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Final
Edition
ESTABLISHED OVER 100
Reg.
Volume
New
Number 4152
157
S.
U.
With
it
withholding tax is
for them but may be
the Treasury.
Account;
You
put down your cash before you
buy.
Mr. Ruml would apply this
plan of a department store to the
Federal
Treasury.
But for the
unnecessary
desirable for
A withholding tax-
would make it possible to change
store's
rates up or down promptly as con¬
ditions require.
Our tax rates in
lower
the
brackets
still
low
compared to other countries.
But
in
other
lected
countries
weekly
or
are
/
source.
the
"For
dolph
1943
year
Paul
estimates
Mr.
that
40 million will have
an
there
•
But
income of
less than $2,000. It would
simplify
administrative
problem if it forgave the 1942 tax
this group or taxed them at
1941 rates, so that many would be
forgiven automatically. They
could then be taxed currently at
the source.
The remaining 4,000,-;
000 taxpayers with incomes over
$2,000 Tould continue to stay one
year behind.
The administrative
1941
T
y's
r e a s u r
the
of
Board
in September,
abmost $7.0 billion, owed
was
to year is small by compari¬
We have other debts beside
year
son.
The
debts.
private debt is
$79 billion and the private interest
tax
payable is $3.3 billion yearly."
The fiscal half
Page
the
Theory
666
....
...
Situation.......
From Washington Ahead of the
News 663
Moody's Bond Prices-and -Yields.... 674
Items About Banks mid Trust Cos... 680
Tiading on New York Exchanges..; 678
NYSE Odd-Lot Trading
...... 678
....
of
State
Review...,.
666
—
Weekly Engineering/Construction... 674
Paper board Industry Statistics....., 679
Weekly Lumber Movement.......... 675
Fertilizer Association Price
;
By CARLISLE BARGERON,
Vt
:
Following Clare Luce's job
on
Henry Wallace, Washington has
suggested a theme song for him and I insist it should be played
time he appears on the stage just as theme songs are played
for Jack Benny, Fred Allen and the other stars of America's current
theatre.
It is: "Did you ever see a dream walking?"
every
Envious people are
but
that
so
found
had
It didn't used to be
personalities,
for
associated
ever
lot
a
of
Nobody
j
Jack
with
poetry before.but before the .pro¬
gram was over he was drawing
But we have gone in
way.
much
so
—
no
world affairs.
this
predicting dire things for the winsome Clare,
escaping the fact^—
far she has had a pro¬ in her speech she used
effect
on
national
and quotations from poetry,
is
there
for
It must
ideas,' in Government that the freely from Tennyson.
well planned quip may turn the have annoyed him no end later
when
several
people called the
whole .course of human
affairs.
675
Index...
Weekly Coal and Coke Output...... 676
Weekly Steel Review.
,
674
January Shipments by U. S. Steel, 678
Moody's Daily Commodity Index.... 674
Weekly Crude Oil Production....... 677
Non-Ferrous Metals Market......>.675
Weekly Electric Output.
Fairchid's Jan,
Retail Price
appears
the
on
farms
in
"Explanations"
of long experience in indus¬
men
The
implication of
plain
such
a
statement
to be that, whether impossible or not, it is the duty
of the civilian
of
it
such
the
population remaining to do what is required
(without askjlpg questions or complaining. Possibly,
a
duty does<;iy(est upon those not bearing arms.
It
to
howeyer, that this is hardly the way to get
us,
most
from
rank
the
and
file of The
people who
are
confused by conflicting official statements, so
skeptical as a result of continuous "cleverness" in approaches
made to them by those in public life, and so uncertain of
anything as a result of the paucity of information per¬
mitted them, that their state of mind is one of rather un-
already
1
so
trusting bewilderment.
Certainly if this staggering task is to be set for the
v'
676
675
.
.
Cottonseed Receipts...
January
men
ently originating with the Army, that we need that many
in the armed services "to do the job" by which we are
seems
Trade
Commodity Prices—Domestic Index. 675
Weekly
Carloadings ,
.'679
Ahead 01 The Mews
intelligent
confronted.
665
......
hired
men
Regular Features
Financial
of
record.
plans which require those who are left in civilian life
support, equip and transport armed forces of this size
to the four corners of the earth, and at the same time to
feed our allies and others necessary to maintain the total
war effort, the answer is an ex cathedra statement, appar¬
Candy"
With
"Punish
....
on
to
Editorials
Again
number
lowest
of
ended
670)
year
page
on
told that
try, transportation and agriculture who question the wisdom
GENERAL CONTENTS
* ;
Washington
the
the
To those
within the twenty-one subsequent
(Continued
now
year
Ex Cathedra
half
year's" income the payments were
General
From
finds
ings through December the tax is
one lump sum next April;
days.
are
year,
the
due in
These lit¬
brackets of income tax.
tle people's income tax debt from
payment.
In Great Britain, on yearly earn¬
mostly by little people in the low
for
lag
when
For the wage earners on every
We
must be added to the armed services
Spectacular wage earn¬
ings in industry and the selective service have evidently
already drawn the farm labor force down to dangerous
proportions—and the farmer will decide within the next
month or two how many acres of food crops and how many
livestock he can manage with the help in sight.
In indus¬
try, labor shortages exist in a great many communities and
what surplus there was in other areas is steadily if not
rapidly disappearing.
long
installment
final
of
the end
December
the income is earned and the date
Installment
outstanding
the
by
muddled.
more
men
.
current tax diffi¬
our
caused
is
between the end of the year
we
vast other liabilities.
debt
the
a
culty
have to catch up
on
the liability for taxes only,
particularly for the upper brack¬
ets?
The American public has
"Why do
Ran¬
will be 44 million taxpayers.
such
customers
plan is
optional.
For the taxpayer, it
would be mandatory.
However,
after
1938
Macy's reversed the
Ruml Plan.
They shifted from,
the D.A., or "depositor's account,"
to the "charge account" basis.
the tax is col-;
monthly at the
"Much of
Depositor's
4,000,000
at
'•'"
D.A.;
clouded and
some
which would indicate armed forces
totaling about 11,200,000 men—a
figure said never to have been equaled anywhere in the
world.
Meanwhile, with food shortages on every hand
and more threatening, the National Industrial Conference
inflation," Mr. Friedman, who is a consultant economist, been applied in other countries.
"a withholding tax promptly withdraws excess purchas¬ In Belgium and Germany a with¬
ing power," and in advocating^
holding feature was,,, introduced
such a tax he added that "we can problem for this group is man¬ simultaneously
with (the income
have deduction at the source with-: ageable.
It has been manageable tax in the 1920's. The wage earn¬
out adopting all of the features despite the depressions of
1921, ing class files no returns, and
of the Ruml plan."
simplifies tremendously tax ad¬
In contending 1932 and 1938."
In Mr. Friedman's
that a withholding tax is desirable,
We could perhaps
view, "the ministration.
Mr. Friedman said, "People in the Ruml plan is not pay-as-you-go adopt
the German and Belgian
lower income tax brackets do not but pay-in-advance."
He further system of segregating wages and
■.
salaries from the other incomes.
budget
their
income
or
keep, said: ■■■
V
"v.,"sk
$
books. "People in the upper in-!
"Its progenitor is R. H. Ma'cy's
their taxes;
more
during the current
threaten
.stated that
A
each announcement from Washington and with
taken to solve the so-called manpower problem,
and the situation by which it is surrounded becomes
a
accrue
Copy
each step
submitted
brackets
a
THE FINANCIAL SITUATION
withholding tax at the source was stressed in a®—
; ■/.'—
—
In "his statement Mr. Friedman
by Elisha M. Friedman, of New York, to the
House Ways and Means Committee in Washington on Feb. 12.
also
Point¬
said:,
1
'
"Deduction/at the source has
ing out that "incomes in the lower brackets have risen sharply and
come
Price 60 Cents
York, N. Y., Thursday, February 18, 1943
Essential To Combat Inflation
The need for
2
Office
Pat.
Withholding Tax At Source Held
statement
In 2 Sections-Section
YEARS
'
r
.
(Continued on page 667)
676
Index..
—...
676
Debt Limit at Jan. 31 678
Outstanding on
|
January 30. v................v.-,... 678
American Zinc Industry Summary.
*
Copper Institute Summary
*
Pig Iron Production
*
Daily and Weekly Copper, Lead and
Zinc Sales
*
January Bank Debits
Fed. Statutory
Commercial
Paper
,
*
statistics
These
"Chronicle"
at
-
omitted
direction
of
from
the
War
Censorship Board.
(See notice on first
page of Section 2 in August 27, 1942,
"Chronicle.")
.....
.
Profits, Real And Fancied
risen to unprecedented
tax system, however, the
great bulk of the excess profits is turned to the Government through
excess profits taxes.
But in the struggle to achieve stable prices and
stable costs, it would be desirable to keep costs and prices down
"Corporate
profits
before
taxes
have
peaks/Apart from certain loopholes in the
rather
them
than
are
let
to
excess
profits accumulate,
though most of
even
ultimately recaptured by the Government.
.
Depth
count
of understanding
fpr much anymore.
doesn't
radio station and wanted to know
It's the
if it
with Clare.
that count.
headlines
than
cently: Hon*
Jack
from
gressman
has
who
himself
be
to
She
was
nationwide
a
with
forum
one
this.
Nichols,
Oklahoma,
Both Jimmy
re¬
were
and
is
considered
the thick of
has
been
stuff that is
But
out.
bear
say
viewpoint.
Mistakes have been made,
there
treating the Con¬
with
mendous
Few
His having this stand¬
you
of
we
you
l
crackpot
have
would
you
on
to
the
Essential as
Reserve
^
got
asked
jobs
as
why
668
these
in r the first
679)
M,-
on page
669
669
671
Head
Announces
Plans
Bottlenecks
(Continued
for
Correct¬
i
oil page
680)
671
•/*
got into the habit of talking
might
really
almost
as
any
well
such* profits!
speak
of
"profits before wages,"
of the other bills are
paid.
<
When the real profits from
question
Market
Open
we ever
"profits before rent," or profits before any
Victory.. 671
Confident of African
as
We
that
before taxes!"
As if there were
or
671
Re-elected
How unfortunate it is
-
about "profits
669
Hull Stresses Need for Post-War
,
Economic Stabilization.
669
669
669
Study
ing
exorbitant prices are
Recapping Restrictions 668
Note Issuance Inflationary
S.-Belgium Lend-Lease Pact.....
Congress to Rule on Government
Printing Pay
...
Labor
Department Corrects Living
Report Data
Urg?3 Pay-As-You-Go Tax Measure.
House
to Continue Small Business
1
ing the present structure
Tire
Act
WPB
today review¬
of prices and will reduce prices wherever
found to exist."—James F. Byrnes, Director of
"Accordingly the Office of Price Administration is
668
Radio Advertising 668
Speaks at New York
U.
Sproul
An excess
no excuse
665
.........
Luncheon
End
provoke inflationary wage demands.
for maintaining exorbitant prices or for sad¬
dling excessive costs on the Government or on consumers.
profits tax is
Demonstrated
Sales
Ricke.nbacker
To
FDR
editors
688
Harvard to Survey
our
like
Bond
Held
Tax
Curb
Advertising
Unity,.
there should be such
can
of
jobs?.
appreciate that it
means, something
for' Clare to; two men have
(Continued
leave1 her impress upon him. Well,
ing,
lot
going to be cut
gentlemen must
Think of the tre¬
us.
job
our
a
now
How
hands.
have
in
of
"Excess profits
Adjusted to Pro¬
Being
Export Trade.,...............
Value
Their approach was the
job.
same.
with contempt. What I
is that the Bureau¬
crats accepted Nichols as one of
the
"better"
members,
one
of
them
with
the
"broad, social"
to
question of who did the bet¬
a
ter
gressmen
mean
Byrnes and Pren¬
country's editors who gathered in
Washington over the week-end. It
Con¬
things, even back there before the
November elections when the Bu¬
reaucrats
tect
Withholding
..
.
tiss Brown sold Themselves to the
radio
always
in
.
Miscellaneous
1
Lend-Lea.se
Inflation
Clare's influence, however, goes
further'
Wendell Willkie talking
was
is not whether they
whether they
are
current operations are reckoned, the
are
"excessive"
inevitable; expense of converting to peacetime
contingencies certain to arise!
<
war
or
"exorbitant," but
sufficient to permit adequate reserves against the
production and post¬
THE COMMERCIAL- &
666
Editorial—
to
Again The "Punish
With Candy" Theory
tions averaged 96.2% of then ex¬
regions,, as it will be eventually, it will apply
isting capacity.
7,000,000 or more employees in the non-war undusThe Institute also disclosed that
some
tries who
.
If
are
working only 40 hours
those
assume
we
7,000,000
week
a
or
less.
be earning
to
on
.
the
.the 48 hour week would increase
almost $70,000,000 a week or $3,500,000,000 a year.
The overtime premium alone would
Administration's order directing all" employers, in add almost $1,300,000,000 or thereabouts - to the annual
The
32
Thursday, February 18, ,1943
industrial
*
,
FINANCIAL CHRONICLE
adopt the 48 hour work week and pay time
half for ,all hours worked over 40 may be criticized
areas
average 80 cents van hour,
their wages overnight by
incomes of -this
to
7,000,000.
%
,
and
a
ening neutralizes the effect of the action taken, but
simply a risk you take when you are a devotee
that is
of the
punish with candy theory.
Actually, the Administration has: applied this theory
to the farm bloc as well as to the labor bloc.
Students of
farm economics will recall that the Administration is itself
scheme that would at
some
time in the
near
future
,
on
had.
ever
We want to
.
the
the wage
see
.ceiling that
impact.
can
hold undei
t
Of course, we have
;
.
candy theory—this method of holding down (?)
with
responsible
—was
for the
farm
bloc's
activities
prices grams that entail large expense as well as rather fright
in the ening changes in the normal methods of doing business
All encounter
months that followed.
The
outstanding recent instance
most
of the theory
being applied to the labor bloc came with the promulgation
of the famous Little .Steel formula.
After having for
v
v
In view
absorb
to
a
30% .increase in labor costs when othei
sternly denounced those who favored freeze wages
had done, the Administration in .April of last developments already have whittled profit margins to the
Canada
reluctantly
rather
year
announced .that wages
must be
This
bone?.
Even
the
Office
of I Price
-
Administration
cannot
expect such huge labor costs to be absorbed, and in the
restrained.
•
repairs.
tries
months
as
increasing difficulty and expense in getting
and supplies needed for maintenance ana
LLC
of all this, can .the nation expect these indus¬
materials
raw
was
unsavory news
for the labor bloc, until they
learned that the National War Labor Board would interpret
just what the word "restrain" was to mean.
And-when
the Board handed down its Little Steel decision, labor
coal industry, it already has approved price increase!
help compensate for. the cost of overtime'pay, when that
industry added a-sixth day to its normal five-day, 35-houi
soft
to
week
•
schedule.
• v
•
.
:
•
j
In the coal -industry, the .price, increase allowed on
just what the candy would be that was ;to go with
the restraint.
To anyone familiar with the Alice-in-Won- account..of .the overtime wage boost amounted to 8%
derland economics of the past decade it was not surprising Suppose the OP A is forced to allow such an increase to most
that the Little Steel Doctrine bravely fought against .wage branches of the textile industry, and to many branches ol
increase inflation by awarding thumping good increases to the .food processing industry? ■ An increase of anything like
this magnitude will clearly destroy inflation control by stir¬
all employees in the mass production industries.
Nothing
like a little gasoline to quench a fire!
ring up anew the farm bloc ito demand even greater boosts
And so on up the spiral.
Under the influence of the Administration's wage in agricultural materials.
The choice is clearly the^e—either boost prices to cover
restraints as imposed by the Little Steel formula, hourly
wages
in war manufacturing industries increased oy the costs or see thousands of non-war industries penalized tc
learned
almost 9%
from April, when the President announced that
controlled, until October, when the new
wage freezing law went into effect!
Now, we come to another exemplification of punish
with candy.
With the opening session of Congress, bills
were fed into the hopper to end the 40-hour week.
In area
after area, acute shortages of workers began developing;
and with work or fight orders being freely talked about in
Washington, it was simply untenable to continue a defense
of the 40-hour week...
'A- LL. ' A;
must be
wages
..
But, all organized labor was committed to the 40-hour
the
all
lines
40 had been removed for concerns in the non-war industries,
the adoption of the 48-hour; week would have eventuated
gradually and with a minimum of disturbance.
But there would
have been no candy in such a
industry and trade being forced
pay
to work
them time and half for the
K.
One other aspect of this announcement and the punish
candy theory needs emphasis.
Always the actions
with
taken
have been
designed to head off more serious, less
palatable measures under consideration in Congress.
Most of the criticism of the 48-hour week edict has been
confined to the obvious
inflationary implications of raising
wages by 30% when houfs worked rise only 20%, and the
action does indeed promise a healthy jolt to price-control
moves.
Get away from percentages for a moment and look
at some figures that will show the effect of the action.
The order will not
majority of war
materially change conditions in the
industries since they are already on a
scheduled 48-hour week with time and
eight hours.
a
half for the extra
However, when the order is applied to most
and that
is, "You can't have your cake and eat it too."
steel
require¬
Car loadings of .revenue freight
for the week ended Feb, 6 totaled
755,386 cars, according to reports
filed
by the railroads with the
Vssociation of, American Railroads.
This
increase of 20,804 cars
was an
the
from
preceding
week
this
28.576 cars less than the cor¬
responding week in 1942, and 45,-
year,
190
above the like period two
cars
years ago.
This total
121.23% of
was
aver¬
loadings for the corresponding
week of the ten preceding years.
age
have
railroads
The
reached
nearly
saturation
the
point in
freight carrying capacity, accord¬
ing" to Brigadier General Leonard
P.
-V
Ay res.
"Surplus freight cars and re¬
serves
of freight locomotives .are
few that the limits of the
so
low
carrying capacity of the railroads
are
being rapidly approached,1'
the retired army officer explained
the
in
monthly
business
bulletin
of the Cleveland Trust Co.
economist
The
cited
these
sta¬
tistics:
In
the
summer
of
44%
of
about
1938
the
freight locomotives
either in the shops awaiting
were
repairs
in
or
The
storage.
per¬
centage of unused locomotives de¬
creased
yearly, until in October,
the figure had dropped to
Freight cars out of use in
1942,
12%.
1938 totaled 32% of all owned by
the
roads,
and by October, 1942,
dropped to 4%.
this had
"ft is difficult to hold the
ber in
the
shops to
2%
as
low
num¬
level
a
serviceable
locomotives held in storage is a
smaller reserve for emergencies
than a railroad ought to have/'
General Ayres declared.
and
10%,
as
of
He said further, "that the rail¬
two-thirds
as
in
much
as
steel
in
1S42
the previous year.
'"They
.
not allowed to use
were
much as they needed, and that
particular economy
may
prove
costly to our war effort, because
as
it is not useful to
production
expand our steel
the railroads'
unless
are
kept sufficiently well
equipped to carry it to the places
cars
where
it
be
must
used,"
he
as¬
"The most effective way to
in¬
serted.
A
v.
our
timating the weekly
the
month at 24%
ber
and
under
55%
for
average
below Decem¬
January
of
1942.
For ,the four
the total
was
weeks in January
$373,622,000
$226,826,000, against
in the five weeks
used
for December and the $628,780,000 in the five weeks of Jan¬
uary, 1942.
The weekly average of private
construction dropped 46% under
December and 62%
below Jan¬
uary a year ago;
down
,
,
alloy
■,,
.
.
of
;
ments.
•
so
employees 48 hours and
eight hours.
11.351,000
outputs of ships and
point of bankruptcy.; Most of those most hurt will in¬
munitions in 1943 would be to al¬
evitably.be the smaller firms about which. Congress has so
low the railroads to buy more lo¬
often expressed concern.
comotives and more cars."
The adoption of the 48-hour week could have been ac¬
The "Engineering News-Record"
complished by an orderly process that would neither have reported a further drop in heavy
caused inflation nor upset materially the operations of small engineering construction in Janu¬
ary, compared with December, es¬
business.
If the overtime premium required for hours above
serious
in
at
the
all-
needed to meet the average yearly
crease
I
%
.its abolition must .be so sweetened that no very procedure.
There is plenty of candy, in this order to offset the pun¬
objection would be raised by the bloc.
The sweet¬
ening decided upon certainly seems adequate—with no ishment, but some followers of this new theory are going to
change whatsoever in the 40-hour week law, with employers learn another and far older saying before they are through—
week,
1942
in
new
roads took only a little more than
%r
,
in
peak
a
tons, up nearly 40% from the pre¬
vious top of 8,206,000 tons in 194'1,
and about,four times the tonnage
one
single pay-day give millions ;the .biggest .boost they havt
been considering only one aspect
of the problem.
Probably no one in the Administration
to blame for the outrageous demands in the form of higher
ever
considered the order. from the viewpoint of the
prices which the farm bloc has pushed and won.
The
whole thing was touched off when the Administration first employer—but his plight should be worth a paragraph oi
v
decided to tcrack down on farm prices almost two years two, especially when at .too will affect us all.
The vast majority of the non-war industries most con¬
ago.
How did it crack down?
Why, with the punish with
cerned about the 48-hour week order have many othei
candy theory.
The Secretary of Agriculture announced
headaches to plague them.
The textile, food, and othei
that farm prices would be restrained at levels considerably
such industries find that price ceilings, new and proposed,
higher than those then prevailing in the market place and
afford them little or no profits despite current large volumes.
that the higher levels would be maintained with crop loans
In addition, many are in- the midst of government-orderec
at guaranteed price levels.
!
To an appreciable extent this application of the punish simplification or standardization or grade labelling pro¬
.
time
<
,
States reached
peace-time
-
Anyone who has ever lived in an industrial town will
..on many
grounds, but perhaps as serious .as any Is the testify that such sudden increases; constitute "hot money'
that burns pockets—hot money sure to aggravate inflation
adherence to what might be called the "punish with candy"
problems.
The increases involved are staggeringly huge,
theory. -By that theory we mean that whenever the exi¬
but their- inflationary Impact;,would be magnified because
gencies of war or politics have required the Administra¬
the increase would occur ao. suddenly.
A. wage-increase
tion to take any action that might possibly disappoint its
avalanche such as the Little- SteeL. formula touched off
labor bloc friends, it always "sweetens" the action in such
gathers momentum rapidly and in months affects hundreds
a
way that the measure becomes palatable, if not enjoy*
of thousands of employees—but here is a wage increase
able, to the labor bloc.
Sometimes, of course, the sweet*
■
production
alloy- steel
United
The State Of Trade
Irade
week
preceding week, there was a gain of 14% shown ,above the corre¬
sponding 1942 period, according to the Edison Electric Institute.
The total of 3,960.242,000 for last week compared with 3,976,844,previous ♦>
week and 3,474:638,000 a year ago. put of 1,702,100 net tons of ingots
The
Pacific Coast area again and
castings, compared with a
showed the greatest gain, with an rate of 99,3% and output of 1,000 kilowatt hours in the
29.9%, while the New
England region had the • smallest
with a gain of only 3.1 %.
Steel production in the United
States is scheduled this week at
99:5%: of capacity,
indicating out¬
698,700 tons last week, according
to
the
American
Institute.
was
&
was
88%
of the January total, private work
7% and State and municipal 5%.
Department
store
country-wide basis
for
the
week
ended
sales
were
Feb,
pared with the like week
ago,
on
up
6
a
a
19%
com¬
year
according to the Federal Re¬
serve
Board.
Store sales
were up 5% for the
period ended Feb 6
compared with last year.
four-week
Steel
Department store sales in N. Y.
in the week ended Feb. 6
-
For the like
tion
Iron
public work
the month, 54% on
Federal contracts made up
news
increase of
on
the year.
generally from industrial areas and from the retail
continues favorable. While electric power production for .the
ended Feb. 6 declined from the record high established in the
The
27%
City
1942 week
produc¬
1,634,100' tons' and opera¬
were
1942
11% higher than in the like
week, and in the four weeks
'Volume "157
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4152
'ended Feb. 6
4% .lower than
were
THE FINANCIAL SITUATION
the comparable
period a year ago,
-according to the New York Fed¬
(Continued
from
first, page)
Socialized ReaS Estate
Of UnhamperedJereasrcraey,
people of this country, .it is the height of folly to persist
placing obstacles inv the; path of %he; most effective per¬
City in the week ended " Feb, 13
'were 20% larger than in the-like formance;. Yet who can fjail to Fihd' in the price policies,
week last year, according to the
the weird wage and
salary stabilisation efforts, The limita¬
New York Federal Reserve Bank. tion on the
salaries, of key; business, executives, and now
Sales for. the first two weeks of
the 48-hour week edict, / serious
impediments to smooth
February were 15% above the like
1942 period.
The course of'Administration policy has been
For the month of functioning?
January, however; sales were 7% strange as well > as disconcerting; to;business,; ;; As. every one
below
those
of
the
like
1942 knows the cost at
living vhas...continued to rise ^notwith¬
•month. It was -pointed out that in
January last year sales were ex¬ standing elaborate price controls.: Wage control has failed
to prevent a steady creeping up of' rates of
ceptionally good.
:
pay to workmen,
Business failure^ increased to and the rules and regulations mnder the so-called stabiliza¬
'84 in the week ended Feb. 11, tion
procedure have been a nightmare.;; The 40-^hour week,
from 82 in the preceding week,
utterly indefensible in times such as these, has been under
Dun & Bradstreet, Inc., report.
Department store sales in N. Y.
ini:
total
under
60%
was
Mr. Lewis
going
Federal
activity
real estate
was
substan¬
tially below that of 1941.
The es¬
foreclosure
a
short
situation
1942
during
was
widespread geographically. Each
Federal Home Loan Bank District
declined during the year with de¬
ranging from 43% for the
Indianapolis, District to 22% for
the Pittsburgh District.
Still fur¬
creases
reveals that all but
three States, declined for.the year.
ther ; study
"In December foreclosure cases
still
declined
further,
•
thus
con¬
tinuing
the
downward
trend
Which has been evident Vovief a
period of nine years. There were
2,927 / cases
registered in this
month compared to; 3,081 cases in
November.
This decline of 5% is
the normal seasonal
1.4%
in December.
The seasonally adjusted index for
December was 21.9 to 23,4 for
November (1935-1939 equals 100).
to
of
"contrary
increase
.
of the
out
maintain
blue
comes-a'renewed'deter min at ion
has' become
what
known
Steel"
"Little
the
as
operate in its worst form,
interpreting
laws
to
suit
its
cracy
to
prejudices and attempting to
States
was
a
as
rate
the
for
whole during
1.9 cases per 1,000 struc¬
compared
as
with
for
2.7
Only Boston, New York
and Pittsburgh Bank Districts re¬
1941.
,
ported a rate greater than the
nati.onal average. Foreclosure
in-this report are based
on
the* 1940 census of non-farm
structures and are therefore not
,
the
previously
Church¬
on Feb.
7 from his 10,000-mile air. tour
of North' Africa and the .Middle
Prime Minister Winston
ill
returned
East.
•
London
to
'
"V'
-
Following
his
up
military
production of
goods,
not
products
for
The central purpose is to produce
consumption.
of civilian
goods.witLa• minimum of
Casa¬
of making rent control effective."
He said the "landlords of the
Introducing the series of pro¬
on rationing,
Mr. Brown
:
grams
outlines the manner in which the
-
.
civilian
minimum
a
manpower,
draining
he; cite;4 "the effect o'i air freight¬
ers on the port of New York and
the
changing
financial
New Naval Aide To FDR
picture."
As to the financial factor, he de¬
;
clared, "after the first World War
Feb. 4 that
New York
was
the financial
The White House announced on
Captain John L. Mc-
cen¬
Crea, the President's Naval aide
world—Washington oc¬ for over two years, has been re¬
Now consider how the dictated 48-hour week affects cupies - that position. now. r You lieved,. at his own request, in
may: succeed
in again making order to command one of "the
pay envelopes. ' Let us-suppose a case where the workers New York the financial center of
biggest and most powerful ships"
that
receive $1 per hour for 40 hours of work per week.
part of the United States ol! the Navy. /;
• y1
:■
,;i.-:: •
Their
east of the Rockies—and you may ;. Captain McCrea's regular threepay envelope at the end- of ; the "week- contains $40.
Now even succeed in again becoming
year tour of duty would not have
let us suppose they.work 48-hours,forty at $l-per hour a great financial center serving a expired until October, 1943.
He
off workers to
and
eight at $1.50
per
$52,
or
$ 12,
30%
more
or
industries-as
war
contain
hour.
$1.08Vs;
per
rapidly
Their
hour.
each; week, and
as
possible.
»
—
ter of the
portion of the world."
will be succeeded in ■ the White
Returning to the national scene, House post by Rear Admiral Wil-^
Each worker receives Mr; - Mullenix said it is wrong to son Brown, who served one tour
criticize those things in our na¬ of duty as Naval aide to President
the employer has been
Admiral
tional life we don't like—and rest Roosevelt back in 1933.
pay
envelope will then
our
ease
there.
"If
the
Govern¬
Brown
was
Commandant
of
the
what we First Naval District at Boston and;
consider proper bounds in its in¬ formerly commanded a task force
of a full effectuation of tiiis; decree would be' to add 30 %
fringement on private business, in the Pacific last March, which
sank or badly damaged more than
to expendable funds^of the workers : (Mss^ whatever is now we should take stock of private
enterprise and determine what its 25 Japanese ships in the Lae and
received for work in "excess of 40 hours per'week), and the
Salamaua operations.
failings have been."
The net result,
volume of available
than
conference
with President Roosevelt at
pro¬
land¬
,
bought.
Churchill Back From Africa
between
.
.
obliged to pay over 8 % rri'ord pep hour" tor the; labor he has
r/
hatred
lords and tenants under the guise
.
rates used
comparable with
published data."
class
mote
correspondent, will be the prin¬
cipal commentator throughout the
.series.
*'
general public may obtain the
country" are not only those who greatest benefits from the ration¬
ing program.
Other important
own large apartment buildings in
.
the big cities but are the thou¬ -Washington personalities also will
sands who have put their life sav¬ appear as guest speakers with Mr.
Lindley in subsequent programs,
ings into two and three-family
units to provide an income for discussing the last-minute devel¬
their old age—"their own social opments each week on the sub¬
ject of rationing and how it ap¬
security, if you please. These; are
the people who are really hit by plies to the individual homes. of
the nation. ;:
'-v'; V-the caprice of these demagogues."
The Council on Candy As Food
City, rebuilding, and city plan¬
in the War Effort presents this
ning will be far more v ital prob¬
series as a public service on the
lems for * urban America in the
most important subject confront¬
;
.Nonsense About- Inflation
post-war period than most people
ing the nation as a contribution
Any contention that; ntpfe -pay "as a result of greatly realize, he said. They are so vital, toward helping win the war. Its
increased overtime work will* not tend to widen the so- he declared, "that the death knell
principal purpose is to help peo¬
may be sounded for those cities
called inflationary gap is pabnt nonsense, as a moment's
ple on the home front to under¬
that do not meet the problems
reflection will clearly, .proves, As« to'-the theory that pro¬ and overcome the'dry rot that has stand .and successfully apply the
fundamentals
of
the
rationing
duction will be increased, let it be recalled that the dis¬ developed.
The 'public housers'
program as administered by the
can think of. nothing in planning
Office of Price Administration.
parity, known as.the inflationary: gap, Is .between expendible
beyond rtheir
public ;■ housing
income and the - volume of goods -available for purchase by
-Questions from the radio audience
racket."
'>
concerning rationing will be in¬
those who have the funds, that - is to say of ordinary civil¬
The
problem
is
particularly cited. throughout the series, and
ian goods.
Save in1 agriculture/ where the 40-hour week acute in New York City,lie these will be answered by Mr.
does not apply and where It usrwithbuteffect except in¬ pointed out, because-of the many Lindley"' and the various guest
•'
directly, the object of.-the 48-hour week is to increase the problems involved, a Among them speakers../ ■■;;. ■■
,
foreclosure
"The
1942
■'
.
42,331,
of ; cases,
v
tures
-rr
.
months, but
ruling, to prevent further price increases and an edict;
represent a decline of 28% from designed to establish
a general 48-hour week—but, of
the year of 1941 and a decline of
course, with a continuation^
half for. all time
81 % from 1934.
Non-farm fore¬
over 40 hours. ^ All; the familiar
arguments about inflation
closures numbered less "for each
month of the past year than for are again brought forward-^without the slightest recog¬
the corresponding month of 1941, nition of the
fact that; nothing;; stimulates production so
Rises in value of residential prop¬
much as price.
T6 givelthesev
lines of reasoning
erties," coupled with increased em¬
the appearance of consistency it was necessary to bring
ployment and h i g her w a g e s
throughout the country, have pro¬ forward a novel argument to show that higher wages in the
tected the equities of home own¬ form of time and a half
for:eight hours each week, quite
ers and in this manner forestalled
contrary to the ordinary: kind'of increase in wages, would
many foreclosures,
not be "inflationary.'^
it all is anything
■: The FHLBA report continued:
but heartening,
-. ;
,
,
"Improvement in the foreclo¬
number
timated
United
Mr.
7-
■<.,
the year 1942 non-farm
*•
Feb. 6.
"—
.
time ago John
been anything
Sharply In 1942
Administration
sure
on
"
.■
difficult to
,
Steps In
;on" for
'
1
.
Down
The
been
has
members of the Real Estate
York, Inc., at their annual banquet
L. Lewis, arch-enemy of the President, has
but cooperative in consenting to: a lengthen¬ said, is the danger of permanent j.War Effort in cooperation with
rent control which would "force I the National Confectioners' Assoing of the hours of work in the. 'nation's coal mines, and
let it' be known that he ihtehded to see to it that the complete socialization of. real es-1 diation.
tate
in other words, national I
Ernest K. Lindley, Chief of the
Home Loan Bank miners obtained an increase in wages when their present communism.
Here, during the, Washington Bureau of "Newsweek"
and
well-known
news
reports that; for contract * expires which it - does in a few w6eks.
Then war period, w-e have seen bureau
Non-Farm Foreclosures
■i
this
.
New
liquidate bu
; New Series Of Radio
reaucracies because, regardless of
n
A
n
,
the wishes'of Congress, they find r^Ograms On Rationing
ways, to
perpetuate themselves. ' • Prentiss Brown, Federal Price
An. example is. the United States -Administrator, was the first guest
Housing Corporation, which di- .speaker in a new series of radio
rected war housing in 1917-1918 ^broadcasts entitled
"Washington
and .still has not been completely Reports
on
Rationing,"
which
liquidated. The HOLC is another originated in Washington on Feb.
agency that has served its pur- 114.
This series, to be heard over
pose
and should be completely! a coast-to-coast network of the
liquidated, according to its in- National Broadcasting Co. every
structions from Congress."
Sunday afternoon at three o'clock
One of the great post-war prob- | (EWT),
is presented by the
lems for real estate owners, he Council 011 Candy As Food in the
.
All
"It is
.
constant attack.
reported in the corre¬
sponding week a year ago.
Says Henix
that
Association, of America, told
Bankers
Board of
'
latest
complacency
Mullenix said:
-
210
of
permitted the "cancerous
gi'owths in. Berlin, Rome and Tokio" to develop in the past 20 yeanr
is a threat to us today because we are permitting bureaucracy to
grow unhampered, Charles A, Mullenix^ President of the Mortgage
,
the
same-sort
The
'
The
Threat
,
eral Reserve Bank.
■
66 7i
before,
available to
blanca and his talks with Presi¬
dent Inonu of Turkey at Adana,
the
Prime
Minister
reviewed
so
far
as
inflation is concerned,
consumption goods would be
except
as
agriculture.
workers, if
more
•
-
:
-
has
over-stepped
larger
It is
made between the upper and the nether millstone.
to assert
?^
The Ordinary Business Man
.
no
any,; are
ment
'V:L;
:
suavely that such is war!
no answer
The truth is, of course,
that successful war is not conducted in any
such manner.
employer the nature of whose busi¬ Many of these enterprises are very nearly as essential to. suctroops at Cyprus and on Feb. 3
cesful conduct of war as they would be if they were making
ness
visited
Tripoli,
where he ex¬
precludes war orders? % It -is- assumed—without" evi¬
pressed his thanks to the victo¬ dence—that the
planes
and guns. The civilian population could not exist
tax-payer is willing to bear the increase
rious British
Eighth Army" and
without them.
Is this a sensible way to obtain maximum
Allied Air Forces,
He later con¬ in cost of war goods.
But what of the great rank and file
ferred with Lt. Gen. Dwight D.
production from the total population to support total war?
of business meri, great and; small,' who are often
And what of the
.
-
engaged
Eisenhower and other Allied com¬
Allied
in North Africa.
manders
at
headquarters
,
!
The Casablanca
referred
in
to
conference was
columns of
these
28, page 370, and the Turkish
meetings in our issue of Feb. 11,
Jan.
.page
578.
:
i.
5
^
in
producing goods, without which Ithe nation could not
possibly continue
moderate
in
size
to support: even:
than
that
an
.
army
actually planned?
much
more
Are -price
ceilings to be made flexible enough to. enable him to absorb
.this added co$f?t
:
He.is already.-in danger of.being crushed
Space does not permit discussion of some of the more
immediately practical phases of this remarkable edict, the
'nsuperable difficulties of applying it.
Ven said to make it clear that we are
ti'Ith a ivery /
dangerous situation.
But
^
has
enough
trifling—or
worse—
:
L
t'
COMMERCIAL
THE
668
& FINANCIAL CHRONICLE
i
w
'
,»
r
-
i
v
•
Thursday, February 18, 1943
«*r
Adjusting Lend-Lease To Prevent
Dislocation Of Export Trade,
Says Young
outlining the "Present and Future Effects of
In
address
an
Lend-
Lease Operations on
Foreign Trade," it was brought out by Philip
Young, Deputy to Edward R. Stettinius, Jr., head of the Lend-Lease
Administration, that "lend-lease is attempting to adjust its operations
so as to cause as little harm to the export machinery of the United
States
the
is
as
possible, consonant with
that "as a firsts
war,"
names
are
now
requisitions."
at
being allowed
Mr.
Young's
on
re¬
subject were ad¬
gathering of export¬
meeting at the Commo¬
a
in New York
interest
an
holds
in
lend-lease,
stake in the
a
success
and
of the
shoe
And
only pinching in
what
is
lend-lease
doing to help foreign trade? .
,"I believe you may be inter¬
how far lendlease has invaded private trade in
specific areas and commodities. I
by the Commerce
Industry Association -of New
.York, Inc.
Mr. Young declared
that "every American citizen has
sponsored
and
the
spots?
ested..in
Feb.
on
is
or
a
dore Hotel
4,
trade
the
on
dressed to
ers,
direction
this
marks
No. 1 job of helping to win
our
and
in
move
know
knowing
will
you
the
understand
.
bonds you will wish to know
concerning
our
stewardship
of
the; $18,000,000,000 entrusted to
our
care
As
first
months
nine
of
1942, if we exclude export of mili¬
tary
goods,
lend-lease •/ exports
anxious
about
demands
the
on
petroleum
of
food
national
our
fathers of the
supplies. .As
our armed
boys in
forces you will want to know if
lend-lease has-taken away equip¬
;
which
ment
should
have
stayed
in their hands.
Again, as Ameri¬
of imagination and initiative
cans
will be interested in the tre¬
you
mendous
of
operations
i—from the improvement of ports
in
the
,Gulf,
scope
Red
Persian
the
well-drilling equipGen.
Montgomery's
Army
to
material
for
China's hidden arsenals."
' "Finally," said Mr.
,
Young, "you
would
dike
United
other
know
to
States
of, the
/reciprocal
,
or
:
;
is
what
getting
United
the
from
Nations
lend-lease."
"I
"During
which
groups
are
ac¬
and'working
in
or
job, and what its -policies are as
regards the relationship of these
operations
United States
to
eign trade.
what
for¬
Of necessity this
view has been
sketchy and
loosely connected.
re¬
some¬
I
think
we
might recapitulate, the main
points covered.
«
»
;
;
■%
"First, the primary job of lendlease as an organization has been
to speed
aid to those countries
,
whose
defense has
been
declared
vital to the defense of the United
States..Y.'"Lend-lease
difficulties
the
fighting
the past half-hour
when,
and
otherwise
of
few
items,
\'■">
ex¬
hinder
mutual
help or
of military
case
critical
non-mili¬
lend-lease
methods
the defense of the United States."
can
Continuing he said:
/ "I
do not interpret' the term
'supplying' narrowly Ln. rather I
interpret it broadly. The peoples
fighting with us and for us can
quickly and' ■effectively. Whether
exchanges did goodis are made by
lend-lease1 iftbthods or by^'direct
ask—and
United
must
States
get
from
those
—
the
essential
get the best
our
of
background
procurement.
or
It
is the job of lend-lease to see not
only that such supplies are made
furnished
of
by
lend-lease
series of
a
is
factors, just
"This does not
a
the
government
abolition
normal channels of
it advocates
the
trade,
of
the
nor
that
establishment of
domestic prices for
export trans¬
lend-lease
has
a
job
actions;
which must be done if
ing to win this
business
more
men
than
ment to
the
see
however,
war.
of
we
are
America
do
it
even
Govern¬
that it is done.
cannot
go¬
It is up to the
Federal
.
lend-lease
our
and
has
of
the
development
shown
establishment
of
one
the
of
'
:
"2. As
told the conference.
.
first
a
in
move
this
di¬
One,
without
the
other; they must work to¬
gether and, in order to work to¬
gether, there must be not only a
objective but a thorough
understanding of each other's
common
operations."
has
which
shown
to
the
are
by
to
of
"3.
the
factors
to
be
raise
He went
;
"
\
of
~
often."
v
grocery
$69,000,000,000 in 1943. store, and believes that bankers
hoped that a major part of should hold as an objective
is
purchase
-
be used.
The
of the cash
use
re¬
amounts. of
imbursement
requisition is being
limited
to
emergency
strictly
and it is believed that
cases,
but such
create
deposits
suc¬
and
cessful operation of the new Con¬
trolled
eign
trade
has
been
for¬
appreciated
therefore
under
just
is
action.
"5.
lend-lease
for
cause
task
our
will
to
sell
bond
buying
require
In
is
now
cial
bankers
Hundreds
volunteer
of
will
workers
have
States
direct them.
export
representative,
at
abroad, will be reim-bursed
for
legitimate
services
rendered to lend-lease. VValuable
suggestions on this subject have
already been received from rep¬
-
resentatives of
the
trade. T
can
only hope that by giving you here
today a picture of our aims, our
organization and our problems,
will
receive many more
suggestions. You may be
we
shall welcome
such
sure
them.-
that
•
••
"The job we have to do is tre¬
mendous—and it is vital to
every¬
of
one
here today. It is so tre¬
that with all the
help
us
mendous
could get, there would still be
room
for criticism and
improve¬
we
We would like your
ment.
your
advice, arid
return
tion,
wi offer
all
your ideas.
information
ise
of
in
In
solving
a prom¬
your
very
problems."
Value Of
Advertising
Proved By Bond Sales
to
do
the
job,
again
proves
the
Vj:'.
J
Bank of
&
Southern
on
time.
some
from which
sources
a
significant
pro¬
ex¬
not detract
fect of the
one
iota
from the ef¬
advertising.
The post
offices and other agencies had the
the same stimulus—but
taking into considera¬
tion the greatly increased volume benefit of
even
of trade.
It is recognized that in
handling
they lacked the advertising—and
to put it in the
commercial—they
lend-lease transactions,
tendency has been to by-pass didn't get the business.'
the various private
"Another
export agen¬
interesting
the
to
the
basic
lend-lease
question
and
con¬
foreign
cies.
It
is
•
head of the
Census'
1935
Bu¬
investigation
% .1
broadcasting. '
The project.will study the ex¬
periences of local users of radio
sections
of
the
country and hopes to define the
ucts.
It is further hoped that the
rowings
vice
take. is
tance to all
•
"In
of
of
vital
effort to avoid
an
Government
impor¬
us.
controls
inflation,
be
can
es¬
tablished which may
endanger the
existence of .free enterprise in this
.country.
and*
We must win the war,
do
to
so
stupendous
Government
must
we
borrow
of money.
sums
and
can
Our
will
raise
this money, but who supplies this
borrowed money is largely up
retailers,
ser¬
operators, local manufactur¬
ers, radio stations and advertising
agencies with information which
will aid in the
of
use
advertising.
An
advisory committee of three
Harvard Professors ? will be com¬
posed of Neil H. Borden, Profes¬
of
Advertising; Harry R. Tosdal, Professor of Marketing, and
Malcolm P. McNair, Professor of
sor
Marketing.
tp
the
banks
who
either
must
buy
these Government securities them-1
selves
sell
or
p'dsitors. „*.../
"The
them
their
to
dbfj
'Y;j
commercial
country have done
banks of this
Rickenbacker To Speak
In New York
magnificent
a
Captain
backer, who
Government
Pacific
bond
Today
Edward
job, have carried the brunt of the
V.
Ricken-
rescued
was
from
a
selling cam¬
paign, and will continue to do so
until ; the war is
brought to a
for
Secretary of War Stimson, will
be
the
successful conclusion."
the
Banks
with
,
•
.,
•
having their troubles
problems just as
are
manpower
industry and agriculture are, and
with them the situation is* par¬
ticularly
most
have
-
troublesottie
positions
training
been
so
because
require
expert
He stated:
"Banks
shelves
cannot-point
con¬
y
.
.
to
empty
or
of
New
York
in
the
Arnold, ; Commanding
General,
Army Air Forces, originally
this
Co., Chicago, told the FAA
ference.
mission
a
U. S.
had
receiving the highest type of ef¬
ficient service, Robert Lindquist,
on
speaker at a luncheon of
Commerce and Industry As¬
sociation
long accustomed to
because
grave, while
grand ballroom of the WaldorfAstoria today
(Thursday), Feb. 18,
at 12:30 p.m.
Lt. Gen. Henry H.
customers
and
been
scheduled
to
address
luncheon, but word has
received
from
the
been
War
Depart¬
Washington that, due to
the
exigencies of, war,; General
Arnold
had
been
compelled to
postpone this engagement until a
ment
in
later
date.
It
is
expected
that
General Arnold will be able to be
the Association's guest some time
in March.
more
banks.
a
critical
The
revolution
Recapping
to End
According
to
;
Associated
an
dispatch from Washington,
their
D.
a
by
ever
in bank
of
public rela¬
tions but it has
C.,
the
board
decision has been reached
OPA fo
passenger
reclaimed
lic relations.The " key
technique is personnel."
was
to
-
this
eliminate, ration
control j over
brought a revolu¬
tion in the technique of bank pub¬
-
Tire
on
has not brought
than
war
Restrictions
Press
L. E. Townsend, President of
reaction
appreciated that the has come out of the sale of war the Financial Advertisers Associ¬
national
interest will be best bonds. It has proven
trade Mr. Young had the follow¬
conclusively ation, told the 150 banking and
served
by maintaining
experi- that the people of the nation financial
advertising
men
that
ing to say:
enced foreign trade
organizations want to conduct their financing, while the banking profession had
"Is
lend-lease
responsible for prepared to resume
operations on whether it be personal, business, won a fine tribute for its part
the
"reduced
business
of
the a competitive basis to
the fullest or
Government,
through
their toward winning the war, "we can¬
United States foreign trade frapossible extent whenever condi- banks and
not;through post of¬ not continue to operate after the
ternity?
Is there in fact a re-I tions may so
permit,
fices or other, agencies.. The banks war- on a
tribute, no matter how
duction in business, by and large,1
"Lend-lease
has
approached of the nation have shown that glowing 'it may be."
As
cerning
of
and
of the
as an
portion of total United States
ports,
search
reau
results will furnish
•
accounting for
This survey of radio
advertising will be conducted by
Charles • H.
Sandage,
Visiting Professor of Business Re¬
it is raised and .the form the bor¬
However,
problem did not emerge
Copeland, Director of Re¬
at the
school, announced
.
However, the
National
Georgia, Atlanta, said
T.
advertising in all
question about the
no
advertising
Treasury's ability to raise the role that advertising will play in
large amounts, of money required. the marketing of peacetime prod*
which ;We
properly release, and
aid
help,
you our coopera¬
can
real
'There is
,
or
radio
re¬
business
Professor
to
organization of this country with
participate and men of financial
operations. Every effort will
be made to see that any United background will be required to
assist
get
Feb. 12.
on
of
our
to
of
use
soon
vin
financial
thousands
the
search
commer¬
the
are
.advertising !
project
under way at the
Harvard Business
School, Dr. Mel-
leaders
of the
community, and
actively this is the financial
communities'
studying ways and means of more
job.
closely tieing in the foreign trade
home
in
as
city and town
every
post-war
will
con¬
a
■
Lend-lease
A
search
large an amount
possible to others than banks.
an
Survey
Advertising
Radio
money),
tinued and more, active participa¬
tion of all commercial banks in an
unless
such
To
"The successful accomplishment
of.
transaction, this, transac¬ effort
shall
not
subsequently be as
there
(check
such
large
securi¬
purchases
inflationary and should be kept
a
minimum,'' he said.
:
at
In. .cases', yvhere a lend-lease
government has approved a com¬
switched
bank
overflowing lobbies and
Feb. 8.
He spoke at the regional
this
adopt a 'take-it-or-leave-it' atti¬
conference of the Association in
tude.
Customers come in expect¬
im¬
mediate one until shipments of session at Chicago on Feb. 8.; Mr.
ing no restrictions in the service
Gordon stated:
to which they have become accus¬
commercial-type goods under the
Act began to assume sizeable
"Granted that the banks had all tomed, and smarting
pro¬
perhaps from
the psychological stimulus result¬ insults
portions.
and
delays suffered
in
ing
from
a nation at war, it does other
"Today, lend-lease exports are
establishments,
may
be
for
that,
"anybody, who is making a living
should have a
checking account."
•
is
-
,
Government
ties,
,
Citizens
States
larger
ent customers in more
ways, more
'
on
av foreign
country this can be borrowed from the
cash for. goods the pre¬
public, outside the. banking, sys¬
sumption
will
be
that
normal
tem.
In any event, the commer¬
commercial channels of trade will cial banks will
lend-lease
United
much
a
about
It
Where
tional Financial Advertisers Asso~
ciation and Vice-President of the
on
.responsibilities,
serve
"To
pay
the importance of the incidence of
have indicated that
to
segment of the population.
■
depend on" other quali¬ economic value of advertising in
a free
fied government agencies to
economy, Lewis F. Gordon, public
relations" officer of
the
carry
out our policies.
First Vice-President of the, Na¬ American National Bank & Trust
we
services
"War
consid¬
placing contracts.'
we
"Finally,
attendant
urged the extension of bank
'Mr; Townsend : .declared
expenditures, now run¬
that
ning at the rate of over $6,000,- every person should be as ac¬
being and will be considered
000,000 a month, will probably customed to going to the bank as
the procurement agencies as necessitate
Treasury borrowings to the corner drug store or
can
con¬
extent
will
say:
rection, trade names are now be¬
ing allowed on requisitions. They
early
basic
and
can
and
-
'
war.
coordinated
review
the
is
global direction.
"Secondly,
that
~'
.
Lend-lease
lease
procurement program, nor that it
advocates
we
following
one
that lend-
mean
advocates
far
So
the
just
set of circumstances among many
with which it is prepared to deal.
lease
results most
under
resources
at
cept—the necessity for the main¬
; The
fact that such an over¬
tenance of civilian life in combat whelmingly;
large part of war
areas///Y\: /-. ; Y/yv.
■/% ;vY Th; bonds sales have been .made by
"Thirdly, our outline of the banks, who have employed ad^
mechanics and operations of lend- vertising paid for by themselves
available, but also that they are
shipped to those places where
they
are
needed most
at
any
given
time.
The financial
aid
one
war
purchase, the aim is the same—to
multiply the' combined strength
of the United Nations by the most
efficient possible pooling of all
supplies to carry on the war ef¬
fort, whether it be military or
civilian, regardless of the methods
financing
"1,
we
internatibnal
in the
some
tary
of
flow
as
'•
steps in whenever
might
free
/•
,
question
no
.come
gain a friend, you have to
money is largely up to the banks be one," he asserted.
"The banks
attempting to who must either buy these Gov¬ have been
serving, but we have
adjust its operations so as to ernment-securities themselves or not been
serving enough people.
cause as little harm to the
export sell
them
to
their
depositors," You can't expect a person to be
machinery of the United States Francis
E.
Patton,
Executive your friend if you serve him once
as is possible, consonant with our
Manager, "7th Federal Reserve in six months. We must serve
No. 1 job of helping to win the District
Victory Fund Committee, more people, and serve our pres¬
points:
have
attempted to give you
a picture
of lend-lease—what its
basic job is, how it is doing that
as
be¬
I
so
trade.
export
arrived
mercial
In his concluding remarks Mr.
Young said:
lend-lease to be the supplying of
essential needs to these
countries,
or
use
is
pointed out that-With the
opportunities of peace, there will
or
the money to finance the war but
who
"supplies
this
borrowed
the
have
tion
change
tively
civilian
commercial distribution."
lieve," he said, "the basic job of
areas
1
and
for'
Eighth
.
Sea
our
from
ment
be noted, are
parts of Latin America under
for
There
No
should
lend-lease
.
Materials.Plan will reduce
goods, it markedly
th^lheed for this tech¬
shipped to nique.
I.;,,]•',>
British West Indies.
any
and
of
ered in
the
adequate to handle any .He
financing problem, local
Treasury, national."; .w i, •;*. f
1 v;'
with the Board of Eco¬
as
,are.
sound
Government
one
"For
| they
nomic Warfare and with members
figures.
book
lend-lease
.and
the last two years.
holders you are
over
ration
well
as
rather than actual
,
.war
Commerce
in percentages
program." "Some,'' he amounted to 50% of the total.
said, "it affects directly and some This is an average of such figures
only indirectly.
There are few, as 61% for India, 91% for United
if any, that.it does not touch."
In Kingdom, 31% for British Africa,
63% for Australia and New Zea¬
•part Mr. Young added:
A
"There
are
manyaspects ,of land, 88% for Russia, 60% for
lend-lease
which
will
interest China and 2% for Canada and the
As taxpayers and buyers of
State,
need for speaking
lend-lease
you.'
this problem in the closest cooper¬
ation . with • the
Departments of
recapping
automobile
rubber.
stated,- is
tires
This
not; to
of
with
order, it
be issued
until about March 1.
Under the present
system, ra¬
tioning boards automatically issue
certificates for recapping tires if
a
tire
inspector declares it is
needed.
dure,
Under
the
new
proce¬
holder of an "A," "B" or
"C" gasoline ration card
may get
a
a
recap
job
inspection,
delay.
done
without
certificate
or.
any
oth.er
Voi-umt 157
Issuance Of
$660^000^000 Reserve Notes ^
New ;York Industries
;
j
Pay-As-You-Go Tax, Less Group Favoritism ;
Needed To 'Battle Inflation, Says Heimann
Organize For Red Cross
*
Inflationary Action By Taft
Called Dangerous
"Eight major ; New/York indus-i
$600,000,000 of Federal, Reserve Bank
notes in DecemberZwas voiced on',Feb. 4 by Senator Taft (Republi-1
can) of Ohio, who characterized the Federal Reserve Board's move
as the "most dangerous
class of inflationary action.": Senator Taft
'called for immediate -retirement of these obligations and Con¬
them, according to advices
gressional repeal of the law authorizing
the
New-York
"Journal of®
"We
:
have'been
months of the
told
many
that the action
denied
great danger of in¬
himself has
1943
was
resources
the
for
Cam¬
The industrial group, or¬
as Section 8 of the Com¬
Committee of
and Industry
us
several
dwell¬
messages
ary
,
taken
7 "///""77
dry Co.
The
Commerce
and
something about it if
will
exercise
"In
we
economic fore¬
and
the
sight,". Up to this point, Mr. Hei¬
mann
''7/7
■
do
can
is headed by William
Jr., President of the
Fund,
Given,
Industry
Committee; of which Eugene W.
$660,000,000 without interest for- Stetson is Chairman, to date has
period during which the notes organized 278 major divisions of
ing on the damage which it would remain
in
circulation. ' From the
city's industries, banks, com¬
cause, and
ana last September
oepiemutj, ne
he ic*
re: •txr~k~ui-na^/\W «-»rUr;/>o£«
tVio "TniiT- •;
farHaH
it 'fic
mirh
a
tremendous lYashington advices to the
Jour—» mercial/houses and /the': profes¬
garded it
as such a iremenaous
" reporting
renort.intf this.;
nal of nnrnmerce
Commerce,"
this, sions.
(;. //;" ?/• / ; :
<./ ■, /'
danger that he threatened to fix we also
quote in part as follows:!
A campaign to recruit volun¬
prices and -wages himself without
teers
to
assist
the
division
chair¬
/ "That the latter was not one of
legal authority if Congress did
the objectives of the issue is ap¬ men also is under way under the
not act promptly on the anti-in¬
parent:' from the circumstances! leadership of Mr. Stetson, Bernon
flation measure. .:'
*
/ * 7..; •
surrounding the action, Mr. Keefej S. Prentice, Vice-Chairman of the
:"I
was'
the
more' surprised,
argued.
'/7 •///:.
'/•
V/ • • ]■ Commerce and Industry Commit¬
therefore, to learn of, the action
tee, and Elliott H. Lee, Executive
of
the
Federal
Reserve
Board : "It costthe;. Treasury about; Vice-Chairman.
/
1% a year To
taken in December, resulting in three-eighths; of
Serving with Mr. Given in his
the issuance of $660,000,000, of Fed¬ borrow the money which -it wouldindustrial and busiiiess group are:
eral Reserve Bank notes, which have had to have if the notes had
v James
Boyd, Eastern District
not been issued in the manner in-;
are the exact equivalent of green¬
Manager Western Electric & Sup¬
backs.
I do not know any policy dicated,"/ he said. "But in thatj
ply -Co., Chairman of the Elec¬
case Federal Reserve banks wouldj
more likely to bring about infla¬
trical; Industry Division; Benja¬
tion than the issue of paper cur¬ have had to pay the Treasury a
min Botwinick, Taxicab Bureau,
one-half of 1% tax on these notes.!
rency without reserves and rest¬
Int., Taxicabs; W. /Gibson Carey,
Therefore, as a matter of fact, the;
ing for its value on the unsecured
Jr., President Yale and Towne
promise of the Government.
~ . Treasury sustained a nominal loss Mfg.: Co., Hardware; S. C. Dug"In the name of preventing in¬ as a result of using this method
gan,'Omnibus Corp., Bus Lines;
of ~ issuing these Federal Reserve'
flation, one department of Gov¬
E. C> Faustmann, President Royal
7//77ri :j
ernment is subjecting the people Bank Notes."'.
Typewriter
Co.,
Office Equip¬
to every form of fascist, control
/"I do not want it to be thought'
ment/Leon O. Head, President
in the regulation of prices, wages that we do not.have very critical;
Railway' /Express /./Agency,
Inc.,
and rationing/ while another de¬ problems facing us in this matter'
Express Companies; W. C. Horn,
partment is engaged in inflating of currency inflation, but on the W. C; Horn Bros. & Co., Station¬
the currency."
/
/ //
77 other hand, I do not feel that the
ery/ James W/ Hubbell, President
In part the account from which people of this country should be of'
New
York
Telephone ./ Co.,
we quote also said:
scared by statements of members
■
Communications;' T. ' A. Morgan,
\
"Senator Taft said he had writ¬ of Congress or other persons into President; Sperry Co., Aviation;
ten to the heads of the Federal the belief that their currency is
Charles A. Owen, President Im¬
sent
PgyTas-you-go taxation and a lessening of group competition for
favors are two important aspects of the anti-inflation¬
battle, Henry H. Heimann, Executive Manager-on-leave of the
National Association, of Credit Men, declares in the association's
Monthly Business Review, released Feb. 15.
"Inflation/like the
weather, is something almost everyone is talking about," he points
out, "but, unlike the weather, wef.
economic
American Brake Shoe and Foun¬
for the Treasury use of
to secure
and
Cross War Fund
Red
paign.
B.
At the- same time he,
ber banks.
flation. The President
executives
the
issuing the $600,000,000
of Reserve Bank Notes to mem¬
Senate:
for
Reserve
in
Board
quoted
bureau, which in part also
Mr, Taft as stating in the
-of... the
trans¬
.
merce
Governors
the
Washington
its
aviation,
portation/ communications, office
equipment, have mobilized their
ganized
to
from
including
tries,
Criticism of the issuance of
Commerce"
669
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4152
diluted
with
tentions
and
had
have
tion
the
well-expressed
the
in¬
We
verbiage.
excess
and let
of ac¬
appearance
Yet, unless we can get sound and
complete action—and that rather
soon—the inflationary trend will
become
and
graver,
will be little
easy
■
the
of
for
thereby
from
the
stream
some
power
,,,
This
ward.
is
remove
purchasing
of the force that
onward and up¬
session of Congress
beginning to consider
proposals," he said and "sec¬
already
tax
ond
actual
the.
to
sound
taxation
prime
contribution
effort,
war
policies can be a
to
Mr. Heimann added:
/
and
and the Treasury,
obtained
had
replies
outlin¬
ing the action and reasons for it.
notes, he said, were issued
under authority of Section 18 of
the Federal Reserve Act of 1913,
The
being rapidly depreciated,
"I
am
/- ; perial Coal Corp., Coal-Coke-Ice
convinced, first, that this Division; L. D. Seymour, Vicewas
clearly author¬ President Dodge & Seymour, Ltd.,
transaction
by existing law.
When the
Reserve Bank gave the
ized
Federal
States
of the United
Treasury
a
time deposit credit pf lawful' money,
of the bank crisis.
The amended then the Reserve Bank's liability
Section 18 was passed while the was extinguished and they were
banks were closed,
in order to entitled to withdraw the Gov¬
as1»amended > in" 1933, > at the
securities
that
were
provide a liberal supply of cur¬ ernment
to
secure
issuance of
rency, in case there should be any pledged
runs
on
the banks
when they these Federal Reserve Notes. - If
opened, he said.
;
/•••;
"Section
18 provided -that no
note should be .-issued under ifs
were
.
had
authority after the President
declared by proclamation that
the
you
ury
will turn to your daily Treas¬
statement,/ you will see that
these notes are
of
obligation
carried
as a
Exports and Imports; A. W. Pick¬
ett, President A. W. Pickett, Inc.,
Automotive; J. B. Smull, VicePresident J. H. Winchester &
Co.,
Spen¬
cer/
Vice *7 President
American
Brake Shoe & -Foundry, Chair¬
man
Railroad Supplies; William
Chairman
Maritime; J. P.
White, President Delaware Laeka-
United States' Congress, To Rule On Pay//
'
* >- Of Govt. Printing Office
the
Government.
_
the war."
77
connection with
,
-
,
man¬
and
national
time he said:
'
in¬
with
that'
7
"Certainly
the
foremost
re¬
quirement, a mandate that over¬
shadows all else, is the call that
nothing stand in the way of an
'
all-out intensive effort to use our
national
win
and
resources
war—and
this
to
energy
to
win
in
it
speediest, most efficient man-"
Any, measure
introduced"
Congress which .challenges
this mandate will get little hear¬
ing from the responsible leader¬
ship of eithef party." "
/
'
'
the
/ "While
our taxation program
must be considered from all as¬
there
pects,
is
-
now'
urgent
an
A
need for action in one respect.
pay-as-you-go
program,
be
must
the first order of tax business in
Congress,
"Let
dividual
./ w
.
.
.
as
bill
tax
your
!
,
that
assume
us
ner.
into
The seebnd mandate of the peo¬
/ .7 ple is that
-
in¬
an
be
will
the year or, if in busi¬
that your, tax bill will be
$60,000. Now, if you had to stop
at the bank before you reached
$600 for
ness,
expense be spared
no
in winning
this war, but that the
funds be judiciously disbursed and
calling
grams,
domestic
normal
the
that
huge
for
pro¬
outlays
that do not contribute materially
to the war effort, be deferred to
off ice, to,,make a deposit of the
post-war period. "The Ameri¬
$2 or $200 each business day to¬ can
people will dig down deep to
ward your tax bill, it would no
get this war over with, but they
doubt
have
a
priority in ;your have no desire to
pay for non-es¬
daily thinking and activity.
sential expenditures.
The Con¬
"Yet, such an interest in forth¬
gressional leaders are aware of
coming tax legislation is merely
this and large peacetime expendi¬
the discharge; of citizenship re¬
tures, hitherto/acquiesced in; can
sponsibilities.
Thus each of us
expect to be challenged.
your
,
can
make another contribution to
victory in the
war
and stability in
the post-war era.
7
7 /
"Attention and action now may
profegs to be fighting, for and one
our negligence migRfr bequeath to
third
"The
from
mandate
the
people is two-fold. First, that the
expense of this war be distributed
on a fair basis.
Second, that pay¬
ments be arranged so that each
taxpayer can discharge his obli¬
gation arising out of the war on a
7
US.'7-rtr
/
' ,,-7
7 / /v pay-as-you-go basis." /
Taxation, alone, will not check /: The final mandate that should
the Trend towards inflation, Mr. be noted, said Mr. Heimann, "al.Heimann said, listing "other as-i though it does not complete the
,
.
.
"It is true that these notes as
recognized
in
the
T The National War Labor Board
of - March. 6,. 1933, now issued are. no longer secured announced on "Feb. 8 That final
pects worthy of our deepest con¬
had terminated. '.;/■
by the deposit of United States
7 ,•;.•/ '
power to rule on certain wage
sideration." /. / Group • competition;
f"But the President did not de¬ bonds or by like deposit of .other, and
salary increases in the Gov¬
for
economic favors is an import¬
The fact is, as I have:
clare an end to this emergency," securities.
ernment Printing Office has been
ant one.
He further commented:
Senator Taft said./."And I don't, tried .to point out, that they are
given .to a Congressional Commit¬
//"Farmers, for example/contend
believe he will ever declare an secured -by a - deposit of lawful:
tee.; /.The v WPB
announcement
they need higher prices to main¬
emergency to be terminated."
' money of(ffithe: United States; said:!'"/ V; 7;/'/7v;/'?" "
'77
tain their status quo; wage earn¬
Since the bank emergency was brought about .when the Federal /
"About r8.000 employees of. the;;
ers
want higher wages to offset:"
never
formally • terminated/ the Reserve ' Bahk v gave": a - "deposit' Government.
Printing. Office whbj
Treasury took advantage of the credit to/, the ./ .Treasurer ;, of the are under the jurisdiction of the the rising cost of living; business
vZ'7774/ National War Labor Board will men claim charges must be upped
amendment to issue some of the United States."
to meet higher taxes and other
old notes printed in 1933, he said. / An earlier reference to the is-; have their
wage or salary adjust¬
costs
and thus enable them to
of the / Bank / Notes //ap¬
The act) authorized any Federal suance
ments ruled on by the Joint Com¬
salvage a reasonable part of their
Reserve bank to deposit Govern¬ peared in these/columns Jan. 28, mittee on
Printing, of which Sen¬
earnings., 7 /
.
7y/77> ■
ment bonds or commercial paper page .367. ;-/• '. 7-7"'!.
... ator
Carl Hay den of Arizona is
"Everyone abhors inflation and,:
with
the Treasury,
and against
Chairman.'/ A .. '■ /.•'7/V'1'!/ 77/
in turn, everyone seems to be try¬
the security of such obligations
/"General; ■ Order No/ 28/v dele¬
emergency
proclamation
four
ternational policy present it
"a great opportunity."
At
wainna, Chairman Railroads Divi- well mean the difference between
sio'n..' *"-i■ /•!'' ■' "//•' /
*':■ //"'•// insuring the kind of country we
direct;
time
pointed out
was
by the American
people for the new Congress in
•
Reserve Board
again."
it
dates laid down
prices
sweeps
nevertheless,
but,,
needs reminding
us
by Mr. Heimann that
"we
of
were
war
A month ago
inflationary spiral is taxation, he
says,
of
and time
checks to the
best
that
the
understand/,,
each
er-inflationary measures."
7 One
garnered
period.
Thbse
truths are simple to
dollars
during
there
soon
fixed incomes—
on
not overlook the corn¬
us
self-evident
discussing count¬
use
the wage earner,
the business man,
ing generations—are worse rather
than better off because of
the
much less of the reality.
but
end,
those who live
"our efforts have been
says,
the
farmer,
,
on the deep-seated
that this war must be
list, is based
conviction
the
world
last
peace
that
and
war
/
must not be lost."
the
/;;
•
.
*
.
.
.
to issue its own ' notes knowm asFederal' Reserve Bank Notes,' he
declared.
\>
1
"It
that
7
:
recognized at the time
this was not a permanently
was
procedure," Mr. Taft said,'
jit resulted in effect in
the monetization of the national
debt. It was not extensively used,
only $265,000,000 being issued in.
1933, and all .but i $18,000,000 of
these have since been retired. - <
sound
"because
,
'"'"Apparently
Treasury
someone
id. the
some
back
found'.'in
U.S.-Belg. Lencf-Lease Pact
Department Corrects
ton.
'
/.
'•
'•
' U "
./ .It is said
is similar to
.;
that the
those
agreement;
entered
into
conditions/'.
of the:
..
The
agreement.
signing of the master lend-
Representative Frank
(Republican) of Wiscon- lease pact by- Belgium was
in ' our
issue / of. July • -2;
addressed. the Rouse - on the
B. Keefe
sin
prices
Cost Of Living Report
subject;"defending the ^course of
r.
\ .i
extending for two
the life of the House Com7
mittee
Business / was.
Small
on
passed by the House on Jan. 22.
The
Committee, which was
ated
in The
of
session
last
cre¬
Con¬
The. U. S. Department of Labor
has
issued
correction
a
of
its
re¬
page
22.
noted
War.
in
ments
changed from mid-Novemberf to
raid-December,, with increases re¬
nomic
"The
on
ported
4 of the < 21 cities
monthly,'.' instead of
from
c o v e r e
d
rose
on. the
1942, ;"Housefurnishings
average-9.2\ .
3J.' ii
C-
i'
UVt
'
.ii/. Jl";/
£ .1:
cost
wagev structures
Cost of Living,"
Dec. 15, 1942, which appeared in
these columns Feb. 4, page 509.
The first sentence of paragraph 4
should
read:
"Housefurnishings
on
the
average
remained, un¬
port
illusory. They add to
of prosecuting the
They bring maladjustments
lead
that
and disagree¬
production
to
They
curtailment.
sary
made the assertion that while the
are
total
the
,uv.v
On Feb. 3
resolution
,
the
emergency
A
years
reciprocal,
•
which had been
Cy6»
•
ing to evade the sacrifices neces¬
gates final, authority to ;the Joint
gress, was authorized to continue
lend-lease 1 aid
sary to prevent it, 7777//: 77/'' ,
Committee on Printing to rule on
in
its
effort
to
aid
the small
""Our fighting men have little
agreement, formalizing the prin¬
wage and salary raises for GPO
choice as to their sacrifices. Isn't businessmen of the nation.
ciples of mutual assistance against
Rep-?
employees, ' but the , Committee
the enemy, was signed on . Jan. 30
it time that we ask our pressure
resentative Patman (Dem., Tex.)
will act within the limits set for
by the United States and Belgium.
groups
to stop, look and listen
was reappointed Chairman of the
wage increases under the Wage
This was revealed iri an exchange
before they: unheedingly push in¬
Stabilization Act. passed by Con¬
whose
membership
of notes between
Secretary of
flation further along its devastat¬ Committee,'
gress on Oct. 2, 1942."
State
Cordell
Hull and
Count
was increased from seven To nin'e.
ing path?
-1!
"From the experiences of the
Robert Van der Straten Ponthose,
Several members of the House
last* war= we
know that rising
Belgian Ambassador /to - Washing¬ Labor
A
$660,000,000 of notes last September-with Great Brit¬
printed and never ain, Australia; New. Zealand and
the' Fighting French, referred to
used in 1933," he went .on, "and
in these columns of Sept. 10, 1942,
he got the bright idea that they
894.
However, it is expage
might as well; be issued now. So
a
method was devised which is plained Belgium has been extendeven more unsound than the orig«
ing reciprocal aid for some time
inal issue ~of
the notes * under without awaiting formal signature
drawer
House Will Continue 7
Small Business Inquiry
make
neces¬
the imposition of higher and
higher tax rates,'" 7
"And, finally, either during or
after
the war
period, the eco¬
men
ing
the
of
condition
small
business¬
is improved they are not be¬
taken
care
of
they should be.
Smaller
criticized
War
as
to
the extent
Operation of the
Plants
Corp.
not effectively
was
func¬
.
as
assessments "in
increased
costs,
and
taxation,
subsequent
invariably
prove
dividiials
nor
benefit
'„■>
•; y-r
■
f-
form
higher
deflation
that neither in--
the ' nation
fundamentally.
T-7
such
'*
c a n
tioning in aiding the small manu¬
facturer
to
indications^
.obtain
were
contracts
that
the
and
recent
change in the management of the
corporation. will be followed for
7:
progressive results^
■:U*.
I
ili
THE COMMERCIAL & FINANCIAL CHRONICLE
670
Our
•Yilhholding Tax At Source As Method Of
Lag la Paying
Much
is earned
in April and October.
In Canada' through the employers.
In both
installments on tax due are paid Belgium and Germany no returns
in April, June and August.
are
filed
for
But
wages and salaries
from August to the next April no below certain limits, if there is
Thus
with¬
be started in
easily than in
both countries
the
U.
S.
earnings
more
the
where
a
tax
1941
on
not settled until De¬
was
cember, 1942."'
In
it
not too
Mr.
brackets
Friedman
noted
of tax in the top
constitute
now
a
war¬
will check economic recovery
turning soldiers."
and
of
system
taxing hot
the producing corporation but the
consuming stockholder. And here¬
tax,
of
of
merit
the spending
but not superimposed
already
an
top
on
the
tax
Mr.
The
been
income
on
to
a
fol¬
statement
down
income-tax
has
the
lower
sharply
Inflation.
t
jmomptly withdraws
chasing power. Yet
at
Bum I Plan.
The
.payers
■,
the
on
for
It is
who
taxpayers
accrual
an
tax
excess
we
■•'/. ■■
•
•,
of
basis
and
1940 to
million in 1943.
an
Canada
1942 income tax
when the tax
installment
due
over
it
on
payments
only $242 million, or 0.3%.,
For
those
stable
whose
rising,
or
pay
defers
by
one
their entrance into the class
tax
to
bound to be
are
a
period of
For the top
close to 100%,
are so
at the
a
appreciably.
source
is sim¬
The employer
Treasury agent, as he is
bonds
in December but
or
For
top brackets,
on
British pattern.
In addition to the
payers
they
mandatory
„
for
During the transition to
a
which
were
effect
the
For
tax
estimated 44
prob¬
or
the
present increase in burden,
on
the
war
lower limit of income.
All tax¬
receive equal credit for de¬
pendents.
To
forgive
equally
would
in
the
-
is
$3.3
is not pay-aspay-in-advance.
Its
is R. H. Macy's D.A.
Account).
cash
your
You
before
put
buy.
you
But to the department
customers
tional.
For the
After
the
have
40 "million .small
been
brought
pay
as
this is
brackets,
if
for¬
they
the
on
account. On the Ruml Plan
but
re¬
%;%■'/
unnecessary
to
be
in
debt
the
to
the Treasury will
the taxpayers.
all
Macy's,
after
Ruml
Plan
shifted
from
one
Treasury,
be in
debt
However,
adopted the
1938,
in
D.A.
no
reverse.
They
the
D.A., or "de¬
positor's account," to the "charge
account" basis.
From cash in ad¬
vance
two years' taxes in
A complete
or
to normal
ducted at the
source
income de¬
does not
re¬
quire forgiveness.
in¬
two
years' income, or the further
suggestion that the taxpayer defer
his payments for 1942 over a series
under
in- other fields where the Ameri¬
can
public has been heavily in
Suppose General Motors, in
selling automobiles, should ask for
debt?
The suggestion that the tax pay¬
ment he,based on the average of
different.
comes
must not
Macy's." But the advertisementj
is in debt to
is
taxes
But
to
did not say "Macy's
all their customers,"
will
cash in advance and deliver the
automobile later. This is
suggested
by the OPA now in order to check
,
require
amount .of
that
the
same
lower
be.
tax
wagon"
for
or People's Auto, was paid
advance, but the people
in
never
got
the
Ruml
Plan
the
Under
car.
the
Treasury instead
of
getting taxes due to it would
be receiving cash in advance. The
smooth transition to peace.
Treasury would then have a lia'-'
bility to the taxpayer.
Now the
taxpayer has a liability' to 'the
Treasury.
If this gives him a
headache, perhaps the pay-in-ad¬
rates
vance
possible
When in the top bracket who are for¬
should be. given one year's tax would ulti¬
twelve months' mately be caught by the inheri¬
lowered,- it
are
to
pay
taxes in nine months.
Such
tance tax does not
three
a
seem
sound.
If
forgiven.
The;
months' advance would in three the money is spent it will riot be
.brackets are still low compared to taxpayer in the high brackets sets1
>
A
years make- the taxpayer almost, in- the estate to be taxed.
up a reserve or buys tax anticipa-;
other
countries.
But ' in
other
There is another difficulty in"
current.
In any' event, the filial
tion warrants.' The tax debt for
countries
the
tax
is
collected
the proposal to pay taxes in ad¬
1942 is already set aside and is payment date should be after the
weekly, or monthly at the source.
close of the year.
Thus a defini¬ vance. For the past 20 years few
available in 1943.
He does not
Such
a
method
makes
possible
tive tax return would be accom¬ tax laws were ready before the
need forgiveness.
Certainly,- the
"higher tax rates than under the
panied by a final- payment to ad-" March 15 payment date.
Therepresent basis, could, be continued
present method of paying quarter-,
just exactly for the net balance of j fore, the taxpayer would have to
'or the upper groups.
They were
ly or annually.
/
make
two
tax due.
Otherwise the taxpayer
guesses, before paying
up-to-date in the past, and they:
The British normal tax is 321/2%
must file a new or revised return —first, what his Income would be
could continue to be up-to-date
for the first $660 of taxable in¬
for
the
after the close of the
year, and second, what the
year.;:' „>%
by the same methods,
come
and 50% above that.
tax rate would be.; We are not in
The;
For
the. small
nurtax begins at $8,000 at 10%' and
taxpayer-. the "Comments on Ruml Plan .and < a period of stable tax rates.
rises to 47y2 % ovef $80,000.
:'
Substitutes.,
The Treasury might forgive up to a ; ..;
Again," under the
pay-in-adcombined normal and surtax rate certain limit of income after ex¬ i! Mr.
Beardsley * Ruml deserves vahee plan, the taxpayer would
Or
is therefore 97% % over $80,000. emption,-say $2,000 or: $3,000.
great credit: for having educated have; to make a tentative return
else the taxpayer on 1942 income
,Yo reach the level of the British
the-country on technique of taxes/ and' either a final return or a re¬
normal tax and after allowing for: could figure his tax on the lower The current
widespread interest in vised return. For 40 million tax¬
1941 rates payable in
March, 1943. fiscal technique is without par¬
"♦specifically American hidden
payers it would be 80 million cal¬
This
would
exempt or forgive, allel. The most dismal
•taxes, our normal rate could be
part, taxes, culations! 'Where will we find
those new taxpayers, taxable in
.raised by about 25%' if a with¬
of the dismal
science; economics,: enough" revenue officials" for such
1942 but not taxable- in 1941. Then,,
holding tax is adopted.
has been made to live. :. For this; a
- :
;//
job?
The problem can be sim¬
on 1943 income the tax on
wages! •Mr. Ruml deserves'-, great credit,
plified by throwing the 40 million
and salaries could be deducted at
Whom to "Forgive"
and- as
he modestly
states,/he small taxpayers into a separate
irMo -n/r.
i
v.
foe source at 1943 rates payable in w i s h e d m
erely to; sharpen category - where the employer de¬
1,
? il943.
The upper limit, whether
■Paul estimates that there will be
thoughts on the question.
ducts at the source and the tax¬
•
it be $2,000 or $3,000 or $4,000 is a
.44 million taxpayers.
But 40 mil-'
For the
However, some, of the opinions payer • files no return.
matter for technical study.
Hon will have an income of less
of Mr. Ruml call for comment/He remaining four million taxpayers
We
could
than
perhaps adopt the says that the income tax
$2,000.
It would simplify
produces in the higher brackets the return
and
the Treasury's administrative German
Belgian system of a liability on the
taxpayer.
That cannot be made out before the
'problem if it forgave the 1942 tax segregating these, taxpayers from is true. The British taxpayer has year, ends, .although the payment
the
others.
These
would
not file thrived under
lor this group or taxed them at
this liability for 100 can be required soon thereafter.
rates
down
year's
They can continue
deferred payment
middle
is
brackets
redeeming or refunding com¬
pulsory savings.
The principle is
the same; it is only the terms that
are
the
giveness
one.
as
-
payers
not increase.
tax
payable
they moved to a time-payr
ment
basis.
Instead
of Macy's
withholding tax, being in debt to the customersincluding 'supertaxes, would re¬ they allowed the customers to be
quire such forgiveness.
A with¬ in debt to Macy's.
holding tax applying to the lower
How would the Ruml Plan work
The
transition.-
cash
year's
//H/'v:
sums
that
intended! to be reserved for
basis,
last
accrued.
the present
basis.
;■!':%
on
the
bgsjis,
as-you-go
the
this
are
not necessary.
pay-
accrual
both
pay
and
reserves
A
,
on' an
are
could
served
attractive rate for payments in
advance.
,
taxes
method, the Treasury could induce
anticipation of taxes by allowing
to
forgive¬
'
Treasury which a
'withholding tax should lessen and
Our
but
you-go
store
,
the
that the' On the payment date the certifi¬
cates mature, but the tax has al¬
the Canadian ready been paid.
Since these tax¬
by lowering tax rates.
They, This method would be just as good
merely temporary.
interest
Treasury.
war
be made not
the
is
private
billion yearly.
The Ruml plan
Mr. Ruml transferred this
plan of
a department store to the
Federal
of
years, so
taxpayer could be.made good after
The forgive-
vate
and
countries is
guide.
We have other
beside tax debts.
The pri¬
debt is $77 billion and the
pay his debt on automo¬
biles and refrigerators and to buy
:
higher if the experience of Can¬
ada,,' Great
Britain
and
other
a
comparison.
$1,000,000,000
monthly.
on:
However,; compulsory saving could be used
payers.
is
great
a
not only his current tax but
also
"
merely
income
in
as
by
debts
majority of cases, the taxpayer has progenitor
been using his current1 income to
(Depositor's
are
last payment would
an
To forgive the
and
was
tax debt from year to
year is small
the plan is op¬
permitted in April,;
taxpayer it would
ness
does
not
seem
be
August.
But
from:
necessary.
mandatory.
Mr. Ruml now
August to the next April no pay¬ These top taxpayers have been on says' that we are all in debt to
ments are due.
Thus a withhold¬ a current basis for a long time. the Treasury, therefore we should
ing tax can be started there more They have a Ruml plan already. pay in advance.
Macy's used to
easily than in the U. S.;
We can They buy tax anticipation war¬ advertise on New Years Day, up to
shorten our time,, gradually and; rants and thus pay as they earn. the year 1938, "No one is in debt
tax
for those who paid no tax for the
income
continue
-
...1 /
This raises
do
keep books.
1941
can
the upper taxpayers continue to
return, because; unlike the em¬ countries that have been operative'
ployees, the Treasury agents have for many years. Great Britain has pay; the tax in the-year imme¬
had an income tax since 1842, and diately after the liability becomes
no other way of
checking the tax.'
for 101 years the British taxpayer fixed.
To
forgive the
1942
tax
for
Besides, after the war taxes
always had a tax debt. Of course,
everybody is not to treat them
Under the plan
if it becomes desirable to do any must be lowered.
equally but unequally.
The law.
of "paying in advance the taxpay¬
forgiving it would be simple to
already
provides
standards
of
do so in years when tax rates art er; will be overpaying and creat¬
equality of treatment.
All tax¬
The
being reduced, as they must be ing a problem of refunds.
payers have the same exemption
after the war if there is to be a argument that income taxpayers
without
income
solved-by the Treasury.' In
a
pur¬
have
can
have been and
to be'
in most other countries.
For the the withholding tax, the problem
self-employed, farmers, small of the remaining 4,000,000 ..tax¬
inflation, but it is not a perma¬
nerchants and professional men., payers could be -taken up later: of years, become unnecessary if nent peacetime policy.
The only
the
Joint
Congressional only the low brackets are subject case where the Ruml Plan was ap^
they could pay quarterly out of when
to
deduction
at the source and
current
plied to automobile purchases was
income, a sort of self- Committee.has completed a study
withholding,
But they must file on withholding taxes in foreign; pay currently, while the rest of in Nazi Germany. Hitler's "Volks-
has risen from about eight
by
are
becomes
lems of collection and administra¬
tion
essential
ple for employees.
threaten
source
number
million in
not
Collection
.adopting all of the features of the
?
income.1
basis and do not keep books.,
the rates cannot rise
brackets
and
withholding
A
-deduction
forgive them
deducting at
current
method of payment.
It is essen¬
tial for people who are on a cash
brackets who
conditions require.
as
in
risen
from
approxi¬
taxpayers,
new
a
less
individual
Incomes
and
will pay more later.
it possible rapidly to change rates
have
your
,
raised
■up or
tell
difficult
a
their future taxes
sharply in the lower
brackets.
People in the lower
brackets do not budget their in¬
come or keep books.
Therefore a
withholding tax is desirable. The
.withholding tax would also make
.
of¬
British
can
Deduction at. the .source is merely:
of
expenditure."
on
Friedman's
lows in full:
what
source
year
graduated
steeply
graduated tax
the
S.
the Treasury could
and collect tax by
year
income tax," and he asserted that
."we must eventually shift from a
.graduated
U.
the
mately 30 million
"We must," he
said, "study the defects of the
corporation tax and the merits of
lies the
and
in
people
For people with taxable incomes
prevent re-employment of the re¬
in
return
below $2,000 and for the
sacrifice,
British
smallest
June
that
diffi¬
tax
current
cases
the 21 years of income tax collec¬
is paid.
In Great Britain on earn-,
ings through December the tax i's'J
due in one lump sum next April.
For the wage earners the pay¬
ments are made every six months,;
within
twenty-one days of the;
close of the half-year,—April to
October, and October to April. In,
Great
tion this constitutes.
cheerfully borne.
But after the war such high rates
the
a
the
even
committee
some
"the high rates
time
file
ficials
early for its experts
post-war prob¬
consider
lems,"
Britain
But in
costly problem of tax administra¬
advising the Committee that
is
"to
outside income.
no
the
of
:
government
received
culty is caused by the long lag be-! tion, the
The total tax abated
tween the time when the income $82.0 billion.
(Continued from first page)
payments are due.
holding tax could
Makes
Taxes
Transition Difficult %
Thursday, February 18, 1943
plan would give the Treas¬
ury a headache.
It would become
bank.
a
7
Foreign
Experience
'
,
:
.
,
j
•
,
Deduction
at
the
source
has
been applied in other countries. In
Belgium and Germany a with¬
holding feature was introduced
simultaneously
with
tax in the 1920's.
the
income
The wage earn¬
ing class files
no returns.
Instead
the income tax is deducted
weekly
or
monthly according to a chart
the
normal
tax
plus
showing
super-tax for single persons, mar¬
ried, with allowances for children.
Neither
Belgium
nor
Germany
had the problem of transition.
In
both countries
taxpayers must file
a return if
they have other income
above
a
certain limited amount. In
both countries all taxpayers are
pay-as-you-go
basis,
subject
however to the. adjustment for
in the
super- taxes
Canada
upper
introduced
holding tax, not because
that the taxpayer
brackets.
the
with¬
of worry
in debt to
was
the
Treasury, but because the
Treasury wanted to get the taxes
in more quickly.
The withhold¬
ing
tax
introduced
was
in
.
.1941 rates,
so
forgiven
that many would be
automatically. They
currently. The
return.
But the deduction
by, years. Such a liability
the employer at the source, week
one's productive life.
a
could then be taxed
ly
•remaining four million taxpayers
incomes over $2,000 could
single, married without children,
with
continue to stay one year behind.
That administrative problem for
this
group is manageable.
It has
been manageable from 1917 up to
Hate, including the 1921 deflation,
the 1980-32 panic and depression,
and the 1938
collapse. If the little
people's tax administration could
be further simplified by dispens¬
ing with the filing of a final re¬
turn,
the Treasury's field men
could
check
the
little
people
or
or
monthly,
married
would
with
differ
for,
children.
or
The
to escape is to die
incompetent.
.
!.
or
only,
become
!-•-'.
-
•
In
other cases, where the
taxpayer is
self-employed
way
ru^sjhutrm'g
has income from
Proposals have been made that
the
1942
tax
should
be
paid over
series of years.
If deduction at
the source is applied only to the
turn, it
should
be
possible to
lower brackets, the rest of the'tax-'
shorten the time of the last
pay¬
payers can pay in the immediate
ment from December to
August, year following.
Again, Mr. Ruml
as in the case of
Canada, or ear¬ says that people did- not save
lier.
The question of
graduating money out of last year's income to
pay the taxes on that income. This
the amount of
securities and
he
a
file
must
a
re-,
.
forgiveness
schedule likewise is
a
on
a
matter for
further technical study.
.
-Again, Mr. Ruml does not pro¬
pose that corporations pay in ad¬
vance
individuals
the
for
tax
paid.
other liabilities.
Installment debt
not
buy
owed
Mr.
on
the
withholding feature in September,
for wages.
but
to
be
The wage earner
assessed
not by years
by half years, from April to
October.
days
He
had
after
to
the
pay
end
within
of
the
period.
days lagged.
But our
lag from Dec. 31 to the
following Dec. 15.
billion,
does
introduced
by
Rockefeller
the installment
September,
$7
Such hardship plan.
Britain
1941
in
almost
people.
well
taxpayers.
Therefore, it was easy to
introduce a withholding tax when
outstanding
was
vast
think
new
,
Great
21
.has
was
Treasury gets the money
when and where the
money is,
The
public
1941
Canadians
of the plan for the
1941
American
The
Sep¬
by Augustj
completely
The
used
current income has
or
that
1942 because
Taxpayers in the upper brackets
do likewise.
Why do we have to
"catch up on tax liability alone?
little
disappeared
only
tember,
accrual basis and set up reserves?
is indeed serious for those whose
sharply decreased.
but
and partnerships should.
Why are
the corporations not included?
Is
it because they keep books on an
on,
•a
These little people's income
only
21
workers
To introduce
a
withholding tax
I'
we
was
great tasks of > peace.
"Our unity of purpose must.be
based upon two unalterable re¬
solves:
To
destroy utterly the
IOwa Law" School from
forces of dictatorship, tyranny and
the
and the date of the last tax
year
three
period "of
a
Or else, we
forgive a year's
four years.
or
would
The lag could
■
within
reduced
haye
to
inhumanity
Germany
tax.
Britain
Great
divi¬
on
dends, but they never taxed the
corporation itself as we do.
The
British taxpayer, not in
the
preceding
forgave
ministration
In
Jan.
the small
of
There
,
■
our.
he
committee
the
most
tech¬
tax
some
of
The
high
constitute
the
in
tax
brackets
cheerfully
top
sacrifice,
a
borne during the war.
:
of
with
which
we
war.
of invest¬
source
we
the
study
must act.
defects
of
United
States
fidence
that
with renewed
The
"shall
they
torious."'
We
con¬
was
Dwight
Gen.
Allied
merit of the spending
ficers
of
now
already steeply graduated
income tax.
We must eventually
an
to
in¬
graduated tax on ex¬
a
The businessman who
penditure.
living, hard working and
and
the
The of¬
assault, those who
carrying
the
same
basis
as some
incom¬
petent wastrel who drools away
inheritance.
In the fervor of
his
aroused
Mr. Ruml,
let us not forget some of the fund¬
amental
principles
of
taxation
which will be just as pressing no
matter what part of the Ruml plan
discussion
we
by
adopt.
490.)
Feb. 4 issue, page
other
the
to
of such
System
of
the
approved
Reserve
elected
be
the
by
tative to
and
the Committee
Boston- Reserve
Plans
for
the
of
or
Corporation Counsel.
as
President
Roosevelt
congratulated
the
Organizations
issued" niversary
Character and movement of
"1.
of
troops
to
message
York
its
work
the
United
States
our
"3.
The
tary
fact
of
nouncement
tinental
including
air
United
of mili¬
effect
or
operations,
raids
therefore, and of our forces
their lines, I say to the
USO; 'well done!'"
men,
behind
an¬
on
con¬
the
States before
Other letters of praise were re-.
all-clear has been sounded.
ua
u/r
strength
or
i
l
,
of
United States
air
or
.
.
...
units
ceived
..
the
of
i\:om
Secretary
of the
United Nations.
Navy Frank L. Knox.
At the luncheon John D. Rocke¬
"5.
Location,
description and
strength of fortifications of the feller,-., Jr.,
United States
"6.
or
Specific
United Nations.
information
from
reviewed
and
Honorary
the
work
Chairman-
Production Board.
of
War
the
WPB, represents
an
important
step in the • development of over¬
Com¬
by
of orders, in¬
supply in short
redistribution
the
USO
.
"•
which the enemy could eliminate
"Before our work is finished, it
the extent, progress or location of' may well be that the lives 'of-from*
American war production.
This;five to ten millions of men may
includes details useful to sabo- have been touched by the USD.
teurs.
What
Current weather conditions
weather
forecasts.
"8.
transmitted
at
Hoving,
National
reported
that
1,215
the
Rumors
States
48
and
war
of
of
disclosure
premature
camps;
diplomatic
ments
negotiations;
the
a
President
the
organization
clubs and units in
in
and
Medal To
President
other
offshore
16
hemisphere bases, operated,
staff of 6,000 workers and:
v
-
Vandegrift
move¬
or
Chairman ot
of the USO,
Board
the how has
discretion.)
Miscellaneous:
challenge!"
a
Walter
(Descrip¬ the
local weather condi¬
be
may
Roosevelt
presented'
detri¬ the Congressional Medal of Honor
the on Feb. 4 to Maj.-Gen. Alexander"
United States or United Nations; A.
Vandegrift
of
the
Marine
any
other matter which might Corps for "outstanding and heroic
bring aid or comfort to the en¬ accomplishment"
under
adverse1
emy, interfere with the war ef¬ conditions against Japanese forceu"
fort,
or
disparage
the
foreign in the Solomon Islands.
high
-
This move, it was announced by
■
Chairman,,
of
said:
600,000 volunteers.
Nelson,
War
of
iHenry L. Stimson and Secretary
by
by Donald M,
President^
spiritual values of the DemocraticIdentity and movements of ideals and freedoms for which
or
merchant ships; inforjthey shall continue to fight until
mation
about
ship sinkings or victory is won.
"On
ship construction.
behalf
of these
fighting
which might render aid and com¬
Feb. 9
in'
luncheon
«?
fort to
the; enemy;
information
about internment and prisoner of
on
an¬
done."J
without regard to race,;
color, of the moral and
men,
creed or
and
"task
nounced
second
the
the
forces," to participate in
campaign for breaking bot¬
tlenecks in production of critical
common • components
were
an¬
Service
"well
a
City,
4/
Feb.
United
on
for
USO
on
naval
tions
all production scheduling, involv¬
/• ing the cutting down of backlogs
Roosevelt,
and
Petroleum
United Nations.
tions of past
committees,
Ser¬
cover
all outgoing press the American people have given
dispatches, periodicals, books, pri¬ it their support, and how unitedly;
vate and business letters, cable¬ and effectively the USO has per¬
grams, radiograms, telephone mes¬ formed its- mission.
"USO accepted a great respon¬
sages and all other types of com¬
munications.
sibility, and has discharged it
But more than that, it has.
Byron Price, Director of Cen¬ well.
sorship, listed these general clas¬ stood for something beyond praise
sifications of prohibited subjects: or price—the preservation for all
"7.
organization
industry
Civil
tions,
censor's
special
Municipal
"As
the
USO
The new regulations, re¬
approaches
its
placing separate rules for postal, second' anniversary, we all know
cable and telephone communica¬ how
cheerfully and generously'
Banks.
com¬
mend you. '
mander-in-Chief."
on
serve
To Break Bottlenecks/
the
"President
banks,
WPB Announces Plans
of the armed
Africa-—!
three
or
the
President Lauds
and
be victorious.
North
two
Mr. Sproul served as
representative of the New York
with the best
world can pro¬
duce, led by men who have proved
themselves in battle, and all im¬
bued with the will to win, shall
men
The
Banks
Last year
the
"Officers and
Reserve
;and each group elect's, a represen¬
renewed
with
States
of New York.
from
States.
represen¬
Federal
Federal
11
containing
equipped
in
Governors
was
on
Feb.
4
uniform
regulations In a
governing all communications en¬ New
tering
and leaving the United said.:
divided into four groups, each
are
confidence that the American sol¬
forces
(Mr. Paul's statement before the
Committee was referred to in our
■
take
equipment
is
one
serve; Bank
ness, your
diers,
Act,
mem
Federal Re¬
the
to
which
of
Banks
alert¬
employment, should not be taxed
the
of
Reserve
representatives,
Act,
tatives
in
funds in business and thus creates
on
Reserve
Board
July 7, 1942,
are
at the front
on
"I could not but note your
United
the
Federal
five
amendment
mendation.
you
of
the
serve
with
landed
who
men
of
men
smartnessand the pride
in yourself and your
splendid equipment,
I return to
high thinking, and re-invests his
Section
Reserve Banks chosen
annually. In accordance with an
Tunisia, and those who are train¬
ing. themselves for future combat
are deserving of the highest com¬
follows the old American doctrine
of plain
and
initial
Market
'
by
Board of Directors of Federal Re¬
leaders
the
R.
Leslie
Federal ;
in
increased assurance
deeper feeling of pride in
a
Federal
and
D.
Headquarters
of; the
of
/■;■ i:':'
made public
"My brief visit to North Africa
and
the
come
of the
of the Fed¬
Open
created
bers
vic¬
be
Federal
Committee12A
North Africa:
the
on
re-elected
as'amended, consists of the
',
■
message
Lt.
by
tax, but not superimposed on top
graduated tax
of
Feb.
9,
by statute,
elected
offices
affairs
1914; including member¬
the Board of Education
on
on
Open Market Committee for
also
Lend-
various
City
Commission; Treasurer of the
Bureau
of
Municipal Research/
8,
President
member
a
The
■
rica, released on Jan. 28, President
Roosevelt said he returns to the
American armed forces.
a
as
Navy,
Administrator,
The Office of Censorship
Bank
on
have-
Sproul,
vice
tor.
Rounds, Fifst Vice-President of
the bank, as an alternate to Mr
Sproul to serve in His absence.
Victory fn Africa
consuming stockholder. And here¬
shift from
eral
a
has given me
lies the
Reserve
directed'
Directors
bank,-
message commending the
American soldiers in North Af¬
In
corporation tax and the merits of
the British system of taxing not
the producing corporation but the
in
the
Allan
Secre¬
Censorship Rules
For Messages From U. S.
announced
now
the
held
York
to
ship
and
as
and
mat¬
claim¬
New
Federal
as
War
of
ease
/'/•
Directors
by liberating the
ment funds that
issue of Oct.
our
the
14
Rico.
Polk
Administrator and Rubber Direc¬
beginning March 1, 1943,
and:ending Feb. 29, 1944.
The
from
not
out of tender mercy
must
in
York
that
are
for the rich,
but to quicken private enterprise
is
Govern¬
department, the
from private life.
resignation of Mr. Byrnes
agencies, such
taries
,
Eisen¬
hower, commander-in-chief of the
Allied
expeditionary
force
in
North Africa.
It follows, accord¬
ing to Associated Press advices
It
from,, the
ant
or
The
New
hope soon to comment
of the more vital phases."
|
But after ;:
further revision.
Supreme
Open larkef Com;
impor¬
FOB Confident Qf U. S.
the returning
soldiers.
In total yield the high
rates are
not productive to
the
Treasury. These high incomes are
the source of risk-capital and ex¬
pansion.
The Capital Gains Tax
so successfully amended last year
needs
the
in
letters
the heads of the
ter to
Sprosil. Me-eEected To
de¬
timely, are of
far-reaching
Puerto
Mr.
the Production Vice-Chairdirected
man
the year
war
re-,employment
seven
.
the
shall
on some
such high rates will check
economic
recovery
and prevent
the
and
>
"I
bench,
executive
page 1273,
conference,> which
associated in this
consider
problems.
post-war
rates
to
the
most wise and
nations
Federal
previous
to
were,
a
noted
was
tance," he said. "They will prove
of the greatest interest to all of
deserves
But it is not too early for
For
credit.
the
of
this
defects
/:;;//"
,
proceedings
of
on
decisions of the
were
Mr. Ruml has focused attention
the
the
conference /Secre¬
African
cisions
New
from Republican
the
nique.
gratification^,
the
over
"The
Post War Problems
on
be¬
•
expressing
20
tary Hull stated:
re<-
Germany,
Great
Britain'
and
Canada,, who could be consulted
by your Committee's experts.
;
Court
Senate
The
North
■
in
available
are
York tax experts
tax
y
from
Roosevelt's
ment's
The British never
tax. The cost of ad¬
tuins is very great.
Mr.
the high
on
veteran of the
a
in
1906
vacancy
was
eral for War Produetioh Schedul¬
the
when
.a
Christian morality on
ever
He
Spanish-American War, in which
he was a captain, and later served
has'filled
once
firmer and
School.
be¬
are
in> New
court
Japan;
yice-Cha^rman; and
ing developed and carried out by
Ralph J. Cordiner, Director Gen¬
marks the first time the President
fore."
year.
any
and
671
ing,, who reports to Mr. Wilson."
The
drive began
on
Jan. 20
appointments
the
in
received
income
Italy
and
tion
of
1935 until
The naming of Justice Rutledge
exampled today in
broader foundations than
the wage
each year
earning class, still pays
as
University
1935? when, he .was named to
Court'of Appeals.
that is accomplished, to
press forward with the task of
building
human
freedom
and
and,
had deduc¬
long
tion at the source of tax
on
the
of
Dean
victory, in the performance of the
income
of
end
the
payment therefor:
;
FINANCIAL CHRONICLE
would have to reduce the lag
between
be
^HE COMMERCIAL &
Number 4152*
Volume 157
officials;
mental
propaganda
the
to
efforts
war
of
,
relations
of
the
United
States
or
Postwar
Gen.
Vandegrift, a native ot.
United Nations."
and, in general, adapting
Charlottesville, Va., thus became,;
.'
Director
Price
announced
Feb.
said
the
Associated
the,, particular industry for more
Press, the,
intensive production. : The WPB TO
slightly amended codes for first marine in this war to win-
•;
%
labor
creasing
r
plants
Unity For
WiSey Riiildge Seated
Peace Pressed By Hull y On'Supreme Court -/
Secretary of State Hull declared
Jan. 25 that the peoples of the in
on
United Nations must stand united
victory in the performance
after
B.
on
Rutledge
Feb. 15
as
an
was
sworn
Associate Jus¬
tice of the United States Supreme
Court.
Witnessing the ceremony,
great tasks of peace.
performed
in the
court, were
message of greetings to the members of his family, members
of
the
Court"
of
Appeals and. the
participants in a United Nations
discussion
at
Constitution Hall, Federal
District
Court
and
a
tatives.
Washington advices:
Constitution
"The
of
the
group
well
large.
as
depend
upon
of
the
and
rank
great
the deep
conviction
file
of
peoples which make up the United
Nations.
"It is therefore or
WPB,. after careful review.
planned,
moreover,
that
is
facilities will
the
into
Smaller
.
•
-
picture
War
"Critical
which*
Plants
common
be brought
through
the
Corporation.
components
causing trouble include
parts and* accessories of planes,
.ships,
tanks,
guns- or other cam¬
[' Mr. Rutledge, who was . forr
meiiy an Associate, Justice' of1 the paign: material for which manufacilities are limited,
U.. S. Court of Appeals for the jfacturing
but which are needed in- greater
District, of Columbia, was nomi¬
quantity...
nated-by President Roosevelt on
proiound im¬
Jan,
11.
The
Senate
portance that the peoples of each the. nomination
of these
United1 Nations should ' Senator Langer
understand
and
ideals
the
the
8,
united in
free
countries
fighting
to
the
tober
Vacancy
when
created last Oc¬
James
F.
Byrnes re¬
country
from
such
signed to direct the Office of Eco¬
and slavery as the Axis
powers seek to impose.
We must
likewise stand united, beyond the
pointee is 48 years old and a na¬
free
and
and
all
keep
our
tyranny
nomic Stabilization.
The
...
with
(Rep., N. D.)
thoughts, ,, the voicing the only opposing vote.
of the
Justice Rutledge was named to
fill
are
confirmed
Feb.
purposes
others:
"We
on
new
ap¬
tive of Kentucky, but claims Iowa
as his residence.
Justice Rutledge
Frank L.
All final decisions
are
,.
mentally
from
"Among such items upon which
is, being focussed are
attention
i
gears,
valves, Diesel and gasoline
engines,- crankshafts, compressors,
;
pumps, heat
rods
and
tubes and control in¬
to
York
City.
Mr. Polk
old.
dent-in
candidate
and
had
to*
as
He
of State
been
first
1920,
then
State.
as
Under
was
from
break
these
bottle¬
originated in the office of
Charles E. Wilson, WPB Produc-
Pa¬
canal until
they
were
recently re¬
The citaW
accomplishments
it
above
for"
was
and
be¬
Counselor
of
Secretary
December,
9, 1942.
Leaves Mediation Board
associated
Secretary
Acting
to Dec.
Presi¬
State-Department from
with-the
1915
for
1924, is senior partner.
Polk
Mr.
Nimitzy
the
Gen. Vandegrift com¬
the Marines on Guadal¬
lieved by Army forces.
tion on the medal said
Polk, Wardwell, Gardner 7
Reed, of which John W. Davis,
Democratic
W.
of
iaw firm of yond the call ofduty from Aug..
Davis,
&•
1918,. to
July, 1919, when President Wilson
and the then Secretary of State,
David
J.
Lewis,
formed
President
Jan.
that
31
he
of
Board, in¬
Chairman
the National Mediation
Roosevelt
would
not
on'
seek"
reappointment to the Board.
Lewis, who is
Mr.'
former Maryland*
a
Representative
in
Congress,
saicl
Robert
he wished to retire to private life"
at the expiration of his term ori
ican
Feb.
.Lansing,-headed the Amer¬
delegation to the Paris Peace
country
went
ican
,
abroad
1919 Mr. Polk
to head the Amer¬
in
delegation, during
six months of
struments.
necks
years
partner in the
a
mo¬
tors, starters and generators, boil¬
"Plans
71
was
was
New
Conferences Upon their return to
exchangers, welding this
electrodes, electric
ers, vacuum
He"
in
Chester
cific Fleet.
Polk, Under Secretary manded
home
his
Admiral
Commander-in-Chief
F. L. Polk Dies
within
peace
desires and underlying
as; a
at
smaller
administered by
set¬ Chief Justice Harlan F. Stone in
tlements concluded at the end of the presence of the other ' seven
the present conflict will funda¬ members of the court.
nature
both the Congressional Medal and,
lessening others the Navy Cross. He received the
result of war experience.
latter last October at Guadalcanal'
and
of State in the Administration of
President Wilson, died on Feb. 7
It
oath to support the
was
and radio, increasing certain
relating to matters such as redis
tribution of orders will be made
o
of Senators and' Represew-.
The
restrictions
-
a
Washington, Secretary Hull said,
according to the Associated Press
press
"The plan is a simple, straight¬
forward,
emergency
method of
breaking industrial, bottlenecks by
the most intelligent utilization of
all industrial facilities, small as
of the
In
announcement further stated:
was
versity
a
final
its existence.
A native of New York
Polk
the
City, Mr.
graduate of Yale Uni-
and
the
1.
He
Board- by
was
the
following
1939,
campaign for
a
appointed to the:
President
an
in
May,
unsuccessful*
seat in the Senate.
Mr. Lewis served six terms in the
House
1910
U.
of
and
S.
Representatives
was
Tariff
Columbia Law 1917 to 1925.
a
member
Commission
since
of
the
from
THE COMMERCIAL & FINANCIAL CHRONICLE
672
March" 21..
Revival Of Agricultural Credit Corp. Held
the U. S.
Regional Agricultural Credit Corporation by
$225,000,000 of additional farm credit was characterized as inflationtary, as a further.step in the extension of socialized credit, and as an
unnecessary measure by W. L. Hemingway, President of the Ameri¬
can Bankers Association, in a memorandum filed with Secretary of
Agriculture Claude R. Wickard,
analyzing the plan, which memo-' and undermine the country banks
randum became available on Feb. by increasing its already consid¬
Mercantile-Commerce
the
and Trust
•
Company of St. Louis,
Mo.
The-
ah increase in military re¬
quirements for shipping and the
need for, maintaining imports\in
strategic war materials, were in
part responsible for the reduced
inventories for the:, next ration
period.
V
"However," the' OPA,' said,
"steps are now being taken to
...
.
■
,
labor in those fields if
that
domestic
maldistribution
a
overcome
competition
subsidized
Hemingway is President of erable
Bank With them.
8. Mr.
1942 Nainfacliires
Maer'al,*": the
4, expired at'midnight
food and
Feb. 7.
Department of Agriculture for the purpose of putting out
reduce the financial .as. well as the
;Stamp No. .28,. vfilid
Agricultural, ' the
othqr home front strains.
In.
Any ' eveftt, we - must have' more
OPA;rannouncemenf_said
since Jan.
Inflationary, Step To Socialized Credit
•The revival of the
Thursday, February 18, 1943
due
stocks
to
According to the latest Depart¬
maintain all national strength.
"Such
ment
of
Commerce
estimates,
a
program
might not
meet the Views of the generals or
made available Jan. 28, the. gross1
value of United States manufac¬
admirals
who, of necessity, look
the maximum military
tured
only
to
products
in
1942
was
$121,000,000,000, more than dou¬
activity, but if is a serious consid¬ ble the $57,000,000,000 reported by
eration that we might break the the Census of Manufactures in
back of our pepple on the home 4939, and
exceeding by 30% the
■
on
a" cut
Pol Al $121 Billion
to
are
we
^
:
w
-
w*iv
vvuu wu
VJ.
j.rAui J.wxuv,nu
ill
front and start internal degenera
$94,000,000,000 reported for 1941.
tion,- such1 as - is now the fate of
"The value of products repre¬
Germany. We should not imperil sents the selling price at plant or
it by doing too much too fast.
factory," Secretary of Commerce,
Especially when time runs in our Jesse Jones said. He added:
in
../
imports, with a view to relieving
"We have given careful consid¬
shortages in certain areas."
eration to this plan reviving the
mstm
out RACC and it is our considered
.)-. "Excluding, duplications, esti¬
opinion that it is a further step WPR Transportat'n Group favor-." socialized
Mr. Hoover in discussing the mated at about one-third, which
duction are labor and machinery toward
credit, infla¬
The Office of the Program Viceresult from the fact that the fin¬
shortages,
rather
than
credit, tionary in character, wholly un¬ Chairman of the War Production /'Home Front" stated in part:
ished products of one firm often
which is ample.
and
that
it, should Board announced on Feb; 1 the
It stated that if necessary
"There are evidences of future
The
memorandum
pointed
in food pro¬
that the bottlenecks
farmers
of
induced to in¬
to be
are
production in spite
hazards involved, a plan which
would
remove
father
than
of
fear
their
more
loss
is what
credit
is needed, and suggested the con¬
sideration of the cooperative crop
insurance and other measures as
solution.
a
Mr.
.
therefore be abandoned."
,
Govt. Need for Economists,
Because of the urgent
economists,
and
economic
portation
need for
analysts,
statisticians for civilian
service
in
Govern¬
Federal
the
war
sent
with
a
letter of transmittal dated
tionwide
,
,
498, again emphasizes its op¬
page
position thereto, and in its memo¬
randum says in part:
::
"Credit is not a bottleneck in
food production,
Ample credit is
The principal bottle¬
manpower and machin¬
available.
necks
ery.
are
'
to
$8,500
a
hours overtime a
week, when the
aggregate does not exceed $5,000
a
year.
"The
greatest
fields
good, farmers hesitate to go
plans beyond their: ies,
F,or
economist,
normal capacity to produce, it is international
trade,
debt for
because
rather
of
the
in
is
need
of
transportation,
labor,
commodities, and industrial stud¬
"If
into
overtime,
plus
year
which increases salaries by about
on
the first $2,900 for 8
21 %
of
these
than
because
credit.
bottlenecks
banking,
marketing,
and
money
housing
and
also
are
of any lack: important fields.
Experience in
farmers are to be other lines will also be
utilized;
If
/
V
the Committee:
Office! of
Defense
■
•
,
.
With,
each
other
several
.and
Navy. Department
agencies,' operated
credit
under
the 'supervision' of the Depart¬
ment
of
Agriculture
in active
competition
There is
no
these
with
banks.
need to establish an¬
other such agency to push
out an
$250,000,000 of credit.
additional
'
"On the other hand, the offer¬
ing of excessive credit to farmers
for production is inflationary and
will lead to the bidding up of the
machinery,
livestock,
of
prices
and Other things farmers
is
of
It
buy.
just as inflationary as the use
the
for
credit
excessive
pur¬
war
Mr.
of the
from
materials,-, etc. Positions will
located'itjhvpughout the jynited
war
States
and
a,
few will
be' filled
)_
abroad,
*
"Requirements for the positions
have been lowered.
In general,
only 5 years of college or univer¬
sity education or experience in
economics or statistics, or. a com¬
bination of the two, are necessary
for the $2,600 grade. The mini¬
mum requirements for the higher
grades are proportionately great¬
'v:
national
value of money over
five years will make
Concern
fatal
error
a
over
I by-four
speakers
at
the
them
to
perform
and
work
to
the
accounting
handle
the
move¬
Coffee Ration- Cut to
The Office of Price Administra¬
every
to
the
the
strange
such
3
reduced-the
from
next
oft/e
"If
the hands of wholesalers and re¬
war,
tailers made necessary the reduc¬
tion in- the next ration.
effort
it
seems
that
the
these
as
all
•
the
facts
Stamp No. 25, the next coffee
of stamp in War Ration Book No. 1,
more
Department
-
contrast to
that of these
other departments of
be
valid
on
Feb.
8
and will
good for the purchase of one
Government pound of coffee through midnight
ume
'of output.
for in part'by the1
"prices over the •period.,'
accounted
'
merease in
fhe
30%
jt i
was;!
in
1941
"was"
there
a
record-"
eachlSspeech.. Goy-::breakiiig output of consumer dur/4
/
said,We must re¬ able goods superimposed upon a
member
that the ■) freedom we heavy volume of construction ma-1
work for and fight for is the only terials and the
beginning of the
CAI
mxtMA
A
v»A
mn
-
1_ 1
-.1
^
"1
•
_
,
offset by the increase in the pro-;
estateproblems.
A four-point duction' of munitions and of ma¬
/program laid down by Mr. Cruik- terials for peak level- construction
activity.
;shank was:
r
Most of the non-durable goods'
i
"/Do everything possible to aid
/ dealt mort - specifically with real
;
..
,
,.
i the
war"
industries
effort..:
;Ffont^)*th'e:;'<%ar;-FzdBi/!:
•
■
we
I)/'-Realize/ that curing; local ills
/is helping to improve the national
i picture
:
that
and
the
therefore
present vicious overassessment of
the
•
■
.
-
'
'
"
in
our
favor
in
possible over-fast
the
of
some
munitions
realty
must
be
cor-
:.,
.,"/
.•
every
';
as
it is by
revision
of
our
,
pro-
the war effort and by demanding
that
present war regulations end
when firing ceases.
pro¬
,,
and
whole program
■
•
"./Make
war
a
contribution to post-
planning
by
s
thAt
insisting
Such planning be devoted
first to
the system of
of national production and supply
private, enterprise which has made
based oft* the bottleneck- limita¬
tion.
It is possible
that-this-would:
in-;
factured foods, clothing arid tex¬
tiles scored the largest
gaips dur¬
ing
Increases" ranged
the
:from
year;
25%
in
textiles
preservation
of
*
eur/country ^ what it is/-''
.
.
to'' almost
group;
...
.
Cuneo Quits WLB Post
.
John
bureaucratic
/posal not,-absolutely essential to,
the
shipping bottlenecks,, it would
at least warranted .to study
registered.
the value of their prod-ucts in 1942. The value of
manu-;
legislative creation of 40
% ift the,apparel
means
for assessment
'Preserve America
resisting
.
seem
a
by
/adequate.
.
runs
duction
York
New
! rected
Bdttleneck/"
:
also;
creases in
problem,, viz., the /review.t.
and said:
pound
essential
as
the
three) immediate
put all .these three facfive weeks to one pound ; tors
together, : of
the
obvious
six weeks. The OPA said strains on the. home; front,- that
Agriculture should take a position became
in
Feb.
ration
time
war
indicate,
on
coffee
in
■ •
"The. Shipping
that reduced coffee inventories in
are
rep--
gain in value of prod-;
imodore; This: is / learned, from- the. :acts
from 19>41)to 1942 represented
| New York * ^times'"/ which/ noted an average rise of 10% for whole-'
that the speakers were Governoi; sale
prices for industrial products,/
n
outlined
"Home
and
in 1942 and they will do
banks
18% im the physical vol-'
1942
average
r
factors
tribution to the Food for Freedom
again.
crease of
1941'to
rise of 10%/
in wholesale prices for
industrial;
products, combined with an in¬
[of New York in the Hotel Com-
,home front and thus damage our.
effectiveness in ultimate victory."
War,
-
One Pound In Six Weeks
every
"If
an
.
country banks made a vital con¬
so
from
resented
.
tion
program
of
about
In a formal. statement to. the /basis on which a lasting peace armament
program,
Ift 1942 the
"There are no age limits/and no committee, the former President ican -be built.1" • /■•,
'
•...
sharp decline in the output of
K.\\ ,))') ■■••. 1 /""Mr.: Short and Mr; Cruikshank consumer/durables was
written
examination
will
be warned:
more than,
er.
ment of the coupons used in the
Government's ration system. The
,
of
products
annual ;is
.
upon
1943
postwar world
j dinner "Of: the;' Real Estate Boqrd
we may commit the fth.e keyftote„o£.
D
of overstrain on the ernor Baldwin
.
called
value
net
a
in
Further indicating the1 Depart¬
ift * which the,-/American people ment's advices, a'Washington ac¬
/might not be able to get back the count in the Chicago ^Journal of
[liberties; and privileges that they .Commerce" said; ,/
;;)y,t • -}
i have relinquished ;willingly to aid
The rising trend fot the Value of',
ithe war* was expressed on Feb,. 6 manufactured
products since 1939;
military side,
,
has
yield
$100,000,000,000,
.
"There is a limit to our capaci¬
Applications will be ac¬
cepted until further notice, but ties and resources, great- as they
And in our planning we
qualified persons are asked to ap¬ are.
"Other departments of the Gov¬
ply immediately, Applications are must at least prepare- fop a long
ernment have recognized the im¬
not desired from persons already war. ; :••:; ;':portance of the banking system
using their highest skills in war
"Including,the. defeat of Japan,
and have drawn upon it for war
work. War Manpower restrictions we must
"envisage, nat' .least three
service.
The War and Navy De¬
on
Federal
appointments
are more years! of war, and. a prudent
partments and the Maritime Com¬
given in Form 3989, posted in nation would possibly envisage
mission have depended upon the
first- and second-class post of¬ five years."., ;v\/~ ,/ ;
;7/\(
banks for production credit for
fices,"
Mr. Hoover, who/was • Food Ad¬
industry. The Treasury has relied
tm
ministrator
in
the - first
World
upon them for the success of its
Administration
would
•
culture has taken a firm position.
The Office of Price
total
a
Raymond E. Baldwin of Connect combined) with an increase of
c u t,
Riissell V.: Cruikshank,i 18% in the
physical volume, of
of
the
Real
Estates
strength and de¬ President
Output.
)
clared that -1,000,000 more • work¬ •Board; .and'.Myron''Short- of BufThe shift in character of prod-;
ers
are needed • in the ; fields of
; falo, / President
of the Savings ucts incident to war expansion is/
agriculture, oil drilling and metal iBank Association of New York reflected-in the
figures., ( While,
production.
:
) State. From .the "Times" we also the value of durable
goods prod-;
Testifying before a; Senate Ap¬ quote:
••'■••
ucts constituted 44% of the. total
propriations
subcommittee
on
"Condemnation of bureaucracy value of products in
1939, it rose/
manpower, Mr; Hoover said: that ! and a call Tor a return to' the sys¬
jto 52% in 1941 and 54% in 1942.
"if we attempt too much) on1 the
tem that preceded fhe war
Jain
chase of farm land, against which
practice the Department of Agri¬ given.
fiscal ptogram.
chis
manufactures
Really fid. Urges Fight
) Against Bureaucracy
Bureau,, i$; on' leave
Northern. Pacific Rail¬
the
re¬ VAh urged on Feb. 8 a revision of
the manpower program1 to main-
program,
^r procurement of
about'
value of $145,000,000,000, a
further gain of 20% over the 1942
figure.
Excluding : duplications,
Judson;\who Is also Director
Public Services Division.of
the Program
More Workers: Hoover
economic
con^-
war
for
.
Nation Needs Million
war
and
accounted
gross
strain
.
quirements."
an-'
of
compared
to
three, or
Maritime1 Commission
$80,000,000,000 in 1942,
Military
Office of Civilian Supply
dangerous strains.
Reduced to and lend-lease
requirements are
Petroleum. Administration
for our proportionate populations, we
expected to absorb nearly $65,-are
.■
% War
spending. $8,000,000,000
to
000,000,000 of the $100,000,000,000.;
Transportation Equipment Divi¬ every" $4,500,000,000 of the British The 1943 estimate is based on a
and every $4,000,000,000 of the
sion,. WPB
:
moderate price rise of 5%/'Division
of
Stockpiling, and Germans.
The Department indicates thatTransportation," WPB
"If we overdo these strains, we the
rising trend of value of manii-'
Public Services Division (Pro¬ will -find exhaustion and delays
factured products since 1939 is in
gram Bureau) WPB r. ./
upon our home front.
Total war part accounted for by the increase'
Autombtive Division, WPB
/ is inevitably a race of exhaustion in
prices over this period, the:
The
Program - Vice v Chairman between; nations. ; And we must Secretary's
announcement
said;
make
a
"strong finish;."
Thus the 30% gain in value of
may appoint additional, members.
post
be
the
of $100,000,000,expenditure.
To
at the /present
program
munitions
"The 1943 outlook is for
'
doubt
can
annual
purchasing
;•)
■
Obtained at first-and second-class
the
for
-
continue, that rate
War Department
way, where he is;General -Man?
offices, from Civil Service ager, and is serving WPB. oh a
v;
:'
Regional Offices, and from the $l-a-year: basis.:, / .j
Dr. Wiiliam Y> Elliott; Director
U. S. Civil Service Commission at
of the Stockpiling;and;^Transpor¬
Washington, D. C.
tation Division, is Vice-Chairman
"Positions are both interesting
of tixe Committee;;'
and important to
the., war pro¬
gram. ;: They include dealing with
economic and statistical problems
arising from the reoccupation of
areas once held by the enemy, the
sale of U. S. securities, exports
and imports in connection with
Former President Herbert*
Hqo-
be
one
this
000
: \'
and
may
in
Transporta-
,
which
strains are
struetioft
by insuf¬
one-half.
development
•"
/'No
tion
,
labor
work.
on
induced to increase their
complete information
ficient
the
serve
tion in
produc¬
spite of hazards involved,
a plan which would remove their
fear
of loss, rather
thanmore
credit, is what is needed.
Some
form of cooperative crop irisur-/
ance
might be profitably em¬
ployed.. The possibilities of this
and other, steps should be thor¬
oughly explored.
/ "There are already more than
enough credit agencies now serv¬
ing agriculture to finance all of
the production needs of farmer
borrowers. There are 12,000 coun¬
try commercial banks competing
material
raw
of
lack
to
may be hurt.
Similar
in -metal
production
pri¬
-
A representative of each of
5.
,
and
/
;
following agencies will
basis, the Civil Service
The
Association Commission announced on Jan.
which previously declared its op¬ 28.
The advices from the Com¬
position to socialized credit, as mission stated:
was
noted in our Feb. 4 issue,
"The positions pay from $2,600
February
requirements
orities.
Hemingway's memorandum ment, x^ecruiting is being intensi¬
to Secretary Wickard fied for these positions on a na¬
was
Transportation Re¬
a
due
Statisticians Continues
become the
decrease in the
production of oil
advance drilling. other, the net value of 1942 man¬
quirements Committee, with Wil¬
ufactured products is estimated at
liam W. Judson as Chairman. The Wc should increase instead of de¬
$00,000,00,000, of
Committee
will consider
trans¬ crease, or the whole war machine approximately
formation of
their
crease
Cuneq,
Cuneo Press
on
-Feb.
2
President(of
the
pjf Chicago, resigned
asr an
associate
em¬
ployer
member of the National
War Labor Board.
In a letter to
William H. Davis, Chairman of
the WLB, Mr. Cuneo'said he was
"unable to give sufficient time to,
the
demanding
work
of. the
Board."
WLB
He
since
had
served
on,
his
the
appointment. by
in; January;
1942 (referred to, in, our issue
of
Feb. 5, page,566).
;
!
President
Roosevelt
.
Volume 157
Number 4152
THE COMMERCIAL & FINANCIAL
CHRONICLE
Secretary,Jfull noted with
NLRB Should Be
Empowered To Review
Union MemSsershigt Restrictions: Newman
:
The
National
the
Labor
Board
Relations
review
to
Act
the
should
be
amended
to
faction
of
em¬
reasonableness
"The
on
Right
established
requirements
Closed
Union
the
and
machinery of 'men of
professional attainment, who will
to
Work," Prof. Newman
the enjoyment of the
"right to work," one of the nine
asserts that
freedoms
indorsed
Roosevelt
as
be
control
membership
labor
unions.
over
requirements
of
Prof. Newman
fur¬
"The conflict between the right
ties
and
terprises
unions
must of
relation
to
re-examination of the effect
deli¬
adminis¬
conflicting
non-union
the regula¬
as
the
manifold
into
which
other
en¬
government
necessity project its
trolling force."
the phenomenon of the growth of
the closed shop doctrine requires
a
readily
as
the
an
tion of railroads'
services, trade
practices, the issuance of securi¬
to work and the attitudes of labor
in
career'
a
possible
adjustment, by
members
ther said:
considered
as
trative agency, of the
interests of union and
unless
effected
renders
cess),
cate
objectives,
secured
be
governance
(Landis, The Administrative Pro¬
President
by
national
hardly
can
some
envisage
con¬
Arbitration lei
$
tive method of
strictions
tention of
"The
fee, of
rights
issue
; Arbitration
appren¬
New
Jersey union
over
a
a
increased
three-day
zine
pulsion
have
tion
mission
of
of
"Arbitration
com¬
will
carry current informa¬
the use of voluntary arbi¬
on
'disreputable' act. tration in the management-labor,
and
by any officer of the organization; business
financial,
Inter'discredit' on the union; conduct American and international com¬
mercial
unbecoming
a
union
fields, it was announced.
member;
drunkenness, • 'wrongfully'
con¬
The initial issue of "Arbitration
demning any decision rendered in Action" contains current
news
by any officer of the organization; of
voluntary arbitration and selfa
member's deserting his family
; regulation
by industry, from all
'without good-cause,' and using
sections of
the
Western Hemi¬
unapproved circular,,
a
sphere. Of particular importance
"Least dramatic but most final
lis an article entitled "Needed—a
of all grounds of
expulsion, be¬ Shock Absorber for
Peace," which
cause less open to
disputes of fact, /•points out- that
industry will find
is that of non-payment of dues.
itself with billions
...
.
*
of7 dollars
It has been held that the decision
Of
the
executive
board
of
the
union
is
though it
even
in fact.
roneous
I"
"Restrictions
*
•
partially fulfilled government
contracts
to the breach of the rules
as
final,
was
er¬
;/,"/ /
admission
on
to
union
outstanding on the
is declared, and it is
peace
;
gested
that
be
up
set
of
living standards-versus
the general level of productivity,
as
a
political question involving
the equation of the opportunity of
the
individual
the
versus
inters
esti of organized labor—the prob>-v
lem of the right to work.
"Viewed r from
this
approach,
limitation of the volume of labor
in
accordance
with
selective
standards, that is, on the basis of
skill, competence and experience
rather than
the basis of arbi¬
on
considerations
trary
of.
various
kinds, would seem more conson¬
equitable implications of
the right to
work,;
:
..;■:/
ant with
the
British-Chinese
the
relinquishment
and
British
suggestion
is
for the speedy
cancellation
submitted
settle¬
of these
for members of the
Bar, including
review of recent court decisions
a
affecting the practice of arbitra¬
-: /"■'■/'•; .///,/.:/'■: .'//•
7/:
tion.
am
supervisory
powers
the
over
the
reasonableness of admission
requirements established by labor
unions.
The suggestion is made
with full recognition of the diffi¬
,
culties
which
will
confront
any
body,/ judicial or administrative,
in
exercising such
supervisory
jurisdiction.
The answer is two¬
fold; that the assumption of such
jurisdiction is practicable and
Righls Treaty
///;77$ed/To "Senate
President
Roosevelt
Senate
mitted to the
trans¬
Feb. 1 for
on
ing
States
for.
the
and
China provid¬
relinquishment
of
extraterritorial
rights
in
China
and the regulation of related mat¬
ters.
/Signing of the Treaty in
Washington on Jan. 11 by Secre¬
tary of State Hull and the Chinese
Ambasador/ Dr.
was
reported in
Wei
The
issue of Jan.
our
28, page 422. /
Tao-ming,
./
.
introduction
/
to
,
.
the
fighting in the com¬
struggle to destroy the forces
are
*—1
of
union
be
no
rules
more
of
United States of America
admission
difficult
than
and the
of
ous
Republic of China, desir¬
emphasizing the friendly
which" have
long pre-
gently carried
objective
an
ance
if
government's
assist¬
in collective
bargaining were
organized labor to deny
arbitrarily to individual workers
the right not only to
bargain, but
to
join the organizations and
to enable
hence to work.
■-
*
: -
•
•
"The introduction into
•
our
-
gov-
I 'resolved to
the
effective,
conclude
a
shall
have
treaty for
of adjusting certain
purpose
matters in the relations of the two
countries."
'
iii
Britain and China
on
Jan.
In
a
was
also
and
social
well
as
as
of
an
issued
Feb.
cars
January, 1942, both
Corporation, plans
appeal to the leaders of indus¬
areas
pleasure driving restriction.
&
liabilities
as
compared
with
tial.
506
Place
involving $6,950,000 in December
and
involving $9,916,000 in
January,, 1942.. ///'•///■ ,/•/'■ / ;■/ ■.;
ities of small business."
exceptions
Col. Johnson, who was head of
the New York ordnance district of
the Army," was recently named to
succeed Lou E. Holland of Kansas
and
When
ties
the
is
the
its
creation
last
July.
Mr.
duction
Board in charge of the
Smaller War Plants Division. Col.
Johnson, who is President and
Chairman of Johnson & Johnson,
Col.
Johnson
assumed
his
new
office Feb. 8.
that
announced
the 'Smaller
under
its
plan, has set
Jan.
on
War
Plant
decentraliza¬
12
up
to
of
into
had
Manufacturing
liabili¬
larger
a
I
failures
take
action
em¬
the
on
last
involving $2,249,000 liabilities, compared with
in
December
liabilities.
with
$1,997,000
Wholesale failures de¬
creased
to
bilities
from
31
with
44
with
ber and liabilities
dropped to $1,$2,392,000 a month
in
num¬
December, 1942.
When
is
•
••
that
seen
was
to
objected
resolution
committee,
to by
C.
Oliver Wellington, senior partne r
of the accounting firm of
Scovell,
Wellington & Co., who approved
of
the
but
of
purpose
thought
served
its
the
the resolution,
importance de¬
consideration
committee.
Mr.
of
a
Wellington's ob¬
referred
the
resolution
to
com¬
mittee,
communique from the head¬
of
Gen.
North
African
sioner,
declared
'
Henri
Giraud,
High
on
Commis-Z
Jan.
27
meeting of Allied leaders at Casa¬
blanca.:/ ; / > »
the
country is divided
Federal /Reserve districts it
into
the
thai
"substantial results have been ob¬
tained for France" in the
ten-day
$396,000 liabilities,
against 22 with $526,000 liabili¬
ties in
of
reference
quarters
December.
bered 28 with
as
adoption
this
A
With 47 with $1,-
liabilities
and
Casablanca for France
Construction, failures num¬
bers 53 with $O§te)0O liabilities,
189,000
en¬
Giraud Hails Results At
agb?1''
which compares
of
suggestive of
that American
lia¬ jection prevailed and
President
$846,000 Frederick E.
Hasler, who presided,
clined to 267 from 307 in Decem¬
from
methods
are
$372,000
liabilities in December! In the re¬
tail trade section, insolvencies de¬
800,000
this
that
better led than driven/
moved for imme¬
are
without
but
that
and
Elliman
diate
month numbered 79
86
dictatorships
Mr.
of liabilities.
country
resent
men
Government
on
Remember
free
a
citizens
Groups.
the
people
willingness to cooperate
forcement which
consideration
that
group
amount
regional
offices and 131 district offices
powered
amount
taken
still
the pa¬
on
American
less reliance
free
Construction
.
Service
Commercial service failures
Mr. Holland
31
the
the
compulsion.
is
Manufacturing Group is the
City, who headed the corporation only
Holland, however, continues as
Deputy Chairman of the War Pro¬
of
Commercial
of
and their
and
reliance
more
triotism
962
try, commerce and banking,
The decline in the number of
through their many organizations, failures in January from the num¬
"to give support to
practical pro¬ ber in December took place in all
grams
for
increasing
sub-con¬ of the divisions of trade that the
tracting and for using the facil¬ report is divided into, with the
since
uses to which
be put in each of these
without violating the non-
may
Make allowances for old
January, accord¬
age
Bradstreet, Inc., and physical infirmities in de¬
$5,515,000 termining if use of a car is essen¬
in
Dun
to
totaled 458 and involved
Col. Robert W. Johnson, newly
appointed Chairman of the Small¬
War Plants
to
distance
hospitals, doc¬
dentists' offices,
movies,
contacts, etc.
Clearly define the
being considerably be¬
those
the
churches,
tors' and
smaller than in December
insolvencies
"On the occasion of this confer¬
districts
seven
had. ence," the communique said, Gen*
fewer
insolvencies
in
January Giraud met Gen. de Gaulle, lead-'
Representatives of the division than in December, while the Bos¬ er > of the
Fighting French, and
will thus be able to work
directly ton and Kansas City Reserve dis¬ this personal contact "permitted
with distressed plants and district tricts had the same number and
the first examination of the con-;
procurement officers of the Army, the
Philadelphia,
Chicago
and ditions under which
spot in arranging contract awards.
the
.
Navy and other agencies, Mr. Hol¬
land- said, and the problems of
San
small
liabilities is
considered,
tricts
smaller
business
will be met
at
the
contracts handled directly
distribution
of
war
work
source,,
and
among
distressed plants speeded.
E. L. Bernays Establishes
Fellowship
Bernays, public re¬
has established a
Fellowship for Research in Pub¬
lic
Relations,- it
Feb.
4
Francisco
had
more,
had
Reserve
When
the
by
Dr.
announced
was
John
T.
awarded to
flected in the press,
on
as re¬
the radio,
resolutions and actions of the dif¬
make
constituent
up
effort
districts
amount
seven
of
our
farm,
groups
that
society—labor, reli¬
social
service,
gov¬
in
the
war
of
French
liberation
might be organized.
"Exchanges of views
dis¬
liabilities
continued
in
this
on.
will
subject.
be
It has
January than in December, while
the Boston, New York, Philadel¬
phia, Chicago and Kansas City
been decided henceforth to estab¬
lish permanent liaison."
•
Reserve districts had
Algiers further said:
ties" involved
the
last
more
month
Associated
liabili¬
than
The
in
Press
advices
/
/.
.
from
/ :/ /
United
Nations, the com¬
munique said, have recognized in
"an ally who has never
previous month.
France
L.
lations counsel,
signed gious,
11.
statement
by Lawrence
transportation in
and
area
stores,
are
of public
each
con¬
along the same lines that
the previous
reports have shown
ing
Sna!
er
failures
as to the number of
liabilities in¬
volved and the amount. Business
''
ferent
A similar treaty between Great
4
of a special
committee of the Chamber of
Commerce of the State of New
tinue
ceased
New South Wales
Bond
Tenders
will
bonds
be
exceed
of
sufficient
to
to
to
exhaust
principal
amount
noon
on
Feb. 8, 1943
ernment
and other
groups.
Mr. at the corporate trust department
5, Bernays, in making the gift, said: 'of the bank, 11 Broad Street.
is
to
a
free
...
military
con¬
French
African
armaments
forces
on"
indispensable
them, the communique said.
nent
of
was
the bonds and accrued interest
up
to 12 o'clock
will
Completion of arrangements, at
home and abroad, for a
"perma¬
Tenders
accepted at prices not to
the
the
modern
amount of
$229,064.52.
terri¬
Tunisia
priority,
City of New York, succes¬
fiscal agent, is inviting tenders
sum
her
higher
agreements reached at the
ference vwas one
granting
fied that the Chase National Bank
these
of
in
territory."
' "n
Among the important
being noti¬
an
anew
action
her
,
sor
Her
manifestation
1, 1957 of the State of New South
are
fight, by continuing the
or
preparing to take
the battle
up
tory.
sinking fund goid bonds, due Feb.
Wales,; Australia,
to
battle abroad
Holders of external 30-year 5%
the
attained
committed
Feb.
on
Price
Elliman, Chairman
means
January business
toy/ard business since 1930
peak of inequity which would be
are
broadly
pleasure
on
of
enforcing the
driving were
tax
Decline Further
for the sale to it of
they
made
B.
Office
in
D.
Fellowship for 1943, and is to be
a graduate student for
the study of the public attitudes
vvhich
be
the
The
Prof.
it. is submitted that governmental
is essential to avoid the
control
ban
criticized
should provide
base
for the new
of the
the regulation of human affairs to
of
Administration
on
Madden,
is the exercise of control over the
Dean of the New York University
! mailed between their two peoples
elusive'element of bona fides in
School
of
Commerce, Accounts,
md of manifesting their common
the
and Finance.
This $1,000 contri¬
bargaining process or over desire as
equal
and
sovereign
bution will be known as The Ed¬
practices in hiring and discharg¬
States that the high principles in
ward L. Bernays Public Relations
ing. On the question of necessity,
relations
"arbitrary and un-American
methods"
type of industrialist."
Hugnii—
—
Edward
"The
pic¬
chang¬
low
r. ;
treaty
states:
I
"The review of the reasonable¬
ness
and
exemplification of the high
for which the United
Pub. Relations
.
The
kind should present a
running
for the period of the
ture
China.
I
that this celebration will
Division,
that it is essential.
would
rights in
better world."
a
tion
ratification the treaty between tne
to give
extra-territorial
special
sure
mon
■
China
groups
of our country that it
should have had. A
study of this
York. Pie urged the
OP^. to rely
study will be supervised by more on the
cooperation of the
B. Lucas, specialist in
American people and less on Gov¬
be noted by
the people of the business
research, who was ap¬ ernment compulsion. Mr.
United States with the utmost of
Elliman
pointed by Dean Madden to di¬ introduced
a
resolution
good wishes for the people of
which,
rect the project/ Dr. Lucas has
while
wholly approving of the ob¬
China. ■■.,"/
\
7/
•"/' • secured the
cooperation of Alpha jectives of the OPA
"We all share China's gratifi¬
ban, urged
Delta Sigma, professional
organ¬ that in order to "eliminate con¬
cation—not only because of our
ization of
college students in ad¬ fusion and correct
deep-rooted feeling of friendship
inequalities/*
vertising, to aid in the field work the
for China and the
regulations should be revised
Chinese, but of the
investigation.
along
ihe
also
because
the step
following lines:
that the
Distinguish between city, sub¬
United States and Great Britain
urban
and
have taken with China has far- January
country areas, taking
Business Failures into
consideration the accessible
reaching significance as a con¬
other
dressing manufacturers,
of im¬ surgical
said that he planned to decentral¬
description of
ize activities of the SWPC and
the new machinery being devised
asserted
that. the
spreading of
;for the settlement of commercial
work
among
smaller industries
i
disputes between nationals of (dif¬
ferent countries, in the post-war Could "only be done through, .the
services and with the,,militaqtj Co¬
era;
an
analysis of War Labor
Board trends entitled "Labor and operation of the large prime con¬
tractors/' /./
-/- •; /-,/ •
its Troubles," and a legal section
United
as
American
articles
Act be amended
so
of
for
a
that the National Labor Relations
Board
treaties
.
ment of the
,
"The
day
sug-
improved machinery
membership represent, not 'contracts. - Other
so much an economic problem in¬
portance include
volving the equation of mainten¬
ance
of
QPA Urged To Clarify
Pleasure Driving Ban
beginning ing attitudes of the other groups
today in honor of the recent sign¬ towards what is
commonly called
ing of the American-Chinese and 'business,' Such a
study intelli¬
Association, covering
any
an
of
that
the
rules setting forth grounds of ex¬
the
in
a
"American business has not al¬
had that objectivity in its
relation to the other constituent
ways
celebration
short
included
States
statement:
"There is being held in China a
current news of the practice
was
period of .and procedure of arbitration, was
time from $500 to $3,000,
Union recently issued. The new maga¬
tices in
by
of aggression and to build toward
Action," a new monthly war¬
time publication of the American
membership in unions,
initiation
United
in
admission to, or re¬
on
first
China
principles
mands the
The
satis¬
in
relinquishment
He said in
country.
Nations
discovery of an effec¬
eliminating unrea¬
sonable and socially unsound re¬
and
extra-territorial
crete
on
the public welfare of the rules of
admission to labor unions and de¬
celebration
the
by
ernmental
the
recent
Britain
and
propriety of
unions, it is declared by
Professor Ralph A. Newman of St. John's University Law
School,
Brooklyn, and a member of the NLRB, in the current issue of the
Columbia
Law
Review, publication of the Columbia University
Law School. In a leading article^
power
admission
the
673
it
i
defense of French interests/*
of the fruits of the
one
meeting of the two French
leaders
sue
talks,
said.
was
The
was
mentioned in
of Jan. 28, page 370.
our
is¬
;
Thursday, February 18, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
674
Operations Slightly Higher—War Needs
More Easily Met—Orders Still Exceed Output
Engineering Work $70,939,000 For Week
Engineering
13%
responding 1942 week
from
and 30%
The
week's
current
561,000,
construction
declines 54.5%
and
rent week
are:
Feb.
Total
$104,893,000 t
Construction
;
from the December level. A surge
for steel drums is be¬
in demand
$70,939,000
$81,796,000
large
high and in some cases unchanged
1%'.:.
Feb. 11,1943
Feb. 4, 1943
12, 1942
<
.
companies this
reported orders still above
actual output by as much as 25%.
This means that backlogs are very
last week, and the cur¬
::''' %%
-
time,
one
"Several
week
in the number of weeks reported.
Construction volumes for the 1942 week,
hand at
on
lower than last year,
public work is 50%
when adjusted for the difference
..
shortages of alloy steel have been
Private construc¬
total reported for the seven-week period in 1942.
shared by raw
was
On the weekly average basis, 1943 volume is 50.5% below the
year.
tion
materials suppliers.
As many as several thou¬
sand individual reports of critical
1943 volume to $379,-
brings
laid to airplane producers themselves and their
was
contractors, and part of the blame v—
of $63,260,000 for each of the six weeks of the
average
an
of the fault
The report also had the following to say:
construction decreased.
'
which former Governor Alfred
Smith
to help aircraft producers by relieving the numerous
shortages' of alloy steel are understood to have been taken
recently after a nation-wide investigation," says "The Iron Age," in
its issue of today (Feb. 10), further adding in part as follows:
"Much of the trouble was traced to red tape at Washington,,some
under last year as both State and municipal work and Federal
33%
Special
'
Archbishop's Committee, of
The
"Steps
preceding week,
the
Committee.
Gilts
'critical
Public work is 8% below last week and
ago.
year
a
$70,939,000, is
-reported by "Engineering News-Record" on
as
Private construction declines 47% from the
Feb. 11.
-
below the total for the cor¬
week ago, and 32%
a
week,
for the
volume
construction
lower than
of
Chairman
ecutive
Steel
licits
is
E.
Chairman; so¬
contributions from profes¬
sional
General
leaders
business
and
Special Gifts Com¬
mittee, which last year collected
more than $336,000 in addition to
the
through
sub¬ $792,000 raised by teams of parish:
workers.
The .1943 appeal will
1,124,118 tons made in July, last open April 4 in the 376 parishes:
year,
Contribution of converted of the Archdiocese.
New York
continuous strip mills is shown
Catholic Charities coordinates the'
by the fact that approximately work of 182 hospitals, child caring:
half" the total, 565,893 tons," was
homes,! day nurseries and family
from that source. No record will
relief and other agencies in the
be set in February because of. its
ten counties
of the New York:
being a short montfi but' March Archdiocese.' Appointment of the:
and .April
may
challenge prior heads of the investment bankers
'records, judging from indications
group was noted in these columns
in
the
shipbuilding
industry, Feb.
4, page 483.
w i thout
exceeding
available
capacity. ' -/■'%
• !
''A
——^
,
ginning to appear and steel for
"Deliveries fail to improve on
cartridges is being ordered heav¬
ily,
The shipbuilding industry is 'most steel products, large bar
calling for more steel steadily, rounds and flats hofding at 10 to
12
most of the bulge coming from
weeks,
with
small
rounds
.
Private Construction
Public Construction %
State and
!
•
_
96,950,000
11,801,000
_:
Municipal..
85,149,000
Federal
in waterworks, sewerage,
are
Increases over the 1942 week are in
construction
are:
for the
week
in
964,000; public buildings,
unclassified
"The
bridges,
sales
truth
of
steel
has
the year,
volume that compares with $1,104,629,000 re¬
a
:0
■
has
Moody's Bond Prices And Bond Yield Averages
Moody's
computed
prices
bond
and bond
yield
averages
dozen
a
,
Aaa
A
Baa
115.24
110.15
94.86
99.52
112.93
115.43
117.11
108.88
117.00
115.24
109.97
94.86
99.36
112.93
115.63
600
117.12
108.88
117.60
115.24
110.15
94.86
99.36
112.93
115.63
108.88
117.60'
115.24
109.97
94.86
117.10
108.88
117.80
115.24
109.97
94.56
purposes,
"At
,
112.93
115.43
112.75
115.63
ducing at almost maximum levels.
115.24
109.97
94.56
99.04
112.75
115.63
The
109.97
94.50
99.20
112,-75
115.43
others
117.09
108.88
117.80
115.04
109.97
94.71
,,99.20
112.75
115.43
117.09
108.88
117.60
115.04
109.97
94.71
99.04
112.75r
115.63
tions
117.12
108.70
117.60
115.04
109.97
94.56
:'>J99.20
112.75
115.43
open
117,14
108.88
117.80
115.04
109.97
94.71-0^99.20
112.75
115.43
117.07
108.88
117.60
115.04
109.97
94.71
99.20
112.56
115.43
______
______
117.04
108.88
117.60
115.04
109.97
94.71
99.20
112.56
117.04
108.70
117.60
115.04
109.79
94.56
99.04
112.56
115.43
'
115.43
109.60
94.26
98.73
112.37
115.24
and
109.42
93.82
98.41
112.19
115.04
draft absorb the
117.02
107.62
116.80
114.08
109.06
92.93
97.62
112.00 ;■
114.66
116.85
110.15
115.24
94.86
-
99.52
115.63
107.44
92.35
108.88
113.89
116.80
97.16
111.81
118.41
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
1 Year ago
■
116.30
106.74
116.22
113.50
107.80
91.62
97.00
110.70
113.31
116.15
105.69
117.60
112.93
106.04
89.51
95.77
109.60
112.93
ago
MOODY'S
(Based
1943—
Daily
Averages
;
16
U. S.
Avge.
Govt.
Corpo¬
Bonds
rate
2.06
15
2.06
-
2.06
13
BOND
on
YIELD
Individual
AVERAGES!
Closing
Prices)
11
\
10
•
9
______
6
'
______
'
4
_
___
2
Corporate by Ratings
Aaa
Corporate by Groups
Baa
Aa
A
3.23
2.77
2.89
3.16
4.08
3.78
3.01
2.88
3.23
2.77
2.89
3.17
4.08
3.79
3.01
2.87
3.23
2.77
2.89
3.16
4.08
3.79
3.01
2.87
R. R.
P. U.
Indus.
2.08
3.23
2.77
2.89
3.17
4.08
3.79
3.01
2.88
2.06
3.23
2,76
2.89
3.17
4.10
3.80
3.02
2.87
2.06
3.23
2.77
2.89
3.17
2.06
3.23
2.77
2.89
3.17
2.06
3.23
2.76
2.90
3.17-
4.09
2.06
3.23
2.77
2.90
3.17
4.09
.
96.2%
and
700
4.10
3.81
3.02
2.87
4.10
3.80
3.02
2.88
tons
3.80
3.02
2.88
tons
3.81
3.02
2.87
one
year
"Steel"
2.06
3.24
2.77
2.90
3.17
4.10
3.80
3.02
2.88
2.08
3.23
2.76
2.90
3.17
4.09
3.80
3.02-
2.88
summary
2.06
3.23
2.77
2.90
3.17
4.09
a.80
3.03
2.88
markets,
of
3.03
2.88
3.81
3.03
2.88
2.06
3.26
2.79
2.92
3.19
4.12
3.83
3.04
.2.89
2.06
3.27
2.79
2.92
3.20
4.15
3.85
3.05
2.90
expanding
2.07
3.30
2.81
2.95
3.22
4.21
3.90
3.06
2.92
are
Feb.
Exchange Closed
2.08
3.31
1943__
2.06
3.23
1942.
____
2.81
2.96
2.76
2.89
3.23
3.16
4.25
4.08
3.93
3.78
3.07
3.01
2.93
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
1.93
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
2.11
3,35.
-
Years ago
2.13
—
2.84
2.98
3.29
4.30
3.94
3.13
2.99
■
3.41
2.77
3.01
3.39
4,45
4.02
3,19
3.01
prices are computed from average yields on the basis of one "typical" bone
(3%7o 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 t<
cf
yield
in
the
a
more
averages
fThe
latest
issue Of
comprehensive
the latter being
the relative levels and the relative
true picture of the bond market.
way
the
complete list of bonds used in computing these indexes
Jan.
14.
1942,
page
202.
was
movement
published
p
its
in
and
steel
stated
15,
shipbuilding
and
other
believe
in
needs are
needs
war
plate
pressure
.
i for future weeks,
in
out that produc¬
points
1942,
excessive,
mainly
six
kinds
in
war
tion,
though
building was re¬
stricted, was 8% over 1941.
<;
"Production of steel ingots and
building,
in January was second
highest in the history of the steel
industry, 7,408,744 net tons, com¬
pared
with
7,584,864
tons
in
October, 1942, the all-time record.
It compares with 7,303,179 tons in
December and
7,124,922 tons in
January, 1942. In January the in¬
dustry-' averaged
97.8%
of ca¬
pacity.
.
'
"Composite
steel
and
iron
prices are steady at levels prev a i 1 i n g'
over ' the
past
fewmonths."
'
.
,
.
of
Benson
A.
Senate'
Governor
of Philip
and
renominations
Dewey's
Brooklyn
of
Arthur ' P.' Bartholomew
Chester
the
of
members
as
Ro-;
State'
Banking, Board.
Both
had been
men
recess
ap¬
pointees of former Governor Leh¬
man,
Mr. Benson is President of,
the Dime Savings
Bank of Brook¬
lyn and a former President of the
American ; Bankers
Association.
He
last.
Board
to the
named
was
November to take the
post made
the death of Henry IL
vacant by
Williams-
Kinsey, President of the
burgh Savings Bank of Brooklyn
(referred to in our issue of Dec.
10,
-
His
2080).
page
will
term
new
expire March 4, 1944. \
.
• Batliolomew
is Secretary-'
Mr.
for
named
March
1,
Bartholomew
Mr.
15, page 1366.
was
term
a-
expiring
1945.
New Cotton Exch Members
Accessory Mfrs.
H.
Association'
Feb.
on
4
^
JAccessories
Automotive
its
annual
of the firm of George E. Gibbons
&
Co., located in Corpus Christi,'
is
Texas,
also
was
York
City.
facturers
to
victory.
was
for
Gibbons
Mr.
in
to!
the
in
This
the
President of Yung Tat
(Inc.); New York City, and
member of the Commodity
in
name
a
Ex-,
who is a
in the firm * bearing his
Memphis, Tenn., is also
Mr/
change.
Flautt,
Cotton
member of the Memphis
His election to mem-'
Exchange.
New York Cotton
bership in the
Exchange brings the
purpose
sentation
turers
to 25.
of bringing the manufac¬
into contact with the job¬
Lian
Hsueh
Mr.
York.
New
Hsieh,/is
& Co.
of these manu¬
insure
Exchange.
New York
Cotton Exchange brings the total
Texans to 33 of-the memberships'
The convention partner
conference"
"war
Cotton
of
election
a
noticeable for its lack of dis¬
all-out effort
and
Association
Corpus Christi
con¬
plays, which were missing due to
the
the:
of
member
a
Cotton
Texas
con¬
vention at the Park Central Hotel,
New
Gibbons
Mr.
Flautt.
and
Hsieh
Lian
Hsueh
Gibbons,
William
,
Hold Convention In NY
The
an¬
the election of George E;
nounces
membership
Auto
the
; The Board of Managers of
New York Cotton Exchange
The
improvements
cuss
in
items being made for the
various
Govern¬
ment.
pro¬
over-
Kelly & Hoguet Head
total repre¬
Memphis
brokers
of
v
v
weeks
will
not
be
Orie R.
Moody's Daily
Commodity Index
Feb.
Tuesday,
Charities Committee
Kelly, President of the
various other out¬ Lawyers' Trust Co., and Robert L.
severely restricted Hoguet, President of .the Emigrant
Industrial
Savings
Bank,
New
government,
including
Feb.
Thursday,
Feb;
Friday.
9
244.5
—_____
Feb.
Wednesday,
the
10
.
11
245.1
244.8
12__.
as
tank
fabrication
and York, have been appointed Chair¬
construction.
man
and
Vice-Chairman,
respec¬
step with the enlarged ship¬ tively,
135,413
confirmed
3
,
of the Banks and TrustSj
building program mills are in¬ group of the Archbishop's Com¬
mittee
of
the Laity, in the 24th
creasing steel plate production, an
all-time
monthly record
being annual fund appeal of the Catho¬
established in January, when 1,- lic Charities of the Archdiocese
"In
Feb;
State
York
New
The
castings
lets have been
the
|
Banking Board
of steel used Treasurer and Managing Director
work - set " new of the Eastman Savings and Loan
marks, exceeding the highs made Association of Rochester. His ap¬
in
1941.
In
products normally pointment to the Board last Oc¬
used for civilian goods production tober was in accordance with the
fell off sharply. Plate production change in the banking law where¬
was
90% above 1941, alloy steel by one having, savings and loanbars 20% higher and carbon hot- experience was to be added; this
rolled bars 2%.
Shape produc¬ was noted in these columns Oct.
in
tion
•
several
railroad equipment
•These
in
iron
Feb.
substantial- many
next
by
1942._
illustrate
"While
2.87
2.14
Year ago
1941
inability of dealers to
part:
ducers
1943
15,
of
t
bers and retail outlets and to dis¬
Cleveland,
the
on
3.80
_
ago.
year
ago.
of
4.10
8
one
castings, compared to 1,698,one week ago,
1,707,300
one month
ago, and 1,634,100
4.09
15
month ago
one
tons
3.17
2
because
the
that
This
represents an increase of 0.2 point
or 0.2% from the
preceding week.
The operating rate for the week
beginning Feb. 15, is equivalent
to
1,702,100 tons of steel ingots
3.18
16,
weather conditions and also
verse
cluded
2.90
Feb.
re¬
cently, partly attributable to ad¬
Manufacturers
99.8%
ago,
2.90
1
declined
have
sources
week
2.77
Low, 1942
ac¬
reserve
pressing for delivery.
from other than indus¬
the industry will be 99.5% of
capacity for the week beginning
Feb. 15, compared with 99.3% one
2.77
High
indicated
operating rate of steel companies
having 91% of the steel capacity
3.23
Low
announced
15
telegraphic reports which it
3.24
High
Steel
and
received
2.06
1
manpower,
enough work
that
2.06
22
the
of
had
1
'
excess
Feb.
on
Jan. 29
•
because
American .Iron
Institute
and
Exchange Closed
3
men
of
1941__
8
days
not
are
Receipts
trial
60
to
::
1942__
12
losses
less
40-hour week
employees."
114.46
115.90
a
would not be
for all
The
1942
5
112.93
unless
there
need
would
used on
were
114.66
1943—
15,
partments
than
114.66
117.80
many
opera¬
in coke, blast furnace and
hearth departments.
On a
48-hour week, the continuous de¬
117.20
108.88
from
continuous
117.20
117.14
1942:
differs
to
108.16
1943
16.
due
108.34
'
Exchange Closed
2 Years
industry
117.05
117.05
-
.
standpoint,
99.36
115.24
______
overall
an
99.20
117.60
______
more.
the steel industry already is pro¬
117.60
1
'
or
"From
108.88
8
,
Indus,
108.88
15
Feb.
./
117.10
22
Feb.
P. U.
117.08
1
Feb.
,
9
Jan. 29
High
R..R.
are
8
2
High
Corporate by Groups*
;;
117.13
3
Low
Aa
11
4
Low
Corporate by Ratings*
10
5
six weeks, in addition
50,000 tons sold for re-melting
117.60
Corpo-
•
30
"American Iron and Steel Insti¬
rate"
Govt.
i'vr-
Average Yields)
on
and
have
steelmakers
tute, summing up steel production
estimated
is
108.88
Avge.
large
that
It
200,000
tories
Exchange Closed
6
kinds of steel
more
or
Bonds
U. S.
PRICES!
position has been im¬
point that numer¬
to the
cumulated
;
on
x
at
117.11
Daily
(Based
'
V
-
war.
'■
present, idle steel inven¬
being bought by pros¬
pective customers by use of prior¬
ity ratings. Daily inquiries to the
Pittsburgh office of the Steel Re¬
covery Corp. are at the rate of
1943—
i
much
inventories
promises.
"Scrap
proved
Benson, Bartholomew
Again Named To N. Y.
not offer as
can
tons
standing An
stocks have been put up for sale
.
Averages
to
that
into
favorable
weeks.
six
about
Steel
survey.
to
i
EOND
MOODY'S
12
a
gone
in the past
are
given in the following tables:
13
8,000
day, indicating the
5,000
at
producers
maintain their working forces in
Recovery Project face of better
wages paid in other
Pittsburgh has un¬ 'war industries. Considerable toncovered
approximately
10,000
'nage remains from salvage drives
tons cf stainless steel and 40,000
late last year, which has not been
tons of structural steel, and still
prepared, constituting a backlog
over
15
of
assertions
centering
to
16
a
"The
The
the six
financing brings the 1943 total to $5,447,000 for
new
ported for the seven-week period last yean1
Feb,
reached
has
stocks
turnover
available
Some
ous
of
tons of steel
capital1 for construction purposes for the week totals $41,-
of
be provided.
to
since the start of the
sales.
arrange¬
Government's recovery
steel
idle
$41,252,000; earthwork and drainage, $1,-
000, and is made up entirely of State and municipal bond
week's
have
ments
each class of
$21,062,000.
weeks
transportation
special
152,000; streets and roads, $1,184,000; and unclassified construction,
New
pre-fabricated
Much
shipwork is being done inland in
the Middle West, and some of the
sub-assemblies are so large that
commercial buildings, $1,-
$870,000;
buildings,
yards.
new
waterworks and
waterworks, $2,290,000; sewerage, $987,000;
industrial
$178,000;
Subtotals
construction.
unclassified
.
and
bridges, commercial building
large-scale private housing, earthwork and drainage, and
construction.
■
gains over the preceding
construction groups,
classified
the
In
week
5,532,000
65,407,000
1,225,000 ;
64,182,000
10,440,000
71,356,000
1,354,000
70,002,000
7,943,000
'
net
tons
This replaced
was
delivered.
of
New
York,
,
it
was
Feb.
Saturday,
244.4
Feb.
15___
Tuesday
Feb.
16
Two weeks ago,
Month
ago,
Year-ago,
1942
T__:
i:
243.0!
High, Dec, 22___
239.9.
220.0
High, Feb. 16
Low, Jan.
Ex¬
•Holiday,
2
248.2.
228.2
_•
Low, Jan. 2
1943
245.2:
245.0
16
16:
_
_______
Feb. 2____
Jan.
Feb.
announced
the prior record of Feb. 3 by John A. Coleman,
13
Monday,
246.2
;
240.2
Volume
Number 4152'
157
THE COMMERCIAL & FINANCIAL
CHRONICLE
Labor Bureau's Wholesale
Commodity Index
Highest Level In 17 Years
Advances To
The
Bureau of Labor
Statistics, U. S. Department of Labor,
Cottonseed Receipts In January
an¬
five months ended with
COTTONSEED
further gain of 0.4%
a
'the
week.
United States
■
Oklahoma—
.reports."
by
later
and
'
-
'-v
:::.
(thousand
defined
'
.
Hulls
2-6
1-30 .7
1943
1943
1-23
1-9
1943
.
"
2-7
1943
1942
'
1943
.1942
commodities™
products
'Foods
Hides
and
Building
and
Miscellaneous
116.1::
105.1
105.0
104.7.
ur.4
118.4
118.4
^
commodities
.
products
+ 0.7
+
12.2
118.4
115.8
0
0
2.2
o
78.4
+ 0.4
0
110.0
109.4
0
+ 0.1
96:6
0
0
'+
102.9
0
0
■•'+. 1.2
•7. 96.7
110.0
■
99.5
99.5-
104.1
104.1
90.5
90.4
88.2
108.0
107.2
95.9
92.5
92.5
5100.3
-
49,575
210.648
231,591
176,451
196,076
187,970
96,922
178,395
89,155,
and
1942,
;;
+ 0.1
3.5
+ 0.5
2.6
0
0.3
:
0
Season
Aug. 1
1942-43
*34,460
last
*98.4
'98.4
*98.2
94.7
+ 0.1
'.
*96.3
*96.3
wholesale
*96.2
94.5
+0.3
*
■
Association
+ 0.1
week
the
for
122.2% -of the
tenth
price
7+0.2
;
and
1935-1939
:
7
made
compiled
public
time.
average
In
The
average
/.
rise
a
The
group
the
on
the
in
the
farm
product
price
index, of
as
week
to
average
of! industrial
-
v
of. higher
decline
commodities
prices
the
was
was
[*1935-1939=100]
..
.
: %
7
-
-
for
textile
1942-43
123.154
Wpptf
•Week
•
"Group
.
.
7-
•
Feb. 13,
Total Index
The
Asso¬
to
a
was
The
new
feed.
cattle
price
Oils__-
Farm
7
index.
Products..;.—
•
Cotton
.
,'LivestockA™-.L;-;__:^if_^AL™A'
Fuels—
'
Miscellaneous
10.8
8.2
.
Textiles-
commodities-.^———
:
Metals:
7.1
.
—-—
;
1948
.
Jan. 9,
-
■
137.5
Ago
'
Feb. 14,
137.8
1" 42
Building materials---—
Chemicals and
drugs.:
—
Fertilizer materials
.3
Fertilizers—————v—-—
.3
Farm
and
and
81,551,000
and
2,118,000
1, 1942, and Jan. 3D 1943,
Aug.
and
3,620,000
at
places
garine, -soap,
etc.,
than
pounds
1,
Aug.
1942,
1
oil.
t2,
q=I
o
95.2.
by
refining
jn transit
and
manufacturing
refiners and con¬
to
pounds held by refiners, brokers,
refineries
transit
in
held
pounds
respectively.
10,143,000
other
and 12,961,000
pounds
17,678,000
and
and
to
Jan,
'•
-
manufactur.ng
manufacturers
31,
agents,
and
establishments
and
of
shortening, oleomar¬
respectively.
Does not include
1943,
/
'
fProduced from 858,284,000 pounds of crude oil.
,
<
;
machinery
groups
————
combined.
—
.
.
■
-
of
extended
King-'
to
cover
hundredweight
one
less consumed monthly.
The
price
situation
United
States
during
the
quality
tin
has
last
in
not
week.
future
for
the
changed
Straits
shipment
follows:
was
as
Feb.
March
Feb.
4
52.000
52.000
52.000
Feb.
5—52.000
52.000
52.000
52.000
52.000
52.000
52.0(50
52.000
52.000
52.000
52.000
52.000
52.000
52.000
.'.""X
;+
——
6
Feb.
8
Feb.
9_„—
Feb.
Exports and Imports of Cottonseed Products
v
—_
10
Chinese
In the interest of national
defense, the Department of Commerce
v
has
discontinued
until
further
notice
the
publication
of
April
52.000
greatly
Tightens Control Over Zinc Consumption
been
tion
147.9
147.5
124.6
121.7
120.0
119.3
.113.8
129.0
3 50.6
104.4
r
fice
tion
further
went
\
Copper "■ H
'
Producers
that
of
the distribution
they
are
and
foreign
concerned.
price
Effective
fill
an
135.1
118.4
137.6
117.6
115.3
114.0
104.1
104.1
104.1
103.5
134.6
134.1
far
1943,
•••'•'-••;
104.9; Feb. 5,
1943,
133.4
104.5;
122.2
Feb,
General
Cable
tered into
materials
order,
program.
Corp.
situation
de
la
an enterprise backed
Government of Chile, for
by the
the sale of
for
machinery and equip¬
the
cable.
being
and
The
used
is
fabrication
in
of
wire
equipment is not
the
war
situated at the
program
or an
,
at
item to
any
one
any
AA-5
one
week.
or
time, accord¬
be delivered to
calendar
a
Not
more
than
any one item may
a
customer
month.
during
All
Domestic
of
lead
in
re¬
months, averaging close
65,000 tons a month.
Sales
lead
common
week
were
during
the
less than in the
Consumers'
previous.
to
of
last
week
needs
for
February have been provided for
the
to
of
extent
about
80%, ac¬
estimates, with
cording
to
March
coverage
St.
trade
around
20%.
ware¬
Louis,
Control
was
At
same
Conservation
transfer
and
wire
zinc
by
Certain
will
be
copper
conductor
released
from
over
ordered
the
cept
14,
Silver
Statistics
estimates
production
of
United' States
silver
for
1942
at
54,486,000 ounces, which compares
with 69,128,000 ounces in 1941 and
67,013,000 ounces in 1940.
The
London
market
was
un¬
changed last week at 23 ¥2 d an
ounce
troy.
The New York Of¬
Daily Prices
The
*
daily prices of electrolytic
(domestic and export,
copper
re¬
finery), lead, zinc, and Straits tin
unchanged from those ap¬
pearing in the "Commercial and
were
Financial
31, 1942,
Chronicle"
page
as
of
July
380.
the
as
now
frozen- WPB.
to
use
by
of remelt zinc
WPB
time,
in
Order
use
on
Feb.
of scrap will
divert
9.
amending
M-ll,
the
supplies,
be
ex¬
ber
Manufacturers
Association,
lumber shipments of 453 mills re¬
porting
to
Trade
duction
ended
week
were
tion.
the
National
Barometer
by
15.0%
Feb.
6,
12.4%
for
1943.
orders
new
Lumber
exceeded
of
the
pro¬
week
In the
same
these
mills
greater than produc¬
Unfilled
order
files
in
the
reporting mills amounted te 84%
of stocks.
.
For
reporting softwood
mills, unfilled orders are equiva-.
The
Compared to
the
average
cor¬
fully controlled by
price
4.8%
program.
are
equivalent to 41 days' production.
For the year to date,
shipments
of reporting identical mills ex¬
ceeded production by 17.4%;, ortders by 21.7%, ;
%
responding week of 1935-39, pro-^
duction
of
reporting mills was"
7.2%
greater;
shipments
were'
.01%
greater, and orders were
specifically authorized, for
war
j
According to the National Lumr-
current rate, and gross stocks are
Zinc'
the
signed
for
more.
lent to 37 days' production at the
%'V
v
by
certificate
flask,
per
or
Ended Feb. 6, 1943
consumption
cent
regulated
;
10s
Lumber Movement—Week
has varied little in volume
house orders must be accompanied
a
£68
The American Bureau of Metal
Lead
des¬
ing to CMP regulation No. 4, is¬
last
at
'
order bear¬
of
at
$196
to
The ex-warehouse
Pawtucket.
I., plant.
re¬
delivery of 500 pounds
of. any
flask.
per
en¬
Production,
R.
unchanged
$198
ficial continued at 44%0.
has
Fomento
tempo¬
in the production
Quotations in New York
agreement with the
do
not
are
about
changes
rate.
The domestic
preference rating
a
an
Corporacion
as
Feb. 15, a warehouse
authorized controlled-
2,000 pounds of
12Q.3
radi¬
no
so
unchanged. Consumers are
obtaining
copper
on
the.
120
Valley basis, with foreign metal
moving
to
Metals
Reserve
at
11.750, f.a.s. United States ports.
sued
117.6
of the metal
mains
ing
—
by WPB to provide mate¬
Government's food
and
assume
changes in procedure
127.0
151.4
in
say
copper
under CMP will result in
cal
——
stocks
of
country,
11.
rial for urgent rural electrical ex¬
tensions
in
connection with the
ment
104.4
127.6'
to
on
part:
146.1
137.6
head
Vice-Chairman of "the Of¬
of Program."
The publica¬
129.4
127.6
E.
stadt,
104.4
"151.7
has
Charles
production.
150.1
117.6
to
The
WPB
aluminum formerly was
in the hands of Ferdinand Eber-
tination
•
Feb.
stockpile
the
quicksilver
remain
tinued
by dealers to orders bearing rat¬
over
119.1
349.0
of
Jurisdic¬
less
429,2
Markets," in its issue of
in
concerned
lots of 11 flasks
Tungsten ^
extended.
and
180.8
'
higher.
or
was
Division
aircraft
-131.7
134.5
of
quotation in London is being con¬
war.
of remelt zinc
Wilson- Vice-Chairman
132.2
195.6
the
of
3.93.9
151.0.
.
134.1
also
transferred
150.2
151.6
of
& M. J. Metal and Mineral
ings of AA-5
158.7
•
hand
on
rary
higher, for brass mill or wire
Quotations continued on the basis
mill products, if the order calls
of 6.500, New York, and at 6.350,
for the
135.6
substantial
a
consumers
Non-Ferrous Metals—War Production Board
con¬
Quicksilver
With
metal
164.7
,
tinued at
tin, 99% grade,
51.1250 a pound.
statistics
concerning imports and exports.
150.2
.
13,
been
Feb.
159.0-
127.6
—
1926-1923 base were Feb.
has
915.115
-—Total linters produced includes 10,133 bales first
cut, 53,975 bales second cut and
bales mill run.
Total held Includes
8,736 bales first cut, 14,018 bales second
and 248,624 bales mill run.
i:
V
■ ::
.
Tin control in the United
dom
cut
person', placing them.
All
-<806,525
or
24,484,000
,
$35;
Tin
22,397
148.5
,151.7
——
.3
on
§271,378
20,743
-159.0
104.4
1.3
Indexes
In
t
37,647
751,140
quantities
|
,
troy;
ounce
.
'
•
229,553
or
118.2
1
*
369,734
:
•
seller
ruthenium,
34,669
may
Year
Ago
Feb. 6,'
150.5
—
7—
6.1
100.0
795,223
610,780
dis¬
ounce,
palladium,
rhodium,
$125; iridium, $165; and osmium,
$50.
•
;
per
$24;
30,906
winterized
-+;
7 7
:
Month
Week
194.7
.
Grains
17.3
•
.
'
■
.
.Vv.
troy
per
Maximum prices.are: Platinum,
$35
41,931
148.5
—„
Cottonseed
" 7,7V
137.8
;
and
Fats
■•'■•■.
v
Preceding
1943
...
7
23.0
1,001,509
788,752 :
688,894
1979,223
43,295 —
/■
75,866
was
36,957
Aluminum
a
INDEX
.
'
Bears to the
-
1,206,799
\
.
320,317
'
effect"
would have sold.
23,644
6.183
and
moderately .higher. ;i
PRICE
Latest
,
'
'
25.3
1,554,237
in
at
sold, or, if no
made, at which the seller
1942-43
1941-42
133.4
miscellaneous, commodities-registered
result
a
.Each Group
.
——„.
"Had
dollar-and-cents
the
&c,{
control
index
Compiled by-The National Fertilizer Association
'
637,945
164.444
bales).
in :'the
farm
WEEKLY WHOLESALE COMMODITY
.
f327.618
to limit distribution
the week 13+ commodities advanced and 4 declined;
preceding week there were 11" advances and 7 declines; in
the second preceding week there were 19 advances and 7 declines.
;•
181,830
——
15
the
r
.802,774
1,440,003
44,118
151,439
Jan. 31
*153,873
another step toward tightening control over
consumpton of the metal.
During the last week the conservation order for zinc was amended
During
...
.
.
.
190,100
1942-43
1941-42
j. 1941-42
959,892
294,005
;•
K
sale
Aug. 1 to Jan. 31
by
•
'in
1 to Jan. 31
which
On hand
1,940
134.1
1(MX;
as
Feb.
on
product group average
by substantial gains in livestock quotations.
advance,
only
etc.,
nAND
stated: "Though it is well known that
.domestic smelters are produc¬
ing more'zinc than ever before,; the War Production Board has taken
level.
The food price average recovered a loss .'suffered in
previous week, as a result of upturns in the prices of eggs
and potatoes.;- An upswing in the fuel index resulted from
upward
adjustment of.bituminous coal prices by the Office of Price Ad¬
The
the
count,
ON
2.400
"E.
high
fractional
means
AND
146,406
"
r„,
,
declines
was
ministration.
tials,
and
destroyed for
18,901
the
•a
32,936
discounts, differen¬
allowances,
and
prices,
class.
same
applied to
20,151
2.0
+
t
index
consecutive
added:
such
result
as
783,273
4.0
■
Commodity
13,
more-than offset
net
46,505
the
20,257
tIncludes
0.7
+
.
,
Rising
commodity
Fertilizer
report
of
55,241
Shipped out
1,006,678
such
150,192
21,072
f
•effect
Produced Aug.
1
220.920
4,665 tons
OUT,
in
Jan.
31, 1942, for the sale of
metal ,to
a
purchaser < of
229
1,389,000,
4.3
7+0.2
The increase in the general level was due to higher prices for
farm products and foods, and gains in some industrial commod¬
ities.
The prices of cotton and most grains-.were
lower; but the
v:
SHIPPED
al¬
or
had
128,189
32.937
nor
seller
period from
204,870
2.(
>+
Or
.
'*+" 0.1
1942, this index, rose to 134.6 from
week.
A month ago the index stood, at
ciation's
to March
10,775
Editor's Note.—At the direction of the Office
of Censorship
certain production and
shipment figures and other data have been
National
preceding
'year ago at
36,047
9,522
•
weekly-
Feb.
1
38,661
+ 13.2
■
'
advanced
Aug.
Does include
the
in
1,834
sumers
3.0
+
.
+ 1.3
ft 0
7. 96.3
,7 7 '-.' V
Price Index Slill
'ended
hand
on
respectively.
.J.941-42
0.6
+0.1
i
0.3
+
,92.5. •91.9
*100.2
National Fertilizer Associalion
'The
tons
MANUFACTURED,
omitted for the duration
.The
130,529
effect
1941-42
•Preliminary.
r
137,495
,
and
v
which the
52,181
'
90.5
108.3
*100.3
foods—
and
+ 0.1
93.5
?98.5
.other ;. than
-
93.7
160,308
1942-43
'Includes
than
products
commodities
104.4
103.6
1
.
18.1
80.0
99.5
92.5
+
*103.9
104.1
_
+ 1.8
96.8
108.6
articles^
other
+ 0.4
.', 202,748
'
110.1
products™-..-:,-.-' *100.4
commodities
100.1
202,753
discounts, differentials,
lowances
J
—
—
establishments
6.6
+
80.1
99.5
90.5.
+ 0.6
80.1
104.1
___
.—
Semimanufactured
farm
•_
■■'+ 0.2
95.7
.96.8
J.10.1
products.
goods
*101.4
*103.9 :.* 103.9
80.4
—;
allied
'Manufactured
farm
96.8
products,^—*103.9
materials
'All
117.2
-
metal
materials
Chemicals
1
*101.7
117.7
lighting materials
and
.Housrfurnishing
AH
•101.8
118.2
leather products_^_:
products
and
Metals
Raw
*102.0
„
—
Textile
Fuel
—
250,666
(
_j
I
bales)
fiber
(500-lb.
-
All
Farm
169,354
1
——
warehousemen
1943
244,263
:ij').942-43
'
——
(running
■
2-7
376,645
851,179
Grabbots, motes,
1-9
490,716
(500-lb. bales) —(
Hull
complete
1-30
541,973
1801,743
Linters
Feb. 6. 1943 from—
groups
any
6.250
728,738
29,708
.
(tons)
Percentage changes tc
'
Commodity
61.298
9.259
1310,191
(tons)
-V^
%
46,305
71,031
1941-42
V
of
com¬
.146,745
) 1942-43
pounds) _f'1941-42
Cake and ilieal
in
76,755
PRODUCTS
pounds)-]•
oil
(thousand
and
155,260
94,098
]
metals
group
purity
168,878
85,393
oil
platinum
commercial
49,090
81,928
1943
a
36.303
259,038
reshipped for
provides that
158,392
.713,206
include
the
91.010
809,032
not
also
174,593
249,434
Item-—'—/' .'••,!-L.'
•
(1926—100)
320,161
The order
seller's maximum price for any of
76.949
388,562
Jrude
following table shows index numbers for. the principal
of commodities for the past 3 weeks, for. Jan.
9, 1943 and
Feb. 7, 1942, and the
percentage changes from a week ago, a month
ago,'and a year ago: \
;
•.: '
<310.563
908,932
The
■
464,109
On hand
.groups
•
14,278
368.436
COTTONSEED
j*
more
53,522
18.350
980,947
tons
by price controls,
allocation, and rationing the Bureau of Labor Statistics
will attempt promptly to report
changing prices. Indexes marked (*),
however, must be considered as preliminary and subject to such ad¬
required
47,690
56,782
139,348
materials
as
159.884
44,394
1943.
continued steady.
Coal, fuel oil in the Pennsylvania region, linseed
oil, synthetic camphor, soap and boxboard advanced, while quota¬
tions for several types of lumber for rosin and for
turpentine
weakened."
!
revision
198,564
70,843
All
'Does
pricesfor foods have risen 0.7% in the past month and they are 12%
higher than early in February a year ago.
• 1
':\v.. v:'%•■
"Weakening markets for bran brought average prices for cattle
feed down over 1% during the week.
''''
"Industrial Commodities—Prices for most industrial commodities
202,233
Texas ———.
States
1942
1,036,505
286,013
Tennessee—:
other
1943
1,049,405
130.820
South Carolina—;
"In addition to higher prices for fresh fruits and
vegetables, in¬
creased prices were reported for flour and corn meal and the foods
group index was up 0.1 %Prices were lower for butter.
Average
and
—
2,761,987
V 216,975
North Carolina—
.
justment
1_
—
3.255,402
.
218,259.
—
Mississippi
highest point since late in 1920.
'"'.yh
m
prices for the platinum metals is
Feb. 1, 1943. This corrects a press
release that fixed the date as of
Feb. 11.
Jan. 31
1942
62,353
124.864
"■
Louisiana
Lower prices were reported for oats, rye and
eggs.
At
118.2% of the 1926 average the farm products index has reached the
"
•
on
mercial forms and quantities shall
be the price named by OPA less
California————U,
Georgia
(TONS)
On hand at mills
1943
;
3,667,963
457,1.34
»
HAND
242,921
——
Arkansas
ON
Aug, 1 to Jan. 31
...1942
4,227,544
Alabama
Arizona
in market prices for farm products during
;•%•'• The Bureau makes the
following notation:
"During the period of rapid changes caused
AND
Crushed
Aug. 1 to Jan. 31
1943
in prices for
cotton, hogs, steers and sheep; for apples, oranges and
lemons, and for hay, peanuts, seeds'and' potatoes were responsible
'for
CRUSHED,
Received at mills*
and
corn
January, 1943 and 1942,
RECEIVED,
State—
;■
The Bureau's announcement further explained:
"Farm Froducts and Foods—-Continued increases
•
,
:
changed, Prime Western hold¬
ing
the basis of 81A0, St. Louis.
13, the Bureau of Census issued the following statement
Platinum Metals
showing cottonseed received, crushed, and on
The effective date of the OPA
hand, and cottonseed
products manufactured, shipped out, on hand, and exported for the order
establishing
maximum
average the index reached the highest level in 17 years.
Since the
first of the year the index has risen 0.6% and it is 6.6%
higher than
year.
not
On Feb.
nounced on Feb. 11 that sharp increases in primary market
prices for
fruits and vegetables and,continued advances in
grains brought the
'Bureau's comprehensive index of nearly 900 series for
the. week
ended Feb. 6 up 0.2% to a new wartime high.. At
102% of the 1926
;at this time last
675
All
grades
situation
of
has
less.
THE COMMERCIAL & FINANCIAL CHRONICLE
;676
January Retail Prices ConlinueUnchanged,
1According To Fairctiil Publications Index
February 1, 1943 again finds the Fairchild Publications Retail
Index unchanged.
For the seventh consecutive month, since
price ceilings went into effect, the index has remained at 113.1.
This is
only 2.6% higher than it was last year at this timer Although
a slight increase above last year, the spread is- narrowing,
since the 2.6% increase follows one of 4.4% and one of 5.2%.
Prices
are still 27.2% above the period immediately preceding the outbreak
this shows
of
The'.Bituminqus Coal Division, U.S.: Department; of the Interior,
total production of soft coal in the
week ended Feb. 6 is estimated at 11,880,000 net tons, an increase of
380,000 tons, or 3.3,%, over the output in the preceding week.
Pro¬
duction in the week of Feb. 7, 1942, was estimated at 10,902,000
tons..., For thevyear to date, output was 1.3%
lower than in the
corresponding period last year.
A,
.
Oil (State Inc. Returns
•
According to the U. S. Bureau of Mines, production of Penn¬
sylvania anthracite for the week ended Feb. 6, 1943, was estimated
at
1,344,000 tons, compared with 1,322,000 tons in the preceding
week and • 1,150,000 tons in the same period .in 1942.
Anthracite
output-for the calendar year to date amounted to 5,658,000 tons,
as
against 5,682,000 tons in the-corresponding period last'year.
••.t-
*
: ;
;
'
;
"For the first time since the composite index
its'elf has remained
stationary there has been no .movement recorded by any of the major
groups
The very slight advances shown in individual items has had
no effect on these five classifications.
Piece goods, which for many
•
•
Federal Tax Deduction
The announcement from Fairchilds, made'
European hostilities.
available Feb. 15, also says:
estimated
For the first time
furnish¬
ings rather than infants' wear, 2.5%. The comparison with the 1939
:period shows as usual that piece goods advanced the most,',33.6%,
coal
Bituminous
yand lignite—
Total,
last year is recorded by home
7aa':-
of
two
individual
the
incl.
Daily
.
prices will continue for some time to remain at about
level that they have been for the past seven months, accord¬
"Retail
index
ing to A. W. Zelomek, economist under whose supervision The
is
There continues to be the possibility of some upward
compiled.
movement
the individual items.
is shown by the slight increases in
as
which permit
These have been due to the various price regulations
___!
1,980
FAIRCHILD
i
,kA A
•
-
*
PRICE
RETAIL
PUBLICATIONS
.A
-
.
*
'Total
$Feb. 7,
Feb. 6,
-
urged
were
law
of
so
puting
tax
individual
returns.
1937
datory
51,456
control
1,817
1,904
:!i
1943'Fairchild News Service'
■/,;
\
■%. A>A. /r «•
6,947
the week
32,820
converted
,
u
ESTIMATED WEEKLY PRODUCTION OF
•; yA;: A'".
(The
!
COAL, BY STATES
laws which
and State
sources
(In Thousands of Net Tons)
of final annual
or
ii
returns from the
■
1943
yy
.-
operators.)
Alaska—r—
Alabama AAA:
Jlin. 23,
Jan. 31,
1943
1942
;
:;v. 6
Y: 6
381
375
106
k! 89
■■■■:•',
-
..
•
;
.
Jan.
Feb. 1,
Jan. 30,
1941
■
3
v
Arkansas and Oklahoma.
Colorado.
192
—
s.
Georgia and North Carolina
Illinois. A--.-AAA- AA—::
Indiana-
78
103
<182
•: »
434
.
•
515
483
k
1
.'•*
1.442
'
i,k
'
i
2,111
"
391
•
•
226
:
...
1,451
497
93
» «■
tt
,*
1,220
k
•563
kk
112
-
A A 245
-164
186
•
.
1,340
4
and
Missouri—-_w__
67
Maryland—
Michigan.
Montana
55
74/
•-,•■'■ ■■ 92
.
A
131
204
i 179/
207
167
220
883
935
748
851
220
300
.288
k': 33
;
A
AA"
(bituminous
7
<
and
1
272
222
39
38
•
i
a
i.,
.
■.
;
.A
the
.
and
.
i;
Federal
240
55
.
and
32
.
/■■
have
insisted
their share of such income
the
individual
rights
any
has
can
exer¬
himself with
re¬
,
to
him." New
failed
to
give
York
State
effective
rec¬
ognition to this condition.- It
sesses
a
tax;
upon
as¬
amount
an
which is considerably greater than
the
true- income
individual
7%
76
voted; them¬
gard • to the disposition of that
portion of the income which re¬
the
607
21
k
cise
190
A 36
A
A-.A; 7k;;",-
■
in
partners in the .incomes
as
individuals
-140'
A
,
29
——
State
available
taxed.
so
659
•
"
Kansas
of
mains
» »
.2 k
321
331
l
..
1.388
——
•
the
avge.
111923
1937
.
■ 6 :
379 •
•
of New
expenses
other
cities
v
'
'
local
prevent
the
Government; .have
selves
before
-Week Ended——
Jan;, 30,
State—,/:'?;r".,iy-r.X'
"Both
-
weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
are
of
The report stated:
upon
A"
current
ments and
income
into
equivalent -coal assuming
6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per pound of coaL Note that
m6st of the supply of petroleum products ;is not
directly competitive .With coal (Mih-*
erals Yearbook, Review of 1940, page 775).
tRevised. ' Isubject to revision, A
•
State
In
York- and
27,170
36,542
New
adopting the re¬
port, drawn by its Committee on
Taxation, the Chamber also urged
the repeal or amendment of man¬
1,917
6,129
during
of
to permit the deduction
income taxes in com¬
as
1942
6,172
produced
State
Federal
59,808
1,660
of the
lighten
the burden of State taxpayers by
amending the State income tax
1943
,
Legislature
Chamber of
the
Feb. 4 to further
on
59,009
1,869
by
Commerce
York
10,902
-
Dewey and members
of the New York State
State.
—
barrels
—-
Copyright
Feb. 6,
I.-Y. Chamber
Governor
11,500
-r
,
Kentucky—Eastern—^
Kentucky—Western^—:
V
INDEX
A-. .A
JAN. 3, 1931=100
AA,k
IaA!
k
*Crude Petroleum-r
.
adjustment of the ceiling prices." tA
THE
Feb. 7,
1942
1943
11,880".
Coal equivalent of
•
this time, but the increases from month to month are
'growing smaller. The largest is in cotton wash goods, 6.6%, and the
'smallest in furs, that of 0.4%.• Over the period immediately preceding
'the outbreak of war in Europe, furs continue to show the largest
advance, that of 49.9%, and women's shoes the smallest, 6.8%.,/
,
.
same
data
: Ak. r.v'-.'.V/x!
-January 1 to Date-
tJan, 30,
fuel-
Averages
last year at
ihe
Feb. 6,
.1943
mine
weekly' output
AaA
commodities .moved during the
jnonth.
Both furs and men's clothing increased. 0.1.%.
The, other,
'items remained unchanged, isome of them at the level they have been
for some time.
All the commodities are still somewhat higher than
"Only
comparable
with
Urged
•
'
the least.'
i
•
coal
-Week Ended-
in months the least rise
over
op
■
4.8%.,.tIt is followed by men's apparel with 4.2%.
wear
production
;aka aa/avon production op crude' petroleum \
k+A' A'Ak/A TV-. A
■In Net Tons (000 omitted) rA:
again indicates the largest advance, that of
the previous year,
'and infants'
states
united
-
months with the exception of last month showed the greatest increase
over
Thursday, February 18, 1943
Weekly: Goal And Coke Production Statistics
in its latest report states that the
Price
thei
:
-
presumed
As
to
maximum
the
result
a
of
rate
-assessed: by the ; State' is * in
fact in many cases a rate several
times 7% upon the true effective
income of the individuals taxed."
The report pointed, out that un¬
•
Index Ia.
Composite
Piece
Infants'
Home
71.8
Goods
■
;
110.2
Feb. 1,
Jan. 2,'
1,
1943
1943
1942
*
101.1
109.1
104.9
113.1
113.1
113.1
113.1
107.1
>
76.4
A
Furnishings
.
Piece
70.7
Dec.
1,
1942
112.2
112.2
112.2
112.2
105.3
105.3
112.6
112.5
112.6
112.6
108.0
108.0
•108.1
108.1
105.3
,
105.3
..
70.2
;
112.7
115.5
115.5
115.5
57.4
-;i
82.1
84.7
84.7
84.7
'
/ 115.5
101
;
Domestics
'
:k
84
V-
34
North
and
'■i
Dakota
South
.(lignitel A-~—-A,<
Ohio—:—_A ————_W—
Pennsylvania
680
640
(bituminous)—
2,745
2;538
—i
135
138
Tennessee
(bituminous
Texas
84.7
69.2
104.2
108.0
108.0
108.0
108.0
68.6 A
134.9 ;
143.8
143.8
143.8
143.8
and
29
A'
67
27
A':
77
82
;;-/45
;.':'kkk73
106
**50
'•
■'' ■'A. 51
534
686
.
:k-
k;
58
137
'
k
2,392
3,402
i
8
Virginia——————„ A-
380
,
•.
1
126.8
126.8
126,8 v
126.8
\135.0
135.0
135.0
135.0
tOther
59.2
89.8
94.1
94.1
'■/'
2,105
States—A—
120.8
128.8
394
?k 29
.36
,
2,070
820
65.0
8
123
365
A ?•
7
•
<> k":
;'k
89
14
'
'
k'
■
28
143
109
241
211
'
Washington_»AAA—;
♦West Virginia—Southern—
72.9
■■-kk
10
127
■
-
32
38
1,960
1,912
831
689
-
.
343
,855
V 65
:
Comfortables
&
Apparel
k...
y '■
;
94.1
94.1;
'
Corsets
Underwear
.
i
k
,192
207
140.5
140.5
140.5
111.2
111.2...
111.2
134.6
134.3
134.5
134.6
69.2' ;
100.fi
102.7
102.7
102.7
102.7
92.4
92.4
92.4
92.4
Men's Apparel
k
and
on
108.0
108.0
the
Panhandle
114.8
114.8
California,
Shirts, Sz
-
Hats'-&
."
Neckwear—.
Infants'.
74.3
-
Caps—__Ji.
+
A'A"
Wear
Underwear
>
..
:
69.6
/A A-A
Clothing incl. Overalls
;
91.0
102.4
108.0
108.0
110.4
*114.8
•,$.114.8
y:
96.1
69.7
90.8
70.1
102.2,
76,3
104.5
"VA/94.3
94.3
V.-105.9
105.9
109.6
109.6
109.6
74.
1,070
1,134
; "k
680
.
175: :
124
155
A T14 S,
74.0
i
J08 8
74.3-
i
102. T
•103.6
*106.0
.
103.6
106.0
H'
69.. 4
(
128.6
129.2.
Ftoor Coverings
79.91 I
143.9
-146.8 '
_.__w.AilAA--■:
/^Aaa?.AA-—*-•- ■'
50,6
a_akaa Aaa _ a a+:/
.innA-A-Aw——+.
Household
E.ectrical
Appliances
►China-, —A-AA AaA-~ AAA' :•
.
V
66.3
:
:
-
129.2.
ii4.5
114.5
*103.7
-103.7
106.0
106.0
129.2
.129.2
•
-
146.8
66.8
146.8
66.8
60.1,
92.6-
94.7
94.7
.94.7
72.5
92.3
93.5
93.5
93.5
81.5
108.5
110.6
110.6
Alio,6
Major
indexes
group
146.8
•
66.8
•
V
,
66.8
7
11,500
11,200
1,322
1,047
11.220
1,096 k...
k
1,234
12,315
12,247
12,322
10,329
8,839
11,850
1,052
1,968
13,818
9,891
11,563
operations on the N. & W.; C.
O.; Virginian; K. & M.; B. C. & G.;
the B. & O. in Kanawha, Mason, and Clay counties.
tRest of State, Including
'Includes
Grant,
Mineral,
records^ of the
Georgia, North Carolina,
lished'
and South; Dakota
"Alaska,
States."
tlncludes Arizona,
and Tucker,, counties,
and Oregon.
SData' for Pennsylvania anthracite from pub¬
Bureau of Mines, r t!Average
weekly rate for entire month:
Nevada
t+Less than
1,000
tons.
included with "Other Western
)
110.6
are
arith-
Shows 15.1% Gain Over Same Week Last Year
The Edison Electric Institute,:
•
mated
that
the
."bank debits'! press statement
Fas collected figures
on
a
the
similar
basis
of. its weekly
issuance
from
member
and
non-
ymember banks in the centers previously included in the weekly bank
The last weekly report was published on
page 1876
•debits statement.
We present below the
:
'I ' '
I
>'
.
millions
of
Federal Reserve District—
Hasten
£
——:
York.
!New
•
_j_
Philadelphia.
—
Cleveland
Major Geographical Divisions—
New England—
——
Middle
•Eichmond
Central Industrial
Chicago
Hansas
£
1942
8,822
8.353
3.472
12.-324-
2.110
1.967
6,822
6,015
1,889
1,707
5.819
5,073
7,391
26,158-
1,641
5,418
4,970
923
3.217
2,853
8.457.
1,007
I—'
66.423
59,109
8,131
11.068
22.799
1,590
6,077
4,804
—-
1,514
1,360
—
5,152
4,152
4,836
15,623
12,456
274' centers.——
*New
i:
1.935
—
—
LTotal,
1943
9,373
1.704
Francisco
in
1942'
2,871
2.578
——
City
Dallas
Jan.,
1943-
2.850
18.953
_——
■—.
Jan.
3.837
Louis
SI.
Jan.
2.695
,
York Citv
centers.
*140
other
tl33
other centers—•
4,162
54.780
48.605
170,443
150 262
19.877
17,247
60,814
53 922
30.263
27,028
94.865"
'83 248
14,764
13--092
*
:
■
*Included: in
■
-
■
the national series covering
4.640 :
4,330
1.41 centers,'available beginning in 1919.
-tExeluding centers for which figures were not collected" by the Board before May
1342.
'
•
i
:
7
•
-v: A
-.r. i.
.
-
».
•
|
•,
number
of these
have
only
also
of
in
determine
some
cases,
employees,
Most
compulsory laws
various
been passed under
high
pressure groups
.
the
spur
who give
heed to the financial affairs of
no
their city."
.
.
-
a
view to amend*
ments which -will make
allowance for
Federal
a
proper
taxes
paid
and spme provision for a. post-war
refund to meet the readjustments
to
peace-time
opera*
NewrNW Chamb; ■: Members
>
*.>
-
Seven
members;
of
the
Commerce
of
the
new
Chamber
'
of
.
at the
Rocky
—
-Week Ended
—
Feb. 6
Feb. 13
v
.
~
—.
Coast
States—
15.1
'
29.9
k:
V
12.3,
AA
.
k-k':k
monthly meeting on Feb. 4.
: /
WEEKS. (Thousands of
; '
11.0
kk
30.6
14.7 k.A":
14.0
-
21.2
13.8.
{,•
a
<■
i-
Week Ended—
Nov
7
—
___.
'
1941
1942
3,761,961
over
15.5
Kilowatt-Hours)
14
3,775,878
3,347,893
21
3,795,361
3,247,938;
Nov
28' __A
3,766,381
3,339,364
1929
1,798.164
11.7
'2,858.054
1,520.730'
2,889,937
1,531.584
1,793.584
.2,839,421
1,475,268.
1,818,169
+
+ 12.8
.
•
.2,931,877.
1,510,337
3,414,844
+13.7
2,975,704
1,518,922
1,806,225
12—
3,937,524
3,475,919 i
+ 13.3
3,003,543
1,563,334
1,840,863
Dec
19*— __i.
3,975,873
3,495,140
+
13.8
3,052,419
1,554,473
1,860,021
Dec
26
3,655,926
3,234,128
+ 13,0
2,757,259
1,414,710
1,63.7,683
5
,
% Change
Jan
Jan
1943
1942
3,779,993
3,288,685
—
3,952,587
3.472,579
_A
3,952,479
3,450,468
3,974,202
3,440,163
2.
9
,
Jan
16
Jan
23
Jan
30
3,976.844
3.468,193
Feb
6
3,960.242
3.474.638
Feb
13-
F»»b
20
Feb
27
■IB'
_A-A—
_j—___
k
over
1942
+14.9
.
.
+
13.8
+
14.5
'+15.5
i
+14..7
.
,.+ 14.0
•2,845,727
1,619,265
.3,002,454,
1,602,482
1,733,810
3,012,638.
1,598,201
1,736.729
•2,996,155:
1,588,967
1,717,315
2,994,041
1,588,853
1.728.203
-2,980,392-
H578.817
1,726,161
-2.976,478
1,545,459
.1,718.304
2.985; 585
1,512,158
1,699,250
3,409,907
III f-LV
2,993,253
1,519,679
1,706,719
3.421.639
-
+15t.
a
*
•
y
;
■
i
Associa*
Manager, The Employers'
Group,
and
Lester
P. f Barlow,
Shoreham, Vt.
ik;
Daw^ori'pPA Official
The
appointment
ii
;
1
of
Edward
Dawson of the Office of Price Ad*
ministration
Price
1,542.000
3.423.589
3,939,708
F.. Anderson, President, New
liaison
as
official
Congress has been made byAdministrator
1929
1932
1941
Stand*
H.
*
gar
York Sandy Hook Pilots
with
1943
Week Ended—
Vice-President,
Kay,
Director,Standard - Vacuum Oil
Co.; Lieutenant Commander Edr-
1,718,002
3,883,534
Dec
Dec
.
Brands,: Inc.; .Fred
dent
;
1932
1940
Cufrieht;
tion; I. B. Catz, Catz American
Co., Inc.; Robert L. Greene, Resi¬
,.+ 13.8
..+ 16.9
3,368,690'
Nov
Nov
1941
George L. Morrison, President,
General
Baking Co.;' Harold G.
ard
•
"14.3
29.6
y/vk
A;>■ :v;;.; >A ;V':y
are:
-
9.6 *•.!'
',/k/ 12.6
'■: '/•■;•:
20.1
k
Jan. 23
f-
3.6 k,■■':■•:A A 7.0
-:kk
20.4
14.2>
32.2
United
They
a
Jan; 30
•
? 3.1
6.0 k-kk
19.3 : k'k:
States—
Mountain
Pacific
■■r '-II
1942
21.628
•Atlanta
Minneapolis
Southern
-T
8.6
AAA—
Central
A-uti-—A
i % Change
—,i
w—w.
the
not
but
con¬
expenditures.
State; of New York werb elected
•*
r
:./+- 5.1 AA- k/V: 7.7
k
k'f 12.2.
12.4- k'kk ,/k 11.8
A- 15.0
13.0 1
A; 15.6
Atlantic^—
DATA FOR RECENT
j.
—
'
:
Total
V
-3 Months End^1
laws
Mayor noif
Estimate' have
these
over
State
of
Neither the
Board of
salaries,
The
week last year, an increase of 15.1%.
*W
dollars)
Jan.
the
essential
!
:
■
figures for the month of January.
(In
■
The salary increases which
mandatory run into millions
tions.";
period in 1942,
SUMMARY BY FEDERAL RESERVE DISTRICTS
'
etc.
in its current weekly report, esti¬
PERCENTAGE INCREASE OVER PREVIOUS YEAR
West
'cf the May 4, 1942, issue of the "Chronicle."
State
'
and; beginning with the: month of May
monthly
direct
,
production of electricity by the electric light and
power/industry of the United States for the week ended Feb. 13, ,1943,
Was approximately 3,939,708,000 kwh;, compared with 3,421,639,000
March 30, the Board of Governors of the Fed¬
eral Reserve System has discontinued
government,
■,
|A Baiak: Bebifs For Manili Of January
on
under
;A
'
•
local
report also urged that* a
study be made of the State Fran¬
output for the week ended Feb. 6, 1943, was 14.0% in excess of the
announced
less
or
I: The
Output For Week Ended Fek 13,1943
kwh. irr the corresponding
As
of
chise. tax,with
Electric
of their
many
supervision,
include
education,
certain,
courts,
relief, activities,
trol
coal.
District and
more
of dollars.
**
„
lig-
anthracite
Idaho.
"Services
are
! 93.5
application of price ceiling, adjustments.
due to
A;
94.7
.
,
jv.et'c averages
•Increases
Total all
.ttp
-
over
adding:;
186
109.6
'
NOTE—-Comnos'te Index is a weighted aggregate.
of subgroups. /;'• .
"A.
114.5-
•
•
99.1
,
;■?: .■04.3
^106.0
"
IPennsylvania
:A. kk'Af <A
control
762
'
k
■'a~a_a a-; a aa-?
80,9
■Radios
99.1
r^;f99.1
94,3
furniture
Luggage-
•:
99.0
.105.9
1G3.8
Shoes.
y
111.2
►
*
64.9
k Underwear
...
and
140.5
134.2
105.2
-
76.5 A
Shoes-;
:f,
bituminous
134.0
:
83.6 :
Brassieres——.
&
Purs
•.
Total
66.8
75.5
& House Dresses—-—
Aprons
-
Western
little
expenses,
■
■
Blankets
Women's
existing State laws, munici¬
palities in New York State have
133
125 ;
135
A\
der
/ 814
480
,
2,622'
2,742 '
lig-
tWest Virginia—NorthernWyoming——
Ak
'•
A
% 71."'
70
,
—
v.'/ Cotton Wash Goods A—IAa,
V-'-
i 93
38
130
'.
'
Aaaa;a_aa__-
'
■
—;
Mexico
,
V' Silks
..Woolens
lignite)—New
'
65.1)
AA
Apparel
Wear A_a.
Apparel
:
1942
j
69.4
Goods
Men's
Women's
Nov.
Feb,!,
May 1,
X 1933
Brown.
Prentiss
Specifically, according ta
the Associated Press, Mr. Dawson
is
available
to
help solve,
or
at
least answer, the problems which
constituents report, -to their Con*
gressmen;
■
n
! 1 i
''V
).
(
(.
Volume
157
First Boston
'
.
annual
report of The First Boston Corporation, issued to
the stockholders on Jan; 30, shows a net operating' profit for the
.
Further details £s/reported by the Institute follow:
a
Reports received from refining companies indicate5 that the in¬
dustry as a whole ran to stills on a Bureau ,of (Mines basis-approxi¬
mately 3,692,000 barrels of Qrude oil daily and produced 10,479,000
barrels of gasoline; 4,220,000 barrels of distillate fuel
oil, and 7,690,-
has
000 barrels of residual fuel oil
our
barrels,
Corporation 1942 Net $49 (,256
'
The
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4152
:
of. $182,416 and, after adding security depreciation adjustment
$308,840, a net income of $491,256.
On Dec. 31, 1942, the total capital funds, exclusive of reserves,
amounted to $10,810,750, which reflects the payment of a dividend
of $150,000 on Jan. 31,
1942, and the purchase of 50,000 shares
of capital stock during the year, but does not reflect the $450,000
in dividends declared Jan. 14, 1943.
"
"V/.a
year.
of
Pope, President of the. Corporation, revealed that
the organization purchased an aggregate of 50,000 •A/
'A
shares of its capital stock at an average cost of $10 per share but A/'. '/'AA'' '"A 'A-A
/'/'A, A.,'
that none of this stock was bought from any officer or director.
.!
M.
:
Kansas
the'East Coast.
on
duct its
added
operated
:
ables A
395,300
A
•
310,500
3,000
•
East
Coastal
-
'
".
,
.
.
Texas
Total Texas
•
/•
'
North Louisiana
Coastal Louisiana A_/-
'/ ,/v
,/A/
and in maintaining orderly markets in outstanding issues.
349,800
addition, it has participated in the underwriting or distribu¬ A Total Louisiana —A
tion ; of $1,016,640,560 of
investment bonds and stocks, thereby Arkansas
'
78,700
Mississippi
'50,000
assisting in maintaining open markets for, such; issues notwith¬
Illinois
Aju 272.200
standing war conditions."/ /'//a■// aA;/aa//a A ■</■■■■A/////A/''
_______
//A': ?A,' :•/1+/
Income:
Profits
(less
losses'!
Dec.
A..-'//A/. V■ AA'■
..
from
trading in securities on own
account and in joint accounts,
and as participant in
underwriting groups (determined on basis of cost)____
Interest and discount earned, and dividends received-..
Commissions, service charges, and misc. income____A
-
A/A /A
■
"
A. Total
^vA^-A,^ AA/AA-'-a/AA-AZ'AA '*/'/A'AAZ '* A; AiA/A
General expenses
•<*
$2,294,962.77, V-AA/AA'A A
A/ Interest on bank loans,
>AAa-~A/ ■ A' 243,761.13
:
Taxes (incl. provisions for Federal and State
taxes)AAA' 279,124.02
'AA/A"'
A/V Depreciation of furniture and fixtures-..:
:lA+r—
11,537.84
AA
_____A
;
V::
.-7
foklahoma,
Jan.
a.m.
tThis
tncludes
for
Earned
surplus/ Dec. 31,
$2,310,750.57
31, 1942),
/: +A
V
___A
La
•
•
56,700
86,500
A '
21.400
,
.
..
L
-
_^_r
fuliy.^£uaranteed__-A_^__;____AA
/
§823,700
A
A /
is
the
basic
net
and
which
allowable
ordered for from 3
Feb.
of
as
exemptions
exempted
the
for
CRUDE
RUNS
AND
TO
STILLS;
to
13
furniture
:
$5,551,764.42
90,815.00
.-/A
76,901,933.01
;
and
AA—
f
receivable
accounts
fixtures—less
afcerued
and
UNFINISHED
GASOLINE,
1
/:/
Liabilities—
'
payable
i
-
,
loans
Collateral
!
.
'.
'
V
-
-
-
-•
1
tial
Texas
%
Rate
"Combin'd: East Coast,
Gulf,
6,650
6,650
98,250
120,700
~
+18,050
89,400
3,069,650
.
20,750
.
3,686.550
8,900
774,950
650,350
+26,950
3,844,600
4,336,900
President's
dressed
to
mander
of
the Union
Feb.
on
4
acU
message,
the
supreme,
the
armed
com-)
forces
of
of Soviet Socialist Re¬
publics, follows:
A "As Commander in Chief of the
armed forces of the United States
.
of
America, I congratulate you on
the brilliant victory at
Stalingrad
of the armies under your supreme
command.
The 162 days of epic
battle for the
city which has for¬
honored your name and the
decisive result, which all Ameri¬
ever
today, will
proudest chap¬
on
ai: /•-'
28-day
a
With
the
other
basis
and
exception
fields
for
of
which
ordered shut down
was
Oil
Producers. A.
STOCKS
DISTILLATE
OF
North
Gulf,
A
.
'
2,444
88.2
177,
84.8
1
the
of Gas
Oil and
of ReFuel
sidual
Fuels
Oil
,
,
combined
67.5
4,689
152
85.9
416
90.1
39.277
3,015
>
who
and
have
in
factory and
not only to
glory their country's
arms but to inspire
by their ex¬
ample fresh determination among
have
with
cover
the
United
Nations
to
energy
In
5
bend
to
bring about the
reply, Premier Stalin
expressed
Til0,680
A
668
590
the
military
United
will
on
Feb,
"conviction
operations
that
of
the
States, Great Britain and
the U. S. S. R. in the
future
near
bring about victory over our
enemy."
The message,
common
recorded in London by the British
Reuters,
agency,
cording to
16,871
A
fighters
front
women
field
"To
1,650
and
the
at
them
news
'
v'731
and
men
joint
Distillate
"
armies
supported
^^■-,f
/
"
■
commanders
your
,
LouislBBSi■» Arkansas
Appalachian——
are
A A AAA'
tStocks JStocks
,
•
peoples
defeat
and
unconditional
AAA/A final
AA/ A surrender of the common enemy."
on a Bureau of Mines basis
•
the
.../,
"The
of
this section Include reported totals
porting Average erated Blended Gasoline
of
war
united against nazism and its emu^
lators.
A/ ,'/■■"" 'AA/.
v
'/A'A
every
AND
/
§Gasoline
Production
at Re$Sto6ks
this
FINISHED
FUEL
fineries Finished
'■[' Runs to Stills Includ. and UnRe-A Daily % Op- Natural finished
t
in
ters
week- ended
for
estimate of unreported amounts and
an
therefore
- -
Louisi-
and Inland Texas—
$78,055,698.78
53,200
■
87,550
A 22,200
certain
AND
•
District—
;
$113,374,205.25
A
Roosevelt
congratulatory message to
Joseph Stalin of, Soviet
The
all
OIL
(
Poten-
•
90,350
59,700
'900
month.
of
'
-
,
:
A//AaA:
—/
—
91,100
.
i 700
GASOLINE;
Figures In
plus
ana
———J_—ZAaAAA
——
20,900
«
3,450 " i:
calculated,
ami
OF
GAS
,
^
213.868.36
A./ 32,226.09
15,325.00
4_/—.
21,147.38
——————
stamps AA_A_—________—___•——————
Deferred
items ——
Total
v
'370,500
1.5,-950:
(Figures in Thousands of barrels of 42 Gallons Each)
33,192.00
interest—//A
depreciation—
Tax
.
4,100
days, the entire state
PRODUCTION
,,
deposits
5,400
+
entire
entirely
were
,
faith
Miscellaneous
,
..
3,853,350
,
Good
234,100 :
1
"
—
—
—
774,400
-
stocks.
ana
a
Premier
83,550
.%
;+ :
3,078,950
,
56,450
:
98,300;'-'
105,800
/■■/*./''/; AAA ;■
—I,—.__________—__________.:A-. 6,758,816.35 A?'/ /:///?t'A/AA/':/://
/ Securities carried in joint trading accou!nts_______-____AAr-A-----'"2,500,127.97
Dally'RefiningA'J-v
' r
Securities sold not yet delivered—at selling price——Z
,
'
1 /"
C&pacity. //;" Crude
A*
,,,21,254,995,(68
bonds,
securities;
283,850.
President
sent
Russia on the "brilliant
victory"
364,550' achieved
by the Russian Army at
.74,600
Stalingrad. Aa/•■,'
a
//
75,250
.
8,950
+
7,050
•
950
950
.
Mississippi,' Indiana figures are1
;:////-" ./•//'•'i'-.v. ^/--a
"
shutdowns
fields
vA////A//:i
1942
Cash pledged against securities borrow^$A_A
U. S. Govt, obligations—direct and
Cther
338,850 /
* +f 1,750
,
89,100
;/
Ai-V
:
4,162,300
j
'cash
247,250.
1,500
AA/ A/A>AA:';': RESIDUAL FUEL OIL, WEEK ENDED FEB. 6, .1943
balance sheet—dec. 31,
i
1,150
IRecommendation of Conservation Committee of. California
a reversal. of provision for security deprecia¬
charged against .income in prior years, and is an amount equal to the
security deprec'ation at Dec, 31, 1941 (see balance sheet Note with respect to quoted
was
market valuation of securities at Dec.
—
—.
10
NOTE—This; adjustment represents
tion, which
80,700
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 of 10 days shut-down time
during the calendar month.
:
A
91,600
Kansas/^ Nebraska,
27.
shutdowns were
150,000.00
•
350
344,200
gasoline and allied-products in November;- 1942,, .as follows:; Oklahoma,
29,900; Kansas,.-5,800;-Texas, 106,300; Louisiana, 20,800; Arkansas, 3,000; Illinois,
10,300; Eastern '(not including Illinois and Indiana), 11,500; Michigan, 100;. Wyoming,
2,600; Montana, 300; New Mexico, 5,800; California, 42,100.
A,Ay:^ "A/AA'A/A
$2,460,750.57
—„^
_
1942---$0.30 a share
1,731,400
■
several
surplus before charging dividend.
1,331,950
tion of, natural
.'.Net. income for the Zyear__ AAAaA A A A~-A__A a_A__AA-A-A) A $491,256.28
surplus, Jan. 1,
■ 1,969,494.29
Earned
/
311,500
6,350
cans
are
by pipeline proration.. Actual state production would/under such conditions, prove to
celebrating
less than the allowables. ' The Bureau of Mines reported the daily
average produc-> •remain one of the
Earned
Less dividend paid'Jan; 31,
255,200
be
//J;Total
Net operating profit - for the year A.
/A J,
//aA/A—AA—A/ / $182,415.72
Add-r-Security depreciation adjustment !see'Note)// 308,840.56
A 439,100
166,600
from oil, condensate and gas fields.
Past records of production indicate, .however, that
:ertain wells may be incapable of producing the allowables granted, or
may be limited
•;<; •://
cor¬
closely
to
in¬
productivity. In the long
run this must be
so, for under a
system of mass production there
must be a steady flow
of; con¬
sumer income to absorb the out¬
put of the factories." a'
very
95,750
:
327,000
-
*P.A.W, recommendations and state allowables represent the production of all
petroleum liquids; including crude oil, condensate and natural gas derivatives recovered
$3,011,801.48
:
101,200
100
+:;
238,500
7-00u
823,700
1,600
2,500 A
92,550
'
+11,200
j
3,338,600
Total United States
148,200
153,400
-A
+54,350 A ?
;,f3.8,350'
105,800
California
136,250
—' 200,900
—
' 75,850
f <
.
-./AAA
/
-Expenses:.
A
—
Total east of Calif.
///
•
$2,045,948.41
731,779.71
234,073.36
__1
New Mexico
■'. A/"Z/ ■/.
'•/:./.
.
'
-
246'550
y
———
Colorado
31,- 1942
—1,350
+
' 338,050 /
74,826
" WO
; i
_
Ended
88,500
t;.
the trend of real wages has
creased
.
Indiana:..-.^—"17/200
Year
■;500
+
summary
For the
246,700
5,100
—
91,500
A'
362,300
of the Corporation's income account for the year Eastern (not incl. 111.
& Ind.)
114,600
ended Dec. 31, 1942, and the balance sheet as of Dec; 31,. 1942,
Michigan t_i_A—— :,V 63.700
follows:
/.aa-:'a; /aa"'-'//a/a!;
;
azz /-va/AAz--;/ Wyoming
_,_A.
94,100
>aa a'/a:';/v; -v.a summary op income and earned surplus
>
? Montana A_A—A'' 24.700
;
A /
-
.
,
408,200
..—
.1.337,250
i /
1942
347,800
301,400
.
.320,000
.
Ended
Feb. 7
/
1943
1.750
•: +
■
166,800
i
1,452,000 U,452,714
—
handsomely in this prog-,
During the past five decades
responded
+13,900
•
_
Feb. 6
2,450
88,900
,
Texas
issues
,
'
_—_____
Southwest
the
/'
■
Week
Ended
.
Week
+
.
.
' 1
.
'
In
A
!
t349,500
1305,700
12,350
v
/
Previous
1943
—
V.A A
.
BARRELS)
4 Weeks
From
Feb. 6
'
395.300:
,
Change
.
Ended
Feb. 1
Texas./--.A''V
Texas
East
Treasury Department and the several Federal
of the country in the placing of new government
Banks
Week
Beginning
;310,500
,;r
IN
—Actual Production—
Allow-
February
(FIGURES
135,350
201,100
Central Texas^.1 iV ^A'A'Ml /i1;,AAi, :
100,000
Texas
::'y- '325,100 :■
West
the
with
Reserve
that
ciatlons
PRODUCTION
-'State
,
Recommen■
North Texas
Corporation has done its full share of
work with the United States Treasury Victory Fund Committees
in each of the localities where it has offices and that "it has co¬
He
-war/:
'
—
Panhandle
OIL
*P.A,W.
^
Nebraska
a.
largely responsible for
unparalleled progress in the
ress.
CRUDE
A':
,
—AA—— A
Oklahoma
'/
:■ /a;\:z 'a;
Pope noted that the Corporation has endeavored to con¬
affairs to meet the ever-changing conditions caused by the
Mr.
/•
.
purchases./• 'a/ .//■'•.
been
shared
AVERAGE
1942
;"additional
'invested
but
5%* of our
national income. ,But the invest¬
ment of this relatively small fund
and do not reflect conditions
DAILY
Mr. Pope further said that "if and when it seems to be to the
advantage" 1 of the corporation, the Directors will . propose that
there be purchased up to an additional 100,000 shares of capital
stock.
No action, however, has yet been taken to authorize such
neW '..capital
constituted
last 150 years, during which
pe¬
riod per capita income about dou¬
bled every 35 years,
Labor has
,
Allan
has
during the week ended Feb. 6, 1943;
storage at the end of that week 90,253,000 barrels of gaso¬
line; 35,503,000 barrels of distillate fuels, and 71,095,000 barrels of
residual fuel oils. The above figures apply to the
country as a whole,
and had in
,
during
amount 'of
*
the
said,
Associated
Franklin
Roosevelt,
mander-in-Chief
of
ac¬
Press:
Com¬
the
armed
•
;
Deposits
securities
on
A Securities
sold
loaned
,>
——
not
yet purchased——________
not yet received—at purchase price
Federal, ' State, and .City taxes—
AA/A
„
6,712,851.68
Securities purchased
L-Accrued
Due
customers
Miscellaneous
*
for
Reserves
for
Reserve
•_
16,495,553.91
"•
—
accounts
payable and accrued expenses—
miscellaneous
items
<■
163,546.28
•
574,049.36
././
—4_
/—A
'•
190,229.47
'
—
'
contingencies————r—_—;
Capital stock and surplus:
'
>,
'/ ; ■ >
•
- -
" :
.
-
;
Paid-in
Earned
surplus
.
300,000.00
4,000,000.00
"
500,000.00
-
10,810,750.57
u
$113,374,205.25
sold not yet purchased are stated at
prices, respectively.
Exclusive of certain investment securities which
closely held and not quoted on the market (stated at $1,895,999.72), the
sales
cost
valuation
excess
of
of
to loans
payable: securities having a quoted market
pledged as collateral against securities borrowed.
The corporation had contingent accounts
.
as
valuation
of
$6,681,500
are
,
follows:
Commitments
-
Securities
Securities
bail's Feb. 6, 1943__
U. S. B. of M.
4,812
basis Jan. 30,
4,806
Tot.
Mines
basis Feb. 7,
1942—
Bur.
1,068
58.5
303
720.
as/a, member of various groups to purchase securities.
$886,130.00
purchased on a "when issued" basis../—_:_'v 227 500.90
sold
on
a
"when
issued"
•
'
./.A./l
basis'
'
■■■-
' "
'
227^708.87
*■■
Daily Average Crude Oil Production Far Week
Ended Feb. 6,1943 Increased 26,950 Barrels
The American Petroleum Institute estimates
that the
age gross
3,853,350
88.1
A+l,623
7,320
4,479 AJL634
Ar 1,511 A
1,387
1,886
/ 20,165
371
'
11,603
daily
aver¬
crude oil production for the week ended Feb.
6, 1943 was
an increase of 26,950 barrels over the
barrels,
preceding
The current figure, however, was
483,550 barrels per day less
during the corresponding period last year, and was 308,950 bar¬
rels below the daily average figure for the month of
February, 1943
as recommended by the Petroleum
Administration for War.
Daily
week.
55,282
.
76.7.
10,479
A,
,
-
'
190,253
85.9
3,698
76.9
10,339
:
3,845
t
/ 12,877
35,503
71,095
70,763
'
"
103,1.73 / 4°.220
89,555
*At- the request of the Petroleum* Administration for. War.
tFinished, 80,169,000
barrels; unfinished, 10,084,000 .barrels. lAt refineries, at bulk terminals, in transit and
in pipe lines.
§Not including 4,220.000 barrels of gas oil and distillate fuel and 7,690,000 barrels of residual fuel oil produced during the week ended Feb. 6, 1943,
which
with 3,888,000 barrels and 7,452,000 barrels, respectively,. in the preceding
week, and 3,801,000 barrels and 6,789,000 barrels, respectively, in the week ended Feb. 7,
1942.
Mncludes approximately 125,000 barrels not previously reported.
S. A.:
for
you
in
,
.
/ >
your
con-
connection
with
at
of
the
Stalingrad,
armed
conviction
my
military
forces
forces
"
...
express
joint
Soviet
that
operations
of
the
the
S.
A.,
of
U.
Great Britain and the U. S. S. R. A
the
near
future ' will
bring
in
about
victory
over
'
enemy.
,
our
,
common
>
"STALIN." a'/
Stalin Receives Note
Steady Flow Of New Capital Necessary
To Perpetuation Of Private Enterprise
The
perpetuation
of
On African
A
joint
Churchill
from
note
Roosevelt
>
Parley
and
President
Prime
Minister.
handed to Premier
was
economic system is dependent upon Stalin at the Kremlin in Moscow
capital, for without the accumulation of on Jan. 27 by Admiral William
whereby producers' goods—tools, machinery, buildings, H.
Standley, U. S. Ambassador to
transportation, and storage facilities—are created, mankind would Soviet Russia, and W. Lacy Bogstill be in a primitive stage, eking out a precarious
living from gallay, British Charge d'Affaires.
day to day, the victim of a capricious nature, says the First National The contents of the note were not
a
flow
constant
this
of
our
fresh
fund
Bank
of
Boston
in
its
"New England Letter."
current 4>~
Continu¬
"The real
source
of this fund is
savings, which are an excess of
production over consumption and
are
used
nance
in
large
measure
to fi¬
modern facilities that lower
costs, broaden markets, and cre¬
ate jobs.
Any increase in produc¬
tivity
by
means
—
asmuch
revealed
savings involve wait¬
ing, and the postponement of con¬
sumption, confidence in the future
is necessary in order that indi¬
viduals may practice thrift and
businessmen be willing to assume
the risk of directing their invest¬
ments into productive channels.
"The
as
but
related to
it
is
believed
they
military plans.
Premier Stalin had been invited
to
meet
with
Mr.
Roosevelt
and
Mr. Churchill at their Casablanca
conference but
as
indicated in the
communique regarding the meet^
ing
page
(given
370)
in
Jan.
28
unable
to
our
was
issue,
leave
capital Russia because of his direction o£
the the Russian offensive. However,
decades has been surplus earnings he had been "fully informed of
ploughed back into business. Most the military proposals," according
chief
source-
of
savings in this country
of
the
remainder
has
over
come
from
the savings of the well-to-do. The
.
^
victory
"I
37,057
88,830
thank
gratulations
.
_
*
of new inven¬
tions,
modern
equipment,
im¬
proved management, and greater
efficiency of
labor
contributes
^production for the four weeks ended Feb. 6, 1943 averaged
3,844,600 toward the growth of savings. In¬
than
"I
522
,i;,5a'A AAAA:A/'-'//''A
3,,692
;
»
ing, the bank-'says:
i
.
.
forces of. the U.
the
85.9
.
1943_
of
S.
84.9
86
of !M. '//A-;:-. '
B.
8.
89.9
'
/ A.380 „/.18,590
353
securities
the
.
eral
V 817
.
are
quoted mar¬
owned and securities sold not yet purchased is
$37,125.69
aggregate stated value thereof: the investment securities, which are
stated at $1,895,999.72 and not quoted on the
market, includes securities of The Vir¬
ginian Corporation stated at $1,649,982.00 which are represented
by $1,500,000 par
value of Class A preferred stock, $189,000
par value of Class B preferred stock, and
3,750
scares,of common stock (dividends have been received regularly since acquisi¬
tion of these stocks—in cash, at 6%, on both classes of
preferred stocks, and in cash
and/or Class B preferred stock on the common stock).
:
"
A
:
/
Securities having a quoted market valuation of
$80,101,300 are pledged as collat¬
ket
in
Tot." U.
85,0.
80.1
48.0
compares
-
NOTES—Securities owned and securities
and
811.,
/ 416
r: 147 "
'
California
U.
$11,310,750.57
cost
*«?'f-V.'S?'.:'>o::^
111., Ky.
Okla., Kansas, Mo
Rocky Mountain
Ind.,
; //
2,310,750.57 "
stk. in treasury—at
Total
i
$5,000,000.00
—:
—
cap.
}Aih
VC%
-
/ '
—i
Total
Less—50,000 shrs. of
•
'
a^O'V"
63,325.20
..
„
(auth. & iss., 500,000 shrs. of $10 each)
surplus —*
//_
Capital stk
•/
V 8,200.00
to
the
official
North Africa.
communique from
COMMERCIAL & FINANCIAL CHRONICLE
THE
678
and Exchange Commission made public
The Securities
5 its monthly
Treasury Department made public on Feb.
NYSE Odd-Lot
Trading On New York Exchanges
Statutory Debt Limitation As Of Jan, 31, 1943
The
Thursday, February 18, 1943
Jan.
31, 1943, totaled $113,814,381,604, thus leaving the face amount
obligations which may be issued subject to the $125,000,000,000
In another table in the
i-eport, the Treasury indicates that from the total face amount of
outstanding public debt obligations ($113,814,381,604) should be de¬
ducted $3,696,483,649 (the unearned discount on savings bonds), re¬
ducing the total to $110,117,897,955.
However, to this latter figure
should be added $951,426,439
(other public debt obligations out¬
standing but not subject to the statutory limitation).
Thus the total
gross public debt outstanding as of Jan. 31, 1943 was $111,069,324,394.
The following is the Treasury's report for Jan. 31:
Section 21 of the Second Liberty Bond Act, as anriended, pro-vides that the face amount of obligations issued under authority of
that Act, "shall not exceed in the aggregate $125,000,000,000 outstand¬
ing at any one time."
of
statutory debt limitation at $11,185,618,396.
figures.
•
■
.
-
.
Exchange
on Feb.
12 a summary for the week ended
Feb. 6 of complete figures show*irig the daily volume of stock
transactions
Exchange, member trading during the week ended Jan. 30
336,260 shares, or 14.93% of the total volume of that
Exchange of 1,126,375 shares; during the Jan. 23 week trading for the
account of Curb members of 318,260 shares was 19.07% of total trad¬
amounted
to
limitation:
ended Jan. 30:
ODD-LOT
,
!
v;"'
;
THE
■
-
' •;
.
"
•
■■
,
Treasury
Depositary
Adjusted
—'
—
■/
■
v
; >■//"''•■.
•■.'/
service
Total number of reports
received—:—:——
•
1. Reports showing transactions as specialists-/—
2. Reports showing other transactions initiated on
the floor
obligations,
which interest has ceased.
64.984,650
(U. S. War Savings stamps)—,-
.224,901,247
on
amount
of
(On
the
OF
STATEMENT
WITH
THE
PUBLIC
of
-
•
Customers'
Customers'
'
507
Number of
,
solely by
Stock Sales
discount
on
Savings
issued under
(difference
bonds
WEEK ENDED JANUARY
$113,814,381,004
between
Total Round-Lot Sales:
A.
i
,.
value)—.3,696,483,649
4,189
430.894
110,117,897,955
not
debt obligations
public
Number of
■,.
Total ..'sales
.
Except
Members,
'
public debt outstanding Jan." 31, 1943_-_:
"Approximate
maturity
value.
Principal
on
$111,069,324,394
(current,
amount
for
redemption
are
iother
'./■/'.
.Short
-
July
August
September
October
November
—--
December
—
Total
Yearly
<
1940
1,738,893
1,616,587
1,682,454
1,548,451
1,145,592
1,009,256
870,866
747,427
1,364,801
1,388,407
1,780,938
931,905
845,108
1,605,510
907,904
1,084,057
771,752
1,834,127
1,720,366
1,687,674
1,745,295
1,617,302
1,701.874
1,774,068
1,668,637
1,209,684
1,765,749
1,788,650
1,703,570
1,666,667
1,296.887
745,364
1,529,241
1,480,008
1,455,604
1,392,838
885,636
1,500,281
1,086,683
1,262,874
1,787,501
1,753,665
1,664,227
1,851,279
1,572,408
1,345,855
1,333,385
1,665,545
1,624,186
1,425,352
1,406.205
1,110,050
931744
21,064,157
1,846,036
•
—___
795,689
,
607,562
1,443,969
14,976,110
11,752,116
"42,333
37,639
"44,865
"12,827
20,416,604
15,013,749
11,707,251
16,812,650
sales-
<
1942, $380,600,000.
Following are the totals for the last two years:
1943—
Jan.
$
-1
30
1942—
Dec.
31-
NOV.
30
Opt.
31
:
-
—
Total sales,
Total
Round-Lot
Sept. 30
July
31
May 29
31—
Feb.
28
Jan.
—
-
30
Mar.
31
31
Nov.
29
Oct.
31
260,600.000
Sept.
Aug.
30
:
July
31
June
30——
115,200,000
May
31-—
295.000, Q00
354,200,000
373,100,000
Apr.
30
274,600,000
Mar,
31
263,300,000
384,300,000
-
388,400.000
—
3 80.(500.000
;
>;-
_,/
/•■/•'"
Sales
';r-;,
5.*60
Jr.
•'■/'v/-
'.-
,
Curb
•'
1
" Total
Members:
-
Transactions
-
.
16.86
.
Stock
on
/
tate
'
•
.
sales
tOther
10L885
sales
%•'/.
\jx ■'
'
:"v
;
0
31,455
————
" Total sales—
■
■«///' : '34,535
—
fOther sales—
4. Total—
;•
■_
.
/
;
.
,
34,125
•
,
•
'
/,,'■■
?
;i
;
3,15
.../'•" -v.-
170,545.
fOther sales—
'
36,910-
36,910"
:
sales„_—
'
0
.
—-———
...
,
•,
,
.
6,560
159,155
.
——
-
>
-
•
>65,715
C. Odd-Lot Transactions for the Account of Special-.
ists *
'
Total
370,500,000
329.900,000
;
Total
377,700.000
353,900,000
299,000,000
purchases
^
l-i-
L—
.14.93..
,
r—
>
<
0-
-
-
29,747
—
;
sales.
29,747
;
•The term
28
240,700,000
3.1
232,400,000
22,607
—
"members"
firms and their partners,
Includes all regular and associate Exchange members, their
Including special partners.
IShares in members? transactions as per cent of twice total round-lot volume.
In
calculating these percentages, the total members' transactions is compared with twice
the total round-lot volume on the Exchange for the reason that the total of members'
transactions Includes both purchases and sales, while the Exchange "volume includej
only sales.
tRound-lot
Feb.
Jan.
wartime
trend
rules
are
short
included
sSales marked
sales
with
which
are
exempted
from
restriction by the
"other sales."
"short. exempt" are included
and
with "other sales."
,
in
wait
we
spend
/
•
real
es¬
taxation will be renewed at
Mr. Mullenix said.
of the
:na-
value and similar
cases, are being
reported from' other parts of,, the
country.-: In his remarks Mr/Mul¬
lenix also stated:
1—
Total sales—-
387.100,000
—
collect
if
years.
Since then, Mr, Mullenix
said, it has become apparent that
the threat is growing. In one large
city the 1942 tax .rate will prob¬
ably. be set at:an*alMim£ high of
$10.55 for each $100 of assessed
.
"
'■
;.
—-
——
Total purchases
Short
'
'
——..
1—
,1—
2.93
: .31,455
———•
3; Other transactions initiated off the floor-/
——
who
and
taxes
one
ti.on's families who own. and oc¬
cupy their own homes or flats,
should prepare now to resist pos¬
sible attempts to
increase real
estate taxes during the next two
the floor-—
—
;■
Six months ago the Association
Total."97,350 '//
on
estate
will be
warned that the 45%
90,790
/
Total purchases—.
-Short sales
real
never
Feb. 26 and 27,
:
6,560
——
2. Other transactions initiated
■■
the Association's second 1943 "War
and Post-War Clinic" in Chicago,
-
'
'
/'''.■■:■■■•■'' r.."v
,
■'Short
property tax,
them .closest
■
those
The
..
.
the
that affects
local
there
tPer
1,126,375
-•
v///;./
'
/,
1,:;' '..,.•■'•■ ■/
■■;
1. Transactions of specialists in stocks in which
they are registered—/■ ;•:/
Total purchases
L-——^
/
:■'■/.
.
'Total.,
toward
one
might not be
such a bad idea either, particu¬
larly now when everyone is be¬
coming
accustomed
to
ceiling
prices for most of the things they
buy and sell," Mr/Mullenix stated,
adding that "there- is no ceiling
■■',//-
of
Account
for taxes; they, cpuld be
"An itemized bill
1,119,490
;
——
the
for
homes
.
••
Exchange and
the
for
—-^—4.——
sales
Round-Lot
their'
for week
;■^'/;, cent;;;-/:■:
;;6,885,;:V'■'■?;>•' the taxes to set up one."
••],:/,
fOther sales™
Taxes
American
the
rent
America.
3.48
(Shares)
■.
Short sales
,/
'
''
JANUARY 30/1943
ENDED
A. Total Round-Lot Sales:
B.
"■* ;
.9.48,745
York
of
home, .according to Charles A.
Mullenix, President of the Mort¬
gage
Bankers Association of
/
847,315
—
the New
on
who
o£ it goes
^Ml.'
Transactions for Account of Members*1
374,500,000
—
30_
305,300,000
June 30
Apr.
Dec.
281,800,000
297.200,000
Aug. 31
7.78
101,430
—
Stock
f Customers' other sales
380,600,000
271,400,000
-
240,635
—i
55 %
apartments got an itemized
monthly bill broken down to show
that as much as a third or fourth
$
229,900,000
i
.
the
shaken from their indifferent at*
' 26",100
,
sales„_-_——--:—.
Customers'short sales
1941—
' ■"
185,645
Total sales
$229,900,000 and for Jan. 31,
454,140
'-Vr'-"':.:■ /'
Other
total of $220,400,000 of open market
paper outstanding on
This was the eleventh successive
monthly decline.
The
total outstanding for Dec. 31, 1942 was
re¬
and
308.960 :;./
;■.
L_———
Short ■sales——*.---,—.
The Federal Reserve Bank of New York announced on Feb. 10
that reports received by the bank from commercial
paper dealers
a
•
..Total purchases™^——.—I—/—■•' 1,115,315
.
Commercial Paper Outstanding
30.
Resist Rising Prop.
families
397,960
—'159,545' ■'
tOther sales-—
show
/
289,810
L——
-
Total purchases
Short sales—,
Jan.
-
/
i
pother, sales
16,825,477
NOTE—The monthly shipments as-currently reported during the year 1942, are sub¬
ject to adjustments reflecting annual tonnage reconciliations. These will be compre¬
hended in the cumulative yearly shipments as stated in. the annual report.
':
.
—f
■
4. Total—
"Decrease.
.
■;
If
//—
37.6,800. '»,
-J——.—,,19,150„
-
"
1929
20>458.937
adjust—
-Total
1,544,623
1939
.■
——,
*
WEEK
1,849,635
by mos.
are
Mullenix Urges Renters to
1
•
■■/" !
/./
/■•■
_
periods since January, 1929:
May
exempt"
„
/
'
,
../'•/•,v;0-/~.""
-
■.■■Total sales
history of the Corporation.
In the table below we list the figures by months for various
1941
"
■
—1——„
-
Total purchases—
January shipments were the second highest for, that particular
June
"
V
56,180,.
sales
sales
....'. 'Short
month in the
1,758,694
"short
liquidate a long position which is, less.than
round lot are reported with "other sales."
titude
month, having only 25 work days, as against 27
days in December and 26 days in January, last year.
April
//'".■
\
Total sales—
to the shorter work
1,685,993
■1
:
ported with "other sales."
tSales to offset
customers'
odd-lot orders,
and
sales te
//
3. Other transactions initiated off the floor—
.
—
,-/•>-
L*—~ 497,880
—
1 Other sales
amounted to 1,685,993 net tons, compared with 1,849,635 net tons in
the preceding month, a decrease of 163,642 net tons, and with 1,738,893 net tons in the corresponding month in 1942, a decrease of 52,900
net tons. ' The decrease in January, 1943, shipments was due in part
-
of
■"
Total sales—.———
.
Shipments of finished steel products by subsidiary companies of
February
of
Other transactions initiated on the floor—
•
the United States Steel Corporation for the month of January, 1943,
1942
Account
Accounts
Short, sales—
value)
the basis of Daily Treasury Statements
Shipments By Subsidiaries Of
U. S. Steel Corporation Declined In January
March.
Odd-Lot
registered—'
Total purchases
.
Finished Sleel
January
the
for
the
Total purchases—
1943
.>
1
'
<
Shares—161,070
•Sales; marked
"/ Cent
•
;
133.050
1, Transactions of specialists in stocks in which
"2.
V
fPer..
92,170
by
'Dealers—
6,122,290
Odd-Lot Dealers and Specialists:
they
,
92 950
^
Round-lot Purchases
••
for week
/
.——,■——
Transactions
8. Round-Lot
745,162,424
,
according to statements of the public debt
$16,246,122,351.' '• •
120
——
a
951,426,439
gross
1
V
.
Interest-bearing (Pre-War, etc.)—;
—,195,960,420
Matured obligations on which interest has ceased
10,303,595
Total
Shares:
Short sales
tOther sales -J__-a—,
Number of
40ther sales_————5,989,240
.Total sales
,
u—
435,083
12,837,066
value■
'
outstanding but
subject to the statutory limitation:
Bearing no interest
stiies_--„
.total
Customers'
.
Total
/L.--//-'-,
.■Short .sales—„—-
other
16,406
sales—
."Customers' other sales_--_
Dollar
(Shares)
30/ 1943
■
,
:
Add
total
short sales—2
Round-lot Sales by Dealers—
the New York Slock Exchange and Round-Lot
on
Stock Transactions for Account of Members"
authority of the Second Liberty Bond ,Act, as amended——
unearned
140
.16,266
Shares:
-Customers'
.
Total Round-Lot
maturity value and current redemption
sales
other sales
short
"Customers'
■
Deduct
.
•
reports in the various classifications may total more than the num¬
received because a single report may carry entries in'more than-one
reports
31, 1943
Total face amount of outstanding public debt obligations
'/ ■■', ?'
classification.
'
JAN.
•
17,461,478
'—
Number of Orders:
The number of
ber
DEBT
Statements)
basis of Daily Treasury
'
-
523.004
—
;»>.
'
■
18.842
(Customers' Sales),
92
■
468
-
of
Value
Odd-lot Purchases by
Dealers-^'
specialists in the stocks in which they are registered and the round-lot transactions
specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange,- on the ether
hand, all but a fraction of the odd-lot transaction^ are effected by dealers engaged
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered, are not directly comparable on the two exchanges.
$11,185,618,396
obligations Issuable under above authority—.
RECONCILEMENT
■
.1-^-'■
!
•
,
Total
for Week
of
113,814,381,604
Face
~—T-r—
.
the New York Curb Exchange, odd-lot transactions are handled
Note—On
113,524,495.707
Matured
—
Reports showing no transactions—
43,447,373,950
Shares
28
/ *
229
1
Number
91
"•
181
,
Orders--
Dollar
•
—_—.—
—-—
the floor
4.
7,422,689,000
(maturity value)
,Bearing no interest
"
1943
6,
purchases)
Number of
649
.
174
•
Reports showing,, other transactions initiated off
14,386,044,000
indebtedness-- /
of
Certificates
3.
21,638,640,950
Treasury notes
Treasury bills
946
,
.
$70,077,121,757
■
1
'
$49,273,473,150
19,942.606,000
136,863,000
724,179,607
—
value)
(maturity
;'
STOCK-
Ended Feb.
Week
(Customers'
.
.
"Savings
ON
pdd-lot Sales by Dealers:
■
;/
■
published are based upon weekly reports filed with the New York Stock
Exchange and the New -York Curb Exchange by their, respective members,' These
reports are classified as follows:
N. Y. Stock ;
N. Y. Curb
;•
;
■
Exchange
v.
Exchange.:
Interest-bearing:
YORK
NEW
THB
.
ODD-LOT '•
EXCHANGE
The date,
$125,000,000,000
;
FOR
OF
SPECIALISTS
AND
"
'' " '
'
•
ACCOUNT
DEALERS
The Commission made available the following data for the week
;
Outstanding as of Jan. 31, 1943:
Bonds—■
lot's
odd
TRANSACTIONS
STOCK
...
"■
handle
York
dealers and specialists;
York Curb
ing of 834,550 shares.
that may be outstanding at any one time.,
ac¬
and
New
the
on
of obligations out¬
standing and the face amount which can still be issued under this
Total face amount
odd-lot
dealers
who
specialists
■
the
Stock
Ex¬
Trading on the Stock" Exchange for the account of members
(except odd-lot dealers) during the week, ended Jan. 30 (in round- change, continuing a series of
current figures being
published
lot transactions) totaled
2,064,0601 shares, which amount was 16.86%
of total transactions on the Exchange of 6,122,290 shares.
This com¬ by the' Commission. The figures
are based upon reports filed with
pares with member trading during the week! ended Jan/23 of 1,328,075 shares, or, 15.69% of total trading of 4,232,170 shares. On the New the Commission by the odd-lot
The following table shows the face amount
•
public
odd-lot
for
of all
count
■
•
Trading
and
Commission, made
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions, for the account of; all
members of these exchanges in the week ended" Jan. 30, continuing
a
series of current figures being published weekly by the Com¬
mission. Short sales are shown separately from other sales in these
the face amount of public debt obligations issued
under the Second Liberty Bond Act (as amended) outstanding on
report showing
Securities
The
Feb. T2
Commission
5
,
•
'The "man who pays
$30 a month
rent often pays about $20 rent and
$10. taxes. A business firm paying
$400 monthly rent often pays $300
rent and $100 taxes.
It is prob¬
ably going to take some dramatic
unorthodox device to make rent¬
ers
understand
most
tate
to
that
they
taxes
down
and
new
a
shifting
municipal burden
real property."
es¬
help call
halt to the trend toward
every
have
gain in holding real
on
■Volume-157
Number 4152
THE COMMERCIAL
;
Loading of
totaled
755,386
nounced
for the
Association
1943.
This was
sponding week of 1942, of 28,576
week
ended
Feb,, 6,
of "American
the
cars,
Feb, 12,
on
freight
revenue
a" decrease
-the same week in
Railroads
the
below
3.7%, but
6.4%.
v
cars or
an
1943,
an¬
corre¬
increase above
1941, of 45,190 cars or
:
Loading of revenue freight for the week of Feb. 6,
20,804 cars or 2.8% above the preceding week.
:
,
decrease of 60,241 cars below the corresponding week in
a
;
Coal loading amounted
-above the preceding week,
1942.
to 174,184 cars, an increase of 4,354
and
•corresponding week in 1942.
increase of 21,132
an
cars
above the
cars
-■
Grain and grain products loading totaled 52,024 cars, an increase
-of 2,072 cars above the preceding
week, and an increase of 10,707
rv
above
the corresponding Week in 1942.
In the Western Dis¬
alone, grain and grain products loading for the. week of
Feb. 6, totaled 35,542 ears, an increase of
1,914 cars above the pre-ceding week and an increase of 7,676 cars above the corresponding
■
cars
Southern
District—
Line_
Georgia
&
394
'334
810
2,840
2,285
709
1,496
1,153
attempt Ato
14.948
12,927
10,988
11,316
8,260
American life from
4.0';0
4.520
4,174
4,395
4,365
in
—
.
433
444
436
1,685
1,712
1,693
1,557
2,978
2,904
252
258
229
286
89
.179
162
337
."'■557
3,131
1,354
998
1,510
1,213
365
37
39
36
106
126
1,602
1,460
1,068
2,991
2,595
400
449
321
529
692
4,441
3,387
3,754
25,604
28.768
21,639
5,307
15,746
15,053
25,053
24,582
23,309
11,289
8,845
179
190
120
948
813
—
Georgia:
.
„
3,621.
a.—
Louisville <fe Nashville—
Macon, Dublin & Savannah
jL.
Nashville, Chattanooga & St. L
Southern,
Piedmont
aa—.a-aa..—f
1942.
Live
'v•
'
'
;s
!/-■_'
•
stock
loading amounted to 12,681 cars, a decrease of 641
cars below the
preceding week, but an increase of 2,267 cars above
the corresponding week in 1942.
In the Western Districts alone;
loading of live stock for the week of Feb. 6, totaled 9,142 cars, a
.
.
in
..
decrease
of 527
below
the preceding week, but an increase of
corresponding week in' 1942.
;
Forest products loading totaled 37,241 cars, an increase of 4,624
cars above the
preceding week but a decrease of 9,905 cars below
the corresponding week in 1942.
-•"^v.-
1,538
Ore
cars
above
cars
the
,
loading amounted
to
15,309
above
the preceding week and
corresponding week in 1942.
;
Coke loading amounted to
'■
•
4
of
1,904
14,877
cars,
cars
,;
decrease
a
increase
an
of
:
r
the preceding week, but
corresponding week in 1942.
;
increase
an
increase
an
•below
•
cars,
of
814
769
above the
: .:
of
cars
316
can't
1,162
531
464
1,200
1,548
9 c43
S).i«
10,686
10.160
8,987
8,109
24,410
23,346
24,855
21,954
531
522
931
840
108
126
139
979
1.007
120,715
124.865
109,688
117,991
103,290
14,397
18,364
15,067
13,044
14,044
2,475
2,751
2,278
3,520
3,569
19,399
22,414
19,925
10,957
10,040
3,799
4,903
3,873
3,640
4,373
1,380
1,203
927:
311
429
657
731
560
493
600
9,808
10,698
10,405
Central
475
Winston-Salem Southbound
359
■
,
District—■
Ouluth, Missabe & Iron Range,,,
Ouluth, South Shore & Atlantic——
Slgin, Joliet & Eastern,—__
Ft.
Green
Bay & Western,,
Cake Superior &
•9,786
8,830
Dodge, Des Moines & South—
Northern——I——
329
Great
11,843:
443
-597
.
Ishpeming,,—
509
10,224
423
114
137
9,336
4,323
4.44 i
570
624
•83"
245
335
218
73
Minneapolis & St. Louis—
1.935
2,410
1,518
2,259
2,563
Minn., St. Paul & S. S. M
4.834
5,696
4.959
3,486
3,602
Northern
8,876
10,436
9,233
4,553
4,349
•
Pacific
Spokane
of'
Week
January
1S43
1942
3,530.849
_
International
Peb.:'; 6
755,386
—,
39
102
71
304
390
2,605
1,799
2,504
2,617
79.342
94.690
80,565
60 903
62,474
22,225
17,770
12,067
9,410
3,039
3,349
3,095
4,428
3,281
490
Chicago, Burlington' & Quincy—_.
following table is
a
summary of the
freight carloadings for
the separate railroads and
systems for the week ended Feb.
6, 1943
.During this period only 48 roads showed increases when
compared
with the corresponding week last
year.
V
.11 in0is
104
17,375
15,194
12,288
2,773
2,993
2,670
12.031
10.463
2,291
2,794
2,535
716
^
C-
*3.634
lenver <fe Salt Lake
4,164,605
477
11,605
Chicago & Eastern Illinois—
Colorado & Southern
472
.
18,822
Chicago, Rock Island & Pacific-
'''ort Worth & Denver
The
■:
City
762
720
REVENUE
LOADED
(NUMBER
'••,'%%
„
.
AND
RECEIVED
FROM
CARS)—WEEK -ENDED
OF
FEB.
■'!•;•_?% "•v,:
■;,
•-' Total Revenue
-J.
Kail!oaas
:'■
,
FREIGHT
<
■
.
Eastern
.
Ann
District—
Arbor_
*
.'?• 1943
1942
'■240
638
—
&
Boston
Aroostock_
:
•
■
.
Bangor
.
& Maine—
' '
Chicago, Indianapolis & Louisville——
Central
Indiana
Central
_
.
Vermont———^————...
Delaware &
Hudson—,—
-
.
Lackawanna <fe Western
Delaware,
Erie
162
256
1,329
1*346
14,261
1,240
2,018
2,359
1,325
1,293
2,027
2,221
6494•
5.789
11,579
11,162
7,799
9,193
9,199
12,033
9,122
225
282
248
104
140
2,352
3,079
1,948
1,733
317
305
3,559
3,794
12.540
14,433
375
.13,562
18,319
16,077
3,667
4,842
5,800
9,183
8,727
161
213
162
2,922
3,152
1.922
1,686
1,687
1,629
1,539
—
Lehigh & New England—.
Lehigh Valley..—
■
7,870
a.—
Central—-
Maine
——
-Monongahela-———
Montour——
New
N.
York Central
Lines.:
York, Chicago Si St.
Pere
Marquette...
Pittsburg
;
Pittsburg, Shawmut & North..
Pittsburgh & West Virginia
•Rutland
39
49
57,095
49.546
12,427
10.941
18,355
—
—
—
:"
District—
Allegheny
1,076
2,550
2,255
5,070
15,357
14,039
.1,057
1,233
the
1,494
have
such
Apr
have
in
4kron,
Canton
& Youngstown
Pacific
15,261
13,400
593
562
412
Southwestern
District—
Kansas
Louisiana & Arkansas
Midland
_
3t.
Louis-San
Louis Southwestern—
7,710
8,030
7,238
5,336
Texas
&
6,185
7,867
6,476
712
562
515
3
47
293
311
2.257
516
587
1.070
13,012
1.027
6,013
5,650
4,626
4.388
4,311
6,190
4,101
151.200
165.685
159 898
232,975
207.859
Wichita
Orleans-
&
Total—.
11,804
745
705
-
273
1,837
_
_
5
12
7,486
6,970
20,705
16,859
604
615
39
74
Nov
16
29
Nov.
14__
21
28
4
week's
STATISTICAL
308
340
128
125
158
56
59
Nov.
800
634
3.300
3,247
Nov.
1.480
1,754
1,304
2,723
1,956 | Dec
72,656
77.366
69.706
58,954
14,096
16,003
16,143
30,052
20,616
18,946
19,694
4,010
3,637
Island-.
164.250
172,770
23,278
Chesapeake & Ohio
Total
—
5,325
3,269
2,314
2,737
2.632
3,477
2,441
2,017
2,264'
2,349
409
351
1,034
1,231
540
594
270
242
148
368
493
3,971
6,738
4,673
16,828
17,385
15,149
19,413
13.865
112
154
95
199
221
144
■
159,330
moved
7,285
_
done
since
about
the
the
New
simple
a
is
the
and
4.195
3,829
7,238
6,954
136
117
23
37
that
will
•
20,073
21,416
4,815
.4,351
4,397
Dec.
12..
26,152
Dec.
19—
4,728
3,868
Dec.
26—
13,960
10,495
143,788
47.702
48.415
—
1943—Week
to
—
he's a
fellow who
PRODUCTION,
Production
the
Tons
Government
together
certain
weekly wage; Walter hav¬
ing
mind,
in
the
be
and
it is
the
a
subordi¬
Department
for
even
years,
the Hoover days.
in
same;
in war
now
Ezekiel has been
Agriculture
a
has
and
one
as
worker
his way,
Government
if he
industry
soon
permanently
worried about what
But
a
no
subor¬
With the New Deal giving
days.
an
Percent of Activitj
expression
fellows,
these
to
accepting them into its policy for¬
Remaining
Current Cumulativ»
Tons
mark-
industry
dinate economist thought in those
MILL ACTIVITY
Orders
his
make
world—whereby
mulation councils, Mordecai came
157,919
138,492
291,780
84
85
to express
himself
147,815
137,355
301,088
83
85
radically.
But he had been pretty
146,335
133,188
310,439
83
85
136,655
124,461'"
321,885
77
85
150,132
—_
plan
has
now
guarantee
of
130,761
340,203
85
82
well suppressed until
Wilson
lifts him
and
more
up
Industrialist
Ferdinand Eberstadt,
a
rival of
151,085
137,856
350,011
84
134.383
350.012
85
85
Wilson's
118,063
113,600
352,854
72
84
he needed to be surrounded
v
85
and
more
again.
136,363
apparently thinking
by the
Ended—
same
Jan.
.2—
126,844
97,386
379,573
62
84
Jan.
9_.
134,982
129,365
381,713
82
82
Jan.
16
157,251
137,055
397,437
88
85
Jan.
23———
143,028
140,849
398,594
88
86
10,045
Jan.
30
152,358
136,645
413,084
88
86
7,430
6,384
Feb.
169,417
140.836
439,304
89
87
2,474
2,124
-'21,083
18,553
11,179
.
5—,
little
of
advent
would
time.
Unfilled
Received
—
the
Walter
nate economist in the
REPORTS—ORDERS,
—
of
aggressive
determined
in
95
73,770
time
Deal.
youngish,
4,294
21
his
part to keep the auto¬
industry in a turmoil ever
he got
back from Russia
5,352
57,207
the $25,000
on
mobile
5,310
59
Soviet, who
salary limitation project, who has
7,061
67,207
to
sold
the
the Administration
8,183
10
is
the fellow who
as
uni¬
12.860
50,635
Reuther
Ezekiel.
Communism in the
8,346
20
Wilson
of
6,059
62,027
E.
versities
2,438
20
is
Commit¬
Dies
absorbed
7,619
v
which
his high councils
pinkish-hued fel¬
be remembered
8,705
4,744
over
men
things
lows, namely Walter Reuther and
3,660
•
into
to
now
Production
Charles
decidedly
we
not, but two
or
the
make
has
two
8.933
figures revised.
7——
55,533
165,360
22,602
20,911
51,874
to
scream.
3,051
Tons
261
:
1,103
1942—Week Ended—
Cumberland.& Pennsylvania
•—;
—
Orders
445
Virginian
2,804
910
„
Cornwall
Norfolk & Western
!
3,684
165
figures.
5
Pocahontas District—
:
1,496
344
'210
Southern
Period
——-
2,264
Weekly Statistics Of Paperboard Industry
1,856
*
about
as
business
done
tee
one
1,919
Total——
3,204
■■/.:
6.413
have
bound
War
the
Believe it
rip out
we
are
we
situation
a
there
back
1,360
a.—
291
5,041
_
—
"■Previous
1,849
(Pittsburgh)—
141
2,902
:
—
—
Note—Previous year's
3,261
Union
—
.
133%;
.
2,414
Weatherford M. W. & N. W
320
—
Z—
Pacific——,——
Falls
3,303
—
74,841
-.6,435
1
—
Francisco—
New
252
Reading Co
3,026
3,417
90,802
'
4,454
3.854
-
Lines
3t.
Buffalo Creek & Gauley
Pennsylvania System
f...
3,130
_
..
:—.L—
Pacific
Missouri
1,034
Penn-Reading Seashore Lines
:
4,896
—
Quanah Acme & Pacific-—
23.105
Long
1,733
1
6,781
Valley————,—
1,233
Valley
/.v'-;
nihil
—
Litchfield & Madison
27.736
Llgonier
304
101.665'.
175
City Southern—
588
Central R. R. of New Jersey
;
23,797
'''■(
•
International-Great Northern
34,170
Indiana
1.857
116,223
Island——
Kansas, Oklahoma 81 Gulf
39.184
Cambria Si
2.282
114.235
Gulf Coast Lines
3,322
__
13,866
Burlington-Rock
37,228
——
System—.—.A——
——
&
733
example, unless
structure
Mordecai
Total
Lake Erie_A.
Bessemer &
213
Pacific...—
Western
;
Texas
421
For
II,678
'
Baltimore & Ohio
•■' .•■/,"
14,028
25,850
Utah
1,471
.
ply to clean out the bureaucracy.
995
297
'
A
4,63t
7
25,981
(Pacific.).—
bu¬
*4,799
7
—
Pacific
effort which
war
I,537
919
•
is
this"
in
1,799
493
20
it
about
go
it
has brought about.
2,654
^
that
be
much quicker way would be sim¬
638
c :
lot of
a
may
reaucracy
928
1,525
747
ing of the
1.187
12
It
3,183
5,440
2,916
■-••j'24;
into
sense
indirect way to get at the thwart¬
9,270
453
414
to
necessary
1,659
540
■
put
circumstances,
12,278
7,351
305
the
0
392
j 942
common
regulations.
under
0
Peoria & Pekin Union—f
7,283
5,807
—
Wheeling & Lake Erie
Total
■
17,028
1,128
6,866
the
hard-boiled
Missouri-Kansas-Texas
285
....
Wabash.
.
;
860
12.024
some
Board.
Missouri •& Arkansas..
2,009
...
to
therefore,
and
137
470
»
responsive
more
3or
3,674
44,150
:
them
people
633
9.938
1.885
Shawmut—...
&
conviction, too, that politicians, or
ducks, in the bureaus, will
127
332
45,615
—
that he
b33
4,062
Y., Susquehanna & Western
Pittsburgh & Lake Erie
a
1,913
.11,215
,
long¬
namely
draft deferment on the
was essential to
prevent inflation. It is my detinite-4
got
722
a.___.
Pacific
3,331
918
so-called
Dave
Ginsburg, the general counsel, for
whom
Leon
Henderson
sought
1,915
Western
9,129
7 078
And it
fact that he intends
of the
577
North
4,891
2,587-
Louis.—
rid
get
2.021
Northern
Nevada
6,069
9,040
York, Ontario & Western——
New
was
haired'; fellows,
518
3,598
.
to
792
2,340
45.033
Y.. N. H, & Hartford
New
9.113
.
of lame
so
or
taking onto
The number is grow¬
a
1,633
6,035
'
N.
50
1,846
——
11,212
'
70
—
Western—
96
851
■3
'
U
6,399
Lehigh & Hudson River
;
1,485
15,343
Detroit & Toledo Shore Line—
Grand Trunk
194?
1,200
——
Detroit & Mackinac
Detroit, Toledo & Ironton
1943
548
1.926
' ; 911
•—a—
1941
7,817
.
to -be
1.173
Union
7^970
33
he
ing by leaps and bounds.
seems
1,916
.
2.005
53
his payroll.
861
Total Loads
5,754
".s
—
couple
Terminal—A.—...i
Toledo, Peoria & Western—:
2,321
'■■>•,
13,677
r
'
Connections
(
a
whom
Missouri-Illinois——.—...
Southern
: Received from
-
■
Freight Loaded
ducks
1,629
''
-
popularize bureau¬
Prentiss Brown intends to
1.622
CONNECTIONS
«
the
definite move is
through loading up his OPA
with
politicians.
We
reported
852
,
%■%•■■/;•.
unquestionably
to
do it
make
20,834
Singham & Garfield—
710,190
4.642,441
this
very
afoot
now
the
Atch., Top. & Santa Fe System
3.454.409
783,962
4,286.235
——.—,.
it
opinion,
workable
lame
Total
lenver <& Rio Grande Western
Total
is
a
grounds
1.480
,
Spokane, Portland & Seattle
1941
3,858,479
it
that
and
'
Chicago & Illinois Midland
■
72
the
'except the Eastern and Northwestern.
■
•n-
comfortable
in
made
last week
,
v.;
But
fact
cracy.
Chicago (fc^North Western
Chicago Great Western,—,—
Chicago, Milw.; St. P. & Pac
Chicago, SC. Paul, Minn. <fe Omaha,
Bureau¬
country.
323
458
be
being
are
saddle.
the
,
;... All districts reported decreases compared with the correspond¬
ing week in 1942, except the Pocahontas and
Southwestern, but all
districts reported increases above the
corresponding week in 1941
5;' weeks .of
in
1,383
1,289
Central Western District—
,
placed
cracy can't be made
and
in
my
humble
352
going to be
that more
fact
administrators
625
10,546
cars
above
popular
the
3,733
21,191
Northwestern
by
500
Richmond, Fred. & Potomac——,
Total
isn't
situation
5,110
■
,
V"
■
Cars
The
changed
148
■
•
bureau?
3,131
Seaboard Air Line———
Southern System—,
:
■
tricts
•week
Washington? Why should there
the
attempt to control
the
whole American economy through
the regulations of a Washington
be
168
1,197
of
bureau here
a
3.234
1.685
phase
every
249
Northern,————
Tennessee
run
3,301
Mississippi Central
Norfolk
'
.1,620
—_
*
Georgia & Florida,
■_—
L
Gulf, Mobile & Ohio———
Illinois- Central System..———
(Continued from first page)
place.
Why should there be the
285
Southern———
Coast
■■■381
From Washington
1942
1943
799
,aa.~a
Greenville—
1941
899
Charleston & Western Carolina
East
1942
638
Clinchfield—„
Florida
Connections
.754
Birmingham & Coast.
Coast
of
Received from
!• 389
Atl. <fc W. P.—W. R. R. of Ala,
Atlanta,
Atlantic
Central
Total Revenue
Freight Loaded
1943
Alabama, Tennessee & Northern—
Gainesville Midland
freight loading totaled 357,593 cars, an increase
7,050 cars above the preceding Week, and an increase of 4,746
cars above the
corresponding week in 1942.
•
■
:
,.■
Loading of merchandise less than carload lot freight totaled
•91,477 cars, an increase of 2,892 cars above the preceding week,
of
but
Railroads
=
.
Durham
increased
Miscellaneous
:
;
Columbus &
:
.
679
Total Loads
Revenue
Freight Car Loadingsitoimg Week
Ended Feb. 6,1943 Amounted to 115,338 Cars
& FINANCIAL CHRONICLE
—_-
6————
Note—Unfilled orders of the prior week plus orders received,
less production, do no\
uecessarily equal the unfilled orders at the close.
Compensation for delinquent reports
orders made for or filled from stock, and other items made necessary adjustments oi
unfilled1 orders."
1
1
*'
'• " "'•*
sort of talent, had Dr.
vin De
Chazeau, who
shot attacker of
try
before
the
the
Steel
Senate
wonder
divided
that
between
the
the
Eberstadt factions?
indus¬
Monopoly
Committee back in 1938.
any
Mel-
the hot
was
Is there"
WPB
Wilson
was
and
Items About
Trust Com¬
of New York, announces the
election of Donald B. Vail as a
United
pany
company.
the banking
in
executive
an
the
of
Vice-President
As
department he will be identified
with the extensive financing of
war industries in which the com¬
has taken part, as well as
loaning activities.
In
pany
other
With
past
this
work
participated in
has
he
the
his former capacity
in
Counsel. Mr.
of Assistant Resident
Vail is
graduate of Cornell Uni¬
a
versity and Harvard Law
was
School.
World War he
Naval aviator.
Following
first
the
During
a
graduation from Harvard in
1921 he began his practice of law
with the firm of Breed, Abbott &
his
that
assertion
The
in. industrial -research,
^Xxidevelo^ments wMch^ould
"overshadowing all other dangers just now
l^eficial
inflation," was made on Feb. 9 by Louis
is the continued threat of
leads
the United States
"While
the* world
to the United States
the First Trust Company of St. Paul originate
be benetlcial
t0 tne
umtea btates
in other
countries.
Dur¬
trial National Bank of Chicago.
State Bank, St. Paul, Minn., and President of the Trust Company
ing peacetime Jhe exchange of
John S. Miller, general counsel of
Division of the American Bankers Association.
Mr. Headley's re¬ scientific, and technical informa¬
the bank, was elected President
marks were made before the Wartime Conference on Trust Prob¬ tion
throughout the world should
to fill the vacancy.
Mr. Miller lems of the Association in New<S>be encouraged and no legislation
will continue his association with York on Feb. 9.
"Trusteeship
in
1943,"
As to inflation caption
should be enacted which hampers
and in part he also had the fol¬
the law firm of Taylor, Miller, he went on to say:
legitimate
p a te n t
agreements
Busch & Boyden.
"It
masquerades
under
the lowing to say:
either within the United States or
The directors of the bank de¬
"The trusteeship of Government
guise of prosperity and is in the
between Americans and foreign¬
clared
the
regular semi-annual banquet hall before we know it. must be administered solely for
ers.dividend of $1 a share, payable As the Office of War Information thie benefit of the people,
Self"Unfortunately, there apparent¬
oO0 a share on March 15th to observes, we have been hearing dihling must not be tolerated.
ly has been serious confusion of
stock of record March 10th, and
cries of 'wolf' for so long that Power must be free from politics.
legal .and beneficial patent agree¬
500 a share on June 15th to stock some have stopped paying atten¬ It must never be used to perpetu¬ ments with
illegal and undesir¬
of record June 10th.
tion.
But in the fable the wolf ate itself in office. There must be able cartels in the minds of mem¬
eventually came. It is far from a no favoritism among beneficiaries bers of the
Department of Justice,
Feb. 10
Company in 1933.
S.
Headley, Vice-President of
Secretary of Agriculture Claude
Wickard said on Jan. 27 that
our
armed
country's
a
1943
wholesale
cost
the
of the
agricultural pro¬
quarter
still
for
nor
response
to
pressure
All
elements
in
society
groups.
Congress and the public.
"We do not defend cartels in
There must the true sense of that term, and
given their just dues.
must
be
price, be frequent accountings through
certainly not where they are em¬
popular elections.
The resort to ployed as a means of unreason¬
the court of public opinion must able restraint of trade."
in
th|s occurred after
Conditions are ripe
1941.
March
the three
1942, raw
.
prices rose 32% and
of living increased by
Most of
19%.
and allies will
forces
almost
need
to show.
In
years prior to August
materials
rose
67%
ginning
Armed Forces, Allies
R.
Its teeth are be¬
dead wolf now.
2i% Of IMS Food To
Morgan and later was associated
Baldwin, Hutchins & Todd,
predecessor to the present firm of
Baldwin, Todd & Young.
He be¬
came
associated with the Irving
as
.
with
Trust
Army, resigned on
President of the Indus¬
States
veloped.
Says Headley Of ABA
All Other Dangers,
;Major John D. • Ames, recently
called into active service in the
its objective was de¬
The NAM also Says: ' (
achieving
Continued Threat Of Inflation Overshadows
Banks, Trust Companies
Chairman of
•
Irving
of
Board
the
Ward,
E.
Harry
•
Thursday, February 18, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
680
greate^; increases.
obstructed
by the trus¬
never
be
tee
voluntarily surrendered by
The
is costing the Gov¬
or
the
beneficiary.
NY Welfare Commissioner
Frequently co-
,
Leo Arnstein was sworn in on
desirable.
ernment $6,000,000,000 per month. Industry and Government acting Feb. 8 as Commissioner of Wel¬
divided equally between the two
The national debt is already in together, as trustees, may be
a fare for New York City succeed¬
groups.
excess of $100,000,000,000 and will valuable combination.
Each will ing the late William Hodson.
Mr. Wickard, in an address to
Mr. Arnstein, who has been in
probably
reach
$140,000,000,000 bring something which the other
the National Association of Whole¬
by the end of the fiscal year in lacks.
During the first World the department since April, 1941,
sale Grocers at Chicago, said the
June.
A large part of these cur¬ War
Government
assumed
full had been its acting head since Mr.
needs of liberated countries prob¬
rent
expenditures must
neces¬ control
of
the
railroads
with Hodson took a leave of absence to
John H. Meyerholz, Vice-Presi¬
ably will bring the special war
sarily
be
borrowed
from the mediocre success and with a dis¬ work for former Gov. Herbert H.
dent
of
Manufacturers
Trust
requirements up to at least a full banks.
The competition of this astrous
aftermath.
This
time Lehman, now Director of Foreign
Company of New York, died on quarter of our total production.
and
Rehabilitation.
Mr.
vast increase in spending power management and Government as Relief
Feb. 10 at his home in Crestwood,
"We must have food ready to
President
of the Colonial Trust Company of
New York, announced on Feb. 10
the promotion of Walter J. Klaum
to
Manager,
Personal Checking
Department.
N.
an illness of some
He was 69 years old and
after
Y.,
months.
had
Mr. Meyerholz, a native of
City, began his bank¬
years.
York
ing career in 1894 with the forWest Side Bank, at Eighth
mer
Avenue
Street, New
34th
corner
In 1914, he was
York.
elected an
Cashier of that institu¬
Assistant
this bank
Manufacturers
Four years later,
tion.
merged
was
became
and
Co.
Trust
into
that
and
duction
follow
our
amount will be
war
advancing armies," he
their
bank for 43
safety by leaving starving civilians
the
with
been
New
.
Kleeman,
S.
Arthur
known as
"We cannot jeopardize
said.
behind their lines."
an
as
he was elected an Assis¬
tant Secretary. Three years later,
he
was
promoted to Assistant
Vice-President, and in 1929, he
was elected Vice-President.
His
merger,
banking
entire
career
in the West Side
E.
Laurus
was
office.
Sutton,t
spent
ton,
is noted in the Brooklyn
it
"Daily Eagle," resigned in 1928 as
Vice-President and Trustee of the
Savings
Brooklyn
jyears
Bank after 41
with that institution. He be¬
his career with the bank as a
clerk in 1887 and became Cashier
gan
in
1912 and Vice-President in 1926.
He had been on the bank's Board
of Trustees for eight years.;
Mr.
Sutton, who at his death was 72
years of age, had served as Presi¬
dent
of
the
Bankers
Club of
in 1910.
He became Controller
Brooklyn in
1918, was
leading figure in Group
also a
V. of
of the year," Mr.
Wickard said, "the trend of ship¬
ments to Russia took a sharp turn
"By the end
first
sia
shipments, to
President of
several Philadelphia
banking institutions, died on Feb.
11 at his home in New York City
after
Mr.
a
He was 73.
of the
Street
National
long illness.
Shanbacker was head
former
Fourth
and when that institution
merged with the Franklin
National
Bank
he
was
chosen
President of
the combined or¬
Bank,
was
In 1928 the Philadel-
ganization.
phia-Girard
the
National Bank, and
Franklin
National
Bank
merged, with Mr. Shanbacker be¬
coming
Chairman ( of the
tive Committee -or
Execu¬
the new insti¬
National
held the post.,unti| his
tution,
the Philadelphia
Bank,,
He
retirement in December, 1940;
source.
better
the
at
start
and
by compulsory
taxi* bill
in
1943
saving.
"The
-
it
which
from
•
-
the National War Labor
Feb.
■■■'
Lewis
Five-Man
the
Ad¬
ciation of New York City and the
and
Mail
Deliverers
cumulated
avoided.
effect to
;.
Levies
be
estate
tax
and
not
should
which
tive
will
taxed
be
curtail
to
their
WLB
Chairman
parties
the
were
selection.
Board
is
the
in the
unable to
The
final
event the
agree
on
F^ve-Man
in griev¬
the contract.
Chairman Davis was requested to
make the selection following fail¬
ance
machinery
step
in
where
the new
and where it is likely to
all
incomes
mum.
This
above
of
a
NAN
wide va¬
international
character, is recommended by the
National Association of Manufac¬
Such
recording,
NAM
a
"We
approve
in
principle the
recording of agreements, particu¬
international
agreements,
pertaining to patents or. the filing
thereof with the Patent Office,
where
such instruments contain
larly
point
produc¬
provisions or involve
cross-licensing under patents or
the pooling of patents.",
restrictive
According to the Association,
the recording would be compar¬
able to the recording of deeds for
real
estate.
This
position,
it
is
be spent,
They
is in keeping with views
long held and advocated by many
manufacturers.
It is pointed out
states,
mini¬
coupled
low
be
recommendation said:
The NAM
the source on
should
first seri¬
ously considered in 1935 when a
that-the
subject
was
saving where
bill was introduced in Congress
voluntary saving fails to stop the
ure
of the
association
and the
flow of expendable funds.
Such by the late Representative Sirounion to agree on the impartial
vich (D., New York).
George E.
measures will not prove harmful
chairman.
but exceedingly
helpful to the Folk, now NAM patent adviser,
testified
at
that
hearing
in favor
Professor Hays is Professor of beneficiaries
of
present
high
of the principle of the bill as did
Contracts in the Columbia Uni¬
wages for they will induce ac¬
versity Law School and has been cumulations for later years and other representatives of industry
and
the legal
a member of the New York State
profession.
The
will give permanent value to the
Mediation Board for some time.
principle of the Sirovich Bill met
dollar which otherwise is certain with no
opposition, but the pro¬
The final award in the dispute
posed legislation tvas dropped bewas' reported in our issue of Feb. to he lost,",
4, page 502.
>
•
with
Mr.
compulsory
v
spoke
under
the
667
■
fold1
667
..
Agricultural Credit
672
Statisticans
Says Million
Workers
More
672
Needed
turers.
and must be collected now.
must be withheld at
Ration¬
on
Naval Aide to FDR..
Hhover
particularly those of
be
money
667
Series
Radio
Corporation
672
Qcvemment Needs More Economists,
^ ,,
Public recording
capacity.
posed
667
...,
African
from
Returns
Visit
riety of patent license agreements,
Corporation taxes
Union of New York and vicinity. have little influence
at present
The contract between the asso¬ on
consumer
spending and are
ciation and union provided that but
slightly effective in curbing
the appointment of the impartial inflation.,
Taxes must be
im¬
chairman should be made by the
in
1942
Churchill
Of
Recommended By
has no
a
v
667
Lower
Foreclosures
Non-Farm
,
«'
Paten!
Corporations
extended.
not
.{
Announces
Public Recording
these times should be reduced
in
671
Threat
ing
Its use
inflation.
curb
671
Socialized Real Estate Held Post-War
Named
ac¬
should
capital
The
upon
USO..
Seat
more
even
Resigns from Mediation Board 671
Rutledge Takes U. S. Supreme Court
there is
Board, on vent inflation.
appointed Prof. Paul R.
Hays of the Columbia University
Law
School
as
the
impartial
of
is
.
FDR Lauds
•
9
chairman
comes
ever
671
Censorship Rules for Foreign
Messages
.......
....
671
Major-General Vandagrift Honored. 671
.
-
issue of Feb.
our
Polk Dead
New
important. If
said, would facilitate Government
justification for us¬ investigation of the practices in¬
j ing the taxing power to accom¬ volved and tend to remove the
plish an ulterior purpose it is suspicion which is often attached
here.
Taxes should be levied not without
justification to legal and
Hays Named Chairman
only to produce the vast amounts beneficial patent agreements.
Of Newspaper Association necessary to finance the war but
Federal legislation would be re¬
Chairman William H. Davis of in such ways as will tend to pre¬
quired to carry out the proposal.
■
Jan. 15
on
(Continued from page 484)
Prank L.
Scores Revival of
The
1
source
reported in
airplane
an
GENERAL CONTENTS
ten."
exceed
will
in
4, page 495.
Increased spending power
7
of Leningrad, helped hold
Stalingrad, and helped crack the
Nazi
line
in the Caucasus,"
he
said. '■
-'
■
siege
Brooklyn in 1929.
Shanbacker, former
was
intrinsic value trust;
must
Prevention
ways
death
crash in Dutch Guiana
with brilliant suc¬
cess.
This type of control should
be further explored.
In times of
national emergency, such as war,
when unified authority and quick
administered in
but the benefits must al¬
of the dollar.
ways flow back to the equitable
"These measures, however, are owners, and the nature of the re¬
far from a complete protection. lationship must never be forgot¬
ious to maintain the
$25,000,000,000
or
be
approxi¬
mately a third of national ex¬
Practically all the food we sent
penditures.
It can probably be
to Russia went to the Red Army,
increased to 40% without dislo¬
according to Mr. Wickard.
cating - our
war
effort.
That
"I
am
proud to think that should be the only limit in total
American food helped break the
amount.
Newspaper
F.
trustee and individual anx¬
every
must
be
drained
off before it
for the
reaches the hands of the spender;
time, the 5 Shipments to (Rus¬
were
larger than the com¬ by a rigorous policy of taxation*
justment Board established in the
contract of the Publishers' Asso¬
Edward
a
prices.
devastating flood are here.
December,
In
upward.
Association and
a
Director
of
the
Mechanics
Bank of Brooklyn.
He was head
of the annual Red Cross drive in
the State Bankers
rocket
Hodson's
administering our
railroad system
.
the United
Kingdom and qther British desti¬
former nations." i
prominent Brooklyn (N. Y;)
banker, died on Feb. 13 at his
home in Suffern, N. Y. Mr. Sut¬
are
prove
controls have
been in¬
augurated.
I need not recount
further said:
them.
In general, rationing limits action are imperative the powers
Mr.
Wickard
estimated
that the amount of goods which can be of the trustee must be greatly ex¬
military and Lend-Lease needs bought; price ceilings limit the panded; but they must be used
together took between 12% and amount which can be paid. Both; only for the purposes of the trust,
13% of last year's food produc¬ while
arbitrary
and
artificial, * ancj they must be restored as soon
tion.
Of this total 56% went to have been reasonably
effective. |as the need is over. Some powers,
our
own armed
forces and 44% They deserve the loyal support of perhaps many powers, can al¬
bined
a
co-trustees
tends to sky¬
All the elements
inevitably
Many
of the latter for our allies. About three-quar¬
Mr. Meyerholz continued ters of it went to Britain or other
officer of Manufacturers parts of the Empire and about
Co., and
following
the a fifth to Russia.
Trust
will
limited amount of consumer
a
goods
for
trusteeship
advices
Chicago
Press
United
the West Side office
bank.
for
program
J
satisfactory hiethod
of
Coffee Ration
Against
Realty Board Urges Fight
Bureaucracy 7,..... ....
1942
672
to One Pound...
Cut
672
Value
Manufactures
at
Put
672-
$121,000,000,000
Cuneo Quits WLB Post....672
Forms
WPB
mittee
Savs
Transportation
Com¬
672
..........,.
NLRB
Should
Union
Review
Requirements
Arbitration
673
...
Magazine Issued........ 673
Senate to Ratify China Rights
673
Treaty
Bernays Establishes Public Relations
Fellowship
673
Jan. Business Failures Again
Asks
Tenders
Decline 673
South
New
of
Wales
Bonds
Ban
673
...
Asks OPA to
Clarify Pleasure Riding
Y..,,,,
.......
Giraud
Casablanca
Hails
ments
673
Develop¬
673
.....
and
Benson
Bartholomew
Again
Named to N. Y. Banking Board...
Auto
York
New Cotton
State
Y.
Charities
Group
of
,
N,
Y,
676
676
.....
Boston
7.....,
Reports
Corp.
Y..:
Operations
FDR
674
from
Chamber
Dawson Named to OPA
First
674
Committee 674
Tax Deduction
Payments....
Members'
New
674
in
..........
Exchange Members
Federal
Urges
Convenes
.,..
Catholic
Head
N.
Body
Accessory
New
676
1942
677
..,
Congratulates Stalin
on
Stalin¬
grad Victory
Stalin
677
Note
Receives
African
on
Parley
New
677
Canita!
vate
Essential
Flow
System
Enterprise
Urges
Realtors
to
Property Taxes
Inflation
mount
25 Y
of
Threat
Pri¬
to
677
Resist
Rising
678
Remains
Para¬
Danger
1943
680
Food
Output for Mili¬
tary Forces
680
Hays Chairman
ciation
Savs
of
Newsprint
Asso¬
680
.
Patent
Publicized
Agreements
Should
Named New York City
missioner
1
be
.680
...,.
Welfare
Com¬
680
@FedFRASER