
cation, the producer- must indi¬
cate whether he is an agent of
the company or a licensed broker.
fiduciary

corresponding

-

issuance of the
on

the

./

Nominates Governors

tions

upon

policy and payable
before the 20th day of .the;

Over

.

.

-

months

amounted to

.

Three' Chicago Mercantile Ex¬
$450,000 for money and
33,000,000
for
securities.
The change -Governors, it was an¬
imit on Coverage D is $2,000,000 nounced on; Dec.- 12, have been
;or money and $10,000,000 for se¬
nominated for reelection by peti¬

curities."

1941.

for

Cov¬

imount of

eleven

Portland, Me., $1,500,000
Camden, N. J., $650,000 for 200 units; Buffalo, N. Y.,
while the value of additions, al¬ $1,249,000 for 300 units, Massena,
terations
and
repairs
fell
off N. Y., $623,000 for 200 units; Har31%."
risburg, Pa., $225,000 for 75 units;
The
Labor
Department's
an¬ Washington, Pa., $810,000 for 146
units; Rock Island/ 111., $370,000
nouncement also stated:
for
136
units;
Bainbridge, Ga.,
"These
tabulations,
compiled
$180,000 for 60 units; Brunswick,
America to be affixed.
by the Bureau of Labor Statistics,
Ga., $2,632,000 for
1,000 units;
"Done at the City of Washing¬
include
contracts
awarded
by
Mobile,
Ala.,
$386,000
for
232
ton this sixteenth day of Decern-; Federal
and
State Governments
311,000 for 550 units, and $283,000
ber in the year of our Lord Nine¬ in addition to
private and mu¬
for
200
dormitory
apartments;
teen Hundred Forty-two, and oi
nicipal building construction. For
Alexandria, La., $450,000 for 148
the independence of the; United
November,
1942,
Federal
and
.States .of America the One Hun¬ State construction in the 2,367 re¬ units; Freeport, Texas, $350,000
for 100 units.
In addition, con¬
dred and Sixty-seventh."
porting cities totaled $19,639,000;

Ch'go Mercantile Exch.

be obtained is $750,000

can

of

for

B Tor

and

A

-

first

period,.new nonresidential build¬
ings showed a decrease of 39%,

for

amount

and for securities $5,000,000.
erage

ve¬

It costs $1.50 and

for the

the. current year

$756,978,000, a decline of 45% as
with the same period

.

Therwise

hicle company.

"The companies will

will

and

money

of

/••■/.
<. T
; ;
Mobiliza¬ compared

\

Farm

cents, respectively, for! tion
Day to be a symbol of a free
securities, will cover
America; a symbol of our unalter¬
them while in any safe or vault.;
able determination to put to full;
John St. will handle for member,
Coverage C, which costs $1 and 30; use our
agricultural resources;.as;
companies the issuance, record¬
cents, respectively, covers them: well as our other
resources, in the!
ing and servicing of all money while within
any of the 'premises'! achievement of
complete victory.!
and securities policies.
The War jr in the
possession of any of the
"In
witness
whereof, I have
Damage Corporation has recog¬ 'custodians'
specified in the ap¬ hereunto set
my hand and caused
nized the central office as the
plication.. Coverage D applies to the seal of The United States of
Dec.

•state that the central office at 111

ings

broad

program
manpower

concerning the
situation (re¬

mission

Plant

were:

Philadelphia,
to

cost

Westchester, 111,,

1-family dwell¬

ings to cost $475,000; Cicero, 111.,
a

factory to cost $750,000; Evans-

ferred to in these columns of Nov.

ville,

to cost

1808).

Defense

the

Chicago,
111., multil'amily dwellings to cost $468,000;

19,

page

and

Corporation, which have been ex¬
cluded because of their confiden¬

Government

and

the

committee^

which schedule may be examined
at the offices of the International

Committee of Bankers
14

at

Wall

the

St.,

New

offices

of

Eder, :attorneys
Government,
New

York

74

Mexico,

on

York

City,

or

Hardin, Hess &
for the. Mexican
Trinity

Place;

City,! and in London,

England, at the office of Morgan
Grenfell & Co., Ltd.
.

VThe

agreement

for

the

re¬

sumption of service of the Mexi¬
can. public debt is now before the
Mexican
,

Congress for approval.?

The plan

to

resume

service of

the Mexican debt was reported in
$608,000; Detroit, Mich., 1- these columns Dec, 17, page 2169:

Ind., multifamily dwellings

/Volume .156

Number 4138

THE COMMERCIAL & FINANCIAL CHRONICLE

2335

Moody's Bond Prices And Bond Yield Averages Labor Bureau's Wholesale Commodity Index
MBA To Survey Funds
Moody's computed bond prices, and bond yield,
Advanced
given in the following tables:
0.2% During Week Ended Dec. IB For War Housing FinaiL
'•

24

averages,, are

(Based

1942—
.

Daily

Averages
Dec.

"■

,

MOODY'S

20

—

28

_

U. S.

Avge.

Govt.

Corpo-

26

on

The Bureau of Labor
Statistics, U. S. Department of Labor, an¬
on
Dec. 24 that further
sharp increases in primary market
prices for grains, cotton, and certain fruits and
vegetables, and higher
prices for hay, hogs and

FRICESt

Corporate by Ratings*

rate"

Aaa

A

Baa

107.27

116.80

114.08

108.88

92.06

97.00

111.81

114-127

117.00

113.89

108.88

92.20

97.00

111.81

114.46

107.44

116.78

R. R.

P. U.

Indus.

107.27

116.61

113.89

108.88

92.20

96.85

111.81

114:27

116.78

107,27

116.80

113.89

108.88

92.20

96.85

111.81

,114:27

116.78

107.27

116.80

113.89

108.70

92.20

96.85

111.81

114.27

116.78

107.27

116.61

113.89

108.70

92.20

96.85

111.62

114.27

116.78

107.27

116.80

113.89

108.88

92.20

96.85

111.81

114.46

_______

116,78

107.27

116.80

113.89

108.88

92.06

96.85

111.81

114.27

______

116.78

107.27

116.61

113.89

108.88

92.06

96.85

111.61

114_27

17 '_

116.78

107.09

116.61

113.89

108.70

91.91

96.69

111.62

114:27

16

116.78

107.09

116.61

113.89

108.88

91.77

96.54

111.62

114.27

25

;

sheep caused the Bureau's comprehensive
index of nearly 900
price series to advance 0.2% during the week
ended Dec. 19. The
index, at 100.7% of the 1926 average, is at a new
high level for the past 16 years.

Corporate by Groups*

116.78

Aa

23 *i
22

______

.

19
18

'15.

'

116.78

107.09

116.80

113.89

91.62

96.54

111,62

■114)27

116.78

107.09

116.80

113.70

108.88

91.62

96.54

111.81

1)4.27

116.78

107.09

116.80

113.70

108.88

91.62

96.54

111.81

114.27

n-

116.78

107.09

116.80

113.89

108.88

91.62

96.54

111.-81'

114.-27

10

116.78

107.09

116.60

113.89

108.88

91.62

96.54

111.81

114.27

9

116.78

107.09

116.80

113.89

108.88

91.62

96.54

111.81

114.27

8

116.78

107.09

116.80

113.70

108.88

91.77

96.54

111.81

114.27

116.80

113.89

96.54

.111.81

14

______•

12

;

108.88

'

7.

116.78

_____

5

107.27

108.88

91.7-7

107.27

116.80

113.89

108.88

91.91

96.69

111.81

114.27

107.27

116.80

113.70

108.88

92.06

96.69

111.81

114.27

3-

116.78

107.27

116.80

113.89

108.88

91.77

96.69

111.81

114.27

2

116.78

107.27

116.80

113.89

108.88

91.77

96.54

111.81

114.27

1

116.78

107,27

116.80

113.89

108.88

91.77

96.54

111.81

114.27

113.89

108.88

91.91

96.54

112.00

114,66

_______

"Tim general
price level for farm products is more than 13 % higher
lhan for the year 1926 and in
the past year has risen 18%.
y
"During the week market prices -for foods advanced 0.2%.' In
addition to the increase for fruits and
vegetables, which is

partly
seasonal, cereal products, mainly oatmeal and flour, advanced
0.3%.
Following the sharp increase of the previous week prices of mutton
declined nearly 15%.
i
."Higher prices for bran and middlings brought the index for

114.27

116.78
116.78

______

;.-4

.

cattle-feed up 2.8%.
•
;
"Industrial Commodities:

27.______
20

116.85

117.30

______

13'

Oct

30

______

23

______

1270683

■16

107.44

117.00
1.17.00

114.27

H7.36

107.62

117.20

114.27

117.36

107.62,

117.20

114.27

■

108.70

92.50

114.66

108.70

: 92.50

9 7 _ 16

112.19

114:46

Reported

108.70

92.64

97.47

112.00

114,46

112.00

107.44

117.00

114.08

108.70

92.50

97.31

112.00

114,27

and

117.00

114.08

108.70

92.50

97.31

111.81

114.27

117.00

The Bureau makes the following notation:
: '
y . During the period of rapid changes caused by price
controls,
terials allocation, and
rationing the Bureau of Labor Statistics

107.44

114.08

108.70

92.50

97.-31

111.81

114.46

107.44

117.20

114.08

108.70

92.50

97.31

111.81

114:46

107.27

117.00

113.89

108.52

92.35

97.16

111.81

114:27

117.51

107.27

117.00

113.89

108.70

92.06

97,00

111.62

114.08

18

117.62

107.27

117.00

113.70

108.52

92.06

96.85

111.81

114.-08

11

117.75

107.09

116.80

113.50

108.34

92.06

96.69

111.81

113.89

_

117.80

107.09

117.00

113.31

108.34

92.06

96.54

111.62

114.08

Aug. 28

______

117.85

106.92

116.80

113.31

108.16

92.06

96:54

111.62

114.08

21

______

117.93

106.92

116.80

113.31

108.16

92.06

96,38

111.44

114.08

14-

______

7

July 31

,

May 29
Apr.

Mar.

Feb.

116.80

113.31

108.16

91.91

96.23

111.44

114.08

117.97

1(16.92

116.61

113.12

108.16

91.91

96.23

111.44

114.27
114.27

100.92

116.41

113.50

108.16

91.77

96.07

111.44

118.14

106.39

116.22

112.93

107.80

91.05

95.47

110.88

113:85

118.35

106.39

116.02

112.93

107.44

91.77

96.07

110.70

113.71

117.80

106.74

116.22

113.12

107,62

92.06

96.69

110.70

113.71

27

118.20

106.74

116.22

113.50

107.62

91.91

97.00

110.34

11350

High
low

106.92

24

______

30

1942

116.34

106.39

115.63.

113.31

107.62

91.62

96.85

110.15

113.31

117.08

106.92

116.22

113.70'

107 80

92.06

97.31

110.52

113.70

118.41

1942___„

High
Low

___

27

Jan.

117.92

118.11

______

June 26

1941_

1941_____

!.

1940-

■

;

29

118.4

115.5

96.6

110.15

Avge.

Bonds

rate

2.08

_

28

3.32

leather

products.:

products

lighting materials....

Metals- and .metal

Housefurnishing

Aaa

Aa

2.95

3.31

2.80

3.32

2.82

2.08

3.32

2.08

3.32

2.08

,

A

Baa

Corporate by Groups
R. R.
P. Uf
Indus,

3.23

4.27

3.94

\ 3.07

2.96

2.23

4.26

3.'94

'3.07

2.96

3.23

4.26

3.95

•

2.81

2.96

3.23

4.26

3.95

2.81

2.96

3.24

4.26

3.95

3.07.

% 2,94.
2)93

-

*

products-

24
______

22

2.08

3.32

2.82

2.96

3.24

4.26

3.95

3.08

2:94

2.08

3.32

2.81

2.96

3.23

4.26

3.95

3.07

2:93

19

2.08

3.32

2.81

2.96

3.23

4.27

2/94

18

_

17

______

16

______

15

______

goods

commodities

.commodities

All:

14

12

other

commodities

other

'^.farm.products and
t
\i 'Preliminary.

96.6

than

determine
funds

11-20
194J

4-0.2

4

0.6

+

7.1

+ 1.2

+ 2.2

+

18.C

+ 0.2

+ 0.9

+ 13,8

0

0

91.4

0

+

0

+

2.5
5.7

investors.

3.95

3.07

3.23

4.27

3.95

3.08

2.94

3.24

4.28

3.96

3.08

2.94

2.08

3.33

2.82

2.96

3.23

4.29

3.97

3.08

2.94

2.08

3.33

2.81

2.96

3.23

4.30

3:97

3.08

2.94

Great

2.09

3.33

2.81

2.97

,3.23

4.30

3.97

3.07

2.94

dent Roosevelt's Christmas

2.81

2.97

2.81

2.96

2.96

9

2.09

3.33

2.81

8

2.09

3.33

2.81

______

______

4

______

3

______

2
1

______

3.97

3.07

2.94

3.23

4.30

3.97

3.07

2.94

3.23

4.30

3.97

3.07

2.94

,2.96

3.23

4.30

3.97

3.07

2.94

2.97

3.23

4.29

3.97

3.07

2.94

2.96

3.23

4.29

3.07

4.30

3.23

■

110.0

110.0

110.2

107.5

0

—0.2

+

2.3

99.5

99.5

99.6

99.5

91.7

0

+

104.1

104.1

104.1

104.1

102.3

0

0

+

l.t

of

90.4

90.3

90.0

89.9

87.5

+ 0.1

+ 0.6

+

3.3

103.8

activities."

+ 1.5

+■•13,0

Prime
'

Minister

,

Britain,

Churchill

answering

104.7

103.7

o

,

93.3

+ 0.7

92.5

92.5

92.5

90.0

0

*99.8

*99.7

r.*99.7

95.1

0

*98.0

'"97.8

*97.8

93)5

0

of

Presi¬
greet¬

ings'to Allied troops, said on Dec.
26,- that-"bonds of respect, com¬
prehension and comradeship have

2.09

3.32

2.81

2.94

been forged" between the two

2.09

3.32

2.81

2.96

3.23

4.28

3.96

3.07

2.94

tions, "which will, I

2.09

3.32

2.81

2.97

3.23

4.27

3.96

3.07

2.94

live

2.09

3.32

2.81

2.96

3,23

4.29

.3.96

3.07

2.94

2.09

3.32

2.81

2.96

3.23

4.29

3.97

3.07

2.94

2.09

3.32

2.81

2.96

3.23

4.29

3.97

3.07

2.94

3.97

na¬

far out¬

pray,

this1 war."

The text of Churchill's
message
the President follows, accord¬

to

27

2.09

3.32

2.80

2.96

3.23

4.28

3.97

3.06

2.92

ing

29

2.06

3.31

2.80

2.94

3.24

4.24

3.94

3.06

2.92

2.05

3.30

2.79

advices:

2.94

3.24

4.24

3.93

3.05

2.93

-

"

'

'

0

+

2.8

+ 0.1

+.

4:6

-

..

8.5

+ 0.2 "'+*' 4.8

'

'

*96.1

to

Associated

Press

London

.The

,

93.9

cost

cal workers
67 .out .of

each

+ o.i

;+,2.<

dustrial

3.30

2.79

2.94

3.24

4.23

3:91

3.06

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.06

2.94

message

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

2.94

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

2.yj

dent,

2.05

3.31

2.79

2.95

3.24

4.24

3.92

3.07

2.93

at this season, from Con¬
gress and on behalf of the people

2

2.05

3.32

2.80

2.96

3.25

4.25

3.93

3.07

2.94

of

25

2.04

3.32

2.80

2.96

3.24

4.27

3.08

2.95

2.03

3.32

2.80

2.97

3.25

4.27

3.95

3.07

2.95

2.03

3.33

2.81

2.98

3.26

4.27

3.96

3.07

2:96

3.97

3.08

2,95

16

i,

9

—

.11

2.03

4

______

______

3.33

2.80

2.99

3.26

3.94

4.27

2.03

3.34

2.81

2.99

3.27

2.02

3.34

2.81

2.99

3.27

2.02

3.34

2.81

2.99

3.27

2.02

3.34

2.82

3.00

3.27

4.28

4.27

"It have

2.93

3.97

3.08

4.27

3.98

3.09

2.95

4.28

3.99

3.09

2.95

3-99

3.09

2.94

-

the

received

sent

United

arranged

the

stirring
Mr. Presi¬

by you,

for

States,

and have
transmission to

its

the armed forces of Great Britain
land and sea and in the air

on

in

all

2.95

enemy

of

parts

the

empire

or

in

territory.

^

3r_—,
-

—

:~.

24

.

-

3.34

2.83

2.98

3.27

4.29

4.00

3/09

2,94

1.96

3.37

2.84

3.01

3.29

4.34

4.04

3.12

2.96

1.95

3.37

2.85

3.01

3.31

4.29

4,00

3.13

1.99

3.35

2.84

3.00

3.30

4.27

3.96

3.13

2.97

.1.96

3.35

2.84

2.98

3.30

4.28

3.94

3.15

2.98

2.01

2.07

27

2.11

3.37

2.87.

2.99

•3.30

4.30

3.95

3.16

2.99

30:_____

2.05

3.34

2.84

2.97

3:29

4.27

3.92

3.14

2.97

in

1941

Year

29,

.3 02
2.92

3.39

4,47,

4.03,

3.20

3.08

other's command

3.19

4.24

3.89

3.03

2.83

required.

u

2.13

3.42

2.86

-3.06

1.84

3.25

2.72

2.85

—

'

ago
2.01

3.40

2.86

2.98

3.31

1.87

3.36

2.72

2.91

3.35

'

4.43

4.03

3.16

4.44

4.01

3.14

3.00

2 Years ago

28,

1940-

"

2.92

»These

prices are computed from average yields on the basis of one "typical" bond
<3%r4 coupon, maturing in 25 years) and do not purport to show either the average
.level or the average movement of actual' price quotations.
They merely serve" to

illustrate in

a

more

comprehensive way the. relative levels and the

relative

of

yield averages the latter being the true picture of the bond market.

In

the

tThe

latest complete

issue

of Sept. 17,




list of bonds used in computing these indexes
1942, page 995.

movement

■

was

as

in

this

for

and

of

respect, comprehen¬
sion and comradeship have been

live

this

and

war

support'in labors of
after

we

strive
published

and

to

have

won

build

pray,

be

a

far out¬
-

peace

the

lasting

when,

victory,

together

a

we

70

cities

1%

Board.

or

occurred

while

not

better

the

are

for these funds,

private enterprise is

capable

Offers To Buy New
South Wales Bond
Bank

Farmers

Trust

fiscal agent, is
notifying
ers of Metropolitan

in

as

a

rose

date

of

also

in

5.5%.
8%

The

'

with

cost

States

as

higher than

16.6%

above

the

the

an

where

The

iv

a

sufficient
to

in

exhaust

the

sink¬

principal and accrued interest.
at

proposals
the
of

will

corporate
the

fiscal

be

re¬

trust

de¬

agent,

22

on

or

Phillips Envoy To India
President Roosevelt disclosed on
Dec. 11 that he had assigned Wil¬
liam C. Phillips, former Ambas¬

it

com¬

available.

are

smallest

Dayton,

of

bonds

available

that

Street, New York,
before Jan. 4, 1943.

November,

recorded

during

month period

funds

it

the

1950,

proposals for

William

said:

in

figures

Francisco
increase

1,

ing fund, at the lowest prices of¬
fered, but not exceeding 100% of

higher this

were

1941, in all cities for which

est

to

of

partment

costs
For the United

November:; than
parable

April

The Board, under

18,

"Living costs

San

sale

ceived

whole, the cost of liv¬

0.6%.

due

Written

Orleans—living

Dec.

bonds

will receive written

the

two 'cities—Cincinnati

New

Water, Sewer¬
Drainage Board, State of
,New South Wales, Australia, 20year
5 V'i %
sinking
fund
gold

No

Indianapolis,

Co.

hold¬

&

age

any

shown

was

our

they do

as

continuing its wartime housing

amount

The

more.

in

went down 0.2%.

ing

in

Francisco, and five other

change
and

rose

surveyed

by. the National In¬

sador to

larg¬

rank

advance of
was

year

India, with the

that

Mr.

a

press

Phillips

coiv

would

not carry to India any special
or
formula
for
solution of

stands

ago,

in

Ambassador.

ference

rose

whole

a

of

The President told

shown

only
of living for the
a

Italy, to be his personal

representative

twelve¬

plan
the

Indian problem.

and

January, 1941."

Mr. Phillips, now in
London, in
to go to New Delhi in
the near future, to take
charge of
an
American mission established

expected

Moody's Daily
Commodity Index ^.Thomas
there

Tuesday,

Dec.

!_

22

in

M.

November,
1941,
Wilson, who is

Minister to Iraq.

239.9

later

served

23

238.9

son

Thursday, Dec. -24__

239.6

mission,- but

Friday,

Dec.

Dec.

Saturday,
Monday,

25___/

Dec.

Dec.

»

26

Two

weeks

1

239.7

Month

ago,

Year

ago,

1941

High,

Nov.

Dec.

15

236.5

28::

230.6

29__j.

217.9

Sept.

9_.

High, Dec.

"HoLday.

23,9.9
_■

220.0

as

head

account

of

the

forced to return

country during

on

matic

service

served twice

171.6

22__

was

b^
now

Col. Louis John¬

of

the

Sum¬

illness.

The

post has since been vacant.
Mr. Phillips entered the
diplo¬

219.9

Low, Feb. 17
1942

this

mer

239.8

Dec.

ago,

to

238.9

28___

Tuesday, Dec. 29

Low, Jan. 2___

happier world."

FHA

perma¬

country, ought to conclu¬
demonstrate
whether
or

sively

the

and

circumstances

forged which will, I

November,

the

rose ;

Wednesday,

"Bonds

1941-

forces

ports

America, and men of Britain have
"fought side' by side under each

3.19

3.23

our

have

,

3.05

3.33

2.94

we

camps and on our airfields.
In
all'theaters of operations men of

4.05

3.02

2.79

year

ever-growing

3.91

2.88

3.30

1941

welcomed

from -America'in

4:37'

3.39

1.93

___

"During the past

wage

cleri¬

Conference

San

cities

United

these, greetings.

4.23

2.14

_J—

1942

1942

reciprocate

for

largest advance; 1.9%,

12.4%.

"I know it would be their wish
that I should cordially
.

7

living

lower-salaried
in

month

States

2.05

6

of

and

earners

"

23—

available

to

ample

great bulk of mortgage funds

110.0

Hopes US Ties Conf. Board Reports
Wilt Tar Outlive'War
Nov. Living Costs Up

2.96

2.81

if

Data secured from

1.1

Churchill

2.96

3.33

want

as

2.82

2.09

am
short¬

no

we

members, representing
the

0.E

'

be

sources

+

*

bonds, I

reason

financing and what

+

•

war

construction

0

—0.1

>

2.82

3.33

5

will

Title VI

+ 0.3

*■

institutional funds

definitely

0

,

3.32

3.33

7

For that

age.

79.0

_*96.2,, ?96.2 * *96.1

fpods____

fi¬

impor+

apparent shortage

into

go

103.4

«

no

more

now

79.7

*98.0

3.33

2.09
______

29

•

than

2.08

2.09

11

10

14

will

*103.9

92.5

products_______.___^__

and

more

79.8

*99.8

first

financing' war
housing and, despite the fact that

"103.9

.105.4

*' -farm

"There is

80.0

Semimanufactured
articles____
Manufactured" products.__JL'_-

the

of private funds for

0103.9

___

take

step in what may well be the
socialization of property financ-t

79.9

products.

2.08

:

housing financing—

tant,

City
2.94

apr

building

nent

2.94
'

3.07

21'______

21

the

h": 2.94

3.o4.
i

war

nancing to

Exchange Closed

23

who

will /use the present wartime sta¬
tus of building and

103.9

Raw .materials,

All

Corporate by Ratings
2.81

2.08

_

26

25

•

118.4

95.62

• -

agencies

that is, insurance
companies, sav¬
ings and loan associations, banks
and trust companies and
private

96.6

Textile

\*

housing

1942

118.4

111(61

'

eral

parently feel that the time has
come/for the Government to take

1942

96.6

116.4:

109.42

:

danger is that

the
so-called
'public
housers'—
those inside and outside the Fed¬

1941

118.4

112.66

95.62

113.12

-1942

94.0

97.78

-

1942

91.6

89.23

Farm"

groups

96.0

92.50

AVERAGES!

stated:

"The immediate

principal

103.3

106.04

Individual Closing Prices)

housing financing.

11-21

110.9

112.00

114.66

war

Mtrllenix

12-12

*100.1

116.22

-110.52

Mr.

Dec. 19, 1942 from—

103.3

105.62

95.92

for further

12-20

110.6

115.89

89.64.-

Federal

11-21

104.0

PoodsHides" and

106.74

possibly

the

12-5

112.0

114.66

112.75

Corpo¬

12-12

104.2

112.19

109.60

•

will

•

113.3

97.47

95.32

Govt.

:

'

products

92.64

YIELD

(1926—100)

■

,

1942

90.63

on

■

1942

108.88

,

Fed¬

may

of

convinced there will be

for

*100.1

109.60

{Based

numbers

*100.5

107.09

-MOODY'S BOND

index

100.7

114.27

89.78

in

ing.

v.,

commodities

112.75

107.44

abolition

Percentage changes tc

Commodity

All

116.02

U. S.

;

.

•

117.20

114.85

'

■

12-19

118.60

118.60

,

:

■115.43

106.56

shows

:

.

..

.

107.62

119.52

table

" '

i"

.

Miscellaneous

Daily
Averages

Dec,

following

Building materials
Chemicals and allied

1942—

Nov"

1

.'1

:

.

106.04

113.50

point where they

seek

ma¬

principal
groups of commodities for the past three
weeks, for Nov. 21, 1942 and
Dec. 20, 1941 and the
percentage changes from a week ago, a month
ago, and a year ago:
,
..

2 Years ago

'Dec.

The

.

108.52

115.82

rosin declined."

I

115.90

105.86

and

ports.;.

120.05

117.63

neutral oil

attempt promptly .to report changing prices.
The indexes marked
(f), however, must be considered as preliminary and
subject to such
adjustment and revision as required by later and more
complete re¬

Fuel and

29, .1941-

Dec.' 28,

Pennsylvania

y

1 Year ago

Dec.

for coal, continuing to.reflect the higher
transportation
Prices for antimony, maple
flooring, and boxboard rose slightly

costs.

107.44

117.38

a

"public housers"

housing activities has reached

over/all

.

prices for most industrial
Further fractional advances were

117.38

117.39

______

v

Reported

commodities remained
unchanged.

97.00

eral

.

117.38
117.37

9

2.______

25

Sep

107.27

'

;

.

Nov

of

ence

Housing Administration, contend¬
ing its heed 110 longer exists;
The Bureau's announcement further stated:
Charles A. Mullenix, President
"Farm Products and Foods: Led
of
by an advance of 3.2% for
the Mortgage Bankers Association
grains, the level for farm products! rose 1.2% during the week.
Wheat of
America, announced on Dec. 12
prices increased 5% and corn about 2%.
Hogs were nearly 3% higher,
that the Association is
while prices of
beginning
sheep rose about 8%. Other important products show¬
immediately
a
survey
ing marked increases were hay, peanuts,
among
flaxseed, leaf tobacco, cot¬
ton and citrus fruits.
mortgage lenders
to
determine
Average prices for cows and steers, on the con¬
the availability of private funds
trary, declined more than VA%.

Exchange Closed

21

Declaring that the rising influ¬

nounced

Average Yields)

Bonds

116.78

_____

BOND

(

State.

1903,

and

has

Undersecretary of
He was United States Am-

I bassador
of the

in

as

in Rome at the outbreak
with Italy.

war

THE COMMERCIAL & FINANCIAL CHRONICLE

■2336

Thursday, December 31, 1942,
Total Loads

Revenge

Freight Car Loadings Coring Week
Ended Dec. 19,1942, Totaled 742,911 Cars

Railroads

:

v

;

Total Reyehue
Freight Loaded

\

District-—

Southern

l'

Loading of revenue freight for the week ended Dec. 19, 1942,
totaled 742,911 cars, the Association of American Railroads announced
on Dec. 28.
This was a decrease below the corresponding week of

1941, of 55,957 cars or 7.0%, but an increase above the same week in
1940, of 45,156 cars or 6.5%.
Loading of revenue freight for the week of Dec. 19, increased
2,575 cars or 0.3% above the preceding week., .
Miscellaneous freight loading totaled 358,898 cars, an increase of
3,317 cars above the preceding week, but a decrease, of 6,753 cars
below the corresponding week in 1941.
Loading of merchandise less than carload lot freight totaled
87,147 cats,, a decrease of 3,820 cars below the preceding week, and
a decrease of 62,919 cars below the corresponding week in 1941.
Coal loading amounted to 163,525 cars, a decrease of 2,441 cars
below the preceding week, but an increase of 7,294 cars above the
corresponding week in 1941.
Grain and grain products loading totaled 47,565 cars, an increase
of 2,716 cars above the preceding week, and an increase of 6,134 cars
above the corresponding week in 1941.
In the Western Districts
alone, grain and grain products loading for fhe week of Dec. 19
totaled 32,753 cars, an increase of 2,280 cars above the preceding
week, and an increase of 6,191 cars above the corresponding week in

Coast Line

:

Central of Georgia—
Charleston & Western

—_

—

_

......

amounted to 15,661 cars, a decrease of 1,757
below the preceding week, but an increase of 1,111 cars above
corresponding week in 1941/ In the Western Districts alone, load¬
ing of live stock ior the week of Dec. 19 totaled 11,405 cars, a decrease
of 1,546 cars belowMthe preceding week, but an increase of 504 cars
above the correspounding week in 1941.
Forest products loading totaled 41,496 cars, an increase of 4,559
cars above the preceding week but a decrease of 1,674 cars below the
Live stock loading

cars

the

corresponding week in 1941.
Ore loading amounted to 13,855 cars, a decrease of 210 cars below

736

2,503

2,009

730

1,488

1,414

13,537
3,628

11,581

12,245

9.928

7,117

4,366

4,334

4,416

4,047

.362

507

429

1,406

1,629

2,858-

2,802

1,623,

,

/

the Eastern.
1941

1942

1940

r

1,915
281

,

292

& Southern

—

Gainesville Midland—

Georgia

561

582

924

1,634

1,023

30

1,542

1,145

2,330

2,405

339

437

373

447

800

38

;

.

Illinois Central System.^
Louisville St Nashville.

,

.

26,067,,

29,442

23,751

24,774

Mississippi Central
Nashville, Chattanooga & St,-L. a—a—
Norfolk Southern....—.....

147

142

2,851

3,640

963

1,169

—

Macon, Dublin St Savannah

Piedmont

Northern

.

Southern System—
Tennessee

1,418
9.929

7,037

10,111

11,203

8,955

6.999

23,655

23,822

20,610

478

645

497

857

734

by President Roosevelt

101

141

138

925

857

nounced

at

113,404

125,102

114,040

112,051

94,492

porators

meeting,. presided

—

—

10,987.
24,788

14;736

17,303

16,724

13,332

13,116

2,385

2,661

2,986

3,439

19,207

2,832
22,645

9,677

9,289

,3,956

4,420

20,742
4,137

Chicago, St. Paul,'Minn. & Omaha..
Dulutn, Missabe St Iron Range.—.
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern—
Ft. Dodge, Des Moines & South.—

3,398

4,047

—

.1,419

—.

Green Bay & Western—a—__.a
Lake Superior St Ishpeming—

—

a

Spokane International—.
Spokane, Portland "St Seattle

614

7,595

10.273

461

126

10,798

4,787

560

792

237

261

253

50

2,062

2,032

4,484

5,709

10,505

11,929

...

102

99

587

334

2,020

3,093

2,345

Total

—.

81.921

95,220

86,287

60,159

58,843

Alton—

Fe System..

a—.

—

21,096

23,101

19,897

3,641

2,947

11,578
4,085

8.933

3,120
369

604

516

95

QQ

17,549
2,706

10.841

10,843

.......

Bingham St Garfield

—

Chicago, Burlington St Quincy—.
Chicago & Illinois Midland-a.—
Chicago, Rock Island & PacificChicago St Eastern Illinois—
Colorado^ Southern:

18,226
2i436

18,657;

11,527

12,895

11,691

12,234

2,850

3,110

2,720

5,049

i;069

1,252;

807

1.477

3,589

5.018

Denver & Rio Grande Western-

2,737;

3,640

4,281'

Missouri-Illinois
Nevada

Four weeks of

3,385,769

3,510,057
3,413,435

2,896,953

North

September—/,.

Five weeks of OctoberFour

week

of

——.

November—

Week of Dec.
Week of Dec.

3,321,568
4,350,948
3,503,658
4,512.046

—aaAa.al

August———-...

of

3,236,051

5—————a
12—

'Total

Eastern

District—

Arbor

-/

25

21

0

0

25,483

12,164

8,192

367

1.634

165

4,553,007

13,705

17,695

15,781

11,109

11,389

3,423.038

2,985.626

Utah..:

738,513

833,375

736,340
697,755

42,227,144

41.633,262

Union

/

" 35,812,547

Pacific

System..

Western Pacific.

carloadings for

_

-

Central

Indiana.

—

a.a.—..

1,607

1,335

1,723

1,690

1,504

191

235

8,330

7,808

1,621

1,561

13,562
1,895

13,464

1,492

54

44

11

34

31

2,318

LC30

1,417

1,305

2,138

Delaware St Hudson——

6.019

5,146

6,128

11,508

10,844

6,902

8,647

9,400

10,101

9,219

131

145

479

390

346

1,511

2,574

2,861

293

353

385

1,438
3,414

10,703

14,131

13,647

16,183

3,911

5,417

6.302

8,023

203

212

151

2,761

1,774

1,450

2,241

1,543
12,315

_

Pearl

Harbor, was oversubscribed
$20,900,000.
For 1943, he added,
the Red Cross will make

peal for

507

516

8

3

2.685

2.195

3.029

2,683

118,091

127,714

113,785

82,744

J9,404

hense

;

Island.————

"

....

'

A

International-Great Northern-

Kansas, Oklahoma & Gulf
Kansas City Southern...

.

...

2,286

j

2,531

.

301:

:

.677
144

•

Lines—_a ILa.

.

Pacific

330

.

3,054

2,085

1,723

3,046

.188

1,054

2,299
•

397

617

704

158

144

6.058

4,848

4,508

15,373

17,515

15,948

:

137

2.'264

'

Detroit & Toledo Shore Line————
Erie

.

..

..

Lehigh & New England..-a—a_——.

Lehigh

Valley./^—.—.—.a—-.

..

'

Maine

Central—;——.—a_—...
Monongahela-i—x--—
Montour—-.
Kew York

_

—

Central Lines——,..

N. Y., N. H. &

J;

.a

Hartford—

.

;

.

,

2,260

,.

2,280
953

230

300

414

423

4,976

3,780

17,595

12,310

:

444

182

9,561

8,791

7,985

6,035

2,985

2,766

5.316

3,692

110

*, 152

.

'

St. Louis-San Francisco——a—a. ——

8,679

St, Louis Southwestern

2,540

a— a

Texas St New Orleans———

St Pacific..-a——

Wichita Falls & Southern.—a.
Weatherford M. W, St N. W

—

,

13j221

8,676

v

6,932

4,680

4,961

4,897

:

4,098

7,426

il 04

153

135

38

—

26

10

61,530

54,083

161

i

.

—

'

4,407
.

5,829
40

Total....:—

—■

Note—Previous year's

.a—

..Ia./

69,546

:

20

32

61,424

49,409

figures revised.

.4,134

2,948
'^409

3;009

6,131

2.371

2,341

1,568

23

22

52.889,

.47,374

47,978

9,002

.

6,330

.

;
:

362

17,488

16,367

1,162

1,951

2,237

5,319

15.801

10,939

,

1,056

6,346

3,054

45,235

•

'12,548

-

1,069
—

9,983

8,904
3,250

5.807

•

14,061

'

375

Pittsburgh & Lake Erie........a—.
Marquette—
Pittsburg St Shawmut————
Pittsburg; Shawmut & North

Pere

-

400

2,112

V 7,721

7,686

7,631

5.073

6,251

6,558

7,748

6,288

751

707

490

9

39

282 ,

376

443

240

280

'

785

845

2,950

2,150

598

598

816

1,065

5,319

6,547

5,412

12,613

10,540

4,570

4,512

3,776

5,038

4,259

■

1,029

,

330

Rutland.

Wheeling & Lake Erie—

—

..144,437

■

Total..————

1,354

488

8,426

7,122

169.280

.

.

217,313

161,849

•

201,987

Allegheny District"

Bessemer St Lake Erie

Buffalo Creek St Gauley—
Cambria St Indiana..

1,369

3

4

38.236

3,000

3,097

319

325

1.790

2.030

1,945

6

12

6,847

7,183

7,450

19,812

15,422

609

558

694

61

52

220

337

309

16

21

Cumberland & Pennsylvania——

•

159

53

54

1,138

832

794

3,051

2,937

1,668

1,681

1,302

2,210

1,993

69,555

81,617

68,873

61,858

50,324

13.195

15 288

16,696

27,476

24,089

20.836

20,201

20,260

4,486

4,475

131

132
——

—

Pennsylvania System

Reading Co
Union (Pittsburgh).—
Western

20,843

2,153

270

35,944

a.

———

Ligonier Valley..—.—-

25,511

2,741

——

—

Long Island—;
_A'_——
Penn-Reading Seashore Lines..

33,751

620

Central R. R. of New Jersey—.——
Cornwall

1,150

619

——

—

1,010

708

Akron, Canton & Youngstown—_
Baltimore St Ohio

3.773

v.ns

Maryland

4,224

3,744

12,240

9,261

176 359

159 608

159.946

132.011

.

'

Federal payments, the Secretary asked the Federal Reserve Banks to
circularize the banks in their districts with a view to having them
use

of the "War Loan Accounts" as Special Depositaries.

Those

taking advantage of this method of participating in Treasury
financing are thus'able to retain 'the: proceeds of the;sales pf secur¬
ities subscribed for their own account and those of their customers
until palled by the Treasury.
V
:
;
;
;
;
'

"The

number of Special Depositaries, with the amounts, they
qualified to hold on Oct. 31 and as of Dee. 19, are given by
Federal Reserve Districts in the table that follows:
were

No,

Boston

Norfolk St Western

27.328

25.587

21,953

10,791

10,357

21,266

21,599

20.401

6,630

5,673

-

4,55a

Total

.——




—

53.153

53.153

4,834.
52.020

4,334

2,077

2,082

46,688

19,498

18,112

,

Amount

No.
250

*

Philadelphia

299

Cleveland

191

Richmond

173

181,509,500

334

$461,116,485
4,317,176,624
407,812,235
557,784,985
321,232,485

295

197,260,350

402

282,021,835

458

732,010,550

New

York

Atlanta

Chicago
St.

—

•

...

A

•

—

Louis

Minneapolis
Kansas City
Dallas

Peeahontas District—

Chesapeake St Ohio

Amount

$292,080,000
3,243,320,139
324,510,150
325,120,000

169

San

a

Francisco
Totals

A

.

;

previous reference

depositaries appeared in

426

566

181

169,577,800

273

1,059,188,285
241,862,735

79,284,200

949

748,033.950

439

173,393,025

585

.

230

194,087,000

289

232,733,760
310.428,485

.83

316,760,800

99

415,537,800

3,253

$6,228,913,514

5,260

$9,354,929,664

to the increase

our

656

431

235

■

L5<J 784

Total

December 19

October 31

•Districts

in the number of special

Dec. 24 issue, page 2260.

Group Asks
Inquiry

Senate

Agriculture Com
approved on Nov. 30 j

resolution calling for an investiga
tion of the Price Control Act witl

respect to farm prices.
The investigation, proposed b:
Senators
Gillette
(Dem., Iowa
and Reed (Rep., Kan.) would au
thorize the Agriculture Committe«
to make a continuing study of thi

fixing of maximum prices fo:
agricultural commodities, the pay
of

subsidies

Corporation

Secretary of the Treasury Morgenthau announced on Dec. 22
that Special Depositaries of the Treasury numbered 5,260 oti Dec. 19
and that'they are qualified to hold $9,354,929,664 of Government de¬
posits.
The Treasury's announcement said:
./These1 figures compare with 3,253 depositaries eligible to hold
an aggregate of $6,228,913,514 on last Oct, 31, the increase being due
to a special effort to increase these depositaries conducted by the
Treasury in cooperation with the Federal Reserve System.
'Tn order to keep the funds raised by sale of Government secur¬
ities in the communities where raised until actually needed to meet

qualify for

The
mittee

ment

Special Depositaries Of Treasury Increase

9,408

7.613

roll

in

connectioi

with farm products and the
opera
tions of the
Commodity Credi

15,362

2,759
1,656
9,737

November*

Farm Price

2,984

1,029

1,365

,

ap¬

not held.

Senate

1.013

.3,985

2.226

43,028

_

.

one

fund, in March,

war

the/usual

was

2,603

2,541

2,128

375

282

285

J*s

-

2,710

5,301

•

Quanah Acme St Pacific

Texas

V

377 ;

3,241

•

.

a,—

—

Missouri-Kansas-Texas

Missouri

3,595'

2,948
.

...— ....

Louisiana St Arkansas

Valley.

-

; ....

125

,179
5,289

'

Detroit, Toledo St Ironton———

call

a

Southwestern District—

GliIf Coast Lines—

2,801

Central Vermont

..

.

692

Missouri St Arkansas..

Received from
Connections
1942
1941

5,768

..

—-

of the Red Cross for $50,000,000, announced the day after

2,333

—

Total—

Midland

562

—.

Litchfield & Madison—a—

12)

:

i

aided

been

fund

434

110

■

640

578

28,726

798,868

285

799

30

Total Revenue
Freight Loaded
1942.
1941 ,1940

;

——

1.051

305

Total Loads.

Ann

936

....

29,401

*

:

128

(Pacific)..a

(NUMBER OF CARS-~\VEEK ENDED DEC.

'

476

111

Peoria & Pekin Union__aa——

REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS

'

387

Toledo, Peoria & Western—

for the week ended Dec. 12, 1942.
During this period only 43 roads showed increases when compared
with the corresponding week last year.

Railroads

896

1,901

Southern Pacific

the separate railroads and systems

'

1,158
2,044

2,822,450

Burlington-Rock

:

i973

had

The Chairman said the first war

1,614

3,717,933

The following table is a summary of the freight

..

18

1,394
-

3,135,122
4,064,273

■

.

A, 401

4,463,372

807,225

—————

Pacific—a

1,700

'

742,911

•740,336

;—

Week of Dec. 19_

Western

1,071

forces

through the services to the armed
forces 'in* solving personal1 prob¬
lems, Mr. Davis stated.

1,870

4,133

9

868

articles, he stated.;,
2,000,000 men in the

More than

armed

3,088

2,065

-/

Northern.—_..aa..a—

:

10,376

3,540,210

759,621

.

....

other

813

:

J

806
:

2,849

866

were

relieving the nurse shortage and
the expansion
of volunteers to
3,500,000 in all Red Cross services.
Volunteers
produced 350,000,000
surgical dressings for the Army
and Navy and United Nations, be¬
sides millions of garments and

Central Western District— ;

Atchi., Top. St Santa

of

nursing, 60,000 women as
volunteer nurses's aides to aid in

4,228

2,416

two

home

3,179

4,410

that

Other achievements noted

2,154

,

122

2,495,212

of

9,986

.

said

accomplishments

the training of 500,000 women iri

73

—

3,351,840

weeks

179

3,112

5,108

over

training of 5,500,000 persons in first aid and
the collection of 1,000,000 units of
blood plasma, in contrast to only
50,000 units- collected in 1941:

734

2,085

2,015

.

.

an¬

the year were the

3,925
.

was

of Incor¬

Board

Davis

noteworthy

359

1;861

.

...

2,793,630

Four weeks of July—

10,872

560

4,160,060

Four weeks

10,804

568

4,170,713,

Five

570

9,355

12,629

Five weeks of May——
—a_.

655

436

2,070

June-

■265

.

533

-

a..a—.

776

592

927

11,191

Minneapolis St St. Louis,
Minn., St. Paul St S. S. M—
Northern Pacific.

.

.592

i

the

by Chief Justice Harlan F, Stone.
Chairman

Chicago & North Western.——
Chicago Great Western
Chicago, Milw., St. P, & Pac

1;547

a.

•f

^Northwestern District—

2,489,280

a.~—

war.j.
^he reappointment of Mr. Davis

20,235

Winston-Salem Southbound

Great Northern

of United

relief

for

spent

—-

711

Four weeks of April—

been

Nations prisoners of

———

1,295

—

Washington, Mr. Davis added that
approximately $5,000,000 also had

.3,655

452

;790

March

1,110

,

495

-

379

;840

of

470

4,590
1,450

,

$62,000,000 for foreign war relief
in the first year of the war had
"touched the lives of almost 30,000,000: people."
Making his report-at the or¬
ganization's annual meeting in

672

672

143

523

Denver & Salt Lake

weeks

150

3,361

r

457

Fort Worth St Denver City.._a
Illinois Terminal.,

Four

8,144

360

2,465,685

January
February

3,637
14,272

'356

3,215,565

of

4,325

16,056
10,448

3,632

the

9

Dec.

on

98

22,792

Chairman of
reported
expenditure of

:a—a—.

Central

Total

■

,1,264
1,645

......

Richmond, Fred. St Potomac——

.

;

.23,457

.

182

186

Seaboard Air Line...—.a

:

4,324

3,604

—

—a„

—

a

74 :

36

1,077

—

—a

Georgia & Florida
Gulf, Mobile St Ohio

Norman H. Davis,

"

171

Reports Red Cross
Spent $62,000,000
for Foreign Relief
the American Red Cross,

338

196

2,866,565
3,068,011

of

weeks

266

1,031

3,454,409

weeks

309

78

3,858.273
3,122,773
3,171,439
3,351.038

Fiv«
Four

1,396

t

1,526

i

;

Florida East Coast—

-204:

784

"

Durham

1941

842

Columbus St Greenville

the preceding week, but an increase of 103 cars above the correspond¬
ing week in 1941.
Coke loading amounted to 14,764 cars, an increase of 211 cars
above the preceding week, and an increase of 747 cars above the cor¬
responding week in 1941.
All districts reported decreases compared with the corresponding
.week in 1941, except the Central West and Southwestern, but all dis^
tricts reported increases above the corresponding week in 1940 except

1942

r

"*/22^ /'

,* 249

641

-

1941.

1940
'

"3l0:

671

Carolina—

Clinchfield

*

l382 '*■

Atlanta, .Birmingham St Coast.
Atlantic

Connections

,1941

1942.

Alabama, Tennessee St Northern..——
Atl. & W. P.—W. R. R. of Ala——

Received froirj

•>:

"losses

with

reference

sustained"

minimum

or

to

maximum

Adoption of the

U

maintaii

prices.

measure

by th<

Senate group was
prompted, it i

stated, by the Administration';
interpretation of the Price Contro
Act.

The "farm bloc" protest;
against action taken by the Offic<

of

Price Administration and

De

partment of Agriculture in carry
ing
out
a
Presidential
ordei
directing that governmental pay
ments
and

to

agricultural

subsidy

sidered
mum-

in

farm

producer;

payments

be

con

arriving at the mimi
ceiling prices. '
.

Several Senators have contendei

that'it

was

gress in

not the intent of Con

enacting the Price Contro

Act that it should be
interpretec
as

authorizing the use of a parit:
price formula including Govern
ment benefits

paid to farmers.

Stabilization
Price
and

Director

Byrnes

Administrator^ Hendersoi
Secretary

of

Agriculturi

Wickard have testified that thei:

taking into

account

such

benefi

payments in fixing the minimun

ceiling

prices

for

agricultura

commodities was not in violatioi
of the law.

Volume 156

Electric

Number 4138

1

THE COMMERCIAL &
FINANCIAL
timated

Output For Week Ended Dec. 26,1942

to

have

been

DAILY

AVERAGE CRUDE

industry of the United States

.power

dations

for the

13.8% in

Kansas

East

Week Ended

Middle

Atlantic——_____
—

Rocky

i

—

States-—_______

Coast

5.3

..

0.8

7;4

5.6

8.4

8.5

7.5

10.9

12.0

12.1

13.9

26.5

28.7

29.0

-

10.1

8.1

28.6

29.3

24.0

'20.0

13.8

13.3

13.7

12.8

9-7

...

*

United States—

Decrease

from

*

■"

'1

'

"

Sep.
5.
.Sep 12
Sep 19
Sep 26
'Oct

—

+ 10.3
+ 12.2

3.752,571

1,528,145

3,340,768

1,798,633

+ 12.3

2,866,827

——'3,774,891

1,533,028

3,380,488

+ 11.7

2,882,137

1,525,410

1,824,160
1,815,749

1,520,730

1,798,164

^

31

Nov

7

Nov

14

3,222,346)

3,756,922

3.273.375
3.273.376
3,330,582

.

_____

Nov 21

__

326,100

337.600

77,300

73,461

5

Dec.

12

Dec.

19

_

;

•Subject

to

+ 10.6

3,761,961

3,368,690

+ 11.7

2,858,054

3,775,878
3,795,361

3,347,893

+ 12.8

2,889,937

1,490,863

1,499,459
1,506,219
1,507,503

New

1,819,276

the

—

1,500

800

20,250

—

2,900

clined.

recommendations

3,975,873
<'3,675,000

1,563,384

3,495.140

1.840,863

+ 13.8

3,052,419

1,554,473

1,860,021

2,757,259

1,414,710

1,637,683

natural

gasoline and allied

30,200;

Kansas

5,100;

tOklahoma,

Commodity

Dec.

a.m.,

includes
several

"

Kansas,

%
Each

Latest

Group

the

net

shutdowns
fields

basic

and

which

Group

v..'

Dec. 26,

CRUDE

Total Index
25.3

Foods,.
Fats and OJls__—

Cottonseed

"'.rl

23.0

Farm

Oil_

—

Products^.^

:■>'

1

,;

,r

„

.'v... !

Cotton

/

Grains—,-.
Livestock——.,—
17.3

Fuels_.

10.8

RUNS

TO

Textiles——

Metals—

1.3
.

.3

.

,

.

.3

100.0

1941.

1941

134.0

115.8

147.0

122.7

•

160.0

156.0

1

142.0

125.8
166.1

114.8 ;

144.8

142.7

141.3

120.5

119.3

119.3

119.3

ll3.0

129.5

129.5

128.4

126.3

149.2 ;

149.0

148.5

141.9

104.4

104.4

151.4

151.3

151.3

131.6

127.6

127.6

127.6

113.6
115.4

'

on

117.6

117.5

117.5

115.3

115.3

115.3

119.7

104.1

104.1

103.4

131.7

130.5

119.5

machinery

1926-1928

base

were

132.2

Dec.

26,

93.1.

1942,

103.0

Dec.

District—

19

,

102.6;

Dec.

27,

Daily Average Crude Oil Production For Week
Ended Dec. 19 1942, Gained 10,350 Barrels

ana

increase of

10,350

however, 422,650 barrels

barrels

over

day less than during the
corresponding period last year, and 124,400 barrels below the
daily
average figure for the month of December,
1942, as recommended by
the Office of Petroleum Administration for
War.
Daily production
for the four weeks ended Dec.
19, 1942, averaged 3,871,250 barrels.
Further details as reported by the Institute
follow:
per

Reports received from refining companies
owning 85.8% of the
daily potential refining capacity of the
United States, indicate that the
industry as a whole ran to stills, on
a Bureau of Mines'
basis, 3,667,000 barrels of crude oil daily
during
the week ended Dec. 19, 1942 and that all
companies had in storage
at refineries, at bulk terminals, in transit and in
pipe lines as of

4,790,000 barrel estimated

the
end of that week, 79,131,000 barrels of finished
and unfinished
gaso¬
line.
The total amount of gasoline




produced by all companies is

es¬

this

in

section

Oil

Bureau

a

of

A

basis

Daily

-

1

.

and

Inland

n

tStocks

fStocks

of Gas

of Re-

Oil and

sidual

Distillate

Fuel

■■

■

j\

■>

■■

*•>*

.'176

•)

^

88.1

'<

'

804

-84.9

416

80.1

147

48.0

California

817

89.9

U.

S.

B.

Dec.

U.

S.

of

19,

B.

S.

Bur.

'

'

-u

-

At

the

last

1942

14,094

5.699

2,139

86.5

1.131

6.089

■

1

-

!>

,

708

,

>

14,412

1,908

year

1.289

meet

306

1,442

358

529

84.2

1,968

18,163

12,706

55,509

10,875

179,131

45,880

74,205

11,261

77,622

47,794

74,785

14,078

92,806

50,806

94.21G

4,790

85.8

3,667

76.6

85.8

3,744

78.2

4.077

of

the

Office

lines.

of

Petroleum

9,009,000

Administration

barrels.

tAt

§Approximately 250,000

earmarking

approximately that

refineries,
barrels

amount

of

for

for

at

War.

bulk

are

American Iron

and

Steel

that

indicated

decline

government

in

from

one

Institute,

on

Dec. 28,

gain

compared

to
1,678,200
1,681,600 tons
month ago, and
1,587,800 tons

markets,
"Closing
no

ity.

ago,

year ago.

"Steel"

of

of

Cleveland,
the

iron

in

and

its

steel

Dec. 28 stated in part:
days of the year see

on

remission in production activ¬
Christmas is not being ob¬

served
ments

in
and

mill

steelmaking
depart¬
only part of finishing
taking time off

capacity is
for the holiday.

announced

general the week averaged
up well, Friday's loss being com¬
pensated by change in schedules
other

there

days.

will

the year

be

Among foundries
few

end for

suspensions at
inventories and

these will be matched
by heavier

the

over

holi¬

days, plate buying already show¬
ing some rise as a number of
consumers

76,173,610

tons,

com¬

supplies

moved next season."

Settle Food Disputes
President Roosevelt

follow

their

covering

requests

agent

for

are

de¬

They

supposed to have their orders

arise

may

Tny officer

ernment

between

Secre¬

or

agency of the Gov¬
the
result
of
Mr.
control
over
the na¬

as

Wickard's
tion's

food

This

program.

was

disclosed by the White House
Dec.
ter

15

when

the President's

making Mr. Byrnes the

ator

on

let¬

medi¬

in

public.
dated

food conflicts was made
Mr. Roosevelt's letter was
Dec. 7, the day after issu¬

of the executive order

ance

dele¬

gating to Mr. Wickard "full re¬
sponsibility for and control over
the

nation's

ferred to

in

food
our

program"

issue of Dec.

(re-r

10,

2070).

page

usual

liveries two months ahead.

desig¬

Byrnes, Economic
Director, ,• to act as
in any disagreements

tary of Agriculture Wickard and

The President's letter said:

practice of entering orders at the
they send in their No. 298

forms

has

nated James F,

"I

time

have

order

approved

which

vests

an

in

executive

the

Secre¬

tary of Agriculture the responsi¬
bility for and control over the

days ahead of time.
Christmas fell on the

nation's food program.
The order
provides that in the event of any

deadline date, hence some leeway
allowed.

disagreement arising between the
Secretary
and
any
officer
or

in at least 35

This

year

is

"Another factor which may off¬
set

"In

on

as

Stabilization

use.

telegraphic reports which it had received indicated that the
operating rate of steel companies having 91% of the steel
capacity
of the industry will be
98.2% of capacity for the week beginning Dec.
28, compared with 98.1% one week
ago, 98.3% one month ago and
96.1% one year ago. This represents an increase of 0.1
point or 0.1%
from the
preceding week.
The3>operating rate for the week be¬ production before and after.
ginning Dec. 28 is equivalent to
"In finished steel there may be
1,679,900 tons of steel ingots and some actual
week

declining

scrapping has

Byrnes Given Power To

;tFinished

terminals,

Operations At Increased Rate—Scrap
Situation Improves—Ore Supply Is
Large

one

auto¬

1

Sieel

castings,

is

for

from

increasing

tonnage from

against
38,839,932 tons a
ago,
deemed sufficient to
needs until fresh

which

tons

material.

scrap

45,031,008

tons,

his

The

large ton¬

is

wreckers

-

;

yield

industrial

pared with 67,707,421 tons in
the
same
period last year.
Ore oh
hand at
lower
lake
docks
and
furnaces Dec. 1 totaled

2,030

: 63.9

688

com¬

number of pro¬

"Blast
furnaces
in
November
consumed 7,227,497
gross tons of
Lake Superior iron
ore, compared
with
7,370,595 tons in October,
To Dec.
1
consumption had ag-,

436

;

Conserva¬

practically

a

cars

to

over/

Special Pro¬

WPB

production

gregated

<■■■

2,693

88.7

4,790

unfinished

in-pipe
to

>

,i

386

713

94 :

.

§24,501

v

-

/

36,650

84.7

Mines

request

due

'•

M.

barrels;

and

week

~

4,945

149

360

>

<T

68.4

'•

of

high-grade

of

labor

expected

M.

of

of

1,663'

84.8

Okla., Kansas, Mo.__•
Rocky Mountain
:

'"l-4

\\
•

2,430-..'

is

decreased materially.

Oil

,'

'■•-.f-vi•'■'•■■■■'•A

possible to

are

and Un-

'

cases

replenish stocks

will

of

mobile

Finished

•

been

This

Branch

Output

%

most

under weather and

out to

nages

melters

as

in

considerable ton¬

has not

somewhat but

Includ.

.

<3

Texas—

it

jects which

'

fineries

.

winter

reserves

pleted clearing

totals

Fuels

of

.

tion Division has

-

Average erated Blended Gasoline

to

rate

fair

jects

of

Mines basis

% Op- Natural finished

at¬

sufficiently

the 'high

the

OF

and

In¬

been

into

supply of

Stocks.

has

in
es-

have

war

reported

pre¬

supply in
general
is
sufficient
to
reach

come

and

'

sav¬

to

considered

prepare

ended

exception

been

well

conditions.

:

v

at Re-

Crude

% Re-

North
A

m

Production

1943

the next few weeks.

estimate of unreported amounts
on

with

up

nage

9,400;

Producers.

include

Loulsi-

Gulf,

T Alii Q15) T)

3,891,500 barrels,

an

the

in

not*

and yards have

2,400;

week

31-day

a

With

but

"Scrap

produc¬
Oklahoma

for

has

voluntary

steel output.

4,314,150

average

are

on

month.

'

summary

It was,

daily

figures

calculated

therefore

Rate porting

Gulf,

one

19, 1942 was
the preceding

1

entire

an

.

Texas

The American Petroleum Institute
estimates that the daily aver¬
age gross crude oil production for the week ended Dec.
week.

the

reported

Runs to Stills

•Combin'd: East Coast,

104.0

Building materials——

tial

.

transit,

148.8
164.7

Dec.

the

Figures

Poten-

________

164.7,

183.5

—

keep

the

represent

Indiana

'l|

*

116.4

—_____

3,871,250

STILLS;

V

Appalachian
lnd„ 111., Ky.___

148.8

104.4

Mines

of

as

for

Daily Refining
Capacity

70,122,000

145.6

All groups combined

■^Indexes

Dec.27,

1942

Chemicals and drugs——
Fertilizer materials—
Fertilizers—:
Farm

allowable

basis, Dec. 20, 1941

128.3

;

10,350

+

650,300

..

a

all AA

on

industry

make

production

tained

Gasoline

Ago

Nov. 21.

187.0

______

—

.3

.

of

plus

U.

147.0

.<

Miscellaneous commodities-

8.2

134.9

750,250

OIL, WEEK ENDED DEC. 19, 1942
(Figures in Thousands of barrels of 42 Gallons
Each)

;

basis, Dec. 12, 1942-

128.7

—

-i—

7.1
6.1

.

—

1942

135.8

500

allowables

;

Tot.

—187.9

-

"•

1942

+

a

an

creased

exempted

de¬

Year

Ago

774.500

Mississippi,

exemptions

were

as

basis,

Week

3,663,850

PRODUCTION OF GASOLINE; STOCKS
FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL

!

'

Dec. 19,

118,500

3.121,000

California

Tot.

Month

95,200

9,850

are

expected
shortage
metallurgical grades, which is
timed at about
*50,000 tons.

entirely and of certain other fields for which
shutdowns were ordered for from
4 to 16 days, the entire state
was ordered shut-down
for 9 days, no definite
dates during the month
being specified; operators only being
required to shut down as best suits their
operating schedules or labor needed to oper¬
ate leases, a total
equivalent to 9 days shut-down time
during the calendar month.
^Recommendation of Conservation Committee of

cor¬

INDEX

Preceding

Week

Eears to the

Nebraska,

-

Compiled by The National Fertilizer Association
[*1935-1939— 100 J

2,450

+

vent

granted, or may be limited
production would, under such conditions,
prove to

16.

is

to say:

During the week nine commodities advanced and
three declined;
in the preceding week there
were 16 advances
and three declines, in
the second
preceding week there were 17 advances and no
declines.
1

—-

steel
to

ing in fluorspar

.i

tThis

higher last week

PRICE

5.300

products in September, 1942, as follows:
104,900; Louisiana 20,500; Arkansas 3,000; Illinois
Eastern
(not including Illinois and
Indiana\
9,000; Michigan 100; Wyoming
Montana 300; New Mexico
6.000; California 42,400. 1
'

advance in .raw cotton.

COMMODITY

6,700

350

Texas

price index continued its upward
trend,

WHOLESALE

state

Bureau

of

7

The price of linseed oil was
up,
resulting in a very slight advance in the
building materials average.
The only other
group to change during the week was the fertilizer ma¬
terials index, which rose
fractionally, due to an advance in the price
of bone meal.
'■

-V

and

by pipeline proration.
Actual state
be less than the
allowables.
The

WEEKLY

22,700

3,891,500

1.806.225

•chickens more than offset a decrease in
lamb, resulting in a further
"rise in the food price index. An
increase in the textile index was the
an

84,350

22,600

3,117,000

§815,000

4,015,900

Six.important items included in the
group advancing and only
cattle and
hay declining. Advancing prices for fluid milk
and

result of

815,000

1.518.922

none

91,050

93,350

-,' 99,700

3.003,543

and

59,200

1,100

—

2.975.704

principal group indexes advanced

1,500

+

6,350

3,200,900

52,600

—

7,000
99,700

-

95,350

58,900

,22,650

<"■'

89,950

91,300

24,700

+ 13.3

The farm products

>

\
''

*

.

^

.

"The
asked

+ 13.7

revision,

sizes

easier, with shipments in
eight weeks on top ratings.
Shapes are easy, with deliveries

88,800

production of all
petroleum liquids,
including crude oil, condensate and natural gas'derivatives
recovered
from oil, condensate
and gas fields.
Past records of production
indicate, however, that
wells may be
incapable of producing the allowables

tion

bar

little

six to

tl4,700

3.475,919

with

276,850

17,700

94,500

__________

82,250

224,500

107,600

3.937,524

eleven

__

;

East of Calif

92,950

400

Large rounds and
deferred
as
ever

as

smaller

386,000

63,800

Total United States

weekly wholesale commodity price index
compiled by the
Fertilizer
Association, and made public on Dec.'28, was
again higher last week.
In the week ended Dec.
26, 1942 this index
was 132.2% of the 1935-1939
average.
It was 131.7 in the preceding
week, 130.5 a month ago, and 119.5 a year
ago.
The index has risen

of

:

•P.A.W.

313,150

,

111.

________

2,150
..+•

are

though

t49,200

•—_____

California

National

five

flats

•

—16,250

certain

still

current orders.

239,000

1,718,002

went

339,000
1,706,000

274,100

1,818.169

all-commodity price index

313,300

1,384,250

in three to four
weeks

A

Mexico —i'

Total

1,806,403

the

+

ratings.

1,793,584

on

450

4,900

+

1,390,150

70,100

1,510,337

above

255,700

73,700

1,475,268

32.5%

91,600
440,700

174.900

60,050

1,531,584

report went

99,550

357,400

1,500

2,931,877

the year, and is now
The Association's

850

.—

deliveries
are
tight,
highly-rated tonnage com¬
manding delivery in March from
most makers
although some cold
rollers can ship in
February on

-+

2,839,421

responding week of 1940.

200

+59,100

+ 12.8

since the first of

340,000

+

■

"Sheet

even

50,000

Colorado——,'

1.,777,854

The

The

(Not incl.

Montana

Price Index Continues To Advance

10.2%

140,350

209,800

359,100

+ 16.9

National Fertilizer Association

137,200

1,000

73,700

3,339,364

+ 13.6*

4,100

317,450

3.247.938

3,234,128

98,650

+
+

100

3.414,844

._

Dec.. 26

+ 13.7

92,100

139,900
209,300

semifinished, forgers
difficulty in obtain¬

great

1,750

—

Ind

Michigan
Wyoming

1,674,588
1,806,259
1,792,131

1,476,442

ap¬

ing the latter.

+

3,766,381
—i
•

+ 14.8

1,423,977

5,150

and

having

73,700

;

;

3.883,534

._

Nov 28

Dec

1929

3,355,440

.

—

Oct 24

1932

3,313,596

3,583,408

'3,720,254

,
_______

Oct

&

3,717,360

__1_L-J.!—

10

+ 12.4

1

1940

2,950

90,150

——

Indiana

3,682,794
3,702,299

•

17 '

Oct

3,132,954)

'

1941

over

100

223,000

_

2.591,957
2,773,177
2,769,346
2,816,358
2,792,067
2,817,465
2,837,730

—_

3

'Oct

3,672,921

1941

+

,

313,650

Louisiana

Eastern

1942

,

_______

Illinois

% Change
•

'

*

flats
413,150

251,600

358,600

tl ,470,658

1941

359,050

293,850

174,000

1,350,400

Dec. 20

1942

7.85Q

t3,000

Louisiana ___d
Coastal Louisiana
;

(Thousands of Kilowatt-Hours)

" ~'

>

1942

it

most

21,000

—1—

___

Ended

+

101,500

Mississippi

Week Ended

is not known,,

according to some consumers. The
stringent condition still is in
alloy steels, large rounds and

Week

Dec. 19

Week

■

Arkansas

WEEKS

quotas

more liberal'" and
requests have been cut less dras¬
tically than for fourth

North

1941.

DATA FOR RECENT

Previous

93,200

Texas

Total

Total

300,700

____.

Texas
Texas

Total

.

Ended

1942

Central Texas-

Coastal

9.9

'

ter

quarter,

From

Texas—

Southwest

Nov. 28

0.4

ended

BARRELS)

Ended
Dec. 19

300,700

East Texas'

Dec. 5

10.8

21.6

Mountain—

Pacific

12

*0.7

7.8

—

Central

.Southern

Dec.
'

Central Industrial

•West

19

1.0

IN

4 Weeks

1357,150
1305,700

...

Dec.

___w

(FIGURES

Change

Dec. l

403,900

3,400

North Texas
West Texas

•

England

_

Panhandle

.

Major Geographical Divisions—

week

Week

Beginning

403,900

Nebraska

PERCENTAGE. INCREASE OVER
PREVIOUS YEAR

New

ables

December

Oklahoma

of the

excess

the

—Actual Production-

Allow¬

Recommen¬

week ended Dec.
26, 1942
approximately 3,675,000,000 kwh., compared with
3,234,128,000
kwh. in the corresponding week last
year, an increase of 13.6%.
The
was

2337

during

PRODUCTION

•State

was

output for the week ended Dec. 19, 1942,
similar period in 1941.

OIL

"P.A.W.

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

the

barrels

pears somewhat

The Edison Electric

that

10,875,000

Dec. 19, 1942.

Shows 13.6% Gain Over Same Week Las! Year
mated

CHRONICLH

by

holiday

influences

consumers

is

receipt
of PRP quotas for
Some buyers have

first quarter.
held
back
what

agency of the Government in the
administration of the provisions
of

the

shall

order,

be

such

submitted

disagreement
to

me

they
could, until they knew what they

agent for final decision.

could

Economic

tonnage

expect under these quotas.

While the overall policy of Wash¬
ington with respect to first quar¬

"In

addition

to

your

Stabilization

or

duties

my

as

Director,

I wish you would also

serve as my

agent with respect to

the above."

Leon Hen*

increased fuel
oil rations in 13 Middle Western
States in accordance with the ra¬
Dec.

on

22

1939—100
1923-25

Indiana, Mis¬
souri, Kansas, Minnesota, Wis¬
consin, Nebraska, North Dakota,
the

area

value

coupon

Manufactures—

in¬

was

creased, effective Dec. 23, from
10 gallons to 11 because of the
recent
protracted spell of ab¬
normally cold weather.
Sub-normal temperatures have
country more

value,
tion

144

1130

126

131

1133

135

f 180

185

138

1158

175

179

80

_

t83

83

74

f259

269

189

'

7

goods

Nondurable

goods

goods

Freight-car

loadings

Department

store

"Revised

data

To

able

.379, non-durable by

the ac¬

he

not
lim¬
Should the recent

West, consideration will be given
to the.use of Period 3 coupons in

the question

I must repeat,

ever,
as

period, the first
January.
Again, how¬

second
in

week

expiration

the

before

area

the

could be done

to whether that

depends

entirely

upon

oil

Labor

of

decision to increase

values means that Class 1
coupons for Period 3 (those num¬
bered "3") will be valued at 11
coupon

States. Class 1
issued gen¬
erally to homeowners, have had
a
value of 10 gallons up to- the
present.
Likewise, Class 2 cou¬
pons, used by apartment houses,
office buildings, and other larger
consumers,
are
increased 10%.
their value for Period 3 being
fixed at 110 gallons as against the

gallons in the 13
coupons,

which

are

116

f 154

137

133

95

7

1128

110

back to 1939 will
yet available.

groups

based

Ruler For Gift To Forces

A.
and

hearth
_

Machinery

.....

A_.
products..

equipment

Non-ferrous metals &

the State De¬

(according to the
Press) has sent the

partment said

186

177

536

420

1320

f314

230

t320

7314

230

1514

+501 1 '

276

+514

7501

276

190

1197

191

190

+ 197

191
+ 124

135

1127

7134

134

123

128

+120

131

124

Furniture

f 134

f 126

Stone, clay, & glass products....

Cement
Polished

plate

glass

and products

Textiles
Cotton

textiles

Leather

164

34

32

105

39

156

156

f 156

172

167

171

174

179

177

0

157

166

1126
Si '

Tanning
and

Shoes

leathers

kip

....

Meat

leathers

products

154

163

169

202

171

37

120

156

156

172

167

174

179

if

157

166

f 107

117

123

'

a

snuff

Paperboard

:

Printing and publishing

Newsprint consumption ...
and coal products
refining

_

_______

oil

oil

107

146

152

to

7171

146

149

134

fl49

»

116

1J.5

*

172

149

_

7
_

Beehive-.

a

140

a

169

a

a

104

105

102

106

a

134

153

a

139

152

137

128

167

a

107

110

136

'

__________

_________

Bituminous

coal

Consumption, Stocks, Imports, and

Crude
Metals
Iron

_

Cotton consumed during
i

in response:
Minister
at
has informed me of Your

13,637,120 bales.

113

for the month was

117

t
t

136

102

111

115

109

a

121

135

a

123

136

a

115

133

a

117

134

7109

108

134

111

135

a

136

129

a

113

137

a

112

123

137

130

a

113

137

a

112

126

166

153

+ 165

166

155

145

7156

155

145

+489

524

7433

7489

524

7433

7177

149

+ 181

7181

15i

123

129

7130

127

personal ap¬

Majesty's gen¬
the grati¬

I express also

gracious

happiness

of

people for

contribution to the
the

men

armed forces

of

the

in Your

Majesty's hospitable country.
"I wish to take
to

this opportunity

extend my best

personal happiness
jesty
the

-

•

\

■'

;

the Department of Commerce
discontinued until further notice the publication of statistics con¬

has

World Statistics
Because

of

war

■:

conditions and the difficulties in obtaining de¬

pendable world statistics such data are

being omitted from this report

for the time

-yy. v-r;a; y

being.

.Vy

■

.

130

127

7152

145

145

110

101

+ 124

117

103

122

132

7123

121

128

142

147

7151

180

161

7218

7202

229

334

231

210

_

(1935-39
______

Coke

,

121

139

138

135

180

159

186

180

168

130

118

123

139

115

110

93

144

169

149

146

138

158

143
199

221

Ore

•Data

not

Note—To
In

144

144

Miscellaneous

yet

100)

176

140

products

—

121

Livestock

58

We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
The members of this Association represent 83% of the total in¬

LOADINGS

average

125

Grain

Weekly Statistics Of Paperboard Industry

,

56

,

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

204

206

260

144

150

163

150

99

59

58

101

1

activity

the

cates

117

of the mill

figures are advanced to equal
industry.

based

100%,

on

so

the time

operated.

These

that they represent the total
i,

STATISTICAL REPORTS—ORDERS.

PRODUCTION, MILL ACTIVITY

~

*

Unfilled

available.

convert

the Federal Reserve

tPreliminary or estimated.

7Revised.

Orders

shown
Chart Book, multiply coal by .213 and miscellaneous by .548.

coal

and

miscellaneous

indexes to points

in total index,

Production

Received

Period

Orders

Percent of Activity

Remaining

Tons

Tons

Tons

Current Cumulative

1942—Week Ended—

expressing my

American

22,948,248.

131

7133
7121

FREIGHT-CAR

the

approaching holi¬

of the American

this

the month of November, 1942, amounted

cerning imports and exports.

153

+165
7156

...

ore

Coal

in Egypt on the

preciation of Your
tude

t

Exports—United States

In the interest of national defense,

day season.

erosity,

being trans¬
this season prior

establishments oh
and at compresses
The number of active consuming * cotton spindles

138

116

petroleum

Merchandise, l.c.l.

"In

subject to revision when

913,038 bales.
Cotton on hand in consuming
Nov. 30, was 2,440,684 bales, and in public storages

167

110

+128

_

___

Anthracite

Cairo

,

863

include no round bales for 1942;

mail.
The revised total of cotton ginned
11,539,654 bales.
-

107

7120

Chemicals

19.937

1 is

Dec.

120

\

23,503

,

25,005

—....

a

a

337,004
99,204
717.469
673,749
928,200
434,173
2,933.289
.

against the individual returns of the ginners

checked

143

7122

7110

445,583

1.150.139

466,556
.;
72,528
563,572
615,644
402,719
569,929
2,316,504

137
••

•'

137

309,646

1,384.289

382,715
_________
86,477
694,310
A
635.481
—*—_—686,859
.w
578.280
2,738.528

The statistics for 1942 in this report are

118

144

571.477

1,874,006
.....

for 1940.
Included in the above are 45,179 bales
of American-Egyptian for 1942; 42,284 for 1941 and 23,560 for 194(1;
also 749 bales Sea-Island for 1942; 3,289 for 1941 and 4,567 for 1940.

119

132

979.559
3.092
9.892

5,445

16,927

and 3,433

103
135

631,702

....

The statistics in this report
1941

for

108

145

845,854
3,796
14,319

-

of 1942 ginned prior to Aug. 1 which was counted
In the supply for the season of 1941-42, compared with 1,969* and 32,187 bales of the
crops "it 1941 and 1940.
|
~ "
'
* '* " '

mitted by

145

737.720
117,823
1,330,620
495,116
17,885

....

...

.......

116

tl53

771,870
120,250
1,366,575
262,094
14,796

:

•Includes 48,626 bales of the crop

...

...

.....

_

Virginia

....

.1

Gasoline

Texas

139

»

Petroleum

Petroleum

a....

114

145

-

.....

to

I

....

Newsprint production

.....

Carolina

South

Tennessee

7158

f 148

products

Paper and

.....

Carolina

till

_____________

—

119

•

Oklahoma

888.735
95,759
1,360,532
246,146
14,519

.

........

......

Mexico

New

North

1940
*11,430,454.

...

-

Missouri

fl42

&

tobacco

Manufactured

81

...

-

______

134.

.

________

*

.

____________

141

_

____—;A__»_;

Cigarettes

102

+ 164

+

foods

123

81

151

96

......

-

...

Louisiana

'

144

......

Mississippi

135

121

a
a

-

1T47

112

:•

+144

.

products..

Cigars

145
108

115

manufactured

Fuel

134

143
100

+ 129

......

packing

Other

121

a

a

flour

Tobacco

134

a

__

leathers

food

Manufactured
Wheat

•

116

:

7138

....

hide

Cattle
Calf

162

'

177
____

products

A

174

vv

Wool

tl40

147

a

171

deliveries

148

a

1156

.

consumption

Rayon

following message
"The
American

occasion of the

182

527

+ 128

products

Forest

to

177

420

tl25

and

(approximately $8,000) to
forces in Egypt.

gift

186
536

......

Florida

Kentucky

207

229

224

207

182
527

California

Illinois..

1941

1942

1942

....

......

-

_______

Georgia

Nov.

Oct.

Nov.

Lumber

dumber

American

generous

—Seasonal Adjustment-

1941

229

L___

.......

......

Arkansas

Without

1942

224

.

Bessemer

__

Transportation

States —-

Arizona

1941
*9.914,549

1942
All,742,798

State—

and payrolls Index compiled by

Nov.

date
and

excluding linters):
United

average=100)

1942

„

Open

Electric

1941

Minerals—r

Department
an¬
nounced on Dec. 12 that King
Farouk I of Egypt has made a
Christmas gift of 2,000 Egyptian

Majesty's

in

PRODUCTION

Oct.

Of '42 Prior To Dec. 13

13, 1942, and comparative statistics to the corresponding
and 1940 (running bales, counting round as* half bales

to Dec.

Alabama

Manufactures—

Fuels

State

American forces

Chart Book, multiply dur¬

Adjusted for

Steel.

higher than the

issued on Dec. 21, compiled from the individ¬
ual returns of the ginners is shown below:
:
Number of bales of cotton ginned from the growth of 1942 prior

on

without seasonal adjustment,

V

The Census report

and department store sales Indexes based on dally
manufactures, non-durable manufactures and minerals
shown In Federal Reserve

'

$10,219,111,000,
$7,895,121,000 reported for the year 1941.
'

Cotton Ginned From Crop

in January Bulletin.'

appear

—Seasonal Variation—

Lubricating

Roosevelt Thanks Egyptian

Associated

is 29%

.469, and minerals by .152.

Byproduct

President Roosevelt,

141

135

(1935-39

Coke

the

143.0

150

128

Kerosene

pounds

228.0

173.6

133

INDUSTRIAL

gallons.

current value of 100

350.2

£

■

Statistics.

Goat and kid

above

The

7

1115

indexes

contract

Employment index,
Bureau

sup¬

plies."
•The

7

t

three-month moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern States,
To convert indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000,
residential by $184,137,000, and all other by $226,132,000.

spell in the East be as pro¬
tracted as it has been in the Middle

of

■

+

7

7

total Index,

In

Construction

cold

that

$

'
the year to date,

construction financing for

New

7
134

durable

convert

to

by

185.0

IData not

indexes

points

118.1

carloadings,

Note—Production,
Averages.

'

121.6

1135

.

these

for

estimated.

or

■'

140

._

value

sales,

Department store stocks, value
tPreliminary

A

260.9

'■"t

t
+

Durable

homeowners have
deep into their

supplies.

'

.

J

Nondurable

*

•$

•y

7

;

Nov.

result,

ited

+
+

goods

Total

13 States
in coupon

*

+

Durable

said, "the
weather has until recently been
somewhat milder than usual.
As
a

163

'

coupons.

had to dip as

71

253

1223

•

t

7

.

East,"

122

•

'

Factory payrolls-

emphasized
however, that the fuel oil ration
can
be increased to offset cold
weather only when supplies are
available with which to honor the
the

135
V

Total

Henderson

"In

147

■

Dec. 22.

Mr.

209

+

Residential

oil
would be

the basis for

are

on

year.

t204
1273

1143

—

construction. Un¬

138.4

+202

f275

144

other

In

ing 1941 week are in waterworks and unclassified
classified construction is the only class of work to

164.2

173
209

f 143

value-

-

35,018,000
the classified construction groups gains over

198.1

t200
+271

fl44

contracts,

44,187,000
9,169,000

$33,377,000
'
513,000'
32,864,000813,000
32,051,000
the correspond¬
'

155.3

f202
t275

___

$75,539,000
3,085,000
72,454,000
2,668,000
69,786,000

$50,170,000
5,983,000

gain over the pre¬
ceding week.
Subtotals for the week in each class of construction
are: waterworks, $1,104,000; sewerage, $589,000; industrial buildings,
$40,000; commercial buildings, $473,000; public buildings, $13,303,000;
streets and roads, $1,942,000;* and unclassified, $15,926,000.
No con¬
tracts are reported this week for bridges, or earthwork and drainage.
New capital l'or construcion purposes for .the week totals $5,062,000, entirely State and municipal bond sales. The current week's
new financing
compares with $1,570,404 reported for the week last

Nondurable

All

that sufficient

increase

the

meet

to

167

Durable

Factory employment—

temperature recordings finished
since that time, and the assur¬
ance
of the Petroleum Adminis¬
for War

193

Total

Total

period coupons would be valid in
these 13 States beginning Dec. 23
rather
than
during
the
first
week in January.
Studies of the

(20,000 barrels a day)
made available in the

1941

+

Nov.

173

Construction

result, Mr. Henderson announced
on
Dec.
18
that third heating

trator

Nov.

1942

1192

Dec. 24, 1942
(4 days)

Dec. 17, 1942
(5 days)

25, 1941

Federal

■

Minerals

this section of the
than a month. As a

in

prevailed

Oct.

1942

167

Municipal—

and

State

—Seasonal Adjustment—

Nov.

1942

1189

Construction

Public
Without

1941

Oct.

Nov.

1942

1191

Total

Construction.___

Private

loadings;

—

Industrial production—

In this

and Iowa.

Dakota

South

Dec.

Total Construction

Adjusted for
—Seasonal Variation—

Michigan,

Illinois,

rent week are:

INDEXES

Industrial production and freight-car
for factory employment and payrolls;
average
100 for all other series

for

100

average ;=

Kentucky,

week, last week, and the cur¬

Construction volumes for the 1941

(4 days)
BUSINESS

1935-39

ally.
The States are Ohio,

133% gain in Federal work.

result of the

follows:

ago, are as

coupon
temperatures vary abnorm¬

when

a

At the same time the Board made
available its customary summary of business conditions.
The indexes
for November, together with comparisons for a month and a year(

employment and payrolls, etc.

permits
value

which

formula
adjustments
in

tioning

Reserve System issued
industrial production, factory

of

indexes

monthly

its

21

Dec.

on

of Governors of the Federal

Board

The
derson

is. '57% above the
the

In 13 States
Price Administrator

Engineering construction volume for 1942 to date, $9,229,534,000,
total for the 52 weeks of 1941. Private volume Tor
1942 52-week period, $552,838,000, is 53% below last year, but
publiG construction, $8,676,696,000, is 85% higher than a year ago a£

Federal Reserve November Business Indexes

Increased

Fuel Oil Rations

1942

Thursday, December 31,

& FINANCIAL CHRONICLE

THE COMMERCIAL

2338

and for the

people of

wishes for the

Sept.

Engineering Construction For Week Lowest:
Weekly Volume For The Year
Engineering construction volume for the short week due to the
early closing for the Christmas Holiday totals $33,377,000. This is the
lowest weekly volume reported during 1942.
It compares with $75,539,000 recorded for the full preceding week, and is 34% below the
total for the corresponding short week in 1941, according to "En¬
gineering News-Record" on Dec. 24, which added:
Federal work is 8% below the week last year, and this decline
coupled

with

the

91%

drop in State and municipal work, brings

of Your Ma¬

public construction 26%

under its last year's mark.

well-being of

accounting for $513,000

in the current week, is 91%

Egypt."




.

ago.

Private work,
below a year

5

;—

Sept. 12_

...

-129,486
106,933

Sept. 26

138,477
129,503

Oct.

3

144.506

Oct.

10

147,437
152.644

Sept. 19__

Oct.

17

Oct.

24

Oct.

31

150.133
138,423

124,580
101,891
132,212

218,539
222,636

131,173

224,926
236,208
248,026

78
65
61

.

228,355

133,513
131,961
134,197
136.249

261.871

*

78
80

80
79

87
85

■>

" 86

-

86
86
86

■

85

'

81

85

138,262

275.139
272,006

84

85

'

7

157,919

' 138,492

291.780

84

85

Nov.

14

147,815

137,355

301,088

83

85

Nov.

21

146,325

133,188

310,439

83

85

Nov.

28

136,655 '
150,132
151.085

124,461
130,761
137,856

321.885

77

85

340,203

82

85

350.011

84

85

.

lp6,363

134,383

350,012

85

85

'

Nov

Dec

,

5—_

Dec.

12_

Dec.

19

Note—Unfilled orders of the prior week

'

*

.

v

plus orders received, less production/ do not

necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,
orders made for or filled from stock, and other items made necessary adjustments of
unfilled orders.

Volume 156

Number 4138

THE COMMERCIAL

& FINANCIAL CHRONICLE
2339

General

Crop Report* December*: 1942, Of The
Department Of Agriculture

Weekly Goal and Coke Production Statistics

U. S.
The

Division, U. S. Department of the
Interior,
report, states that the total production of soft

Crop Reporting Board of the United States
Department of
Agriculture made public on Dec. 18 its report of
crop

duction

and

yield

per

part follows:

of

acre

crops

of

as

Dec.

1.

(in thousands)

Crop find Unit—
Cornwall.'bu.)
Wheat, ell' (bu.) J.

Other spring

»

(bu.)

Buckwheat
.Flaxseed
"Rice

.•

35,666

570,001

670,709

703,253

16,157

' 13,798

175,574

272,418

278,074

2,524

2,109

27,297

13,633

11,689

"i

37,965

37,899

1,016,061.

10,732

14,220

16,782

3,298

3,570

3,837

459

337

378

forage
All

362,082

426,150

37,870

45,364

57.341

7,365

6,038

6,687

32,285

40,660

51,323

66,363

3,275

4,402

1,214

1,477

45,712

93

*86,853

121,823

153,275

5,896

52,747

111,784

107,245

94

11,252
,

5,982

Hay,

all

(tons)

(tons)

530

■

10,276

7,880

8,803

16,572

H358

1,035

2,459

8,774

."

6,881

22,236

22,660

13,246

10,744

12,982

5.890

4,788

5,790

«

31,223

_

....

Hay, all tame (tons)....
Hay, wild (tons)

'

67,893

71,776

72,744

78,733

94,238

105,328

56,102

59,317

60,211

69.650

82,736

92,245

11,791

12,459

12,533

9,083

11.502

804

624

1,101

1,049

1,383

1,149

1,057

I,469

151

117

87

Sweet clover seed
(bu.)_-„_,

314

313

346

Lespedcza

361

839

848

487

375

435

1,755

1,274

1,624

1,724

2,023

1,970

13,510

18.503

19,608

234

276

474

2,471

3,700

7,160

209,559

(bu.).._.

clover

seed (bu.)
clover seed (bu.)

Alsike

seed

(lbs.)
Timothy seed (bu.)
Beans, dry edible (bags)
•Peas, dry field <bu.)

Soybeans for beans <bu.)_„
Powpeas for peas tbu.)_.__
Peanuts
••

-249

•

887

105,587

1,194

1,476

1,273

6,411

8,063

1,914

3.690

1.067,438

1,476,845

2,504,440

2,165

1,884

771

929

750

Sorgo syrup (gals.
Sugarcane for sugar

882

746

1,676

1,308

267

176

A

(gals.)...

815

ilbs.L..^

Maple syrup (gals.)
Broomcom (tons)
Hops (lbs.)
commercial
.

371,150

73,208

62,144

65,380

1,417,188:

10,568

13,674'

329

4,728

5,471

6,487

119

20,774

18,764

18,610

9.284

10,311

11,927

**11,830

**9,785

**9,812

1,066

387

654

**11,830

**9,785

**9,812

2,671

1,997

2,905

319

250

214

41

46

35

35

1134,655
123,832

-

■Peaches, total (bu.)
Pears,

total

(bu.t

....ill,.

—

-Prunes,

States)

prunes,

i

fresh

tons)>

canned

ft 2,246

2,728

2,532

ft 141

1+161

11200

tt 70

1178

1177

47

45

51

(3

—u—

■.,

(2

States)
i,A~

,<tons)

.

1131,212

itons)...:

used

.

States)

1165,345

1129,530

■

..,

21

—....

Prunes,' dried M3
States)
(tons)
Oranges (5 States) (boxes).
Grapefruit (4 States) :
(boxes)

,

—..

60,170

...

Demons

(Calif.) (boxes)—.
Cranberries
<5
States)

Pecans

;

Commercial

•».

(23

45,533

II,753

13,650

725

81,166

crops.,

2,935

3,339

3,627

crops),.

1.709

1,696

1,682

Indiana—

1.226

1,643

Total, 52 crops***—'

cleangd..

includes

on

all

harvested,

purposes.

}«Por

nnharvested

some

for

minor

1940

of

in

-trees

tapped.

—

conditions,

fruit,

juice,
seed

North

and

...

South

and

in

Agriculture, except for

this

corn,

(bituminous

nite)

strawberries

and

other

revised

are

hay, potatoes,

.,

and

Winter
All

on

A

'?

Durum

spring
(bushels)....

■Barley (bushels)
Rye (bushels)
Buckwheat
Rice

All

for

sorghums

for

Cotton,

lint

Hay,

all

pay,

:

grain

■(bit.)

all

Red

(pounds)

—,

tame,

the

of:

(tons)

clover

Eweetclover

•Lespedeza

JTimothy
Beans,

-Peas,

-

(bushels)

seed

(bushels)

_

(pounds)

__

(pounds)
(bushels)

for

powpeas
Peanuts

peas

(gallons)

Sugarcane for sugar and seed

(tons)

Sugarcane syrup

(gallons)
Sugar beets (tons)
Maple sugar and syrup (pounds)
Broomcorn

Hops

(pounds)

4—

—

(pounds)

♦Shcrt-.time

equivalent

sugar

average.
per

.

+Dry

weight,




.

-

60

78

83

105

121

207

159

35.9

25.5

25.4

i2.7

14.9

17.9

17.7

9.9

9.2

4.91

6.46

.

•

6.65

■

231.9

1.16

1.31

1.43

1.24

1.39

1.53

.76

.92

1.04

1.30

1.56

'

.

275.1

1.17

1.06

2.12

2.68

2.96

2.28

2.91

213.0

212.0

3.39

3.73

,

V

•'

v

.94
'

2.94

915

995

1,060

1.341

1,510

16.1

18.0

19.5

'

5.5

305

898

584

282

256

194

329

29

204

32

39

36

36

8

37

8

country

9

8

19

21

initiated

64

"111

116

89

73

39

72

37

31

27

33

56

71

75

**27

86

89

76

705

662

691

481

631

599

2,385

2,892

2,533

2,089

140

2,818

140

128

136

103

10

5

1

679

796

131.2

136.9

83.0

83.3

92.4

834

965

1,027

57.1

60.0

62.2

18.0

19.0

19.7

153.5

161.8

156.4

11.4

13.7

12.2

til.89

111.67

256

U 2.44

370

330

weight.

2340)

1.160
•

SAll

18

21

126

118

101

102

93

395

365

100

364

312

295

193

50

53

45

40

37

2,174

57

2,114

2,177

1,819

863

1,719

850

1,132

848

667

723

194

692

158

150

11

1

2

11,394

10,047

—

on

the

on

B.

&

O.

•'

subsidiary,

during

tin

1940,

the

program,
a

total

of

slightly more than 100,000 • tons
of the metal in the form of metal¬
lic tin or as tin contained in con¬

centrate,

according to

statement
lished

by

last

Jesse

official

an

Jones,

pub¬

week.

Quotations for tin remained un¬
changed last week.
Straits qual¬
ity tin for forward shipment was

nominally

follows:

as

Dec.

Jan.

Feb.

52.000.

52.000

52,000

52.000

52.000

52.000

10,346

52.000

52.000

21——

52.000

52.000

52.000

Dec.

22

52.000

52.000

52.000

Dec.

23——::

52.000

52.000

52.000

1,130

1,806

11,476

11,706

&

in

District

HLess

than

1,000

-

■■■.■'

19

Dec.

9,900

1,259

States."

its

17_;

11,306

Western

under

R.F.C.

into

18-

863

"other

brought

Dec.

12,257

with

has

Dec.

1,101

included

but

appreciably

conditions call for

173

12,216

•

some

**5

1,101

N.

raised

'ft.

12,766
the

troy

per

market at

The Metals Reserve
Co.,

Dec.

11,115

$2.50

148

;..'■

lig-

coal

■

52.000

Chinese tin, 99%
grade, spot or
nearby
delivery,
51.125c.
all
week.

A

Quicksilver

Quicksilver
from

is

being purchased

Mexico, Canada, and South
countries, as well as

purposes.

from

;

"E. & M. J. Metal and Mineral

,

stated:

Markets," in its issue

struction

24,

—

tificates

began

which

to

move

brought

in

on

Dec.,

the

usual
rush of orders for
January's needs
of copper consumers."
The pub¬

lication
in

further

went

to

on

say

part:

Copper
Word

January
allocations
through on Dec. 22, which

came
was

in

reflected

rather

large

ducers.
as

immediately
bookings

the

year

draws to

enormous, and
larger in 1943.

1.006

in

the

UTotal

at

12c.,

is

being

prices.

by

War demands for
a

in
pro¬

copper

close

are

will

probably be
The selling basis

domestic market continues

Valley.
absorbed

Foreign copper
at unchanged

A program to assure an adequate supply, of copper chemicals
for all essential
agricultural needs

during 1943

discussed at the

was

initial

meeting
of
the
Copper
Fungicide Manufacturers Indus¬
try Advisory Committee of the
Chemicals Division, WPB, held
Washington Dec. 17. Steps are
being taken, it was announced

in

after

in

the

production of

copper

sul¬

com¬

of which
has been disbursed.

$7,521,000

as

$12,872,000,
The

price
in

changed

situation

New

last

from $196 to

range

in

York

week.

quick¬

was

un¬

Quotations
$198.

Silver
At the request of the War Pro¬
duction Board, and with the con¬
sent
of
the
Secretary
of
the

Treasury, the Metals Reserve Co.
has
of

agreed to buy 10,000,000 oz.
foreign silver at 45c. an ounce

and make

it available to

industry

under

allocation of the War Pro¬
duction Board.
The
was

silver

market

unchanged

23V2d.

in

last

London

week

at

The New York Official

mained

at

44%

re¬

c.

Daily Prices
The

daily prices of electrolytic,
(domestic and export, re¬
finery), lead, zinc and Straits un
copper

Lead

The

lead

and sub¬

The Government's

1942, total

meeting, to encourage
lower-grade copper scrap

phate.

Finance Corp.
of Oct. 31,

the

of

use

sidiaries.
mitments

silver
of Dec.

"With price
changes in non-ferrous metals few and far
between,
a revision in
the quotation for
indium, a mere byproduct, attracted
interest last week.
The price was lowered
from $12.50 a troy
ounce to $10.
Zinc dust was placed under
full allocation
by WPB,
effective Jan. 1.
Allocation cer~<s>

22,

domestic sources,
according
the latest report of the
Recon¬

to

Editor's Note.—-At the direction of the
Office of Censorship
certain production and
shipment f igures and other data have been
omitted for the duration of the
war.

5.6

772

858

1

112.6

page

761

-

the

Tin

163

794

11

of

one

larger supplies.

163

9

be

should market

920

.

price

can

176

States.—.
and

output

942

'

22,

establishing the

193

••

Dec.

•

Allocation—Price of Indium Reduced
by 20%

21.2
20.0

205.4

ireen

on

t:

18.2

tree.

(Continued

-

n

16.9
31.1

1.73

1.166
,

20,2

1.61

708

—

19.7'

1.22

5.4-

(bushels)
(pounds)

Sorgo syrup

514

Non-Ferrous Metals—Zinc Dust Under Futi

19.8.
'

-

44 9

806

1

'....

1,640

.

(pounds)—

Sweet potatoes
Tobacco

1,535

532

35.5.

.v

.

42.3

.

(bushels)

1,525

488

201

remains

American

18.7

789

(bushels)

picked and threshed (pounds)

Potatoes

1

1,300

529

.

1,290

3.34

(bushelsi

2

1,273

525

9

anthracite-^—.

Panhandle

tons.

48.4

163.8

edible (pounds)
dry field ipounds)

Soybeans for beans

1

1,300

516

1

quotation

zinc

Louis,

The

1942

12.6

dry

•Veivetbeans§

;

1.82

(bushelsi

seed

seed

seed

r

''

*1.242

(tons)

seed

clover.seed

Alsike

...

_.r—

(tons)

Hay, wild
Alfalfa

.

6.4

—

sorghums

1

1,335

144

St.

is finding increased use in
products,
chiefly
bearings,

'

'

W.; C. & O.; Virginian; K. &
M.; B, C. & G.;
Kanawha, Mason, and Clay counties. IRest of
State, including
and Grant,
Mineral, and Tucker counties.
Uncludes
Arizona,
Idaho, and Oregon.
SData for Pennsylvania anthracite
from published records of the
Bureau, of Mines.; if Average
weekly rate for entire month.
**Alaska,
Georgia,
North
Carolina, and South
and

basis

/TMrt

•

16.5

■'

e

11.1

forage (tonsil...
sorghums for silage (tons) 1;
;

All

16.9

16.1-

—

(pounds)

-

10.4

20.7

A—™-.—.

■

253

2,695

not

fruits;
the

16.9

,

17.0

27,4
—

(bushels)

(bushels)

Popcorn

„v.

10.6

„—

^

■.

•

.

14.4

9.3'

—-—--

bushels)

"Flaxseed (bushels).

All

'..I'

.t_.

:

tbushelsi

Other
Oats

.

31.1

13.3
I-.l

(bushels)

204

lig¬

•Includes operations

1941

23.5

(bushels)
tbushelst

spring

180

...

bituminous

Total all

'■'

-'

-

1930-39

(bushels)

;Wheat. all

173

...

Dakota

Average

Crop and Unit—

•Corn, all

182

1

'

5Pennsylvania

and sweetpotatoes.
«n»(

)'

191

83

IflfProduction
crops

East

the

$10.

111923

109

11,665

**'Excluding

8%c.,

The

Western

previous quotation of
$12.50 per ounce went into effect
early in December, 1940.
Indium

80

—

not

quantities

1943.

Prime

ounce,

avge.

1937

(un-

quantities
some

average.

raisins.

summary

some

includes-

in

Indium

ship¬

82

....

...

Western

1940

Dakota

Pennsylvania (bituminous)__
Tennessee.—.—.

Utah

1941

Dec. 11,

and

—...

,

in

leading producers of indium low¬

97

—...

(lignite!———...—

Total

Illncludes

for

Dec.

Dec. 14,

"

(bituminous

Mexico

announced

Larger tonnages will be

needed

ered

« $

lignite). 1-j.r—i—r_;

dis¬

to

349

Michigan

tOther

was

authorized

SSubject

3

Virginia^—Northern...
Wyoming....

§§Short-time

wine

acreages,

averages shown

.

from

309

,

been

deliveries.

center in the zinc concentrate sit¬

district

1942

62

•West Virginia—Southern...

production

years,

truck

available.

3

—:

a

this

dust will be

uation.

6,280,200

336

—

at

Of

Dec. 22.
Control of
product is contained in Gen¬
eral Preference Order
M-ll-1.
Interest in
zinc
continues to

the operators.)

Dec. 13,

97

tWest

pounds

6,474,200

5

...

100

for

concen¬

countries,

$107,497,000.
$47,511,000 has

1,
1943, it
Washington

1929

375

Virginia——

SBags-of

1941

7

Washington

weight.-

of

foreign

and

the

390

Kentucky—'Western—;

339,848

.

cost

four

ore

placed under
full allocation
by WPB after Jan,

COKE

5

and Missouri——,
Kentucky—Eastern
;

1,945

IGreen

certain

duplicated

year

334,131

weight,

market

fresh

crops,

Census of

,

**1,000
States

account

grapes

NOTE—The. 10
the

tDry

average;-

LA11

j

.harvested.-

334,887

AND

383

Kansas

78,100

from

seven

60,002,100

Dec. 5,

1942
'

Illinois.,

v

-♦Short-time

Dec. 12,

Iowa_:

787

121,488

1

final annual returns from

Georgia and North Carolina.

Texas

L

.

of

or

Colorado

processing

(11. .crops)

■

sources

Fin¬

subsidiaries,

Zinc

Calendar Year to Date——
Dec. 20,
Dec. 21,

1942

dredge coal, and coal shipped
by
colliery fuel,
^Comparable data not

Arkansas and Oklahoma,

-

from

Zinc

Dec. 19,

7,692,200

and

——

(lbs.)...

truck

market

For

84,144

40,294

8,815

,

,

84,534

ANTHRACITE

157,600

1,214,700

Alaska—

v30

181

604

States)

'

For

-

:

(12

-'

trate

1937

58,448,000 54,858,000 72,015,000
1,039,000 55,651,000 52,115,000
66,830,000

160,600

1,216,000

washery

Alabama

Ohio

"

24.383

...

(bbls.)

State

Montana

185

total_„_

lead

countries, and of

at

lExcludes

.

fined

1,094,000

:

its

Jones reveals that in con¬
with the war and
up to
Oct. J31, 1942, contracts
have been
made for the
importation of re¬

Effective

Maryland

39

232-,

1,465

1,057,000

Reconstruction
and

nection

'

New

,

432,950

1,681

1941

-Week Ended

11127,655

1174,364

112 7,25 3

A.

Cherries 112 Statest..
(2

:

496,517

1,891

1,101,000

State-

34,896

t1 122.256

—1154,706

...

'Grapes, total' If!! (tons)_.^_.
•Plums

40,380

560,453

1,119,000

the

Corp.

Dec. 18,

1,861

PENNSYLVANIA
(In Net Tons)

152,100

Dec. 20,

1942

ESTIMATED WEEKLY
PRODUCTION OF COAL, BY STATES
(In Thousands of Net
Tons)
(The current weekly estimates
are
based on railroad
carloadings and river
ments and are
subject to revision on
receipt of monthly tonnage reports from

crop I

...

States

Includes

'

1,262,885

979

IDec. 19,

1941

11,163

1,074,000

total_„

revision.

15,397

754

Dec. 20,

1942

—Week Ended—
Dec. 12,
Dec. 20,
1942
1941

1942

coke^—;

States

United

1,398,796

35

OF

of

ance

Jesse

COAL

By-product coke—

220

116

30

•

(bu.tff

Beehive
United

1,380

289

;

.

135

(tons)

Maple sugar

355,602

707

OF

Louis.

amount

11,655

SDec. 19,

♦Total, incl. colliery fuel
tCommercial production

and
258

Sugarcane syrup

,

,

tons)

i

Sugar beets

Apples,

.:

370,045

con¬

report covering the activ¬

bursed

-—

operations.

2,711

Domestic

worry.

January 1 to Date——

1.944
adjustment.

current

PRODUCTION

Penn. anthracite—

7,067,

-

'Sweet potatoes
(bu.)
.Tobacco (lbs.) '
:
A--

.

1,913

tSubject to

ESTIMATED

179,700

36,385

2,711

11,480,.,-

,

average

♦Revised.

795

178,700

PRODUCTION

a

ities

(000 omitted)

*Dec. 12,

1942

mine fuel—..

974

10,762

3,296

Dec. 19,

256

5,881

1,910

incl.

Daily

1,082

2,103

1,504

..ujJ.;

Net Tons

13,083

787-

65,786

.

STATES

St.

In

week

UNITED

lignite coal—

-

313

,

picked & threshed

.(lbs.),

VelvetbeanslI (tonsr>
'Potatoes (bu.)

and seed

the

—Week Ended

Total,

616

Red

ESTIMATED

13,603

,

922

Alfalfa seed

for

Bituminous and

7,208

sorghums for

Cottonseed

anthracite

In

4,083

silage (tonstf ..I.......
Cotton, lint (bales?

•

■226,460

for

tons) t

<

233,414

1,358,730

S.

Bureau of Mines, production of
Pennsyl¬
ended Dec.
19
was
estimated at
1,119,000 tons, an increase of 18,000 tons
<1.6%) over the preceding
week.
When compared with thfe
output in the corresponding week
of 1941, there was an
increase of 25,000 tons, or 2.3%.
The calendar
year to date shows a gain of
6.5%.
The U. S. Bureau of Mines
also reports that the
estimated pro¬
duction of byproduct coke in
the United States for the
week ended
Dec. 19 showed an increase
of 1,300 tons when
compared with the
output for the week ended Dec. 12.
The quantity of coke from
beehive ovens decreased
8,500 tons during the same period.

44,660

230,765
1,180,663

-943

*71

<bu.)

sorghums

148,277

1,780

(bu.t'

grain

41,653

13,816

ilbs.)
sorghums for

All

,

36,653

•Popcorn

All

981,327

745,575

2,767

(bu.)

(bu.)

1942

3,175,154

943,127

49,464

16,583
—

Pats jfbu.t.:—
Barley (bu.)
Rye (bu.f

1941

2,677,517

l"

29,485

-

1930-39

2,307,452

.

89,484

"55,642

39,160

(bu.)—i
(bu.t

1942,

86,186,

55,743

(bu.—

spring

Durum

.1941

98,049

East

According to the U.

vania

Average

1930-39
...

period in 1941.

(in thousands)

Average

'

All

in

report

Productlon-

•

for

cause

coal in the

19

is estimated at
11,480,000 net tons, a decrease of sumption is estimated at between
185,000 tons, or 1.6%, from the
preceding week.
Output in the cor¬ 60,000 and 65,000 tons monthly by
responding week last year amounted to 11,163,000 tons.
trade authorities.
The produc¬
Quotations held
tion of soft
coal, to date shows an increase of 12.9% over
at
6.50c., New York, and 6.35c.,
the same

•

Acreage Harvested-—-

Winter

week ended Dec.

acreage, pro¬

The

New Supplies and demand
appear
to
be virtually in
balance, and
the supply outlook
presents no

The Bituminous Coal
in its latest

monthly
group

Washington
scribed

as

meeting

that
on

was

Dec.

"highly

22

of the
held
in
was

de¬

were

unchanged from those
pearing in the "Commercial
Financial

satisfactory." 31, 1942,

Chronicle"

page 380.

as

of

ap¬
and

July

I

U

THE COMMERCIAL &

2340

Thursday; December 31, 1942

FINANCIAL CHRONICLE
resulting in production of about

US, Britain, Canada
Form Joint Stee! Comm.

Acreage and

assuring adequate
1943 war pro¬
announced in Washing¬

gram was

ton

14.

Dec.

on

headed

be

will

has

the

for

supplies

The committee
by Hiland G.

former president of
Ludlum Steel Corp.,
and now Chief of the War Pro¬
duction Board's Iron
and Steel

Batcheller,

the Alleghany

He will be assisted by

Division.

British and

.staff of American,

a

Canadian experts.

-

.

committee re¬

the

of

Creation

sulted from a recent United States

to London which it

mission

steel

"brought to light many
differences in the production and
use of steel
in the United States
said

is

and re¬

and the United Kingdom,

pooling

by

obtained

be

could

production

greater

that

ported

information, production
and distribution meth¬

technical
methods
ods."

to

According

Associated
in¬

the

Press, the committee has been
structed:
To

1.

ordinate

obtain, assemble and co¬
information on iron ore

and scrap,

iron and steel produc¬

tion, and requirements of iron and
steel
of the
United Nations in

the sup¬

such form as will enable

requirements position
kept continuously under
by the Combined Produc¬

and

plies
be

to

review

A

Materials Board.
2. To consider and make rec¬
ommendations on means of in¬
Raw

Combined

creasing production and

improving

including ex¬

of technical information,
on
trade practices
of conservation.
To consider and make rec-

change

information
and

measures

on

3.

ommendatipns on unified systems
of definitions and .-terminology.
•

4.

5.
any

to

To

such

undertake

To

inquiries

may

as

special

be directed.

recommend

necessary

as

action which should be taken
adjust supplies and require¬

ments.

who

:>

■

addition

In

to

Mr.

Batcheller,

acting for the

is

Production
members

include

Combined

and Resources Board,

of
the

the

steel

committee

Geoffrey

following:

Crowther,(United Kingdom) Com¬
bined

Production

and

of

acreages

confirmed earlier predictions

permit.
review of statistics

Resources

M.
O.
Heller,
(United
Office of Program, Vice

,

on

;

the individual crops gives

that

the impres¬

unusually favorable weather

individual crops carry varying implications regarding future
production.
The big yield of wheat, averaging 19.8 bushels per acre, or three
bushels more than in any previous year, in a small part was made
possible by the increased use of rust-resistant varieties, but
major factor appears to have been the adequate and in some

the

re¬
1941 and 1942 in the area
southward to Texas and New

exceptional moisture supply of

the aver¬

71

*'

•

Total

"

production of principal hay

Commercial vegetable

production in 1942 was

much higher than

previous years. Acreage in principal crops for canning and proc¬
essing was increased 18% over the unusually high acreage grown
in 1941.
Production increased 13% to establish new records fof the

in

principal canning vegetables, including corn, tomatoes, peas, string
beans and lima beans.
Production of kraut and canned beets were
cans and production of cucumber pickles
problems. The aggregate acreage of vege¬
tables grown for shipment to market was from 1 to 6% less than in
any of the last eight years, but production was about 4% higher than
in any previous season.
New high production records were estab¬
lished for carrots, celery, lettuce, onions and tomatoes, but both the
cantaloup and watermelon crops were^among the smallest in a dozen

restrictions

reduced by

on

restricted by labor

was

years

or

more.'

'

vised

on

:

,

Note—The estimates for all crops

.

!

for 1941 and 1942 have, been re¬

the basis of the 1940 Census of Agriculture.
Similar
been made also for the period, 1939-39, excepting

sions have

revi¬
corn,

hay, potatoes "and sweet potatoes.
In the following discussions of
individual crops, the term ."average" relates to the 10-year period,
1930

1939, inclusive.

to

,

produc¬
bushels—105 million larger than the

Corn—The 1942 corn crop set an

tion, amounting to 3,175,154,000

all-time high for total

previous record of 3,070,604,000 bushels set in 1920.
Production in
1942 was 19% above the 2,677,517,000 bushels produced in 1941 and
about

above the average of

38%

mates relate to corn

2,307,452,000 bushels.

harvested for all

hogging and grazing.

These esti¬

purposes—grain, silage, forage,

Production of corn for grain totaled 2,884,of the total crop, compared with

bushels, or about 91%
2,435,307,000 bushels in 1941.
744,000

The bumper 1942 crop was

harvested from only 89,484,000 acres.

Although this acreage was the largest

ing

spects

'

seeds is somev/hat less, than
in any of the last five years* but larger than in "years previous to
1938.
There is an abundance of timothy seed and a good supply of
lespedeza.
Production of alfalfa and clover seeds was less than
during the last few years.
However, allowing for quantities carried
over, supplies appear adequate to meet prospective 1943 domestic
and export requirements, except for northern-grown alfalfa.
;
Fruit production appears at least nominally the largest on record,
but production has been high with only small yearly changes dur¬
ing the last five years,
Allowing for oranges and other citrus fruits
still to be picked, the 1942 crops of all major fruits appear above
the 10-year average, with the exception of prunes and apricots.

explains about half of the
36% increase,of crop yields over the pre-drought level.
Reports
on the
"condition" of various crops at harvest time, which serve
as
a
measure
of weather influences and related factors such as
insect pests and diseases, (his year showed conditions averaging
19% better than during the pre-drought period and nearly 10%
better than in 1941.
Pastures, although heavily stocked, also re¬
sponded to the well distributed rainfall and mild temperatures, and
their condition during the season from May 1 to Oct. 1 averaged
14% better than in the pre-drought period and better than in any
season since 1919.
Growing conditions were above average in nearly
all States, but were especially gOod in the* Great Plairis area.
In
this area, crops and ranges were benefitted by the subsoil moisture
remaining from the exceptionally heavy rainfall of 1941 and were
helped along by the above-normal rainfall of 1942.
Thp heavierthan-average rainfall of this year also should assure a good start
for grass and grain in 1943.
Although conditions in 1942 were favor¬
able for nearly all crops and in nearly all States, the factors affect¬
sion

efficiency of the use of steel and
on use of distribution facilities in
the United Nations,

now

checkup

conditions

Board and the

tion and Resources

final

The

for

program

Production of Crops—1942

harvested and yields obtained
of a 1942 harvest far above
any in the past.
Although estimates of a number of crops have been
reduced by new information on acreages harvested and by allow¬
ances
for losses from frost, storms and harvesting difficulties, the
total volume of crops produced is expected to be 14% larger than
production last year and nearly 12% larger than in 1937, the banner
year of the past.
The totals for the various groups of crops show a
well-balanced harvest that includes record crops of food grains,
feed grains, hay and forage, oil seeds, beans and peas, fruits and
commercial vegetables.
Sugar and sirup crops are only a little
below the top record, and cotton, tobacco and.potatoes show about
average production. ..The list of individual crops showing definitely
less than average production is significantly short, for it includes
few sweet potatoes, wild pecans, certain hay crop seeds, broomcorn
and melons.
With some local exceptions, such shortages of impor¬
tant crops as may now exist are attributed more to the unprece¬
dented wartime demand, or to interrupted transportation, than to
light production.
1
.
Although the acreage in crops was increased about 2% this year,
the exceptionally high level of production comes primarily from
increased crop yields per acre.
These yields average 36% higher
than yields during the fairly typical "predrought" decade of 1923-32.
and 14 and 12%. higher than the yield averages of 1940 and 1941,
each of which topped previous peaks by about 1%.
The outstand¬
ingly high yields of 1942 were made possible by a combination ol
unusually favorable weather, progressive improvement of plant
materials and equipment and technique on the farms, and a war¬
time demand that called for maximum effort and insured a market
for practically everything that farmers could produce.
Further¬
more
the record production of feed and forage crops this season
results, in part, from the demand created by the presence of record
numbers of cattle, hogs, sheep and poultry on the farms, accumu¬
lated as a result of six favorable crop years in succession.
The
record production of feed and foreage, in turn, gives assurance that
the currently heavy production of livestock and livestock products
will continue at close to record levels for some time, if weather

the United Kingdom and
Canada
to
recommend a joint

States,

1,417 million pounds,, about,

age crop. >■

(Continued from page 2339)

a

by

committee

steel

U. S.

combined
the United

of

Establishment

December, 1942, Of The
Department Of Agriculture

General Crop Report,

harvested since 1938, it was

approximately 8V2 million acres below average.
The estimated
planted acreage in 1942 was 91.011,000 acres, about 45% of which
was planted with hybrid seed.
In the Corn Belt, about 75% of the
corn acreage was in hybrids.
.
,
The 1942 yield per harvested acre of 35.5 bushels exceeds the
yield of 31.7 bushels.. Record-breaking yields were pro¬
Indiana, Ohio, Illinois, Michigan and Wisconsin.
Yields were well above average in most States.
The size of the 1942 corn crop is remarkable in view of the
record 1906
duced

in

adverse

Iowa,

conditions

affecting the crop during the season.

important northern sections, planting was delayed from one
as
much as three weeks and continued rains during June

In many

week to
delayed

cultivation, resulting in fields being more weedy than usual by the
time corn was "laid by."
An early June drought cut prospects in
the South Central States but beneficial rains in late June brought
relief.

Spotted damage resulted in other

sections from blight, corn

borers, floods and light drought in other sections. In late September
freezing temperatures stopped plant growth at least a week earlier
than

usual, resulting in

considerable soft corn and a reduction

in

States.
excel¬
lent progress and was not far behind schedule. Dry weather follow¬
ing" the freeze was ideal for drying out the crop.
Harvest started
slowly and was further delayed by wet weather in November, but a

quality of silage and forage in parts of the extreme Northern
Before these freezing temperatures came, however, corn made

by Dec. 1.
1942 was 3,912,000 acres, com¬

large part of the crop had been cribbed

Acreage harvested for silage in

from North Dakota and Montana
pared with 4,091,000 acres in 1942.
Silage production for 1942 was
Mexico..
■ '!
"
.
»
estimated at 33,927,000 tons, compared with 34,119,000 tons produced
Board;
In some "marginal" areas, the wheat crop was worth more than
last year.
■'
H'■;%
Major E. W. Senior, (United King¬ the land on which it was grown. The total crop from the 50 million
Wheat—Wheat, production in 1942 was 981.327,000 bushels, 4%
dom) British Ministry of Produc¬ acres harvested was 981 million bushels, a quantity exceeded only
larger than last year's crop of 943,127,000 bushels.
Although the
tion; Douglas Campbell, (United in 1915.
The corn crop, estimated at 3,175 million bushels, is being second
largest crop on record, it was produced on a harvested
Kingdom) Combined Raw Mate-! harvested from less than 90 million acres; it is 100 million bushels
acreage 11% less than average.
The harvested acreage of 49,464.000
rials Board; Paul Homan, (United
larger than the 1920 crop, the next largest produced. The 1942 yield acres is 11% less than the 55,642,000 acres harvested last year.'' The
States) Combined Raw Materials of 35.5 bushels is equal to almost a ton of shelled corn per acre; it
yield of 19.8 bushels per acre sets a new yield record, and compares
Board, and D. B. Collyer (Canada) is 3.8 bushels larger than the yield in any previous year and 50%
with 16.9 last year, which then was the highest on record.
This
Canadian Department of Muni¬ above the 1930-39 average. Yields in central Corn Belt States, rang¬
phenomenal combination of moderate acreage and near-record pro¬
tions and Supply.
ing up to 61.5 bushels per acre in Iowa this year, were of course duction resulted from the widespread, unusually favorable climatic
dependent on favorable weather, but State averages as high as 50 conditions extending from winter wheat planting time in the fall
bushels were unknown until the recent adoption of hybrid seed corn
of 1941 clear through the 1942 harvest.
Exceptions to the optimiim
Lumber Movement—Week which promises much for the future. In the northern Plains States,
conditions were a wet harvest season in the North Central soft red
corn yields in 1942 appear very high when compared with averages
Ended Dec. 19, 1942
winter wheat States from Missouri eastward through Pennsylvania,
for recent years, but they were not significantly above yields ob¬
and relatively heavy greenbug damage in Oklahoma and Texas.
According to the National Lum¬ tained in favorable seasons 20-years or more ago.
Winter Wheat production was 703,253,000 bushels, harvested
ber
Manufacturers
Association,
Oats is less extensively grown than in "horse and buggy days," but
from 35,666.000 acres at the record harvested yield of 19.7 bushels
lumber shipments of 426 mills
because of the near-record yield of 35.9 bushels per acre shows a
per acre.
The 1941 crop was 670,709,000 bushels harvested from
reporting to the National Lum¬
production of 1,359 million bushels, which is more than in any other
39,485,000 acres, at a yield of 17 bushels per. acre.
There was
ber Trade
Barometer exceeded
year since 1925.
With the wheat acreage limited and moisture con¬ ample moisture at seeding time last fall to bring the crop up to
production
by
12.3%
for
the ditions favorable, the acreage sown in barley this year was increased
a good stand—even too
much to permit planting the full intended
week ended Dec. 19, 1942.
In
materially.
As a result of the increased acreage and a favorable
acreage in some North Central and Southwestern States.
Because
•the
same
week new orders of
season, production increased to 426 million bushels which is 18%
of
the
heavy
fall
rains,
a
large acreage of volunteer wheat appeared
these mills
were
13.0% greater
above 1941 production and 30% above production in any previous
in the Southwest, where considerable shattered and lodged wheat
than
production.
Unfilled
or¬
season.
Adding to these crops the record crop of rice, large crops
went down at harvesting time last summer,
The volunteer acreage
der files in the reporting mills
of rye and grain sorghums and a fair crop of buckwheat, total grain
actually harvested and the production from it is included in the
amounted to 77% of stocks. For
production was nearly 157 million tons, or about 12 million tons estimates.
Greenbugs took toll from the yields in localized areas
importing softwood mills, unfilled more than ever before.
," •
in. Oklahoma, Texas and Kansas.
The season was very unfavor¬
orjders are equivalent to 39 days'
Hav crop production exceeded 105 million tons for the first
able in Missouri and Illinois/ with heavy winter loss of acreage
production at the current rate,
time.
The hay crop, together with the large crop of sorghum forage
and low yields because of wet weather at harvest.
Loss at harvest
and gross stocks are equivalent
will provide the huge total of 120 million tons of roughage.
Even was also suffered in Indiana, Ohio and Pennsylvania. Such ad¬
to 48 days' production.
allowing for liberal feeding, there should be a large carryover sup¬ verse conditions were less prevalent than usual, and were out¬
For the year to date, shipments
ply of hay in mows and stacks next Spring.
Cotton, grown on re¬ weighed by bumper crop conditions over the greater part of winter
of reporting identical mills ex¬
stricted acreage because of the large supply on hand, was well culti¬
wheat producing territory.
There was practically no damage from
ceeded production by 12.9%; or¬
vated and well fertilized and, with conditions favorable in all States,
rust in spite of the heavy straw and relatively high humidity.
The
ders by 18.2%;
<
the average yield was 275 pounds per acre, which slightly exceeds
abandonment and diversion to hay and pasture was unusually low,
Compared to the average cor¬
previous records.
The expected production of nearly 13 million amounting to 7% of the planted acreage, compared with 13.5% last
responding week of 1935-39, pro¬
bales will be about an average crop even though the acreage was
year.
duction of
reporting mills was
23% less than the 1931-40 average and the second lowest since 1895.
31.3%
greater; shipments were
All-Spring Wheat—In the principal spring wheat States the spring
Tobacco, also grown oh a restricted acreage, was set closely and well
52.0%
greater, and orders were
opened with ample soil moisture and the growing season was favoredfertilized.
Tobacco yield was the second highest yield on record,

Board;

States)

Chairman, War Production

,,

.

31.4%

greater.

t.




...

Volume 156

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4138

and timely rains.
Yield prospects in¬
the season advanced, as one hazard after
another was eliminated.
Of equal importance was the prolonged
favorable harvest season that kept harvesting losses low, in spite
by

temperature

moderate

creased

progressively

as

<

of

,

heavy straw.
Durum Wheat

since

production of 44,660,000 bushels was the highest
acreage was less than half what it was

The harvested

1930.

then, but the yield of 21.2 bushels per acre set a new high mark.
year's production was 41,653,000 bushels, on 2,524,000 harvested

Last

16.5 bushels per acre.
The durum wheat yield
acre is one of the outstanding records of the
particularly the 22-bushel yield in North Dakota.

acres, at a yield of
of 21.2 bushels per

season,

Wheat production is estimated at 233,414,000 bushels,
year's 230,765,000-bushel crop.
The yield of 20

Other Spring
a

little

bushels

last

over

previous record of
is 10.6 bushels.
The acreage was 11,689,000 acres, a considerable reduction from
13,633,000 acres harvested last year, and the 13,816,000-acre aver¬
age.
Last year's yields and average yields both were exceeded
in all principal spring wheat States except Idaho.
Abandonment
was very low in most States.
16.9

acre

per

bushels

record

was

made

was

Nation's

Oats—The

last

breaking.
and

year

harvest

of

The

the average

oats

in

1942

is

1,358,730,000
1,180,663,000
bushels, 34% above the average: of 1,016,061,000 bushels and the
highest production since 1925.
Ample moisture and moderate tem¬
peratures in most States were favorable for high yields.
Only
because of these high yields was production sufficient to maintain
bushels.

This

is

15%

above last year's production of

2341

bushels, well above the 1941

crop of 355,602,000 bushels, but below
"Clothing
and
Housefurnish¬
378,103,000 bushels.
Unusually • favorable ings—Cost of both clothing bnci.
growing conditions in the western potato States featured the 1942
housefurnishings rose, on the av¬
potato season.
With fair-to good growing conditions in all other
erage, 0.1% over the month.
A.
regions, the average U. S. yield of 136.9 bushels per acre set a few
seasonal
clothing
articles
new record.
Potato yields averaged 131.2 bushels in 1941 and 132 were
marked down to sell out
bushels in 1940.
The 1942 potato crop was harvested from 2,711,100
(women's coats in certain cities,
acres—approximately the same as 1941 but substantially below the for example), while for some

the

1940

production

of

average.
In

bushels
for

goods

the

10

western

was

these

surplus States production in 1942 of 93,356,000
12,000,000 bushels larger than in 1941. The 1942 acreage

States

the yield
harvested in 1941 and

432,800

was

and

increases

where

prices

were

pre-sale levels.

noted,

returned

were

In

of

14

to

the

21

215.7

bushels, cities, advances were reported in
compared with 414,000 acres
a yield of 196 prices of men's business shirts.
bushels per acre.
Abundant water supplies in most of the western
"Prices of sheets advanced in
area
during the growing season, plus generally favorable weather several cities.
There were con¬
for maturing and harvesting the crop, were largely responsible for
tinued
reports
of shortages
of
acres

■

the excellent yields.
Conditions were
eastern surplus States where serious

blight

and

in

Pennsylvania

duction
1941.
was

tion

to

In

and

lack

of

rain

not

so

favorable in the three

damage in New York

Maine

reduced

1942

pro¬

87,109,000 bushels, compared, with 92,161,000 bushels for
the

five

ceptral surplus States
but heavy blight damage

excellent,
(66,763,000 bushels)

harvested in

was

early season vine growth
reduced

yields.

blankets.

•

.

"Rent—Only slight changes in
rents occurred during this month
in

the

cities

surveyed

the

by

Bureau of Labor Statistics. Hous¬

Produc¬ ton

the

was

only exception, and
that city
the rental bill of
moderate^income families dropped
1.1%
between mid-October and

slightly less than the 67,221,000 bushels in

1941.;

For the 18 surplus late
States, 1942 production was 247,228,000
bushels—abput 3% above the 1941 production of 240,542,000 bushels.
Production in the 12 other late States

mid-November,

as

result

a

of

was 39,826,000 bushels in 1942.
Federal
control
established
on
slightly larger than the 1941 crop of 38,204,000 bushels
Nov.
1.
In
three
other * cities
the oat- rations for the increased livestock numbers now on farms.
but was about the average for recent years.
where rents were placed under
This year's yield at 35.9 bushels per acre is the highest since 1915.
Above-average yields in all these States has; held production Federal
control on Nov. 1 rents
It is 4.8 bushels above a year ago, largely because of exceptional
up despite rather general declines in acreage.
remained
unchanged
between
yields in the heavy producing regions extending from eastern South
In the seven intermediate
States, 1942 production was also mid-October and mid-November.
Dakota to and including Michigan and Northwestern Illinois.
This slightly above that for 1941—30,765,000 bushels against 29,658,000
In Cincinnati, on the other
hand,
year's yield per acre is 31% above the average of 27.4 bushels, and bushels—but was below average because of a material drop in
in spite of the imposition of Fed¬
only four States—Texas, Oklahoma, Georgia and South Carolina— acreage.
The 1942 yield of 118.1 bushels per acre for this group
eral control on Nov 1, the aver¬
have yields below average.
• '
\
compares with 114.6 bushels in 1941.
In the early States acreage,
age
rental bill rose 0.2%.
In
The 1942 harvested acreage was slightly less than last year's,
yield and production in 1942 were all above 1941 and the 10-year
Seattle,
where
Federal
control
but 3% above the average.
Minor changes occurred by States in average.
Production of 53,331,000 bushels this year from 505,000
has been in effect since June 1,
the North Central Region under the impact of the war.
The4 acreage acres compares with 47,198,000 bushels from 495,600 acres in 1941.
rents continued to decline, drop¬
harvested in Texas was about one-third of average because of Except for a substantial decrease in Alabama and moderate de¬
ping 0.2% this month.
insect damage.
f
V'-pP creases in Louisiana and Texas, production in all early States was
"Fuel Costs—Higher wood prices
Barley—Production of barley in 1942 was 426,150,000 bushels— larger than in 1941.
'
:
'
in
Manchester,
and
increased
a new high mark.
Unusually high yields harvested from the larg¬
Sweet Potatoes—The 1942 sweet potato crop of 65,380,000 bushels
bituminous
coal
prices in sev¬
est acreage on record resulted in a total crop which exceeded the
was
5% larger than the 1941 crop of 62,114,000 bushels.
Except eral
mid-West cities authorized
bumber 1941 crop of 362,082,000 bushels (the previous record) by 18%
for Alabama and Louisiana, growing conditions were unusually
by OPA, were the outstanding
and the average of 226,460,000 bushels by 88%.
favorable in most commercial areas, especially in the important
changes in fuel costs this month.
The 1942 season was generally favorable for barley, although
Atlantic seaboard States.
The U. S. average yield of 92.4 bushels
In New York, the rate charged
yields in most States except those along the northern border of per acre was 9.1 bushels above" 1941, and the highest since 1929.
for. gas for domestic use was ad¬
the United States were below yields of 1941.Production in the The 1942 production was harvested from only 707,400 acres, com¬
vanced as usual at this season of
Dakotas was the largest on record.
There was considerable delay pared with 745,700 acres for 1941.
Acreage reductions were general the
year.
%
"
in harvesting the crop in the Northern Plains States, and quality
in all major sweet potato States except South Carolina and Missis¬
"Other Goods
and
Serviceswas damaged by rust, scab and wet weather.
Yields were much sippi. - Production in the South Atlantic States totalled 29,400,000
Increases in the cost of miscel¬
below those of 1941 in Iowa, Nebraska and Kansas, where a com¬ bushels in 1942
compared with 24,104,000 in 1941.
In the South
laneous goods and services, which
bination of adverse factors resulted in lowering yields in an other¬ Central States
production dropped from 32,753,000 bushels in 1941
wise favorable season for small grains.
averaged 0.8% over the month,
Yields were well above to 29,855,000 bushels in 1942.

This

was

,

.

..

.

,

,

.

.

■

average

in Minnesota and California.

vested in 1942 amounted to

16,782,000

acres harvested in

''

1941.

The acreage of barley har¬

acres

"•/■s*^

'/•

Rye—Production of 57,341,000 bushels of rye is a fourth more
than the 45,364,000

bushels harvested in 1941 and a half more than the
average of 37,870,000 bushels.
The 1942 crop is the largest since
1924, when 58,445,000 bushels were produced.
Acreage harvested
for grain of 3,837,000 acres is 7.5% larger than in 1941 and 16%
larger than the average of 3,298,000 acres.
Because of the very
favorable growing season, a larger than usual proportion of the
total planted acreage was harvested for grain.
The average yield
per acre of 14.9 bushels is 2.2 bushels above the 1941 yield and
3.8 bushels above average.
This yield was equaled in 1922, but
,

has

never

been

exceeded

in

the

77

years

of

record.

Yields

are

higher than last year in the principal producing States of Wis¬
consin, Michigan, Minnesota, the Dakotas and Nebraska, and higher
than average in every rye-producing State except Illinois.

Living Costs in Large Cities Advanced 0.7%
Between Oct. 15-Nov. f 5, Labor Bureau Reports
Living costs of city families rose 0.7% between Oct. 15 and Nov.
15, 1942, Secretary of Labor Perkins reported on Dec. 19.
was

and railroad fares, resulted

increase
tal

of

increase

costs."

The

■

0.1%

out

of

due to the rise in food costs,

to¬

of
0.7%
in
living
-'-ir-;'-,'V

Labor

Department's

11%

an¬

——

and 21%
August, 1939.

above costs in

average,

1

part

the

to

imposed

on

eigars,- cigarettes,-tele¬

on

phone calls and railroad fares. In

addition, there were advances in
hospital and medical charges, and
in beauty nad barber shop serv¬
ices in

number

a

of cities.

In

a

few

rose

by 1.27%

the

increase

fresh

was

and

fruits

and

fresh fish which

der

direct

of

Price

advanced

control

in

prices of
vegetables

are

not

by the

average.

—

_

.—

—

-

—

un¬

6G% Govt. Employees
In War Production

Office
These

of 6.6%
and are now selling 21% higher
than in May of this year.
Food
prices under direct control of the
an

in

driving."

family food

Administration.

by

declines

between mid-

October and mid-November. Most
of this

by

automobile insurance rates, which
were lowered because of the gen¬
eral decrease in

"Food—The average
bill

average

1,417,188,000 pounds, 12% more than in 1941 and 1% larger exception of personal and pro¬ OPA advanced 0.5% over the
There was a 6% increase from 1941 in acreage fessional services and of some month, as quotations moved up
harvested and a 6% higher yield per acre., Acreage harvested was fresh fruits and
for a number of products whose
vegetables (con¬
relatively small, 17.7% below the 1930-39 average, but the yield stituting, with a few other foods, prices have recently been ad¬
under
OPA regulations,
per acre of 1,027 pounds was above average and the second highest about
10%
of the family food justed
on record.
budget). Rent ceilings have been such as lard, canned fruits and
Production of flue-cured tobacco (824,115,000 pounds) was the announced for all cities.
About vegetables and canned fish. Prices
fourth largest on record.
This type was grown on 791,900 acres. 12% of the family budget thus also increased for eggs and but¬
The yield per acre of 1,041 pounds is 237 pounds above average remains uncontrolled.
ter, brought under OPA control
on
Oct. 5.
and 16 pounds higher than the previous yield record set in 1940.
"The percentage changes from
Production of fire-cured tobacco was 72,831,000 pounds, compared
"All cities surveyed in the New
Oct. 15 to Nov. 15, 1942, were as
with 70,182,000 pounds last year and the average of 125,844,000
England, Middle Atlantic, Moun¬
follows:
pounds.
V
tain and Pacific
areas
reported
All Items'
4.
0,7
All foods
increases
in
food
costs,
while
Burley production for 1942 (331,005,600 pounds) is 2% less than
4.
1.2
Controlled by OPA on
three cities in the South showed
the 1941 crop of 337,792,000 pounds but slightly more than average.
Nov.
17
+
0.5
decreases
because
of
locally
Acreage harvested increased about 3% from 1941 but yield per acre
#Under March ceil¬
lower prices for fruits and veg¬
is estimated at about 4% less.
Above average rainfall during Aug¬
ings
4- 0.2
Ceiling
adjustments
etables.
San Francisco
showed
ust and September resulted in a comparatively low cured weight
permitted in Oc¬
the
greatest
increase
(3.5%),
per plant.
tober
+
l.l
while
Under price freeze
Savannah
reported
the
The Southern Maryland tobacco crop amounted to 30,020,000
of Oct. 5
+
0.8
largest decline (0.8%).
pounds.
This was grown 'on 39,500 acres and represents a slight
Uncontrolled by OPA
on Nov. 17
"The Bureau's index of retail
decrease from 1941 when 40,300 acres produced a crop of 30,225,000
+
6.6
4o.l
food costs for Nov. 17 stood at
pounds.
The dark air-cured types produced a crop of 32,450,000 Clothing
Rent
o.l
131.1% of the 1935-39 average,
pounds, the third lowest on record.
Acreage harvested was the Fuel, electricity and ice__
o
the highest point reached since
same as the record low 1941 crop of 32,600
Housefurnishings
acres.
40.1
Miscellaneous
40.8
January, 1930.
The cost of food
All cigar classes produced smaller crops this year.
Total cigar
•Includes lamb prices, frozen on Aug. 1.
is now 16% higher than last year
tobacco production is estimated at 126,667,000 pounds, compared
"By Nov. 15, the index of liv¬ at this time and has gone up
with 143,632,000 pounds in 1941 and the average of 123,059,000
pounds. Acreage harvested decreased 10% from last year, and the ing costs for city wage earners 40% since the outbreak of the
and lower-salaried workers had war in
yield per acre was slightly lower.
Europe, when food prices
Potatoes—Production of potatoes in 1942 totalled 371,150,000 risen to 119.8% of the 1935-39
were
unusually low.
totaled




Nov.

large
taxes,

counterbalanced

a

than

excise

particu¬

in an<^

the

buckwheat crop of 6,687,000 bushels is below nouncement further said:
above 1941.
Higher prices encouraged planting
"Since
mid-May,
when
the
larger acreage in surplus States and there was some increase General Maximum
Price Regu¬
because of plantings on land too wet to plant the other intended
lation
became
effective,
food
crops.
There was some loss of acreage because of wet fields costs have moved
up
7.8% and
at harvest time and some damage to late planted fields by the
costs of all other goods and serv¬
September freeze.
For the crop that matured and was harvested, ices
by 0.6%. />Today, prices of
it was a very favorable year with the yield of 17.7 bushels per
almost
everything important in
acre well above the 16.1 bushel average.
V';
family spending are controlled by
Tobacco—Tobacco production for 1942 of all types combined Government
regulations, with the

but

in

new

cities, in spite of OPA con¬
trols, increases were reported for
larly those not under OPA control, to higher charges for personal
laundry and auto repair charges.
and professional services, and to the new excise taxes effective on
These
increases
were,
in • part
Nov. 1," she said.
"These taxes, on cigarettes, cigars, telephone calls
"Most of the increase

Buckwheat—The

average,

due

were

compared with 14,220,000

President
there is

a

on

2,500,000

civilian

Federal

President

showed

Dec.

8

his

that

widespread misconcep¬

tion of the situation

the

told

Roosevelt

conference

press

regarding the
employees of

Government.

said

that

of

that

The

statistics

the

total, more
1,500,000, or over 60%, are
engaged in actual production'for

than

the needs of war,

adding that only

12% represents persons employed
in

Washington.

further

Mr.
that,

stated

United

States

there has been

Roosevelt
since
the

the war,
increase of 80,-

entered
an

in
Washington, as
increase of 920,000
Federal workers elsewhere.
He
000

workers

against

an

went

on

vices

of

forces

to

explain that the

for

supply

most

of

and

construction

only 5%
tal.

whom

are

the

890,000

employ

work

in

ser¬

armed
persons,
arsenals

projects

and

in the national capi¬

Mr. Roosevelt added that the

Army Air Forces employ 220,000
civilians and the Navy 518,000, of
whom over 90% are engaged in
shipyards and other naval manu¬
facturing plants.
To cite a few
examples, the President pointed
out that about 90% of the Garand

rifles

are

ernment

of the
in

being

made

by

Gov¬

employees and that 75%

battleships

navy.yards.

are

being built

THE COMMERCIAL &

2342

Sees

FINANCIAL CHRONICLE

Neal

Dow

cast in his annual

Commerce.

address,

on

further

He

Cleveland, Ohio, made this fore¬
Dec. 15, befpre the Cleveland Chamber

asserted

that

1943

"will

also

of

ciation

the

in

men

war year
armed ser-

our

In his forecast Gen. Ayres

vices."

all

in

be

New

York, announced

—*

——

Morlrol TranCSriinttC

lated

1943

in

heretofore.
in

part

than

be

the

because

they

been

about

armed

ser¬

specifically

they will
insistent
on

and

urgently

deliveries

of

made

in

accordance

ules.

In

even

with

sched¬

closely regu¬

more

because the Controlled

terials
fect.

will

Plan

be

Ma¬

put into

ef¬

provisions manu¬
facturing plants will no longer be
able to buy their essential stocks
of metals in the open market un¬
der
the
sanctions
of priorities.

will
of

amounts

them

instructed to
to

the

assigned

allocations

to

orig¬

Washington, and they
no
more, and will be

in

have

As

receive

metals

under

inating
can

instead

use

less."

no

prospects for

1943,

Gen.

his

on

personal

opinion

concerning possible developments
next

which
follows:

year,

part

as

"Despite
from

all

be

from

year

good

news

it

ap¬

shall still

we

active

warfare

a

has

in

15%

measured

as

not

but

more

which

income,

will

about

$112,000,000,000
in 1942, will probably be between
and 20%

greater next year.

"Wholesale

11%

from

from

ac¬

standing commit¬

tees

15.

In October there

net sales

were

of

$1,000,800.
:
7
■
The following tabulation shows
the
Treasury's
transactions
in
Government securities for the last
two

years:
$1,139,000

purchased
11,950,000 purchased

,

V

__

April

No

sales or

•.

June

July

_______

_______

____

August

September

_______

_______

December

sold

447,000

purchased

sales

or

purchases

No

sales

or

purchases

200,000 sold
No

sales

Committee

Establishment of

on

Commission,

to

rose

1942,

likely to

are

to 6%

from

1943.

of

cost

living, which in¬
creased by 10% this year, may be
expected to rise about 5 to 10%

Committee on
Export
tions, Gerald Le Vine.

Committee

Committee

Boardman

\i

$60,004,000 purchased

.—

L.

1942—

$520,700

________

February

___

sold

purchased

5,814,450

purchased

300,000

purchased

April

Discharged

September

No

sales

Slum

on

be

difficult

It

to

may prove

the

measure

in¬

consumption
of many components will be regu¬
lated

Earnings Of United States

tail

dollar

Ihe vast amount of

and

equipment is reflected in the ratio of
In October of this year the ratio of earnings
55.85%, which compares with 57.29% in September.
1942, and 69.84% in October, 1941.
Gross earnings of the railroads of the United States in October
men

to earnings.

expenses

this

$745,582,964 against $517,592,774 in October a year
ago, a gain of $227,990,190, or 44.05%. Net earnings in October, 1942,
were $329,157,843 against
$156,128,608 in October, 1941, an increase
of $173,029,235, or 110.83%.
We now give in tabular form the results
for the month of October, 1942, as compared with
October, 1941:
year

were

will

than

all

10%, and by not

than 15%.

a

Mileage
Gross

of

electric

probably increase by

8%, but not by
"Civilian

farm

the

workers

than

more

the

more

will

power

much

as

than 14%.

Ratio

Net

( +) or Deer, (r—)

.Amount

</o

230,244

232,060

1.816

—00.78

$517,592,774

+

$227,990,190

+44.05

416,425,121

361,464,166

+

54,960.955

+15.21

{55.S5Vo)

(69.84)

roads

.

earnings.—

to

expenses

—

increase

than 3 to 5% greater

Building
Coal

1942

will

be

foremost

1943

in

(net

ircarloadings,

the

Kansas

tax

owe

debts

Corn

vision.

them, have made

51,328,000

5,101,000

5,580,000

,

no

pro¬

The existence and the size

(cars)____

z4,512,046

(cars)—_

(cars)
flour

___—__

and

445,642

-

38,700,000

32,677,000

4,355,000

5,234,000

52,174,000
*

8,026,000

Z4,553,007

z4,064,275

x2,536,029

X4,464,872

8,043

7,222

7,936

13,619

20,634

6,484

4,479

5,829

6,707

11,217

4,092

3,179

3,381

6,115

8,702

grain

barrels)—

z2,329

zl,944

z2,150

bushels)__

Z49.869

Z35.322

Z20.859

(000

(000

bushels)

—_

(000 bushels)

Barley (000
bushels)__
Rye (000 bushels)
Iron

SSSteel

and

Steel

ingot

Lumber

(net

Z2.422
Z41.578

Z31,322

Z23.601

z40,856

Z27.582

Z20.171

Z13.940

Z7.332

z4,770

Z5.824

Zl6,309

Zl7,381

Zl1,316

z8,510

Z4.099

-Z5,799

Z4,802

z3,346

Zl,952

Z791

z3,578
'J

tons):
7,584,864

production—

(000

Z2,l79
Z32.788

7,242,683

6,644,542

1,233,957

5,154,063

ft.):

&

Topeka & Santa Fe

Pacific

21,289,603

Z7,236,068

Zl,244,250

X500.707

Spokane

Portland

Chicago Burlington & Quincy

6,098,380

Illinois. Central

6,061,910

Great

Northern

N.

Y.

N,

&

H.

Air

Louisville

&

Northern

Pacific

Nashville

Louis-San

Y.

&

Louis

Erie

Pacific

Yazoo

&

Or.

Five

&

SUnited

States

east

of

Rocky Mountains).

Bureau

of

Mines.

Birmingham & Coast

164,696

of- Alabama

159,225

Western

Ry.

Pittsburgh

1,884,619

Bessemer & Lake Erie

1,859,925

Atlantic

1,783,570

Tennessee

1.567,539

Staten

& Lake
West

&

&

Spokane

1.374.126

N'.

Y.

&

Total

Western—

1,108,157

141,236
129,971

Virginia-

123,775

Western
&

Gulf-

Shin

109,505

West,

k

Island

105,481

Mackinac

&

(91

100.471

roads).—

$223,165,078

Virginian

$187,012

992,83V

of

$16,638,006,

CHANGES

,

IN

,

NET

Central

—

+

.■

the

leased lines-

V
New

Or.

5,325,531
4,889,562

Chicago

4,789,047

Central

Isl

&

Chicago Burlington & Quincy
St.

Coast

P.

Line

&

v4,299,061

Pac.

——

Northern

Pacific

Louisville

&

Chicago &

3,553,712
3,530,001

—

Nashville

North

Western

St. Louis San Fran.

(2

__

roads)

Vfabash

736,335

Illinois

686,137

Great

&

510,072
487,038

Western

414.906

Kansas

Maryland'
City

Southern

Grand Trunk Western

403,922

2,768,803
2,382,464

New

Orleans

&

299,966
296,511
291,784
235,939

1,877,776

Elgin

Louis—

; 1,853,329

Chicago &

St.

&

Maine

Louis

____

Southwestern.
Pacific

&

Western
Central

St.

Pacific

of

New

:

_A
—

Jersey

Missouri-Kansas-Texas

Joliet

Georgia

&

Eastern

Southern

1,639,575

Northwest
Maine

1,395,088

1,379,397

Chicago' Great
Georgia

1,345,163

Louisiana & Arkansas,
Illinois

217,667
Western

Bessemer

1,101,341

Penn.

Norfolk

1,066,291

Norflok

Southern

1,035,533

Western

Ry.

&

Western

Reading

——

Nash. Chat. & St. Louis——

978.866

Yazoo

941,036

&

Mississippi Valley__
-

"These figures

cover

:

Staten

Terminal
&

the operations of the New

Lake

—III

181,790

Erie

181,762

Rapid '^Transit

roads)f

Central

and

the

Cincinnati

leased lines-

Chicago & St. Louis, Michigan Central, Cincinnati Northern
and
Indianapolis & Terre Haute.
Including Pittsburgh & Lake Erie the result

an

increase

of

In

order

to

$14,130,762.

-

•

y

...

(National

[[Association

of

((Reported by major stock yard companies in each city.
((New
§§American Iron and Steel Institute.
[I [[National Lumber
(number of reporting mills varies in different years),
weeks.

indicate

more

clearly which sections of the
country

have been most active to the increased

break-dowh of the nation
or

as a

whole;

earnings, we
Arranging the

now

turn to 'our

roads in

geographical divisions, according to their location, the

of tho$e tax debts will come as
painful surprises to great num¬

moderately active in comparison

reported increases

bers of the

last

runner




year,

a

few of them

112,025

-—$171,804,673

favorable results recorded during the month under
review

taxpayers."

126,290
119,674

of Alabama

Island-

York

178,153

3

A glance at the statistics compiled in the tabulation for the month
under review reveals the fact that though most of the items were

new

188,802

—

Reading SS Lines___

Total .(81

895,^86

204,140

—

202,240

1,196,851
1,176,976

&

224,715
221,321

Pacific

Western

Lackawanna

252,803

Ji,

&* Florida

1,415,451

Richmond Fred. & Potomac—

Del.

323,703

318,153

West.

;

364,328

Northeastern

Denver

Grande

405,29-2

_____

Hudson AAAA
Chi. St.- Paul Minn. & Omaha

1,891,169

Rio

505,752

Cincinnati N. Or. & T. Pac.__

Delaware &

1,911.982

'652,996:

Seattle-

3,027,594

.

659,605

Southern

1,905,927

&

694,522

684,511

Valley
Chesapeake & Ohio VA

Lehigh

695,214

Midland—_

Long Island _____—„__AMissouri Central A_A___'
Wheeling & Lake Erie
Minneapolis & St. Louis.

—

716,136

Georgia —;
Minneapolis St. P. & S. S. M.
Pittsburgh & Lake Erie 'AA

3,193,387

2,173,585

,

Erie

725,655
'

of

Spokane Portland

T 3,987,108

—

.

Coast

Mobile

Alabama

4,133,803

Airline

Central

East

(3

& Onio
Pere Marquette A—A—

4,731,000

New Haven & Hartford

Milwaukee

Gulf

.;

4,766,108

Pacific

Increase

'

v-.

•

Mex

765,98*6

•—

Rock

&

Duluth Missabe & Iron Range
Colorado & Southern (2 rdsi.

—AA-A

Ohio

OCTOBER

$841,993

"+ 6,175.314

&

V

•

•

Tex.

Florida

Pacific v A A AAA'

Northern

;.A

..

OF

rds)

roads)--

Baltimore

MONTH

International Great Northern

12,068,131
11,191,059

Pacific. (2

THE
'

13,559,580
*13,477.766

—

A':;,

....

FOR

Increase

■

& Santa Fe

"

..

EARNINGS

__A_AiA_A_ $17,646,767'

Southern

Boston

106,717

Decrease

1,005,371

:

Pacific

Y.

112,154

International

1,075,923
Northern

•: ■;

York

Missouri

N.

117,775

__

Chicago & St. Louis/Michigan Central, Cincinnati Northern and
Indianapolis & Terre Haute.
Including Pittsburgh & Lake Erie, the result

Topeka

Atlantic

144.574

Transit

Susquehanna
&

144,720
_____

—

West

Peoria

1,378,183

158,297

Point

Rapid

&

7 173,866

Erie

Central

Island

1,172,767

Great

++

Y,

Atlanta
■

rds)

Coast

198.371
1179.713

A_A.

1,954,980

Detroit

(3

240,265

_____

Southern

Gulf

A

______

A—

Lines.—

Cincinnati

Southern

Chi.

S3

255,424

Norfolk

1,247,818

_aA—

Mex

PRINCIPAL

N.

Trunk

1,238.947
1,229,306

Jersey A,.*:.,-

Ohio

increase

Chicago

Pacific

Western

Penn.

figures cover the operations of the New York Central and

Evansville

is

-

(figures for 37 States

Association
z

-

Georgia

Cleveland

xl,484,283

Exchange.

weeks,

&

Lack

"These

Great

Northwestern
Grand

2,447,465

Kansas: Oklahoma

East

Union

2,585,409
2,533,571

Reading

255,942
255.654

„_„AA—

Terminal

1,379,176

Western

Central of

New

Illinois

Toledo

International

..

Wheeling & Lake Erie A_

1,453,963

Delaware

an

2,701,654

Potomac,*

Texas

Florida

286,237

Georgia Southern & Florida.:'

&

New

297.653

3,352,319

Fred

of

388,209
355,395

355,177

:

310,489

Pittsburgh

City Southern

500.463

418.573

Omaha

&

_____

1,502,34ft

Mobile

Kansas
N.

Maine

St. Louis__

&

Central

Gulf

Georgia
Maine Central

&

Alton

Evansville

Four

___________

Mississippi Valley__

Norfolk

540,398

Northeastern

Chat.

Richmond

Cleveland

Commission.

.

Reading A-r_Nashville

627,346

'

Western

3,653,185

1,978,167

-

—_._AAAA—A—

Western

697,271

Texas. Pacific

&

4,118,166

2,085,869
____

t—A—A

A

Island

xl,367,042

x

Ohio

&

Southwestern,

714,510
'

Paul Minn.

4,413,901

—2,100,621

Pacific

&

Long

West

Maine

xl,353,805

Produce

A'

Chicago & St. Loui$_„
Valley
&

Orleans

St.

770,51.8

Seattle. '

&

'

__

Grande

Rio

831,854
■

Minneapolis k St. Louis
Elgin Joliet & Eastern A_

" 2,602,602

x614,453

American Railroads.

rds.).
Western

Wabash

x539,018

Manufacturers'

______

Missouri-Kansas-Texas

New

Chicago Great
Chi.

836.350

Southern..

Arkansas..—

5,258,555

4,515,809

<2

Fran.

Chicago & North

Xl, 409,458

York

Line .*_„A_—

&

5,205,951

' 5,104,846
5,104,293

Line

Coast

Zl,402,050

Coal

.

Hartford___

Seaboard

Louisville

844,683

Hudson

West, Maryland
Cin. N. Or. &

5,604,347

Chicago Mil. St. Paul & Pac._

21,426,389

Dodge Corp.

Minn. St. Paul & S.S. Marie-

6.484,212

21,281,550

W.

15,847,105

Southern

Pacific- '

; 853.169

Illinois

East

Great

&

870,754

roads)*

Chicago &

.

$932,422

_____

15,876,837

Alabama

Rock Isl,

OCTOBER

Range.

(2

7,342,065

zl,370,499

tF.

Southern

Baltimore* & Ohio ___A_____

zl,407,785

Note—Figures in above table issued by:

&.Ir.

Delaware &

MOrders

received-

Missabe

8,336,249

([[[Shipments-

Bituminous

l

Pacific

Chicago

OF

Increase

Colo

Alton

(! [[Production

MONTH

THE

FOR

A—. *16,479,709

roads)__

(2

York Central

Texas

(000

Oats

the

about

which they are only dimly aware,
and for which many, and perhaps
most of

1929

107,274

receipts:

importance.

now

all

City

Omaha

((Western

their 1941 incomes. Most

newcomers

51,065,000

(cars)—A__

Chicago

gasoline

50,000,000 individ¬
paying income taxes
on
their 1942 incomes, as com¬
pared with 17,000,000 who paid

Government

1932

383,069

t(Livestock receipts:

re¬

some

on

1940

606,349

EARNINGS

Increase
Marquette

Illinois

tons):

^Pennsylvania anthracite—

uals will be

taxes

1941

780,396

GROSS

',l-

Pere

Seaboard

(Bituminous

kinds

rationing, among which the
of

net

Freight Traffic:

many

use

+110.83

($000):

Wheat

the

+$173,029,235

consideration of the business factors

October—

r

in

a

[Constr. contracts awarded-

Flour

strictions

to

now

$156,128,608

.

17,793,947

Pacific

Pennsylvania

underlying
earnings.
In order to indicate in simplified form the measure of trade activ¬
ity in relation to its bearing on railroad revenues, we have brought
together in the subjoined table the figures indicative of the activity
in the more important industries, together with those
pertaining to
grain, livestock receipts and revenue freight loadings for the month
of October, 1942, as compared with the same month of
1941, 1940,

of 1942."

"They will include

A———— $329,157,843

this advance in carrier and

in

unlikely that
numbers employed

averages

earnings

'

■

-

Southern

Is

AA—.^AaAA '$745,582,664

expenses

We turn

said:

of

of

1941

non-

Pointing out that "the read¬
justments which will have to be
made by civilian individuals are
already intruding into our accus¬
tomed ways of life," Gen. Ayres

In

132

1942

1932 and 1929:

of

appears

average

will be

more

employment

1943, but it

of

of

earnings

Operating

re¬

,

"Production
will
as

of

volume

sales, as computed by
Department
of
Commerce,
probably decrease by not

less

Month of October—

-

Duluth

Texas

earnings reached in any month
in any year in the history of the railroads;
The efficiency of the
managers in handling the tremendous task placed upon them to carry

IN

■' v/'.'v

.A-

Chesapeake

Gross and net earnings of the railroads of the United States for the

1

Pennsylvania —AAA—— $22,459,020

Atchison

store

the

,

CHANGES

'•••

:

St.

month of October have exceeded the

'

.

the

Boston

by rationing.

"The

an

Lehigh

Railroads For The Month Of October

to

the

because

crease

All of these were able to con¬
amazing high percentage of their gross increases into the net'
There was only one road, the Virginian, which showed a
major decrease in the gross/while no decreases were recorded in the

N.

Gross And Net

.

Baltimore & Ohio and Southern Ry.

St.

Redevelop¬
ment, Thomas S. Holden.

purchases

or

and

on

earnings into net earn¬
< ,
•
:
.
*'•'

gross
,

.

with an increase of $13,559,580.
The New York
captured third place honors in both the gross and net cate¬
gories with respective increases of $16,479,709 and $13,477,766. Other
roads showing substantial gains were Union
Pacific,. Missouri Pacific,

Atlantic

Reemployment of
Money, Louis K. Corn-

Committee

1,000,800 sold

November

-,

,

stock.

4,500.000 sold

___—_

October

"

Handy.
Men

2,295,000 sold
8,446,000 sold

_________

Herbert

on Reemployment of
Soldiers, Thomas F.

Committee

250,000 sold

July

Carpenter.

translate their

classification

Union

Committee,

to

Central

Missouri

Control, H.

Committee

29.980,000

March

net

New

Sales

Spalding.

Priorities

able

were

the Pennsylvania led in both
gross and not listings with gains of $22,459,020 and $17,646,767. The
Southern Pacific followed in the gross column with a gain of $17,793,947, while the Atchison, Topeka & Santa Fe placed second in the

Atchison

Price

on

91 of them which were able
their 1941 gross earnings for the month of October, white

PRINCIPAL

Bill, Hiram Thomas.
Committee

1941.

were

following tabulations we present the major variations of
$100,000 or more, whether they be increases or decreases, in both
gross and net listings for the separate road and systems.

Price

Federal

on

in

there

ings of $100,000 or more.
Reviewing the roads individually,

In

S.

Defini¬

Export

on

incr.

next year.

more

Thomas

loads than

railroads,

net. '

Post-Emergency Economic Ad¬

a

purchases

or

roads

column.

chairmen, follow:

but

full

more

132

surpass

with their

$2,500 sold

October

August

a

Control, Gerald Le Vine.

200,000
No

_______

November

January

with

the

vert

purchases

$743,350 sold

___

May

number

loadings of 40,961 cars for the five weeks of the
as evidenced by the increase of revenues,

car

October,

were

membership of 110. The titles of
these
special
groups,
together

sold

$2,785,000

_.

February
March

special commit¬

in

Holden.
_-«._AAA'

—

January

The

nine

are

visory

1940—

December
1943

virtually all of
in the particular

men,

freight

of

Of
to

81

fields in which they will serve the

Association.

Dec,

on

year.

to expenses were

1941, and 13%

by about 4

1942 to

"The

which

prices

1940 to

1941

advance

month

approximately 425 leading
York
City executives and

New

counts, Secretary Morgenthau an¬

by

greater.

to

in

crease

Denver

1942,

"National

15

other

of the Federal Reserve

been

amount

and

ship

nounced

will probably be more
10% greater in 1943 than it

than

Government for Tras-

investment

ury

Board,
than

of

tons, and bituminous coal output was 51,065,000 net tons, repre¬
senting decreases-of 8.58% and 0.51% respectively. At the Western
terminals flour and grain receipts all recorded increases over their
1941 figures.
A combination of all these activities resulted in a de¬

an

now.

production,

the index

34

are

them specialists

"The physical volume of indus¬
trial

in

tees, comprising in their member¬

16,625 purchased

battlefronts

in

engaged

There

ties of the

June

probable that

pears

in

quote

we

recent

the

act

Association

coming

professional

Ayres ventured certain comments
based

the

of

During the month of November
no market transactions took place
in direct and guaranteed securi¬

Under its

They

will

net

advisory capacity to the Board of

throughout the

In Govts. For Nov.

munitions

greater degree in¬

dustry will be
lated

has

more

want,

more

having

regu¬

come

it

This will

vices will know
what

closely

more

appointment

which

Directors

ifSdlilcl 1I dH&rawIGfliid

"Industry must look forward to
much

the

12

committees

likewise said:

being

Dec.

on

Industry Asso¬

there

likelihood, the toughest
for

contracts awarded in the 37 States east of the Rocky
wer^ $780,396,000, a $57,180,000 increase above the'pre¬
ceding month and $174,047,000, or 28.70%, higher than in'October,
1941.
Pennsylvania anthracite coal: production' aggregated 5,101,000

Mountains

Becker, President of

the Commerce and

dent of the Cleveland Trust Co. of

of

Construction

Com. & ineL Ass'n
Gloomy Outlook For 1943 Wills more
Names Committees
Regulation—Surprises For New Taxpayers

The coming year of 1943, according to Brig. Gen. Leonard P.
Ayres, "will probably be our toughest war year, both for individual
business men and for corporations."
Gen. Ayres, who is Vice-Presi¬

Thursday, December 31, 1942

with the corresponding period of
showed declines in volume of business.

clearly manifested.

gi'ouos

generally
are

very

Every District into which the country is divided
a year earlier, in both
categories. The fore¬
of the districts was once again the Western
District, which led
over

Volume 156

in

...'.v

Number 4138

"

•

THE COMMERCIAL & FINANCIAL CHRONICLE

both

gross and net increases, with gains of 56.21% and
Southern and Eastern Districts were close behind.

The

WESTERN

130.81%.

•[, Turning
notice

our attention1 to the smaller
that substantial increases were

over

year

sub-divisions, the regions,

we

(000 omitted)

recorded in both categories
earlier by all eight regions. - However, the Southwestern
region attained the greatest increase in gross listing with a gain of
a

69.76%, while the Central Western and Southern-followed with

Minneapolis

increase, and the

Southwestern with
For

a

132.05% gain.

tabulations of the 132 reporting roads. Our group¬
with the classification prescribed by the Interstate

conforms

Commerce

Commission:

For

;

the

boundaries

of

the

various

sub¬

divisions, districts and regions, consult the footnote subjoined to the
following table:
+

District and Region

,

•

.

SUMMARY

OF

»

'

.

GROUPS—MONTH

OP

1942
New

Lakes

<10 roads)

region

—

roads)-—

123

Central Eastern region (18 roads)—

—

...

Inc. ( +) or Dec, I—)

$

$

r'r

1

26,402.889

18,457,218

'■+

7,945,671

4-43.05

90,902,789

+

29,342,372

+32.28

147,181,847

110,608,242

•+

36,573,605

+

73,861,648

+33.06

219,968,249--

+ 33.58

.

Southern District—

Southern region (26 roads)——
Pocahontas region (4 roads)
—

,

Toledo

101,750.052

65,411,248

+

36.338,804

+55.55

35,819,406

31,088,398

+

4,731,008

+15.22

•

(30

roads)

......137,569,458

...—.—r-:

Western District—

96,499,640

1+' 41,069,812

'

+

99,852,953

+

Total (51 roads).——————-314,183,609

201,124,879

39,135,708

Total all districts (132 roads745,582,964

—Mileage

Eastern District—

New

England

Great

1942;

.

"

•

1942

1941

63,879,817

+63.97
+ 69.76

.

+

+56.21

227,990,190

+ 44.05

EarningsIncr, ( + )

Dec.,(•—)

or

•-

S

g

6,689

10,699.564

4.213.002

Lakes

region. 25,991

26,030

47,269,647

East,

region, 24,191

24,393

59,100,107

56,817

57,112

117,069,318

Central

+ 35.21

+ .27,302,063

1941

6.635

region.

21,876,850

+ 113,058.730

.

517,592.774
-Net

District and Region

119920
St.

Louis.,..

_

Total

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

Southern

Southern

'

+

6,486,562

+ 153.97

'22,540,601

+

24,729,046

+ 109.71

30,996,727

+

28,103,380

+

57,750,330

+

59,318,988

+102.72

90.67

District-

region..... 37,565

Pocahontas
Total

-

19,364,726

+

25.489,076

18,593,047

14,614.547 /+

3,978,500

43,609

44,045

63,446,849

33.979,273

27.22

+

29,467,576

+

.

+131.63

+

86.72

region. 45,456

45,625

39,056,841

21,252,352

region 55,524

56,228

77,894,974

29,490,002

+

48,404,972

+ 164.14

region. 28,833

29,050

31,689,861

13,656,651

•-+

18,033,210

+132.05

West,

Southwestern
Total

44,853.802

6,081

District—

Northwestern
Central

37.964

6,044

.

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

Western

>

region.

...—.....—,.129,818

130,903

148,641,676

'.<+•

64,399,005

17,804,489

+

83.78

+

84,242,671

+130.81

+173,029,235

+110.83

'

Total

all

dlstriCtS-230,244

232,060

329,157,843

156,128,608

Note—Our

grouping of the roads conforms to the
Commission, and the following indicates

Commerce

and

groups

regions:

-+'V

classification

the

the

of

confines

of

Interstate

the

different

v

.

EASTERN

DISTRICT

*

New

England Region—Comprises the New England States.

-Great

Lakes

England
from
*

and

Eastern

line

a

mouth

•line

Region—Comprises the section on the Canadian boundary between New
westerly shore of Lake Michigan to Chicago, and north of a line
Pittsburgh to New York.

the

Chicago via

Central

of

Region—Comprises the section south of the Great Lakes Region east
Chicago through Peoria to St. Louis and the Mississippi River to the
River, and north of the Ohio River to Parkersburg, W. Va., and a
the southwestern corner of
Maryland and by the Potomac River to Its
;.
.
-1'
+ '.

from

of

the

thence

Ohio

to

mouth,

•

.

*

SOUTHERN
Southern

of

the

Region—Comprises

Ohio

eastern

River

section

.Potomac

River

to

Northwestern

and

W.

and

the

section

the Ohio

of

-

the

Va.,

north

River

north

Parkersburg'to the southwestern
Its

mouth.

Mississippi

and

Region—Comprises

Lakes Region,

north

of

a

of

a

thence

line

Central
of

from

and

south

following

the

Peoria

—

Western
line

a

St.

Regirtn—Comprises

adjoining Canada lying west of the
Chicago to Omaha and thence to Portland,

from

Louis

to

Chicago

Kansas

to

Peoria

City

and

'

v

the

section
El

to

of

south

thence

and

thence

to

St.

Northwestern

Louis,

and

Paso

the

by

and

the

north

Region

of

Mexican

'

a

line

boundary

the Pacific.

to

and

of

St.

Region—Comprises

Louis

and

a

line

the

from

section
Louis

St.

to

lying

between

Kansas

City

the

and

thence

to

River

El

Paso,

grain movment.
WESTERN

FLOUR

AND

GRAIN

r

•

Duluth

Flour

Year

Omitted
—

•Minneapolis

(bbls.)

Wheat

Corn

Oats

(bush.)

(bush.)

(bush.)

•

'"Rye-*
(bush.)

Barley
(bush.)

1,284

5,783

11,872

2,084

987

2,156

^ 1941

960

1,755

7,577

1,467

248

1,827'

_—-

(1941
11942
(1941
(1942

(1942

—

82

(1941
•Toledo-....

:

31.

(1942
(1942

....

_—

Milwaukee

94
-

1941

[1942
)1941

:

48,246

ed

24,851

16,900

41,148

10,973

1.825

1,936

4,786

growth,
but
conditions
im¬
proved later.
In the Southwest,

conditions

17,655

1,634

4,593

9,283

11942

680

1,618

8,706

555

1,444

26,109

1941

783

4,113

9,115

788

1,499

22,471

1;i942

283

11,566

3,973

1,166

235

25

18.959

'857

7.711

2,239

7,094

15.717

1,733

3,637

1,560

4,195

10,576

538

661

585

1.462

10,433

3,281

163.

1,042

808

45

633

5,192

839

16

277

3,276

513

131

63

289

3

36

1.467

466

1,348

520

.

19325476

1909

314

1,775

3,565

37,468

2,091

602

3,342

28,584

2,288

844

3,268

734

57,679

26,582

4,340

1,148

76,463

6,163

2,204

5,659

4,294

2,589

4,433

1,931

2,123

16,730

24

2

1,867
1,736

.

L

—L—

.

—

3.413

i

I11941

2,904

1 1942

157

18,86.7

313,100

255,281

89,292

22,211

100,530

17,874

371,512

201,430

67,737

29,030

91,059

customary summary c
net earnings of the rail
back to and including 1909:
Gross EarningsYear
Inc. f + ) or
Dec.

Preceding

253,922,867

$26,077,330

+

2,662,525

247,009

389,017,309
484,824,750

345,079,977

+

43,937,332

+

12.73

377,867,933

+

106,956,817

508,023,854

439,081,358

+

18,942,496

+

229,935
234,686

233,872

232,882

+

37,248,224

6.78

235,608

236,015

—

15,135,757

2.58

235,189

235,625

18,585,008

3.25

236,724

236,564

low

18,043,581

3.08

236,654

236,89b

the

23,440,266

3.87

238,828

238,041

36,755,860

6.34

the

240,661

239,602

549,080,662

571,405,130

586,540,887

590,161,046

571,576,033

+

1926

604,052,017

586,008,436

+

1927..—

582,542,179

605,982,445

1928

616,710,737

579,954,887

607,584,997

617,4.75,011

482,712,524

608,281,555

482,784,602

1932—_r

298,076,110

362,551,904

1933—

297,690,747

298,084,387

1934

292,488,478

293,983.028

1935—,

340,591,477

292,495,988

—

+

9,890,014

estimated

—120,136,900

—24.88

242,745

242,174

64,475,794

—17.78

for

242,031

242,024

—

390,826,705

340,612,829

372,283,700

390,633,743

1938—

352,880,489

372,283,700

1939„_.„

418,934,974

352,823,729

1940—

412,774,363

418.934.974

1941—.

517,592,773

412,896,707

+

104,696,066

745,582,964.

517,592,774.,

+

227,900, IGQr

,,

^

18,350,043

—

19,403.211

-Net

of

October
1909_

Year Given

Preceding'

102,430,704

1911——

93.836,492

91,725,725

1912—

108.046,804

93,224,776

1913——'————..

97,700.506

110,811,359

1914

87,660,694

95,674,714

119.324,551

1915-.-—

1

—

.

1917———

125,244,540

—

1918

1919..

———.-

1920--—-

—

•

'

-

—

were

233,361

234,182

1.47

portant

232,632

233,369

+ 25.36

232,081

232,68i

44,0o

aao,i44

,aaa.osi

Decrease (—)

ft

+$13,790,955

+ 16.14

11,029,095

—10.7,

—

2,110,767

+
+

14,822,028

—

13,110,853

89,244,989

30,079,562

119,063,024

+

11,798,124

131,574,384
122,581,905

104.003,198

106,196,863

117,998,825

103,062,304

137,928,640

115,397,560

120,216,296

137.900,248

+ 15.90

—11.83

6,329,844
b
+

14,936,521

22,531,030

+ 14.49

19.52

+

+

20,895,378

+ 17.26

26.209,836

+ 18.39

193,990,813

180,629,394

+

13,361,419

180,600.126

193,701.962

—

13,101,836

216.522,015

181,084,281

+

204.335,941

216,519,313

—

157,115,953

204,416,346

101,919,028

157,141,555

-98.336,295

1936—

1939—

__

1940—.
1941—
1942

101,914,716

91,000,573

98,337,561

80,423,303

89,641,103

108,551,920

81,039,275

130,165,162

103,567,097

102,560,563

130,196,850

110,996,728
148,098,290

102.560.563

12,183,372

—

110.994.564

+

7.15

+

7.40

And

19.57

+
:

5.63

—

—23.14

55,222,527

—35.14

3,578,421

3.51

—

—

7,336,938

—.

9,217,800

7.46

—

—10.28

•■+

27,512,645

+

21,598,065

'-.+ 19.89

—

27,636,287

-r—21.23

+

8,436,165

+

33.95

+

8.23

+

33.43

+

37,103,726

136.866,261

148,093,290

—

11,232,029

7.58

156,128.607

136,924,911

+

19,203,696

+ 14.03

329,157,843

156.128,608

+

173.029,235

+ 110.83

Crop Reporting Board of the United States Department
Agriculture made public on Dec. 21, its report
showing the acre¬

of

age

and condition of winter wheat and rye for the
crop of

follows:

in

480
208

acreage,

500

293

States,

—_

is

than

858

3

Wheat—The

wheat

1943

less

10,500,000

the fall

sult

357

acres

The

1941, and

fers

22%

or

was

seeded

of

all

the

adverse

below

in

Kansas,

more

than

winter

a

States.

6%

—-

was

604

Texas.

115

25

196

of

as

in

conditions.
Kansas

dif¬

only

slightly from actual
seedings in 1941, since a consider¬
able
was

acreage of volunteer wheat
harvested in 1942 and is in¬

cluded

in

the

1941

"seedings."

This

is

in the East North Central

gree

in other States of the Great

in

and
A

the

Pacific

Coast

slightly larger acreage

seeded

96

1943

wheat

in

Nebraska

and

—

321

seeding

decrease

Plains.
is

Included
not yet

some

In

Missouri

an

increase

intended
and

'

380,000

acres

or

45%

reflects

a

In

also

true

_

—

of

South

the

purposes

At¬

States,
acreage

other

than
:

■.

.

decreased

acreage in
States is the

Central

which

several

the

the
re¬

factors, among
important were

most

heavy rainfall at the usual seed¬
ing period, and the late harvest
of
spring crops caused by the
prolonged wet weather.
The

Dec.

indicated

1

condition

to

point

one

be

86%

below

of

ago, but eleven

the

10-year

Condition

of

the

year

is

rye

normal,

condition

a

points above
(1930-39)
average.

is

below

the important

last

year

in

producing States of

North and South

Dakota, Nebras¬

ka, Wisconsin and Michigan, prin¬
cipally due to the delay in seed¬
ing caused by the same Weather
and labor situation

affecting

acre¬

age.

Pay On Cuban Sl/2s

eral

of

Cuba

New

in

York

City,

has notified holders of its external
loan 30-year sinking fund 5!/2%
gold bonds issued under loan con¬

dated

Jan.
26, 1923, that
principal amount of the

■

to

1

•

i*v

Central

half

for

of

tract

of^-

harvest

acres—2%

of

annually has

quarter

acreage
for

A smaller acreage than

1941

which

seeded

37,482,000

in

average.

in

of

In Min¬

,

Winter
winter

im¬

Republic of Cuba, through Ro¬
berto Hernandez,
Counsel Gen¬

Rye Acreage Sown For 1943 Crop

The

the

States

6.76

—

47,300,393

—

for

.WAS

the

South

over

used

North

2.07

—12.82

35,437,734

is

4.81

—12.64

17,683.952

where

The

■

+

—

of

area.

of

most

and

9.91

+

1932—

Central

in

curred

lantic

+
—

168,640,671

1929—

for

as

Dakota,
24%;
in
South
Dakota, 20%; and in Nebraska,
4%.-'■•'In contrast, increases oc¬

33.71

121,027.593

-

all

tha doecoasp

nesota,

+

142,540,585

—

in

producing

rye

North

grain.

2,193,665

—

general

well

as

allowance

an

8.3b

—

15,493,587

—

2.30

+

8,014,020

—

the

hay,

and

North

168,750,421

2,501

to

in

a

lesser

the

acreage

seeded and

primarily

for

de¬

some

have

bonds

for

been

redemption

on

drawn

Jan.

by

lot

15,

1943,
sinking fund,
par value and

out of moneys in the
at

100%

of

accrued
tion

date.

The

redemption
office

of

Jan.

will

the

to

be

fiscal

&

15,

on

the

the

bonds

Co. Inc.,
1943, after

Morgan
interest

their

interest

redemp¬

drawn

paid
agents,

the

J.

P.

or

after

which

date

on

drawn

for

at

bonds

will

pasture
cease.

hay.
most

$900,000

sections

wheat

was

On Dec.

10, 1942, $253,100 prin¬

^

11941

return .toward

—i_

23.601

235,161

+ 18.74

180,695.428

613

35,322

234,242

141,922,971

2,704

1,944

237,573

235,173

5.21

1924..--'—-—-:——

5,571

11941

236,554

4.70

19251-..:

66

31,322

+ 14.74

spring seeding in those States
growing
spring
rye.
Decreases

+

107.088,318

intended

grain,

235,750

and

purposes,

240,421

'

$85,452,483

91,451,609

that

improvement

238,971

Increase ( +) or

$99,243,438

..

The acreage as

acres.

includes

soil

242,177

240,858

Earnings-

1910

_

acre.

238,937

—

Year

11.8

237,385

—

6,160,611

in

of

0.51

—

66,111,245

+.
—

bushels

+ 16.44

—

50,213,876

+
—

Month

11941




1,494,550

is

acre,

pasture

0.13

—

48,095,489

18.3

average

seeded

6,017,000

241,555

1937—,

1942

of

241,451

1936

seeded

per

of 1941, and 1.4% below
10-year
(1930-39)
average

242,578

393,640

pro¬

yield

fall

214,622

—

but

crop,

5,933,000 acres, which is 8.2% be¬
the 6,465,000 acres seeded in

1.60

—

than

average

indicated

the

This

less

1942

above

per

—20.64

—

date, related
years.

11%

with

as

Rye—The acreage of rye seeded
in the fall of 1942 is estimated at

—125,569,031

—

about

and

bushels

231,439

235,228

2.45

586,328,886

362,647,702

1942

233,13t

+ 25.94

1925—

1930—

compared

230,576

—16.54

1924—_

1931—

245,967

230,184

13,074,292

rainfall,

bushels

247,048

factors
such

and

The

233,192

by

fall,

11%

3.87

130,570,938

1923—

Abandon¬

bushels

in

large

+ 28.31

+

640,255,263

532,684,914

1929—

16.7

—105,922,430

534,332,833

Kansas City.——— (1942

49,869

duction.

246,000

88

2,329

nearly

248,072

340

(1942

240,886

246,683

545,759,206

harvest.

the

very

241,093

11.28

_i.

the

243,690

13.53

with

between

condition

be

244,917

+

associated

acreage

temperature to
yields
in
past

0.43

+

503,281,630

and

9.64

35,050,786

lower

or

1943 crop is indicated

624,504,000

233,19:

37,087,941

to

compared with 7.0
in
the average of 19.7%.
in 1943 is indicated

reported

236,291

+

633,852,568

at

237,217

+

of

and

and

0.53

233,545

em¬

Missouri,

Production

+ 13.64

+

1918—

usually

6.7%,

1942

would

274,091,434

125

14

at

to

310,740,113

1919

equal

loss

ment of the

219,144

—

is

is

low

228,050

345,790,899

174

509

dition
a

232,162

—

28,740,856

area

year ago in the remaining
States.
A favorable Dec. 1 con¬

222,632

+

1,

a

1.05

311,179,375

1928

than

+ 11.58
+

1,281,011

—

Preced'g

1917—

3.313

24

Given

(—)

+

—

Year

1916—

275

236

Year

if

Dec.

Oklahoma
and
Texas,
and
in
California and in most
of the Southeastern States.
The

measurable

-Mileage-

298,066,113

186

?-—-

our

300,476,017

}1941

all

7

'

299,195,006

1916

important
Illinois, Iowa,

aver¬

States;
on

an

bracing
Kansas,

'

——

269,325,262

522

Total

1,614

15

1915

33

) 1941

2,528

322

1914—

278

(1942

414

851

1913

4,787

--

7

1,696

125

1,370,362

756

—

2

4,611

35,264,683

254

Detroit'

6

2,771

+

(1942

742

4

exceeded

or

practically all
higher than

condition

20,940'

■

+

391

687

6

:

'

259,111,859

46

(1942

.

258,473,403

156

City

2.185

3,508

[1942 V
11941

260.482,221

776

309

in

1,000

2,807

293,738,091

610

156

1941

3.482

11,365

1911—.

638

922

was

1912—

2

1,183

in

also

21,850

256,585,392

285

(1942

age

109

$251,187,152 $225,109,822

—

11

11941

approximated

76

430

.

15,484

Given

82

)1941

93

7,176

25,511

17,541

October

20

Wichita

36

397

5.625

Year

292

(1942

4,977

10,929

5,572

of

750

Joseph-

2,234

40,024
30,394

11942

roads of the current year

1.262

'

were
nearly ideal for
seeding and have been favorable
for growth.
Reported condition

October comparisons of the gross and

3,886

—

(1942
(1941

—:.

seeding and retard¬

13,080

In the table which follows we furnish

1,051

133
152

2,156

■

5.086

parts

21,333

H941

f1942
(1941

l3,.—

4,430

Sioux

12.019

11,357

45,313

110,273

j11942

—

all

3.807

St.

40,223

126,804

seeding

Total

1,961

Peoria

14,915

86

■

(1941

1,014

Omaha

Louis

terfered with

[1942

City——

621

(Indianapolls St
■St.

11,291

(bush.)

Agricultural Department Report On Winter Wheat

RECEIPTS

Five Weeks Ended October

'Chicago

4,090

(bush.)

■

1938

>

18,038

—1[1942

Detroit

1937i—

grains contributing to the heavier movement.
However, wheat's
49,869,000 bushels and corn's increase of 7,721,000 bushels were the
chief contributing factors.
Oats doubled its 1941 total of 3,356,000
bushels,, while flour, rye and barley showed activity to some extent.
We now present below our usual detailed table of the Western flour

(ooo)..-

79,861

[1941

-all

•

19,005

(1941

Collectively speaking, the October current-year grain movement
[over the Western roads was somewhat heavier than last year, with
[

t

This in¬

8,450

1931.

Mississippi

by the Rio Grande to the Gulf of Mexico.

•and

Washington and Oregon.

1930——

Southwestern
South

13,010

1923——————— —:

section

the

Illinois,

3,208

11941

1922-

line* from

of

17,587

|1942

—

Joseph—

i921

_

DISTRICT

by the Columbia River to the Pacific.

west

River

the southern boundary of Vir¬
Parkersburg, W. Va., and south
of Maryland and thence by the

to

corner

+,

■

WESTERN

Great

east

Kenova,

near

Region—Comprises

of Kentucky

east

line from

a

point

a

DISTRICT

boundary of Kentucky and the southern boundary of Virginia to the Atlantic.

Pocahontas

ginia,
of

to

the

areas, being
Pennsylvania and

80,623

(bush.)

59,217

,___!

1920—

■

in

18,253

Month

62,136,218

*•

+42.56

■

Northwestern region (15 roads)
—
84,013,068
Central Western region (16 roads)—i-. 163,732,770
Southwestern region (20 roads66,437,771

,!:

deficient

9,731

.

Omaha

the

Total

some

1941

]H941
! 11942
—111941

Indianapolis &

Sioux

120,245,161

..-..293,829,897

x——

(bush,)

Barley

21

J

Wichita

'

Total (51 roads).

(bush.)

Rye

] 11941

Milwaukee

St.

Earnlngs-

1941

$

England region

Great

i

Kansas City!

;

OCTOBER

-Gross

.

'Eastern District-—

,

(bbls.)

in

too abundant in

Oats

'

sent our summary

ing

Com

'

detailed picture of the outlines presented above, we now pre¬

a

'

favorable

31.

Wheat

; 1942

___

RECEIPTS

October

;i942

11941

Duluth

GRAIN

Ended

Flour

; 1942

_•

im¬

AND

Months

Year

Chicago

provements of 63.97% and 55.55% respectively.
In the net grouping
the Central Western region led with a gain of 164.14% and was fol¬
lowed by the New England region-with a 153.97%
v

FLOUR

Ten
•

2343

13.940

4,802

17,381

7,332

3,346

11,316

usual

wheat

acre¬

seeded

relatively small

acre-

favorable conditions this fall. The

viously drawn for redemption had

soil

not

age

from

age

seeded in the fall of 1941 due

a

and

has

progressed under

cipal amount of these bonds

pre¬

•

moisture

situation

was

less

been

presented for payment.

-

the

credit-manufacturing
of

anism

banks

the

to

mech¬
provide

them with the necessary resources
to conduct war."

"These

of

donated

York have

New

raobile

ments

on

Trumbo

Harvey D. Gibson's residence in
London.
Mr.
Gibson,
who
is
President of Manufacturers Trust

is

Company,
American
sioner

serving

now

Red

as

Commis¬

Cross

Britain,

Great

to

the

and

employees of the bank presented

tribute to Mr. Gib¬
is pointed out that:

gift

a

as

It

son.

is

Clubmobile

"The

mobile

a

vehicle, mounted on a truck chas¬

which

the

various

be

where,

particularly

Isles,

the

in

Forces

Armed

American

British

used to visit
outlying units of the

will

sis,

du¬

because of remote location or

the

involved,

ties

the

in

men

unable to
avail themselves
of the regular
Red Cross Club facilities.
The
Services.. are

Armed

with

equipped

is

Clubmobile

a

machine and a coffee-

doughnut

It also has a
portable motion picture projector
and other equipment for the en¬
making apparatus.

American

of

tertainment

troops.

sufficiently large to accom¬

is

It

radio

stage, screen and
volunteer their

modate

who

stars

serv¬

for the entertainment of our

ices

in

men

Vice-President
appointment of Glenn M.

Young Bingham as

deliver the

to

Armed Services."

the

iota the sacrifices people
called on to make during

one

were

Treasurer

Assistant

as

■

wholly

of

dens

Board

a

the

Mr.

company.

native Chicagoan, is a

Dec.

Bank

Company

Manhattan

on

24, F. Abbot Goodhue, Pres¬

following

the

announced;
promotions:
ident,

formerly Trust
appointed Assistant

Harold Powelson,

Officer,

was

investments.

and

graduate of
Simpson College, took post-grad¬
uate work at the University
of
Chicago.
He has been with Chi¬
cago
Title and Trust Co. since
Mr.

Trumbo,

1936 he

Until

1929.

a

security

was

analyst, and since that year has
been connected with the Treasur¬
office

er's

the

of

manager

as

economy.

stream

in

G.)

ant

(J.

He

was

scheduled

Princeton

S.

U.

the

Navy.

Trust

rrancis

Fryatt

Cashier.

Assistant

pointed

~E."

B.

Franklin

and

James

Curraii,

-

A.

Kellogg,

formerly Assistant Trust Officers,

appointed Trust Officers.
Charles B. McGuire and Stanley V. Malek were

were

John W. Gates,

Cashiers.
appointed

Assistant

appointed

John A. Gluckert was

"Our

Assistant

Officer.

Trust

The following con¬
cerning his career was reported in

purchasing

Company announces the appoint¬
ment of Thomas F.
Delaney, J.

Wesley

W.

Secretaries.

Assistant

as

Allyn

and

Johnston

Maxwell

assistant
in the'Business Devel¬

Formerly

they

managers

were

Palo

as

going

post

a

thers, Harriman & Co., formerly
Brown Brothers & Co., died on
Dec. 17 at his home in Tenafly,
J.

N.

Vermilye

Newark,

graduated
in 1888.

was

Williams

College

associated

was

of

native

A

firm

of

from

1889

the

with

Brothers

Brown

Mr.

from
He

banking
&

Co.

Oakland where

checks

282,363

totaling

$3,-

mailed on Dec. 26

were

depositors and creditors
the defunct Bank of the United

to 210,000
of

States,
New
York
City.
The
payment, which is at the rate of
21/2% and is the eighth disburse¬

total

brings

ment,

liquidating

program

itself.

75%

or

in

December,

Jackson S. Hutto, State Su¬

1930.

perintendent of Banks, announced
that
the
Banking
Department
still

has

000

in

nearly $1,500,dividends unclaimed by
on

hand

all

ceive

their

the

latest

charge

of

branches

then

Bay

East

seven

the

of

Bank of Italy.

correct

address

to

the

De¬

Mr. Hutto added that
liquidation of the bank's property
should *be
completed
in
1943.
Plans to distribute this dividend
were noted
in our issue of Nov.

5, page 1648.




program.

that

out

the present

at

individuals

000,000

8%

approximately

time 28,investing

are

their

of

in¬

of

rise

would

investors

such

and that the per¬
investment would go

30,000,000

of

centage
to 10.

moved

offices

San Fran¬

to

of the bank

in

of

America, National Trust and
Savings Association, following the
merger of the Bank of Italy with
was

fornia

1929,

President of the Cali¬
Association

Bankers

and

of his
the

was

cited

in

of

'one

as

At the time

was Chairman of
the Bank of Com¬

death, he

Board

in

merce

of

Oakland,

institution

an

also

was

major

a

stock¬

holder and President of the Maywood Glass Co. of Los Angeles
at the time of his death."

Morgentbau Explains
War Finance Policy
The Treasury's program

financing represents

Morgenthau

of

Trust

by

of

Navy

wrote

effort

an

to

on

Dec.

9

in

Journal."

"Governments

Morgenthau
known

issue

State
corpo¬

fiduciary associations.

Copies
be obtained from the Trust

may

Division

the

of

American

Association

ers

22

at

Bank¬

40th

East

Street, New York City.

Trust

The

Department

Treasury

has

advised the Federal Reserve Bank
of New York that it has

tion

to

no

objec¬

establishment of sub-

the

arrangements

agency

banks

by

and trust companies under which
it may appoint one of its custom¬
ers

its

as

sub-agent

sell

to

and

issue Series E War Savings Bonds.

According to a letter sent out Dec.
11 by Allan Sproul, President of
the New York Reserve Bank, to
banks and trust companies in the
District the Treasury "has indi¬
cated that only in this manner
may certain organizations falling
in classes which the Treasury De¬

in

the

en¬

the

of

of

Committee

the

of

trust

the

work

investment

The

booklet

is

Fiduciary

on

Massachusetts Bar.

ing this

to

new

at

stated,

debase

war,"
"have

their

currency

and

Mr.
been

In

announc¬

Dec. 17 the Association

on

said:

booklet

the

contains

text

'Model Prudent-Man Invest¬

a

Statute'

ment

Shattuck
desired

to

vestment

the

Mr.

by

prepared

for

committee

the

those

in

use

and

where

States

the

change

statutes

prudent-man

it

or

is

in¬

trust

conform

to

to

con¬

re¬

garding the trust investment situ¬
ation in each of the 48 States,

Columbia,

comments

by

statute."

model

and
and

Shattuck

Mr.

on

foreword, Louis S. Headley, President of the Trust Divi¬
sion

a

Vice-President

and

First Trust Co.

of

St,

the

of

Paul State

Bank, St. Paul, says:
"The

extensive

standard
years

in

by

the

powers

that

adoption of the

of

prodence in recent
and attorneys
granting
of investment
has suggested to many
testators

Massachusetts

the

submitted,

for

ted
the

bonds

domestic

was

required

address, the name and
of
the
obligor of the

and

name

to, you would fur¬

War

with

customer

issuing

bonds, with

of

customer's

would

sold.

Your

sub-

as

and the cus¬
directly to

account

the

for

the addition

name

agent if so desired;
you

proceeds

of

agreement

to

bonds
act

as

issuing agent, under the terms of
which you are

required to account

for

stock

all

bond

furnished

to

for the proceeds thereof,

or

by

manner

any

or

one

affected

sub-agency

a

of

your

cus¬

Ownership Glf. Filing

signature.
completed certificate was

"The

presented

No

announced

the

Rule

is

Treasury

and

from

issuing the bond. The com¬
then forwarded the certifi¬

pany
pany

the

industry

in

general

necessity of filing each

"ownership certificates" pre¬
viously required as income tax
records.
Promising that further

the

the

"lighten

to

business

study,"

men

according

the New York

are

of

under

advices

to

"Journal of Com¬

its

from

to

burden

Washington

bu¬

Secretary Morgenthau said
other techniques which will ac¬
reau,

complish the same results as the
certificates, without involving the
"trouble" they have caused, will
adopted, Mr. Morgenthau was
quoted as saying.

be

ternal

Revenue

Revenue

The

certificates

of

curacy

these
are

times

when

record-keeping

made

im¬

den of paper

work to a minimum.
Treasury is checking each

type of record with a view to its
over-all
value.
By eliminating
this form I believe we will pro¬
vide

saving in time and effort

a

to

taxpayers, banks and industry

in

general that will be very sub¬
leaving them more time
concentrate
011
winning the

stantial,
to

war."

of

substantially the

prepared
"Not

of

by

them

Reserve

the

and

"In

,

From the advices to the "Jour¬

nal of Commerce" we also quote:

"Today's

decision

had

rely on

pared

as

a

model

statute

been

pre¬

eliminates

guide for those legis¬

ing

zens

from

presenting interest coupons
obligations of the United

States.

Bureau

About

Bureau

the

sorted

and

be

to

income

individual

the bond
"The

4,000,000 such cer¬

tax

returns

of

owners.

new

decision continues in

effect the requirements for filing
of ownership certificates in the
of

case

of

citizens

the

United

States cashing interest coupons of
domestic corporations where such

bonds contain

a

tax-free covenant

because this requirement could be

changed only by Congress.

How¬
handling of these certificates
being considerably simplified."

ever,

is

Washington Bank
Protests 'Red

Tape'

(Continued from first page)
of paper, or 512 feet of paper.
Horizontally
this
is
not
quite
twice the length of a football field

but vertically it is considerably
higher than the Great Pyramid of
Egypt.
I
"The
items
also

maximum

possible

of

in

colossal

magnum

number

this

proportions.
is

opus

of

report

divided

is

The
into'

eight sections, labeled from A to
Section

H.
as

has

one

A

is

a

simple

one,

merely

to read the
book of instructions which
goes
with the form.
But from B to H
there

are

possible
—18

listed

entries:

items;

F—576

maximum

the

B—39

following
items; C

D—3 items; E—6,567

number

has

Revenue

Revenue

the

certificates

mum

The

private banks,
banks, corpora¬

effort.

formulas

submitted

mailed.

preparation of
the certificates by the bond own¬
ers, but also the subsequent hand¬

and

vestments.

Treasury when

were

the

only

items,

now

to

when

same way

the

by

interest checks

the
ownership
certificate,
Form 1000, by United States citi¬

coinage,

the

presenting coupons for payment.
In the case of registered Govern¬
ment bonds, the certificates were

items;

lists of authorized in¬

of

required

ownership certificates in

outright the requirement for fil¬

or

ac¬

returns.

tax

were

better

adapted to modern condi¬
tions than any rule built around

the

on

obligations

States

prepare

business

being subjected to addi¬

perative by the war, we have been
examining all of our activities
with a view to reducing this bur¬
The

income

the

used

check

a

In¬

Washington.

at

Bureau

as

"Owners
United

also

"In

Commissioner of

the

to

cate

Dec. 28
arranged for association with the
Department

year

steps

re¬

together through banking

on

decided to relieve taxpayers,

banks

they

and

coupon,

channels to the office of the com¬

tions

Longer Required

genthau
had

window

bank

the

at

the

required the expenditure of much

Secretary of the Treasury Mor¬
that

dates

due

bondholder's

Savings bond stock to be issued
by him; the customer would use
an
issuing agent's stamp, which
we
will
provide upon request,
similar to the one you use for

tomer

date of
and pay¬
for interest, and the

bond,

of

name

with

the

The
corporation
to show his

bonds.

of

issue

of

owner

submit¬

be

of coupons from

groups

same

that

except

could

certificate

one

mained

your

required for each

form was

"A

coupon

ment referred

nish

with

1000

Form

on

coupons.

further said: "Under the arrange¬

tional

the

certificates

ownership

submit

and

prepare

the

dates

Massachu¬

reports from* trust men

of

banks, at Federal Reserve banks,
at the Treasury, or at the home
offices of domestic corporations,

ment

Mr. Sproul's letter to the quali¬
fied agents in the Second District,

ment of trust funds.

District

original ownership certifi¬
regulations
required that
bond owners presenting coupons
for collection, either through their
"The

cate

issue,

men

the

year.

bond

Savings

certificates
corporation bond
been filed each

About 4,500,000

accompanying
coupons
have

bonds,

setts Rule standard for the invest¬

It also

from bonds of domestic
corporations, except in the case of
bonds containing a tax-free cove¬

coupons

advantage in the
Bond program."

merce"

"The

citizens of the
United States presenting interest

Federal

widespread
interest
in
the
"prudent-man" standard for trus¬
funds.

"The certificates are

agents, participate to the greatest

War

"
*
eliminated

Morgenthau said.
also in the case of

address

tomers."

has been prepared in response

tees

years

able to qualify directly as issuing

agreement with

Association.

Bankers

recent

partment does not deem it advis¬

announced

is

Division

and the number
would
Kave
increased
heavily'
with the issuance of additional
securities to finance the war, Miv
in

nant.

Treasury Approves SubAgents War Bond Plan

annually

tificates have been filed

ling

booklet

a

Investment"

the

American

war

article published in the "Army

and

and

titled "The Prudent-Man Rule for

In

an

rate

all

of

associations

For Trust investment

tains

he helped form in 1937.
"He

secretaries

to

bankers

in

§n Prudent-Man Rule

of

that institution.
"He

sent

would not be modified

ABA Issues New Book

1924,

President of the Bank

made

was

and

view

law."

you

Legislation of the Trust Division
of the A. B. A., with the assistance
becoming
senior
Vice-President
of
Mayo
A.
Shattuck of
the
in less than a year.
In 1930, he
cisco

He
urged provide necessary funds while
do not re¬ side-stepping those factors that
check to send would lead to inflation, Secretary

partment.

price rise it
by its own

"Secretary Morgenthau pointed

to

depositors.
depositors who

180,000

Only in this way

tendency to a
be producing

spending

It

of claims, since

closed

bank

the

already in ex¬

the Government check what¬

can

in

disbursements to more than $155,-

000,000,

of

total

must transfer from
private to public use the income
that is being created by the war

and

resigned

he

banker in California.'

Dividend

Central

the finest examples of a self-made

1932.

to

at

bank

a

the

to

to become Vice-President in

"He

Vermilye, who
retired in 1932 after 43 years with
the banking firm of Brown Bro¬
Gerard

banking

Vice-President

to

rose

Cashier,

in

clerk

a

Alto,

1921

add

not

the

.

power

it

Publication

his

started

had

opment Department.
William

"Chronicle" of

National Bank in
he

buying

in

must

to

istence;

18:

career

this

old.

San Francisco

"He

Central Hanover Bank & Trust

J.

ings Association, died in an Oak¬
land hospital on Dec. 17.
He was

Dec.

borrowing

unnecessarily

ber

America, National Trust and Sav¬

the

spent

at come in war bonds. He expressed
11 for the hope that by Jan. 1 the num¬

Mount, Chairman of
the Board of the Bank of Commorca
ia.-- Oakland
(Calif.)
and
former President of the Bank of

58 years

been

report

to

University Dec.

indoctrination.

Arnold

income

current

that would other¬

money

have

we

consumers' goods.

member of the Chicago Stock Ex¬

change since February, 1930, was
recently commissioned a Lieuten¬

the

from

wise

to

Wheaton,
formerly
Officer, was ap¬

L.

Minor

all

do

must

draw

ever

Schenck, Jr., a floor

F.

Robert

hold

embody it "in their State

to

post¬

can," the
ern
University for the establish¬
wrote, "to avoid cre¬
ment of the Northwestern Tech¬ Secretary
nological Institute.
Up to the ating new money, or activating
old money, but instead we must
time of Mr. Murphy's death Mr.

Secretary.
Assistant

and

with their atten¬
dant misery and injustice."

"We

Bingham was engaged in the man¬
agement of the former's securities

wish

deflation,

war

Northwest¬

eral million dollars to

Trading Department.

the

of

the

of

Directors

of

the

of

meeting

a

inflations

war

bur¬

Bingham,
graduate
The
New
York
"Times"
in
of Evanston High School and the
Washington
advices
of Dec.
9
University of Illinois. In Novem¬ further said:
ber, 1927, he entered the employ
"For these reasons,
Mr. Mor¬
of the
Illinois Merchants Trust
genthau emphasized, the Treasury
Co., remaining there after th^t in its financing has made every
bank joined the Continental Illi¬
effort to avoid the use of bank
nois group.
For some time he was credit in absorbing war bonds be¬
head of the Trust Department Re¬
yond the strictly necessary mini¬
search
Analysis Division there.
mum, just as it has attempted to
In December, 1935, he entered the
raise as much money by taxation
employ of Walter P. Murphy, who as is
possible without dislocating
died recently after leaving sev¬
our
of

may

Following

unnecessary,

inequitable

and

arbitrary

which

latures

Copies of the booklet have been

practices did not reduce

Chicago

Christmas morning to

made

by

He added:

Title and Trust Co, the war.
They simply added to
of Chicago,
111., announced the the necessary burdens of wartime
election
on
Dec.
24 of Albert
sacrifice to

of

and the

were

vehicle

Red

Arrange¬

in Great Britain.

Cross

Club-

a

American

the

to

President

Hoi man D. Pettibone,

employees of

and

officers

The

Manufacturers Trust Company

the

Thursday, December 31, 1942

THE COMMERCIAL & FINANCIAL CHRONICLE

2344

items;

H—40
of

with

maximum Tor

one.

G—496

items.

Maxi¬

items,
copies,
year,

8,119;

48,714;

194,856."