Full text of Commercial and Financial Chronicle : February 26, 1942, Vol. 155, No. 4050, Section 2

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Final Edition

THURSDAY

In 2 Sections

Section 2

-

>

&
V

IjtbBg.

Volume

155

Number

4050

New

Office/

U. 8. Pat.

York, N* Y., Thursday, February 26, 1942

Price 60 Cents

a

Copy

GENERAL CONTENTS

FROM WASHINGTON

Editorials
Page

Coin Of The

AHEAD Or THE NEWS

Healih......,...... ijpd

F, D. Underwood and His
Times....

850

Mr. Henderson Is
Right........

840

The

Shrinkage, In Savings Bank
Deposits .852

It is

important, I think, that the attitude of Washington should

be reported from week to week because it is the attitude in which
Mr. Roosevelt and those others charged with the conduct of the
war live.
Naturally they are influenced by it.
What may be the

attitude

out

in

the

of

rest

the

except to the extent that it is reflected
bad that this is so but nevertheless^
it is

and it is true of all

so

coun-

is

country

,

of

small

importance
Washingon.
It is too

in

;

:

On

The

From

Situation.

...849

Foreign Front...

Washington Ahead

Moody's Bond Prices

%■... 849

of the News 849

Yields;'.

and

appearance denounced
Washington's "Cliveden set." The

"New Masses" is not read in Wash¬

Commodity Prices—Domestic

ington outside of New Deal circles.

Commodity Prices—World

The attitude in Washington this
past week has been, first, one of

Few of the matrons aUwhose din¬

Carloadings

high revelry

up,

ner

Communist
weekly,
the
"New
Masses," that a Cliveden set has
been holding forth.
At the dinner

tables the episodes brought
realize that the "New Masses"

had anything to do with the mat¬
ter.

Washington

Cliveden

and

set

index 864

Index

..,..

867
859

......

Engineering Construction Lower....

866
864

Weekly Lumber Movement

857

Index 4 Weeks Ended Jan.
31......

Fertilizer Price Index

864

836

...........

tables of Washington, composed of

thereupon

Weekly Coal and Coke Output

866

ficial

Bank Debits

8S7

and

the occasion of

much

official and semi-of¬
Washington has something

to talk about at the

merriment.

dinner tables

for

a
couple of weeks, until he
gives them something else to talk

"Are you a member of the Clive¬
den set?" one dinner companion

856

Steel

Industry:
Weekly Review

858

January Production

860

few of these people read the "New
Masses" and really
know little

January Shipments
Presumably, it was only a coin¬
cident that he brought up t,he sub¬ Moody's, Commodity Index..........
ject a day before the Communist Bankers Dollar Acceptances
publication was to appear on the January Business Indexes...........

about

streets.

The

funny thing about it is that

what its article said.

The

fact is that, apparently, Mr. Roose¬
velt or someone close to him had
the

read

advanced

Mr.

and

proofs

on

Then

to

wonder

simply coinci¬
dental.
Mrs. Roosevelt, resigning
(Continued on Page 871) ^ i

at his press
the day previous to

on

this

was

Diversify Production...... 850

Bank of Canada

Papers

Delist

1941, Earnings......

Raise

Romanian

Federal
F.

D.

832

Bonds

883

level having fallen to

the lows of last August, owing to the succession of military defeats
in the East.
There appears to be little tendency to bid prices up

fi**m such figures, for the time being, and trading is reported modest.
Pronouncements

by President Roosevelt and Premier Stalin aided
while^
Minister new

the London market briefly,
references

by

Churchill
losses

Prime

'

heavier

to

exerted

contrary effect.

a

Gilt-edged

shipping

stocks

have

railway loan found ready
buyers in unoccupied France, last

week.
Reinvest¬
funds derived from

of

requisitioned Indian and Can¬
adian issues occasioned minor

gains in
ment

high

home

and

rail

dull throughout.
ber

grade

stocks

WPB

Auto

FDIC

1941

save

Americans.

mining

for

a

to

drift

few Latin-

South

shares

African

likewise

eased.

other centers.
The
French tax on capital gains has
been modified slightly, which in¬
and

creased

the

interest

in

some

de¬

partments of the markets. A large

mar¬

last

on

of

sort

a

the

and

war

of the absurd

"progress report"
disposed of some
which have

rumors

circulated
7.

increasingly since Dec.
Recalling the tribulations of

General

Washington and his Con¬
tinentals during the Revolution,
Mr.

Roosevelt

called

upon

his

countrymen

to exhibit today an
equal fortitude in the face of mo¬

Our

he
our

defeat

and

uncertainty.
is increasing daily,

strength
added, and
enemies

Appointment...!

Limit at

Jan.

soon

we

will have

859
859

31

857

Favored

N.

Y.

To

Cotton

Exchange

Employment

State

857

857

Index

(Januaiy)

858

Nelsbn

On

Nelson

Urges Holiday Production

"Dollar-A-Year"

Policy.. 858

Urges National Garden Week
Mortgage

Bankers

U. S. Labor

To

Meet

terests to

and

not

the offen¬

sive, will win the final battles and
make the final peace.

Although the demand of
(Continued on Page 870)

Production.

the

Prices

Food

Motor

Freight

tics

with this

and the

Declines

Jan. Dept. Store Sales in N. Y.

Automobile

tions

as

Newsprint Ouput Higher..

Key Labor Men Deferred

Raids,...

Trading

ties

observers at least had hoped to find in it—unless
they are ready to shed their blood and give of their
energies and treasure without stint that some 425,000,000
Asiatics and much smaller numbers of natives in other
parts
of the world shall have one rather than
another master.
It must, first of

results, we are at this moment actually fighting other
peoples' wars.
The President is right, now that we are
actually in "shooting war" with Germany and Japan, in

view

of

the

January Chain Store Sales

this
of

the Financial Chronicle in its
the

use

new

form. These will facilitate

of the Chronicle and will protect copies against mutila¬

tion and loss.

The cost is $2.50 plus postage for each of these

binders which have been

designed to hold

one

month's issues

who

their

of the Financial Chronicle. Orders for binders should be sent
to

"Expandit" Binder, 25 Spruce Street, New York City."




*

Board, that,

us,

general

any

already diffi~

an

*

on

in this

a

be

and the

wages

workers should be

to

wages

limited

sub-standard level.

group

be increased.

others

of adjusting

opinion,

my

the

those

to

The spread

of the better

reduced.

If

*

wage

permitted according to bargaining power\ this,

standard

those

in

really

are

wages

are

spread will

of

The

living at

will

smaller piece of
I

say

to

purchasing
as

suffer

a

bargainers

strong

the

expense

double

smaller pie.

a

you

whole,

a

deliberately

power

of

of

burden,

the

will

others

getting

an

hold
and
even

*

*

*

except

that

agriculture

for

further
cannot

debt reduction,

of commodities the farmer

buys

cannot

increases

benefit

in

the

agriculture

because

the

be increased

to

supply
match

higher farm prices.

Personnel to War
865

Bank

1941

865

Farmers know the disaster that followed the peak prices

866

Report..

Price

of the last

war

Credit Bank Issue Offered..

in

869

Threatens
1941..

farm

gap
872

.

Curb Stock Div. Payments in

and they want,

of the miseries of that

869

Increased......

Closed Shop Demand
Production

Discuss

should,

paid, better organized
increases

865

Agencies

FDR "War"

*

situation, the principle

living

workers

865

Costs Higher

Trading Figures.

Federal

Right

War Labor

will compound

rates

wage

problem in the price field.

between the

867

868

supply temporary binders in which to file current issues of

Page 853)

on

supply situation which faces

basic

Advertising Plans for War Effort..

to

all, be carefully borne in mind that,
be the reasons and whatever the ultimate

whatever may

Inflation

868

Wheat

significant implica¬

some

In

852

Jap Banks in Hawaii Liquidated...

Arrangements have been made with the "Expandit" Binder

more

indeed

868

Midland

our purpose

merely to state the fact

concern our

857

Draft List Registration

Of Our Subscribers

however, not

find, some parts of the President's address lacking in
point and the address as a whole wanting in certain quali¬

cost

852

Here

Transfer of

It is,

course.

872

purchasing

and compound

Mr.

Henderson is

Report to Nation (Text)tl 854

Chemical

Research

871

Shortage Serious............ 855
855
Treasury Bond Issue Subscriptions.. 855
Conw&y Named Director...v_.855

There

Rubber

are

many

period.

power
our

|

a

repetition

As with labor increases,

a

hike

will only increase the inflationary

difficulties.—Leon Henderson.

obviously
in

I think, to prevent

on

strong ground.

Washington,

including

who might with profit emulate Mr. Henderson's

January Life Insurance Sales

we

to

cult

Special Offering Effective.... 852

January Living

(although

part in the world wide struggle
now in
progress.
Unless they have these carefully in mind,
many Americans have doubtless found, and will continue

in

850

Favors

world poli¬

as

patriotic Americans who doubt

are no

I have made representations to the

851

Values

Sales

far

concerned

are

Mr. Henderson Is

Says Dollar Depreciation Affects

Economist

they

increase in

851

London

war

here to pass
judgment upon, but
and to call attention to some of the

862

850

Auction

this

(Continued

857

Strikes in January

Odd-Lot

of

and other continents

now, so

obviously be sadly wanting in candor if

the wisdom of this

862

War Industry

NYSE

conduct

We should

860

National Banks

FDR Warns of Enemy

areas

background have

pretended that there

864

857

NYSE

least

Dist. 859

Financing

we

farflung imperial in¬

858

January Chain Store Sales

Insurance

nature of the task

have-no

not, of course, in the older "land grabbing" sense), taken
the globe as our
domain, or at least as our responsibility.

Changes in Stock Exchange Holdings 836
1941

will

do the British;

as

858

861

January "5 & 10" Sales Soar

NYSE

Binders For The Convenience

Advance.

Volume

who

treatment in the trade of other

864

Living Costs Higher......

Retail

protect

or

we who profess to have,
probably have, no territorial
ambition as do the Germans and the
Japanese; we who
traditionally have asked merely to be left in peace to work
out bur own
destiny here in our own hemisphere; we who
in the past have as a rule
only asked that we be given equal

Liquidation of Insolvent Natl. Banks 864

December

We

so

understanding, not heretofore

858

Dept. December Index..

Sugar

country it has done

broad

a

858

Freight Car Orders February 1......

nation,
Monday, President Roosevelt

made

859

Murray and Sabath Bill Introduced 857
Named

undertaken.

Agricultural Extension Service...... 864

radio address to the

a

mentary

French markets are quite firm,
according to belated reports from
Vichy

In

Branch

863

859

Income Sets Record

Debt

Cuban

were

Oil and rub¬

stocks continued

lower,
gold

invest¬

securities. ^Industrial

controlled

unreported.

The President Reports

this

ment

Axis

remain

shown best results at London,

early

The

week.

kets

Loans

Small Business Division

Small and irregular movements were recorded in recent sessions

Exchange, the general

Housing

Underwood Dead

Federal

European Stock Markets

Home

861

Prices,..,...,.. 861

Policy Urged

Home Builders Name Committee

Stock

867

Honduras Seeks Loan-................ 850

Strict Loan

the London

862

Federal Savings & Loan Corp. Assets 860

Coast

on

856

Spindles Higher In January 865

Cuba To

result of

a

and for the moment at

860

Miscellaneous

begin

you

whether

it,

Roosevelt

conference

Cotton

as

—we

,..

Petroleum and Its Products.

about.

will turn to the other and ask.

so

have

members of

Congress, bureaucracy
newspaperdom, this has been

do

853

Paperboard Industry Statistics

Mr. Roosevelt denounced the

of the rank and file in this

fully in evidence, of the fundamental

State of Trade

,

General Review

"progress

report" Monday evening on the conduct of the war has
reached or presently reaches into the inner consciousness

872

:

the article's

den.

the story in the

856

..

Items About Banks and Trust
Cos...

tries which have permitted them¬
selves to become bureaucracy rid-

over

If the true inwardness of the President's first

JRegulttr Features
Financial

the

President,

forthrightness.

THE COMMERCIAL &

850

*

Editorial—r

Dollar

Depreciation

"■V-

Makes Underinsurance

'

s

V."

.■

'r.;

^.v,

♦

Editorial—

J

■
.

■'

.

Frederick D. Underwood

1

And His Times

considerable scale in the United States and poses a prob¬

Few of those who~learned Through the-daily press of
already is under official study from various angles.
tendency pos¬ the death, on Wednesday of last week, of Frederick D.
living sibly depends! upon results of
quiet debate regarding-the Underwood, "F; D." to a huge number of admiring and

Whether action will be taken to control the

that abnormal wartime conditions

and the rise in the cost of

1

\ v*

lem that

declared

New -York

-

Thursday, February 26, 1942;

Hoarding of currency quite obviously is in progress on
a

New School for Social
in

Research

■

C®In ol the Realm

-

Merryle Stanley Rukeyser, eco¬
nomic commentator and author, in
an
address
delivered last week
before the

:

FINANCIAL CHRONICLE

orientation regard¬
life financial plans by

and extent of the hoarding, and the future currency affectionate subordinates upon many railroads and through¬
naturally will be a further influence. This is not an out many decades of the* most brilliant period of railroad
65,000,000 life insurance poli¬
easy question to answer, for blundering in such $ sphere development, can fully realize the "magnitude or significance
cyholders of the nation.
of the changes witnessed during his long and eventful life.
•
"The decline in the purchasing might conceivably entail disastrous consequences.,
He had recently completed his ninety-third year.
power of the dollar," Mr. Rukey¬
On Feb. 1,
Facts of the matter are infinitely niore complex than
ser, who is author of "Financial
1849, when he was born, at Wawautosa, in Wisconsin, the
any
simple
statistical
presentation
might
suggest.
Cur¬
Security in a Changing World,"
declared,
"tends to make
the rency in circulation now is reported at $11,339,000,000, Presidency of James Knox Polk, Democratic successor to
average
policyholder
under-in¬ which is far more than double the $5,053,000,000 maximum John Tyler, was drawing to its close and General Zachary
sured.
If policies should mature
which sufficed for all business and- other needs of the active Taylor, slave-owning Whig whose daughter had married
during
the
current
abnormal
Jefferson Davis, was about to enter the White House, from
decade of the 1920's.
Even in the period that "culminated in
period, the dollars contracted for
which
he
would
be
buried
within
seventeen
months.
the 1933 bank holidays, when hoarding was rife, currency
may be insufficient to provide the
Former President Martin Van Buren, the first Chief Execu¬
standard of security intended for
in circulation attained a maximum of only $7,538,000,000.
tive born a citizen of the United States, was still living, at
dependents or for the
insured
The bank holiday peak was not again attained until the
themselves in old age.
More cov¬
Kinderhook, New York, and John Tyler would survive al¬
erage, possibly in short term inex¬
holiday season at the end of 1939, but from that point on most thirteen years, at Sherwood Forest in Virginia, to be
pensive policies, intended to tide
the rise has been phenomenal.
Even billion dollar circu¬ elected to membership in a secession Congress. Future
the family over the abnormal haz¬
ards of the war period; • isindi- lating levels were; passed ifrom eight billions. , to
eleven President Abraham Lincoln was completing his single term
cated,
billions on Aug. 28, 1940, April 30, 1941, Sept. 3, 1941, and as a Member of
Congress and James Buchanan, by whom he
"In more or less inflationary Dec.
17, 1941. The level now indicated is the highest on was to be preceded in the highest office, was serving as
times, the insurance buyer should record, for seasonal influences are almost nullified at pres¬
Secretary of State.
Although there were only thirty
place emphasis on the indemnity
ent and every small recession quickly .is followed by a fresh States then in the Union, their
sixty Senators included
factors
in
life insurance rather
than the long term investm ent advance to record heights.
more illustrious and memorable names than could perhaps
v
elements.
This is especially true
For then participating
All of this might seem to constitute prima facie evidence be listed as of any subsequent date.
require

ing

a new

their

causes

trend

the

.

in periods

when the benefit pay¬
returned in dollars
of diminishing purchasing power.

of

in

vast

the

deliberations

of

the

Senate

were

Darnel Webster,

hoarding tendency. The figures are so vast that
John C. Calhoun, Stephen A. Douglas, Lewis Cass, Thomas
impossible to quibble with the contention that
Hart Benton, William R. King, Hannibal Hamlin, Thomas
"Irrespective of the monetary hoarding is taking place.
Much of the circulation increase,
factor, there is no suitable device it
Corwin, John A. Dix, Sam Houston, Herschell V. Johnson,
may be added, consists of large denomination bills, which
other than life insurance for pro¬
Reverdy Johnson, Jefferson Davis, Samuel S. Phelps, John
are not ordinarily used for business transactions, but which
tecting the individual and
his
P. Hale, John Bell, William L. Dayton, Simon Cameron,
The
family from the risk of unpre¬ are decidedly preferred by certain types of hoarders.
dictable
On March 4,
timeiiig
of
individual heavy outflow of United States currency to other countries, Willie P. Mangum, and Robert M. Hunter.
death and accident. Common sense
in the period leading up to the present w§r, was largely in 1849, Henry Clay, William H. Seward, and Samuel Portland
dictates that it is better for the
ments may be

individual, whose life tenure • is
uncertain, to contract for an array
of dollars of varying purchasing
power than to provide for no dol¬
lars at all in time of family crisis.
The

optional settlements of¬

new

fered by life insurance

companies

enable

policyholders to mitigate
the inflationary risk by arranging
for their
dependents to receive
serial

beneficiary payments

extended

an

rather than

lump

a

over

of

years,

sum

at an

number

in

unpredictable time of death which

might occur at a time when the
fluctuating dollar might conceiv¬
ably be at a low ebb of purchasing
power."
In

life

dealing

the

with

safety

of

insurance, Mr. Rukeyser said

that

the

TNEC

uncovered

no

in

nesses

which

had

investigation

fundamental weak¬

managerial technique
on
this subject.
The

bear

investigation
primarily
rather
brought
to
light
questions
of
ethics

and

procedure,
which,
important, did not bear
materially on the capacity of the

though

institutions

great

to

their

meet

contractual

obligations.
The
amount of security which dollar
promises of this type provide are
conditioned

rather
by
govern¬
policy affecting the rate of

mental

interest

invested

funds, which
has a bearing on the net cost of
life insurance, and relating also
to " the purchasing power of the
monetary unit.
With insurance
) providing the equivalent of high
grade bonds or dollar claims for
the

on

insured, he

further bal¬

can

his investment diet by

ance

allo¬

cating part of his savings to

inflation

-called

stocks,

common

hedges

so¬

such

j

'

,

iinillliii

—

_

'

»

' "

National Banks

The

following
the

the

of

the

more

is

Comp¬

is

Amount

Feb.

1942—The

16,

tional

Bank

First

Mineral

of

Na¬

City,

$25,000

Ohio
•

Effective

Feb.

Liquidating
Sattler,

•

14,

1942.

Agent:

Mineral City,

I.

N.

Ohio.

ing or succeeding association.




No absorb¬

Even Mr. Underwood's

name

they debated, for the Baptist

to memories which do not extend much

into the Nineteenth

Anyone who has served in the armed
Commodore Perry, with his formidable naval
that cash payments to the men keep Century.
force, had not yet "persuaded" Japan to open her ports to
large aggregates of currency moving, but the bills are
the trade and civilization of the West, which she would
entirely of small denominations.
learn to copy with a flattering, if sometimes disconcerting
Ordinary business has been stimulated vastly by the enthusiasm. And China, although she had felt the aggres¬
military program and requires more currency. The effect sive interest of Europe had not yet seen the shrines of her
here is pronounced, the more so because many areas never Manchu
Emperors pillaged and burned by French and Eng¬
regained adequate banking accommodations after the exten¬ lish soldiers nor met the destroying strength of England
sive bank closing of 1933. The social programs of the United
opposing her effort to exclude opium from importation to
States Government have placed, large aggregate amounts of the detriment of her
people. Queen Victoria, not yet pro¬
enormous

numbers.

forces is well

aware

in areas and in hands which were not previously ac¬ claimed Empress of India, was in the twelfth year of her
customed to such circumstances.
The banks, themselves,
prosperous English reign and the thirtieth of her long life.
hold larger amounts of cash in their vaults, for numerous
Across the English Channel, Louis Napoleon Bonaparte,
money

~

reasons.

,

1"

"the

Balancing the statistics against the reasons* for a cur¬
rency increase, some Washington monetary experts are ques¬
tioning, privately, whether the hoarding has yet proceeded
to the danger point.
But the Federal Reserve Bank of New
York entertains no such doubts, for the last monthly bul¬
letin of that institution noted the hoarding of a "substan¬
tial" amount of dollars which could with advantage be

nephew of his uncle," in his third month as President
Republic of France, which he was

of the short-lived Second

already conspiring to destroy, was stealthily pressing to¬
ward his Coup d'Etat and >the Imperial dictatorship over
which he was to preside, as Napoleon III. Further to the
East, Germany, still a congeries of jealous and disunited

sovereignties, weakly led by Austria, where the youthful
Francis Joseph
reigned as Emperor, remained in the
rightly troubled aftermath of the 1848 Revolution. Prussia, in a

in defense
savings bonds.
The bank
pointed out that hoards outside the banking system repre¬ few years to overcome Austria on the battlefield of Sadowa,
sent a wasted resource and urged that the idle currency be to exclude her from the German bund while seizing and
put to work.
effectually exercising her leadership, was also, for the time,
Among the closer students of this problem there is a suffering the confusions of domestic revolt and under an
school, not yet very strong numerically, which holds that incompetent King. It would still be nine years before Wildrastic action should be taken and taken soon to control helm I, grandfather of the exiled sovereign who died at

invested

the

hoading trend. The powers granted in the 1933 bank¬
ing crisis, for stringent control of currency withdrawals on currency withdrawals present an avenue for the control
from banks, should be brought into use, according to this also of the illegal activities is an interesting but debatable
school. It is argued that controls of this sort could be
point.
1
employed beneficially and without occasioning an opposite
Also of
cated
seems

that

intended.

Such

views

are

neither advo¬ which

some

1

■

piece with the illegal dealings is a tendency,
believe to be growing in these days of extra¬

a

deeper study of the question ordinarily heavy and still waxing taxation, of doing ordinary
advisable before adequate..conclusions are possible.
business in cash with a view toward dodging the tax col¬

nor

disputed here, for

more

a

esoteric

aspects of the problem con¬ lector.

the influence upon currency

of the increasing bootleg
operations in liquors, and the "black markets" in some con¬
trolled commodities which are reputed to be developing
here and there.
Such operations and markets rely entirely
upon cash, and they may be contributing more than most
of us realize to the currency increase.
Whether controls
cerns

LIQUIDATION

issues

.

One of the

VOLUNTARY

reminiscent of the

"Against thi simple statistics it is necessary to place a clergyman who was his parent endowed him. with that of
variety of known influences making for rapid expansion of the famous mulatto, ex-slave, Frederick Douglass, then edit¬
currency.
The defense and war programs of the United
ing an Abolitionist paper at Rochester, N. Y.
States Government have tended to place dizzying amounts
Politically, at least, the world outside of the Western
of money in hand-to-hand use.
This is especially true since
citizens enlisted and were ii /ducted into the armed forces in Hemisphere was very different in 1849 from that familiar

troller of the Currency, Treasury

Department:

Chase would become Senators.

sizeable bills.

effect from

information

office

j

».

-

from

as

convertible

bonds, and selected real estate.
f'-.v'

a

it is indeed

such reprehensible

Whether

dencies could be halted or

and unpatriotic ten¬
modified by currency controls

again is a matter that requires the most penetrating
thought and study. For any action taken with respect to the
currency must be carefully conceived in theory and exe¬
cuted with equal judgment, lest evil effects outweigh the

good intended.

-

/

\w

•

.

Volume

Number

155

4050

TFK

COMMERCIAL & FINANCIAL CHRONICLE

851

would become Regent of Prussia, over comfort and security, increased by leaps and bounds. The
reign as King from 1861 to 1888, and as Wisconsin in which Mr. Underwood was born was found to
Emperor of Germany, the title conferred upon him by (contain, at the census of 1850, 305,191 inhabitants; in 1940
Prince Bismarck after the triumvirate, Bismarck, Von it contained more than ten times that number, or 3,137,587.
Moltke, and Wilhelm, had captured Napoleon III and ; his Between the same years, the United- States, in its conti¬
Doern

last

which he

year,

was

to

nental

qre^ excluding Alaskaj grew more than five-fold,
at Sedan and the victors had marched onward to
Paris, which they entered in 1871. From Russia, the huge from 23,191,876 in 1850, to 131,669,275 in 1940. Where only
autocracy of Czar Nicholas I, seemingly completely, in¬ 15.3% of the smaller aggregate had been classified as liv¬
trenched and stabilized, frowned threateningly against ing under urban conditions during the earlier year, no less
Europe while hungrily viewing the Dardanelles and access than 56.5% were found to reside in cities in 1940.
army

to

the

Mediterranean.

Italy was still only a
geographical expression, for the peninsula Was held by a
discordant group of small nations, including the regions
governed undei*; the1 cherished Temporal Power of Pope
Pius IX, the Duchies of Tuscany and Modena, the Sicilies,
the especially mis-governed Kingdom of Naples, Lombardy,
Piedmont, Sardinia' and ;Venetia. In 1849, Pius IX held
Rome only by the aid of French bayonets, Russia had in¬
volved herself in peninsular politics by guarantees of auton¬
omy, Austria dominated- in Venetia and elsewhere less
effectively and claimed or aspired to wider dominion.
Europe had existed, since the great Congress of Vienna,
under the treaties of 1815 and the Holy Alliance, without
any major war.
But, after that long reign of imperfect
peace, the continent had been swept by surging revolution
Southward,

from the Baltic to the Mediterranean, and, when the
of insurgency had subsided and disappeared, it was

forces

V; I Railroads had been built. When Mr. Underwood was
born there were
precisely twenty miles of railroad in the
whole State of
Wisconsin, this mileage, presumably part
of what is now the
great Chicago and North Western System,
and all of it then
existing, lay somewhere along the route
between Milwaukee and Prairie du Chien.

But the whole

country^ad only 9,021 miles in 1850. Now, Wisconsin alone

has

than 7,000 miles and the United States some
But by 1849 service by the once ubiquitous stage¬
coach had by no means ceased. The Post-Master General in
the Cabinet of President
Taylor reported for the fiscal
more

245,000.

year

ended June

30, 1849, that 3,823 miles of postal routes

were

maintained in the State of Wisconsin

167,703 miles in the entire country.
in Wisconsin
miles

was

during that year and
No part of the service

rendered with the aid of railroads and 581

its

tinue

stoppages,
As

under

Usual"- policy,

-

the
corw-

to

impede war production
despite the urgency for military

stores.and supplies, the National
Association
vealed
68

Manufacturers

of

Feb.

on

strikes

re¬

17 in

pointing out
reported in the

were

metropolitan newspapers as hav¬
ing occurred in January, y The
Association

states

that

actual number of

while

the

production
plant
work y stoppages —^ 43 — in
January was lower than in any t
month
preceding Pearl Harbor,
that fact, it states is no gauge of
their importance in impeding the
war
effort.
There is no way to
measure, it was pointed out, the
ultimate

effect

war

of

the

stoppages

the

production of war ma¬
terials J by mother industries
de¬
pendent upon the strike-bound
plant for supplies and materials.
The NAM compilation, it was
pointed out, did not purport to re¬
port on every strike occurring at
defense and non-defense plants
on

enjoyed coach service, 'While, for the Nation, there
5,497'miles of railroad-served mail routes and 36,238 during January.

found were
lasting legacies were embodied in the con¬ miles of routes operated by coaches. In 1849, Cornelius
flicting careers of two persistent war-mongers, Napoleon Vanderbilt, although in his fifty-fifth year, had not yet in¬
the Little and Count (sometime to be Prince) Otto von Bis¬ terested himself in
railroads; the route of the New York
marck. Before Mr. Underwood's career as a railroad execu¬ Central from
Albany to Buffalo was still controlled by
tive, had closed, most of this Asiatic and European picture eight or ten separate railroad corporations; there was no
had passed away. China had been, for more than a genera¬ railroad
paralleling the Hudson River, although one was to
tion, almost the plaything of the variable policies and fluc¬ be completed to East Albany in 1851; the Erie Railroad,
tuating interest of European nations and the United States, with its "broad" gauge, six feet wide, would not reach its
it had suffered its Boxer Rebellion and the protective in¬ Lake Erie terminus until
April 4, 1851; it would be almost
vasions that followed, it had deposed its exotic dynasty and four
years before the Baltimore and Ohio attained Wheel¬
become uncertainly committed to a rather socialistic and
ing; the connecting link of the Pennsylvania Railroad, be¬
communistic republicanism. Japan, surrendering her isola¬ tween its canal and
portage crossing of the Allegheny Moun¬
tion but not her oligarchial traditions and copying western tains and
Pittsburgh, would not be operated to that Ohio
industrialism and military methods and devices, defeated River
city until September 10, 1852. No railroad had entered
Russia, expanded her island kingdom at the expense of her Chicago; there was no railroad mileage anywhere west of
neighbors, seized Manchuria, and acquired the confidence the Mississippi River, except a few miles in Louisiana.
and courage necessary before she dared to threaten her
Lake, river, and canal transportation by mule-drawn canal
racial superiors. While Mr. Underwood's activities con¬
boats, in canoes, flat-boats, and keel-boats, sailing craft,
tinued, Queen Victoria became an Empress, over India, and steamboats of small capacity and sluggish movement;
and was succeeded by son and grandson, while two great- still flourished. And it is no wonder. The
competition of
grandsons who have already occupied her throne grew to the new railroads cannot have been generally keen. Their
manhood. During the same years, the Empire of Napoleon tiny,
wood-burning locomotives hauled small cars over
III ceased to exist and was almost forgotten during the
strap-rails laid upon poor road-beds which led around
seventy years of the Third French Republic that disappeared curves of short radii and up and down grades of paralizing
in the maelstrom of 1940; Bismarck, after three wars for severity.
Gauges were varied, few streams were bridged,
which he confessed responsibility, had been discarded by cars could seldom be
interchanged even where there were
the petulant successor of the Emperor he had made and, in connections and connections were
few, breaking of bulk
another war wantonly begun, that Empire had itself dis¬ in transit and
reloading were frequently recurring neces¬
appeared, carrying with it in its fall its sister Empire of sities. Passengers traveled far more comfortably on canalAustria, but not before conniving at the overturning of the packets and in the poor accommodations supplied upon boats
Russian Empire which it was first to witness. Italy, united traversing the rivers and lakes than
upon any railroads.
in
1870 under Victor Emmanuel, had prospered inter- There
were, of course, no sleeping-cars, no dining-cars, and
mittantly under his royal successors, but had suffered the no parlor-cars.
Universally, the coaches were poorly
penalties of an alliance with the nominal victors in the lighted, dangerously and insufficiently heated by stoves,
widely destructive World War of 1914-1918, and had fallen dingy, dirty, and ill-kept, and they joggled drearily and un¬
tinder the .sterilizing depotism of Benito Mussolini.
Simi¬ comfortably between terminii with the least possible regard
larly, Russian, without a Czar, was to be held under the yet to time-schedules.
more comprehensive despotism of Joseph Stalin; and Ger¬
Frederick Douglass Underwood not
only witnessed all
many, having no Kaiser, was to be much more autocrat¬ these
things, and much more; so far as any of them hap¬
ically and tyranically controlled by Adolph Hitler than pened within the United States or affected the United
ever by any Hohenzollern.
States, and most of them did. He saw them
that

Work

"Strikes

most

all, he

part
life that produced the utmost in successful
was

The compilation
newspapers
in
principal industrial centers of the
from

made

was

nation.

Association's

the

From

announcement we also

The

strikes

43

quote:
"defense

at

plants" involved 15,512 workers
and
661,976
lost
man-hours.
Twenty-five

other

strikes

at

involved

factories

non-defense

loss of 1,750,total of 2,412,200
man-hours
lost
during
January because of work stop¬
13,108

men and
man-hours,

224

a

a

pages.

Association

The

work

pointed out
of the January
stoppages in war produc¬

tion

industries

the

majority

scribed

could

"critical."

as

be

de¬

Construc¬

tion of such vital military stores

airplane parts, airplanes, en¬
gine
pistons,
machine
tools,

as

anti-aircraft

guns,
cartridge
parachute
clotn,

containers,

ships, electric motors, cable and
wire was
stopped because of
the strikes, the Association said.
The

work

fense"

stoppages

"de¬

at

CIO,
AFL, and independent unions.
plants,

Nineteen

locals,

involved

strikes

CIO

involved

AFL affiliates and
three independent unions, the
compilation revealed.
None of
the reports about the remainder
of the strikes at "defense" plants
15

named unions involved,

Man-hours

lost

at

v

"defense"

plants during January was the
potential work-time to
build
170-foot

four

chasers.

submarine

steel

The

United

States

Navy had ordered prior to Dec.
7 and since the beginning of the
national
emergency
62
sub¬
marine chasers, ranging in size
from 60 to 170 feet in length.
The

loss

stoppage

from

factories

more

are

production

war
more

each

becomes

men

as

converted to

and

and

more

trained

are

work-

greater,

to

new

Transformations in America, during this long life, were of the strenuous
jobs.
y:
usually less tempestuous and commonly more salutary. In and beneficent industrial achievement. Wherever and in
truth, the United States had its devastating Civil War, but whatever capacity he served, he was always an important
Newsprint Output Up
at its close human slavery had been destroyed and there factor in every item of growth and improvement.
North American newsprint pro¬
It is
had emerged a united Nation, commanding the respect of pleasing mentally to envision the stalwart and handsome duction in January was 425,154
all the world, in the manifold activities of which most of youth,, a splendid example of virile manhood, certain to tons, an increase of 11.2% over
the
382,496
tons
produced
in
the bitterness of conflict soon disappeared.
Alaska was attract any beholder, just emerged from the Academy at January, 1941, according to fig¬
Beaver
Dam,
Wisconsin,
which
was
his
last
ures
issued
acquired from Russia for a cash consideration; the Gadsden
school, who
by the News Print
Canadian mills
Purchase extended the area of New Mexico and Arizona became a clerk with the expanding Chicago, Milwaukee Service Bureau.
south of the Gila River, supplying the route for a southern and St. Paul Railway, in July, 1868, at nineteen years of operated at 84.4% of capacity to
produce 311,904 tons of news¬
railroad to the Pacific Coast, now occupied by the Southern ago. But he must have felt "cribbed, cabined, and confined"
print,
compared • with
261,298
Pacific; gold in large quantities was discovered in Cali¬ in any merely clerical or office capacity and, after brief tons a year ago.
Shipments
fornia and gold and silver in many Rocky Mountain areas; service, exchanged to more active employment. Before, in totaled 291,998 tons, a gain of
United States production
the sewing machine, friction matches, utilization of petro¬ July, 1868, he left his first employer, where he owed his 20%.

leum

products for lighting, lubrication, and power pro¬
duction; the phonograph and telephone electric lighting and

advancement to Alexander Mitchell and S. S.

was

Merrill, two

of the greatest of old-time railroad operators and
managers,
and dissemination and where Thomas G. Shaughnessy (afterwards Lord
combustion engine Shaughnessy, of the Canadian Pacific and the British Peer¬
and automotive vehicles;
and many other labor-saving, age) was a minor officer and an associate, and where Daniel
time-saving, and power-multiplying inventions wer& made Willard ran a locomotive as one of his subordinates, he was
or developed and adapted by American ingenuity and fos¬
successively clerk; brakeman; baggageman; elevator fore¬
tered by American capital. The East and the Middle-West man; conductor, on working, freight, and passenger trains;
especially were industrialized and many other localities less assistant division superintendent; and division superinten(Continued on Page 852)
completely. Population and wealth, and at the same time,
power transmission; wireless telegraphy
of sound by radio activities; the internal




off

5%

at

84,628

shipments

from

mills

lower

tons

United

and

States

by the same
amounting to 80,787
tons.
In
Newfoundland,
the
newsprint mills turned out 28,622
tons, a decline of more than 10%,
while shipments were also lower
by the same amount.
Stocks of
was

proportion,

all

North

American

manufac¬

turers at the end of January were
over

Dec.

25,000 tons higher than
31, 1941.

on

J

852

i

"Key" Labor Men

Deferred In Drafl

'

were

Brig.

by

The Shrinkage In

fflffilISllil
Savings Bank Deposits

Selective
informed

of
recently

State \ Directors
Service

Here also is

Editorial—

Hershey, National

Gen.

Director, of the policy to be fol¬
lowed in the 'occupational defer¬

a

place where

more

explaining should be done

by Washington in simple terms to the public.
Hoarding of goods is a purely temporary^nroblem so:
far as ^savings-bank withdrawals are concerned.
The cur¬
rent retail buying spree is already tapering off because
(1) some hoarders have decided it is unpatriotic; (2) some
are full up;
(3) some retailers are doing a little rationing

One of the most curious things about the current de¬
themselves, while (4) others have discontinued sales pro¬
pression in the financial world—-in such extraordinary con¬ motions. But the major - reason is that the supply of
tions.
The order said that since trast to the prosperity almost everywhere else—is the fact
hoardable goods is running out.
"it is in the national interest and that it is so impartially distributed round through all the
Another thing that might be publicised is that the
essential to the war production
major financial fields. Security-trading has fallen to a
program that a harmonious rela¬
trickle.
Investment bankers have seen their margins comparison between the yield on defense bonds and on
tionship be maintained between
shrink and their volume decline.
Most of - the commodity savings accounts is not so unfavorable to the latter as it
labor
and
in labor rela¬

ment of registrants

registrants
men" in the main¬

industry,"

who are "key

tenance of such

who

and

tions

severely restricted in trad: appears. The;; average mutual savings deposit now yields
about 1.90 %.{ But defense bonds have to be held to nearly
ing. Foreign exchange is a thing of the past. The com¬
six years before the yield equals this. And further, unless
mercial bankers do a mounting volume of business but the
the holder accrues his interest for income tax purposes on
quotations on their stocks tell a sad story about their earn¬
the series E and F bonds, he will be taxed on the entire
ings outlook. Prominent
among
the financial institutions which gain in the tenth or twelfth year in which the bond matures.
have had hard sledding in recent years are the mutual sav¬ Maybe income tax rates then will be lower—maybe highbr.
But the best solution of the problem so far has been
ings banks.
During the 1930's their deposits levelled off
from their former normal rate of climb, and though com¬ found by the savings banks themselves in the form of such
mercial bank deposits ascended steadily to new and dizzy campaigns as the Drydock's recently organized "Victory
Club."
Already highly successful, it is an adaptation to
heights, savings bank deposits barely held their own. it
war finance of the good old Christmas Club
idea. "Mem¬
was the fashion to disparage private thrift, and though the
TNEC's barrage against it, in Monograph No. 37 of March, bers" of the "Club" pledge themselves to regular purchases
For this purpose they make regular
1940 seemed chiefly aimed at the life insurance companies, of defense bonds.
Periodically they cash them and
that was only because the life companies continued to push savings bank deposits.
markets

harmonious rela¬
are employed for

activity by the government,

that

by industrial organizations, or by
local,
national or international
labor organizations, may be given
serious consideration for defer¬

ment."
Between

-•

000

women

16,000,000 and 17,000,will ultimately have

employed in the Nation's
plants to make Amerfully effective, it
was indicated by Gen. Hershey in
an
interview at Philadelphia on
to

be

industrial

ic's war effort

Jan.

at the same time
impossible to

who

29,

that it

stated

was

are

either closed

or

predict the number of men who
the sale of thrift instruments while the savings banks, in
may be needed for the Army by
the end of next year. In the Phila¬ traditional fashion, stayed at home and waited for the once
delphia "Inquirer" of Jan. 30 he reliable instincts of the American people to bring deposi¬
was also quoted as saying that by
tors through their doors. Further, the savings banks were
the first of 1943, the army expects
hit by Postal Savings competition, and when that ceased to
to have 3,600,000 men under arms,
be considered an important menace, low interest rates
or double the number it has now.
As for

industry he added:

We know

in

have

we
defense

There is no other pos¬
that we can obtain

plants.
sible

people

so-called

our

way

them than by hiring a far great¬
er

number of women."

NYSE Special Offering
Plan Starts Well
The New York Stock
new

Exchange's
"special offerings" system re-

ceived

its

first

test

when Smith Barney

on

Feb.

19

& Co. offered

2,958 shares of Bon Ami B stock.
The

was 37%, less
share to mem¬
The pro¬
announced on the
1:48 p.m. and the

offering price

commission of $1 a

bers

of the Exchange.

posed sale was
ticker
first

tape at
of

sales

the

stock

were

recorded at 2:20 p.m.
From that
time until the close of the market

at 3:00 p.m. there were 18 tran¬
sactions
involving 1,775 shares.
Since

"special offering" must
good for three consecu¬
tive trading hours the remaining
1,183 shares were sold the follow¬
ing morning (Feb. 20) within the
time limit.
Stock Exchange of¬
ficials were said to be pleased
a

remain

;

with the results of the sale.
The

Securities

*

and

Exchange
Commission's approval of the plan
was reported in our issue of Feb.
19, page 747.

FDR WarnsOf EnemyRaids
President Roosevelt
warned

that

it

Feb.

on

17

possible for
the enemy to shell and bomb New
York City and Detroit.
Asked at
his press conference as to the pos¬
sibility of an enemy attack on
Alaska,
the President said he
could give no assurance and that
such a thing was possible from the
viewpoint of any plan of enemy
was

There appears little that can be done to prevent the
hoarding of money, the reasons for which are obscure to
everyone but which is going on in Britain, France, and
could bomb Detroit.
Germany as well as here. A considerable impetus was
The President confirmed reports given
it by the freezing of foreign funds last Spring.
of a proposed new United States Some of the increase in money in circulation is certainly
due to increased payrolls, which are
loan to Russia and said that de¬
up something over
He added that under
enemy
ships
could shell New York and planes
conditions

liveries of arms supplies to Mos¬
cow

would be stepped up.

at his press

conference on Feb. 17

to denounce

/the City of Washing¬

the

vicious rumor factory and

country's

leading center for

the source of lies.

\

j




60% since the
But

Mr. Roosevelt also took occasion

ton as a

angles it

appears

like

an

excellent plan.

Frederick D. Underwood And His Times
(Continued from Page 851)

along and forced down the earnings they could divide dent. Thus, he rose by the hard route, with the accumula¬
tion of experience, tact, and practical capacity not other¬
among their depositors.
I
It might seem that the dramatic about-face in the offi¬ wise obtainable. In 1886, he went to the Minneapolis and
cial attitude toward thrift which came along between March Pacific Railway, as general superintendent, and he remained
and June, 1940, would have helped the savings banks, but with that company, and with the Minneapolis, St. Paul,
so far it has not.
They have chipped in patriotically and Sault Ste. Marie and Pacific, into which it was merged, be¬
pushed the sale of defense bonds, which compete with their coming general manager, and its field-mar shall in the
own deposit facilities, and in the last eight months of 1941
struggles with James J. Hill which attended most of the
mutual savings institutions operating in 17 states sold $173,- steps of its location and construction and the contest for
577,069 of these bonds but suffered a net loss of $116,544,205 traffic that ensued. Every day of that thirteen years ex¬
of deposits.
And if anything the pressure has increased perience was a thrilling struggle of brawn and brains, and
since the turn of the year.
many of them were auspicious days of triumph for Mr.
Four things have combined to cause the withdrawal Underwood. All the results were highly creditable to>the
of saving bank deposits; (1) people take their money out to resourceful and tireless operating chief, even if not per¬
buy defense bonds; (2) they take it out simply to hoard it manently profitable in the creation of an indestructible
in the form of bills; or (3) they take it out to hoard com¬ highway for important and continuing movements of traf¬
modities, foodstuffs, or clothing or to rush for the remaining fic. After the disasters of the last Garrett regime, Baltimore
refrigerators, radios, and other durable goods which can be and Ohio enlisted the interest of western financiers, includ¬
bought; or (4) they take it out because of silly fears that ing James J. Hill, Norman B. Ream, and Marshall Field,
the Government is going to "confiscate savings," or start and they could think of no better man to whom to entrust
"forced savings" which they interpret to mean some dan¬ its operation and their interests than the one who,v over
fierce operation, had made "the Soo Line." Mr. Underwood
ger to their existing savings accounts.
Naturally it is quite impossible for the savings banks came East as general manager of that property in 1890 and
to more than guess the relative pull of each of these things. was soon a vice-president.
Remaining there and accom¬
Unless the depositors immediately goes downstairs to the plishing a great deal in its rehabilitation, he served for ten
vault and asks for his safe-deposit key they can only guess years and until the railroad passed, temporarily, into the
whether he wants to hoard cash.
The substantial with¬ control of the Pennsylvania Railroad, in 1901. Then, he suc¬
drawals at the beginning of the year, which have now de¬ ceeded the late E. B. Thomas, as president of the Erie Rail¬
clined, they could guess were for the purchase of defense road, which was extensively strengthened and improved
bonds.
Occasional depositors actually bring in clippings in every physical sense and in every detail of its operations
which have frightened them, but this happens seldom; more under his highly energetic management.
Eventually, the
often the foolishly frightened depositor tries to disguise brothers M. J. and O. P. Van Sweringen, the oldest of
his real motive.
whom was more than thirty years his junior, in the process
It would be unfortunate if at a time when personal of consolidating their ephemeral railroad empire, preferred
thrift is acutely necessary the machinery of the savings a
very capable associate of their earliest adventure in that
banks should not be employed to the limit.
field as head of the Erie, and Mr. Underwood's service
But the outlook is good, better than the above sounds. ended with the calendar year 1926, but, in hale and active
A number of corrective measures have already been taken. old
age, he survived by several years, not only both of
In the first place the Treasury has made it clear that these
enterprising young men, but the successor whom they
it wants defense bond purchases to be made out of current favored and the
empire which they had thought they had
income, not out of past savings.
The reasons for this, founded. While it perhaps cannot be said that in every¬
quite obvious to financial literates, cannot be too frequently thing he ranked among the small number of the very
explained to the public.
greatest of the railroad men of the last generation, he was

operations.
certain

From all

came

will have to tri¬

we

number of

the

ple

convert into defense bonds.

'

it

is

war

also

started.

scares

cases

he did both

as

to different matters and under different

conditions, such giants of railroad management and finance
of it as Alexander Mitchell, R. R. Cable, James J. Hill, Marvin

pretty certain that considerable
lest the Treasury "confiscate savings,"
or do other
things to endanger deposit accounts. A metro¬
politan paper recently ran a financial page story with a
three-column head "Compulsory Savings Threaten," and
people tore it out and took it in to savings banks to with¬
draw their money, completely misinterpreting the story.
arises out of

always thoroughly at home in their company, he saw much
of them in daily social and business contacts, he was
admired and trusted by all of them, none ever looked upon
him as in any degree an unworthy associate or one whose
concepts and recommendations could or should be lightly
considered. He served with, or he struggled with, in several

Hughitt, Alexander J. Cassatt, the first J. P. Morgan, E. H.
Harriman, and L. F. Loree, and there was not one of them
who did not find him worthy of their steel in competition
or

He

of their entire confidence and trust in

co-operative effort.
probably the last to survive of the great race of rail¬
men who exercised managerial authority before there

was

road

Volume

155

was

Interstate

an

Number

THE COMMERCIAL & FINANCIAL CHRONICLE

4050

Commerce

Commission

and

who

knew

853

called closed

shop. Another is the matter of rising wages. A
discipline. There is a multiplicity
were
by'com¬ of boards and ageMes^establTshed to prevent work interrup¬
tions and settle
mon sense and self-restraint while contacts and contracts
disputes, but clearly none of these can reason¬
between the railroads \anci their! traveling and shipping ably be expected to formulate a lhbor
policy for the Ad¬
patrons were controlled only by the sound standards of the ministration. Mr. Henderson has ventured what must be
common law and were free from the control and meddling regarded as personal
opinions—certainly there is no reason
to suppose
of third parties without competent experience.
they represent Administration policy—concern¬
ing wage increases, as have some other individuals in gov¬
and

regretted the days when transportation and its agencies third

m FHAJSCML SITUATION

•

: ■:

(Continued

:

1rom

First

Page)

Sglji

;

asserting in effect that good strategy often demands that we
give unstinted support to others fighting with us against:
these common enemies.
For most of these peoples allied
with us we are very nearly the only source to which they can
look for material over and above that which they can pro¬
vide themselves, which often is pitifully inadequate. We,
too, are the main hope as regards ships in which to trans¬
port aid thus furnished. In most instances, these allies
would have perished by now or would very soon be overrun
were we to leave them in the lurch.
Obviously it would
be unwise to permit our allies one by one to be put out of
the fighting if anything we can do would prevent it.
Encouraging Our Allies

Naturally,

we can

those of China, Russia,
the

Dutch

best keep

or

help keep, such armies

as

Britain, Australia, New Zealand and

Indies

has to do with union

ernment circles^

essential that

public

Plainly, it is-highly desirable, not to

the

President

in positive

terms

himself

say

formulate; and make

definite

policy to guide his
public, for that matterdealing with individual cases involving such questions
which are
constantly arising. The numerous instances of
"outlaw" strikes, now plainly on the
increase, strongly sug¬
gest action such as President Wilson took during the first
a

assistants and associates—and the
in

World

War

in

dealing with headstrong workers. At all
events, more potent action than any yet taken by the present
Administration appears absolutely essential and
urgent.
Right of Way For Defense
There is another and broader issue which has all along
been a serious burden
upon our defense program. It is no
less so now, and the time has come when we can no
longer
afford such a: handicap. It is the
unwillingness of both the
Administration and certain groups in
Congress to side¬
track "reform" and
subsidy politics in order to give defense
full right of way. This attitude is troublesome
enough when
it is more or less
openly assumed, as in the case of Congres¬
sional insistence upon making farm
prices sui generis, and
as in the various instances where
large appropriations and
other legislation have been asked to
carry on the Utopian
profligacies of the past eight years or more. It is possibly
even worse when it
clearly and slyly tinctures otherwise
desirable and even essential measures.
These predilections
.

going by actual delivery of armament,'
and such delivery must not be neglected, but there are
limits of time and quantity—some of them inevitable, some
of them imposed by our own shortcomings. Our first duty
and our first responsibility is action. Nothing, not even the
•magic of the Churchillean and the Rooseveltian oratory,
can
long take the place of deeds, but meanwhile it is of
importance that the faith, the courage, the spirit of our
allies from South America to China, from Canada to the of the Administration and its
adherents have resulted in a
Indies, be maintained. Not only that, but potential allies— situation, indeed, in which nearly all its
proposals are sus¬
they are hardly more than that at present—in India, par¬ pect in the minds of large sections of the people. Such a
ticularly, and elsewhere in Asia—must be cultivated and, if state of affairs may have been inevitable in the circum¬

possible, brought to the point of active and effective support stances, but it is one which the President—but no one else—
of the cause.
Japan in the presence of indifferent, often could quickly remedy if he would. Such action on his part
doubtless more or less friendly, natives has not found it would do more than is
generally realized to smooth the
difficult to

overcome
a weak
British defense in the Far way for maximum effectiveness in our war effort.
We think the President would be well advised, now that
substantially similar circumstances similar results
may follow in further Japanese excursions into Asia.
A he has delivered his message to the world, to apply him¬
thoroughly aroused Indian populace, unarmed and un¬ self promptly and vigorously to these domestic issues, reach
trained though it largely is, would present Japan with a definite decisions and take
vigorous and constructive action
different and far more difficult problem. China, too, was regarding them, • which, if he thought wise,
he could
once a
announce in a "fireside chat" for home
pacifist nation.
consumption.

East.

In

Influencing Factors
without

•

i

:

doubt

actively.; in mind when preparing his
only with his own countrymen
but with as many others everywhere in the world as it was
possible to reach. With all that has appeared in the public
prints concerning the geography of this war it scarcely
seems
that many of the President's explanations of the
obvious were necessary so far as his home audience was
concerned.
Certainly he could hardly have believed that
there was sufficient demand from the American public for
the kind of

:
.

;
'

•

;

.

:
•

"last-ditch" defense he describes to

render

it

needful for him to denounce such strategy at such length
and in such emphatic terms. His delineation of the probable

plans and alleged objectives of Japan and Germany was at
a number of points in any event much more
pertinent to the
actualities facing some of our allies than to our situation.
It may be, although it is not certainly, true that such
considerations are responsible for omissions which could
not well have failed to disappoint those who had hoped
against hope for a strong and definite stand in a number
of domestic issues which obviously are in need of Presidential attention.

His attitude toward those who have been

a fuller report on Pearl Harbor left a good deal
desired.
Different treatment probably would bring

demanding
to

be

better

Business

activity generally

is

holding at its recent
high levels, with some major industries showing slight weekly set¬
backs.
Merchandise loadings, electric production and petroleumruns-to-stills were off a bit for the week, but other major indus¬
tries show further expansion, especially steel operations.
Increasing pressure for war steel is evidenced by the preponder¬
ance
of tonnage
on
mill books#

the highest preferential posed voluntarily by many stores
ratings.
Demand is so large, it and in some instances to direct
was said, that deliveries below A
advertising to discourage hoard¬
priority
ratings
have
virtually ing.
In view of the urgent need to
ceased and some
producers are
even
unable to supply lower A speed war production, increased
bearing

ratings, according to the magazine

pressure

"Steel."

on

Steel

operations will be at the
96.3%
of
capacity this

of

rate

uation

week, equivalent to 1,635,800 tons
production, the American Iron &
Steel

tonnage
second

estimated.

Institute

that

The

and operations, both the
highest in the history of
with 96.2%

capacity

and

1,635,100

Labor
to

tons

no

valid

reason or excuse

to do with labor.

his address

It is true, of course, that the President in

Monday evening, as on a number of previous
occasions, strongly insisted that there be no interruption
of work in any " defense plant, but this obviously is not
-

•

on

enough. Obviously, since interruptions are actually occurring upon an increasing scale; really because there are cer¬
tain troublesome issues open in the current labor situation
which the Administration has consistently evaded.
One of
these,

as every one




knows, is the old, old question of the
,u

.

r v.t

'

1

'

;

V.

produced last week.
Department store sales on a
country-wide basis were up 19%
for the week ended Feb. 14, com¬

productivity has tended
during recent months
influx of

workers who must be trained

new

to

tasks, and because of the

new

withdrawal

ago,

of

workers

seasoned

Slackening of in¬

street observe.

appeared in wholesale

terest also

markets, although buyers were
extending efforts to stock ahead
on

merchandise for which

ages are

anticipated.

■=

!

short¬
.

The mild let-down in consumer

attributed
rationing , systems

purchasing
•

was

r

.>

.

u.: Tv, q

:;

; U r

the

labor
crisis

Labor

War

wi^h dis¬

because

they are unwilling to ac¬
cept the present set in any deci¬
sion.
He suggests that such
a
,

crisis

within

the

Labor

Board

force Congress to act.
Bethlehem
Corporation
provides
the
War
Labor

may

The
case

Board with its first crisis because
of
the
lack
of
a
labor
policy.

Bethlehem

and

panies have
intend

to

other

steel

indicated

resist

they

compromise

any

the closed shop.
The Association

com¬

that

on

Railroads
of

cars

during

14.

782,699

freight

the

This

American

that

revenue

loaded
Feb.

Of

reported

were

ended
decrease of

week

was

a

1,361 cars, or 0.2%, compared with
the preceding week; an increase
of 61,523 cars, or 8.5%, compared
with

a

ago, and

year

of

174,462 cars,
pared with 1940.
Production
clined

Feb.

increase

an

28.7%,

or

of

1.5%

14

com¬

electricity

in

the

de¬

ended

week

to

3,421,639,000 kilowatt
hours from 3,474,638,000
in
the
preceding week, the Edison Elec¬
tric Institute reported.

total

represents

15%
of

the

over

The latest

increase

an

1941

of

comparative

2,976,478,000.
Major engineering

volume

for

to

Lincoln's

the

day

totals

the

mark,

construction

short

week

topped

in

the

announced

latest

week's

due

holi¬

fifth

the

which

the

$100,000,000
"News - Rec¬

Engineering

ord"

week

Birthday

$102,218,000,

consecutive
volume

The

recently.

construction

com¬

with

$104,893,000 for the
preceding week, and $114,981,000
pares

for the

1941

Private

week.

construction

turned

sharply

upward, reaching $26,690,000—the highest total report¬
ed

since

the

week

of

Dec.
11,
$75,528,000,
compares with $96,950,000 report¬
ed for last week, and $81,615,000
1941.

for

Public volume,

the

The
1942
an

week

last

latest

year.

week's

construction

reported

total brings
$996,981,000,

to

increase of 12%

950,000

over

the vol¬

the

opening

for

recent

a

claims

compensation
out the

year.

week

for

some

employment
filed through¬

were

country, which gives

some

idea of the extent of the "conver¬

sion

unemployment"

which

is

developing.

now

Latest

estimates

of

the

War

Production Board's labor division"
that

are

between

4,000,000
porarily

3,000,000

workers

will

indirect

result

Officials

of

stick

the
to

and

be

unemployed
during 1942 as a

time

tem¬

at

some

direct

their

or

effort.

war

conclu¬

sion, however, that by the end of
the year there will be 15,000,000
workers on
war
production, as
compared with 5,000,000 at pres¬
ent.

More

dollars

no
longer mean
goods, Leon Hen¬
derson told Chicago's Better Busi¬
ness Bureau
recently. !
Asserting a struggle for Amer¬

more

consumer

ica's
limited
supplies must
be:
avoided at all costs, he said some

industries

great

goods, will
down

making civilian
completely shut

be

because

their

most

indicate

there

hand

a

telling

in

is

and

of

use

raw

>

t'l

\

1

has

Leiserson,

M

'V

•

t

further

stated:

$9,000,000,000 less

services

in 1942. That

of

all

kinds

$9,000,000,000
refrigerators, automobiles,
typewriters and copper cuspidors.
"We will have at least $6,000,000,000 more of purchasing power
means

less

with

which

to

buy

this

limited

amount of

goods; that is, we will
$6,000,000,000 made up of

have

ing

a

wartime

criticism

from William M.
>

goods

have

income and

regulation after all.

:'i

Henderson

more

Board,

The

Mr.

"We" will

with
War

take

come

Board

-

employer
or
labor representatives may
resign

war¬

labor

' j'»

points out
policy threatens

because

a

may

im~

Labor

He

a

Labor

policy, coupled
confronting the

growing possibility that Congress

par¬

..:

Government's lack of

time
the

National

teaching
and
supervisory materials is
limiting the produc¬
Employers must now con¬ tion of war materials.

centrate
on
increasing
output
through
accelerated
operations.
were
up 25%
in .the four-week In this, they must have the co¬
period ended Feb. 14, compared operation of labor organisations
who are traditionally opposed to.
with a year ago.
the
"speed-up,"
but
who
are
Scare buying continues on the
wane
in
most retail lines
and likely, in the emergency, to co¬
operate fully.
store
sales currently
show the
smallest margin of increase over
However, the labor situation is
last
year
since
the Christmas again looming as a serious con¬
shopping season. ; Dun & Brad- sideration. Increasing criticism of

so- tially to
■X
si' ■■■ v":

.',JU\

expansion

way.

decline

portance in comparison with certain domestic difficulties
i which threaten very defintely to hamper defense productiori in particular and our war effort iirgeneral and which
: are in their very nature the President's responsiblity.
It
may or may not have been wise to ignore them in this par*

but there can be

under

because of the constant

for

dealing with them "effectively and without delay.
One of these, probably the. most pressing of them, has

the

above

program now

posts.

ticular address,

extra effort must be made

and

over

it was shown in the weekly
figures made public by the Fed¬
eral Reserve System. Store sales-

for not

acceleration

this

makes

an

pared with the same week a year

•

expected

be

now

imperative, and it is quite clear

the industry, compare
of

must

industry and labor to increase
the output of existing equipment
and personnel.
The military sit¬

.

results, but the matter is hardly of first rate im¬

.

the

ruption,

During

than

more

the

Board.

eight week'period last

The State Of Trade

had

"fireside chat"—not

latest

of

that the lack of

ume

All these and other similar circumstances the President
-

member

Relations

farm

power

income,
more

more

of

to

buy¬

of all kinds.

"You don't need to be
mist

wage

consumer

an

know that there is

$15,000,000,000

between

econo¬
a

gap

what

this
country of consumers can
buy and the amount of goods that

there

will be

the

on
.<•

'

t

shelves."
J

'

.j

: 1

t

Actually we'

distances

American people in a radio ad¬
dress on the war on Feb. 23 that the United Nations and not our
enemies will soon have the offensive and will win the final battles
and make the final peace.
While conceding that losses have been
suffered from Hitler's U-boats in the Atlantic and from the Japa¬
nese
in the Pacific and that more losses must be suffered before
the "turn of the tide," the Presi-^
compelled

been

yield

to

ground, but we will regain it." He
stressed the need to build up pro¬
duction "so that the United Na¬
tions can maintain control of the
seas and attain control of the air"

gaged in daily contact with the
enemy in the southwest Pacific,
well

ammunition

our

sniping at each other." He offered
these "three high purposes" for

trend

American to follow:
1. Not to
stop work for

every

a

single day.
for

There

think

To

and

tried
ation

so.

-

the "various evil
propagandists have
to destroy "our determin¬
and morale," the President
citing

Axis

dedicated to

most

share

'

production

sacrifice

of

acceptance

effort"

gious

called

little time to

tribute

life

with

said

in

conduct

provided

a

so

and
the
Washington's

said

struggle

has

"model of moral stam¬

ina" for all Americans
He

times

that

the

is

new

a

ever

kind

since it is different not

It

great

of

in

war

is

kind of

a new

all

from

and

' •!

of

terms

island,

every

sea,

before you the map of

That is the

have been heralded in the past as

references

which

are'

we

have

battlefields, on
constantly being

enemies."
now is
to
fight at distances which ex¬
tend
all the way
around
the

challenged

by

our

Pointing out that "our job

globe,"

Mr.

this

that

Roosevelt

was

where

that

is

and

our

our

thing

With

advise

are

and

waters—as
our

own




far

home

which

we

,

which have
,

battlefields,

on

are

must

is

We

all:-understand

to

fight

and

job

our

distances

at

fight

at

these

vast

tances because that is where

did not "continue in¬

distant

endless

now

China, the vast areas of the
Pacific, the Near East
and Africa, the British Isles and

possible from
grounds."

-

oceans

which extend all the way around
the globe.
-

southwest

as

every¬

report to the

"

*

come

We

io

lands

cover

face the hard fact that:

isolation, the President presented
a
picture of what would happen

creasingly the policy of carrying
war to the enemy
in distant

one

constantly being
challenged by our enemies.

regard to those who still
the "fatuous policy" of

the

shall: make

protection from attack have be¬

on

we

cannot

The broad

protected.

Russia if

I

.

dis¬
our

Americans

Those

lieved that

while,

we

them,

even

if, for

in

we

a

have to yield ground.

who

.world. Every Japanese transport
sunk off Java is one less trans¬

port that they can

Japan

initial

bases

also

~

on

the

to carry

their

army

in

MacArthur

Gen.

opposing
/Luzon.-

..

It has been said that

Japanese

in the Philippines were
possible only by the success of their surprise attack on
Pearl Harbor.
I tell you that
gains

made

/

xthis i$ not so,"

has

advan¬

use

to

re-enforcements
;

/

if

■Even

attack

the

been made, your map

had not
will show

that it would have been a

hope-

operation for us to send the
fleet to the Philippines through
/thousands; of miles of ocean,
less

:

*

multitude of Pacific islands

a

and

A'>v;^ be¬

-

while all those island bases were

China

But

turtle.

we

v

mass

of

the

*

was

reaching down almost to norths
ern Luzon.
On the east are the
mandated islands—which Japan
-

.

of
small dots
But they cover a

islands,

I

.

truth

:

on

most maps.

about

eleven

or

destroyed

more

than

on
one

planes were de¬

were

or

..

casualties

twelve

—

thousand

that
men

killed at Pearl Harbor in¬

stead of the figures as officially
anounced..

hundreds

that we reject-the '-large "strategic area.* Guam-riles*
-in the middle of them—a; lone
turtle policy and will continue
when

sunk

7—that

stroyed on the ground. They
have
suggested slyly that the
Government has
withheld the

occuoied

These

all

/ thousand of our

They

have

even

served the enemy propagandists

them, appear only as

I

Pacific Fleet—that the fleet

Dec.

exclusively:, and
had fortified in absolute viola¬
tion of her written word.
had

high

speak for the
American, people

any

Indo-China,

prefer to retain

it is—flying
and striking hard.

and the coast of

which
had been
yielded to them by the Vichy
French../> On the north are the
islands
of
Japan
themselves,

coast: of China

Now, many of those same peo¬
ple, afraid that we may be stick¬
ing our necks out, want our na¬
tional bird to be turned into a

that

meet

areas

isolationism
wanted the American eagle to
imitate the tactics of the ostrich.

know

enemies wherever and whenever

obvious

'

of

illusion -

the

I

-we.can

an -

essential task.

'

tage. For she could fly even her
short-range planes to the points

could live under

we

supplies gives us clear superiority we must keep on striking our

flow

Gulf

supplies

as.

our

had

area

all together ful¬

same

They are making Japan pay an
increasingly terrible price for
her ambitious attempts to seize
control of the whole Asiatic

today in that area en¬

battle

are

the

filling

.

eagle

Until

;

this

and

Burma

East Indies

•••

< In

and the forces of
in China, in
the
Netherlands

the United Nations

well.
•:

,

MacArthur's army of Filipinos
and Americans,

American

of

strategy

the Nazis overrun
under the sole control of the
J* Indo-China, Thailand and Malay
Turkey,
Syria,
Iraq,- r ..Persia,
coasts.
Japanese
troop
trans¬ /••/ Japanese.
Egypt and the Suez Canal; the
The consequences of the atports could go south from Japan
whole coast of North Africa and
on
Pearl Harbor—serious
and China through the narrow / tack
the whole coast of West Africa
as they were—have been widely
China Sea, which can be pro—putting Germany within easy
v exaggerated
in
other
ways.
:'vteeted
by Japanese
planes
striking
distance • of
South
These exaggerations come orig¬
throughout its whole length. •
America.
inally from Axis propagandists;
I
ask
you
to look at. your
4. If, by such a fatuous policy,
h but they have been repeated, I
maps again, particularly at that
we
ceased to protect the North
£ regret to say, by Americans in
portion of the Pacific Ocean ly¬
Atlantic supply line to Britain
and out of public life.
ing west of Hawaii. Before this
and to Russia, we would help to
:
You and I have the utmost
war even started the Philippine
cripple - the splended countercontempt for Americans who,
Islands were already surrounded
offensive by Russia against the
on
'.three
sides
by
Japanese t since Pearl Harbor, have whisNazis, and we would help to de¬
<
power;
On the west the Japa¬ : pered or announced "off the
prive Britain of essential■;>food
record" that there was no longer
nese
were
in possession of the
and munitions. V

the

are.

are

gaged vin operations not only in
the air but on the ground as

help

of

enemies

troops

*

been heralded in the past as our

supply lines and lines of
communication
with
our
allies

must be

I

in any

people.

because

enemies

which

in the southwest Pacific.
thousands

And

>

daily: contact with the

sending
the :f of attack by using many: stebping stones open to her—bases
Mediterranean

the

in

Persian

would

the

realize

explained

necessary

and

world-encircling battle
lines of this war.
Many ques¬
tions will, I fear, remain unan¬
swered, but I know you will

to

enemy

;

to stop

were

we

Russians

eyery

and spread
the whole
earth,..and to follow with me the

If

3.

in

now

.

munitions to the British and

why I have

reason

immediately

for.

tell

by; American pilots, which are

the Near East.

other

air lane in the world.

the President

attack

extend her
conquests to India and through
the Indian Ocean, to Africa and
could

war.

said that the "broad oceans which

from

including Australia
Zealand, would fall

New

against the coasts of the West¬
ern
Hemisphere, including
Alaska.
At the same time she

continent,

every

asked you to take out

endless

all

Japanese
domination;
Japan could then release great
numbers of ships and men to
launch attacks on a large scale

weapons

asked them to have,

protection

Pacific,

.

a

spite of the length and dif¬
I
you
that we already
have a large number of bomb¬
ers
and pursuit planes, manned

basic

this

icently exceeded the previous
estimates; /and he and his men
are gaining eternal glory there¬

,

In

can

revise

by Gen. MacArthur has magnif¬

South

in

over¬

land and

on

in

to

us

by either
about four months, or

trips

sea,

—except that the defense put up

trip

round

ultimately
on

operation would be neces¬
areas
other than the
Philippines.
Nothing that has occurred in
the last two months has caused

across

ficulties of this transportation,

communication

southwest

the

round

of attrition

objective, many varie¬

our

sary

whole year.

under

listeners to turn to
the reference maps which he had

become

one

lost

we

of that area,

and

important ele¬
ultimate defeat of

is

the

in

with¬

of the past,-, not

every

Asking his

our

three

with

only in its
but also
in its geography. It is warfare

only in its

,

.

only

man's

person

methods

geography from all other past

wars.

in

we

a

ties of

A vessel can

East Indies direct.
route

If

tain

from California to the

or

magnificent defense and in
her inevitable counter-offensive

2.

great struggle has

different

is

wars

way

methods and weapons but also in
its

Africa

a

Japan;

us

of

This

since.

present

the South Atlantic around

make

—for that

increasingly that free¬
and- security of
property anywhere in the world
depend upon the security of the
rights and obligations of liberty
and justice everywhere in the
world.:
:
-*•
"V -<;/•, \ ?.

taught
dom

hard

of Japanese

either

—

as

We knew that, to ob¬

in the air.

from here to
but the
cannot.
There¬

perilous

places,

help China in

He

whelm her

Pacific;

planes

a process

and

Japan

power

fore, these lighter planes have to
be packed in crates and sent on
board cargo ships. Look at your
/ map again, and you will see that
the route is long—and, at many

her

institu¬

free

send

smaller

quantities of
munitions. It is

war

that

essential

1

The present

Washington

those

secure,

was

and

tions.'

V

that

fortune

freedom

no

or

.

his Continental Army of 1776,
President

or

out

that

knew

him

action

own

southwest

the

vast

and

Japanese

who served

men

thousands

of

ment

>

types

Heavy bombers can fly under
.their

won'by

and

light
bombers, dive-bombers, torpedo
planes, and short-range pursuit
planes which are essential to-the
protection of the bases and of

reservoirs
from each

war

'against Japan itself. We knew
all along tnat, witn our greater
resources,
we
could
outbuild

the long-range

planes—first,

that the

knew

We

whole would have to be fought

the bombers themselves.

kind to China—to the
people who, for nearly
five years, have withstood Jap¬
anese
assault, destroyed hun¬

the

of two

use

delaying ac¬

should fight a

regidor.

heavy bomber; and second,

hap¬

by ielf-imposed isolation:
I, We could no longer

dreds

use

Control of the air involves the

of

South

brave

it

as

in

charted

the brave

with

address by paying

Gen.

to

for

do it.

Starting his

his course,

to

...

simultaneous

to

gallant

we

gic bases along those routes.

-

re-enforce¬
material

and

men

tion, attempting to retire slowly
into Bataan Peninsular and Cor-

upon control by
the United Nations of the strate¬

America.

and

aid of any

ever

Declaration of Independence.

prodif

a

.

model of moral stami¬

been

and

America

-

depends

turn,

resources

other either by enemy

negotiated

a

Americans

all

held

He

na.

praised the "con¬
spirit" prevailing in the
British, Russian, Dutch and Chin¬
ese people and/said that the task
facing the American people will
test us
to the uttermost, "since
such

for,•

.

numerous

defenders of
the
Philippines. For forty years it
has always been our strategy—
a
strategy born of necessity—
that in the event of a full-scale
attack on the islands by Japan

by us
of the sea and of the air along
the various routes; and this, in

materials and of peoples

raw

soldiers

since—a

quering

was

ask

for

their

with

Africa,

pen if all these great
of power were cut off

recurring de¬

Washington's, conduct in those
times
has
provided
the

had

area

the

of the world¬

mands relatively safe

to

substantial

of

ments

job.

The; defense

operations.

Philippines

sending

wide lines of communication de¬

men.

It is obvious what would

hard

The President

before

and

.

Look at
of Russia, with its

fighting

a

do that

followed

we

America.

peace.

effort.

never

of

Central

Wash¬

Throughout the 13 States.there
existed; fifth columnists—selfish
men, jealous men, fearful men,
who proclaimed that Washing¬
ton's cause was hopeless, that he

model

if

happen

de¬

,

illustrate what

me

nation. Look at North

Gen.

and equipment
were
lacking. In a sense every
winter
was
a
Valley
Forge

should

last-ditch

on

our

concen¬

determined to resist Axis domi¬

Supplies

feats.

unified
and of

and

or

,

years,

midable odds

We Americans will contribute

unified

of

ington and his Continental Army
faced continually with for¬

comradeship.

and

eight

and

toUgh job.
j ob which requires tre¬

tremendous re¬
sourcefulness and,
above all,
tremendous production of planes
and tanks and guns and of the
ships to carry them. And I speak
again for the American people
when I say that we can and will

days

ships to

these

of

maintenance

the islands for

use

naval

points south of them—thereby
completely encircling the islands
from north, south, east and west.
It is thai complete encircle¬
ment, with control of the air by
Japanese
land-based
aircraft,
which has prevented
us
from

mendous daring,

the Near East and the continent

were

We have unified command and

cooperation

a

are, today
and
know they shall be

as we

For

the

In

war.

is

It is

still

powerful
armies
and
proved
military
might. Look at the
British
Isles,
Australia,: New
Zealand, the Dutch Indies, India,

in the future.

equally

sacrifices of

they

as

things

partnership of our common en¬
terprise, we must share in a uni¬
fied plan in which all of us must
play our several parts, each of
us
being equally • indispensable
and dependent one on the other.

*

going"

Birthday

The

no

the

bring back es¬
materials which we

raw

fortification

Islands. We
safe naval base there, so

moved

vital lines is a very

i'V

,

such foolish advice, ;
Look at your map. Look at the
vast area of China, with its mil¬

appropriate occasion for us
with each other about

things

and with
equal zeal the anguish and the
awful

would

talk

to

cause,"

a common

solely

fense. But let

Associated

the

Washington's

and added:
We

by

merchant

home- waters

trate

President's address

'

reported

up

declared that "the United Nations
are

full the

In
as

-

ot the

terms

our

own

Press, follows:

give

asked to do
After

is

war

sential

the

to

Philippine

Immediately after this war
started
the
Japanese
forces
down on either side of

South
not

are

the ships

streets^—for

add

extensive

require for our own use.

It is

who

those

routes

These

Washington treaty
had solemnly agreed

could not

we

nitions outbound

policy of

conquer."

are

in

the vast

conveniences
•and.modify routine of lives if

ways"

the

the

Ocean

one-way

of
sailing ships. They advise us to
pull our warships and our planes

people "the general

how

Axis

familiar

old

which is of value to the enemy.

another. /
3.

of

and

which carry our troops and mu¬

separate

lions

over

group

one

the

the

to

withholding only that information

special adr

2. Not to demand

vantages

tell

will

ships:

Pacific.

"divide and

ship losses and planes destroyed.
He promised that the Government

our

Indian

the

thousands of American

as

by

time, to cut them. The object Of
the Nazis and the Japanese is

plies and re-enforcements.

—

waste

ounce

and cut off from sources of sup¬

—

we

every

had

North
Atlantic, the South Atlantic, the
eled

of their strength, striving against

and

if

bending

are

four main lines of

are

the

of

/:'v/.

the

we

to

not

communication now being trav¬

enemies

American pilots, are en¬

ned by

as

an

the

the United States,
Britain, China and Russia and to
isolate them one from another,
so that each will be surrounded

overwhelming superiority
predicted that the production troops engaged in ground oper¬
ations.
goals set for airplanes, tanks, guns
In his talk the President also
and ships "will be attained." Say¬
took occasion to remark that "the
ing
that withfew exceptions,
labor, capital
and farming are consequences of - the attack on
Pearl Harbor
serious as they
giving loyal service, the President
were
have/' been wildly ex¬
declared that "we can lose this
aggerated" with respect to deaths,
war only if we slow up our effort
by

from

of 1921

possible from our own

as

There

allies—protect

our,

lines

who

lines of communi¬

our

far

as

never forti¬

we

'y : '/

Under

waters—

distant

and

fied.

home grounds.

supply

our

that, in spite
of transportation
difficulties, a large number of
bombers and pursuit planes, man¬

dent asserted that "we Americans
have

these

theser vast

at

protect

with

cation

further disclosed

The President

fight

to

lines and

the

told

Roosevelt

President

lands

tant

goes by.
We must

which"

-""outpost

increasingly the policy of carry¬
ing the War to the ehemy in dis¬

taking a/heavy
day that

.are

toll of the enemy every

or

Thursday, February 26, 1912

THE COMMERCIAL <& FINANCIAL CHRONICLE

854

..

by.

the

spreading

incredible

-story that, shiploads of bodies, of

say

v

our

vhonored

.

American

■«.

dead

.Volume 155
were

about

York

Harbor

common

.

.

Number "4050

-

arrive

to

to

grave,

be

v

in

THE COMMERCIAL & FINANCIAL CHRONICLE

A

and Japanese have said and
are merely to
save our own
skinS, there "is one thought for us —still- saying about us«~ " ■

New

in

put

us

a

-Mhe

Almost-every Axis broadcast
directly quotes Americans, who,

fufillment

task of

enactment

there

has

very

Germany, Italy and Japan are
close to their maximum

theme

ganda.

ships. The United Nations are
not—especially the United States

This

Americans

of America.

and

that

in

people realize
cases
details of

many

operations

disclosed until
certain

that

announcement

Will not give to the enemy mili¬
tary information which he does
not

already

the

Your Government has unmis¬

ity to hear the worst, without
flinching or losing heart. You
must, in turn, have complete
ment

is

that

On

except information that will

help the enemy in his attempt
to destroy us. In a
democracy
there
of

is

always

truth

ment

solemn

a

between

the

and

discretion—and

you

In

This; is war. The American
people want to know, and will
be told, the general trend of how
the

is

war

not wish

plants

going. But they do
help the enemy any

to

tention
and

the

to

poison

in

v

To

from

pass
and

rumor

killed

men

Pearl

Harbor

340

and

was

946.

ships

of

Dec.

on

the

7

number

Of

based

all

2,-

was

woundec

the

combatant

Pearl

on

/
on

;

Harbor-

three
of

were

We

few

distant

many

Pacific

fleet

Pearl

that

Some

there

were

not

were

even

of

that

Pearl

the

Harbor

other

is

-

We

i

.

have

fered

most

the

in

Hitler's

from the Japanese in
—and

we

shall

as

as

-

the

Americans

will

three

our

If

any

dispute

on

working

to

Japanese

leges

shall

gains

or

We

3.

tine
•

of

asks

the
v

not

shall

won.

demand

mination

our

of

part

land.

has

K

have

our
1

times

generation

come

of Americans

to realize, with a pres-

ent and personal

the

when

and

doubt.

was

there

But

the

British

v

-but

we

the

will regain :,itWe •. and

other

United

committed to

the

the

;ing
not

our
our

fensive;

are

strength.

are

destruction

of

militarism

Germany. We
-

Nations

'

y; a

Japan

will sacrifice,

man

a

sacrifice, not only his pleasures,

of

not

and

associations with those he loves,
but his life itself.
In time of

Soon, we and

crises, when the future is in the
balance,

we

come

to

understand,'

not they, will win
with full recognition and devobattles; and,.we, not '■V tion, what this nation is,v and
•they, will make the final peace...
what we owe to it.
the

•

we,

final

Conquered nations in Europe
know what the yoke of the Nazis
is like. And the people of Korea
-

The

the

<harsh

despotism:

v

that

know

if

there

is

to

be

of

of

them

future droends

*

an

Nations

United
of

Axis
Jf

to

a

be

or

for

us,

that

victory by the
over the forces

on

enslavement.

-4

our

determination and

dence in
say

>

|

I?

our




own

Allies.

that the British

are

They
finished

—that the Russians and Chinese

are about to quit.- Patriotic and
sensible Americans will .reject
these. absurdities.

which
United
The

-

now

And

instead

some

of

they

the.r things

will

recall

that Nazis

is

also

[

that

test

to

us

before

for

upon

have

from.

such

a

more

addition,
to
which

program

rubber
us

sub¬

a

a

men's souls."

.

,

a

a

campfire.

That

when

U.

S.

New

total

East

North

South
East

rubber

y; 205%

Central

220,739

184%

Central

87,332

Atlantic

count

can

this

time.

There is about enough to enable

us to complete our great arma[ ment program—but there is not

85%'.

38,273

202%

West South

Central

67,602

190%

21,694

173%

82,393

192%

Mountain

Pacific

•:

.

Total

Subscriptions To
Treasury Bond Offering

Secretary

;

of

Morgenthau
the

18

the

the

subscription

basis

Treasury

announced

of

Feb.

on

figures

allotment

and

for

the

offering of $1,500,000,000 of 21/4%
Treasury bonces of 1952-55.
Tne
also

announcement

Reports

yy

Federal

,

says:

received

Reserve

from

the

show

Banks

that
subscriptions
total
approximately $4,697,000,000. Sub;Ascriptions in amounts up to and
including $5,000, totaling about
$14,000,000, .'. where
the
sub¬
.

scribers

specified

that delivery

/ be made in registered bonds 90

days after the issue date,
•

allotted in full.

allotted 32%

percentage

Further

details

ports

when

Federal

The

Reserve

details

re¬

the?

from

Banks.

of

given/ in

will

final

received

are

sub¬

to

as

allotments

and

announced

Feb.

on

basis,

adjustments, where neces¬
to the $100 denomination.

sary,

be

were

All other sub¬

were

straight

with

rubber

new

at

on

186%

91,272

Central

scriptions
have

we

'

193%

309,292

South

rub¬

more

area.

193%

83,056

-Atlantic..

North

West

All Cos.

$1,001,653

England

Middle

1942-1941

the

of fering

these

columns

-

19, page 764.

j

going to be

any

to

We

spare.

So

we

have made

choice.

our

We go without any new rubber

•[ tires

for civilian use this

that

so

need not go

we

vear

without

rubber

:;

for our tanks, planes,
and warships next vear.

guns

;

Unless

tials,
for

restrict

we

all

civilian

of rubber to the bare

use

the next two years.'

-

We

rationing rubber now.
doing so because it is an
absolute
military
necessity.
Every American must under¬
We

that

have

large

in

this

K; least
.

are

are

stand

may

the

fact

that

supplies

we

of

that

we

have all

we

want.

do

rubber

country does not

mean

in

the

civilians

It sim¬

ply

v.
1

C.

means
that, because some
foresight
was
exercised,
our
military needs during the next
couple of years can be met—
provided - that civilian use is

the Board of the Continental Can

Co.,

New

nated

to

Federal
York.

York,

be

has

been

nomi¬

Class B Director

a

Reserve

Bank

of;

New

of

*

Mr.

Conway was named by
member banks in Group 3 for the.
term of office ending Dec. 31, 1942,
to succeed Robert

T. Stevens, re-/

signed.
The polls are now
for balloting by
the banks
will close
Mr.

on

Continental

1912, when he

was

President

a

Board

and

of

made

member

Directors

since:

Co.

and

a

Viceof

the

of

the

He became

President of the company in

Chairman

1930.

and /

officer

an

Can

Executive Committee.

and

open

March 6.

Conway has been

of the

of

the

1926

Board

in

Mr.

Conway is also a Di¬
rector of the Reading Co. of Phil-;
adelphia and the Vulcan Detining
Co.

>

He is likewise

a

the Business Advisory
the

United

.

held to the absolute minimum.

>

Conway, Chairman of,

essen¬

shall not have enough
military machine during

we

our

Conway Named Director
Carle

dare not waste any.

V

was

The sales volume and the ratios

for

were
we

prodi¬

drum-head by the light of

on

get any

can

we

factories is all the

been

those words

Bureau,

Hartford, Conn.

scriptions

today
plus the rubber that is on its
way in and the rubber we shall
eventually make in our new

-

Tom Paine wrote

according to the
monthly survey issued by the Life

a

our rubber supply
normally obtained, is wholly
Japanese possession today.

The

the times that try

are

$1,001,653,000

Insurance Sales Research

In fact, the Ma¬

ber from that

the ut¬

we

to

1941,

is

fore

Americans

we

States

above the volume sold in

large part of
in

the

throughout

gious effort. Never before have
had so little time in which
to do so much.
:';/ ■/
tS;

;

that

layan Peninsula, from which

we

"These

a

synthetic

comes

termost.

-•

we

Fighting with the Japs is now
occurring in the area our rubber

Nations in this war.
task

face will

called

true

eventually will give
stantial supply.

the

prevails

Never

our

that

true

have started

.

of listening to any of this crude

just and durable peaoe, is L propaganda,

attained, or even if all of

our

Failing in that, they are
trying to destroy our confi-

now

honorable and decent future for
.any

stroy

have
to de-

It

make

morale.

All of the people of Asia

Japan.

propagandists

tried in various evil ways

and of Manchuria know in their

flesh

Axis

perfectly

rubber is coming in. In

£ capital of an unbeatable China.
1
That is the conquering spirit
t-

93%

January,

large stockpile of crude rub¬

y we

.

enemies will have the of¬

is

,

only his goods,/not only his

daily increas-

can't

guns

ber.

Rus¬

Dutch people are
:stilie -.'fighting
stubbornly >! and
Vpowerfully overseas.
►
\
;
;. The great Chinese people have
suffered grevious losses; Chungking has been almost wiped out
•: of
existence-^-yet it remains the

and: gladly/

planes can't
can't move, our

our

tanks

our

It

in

salute the

Nations

amounted

uary
or

unless

war

have in the United States today

yield. And today all

vitheiUnited

overrun,

is

operate,
warships can't function.

is

;

lacking

field

•

been compelled to yield ground,

rubber

extremely important that
citizen
understand our

is

fly,

of

realization, that
superb' Russian Army as it celesomething larger and
/; brates
the 24th anniversary of
more
important than the life of ■/
its first assembly.
any individual or of any individ¬
V
Though their homeland wa«
ual group—something for which
there

that

We cannot win the

ber

was

the

or

United

bare

military forces have an
ample supply of rubber. If rub¬

•

the slightest question that

sians would

the

January Ufa fnsuraisse

our

.

in the

fate

the

for

and every one of our Allies.

have

situation in rubber.

Russian

Moscow

London

serious
never

.

-

,

either

This

*

been

the

of

use

The statement of Mr. Jones

every

.

of religion,

and

this

possible.

as

We need rubber to "keep 'em

rolling"

that "un¬

situation, the joint state¬

It is

people have known the full fury
of Nazi onslaught.
There have
.

14

We have to drive them out be¬

British

-

Shortage

Feb.

on

explained

it.

on

and people,

speech, freedom

The

country

We will do it-

every

of

alleviate

The sales of ordinary life insur¬
in the United States in Jan¬

and Mr. Nelson follows:

self-deter¬

aggressors,

to

much

as

rubber

ance

being rationed because "it is
absolute- military
necessity"
and "our national safety"
depends

world; disarm¬

of nations

of

aware

Stilly Sales OpllSSf

-

an

from fear.

remembering that
enemy seeks to deevery
home
and
every
in

1

now

freedom from want and freedom

common

stroy

the

Americans today!
i—awgw—•—*—

not

ment

and the four freedoms—freedom
-

if

so.

of

ament

give
up
conmodify the rou¬

lives

to do

in

Production

to

rubber

Charter ap¬

Atlantic

fronts

situation

Volume

certain broad princi¬
the kind of peace we

The

proceed

this

in $1,000

admiral

here

peace

all

on

Ty¬

of

Saying it is important that the
citizens understand the country's

on

in

seek.

or

and

our

us

freedom

r

their

seriousness

two years".

We of the United Nations are

;

ples

cheerfully,

as

of

terms

agreed

special privi¬
advantages for any one

veniences

•

the

There

all sections are reported by
essentials, we the Bureau as follows:
enough for our
;r:/': JANUARY, 1942
yyi'yy.
military machine during the next
Ratios
Sales
shall

enemies

determination

including

but to the whole

We

woman.

restrict all civilian

we

rubber

their

expressing

tration—until the

is

less

national unity

plies not only to the parts of the
world that border the Atlantic,

war

''

ment issued

White House,
y-

keep

of

means

>/

say:

is.

more"—and

any

and

.

who has said that he will dictate

high purposes

day.

and

man

love

Nelson, Chairman of
Board, and
Jesse H. Jones, Secretary of Com¬
merce
declared in a joint state¬

can

and

and

there

Your government is

y

like

War

unified

and

isn't

all

accordingly until adequate sup¬
plies are once more assured.

this

Donald M.

American people will find ways

at /each

shall

the

Of Rnbber

much from themselves. And the

group or occupation.

speaking .for;- the United
of America, let me say
and for all to the people of

world:- We

waste

we

sniping

means a

dispute; is -solved. by
mediation, conciliation or arbi¬
2.

States
once

it

uni¬

a

at' his tires

"That's

the

in

Km Of Ssimaess

know,no limitations of
race or creedlpr selfish politics.
The American people expect that

the

special

them before the turn of the tide.

'But,

we

while

of

more

war

if

or

are

single

a

arises

the Pacific

suffer

know,.;now

this

that

We shall not stop work for

1.

U-

well

our

We

deserves

So speak

acceptance of sacrifice and of ef¬
fort. That

for every American:

certainly suf¬

Atlantic

i-'

the

Here

>•".

losses—from

boats

may

other.

Japanese do not know just how
many planes they destroyed that
day, and I am not going to tell
them..
But I can say that to
date—and including Pearl Har¬
bor—we have destroyed considerably .- more^Japanese
planes
than
they • have destroyed of
ours.

of

must share in

we

en¬

common

unified production

war

effort

our

The

rumors.

on

between

some

In the

war.

cooperation and comradeship.
::We; Americans will contribute

conception, of democ¬

ammunition

at

baseless

as

weird

it

and

will,

glorious the triumph."
So
spoke Americans
year 1776.

We have unified command and

live again. And we1 can
only if We slow up

racy can

very

airplanes

lose

our

lose this

dergoing repairs.
When those
repairs are completed, the ships
wil
be
more
efficient fighting
machines than they were before
The report that we lost more
thousand

for

; men.

in

the fleet by now or are still un¬

a

death

we

before

slightly and others • that were
damaged have either rejoined

than

if

battlefield:

difference

of

our

and

anguish and

plan, in which all of us must
play our several parts, each of
us
being equally indispensable
and dependent one on the other.

run
longer

tide

equally

fied

be generations or even centuries

those

hit

were

and

fighting

of the ships of the

Harbor.

the

the

turn

common

a

share

sacrifices

terprise

are

months,

to

partnership of

coming to realize
that one extra plane or extra
tank or extra gun or extra ship
completed tomorrow may, in a

life

permanently put out

awful

to

working

are

We

cause.

new

women

dedicated

independent

with equal zeal the

plants
old plants and

more

hours. We

make

commission.

Very

We

and

some

battleships, heavy cruisers, light
cruisers, aircraft carriers, de¬
stroyers
and
submarines-only

of

look

.

the

association

are

conversion
to
war
are
seeking more

plant

them.

officers

our

in the attack

ma¬

The United Nations constitute

realize that this

and additions to

; men

poison to the field of

facts: The number of
and

realm

Let them tell that to the

who is used to

us

supply problem and is working

flying fortresses.

rines!

at work in the

calling for

are

soldier

patriot

now,

Let them tell that to the boys

in the

to gain special advan¬
over the other.

or

needs.

the

hitting hard

are

national
depend on it.

their country; but he that stands

"

peoples of equal dignity and im¬
portance.
The United Nations

for

midst.

today

1

forces:

in the far waters of the Pacific,

time either to make undue

no

We

our

who

of

one

rationing

th'e

men.

Let them tell that to the sail¬

words

hell, is not easily
yet we have this
consolation, with us, that the
harder the sacrifice, the more

fighting for

our

not

be

-our

crisis, shrink from the service of

ranny,

,

ital and farming

tages, one

rumor-mongers

peddlers

do

to

not

riding on rubber without giving
the
supply a thought should

conquered;

Chinese

or

armed

summer

thanks of

-

soldiers,

an

profits

our
fighting forces
do, and they will pay little at¬

and

Berlin, Rome and Tokio

;

ors

giving loyal service.
labor, cap¬

are

arid

With few exceptions,
is

than

more

Nelson and
responsibil¬

of the country
production and the

women

and

MacArthur and his

part

in

and

men

not
work

can

did

Every

or¬

given to the

assurance

sunshine

Let them repeat that now!
Let
them
tell that
to
Gen.

1

experts

well.

as

"The

power—but

safety

,

by

the

was

soft and de-

are

great

should

—rubber; today, if

men

first American

con¬

it

Russian

us.

our

every

have

industrial

unite

soldiers

of

survey

admittedly rich,

Americans

not

that

have been tiescr loeu as a na¬
weaklings—"playboys"—^

or

guns

tained.

that* word

"discretion" applies to the critics
of Government

careful

a

are

been

Washington

these

We

of

army

Tom Paine be read
of every regiment in
the Continental Army, and this

who would hire British soldiers,

production, I can tell
that those goals will be at¬

ity for

people, but there
must also always be a full use
of

after

progress by Donald
others charged with

pact

Govern¬

the

and

tanks,

airplanes,

General
that

written

propa¬

tion of

and ships. The Axis propagan1 dists called them fantastic. .To¬
night, nearly two months later,

Govern¬
nothing from

your

keeping

for

has

that they

From

/certain definite goals of produc¬
tion

persistent

fight.

.

I set

year

that

will

of

slight su¬

we

this

of

6

Jan.

theme

cadent,

.

overwhelming

periority, but an
superiority.

takable confidence in your abil-

you

control

attain

and

seas

the, -air—not merely a

possess.

confidence

control of

| Nations can maintain

And
dered

to the

that Americans

production.so that the United

up

lend-lease—

one

through all Axis

siderable

is to build

Our first job then

absolutely

we are

the

be

cannot

of

been

output of planes, guns, tanks and

military

=

since

production.

these.
American

little

^ragged,- rugged
men
was
re¬
treating across New Jersey, hav¬
of democracy—ever
ing.tasted nothing but defeat^.

the arsenal

..

by speech or in the press, make
damnable misstatements such as
The

-

special

of our

,

Washington's

are

Ever since this nation became

here at home to keep, uppermost

.

855

Commerce.

States
:

member of

Council of

Department
--

V

of

Petroleum And Its Products
of

shortage

threatened

The

s

fuel

oils

on

,

the East Coast was

appeal by W. S. Farish,
fuel oil as far
as Texas, Kansas
and Nebraska in telegrams asking help in secur¬
ing kerosene, heating and heavy fuel oils as a means of avoiding
rationing of these petroleum products on the Atlantic Coastline.
highlighted

strikingly

the week-end

in

desperate

in

are

Oil Co. of New Jersey,

New York City, collect wnat
offer loaded in cars fur¬
nished
by you, including price,
can

quality and conditions.
Specify
deliveries, first over 30 days, and
second over succeeding 30 days.

of the type
and industrial

home

in

needed

heating have slumped more than
50% during the five-week period

A drop of

14.

February

ending

2,428,000 barrels was recorded for
the week ended February 14 by
the American Petroleum Institute,
figures available, while a
decline of 5,414,000 barrels was

latest

month.

preceding

the

in

shown

by en¬

Tankers sunk or damaged

preying

submarines

emy

coastwise shipping and

upon

A few days

prior to the delivery

Coordina¬
the pooling

of

by February 14 as compared with
holdings of 21,900,000 barrels on
December 6, when the sustained

inventories resulting

entrance into World War

our

No. 2

initiated.

was

The dramatic

Mr. Farish was
believed to have ended hopes of
some
oilmen that a "borrowing"
taken

action

by

Ickes

tor

for

called

tankers

from Gulf

hauling oil

ports to the Atlantic Seaboard to
counteract
difficulties
resulting
from

The

state.

their

tank

own

roads have
The

no

excess

curtailed

use

since the rail¬

cars

tanker

coastwise

shipments of crude and refined
products have revived interest in
pipelines to replace the lost ship¬
ping space.
A week or so, Petro¬
Coordinator

leum

Ickes

made

it

that .he

was

materials.

raw

This

that the

news

week

Office of

Oil Co. posted a top

a

price of $1.20
gravity and above

barrel for 40

for crude

industry

pare a

of Claiborne

field

ana, an

Parish, Louisi¬

initial posting.

to

hold

consumption of heating oils
in the face of fast diminishing in¬
down

ventories

a

as

result of torpedoed

and

losses

tanker

of

diversion

other tankers to military purposes.
Planned

spread the

to

available

supplies so that consumers may
share equitably, the program, to
become
effective
immediately,

provides:

*'

-

,

fuel oil to any consumer

deliver
for uses

domestic

heating

(1)

marketer

No

other

for

than

shall

of

the

of fuel oil
amount he

normally

use

during

if that consumer's stock

in

excess

would

the

ensuing 14 days.
(2) If, however, a consumer's
stock
drops
to
or
below the
amount he would normally use
.

in the next 14 days,

will

be

liver

the marketer

permitted to

an

sell or de¬

amount of fuel up to

but

capacity of a
single tank car or other transport¬
ation unit normally used in mak¬
not

the

exceeding

deliveries to the consumer,
or
an
approximate two week's
supply, whichever quantity is the
smaller.
Similar provisions gov¬
ern
deliveries by marketers to
ing

resellers.

.;'r"'

'

In

delivery may be made if
the consumer's stock exceeds 20%
ing,
of

no

capacity of his fuel tank.

the

When
falls

or

if

the consumer's

below 20%,

stock

then a marketer

individual operator, and

production
by Petro¬
Ickes at 3,996,800

The March crude oil

ratei was set this week
leum Coordinator

barrels

3,579,400 barrels for March last
year.
The March output figure,

Prices of Typical Crude per
Barrel

above

At

County, Texas
Lance Creek, Wyo,

of

domestic

new

in

rules, which affect de¬
the

17

Atlantic




Sea¬

and

imported

crude

week

Gulf

held

in

the

due

not

was

to

demand

total

decline

a

all

for

"This

refinery

but

N. Y.

to

situation

runs,

ty

line

due

Gulf

Gas,
N.

1937

tire

to

during

The

cities

10.16 cents

gallon on Febru¬

a

1, against 9.98 cents a month

earlier and

8.54 cents

comparable date

United

eau

States

Daily

a

a

gallon
year

on

ago.

during

Institute,

indicated

that

24

barrels.

of

However,
tankers

running

of

the

have forced

road tank

oil

to

coastwise

plus

shipping in

submarine
West

cars

gauntlet

Coast oil
use

com¬

of rail¬

dicates
in

the

'there

lantic

Coast

distribution

will

be

in¬

difficulties

and

North

Coast areas," the Bureau

Pacific

said, ad¬

ding that the Indiana-Illinois dis¬

California

trict

may

nish

a

$.04
.053
.03%

17

229.0

•

Wednesday, Feb. 18
Thursday, Feb. 19
Friday,

Feb.

Saturday,

__-228.0

20

Feb.

Monday, Feb.
Tuesday, Feb.

227.5
228.2

„

228.1

21

23

*

24
Two weeks ago, Feb. 10

228.1
226.5

Month

225.9

Year

Jan. 24
Feb, 24_;

ago,

ago,

1941

j.
,A
174.2
9__„___——219.9

High—Sept.
Low—Feb.

1942

17

171.6

1

High—Feb. 17
Low—Jan.

—

-

229.0

—220.0

2

'Holiday.

be called upon to fur¬
the

greater proportion to

prices

and

bond

yield

averages

are

Corpo-

on

BOND

Yields)

Corporate by Ratings *

.

rate *

Aaa

106.56

PRICESt

Average

Aa

115.82

STOCK

Corporate by Groups •
Baa

A

113.31

107.62

EXCHANGE

91.62

R. R.

P.U.

Indus

96.85

110.15

113.31

CLOSED

21

116.36

106.56

115.82

113.31

107.62

91.62

97.00

110.15

113.50

20

116.32

106.56

115.82

113.31

107.80

91.62

96.85

110.34

113.50

19

116.10

106.56

116.02

113.31

107.80

91.62

96.85

110.34

113.50

18

115.90

106.56

116.22

113.50

107.80

91.48

96.85

110.52

113.50

17

116.03

106.56

116.02

113.50

107.80

91.48

96.85

110.52

113.50

116.30

106.74

116.22

113.50

107.80

91.62

97.00

110.70

113.31

116.39

106.74

116.22

113.50

107.80

91.77

97.00

110.52

113.50

116.27

106.74

116.41

113.50

107.80

91.77

97.16

110.70

113.50

97.00

110.70

___

14

___

13
12

STOCK

11

116.56

;

10

116.22

106.74

EXCHANGE

113.50

107.08

CLOSED
91.77

113.70

116.70

106.74

116.22

113.70

107.98

91.77

97.16

110.70

113.70

9

116.93

106.92

116.22

113.70

107.98

91.91

97.16

110.52

113.70

7

117.01

106.92

116.22

113.70

107.98

91.91

97.16

110.52

113.70

_

6

,/■,V 5

__

4

___

117.02

106.74

116.41

113.50

107.80

91.91

97.16

110.70

113.70

117.10

106.92

116.41

113.70

107.80

91.91

97.16

110.52

113.70

117.10

106.74

116.22

113.70

107.80

91.91

97.16

110.52

113.70

3

117.16

116.22

106.74

113.70

107.80

91.91

97.16

110.52

113.50

2

117.17

106.74

116.22

113.50

107.80

92.06

97.31",

110.52

113.50

30

117.08

106.92

116.22

113.70

107.80

92.06

97.31"

110.52

113.70

■A:$. 23

117.51

106.92

116.22

114.08

107.62

91.91

97.31" 110.70

113.70

117.60

106.92

116.41

113.89

107.62

91.91

97.31

110.52

113.70

118.00

106.92

116.61

114.08

107.62

91.77

97.16

110.70

113.89

2

117.61

106.04

115.82

113.50

107.09

90.63

95.92

110.34

113.31

1942—„

118.10

106.92

116.61

114.08

107.98

92.06

97.47

110.88

113.89

1942—

115.90

106.04

115.82

113.31

107.09

90.63

95.92

110.15

113.31

120.05

108.52

li8.60

116.02

109.60

92.50

97.78

112.56

116.41

115.89

105.52

116.22

112.00

106.04

89.23

95.62

109.42

111.62

116.25

105.69

117.00

112.75

106.21

89.64

95.62

109,60

112.75

115.32

102.30

116.02

112.00

101.14

84.30

90.63

107.09

110.88

High
Low

1941_

High

1941

LOW

;

—

1 Year ago

Feb.

24,

1941.

2 Years ago

Feb.

24,

1940.

MOODY'S BOND YIELD AVERAGESt
(Based

;

1942—

A

23

Individual

Closing

Prices)

/7;

Corporate by Groups

Corporate by Ratings

Corpo¬

Dally
24

on

Avge.

-

rate

Average

Feb.

Aa

Aaa

3.36

STOCK

—

3.36

2.86

20

3.36

2.86

19

3.36

2.85

■3.36

2.84

A

3.30

2.99

2.86

21

•

Baa

R. R.

4.30

3.95

.EXCHANGE

P. U.

3.16

Indus

2.99

CLOSED

2.99

3.30

4.30

3.94

3.16

2.98

2.99

3.29

4.30

3.95

3.15

2.98

2.99

3.29

4.30

3.95

3.15

2.98

2.98

3.29

4.31

3.95

3.14

2.98

'

18 A-,A__.

A' A17

:

>_

14

■

■

—-

16

.

_

—„—

_

13

3.36

2.85

2.98

V. 3.29

4.31

3.95

3.14

A 2.98

2.84

2.98

3.29

4.30

3.94

3.13

2.99

3.35

2.34

2.98

3.29

4.29

3.94

.3.14

2.98

3.35

2.83

2.98

3.29

4.29

3.93

3.13

2.98

3.94

3.13

2.97

STOCK

11

,'-.V

-

—

-

-

3.29

CLOSED

4 29

2.84

2.97

3.28

4.29

3.93

3.13

2.97

2.84

2.97

3.28

4.28

3.93

3.14

2.97

7

3.34

2.84

2.97

3.23

4.23

3.93

3.14

2.97

3.35

2.83

2.93

3.29

4.28

3.93

3.13

3.34

2.83

2.97

3.29

4.28

3.93

3.14

2.97

4

3.35

2.R4

2.97

3.29

4.28

3.93

3.14

2.97

3

3.35

2.84

2.97

3.29

4.28

3.93

3.14

2.93

A

—

—

———

2

■

.30

3.35
3.34

———

■

2.97

2.84

2.98

3.29

4.27

3.92

3.14

,2.98

2.84

2.97

3.29

4.27

3.92

3.14

2.97

23

3.34

2.84

2.95

3.30

4.28

3.92

3.13

2.9X

16

3.34

2.83

2.96

3.30

4.23

3.92

3.14

2.97

3.34;

2.82

2.95

3.30

4.29

3.93

3.13

2.96

3.39

2.86

2.98

3.33

4.37

4.01

3.15

2.99

3.39

2.86

2.99

3.33

4.37

4.01

3.15

2.99

3.34,

•2.82

2.95

3.28

4 27

3.91

3.12

2.96

A, 3.42

2.86

3.06

3.39

4.47

4.03

3.20

3.08

3.25

2.72

2.85

3.19

4.24

3.89

3.03

2.83

3.41

2.80

3.02

3.38

4.44

4.03

3.19

3.02

3.61

2.85

3.06

3.68

4.84

4.37

3.33

3.12

9

—

2

;

1942

;

■

——:r-

1942

High

2.98

EXCHANGE

3.35

5

1941
1941

Low

2.84

-

3.34

A

6

Jan,

3.35

•

9

10

„

4'

3.35

12

American Petro¬

supplying the needs i i the At¬

Northwest, de¬

to carry

the Pacific

the

Oovt.

116.42

16

were

Shortage

Avge.

23

March

the Bureau said,
gasoline- inventor¬

bond

U. S.

Bonds

Averages

Feb.

forecast Tuesday by

leum

7 plus

_

following tables:

(Based

of Mines at

Statistics of the

Refinery or Terminal

B.

(Bayonne)

Tuesday, Feb.

East

MOODY'S

Total demand for motor fuel in

was

the

on

computed

the

1942—

The service station

the

in

which covered AA 16
throughout the '■AA/ 9

survey,

country, showed net dealer prices
of

O.

Moody's Daily
Commodity Index

lower than is warrant¬

Moody's

with

January

paying 2.01 cents a gal¬
in February than a year

leading

Y.

Tulsa

rationing and to

necessary

given

lon

50

.85

F.

Moody's Bond Prices And Bond Yield Averages

"r,,

ago.

Oil,

districts, to uncertain¬

runs seems

Jan.

more

1.35
1.70

—_

_

Chicago, 28.30 D__

regional

materially if rationing be¬

comes

1.30

Coast

Halifax

consequent readjustment in re¬

duced

2.15

.

C__

Philadelphia, Bunker C

to the future trend of gaso¬

as

$1.35

;

Bunker

the East Coast and

movements in
West Coast

Refinery or Terminal

Bunker C..A—

(Harbor)

Savannah,

be attrib¬

may

uted to the disturbance of

Low

277 000

—

Fuel Oil* F, O. B.

the

in

oils

with
the rise in crude stocks being off¬
set by an unusually large seasonal
reduction in refined stocks, par¬
ticularly of fuel oils.

High

stocks of

.06-.06

Diesel

reduction in

a

254,463,000 barrels, the Bureau
of
Mines
reported
this
week.
Holdings of domestic crude oil
up

.06-,06%

.

Coast

«

1.23

ies gained 5,700,000 barrels during
Januray, which would bring them
to approximately 99,800.000 bar¬
rels on January 31, or better than
2,374.000 barrels, with 9,000,(100 barrels over the motor
foreign crude oil dipping fuel in stock a year earlier.
was

to

oil

during the February
up 2,097,000 barrels

,

Chicago

■

■

United States

.088
.088

—

the Bur¬
55,600,000 barrels,
up 3,750 barrels to 396,750 barrels, a gain of 10% over actual demand
and Eastern fields 1,450 to 112,750 for the comparable 1941 month.

panies to resort to the

The

late

Journal

Stocks

'

^

0.95
1.12

:

price of gas¬
oline, the survey showed, was
14.12 cents a gallon, before taxes,
an increase of
18 points over the
January 1 level and comparing
with 12.18 cents a gallon a year
earlier.
Adding 5.97 cents a gal¬
lon
for
taxes,
consumers
paid
A gain of 6,415 barrels in daily £0.09 cents a gallon on February
average
production of crude oil 1, the highest since November,
in the United States for the week 1937, and compared with 19.91 on
ended February 21 lifted the total January 1 and 18.08 cents on Feb¬
to
4,077,473 barrels, the Oil & ruary l, 1841.

barrels.

Cities—

Other

.

consumers

spite the continued heavy demand
for petroleum in Eastern consum¬
ing centers.
Mr. Ickes said that
the
reduction reflected particu¬
larly the fact that crude oil and
refined products stocks had been
piled up on the Gulf Coast due
to transportation difficulties.

reported this week.
Texas production was up 11,150
barrels
to
1,513,000; Illinois up
6,610 barrels to 345,750; Oklahoma

.088

,

_

.

and

Signal Hill, 30.9 and over..

the

Gas

Eastern

1

1.29

Pecos

February, de¬

than for

$.088
-

.«

A.06-.06%
partial data available Oklahoma
for January indicated an estimat¬
I *Super.
'
•
ed gain of about 14% over Jan¬
kero8ene,'41-43WaterWhite,TankCar,
F. O. B. Refinery
uary v 1941the Bureau
stated.
"These figures indicate a rate of New York (Bayonne)—
$.053
Baltimore
.054
total demand considerably higher
Philadelphia
.054
than was anticipated.
The sharp North Texas
—I—....I..,* •'
.04
4.25-4.625
drop in demand for crude petro¬ New Orleans
Tulsa
—-Ii-..—-.,__i,-.^..04%-.04%
leum
in
January consequently

1.25

37.9

Hills,

over

ary

less

Tank

Wells

■

_.

Kettleman

based upon the Bureau of Mines
forecast of demand, is 105,000 bar¬

rels

Octane),

Refinery

F. O.-

and

•

of

capacity.

4,101,800

with

compared

barrels for the current month and

hazards

liveries

December, 1941, showed a gain

by the trends of total demand
and
further
large decreases in

was

deliver fuel oil up to the
amount
required
to
bring the
total contents of the tank to 75%
may

•

:

of-almost-17%^ over-December,

—

14

the case of consumers
using fuel oil for domestic heat¬
(3)

!'Shell

oils

ed

program

•

sought

in

for all

demand

total

(55

(Above

AAAA__

Texas

produced in Haynesville Coast the current rate of crude

especial¬
Retail prices of gasoline, reflect¬
ly the small independent, be af¬
the advances
in
the East
for commercial purposes in the fected in degree greater than any ing
authorized by the Office of Price
East were announced in Washing¬ other person or company engaged
Administration during the month,
ton on February 20 by Petroleum in meeting the needs of the East
moved to the highest level since
Coordinator Harold L. Ickes as Coast for petroleum."
Regulations restricting fuel oil
deliveries to home, industries and

Government

"The

a

(All gravities where A. P. I.
requested to pre¬
degrees are not shown)
"for the most ef¬
Bradford, Pa.
$2.75
ficient utilization
and
operation
Corning, Pa.
1.31
of tank ships on a basis mat will
Eastern Illinois
1.22
enable the equitable sharing of
Illinois Basin
1.37
the available tonnage by all af¬
Mid-Contin't, Okla., 40 and
fected units of the industry."
above v
1.25
Tankers now are being operated
Smackover, Heavy —0.83
by the individual oil companies,
Itodessa, Ark., 40 and above
1.20
several of which have been hit by
East Texas, Texas, 40 and

oil

Gasoline

S.

apparently

—

known

and

of the Coordinator's office that no

operate successfully.

the

Bureau

wise tanker movements.

1940,

cars.

U.

felt AAA Car Lots,
New York—
that
enemy
submarine
attacks
Seccmy-Vac
would continue to hamper coast¬ Tide
Watej; Qil
the

products

undesirable/'^*7 ~~~*

seem

to the two coasts indicated

erence

com¬

panies involved have had to

transfer of
vessels to military service.
The
sinkings

whereby
one
supplier
holding sufficient stocks to meet
his needs would help out other tanker losses due to the enemy
submarine campaign against coast¬
suppliers whose inventories were
Ralph K. Davies,
insufficient to cover their com¬ wise shipping.
Petroleum
Coordinator,
mittments since it now appears Deputy
said
it
was "the particular desire
as
though such a program could
system

not

the

southern

The ref¬

—

oils, with stocks far be¬
low last year's figure.
Reesrves of the heating fuel oils
had been slashed to 10,328,000 bbis.

from

of

planned

are

and

national stocks of refined

Appalachian

.

the trans¬

heating

upon

sections

central

the

and

consumption.
It is the
recommend
approval of a hew finery operations reflected in a re¬
hope of this office, how¬
pipeline from Wichita County, duction of total runs with abnor¬
ever, that the public will use oil
mal seasonal yields of gasoline and
Texas, to Savannah, Ga.
wisely, in order that we may ac¬
Representative
price
changes low seasonal yields of distillate
complish the purpose of this plan:
follow:
and residual fuel oil.
While the
thi> most equitable possible
Feb. 20
The Arkansas Fuel demand for all oils may be re¬
spreading of available."
regulations, Petroleum

drain

shipments

the

Coast

districts than heretofore.

earnest

tankers

other

of

from

ation;

control

to military
service has cut down receipts of

fer

have

rail

by

plan is not rationing and
Petroleum Coordinator would be
it should not be construed by any¬
asked to discuss a proposed 900one
as
rationing," the office of
mile pipeline from West Texas and
the Petroleum Coordinator point¬
New Mexico to San Francisco and
ed out. "Rationing comes into ef¬
Los Angeles while in Washington
fect only when the consumption
the Trans-American Pipeline Corp.
of a commodity is curtailed and
has asked
a
defense
transport¬
controlled.
This
plan does not

fuels

distillate

shipments

brought

"The

fers, we to furnish the cars."
East Coast inventories of gas oil
and

that

of

week.

appreciate additional of¬

Will also

Several

planning to
recommend the plans for the pipe¬
ed, hit a new high of 256,725 bar¬
line /fromEast Texas to the :At¬
rels daily, or the haul equivalent
lantic coast, which was dropped
of approximately 50 ship tankers.
last summer when the industry
The previous high of 222,975 bar¬
could not obtain adequate supplies
rels was recorded in the preceding
14 week, Mr. Ickes report¬

ruary

way,
you

the Feb¬

movements during

tank

26 Broad¬

East

been made from central California

need$
board States, will hit the approx¬
of kerosene, range on, No. 2 heat¬
imate
1,250,000 homes Using oil
ing oil and Bunker C or No. .6
for heating in the area.
Certain
fuel oil," Mr. Farish'S wire stated.
provided for
"Will
appreciate an.y help that exemptions were
such as for deliveries to hospitals
you can olfer.
Please immediate¬
and otner essential services.
Rail
ly wire E. A. Holbein, Standard
"We

spite the extremely high cost of
such transportation 'as -contrasted
to
the 'tegular
tanker
system.

and further

(N. J.) to refiners of

Standard Oil Co.

President of

is

Thursday, February 26, 1942

THE COMMERCIAL & FINANCIAL CHRONICLE

$56

—

4

—

,

1 Year ago

Feb.

24,

1941--—

2 Years ago

Feb.

24,
♦

1940

are computed from average yields on the basis of one "typical" bond (3%4fc
maturing in 25 years) and do not purport to show either the average level or th«
.average movement of actual price quotations.
They merely serve to illustrate in a more com¬
prehensive way the relative levels and the relative movement of yield averages, the lat¬
ter being the true picture of the bond market
t The latest complete list of bonds used in computing these Indexes was pub¬
These prices

coupon,

lished

in the issue

of Oct, 2,

1941, page 409.

1

Volume" 155* Number 4050—-

•

-

..."/"v,

—

THE COMMERCIAL &.E1NANC1AL CHRONICLE

.

Sfatutorylebf Limitation As OfJaril^S 1942

857
The.. Committee : said that 56

j

January Chain Store Sales fit $358,519,662

of

Amerlta's

i84,230,Jmahufac-

turing

establishment had re¬
made public on Feb; 4 its monthly
ceived more than 75% of Army
report showing the face amount' of public debt obligations issued
and Navy contracts, while the
under the Second Liberty Bond Act
(as amended) outstanding
"remaining fragment of the de*
Jan. 31, 1942, totaled $61,085,295,257 thus leaving the face amount
fense
program
is
distributed
:i'Although all; groups benefited substantially from the month's
of obligations which may be isstied subject to the $65,000,000,000
among about 6,000 prime conr
general
buying
wave,^companies
concentrating
on
apparel
lines
statutory debt limitation at $3,914,704,743.
In another table in- the
--tractorsr1
^
■
'ttt1
made the best showing.
In the aggregate, sales of six such com¬
report the Treasury indicates that from the total face amount' of
"Of the concerns not included
panies
were 58.6% greater than those for the initial month of 1941,
outstanding public debt obligations ($61,085,295,257) should be de¬
in the defense program directwith Bond Stores, Inc. having made the extreme individual. gain of
ducted $1,641,662,023
:
(the unearned discount on savings bonds),
ly," the report added, "about
156.8%;
During the month fears of future shortages stimulated
reducing the total to $59,443,633,?34, and to this figure should be
4,000 hold subcontracts.
Over
added $567,946,117, the other public debt obligations outstanding* consumer purchases, as~ governmental^orders restricted new pro¬
174,000
manufacturing
estab¬
Combined
which however, are not subject to the debt limitation; vThus, >the duction of rubber goods and woolens for civilian use.
lishments have not been touched
sales of three shoe chains were 49.6% in excess of those for Jan¬
total gross public debt outstanding on Jan. 31 is shown as $60,011,by the Office of Production
uary, 1941.
On the other hand, at 33.7%, /the rate of sales im¬
579,351.
'
>
■
*
.
,
;
...
According

,

to

compilation made by Merrill Lynch, Pierce,
Fenner & Beane, 30 chain store companies, including. two mail
order companies, reported an -increase of 36.5% in sales for Jan¬
uary, 1942.
v
:
•%'
■

' The Treasury- Department

-

a

.

.

f

,

,

.

provement

*

the Treasury's report as of Jan.

The following is

'

Section 21 of the Second Liberty

*'

31, 1942

Statutory Debt Limitation as of Jan.

that the face amount

31:

6

of obligations out¬
still be issued under this

'

$65,000,000,000

be outstanding at any one time—
Outstanding as of Jail. 31, 1942:
Interest-bearing:
*
-W

'

Bonds—

Treasury

-

,

v;

Apparel

Drug Chain
Shoe

Chains—

Auto

Supply———

1

\

Chains

two

—.

notes

indebtedness—^

108,722,750.
61,085,295,257

Reconcilement with Daily

$3,914,704,743

Statement of the United States Treasury Jam 31, 1942

Total face amount of outstanding public debt

the Committee's bill the

28,534,521
6,497,637
4,545,789

15.8

.

49.6

i

obligations,issued under

authority of the Second Liberty Bond Act, as amended—
—$61,085,295,257
Deduct, unearned discount on Savings bonds (difference between current redemption value and maturity value)——
1,641,662,023

34.2

States to

$179,200,753

37.9

best be used in

—111,481,335

83,366,214

33.7

$358,519,862

$262,566,967

36.5

On Jan.

^

•

Add other

presenting its case and also that
it must have independent repre¬

$195,990,180

:

11,563,415
360,392,522

learned

is

This

sentation.

from

$60,011,579,351

___

^Approximate maturity value. Principal amount (current redemption value)
ing to preliminary public debt statement $7,198,318,052.

bureau, which reported Mr.
as making his suggestions

ton

accord¬

r

Arnold
in

testifying at a hearing before

the Senate Banking and Currency

Committee

1941 Automobile

Financing Higher

•;:

introduced by Senator James

bill

V:

E.

-

business

the small

on

-

2.1%

more

reduced by 5.1%

was

would

than in November, 1941.

Retail automobile receivables outstanding on Dec. 31

for 214 firms

for

unable to

The total number of new and used cars financed in

D.4%- higher than in 1940,
-volume of retail
and 48.6%

.of

higher than in 1939.

new cars

■

The

_

The average paper for the financing

of

Figures of automobile financing for

1939.

1941, were published in the Jan. 22, 1942
.

issue of the

"Chronicle," page 340.

and

1941—

y

Thousand

Thousand

of

Dollars

Cars

Month
-

Dollars

—

December

198.294

528,509
508,266

248,313

455,830
381,511
250,656
247,214
208,727
*223,768

210,627
172.801

238,039

104,078
106,680
94,901
104,243

Volume
in

Total
Total
-

Total
*

Dollars

$66,447

125,094

89,540
118,369

221,356
267,932

69,152

166,791
192,750
196,797

136,463

315,179

100;336

141,024
129,877

331,712-

107,289

328,957

108,162

110,624

304,673

83,518
43,427
50,073

270,729
194,601
180,052

56,606

44,425

150,789
161,834

50,476

1,076,064 2,938,448
981,951 2,588,713
744,742 2,2Q1,461

949,095

179,309
151,157
110,782
56,055
67*162
57,938
61,932

>

i

47,981

2,456,117 4,416,803 2,025,159 1,478,355
(1940) 2,163,902 4,038,535 J,740,329 1,449,822
(1939) 1,507,707 3,355,645 1,363,025 1,154,184
(1941)

Of this number

calls

for

business

27.7%

were new cars,

tion,
and

84,423

tee

71.8% were used

1940

cars, and 0,5%

1941

$

January —.—1,180,906,448
February
.11,208,702,083
March '
^1,255,229,506
April
^1,340,696,165
May
;_1,432,542,508 1,021,533,732
June
1,499,983,244 1,063,638,452




devised.

At

that

time

the

Washington "Post" said that Mr.
Odium, who was in charge of the
Division
of the

his

of

Contract
defunct

now

proposal

Forum

over

of the Air

broadcast

from

Distribution

OPM, outlined

His

proposals, it

presented
Lieut.

program
Shoreham.

stated,

was

Mr.

to

Nelson

William

Gen.

American

the
radio

Hotel

were

and

to

Knudsen.

He

declared

that

Washington has not yet rec¬
ognized the full war production
possibilities of small business, and
stated

giant

-

that

of

small

"is.

business

unsuspected

and

a

unbe¬

,

effort."

built." "

said the Associ¬

Mr.

Emery stated that part of

the fault behind the non-partici¬

a

voice in

give small business

"the administration of

reluctance

to

convert

as

they

whether

to

are

small

business

work

as

long

not able to find out

their

to be classed

of
war

regular

output

essential

as

or

is

non¬

•

business

of

a

Small

Defense

the

conversion

operation of small defense
needed in the defense

100,003

yv

89,282
60,651

'

productive

;

tify
morale
front." ♦ / ':y';
.

,

—_^_1.435.361.363

becember

.

,.1.379.444.078

1,308,676,173 1,166,050,596

^

on

•

the

home

~

~

•;

.

-

the small business : man
is confused in at¬
tempts to go apy kind of busi-

-..

_

-

ness-with the Government.

-

*

"The

essence

of the problem,"

he explained, "is

operator,

that the small
doesn't
understand,

the

Treasury,

have

-

...

>.

ters now stand,

1.114 526.350
1.137.469,065

r

**

1,542,871,600 1,105.275:234

November

small

:Mr. Arnold said that, as mat-

*

•

October

of

keeping alive of all con¬
sumer business which will for-

618,28ft

August ;_.„_:._1,560,029.489- 1,116,928.055
"September ..—il,493,636,261 l,097,627;143

facilities

cessful prosecution of war and

758,378

1940

,

the

.

$

July

.

business in the interests of suc¬

56,262

unclassified.

..

speaking in support of his
measure, Senator Murray said
that its purpose is to "protect
small business from threatened
destruction by mobilizing the

pre- moval of one machine might dis¬
busi¬ rupt* the operation of the entire
ness rather than small business, plant.
and have made no special ef¬
A warning to > labor was also
fort to
distribute' beyond the
sounded
by -Mr.
Emery,
who
largest business units the con¬ stated:
tracts they have to dispose of.
"In some cases the fact that
"Strikes,
jurisdictional
and
otherwise have got to stop. Also
the procurement - officers have
slow-downs and any and all
always
been
associated with
other interferences with pro¬
large business has even made
the neglect seem deliberate; but
duction, including the practice
of many unions refusing ad¬
in general all of the contract
mittance to factories of men
departments have failed to rec¬
and
women who have not paid
ognize the vital role of small
their dues."
business
in the winning of
and

ferred to deal with large

charged

which would be

program.

-

AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
REPORTED BY 214 IDENTICAL ORGANIZATIONS '

876,699,079
887,096,773
918,045,709
971,940,670

business,

tion Board to

V

.

AS

1941

war

report, made by a commit¬
investigating
problems
of

small

"

-

RETAIL

bill

small

a

with : financing

.

_____________

:

business

•The

Corporation within Re¬
construction Finance Corpora¬

Thousand

of

Cars

158,693

194,258

'

administration of the

Plants

210,632

202,792
236.800

November

—

own

and

the

formation

Dollars

346,450

October

———-

September

.

$80,738

434,723

243,103
251,490
231,322
202,022
91,772
89,333
198,874

—

—-

June

busi¬

any

plants

507,929

February
March

July
August

.

Number

Thousand:

Cars

112,583

323,220

May

in

of

$147,186

$236,870
248,288
270,486

business

of

>

January

-April

-

Volume

Number

in

Number

small

gets enough civilian
to keep operating have

pation of small manufacturers; is

Unclassified Cars

Volume

Volume
in

-

Total——

Financing

Tear

of
it

.

\

-Retail Financing (400 Organizations)New Cars
Used and

Wholesale

that

The

nancing for 400 firms with monthly figures for 1941, and total figures
•for the year of 1940 and
the month of November,

needs

"see

non-war

to minister to

loan

small

wholesale and retail fi¬

on

separate
up

proposed
division
of the war effort." From the Asso¬ essential.
production
in ciated Press we also quote:
Mr. Emery sounded a warning
the Murray bill would inven¬
"Those engaged in the busi¬ to businesses that are not essen¬
tory resources, promote con¬
tial and have made no effort to
ness of procurement," the Com¬
tracts for small business, and
mittee said, "particularly in the convert to war production.
He
expand production of needed
Office of Production Manage¬ pointed out that any essential ma¬
raw materials.
ment (now the War Production chinery
may
be seized by the
The. bill also authorized the
Board), the Army, the Navy Government even though the re¬

for used cars increased by 10.3% and 15.0%, respec¬ y

presents statistics

as

guarantee loans made by banks
to small business companies,

The

^jr
table below

the

been

a

lievable capacity, not for the pro¬
duction of tanks, ships and air¬
from which it could be planes, but for producing the bits
rescued only by having "a def¬ and
pieces without which tanks,
inite and effective voice in the airplanes and
ships can not be

corporation, with a capital ated Press, was accompanied by a
$100,000,000, to be financed request for' legislation to create
by the RFC, which would make a division of small business pro¬
loans direct or at discount, .or duction within the War Produc¬

higher than in 1940,

increased by 7.5% over 1940, and 12.9% over 1939.

average paper

tively.

1941 was

and 31.6% higher than in 1939.. The dollar

financing in 1941 was 16.4%

that

be set

agency

ruptcy,

in Washington.

Sabath's

Mr.

creation

companies,

employ its

representatives

ing-reported for December by 400 organizations.

"counsel"

as

business

small

ness

izations accounted for the 94.5% of the total volume of retail financ¬

;

act

to

be

C which he defined

These 214 organ¬

since Nov. 30 of this year.

by

Odium, special adviser to
Donald Nelson, War Production
Board Chairman, that recommen¬

Network.

Murray

•'

than in December, 1939, and

disclosed

was

:
Small
business,
according .to
V
'
*
*
De Witt. Emery, is bigger
than
Congressman Sabath said that so-called
big business in national
small business is more impor¬
income, men employed and wages
tant in the war production pro¬
paid. Mr; Emery, who is founder
gram than the average person and
Manager of
the
National
realizes, and pointed, in justifi¬ Small Business Men's
Association,
cation of his bill, to evidence
commented thus on Feb. 14, in
that small business
men
are
discussing "Small Business, Labor
handicapped in obtaining loans and War
Production," over the
to complete war contracts.
Mutual

(Democrat), of Mon¬
Early in February (Feb. 5) a
/ '
The dollar volume of retail automobile financing in December tana.
In its account, the "Journal Senate
Committee
(headed ' by
1941 was 35.2% less than in December, 1940, 12.9% less, than in De¬ of Commerce" had the following Senator
Murray),
holding war
to say:
I
procurement agencies responsible
cember, 1939, and 9.8% more than in November, 1941, according to an
\ Mr. Arnold said that the for the situation confronting small
announcement released Feb. 14 by J. C. Capt, Director of the Census.
principal function of the pro- business, reported that small busi¬
-Wholesale financing was 21.9% less than in December, 1940, 10.2%
posed WPB small business unit ness enterprise is facing bank¬
more

production;

war

it

25

-

of Commerce" from its Washing¬
debt outstanding as of Jan. 31, 1942___,—

com¬

agencies.
■

advices to the New York "Journal

567,946,117
Total gross

a

Floyd

dations
-

-

;

under

proposed

determine how it could

'

$59,443,633,234

public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing iPre-War, etc.)
:——:—
Matured obligations on which interest has ceased
Bearing no interest-

that

prehensive inventory of the small
business capacity of the United

$247,038,527

^

3,686,000

•

Senate

division would make

new

58.6
,

re-

Murray, the

29.8

A bill proposing an amendment to the Reconstruction Finance
Corp. to permit loans to be made without delay to small business
firms engaged in any phase of war production work, was introduced
in the House on Feb. 17 by Representative Sabath (Democrat), of
Illinois. On the same day the formation, of a division of small busi¬
ness
production within the War Production Board was urged on
Feb. 17 by Thurman Arnold, As-<£>
and indeed may be adversely
sistant
Attorney
General
in
affacted, by " regulations,
ap¬
charge of the Anti-Trust Division,
following
his ^ declaration y that
provals, pooling, : orders, etc.,
embodied in actions of defense
small business must have help in

$60,976,572,507

•

the

37.8

.

4,946,000

told

60,303,895

Favored; Murray & ISabath Bills Introduced

>

Face amount of obligations issuable under above authority———.

industrial,

$75,650,911

Small Business Division; In War Production

2,789,800,000

Matured obligations, on which interest has ceased---.

Nation's

Chairman of the Senate Commit¬

%

'

'

the

sources."

tee,

6,801,470
-

Companies

2,101,451,000

(maturity value)—

groups

Inc.

/, 45,261,035

Chains

30

IK,061,194,875

«.——

of

On Feb. 5 Senator

7,501,954

—

Management in its mobilization

was

that of
had led

as was

'

78,295,344

-

Mail Orders—

companies

whole,

$104,232,724

____

Chains..___;

1

order

——Month of January—
1942
;
1941

*.

Chains

10c

&

16,952,445,875
'•

-

.

$44,024,126,632
of

two J. mail

compilation follows:

•

.

6

28

■'

$34,383,270,400
8,839,980,075
08,611,000
% 732,265,157

„

Savings (maturity value)*
Depositary.
Adjusted service

Treasury bills

5

2

+

Certificates

>

3

,

,

Treasury

the

by

..

Total face amount that may

i

-

i

Grocery

11

The

J

Sales

V

outstanding

procession.

!

-

of that

The following table shows the face amount

limitation:

i

the

Bond Act, as amended, provides

standing and the face amount which can

accomplished

less than that for the chain store group as a
the one auto supply ; chain.
In ;!94i, these

'

obligations issued under authority

of

Act, "shall not exceed in the aggregate $65,000,000,000
at any one time."
' *
•
-

.'J-.

1y '

-'

this war."

.

;

Reporting that the war proNew Cotton Exch. Member
gram was only one phase of the
At a meeting of the Board of
problems of small business, the
Committee said Congress should Managers of the New York Cot¬
give consideration to long-range ton Exchange on Feb. 17, David
aid in the form pf a separate Ker, a partner of Wolford, Geer
&

with-small

elected to

business

problems,
instead of leaving the subject
under the jurisdiction of the
Department of Commerce.

Ker

of

Government department to deal

change.
ber

of

New
Orleans, was
membership in the Ex¬
Mr. Ker i% also a mem¬

the New

Exchange.

Orleans

Cotton

THE COMMERCIAL & FINANCIAL CHRONICLE

858

:

Thursday, February 26, 1942

...

ton's

r

U. S. Labor

Factory Employment Lower In January

Except In Defense Industries, Payrolls Higher
employed in New York State factories
dropped 1.5% between the middle of December and the middle of
January, according to a statement issued Feb. 20 by Industrial Com¬
missioner Frieda S. Miller.
Total weekly payrolls rose 2.2% during
the month.
The Commissioher~stated-that "as in December, in¬
creases
in both employment and payrolls were reported by most
Number

of

persons

decreases, due partly

factors, were noted in
tries producing goods
consumption.
These
based

are

on

while^
to seasonal
most indus¬
for civilian
statements

weekly

January on a

,

-

...

M

Index numbers of factory em¬

39

1925-27

of

classification used
prepared by the
Technical Committee on Indus¬
trial Classification of the U. S.
Division of Statistical
Stand¬
ards.
Factory office workers
are no longer included.
Index
numbers for January, on the
new basis, were 139.1 (prelimi¬
nary) for employment and 198.5
(preliminary) for payrolls.
These figures represent gains of
18.0% and 45.4%, respectively,

area

almost

were

entirely

wholly

products

rubber

concen¬

in

the

or

partly

of

Percentage Change

Locality—
Total

State

—1.5

In Most

of

+ 10.1

the

Buffalo

1.4

Nelson, Chairman of
Production Board, issued
17

new

regulations

con¬

em¬

tiles

as

smaller

bany

well

in

as

some

In

industries.

Schenectady

-

there

few

were

payrolls

except

-

American citizen of

ability, qualified for
sible administrative,

Al¬

the

Troy

area

increases

consulting

in

in

the

metal

in

the

Bing-

from

in

reported

his

current

a

City

Somewhat

No

shall

lower

at canneries

sonal losses

area

"dollar-a-year" appointee

or

No

shall

large Rochester in¬
dustries.
Changes in employ¬
ment in the Syracuse area were
relatively slight, although the
changes that did occur were,
for the most part, downward.
Payrolls, on the other hand,
were higher in most industries
with especially large gains at
plants
making
automobile
equipment
and
other
metal

thorough

products.

and not

drop of 2.9% in em¬
ployment and a rise of 0.9%
in payrolls between December
and January. Nearly all indus¬

tries in the

food, tobacco, cloth¬
ing and textile groups reported
fewer
employees
and
lower
Losses were heaviest
in the fur goods and women's
payrolls.

misses'
and

tries

in

outerwear

those

indus¬

affairs of
in which

.

appointment

permanent

of the other

ported a

company

di¬

he is employed.

ac¬

City factories re¬

the

affecting

the firm

tivity in the clothing factories
tended to offset gains at most

New York

determinations

make

rectly

in the

and reduced

ap¬

be

made

except

after

investigation

of

a

the

proposed appointee by one of
the investigatory agencies of the
Government.
The procedure

of

pointment
"without

relating to
persons

compensation"

ap¬

on

a

basis

stipulates that such appointees
may serve in an advisory capac¬
ity as Government consultants
working in the public interest

/
1

as

representatives of

a

private employer or industry.
Any person serving on such a
basis may not be permitted to
any administrative re¬
sponsibility or to exercise any
authority over, or direction of
the work of, executives or em¬
ployees of the War Production
assume

Board.

-

Mr. Nelson

Weinberg,

industries administer

designated Sidney J.
of his1 assistants, to

one

the

new

regulations,

holiday
merchandise and also instructed WPB division
such as candy, tobacco prod¬ heads to examine the lists of all
ucts, men's furnishings, women's "dollar-a-year" men now serving
underwear
and
miscellaneous and to "terminate the appoint¬
apparel and accessories. Gains ments of all who do not qualify"
in both employment and pay-1 within 30 days.
making
.




over

of

Each
of

the

:

workers

were

116,Indus¬

granted

electrical machinery, 8,and allied products,

9,300;
800;

rayon

7,800; brass, bronze and copper
products, 6,400; instruments—
professional, scientific and com¬
mercial, 5,900; cotton goods, 5,500; and radios, 5,300. Inasmuch
as some firms may have failed
to

report wage increases to the
Statistics

of Labor

Bureau

and

the survey does not over

all
industry,
these
figures
should not
be
construed
as
representing the
total number of wage changes
occurring during the period.
Among the key defense in¬
as

establishments

in

an

dustries, the machine-tool and
machine-tool accessories

tries

reached

new

high

indus¬

levejs

in

working hours, ^with aver¬
ages in December of 53.8 hours
and

54.1

respectively.

hours,

in

excess

of 50 hours per wage

with

earner

an

average

Average weekly hours
in
other
strategic
industries
were
as
follows: engines, tur¬

bines,
etc.
(49.9);
explosives
(47.0); foundries and machine
shops
(46.3);
aircraft
(46.2);
shipbuilding
(46.0);
electrical
machinery (44.7); brass, bronze,
and copper products (44.5); am¬
munition (44.1); and blast fur¬
naces, steel works and rolling
mills (40.0).
Average hours per week in
durable
goods
in
December
(42.8) were 2.3% above the No¬
vember level, and 3.8% higher
than in December, 1940. Hours
in nondurable goods (39.4) in¬
creased 2.2% over the month,
and 2.8% over the year.
Gains
in

hourly

month

earnings

were

spectively.

industry

0.6

and

over

the

1.1%,

re¬

durable-goods
showed an increase
The

the year of

16.2%, as com¬
pared with a rise of 12.4% for
nondurable goods. Weekly earn¬
ings in the durable-goods in¬
dustries ($38.65) increased 3.2%,
over

while

in the nondurable-

those

goods industries ($26.90) showed
rise of 3.4% over the month.

a

Weekly

earnings
goods were 21.4%

in
durable
higher than

in

December, 1940, as compared
with
a
rise of 16.1% in non¬
durable goods.

Average
the

but

on

•

that the nation to

so

Urge Nat'l Garden Week
' Secretary of Agriculture Claude
R.Wickard and Paul V. McNutt,
Director of the Office of Defense

Welfare
Services,
joint letter to all
State Governors suggesting that
they issue a proclamation setting

branches

three

surveyed

in

increases

average

aside

a

week before March 1

one

Garden

National
Week.

Favors Full Time Work

and

sent

send

They

the

were

letter

as

Enrollment

requested

to

by the National

Advisory Garden Committee ap¬
Gov, Prentice
Cooper of Tennessee is Chair¬
man of the Committee.
"Family

pointedrecently.

Home

and

Gardens

Food

Sup¬

plies, particularly on farms, are
significant elements in commun¬
ity war food production plans,"
Secretary Wickard and Director
McNutt

pointed out.
"The De¬
of Agriculture is very

partment

On Holidays For Duration
In

accordance with the request
War Production Chief Nelson,

of

practically all shops and factories
producing
essential
war
goods
worked full time

anxious that there be

future national
Nelson

Mr.

every

gram."

The

for

shutdown

no

tion

line

Feb. 18.

in

on

request

the

produc¬

State

we

we

that

already have held Victory Gar¬

battle

of

issued

grams

was

as

JThe United States is fighting

f$* its life.
the

on

our

ure

to

do

that.

mean

We're

selfishness, for
peel

off

our

our

fail¬

shirts

and

and who

right

now are

courage

in

and

has always

troops.

the

that

spirit

animated American

But

Mtg. Bankers To Meet

boys

i m,
determined, • wellequipped enemy.
They're tak¬
ing punishment—taking it with

those

boys

can't

The

principal speakers at the

held

be

Sullivan

are

Priorities

Production

what it

Only

takes

we can

You

and

to

get there.

give it to them.

I,

every

of

one

us

here at

home, must realize now,
today, that we can give those
boys the weapons they need
only by going the limit in pro¬
ducing them.

We cannot let any

consideration whatsoever inter¬
fere with the job

of production.

production—
on
which the actual physical
battle with the enemy depends
—we
can
waste neither time,
men nor machinery.
We cannot
unless

win

effective
three.
of

we

use

And if

make

the

possible
we

most

of

all

lose the battle

production we lose the war.
Monday, Feb. 23, will be cele¬
as
Washington's Birth¬

brated

The best way to celebrate
will be to, make that
Monday a day of full production
in every shop and factory pro¬
ducing essential goods for war.
day.
this

year

This

earnings in
industries

both,

change

We

responsibility rests on
management and labor.
have a Washing-

must not

Board;

of the War
Raymond T.

Assistant FHA Adminis¬

Cahill,

Claude L. Benner, VicePresident, Continental American
Life Insurance Co., Wilmington,
and James A. McLain, President,
trator;

Guardian Life Insurance Co.

The

Mr. Jones will speak

of America.

priorities as they affect hous¬
ing and Mr. Cahill will talk on

on

loans

VI

Title

FHA

for

defense

Mr. Benner will speak
outlook
for
mortgage

housing.
on

In this battle of

Feb. 27 and 28,
Jones, Director of

Hotel in Chicago,

Housing

out

Mort¬

Mortgage

the

Association of America,
at the Knickerbocker

Bankers

stop planes and tanks with their

They can't get
where they have got to go with¬

of

Clinic

gage

to

Conference and

1942

first

bare

hands.

wish-/to plant,fin ade¬
for home food

supply.

face to face with

g r

eo-

garden

quate

job.

a

A lot of good American

a

,

spot.
We're
paying
for our complacency,

heavily
for

I

fullest

of State Governors,
and
the
proclamation setting
aside a
special garden week,
should do much to help the
various
agencies in enrolling
farmers and hnyn and suburban
people
who • have *■ available
ground. and. garden

operation

follows:
v

The

States.

most
~

production

Nelson's statement

groups

gardens.

lose the war."

Mr.

interested in
Victory garden pro¬
are well underway in

and

cies

the

the

lose

Agricultural Extension

Services in a number of States

He told

management and
country "is fight¬
ing for its life," adding that "if
labor

an¬

den Conferences of State agen¬

his

statement

a

Department's

nouncement said:

holidays,
made

farm.

on

Washington's
this year on

on

good gar¬

a

Gardens can
contribute much to the objective
of the National Nutrition Pro¬
den

birthday, observed
Monday 23. It is likely that this
policy will also be observed on

little

be¬

done

make that independence stick.

ings.

mining

hourly

various

showed

time

full

tries

of 52.5

hours.

be

which he gave independence can

have

and

chemicals, 10,000; machine tools,

will

rqost, effective way to
honor
George
Washington'?
memory, this year, is to, work

the year.

increases were as follows:

shoes, 24,600; paper
and pulp, 19,000; foundries and
machine
shops, 14,800;
steam
and hot-water heating appara¬
and steam fittings, 12,100;
tus

•.

The

Health

vember and December.

nondurable-goods
advances.

work

work done.

hourly earnings

utilities

public

showed

ap¬

The firearms industry also was

rience.

payrolls were reported
in nearly all industries.
Sea¬

industries.

of

pointment is made must be one
requiring special business or
technical knowledge and expe¬

small increase

wiped out by decreases in most

and

non-govern¬

$5,600 a year.
The position to which the

between
De¬
cember and January which was

Rochester

technical,

or

at least

employment

other

respon¬

mental employment at a rate

factories

hamton-Endicott-Johnson
area

a

advisory position,
receipt of earned income

and in

industries.
Shoe

high integ¬

rity and good moral character,
of outstanding experience and

of the

increased

as

of

wage

'Dollar-A-Year* Policy

higher

were

about

approximately

secured

boots

Feb.

slightly below December, 1940,
levels,
but
weekly
earnings

bers

000

in

r-

plant there is dis~

.

in which substantial num¬

industries

the

2.5

0.9

were

manufacturing establish¬
were
reported.
In the

+

+

trade

tries

ments

—1.1

—

of

In the remaining indus¬
surveyed, the changes over
the month were not significant,
except in private building con¬
struction, where increases in
both hours and hourly earnings
resulted in a gain of 5.3% in
weekly earnings between No¬

in 576

Syracuse

—1.3

mid-

hours worked and hourly earn¬

238,000

Monday—

-

Washington's birthady—do the
gob and settle later. We, in the
War Production Board, will help
you adjust it if you wish*
The
important thing * is to get the

Hours

branches

both

total

affecting

and

to

mid-November

from

December.

Statistics

the

holiday is

approximately

an

employees

industries

and tex¬

both metals

7.4%

while

—2.9

Labor

a

next

retail trade showed little change

15 wage increases aver¬

to Dec.

7.3

Binghamton-Endicott-Johnson
City
•New York City

of

one-fourth

•.,

any

which

weekly ^arnings'were
reported by the other mining
.industries. The levels of weekly
earnings in both wholesale and

affected during April, the peak
month of 1941.
From Nov. 15

7.8

reported some increase in total
payrolls.
In Utica gains were
in

and

J.7

+

Committee, which had questioned
ployees. The employment gains the policy of employing such per¬
gains were due, in each in¬ sons.
stance, to hirings at defense
The following is the procedure
plants. Payroll gains were more which Mr. Nelson indicated on
widely distributed. In the Buf¬ Feb. 17 would be observed:
falo area nearly all industries
Each appointee must be an

noted

only about half the October

+

on

more

Bureau

total

+

State

reported

the

+ 0.7

+1.2

for

^agreement as to the terms under

,

.

any-

•

in

creases

plant

any

If in

equivalent decrease in average
hours Worked.
Moderate
in¬

.

reported to

as

was

-—0.8

Troy
Buffalo

larger

the

of

number affected

of :

result

-

122,000 workers were affected,

industrial cerning the appointment of per¬
except sons on a
"dollar-a-year" basis
Binghamton-Endicott - Johnson and for those employed on a
City reported higher payrolls "without
compensation"
status.
in January than in December, Mr. Nelson
recently outlined his
although only three, Utica, Al¬ plans for such a program before
bany - Schenectady - Troy,
and the Senate Defense Investigating
All

centers

mid-December,

Over the preced¬
hourly- earnings'^ rose
15.2%; average hours worked per

Rochester

the War

Areas

year

durable-goods

2.2

+

+1.4

Albany-Schenectady-

Donald M.

Industrial

the month.

ing

proximately

Dec., 1941 to Jan., 1942
(Preliminary)
Employment
Payrolls

..

Utica

January a year ago.

Payrolls Higher

to

over

aging

metal.

is that recently

over

of

in

also

equipment - and
machinery industries and in a
few
other
industries
making

The industry

/

,

transportation

100.

as

City

trated

with the years 1935-

instead

manufacture

York

the

for

published

being

are

recorded

were

rolls which occurred in the New

ployment and payrolls, com¬
piled by the Division of Statis¬
tics and Information under the
direction of Dr. E. B. Patton,
first time

mid-November

-

the
ad¬

of $19,466,800," said
Department's advices, which

<vIf in

scheduled

:

:

shutdown

the, production line.y ~

on

Average hourly earnings of factory workers advanced 0.8% from -J cancel it.

products, stone, clay and glass week increased 3.6%, and weekly
earnings advanced 20.3%," said
■products, leather products, a
in printing and paper goods. Secretary Perkins,- who added:
While
a
Smaller decreases were report¬
larger number > of
ed by manufacturers of chemi¬
wage earners received wage in¬
creases
in
December than in
cals and wood products.
The
the preceding month, the total
gains in employment and pay¬

who
shop

payroll

ded: ;

the

2,325

representative manufacturers
employed a total of 538,204
workers in

losses

severe

Birthday

where

•

v

Fairly

products.

meat

preliminary tabula¬

covering reports from

tions

v

to reach a level of 78.7 cents,
Secretary of Labor Frances Perkins reported on Feb. 11. "This rise
resulted partly from increased overtime and partly from wage-rate
increases," she said. "Working hours in many of the defense indus¬
tries exceeded previous levels and the average for all manufacturing
(41.2 hours) showed an increased
tween mid-November and midrolls were noted in the manu¬ of 2.3% from November to De¬
December. Weekly earnings fell
Average weekly earn¬
facture
of children's and in¬ cember.
12% in anthracite mines as a
fants' outerwear, millinery and ings
($33.69)
increased
3.3%

industries

firms in defense

Department Reports On Factory
Workers' Hours And; Earnings In December

the

banking

in

wartime

a

economy

and Mr. McLain's address will be

devoted

conventional

to

type

-

mortgages.

mortgage
bankers,

Approximately
600
commercial

bankers,

western

and

are

April

New

and

Lake

and

trust

southern States

are

Similiar two-day clin¬
scheduled

and

Francisco,

lanta,

title

officials from 15 middle

expected.
ics

and

estate

real

company

May

Los

Orleans,

for

March,

Seattle,

Angeles,

and

meetings

City and Denver.

San

Dallas,

Philadelphia,

Nashville
one-day

in

At¬

Cleveland
in

Salt

■""N

Volume

Number

155

THE COMMERCIAL & FINANCIAL CHRONICLE

4050

859

The

FHLBS Housing Loans

;

;

Nearly
$700,000,000 was
ad¬
by member savings .and
ioan associations of the Federal

:

,

vanced^

Home Loan Bank System
struction

and

purchase of homes

in defense

areas

cording to

a

the

during 1941, ac¬

published in

survey

announcement by

Federal
The

Review.

Bank

Loan

the

of

issue

current

Home

for con¬

the Home Loan

Bank Board Feb. 21 says:

associations

These
for

fense

areas

000.

"i

•

all

loans

;

reported

January Department Store Sales in New York
Federal Reserve District 35% Above Year Ago
a

in

according to an announcement issued Feb. 19 by the Fed¬
Bank of New York.
Stocks of merchandise on hand

Reserve

of January

department stores at the end
1941.

34%

were

apparel stores in the New York Reserve- District reported a
in net sales in January as compared/with a year ago.
Apparel stores' stock pn hand at the end of the month was 33%
The

gain of 26%

above a year ago.

purposes

The

!

•

.

•

•

STORE

DEPARTMENT

LOCALITIES:

MAJOR

BY

TRADE

Federal

Second

>

v

Review said, new
lending by all savloan; associations in

the

year,

*

.

mortgage

f ings

and

the

consecutive

exceeded

States

United

of 15%

crease

r" :

of

State-chartered" members
the

York

'Northern

showed
the
largest
lending volume, 21%
above 1940, while the Federal
savings and loan associations
System
gain in

*

*

;

recorded

v

Savings
which

-

associations

loan

and

of the

not members

are

Federal

Bank

Loan

Home

—

-f-r;—

Fairfield Counties—/

and

Valley:—;

Hudson-River

Poughkeepsie

—

—

Upper Hudson River Valley
Central

York State

New

;

——

Valley

Mohawk River

—.

—

Syracuse Z——

Binghamton

_-

/SZ/-.1.1—_i-—-.

Western New York State:

V; Buffalo

—

'All

to

INDEXES

OF

SALES

and

-home-financing

v

assets

of

.

institu¬
than

more

....$5,400,000,000.

unadjusted

Stocks,

seasonally
-

F. D. Underwood Dies

formerly

for

Erie

the

of

25 years President
RR., and a leading

figure in railroad circles, died on
Feb.

18

York.

home

his

at

Becoming

in

New

of

head

the

Erie in

1901, when the road was
in dire
straits, Mr. Underwood
in the effective administration of
marked

a

efficiency

of

state

at the time he retired on

Dec. 31,

who was
born
in
Wauwatosa,
Wis., and
was the son of the Rev. Enoch D.
Underwood,

Mr.

1926.

Underwood,/began
a

his

as

career

clerk and brakeman on the

old

Chicago, Milwaukee & St. Paul
Railroad, working his way up,
said the New York "Times" of
Feb.

+ 74:'

Pierpont
Hill.

WPB Auto Branch Appoint
of

Graham,

E.

John

Pelham

Manor, N. Y., has been appointed
Assistant Chief of the Automotive

War

the

of

Branch

Production

Board,
with
headquarters
in
Washington, it was recently an¬
nounced by Ernest Kanzler, head
of the division.
Before becoming

®

'

1942—

.

31.1

G. F.

Nov.

—-.

29
31—

Sept.

30

-

—

-

Dug.. .30

1941—

*

380.600,000

Jan.

374.500.000

Dec.

—

...

387.100,000

f

City,

Acting

Chief of the

Medium and Heavy
'

Truck Sec¬

Fred B.

Nov.

Map

31

295,000,000

May

;

30.:

Mar.

31

Feb.

28

.
-

_

274,600,000

Apr.,

263,300,000

Mar!

240,700,000

Feb.'

,

as

af¬

fecting trucks.
Charles S. Doerr,

ton, as Chief
.

of Washing¬

of the Military and

Export Requirements
Gardner S.

Piatt, of Washing¬

ton, as Acting
senger

Section.

Chief of the Pas¬

Car, and

Light

Section.




Truck

——

of

the

Federal

Deposit

Cash

,

:

•

report also included the following statement of assets and

on

hand, in transit and on deposit—

r

for amortization

of

premiums)

receivable

$19,964,141.20

(cost less

United States Government securities

reserve

•

and accrued interest
453,892,071.94

;—

$473,856,213.14

Assets acquired through bank suspensions and mergers

/'//•:■' //;M-

(less collections):
Subrogated claims
insured

of

depositors

against

closed

banks

$33,207,002.95

.'"V

Net balances of depositors in closed insured banks,

J

purchased from merging insured banks, to
losses under agreements
to return any excess recovery to selling banks—
Assets purchased from merging insured banks and
receivers
of closed
insured banks to avert
deposit insurance losses

Assets

219,400,000

avert deposit insurance

»

On Record

48,829,768.23

—14,———

expenses

226,400,000

:

/

.

41,105,409.16

1

•

.

,

1,079,390.77

'

•

Insurance

during 1941, 86 banks being eliminated during the
while 73 banks were admitted to insurance.
The FDIC's Board of Directors report relating to the activities

insured banks

months ended Dec. 31, 1941, with addi¬
pertaining to operations during the 12 months
ended on that date and during the entire period of operation of thq
corporation is as follows:
>
i•
•
■
*
of the corporation for the six
information

"

.

amounted to $32,008,729 for the

1941, including assessments of $26,442,951 paid by insured banks and interest earned, after deducting
provision for amortization of premiums, of $5,565,778.
Expenses
and losses during the period amounted to $2,748,905, of which
$929,725 represented deposit insurance losses and expenses, and
six months ended Dec. 31,

$1,819,180 represented administrative expenses and other charges.
Income for the year ended Dec. 31, 1941, amounted to $62,-

043,574, including assessments paid by insured banks of $51,396,520 and interest earned, less provision for amortization of pre¬
miums, of $10,647,054.
Total expenses and losses for the year
amounted to $5,840,478, represented by deposit insurance losses
and expenses of $2,145,262, and administrative expenses and other
charges of $3,695,217.

,

pending settlement or not claimed, to be subrogated when paid—coijtra—
.J-j—:
l
1,130,784.07
T-234,200,000
'"'Loans to merging insured banks, to avert deposit
238,600,000
/
insurance
losses,/ and- recoverable liquidation */>;'■

year

The income of the corporation

*

„

ASSETS

$

$213,369,169.62, or about 82%.
2., During 1941 there were 15 insured banks that closed or re¬
ceived aid from the corporation, bringing to 370 the number of
insured banks liquidated or merged with FDIC aid from the be¬
ginning of deposit insurance. Only 1,920 of the 1,205,000 depositors
of those banks held accounts in excess; of $5,000.
3. There was a net reduction of 13 in the number of operating

Lautzenhiser, of Chi¬

The

liabilities of the corporation as of Dec. 31, 1941:

232,400,000

Corporation for the
year ended Dec, 31, 1941, was $62,043,574, the largest for any such
period in the corporation's history, it was announced on Feb. 12 by
Leo T. Crowley, Chairman of the FDIC.
In his report as of Dec. 31,
1941, Chairman Crowley says that the surplus of the corporation
amounted to $264,199,903, which exceeds the $262,489,833 total assess¬
ments paid by insured banks since the beginning of Federal deposit
insurance.
Other features of the report are as follows:
1. To Dec. 31, 1941, the corporation disbursed a total of $259,967,598.37 to depositors of closed insured banks in settlement of
their claims.
Of this amount the corporation expects to recover
Income

Operations

particularly on all matters

-

.

224,100,000

——

FDIG Income For 194 i Largest

.

Technical Consultant,

29

-

.

office.

'30_—-C—2,.—233,100,000

Jan.

tional

-

250,700,000
—244,700,000
———J—— 232,400,000
a——

,31

86 banks eliminated during

Sixty-six new branch offices of banks were authorized during
the year.
In the case of established towns and cities that need
banking facilities, the corporation believes the need should be met
wherever possible by a new unit bank, rather than by a branch

252,400,000

29

June

—

were

one bank was discontinued after
by another insured bank. There
were 73 banks admitted to insurance, of which 33 banks were in
operation at the beginning of the year and 40 first opened for

Feb. 11

231,800,000

30
31
—
31——

There

31, 1940.

its deposits had been taken over

110

217,900,000

31

31-

299,000,000

Apr.

—

.

Sept.
Aug.
July

30

•

cago,

on

"/-.v;-v

'■

31

Oct.

31

"

tion.

/

Dec.

on

liquidation; and the insurance of

99

105

107;,/!':

..,

business in 1941.

377.700.000

June

appointments:

as

132

107

'

111

370.500.000
353,900,000
329,900.000

July

with

Dowling, of New York

194
-

1940—

31

Oct.

established under the old
Office of Production Management,
he had been engaged in the coal
business in Johnstown, Pa., Chi¬
cago and New York City.
Mr. Kanzler also announced the

r

132

Paper Outstanding

15)41—

•

Dec.

inally

following

109

insured

104

reports received by the bank from

Jan.

the Automotive
Branch at the time it was orig¬

associated

-

•y

years

the year: eight by suspension; seven by merger with financial aid
from the corporation; 70 by voluntary merger, consolidation, or

Jan.

Dec.

eight

the

15

96%, were
v."/:; yA

On Dec. 31, 1941, there were 13,482 operating banks insured
by Federal Deposit Insurance Corporation, 13 fewer than were

1942

1941

130

-

or

(

FEDERAL

commercial paper dealers
show a total of $380,600,000 of open market paper outstanding on
Jan. 31.
This amount compares with $374,500,000 of commercial
paper outstanding on Dec. 31, 1941," and with $232,400,000 on Jan.
31, 1941.
*' ' •
.?
u *
In the following table we give a compilation of the monthly
figures for two years:

by the late J.

Erie

SECOND

Nov.

•-

+82

ship of the Baltimore & Ohio be¬
fore he was named President of
the

+ 33

.

■•"/":

+98'\

I

adjusted.

20, to the general manager¬

Morgan and James J.

+ 34

;

The Federal Reserve Bank of New York announced
that

in raising it

its affairs succeeded
to

+ 27

(5 Saturdays).

1942

$29,780,000, of which $28,584,000,
protected against loss. •
f V'"

.•

STOCKS,

Jan.

——

Commercial

Frederick Douglass Underwood,

+ 39

' + 26

average == 100)

seasonally adjusted j:,,-

-

+ 33

+ 26

in January,

Total deposits in these

of deposit insurance ended Dec. 31,
1941, 373 insured banks were closed, of which three were subse¬
quently reopened or taken over by other insured banks, and 370,
having 1,205,154 depositors with total deposits of $468,417,000, were
liquidated or merged with the aid of loans from the corporation.
Deposits amounting to $467,640,000, or 97.7% of the total deposits
in the 370 banks, were made available promptly without loss to
the depositors.
Only 1,920 of the 1,205,154 depositors, or less than
V\ of 1%, held accounts in excess of $5,000 and were not fully pro¬
tected by insurance, offset, preferment, pledge of security, or terms
of the merger agreements.
4
•
Membership

+ 28

'

•

■

fully protected, closed

were

banks amounted to

During

k

+40

+78

daily),

(average

Stocks,

+ 38

+ 35

——

tRevlsed

;;

—-

AND

I

Sales

+46

+59 './ :

RESERVE DISTRICT
(1923-1925

+ 49

+ 51

V'/t/,.

V;''

+ 41

+ 69

+52 r

; ■/'

received aid from the corporation.

.

+ 51

+ 46

STORE

■./'v-:.., r

.

+'27

*

DEPARTMENT

System provides a credit
for some
3,850 thrift

tions. with

310

possible revision.
26 shopping days
shopping days in January, 1941 (4 Saturdays). ~

'Subject
26

---

"

•"

'+34-/'
W' + 52

department stores-.:-—-—

,1-———

or

•

'

i—-—L—L—l—>.

Rochester

'Apparel stores

71,769 depositors, all but 240 of whom

+ 28

>

+ 56

———f-——L—-—
-'-Niagara Falls
—*
j-------

reserve

/

•

--------L——

Elmira

+ 29

+41
r-

—_—

Southern New York

+ 41

+18

+42

+ 44

State—.——-——1
State.——1«——~~—L
—'
—
-r—L--——^—

York

Northern New

+ 41

,

+ 39

.,>447

*—-

—

,

+ 37

+ 40

;—

—•-(.—*—

+33

+ 38

—

——-'.—,

-

System reported an increase of
The

L—i.-—.

Jersey———

hand

e.o.m,'

+ 31

i——«/■—

Westchester

14.6%.

of

increase

an

ended Dec. 31, 1941, seven insured
suspended or received aid from the corporation. The 37,790
depositors in these banks, having total deposits of $19,125,000 were
protected to the extent of $18,057,000, or about 94.4% of their
claims, by insurance or otherwise.
Of the 37,790 depositors in
these banks, 37,588 were full protected.
During the year ended Dec. 31, 1941, 15 insured banks, having

banks

year ago

Net Sales

''

1

City.
New

Newark

Bank

Loan

Home

Federal

a

on

Department stores

'New

/-

'

-

vlrom

a

1940.

over

—

During the six months

^

>•. Stock
:

Closed Insured Banks

-

'
*

Lower
'

-

Percentage changes

billion dollars,

reaching a peak
of $1,378,000,000 for 1941.' This
was
the highest volume in 12
years
and represented an in-

>,

15)42

JANUARY,

District

Reserve

$311,000,000, while
an
additional $370,000,000 was
advanced for home purchases.
the' second

&

»

following is the bank's tabulation:

aggregated

For

than

more

at the end of January,

in de¬
totaling $900,000,construction ; loans

New

:

District

year ago,

eral

over

.

department stores in the Second (New York) Federal
increased 6% during January as compared with

Sales of
Reserve

surplus of the corporation, resulting from an excess of
expenses and losses during the entire period of opera¬
tions, /was $264,199,903 as of Dec. 31, 1941.
From the beginning
of deposit insurance on Jan.. 1, 1934, total income has amounted to
$336,538,130, including assessments of $262,489,833 paid by insured
banks and $74,048,298 derived from interest earned and profits"
from sales of securities after making provision for amortization
of premiums.
Charges to surplus have amounted to $72,338,227.
Net deposit insurance losses and expenses amounted to $46,598,429,
resulting from the difference between total disbursements of $259,967,598 actually made or pending to depositors of closed insured
banks in settlement of their claims and to merging banks or to
receivers of closed banks for loans or purchases of assets, including
expenses incident thereto, and estimated recoveries of $213,369,170.
Administrative expenses and other charges have amounted
to
$25,739,798. V (
income

losses

for

Reserve

Less:

$125,352,355.18

Deferred charges
Total

81,740,913.01

—

l.OO

and miscellaneous receivables

65,089.26

fixtures and equipment

Furniture,

43,611,442.17

—

assets

$555,662,213.41

—

LIABILITIES
Current liabilities:

Earned

deposits and collections in suspense,

money

from subrogated
claims of
to
merging
insured banks,

arising
loans

$172,955.96

assessment rebates payable

and

Accounts

depositors,
and assets

.

Net

-

,

in closed insured banks,

of depositors

balances

pending settlement or not

claimed—contra

1,130,784.07

—-

Reserve for

117,824.78

deposit insurance expenses—_—;

Total

$2,162,753.55

liabilities

CAPITAL

w

$289,299,556.99

Capital stock

'Z;':

Surplus:
Balance June

$234,072,503.76

applicable to periods prior to

July

867,574.77

1942

adjusted June 30,1941
Surplus for the six months ending Dec.
Balance

"

*

30, 1941

Add adjustments

1,

$2,031,417.9^
13,510.84

credits

Deferred

'

727,677.90

purchased

as

—

$234,940,078.53

31, 1941:

Additions:

Deposit

insurance

Interest

earned

on

for

provision

$26,442,951.13

assessments
securities

(less

of

amortization

5,555,363.62

premiums)
Other

10,414.26

received-'

interest

'

$32,008,729.01

Deductions:

Deposit

insurance

penses

losses

and

ex¬

$929,724.44

,

1,800,380.42

Administrative expenses

equipment
purchased and charged off

Furniture,

fixtures

and

18,799.81
$2,748,904.67

Total

^

264,199,902.87

fccc'cco'oio'j?

capital

Total liabilities and

^

29,259,824.34

capital

$555,662,213.41

L—. rj>.

:

THE COMMERCIAL & FINANCIAL CHRONICLE

860,

FSLIC Assets -Up In 1941
At the end of

.

1941, assets of the

Federal Savings & Loan Insurance

Corporation,

which
ings-in-more-than

insures

sav¬

2,300 home
institutions, totaled

financing

$132,735,491,::

with

as
compared
$128,014,722 at the previous

year

end, Oscar
Manager of

R, Kreutz, General
the corporation,, an¬
nounced.
According ; to the an¬
nouncement reserves, and surplus

15.and Dec. 15, however, and increases in rent,.fuel and miscellan¬

Highest January Steel Output On Record #

last

production during January established a new record for
that month of 7,129,351 net tons of open hearth,/Bessemer arid elec¬
tric-furnace steel ingots and castings, the American Iron
and^ Steel
institute announced February 12. .v. "
;
——7^..;. Last month's total was nearly 3% more than the previous Record

Corporation in¬
creased by $4,527,229 to a total of

Miss Perkins, "the cost of
in 1935-39;:i.As in the
occurred in cities particu¬

says

average

.

made last' October.:/'':.,;/:

was

"'"./

The ' steel

-.

:

during January.

.

*

.

.

*

■
*

v'f

-

Retail

Food

+{F.. F

of

most foods rose -between. mid-November.
and mid-December of 1941, continuing ^ the. advance which; had
been .under, way for -more than a year, but the increase was
moderate: in comparison with earlier; months.
There were large
seasonal declines in prices for pork, eggs and oranges, and lower
prices for butter, so that the food-cost index- remained unchanged
during that month.
On Dec, 15,-the food market baskets of
wage earners and clerical workers cost 16% more than a year
ago and 21% more ..than in ; August, ,1939, the month: preceding
the outbreak of war in Europe.
Retail..prices <of .oranges, declined..22% between mid-No-

J

amounted to $6,605,790,

year

1941, as a whole,"
,2.2%,.to 110.5% of the

6,928,085 tons, established last year, but was slightly
1941, total of 7,163,999 tons.
-F^-'F/F/FFF/;-'
The January. total was the" fourth largest for any month in the
cember,^ 1941, to secure the same level of living as before the war.'?
steel industry's history.;- The record for a single month,
'
7,242,683 tons, The following details are supplied by the Labor Department:
January,

below the December,

sented an increase pf 4,418,000 net tons over annual
capacity of
84,152,00(>; tons as of Jan. 1- 1941, jand/ari increase/' of 2,421,000 t6h$
as compared to $5,993,2irih 1940.
over the figure for July lf 1941. j
It is likewise announced:
J.
Last month's operating rate compares with a rate of
96.9% for
As in past years, the InsurJanuary, 1941, computed on the smaller capacity at the beginning of
f,
a nee Corporation has been able
that year, and with a rate of 98.1% for
December, 1941, computed on
to meet its operating expenses
the; capacity as of July 1, 1941.
VF
i
from interest income on its in¬

the

rose

previous quarter, the larger increases
larly affected by defense activities J: The average rise in the; South¬
ern cities was greater than in other areas.
For every dollar spent
by moderate-income families in August, 1939, the month before
war broke out in
Europe, it was necessary to spend $1.12 in De¬

*

Insurance

the

quarter of

living

industry operated at an average of 94.7 % of capacity
This figure fs based on the revised- annuaL pro¬
ducing capacity of 88,570,000 tons}-as of Jan. 1, 1942, which repre¬
$30,976,424, while net income.for
of

goods and services-also contributed to- the advance." z "In the

eous

Steel

for

Thursday, February 26, 1942

*

prices

,

without using Z t Steel output averaged 1,609,334 tons per week in January,- com¬
vember and mid-December.
JBoth California navel and Florida
premium receipts or income re- pared with 1,620,814, tons per week in December,. and with 1,563,902
I ceived
from
^oranges,, were:.late/.in,arriving' on the. market this year, creating
original capital. tons per week in January, 1941. f1 r. i,
'i
<
.'a
scarcity in mid^November.. By. mid-December, supplies were
Operating <-expenses
for -1941 PRODUCTION OP OPEN HEARTH,' BESSEMER AND ELECTRIC STEEL/INGOTS ANf)
i
available in much greater volume with a consequent price de-amounted to only 4.4% of the
STEEL FOR CASTINGS
•' i
* '•
corporation's gross income or
| cline. Supplies of pork and eggs were also marketed in increas"Estimated Production
-"
// ingly large quantities. Butter: prices reflected an unusually large
59% of the interest earned on
—All Companies—i
F Calculated
1 its invested reserves, v
supply.
The Department of Agriculture reports that the supply
F
weekly
F.;;'F:1 Total- FFFF'
vested

reserves,

r

.

.

-

.

.

.

-

'

'

'

"

-

Insurance

.

Corporation
in insured
associations

£ prbtects V

investors ;
savings and loan
against loss of their savings
to $5,000 each."
■-

^

<

I

.

«"A.The

of

1942 t

Net tons

January.

7,129,351"

Despite the

>

which

issue

of

the

U.

S.

Depart¬

Agriculture.

The survey
the February

in

appears

of

____

6,237,900

96.6 t

-

Sugar prices, generally very sensitive to war conditions, ad¬
moderately.
After the attack on Pearl Harbor, a num¬

7<131,641

97.8

-1,578,353

6,756,949

97.6

1,575,046

ber of grocers

voluntarily limited purchases to two, five or ten
pounds per customer; this has been more common since the order
of Dec. 13 which froze sugar/stocks in the United States and lim¬

4.00

■

4.43

:

.

ited

May

7,053,238

98.7 F

1,592,153

6,800,730

98.2

1,585,252

In the last quarter of the yearr the average food bill of wage
earners and clerical workers rose
2.2%.
By the middle of Jan-

4.29

4.43
4.29

-

1st

8

40,908,543

98:0

1,581,312

6.821,682

93.4

1,543,367

7iOOO,957

95.7

6,819,706

96.4 "

1,593,389

20,642,345

95.2

1,572,151

61,550,888

97.0'

1,578,228.

August

,

1,584,237

13.01
25.87

/'

:

domestic

4th

/

4.43

the

world's most
of sugar.
In
addition, the export of cigar to¬
bacco has long constituted, an im¬
been

important exporter

portant item in the nation's
as

is quoted

Minneman

Dr.

omy.

econ¬

saying:
."The policy

of diversification
Gov¬
ernment
aid
and,
regulation
measures,
such as higher tar¬
iffs,
loans
for equipment to
growers
and< processors,- and
fixed prices.
As a result of
has been implemented by

;

these

measures

Cuba is

1,624,706

7,163,999

98.1

L_™_—

quarter

•

21,376,669
21.376,669

98.5

-

4.28

showed

'

39.00

<

r

Total

82,927,557
82,927,55-7

tBased

100%

of

<

> 97.4

•

F .1,590,479

percale dresses, continued, to show greater increases
articles

|

/■> 52.14.

-

levels

percentages of capacity operated are calculated

on

weekly capacities of

v
>

F

"The

flour,

principal
lard,

vegetable
and

garlic,",

says

He

points

out,

"should

agricultural

cured pork, beans,
oils, cotton, onions

Cuba

Mr. Minneman.
however, that

attain

a

perma¬

nently higher level of employ¬

WAGE

EARNERS

(34 Large

AND

inventories.

LOWER-SALARIED

ARTICLES

WORKERS

V

OP

./

Cities in the United States

/VH iw"
"'v
Percentage Changes ■
'
:■•/* "'.ir
'
Sept. 15.1941:, Dec. 15,1940
Sept. 15, 1939
Articles of Clothing
to
to
to
>
Men's:
Dec. 15,1941 r Dec. 15.1941
Dec. 15.1941

capacities of

./Topcoatd:-------^--.--—4.

Jan.

net

1,

tons

annual

steel

1942

for

1,430,102

electric

net

ingots

capacities

.

■

Open

tons

and

of

as

Bessemer; 6,996,520

-

castings,

follows:

as

open

steel

Jan.

1,

hearth,

134,187

castings,

for

1941,

as

net

total

tons

Bessemer

1,613,892

(follows: ,Open

hearth

net

and

49,603

tons;- based

74,565,510

net

.

Business
Work shoes

,v

4.3

+.

:-Street.. shoes

+-2.5

^

7.7

'
H 10.1
"i-:15.3

■

"—,-v

+

—

-Dress

-4-

+31.5

-

+34.1 v-V

,

-+11.6.,

t+12.7F,//-?;

.-v

4.3

+11.9 v/+15.5

0.9

+12.4 ;,.

'

,

.

';

-,+ 22.6 •— -■

+16.6

+19.6

Women's:;:.,--

?

■'

coats, fur trim

Sport .coats
FWool. dresses

■■/— 3.0
+ 0.5

-

:- +

.

+12.0

r

.

7.5

.:

+.- 7.0

+11.7. -«•
F+12.4
+14.1 • - >. +14.6 ■ •
:v:P)»calev dressesWil.Z;_L_Fi^/:-.-^>:J^>i:-;iFii;/^F4:15^^:>-F:; :v'+37,6:lFF/;/-'f+45.6i,',Fr;
'/ Silk .hose;
1
+ 5.4
/
+19.2
- +18.64

nRayon. panties

January Steel Shipmenls Reach New High

Shipments of finished steel products by subsidiary companies of .^Women's
of January,

-f.

,

t

the United States Steel Corporation for the month
totaled 1,738,893 net tons.

!- *j

wool.—.*——
y.-v4r-;1.0+13.1
trousers,-cotton
^ +- 6.6 — +19.6
F'-Overalls'/,cotton-»-wL:^--i-^^----^«--./+ 5.6
'
+26.2
Work- shirts,. cotton—
1
+. 8.6
..'+28.8
Work

electric

tons,

0.5

^Suits,

on

tons;

2,586,320 net tons. Beginning July 1,-1941, the
percentages of capacity operated are calculated on weekly capacities of -1,459,132
net tons open hearth, 130,292 net tons Bessemer and 62,761 net tons electric ingots
and steel for castings, total 1,652,185 net tons; based on annual capacities as follows:
Open hearth, 76,079,130 net tons,- Bessemer 6,793,400 net tons, Electric >3,272,370
net
tons.
; F'-;; + -Fr'/-jZ FF: FF;'
~
-:F:; Fnet

-

.

.

now on a

and cacao.

eggs

most

total 1,698,622 net tons; based on annual capacities as
hearth 78,107,260 net tons, Bessemer 6,721,400 net
tons,-electric 3,737,510 net rtons.
>:F=F
The percentages of capacity operated in the first 6 months are calculated on .weekly

ingots and

of

basis, not only for
sugar and tobacco -but also for
fruits,
vegetables,- -henequen,

coffee, beef, hides and skins, and
dairy products and it is: selfsufficient in the production of

BY

net: tons Bessemer and 71,682 net tons electric

128,911

than

and children also
Because of the unusually

women

in order to cut their stock before the year-end

CLOTHING

w

net-export

,

clothing.
Shoes for men,
reported higher in most -cities.

PERCENTAGE. CHANGES IN AVERAGE PRICES PAID FOR SPECIFIED

_

1,498,029 net .tons open hearth,

of

mild weather in the late fall and early winter, the'volume of
sales of women's coats was less than anticipated.
Many stores
reduced prices of women's - fur-trimmed coats below September

-

Bessemer

Production

Note—The

large cities surveyed quarterly by the Bu¬
Statistics, the increase in the last 3 months ex¬
Retail prices for Uien's work clothing and women's

Labor

ceeded 5%,

were

/

advance

4.43

F 13.14-

.

•

4.29

Reports by Companies which in 1940 made 98.43% of the Open Hearth,
and 85.82%
of the Electric Ingot and Steel for Castings

on

the

meats

of 1 % in clothing costs between
December, the family clothing bill in large cities
average rise of 3.6% for the quarter ending Dec. 15,

an

of

4.42

1,626,839

-

for

Egg prices con¬

In 11. of the 34

1941.

13.13

/ 1,620,814

:

increases

November and

'

v

both for
export.
Cuba

and

use

long

1,634,917

98.3

7;242,683

duction of other products,

has

99.0

6,969,987

the further

*

reau

November

further

Clothing
With

4.42

of

Foreign Agricultural Relations,
points out that the distressed con¬
ditions in the sugar industry dur¬
ing the past 10 or 15 years caused
Cuba to encourage increased pro¬

indicated

•

:

1,580,351

.

reports

and such staples as navy beans, sugar and lard.tinued their seasonal decline.

,

98.2

preliminary

uary,

-

"

20,610,917

supplies available to retailers to their 1940 monthly levels.

12.86

.

hand as of Jan. 1 is the largest food dealers have
on that-date.
v /

vanced

4.43

.

1,559,475
1,609,851

-

>

reported

ever

4.43

1,563,902

+

* 20,297,626

"Foreign > Agriculture,"
monthly publication of the Office
;

'

1,609,334

on

-

In month

recently improved

point in the nation's agricultural
policy, according, to an analyses
of Cuban agriculture by Dr. P. G.
-

;

99.7

..4..

IstQuarter-

demand for Cuban sugar as a re¬

ment of

*

96.9 '

6;928,085

sult of the war, diversification in
its agriculture remains the central

Minneman

94.7

V;' k.

of butter

}/

Numbor
of weeks

(net tons)

.

19411

February

Diversify

production,
all companies

f

capacity

[•;

up

March

Cuba Will

Percent

l

Period

shces.

1942,

L

^

1

F

f ,8.3.

^

+. 2.8

-

.

f,

,

+

■

,

7.0

+

,

7.3

Housefurnishings

.

-

/;Prices, of.housefurnishings: went up by I % in December and
January shipments compare with 1,846,036 net tons/ in; the
"/. between Sept. 15 and Dec. 15," 1941, the total cost of housefurnishpreceding month (December), a decrease of: 107,143 net tons,Vand
//r
than
at the end of 1939. ; In furniture the large price rise has been
with 1,682,454 net tons in the
corresponding/month in 1941 (Jan¬
F; due primarily to shortages of certain materials and to greatly inuary), an increase of 56,439 net tons.
>!F .4 \
* r.~f
:
creased demand resulting from higher consumer incomes.- DiverIn the table below we list the figures
by months for various S sion of materials to national defense efforts and Federal -excise
periods since January, 1929:
i /
taxes have been reflected in the retail prices of electrical equipment
••/
/ / /
1942
1941
'1940
1939
1938.
'—-.'71920 "F
F the average, 4.3%if/ /Housefurnishings now-cost about 20% more
January
1,738,893.
1.682,454
1,145.592 870,866+ 570,264.+- 1.364.801
F ings customarily purchased by lower-income families increased, on
February
F
1.548,451.
1,009,256
747,427
522.395
1,388.407
which have also risen sharply.
March
'
Curtailment of imports of wool
JL
1,720,366 F] 931,905 r
845.108
627,047 " > 1,605.310
April
™_" •:
1,687,674
I 907.904
F, since war broke out in Europe has caused rugs and carpets made
771.752
550.551 7 1,617,302
May
1.745,295
3,084,057. : '795,689 1 ' 509.811
-1,701,874
/V of wool to advance approximately1 25%.'/ Prices of sheets have
June
1,668.637
J-,209,684 :
607,562
F X 524.994:.
1,529.241
/.. risen consistently since the first of 1940 and were reported 25 to
July
_™_1,666,667
3,296.887 - •
745,364
' 484,611 - - 1,480.008
August
Uv ,1,753,665
40% higher on Dec. 15, 1941,-in most cities.--/''
3,455,604 885,636
' "615,521-- 1,500.281
• •
^ ;
;
!
-

■

The

,

;

.

__™_

ment and

'*

>'

prosperity the domesconsumption of many agricultural products would increase
tic

-

.

.

.

r-

™__

*

necessitate

and

v

duction

or

increased

.

pro-

increased imports."

_—

•

September
October

December

Tegucigalpa,
Honduras,
of Feb. 15, tfye New

From

date

under

"Times"

reported

the

Congress
from

the

been

to

mos.-

a

1,086,683

635,645

1.262,874

1,572,408

1,345,855

730.312

1,333,385

1,624,186

1,425.352

1,406.205

749.328-

1,110,050

1,846,0361,544,623

1,443,969

765,868

.-

931,744

'/

20,458,937
,U

14,976,110

J

1

11,752,116

r 7,286.347

*44,865

1 29,159

37,639

-

CHANGES

IN

FURNISHINGS

BY

EARNERS

F;

16,825.477
'
*12,827

by

loan

he has abandoned his
stand against debts because of
the need to improve economic
conditions and to increase de¬

Presumably this loan will be
in addition to the money

that is

expected to be allowed to Hon¬
duras

for

completion

of' the

*

Inter-American Highway.




PRICES

AND

PAID

a/:
15,013,749 : 11,707,251
-7,315,506
16,812,650
FFFFF; FF'FF':' ' FF.F FFF--F;••

Note—The monthly
to

shipments as currently reported during the year 1941, are subject
adjustments reflecting annual tonnage reconciliations. These will be comprehended
shipments as stated In the'annual report.
v 7,"

In the cumulative yearly

LOWER-SALARIED

:•

F-

-

Living room suites, medium

.

to
•

r

Dec. 15, 1941

'+ 2.8

—r.

+

2.9

-fZ +

3.5

____,

Bedroom suites, medium

.

Washing machines-__'______-_u-_______-_-;J.

•'

+

•

said.

was

.

the

smallest

"Housefurnishings and

clothing

* rose

sharply

between-Nov.

•

+

.

- -

J

+18.7

7.2

+ 30.7

5.1

+19.3

l-k

7-5'

+

-F'" /

change.

•

F Fs-

+ 26.7

•

;.

.—' 7,2 FF:

•;

17;5
-

+ 27.2

"+36.7
F. -F+ 21.9

+10.3

o.3

:o-

rise

,

7.8

—_™_i.'

Dec. 15. 1941

--+ 23.0
.

+

_____™_™__;-^F;;';+ -7.3

Sheets, 68x72_'_—+-0.4

"The advance of 0.3%

in living costs in large cities im Decem¬
in-any month since last March,'! Secre¬
tary of Labor Perkins reported
jon Jan. 21.
"Large seasonal de¬
clines in prices of a few important foods reduced the total family
food bill sufficiently to offset advances in other food
prices,"J she
ber

LARGE

' .'

' + 20.1-

________—+

Sheet, 64x64____ 1__
.*No'

IN

/F' FF

+22.0

+30.9

+- 3.5

-Carpets,

-1-"

Dec. 15, 1941

V ;,

2.2

Rugs. Axminster_____________j.._______-___,'. •'"•>'•'+• 0.6
Mattresses-—/.-™

Living Costs In Large Cities Advanced 0.3% >
In December; Smallest Increase In Months

v.

1

inexpensive™—_—^ + 3.0

refrlgerators-™________ii.-___:_-12F. ;:;-

Linoleum__i

WORKERS

HOUSE¬

Sept. 15, 1941

'

/.

Living room suites, inexpensive_____

Electric

SPECIFIED

Percentage Changes'—
Dec. 15, 1940
Sept. 15, 1939
Zr to
'Fto v
^

*

;

Bedroom suites,

FOR

F cities of the united states

;

.

measures.

WAGE

\:

-

dently

fense

F

;

AVERAGE

Articles1 of Housefurnishings:
V;

'FF-

Evi¬

States.

PERCENTAGE

fol¬
•Decrease.

negotiate

United

by

adjust...

Total

authorized

3,392.838

1,851,279

'

Total

Yearly

President Tiburcio Carias Anhas

_____

1.664.227

\

lowing cablegram:
dino

______

November

Negotiating Loan

York

-

.

__

+17.9
/

-

/,'

+ 19.3

/

*.—

o.fi

'v +20.4

-

'
•

i.>

+23.5

1'

v

+ 35.4
.

+21.5

V-' v-v-

RentF.:;.F.F.:;:/F:;,/:/'z

Changes in rents from November to December differed widely
from city to city, averaging 0.4% higher for 21 of the
large cities.
:

Over the last quarter the increase in the total rent bill averaged

;.F1.3%
<

ern

in 34 large cities.
The greatest increases occurred in Southcities with large defense contracts.,; From mid-September- to

Volume

Number

155

THE COMMERCIAL & FINANCIAL CHRONICLE

4050

mid-December the largest advances occurred in Mobile where em¬

cities

rents

raised

were

for

homes

the

of

the family
bill by 2.7% between mid-December and
mid-January, Act¬
ing Commissioner Hinrichs of the Bureau of Labor Statistics re¬
ported on Feb. 12.
Prices of almost all important foods were sub¬

With little change in fuel prices in late November and early
December, the increase in the cost of fuel, electricity and ice was
relatively small in the quarter ending Dec. 15, 1941.
Generally,
coal and wood prices were a little higher in December than in Sep¬
tember.
Higher wood prices were largely responsible for the in¬
crease in fuel costs in Portland, Oregon
(plus 5%), -Atlanta and
Mobile, where wood is extensively used for fuel.
In Cincinnati, as
usual at this time of year, the cost of gas to moderate-income do¬
mestic users was reduced, while in New York, the decline of 0.8%
in the cost of fuel, electricity and ice reflected the reduction of the

.^XXXbXXBb'X

kets,

The

+

the

B

defense taxes contributed to the increase in the cost

new

goods

Taxes

services

and

in

included

miscellaneous

the

group.

autpmobiles, tires and tubes and movies were increased
1,'and new excise taxes were placed upon toilet prep¬
arations, telephone charges and railroad fares.
In

cities

most

the

of

cost

such

services

between

B

tities,

Dec.

18.8%

above pre-war

levels.

announcement

16

usually

Retail

v

Mr., Towers

B

said,

compared

as

1940.

the highest
than a year

higher

Feb.

on

14

in

the

annual

of $225,000 *on capital stock
by the Minister of Finance,

held

left

$5,588,386,
$3,819,460 in

with

He added that the increase

was
mainly attributable to the
higher average level of the bank's

further

,

security holdings.

v

said:

available

prices

of

milk

advanced

cent

i

one

for

The

ernment.

and

rest

two

fund,

brings

is

view

in

now

paid-up

per

addition

it
was
fund
to

the

which

quart in six
cities, continuing the widespread increases which have been tak¬
ing place since last y April.
White bread rose 1.2% -during the
.

barber-service,
considerably to¬

1930,

net

F.

dend

and
mar¬

Jan. 13, largely because only small quanpounds, were available in cities where purchases were limited voluntarily by retail
grocers, and the charge
per pound was higher.

B

as

Bureau's

>.

on

of Oct.

as

sur¬

wholesale

had

Of the profits
distribution, one;B During the last half of
January, preliminary reports indi- third, or $1,862,795, was added to
cated additional advances in food
prices except for eggs, oranges, the bank's rest fund, and the re¬
and pork chops, which declined
seasonally.
X'
maining two-thirds, or $3,725,591,
was
The average price of sugar in retail stores advance
paid to the Dominion Gov¬
3.6%

prices increased, on the average, from 10 to 15%.
of

and nearly* 25%

The

^

1941, automobile

in

advances

Canada

report, issued by
Towers, Governor of the
institution.
Payment of a divi¬

says

ago,

Miscellaneous

earlier

bank's

G.

tail food costs stood at 116.2% of the 1935-39
average,
level reached since
December,

•

•

substantial

disclosed

was

the Bureau, which likewise reports:
Egg, orange, and carrot prices declined seasonally.
At the
mid-January level, the Bureau of Labor Statistics' index of re¬

•

.

Between mid-September and mid-December,

followed the

sugar

B

city"s sales tax from 2 to 1%.
-.v

stantially higher in all of the cities covered by the Bureau's
vey.
Large increases for beef, pork, potatoes, bread, milk,

of

of

$5,813,386 from opera¬
tions in 1941, after
providing for
contingencies
and
reserves,
it

food

Fuel, Electricity And Ice

Bank

profits

——Sharp advances atretail for many-fqodiTadvanced

rented by white families with moderate incomes.
B+

The

Between Mid-December And Mid-January

In all 4. of these

two-fifths

than

more

Canada Bank Earnings
Up

Retail Food Prices Advanced 2,7% Further

ployment in the shipyards of the area rose by more than 40% and
the average rental bill rose by 14%.
Increases in rents in Norfolk,

Savannah, and Birmingham all exceeded 5%.

861

the

the

of

excess

capital,

of

to

explained,
$5,585,705,

$5,000,000.

In
circumstances,

these

Governor
Towers'
report
said,
service rose
the distribution of profits in 1942
Frequently, employment agencies re¬ X month, following advances of about one cent per loaf during the
will be governed by the terms of
ported that it was no longer possible to secure domestic help at •XiPast six months in nearly all cities covered by this survey. Meat
section 31
(b) of the Bank ofB prices rose sharply (4.8% ) throughout the
wages customarily paid by moderate-income families. ;
■
country between midCanada Act, which provides that
December and mid-January in spite of the fact that
supplies of
TABLE 1
one-tenth of the surplus available
beef and pork were somewhat larger than a
year ago.
This adPERCENTAGE CHANGE FROM SEPT. 15, 1941, TO DEC. 15, 1941, IN THE COST OF
from operations of the bank shall
vance
in
retail
prices followed rapid advances in -wholesale
GOODS PURCHASED BY WAGE EARNERS AND LOWER-SALARIED WORKERS
be allocated to the rest fund, and
IN 34 LARGE CITIES OF THE UNITED STATES BY GROUPS OF ITEMS
markets between Dec. 7 and early January.
!
Retail prices of
the residue shall be paid to the
Mis¬
.+ Fuel,r*. Houselamb and chickens advanced seasonally, and canned salmon
prices receiver
All
>
cella¬
electricity furnishgeneral and placed to
rose to new high levels.
"
'
Area and City >
\
items
Food
and ice
neous
Clothing Rent
ings

beauty shop
wards

the

and

service

end

of

domestic

1941.

■

,

,

,

•Or

Average: Large Cities
New

England:

Boston

+ 1.3

+ 0.4

+ 4.3

2.6

+

+ 1.7

+ 1.6

+ 2.3 :y

+ 2.1

+ 0.3

+ 2.8

+1.3

1.7

+ 0.4

+ 3.9

+ 1.9

+ 1.4

+ 3.8

+ 2.2

+ 1.4

% +3.7 +

+1.8

+ 1.1

: +6.2

+ 3.2

;

+ 2.2

...

New York..***

+ 1-8

Philadelphia—c
Pittsburgh.—

+ 2.0

East North

—

+ 3.8

+ 1.4

+ 0.8

+ 5.0

+ 3.1

+ 2.5

A +1.5

+ 0.1

—0.8

+ 4.0

+ 2.4

+1.5

.

B

+ 2.1

+ 3.2

+ 0.2

+ 2.8

+ 2.6

+ 1.6

+ 5.8

+ 0.1

r;;

+ 1.4

+ 4.9

•—O.i

'■<

+ 0.3

—0.4

+1.0

Chicago—'—.

+ 2.0 .u

....

Cleveland

+ 3.4

+ 2.6

+ 4.8

+ 1.0

—0.7

+ 3.4

+1.3

+ 0.7

+ 4.4

+ 2.2

+2.5

+ 2.5

+ 1.0

—1.3

+ 4.3

+ 2.3

+ 0.8

+ 3.9

+ 3.1

t

+ 4.1
V::.
+1.4
1+ 4.6

+ 2.8

.

BX+2.2

Detroit..—

vB;

t

I

Central:

t Cincinnati

—.

+ 2.8

:*;*.

bb + 3.3

+ 3.5

+.2.4

+ 1.2

+ 2.3

+

Indianapolis..
Milwaukee

-

+ 5.3
+ 4.3

V

..

St. Louis...

South

Atlantic:

>

:

+ 3.1

+ 4.4

+2.6

B;30%.

+ 3.4

B

+ 0.4

+ 0.5

+ 5.6

+ 3.3

+

+ 3.6

3.8

1

+5.0

+ 0.2

+ 3.9

+ 3.4

+ 5.6

+ 1.8

+ 0.4

+ 5.9

+ 1.9

+4.8

+i.o

+ 2.5

1+5.4

+ 4.3

+ 0.1

+ 6.4

+ 2.4

+ 0.8

+ 7.5

+ 3.4

+ 2.6

+ 2.6

i

i

+ 4.2

+ 3.3

+

+ 3.1

—

J

Washington, D. C

+

+ 2.7

:;B+

B

+ 2.4

NS

+ 1,5

+ 4.8

+ 2.6

+ 5.9

+3.8

-

Savannah..

+ 6.5

+ 4.0

2.5

+2.8

V + 2.6

:

+ 6.1

5.2

+

X

+ 1.3*

+1.9

r

2.5

+

4.9

X

+ 2.0

+ 5.5

•

;

.

+

3.6

4 2.6

'

—

Mobile—*

>+ 2.8

+ 5.4

+ 2.3

+ 0.0

-

+ 5.1

*

-

+ 5.7

+ 2.1

+ 5.1

+ 2.7

+ 1.8

+ 0.1

+ 5.9

+ 1.7

■+

*"• Denver
Pacific:
Los

+ 5.5

+ 4.1

+ 14.1

+ 2.1*
fy 4V; tr

+ 3;2 B

*

V.

:

+ 5.3

+ 4.2

^ 2 3

+BB

—

,

+

+ 3.2

—

New Orleans————*r

Mountain:

Angeles

•; + 3.9

2.7

,V +

B

+ 0.4

.;:+ 3.9

+ 3.3

+ 0.8

+ 1.2

+ 4.9

+ 2.7

+1.2

+ 0.8

+ 5.5

+

4.1'

•+

+ 4.4

+ 4.3

B

+ 3.9

.

*

+ 4.5

+ 6.0
+ 1.2

+2.6

3.2 < ■'

+ 4.0

+ 5.0

2.9

+ 3.1

+ 3.5

+ 2.4

BB+

Seattle....

+

cities.

51

tNo

by

B

milk,

IN

?

CHANGE

*
,■

1: t

B:.v:

+ 4.8

(

+ 4.3

+ 3.0

5.7

+ 3.0

+ 4.0

+ 3.2

+

+ 0.8

+ 1.2

+ 3.3

+ 1.8

+ 5.1

Changes at

since

WAGE

BY

CITIES

OF

'

x

1941

15.

,•

Area and City; X XXXB
Average: Large Cities—

+

New

V.

A

•'

''

'

-B

15,

1941,

•Clothing

,XV;.

Rent

r

V + 0.9

—0.4

—1.3

+0.2

>

and

+ 0.4
*'r

...

—

16,

ice

+

XX

+17.5

Steak

Round
Rib

Roast

MHi.

1>C .-+0.3

+ 0.7

*

Canned Tomatoes

neous!

+ 1.0

t

-

New York

+ 0.4

X-

ii**.*

Philadelphia

t

Scranton*.

Chicago

+ 1.2

—0.4

—1.4

—0.3

—1.4

+

0.4

+1-5

—0:5

+ 0.9

**-.-

Fresh

XXy

(avge.)_-

Pork

.v*".;~+'6l.O

+

6.5

+10.0

+

5.5

+

•••"

§

X

Cheese

+ 0.4

X:

+ 0.7

St. Louis————

■-

+ 0,8

+ 0.4

+ 1.1

+ 0.4

V

+0.4

+ 0.2

+ 1.0

+ 0.5

—0.1

v-: t b;

r

.' '■

§

'-v;

+ 0.1

•XV.„tBX:

+ 1.1

+ 0.4

t

+ 1.3

.

+ 2.5

t

+ 0.6

-

+0.1

+ 0.7
+ 0.9

X

+ 0.2

§

t

t

■

§

+ 2.4

t"

+1.0

-

+ 0.1

♦

B

+.1.6

v '••v

+1.0

.

t
i

+1.8'

.

if

—1.7

B

r.

+ 0.8

X"

5

+ 0.7

Richmond

4.4

5.4

Coffee

+24.3

Butter

3.0

+22.5

Evaporated Milk

+

3.0

■+ 22.6

Oranges
Eggs

1.4

v

+.15.0

.

;

+ 0.6

+ 1.6

+ 0.3

+ 1.5

+ 0.2

>

-

§

'•

":'-

§

.

B'-

§■

§

t

§

,:

*

.

.

•

Savannah..,:—*—*--

+0.4

Washinegton, D. C

+ 1.0

'

V

...

+

+1.8

1.3

+ 0.8

+ 2.0 +
-

+ 1.1,

**

«

+ 0.6

it

■

—0.1

'

8

Mobile-.—.'—I-———"

,'/B§
+ 0.2

B

New Orleans*!—^

§

.-.i+0.4 v/
*•

+ 1.7

*

-§

■

-

>-?

+ 0.1

§

t

+ 2.1

+ 0.7

+ 1.3

+ 0.2

0.6

.*

§

§
-

+1.3

+ 0.4

+L0

+ 0.2

All

and

xx

—i,i

§

,

.

.X.

+ 0.9

t

A-

;

+0.1

t

Beef

Fish,

XX.

+ 0.1.

_L_—*

.

..

Seattle

+ 1.1

—

for

not-available."'

cities.

51
*

,

-B'.




+1.0'

-t

+0.9

•

+ 1.4

tBased

t

5

—0.3

§
+ 0.6

oi

+ 2.8

+ 1.1

Angeles..

Portland, Oregon—.
San Franciacoi..—'

*

on

+1.2

+1.1"

§
,

+ 0.3
+ 2.5

data for 34

:B

■t
+ 2.1
+ 0.1
+ 0.8

cities..' tNo

+ 0.7

+ 0.3

§

§

+ 0.4:

+ 0.6

+

0.2

—

Increase

+

S.

..

y"
in

Do-

and

■

'

' 162,400,000 :

Provincial Govr

n

e

m

n

t

securities
Increase

6.6

*

21,100,000

:

rest

in

fund

cities

covered by this surlargest increases were
Denver (4.0%) and Seattle

1,900,000

Increase

The

tive

32,700,000

in other

assets

+34.4

5-2

$

Ster¬
U.

minion

e

+23.9

;

X

COSTS

in

ac¬

cir¬

note

culation
Increase

118,000,000
Do-

in

minion Gov¬
de¬

ernment

posits

64,100,000

Decrease

other

in

depos+s

Increase

in

3,500,000

all

liabili¬

other

ties

3,500,000

187,500,000 219,700,000
187,500,000

Deduct
Increase

in

chartered

by

OF

Average

and

Canned

v.

Fats

and

—*

J!

banks'

cash

reserves

—!

;■ 1

*preliminary.

tRevised.

1935-39 —100)

•

;

,

;

r

32,200.000

Jan. 14

1941

1941

1939

116.2

113.1

113.1

97.8

93.5

103.2

102.5

,

Aug. 15

B

94.9

102.2

111.1

110.4

101.1

95.7

114.4

112.4

109.4

99.6

107.2

103.2

105.4

86.0

88.0

100.5
>

V.

tl20.5

117.2

.

*'"•

138.9

121.7?

.

119.1

121.9

,B

108.1

*

'•

120.9

146.1
110.3

111.0

111.2

114.1

110.6

108.5
'
*

114.4

105.1

'

*

r

•

,

of

Francisco's

San

16

United

two

morning

The Examiner, have announced
that
the
street
sale price
of

*99.6

their

93.1

Sunday morning

97.4

90.7

would be

93.3

92.4

12

93.4

92.8

91.4

91.6

B

increased

10

to

effective
Feb.
22.
Monthly subscription rates will

99.6

90.3

not be affected.

94.9

attributed

106.7

80.3

84.5

112.9

95.3

95.6

higher
i

editions

from

cents,

90.9

-

Feb.

newspapers,,The Chronicle and

94.6
.

date

said:

98.8

;■

'

Under

Press advices from San Francisco

"112.9

116.2
,

'*

,

105.2

118.3

•

97.2
118.7

138.1

106.3

'

98.7

99.4
135.9

110.5

115.6

;X

107.4.

.

93.4

116.4
120.4

.

S. F. Papers Raise Price

:

Nov. 18

118.5
..,

COMMODITY GROUPS

1941

108.6
—

—_—

oils

—

BY

Dec. 16

130.9

Dried

Beverages

:

i_.

vegetables

FOOD

♦1942

144.8

and canned

^Monthly
;

0

3.0

in

and

costs

costs

107.3

fresh

Dairy products
Eggs ■
Fruits

.

«

+ 0.7

change.

food

111.8

l—

Chickens

1

■

*.

*

Fresh
'

+11.6

Increase

Banks' Cash Banks' Cash

dollars,,.

•

during the year were 12.1%
in Butte, 15.0% in St. Paul, and 15.5% in

(Five-Year

bakery products—

Lamb

B

+ 0.3

;

+ 0.6

food

OF RETAIL

veal

and

Pork

Pacific:
*

♦Based

NUMBERS

Foods

Cereals

;

+ 0.7

-■

—0.3

Denver

data

of

Commodity Group—

§

.

—0.6

in

Jan.13

+

§

+.0.4; ;•

§

I

1

+30.9

.2

+

ling

commodity groups for the
and for Dec. 16, 1941, Nov. 18, 1941, Jan. 14, 1941,
and Aug. 15, 1939, are shown below:
-

i

+ 1.5

Mountain:

Los

numbers

-

+ 1.4

+ 0.7

'■■.

Central:*

Houston.

:

Index

INDEX

§

*

+ >-.7

Producing
an

$
Increase

X current period

§

§

+28.9

Decrease

in Chartered in Chartered

Year 1941

advances for meats and fresh fruits and

'X'.''Xy"y'yX:

Meats
—0.5

+ 0.4

*—

Memphis
South

—0.4

Central:

Birmingham

West

X

City, 14.5%

XI-

.Omaha.

+ 0.3

§V

.9

Changes

Producing
Calendar

v*.

chartered banks,
Changes

'+11.5 *>

1.2

+

!

costs advanced in all

-§

:•..

..

of the

•!

§

+ 1.3

+0.4

§

:

§

* .+ 20.3

+
—

3.6

•+

Retail food

in Kansas
;

§

"

East South

in the

the

as

Change)

.

1.4 B

y+

Bread

+

The smallest advances

§

v •

+ 0.5

.

'+• t

+ 0.1

'

Jacksonville*.
Norfolk—_*__—+**.'

'

'

f

+ 0.2

X'§

+ 0.1

+ 0.1

t

:

Baltimore—!—*

.

$397,700,000

and

and

were

.ago,

+ 0.2

\ +.0.7 ;

1942

vegetables were comparatively-small. ~ Compared with*a year
food costs on Jan. 13, 1942 were higher by 26.7% in Mobile,
26.4% in Norfolk, 24.5% in Springfield, and 24.1% in Seattle.

+ 0.2

+0.2

•

+ 1.8

•;

+ 0.9

§

'B
X

—0.9
+ 0.4

"

'

*■

chartered

the

liability accounts during the
of the year are indicated
following table, presented
in the report, showing the effect
of these changes on the cash re¬
in

.vegetables.
The smallest increases were reported for Charleston
:Bv(Ll%), Salt Lake City (1.3%), and Dallas and Portland, Me..
each (1.5%), whereas increases for meats and fresh fruits and

§

<

13,
foods

Change)

+

:y (3.9%), reflecting sharp

.*

'.

Atlantic:

Atlanta—

Jan.

B

+

-.-yey

X*!

-

t+B:

••

*

§

.

City

to

Chops

White

9.6

between Dec. 16 and Jan. 13.
^reported for San Francisco (4.6%)

§

X

Central:

Minneapolis.

;

•'

—0.7

§

,

§

+0.3

t

v.'

+ 1.1

+0.9

V

'—1.2

+ 0.2

B~..§

•-

t.
§

-

\ "

Milwaukee—..

South

tills

and

Increase

+ 0.1

,

.

B"—0.1+,.

+ 0.1

-V

§

+ 2.1

:

,

■•

Detroit——_—

Kansas

+ 0.1

+ 0.3

Cleveland

Indianapolis-i

+ 0.4

+ 0.7

£

./<

+ 0.4
+ 0.5'

+ 1.0

*

North

—0.5

B + 0.5

CincinnatLl,

West

+ 0.2

t

_**_*>.

East North Central:

*

"v;

■

XX +0.5

Pittsburgh—,——

.

+0.2

v

•XBX § XB

,B.'

Atlantic:

Buffalo***—*-*--.

V

of

the

course

(Percentage (Percentage

B

Item

-

:; §

0.4

Portland, Maine-****.

Middle

were

in

The major changes which took
place in the bank's various asset

December, 1941,
compared with
Dec., 1941
Jan., 1941

Change)

Change)

.,

Chickens**'?

Roasting

■

cella-

ings

X t+o.i* x

?

+ 0.2

—1.9

Manchester

1941

important

more ?

compared with

•

Flour

electricity furnish-

~

Boston
/
*

notes

a

BB

IN THE COST OF

LOWER-SALARIES WORKERS
STATES BY GROUPS OF ITEMS

■

Food

0.3

+

the

January, 1942

+ 2.0

AND

........

England:

our

amount

follows:

ItemX.

1941, TO DEC.

UNITED

items

for

'

2

EARNERS

THE

All

j*

retail from Dec.

January,

Sugar
•

of

$116,300,000

serves

XXbJ

+ 2.9

Dec., 1941
Jan., 1941
(Percentage (Percentage

NOV.

FROM

PURCHASED

LARGE

total

outstanding,

was approximately $109,000,000, somewhat larger than
the
$95,000,000 rise in active
circulation during 1940.

reported for pork, flour, rice, cheese, evaporated
canned tomatoes, and canned green beans,
yy

Potatoes

GOODS

note

31,

year

were

sugar,

change.
TABLE

•PERCENTAGE

Canada

hands, total active note circula-

Coffee prices rose 31%
during the year, partly beof the higher minimum price levels for green coffee set
agreements with cooffee producing countries.. Increases of

i\B20 to 30%

'

X
1.9;?

+

"

on

o.5:

+ 1.8

1

Portland, Oregon

♦Based

of
Dec.

iy tion on Dec. 31, 1941, was $450,300,000.
The increase on the

cause

-'

San Francisco-—

.

+ 2.4

i

-:

of

hands of the public.
Including
chartered bank notes in public

increases.

XX

Central:

South

Houston

Bank
as

banks,

salmon,

'

V'#+

Birmingham***—.
'

,

the

during the year were reported for
canned peaches, and navy beans.
Large
purchases of these foods contributed to the sharp

red

government

*

West

•

Advances of 30 to 42%

canned

Central:

Memphis__c—

to the bank's note

.

+ 1.0

-

2.8

Richmond-*——.-—

East South

+0.1

+ 2.8

:

consolidated

last, was
$495,956,232,
up
$136,007,111
from the preceding year.
Of

last

+ 5.7

+ 4.6

+ 6.6

The

issue

y

+ 1.1

■

+ 0.4

+ 3.4

+

—...

Norfolk..^-

.

X"

+ 3.7

—0.1

X.V+.2.8- X.

Baltimore,
Jacksonville...

■

+ 2.2'

+1.6

up.

+ 1.2

*

>,

•f Atlanta.
+

+3.1

■

Minneapolis

go

+ 0.1

+ 2.7

.

+ 0.1

+1.31
*

Kansas* City—

to

+ 5.2

2.5

+ 2.0
.+ 1.6 +

ftorth Central:

West
*

continued

the

With regard

advance in most cities, although evaporated milk re¬
steady.
Butter prices rose in January, notwithstanding
record high stocks, and potato prices again
advanced, reflecting
shorter than usual market supplies.
Flour prices were up, fol¬
lowing the rise for wheat in central markets, and the price of
rice

of

fund.

circulation, the report stated:

to

January, prices of fresh vegetables have shown
the most rapid advance of any of the principal foodstuffs.
They
averaged 39% higher than a year ago, due largely to smaller
supplies as a result of bad weather conditions during the growing
season."
Onions
were
selling at levels averaging 72%
higher
than in January, 1941, potatoes were up 61%, lettuce, 51%, and
B
cabbage, 41%.
Average costs of fats and oils rose 38% during
XX the year, with retail prices of lard advancing 68%, and shorten•B. ing packed in cartons, 61%.
Prices of shortening in tins or
,X similar containers and oleomargerine were also up more than

+

+

+4.1

-

credit

revenue

mained

Since

*

*

prices continued their widespread advance between midDecember and mid-January.
Other foodstuffs, such as canned
:
peaches, canned tomatoes, navy beans, and cheese, which have
been purchased in large quantities by the
Government, also con¬
tinued

+ 1.1

V

+1.9

l,v

\l- Scranton..

X.

the

Lard

Atlantic:

Buffalo

*

+ +3.6

+ 2.4

+

*_-..,

Portland, Maine—

i

+ 2.2

B.

Manchester.!
Middle

*

2.2

+

labor.

The Chronicle

the price increase to

cost

of

materials

and

1

"

"

""

THE COMMERCIAL &

862

Motor Truck

Freight
Volume In January Drops
1.8% Under December

.

The

volume

ported

by

of

represented

1.8%

.under

increase

11.5%

acceptances outstanding increased
$3,058,000 during January to $197,278,000 on Jan. 31, according to
the monthly report of the Acceptance Analysis Unit of the Federal
Reserve Bank of New York, issued Feb. 11.
This compares with a

but an
compared

as

of

total

$194,220,000 outstanding

and domestic warehouse credits
The Reserve Bank's report

by ATA from 195 motor
carriers in 41 States. "The report¬

BANKERS'

•

DOLLAR

1,157,761 tons in De¬
1,019,354 tons in
1941,

against

and

January,
The

puted

ATA
on

hionthly tonnage of the reporting
carriers

riod

of

100,

for

ure

the

for

three-year

1938-1940

1

Boston

2

New York

...

'
.

Transporters

7 Chicago t__
Louis

Dallas

153.41.„

f

Grand

petroleum

increase of 7.8%

an

Minneapolis

San Francisco

products, accounting for 11 % of
the
to t a 1
tonnage
reported,
showed

•V

•a St.

11

o

Total

Increase

for month

$3,058,000.

new

"

4,767,000

794,000

"665,000

114,000

115,000

:

'

:

365,000

910,000

2,833"000

2,755~66O
21,436,000

17,499,000

$197,278,000

$194,220,000

$212,777,000

OF

CREDIT

___—

shipments

Domestic

warehouse credits

"Tijooo

}

Jan. 31, 1941

$116,496,000

$115,262,000

39,028,000

Dollar exchange

'■

a.

Based on goods, stored in or shipped
between foreign countries---;

!

-

r

'

Dec. 31, 1941

$115,889,000
16,662,000
11,676,000

Domestic

14,639,000

16,392,000

11,708,000
35,967,000

34,233,000

10,000,000

2,810,000

4,006,000

10,683,000

11,213,000

11,404,000

26,207,000

BILLS HELD BY ACCEPTING BANKS

bills——_$io2,711^000

Own

."

of

Bills of others——$51,694,000
$8,686,000

;

Total——$154,405,000

Increase for month,

v

CURRENT MARKET RATES ON PRIME BANKERS' ACCEPTANCES,
Dealers'

Days

automobiles

Vt

60

.%

90

iV,
'

2;

150

—

7/fe

11, 1942

.

it

%

120

FEB.

Dealers' Selling Rates

Buying Rates

"

trucks, curtailed sharply by
the war, constituted only 2% of
the total tonnage reported.
Ton¬
nage in this class dropped 11.5%

■

A'1

,

•

■

•

J/a

f*
%

iV
iV

180

•

The

following table, compiled by us, furnishes a record of the
47.3% under
volume of bankers' acceptances outstanding at the close of each
January of last year.
month .sincq Feb. 28,; 1939:
Haulers of iron and steer prod¬
1939
1940—
1941—
*
ucts reported approximately 4%
Feb.
28
Feb.
29
Feb.
28
--$248,095,184
$233,015,000
$211,865,000
Mar.
30-—
Mar.
31
of the total tonnage.7 The volume Mar. 31
245,016,075
229,705,000
217,312,000
under December and

Apr.

29

May

15.5% under December and 37.5%
under

of

portation and public utilities, 248,000; finance and service, 124,000; construction, 100,000; and mining, 52,000.
The employment index for all manufacturing industries com¬
bined in December stood at 134.0% of the 1923-25 average, and
the payroll index at 169.8.
Compared with December, 1940, factory employment increased 15.3% and pay rolls 38.7%.
The con¬
siderably greater increase in pay rolls reflects expansion in working hours, ?overtime payments, and wage-rate increases. The
rise in employment in slaughtering and meat packing from midNovember to mid-December amounted to 10,700, and carried em¬
ployment in that industry to a new all-time peak. Other indus¬
tries not directly related to the defense effort showing substan¬
tial increases over the month were leather; boots and shoes (7,000), newspapers arid periodicals (4,800), and book and job print¬
ing (2,900). Substantial decreases over the month occurred in
automobiles (55,600), canning and preserving (32,900), beet sugar
(3,600), and furniture (3,100). Industries directly connected with
defense,-like airplanes, engines arid shipbuilding, of course con¬
tinued to increase in employment.
The decline in mining employment between November and
December occurred in anthracite coal mines and in quarrying
and noh-metallic mines.
Virtually no change took place in bi¬
tuminous coalr-metal mines, and crude petroleum.
The largest
employment gains over the year were shown in quarrying and
non-metallic mining (12%) and in metal mines (10%).
Bitumin¬
ous coal mines showed an increase of
5.9%, while employment in
anthracite ipihes fell 3.5% over the year.
Wholesale trade em*
ployment showed only a slightly • greater-than-seasonal increase

4,639,000

-.

20,852,000

Jan. 31, 1942

and

"

increase of 1,600,000 workers.
Federal, State, and local govern¬
ment services increased 423,000; trade increased 256,000; trans¬

2,131,000

Decrease for year. $15,499,000.

30

Movement; of

2,881,000
1,421,000

''2,379,000

;

5,786,000

ACCORDING TO NATURE

Imports
Exports

"

____

over

December, and an increase
.73.2% over January, 1941. - >

11,837,000

3,247,000

A

145,211,000

9,924,000

Atlanta

10

was

$25,771,000

122,496,000

i:

1,362,000

12

December

9,917,000
1,486,000

pe¬

little more than 78% of all
tonnage transported in the month
was reported by carriers of gen¬
eral freight.
The volume in this
category decreased 1.6% under
December, - but held 13.8% over
January of last year.

$25,004,000

>

'

Jh.*—

5 Richmond

Kansas .City

;

Jan. 31, 1941

'3,317,000

9

\

STATES

Dec. 31, 1941

4,305,000

6
■;

Jan. 31, 1942

$30,392,000
117,552,000

3' Philadelphia
4 Cleveland

representing
The index fig¬
as

152.56.

was

:

index

figure, com¬
the basis of the average

FEDERAL

Federal Reserve District—

gate of 1,136,947 tons in January,

■

OUTSTANDING—UNITED
RESERVE DISTRICTS

these- commodities

decreased

January, 1941.

Almost 5% of the total tonnage
reported was miscellaneous com¬

modities, including tobacco, milk,
textile products, bricks,
building
materials, cement and household
goods.
Tonnage in this class
decreased 6.8% under December,
but held 5.6% above
January of
-last year.

from

Apr.

30-

223,305,000

Apr.

30

219,561,000

31

246,574,727

May

31—

213,685,000

May

31—

June

30

244,530,440

June

29-

206,149,000

June

30

215,005,000
212,932,000

seasonal

July

31

236,010,050

July

31

188,350,000

July

the

31
30

235,034,177

Aug.

31

181,813,000

Aug.

215,881,724

Sept.

30

176,614,000
186,789,000

Sept.

31—
30
30

209,899,000

Aug.
Sept.

31

221,115,945

Oct

Oct.

31

Nov.

30

222,599,000

Nov.

30

196,683,000

Nov.

29

Dec.

30

232,644,000

Dec.

31—

208,659,000

Dec.

31—

Oct.

■;

1940—.

Jan.

31—

31

1941—

•

229,230,000

Jan.;

In

—

-

Jan.

.

31

„

.

allowance

the

for

usual

seasonal

were

urged

upon

savings,

associations

States

the 3,600

building, and
of

the

United

Savings and Loan League

t-

by the executive council meeting
in Chicago recently to draft
a
statement of suggested policies for
1942.. Fermor S. Cannon, Indian¬

Actual sales of 12 leading 5c & 10c to

a

sentatives from

States.

The

announcement

dated

JANUARY,

from

5c

&

10c

TO

$1.00

Among the recommendations
the

were

ards

so

as

substitution
innovations

,

-

materials

the

Housing

Kresge.
Grant—
Kress

STORE

Act

to

additional

risk, and the
financing of the build¬
additional small homes

$22,007,207

8,982,711

6,654,929

+

10,009,397

+ 26.4

34.9

+ 22.9
+

J.

Newberry-

4,492,306

3,486,170

+ 28.8

L.

Green—

3,859,235

2,890,355

+ 33.5

3,818,879

2,926,163

+ 30.5

1,919,471

+

Bros.

1,820,884

1,460,334
1,223,330

Stores

526.420

381,769

324,226

245,925

$78,821,764

$60,685,664

Neisner
Rose's

H.

Fishman__

of

month.

wherever
,.

materials

are

able and demand exists.
"In many areas

12

syndicates

—

of-school

38.1

creation of addi¬

tional housing units is essential to

victory,"
the
council
pointed out.
"Adequate housing

{military

tions concerning
EMPLOYMENT

WHOLLY

+ 48.8

+

risks

than

welcome.

to assume higher

they would normally
The assumption of such

risks, it was pointed out, was part
©f their role in the Victory drive.




ment

from

mid-November

the seasonal rise in trade."

to

+29.9

employment

mid-December

rose

to

resulted

a

seasonal

f

employees in the executive

PAYROLLS

AND

OR

largely from

change from the high No¬

vember level and reflected the hiring of temporary personnel to

made public the following tabula¬

December changes:
PARTIALLY

FINANCED

FROM

FEDERAL

FROM STATE

../-I.

,

CONSTRUCTION

ON

(In

PROJECTS

FUNDS

AND

FUNDS, DECEMBER,

*•,+

Employment

1941*

Appropriations!

,

+

Nov.

1940

—80.6

+272.0

907.0

—50.5

+383.0

Other

118.0

—30.1

—111.0

§28.0

—

7.4 T— 20.0 :

§7.0

—

2.6

+

§21.0

—

4.8

—

Other

Financed by PWAt
Financed

by

RFCt

Other

State

Dec.

1941

$168,613

1940

151,919

16,694

; §4,354

+

$1,158

+
—

+

$85,726

3,112

+

86,073

1,954

—

+7

372

—

+

108

+

22.1

§3,097

+

264

—

1,371

18.5
13.1

480

+

136

—

1,844

2,878

+

2,510

—

2,461

—

—

713

—

6.6

••

2,630

—

683

—

.3

»*

248

—

30

.5

8,429

—

5,265

-^30.0

—

: +

—:

533

§1,257

1.8

—

347

2.1

14.9

142.0

Roadsfl

Nov.

1941*

.1
6.9

2.6
16.7

Defense

,

'-v-:w-..-..;

Defense

U. S. Housing Authority!—
Defense

ROADS

Payrolls
Change from
Dec.

Dec.

1941

•

1,025.0

ON

1941

Change from

Financed by regular Federal

FINANCED

Thousands)

*•'

new

'Secretary Perkins further stated:
trade employment over the month

The gain of 357,000 in
represented about the usual

V

of 84,900

increase

31.8

Non-Agricultural Employment At All-Time High
In December, Labor Department Reports
non-agricultural

shown

were

(19.6), Alabama (18.5), Arkansas (17.1)

•

•

„

Program

civil

States and the Dis¬

*

Dec.

Total

occurred in 20

largest percentage increases

work program.

+ 37.9

allbears a direct relation to the vol¬ time peak of 40,940,000 in
December, Secretary of Labor Frances
ume of war production."
Perkins
Suggest¬
reports.
"This," she said, "represented a gain of 2,800,ing the doubling of the amount of 000 non-agricultural workers over the preceding year and 5,000,000
current earnings allocated to re¬ since
December, 1929, and agrees with figures accurately esti¬
serves over the formula presented
mated by the U. S. Department of Labor as far back as Oct. 6, 1940."
for 1941, the savings and loan men She added that t"this
increase, furthermore, does not include the
said that this would pave the way growth of the armed forces.
The gain in non-agricultural employ¬
for associations

20%

The Labor Department also

31.4

avail,Z

to

The

estimated

;

Total,

10

Oregon (16.2).

continued

ing

employment over De¬
distributed throughout the States.

December, as follows: NYA,

+ 28.8

3,479,057

Stores

automobile

during
27,700 persons, CCC, 19,100 persons,
and WPA, 3,300 persons.
The CCC decline occurred mainly in
the enrollee group, and the NYA decline was chiefly in the out-

Chg.

5,920,528

McLellan

M.

$28,344,905
12,655,233
7,273,747

Stores

and

777;; 77777.7;

;;7

.•

temporary workers by the Post Office Department.
Employment on work-relief projects was contracted

Pet.

1941

4,803,747

McCrory

:

of Columbia.

The

SALES

1942

Murphy__.

C.

and

of method in home

National

Woolworth

T.
H.

permit reasonable
of

/building,
financing
of
more
rental housing using Title VI of
cover

S.

adjustment of stand¬
to

the

gain of 29.9% over

-JanuaryW.

(—1.5%)

furniture

exept

branch of the Federal Government during the month of December
is accounted for to some extent by the seasonal employment of

Chicago,

Feb. 14, says:

*

,

activity in residential and non-residential build¬
ing construction was largely responsible for the decline in em¬
ployment of 80,600 during the month ending Dec. 15 on construc¬
tion projects financed from regular Federal appropriations.
Par¬
tially offsetting the losses on building construction were increases
in the construction of airports and of naval and other vessels.
Construction projects of the USHA, PWA, and RFC employed
14,400 fewer persons in December, and road projects financed
wholly by State and local funds dropped 30,000 employees during

1942

SYNDICATE

■

-

Decreased

two-thirds of the

Association,

(—.2.5%).

and

measured

$1 variety syndicates for

This represents

increase

dealers

trict

Syndicate Store Merchandiser's seasonally adjusted sales
issued on Feb. 12, average daily volume per store rose to
143.9% of the 1935-39 average from 126.9% in* December.
With
consumers
again stampeding the stores in anticipation of probable
or fancied future shortages, the index was carried a full 10%
higher
than its previous peak reached last summer, during the first wave of
advance buying by individuals.
This former peak of 130.9% was
reached in the month of August.
In January, 1941, the index stood
at 113.8%.

apolis, presided at the meeting of the month totaled $78,821,764.
50 savings and loan
repre¬ the initial month of 1941.

showed

in the District of Columbia

the

some

-the

As

trends.

••

.

trade, employment increased by about the usual
amount (9.5%) from November to December to reach

The sizeable gain in non-agricultural

stable "5 & 10" business experienced during Jan¬

made

higher than Decem,

,

retail

Increases of from

index,

member
loan

is

4.4%

was

:

cember of last year was widely

what is probably its largest month-to-month gain in history,

uary

if

but

tablishments

Buying Rush Raises January "5& 10"

The normally

.

December

gains in furniture and food stores.
The only types of retail es¬
reporting decreased employment over the month
were
automotive (—0.3%), and lumber and building materials
(—1.8%).
Over the year interval all divisions of retail trade

„

194,220,000

197,278,000

to

-

.

average

176,801,000
184,806,000
193,590,000

1942—

31— 212,777,000

.

highest December level on record, exceeding the 1929 yearly
by 12.8%.
The largest gains over the month occurred
in stores selling general merchandise and apparel, with moderate

197,472,000

^

Consumer

Vigorous lending programs real¬
by
istically adjusted to today's con¬
ditions

November

ber, 1940,

.

237,831,575

—

Sales To Abnormal Level
Strict Loan Program Urged
For Savs.-Loan Assns.

a

ing and meat packing.- Establishments \in many industries con¬
tinued to report employment reductions because of inability to
secure raw materials.
Employment in mining declined by 4,000
from November to December; while the transportation and public
utilities group showed a decrease of 35,000.
Non-Federal con¬
struction declined by 77,000 while Federal construction declined
64,000, resulting in a decrease, of 141,000 for total construction.
Finance and service employment declined 6,000.
•The greater part of the gain of 2,800,000 in non-agricultural
employment over the year occurred in manufacturing with an

above last Jan. 31.

were

for Jan. 31 follows:

ACCEPTANCES

BY

ing carriers transported an aggre¬

cember

to

*

re¬

ceived

as

attributed

decline ,of

a

proportions for the third successive

cember, and by a greater than seasonal drop in the canning and
preserving industry.
These losses were partly offset by gains in
war industries and by a sharp rise in employment in slaughter¬

gains in credits drawn for exports and domestic warehouse credits,
while in the year-to-year comparison credits for
imports, exports

ing Associations.
were

is

seasonal

usual

The decline of 53,000 factory workers was caused largely
sharp reduction in employment in automobile plants as
passenger car production was cut during the latter part of De¬

by

/

.

the

than

month.

1941, and with $212,-

,

January, 1941, according to
reports compiled and released on
.Feb, 22 by the American Truck¬

reports'

Dec. 31,

on

777,000 on Jan, 31, 1941. .;
•
1 > •'
The increase in .the month-to-month analysis

with

Comparable

^Manufacturing employment in December showed
less

The volume of bankers dollar

December,

of

trade.
Government employment rose by 73,000, in large part, due to temporary expansion of post office persdnneir""" 7"7■ 7777T7 ~777777T7~r77r77-..%77777.77.777777; 7777?

+•

——T On January 31 Total $197,278,990

of

decrease

a

Thursday, February 26, 1942

handle the holiday

v

Outstanding

r"

freight trans¬
truck in Jan¬

motor

uary

Bikiikers Dollar Acceptances

FINANCIAL CHRONICLE

_

833

»«

^Preliminary.
tData
are

are

for

for calendar

•,•*••'•
the

month ending the 15th except data for Federal-aid roads which
Data for Federal-aid roads for December, 1941, are estimated.

month.

Employment data represent the maximum number employed in any one week.
iData are for the month ending the 15th. Employment data represent the maximum
employed in any one week.

number

^Estimated.

-

•♦Defense and

other

categories not set up.

calendar month.
Employment data represent the
working during the month. Data for December, 1941, are estimated.
HData

are

1

for

v

-

number

average
■

•*

■'

'

Volume

-

AND

EMPLOYMENT

•

■V-'

J

,

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4050

155

PAYROLLS

:

•

■

(In Thousands)

■

•

■

T

Service—"

r

'

.

!

-

.

Executivet

Nov.

1941*

1941

6.3

>

'

j

; y^'

"x--,'r'v
•'

\

Dec.

1941*
$252,463
1,369
657

1941

1940

+

,

■

Nov.

Dec.

;

:r!;+

WPA

>

Defense

——

other'

>

+1941 ]
+ $8,900

,

2,400
6,500

+

+

—-

Y.

Projectst—

A.

,

1

f
t

Iron

Si

not

steel

*

„

;

♦

•

.

'

i,

,

;

*•

.

'

■

Cast-iron

..-Change
:V;--:\v
Nov. to
(prelimNov.,
Dec.,
inary)
1941
1941

Dec.,t
1940

—191
+191
— 53
—
4.,

38,161
32,018
11,127
855

•

y-;:'-;

1941

„

,

steel works,

supplies
& enameled

&

hot-water

paratus

4

Dec.,
1940 to
Dec.,
1941
+2,779
+2,779
+1,576
+
52

Tin

Agrlcult'l

Transportation and public utilities—3,287

3,322

—

35

3,039

+

248

Cash

Trade

7,503

7,146

4,223
4,354

4,229
4,281

+357
6
+ 73

7,247
4,099
3,931

+
+
+

256
124
423

Elec.

The

"Total

of

estimates

civil

—

non-agricultural employment,"

the first line of the above table, represent the total number of persons engaged in gainful work in the United States in
non-agricultural industries, excluding military and naval per¬

given

,

on

sonnel, persons employed on WPA, or NYA projects, and enrollees
in CCC camps.
The series described as "Employees in non-agri¬
cultural establishments" excludes also proprietors and firm mem¬

casual workers and persons in do¬
mestic service.
The estimates for "Employees in non-agricul¬
tural establishments" are shown
separately for each of seven
major industry groups.
Data for the manufacturing and trade
groups have been revised to include adjustments to preliminary

>

data.

Census

1939

tlon

j.;

&

shown by the 1930 Census of Occupations for the
number of non-agricultural "gainful workers" less the number
shown to have been unemployed for one week or more at the

employment and pay rolls for all manufacturing in¬
dustries combined, Class I steam railroads, and for those manufac¬
turing industries for which information is available, are shown
below for December, 1941, with percentage changes from Novem¬
Indexes of

The 3-year average 1923-25 is
used as a base in computing the indexes for the manufacturing
industries and the 5-year average 1935-39 as a base for Class I
For the other manufacturing industries informa¬
steam railroads.
tion for years prior to 1929 is not available from the Bureau's
records, and the 12-month average for 1929 is used as a base in
computing the index numbers. These indexes are not adjusted for
1940.

seasonal variation.

mining,

cleaning

and

building
wage

cover

construction,

only;

earners

while the data for water

for railroads cover all employees

transportation cover employees on vessels of 1,000 gross tons or
over in deep-sea trades only.
The data for other industries ex¬
clude proprietors and firm members, corporation officers, executives, and others whose work is mainly supervisory.

•

Employment
Percentage
Index

Industry—

*Dec.

Nov.

Dec.

1941

1941

1940

f 134.0

-—

116.1

Railroads—V

—

0.5

+15.3

—

1.5

+15.5

§

+

§
+ 4.3
+ 7.1
+ 5.8
+ 4.1
+ 1.5

§
ttl07.9
115.4
ftl50.6
101.7
78.8

+

9.5
4.9

87.2
83.0

—

1.1

—

.3

products
Petrol, and petrol, prod.
(incl. bulk tank sta.)-

§

+
+
+
+

.

85.8
79.8

—

mater—

*—

—jf.8
-+•

Electric light & power

t+89.6
tt93.3

buses**

ft70.4

+

Tel.

&

Street

Tel.
rys.

-

*

&

+

/

Public Utilities:

1.2
0<'
1.6
— 2.3
+ 1.9
+ 5.9

+11.1
§

2.4

§

.9
+ 8.9
+ 2.3
+27.8

§
+10.9
+16.8
+13.3

+

—

+

Mining:

—

+12.4
+ 2.2
+ 2.9

ttl24.1
ttli6.3
tt8Q.l

3.5

35.9

Metalliferous

:

Quarrying & nonmetalllcCrude-petrol, production—

95.4
79-5

+
+

50.8
61.0

—

.3
if

3.4

+ 5.9
+10.1

119.6
90.9

+12.0
+
.6

56.0
64.9

.2

+

—

.

'

Hotels'(year-round)
Laundries

Si

water

+

7.6

+

8.9

+

5.5

+

3.3

+

.1

+

2.3

.0

+14,5

.

+

+
+

4.9

1.0
2.4

+
.

+

9.8
9.5

-—14.1

Building

Construction

Water Transportation

——

+15.1

+

5.6
.1

+2.3
+ 1.7

§
§

225.4

125.1

102.6

160.5

150.1

,

|

131.2

110.1

103.9

113.7

107.6

90.4

121.7

135.0

98.9

171.7

:

-

105.0

115.3

w

100.3

116.3

r: 86.0

165.9

113.1

136.1

270.3

255,3

163.0

143.2

218.0

223.9

171.3

135.2

177.0

!

231.2

223.2

t

t

?

X

•

$

,.

$

201.1

191.4

t

t

■

i

i

288.4

287.8

1 69.4

X

$

X

%

.t

129.7

130.2

150.9

175.8

145.0

99.4

97.2

66.0

119.2

111.7

62.3

t

t

$

t

t

t

$ i:'

steam-railr'd

&

Locomotives

;

t

X

i

t

X

145.7
t

131.2
X

191.7
t

181.5

X

Brass, bronze, & cop. products
Clocks,
watches
and
time-

t

t

$

X

X

X

112.1

116.1

155.0

119.6

119.8
119.6
86.5

106.2
104.2
110.0
78.9

149.7

116.4
114.6
85.7

123.2
125.5
100.5

115.5

96.9

124.4
102.2

102.2

^

—

devices

equipment
& plated ware_
and refining copper,

4.9
+1.2

—

+
—

1.5

.3
§

before

March 27, 1941,
Romanian; Legation in
ington, D. C.
"The

citizenship,

and

under

which

held.

that

86.5

the

New

75.5

71.6

71.6

71.0

59.7

Sawmills

65.7

66.3

64.7

71.7

70.3

60.4

the

99.8
74.0

101.5
76.2

88.7
65.2

107.1
72.1

106.1
72.9

85.7
56.8

their

authorities

them

that

Marble,

granite,
products

other

slate,

80.8

82.5
133.3

Non-Durable Goods—
and their

products
—

Carpets and rugs—
—.
Cotton goods ——
small

Cotton

textiles,

cloth

Silk

and

Woolen

rayon

Corsets

Men's

Its

and

shoes

107.0

105.9

100.4

89.7
111.4

90.0
111.4

82.4
100.5

Food

kindred

and

118.1

97.6

any

118.7

95.6

which

94.6
138.3

93.8
134.9

76.2
98.0

129.6

•

71.4

61.5

but'

77.4

97.8

97.3

74.2

ceived.

146.5

145.8

147.5

146.7

139.7

129.8

61.7

60.9
124.7

54.4

garments—

—

products

,

,

83.9
146.0

60.9

61.3

65.3

110.7

109.4

100.9

142.3
82.2

„

163.5
73.0

133.?^

127.9
:

s

76.9

95.6

124.8

117.2
108.1

110.9
110.7

109.5

121.0

109.0

86.4

162.0

164.2

164.2

132.0

125.9

125.5

110.0

121.2

'112.8

135.0

148.9

122.6

120.5

130.0

123.3

134.6

156.5

-

133.2

60.7

61.3

60.8

40.1

40.3

41.5

135.4

137.0

122.1

152.7

155.5

115.0

99.5

96.7

90.6

106.8

96.9

78.5

95.6

92.3

88.0

99.7

88.3

73.2

98.4

97.7

85.8

121.5

117.8

89.5

140.8

145.7

130.5

156.5

157.6

132.5

153.7

144.1

156.8

159.7

137.7

290.9

260.5

360.4

350.9

299.9

102.8

96.4

94.7

96.8

Canning and preserving
Confectionery

162.2

103.4

128.2

172.5

92.5

106.2

110.0

100.7

123.3

125.6

103.7

Flour

78.7

1

—

-

Chewing & smok. tob. & snuff
Cigars and cigarettes

—

publishing:
Book and job
Newspapers and periodicals-

Printing

petroleum

and

77.8

:

89.4

72.8

73.0

69.5

67.0

66.8

61.0

129.7

125.0

168.1

153.5

137.3

221.7

265.4

235.4

247.2

308.3

263.2

96.6

97.0

94.3

96.0

89.7

85.0

67.5

68.4

65.6

76.4

77.1

67.4

57.3

54.8

57.4

75.7

71.5

69.8

68.7

70.0

66.6

76.3

77.6

67.0

128.3

126.6

119.5

143.7

137.4

120.8

144.6

146.7

125.2

192.7

193.5

145.4

129.0

128.6

115.9

168.5

166.7

128.5

108.1

105.3

109.3

104.5

118.1

119.8

128.7

116.4

122.2
•

119.8

174.6

167.8

139.0

152.3

127.1

206.1

202.3

145.4

136.5

184.9

149.9

271.0

264.6

187.9

117.2

123.0

129.1

126.6

132.8

129.2

149.4
X

148.2
$

115.8

183.5

189.2

130.7

105.8"

101.2

95.0

104.4

99.1

80.5

142.3.

142.7

126.0

174.1

171.7

138.7

320.6
92.5

323.2

315.1

391.2

385.8

334.4

84.8

133.6

138.5

106.3

110.4

111.5

97.5

136.6

141.0

111.1

80.6

81.7

66.9

107.2

110.4

81.3

tubes—

85.3

86.5

76.9

108.0

117.6

96.4

—

189.1

190.0

166.6

238.1

228.6

173.9

& meal

"

*

96.5

$

;

J

^December, 1941, indexes preliminary; subject to revision.
figures.

.

129.2

shoes

other

,

129.4
152.4

products

goods,

97.9

116.1
.

143.9

and varnishes

5.2

.

194.2

;

Rubber

y
198.7

—_—

inner

'■
125.7

Druggists' preparations

&

v'y

147.7

—

and

:

147.9

Cottons'd—oil, cake,

census

83.0

71.0

coal

refinifig
Other than petroleum refining

1939

84.1

138.1

110.3

—T

—

Petroleum

Paints

78.9

,;

and

products

Rubber

y

tNot available.

Preliminary,
t Ad justed to preliminary 1939 Census figures.
tSource: Interstate
Commerce Commission. '.§Not available.
([Less 1^10 of 1**Retail-trade indexes

press releases dated earlier than,

adjusted to 1935 Census, public utility, indexes to 1937 Census.

graphed form.

X

X

tAdjusted to preliminary

§Indexes not comparable to indexes appearing in

November, 1940.

Revised figures available in mimeo¬

,yy-yy,yyl

,

■.

securities

to

in

formalities

the

reason

held

by
impede
them, for

not

and

'y

not

yet

as

been

re¬

Exchange's reason for
proposed striking of the
from listing and regis¬

bonds

100.7

Paper and printing
Boxes, paper
Paper and pulp_r

of the
by the

The

the

119.9

122.9

the

had

96.3

151.8

manufactures

purpose

<

132.4 "
75.9
159.5

289.3

—

Cream

that

advised

concerning the transfer of such
91.5
securities are simple and that
: 121.0 U'-f(irth-ef explanations had' Seen
81.5
sent to the Legation by mail
160.1

Butter

Beverages

stated,
had

required

transactions

121.5
123.1

88.1

goods-

-

,

80.3

manufactures—

and

Boots

113.2

106.0

84.8

—

Leather

112.7

122.7

collars

of

foreigners

.

77.2

—

furnishings
and

tion

89.6

—

allied

..

33.4

+' "134.3

Women's y.

&

101.9

76.4
135.0

goods

Men's

Clothing,

Clothing,

34.5
127.9

133.1

apparel

Wearing

34.8 *
132.1

109.1

-

worsted

45.1
105.6

it

the

declarations

75.0
135.2

—

and

72.4
137.6

108.9

—

outerwear
underwear

Knit

.

.:

-

Knitted
Knitted

91.5
169.3

Exchange,

-y 135.8

wares

& finishing
fur-felt

Hats,

45.5
123.6

-

t

Dyeing

89.8

172.8

regarding the effect, if
decree upon the
Legation informed

any,
of the
bonds.
The

decree is to ascertain the situa¬
44.5
122.7

Fabrics

71.7
116.8

mation

and

Pottery

Textiles

'

Stock Ex¬

York

change communicated with the
Romanian Legation for infor+

74.4

131.9

Romanian

Legation, Washington, D. C."
The application further stated

Millwork

—

stock,

bonds, etc., and the kind of title

92.6

Glass

name,

of

value

102.7
71.5

tires

ttCovers street railways

letter

118.8

Cement

be in
stating the

declarant's
number

X

the
Wash¬

to

may

a

120.8
86.5

Rubber

§

declaration

the form of

120.0

clay, and glass productsBrick, tile, and terra cotta

States

should submit such declarations

122.0
87.7

5.7

+

United

97.4

+16.8

+17.5

the

96.7
73.7

Stone,

thereof

holders

or

in

108.4

<

citi¬
Min¬

the

to

conversion.

or

100.3
77.8

boots

—

foreign

106.6

Furniture

■

certificates

or

residing

149.6
-

Disposition

National

of

"Owners

t

'

X

that

declare

must

100.5
76.8

lead, and zinc
L'Lumber and allied products—_

y

decreed

-

-

Silverware

:

.

145.0

Aluminum

v

.

manufactures——

Shipbuilding.

Non-ferrous metals & their prod.
-

".

of

Acts

•

t

'•

115.9

Aircraft

Automobiles

■

126.6

of

Economy all
of stock,
bonds,
debentures,
bills and
notes, made out to bearer and
issued effectively on Romanian
territory and heretofore not de¬
clared for
stamping, registra¬

148.2

149.8

electric-

has

tion
t

city of

_

shares

181.4

]

the

in

•

of gen¬

made by Foreigners:
*
"The Romanian Government

istry

167.5

^

210.3

Cars,

Control

-

137.1

208.5
260.7

published by the
Legation on March

March 4, 1941, of the Romanian
Government
concerning
the

242.0

116.7
206.8

•

ment of Decree-Law No/ 529 of

280.4

147.3
203.8

was

circulation

eral

205.2

149.8
198.1

205.9

Rubber

•




288.4

Transportation equipments—-.—

Soap

+11.2

.8

—

296.4

163.6
90.6
147.3

Explosives

.3

§
§§77.5

196.2

267.2
141.1
236.3

Fertilizers

+

§

224.6

286.2
149.8
235.0

+30.8

+

+2.4

95.1

158.5
86.1
132.2

+31.8
+16.1

102.7

.4

128.4

106.7

217.8
109.0
161.8

+24.9

JJ93.5

+

.148.2

108.7

announcement

New York because of the enact¬

119.6

152.8

218.7
109.6
161.8

1.3

8.0

,

n

195.3,

112.5
C96.6

J

phonographs

2.9

3.3

§

Insurance

179.8

<88.7

98.1

'

its

13/1941, in newspapers

;

,

.

machinery & parts
Typewriters & parts

&

2.6
+ l.i

+

88.5
§

114.2

.

,

;:

Textile

Radios

notice

:97.1

.1,17.9

'

t

+

+

9.5
9.5

113.7

164.7

113.4

-

+
—

.5

+

(

121.9!

t

—16.0

.5

—

160.7

87.4
109.8

-

t

+19.9

-

—

.4

178.0

'

j

176.5

toois

Chemical,

—

3.5

-

In

Romanian

wheels,

Ice

1

+

253.4

'

$

Slaughtering Si meat packing.
Sugar, beet
Sugar refining, cane

95.6

—

,263.7"

96.5

suppl.

§
§
§

108.4

113.1
§

Dyeing & cleaning—
Brokerage

.

132.5

?

142.1

'

Rayon & allied products
Services:

98.3

■!'

,

,

115.2

183.3

Chemicals

2.3

134.7

183.2

114.1

/

49.1

Anthracite
Bituminous—coal

168.7

167.3

§

,

.5
.1
.2

171.2 -i
98.0 j

186.3

148.8

Tobacco

§

§
Retail
ttll2.8
Pood
114-°
General merchandising, tt 161.0
Apparel
-—
107.6
Furniture ;
80.7
Automotive

bldg.

.

§

§
§

&

■'

.1
9.5
1-9
+27.9
+ 8<T
+ 2.4

apparel—
Mach., equip. & suppl—

+

129.5

zens

Baking

.4

Dry goods &

Lumber

§

+ 8.6

-4

Automotive

§

92.7
§
§
§
§
§

—

&

+38.7

4.4
§
I
§
§
§

—

3

products

Farm

y

.2

+

§

food spec—

Food

Groceries

147.8

tration

was

mation

as

manian

the

to

cree-Law

lack

the

529

No.

of

effect
of

Government

infor¬
of De¬

the
upon

Ro¬

the

bonds.
The order

cation
Feb.

+ 2.8

§
.

i

,

guaranteed external

The application stated, among
other things, that the following

133.0

v

150.2

Machine

Institute.

••

Leather

(1929=100)

96.5

Wholesale

Dec.
1940

(1935-39=100)

y;v "

.

Nov.
1941

"

Fdy. & mach. shop products—-,

Shirts

1941

172.0

to"'
listing and registra¬

Feb. 14 the SEC said:

112.1

..:

:•:

'•

•

175.7

121.6

138.8

106.0

tractors)

Millinery

*Dec.

1169.8

(1929=100)
Tr&Cl6»

Pay Roll
Percentage
Index
change from

:

(1923-25=100)

(1935-39=100)
tClass I Steam
+

:

change from

(1923-25=100)
Manufacturing

:

c

137.2

transporta-

(incl,

Hosiery

manufacturing,

dyeing

and

laundries,
those

for

data

140.6

-

recording
Jewelry

figures

incl.

turbines,

Lighting

The

114.8

*

tinware..

windmills

St

time of the Census.

'

125.3

123.7

metalwork

mach., apparatus,

Engines,

"

December,

124.6

ap-

registers, adding machines,
calculating machines

Smelting

1941, and

not

lmpl.

during the week ending nearest the middle of each month.
The totals for the United States have been adjusted to conform to

ber,

131.7

220.0

equipment

The figures represent the number of persons working at any

the

other

&

Machinery,

time

H

•

Wirework

bers, self-employed persons,

■;

122.4

190.3

148.9

(not incl. edge tools, mach.
tools, files St saws)

100

,

ornamental

cans

+

——

165.2

195.9

Tools

1,720

——

169.8

117.7

(|

ware

heating
fittings

Si steam

&

—141

i

116.2

144.6

104.7

Struct.

1,961

Finance, service and miscellaneous—

Dec.
1940

134.7

-"'r

Stoves

1,820

Federal, State and local government—

1941

143.9

138.6

Hardware

40,749
34,606
12,756
911

—.

Nov..

1941

and

pipe,

Plumbers'

Total civil non-agricultural employment. 40,940
Employees in non-agricul. establish.—„ 34,797
Manufacturing—_—-—---. 12,703
Mining
907
Contract construction——

*Dec.

the

Exchange

sinking fund gold bonds, Stabili¬
zation and Pevelopment Loan of
1929; y due Feb. 1, 1959, of the
Kingdom of Romania and the
Kingdom of Romania Monopolies

-

134.0

Cutlery (not inoluding silver Si
•
plated cutlery), & edge tools— + 134.3
Forglngs, Iron and steel—
117.2

Change

.

- Dec.,' '

-

,

,

v

1940

'

application 1 of

from

tion the 7%

1

—

,

,

,1

i

.1941

the

Bonds
that it had

announces

YorkStock

strike

Pay Rolls

—

Dec,

Nov.

?.

..'

rolling mills
Bolts, nuts, washers, St, rivets--, ;

Steam

(In Thousands)

.

,"i

'
■

—

products,
machinery.—^

including

Stamped

EMPLOYMENT

TOTAL NONAGRICULTURAL

*Dec?

(

v-.W-^

their

St

Blast furnaces,

1

OF

Goodst

Durable Goods—

1940
— $3|,792
.

-

ESTIMATES

j

Industries—

Goodst— -i—____

.

,r

*

-

Industrlest

Durable

Non-durable

622.0
— 27.7
—160.0
9,223 — j 645 — ; 407
:::StudentxW0rk>pfbgram^l.334.0: >«-«' '7.0
—U6.0 ; - 2,294 — -. 73 —r - 813
Out-of-school work progr.
288.0
20.7
J— 44.0 "
6,929
572
+
406
Civilian Conservat." Corps§>" '152.0 > — 19.1
—133.0 - 7*504- —
739 -- 5,424
*
Preliminary,
tData are for the "calendar month.
{Defense and other categories
not set up.
§Data on employment are for the last day of the month; pay rolls for the
entire month,
■.
;-v;-..
■ ::;'-;y'r/
-''y V';:V
;y
N

Manufacturing
All

•New

"

^Employment—
>'

'

,»

Dec. ^

Nov.

Dec.\ ;

1941
~
• 1940 ,„•• 1941*.
*
3.3- - —822.0 $69,500
322.0 > —
1.7
X
20,500
'731.0 ' —
1.6
t
• 49;OOOf

^

1941

i r"

MANU-

•'

Payrolls
] Change from

■ :■.

Dec.

•

;y\- v

-•

'■

"

1341

RELIEF PROGRAMS, DECEMBER,

V,

,

.

:

OF

(Three-year average 1923-25=100.0)

•

-

CENSUS

FACTURES, EXCEPT AS INDICATED IN NOTES t AND t

;

1'

"

-Employment
Change from

■■

9
2

+
+

The SEC

granted

OEJ^GgJEARNERS IN

-

MANUFACTURING INDUSTRIES ADJUSTED TO 1937

+$68,756
+
64
+
4

+$15,065

1941*
Projects^-,—-1,053.0.::

Program—

v.

.4
.1

+

(In Thousands):

v

;

,

,.

+446.0
•

PAY ROLLS ON WORK

EMPLOYMENT AND

•

T.

.Nov.

tEstimated./{Change less than 50.

"Preliminary.

i

.1
t

+

2.6

Judicial

•'

; + 84.9

1,630.0

—

Legislative

1940

INDEX NUMBERS OF EMPLOYMENT AND PAY-DOLLS

••

Dec.

Dec.

Delist Romanian

'

■

-•■..•Pay-goiit-'-H
Changelroxn

:

Ghdngtf Xrdm'%

u

motorbus operations of subsidiary, affiliated and successor companies.
ttCash payments only; value of board,, room, and tips cannot be,
computed^
§§Based
estimates: prepared by the U. S. MaritMe Commission.
:
* ' * '
- ■
•
•

on

.

•

Dec.-

and trolley and

-

•'7-"v;r

■

...;..V'^'^^JEmjpioymenfc-f^r-.;.v

:

SERVICES,

FEDERAL

REGULAR

IN

:^:xty^:r•;^:•^•^•^;iDE0EMEiER,^1941..v

"

863

granting the appli¬

becomes

effective

on

•

19, 1942.

Builders Committee

Home

For 1942 Announced
The
the

-

following

Home

will

Builders

constitute
Emergency

Committee,
representing
the
building industry, for the
year
1942, according to an an¬
nouncement made by E.
Ljf Crain,
Houston, President of the Home
Builders
Institute
of
America,
which, with the National Asso¬
ciation of Real Estate Boards, is
cooperating in the Committee's
home

work:

Hugh

Potter,

Houston,

Chair¬

man.

William
L.

I.,

Herbert

J.

N.
U.

Levitt, Manhasset,
Y., Vice-Chairman.
Nelson,
Chicago,

Sficrfitsry
John

McC.

Mowbray,

Balti¬

more.

Fritz

Burns, Los Angeles.
J. C. Nichols, Kansas City, Mo.

George F. Nixon, Chicago and
Skokie, 111.
Ellis Stoneson, San Francisco.
Waverly
Taylor,
Washington,
D.

The

C.

Committee has

Washington.

offices

in
.

"

THE COMMERCIAL & FINANCIAL CHRONICLE

864

(1126

Weekly Statistics Of Paperboard Industry

y:
2-14

products

.

represent 83% of the total in¬

dustry, and its program includes a statement each week from each
production, and also a figure which indi¬
the activity of the mill based on the time operated.
These

cates

the total

advanced to ectual 100%, so that they represent

industry.

Commodity GroupsrAll Commodities

•

<

Hides and leather products
Textile products

Building materials—Chemicals and allied products

,

Miscellaneous

V'"

'

V

;

/..

++''■+

V 'V-

■

■.

Orders

>

:'+, Tons

Received

'

Tons

■

.

—

March

857,732
656,437

April
—

____

June

"

July

"

—

-

August

:

September

—

-

571,050

337,022

82 V

81

726,460
602,323

447,525
488,993

83
-,84

■

Aug.

9

Aug.

16

Aug

23

Aug.

30

Sept.

-

-

——

6

13
Sept. 20
Sept.
Sept

-

—

....
..

—

4

155,473

163,915

176,619

168,256

582,287

159,337

149,874

164,374
165,795
168,146
165,420
159,860
165,397
160,889
164,875
166,080
163,226
166,948

575,627
574,991
568,161
568,264
576,923
570,430
550,383
554,417
567,373
553,389
535,556,:

116,138

124,258

Oct

18

167,440

Oct'

25

165,279
170,597

-

169,585

••

1

Nov

Nov'

-

-

15

Nov

22

Nov'

29

Dec

—"

-

8

Nov

156,394
145,098
169,111
181.185
149,021

-

-

_~I~ I-

6

Dec'
Dec'

■"

20

Dec.

27~III

13

-

II-

'

1942—Week Ended—

147,419 *
162,493
167,846
161,713
181,070
162,894
156,745

—

jan' 10
jan' 17
Jan' 24
jan' 31
Feb'
l"
Feb*. 14-111—

_

-

-

Note—Unfilled orders of the prior week

140,263
166,095
165,360
169,735
167,040
168,424
167,424

109.6

109.1

99.4

+ 0.4

+ 0.6

+ 10,5

96.6

96.7

95.6

78.7

+

0.3

+ 1.4

+ 23.1

+ 1.1

102.7

90.2

+ 1.3

+ 15.2

89.0

88.2

:

88.4

i: 87.9

76.7

+

+1.3

+ .16.0

96.4

95.9

7.

96.4

95.6

73.8

+ 0.5

+ 0.8

+ 30.6

+0.7

+15.1

+0.4

+0.5+12.2

Oils

and

7,

1942

fats

Livestock

and

poultry
-

-

Lumber
—

...

'

Petroleum

products

and

vegetables

Furniture

•

Shoes

83
83
83
83
84
84
84
84
85

-

TO

FEB.

14,

85
86
86
86 :1 V
86
87

;

99
96
101
102
101
101

76

•

86
101
102
101
101
101
101

textile

feed

Cotton goods

—_

Grains

1.8

Agricultural implements
Fertilizer

1.6,

Other

1.1

Brick and tile

0.9

Bituminous coal

0.6

Chemicals

0.5

Drugs and

0.5

Other

0.2

i
—

-

0.1

.

—0.1

pharmaceuticals

building materials

0.1

0.1

;

o.l

\

1.1

Cereal

0.6

Paint

0.3

—

products
and

paint materials—

102
102
102
102
102

.

creditors of all

active

principal price increases were for agricultural
particularly livestock, meats, and fats and oils.
Quotations were also advanced for a number of manufactured
goods and industrial materials, including carpets and other house¬
hold furnishings, shoes, certain textiles,
lumber and fertilizer

commodities,

V

MONTH OF

JANUARY, 1942

,'

the boards
"

Capital

Name and Location of Bank—

Declared

Stock at

Including

Failure 1

to All

Offsets Allowed

•

FSA programs,
vidual farmers

United

States

Angeles,

Nat'l

Bank,

Calif.

Los

♦Presque Isle National
Presque Isle, Me

Bank,

♦Broad

Bank,

Street

Red

N.-J.

National

♦First

New

♦First

$1,000,000

-

.

6-18-34

—

National

Toledo, O.

Bank

National

Co.,

82.66

'

3,293,506

99.29+'

1,667,372

47.3

'

*

.

&

Trust

&

Trust

1

3-34
:

Penna

Nescopeck National Bank, Nescopeck, Penna.

»'

1,231,286

86.46t

100,000

94.25t

500,000

1,460,242

'

102.08tt

150,000

84.37t

125,000

year's output may be fixed at as
high as 3,800,000 Spanish long
tons against 2,400,000 tons during
the

r

1,471,182

bank.

10-22-37

393,769

92.4

in

conservatorship,
tlncluding dividends paid through
principal and partial interest paid to creditors.

J100+

84.650

Lumber

preceding

V

Unofficial estimates originat¬

during 1941 amounted to about
3,145,000 Spanish long tons com¬
pared ■+with 1,989,192 tons ex-

ported during 1940.

.

Four Weeks Ended Jan. 31,1942

lumber.

during the

same

period of 1940.
Hardwood output
1941 period.
' ^
'

textiles

rose

approximately

carpets.

5%

'

Quotations

moderately during the week.
was reported in prices for

68,070 Freight Cars On
Order by Roads Feb. 1
Class I railroads
had

more

date

was

5%

;*

t ;

above

'

,

for petroleum

Orders

products from

the Pennsylvania
fields advanced while Oklahoma natural gasoline declined.

were

14%

received

during

the

four

weeks

+>

ended

annouleed

New freight cars on

Feb.

1, totaled 68,070
compared with 41,600 on the same
date

on

on

last year.

order

on

New freight

cars

Feb. 1, 1942, included

41,959 box, 21,260 coal, 1,274 re¬
frigerator, 2,244 flat, 300 stock and
1,033 miscellaneous.
»
.

'

; v;

above those of corresponding weeks of

18.

on

corresponding
the Association

record,

on

Feb.

1942,

cars

any

of American Railroads
on

The Class I railroads

'

Shipments during "the four weeks ended Jan."'31, 1942, were 3%
below those of corresponding weeks of 1941, softwoods showing a

3%, and hardwoods a gain of 1%.

on

Feb. 1,

on

freight

new

than

order

this

loss of

accord¬
of

year,

ing in Cuba show that exports
of raw sugar from the Island

Manufacturing Statistics During

production of the

crop

ing to the U. S. Department
Commerce, which states that:

by purchasing

or

to be produced during the

sugar

present crop year, it has been pri¬
vately estimated in Cuba that this

6,287,257

4-23-34

yet issued the necessary

100,000

v

10-26-34

Penn.
Bank

Frackville,

4-

not

decree establishing the amount of

150,000

Bank, Secaucus,

Jersey

Co., Bedford,
♦First

has
$7,459,948

4-15-33

♦First National Bank,

.While the Government of Cuba

.

■<

—11-7-33

National

Bank,

.

8-18-31

.•

—

.

cotton

on

Cuban Sugar Production

Failure
.

Total

of

action

the

contacting indi¬
participation
checking com¬
pliance, etc., remains the job of
the action agencies.
>

Date of

Claimants

859,523
911,903
972,463
1,001,406
1,217,471
1,067,060
sharp increase in prices for meats, particularly pork,
Production during the four weeks ended Jan. 31, 1942, as re¬
brought wholesale prices of foods to slightly below the midJanuary peak when the index reached the highest level since the ported by these mills, was 6% below that of corresponding weeks a
Spring of 1930.
Fruits and vegetables, including prunes, bananas year ago.
Softwood production in 1942 was 6% below that of the
and oranges, rose 0.6% and quotations were slightly higher for same weeks of 1941 and 14% above the records of
comparable mills

for

for

as

same

of

f programs, such as the AAA and

order

increase

the

was

Administration

,

"Percent
Dividends

ago.

Prices

and

State

other programs.

"

An

all

that Extension Service's respon¬

.

Total
Disbursements

We give herewith data on identical mills for the four weeks
products in wholesale markets rose
Led by an increase of more than 2% for ended Jan. 31, 1942, as reported by the National Lumber Manufac¬
hogs, to the highest February level in 16 years, the livestock turers Association on Feb. 10:
and poultry subgroup rose
1.7%.
Quotations were also higher
An average of 472 mills report as follows to the National Lum¬
for cotton, barley, rye, oats and for hay, tobacco and wool.
Sea¬
ber Trade Barometer for the four weeks ended Jan. 31, 1942:
sonally lower prices were reported for eggs, apples, onions and
Production
Orders Rec'd
-Shipmentspotatoes, also for corn and wheat.
Although agricultural com¬
1942
1941
1942
1941
(In 1,000 feet)
•1942
1941
modity prices are slightly lower than they were for the corre¬ Softwoods
926,208
955,549
814,224
868,775
1,162,931
1,023,362
sponding week of Japuary they are nearly 43% higher than a Hardwoods
46,255
45,857
45,299
43,128
54,540
43,704

rice, corn meal and lard.
Lower prices were Reported for flour
and oatmeal, and for cured beef at New York, and lamb.
Cattle
feed declined 3%.

qf

sibility for educational work of

INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED DURING THE

Average prices for farm

A

De¬

that Extension
representatives
are

members

receiver-

0.6% during the week.

year

the

of

in the programs,

materials.

v,

to

county USDA War Boards, and

The

markets.

general

or

essential

work

He pointed out

ships during the month of January, amounted to $659,027.
Data
as to results
of liquidation of the receiverships finally closed
during the month are as follows:

♦Formerly

general, affecting almost all

the

charged

Stations.

:

said:

*

•

information

nomic

Service

all

a

partment and State Experiment

disbursements, including offsets allowed, to depositors

distributions to

is

understanding of the action programs and for spreading to all
farm people scientific and eco¬

of the Currency Preston Delano announced on
during the month of January, 1942, the liquidation of
eight insolvent National banks was completed and the affairs of
such receiverships finally closed.
His announcement further said:

7;

■

Secretary

educational

12 that

Dividend

Service

sibility for all group

0.2

Comptroller

sources,

Agriculture

Extension Service with respon¬

0.2

z-

Liquidation Of Ipisolvent National Banks

of these

of

Extension

The

Paper and pulp

88

upward movement during the week ended Feb. 14
and rose to the highest level since August, 1929.
Following the
slight reaction of the preceding week, the Bureau's index of nearly
900 price series rose 0.5% to 96.2% of the 1926 average.
In the
past month the all-commodity index has risen 0.6% and it is now
19%% above a year ago.
■ v
the week was

0.3

—

receiverships averaged 7.35% of total collections from all
including offsets allowed.

their

for

0.3

—

products

—_

thereto advices from

Department

cooperative agency of the De¬
partment and State land-grant
colleges.
It has a corps of
trained extension subject-matter
specialists in every State and
county agricultural and home
demonstration agents in every
county of agricultural import

0.3

—

materials

farm

88

U. S. Department of Labor, an¬
Feb. 19 that commodity prices in primary markets re¬

advance

the

and other creditors of these
eight receiverships, amounted to
$23,264,562, while dividends paid to unsecured creditors amounted
to an average of 85.30% of their claims.
Total costs of liquidation

The Bureau of Labor Statistics,

The

With respect

-

Total

educational

understanding by rural people of
each program individually and of

0.4

3.0

—

Feb.

the

said:

1.7

products

foods

Other

■ —

.

that

the

effort."

"must without exception

tance.
Cattle

87
87 '
87
88
88

plus orders received, less production, do not

announcement further

stated

essential, to

war-time

our

include all that is necessary to an

13.2

1942

2.0

Decreases

85 "

99
98
100
99
97

Commodity Prices Resumed
Upward Trend In Week Ended Feb. 14

Bureau's

He

program

Increases

Wholesale

The

of

success

INDEXES FROM

to Creditors

on

homez economics

all programs as a unified whole."
,

Date of

sumed

•

+0.5

-

v

nounced

0.9

84.6

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

109.4

96.9

of the farm'front the general edu¬
cational work in agriculture and

The

100

530,549
527,514
525,088
'
514,622
528,698
522,320
% 510,542

109.8

104.0-: 102.9 + 102.9

the
responsibility
for
"carrying forward on every sector

+ 23.8

82.7

>

3

jan

+ " 5.8

Service

__

98

523,119

+ "8.3

+ 0.1

94.5

——

FEB.

93
91
92
94
97
80
98
99
98

v

—0.3

0

< 94.4

102

'

+ 0.4

94.7

528,698

-

_

72.7
,.97.9

92.6

94;7

93

11

78.9
103.5

93.6

94.5

530,459

©ct'.

+1.1

78.8

103.6

94.7

Furnishings

27

Oct

+ 0.1

78.4

103.6

94.9

99

'

75.6

78.7
103.6

93.5

ard has made public a memoran¬
dum
placing on the Extension

+ 42.8

95.2

products-—

products and foods

Other

1-

+ 13.9

+

Fruits

—

+ 28.2

+ 0.4

+ 15.6

568,264

572,635
587,498
592,840
584,484
576,529
591,414
589,770
583,716
578,402

—0.1

+ 0.4

839,272

159,272
159,894
162,889
162,964
163,284
133,031
166,781
166,797

+ 0.3

+ 0.3

70.5

+ 0.5

Meats

159,844
174,815
169,472
158,403
157,032
147,086
164,057
176,263

73.3

101.9

100.8

0

•'

,

2

94.1

11.5.6

101.3

+ 0.6

1941—Week Ended—

Aug.

93.9

115.7,

100.1

83.8

86
94
94

668,230

—0.1

93.7
115.8

81.2

88

673,122

+ 0.6

94.0

116.1

PERCENTAGE CHANGES IN SUBGROUP

1942—Month of—

January

+19.5

96.5

737,420
576,529
578,402
\v,..

1941

+- 0.6

91.4

509,231

554,417

1942

+0.5

92.0

608,995

743,637

1942

80.5

96.4

807,440
649,031
630,524

640,188

1941

95.6

Secretary of Agriculture Wick-

2-15

91.9

634,684

November

1942

95.9

1-17

96.3

All commodities other than farm
—

.1942
'

2-7

91.9

'
-

2-15

86.9

y-

75

1-17

Manufactured products——
All commodities other than farm

i '

95.7

1-31

M

Agricultural Extension

Feb. 14; 1942 from

Semimanufactured articles

++:+''•. ;+'\.
Current Cumulative

202,417
261,650 ■%.'

December

——

commodities—

Percent of Activity

629,863
548,579

831,991
649,021
760,775

October

v

■

;

Raw materials

509,231
659,722
642,879

——

-

_

....

652,128

—

May

Tons

<>

+;

673.446
608,521

;

_

February

$

.

1941—Month Of—

,

goods

i,

.

Remaining

'

January

'

Unfilled

Production

Orders

.

Period

"

1942

96.2

93.6

lighting materials

Metals and metal products^

Housefurnishing

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

STATISTICAL

1942

100.7

Foods

Fuel and

2-7

.

Percentage changes to

■■

;

member of the orders and

are

100)
'

Farm

paperboard industry.

figures

Thursday, February 26, 1942

~

We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
The members of this Association

n

'

Jan.

1941.

'

•

r

31,- 1941,
Softwood

motives
were

Feb.

steam

294

and

On

1,

loco¬

new

order, of which

on

Diesel.

on

also had 543

year

249

electric and

the

same

were

238

date

last

year, there
motives on

order, which included

120

and

loco¬

new

.

There

was

an

increase

of

0.4%

in

the

average

prices

for
cedar

building materials as higher prices were quoted for red
shingles, and for some types of yellow pine, oak and gum lum¬
ber.
Lower prices were reported for maple flooring, for yellow

orders in 1942

were

40% above the

same

of 25%

sulfur
ago.

olive

oil

and tallow,

fats and oils, particularly castor oil,
averaged 1.8% higher than a week

In the past year these materials have risen 133%.

>

were

tion
feet

Hardwood orders showed

a

31, 1942, gross stocks as reported by 393 softwood mills

2,864,199,000 feet, the equivalent of 73 days' average produc¬
(three-year average 1939-40-41) as compared with 3,045,682,000

on

Feb.

1, 1941, the equivalent of 78 days' average production.

following tables show (1)

index numbers for the prin¬
On Jan. 31, 1942, unfilled orders as reported by 389 softwood
cipal groups of commodities for the past 3 weeks, for Jan. 17,
mills were 1,370,093,000 feet, the equivalent of 36 days' average
1942 and for Feb. 15, 1941 and the percentage changes from a
week ago, a month ago, and a year ago (2) percentage changes production, compared with 1,043,277,000 feet, on Feb. 1, 1941, the
The

.

in

subgroup indexes from Feb. 7 to Feb. 14, ,1942.




equivalent of 27 days' average production.

steam

Diesel.

gain

compared with corresponding weeks of 1941.

On Jan.

pine boards and timbers, and for rosin and turpentine.
The industrial grades of

as

14% above those of similar period of 1941 and
weeks of 1940.

-

118

electric

y

•

The Class I railroads in

and

*

January,

put in service, 8,143 new freight
cars
compared with 6,525 in the
same

month last year.

New locomotives put in service
in

January totaled

26'

were

steam

71>

and

of

45

which
electric

and

Diesel.
In the same month
last year 47 new locomotives were

installed
eluded

in

15

and Diesel.

service,

steam

and

which
32

in*

electric

THE COMMERCIAL & FINANCIAL CHRONICLE

January Living Costs Rise in 67 Cities
for

costs

>Living

wage

ing

Baltimore; the smallest 0.5%
as
a
whole, the cost of living
which

rose

according to the Board,

1.4%

says:

The
;

in 67 cities, accord¬

to-* January

The largest increase was, 2.6% in
in Newark. In the United States

Board.

Conference

The

to

clerical

lower-salaried

and

earners

Workers increased from December

Note—On the New York Curb Exchange, odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot- transactions
of specialists
resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the other

hand,

living

all

but

fraction of

a

transactions

odd-lot

As

ber

of

reports

received

because

single report may carry entries

a

classification.

January, 1941, to January, 1942.
following table furnished by the Board gives percentage
changes in living costs from December, 1941, to January, 1942 in

Stock

Stock

Sales

the New York

on

Transactions, for

Account

Stock Exchange

of Members*

Feb.

Sales

Other

*

1

CHANGES

PERCENTAGE
•

78,160

City

Change
+ 2.6

Sacramento

+2.5 Syracuse

San

Haven

Des

Moines

Mich

+2.5 Joliet,

Del

+2.2 Los

Ind.j_

Seattle

.___

Board

_

Pa.

+ 1.5 Front

+1.9 Denver

Grand

+1.9 Detroit

+ 1.4

+1.9

New

Orleans

Cincinnati

Manchester,

N.

H

Youngstovfn
Boston

a

Fall River

Lynn

York

__——

+1.1
+1.1

Total

purchases

Short

sales

Other

sales b

Total

Total

+1.8 Pittsburgh

+ 1.4

Muskegon

+ 1.4

Chicago

_

_

sales

+0.9

Ill._

+ 0.9

+

+1.7 Wausau, Wis.__

+

1.4!St.

+1.6 Akron

+

1.31 Anderson,

+1.6 Chattanooga

+1.31Buffalo

+1.6 Cleveland

+1.3 Milwaukee

__

Other

of

7.76

13,100

sales

transactions initiated off the floor-

Short

58,240

sales

66,440

purchases

348,170

Short

sales

Other

salesb

preliminary figures 24,136,308

+0.8

Total

Rouiul-Lot

+0.5

14.05

331,310

Stock

Sales

Transactions

the

on

for

New

Account

Ended

York

of

Curb

Members-'

Feb.

7,

cotton

Round-Let

Short

sales

Other

sales b

Total
B.

Feb. 20 that according

spindles were

spinning

Total

Exchange and Stock
(Shares)

Round-Lot

1.

in

Transactions

they

Jan. 3JL, 1942, of which 23,077,352 were

sales b

for September, 23,029,066 for August, and 22,829,220 for
January, 1941.
The aggregate number of active spindle hours re¬

Total
2.

for the month was

are

States

—

States-

Growing

Cotton

Total

24.136,306

'23,077,352.

11,363,805,962

_

17,450,286

9,035,432,299

504

4,977,056

2,085,073,612

380

709,340

650,010

243,300,051

343

Maine

1,802,044

949,727,853

521

522,088

491,730

170.325,070

326

3,155,634

3,034,700

1,555,421,515

493

—.

647,340

594,084

266,491,746

412

____________

1,144,960,316
71,175,490
133,539,916

370

—,

.

Massachusetts

Mississippi—
— New Hampshire
— New York

:• -

'

%

r".

North

Carolina

Rhode

Island

3.096.578

2,757,368

157.896

133,840

—

All

295,168

116,323,104

360

5,661,604

2,791,709,499

483

909,408

834,562

347,137,044

382

5,390.674

5,279,594

2,900,855,542

538

551,080

542,648

295,736,765

537

—

other

States

Feb.

Securities

24

sales

on

242,342

230,054

110,635,565

457

636,596

600,124

288,537,712

453

617,410

554,792

221,228,825

358

Feb.

7,

and

Commission

Exchange

all

of

made

members

of

these

exchanges

in

the

-The

rules

on

ended Feb.

on

stock
Curb
ended

7:

No.

1941,

any

of

or

r-r-—'—

floor
floor

Reports showing no

The

transactions initiated oil

of Dec. 12,
other executive

includes

all

regular and associate Exchange members, their

including special partners.
transactions

as

per

short

sales

with

which

"other

are

cent of twice total round-lot volume.

exempted

restriction

from

In

by

the

Commission

sales."

"short exempt"

are

con¬

in instructing
Agencies to re¬
lease surplus workers for defense
work appeared
in our Feb.
19
issue, page 768.
action

heads of Federal

included with "other sales."

26 Yz

Million

on

Draft List

An estimated 9,000,000 men between the ages of 20 and 45 years

Agencies Speeded
Roosevelt

order

issued

Feb.

on

21

an

de¬

personnel to war agencies.
The
order supplements the President's
recent
letter
to
governmental

directing them to
surplus
personnel.
The

heads
on

Feb.

21

asked

departments and agencies in re¬
spect to their relative importance
to the war program and author¬
ized the Civil Service Commission
effect the transfer of any em¬

form

deemed competent to per¬
essential war work.
In giv¬

of the executive
advices Feb. 21
Washington
to the New

the text
special

ing

the

of

Bureau

the

order,
from

a
special investigation of ap¬
propriations for personal serv¬
ices and other items of expendi¬

ture

throughout the agencies of

Government.
found

not

Any

amounts

essential

the

to

con¬

duct of Government and its

efforts

be

may

placed

war

in

re¬

serve.

Text

the

Budget Bureau to establish prior¬
ity classifications of the executive

ploye

requested

Budget to conduct immediately

signed to expedite the transfer of

to

President indicated that he had

.

registered throughout the
on Feb. 14, 15 and 16 ?Y>r
possible military service in the
first registration since war began

of

The

text

order is

as

"By
ice

Act

executive

the

follows:

virtue

vested in

Order

the
of

of

authority

the

by the Civil Serv¬

me

and by

Stat. 403),

(22

Section

1753

Statutes

of

the

of

the

Revised

United

States

(U. S. O., Title 5, Sec. 631), and
in order to
fer

of

cies,

expedite the trans¬

personnel

it

follows:

is

to

hereby

war

agen¬

ordered

as

-

country

but the

third

two

Oct. 16, 1940,
July 1,
1941, the nation's
registered manpower pool is now
above
26,500,000.
When
those
men
of non-military age—18-19
and 45-64—are registered in the
Spring, this total is expected to
rise to around 40,000,000.
The new registrants subject to
military service will be added to
the previous lists and not be in¬
tegrated with the others.
An¬
other lottery In Washington will
determine

their

Selective

of facili¬
transfers
of
employes
under the provisions of this or¬

service to make available

tating

"1.

said:

For the purpose

power."
Brig. Gen.

time

Director

172

62

615

575

ployes who
are
military service.
-

In

issuing

the

drafted

into

j
order,

the

establish

priority classifi¬

cations of the several executive

departments
of parts of
in

"all-

picture of the vocational ex¬
perience of the nation's man¬

of the Budget shall from time to

Bureau

an

.

over

der the Director of the

27

numbers.

headquarters
in Washington disclosed on Feb.
1-3 that a detailed questionnaire
will soon be sent to those regis¬
trants
not
already
in military

they have consented. They will
have
re-employment
benefits
similar to those afforded to em¬

87

order

Service

Employes transferred to agen¬
cies with a higher war priority

"Times"

*

registrations,

and

rating will be moved only after

182

Selective

With over 17,600,000 men from 21
through 35 signed up in the first

Exchange
749

under the

Training and Service Act of 1940.

N. Y. Curb

1,042

________~




super¬

Execu¬

previous references to the

Exchange

_________—___________

transactions——

of

rule of the Civil Serv¬

or

N. Y. Stock

159

shall

8973

tive Order

24,689

"members"

marked

executive

York

'■

New

Reports Received--

order

provisions

flict therewith."

24,689

c

16,765

included

President

weekly reports filed with the New York Stock
York Curb Exchange by their respective members. These
classified as follows:
the

Reports showing other
the

4.

sales

in members'

President

public

for the account

Reports showing transactions as specialists--—
Reports showing other transactions initiated on
the

3.

Stock Exchange

re¬

employes as the
may
require for

ice Commission which is in

0

Shift Of Personnel To

published are based upon

Total Number of
2.

the

Com¬

information

were

survey

and

any

order

sales

their partners,

Sales

from other

reports are

1.

are

agency

data

of Special¬

Account

sales

b Round-lot

of members
(except odd-lot dealers) during the week ended Feb. 7 (in roundlot transactions) totaled 679,480 shares, which amount was 14.05%
of total transactions on the Exchange of 2,418,260 shares.
This
compares with member trading during the previous week ended
Jan. 31 of 808,765 shares, or 14.63% of total trading of 2,762,890
shares.
On the New York Curb Exchange, member trading during
the week ended Feb. 7 amounted to 124,385 shares, or 15.32% of
the total volume on that Exchange of 405,935 shares; during the
preceding week trading for the account of Curb members of 148,205
shares was 16.55% of total trading of 447,675 shares.
The Commission made available the following data for the
The

15.32

75,770

the

This

sede

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 includes
only sales.

1942, continuing a series of current figures being published

Trading

week

:

for

purchases

term

and

Shares

a

War

week

by the Commission.
Short sales are shown separately
sales in these figures, the Commission explained.

Exchange

other

firms

round-lot stock tiansactions for the

and the volume of

Exchange

Customers'

c

figures showing the daily volume of total round-lot
the New York Stock Exchange and the New York

account

short

Total

Trading On New York Exchanges
The

Customers'

Total

474

323,100

T—

Virginia

sales

Transactions

depart¬
shall promptly

ists—

451

5,781,888

Tennessee
Texas

265,040

281,964

—

Carolina

South

Odd-Lot

"6.

3,025

72,745

out
this

the effectuation of this order.

48,615

sales b

Total
C.

■'

carry

under

executive

garding its
.Commission

2.85

12,595

adopt

Civil Service

such

President's

1,822,308

Georgia
v~

:

sales

Other

Each

mission

930

II,665

sales

Com¬

to

be necessary to

ment and agency

10,435

purchases

of Dec.

Service

responsibilities

furnish the

sales b

Total

Civil

authorized

is

order.
1.46

floor-

Total-

4.

471

5,491,938

England States-

the

sales

Other

per

17,935,028

Connecticut
.

Y-i

spindle
in place

its

6,335

.

initiated off

Average

Active during
January

place

sales

8973

rules

may

100

purchases

Short

Spindle Hrs. for Jan

Jan. 31

other States

Alabama—.

Total

Short

Spinning Spindles
In

5,550
6,235

transactions

«

de¬

and regulations and
to establish such procedures as

u

Other

the

the re-employ¬
provided by Ex¬

Order No.

The

such

11.01

floor—

the

on

sales b

Total
3.

shown in the following statement:

State—

initiated

all

to

mission

56,840

sales

Other

"5.

I,995

purchases

of

12, 1941.

54,845

sales

a

effected

be

consent

benefits

ecutive
32,570

transactions

Short

Total

Active

United

Other

Total

11,363,805,982.
Based on an activity of
80 hours per week, the cotton spindles in the United States were
operated during January 1942 at 136.9% capacity.
This percentage
compares, on the same basis, with 124.0 for December,
129.4 for
November, 125.8 for October, 123.7 for September, 125.3 for August,
and 112.3 for January, 1941.
The average number of active spindle
hours per spindle in place for the month was 471.
The total number
of cotton spinning spindles in place, the number active, the number
of active spindle hours, and the average hours per spindle in place

All

specialists in stocks in which

sales

963,944

New

of

,

con¬

Transfers to de¬

not

the

entitled

of

purchases

shall

or
agency in which
employe is serving.
Any employe transferred
pursuant to this order shall be

registered-

are

Total

be

"4.

ment

Other

by States,

Account

will

the

405,935
the

for

Commission
work

partment
a

Members:

Short

ported

Per Cent

402,600

time during the month, compared with 23,063,112

some

For Week

Transactions

its

shall

without

:

Service
that

final decision.

tions

3,335

sales

become

partments and agencies having
the same
or
lower
classifica¬

1942

Sales:

shall

sider such evidence and make

273,040

sales

it

Commission

Service

58,270

December, 23,069,146 for November, 23,043,310 for October, 22,-

operated at
lor

on

is

provisions

jeopardized by the loss of the
employe's services,
the
Civil

2.61

(

Total

+0.8

2,

Civil

evidence

TotalTotal

Section

the

8,200

.

sales b

Total
4.

59.670

sales

Other

A.

to

the

which the
If, within
that period, the employing de¬
partment or agency presents to

+0.8

Ind

Slight Increase In Active Cotton Spindles
In January
place in the United States

transfer

a

under

ment or agency in
employe is serving.
3.68

84,790

Total

on

Whenever

effective not later than 10 days
after notification to the depart¬

71,690

Week

of the Census announced

;

department or agency having
higher priority classification
<(3.

93,100

Total purchases

+0.9

Paul

Newark

The Bureau

to

proposed

180,080

sales b

Total

+ 0.9

______

1.4 Rockford,

+ 1.7 Rochester

36,970

sales

Other

+1.0

+ 1.4 Toledo

a

195,400

143,110

purchases

Short

+1.0
+1.0

Va

+1.8 Minneapolis

'

the

cerned,

a

,■

employes of

employe
con¬
effect
the
trans¬
fer
of
any
such employe to
meet
the personnel needs
of

2,418,260

„

Mem¬

Other transactions initiated on the floor—

+1.1

______

Birmingham

+1.4 Roanoke,

Houston

+1.7 Richmond

____

.+ 1.1

Royal, Va

1.4 Indianapolis

+1.4 New

_

of

+ 1.2
—

—

+

Lansing '___

Account

Com¬
secure

—
.

N. J

Trenton,
+1.5 Duluth
+ 1.5

_______

+ 2.0 Atlanta

Providence

the

of specialists in stocks in which
registered—

—

Bridgeport
Erie, Pa
Rapids__

for

Specialists:

are

.

.

Angeles

+2.1 Oakland
+2.1 Spokane

and

.

111..

+2.1 Meadville,
+ 2.1 Memphis

;

Transactions

Transactions

they

.

+2.1 Louisville

Mich.____'
Philadelphia
Portland, Ore._
Flint,

1.

____

...

+2.5 Evansville,

Francisco

Wilmington,-

Saginaw,

Dealers

'

%
%
Change
City
Change
+1.3
Dallas
+ 1.6
+1.3
+1.6 Macon
+1.3
+ 1.5 Omaha
+1.2
+1.5 Kansas City, Mo
+ 1.2
Lewistown,
Pa
+1.5
+ 1.2
+1.5 Parkersburg, W. Va._
+1.2
+ 1.5 St. Louis———__—

City

Baltimore

New

Conference

The

Source:

CITIES

1642

of

sent

sales

Round-Lot

a

bers, Except for the Odd-Lot Accounts of Odd-Lot

JANUARY,

67

IN

COSTS

LIVING

IN

1941 TO

DECEMBER,

Total

B.

Per Cent

v

.

2,340,100

*

to

as

in

For Week

sales b

Service

authorized to

cies who are deemed competent
to perform essential war work
departments or agencies hav¬
ing a
higher
priority
class¬
ification, t and, with the con¬

~T
Total

Round-Lot

Civil

is

executive departments andagen-

and Round-Lot

(Shares)

7, 1942

Short sales

-

!>

,

The

"2.

'

Total

'

mission

than one

in more

as to transfers unprovisions
of
this

the

order.

__

Week Ended

,

cities:

67

der

information

The

all

controlling

engaged

■;

Total Round-Lot

1941, in all 59 cities for which comparable figures are available.
largest increase was 15.7% in Syracuse; the smallest 6.6%
in Newark.
In the Unite#, States the cost of living rose 9,9 %
from

by dealers

a

The

,

effected

are

portance to the war program,
"and such classifications shall be

result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
The number of reports in the various classifications
may total more than the num¬

higher in January than in January,

was

the

solely in the odd-lot business.

.

of

cost

865

also

of

Lewis

B.

Selective

recently announced

and

Hershey,
Service,
an

eas- '

agencies, or ing of the restrictions regarding
with
defective
activities thereof, men
eyes
and

respect to their relative im¬ teeth.

-

•

THE COMMERCIAL & FINANCIAL CHRONICLE

866

Midland Bank (L ndon)
Profits For Ye
The

directors

of

Midland

Bai.k, Ltd. (head office London);
report tnat, full provision having
been
ful

the

Dec.

and

b 1,1941,

9t9,287

17s.

added

lbs.

8d.

the

last

gether
14s.

for

contingencies,

profits for the

net

be

for all bad and doubt¬

maae

debts

amounted
balance of

£620,082
forward from

brought

making
to¬
£2,589,370

account,

•

£1,-

to

,

bd., to which had to

the

total

a

ended

year

of

sum

2d.v out of which the follow¬
appropriations
have
been
To interim dividend paid

ing

made:

July

15,

ended

last,

June

the half-year
1941, at the rate

for

30,

Fertilizer Ass'n. Price Index Still Rises

-

1941

the

Includes

a

'

wholesale commodity price index compiled by The
Association which was made' public Feo. 23,
continued the upward swing last week.
This index, in the week
Fertilizer

21,

and

OF

PRODUCTION

PENNSYLVANIA

~

statistical

ANTHRACITE

——Week Ended—-——2

rue. a

.

1

Feb. 15,

Feb. 14,

Feb. 15,

1942

1941

1942

1941.

1.150,000

1,217,000

6,850,000

7,409,000

11.020,000

1,093.000

1,156,000

6.508,000

7.039.000

10.227.000

150,900

.125,800

959,000

785.400

780,200

17,074

16,600

,

production blYArl.110.000

8%

actual

10s. 0d.,

income

less

at

tax

£606,344 16s. 9d., to

,

23,000

Includes

a

£500,000, leaving the sum of £1,233,025 17s. 5d., from which the
directors recommend a dividend,
payable Feb. 1, 1942, for the half-

washery

.21,557

dredge coal,

and

17,971 :u

and

coal

22 declines.

and

shipped

truck

by

forward

carried

,

.

statement

Midland

the

of

assets

liabilities

the

its

and

Farm

Dec.

Company—made

up

Livestock

10.8

Miscellaneous

8.2

Textiles

7.1

Metals

6.1

Building

1.3

Chemicals

the

at

as

of

end

the

counts

on

shown

as

the

latest

date

£775,862,987,

are

as

com¬

pared with £650,734,470 and £567,-

894,005

the earlier dates.
The
paid-up capital is listed

on

bank's

latest

the

date

£15,158,621,
previous
year-end statements, and the re¬
the

same

in

as

fund

serve

as

the

is

two

the

also

same,

£12,410,609.
In

statement

a

presented

stockholders'

annual

in January

at

meeting

usually delivered), the Chairman,

The
at

Feb. 22,

1942

1941

Farm

and

drugs

materials

__

..

...

machinery

118.2

119.7

9216

135.6

130.8

74.6

159.0

158.7

156.1

132.4

131.7

130.4

183.7

180.8

170.4

96.8

121.0

119.1

121.5

82.5

base

..

124.6

124.6

122.6

94.4

113.8

113.0

101.5

127.2

127.0

127.2

111.1

150.5

149.8

104.4

104.4

104.0

103.5

135.0

135.1

131.8

117.7

120.3

120.3

120.1

104.0

149.0

118.3

118.4

117.4

105.7

114.0

114.0 Y

102.1

103.8

103.5

103.5

122.5

21, 1942, 96.4; Feb.

Feb.

net

profit for

the

amount
tax

come

and

contribution
than

secutive week in which the volume

smaller

payable for in¬
defense
more

by
the
business and

our

-

provision

required

for bad and doubtful debts.

recommend

final

a

We

dividend

•again at the rate of 8% actual
less income tax, making
16%
for the year.
It has been felt
Y prudent
in
view of the in¬
evitable difficulties to be faced
in

the

period,
to
strengthen the reserve for fu¬
post-war

contingencies by an
propriation
of
£500,000.

ap¬

We

placed a fur¬
ther
£250,000
to
contingent
account
for
war
damage
to
moreover,

bank
■

be

premises,
that

sure

contributory

as

The

212.0

the

of

of

suffered

be

the

war.

before

These

the

end

appropria¬

tions, together with the £1,213,000

for

dividends,

will

absorb

practically the whole of the
yeor's
nrofit,
leaving
the
sbghtlv larger amount of £627,000 to be carried forward.

aff:bflt.ions,

the

Belfast

Our

Bank-

'

Company, The Clydesdale
the North of Scotland

jog

Bank,

Executor
pany.

the

and

P^nk

and

Midland

Bank

Trustee

Com¬

have made their full

tribntion
are

to

these

results,

con-

and

glad to know that they,

too. despite the difficulties com¬
mon

their

to all of iu. are

maintaining

highly efficient services.




1,442

.1,197

1,329

(/)
613
136

175

207

161

215

203

174

748

780

885

313

556

272

244

277

60

Maryland

748
276
*39

39

38

37

38

226
51

Michigan

7

7

13

16

29-

Montana

80

84

66

68

84

30

29

24

,:24

50

58

Dakota—__

.57

51

59

51

88

/37

686
2,717

551

458

626

694

bituminous—

655
2,595

2,547

2; 134

2,680

3,087

138

137

136

142

111

127

10

8

8

20

16

123

97

67

147

96

365

339

326

270

212

and

Missouri

___

______

Mexico—_Y_—
South

&

___!

,

—

:

Utah

.

"

*

88

Virginia
Washington

368

West Virginia—Northern b_

;

26

'

80

23

32

32

42

34

62

77

1.960

1.912

1.906

1,714

1,127

816

831

703

640

709

673

165

156

156

Y-A155

116

122

c—__

1

0

1

*

i Total bituminous coal—_

10,760

11,195

10,095

9,931

1,150

1,096

1,141

654

■"•■>.11,910 p: 12.291

11,236

10,585

Other Western States

"

1.915
•

Wyoming

anthracite d_

•; Total, all coal

"

-

f7

10,018

10,956

1,093

1.902

.Ml.111. ;.12,853.

Includes operations on N. & W.'; C. & O.; Virginian; K. & M.; B. C. & G.; and on
in Kanawha, Mason, and Clay Counties,
b Rest of State, including the Pan- district and Grant, Mineral, and Tucker Counties,
c Includes
Arizona. Call- /
fornia, Idaho, Nevada; and Oregon, d Data for Pennsylvania anthracite from published
records of the Bureau of Mines,
e Average
weekly rate for entire month.
/ Alaska,
a

the B. & O.

handle

topped the $100,000,000-mark ac¬

Georgia.

a

highest total

reported

since

the

"Less

week

week

current

North

than

Carolina;

and

South

Dakota

included

with

"other

tons/

1,000

•••

Western

Y YY"-

States."
A,,.

'
..

...

,

Dhasiges In Holdings Qf ReECtjiiired Stock

Construction

State

and

;

Municipal

-—

_

—

—

In

ing,

classified

the

in

each

public

81,615,000

96,950,000

75,528,000

AmericanMiuwaiian Steamship Co., commoiL———

23,379,000

11,801,000
85,149,000

12,533,000
62,995,000

American Hide & Leather

58,236,000

Ice

Co., 6%

prelerredr_

Atlas

4,700

5,300
24,065

1,154

—

—_YY_Y—

5V2^

Borden

Co.

$1,272,000; bridges, $881,000; industrial buildings, $14,811,000; com¬
mercial building and large-scale private housing, $10,641,000; pub¬
lic buildings, $53,478,000; earthwork and drainage, $318,000; streets
and roads, $5,775,000; and unclassified construction, $14,531,000.
New capital for construction purposes for the week totals $264,302,000. This
compares
with $37,018,000 for the corresponding
week last year.
The week's new financing total is made up of
$710,000 in state and municipal bond sales, $642,000 in corporate
security issues,
and $263,250,000
in Federal
appropriations
for
Government plant construction.
New construction financing for the year to date totals $1,369,231,000, an increase of 110% over the $653,833,000 for the eightweek period last year.
J
,

Co.,

Yellow

Y

252,638

259,682

11,912 rY

1.008

l:
239 Y
Co., canimon^j.__^-A:_-._M--__-__-—48,432

54.032

Y

22.254

::

capital—,,

Cab

Co.,..Inc:, capital.^——M—.i

5,722

;

._

Co. (Thei,. common Y M . Y : Y
;
Y .,
^
f
Copperweld Steel Co.. cum. convY pref, 5% series———.
" 2,000
Coly. lnc.,. commoniv—€3,523

Y;Y
Cuban-American Sugar Co. YThe), 5'/»•<;/.• conv.
Y>- 13.088
Y;
pref.iwiL-—• vY 12.888
7r'c- cumulative prefcrred__Y—1——__
6,163 ,Y.
6,283 YYY
Pnvegn Stores Corp.,- cbninio(i.^--Y^-YY__-_-_-_-Y_YQ8,650 Y MAY 8.850 JY
:
5.'Y: eumulative'convertible preferred——
300 '/YY
Detroit Edison Co.- (Tbe)> common^___J.—L__
;
11,482, Ai 11.017 YY
Food Machinery Cor])., con\mon,.^,__—
2,248 Y
(2)
Firestone Tire & Rubber Co, (The), common—
;Y.___
316,474 Y
316,614
€3,729

-

.

.

..

_

i

(Pi,,-.cumulative, series

A

Fruehouf Trailer Co., 5'v

convertible preferred

Oaylord Container Corp., S'/aM
General.

Motors

cmn.

Utilties Corp.,

YM 18,766 VA-

16,266
Y,'

pneLvY---C()ip.,, commoiLiM--—___—yY__—__

General.Realty

Weekly Goal and Goke Production Statistics
Bituminous

its

in

latest

showed

coal

little

output for the

Coal

coal

Division,

report

change

country

in

is

U.

stated

the

S.

3,513

v

(3)

t

2l"l"74d

Y

196,221

$6 preferred—y:

4,066

week

estimated

at

ended

The

14.

Feb.

10,830,000

net

tons,

of

70,000 tons, or less than 1%.
Production in the
sponding week last year amounted to 10,416.000 tons. ^,;V'Y
crease

The

U.

S.

Bureau

of

Mines

reported

that

Pennsylvania anthracite for the week ended Feb.
at

1,168,000 tons,
preceding week.

increase of 18,000 tons
When compared with the

an

sponding week of 1941, there
ESTIMATED

UNITED

STATES

was

14

PRODUCTION

OF

SOFT

Jones Ar.

corre¬
•i.

v:

(2)

National

Pacific

Plymouth

OF

Real Silk

Pennsylvania anthracite from Weekly Anthracite and Beehive Coke Report
of Mines;
data for crude petroleum computed from weekly statistics
of American Petroleum Institute.)
' V YYYYY •>'
(Y-Y.sYy
Y '
.
<;
YvYMYY
Bureau

.

Week Ended
Feb. 14,

Bituminous coal

Total,

a

1942

Feb. 7,
1942

Jan. 1 to date——

;

Feb. 15,
1941

Feb. 13,
,1937

Feb. 15,

Feb. 14,

1941

1942c

including mine

fuel

-•

Daily

average
Crude petroleum b

Coal

__

__10,830,000

10,760,000

1,805,000

1,793,000
Y

eouivalent of

weekly output

6,533,000

6,947,000

.

/

1,669,000

Y

Y

Y.

V>

-1.

.

32,434,000

Co.,

•

Y

4.174

Y

59.941

23,814

/•:'

23,976

4.503

4.317

15,025

17.894

2.114

2,200

68.201

69.101

3,100

White.-IS. S.)

;

-

/■■'f'"....

■

*

-(DM1.912 shares retired;^ 1,008 shares

(2) .Retired,

\

%

.

v

-acquired.

1,047.300

1,122

■ *•
.

'

(7)

,7.005

3.986

530.179
78.159

v:

1,048.300
-

18.800

—

.

'

-

16. "00

18.900
■.

r

•

;.Y-Y'Y'Y

67,135

,

Y> "

r"v

4.(100
"/5.218

lfi.mo

—

.

-A-

50.000
'
•

•>-'"/yr "• notes ^

(6)
-

.

4,858

common.—3.580

capitak___—1___j,

■

A

Y

12,635

DentaLManufactpring Co. (The), capital.—
--A

.•.

200 000

;

Socoiiy-Vacuum Oil CoY capitalM—• 530.111
Swift•& Co., ca.pitaL—78.192
Corp.,

Y

3.113

Y

—

.'

;

—

4,194

23.101

—

Pen

1.055

7.097

3,103
;

'.A.

4.534

22.901

Co., .common——'—

A.)

;
.

—

common———i

Sheaffer,*(W.

:Y'

>

preferred—.
——

Hosiery Mills, Inc.,.72# cum. pfd._—'
v.t.c. for capitrtl

Inc.,

v.

59.535

11,055

Reo Motors, Inc.,
Servel

'

common ..-Y

^adjusted 4%
Corp.v common

(The); prior preference.,
Vick.Chemical Co., .canitgl.YiLlj—
a
;

1,677,000

5,828,000 43,035,000 37,909,000

Oil

—__

United States Leather Go.

61,761.000

1,854,000

Corp.,

Finance

Transamerica

10,416,000 70,464,000 65,391.000

1,736,000

Steel

n

preferred

(4)

8.847

Y fM12.or>5'*VYY,
x5f Y-

23,814'YY; Y 23.976 Y

.

Y

Norfolk & Western Railway Co.,

(Data tor

the

-

Garden Corp., capital,..—
(The), $3 cumulative preferred—

3,550
2.249

6,800

& Co.. Inc.; common.—

National Department Stores Corp., 6%

NET TONS, WITH COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM

of

common.

Steel Corp.,

Square

Maytag Co.

"r

THOUSANDS

IN

COAL,

Lnughlin

(R. II.)

Madison

2%) over the
output in the corre¬
'

Inc.,

6.982

...

..

995

'

5Y preferred-:"AV_i.____"____L_:i___l___-;__Y—YY
5£i' preferred

Macy

of

(about

decrease of 4.0%.

a

4,532

Corp.,

Insurenshares Certificates

estimated

was

'Y;YY-—

Jewel Tea Co.. Inc., common—

in¬

production

the

Finance

Household

total

an

11,865

Groyhouud Corn. t.The). b'YY.; conv, preference——_
Hat Corp. of America; 6preferred-.—

the In¬
production of soft

the

Yy

Rnbbelv Co, -'(TM)V$5 cmn. '.conv; pref.-iliGotham Silk Hosiery Co:, Inc., 7'&. cum. pfd.' stock.MLil—;

3,653

•

Y-

conv-.

Goodyear

of

Department

that

::;Y;

'• 2,700

'Vv

Shoe Corp., common—3,558
Gillette Safety Razor Co., $5 conv..pref.————
—2,173
("Hidden Co. (The)-; common—-j——
..
.
8,447

.The

6,472
2.000

...

General

terior,

1)

10,797 "? Y' 10.907 Y
"*'•
30 >3Y'»-.Y: ' 70 Y'Y

7ty- preferred—'

Coca-Cola

•

-1,532

21,254

^

preferred-,!!—_1_Y——_L_Y.———.

7'i

Century- Ribbon Mills, Inc.,
Chicago

2.816

;

(The),

Bucyrus-Erie

14.861

1,815

cumulative preferred—_Y__—M-

Holding Hem in way.

an

1,055

12,029 £*■

Y_

Corp., common.
6'M preferred

Barker Bros.

€7,700 Y

23,965

__

YY~

preferred.

Associates Investment Co., Common
5rk cumulative preferred _<

increase over a year ago.
Subtotals for the week
class of construction are: waterworks, $511,000; sewerage.

report

(Del.) .7%

1,703 'Y
4,375

€6,200

,!

streets and roads, and
is the only class of

building

—

6'fY preferred—..

Co.,

1,321

103

26,630,000

buildings,

Report

3,575

7,943,000

gains over the preceding
large-scale private hous¬

Per Latest

Reported
3.312

American

Shares

Shares

Previously

Allegheny Ludlum Steel Corp., common.—
Allied Stores Corp., 5'i
preferred—
Co.,.common-—

/

Following is the tabulation

....

33,366,000

and

Public

construction.

17.

American Chicle

groups,

building

buildings,

industrial

unclassified
work to

construction

commercial

in

are

Feb.

on

,

Armour & Co.

week

available

Y
Company and Class of Stock—

(four days)

(five days)

made

was

issued by the Stock Exchange;
■
Y-

$114,981,000 $104,893,000 $102,218,000

;

Construction

Federal

Stock

Y

Feb. 12. 1942 Feb. 19, 1942

five days)

•

Construction

Y. Stock 6 Curb Listed Firms

The monthly compilation of companies listed on the New York
Stock Exchange reporting changes in their holdings of reacquired

,

Feb. 20. 1941

Total

Of

:

Y

are:

•

we

87
231

*

1,993

Public volume,
last week, and

com¬

pensation will cover total re¬
placement of the damage al¬
ready sustained or possibly still
to

107
240

*

127

Pennsylvania

$26,690,of Dec.. 11, 1941.
$75,528,000, compares with $96,950,000 reported for
$81,615,000 for the week last year.
The current week's total brings 1942 construction to $996,981,000, an increase of 12% over the volume reported for the opening
eight-week period last year.
Private work, $107,401,000, is 61%
below a year ago, but public is 45% higher as a result of the 86%
gain in Federal work.
Construction volumes for the 1941 week, last week,
and the
the

300,

Government's

scheme

105
182

1

458

Tennessee

22,

78
147

1

1,423

Texas

100.6

1942, 95.4; Feb.

14,

78
186

2

79

Ohio

99.8

75
170

preceding week, and $114,981,000 for the 1941 week.
Private construction turned sharply upward, reaching

cannot

we

409

482'

North

,

ture

have,

296

60

New

release dated Feb. 19 by "Engineering News-Record."
current week's construction compares with $104,893,000 for the

cording to

year,

having been

expansion of
the

330

437

Kentucky—Saste.n
Kentucky—Western

Major engineering construction volume for the short week due
to the Lincoln's Birthday holiday totals $102,218,000, the fifth con¬

Public

the

counterbalanced

334

78.4.

Private

national

379

—Y—.——,Y496

•

Kansas

113.6

115.3

123.7

..

were:

(/)

382

92

71.8

113.8

<

2

563

Iowa

93.4

:

C1923

2

Y SO

L

Indiana

West Virginia—Southern«_

combined

groups

1926-1928

121.5
135.6

average

1937

4

1,366

Illinois

Engineering Construction Down 2V2% In Week

£1,969,000,

in

:

Jan. 17,

1942

Pennsylvania

is slightly higher
than for 1940, the large increase

•

.3

All

-

(in lieu of the speech

R. McKenna, said in part:

.

Feb. 14,

1940

3

& North Carolina-

Georgia

Ago

—

Feb. 6.

Feb. 10,

1941

two

£701,888,282 on Dec. 31, 1940, and
£621,339,724
on
Dec.
31,
1939.
Current, deposit and other ac¬

Y

Fertilizer
Fertilizers

on

..

-

.3

^Indexes

commodities

.

materials

.3

100.0

_

.<

—-

Feb. 8,

3

Colorado

Year

Ago

on

previous years, shows total assets
of £830,454,998 at the end of De¬
cember, 1941, as compared with

the

—

_

..

_

Month

31, 1941, comparing the po¬

sition

at

_-

__

Fuels

1941,

Trustee

Oil

•

17.3

and

Executor

_

_

Grains

companies
Clydesdale
and

Bank

—

1942

Arkansas and Oklahoma

__

Products

Cotton

North of Scotland Banks and the
Midland

_

Cottonseed
23.0

affiliated

four

Belfast,

__

Fats and Oils.

Jan. 31,

1942

Alaska

Week

1942

Foods

Feb. 7,
State—

Alabama

Preceding

Feb. 21.

Group

y-Y

INDEX

100*]

Week

25.3

.

—the

=

Total Index

Ltd.

PRICE

Latest

Bears to the

and

Bank

COMMODITY

Each Group

of the consolidated

of

'

The National Fertilizer Association
[1935-1939

account.

A summary

authorized

,

—

.

%

•:

next

the

to

WHOLESALE

Compiled by

16s. 9d.,
leaving balance of £626,681 8d. to
be

■

,

WEEKLY

calling for £608,344

tax,

from

b Excludes colliery fuel.

operations."

.

of

rate

:

-

21,311

A

.

ended Dec. 31, last, at the
8% actual, less income

year

Y

commodities, fertilizers, and
farm machinery groups advanced, while the building materials and Y
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
Lin Thousands of Net Tons]
,Y«
fertilizer materials groups declined slightly.
Yf
(Thd
current
weekly estimates are based on railroad carloadings> and river ship¬
During the week 29 price series included in the index advanced
ments and are subject to revision on receipt of monthly tonnage reports ivoni district
and 14 declined; in the preceding week 22 items advanced And 23
and SJate sources or of final annual returns from the operators.)
declined; in the second preceding week there were 25 advances
/ ' :Y.:
■■
——Week Ended
Feb.

con¬

tingent account for war damage
to bank premises, £250,000, and to
reserve
for future contingencies,

1929

.

161,000

total——-

States

Daily average

Miscellaneous

Feb. 16,

;

,'

.

Beehive coke—

United

prices in cotton and cotton materials resulted in a substantial rise
m the textiles group index.
Slight changes were registered in other

date——*

Feb. 7;

__——1,168,000

—

Onmm'l

BEEHIVE

1942

including colliefy

Total,

AND

Feb. 14;

anthracite--

..

of

the

convenience

—,—Calendar year to

'

Penn.

121.8, and it is 23.0% higher than a year ago.
;
The gains in cotton, grains, foodstuffs, arid textiles were chiefly
responsible for the advance in the all-commodity index. "The indexes
of farm products and food groups reached new high levels.
Higher

commodities.

comparison

YYY:; YyY : ^ ;YVYY- COKE (IN NET TONS)

,

was

industrial

historical

v

ESTIMATED

■' :Y-YYYY--

1942, advanced to 123.7% of the 1935-1939 average,
compared with 122.5 in the preceding week.
This brings the index
1.5% above the corresponding week a month ago when the index
ended Feb.

of

purposes

production, of lignite,
b Total barrels produced during the week converted to equivalent
coal assuming 6,000.000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal.'
Note that most of the supply of petroleum products is not directly competitive
with
coal"; —t"Minerals Yearbook,.'"19J39,_j?age_702.)
c Subject to current adjustment.

The weekly

National

Thursday, February 26, 1942 v

for

1,176.

t«)

:

■

(3).,1,300 shares acquired and retired.
additional shares acquired as result
shares acquired and retired.

(4) .76
(5)

1,110

((>)

15,100

Federal Reserve

of request for tenders.

—The

shares cancelled.
result-of-request-4'or tender;),

as

—^

:

Feb. 21

to'), Results from 1 for 4 split-dowri of underlying stock;

;

Board

,

of

Governors

the

of

Keserve

Federal

System

At the

same

•

■

■

Corp., $2.00 dlV. ser.

American General
*

Common--—

■

'

-

-.

5

565-

"A"

common

•Navarro

.New
New

Oil

Co.,

eommon____——i-——-

Process

Co.,

common—

York

10,584

12,816
46,873

13,116
48,073
5,350

Merchundi.se

.

.

Total

n

Total

—

Durable

—

Nondurable
Minerals
Construction

Residential

Durable

each

country

in

so

Freight-car
Department

store

Steady

To

Employment
Bureau

^1 by

127

126

126

127

————.—_——.——

'r

150

of

sales,

121*

119

144

+172

-'119

147

171

129

150

123

321

121

131

150

125:

320

134

+ 152

133

137

155

+ 135

1121

+141

+ 156

138

121

+ 142

157

+140

122

_

•

115

.December

129

117

131

119

;

^

119

154

176

122

119

156

180'

125

-

189

129

193

132

120

156

121

155

■

<

-I";

+ 136

196

Y 138

145

+157 "v 138

+ 130

+ 123

156

203

143

143

139

158

141

+ 143

126

156

207

: 124

2157

209

132
133

P. 123;

+ 139

:ir

;

Dec.

13—

Dec.

20—

Dec.

27

--

'122

:

160

*?

140 Y 123

'

---••

+ 137

122

143

+ 160

T'-

+142

122

+143

+ 159

.'.1

+ 142

123

142

123

1942—

...

V
t";

Jan.

3—

Jan;

10—
17—

Jan.

24———.

r

—

+ 149

159 UV

+ 150 t

160

145

*123

*

* ■:

7—l—.
14—

146

1125

145

*125

147

*160

+ 151

*161

151

*159

151

*159

*"

'•

XfzL.

■
J

Y

•.

157
157

durable

113

197

79

1941;

64

the

not

123

yet

indexes

based

3-month

on

seasonal

adjustment,

Tin

hearth

&

123

157

140

324

157

.139

,123

157

139

124

157

124

*139

;157

equipment

products-

and

and

-

1941

1941

1942
191

Goat and

168

+254

241

168

in

190

+295

275

193

187

85

144

+87

85

151

1195

192

167

+194

192

166

141

133

,184

.182

182

153

235

230

201

235

230

200

152

146

149

152

146

149

«

171

119

<>

165

114

1144

138

137

,+122

128

116

+140

132

139

+ 112

113

113

»>.

V

;

''V

.

i

•* "

oil

Fuel

145

110

Mills

68

80

144

Production

212,799—100 ft

1160

154

138

+ 160

154

138

Shipments_

169

155

144

169

155

144

Orders

243,081
237,443

1180

178

156

+180

178

154

176

136

176

136

ft

1124

127

107

+121

122

102

1139

137

117

+122

131 iY:

103

146

126

166

132

107

113

St.

0

803

■O

466 -i.

.r-

———

Loi'iS—

'
~*- 7^*

City—-—.

^—

Dallas

304

197

.

360.

;;

325

.

V

-v

Now
J HU

?

133

1941

274

York
ULUCJ.

City*—.
VCUCtio

—

129

other-vreporting- centersui-'-*a

♦Included in the

national series covering 141




6.024
984

8.956

111

138

4.

103

«
..

135

117

139

117

130

120

120
367

coal

i

—J
or

98

120

specialists who handle odd lots oil

134

115

the

«

136

113

ft

132

123

ft

131

108

<<

127

126

+454

404

367

+ 159

153

122

114

1131

129

117

+ 144

138

+89

89

98

+ 104

94

114

117
130

+ 132

132

114

+129

129

+ 152

152

148

+96

101

95

+ 200

199

187

+ 159

155

148

+ 156

156

145

122

116

124

116

4.865

Forest

products

Miscellaneous
kI VllHiilUlOV)
Merchandise,
I.V.I#
l.c.l.

Note—To

156

145

186
152

246
149

97

100

on——" I

convert

coal

and

296

4 073

3.167

929

12,281

10,004

;

,

FOR
THB
ODD-LOT

TRANSACTIONS
ACCOUNT
OF

STOCK

SPECIALISTS

AND

DEALERS

EXCHANGE

125

124

182

174

113

90

Number

95

97

84

Dollir

138

140

129

124

46

69

45

134

138

115

93

96

Number

Odd-lot

for Week

of

orders

of

shares

10,110,449

Purchases

(Customers'

1

total index, multiply

.

10,963
280,190

—

value

Number

94
<

to points in

,

Total

V

14—

Feb.

.

-

Odd-lot Sales by Dealers::
(Customers' Purchases)

125

99

ON

STOCK

YORK

NEW

THE

184

180
130

,

are

filed with the

specialists, are given below:

and

136»

of

Customers'

short

Customers'

other

of

Dealers:

by

Sales)

Orders-

total

Customers

STOCKS

Shares

..

Atlantic

Manufacturing

Ice

Springfield

Mortgage Co.

10.368

centers, available rbeginning with 1919.

Co.,

common

Wednesday, Feb.. 11:
Y
"
$ per Share
25c lot

—:

334

sales

sales

10,885

a__

11,219

sales

Shares—

8,193

sales

Customers'

shcrt

Customers'

other

sales

Customers'

total

sales

263,694

a

Number

BOND

$13,500

Eastern States Exposition 4s,

Transacted by R. L. Day
Shares

23
3

National Shawmut Bank,

$160

Federal Coal
stock

trust

Co.,

—

Feb. 18:

Shares:

Short

sales

sales b

100

56,350

—_____

$ per Share
19 '»
—

Number
a

Sales

ported

2^

———

set

60 A

than

$12

hat

of

56,450

—

a

sales."

87,560

shares

marked

"short

exempt"

with "other sales."

customers'

liquidate

1, 1969, with 16 shares
—

sales

Round-lot Purchases by Dealers:

v

debenture 5s, Dec.

certificates

—

(par $100)——

Life Insurance Co.

Inc.,

of

by Dealers:

Other

Total

STOCKS
(par $12Vz)—

BOND
"

Sales

$15 lot

1963

& Co., Boston on Wednesday

Boston
preferred

Thompson's Spa,
Columbian National

271,887
8,968,739

value

Dollar

Round-lot

55c-.

(par $100)

66 796
-

which

figures,

Commission by the odd-lot dealers

109
145
102
88

Transacted at R. L. Day & Co.,, Boston on

47.141

52.473

The

Number

124 305

''81.484-

being published by the Com¬

mission.

ODD-LOT

—100)

miscellaneous indexes

.213 and miscellaneous by .548.

3.821

3.691

146.917

Exchange,

series of current fig¬

a

available.

111
167,;
124
101

99

Livestock

18.213

867-. .12.960

ures

Stock

York

New

continuing

based upon reports

111

average

ac¬

and

dealers

odd-lot

all

137

124

Ore

22.175

V

odd-lot

the

117

127

Grain

3

<

of

count

stock

of

volume

for

ft

+ 129

153
142

20

'

the

»

+ 128

yet

for the week ended

14, 1942, of complete figures

transactions
..

123

not

summary

showing

r

'■Data

estimated.

109

152

tlGO

a

99

-

-

24

Feb.

133

131

112

126
404

Exchange

Commission made public on Feb.

99 I

•

>>:

Trading

and

ft

122

,

132

t454

119

4.037

2.112

.5,57.4

113

130

168

104

34

-

4.677

3.604 '*
c

106

115

104

(1935-39

2.756,

315

.,10.045

"*3.607-v

165

138

Coke

4,845

-a

-Y

104

155

"

10.615,

129

109

+172

186

_

petroleum

100

reporting .centers-—-

+123

ft

Coal

6 680

-

'-

.

942

117

79

106 "

Week Ended

5.057

.171

:

136

175

oil

ore

5.920
..

1,546

Francisco—
Total.

10.876

712

369 --

——
v

San

V

1,577

109

10,139

FREIGHT-CAR LOADINGS

51,503

8,065

Y. 384

•

130

tl20

12,059—100 ft
108

13,045

114
112

Securities

The

7.275

57.576
"

330

.

118

110

94

378

_____

NYSE Odd-Lot

Feb. 19,
v

8,599

3,996

396
—

Minneapo'is
Kansas

1942

525

«

13 Weeks Ended

Feb. 18,

-

87

98

Anthracite

coal by

539

564
____

91

114

—

Crude

ft

142

.

151

116

109

—

Bituminous

104

103

137

1147

Minerals—
Fuels

115

124
<■

108

coke

1942 Week

123

155

+117

Kerosene

Beehive

1942 Week

+ 140

1138

Lubricating

<■

258,246

Hardwoods

154

tl25

—

255,224

132

1

Petroleum refining

247,582
Softwoods

137

79

coal products

225,330

246.931

67

116

foods

231.217

239,037

166

kid leathers

4

224,858

256,126

149

a

472

457

457

Production

65

88

.

Wk. (rev.)

Shipments
Orders

89

products

Frevious

Week

Mills

~

leathers

manufactured

Chemicals

150

'

—

1941

643-;;,.

3,974

A
—

——

~

184

1941

Week

1166

Gasoline
-

+ 151

■

—

.

V

1942

tl51

products
Paperboard
Newsprint production
Printing and publishing
:: Newsprint consumption

151

w

Feb. 19,

1942
y,-'.-

Chicago

153.

.

Hardwoods

and

1942

141

115

packing

Other

DISTRICTS

Feb. 18,

District—

*

141

133

board feet:

thousand

Softwoods

141

Shoes

Meat

172

Y.

134

food

14, 1942, for the cor¬

275

leathers

flour

week

current

the

241

products

kip

Feb.

ended

Hardwoods

and

for

t295

-

and

Records

1254

Paper and

reported by banks

-

179

responding week a year ago, and
for
the
previous week, follows

glass

From Last Year

Week Ended

___—

196

•

8% less.

were

Softwoods

291

textiles

Iron

SUMMARY BY FEDERAL RESERVE

Atlanta

1941

1941

181

products

hide

stocks

Jan.

Dec.

to

orders

was

432

deliveries

Wheat

,18 amounted to $146,917,000,000, or
for the corresponding period a year
ago.
At banks in New York City there was an increase of 11%
compared with the corresponding period a year ago, and at the
.other reporting (centers there was an. increase of. 22 % (

Richmond

Without

Jan.

unfilled

of

46% on Feb. 14,
1942, compared with 34% a year
ago.
Unfilled orders were 26%
greater than a year ago; gross

—Seasonal Adjustment—

Jan.

Dec.

ratio

stocks

445

consumption

and

The
gross

174

products

plate

Tanning

151

—i—;-

Supply and Demand Comparisons

172

consumption

Manufactured

150

.

'**':«•

V-.

were

by

compiled

index

the six weeks of
business
was
27%
production, and shipments
12% above production.
For

new

291

deliveries

Metals

York—__—

payrolls

of

weeks

181

shipments

Textiles

ing the 13 weeks ended Feb.
above the total reported

Philadelphia

and

the
5%

432

Furniture

;j-

-157

123

:

147

•i; 148

1912,

at

for

174

Stone, clay, & glass products

144

-

centered

averages,

1942

445

Bessemer

Lumber

..

New

moving

of

corresponding

above

PRODUCTION

1942

smelting
smelting ___j

Lumber

■/18%

Federal Reserve

minerals
multiply dur¬

Book,

same

was

production

weeks

period.

daily

on

average

the

shipments were 1% below
shipments, and new orders
above the orders of the 1941

7%

department store sales indexes based
non-durable manufactures and

and

manufactures,

Electric

Zinc

in leading centers for the
Feb. 18 aggregated $10,615,000,000.
Total debits dur¬

ended

week

86

Statistics.

tPreliminary

as

*

available.

Steel

v

+ 148

.(.157

141

139

Bank BeSsiis Up> 5.7%;
debits

:X~s

71

92

*Data

186

Copper

142

*209

Delow

128

108

177

Open

six

129

212

Zinc

141

209

v

first

101

190

Copper

Bank

108.1

,

122

Lead

j

132.0

141.3

'i.:'

c

111

Copper

t Revised

Preliminary,

195.9

*
•

of

in

Comparisons

Year-to-Date

Reported

137

.

without

Non-ferrous metals &

151,.

157

123.
:

123

•

4

157

140

123

124

'

123

139

^-v

v:

+ 144

145

120.7

•'

-

ft

Automobile factory sales,

t 145

157

,123
>'

+ 139

'

160

144

+ 143

Jan*31—
Feb.

139

'

•

•

124

,

—

Jan.

Feb,

*160

144

137

-1rfY.'i«npu.

;

*

.

*141:

.+159

143

112.7

170.2

138

carloading;.
>,

index,

Petroleum and

141

124.7

154%

and

shipments

week.

140

Machinery

:

6_=,—

115.6

208

+ 140

157

Weeks end.:
Dec.

118.3

189

v

194

...

1911—

125.9

144.3

186

4-4

156

+ 159

•January
;

ft

i,V

121.1

177

Calf

+155

146

118.3

144.4

196

Cattle

123

+158

123

134.9

ft

115.5

212

,

1935-39

of

134.3

190

Leather

+ 122

143

144

value

contract

Transportation

'

J 912—

ft

191

120 •'

127

tl44

123

70

95

208

v
;

120

+ 125

122

s

59

130

steel

Cotton

138

+ 136-

124

__

______

.

+ 142

140

October

[November

+56

till

189

and

States

A

84

98

+86

84

117

Pig iron

Iron
r?

Wool

111

114

122

———

•September

103

69

179

r

119

-I 121

—

113;;

167

estimated.

or

Labor

Rayon

*113

+120

150

:

-126

July

.August

118

125

+68

Manufactures—

—

tJune

*

114

137

+ 126

1137
+
137

Jan.

United

erland

166

.211

....

+ 138

119

—Seasonal Variation—

'

•March

April

den

Zeal'd

ico

Java

Swe¬ Switz¬

New

Mex¬

England

ada

114

+214

Y.

123

(1935-39 average=100)
Adjusted for

1939==100)

Can¬

"

;—

123

171

,

v

_

(August,

mil-

f 106
+

INDUSTRIAL

which are based on prices expressed in the currency
reported Feb. 23 as follows:

January

141

131

to

Polished

'February

214

|143
+
143

orders 10% above pro¬
Compared
with
the

new

corresponding week of 1941, pro¬
duction was 3% less, shipments,
7%
greater, and
new
business
3% less.
The industry stood at
156% of the average of produc¬
tion in
the corresponding week

Dodge data for 37 Eastern States. To convert indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000,
residential by $184,137,000, and all other by $226,132,000.

of each country, were

Aus¬

+220

'

convert

Construction

&c.), textiles, fuels, metals and a list of other miscellaneous
(rubber, hides, lumber, newsprint, linseed oil, &c.)."
Weights assigned in the index to the different commodity groups are
•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.
*
'
'
\
'

tralia

139

second month, of F. W.

tea, sugar,
•materials

tina

170

points in total index, shown in Federal Reserve Chart
able by .379, non-durable
by .469, and minerals by .152.

"the most responsible agencies available in each country

4rgen-

+ 172

'■

goods
loadings

indexes

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,

The indexes,

J44

1942

goods

basic commodities and the list is the
far as possible. Each commodity is

1

1741'.

Jan.

1941

1935-39

Department store stocks, value

8,190

portance in world production.
The actual price data are collected
-weekly by General Motors overseas operations Yfrom sources de¬
as

f 177
+

Nondurable

weighted uniformly for each country, according to its relative im¬

scribed

135

goods

Durable

price index, have resumed issuance of international price
statistics, but on a different basis than before the war.
Instead of a
composite index of world prices, these organizations now are pub¬
lishing the information only as individual country indexes.
for

tion;

duction.

163

Jan.

Total

modity

same

Jan.
1941

1165

Nondurable goods
Factory payrolls—

Corp. and Cornell University, which prior to tilt
had collaborated in the publication of a world com¬

The index is built upon 40

Dec.'1
1941

140

Total

General Motors

"

ments

—Seasonal Adjustment—

Dec.

Y 1941

+132

from

■

Note—Production,

war

-

Factory employment-

32,000
None
60,400
800
■
474
437
2,740
942
12,119

Association

wood
Without

167

—

other

All

4% greater, new
less, according to
the National Lumber

were

to

+170
f 170

.

was

operations of representative hard¬
and softwood mills.
Ship¬
were
14% above produc¬

•

contracts, value-

Total

averages.

European

and freight-car loadings

all other series

Manufactures—

tPreliminary

World Prices

production

—Seasonal Variation—
Jan.

1942

4,220
128,481..

;

industrial

average ,i= 100 for

Industrial production-

52,647

common-—51,847

'Niagara Share Corp; of Maryland "A" preferred—3*971
-Niagara Share Corp. of Maryland "B" common-——,
—
•
127,981
.North Central Texas Oil Co., Inc., common—
.————
31,000
Pacific Can Co.,- common-:
———u—j——
73,189
Roosevelt Field, Inc., capital
:
61,300
Selected Industries, Inc., $5.50 div. prior stock———
None
Sterclii Bros. Stores, Inc., 6% 1st preferred—
__;—305
5'i>
2nd
preferred..,
—
————-Y AY,
337 i
Sunray Oil Corp., 5Vz % convertible preferred————
. •
2.090
United Chemicals, Inc., $3.00 participating preferred:.
922
United Cigar-Whelan Stores Corp., common————!——12,114 .
futility Equities Corp.* $5.50 div. prior stock
———-_——
7,815

100 for

==

1942,

regional associations covering the

Adjusted for

.27,078
£ •• 563.
37,248
2,368
14,746
292

.

35,048
1,993
14,786
192

———

Inc.,

Co.,

4,450
26,835

552

average

14,

4%

Manufacturers

1923-25

5,32(5

10,539

-———-———-

.

reports

58(5
7,980.;^

7,786
5,272

.Detroit Gasket & Mfg. C.o., 6% preferred
——
——
Equity Corp., $3.00 convertible preferred-—
1-—__
Gellnian Manufacturing Co., common——;
1——;—_
'Kleinert il. B.) Rubber Co., common--—.w———
•Lane Bryant, Inc., .7%. preferred^—^
.Louisiaua Land & Exploration Co., capital;——
'Merritt-Cliapmnn & Scott Corp.> 6J/a % "A" preferred———

1935-39

355,326

.

business

""Business "Indexes

8,400

pfd..—8,200
; 353,913

Crown Central Petroleum Corp.,. common-..——Dejay Stores, Inc., common-.-————
Dcnnison Manufacturing Co., prior preferred-.

.

shipments

follows:

as

Report ■;

Reported

-

are

Per Latest

Previously

-

" '

Name—

Feb.

0.2% less than the previous week,

for

Shares

Shares

'l,

production during the

ended

week

ago,

,

•

Lumber

time the Board issues

Exchange issued on Feb. 16 the following
The indexes
list of issuers of fully listed securities which have reported changes its customary summary of business conditions.
in their holdings of reacquired stock:
,
,
January, together with comparisons for a month and a year
'

Ended Feb. 14, 1942

on

issued its monthly indexes of industrial production, factory

employment and payrolls, etc.

The New York Curb

*

Lumber Movement—Week

January Business Indexes

«

21,000

acquired;

shares

4^>--2r869~-slmre&- acquired

867

•THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4050

Volume 155

a

long

position
are

re¬

b Sales to off¬

odd-lot orders,

round lot

are

and sales to

which

is

less

reported with "other

-THE COMMERCIAL & FINANCIAL CHRONICLE

1941—

War Denamlla Steel

Feb

War requirements for steel are now estimated at more than 43
million tons of ingots for the current year—a figure showing the
-

extraordinary effort U. S. industry is putting forth in the war
against the Axis nations, states "The Iron Age" in its issue today
(Feb. 26), further adding:
This great volume of steel will be earmarked for such direct
war needs as the shipbuilding
and railroads industries, the shell
steel and tank manufacturers and for lend-lease.
Indirect war
needs will take additional large tonnages but it is the big tonnage
'

-

•

i required for the foregoing five major groups that will brush'aside
much other demand for this metal.

May

3
10...

Feb

Feb

IT—.

Jun

Feb

24—.—-96.3%

J1111

Mar

3

Mar

10

Mar

__

24

Mar

31

16

98.8%

Jun

23

Apr

7

99.4%

14—

Apr

—98.3%

Apr
28—

Apr

94.3%

5

May

-

..96.8%

98.6%

2

lull

.

.99.9%

—99.2%

9—98.6%

.—97.5%

17

Mar

12___—99.2%

May 19—
May 26

-97.1%

99.0%

;

1.99.9%

Aug
Sep

Oct

Dec

97.5%

8

96.5%
96.3%

Dec

15—

07.9<&

96.9%

Dec

22—

93.4%

—96.1%
96.8%
96.9%

Dec

29

96.1%

.98.1%

Jan

98.4%

Jan

25
2

Sep
8
Sep 15
Sep ,22
Sep 29-

Thursday, February 26, 1942

.

6

•

maximum.
5

—93.8%'

12

Jun

30—91.8%

Oct, 13

7——94.9%
14
—.95.2%
21.—
96.0%

Oct

20__

97.8%

Jail

19_

—95.1 %
95.0%

Jly
Jly

Oct

27

,.99.9%

■Jari

26_

,94.6%

Nov

3

98.2%

Fell

.2——95.0%

Jly

28

-96.0%

Feb
Feb

16

—96.2%

241—..95.9 %

Feb

23

-90,3%

97.6%

Nov

96.3%
—95.6%

Nov

Aug 18——.96.2%

Dec

Aug

4

Aug

11

:

"Steel" of Cleveland,'

in its

kets, on Feb, 23 stated:
Increasing pressure for

war

10—

&IV.17—,-—

95.5%

9—

97.6%

1

summary

of the irop and steel mar¬

steel is evidenced in the preponder¬

steel

ance, of tonnage on mill books bearing highest preference numbers,
So great is proportion of this demand that deliveries, below A prior-?

distribution is applied through the priority system, it appears likely
'that certain "indirect" war requirements must suffer along with

ity have practically ceased and some producers are unable to proVide tonnage for lower A ratings.
In some instances delivery on

how

of

Regardless

-

control of

Government

successfully

;V

"essential" civilian requirements to provide the steel needed
for the maximum war effort.
Already many steel mills are sched¬
some

A-l

classifications

much

are

extended.

•

This situation results in tighter regulation on products sub¬
ject to broad allocation, such as has been placed on plates, and in¬
creased allocations of various products involved in
better with some
particula/r proj than A-l-a for weeks to come.
ects and programs.
As the picture develops and more manufac¬
With such great pressure for steel, no step can be overlooked turers are engaged in war production necessity arises for closer
which will add to supplies.
Automobile and automobile body control, involving more forms of steel, to avoid delays arising from
manufacturers have been advised by telegram by the War Produc¬ lack of material to complete assemblies well under
way. It is be¬
tion Board Director of Industry Operations not to make shipments lieved the War Production Board will proceed with complete al¬
from their steel stocks except on orders bearing specified high location programs for" other forms of steel after the
plate situation
has been clarified.
preference ratings.
In a similar order, accompanying a general tightening up of
Pig iron distribution has been worked out satisfactorily to
the entire priority system as applied to metals, steel manufacturers most interests but choke point is feared when some large users, who
supplying the petroleum industry have been ordered by the WPB have been working entirely on inventory, exhaust their supplies
not to ship oil country casing., tubing or drill pipe on or after
and begin to request allocation.
These, melters have not" been a
March 14, or to ship line pipe on or after March 7 except on orders factor in distribution since allocations started but their reserves are
bearing a rating of A-9 or higher. The purpose of the order is to nearing exhaustion and they will need monthly supplies.
prevent shipments of steel on unrated orders, and insure that the
Unprecedented demand for steel plates caused the War Pro¬
limitations applying to the petroleum industry are observed.
" v
duction Board to take its action to tighten regulation of produc¬
uled

steel orders

carrying ratings of A-l-j or
units unable to promise delivery on anything less

ahead

months

on

,

Steel

production continues at the record level of a week ago
rate at 95.5%
of capacity.
The Pittsburgh rate is un¬

the

with

changed this week at 97%, while Chicago declined to 101%.
Youngstown rose a point to 96%, while Cleveland dropped to 94%
■from

week's

last

of 96%.

revised rate

Philadelphia remained

un¬

Wheeling is down three points
to 91%; while Birmingham is unchanged at 99%.
Detroit dropped
seven points to *94%
while Southern Ohio River is up a point to
changed at 91% and Buffalo at 90%.

99%.

Whether these high rates of ingot production can be maintained

without

indefinitely
bound

to

due

losses

strikes is a question that is
despite President Roose¬

to

to industrial observers

reoccur

velt's

emphasized warning in his Feb. 23 address to the nation that
"interruptions" must stop the flow of industrial production for
defense.
Again the National War Labor Board is face to face with
no

the demand for the closed

shop and dues checkoff.

Should the War

Labor Board grant the demand of the SWOC for a steel wage in¬
crease and-for the closed shop it would set a precedent to cover
not only the steel industry but industry generally.
For "the time
being interest in what the board's decision will be on the closed
shop is great enough to overshadow the important question of

higher steel wages and their effect on inflation.
the

While

drive

production

necessarily

must

be

concentrated

existing plants, since the U. S. is faced with a definite shortage
of time, important new plants still are being considered.
Plans are
being studied, for example, for a large new bomber plant in Ohio
on

to have

2,000,000 square feet of floor space and employ more
A toluene plant producing as much as the
entire U. S. output in the First World War is to be built in Indiana.
It will be completed well within the period in which the nation

than

some

20,000

still

persons.

time"

"has

itself.

defend

to

Structural steel awards last week are estimated at 25,810 tons,

>

.

tion

and

Finished
Feb.
One

24, 1942,

"IRON

Steel"

year

1940

2.30467c.
2.30467c.

1939

agow—.«i-4.r.^*-L^.-T_J*.--,2,30467C.

1937

A
weighted index based on steel bars,
beams, tank plates, wire, rails, black pipe,
hot and cold-rolled sheets and strip. These

78%

products
represent
States output.
High

of

the

United

Low

.

.-2.30467c.

..2.30467c.

Jho.

2

2.24107c.

Apr.

16

1939

—2.35367c.

Jan.

3

2.26689C.

May

16

1938

..2.58414c.

Jan.

* 4

2.27207c.

Oct.

18

1937

—2.58414c.

Man

9

2.32263c.

Jan.

4

1936

—2.32263c.

Dh.

28

2.05200c.

Mar.

10

1935

—2.07642c.

Oct.

1

2.06492c.

Jan.

8

1934

__2.15367c.

Aim

24

1.95757c.

Jan.

2

2.30467c.

3

Oct.

1.75836c.

Jul.

5

1.83901C.

Mar.

1

—1.99629c.

Jan.

13

1.86586c.

Dec.

29

7

1.97319c.

Dee.

9

28

2.26498c.

Oct.

29

2.25488c.

Jan..

May-

Pig
1

Feb. 24,
week

One

month ago__—
year

ago—

a

Gross Ton

—

23.61

20.25

Feb.

16

18.73

Nov:

24

Nov.

5

17.90

May

16.90

14.81

—

1933

-

1932

High

Low
Mar.

20

American

$23.45

Iron

———

Jan.

and

—

2

Aug

11

17.83

May

14

16.90

Jari;

37

D,e

13.56

Jan.

3

.Tan,

13.56

Dec.

6

14.79

Dee.

15

15.90

Dec.

16

18.21

Dec." 17

15.90

Jan.

18.21

Jan.

18.71.

May

Steel

Feb.
One

24,

1942,

14

Scrap

$19.17

Gross

a

week ago

One

on

No.

1

quotations

scrap

burgh,

19 17

__

——_I_H

year ago—.

Based

Ton

...$19.17

One month ago.

to

heavy

melting

consumers

20.08

steel

at

Pitts¬

Philadelphia, and Chicago.

High

Low

1941

$22.00

Jan.

7

$19.17

Apr.

10

1940

21.83

Dec

30

16.04

1939

Apr

9

22.50

Oct.

3

14.08

1938 —15.00

May

16

No*

22

11.00

•Tun.

7

2.1.92

Mar.

30

12.92

'XovT'lO

17.75

Dec

21

12.67

Jun

9

Dec.

10

10.33

Apr.

29

Mar,

13

9.50

Sep.

25

1937

——

1936

23.45

iron at Cincinnati.

that

9

18.84

.$23.61

—

ago...

$23.61

Mm.

•

Based on averages for basic iron at Val¬
ley furnaces and foundry iron at Chicago,
Philadelphia, Buffalo, Valley and Southern

1941

6

23.25
19.74

Iron

1942, $23.61

One

One

12

Jul.

1934

1936

2

May

i.-1.89196c.

1931

—2.31773c.

2

Hep.

19.61

Dec.

1935

1929

1932

1929

Jan.

20.61

21

—

1930

1941

1930

$22.61

19

Jnn.

1931

1940

1933 —1.95578c.

23

Sep.

23.25

...

1935i —13.42
1934'

.

1933

1932

.

1931

—

1930

__c—_

1929

13.00

r

12.25

Aug

8

8,50

Jan.

12

6.43

Jul.

5

11.33

Jan.

6

8.50

Dee.

29

6.75
'

scrap

force

.$23.45
22.61

———

1938

Jan.

for

15.00

Feb.

18

11.25

Dec

9

Jan.

29

14.08 >:

Dec.

3

Steel

telegraphic reports which

it

Institute
had

on

received

Feb.

23

that

r'» i:

.'!:•< I'-•*




broad allocation basis, similar to that
on pig
iron and now being applied

%

% %

liir'l

reduction

in the public's
ex¬
penditures—that is, deflation—
"a

somewhat stiffer

has

in

fact

been

dose

than

imposed

in

Great Britain."
"Without in the least impugn¬
ing the patriotic resolution of

the

American people," the

ticle

ar¬

continues,

"it
may
be
doubted whether they will, in
fact, impose on themselves an

sharper restriction of con¬
sumption than the British peo¬
ple have. One reason for this is
the greater difficulty, within the
even

constitutional

and

geographical

framework of the United States,

of

setting

controls

much

up really effective
of
consumption,
A

important

reason is
people were
compelled to make an economic
more

that

the

British

virtue of physical

necessity.

Must Have Higher Prices
"If

it

had

shortage

shipping,

it necessary

made

striction with the
essaries

of

indeed

for

been

not

of

life,

to begin

re¬

common nec¬

it

is

doubtful

the

whether

resolution would

the

which

ever

political
have been

in

000,000
have
been
ordered
liquidated by the United States
Treasury
Department,
in
in¬

structions

Gov.

to

Joseph

B.

Poindexter.

on

releasing small dealers from compliance.
Sales
by retail dealers of 25 kegs or less of nails or 2,500 pounds or less
of wire products need
not be priced under the ceiling rules.
Former requirement that sellers doing $50,000 annual business must
file prices with OPA has been liberalized by making the volume
been

Roger E. Brooks is expected

$100,000 annually.
Lake Superior iron ore consumption in January totaled 7,158,423 gross tons, compared with 7,061,981 tons in December, with 178
blast furnaces in production Feb. 1, compared with 176 a month
earlier.
Ore .on hand at furnaces and Lake Erie docks Feb. 1 was

33,919,063 tons, against 29,794,047 tons at the same date a year ago.
Composite prices, based on ceilings imposed by OPA, continue
at the recent level, finished steel $56.73, semi-finished steel $36.00,
steelmaking pig iron $23.05 and steelmaking scrap $19.17.

arrive

to

their
tive

to

soon

liquidation,
of

The

announced,

nese,

funds

the

supervise

as representa¬

Controller

General,

depositors, mostly Japa¬
may file claims and "their
will

be

transferred

to

American-owned banks.
The three institutions

are

branch of the Yokohama

the

Specie

Bank, owned entirely by inter¬
ests in Japan, and the Sumi¬
tomo and Pacific banks, owned
locally but with stockholders
predominantly alien Japanese. '

%%

Chains Continue
■V Chain
showed

Inflation Here

London Economist Advocates

Avers Alternative Deflation Or Reduction

reprint the following from Carlton A.

article

in

the

London

outlook for financing

war.'

the

Noting that our war ex¬

penditures of about eighteen bil¬
lions were to be stepped up to

in

January

seasonal

ex¬

"Chain
.

by the index pub¬
lished monthly by that
publica¬
tion,
business
in
January ad¬

Shively's column in

to
a

contained

be

vanced to a level of 164 relative
to 1929-1931 average as 100, from
157 in December,
The

creased

account
the

slight rise in prices,
in the President's

production then would
for

extra;

fifteen

amount

billions

of

was

The

-

^

«r".

figures

-

Variety
Apparel.^—

______

Shoe
_____

capital1 Grocery
—

index

124.

by

trade

groups were'as follows:

Drug

needed.

A maximum draft on

index

Al¬

secured.

estimate, • the article suggests a
national income ceiling of one
hundred and ten billions.
In¬

mist"

billions, the "Econo¬
the question as to
how the additional thirty-eight

is

lowing for
as

fifty-six

raises

continued

January

billions

"Economist" discusses the Amer¬
ican

Expansion

sales

pansion,
according; -to
Store Age."

1941

Inflation Necessary
An

store

As measured

Of Public

Expenditures Greater Than In Great Britain
We

the

preceding week.
The operating rate for the week
beginning Feb. 23 is equivalent to 1,635,800 tons of steel ingots and
castings, compared to 1,634,100 tons one week ago, 1607 600 tons
one month ago, and 1,554,200 tons one
year ago.
Weeklv indicated
rates of steel operations since Feb.
3, 1941, follow:
' ;<•

a

announced

indicated

Fe5'n2A£ompared with 96*^.one week a8°> 94-6% one month ago
ancL9£-3T° °nf Fear ago. This represents an increase of 0.1 point
0.1% from the

1.1

on

months

plates.
Difficulties inherent in controlling flow of scrap through
the yards of several thousand dealers are recognized and a formula
is being sought to bring them under control.
A revision of price regulations 011 steel warehouse sales has

or

»

several

the N. Y. Sun last week:

operating rate of steel companies having 91% of the steel capacity
of the" industry will be 96.3% of
capacity for the week beginning

-.fit

supplies

3

17.58

the bal¬

case

,

all
Low

High

2.30407c. a Lb.

week ago

One month ago

One

COMPOSITE PRICES

AGE"

In that

ance of eighteen billions would
have to be obtained through a

shipments to assure filling of all military requirements,
found
to
restrict
these
basic
including the Navy and Maritime Commission, Only orders bear¬
commodities, which absorb so
ing A-10 priority or better, or specifically allocated, may be sched¬
large a part of the community's
uled or delivered.
Both producers and • consumers must file forms
expenditure.
The argument,
covering requirements, consumption and other factors for the fol¬
therefore, concludes with alter¬
lowing month.
native explanations of the Presi¬
Production of steel ingots last week was 96% of capacity, 1
dent's figures.
point lower than the preceding week, based on revised capacity fig¬
ures of the American Iron and Steel Institute, as of Dec. 31, 1941.
"Either they will not, in fact,
be obtained, or else they will be
Chicago gained IV2 points to 104%, only ¥2-point under its allreached only with the assistance
time* record,
Cleveland rose 3 points to 94, Birmingham 5 points
of a considerably larger rise in
to 95, Cincinnati 4 points to 88 and Detroit 1 point to 92.
Pittsburgh
declined 1% points to 95%, Wheeling 22/2 points to 88, St. Louis
prices than has been allowed for
in these estimates.
5% points to 72% and Youngstown 2 points to 87.
If, for ex¬
Rates were un¬
ample, there is, say a 15% rise;
changed' in Eastern Pennsylvania; at 90; Buffalo, 79^ and New
in
the general price-level be¬
England, 100,
■
tween now and the average of
Railroads in February have bought about 7,000 freight cars,
the fiscal year 1942-43, then na¬
with another week, to go, which will give the largest number for
tional income might well rise to
any month since June, 1921.
As of Feb, 1 railroads had more
125 billions and war expendi¬
freight cars on order than ever before at the corresponding date.
ture of fifty-six billions could
Orders totaled 68,070, compared with 41,600 on the same date last
be accommodated with only a
year.
Locomotives on order Feb. 1 totaled 543 and since that time
the New York Central has placed 57, in addition to a number of
comparatively slight reduction
of consumption."
small lots by other carriers,
/
More determined efforts are under way to loosen scrap ton¬
nages from «automobile wrecking yards.
Initiative is placed in
hands of scrap dealers, who are charged with the duty of making Jap Banks In Hawaii
bids on the accumulations.
If the bid is accepted the wrecker has
Are Ordered Liquidated
the option of reserving such parts as may be used for repairs, the
Under date of Feb. 18 a wire¬
remainder being prepared and moved by the dealer.
If the bid is less
message
from Honolulu to
refused a government agent may make an inspection to determine
the New York "Times'' said;
fthe justice of the bid.
In case the wrecker refuses to sell the ma¬
Three large Japanese banks
terial may be commandeered and placed in the hands of dealers,
in Honolulu, with assets of $12,the owner being paid according to the price for which it is sold to

compared with 22,900 tons a week earlier while pending projects
are
at 32,360 tons, against
18,100 tons.
Reinforcing steel awards
the consumer.
This plan already is bearing fruit and a large
of 15,000 tons were less than half last week's total of 36,000 tons,
tonnage is expected to follow soon.
while new jobs dropped to 3,515 tons from 10,000 tons last week.
War Production Board is exploring the possibility of placing
THE

yield ten billions, the
continues, although five
billions seems more likely as a
.

article

194'J—

illy

-

might

Jan.,

Dec.,

Jan.,

1942

1941

1941

164

160

126'

188

178

133

.223

185

155

177

177

154

160

147

116

-

-Volume

869

Number-4050-

155-

Total Loads

Railroads

Freight Gar Loadings During Week
Ended Feb. ( 4,1 $421mounted To 782,883 Gars

Revenue

cars

cars

Atl.

Atlantic

&

1940

advertising).
^Cooperating in this effort to

1941

1942

•;

Western

-

Gainsville

166

2,142

1,761

power

541

1.133

1,109

associations

13,072

10,846

9,366

8,538

6,839

4,499

4,438

3,779

3.906

3,825

1,671
above

grain and grain products loading for the week of
Feb. 14 totaled 25,252 cars, a decrease of 2,614 cars below the pre¬
ceding week, but an increase of 7,320 cars above the corresponding

432

401

1,684

1,797

1,603

1,261

2,846

2,898

262

271

268

279

189

165

>'153

544

'

Florida

Central

Macon,

&

:i.

-

System

Dublin

&

35

1,172

406

341

99

1,839

259

662

590

3,684

3,172

3.713

2,999

22,415

20,603

14.720

13,023

23,543

21,828

8,542

7,103

•

..175

142

163

138

3,364

3,137

1,201

Northern—526

&

St.

204

-v

L

Richmond

Fred. & Potomac...—

Seaboard

Air

Southern

System

.

Line

1,117

482

395

2,466

3,613

3,273

1,127

1,043

1,408

1,129

420

381

1,598

1,516

403

304

8,983

5.677

several years and is well known

8,756

7,572

6,285

21,986

18,085

369

728

779

147

143

142

850

846

tion, which has been serving
advertising interests for sev¬

125,715

112,013

97,937

100,594

85,220

eral years; he also aided in co¬
ordinating the far flung outdoor
advertising facilities of the na¬

15,410

tion, eventually placing them in

.

Clintock aided in setting up the

week in

1941.

Great

District—

North

Western

18.152

increase of 783
cars above the preceding week, and an increase of 477 cars above the
corresponding week in 1941.
In the Western Districts alone, loading
of live stock for the week of Feb. 14 totaled 8,099 cars, an increase of
495 cars above the preceding week, and an increase of 445 cars above
the corresponding week in

1941.

the corresponding week in

Missabe

&

Iron

Dodge,

11,406

2,271

3,069

2,897

17,916

9,497

8,650

4,512

3,963

3,394

3,894

Des

Moines

Great

Northern

Green

Bay

624

'488

572

404

6,921

10,655

9,284

492

412

377

149

142

11,308

9,482

8.545

4,578

3,143

540

501

495

786

665

371

248

254

62

73

2,189

South

and

an

of 457

increase of 8,275 cars above

Superior & Ishpeming
Minneapolis & St. Louis

Minn.,

St.

Northern

Paul

&

S.

S.

1941.

Spokane,

Portland

preceding week, and

decrease of 558 cars below the corre¬

a

Total

1.546

2,328

2,195

4,955

4,629

3,340

2,745

9,205

8,532

4,444

3,642

93

66

91

293

242

2,693

2,011

1,601

2,469

1,659

92,897

80,318

71,968

60,165

50,920

ernment

•

Coke

loading amounted to

the

above

14,109

increase of 41

an

cars,

preceding week, but a decrease of

130

cars

below the

cars

Atch.
Alton

All

reported increases compared with the correspond¬

districts

except the Pocahontas and all districts reported

ing week in 1941
increases

1940.

over

of

Denver

3.858,273

January

1941

1940

3,454,409

3,215,565

710,196

784,060

Week

of

Feb.

7

Week

of

Feb.

14

721,176

782,699
\'

.

'

'

•

.

i

•

5,425,032

Total

&

Denver
Fort

table is

following

for the separate railroads
1942.

summary

98

2,543

1,779

799

813

10,886

9,761

11,324

10,053

3,006

2,644

2,767

3,003

2,925

747

723

659

1,566

1,411

2,651

2,534

2,547

4,411

2,813

City

532

504

692

13

18

1.170

948

1,010

997

1.005

2,068

1,759

1,942

1,552

1,617

Missouri-Illinois

1,159

753

761

708

468

Nevada

1.988

1,921

1,815

143

120

Pacific

957

576

505

480

Union

10

25

9

0

0

27,252

22,997

20,119

8,678

5,958

275

341

405

876

1,329

14,838

13,380

12,671

10,464

8,113

i.-w.

4,451,231

of the freight carloadings

roads showed

107

8,608

Illinois

■.

and systems for the week ended Feb. 14,

this period

During

a

105

11,068

Western

Denver

&

North

Terminal
Northern
Western

increases when

com¬

Pekin

&

Pacific

Southern

Toledo,

Peoria

Union

(Pacific)
Western

&

Pacific

System

368

383

393

6

9

1,484

1,146

3,673

1,841

115,743

101,323

92,801

71,785

57,271

Pacific

FREIGHT

LOADED

AND

Total

FROM CONNECTIONS

RECEIVED

(NUMBER OF CARS)—WEEK ENDED FEB.

B. Lewis of the

OFF; and a cre¬
consisting very
largely of the same group of ad¬
vertising men who developed
the outstandingly successful ad¬
vertising used
in last year's
United
Service
Organization
campaign.
ative committee

Members of the Council have

had several

meetings in Wash¬
ington with government offi¬
cials, the most recent having

Ann

661

Arbor^->»...*-;

Aroostook

Bangor St
Boston

Maine——-—;

St

Chicago, Indianapolis St Louisville—_
Central

Indiana,

Delaware & Hudson

& Western-

Lackawanna

Delaware,
Detroit

;

Mackinac————

&

Toledo & Ironton
—
Detroit & Toledo Shore Line—.......

Detroit,
-

Erie—..-i —

——'

Trunk

Grand

Hudson River
Lehigh Si New England.—
Lehigh Valley
—
Lehigh

'

Western

&

.

Central

Maine

Monongahela.,
Montour
New
N.

Y.,

New
N.

———

Central

York

H.

N.

Hartford

&

Ontario & Western

York,

Y„

Lines—...——

& St.

Chicago

Louis

Y., Susquehanna & WesternPittsburgh & Lake Erie
Pere
Marquette.—.———
Pittsburgh & Shawmut
—
Pittsburgh, Shawmut & North
Pittsburgh & West Virginia
N.

Rutland
Wabash

——-—-—

Wheeling St Lake Erie

Total

-

Gulf

Island

Lines

Coast

International-Great
595

525

1,939

1,539

220

7,838

6,368

13,768

1,393

1,201

1,475

.2,300

.

1,510

1,630

1,959

8,229

22:

;.•".

.

193

Northern

Kansas, Oklahoma & Gulf
City Southern

Kansas

12,233

Louisiana

&

Arkansas

2,263

Litchfield

&

Madison

i 66

54

1,342

1,200

1,113

2,085

2,187

Missouri

6,609

6,608

4,207

11,102

8,828

Missouri-Kansas-Texas

8.923

9,740

7,391

9,329

8,137

25

—

Central Vermont———

Burlington-Rock

1941

1942

16

Midland

Valley
&

.....

277

223

218

152

115

3,283

2,530

1,875

1,936

St.

Louis-San

3,786

4,196

St.

Louis

16,050

13,996

Texas

&

New

8,418

9,266

Texas

&

Pacific

4,108

2,386

Wichita

1,443

Weatherford M. W, St N. W.—

307

389

249

14,222

13,441

10,448

4,508

5,650

4,470

208

135

153

:

1,702

1,747

1,238

1,670

8,737

8,898

6,862

9,762

8.291

3,496

3,573

3,048

3,602

3,273

6,079

5,033

4,109

425

294

1,799

2,095

1,498

33

19

45,518

45,050

36,795

51,078

46,042

12,592

10,892

7,864

17,579

13,644

1,075

1,121

782

2,175

1,865

7,132

5,499

5,171

14,369

12,710

530

407

336

1,330

1,787

7,816

7,732

5,474

7,175

7,086

5,345

6,275

5,772

6,378

6,497

550

603

488

38

18

391

441

420

281

662

929

872

2,091

491

536

542

1,120

1,121

5,722

5,778

5,271

11,306

10,780

4,543

4,473

3,301

4,180

3,837

165,136

163,270

130,621

209,481

2,045

188,384

Bessemer

&

Lake Erie

Buffalo Creek &
Cambria

&

Gauley

Indiana

Central R.R. of

New Jersey

Cornwall

Cumberland

&

Pennsylvania

Valley
Island
Penn-Reading Seashore Lines
Pennsylvania System
Ligonier

Maryland

Total

St

1,081

1,091

22,864

19,277

2,295

1,440

1,678

303

279

329

5

5

1,964

1,972

1,442

15

7

7,583

7,263

5,379

17,705

13,323

619

622

554

89

59

321

327

300

11

33

r

50

718

488

3,469

2,857

1,345

945

2,016

1,556

77,762

70,734

54,521

57,932

45.860

184

.

16,141

16,005

11,628

25,803

19,756

20,126

20,098

14,626

3,559

3,522

3,987

3,871

3,180

10,615

7,684

174,707

161,880

123,700

146,654

116,769

District-

Ohio

23,566

23,673

22,502

10,190

Western

20,920

22,203

18,843

6,180

5,789

3,953

4,602

4,456

1,987

1,429

48,439

50,478

45,801

18,357

17,264

Virginian—

Total




*

357
3,464

171

193

1,066

1,015

2,319

1,912

2,522

2,230

2,621

2,075

1,891

2,295

1,734

325

377

367

1,138

1,091

Falls

335

offices

3,074

16,618

15,233

12,640

13,916

10,099

109

114

131

211

147

7,753

6,833

7,025

5,482

3,407

256

495

3,245

4,440

2,614

2,251

7,514

7,481

6,473

4,714

3,580

4,026

3,906

3,358

*6,914

4,690

139

119

122

42

65

29

21

25

36

212

51,894

60,062

45,409

54,963

facilities

of

tion

The

Association

Representing Industry Set Op

of

announces

National

Newspaper

Publishers Association.'

-

The 1 National"
(Magazine)
J Publishers Association.

The

National

Association

of

Broadcasters.
The

many

Advertising
America,
and
other affiliated groups.
of

This organization, named The
Advertising Council, wiU under¬
take to help the government util¬

ize, for purposes of inspiring and
instructing the public concerning
various phases of the war effort,
the talents, techniques and chan¬
nels of
mal

advertising, which in nor¬
have proved they can

times

help shape the thinking and

/

will

offered

be

general sales program
increased

be

cess

of formation since last No¬

vember, under the direction of
a
special committee presided
over by by Chester J. La Roche,

ac¬

Young

&

of

the

Rubicam,

Board

Inc.,

of

and

Chairman of the Council. Fred¬
eric

17

be

cent

one

above

cents

and

loan rate at

a

the

20

above

cents

ap¬

the

country locations with

premiums and discounts for qual¬
ity as apply under the 1941 loan

The present sales price

program.
of

of 83 cents

corn

No.

2 Yellow

for February
.

V

a

bushel basis

in store in Chicago

delivery will be

con¬

'

,,

Refunding Debs. Offered
An

The Council has been in pro¬

Chairman

Outdoor

Association

tion of the public.
The advices
from
the
Advertising
Council
state:'

American

Up

the minimum price

wheat

the

under

tinued.

of<S>-

Advertisers.
The

The New York

^

which

cations

national

Association

be

well

plicable loan rate at terminal lo¬

advertising have been coordinated
and placed at the disposal of the government to help in the total
war
effort, according to a statement released by an organization
comprised of representatives of major factors in the advertising
industry.
These sponsoring groups include:
1
American

as

bushel, effective during the period
Feb. 16 to Feb. 28.
The new price

Advertising Coordinates For War Effort;
The

will

The Commodity Credit Corpora¬

will

Council

Council

Washington

Sales Price Of Wheat

will
year's figures revised.

the

located at 285 Madison

are

Avenue.

at
41,101

of

New York.

as

512

4,072

,

a

in

221

129

3,684

620

8,753

& Southern—

Offices

maintained in

139

Orleans

Note—Previous

61

177

•873

1,769

10.046

Chesapeake St
Norfolk

419

27,437

3,220

119

Reading Co
Union
(Pittsburgh)

Pocahontas

541

34,701

——

Long

Western

734

2.254

4,127

Francisco

Total

Allegheny District—

3,153

196

1,431

2,670

498

Advertising Agencies.
39,253

309

2,825

1,478

229

Southwestern

The

Akron, Canton & Youngstown—
Baltimore & Ohio

128

3,299

1,520

Acme St Pacific

332
;

153

3,152

2,388

4,995

Lines

Pacific

Missouri

124
4,466

...—....—

Arkansas—

2,293

Quanah

Feb. 5 with Donald

on

War Production Board
head.
On the same day, meet¬
ings were held also with the
Office of Facts and Figures.
Nelson,

District—

Southwestern

Connections

1940

1941

a

been held

Freight Loaded
1942

District—

Eastern

already
has
Radio Committee, to

work with Radio Coordinator W.

Received from

Total Revenua

Railroads

/

Council

formed

14
Total Loads

or

by various media and

The

pared with the corresponding week last year.
REVENUE

space

advertisers.

423

2,119

Utah
Western

ef¬

most

ernment

410

14,484

Lake

Salt

the

2,465

367

608,237

Peoria

The

Grande

Rio

&

Worth

make

time made available to the gov¬

627,429
w

4,885,781

.

3,239

cre¬

7,175

15,408

Southern

&

2,490

v

529

Chicago & Eastern Illinois
Colorado

1942

Weeks

5

Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific.

8,680

17,058
3,055
11,784

Garfield

&

Chicago, Burlington &

16,436

3.202

3,300

Bingham

corresponding week in 1941,

17.945

20,877

Top. & Santa Fe System

group,

do any

fective possible use of

District—

Western

set up

been

Independent com¬
mittees, composed of the na¬
tion's leading advertising men
in
creative,
production
and
media fields, will work closely
with the Council to help the
various departments of the. gov-

sponding week in 1941.
Central

has

coordinating

as

ative work.

loading amounted to 12,920 cars, a decrease of 485 cars below

Ore

Council

will not itself

and

1,604

Seattle

&

The

purely

5,693

Spokane International

so

more

nation's advertisers.

10,391

,

M

Pacific

469

836

far

192

8,444

they could be used
scientifically by the

position

a

3,581

774

Western

&

•

10,027

Atlantic—

&

910

1,157

Range

Dulutli, South Shore &
Elgin, Joliet & Eastern
Ft.

13,560

2.337

20,146

Lake

products loading totaled 47,603 cars, an increase

above the preceding week,

Mllw., St. P. & Pac
Chicago, St. Paul, Minn. & OmahaDuluth,

14,073

2,819
21,686

Western

Chicago,

Live stock loading amounted to 11,197 cars, an

Forest

&

Founda¬

Research

Advertising

■>

Northwestern

will be
Dr.
Mc¬

19.958

alone,

Chicago

Director.

496

Southbound

Chicago

administrator,

an

as

Managing

10,395
"

553

-:

■- ..7

744
,

23,980

10,745

Total
vv.

445

24,695

Central

Winston-Salem

,

the

broadcast station
owners,
ad¬
vertising clubs, photo engrav¬
ers, direct mail specialists, litho¬
graphers, trade papers, news¬
paper editors, and farm paper
; proprietors.
)
Dr. Miller. McClintock, who.
has been closely associated with
the
advertising
industry
for

1,104

105

2,294

138

.

,

1,214

29

836

with

industry, including
typographers, independent

369

:4,448

Southern..

Piedmont

.

affiliated

advertising

597
■

28!913
24,711

Savannah

Mississippi Central
Nashville, Chattanooga
Norfolk

■'

.

,,

Nashville—

798

918

37

1,514
•

Gulf, Mobile 81 Ohio,.

Tennessee

grain products loading totaled 38,745 cars, a decrease
of 2,570 cars below the preceding week, but an increase of 9,448
cars
above the corresponding week in 1941.
In the Western Dis¬

423

1,467

—

Illinois

239

1,605
Greenville

Midland

Georgia &

all
of
advertising's?
for the duration are 13

318

726

692

Southern

&

unleash

'219

780

830

V

Carolina

(newspapers, magazines
and outdoor

radio

921

.

Florida East Coast.

Louisville

Grain and

the

'

Ala

Coast

Georgia

Columbus &

decrease
of 43,735

loading amounted to 154,718 ears, an increase of
cars above the preceding week, and an increase of 1,810 cars
the corresponding week in 1941.

of

&

Line

Coast

Charleston

Loading of merchandise less than carload lot freight totaled
151,515 cars, a decrease of 203 cars below the preceding week, and
a decrease of 1,534 cars below the corresponding week in 1941.

cars

R.R.

Georgia

Coal

1941

J942 V

Clinchfield

14 decreased

Miscellaneous freight loadirfg totaled 351,892 cars, a
of 1,055 cars below the preceding iveeki but an increase
cars above the corresponding week in
1941.;•

tricts

P.—W.

of

Durham

Loading of revenue freight for the week of Feb.
1,361 cars or 0.2% below the preceding week.

*

W.

&

Central

174,462

8.5% and above the same week in 1940 was

or

Connections

Alabama, Tennessee & Northern—"395

Atlanta, Birmingham

28.7%.

or

*

Received from

"

Loading of revenue freight for the week ended Feb. 14, totaled
782,699 cars, the Association of American Railroads announced on
Feb. 19.
The increase above the corresponding week in 1941 was
61,523

District-* "

Southern

media

Total Revenue

Freight Loaded

offering of $37,470,000 con¬

solidated

debentures

eral

Intermediate

was

made

Feb.

of the

Credit
18

by

Fed¬

Banks

Charles

R.

Dunn, New York, fiscal agent
for
the
banks.
The aggregate

included $14,105,000
tures

000

due

0.85%

Sept.

1,

0.65% deben¬
1942, $7,700,-

debentures

due

Dec.

Gamble, Managing Direct¬

1, 1942 and $15,665,000 0.90% de¬
bentures due March 1, 1943.
All
of
Advertising
Agencies,
is were dated March 2, 1942 and the
assistant to the Chairman, and
offering price was par.
Of the
Paul B. West, President of the
proceeds from the sale of the de¬
Association of National Adver¬ bentures
$26,580,000 went to pay
tisers, is Secretary.
off maturing issues and $10,890,In the Council are represent¬ 000 was 'new money.
At the close
atives of advertising agencies, of business March 2, 1942 the
advertisers, retail advertising, Banks will have a totaLof $278,or

of the American Association

industrial

advertising,

and

175,000 debentures outstanding.

,

THE COMMERCIAL & FINANCIAL CHRONICLE

870

~

Foreign Fronts

>•'«

(Continued from First Page)
people is for some specific infor¬

ples in the kind of peace we seek.
Charter

The Atlantic

parts of the world
that border the Atlantic, but to
the whole world; disarmament of
only

Tuesday,
Nor

the

to

when

applies^not tops, alsq

the

Thalia,

from

8,329

these the only losses
in
a
dismal
week
of

world

shipping

Road

front

for

ill

bode

the

heavy
over

the

fleet

of

the

ships

was

of

one

main

ob¬

jectives of the Japanese south¬
Navy
Department
announced ward drive, and nothing is to be
Tuesday the loss in a gale 'off gained by denying the. obvious
Newfoundland of the U. S. de¬ fact that the enemy has succeeded
stroyer Truxton, and the Navy in this particular aim. This was
cargo ship Pollux, the loss of life recognized early in the week by
running to 189 in these disastrous Indian and Chinese leaders, who
wrecks.
Both ships grounded and emphasized the construction of an
There were numerous sidelights broke
asked for a full use of "discretion"
up
rapidly
under
the alternative route some 400 miles
by both supporters and critics of this week upon that struggle over pounding of heavy seas. The U. S. north of the Burma Road, over
Guard
Cutter
Alexander the high passes of the Himalayas.
communications and distant sup¬ Coast
the Administration.:
Much
of the address was
ply routes which President Roose¬ Hamilton, 2,216 tons, was reported The new road is not likely to be
velt emphasized in his report to Monday as torpedoed near Ice¬ ready before the end of this year,
devoted
to
a
simple
geo¬
the nation last Monday. The ship¬ land with a "moderate" loss of life however, and it is bitterly evident
graphical presentation of the
vast scope of the war and the
ping problem promises to be the in the attack, but the ship sank that China faces new trials in her
mation

military matters, Pres¬
ident Roosevelt added nothing to aggressors, i self-determination of
the
generally
known
circum¬ natipns and peoples, and the four
freedoms —- freedom
of
speech,
stances relating
to our part in
the war. He promised to divulge freedom of religion, freedom from
the general trend of the conflict want and freedom from fear."
and to withhold only information
Ocean Warfare
that will help the enemy. And he
on

The

activities.-

immense
in

involved

distances

the

supply of other mem¬
of the United Nations.

bers

A brief lesson
craft also

included.

was

Mr. Roosevelt

ly the

explained broad¬

for the situation in
Douglas
Mac-

reason

which

types of air¬

on

General

Arthur
selves

his

and

them¬

find

men

Bataan Peninsula in the

on

Philipines. The strategy there al¬
called for a defensive and
delaying action, he said, in view
of the ability of Japan to envelop

bottleneck of

islands with her

forces.

and

merchant

except

the

that
has

gether

with
in

forces

the

United

China,

Burma

Netherlands

East

Mac Arthur
pay

seize

of

clear.

Churchill informed the House

acknowledged sinkings.
This, of
course, is quite in line with the
performance in the general Battle

power

obviously

of

of the

against

Burma.

British

Atlantic, which occasioned
claims of British and Allied ship

only

losses far

were

Prime

This

Tuesday,

that

shipping
losses
not
have been heavy since

vessels

times

in

Coast, and

the

losses
to

in

the

that

viewed

be

with

forces detailed to the defense

equanimity,
especially
when
i.
every ton of shipping is vital for

against

our

British

naval

submarines

enemy

can

effort.

war

Some of the

submarines

forced,

en¬

fense

of

way

runs

Only

the

terminus

of

marked.

but in general the Navy pol¬
icy of secrecy as to this phase of
the operations remained in effect.

artillery already have put the

accordance

practice,

with

precise

area,

fig¬

regarding shipping losses

ures

Asian

and

warships,

Continent

Ocean,

nullified

have

the

a
>

capital of Bathat the
"zero

Java,

on

Nether¬

the

at

Indian

reinforcements

Heavy

said to have been

is

There

of

indication,
protracted and

every
a

for

contest

the

of

control

The ultimate threat to Australia

emphasized
by
repeated
Japanese aerial bombings of the
base at Port Darwin, which is
just beginning to assume military
importance.

This

base

the

at

Northern

tip of Australia is of
importance as a control
for
the
passage
through

much

in

are

and

play

was

Japanese

moreover,

Indian

East

bitter

Japanese

route out of action.

the

withheld.

were

Road,

on

hands,

Java.

the

Burma

will

conceded

was

acordingly,

the

emy

probably

units.

to

definitely sunk in the Caribbean

airdrome

Japanese

poured into
days by the United
Nations, and these include not
only ground forces but also the
vitally necessary aerial defense

the rail¬
to

in

on

resources.

Java in recent

the

most limits, Mr. Churchill re¬

In

and

are

few miles

a

Sittang

food

principal

Pacific.

de¬

a

able to subsist

be

was

tavia,

of

said

as

northward

southern

reported

even

is

>

off

hour" is at hand for the last great
Dutch possession in the Western

sent

and

any

cut

Notwithtsanding the defeat ad¬
Bali,

defenses

now

reported

ministered to the invaders at

man¬

Crossings

Japa¬

in

island.

lib¬

was

force,

major part in the fate of that

of

have been strained to the ut¬

were

v

aggres¬

breeched

line.

west

of

The

others.

available

Bali

great

of the

River

Billin

have been

one

months.

fall

un¬

dif¬

to the harm inflicted

was

may

The

adventures

campaign

Sittang River

situation, nevertheless, is not

landing

it

in

was

fresh

sion, and much

of the actual.

excess

the

the

strength

for

erated

actual

nese

the

Moul-

points

however,

Japanese

be two

the

With

Singapore,

of

two

British

war

three

■

The

declared

increased seriously in the last

whole

of the

some

Commons,

Winston

the start of the war, but have

Asiatic world, said Mr. Roosevelt.

Dealing with

Minister

and

Atlantic

our

other

escaped

from its supply line, although

defense

from

troops

United Nations

off

the

lands

and

Only

accounts

as

it

Japanese

from

reporters

but

fered

event,

action, the advance of

thorities,
candor, are making the situation

terrible

the

radio

-

war-1—r-

transports.

upon

recent

Burma.

and the
Indies, General

control

German

>

a

the" Japanese ships is

scathed,

forces contested heroically, in

ings

price for their ambitious attempts
to

capsizing and sink¬

ing of the ship.

British

invariably

.<

are deepening the
danger.
British
au¬
with their tradition of

Nations

increasingly

Inadequate

to

Japanese

believed to have

long defense against Japan.

was

to losses of per¬

immediate

is making the Japan-'

an

the

the

as

United Nations

by our
prelimi¬

the

of

sonnel in

information

no

mein

estimates, he indicated. To¬

nary

ese

defense

exceeded

vessels

afterward and
made available

time to time adverted to the sink¬

basic strategy remains unchanged,
forces

activities of the

coming months.
Although shipyards in the United
States are speeding production in
many ways, the sinkings of naval

ways

the

all

United Nations in

reported

was

week-end

last

nine

and

of

one

*

'

damage

supply route into
Closing
of the Burma

Road

China.

were

recorded

that

Burma

lost,.

was

Thursday, February 26, 1942

point

also

Timor

Strait,

supply

doubtless will

and

be defended to the utmost. Martial
sinkings of
Vast
route for China.
changes apparently im¬
law was proclaimed at Port Dar¬
naval
and
merchant
shipping, pend on the Continent of Asia, as
States, Mr. Roosevelt denied spe¬
Rangoon is the next great ob¬ win, to further the defense effort.
problems of naval control of the a
consequence
both of military jective of the Japanese, and
cifically that all of our Pacific seas now are
ap¬ Australian
authorities
admitted
emerging in various developments and of the social
Fleet was sunk or destroyed on
parently is to fall to the invaders that
considerable
theatres of warfare.
In London
damage
was
ferment
which
is
an
inevitable
ac¬
Dec. 7, and that more than 1,000
before long.
British
reports
con¬
caused by the Japanese bombings.
the question is debated anxiously
companiment of wars. Japanese cede the evacuation of the great
of our airplanes were destroyed
whether
German
and
The
Japanese forces are continuing their ad¬
Japanese also continued
on the ground. Scoring the exag¬
port, the fall of which will seal
Fleets would be able to establish
their attempts to gain control over
vances in Burma, where the ter¬
the fate of Burma for the time
gerated casualty accounts some¬
contact in the Indian Ocean, in
the vast island chain eastward of
minus of the supply line to China
times
passed
from
mouth
to
being. There is quite possibly in
the
event
of
Axis
victories in
the Great Sunda islands, as the
is endangered. But even greater
mouth, the President insisted that
the other hand, a
progress, .on
Egypt and the Far East. A foray significance may attach, in the
Netherlands
East
Indies
are
officers and men

afloat

rumors

in

the

killed

Pearl

Harbor

attack

in

the

numbered

2,340, and that the wounded
bered 946.

Apart from

United

num¬

He reiterated the offi¬

cial report that three of our com¬

enemy

by German naval
Atlantic

also

units

into

foreseen

is

the

as

a

possibility, owing to the unifica¬
tion

of

the

Nazi

Fleet

as

a

con¬

sequence of "escape" from Brest
ships were put permanently
of the battleships Scharnhorst and
of
commission, and added
that very many of our ships were Gneisenau, and the cruiser Prince
Eugen.
Transfer of a number of
not
even
in Pearl Harbor, and
major French Fleet units from
that
others
havie
rejoined
the
Africa to Toulon is increasing the
Fleet or are undergoing repairs.
Without revealing the number uncertainties, since such vessels
might conceivably be added to the
of our aircraft

great

long run, to an insistent renewal
Indian
demands for freedom

of

within the British Commonwealth

of

British

The

Nations.

Govern¬

bat

ment

out

pied with the Indian problem.

damaged

stroyed

at

Pearl

de¬

or

Harbor,

the

President asserted that to date

Axis forces.
In

we

our

actual

have destroyed of ours. We have
suffered losses not only from the

enemy

soil

must

Japanese in the Pacific, but also

cific

Atlantic, and
of

them

in

shall suffer

we

before

the

turn

the

Coast

just

more

An

presum¬
or

refinery, Monday,

Santa Barbara,

of

north

No casualties

Calif.

the

of

recorded.

be

submarine,

of projectiles against a Pa¬

from

submarines

American

upon

ably Japanese, sent a score
so

German

waters the first

own

were

re¬

tide, Mr. Roosevelt remarked. We

ported and damage to the oil

have

refinery

been

compelled
to
yield
ground, the President added, but

their

will regain it.
The high production

we

set

in

will

his

be

address

of

attained,

Roosevelt,

goals

Jan.

said

who

Mr.

stipulated

These he listed

as

unstinting and ceaseless work,

,

avoidance

privileges
any

and

one

of

special

group

the

veniences

gains,

advantages

or

or

for

occupation,

Sacrifice
and

the

of

1

6

three high purposes for every

American.

naval

con¬

made.

"The United

Nations," said the
President, "constitute an associa¬
tion of independent peoples
of
equal
dignity
and
importance.
The United Nations
to

a

common

are

cause.

dedicated
We

share

equally and with equal zeal the
anguish and awful sacrifices of
the war. In the partnership of our
common enterprise we must share
in a unified plan in which all of
us
must play our several parts,
each of us being equally indis¬

pensable
the

and

dependent

one

on

other.

"We of the United

agreed

on

certain

Nations

broad




efforts

to

Developments
suggested

Coast
ness

redoubled

locate

enemy

who

operating
marines

numerous

are

sub¬

in Atlantic waters.

definite

were

until

that
from

far

were

Lon¬

Brazilian

steamship

after

net

the

war

which

absorbing

cur¬

British

all

Cabi¬

series

of

recent

changes

in

London

was

studied carefuly, as a

7

torpedoes or enemy mines. Two
ships anchored off Port of Spain,

The

leaders

The

to

sink.

possible
guide
to
British
policy
in
India.
The
appointment of
Sir Stafford Cripps, leader of
a
faction that favors greater
concessions to India, seemed
But

re-

Cabinet

of

to promise a change.
•H

tention

S.

L»

in

the

Amery,-who

embodies

British Imperialist

view¬

Olinda, 4,080 tons, was the next
reported victim, with the enemy
in this case reported to be an un¬

the

identifiable

tary, presented the latest con¬
clusions
in
the
House
of

submarine

whose

spoke English, Spanish and
Portuguese. The American tank¬
crew

er

Pan-Massachusetts, 8,202 tons,

point, argued otherwise. Lord
Cranborne,
Colonial
Secre¬

posed

Norwegian tanker Konsagaard, 9,467 tons, were reported
sunk

ers

the

over

the

last

week-end,
freighter Delplata, 5,127 tons, went down early
and the armed U. S.

are

this week.

princi¬

5,287 tons,

The tanker Republic,
was

reported

lost

on

that still

the

the

to

geographers.

islands

under

The

Australian

mandate

were attacked again and
Japanese troops likewise
effected a landing on the island

again.
of

Timor, which

is under Dutch

Portuguese

ever

to

A

faced

greater
on

the

freedom

basis

of

to

American

Island
still

and

the

in

'

in

with

though

Epic

en¬

of

the

seems

doomed.

advancing

violent

made

their

which

velt

so

action.

from

that hope

tions

larger but more
inhabited island of Su¬

but

the

presumably

The vast

rubber planta¬
fell
into the

hands of the enemy intact.
When

tempted
the
of

eastern
the

Pacific

I

the

to

Japanese

Bali,

occupy

end

great

of

Java,

battles

of

sea

i

at¬
at
one

the

struggle
developed.
the invading Japa-

nese much of the aerial
strength

Nations

>

was

of

the

and

United

marshaled,

and

experts

now

voy

it

,

the

the

Mac-

re

-

front

of

a

Roose¬
in his

it

But

reports

state

clearly

relieving con¬

still maintained, and
earnestly to be hoped

is

is

that

Mr.

described

sparsely

landers,

General

under

address.

radio

of Java from the

oil
installations
at
Palembang,
Sumatra, are said to have been de¬
stroyed by the retreating Nether-

around

the reason for our
send reinforcements

men

delaying

the Strait of Sunda,
the western tip

separates

matra by some 25 miles.

the Japanese

area

gard the Bataan action as a
"side-show," and as a mere

way

on

Roose¬

as

Military

Japanese

speedily
through
the
jungle and early this week were
reported

the

to

in a
costly at¬

enemy,

and

Peninsula

President

the

of

Arthur.

The

the de¬

be,

Bataan

velt made this clear last Monday,

mittedly fell to the
of

as

the

it may

fense

Philippines
inability to

tacks.

gave

themselves

of

Japanese
aggressors dragged on, this week.

Sumatra and from the rela¬
tively small island of Bali.
All
important posts on Sumatra ad¬

series

which

hands

our

accounts

conflict

the

principal

forces

a

Filipino defend¬

control

between

effected

Philippines

remains

heroic

battle

week

units

of the small portion of Luzon

ers

.

the

made at
authorities

Bataan Peninsula

Java

for

meanwhile, proceeded from bad
to worse, and the serious tidings

Japanese
landing.

from

what¬

Burma,

this

pinch

was

Portuguese

when he pointed to

Against
of

of
.

protest

by

when

Netherlands East Indian island of

might themselves be able

defense

tide
-

Japanese

deavored

scheme the Indian lead¬

British

the

-

The

formulate.

The

before

similar

Tokio

set-backs must be

more

turns.

Lords, Tuesday, when he pro- '
India

and

the

upon

a

rently is
energies.

due

Trinidad, were torpedoed at the
same time, but
apparently did not

there

depend

outcome.

pleased by this turn in the affairs

The

knowledge lacking

develops

may

East.

British

American

to whether the blasts

battle

and

arations might be hastened.
don
reports made it clear

11,615

with

naval

problem

southward their area of attempted
Defying the traditions
military conquest and domination.
monarch or ruler at
Although it is more than possible
home, Chiang conferred at great
that the Japanese are extending
length with leaders of the various
themselves unduly, there is no
Indian sects. He issued a state¬
definite sign, as yet, of exhaustion
ment, last Saturday, urging the
of manpower or even of the ship¬
Indians to exert themselves in the
ping facilities which are vital to
cause
of freedom,
and advising
the effort of the Far Eastern ag¬
Britain to grant India without de¬
gressors.
In London and Wash¬
lay a measure of "real political
ington, meanwhile, it is conceded
power," so that Indian war prep¬
Far

tanker, E. H. Blum,
tons, was wrecked by a
series of explosions a week
ago,

new

known
smaller

Indonesia

East, for every effort
had been made to delay consid¬
on our
Atlantic
eration
of
the
Indian
question
increasing bold¬

presumably

the

British

strength in
the Indian Ocean, and if a major

sovereignty. The
Generalissimo,
Losing no time after the thun¬ Portuguese half of Timor was oc¬
Chiang Kai-shek, essayed a jour¬
dering fall of the British bastion cupied some weeks ago by Neth¬
ney to India, last week, which is
of Singapore on Feb. 15, the Japa¬ erlands
and
Australian
troops,
sensational to anyone acquainted
nese forces rapidly have extended
and Lisbon protested the action.
with the form and customs of the

of the Far

of the Nazis and the Italian

Fascists,

as

is

aircraft

vessels of the West Coast.

modifica¬

tion of routine if the request

minor. American

was

and

of

naval

Chinese

The

that keep

attack

destroyed
"considerably
more" Japanese planes than they

have

obviously is deeply preoccu¬

concentration

American

and

some

assistance

can

be

dispatched through the Japa¬
nese

lines to MacArthur.

Little

action

Peninsula

has

last
the

few

on

the

Bataan

developed in the
days, possibly because

Japanese are now content to
the
capitulation of
our

await

forces. There is,

indeed, some ap¬
prehension. to be entertained on
this score, for recent accounts tell
of a growing shortage of food¬
stuffs. It is also held possible that
the

Japanese

are

withdrawing

!

Volume

Number

155

on

lands East Indies and Burma. TV

Drastic
British

has

bates

in

the

;

•

•

;

the

current de-

of

House

Commons

the queseffected
have allayed the uncertainty occasloned in Great Britain by the

presumably will
r

the

followed

-fall of Singapore and
.

of

reorganization

Cabinet

^

^

Great Britain?

/.
>

postulated which would be open
the Nether- ! to .all countries of like mind and

from the Philippines to aug¬

men

ment their attack
•

THE COMMERCIAL & FINANCIAL CHRONICLE

4050

answer

tion whether the changes

further £

military

sentiment

in

is

Isles

British

anything but bright and cheerful
is obvious, -for the losses in the
Far East strike at the heart of the

■

•

treatment in
and

discriminatory
ternational

commerce,

tives

the

in

forth

set

■'

.

,,,

,

Fresh

advances

duly into enemy territory over the
vast and empty desert. Both the
British

'

v
f

war

•

■t

.

.

began

his Cabinet reconstruction

last Thursday, and continued the
changes early this week. He cut
his War Cabinet down by dropping Lord Beaverbrook, who is to
the

to

come

United

btates

as

a

ions Secretary and Deputy

:
■

;

■;

Prime

Minister he appointed Clement R.
Attlee, and Sir Stafford Cripps
was taken into the Government as
Lord Privy Seal and leader of the

House of Commons. Captain Oli¬
Lyttleton was named Minister
of State, while Ernest Bevin rever

;

;

Mediterranean base.

.

;

of

Togetner

Secretary.

? with Sir John Anderson,
/

President

the

War

new

held

ten-

aciously to the post of Defense
Minister,
which
provides
him
with powers that are incuspensaPie as the opposite number to
President Roosevelt.

Cabinet,

the
Mr.
David
for War;

Monday,

last

Churchill dropped Captain

Margesson,

Secretary

C. Moore-Brabazon,

Colonel J. T.

Minister
Lord

Aircraft

of

Production;

Moyne, Secretary for Col¬

onies, and Lord Reith, Minister of
Works
and
Public
Buildings.
Arthur
r

also

portfolio,

dis¬

was

missed. Most of tne changes were

in

to the clamor
for removal of remaining Govern¬
ment heads who had a share in
made

the

response

of

period

appeasement

the

Chamberlain regime.

Although
Churchill

Prime
Minister
declared
stoutly

only a few weeks ago that he
would not sacrifice any of his

bear

would

and

colleagues

all blame for recent develop¬

and

"right

the

Commons, Tuesday,

it

that

asserted

and

before

went

he

ments,

House of

was

that

necessary

took

He

of

blances

and

of

Allied

this

also

have

forces was

fighting

The

victory

on

of

vagueness

was

the

ports

i:sc

to

may

observers

watching
which

be

the

put.

are

French

If French

of

and

that

the

main

tion

admitted y

The

able

will

German

been regained.
the

fierce

material

captured.

specific, and the

more

Berlin

in

ments

announce¬

not

were

corro¬

of

the

Moscow

repeated

on

occasions

to

advance

into

German

"annihilated" the oppos¬

pockets, where the

ing forces.

*

P.Iain

defense points of the
winter

line

tinued

to

the

across

The

move.

Germans

meanwhile,

con¬

reinforcements

pour

Middle

narrow

Sea

to

Tripoli and Libya, and British
Empire units were supplied both
from

Britain

States.

Malta

and

the

United

bombed inces¬

was

santly by the Axis.

by

the

Russians,

are

no

indications

but
that

the working man," those who

trying
gains."

to

"destroy

are

social

our

lines have been broken.

ingrad
under

in

the

lieutenant in

ond

is

never

ized

the

lines

business.

dislodged

the
near

Nazis

from

Moscow

which

mined to

hold.

Nor

kov restored to

|

the

siege

;;«/

is

of

so

happens

that back home,

Roosevelt

is

Maybe wrongly

so.

controversial.

when they lead to war.
point is that there are innum¬

erable

American
Roosevelt

being the

case,

citizens

infuriates.

whom

This

why shouldn't she

realize this and say to herself:

rule,,
Sevastopol

i

relieved.

men

They

giving their lives.

Mrs.

is Khar¬

Russian

these

aren't asking any questions.

The

the enemy obviously is deterv

Well,

War

organ¬

man, even

the central front have not

redoubts

the field.

efficient, well

reactionary men who
just can't see the light of progress
and social gains to the working

remains

German

an

backward,

siege, and the pockets

driven into
on

north

Len¬

"I

realize I

am

greatly misun¬

derstood, I realize the attacks
me

are

unfair.

.

But

on

nevertheless

The Russian
now

in

the

never

thought, if I

may

Communist

had

serious

a

say so,

Her guests have

on

any¬

included

winter, moreover, they come from a large segment
beginning to wane, and of the American people.
There¬
large part of the front fore, I will make a sacrifice.
If
turned into a muddy quag¬ the boys facing the enemy can

with

every¬

help

to

Ickes

But

in

who

lot

a

affairs,
They

National
have

not.

Japan.

back

You

wonder, under the cir¬
why
a
publication
avowedly antagonistic to the capi¬
talistic system, admittedly just go¬
ing along now as long as Russia
and this country are engaged in
the "common front" against Hitler,
should pursue this line of stuff,
and
why the President of the
United States should have given
cumstances,

a

currency

too, why he

continually talks of
appeasers, when this writer with
his wide acquaintance of people
of all faiths, doesn't know of a
single person who today would
permit of a peace with either
war

or

Germany—now that the

has started.

pcaser"

When it

to creating con¬

comes

Pearson,

along

his trying to
Manifestly, it

war.

something that should have
deferred.
The word
"ap¬

was

been

pealer"

frequently hurled at
period of several
months.
Well, here we are. Now,
let's do whatever we can to bring
Hull

was

over

a

the French in against us.
What

constitutes

set in this

There

the;. Cliveden
Who?

country?

are

curring

constantly

more

these

rumors

writer

a

re¬

that

days

cabinet shake-up.

can't

dope out yet
propaganda against
Frances Perkins and Jesse Jones,
a

whether there is really a

or

shake-

impending.
There
is
this
thought: Mr. Roosevelt is getting

up

so

like

manding.
this

"strong"

a

man

which

forces have been 'de¬
The first evidence of

many

when, in the controversy

was

between

Leon

Wickard

Henderson

the division

over

and

of

au¬

thority between them, he said suc¬
cinctly that he was the boss and
could fire either

This

of them.

one

rather shocked the bureaucrats.
made

impression

profound

a

Wickard and the chances of

It
on

a con¬

flict between him and Henderson
have been very

slim

ever

since.

A few

days after the momentous
announcement—and it was really
momentous because Mr. Roosevelt
had

his

Wickard

that

spoken

never

about

Henderson

National

strongly
before—

subordinates,

and

came

Press

the

of

"strong."
That
was
never
his
Pearson, a close
reputation in the past. His reputa¬
Ickes, and close
tion for accomplishment was that
to the New Deal generally—he is
he
stated
his
proposition,
kept
largely considered to be a spokes¬
quiet thereafter, and let every¬
man of at least an influential group
He had a
in the New Deal crowd—demand¬ body sweat about it.
reputation for getting what he
ing
that we
seize Martinique.
wanted but not as a "strong, force ¬
Pearson in his syndicated column
ful" man.
Now he is getting to
of which he is the co-author with
be "strong and forceful" because
Robert S. Allen (the Washington
that is what is being written about
Merry-Go-Round) has long been
him.
It will be interesting to see
also

Drew

by

ago,

friend

a

of Harold

friend

of Under-Secretary

The be¬

of State Sumner Welles.
lief among

he went

so

his colleagues is that
far in playing Welles

against Cordell Hull that he must
have been tremendously embar¬
Welles,

rassing.

months

several

on

an

ago,

occasion

had

to

re¬

how he

A

tion

Industry
The

with

must

be that

Pearson's
was

playing him against Hull
not as embarrassing to Welles

he

professed it

new

role.

in

meeting of the American Sec¬
of the Society of Chemical

City.

conclusion

out in his

—

Discuss Chemical Research

definte statements.
Never¬
theless, he has continued to be
quite friendly with Pearson since
the

comes

—J i

pudiate one of his stories in two
very

and

.

to

Club, in the
several hundred
newspapermen, for lunch.
A study in evolution of man is
to
watch
Donald
Nelson
being
presence

fusion, I should like to call atten¬
tion to a broadcast, a few days

action

of

because

stave off this

the

It's funny business.

for

with others, dubbed Hull an "ap-

amy

have included, incidentally, all of
the high officials of the govern¬

Japan

Maybe she is
greatly misunderstood. Maybe the
only people criticizing her are old,

such

of them who

one

which it would not
otherwise have had.
You wonder,

she feels that her resignation was
forced by those who are "against

Mrs.

there

no

a

weekly, has

it

From Washington

that

war

power

Hitler.

agitation

an

to feel

can

fact

against

made

on

fore

Italians,

a

He knows of

ried

This

he

"appease"

car¬

personally

the

our

beat

to

whether it is

and

Britain

doing

we were

within

thing

Britain

to the Harding days.
parties, which along
given by the Soviets,
week of moving against the Brit¬ are the most
eagerly sought after,
ish lines. The impression was bol¬ because
everybody in the "swim"
stered that Rommel has to wait in
Washington has to "make" them
upon developments in Russia, be¬ to continue in the "swim."

It

un¬

doubtedly have been reached

Japan while

those

are

German

unmistakably

gives

this

state¬

per¬

muted

occasion to

with

signs

no

that

Cordell Hull didn't want

in

East.

thought,

1

is

She

showed

Now, why should she say those
things even if she believed they
ments.
German
spokesmen
The country is at war.
asserted that, Russian mo^es re¬ wejre true?
A lot of people are going to
get
sulted, in the period from Jan. 1
hurt.
Men facing the enemy are
to Feb. 20, in the capture of 56,806
being killed.
Some of it is due
prisoners and the destruction or
to the inefficiency, let's not
say
capture of much Russian war ma¬
of the high command at Wash¬
terial* ;;Theimpression: was given
ington, but simply an erring sec¬
that the Russians have been
borative

It

Far

his

to close the Burma

as

ment

but

official
war

Japan.

the

was

recall

can

far

so

on one

tre,

fighting

But German claims also became

you

went

Road

Rommel, appears to hold
the initiative in the Libyan thea¬

sian
much

and

time

a

with

and

of thousands of Nazi troops

and

at

there is to be

In

communiques,

action in

any
war

Pearson, for several months

prominence

Erwin

tate

Ore

sequently planting his stuff

knows

in

everybody who has attained

General

of the fact that

me

of the pre-war isola¬
public life or of any
place of influence in Washington.

writer
one

thing.

become

This reminds

Churchill did not want to precipi¬

sub¬

mentioned

closely

were

with

through bombing of German
and industrial
centers.

the

be

(Continued jrom First Page j
killed, according to the Rus¬ from the OCD, makes it plain that

de¬

Nazi
continued, meanwhile,

north

of

course

scores

or

combat

recaptured,

towns

also have

cow

in the

recent

to

have

British

highway from Smolensk to Mos¬

a

Mr. Church¬

been

some

velopments.
Immediate

censorship
and
only modestly,

replaced by a
announcement, Tuesday,

specific

appeared

reviewed

week.

Russian claims

an

Powers

of

lifted

the
long batilefront in Eastern Europe

Cabinet

new

first World War.

veil
was

with respect to the

to draw
unexpected vic¬
tory over the Axis from the
collapse which granted the
land,

attack Siberia if the
lines against
aggressors collapse.

may

The

1918 regime in Eng¬

hope

notice of re¬
warnings
that

Eastern defense

silence

resem¬

some

the

Chinese

the Axis

battle of
undergo both

to

pointed

with the

ill

apparent

no

Far

reinvigoration."

and

change

Toulon.

grave.

in the crash.of the

should

to

American

Navy

Churchill

Russians, however, reported
dryly
that
they
are
fighting
"alone" on their vast lines.
They

Government called into being

France

and

sent

The

Minister

Greenwood,

without

been

aamiring

that towns not far from Smolensk

In further reorganization of

gunfire

V.chy definitely towards the Hit¬
Maybe Vichy will go that^
way eventually.
But every month
delayed is a month in our favor.""—

ler side.

cabinet meetings and

single detrimental
statement against the carrying on
of ! the war since, Pearl Harbor.
Mrs. Evalyn Walsh McLean, the
hostess at "Friendship," the head¬
quarters of the Cliveden set as

Oran, Algeria,
was
the
principal French ship trans¬

ferred, but others also

fellow is carefully; disguised
high military, naval or govern¬
mental circles.
One might well
ask where is the FBI in ferreting
these agents out of our midst.
The only people we have seen
"trying to destroy the social gains"
are
those managers of industry
who are: (1) insisting that where¬
as they haven't got a closed shop
now, they don't under the pressure
of war, want to sign up for one.
(2) Those who are contending that
they can't pay double time for
Sundays or night work.

has

at

and Prime Min¬
congratulated the
Russian leders on the same day.
ister

this

Council,

the

Churchill

Mr.

Cabinet.
y

of

comprises

group

Lord

as

British

the

This

badly

Axis agent, unless

an

in

tionists

The bat¬

Dunkerque,

damaged by

Monday,

terms,

as

Foreign

tleship

gotten any infor¬

ever

mation from

every

African ports,

for repair in the main French

mentioned

in

uncertainties of

warships are put "at the disposal cf the Ax's the situa¬

Minister of Labor. Cap- peated
tain Anthony Eden held his post J apan

mained

defense

in this vast

was

from northern

before, it will fly

Roosevelt

Russian

preparing, how¬

moves

conflict

said

President

un¬

tant units of the French Fleet
had been removed to Toulon,

people.
the

forces

emphasized,
last Saturday, when Vichy re¬
ports indicated that impor¬

again,. Mr, Stalin said.
He ad¬
mitted, however, that the Axis
enemy is not yet beaten and thai
a stern struggle faces the Russian

-..special representative. As Domin•

flown

Axis

are

One of the
the

Wherever the Red Ban¬

was

the

game.

claimed

vaders, with the 24th anniversary
of the - establishment of the Red

ner

and

for fresh

ever,

Empire. But there is no doubt that Army, especially marked, Monday,
the average tough Briton can be by
a speech
in which Premier
depended upori to come through Joseph Stalin pledged the liber¬
ation of White Russia, the Ukraine
the ordeal.
and the Crimea from enemy dom¬
BowiVig
to
public
demands,
Prime Minister Winston Churcnill

side

its sup¬

in¬

,

i

Neither
extend

as

since the supply prob¬
invariably has caused, the

lem

by Russian authorities this week,
in the battle against the Nazi in¬

ination.

to

maps

ply lines,

questionably

were

.

anxious

seems

ground this writer

on

the

on

the

Anniversary

Army

indicated

Atlantic

:ir-7'v;,,v<vv'V :.*■,VV"'.'/V.Vv^v'' T\ '■>''<!.%. ■?:*■>..

Red

is

defeat of any units stretching un¬

attainment of the economic objec¬

Charter.'- 1

Egyptian frontier,

that

specific- Italian ^territory,-r

the

Among

objectives set forth in this agree¬
ment were expansion of trade, re¬
duction of tariffs, elimination of

That

defeats.

the

intentions.

the

871

was

held on Feb. 20 at
Club, New York

Chemists'

This
the

was

a

joint meeting

American

Institute

of

Chemical Engineers.
man,

The Chair¬
Dr. Lincoln T. Work, pre¬
The

sided.
"What

Is

topic of the evening
was
dis¬

Research"

cussed from various aspects.

The

T.
The
With the background of Welles Work, Director of Research of the
will be
weather
apparently
interfered
Metal and Thermit Corp., asked
and Ickes, then, it is now interest¬
mire in which neither the Russian make the sacrifice of
with these operations, but when¬
dying, I can ing that a Pearson demand is for the question "What is Research,"
at
least
make
the
sacrifice
of re¬
ever
conditions
permitted
the cavalry nor the German mechan¬
the seizure of Martinique.
This citing the broad definition of the
ized units can operate effectively. fraining from saying
British fliers dropped their dead¬
anything that writer claims
no
such
minute term "research" as it is used to¬
would
have
the
Beyond
the
muddy Spring looms
tendency to make
ly loads upon the Nazis, German
workings of international affairs day and pointing out the need for
the pleasant Summer, in which for; disunity for the duration of
bombing of British coastal towns
considering the many-sided activ¬
as either Ickes, Welles or Pearson.
the German forces may well re¬ the war."
also was reported, on occasion,
ities now called research.
Frank
But he has met Georges Roberts,
gain the upper hand, if their re¬ .-Why can't there be a sacrifice
the high commissioner
v^Likewise of significance was an
of Mar¬ G. Breyer, of Singmaster and
serves
of
in high places?
men
and
equipment
discussed
the question
understanding on lend-lease as¬
tinique. And that gentleman, very Breyer,
still are adequate.
The Russian
from the consultant's viewpoint,
Mr. Roosevelt in his speech of
sistance, announced at the White
gracious and serving a delightful
front possibly approaches a fresh
House
in
Washington, Tuesday.
Monday night apparently intended rum cocktail of which he was very while Dr. George O. Curme, Jr.,
crisis.
V:
to attribute all
the criticism to proud, never left any doubt that Vice President of Carbide & Car¬
Under this arrangement account
V
Libyan
Front
Axis agents.
is to be taken of reciprocal aid,
He made the state¬ if an attack was ever made on his bon Chemicals Corp. dealt with
Only modest activity was re¬ ment that the word was being island there would be a fight. the question from the industrials
but the final terms of settlement
ported this week in the Libyan spread that 1,000 planes had been Presumably an attack on Mar¬ viewpoint, and Dr. L. W. Bass,
are to be such as shall not burden
desert, where British Empire and destroyed at Honolulu. This writer tinique, not an easy walk-over, in¬ Assistant Director of Research at
commerce between the two coun¬
Institute,
discussed
it
tries. An
Anglo-American post¬ Axis forces face each other in a has never heard any figure that cidentally, but involving a several Mellon
soon

a

as

first

was.

speaker,

Dr.

Lincoln

,

;

war s

economic

arrangement




was, region;

about

100

miles

west

of. highj nothing like it. < Neither has

months

*

blockade,

would

throw

from,

an

institutional viewpoint.

872

THE COMMERCIAL & FINANCIAL CHRONICLE

total

of

resources

officers

President; i W.
Fred

.$827,641.

Its

Ic.' Hawkins,

W.

are:

H. II Nelson

Maplewood

Bank

Maplewood,

N. J.,

Vice-President

tional

and

Bank

and

of

of

Trust

the

Co.,
former

a

Chase

New

Na¬

York,

died

Feb. 15 at his home in Maple¬
wood after a long illness.
He
on

about

retire

to

after

having
While Mr. Bur-

served 42 years.
kardt's retirement
his

active

tinue

the

of

affairs

terminate

he

bank

in,

the

will*

of the

member

a

as

will

participation

con¬

Board

of

Managers, to which he was
was
72 years old.
A native of elected in March, 1938. Mr. McWoodbridge, N. J., Mr. Lee began Bride has recently been engaged
his banking career as a messenger in the investment banking busi¬
with the Chase National Bank in ness, and is at present with Kid¬
1889, when the bank's employees der, Peabody & Co., 17 Wall St.,
totaled about 50.
He remained New York City.
with

bank

the

the

for

,Myers,

Vice-Presidents;
H. Hawkins, Cashier, and
Hawkins, Jr., and Helen M.
Johnson, Assistant Cashiers. The

pointed Assistant Cashier in 1907,
Vice-President

Second

Vice-President in

and
Lee

Mr.

1929.

the

from

retired

1920

in

in

bank

the following

dent of Provident Trust
of

Philadelphia, died

Company

Feb. 21;
he
was
68
years
of age.
Mr.
Williams, who was born in Phila¬
on

delphia, was admitted to the
elected
President
of the Maple Philadelphia bar in 1898, and the
wood Bank and Trust Co., which following
year
became
junior
he helped found in 1920 and of partner in the law firm of Innes
1935

and

which

had

he

ident and

was

year

Vice-Pres¬

been

Director in the inter¬

a

vening years.
the

At

regular meeting of the

of

Board
tional

Directors

of

Na¬

the

&

Williams.

The

senior

member,
Reginald H. Innes, died in 1908,
and Mr. Williams, two years later
joined Charles Sinkler, Judge of
the

City Bank

the bank's

divi¬

far eastern

Orphans Court of Philadel¬
phia, forming the firm of Williams

became

he
At

meeting

a

of

Director of the Provi¬

a

dent Life and Trust Co.

sion since 1910.

Board

Feb. 20 of the

on

of

Trustees

the

Dime

elected

was

late

J.

Barton

Austin C. Cheshire

of the Board.

shire

the

the

has

been

Dime

elected

was

a

Mr.

Che¬

associated

with

Bank.

Savings Bank for the

Mr.

Life

Club.

Co.

of

and

officers

of

Sterling National Bank & Trust
Company of New York announce
the opening of their new bank
building at 95-38 Queens Boule¬
vard, Queens, Long Island, New
York, on March 3, from 9 a.m.
to 9 p.m.

Trust

Co., Rochester,

nounced

dend

of

6

$200,000
stock.

common

"Times

Feb.

on

Bank

N.

Y.,

stock

a

&

an¬

divi¬

holders

to
The

Union"

of

Rochester

that

reports

ac¬

as

also

was

Di¬

a

Mutual

Central

the

Bank,

and

Penn

-

Westmoreland

the

Lehigh

Co.,

Coal

He

member

of

N.

dividend

for

added

to

each

140,000

each

14

stock held

that

will

of

the

be

bank

holders

of Feb. 6.

765,000
stock

were

as

funds
reported

of

the

as

$8,The

of Dec. 31, 1941.

that

the

increase

in

common

capital account from $2,800,000
to $3,000,000 was effected
by a
of

$200,000 from
undivided profits account.

the

The trust company has shown
steady progress in building up
its capital fund account since
1934,
when
common
capital,
surplus and undivided profits
totaled

$2,517,417, in compari¬
with
$5,800,000 for these

son

items

as

of Dec.

In

31, 1941.
Dec. 31, 1941,

addition, on
capital funds of the com¬
pany
included
$2,000,000
in
the

preferred
reserve

stock

$965,000
contingencies, mak¬
total of $8,765,000 in

Dur¬

of

bank

per

Total
that

on

and

total

$36,722,663.

Commerce,"
President
tional

of

the

Bank

ing to
by the
Ames

of

Industrial

Chicago,

to

announcement

an

bank

Feb.

on

succeeds

The

of

will

years,

Presidency

National

Portland, Ore., died suddenly

on

13.

Sept. 1,

to Portland

activities

his

of

the

and

a

of

Here

Edlefsen

Mr.

the

by

ployed

Bank

State

a

head

be¬

the

by

National.

it

West

Edlefsen

Mr.

Vice-President of the

when

National

Coast was
merged
larger bank in 1930.
Mr. Edlefsen was an organizer
West

the

Vice-President

senior

and

of

the West Coast institution.
Mr.

of

Edlefsen

the

was

President

Community Chest drive

last year, an unusually success¬
ful one, and in the recent Red
Cross war fund drive.
He was
of

one

the

the

first

presidents of
Symphony
had served as

Junior

Portland

Orchestra.

He

President of the Oregon Bank¬

the

Association

ers

Industrial

the

He

the bank when

of

purchased

Coast

Portland

and

of

the

Clearing House Asso¬

ciation.

He

Mr.

ican
on

a

member of the Ex¬

Council

of

Amer¬

the

Association,

Bankers

the Community

for several years,

was

Chest Board
a Director of

the Chamber of Commerce and
Treasurer
national

Executive

of

Inter¬

the Pacific

Livestock

Exposition.

of
Philadelphia
had
net
earnings
America
and
serves
on
the
from operations in 1941 of $34,Budget Committee of the Com¬
597, it was reported to stock¬
munity Fund of Chicago.
holders by Samuel F. Houston,
Mr. Fentress, who is Pres¬
President, at the recent annual
ident and Chairman of
Baker, meeting.
These
earnings,
be¬
Fentress & Co., served as Pres¬
fore charge-offs but after deduct¬
ident of the Personal Loan &
ing all expenses, and not includ¬
Savings Bank and was instru¬
ing profits on sales of securities
mental
in
effecting its con¬ or recoveries, amounted to $1.15
version into the Industrial Na¬
on a share basis, which compared
tional Bank in
December, 1940. with $1.90 for the preceding year.
Joseph E. Otis, Chairman of the The net
changes in the undivided
Board, and the other officers of
profits account during the year

Council

the

of

bank

the

The

Boy Scouts of

re-elected.

were

are

Real

The
pany,

O'Bannon

Buffalo,
of

of St.

the

Banking Com¬
Mo.,
became a

totaled

Federal

for

Louis

on

Reserve

Feb.

16, it

Nov. 20, 1905.

It has
>

of

a

capital of

$27,500

*

Estate

summarized

divided

profits

as

on

Trust

Co.

follows:
Jan.

1,

un¬

1941,

$365,965, to which should
$253,096—the earnings
1941—giving a total of $619,061,
and
from
this
amount

be

added

should

be

transfer

to

$84,458—net
reserves—leaving un¬

deducted

divided

profits on Dec. 31, 1941,
at
$534,602.
The capital
and
surplus are given as $1,500,000
each.
Mr. Houston says in his

and report

maximum

that

the

inherent

production

industries is

war

national

and

in

safety,

a,

the

statement issued

a

on Feb. 23.
The warning came on the eve of the War Labor Board's
hearings beginning in Washington, D, C., on Feb. 24 in the ease of
the CIO
against the "Little Steel" companies.
The Association
emphasized tnat 34 of the 65 caseL<S>pending before the Board on Feb.
Labor sources in Washington
.

,

16

involved

the

"closed

shop"

of its variants—"union

"maintenance

said

or

shop,"

of

will

membership,"
others. "In
any event, what in the name of
Victory has the 'closed shop' to do

has

nothing to
production—but it is

a

non-production.
of

a

The

maximum

,

dictates

sense

the

union

a

card.

duration

The

on

world.

It

fronts
is

artificial

follows:

as

"All employees who are now
of the union or who

may

in the future become

bers

will

required

as

mem¬

a

con¬

to

maintain
their
in good standing
during the life of this contract:
provided, that this provision
shall apply only to employees,
who, after the consummation of
company 1

membership

the

this agreement,

erect

restrictions

be

dition of employment with the

'closed

to

may

compromise1

proposed

she

or

around

time

no

fight

members

shop' issue.
K
"War has imposed on indus¬
try major responsibility for pro¬
ducing the weapons so sorely
needed

;the

as

clause,

Common

this

on

This

come ultimately, was approved
by the War Labor Board after

clause reads

moratorium for

a

which

Workers Union.

produc¬

regardless of whether he
holds

compromise.

as¬

work for his country

can

"mainten¬

a

membership''clause

its acceptance by Marshall Field
Co. and
the
CIO* Textile

tion for victory is an open shop
where any competent patriotic
citizen

H.

&

to

way

best

of

around

with

do

himself offer

ance

with production?" the Association
asked." The Association went on
to say:
"It

this week that William

Davis, Chairman of the WLB,

"union security" and

individually and
certify in writing
they authorize union dues

voluntarily

to

that

is it any time for
ers to sit
supinely

impede that production. Neither
manufactur¬
in their of¬

dition of employment, maintain

fices

their

and

such

see

deductions, and will,

restrictions

will be laid squarely and

of

of the

solely

management. The

public will support management
in

any

source

war¬

on

time production.
"The
managers

Davis

an

and the War Labor Board

in

acterized

for the

closed

Thus,
end

shop can be

The Association's statement, re¬
leased in its Weekly "News Let¬

States

has

embattled

the

said

that

the

should

WLB

attempt
companies to
accept this modified closed shop,
all

Washington is asking wheth¬

another Federal Shipbuilding
incident is in the making—that
er

is—will
over

the

and

government

take

operate private enter¬

prise.

Two-Thirds Of Curb Stock

work¬

on

an

Defense

not

Hitler to

a

the

brought

National

now-

government will

borrow the tactics of

faces

WLB
which

the

to

If

United

this

closed

to force the steel

in part:
Nearly 80% of the American
people as a whole, and even a
majority of the workers them¬
selves including union members,
are opposed to the closed shop.
of

a

Mediation Board.

ter" to its members said

President

the

crisis

same

the downfall of America!"

The

old idea of

same

shop.

among
themselves
with the enemy. France

The

of

"maintenance

membership
shop"
as
just one more confusing name

once—one

fell.

the

union

may

one

im¬

an

the steel companies involved in
the current dispute. They char¬

no

well throttle this
country's only hope for victory
—all-out
production.
France
thought to fight two wars at
and

proposal brought

mediate response from three of

uncertain terms that the 'closed

shop'

.

above

Labor's announcement of the

of industry
obligation
to
their
country and they owe it to
themselves to tell the Congress
have:

con¬

the amount of 25c per week, to
be paid to the union.'

refusal to accept restric¬

its

tions from

a

during the life
Upon receipt
authorization, the
Mill agrees to deduct from the
weekly earnings union due in

raised.
Any blame for
failure to produce in this crisis
at the door of

as

membership in the union

in good standing
the contract.

being

clamp the closed shop

was

ecutive

graduate of Princeton
resident of Winnetka, is

of

the

in turn, Assistant Cash¬
ier, Cashier and President. He

a

member

which
as

came,

Director of The Murray Cor¬
poration
of
Detroit
and
is
prominent in many civic and
community organizations.
He
is

Johns

National.

Peninsula

em¬

Peninsula

old

St.

at

was

nationalized

later

was

the

Commerce."

As to

1906.

the Portland,

Oregon "Journal" of Feb. 13 said:

the

assume

in

there

to

National Association of Manufacturers warned

new

Born in Germany on
1882, Mr. Edlefsen came
to this country at the age of 23,
where he engaged in the export¬
ing and
importing business in
New York for a year before he
Feb.

Mr.

of

the
of

made

of

the

of
Bank

National Bank

Burkardt,*-. who« is* $32,500,- surplus




States

Fentress,

Chairman

of

one

United

Na¬

18.

Calvin

becomes

member

succeed

Edlefsen,

Vice-Presidents

accord¬

Mosler, President of the was announced by the Reserve
The
Savings
Bank
of Bank.
new
member
was
Orange, N. J., announces that the started by J. P. O'Bannon as a
Board of Managers of the bank private bank in
1899, and became
have appointed
George H. Mc- a State chartered institution on
Treasurer

N.

John

senior

threat

surance

$8

total

$40,497,274

were

deposits

"Chicago Journal of
has
been
elected

Dime

Frederick. >G,

di¬
was

reserves.

the

of

resources

date

the

Abram

as

surplus

with

Bank

Bride

$231,447

John D. Ames, editor and pub¬

and

for

ing up a
capital fund account.

Half

bank's

States

Journal

will

same

The

United

Mr. Ball

stock

dividend, just declared,
not change this
total in

transfer

and

made

dividends

total

ations, etc.

Ames,

capital

company

Rose
Hanes

capital
account
on
Dec. 31,
1941, was
$3,515,991, consisting of $1,500,000
common stock, $1,500,000
surplus,
$284,544
undivided
profits
and

Associ¬

common

new

of

on

further said:
Total

V.

In

1941 the bank de¬

year

share.

directors

Assistant Cashier.

an

ing the
clared

W.
were

B.

a

Bar

and, at the same
time, will continue his active
management of the "Chicago

issued

of

shares

as

the

shares

share

one

and

became

American

ber

11

made

all

re-elected.

Henry
Watts

E.

and

count.

Feb.

Olin

Fla.,

was

John Ames, who has been a
director of the bank for a num¬

mail

addition,

Jacksonville,

were

was

a

transferred to the capital account
from
the
undivided
profit ac¬

the

officers

the

was

Committee

of

of

Pennsylvania Banking Associa¬
tion, the Pennsylvania
State

announcement states:

will

Bank

rectors

other

among

bank.

He

and

concerns.

Executive

Raymond

stock

tional

and

000

total

At the reqent annual meeting of
of the Barnet Na¬

stockholders

Safety Says NAM

Continued demand for the "closed shop" in

^

definite

one

Coal

who

to

banks in the St. Louis district.

National

Ball,
President of the bank, the $200,-

cording

Bank¬

Bank of St. Louis to 439.
These member banks hold 75% of
the deposits of all commercial

Co., the Phila¬
Saving Fund Society,

lisher of the

Lincoln-Alliance

the

Townsend

the Provident

Navigation
Directors

The

O'Bannon

brings the total
of the Federal Re¬

membership

Insurance

delphia
the

The

the

serve

came

Williams

rector

25 years, and was elected
Secretary in 1941.
He is also a
member of the Brooklyn Bankers'

past

succeed

He served until 1938,
was elected Chairman

when he

of

to

In 1928

President.

Savings Bank of Brooklyn, N. Y.,
Trustee

of

Company

& Sinkler.

of New York,
The
held on Feb. 17, Harry F. Bauer
Philadelphia "Inquirer"
also states:
was appointed Assistant Cashier.
Mr.
Mr. Bauer, who resides in West
Williams'
banking
ca¬
reer
began in 1915, when he
Orange, N. J., has been associated
with

addition

ing

Shop fn War Industries

Threatens Prodnsiion, National

W. C.

Jacksonville,

46

next

Parker S. Williams, Chairman
and saw it become the
largest in the world. He was ap¬ of the Board and former Presi¬
years

Demand For CSosed

and

Phiil

Edwin A. Lee, President of the

Thursday, February 26, 1942

Paid Dividends In 1941

ers.

And

Approximately
two-thirds
of
yet, 34 out of the 65
cases
pending before the War the stock issues traded on the
Labor Board (through Feb. 16) New York Curb Exchange paid
are being fought by the unions
dividends in 1941. As a result of
over this very issue or one of a count just completed by the Ex¬
its variant forms.
change's Department of Secur¬
If the closed shop is forced ities, it was announced on Feb. 17
.

.

.

upon the steel industry, the way
will be opened for the use of

the

strategy to impose it

same

all

on

basic

The

war

industries.

trouble

began when the
Steel Workers Organizing Com¬
mittee
(CIO)
demanded
of

Bethlehem,
and

Sheet

companies

dollar-a-day

a

a

checkoff

union

of

companies
these
the

could

demands

and

union shop with
dues.
The

increase and

not

and

as

has

controversy

ferred to the WLB.

a

These

have
closed

indicated

official

:

of

the

trust

company

figures

over

the

stituted 61.68%
In

show

an

in¬

count for

same

un-

is

if

considered
it

most

was
*

of the total.

making this count
a

a

stock

dividend-payer

has

during
ness

dividend-payers
66.17% of the

up

of Dec.. 31, 1940, the 660 divi¬
dend-payers for that year con¬

-

sound-' improved during the past years

677

63.78% of those admitted to

sources

*

admitted to deal¬

were

listed trading privileges.
Since
there were 1,070 issues in all as

support for the

shop.

307

1940, when dividends were paid
by 299 or 59.32% of the fully
listed
issues
and
by 361 or

re¬

The Board

be

other

on

The announcement further

crease

steel industry and

ficials,

paid

said:

result

been

The

total.

to

agree

were

therefore made

imposed on the
whether new
wage demands will be granted.
While opposition to the CIO
wage demands has been voiced
by some top Administration of¬
will

which

sues

must decide whether the closed

I shop

dividends

64.49%, of -the fully listed
stock issues, and on 370 of those
admitted to unlisted trading, or
67.64% of that group. At the end
of the year there were 1,023 is¬
or

Inland ings.

Republic,

Youngstown

Tube

that

paid some dividend
the year provided the

recent

regular

has not been passed.

dividend
-

*

■*"

<