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V/
Final Edition
Volume 155
T H U R S D A Y
Number, 4048
New York, N; Y.,
In 2 Sections
Thursday, February 19, 1942
Section 2
-
Price 60 Cents
a
Copy
general contents
f'
Z
FROM WASHINGTON
\
Editorial*
,
•
'
THE FINANCIAL SITUATION
Financial
-Situatldn....
761
Strange Inconsistency............ 761
.,,.,,
Ahead
A
of the news
*'(-
,
"A q
,
'"V
'j.'t
'
-/
-
;•*
;
|
/
Regular Features
'On The
Mr.
Roosevelt
levelled
that
at
he
his
is
Administration
intends to
determined than
recently but there is
his ways.
mend
Instead, he
the
.
Moody's- Bond Prices and Yields....
Items About Banks and Trust
Cos...
the whole outburst against
the
Government; itself
to
a
be
time
war
challenge and
he
"con-<£
basis,"
is
as
prepared
Commodity
conversion
industries. Carloaaings
of; their
776
.
Engirteenng'Construction
Lower
has characterized his recent press
of
sions
The
of
contempt
difference
titude
and
Churchill
and
such.
as
for
expres¬
Congress.
between
that
is
Sarcasm
*
his
of
at¬
Winston
marked.
Humility,
plea that if he had accom¬
plished nothing else, he had got¬
ten this country into a
war, at
a
the
New
Dealers
to
get
774
trol
of the State' unemployment
compensation insurance. There is
sizeable revolt in Congress
a
likely get what he wants.
In fact,
there is little doubt that he would
which he said he had been work¬
take the money from some of his
other funds.
The money used by
ing hard, and which he rightfully
Mrs.
classed
as
tremendous
a
enter¬
prise,
characterized the
radio speech Sunday.
But
Mr.
Roosevelt
latter's
is
in
no
made
known that he intends to
fight it out to get a $300,000,000
appropriation from Congress with
which
to
pay
automobile
and
other
workers
displaced
by
build
to
her
up
great
the
sociological experiment in
OCD, had not been appropri¬
ated
apologetic mood. Instead, he has
a
chip on his shoulder and has
Roosevelt
for
such
It
gress.
long since been
for the President to
'January Coal Output......
Bank
'debits,;:;,;
777
777
776
778
.
Petroleum and Its Products
Weekly
Steel
766
Review...
;.
779
778
1941
Producing Capacity
773
December, 1941, Statistics
Moody's Commodity Index
Natural Gas Output,
781
Dec., 1941.....
Sales..
to
whom
the
it
needed.
considered
(Continued
on
Communists
768
768
779
766
766
January Cotton Consumption....... 766
783)
page
768
January Engineering Construction.. 768
its dilemma
ally
780
January Department Store Sales
780
1941 Hotel Sales
Higher.,,781
Januaiy Slab Zinc sales.,.
781
1941 Building Permit Valuations... 781
January Fig Iron Production
767
January Retail Prices Advance
76/
January Flour Production;. ;t.....,.. 767
December Department Store
Miscellaneous
Urges Reserve Banks Buy Govts
769
Approves Diiect Bond Sales... 769
AbA
ABA To
Conduct Credit Clinic.......
Plant Conversion No. One Problem.
.
FDR
769
769
Seeks
Congiessional Support.. 769
Corporate Fiduciaries Assn. Members 769
Bond
Sales
Program Held In¬
flationary
Favors
770
Income
Tax Reforms
,.
770
Chicago Home Loan Bank Meeting.. 770
Labor Board Warned Against Wage
'"
v
'
-
European Stock Markets
;
Some of the bitterest war
kets
developed
were
noted in
the
over
consequence
ABA
To
Stolen
New
Study
of all
Program Amended
FDR
Praises
FDR
Asks
descriptions tumbled Monday, after the dire news of the fall
Singapore was confirmed by Prime Minister Churchill.
Although
1
the British market held up rather well in the previous periods of bad
Directs
the
Far Eastern
develop-^
obviously troubled invest- tee, under the chairmanship of the
and traders deeply.
Governor of the Bank of France,
news,
^
'•
*
V
Prices drifted slowly lower
London
at
with
tea
late
and
last
week,
rubber
shares
and
Australian
loans
the
weakest spots. The downward
trend
this
accentuated
was
and
week
took
early
in
gilt-
'
edged
.
;
and
well
as
in
cerned
the
Far
Eastern
erlands East Indian oil
were
■
stocks,
Burmese and Neth-
situation.
>
industrial
issues directly con-
as
especially
stocks
while
weak,
comparable declines appeared
in
Australian
mining
and
Anglo-Iranian oil shares,
'i ! French markets
are
quiet under
increasing official con¬
Vichy dispatches state that
steadily
trols.
laws
were
day for
a
promulgated last Satur¬
general Bourse commit-
to
control
little
transactions.
available
news
There
Favors
bastion
defense
of
1941
in
7 /3
Amends
Rule
773
773
November Gas
Statistics..'
and Haroors Bill
Foreclosures
in
1941.
had the copies bound
Running through
whose
file
of
bound
we
784
Cotton
1942
Bagging.....'..'....*.'...
New "York State Budget Scored.....
Savings As Inflation Check.........
French West Indies Sugar Output..
Dallas Fedeial
FDR
N.
Meets
Reserve Aides........
Labor
Board..:
Curb Values'in
Y,
Insolvent
National
v.Deductions
correspondence, we find a subscriber
copies dates back to 1887—another to
our
1880.
Can there be any doubt in
mind about the value of binding your copies of the
Financial Chronicle, of having at your finger tips a complete
record of all important financial developments?
The new
Financial Chronicle was designed for binding.
With the larger
open
flat and
will be easier to handle.
This is merely
we
want
you
suggestion—passed along to you because
to get full value from your subscription to the
a
Financial Chronicle.
Bank
AIB
Shortens
Named
FDR
l
to
men
and
when
women
of the Pearl Harbor disaster
reached our
news
tinental
thoughtful
throughout the land. Almost from the hour
shores, the "interventionists,"
784
780
780
780
restraint
because
or
of
many
a-
even
(Continued
A
The
762)
page
Strange Inconsistency
voluntary extension
of
Qe work week to 44 hours
by practically all agencies throughout the departmental and
field services
man-hours
of
the
Government has
This
of Federal
substantial
780
777
Essential...:.
778
781
Convention..'.,
779
to
relief
to
their
meet
greatly augmented the
employment.
increase
for
those
increased
and calls for
gram
the
in
work
week
a
1943.
Obviously
work
resurvey
staffed
the
on
fronted
with
those
basis
an
which
agencies
has
provided
load
under
year
agencies
of the
increase
the
defense
pro¬
work
and for the fiscal
which
39-hour
in
understaffed
were
of personnel requirements dur¬
ing the remainder of this fiscal
week, and
programs,
year
adequately
were
not
are
are
now
con¬
over¬
staffed.
It is
talized
means
Unit
...
Lincoln
imperative thai! this
and
leased
for
employment in
Washington this action
meet
far
the
as
extent
be immediately capi¬
power
ity and determine those employes who
779
779
man
effectively channeled into defense
work.
This
that agency heads must survey
every operational activ¬
777
.:....3.J.:.,.
Cotton
material
Dividends 777
Sales in January 777
Held
other
must
be
may
be promptly
agencies.
expedited
Particularly
in
order
to
that
new
employes into the city.
experienced personnel
can
thus
in
help
shortage in personnel and housing and to avoid
possible bringing
re¬
as
To the
be obtained
the
Massachuetts Mutual Life Insurance
Co.
housing situation in Washington
(1941 Report)
764
Treasury Bond Issue Offering...... 764
mand
Would Kill Silver Act.....;......... 765
For Retired Congressman. 765
Vetoes Foreign Agents Bill.
Hearings on Parity Prices
To Control Raw Sugar
$35 Billion War Bill Approved
ton
will be helped and the de¬
United. States.
Pensions
FDR
Naval
Addresses
Canada....
Supply Bill Signed
Ration
Retread
Maiket
Observations
Now Unlimited
Tires
con¬
of them
from the President down, have been
permitting themselves
the indulgence of an
I-told-you-so attitude in which it was
tacitly (but wholly without warrant) assumed that what had
occurred had proved them
right and the "isolationists"
wholly wrong. It has not been helpful, but those at whom
the finger was thus
pointed have, either by reason of greater
or
780
Changes
CCC
Tribute
784
784
784
784
784
1941
Airplane' Program .Expansion
Supreme-Court Ruling on Tax
and kept for reference."
size, bound volumes will be thinner, will
Bank
Slufn-Clearance
1906—and still another to
page
National
Government Bond
have
your
775
784
85,000 More Federal Employees
London Stock Exchange.'.
English Financial Market.:
FDR Opposes Poll Taxes
Heads'Greater New York Fund....;
useful that
upon the occasion of Lincoln's
and other recent expressions, must have im¬
pressed afresh this danger upon the minds of
776
Urban
our
birthday,
774
775
FDR on Rivers
i
scarcely fail to limit
difficulty.
774
Australian Sugar C.op Lower...;.. 776
NYSE January Market Values
774-767
by Japan of the enormous
(Continued on page 782)* X
so
773
Trading on New York exchanges...
NYSE Odd-Lot Trading.....
accounting the somber words:
"Singapore has fallen."
The cap¬
can
774
Co.
WPA Controls Raw Silk Supply
Short Position Figures
war
ranks which
own
773
Curb
broadcasts when it occurred, and
few hours later Prime Minister
Winston Churchill included in a
"The Financial Chronicle has been
our
effectiveness in this time of
great
The public addresses
773
Payment Cut
Natural Gas Use Restricted.......,.
SEC Changes ICC Forms
Food Shipments'To Britain.;.,
surrendered.
One Reader Says...
within
773
SEC
a
v
These are simple,
and, it seems to us, perfectly obvious
truths, but they are plainly not understood by
many of our
leaders, and unless and until they are grasped and
accepted
we shall not cease to be
in danger of avoidable friction
773
Pioduction
we
engaged. All of them may be entertained without
blemishing the patriotism of a single soul within the length
772
Blocked Accounts
the
effort in which
war
are now
772
Bankers
FDR Asks More Lend-Lease Funds..
Japanese
authorities made the vitally im¬
portant event
known
in
radio
ture
that lies within him to further the
772
State
Y.
Steel
60,000 British Empire troops
the
proposals—all these views may be held
among the
people of the United States without in any
way reducing
or
affecting the determination of any American to do all
772
Solid Fuels Committee for Industry 7/2
SEC Reports 1941 Exchange Sales... 772
the
to
Production....
Sales
Unemployment Halved in 1941
is
regarding
great fortresses of
the world, considered
impregnable
until a few months
ago, fell into
Japanese hands last Sunday, when
detailed
War
Meeting
Commission Assays Coins
New Alloy Steels Available
Singapore Surrenders
some
British
771
Tax.. i
N.
trends in other Continental finan¬
cial centers.
One of
.........................
National
under which the United Nations
would be wise to consider
peace
on
771
Loan
Says BanK Savings Are Secure
ments
ors
Embargo
771
771
Boy Scouts...
Repeal of Foreign
led to our
participation in it; there
about the time when and the circumstances
771
770
Higher Taxes..
AAA
770
770
770
Order
on
Recommends
as many
772
Operating Costs—
Passenger Cars
Eccles
be
reluctance to open themselves,
apparently rather than really, to an accusation of a
want of
loyalty, have for the most part remained silent
under the implied attack. Now arise
prophets who for one
reason
or
another fear that the
Republican Party may
presently become a haven for citizens who, though doing
all they can to hasten
victory, find it impossible now as
before hostilities began to agree with
obviously inadequate
770
.
Auto Tax Stamps....
of
»
V
Coffee'Rationing!!!.'!.'
OPM Studies
yet faced by the financial mar¬
last week-end, and sizeable recessions
on the London Stock Exchange.
Issues
news
'r
l
may
and breadth of the land.
780
774
to Congress for any Cottonseed receipts Again Lower...
Congress in Cost of Living Index (Dec.-Jan.)
has sought occasion¬ January Anthracite Shipments
1941 Auto Production
Higher
get certain
individuals December Motor Freight Volume—
go
he
money
Con¬
has
unnecessary
have to
by
purposes
775
Electric Power Output:
Week Ended Feb. 14, 1942.........
November, 1941, Statistics
but
in the end the President will very
777
Weekly Coal and Coke Output
con¬
There can be at least
two, and probably many more,
opinions about the underlying causes of the current cata¬
clysmic world conflict; there may be as many
concerning
763
Index.775
Price.>—World Index
778
conference, coupled with
fight it out
778
765
the factors that have
,y.
Protesting governors and mem¬ Paperboara Industry Statistics
bers of Congress see in the ap- Weekly Lumber Movement;
Fertilizer price Index-.
prporiation a move on the part
to
761
State of Trade
Review..
General
OCD, Mrs. Roosevelt, the demands in and out of Congress that Commodity
Prices—Domestic
verted
a
to be more
seems
.V..., 761
ever.
The impression is that he looks
upon
-
indication
no
foreign Front?;.;..
From Washington Ahead of the
News
.I.;.....;.......
smarting under the criticism which has been
for I
off ice
decreased.—The
space
President
of
the
765
765
783
762
Why is
762
762
763
763
Liability Company.. 763
to
at the
be
a
44-hour week regarded
same
vested
Dealers?
time that
with
an
a
as
so
helpful in Washing¬
40-hour week in industry
almost
sacred
quality
by
appears
the
New
THE COMMERCIAL & FINANCIAL CHRONICLE ' '
762
(Continued from First Page)
Is Voted By
•
House
17 passed a
$32,070,901,900
appropriation bill for arms, lendlease aid and ship construction.
The House
record
The
Feb.
on
breaking
-
vote
the
on
measure
371
was
It is estimated that this bill
to 0.
in the
.
brings total defense expenditures
which
Others
000 for direct lend-lease purposes.
The Associated Press reported
the
following:
provides allot¬
of 3,600,000
men,' including a 1,000,000-man
v; air
fprce, by the end of this
year, and set aside billions for
v
The
■
measure
for
ments
an
army
>
•
'
from' which
reservoir
a
United
needed
•
Nations
the
supplies.
It
provided
draw
may
funds,
new
too,
for the Maritime Commission to
•
"
send 786 vessels down the ways
this year and to construct eventlially 2,877 ships at- a cost of
$6,704,464,056.L
j
v
'
•
...
FDR Addresses Canada
"planned world" envisaged by many day dreamers
thickly; inhabit this country, but Vho are hot "so easy
to find elsewhere.
Some of these prophets are also poli¬
ticians whose major interests include the Republican SPa^tyv
who
to
$142,000,000,000. The measure
provides $22,888,901,900 for the
Army, $3,852,000,000 for the Mar¬
itime Commission and $5,430,000,-
with
starkly untrue theorizing about the origin of this
and our relation to it, or to summon substantial faith
and often
war
'
•
J
:•
:f Thursday, February 1Q, 1942
not always delineated their ideas with as much clarity as1
might be desired,' it is evident enough that the reluctance
THE FINANCIAL SITUATION
$32 Billion War Bill
.
they fear would not survive such a consummation.
are chiefly interested in rendering all but their own
which
we
have become "converted" to
this doctrine
is often held
responsible for our failure to make better prog¬
ress ;irr: the production of armament.
Indeed, it wjouid]
appear that not infrequently no clear, distinction is made
between the two. Throughout it all is frequently still inter¬
spersed a good deal about our Tight for lio^rty and civiliza¬
tion," and, of course, much mere ill temper directed at our
enemies. As an example merely of the more dignified and
better informed discussions of the sort which is the daily
fare of the readers of the public press, we cite the following
,
All betray by their very
knowledge that what $ they (or some of them) now from the;
always strongly interventionist but, of course,
prefer to call "internationalism" has even yet failed by far to Wholly sincereNew York "Times" (February 12):
choke traditibn&I American
per¬
;;
More is going up in smoke in burning Singapore than
manently from the minds of the American people.
4 a proud white city planted at the crossroads of the earth.'
Some Recent Comment
More than a stronghold is tottering as Dutch and British
Thomas E. Dewey, who has, generally speaking,; care¬
ships dodge bombs and submarines to evacuate women
and children from the greatest port in the .Orient. The
fully refrained from forthrightne$s on questions of - foreign
garrison is fighting staunchly to the last, determined that
policy and who is understood to have further political am¬
the invaders shall pay a high; pried for a victory that until
bitions, contented himself on February 12 with a popular
denouncement of "appeasers" and a warning that they may
yesterday nobody in the besieged town really believed im
seek to capture his party. Said he:
I The stores in the naval base have been set on fire so that
...
when the fortress falls there will be nothing left for the
J am informed that there is already an American
Cliveden set in Washington and other cities. They are / Japanese but an empty shell of the power and permanence
scheming to end the war' short of iTiilitary victory.: :They
Singapore stood for in the fluid world of Asia.
What goes up in the acrid fumes that blot out the
are waiting Tor the time to come out in the open with
plans for a negotiated peace.
tropic sky is more even than a citadel of British imperial
The issue of appeasement aftd cohipromise will surely
strength. In that blaze on a little island between the:
China Sea and the Indian Ocean, the western gateway to
rise. While today its advocates are present in both par¬
ties, history teaches that they all may attempt to sneak
India, the last illusion of American security is consumed.
into the party of opposition. They may even attempt to
Through the smoke we see with dreadful clarity how
use it to achieve their
weak the anchors are on which we based our assumption
cowardly end.
Here is the challenge. Here in the shadow of Abrar
that at least the foundations of our world were stable.
ham Lincoln can there be any possible doubt as to what
They are not; Singapore above all was a point of
our position shall be?
equilibrium, and in the light of what it has meant in the
We have but one course. Every suggestion of com¬
delicate balance between East and West, in the gradual
promise must be rej ected. There is no room in America
process of integration between two worlds, the firing of
for difference of opinion on this score. We shall wage
the city by the British is almost as shattering as its con¬
this/ war to a total victory. We. shall wage it to a victory
quest by the Japanese. For this is like burning in effigy
so
a
complete that Germany, Italy and Japan shall not
symbol of our civilization, and it reveals more clearly
than anything that has happened that civilization as we
again have the power to disturb the peace of the world;
know it is literally at stake in this war.
jWendell L. Willkie, obviously still more than a little
The positions we are giving up in Asia are not merely
interested in polities, confined his • thoughts quaLincoln's
outposts of Western power. If they represented no more
birthday largely to matters that have to do with the man¬
than that they would hardly be-worth defending. They
agement of our, war effort, but within a few days (on Sun¬
are outposts of Western civilization.
Each one that falls
day, February 15) he addressed the public through the
prolongs the war; but it also puts back the clock, reverses
columris of the New York "Times-"-"-and this timeheis
the trend of human progress. Hitler would have to be
much' less fortunate. Here^ are his' opening paragraphs:
The American people are now irrevocably involved
destroyed if he committed no greater crime against
in the wdrst war in history.
humanity than to force man to scorch the earth he loves
Many of our sons have
school ineffective with the public.
fervor
.
,
:
On Eve Of War Loan Drive
'
President Kodsevelt
Prime
Canada
of
Feb.
on
joined with
Mackenzie
Minister
-
in
15
King
radio
a
broadcast to the Canadian people
the
on
of that country's sec¬
eve
ond
Victory
raise
$600,000,000.
campaign
loan
to
In his address,
through a
recording made in Washington,
the President praised the "all out
which
broadcast
was
which
in the
common
said
and
is
Canada
effort
United
the
that
making
of liberty,"
cause
States
neighbor."
Recalling the mutual pledges of
support
made four years
ago,
is
"proud
be
to
said
Roosevelt
Mr.
your
they
are
now
and the two
countries now *"are joined with
the
other free peoples of the
world f against
an
armed
con¬
spiracy to wipe out .free institu¬
tions wherever they exist."
He
implemented
being
added:
Freedomour
freedom
and
is ' under attack
on
many • fronts. ~ You and we to¬
gether are -engaged to resist the
yours
—
attack
;
,
on any
strength
front where
...
,
?
-
already lost their lives and millions are being asked to
risk theirs. It would be criminal for us to send our boys
out to all parts of the earth with no plan, no purpose.' We
ask them for a victory; we ourselves must define victory;
And for this purpose we must look ahead.
Certain of our leaders, when they look ahead, are
our
best be brought to
can
'hear.
V Warning
for
the
that
all, and
us
President
that "our
"peril
sorrow
ahead
is
for many,"
declared, however,
is right, our goal
worthy, our strength is great
and growing."
In conclusion, he
cause
is
said:
the
;
;]
effort
all. Let
price that'
four
us,
cratic.
side
theirs
Feb; "9
he
built
has
to
*
mark
his
The fires of Singapore show
us that all we prize shall likewise perish unless we smite
swiftly and with all our. might.
A
These are,
Solid Basis
More
all important public questions with
which the American people must at one time or another
come to grips.
They will become of the first order of im¬
portance when the time comes to arrange a new peace for
this war torn world. Discussion of them meanwhile is prob¬
of
course,
responsibilities; of war. ;Evidently,these persons ably both inevitable and fitting. Such discussion, however,
admit, the war is going to be fought on an international should not presuppose a unanimity of opinion which does
basis.
To this. extent, the internationalists (who were not exist, and, most important of all, there must be no dis¬
upon
called interventionists
have paid for
our
own
to lie be¬
worthy
upon
the
-
altar
of
,
Signs Naval Supply Bill
f' President
landmarks
and
in
recent
great debate) have position in any quarter to accuse opponents in such a public
debate with a want of good faith or of true and deep pa¬
they argue, the American people will be fed up with triotism. The truth is, so we think, that it would, all things
internationalism in all its forms. There will be a violent considered^ be the part of wisdom, for the present at least,
our
swingback to isolationism. The smart thing to do polit¬
ically, they say, is to wait for that swingback, to ride that
wave
}!
they think they see is most often described
a sort of letdown from the terrible energies
the
more
even
make
man's faith.
What
reaction,
wreck
advance across the centuries.
remembering the % won a temporary victory. But when we come to the peace,
some
survival,
contribution
M
share
to
fully in the great task laid
us.
very definite about what they think they see.* The leaders
I have in mind are of both parties, Republican and Demo¬
as a
Let frss then march forward
together, facing danger, bear¬
ing sacrifice, competing only in
■
.
and
when it
Of course,
on
furtive.-
$26,495;265,474 Navy
bill,
the
largest
single
win the
Roosevelt
signed
the
comes.
; /;
since Pearl Harbor, this talk is somewhat
The persons I have in mind sincerely
ancLwould not wish to do or say
want to
give these highly controversial matters less space and
emphasis in current discussions lest old wounds be
to
less
opened and old animosities aggravated to the injury of the
war
effort which must engage all our energies now.
It,
however, appears that the interventionists will not cease
to "harp on my daughter,"- and it would not do to permit
the case to go by default to them.
i'Vv We certainly can not afford to maintain a belligerent
anything
that might weaken our chances. Yet the thought exists
appropriation - measure in
the
in the back of their minds and they are playing their
Nation's* history. The legislation
cards accordingly.
provides more than $8,000,000,000
•
;\
,' ? position resting upon a false footing, or to conduct a war
for -ship construction and a like
Now I believe that these persons are almost wholly whose avowed raison d'etre too plainly lacks accord with
amount for new airplanes, in ad¬
wrong. They are wrong not alone as. regards. our moral generally available facts.
The danger is too great of a
dition to $5,000,000,000 for main¬
obligations or even the welfare of our people. They are belated and disastrous awakening of the people and of a
taining the fleet.
Congressional
action on the measure was com¬
wrong politically. I do not believe that that hoped-for revulsion of feeling such as Mr. Willkie mentions but does
pleted on Feb. 5 when the Senate
reaction is going to take place—not,, at any rate, in the not. expect to materialize.. Characterization of this as a
adopted _a
conference
report,
war to establish or to preserve the "four freedoms" every¬
way they are expecting it.
■;;; v
•;
" '.
which the House had approved
where in the world, lost much of its force with the entry of
the previous day (Feb. 4). When
Other Discussions
the * bill
originally passed
the
Many "columnists" and other professional commentators Russia into the struggle. Neither has it been easy to con¬
House on Jan. 27 the appropria¬
have apparently formed a fixed habit of preaching "inter¬ ceive of the Soviet Republic being greatly concerned about
tion totaled $19,977,965,474. How¬
nationalism" almost, if not quite, as an essential element safeguarding "our way of life."; The' surprisingly steady
ever, the Senate on Feb. 2 in¬
resistance which the Red Army has been able to offer,
creased
the
measure
by more of true American patriotism, and the fall of Singapore has
furnished a text for many homilies .upon the alleged sloth certainly has done nothing to lend strength to the always
thari
$6,000,^00,000, chiefly for
additional
naval
aviation.
The with which we have come to a "recognition" of the "neces¬ rather foolish suggestion that the continental United States
Events in
House later agreed to these ad¬ sity" of adopting that doctrine, and upon the "consequences" was in danger of attack, invasion and conquest.
supply
war
.
i
.,...
.
,
ditions.
,
...
,
n
,
of that tardiness.
Although
many
of these observers have
the Far Pacific have demonstrated what informed persons
M
f
'
.1
I
i,
M
L
i.t
-
.,,4
;
*
<
Volume 155
Number 4048
THE COMMERCIAL &
always knew—that Japanese ambitions
from
shores and interests.
our
centered far
are
The difficulties
we
hav¬
are
New York
Feb.
7th :
<
in the
FINANCIAL CHRONICLE
City in the
1941
same
ended
weeK
14%
were
larger
Ration Retread Tires
than
derson
All Agree
Why should it be
to posit any of these more
propositions or explanations to warrant or sus¬
tain the war effort
upon which we have launched ourselves?
We are at war with two ambitious,
aggressive, ruthless and
powerful foes. We have aligned ourselves with the British,
necessary
than dubious
the Dutch and the Chinese.
to hear that
we mean
We have shouted for the world
business, that
announced
Feb.
on
We
crude
that
"there
rubber
treading,
for
except
number of vehicles
to
obtain
At the
the
and
tude
small
issued
of
crude
steady
do all this and fail to deliver
future.
taken
Failure to act in
keeping with the stand
we
have
and with the
promises we have made would be to
invite defeat now and a
contempt in the future which we
should have to fight
bitterly to escape. No nation can afford
to put its hands to the
plow in such a manner and look baclf.
It
would be fatal to do so. With this no one, we
think, would
disagree. Would it not be better to leave the war upon this
grim but solid footing than to risk dissension over factors
about which there
have been any
never
unanimity in this
country?
So far
as
post-war policies are concerned, it would cer¬
tainly appeat to be wise to wait some rather more definite
indications of what post-war conditions and circumstances
to be.
are
Certainly suggestions of a post-war pax Britannica or pax Americana appear somewhat
premature to say
the least in light of recent Far Eastern events.
the
at
orders from continuing to
into^the nation's steel mills
regard
the
rapidly rising tax
burden, have extended the gains
recorded in the year end
thus serving to maintain
exceeding out¬
of the industry dis¬
put, surveys
distribution.
of
,
with
most
compared with last year's figures.
Retail business, while far ahead
of
1941, was somewhat dwarfed in comparison with the record-
breaking volume of last month.
The
consumer
non-defense
district.
in
the
such
Department
store
sales
just ended were no
than the same week last
This
is
in
tapering off, particularly in
now
this^
as
week
greater
year.
buying rush is
areas
contrast with
ment
the
to
will be carried out by
ti re
rationing
have
present
Henderson said the
Production Board
Government
today..
huge taxes,
increases, higher raw ma¬
Confronted
a
wage
terial
The
costs
American
have
year.
-
with
and
rolled
the
attributable
of
Singapore,
together with the accounts of the
big
in men and
went^ with
that
losses
that
point had
a
material
strategic
most depressing ef¬
fect.
disturbing
influence
in the week's developments is the
labor situation.
Observers point
the
to
fact
that
the
nation
is
for
the
1941
Much
a
drive
day, upon which the War Labor
Board will have to act presently.
It
has
closed
now
also
shop
exist,
Roosevelt's
decided
to
where it
despite
assertion
seek
the
does not
President
that
this
should not be sought by Govern¬
1,465,997,000,
of
the
rise
compilation,
com¬
disclosed
by
however, was
railroads,
to
and
resources
ton of steel
is being utilized to the utmost."
would
War
of
deter¬
big .-increases
in
in¬
come.
were
most
more
other
industries
moderate,
-
with
higher costs and taxes skimming
off by far the greater
part of the
profits
a
normally expected' from
high level of industrial
production.
•
Department store sales on a
country-wide basis were up 20%
week
ended
compared with the
year ago,
Feb.
same
7th,
as
week
a
according to the weekly
statistics released by the Board of
Governors
of
the
Federal
Re¬
Railroads in
tinue
to
orders for rolling
place
4,300
demands.
cars
-
Steel production in the United
States
is
96.2%
this
of
scheduled
Iron
This week's rate
1,634,100 tons of ingots
and
castings,
against
1,622,400
tons in the previous week.
For the corresponding week last
year steel production was 1,526;700 net tons.
Engineering
construction
the week, $104,893,000, tops
7th, compared with
Department
..
vA
store
,f
sales
•
for
the
$100,000,000 mark for the fourth
This
week.
volume,
however, is 35% below the total
week ago.
Public
construction
for
a
week is 30%
for
the
lower than the pre¬
ceding week and private work is
down
63%.
current
The
week's
volume
brings 1942 construction to $894,763,000, an increase of 15^% over
the total for the opening sevenweek
period last year.
Private
$80,711,000, is 67% below
period a year ago, but public
construction, $814,052,000, is 53%
higher as! a result of the 98%
gain in Federal volume,
work,
could
be
un¬
be made available f each month
to permit the
retreading
"None will be
and
OPA
of
this
material.
providing regulations
broad enough to ration as much
tion Board
of
out
the
as
War
make
can
limited
our
tection for capital
available
The calm
sup¬
one
of
freight
for
the
week
-
ply"
amounted
the
Association
in
the
to
ended
784,060
of
accepted
to
there
of
program.
so
same
the
as
in
one
effect
for
tire
certificates.
be able to obtain
ing
the
February,
a
No
eiigibles
to
taxi-cabs,
executives,
of retread
used
such
essential
as
car
portation
has
,
•
-
trend
at
time
this
power
ended
of
the
the
year,
Feb.
7th,
amounted
to 3,474,638.000 kilowatt hours, an
J;.: increase
of
two-tenths
of
1%
over
the
previous week, the
re-
which,
policy
full time
a
been
war
the
as
all
economy
In
other
could
be
completed.
market
having already
known
■—
J.
E.
adverse
dis¬
pos¬
Molloy, Horn-
blower & Weeks.
State,
or
local
v
Guinness Mahon Co. Now
Govern¬
Unlimited Liability Co.
ment
officials and employees;
Announcement is made by the
traveling salesmen, transporta¬
tion of farm produce and sup¬ Dorland
International,
Inc.,
in
plies
and
transportation
of New York, of the receipt of the
cablegram
from
the
newspapers
for wholesale de¬ following
London office on Feb. 10.
livery.
Guinness Mahon & Co. whose
merchant
Bishop Sheil Consultant
The
Most
Rev.
Bernard
ment
as
Consultant to the Secre¬
Lockport,
showed.
The
Guinness
from
entitled
Feb.
14,
as
1942.
the extent of 25%. Richard Noel
Guinness, formerly a partner in
Guinness Mahon
Co. will be
&
Chairman of Guinness & Mahon.
Henry
partner
Eustace
Guinness, the
of Guinness Mahon &
Co., resident in Dublin, will be
managing director and Henry
Samuel Howard Guinpess. sen¬
ior partner of Guinness Mahon
over
& Co. will also be
corresponding week a year
ago was 16,2%, compared with a
gain of 15.8% in the previous
V-
Dublin
Mahon to carry on
The new
company has an authorized cap¬
ital of one million pounds all of
which will be held by Guinness
Mahon & Co. and paid up to
the
week.
&
banking business in Ireland
Illinois.
increase
in
company
port of the Edison Electric Insti¬
tute
business,
present carried on by a partner¬
ship in Dublin and London with
its head office in London, have
formed
an
unlimited liability
J.
tary of the
Morgenthau
at
banking
founded in Dublin in 1836 is at
usual
production in the
quest for
wages
and
sibilities.
in¬
dustrial operations and military
or
naval establishments; Fed¬
nautics
against
Expanding
of the
the
counted
communication
continue
fixing
finished products, tends
viewed
committee
>
-
face
words,
operations
companies, trans¬
1941, this to work with the
Boy Scouts of
was
an
increase of 73,864 cars,
America.
His interest in aviation
or
iO.4%, primarily as a result led to founding of an aeronautical
of
increases
in
miscellaneous
school for poor boys in the Chi¬
freight.- Ther improvement over cago area, and the establishment
1940 amounted to 156,631 cars, or
of the CYO-Lewis School of Aero¬
25%.
weeks
low of last De¬
facilities, agricultural and
eral.
is
margin of profit
to
compress
dividends—then it
be concluded that the adjust¬
ment to
of
war
or
in
consequently
may
for
engineers,
tech¬
nicians and workers, connected
with
on
earnings
"passenger
vehicles
transportation
several
narrow
and
includes
automobile"
situation
Should the market during
next
prices
Henderson
group
tne
the ultimate outcome
higher taxes and
together
with
a
said.
The second
a
are
passing influence,
to hold above its
retread dur¬
Mr.
as
re¬
being
growing in¬
regard
cember—in
the second list will
on
far
ment.
rationing; the other is
confined exclusively to vehicles
eligible to apply for retread or
recap
as
in which
However, the trend of
events at Singapore seems likely
to provide a fresh test of senti¬
tire
vehicle
of in¬
concerned.
One, except for the addition
of clergymen, is generally the
new
much
as
case
East
suggests
clination
in
week
same
Far
groups of eiigibles are
established under the retreading
Two
Treasury, Secretary
announced.
Bishop
Amer¬
Sheil, whose appointment becomes
ican Railroads reports.
This was
effective immediately, will serve
a decrease of 31,507 cars, or 3.9%,
at a dollar a year.
Bishop Sheil
compared
with
the
preceding
is noted for his founding of the
week, a seasonal movement. :
i
Catholic Youth Organization, and
Contrasted
with
carloadings formation of a Catholic
7th
in
manner
the
in
verses
Sheil, Auxiliary Bishop of Chi¬
cago, _has
accepted an appoint¬
category of freight, loadings
Feb.
be reduced
Accordingly,
flation.
Produc¬
rubber
that
the
underlying
force for
higher stock prices.
We refer to
the need (1) to obtain a satisfac¬
tory yield from securities as an
offset to advancing living costs,
and (2) to provide adequate pro¬
is
camelback
assuming
vide
perhaps
"Events will idictate the future
production
33
it seems
only a question of time when
monetary considerations will pro¬
for the month of March.
none
50%.
as
available this
tires,
car
in¬
income return
an
6%,
issues could
or re¬
month for the retreading of pas¬
senger
around
upon
Around
sentiment.
ously
outlined,
to
maintain
a
yield of 5% or better, at current
prices, dividends on a great many
Registering declines in all* but
a
in
which
making the compound
the
electric
year ago.
at
Insti¬
Steel
and
announces.
week
Feb.
week
capacity, against 95.5%
week,
based
on
revised
capacity figures of 88,570,000 net
tons
of
ingots
annually,
the
last
up
System.
Store sales were
22% for the four-week period
rubber
in
and that "a certain amount will
corj-
this country
being bought
thus far in February, exceeding
the total for all Janilary.
Loco¬
motive
orders
also
are
heavy,
both in road engines and switches.
Builders are working toward ful¬
fillment of the promise of 36,000
new
cars
by May 1st, deemed
necessary to meet heavy traffic
stock,
serve
ended
every
cars,
perienced
the
dividend payments this year will
total at least $2 a share. As previ¬
'
the
which
report earlier than most
other corporations and- which ex¬
for the
CIO has launched a
Profits of the
pared with $1,203,289,000 in 1940.
situation.
general wage increases of $1
report
greater than
21.8%
year.
totaled
group
such
The
was
preceding
squarely in the midst of another
major crisis in industrial rela¬
tions,
notwithstanding
the
in¬
creasing gravity of the military
for
to
An
Associated Press compila¬
tion discloses that net income of
the first 250 companies to
Gains in
Another
ceilings,
appears
greater profits in
up
steel
and
bodies
is working out a pat¬
tern for the most efficient use of
1941 than in 1940.
district.
fall
price
business
approaching income tax
payments are having their in¬
fluence.
Department stores also
report declining collections. •
Notwithstanding the fact that
the
business
picture
generally
is cheerful, the war reverses of
the Allies are having a most dis¬
turbing effect, with the gloom
most pronounced in the financial
The
other
way to obtain it
gain in the previous week
higher gains earlier in the
14%
and
no
cooperation
crude
used
reassuring effect
a
vestment
the stock shows
Mr.
producers
consecutive
fiat, and there is
Close
is equal to
activity shows little change from recent high levelp,
industrial sections continuing to show substantial
gains
advance,
derlying direction of the market
upward,
while
the
industrials
boards.
rate generally
a
tute
Business
raijs, which should be little
affected by the
1942.
process,
vent
pour
American
The State Of Trade
daily deal¬
ings and stabilize above the level
capping of truck tires.
can
have
tendency to level off with
rationing
order, Associated Press Washing¬
have
been
ton advices on Feb. 11, said:
consolidating
their
creased priorities, unemployment
The new rationing program, gains.
and the approach of the income
Firming tendencies in General
which includes the rationing of
tax period.
Motors following declaration of a
"camelback," the rubber com¬
50c
Further
curtailment
con¬
in
dividend,
compared
with
pound used in the retreading
sumers' goods lines did not pre¬
previous payment of $1, should
close.
mightily—and expect ito be treated with respect in the
industrials
_
which proved a barrier to lower
prices last December.: Meanwhile
that
world in which
live
a
of
turn
limiting
rubber
mine each month the amount of
we
atti¬
order
an
will play no inactive
The
magazine "Steel" stated,
roll, that we consider ourselves as having taken the field that "each new month sees the
against our enemies. We have violently denounced them industry more wholly concen¬
again and again. We have crossed the Rubicon and burned trated on war preparations, with
better. control of production and
the bridges behind us. Now no nation in this
very real
we
in¬
After
the
sub-normal volume of
of essential rubber products. The
order is expected to save an Esti¬
mated 25,000 tons of rubber in
With
a
their
since
the
year
in
equities.
decline
shown
be used in the manufacture
may
influences
nolding
factor
toward
the
tubes."
specifications
amount
dominating
no
re¬
time, the War Pro¬
Board
outlining
the
be
for
been
in check will give
way to
monetary
considerations as the
already eligible
tires
new
same
duction
will
available
restraining
have
vestors
19 and explained that it was
probable
*•
watching for evidence
tne
which
rationing of retreaded and
recapped tires would begin on
Feb.
are
that
11
that
■
.
Market Observations
Price Administrator Leon Hen¬
week, and in the
ing in trying to conduct an effective war on the other side four weeks ended Feb.
7th, were
of the globe can
scarcely fail to suggest the problems that 25% better than in the same
would face either Germany or Japan in
period last year, the New York
any attack upon
Federal Reserve Bank
our shores.
reported.
Neither the history of the white man's conquest
With "stock up" purchases
ap¬
—if
conquest it be—of Asia nor the pre-war state of things parently having passed the
peak,
on that continent and its
retail
trade
adjacent islands, outside of China,
activity showed a
Oceania and possibly the Philippines, lends much support further decline this week, while
active
covering
continued
in
to the preservation of
liberty theory of this war—save wholesale
markets, Dun & Bradpossibly upon the assumption of great superiority of the street,' Inc., reported.
British, the Dutch, and the French as imperial adminis¬
Retail dollar sales, in the past
week
trators. While, of course, Oceania, China and the
Philippines ahead were estimated 15 to 20%
of the corresponding 1941
are now all
deeply involved in the many-sided struggle in the
period, compared with a year-toFar East, he would be naive indeed Who supposed that
year rise "of 18 to 25% in the pre¬
any or all of these are the chief prizes of this war or alone vious week.
The declining retail sales were
would have precipitated it. As to the conception of this war
ascribed by Dun & Bradstreet,
as a
conspiracy against or an attack upon "civilization''-4Inc., as due to inclement weather,
well obviously it will not bear even
superficial analysis.
decreasing stock assortments, in¬
763
the
new
Mahon
,
&
London as
a
company.
Co. will
a
director of
Guinness
continue
partnership.
in
/
THE COMMERCIAL & FINANCIAL CHRONICLE
764
Mass. Mutual Life Made Marked Gains in
directions were made by Massachusetts
Mutual Life Insurance Company during 1941,- says President Bertrand J. Perry, in reporting to the policyholders.
New insurance
sales were $133,537,493, a gain of $7,085,116, or 5.6% over the pre¬
vious year.
Insurance in force Dec. 31 was $2,025,443,549, an in¬
crease of $35,757,567 for the year.
Admitted assets of $765,956,829
showed a gain of $41,662,794 for<S>called
"shoestring" class.
Here
the year.
/O-;
Substantial gains in all
.
In
commenting
the gain in
on
sales, Mr. Perry stated that
increased industrial activity
new
the
the
total real es¬
by
the
company
considerable shrinkage,
the income from rents was larger
again, although the
owned
tate
showed
a
production of war mate¬
rial
has unquestionably been
a in 1941 than ever beforev
stimulating
influence.1! Further¬
Aids War Financing
in
more,
he said, since the attack on
Pearl
Harbor
have
ple
the
2V4 % Bonds Gf 1952-55-Books
become
more
wartherefore, more
minded. They are,
conscious of the increased hazards
of
life, and the resultant imme¬
diate need for more family pro¬
tection. Some of the impetus came
invested in
and as in pre¬
dollars
million
Government bonds,
vious
of national
periods
or thereabouts, of 214% Treasury Bonds of
The Treasury announced that for the benefit of small in¬
vestors, preferential allotments would be given to subscribers
emer¬
gency will continue cooperating
with the Government in financing
$5,000, where delivery in registered bonds 90 days after issue date
specified; those entering such^——
1942
subscription for preferential al¬
lotment
were1 not permitted to
Department Circular No. 681
enter any other subscription.
result of the buying
a
of
anticipation
war
$18,717,394.61. Benefits due ury to help promote the sale of
death were $204,000; Defense bonds, and that in World
matured endowments, $4,170,- War I the agents sold a billion
547.86;
disability
income
pay¬ dollars in Liberty bonds.
were
to accidental
ments, $1,866,994.74; annuity pay¬
$5,089,678.26;
ments,
^surrender
Of
102
:policyholder
were
:
automobile
claims
the
$8,300,460.70.
values,
3,102
being
deaths,
fatalities,
$660,000.
over
Payments on death claims result¬
ing from airplane accidents were
$104,000.
The executive said that the rate
mortality ^experienced
of
by
a
field
are
the
to
interest
Of
insurance
figures compiled during
War,
the
SpanishAmerican War, the World War
and
the
present
conflict. Mr.
Perry cited the 1861 figure of
Civil
the
$1,600,000 in policyholders' funds
at
work
through business and
Government securities and com¬
with the Jan. 1, 1942
company as well seasoned as the
total
of $17,100,000,000.
Annual
Massachusetts Mutual
will, not,
payments to
policyholders and
except on rare occasions, vary
beneficiaries in 1861 amounted to
from year to year to any great
$2,500,000, while in 1941 the total
extent.
The
acquisition, of
a
was $2,550,000,000.
Life insurance
proper amount of new
business
protection owned by American
maintains the
it
pared
of
level
age
average
its
families in the Civil War amount¬
policyholders,
and
the
ed to $180,000,000; in the Span¬
newly examined lives coming into
ish-American War, to $6,325,000,the company offset the advanc¬
000; in the World War period,
ing age and physical deteriora¬
and on Jan. 1,
tion of the older members. While $24,679,000,000;
1942, $124,000,000,000.
the company's
mort^fity experi¬
in 1941
ence
orable
not quite as fav¬
1940 when the rate
in
as
unusually low, it
was
was never¬
chases
present im¬
life insurance pur¬
found
during
the
the
to
petus
the
for
Precedent
was
was
years
of the World War, Mr.
anticipated, and entirely sat- Perry said, as evidenced by the
following record of life insurance
isfactory
from
the g company's
purchased in those earlier years:
.-point of view.
For ordinary life insurance, the
In spite of the rising cost for
sales in 1915 were $2,621,000,000,
many things entering! into the op¬
theless within the range of what
was
t
of
eration
life
a
insurance
com¬
management expenses dn
1941 were only $14.84 of each
$100 of premium income, a rela¬
tively small increase over the
1940 cost of $14.65.
pany,
Record Investments
Mr.
paucity
the
found
Perry
of
high
market
the
grade bonds in
security pur¬
made
difficult but, even so, the
total amount acquired during 1941
tory exceeded $500,000,000 at the
end
of
the
year.
have
continued
many
years,
the
While
to
yields
decline
for
interest income
from
.
bonds,„ because
of
the
greater investment, reached its
X!
highest peak.
of 21.1%
.
Now, according to the $124,000,000,000 figure,
American fami¬
lies are five times better pro¬
The
Treasury
closed
books
scription
the
the
the
at
Sets Child Health Day
Roosevelt,
sub¬
close
with
accordance
resolution
day (Feb. 13),
receipt of sub¬
the
ors,
It
which
closed
were
on
as
adopted
tion
of
the
the
health
strength
vital
of
children
the
of
the
to
Nation."
of
The
'
A
<
volume of mortgages
was secured during the year than
in
1940 and
at practically the
same
in
larger
average
rate
of
return
as
the
previous year, amortiza¬
tion being required in all cases.
...
Mr. Perry found that advantage
was
taken of the rising real es¬
tate
market, which permitted the
disposal of a larger number of
properties
and
for
a
greater
amount than in any other year.
Such
sales
as
were
made
were
accompanied by substantial cash
payments in every instance and
were
entirely outside of the .so-
The
Treasury's
President,
also
each
the
his
in
called
upon
proclamation,
the
people
in
community "to contribute to
conservation
of
chiljf health
and the reduction of illness among
children by exerting every effort
to the end that before May Day,
Child
Health
Day, children
over
nine months of age be immunized
against
the
two
diptheria
diseases
have the surest
tion."
and
for
means
smallpox,
which
we
of preven¬
announcement
further said:
will
bonds
The
bonds
coupons
registered
principal
issued
be
bearer
forms:
two
attached, and
both as to
Both
interest.
and
in
with
bonds
Subscriptions from all
be accompanied by
of 10% of the amount
must
payment
bonds
various
the Treas¬
ury,
for
214%
bonds
of
United
the
States, designated Treasury Bonds
of
1952-55.
The
of
and
pension
tions
and
10%
of
1942,
and
will
,
bear
interest
to
exceed
resources.
(c) Corporations organized for
profit, and dealers and brokers—
not
to
(d)
exceed
50%
of net worth.
Individuals—not to exceed
of net worth or 100% of
deposited with subscription.
(Note:
of Bonds
insurance
similar institu¬
funds—not
total
ac¬
corpora¬
funds,
and
No
will
The bonds will be dated Feb.
25,
investment
companies,
cash
1.
Associations, trust
and
tions,
50%
abouts.
ex¬
of capital and surplus.
Loan
the
II. Description
on
(b) Mutual savings and co¬
operative banks, Federal Savings
offering is $1,500,000,000, or there¬
amount
subscribers
of
account—not to
own
50%
counts
of Bonds
The Secretary of
1.
classes
Subscrip¬
the following bases:
for their
Washington, Feb. 13, 1942.
I. Offering
for.
applied
made
be
preferred
on
allotment
such
full-paid
subscriptions.)
2.
The Secretary of
the Treas¬
the
right to reject
any subscription, in whole or in
per annum, payable on a semi¬
annual basis on June 15 and Dec. part, to allot less than the amount
of bonds applied for, and to close
15 in each year until the princi¬
the books as to any or all sub¬
pal
amount
becomes
payable.
scriptions at any time without
They will mature June 15, 1955,
any
action he may
but may be redeemed at the op¬ notice; and
take in these respects shall be
tion of the United States on and
final.
Subscriptions for amounts
after June 15, 1952, in whole or
from that date at the rate of 2*4%
ury
reserves
in part, at par and accrued in¬ up to and including $5,000 where
the subscribers specify that de¬
terest, on any interest day or
nominations of $50, $100, $500,
be
made
in
registered
days, on four months' notice of livery
$1,000, $5,000, $10,000 and $100,- redemption given in such manner bonds 90 days after the issue date
000.
will
be
given preferred allot¬
as the Secretary of the Treasury
forms will be issued in the
de¬
Pursuant to the
Public
the
interest
provisions of shall prescribe. In case of partial
of 1941, redemption the bonds to be re¬
the bonds now deemed will be determined by
Act
Debt
upon
offered shall not have
emption,
any
such, under
as
ex¬
such method as" may be prescribed
Fed¬ by. the,Secretary of the Treasury.
In each such
ment.
scriber
not
may
subscription,
be
made
will
sub¬
a
and payment must
provided in Section
as
IV of this circular.
tices
case
enter any other
be
sent
Allotment
no¬
out
promptly
enacted.
Otherwise the bonds ignated in any such notice, inter¬ upon allotment, and the basis of
allotment
will
be
publicly
will be accorded the same ex¬ est on the bonds called for re¬ the
eral Tax Acts now or hereafter
From the date of
emptions from taxation as are
accorded other issues of Treas¬
demption shall
The
2.
redemption des¬
announced.
cease.
income
derived
Bonds | now
outstanding. the bonds shall be subject to all
provisions are specific¬ Federal taxes, now or hereafter
ury
ally
forth
set
in
released
circular
the
official imposed.
today.
ject
Subscriptions will be received
at
Banks
Reserve
Federal
the
and
branches, and at the Treas¬
ury
Department,
Washington.
Banking institutions generally
subscriptions
submit
may
for
to
The bonds shall be sub¬
estate,
IV. Payment
from
These
inheritance, gift
taxes, whether
1.
Payment at
interest, if
any,
par and accrued
for bonds allotted
hereunder must be made
pleted
or
com¬
before Feb. 25, 1942,
or
on
later allotment. In every
Federal or State,but shall be-ex¬ case where payment is not so
empt .from all taxation now or completed, the payment with ap¬
hereafter imposed on the princi¬
plication up to 10% of the amount
pal or interest thereof by any of bonds applied for shall, upon
State, or any of the possessions declaration made by the Secre¬
other
or
excise
on or
but only of the tTnited States, or by any tary of the Treasury in his dis¬
the Federal Reserve Banks and local taxing authority.
cretion, be forfeited to the United
the Treasury Department
are
3.
The bonds will be accept¬ States. Any qualified depositary
authorized
to
act
as
official able to secure
deposits.of public will be permitted to make pay¬
agencies. Subscriptions for the moneys, but will not bear the cir¬ ment by credit for bonds allotted
bonds
from
banks
and trust culation
privilege and will not to it for itself and its customers
companies for their own ac¬ be entitled to any privilege of up to any amount for which it
count will be received without conversion,
shall be qualified in excess of
deposit, but subscriptions from
4. Bearer bonds with interest existing deposits, when so notified
all others must be accompanied
coupons attached, and bonds reg¬ by the Federal Reserve Bank of
by payment of
10%
of the
its district.
istered as to principal and inter¬
amount of bonds
applied for.
est, will be issued in denomina¬
V. General Provisions
The bases on which subscrip¬
tions of $50, $100, $500, $1,000,
1. As fiscal agents of the United
tions will be entertained from
$5,000, $10,000 and $100,000. Pro¬
the
various
classes
of
sub¬
Federal Reserve Banks
vision will be made for the inter¬ States,
account of customers,
scribers will be the same as an¬
change
of
bonds
of
different are authorized and requested to
1941, for the
denominations and of coupon and receive
subscriptions, to
make
(Ex¬
registered bonds,
and
for
the allotments on the basis and
up to
planation given further below.
transfer of registered bonds, un¬
Dec. 3,
on
cash
'15
..
offerings.
-
as
reserved to close
to any
or
at
tice.
subscriptions
announced,
and' regulations
scribed
by the
or all sub¬
Treasury.
classes of subscrip¬
any time without no¬
The basis of allotment of
tions
rules
der
The right is
the books
importance
others
(a) Banks and trust companies
Debt
Public
pursuant to the authority of
totaled more than $4,500,000,000,
the Second Liberty Bond Act,, as
indicating that the issue had been
amended, invites subscriptions, at
oversubscribed three times.
par
and accrued interest, from
The Treasury Bonds of 1952-55, the
people of the United States
scriptions
that
the
of
Treasury. Department,
Office of the Secretary,
Feb. 14.
on
Feb. 16 that, on the basis of
preliminary figures, subscriptions
in
1928, pro¬
May 1 be set aside
Child Health Day "in recogni¬
claimed
deposit.
ceed
reported by the Treasury
was
Congressional
a
Bureau
of
same
for
>.—Ed.)
acting in
Fiscal Service
scriptions from the "Small invest¬
Dec.
President
and
tions will be entertained from the
nounced
tected than in 1917.
folio for the first time in its his.
the pre¬
1916,
year;
*
result, the company's port¬
a
over
$3,213,000,000,
increase of 22.6%; 1917, $3,840,000,000, increase of 19.5%; 1918,
$3,988,000,000, increase of 3.9%;
1919, $7,010,000,000, increase of
75.8%;
1920,
$8,490,000,000, in¬
the largest for several years.
was
increase of 6.7%
vious
crease
that
chases
As
an
banks
of
interest
Postwar Experiences
Cites
cash
and
from
a
public's
the prosecution of the war pro¬
clauses, as
The Massachusetts Mutual offered for cash subscription, will
have since been put into effect by gram.
be dated Feb. 25, 1942, and will
owns the lawful maximum of de¬
all companies; and also by the
fense bonds, and this year will bear interest at the rate of 214%.
possibility of higher premiums,
substantially increase its invest- per annum, payable semi-annu¬
as
have now been announced by
ments in United States Govern¬ ally on June 15 and Dec. 15, with
some companies.
ment obligations.
the
first
coupon
due June 15,
Averaging $127,000 a day, pay¬
Noting
that
life
insurance 1942, for a fractional period. The
ments to policyholders and bene¬
are
compensated on a bonds will mature June 15, 1955,
ficiaries were $46,636,324 during agents
but may be redeemed, at the op¬
the year.
Policyholders received commission basis, he said that
tion of the United States, on and
$27,714,930, and $18,921,394 went they have unselfishly volunteered
after June 15, 1952.
to
beneficiaries.
Death
claims their services to the U. S. Treas¬
as
to
up
Subscriptions
trust companies for their own ac¬
count
will
be
received without
was
except
said,
the
life
insurance
com¬
panies had six billion, four hun¬
dred
tion, of $1,500,000,000,
1952-55.
authorized to act
are
official agencies.' Others than v
banking institutions will not be
permitted to enter subscriptions
except for
their
own
account.
as
Secretary of the Treasury Morgenthau announced on Feb. 13
the offering, through the Federal Reserve Banks, for cash subscrip¬
business
1941, Mr. Perry
At the close of
American peo¬
Department
For Gash $ 1,560,000,080
1941,
Perry Reveals In Report to Policyholders
Pres.
Thursday, February 19, 1942
The
5.
to
pre¬
Secretary of the
bonds
the
Federal
will
be
subject
indicated
amounts
by
the
Secretary of the Treasury to the
Reserve
of
Banks
the
respective districts, to issue allot¬
the general
regulations of the ment
notices, to receive payment
Department,
now
or
for bonds allotted, to make de¬
will be publicly hereafter
prescribed, - governing
and payment for United States bonds.
livery of bonds on full-paid sub¬
Treasury
bonds
allotted must be
or
completed on or be¬
any
scriptions allotted, and they may
III. Subscription and Allotment
issue
interim
receipts
pending
25, 1942, or on later
1.
Subscriptions will be re¬
allotment.
*
V- >•'. !
ceived
at the
Federal Reserve delivery of the definitive bonds.
The text of the official circular Banks and branches and at the
2. The Secretary of the Treas¬
made
fore
Feb.
follows:
UNITED
\
-
STATES
'
Treasury
OF AMERICA ton.
to
Department,
Subscribers
sell
or
must
otherwise
Washing¬
agree
dispose
not
of
21/4% Treasury Bonds of 1952-55
their subscriptions, or of the se¬
Dated and bearing interest from
curities which may be allotted
Feb.
25, 1942
Due June 15, 1955
thereon, prior to the closing of
the subscription books.
Banking
option of the institutions generally may submit
and ac¬
subscriptions for account of cus¬
crued interest on and after
tomers, but only the Federal Re¬
June 15, 1952
and the Treasury
Interest pay. June 15 and Dec. 15 serve Ranks
Redeemable
at the
United States at
par
ury
time
may
at
to
time,
mental
any
time,
prescribe
or
from
supple¬
amendatory rules and
or
regulations
governing
the
offer¬
ing, which will be communicated
promptly to the Federal Reserve
Banks.
HENRY
MORGENTHAU, JR.,
Secretary of the Treasury.
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4048
765-
"frozen".. foreign
Items About
:
funds of 34 Dec. 1 by unanimous vote without
countries, starting with Norway debate
but " before
the
Senate
on
April -8, 1940, and ending adopted the measure on Jan. 19
by
with the Philippine Islands last a 42 to 24 vote
considerable oppo¬
Trusl Companies
,
Jan. 5.
i
Central
York
Savings
the
announces
Otto
Strippel
Trustees.
Bank of
election
for the year; and
of
will
Mr.
be
Vice-President in 1938, now holds
the office of Vice-President and
forward.
also
has
that
reports
been
bank
to
of
Corporation at a meeting
Switzerland, on Feb. 10
appfoved accounts for 1941, show¬
ing net profits including carry¬
over
of 9,655,986 francs against
9,157,189 francs for
1940,
and
total assets of 1,370,094,424 francs
against 1,366,071,396 francs.
At
the general meeting on Feb. 27,
At the Board of Directors meet¬
of New York
on
J* Wunderlich
was
in Basle,
Bank
Feb. 11
George
appointed As¬
George W» Spence, President of
the
Peoples National
Bank of
Brooklyn, Brooklyn, N. Y., died on
Feb. 5 at the Brooklyn Hospital.
He was 77 years old.
A native of
Brooklyn, Mr. Spence had been
'
identified
banking
interests
Directors will pro¬
his
career
National
Bank
began
Chase
with
of
House
The
''be
President of the Peoples Bank
i
glad
to
-
that
he
/
Congress strike
see
Re¬
Bank
serve
of
New
York
is
the
not
the
;
He
war
(Dem.
of
amendment
to
to
make
payments" for
vice.
No
;
Morgenthau
said
the Fall of 1940.
was
resentative
silver
/repeal of
has*
Silver
the
Act,
Treasury
arid
domestic
He
under
buys
all.
world? silver of¬
fered it. He said he would also
recommend the sale to industry
of the silver accumulated by the
Treasury in the
seven years
that
the New .Deal's silver purchase
policy has been, in effect.
by Rep¬
In
his
co¬
nations
victory
must
we
mini¬
a
with
the
military or economic
friendly countries
a
with
the
fullest
Just
and
exchange of
as
we
most
J
represen¬
us.
anxious to
are
see
nothing interfere with the func¬
tioning of our representatives in
friendly countries, so we must
do
vetoed
our
everything we can to facili¬
their functioning with us
tate
in
on
the
common
from
clear
It
cause.
that
is
far
the
require¬
ments of this legislation would
not in many instances be un¬
inappropriate
and
the repre¬
sentatives
of
friendly nations
who are constantly coming to
necessary,
in respect to
onerous
en¬
the
urged
torney General during the
monetization of
the
Domestic
which
it
25
deem vital to
we
tatives between
the
what
of
constant
designed to tighten
the restrictions on
foreign agents,
saying that the legislation should
be adjusted "to meet the
changed
to
other
interference
requires
wants to
Dirksen
offered
tion
Feb. 9 the bill
powers
of
nature
Bill, Urging Changes
discretionary
with
strengthening and perfecting of
joint action. Active collabora¬
try into the war." "Such adjust¬
Treasury not only
ment," said the President, might
stop buying silver but
be
achieved
by granting broad
that it also wants to get rid of
that
achieve
mum
Vetoes Foreign Agents
conditions resulting from
with
*
in
war
defense.
own
To
reconsideration
Roosevelt
the
country
be certain that there is
of the bill.
President
by
our
partnership
whose defense
our
In
stabilization
a
upon
United Nations and in active
view of protests made, sev¬
eral bills have been introduced in
the Senate and the House
some
view to
a
created
entry into the
operation
one
there will be
our
fostering dis¬
however, obviously
assault
our
fighting
as
and
from
the
United
cooperate with
At¬
States
to
us,
emer¬
I recommend that this bill be
gency." The President stated that
adjusted to meet these changed
conditions resulting from
our
entry into the war. Such adjust¬
some
of
the
legislation
would
be
requirements of the
passed
by
Congress
"unnecessary, inappro¬
priate and
onerous
in
ment
might be
broad
granting
respect to
the representatives of friendly na¬
tions who are constantly coming
to and
from
the
achieved
by
discretionary
to the Attorney General
powers
during
the emergency, to en¬
able him to administer the bill
United States to
cooperate with us."
so
The bill passed the House on
before
the Dec.
,19
and
.the
(Republican
Senate,
in
House Committee Secretary Mor¬
of Illinois.) The bill, appropriating
amended form,; on Jan. 12. Final
genthau (we quote the, Associated
a total of $1,112,926.899—of Which
Congressional " action
came
on
amendment
since
Axis
hospitality
weaken
or
drafted with
situation
and
de¬
Under the bill
bill,
not
the
ser¬
amendment /was
His
of
foreign agents
country
The
"reasonable
years
our
of
abuse the
may
was
would be eligible until he
had served five years.
effort
isfunhappy about the
Secretary
Peoples National Bank.
Mr. Treasury was made by Secretary
of the Treasury Morgenthau
on
Spence was the first President of
the
the Peoples National Bank, a post Feb. 2 during hearings by
House Appropriations Committee
he held until his death.
on
the
appropriation
bill
to
finance the Treasury and Post
The Bank of East Syracuse, East
Office Departments, An attempt
Syracuse, N. Y., recently became
to nullify the Silver Purchase Act
a member of the Federal Reserve
of 1934, proposed in an amend¬
System.
The
bank,
which: is ment to
the appropriation bill for
headed by Edward H. Dew, had
the Treasury and Post Office De¬
assets of $1,566,000 at the end of
partments was defeated by / two
December, 1941.
It is the 49th
votes on Feb. 3,-55 to 53,?. The
new member of the Federal
*
of
cost
automobile tax stamp situation.
the
books" because of the cost to
repealed, but indus-
$1,060,547,000, acfor nearly half the
China
5.
the
.
be
"poses?*
would
all of the silver legislation off
for three years before the merger
and a year later helped to found
have
feated 34 to 28.
for that month,
/ 4; The; new $500 million loan
to
Rejects Proposal
back
Feb.
Joan,', hut is for, "general pur-
-
statement
Byrd
an
press
counting
:
Would Kill Silver Act,
in 1891 joined the old
Peoples Bank of Brooklyn, which
merged in 1907 with the old
Union Bank of Brooklyn.
He
on
-Of
provide that before Congressmen
became eligible for pensions they
Bureau,
uary reached
..
New
Washington
his
entire
the
York and
was
its
Senator
proposed
would
3. Defense bond sales for Jan¬
would
for 60 years.
He
Va.)
activities
•national unity by
cord and distrust.
trial
uses
should
be
calling
great
enough to keep the silver price for the repeal of the Congressional
here at the world price level.
pension provision,. It is likely that
•
189.31 francs.
with
nuities.
the
collecting the
should
4% dividend, after which
be a carryover ! of
3,255,965.81 francs against 2,757,there
But
developed in regard to
the provision giving Congressmen
the right to obtain retirement an¬
for
won, there are rio danger sig¬
nals concerning U. S.
solvency.
2. Silver purchase
legislation
pose a
the Board of
cents.
the
who
conference and passed a member of Congress who
in testimony before the
House joined the system would pay 5%
Appropriations Committee, the of his salary annually, His an¬
nuity would be based on length
1 Secretary -declared:
Y 1« National
credit is sound, of service when he reached the
and that, providing the war is retirement age, beginning at 62.
.
sistant Cashier.
72
was
the "Wall Street Journal"
3 stated:
£563,864 to be carried
The Board of Directors of Swiss
ing of the Grace National
of
From
Bank
'■
cost
At
Treasurer;
costs
$2.78 for each $100.
premises account and £300,000 to
officers pension fund, leaving abalance
sition had
...
new/ $5a-year auto tax is estimated at
£100,000
transferred
"
collection
when it
121/2% for the year.
■
bank
"
...
each $100 of internal revenue is
89 cents, the lowest since
1921,
making the maxi¬
The
paid,
of
Strippel, a native
New Yorker arid a graduate of
New York University, began his
employment with the bank in
1904.
In 1927, he became Treas¬
urer
and, having been elected
mum
-
3.) The
further
a
dividend of 6!4% on the £1 shares
of
Board
the
to
18%
New
'
•
at
peace. It was properly de¬
signed to force the disclosure of
to
as
these
meet
new
con¬
ditions.:#/
testimony
Hearings On Parity Prices
tion for jmore than 75 years, hav¬
Press) said that the nation's fiscal Jan.
28
when
both
branches
$209,95*3,976 would be for
the
The% Agriculture Department's
affairs were in better shape than
adopted the conference report.
Treasury and $902,969,923 for the
position and the views of Secre¬
in the First World War and were
In
the
Post
Office
Department
was
Washington "Post" of tary Wickard with respect to the
free. from- danger signals.
The Feb. 10 it was stated:
passed by the House on Feb. 3 by
farm price question was the sub¬
press accounts added:
The bill, which in its registra¬
a" voice
vote.
Mr. Morgenthau's
ject for an extended hearing be¬
"Right now," the Treasury tion requirements failed to sepa¬ fore the Senate
testimony was made public by the
Agricultural Com¬
Secretary said in testifying be¬ rate representatives of the United mittee on Jan. 31.
Committee in sending the bill to
The Senate
ing
Arthur T. Bissell, Chairman of
Board of the Savings Bank
the
of
Rockville,
died
Rockville,
Feb. 5.
on
old.
Mr.
He
Bissell
Conn.,
92
was
had
years
been
con¬
nected with the Rockville institu¬
as
Treasurer
for
30
the
prior
to
his resignation
in
appropriation provided in the bill,
said the Associated Press, repre-;
1933.
Upon his retirement he
made .Chairman
the
of
was
Board,
a
Bissell
bank
he
was
corporator in 1891,
a
in
1900
The
also
been
one
L. Bissell & Son, which
established
was
in
1869
and
Associated
mittee,
the
law
Treasury to buy
reaches $ 1.29 an
connected
for many yeai's with the insurance
agency of
increase
the
was
of the first insurance agencies
said:'
-
now
G.
McConkey,
requiring
Federal
stood
-
hope it will continue that
by
the
House
Judiciary
Committee, Chairman Hatton W.
had
group
ard
as
in
made
Representative Martin Dies, of
Texas, who led an unsuccessful
summoned
of
result
a
Atlanta
which
he
must
•'
Summers said*
be
told
Mr.
on
Jan.
farmers
satisfied
with
farmers and
to
he
in
28,
that
prices, describing these
return
Wick¬
address
an
they
parity
"fair
as
a
or
reach
it
until
fair
cost
to consumers." The Secretary
had
also/said
added, "and I think House fight to include the Com¬
safeguards and brakes munist Party and Bund organiza¬
that we are adding the situation tions by name, and force registra¬
of
their
looks much more hopeful than tion
membership,
had
written Attorney General Biddle
it did in World War No. 1."
that their registration was none¬
theless required.
the
until
ounce
more
commodities
up;: is
absolutely
amazing—that is, the little fluctuation, there has been.
"I
re¬
all
Vote Pensions For
Retired Congressmen
one-
Legislation liberalizing the Civil
Service
situation
and
more
is
use
of silver for industrial
purposes
and we can not sell
any of the
retired
t^e
also
silver
the
sidered
have
and
way," he
by
'»~
-.
-
Right
broad regulation
foreign agents, will be recon¬
of
stocks
with
Press
accumulations
that there is
James
$25,604,633
fourth of the stock in the
country,
in Connecticut.
;
of
Nations from its
bank
-
an
the/House/committee, -T
think the way values of stocks,
ports that Secretary Morgenthau,
discussing before the House Com¬
Mr. Bissell became Treasurer. Mr.
had
total
President Roosevelt.
Secretary and Assistant Treasurer
in 1903.
In the latter part of
1903, upon the death of his father,
Bissell
The
amount estimated as necessary
Assistant
and
2.
the comparable expenses for
the current fiscal year, but a re¬
duction
of
$4,902,036 from
the
began his career with the
he was 14 years o'd;
made
Feb.
on
over
when
director
House
sen ted
position he held at his death.. Mr.
a
fore
served
years
Retirement
In defeating his amendment, the
received
assurances
that
legislative
and
judicial
the
the
though unnamed,
register under its
Representative Dies said
groups,
have
to
he wrote Biddle.
branches
he
farm
recently
trol
Bill
Senate
terms,
as
Under
all
time
could
that
he
to
keep
prices up to parity and keep them
from going "much beyond parity."
farm
would
so
do
these
to
Act
would
House
extend the coverage to all officers
and employees of the executive,
that
at
a
price section of
Price Con-,
enacted
(inserted
farm
•
through
the
bloc's
commodity
insistence),
prices are per¬
mitted to rise up to
110% of par¬
ity before the Price Administrator
could order ceilings. This section
also directs the Secretary of Agri¬
culture to obtain, as far as possi¬
ble, parity for agriculture—in that
it gives him veto power over the
From Washington Feb. 9 special
Government,
including advices to the New York "Times"
Congress, was recent¬ had the following to say in part:
/•that Canadian and Mexican sil¬
ly passed by Congress and signed
it* was said unofficially that Price Administrator's farm
ver is going into industrial uses
price
by the President. On Feb. 10 it
the measure was so drawn that
and with our mines
ceilings. (Parity is the price which
McConkey, who had been Gen-producing wasreported
that
President
it
would
it we buy it and put it
require
Winston gives farm products the same rela¬
eral Counsel of the St. Louis Re¬
away.
Roosevelt had said that under the
Churchill, British Prime Minis¬ tive purchasing
Our domestic users of silver
serve
Bank since its opening in
power they had
new law it would be possible for
ter, or Lord Beaverbrook, Brit¬ in the
are entirely at the
mercy of the him to retire on a pension of
years
1909-14). Although
1914, retired in 1938 in accordance
$37,ish Minister of War Production,
foreign people as to what they 500
the
with the Retirement Svstem of
hearing before
the
Senate
annually simply by paying
to register their presence with
;
charge, but so far they have not
committee was a closed session it
the Federal Reserve Banks.
only a few dollars during the re¬
the Justice
Department when is reported that the Secretary in¬
abused it. However, if one of the
maining years of his term. How¬
they came to this country, even sisted on his
foreign silver countries tomor¬
position to keep the
The net profits of tve West¬
ever, it was explained by Stephen
if their presence and mission
row wanted
to charge 50 cents
prices of farm products from go¬
minster Bank Limited (head of¬
Early, White House Secretary, on
should, for strategic reasons, be ing to the 110% parity level
or
60 cents, they could- do it
pro¬
Feb. /11; that the President was
fice London) for the past year,
kept secret.
vided in the bill. It is also said
^ and we could not do anything
after providing for rebate
speaking facetiously and had no
and
about it.
The
veto message that the Administration plans to^
President's
/ •, ■//;/'-•. 5 //yv##
intention of applying for a Fed¬
taxation, and after annropriations
#/The world price is 35 cents an eral
follows;
keep prices down by using its
/
'
to the credit of contingency ac¬
pension. The bill was signed
ounce and the-domestic
price is by the President on Jan. 24. The To the House of Representatives: power in the price control bill to
counts. out of which accounts full
-•71.11 cents—the difference
rep¬ legislationI return herewith, without my buy and sell commodities.
increases • employees'
-provision for7 bad and doubtful
resenting the subsidy -to silver contributions from 3V2% to 5% of :?-■
debts has been made,-amount to
approval, H. R. 6269, "To amend
Secretary Wickard, in a talk to
producers, Mr..Morgenthau said, salary and -makes ; 70
the act entitled 'An act to re- the
£1.189.698.
This sum, added to
years
the
Department's War Boards at
yi; The Committee also received, uniform
compulsory • retirement >, quire the registration of certain St. Louis on Feb. 2, reiterated his
£551,130. brought,: 'forward " from
information that:. ;
;
> age for all government employees,
1940. leaves available the sum of
persons employed
by agencies previous stand that he will do all
•».-1. Through
informers, -y the except elected officials. Civil ser¬ i to disseminate propaganda in he can- to maintain parity and
£1,740.826. * The dividend of 9%
vice employees may retire before / the ,United
'paid in August last on the £4 il; Treasury collected $1,309,000 in
States, and for other "keep the average prices of farm
shares and
the £l shares, y revenue which had not been re¬ reaching the compulsory age, de¬
purposes,'
approved
June
8, commodities from
going
above
ported and paid $58,000 iov the pending on, the/number of years
absorbs £?«8,481.
A further divi¬
•1938, as amended."
parity to a point that would hurt
General
Counsel
Reserve
Bank
ef
of
silver
St.
Louis, died
on Feb.
4 at Barnes Hospital, St.
Louis.- He was 73 years old.. Mr.
we
have, with the result
of
the
members of
,
v
,
-
.
.
-
<
.
.
,
•
.
dend
of
9^
is
declared
"ow
respect of the £4 shares, making
.
•'
ia
'J'1'.
*
•
•» ! J
'
V '
'
informers.
in
-
-
*
-2. The
j1'
i
'
r
United
'
ft* •
of
.
States
Y'» fU
J.
has
service/;###/?,/;•;/..
The
IV• ]
bill
■
-i
f'
the
passed
'
1
' Y" i
:
This
House
>: T. {
1 •
1
on
: i
i
bill
peacetime
to
was
drafted
protect7 a
in
nation
./
t
•:.)'
farmers,
and
consumers
the
na¬
tion."
.
'
Y
*•-:
i'/r
.
M
ih
•
>
•
•
766
THE COMMERCIAL & FINANCIAL CHRONICLE
1941 Auto Production
Cotton
8,3% Above 1949
Thursday, February 19,-1942
Consumption in January At High Level
Under date of Feb. 14, 1942, the Census Bureau issued its
Factory sales of automobiles manufactured in the United States,
report
including complete units or vehicles reported as assembled in showing cotton consumed in the United States, cotton on hand, active
cotton spindles, and imports and
foreign countries from parts made in the United States, for Decem¬
exports of cotton for the month
of January, 1942, and 1941, ; Cotton consumed amounted to
ber
1941 consisted
of 282,205 ; vehicles,
945,903
of which
174,962 were
,
of lint
passenger
bales
tors,
bales of lint and
cars and 107,243 commercial cars, trucks, and road trac¬
compared with 352,347 vehicles in November, 1941, 483,567
as
vehicles
in
and
116,247 bales of linters, as compared with 844,839
114,160 bales of linters in January, 1941.
1940, and 452,142 vehicles in December,
January consumption of cotton includes 700 bales distributed
1939.
These statistics comprise data for the entire industry and by Surplus
Marketing Administration through various cotton mat¬
were released Jan.
29 by Director J. C. Capt, Bureau of the Cen¬ tress programs.
The following is the statement:
sus, Department of Commerce.
As
December,
In
(Cotton
the
publication
of
markets
have
Statistics
.
facturers
been
for
in
combined
1941
based
are
United
the
trade
from
69
road
ger
tractors).
and
cars
included
in
passenger
number
trucks, or road tractors have been
shown as making passenger cars and in
cars,
the
number shown as making commercial cars, trucks, or road
tractors, respectively. The figures for passenger cars include those
for taxicabs.
The figures for commercial cars, trucks, and road
tractors include those for ambulances, funeral cars, fire apparatus,
street
sweepers,
station wagons, and buses, but the number of
such special purpose vehicles is very small and hence a negligible
factor in any analysis for which the figures may be used.
Canadian
production figures are supplied by the Dominion Bureau of Sta¬
tistics.
Figures for previous months appear in our issue of Jan. 8,
NUMBER OF VEHICLES
V
Vear
\v;y»:
Total
.■
and
<
./-..v.
'
V
U
vehicles)
Passen-
trucks
and road
tractors
ger
February
cars-
Total
411,233 >
*89,645
485.622
394.513
*507.834
410,196
*97,638
*462.272
374.979
23,195
91,109
March
—
_____
May
518,770
_________
June
*87,293
417,698
520.525:
27.584
101,072
-
10,647
~
26.044
15,493
9.840
"
Egyptian
25,753
8,538
17.215
24,654
3,849
20,805
' 78.529
*69.072
17.192
3.160
14.032
234,255
167,790
66,465
14,496
2.548
)295,568
______
.
19,360
5,635
Total
96,246
21,545 i-
7.003
t 14.542
174,962
107,243
20,313
6,651
4,838.561
3,744,300
1,094,261
270,431
94,045
:
-
1940—
'v
'
:/';v
\
v.
M*arch
69.382
17.213
337,756
66.276
18.193
423,620
_-
April
352,922
May
70.698
362,139
) 70,607
;
432 746
391,215
I
•'
325,676
344,636
286,040
231,703
;
July
168,769
August
75,873
September
December
£
16.612
12.(V>5
13,487
21.277
8,739
29,050
13.993
* "*
-6,200
I
12.677
17,930
14,468 ^ ,3,391
44,638
421,214
8,606
*
1,510
1
15,475
9,191
£'11,071
12.48?
12.065
3,410
72.009
v
21,151
7.056
14 095
80,261
"
396,531
..
5.414
19,687
w
65,539
407,091
483,567
4.634
12,779
58.596
224.470
493.223
487,352
:__
12.579
.
62,934 ■'
'
46.823
269,108
October
November
(year)
_____________
4,469,354
3,692,328
'•
'
1939
23.621
10.814
12.807
23,364
87,036
777,026
11,711
11.653
342,168
303.220
243.000
March
371,946
299,703
337,375
273,409
_____________________
April
May
222,984
"
---•■•
.
January
February
112,858
110,126
■'ji'Xj.v.-V'v'-."
14.300
10.914.
72,243
17,553
12.689
63.966
16,891
12,791
4,10C
14,794
60.220
.
•
3.390
3.386
4.864
60,703
281,465
11.404
4.121
297,542
59.672
15,706
11,585
246,704
63,034 A
14,515
10,585
150,738
58,621. .y
9,241..
5,112
99,868
.
237.870
309,738
209.359
i
June
Jftly
August
61,407
38,461
3.475
1,068
2.407
3.494
3,930
£
4.129
188.757
''161,625
October
313,392
251,819
61,573
11,297
7.791
423
3 506
November
351,785
285,252
66.533
16,756
78.338
"16,976
9,882
11,054
6 874
5.922
710,496" 155,426
108,369
September
December
452,142
373,804
3,577,292
2,866,796
27,132 "•
3,922
•
•
'
Total
(year)
47,057
1
*Revised.
Qecenier fitotor Freight Volume 21.5% Over
184C—Unseasonable Increase Over November
volume
of
14,372,133
369,957
17,301,352
the refineries
383,877
102,544
518,038
277,190
292,195
4,909,542
26,437
23,729
-167,247
77,214
20,726
650,010
121,132
47,436
8,217
618,026
(l).'i
(1)
revenue
December increased 4.9%
in
other
' 32,263
23,041
11,814
11,970
13,121
6,447
19,401
INCLUDED
freight transported by motor truck in
November and 21.5%
over
over
December.
greater than in November.
The
621,964
516,777
In
Exports
Of
Movement of
tion of detailed statistics
World
Because of.war
over
over
December, 1940.
automobiles and trucks constituted 4%
of the
total tonnage reported.
Tonnage in this class, hit hard by curtailment
of production and sales, decreased 23.0% under
November, and 36.9%
under December of the previous year.
*
J
Haulers
total
over
of
iron
and
The
tonnage.
volume
November, and 4.9%
steel
products reported almost 5% of the
of these commodities increased 10.8%
over
December, 1940.
;
Almost 4% of the total tonnage reported was miscellaneous
commodities, including tobacco, milk, textile products, bricks, build¬
ing materials, cement and household good^s.
decreased
of the
11.8%
previous
under
the
.
data
Tonnage in this class
November, but held 21.7% above December
year.
in
obtaining de¬
omitted from thb
being
'
..
'
,
/
"
■»."/*
7-
\M,i
.r
Petroleum And Its Products
motorists
in
the
East
L.
Ickes
he
as
told
called
were
House
a
Interstate
Commerce
subcom¬
that he was making
every
effort to avoid rationing of
petroleum products and, at the present time, he believed that actual
rationing was unnecessary. He also said at his Tuesday appearance
in
Washington before the sub-<^
committee that he was asking the decided upon for the East Coast'."
Production
of
tion
the
24-inch
a
Gulf
In
Board
to
The
recon¬
proposals for the construc¬
diversion to
:v'
ing of
;
that
and
the
also' had
Maritime
Coast
suggested
the
West
as
that
in
serious indication of
a
-"gravity"
situation.
island
Indian
tankers
on
of
"The
our
^shipping
implications * of
bold thrust against our. oil
supply lines are indeed ominous/'
such
•
7 p.m. to
the
to
has
industry
of
Office
Coordination
7
committee.
a.m.
curfew
a
daily
on
retail
a
" "
^
rationing is necessary," the
continued,; "they
the con¬
sumer
coupon book system, rec¬
ommended by the District 1 Mar¬
keting Committee." He added that
industry)
"since
number
a
tankers
favor
have
of
been
East
Coast
diverted
to
help out the West Coast, the:oil
men suggested that 'it would'seem
only
reached
a
continues
it
would
bring
fair
that
West
sumption
should
about the
same
be
substan¬
tially
below
working
Mr. Ickes indicated
safe
a
Coast
con¬
curtailed
extent
as
may
to
be
tank¬
for
oil
railroad ;;
overloaded
rise
in
to
transportation
200,000,000 barrels
nearly
the total of crude oil
and
pe¬
inland
refineries,
railroad
freeing:
thus
tank
for
cars
tanker facilities.
East
replace
Rail
move-;
ments of oil into the East reached
record
a
1,000
of
peak
approximately
.
during the initial week
of February, which is about 15%.
cars
of demands for the Atlantic
board
the
barrels
amounted
in
to
223,000
railroad
tank
6,935
''
cars.
K. A.
the
Sea-
Total movements for
area.
week
"
!
-
Riddle, chief engineer of
Carolines
Standard
Oil
announced
that tank
division
Co.
of
of
New
Tuesday
in
the
*
Jersey,
Charlotte;
being loaded
from
the new Baton Rouge-toGreensboro oil pipelines for ship¬
ment to Eastern seaboard points.
Sinking of coastwise tankers by
enemy
submarines was credited
cars
were
a
Greensboro
for
Tuesday
trans-.
shipment by rail.
Next week, he'
added, the pumping station will'
sibility that the railroads eventu¬
increased to permit the loading at Charlotte of another 20,000
ally
barrels daily.
"may
gree
that
will
have
be
taxed
priorities
to
be
to
pos¬
that
de¬
(on cargoes)
declared."
j,
.
"
The
touched the petroleum
war
industry in both the West Indian
and
East
be
made
v
War developments
day, night and Sunday work
both on the pipeline >
loading of the cars, he.
necessary
and
the
declared.
Indian
the
possessions
of
-Netherlands
Government
with
the
:.
Two shutdown days in Texas
during the second week of Feb¬
ahead in
the East after taking ruary cut production of crude oil'
Singapore. The great oil center throughout the Nation by 260,335
barrels from its record peak of
of Palembang; in Southern Suma¬
the previous week, the total drop¬
tra/producer of more than half
ping to 4,071.060 barrels, accord-of., the total petroleum output ^of
the Dutch East Indies, fell to the ing to the "Oil & Gas Journal."
Japanese forces forging
Japanese
tory
on Feb. 16. But the vic¬
scored by the Japanese was
somewhat hollow since the Dutch
defenders
applied the torch and
■1
explosives
to
the
field
in; a
Coordinator
(the
had
ftotal East Coast stocks
•
.
petroleum
recommended
"If
13
level."
The
Oil
Dec.
on
dition
a
he said.
the lack-
forces
approximately 8,500,000 bar¬
rels; above the figure for the com¬
parable 194p date, Mr. Ickes re¬
ported, but ever since that date with necessitating the immediate
stocks have been "going down loading
of
tank
cars
which i
without
interruption," hitting a eventually will take 40,000 bar¬
low by Feb. 7, of 5,705,000 barrels rels of
gasoline daily to Eastern •
below last year's level, a daily
points.
Mr. Riddle said that the
average
decline of 370,000 bar- Plantation Pipe Line Co. began
pels) The industry's report, he delivery of 20,000 barrels daily :
iaid,* predicted that if this con¬ for loading in tank cars at
some tankers, now carry¬
gasoline, to the transporta¬
tion of light fuel oil, Mr. Ickes
described the February 16 sub¬
marine attacks upon oil refineries
and
duties and sink¬
war
unknown total of tank¬
an
total
Commission
convert
Dutch
that
facilities
during 1942 will be afforded by a
the
cutting down supplies moving
into the East Coast area.
:
Oil
inventories
on
the
East
ing
the
of
one
ers
disclosing that he had urged
industrial plants now using heavy
fuel oil to convert to coal wherever
possible
shortage is primarily
transportation facilities, with
from
pipeline
the East Coast.
to
is
harbor
Caribbean, sometimes for t
period, before dock¬
ing space for loading or unload- )■
Ing is available.
lost
to
upon
mittee
War
high toll of
by the undersea
and West Coast service to
voluntarily
reduce their gasoline consumption by 15% by Petroleum Coordinator
Harold
the
extended
more
Civilian
the
products moved on the
Mississippi Waterways System to
mt
x
,
at
refineries.
troleum
■
,¥
out-v
the
Relief
difficulties in
are
for
natural
a
treated
Curacao
raiders
or
crude
Statistics
conditions and
pendable world statistics such
report for the time being..
total
bring crude oil to the Aruba»
refinery or waiting loading ofrefined products to
anchor out ■
concerning imports and exports.
:
Nations
Approximately
enacted
an
Linters
And
the interest of national defense the Department of Com¬
has decided to discontinue until further notice the publica¬
carriers
jump of 62.3%
new
Cotton
v
im¬
ers
foreign cotton,
received
were
reporting
23.4%
a
of
"January consumption of cotton includes 700 bales distributed by Surplus Marketing
through; various cotton mattress programs.
And
United
be
must
reason
tankers
85,529
j
1
One
146,007
114,160
West
greater
combined
and
raider
541,754
.
November, and
Colombia
Aruba
-
738,538
by ATA from 219 carriers complete ban on Sunday sales,
Ickes
reported
before
the
transported an aggregate of Mr.
Holding that he
1,487,189 tons in December, as against 1,417,513 tons in November, subcommittee.
was
not
and 1,223,983 tons in December, 1940.
convinced oL the ad¬
of
a
service
station
;
The ATA index figure, computed on the basis of the average visability
monthly tonnage of the reporting carriers for the three-year period shutdown, Mr. Ickes declared that
of 1938-1940 as representing 100, was 153.41.
driving
is
sometimes
The index figure for "Sunday
more essential than Monday driv¬
November was 147.78.
"
A little more than 79% of all tonnage transported in the month ing."
However, should the ap-'
was
reported by carriers of general freight.
The volume in this peal for voluntary curtailment- 'of
motor fuel
consumption in the
category increased 5.8% over November, and 25.3% over December
East and the curfew fail to bring
of the previous year.
.
about the desired results, ration¬
Transporters of petroleum products, accounting for more than
ing was predicted by the industry
0%'©f the total tonnage reported, showed an increase of
Comparable reports
States.
ABOVE
116,247
gasoline sales in the East with
40
,
the
to
the
East, B
Far
put of crude oil of Venezuela and
27,431
'
■
Dutch
even
previously.
of
the
in the
assume
than
45,776
(1)
in
area
portance
5,171
63,408
28,670
'
volume
?
Indies
6,511
43,455
61,043
4,504
2,524
Petroleum
in
"
95,380
'
1942
4,977,056
45%
;
»
16,569 V
11,157
1940, according to reports compiled and released on Jan. 26 by the
American Trucking Associations.
It was the first time in the five
years ATA has been compiling loading figures that the December
was
•,"(!)
island.
Dutch to destroy much of the oil 5
ABOVE
1942
vicinity
The
.1,553,605
643,226
NOT
of Aruba
:
——
r
;
3,784,276
1941
at
TTT"
producing
718,566
114,727
1942
Amer.-Egyptian cotton
sider
.Total
17,450.286
1941
N--
362,897
404,032
_
,•
.
432,279
i
June
foreign cotton
176,386
January
February
22,829,220
13,662
_________________
(year)
23,077,352
1941
Other
.
December
Japanese forcing the
14,672,545
13,725
256,101
282,205
•_
*86,441
"
352.347
_
November
t
the
12,857,321
11.943
*382,009
September
101,542
*100,495
*147.601
August
With
12,466,638
1942
cotton
the coast-
on
small
1,878.231
.
to
the
1942
States
at
and
inland
of
2,034,095
'
large
susceptible
as
Aruba, which is
line
5,38(5,363
INCLUDED
16.745
418,983
.343,748
not
4,575,890
13 951
12,091
26,585
1
13 063
at
4,423,446
•
•
refined
refinery
well
is
844,839 £■"
1941
merce
11.205
12.093
23.710
V
-
11.990
Shell
1942
States
portion
the
Curacao
804,745
Imports
*444,243
____
October
other
trucks
cars
•
*500.878
April
July
All
England
and
1941—
of
*945,909 V
2,495,186
Nations
particularly
aviation
On
the
neighboring;:
Royal-Dutch'
(number)
cars
ger
V
island
'
January
Administration
cial
products,
gasoline.
1941
New
Commer■
spindles* '•
active during
(bales)
.
of
1942
Canada (Production)
cars.
Passen-
(all
_____
(bales)
•
United
supplies a good
England's
required
lysi
(l)fncluded
Commercial
;
'
•
January
1942
(bales)
the
to
it
1941
(INCLUDING CHASSIS)
United States (Factory Sales)
month
(bales)
age and at
) compresses
1941
"v '
:
r
■
United States
Cotton-growing States
-
•
•
••
)
Year
i
ments
portance
since
i:
i
submarine shelling as the refinery
Cotton
consuming public storestablish-
\
submarine
therefore
In
ing Jan. 31
unknown
to date, but
shelling resulted
in "no damage" to the refinery,
The Aruba refinery of the Stand¬
ard Oil Co. of New Jersey, largest
in
the
world, is of vital im¬
the
Willemstad
,
In
6mos. end-
January
Linters
115..
page
-
In
Is
January 31
during.
V
cars
It should be noted that those making both passen¬
commercial
the
making
I
which
Cotton on hand
.
Cotton consumed
■'
*
,
manu¬
and 63
making commercial cars, trucks, or road tractors (14 of the 20
passenger car manufacturers also making commercial cars, trucks,
or
i
except foreign
bales.)
:
V.(i;
received
data
on
States,. 20
half bales,
as
500-pound
.
this report.
in
counting round
running bales,
statistics has been sus¬
pended for the duration of the war, the statistics on United States
factory sales of automobiles to the domestic market and to foreign
foreign
casualties
$100,000,000
"scorched
application
of
the
earth"
policy which
they " have adopted against the
aggressive Axis powers in
the
Far East.
.
'
; The submarine attack upon the
refinery and tankers at Aruba in
the-Dutch
first
land
West
attack
Indies
made
United Nations -in the
Hemisphere.
Some
10
were'
California
only
Kansas
were
producing
the
fields*
higher
production of
crude," with
all others - joining
in reporting lower crude
totals.
and
the
Inventories
of
foreign crude oil
were
up
■
1,626,000
previous
week
domestic;
on
barrels
Feb.
ported.
the
crude
the
rels
by
oil
but
a
Holdings
were
this
drop
stocks of
up
was
of
1
from'
at 252,366,000
barrels, the Bureau of Mines
was
torpedoed, many of them
sinking or set afire badly with*
oil
Texas
upon
Western
tankers
and
major
show
to
of
re-,
American
1,660,000 bar¬
partially offset
34,000
barrels
in.
foreign crude oil.
'pie 12th mid-year meeting of',,
'.Volume "155
the
Number 4048■ 1
American
.Petroleum
Insti¬
,
tute, scheduled for May: 25 10*28
: :X "
I
..
.
THE COMMERCIAL-& FINANCIAL CHRONICLE-
:
Market Value Of Boids
at Oklahoma
N. Y. Stock
on
Exchange Retail Prices Advanced Further lis January I
g
Acccrding To Fairchiid PaMicaiians- Index
City, Ckla., has been
The New York Stock Exchange announces that as of the close
/canceled, W/R. Boyd,/ Jr., Presi- of business Jan.-31, 1942, there were 1,171 bond issues aggregating
.dent, announced this week. "This $59,075,678,533 par value listed on the Stock Exchange witn a totai
,action has been vtaken by the? market value of $56,261,398,371.
This compares with 1,173 bona
■Institute's
Executive
Committee issues
aggregating $58,236,901,332 par value listed on the Exchange
.upon
my
recommendation," Mr. ch Dec. 31, 1941, with a. total market value of $55,033,616,312. •
;Boyd said, ''because so many of
In the. following tables listed bonds are/.classified by govern¬
•
■
767
; / Retail prices showed the largest monthly advance since
Septem¬
ber, 1941, according to the Fairchiid Publications Retail Price Index.
(Jan. 3 equals 100) snowed a gain of 1.8% during
The index at 110.2
the month of
January.
This
with the gain of 0.7% during
compares
.
the members of the
Institute, and
]particularly of its working com.raittees,
who
normally
attend
.mid-year meetings are actively
engaged in war work."
There
v
.were
no
crude, oil
price
industrial
and
mental
price for each:: 7
average
-Jan.
Mid-Contin't, Okla.^ 40 and
above
-
'
/
Retail
Texas.—..,
Lance Creek, Wyo
:Signal Hilly 30.9 and over,,
that
mors
Ickes
•.
.
announce
15,187,500
•
11,63?,476
.
and operating-—.:
Ship building
•"
553,012,145
■'.Utilities:
/-■/
and electric
Gas
''■-//
\
"
S.
companies oper.
:
-
abroad
;; In commenting on the fact that the retail price advance was
rapid this, month than last month, A. W. Zelomek, economist
:under whose supervision the index is compiled, pointed out that
;
89.53
•// 549.631.588
57.06 J
r
99.84
»
25,736,800
more
98.00
v
there
/103.62
106.36
.109,776.250
.
106.58
k
-
55.10
100,478,218
103.56
106.71
1,197,405,049
51.68
76.351,471
52.55
31,475,625
89,132.317
46.61
103.20
•
31,117,500
102.62
the
_
Total
S.
U.
companies-
13,256,973,309
1,136,341,591
/
706,135,583
?oreign governmentForeign
companies
i
S77.-85
12.689.814 675 '
75.26
50.41
1,087.183.473 /
48.11
78.66
689,506,003
76.81
to alleviate the transportation-shortage created tight-*
in refined products' supplies
in the East in his Tuesday ap¬
pearance before the House sub-
.
<
ness
4 committee
in
Washington,
tions.
t
It still
.
r
tanker
almost certain thai
seems
losses
through submarine
attacks and through diversion to
Army and Navy needs will brinr
a drop in shipping facilities suf¬
ficient to force
of
sort
some
listed
bonds
56,261,398,371
95.24
55,033,616,312
Market Value
30____./__
"
THE
/
Al941-r~
■
;
$92.33
Jan.
,
■Market Value;/
49.678,905,641
29_
49.605,261,998
92.02
,
.
92.75
Piece
52,252,053,607
93.73
Men's
94.32
Women's
52,321,710,056
94.22
Infants'
53,237,234.699
94.8C
Home
53,259,696,637
95.04
53,216,867,646
94.86
92.86
49,611,937,544
92.48
June
vlay.
31,.-—.
46.936.861,020
87.87
lune
29___._.
47,665,777.410
90.14.
July
31
Aug.
301—
Sept; * 30j__"__
48,601,638,211
90.96
31—.
49,238,728.732
91.33.
3ept,
49,643,200,867/
92.08
50.438.409.964
92.84
50.755.887.399
93.58
50,831,283,315
93.84
3l_^„
31
___ _
Oct,
Novl
/
x
30
' 29—
Dec'."-
of the
of
season
hree in
time
off. it
seems
right
all
through
branch
concerned.
of
movements
not
as
far as this
products
Whether o^
refined
the
of
is
; field
industrial
oils
; can be accelerated sufficiently by
conversion of facilities now used
gasoline and light oil move?
for
merits is something that only time
can tell. Whatever gains in trans¬
-
portation facilities for heavy oil
are possible must be made at the
expense of other refined
crude
products.
•
1
U.
S.
—_______—
.088
Eastern
Cities—
;///'////:•/
■
54.8T <5.793.945
94.80
'r Sheets
,
56,261,398,3711;
95.24
41-43
Woter
1941
March
N. Y.
O.
_
..
•Tune
"
7uly____.
.
—1—
-
■"•■''-■
y
/
August.
F.
11,760
10.025
9,547
13,656
9,529
9,266
16,521
7,883
7,203
13,662
8,527
6,020
16,619
9,404
6,154
.
17,395
.
:
107.1
101.1
107.7
109.1
97.6
102.1
103.2
103.7
104.9
70.2
95.8
108.5
109.5
110.2
112.7
—a.-
57.4
69.3
79.8
80.7
81,3
82.i
69.2
89.4
99.5
68.6
103.3
;
aa—
^
Goods
_
&
/
Comfortables
'-/Corsets.- &
/
Furs
101.7
104.2
129.2...
132.0
134.9
111/4
113.2
114.7
120.8
117.2 1
124.4
125.3
125.5
128.8
86.0
87.8
88.6
/
Apparel
Hosiery
/
Aprons. & House Dresses——
•
101.2
125.6/
65.0
//A 72&t
a
97.5*®
93.6
% \V ^
«
Women's
,
98.1
106.9
59.2
75.5
-Brassieres
106.6
'
124.6
92.9
100.1
102.1
110.3
83.6
,:*138.1
*136.4
v
'>6.8
_a__
127.4
.
89.8
129.5
134.2
103.2
/
105.2
—a
*134.0
87.0
95.7
97.7
98.8
100.6
76.5
*
Shoes
*135.9
69.2
i
ai
'/Underwear
73.2
88.9
89.6
•89.8
90.4
91.0
Men's
Apparel
Hosiery
Shirts
Hats
&
87.4
94.8
96.0
96.4
102.4
69.6
92.0
102.8
105.5
106.2
110.4
74.3
86.0
91.4
91.8
93.1
89.4
90.8
100.0
102.2
1C4.5
64 9
—
Underwear >_a
-
:
a
NeckwearAi—
:
&
.
Caps_^
Clothing incl. Overalls
69.7
83.5
89.1
89.4
70.1
92 3
99.2
99.7
Shoes
76.3
94.7
101.7
102.6
74.0
103.6
96.1
103.8
:
:
infants' Wear
Socks
Shoes
—
Li
106.3
107.3
107.3
108.8
74.3
95.2
100.3
100.7
101.2
102.1
.80.9
93.9
99.6
101.5
102.5
103.8
69.4
104.3
-124.7
125.5
126.6
79.9
127.7
138.6
140.4
140.7
143.9
50.6
53.5
*64.6
*65.6
*65.7
*66.3
60.1
Underwear
76.0
*89.2
*89.7
*89.7
*92.6
J
a—
_Ua-:
Furniture
Coverings
—
—a'.
The
72.5
Appliances
1
excise
taxes
luggage,
on
manufacturers.
at retail
:
radios,
/;
■■:://:■
•
in
the
electrical
and
Note—Composite Index is a weighted aggregate.
averages of subgroups.
■
*91.6
106.4
computation of the
appliances
////■■/•v/i'/'//;//;"
1
*91.1
105.6
105.1
94.4
excluded
is
■"90.4
79.7
81.5
tax of 10%
;-//
"
*92.3
108.5
fur
levied
are
index.
the
on
/•////////:/■ /,^:
Major group indexes
'
arithmetic
are
12,550
16,409
Household
•
*The Federal
/
128.3
7,403
12,648
Electrical
China
■
12,095
'
•
November
22.-690 >«•
■
22,792
—x—
PRODUCTION
OF
COKE
PIG
'.19,779
23,567''
_
IRON
;
:;
;;/•
)
•
14,793
'
■
■,.(
■
■;/■■'
•■■/
G
January Flour Production Bains
10,266
TONS / ; 1
—Ferromangane«°
■
1941
X942-:v-
•.,.
16,912
EERROMANGANESE—NET
AND
—pig Iron x——
■■•■
16,642
-
"
December———
1942
1
v—.
1941
Flour production, according to reports received by "The
western Miller" from
plants representing 65%
j
North¬
of the total national
__
_
output, increased during January 248,688 barrels over the previous
33,62r
month and
55.460
4,334,267
_
35,337
4,197,872
4,704,135
January.———
56.871
58.578
53,854
4,063,695
4,970,531
.
P'ebruary.
March—
—.—
■.;
Half-year/—__■
Julyi./
.1.^—
—.w..
—^
August
4,770,778
;.
.04
4.25-4.625
_
B.
..04Afc-.04*
Refinery
barrels
;/
not
irtclude
charcoal, pig
539,163
.;55,903,720
.___
totals do
iron,
Included in
y
and
-
increase
pig
figures.
iron
Southwestern
43,151
was
barrels
month previous
was
100,-
represented
same
month.
a
.
production, totaling 2,369.316 barrels in January,
barrels
that
over
the
over
the
1,489,167-barrel January total
increase over the 1941 total for the
283,373-barrel
5,012,276
Car
—
O.
307
4,856,306
i\uese
.
.
The northwestern
/.4,702,927
.——•
of 1941.
production during January was compiled at 6,173,829
barrels, compared with 5,925,141 barrels for the month nrevioivs
and 5,693,639 barrels for the same month a year ago.
All of the
major producing sections registered increases over their December,.
1941 figures.
'
•/
;
4,716,901
—
1
480,190 barrels over the same month
Total
4,791,432
1————/
—
September
36,455
27,053,100
—
AVERAGE
///////■///;•/■:■.
:■■
'
PRODUCTION
'
'Net
Terminal
or
;///•
?
.
99.3...
•
Tons
5
_
%
Net
1
To— c!
Canac'ty
Mareh___
: r" /„
."_
-■
—
/■
■■•■ •• ■■
V*,.
'
i
■•■
1
■
'•
—••
•
'
a
-
'
•
—
-a_,
95.5
95.2
151,745 ■/■-;./-
96.9
144.475
91.8
93.8
113,345
151,772
;/•■,,
150,441
149,924
.
Buffalo
1940 i
148.386
Fohrnary
June
IRON
Net
%
CanacRy
160,340
-
May
$1.35
PIG
1941
:.//
Tons
;?
January^——
OF/COKE
—:—1942
.054
over
of
the
of
that
same
month
the
month
a
year
previous
and
198,83.3
previous.
95.9
;
115,844
20,729 barrels
more
than
the
barrels produced dunr* Jan¬
than the previous month and 70,523 bar¬
reported
more
same
130,061
U
114,189
v
Below
is
detailed
a
105,500
r
.
104,567
TOTAL
948,692
month
127,297
94.5
uary,
rels
mills
table
a
year
with
previous.
comparable
MONTHLY FLOUR
figures:
PRODUCTION
/>///' /:■■/:: '•
""> "
<
(Reported by mills producing 65% of the flour manufactured in the U. S.)
January
1942
Previous
——Jan-ory
—
month
1941
1940
1.489,167
3.388,860
1.205.794
3.199.387
1.172 377
2,3^9.316
2.15
2,326,165
2,170.483
2.057.6C9
1,967.695
948.692
927.9^3
87R.169
796.650
816,150
527.765
513.917
494.O^O
509,071
481.287
^-2»3 091
2*7 224
229 ?7V
OT1
40.659
38.953
324.551
130.690
1939 '•
-
Bnnker
1.3C
C
Bunker
1.3?
C
.85
—
Half-year___
•
•
F.
O. B.
IBov^nnoI
Refinery or
•
y ■*
r
Trlvw
a_a————-aa—a—a
r
_
/
.
' '
^
?• t***> n-A
136,711
Buffalo-
99.2
139,218
Central West—Astern D! vision
on
/.
/
Southwest
;
'
a.'—
v*
,
J
.
j,
_u
r-
—
V-i—'
/
•;
*
•
:
•
-1
——.
^'p.
•
December
156.655
*
•
:
r
—
98.2
156,764
97.7
146.774
fhvt.he^'Ac—
.161,686
,.,nu
4
Northwest
97.5
1S3
157,230
.'*•
„
$ 0'
■v
.154,562
.
^
^ctohpr__.
' * T
".■-.
...^
•
i°nt.pmber
Terminal
7 pins
Chicago, 28.20 D—-c_
149,465
•■
Aueuft-
1.7f
Halifax
Oil,
11,225
17,571
18,694
21,803
...
/■'/>-23,243
.054
(Harbor). Bunker C.,——
Savannah.
Y.
9,916
22,578
;
—_
$.o«=i*=
—
—_————
Oil.
105.0
96.5
105.7
■
—
Texas
Philadelphia,
Tulsa"
11,911
21,957
j
SeptemberOctober
DAILY
-————
—._
Gulf- Coast
N.
1938/
11,875
10,793
—i.
Refinery
B.
(Bayonnet
Dieset
Gas,
1939
16,475
14,773
21,933
/
_
April—
Vfay_
April
7 Fuel
-1940
20,812
/
'
December—
Tank
White,
Orleans
Tulsa
103.7
89.3
93.0
Radloa
TONS
21,235
—I— '
;,Year_
Baltimore
New
RATE—NET
,06-.06%
~—-—i
Philadelphia
101.6
70.7
w—tsii/..-
Blankets
'
a
New York
87,3
!,
,////>
.Domestic
94.50
21,254
23,069
20,434 ,
20,085
/
November
"Super.
North
DAILY
1942
January_;
February.
.06-.06_k
F.
65.1
Feb.
71.8
Luggage
.O6-.063/*
Oklahoma
Kerosene,
1942
110.2
_
_
i_—-a——
55,011.616,312
'1
■
Floor
MADE.
October
Chicago
Gulf Coast
/
1942
108.3
Jan. 2,
'4.599,966
.0R8
.088
~
Texas
v
IRON
Tank
$.01$
.—-a-—.
Tide Water Oil
Other
1941
107.5
Dec. 1,
76.4
Cotton Wash
31__—
*&1842~' '■ «"
//hjan,^.3.U—
York—
Peronv-Vac
'■Shell
1941
106.2
Nov. 1,
4,553,165
Gasoline (Above 65 Octane),
Car Lots, F. O. B. Refinery
New
.
MERCHANT
though
as
now
-
94.2
i
—
Woolens
blast and blew out two/
short
the industry will be able to squeeze
INDEX
.
peak demand for home and indus*
a
PRICE
1941
Wear
94.74
Pig IronProductbn At99.3%
'
tria| heating oils only
RETAIL
3, 1931—100
Feb. 1,
—
95.25
,
end
—
Furnishings
Silks
■
ra¬
S
-a
Apparel
53,418,055,935
Gasoline demand .to date
fthis year has" run ahead ;of last
year's record breaking pace and
The Feb. 12 issue of the "Iron Age" reported that coke
pig iron
with the spring weather coming
production for January dropped to .4,970,531 net tons from the record
resumption of the rising trend irr
output of 5,012,276 tons in. December.:'/On a daily basis, output in
demand may reasonably be ex¬
january fell from 161,686 tons a day in December to 160,340 tons in
pected.
Just how much actual
January. The operating rate for the industry was 99.3% of capacity
effect the tire
rationing effect
in January, compared with 101.2% in December.
will have upon motor fuel con¬
There were 217 furnaces in blast on Feb. 1, producing at the
sumption is something that can¬
icte of 159^70 tons a: day? compared with/216 in blast on Jam 1/
not be accurately determined for
witn ? production rate of 162,140 tons.
The United States Steel Corp.
sometime.
blew, in one furnace and took off one.
Independent producers pu«
the
tho
69.4
'
Apparel
55,106,635,894 2A
-31
tioning.
With
rapidly, with
very
Piece Goods
50,006,387,149
30__^_.
31
Goods
50,277,456,796
30——.
,
time
some
1933
52,518,036,554
28-i—
Vpril
Dec.
purchased
May 1,
Composite Index
;31___
;
Mar.
.
vlar.
,
retail
During late December and
into
cut
PUBLICATIONS
.
$93.0r
•April 30—
/May30—__
91.97
)Ct,
the
.
FAIRCHILD
Price
$50 374.446.095
31—
Feb.
31——
"eb.
,
that
'
Ian.
Vug.
inventories
were
JAN.
Average
Price/-
$49,919,813,386
1940—
fuly
fact
Copyright 194X Fairchiid News Service
Average
1939-/Dec.
of
cost
price of bonds listet
average
the
average costs to retailers increased as replacements
The advance in retail prices during the month re¬
the Exchange:
m
involves
a
the
flected this fact.
94.50
The following table, compiled by us, gives a
two-year comparisoi
of the total market value and the total
he
merely asked for voluntary curtailment of gasoline purchases by
f
15% and reported that the incfus /
try recommended a night-andSunday shutdown of service sta¬
made.
were
\I1
reflected
year
result, that
.
•
One
reasons.
January these inventories
rationing
•
two
still below
previously at lower wholesale levels.
v.
ru¬
are
replacement basis, as they have been dur¬
ing most of the time since war began.
Wholesale prices of corre¬
sponding items have advanced more rapidly.
The other reason
for a sharper advance
during January was the great volume of
panic buying oh the,part of the consumer.
Prices at the end of
118.40
3,140,749,634
106.68
/
were
prices
96.95
•
39,866,320
i'
•
businesses
'
This follows the
73.67
11,242.56015,858.995
98.09
1,194,980,576 \\
/:
81,353,700
.
.59.13
*
housedresses, and men's shirts.
more
102.48
65.929.399
100.47
\.
men's
rapid advance in apparel items which started last month.
Cotton piece goods, sheets and pillow
cases, and aprons and housedresses also showed, the largest advances above a
year ago.
11,319.203
118.85 *.
./109;297,125
—
utilities—
Miscellaneous
-^y
A3,195,285,160
(operating)..
(holding)
Communications'
IT.
i
by
53.15
•
601,674.406
61.18
26,039,638
LLZ&& •r-.40,010,748"
recorded
wear, aprons and
100.48
'•
98.63
..Textiles.
*
appeared in the commodities
The greatest gains during the month were
hose, sheets and pillow cases, men's under¬
62.97
6,053,996.263
63.01
r
in 1939.
war
decreases
no
97.83
59,145,283
/.;75.7i-'
16,953,350 /
furs,
/
included in the index.
103.45
-
85,481,471
■
-
95.78
•
during the period prior to the outbreak of
' Excluding
(
8,648,381
102.74
r
/=
I
48,549,255
100.44
70,380,618 /
'
.
-
Shipping services. ——aa/I—aa—
Steel,, iron and coke—
.
A 55.39
•'11,314,260 /
.
99.79
207,432.788
99.22
59,023,570 '*■
__
103.73
58,782,415
occurred
99.05
36,306,250
•
103.96
" 89,076,589
advance above a year ago, with piece
goods and home furnishings showing the greatest rise./'This also
-
101.25
76,172.375
.
100.15
.53:150,716 '
v
.—
Miscellaneous
gasoline
,
„
-Tobacco;
1.21
Coordinator
Petroleum
would
9&'.75 /
100.46
103.07
/ A'64.89/
618,611,137
/Rubber
0.95
1.12
Despite all of the advance
85.37
6,526,083,216
merchandising
Gas and electric
County,
•
Petroleum
1.29
over
.
Machinery and metals—
/
Mining (excluding iron)—i—'
Paper and publishing-^———.'
also recorded the smallest
102.77
16,163,123
of
furnishings-andf piece goods following.
The smallest gain was in
infants' wear, as was the case in
December, 1941. Infants' wear
97.94
,
13,820,436
,
•
Pecos
44.337,643
;
91.47
/
-
'—X .///i:/ 8,911,896
;
Railroad
•Smackover, Heavy
s:Q&.
Rod essa, Ark/ 40 and above
1.20'
East Texas,/Texas, 40 and
\
above?
"1.2b
Kettleman Hills, 37.9 and V
.
a
Land and realty
i
/
>/
1.2$
.
$
106.15
102.93
&
Chemical:■.77,251,750"';
Electrical equipment
—
>' 36,075,000'
Financial':• 58,964,'518.
Food
1
■
:
A 207,773,096:
■/
40,567,112,161
97.84
;:ABusines8andi/office:;etiulpmeiit/A77^/ri4.962;80()i7
.Illinois Basin—1.37
5
105.83:
.
Building
-
.pyice
-/.////////;
-
..
•Amusements
(All gravities where A, P. L
f degrees are not shown)
:
States,
.41,161,947,888
"
• •' /"'
*""7'7
—i—->.-*-•.■
33,696,361'
13,850,866
-L
1——17,318,455 :
A Atrtomobile-";
Pa.
$2.7h
rCorning, .Pa*...——.1.31
•Eastern Illinois;
,"J—" 1.22
Market Value
-
(incl;
Government
8/
Cities/, etej
D. 8^ companies;
.changes posted for crude oil dur¬
ing.-the week, v
^
'Bradford,
Average
Priee
Current prices are 17%
above the correspond¬
above the low immediately preceding
the war in 1939.
Under date of Feb. 13, Fairchiid
Publications' announcement further said:
Each of the major groups again advanced
during the month;
the largest increase was recorded in men's
apparel, with home
the outbreak
-Dec. 31, 1941-
Average
:.
••
Prices of Typical Crude per..
Barrel At Wells
31, 1942—-
Market Value
month.
ing period of 1941, and 24%
h
Oroup-^
0.
the previous
with .the* aggregate market value and
groups
101.2
146,697
Nprth Pacific Coast
153,161
96.6
128,276
Totals—
143,419
•
v
Western Division—.
—
•„• •
p<>q
p* 1
rvy)
3 *1.401
591,251
515,129
594,423
.544.793
5,693,639
5,553,674
5,445,717
O"5'
'
.03 V,
•••'.. Year
a.
!
•
r
1 '*•
.
—
6,173,829
5.925,141
Thursday, February 19, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE
768
Comparison of current averages with those for. December, 1941,
December Department Store Sales 8 5% Above
Year Ago, Federal Deserve Board Deports
'
The
of
Board
nounced
streets and
department
dollar volume of October
24 that the
Jan.
on
increases In public*; buildings of 73% ; industrial buildings,
bridges, 76%; waterworks,
119%; earthwork and drainage,
1,355%; and;unclassified construction, 142%.
Decreases were in
Surplus Govt.
Workers To War Work
6%;
President Roosevelt disclosed on
roads, i3%; commercial building and large-scale private Feb. 13 that he had instructed the
sewerage, 21%.
heads of all Federal agencies to
System an¬ housing, 19 y2%; and
Reserve
Federal
the
of
Governors
FDR Directs
showed
Geographically, Southern construction volume
70%
rose
over
release
a
surplus personnel so that
larger than in the year
ago, and Middle Atlantic climbed 8%.
All other sections were they may be "effectively chan¬
corresponding period a year ago. This compares with an increase of below their
January, 1941 totals, ranging from 0.4% in the West neled into defense work." In his
11% for November and a gain of 17% for the full year of 1941 of the
directive, the President,
noting
Mississippi states to 29% in the Middle West.
over the same periods of 1940.
These figures are based on reports
that practically all Governmental
All regions exceeded their December totals.
South was 285%
received from each of the 12 Federal Reserve districts. The following
higher; Middle West, up 77%; Middle Atlantic, 52y2%; New England, agencies had extended their work-,
tables, issued by the Board, show the percentage changes from a
week to 44 hours, said that those
28%; Far West, 26%; and West of Mississippi, 24%.
year ago for the country as a whole, for Federal Reserve districts
which were adequately staffed for
country as a whole was 15%
store sales for the
for
and
leading cities:
New Capital
STORE
DEPARTMENT
i-
t
■:;
•
"Dec., 1941
6
12
+
14
+ 16
+ 20
+ 16
+
16
+ 18
+
5
14
+
9
+ 16
20
+
15
+ 21
+ 15
+
5
+ 11
+
17
+
6
+ 15
+
(Richmond)
No.
6
(Atlanta)
No.
7
17
+
13
+ 18
15
+ 18
(Chicago)
No.
8
(St.
—
—
Louis)
,
(Minneapolis
—
No.
10
(Kansas City)--*—-r.
No.
11
(Dallas)
S.
U.
day
business
more
one
work; •and
military construction.:
20,.
+
this
+
Cottonseed
On Feb.
showing
Dec.,
1941
1941
+ 14
+
+ 28
Maine
+
__
+
+ 12
+ 18
+ 22
+ 25
Lansing,
+
4
+ 12
+
8
+14
+ 23
+ 24
Fort
20
+ 20
+ 24
Little
35
+ 35
+ 34
Louisville.
15
+ 10
+ 14
St.
+ 14
+ 16
Springfield,
+ 20
Syracuse, N. Y
Philadelphia District
+ 20
+ 21
Momphis,
:i +15
+ 13
+ 10
+ 22
+ 23
+
+ 15
+ 10
+ 16
—: + 21
+ 19
Pa.
—
+ 12
+ 21
Pa-
Pa
Reading,
Pa.
Wilkes-Barre,
Pa.
Cleveland
+
Akron, Ohio
Wheeling,
Omaha,
24
+ 28
+ 23
16
+ 13
+
+ 28
+ 23
20
+ 17
+
19
+ 15
+ 20
8
+ 37
+
Lynchburg,
15
+ 16
+ 15
+
28
+ 39
+
38
+
14
+
,
Va.
Va.
+
35
+
17
+ 21
9
+30
+
13
Francisco,
"+20
+ 20
Santa
+ 17
Stockton,
"
+ 15
+
31
+ 25
+
5
.+14
+ 15
+ 16
+ 20
Nashville,
+
13
+ 19
+
19
District
+ 10
+
6
+ 10
+ 14
+
6
+
28
14
+ 27
+ 19
Long
Beach,
Calif.__
Calif
Diego,
3
+
4
+
11
4
+14
+
8
+
6
+ 18
30,132
respectively.
1941,
SHIPPED
MANUFACTURED,
1 to Jan. 31
August 1
721,372
construction
370,564
1,143,218
215,841
the
689,177
610.881
229,735
material
1940-41
1940-41
*?'
and
at
places
was
climbed
+ 16
+
+ 37
+
35
6,669
i
22,284
:
28,670
13.253
+ 17
+ 14
+ 22
+ 23
Utah
+20
+
13
from
+23
+24
+28
+ 15
+20
the
In
manufacturing
and
refineries
than
pounds of
620,354.000
81%
and
volumes
for
national
of
interest
Salt
Ore.
Lake
City,
_—
Spokane, Wash.
Tacoma, Wash.
Walla Walla, Wash....
Yakima,
+ 13
+18
Wash.
tion of statistics concerning
over
a
year
volume
+ 11
1
+
4
+ 14
+
9
—
The
cost
ago,
was
40%
below
over
a
Januarv
States
United
the
to
announcement
the three months
rose
1.4%
weeks)
of the
cost of living
409,870,000
135,011.000
221,737,000
80.559,000
167,650,000
497,100,000
January averages in the various classes of construction
compared
those for January,
1941, revealed gains in public buildings,
24%; earthwork and drainage, 1,980%; and unclassified construction
with
the
of
cost
bridges,
in
immediately capital¬
effectively channeled
(1923—100)
The following
operational activity and
those employes who
housing 4.4%.
enced
'-■•?
-
for December
'
:
1941.
1941
from Dec., 1941
to Jan., 1942
92.6
89.9
+ 0.2
82.4
80.1
:
value
on
The
items
dollar-.
feet of natural gas,
thus be ob¬
Board
partmental and field, and to es••
administrative- reserves
tablish
the
remainder of the fiscal
1942 in proportion to the
approximate increase in man
hours which are accruing to the
respective agencies.
Clarke In New Post
90.3
+ 0.1
92.5
+ 0.1
85.9
H.
102.5
of food
sociation,
+ .0.3
94.5
93.2r
+ 1.4
105.8
100
107.3r
—1.4
prices for Jan.
15.
1942
Assistant
ciation's
and Dec.
1,000 cubic
—
Clarke, for the past year
of the News Bureau of
the New York State Bankers' As¬
0
102.2r
H.
Director
*
30
—
index
90.4
85.9
'
L
in
; '
+ 1.5
retail prices of 35 kilowatt hours of electricity,
2,000 cubic feet of manufactared-Fas:~r-Revised;-
upon
or
—
„
all
Conference
(Based
can
housing situation in
+ 4.1
72.3
92.6
5
—
:————-•-*
of
of
the
mediately to review appropria¬
tions for personnel services, de¬
+2 9
'
......
87.8
73.4
.
average
personnel
+ 2.8
90.1
-
91.4
'electricity——_——-
_—.
Purchasing
"Eased
Dec. (—)
or
Dec.
1942
I'95.2
l—.
and
Weighted
15,
1923=-100
Jan.
'/
i———
Coal
and
possible
year
Pet. of Inc. ( +)
Living
12
—:j—
and light
Sundries
as
cooperation with the executive
departments,
independent es¬
tablishments and agencies, im¬
for
—
Women's
(Gas
January,
.Indexes of the
Cost of
33
and
20
;
Fuel
Budget
■
—
Men's
housing
far
of the Bureau of the Budget,
table shows The Conference Board index of the
Relative /
•Food
and
creased.
s_
Importance
Housing
Clothing
as
Washington will be helped and
the demand for office space de¬
••••
//
avoid
tained
in January,
living
living,
Item—
help meet the shortage
I have instructed the Director
by main components,
with percentage changes:
of
means
bringing new employes into the
city. To the extent that experi¬
94.5
was
This
work.
heads must survey
personnel
to
for 1929.,/
average
now
determine
order to
1942, was nevertheless only
5.9% higher than in October, 1937, and it was 5.6% lower than
The
i
commercial
on streets and
roads, 40%%; industrial buildings,
building and .large-scale private housing, 60%;
54%; waterworks, 7%; and sewerage, 46%.
»
Jan¬
2.9%.
sundries 5.8%, and
577,659,000
54.037,000
274,859,000
....
to
Living costs were 12.5% higher than in August, 1939.
Since
then food has risen 26.4%, clothing 14.6%, fuel and light 7.6%,
Jan., 1942
weeks)
December
as
and housing
are
be promptly, released for
employment in other agencies.
Particularly in Washington this
action
must
be
expedited in
further said:
index
in.
(5
from
are
increase
may
The
are:
Dec., 1941
(4 weeks)
•
.compared with 93.2 in December, 92.9 in Novem¬
ber, 92.0 in October, 90.8 in September, and 86.0 in January, 1941.
Living costs were 9.9% higher than in January, 1941.
Food
rose
21.0%, clothing 12.9%, fuel and light 4.6%, sundries 4.4%
January,
cost
137%
and
ized
Conference Board, New York, which
under date of Feb. 13 said that food rose 2.8%, clothing 2.9%, hous¬
ing 0.2%, and fuel and light 0.1%.
Sundries rose 0.3%.
The
gains, topping last
and
programs,
be
power
and lower-salaried Clerical
of living for wage earners
the
in
according
uary,
in
$584,549,000 $269,6P9,000 $523,780,000
174,679,000
51 121,000
47,952,000
Construction
publica¬
every
workers
an
It is imperative that this man
of Com¬
the Department
until further notice the
Living Up 1.4% From Bee. to Jan.,
Aoeording to industrial Conference Board
+ 16
+ 32
work
and
week,
overstaffed.
Cost of
+ 30
8
+ 17
+
and
per¬
1943. Obvi¬
not confronted with
into defense
+ 15
of
re-survey
that agency
+ 27
+ 32
a
39-hour
the
of
imports and exports.
'
(5
Construction
were
establishments and
shortening, oleo¬
11
+ 30
work load
ously those agencies which were
adequately staffed on the basis
in
defense,
for
for the fiscal year
Of Cottonseed Products
discontinue
to
agen¬
understaffed to
requirements during the
remainder of this fiscal year and
crude oil.
And Imports
were
in
provided
those
for
sonnel
5,162,000 pounds held by refiners, brokers, agents and ware¬
other
has decided
merce
+ 19
Bellingham,
Wash....
Everett, Wash.
Seattle, Wash
Calif
Vallejo & Napa, Calif.
Boise & Nampa, Idaho
Portland,
—
+
Calif
Jan., 1941
Losses
calls
'
respectively.
1942,
increase
has
week
relief
under the defense program
14,305
20,759 +
.
•
Family
77%;
1,317
19,759
36,860
29,474
-
of
hours by
44
meet their increased
251,302
19,951
19,434
-1,215.
6,183
work
cies which
145,481
•
/'
+ 41
+23
+29
Rosa,
responsible for the
municipal
above December.
28%.
-
98,266,000 pounds held by refining and manufacturing
and 23,331,000 pounds in transit to refiners and con-
and
7,859,000
1,'1941,.and Jan. 31,
Aug.
197,244
784,249
645,434
767,446
12,449
1940,41
13,192,000
"•
806,576
1.834
1941-42
545,134
721,464
+
:
to
substantial
1,000,774
1,279,558
Exports
and gaining 108% over the December average,
dropped 71% from the corresponding month last
15% under last month's weekly average volume. >
Federal
This
1,206,894
79,501
151,439
bales).—
(Produced
41%,
!
483,096
3,903,000 and 4,209,000
pounds in transit to manufacturers of
margarine, soap, etc., Aug. 1, 1941, and Jan. 31; 1942, respectively.
private total
Municipal
176,939
(322,972
164,444
20,914
bales).—
week
services of the government
"181,533
■
extension
voluntary
work
practically all agencies through¬
out the departmental and field
has
greatly augmented the
manhours of Federal employment.
Jan. 31
493,658
(■Includes 7,268,000 and
January averaged $125,756,000 per week, a 7%% gain over the
average for January, 1941, and 86V2% above the weekly
average for
the four weeks of December, 1941.
Construction
the
On hand
1940-41
129,340
"Includes
of
and
The
1941.
Shipped out
839,622
bales).—_
(500-lb.
After
a
slow
start, heavy engineering
construction turned
sharply upward in the last half of January to reach $628,780,001), the top
volume reported for any opening month on
record, according to
"Engineering News-Record" Feb. 12.
The total for the five weeks
Public
hour work week.
HAND
ON
802,939
Grabbots, motes, &C.-T941-42
January Engineering Construction Up
Private
for
Aug. 1 ,to Jan. 31
917,768
The Board's
State
AND
851,218
123,154
Board's
Total
OUT,
Produced Aug.
Qn hand
destroyed
include 665 tons
Does
(637,945
fiber
(500-Ib.
depart¬
Subject: Utilization of addi¬
personnel facilities made
available by adoption of the 44-
+ 13
+16
Calif-
Calif.—
•Revised.
Construction
209.248
46,616
1941-42
(running
Hull
+ 11
+
+
Jose,
+ 23
19%
155,388
221,535
82,407
—1940-41
housemen
6
5
San
+ 22
1941, but
150,192
805,332
94,098
1941-42
(tons)
+ 29
+
San
+ 14
State
217,171
712,158
"29,708
Linters
+ 17
4
+ 25
20
ago;
259,038
all
of
tional
1940-41
+ 16
+ 15
+
month
371,933
> 998,833
112,318
(294,005
meal
and
+ 24
+ 15
+ 24
work
16,322
>; 37,352
(tons)
+ 16
+ 15
+ 15
was
10,775
1940-41
Hulls
+ 19
+ 32
+ 24
and
180,117
1941-42
Cake
+ 14
+ 23
Federal
89,405
heads
ments, establishments and agen¬
cies of the Federal Government:
29,396
195,923
'
97,172
PRODUCTS
(thousand pounds)
sumers
+ 23
+ 18
year,
36,257
follows:
work
the
50,231
186,110
1941-42
establishments
+ 15
+ 23
by
52,180
195,479
,*
1941-42
+ 16
+ 21
+ 26
xne
160,368
214,998
388,562
and
pounds)
+ 19
+ 14
Jackson, Miss.
January
376,645
242,163
governmental personnel in
To
130,529 and 39,507 tons on hand Aug. 1 nor 31 900 and 23,347 tons
oil
6
+
San
Chattanooga, Tenn.Knoxville, Tenn
Public
173,486
453,904
r
Season
+ 15
+ 26
14
+
16,160
169,354
of
52,842
6,390
-118,642
•906,499
oil
Refined
+ 14
+ 13
Ind.
61,140
288,483
"
102,736
286,932
195,542
76,755
137,606
COTTONSEED
+ 31
+
Calif
236,773
70.891
„
reshipped for 1942
+18
+17
+23
Calif
174,581
—
include
"Does not
use
104,212
-v
—_
+ 16
+
Fort Wayne,
+ 15
Roose¬
President
of
text
defense
+ 31
Atlanta, Ga.
Peoria,
5
11
+
17
Tampa, Fla.
Tenn
+ 14
+
+
12
+ 16
Ul._
111.
4
+ 15
37
+ 15
Chicago
8
+
+
Montgomery, Ala.
Jacksonville, Fla.
Chicago,
+ 25
District
Ariz.
Bakersfield,
Fresno,
+ 15
4
—
+
+ 34
•
Tex
Francisco
Phoenix,
—
+23
Tex.
Antonio,
San
+ 23
+
+ 35
La
+ 10
14
,
District
La
+ 16
12
Birmingham, Ala.
Ga.
Houston,
San
—
46,305
202,752
other States
+23
+12
Tex.
Worth, Tex.
92,333
<
(thousand
District
Shreveport, La.
Dallas,
>91,010
.j,.
+ 16
The
velt's directive to heads of Federal
5,587
541,973
Carolina
Crude
25,647
r-
193,476
—-
Tennessee
All
53,526
.5? 14,278 t
'
130,820
Item—
for
+
+ 19
Rouge,
Dallas
57,919
206,822
+ 21
+ 19
+
+ 22
+ 10
Va._.
Okla.
143,383
56,863
:;-f
168,878
Carolina
Texas
+ 33
Angeles, Calif
& BerkeleySacramento, Calif
+11
+ 13
Orleans,
+ 12
Oakland
+ 10
+ 18
Huntington.
Macon,
+ 17
Los
+ 14
Charleston, W. Va./—
Baton
31
+26
Nebr
...
+ 12
4
+ 27
New
+
+ 14
+ 7
+22
Mo
Oklahoma City,
Tulsa, Okla.
+
Atlanta
Joseph,
159,764
63,498
1,075,973
231,204
Mississippi
+ 14
21
—
+ 17
+
W.
8
+
—
+ 16
+ 17
C
Md.
Richmond,
+
by
+ 23
8
+
Winston-Salem, N. C.
Charleston, S. C
Norfolk,
24
+ 14
_.
Fort
Va.
+
4
+
City
+ 12
14
+ 13
Va
D.
+ 20
+ 16
St.
+ 28
20
+
y.
District
Washington,
Baltimore,
21
+ 17
Pa.
W.
Richmond
+36
+18
+19
+16
+15
+ 16
17
168,448
1941'i
1942
1,037,426
1941
2,879,899
293,094
Oklahoma
+ 22
17
+
(Figures
Kansas
+ 11
+
.
Pittsburgh,
North
+ 21
+ 20
i
I.lo.
Tenn.
+ 15
+
_
+ 22
+ 15
tions should be. cut to save money
in war-time.
Jan. 31
2,760,401
.
216,805
0
+26
+ 23
Mo
+ 16
Ohio
Youngstown, Ohio
Pa.
Louis,
On hand at mills
320,161
-
+ 18
+11
+ 19
+ 20
Ohio
Columbus,
'
Ky.
1942
,
1
;
494,361
;
11
+ 15
+ 18
+ +
+ 18
+ 13
Ohio
Ohio
Cleveland,
Louisiana
+ 15
+
cities not available
publication)
District
+ 8
Denver, Colo.
+14
+ 8
Hutchinson, Kans.
+16
3
Topelca, Kans.
+ 8
+ 13
Wichita, Kans.
+30
Kan. City., Kan. & Mo.
+ 7
+ 14
+ 26
Joplin, Mo.___
+40
19
District
Cincinnati,
+ 16
3
—
Minneapolis District
J
N.
Philadelphia,
Georgia
3
/
•
464,109
;■
13
South
Ark
+ 16
Y.__
N.
would have to decide what func¬
(TONS)
Aug. 1 to Jan. 31
3,917,030
70,924
•_
+
Ark
Rock,
+ 19
+
Y._.
N.
Smith,
+ 10
+
+u
+ 21
+
District
Louis
St.
2
7
California
,1941
202,11-7
Arizona
+ 18
Wis.
+ 25
31
+ 11
'
,
He stated that Congress
agencies concerning the effective
Alabama
+
Mich.
111.
Evansville, Ind
+
8
1942
3,667,298
,
Arkansas
+14
Quincy,
+
+ 14
+ 13
2
Milwaukee,
+
City
+ 19
Mich.
+
—
Falls, N. Y._.
Lancaster,
Flint,
1941
+ 11
+22
+ 13
Iowa-—.
Grand Rapids, Mich..
Y
Niagara
Erie,
+ 18
17
+ 18
N.
Toledo,
20
19
1941
+18
Sioux City, Iowa
Detroit.
Mich.
+ 12
Binghamton, N.Y.
N. Y.__
York,
12
Des Moines,
+ 17
Elmira,
Poughkecpsie,
1942 and 1941:
Year
1941
rndianapolis, Ind
Nov.,
Governmental activities.
essential
on
Crushed
*:£«&.•
Aug. 1 to Jan. 31
.>
7
States.—
United
Dec.,
+ 11
Buffalo,
Trenton,
+
District
York
Rochester,
+.7
.
+ 22
+
,—
Bridgeport,
Conn
Newark, N. J
Albany, N. Y.
New York
16
+32
,
8
+
+
Mass
Providence, R. I
Year Ago
1941
15
a
Year
Conn
Mass
New
Nov:,
District
Bpringfield,
ended with January,
to elimi¬
curtail any so-called non¬
or
had given
him directives to carry on certain
hand, and activities which it considered es¬
hand, and ex¬ sential and
that, therefore, they
crushed,
+
Received at mijls^
-
Boston,
received,
the
conference
press
day (Feb. 13), the President
said that it was up to Congress to
COTTONSEED .RECEIVED* CRUSHED, AND ON HAND
adjusted
(1923-25
his
At
for
same
and
manufactured/ shipped out, on
cottonseed products
tNovember had ported for the 6 months
average=100)
unadjusted revised 133.
1941
Corresponding Period
from
Change
Percentage
Portland,
appropriations
federal
Receipts Again Below Last Year
cottonseed
•*
Haven,
in
>•/T■
13 the Bureau of the Census, issued the following state¬
REPORT BY CITIES
Boston
M
r
v
day this year than last year.
Department store sales index for December
111, unadjusted 197.
November adjusted 116,
New
V
nate
+ 17
11
last year.
than
year
$450,000,000
;
take the necessary steps
ment
+15
had
business
less
+
+ 15
total
•December
one
T
Francisco)
(San
non-federal
4-
+
—
—.
No.
12
+ 16
10
+
(Philadelphia)
(Cleveland)
No.
+ 13
year, but 72% below December, 1941, as reported by added that "it Is imperative that
"Engineering News-Record." The January, 1942, total included $98,- this man-power be immediately
614,000 in private investment; $11,300,000 in federal financing of capitalized."
+ 18
3
4
9
+ 16
+ 16
+
No.
No.
12
+ 17
York)
(New
2
No.
is
+
+ 14
No.
not
and
work-week
496%
t
'
•»
corresponding period a year ago month last
Year 1941
tNov., 1941
% Change from
< Boston)
1
No.
39-hour
the
capital for construction purposes for January, $559,914,000, confronted with increased work
above the financing total reported for the corresponding programs, are now overstaffed. He
New
Districts/1
Report by Federal Reserve
'
Federal Reserve District—
+
1941
SALES IN DECEMBER,
.—
has
been
appointed
Secretary by the Asso¬
Council of Administra¬
tion, it is announced by Eugene C.
Donovan, President.
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4048
-
incentive
move
Eccles
Urges Reserve Banks Buy Govts.
i:? From Treasury UnderWar Powers
I
In
denied that they
granting
the
Reserve
Banks power to buy Government
securities directly from the Treas¬
Board
needs
when
System, was made public on Feb.
4.
According to special advices
Feb. 4 to the New York "Times"
Mr. Eccles' tes¬
timony in favor of the provision
contained these points:
1. That it would help to stabil¬
Govern-
ment securities.
case,
permit control
©f the interest rate by the
^
for
market
3. That
it
emergency
interest
after the
and to be used
war
curities
only in the
event the market sagged at
the time of Treasury offer¬
the
by
ings,
Board
undue
prevent
to
or
rises in the market,
In
its
what
of
account
wanted
to
the
chiefly
by which the Reserve
said.
meas¬
ernment
might come in handy,
the bond mar¬
ket
were
unsettled
by
an
international crisis just as the
"nothing
banks
Use
:
tated to,
in
war
a
for
everything
It
controls.
•price
would
to
seem
that
Reserve
Federal
the
directly
securities
S.
U.
the Treasury
the market
cline
curities.
Re
a
letter
on
Association, to
Chairman of
Judiciary Committee
Jan. 29, which was released in
Van
is
the
bond market after
than
there
a
definite termination of
authority
of
with
peace
the resump¬
has been pro¬
as
Mr. Koeneke
The letter
Senator
to
Van
Nuys:
The
"Second
Bill," which
we
War
Powers
understand
Senate
in
embodied
Bill
is
No.
2208, would permit the Federal
Reserve banks to purchase se¬
curities
which
are
primary
obligations of the United States
or
fully
guaranteed
by
the
there
greater de¬
been
at
United States directly from the
28
the Senate
refused
Treasury instead of through the
buy Government securities direct
instead
automatically six months
proposed
Second
War
Federal
of
on
Associated
authority in
Bill
the
to
open
Press
market.
advices
from
It
Senate] rejected, 51
amendment by Senator
(R., Ohio) which would
an
Taft
have
limited
such
any
could
that
of
be held
any one
^
keep down high interest^ rates
and interfere with commissions
of bond dealers in some in¬
direct
purchases
Senator
-
.
American
and
Asso¬
authority to the Fed¬
eral Reserve System as a war
It
measure.
recognizes
that
restrictions which
certain
i
Taft
Hotel
motion to eliminate the author-
ity entirely from pending
powers legislation.
ernment this money,
•
?
*
Mr.
Eccles
:
denied
charges
made'by Senator Taft (Rep.,
Ohio) when the bill passed the
Senate, that the measure
would
Taft contended
Mr.
,
.
>■
v
authority would en¬
Government to force
:the Federal Reserve Banks to
present system of
Government bonds
contribute to infla-
the
eliminate the
eral
securities
rate
the
and would
r'
tion.
■
'
•
>'■.
"What Senator Taft
.
says,
in
place," Mr. Eccles
asserted, "just isn't true."
the
first
at any
interest
the
banks
would
not
be
a
utmost
Corporation;
that
The present
are
Ronald
of
Ransom,
/
the
Board
of
System; Dr. Marcus Nadler, As¬
Director, Institute of Inter¬
national Finance, New York Uni¬
versity; Dr. W. Randolph Burgess,
Vice-Chairman of the Board, Na¬
tional City Bank of New York;
Abner H. Ferguson, Administrator
of the Federal Housing Adminis¬
tration, and A. L. M. Wiggins,
Second
Vice-President
American
Bankers
Chairman
its
of
of
the
Association
Committee
Federal
Legislation, and Pres¬
ident Bank of Hartsville, Hartsville, S. C.
In announcing these
speakers,
Henry
W.
Koeneke,
President
of
the
Association,
states that the program for the
clinic is approaching completion.
Mr.
Koeneke
is
President
Security Bank of
Ponca City, Okla.
The- clinic
credit
will
of
Ponca
the
City,
devoted
to
problems
credit
consumer
and
commercial
credit, and the discussions will
naturally be slanted in the direc¬
tion of credit operation and serv¬
ice
wartime
under
conditions.
The program is being arranged
to
provide for talks by outstanding
experts in the morning, with the
delegates
breaking
down
into
smaller groups in the afternoon
for the exploration of the various
subjects on the program. In this
way it is hoped that each subject
will be thoroughly explored dur¬
ing the three days of the clinic.
feature of the
A
the
economics
years
the
panel
which
adopted
Atkins, Chairman of the Depart¬
ment;of Economics,;New lYork
University; A. Anton Friedrich.
Unified
of
Division
New York University,
Jones, Professor of
Studies,
Montfort
Finance at the
University of Pitts¬
burgh.
Problem for Industry
permanently
These
•
which
ties
must
be
production
converted
or
needs with
essential
to
war
civilian
His
increasing speed.
remarks follow:
goals set by the
are
high, but the
this struggle—free¬
Production
President
stakes
in
dom and democracy—are
higher.
much
;
These
equally
that permitting the direct
would
views of the American Bankers
of
Association. ~
you
•
-
products can in many
adapted to war produc¬
tion,
as
England
discovered
after Dunkerque.
be
cases
The
has
War
Production
started
with
typewriter
industries.
Many
other industries have converted
their facilities due to
previous curtailment orders and
part
of
in such
cases a far larger pro¬
portion of their facilities must
be devoted to
other
work.
Still
which
have
war
industries,
not
produced munitions at all
past, will be called to
Washington in the course of the
in
the
share of the
their
on
job.
war
*
Speed is essential, for any
lagging in the conversion effort
may lead directly to the death
of American fighting men.
The
Government will
help.
Field
offices
will
assistance
and
give
advice
subcontract¬
on
ing; the War Production Board's
Division of Industry Oper¬
ations, with branch chiefs for
all industries, will spend con¬
version of industries and plants.
new
But
to
industry has
do
its
on
major job
a
American
own.
businessmen built the Nation by
ingenuity in meeting
lems.
gest
Conversion
problem
they
prob¬
big¬
new
the
is
have
ever
all-out
con¬
confronted.
We
have
must
version, for all-out conversion
will mean victory.
Conversion is
.
number
our
one
problem.
'
It is America's
job.
FDR Wants Congressmen
Who Will Support Govt.
•President
when
want
less
Roosevelt
conference
press
the
told
Feb.
on
country is
at
6
a
that
war
we
Congressmen who, regard¬
of party, will back up the
Government of the United States
have
a
of
record
backing it
The Pres¬
regardless of party.
ident
made
asked
for
speech
this
tional
by
said
the
hostile
gress
would
the
be
military
J.
which
in
of
the
same
defeat.
Flynn,
Democratic Na¬
election
to
recent
a
on
Edward
Committee,
that
when
statement
comment
Chairman of the
a
he
Con¬
President
as
Mr.
a
major
Roosevelt
said he had not read Mr. Flynn's
speech but gave his
told what Mr. Flynn
view when
had said.
Doty Elected Ass'n Pres.
Foster W. Doty, Vice-President
was
the
Hitler and his Axis satellites
converted years ago.
We have
only a fraction of the time they
enjoyed.
\
,
The War
Production Board
,
U has studied
Trust
Co.
of
New
work has
progressed to
the point where it is
now
clear
York,
elected President of the Cor¬
porate Fiduciaries Association of
New York City at a meeting held
recently.
A.
A,;f.v.J■■
Nye Van VIeck, Vice-Pres¬
ident of the Guaranty Trust Co.,
elected Vice-President of the
was
Association
and
E.
W.
'
This
Board
conversion
under way in
refrigerator and
programs, now
the automobile,
and
be
intensively to translate these
production goals into exact re¬
quirements in terms of mate¬
rials, manpower and machines.
changed
principal
our
Plants which have turned out
in-
must
Idustrial evolution of 1942.
:
be
civilian
goals must be attained.
Conversion
will
of the Commercial National Bank
considerations
without
are
its facili¬
American industry that
-
consideration.
careful
Nelson, head of the
Board,
told
M.
Production
carefully the President's
blueprint
for : victory
£ which calls for the production^
V of 60,000 airplanes. 45,000 tanjcsX
20,000 anti-aircraft guns Stna
8,000,000 tons of shipping dur¬
ing 1942.
The Board has been working
The law should not be
This
road
goal for the next six months.
and
Plant Conversion No. I
War
Conversion
resources.
the
only straight, fast
to victory.
up
-
eration and extended hearings.
is
Association.
,
Act of 1935 after careful delib¬
ductive
has
pants in this
and
enough materials to go
there is not enough
manpower to duplicate our pro¬
around;
so
Director
no
clinic will be
The partici¬
panel on Thursday
evening, March 5, will be Dr.
William A. Irwin, National Edu¬
cational Director, American In¬
stitute of Banking;
Willard E.
of
There is
plants; there
new
not
are
;
popular in the past few
at the regional conferences
proved
only
Tne
next few weeks to take
be
only, Mr. Koe¬
neke says, and will be organized
under the three major fields of
credit, namely, agricultural credit,
there
probably have in
mind, but the matter is of such
great
importance
that
we
wanted to be sure you knew the
sale
give rise to the danger
currency inflation and re¬
City,
sistant
im¬
provision of law
in the Banking
tion of munitions.
time to build
Waldorf-Astoria
York
Governors of the Federal Reserve
definite termination of the
for in this bill.
> was
pelled to buy any bonds.
berg (R., Mich.) and Senator
George (D., G.) told the Senate
New
nor¬
authority with the resumption
of peace as has been provided
-
com¬
the ^ Federal
Reserve
banks is permissive, that is, the
Treasury
cannot
force
the
banks to take securities from it.
It would be used, in any event,
:
named, but
Senator Glass
(D., Va.) and
Majority Leader Barkley (D.,
Ky.) disagreed, asserting that
Senator Taft, Senator Vanden-
given
v
Treasury
explained that the power
He
be
-
buy unlimited amounts of Fed¬
marketing
r-
the
is of
portance,% however,
the
proposed
able
It
war.
war
that
in
Vice-Chairman
"
Gov¬
he pointed
the
at
production
fulfilled
plants
now
manufacturing
peacetime goods to the produc¬
Bankers
Charles B. Henderson, Chairman
of
the
Reconstruction
Finance
mally
safeguard
the
fiscal,
monetary, and banking systems
are often inoperative in time of
proposed this
restriction after withdrawing a
But it saves the
stances.
6
be
only
; course open to the War Produc¬
tion Board is td convert many
Association, to be held March 4,
Donald
tension of
that
;
the
war
ciation does not oppose this ex¬
by the banks at
time.
the
of
or
The American Bankers
pur¬
chases to 30-day maturities and
restricted to $2,000,000,000 the
total
of
after
at such earlier
time as the Congress by con¬
current resolution, or the Pres¬
ident may designate.
emergency,
I the
25,
termination
the
-
Washington indicating this, said:
to
clinic
5
two-year
can
by sweeping action.
speakers
to •' be
forthcoming credit
open
.
for
Banks
Powers
Reserve
the
It is of the utmost im¬
measure.
portance, however," he said, "that
of
has
Se¬
this ex¬
tension of authority to the Fed¬
eral Reserve System as
a
war
vided for in this bill."
or
Mr.
the
ciation "does not oppose
breakdown; no.
I
that the market has
a
6.
of
that the American Bankers Asso¬
tion
not say that there
have been
Feb.
on
President
curity Bank of Ponca City. Okla.
In his letter, Mr. Koeneke stated
was
in
breakdown
Nuys,
York
Koeneke
market
the
market only, as provided
in existing legislation.; The bill
in
its
present form provides
that this authority will expire
exercise of the authority would
•
in
Senate
New
a
say
restrict
the
would strengthen
conceded
to
the
by easing the sup¬
rap¬
times."
of
ply of bonds.
The real opposition to giving
the Reserve System the author¬
ity to buy Federal obligations
directly from the Treasury, Mr.
Eccles charged, is coming from
specialists and "some of the
larger banks" engaged in the
distribution of Government se¬
.
been
would
from
purchases
Bank
Reserve
that
a
would
On Jan.
said
the
support to the market
System,
iton."
Eccles
a
different times some substantial
of
should
Chairman
have
pretty well.
The Federal
Reserve, of course, has given at
be in a position, like¬
wise, to exercise some control
in the money market situa-
£
Association
Senator
the
held
the
Treasury, with the assistance
Treasury
instead of
through the open market - only,
provided
that authority should
terminate with the resumption of
peace as provided in the original
bill, was voiced by the American
the
had
certainly
us
the
there be
would
You have
market is controlled.
financ¬
outsid# of
of "indirect" methods of
been
"I
are
commodity
Your
controlled.
v
dis¬
more
the beginning of war;
He replied:
markets
the
economy,
practically
than to
Government
"In
committee.
the
told
from
had
being dic¬
ket," the Reserve Board Chair¬
man
to purchase U. S.
obligations directly
Government
was
by the mar¬
a sense,
permit the Federal
Reserve banks
revealed, when the Treasury
offering $150,000,000 in 90day bills.
He had been asked
by the committee whether there
assure
without the Treasury
as
undertaken by the Federal Re¬
serve
the day after the attack
on
Pearl Harbor,
Mr. Eccles
to stabilize the
is designed to
be
to the savers
stabilizing
bills
only
the
Treasury of its needed financ¬
ing without
any
hampering,
"It
bonds,
idly declining market."
market.
„
defense
would
or
and
would
Bankers
astrous to the Treasury
the
when necessary
which
of
ing
to short-term
notes, buying bonds
Gov¬
Approval of the provisions of
the "Second War Powers Bill,"
President
However, he added that he
expected the Reserve Banks
would confine most of their
purchases
Buying
Govts. Favored by ABA
by Henry W. Koeneke,
securities.
.
Reserve Bank's
addressed
of
at
on
chasers
sell
to
ready
was
for
in pro¬
interested
was
heard
and
tecting the market for the pur¬
he said, in case
Treasury
the
added that
He
System
market
the
bonds, Mr. Eccles
Government
It
ure.
control
could
obliga-
emergency
an
as
was
necessary.
of funds, as well as
the excess reserves," he said.
Also given as a reason for
desiring the power conferred by
the provision was the authority
tions except in the open market
t
held
the
gold devaluation and
that has come in have
great factors in creating
been
Treasury
Government
of
time to time in
There were some
that the issue was
simply in virtue of the fact that
tne supply
the restric¬
remove
ap¬
nec¬
the authorities felt that it
the gold
Mr.
tion against Reserve Bank purchases
who
se¬
to
due
been
permanent
without importance.
These said
that they favored the proposal
part:
"The
Mr. Eccles said that the Re¬
and
"has
Government
they opposed
a
from
emergencies.
policy pursued by the
Government," the "Times" ad¬
vices, referred to above, added in
following from Washington:
Board
on
as
easy money
Eccles had to say the "Wall Street
Journal" of Feb. 5 reported the
serve
rate
said that
sales
essary
he said, it is somewhat in¬
terminated
an
be
to
The
of financing, but
preciated that it might be
Reporting that Mr. Eccles said
that the present relatively low
was
measure
had
as
method
flationary because it increases
the total supply of funds.
the
Board.
v
direct
to
2. That it would
;
bankers
pointed out, than it is for them
purchase in the open market
as is
now the case.
In either
ize
measure,
Canvass of opinion in bank¬
ing quarters yesterday failed to
disclose such opposition.
Some
sup¬
inflationary for
the Reserve banks to purchase
from the Treasury directly, he
from Washington,
war
by Mr. Eccles.
paper quoted said:
more
no
a
been asserted
port.
It is
as
ury
emergencies,
he added, only in
the market
Reserve
Federal
the
of
6 the House Committee
The testimony of Mr.
the
the
schedule
Clinic In New York
Among
:
opposed
Chairman of the^
Eccles, who is
that
ABA To Hold Credit
the
curities dealers
buy Government obligations direct from the Treasury, was voiced
on
Jan. 30 before the House Judiciary Committee.
The bill was
passed by the Senate on Jan. 28, and on Feb.
approved the bill with minor amendments.
fi-
that bankers and Government se¬
S. Eccles of the provisions in the pending
War Powers Bill, permitting the Federal Reserve Banks io
Second
sound
New York "Journal of
Commerce" of Feb. 6 it was stated
Endorsement by M.
V
for
nancing.-\:0 .■■■•..,
•
769
Trust
turers
Officer
of
the
Berry,
Manufac¬
Trust Co., was re-elected
Secretary and Treasurer.
.
The following were elected to
membership on
the
Executive
Committee, their terms to expire
in 1945: C. A. Allen, VicerPresident, Kings County Trust Co.;
Baldwin
Maull, Vice-President,
Marine Midland Trust Co., and
Stewart L. De Vausney,
VicePresident, Bank of New York. -
THE COMMERCIAL & FINANCIAL CHRONICLE
770
_
Dispute Increased Inflationary Powers Would
>• Result From Reserve Bank Purchasing Govts.
With respect to the Congressional authority sought to permit the
Federal Reserve Banks to purchase Government bonds direct from
Treasury, the Economist National Committee on Monetary
Authorities, disputes the contentions of Marriner S. Eccles, Chair¬
man of
the Board of Governors of the Reserve System, that such
the
Presi¬
dent, has made a survey of the
provisions in the pending Second
War Powers Bill, permitting such
direct buying and according to
the New York "Times" of Feb. 9,
reported its findings on Feb. 7 to
jHatton W. Sumners, Chairman of
the House Judiciary Committee.
Princeton
.
The letter to the latter,
Thus, the compulsion of cir¬
•
cumstances,
is
University,
Tne
inflationary powers.
authority would not result in increased
Economist National Committee, of
which Edwin W. Kemmerer, of
past;
our
expe¬
rience,
the
Federal Reserve
Act, and the lessons learned by
other nations, all clearly refute
the assertions made by Chair¬
before
Eccles
man
com¬
The
support of the open mar-
by the Reserve banks is a
ket
different thing from acting
a
passive or helpless re¬
very
signed by
Walter E. Spahr, of New York
University, Secretary and Treas¬
urer of the Economist Committee,
ceiver of the Government's se¬
had the following to say, accord¬
the
ing to the New York "Times" of
assets
Feb.
9:
"It was
-
reported in the press
(of the Reserve Board) stated
the
House
Judiciary
Committee that if Title IV
.
J
curities which
is
the
passed
will
Reserve
.
.
Banks
be compelled to buy
securities, and such pro¬
cedure is no more inflationary
not
these
then used by
are
banks
Reserve
illiquid
as
against which demand
deposits are created or Fed¬
Reserve notes issued.
eral
it
Let
Feb. 5 that Chairman Eccles
on
before
'
as
with this invitation to disaster,
protect her¬
of such
tragedy by providing in the
attempted
to
:
path taken by Germany which
led her into runaway inflation
•
and the collapse of
•
1932.
first
German
the
that
1924
of
Act
the
of
sentence
Bank
•
'
,
-
he
said:
Reserve
"The
Board
and the officials of the Reserve
Banks
offer
could
advice
and
could not de¬
part in exe¬
cuting the policy of the Treas¬
ury." A. C. Miller of the Fed¬
eral Reserve Board put it as
follows: "In brief, the discount
policy of the Federal Reserve
System was treated as an ele¬
ment
of the Treasury's loan
policy,
the
Federal
Reserve
System
virtually
ceasing
to
exercise, for the time being, its
normal function of regulating
criticism;
cline
to
they
their
do
credit.
.
.
in
order
to
The
.
Reserve Board
adopted a policy
in the war
P.
econom¬
Harding, Benjamin
others have de¬
helpfulness of the
Reserve System, under Treasury
domination,
in
similar
words.
But Quite beyond this
compulsion
of
circumstances,
sometimes
called
cooperation,
stands section 10, paragraph 6
of
the
Federal Reserve Act,
and
scribed
the
which says that
power
"wherever any
vested by this Act in the
'
Board of Governors of the Fed-
•i
;
Reserve
System or the
Federal Reserve agent appears
to conflict with the powers of
eral
the Secretary of the Treasury,
such powers shall be exercised
subject to the supervision and
(
'
•
'
control of the Secretary."
This
is very clear English, and there
is nothing in the opinion of
the Attorney General rendered
in 1914 (30 Op. Attys. Gen., pp.
308-314, Nov. 26, 1914) which
indicates
-
the
Act
that
does
section
this
not
mean
cisely what it says.
of
pre¬
tions
a
the
ignore
fundamental
issue of whether
is
upon-a-tax
not
or
fair
tax-
a
and
equi¬
table in principle.
Honesty in taxation is of far
greater
importance than the
question of whether the State
afford
can
it
whether
or
would benefit
class of tax¬
one
more
will
Federal
tax
amendments
these
up
the
for wholly
difference
have
Taxpayers
covering
taxes
the
fuses
right
a
tax
them
allow
to
they
have
to
others
which
to
ments
can
repeal of
law.
Among
fense and
money
ceives
use
pay
which
income and business
The proposed reduc¬
tion in State expenditures rep¬
resents
is at war, that tax¬
must pay the highest
taxes in history, that the cost
of living has greatly advanced
and will go much higher and
payers
that everyone
but
it
out
be
come;
(b)
the State's
contribution to the
economy
war
effort and its assistance to
its
taxpayers is miscroscopic.
Our Chamber believes that
Legislature can go consid¬
erably farther than the Gov¬
ernor
has
in
pruning down
and it
State expenditures
will.
it
that
hones
estly
earn¬
Cer¬
it
taxoayers
that
means
they
in
the
as
Federal
Gov¬
ernment
recognizes this prin¬
ciple in allowing the deduction
$1
•i boosts
in the
Republic Steel
union's
day wage
Bethlehem and
a
Companies,
.
or
to the CIO automobile workers'
:
demands
wage
Motors.
The
before
General
on
steel
is
case
now
the
Board, and being
closely watched for its possible
effect on future wage policy.
Mr. Henderson
suggested
is reported to
the
to
Board
increases, if found
necessary, might be prevented
from having a disastrously in¬
flationary effect if the Board
"sterilized" them; that is, if the
wage
ruled
Board
the
that
increases
should be paid in defense bonds
stamps which would not im¬
mediately affect the flow of
money into the hands of pur¬
or
The
views also
to have been
embodied
letter from Mr. Henderson
a
President
to
were re¬
which
Roosevelt
Mr. Roosevelt read to the CIOAFL
representatives
the
at
White House last week;
Henderson
Mr.
was
recommends
Chamber
of
creation
to
commission
State
sion
commis¬
after the Byrd
Congress which
where more than
patterned
pointed
in
out
81,300,000,000 could be saved in
Federal expenditures.
Such a
commission is nrovided for in
bill
to
substantial
pay
in¬
penalize
con¬
especially low-income
would
creases
sumers,
from Mr. Henderson to
delegates,
the AFL-
not
read
is
Mr.* Roosevelt
memorandum
any
from any one to the group.
its
for
part
"the dura¬
"spending
slogan,
usual."
.
as
1042 stockholders'
Federal
Chicago
Palmer
will
House
March
at
the
Chicago,
be
in
on
beld
income
taxes
paid
to
*
the
survey
mercial
relative
in
costs
institutions
the
among
will be
banks
under
operation
well as to
of
type.
own
The
of
as
with
com¬
conducted
the
supervision ' of * Mr.
Robey, and the analysis of mu¬
tual savings bank
operating costs
will be
supervised by Bernard
Townsend, Vice-Chairman of the
Division's Subcommittee
ings
Costs, who is
Troy Savings
the
Sav¬
on
President
Bank,
Questionnaires will
the
participating
will
enable
be
sent
banks
them
to
of
Troy,
V-i
N. Y.
to
which
and
prepare
return
figures on their costs of
operation.
In describing the re¬
search project, Mr. Townsend in¬
formed
mutual
savings banks
as
follows:
convinced
am
look
may
results
to
banks
concrete
which to base admin¬
on
istrative
that
forward
action.
The plan of
procedure will be sent only to
banks
indicating a desire to
participate. 3 The work will be
office
of
the
Savings
without
of
Division
revealing
the
Stolen Auto Tax
The
theft
tax
use
of
has
Stamps
motor
stamps
instances
the
identity
institution.
any
in
vehicle
number
a
been
of
reported
to
Treasury Department, it has
been announced.
ment went
The
announce¬
to say:
on
-
simple procedure
lowed where
stolen.
tion
on
at
Jan.
Washington made known;
30 that it was studying
possible allocation of coffee stocks
or
import
licensing
maldistribution
Administrator
OPA
of
to
prevent
stocks.
Leon
Price
Henderson
is
of
ume
business
dividual firms.
one
question¬
on the vol¬
a
handled
It
was
by
in¬
explained!
ample,
but
rather
is
supply
stocks by
ORA
and withholding of
primary producers. The
attributes
unfounded
this
reports
attitude
a
to
be
fol¬
stamp is lost
It-will
or
be
necessary
for the taxpayer to establish to
the
satisfaction
of
the
Col¬
lector of Internal Revenue that
he
had
purchased
revenue
been
lost
vehicle
which
from
the
was
at¬
it
whereupon he will be
furnished
which
stolen
or
to
tached,
internal
an
stamp and that it had
with
will
Federal
be
officers
the fact that
motor
by all
evidence of
as
the
vehicle
statement
a
accepted
of
owner
named
the
thereon
has paid the use tax in respect
of the vehicle described for the
period
indicated.
it!
of restricted flow of the cof¬
meeting fee
Home Loan Bank
their
The Office of Price Administra¬
to
emanating
21, the member savings from trade circles in New York
building and loan associations in and
elsewhere, suggesting the,
State; (c) the State govern¬
Illinois and Wisconsin were noti¬ possibility
of coffee quota in¬
ment
recognizes - it when- it fied '
on
Feb. ~ 6.
Member insti¬ creases and advances in the maxallows the deduction of other
tutions now number 454, which in\um price ceilings. In order to
taxes paid; (d) New York is;
is 95%
more
than the number
one of a minority of
only nine eligible to be represented at the clarify the situation, Mr. Hender¬
son
issued
a
statement saying
States having State income tax;
original stockholders' meeting in that the OPA "does not contem¬
laws which refuse to permit
1934, ) In the past eieht years the
the deduction; (e) the
imposi-j bank has thus mobilized 84of plate any major changes - in the
coffee price ceiling and none in;
tion of this tax-upon-a-tax is'
the total assets of ell thrift and
one of the irritants which has!
home financing institutions in-the the price itself." He added that;
driven industry and residents
two States.
According* to - A.- R. the only two official sources of
from New York State.
j Gardner; President, institutions information on
coffee
are
the
Only two objections to the with approximately 8438,000.000
Inter-American Coffee Board on
repeal of the tax have been put jp assets constitute the bank's
forward.
One is that it would membership.
quotas end the OPA on prices.
■
" • ••
of
their
costs
other,
comparison
a
sidered
Home Loan Bank Meeting
of
each
Study Coffee Rationing
that the coffee problem is not one1
of supply, since stocks are con¬
■
their
compare
The Department has prepared
sending out
by naire seeking details
its
do
must
pigeon-boF'^g
The
completed, in order that the two
types of banks will be able to
general,
,
State
The surveys will
when
they are
and the results will be released
(S.
riod of sacrifices and New York
banks.
coordinated
confidentially conducted in the
said
Int. 318) said that such controls will be
applied if the coffee problem be¬
now before the Legislature.
As a pre¬
The American people are in comes more critical.
what promises to be a long oe- liminary step in the matter, the
Graves
0f
be
under codes which will indicate
the
type and
size
of
banks
study the
economies—a
Committee
tion"
mercial
have told the Labor Board that
State's fiscal affairs and recom¬
mend
Bank,
According to
announcement, the analysis
of the mutual savings bank
oper-j
ating •- costs will
be
conducted
separately from that of the com¬
temporary
a
National
Purcellville, Va.
I
same
ported
in
had
10 to 20%.
the
Purcellville
chasers.
said to have indicated at his press
conference
on, Feb.
10
that
he
The
re¬
in-;
for
for things which they re¬
gard as necessary by as much
(a)
free
steel workers'
CIO
as
Savings;
on
Robey is President of!
determine
CIO
will have to reduce their spend¬
ing
Mr.
the
groups,
by forcing price ad¬
of the State's tax¬
vances.
payers will have to cut down
With respect to the report that
their normal expenditures more,
than 2%.
In-the case of many the President had read a letter
cannot
classed
to
the
all
tainly
tax
personally
compelled to;
taxes properly
declined
whether Mr. Hen-
on
demand
the
argu¬
because he is
cannot
is being urged to
buy defense bonds,
how¬
individual
of less than
decrease
a
Considering the fact that
2%.
the deduction
an
business boosting
war
Costs.
with
econ¬
private
profits.
of
the double
these are
can¬
vision's Subcommittee
derson made direct reference to
that
still be advanced for
the
like
spokesman
have
been
sound
very
It was made possible by
budget surplus accumulated
by over-taxation and by de¬
Despite the position taken by
same
grave
The Associated Press
comment
k
a
the
the
The
omy.
tions.
ever,
expenditures,
not be attributed to State
the first of these recommenda¬
on
was
dispatch further stated:
.
$5,000,000 proposed reduc¬
tion in State
working for these income tax
reforms, is aware of the oppo¬
sition of Governor Lehman to
the Governor
the
~
Bankers,
Association, it is, announced by
C. L. Robey, Chairman of the Di¬
the
to
While
the
25%
emergency
reduction in income taxes pro¬
1941.
have
full session of the
departments is being
undertaken by the Savings Divi¬
of
the
American
of
deduct
paid
Government.
Federal
organization, in common
Our
a
operating
savings banks and
commercial
banks
sion
the members that there
They know they are not
getting it when the State re¬
become
year
addressed
of savings
survey
group
of
witn savings
Labor Board last week, a spokes¬
man
for him said, and informed
ture.
both of
to
son
demand frankness and straight¬
forwardness in the tax struc¬
with
payment
the
in
effective
with
payments,
general, "substan¬
wage increase demands by
union labor, because of their in¬
flationary
influence, the Asso¬
ciated Press reported.
Accord¬
ing to these advices, Mr. Hender¬
increases."
dates
coincide
not
against
tial"
tax.
their State income tax in quar¬
which
rule
A
Henderson, Price Admin¬
should be made up by the sub¬
stitution of a sound equitable
be^made
economies,
computing State returns
(2) to allow taxpayers to pay
instalments ' on
Leon
danger in further increasing costs
to
industry
because,
ih
the
spokesman's words, "industry now
cannot absorb
many
more
cost
not
in
and
terly
it
than another.
If
anticipated loss of revenue can¬
payers
payments
tax
of Federal tax payments,
G.
Strong
>
was
income
eral
assist
financing which
ically unsound."
W.
Federal
costs of mutual
National War Labor Board that it
the Nation
one
Survey Operating Cost
istrator, has recommended to the
Income Tax Reforms-,
Urged by N. Y. Chamber
Against Wage Raises
individual
an?
posed by the Governor is
welcome, this reduction,
At the Budget hearing in the
who studies our
Assembly Chamber at Albany on
experience of 1917-1920 should
Feb. 10, Howard Fenney, Direc¬
see how easily our Federal Re¬
tor of Research of the Chamber
serve
System became almost
of Commerce of the State of New
completely subservient to the
York, stated that the Chamber
Treasury in a time of war fi¬
has
three
recommendations
to
nancing. Some have called this
make
in
connection
with
the
experience cooperation on the
budget.
Two are in reference to
part of the Reserve authorities
the State Income Tax law; the
and the Treasury.
The fact is,
other in reference to State econ¬
however, that the Reserve auomy.
He said:
thorities were not only the fis¬
Before
the Legislature ap¬
cal agents of the Treasury but
proves a budget for the coming
thoroughly dominated by it.
fiscal year, the Chamber urges
.Dr. Q. M. W. Sprague stated
that legislation be enacted (1)
the situation accurately when
to allow the deduction of Fed¬
Any
•
tax
ABA Savs. Division To
the more he would bene¬
the deduction, which also
is true.
Both of these objec¬
pays,
fit by
the
open
rapid and direct monetization of
the Federal debt by the banks,
and that this is precisely the
income
eral
Labor Board Warned
Fed¬
more
self against a repetition
It is most
.
.
a
| Reichsbank is a bank independ¬
market purchases,
ent of government control.
important that both
The American people should
Congress and the public under¬
not be forced to endure a sim¬
stand
that the grant of this
ilar
experience in
order
to
power
to the Reserve Banks
removes
all obstructions to a
profit by that lesson.
than
the. State's., revenues,
obviously it would, and
the second is that the
a
that
experience
be forgotten
not
after Germany's sad
she
which
by
your
mittee.
:
reduce
Thursday, February 19, 1942
Passenger Cars On Order
Jan. 1
Class I
railroads
;
and
ihe
Pull¬
Company had 513 new
man
senger
cars
order on
on
pas¬
Jan.
1,
1942, the Association of American
Railroads announced
This
was
compared
order
on
an
with
Jan.
on
Feb. 9.
increase
of 233,
the number on
1, 1941, at which
time there were 280.
Of the total,
Class I railroads had 316 new pas¬
senger cars
this year,
the
same
on
order on
Jan.
compared with 231
date
one
year
1,
on
ago, and
,
,
the
on
Pullman. Company
order,
Jan.
had
compared with
1, 1941.
-
197
49
-
on
- -
Volume 155
:
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4G48
£ substantially
Corporate,: Individual Taxes
Ecoles Urges, Favors "Wit
:
collected
-"than
the
'ing
tion
is now, not
ditures
•
personal
exemptions
that
so
the income tax will reach down to
for
the
profits,
forego
subsistence
level.
this
From
'
level," he
added
"rates
be
must
'greatly increased all the
To enable the collection of income
wage
when
the
at
"before
source
the
funds have gone into the spending
"stream
"can
stated
:the
be
in
later
Similar
views
Of
the
which
incomes
were
see
most out of it.
deductible -from
due
amount
taxes."
ourselves to
ex-
must
drawn
be
the
in
deductible
Feb.
and
in
12 remarks
in
other
Government
the
at
Town
should
WJZ
from
come
secur¬
current
in¬
the
comes
the
rations,
thus
diverting
to
His address at the
needs
•Town Hall follows:
much
am
about
winning this
if all of
Thei
com
war
on
understood
-
armed
clearly
forces
front that
our
nation is
a
do
as
the'
on
our
Then
s
as
the
and
wages,
for continued high
would
4.
be
civilian
.
.
<
,
we
save every
We
can.
much
accept
;
■
the
all
-
.
people
our
of
are
those
avoided—unless
the
grim
we
awaken
of
realities
the
U
engaged.
are
we
:
;
purchase.
to increase
3
the
for
the
consumption.
We
idly approaching
of
come
•
war
and
half
About
ing the
other half for civilian
The $50-odd billions which
the
Government
be collected
"
the
of
form
ings.
requires must
from
the public in
taxes and borrow¬
'
effort
I,
'
\
,
and
not
left to
same
or
a1
compete"
in the market place for the
shrinking
supply
of
civilian
goods.
Otherwise, the rising
This entails making—not just
sacrifices.
So
far, our standard of living is at
the highest peak of all time.
It
must be drastically reduced in
order
to
make / the
supreme
about
—
effort that alone will
tory.
;
in
time
effort is
The
supreme
to reduce
our
to
assure
vic¬
make
the
now.
The time
individual expen¬
Bank
'full
other
-
for
the
profits taxes, will have
to be steeply increased.
They
primary
the Government's
•
penditures.
recipients
primary
we
must
are
turn
to ;
"president
tial council" of two neutrals in
the
event " of
the
President's
theolog¬
to
sources
a
which
being
his
recapture
requested
post,
to
but'in
relinquish
view
of
Mr.;
funds that otherwise tend to
go
into the spending stream. There
y ment it is understood both the
U Italian
no
proposal to end. the profit
motive, even in wartime. • Yet
even
that sacrifice would hot be
too great a price to pay to
:
McKitrick's
sions
and
excellent
German
manage-:
commis¬
requested that he
be
'ri lowed- to retain his
al-
post.
Mr. McKitrick is leaving to-
pre-!
,
*
serve
our
when
industries'
peace
comes
so
that
morrow
,
have left
taxes
than
over
about
after paying 1942
$3
had
billions
more
they
- in
1939.
As
against this, the war is putting
.
concerns out of business.
Others that have been prosper¬
ous in peace will be
barely able
many
to survive. Those that
ing
are
earn¬
for
a
two-week
tion—his first since the
they •will
?
:
by which
from
Delaware
on
Feb.
Del.'
6
Supreme
farm;
-
qualify
s
for
effort
of
so
vital
America
to
the
at his home
in
7
1939
large or even moderate and was a Democratic member of
profits should be willing to pay Congress from 1923 to 1925..
States
transactions
within
and
the
our
I
and
her
promptly in this matter to
legalize transactions essential in
the effective prosecution
Al¬
will not be counted
as
may
be
(2)
that
on
any
planted
corn
al¬
hope that the Congress will
act
This
section
ever
the
state
of
;
J
-
States
citizens
sage
critical
year
confidence
and
that
to
expressed
the
Boy
will
-effectively meet
quest made of them.
full
every
re¬
•
Fellow
I
Scouts and Scouters:
i
have great pleasure in ex*
■
congratulations
good wishes on this, our
anniversary.
~
and
32nd
Only compelling
.circumstances, whosegravity
all appreciate, prevent me from
addressing you personally, as I
have done
-
on
so
many
occasions.
The
to
our
previous
of
Scout
Mr.
agency.
in
service
country during the last
or
bellig¬
any
his
mes¬
"shall
the
npt be
United
oper¬
States
is
at war."
Lord Beaverbrook Heads
Lord
Beaverbrook
Britain's
has
Minister
J
been
of
War
Production, a newly created Cabi¬
net post corresponding to that of
Donald M. Nelson, head of the
United
States
Board.
Prime
Production
Winstori
told the House of Com¬
that
mons
War
Minister.
in
the
post,, to
new
which Lord Beaverbrook is trans¬
ferred from the Ministry of Sup¬
ply, he would exercise
supervision over supply
general
depart¬
ments and shipbuilding and would
concert and co-ordinate all their
actions.
Mr.
Lord
"
record
loans
make
its
or
it
when
;
•
a
two
that this section be amended
Broadcasting Company's Red Net4
Churchill
;
to
credit to
proposed
declare
named
The
work, follows:4
between
British War Production
Scouts
President's message, read
by Vice-President Henry A. Wal¬
lace in a nation-wide
Boy Scout
Week broadcast over the National
•
any
State,
ative
President Roosevelt, in his an¬
nual message to the
Boy Scouts
of America, praised the record of
the organization
during the last
that
powers, the purchase, sale
exchange in this country of
bonds, securities or obligations of
belligerents and forbids United
Roosevelt
Praises Boy Scouts
exists
war
when¬
finds
foreign
erent
corn.
prohibits,
President
or
extend
•on
of the
war..
tion in payments other than that
He was; 86 years of age.
Judge Boyce was a member of
the Supreme Court from 1897 to
1909 and again from 1939 to 1921
-
which,
lotment acreage without deduc¬
and
Dover,
the
co-bellig¬
erents."
In a message to the Con¬
gress, ,the President said that, in
his opinion, "there was never any
These provide
corn
-
the
of
United
war
(1) that if
wheat acreage totally
destroyed
by causes beyond control of "the
grower is replaced, the original
-
died
Neutrality Act Asked
President Roosevelt asked Con¬
flexibility to wheat and corn allotment regulations, thus assur¬
farm up to 130% of the
r? j
of
Court,
Of
persons
acreage
vaca¬
Delaware
Justice
Repeal Of Financial Section
financial
planted to wheat and
William H. Boyce, former Con4
Associate
ity and effectiveness.
essential
"tending
former
tained to their maximum capac¬
between
'
war.
W. H. Boyce Dead
gressman
are supplement¬
ing the church, the home and
school by providing train¬
ing programs that will help
equip the present generation to
cope with life problems in the
difficult days ahead, are main¬
the
de¬
any
bank
The bank regulations admit of
the constitution of
-
enormous ex-
They
ical
of
agencies which
the
erent.
excess
the
•'
fol¬
bellig¬
a
.
youth.
We must
that those volunteer
our
sure
Neutrality Act of
he said, "prevents
his 'American
nationality is that of
to
9 for repeal of sec¬
production
International
the
:;
ing ample feed for the livestock
r
of
fact
ties
make
,
gress on Feb.
lies.
agreement-' with
members
despite
ing corporation taxes are-sharply increased corporations will
income
•*'
;
orations whose taxes, especially
are
;
we
'Settlements, will retain his post
col¬
would
national
talking
.
the
have something left with which
to make a profit.
Unless exist¬
tide, of
•
•
the
on
meeting - the
conserving acre- intention that this section should
requirement;
operate during our belligerency."
Two provisions
lending more He added:;-
Thomas McKitrick, President
of
rapidly ; bid
up
prices
and
precipitate a ruinous inflation.
.
Switzerland:
inflation
people
be
minimum soil
the
the
to
tion
ij will
fighting.
reported
acre
American
continue
% age
lowing by telephone from Basle/
That
must 'be
'Times"
and
war
alert to meet their responsibili¬
-
Another adding rye for
pacture to the list of
crops which
get out
is
.In other words, upwards
of 50 billions of civilian dollars;
must be drawn
into the war
'
York
at
are
provision is limited to the maxirice payment for the
Under date of Feb. 5 the New
only!
are
;,
\
Keeps Post As U. S. Banker
lected in the coming fiscal
year,
must turn first to the corp¬
that'
;
we can
Only then will
calls
mum
,
-
we
must go for war purposes, leav-,
use.
taxes that
war.
goals
the
should
the 1942
A provision removing
deducted for each
will' stop
profits,
we
the rice acreage
planted is less
than the acreage allotment. The
maximum deduction under this
fighting for
we>
the
war—and that is
;
exchanging;
as
about
Freedom
for exceeding the rice
allotment and substituting in its
place a provision requiring that
10 times the payment rate- be
..
really begin to fight. And just
one
thing is going to win this
As for the $9 billions of addi-1
rap¬
/
•
known
>
to
we are
oil purposes,
or
For
duction
us
up
'wages, the prices
spells ultimate ruin.
tional
$110
of
is
of
front wake
lives,
very
of the
gof¬
are
smaller amount of goods.
national in-
approximately
•billions.
-
a
are
We
dollars for the
more
and services available for civil¬
ian
sale.
fooling ourselves by
civilian buying must be reduced to fit the
diminishing
supply
of goods
v
that
goods
v-
Philip-
those
In addition to
peanuts
Other changes include:
or any¬
When
,■>
Although
An 80% provision for
potatoes
similar to that for peanuts.
>
a
the
the full in time of war, as well
as in time of peace.
3,400,000 acres of peanuts
exclusively for crushing into
oil, a total of 5,000,000 acres.
your!
to
without inflation,
i
our
publid
in
on
the high seas,
on
talking
envelope but this will not
process
to finance
dollars
the guns in
Harbor.
but
not
are
physi¬
nation,
or
dollars
They
the home
on
You may be able
the
their
where else.
Ies^
pay
fered
Only what is left after,
maximum war effort
is
made * will
be
available
for,
civilian use.
war.
In order
pines,
-
more
add
the
;
behind
civilian
will be available for the
to
not
lives.
re¬
strong, mentally awake
morally straight, and pre¬
pared to help their country to
for
pa-
risking
are
the
active
to
,
planted, is expected to help re¬
lieve the shortage'of fats and
oils, imports of which have been
greatly, reduced
since
Pearl
edible
get
are
for
We must
next
the immediate emergency situ¬
ation dominates the life of,the
Food
40-hour-a-week basis. There is
time-and-a-half for. overtime
.
a
They
forces
us.
cally
pea-*
grown on allotted acres for both
on
for; their
They
the fact that
the
war,
-
are
forces
of
that
acreage allotments only if
at least 80% of the allotment is
added
we
armed
values
organ¬
nut
•
tax*
the practical
training as we
and
full
on
inter¬
forts to make themselves
where
'providing-that
payment will be made
•
no
Only a limited and a
diminishing volume' of goods
tional effort must be devoted to
;
no
needs.
r-
the
their
program
produce- for
can
*
of winning this
physical, not a finan¬
cial, one.
It is a question of
effectively using our man pow¬
er, raw materials and produc-j
tive capacity.
Half of our nais
for
another,
sacrifices
no
armed
profits
no
giving
arid profits.,
produce,
we
ting
be defeated
demands for increased
The hard fact is that the
life
-/the
South
crops
been
military service itself, there is
higher opportunity for serv¬
ing our country than helping
youth to carry on in their ef-r
This amendment, together with
-
of
cost
corporate
in fact,
our
triotism.
.
•
can
wages, prices
to
The problem
war
financing
it
and
the battle fronts,
\No matter
morale.
our
I-through
asking of
by
are
the
at all compared to what
enough to maintain
and
be,
may
incomes
.
immediately in¬
to- offset
-
payer are,
-
•v
one
any
wages
individual
-
to
ma4
have- indri
and
oil
help
no
goals might
other-j
wise be more difficult to reach.
program I have outlined for the
fiscal
collected
prices
of
has
of
our
task ahead
changes
the
mem¬
in
member
production
costs of living.
That is the inRation spiral.
:•
/ The
sacrifices involved in the
provided
law.
These
load
whose
what:,
and death struggle in which we
•
er
class, but only by the
among all
of
taxpayers,
except
than
more
health
even
inflation
won—muchless
crease
distribution
groups
v
be
-
I
measures
of
areas
a
war.
who
one
dences
Southwest, thus stimulating
production
4.J
.
limited
as
ize
,/is authority to furnish farmers
soybean and castor bean seeds
in
ene¬
Each and every
to feel proud
of Scout
mum
soil-building requirements,
according to the Department's an-!
nouncement, which also had the
following to say.
and
our
confidence
Scouting over many
years, it has been most heart¬
ening to have so many evi¬
war
and at the same time have
provided for maintenance of mini¬
on
to
through
reason
win the
us
crops,
living,
It
would
precipitate
wide-spread demands for high¬
;
next
present
the
or
widest
going further into debt to buy
more things. The war can never
be
•
and
the
in
cannot
group
higher
Too many
still spending
incomes
their
under
shifting
ing Defense Bonds.
of
billions
The
sales tax would
taxes, the present pro¬
calls for an increase of
taxes
dol¬
would
to the Government by purchas
1
$9
for
taxes and turn our savings over
J.„
purchase of Gov¬
,
As
new
full
part he has
ested
avoid*
raw
the
to
Included fn the
and
earth
ber of Uncle Sam's team to
which
way
greater plantings of essential
than the rich because the
poor
need all their income to
buy the
necessities of life.
A general
year over the amount
our
to
To
to
gram
We
cut
expenditures
that
readily
to
0 into the
As
business
profits.
willing
bone in order to
lar
:
>
tax
Scout has
of
we
Boy Scouts will ef¬
meet every request
fectively
to
as
program to
liberty
made of them.
servation program changes,
in general have opened the
of those below subsistance
level;
A sales tax hits-the poor harder
\
securities, the Govern¬
obliged to borrow
from the banking system.
This
process creates additional funds,
and since it adds nothing to "the
supply of goods, it makes fof
ing for higher prices, labor for
increased
prices of
the extent
inflation.-
farmers would not be contend¬
.
goods.
otherwise
up
ment will be
fighting
survival
very
at stake.
that
bid
to
ernment
the civilian front;
as
us
of
means
intended
.
our
on
have
the
con¬
necessity for a general sales.tax;
which reaches into the pockets
war
public fails to divert a
sufficient amount of currenf in*
would be comparatively simple
,
a
are
previous
I
that
1942
cated would do away with the
v
that the
than I
war
tend
civilian
concerned
more
am
about
financing it.
problem of financing the
>
funds
would
amendments
strengthen
peace
mies.
of the Agricultural Ad¬
6,000,000 Americah farmers
participate ,the Department
of Agriculture declared.
The new
must be closed.' We must
.
of individuals and corpo-i
of
'
I
as
consumption of critical
terials.,
J .;;„"
.
Blue Network.
amount
brings
our
complete victory over
will
increasing number'rof articles, thereby curtailing private
v
preserve
justment Administration in which
an
_
and
Meeting
Station
over
the
ance
ities.' As for the borrowing, it
; Town Hall in New "York; before;
America's
from
made
apply, selective excise taxes
A
go forward with
the
some
,
...
'Air
be
can
„
delivered
address
an
contained
were
half
about
is
used
the
speed
.
ing loopholes in our tax struc¬
ture which have been
.widely!
to collect
the other
proposed
is
tax
due later in income taxes. Glar-j
;
taxes,
half from sale of Defense Bonds
it
year,
spending
necessary., The amount paid in
get the
Jan. 19;
and reference thereto appeared in
our issue of Jan. 22, page 332.
His
on
the
withholding
a
withholding taxes
ef-j
into
of the in¬
some
into
gone
stream,
nextv fiscal
r
•
pressed by Mr. Eccles
have
among
can
From
taxes may be collected at
the source and before the
funds
;.v*: v. v
than 50 billions
more
chest
war
who
in-j
come
ad-j
common
squabble
In order that
•'
contribute
all
the
to
not
and
"
This is the time
must
we
to the subsistence level.
smaller
price
forego
individual
this level, rates must be
greatly
increased all the way
up.
The time
accept
now.
utmost
our
fort
withholding tax is nec¬
essary," said Mr. Eccles, and the
amount
paid in such taxes he
a
to
is
vances
taxes
to
the
the income tax will reach down
time for labor to
increases and iot
the
farmers
up."
way
business
of
come
after infla-i
taken hold.
has
program
base
tax be widened
by reduc¬
ing personal exemptions so that
individual^
the
of
base
'income tax be widened by reduc-
and
war
production ef¬
further changes have been
made
m
the 1942 conservation
importance that
;
aid
agricultural
the
in the
to
fort,
,
$9,000,000,000 of additional taxes must be
coming fiscal year, "we must turn first to the. cor•porations whose taxes, especially excess profits taxes, will have to be
•steeply increased."
"It is of equal importance," said Mr. Eccles,
<
In -order
r
demands for^an increased
share in these profits.
;
Tt is of equal
as
asked of the Boy Scouts
Changes in AAA Program
is done
Jts
Reiterating his views previously enunciated, Marriner S. Eccles,
that inasmuch
taxes : in
we cannot, expect labor to abate
,
Chairman of the Board of Governors of the Federal Reserve System,
•declared
higher
this 'crisis.:. J Until -this
;
•771
Churchil
also
Beaverbrook
Britain
in
rangements
critical
my message to vou on Feb. 8 of
was
Duncan.
that
represent
pooling
the
ar¬
United
States.
last year.
various
with
said
will
year fully justifies the
confidence which. I expressed in
Much
more
will
be
The post of Minister of
given
to
Sir
Surely
Andrew
Rag
;
THE COMMERCIAL & FINANCIAL CHRONICLE
772
Says Government Has No Intent to Commandeer Nation-wide Retail
Savings; Urges Against "Fear" Withdrawals | Sales Tax Favored
Reference to withdrawal of funds from savings banks was
made
by Chester C. Davis, President of the Federal Reserve Bank of St.
Louis, in an address in which he discussed "The Economic Outlook
As It Affects the Illinois Farmers," delivered on the University of
Illinois Farm and Home Week Program at Urbana. Ill,
In directing
withdrawals, and stating that there is no grounds
attention to these
for
|ears that the Govern-*^-—
"
sitions which I hope I have
ment plans to confiscate or com¬
mandeer these savings, Mr. Davis I cleared up a little;'
In his remarks bearing on the
said;
/■/ :■
Z:*,'-5'/;/•>/
IMow, because it is timely, 1 Illinois farmer, Mr. Davis had
ask your
indulgence while I "he following to say in part*.
any
The economic outlook for the
drag forth and take a look at
one current development in the
.
Illinois
reached me,
has come to
and credit
field,
.that
some
depositors,
A; particularly those with savings
i
accounts,, are withdrawing their
deposits in currency and hoard¬
ing it in safety deposit boxes
I
as
it
suppose
in the money
is
The
>
of
Nation at
a
For
war.
in-r
an
years,
about, |
U to warrant my discussing it
here and at every opportunity.
It, is said that these with¬
called
drawals
cuased by fear that
are
going
tax,
to
proposal was part of a re¬
port drawn by the Committee on
Taxation
as
"Federal
a
tax
pro¬
gram
have
when it would
not
"had
some
"•
securities.
if
•
■
lasting super-structure on the
shifting sands of war demand.
finance
in Govern¬
turn have invested
securities
ment
loans, were
direct
investment
forced: into
or
depositors.
bought
:
what the
hand
one
\
on
Banks
invest
directly
a
lasts,
part of his
he thinks he is protecting
ing
currency
like
over
hen
old
an
on
But
exist today.
no
such
a
bonds
without
loss
the
our
from
and
market, the difficulties of agrias
Z/ only
sense.
The
farm
That
.
to
war
future
savings
to
1942
it
is
.
period of in¬
Cash
esti-i
are
$11,600,000,000,
expected that
As
the
products
will
which
'
I
men¬
types
of
be
stimulated by the war
assure
most
demand
that Illinois farmers will
share
fully in the
farm
income
in
increase iii
prospect
for
.'/>•
1942.
ma¬
State Bankers To Meet
production.
No, the Government is not
going to move in on the past
savings of its citizens.
I don't
thing any of us can be sure
that it may not take steps to
compel
a
farm v income.
$14,000,000,000.
tioned
earlier,
isn't
get
conversion of factories and
in for
of
the. rest
farmers' incomes will approach
goods for civilian consumption
is being sharply reduced by the
terials
are
mated at around
finances for the
war, it
is also to reduce the
percentage of current income
spent in the market for goods
at a time when the supply of
to
as.
returns for 1941
.For
current
object
well
fhe country will be great.
more
income.
'earnings
makes
and
savings
current
,
more
for
in¬
workers in peace-time
culture
be
j
The 49th annual convention of
the
New
Association
Astor,
25
and
Eugene
York
will
State
be
at
.
Bankers
the
Hotel
New York City, May 24;
26, it was announced by
C.
Donovan,;
dent, The Koppers Co., Brooke
lyn.
'/..
Distributors—H. C.
Trust
Wholesale
Rogers, Sales Manager, Hick¬
man & Williams Co., Cincin¬
Bank, New
of
member
of
Taxes, Atlantic
Malcolmson
Coal
Co., Detroit.
Tidewater
Dock
Operators—*
R.
L.
Bowditch,
President,
Newbold,
Coy, Washington,
Ladd, Far Hills
M.
C.
C.
Dickerman, Amer¬
Co., New
City.
Forrey Laucks,
.
Lock
and
'
-
His
.
committee
-
favored;
total
no
for
the
.
President,
and
Co.,
Son
&
Great Lakes Dock
Safe
.
Co., York, Pa.
'
•
Operators-
Maher,
A.
Manager
Mayer Coal Bureau, St. Paul,
Minn.
,7
*'
•
-
Ralph Wi Smith/ Chief of the
Railroad Transportation—J. J.
Division
of
Weights
and
Pelley, President, Association
Measures, Bureau of Standof American Railroads, Wash¬
/
ards, Washington. /./
ington, and W. C. Kendall.
Vernon L. Brown, Curator of /
Chairman, Car Service, Asso/
.
the
Chase
Collection
National
;
of
Moneys
Bank
t
of
>
roads.
.
*77;
The
ex-officio
members
<v::
>
the
United
1 ;
.
Transportation Other Than Railroad—Lachlan Macleay, Pres¬
;
/
-7'
Valley
Mississippi
ident,
Z
*
Association, St. Louis, Moti.
Mine
Labor—Percy
Tetlow.
/
Technical 7
are-
Adviser,
v
United
America.;
of
Workers
Mine
Judge William H. Kirkpatrick,
of
Rail¬
American
of
ciation
the
and Thomas H.
Secretary - Treasurer, United Mine Workers of
America, Washington. 7 /> 7
Washington,
District /'ZZ
Kennedy, -
States
Z
Court, Philadelphia.,.
/Z?
/ :
Preston Delano, Comptroller of
the Currency.
r-
'
77
;
Joseph Buford, assayer, United
States
Assay
Office,
New
Sales Down
1941 Exchange
Securities
The
York.
;
Exchange
and
announced that the
market value of total sales on all
Commission
Liberty Bell In Vault
New
Alloy Steels' To
Speed
The
ard.:: The offer,
it is announced,
presented originally to the
Mayor * by-: John - A;
Diemand;
President of the Insurance Com¬
was
pany
of North America, as a con¬
national defense in
tribution; to
celebrationof
:
its
150th
anni¬
the North America
been /founded
in Inde¬
versary year,
having
pendence Hall in 1792.
Charles
J.
Pommer,
and
In
Steel
Council, and Frederic D
Barman, extolled the
company
tor tits patriotism, after Benjamin
of City
for the year
233,606,530,
valued
which
quickly.', into
can
be
lowered
/ the / underground
Stock
1940.
of 25.8%
decrease
sales
Bond
were
$1,363,308,399, an in¬
3.8% over 1940.
The
at
of
of, right and war¬
rant sales for 1941 totaled $6,129,nickel,-and more 104, involving 6,898,823 units. The
of; these .alloys in the form- oi Commission's announcement
scrap recovered from steel pre¬ further said:
/
viously produced, - the Institute
"7 The volume of stock sales, ex¬
said.
'.
• *
/ /•
• '•
cluding right and warrant sales,
for 1941 was 303,134,844 shares,
-Details of new-steels are an¬
new
market- value
chromium
and
.
-
.
in
a
booklet
a
entitled,
Nickel,
18.5%
decrease of
from 1940.
Chromium and Chromium-Nickel
principal amount of bond
sales for 1941 was $2,530,066,482,
Construction
Alloy Steels."
an
booklet
prepared at the
"Possible
Alternates
was
for
Total
The
methods, of
fabrication
or
increase of 21.6% over 1940.
The
re¬
Rush, Jr., Vice-President of the quest of the Office of Production
Indemnity Insurance Co. of North Management,
which
has
been
America, explained plans for the succeeded by the War Production
proposed shelter.; These plans Board.
call for placing the Liberty Bell
.The use of alternate steels, the
booklet states, may make neces¬
on a platform to be built directly
under
the- present site of
the sary some changes, in established
Bell,
year
a
1940.
from
crease
steels, : prn
the
for
sales
sales, excluding right and warrant
sales, had a market value of $6,-
ducers/7 willuse;:1:less " yirgini
nounced
President
Institute.
making. the
securities
exchanges
1941 amounted to $7,603,044,033, a decrease of 21.8%
from the market value of total
registered
.
City Council of Philadel¬
-War Output
phia has unanimously approved
Four completely new series of
the action of Mayor Samuel in
alloy steels designed to make the
accepting
from
the
Insurance
Nation^ Iimited reserves of stra¬
Company of North America, the
gift of an underground fire-proof tegic metals go further and help
build more guns, tanks,
battle¬
and bomb-proof vault to protect
ships
and
airplanes were an¬
the! Liberty
Bell from bombs
nounced
by the American Iron
tire, explosion or any other haz¬
two
leading
York
New
exchanges accounted for 93.2%
of
■
the
market
value of
•
of
the
of bond
registered
changes.
The
.
/
.
sales
market
on
of
the
total
market
stock sales and
value
all
heat
value
of
sales, -91.7%
treatment proeedures, or both, or
may even-make 'necessary; some
invested in defense This willsbe- the Associations firs^
But.there, is a .vast dif«- convention in New York City ip yault in the: evieht of any. emer¬ changes; in engineering, design of
the product;affected..... Z. /
ferenpe between.the two propo- 40 years.
gency.
.r>,
made
.bonds.
Sprague
John
York
World, Brooklyn, N. Y.
Joseph Moss, attorney, of Philastructure, and "release dammed-; 7///delphia..7:77
upcbusiness"; In /order;: that/the ; Maurice C. Alperin; President
of the Eastern Smelting and
.yield from the drastic new taxes
Refining Corp., Boston.
s
proposed, as well as from existing
would
H.
Boston.
York
S.
L.
Distributors—James
Retail
Locomotive
ican
James H*
East Bear
City;
President,
Ridge Co., Scranton, Pa.
M. Rugg, Vice-Presi¬
J.
William
excess
.
dustry, and thus provide pur¬
chasing power in the domestic
.
Kate
N.
York
Coke—D.
activities
employment
find
cannot
We
purchased out of
to
transition .back
concentrated
m war and production for war.
If, when that time, comes we
creasing
defense bonds
/ declared v value
New
Pierce,
City, N. J.
Mrs.
the
of
Chairman7
Huber,
Board, Glen Alden Coal Co.,
nati.
Endicott,
Board
Mrs. Wayne
re¬
which also
opposed consideration > of higher
security taxes in the new
tax bill.
Repeal of the "guess¬
work" capital stock tax and the
anything in
Victory sales tax, he said/
condition in which our
a
return and currency: does not.
•"What/ the
Treasury
really
wants is to have
;
peace-time:
.
that the bonds yield an interest
r
- was
B.
the
social
able to exemption
are
whole industry is
The main difference is
holder.
Nation,
-
the
from
.
Allan
,
,
a
<
normal
re¬
to
taxes
>7; York City
;
Anthracite
Producers—Charles
Z York City.
affirmed in the report,
7yv-/://y%V:? taxes,
/;•
as
make
reason
are
V--'
partly on how successfully
Defense bonds,
Defense
deemable,
this side of the
on
and
non-marketobligations of the Govern¬
ment.
starving:.world.
a
7
we,
like currency, are
risk
excise
.
Z
*
Presidentof
&
Debardeleben.
T.
: H.
President, Debardeleben Coal
Co., Birmingham, vAla.; and
O. L.
Alexander,; President.
Pocahontas
Fuel
Co., New
Vice-President
Boylan,
Modern Industrial
further economies."
-
:
hang¬
from the days when it was
Civil War.
can
to
,
a
possible to hoard gold or gold
certificates in anticipation of a
rise in the value of gold in
terms of currency, such as oc¬
curred' during
and
after the
in
Z/Gity;
statute) is
the / Puritan ; Bank
that Congress ap¬
in full the more than
$1,300,000,000
economies
rec¬
ommended by the Byrd Com¬
mittee, and continue efforts to
crease-
-
v
/
Co., Meriden, Conn.
ft Felix
-dent, Peabody Coal Co., Chicago; Charles O'Neil, Barnes
&
Tucker
Co.,
New ; York
President
Powers,
;
Producers—
Coal
7
ex-officie
Members named by
war
be materially in-;
creased.
Mr. Schieffelin, in out¬
*
*
•
/ ••
The position of agriculture in lining the tax program, suggested
the
reconstruction
and postn that the proposed sales tax should
be called a /'Victory • sales tax,"
war periods depends. partly on
how we behave ourselves now; rather than; a "War sales tax."
it
sitting
It must be
doorknob.
on
and sitting
out
pay
Z Atlantic*-7
him¬
his future by withdraw¬
or
•
V
(and
year
■::/;
:■/
7_
.
George W. Reed, Vice-Presi-
,
foflows:
Clarence
urge
even
this
■ •:
•:
Bituminous
Pres¬
by
three
■
members designated by
prove
make
includes
made up as
One day it will profits/tax; on corporations .was
Even while, it recommended to simplify the tax
is only one party
for the goods we
there
can
and he lives
?
We
appointed
Roosevelt
which
on
comes
end.
an
ship
;
savings in defense bonds, but I
can't for the life of me see how
self
to
come
who
dividual depositor might prefer
to
of the
should be paid currently and that
anything permanent in this related
-export flow.
:
the other.
understand why an in¬
can
day
indefnite
an
see
sell on the
individuals
would be forced to
the
period to use
our agricultural surpluses in the
.rehabilitation
of
a
war-torn
A world.
But let us not delude
ourselves as to the nature, of
-; that demand either.i I cannot
for
*xi defense bonds bought bv in¬
dividual
ply of solid fuels where and when
needed.
Those appointed are as
follows:
Commission, consisting' of
members
ident
Opposition of the Chamber to
which guns fall silent over land mandatory joint returns for husband ;and. wife and to any in¬
*vnd sea, we will be called on
When
would /
There
savings on deposit
which the banks in
existing
with banks,
seen
n
gain to the Government
no
are
causes
and comprehended.
We must not think we can build
nearly $20,000,000,000 which the
banks have invested in Govern¬
be
their
unless
clearly
financing the war.
ment
costs
The
11
enlarged
them
contradict the
policy which the Treasury is
^following, and must follow, in
directly
Bank deposits already
of the
possible
war
porary gains will melt away
ond leave heavy losses behind
only has no intention of the sort
and won't do it; any such step
would
of
course
the coordination of
on
said, in compliance with President
Roosevelt's request that steps be
taken to assure an adequate sup¬
guards to insure fairness.
The
requires that of each 2,000
silver coins minted, one -be pre¬
served under rigid safeguards for
testing by the Commission. With
nearly
2,000,000,000
coins pro¬
duced by the United States Mint?
in 1941, the "take" for inspection
with the greatest/ever, said the
Treasury!• Department / announcelaw
months' experience with the.pro¬
\he people were "ready to pay
domestic
con¬ sfter
every non-essential expense
sumption and restored the flow has been eliminated." The report
of
exports.
But these tem¬ added:
that
these
Government
The
fears.
destructive
*he
no
are,
for
whatsoever
grounds
this even though we
hate the idea that it had to be
expect
-
savings ac¬
in de¬
There
bonds.
fense
;
investment
for
counts
confiscate, or
or
these
commandeer
is
Government
National
the
I
tax
ductivity1'V of the proposed sales
to supply a war de¬ tax and increased income taxes, i
mand that is especially heavy
The
Chamber
report, which
for fats and oils, meats, dairy
was
presented
by William ,T.
products and certain specialty
Schieffelin, Jr., Chairman of the
■tirops.
This means a strong Tax
Committee, emphasized that
market at good prices.
We may it was essential that as much as
But I have heard enough
t
"to advise
ing the fineness and weight o*
the nation's fuel supply and to
samples taken from the record
meet
war-time
needs."
Those
The Commission
products was recommended to 1941 coinage.
convened
Congress by the New York State was
by Mrs.
Nellie appointed represent the coal in¬
dustry, transportation and mine
Chamber
of
Commerce
at
its Tayloe Ross, Director of the Mint
labor.
Mr.
Ickes
added
that
meeting oil Feb. 5 as a means of The Director reported to Secre¬
others representing the public in¬
raising approximately $4,000,000,- tary of the Treasury Morgenthav
terest will be named lated.
The
100 to help to currently defray that 209,682 coins were selected
committee was formed, Mr. Ickes
the costs of the war.
The sales at random under elaborate safe
on
definite
be
to
r
Annual
1942
to
really widespread and general.
it
believe
cannot
the
distinct problems when they
arrive. ,; The actions and poli-r
period, probably for
Illinois farmers will be
I
that
of
*s
unjustified
■
senseless
so
tax
Solid Fuels Committee
Secretary of the Interior Ickes,
in his capacity as Solid Fuels Co¬
Assay
Commission met
at the
Philadelphia Mint on Feb. 11 for ordinator, has appointed an In¬
the traditional ceremony of test¬ dustry Committee on Solid Fuels
Members
be treated be raised from corporate and in* mentV-Mi.-K/ > 7*'■ '- : /--*v~; ■ i,T * ^
dividual income taxes.;: It was
The Commission is one of the
suggested that the means of rgis4 oldest institutions in the Govern¬
«ues of today set the pattern for
ing the other two billion shoiild ment, having been created in 1792.
the future.
be left to the determination of and having met each year since
f
1 ;
We are now operating as part Congress in the autumn session that time.
■
■.//•. V * •'/$*» J ;/
phases
separate
1
movement
and
elsewhere.
or
sales
for 1942" which had as its
(1) While goal the raising of at least $7,000actual military activities con¬ 000,000 in new: revenue for the
tinue; (2) during the period, of (943 budget.
In .addition to the
reconstruction, and (3) in the money produced by the sales tax,
the Chamber Committee recom-?
post-war world.
These are by no means three mended that an additional billion
signed subject.
The .report has
others
consid¬
be
can
retail
Commission Assays Coins
:
imposed at the point of final sale
wi all heavy as well as consumer
ered in three stages:
banking field even though it
has nothing to do with the as¬
<
farmer
nation-wide
A
Thursday, February 19, 1942
99.8%
sales
securities
value
of
on
ex¬
total
all exempted securities
exchanges/.for
amounted
crease
to
the.' year 1941
$8,301*280 an in¬
of 7.1%
over
1940.
- -
.
(
-
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4048
52,968,000 tons
Unemployment Halved In 1941, Says Board
Unemeployment last year dropped to the lowest level since
1930, according to estimates released by the Division of Industrial
Economics of The Conference Board
Feb. 14.
on
Last
1939, and 857 in 1940, said the
Board, which also had the follow¬
21%
per¬
1941
3,700,000 of
than in 1940. About
added to civilian in¬
were
The greatest gain
manufacturing,
in
which
employment
averaged
13,200,000 last year as compared with 10,500,000 in 1939,
i.and 11,300,000 in ,1940. Employ-?
in
came;
.
,
ment
in
construction
October.
also
rose
sharply from
:
1,900,000 in 1940
2,600,000 in. 1941, a gain of
almost 37%.
The sharpest per¬
centage increase, however, took
place in the armed forces, with
approximately three times as
.
under
men
arms
as
level
the
the
number
-
engaged
and
downward
from
11,253,000.
timate of
1935
level
of
level
utilities)
es¬
farm
in
the
in
were
a normal rise in
employment
in
These
trade
and
distribution
increased
meet
to
December holi¬
day volume. Excluding agricul¬
and
ture
the armed
trial
employment
is
lower than
about
350,000
463,000
the
was
40,793,000, as compared with
40,732,000 in November and 40,-
the
of
ment
added:
from the
steel
capacity
de¬
from 6,997,00 tons to 6,721,000 tons at
the end of the year.
slightly last
year
and
No,
lowest
-
v
makes
issued under the
The
|.
circular
President Roosevelt asked Con¬
gress
Feb.
on
10
to
tained
14.
appropriate
$5,430,000,000 to meet the lendlease aid requirementsof those
countries fighting the Axis, which
are
not otherwise provided for,
such as agricultural and industrial
commodities,
storage
facilities,
services, etc.
A breakdown of
in
Public
sold
or
thorization
of
under
of
one
licenses
which
transactions on behalf
neutral countries of
r
follows:
industrial
commodities,
and
$3,567,115,-
Q00.
Vessels
#
and
ships,
$734,420*-
000.
their
nationals,
containing
TRF-4
is
required to
Necessary services and ex¬
$680,000,000.
Testing and reconditioning of
defense articles, $208,000,000.
penses,
j
* Trucks- and
$129,015,000.
Facilities
;
of
use
the
other
According to
the
other
the
filed.
to
Average'|
December
-1941
Octo¬
Total
Total
employment
1941$
1939
1940
7,787
3,442
9,551
7,263
1,672
47,282
53,240
8,614
10,420
201
t 223
beri
-
-
bert
:2,796
3,228
52,152
51,758
9,349
8,665
209
203
20,798
20,457
(in¬
cluding armed forces) ,'44,872
Agriculture
■—
10,818
_
Forestry and fishing.,
Total industry-,^.—wit
v
-
•
46,546 v' 51,342
10.443
10,271
208 ■f
.198
16,854
15,639
*
44,499
8,641
-
215
198
19,711
16,515
,
•
18,271
,
20,918
sires
■;
■758
13,198
756
1,610 i,
773
utilities
1,948
7,511
_____
2,606
934
Transportation
1.907-
764
11,280
31,871
Construction
Public
s
11,288'
707
10.517
_■„__
12,122
-.810
806
804
13,951
13,890
13,831
2,810
2.791
2,545
.
r
;
•
1,579
2,441
2,134
1,942
1,976
2,300
>•2,269
2,238
956
1,015
940
968
1,047
1,042
1,039
7,631
7,843
8,082
8,197
7,980
8,047
8,403
-
Trade, distribution and
finance
Service
industries
(ln-
9,978
Miscellaneous industries
10,432
12,188
10,092
10,951
12,539
12,589
12,861
928
eluding armed forces)
i
.978
1,113
972
1,048
1,161
1,161
1,169
Emergency employments
WPA, CCC, and NYA
•'
iout-of-school)
_
series.
2,959
2,498
1,926
2,730
2,447
1,472
1,503
1,463
For
comparable employment figures see "The Conference Board
Economic Record," Oct. 11, 1941, pp. 399-402; for unemployment,
"The Conference
Board Economic Record," Dec. 24, 1941, pp. 557-560.
tNot included in employment
total.
"^Preliminary.
•Revised
In
order
to
of
t
It has been pre¬
only
At
The steel industry of the
United States increased its annual
pro¬
ducing capacity in 1941 by 4,418,000 net . tons to a new record total
of
88,570,000 tons, according to the American Iron and Steel Insti¬
- At
the beginning Of 1941 the Nation's steel capacity was rated
tute.
-at
.
.
'
The Institute e^o reports as follows:
Since the beginning of 1940. <$■
sented a gain of 2,784,000 tons
installations of new equipment
last year.
V T
have raised steel capacity by 6,The gain in pig iron capacity
950,000 tons,.The increase in the
84,152,000 tons.
last six months of 1941
was
2,-
last year reflected
421,000 tons: Further expansion
of five
in
the
,,
capacity is under way.
larged to new record totals last
-
s
,year.c
-
*
been
<
tons
'•
Blast
frunaces
a
producing pig
<
•
to
total capacity of 60,-:
394^00" het--^ms -ah!the fbegiii*
Ding lof -this year, i This -repre¬
five
-
c-
^rebuilt,
*
Several
million
-
are
total
program
should be "added various
sums
set
the
War
1942.
-This£ was >a
000' tons
artificial
the
to Jan.
deficiency sup¬
ply bills for the Army, Navy and
time,
which
de¬
them and which
Commission of the
use
number
of copies
require and the
which
names
3,311,000,000 pounds up
1, 1942, the Department of
operations started in April, 1941,
over
$367,000,000.
The De¬
partment added that over 660,was
000,000 pounds of food and other
farm products
delivered for
were
shipment during December, cost¬
ing more than $67,000,000.
It
the
in the
The
they
area
further stated:
.
.
Animal protein products have
led the list in terms of dollar
curtailment
gas
of
an
amendment to Rule 12-
S-X
Regulation
so
as
it clear that Note 5 to
make
schedule
therein
prescribed
to
the
re¬
information
relative
to
rents and royalties only if the ag¬
gregate amount thereof is signif¬
quires
The Commission also states
icant.
that Rule 5-04 of Regulation S-X
also
was
clear
that
Schedule
amended
it
is
XVII
to
make
necessary
to file
Income
from
support of
loss statement
each
—
Dividends—in
profit
Since
and
the
it
schedule
as
to
also
the
filed.
calls
for
of
amount
the equity of the company in the
net
profit and loss of its affiliates,
required
to
be
though no dividends
theschedules
investments
are
re-,
of Rule 6-04 of Regulation S-X.
.
v
value
v
order
uses
prior
to
ment
was
struction
in
merly
ing foundation
fore
that
may
in
not
■
•
gas
The
for
verted
to gas from some other
unless
such
conversion
is
the
United
commodities
delivered
form, would fill more
69,100 freight cars and
up a train stretching for
a
distance
of
more
concen¬
than
575
miles. :
Gas
Pipe
Co.; Arkansas, in the area
by the Mississippi River
Fuel Co.; California," District ^-of
Columbia, Georgia, Illinois,. In¬
diana, Kentucky, Maryland, Mich¬
igan, Mississippi, except the area
Gas Pipe
New. York,
-Pennsylvania, - Tennessee,
Virginia, and West Virginia.
ac¬
$2,200,000.
of them in highly
make
,
Line
the United
vitamins,
over
lend-lease
than
.Delivery of
more
than ;140.-
000,000 ^pounds
of evaporated
and dry skim milk during the
served
,
and
for
many
subject to the order
Alabama, except for the area
by
over
trated
from
Sections
served
and
$39,000,000;
oils,
shipment to the
British from the beginning of
the program in April to Jan. 1,
operation
of
heating
equipment which has been con¬
are
Low
value
000,000.
the
within 10 days
the issuance of the order.
the
Non-foodstuffs, such as cotton,
tobacco, vegetable seeds and
naval stores, totaled about $77,-
build¬
completed
vegetables
than ■>
and
counted
the
fuel
from
Cumulative
concentrates
"
deliver
as
supplies for¬
nuts,
lard,
$26,000,000;
grain and cereal products, about
$18,000,000; and miscellaneous
foodstuffs, including numerous
fats
con¬
addition
of
obtained
fruits,
completed be¬
In
source
States
all
more
equip¬
the
the
Britain
United
dairy products and eggs
totaled about $114,000,000; meat,
fish and fowl, over $90,000,000;
,
the
or
and
was
date.
companies
for
1
specified
contract
of
Great
the
Countries.
of
March
to
the main
the 17 States does not
present
since
>
turned
serving."
are
.
as
aver-the : capacity
and
SEC
Agriculture
announced.
Total
cost of these commodities, deliv¬
ered at shipping points since the
manufactured
or
same
increased ported in the profit and loss, state¬ served
by
of Jan. 1, ment for the period of report. A Line Co.;
gain "of 1,564,- •similar amendment was made, to Ohio—
54,532,000 tons
the
than
more
Production
on
apply : to
existing custo¬
mers.
The
restrictions
apply
air forces.
It is estimated that
solely to gas heating equipment
these latter authorizations to the
and do not affect
cooking stoves
Allied nations might run as high
or refrigerators.
as
$10,000,000,000, bringing total
In the 17 States affected, gas
aid to around $30,000,000,000.
companies are prohibited from
delivering gas for heating new
SEC Amends Rule
homes, stores, factories, or other
The
Securities and Exchange buildings
unless the
heating
Commission announced the adop¬ equipment
has
been
installed
aside indirectly in
-Cok^ capacity .was
"
-
of
by
Agricultural commodities de¬
livered to the British Government
for lend-lease • shipment
totaled
-
$12,985,000,000, but to this figure
furnaces, and information
service
available
.
lend-lease
the
being ^dded to pig iron filed even
capacity this year.
:
'
fromsuch
:
iron had
blast
to
long idle furnaces-which have
Pig iron and coke capacity of
industry was also enr
the steel
-
new
return
the addition
and
copies will be needed.
adequate
gas for war
WPB
ments of countries entitled to de¬
dire c t ed the gas
companies
fense
and
clearance
has
been
throughout the country to take
obtained from the .War Produc-:
steps necessary to obtain maxi¬
tion Board."
mum supply if and when a short¬
;
Direct cash appropriations for
age exists or becomes
imminent
16
In 1941-^Further Expansion Under Way
various'
ICC
Communications
are
the
will
the
of the companies for which the
assure
natural
production,
after
consultation
with
representatives
of
the
govern¬
tion of
SteeUtiltoAiNiual Capacity At Record High
the
the
registrant
to
exact
it
of
of
furnished
notifies
pared
-
'
Extraction of minerals
Manufacturing
be
and
Cost Of Food For Britain
Board
for defense aid.
.
Novem- Decem-
ber
8,916
unemployments-
1940
they ;
copies
forms
any
Com¬
number
companies
for
will
be
needed.
Federal
will
exact
the
Commission
will
regis¬
the
required
of
Printed
on
the
copies
which
31,
furnish
to any
notifies
of
names
.......
1939
Dec.
-
which
mission
,
.
ended
year
'
.
copies of Form A
Smith, Director of the Budget,
Feb. 15, ordered curtail¬
age annual employment and un¬
recommending the appropriation, ment, effective March 1, in con¬
for
1939-41
and
890,000 in September. Agricul- employment
"the estimate isthe first sub¬ sumption
of
natural
gas
and
tural employment fell to a new monthly estimates for the last
mitted by the lease-lend adminis¬ mixed natural and manufactured
j low of 8,700,000. At the peak of quarter of 1941 are shown in the
trator
since the declaration
of
gas in 17 States and the District
^operations in June, almost 11,- attached table:
war and reflects the recent change
of Columbia. The order does not
Employment and Unemployment, December 1941, and Annual Averages*
in the method of providing funds apply to companies
distributing
'
on
:
supplies
letter of Harold
fur¬
How¬
The Commission will
during which brokerage houses
banks
may
adjust their
records so that they
may com¬
ply
with
the
new
require¬
equipment,
D.
fiscal
1941.
vehicles,
•
a
be
reports
covering
the
Restrict Natural Gas Use
and
selected
from Annual Report Form A" is
available for reports
Provision is made in the pub¬
lic circular for a
15-day period
ments.
annual
this practice has
been
discontinued and, no "Extract
of
form
new
with
ever,
gen¬
be
the
Com-.
iiie
Forms 12-K and 12A-K.
permit
report
years
only the
required to
schedules
Europe and
a
several
nished
and
$111,450,000.
,
,
•
au¬
of
for
;;;J'^r"''.f,,':v
trant
the
eral
;
prepared an "Extract.
from Annual Report Form A,"
No.
the
as
mission
pur¬
The
any
aver¬
'
con¬
are
so
changes
Commission
ex¬
Circular
Thus, if securities
chased
:■
For
facilitate enforcement of the 1%
limitation mentioned above.
as
Agricultural,
of
of
lows:
Department
FDR Asks More Lend-Lease
certain
31, 1941. Further
explanation of the changes were
given by the Commission as fol- "
new
involving amounts
ceeding i the
limitations
to
year ended Dec.
form (TRF-4) which must be
filed in any case where securi¬
ties
are
purchased
or
sold
under a Treasury
license
selected schedules
conform
Commerce
freezing order.
a
and
made in Form A of the Interstate
licenses
prescribes
to
Com¬
permitted, in connec¬
reports to the SEC on
12-K
vise the
uniform
to
12A-K.
a
to
the various outstanding reportis ihg, requirements- relating to
?Uie- purchase, -and sale of! sepursuant
and
12A-K, to file >
schedules in lieu
complete Form At The pur¬
pose of the amendments is to re¬
:?
curities
the
certain selected
of
also
is asked is
.! 1
.
Forms
The
14
announced
are
witn
...
Circular
simplifies
.
Bessemer
clined
other
estimates
tion
any
this
Public
12-K
Form A
than 1%
more
outstanding shares of
has
panies which report to the Inter¬
state Commerce Commission on
purchase,
for any
class of any corporation.
one
1,883,000 tons at the be-,
ginning of 1940.
•
The December total of 1,-
The Board's
blocked account of
of
Forms
14
the purposes for which this fund
month in 1941.
estimated
at
license,
total of
number
1940.
forces, the
number reported in total indus¬
v
work
reported engaged
in WPA, CCC and NYA (Out-,
of-School) activities has been
cut by more than a third dur¬
ing the past three years. This
emergency labor force averaged
1,900,000 in 1941 whereas it had
previously reached almost! 3,000,000 in 1939 and 2,500,000 in
December,
fully offset
1941.
by
and
at
the
special
used
are
increased nearly 99%
-
Employment
The
reported
engaged
in
manufacturing, construction and
transportation
(min¬
Government Emergency
were
number
,
of
below November.
employment
Trends In December
in
number
500,000
October
since the World War.
Slight decreases
the
almost
was
is the low¬
year
industries
basic
prohibits
without
No.
.
indus¬
erals, manufacturing, construc¬
tion, transportation and public
10,271,000 engaged in
agriculture last
est
its
The Board's
exception
service
13,890,000 in November. In
the five
in
agriculture has moved steadily
of
the
and
Employment in manufac¬
turing is estimated at 13,831,000,
as against
13,591,000 in October
lower than in earlier years. The
average
trade
which
Circular
SEC
adoption of minor amendments
has
restriction, said
the
announcement,. is to make
doubly sure that" the Treasury
chiefly in the
production of high quality alloy
steels.
Such capacity has been
No¬
in
tries.
only
which the
employment remained
of
with
vember
in
.
Agriculture
was
major industry in
which
,>
April,
in December than
ment
1940.
total
since
,
Public
of
ployment amounted to 7,300*000,
and in December, 1939, it was
9,600,000.
All
the
major:: industrial
groups reported lower employ¬
to
many
December
largest
;
In December, 1940, unem-
1941.
r
The
.
the
was
electric
Department
issued
making purpose
represented a gain
nearly 45% last year in the
capacity of electric furnaces,
3,200,000, as compared with 2,800,000
in November and -1,700,000 in
f
-
(
The Conference Board at
■
for
Treasury
Changes ICC Forms
The
1942.,
ury Department licenses for the
;
Electric furnace capacity was
purpose of acquiring a substan¬
increased by 1,151,000 tons last
tial interest in American corpo¬
year to a new peak of
3,738,000 rations. The
Treasury's announce¬
tons.
This
ployment and the continued ex¬
pansion of the military forces.
The total number without jobs
t in December is estimated by
armed forces.
*■
over
The
SEC
Additional open hearth capa¬
city totled 3,542,00 tons, bring¬
Department may deal specifically
ing the total of such capacity with
any attempt on the part of
to 78,107,000 at the
beginning of blocked nationals to utilize Treas¬
*
dustries, while an additional 1,100,000 were brought into the
and
,
steel.
,
these
hearth
capacity
open
Blocked Account Paying
Of Am. Shares Restricted
steel
above the 1929
capacity of
furnace
the high level of industrial em-
5,000,000 more
found
jobs during
sons
in
third consecutive month despite
Almost
in
The gain for last year was ac¬
counted for by large increases
employed on the farms.
As a result of the continued
contraction in agriculture total
unemployment increased for the
,
increase
72,985,000 tons.
ers were
ing to say:
year's
capacity brought the total
The average num¬
ber of unemployed is estimated at slightly less than 3,500,000, or
fully 50% below the comparable 1940 total of 7,800,000.
During the
past year, 937 of every thousand gainful workers in the labor force
were
employed, in contrast to<«>
only 766 per thousand in 1933, 834
800,000 family and hired work¬
in
June 30, 1941,
on
when this figure was issued for
the first time.
773
month of December
than
in
Movement
*'
Missouri,
.-
of
beans l and
dried
-fruits- also
creases.,-
,.
greater
was
previous
any
month.
cheese,
meats,
and
canned
showed marked
&
-
>r:
•
in¬
.
mmwm
THE COMMERCIAL & FINANCIAL CHRONICLE
774
Thursday, February 19, 1942
Nw. Gas Go. Statistics
In Market Value Of Stocks On New York
Stock Exchange Higher In January
February, 1942, reported that
The United States For Nov. And Dec., 1941
of
Production And Utilization Of Electric Energy
.The
o
American
Association
Gas
in
The
production
electric
of
public use
for
energy
during the
1941, totaled 15,353,703,000 kilowatt-hours ac¬
cording to reports filed with the Federal Power Commission.
This
represents an increase of 16.5% when compared with December, 1940.
The average daily production of electric energy for public use
for the fifth consecutive month reached an < all-time high which
month
of December,
This is an increase
cf 2.3% when compared With the average daily production during
the month of November, 1941, and is the fifth consecutive time
that the average daily production has exceeded the half billion
for
December
kilowatt-hour
month
mark.
effect
The
533,115,000 kilowatt-hours.
was
-
somewhat
of
reflected
is
hydroelectric
*
■
the
in
below
table
December
during
plants
the
comparing production by
with production for No¬
vember.
1941
NOVEMBER,
v
.V
WITH
COMPARED
1941,
PRODUCTION—DECEMBER,
HYDROELECTRIC
,
% Change
Deo., 1941,
Dec., 1941,
•
'
'!
Atlantic
South
Atlantic
—
————.
.
United States Total
+55.6
—
Nov., 1941
Central—
South
Pacific
—15.5
Over
-
.
Mountain
—14.1
West North Central-.
-
West South Central
+23.4
—
North Central
East
East
1.2
+
-
i
Region—
Nov., 1941
England
Middle
,
Over
■
Region—
New
$40,279,504,457.
•
The
+26.4
—16.6
— 7-8
+15-7
+10.1
*
Stock
of
• —
.
close
business
of
Group—
of the total output for public
- i.'v
•
Total production for public use for the twelve-month period
ending Dec. 31, 1941, was 164,946,000,000 kilowatt-hours as com¬
pared with a-production of 142,266,000,000 kilowatt-hours for the
twelve-month period ending Dec. 31, 1940, representing an increase
477,827,000 kilowatt-hours, or 29.2%
of
0
'
use.
,
the previous period.
The movement of electric energy across
15.9%
over
ing
kilowatt-hours, leav¬
net balance of 85,342,000 kilowatt-hours imported to the United
the net
a
exports to Mexico were 1,961,000
States.
266,590,352
/+/
received during January, 1942, indicating that
the capacity of generating plants in service in the United States
on
Dec. 31,
1941 totaled 44,024,219 kilowatts.
This is a net in¬
crease
of 236,182 kilowatts over that previously reported in ser¬
vice on Nov. 30, 1941.
Occasionally changes are made in plants
which are not reported promptly so that the figures shown for any
one month do not necessarily mean that all the changes were made
were
that they were reported to the Commismonthly report was issued.
month but
that
during
the previous
sionsince
PRODUCTION
OF
ELECTRIC
PUBLIC
ENERGY FOR
USE IN THE UNITED STATES
for
machinery
—
—
52.94
5,355,668,266
1,180,815,850
29.49
43.55
546,319,188
41.69
13.09
649,999,073
12.68
25.10
2,374.360.761
25.48
23.33
39,237,391
23.43
Garment
-
By Water Power
November
Division—
New
1941
-i
,
England
November
December
December
November
December
201,381
—
203,822
658,192
751,322
859,573
13.648,700
196,440,271
23.41
177,251.055
1,232,776,189
12.12
1,175,138.099
704,406
2,859,287
3,033,381
3,429,910
1,430,120,290
24.19
1,427,202,304
354,890,271
342,613,256
15.47
3.827,396,430
19.92
3.908,427,768
20.30
f 2.926,952.786
25.95
2.642,172,870
24.03
1,821,113,642
24.83
1.810,850,388
25.56
247,084,151
23.33
93,597,506
21.84
95,771,573
275,615
3,088,280
3,665,190
Central-
320,786
233,913
585,274
3,389,575
666,580
2,409,066
276,697
861,971
900,493
Atlantic
243,469
378,939
1,592,085
1,604,419
1,835,554
1,983,358
350,146
442,595
402,286
403,055
752,432
845,650
58,472
696,553
735,806
East
North
.
Central-
East
South
West
South Central-
realty
__
Mining
Petroleum
_
Railroad
Retail
merchandising
Rubber
3.12
15,212,179
—
____
_
____
and operating
Shipping Services
Steel, iron and coke
•—
Pacific
United
70,124
..
States
794,278
766,677
730,133
673,480
128,025
143,846
858,158
817,326
1,302,230
1,506,585
157,798
147,892
1,460,028
1,654,477
—
__
Total—
4,065,589
4,477,827
10,167,780 10,875,876 14,233,369 15,353,703
electrified
railroads, and publicly owned non-central stations, not in¬
of
Production
steam
cluded
above
was
electric
energy
follows:
as
by electric railways,
; /
.
1
.
5.16
7,324,325
2,086.811,348
(In
Thousands of
Tobacco
23.63
310,542,841
-
22.42
1,126,370,263
42.13
1,072,194,112
40.10
1.615,323.725
17.48
1,580.556.526
17.11
751.008.801
—
7.84
730,367,326
7.62
2,827,149,096
November
Division—
States
United
December
20,188
Gas and electric
(operating)
(holding).—.
—
electric
and
Gas
Communications
68.68
68.62
2,862,254.492
+—
The War Production
Feb. TO
raw
country.
In
November
62,807,128
8.62
467.280.473
14.19
699.835.389
17.29
656.674.217
16.22
109,340.160
18.63
102,524.683
17.47
hereafter
35,228,397.999
24.70
35,785,946,533
24.46
and
by the
Corporation.
—
All listed stocks
and the average
compilation of the total market value
price of stocks listed on the Exchange:
Market Value
Price
31.68
45,636,655,548
31
$40,279,504,457
livered
39,398.228,749
39,696,269,155
22
27.08
31
31
Feb.
29
Apr.
30
Mar.
30
46,694,763.118
32.34
;
May
31
Apr.
30
46,769,244,271
32.35
:
June
30..
31
36.546,583,208
25.26
July
31
—
June
_
29
July
26.74
38.775,241,138
31
_
_
28.00
>
28.56
I
42,673.890.518
31
30
—
29.38
41,848,246,961
_
,
Oct.
(in Thousands of
281,241
Ktlowatt-hoursj
Percent
Month
304,274
110,145
158,661
January.*,..
February
1941
1940
1941
1940
1941
.+
Total
Fuel
Water Power
Change
1940
1941/1940
462,935
306,979
417,124
11.1
14.2
150,455
153,435
118,468„
313,581
288,000
464,036
406,468
136,898
304,422
258,050
457,857
394,948
Nov.
29
28.02
39,057,023,174
31
171,042
279,802
230,841
450,844
391,930
15.0
—
147,914
161,089
159,031
319,814
237,785
467,728
396,816
17.9
June
145,123
152,060
338,158
257,913
483,281
409,973
17.9
July
August
September
151,609
143,845
334,190
267,905
485,799
411,750
136,754
136,206
363,708
284,575
500,462
420,781
18.9
143,031
140,121
365,046
288,713
508,077
428,834
18.5
& 17.1
April
May
October—.
143,653
125,155
371,623
315,003
515,276
440.158
148,923
147,145
372,446
311,274
521,369
458,419
37.882,316,239
Z
25.87
31.—
Jan.
155,480
154,210
377,635
309,627
533,115
463,837
+ 14.9
—
be
24.70
36,228,397,999
days in the month in question.
And
Consumption
construction for the week (Feb. 12), $104,893,000,
the fourth consecutive week. This
volume, however, is 35% below the total for a week ago as released
on Feb. 12 by "Engineering News-Kecord."
;
are:
\
<
'
Feb.
in
and 240,102 tons were anthra¬
cite.
These are increases of 6.9% in the consumption of bitumin¬
ous
coal and 1.8% in the consumption of anthracite when com¬
tons were bituminous coal
'
*
(five days)
(five
days)
Construction.
Total
Private
Public
State
and
Federal
-
Construction
Construction
*
Municipal
—
--—\
—*—
:
—>
.
—.
—
$96,346,000 $161,090,000 $104,893,000
20,408.000
21,647,000
7,943,000
75,938,000 139,443,000
96,950,000
14,701,000
—
—
61,237,000
9,543,000
129,900,000
11,801,000
85,149,000
In the classified construction groups, gains over last week are in
which had one less day.
during December, 1941, totaled waterworks, sewerage, bridges, earthwork and drainage, and streets
1,937,905 barrels as compared with 1,731,316 barrels during No¬ and roads. Increases over the totals for the short 1941 week are re¬
vember or an increase of 11.9%.; During the same interval the ported in waterworks, bridges, earthwork and drainage, and un¬
consumption of gas increased to 17,109,075 MCF in December from classified construction. Subtotals for the week in each claSs of work
with the preceding month
The consumption of fuel oil
The total stock of coal
on
Jan. 1,
1942
was
on
an increase of 2.9%.
hand at electric utility power plants
14,078,010 tons.
This
was an
increase of 2.3%
as
compared with Dec. 1, 1941, and an increase of 12.2% as compared
Of the total stock, 12,820,532 tons were bitumin¬
with Jan. 1, 1941.
ous
for
coal
and
1,257,478
bituminous
tons
and
coal
a
were
anthracite,
decrease
of
6.1%
compared with Dec. 1, 1941.
In terms of days' supply, which is based
sumption for the
an
for
on
increase
of
anthracite
the rate
of
3.2%
when
con¬
month in question, there
were sufficient stocks
Jan. 1, 1942, to last 67 days and suffi¬
days' requirements.
These may be com¬
of bituminous coal on hand
cient
anthracite for
162
pared with 67 and 170 days' supply respectively for the previous
month-
that
sure
cer¬
not
are
lines
in
used
in the
or
shroud lines.-
the
of
cores
-
This, order was followed by
telegrams to all silk processors,
directing them to sell their entire
.
holdings of
silk
raw
the
to
De¬
fense
Supplies Corp. at ceiling
prices or otherwise their inven¬
tories would be
requisitioned. ■/'
Curb Short Position
dealt
short
in
position
the
on
of
stocks
York
New
Curb
Exchange for the month of Janu¬
pared
16,634,442 MCF in November, representing
to make
chutes and
shroud
Total
13, 1941 Feb. 5, 1942 Feb, 12, 1942
(four days)
top
grade silks are con;> served for the canopies of para¬
Engineering
763,000, an increase of 15^% over the total for the opening sevenperiod last year. Private work, $80,711,000, is 67% below the
period a year ago, but public construction, $814,052,000, is 53% higher
as a result of the 98% gain in Federal volume. /
Construction totals for the 1941 week, last week, and the current
is
tain
tops the $100,000,000-mark for
week
Coal consumption by electric power plants was 6,156,018 tons
December, 1941, which is an increase of 388,310 tons from the
November, 1941, consumption, and an increase of 1,222,010 tons or
24.8% over the consumption for December, 1940.
Of this total 5,-
parachutes until the grade and
type has been approved by the
Defense
Supplies Corporation.
This
week
•Computed by dividing the monthly production by the number of equivalent week
915,916
_
is required
3. After March 1, no silk may
used in the manufacture of
••
24.46
35,785,946,533
1942—
Public construction for the week is 30%. lower, than in the. pre¬
13.7
December
Stock
28.80
silk
26.66
ceding week, and private is down 63%. ? State and municipal work
tops a week ago by 24%, but Federal construction is 34% lower,
and is responsible for the public decline.
. \
,
v
The current week's volume brings 1942 construction to $894,-
18.0
November,
Coal
41,890,646,959
..
made
Supplies Corpo-
quantity of
by a para¬
chute manufacturing plant to
complete an order.
Engineering Construction Down 35% In Week
15.9
,—
March
31
all deliveries must be
raw
28.32
41.472.032,904
Dec.
28.72
still be de¬
may
to
ration, which in turn will make
28.46
41,654.256,215
.
,
previ¬
available whatever
40.984,419,434
31
silk
23
25.78
27.07
-
; v-
;
M
Feb.
25.84
37,710,958.708
37.815,306,034
Sept. 30
27.51
40,706,241,811
41,491,698,705
Sept. 30
__
-
30
Aug.
39.991,865,997
31
Aug.
except to
Defense Supplies
to the Defense
.
31.96
-
-
silk may
raw
made
27.24
Jan.
amendment
parachute manufac¬
turers, if available.
After Feb.
$27.68
28
Mar.
$32.37
$46,467,616,372
__
Jan.
Feb.
30
1940—
be
ously purchased
Price
1941—
1939—.;
Dec.
sale of
Until
2.
Average
Average
Market Value
No
1.
December
247,679
ELECTRIC ENERGY*
supply in this
third
that:
9.76
businesses
control of
M-22, WPB ordered
15.24
Total
259,094
227,491
silk
a
to Silk Order
71.600,855
companies
Board yon
took complete
the entire
501.730.204
Miscellaneous
18.0%,
revenue
for domestic purposes
4--.—
Foreign
in
7.5%.
companies operating abroad
Miscellaneous
U. S.
Nov.
November December
22,147
Total—
AVERAGE DAILY PRODUCTION OF
increase
sales
for in¬
gas
WPB Controls Raw Silk
-1941-
1941
than
Revenues
gained
Utilities:
Dec.
Kilowatt-hours)
< By Fuels
-1941
re¬
more
of natural
purposes
the
from
was
41.06
331.484,246
sales
while
.
By Water Power
utilities
$46,652,500 for
3.99
41.26
Textiles
Oct.
1
>
of
revenues
dustrial
22.34
9,475,632
2,097.073,010
May
Mountain
gained 2.5%.
gas
24.69
270,691,033
from
24.14
16.02
and
3,737,787
West North CentralSouth
than
more
the, month,, or. 11.9%for
November,
1940.
17.27
(excluding iron)
Paper and publishing
natural
ported
21.13
Machinery and metals
Leather
955,144
570,623
—
Middle Atlantic
1.4%
were
purposes
The
We give below a two-year
1941-
uses
correspondingj month of
while revenues for house
1940,
2.80
Total
-By Fuels
.1941
■
in¬
do¬
the
heating
(In Thousands of Kilowatt-hours)
■
16.0%
revenues
56.23
29.93
669,609,557
_
21.67
1,198,424,467
Financial
17.35
253.547.514
5,043,609,496
—-———
Electrical equipment
377,874.266
21.24
2,338,094.636
Chemical
equipments-
18.37
249,451,552
570,720,024
office
Ship building
Reports
mestic
16.85
400,180,415
.
-
_
and
Business
Food
12.83
20.49
39,072,889
Building
Farm
268,580.445
16.75
increased
commercial
546,500,764
21.42
Revenues for indus¬
year.
purposes
2,448.650.776
12.60
-
2,559,122.040
an
creased 4.0%. Revenues from
*
548.835.197
Automobile
Aviation
Land
state lines totaled 3,-
032,486,000 kilowatt-hours or 19.8% of the amount generated for
public use.
The net imports from Canada totaled 87,303,000 kilowatt-hours
and
Price
of $33,606,400
increase of 3.1%
revenues
month,
while
Average
Market Value
Price
ago
the same month of the pre¬
trial
Dec. 31, 1941
$
4,-
from
ceding
Market Value
users
year
The manufactured gas industry
for the
each:
.
a
$29,337,100 in November, 1941,
gain of 14.9%. Revenues from
reported
following table listed stocks are classified by leading
industrial groups with the aggregate market value and average
Average
$25,524,500
of 4.4%.
the
—•—Jan. 31, 1942
Revenues from
commercial
uses
such as
cooking,
heating and refrigeration,
etc., rose from $48,682,100 in 1940
to $50,821,800 in 1941, an increase
listed shares and their total market value.
price for
from
rose
to
and
water
stocks on that date was, therefore, 0.90%.
As the above
figure includes all types of member borrowings, these ratios will
ordinarily exceed the precise relationship - between borrowings
Amusement
production by water power in December amounted to
The
increase of 8.0%.
industrial
domestic
Jan.
listed
In
utilities amounted to
gas
$80,158,900 in November, 1941, as
compared with $74,206,600 for the
corresponding month of 1940, an
a
Exchange's announcement added:
the
natural
and
manufactured
revenues
-
31, 1942, New York Stock
Exchange member total net borrowings amounted to $324,558,799.
The ratio of these member borrowings to the market value of all
on
,
change
..
Jan. 31, 1942, there were 1,237 stock
1,466,994,284 shares listed,on the New York
Stock Exchange, with a total market value of $36,228,397,999, the
Stock Exchange announced on Feb. 5.
This compares with 1,232
stock
issues, aggregating 1,463,295,021 shares listed on the Ex¬
change on Dec. 31, 1941 with a total market value of $35,785,946,533
and with 1,228 stock issues/ aggregating 1,455,212,004 shares listed
on
the Exchange on Jan. 31, "€941 with a total market value ot
aggregating
As
f
normal stream-flows during
more
As of the close of business
issues
are:
reported
ary,
of
as
Jan.
amounted to 16,045
shares
with
shares
pared
9,275
in
De¬
Exchange
1941, the
cember,
31,
as com¬
an¬
nounced.
Eight issues showed
of
sition
than
more
waterworks, $1,628,000; sewerage; $1,536,000;-bridges, $1,846,000;' They were:
4
-
short
a
400
po¬
shares.
-
"
industrial buildings,
$4,508,000; commercial building and large-scale
private housing, $2,960,000; public buildings, $44,279,000; earthwork
and drainage, $31,200,000; streets and roads, $4,197,000; and unclassi-s
fied construction, $12,739,000.
capital for construction purposes for the week totals $542,-;
over the volume reported for the cor¬
responding week last year.
The current week's financing volume
is made up of $7,461,000 in State and municipal bond sales, $3,625,000
New
291,000, an increase of 5%
corporate security issues, $2,500,000 in RFC loans for industrial
expansion, and $528,705,000 in Federal construction funds from the
Naval Appropriation Act.
.
New construction financing for the year to date, $1,104,629,000,
in
is 79% above the total
for the seven-week period last year.
Jan., *42 Dec., '41
American
Cyanamid
Co.
"B"
1,066
Natural
Arkansas
Gas
Corp.. "A" non-vt. cornGas & Elec.
American
common
E. W,
Co.
Bliss Co. common-,!
Ford
Motor
(Eng.)
Pantfepec
ADR
Ltd/
Co.
ord.
Oil Co. of
reg
>
~
525
Aviation Corp
Aircraft,
200
___
"
510-
486
Republic
___
-
Vene¬
zuela
Vultee
700
661
.
770
-
Inc.
4,513
1,000
100
___
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4048
Volume 155
Trading
Index
Labor Bureau's Wholesale Price
The Bureau of Labor Statistics,
lot
Week Ended Feb. 7
Declined 0,2% During
the
on
the
account
of
during the week ended Jan. 31
members
NYSE Odd-Lot Trading
(in round-
The
transactions) totaled 808,765 shares, which amount was 14.63%
total
of
U. S. Department of Labor, an¬
Exchange for
Stock
(except odd-lot dealers)
775
transactions
with
compares
the
on
member
of
Exchange
trading
the
during
This
shares.
2,762,890
previous
ended
week
Securities
Commission
13
a
Exchange
public on Feb.
for the week ended
summary
Feb.
and
made
7, 1942, of complete figures
general but moderate reaction Jan. 24 of 876,220 shares, or 15.70% of total trading of 2,789,170 showing the volume of stock
in commodity markets during the first week of February led by a shares.
On the New York Curb Exchange, member trading during
transactions for the odd-lot ac¬
drop in agricultural commodity prices.
The Bureau of Labor Sta¬ the week ended Jan. 31 amounted to
count of all odd-lot dealers and
148,205 shares, or 16.55% of
tistics' index of nearly 900 price series fell 0.2% from the high point
specialists who handle odd lots on
of the preceding week to 95.7% of the 1926 average.
At this level the total volume on that Exchange of 447,675 shares; during the the New York Stock Exchange,
the all-commodity index is 0.7% above the corresponding week of preceding week trading for the account of Curb members of 157,970
continuing a series of current fig¬
January and nearly 19% higher than last year at this time. .
shares was 16.39% of total trading of
ures being published by the Com¬
481,775 shares. "
e
mission.
The figures, which are
The Bureau's announcement further stated:
.
,
nounced
Feb. 12 that there was a
on
.
The
•.
product prices, fuel
0.5%; foods, building materials
and miscellaneous commodities, 0.2%; and textile products and
chemicals and allied products, 0.1%.
An increase of 0.1% was
recorded in the hides and leather products group index.
addition to
In
and
.
.
..
/
decline of 1.2% in farm
a
wheat, barley and oats,
.for eggs, for citrus fruits and sweet potatoes, and for cows_ and
lambs largely accounted for the decline in the farm products
group index.
Quotations were higher for corn and rye, and for
declines in prices for cotton,
Sharp
-
.
■
white potatoes. However, livestock
1.9% above the preceding week, as
were reported for
steers, hogs, and live poultry.
weeks average prices for farm products in primary
apples
\
and
prices
j
were
published
and
the
Number
Total
and poultry
higher prices
In the past 4
markets have
1. Reports
based
are
New
York
of
of a new price
prices for coal in some
and lighting materials
actions
Reports showing no
initiated
*
;
Office of Price
k. Total
Round-Lot
Other
prices for plumbing
175
71
598
568
Commodity Groups—
1;5.7
products
Hides and leather
lighting
products
Building materials,.
Chemicals and allied products—
Housefurnishing goods
Miscellaneous commoditiesRaw materials
———
Semimanufactured articles—
Manufactured products-All commodities other than farm
Jan.
31,
1941
1942
1942
95.1)
80.5
—0.2
+0.7
70.7
—1.2
+
1.3
Customers'
93.9
Customers'
93.6
92.5
73.2
—0.1
+ 1.3
+
115.7
102.2
+ 0.1
+ 0.1
+
for
the
Except
for
75.4
—0.1
+ 1.2
78.9
78.9
72.9
—0.5
—0.6
+
Per Cent
a
Short
103.5
97.8
0
+
0.1
+
109.4
109.6
109.5
0.5
+ 10.1
108.9
99.4
—0.2
+
96.7
96.5
95.3
78.6
—0.1
+ 1.4
102.9
102.7
102.4
90.5
+
0
+
22.9
88.4
88.1
87.7
76.8
—0.2
+
0.6
95.5
94.5
73.8
—0.5
+
1.5
Total
a
91.8
91.3
81.2
—0.1
+
0.7
+
96.4
96.3
96.0
83.8
—0.1
+
0.3
+ 14.9
94.7
94.5
94.1
82.6
0
+ 0.6
a
purchases
b
-
sales
-
81,270
2.84
88,570
TotalX?
purchases
370,695
Short
sales
Other
sales
76,030
362,040
Total
b
84.6
94.3
94.S
—0.2
+
0.2
jan. 31,
Total
Sales
Stock
Transactions
for
14.63
and Stook
Ended Jan.
24,
1942
Total
sales
Other
Per Cent a
For Week
1. Total Round-Lot Sales
Short sales
Meats
4.
O.G
Paper and pulp
0.6
Paint
.
sales'
and paint materials
which they
in
Total
for
sales
*
-
0.3
Other
sales
Dairy
1>?
Bituminous
—-
*
5,275
Cereal
1-3
1.2
Coke
1.1
Nonferrous
—;
goods
°-8
+---
■
week.
20,105
b
Total
and
the
3.58
Short
was
sales
ratio
of
stocks
0.1
Odd-Lot
sales
88,385
385
—
16.55
Transactions for the Account
Specialists
Trading On New York Exchanges
made
public
were
a
46%
sales
13
figures showing
on
the New
0
sales
short
other sales
Total
Total
on
the daily volume of total round-lot stock
—
c
—-
York Stock Exchange and the: New York Curb
and the volume of
sales
29%
gross
less.
Hardwoods
the
current
The
7, 1942, for the cor¬
responding week a year ago, and
for the previous week, follows in
thousand
board
feet:
Hardwoods
1942
16,316
term
exempted from restriction by the Commission ruler
included with "other sales."
marked "short exempt" are
Sales
week
Feb.
ended
Week
——
sales.
b Round-lot short sales which are
e
7,
year
ago;
26,121
purchases
Includes only
are
to
26,121
"members" includes all regular and associate Exchange members, theii
ftrms and their partners, Including special partners.
'
,
* Shares
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
•
Feb.
and
1942
round-lot stock transactions for the
account of all members of these exchanges^ in the week ended
Jan. 31, 1942, continuing a series of current figures being published
by the Commission.
Short sales are shown separately from other
sales in these figures, the Commission explained.
Exchange
13%
orders
on
year
6%
for
Mills
Feb.
1941
were
unfilled
was
than
greater
Record
82,410
b
0.1
3.
Commission
10%
the
34% above pro¬
Softwoods and
Exchange
of
For the 5 weeks of 1942,
Softwoods
5,975
sales
Other
59,820
——
Customers'
and
orders
new
orders
Supply and Demand Comparisons
stocks
purchases
Customers'
Securities
5% be¬
Total
4.
of
The
the
for
was
1942, compared with 34% a
ago.
Unfilled orders were
500
20,605
0.1
—
and
ship¬
Comparisons
production
business
gross
11,485
sales
0.1
miscellaneous.'
above
The
•
•
sales
1.50
initiated off the
purchases
—
metals
1935-39
1935-39
duction, and shipments
above production.
8,585
—
sales
Total
Other
11.47
period.
8,785
———
—
b
0.6
0.1
_
products
•
products———
58,995
0.2
...
coal
of
same
4,625
sales
•
Total
products
week
average
corresponding weeks of 1941;
shipments were 2%
below the
200
Other transactions
3.
Other
3.2
products—
of
0.2
Decreases
—
Shipments
low
initiated on the
purchases
sales
Total
and fats
mills.
15%
above
production.
Compared with the corresponding
1941, production was 3%
less, shipments, 0.3% greater, and
new business, 0.5%
less.
The in¬
dustry stood at 157% of the aver¬
age
of production in the cor¬
new
Total
Short
Oils
regional
above production; new
shipments,
sales
floor
3.6
10%
Reported
53,720
b
Other transactions
0.1
Cattle feed
softwood
first 5 weeks of 1942
floor
0.1
Chemicals
from
covering
Year-to-Date
43,710
purchases
sales
Total
Leather
busi¬
new
the opera¬
tions of representative hardwood
the Ac¬
registered
are
Short
Plumbing and heating
0.4
Association
associations
151%
of specialists in stocks
I. Transactions
0.3
0.5
less,
447,675
l
Short
....
10%
were
responding
9,295
438,380
b
Round-Lot Transactions
count of Members
0.3
—
_
the
Feb.
ments in the
Total
13.2
S.
1.9
during
7, 1942, was 2%
less than the previous week, ship¬
and
on the New York Curb Exohango
Account of Members* (Shares)
Week
+11.7
—
_
1942
production
week ended
were
438,070
sales
Round-Lot
Total
Total
materials
to
reported with "other sales."
are
week of
Increases
Fertilizer
sales
orders
7, 1942
1942 to feb.
and
19% less, according to reports
to the National Lumber Manufac¬
changes in subgroup indexes from
2.6
foods
b
re¬
b Sales to offset
orders,
ness
7,300
sales
are
long position which is less than
a
ments
Other
:
4.18
68,125
sales
Other
odd-lot
Lumber
off the
purchases
Short
exempt"
Ended Feb. 7,
105.510
floor
Total
103,440
"short
Lumber Movement—Week
17,910
). Other transactions initiated
marked
round lot
107,810
sales
sales
61,000
7.21
226,080
.....
—
'Total' salfeS123,420
+14.6
94.7
94.5
—
percentage
Sales
liquidate
50,820
Short
60.910
sales.
customers'
175,260
b
sales
90
b_„
ported with "other sales."
194,760
—
transactions initiated on the
Total
+ 30.0
92.0
272,537
8,869,345
Number of shares
+ 14.8
96.4
total sales.....
sales
Total
floor
+ 13.7
0.5
6,218
266,319
a
Round-lot Purchases by
Dealers——
5.9
92.7
11,209
short sales...
Other sales
7.5
103.6
sales....
Hound-lot Sales by Dealers—
Number of Shares:
the
+ 24.0
92.4
78.8
10,988
value—
Dollar
Ac¬
sales
13.3
103.6
a__
Shares:
Customers'
1942
2,658,070
purchases
sales
Other
2.
28.0
115.7
farm
total
of
221
sales
Customers' other sales
"
96.6
102.9
88.2
95.9
91.9
96.3
other
Number
+ 41.6
95.5
100.3
by
Sales)
Cystomers' short sales
specialists in stocks
Other
+18.9
98.8
95.!)
93.6
Purchases
Number of Orders:
1941
1942
306,892
11,720,749
......
Dealers—
Stock Exchange and Round-Lot
Members* (Shares)
of
11,968
value
(Customers'
2,762,890
Short
2-8
1942
94.7
products and foods
1-10
103.6
products—
All commodities other, than
1-31
101.3
93.5
78.4
materials
Metals and metal
—
Odd-lot
they are registered
Total
7,1942 from—
115.7
products—-:— 115.8
Textile products
Lumber
Ended
b
Members,
in which
4.
2-8
'
100.1
93.7
*
Foods--
Cotton
Dollar
turers
1-10
by Dealers:
Number of shares.
Accounts of Odd-Lot Dealers
Total
1-24
1942
1942
All Commodities
Petroleum
the New York
oa
sales
1. Transactions of
100)
1-31
2-7
Sales
for week
.
Number of orders
floor..
the
Transactions
of
(2) percentage changes in subgroup
Feb.
Grains
Odd-lot
23
Specialists
Feb. 7, 1942,
=s
>
STOCK
Total
104,820
sales
Total
count
Percentage changes to
Other farm
186
sales
Round-Lot
8.
for the past 3 weeks, for Jan. 10, 1942
(1926
YORK
EXCHANGE
Sales
Short
and
month ago, and a year ago
NEW
ON
93
For Week
and the percentage changes from a week ago,
indexes from Jan. 31 to
.Other
THE
'
TH1
ODD-LOT
Total
tables show (1) index numbers for the prin-
and for Feb. 8, 1941
•]
+V;:
y
cipal groups of commodities
v,
750
Week Ended Feb. 7,—•
Transactions for Account
Other
'
Fuel and
.
FOR
OF
SPECIALISTS
AND
as
Week
Administration at prices below the prevailing mar-
The following
Farm
•
ACCOUNT
DEALERS
Customers'
ket level.
a
'
transactions
off
Stock
flooring and timbers, and
for Ponderosa pine boards and for paint materials, including
linseed oil, rosin and turpentine. Prices were lower for maple
and oak flooring and for yellow pine dimension, drop siding arM
finish.
Quicksilver declined 3.4% as a ceiling was set by the
r
'
TRANSACTIONS
ODD-LOT
trans-
Total Round-Lot Stock Sales
equipment and for yellow pine boards,
:
8TOCK
Exchange "
classification.
Odd-Lot
.
1,044
based upon reports filed with the
' Commission
by the odd-lot dealers
and specialists, are given below:
N. Y. Curb
%
Note—On the New York Curb Exchange, odd-lot transactions are handled solely b)
jpecialists in the stocks in which they are registered and the round-lot transactions oJ
specialists resulting from such odd-lot transactions are not segregated from the spe¬
cialists' other round-lot trades.
On the New York Stock Exchange, on the othei
band, all but a fraction of the odd-lot transactions are effected by dealers engagec
jolely in the odd-lot business.
As a result, the round-lot transactions of specialists It
itocks In which they are registered are not directly comparable on the two exchanges
The numoer oi reports in the various classifications may total more than the numoer of reports received
because a single report may carry entries in more than om
idex to decline 0.5%.
reported in
the
.
trans-
other
4.
prices for Connellsville coke, because
were
.
for
(Cystomers' Purchases)
showing
Reports
/
advances
n. Y. Stock
initiated on the floor—.
actions
3.
other
i
increases.
Continued
data
ig5
showing
Reports
-
•
market, prices of most
sliding scale ceiling of
the Office
of Price Administration.
Higher prices were also
reported for men's suits, for underwear ancl for cotton rope and
thread.
Manufacturers' prices for blankets recorded further
group
following
weekly reports filed with the New York Btocl
Exchange by their respective members.
Thesf
,
showing transactions
Following the break in the cotton
textiles declined because of the
Lower
.
Reports Received-..
cotton
ceiling, together with slight reductions in
areas
and for gasoline, caused the fuel
upon
Curb
specialists
2.
.
'
the
Exchange
feed prices
?.
data
The
Exchange
1.3%
risen
•
available
*
reports are classified as follows:
and are more than 41% above a year ago. Cattle
declined 3.6% during the week.
.
Lower
prices were reported for butter, cheese, for fresh
beef, veal, lamb and dressed poultry, and for flour, oatmeal, cocoa
beans and pepper during the week.
Quotations were higher for
rice, corn meal, bananas, canned salmon, oleo oil, glucose, pea¬
nut, butter and jelly. The average prices of foods in central markets
is 28% above the early February, 1941, level.
{
made
week ended Jan. 31:
materials dropped
lighting
Commission
included with "other tales."
Previou!
457
Production
Shipments
Orders
1941
Week Wk. (rev
„
__
457
472
220,835
226,506
224,956
243,336
242,706
271,090
254,338
255,724
314,940
Softwoods
1942 Week
Mills
379
Hardwoods
1942 Week
92
Production
209,135—100%
11,700—100
Shipments
231,675—111%
11.661—100
Orders
242,339—116%
11,999—103
tfsatrxx
,r
V
~s-
•
••.
•
.
-
•'. i
•
7$4,060
Feb.
cars
cars or
Total Load!
■■■■.
Total Revenue
•
•'„ !'T"
.
District—
Southern
,.j
„;; 1941
1942
*
K
Atl.
M-.
& W.
P.—W.
R.R.
of
Connections
*
334'
:
899
<
810
714
2,285
1,660
799
709
1,153
1,106
12,927
10,988
8,499
8,260
6,771
4,520
4,174
3,477
4,365
3,591
444
436
367
1,698
1,557
252
Clinchfield
258
1,428
■V; 251
& Greenville
1,699
2,858
317
freight totaled 151,718
preceding week, and a decrease
below the corresponding week in 1941.
of
Nashville,
1,606
cars
loading amounted to 153,047 cars, a decrease of
below the preceding week, but an increase of 3,653 cars
Norfolk
76
1,068
846
2,595
1,858
321
227
692
709
3,387
20,802
23,309
22,952
;
190
813
337
168
St.
A
148
110
625
3,232
L
>3,131
2,557
3,733
936
1,383
1,121
Southern
1,548
359
365
9,144
5,645
10,160
8,268
8,109
6,320
24,410
23,346
19,459
21,954
17,198
581
522
374
840
706
126
139
153
1,007
863
109,688
96,839
103,290
82,397
System
Central
Winston-Salem
464
531
Potomac
A
Line
Southbound
Northwestern
Chicago
Chairman -M£hsfield
amounted to 10,414 cars, a decrease of 1,103
preceding week, but an increase of 124 cars above
the corresponding week in 1941.
In the Western Districts alone,
loading of live stock for the week of Feb. 7 totaled 7,604 cars, a de¬
crease of 875 cars below the preceding week, but an increase of 120
Live stock loading
below
cars
the
products loading totaled 47,146 cars, a decrease of 1,618
cars below the preceding week,
but an increase of 8,634 cars above
the corresponding week in 1941.
1
P.
Missabe
Duluth,
2,229
3,569
Shore
10,040
8,727
4,903
3,873
3,603
4,373
3,502
1,203
927
855
429
185
731
560
522
600
451
9,786
9,808
7,676
10,405
8,494
Range
Atlantic
A
A Eastern
Des Moines & South
Dodge,
Great
509
423
354
137
9,336
8,189
4,446
491
838
2,100
335
218
244
2,410
Louis
1,518
1,424
2,563
4,959
4,787
3,602
9,233
8,388
4,349
102
71
75
390
289
2,605
1,799
1,395
2,617
Coke loading amounted to 14,068 cars, a decrease
low the
preceding week, and
responding week in 1941.
of 481
be¬
cars
decrease of 305 cars below the
a
cor¬
1,709
Total.............................
compared with the corresponding
except the Pocohontas and all districts reported in¬
1940.,
J .
.',;•
1941
over
creases
,
Central
3,680
Week
Feb.
of
Chicago A
Colorado
1940
3,215,565
Denver
627,429
Denver
710,196
4,642,333
The
following
the
table
is
a
of
summary
the
3,842,994
4,164,605
freight carloadings
separate railroads and systems for the week
this period
During
ended Feb. 7,
106
showed increases when
roads
com¬
FREIGHT
LOADED
AND
437
96
103
15,194
14,440
11,213
8,527
2,993
2,670
1,709
860
759
12,031
10,463
9,986
12,024
9,873
2,894
2,535
2,628
3,183
2,847
762
■
r
.
Northern..
_
1,020
1,235
999
2,060
1,494
1,532
792
798
480
405
need
1,913 >
1,565
137
124
action
Pacific
>
•
Pekin
A
Pacific
20
11
0
19,791
9,270
5,903
213
304
369
928
1,271
15,261
13,400
12,779
11,678
8,205
562
412
352
6
6
1,857
1,733
1,148
3,026
1,934
101,665
92,534
74.846
56,867
Western
System
_
_
Pacific
..i—
At
0
23.797
(Pacific)
A
Peoria
Toledo,
12
Union
Pacific
......
1942
District—
1941:
that
638
Arbor
Bangor St Aroostook
2.005
Beaten
7,970
Maine———
A
Chicago, Indianapolis & Louisville....
Central
1,346
1942
580
1,926
7,817
-
—
:
Southwestern District—
1941
256
206
14,261
12,174
2,359
7,399
»'
1,457 '
2,394
•
291
4,896
_
3,130
3,191
2,902
1,425
International-Great
1,474
2,804
City
Southern
165
•192
1,103
2,060
2,632
A
Arkansas
2,441
2,017
1,578
2,349
A
Madison
•409
351
438
973
4,138
11,162
9,060
Midland
540
594
600
1,231
242
7,689
9,122
7,576
Missouri
210
148
115
493
403
140
96
5,789
Delaware,
9.193
9.199
282
248
•4'
Valley
Arkansas
A
.
205
authorized
251 *
5,041
3,971
3,589
4,673
15,149
13,768
13,865
10,298
Lines
'
Detroit, Toledo Sr. Tronton.
Detroit St Toledo Shore Line
2,352
.......-v'
!
Grand
Trunk
Lehigh
*fc~~
3,079
1,879
1,733
2,610
Missouri
Pacific
Pacific
154
95
98
229
8,705
7,619
6,985
7,285
5,241
Southwestern
3,660
2,436
2,156
4,744
2,991
St
Orleans.'
8,183
7,061
6,345
5,352
3,517
4,195
3,829
3,230
6,954
4,512
136
117
109
37
64
20
10
14
21
197
375
294
3,794
4,460
13,562
10,732
16,077
13,607
St.
Louis-San
4,842
5,800
4,822
8,727
9,500
St.
Louis
213
162
127
3,152
2,427
Texas
A
New
1,686
1,687
1,390
1,539
1,374
Texas
A
Pacific
Western
Hudson
River.
.
_
Lehigh St New England..
Lehigh Valley
A
9,129
7,158
9,938
8,259
Wichita
3,598
3,331
2,971
3,674
3,321
Weatherford M. W. A N. W
4,891
6,551
470
<r
<•
requirements.
It
1,885
2,009
1,810
49
45,615
44,150
38,164
49,546
pertinent to point out
legislation is
merely an authorization.
It is
extremely important, however,
that authorizating legislation be
expedited
in 'order that the
Appropriation
Committee
of
Congress may provide without
delay
for
projects
urgently
10,941
9,256
17,028
14,535
1,128
1,076
852
2,255
2,090
6,866
5,070
5,187
14,089
Southern
A
Total
50,635
40,186
57,207
46,081
44.913
12,427
Falls
12,786
......
32
62,027
J
New
N.
New
N.
York
Y., N.
Central
H.
York,
Lines
Ontario & Western
Louis.
N. Y., Susquehanna & Western
Pittsburgh 8t Lake Erie..
Y.,
".'l
—
St Hartford
Chicago
St
—
St.
540
453
1,471
7,710
5,791
7,238
6.676
5,336
6,185
5,715
6,476
6,338
562
515
575
47
U'S: 20
414
421
747
733
Rutland
516
587
Wabash
6,013
5,650
Pere
...
Marquette
Shawmut
Pittsburgh, Shawmut & North
Pittsburgh St West Virginia
Pittsburgh
&
,.
4,311
4,388
Wheeling A Lake Erie
401
figures revised.
1,797
7,351
Note—Previous year's
,
433
311
545
2,094
r-
1,027
3,445
957
11.804
5,346
needed
Preliminary Estimates Of January Goal Output
300
2,257
1,127
V
According
3,812
Mines
165,685
159,898
139,837
207,859 f 187,139
Baltimore
Lake
&
i
Pennsylvania^—
443
1,034
969
34,170
29,206
23,105
19,148
320
3,261
2,560
1,360
273
354
5
•
•'1,837
1,669
»7,486
'6,970
5,464
604
615
••'631
1
308
340
125
158
800
634
523
•■>.
■'1,754
1,304
69,706
16
v
13,364
-
Maryland.
1,956 -
.
tons
in
aforementioned
1941.
organizations follows:-
16,143
12,147
19.694
15,955
3,637
3,322
VR
10,495
8,029
159,330
132,606
143,788
117,203
Beehive
coke
—
coal
January.
23,278
22,602
23.921
10.045
9,776
20,073
21.416
18,920
6,384
5.947
4,351
4,397
4,512
2,124
1,684
47,702
48.415
47.353
18.553
17.407
A
Virginian
-
———
26
1
purposes
of
historical
'
■
—
.
§4,118,000
§650,000
;
—
-
-
-
•
-
26
4
14
current
\
Co., New York;
Two years ago
produced its record crop
of 928,000 tons; says the firm's
announcement, which added:
•
In addition to the
;
estimates will later be adjusted to agree
.•
1,695,000
—
For the current
similar quantity is
...
season
a
convenience, the
with the results of the
expected to
be harvested.
V
Sugar consumption' in Aus¬
during the year ended
Aug.
31,
1941,
approximated
403,000 long tons. Surplus pro¬
duction
in
past
years
was
shipped manly to the United
Kingdom and Canada.
tralia
calendar year.
cane sugar
Australia
produces
a
small quantity of beet sugar,
last year's outturn being 3,300
crop,
tons;
'
colliery fuel, wahery and dredge
operations.
{Preliminary figure.
complete canvas of production made at the end of the
according to ad¬
by Lamborn &
;
—
comparison and statistical
production of lignite.
tTotal production, including
coal, and coal shipped by truck from authorized
Note—All
vices 'received
1,795,000
•
144,070,000
§4,977,000
§514,000
sugar
63,000 tons, or approx¬
imately '8.4%,
—T—
.
§Revised figure.
Total
decrease of
-
..
-
—
(Net Tons)
1,867.000 r
R-RR
26
'
coal
Work Day
v.a
<
Work. Days
cane
in Australia is estimated at
746,000 long tons, raw sugar, as
compared with 809,000 tons pro¬
duced in the previous season, a
crop
.
1941—\
for
No. of
war
Australia
•-:.'v-j-
--
>
...
"Includes
-u
RV*
636,780
•
'R-RR"
;
Beehive coke
Western
Norfolk
•
-J— $46,667,000
i
,
December, 1941—
♦Bituminous
tAnthracite
Chesapeake & Ohio
- v
48.540,000
4,532,000
'J—
—
"Bituminous
District—
statement of -the two
Total for Month
<Net Tonst'l
coal
tAnthracite
Peeahontas
;
=i:
January, 1942 (prelim.)—
20,439
3,631
-
the-
w '
The current 1941-42
month
Averageper
t Anthracite
'4,010
consolidated
The
of
Australian Sugar Down
against
as
S
"Bituminous
16,003
net tons,
totaled 4,532,000
1942,
account
Bureau of
the
Pennsylvania anthracite produc¬
month in 1941.
January,
December,
Beehive coke
Total
by
4,977,000 net tons in the same month last year and 4,118,000 net
1.592
45,097
18,946
3,868
during
2,963
„
55,533
26,152 T.
77
172,770
Western
tion
49
';
59
3,247
58.764
made
Division of the United States De¬
46,667,000 net tons iri the preceding month and 44,070,000 net tons in
64
29
'
1,095
77,386
5
74
172
i
12
1,760
'
;
16,859 i'.i
301
I
•
4s
Valley—.
Lone Island.—-.—
Penn-Reading Seashore. Lines.
Pennsylvania System——
Reading-Co..———i———
Unionr (Pittsburgh). '
Llgonier
588
-
•11,856
Indiana, a...—
Central R.R.of New Jersey.-,.;
•Cornwall.,-'.,-.;—
Cumberland
705
'3,303
Erie——
Buffalo Creek 4s Gauley__-____;
Cambria. A
5
39,184
Ohio
&
Bessemer
•
estimates
January, 1942, amounted to 48,540,000 net tons, compared with
the corresponding
Allegheny District—
Akron, Canton & Youngetown..-.
preliminary
to
the Bituminous Coal
partment of the Interior, bituminous coal output during the
of
Total
and
on
emergency."
10.514
4,101
is
that the proposed
273
9,113
..
......
.
Montour
r
Acme
6,069
...
_
Maine Central...
Monongahela..
.
Quanah
prosecuted
140
Francisco
305
14,433
Brie
be
as
2,838
17,385
Missouri-Kansas-Texas
shall
speedily as may be consid¬
ered consistent with budgetary
*
'
Mackinac.—:
and provides that the projects
1,615
Litchfield
6,494
Si
;
2,230
1,496
Louisiana
Delaware A Hudson,.
Detroit
$ The bill in question author¬
izes improvements in the inter¬
est of national security and the
stabilization
of
employment
1,030
2,314
59
1,265
materials.
>
2,257
344
3,269
2,264
Northern
Kansas, Oklahoma & Gulf
Kansas
war
250
Island
Lines
Coast
139
2,167
19
1,293
Lackawanna Si Western-
Gulf
133
50
11
1,325
i
important
transportation and produc¬
tion of
175
2,221
33
Central Vermont—
Indiarta
1,443
1,485
1,738
•
1,240
is
it
improvements
for
navigation and power producare especially desirable for
the
Connections
548
time
this
every
tion
»
Burlington-Rock
Ann
attention to the
expediting legislative
bill H. R. 5993.
phase of production
contributory
to
the
nation's
armament be prosecuted with
the
utmost dispatch.
Certain
Received from
1940
=
on
waterway
Freight Loaded
Bastern
for
400
351
525
638
722
25,850
116,323
Peoria
Total Loads
.
Total Revenue
••'Rallroada
har¬
I invite your
7
^
and
The President's letter read:
919
1,636
1,173
*
Total
'
•
rivers
last Summer.
9
1,187
City..
i
Western
1.597
7
''
■>
be
2,942
%
1,915
Missouri-Illinois
North
954
1,916
Denver
A
1,537
2,539
493
4,630
730
2,684
638
Terminal
Nevada
720
2,916
Western
CONNECTIONS
OF CARS)—WEEK ENDED FEB.
(NUMBER
477
17,375
Lake___l
Utah
FROM
can
project, is estimated to contain
$965,000,000 in authorizations for
"improvements in the interest of
■national security and the stabili¬
zation of employment."
It has
been pending in committee since
2,361
472
Grande
Salt
Worth
Illinois
Western
RECEIVED
appropriations
omnibus
The
7,065
3,281
Southern
Rio
A
Union
pared with the corresponding week last year.
REVENUE
9,410
2,570
Illinois
Eastern
A
A
Southern
1942.
16,123
3,095
Garfield
A
Burlington A Quincy
A Illinois Midland
Chicago, Rock Island A Pacific
1941
•784,060
Total
for
17,770
Chicago
Fort
;
22,225
Fe System
Chicago,
3,454,409
7
before
over
District—
Western
Top. A Santa
3,858,273
January
meet
not
until six months after the war is
50,290
62,474
72,179
80,565
94,690
3,349
Atch.
1942
of
Weeks
5
do
bors bill, which includes the con¬
troversial St. Lawrence waterway
Bingham
in
ap¬
made for their construction."
Alton
All districts reported increases
week
and
agency
which
Projects
-
Spokane International
Spokane, Portland A Seattle
defense
that requirement, Mr. Mansfield %
explained, "will have to wait
Ore loading amounted to
13,405 cars, an increase of 63 cars above
the preceding week, and an increase of 587 cars above the cor¬
responding week in 1941.
an
tional defense."
2,679
5,696
10,436
S. M
Paul A S.
Pacific
tional
64
72
Superior A Ishpeming
Minn., St.
to
proved by the President as being
necessary in the interests of na¬
688
Bay A Western
Northern
attention
"appropriations
during
to projects
which are
by some authorized na¬
war
certified
3,150
570
the
143
11,848
1
& St.
14,080
597
Northern
Minneapolis
a
the President's views
called
limiting
3,115
17,862
Joliet
Elgin,
Ft.
South
Iron
A
he
and
11,314
2,278
19,925
15,067
18,364
A Pac
Chicago, St. Paul, Minn. & Omaha*
Duluth,
Lake
Forest
4>-
Milw., St.
Green
week in 1941.
above the corresponding
14,044
2,751
22,414
Western
Great
Chicago,
issued
amendment, which was recently
adopted
by
the
House
group,
Western
Chicago
"espe¬
saying? that the major¬
the Committee is in full
of
ity
District—
North
A
is
and
accord with
Total....
Roosevelt
Mr.
measure
statement
Grain and
cars
this
production of war ma¬
he emphasized the
fact that the proposed legislation
is merely an authorization.
terials"
1,539
416
458
10,686
124,863
Fred.
that
tation and
3,053
1,162
•
Texas,
cially desirable for the transpor¬
1,037
!
1,289
Air
Tennessee
128
v
Committee,
said
6,832
8,845
120
;
bors
12,315
15,053
*
of
Mansfield
resentative
Chairman of the Rivers and Har¬
2,779
3,754
2,839
21,639
Northern
Richmond
grain products loading totaled 41,315 cars, a decrease
of 6,314 cars below the preceding week, but an increase of 12,585
cars above the corresponding week in 1941.
In the Western Districts
alone, grain and grain products loading for the week of Feb. 7 totaled
27,866 cars, a decrease of 4,281 cars below the preceding week, but
an increase of 10,550 cars above the corresponding week in 1941.
126
4,441
Chattanooga
Seaboard
corresponding week in 1941.
33
i
24,582
Southern
Piedmont
2,603 cars
above the
Coal
36
28,768
System
Nashville
A
Macon, Dublin A Savannah
Mississippi Central
decrease of 68 cars below the
722
1,110
39
Ohio
&
Central
Louisville
Loading of merchandise less than carload lot
cars, a
Mobile
Illinois
557
1,213
Midland
Georgia
Gulf,
151
783
Southern
St
Gninsville
Miscellaneous freight loading totaled 352,947 cars, a decrease of
19,403, cars below the preceding week, but an increase of. 50,192 cars
above the corresponding week in 1941.
162
998
449
Feb. 7 decreased 31,-
Loading of revenue freight for the week of
507 cars or 3.9% below the preceding week.
179
1,354
1,460
Durham
Florida East Coast
Bill, explain¬
that "it is important that
every phase of production con¬
tributory to the nation's arma¬
ment be prosecuted with the ut¬
most dispatch."
In a letter to Rep¬
ing
1,712
286
that
Rivers and Harbors
2,904
••••
v
urges •
speed be taken with respect to the
Line
Charleston A Western Carolina
Roosevelt
President
175
Georgia.
of
Columbus
i9r
285
513
Coast
Central
•
*
Atlanta, Birmingham A Coast
Atlantic
Rivers & Harbor Bill
;<V 1941
1942
r; 1940
'
381
Ala
FDR Calls For Action On j
Received from
Freight Loaded
•
'
25.0%.
or
•
*■
Alabama, Tennessee A Northern
American Railroads announced on
increase above the corresponding week in 1941^was
10.4%, and above the same week in 1940 was 156,631
The
12.
;•
•
the Association of
cars,
73,864
*
•
■*,
Feb. 7, totaled
Loading of revenue freight for the week ended
*
'
.'
•
,
Railroads
Freight Car Loadings During Week
Ended Feb. 7,1942 Amounted To 784,060 Gars
Revenue
Thursday, February 19, 1942
CHRONICLE
THE COMMERCIAL & FINANCIAL
776
777
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4048
Volume 155
—Fertilizer Ass'n.-'-Price index Again Rises
There
wholesale commodity price
another upturn in
was
levels
food prices.
The weekly wholesale com¬
modity price index compiled by The National Fertilizer Association
was released Feb.
16.
In the week ended Feb. 14, 1942, it rose to
last week led by a rise in
-
The Bituminous Coal
.
Division, U. S. Department of the Interior,
&WVI*!
in its latest coal
report, stated that the total production of soft coal
10,760,000 net tons, indicating
a decrease of 435,000
tons, or 3.9%, from the preceding week. Pro¬
duction in the corresponding week of 1941 amounted to 10,095,000
in the week ended Feb. 1 is estimated at
VK2HI1
a
Market transactions in Govern¬
securities
ment
for
Treasury
in-'
vestment
accounts
in
January,
compared with 122.0 in the pre¬
tons.
1942,
resulted in net
sales of
ceding week.
At this level the index is 0.8% above t!|e corre¬
The U. S. Bureau of Mines reported that the production of Pennsyl¬ $520,700,
Secretary
Morgenthau
sponding week a month ago when it registered 121.15 and is 21.2%
vania anthracite for the week ended Feb. 7 was estimated at 1,150,000 announced on Feb. 16. This com¬
higher than at this time a year ago.
tons, an increase of 54,000 tons (about 5%) over the preceding week. pares with net purchases of $60,The advance in the all-commodity index was brought about
When compared with the output in the corresponding week of 1911, ,004,000 in December.
chiefly by a m&rked rise in foodstuffs^ Although a general in¬ there was an increase of
The following tabulation shows
0,8%.
•
crease in
food prices, led by. advances in meats resulted in the
the
Treasury's
transactions
in
moderate upward movement of the food group index, this index ESTIMATED UNITED STATES PRODUCTION OP SOFT COAL, IN THOUSANDS OF
NET TONS WITH COMPARABLE DATA ON PRODUCTION OP CRUDE PETROLEUM
Government securities for the last
is still below the level reached during the week of Jan. 17.
Indus¬
—r——-Week Ended-—
two years:
Jan. 1 to date—
trial commodities increased in price.
The sharpest gain was recorded
Feb. 7,
Jan, 31.
Feb. 8,
Feb. 7,
Feb. 8,
Feb. 6,
1940—
Bituminous coal a
1942
cl942
1941
dl942
1941
1937
by the building material average which spurted upward as a result
January
$9,475,000 sold
Total, including mine
of price rises lor crushed stone, lumber, and zinc oxide.
February
20,801,000 sold
An v up¬ fuel —;
10,760
11,195
10,095
59,634
i> 54,975
51,456 March -i.5,700,000 sold
swing in the fuel index was caused by a rise in gasoline quotations.
Daily average
1,793
.1,866
1,683
1,864
1,666
1,660 April
1,636,100 sold :
The textile group average advanced slightly; cotton and cotton ma¬
May
387,200 purchased
Crude petroleum b
"
terials were again lower, but the effect of these declines on the
June
934,000 purchased
Coal equivalent of
July
No sales or purchases
group average was more than offset by the rise in the price of
weekly output
6,947
6,201
5,795
36,502
32,081
27,170
August
No sales or purchases
wool.
The chemical and drug and fertilizer material price indexes
Includes for purposes
$300,000 sold
of historical comparison and statistical convenience the September
also moved upward during the, week.
The farm product index production of lignite, b Total barrels produced during the week converted into equiva¬ October —;———^ 4,400,000 sold
122.5%
1935-1939
the
of
average,
■■■■•■
i■
—
-
—
,
.
*
» —
a
.
4slipped,back fractioi)^ll^^h^ the ,cotton, grainy and; livestock sub¬
groups declined.
Slight reactions in cottonseed meal and cattle feed
prices resulted in a small decline in the index of miscellaneous
(Minerals Yearbook,
December
1939, page 702.)
dclines.
15
[1935-19.39
Penn. anthracite—
?
>l,~
v
Daily
Week
Ago
Ago
Feb. 7,
Jan. 10,
1942
1942
1942
117.3
118.7
135.6
135.5
129.5
75.2
158.7
158.7
156.4
71.8
131.7
GROUP
Foods
2#.3
——.
Oils
and
Fats
OIL
Cottonseed
Products
Farm
23.0
,
—
__
.
131.8
129.1
94.4
Textiles
——
7.1
Metals
0.1
BuildLng Materials—
ar.d
Chemicals
1.3
.
Drugs
.3
Farm
_
__
_
174.0
17,514
coal,
21,000
16,913
16,543
coal shipped by truck from authorized
and
96.2
119.1
82.0
124.6
124.5
122.5
96.3
113.3
113.0
101.5
Alaska—,
127.3
126.9
111.3
Alabama.
149.7
147.7
113.5
irkansas and Oklahoma—
104.4
104.0
103.2
Colorado
135.1
132.0
131.7
117.7
Georgia and North Carolina
120.1
120.1
104.0
Illinois
117.0
105.8
Indiana.
114.0
112.7
104.0
103.5
103.4
99.7
661,700
659,600
Jan.
31,
Jan. 24,
All Groups
100.0
♦Indexes
Combined
base
1926-1928
on
122.0
122.5
were:
Feb.
14,
Feb.
1942, 95.4;
rl942
1942
State—
Jan. 30,
1941
average
1937
Feb.3,
5
3
2
15,
336
321
434
78
92
106
127
112
195
160
206
245
226
1
4
#
t
1,442
1
1,480
1,181
1,421
1,451
565
499
507
391
92
88
131
92
207
209
175
216
220
190
806
833
884
220
276
225
308
76
39
39
39
Maryland—.
—
77
55
32
Utah
Dakota—
34
26
25
45
52
106
677
522
477
480
2,468
2,122
2,392
130
151
125
8
15
14
These
advanced to equal 100%, so that they represent the total
123
124
87
85
143
333
336
241
industry.
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Unfilled
Production
Orders
-
Tons
1
.
Percent of Activity
Orders
Tons
Remaining
Received*;i»;yJ
Period
■0
32
33
39
34
65
1,973
1,928
1,911
1,070
1,134
831
825
687
657
680
762
155
153
121
134
175
186
4
2
States
Total bituminous coal
Current
74
17
11,850
11,317
10,104
10,208
8,839
1,265
1,190
1,078
1,052
1,968
12,582
12,291
11,294
11,286
9,891
13,818
and
in the B. & O. in Kanawha, Mason, and Clay Counties.
bRest of State, including the
Panhandle District and Grant, Mineral, and Tucker Counties,
c Includes Arizona, Cali¬
fornia, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthracite from published
records of the Bureau of Mines,
t Average
weekly rate for entire month.
/ Alaska,
Georgia, North Carolina, and Soutn Dakota included with "other Western States."
Includes operations on the N.
Less than
1,000 tons,
& W.; C.
& O.; Virginian; K. & M.; B. C. & G.;
Revised.
r
Cumulative
673.446
629,863
202,417
548,579
571,050
261,650
857,732
——.
I
652,128
February
>
608,521
January
726,460
447,525
'
March
—
April
656,437
-
—
i
602,323
608,995
509,231
509,231
—
i
July
-—
August"
September
488.993
C34.G84
May
June
807,440
737,420
642,879
831,991
"
——
_—
743,637
,
Comptroller of the Currency Preston Delano announced on
5 that during the month ended Jan. 31, 1942, authorizations
issued to receivers for payments of dividends to the creditors
578,402
-
were
of eight insolvent national banks.
Dividends so authorized says the
announcement will effect total distributions of $1,637,100 to 59,360
568,264
649.021
640,188
November
December
Feb.
576.529
649,031
630,524
839,272
659,722
— •
-V--.
Insolvent National Rank Dividends
337.022
554,417
760,775
530,459
who
claimants
,
have
proved
claims aggregating $31,583,200,
1942—Month of—•
January
668,230
673,122
—
ized
1941—Week Ended—
"Augf ^2—159,844
174,815
169,472
158,403
—
157,032
Sept
6
147,086
Sept' 13
——
164,057
Sept 20~—
176.263
Sept 27
155,473
Oct' 4~
———176,619
Oct
ll""': V
159.337
Oct' 18~"~~:~
167,440
Oct' 25
165,279
Nov
170,597
Nov'
8T~"
———
169.585
Nov" 15
156,394
Nov' 22
145,098
Nov' 29
~
-I——
169,111V
Dec'
6
""
—
181,185
Dee' 13
149,021
AugU-.»9_u
Aug.' 16
Aug
23Aug. 30
—
—
-
-
—
—
—
-
-
—
-
-
—
.
149,874
159,860
165,397
160,889
164.875
166.080
f 163,226
i' 166,948
H6,i38
124,258
—
-
-
"
tSp,.'
20
Dec!
,
159,272
159,894
162,889
162,964
163,284
133,031
166,781
166.797
163,915
168,256
164.374
165.795
168,146
165.420
27::::::::::::::
-
-
572,635
587,498
592,840
584,484
676,529
591,414
589.770
583,716
578,402
582,287
575,627
574.991
568,161
568.264
576.923
570,430
550,383
554,417
'567,373
553,389
535 556
93
91
92
94
97
80
98
99
98
100
99
98
100
99
97
99
96
101
102
101
101
523,119
76
,
V
83
83
83
83
84
84
, .
84
84
85
85
85
86
86
86
86
87
87
87
87
88
88
88
Tin
3
T«n
10
1*""
—
~~
•—
17
Tan
24
Tan
"
31
Feb.
-
" '
•!
-
147,419
162,493
167,846
161,713
181,070
7::::::::::::::--—
Nate
necessarily
894
140.263
166.095
165,360
169.735
167 040
'168.424
equal the unfilled
522,320
filled stock, and other items
V
'
86
101
102
101
101
101
88
a}.}.-
11
The
Lamberton
Dec.
National
1941,
20,
Liquidating
Committee:
Chess
Lamberton, R. Lamberton and
W,
E.
Barrow,
of
care
the
liquidating bank.
y
by:
The
Exchange
Bank & Trust Co., Franklin,Pa. $250,000
Absorbed
8BEBB
Says Housing Essential
Feb.
on
dividend
authorizations
during
that
6
goal of a
must be pre¬
"the
America
slumless
declared
Roosevelt
President
a message read
to
meeting of the Na¬
tional Public Housing Conference
In
served."
annual
the
in
Washington, the President ex¬
that
regret
slum-clear¬
be retarded
substantially during the war. The
Associated
Press
reported
his
message as follows:
"The
recognized
need
for
must
housing
ance
adequate housing for all of our
citizens
has
been
emphasized
fort
the
month
the
win
to
war,"
Mr.
Roosevelt said.
:
housing
is
a
is; essential
the speed ;and efficiency of
"Adequate
morale builder and
to
of
our
slums
national defense work.
of
clearing
providing
decent
program
and
homes for the ill-housed of our
Nation
in
the
before the
years
laid the foundation for the
war
Of the eight dividends ^intensified housing effort nec- +('
essary today.
The job of clear¬
one jvas a
ing the slums, which your con¬
partial interest dividend payment.
Dividend payments so au¬
ference
helped
to
begin,
of
thorized during the month ended Jan. 31, 1942, were as follows:
necessity must be reduced sub¬
authorized,
PAYMENTS
DIVIDEND
final dividend payments, and
seven were
AUTHORIZED
TO
CREDITORS
DURING
THE
OF
INSOLVENT
MONTH
NATIONAL
ENDED JAN.
31,
BANKS
1942
■
'
;■> '
Distribution
Authorized
Amount
by Dividend
Dividends
Claims
Authorized
to Date
Proved
1-21-42
$69,800
108.19%
$851,900
1-23-42
58,800
98.5%
640,300
of Funds
Date
Authorized
Name and Location
of Bank—
♦The
National Bank of Niles
Center,
111.
Gary,
L-.—-
Ind.
Feederal
Boston,
First
102
The
Emporium,
of
of
The
Citizens
_
.
Bank
Merchants
Pottsville,
First
Bank
3.102,300
129,300
56.1%
83,000
83.3%
1,316,700
Bank
_
now
afford to build
only in defense areas.
the
goal
of a
slumless
But
America must be preserved.
"I know that you recognize
social
economic
and
im¬
portance of the public housing
program in the period imme¬
diately following the winning
1,164.500
of the
war.
mendations
1-
2-42
86,900
89.93%
1,762,700
of
1-19-42'
13.200
In case of other banks fir.al dividend.
.
of
.
.
The
vour
recom¬
conference
and
o
Bk.
—
Tenn.
21,831,500
81.79%
1-12-42
Pa
partial.
49.94%
117,600
of
Pa._
National
National
Ehzabethton,
1,078,500
of
Pa.
National
Shenandoah,
♦Interest
1- 7-42
1-26-42
1-16-42
Mass.
National
Portsmouth,
Ohio
First National Bank
The
of
Bank
National
we can
homes
the
America at
The Nat'l Bank of
102
102
102
-
scarcity of building mate¬
rials
Percentage
-
stantially for the deration. With
the
Total
The
less production, do not
for delinquent reports,
made necessary adjustments of unfilled
prior week plus orders received,
orders at the close. Compensation
Unfilled orders of the
orders made for or
530.549
527,514
525,088
514.622
528.698
I
$13,200 and $1,078,500, respectively.
were
The
1942—Week Ended—
in
involved
•••'..
•
Bank of Franklin, Pa.
Effective
"The
11.1%, while the smallest and largest pay¬
and
1.45%
were
ments
an
dividends author¬
The minimum and maximum percentages of
528,698
or
The announcement continues:
payment of 5.18%.
average
•
by the special need for proper
housing for civilian and en¬
listed
personnel — and
their
families—concerned in the ef¬
1941—Month of—■
-
Feb.
pressed
*
.
Tons
'
IS:
Amount
211
d Pennsylvania anthracite..
a
West
of
'
VOLUNTARY LIQUIDATION
109
397
1,960
Total, all coal
Bank
National
"Atlantic
v
26
365
Wyoming
activity of the mill based on the time operated.
TITLE
133
10
each week from each
production, and also a figure which indi¬
OF
3,402
141
_
Western
Treasury
Palm Beach Atlantic National
Palm Beach."
814
2,677
'•
bNorthern_
member of the orders and
11 West
To:
f50
137
'
Virginia.,—.—..,——
Washington,—
Virginia—aSouthern
Comp¬
Eank, West Palm Beach. Florida.
73
60
2, 717
...
...
the Currency,
CHANGE
Feb.
82
,
8
.•Other
STATISTICAL
21
64
'*'44
Texas
represent 83% of the total in¬
dustry; and its program includes a statement
x
36
12
71
29
G86
West
The members of this Association
figures are
.
240
51
—
Tennessee-——<
paperboard industry.
cates the
88
84!
37
13
6
7
—
Ohio
the National
Paperboard Association, Chicago, 111., in relation to activity in the
the
of
office
Department:
607'
272
Western—
and South
the
from
is
information
following
140
748
Pennsylvania bituminous
give herewith latest figures received by us from
purchases
or
520,700 sold
—
The
659
62
;
New Mexico,
We
January
2,111
563
Micnlgan_u_.
WeskSy Statistics Of PapsrEioard Industry
sales
$60,004,000 purchased
1942—•
(f)
Kansas and Missouri
Xorth
200,000 sold
No
-—_
December
93
1
—
Montana
—
November
(f>
326
186
Iowa
.
el923
1940
3
375
3
379
101.1
121.5
1942, 95.0; Feb.
7,
1941, 78.8.
—
October—
troller of
Jan.
Feb. 1,
Kentucky—Eastern
Machinery
No sales or purchases
No sales or purchases
$2,500 sold
—
National Banks
Week Ended
182.3
120.0
114.0
;
estimates are based on railroad carloadings and river shipments
and are subject to revision on receipt of montniy tonnage reports irom district and
State sources or of final annual returns from the operators.)
180.8
.
Fertilizers
.3
_
z
Materials,
Fertilizer
.3
.
_
-
8,675,000
—
July •—-i—;
August
September
(The current weekly
118.0
.
22,200
9,348,000
•
798,000
200.000 sold
447,000 purchased
May
June
PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
120.3
Commodities—
5,882,000
'
$743,350 sold
——_
ESTIMATED WEEKLY
104.4
—
.
—
Fuels
Miscellaneous
6,192,000
'
122,600
dredge
149.8
Livestock
17.3.
10.8
1941
sales or purchases
No
b Excludes colliery fuel.
127.0
f
—
-
155,400
and
washery
Includes
operations,
113.8
.
.
—
April
Feb. 9,
1929
5,398,000
?
21,557
119.1
Cotton
Grains
8.2
93.8
Feb. 8,
5,682,000
'
15,900
total-
1941
118.2
Feb. 14,
Total Index
1,084,000
average
Feb. 15,
Week
Bears to the
1,141,000
1,041,000
<■
States
Year
Preceding Month
Latest
-
1,006,000
1,093,000
production b
11,950,000 purchased
—,
March
Feb. 7,
1942
1,150,000
a
United
a
/
%
Each Group
February
Total, including colliery
fuel
$2,785,000 purchased
January
BEEHIVE
y:
Feb. 8,
1941
1942
1942
AND
•■■
1,139,000 sold
—
1941—
Calendar year to date
Beehive coke
1001*
=
ANTHRACITE
(IN NET TONS)
Jan. 31,
Feb. 7,
WEEKLY
j
PENNSYLVANIA
OF
Week Ended
Comm'l
WHOLESALE COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association
Revised, d Subject to current adjustment.
c
COKE
,
During the week changes
were nearly evenly balanced
■
per
sold *
284,000
November
PRODUCTION
ESTIMATED
H
>
;in! price series included in the index
with 22 items advancing and 23 de¬
clining; in the preceding week there were 25 advances and 22 de¬
clines; in the second preceding iweek there were 30 advances and
that most of the
Note
commodities.
barrel of oil and 13,100 B.t.u. per pound of coal.
supply of petroleum products is not directly competitive with coal.
coal assuming 6,000,000 B.t.u.
lent
18,45%
913,300
m
your assistance in setting
the m-nt)er maehinerv hv the
Federal Government and by lo¬
cal communities
contribution
wiU
toward
reconstruction."
be
a
real
post-war
,
JMMMMlibblM
»j
#IHWt4HlV|,«<i
i *, wfmwrf
which prior to the
Cornell University,
publication of a world com¬
modity price index, have resumed issuance of international prict
statistics, but on a different basis than before the war.
Instead of s
composite index of world prices, these organizations now are pub¬
lishing the information only as individual country indexes.
The index is built upon 40 basic commodities and the list is tht
same
for each country in so far as possible.
Each commodity is
weighted uniformly for each country, according to its relative im¬
portance in world production.
The actual price data are collected
weekly by General Motors overseas operations from sources de¬
scribed as "the most responsible agencies available in each country
usually a government department,"
The commodities involved in¬
clude "a comprehensive list of several
groups, including grains
livestock and livestock products, miscellaneous foods (coffee, cocoa
tea, sugar, &c.), textiles, fuels, metals and a list of other miscellaneous
materials
(rubber, hides, lumber, newsprint, linseed oil, &c.).'
Weights assigned in the index to the different commodity groups art
as
follows: Grains, 20; livestock and livestock products, 19; vege¬
table fats and other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
laneous, 18.
'
The indexes, which are based on prices expressed in the currency
of each country, were reported Feb. 16 as follows:
European
Moody's
1939=100)
Eng-
lAugust,
AusCantraliai'.-ada
ArgcnUna
<
land
Nero
ico
Zeal'd
111
+ 120
Oaily
119
+172
144
13
_
___^
91.77
97.16
110.70.
97.16
110.52
113.70
117.01
106.92
116.22
113.70
107.93 *
91.91
97.16
110.52
113.70
117.02
106.74
116.41
113.50
107.801
91.91
97-16
110.70
113.70
107.80
91.91
97.16
110.52
113.70
107.80
91.91
97.16
110.52
113.70
107.80
91.91
97.16:' 110.52
113.51
106.74
116.22
113.50
107.80'
92.06
97.31.,
110.52
113.5C
92.06
97.3i;
110.52
113.70
114
114
127
126
127
150
121
113
119
147
171
116.22
114.08
107.62
91.91
97.31
110.70
113.89
107.62
91.91
97.31
110.52
106.92
116.61
114.08
107.62
122
129
150
123
114
119
154
176
121
121
120
125
115
119
134
+ 152
129
117
120
156
189
131
119
121
155
193
Feb.
126
150
131
June
133
121
137
July
tl35
138
tl40
1121
121
122
1141
+ 156
+ 136
+ 125
+ 122
U42
157
138
127
123
140
tl42
tl43
123
124
122
144
123
146
122
143
+159
August
September
October
v
November
:___
December
:
145
+157
138
+ 130
139
132
107.98
90.63
108.52
118.60
116.02
109.60
106.04
106.21
140
+ 159
tl44
7—-
123
160
209
145
10
6
141
tl37
122
143
+ 160
139
157
13
123
Dec.
+ 142
122
+ 143
+ 159
+ 139
157
20____—
123
Dec.
144
*160
139
123
157
144
160
140
123
157
157
160
1<>42—
Jan.
17
142
tl43
145
Jan.
24
145
Jan.
31
10
Jan.
*
123
123
123
+ 149
159
146
*160
140
124
*123
147
*160
139
123
+ 151
*161
139
124
157
*139
124
147
157
124
*124
123
141
___
*159
151
3.94
2.84
2.98
3.29
4.29
3.94
3.13
2.84
■■■i 2.97
3.28
4 29
3.93
,3.13
-
151
——J.
+ 15'
'7':
150
3.14:
3.14
2.91
3.13
2.97
3.93
3.14
2.91
3.93
3.14
2.91
3.14
2.9!
2.97
3.28
4.28
3.93
2.84
2.97
3.28
4.28
3.93
2.83
2.98
3.29 *
4.23
3.93
3.34
2.83
2.97
3.29
4.28
3.35
2.84
>
2.97
3.29
4.28
3.35
2.84
i
2.97
3.29
4.28
3.93
2.98
3.29
3.92
3.14
2.9!
2.97
3.29
4.27
3.92
3.14
2.91
save
3.92
3.13
2.9'.
2.84
4.27
Ended Feb. 14,1842,
15.0% Gain Over Same Week in 1941
weekly report, esti¬
by the electric linht and
Electric Institute, in its current
production of electricity
that
power
indusry of the United States for
3.34
2.84
2.95
3.30
3.34
2.83
I 2.96
3.30
4.23
3.92
3.14
2.82
2.95
3.30
4.29
3.93
3.13
2.86
2.98
3.33
4.37
4.01
3.15
4.01
3.15
2.91
4.27
3.91
3.12
2.9'
High
Low
3.39
1942
2.86
2.98
3.34
:
1942
3.33
2.82
2.95
3.28
3.42
3.06
3.39
4.47
4.03
3.20
2.85
3.19
4.24
3.89
3.03
2.8,
2.78
3.01
3.38
4.46
4.02
3.20
3.0*
3.59
2.85
3.04
3.67
4.81
4.36
3.32
3.1(
<
1941
17,
,
<
in
kwh.,
an
increase
of 16.2%
over
England-
West
..
Industrial
__
_
Institute on Feb. 13 released the
pertaining to production,
States
Southern
following statistics
12.7
be essential to
Stocks
Customers
End of
Production
16.0
U. S. Duty
11.6
Free Copper
§Domestic
Refined
♦Crude
13.7
13.2
Year
1935
12.0
12.5
Year
1936
731,629
748,660
764,560
54,447
United
16.9
Year
1937
982,045
964,176
803,095
62.798
DATA
17.9
18.2
Year
1938———
644,869
481,803
125,869
289,755
24.8
21.0
Year
1939—__
836,074
818.289
814,407
134,152
159,485
1940—
992,293
1,033,710
1,001,886
48,537
142,772
Year
1941
15.8
16.2
14.8
1940
1941_w_
__
1938
1939
1940
1937
1941
85.701
95,322
88,042
89,687
*1941
2
3 263.082
2.762.240
+ 18.1
2,399,805
2,193.750
2,341,103
3.233.242
2.743 284
+ 17.9
2.413,600
2,198,266
June,
1941
9
2.360,9~0
Aug.
3.238.160
2.745.697
+ 17.9
2,453,556
2,206,560
2,365,859
1941
16
July,.
Aug.
+
19.0
2,434,101
2,202.454
2,351,233
Aug.,
1941
2,442,021
2,216.648
2,380.301
Sept.,
1941
+148,301
89,390
90,342
1941
May,
•
82,553
88,560
86,879
85.426
81.839
81,553
+125,585
86,617
—19.16f
—9,621
—1.645
7+ 8 91(
93.076
952
+ 123,622
•
98.164
74.384
71.930
•
Aug.
23
3.230.750
2.714.193
Aug.
30
3.261.149
2.736 224
+ 19.2
+
20.9
2.375.852
2,109.985
2.211,398
Oct.,
86,019
3.132.954
2 591.957
1941
6
+ 19.8
2.532,014
2,279,233
2.338,370
Nov.,
84,718
84,799
+124,645
2.773 177
1941
3322.346
+ 133,585
/
130,467
+/•
13__.___
3.273.375
2.769 346
+
18.2
2.231,277
Dec.,
1941
+88,463
89.940
2.816 358
+
16.2
2,558.538
2.207,942
2.331.415
Jan.,
1942
88,319
90,017
3.273.376
Oct.
3.330 582
2.792.067
+ 19.3
2,554.290
2.228,586
Oct.
3 355 440
2.817.4-65
+
19.1-
2.583.366-
2.251,089
2.324.750
\IZZ~7""S.
3 313 5n6
2 SS-7 730
+
16.8
2.576.331
2,281.328
2.327.212
25
3.340 768
+ 16.5
2.622.267
2,283,831
2.297,785
20_
Sept.
27
Oct.
Oct.
2.866 827
2.211,059
2.538.118
Nov:
1__
3 380.488
2 882 137
+
17.3
2.608.664
2.270.534
2.245.449
Nov.
8___________
3 368 690
2.858.054
+
17.9-
2,588,618
2,276,904
2.214.337
Nov.
15
3 347 8°3
2 889 937
+
15.8
2.587.113
2.325.273
22
3 247 938
2 839.421
+
14.4
2.560.962
2.247,712
8t
+
fi no'
+
3,21?
+
5,307
29
3 330 364
2.931 877
+
13.9
2.605.274
2.334.690
6
3 414.844
2.975.704
+
14.8
2.654.395
2.376.541
13
3 475 919
3.003 543
+ 15.7
2 694.194
2.390.388
Dec.
20
3 052 419
+
14.5
2.712.211
2.424.935
2.053.944
Dec.
27
3.234.128
2,757.259
+
17.3
2,464,795
2,174,816
2,033.319
sumers*
on
consumption.
Week Ended
_
♦3 288 685
17________—
Jan.
31
Feb.
2,558,180
1,619,265
1.542.000
1,602.482
1.733.810
3.002.454
+ 15.7
2.688.380
3 450.468
3.012.638
+
14.5
2.673.823
1.598.201
1.736.729
1.588.967
3.440.163
14
.:
2.996,155
+
14.8
2.994,047
+
15.8
2,632,555
1.588,853
debits
Bank
ended
week
+
16.2
2.61 ".J11
1 578.017
13 weeks ended Feb. 11 amounted to $148,956,000,000, oi
the total reported for the corresponding period a yea1
the
above
+ 15.0
2,976,478
1,545,459
2,564,670
SUMMARY
(In
1,718,304
Federal Reserve District—
%
;
millions of-dollars* ." .
iWp"1' Fnrlprl
,
7
7+
FOR
RECENT
(Thousands
of
New
1941
13.149,116
January
11,831,119
February
1940
11,683,430
10,589.428
over
+
+
1940
10,974,335
10,705,682
+ 16.3
May
13.218,633
June
13.231.219
-
9,787.901
R'chmond
Atlanta
8,396,231
8.911,125
9.110,808
9,886.443
8,607.031
9,573,698
St.
8,169
11,038
—
333 •;
5.9P9
4.862
367
271
5.086
4.023
1,012
22.501
319
241
4.921
184:;
120
312
241
+——
Louis
—
11,026,943
+ 18.9
+
20.0
8,750,840
9,868,962
8,832.736
10.068.845
9,665.137
9.773.908
Kansas
13.836.992
11.616.238
+
19.1
10.185.255
9.170.375
10.036.41C
August
14.118.619
11.924.381
+ 18.4
10.785.902
9.801.770
10 308.884
San
September
13 901.644
11,484.529
+
21.0
10.653,197
9.486.866
City
*^___
;
14 756 °51
12 474 727
+ 18.3
____*' 13,974,232
12.213 543
+
October
November
December
12.842.218
14.4
11 2«9 617
9 841 519
10 065.805
11,087.866
9,893.195
9.506,495
11.476.294
10.372.602
9.717.471
Francisco
138,653,997
124,502,309
111,557,727
117,141,591
reporting
York
N^w
140
—
274
Total,
133
Total for year
2,811
4,730
4,111
■
.t
Other
Other
♦Included
in
centers
City*
centers*-
reporting centers—.
national series covering
the
.
3,707
3,154
183
566
12,402
9,915
6.923
148,956
124,544
53,251
47,310
'
9,492
*
3.134-
2.365;
5,448-.'
3,908
910
650
-82,603
f
13,103
141 centers, available beginning
President
Roosevelt
Of the total appro¬
Department re¬
$12,525,872,474 for expan¬
of
sion
the
airplane program
to
production and equip¬
ping of 33,000 planes, including
23,000 fighters and 10,000 trainer
the
Also included was
$30,000,-
construction of Doug¬
in the Tennessee Val¬
000 for the
3.856
848
9.908 RM
•
18,212
'
...
.2,134
262
Dallas
July
,
7
.
30;
Jan.
craft.
8,947
415
—______——_*—
by
signed
cover
6,730
483
.
11,118,543
51,654
389
—
Chicago
9,525,317
8,695
58,523
2,616
544
1,448
;
,
$12,556,672,474 appropriation
the military establishment was
ceives
1941
3,508
______
—
'
,
7,350
467
Cleveland
9.256,313
+ 17.4
12,449.229
1937
10,121,459
11.7
12,882,642
April
9.290,754
10,183,400
12.5
March
1938
1939
..
711
York
Philadelphia
1941
.
572
Boston
Kilowatt-Hours)
% Change
.
1942
1941
be transmitted
Superintendent
Airplane Expansion
Vote
for
and re¬
priated, the War
,
11, Feb. 12, Feb. 11, Feb. 12,
1942
MONTHS
;
•,
.
Feb,
must
on
^777
RESERVE DISTRICTS
FEDERAL
BY
♦Revised.
DATA
of 13%
at the
At banks in New York City there was an increase
compared with the corresponding period a year ago, and
other reporting centers there was an increase of 24%.
ago.
Your orders
A
in¬
are
you
terested.
directly to the
of Documents.
37% From Las! Year
11
1.726.1R1
3.421.639
which
in
jects
■
,
reported by banks in leading centers for the
aggregated $9,492,000,000. Total debits dur¬
as
Feb.
1.728,203
2.9*9 392
we
you,
mittances
J.7i7.3ifi
2.660.962
3.474.638
7
Feb.
1929
+ 15.6
3.468.193
24
Jan.
1932
1940
1941
over
2.845,727
*3 472 579
Jan.; 10
Jan.
1941
1942
r
3_.
Jan.
list of
foreign copper for domestic
-
,
Bank Debits-Up
20%
1942
to
glad to supply you
,
+ Corrected.
ing
% Change
shall be
with a price
publications on the sub¬
accessible
warehouses, but not including con
includes deliveries of duty paid
^Beginning March, 1941,
2 241.972
3 4*5 140
consignment and in exchange
stocks at their plants or warehouses.
tAt refineries,
2.234.135
Dec.
7
'
-
2.179.411
Dec.
'1,698
—
subjects and do
publications readily
available in the libraries most
wide range of
not find the
-ap.
2.104.m'
Nov.
a
2.263.679
Nov.
If you
+1,477
2.339.384
Sept.
ing
8 20f
+
—
Office, Washington, D. C.
should need material on
2 45'*
3.590
—
286
+
72.352 —■'■%;?.
144;
may be purchased
Superintendent
of
Government Print¬
7 Documents,
—23.781
731
67.260 W'"'593
'•"--
'
*
—
31,371
Sept.
final published Cen¬
the
from
5.08.'
+
4,780
—
63,670
:,c;x
reminded, also, that
are
reports
sus
5.71:
—
6 002
—
75.564
Sept.
-
You
most of the
—7.8if
33
+ 119.937
7
—25,911
89.873
...
■
—67,208
—10,560
42
+150.078
84,695
,
—16 71:
98.789
-
•
+121.331
82.099
■*,
:
49
-130 27f
97.689 "—14,414
6
123,580
30.404
+
17,785
+
116.854
11
134.333
1941
6.793
+
—41,4'7
will be glad to
Bureau
98,28!
+
17.869
75.564 —C48.671
'
22
h
112.808
93,654
79.240
.
307
1,065,667 + 1.545.541
119,736?;,
93.840
Apr.,
Week Ended
Aug.
-
Mar.,
1941
over
83.280
1941
Feb.,
% Change
638,076
+1,016,996
Jan.,
(Thousands of Kilowatt-Hours)
FOR RECENT WEEKS
Upon request, the
furnish
'you with a list of the libraries
in your State which maintain a
file of Census publications.
publications.
+
•
19.9
15.0
•
—70.34'
259,351
25.0
States
strategically
located
libraries
one complete file of Census
with
Refiner
—17,031
101,068
17.5
Year
Total
Blister
231,415
16.7
.
Coast
Stock Increases (+ >
or Decreases (—)
Period
Export"
20.6
Mountain
Rocky
Pacific
will continue
tRefined
: Deliveries to
Jan. 24, '
7
publications as may
them, the Bureau
supplying certain
Census
of
Pounds)
15.2
7
COPPEI
REPORTED BY MEMBERS OF THE
(In Tons of 2,000
14.4
14.7
15.3
7
deliveries and stocks of duty-free copper:
STATISTICS
COPPER
OF
SUMMARY
millions of
Federal Govern¬
ment are of increased value as
basic information for planning
both for wartime operations and
post-war readjustments. There¬
fore, so that interested persons
may not be cut off entirely from
access to the considerable range
to* the
dollars
Of Gopp^Statislics
Latest Summary
The Copper
at the. cost of many
2. 1941. page 409.
the issue of Oct.
13.9
13.9
_
Central
18.1
14.7
12.7
Atlantic
Central
in
:—I
17.6
15.3
that
*
INSTITUTE
Jan. 31, '42
Feb. 7. *42
Feb. 14. '42
to the bone,
computed irom average yietas on tne
•
Week Ended
:
Major Geographic DivisionsMiddle
lished
prices are
publications is being cut
the Bureau realizes./
the data it has assembled
Census
•
maturing in 25 years) and do not
movement of actual price quotations.
rverage
OVER PREVIOUS YEAR
PERCENTAGE INCREASE
quests to an absolute minimum.
While our distribution of free
basis oi one "typical" bond (3^
purport to show either the average level or th
They merely serve to illustrate in a more con,
prehensive way the relative levels and the relative movement of yield averages, th« lai
ter
being the true picture of the bond market
/:
t The latest
complete list of bonds used in computing these indexes was pub
These
coupon,
'
1941.
New
3.474.--
the corresponding week
1940____
17,
the week ended Feb. 14
7, 1942, was estimated to be
output for the week ended Feb.
638.000
Feb.
to
publications
of
paper
quested to carefully evaluate
your needs for Census publica¬
tions and limit your future re¬
3.08
2.72
3.41
1941
2.86
3.25
High 1941
,
Bureau's action
and expenses during
the wartime period may not be
defeated, you are earnestly re¬
2.9£
4.37
._____•
order that the purpose, of
in limiting
In
the
2.9i
3.39
specifically
hereafter;
2.97
3.34
compares with 2 976.478T0C
1941, a gain of 15.0%. The
was 3,421,639,000
kwh., which
in the corresponding period in
1942,
■-
9
2
requested by you
distribution
!
2.84
3.34
....
•
1 Year ago
mated
kwh.
2.9'
16
Low
■;
2 9'.
2.9'.
4.28
151
Electric Output For Week
the
2.9F
;V
to the pre-war requests
made for them; But after
this
pending distribution has
been completed, no more reports
will be forthcoming save those
sponse
2.84
__
..
your
you
.
CLOSED
EXCHANGE
2 Years ago
The Edison
'
*3.13
2.83
3.35
Feb.
Shews
2.91
3.14
3.93.
4.29
3.29
".
3.35
-
30
Jan.
t Revised.
Preliminary,
4.29
receive
to
<
2.91
2.91
a
3.34
+ 143
—-
157
146
.__
3.29
2.98
name now
mailing list, you
short time, continue
such reports in reas
3.34
__
3
144
*209
157
145
7
Feb.
2.98
i
23
'
'
3___
Jan.
2.84
3.14
3.94
3.13
3.95
4.30
3.35
-
4
148
tl42 v;< 123
27
Dec.
•
4.31
3.29
STOCK
_
5
Dec.
3.29
2.98
."
7
142
209
157
2.98
2.84
for
may,
.
Indu- i
P. U.
R. R*
Baa
A
Aa':
2.85
3.35
12'
151
Corporate by Groups
3.35
11
6
124
137
*141
-=•"
for distribution.
room
appears on our
yyy
Corporate by Ratings'
Aaa
stock
our
71 Therefore,
3.35
_
9
end.:
111,21
3.36
"
1»41—
Weeks
112.90
107.27
1
7 of
Prices)
Closing
is
7.
-
of the great
7;77 Because
YIELD 'AVERAGES*
?-•••+'•:
rate
.
13
143
141
157
1942—
January
109.42
90.7T
available.
variety
reports, some are already in
process of being printed or in
111.61.
109.42
V 95.77
84,68
3.35
+ 140
—
/•
.'89.37
101.31
__
203
157
•7 not
112.37
Corpo¬
_
207
157
123
112.56116.4:
95.62,
112.93
14
124
97.78
89.23,
116.02
Daily
publi-
92.50
117.40
Individual
be sent if the
.7 terial may
f . cation specifically requested
102.63
on
need so that substitute ma-
,110.34 f'.113.3:
105.69
BOND
shoiyd^^^
which
your
::
95.92
115.49
Avge.
17
138
133
112.00;
116.22
105.52
Average
Feb.
+ 136
,
97.47
92.06
107.09
(Based
194
156
113.81
114.08
113.50
1942—
196
+139:
141
153
143
,
110.88
116.61
115.82
MOODY'S
16
156
126
+
106.92
106.04
115.99
1941.
+ 155
+ 123
+158
113.59
113.31
120.05 ;
1940_
17,
156
143
110.70
110.34
118.10
115.89
17,
125
180
156
97.16
95.92,
-
available, in response
specific,, written
requests.'
y to
7.
2 Years ago
132
____
91.77
90.63
116.03
1941
129
155
April
May
107.09
113.50
115.82
117.61
.
v
discontinued.
only be
7 sent, when
113.7G
118.00
is
peacetime,
publications
practiced
as
Hereafter, reports will
113.70
' 116.41
in
1 Year ago
122
119
•
106.92
106.92
120
February
March
107.80
113.70
116.22
106.92
117.51
_
and other releases,
113.70
116.22
117.60
1941
Low
113.70
116.22
106.74
117.08
1942__
High
116.41
106.74
117.17
1942
Low
106.92
117.16
#
tribution of Census
;
113.70
117.10
-
.
Accordingly, the general dis¬
■
117.10
.
J. C. Capt, Director of"
Census ' recently announced
war,
and added::
113.7C
91.91
of winning
purpose
supreme
the
107.98
_
2
High
113.70
107.98
-
_____
110.70
113.70
-
y.9
97.00
91.77
107.08
113.70
-
16
this
113.50
116.22
_
23
113.50,
110.70.
116.22
_
Jan. 30
the
110.52
106.74
_____
3
113.31
106.92
_
4
113.50
.
116.70
-
-
,v>'5
107.80
EXCHANGE
113.50
Indut
i,
110.70
116.93
-
L____.
'
116.22
ST.
110.52
97.00
97.00
91.77
97.16
91.77
CLOSED
107.80
113.50
116.41
106.74
STOCK
7
-
106.74
116.56
:
_
9
-
113.50
P
R. R.
96.85
91.62
113.50-107.80
116.22
_____
11.
10
>-/•
•
116.22
116.27
_
_____
12
;
106-.74
106.74
120
126
January
;
116.30
,
Corporate by Groups»
Baa
107.80
113.50
expenditures of tne tax¬
Defense
payers' money that is at all possible, so there may be more funds
and more material available for
91.48
;V
A
Aa
-
116.02
106.56
110.39
16
,14
>
Aaa
rate*
116.03
_____ _
to effect every
,
'•
y1 Corporate by Ratings * t-'kyM
Corpo¬
Bonds
17
of
determined
reduction in nori-
the Census Bureau are
are
Yields)
Average
on
■
employees
and
officials
All
Avge..
Govt.'
;
Averages
Feb.
1911—
150
••
Feb.
States
erland
den
(Based
u. s.
1942—
■,'$
BOND PRICESt-
MOUUX'fc*
.
United
Swe- Switz-
Mex¬
Java
tables:'
the following
in
given
had collaborated in the
war
bond yield .averages
'
*
1
prices, and
bond
computed
Census Economizing
H?.:
Moody's Bond PricesfAtid Bond Yield Averages
World Prices Steady
General Motors Corp. and
Thursday,- February 19, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
778
■l&ifeAktiJjuk.'+l.
o-
Waswa«Viii»aWBtafl^^
WIWXWI1 «
L M
66.840
10,394
with 1919
las
Dam
and . $800,000
for
State
Department foreign service trans¬
portation costs.
*;
;.
ley,
cited as the
Supplemental National
Defense Appropriation Act, 1942."
passed the Senate on Jan, 24 and
the House on Jan. 23.
The
legislation,
"Fourth
..
,
_
Volume 155
THE COMMERCIAL & FINANCIAL
Number 4048
AIB Shortens Convention
In
recognition of the burdens
being placed on the banks of the
country by the nation's
war
pro¬
convention of
the American Institute of Banking
the
gram,
held
be
to
annual
Orleans
this
will
at
year
New
shortened
be
by
a
half, it is announced by
George T. Newell, President of the
Institute, who is Vice-President of
the Manufacturers Trust. Co., New
day and
a
The dates will be June 8-11.
York.
This
decision
made
was
the
by
Executive Council of the Institute
at its recent mid^winter
meeting.
The
emphasis of the convention
will
be
than
more
ever
the
on
study side, Mr. Newell states. It
is desired to give the delegates
just as intensive and valuable a
program as ever, he says, but with
the shortest possible absence from
their desks
at home.
There will be
sacrifice what¬
no
of the study conferences and
business sessions that have char¬
ever
acterized
convention
AIB
will
these
pro¬
In lact,
grams, Mr. Newell states.
changes he indicates will be made
possible
curtailing
by
usual
the
The first
entertainment features.
day customarily devoted to regis¬
tration and
sightseeing will be de¬
registration and confer¬
ences and the outing usually held
on Wednesday afternoon and eve¬
ning will be omitted and confer¬
voted
to
The
substituted for it.
ences
an¬
nouncement also says:
4
The
annual
public speaking
will
contest
:
held
be
Monday
evening, June 8, the first gen¬
eral
will
The
9.
be held
Julie
;
national
debate
Tuesday evening,
the
and
9,
pre-election
will be held Wednes¬
caucuses
•
morning,
session, Tuesday
June
day evening, June 10.
Need For Plates
week
at 98.5%,
was
Higher Than Expected
gain of a point over last week's rate and a
a
caucuses
point above the previous peak of early November, 1941, adds
the "Age," which further goes on to say:
'
half
Mar
3
10
17
Mar
Youngstown dropped two points to 95 %.
Buffalo was unchanged
at 90% and Wheeling held at 88%.
The South Ohio River plants
points
and
98%
to
Eastern mills gained eight
the
will close with the second gen¬
eral session, Thursday morning,
approximately 27,225,000 tons.
were
is
the
had
C. Smith
Division
Cotton
the
of
Commodity Credit Corporation to
recently
automobile
of
seizures
ernment
and the mills to in¬
in some areas. • Gov¬
graveyards in various areas are
Last week the country was divided into sec¬
tors for supervision "of the auto-graveyard program.
The Office ol
Price Administration has drawn "time tables" outlining its various
expected shortly.
members, as exclusive bargaining agent. The SWOC is expected soon
to invoke the 20-day clause in its contract with United States Steel
subsidiaries to place before the corporation wage demands already
Bethlehem
on
Sheet
Youngstown
Co.,
Steel
Tube
&
Co..
Mr. Smith has been with
•
of
Service
Extension
the
the
De-
District Agent,
with
headquarters in Green¬
wood,
Miss.
He
is
known
throughout the South as a specialist in cotton production and
marketing problems. In his new
position, Mr. Smith will be in
the Washington office of CCC
with G. E. Rathell, director of
partment
1
•
as
the Cotton
isterin g
.
.
a
Division, in admin-
the
,
loan
cotton
pro-
orders, during
Steel
have run ahead
10 days
the last
of the
Although necessary civilian re¬
corresponding- period of January.
quirements'such^ as impair and -maintenance are - likely to be met.
blot out all other requirements for some
needs will
war
needed than generally sup¬
More plates will be
sharply before the
and munition requirements may expand
The need for ships overshadows all other demand
end of the year.
large tonnage of steel from other uses.
and is diverting a very
Demand
shapes for freight cars and rehabilita¬
for structural
including such items as a new $13,-
tion of new factory buildings,
bl steel
plates were reinforced this week by a WPB request for
detailed
information from plate makers and consumers.
Reinforcing steel awards are at 36,000 tons
compared with 9,450 tons while new jobs total 10,000 tons against
paid tribute
of
Abraham Lincoln at a brief cere¬
12
the
to
memory
at the Lincoln Me¬
morial in Washington on the 133rd
held
anniversary of the birth of the
Civil War President.
The Presi¬
dent
by as a military aide
wreath "at the foot of
stood
placed
a
Lincoln's statue.
by Brig. Gen. Edwin M.
his secretary and chief
military aide, and Captain John
_)ne
week
Jne
month
)ne
year
McCrea,
his naval aide.
Springfield, 111., Lord
In
British
fax,
United
ago
78%
laid
a
England,
John
G.
at
a
was
the guest of
to
honor
luncheon
Lincoln's
commemorating
birth.
the United. States
19
$20.61
23.25
.Tun.
21
19.61
JuL
23.25
Mar.
9
20.25
Feb.
16
19.74
Nov.
24
18.73
6
13
24—
99.8%
7-.-i.-i—-94.9%
Oct
20
Mar
31
99.2%
Jly
Jly
14
;_95.2%
Oct
27-
Apr
99.3%
Jly
21—
Jly
96.0%
Aug
28
4
;_96.0%
97.6%
iNuV
98.3%
Apr
7_
14—
21
17
28
94.3%
Aug
Nov
24—
5
96.85'#
Aug
96.3%
11—
95.6%
18———96.2%
lW
Apr
May
Nov
.1%
98.4
.0%
._97
%
99.9
%
3—98.2
10—.
%
97.0%
95.9 %
1
Dec
.5%
96.6
97
^Revised figure.
cleared
and
progress
much better
is
being imposed and
are
than
few
a
necessary
months
ago.
materials thereby
directed into channels of vital importance to the war effort.
To co-ordinate the war efforts of Canada and the United States
has
the former
been
the latter for all
as
for
placed
practically the
on
basis
priority basis
Applications
will be handled on the
users
from those in the United States.
as
same
and essential civilian supplies.
war
priority made by Canadian steel
same
Canada's greatest need
points to 901/2, Wheeling 6V2
to
Auft
18.84
Nov.
5
17.83
May
14
1
16.90
Jan.
27
1936
___
,
;
unchanged at Buffalo, 791/2; St. Louis 78; Birmingham, 90; east¬
Pennsylvania, 90.
Steel ingot and castings production in January, 7,129,351 net
tons, set a new record for that month, 3% above the previous record,
made in January, 1941.
Though slightly less than output in Decem¬
ber, it was the fourth largest tonnage for any month in the industry's
history. ;. New ingot capacity figures have been issued by the Ameri¬
can Iron and Steel Institute, 88,570,000 net tons, as of Jan.
1, an in¬
crease
of 4,418,000 tons over Jan. 1, 1941, and 2,421,000 tons over
July 1.
Pig iron capacity is 60,394,000 net tons, an increase of 2,784,000 tons over Jan. 1, 1941.
Government agencies are tightening regulations on
tin plate
makers and can manufacturers.
The latter are ordered to give full
preference to Army and Navy orders and to reduce the number of
sizes, almost eliminating small cans.
Products for which tin cans
can be
used are designated.
Electrolytic tin coating is seen as a
solution of tin conservation as the thickness of tin can be exactly
were
controlled.
asked blast furnace operators to
1942 to the end that plans may be
made to avoid too many stacks being idle at the same time, which
would interfere with supply and increase difficulties of allocating
War
Apr
2.26689c.
May
Oct
tion
2.58414c.
Mar
2.32263c.
Jan
.936
—2.32263C.
Dec
28
2.05200c.
Mar
10
—2.07642c. ' Oct
1
2.06492c.
Jan
8
__t
Administration has issued further revisions
of Price
in
the scrap schedule to
eliminate difficulties that have arisen in inter¬
pretation.
Better definition of unprepared scrap is given and a dif¬
ferential
established for hydraulic
bundles containing tin-coated
material, according to the percentage of the latter.
Regulations
governing preparation of remote scrap, delivery by motor and the
ceiling of heavy melting steel in the Boston switching district are
slightly changed.
Scrap supply has not improved materially and. return of winter
weather in
ilea
5
13.56
Jan.
3
northern districts^ has hampered collection and prepara¬
tion.!/ Various campaigns to uncover dormant supplies have not yet
Jan.
5
13.56
l)rr.
6
made
.Tan.
6
14.79
Dec,'
15
Jan.
7
15.90
Dee.
16
"
18.71
4
.935
as
Office
14
18.21
Dee.
17
been
to
appreciable headway and such as h^s been brought out has
quickly.
Automobile wrecking yards are beginning
their material but not sufficient has been shipped to relieve
absorbed
move
18
.937
Distribution under allocations has been working smoothly
every effort is being made to keep produc¬
steady as possible.
tonnage.
for several months and
18.21
___
16
2.27207c.
6
has
15.90
•j'L
1932
16
Jan
Jan
12
Board
14.81
;'333.
1933
1931
2.58414c.
Sep.
Production
schedule their relining work for
16.90
17.90
1934
1930
—2.35367C.
points to 901/2, New England 8 points
to 86V2 and Youngstown 1 point to 89.
points
100, Cleveland 2
Cincinnati lost 3 points to 84% and Chicago V2-point to 102Rates
11
___
1935
2.30467c.
2.24107c.
Sep.
1937
Low
.
$22.61
1938
output.
939
940
Jan
—2.30467c.
—2.15367c.
Apr
24
1.95757c.
Jan
1.95578c.
Oct
3
1.75836C.
May
5
1.83901c.
Mar
13
Feb.
Jly
99629c... Jan
931
Jan
2.25488c.
930
—2.31773C.; May
929
I)cc
1.97319c.
Dec
Oct
Feb.
17,
1942,
month
)ne
year
on
1940
.
ago———■
phia,
The
that
14.08
May
11.00
Jun.
7
12.92
Nov.
10
17.75
Dec.'
21
12.67
Jun.
9
13.42
Dee.
10
,40.33
Apr.
29
compared with January, 1941, shows a decrease of 458,449 net tons,
Mar.
13
9.50
Sep.
2a
or
10.9%.
1933
12.25
Aug
8
6.7*5
Jan.
,2
8.50
Jan.
12
6.43
Jul.
£
11.33
Jan.
6
8.50
Dee.
29
as
follows:
9
3
1931
Jan
2
1939
22.61
Jan
2
w-C-i
_
_
Steel
it
______
Institute
15.00
Feb,
18
11.25
Dee.
17.58
1929
which
Jan.
29
14.08
Dee.
the
Feb.
ago
industry will
16; compared
and
94.6%
one
be 96.2%
with
year
95.5%
ago.
Feb.
on
had received
operating rate of steel companies having 91%
of
■
13.00
..$23.45
reports
,
1935
Dec 23
telegraphic
16
3
Mar 20
and
Out.
30
15.00
of capacity for
16 announced
indicated that the
of the steel capacity
the week beginning
95.0% one month
This represents an increase of 0.7
.
Shipments of anthracite for the month of January, 1942, as re¬
ported to the Anthracite Institute, amounted to 3,751,707 net tons.
This is an increase, as compared with shipments during the preced¬
ing month of December, of 385,596 net tons, or 11.5%, and when
1934
Low
Iron
9
22
1932
American
Apr.
Mar.
23.45
.
16.04
e.
Nov.
_$24.61
1941
30
Shipments-January, 1942
10
1936
for basic iron at Valley furn¬
foundry iron at Chicago, Philadel¬
Buffalo,
Valley and
Southern
iron
.
Apr.
Ib
21.83
22.50
______
averages
High
$19.17
1937
Cincinnati
1940
_
_
7
.Jan.
21.92
1938
—i
ago
Anthracite
Low
$22.00
1939
$23.61
——;
23.61
—:——- .23.45
a
20.08
—
heavy melting steel scrap quo¬
at Pittsburgh, Philadel¬
1
consumers
High
and
aces
No.
to
Composite prices continue at the level of several months: Fin¬
semifinished steel $36, steelmaking pig iron $23.05
steelmaking scrap $19.17.
ished steel $56.73,
and
phia, and Chicago,
Gross Ton
$23.61
week ago_
Dne
on
1941
\r\
$19.17
19.17
—^—
year ago__—
tations
29
Pig-Iron
Jne
One
Based
9
2.26498c.
the situation.
1942, $19.17 a Gross Ton
One week ago_
29
1.86586c.
7
28
17,
Scrap
One month ago————
1
934
May
Steel
2
„1.89196c.
1929
2
933
932
people, While
Winant, American Ambassador
Britain,
of
.938
to
Abraham Lincoln on
behalf of the British
Lincoln,
the
wreath at
Ambassador
States,
the tomb of
in
ago
—2.30467c.
«ased
Hali¬
Low
1939
2.30467c.
—2.30467c.
2.30467c.
ago
High
panied
L.
x
COMPOSITE PRICES
17. 1942. 2.30467c. a Lb.
He was accom¬
Watson,
f
'
<
AGE"
High
Feb.
941
mony
"■
"IRON
THE
FDR Tribute To Lincoln
Feb.
;' *
19,410 tons last week.
tank
President Roosevelt
Oct
Oct
^gainst 25,500 tons.
represent
on
estimated at 22,900
are
tons against 25,000 tons last week with new projects at 18,100 tons
weighted index based on steel bars, beams,
plates, wire, rails, black pipe, hot and
'. jold-rolled
sheets Rnd strip. These products
grams-
•
the week
awards for
steel
Structural
!
I
•
99.9%
91.8%
Apr
.8%
98.1
23
30
ern
Inland Steel Co. and Republic Steel Corp.
stated:
;
99.0%
Jun
Jun
plates for shipbuilding and mills are booked far ahead. Addi¬
tional plate mills are under construction but in the meantime aid
With appeals being made for industrial management and all is needed from this country.
other classes of the population to sacrifice more and work harder
Railroads continue to place orders for rolling stock, 4,300 cars
for greater output of war goods, industry
this week noted with being bought thus far in February, exceeding the total for all Janu¬
misgivings that the steel labor situation was working up to another ary.
Locomotive orders also are heavy, both for road engines and
critical point.
Increasing its pressure to win a $1 a day wage in¬ switches. Builders are working toward fulfillment of the promise of
crease, as well, as the check off of union dues and the closed shop, 36,000 new cars by May 1, deemed necessary to meet heavy traffic de¬
the Steel Workers Organizing Committee is preparing to seek Labor mands.
Board elections at all points of the United States Steel Corporation
Steel production last week was 1 point above the preceding"
in an attempt to establish the union, now solely representing its week, at 97%.
Detroit advanced 6 points to 91%, Pittsburgh IV2
900,000 ordnance plant to be built in Ohio for the War Department,
is so heavy that complete allocation for this product is likely.
was named Assistant Chief of the
The
Agricultural Adjustment Admin¬ already rigid controls over production, consumption and allocation
The announcement also
16_
Jun
98.8%
-
is for
Wreckers.
steps against un-cooperative auto
succeed E. D. White, who
istration.
29—
97.5%
99.4%
has
effort by scrap dealers
of scrap despite bad weather
vigorous
more
crease the flow
appointed Assistant Director
the
of
of Agriculture
Sep
96.1
96.8
96.9
improvement in the steel melting rate Further controls
A factor in the current
Smith On CCC Cotton Div. posed
been
22
"Steel" of Cleveland, in its summary of the iron and steel mar¬
Although final reports are not yet completed, it is estimated kets on Feb. 16, stated:
some 7,100,000 tons of Lake Superior iron ore were consumed
Each month sees the steel industry more wholly concentrated
in January, 1942, as compared with 6,331,018 gross tons consumed on war
preparations, with better control of production and distribu¬
in the corresponding month of 1941.
January consumption appar¬ tion. Close cooperation of government bodies and steel producers
ently broke all previously existing records including the one set is working out a pattern for most efficient use of resources and every
in December, 1941, when 7,061,981 gross tons were used.
Estim¬ ton of steel is being utilized to the utmost.
ated January stocks of iron ore at furnaces in the United States
While many details remain to be adjusted the general picture
months to come.
The Department
on Jan. 30
said C.
Sep
that
heavy
June 11.
Sep 15
98.6%
26-—-——98.6%
May
points to 113%.
eve¬
The convention
99.2%
9
24
Mar
seven
2
Jun
17
Feb
.
3.4'%
_96.9
Jun
96.3%
10r_——97.1%
Feb
Mar
eased
Sep"" 8
94.6%
Feb
Operating increases In various steel areas are small and scat¬
tered.
Pittsburgh in unchanged at 97% while the Chicago rate
is up IV2 points to 104% .- The Philadelphia -'district rate rose a
half point to. 91% and Cleveland .gained three points to 98%.
made
Wednesday
on
ning, June 10,
•
or
the week
The
grand ball, usually the
closing feature, will follow the
779
0.7% from the preceding week.
The operating rate for
beginning Feb. 16 is equivalent to 1,634,100 tons of steel
ingots and castings, compared to 1,622,400 tons one week ago, 1,614,200 tons two weeks ago,
1,607,600 tons for the week beginning
Jan. 26, 1,614,200 tons for the week beginning Jan. 19, 1,615,800
Steel output this week touched a new high, exceeding the pre¬ tons for the week
beginnig Jan. 12, 1,592,700 tons for the week
vious record established in early November of last year by a half
beginning Jan. 5, and 1,526,700 tons one year ago.
Weekly indicated
point, states "The Iron Age" in its issue of today (Feb. 19).
Thus rates of steel operations since Feb. 3, 1941, follow:
steel plants in the United States reacted to Singapore's fall and
8
Dec
1941—
—97.5%
Aug 25_—.—
96.5%
May 12
99.2%
>w
15———9 7.9 cj,
other bad news from World War fronts.
Steel production for the Feb 3
96.9%
Sep
2
96.3%
May 19
99.9%
point
Steel Production Continues To Increase-
The
intensified.
be
CHRONICLE
one
week
ago,
Shipments by originating carriers
Month
Jan. 1942
of—
RR.
New
Dec. 1941
Jan. 1941
Dec. 1940
823,028
980,626
878,812
738,117
578,063
778,048
701,173
334,460
319,621
413,710
376,823
441,586
454,503
574,782
530,525
269,759
377,128
316 878
414,047
379,961
422,816
396,443
~
314,954
289,764
350,721
328,342
-
191,965
78,452
183,494
67,915
214,275
98,050
164,964
3,751,707
3,366,111
4,210,156
3,784,798
•
Jersey
•
Delaware Lackawanna &
Western
Delaware
Corp.
&
Erie
Hudson
RR.
RR.
RR—
_
—•
;
RR.
Sew York New EnglandWestern Ry.
Ontario & RR.
ehigh &
Total
reported
319.204
RR.
of
Pennsylvania
were
918,922
Reading Co.
Lehigh Valley
Central
(in net tens)
—
,
.
90,833
covering 100% of the electric light and power industry,
released on Feb. 3 by the Edison Electric Institute, follow:
The
change
OF ENERGY
DISPOSAL
AND
SOURCE
(net)—
♦Generation
fuel
By
water
.
power
Total generation
Less—Company
„
use
for distribution
unaccounted for
energy
Losses and
Sales
—
___
■«"
+
14.4
1,636,900,000
+
3.0
'
4,252,548)
180,567)
0.8
+
the average price per bond from
notable
was
remained
the
from
rose
4.6
+
Residential
Rural
Small
169,892,000
rural rates)
6,652,829,000
5,379,431,000
+
23.7
Amount
outstanding
205,874,000
201,203,000
+
236,769,000
+ 18.8
Electrified
«
3.3
—
165,582,000
175,237,000
railroads.
steam
338,487,000
/
+
46,815,000
ultimate
to
customers
i—
60,904,000
—23.1
10,576,643,000
outstanding
'Total
.
from
ultimate
^
:
(5j
f"
.
Average
annua! bill
per kilowatt-hour
Average
Revenue
♦By courtesy of the
(cents)..
______
of
Number
Amount
value
Preferred
Amount
value
The
AND
STOCKS
;
Production
,
'
1
>
'
•
East Coast
Dec. "
1941
r,
f
Jan.-
Nov.
1941
1941
——-
——
82,232
92,012
68,811
34,957
7,350
32,491
33,097
6,905
6,804
112,720
110,129
1,182,872
932,040
24,942
25,090
183,139
113,741
3,086
3,149
35,394
100,817
32,096
92,798
579,969
587.476
w
Kansas
Texas
_
__.
Louisiana....
Arkansas-.
Rocky Mountain....
8,698
48,025
Total._.„„X-„. 255,444
251,748
California
399,369
72,443-64,691
8,784
48,884
381,111-
8,240
8,392
7,388
5,994
64,204
'55,700
2,357
196
200
176
152
58,506
86,982
Daily
.
Includes
"
(.6)
(7)—___.
stores showed
mas
of
Governors
that
Boots
Federal
the
a
average
the
an¬
in
Board's
index rose to 138% of the
in December and a previous
adjusted
compared with 111
as
Without
.
Change
Corresponding
variation...
..
One week
Federal Reserve
Year Ago
a
Feb. 7
Jan. 17
Jan. 31 Dec. 27
Jan. 31
+
6
+ 26
+ 44
+
15
+ 23
+ 28
+ 25
r+ 39
+ 30
+ 62
+ 38
20
+ 41
+ 45
+ 58
+ 40
+ 37
+ 43
+ 48
+ 50
+ 44
+ 45
New York
Philadelphia
Cleveland
>■
+
.—______
Richmond
-
_________
Louis
_______
'
'
San
U.
+ 37
\
■
Jan.
♦Not
1
£ 67/a
£ 6 7/a
£67/8
£8
£8
£8
£ 8
90/-
90/-
87/-
87/6
Shell Transport
47/6
45/9
.45/-
45/-
43/9
United Molasses
32/-
Vickers
16/6
,
"
:.;,3l/3
30/6
30/6
16/6
31/6
<■
16/6
16/6
'
_
16/6
■
+ 20
+ 31
former
-
led
+ 34
.
.+
34
+ 37
+ 16
+ 18
£4%
£4%
£4'/8
value.
32
r+ 31
+ 11
+ 10
+ 29
+ 34
+ 29
r +
25 V
8
+ 23
+
13
+ 31
+ 28
+ 27
+ 29
+ 11
+
45
+ 32
+ 35
+ 11
•
+ 17
+ 14
!
+27
+ 31
daily closing quotations for securities,
The
SEASONAL
ADJUSTMENT,
1935-39=100
131
Jan.
Silver,
25
Feb.'
8
90
lZ.
...
89
...
94
121
114
...
ZZZZZZZZZZZZZZZZIZIZZZZZ
tMonthly
indexes
95
-
.
.
'
*
r
l
>
I
'
i
Z
i
•
ii
4%
British
The
refer
Bar
1960-90
per
oz.
168s.
•; 168s •'
cents)
Y.
(Foreign)
35%
23 %d
168s
168s
£82%
£82%
£82%
£82%
£ 104%
£104%
£10411!
£115%
in
£114%
the
United
States
the
same
35%
?5%
day
has
'
•
35%
£115%
£115%
on
35%
35%
...
(newly71.11
71.11
71.11
'1
i.i,
-
.
71.11
71.11
71.11
f
chairmanship
1942 campaign, Mr.
succeeds James A. Farley,,
1
Postmaster
drive
the
in
headquarters, 52 Wall Street, for
the
same
energetic cooperation
brought
that
Friday
Thursday
23 %d
23 %d
£104}*
£115%
(in
..
'
at London, as
-
'
U. S. Treasury
mined)
•'
•
£82%
Closed
silver
Wednesday
23 %d
£105
Closed
W.
price of
N.
168s
Closed
L.
3%%
Tuesday
23 %d
Closed
168s
fine oz
p.
Consols, 2 Vs %
British
Monday
Saturday
d._j__
oz.
been:
,
..
p.
Vice-Chair->
General, who
1941. . The new.Z
chairman issued a call from Fund
reported by cable, have been as follows the past week:
Gold.
18
Jan.
,
as
accepting the
In
of the Fund's
English Financial Markef—Per Gable
+ 30
+ 15
+ 13
+
•
,
Hanes
+ 33
+
+ 48
*
+19
___
Corporation,'
ler
+ 12
+ 24
+ 33
+ 44
WITHOUT
A. Talbot, a
+ 18
£4%
*
the drive by Harold
Director of the Chrys-.»
man.
£4%
their em-1
ed in heading
+ 11
*
*
raise money
private welfare and health organizations. Mr. Hanes will be assist-
+ 13
+ 20
+ 34
6%
£8
+ 41
+ 24''
%
£
£6%
to
ployee groups to help support 400
+ 36
+ 34
"
£17%
76/-
+ 39
+ 28
"'
£17%
76/—
+ 22
daily average sales in calendar month; January 1942 figures estimated from weekly
sales.
January this year had five Saturdays whereas last year there were only four.
Revised..,.
£17%
76/-
+ 18
to
*
'
+ 16
separately but included in United States total.
shown
£18
76/-
£ 18 Vs
drive of the Greater
from business firms and
+ 16
119
—
129/-
126/3
+ 14
+ 25
....
129/3
130/—
former Under
the Treasury, has
chairmanship of the
Fund
York
New
+ 12
16
L_
7
■I 24/—
+41
1941—
311.
Feb.
_
24/-
+ 46
+ 21
I........
17 :
24
25/6
24/-
-
+ 27
1942—
Jan.
Jan.
fifth annual
25/6
7
+ 29
INDEX,
13/9
14/-
26/-
24/—
130/-
*
....
•WEEKLY
74/6
.
;
14/6
26/-
+
"
Z:
Hanes,
of
the
assumed
7
+ 22
total
74/6
W.
John
Secretary
+
+ 20
Francisco_
S.
£7%
14/6
—
24/6
..
75/- -ii#
74/9
14/6
V., 26/—
76/-
£100 par
■
32/6
£7(1'
'
«
r +
32/-
£7%
88/9
♦Per
to prevent
Heads Greater N. Y. Fund
+ 31
+ 36
;+13
32/9
£ 7%
Rolls Royce
"
•
£12%
37/6
+ 27
.
on
mind.
+ 43
+ 47-
+ 30-
v
+ 32
+ 25
+ 19
City_
Dallas
£12%
37/6 •;
33/3
74/6
-
'~j
i;"
_
Areas___
thrilled seven or
when there was
people on
WPA
from
voting.
Why, he
said, there were cheers and yells
from
people of,, that type of
+ 15
+ 33
r
Distillers Co.__
Electric & Musical Ind.^__
West Witwatersrand
were
years ago
drive
a
9
+ 28
Minneapolis "
Kansas
"
persons
said
eight
+
+ 15
%
some
+ 38
r
"
mind
who have been
discussing the poll-tax issue, he
said, is like that of those who
of
The type of
sound.
was
31
r
+ 24
■>
Metal Box
Year to
a
whether he thought the poll tax
+
8
+
Chicago
£ J2%
38/3
£8
1
£66%
39/3
-
33/6
Courtaulds (S.) & Co._—
-
'£12%
39/3
Rio Tinto
Nov. 29 Feb. 7
bank
76/3
-£68 '
the only
in response to a question
Z torial
+ 51
+ 23
Atlanta
__.£ 68 V«
.
£13
Cons. Goldfields of S. A.__
Rand Mines—
(%)
——Four, weeks ending-
ending-
Jan. 24
Period
Feb. 7
District
Boston
St.
from
Nov. 1941
Jaw. 1941
116-101
133 —
79
Dec. 1941
111
197
adjustment______„_t.„
seasonal
£69
Imp. Tob. of G. B. & I.:
London Midland Ry.
SALESf 1923-25 AVERAGE=100
Jan. 1942
138
107
«'
.v
■
STORE
76/3.
£68
that
said
'
Central Min. & Invest
De Beers
31/9
77/-
77/-
was
meet
to
loan
a
editorial
The
lot of farmers had.
,t
The President cited the edi-
Friday
31/9
bank
a
FSA
the
he
Feb. 12
Z32/-
Z'-
was
taxes.
Feb. 13
32/9
-
78/3
Closed
Hudsons Bay Company___
DEPARTMENT
;
; ;
Adjusted ,for seasonal
*
.,
—
Ford Ltd
peak of 134 last August.
INDEX OF
Drugs—
33/-
opposed to a
.
from
>
Feb. 11
Feb.10
Feb. 9
been
which asked
why
all the furor about an
by
the FSA to pay a poll tax when
it was permissible
to obtain
but which as to
Tuesday Wednesday Thursday
Monday
•
Cable & Wire ord°_______.
System
Reserve
Pure
British Amer. Tobacco
January value of sales at department
much smaller decline than is usual after the Christ¬
13
and
season
1923-25
of
Feb.
on
«_,.:*•+
He said
idea.-
bad
individual using money lent
received by cable each
as
was,a
Z there
day of the past week:
January Department Store Sales
Board
•
-
Quotations of representative stocks
2,486
-
The
$89.35
$90.36
The London Stock Exchange
Feb. 7
•
$3,063,680,850
from
"Journal,"
warrants,
Saturday
nounced
245
in-
some
people
poll tax all his life.
He quoted from an editorial
the _Montgomery
(Ala.)
$3,390,594,608
$3,043,744,446
—
poor
he had
/ in
v
____
average
2,071
1,918
l
price per bond
Average
Total (thousands
barrels)
(5)
had
kept
that
;
$89.89
280
i——
(2)
104,412
546
4,116
$2,684,954,972
$3,406,723,843
—.1
(4)___
(3)
in
South
the
$2,986,911,448
$2,774,560,696
$89.05
—:
a question as to(
thought the poll tax-
that
$3,115,849,408
of each period indicated in the above tables.
(5)
Based on last sale price on last trading day of each period, or in the absence
of a sale on such day, the mean of the closing bid and asked price on such day.
In
some instances, in the absence of both sale and asked price on the last trading day in
each period, the closing bid price was used in computing market values.
(61
Average price found by dividing the total market value by the total shares of
stock or principal amount of bonds outstanding.
(7) Expressed in dollars per $100 of par value.
'
4,231
*
of
issues__l——.
6,392
6,082
average
(7)—
/
in
Zvoting and he said he thought
212
*
issued prior to the date
574
23,097
1,531
67,796
2,928
503
1,984
1,768
1,260
84
10,416
128 '
.
in
$93.82
247
\
——
a rehabilitation loan. ,
Mr.
Roosevelt answered
stances
.
Represents, as to listed securities, amounts actually outstanding as at dates of
ftbOVe' fcBibl'GS
:;■*;'•'i'.(: '*1 ■••• vv,il*1*v'"'''>y'
1
'«i^'a'.(4)
As to unlisted securities, the amounts outstanding are as per the latest report
6,636
714
80,556
2,696,568 2,339,400 98,994
$403,683,160
$378,725,878
(3)
& Ter-
4,578
*
gj}
33
(7)
as an
whether he
'
fineries minals
-
(6)
ture
f of
'•
$269,183,750
$92.54
:
value
taxes,
the affirmative
.
.
$290,874,435
—
___,
,
(4)__—1.—.
outstanding
market
Total
At plants
....
-
Includes securities not necessarily designated as "preferred,"
♦dividends, or assets, or both, rank prior to junior securities. •
■
At re-
6,426
252
4,284
3,612 T"
699
1,890
13,350
,
84
1,320
12,726
53,904
' 84
3,780
756
213
3,528
1,289
69,636 - 1,717
____
•
_w—-
(3).—
issues
of
Number
i
plants
&Ter-
-'
-
Amount
Nov. 30,1941
■
"
'
Bonds—
:
''1940 fineries minals
7,734
Oklahoma
Daily
At
At re-
Dec.
____
9,320
9,984
Appalachian
111., Mich., Ky
Dec. 31, 1941
*
Jan.-
_
Dec.
■
v
'<
—
__________
(5)
outstanding
along with other
allowable expendi¬
in determining the amount
poll
1.018
668.008,801
$7,354,311,836
<
$11.01
duration.
war's
FSA's
the
taxes,
1,059
'
the
Friday Mr. Baldwin told
"perfectly proper thing"
practice of classing
a
as
$44.68
$8,612*037.861
.
" ' $12.73
de¬
he
extremely
whole food sit¬
the committee that he regarded
$1,818,909,416
—676,636.924
rJ.
(6)
Total market value (5)-_
Average price per bond (6)
(
All
-Stocks
—
40,709.541
$46.92
<4)__
r
issues..:
of
Amount
(1)
,.r
184
'
Number
-
t
'
—
(3)
.'
price per bond
Average
$11.04
j
value
time
same
for
$12.89
t
_____
(shares)
(5) 1
outstanding
market
362
Last
Unlisted—
GASOLINE
NATURAL
of
Amount
of Gallons)
(Thousands
'[
OP
_.
(6).:
bonds
Number
;:v
uation
•/.
r
1
"
Total
the
at
41,935,371
$1,967,594,824
,
(4)
/
in
At that conference he
essential to the
405,784,380
issues
value
and
$4,477,889,841
_
Listed—
average
decreased
PRODUCTION
;
outstanding
erroneous
an
said that he did not think that
the FSA should pay poll taxes
.
Average price per share
production of natural gasoline and recycle
December, 1941, according to reports re¬
ceived by the Bureau of Mines, U. S. Department of the Interior.
The daily average in December was 8,240,000 gallons compared with
8,392,000 gallons in November.
The total production for the year
1941 was 2,696,568,000 gallons, or 15% more than the 1940 production
of 2,339,400,000 gallons.
Stocks continued to decrease, amounting to
179,550,000 gallons on Dec. 31 compared with 191,394,000 gallons on
Nov. 30 and 239,568,000 on hand Dec. 31, 1940.
daily
$29.24
-
__
v<
'
Daily Average Natural Gasoline Output Off in
December-194 f Production 16% Higher
condensate
of
Amount
„
193
(6)
*'
V
Total market
that
had been established
both on Capitol Hill and at his
Tuesday's (Feb. 10) press con¬
407,051,100
(5)
Number
.
13, said:
premise
>
373
Average price per share
/
Feb.
on
$5,245,332,375
.
the mat¬
Washington
Press
scribed the agency as
(shares)
stocks—
All
Associated
declared
7
$316,711,716
$32.57
(4).
paid poll
,
In further reporting on
:
;
$385,596,329
.___
outstanding
market
Total
Federal Power Commission.
tures that the FSA had
,
,
the President
10
Administrator, had admitted be¬
a
joint congressionalcom¬
on non-essential expendi¬
.10,832,683
....
(shares)
issues
Feb.
on
mittee
$3.51
11,839,956
(5)
(2)
Number of
to
told that C. B. Baldwin, FSA
was
$740,800,863
:
Average price per share
% Change
v +4.0
+0.8 V
—3.1
215,810,497
•
issues.......
outstanding
market
Total
1940
945
$36.48
3.86
1941
983
$36.76
3.74
customer
per
«
12 Months Ended Nov. 30
Customer Data—
Kilowatt-hours
9.2
+
budgets,
ference
Dec. 31, 1941
362
(3).
(6)
;f
(1)
a
ference.
Average price per share
Unlisted—
Series)
(Revised
SERVICE
DOMESTIC
OR
$214,160,800
$233,962,800
customers
RESIDENTIAL
for
210,682,197
(3)
(.shares)
value
he said, allow
put down an item
poll tax. At a press con¬
These
the tenants
That, Mr. Roosevelt said, was
not a statement of fact, and he
376
-
a
kinds.
advices
•
-
have
tenants
FSA
which
includes
every
necessity of life—food, clothing,
a bed to sleep in and taxes of aii
'
issues..
market
that
said
budget
1940 and 1941]
31,
■JZZ-Z:-Z;;4i T:
Amount
+ 16.2
;had not been paying
such taxes, At his press con¬
ference, on that day the President
any
'
of
Common
Revenue
EXCHANGE
of Dec.
as
(6)
;
Total
CURB
(5)
(2)
the
istration
ter
$1,013,514,333
$4.70
(shares)
value
Number
„
5.8
12,288,966,000
Interdepartmental
YORK
gain of 40.7%.
a
12.^,.
Average price per share
Preferred
327,422,000
that
been
poll tax and added
Farm Security Admin¬
a
taxes in Alabama.: :
issues..
market
Total
V
from
rose
Dec. 31, 1940
of
that he always had
13
opposed to
1
Number
2.31
outstanding
amount
STOCKS
9.8
railways—__—
President Roosevelt declared on
fore
gain of 38.8% while the market value
a
\
281,375,000
interurban
<
(1)
+
public authorities
Railways and railroads:
^
Listed—
•V 1,969,874,000
Other
and
+ 29.4
'
2,163,485,000
Large light and power
Gtreet and highway lighting..
Street
V
Common
light and power
the
same,
NEW
8.3
+
2,093,071,000
131,322,000
industrial:
or
'
[Market Value of Securities
% Change
1940
„
2,266.037,000
domestic
or
(distinct
Commercial
rise
a
$89.35 at the end of 1940 to
$269,183,750 to $378,725,878,
Month of November
1941
time, however,
same
that, although the number of listed bond issues
exactly
$290,874,435 to $403,683,160,
30,138,494
31,530.857
Kilowatt-Hour Sales—
At the
•
043,744,446 to $3,063,680,850.
114,689
121,541
customers.
ultimate
Total
although
$90.36 at the end of 1941 boosted the total market value from $3,-
It
174,183
Other customers
$8,612,037,861 to $7,354,311,836,
price per share fell from $12.73
683,515
4,295,223
light and power
Large light and power....
Ex¬
The total market value of the outstanding
1,018.
$3,406,723,843 to $3,390,594,608.
4.2
+
1,059 to
Total number of bond issues declined from 280 to 245
Change
.
Curb
York
the total amount outstanding declined less than half of 1%, from
+16.2
24,907,175
984,328
Rural (distinct rural rates).
Commercial or industrial:
Small
1940
oti
New
a
drop of 14.6% while the. average
$11.01, a decline of 13.5%.
in
—2o,955,582
domestic....
to
As of November 30
Number of Customers—
or
a
SALES
'
the
on
shares in these issues declined from
+ 83.9
—33.4
10,576,643,000
12,288,264,000
'
'
,
Residential
8.1
12,213,543,000
CLASSIFICATION OF
"
+
146,013,000
480,684,000
stocks
The number of stock issues, both listed and unlisted, declined
___
13.4
12,764,508,000
customers
ultimate
to
+
13,974,232,000
1,685,968,000
boundaries
__
Less—Energy used by producer.
Net
•—K-1.3-
75,732,000
of
declined
from
'•
value
19.1
14,481,048,000
81,833,000
268,542,000
320,107,000
...
Add—Net imports over intern,
+
8,730,618,000
4,033,890,000
plants..
?'
plants_rrrrri-—4,085,777,000
burning
By
market
during 1941 while the total market value of the
gain, according to the Exchange's compilation issued
23., The Exchange states:
Jan.
% Change
...
.
total
bonds showed
Month of November1940
!<
Feb.
aii
and 1940,
Opposes Poll Taxes, \
Policy
Defends FSA Loans
Declined In 1941 But Bonds
month of November, 1941,
research statistics for the
Electrical
FDR
Market Value Of Stocks On N. Y. Curb
Indistry
Nov. Statistics For Electric LI. & Pr.
Thursday, February'19, 1942;
FINANCIAL CHRONICLE
THE COMMERCIAL &
780
to-the
Fund
more
contributions
last year under Mr.;
than at any time in its
"Total war means total,
defense, and. total defense must
include continued support of the
Farley
history.
is
woven
the verv: lives of all
of us,"
agencies
into
Mr.
-,i
1
whose
work
Hanes said.
\\
'1,.«))
>
.
.
• 11
-
:t
•
-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4048
Volume 155
ings.: Permit valuations for
1941 Hotel Sates Advanced
-
9% Over 1940
v
February i issue
states that hotel sales in the United States, as repre¬
several hundred hotels from all over the country
which furnish their figures, increased 9% in 1941 over 1940; in 1940
the increase over the year before was 4%.
The peak came in July,
with a total average gain of 14%.- The bulletin further reports:
Room sales had a total gain of 8 % for the year, the largest
lic accountants,
sented
the
by
improvement for a month being 12% in August.
For hotel res¬
10% above that of 1940, July
taurants the business as a whole ran
twelve months with an increase of 17 %.
^
only 3% in 1941 oyer 1940
and the biggest gain during the year was. 5%, attained in three
months, August, September and October.
leading
among the
The total average room rate was up
-
total average
The
month had
for 1941 was
occupancy
71%, one 70% and five, 69.
67%*, while one
• •
Comparisons with other years are made, in our table, by in^
with 1929 as 100.
On that basis the total sales in
1941 were 93, the highest in the 12 years since 1929, the next high¬
est being 90 in 1930.
The record low came in 1933 with 51.
The
dex numbers,
1940 index
For
was
85.
Restaurant sales were 105 against the
96 in 1940.
highest since 1930, with 91.
The nearest to this in the 12 years was
100 of 1929.
December, the Horwath bulletin also reports, the steady im¬
provement in hotel business throughout 1941 was maintained in all
departments.
It adds:
In
8%.'" In
the comparison of December, 1941
with the corresponding month of 1940, it should be recalled that
new non-residential permit
valuations in the latter month were
higher than in any month since the middle of 1930, except
October, 1940.
As
41%
over the same month of 1940,
occupied room was up 4% while the occu¬
advanced 4 points and at 61% is the highest for the month
with
gain of
a
in
the
pancy
of December since 1929.
1941,
DECEMBER,
1940
tRoom
0.5
value
November, December permit
of
of
1%,
caused
estimated
Dec.,
Total
.
'
1
"
v"
C'
,
♦Total
•• •
York
New
City-
Chicago
+
—
Rooms
7%
a
+
Washington
+
Detroit
+ 10
_
Coast-
Pacific
—
1
+ 15
—
65
52
+
+
construction.
For
Total
+
33
83
9
+
9
+
10
69
69
+
7
+
5
+ 10
69
63
+
4
—
5
+
2
+
7
3
+
,+ y
'
—
54
52
4
3
61
8
+ 10
+
2
68
+ 14
+
9
+
10
+
8
59
+
8%
+
8%
+
7%
61%
57%
+10%
+
10%
+
10%
68%
64%
+
9%
+ 10%
Date—
to
+
9%
+
8%
term "rates" wherever used refers to the average
and not to scheduled rates.
♦Rooms and restaurant only.
tThe
1941, Federal and State construc¬
cities totaled $35,651,000; for Novem-
.ber, 1941, $32,114,000, and for December, 1940, $87,691,000.
'
55.
■
+
3%
sales per occupied room
January Outpuft And Shipments Of Slab Zinc
Zinc Institute on Feb. 7 released
the following
tabulation of slab zinc statistics:
OUTPUT (ALL GRADES)
(Tons of 2000 lb.)
TOTAL SLAB ZINC SMELTER
Exports &
1929
46,430
631,601
596,249
1930
75,430
143,618
504,463
436,079
314,473
196
300,738
41
residential
New
non-residential
Additions,
—
and
:
repairs-
7.9%
+
5.2%
+
—25.8%
New
non-residential
alterations, and
New
non-residential
alterations,
+
143,618
129,842
26,651
1,355
18,273
822
8,478
583
65.995
53.751
1,475
17,582
125,132
1,929
0
674,615
83,165
17,582
14,859
10,644
13,345
11,474
66,121
ton
63,930
4,914
14,859
121,020
61,603
57,663
8,155
10,644
108,151
2,200
65,011
2,629
13,345
97,638
2,269
2,285
68,543
65,035
5,379
11,474
95,256
73,449
70,837
61,696
11,394
98,435
2,369
92,583
June
11,833
10,023
July
11,101
74,641
62,714
9,180
13,848
81,456
13,843
75.524
10,342
17,969
68,604
2,436
Sept.
17,969
73,225
76,156
61,061
64,673
61,770
61,154
23,182
78,635
65,690
,•
7,094
19,427
67,079
2,441
12,219
21,594
62,559
2,451
12,209
23,182
84,101
12,065
24.062
87,666
72,002
2,490
2,537
751,943
62,662
79,219
67,248
864,026"
_
Daily Average
Contracts
24,062
PRODUCTION
v
BY
23,862
2,367
110,552
2,555
GRADES
Prime
inter¬
mediate
Bpec.H.G. High Grade
Month
12,165
Brass
Spcl.
Select
Western
Total
1941—
Nov.
18,404
T6.399
4,695
4,364
1,417
Dec.
18,546
17,787
5,131
4,677
1,495
29,672
31,005
74,951
78,635
6,378
18,135
17,575
5,262
1,467
30,396
with
Gains in the early part of the year
5%
Cities Re¬
Geographic
All
divisions
New
Atlantic
additions, alterations and repairs to existing
a decrease of 6% in permit valuations for
new
non-residential buildings, comparing 1941 with the preceding
year," Miss Perkins stated. She further said:
third consecutive month in which permit
the corresponding month of 1940. The
largely brought about by a decline of
valuations dropped below
in
198
indicated
was
expenditures
9,644,287
1,367,680
5,092,371
East
Central-
South
Mountain
-
107
-
919
—52.0
9.0
+ 21.8
6.4
855
company
for new non-residential
build¬
+
Dec.,
1941
1940
—29.6
—34.4
which accounted for 95% of the
creditors
Operations
ed
were
2,220
•—26,5t>
7.0i
—
Division
All
Dec., 1941
1941
1940
+
3.7
—41.8
608
—14.5
+ 12.2
3,425
—59.6
—53.5
steps
of
parts
this
for
The other three
in
borough
,
and
enue
Palm
Corporation
—
1941
Hold¬
1940
of 1940)
0.5 —34.5
63,144,992
Saturday,
Feb.
-___.._227.7
"""228.2
Monday, Feb. 16
—
31.8 —28.4
15,032,399
Month ago, Jan.
69.7 —90.3
21.2 —48.7
7,113,542
+
5.7 —79.8
4,759,909
Year
23,383,241
+
18.0 —25.6
5,641,718
1941
4.2
3.148,026
22.2
.2
2,128,956
+ 782.6
+ 99.0
21,978,403
+26.7
3,620,977
65.7
—56.6
2,742,534
—
32.1
7.8
1,420,247
11.5 —75.2
23,514,777
—
40.3 —63.3
5,927,186
—
«
227.6
14
30,330,778
+ 157.4
,
226.8
Friday, Feb. 13
•75.3
—
Commis¬
226.5
71.1
—
vs.
Wednesday, Feb. 11
Thursday, Feb. 12
Two
+
Springs
vs.
Rev¬
Tuesday, Feb. 10
tion
(Census
5.555,816
9,164,786
Co.
Moody's Daily
Commodity Index
19,057,784
—
a
Corporation;
Committee, Marl¬
Commissioner of Internal
+27.6
384,591
and
decided
cases
Investment
54.8 —14.9
15,979,981
t,
scheme
Consolidated
23,3
West South Central—
not
conformity with this deci¬
were Helvering vs. South¬
+
—
the
and
sion
+
29.6
the
reorganization.
+
—
the
new
constituted
reason
17,351,468
+
Court
corporation, the
were integrated
single
a
34.712,845
1,066,250
Pacific
whole
the
separate
$164,275,614
+
The
although
committee
+ 30.6
Central—
—
creditor's
to
+ 83.2
___—
Mountain
,
-46.9
-
the
Act.
company
reorgani¬
meaning of
a
properties acquired by the
corporation
belonged
at
time of the acquisition to
41.2
+
this
as
that
+ 330.0
18,443,000
East North Central—
5,251,620
West North Central—
3,046,694
South Atlantic
8,978,810
Atlantic
South
held
10,608,917 <*+• 44.5
$72,924,649
England
Middle
East
% Change from
Nov.,
Dec.,
Dec., 1941
divisions
New
within
Revenue
there
—39.6
6.4
—
Total Building Construction
Valuation
qualifying
also
per¬
that
considerations
prevented
zation
the
other
no
from
held
sioner of Internal Revenue.
—
(Includ. Alterations & Repairs) Popula-
Dec.,
Court
which
same
before.
as
The
+ 11.2
—51.7
Nov.,
not interrupt¬
reorganization and
subsequently carried on
were
the
by substantially the
sons
assenting
in
cash.
+ 31.7
—58.3
Valuation
-
paid
7.5
1,984,415
Geographic
by
were
Non
were
—17.0
1.8 ■c
Permit
holders.
note
—
11,568,476
Bldgs.
issued its stock to the
creditors of the old corporation
2,238
+ 13.7
% Change from
But
new
4,350
—13.5
Permit
the
ing
701
New Non-Residential
plan
—58.2
1,745
—
the
to
—30.7
9.8
—
from the committee.
or
5.0
—40.1
.
—24.9
+
Nov.,
was
—17.8
4.5
'
204
Pacific
17,061
—28.6
+ 21.5
12,110,146
69
West South Central- -118
—25.8
—17.9
% Change from
Dec., 1941
1.8
—
3,140.800
-
1940
—18.6
—
19,589,190
442
-
—22.5
4,210,759
134
pushed 1941 building permit
permit valuations for
buildings.
There was
decrease
"
514
-
Central-
ahead of 1940, Secretary of Labor Frances Perkins
December was the
$68,699,124
■
South Atlantic _—220
on
December
2,006
1941
Dec., 1941
-
England
North
Valuation
porting
Division
Jan. 31. "The increase was caused by a gain of 13%
indicated expenditures for new residential buildings and of 8% in
reported
bid
Bondholders
% Change from New DwellNov.,
Dec.,
ing Units
company
acquired all the
bankrupt corpo¬
the
pursuant
west
New Residential Buildings
Permit
No. of
West North Central-
Permit Valuations 5%
Above 1940; December Activity Down
IN
1941
a
which
whether the acquisition
directly from the old cor¬
poration on assignment of the
and
No. of
East
valuations
DECEMBER,
January
1941 Building
$992,000
of administration.
was
projects
•
Middle
47%
housing
79,213
1940, production from foreign ores is included
in the monthly figures which reflect the total output at smelters of Slab Zinc of all
grades, as reported by all producers represented in the membership of the Institute.
The unchanged totals for previous years do not include production from foreign ores,
which was not a vital factor in those years; this explains the discrepancy between
stock shown at end of 1939 and at the beginning of 1940.
Note—Commencing
cost
by
ac¬
The Court said that it did not
awarded
were
financed
2,006 CITIES BY GEOGRAPHICAL DIVISION,
Jan.
to
SUMMARY OP BUILDING CONSTRUCTION FOR WHICH PERMITS WERE ISSUED
1942—
in
dwellings
cash and
creditors to
appear
Houston,
during December for the following
containing the
indicated
number of dwelling units: Clairton, Pa., $555,000 for 148 units;
Cleveland, Ohio, $4,943,000 for 1,287 units; St: Charles, Mo., $246,000 for 60 units; Albany, Ga., $284,000 for 96 units; Augusta, Ga.,
$286,000 for 88 units; Alexandria, Va., $470,000 for 120 units;
Norfolk, Va., $41,000 for 12 units; Las Vegas, Nev., $440,000 for
125 units; Los Angeles, Calif., $845,000 for 314 units; and San
Diego, Calif., $7,000 for 2 units.
1942—
Jan.
multifamily
$2,144,000;
publicly
Monthly Average-
$426,000;
cost
to
-y
ration.
publiq works and utilities to cost $995,000; Sacramento, Calif.,
1-family dwellings to cost $446,000; San Diego, Calif., 1-family
dwellings to cost $355,000, public works and utilities to cost $705,000 and public buildings to cost $863,000; and Seattle, Wash., 1family dwellings to cost $606,000.
2,408
Aug.
cost
to
2,361
11,833
11,101
dwellings
1-family
Va.,
in
of
costs
of
assets
Tex., 1-family dwellings to cost $818,000; Wichita Falls, Tex.,
1-family
dwellings to cost $745,000; Denver, Colo.,
1-family
dwellings to cost $355,000; Los Angeles, Calif., 1-family dwellings
2,133
70,341
County,
the
the
case
$15,000
formed
$590,000; Washington, D. C., 1-family dwellings to cost $519,000,
multifamily dwellings to cost $366,000, hotels to cost $5,140,000
1941—
of
Alabama
company,
Thereafter
dwellings to cost $470,000 and factories to cost $812,000; Arling¬
598.972
the
on
value
Asphalt,
various
V^and public buildings to cost $3,291,000; Baltimore, Md., 1-family
706,100
74,951
of
1,252
its
for
cept the stock of a new corpo¬
ration in full discharge of their
claims, and by an offer of the
creditor's committee !to meet
were
1,615
538.198
purposes
asset
agreements
various types of building construction
issued or contracts were awarded in
December 1941 were: East Paterson, N. J., factories to cost $652,000; New York City—Borough of Brooklyn, 2-family dwellings
to cost $536,000, multifamily dwellings to cost $540,000 and public
works and utilities to cost $408,000; Utica, N. Y., a school to cost
$350,000; Cleveland, Ohio 1-family dwellings to cost $544,000;
Philadelphia, Pa., public buildings to cost $425,000, public works
and utilities to cost $416,000 and 1-family dwellings to cost $730,000; Williamsport, Pa., factories to cost $700,000; Chicago, 111
1-family dwellings to cost $1,757,000; Detroit, Mich., 1-family
dwellings to cost $1,500,000; Cincinnati, Ohio, factories to cost
$350,000; Cleveland, Ohio 1-family dwellings to cost $544,000;
Columbus, Ohio, 1-family dwellings to cost $773,000; Waterloo,
Iowa, factories to cost $758,000; Mankato, Minn., a factory to cost
centers
permits
1,429
74,262
61,546
for
1940.
40,829
126,769
19,427
5.f
78,626
1940
21,594
0.5 %
company-
Inc.
bankrupt cor¬
poration's assets amounting to
$155,000 were offered for sale
at public auction and were bid
in by the creditor's committee
housekeeping dwellings for which permits were issued
in the 2,006 reporting, cities in December, 1941, will provide 17,061 dwelling units, which is 30% fewer than the 24,240 dwelling
units reported in November and 34% less than the number
provided in December, 1940.
Dwelling units inpublicly financed
housing projects included in these totals numbered 2,252 in De¬
cember, 1941, 3,106 in November, 1941; and 7,054 in December,
48,339
1939
—
Rock
New
which
of
compute
depletion
and
the
In this
All construction
decision
the
to
tax
of
basis
6.5%
—
65,333
0
Dec.
•
44,955
0
20
-I-.:
1..
:
126,769
561,969
Oct.
2.4%
1,182
569,241
395,534
Nov,
+23.0%
51,186
456,990
May
41.2%
—
that
predecessor
83,758
589,619
Apr.
—22.7%
59
523,166
Mar.
Excluding N. Y. City
890
65,333
Feb.
income
1,004
44,955
Jan.
repairs.
the
entitled
depreciation
—36.2%
15,978
83,758
_
and
Co. in which the
upheld
was
—22.5 %
+
of
peals Board
6.9%
+
All Cities
ii
ap¬
case
the Circuit Court and Tax Ap¬
30,786
431,499
W
Court
the
Alabama Asphal-
vs.
tic Limestone
119,830
118,005
1938
Helvering
Change from Nov., 1941, to Dec., 1941
,
be
to
—18.7%
1
—34.5%
residential
decision
governing
—53.0%
,
8.3%
.+
repairs.
use
old
The
Excluding N. Y. City
—46.9%
All construction
in
company
the
peared
Change from Dec., 1940, to Dec., 1941
All Cities
Construction-
Douglas
the asset value
in com¬
puting income taxes for the
reorganized companies.
7.4%
residential
its
growing out of ap¬
from
conflicting lower
of
summarized below:
Class of
Justice
panies could
Changes in permit valuations in the 2,006 reporting cities be¬
tween December, 1941, December, 1940 and November, 1941 are
New
from
:
Court rulings on whether com¬
9.5%
105,560
1935
1937
1,730
old
cases
peals
7.9%
+
124,856
366,933
1936
18,585
the
Commerce"
Associate
four
+ 18.5%
6.3%
+
alterations,
construction
All
12.9%
+
—
148
324,705
_
Prod.
75,430
of
of
"Journal
All Cities
239
213,531
124.856
105,560
_
Avge.
Period
the purpose
for
Washington bureau Feb. 2, which
also had the following to say: v
This
principle * of law was
laid
down
by the Court
in
unanimous decisions written by
Change from 1940 to 1941
Excluding N. Y. City
Class of Construction-
170
218,347
343,702
352,515
465,687
129,842
1933
1934
1932_
Daily
End of
Period
6,352
1931
Orders
End of
Drawback
Domestic
duction
Unfilled
Stock
Shipments
Pro¬
Stock at
Beginning
1929-1941
laws
tax
of lessening their taxes only when
Comparisons in permit valuations in reporting cities for the
1940 and 1941 are shown in the following table:
Principal
'
income
years
for
The American
non-residential
5
+
+14
—
—
valuations
of
increase
an
December,
in the 2,006 reporting
tion
Additions,
65
+
8
new
5
+ 15
67
+ 35
5
+14
:
2
20
—
+ 12
of
The Bureau's tabulations include contracts awarded by Fed¬
in addition to private and municipal
New
2%
2
take advantage of the reor¬
ganization clauses of the Federal
Deer.
+
65%
68%
wholly by
costs
eral and State Governments
Class of Constructionor
49
8%
+
1
—
■'
1940
+ 39
+10%
■■■:
Dec.,
1941
+ 12
others
Year
5
2
+
7
9%
Beverages
+ 12
Texas
All
+
+ 45
+ 40
Cleveland
7%
.+ 10
—
f-
+ 13
Philadelphia
Food
Restaurant
Feb.
to
States
stockholders
Rate
Occupancy
a
ruling of the
Supreme Court on
reorganized
companies
United
company
buildings.
Over the month period there was a decline of 23%
continue
their
interest
in
the
in permit valuations for new residential; buildings, and of 2 % for
new
company.
This is learned
additions, alterations and repairs.
from advices to the New York
The Labor Department's announcement adds:
Additions,
COMPARED WITH DECEMBER,
On Tax Deductions
According
may
compared
showed
Supreme Court Ruling
making
The total sales increased 9%
the average sale per
a
26%,V while additions, alterations and repairs showed
of
New
which is decidedly the
index was 82,
sales the 1941
room
showed
of
gain
a
of "The Horwath Hotel Accountant,"
monthly bulletin published by Horwath & Horwath, New York pub¬
The
■
residential buildings
new
decline
Tuesday, Feb. 17
;
weeks ago, Feb. 3
ago,
17
Feb. 17
229.0
225.1
223.3
171.6
High—Sept. 9
219.9
Low—Feb.
i7i 0
17
High—Feb. 17
229'.0
Low—Jan.
1942
220.0
♦Holiday.
2
Thursday, February 19, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE
782
ish commander sent emissaries
which Britain
lavished
$400,000,000
in
recent
decades, can only be compared to
the
base,
fall
the
upon
upon
of
its
effect
and it
significant in
Nations,
United
well be
may
in
France
more
the long run.
No
was
to
seriousness
about
in
dangers
hitherto
East
the
diminished,"
way
The
vast
also went down.
Australian sources confirmed this,
eral
transports
contest
on
the
Asian Conti¬
nent.
|T
display
and
calm
J;
was
nese
indicated.
were
to
not
But the Japa¬
halted
be
cruiser,
at
submarines,
the jungle
rivers: and
Palembang admittedly fell to the
Japanese on Monday;,
;
j
a
ily >
light
large converted air¬
a
craft carrier, a destroyer, two
advanced stead¬
such losses. They
at¬
Japanese
the
said to have lost a
were
by
of
given
were
which
in
tacks
up
ships,
and
Tokio
.
at
captured 7 important '7 air¬
dromes on Sumatra and also the
also
airplanes.
many
scoffed
reports
claims
the
supply
other
radio
With this advance the Japanese
eleven
least
and
tankers
asserted
and
that ships allegedly
They * also added to aspect of long delay in informing
Kai-shek, who took the occasions.
step for the Orient of their conquests on Borneo and the public of results of an action
in
essence,
was
made
the impressive reflection
journeying to New Delhi for the Celebes Islands, and attacked sev¬ which,
of
discussions. According to British eral smaller island groups near known immediately after it oc¬
British
naval
strength, but
Java.
Aerial blasts by the United curred. No explanation has been
also had enormous symbolic
sources, Chiang Kai-shek endeav¬
the
Japanese vouchsafed, but the incident has
significance in the Far East. V: ored to persuade the various In¬ Nations; against
dian
factions
to
There
are
certain
to
be
put their full ships hampered, but apparently added greatly to the clamor for
did not halt, the invaders.
speedier and more adequate war
weight behind the British units in
prodigious repercussions of
unusual
vast naval base not
poise in the hour of grim de¬
sels
accounts
Nations, and serious dam¬
many of the enemy ves¬
Chiang
conceded.
The
only was
universally
said.
every¬
to
to
sunk will
If the Japanese succeed in cut¬
part, for it appears that about
be found very much alive in
1,300 troops were rescued by an ting the Burma Road a secondary railhead of a line running to the
future operations.
Australian warship from a blaz¬ line may possibly become avail¬ ,25-mile wide Sunda Strait which
The reports of the raid were
ing transport.
77777. •.7 able from India, but there is little separates Sumatra from Java.
and
well
docu¬
definite information available re¬ The Japanese thus achieved posi¬ circumstantial
That the loss of Singapore
is
an
extraordinarily heavy
garding that route. Meanwhile, tions only an hour's bomber flight mented, and the question of verac¬
Batavia,
capital
of
the ity need not be raised, beyond ob¬
long conversations were reported from
blow to the British Empire,
this
week
East .Indies, which servational problems. There re¬
between
the
Indian Netherlands
and to each and every one of
leaders and Chinese Generalissimo was bombed heavily on several mains,
however,
the
curious
the other United Nations, is
called
countrymen
his
where
he
Minister
Prime
upon
sue-
at home
are
in any
withstood
cessively
and
elsewhere
the
have
we
at
dangers
us
of
{
the
defeat
the
"Other
none
which
made by Mr.
disguise
of
Singapore.
and
the
Japanese were aided
arranged. Singapore surrendered that
unconditionally.
Tokio accounts mightily in Malaya by "fifth col¬
and
informed
observers
state that some 30 small British umns"
warships were sunk or heavily everywhere confess to nervousness
damaged in the action, and sev¬ regarding the next phase of the
in
effort
Churchill
gather
age
to was sounded again and again, with
and in the course of the obvious intention of gaining
few hours the capitulation was native support. It is now conceded
a
(Continued from First Page)
naval
United
the Japanese
Foreign Front
?
.
feat,
to
and
heart
from the
"draw
of misfortune
:
vital
the
impulses of victory."
the
Churchill
Mr.
made
no -
at¬
depict the last terrible
60,000 defenders of
Singapore and the close to 1,000;of
the
000 civilians
there, of whom about
100,000
were
Europeans.
Dis¬
patches from the island and from
those who managed
to flee to
Batavia
elsewhere
and
made
it
this
of the
■
tempt to
hours
capture
Japanese
bastion.
it
Already
that the
making use of the
appears
war.
The London Government
Although the threat to Java
offered India participation in the
War Council, last Thursday, but
the
promise
now
fort
of
was
taken
b 1
from
s
i
z a
e
quite clear, however, that a last
ditch defense against overwhelm¬
odds was maintained to the
last.
Only
when
munitions
at
were
end
an
food,
supplies
water,
other
and
the vast base
was
surrendered.
Driving
in ever greater num¬
across Johore Strait,
which
bers
they first crossed
less
Feb. 8, the
breath¬
on
advanced with
Japanese
speed and heedless of losses.
They effected their landing in the
Western marshes of the
island, and
were
exceedingly well equipped
for the effort.
Indeed, one of the
major
mysteries
of
the
great
Malayan campaign is the ability
of the Japanese to transport to
'the
the
front
needed
enormous
their
for
steel-lined boats
invaders,
,
stores
victory.
were
Even
used by the
they crossed Johore
as
Strait in the face of machine gun
fire.
1
Foot
by foot the Japanese ad¬
vanced
the
from
which
the
regarded
soggy
defenders
as
ample defense in
an
themselves.
swamps
apparently
The
advance
swept
on
the
rubber plantations
higher ground, and overwhelmed
airdromes
and
finally the rain
over
catchments
pore
which supply Singa¬
City with water. The naval
base
quickly overrun, but
not before a vigorous scorchedearth policy made all the installa¬
tions
useless.
Pressing
their
was
furious
of
move
Singapore
and
enemy
into the
by
man¬
environs
last
Saturday,
the only
question was when Sin¬
would capitulate.
from
anxious
gapore
the
assault
to
aged
that
point
on
Absolute control of the air gave
the
Japanese the enormous ad¬
vantage in the battle for Singa¬
pore
which on previous
occa¬
,
.
ing
United
of
and
Nations
of
Japanese aerial strength. Nu¬
reports indicate that
volunteer
American
fliers,
merous
regulars
with
along
British
of
the
keep¬
Force, are
Air
ing the Japanese from undis¬
puted control of the air. Some
of
the American fliers are,
)
extremely truculent,
for they are reported to have
this
more
Tojo
declared
proceeding
and
week
both
and
more
"real
New
those
airplanes
Japanese.
liese
The ground
before
address
the
f
the
that
co- i
is
well
that
known
continues to
the
enemy
bring reinforcements
to Bataan
Peninsula, with a view
to quick termination of the unoperation
of
the
Chinese,
Burmese and Indian peoples >•; equal
battle.
Reinforcements,
moreover,7 can hardly reach the
\ is desired by the Tokio au¬
thorities, who have every in- ^
Philippines in anything like ade¬
tention
of
"crushing"
the
quate amounts, since the Japa¬
Netherlands
nese control both the sea and the
forces,
and of
indeed,
demanded
his
Japanese Parliament, General
against
Australia
Zealand
countries
come
unless
to
a
understanding of Japa- j
intentions."
air around the islands.
accordingly,
are
defenders.
Only
were
and
still
possessed by the defenders,
a
few
these
old
were
airplanes
sent into suicidal
be
less
than
goon,
and
tance
from
75
an
the
miles from Ran¬
even
shorter
nearest
on
the Burma Road supply line. The
aggressors plainly aim to traverse
their
way,
the by land the small distance which
still separates them from Rangoon,
came
on
action against the vastly superior
Japanese air forces.
dis¬
point
With
blasting the
land troops
on, and heavy artillery
Wheft defense
no
are
longer
known.
was pos¬
nese
British
sible, early last Sunday, the Brit- * the
intention
cry
move
the United States. In¬
sinkings were indicated
in European waters, where Ger¬
against
creased
Gilbert
south
of
and
on
islands of the
Marshall
Midway.
group,
Colorful
submarines
Italian
and
man
re¬
cently have been inactive. But in
our own waters the sinkings have
continued
rather heavy scale,
on a
despite occasional intimations by
Washington officials that German
submarines
-
accustomed- Nazi
With
attacks
Monday
numerous
the
on
in
•.
submarine
of
sunk
being
are
numbers..
and
Caribbean
daring,
made
were
tankers in
the
on
island
Aruba, where the world's larg¬
est
oil
refinery is located. Pene¬
tration of the submarines into the
Gulf of Mexico is
serious enough
a
matter, but the shelling of Aruba,
effectives
American
where
were
last
landed
week, is even more
disconcerting. The shelling did ho
worthy
damage
seems,
ers
mention,
of
it
but some seven to ten tank¬
sunk
were
damaged. Most
or
of these ships were
small and the
But the
was-modified,
tonnage lost is not vast.
flow of oil to Aruba
is
which
vitally important
a
consideration,
;
i
*
.
against
submarines
German
war
»
Counter-measures
the
insti¬
were
promptly and one aerial at¬
tack was confidently said to have
resulted
in
the
sinking
of an
tuted
U-boat. That the attacking
enemy
submarines
were
of
German
na¬
tionality, was indicated • by the
beaching on Aruba of a torpedo
which was determined to be of
supposed 'dud'
ined
this
manufacture.:; As
German
it
being exam¬
killing four
was
Exploded,
Netherlanders.
,
is
attack
This
made
land
any
on
first
the
in - the
/
Axis
Western Hemisphere by
occasioned
It
forces.
of fresh
America
grave
Latin-
in
apprehensions
moves
that
might turn out to be invasion
th
Meanwhile,
attempts.
e.
'
German
our
'
roaming
submarines
Atlantic Coast sank addi-
tional
The
ships.
pears
extent of
however,
sinkings,
the
ap¬
to be a closely guarded
official secret.
Churchill
Reports
k
uncertainty
prevails in the United Kingdom,
owing to the fall of Singapore and
war
developments which
to
the
British
unfavorable
cause,
ston
to
and
unrest
Deep
are
naval units
War, the Battle of
week
appeared this
going decidedly against the
United
Nations,
and
especially
various
.
-
aspects
to be
intention
against Palembang. Heavy aerial attacks
control
of
India,
and on the Japanese ships were made
of "Asia for the Asiatics" by Dutch and other fliers of the
to
World
Atlantic
at
.
before the full details
the
the
Exceptionally heavy aerial and
artillery assaults on MacArthur's
Palembang, with the evident lands south of Luzon were re¬
of preventing destruc¬ ported over the last week-end to
and the prospects may be indi¬ tion of the
great oil refineries have fallen to the Japanese, which
and ever
cated by an extensive evacuation there situated.
In this the Japa¬ suggests that the defense of the
fire also harassed the defenders.
of civilians from the port area of nese failed, for the troops were island
group as a whole rests with
In the end much of the city was
rounded up and shot, while the the small band at Bataan and the
ablaze, and oil stores over all of Rangoon.
oil installations were systemati¬ Manila Bay fortresses.
the island were burning.
After
the
fall
of
Singapore,
cally destroyed.
.
%
With
surprising tardiness,
Some civilians and possibly a official Japanese spokesmen
in
information was made avail¬
claimed
few special detachments of sol¬ Tokio
that
The
parachute
invasion was
they
are
able
in
Washington,
last
able
to
diers were evacuated from Singa¬ now
determine
the rapidly followed by appearance
Thursday,
of
heavy
losses
India and Australia, of an armada off the coast of
pore before the final capitulation. destiny of
suffered by the Japanese in
well
as
Accounts differ on this point, and as
all
lands
between. Sumatra and Japanese troops be¬
the Jan. 31 raid by American
it may be weeks or even years No secret was made of the Japa¬ gan
to
filter
inland - toward
airplanes
Japanese
of
not bright for the
7.
positions were reported early this
week, which possibly presages an
all-out attack by the reckless in¬
vaders. Every effort is being made
by the Japanese to attract fifthcolumnists from among the native
Filipinos. Leaflets are dropped
periodically in which the Filipinos
against the huge island of Suma¬ are urged to come over to the side
tra,
just
across
the
Malacca of their "dear brethren," the Jap¬
Straits from the former British anese. Such appeals are said in
base.
Parachute troops in con¬ official reports to be utterly de¬
siderable numbers were dropped void of results. Some of the is¬
Atlantic
the
Along with most other
Prospects,
That the Netherlands East In¬
fighting is less ad¬
sions made Axis victories
pos¬
sible.
Dive-bombers
screamed vantageous for the defenders than dies fully understand the Japa¬
the aerial combats, for Japanese nese
aims
was
made plain
by
overhead
and
blasted
the
de¬
fenders at every key point. Again troops methodically moved for¬ bitter opposition to the aggres¬
ward against the Paan and Thaton sors.
With amazing celerity the
and
again,
according
to
eye¬
witnesses, the prayer went up region, which they now admitted¬ Japanese followed their occupa¬
from
the ranks
of the
British ly control. The enemy was said in tion of Singapore by embarking
British communiques yesterday to last Sunday upon an expedition
Empire units for aerial support.
of
Battle
reports
reinforcements
independence
Japanese are
within the British Commonwealth,
from the United States and
Straits of Malacca, which 'now
which the Indian leaders desire, # Australia. No information was 7 :
fall to their control.
Singapore
still was not forthcoming. Some
available as to the extent of J
was
the
control point
for the
doubt exists, accordingly, as to the
the reinforcements, since this
easiest passage from the Indian
outcome of the current crisis in
is a military secret, but the sg
into the Pacific Ocean.
Japanese
British-Indian relations, and the
Netherlands authorities were
submarines are reported operat¬
greatly cheered, and it is to
question of supplies for China also
ing in the Indian Ocean, with a
is involved, be hoped that the fresh forces
view toward cutting the sea ap¬
are
adequate
and
are
Pacific Isles 777-:V
proach to the Rangoon terminus
equipped with numbers of
of the Burma Road, and surface
Against the vast chain of Pa¬
airplanes, above all else* The
ships
of
the
Japanese
Navy cific islands known as the Malay
naval command in the South
doubtless will appear off Indian
Barrier the Japanese aggressors
Pacific passed last week
to
ports. The whole strategy of the continued
their
advances
this
the Dutch Vice-Admiral, C. E.
World War plainly requires re¬
week, with the citadel of Java
L. Helfrich, after a request by
casting, in the light of the drastic the apparent immediate aim of
our own Admiral, Thomas C.
defeat
at
Singapore,
and
the the tremendous
military opera¬
Hart, for retirement due to
Churchill regime in London was
tions. The conquest of Singapore
ill health.
V ■
shaken to its foundations by the
facilitates
the
activities of
the
Australia
and New. Zealand
event.
Japanese in more southward re¬
Burma - China -India
girdled for defense, as the Japa¬
gions, quite as it does in Burma.
nese
continued their southward
Now that Singapore has fallen, The
gravity of the position is well invasion.
All
manpower 7 was
the Japanese plainly will be able
recognized
in
the
Netherlands called to the defense of Australia,
to utilize additional troops for the East
Indies, and in Australia and which
assuredly will be held by
drive into Burma, which this week New
Zealand, as urgent requests the United Nations as the base
moved speedily despite
a stern were made in all these areas for
for the eventual attack against
defense by
the British Empire reinforcements and for more air¬
the Japanese, if Java falls.
The
units. The crossing of the Salween planes.
7
f. lifeline of ocean supplies for Aus¬
River, effected by the enemy ten
That the Japanese fully in¬
tralia and New Zealand will be
days ago, has made possible a
tend to push southward over
kept open with equal determina¬
sizable infiltration into areas ever
the entire region of the Pa¬
tion, it is indicated^
7
nearer
the Burma Road supply
cific Islands, including Aus¬
line for China and the port of
; Philippines Defense 7
j
tralia and New Zealand, was
Rangoon, which is the entry point : indicated on Monday by Pre- >
Little change seems
to occur
for that route. The fate of all of
from day to day in the stout de¬
mier Hideki To jo.
The Diet
Eastern Asia, and possibly even of
in Tokio was assembled to
fense.' being
made
by General
India, may be determined by the
hear an account of the cap- ;
Douglas MacArthur and his va¬
fighting in Burma.
;V
:
, 77 ture
liant band against vastly superior
of Singapore, an event i
Unlike other areas of com¬
which
the
numbers of Japanese troops. The
Japanese
cele- {
American forces are subject, how¬
brated by parades and other
bat, the Burma zone appears
to offer a fairly even match¬
demonstrations. In the course
ever, to continual attrition and it
of
.
ing
reports.
is undeniable, some com¬
and Prime Minister Win¬
Churchill found it expedient
make
of. his
one
radio reports on
circumstances.
the
periodical
war,
in these
The British leader
spoke earnestly and with charac¬
teristic
bluntrfess,
last
Sunday,
and his forthright comments were<
much
States,
appreciated in the United
as well as in Great Brit¬
ain. The Churchill Cabinet never¬
theless
appears
to face a
serious
test in the House of Commons.
Adding
to
the
disabilities
Volume 155
Number 4048
facing
Mr.
daring
runs
Churchill
:
> -
-
Tuesday, it was
-
-
met
on
the
Nazi
cruizer Prince Eugen. For the
*
calmly,
however, by the British Prime
Minister. He maintained that
the
German
warships
suf¬
fered
much
damage
and
would be out of action at least
until
adequate 1 British
and
first time in
tury,
J
of
craft
the
cape"
made
the
under the very guns
passage
'
t/ian a cen¬
more
enemy
cism
the
and
British
of the
"es¬
the
and
i
vessels
German
disconcerted^ most Britons almost
*
of
/
much
as
in
Pride
British
of the
prowess
did the fall
as
Singapore.
of
There
'
in
stances
the
movements,
warships
German
some
moved out
-
and
ness
and
a
not until
and
;
it was
'
morning,
the
v
vessels
were
speeding toward the narrow¬
Channel, with
est part of the
'
of
des-
mine-sweepers
and
protecting
a
troyers,
screen
mediately
it
*
;
-
warships re-
to
of
enormous
air-
•
the
coming
conjectures
in
events
tered
various
Rommel, is said
hand
upper
only of seven airplanes
and the sinking of a patrol vessel.
London reported 42 British air¬
British
the
occurred.
intentions,
y
went
the
on
last Sunday, it
air,
expected that he would
was
k-
through the Channel. He ignored
the latter incident entirely, how¬
torical
in August,
ister
on
could
the
mean¬
were
Edwin
f
where
Washington
Russian
to
Rommel
but
watched
forces
each
other,
the
at
the
moon.
use
the
social
supplies available to
Rommel.
Heavy transport con¬
voys
were
noted -moving from
Italy to Northern African bases,
to
war
who want to
"destroy labor's
gains."
More
important
they hold this view
than the fact
is that
they are prepared to pur¬
kind of attack against
this
sue
A
critics.
their
revival
of
against
tactics
smearing
the
these
their toll of such
took
made
no
attempt
shattering aerial ham¬
mering of Malta
" v-':;
fresh
problems
the United Nations
cated,
meanwhile,
versations
at
•
....
by
was
long
Madrid
be
to
has
face
outrageous
an
O'Neal
,
may
soon
recently, declared it
ministration
unabated all
was
week.
Ghurchill called upon his country-
sure
their quality and
genius and to accept the reverse
with dignity and
with renewed
acceptance of strength.
Only one
.fault
and
crime
can
rob
the
and
the
British
people of victory, he declared, and
that is a weakening of purpose
He held it the duty
the national exe¬
cutive government and to make
and of unity.
of
against them.
When
H
t'iB
to
to be
let
remains
seen.
It is not
go
blast,
a
good thing to arouse
a
the President's temper.
of
a
;
bewilderment
The helplessness,
of Congress
member
is em¬
on
Jesse Jones.
he wants
He has to have an issue,
something to show he is on
to do
the
job in the maelstrom of Wash¬
ington.
But the goings-on are
so incomprehensive to the average
certain: The bill
slipped through.
It was
ported in the papers.
Another thing is certain: There
would not have been the delayed
branch has already been
rendered
stand.
has
jumped on the
against Jesse Jones
Brewster
largely impotent.
bandwagon
the
of
way
and
which¬
Dealers,
New
nounces
want to take it, is
spotlight has been
OCD
they have
been
you
that while the
the
on
and Figures just
Facts
of
Office
MacLeish's
Archie
up
possible.
It is loading
up
with the country's outstand¬
ing writers as fast as they can be
induced to join.
fast
as
having struck its stride and
shaken off the
timidity which
But
characterized its earlier existence,
be
to
an¬
Ohio that the lid
in
out
blown off and Jesse
re¬
vealed.
is
Brewster
,
building
as
is
He
the rubber shortage.
clever¬
The contemptuousness,or
He
Republican.
a
sits around bewildered for months
with
Rome
then
and
burning
lends himself to
New Deal cam¬
a
paign such as this.
If he wants
to
investigate the rubber situa¬
He will find
interesting facts. But
tion, why not do it.
some
is
very
isn't what he has announced
that
it
be
to
done.
the thing to
No,
spreading
is
ought to know because he
in the midst of the
been
whole New Deal
indi¬
con¬
lace
as
were
regimentation of
He and Henry Wal¬
the farmers.
between
racket.
thick
as
two
peas
also
is
said
to
be
membership, that money for their
dues in the bureau, were taken
once
center of diplomatic pres¬
and intrigue.. / : * a
out of benefit
Fierce
by
fighting
both
sides
this week
to
admitted
was
in
be
The De¬
.
progress
the extensive Russo-
on
payments.
partment of Agriculture had to be
a party to this, of course.
It was not without significance
that Mr. Roosevelt gleefully told
Russo-German Front
at a press confer¬
that by paying a small sum
newspapermen
German battle
ence
differed
be
front, but accounts
sharply as to the conse-
of the engagements. That
the Russians still have the upper
auences
qualify to receive $37.year after his
retirement
the Presidency, under the
could
F00
a
from
others
the
in
it
now
Government.
But
over into the
moved
has
domain of ByrOn
Price, the censor,
guilty on at least sev¬
eral known occasions, to have at¬
has
been
To Control Raw
took
15
Feb.
1942
entire
over
1.
or
a
must
least have
passed around the word
had also bet¬
be submitted to them.
And
that the advertising
ter
then
they
have
read
not
it
for
possible disclosure of information
to the enemy but have wanted
to know the necessity of the ad.
charges that
MacLeish has Leftists on his staff.
There
have
made their money and
highly successful with the
conservative magazines in
always
been
most
the
lend
themselves
stuff
is
very -
more
The
stand.
t^ey
Why
country.
than
fact
this
to
I
can
should
sort of
under¬
level-headed
men,
that
getting
sup¬
(M-98)
other than a re¬
manufacturer, or the
facturer, may purchase, import,
accept delivery of raw sugar
or
during 1942.
2.
No
import,
more
refiner
or
raw
may
3. No
purchase,
delivery of
in 1942 than is
accept
sugar
allotted to him by
the WPB.
manufacturer
may
im¬
accept delivery of more
raw sugar than is permitted him
under General Preference Or¬
der M-55 as amended (the order
port
or
restricting the use or resale of
refined
sugar).
ufacturer using
^
is, though,
sugar
order
on
of the
agent of a refiner or a manu¬
been
But he also has writers who have
an
No person
finer
Board
control
cane
raw
ply.
It issued
tempted
to hissuade
industries
providing that:
from advertising.
Any /advertis¬
ing bearing on the war industry
be approved by Price's of¬
fice.
Some of Archie's men at
Sugar
Production
War
The
be
a
Thus, the man¬
raw sugar will
placed on the same basis as
using refined
manufacturer
sugar.
Concurrently, the WPB issued a
controversial pension bUl into an organization like Mac¬
driving the Ger¬
supplementary order fixing the
mans
slowly back is suggested, which Congress recently enacted. Leish's, want to aopear "intel¬
allotment of raw sugar for every
the misfortunes and mis¬ however, by continuance of the Yet Mr. Roosevelt had siened the lectual and liberal," and then I
refinery in the country for the
war
are
not exploited icy
weather
which
favors
the bill after at least two Senators sunpose no writer ever existed
didn't
have
a
gHevance period from Jan. 1 to Sept. 30,
Russians and their
had written him asking him to who
of all to support
4
again
show
that
cides
_
Turkey
sure
will
they
thing is
at¬
those
objectives,"
some
the
Turning, in the end, to the mo¬
mentous defeat at Singapore, Mr.
takes
on
are
clarifciation.
ness
President's
mind, hold that the criticism is
primarily motivated by those who
are against the President's "social
miles, west of Tobruk, the
Axis strained every nerve to in¬
That
importance of the
Nations
Whether
list.
the
that
lobbies
farm
and
the list.
on
understood
even
be if and when the President de¬
have been made
may
bureaucracy are
is
Smith's
unquestionably the language
ever
the
from
titude, his claquers, reflecting his
forty
crease
against
The members will soon
that they mignt
bay
Aside
Axis
and
well
as
until the
British
outburst
Spanish and Portuguese officials in a pod, worked hand in glove
unexpected. . The possibility that and
military
authorities.
The together to build up the gigantic
Japan might attack always had Spanish - dictator, General Fran¬ agriculture political machine.
been' kept
in mind, and every cisco Franco,
Now that they have fallen out,
openly sympathizes
effort was made to prevent de¬ with
the
Axis, and often
has or rather, that O'Neal and the New
terioration of relations, the Prime threatened moves to
regain Gi¬ Deal have fallen out, the New
Minister indicated. Eventually, he braltar for
his
charges
Spain; What the Por¬ Dealers- countered
predicted, the Japanese action will tuguese reaction may be to the with those that he has operated
appear to be a mad one.
current Axis pressure is not clear. the check-off system among his
United
It
labor
industries
c n
represent them
intricacies of
legislation
the
and
i
to
Malta. The
Japanese attack, although he ad¬
mitted that the Tokio move was
to
in
w n
here
member, he is so utterly helpless
to do anything about them, that
he will grab at a straw.
Several
was not
discussed in the Senate.
It was months ago, it may be recalled,
some
of the ablest members of
not the fault of that body that
the discussion was not fully re¬ the House vented their pent up
realize
to
come
clarifies.
battle
: the
a
current
last long.
,
may
move
in
the President in Congress will not
Axis
the clue
Government
tne
Tne
;
probably
Rommel
supply
While
Germans, he said.
pien
associations
maintain
use
spleen over an inconsequential
"yoo-hoo" incident of one of the
Army's most capabale generals.
aries.
In
some
instances
their
publicity outburst had there not It was simply that they had to
title has
simply been changed, been
an
outburst
in
Congress have something to rant against
in others, the money taken from
against the shenanigans of the and here was something simple
other appropriations to pay them
executive branch.
It is unfor¬ which they understood and could
with.-"
—*—
tunate
because
our
legislative make their constituents under¬
v
beaten back
mistake
A
and
•
building.
Also
of the Russian armies against
Mr. Churchill
The trade
its
said,
the favorable side is the thrust
to minimize the
the
of
"grab" was intended.
no
of
the Government
some
he
conflict
the
which,
with
other
nope
Suspecting that it does, it has of¬
knowing the frailties of Congress¬
men
as
well as anyone else, is
convinced
/
the list.
Leads
compare.
into
depicted by the Prime Min¬
as
the overwhelming cir¬
cumstance
adminis¬
Tne United States Cham-
Commerce
and Brewster of Maine,
investigation
careful
after
D.
do is to get Jones' scalp.
Noth¬
boldly out over
ships. The critics is on in full swing,
yv/yi
town to usurp the functions
of ing would tickle the New Dealers
Germans claimed heavy damage
A shining example is the case
more.
Harold Ickes is the leader
Already it has
to a British convoy which they of Edward A. O'Neal, President of other agencies.
of the movement against him.
said was moving from Alexandria the American Farm Bureau, who been charged with censoring the
of
cabinet
officials,
toward the badly battered base at blasted
the Farm Security
Ad¬ speeches
The entry of the
1941.
States
United
was
in
Axis
From
and devoted his superb ora¬
gifts to a general survey
of the war, as it had developed
since his last previous summation and British aerial and naval units
ever,
be
can
payrolls by
particular appro¬
priation that none of the money
could be used to pay their sal¬
to have the
Libya,
in
not be able to
re¬
port fully both on Singapore and
the
run
of
the
German
ships
of
moves
will
V-'
the
to
providing
as
less
When Prime Minister Churchill
There*
•
.
writer, phasized in the attack of Senator
point is that this
One
oft
rapidly as they progtoward Tripoli. The next
quite
planes
downed
and^ conceded
damage by fire to a6 destroyer,
while denying that any sinkings
.
defeat
The
.
.
more
fered
lives.
opera¬
of
ber
down a Jump sum tomor¬
pay
needs
contingencies.
General,
German
The
loss
halt.
virtual
a
while.
Medi¬
the
the
admitted
bring
to
the
terrible
to
as
ish airplanes were downed in the
fight, and that a British destroyer
the
to
Germans
well
may
regain the initiative, unless some
parations being made to meet
Nazis
to
after,
of the current war
scope
than
terranean region, and the pre-
The
observers
tions
illustrates
better
Nothing
the
The Germans got
sunk.
much
..ijreover,
(Continued from First Page)
through and claimed that 43 Brit¬
was
quest.on
Congress,
the
ltgamea.
tary
out.
the ships, and the su¬
perior fire of the enemy vessels
kept the British
destroyers at
distance.
be
in the Indian Ocean was not ruled
power over
some
of
stage
tne
tne
nim
maae
buaget director, Harold
of town.
by which after
prescribed length of
would be entitled to
of
bers
Las
was
agencies that should get out
and
retirement
actuarial standards to mem¬
same
,
ing spring is expected by all mili¬
? by the Axis are
close-range attacks with guns and
torpedoes. But the German threw
"umbrella"
•
T
He
and
Smith, at tne President's orders,
making a study of the people
that Ramspeck intended only to apply the
German
of that subject
ena
is
im¬ of February now has passed into, row and retire the next day at
Mediterranean history and the mud of the com¬ $4,000 a year for the rest of their
ther drive eastward through
or
Heavy aerial attacks were made
around Turkey was held a possi¬
by British fliers on the three Ger¬
bility in some military circles, and
man ships, as they speed through
even an attempt by the Germans
the Channel, and late in the day
and Japanese to effect a junction
Britishdestroyers
made daring
an
the
of
be Tittle
to
awful
an
earnestness
ueaaiy
His
serving a
battle, for, time tney
Leningrad and Sevastopol at the' benefits in accordance with the
the
two extremes of the Russo-Ger¬ amount they had paid into
fund.
On tne other hand, Sena¬
man
front
remain
preparations
believed in prog¬
main uncertain, while the fact
ress, with a view to attacks on
that they arrived in German y Egypt and the Suez Canal, and
possibly against Gibraltar. A fur¬
ports is firmly established.
the
on
-
this
at
theater of war. Vast
but the extent of any damage
inflicted
back
ef-
took
determined.
in fact, was-an
these
of
But the
ridicule
Tne
receive.
employes
question,
privileges. Tne measure was fully
discussed and given a recorded
vote in the Senate.;
Tnere seems
is
Russian
the
in
,
extension
to
/ Undue optimism as to the Rus¬
sian position seems unwarranted
realized that the skirmish¬
was
portance V of y the
action,
into
went
bill
long.
not yet been heard.
in
of
RamspecK
Roosevelt
town.
Las
Georgia, wno has long specialized
in retirement benefits wnich Gov¬
ernment
they
It's
Wi.eu
ridiculing" recently over his sug¬
gestion
tnat
"parasites"
leave
ing fails to reflect the growing
other craft. British forces im-U
'
according
Mr.
en¬
under/siege
Mediterranean
; vV:/^/;
by the Nazis, while Kharkov still, tor Byrd of Virginia, insists that
;
British Empire and Axis forces is in German hands despite many a proper interpretation of some
in the Libyan desert traded rela¬ Russian assertions that this key ban pnraseology would make it
tively light blows this week, but city el the Doners Basin is about possible for elder Congressmen
12, that
sighted
Feb.
on
or
;
in
lines.
;
/■;";:/%
/".
Representative
the
to
been
that tnis bill was
of the most
in Congress,
happens
so
sy^em
aanocpnere
contagious.
by one
conscientious, men
German
guerrilla p. fighting
that
?
the post
which
i Minister.
•
the1 following
late
up
Minister,
it
recap¬
color
have
tney
sponsored
The
augmenting
V
k fort
of Defense
he
holds
along with the office of Prime
give
r
knowledged,
i
but
Mr.
declined to
firmly
lend
.
But
this
tne
agitation against Congress.
i
aet / seems1 to
be that the front is fluid and
*
were
made,
•
Churchill
Visibilitywas
throughout,
poor
;
heavy layer of fog
snow.
be
may
-
of Brest under cover of dark-;
CCD.
claims, however, for
London.
Indi- 1
given that
minor Cabinet changes
also
cations
The great
;
poor
ing days on war policy.
•:
some
as
ones.
disagreeable
1
well
as
some
Mary Chaney episode in
thusiastically participating in tne
V deep penetration of the most
•'J. advanced German lines is ac-
in com¬
debate was promised
;
circum¬
German ship
extenuating
portant
Russian
formal y
a
Even
statements
-
in
unspecified
reported
aro
tured.
capitalistic
to
in
their
background, they
develop a symcism against
aie
ana
un-
of
seem to
me
and
days
places
sectors
threat
the
for
responsibility;
recent
less
the
move¬
publicists nave been
Mos-
more
Important but
vagueness.
named
gains,
Congress"
Their
ment.
'
resorted
forefront
lor
complaining about the "misrepre¬
sentation" of trie Meivyn Doug.as
Rus¬
the
of
the
in
"Bundles
Russians
the
in
more
were
into
numbers, to stem the
important
has
cow
to!
reported
advance.
claim
:
been
standstill.
a
are
thrown
Although
An inquiry will be
said, to determine
I y British showing, and
highly im-
were some
been
Russian
-
to
reserves
sian front in
combined German battle
a
squadron.
made, he
Navy
German action.
;•
\
forces
naval
assembled to meet any
4
the
sorely hit by the daring
; was
accepted
was
American
'
'
have
adequate,;to the
occasion. The storm of criti¬
Considered
'
Gneisenau,
German
Churchill speech was not
port , of Brest, through the
Ehglich Channel, by the German
battleships Scharnhorst
f
Reichswehr
the
'
instantly made manifest that
mons
were
from the French
783
THE COMMERCIAL & FINANCIAL CHRONICLE
•
the
1*■
of
House
-
»
f *
-
Com-
hand
and
biehly
are
cavalry, while
bringing the mechanized units of
»
.
,.
4
,
-T
t
,
,
-
.
veto
4
.
"
it.
I
The
I
4
New
«.
have against
Dealers
'
•
,
some
publisher.
Regard¬
1942.
Defense: Mergenta
:
Secretary of the Treasury Mor-
.
genthau declared that "it is en¬
tirely possible for our people to
save almost $11,000,000,000 a year
from
current
income," through
remarks
These
address
an
Baltimore
at
There
'
,s
real
urban
national life."
"Everything that civilians can do
to help win the war," he added,
field of
every
our
'Lokn
Home
that
on—and
now
means,
economists report.
coming
there
Goldman is President of the Gold¬
Bonds."
In
on
to
the
credited
part
Morgenthau went
Mr.
say:
sold
We have
than $1,-
more
000,000 of Defense Bonds in the
of January. That was a
tions.
great and impressive figure, yet
tion
you
must forgive me if I do not
three cheers to this re¬
sponse.
Early last month the
forced
give
;
dened
month
*
loans, the economists said, suffi¬
sent
President
Congress
to
few
budget message calling for ex¬
and
penditures of $40,000,000,000 on
shown
the
this
in
war
calendar
year.
penditures,
ber
looks small and inadequate.
The
money
in
increase
the
sea¬
reversal
"a
represented
eight
spend in this war has got to be
and was caused almost
entirely by accelerated actions
raised and it will be raised.
in
We shall have to get as
of it
will
hear
how
soon
and the Treasury
those
experiencing
much
fense
Congress
Board
doing that essential part of the
1939
At this moment I can only
this: that just as war
allows no avoidance, the next
tax program
one
needs
■/':■ ■r'' :.:-.-;-"of
balance
have
will
borrowing
be
to
from
met
The amount to be
vast that
by
borrowed
no
is
because
it' is
method
and
I
because
cer¬
am
tain that it will work.
change.
that
know
people
ready
are
American
the
to
do
their
part, but readiness and willing¬
ness are
not enough. The time
has
late
We
that
One
the
of
who
a
f
earns
week
Defense
action.
must.
we
do
can
intensifying
by
the
purchase
If
pay
Bank
;
are
almost
8,000,000 income earners
salary group alone—it
would bring into the Treasury
*
this
in
;
$1,200,000,000 a year. I have in
hand a table showing what
the
average
income
earner
should be able to save for Defense Bonds, starting with the
my
.
,
•-
small salaries and going up
to
the
higher income levels.
We
are
circulating this table
very
•
the country as a
yardstick for income
earners, to show that it is en¬
tirely possible for our people
to save almost $11,000,000,000 a
year from current income, not
throughout
suggested
counting the additional billions
which
the
larger investors can
subscribe.
That will show you
,
we
have done
up
to
how little
now on
district except
report
Loan
Pittsburgh
includes the
Pennsylvania,
West
—which
states
states of
Virginia
all
Delaware—and
scattered
12
but
in
shared
improvement."
this
; '
■
Sources of foreclosure
figures
regularly compiled by the Bank
Board
include the reports of
county and court clerks, record¬
sheriffs
and
Government
officials from about
1,800
com¬
this
are
now
agencies
dozen
a
and
about
that
42,500 additional workers, such
clerks, telephone operators
city employees, would be
needed to serve the expected
as
and
the
house
To
ers.
Government work¬
in
increase
new
popu¬
he estimated it would
require 75,000 family units cost¬
ing more than $300,000,000.
lation,
trict
in the
vacancies
Rental
one-half
than
less
are
dis¬
feet of
1842 Cotton
A
cotton
consumers
National Committee
Prices
to
Keep
a
3 by the
Mr. Goldman said:
committee.
hoard, but doing so in the long
run jeopardizes the interests of
the
individual
and endangers
A
whole.
level
of the nation
as
a
rapidly rising price
wreak
seri¬
ously reducing their savings,
but it might also create a dis¬
tinct handicap to our winning
might
havoc
the
upon
not
only
consumers,
war.
of
our
people
recognize that it is unpatriotic
to hoard, there are, however,
those
*
*
^ whose
actions
,
for
program
of
Agriculture. The program, di¬
rected by the Surplus Marketing
pillars of their business to¬
morrow. ;" Not
only will
the
;
By these means,* the
groundwork will have been laid
private business recovery
for
As a step toward debt liquida¬
of the tion by home-financing institu¬
Dr. Husband
urged the
System
an¬ tions,
Federal
Reserve
,
of arrangements which
appointments at the Federal Re¬ would encourage prepayments by
borrowers on their mortgage loans
serve Bank of Dallas:
nounced
Jan. 29 the following
on
Federal
and
Chairman
Re¬
adoption
his
since
Dallas
of
ap¬
of
for about one-third
The De¬
partment's announcement further
crop.
explained:
,
served
has
Cozzo
prices at which
sell the pat¬
The maximum
can
established at
been
have
pattern to cotton pro¬
or ginners, and at $1 to
per
distributors.
Payments of 35 cents per pat¬
will be made by SMA to
tern
approved
the
make
sell
and
manufacturers who
patterns as specified
them
to
cotton
pro¬
meaning
for
his
since
Dallas
of
pointment
ap¬
June 26, 1939.
on
Class C director for
a
Federal
appointment
on
Jan. 10, 1938.
to be spent
purposes
raised.
"There
^
sources
taxes
Director of the San
of the
war
obvious that the funds must be
unexpired
portion of term ending Dec. 31,
1944: Dolph Briscoe, stockraiser,
Uvalde, Tex. Mr. Briscoe has
as
$53,000,000,000
in the next
fiscal year,
he will get some
notion of the problem. To spend
such a fabulous amount, it is
Director of the Federal Reserve
Bank
of
which is scheduled
Class C
a
as
scale which is difficult
appreciate, but if one can
in some little way the
sense
Mr.
Tex.
Dallas,
contractors),
bonds
neces¬
of
sary on a
to
(general
Cozzo
and
Womack
Defense
is admittedly
sale
"The
and stamps
Deputy Chairman for the re¬
mainder of 1942: J. B. Cozzo,
;
to
are
the
and
of Govern-
sale
have
Taxes
bonds.
ment
orthodox
two
provide these funds—
a
higher rating in the scale of eco¬
nomic value, but Defense bonds
and
stamps
may
be held in
esteem as an index of
national morale. There is no es¬
higher
N. Y. Budget
H.
Boardman
Criticized
Spalding,
Chair¬
of the Executive Committee
man
New
York
State
Chamber
in computing State returns, de¬
spite the opposition of Governor
Lehman
of
•
who
borrower
He added:
pointment on March 4, 1937,
and as Deputy Chairman .of the
Bank since Jan. 1, 1939.
Commodity Credit
Corporation, will give manufac¬ to have the State Income Tax law
turers *an
opportunity to make amended to permit the deduction
and sell the patterns which will
of Federal income tax payments
cotton
The
homes.
on
makes such prepayments, he said,
Agent for the remainder
should be permitted to stop his
of 1942: Jay Taylor, Rafter O.
Cattle Co., Amarillo, Tex. Mr. monthly payments without fore¬
closure on his home, if he later
Taylor has served as a Class C
encounters temporary difficulties.
Director of the Federal Reserve
serve
the
1942
accum-
become
of purchasing
power.
Commerce, announced that the
needed
source
The Board of Governors
of
the
definite
a
after the war."
of
be
of savings will
ulation
:
Chamber would continue the fight
the
to the
liquidation of debt add
•soundness of the business struc¬
ture but, in addition, the
tion
of
become
the
un¬
Administration with the coopera¬
ducers,
mills
oil
cottonseed
ginners,
and
other distributors
of
than the established prices.
more
Manufacture
before
terns
or
are
sale of the pat¬
June
30,
1942,
is
required.
Under the program
ity
Credit
Commod¬
Corporation
and
other than the penitentiary
payment of taxes, but
the
purchase
of
bonds and
stamps is a voluntary deed. It
reflects discipline as well as a
cape
from the
to
response
the needs
of
our
country."
Pres. Holds First Meeting
With Joint Labor Board
reported opposition
leadership
in the ; President Roosevelt held
his
Legislature,
He said that the first meeting with the new A. F.
emergency reduction of 25%
in of L.-C. I. O. War Labor Board on
majority
the income
tax rate
proposed by Feb. 6 discussing how labor's part
welcome, in the national effort may be made
but that it could not be attributed most effective. This board, set up
to State economy.
The reduction at the President's suggestion, con¬
Governor
Lehman
was
of
$5,000,000, or less than 2% in sists of William Green, President
expenditures proposed in of the A, F. of L., George Meany
the Governor's
budget message and Daniel J. Tobin also of the
State
also criticized.
was
Mr.
Spalding
said:
F.
A.
of
L.,
while
the C. I. O.
is headed by Philip Murray,
Considering the fact that the President of the organization and
Nation is at war, that taxpayers includes R. J. Thomas and Julius
must pay the highest taxes in Emspak. Others who were present
history, that the cost of living at the meeting on Feb. 6 were
has greatly advanced and will Sidney Hillman, labor advisor to
go much higher and that every¬ the War Production Board, and
one
is being urged to buy de¬ Mrs. Anna Rosenberg of the New
fense bonds, the State's econ¬ York Social Security Board, who
omy
contribution to the war was made Secretary of the com¬
effort and its assistance to its bined board. The next meeting of
group
will
scheduled for Feb.
is expected
from Government-owned stocks 5 the Graves bill to create a tem¬ that a specific program for meet¬
State Commission,
at prices that will enable the porary
pat¬ ing various problems that may
during war time will be
terned after the Byrd Committee, arise
make
available
manufacturers
most
While
much
sugar
present sacrifices these
suit of such action will
year,
Reserve Bank of Dallas since his
bagging for cotton bales, at not
only is it unpatriotic to
the welfare
"The
institutions would make as a re-
*
to
according
Down,
statement released Feb.
Not
bagging
in
themselves
Dallas Reserve Appoints
by the United States Department
ducers
is a
sure way to raise prices and en¬
courage inflation, was the warn¬
ing made on Feb. 3rd by Julian
Goldman, National Chairman of
the
past
1941, there were
on hand
77,000 tons as against
17,000 tons on the same date
in 1940, and 12,000 tons in 1939.
1942, providing for the manufac¬
ture of up to 4,000,000 "patterns"
or bale coverings, was announced
$1.10
Vilifies Hoarding
by
the
In
Antonio Branch
Bagging
Bank
Loan
Home
institutions
ings
go
Sept. 1,
served
terns
Hoarding
the
On
of
He estimated a
2,700,000
square
office space by July 1.
1%, he said.
shortage
of
Federal
the
the
from
shipments
West Indies usually
France.
Bank
said
Smith
Mr.
manufacturers
munities.
everyone
there
the
23.1%,"
said. "Each Federal Home
of
to set aside $4 out
check for buying
Bonds—and
Plans
1.
Jan.
180,000
Washing¬
in
measures,"
out their two
carry
1931
Sugar
about
bureaus.
same
1940,
decreased
?
the
to
however, fore¬
activity for December
of
closure
ers,
between $40 and $50
were
of every
♦
in
to trans-
into
we
ways
is
Bonds.
Defense
-
will,
more
effort
our
us
readiness
we
can,
much
.
for all of
come
ring
v>:y;>
relation
"In
and
I
adding:
were
workers
on
the
being made to move about 10,000 to other cities by transfer¬
December- num¬
during
month
J I have always preferred the volI still prefer it,
the democratic
ton
while 29 states re¬
ported increases and one showed
some
untary method.
There
then,
since
sharply
in¬
decreases,
people feel we
should raise a part of it by compulsory savings. As you know,
so
United
the
Eighteen states and the
District of Columbia reported
people
the
for
report.
wartime
our
at
stood
index
,
4,337, an increase of 133
November, according to the
over
themselves and from the banks.
,
With the 1935representing 100,
Foreclosures
will not allow any¬
to escape from paying his
The
.
of
bered
period
December
the
you
fair share.
i
report.
States
tell
<
shortage
a
due
32.4.
job.
•
not
to increased de¬
activity," said the Bank
housing
would suggest
are
which
areas
D.
of
has
and
census
advices said,
years,
possible from taxes. You
as
creased
Federal
from the trend of the past
shall have to
we
1.6%
A
sale of Defense Bonds in Janu¬
ary
decline.
a
1940
the
1933 has
since
year
every
Tne
tons. '
remained
shipped in the Islands.
reported
in
Associated
Press
Washington advices of Jan. 18.
The city's population was 663,153
in
sonally adjusted foreclosure in¬
dex for December over Novem¬
$1,000,000,000
our
worst
its
foreclose
to
was
there
so
Compared to this estimate of ex¬
later
years
5,200
conditions in Europe, and
around 250,000, it was
ulation of
stability had been attained
was no serious effect,
cient
a
private financing institu¬
the Corpora¬
a
was
of
85,000 Government employees in
Washington
this
year,: with
a
total increase in the capital's pop¬
Even when
'
-
Smith
Corporation for "breaking
the trend" by lifting a million
frozen
mortgages
from
bur¬
Loan
:'
•
they will
shipments have been re¬
tarded because of the unsettled
Harold
increase
Director
expects
an
Budget
up
when the figure reaching this objective." Dr. Hus¬
band added: c:--;
58,000 tons.
French
Corp., New York.
Expects 85,000 More
Government Employes
In Washington, D. C.
Owners'
Home
if
restrictive
about
talk
these
economists
Board
Bank
the
blowing
of the inflation bubble than all the
the smallest in ten years,
since
to
other things, more produc¬ in the decline. The Board's an¬
nouncement likewise said:
war materials, more con¬
servation of supplies, more vol¬
Recalling the peak of 252,000
foreclosures
reached
in
unteer work for civilian defense
1933,
greater purchases of Defense
Mr.
All but five states shared
22.5%.
of
and
Stores
man
among
tion
or
high.
savings "can do
prevent the
Board, declared. He proposed, in
Exports during the crop year effect, that the increased volume
ended Aug. 31, 1941, dropped of earnings resulting from the war
to 63,000 tons as compared with program be invested by the public
110,000 tons in the previous in Defense savings bonds and that
season.
The 1940-1941 exports "real leadership be taken by sav¬
were
unreasonably
to
more
announcement added:
utmost
They estimated
58,381 non-farm fore¬
"must be done at a faster pace closures during the year, 17,000
and
with
more
intensive effort less than in 1940—a decrease of
from
distributors and
everywhere to do their
to keep prices from be¬
to
amounted
firm's
retailers
were
hold the nation's
of
12,000 tons or primary functions of accelerating
according to advices re¬ the liquidation of debts and speed¬
ceived
by
Lamborn
&
Co., ing the accumulation of savings,
New
York. V. Local consumption Dr. W. H. Husband, a member of;
to buy beyond their imme¬
By so doing, he de¬
to manufacturers,
Board
Bank
|; The private institutions which,
10.3%,
Down, a non-profit organization,
is conducting an effort appealing
pointed out that "the war will call any year for which records are
for a supreme effort from now available, including the so-called
on, for every ounce of energy in boom years of 102b to 1929, Fed¬
(Guadeloupe
!
increase
an
clared, they will greatly help to
keep
prices
down
and
make
hoarding unnecessary.
The Na¬
tional Committee to Keep
Prices
estate foreclosures in 1941 than in
eral
and
Martinique) during the 1940-1941
crop season totaled 123,000 long
tons, raw sugar, as against 116,00o
tons in the previous campaign,
Indies
West
diate needs.
fewer
were
Sugar production in the French
recent
to
as
Says Savs. Institutions
'?K:ACan Prevent Inflation
10.3%
"feverish
urge
_
Urban Foreclosures
Feb.
on
before the annual dinner of
the Advertising Club, in which he
14,
inflation
us.
were
Morgenthau in
made by Secretary
without
evils of
the
bringing
upon
Production Up
*
indicating hoarding
Mr.
Goldman warned
that unless hoarding ceases im¬
mediately, it will become very
difficult to prevent inflation.
He
urged all consumers to help pre¬
vent
inflation
by resisting the
Referring
buyng"
activity,
must
in the
war
this
finance
goods.."
of soft
country saving regularly on a
week-to-week basis if we are
to
French West Indies Sugar
pres¬
ent scarcities of food and items
to
remains
income earner
have every
purchases,
"not
counting the additional billions
which the
larger investors' can
subscribe."
home
the
much
delay. With your help, we
bond
defense
how
of
sector
and
responsible for
partially
front,
be
done.
We have reached only
about one-seventh of all the in¬
come earners in the country; we
must reach the others without
one
Save Billions For
Thursday, February 19, 1942
& FINANCIAL CHRONICLE
THE COMMERCIAL
784
sell
to mills
to
produce
and
bagging at the established
maximum
prices to distributors,
producers and ginners.
the
taxpayers is microscopic.
cotton
The Chamber endorsed
in
Congress,
affairs
to
with
a
mies*
»»«
the
view
to
study
State
of
on
the
Feb.
group
is
at which time it
fiscal presented.
Government
effecting
20,
econo¬
Creation
of
the board
in these
page 577.
ported
columns
i.
was
re¬
Feb. 5,
i
@FedFRASER