Full text of Commercial and Financial Chronicle : January 1, 1942, Vol. 155, No. 4027, Section 2

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THURSDAY

Final Edition

In 2 Sections

Section 2

—

■HI

Volume 155

U. S.

New

Number 4027

York, N. Y.t Thursday* January 1, -1942

Price 60 Cents

Copy

Axis Powers

Outproduced
In 1941,

THE FINANCIAL SITUATION

NAM President

industry during 194t produced as much or more essential war material
With the so-called "grand strategy" (probably as much
the Axis countries combined, William P. Witherow reported yesterday
(Dec. 31, 1941) upon the eve of taking office as President of the National Association of political in the broader and better sense as military) pre¬
Manufacturers for the year 1942.
This production included all the essentials for a suc¬ sumably pretty well formulated and agreed upon by the
cessful military campaign --- machine tools; steel, petroleum; products* electric power, auto¬ heads of the leading anti-Axis powers, the United States
Government will doubtless turn > its attention in larger
mobiles and trucks, airplanes and aluminum.
;
V
Mr. Witherow, President of the#
measure to the work that we ourselves must do to insure
——
—
^
American

ithan Germany and
♦

•

Blaw-Knox

Following is the report of Mr.

Corp., Pittsburgh, Pa.,

that

indicated

his

statement

Witherow in full text so far as it

was

The

services

the most critical
:•

f^;jv
;

•

of these vital
and
products

available for the defense program.

periods in the in-

This includes not only direct ex¬

one

history of this country, penditures by the Treasury, but
made .available,
through
the report said. It was done while funds
factories, large and small, were RFC and other government age^
not
reflected d i r p<rfl y
switching over from peacetime cies,
production to the manufacture of through Treasury disbursements.
defense materials.
It was done We are now embarked upon a vic¬
dustrial

.while
ment

the govern¬
spending upwards of
and

industry
were

$2,900,000,000 in enlarging exist•

the end of November over
billion dollars had been made

accomplished during

was

pro-:

production

wartime

war

Appropriations, Contracts And
Expenditures
, j

production,

and

duction:

•

defense

relates

general summation of the highlights of the industrial year as
7 they related to defense and war
a

tory
may

which ultimately
reach the staggering total of
program

150 billion dollars.

July, 1940 through Decem¬
ber,
1941, the direct disburse¬
ments of the Treaseury for all

types of defense have been
(Continued on page 22)

workers

green

were

being

Page
What

Indictment!

Who

Pays the Costs of War?...
Democratic Fundamental.

18
18

Fihanfcial Situation
Moody's Bond Prices and Yields...
On the Foreign Front
From
Washington
Ahead
of
the

Coke Output

Commodity Prices—Domestic
Indexes

Petroleum
Crude
Iron

30,36,
Index. ,,-,

Oil Production—Week

and

Its

Operations—
Weekly
Review
Lumber
Production,
Shipments,
Orders

Sales...,.

36
36

Insurance

Electric

Output

Debits

Nickel

Production

NYSE

Odd-Lot

market, owing to war developments in the Far East.
Although the
European and African fighting provided some encouragement, loss of

the Philip¬
tea

Hong Kong and the heavy Japanese attacks in Malaya and

pines depressed some -departments of the London market.
Tin,
and oil shares were marked lower as the Japanese advanced.

among
are

the

Conferences

reverses.

the Allied war leaders

hopefully,

regarded
battles

Russia

also

sentiment.

stocks

were

Home rail issues
and Various industrial stocks
can

world¬
developed
was

pro¬

are

between American

and

other Al¬

lied
„

Latin-Ameri¬
securities advanced quite
improved.

." <,;V

generally.

Byron Price Cencorship Director.,..

leaders, and in meetings else¬
where.
Foremost
among
these
«

conferences

must

S.-Cuba

Wheat Output May Not Be1 Lower..
Retail Dry Goods Convention..

25
25

Eupieme Court on Employers Right
to Speak on Labor Issues
OPM Reorganizes v. >...............

26
26

and

Markets

listed

Bond

Colombian

7 Accepted
SEC

Prime

between

Minister

e....

28
28

Earnings
FSA

1941

"Expandit" Binder
binders in which to file current issues of
new

Rubber

Rationing

use

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
of the Financial
to

one

Vaonth's issues

Chronicle. Orders for binders should be sent

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

Cuba.......

Calls...,.

Favored.,
Russian
Repayment
utlice of Deiense Transportation.:.
Changes in National Bank Notes—
alien Property Division Established
N. Y. Reserve Bank Branch Directors
U. S. and Canadian War-Time Pro¬
duction Combined ..
'...........
War Support Pledged
U. S. Outproduces Axis
Insured Bank deposits Up.
California Trade Up

29
29
30

Bond

Cotton

Qoutas

Sales

...:

........

Bill...

Draft

...

Sparks Heads Treasury Defense Sav¬
ings Staff
SEC on Investment Companies' Ac•

31
31
31

32
17
18
18
38
37

countants

Maturity Deferred

War Hits

Federal

Banks,
... .

f .;

Com¬

Trust

r.. v» > f

Washington

Dawes, Young Loans

Bank Debentures.;
campaign,;

Credit

Cross

36
35

About

Items

panies
Churchill

Red

Banned...

Issues

Bond

Sales

A*ito

(Continued on page 40 V

*
'

were

40
40
40
40
34

the relative im¬
portance and strategical urgency of the various sectors of
agreement upon

the almost world-wide battle front—a determination which
are

the first
If the
are

things to be done, firsts-was likewise necessary.

assurances

which have been issued

during the past
value, all this in its major

to be taken at full face

aspects has now been attended to.. Naturally conclusions
have not

been, and will not be, made public.
In any event
for the most part matters which should rest with
those who are provided with full knowledge of the true in¬
wardness of the situations existing at many points on the
globe and who are especially and technically trained to
evaluate the facts at hand.
It would scarcely be surpris¬

they

are

Various nations

some difficulties were encountered.
various peoples have various things

ing if
and

at stake.
Some
are
more
immediately imperiled than others, and sound
strategy may demand that some groups be required to sacri¬
fice a great deal more' than others in order that ultimate
success may be assured.
Such, however, is the nature of
war.
At times this necessity may not be altogether clear;
to those who are called upon to bear the heaviest burdens,
and at others (more often than we could wish of late) this

necessity to "take it," to drop into the vernacular, may appear
to be—and may be—a result of negligence, incompetency
(Continued

19)

page

What An Indictment!
Although present allocation procedures have improved the
situation for fabricators, they do not offer j any assurance'
that the allotments are so made as to assure the most effective
of all

use

scarce

The current procedures have been

materials.

with

developed by individual material diversions,

very

little

correlation between them.

Master

ments

are

allocation

one

plans and time schedules of productive requireavailable, so that it is not yet possible for the
one
commodity to be meshed with that ; of
Yet several commodities frequently impinge upon,
not

anothers

another in

both

cause

be used

Only
schedule

the

fabrication

substitute for another. V

allocating

can

end-product, either be-

needed in its manufacture

are

accordance

that

assured

because

can

one

:'VV'V*>

♦

such

with

will not

fabricators

•

."v

master
be held

by "plenty of steel, no copper.*'
Until the Drinciple of
"bottom up" throughout the field of scarce raw
adopted and administration is in accordance with
an
end-product preference classification and master-plan pro¬
duction there can be no satisfactory assurance of the smooth
up

control from

materials is

flow

scarce

raw

materials

into

the

What
the

indictment

top! '

all signs fail

Let

the

situation which must

be corrected, and unless

management

:7 v:'\

confined to the Hawaiian

Here

„7

not

Evidently shortcomings

Islands!

defense production

..'-V—

of defense

production

materials.—Benjamin Caplan of the OPM.

Alien

Other
Danish

the

Wheat..... ,7,..

Ambassador

New

Arrangements have been made with the

29
29
29

jbiaaen

Auction

Of Our Subscribers

28
1 28

Brokerage Accounts....
29
Defense Bond Sales in N. Y
v."./; 29

FFMC

Binders For The Convenience

Loans........

Cotton

Holidays inter¬ tary and economic experts accom¬
the
British
spokesman,
rupted the trading everywhere in panied
Europe. No immediate reports are and conversations continued with
available as to trends in the Axis
(Continued on page 20)
available supply,-

Bolivia........

Sale of CCC Pooled
Interest

negotiations

Common

Security Issues Registration...

attained.

War

Henry Parker Willis Fellowship."...
Dr. Soong Chinese Foreign Minister
October
Factory
Workers'
Hours,

with the Pres^
problem of drastic restrictions and
regulations, and a demand for se¬ ident, which continued for a week.
curities
that
far
exceeds
the A corps of some 80 British mili¬

supply temporary
the Financial Chronicle in its

Gunther Dead..

Mott

Franklin

had to be attended to if cohesion and effectiveness

for

Repayments .,................
Transfer
of
Employment
Agencies
Winston Churchill and President
Sought
Roosevelt in Washington,
Imme¬ Nov. Chicago Home Loan Advances

talks

sive

Treasury

Purposes
27
Rigid Financial Structures of Re¬
organized Rails Assailed........ 727
Paul
Treasury Tax Adviser
27
Nov.

arrayed against the common enemies.
Such things as the
allocation, of materials, equipment and men, not only at
home, but among the co-partners in this bloody enterprise

Offer

Disclosures

coordinating the operations of the industries,

Exchange

Xmas

.......,...............,.

Defense

Contributions

the

unoccupied France diately after his arrival on Dec.
struggle with the 22, the British leader began inten¬

Churchill's

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

Lend-Lease

continued

Trade

Pact........

New

Message

being worked out in pro¬
tracted conferences in Washington

the

year-end.

also

31
30
30
32

•

pelled into the European and Far
Eastern conflicts early in Decem¬
ber

Trading
.......
Y. Exchanges
Exchange
English Financial Markets
New Dwelling Construction in NonFarm Areas
in
1941............,,f

Roosevelt's

plans for the

since the United States

in persistent de-

payments

wide warfare that has

mand, in the expectation of a
considerable reinvestment of
interest

overrun

Allied Councils

•

those

German forces.

Strategic

and
and

contribute to the
Gilt-edged

Libya
better

Record........

on N.
Stock

London

Nat.

A good

ern

Misceltaneoue

the rule this week on the London stock Trading

and

32
25
26
27
28
31

Electric Output in Oct. and Nov.,v..

European Stock Markets

countries

33
33

Paperboard
Statistics...
s
Unemployment Lowest Since 1930..
November N. Y. State Employment
November Engineering Construction
October Home Financing
Nov.- Building Permit
Valuations.vLile

done

week

Steel

Carloadings

the

39
31

Products

and

Bank

deal] of fundamental
optimism prevails in London,,
notwithstanding the Far East¬

Review.

and

Weekly

were

State of Trade

November

Uncertain trends

Coal

armies, navies and air forces of the various countries now

Regular Features

General

victory at as early a date as possible.1 There was obviously
goodly measure of pageantry in the visit of the British
Prime Minister to this country.
Such "showmanship" is,
however, more or less essential to the conduct of war, and
in any event there was a good deal of real spade work to

Editorials

Commodity Prices—World

From

ing
plants
and
building
new
manufacturing facilities.
It was
done while hundreds of thousands
taught new trades and skills.

GENERAL CONTENTS

there

are

authorities

down tp„real work.

were

V\,

-.•••'

many

like them.

forget pageantry for
.

•

time and get

THE COMMERCIAL

Editorial

Insured Bank Deposits
And Deposits Insured
Show

Who

Big Increasd

$5,000 individual deposit in¬
surance limit fully protects* 981
of each 1,000 depositors in insured

Within

& FINANCIAL CHRONICLE,^

Thursday, January 1* 1942

Editorial—

-■.

Democratic Fundamental

Pays The Costs Of War?
week the

public

of the

:v.'

United

States has
fighting the battle against > foreign aggressors for
the present war our democratic way of life, most of the outwara forms and
banks, according to a survey made program, with actual war only three weeks old, have al¬ trappings of democracy will have to be relinquished, for
public on Bee. 19 by the Federal ready attained, an aggregate stated officially as $78,212,- the. time; being.
Militarily, psychologically and economi¬
Deposit
Insurance
Corporation. 000,000.
This sun# would mean the conversion into war cally, the United States is moving toward a unity and a fix¬
Data submitted to the corporation
materials of labor andrgoods currently valued as the ity
of^purpq^that will override most of the considerations
by
13,434
insured
commercial
in that sense, of almost exactly one quarter of democratic government. Not only •• the needful will-be
banks as of Sept. 24, 1911, also equivalent,
learned

that

Federal

commitments

upon-

of the highest figure ever estimated for all the private,-and
public wealth of the nation,j including all streets and hi
$26,000,000,080.
In its announce¬
ways, all structures, farms, live stock, implements', ma¬
ment, the corporation points out:
But this is merely a beginning. Nc
Analysis of the reports re¬ chinery, everything.
vealed that since Sept. 21, 1938, one in authority has attempted to fix any limiting aggre¬
last date for which comparable
gate within which the total war costs can br will be kept,
data were assembled, there had
it is officially announced that
huge additional appropri¬
been a substantial growth in
ations must rapidly follow.
In truth, there is no limitexr
the amount of deposits held by
insured banks, in the amount cept the still unmeasured capacity attainable by all the
of deposits insured, and in the
man-power and capital-power thai;the public, sacrificing
number
of
insured
bank
ac¬
to the lastextremity, can organize in its paramount effort
counts.
A
decline, occurred,
towards efficiency againsty external enemies without im¬
however, in the percentage of
total deposits covered under the pairing that efficiency by failing to provide for the sub¬
$5,000 limit.
sistence of the human beings upon whose labors it is ulti¬
*v;;;
Between the two report dates
mately
based. Indeed, figures such as those cited, even if
the
number
of
insured
bank
exceed comprehension by their magnitude,
accounts
increased
from
61,- they did not
serve for nothing except do suggest an all-out, total,
000.000
to
67,000,000.
Total could
balances in these accounts in¬ unlimited determination and effort;
To suggest, also, a
FDIC's

showed

under the

potential liability

$5,000 limit to be about

from

creased

$48,000,000,000 to
868,5.000,000,000.
Insured depos¬
its rose from $22,000,000,000 to
826,000,000,000.
In
the
same
period the percentage of depos¬

vast

somehow

limit

45 to 38%.

the

93.1%

decreased

67,000,000
for

were

accounts,

amounts

not

maximum under FDIC law.

Size

the

account

average

reported by insured commercial
banks

increased

from

$785

the earlier report date to

$1,013

Sept. 24.
Average size of
fully insured accounts (those
exceeding $5,000) increased
during the period from $277 to

not

$301.
Other

points developed by the

survey were:
1.
..

About 95%

of the accounts

held .by *the general public.

were

These, in amount, accounted for
about three-fourths of total de¬

posits, or $49,000,000,000. These
deposits were 49% covered by
the $5,000 insurance maximum.
v

Of the accounts held by

the

public, more than one-half were
time and savings accounts, with
balances aggregating $14,800,0G0,000vof which $12,800,000,000,
or 86%, were insured.
>

;

In each of 11,2-39 reporting

banks, the $5,000 individual in¬
limit protected

surance

total

of these banks 100% of
were

70%

deposits;

228

deposits

protected.

In one-third of the insured

commercial

90%

tion

banks,

deposits

than

protected

are

the $5,000

under

limit; protec¬
from 80 to 89% in

ranges

another

one-third

the

num¬

ber of banks.
5.

Approximately one-third of

the amount of insured

deposits
by 158 banks, each
deposits in excess of $50,000;000.
About 3% of the ac¬
were

held

with

in these banks

counts
,

wCre^ for

amounts

greater than
$5,000.
Their total deposits were about
insured.

21%

California Trade Up
California business in November

showed

further

increase

under

the

impetus of the rapidly
panding .defense industries,
cording

ex¬
ac¬

the current "Business

Outlook" released by the "Wells
Fargo Bank & Union Trust Co. of
San

Francisco.

index

tivity
100)

The

California

(1935-39

average

rose

181.3

from 172 in October.
ber

gain

from

index

Wells

factors

—

ac¬

equals

November

The Novem¬

October

over

increases

Fargo

business

resulted

all four

department

the

store

sales, bank debits, freight carloadings and industrial production.

that somewhere

and

supported, unless by some magic not
still prove to be a tolerable alterna¬

may

^
Where

fall?

exceeding $5,000. the insurance

must

burden

tive.

from

immeasurable

anticipated, there

its insured under the $5,000 in¬
dividual

and still

How

such

are

costs to

fall?

Upon whom will they

asked of the

people, but also many absurdities, of which
prohibition experiment of the; last war stands as the

the

shining example.
There is

going to be a real problem, in coming mpnths
keeping alive.the' essential spark of democracy.
one that apparently will
devolve upon the
smaller governmental units throughout the country, and
if the problem is
recognized the solution may lead to re¬
nascence.
Far too much was given up by the State and
local regimes in the past decade to the Federal Government.
The centralization; which is a negation of
democracy, now
will proceed even farther, as a matter of
simple wartime
,

and years, in
This task is

necessity.
"The National Government is

Union is
are

our

our
strong right arm, the
shield, but the little governments of the people

the soul of

comment

made

Conference

American

democracy,"

appropriate

recently by»a leading spokesmanyi^4ha
State Defense.
The phrases reflect an in¬

tensive

investigation made by the Conference into all aspects
of genuine democracy, as part of the opposition to taxation
by the Federal Government of State and city bonds.
The
true home of democracy, as political thinkers from Plato on
have recognized, is the small unit of government.
The attainment of democratic government in
England,
whence it was transported to our own shores, illustrates the
matter
perfectly.
Harsh despotisms gradually were
whittled away in the England of the Middle
Ages throughthe growth of the municipalities, which
prospered as trade
developed.
The rulers found themselves unable, after a
time, simply to appropriate the funds of the burghers, and
had to resort to a sort of barter, in which the
municipalities
purchased rights and privileges of self-government in the
form, of charters graciously granted by the
sovereign, for

they be bomb? The last of these questions
has already been answered.
They can be borne only by
the extreme sacrifice .of unique devotion to the war aims.
Only 'by sacrifices extending quickly to reduction of all
liVfng standards which, if carried to; the ultimate, must in¬
volve impairment of the physical well-being of all exist¬
ing members of society and many among their posterity,
can, these costs be met.
There is discussion of the prac¬
ticability of financial expedients by which some larger or
smaller share of the aggregate cost might be lifted from the
shoulders of the existing generation and shifted to those of cash on the barrel-head.
Modern democracy is a direct
a generation or
outgrowth of this process
generations sfill unborn. Some newspaper
of draining the power of the central; regime and
strengthen¬
editorials, and a good deal of current discussion, indicate
The rights of the
that there is rather general belief that what is today ing that of the "little governments."
local regimes were jealously guarded, while the memory
borrowed and left to posterity to pay relieves those who
was fresh of the costs and difficulties of attainment of such
do the borrowing, to the full extent of all that they bor¬
In recent years,; however, the contrary tendency
row, from the burden of the expenditures.
Some regard rights.
such shifting as unfair to posterity* others take the view has been in effect in our country of Federal purchases of
can

that if the future is to benefit from conditions established
as

results of warfare (as in

effective "war to end wars''

local

were

"to make the world safe for

•

government

rights, through relief disbursements,
myriad of other considerations, all of which
accompanied by greater control from Washington of

grants and

democracy") it is only fair
the "little governments."
Real democracy 'slowly was
just that posterity should pay a part of the cost.
All
whittled away by this attrition in
precisely the manner
such thought and such discussion are wholly futile and il¬
that it was attained by the
burghers of England centuries
lusory.
Posterity cannot avoid payment.
It will have to
ago. :
"
'
; ;
" ' *. ■
pay the interest or principal, sometimes both, of all un¬
A test of the extent to which the process has been car¬
liquidated debt left to it, or make the more costly and de¬
ried in the United States
possibly will develop on the ques¬
grading payment of shameful repudiation, but such pay¬
tion of Federal taxation of State and
city securities. All
ment can lift no single item or iota of the whole burden
attempts by the Federal Government to impose such taxes
from those incurring it.
Posterity must also pay by bear¬
so far have been defeated, and the defeats
invariably have
ing the hardships and incurring the additional and more
been resounding ones.
New forms of attack now are fore¬
difficult labor consequent upon the reduced legacy of ma¬
shadowed, however, and the small regimes will have to re¬
chinery, tools, and capital left by its predecessors, but
double their guards.
neither will this heavy loss be in any degree a gain to that
But it will not be
enough merely to defeat new and
predecessor.
ever more subtle attacks on local
governments through the
The unavoidable truth,
that the present generation avenue of Federal
taxation of State and city bonds.
The
must bear all the cost of the wars that it has made, can be
"little governments" must learn to do
again for themselves
demonstrated by brief
inquiry concerning the intrinsic many of the
things for which in recent years they looked to
character of the costs themselves.; Upon such an inquiry,
the Federal Government."" The times are
especially appro¬
intelligently pressed, it will be seen that it is precisely as priate for
this, since it will now be vitally necessary for
illogical, to pretend that posterity can take away from a
Washington to concentrate on the task of defeating the
war-making generation any part of the material costs of
enemy.
Re-establishment of local independence in local
any war it makes as it would be .to contend that it is within affairs would aid the war
effort by lessening the disorder
its capacity to assume some share in the losses by maiming
and confusion in Washington, and also would
plant anew
end slaughter that are its accompaniments.
Losses of limb the seeds from which real
democracy
sprouts.
and life falling upon one generation do impair the quality
and reduce the numbers of the generation succeeding and
material losses may have similar
consequences, but that ner is lost,, and this includes the deterioration of existing
by no means reduces or mitigates the loss to the one exist¬ property that is not fully maintained because the labor
ing.
Aside from death and injuries to persons, the material and materials required to keep current repairs and replace-.,
losses of warfare are all reducible to three categories and ments at the level of the inevitable losses from current
no
more.
They involve (1) existing property destroyed wear and tear are diverted to the purposes of armed corn,
Likewise, the current usufruct of capital, the use
by military operations or to prevent its falling into enemy flict.
hands; (2) the conversion of property already in existence of which is diverted to warfare, is irretrievably lost,
al-/
into subsistence and supplies devoted to military uses, in¬ though with
continued peace such usufruct would hav</
cluding the production of other goods for such uses; and contributed to peaceful production. This usufruct is fort"
(3) the employment of capital and labor in the production ever lost and so, also, is all the effort of labor that
goe\
or

and

of commodities

Everything

services for similar purposes.

permanently

converted

•

such

man-

into imolements and measures and operations of destruc-^
tion.,, Necessarily, the full cost of all these losses must be

4*.<UMWW» rjftaatwao., w

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

in any sense be measured in dollars
appropriated, or, for U. S. Takes Over Liners
by those who possess and use, and might use, the
that matter, in dollars
actually expended; " Certainly the
capital goods converted to war purposes and those who
Normandie, Kungsholm
perform and pay for the labor that is similarly devoted to percentage of "national income" expended for armament
The United States Government
is meaningless,
the
except possibly in determining the degree on Dec. 16 took over the 83,000purposes
of ultimate destruction rather than to
of sacrifice we are
.valuable production.
making—and it is but an indifferent ton French luxury liner Nor¬
There is here no attempt at weigh¬
mandie.
According to an an¬
ing or measuring the extent of the losses that may have ■ to measure^ of even that phenomenon. What we want and

borne

be assumed

(

that

ought to be assumed and borne with
courage
and through > ungrudging sacrifice.
But all
thought that such losses, or any part of them, can be, as it
were, carried in a suspense account, and ultimately, by
some
legerdemain of public finance, forced upon humanity
not yet born, ought forever to be abandoned.
The gener¬
ation that makes war must inevitably meet all its losses
.and all its costs.
Questions of borrowing or taxation may
affect the public credit—their determination can have no'
effect whatsoever upon the Initial impact of the losses of!
or

must have its

armament—the instruments of war—in the

right amounts, of the right kind and at the right time, whicli
is
the
earliest % possible moment.
Production carefully
directed to produce first things first and vital things always,
not
budget-making or pride of spending, will win this war.
Unfortunately it is obviously unwise to make public
details of our record in this matter.
It is accordingly diffi¬
cult for the public to
appraise our effort to date, or very
accurately to assess the existing situation in respect of these
things. Enough is known, however, to make it clear that
what we have done, despite all manner of
handicaps, in the
way
of producing Inachines of war arid in preparing to pro¬
Posterity Will Also Pay
I
duce .more of them in the future constitutes a rather im¬
Yet posterity cannot escape.,
Normally, in a civiliza¬
pressive
record even if far from what it might have been
tion that is not decadent but remains progressive, each
had it been better managed from the top.
The newly in¬
! generation
stands materially and morally, upon the
shoulders of the generation by which it was J preceded. augurated President of the National Association of Manufac¬
turers, upon the occasion of assuming office, has assembled
.Normally, it is the desire and the happiness of each gener-i
from the public record supplemented
apparently by his own
ation to transmit to posterity more, in things material , and;
.

issued

nouncement

by the State
liner is to be

Department,

the

turned

under

over

existing

laW

to th£ U. S. Maritime Commission
and fair and

adequate compensa¬

tion will be made
This

action

announcement

taken

to the owners.'

described

was

similar

the

that

by the Government in the

of the Swedish vessel Kungs¬
holm and vessels of other friendlycase

powers.

The

000-ton

liner,

the

Kungsholm,

Government

that

time

.said:

the

taken

was

13.

Dec.

State

20,-

over

Department

■■;

;

> ;.

things of the spirit, than it received. If it wastes miich;
that it received, whether in warfare or by profligacy, and.
finds no way to .its replacement, the wasteful generation!
•has failed to meet adequately its obligations.
Possibly,
with the light that it possessed and the limitations of its
resources, material and moral, it could have done no better,*
in

yet such a generation has not fully risen to its responsibil¬
ities.
The least that can be said is that it ought to have

ex¬

ceptional opportunity, a summary of our achievements dur¬
ing the year and a half of our armament effort, and set forth
in

better

and

should have found

way.

and to accumulate and there should be no

ing

misunderstand¬

to where they must fall.

authorized

man-hours of

another

work

the

automobile

industry

lack of

foresight in the past. It is, however, the part
of wisdom, indeed it is necessary to leave these broad de¬
cisions to the duly constituted authorities of the various
countries involved, at least until experience has clearly and
unmistakably demonstrated the need for some other course
of action.
Their responsibilities are heavy and they should
have the support, and deserve it, of all of us.
or

Our

Own

lTasks

When, however, all such plans pre laid and have gained
the full consent of all parties, the real work of each nation
in

performing the tasks assigned to it remains. One need
speculate upon the precise nature of the role that has
presumably been assigned to this country. One decision
may be taken for granted.
Indeed it has probably been
taken for granted by all those concerned from the. first day
of our participation in this war—and long before.
It is
that the United States must in every sense of the word be
the chief arsenal for all its allies.
The production facil¬
ities of Great Britain are relatively limited, and, moreover,
not

long time to get to this point, which with
singleness of purpose, intelligent planning; and vigorous
direction in Washington could have been reached much
sooner, but it is heartening at such a time to know that we
have proceeded thus far. But the point is that by the time
we reach this stage, we find that events are now demanding
a
great deal more with the utmost urgency. ; Let no one
suppose that the road will be easy from this point on. Quite
the contrary: True it is, of course, that the mass production
of such equipment as is here in question entails a lengthy
period of designing the articles desired and of designing
and making the machines and tools with which to manufac¬
ture these articles, and that once this preliminary work is
done production proceeds at a relatively high rate of speed.
True it is that

effort.

broad foundation has been laid for future

burden

movements

continuing

protecting

vessels

the

unneces¬

sarily proceeding in waters of
the

Western

the

consequent

Hemisphere,

and

prospect

of l

long period of idleness in Amer¬
ican port and the great expense
the

Swedish

volved, it

interests

in¬

considered advis¬

was

able for the United States Gov¬
ernment to take

the vessel

over

for; just compensation

pro¬

vided by law.
In
of

the

announcing

the

acquisition

liner

French

Normandie,
Department disclosed

the

State

that

negotiations had been under
with the French Government

way

for the purchase

of the ship. "The
Governmeftt?^4he State
Department said, "expressed wil¬
lingness to sell it but the condi¬
French

tions for payment attached to the
proposal have been rendered im¬

practicable

the

entry

country into war."
The
in

crews

United

States

ports

by the Coast
the Navy Department
in

what

Department

"as

measure

tection to the

This

action

were

re¬

Guard

for

Dec. 12

described

was

State
a

this

all French ships

moved

by
a
announcement

necessary

crews

affected

pro¬

and vessels."

four

French

freighters and the Normandie in
the

Port

New

York

nine

and

other French ships in other Amer¬
ican ports.

Most of these French
been under
"pron
custody"
of
the
Coast

have

vessels
tective

since

Guard

not large enough, but must again be greatly enlarged
during the coming months, as is the further fact that full
utilization even of the plant that will be ready within a
relatively short period of time presents some problems of
great difficulty. >
•
«.

its right of
the Swedish

United_States to be relieved of

It is, however, also true that the foundations built
step

are

over

Govern¬

the business of pleasure cruises
as
well as the desire of the
the

said

exercised

take

impracticability

page.

Problems Remain

(Continued from First Page)

States

motorship
Kungsholm. ;
The
Kungsholm belongs to a friendly
power but she
is a luxurious
passenger vessel which has been
employed
until
recently
on
pleasure cruises. In view of the

program

already to be devoted to armament f"

It has taken

THE FINANCIAL SITUATION

involving nearly $64,000,000,000 by November 1, last, contracts had been awarded
up to that date of some $39,263,000,000.
But it is actual
production that counts most, not "orders." From a produc¬
tion of 5,800 military planes in 1940 we advanced to an out
put of about 20,000 in 1941, according to the estimate now
in hand, which asserts that the current rate exceeds 2,500
an

has

angary to

some of the perplexing - problems which
must/be solved in the year ahead. It is an impressive com-

pilajuon, whicnSye give fully today

United

ment

outhna^t least

Scarcely
can the present generation, considering all Europe and all
America together, wholly escape from this reproach.
It is*
not yet time to go much further than that in assigning
responsibility for the vast losses, already incurred or still
to come, of the world conflict now raging.; Perhaps it all per month. Airplane engines 'are being produced at a rate
started with the overweening ambitions of one man and of 6,000,000 horsepower a month, and propellers- are com¬
the grasping selfishness of one nation—or from intemper¬ ing from our plants at a rate exceeding 50,000 per year.
ate oppression directed against one nation that became im¬ Tanks, the report asserts, are being made in this country
patient under its injuries.
Perhaps no man and no states-' at the rate of 2,800 a month. And so the story goes. Many
man in the United. States has any share in the awful re¬
plants are tooling, some are largely now tooled, for further
sponsibility—but the losses are here and are likely to grow increases in nearly all -essential lines.. .About half of the
known

extended observations for which he has' doubtless had

The

•-

May
taken

being

seizure

Danish

vessels

waters.

German, Italian and
in United States

•

Normandie

The

15, 1941, this
following the

has

been

tied

New York pier since the
outbreak of the European War in
up

our "stock-pile" managers have, from all 1939.
failed in their appointed tasks, and so it is
Whatever may be the final outcome of the Russian counterobliged to be saving of such items as tin and Swiss To Act For U. S.
offensive, the fact will remain that much damage has been rubber which for the most part come from parts of the
InThe Axis Countries
done to the industrial mechanism of that country, which world now directly threatened by the-enemy, or one of
The
State
Department
an¬
accordingly can scarcely be expected to perform as it has them.. In other instances, the reformers succeeded in years nounced on Dec. 17 that Switzer¬
land
will represent
the United
evidently done in the past in the matter of armament pro¬ past in creating a situation in which full expansion of the
States in all belligerent countries
duction.
As. for the rest, with the possible exception of production of certain other materials is very difficult.. In
and also in all countries
occu¬
•Canada, they are not industrialized nations.
The whole still others, there was much more talk and action almost up- pied by the Axis powers.
are

far too

near

the

scene

of strife tou be the main reliance.

First of

all,-

appearances,
that we. are

If we to the*attack on Pearl Harbor. Fortunately, there are in
simply observable prospect no drastic shortages for military pur¬
poses of critical materials, but much better management in
the direction of their employment is essential not only to
Ours is par excellence a production job.
To be sure
be certain that supplies will not be exhausted, but also that
our navy has a large and difficult task on its hands both, in
the Atlantic and, particularly^ in the Western Pacific, but the most important and the most urgent needs are first and
most fully met.
:
\
.we may feel assured that at one time or another, despite its
; ,
anti-Axis world of

necessity has its eyes upon
If we fail—well

will prevail.
must not and will not fail.

succeed the

cause

us.

At the

same

time it was made

known that the Swiss

man,
man,

ests
the

Minister to

Charles Bruggwill assume charge of Ger¬
Italian and Bulgarian inter¬
Dr.

Washington,

the

United

States,

while

Ambassador,
Don.
Francisco de Cardenas, will rep¬
resent
the- Japanese,
and
the
But materials are not the only source of difficulty. Day Swedish Minister, W. Bostrom,
ppor start, that task will be performed successfully if we
supply the tools promptly and in abundance.
Without a dreamers there- are still in the national capital and else¬ will represent Hungary and Rumania
in
this
country.
The
really first class production performance it can not succeed. where who never- for long cease their lamentations over
Swiss are also representing the
Without such a performance.it is more than doubtful if any what'they describe as the coming wave of "priorities unem¬
Japanese m the Philippines and
of our allies can really succeed in the tasks, whatever they ployment," but the fact is that the- time is not far distant, Samoa \Vnile Sweden has' taken
Spanish

may

must

be, that have beemor may be assigned to them. - Nor assuming that we push- forward vigorously with defense
(Continued on page 20)
we fall into the error of supposing that our effort can
.

over

diplomatic representation x>f
in Hawaii.

the Japanese

THE COMMERCIAL & FINANCIAL CHRONICLE

Thursday, January 1, 1942

$50,170,000, off 33% from the com¬ Foreign Office disclosed that Cap¬ progress in the Far East as due to
parable
1940 . ." week.
Private tain,Eden had'been in Moscow for the
diversion
of
supplies- and
awards are 67% lower than in the several
weeks, with a view toward strength to the Libyan campaign
(Continued from page 19)
>
1940 week, and public construcr
and
the battle of the Atlantic* Both
integration* of the British and
production, when we shall be faced by a drastic shortage of tion is 23% lower..',
Russian war efforts.' Full agree¬ spheres,
were
showing
results
labor, particularly skilled labor, but of labor quite gen¬
However,- the current • week's ment in all respects was said in favorable to the Allies, he said,
construction brings 1941 construc¬ London
to
have
been
reached.
which
warrants
the
conclusion
erally.
The so-called labor force of the country is now
tion to $5,868,699,000, an increase
Russia, however, continued to re¬ that greater pressure against the
wery nearly fully occupied in the sense that unemployment
of 47% over the total for 1940.
frain from warfare against Japan, Axis is a matter of weeks rather
has been reduced to relatively very small proportions.
If,
Freight car loadings showed a which throws at lea§t a degree of than of months.
' '
•'
' •
as has been estimated, we shall need at least 3,000,000 more
considerable
dip for the week doubt upon the. Moscow confer¬
Japanese Attacks
workers by the middle of this year, where shall we obtain ended December 20th, total cars ences, since nothing could be more
Few"
favorable
developments
them?
And how shall we train them adequately and in numbering 798,697 against 807,- advisable now than a Russian
225 the previous week and
697,755 move which would make Eastern can be reported this week in the
time to be of the utmost service? Longer hours will with¬
the corresponding week last
available to British and vast Pacific area, where the ag¬
year. Siberia
out doubt be necessary in many instances.
Automobile production dropped American air forces.- *
gressive
Japanese
pushed with
Certainly there
*
*
frenzied
vigor
the
Successes
or
should be no mor$ "made-work" nonsense. Older and young¬ sharply for the week. Ward's Re¬
failures
in
temporary
advantage gained by their un¬
other spheres, on the other
er men and Women will have to be called into service.
But ports, Inc., estimated production
this week at only 24,260
provoked attack on Hawaii, the
hand, were of little imme¬
vehicles,?
all these recourses raise problems many of which are made
as compared with
Philippines and the great British
diate importance, when con¬
65,875 last week
and
Dutch possessions. The mili¬
trasted with the Washington
immensely more difficult by the so-called reforms of recent and 85,495 for the corresponding
week of- 1940.
tary value of the initiative and of
The
conversations
between
Brit¬
publication
years. Plainly we shall, or certainly many of us, particu¬
surprise attacks never was better
ish and American principals
"Automotive
Industries,"
esti¬
larly those in public office, be obliged to re-orient our atti¬ mated
illustrated than in
the
current
in the^ gigantic conflict. Faith
>; that
the
production
of
tudes and our thinking about many things if this, defense
phase of the Pacific struggle, and
trucks and commercial vehicles
in ultimate victory was ex¬
it may be added that the debase¬
production task is to be performed as it must be.
pressed on Christmas Eve by
by the automobile industry in the

TKE FINANCIAL SITUATION

;

Production, not paternalism,
watchword.

United

must henceforth be the

States

approximate

In the

degree that we are able thus to readjust
ourselves promptly shall we succeed in the tasks that have
been set for us. It. is to such questions that the Administra¬
tion must now turn, and to them it must bring a much
larger degree of realism and a much greater degree of de¬
termination to do what is necessary to get results.

and

Canada

1,275,000

President t

would

units

Prime

dur¬

The two

ing 1941, the highest level in his¬
tory.
The

publication

estimated
civilian

attributed

record

use

trucks

cal

na¬

usual,

the

national

truckss

output

AHEAD OF THE NEWS

contrast

1940

and

about

1939,

points

the

•

Churchill

address

invi¬

joint

ses-

sion of the Senate and

House

Wash¬

Representatives

the

disclosed

oratorical

the

little

his extraordi¬

new,

Congress

Although the British

was

nary

V-

...

re¬

countries.

that

both

acted last Friday

spokesman

magazine

"Steel," observed..

Minister

tation

ington.

rate

dipping only four points to 93.5%,
in

staffs

Prime

Christmas observance had much
less effect on steel production than

FROM WASHINGTON

leaders attended

many members of the techni¬

production

of almost 25,000 military
monthly by the industry.

and

Churchill.

ligious services together, and
they were accompanied by

the

increased
due

tional defense, and the

Roosevelt

Minister

and

United

that'what is known

have

President

equipment' in
the
as the "public" attitude is, that he
Philippines^ And in the mean¬
did a good job in flying out to time, as if by way of confirming
the islands and coming back and our thinking, MacArthur has been
seems

•1

the

Association

Interrupting

review of the year's operations.

conferences,

that

made

are

made

time since 1930 that
was

the

activity

joined

his

Minister, W. L.
On his

;

journey to Canada Prime

Gftprchill was
by/Mr. King, and

between

On the other

during

the

hand,

holiday

record volume for store sales

week.

/these

was

Fegistered

With«>-

wholesale markets reported as ex¬

how¬

and

country

the

Of primary importance were in¬
dications that Australian

spokes¬

consulted

con¬

already

£,

In the

struggle between Japan¬
and American forces, our own
troops have remained principally

ese

the defensive. There have been

submarine

forays into Japanese
and some aerial attacks

waters,
also

have

been

Japanese

made

upon the
Philippines.

remained

the

full

were

enemy
of the

control

waters of the Western Pacific and

landed

numberless

Philippines.
battle

joined,

was

struggle is
forces

and

bitter

for Manila. Our

far

are

troops in the
principal

There the

own

outnumbered

and

they have been unable to prevent
vast destruction in the islands.

That

reinforcements

are

being rushed to
pines

the Philip¬
obvious,
and

seems

hints

thrown
House

that

effect

were

out

by
the
White
secretariat, early this '

week.

Whether

such

forces

will be adequate and of a na¬
ture

suitable for

hand

not

the

hard requirements
ocean

war

are

not

may

task

clear.

yet

prove

two-

upon

those

matters

are

crecy,

possible to'

Pacific

waters.
of

con¬

These

military

which

011

and

us,

adequate naval force for
trol

The

se¬

informa¬

tion is available, save for oc¬
casional
official
comments
about

the liefed

for maintain¬

ing the supply lines to Great
Britain

The heavy troop landings by the
Japanese on Lingayen Gulf points
of Luzon Island were augmented
steadily and sharply,
over
the
last week-end, and fresh troops
also were poured by the enemy

into

beachheads

southeast

Manila.

different

seven

points

Lamon

Bay,
Landings at

Luzon

Island

effected, and. no fewer
200,000 Japanese were re-;

conversa¬

than

The Aus¬

ported

were

in the invasion

forces.

Prime " Minister,
John the course of this week, tanks and
it appears, tralian
were
merely part of the world¬ Curtin, stated openly last Satur¬ heavy guns were added to the
wide anti-Axis conversations.
In day that his country relies chiefly manpower of the invaders, who
the temporary Chinese capital of upon the United States for defense managed to push toward Manila
Chungking, spokesmen
for
the against the Japanese aggressor, from both north and south.
Official communiques issued by
American, British
and
Chinese and the comment was well re¬
regimes gathered last week, and ceived everywhere;jHe made it General Douglas MacArthur indi¬
closed their talks on Dec. 26. Close plain
that the Australians have cated steadily that our forces had

"These

com¬

reported
authorities.

weekly statistical reports.

accom¬
a

was

moderately lower, according to latest
(Continued from First Page)
men
also
were
being
Merchandise loadings, automotive activity
their opposite numbers in Wash¬ while the
Washington
and bituminous coal production dipped, offsetting a record high in
tions
were in progress.
ington,
while
the
principals
talked.
electric output and gains for petroleum runs-to-stills and steel ingot
was

Canada's Prime
Mackenzie King.

plete understanding

the

looking.

£ divert to the far

Washington

Churchill

Minister

panied

way,

altogether inadequate. The

war

were

than 3%

Foreign Front

production.

that

phases

into

gained attention in the
Washington
discussions,
which

earned.

The State Of Trade
Business

flict

later

battle

■These, it must be admitted,

Dominions

available."

there in, the Philippines— ton knows whether this is the
Class I railroads will have net
down there—standing off the true state of affairs: whether it
Japs practically alone.
Now, the is a fact that MacArthur was railway operating income before
story in Washington is that he caught off guard along with those fixed charges of $980,000,000 in
was
(Continued on page 37)
caught practically as much
1941, a return of 3.72% on prop¬
erty investment,
and
the
first
way

the

eventually will give
to
retaliation

toward

never

illustration.

aspects

ever,

General instead of

-down

also

pat

people

pro¬
"The railroads," be said, "are
ceeded early this week to
Canada,
confident of their ability to meet
having
where he
addressed the Parlia¬
something had gone wrong. Then, suffered the experience of Ad¬ transportation demands in 1942 if ment,
TuesddyTm much the same
materials
for
adequate mainte¬
in my emotions, I went overboard miral Kimmel.
Now,, neither I
terms used at Washington.
The
nance
and for new construction
for General MacArthur, who was nor any other writer in Washing¬
role of the British

admitting

courageously

treachery

grim

the

States

Mr.

The

swept

heartened all hearers;'

American Railroads, said today in

gained

gifts

a
Output in the Chicago area in¬
Notwithstanding that this writer has been "close" to "big men creased one
frenzy,
and
unquestionably
point to 104% of rated
in government" for some 20 years, and that manifestly, for the past
contributed to the conduct of
capacity, a new all-time high in
nine years, approximately, I have been exposed to, and presum¬
the
war.
As
in
some
of
the period. One company ran bet¬
his
London
ably studied, every brand of economics that the economists could ter than
speeches,
Mr.
103% of rated capacity.
Churchill
hinted
at
a
confed¬
produce, I am today in an utterly bewildered state.
Buffalo's Christmas week output
It has occurred to me, perhaps, for the first time, that I had
eration of the English-speak¬
was
up 2i/2 points to 82.5% and
better "go all out" or some of the
ing peoples. He assailed the
New England's production gained
other things wnich tne Govern¬ off guard as our Army and Navy
Axis and assured the world
one point to 85%.
ment has
been demanding.
of ultimate victory by British
At at Honolulu; that his planes were
The magazine "Steel," reports
and American arms, in 1942,
least, I think I should do some¬ on the ground, too, and were that
cancellation of orders by con¬
1943 or 1944.
A real off en-—
thing such as getting a job in the pretty well destroyed.
In an ef¬
sumers whose production has been
X'Sive, he said, probably will
OPM, Nelson Rockefeller's outfit fort to get all the information
Curtailed continues and removes
f prove possible
Fiorello LaGuardia's or Bill Don¬ possible around Washington—and
against
the
considerable tonnage from mill,
V Alxis in 1943, but in the
please bear in mind, none of this
ovan's, to add to the confusion.
books.
Pressure to buy fey civil-,
Frankly, I don't think I had is intended to give comfort to the
some
dark days
ian consumers has all but disap¬ ^meanwhile
can
be
realized the seriousness of the sit¬ enemy,
expected.
Some
but is
for what pos¬
peared,
leaving
the
way
clear
for
uation until this morning. There sible enlightenment to our own
ground will be lost which it
war
production,
it
was
said.
was Honolulu and I quickly con¬
will be hard and costly
people
it
may
afford—I
ran
to
"American
railroads
for
the
cluded that there should be some into this only today and it was
regain,
Mr.
Churchill
reyear 1941 handled without delay
ma rk e d.
a
disillusionment because
scapegoats such as Admiral Kim- quite
Notwithstanding
the
greatest volume of freight
such
mel and, I also had in mind, Sec¬ the most of us had been thinking
comments, his address
traffic in history," John J. Pelley,
breathe d confidence and
retary of the Navy Frank Knox. it was an outrage that we didn't

But

ment

discussions,

the first

quarter of this year. The
tremely quiet last week, Christ¬ index is expected to run some
mas buying in retail trades closed
10% higher than this average in
with
a
rush
which,
in many the first quarter of 1942.
Statistical news of the week was
stores,
was
sufficient
to
can¬
cel, the lag two weeks ago, Dun & featured by the third successive
Bradstreet, Inc., .reported in its record set by electric power out¬
latest weekly survey.
put.
Production of electric power
^
Despite
rather- unfavorable by the entire industry during the
weather
ended
conditions, the buying week
December
20th,
rush on the part of consumers in reached a new all-time
peak of

agreement

eral

aim

strategic little

anti-Axis

plans ^as reported, with

'the

gen¬

patience

•

with

declarations

the

situation

hand.

Aided

indicating that the European Axis their Filipino associates, the few
countries

are

the

chief

enemies.

American soldiers battled valiant¬

against Japan at the earliest pos¬

Australia, Mr. Curtin said, refuses

sible moment.

ly, and the enemy suffered not
only severe casualties, but also a

offensive

moves

In View of the

re¬

regard the

war

in the Pacific

side show to the war
quirements of military secrecy no
inJEurope. loss of time which may prove of
hint was given, naturally, of the
The precise strategy worked out the
highest importance. Slowly
hours, ac¬
registered the largest dollar vol¬ cording to the report of the Edison time when the offensive might be for the prosecution of the war as withdrawing
toward
prepared
ume
of sales for the. period on Electric Institute.
Great confidence was said a result of these and other con¬ lines, suitable for the relatively
The margin of taken.
the

last

week

record.

before

•

Christmas 3,448,597,000

•

improvement

kilowatt

over

•

the

corre¬

prevail, hovever, regarding the ferences, remain

consumer purchasing sponding feeriod last year was outcome of the world struggle.
power is at peak levels, the usual 13%, while for the week earlier
It was made known last Monday
post-Christmas decline in retail the report showed a gain of 14.2%. that the Russian
regime at Moscow
trade is
not expected
to be as
Another feature of the statisti¬ had been made
part and parcel
marked as in previous years. The cal news was the
report on engi¬ of the diplomatic conversations
Federal Reserve Board index of neering construction,
by "Engi¬ through the dispatch to Moscow,
denartment store sales averaged neering
News-Record,"
which of
Foreign
Secretary
Anthony,
102 % of the 1923-1925 average in showed that awards
dropped to Eden, of Great Britain. The British

^-Because

was

ever,

not

stated in

small forces, General MacArthur
a military secret.
consolidated his troops in areas
Washington, how¬

that the American

idle, and

Philippines

some

seems

likely.

in the Pacific may,

first

importance

Minister
lack

ChurchiR
British

Navy is
for the

succor

The

indeed,
soon.

assume
,

Prime

explained
and

war

the

American

about fifty miles north

of Manila

and 35 miles south of that

Perhaps the most
nate

city.

unfortu¬

part of the battle is the

lamentable
force

high

was

fact sthat our air
insufficient, despite

valor,

meet

the

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

i
'

but our forces on that tiny dot
west of Hawaii held out bravely.
planes
Intimations were
given by the
on
• the v;

thrust of the numerous Japaii-

Many

ese.

our

•

destroyed'

were

cases

some

fliers

kept

numbers

strength

two American merchant

marines

possible to hope

is at least

that the tide of battle may be

turning.

least two

and

Tuesday,

may

Kodiak

submarines operated close to the
California coast and sank, one or

air

our

Philippines

the

indicated

was

increase

Japanese

be operating
Island, in the
Aleutian
chain
stretching' from
Alaska
toward' Asia.
Japanese
forces

naval

air,

the

that

Tuesday*

Navy,
close

useless.

and
shot
down
of
the opponents.,

however,

bombed and

were

almost

rendered
Some

airfields in

and the

ground,

said

were

ships, but

three of the sub¬

have

been

Malaya-China-East Indies
ships of our Asiatic
Japanese
forces
continue
to
Fleet performed yoeman service,
make.,
extensivegains — which
through attacks upon the large doubtless will
prove temporary —
Japanese
convoys.
Destroyers in
their
drive
against
The* few

mentioned

were

sions

several

occa¬

invader

the

battling

China,

forces, and some damage was suf¬
fered by our ships.. The Japanese
lost one or two ships every day,
usually through attacks by Neth¬
erlands airmen from nearby East
islands.

Indian

casualties

But

disregarded by
the frantic invading troops, most
seemingly

were

whom

reported

were

raw

inexperienced, although some
veteran troops also were noted;
An
effort was, made by
the
United
States
and
Philippine
Commands to spare the City of
Manila from aerial bombardment.
and

declarations

Formal

Malaya and the Netherlands East
Indies.
This move southward by

All

forces

our

and

were

be fulfilled, even if some outposts
fall before their arms for the time

Hong Kong ended a valiant
surrender

British

the

troops

especially
of

ment

reinforce¬

Crown

Colony

impossible. On the main¬

was

land the Japanese

began

new

offensives against the Chung¬

king

Generalissimo

forces of

Chiang Kai-shek.

The drive down the" Malayan
wrought by the bombs. Religious
edifices/ libraries and homes in peninsula was pushed frantically
the poorer section were destroyed by the invaders, who obviously
are
counting heavily upon gains
indiscriminately.

before British reinforcements

American

were

almost

and

killed

rurnored.to be active in

Fleet

was

some

areas.

President

last

Roosevelt

Sun¬

day dispatched to the Philippine
people a message of encourage¬
and

ment

assurance

that the

freedom of the Philippines

will be

redeemed and their independence

established and protected. The en¬
tire resources of the United States
stand behind that pledge, said the

President, who indicated also that
the

of the British

resources

Em¬

pire, of the Netherlands East In¬
dies and of the Chinese Republic
are dedicated to the defeat of the

Japanese war lords.
Department at the
struck

sizeable strides.
As in the

wounded. The Japanese

100 were

The

Navy
time

same

rumor-mongering from

front

by British Empire units
have enabled the Japanese, how¬
ever, to move into relatively easy
territory, and it may be that Sing¬
apore;, will face a real threat in
coming weeks, unless extensive

planned

intensive

campaign
the

which,

lowed
ment

•

and

well-

is being fol¬
Navy

Deoart-

said, will result in positive
to the defense of the

assistance

Philippine Islands.
The Japanese, however, forged
ahead rapidly on several fronts in

•

Luzon,
their

and

presumably added to

forces

which reports

from

Mindanao,

Tokio

have ceased.

spokesmen were quoted, Tuesday,

saying that their forces would
Japanese
fliers were13 reported as dropping

be in Manila by Jan. 10.

area

Japanese

that

appear

for

the

between
East

the

Japanese

were

Im¬

the

aggressor

airmen

landing

thenvxtroop

bombed

forces

and

tranennrts

and supnly

ships/ Both at Philip¬

pine points

a4$Mn Malaya the in¬

vaders

were

trepid

Dutch, .who

:->r-

)

«■

•

d'-'

Island,
t- ,u':

Eastern

Eu¬

where Russian Communists

rope,

and

vast front

German Nazis

bitter

battle.

The

the Germans

Russians

the

kept

and

run

re¬

and hundreds of

scores

Villages, and also

few more im¬

towns.

has

fighting

are

passed
Nazi

lines

reported

are

•everywhere.

nothing,

in the Near
East, however, leave little doubt

according

o scow

were

every¬

leaders

said

expressed
American

The outcome of the in¬

reaction.

cident remains

battle be¬

sea

French

Free

and
Vichy
gratification over the

Europe

In the aerial and

was

The

determined.

ing waged in Western Europe by
British

German

and

forces

the

RFC Sets Up War
Insurance Corporation

initiative this week plainly rested
with London, and this circum¬
may well turn out to be
highly significant.
The Battle of

the

Atlantic

ships
day.

reported

are

from

day

the

War

Insurance

Corporation by the Reconstruction
Finance

not be entirely

may

Creation

stance

Corporation to
protection

provide

"reasonable

against
resulting from enemy at¬
tacks" on private property in the
losses

continental United States

nounced

Loan

Aerial bombings depend in good
No longer led by their old com¬
on
the
weather,
which
manders, who were sent back part
home
by
Hitler,
the
German obviously favored operations of
sort,
during
recent
days.
forces showed signs of demorali¬ this

zation,

available.

of the outcome of any such strug¬

don

initiative over, but certainly is all in Eng¬
land's favor for the time being.
definitely to

made

claimed to have had

advance

concentra¬

The

Dec.

Administrator

Mr. Jones said

was

an¬

l? y Federal
Jesse

Jones,

that the insurance

corporation,

capitalized at $100,000,000, was created with the ap¬
proval
of
President
Roosevelt.

Sizeable British squadrons soared
German ports and industrial

The

instance would

be against
by
property
through "damage to, or
heavy losses in personnel,
destruction
of
buildings, struc¬
mans bombed the industrial Mid¬
leaving behind vast amounts of
lands and some British ports, but tures and personal property in¬
equipment and munitions. In some
cluding goods, growing crops and
regions German rearguards staged j British authorities said damage orchards."
stout defenses, however, and the was modest. There is some reason
The
Administrator's
statement

spokesmen.
where

They

retreat

over

losses

cities, night after night, occasion¬
while ing great destruction.: The Ger¬

sustained

suffered

and

owners

Russian drive tended to slow.
,

worst

their

mau£

aspects

round

conditions

ad¬

snowfalls

im¬

H^avy

verse.

Russians and Germans, alike,
and only small changes of the
front

lines

reported

were

last few

the

days. ^The

also said:

de¬

Pending completion of details,

num¬

bombers

the

But

gian

coast,

end.

This

downed

Reich

the

over

any

over

from Dec.

losses

last

covered.

week¬

highly
successful, and resulted in the
sinking of a number of German
ships and ine destruction of Nazi
military yand other installations.
British/losses were "slight."

Nazi

merely re¬
ported
heavy
battles,
day
after day, and insisted that
front lines merely were be¬
High

Germany.

movements

the

peded

anti-aircraft

such losses will be protected
13, 1941, up to a total
J of $100,000,000.also were sizeable.
Accounts,
bills, currency,
The
most
significant action,
> debts, evidences of debts, moneyr
however, was a raid by specially
notes, securities, paintings and
trained British troops on a Ger¬
other objects of art will not be
man-held island off the Norwe¬

bers

weev^nd even the Commu¬
nists

their

fenses, for London admitted

this

appearance,

believe the Germans have im-

proved

the
dW Russian winter began to
The

Command

ting straightened.

maneuver

drive against the in¬
widened through the • inclusion of
gained renewed emphasis America and
Japan, all of Europe
on Tuesday, however, when Red
appears to have settled down to a
Army troops managed to cross the
long and increasingly bitter war.
Kerchinski
Straits
in numbers,
The German people are being ex¬
for an attack
against German horted
almost
frantically,
by
positions in the Crimea. The Nazi their Nazi
leaders, to sacrifice for
garrisons were overwhelmed at the armed forces and to hold out
Russia's

vaders

several

joints, " and

Moscow against Britain and America,

the

For

time

being, no pre¬
charged for this
protection and no declaration or
reports required, unless there is

was

will

mium

loss.
Other

for such

Now that the conflict has beeh

extensive -Libyan

showed

desert

early ' and victorious
close the
preat British effort that began in

probably aided the invaders.

Midway

the

' Washington

that

knowledge, but Lon¬
equally insistent that
Washington had^been informed.

heavy

Western

to. be

the results favor¬

especially

against

Russo-German Front

now

this week, for the Allied
Steadily and persistently

availing, but the heavy Japanese

veloped

The

would not other¬

been

tions of British troops

Weather conditions became con¬
tinually more adverse this week

signs, this week, of bringing to an

invaders.

and

Netherlands

fresh series-of attacks de¬

country.

service

gle.

island

Netherlands

Indies

Japanese

Pacific.

train

evident,

nounced

terms

conditions

and

protection will be an¬

established.

n ,:;No protection will be avail¬
able to

of property

owners

who,
President,
the United

in the opinion of the

unfriendly

are

States.

P. C. Magnus Tq Head

Miquelon, situated in the Gulf of
St. Lawrence and of no strategic
importance.
under

the

Four

small

command

Gaullist Admiral

six
to

vessels,

portant

the

York's

Resident from 1933

was

darted fpr this im¬

years

1938,

post,

representing

business

German

November.

and

Italian

Arthur

Emile Muselier,

New

interests.

Treasurer

Snyder,

troops,

the

In the nearer reaches of the Pa-:

have

the

dific

the ships

wise

curtailed

intentions

only with Americans. These tac¬
tics were said to be entirely un¬

Philippines

since

Heavy
troop
movements
through Italy may be indicated by

side.

the

Muselier

East.

electric, yesterday, with ru¬
of early arrivals and ex¬
battle lines. It will, how¬
ever, be no easy task to reinforce
the
attacked
regions and keep
necessary supplies flowing to the
men
at* the front
in
the
far

tended

and Miquelon.

quarrel with the Filipinos, but

in'

beforehand

Admiral

mors

vast

established, and in
some
this represents a noteworthy

advance

able,

population

St. Pierre

That the British authorities knew

of
faced by at least equal approached the tiny fishing is¬ Alfred M. Pest Co., was elected
on
Christmas
eve,
and Chairman of the Board, and Flovd
portant
oil
producing
regions numbers of British Emoire forces, lands
thus have fallen to the Japanese, rapidly retreated and left behind gained
possession
through a N. Dull, Vice-President of the
and it is this commodity, above vast stores of equipment. The able bloodless coup.
The Free French Cont:nental Casualty Co., James
all else, which is vital in the Far German tank commander, General flag of General Charles de Gaulle C.
Chilcott,
President
of
The
was
raised and the populace was Mai tine Co., and J. J. Toohy, of
Eastern conflict. British managers Erwin Rommel, obviously has met
asked
to
vote last Sunday on a E. R. Squibb & Sons, were made
It is the
of the oil wells destroyed them more than his match.
Oliver J. Trosbefore leaving, but with modern anoarent hope of the British that carefully prepared ballot which Vice-Presidents.
offered
the
choice of siding with ter, of the "firm of Hoit. Rose &
machinery the fields probably can this will open the wav fpr an
the.
democracies
or
of
collabora¬
invasion of Italy and,
Troster, was
elected Treasurer,
be made productive again in a eventual
tion with the Axis. Naturally, the with George J. Lyons, of the New
month or two.
' through that route, of other Axisvote
was
almost
unanimous
in
York
held
Telephone
Co., as Assistant
regions of Continental Eu¬
Only in the long-range action
ways

have

asserting that, they

leaflets
no

Northern Borneo and in the

Sarawak
the

hold

N. Y. Board Of Trade
hopefully; predicted well as Russia. There are no clear
reaches the defenders. spokesmen
that the siege of Sevastopol soon
The Board of Directors of the
Ipoh, important tin and rubber
signs, however, of an early col¬
In the far North,
New York Board of Trade at a
center 290 miles from Singapore* will be lifted.
lapse of the German morale.
remained partly en¬
fell into Japanese hands, Monday. Leningrad
meeting on Dec. 19 elected to the
St. Pierre and Miquelon
From Ipoh a good highway runs circled by the Nazis and the terri¬
Presidency of the Board Percy C.
ble
struggle for that city con¬
President
of
Magnus,
down to Singapore, but the Brit¬
Something resembling an in¬ Magnus,
tinued.
•;
ternational
incident
Desig¬
ish
developed Mabee & Revnard. Inc.
defenses
are } ever
more
Libyan Campaign
this
week with respect to the nated as its "war President" for
formidable nearer to the' giant
Mr. Magnus, who served
Swift and fluid battles in the French islands of St. Pierre and 1942.
base."

well

Fleet.

been

possibly;

assistance

Japan which, it was said, was for

of learning the loca¬

Slow with¬

drawals

the purpose

tion and intentions of- our Pacific

Philippines, the Malay¬
occasioning immense

losses to the invaders.

and

board for attacks against the Near

can

High Commis¬
reach the hard-pressed Empire
sioner, Francis B. 'Sayre, issued a
units already battling there. Con¬
number of encouraging statements
trol of the air is under contest in
to the residents of the Philippines.
Malaya, and a good deal of bomb¬
He assured them that retribution
ing and counter-bombing is re¬
would follow swiftly upon the
Singapore is the object
heels of the Japanese attacks. The ported.
of this Japanese push, and it must
enemy continued to press the at¬
be
conceded
that
remarkable
tacks,
however,
and
yesterday
progress has been made by the lit¬
were reported aiming their bombs
tle yellow men, British defenders
at Corregidor
Island and other
are aided mightily by the terrain
fortresses around Manila., In one
and TM jungle, but the Japanese
aerial
assault upon Corregidor,
more
than a score of American managed to push southward in
soldiers

have

forces

elsewhere,

was

trenched
>

alternative,

110

since

aerial

inforcements that will change the toward bases in Southern Europe
tide of battle/eventually. The air which might serve as a
spring¬

the Russians, that attacks on en¬ Hardly any sinkings of merchant

essentials,
Sir Mark

other

the

and

water

under

had

Young

withdrawn

Short

possibly

heart of the city and vast
added
to
the
destruction

The

the
seas
and
the
skies, German
watching and waiting for the re¬ diverted

now

garrison

Empire

there.

the very

ward

portant

invaders

the

when

Friday,

arranged by the modest

was

ing this declaration and their own
international pledges, the Japan¬
ese
fliers continued to pound at
fires

last

defense

Japanese

captured

:y.'X'

being.

stores either were
destroyed. Disregard¬

Orient, but the Japa¬

have undertaken a large or,one
that cannot readily

and

der

military

removed

the

rule
nese

The

retaliate by

drive

tended to terminate all Occidental

city, and thus
spared bombardment from the air.
as an open

the

The twoclearly is in¬

advance

pronged

last Friday that Manila was to be

regarded

parallels

store the
status quo.Long
at¬ headed them off, however, and the
conversations followed
with bombing struggle continues around AgeMedan, in Sumatra, last Sunday. dabia.;*■ ;
British,1 Canadian,
Free
Initial reports were that Japanese
French and Vichy spokesmen,
Although the issue in Libya no
in the attempt to find a solu¬
parachute troops floated to earth longer is in doubt, some concern
at Medan, but this was
tion that would satisfy every¬
denied is expressed by military observers
one
by the Netherlands authorities.
concerned.
regarding further plans that Hit¬
In all of the fighting areas the ler may be
formulating. Since he
While
the
State
Department
Americans, British and the Neth¬ announced on Dec. 8 an intention held its conversations, the Free
erlander
looked
longingly to¬ of stabilizing the Russian front,' French calmly maintained their

against the Philippines."

issued

were

invaders

the

shipsdaily.

tempted

one

and

hammered by th°

often

in¬

sank at least

several Japanese

v/.

rope.

/cLVv■.

•

;

Heavy rains fell in portions of
the desert, as they usuallv do at
this

season,

vance

was

the

But

and

the British ad¬

retarded

to a

degree.

the

British

range

favor of the democracies.
The
.

State

Washington
dent

treme,

since

sovereignty

Winter, which proved abor¬
tive. The fleeing Axis forces were

discountenanced

Christ¬
day, and endeavored to make

mas

out of Bengazi on

th^ir esc.ane southward
toward Tripolitaniq. British forces
good

"; ,r

'•

t-ry
The

have

been

State

torney,
Weil

General

Ta1co+t.

Hull.

manifested

cott.

Counsel.

Inc..

and

heime>v were
Vicn-P^-'d^nts

Charies

elected

utive Vice-President.

*,' 1

re¬

Frederick

wo*

;

Bern-

Honorary

the

action," and in efforts to
j

.T.

(

the

President rf Jpmes Tal-

in comments about "arbitrary

fWT

made

Edwin

was

Secret^^v..

Otterbourg. nf Otterbourg, Steindler
and
Houston, was elected

S*cm-

Co-d*'l

Strouce.

at¬

Frank,

the

expressly

with

associated

Board's

disapproval of the State

"Department j>"°s

...

ex¬

of American ter¬

ritories

chased

the

changes

movement already exceeds that of
last

inci¬

the

found

perplexing

Kulze,

Richard

Treasurer.

Department

named

Board.
Exec¬

THE

COMMERCIAL & FINANCIAL CHRONICLE

'Thursday, January 1, 1942

^ReportsNAM President Witherow
billion-

500^illion dollars.

American

with

(Continued from First Page)

dollars

QUANTITIES OF NON-MILITARY

their

TRANSFERRED

credit in this country.

This

■"

does not inclilde loans and grants
made through the RFC, Maritime

;; (TO Nov.- 30,

The

complete program of ex¬
penditures by the United States
Commission
and
other
foreign
governments
from
govern?- and
ment agencies. Neither does it in¬ July 1, 1940, through September
clude
foreign government dis¬ 30, 1941 are given in the follow¬
bursements, in the United States, ing table:
V"'
UNITED STATES

AND

STATES

(In

OF CHECKS

BASIS

THE

Millions

Commodity—
•
'
Quantity"■
fish products (lbs.)L_ 535,742",451
products (lbs.)
323,301,116
Egg products (lbs.)- —87,438,813.
Fruits and vegetables (lbs.)v--' 548,091,424
Grain and cereal products (lbs..) 719,834,984
& related products
Cotton linters (lbs.)

ISSUED*

'•>

•'

Year and Month-

U. S. Contract

Total

Disburse¬

Military Pay

ments

Subsistence, Travel

•*'

■

in the U. S.

and Miscellaneous

103

_i:_

'•

August
September
October

199

'L.o:. 78

.199

•'

238

November

December

1C41

January

:___

' V

' '>■ '

179

•

176

187

677

179

916

February

-/v. ::.

___

April
June

September

"Includes

104

RFC

and

other

Bureau

■

198

852

1,022
.

;-1

977

1,086

+1,100

war,

+1,336

its

11,090

+ 247

+ 127

+ 1,464

8,380

2,270

2,170

12,820

There

made available. Funds for defense

defense

will greatly increase and may

the heavy

billion 820

and

armaments

necessarily follow the
of

the

mainten¬

made by

for

Army

dollars,
the

our

total

dollars

According

™h5«

The

rate, means an
'

year.

Foundry

not

available

for

Blast

skilled

the

defense

workers

•

As the victory program gets into

full operation, the rate of spend¬

awarded

Nov,

1, 1941.-

low shows

forces' must jtoach

contracts

billion dollars

This would

thirds

of this

productive facilities
A defense and

effort.

war

effort of this magnitude will,

whole

part of

our

citizens.

our

The

billion

dollars

and all

economy

the

billion

million

dollars

re¬

quested by the President in No¬
for the

vember
and

Navy and

defense

UNITED

the Army

use

million dollars

290,700

175,400

152.1

348,400

189,000

118.6

-180,300

86,600

92.4

25,900

55 600

29,700

114.7

20,800

135,600

U4.800

+71.2

98,700

155,600

56,900

57.6

385,200

569,600

184,400

47.9

229,700

363,800

134,100

58.4

other

464,500

598,200

133,700

202,600

295,200

92,600

products

apparatus
works

steel

defense

1940,

(Subject

Date

to Revision))

Merchant ships and parts

;■

•

3,524 v;;/

■

Program
•
-

(In Mil-

; :

Object—

Percent

(includ.

and
roll¬

and

industries

commercial;

>
___

________

—

8,921

16,467

3,484

3.624

7,699

4,764

617

Pay,

Statistics,

authorized

amount

have

been

the

May

;

40,000,000

________

_________

______

•

October

The

225,000,000

283,000,000

;

TOTAL

LEND-LEASE

AID'

Dollars) '

table

the

United

and

estimates

basis,
of

in¬

the

Labor-

that

the

dollars

monthly,

about

3,000,000

additional

needed,

■
workers
may
be
not counting indirect re¬

wage

this total.

.v.

plants, and from 100,000 to 150,000
of -the in sub-contracting and accessory
built up Plants: additional orders under

few

have

third shifts to the

Articles awaiting
use

Articles

1941

transferred."723

transfer

_______

process

Servicing and repair of ships
Rental

and

charter

1941

etc.

already

Total

.'ndustries where continuous proc¬

such

esses,

•>

iron

certain processes in

and

steel

since

industry,

most

are

dustries to well

within
tools

~hift

the
and

1 million by

over

require 300,000
next May; and

were operating on a three*
basis; "
\
Ld.•"'::/;;

defense

Defense

400,000

may

machine

year;

ordnance

may

these by

plants
The

168

of Labor,

scientific

and

except

copper

other¬

Iron

and

Steel is

ments

largest and
industry of
world.

It is fortunate for

war.

effort

war

Industry

necessity for the
of all of the imple¬

production
our

Steel

vital

that

most

have

efficient

the

steel

country in
steel
industry

the

any

The

has

been

steadily
improving
its
equipment and its processes long
before
the
defense
emergency
program began.
For example, in
the 38 years from 1900 to
while the population of the

1937,
coun¬

try increased 69%, the total ingot
of steel increased 403%.

output
Even

during the depressed 1930's,

there

was

marked expansion of

steel facilities. From 1930 to

inclusive,

about

lars

spent

were

and

1%
on

the

During

industry

investment

and

that

earned

of,'less than 2%

average

dol¬

factories

new

modernization.

period,

1939,

billion

its

total

its
net

prbfits

throughout
the
entire
period amounted to only one-half
billion dollars, or one-third of its
capital expenditures. During 1940
and

1941,

the
nearly

vested

($471

stqel

industry

50J)) million

million)

for

in¬

dollars

additions

facilities.

new

production

new

workers

additional

be needed for other

*'■

Program

Labor

and- the

manufacturing.

Force

Defense

reached

construction,

the

1940, the Na¬
capacity, in
ingots and castings, was
rated at
84,152,000 tons—an in¬
crease
of
3.1%, compared with
the- 81,619,000
tons of capacity
tion's

annual

steel

terms of

available

Present

the United
than the
in

the

end

1939.

steel-making capacity in

1929.

States

rated

18%

greater

capacity available

Still further additions of

equipment
half of

were

1941

made in the first

which

raised capac¬
ity, as of June 30, 1941, to 86,147,700 tons and it is .expected

reach

end

million

tons

and,

million

of. 1941

early in

1942.

The size

)
the

the
tons

American

iron

and steel

industry becomes doubr
impressive > when
compared

with

th^t.

world.

together
of

stoel

can

All

the

rest

American

can

produce

the

companies
three

tons

for every two tons that
made by Germany, Italy,

Japan and all the Axis-dominated
• v

which

peak of 584,000 workers

countries-, of

gether.

the world
put to¬
If to- the American steel-

140

We do not know,

many
92

of ships,

Miscellaneous expenses

used

Nov.,

manu»-

facture

being

were

production and to-make the end of 1942. ; ;
repairs to equipment."
Navy and private shipyards may
This statement did not apply to
require V an
additional
278,000

employed,

lative to Mo., of

■

Type of Aid— V

Production fac'lities in U. S.

^hows the alfunds

- industry
States Bureau

Statistics

Cumu- y' ''V

•>

Nov. 30,

appropriations, contract
authorizations and RFC de¬

above

locatton

balance

necessary

207,000,000

—

100

Research

shifts

85,000,000

added

60.000,000

commitments..

their second

,134,000,000

September

;

Program—Cash
fense

dustry/- by

quirements.
Thus,
within
less
fop than one
year, between 6 and 7

normal 40 hour week.

of Labor Statistics:

150.000,000

(Millions

requirements

$18,000,000

J_——

Defense articles

tonnage

ployment!

time-and-a-half,

the
?;

it has not yet been
to estimate defense em¬

came

August

$7,065,000,000 requested by the
President for the Army and Navy and $15,COOtOOO 'fw-^fense housing.

and

"Comparatively
on hand. This means
$585,000,000 has been trans¬ multishift plants

July

"Includes

Statistics.

Although
possible

bronze

appropriations from military sup¬

2.157-

Bureau

ac¬

$5,243,000,000. is estimated "that, the additionPreliminary estimates of labor
$1,- labor
cost,
because
of
over¬
requirements since July, 1941, for
The total amount of times rates at.,

November

li— .*$71,042

Source—OPM

nearly ,two-thirds

Management

for1 oved 304,000.

.con¬

work,

for

let

allies

our

April

Total

the sin¬

necessitated

over-time

Emergency

counted

Deparimeni

2,712,700

the attainment of peak schedules
amounted to an increase of 37.5 %
indicate that the aircraft industry
$723,000,000. above the normal
wage rates.
Of this amount, $138,000,000 was
will probably need 122,000 addi¬
According to the U. S. Bureau tional workers in final
provided outside the Lend-Lease
assembly
to

basis

earners

engaged "in selected db*-

by the
middle of 1942, when defense ex¬
threependitures will exceed two billion

one-shift

The restriction

shift

ers

travel

.miscellaneous

Labor

opera¬

wage

out

45.7

instruments—professional,

aluminum manufactures; brass,
refining—copper, lead and zinc.

million workers may be engaged
earners* were working an average
in direct defense, and, if a 168$12,'- of 10 hours a week over-time.
hour
week
is attained,
another
985,000,000.
Of this $9,186,000,000 This is equivalent to 91,000 work¬
million may easily be added to
has been allocated and contracts
total

sH other defense agen-

•

the

carried

28.8

Defense

goods;

and

Labor

6,605

4.525

forces.—

subsistence,

and

,Mar*'N>
1941, two^appropriations
have been made thus far.
The

of
•

armed

gle

March

miscellaneous

quarters

of siderable

Act

Lend-Lease

June

____

other
equip¬
ment and- supplies.-—
Pay,
subsistence,
travel,
the

em¬

March

compiled

addition,

workers

Bureau

wise-noted.-

optical

and smelting

Source:

Lend-Lease, the greatly enlarged
themselves...■.J■ -'i-,L ■ > -,/ point where maximum utilization bomber programs and new engine
of
their
facilities
,is
being plants may raise the total emnloyLEND-LEASE AID EACH MONTH
\
achieved.
In
many
plants the ment in aircraft and related in¬

Stockpiles,

and

Sept.

ferred from the Lend-Lease funds

Fosts^_depots and fortifiising

the

that

Merchant ships and parts
Industrial facilities
i'-

Under

plies already

naval

munitions

ftions

Lend-Lease

of Total

ships and parts___

ordnance)

9,913,000.000

commitments

were

1941, that the bulk of the
tions
involving
nearly

basis.

plants which
618,232 men

ploying

were

Program

$12,279

Other

*21,688,000,000
RFC

lions of

Airplanes, engines, parts,

Ordnance

Dollars)

•

Naval

/"Includes

defense

13,714,000,000

materials and services transferred

PROGRAM

Agencies

consider¬

1941, data, the latest available.
^
tSc-e'v-m-chine products:
abrasive
wheels;

light on the situation.
The
Bureau found, in examining 587

15,636,000,000

202,000,000.

FINANCIAL

DEFENSE

(By Objects, June,

17,668,000,000

throws

7c
59.4

93,700

159,400

mills

pioducts;

Total expenditures have been

housing:

STATES

24,606,000,000

Statistics

Bureau

able

$39,263,000,000

$63,962,000,000

defense—

al-

This total includes

065

Awarded to
Nov. 1, 1941

Other

appropriations,

ready made is shown in the fol-

lowing table.

Program

states

Contracts

Nov. 1, 1941

Navy-__

Army

authorizations

and

Total

worlp^nd the ,'use of
a' recent survey

United

the

AGENCIES—

Increase June, 1940

ii§,3oo

that the

shifts^

multiple

1941.

break-down;

contracts

for

Nov.

Labor
Authorized

all

obviously, call for serious read¬
justments and hardships on 'the

country would be devoted

our

war

awarded

1941:

that from one-half to two-

mean

the rate of 40

a year.

AND

shipping

1941

1,010,600

contracts

over-time

INDUSTRIES

the

2,712,700

authorizations and the

the air¬

from

1,702,100

foi: the maintenance of our armed

increased

Number

two results—it • would ployees working on WPA defense
as
of complish
address made greatly speed up defense produc¬ contracts/ including "construction,
before the NAM on Dec. 3, Mr. tion and it would tend to con¬ vocational training and other pro¬
officials maintain that to be ef¬ Knudsen
said
that
contracts siderably reduce over-time work. grams.
The civilian personnel in
fective in this kind of war, our awarded had reached the total of While there are no complete fig¬ defense1
agencies of the War and
total outlays;r for armaments and 43 billion dollars.; The table be¬ ures
available of the extent of
Navy Departments and the Office
been

ing will, far exceed even this high
figure.
Some of our government

greatest in

The

tMarch,

and

had

needed, in

and

lit¬

industry where thd Lumber

workers

"Total
employment in final assembly plants only;
Requirements Division, U. S. Bureau of Labor Statistics.

actual shortage

production

59 %>

machine-tool

machine-shop

furnaces,

ing
JSeven

far in the defense pro¬
however; before we found
an

„and

machinery,

supplies

gone

was

craft

was

July, 1941

and

Electrical

be¬
workers'

production.

increase

increased

million

June, 1940

fense industries and agencies" in
(excluding the 7 billion workers were not
always avail¬
July 1941, pver 425,000 workers
requested by the-Presi¬ able in the
places where the jobs were
engaged in defense construc¬
dent for^the Army and Navy and
were.
It is not easy for an unem¬
tion, including the building of
the 15 million dollars for defense
ployed worker in Maine to ac¬
barracks, cantonments, factories,
housing) reached a total of about
cept a defense job in California.
64 billion dollars ($63 billion 962
shipyards, housing projects, avia¬
The operation of defense plants tion facilities and
public utilities.
million).
Of this total sum, 39
on a
three-shift basis would ac¬ There were also
billion
263
million
dollars
had
351,000 WPA em¬

ex?

of 24 billion dollars

penditure

defense

tools

accessories

were

million

dollars

Outlays will soon reach
2 billion dollars a month which,
annual

funds

total

Nov.

1% billion dollars each month for

gram,

Tp ^contract and disbursement,

Machine

unemployed.

con¬

that there

defense.

nance.

billion 464 million);
to Mr. Knudsen, we

($1

however, that
portion of the

major items as airplanes,
naval ships and parts and ord¬

September, 1941,
nearly 1V2 billion

was

obvious,

such

but

and

tween

July 1941, the direct de¬

over

1940-JULY,

Navy and private_______
shipbuilding program___ ;__
War and Navy, Dept., manufacturing,
exclusive of Navy shipyards_______
Firearms, ammunition and explosives

Before the defense

there

tle

DEFENSE'

Federal

operating on
schedule called for by

began,

JULY,

Shipyards,

production

program

prevent

SELECTED

manufacturing, selected in¬
and agencies, total
"Aircraft,, airframes,
engines
and
propellers)

order

number

dustries

all of

repairs,

Defense

will

fense workers

employ¬

It
seemed
easy,
siderable
entire therefore, to draw Upon the vast
program will still be devoted to supply of workers for the needs
is

and

Navy
forces.
For
example,
in July/
1940, the total of all such ex¬
penditures was only 384 million
ance

the end of November.

which

the President.

type

same

which " has ' been

allocation

spent for

not

however,

are,

obstacles

was

are

1940

repre¬

million

-»

attain the maximum output of

period from July 1, 1940
through Sept. 30, 1941, a total
of nearly 13
billion dollars ($12

million)

to the limit in

resources

Statistics.

In the

EMPLOYMENT

en¬

ships, guns, tanks and planes.

•J Preliminary.
and

that

the country must tax

agencies.

Now

basis.-

201

Research

plants

equipment,

The table shows that from June

non-agricultural
'

of defense

report

output, such
materials,

directly in defense work.
This the employment in
does not include workers engaged industry.

oijr declara-,

the\Presjdent called

snift

t2Gl

LK:

63,012

all

defense

production

115,ment, as of July 1941, is given in 300 in June 1940 to 290,700 in July
the attached table.
At that time, 1941—an increase of 152%.
Not¬
2,712,700 workers were engaged able increases were also made in

1,361,492

operation

now

the

etc.

The U. S. Bureau of Labor Sta¬

tistics

447,162

war,

the

t2i7

120,822

(tons)

work

employment.

30,546,999

(tons)-

defense

about

workers

439,619

employed

persons

indirect

such work in the second quar¬
of 1940.
Those engaged in

direct

days a week.
This would mean
operating such plants on a three-

1,011

400,000

gaged in defense work ori a full
schedule of 24 hours a day and 7

805

____

Source—OPM,

+983

___

180
''

steel

and

1795

_______

August

Total

157

713

July
,

130 ;

148

157.w,

738

r-i-LLi

May:

574
697

(hogsheads)
(bbls.)

Iron

for

products
(tons)

lion

March

machinery,

sent

Labor and the War Program

"581

101

108
124

trast

ter

13,094,955

Immediately after

511

382

304

tobacco

468

613

■

—_

J.:

Leaf

435
.

6,058,740

vlbales)-i__—._-^^._.

Fertilizer

Foreign
384

207

154

cotton

Non-ferrous metals

u. s. &

;

1940 July

Raw

Petroleum

Foreign Govt.
U. S.
t.

(lbs.)

:>ugar

Dollars)

employed in major defense-pro¬
ducing industries. This is in con¬

Milk

DISBURSEMENTS IN THE

FOREIGN GOVERNMENT DEFENSE

UNITED

1941)

Meat and

GOODS

actually, how in February 1941 and has been de¬
clining for some months, will no
It is probable that doubt start to exnand again as the

workers

are

engaged in de¬

making

capacity
is
added
the
of the British Em¬

steel capacity

pire and the U. S. S. R., .the su¬
cantonments, fac- periority of the Allies becomes
workers will be engaged in de¬ tories, shipbuilding facilities, and overwhelming,
fense work.
According to the defense housing falls in line with1, According to the most accurate
U. S. Bureau of Labor Statistics; incr6a?Ad- demands for an all-out
information available, about 60,*
fense
in

work.

1942

between

and

million

construction

_____

1,202

283

over

million

workers

are

now

war

effort.

600,000 tons annually

can

be pro-

duce(d:,.i,by
*

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

•Volume. 155

between October1941, .and peak. of 1929 when' • IOV2 billion; decline in ^line with reduction of
October, .1942.* Because ;of diffif dollars;, was spent on ;new conti expenditures.
The; gain was mostly
culties: in securing materials^, the struetion,
Aircraft
;
:
cars

and

Japan

Germany,

the" Whole of Continental

Europe,

exclusive of

U^H-R.i; American
•'steel
capacity^ —-which
will attain 89,000,000 net tons per
year early in 1942—surpasses that
total by nearly 50%.
Steel
capacity- of the United
Kingdom is ahout 20,600,000 tons
per year, while that of U. S, S. R.
is about 21,800,000 tons. Together
the steel-making capacity of the
United States, the British Empire
and U. S. S."R. is about 131,400,-

of total profits. They also spent

$76,800,000

ihv.residential buildings- and In
The goal 'set for aircraft pro- *
new - plants. 1 (See
Table
VII.) duction has been well set fortn in
Plant V construction was confined the
following statement by OPM: >
almost entirely to facilities need-/
>V"At the beginning of the last

Construction ^programis/'.lagging
behind schedule, although: there
has recently been some improve*
ment in output.
Because there is

in the-car-

lack of capacity

for

"In

improve the situation*

period,

same

97 % of total profits. Thus, ex-

pansion of facilities and develop-

ment totaled $140,050,000 or 76%
more than total profits,
production. : The war, for instance, we had 55 air-i
The number of employees in the
recently pointed out: h planes. From a military point of airplane,
engine and propeller

defense

OPM has

building shops, it. is possible that
direct
allocation1 of
materials

expansion of plant

facilities during the

the period

of two

three

view -51

classified

were

plants

obso-

has

increased

from

over

in December 1940, to about
defense effort equivalent to that ing our
in December 1941. In
Construction and petense ,'•(
1941,
total
man-hours
20 to the end of November, 1918, we March,
The sharp rise in construction we^ expended over the last
years
to
overcome
10
years
of; produced a single type of bomber, > worked were 39,327,978; in May.
in 1940 and 1941 rivals the con¬
000 tons annually, or nearly 117%
preparation
by
the
Axis
na¬ shipping / abroad
slightly
moi€^1941 they were 45,588,288; in July
struction
bopm of
the middle tions."*
more than that of
the Axis and
than half of the total of 3,227. We *941
they were 52,153,243; in
1920's^ The-value; of all construe*
Axis-dominated countries.
produced 13,574 Liberty engines j August 1941 they were 58,788,221
"OPM release Dec, 12, 1941.
tion M: 194* was greater than the
; If Russia should not be able to
and shipped more than a third of man-hours.
*
operate 60% of its steel capacity ESTIMATED VALUE OF CONSTRUCTION. ACTIVITY BY TYPES IN CONTINENTAL them a broadband produced fori
The weekly payrolls have risen
>.
UNITED STATES. '
which is located in the central
use here 8,000 training planes and
from $1,532,723 in January'1939 to
(In Millions; of DoUars)
and southern areas of that coun¬
16,000 training engines.
; $2,821,932 on January 1, 1940, to
may

there must

years,

crowded

lete and four

obsolescent, leav-,193,000
air force fleet at zero. Up 390,000
as

^Highways-"

the Allied countries could
produce 118,300,000 tons of

try,
still

steel

That

year.

per

Naval

compares

to
obtain full
utilization of capacity. Although

the

industry attained

1941

2,313

1.713

•1,600

631

3,424

10,530

869

597

1,217

440

3,581

553

397

164 '

1,049

'.205

center^;.

its

already

1,700

1,900

1,000

1,600

Department

and

PUBLIC

PRIVATE

AND

Grand Total

■

Government

Distribution

727,568

bombs,

22,382
148,811

810,297

41,411

6.0

288,131

26,055

18.6

879,515

99,246

13.6

691,652

24,047

l.Q

21,865

8.8

30,671
302,672

158,818

4.8

126,582

124,858

29,731

;

718,699

motorized- vehicles

—

461,490

251,440

49,324

equipment
manufacturing

107,798

Miscellaneous

;3:>ES2.0i •'

19,593

62,637

45,161

400

162,389

3.1

162,789

•——------

in
reached the total of 189,804 by
Thus, out of total appropriations
industry for new
plant and equipment of November.
the defense
On Oct. 9th, SPAB announced
6.2 billion dollars, over 4 billion

hollars had already been awarded

the

cont,acts

jorm

September, 1941. This represented over 80% of the total ex¬

end of

t h at
must

non-defense
be

construction

restricted

shortages
of
Ac cording

because

critical
materials.
to
"Architectural

Forum" of November

1941

"Since

for

—

—.

——

Railroad Transportation

include

Railroads

play ..an,,.important
part in; qur defense.
Our rail¬
roads are meeting the heavy load
of defense transportation and are
greatly increasing their facilities.
The peak of 1941 freight traffic,
comes

in the autumn,

was

only

cates
a

20 %

plant

private

the

under "certifi¬

facilities financed

necessity" whieh permit.,
amortization: bti sucfeiri*/

vestment annually.

Private indus¬

is spending large sums of their
own
funds, the exact amount of
which is not available, for new
try

plants and extensions and running
shortage in freight cars—an ex-' the risk of their being practically
cellent example of efficient man¬ valueless after the war,: without
agement.
Freight car loadings, the right to amortize the cost for
by the railroads without

*ax

through Dec. 13, totaled 40,879,704
and
for
the
full
yehr
should
reach

levels

near-record

345.000.

'remarkable level of efficiency in
the

use

for

the

of equipment in providing
traffic of

922,834

difficulty.

out

the

weekly peak

car-loadings

without

passed the period

with¬
shortages in/freight cars. Now

peak freight movement
railroads

Defense
the

date

are

faced

with the

•problem of preparing themselves
for next year's peak traffic.
To

housing
influx

industrial:

new

for

almost

October

total

■?

The railroads
of

accommo¬
workers into

accounted

270 million dollars

1941

amount

with

63.7%

scheduled

for

by
the

this

still to be spent. Accord¬
ing to Charles F. Palmer, Coordi¬
nator of Defense Housing, Federal

purpose

fuuds
for

have

123,379

which

been

allotted

defense

homes

date

103,792 are either com¬
pleted or in the process of being

building

defense

non-defense houses in
the"' process of
construction on
Sept. 1.
It does affect all new
housing outside of the 275 offi¬
cially designated
defense areas
and all pUblic or private housing
areas,

defense

for

areas

than

which

$6,000

than $50 a

will

OPM.

who

Though
in this

fh 1^42. With the outbieak

^aj SUDpiy

ou^pUL

of hostilities, there may be superv;tai
imposed on the 50,000 program

metai is

0f this

devoted entire

row

needs

planes

a
year still furtner de- Bauxite
mands which may necessitate an,
mhci
even

ance

greater annual output.
of

building

the

aircraft

industry

of the American aircraft inaustry

began in September
of

the

1939, at tne

World

War

? !, ?
rlixl+

'®h

n!
^ S ,?'^!C
^
^
ai6
^
f!en
\on!y
^ years if impoits are cmt oii.
i alSl

this important arm oi
defense.
Iii
1941, the inaustry
produced nearly 20,00Q military
planes.
The monthly output oi
War-planes in the Lnited biates
has passed the 2,500 mark. It is
generally believed that Germany
is at^present producing^^ from
to
2,500
military aircraft pei
month. The "make ready" perma

„

ainLiiS.J' \

record of perform-

outbreak

5,
deposits of British
Plll^ea a.n Surinam are owned
^ American and Canadian contheir output is shipped
^mos^ entirely- .to the Umte^.

States and Canada. New methods
.of producing alumina from abundant c ay deposits have been announced

11.

and

although the most

recently developed process is eomPfex and comparatively costly, it
he possibly adopted, should
the war emergency be intensified
°f long aurat.on.
warplane production 'facilities as Supplies pn H^nd,, .
long ago as 1936.
—
{ Reports^on the government's
Tne production of about 20,000 ^llltary stockpile have not been
military aircraft: during the cur-: given since the fall of 1941.
Thd
rent year is more than eight times; Metals Reserve Company was at-r

Thus, American aircraft manufacturers have accomplished in 27:
months what it took Germany at
least five years to accomplish, because Hitler/began expanding his

the output

tempting to build

in 1939. The total value

up an

aluminum

plane, engine and propeller reserve and in October 1941 had
production in 1941, amounting to 340,000 tons on order,
more than $1,500,000,000, is tnree
Aluminum and War Needs
times that of 1940. The industry 1
In considering the adequacy of
of

proauced about $500,000,000 wortn the aluminum industry for defense
of planes, engines and.propellers: needs, it is important to bear; in
during 1940, against $225,uOO,000 .mind that in the spring and early
in
lu39.
Our
engine
builders fammer of 1939, Congress had ap-

fmanufacturers) have now* reacn- propriated funds for only > 9,000;
ed a rate of about six million military airplanes the delivery of
horsepower a month or 12,,times which was scheduled for as late
the monthly rate at the outbreak as 1944.
of Wbrld War II.; At present, the
j The Aluminum Company of
propellers are being produced at America could have supplied the
the rate of mere than 50,000 an- -metal for this several times over
nually.
from stock on hand* Neverthe—
Military aircraft production has less, the company undertook, beincreased as folloWsr
fore the outbreak of the World
\

1937

949

1938

1,800

.1939

——

1940
>1941

—

2,404
5,800
*20,000

|War II in 1939,
| expansion

a national defense

program which, with
additions made to it from tinie to

•

j time, has meant the expenditure

of some $215,000,000 of the comown money.
The major
in
1942
according
to
These totals do not indicate the part of this program will be comhas been met .with con¬
swing-away
from
lighter
war pleted this year,
opposition by the Asso¬ planes to heavier multi-motored I
By the end of 1942, aluminum
in

non-defense,

New York Building
are

the

Country -has greatly expanded its

sell

•

con¬

ciation. of Real Estate Boards and
the

field kitchens, etc.
ahiminufn industry

pr?>?Ui^lon

month.

cause

65%

siderable

Of the total

of the average military
plane, aluminum comprises about

as:

WaSQ every reasomto believe that

rent for

decline

The outcome

depend

may

way

last,70% of the frame, 23% of the
/engine and 24% of the propeller.
industry-is rapidly
^arge quantities of Aluminum are

The aircraft

The effect of the SPAB order is

expected
struction

areas

l'he order does not affect

residential

about

Housing.'

42,-

The ratiroads reached a

within five years.

purposes*

areas,

this

Here is the
52,536

vital commodity..

approaching this goal. iLven betoi e needed for warships, anti-aircraft
tne attack on Pearl Harbor, there
equipment, pontoon bridges, mo-

and. other

Combat, transportation

year-—twelve,
times
as were made in the

69,120

14,334

978,761

Esf;;e^st7MTl0-^7ep-a^g::;:

53,000,000 completely modern weignt

$993,756

371,637

314,106

out

658,448

36,716

550.448

&c..^
-•

Guns

i3.8'h

Privately

110.5
851,708 :/;. '-f 16.2

job,

expansion

inaustry to turu'supply of aluminum.

Financed

/Hxiajicetl
$4,266,077

'1Q0.Q

$5,260,4G3

handled

;

FINANCED, WITH

which

such

model year.

assigned

many

following amounts; expressed

in thousands of dollars:

prove

the

penditures on new facilities in
1941 through 1944,
defense industries. Compared with private non-defense non-residen¬
sufficient to meet the 20 billion dollars spent on all tial construction has tapered off
heavy demands for defense pro¬
manufacturing
facilities
in the during recent months in line with
duction.
decade of the twenties, this is an increasing uncertainties as to the
In 1941, in spite of delays due
imposing total: for so short, a future, the SPAB order hits pub¬
to shortages of materials, 2,712,lic non-residential building hard¬
period.
000 kilowatts of new generating
est.
Henceforth,
to
receive
a
The
above
table; understates
capacity were installed. The con¬
priority rating, any proposed pro¬
struction program for the years private investment for new plant
ject (even those financed by Fed¬
facilities for defense. It appears
1942 to 1944 is as follows:
eral, State or local governments)
from
the table that private in¬
TABLE VI
must be submitted to Washington
dustry spent only about a billion
and approved as either a direct
:•<
Thousands of kilowatts Scheduled for
dollars for new defense facilities,
a——completion In— ■
defense project or as an essential
compared with over four billion
■1942
1943
1944
nonrdefense project."
965
2.385
Private Utilities
1,96.0.
oy .iixe government, Actually, pri¬
Under' the
classification
of
90
120
123
Municipal Plants-*.,
vate
investors
spent far
more
.345
670
those projects which will be cer¬
1,157
Government
man
these figures
indicate. As tified are
mainly public works,
Total
' 3,665
2,750
1,400 already pointed out, the steel in¬
while - the non-essential projects
Completion of "this schedule, of dustry spent 470 million dollars will
generally
include ' court¬
for
new
facilities in 1940 and
course, must depend to some ex¬
houses,
office buildings, hotels
tent
upon
the
availability of 1941, as compared with $148,811,- and other non-residential builds
000 as shown in the table. It must
materials.
ings, particularly outside defense
be noted that the above figures
scheduled

will

030,798 on September 1, 1941. Trie
two-thirds of ; total payroll for 1941 is estimated
the number of planes of all kinds/at-$920,521,420.
it had produced since 1904. Never
"
Aluminum
before nad a major industry been
I In modern warfare aluminum' is

cars

Percentage

[

quota, of 50,000 $6,919,486 on January 1, 1941, to
the President in $9,703,587 on June 1, 1941, to $13,-.

the aircraft industry

to make in one year

uted among various industries- in

Amount

sheUs

distrib¬

were

TyP^/C^PItdDUCT AND SOURCE OF FUNDS V
•

For.-n

10.700

The

meet

year,

It would be comparable to asking

$5,260,463,000

the

Industry-

Non-manufacturing

hL!lea}lluZZeailgr
huge,facilities.

country,

Commerce.

INDUSTRIAL .FACILITIES,
FuNDS BY

Electrical

whole, the
power
supply, as increased " by
the power construction • program

the

3,000

3,117

world

the

production.
to

500

1,411

of scrap to

Electric Power

risen

6,834;

746

the

ing to grow worse in 1942, all
reasonable steps should be taken

has

,2.290

912

shortage of scrap iron and steel. Ahcrait, engines, parts and acoesSince the shortage of scrap is go-!

leads

468

•

Ammunition

America

6,206

557

try will attain early in 1942.
I chemicals Tinwudfv^rexpiasivesu
The critical factor / which pre- Petroieui#, coat ana natural gas—
whf?
the
cfppl
indiist.fv
from nron and steel products———
vents
xne
steer
inaustry
irom

power

5,140

1,941

450

the consuming

1,550

425

618

VALUE

despite a capacity of 89.
million net tons, which the indus- i

to stimulate the flow

364

effect asked

net tons,

340

1,324.

•1*574.

1,283

tlto
facilities for deby the Governcapacity j ment and privately, amounted _to

capacity .levels

1,084

641
542

24 g;

Source—U.

estimatcd that in 1942 the output
will be between 82 and 84 million

achieving

Total

194J

5,500,000 neti tons. ;; It is

of ..about

farmi

practical steel capacity of 86,000,net tons^butput during thef fense program^
current year is expected to reach 1941, industrial
reach only 82.5 million tons, thus fense,
financed

incticating an unutilized

types)

iflon-

830

setting

planes

Farm (all

Wort

From the beginning of

000

"In /

Building

Public

119

1S40—

how

.-.

Utility

.8TV

.•

Public

dential

Residential;

and Other

non-resi-

trial

jdustry

Indus¬

and

potential output available *929
to the Axis of 60,600,000 net tons.!^""
; The most serious problem con-|
1939
fronting the American steel in
with

Another

Military

planning

Congress

to appeal to the

Government for relaxation of re¬

-y,

^'Estimated.

jpany's

production

bombers.

1941, productive
was* extended
from

During
space

than

the

United

States

floor will reach the rate of 1,120,000,000

pounds a year. If to this .we add
the output of Canada of over 400,000,000 pounds a year, the aluminum production in North America will be at the rate cf over 1,500,000,000 pounds annually. This
con. pares favorably with the 1..COO000000 pounds of aluminum
period produced annually by Germany,
more

feet to
strictions on small-home building. about
46,000,000 square feet, not
The original estimate of 525,000
including plant space under connew single family units to be con¬
struction.
On Jan.
1, 1939, the
structed by July 1942 has been productive floor space was 9,500,reduced to 300,000, of which 100,- 000
square feet and on Jan. 1, 1940
000 are to be publicly-financed it was
13,000,000 square feet..
25,000,000

square

and 200,000 built by private en-- -During
the seven-year
this, the Class I railroads have,
terorise.
h /••//v.-;/'
from 1934 to 1940 inclusive, the Italy and all conquered countries
as
a
goal, an increase in freight! built. In addition to this publicly-,
38
aircraft
companies, the data ca on the European continent.
Employment on new construc¬
cars
ownfi to 1 800.000 by nextifhianced housing scheme, FHAare
available, spent $63,-i
The ~'e'nre becomes still more
October., This .involves delivery inspected
privately financed tion, which averaged a little over
(Continued on page 24)
of /at least 160,000 new freight homes,
since
January
1941, 2 million in 1941 is expected to 250,000 on development or 19% h
do

THE COMMERCIAL & FINANCIAL CHRONICLE

•

tween

U. S.

$1,250,000,000 and $1,750,000,000 would be spent for tools
in? 1942
or: almost
double
the

Outproduced ? ?? ?

Axis Powers In 1941
(Continued from page 23)
;;
optimistic if to the North Amer¬

are

number
a

The
every

the

not

according to the Min¬
Yearbook, during 1940 the
United
Kingdom
produced
ap¬

implications of this,
as
other schedule affected by
Program, are mani¬
A preliminary estimate of
be

however, there has been
expansion in the
industry's role in war
production.
Prior
to
the
war
declaration, production was
largely organized on a one-shift,
considerable

and

40-hour

Great

been

now

expanded to

ordnance

"Because

• *

this

* ■

rapid

Britain.

Aluminum

and

foundries have gone
into production. Shells, cartridges,
bomb fuses,
recoil mechanisms,

000

ordnance

have

from

auto¬

effort

came

issued

motive factories.

•'

With

the

expan¬

the

least

one

launched

OPM

land
of oil

defense

curtailments

of passen¬

proximately 77,161,000 pounds and the
spring of 1942 amounts to al¬ sion of war production in the au¬ ger car production, a program de¬
U.
S.
S.
R.
about
121,253,000 most
292,000, an increase of 189% tomobile industry," dislocations in¬ signed to limit the output of civil¬
pounds.
?
??\ ; ;
,
. *
' ■ over September, 1941. Attempts volving idleness for some em¬ ian vehicles and to divert auto¬
Thus, the Allied countries are to meet the shortage? of skilled ployees are
likely tp be only tem¬ motive machines and labor to de¬
achieving a substantial superior¬ workers are
fense needs.
The passenger car
being met by all porary."
*.
\
v.ity in this military essential over sorts of
governmental and inToday, the automotive industry has become a necessary part of
the Axis countries, even if the
plant training programs.. As early is rapidly converting its produc¬ the defense picture in transport¬
output of Japan, which is practi¬ as October, .1940, a survey by the tion of passenger cars and civilian
ing workers to and from central
cally identical with the United National Machine Tool Builders trucks to defense materials. Three defense
production centers. Pas¬
Kingdom, is included—which has Association of about 80% of the of the industry's plants have been senger car and motor truck pro-N
been estimated at about 77,161,000
re-tooled
for
bomber
and fighter duction for the last four years
industry showed that about onepounds in 1940.
half of the Nation's machine'tool plane engine production. Medium show the following changes:
v:
tanks
of
tremendous;
The original OPM curtailment
employees ' as of that date had
striking
Machine Tools and Defense
been trained on the job since power roll down
of
automobile
the assembly
production was 20%
Machine tools are essential for
September^ 1939.
That was np lines of the world's largest tank to be effective as of Aug. 1, 1941.
high speed, low-cc^t mass pro¬
mean accomplishment and can be arsenal (Chrysler). Military trucks Actually, August, September, Oc¬
duction.
ModernVpower driven
have been in action abroad and tober and November showed a
repeated.
machines

tons—were put into
Next year, and in 1943,

gross

operation.

•

for

metal

what/the

saw,

chisel, plane, file and ham¬

mer

Machinery

and

Defense

maneuvers

■

home.

Bomber

26.5%

■

reduction

over

the

same

sub-assembly sections have been period last year, and December
Machinery production, of all shipped to the aircraft makers production 48.4% below that of
kinds, including electrical ma¬ from three automobile companies. 1940. X '
of armament production.
;/ /
chinery, as well as machine tools,
: Total
Total
•
—-^Passenger Cars—^
Mot or Trucks
When the defense program was
is expected to reach an all-time Year
Number
X; •
Value X
Numbe r;Vy-; '
Value
Number. Value X- •'
first launched, the United States
i
1938_
2,000,985
• • $1,269,765,050 ;.
488,10(
$339,226,639
2,489,085
$1,608,991,689
high of 11 billion dollars" in 1941.
1939—
had the greatest capacity for ma¬
2,866,796
1,816,434,914"
710,49( XX? 502,421,776
3,577,292 - 2,318,856,690
This compares with six and one1940„—
3.692.328 X2.422;491.46lX 777.02C
593.731,603
4,469.354
3,016,223,064
chining
metals
that
the
world half billion dollars worth of ma¬
I
1941 est.
sense

for

wood,

in? that

and

the keys to the progress

are

•

had

ever

thousands

waterways through the use
barges which are being built

great number.
The

completion of two major
petroleum products* pipe lines in
1941

and

early

presses,

There

gear

cutters,

and

machine tools built for and
mulated
ery

plants

cording

tens

chinery produced in 1940 and

drill

little

other

1939.

were

of : lathes,

accu¬

United

thousands of machin¬
over

1939

Census

1929

These

counting

produced

valued at

Most

that

over

tools

had

Sources:

the

type of production
by defense. The "tool¬

ing upM process took considerable
time, but that step had to be
taken first before defense produc¬
tion could hit its stride.
-

The

record

of the. industry is
by the tremendous ex¬
in productive capacity

revealed

pansion

which,

during >; the:

period

doubled

V^f^o-y^ar

1940; and'., 1941,
in '

that

has

existence

From

were about 930,000 machine tools
in all the plants in the

country.

production

runs

year,
but
in
soared to over

about

machine

25.000

1940

per

production

100,000 units and

for 1941 is exvected to reach
000 units.

and

Foreign

estimated

Domestic

now

until

the

Com¬

war

the demand for machinery
requirements; will
probably continue and its produc¬
defense

200,-

Moreover, this tre¬
mendous increase in volume fails
to
indicate
the
improvements
made in speed, in power, in effi¬

ciency of cutting tools, in design

ment

2,610,000,000

1,170,0(X

1,020,000,000.

4,920,000

will

shortages

restricted

material

only

skilled

the Nation's food supply, has

perienced
domestic

ex¬

rising demand in the

market.

the

indus¬

try's total sales of $561,700,000 in
1940, $478,600,000 represented do¬
mestic sales, while it is antici¬
pated that total domestic sales in
1941 will exceed those of 1940 by
25%.

Although farm machinery man¬
ufacturers have been given the
.

1942

makes

the

less

dependent
on
water-borne transportation. These
lines are the Southeastern
Pipe!
Line

from

Florida

Port

Gulf

St.

Joe

Coast

the

Lookout

Mountain, Georgia, and the Plan¬
tation

Pipe

Line

from

Baton

Rouge,

Louisiana, to Greensboro,
Completion of a
oil pipe line from
Portland,

South

Carolina.

crude

Maine

Montreal
has further
the tanker situation.

relieved
Our

war

program calls for

quantities
lubricants.
gasoline

oil

for

fuel

large
and

Military planes need

with

100

octane rating,
industry is now manufactur¬
ing nearly 45,000 barrels a day of
this, high-test
gasoline
and V is

The

planning to increase
fast

its output as
possible to 120,000 barrels

aday.

3,630,000,000

prevent .possible xqnemploy-n
and idle machinery which

the scope of the program:

Tank Production
It is estimated

Naval

that 50,000

Construction

men

October

result from such curtail¬ are employed in tank production
Battleships
ments, the automotive industry in plants of three prime contrac¬ Aircraft
has been busy building and equip¬ tors alone.
Already; 7 American Cruisers
ping new defense plants, retooling plants are participating in a tank Destroyers
might

present factories for defense work, program with defense contracts
transferring
workers
from
the well in excess of $300,000,000. By
automotive industry to other der the beginning of 1942, tank pro¬
feiise
fense

Program

•

54
193

113

344
York

15
12

171

«.

New

^Building

17
37

•

Total
^See

1941

On Hand

Submarines

73
347

Herald Tribune,

Dec.

21,

a.
industries, arid to new de¬ duction will reach a rate of 2,800 1941./
work within the industry if- a month. Both the locomotive and Merchant Ships
_

self.

There has been

automotive

are

new

industry.

•

new.

».■

medium

tank

with

steel hull, the medium M-3s.
automotive
industry
has

Trucks

The

the

supplies to

Oil is vital to

orders

merchant ships
transportation of

for

allies and for sup¬

our

porting our own forces. Every
shipyard in the country is work¬
ing to capacity on naval and mer¬
chant

reau

ships.

for in United State's

Dec.

600

shipyards!,on'
1, 1941.* This includes 387,tons being
constructed
for

Great

modern warfare.

Britain.

The

reached in November,

98,700 gross tons
The

chemical

peak

was

194i, when
launched.

were

Chemical

Industry

industry is

con¬

verting

its
production
from
peace-time to wartime use and is?

expanding
new

civilian

fleet

vast

needed

The American Bu¬
Shipping has reported that
1,135 merchant vessels, aggregat¬
ing' ' 6,780,530-" grb'Ss.
/tons,? /were'
under,vebhstruction or Contracted
cast

It is estimated that there are largest light tank arsenal.
In ad¬
4,500,000 trucks on the highways dition to Chrysler, Ford and Gen¬
eral
Motors
are
scheduled for
today, one-quarter
engaged in
hauling defense goods.
The
Of these, tank arsenal constructions.
2,650,000 are medium or heavy present tanks have airplane en¬
trucks.
The first six months of gines
and the use of a high1941 nearly 22% of all production powered automobile engine is be¬
in motor truck plants was for mili¬ ing worked on. If this can be per¬
tary purposes and 14% for civilian fected, it will speed up the output
of tanks enormously.
projects connected with defense.
■
Trucks have been given A-3 pri¬
Petroleum
ority ratings for defense and to

highest civilian priority rating for
materials going into new machin¬
ery, it is probable that because of
shortages of materials, there will fill

•

automotive industries are partici¬
capital pating in the tank program.
In eighteen months, from the
labor.
To meet this expansion, invested in automobile production
government
and
privately
fi¬ during 1941.
The Government spring of 1940 to the .battle of
American
arsenals
had
nanced facilities for the production has • invested
about 484 million Libya,
of machinery and electrical equip¬ dollars in the automotive industry filled preliminary requirements of
United States Army's Five
ment had by the end of August to build and equip defense plants. the
1941 amounted to almost 290 mil¬ Information is not available as to Armored Divisions and shipped a
lion dollars." x
the extent of private funds in¬ number to Libya. ; We are mak¬
«
/^Farn^ ,/machinery and equip¬ vested in the defense effort of the ing, in addition to light tanks* a
tion

/in ment/ essential* to maintenance of

1940.? According to a
made by the American
Machinist early in 1940, there

toqjs

1940-1941,

Census

over,

for

January,

survey

Normal

Bureau

inclusive,

merce.

new

for

6,500,000.000

11,000,000,000

1929-1939,

Manufactures;

been

4,981,563,899
——

1941 (estimated)

and

ian goods. New types of tools and
in large quantities were needed

called

5,891,599,369

1939

designed for production of civil¬

for

3,816,331,680
—

1940 (estimated)

218 billion dollars.

these

2,076.431,032

1935_._

products

year

equipment)

3,415,078,013

1933

employed

about 37,000 factory workers

Machinery

$7,118,175,812

1937

accessories).

establishments

of Dollars

——

there were
200
establishments producing machine
(not

a
in

billion

transportation

1931

Manufacturers,
tools

Production

States

including

Billons

Ac¬

many years.

the

(Not

five

than

less

Coast

East

Ship Construction
As part of our
Passenger CarsProduced
emergensy de-?
try.
Another plaint specializing
fense program, Congress author¬
Dec. 1940; Dec. 1941
formerly in automobile motors has
Product.
Product.
Deer.
ized
a
two-ocean \ navy.. While
closed down completely and is re¬
General Motors
184,139
90,567.
50.8
complete figures of the rate of
Chrysler
99,148
47,271
52.3 tooling to produce airplane en¬
progress
of the naval program
Ford
—-U
:• 79,309
38.009 ? 52.1 gines.
A wood-working plant has
All others-v-— ; 34,227
are
not available, the
29,001 X. 15.3 been
following
converted into a bomber as¬
figures give some indication of
Total
396,823
204,848
48.4
sembly plant,
x
3,750,000

known.

•

week.

Greatly
is being made of in¬

use

ship should be

new

every

percussion caps, casings and other expanded

two-shift

use,

magnesium

week program. This has

of production.

production

the

tools

machine

will

that

workers

for

required

for aircraft and building program is
being]; car¬
aircraft cannon and ried out by the industry with the
anti-aircraft guns produced by the cooperation of the Maritime Cornr.
automobile £ industry ; have
been mission. -For the past year, nearly
used by the United
States and 30 tankers—a little less than 300,ground

the war,
a

Thursday, January 1, 1942

Machine .:.guns

"During September and: Octo¬
ber, about 25% ►of the man-hours
production were devoted to war
production.* Since our entry into
of

automobile

;? -•/

additional

erals

indi¬

Victory

fold.

available,

this

units

production increase 50 to

100%.

figures of the output of

these two countries in 1941

in 1941. In terms of

the

cates

ican output is added to production
of Great Britain and Russia. While
accurate

amount spent

•

and

rapidly to meet the
extraordinary demands.

estimated

that

about

60%

of chlorine production is now
go¬

ing into the production of goods
for military
use.
For example,
vinylite (poly-vinyl choloride) is

during
the'
In this respect, we are well
pre¬
reductions in output three months, September to No¬
In view of the com¬ vember 1941, at the rate of one- pared for the United States pro¬
duces *03% of the world
January, 1940, is three times as paratively
supply of being used extensively for insu¬
small
proportion, of half the number produced during
productive as the average ma¬ total metals consumed
The petroleum indus¬ lation of wires and cables aboard
by the in¬ the first half of the year. Curtail¬ crude oil.
chine tool in use at that time.
dustry (the Department of Com¬ ments were revised for light truck try is meeting increased demands ship. Wood alcohol and industrial
For instance, a new
type of hy¬ merce estimates that it is not more and passenger carriers -and were for its products through new and alcohol are going into the produc¬
draulic vise that can exert five
Operations have tion of formaldehyde for the new
than 2%), it may be possible to cut one-quarter for December and better methods.
and

automatic

average

precision—the
machine tool made since

tons pressure between its
jaws is
so
versatile that, in addition to

marked

year.

been accelerated,;and
output ex-;
proposal made by the one-half % for
January.
Heavy
of
Agriculture
to trucks are those weighing 3 tons panded. Crude petroleum produc¬
speeding up ordinary vise work,
tion for the year reached
approxi¬
SPAB, that enough material be or more;; medium IVz tons or.
it also performs the
operations of allocated to the industry to in¬
mately 1.404.583,000 barrels and
more; and truck trailers 5 tons or
pressing, punching, bending, cut¬ crease
is currently in the
vicinity of 4,production in 1942 by 7% more.
Passenger carriers must
ting, straightening and stamping over 1940.
barrels
a
;
day.
Crude
have no less than 15 seats. These 100,000
formerly
done
by
that
many
all have the highest priority rat¬ petroleum run to stills will prob¬
The Automobile Industry and
separate machines.
>
ably exceed 1,412,000,000 in 1941,
ing.
Light trucks may be pro¬
carry

out

Department

The statistical record of achieve¬
in the machine tool indus¬

ment

try shows that the value'of

ma¬

chine tool production during 1940
and 1941, estimated at

$1,200,000,-

000, exceeds the previous 10-year
$1,002,000,000 and that the

total of

number

machine

wage

tools

increased

1940,
1941,
At

to
or
a

earners

for

from

100 900

in-

September,

1941, they

the

were

industry with

OPM

Dec.

17,

informed that be¬

Defense

automobile

beginning

industry
the

from

emergency

has contributed vitally to defense
production. Because of its splen¬
did plant facilities and its mana¬

gerial

the.OPM:*
Y.

"Journal

hours

Commerce," Dec. 20,

half

the

worked

automobile

total

sembly and parts plants
devoted

duced

wartime

are

man-

as¬

being

production,

observers in the industry say.

civilian
war

many

defense

use.

needed

needs

and

for
for

:??XXxC ;?.:x ,'??X

Machine Tools In the Automotive

Both

records

can

exceeded

tol)
Some

"Petn"

and

for

the

(penta-erithri-

smokeless
coal

tar

powder.

acids

(dibutyl phthalate for cne) are used
jn smokeless powder. Major plant
expansion is taking place in the
chemical industry.
For example,
magnesium output will soon ex¬
pand

from

about

30,000,000

1942,

particularly
if
refining pounds produced in 1940 to 400,capacity can be expanded.
•
000,000 pounds. There has been a
The industry devoted a
large notable increase in the .use of

part of its effort to the improve¬ petroleum products as a base for
' ment of its transportation facili¬ munition
making.
The record of the chemical in¬
adapting tools already avail¬ ties—tank-ships, pipe lines and
able in the automotive industry to barges.
Although
the
present dustry is one of brilliant adjust¬
Industry

in part to tanker fleet totals more than 300 ment. to new conditions. In the
developing vessels, nearly 200 additional have last World War, our chemical in¬
new
Since the average dustry was dependent to a con¬
tools, the automotive indus¬ been ordered.
extent
try has played a big part.
One tanker has an oil-carrying capac¬ siderable
upon
imports,
new

1941.

"About

meeting of renresentatives

officials

the

June,

by 56%.

of the machine t^ol

The

skill, this industry is of
making strategic importance. According to

defense

64.800

?;?????;/??■;?;

explosive

defense

tasks,

defense tasks and then

that/had been doing ity of about 120,000 barrels, there but it is now able to provide sub¬
body work is now is a potential capacity in the new stantially for our allies.
turning out planers to aid the fleet, under construction, of near¬
4See New York "Herald
Tribune,"' Dec.
over-loaded machine tool indus- ly 24,000,000 barrels.
This large 21, 1941.
*
•
tool

shop

automotive

•

Associated
of

tor

Dwelling Conslrndion In Non-Farm
'
Areas In 1941 Largest Since IS28

New

has

Press

the

construction. From that level the
units dropped to 509,000 in 1929 and then fell to

dwelling units

aggregate of new
a
depression low of 54,000 in^
1933," she said. "The 1940 and
have been

1941 totals of new units

aggregates since
1929 to exceed 500,000. These es¬
timates which are based on build¬
first annual

the

permits issued, are prepared
by the Bureau of Labor Statistics
of the U. S. Department of Labor.
The non-farm area of the United
States is defined as including all
ing

incorporated areas and all unin¬
corporated areas except farms.

further

Perkins

Secretary
stated:

preliminary total of new
dwelling units provided during
1941 shows an increase of 14%
The

over

the 1940 aggregate of 540,-

000.

This increase was entirely

due

gain

21%

since

dwellings,

family

new

both the 2-family and

units in

apartment classifications showed
decreases. Of the current total
615,000

units,

new

515,000

dwellings; 33,000,
and
67,000, multifamily.
During 1940 the nonfarm total of 540,000 consisted
of 425,000, 1-family; 37,(000, 2family; and 78,000 apartments.
1-family

are

2-family;

containing approxi¬

Projects

mately 96,000 units, or 16% of
the
non-farm
total,
were
financed with, public funds dur¬
ing 1941. Of these, 73,000 units
were designated for occupancy
by families of military person¬
nel and of workers directly aid¬

ing in the war effort. During
1940, 73,533 units, or 14% of the

publicly
financed. These included 23,785
units
constructed for defense
number,

total

divisions

1941

1940
540,000

+14
32,700
92,300
115.500

England

——

Middle Atlantic

Central——
North Central

North

West

Atlantic
East South Central
West South Central

South

Mountain

rural non-farm
areas than in large urban cen¬
ters.
To a great extent, loca¬
tion of publicly financed
de¬
fense housing projects in less
densely populated areas was re¬
sponsible for the trendy just

sized cities and

noted.

permit valuation of the
615,000 new non-farm dwelling
The

36.500

30,200
52,700
18,400
120,300

—

25.900
82.800
93,500
34,200
101,500,
28.80Q
51,200
19,900
102,200

U6.40O

—

Pacific

is estimated

1941

during

Price

announced
on
Dec. 16 the appointment ;of
Byron
Price,
Executive News
Associated Press, as
Censorship. The form
of censorship to be imposed on
the mails, radio and cable trans¬
mission, and the press will be
partly mandatory and partly vol¬

said

in the First War Pow¬

contained

which passed the
on
Decv 16,
granting the President broad au¬
thority to prosecute thq Govern¬
ers

1941,

Act,

and

Senate

ment's

war

House

In announcing

effort.

forms of censorship

"such

are

administered

shall

necessary

that

said

Roosevelt

President

Price,

Mr.

appointment ' of

the

effectively and in harmony with
the best interests of our free in¬
stitutions."
some

also

stated

that

degree of censorship is es¬
in wartime in order to

sential

withhold

any

information which

might be of aid to the enemy.
to

statement:

the

•

;

All Americans

purposes of continuity and as a
reflection of the general trend
of

residential construction,

new

estimates

unadjusted
presented here.

•the

censor¬

PROVIDED IN NON-FARM

terests of

615,000

—

.+,14

437,100

urban

Total

106,000

and over
500,000

500,000

92,300

100.000

of.

41,100

25,000

100.000
50,000

42,400
50,000

10.000

25.000

70.200

58,100

44,000
32.200

38,600

177,900

142,500

10.000

5,000

2,500 to 5,000
non-farm

Rural

45,800

26,500

important thing now is

that

of censorship
shall be adeffectively and in

forms

such

necessary

are

fministered

harmony with the best
of our free institutions.

interests

the national

It is necessary to

security that military informa¬
which

might be of aid to

enemy

scrupulously

withheld at the source.
It

necessary

that a watch

borders, so that
such information may reach

be set upon our
no

inadvertently or
otherwise, through the medium
of the
mails, radio or cable
the

enemy,

transmission, or by any other
>

means.

tions

- -

The large supplies
Walker.
Mr. Walker and Mr.
on hand are presenting a difficult
Biddle, who are members of the
storage problem.
new
Censorship Policy Board,
Indications
so
far,
however,
were present.
suggest that the acreage reduc¬
In an earlier interview Mr.
tion may fail to achieve one of its
Price said he planned first to
primary purposes for conditions
clear up the "muddle" over vol¬
have
been
so
favorable
since
untary censorship of the press
plantings started that the smaller
and radio.
area is believed likely to produce
According to Washington ad¬ a
crop nearly as large as the one
vices to the New York "Times"
just
harvested.
Naturally
the
Dec. 22, Assistant Secretary Her¬
basis for an estimate at this early

necessary

that prohibi¬

against the domestic pub¬
of some types of in¬

formation, contained in longexisting statutes, be rigidly en¬
forced.
*
•

;•

Finally, the Government has

called

patriotic press
and radio to abstain voluntarily
from

upon

the

dissemination

tailed

information

kinds,

such

bert E. Gaston has been named as

the

Treasury's

the

censorship committee

reports

date

not

very

substantial but

the

Agricultural Department ven¬
tures
a
forecast
of
630,913,000
bushels based

Cuban Trade Pact

de¬

supplemental

supplementary

made

since

States

was

the

sec¬

agreement

into

reciprocal

trade

pact in 1934. Under the
latest agreement Cuba grants con¬
cessions
on
products
imported
from the United States in.volving
tariff

and

items

comparison of

the

United

desire

co¬

output by more than 150,000,000
bushels.
All of which is only

and
may

that

all

requisite

these

under¬

be coordinated and

forward

with

time, and we are at war.

Executive News

accordance

single uniform policy, I
appointed Byron Price,
Editor

The

evidence that crop plan¬

further

ning is an extremely hazardous
occupation.
Today we cannot regard large
crop

ing widespread starvation. As has
Washington been predicted, food may yet "win
to say the war and write the peace."

indi¬

studies
far

has

there

employment of those
normally included in the

not

labor

force, such as house¬
wives' and those leaving school
prematurely.
As a result of
the shifting of men normally
in

the

force,

civilians

number

the

labor

the

into

force

labor

armed

force

of
is

greater now than it was be¬
fore the defense program be¬

It may, indeed, be some¬

gan.

smaller.

what

need
is

The

duction

increased

for

urgent

week

work

extended

entrance of new

force

labor

postponed..

est, since any decrease had been
fought, at hearings here last
September, by domestic beet
and. cane
producers
and by

pro¬

that
and

the

people into the
be
long

cannot

High

production

Rican

75-cent

sugar

Finds

Unemployment

Lowest Since 1930

interests.

Under the Tariff Act of

1930

pounds. That rate was re¬
to $1.50 by Presidential

duced

proclamation
Act

1934

connection-

the Division of Industrial
Economics
of
The
Conference
23

the Cuban sugar duty was $2 a
100

tariff

ment announcement.

under
the Tariff
with

the

under

the

original

agreement

reciprocal

signed

with

new

sugar

:
■

emergency

it was

minimum"

unemreached

Would

when 92%

to 95%

of the labor

employed.
At
the
beginning
of; 1941
there were about 8,000,000 per¬

It also grants con¬

tobacco and cigars

chilled or frozen beef
and veal.
Reduced duties have
been granted also on mangoes,
fresh and preserved fruits not
specially provided for, marble
chips or granite,, drugs of ani¬
mal origin, frog legs and fruit
pastes or pulps.

war •

ployment
force

molasses
and
under the Tariff

syrups

the

ducible

agreement provides
below those

duty 50%

physical volume of output was
not increased.

Manufacturing
employment
1917-18 averaged 11,400,000,

against 8,800,000 in 1914 and
10,200,000 in 1916. The physi¬
cal
volume
of
manufacaur*
as

ing output, however, dropped
slightly in 1917 and again in
1918 after a marked rise from
1914

In the essential

outpuf

industries,
hour

man

1916.

metal

lower

was

per

1917

1918 than in 1915.

increasing
suggested: (1)

Three methods of

production
increasing

are

the

of those already

shifting
ployed

working hours
employed; (2)

workers already em¬
into industries* where
will be

their skills and abilities

in the war ef¬
employing persons
who are normally not in the
labor force, particularly retired
workers, housewives, and stu¬
best

employed

(3)

fort;

dents of working age.

Increasing the length of the
work week is likely to bring
the

quickest increase in

however, if continued for a
long period, would hinder pro¬
duction;
possibly
the
work
week
of
the
late
twenties

might serve
as
a
practical
guide to an effective and unoppressive level. Overtime pay¬
ments,

moreover,
may
further expansion of the

deter
work¬

Unemployment

generally agreed that an "irre¬

Cuba in 1934.
The

new

rapidly drawn
force, but the

labor

ing week in thos^ industries
where the full economies of ca¬
in Octo¬
pacity production have already
ber is placed at 1,700,000. In Sep¬
been obtained.
tember, the number without jobs
had fallen almost to 500,000. The
increase in October resulted pri¬
marily from a normal seasonal Nat. Retail Dry Goods
decline in
agricultural employ¬
Convention, Jan. 12-16
Board.

trade

the

struc¬

sugar-marketing
restrictions imposed under pro¬ ment. The Board also says:
visions
of the Jones-Costigan
Employment in
1941 averAct.
The rate was further re¬
aged about 93.5% of the Na¬
duced to 90 cents a 100 pounds
tion's normal labor force. Prior
States

United

into

were

output. Over-extension of hours,

general labor shortage is in
The
prospect, if not immediately im¬
is equiv¬
minent, according to the revised
alent to about 43% ad valorem,
estimates of the total labor force
according to the State Depart¬ and unemployment released Dec.

Puerto

recruits

about

sons

the

and fresh,

order

parallel

JPress

concerning the pact:
The
sugar-duty
reduction
was the item of greatest inter¬

applicable

presently anticipated win¬
ter crop is very nearly as great as
the Government plans for com¬
bined winter and spring output
of about 650,000,000 bushels. Even
if spring production should fall
as
much
as
100,000,000 bushels
from the 274,644,000 bushels pro¬
duced this year and the presently
anticipated winter crop should
become a fact, total, production in
1942 would exceed the planned

advices had the following

cessions

condition at

maintaining Cuba's position as a such
surpluses' may some day
supplier of sugar to the United represent the means of prevent-*
States market."

and

acreage,

surpluses only from the
desirability, particularly in the
standpoint of the marketing prob¬
light of the emergency situation lem which they create. For with
created by the Axis powers, of
the entire world engaged in war

rates of

vessels

agree¬

and the United

Cuba

entered

universal

Minister of State.

ond

cated

trade

smith, American Ambassador, and
Dr. Jose Manuel Cortina, Cuban

certain

the

year's

671,293,000 bushels, in 1940 588,802,000 bushels, and the ten year
ment between the United States
(1930-39)
average
569,417,000
and Cuba was signed at Havana
bushels.
on Dec. 23 by George S.
MesserThe
A

Act of 1930.

have

which

New United States

The response has indi¬

degree

representative

will advise Mr. Price.

troops.

censorship is essential in war¬

some

normal year.

thus

that

cate

been little

flexible provisions of

lication

carried

that

General

Postmaster

field

Monthly

was

States grants

50,000

takings

strated

the labor market.

supply of wheat amounting to
given by Ugo
nearly 1,350,000,000 bushels, the
Carusi, Executive Assistant to
greatest in history and almost
Attorney General Biddle, in the double domestic consumption in
office

ex¬

2,000,000 to 3,000,000, as is be¬
ing z suggested,
would
alone
completely take up the .slack in

free institutions."

our

The oath

duty concessions on
and a variety of other
Cuban products.
The duty on
1940
Cuban
sugar
is
reduced from
540,000
90 cents a 100 pound to 75 cents,
397,500 the State Department explaining
100,000
that "both .countries recognize the
87,400

1941

non-farm area—

Percentage change

of all other nations has demon¬

But

statement that

record

carryover this year.
The combi¬
censorship "would nation of these two factors has
be in harmony with the best in¬
made available this year a total

sugar

just as they abhor war.
the experience of this and

ship,

of the large crop and

Further

pansion of the armed forces by

greater than the 12.5% cut which
the Government had proposed be¬
cause

force

labor

the

will be intensified.

even

all forms of

Population Group—

Totai

are

operate.

abhor

was

area

demand

pressure upon the price
ture.
In World
War I,

movements

appointment,
the President read the following
Incident

country

from Presi¬

seeded

the

in other years.
The winter crop
harvested in
1941 amounted to

the

that the

port of the Department of Agri¬
culture issued Dec. 19^+The 14%
cut

rapidly exhausted. Now
country is in the war,

being

re¬

Japan, therefore,
supply was

labor

Dec. 1, and rainfall and temper¬
ature to date with similar factors

tion

provision

that day

the

normal

this

$2,185,000,000. This is an in¬
of 18% over the $1,847,000,000 estimate for 1940.
The
estimates quoted here
and presented in the table be¬
low are comparable to previ¬
ously published data. Prelimi¬
nary results of a study of Cen¬
sus of Housing and related data
reveal that the level of the pri¬
vately financed rural non-farm
estimates is understated. Provi¬
sions are now being made to
raise the rural non-farm to the
indicated level.
However, for

Editor of the

Censorship

20.

with

war

declaration

the

crease

Director of

untary.

the

before

Well

the

45,663,000

from

activities. H

gency

reduced to

was

year

acres

in 1941 according to

acres

Dec.

assurance

Associated

President Roosevelt

sooner.

sworn

this

wheat

39,318,000

to winter

planted

acreage

emer¬

The

Byron Price Is Made
Censorship Director

the

f May Not Gut Oaipat

Government

other

and

The

number

average

people engaged on WPA, CCC,

costs, owing to the expense of
training
programs
and
the
probable insufficiency of new
workers may exert inflationary

units

Preliminary)

615,000

Geographic Division—
Percentage change

East

These
greater in

NEW DWELLING UNITS
AREAS.
AREAS, 1941 AND 1940
(1941

the previ¬
gains were
the smaller

ing 1941 than during

ESTIMATED NUMBER OF

New

preliminary 1941 estimates is in
Mountain States. Cities of
all size groups, and the rural
non-farm area as well, provided
more new dwelling units dur¬
year.

was

over

within

the

leave of
Associated

take

him

dent Roosevelt's

the

ous

will

Director

could take

the

1940 level indicated by

the

President.

Smaller Wheat Area

Washington said:

Mr.

Pa¬

Atlantic States
experienced the most important
gains in new dwelling units
during 1941" as compared with
1940. The only decrease from

were

purposes.

All

East North Central,

The

from

be^ Direc¬
responsible

United Press advices

cific, and South

5 much

Censorship

put under

were

and

Mr. Price

Labor Frances Perkins

granted
by
The

post assigned
coming week

started in any year since 1928, Secretary of
reported on Dec. 20. "In 1928, 753,000 new

number

largest

the

been

absence

615,000 new family

Press,

Censorship,

directly

dwelling units will have been
placed under construction in non-farm areas during the year 1941,
total

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

was

unemployed.:. The slack in
labor

market

was

quickly taken up by industrial
and military expansion, how¬
ever,

that by May the number

Retail Dry Goods
its 31st an¬
nual convention Jan. 12 to 16 at
the Hotel Pennsylvania, in New
York.
In view of the many in¬
dividual and difficult problems
which home furnishings are ex¬
The National

Association will hold

pected

encounter

during the

coming year a special session will
be held devoted to this field at
which the discussion will involve
credit regulations,

curtailment of

production in metallic lines,
controls and higher prices.
of the

price
One

speakers scheduled to par¬

ticipate

this

program

is Dr,

Chief of the
Consumer Durable Goods Divi¬
to £,500,000. From May to Octo¬
sion of the Office of Price Ad¬
ber unemployment averaged 1,ministration.600,000. This was about equal

without jobs had been

reduced

James

F. Bogardus,

Supreme Court Upholds Right Of Employer
To Express His Views On Labor Issues

Hew York State

Th^ right of an employer to express his views freely on labor
issues, provided his utterances are not part of a plan to coerce his

Preliminary tabulations showed that the number of workers em¬
ployed by New York State factories declined 0.6% from the middle

It is clear that the Board spe¬

month

cifically found that those utterdances were unfair labor prac¬
tices, and it does not appear that

caused

company-dominated; Explaining that the board's ruling "seems

the

was
>

based

heavily

the

the Board

case

"for

this

opinion.
"We be¬
lieve," said Justice Murphy, "that
the Board, and not this
Court,
\

Washington Dec. 22

stated:

■":•

One
around

was

•

the

issues

revolved

by the
company and speeches delivered
by company officials in 1937/
shortly after the Supreme Court

had held the

the

bulletin

favored

employees
side"

and

labor

From

"out¬

The

Board's

-employer
view

;

from

labor

lems,

here

the

which

policies

the Board for

which is has made/

|to whether

{dominated or suggest to the
jBoard • what • its -> conclusion

its

should

are

;

The

free now

certainly

ever

conduct/ though

the

when

reconsiders

remainder

its

order

the

total

;

activities

employes

their

his

coerce

free

then those employes are entitled
to the
protection of the Act.
And

determining whether
of

course

restraint

exerted
may

than

conduct
or

amounts

?; coercion,

•:

ways.

exerted in
,

Board's

other

Appeals

order

the

upheld
but

had

set

aside.

Surpeme
nor

ordered

redetermine ;its

Court

reversed
the

the

Board

the
to

decision,,

pressure

vocally by the employer
more
be disregarded

pressure

Court

Labor

Board

24.8%

were

The

in the

this

$34.77

OPM
m

November.

month.

for

The

Statistics- and

Infor--

ttnthAitf

reports.

'»

Two

;

■

Districts

Utica

about

and

Albany-Sqhenectady-Troy districts were the
only two' of the seven main in¬
dustrial

districts

the

October

Tosses
;

„

payrolls /from
to November.
In both

gaiiiz-ea

Production Management to bring
all
industrial branches handling

the

bulletin

are

but

and

parts,

the

speeches

reaching

its

ultimate conclusion with regard
t

.to the Independent.

plants,

/ in

any other

'/V,:,.:;;//.'-.:

■:

Binghamton-Endicott-Johnson
Syracuse
Rochester

•who

"labor

Employees

and

the nation

the

setting aside Jan. 1

+ 0.7.

+ 39.2

+ 65.3

—0.2

+ 13.3

+ 60.6

•

—0.7

+ 20.7

;

Prayer

and

declared

weapon

•

;

The

+ 44.6

—0.4

+ 25.5

+ 50?

—0.8

+ 21.5

+ 37.7

+ 23.3?

+ 45.3

; —2.0
M;;

T Vv/v:.*

President asserted that the tra¬

Jor'th^ "preparation of

Day
uay

any 0mer

man

There
I

;

by the reorganization.

other

have

the

Mr.

are

How

dignity and
•

which Christ/

How

.can

light our trees?
be give our gifts? How

can

meet and

/ ydeath?

•Fellow workers for freedom:
>

•

)

worship with

a
-

Iin

day,

many

peoples in

a
?

in the task
with

their

life-blood for months and

years.

One

their

even

j enemies

great leaders
He and his
.

parts

many

against, the

,,ren around Them just as we do
He and his people have

There.

{sacrifice

way

for

the

in courage and
sake of little

; children everywhere.

„•/.

And

ciate

and

old

asking

friend

say

put the world

and

women

aside

put

peaceful
to rejoice in the birth of

—questions in every part of the
world; which .is resisting the
evil thing.

j
Even/as
;tionst we

•tion

ask these

know

the

another

demanded }. of

yond

people of America,
young, tonight—WinsTon Churchill, Prime Minister of

/old

and

Great Britain.

Many Accept Colombian
Board Exchange Offer
Holders
the

outstanding

public

than- 50%

answer.

preparation

this

external

sinking fund gold bonds due Jan.

offer

these

and • Oct.1 1^ -1961,* have
advantage of the Republic's
to
issue
in
exchange for
bonds an equal principal

amount of

new

ing

dollar

fund

3% external sink¬

bonds, Gabriel
Colombian Ambassador

the

Dec. 22. The

United

States, announced
new

will mature Oct.

bonds which

1, 1970,

are to be
the amount of $50,000,000, the balance not required for

issued

nation, be¬

the 6% loans.

being

effected

agent,
the

and

new

currently
garten

The

exchanges are
through The Na¬

tional City Bank of New

interest

Yorl$

coupons

bonds

are

at the

offices

being
of

)

"r.

•-

•

is¬

as
on

paid
Hall-

Co., 44 Wall St., and
prepara- Kidder, Peabody &
Co., 17 Wall
and materials St., New York City.

of weapons

;-'T

ques-

beside- the

and

$43,176,50(L Re¬

Colombia

<
■,Lf • '■{*') /■
exchanges being reserved for
jThese are natural—inevitable suance for past due coupons

There

asso¬

word to the

Turbay,

it?

JChrist?

the

having their Christ-

are

trees with their little child-

mas

taken

we pause, even for
for Christmas Day,

men

world

years,

which beset

How -can

The

humanity,

•aside,

me.

suffering' and1 1,1 1961,

world

urgent labor of arming

our

./decent

war,

.and

j Z How can

;

world

fighting

years

ad-j

with

Millions of them

sincere and

—

love and with uplifted hearts in

praised
and sacrifice of the

The text of the President's

joined
and

■

many men and wo-

and women-^-who
themselves this Christ-

asked

Roosevelt also

dress follows:

Christmas

men

fmas:

signifies
than
S1^me^ — more
more znan
day or any other sym-*

courage

across

coast to

great cause.

world

hearts- for.

bol,"

this

en-

our

other nations

because

year

pur

in America

men

ifaithful

"our

war

Division/under stern tasks and formidable
Harrison, the Priorities Di¬ that lie before us."
vision under Donald M.
Nelson,
William L. Batt, were not affected

now
one

/stands beside

being observed this

was

pay of

that

in this

that conviction of the

I mas

forces

and far—

near

have been engaged
of
defending good

•

suffering and<S>

brothers,

armed

our

Christmas candles

Payroll

i+ 0.7

]—0.7 ?

lti
ultimate
victory which lie ahead,"
He referred to his proclamation

strongest

pointed the

ditional Christmas celebration

and

sons

this continent from

Nov.. '40 to Nov., '41

Payroll

„

Roosevelt and Prime Minister Winston Churchill of
Britain" joined ,in; Christmas {Eve'messages-to the
people of
America at the annual ceremony"
of'lighting the community Christ¬

the

spirit, and with
thoughtfulness
of

our

serve

the

President

W. H.

Division, under

in that

evening.

+ 66.6

r-U :/

of the demands

care

everywhere*

izi-L—LL——■'

City

tree at the White House/«

•

{those who serve for us and
jdure for us—that we light

Great

mas

men

Ton land and sea,

this

+ 29.3

+o.5

those,

which

+ 1.5

;

•.;

York

and all

particular

large

+0.5

and the Materials

for

+ 1.6

City

;

j human love and in God's
i

•

Employees

Percent Change

City—
::

Utica

symbol.

Against enemies who preach
■the principles of hate and
prac-;
Hice them, we set our faith in
.

Oc¬

Buffalo

man

which Christmas Day signifies
; -^more than any^ other* da$t or /

net

the major factor

were

decline

dignity and brotherhood of

;

month.

The Production

complex of activities, of which

from
The

our

past,

employ a large - proportion of
the factory workers in this dis¬
the

„

these

Oct. to Nov.. 1941

mas

iycui

Reorganization of the Office of

nth

trict,

em¬

and;

workers

November.

for

Our strongest weapon ia thisf
is that/conviction of the

con¬

laid

area

war

Metal plants

concerns.

Buffalo

2,000

tober

State

that reported gains in both

ployment

the

days to come."

were

producing

all

preserve

....

gains were
Teported by New York City in¬
struments,
novelties,
baked
goods and miscellaneous wood

Report Gains
The

may

of
consecration to the tasks of the
/present, of asking God's help in

New-

or-

there.-Good

products

Industrial

fact that

losses

tabulation and analysis of these

Only

instrumental

r i

direction' of

Patton, is responsible
/monthly
collection,

the

reductions

that

struggle in

^asking
foregiveness
, shortcomings: of
the

firms

City apparel and
struction materials firms

world

"Therefore, I
do here;by appoint the first day of the
;year 1942 as a day of prayer, of

Although

;York

of 1942 calls

year

hold dear.-

{Seasonal

Divi:

ag¬

self¬

freedom-loving;

shoe,, clothing
and
canning firms lowered the total
employment and payroll levels.

civilian

mere

tder

metal

dominated
whose

help

the other
changes in

occurred.

the

new

to win

among,

Rochester

losses

weekly wage
during the middle

the

totals

rulers

ifor the courage and the
resolu-,
ition of old and young to

Syracuse

areas,

brought

war

powers

from

"Jhe

(/were;busier;; the large seasonal

average

the
most

These

many other nations and peoples
supplies and industries with which this country is now
language
under the supervision of William joined "in a great cause."
•:
merges into a course o* conduct
g Knudsen, Director General, and
In
his. brief talk,
does not put that whole course
the Prime
sid
Hillman, Associate Di- Minister said that "ill would it be
without the range of otherwise1
rector, was announced on Dec, 19. for us this Christmastide if we
applicable administrative power. The
action was taken as a pre¬
were
not sure'that no greed for
In
determining
whether
the
liminary step to the Government's the lands or wealth of
company
any other
actually
interfered drive
to
convert
industry into people, no
with, restrained, and coerced
vulgar ambition,; no
making
goods
for
either
military morbid lust for material
its employes the Board has a
gain at
purposes or for essential civilian
the expense of others had led us
right to look at what the com¬
needs.; The OPM Civilian Supply to the field." He called for the
pany has said as well as what it
cast-/
Division
was
headed
by Leon ing aside "for one
has done.
night only''
Henderson and the Division of
of the "cares and dangers which
But from the Board's decision
Purchases by:Douglas C. Maebeset us"- and urged full
we
are
far from clear that the
enjoy-J
Keachie.
ment before turning again "to the
Board here considered the whole

The

these

has
a

j centuries.

payrolls and,; in the absence oi

in¬

preliminary tab-

mation/ under the
Dr.

were

Employed 622,411 work¬

ers

brotherhood of
ksi

were

Christmas Messages To U. S. Of President
1
And Prime Minister Churchill Of Britain

,;//r

Justices Roberts and Jackson did

neither

and

1941

peoples of the earth the hardwon liberties gained over many

■

people

off dues and assessments should

that

; areas.

do not at

be refunded.

choice, noted

itake

/ products concerns hired additional: workers,
but
reduced

year

Buffalo

this time reach the other parts
of the Board's order, including

may not participate in„the decision, said
amount,
in
connection
with
Washington advices to the New
other circumstances, to coercion
York ?"Journal
of
Commerce,"
within the meaning of the Act.
which said that the Fourth Circuit

City

its findings with
the domination of

iji part by speech,

employer restrain

forces

labor

ish purpose is to
destroy free
/institutions. They would thereby

the command that the checked-

evir

//industries,-(similar

New

gains

Johnson<

Albany-Schenectady-Troy

Since the Board rested

respect to
the Independent,

to take any side it may choose
in this controversial issue.
But

deneed

case.

large part

imposed

the

Small

higher.

sion

cause

the Independent was

non-

^accompanied by payroll losses
iin
the
Binghamton-Endicott-

the

Com¬
a

the

nation

by arrogant

;

other

firms

j opinion.
We do not mean to
intimate any views of our own as

not in punishment of the em-:
ployer but for the protection of
the,employes. The employer in
as

there

ulations

;

redetermination

151.3.

was

than

100, dropped
corresponding

November

layoffs

workers employed this Novem¬
ber on a payroll that was

cluded

jof the issues in the light of this

prob¬

regard

State Depart¬
of fac¬

throughout the State

adequacy of
as
doubtful.

We therefore remand the

ances

case

the

losses.

and

make

for

into

year

our

gression

in. the Albany-Sche.nectady-Troy area were suffijcient to obliterate the losses at
; most other plants.

reports
from
2,500 '»■ representative:; factories

to the Circuit Court of Appeals
Iwith directions to remand it to

enjoins the

upon

this

speeches,

net

the

ferrous

upon

hired

when

hearts

observe Christmas Day

"The

cotton

goods/plants

|/concerns

food

expressing

sanctions of the Act

findings

upon

;

index

The

index

iwith regard to the bulletin and

penalty imposed
because of any utter¬

nor

heavily

the

offset

And

our

our,/

metal, silk
/goods and printing establishments. The gains at machinery.
; steel,, brush and wood products

apparel,

and

knit

49.i%. //major/changes

con-

this record.
that the Board

of,/

our-

days
to
come, I have set aside a day of
prayer, and in that proclama¬
tion I have said:

appears

absence

material

with

ago,

Independent
of

arming

/// Looking

the

areas,

plants.Utica firearms,

1.2%

November,/: the;

Labor's

126.1.

payroll

not

revealed

this t

week

are

the

industrial

;

losses

these

the

—with all its memories and all
its meaning—as we should.

Accord¬

gains

^sufficient workers to

1925-27 average as
to

the evi¬

upon

been

tory employment, based

Irested

the

nor

reported.

were

/•and

October

and

The New York

sufficiently
certain from the findings that

jduct

-U;.:

order

Here

jRather it

Act

'upon the whole course

the

•

iwith regard to the

specifically found
that the bulletin of April 26 and
the
speeches of May 24 "in¬
terfered
with, restrained and
coerced" • the
company's- em¬
ployees in the exercise of their
rights guaranteed by Section 7
Of the Act; The company strong¬
ly urges that such a finding is
repugnant to the First Amend¬
the

of
by
aimed .at

have

produced

ment

jthe Board based its conclusion

Board

'Neither

was

to decide

dence.
•

in the
in the

take

firms

sufficient

are

from

forces

construction

pared

there

utterances

jBoard

"Times"

ment.

Whether

demanded

the

V; then

were produced by sizable
j increases at individual defense

the

years,

usual seasonal losses at

func¬

our

dustries

(achieving objectives forbidden
j by the Act, are questions for the

The

contended

might be."
findings
of
the

following:

it is not

chiefly

major gains in the defense in¬

set

! the

opposed

as contained
text of its decision as given

York

speeches

company

Supreme Court
New

the

and

organizations.

the

speeches/

wishes

own

ground,

sustain

the bulletin and the speeches, or

that it left the employees "com¬
pletely free to follow whatever
their

payrolls.

I whether the whole course
'conduct evidenced in part

however,

company,

and

union

November

0.6%

are

changes

utterances

and

past

the

average

'findings and evidence of inter¬
ference, restraint, coercion, and
j domination without reference to

The Board said the company,

Over

tion to appraise.

Wagner Act to be

constitutional.

the

small

were

thus

If the

t\york which

bulletin issued

employment .and payrolls

to be separated from their back¬

bulletin

In the Associated Press accounts

from

them

{forth the right of the employes
ito do as they please without
tear of retaliation by the com¬
pany.*
Perhaps the purport of
these utterances may be altered
iby imponderable subtleties at

should undertake the task of clari¬
fication."

raised

find it difficult to
finding of coercion
iwith respect to them alone.
The

determination of the issues in the

light

Board

ces.

re-*'

both

seasonal factors, usual
in November.
The Commissioner
further reported:
b

| stature of coercion by reliance
on the surrounding circumstan¬

findings
which are not free from ambiguity
and doubt," the Court returned
upon

ing to. Industrial Commissioner Frieda S.
Miller, who released this
Dec. 11, the losses -this<£-

em¬

the

preparation

suffering and the ul¬
timate victory which lie
ahead,

report

ployees. The Board had held that
independent union (Independ?
ent Organization
of Employees),

company

and

Total payrolls dropped 0.2%.
past year and a' half that net re¬

ductions

Co. to disestab-

rower

union

the

hearts."

ready

of October to the middle of
November.
This marked the first time in the

upheld by the United States Supreme Court on Dec. 22 by a 7-to-0
Murphy.i The opinion was delivered on
litigation growing out of a Labor Board order directing the Virginia
decision, written by Justice

also

hearts;'

In Small Seasonal Loss In November

workers in violation of the Wagner National Labor Relations
Act, was

Liecmc

There

war.

..us
'y

lish

Factory; Employment

•

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

November

,-ministratively. determined that

Engineering Constriactiosi

Up7%j>;

such

Engineering construction awards for the four weeks of Novem¬
total1 $348,800,000 as reported by"Engineering News-Record"
Dec. 4.
This is an average of $87,200,000 per week, and is 7% higher
than the average for the five weeks of October, but 9% lower than
the average for the four weeks of the corresponding 1940 month.
The current month's total is the second highest for any November
on record,
being topped only by«>
Federal construction is 38 ;to
the November, 1940 volume.
n

ber

lower.
-

0.4% below a ybar
private work Is33%
I

the

•

construction

Total

—

Public construction

municipal

and

State

Federal

—

$406,332,000

(3)

68,432,000

280,368,000

for.

terms

Federal work.

waterworks, 13%; financingypf

11%;

construction,

unclassified

and

42%;

drainage,

and

23%.

Comparison of current aver¬
with those for November,
1940, shows gains in public buildings, 2 %; waterworks, 46%; and
unclassified
construction,- 16%:
Losses are in streets and roads,
ages

industrial

20%;

Appropriation
Act
$125,000,000 for November.
New

the
is

74%

average volumes
than in October. New England is

higher

118,000, are

117%

above

all the

On
The ' Securitiesv and
it

pointed

the

581 of

Regulations
1933

broadens the scope
of the rule so as to provide for
nondisclosure
of
any
contract
which an executive department of
the United States or the United
States Maritime Commission has
administratively determined
should not be disclosed
in the
interest of national defense. Un¬
Commission,

The

the

Commission's
;

Securities and Exchange

The

authority conferred upon it by
the Securities Act of 1933, par-

10 and 19
(a) thereof, and finding it necessary and appropriate in the
public interest and for the pro¬

ticularly Sections 7,
•;

investors and

tection of
sary

for

the

neces¬

execution of the

functions vested in it by the Act,

hereby amends Rule 581 to read
as follows:
^ "
..

and

the

Affecting
National Defense.
*
581.

Contracts

(a) Notwithstanding any par¬
provision in any form
for registration or
instruction

ticular

States

the

procedure

the

be,

may

national

tional

defense
thereof

and

that

would

tions

paragraph (a),

notification

of each
the

received? from

■

executive

department • or
the
States ' Maritime Com¬

mission with respect to

the fil¬

its

terms.
-

executive

the
the

na¬

out

"Buy

Bomber,"

nancing

;
^

the

not

adopt

such

these

obligations.

■

inquiries from a
and organi¬
zations who asked that they be
Answering

number of persons

the

regis¬

trant need not file as an

exhibit

pertaining
to

the

thereto,

registration statement a

United

States

-mission

with

the 'contract

Maritime

which

is'

Com-

copy

file has

!of

ad-

permitted .to
for

donation

ment,

the

general

mil¬

insurance

and

railroads.

the

debt

held

points

than one-third of

funded

this

Moore

Dr.

rail¬

and mutual savings
He asserts that eco¬

companies

trouble

the practice

tempted

claimants after default."

fixed

income

claims

Randolph

taxation

Paul,

New

Yale

School of Law, has

University

been consult¬

ing with him and other Treasury
officials

that

Mr.

He said

tax adviser.

Paul

Tax

Adviser

with

the

will

appointed

the

technical

Secretary

status

As¬

sistant to the Secretary to devote
his full time to such work

his

personal

arranged.

affairs

soon

can

Mr.

Paul, a member of the firm
Lord, Day & Lord, and a Class

C Director of the Federal Reserve
Bank of New

several

York, is the author
dealing with

studies

Federal taxation.

Death Of Gunther, U. S.
Minister To Rumania

the

Franklin Mott Gunther,
States
on

United

Minister to Rumania, died
22

Dec.

Bucharest after

illness of several

weeks, according

debt-

to word received at the State De¬

partment, in Washington. He was
56 years old.
All members of the
legation staff have been in Buch¬
arest awaiting arrangements for

equity financing. He favors the
placing of all railroad capital

result of Rumania's declaration of

Dr.

causes

current

of the

Moor^ insists,

found

Dec.'; 12
York
attorney, and Sterling lecturer t>n
announced

genthau

that

railroads,

The

Treasury Tax Adviser
Secretary of the Treasury Mor-

the railroads.

readjustments
•

Randolph Paul Made

of establishing the

insurance and banking business

,to

by life insurance

inJthe

courage

are

factors which dis-

reliance

greater

contracts in the
tingent charges

form of con¬
pledges of

return

war

to-the

States

messages

change and thus be freed of the

ing

distress

the

American

•

United

against the United States on

Dec. 12.

In his opinion, ^ even
an
investor preferring a fixed
rate
would
benefit
by
the
earnings.

President Roosevelt and Secre¬

tary of State Hull recently cabled

to Mr. Gunther

express¬

his illness and
risk of disorganization and dispraising his contribution to the
-ruption: occasioned
by
the interests
of
the
country. V Mr.
chronic inability
to meet the Gunther, who was a native of New
fixed; charges from which all York.
City, had a long career in

amounts

the

Govern-

tion.

repeated'

charge, he argues,

Secretary

the

and

holders

collect
to

standpoint

corporations

nomic

.:.
-

from

banks..

prac¬

public debt

bonds

the

from : taxa¬

tion and the sale of

are

roads
•

obligathan

before.default, f(nd
any
greater solicitude for the
stockholders
than
the
prior

con¬

emphasizes that
preferable to

issues

out that

suggCs-

Moore

stock

connection,

"Give
a
to - Uncle

appear

are

conclusions

its

securities

a major means of fithe Government's re-

Treasury

Although

savings accounts
directly affected by institutions
investing heavily in the fixed

quirements and added that the
principal sources of funds to

■

•

policies

could not

slogans

present

did

lions
"

greater

any

bondholders

Affairs of Washington,
Prepared by Dr. William H.

the

for

V' tions

has been

writing that
department
or

for

pointed

identified

ticable

information as
the contract

tion

Public

Dr.

be¬

stockholders

a
study recently
American Council

Corporations."

"dona¬

contributions

received

the

fellow of Brookings
the study is entitled
"The Reorganization of Railroad

Sam," and others. He explained

relating directly or indirectly to
any of the following subjects |as
notified

are

with

market-value-of-securities

Institution,

General.

Government

defense."

-that

to which the registrant

Treasury

Christmas

tration calling for a summary
of the terms of any contract of
the type described in paragraph
any

had received a number of
suggestions that, arrangements
be set up to encourage dona¬
tions to
special funds to ,be

Notwithstanding any par¬
ticular provision in any ? form
for registration -or .instruction
pertaining thereto, the regis¬
trant need
not, in answering
any item in the form for regis¬

terms

criticized

ury

(c)

(a), furnish

ing thereon says:

the

•

relative

"disavow
,

The Secretary said the Treas¬

ing of copies of the contract pr
information

the

connection

is sound and suggests
public prevail upon its
legislative representatives and
governmental
commissions
to

Of Reorganized Rails

ahd

charges and their regula¬
the doctrines of absolute

that the

the study, an announcement bear¬

individuals

Commis¬

formula

-j.

The rigid financial structure of
railroads now being reorganized

specific
pur¬
poses
and. that moneys in the
general fund are'iised to pay all
expenses of the Government, in¬
cluding those for war activities.
Tile Department's announcement
also had the following to-say: j :

pursuant

a copy

the

that such

con¬

registrant shall file
aslan exhibit to the registration
statement, in lieu of the copy
of the contract omitted

upon

Financial Structure

plies

purposes

war

deposited

Fund

dis¬

•

for

groups

ing

from

the

and

bution

Study Assails Rigid

Secretary of the Treasury Moron Dec. 22 that con¬

Bankruptcy

Commerce

and

burden
will

war

corporate relationships and their
bearing on. public policy.
As to

For War Purpose;*

Com¬

the

ing to the reorganization of rail¬
!•••- road managements, the study ap¬

mmmj——

the

sion

tion,

meas¬

cerned chiefly With the evils lead¬

15, 1941.

About Contributions

has-been

case

keefc
make

the

Moore:

Interstate

fixed

un¬

wW—i

copies of the information

clearly

trend

ability to pay such taxes.

which
of

cost

imposed

D. C,

desires

study,

general

all of the people
according to the degree of their

of the

ies of the notification and three

all

courts, forcing
acceptance of a reorganizationplan, private and public con¬

the

and will

further

enact

under

ures

issued

registrant

his

priority in distri¬
losses, control and
management as assets, the spe-.
cial aspects of divisional mort¬
gages,
and the
treatment
of
sundry creditors.
In his con¬
clusions, Dr. Moore states that

set

'to

siderations

measures

doubtedly

the

eco¬

Act, the reorganization of di¬
recting
personnel,
the
steps
relating to reorganization pro¬
cedure,
the
classification
of
claims, the requirements of the

that

fact

the

make,

conform

reorganization prior to
the legislative history of

Section

l.\

Rule N580

Secretary also called at¬

revenue

that

impair

bear

course

1933,

of the donors

donors

railroad

Congress has enacted additional

copies of the contract or portion
required by paragraph
(b) (1) of such rule, three cop-

has administratively determined
that the;subj ect of such con¬
tract relates to and affects the

any

would

the part

efforts

realities

analyzes

tax
he

cases,

prospects—>
necessitated by un¬

undertakings.

such

The

the

accruing

some

study is based

than their fair share of the war

portion

any

Treasury Explains

States

Maritime

—-j-.

determines

disclosure

tributions

information

United

Exhibit

public

the

funds

Bonds

sound

contractual

out, voluntary dona¬
obviously entail real sac¬

tions

cation is filed

genthau said

Rule

registrant

rifice

notified in writing that the ex¬
ecutive
departmentc or v the

United

Commission, acting pursuant to

United

(b) The

those of the United States.
text

the

contrary

"'Confidential."

with the United States Mari¬

closure

nondisclosure

action follows:

•

are

trary to the public interest. I

provided for contracts relating
to the military forces of allies of
the United States Government as

the public interest. Such notifi-

undisclosed,

the c|mtract; is
exedeliye de¬

mission,

well

\%ith

(2) The

regarding nondisclosure of con¬
tracts affecting the national de¬
fense.
The amendme'nt, says the

would

disclosure

the terms of the contract which

time Commission.

Securities Act of

der the amendment

file

that

nomic

how¬

their

Savings

currently

liabilities.

and

Effective Dec.

partment

their

re¬

thereof

to which

following conditions

(1) A copy of

Exchange

amended Rule

has

its General Rules and
under

Defense

defense

satisfied:

Commission announced on Dec. 15
that

contract

any

uxg^d,

invest

country

lates to and affects the national

the

Secretary

changed

realities and

process

successful

that persons''desiring to
participate in the war effort of

deter¬

shall be fol¬
lowed, except that there shall
be filed, in lieu of the-three

copy

The

Stamps or
in;. Treasury
Tax
Savings Notes to use in paying

has

Commission)

nomic

the United States Mari-

or.

forth

purpose.

(naming the executive depart¬

mination,

year

this

further

Dr. Moore's

special

ment

the registrant desires the Com¬
mission to make such a deter¬

ago.;.

SEC Widens Restrictions

for

statutory

the definition of reorganization
as the adjustment of a
corpora- 7
tion's capital contracts to eco¬

di¬

campaignsraise funds from the public

has

not necessary for the protectipn
of investors. In any case where

$752,438,000,
gains
scale
private
housing,
6%; 9%; Federal financing of nonFederal
work, $378,741,000, is off
bridges, 26%; sewerage, 7%; and
earthwork and drainage, 48%.
9%; and Federal Appropriations
for
Federal
construction, $4,951,Geographically, three sections
report

conduct

'the

the value of the contract and is

$3,610,990,000
reported
for^-the
11-month period in 1940. Private

donations

the

such

for

such

notified that the

Commission

date, $6,282,297,000,
compared with the

year

the provisions of paragraph (c),
if the Securties and Exchange

construction financing

make

the

investment

interest.

rectly to the Treasury, but that
the Treasury could not author¬
ize private persons or agencies

terms of .the ■ contract required
to be furnished notwithstandihg

total
.

that
on

fiduciary funds be

that

ever,

Lease-

Lend

from

tention

added

voluntary
donations
those people who desire

paragraph (b),
:

receive

costs.

large- investment,

and

building

commercial

48%;

buildings,

Second

the

Nation.

.be made of the contents of aiiy
notification
filed
pursuant to

applanations for Federal
from

recommends

they

the Treasury would continue to

(e) Public disclosure will not

$22,751,00(Ois
41% lower. ; Fed¬
eral
work

work,

non-Federal

contract(s)-

the

Since Fed¬

restrict

order

certain

pursuant

Commission.

laws

holdings, of
preferred stocks by insurance
and
savings /institutions,
he

Treasury and
suggestions

believed

Commi,ssion, the registrant having be^n

thereof

;•

averages

earthwork

the

eral

ap-

mined that such information

Middle Atlantic are 40, 27 and
] " }
compared 26% lower,, in that order.
New Capital
with
those
of
the
preceding
/
\"
New
month reveal increases in public
capital for construction
buildings
of
44%; commercial purposes for the month of No¬
building and large-scale private vember totals $193,091,000. v This
149%
greater
than
in
the
housing, 44%; and sewerage con¬ is
struction, 30%. Decreases are re¬ month last year. .The private in¬
total,
$45,340,000,
is
ported in street and road lettings, vestment
14%; industrial buildings, 36%; 16% over last year, but Federal

bridges,

as.

omitted

time

merce

limitations

the

rules and regulations of the Se¬
curities and Exchange

November

.been

1941 105%; and west of\ Mississippi
to date to
$5,599,010,000, a gain States gain 36%. The Far .West
under a morith
of 56% over the awards for the average is .13%
lower;- and
11-month period last year, and ago;- South is 27%
Middle
Atlantic
is
down 31%-. ' r
40% greater than the $3,987,000,Compared
with
November,
000 reported for the entire year
1940.
Private
construction
for 1940, the New England volume
is
up
25%;
Middle
West
- climlbs
the period is 6% higher than a
59%; and Far West gains 4%.
year ago, and public work is 77%
and
nigher as a result of the T70% South, west of Mississippi,
increase

statement

Information

brings the total for

volume

nu-

have

positive evidence of the
spirit of patriotism prevailing

registration

summary

was

In support of his
views, Dr. Moore cites recent
findings of the Interstate Com¬

gave

proximately the following form:

higher; Middle West- is up

112%

ex-

of payments.

received... and

item

any

which

been made to the

by the' number

services,

for

donations

merous

any

shall include
w

P. terms

construction

November ?

The

■»

contract of the
type described in paragraph (a)

.221,391,000

Congress.
The Secretary
said he
greatly heartened by the

be furnished,

answer

form

the

calling

58,977,000

200,358,000 -V

(d) The

$348,800,000

facilities,

information to

(four weeksi

94,760,000

Nature and extent of

perimental

311,572,000
111,214,000

: Nov:, 1941

"(five weeks).

$382,724,000
101,590,000
281,134,000
96,738,000
184,896,000

—i

construction

Private

:>v

Oct., 1941

constructed

months are: '^/.v
.

scriptions, specifications, deliv¬
eries, tests, or guarantees pf
performance with
respect to
such;equipment or materials.;?

supplied.
; (2) Designations of
type, de¬

Values of awards for: the three

Noy.ji940
(four, week6)

<•

•

than a year ago. ;

lower

determining
t(ie
raising money neces¬
meet the expenditures

sary to
of the Government is vested in

trol of the corporation is not
placed in corporations likely to
profit by improper withholding

for

materials

are

au¬

contrary to the public interest:
(1) Quantity of equipment or

and

thority

certainly as a fixed charge; if
earned, provided only that con¬

6, 1940,

the sole

method of

average

awards,

defense, and

said that

that disclosure thereof would be

•

ago,

national

on
the 20%
higher, respectively, • than
;■basis, is 13% last month and last year."
State
above last month, and is respon¬
and municipal awards are
34%
sible for the increase, as private
awards ? are 10 % lower.
Public under a month .ago, and 39%

construction,

"Public

the

when

weekly

his explanation of. June

subjects relate to and af¬

fect

investors

can

suffer.
pay

The

corpora¬

contingent

over

diplomatic

easily and dating back to 1908.

service

THE COMMERCIAL & FINANCIAL CHRONICLE

the ^"Commercial

;

SEC Reports

30 Security Issues Totaling
: :
$193,416,000 Were Registered In November

Chronicle,"

ing the month of November covered 30 issues in 23 statements in

066,000,

were

account

of this

total, or
or $186,-<$
registered for the
and

issuers

pro¬

Vice-President

sale.

for

and

29.6%; manufacturing compan¬
ies by $36,316,000, or 19.5%; ex¬
tractive by $15,480,00, or 8.3%;
financial and investment $10,-

bonds,

gage

Pacific

Gas

$20,835,000

due

1971,

and

Electric

2%%

the

Co.;

dustries by

refunding mortgage .bonds, due

1971, of the Philadelphia Elec¬
tric
Co.;
and
$20,300,000
of
2Vs%' debenture
bonds,
due

176,000, of the securities regis¬
for sale by issuers were
be
offered
to
the
public

tered
to

1951, of the Westinghouse Elec¬
Small

tric & Manufacturing Co.

through

segments not registered for sale

facilities.

included

issuers

of substitute

000
of

registered

for

than

the

others

$1,257,000

the account
issuers, $1,-

form

common

Unsecured

bonds

amounted to 27.3%

bonds 25.3%

former

dean

the

For

Savings

Columbia

balance of $67,218,000

The

distributed

expected to be

all but $30,000.

The

both

tribution

and secured

of the total of all

! types of securities registered by
!
issuers for sale.
Certificates of

beneficial interest, etc. amounted to 5.5% of
the total, and preferred stock
Companies in the transporta¬

the

and

Board

announced

1.5% of the $186,066,000 of gross proceeds. After de¬
ducting other expenses of dis¬
tribution amounting to $776,000,
or

issuers

$182,587,000,

net

98.1%

of gross

non-farm

represents

Septem¬
record¬

real

important factor in the volume

October

believed

estate

mortgage

Board's

(By

Securities)

November,-1941

Total securities

Total, less securs. res. for

Securities

conversion

for sale by issuers

effectively regist.

Secured

bonds—

stock—

Common

Certificates

beneficial
Warrants

1941

1940

Amount

1941

1940

44.5

$47,085,200

25.3

65.9

$47,085,200

24.7

50,750,000

26.6

1.1

50,750,000

27.3

1.6

6,600,000

3.5

15.3

6,600,000

3.5

7.6

77,198,050

75,829,300

39.7

16.7

71,441,125

38.4

15.5

10,525,705

5.5

22.2

10,190,000

5.5

stock

Preferred

Amount

Grand

total

and

individual

third

Bank

with

and

100.0

Henry Parker Willis
Fellowship Established

loan

associations

tablished

the

es¬

Trustees

tial

gift of $4,479 received from
Henry Parker Willis Fellow¬
ship Committee, of which Senator
Carter

Glass

it is announced by Dr.
Nicholas Murray Butler. Open to
graduates of all colleges and uni¬

man,

versities

ceived

provides

!££e

suitable

Fellowship

fund

will be kept open, but until suffi¬
cient contributions are received,
the

committee

holders

that

suggests

granted

the

supple¬

mentary scholarship.
It is ex¬
pected that the first award will he
made for the academic year 194344.
The
announcement, from

Columbia

furtlher

University

states:

'.[•

The

Fellowship

perpetuates

ker

Willis,

and

editor

former
of

the

Commerce," who,
of

the Columbia

years,

served

economist

"Journal
as

member

Faculty for 24

friend

and

guide to thousands-of business
students.

Columbia
in finance.
was

Dr.

Willis

1913

came
a

lecturer

Four years later he

appointed

the

first

Pro¬

the

bachelor

regional

of arts

Bank

de¬

institution

the

1897.

Columbia conferred upon

same

tor

lis

began

1899

laws

1929.

Professor

Washington and Lee University.
1905, he became Professor
of Finance
at
George Wash¬
ington
University,
where
he
dean of the

College of Po¬

litical Science from 1907 to 1912.

joined

the

staff

and

served

from

1919

nance

1931.

Banking

Committees-

con¬

1913:

Amount

amount

Savings & loan
associations.
Insurance

cos.

49,574 $138,670,000

31.0

8,271

39,896,000

8.9

32.386

106,109,000

23.7

Banks and trust

companies,-.
sav.

banks

Individuals

,1,

mortgagees

5,633

22,788,000

5.1

37,167

74.891,000

16.7

19,125

65,636,000

14.6

The author

152,156 $447,990,000

100.0

Dr.

Soong Is Named
Chinese Foreign Minister

Announcement

helped

of numerous

bankirrgv Dr. Willis
contributed7to ZmanV economic
journals pushed

was

Chungking, China,
the
as

appointment

Foreign

Chinese

made

Dec. 23 of
of T. V. Soong
on

Minister

Nationalist

the

Government.

Mr.

Soong, former Finance Min¬
b\th in the
United States and abroad.
ister, is now in Washington serv¬
ing as Chinese reoresentative for
Prof. John M.
Chapbian, of
lend-lease aid to his country. He
the
School
of
Business,
is
replaces Quo Tai-chi, former Am¬
Chairman
of
the
Fellowship
bassador to London.
Mr. Soong

Committee,

Jones,

and

Frederick

managing

editor

were

Statistics

does

not

and

Chairman

rectors

of the Board

Di¬

the Bank of China.

respectively,
levels of October,

;>77::777777-7/

•

FSA Borrowers Raise
Loan

Repayments 75%

Low-income farm families have
made

increased

repayments

farm rehabilitation loans made by
the U. S. Department of Agricul¬
The rise in loan

ture.

families between July 1 and
increased 75.4% over the

rower

Oct.

same period last year.
A total of
$34,120,386 was repaid during the
four-month period this year as
against $19,449,x198 in 1940.
The
Department's
advices * likewise

said in part:

all

cover

The

increase

rehabilitation

FSA

borrowers

repayments
loans

shows

playing an
important part in the Nation's

representing the total

are

Food
for
Freedom
campaign,
according to C. B. Baldwin, FSA

period.

with

Many of the
off their loans
only reached the im¬
mediate goal of maximum pro¬

considerable

overtime.

hours

average

hours

re¬

per
tools

(51.8 hours); machine-tool ac¬
(51.3 hours); and fire¬
(50.4 hours).
Other im¬

cessories
arms

portant defense industries oper¬
ated at the following levels: en¬
gines,
turbines,
etc.,
(46.9);
shipbuilding
(45.4L
aircraft

(45.2); ammunition J44.2); elec¬
machinery
C43.8);
ex¬
plosives (43.3); brass, bronze
and
copper
products
(43.0);
trical

aluminum
(42.4);
blast
furnaces, steel works, and rolling mills (39.9); and smelting
and refining—copper, lead and
zinc (39.5).

Average' hours per week in
durable goods in October (42.9)
showed

rise of 1.5%

over

the

month and 4.8% over the year,
while those in nondurable goods

hours)

decreased

1.0%

the month but still repre¬
an increase of 4.1% over

over

the

Hourly earnings in
durable goods (85.3 cents) rose
year.

1.2%

over

15.5%

over

October,
the

the month and

1940,

the

were

level

while

those for

nondurable

goods
group
of 1.8%
the month and 11.8% over

(68.0)
over

showed

not

duction

week

per

machine

earner:

have

Three

sented

wage

(39.1
Total

were

6.2%,

the

1940.

in an industry,
figures should not be con¬

amounts

Ways and
and Fi¬

draft the Federal Reserve Act of

books

of total

■

of Labor
survey

than

Bankers

Number

Mut.

substan¬

wage
rate
advances
follows: aircraft (40,-

ported

Oth.

advances.

workers

strategic defense industries

Loan

editor-in-chief

sultant of the House
and

Home

the

"Journal of Commerce" in 1912

cooperation of

Eco¬

was

the

Federal

over

workers

which

and

above

Association, the
following figures show the Na¬
tion's non-farm mortgage
re¬
cordings up
to
$20,000
each
during October:

career

secured
in

numbers

levels

Sta¬

and

8.1%

industries about 130,-

workers

rise of 13.4%

Defense industries in October ? Administrator.
to
operate at high
families paying

Title Association and the Mort¬
gage

Wil¬

Wr.

teaching

his

Research

Weekly earnings in

year.

wholesale and retail trade

continued

Presidents, savings and
officials,
the
American

loan

the

from

Means

the memory of Dr. Henry Par¬

tistics with

Weymouth, Mass., on
Dr. Willis re¬

1874,

from

nomics and Political Science at
•

their

the

industries,

270,000

ring during the

Compiled by the Bank Board's

him the honorary degree of doc¬

approved

income

stipend.

the

University of
Chicago in 1894 and the Ph.D.

standing,
the Fellowship will be awarded
annually as soon as the accumu¬
lated

14,

gree

honorary, Chair¬

Division

Born in

Aug.

the

home

com¬

Columbia University with an ini¬

Nation's

panies.

and banking has been

money

the

petitors, banks and trust

banking

of Labor Statistics.

the

over

month and

affected while in the dur¬

strued

clearly

his death

from

averaging
received by more
15

number of wage changes occur¬

son,

school.

Oct.

establishments

economists

com¬

lecturer

were

these

$74,891,000.

nearest

Henry Parker Willis Fel¬
for advanced study in

lowship

volume

on July 18, 1937.
His
J. Brooke Willis, is now a

8.7%

the

financing, exceeding by almost
$300,000,000 the home mortgage

fessor of Banking in the School
of Business, a post he held until

reau

ac¬

during the
first 10 months of 1941, savings

$193,416,211 $190,790,205 100.0 100.0 $186,066,325 100.0

Sept.

that

out

dominated

The

Savings

$106,109,000
and
mortgage
lenders

Board

in¬

Metal min¬

100); dyeing and finishing tex¬
(9,700); smelting and re¬
fining—copper, lead, and zinc
(9,300); and paper and pulp
(9,300).
Inasmuch
as
some
firms may have failed to re¬
port wage increases to the Bu¬

also

companies

the

in bituminous coal mines

crease

collections,
said, reflects good crops,
100);
cotton
goods
(27,000); higher farm prices, and improved
chemicals
(20,800); hosiery farm and home management prac¬
(16,600); woolen and worsted tices.
Figures released Dec. 19
goods (13,900); rayon and allied by the Farm Security Adminis¬
products (13,000); foundry and tration
show
that
repayments
machine
shop
products
(10,- made by more than 624,000 bor¬

9.4

1,257,256

_______

lenders.

trust

for

pointed

of dep.)

the

increase

were

associations

counted

0.0

0.2

ctt's. .& ctfs.

Banks

were

10,525,705

&c._

rights—
Substitute 'securs. HV.T.
v

loan

over

ing showed a 3.0%
weekly' earnings

granted

again led
the field, with 31% of the dol¬
lar
volume,
or
$138,670,000.

partic.,

int.,

types

increase

earnings,
interval, while

year

earn¬

Anthracite mining
49.5%

weekly

earners

tiles

and

Nov.; Nov.,

Nov., Nov.,
Amount

all

proposed
Percent

bonds

Unsecured

substitution

Percent

No. of

Issues

Type of Security

(

worked; bituminr
reported in¬

amounted to 37.8%.

Industries

During
the
month,
152,156
mortgages were recorded by

wage

reduc¬

Secretary Perkins also had the

000

SECURITIES ACT OF 1933

UNDER THE

Types

earnings

mines

month.

showed

and average
of, both full-

mid-

result of

have risen 20.6%.

tial

recordings.

announcement

4.8 %;

part-time

able goods

said:
EFFECTIVE REGISTRATIONS

risen

approximately

over

mortgage

the

14.7%; average hours

in both hours and

creases

interval

coal

ous

a level of $32.89.
During the
past year, hourly earnings have

the nondurable goods

20.

The

proceeds.

ings, resulting in a substantial
rise in weekly earnings, over

month

the

over

Bureau

ings, and approximately $60,000,over
figures
for
October,
The greatly increased sale
1940.

proceeds

2.3%

mid-September

October

1,186
manufacturing
establish¬
ments reporting increases to, the

000

there remained for the

0.4%

tion in hours

than 400,000 wage earners in

the

Dec.

ber

use

tion and communication indus-

dis¬

This, it is stated,
$23,000,000 increase

3.5%.

for

directly

cite coal mines reported a slight
reduction
in
weekly earnings

following to report:
Wage
rate
increases

program,
economists of
Federal
Home
Loan
Bank

through investment banking fa¬
cilities was expected to be $2,703,000,

participation,

intended

securities

from

Among the nonmanufacturing industries surveyed, anthra¬

slight in¬
crease
(0.4%) from September.
Weekly
earnings
advanced

and

defense

compensation

aggregate

resulting

?. <$> ■■■■■>■" >

all manufactur¬

representing

weekly

construction due to

compo^

Miss Perkins said.

41.1,

were

restrictions

increases in the

industrial

in the

from

have

to a new high level of $448,000,000 in spite of a sharp drop

increases,

ing average hours worked per
week in October amounted to

increased

financing during October

in residential

rate

wage

to
'

rose

di¬

rectly, with holders of securities
of the issuers having first op¬
tion

Home

was

additional

example, employment in

the month.

Oct. Home Financing
At New High Level

5.7%.

commission

average

of overtime, and a seasonal shift
the manufacturing labor force,"

the low-wage canning industry
declined seasonally 32%
over

Chicago, 111.

School of Business.

under agency agreements at an

•

the

banking

Of this amount, $106,-

$10,002,000 was to be dis¬
tributed by investment bankers

She- further said:7;

and

369,000 reserved for conversion
and $980,000 reserved for sub¬
sequent issuance.
The Commission also supplies
the following aditional data:
An
unusually high propor¬
tion, 38.4% of the securities
proposed for sale by issuers,
stock.

Trust

result

amount

sition

Marine

compensation of 1.9%,

average

was

investment

;

144,000 was underwritten at an

securities, $3,744,-

the

was

ager

190,000, or 5.5% ; and service in¬
$500,000, or 0.3%.
The major portion, or $116,-

and

first

Also, Josepn.H. Foley, man¬
of the New York Agency
of ..the
Philippine
National
Bank; George Buchan Robin¬
son,
of Irvihgton-on-Hudson,
N. Y.; Prof. Roy L. Garis, of
Vanderbilt University; Dr. Wil¬
liam H. Steiner, Professor of
Economics at Brooklyn College;
Prof.
Ralph
W.
Robey,
of
Columbia
University; Dr. B.
Haggott
Beckhart,
Associate
Professor of Banking at Colum¬
bia; Dr. Roswell C. McCrea,

gas

Co.; $26,250,000

Harris

Bank of

Electric,

and water utilities were re¬
presented
by
$55,018,000,
or

Telegraph

the

of issuers and

accounts

of common
stock of The Pacific Telephone
of 3% first and refunding mort¬

Average hourly earnings of factory wage earners increased
from mid-September to mid-October to a level of 77.0 cents,
Secretary of Labor Frances Perkins reported on Dec. 24.
"This
1.7%

Group, Inc.; William
O. Heath, Assistant Secretary of

registered $68,563,000, or
,36.8% of the total registered
intended

concentrated in four

was

Department Reports On Factory
I Workers' Honrs And Earnings In October

Midland

tries

for the

issues—$65,625,000

the

posed for sale, and $133,010,000

The SEC stated:

Trading and Exchange Division.
Most

U. S. Labor

;

Broderick, President of the East
River Savings
Bank; Jules I.
Bogen, editor of the "Journal of
Commerce";;-;, Edmund
Piatt,

the
total
value
of
$193,416,000, compared with $154,477,000 in
October, 1941, and $161,748,000 in November, 1940, according to
an
anlysis prepared by the Research and Statistics Subdivision of

the

Harry E. Ward, President of
Irving Trust Co.; George V.
McLaughlin, President of the
Brooklyn Trust Co.; Joseph A.

Exchange Commission announced on Dec. 19
registrations under the Securities Act of 1933 dur¬

efective

Financial

Secretary.* *' Its

the

The Securities and

that

members include:

Thursday,1 January 1, 1942

for

home

producing

now•

but

use,

surplus

are

farm

products to strengthen the

na¬

tional effort.

Rehabilitation
made it

and

loans

have

possible for low-income

farmers

buy seed, fertilizer
operating equipment.
This

aid,

plus

farm

guidance

expert
home

and

management

practices given by FSA repre¬
sentatives, has enabled farmers
to

expand their output.

Farm

Security Administration
encouraging
borrowers
to

make

substantial

this*

repayments

according

year,

Mr.

Baldwin.
-

Installment

repayments

outstanding rehabilitation loans
are

expected

amount

nearly $90,000,000 in the fiscal
year
ending
June
30,
1942.
Farm Security will lend an es¬
timated $100,000,000 during the
year to needy families that have
so

far been unable to set up eco¬

nomic farm units and to operate
under

long-term farm plans,; In

the fiscal year ending June 30,

1941, about $108,000,000
vanced, and payments
totaled

gain

$62,000,000.

In the

than

was

ad¬

loans

seven

years

since these programs were

ini¬

the year. Average

weekly earn¬
ings in the durable goods group
($37.97) were 2.9% higher than

tiated, borrowers had
repaid
$234,000,000 as of Oct 31, 1941,
in principal and interest on re¬

habilitation loans.

September, 1941 and 21.3%
October, 1940, compared

above
to

increase of 1.0%

month and 16.2%

in nondurable

over

the

the year

goods ($26.10).

obligations
to

000

familities

entire loans.

Outstanding

Oct. 31 amounted

$355,000,000.

A total of 127,had

repaid their

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

the

reserves

By President To Transfer

Governors Asked

all

and Territories trans¬

that the Governors of the States

A request

and

man

woman

Associated

cruiting work into one agency.

this further said:

,v'

(press)

conference

statement

Horn

committee

the Gov¬

ernor's
Council

essential that all of these separ¬

defense production and
prepare for a post-war adjust¬

nationally operated employment

committee

service.

had

six-point program
them to:.

will

pose

non-defens^ pub¬

lic works.

vice

and improve
administrative

condition
purchasing and
procedure.
good

public works.
Retire debt or accumulate

cash

post¬

finance

reserves

preserve

local.
of

text

Roosevelt's

Mr.

the Governors re¬
questing consolidation of Fed¬
eral and State employment of¬

telegram to

fices follows:

this

that

"Now

is
than

country

actually at war it is more

that we utilize
fullest possible extent all

ever, necessary
to the

of the

man

power

crease

our

power

and woman

this country to in¬
production of war

materials.' This can only be ac¬

by centralizing re¬

complished

Members

vised

Dec.

Chicago Home Loan

The Federal Home Loan Bank
.

associations

loan

Wisconsin

$1,745,754 to
building
and
in

Illinois

and

was

November,

announced Dec.

15.

A. R. Gard¬

President
of
the
bank,
out that the November
by the "reserve in¬
stitution was 8.4% greater than

ner,

pointed

disbursement

when
the total advances had reached a
in

the

high

new

month

for

the

that

the

1941

"These

lands

difficulty

the

employment

continue

serve

for

the

ad¬

were

sent

some

and

out

time

the

Exchange

about

Governors

Hawaii.

Alaska

and

the

in
goes

stated

United

for tires

able
at

returns

cash

maintenance

States

es¬

Under the circumstances,

firms

ber

municate

may

with

wish
their

•

mem¬

com-

customers

with respect to

the implications
as
it presently
stands.
We are advised in this
connection • that the mere fact
I.

1940

particular

bank's eight years'

that the funds used to pay

said

York an¬
nounced Dec. 15 that sales of De¬
of

the

State

New

Savings Bonds and Stamps

monthly

States and its
determined
of

amount

quotas
quotas,
of

November was the fifth

month

United

The

lend-lease
livia

exact

1941

States

the

signed

agreement with Bo¬
Dec.
6. > Although the

amount

involved

was

not

disclosed, the Associated Press
reports that it is understood the
agreement will allot from $^10,000,000
can

aid

to $15,000,000 in Ameri¬
to
that republic.
The

CORPORATION

By A. G. Black,

President
Attest:

•

Carnes,

Secretary

Approved:
Secretary of the
Treasury

that

production of

into State
primarily

monthly

and county
the basis
vehicle registra¬
on

area.

4. Purchasers of

new

tires will

within

the

that

eligible groups and

essential

for

them

get tires for the safe operation

and

Unofficial

the

from

turns

Quotas

incomplete re¬
Dec. 13 nation¬

ref¬
743,844

wide cotton marketing quota

those
uance

that

indicate

erendum
cotton

show the local
rationing boards that they fall
required

Treasury

FARM

Favor Cotton

tions in each

the

producers,
or
93.9% of
voting, favored the contin¬
of quotas for 1942, while

48,613 producers, of 6.1, voted
against quotas, the Department of
Agriculture said on Dec. 15. The
tabulation so far is 792,457 votes.

of their vehicles.
Last year, 918,857 votes were cast.
twelve * largest savings
5. Certificates will be given The Department's advices Dec. 15
banks in the New York metropol¬
1941 Cotton Loans
'
purchasers who pass these re¬ likewise said:
itan area totaled $3,594,000 in the
The Department of Agriculture first week of the war.
quirements, permitting them to
The referendum was held in
This is an
buy tires. •
the 19 cotton-producing States,
reported on Dec. 17 that Commod¬ increase of 485% over the pre¬
under provisions of the Agriculity Credit Corporation had made war weekly average sales of $740,tural
Adjustment
Act, which
799,229 loans on 1,494,878 bales 000 by these banks.
FFMC Calls Two Bond
of
1941
crop
cotton
through
provides that when supplies of
Dec. 13, 1941.
Issues For Redemption
cotton are more than 7% above
Of the total, 89,497
loans on 310,615 bales were made Spruille Braden
normal, as defined in the law.
The call for redemption of two
a marketing quota must be pro¬
by cooperative associations.
At
Ambassador To Cuba issues of outstanding Federal
the same time last year loans had
claimed
by the
Secretary of
Farm Mortgage Corporation bonds
Spruille Braden of New York,
been
made
on
approximately
Agriculture. Quotas become efwas
announced
on
Dec. 15 by
now Ambassador to Colombia, was
fective, however, only if ap¬
2,500,000 bales.
A. G. Black, Chairman of the Cor¬
nominated by President Roosevelt
proved by two-thirds of the
One of these is a 3%
on
Dec. 17 to be Ambassador to poration.
producers voting in the refer¬
issue dated Jan. 15, 1935, due Jan.
Cuba.
Mr. Braden will succeed
CCC Decides To Sell
endum.
All farmers who pro¬
George S. Messersmith, who re¬ 15, 1947, and redeemable on and
duced cotton in 1941, whether
1939-40 Pooled Wheat
after Jan. 15, 1942.
Bonds of this
cently was appointed Ambassador

the

•

Named

The

United

States

Department

of Agriculture announced on

point of storage.
The premiums
and
discounts
established under
the 1941 loan program

for differ¬
and qualify (in¬
cluding protein, smut and garlic)
will be included in determining
ences

the

sales

grade

prices.

The announce¬

ment added:

To Start On January 4
A
tires

for rubber
and other rubber products,

rationing

plan

designed to reduce the civilian
consumption of crude rubber by

into effect on
Jan. 4, Leon Henderson, Director
of the Civilian Supply Division of
nearly 80%, will go

standing,
It

was

says

also

Secretary
bonds

which

Treasury

United
an

described is¬

bearing
States,

obligations
concerning

announcement

will

after Jan. 1, 1942.
The text of the public notice of
shortly

fect

they

owners,

are

sharecroppers,

were

tenants or
eligible to

vote.

marketing

Cotton

have been in effect

quotaq

for the past

Last year, complete
that 92.3% of
voting favored quotas for

four years.

showed

returns

those

the 1941 crop.

Russia

Paying U. S.

On Money

may

holders

of the above

interest

the

made

the

available

make

sues

the announcement.
announced that the

remain in ef¬ the Office of Production Manage¬
In call follows:
through
Dec. *31,
1941. ment, announced on Dec. 17.
vv
;
Thereafter, it* is expected that the meantime, the present ban on
Notice of,Call for Redemption
and
Dr.
Luis
Fernando
Guanof new
tires, which was
"/ basic prices will be announced sales
Federal
Farm
Mortgage
challa, Bolivian Minister, is the
on
the 14th and last days of brought under way on Dec.; 11
Corporation
seventh
known
lend-lease
and
was
pact
originally scheduled to
each month and will remain in
To Holders of 3%
and 23/4%
effect from the 15th day of each expire on Dec. 22, will be con¬
with
other American
countries.
federal
Farm
Mortgage
month
to
the
close
of
that tinued until Jan. 5.
Other agreements were with Bra¬
\ Corporation Bonds of 1942The rationing plan, growing out
month, and from the first day
47, and Others Concerned:
zil, Haiti, the Dominican Repub¬
of each month to the 14th day, of the war situation in the Pacific
Public notice is hereby given
area
on which the United States
lic,
Paraguay,
Nicaragua
and
inclusive,, unless canceled by
that the Federal Farm Mortgage
The corporation depends heavily for rubber, is the
Cuba.
1
public notice.
This price will

agreement, signed at the State
Department by Secretary
Hull

the basis of the

breakdown

commercial

MORTGAGE

tires.

new

United
available

15, 1941.

FEDERAL

D. C.

rubber

the

be made

may

Secretary

Dec.

of tires

quota

offering of interest bear¬

shortly after Jan. 1, 1942.

crude

used

can

two

governed by the

obligations

the

possessions to be

sur¬

these

issues, concerning which public
announcement *yill be made by

be sold in the United

can

and-

bonds

to holders of bonds of these two

complete eliminaof new pas¬
senger car tires and curtailment
of production of new truck tires

which

presentation

upon

presentation
of

States

effici¬

issue will cease to bear interest
to Mexico
(see issue of Dec. 4,
on Jan. 15,
1942.
The other is a
Dec. page
1345).
Mr. Braden has
16
a
amount of funds poured out to
in
the Colombian post 2%% issue dated March 1, 1935,
general sales plan under served
due March 1, 1947, and redeem¬
member associations, and it was which Commodity Credt Corpor¬ since April 1938 and just prior to
will. sell
1939
and
1940 that time was chairman of the able on and after March 1, 1942.
the fourth month in succession ation
Bonds of this issue will cease to
when more than $1,500,000 had pooled wheat.
Under this plan, American delegation to the Chaco
bear interest on March 1, 1942.
been advanced.
Commodity
Credit
Corporation peace conference at Buenos Aires.
Approximately
$236,000,000 and
will offer pooled wheat at the
$103,000,000, respectively, of bonds
market price, but not less than 15
Rationing Of Rubber
Lend-Lease to Bolivia
of these two issues are now out¬
cents over the 1941 loan value at

history.

ranking

ing

tion of production

3484

that

provisions of Treasury Depart¬
ment Circular
No. 666, dated
July 21, 1941.

Almost

for the time being.

par

will be

issues

The rationing plan according to
While we are assured that a
clarifying ruling will be issued Washington advices to the "Wall
Street
Journal,"
also
involves
in the near future, we cannot
these major features:
be-certain that this will be ac¬
1.

render

civilian health."

and

ency

The bulletin adds:

interest

bear

any

The

other

added,

of. industrial

hereby

Federal Reserve bank
or
branch, or at the Treasury
Department, Washington, D. C.»
on and after March 1, 1942.

and that

products.

necessary

also

dered these bonds will be pay¬

that

most of the balance is used in

Unless previously surren¬

date.

rubber

crude

sential mechanical goods and

agency so that
need to set up

the

normally

compensation
interest are obtained or with¬
there will be no
drawn from the carrying broker
duplicate offices.
will not preclude the taking of
I shall appreciate your advising
a deduction for interest paid by
me
at once of your full co¬
a
taxpayer filing a return on a
operation so that the conversion
-cash basis.
of
the
present
employment
service into a truly national
service
may
be accomplished Defense Bond Sales
without delay." i
Up In New York Area
Territorial governors to whom
The Savings Banks Association
the telegrams were sent, were

employment

75%

consumed

complished before Jan. 1, 1942.

un-

also

Henderson

cease

Sumatra, Java and

The local boards wilLlimit sales

tax

basis.

officers
the

occupied^or

Borneo.
Mr.

notice

that the Federal Farm
Mortgage Corporation has called
for
redemption
on
March
1,
1942, all its outstanding 2%%
bonds of
1942-47.
They will

being
farm invaded by the Japanese, and that
another 43% comes from the adja¬

Association

bulletin

that

Public

from

comes

given

been

income

employees

State

cut

already

bank

Reserve

Bank Advances Higher
Chicago
lent
member
savings,

ship¬

upon

branch,' or
at
the
Treasury
Department, Washington, D. C.,
on and after Jan.
15, 1942.

consumption of crude
to
10,000 tons a
month, as compared with a recent
monthly rate of 47,000 tons.
He
pointed out that approximately
be

Un¬

surrendered
payable at
presentation at any

Federal

that civilian

rubber

that date.

previously

par-

charged on brokerage ac¬
of new tires to individuals' and
counts
may
be deducted from
agencies requiring them for the
gross income by taxpayers filing

Employment Ser¬
present person¬

less

these bonds will

endeavoring to obtain however, that manufacture of such
products as golf and tennis balls,
a revision of I. T. 3484, issued by
the Office of the Commissioner bathing apparel, toyballoons and
of Internal Revenue, with regard similar non-essential goods can be
eliminated entirely.
to the circumstances under which

less

Association

already paying practi¬

will

local

and

approxi¬ 50% of crude rubber

price

Exchange Firms

fense

Nov.

sales

wheat

Stock

into the Federal service.

will

The

expense

and

Charged
On Brokerage Accounts

;

of the

transferring

democracy, both State and

free

all

there

Safeguard the services and
the institutions, of a

Re Interest

you

cally 100% of the cost of opera¬
tion and the State personnel has
been recruited on a merit basis,

readjustment.

war

additional

interest

that

ask

ment

of useful post-war

price

cent islands of

nel, records, and facilities re¬
quired for this operation. Inas¬
much as the Federal Govern¬

Begin preparing programs

at once.

United States

public facilities in

3. Maintain

store"

program payments.

likewise in¬
struct the proper
officials of
your State to
transfer to the

fense.
2. Postpone

have, therefore, given in¬

Federal
officials that the necessary steps
be taken to accomplish this pur¬

priority to activities
best promote de¬

Give

for

have

structions to the proper

which pledged

which

employment services become
uniformity and of necessity

ate

ment.

adopted

the

The

effective action to meet
rapidly changing needs, it is

pedite

advised Mr. Roosevelt they

cents per bushel

mately the current parity price

form,

national, State and local govern¬
ments to combat inflation, ex¬

Governors'

iy2
"in

there may

State, Governments
emphasizing th£^ifceed of cor¬
related fiscal action among the

bear interest

passing between the

Government

Federal

ping.

are

be complete respon¬
siveness to the demands of na¬
tional defense and speedy, uni¬

the

incident

State

operations

whose

stored

Corporation has * called for re¬
demption on Jan, 15, 1942, all
its
outstanding 3%
bonds of
1942-47.
They will cease to

boards.

cover

loosely co-ordinated by the Fed¬
eral Government.
In order that

The

information

wheat

Adminis¬

by State and local boards, which
serve as clearing agencies for

will

and Territorial employment ser¬

vices

the

and

Conference

present, as you know, the

vice consists of 50 separate

!
the

read

Roosevelt

Mr.

instituted.

localities

over

United States Employment Ser¬

reporting

Dec.

"At

from

accounts

Press

Washington

re¬

fuse the sale of wheat of certain

minum

to in-<S>

power

the output of war materials.

first

tration of the plan will be handled

upon

dent Roosevelt.' This was made known on

all

any

prices will be predicated
Mr. Henderson explained that
the sale of warehouse re¬
ceipts "in store" (no loading-out the expanding needs of the mili¬
charge to be paid); sales for tary forces and the uncertainty of
shipment will be made at a pre- future imports make it imperative

State and territorial employment

crease

during

All

Federal

the

sales

certain locations.

Employment Service all separate
agencies has been made by Presi¬
Dec. 19 by the President,
who at a press conference that day stated that the requested transfer
is designed to bring about utilization to the fullest, possible extent of
immediately

right to withdraw

semi-monthly period

Employment Agencies To Federal Body
fer

offers

Secretary of the

Advanced

Treasury^Mor-

genthau revealed on Dec.
the

Soviet

15, that

Government recently

paid off another

installment of the

$30,000,000 advanced to it on Oct.
10
from the Stabilization Fund
against future gold deliveries. It
is understood that Soviet reoayments already amount to about

$2Q,000,000,
even
though
the
agreement was scheduled to run
for 180 days.
A previous $10,000,000 advanced in August against
future

gold deliveries was repaid
of the 90 allowed; this

in 65 days
was
an

reported in our issue of Oct*
nncfp

R31

V
s

THE COMMERCIAL & FINANCIAL CHRONICLE

data

The

Wholesale Prices Advance 1% Further In

Exchange

Week Ended Dec. 28, Reports Labor Bureau
The

Bureau

Labor

Us S. Department of Labor,
announced on Dec. 24 that, led by further sharp advances in whole¬
sale market prices of farm products and processed foods, its index
of nearly 900 price series rose another 1% during the week ended
Dec. 20.
At 94.0% of the 1926 average, the index is now at the
highest level since the latter part of 1929.
It is 2% above the cor¬
responding week of last month and nearly 18% higher than last

The

'v-;-,.' '

Bureau's

stated:

The

largest advance during the week was 3.4% for farm
products followed by 1.3%' for foods and smaller rises for hides
and leather products, textile products, and chemicals and allied
products.
Average prices for building materials, declined 0.3%
and
fuel
and
lighting materials, metals and metal products,
housefurnishing goods, and miscellaneous commodities remained
unchanged at levels of the preceding week.

Primarily responsible for the continued rise in farm product
prices was an 8.4% increase in quotations for livestock and pouL

Number

Total

and other farm products,
including cotton, fruits, flaxseed, potatoes and wool, rose 0.7%;
Quotations were lower for dried beans, onions, sweet potatoes
and hops and for eggs.
Following the lead of* livestock and
poultry prices, the general level for meats was up more than
3%.
Cereal products averaged 2.5% higher and dairy products
were
slightly down with lower prices reported for butter.
As
a result of price ceilings for fats
and oils announced by the Of¬
fice of Price Administration, average prices for lard, oleo oil and
tallow were below levels of the preceding week.
Quotations
were also lower for black pepper, cocoa beans, and for rye flour,
hominy grits and

corn

for

certain

Reports

reported.

were

shoes

men's

leather

and

advances

following tables show

The

number

ber

received

(1926

v.:/-,

tion

the several Federal
agencies and
237

■

;

floor

289

private transportation groups in
effecting such adjustments in

122

479

Exchange,

odd-lot

the domestic

508

transactions

tems

handled

are

solely bj

cessful

Sales

report

may

for

carry

entries

the New

Transactions

Total

Round-Lot

sales

Other

sales

Total

and

which

the

Ac¬

for

the

velop

sales

Other

sales

'
sales

nection

9.37

sales

Other

sales

352,380

'-v.,.-, ■: '

39.000
b

387,850

—

purchases

Short

sales

Other

sales. b

12,800

252,950

and

265,750

purchases

Short

sales

Other

sales

1,604,605

•

r—-

199,290
b

1,473,730

sales

-—a.

15.32

Stock Sales on the New York Curb Exchange
Transactions for Account of Members* ^(Shares)

Ended

Dec.

13,

and

sales

Other

sales

12-21

1941

1940

Per Cent

All

farm

sales

articles

other

than

products and foods

93.5

93.2

92.6

82.0

+0.3

+1.0

+14.0

93.9

93.8

93.7

93.6

84.4.

+0.1

+0.3

+11.3

Subgroup

Indexes

from

Dec.

20,

4*v.

sales

Other

sales

SalBS

terest

26,685

«■»

trf-t- r-

Increases

•

and

poultry

Meats

8.4

;

1.45:

sales

Other

sales

Total

Grains
Cereal

products

Fruits

and vegetables

Oils and

____1

fats

Other farm products

Clothing

3.2

Other

2.5

Fertilizer

leather

products

2.5

Paper

and

1.3

Other

textile

0.8

Chemicals

0.7

Shoes

0.7

Lumber

45,435
245

Other

0.5

Total

0.3

products

,'i
—_—

1—

—

2.66

shall

Dairy products

Other

building

materials.

13,190

sales

326,710

for defense

"for

ment.
to

0.1

Customers'

short

sales

0.1

Customers'

other

sales

The

Total

purchases

Total

sales

52,578

and

merce

Trading On New York Exchanges
the New York
all

Stock

the volume

members

continuing
mission.
these

Exchange and the New York Curb Exchange

round-lot

stock

transactions

for

the

sales

are

shown

separately
figures, the Commission explained.

from
.

Includes

total

Dec.

shares.

transactions

the

with

member

776,244

On the

week

Sales

sales

the

ended

Dec.

of the total volume

This
ended

13.65%

of total trading of
6,285,080
Exchange, member trading during
13
amounted
to
339,900 shares, or 15 40%
that Exchange of 1,786,230
shares; during the
or

sales."

exempt"

"short

exempted from restriction by the Commission rules

are

-,YC

Included with "other sales."

~■■■'/:—
Y

ended

Dec.

13:

Com¬

Commission, the Maritime

Commission

the

and

War

and

—-----

iThel'President's
stated

that

order

further

"to facilitate unity

v'..

existing

government

■—-

designated

departments
maintain

the

and

formal

use

services"

responsible representative

President In Executive Order Creates

Curb

An Office Of Defense
;

executive

tablished

maximum

the

nation

Joseph

mission,
of

the

B.
as

Office

order
of

utilization
for

the

issued

Defense
of

the

term

Dec.

ODT:

Transportation

President

Roosevelt

Transportation in order

domestic

transportation

"to

es¬

assure

facilities iof

successful

prosecution of the war" and named
Chairman of the Interstate Commerce Com¬
Director.
The new organization, which will be a part

Eastman,

Executive

Office

the<S>

preceding week, trading for the account of Curb members of
138,- President, will create four divi¬
665 shares was 12.00% of total
sions covering railway, motor, in¬
trading of 1,241,810 shares.
land waterway and coastwise and
The Commission made available the
following data for. the intercoastal
transport. Under the

week

maintain

Interstate

of
of
a

should

following

agencies ' to

liaison with

the

Exchange of 10,701,960 shares.
trading during the previous week

New York

the

policy and action and the

"other

with

marked

Trading on the Stock Exchange for the account Of members
(except odd-lot dealers) during the week ended Dec. 13
(in roundlot transactions) totaled
1,673,020 shares, which amount was 15.32%
compares

included

are

particularly

with

Navy Departments.

only sales.

b Round-lot short sales which

account

other

their

Manage¬

existing

total round-lot volume.

, In
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

of these
exchanges in the weeks, ended Dect 13, 1941,
series of current figures being published by the Com¬

Short

and associate Exchange members,

including special partners.

transactions as per cent of twice

members'

calculating

The Securities and
Exchange Commission made public on Dec. 29
figures showing the daily volume of total round-lot stock sales on
and

all regular

includes

"members"

firms and their partners,

with

de¬
agencies
which
transportation functions

liaison

119,128

issued by

office is directed

and

partments

52,578

—

new

collaborate

0
c

0.9

term

ODT

relative

by instructions, certi¬

the Office of Production

15.40

the Account

Specialists

the
to

fications and directives

339,900

sales

0.2

•The

that

governed

importance of deliveries required

210,205

sales

Odd-Lot Transactions

0.2

stipulates
be

perform
2.0

—

and

49,625

O.f

Decreases

I
Cattle feed

proposed

garding transportation priorities
preferences the President's

0.4

pulp

purchases

Short

0.6

materials

In the exercise of its
power re¬

49,380

sales
-

Total

goods

Government

Advise

tion.

■

purchases

Short

Total

1941

Cotton

the

existing emergency legislation
affecting domestic transporta¬

■».— —■» in

(7)

300

26,385

—

; negotiating rates with domestic
transportation carriers.

11.29

25,080

;

1' v'-"Vv

'.••*

areas.,

(6) Represent the defense in¬

Y|-.+

purchases

Total

Livestock

avoid

flow of traffic

in terminal
12,645

order
Percentage Changes

ocean

Survey
and
ascertain
and anticipated stor¬
age and
warehousing require¬
ments at points of transfer and

-250,945

floor

products '.

order

present

263,590

Short

Totfitl

than

domestic

with

Other transactions initiated off the

...

other

appropriate

coordinate

movements

the

Com¬

139,690
»

sales

Total

v.T'.

commodities

farm

sales

Other

floor

products

with

Maritime

other

congestion
at
port
and to maintain-a maxi-

mum

Ac¬

Other transactions initiated on the :*

products
goods

commodities

All

Short

Total

commodities

Manufactured

the

for

specialists in stocks
they are registered
,
[
purchases
;

Total

products—

Semi-manufactured

and

areas

1,786,230

——

Transactions

which

materials

Raw

and

/terminal

Transactions of

allied

Miscellaneous

cooperation

States

mission

shipping

of Members

count

and

orderly

1,772,640

sales'.

Total
Round-Lot

materials

Building

equip¬
provi¬

the

(5)

—

Housefurnishing

traffic

13,590

the

United

agencies,

Stock

1941

For Week

Total Round-Lot Sales

assuring

(4)

1,673,020

—

Round-Lot

.'CShort,

for

expeditious movement of men,
materials and supplies to points
of need.

2.49

Total

products
lighting materials—
and metal products-

Chemicals

necessary

alloca¬

and

(3)" Coordinate and direct do¬

Total

20, 1941 from—

12-13 11-22
1941

ment

materials

traffic movements with
the objective of
preventing pos¬
sible points of traffic congestion

•>22-. 12-21
1941 *^1940

3.46

226.355

..-a—.

Week

recommend

tions

mestic

sales

Total

con¬

Supply

;mi-

Total

100)

the

serv-

sion
of
adequate' ' domestic
transportation service, b

348,850

sales

Total

advise

and

ments

the

purchases

Short

Total

level

Priorities and Allocation Board
as
to
the
estimated
require¬

1,019,420

floor

•

the

transportation
ices required: and in this

S. Other transactions initiated off the

to~"achieve

domestic

„

Total

oc¬

effort; de¬
designed to se¬
war

necessary additional
trans¬
port facilities and equipment iri

871,930

the

volume

Other transactions initiated

measures

order

b
*

accommodate

traffic'

use of existing
transportation facili¬
ties; and stimulate the provision

985,870

maximum

cure

147,490

facilities

war

domestic

Odd-Lot Dealers

purchases

Total
2.

Per Cent

specialists in stocks

Short

for

Except

increased

they are registered

Total

facilities

Specialists

Fuel and

Metals

war

effort; de¬
the adequacy of such

casioned by the

10,701,960

Transactions of

leather

and

Hides

the

:y^:yHv'

"transport

termine

10,458,160

Transactions

Members,

Odd-Lot Accounts of

Commodities

Textile

prosecution

the needs of the

243,800
b

sales

count

Groups

products

suc¬

require.

mestic

Sales

Short

Round-Lot

one

(Shares)

For Week

num¬

than

1941

Total

index numbers for the prin-

1941

All

the

(2) Compile and analyze esti¬
of the requirements to
be imposed upon
existing do-

Exchange and Round-Lot

Members*

13,

in
,

York Stock

Account

Week Ended Dec.

„

single

sys¬

mates

exchanges.

the various classifications may total more than the

because

Stock

Total

Dec.

Farm

transportation

of the nation

may

Percentage changes to

Commodity

-among-other

(1) Coordinate the transporta¬
policies and activities of

ibt

harness

month ago, and a year ago (2) perecentage changes in subindexes from Dec. 13 to Dec. 20, 1941.

gi^pup

.191

trans¬

Total Round-Lot

of commodities for the past 3 weeks, for Nov. 22,
and Dec. 21, 1940 and the percentage changes from a week

ago, a

761:i;'Xi

trans¬

Curb

of reports in

reports

cipal groups
1941

transactions

York

New

as
—

floor

the

classification.

(1)

off

1-056:;.;i

things:,

Exchange

According to the executive br-

•j

der the Office
-shall?

Curb-

in which they are registered are not directly comparable on the two

itocks

products and fuel and lighting materials.

7 n/y;

specialists in the stocks in which they are registered and the round-lot transactions 61
specialists resulting from such odd-lot transactions are not segregated from the spe¬
other round-lot trades.
On the N»w
York Stock Exchange,
on
the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in

^average prices for common
brick, rosin and Douglas fur timbers "and window frames. Whole¬
sale prices for cattle feed declined, and paper and pulp advanced.
No material price changes were reported for metals and metal

The

the

other

initiated

Reports showing

larly yellow pine and maple flooring.
Quotations for turpentine
and for prepared roofing were below those of the preceding week.
fractional

other,
on

showing

Note—On

wholesale prices for building materials declined,
with lower prices reported for certain types of lumber, particu¬

were

initiated

actions

Average

There

weekly reports filed with the New .York Stock
Exchange by their r respective Members,.' -These
n. y.'Stock:

—

floor

upon

Curb

Reports Received™

showing

actions

meal.

series

Higher quotations for boys' pants, sateen and hard fiber
cordage resulted in a slight increase for textile products.
Minor
advances

York

follows:

Reports showing transactions
specialists

In addition grains advanced 2.5%

try.

based

are

New

cialists'

further

announcement

the

Thursday, January 1, 1942

Exchange

Statistics,

at this time.

year

published

and

reports are classified

"domestic

transportation,"

——

the Office of Defense

tion

will

have

Interior,
and

War,

Navy,

Treasury,

Agricultural, ^Commerce

Labor

Maritime

Departments,-

Commission,

the

eral

Loan

the

Agency, the 0PM, the
Price

Economic

Administration,
Defense

over

railroad, motor, inland waterway,
pipe line, air transport, and Coast¬
wise and intercoastal shipping.

the

the' ICC,

Civil Aeronautics Board, the
Federal Works Agency, the Fed¬

Office

Transporta¬

jurisdiction

the

Board

Research

Board,

Investigation

appointed

under

Transportation Act of 1940.

and
the

;

•

New. housekeeping dwellings for which permits were issued in
2,142 reporting ciftestQn November, 1941, will provide 24,932
dwelling units, which is 14%Nfewer than the 28,914 dwelling units

North American Prices Rise-Elsewhere Steady

NYSE Odd-Lot

the

University, which prior to" the
collaborated in the publication of a world com¬
modity 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.

reported in October and

V General Motors Corp. and Cornell

■

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

vember, 1940.

European war had

included
in

6%Jess than the number provided in No¬

totals

numbered

1941, 3,337

3,406 in November,
1941, and 5,848\in November, 1940.

October,

Commission

Dwelling un$£s in publicly financed housing projects

these

Securities

The

Trading

and

made

Exchange

public

on Dec.
for the week ended

summary

Dec.

20, 1941, of complete figures
showing
the
volume, of
stock

Principal centers of various types of building construction for
which permits were issued or contracts were awarded in Novem¬
ber, 1941, were: Bristol,. Conn., a factory to cost $750,000; Lynn,
Mass., an addition to a gas and electric plant to cost $500,000; New

transactions
of

count

for

all

odd-lot

the

ac¬

and

dealers

odd-lot

basic} commodities and the list is the
specialists who handle odd lots on
as possible.
Each commodity is
the New York Stock ^Exchange,
York
City—Borough of Queens, 1-family dwellings to cost $521,500, continuing a series of current fig¬
weighted uniformly for each .country, according to its relative im¬
portance in world production. The actual price data are collected 2-family dwellings to cost $403,000 and multifamily dwellings to ures being published by the Com¬
weekly by General, Motors overseas operations from sources de¬ cost 1,090,000; Philadelphia, Pa., 1-family dwellings to eost $1,- mission. The figures, which are
scribed as "the most responsible agencies available in each country, 163,000, and public buildings to cost $442,500; Chicago, 111., 1-fam¬ based upon reports filed with the
usually a government department."
The commodities involved in¬ ily dwellings to cost $1,393,000 and stores and warehouses to cost Commission by the odd-lot dealers
clude "a comprehensive list of .several groups, including grains, $1,090,000; Indianapolis, Ind., 1-family dwellings to cost $449,000; and
specialists, are given below:
livestock and livestock products, miscellaneous foods (coffee," cocoa, Detroit, Mich., 1-family>dwellings to cost $1,534,000; Akron, Ohio,
8TOCK * TRANSACTIONS
FOR
THH
factories
to
cost
tea, sugar, &c.), textiles, fuels, metals; and a list of other miscellaneous
$408,000; Cleveland, Ohio 1-family dwellings to
ODD-LOT
ACCOUNT
OF
ODD-LOT
cost
.DEALERS
AND
SPECIALISTS
ON
$746,500;
materials (rubber, hides, lumber, newsprint, linseed oil, &c.)."
Columbus, Ohio, 1-family dwellings to cost $1,006,THE
NEW
YORK
STOCK
Weights assigned in the index to the different commodity groups are 000; Washington, D. C., 1-family dwellings to cost $731,000, multiEXCHANGE
as
follows: Grains, 20; livestock and livestock products, 19; vege¬
family dwellings to cost $404,500 and a public building to cost
Total
for week
Week Ended Dec. 20, 1941—
table fats and other foods, 9; textiles, 12; fuel, 11; metals, 11; misceL $466,000; Miami, Fla., 1-family dwellings to cost $435,000; Atlanta,
The index is built upon 40

each

for

same

country in

far

laneous, 18.

Ga., an institution to cost $500,000; Baltimore, Md., stores to cost
Arlington County, Va., 1-family dwellings to cost $588,000 and. multifamily dwellings to cost $1,776,000; Norfolk, Va., bar¬

The indexes, which are based on prices expressed
of each country, were reported Dec. 29 as follows: I

racks
(August, 1939=100)
Aus-

Can-

Una

tralia

ad a

land

ico

Java

erland

den

Zeal'd

State*

May
—

cost

120

118

120

143

116

113

112

131

132

112

118

120

144

116

113

114

131

136

109

132

140

109

118

120

145

115

112

August
September

118

119

120

150

115

111

120

132

144

109

120

121

145

116

110

122

135

153

i: in

113

123

122

145

117

110

120

139

158

114

November

113 i

125

124

146

118

111

118

142

164

118

December

113

126

149

120

111

119

144

+ 168

118

fI72

116

—;——

October

120

114

127

126

150

rl20

111

119

144

February

114

126

127

150

121

113

119

147

171

120

Match'

119

122

129

150

123

114

119

154

176

122

April'

121

131

150

125

115

119

156

180

125

licly financed housing projects containing the indicated number of

May

126

120

134

rl52.

129

117

120

156

189

129

dwelling units: East Paterson, N. J., $363,000 for 100 units; Chester,

121

155

193

132 *

rl22

rl55

194

—r.

;

June

133

121

137

155

131

119

July

rl35

J121

rl41

rl56

rl36

rl25

138

121

rl42

157

138

August

—

rl40

September

122

145

rl57

138

rl58

139

October

140

123

143

November

141

124

143

'123

156

196

rl23

156

203

143

132

126

156

207

rl40

133

124

141"

209

157

1941—

Weeks end.:
1

Nov.

rl40

140 &

8——:——

Nov.

rl39

Nov.

22~_
29

Nov.

Dec.

20___

•

„

Preliminary.

-142

*158

rl33

126

157

208

140

124

.142

158

rl33

125

157

209

rl39

124'

142

rl58

141

133

124

157

209

rl41

124

143

' 157

141

133

124

157

209

141

143

123

142

___

6_.

Dec.

142

____

124

143

*141

132

*141

137

*158
*158

141
rl42

122
122

143

*159

*142

*122

*146

*159

157

209

124

157

209

142

*209

144

139

123

157

•140

123

*157

___

-124

rl41

SUMMARY OF BUILDING CONSTRUCTION FOR WHICH PERMITS WERE ISSUED IN
2,142 CITIES, BY GEOGRAPHIC DIVISION, NOVEMBER, 1941
New Residential

■

No. of

147

porting

Division

Revised

All divisions
New

England

November
^

CentralCentral-

23 Per Gent Below Same Period Of 1940

Central-

West South

Central-

Mountain

second

the

For

than

lower

were

consecutive month

building permit valuations

reported on Dec. 27. "Tptal build¬
ing permit valuations in November were 23% lower than during
November, 1940," she said.
"This was brought about by a de¬
cline of 6% in indicated expenditures for new residential build¬
ings and a decrease of 45% in permit valuations for new non¬
residential buildings.r Indicated expenditures for additions, alter¬
ations,-and repairs showed a gain of 1% over the year period,"
adding:

construction
construction
amounting to 24%.
Permit valuations for new residential builds
ings decreased 18% for mew. nonrresidential buildings, 26%, ;and
for additions, alterations, and repairs, 36%.,
During the first 11 months of 1941, permits were issued in
reporting cities for buildings valued at $2,524,215,000, an increase
of 10% as compared with the corresponding period of 1940.
Per¬
showed>va

Nov.

Nov., 1941

1941

1940

—13.8

947

—32.3

—46.9

—39.3

3,056

—28.3

—47.3

+ 14.9

4,817

7.1

'+22.£

5.6

22,001,578

—11.7

3,892,329

—46.4

7.7

% 1,046

—45.4

10,340,725

—42.6

—21.8

3,117

—39.4

1,852,928

—20.6

+ 11.7

761

—28.5

—20.1

—

5,479,767

—35.4

104

2,234,844

—27.0

221

28,136,913

+ 26.6

5.9

24.932

—44.6

—

Oct.,

244

132

% Change from

ing Units

213

468

Pacific

1,912

—32.0

699

—27.1

8,577

+ 39.0

3.0

+ 38.7

—

—21.8
+

-4

3.3

+ 40.1

Valuation,

Oct.,

Nov.,

Valuation

Oct.,

Nov..

Division

Nov., 1941

1941

1940

Nov., 1941

1941

1940

of 1940)

$169,718,280 —24.0 —22.9

64,374,720
5,533,974
19,400.160
15,331,773
■4,886,273
5.835,248
2,190,114
3,722,572

West North Central-

South

18.8
—76.1

18,085,409

+ 64.7

...

_^__

Central-

East

7.264,960
4,322.038

Atlantic

North

26.4

.$55,563,771

England

Middle
East

(Census

Geographic

divisions

New

—

Central-

West South-Central-

Mountain,,

:——

1,814.739

—45.4

—38.0

1,580,036

—20 6

13,648,197 —25.7

+ 125.9
—

5.197,854

+
—

8.4

90.0

23,745,494 —48.6 —68.6

71.8

44,878,760

—

—66.1

1,795,865

44.8

—

6,859,766 —47.7

3.3

+ 29.1

1.2

6.7

—

13.0

18,020,524 -^40.8 —17.9

54.0

+31.6
8,649,547 —43.9 —46.6
3,989,604 —17.8 + 5.7
45,768,223 + 1.4 + 2.8
4,158,165 —21.5

77.9

1,132.429

+ 12.3

6.8

14,370,441

—18.0

32.3

Dollar value

valuations

State

contracts awarded by Fed¬
Governments in addition to private and munici¬

For November^ 1941, Federal und State con¬
reporting; cities * totaled $36,180,000; for
October, 1941, $35,628,000, and for November, 1940, $76,346,000.
Changes in permit valuations, in *>,the .2,142 reporting cities
between November, .1941, November, 1940, and October, " 1941,
pal

of November and December, and the amount

afloat during

1,414,821
6,059,785

Number

are

the

Class of
New

New

Construction—

non-residential
alterations,

Additions,
All

;

'—

the month of

^—

and repairs.

■

$161,523,622

1,141,585

1,228,390

$146,497,150

$160,295,232

Nov.

22.9%
J

■

$2,203,796.50

against

money,

All Cities

ofconstruction—
residential' ——■_
New non-residential
—,—
Additions, alterations, and repairs.
Class

sales

ordinary

■

•••

—36.0%

Attorney General Francis Bidan Alien Prop¬

die has established

Comparisons in permit, valuations in .cities reporting for the
first 11 months of 1940 and 1941 are shown in the following table:

•

'1:7.'

•

•*

Leo T.

]■'

■

Construction—

outstanding Dec.

residential
non-residential
alterations, and

—

repairs.

t+16.0%

0.6.%

;7.8%

:
-„•••.
.

total

+21.3%
+

0.3%

9.7%

West
South

•

15% above

erty Custodian in the first World
This latter office was abol¬

War.

9.5:

+ 12.3%

1934, since most of the

ished

property seized in 1917-18
had been disposed of by that time.
enemy

The

Government

billion

seize

alien

assets

prepared

dollars

enemy

for

collateral

any

and

governments,

special

ready

the
enemy-owned
property, according to Associated
Press
accounts.
These
advices

impound

the

property to
vested

taken

over

aliens

living outside the United

enemy

States, and Axis nationals
are in custody.
Officials

who

emphasized that the

Government does not' intend to

property of lawFor that reason,
Germans, Italians and Japanese
need
not
worry
about their
homes and their bank accounts

the

survey

Hartford,

period last

"••v'

States

unless

the

issued by the

Conn.

Investigation.

Volume in $1,000

"v.'.-.;.

Atlantic

North

—

Central
Central

Atlantic

—

West

South

_____—

—

Pacific

Central
—

Ratios
'40-'41

Sales
Volume in $1,000

The

All Cos.

of
107%

515,240

112%

1942.

158,819

113%

1,728,488

105%

Henry,

1,480,898

108%

598,974

103%

648,492

107%

116%

111%'

-"•*

57,874

112%

23,383

117%-

262,827

112%

40,553

110%

472,259

106%

13,910

105%

162,735

102%

52,743

121%

569,644

114%»

of Directors of

the

Reserve

three years,

$6,439,557

119%

Y.
Branch

Bank of New
York
has
appointed Robert R.
Dew a Director of the
Buffalo
Branch of the bank for a term

46,258

135,360
52,792

Board

Federal

115%

•

New Directors For N.
Reserve Bank

--Year to Date

All Cos.

The total

year.

'40-'41

are
in the small
which
has
been
by the Federal Bureau

they

minority

volume sold

Ratios

Sales

East South Central

■

whose

similar to those of the Alien Prop¬

1941, secured by

United

the

November, 1941
''

Mountain

All construction

England

East'North

Excluding N. Y. City

Insurance Cor¬
duties will be

Deposit

poration,

disturb

insurance

same

Middle

to First 10 Months of 1941

All Cities

The

headed

Crowley, Chairman of the

Federal

months of 1941 is reported at $6,439,557,000,

above the

*s..r

•■•.V:

New

Change from First 11 Months of 1940

will

division

new

nationals.

Axis

assets

1940.

follows:

—20.1%

;

in the Department

erty Division

of Justice to administer the seizure

.
:

>—24.0 %

basis.

Alien Property Division
For Seized Assets

The sales volume and the ratios for all sections are reported

by the Bureau as

—19.3%

•

—36.1%

—15.7%

•

—26.4%

—

life

to $581,692,000

sales for the first eleven

which is about 7%

Excluding N. Y. City

—15.4%

issued"

stocks

transactions

"when

arrested

.'••

•

Additions,

Sales Research Bureau,

Insurance

New

Dec.

1940, according to the monthly

in November,

Life

All construction

New

November Life Insurance Sales

—16.9%

v.-

preceding reports

report and

abiding aliens.

5.8%

t..

Change from Oct., 1941, to Nov., 1941

New

afloat Dec.

Amount of bank notes

November amounted

v.":

Title

$147,638,735

The

+ 3.3%
•:''o*7
.'i

which is less
with "other

position

long

Include

effected

the years 1941 and 1940:

during November

Note—$2,182,009.50 Federal Reserve bank, notes

—41.5 %

1.1 %

;

construction

Class of

Novemfee£?or

1——

afloat

decrease

lawful

Excluding N. Y. City

5.6%

v.—44.8%

re¬

are

round lot are reported

not

beginning

1940

Amount

Change from Nov., 1940, to Nov., 1941
All Cities

residential

exempt"

of the decrease in notes further said:

1941

-■,

^r,

"short

marked

liquidate

than

2,142

summarized below:

178,680

shares———

Sales

force of Federal agents was

National Bank Notes—All Legal Tender Notes-;-

construction.

struction

280,530

;-'<r

ported with "other sales."
b Sales to off¬
set
customers'
odd-lot
orders, and sales

tile

(all of which are secured by legal tender deposits), at the

Bureau's tabulations include

and

Total sales

•

Dealers—

announcement of the Labor Bureau further said:

The

280,480

Round-lot Purchases by

shows the amount of National bank notes afloat

The following

Net

eral

;

sales b

Other

Changes In National Bank Notes

The

927,583

24,181,795

American claims against the hos¬

residential buildings during the first 11

new

compared with the like period of the preceding year.
Over the same period permit valuations, for hew non-residential
.buildings increased approximately 1%, while additions, alter¬
ations, and repairs registered a gain of 8%.
.
16%

;

for

current year amounted to $1,372,162,000, a gain

sales

___

Short sales

•rs-fr y*vi •• V• •

months of the

12,985
914,598

Round-lot Sales by DealersNumber of Shares:

mit

total

Customers'

—17.2
—

Building Construction
New Non-Residential Bldgs.
(Includ. Alterations & Repairs) PopulaPermit
Permit
% Change from
tion
% Change from

All

sales

Customers' other sales

4.1

—

Total

South Atlantic

compared with V October, .1941,,. alL types of
decline, ;a decrease "foritotal building-

13,135,476

—30.9

tary of Labor Frances ..Perkins

Miss Perkins stated,

—35.8

544

1940, Secre¬

corresponding month of

the

during

—18.4

4,097,490

South

1940

$91,172,050

South Atlantic
East

Nov.,

1941

135

North

Nov., 1941

Oet„

33,008

short

Customers'

Note—This

% Change from New Dwell-

Valuation

2,142

West North

East

Building Permit Valuations Are

______

Atlantic __l_

Middle

Permit

Cities Re¬

Geographic

32,547

total sales

Customers'

Number

'461
:

o___

sales."

Buildings

V;.

sales____

Customers' other sales

No. of

;

short

Customers'

for the following pub¬

$1,275,500 for 300 units; Chicago, 111., $2,478,000 for 586 units;
Rockford, 111., $733,000 for 200 units; Connersville, Ind., $1,127,000 for
300 units; Toledo, Ohio, $730,000 for 195 units; Daytona Beach, Fla.,
$186,500 for 66 units; Lakeland, Fla., $169,500 for 60 units; Alexandria.
Va., $58,000 for 15 units; Meridian, Miss., $402,000 for 100 units; Long
Beach, "Calif., $1,414,000 for 600 units; Los Angeles, Calif., $521,000
for 184 units; and Seattle, Wash., $2,535,000 for 700 units.

138

127

awarded during November

were

Number of Orders:

Pa.,

rl36

rl30

141

158

Contracts

Dealers—

$477,000:

January

814,019

27,478,966

(Customers' Sales)

Calif., 1-family dwellings to cost $1,027,000 and multifamily: dwellings to cost $7,876,000; and Seattle, Wash., 1-family
dwellings to cost $770,000.

29,886

■

Odd-lot Purchases

San Francisco,

1941—

shares—J.

Dollar value

000;

July

by Dealers:

V1 Number of

$784,000; Memphis, Tenn., a factory to cost $806,000;
Tex., 1-family dwellings to cost $988,000; Denver, Colo.,
dwellings to cost $447,000; Burbank, Calif., factories to

Sacramento, Calif., 1-family dwellings to cost $446,Santa Monica, Calif., stores to cost $462,000; Long Beach,
Calif., 1-family dwellings to cost $599,000; Los Angeles, Calif., 1family dwellings to cost $2,566,000 and multifamily dwellings to
cost $1,969,000; San Diego, Calif., 1-family dwellings to cost $704,000;

114

Sales

(Customers' Purchases)
Number of orders____X_^.-—,

cost

1-family

1940—

Juno

Houston,

United

Swe¬ Switz¬

New

Mex¬

Eng¬

Argen\

Odd-lot

$462,500;

in the currency

beginning Jan. 1,

Mr. Dew succeeds Frank F.

Director,

General

Mills,

Inc., Buffalo, N. Y., whose term
as Director of the Buffalo Branch
expires Dec. 31,
is

President

1941.

Mr, Dew

Dunkirk

Co., Dunkirk, N. Y.

„

Trust

THE COMMERCIAL & FINANCIAL CHRONICLE

Weekly Goal And Coke Production

Thursday, January 1, 1942
should be effectively integrated

Weekly Statistics of Paperboard Industry

and directed towards

The Bituminous Coal

We give herewith latest figures received by us from the National
Division, U. S. Department of the Interior,
in its latest report stated that there was little change in production Paperboard Association,
Chicago, 111., in relation to activity in the
of soft coal in the week ended Dec. 20.
The total output is esti¬ paperboard industry.
The members of this Association
mated at 10,750,000 net tons, as against 10,900,000 tons in the pre¬
represent 83% of the total in¬
ceding wgek.
dustry, and its program includes a statement each week from each

The

Bureau

Mines

the

that

reported

member of the orders and

ESTIMATED

UNITED

NET

STATES

PRODUCTION

(IN

COAL

THOUSANDS

ON PRODUCTION

DATA

CRUDE PETROLEUM

„

SOFT

TONS), WITH COMPARABLE

!AL

Period

'///>/

Week Ended

Dec. 13,

Dec. 14,

Dec. 20,

cBituminous

coal:

1941

Total,

Received

including mine fuelDaily average

1940—Month
Calendar year to date —:
1940
1929

—

cJ1941

1940

10,750

10.900

9,934

491,557

441,528

524,775

1,792

1,817

1,656

1,653

1,474

1,741

el941

Tons

petroleum:
equivalent of weekly

output

//
6,910

Includes

for

purposes

production of lignite,

6,583

historical

5,800

comparison

300,173

.312,787

statistical

and

corresponding 51 weeks in 1940 and
adjustment.

d Revised,

1929.

PRODUCTION
AND

including
colliery fuel

Dec. 13,

1941

(IN NET

-Calendar year to
1941
al940

21,

1940

247,644

509,781

236,693

162,653

163,769

tive

670,473

648,611

184,002

488,990

509,945

161,985

/7T,

464,537

479,099

161,729

629,863

;

548,579

261,650

652,128

571,050

337,022

857,732

726,460

447,525

656,437

602,323

488,993

634,684

608,995

509,231

tV,

October

839,272

831,991

.568,264

149,100

133,900

98,700

6,133,600

November

640,188

649,021

:/ 554,417 v

149,197

129,019

529,633

147,365

131,531

542,738

168,431

156,989

shipped

truck

20,243

three

from

authorized

revision
final

based

are

receipt

annual

returns

railroad

monthly
from

Dec. 13

State-

carloadings and river shipments
district and

operators.) /

•

Alabama

370

366

332

163

178

1,239

1,115

1,271

506

500

480

Colorado—.

170

.Georgia and North Carolina

Iowa—

—

Dec.

1940

Arkansas and Oklahoma—

Illinois

Dec. 14,

1941

Dec.

16,

1939

1,570

514

121

165

171

164

806

749

674

237

191

179

342

259

Michigan

■

Montana

;■

584

28
74

and South Dakota-

;•/// 25

613

466

448

2,630

2,453

2,348

137

128

114

128

100

•

/63

/27

570

599

2,837

2,818

Oct.

the

;«

157,032

163,284

576,529

147,086

133,031

591,414

i:. /; 80 /;//■

589,770

: 98

578,402

582,287

100

575,627

167,440

166,795

574,991

165,279

168,146

/: /; 568,161

100

170,597

165,420

169,585

159,860

156,394

165,397

145,098

160,889

550,383

169,111

164,875

554,417

101

6
13

Dec.

j__

;

—

Note—Unfilled

made

for

equal

568,264

576,923

570,430

604

Pennsylvania

bituminous

2,757

Tennessee

136

Texas

'•••"

_______

Utah—

9
/

•/"./
!

128

100

368

396

304

269

288

193

2,078

2,254

1,821

1,663

2,124

1,132

bNorthern_

799

// 836

662

636

706

692

154

150

149

Virginia
Washington
West Virginia—aSouthern

Wyoming

140

107

•

all

and

86
86

'/■

Western

States

87
87

181,185

166,080

567,373

102

163.226

553.389

101

88-

149,874

166,948

535,556

101

struction.

orders of the prior week plus orders
received, less production, do not
the unfilled orders at the close.
Compensation for delinquent reports, orders
from stock, and other Items made necessary adjustments of unfilled orders.

Total bituminous coal—

10,900

10,880

9,878

8,979

11,805

9,900

^Pennsylvania anthracite-

832

775

1,259

1,114

1,920

1,806

11,732

11,655

11,137

10,093

13,725

11,706

Total, all coal
Includes

the B.

operations

the N. & W.;

in Kanakha,

Mason,

C. & O.;

duction

than

1,000 tons.

The

two
of

war

Joint Production

countries

Committee, which

the

The London Stock

Exchange § i ^ |

Saturday

Monday

Dec. 20

Dec. 22

received

Dec. 23

Dec. 24

that

cable each

Pure

Dec. 25

Dec. 26

36/3

36/3 >:

87/6

88/9

ord

£65%

Invest—

£ 13%

£ 13 %

£133/a

£13 3/a

Goldfields of S. A.^

41/3

33/6

£83/4

£8%

•Cable

Central
Cons.

Min.

Courtaulds
De

Tobacco—

(S.)

& Co

33/3

Beers

(see issue of

Closed

Go.

Ltd

Bay

CompanyImp. Tob. oTG. B. & I._

•London Mid.
Metal

Box

Rand

Mines

t71/=

—72/—

71/-

Holiday

13/9

14/3

24/3

25/-

25/-.

25/-

126/3

128/-

128/9

£17%

£17.%

£17%

75/6

£7%

£7»/8

£7

£7%

Tinto

Rolls
Bhell

£7

91/3

Royce

29/3—

Molasses——.

Vickers
Vest

49/3

Transport-

United

The

91/3
51/3

—29/3

16/6

The

•Per

£100

par

value.

and

adopted

removal of

any

way

This

90/-

51/3

approval of- the

29/9

Cabinet.

16/6

are

full

To
I

tEx-dividend.
,

the

Prime

for

asked

the

affected

de-

our

ter

English Financial Markel-Per Cable

and

spirit,

far

Silver,

Gold,

oz.

Closed

fine oz.____
2.% %

Consols,

168s

Tuesday

Wednesday

23%d

23%d
168s

Thursday

23%d

168s

Friday
23 %d

168s

Closed

£81%

Closed

£104%

£104T9ff

£104"%

1960-90.

Closed

£114%,

£114%

£1143,^

£1143/4

^The price of silver per oz. (in cents) in the United States

on the same day has

British

3%%

British

Bar

(Foreign)

35%

35 %

71.11

£81%f

35 %

U. S. Treasury (newly

mined)

—

£81%

£82%

Holiday

35%

£ 104%

lies

and

other

;

71.11

Can¬
rec¬

President

and

the

Canada

statement

war

States

the

policy

production of

the

will

war

countries

require

the

production
in

the

shortest

■

war

production

materials and facilities in

legislative
changes
necessary to give full

each

country.
-

effect to the declaration.

Through brute force and
_

War

effort in both countries requires
the maximum use of labor, raw

3. Achievement

maximum

volume and

35%

•

71.11

Joint

States

2. An all-out

which

will

the

objectives.

^interested agencies, the extent
^to

com¬

possible time; speed and volume
war
output,
rather
than
monetary cost, are the primary

committee, to in¬
with the aid of the

Commission

the

States

with

the American

Tariff

Victory

both

I have further requested Mr.
Milo Perkins, the Chairman of

vestigate,

Joint

United

a war

Minister

the

Monday

pol¬

United

the

Committee

maximum

within their power.

;

the

two countries:

government to abide by its let¬

Saturday

were

tions

which

local / and

avoid

opera¬

compete

may

en¬

slavement, Hitler has secured

ciated

Press

advices

ington Dec. 19 it

from

was

The organizations said
desirable

to/ maintain

speed of war output requires that the production

and

resources

constitutional

Wash¬

stated:
it

was

current

revenue

statutory pro¬
visions would adequately pro¬
tect reserves for
post-defense
public works or permit the ap¬

plication

excess

debt retirement.
ments

taxes

thinking
the

effect

reducing

warned first to

were

sider

revenue

Local govern¬

that

purchasing
prices."

con¬

"such

power

will have upon

Holding taxes up and saving
it was explained, would
not only help check inflation
money,

but

also

provide the means of
large public works
other activity after the war,

financing

United

following

further-its- implementation,

have

and

enemies,

ommends

ap¬

partments and agencies in

and

Production

proval.
.

iff

following

ada and the United

Canadian War

has

the

drafted

engaged in

mon

/ «
has met the

29/9

The daily closing quotations for
securities, &c-, at London, as
reported by cable, have been as follows the past week:

period

governments

relelse

was

Canada
as

Canada

barriers standa such a com¬

declaration

Having regard to the fact that

bined effort.

£7

of the

to the White House

Committee:

calling for a combined all-out
war
production effort and the
ing in the

for

States

the

unanimously
declaration of policy

51/3

£4

Appended

Production

Canada

coordination

statement of war-production

icy
War

productive

resources

•

announcement

fol¬

-■

Joint

and

consent.

American

statement

co¬

Continent of America is possi¬
ble through democratic and free

United States have

■

£ 4

£4iV

tegration

/the productive

re¬

Committee

£7%
.

91/3

North

President's

lows: /,/ vv'- '■

Witwatersrand

Areas

the

Continent.

•

Rio

the

of a large part of the
Continent of Europe.
We must demonstrate that in¬

and

co¬

resources

•

72/-

13/9

war

measures

£8%

24/3

the

integration and
ordination of the productive

87/6

necessary

Electric & Musical Ind
Hudsons

£8%

Distillers

Ford

36/3

36/3
85/6

Drugs

Amer.

all

sources

Boots

British

duration

integration and

ordination

1128), recommended

taken rfor the

Friday

Tuesday Wednesday Thursday

the

measure

tion in both countries be removed

Quotations of representative • stocks
day of the past week:
•

defense

State

levels of Government

production'

that "all legal and administrative
barriers" to all-out war produc¬
for

set up on Nov. 5

was

capacities of the<^

for

defense material

Nov. 20, page

all-out

to coordinate the

b Rest of Stater^ncluding the

Governors

and the United States,
calling for "a
production effort and the removal of any
barriers standing in the way of such a combined effort."

District and Grant, Minergl/Und Tucker Counties,
c Include^Afrizona, Cali¬
fornia, Idaho, Nevada, and Oregon, "if Data for Pennsylvania anthracite from published
records of the Bureau of Mines,
e Average
weekly rate for entire month.
/ Alaska,
Georgia, North Carolina, and Soutn Dakota included with "other Western States."
Less

Roosevelt, in

Committee of Canada

combined

Panhandle

The

with
statement issued Dec. 22, announced his national defense for labor^mateapproval of the declaration of policy adopted by the Joint War Pro¬ rials or equipment."
In Asso¬
President

Virginian: K. & M.; B. C. & G.; and

and^Clay Counties,

joined by labor and farm organi¬
zations in a pledge presented ;to
President Roosevelt on Dec. 19,
declaring their loyalty in the de¬
fense
program, and in a state¬
ment
of
suggested policies the
organizations urged that "during
the

And Canadian War-Time Production

173

,/■:

States

called

municipalities to
support the war effort by post¬
poning non-essential public works,
maintaining present tax levels
and planning for post-war recon¬

President Roosevelt Ads To Combine U. S.

cOther

the

Conference

103

Dec.

Governors

filled

Washington

85
86

Many Groups Pledge
President Support
Council of State Governments and

•

Ohio—

foregoing principles.

149,021

—

necessarily

'/;>

„

.29

583,716

Nov.

166,781

tion of the

-784;

163,915

Nov.

—

neces¬

for the fullest implementa¬

sary

166,797
:•

Governments

measures

83
;v

Nov.

two

•

)

supplies be¬

war.

7. The

81
t

592,840 1

—

Dec.

26
53

Oct.

war

587,498

162,889
>

164,057

—

Dec.

204
'

New Mexico

North

Nov.

159

"'988

mmm.

—

584,484

Oct/; li

1,535

468

112.

mmmm

162,964

158,403

164,374

775

—

159,894

169,472

159,337

Kentucky—Eastern
Western

174,815

;

168,256

(/>

181

-92

176,619

253

;

572,532

•'572,635

Oct.

349

(/)

149

550,902

160,609
159,272

155,473

Kansas and Missouri—.

■

9
16

182,603

176,263

249

Aug.

Sept. 13

131

159,844

——;

Sept. 27
83

402

Sept. 20

146

Aug.

el923

436

1,102
";

—

Dec.

</»

July

prevent, delay or otherwise im¬
pede the free flow of necessary

should take all

8ept.

■

Aug. 23
Aug. 30

14,

1929

324

July

Aug.

v3 >■:

July 26

tonnage reports from

the

Dec. 6,

1941

July

restrictions

suspended
or
otherwise
eliminated for the duration of

washery and
operations,
c Excludes

output

tween the two countries should

1941 -Week Ended—

20,964

9,488

b Includes

years,

and

578,402

16,450

munitions and

mmmm

576,529
;

'-'r.

mm mm

737,420

509,231

%*-/.

mm mm

649,031

the

Legislative and administra¬

other regulations

mm mm

82////
-Z

807,440

materials

toward

barriers, including tariffs,
import
duties,
customs
and

202,417

630,524

22,317

such

the most necessary articles
in the shortest period of time,

196,037

642,879

periods

that

587,339

659,722

6,352,000

re¬

out the joint program

carry

470,228

July
August

;

and

country

of war production should be so
allocated between the two coun¬

contribution

September

Alaska

Maryland

193,411

624,184

71,750,000

Week Ended

Indana

456,942

66,584,000

2,874,800

materials

one

guods will make the maximum

49,645,000

•

raw

which

tries

47,163,000

1929

Scarce

71 1

52,891,000

maximum

goods in the

50,251,000

coal

1,187,000

(The current weekly estimates
or

129,466

1,128,000

sources

72
69

832,000

comparable

167,240
137,631

Cumulative

790,000

24,850

subject

June

487,127

608,521
:

April

date

war

minimum time.

452,613
468,870

673,446

May
Dec.

result

joint output of

of any character which
prohibit,

March
•

Percent of Activitt

Current

of—

January

<*.Vv:

ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)

State

1941—Month

ANTHRACITE

TONS)

colliery fuel.

are

pro¬

inte¬

Orders

998,000

Daily average

and

November

Coke—

Adjusted, to
dredge coal,
and

•:

quires from the other in order

Tons

should

articles

which will

goods

1,051,000

total

508,005
544,221

December

Week Ended

production

Beehive
U.

COKE

Dec. 20,

b Total,

cComm'l

PENNSYLVANIA

BEEHIVE

•

Anthracite—

682,490

June

February

ESTIMATED

Penn.

520,907

—

May

October

'•./>

449,221

September

20,
Subject to current

579,739
453,518

429,334

August

the

b Total barrels produced during the week converted into equiva¬

lent 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 ("Minerals Yearbook," 1939, page 702).
c Sum of 51 full weeks ended Dec.

1941,

528,155
420,639

March

July

224,507

convenience

of—

those

grated program of requirements

Remaining

February

country

■;'/// ■///:.;■>

January

April

bCrude
Coal

duce

common

Unfilled
:

Production

Each

requirements for the

effort.

war

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

Tons
•.

total

the

cates

Pennsylvania anthracite for the* week ended Dec. 20 was estimated
at 1,051,000 tons, an increase of
219,000 (about 26%) over the pre¬
ceding week.
Output in the corresponding week of 1940 was
1,187,000 tons.
•
,

production, and also

figure which indi¬
activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.

production

program of

of both countries

and

when

such

needed

spending

offset

the

will be
sharp de¬

cline in Federal defense expen¬
ditures.

the

same

officials'

group

time/ the State
asked the Fed¬

eral Government to reduce

non¬

essential

expenditures for "em¬
ployment - creating
activities
undertaken during the depres¬
sion and
emergency
activities
that

not

serve

program."

the

defense

readjusting local govern¬
activity, however, States
and municipalities were urged to
keep those services "which are
ment

vital to the prosecution of de¬
fense itself, to the maintenance
of
civilian
morale or
to
the

preservation

the

productive

capacities of citizens."
The Council of State Govern¬
ments
State

organization

legislative and executive

officials.

THE COMMERCIAL & FINANCIAL CHRONICLE

Vbltime 155-;Number4027

Senior

ABA Mid-Winter Trust

Steel Production Gains

Despite Holiday
Shutdowns-New Price Schedule On Scrap

Officer

Trust

Wachovia

Bank

and

the

Trust

Co.,

Conference, Feb. 3-5

Winston-Salem, N. C.
The con¬
All possible aid to the Govern¬ ference, a three-day affair, will
ment and serving the best inter¬ not have the usual banquet this

strong, President of the American
Bar

Association, Memphis, Tenn.;
Koeneke, President, Amer¬

H. W.

ican

Association

Bankers

and

;

President

The

of
City, Ponca City-, Okla.;
Judge Armistead M. Dobie, United
conditions will be the dual theme
Circuit
of
Judge
for
the
the
23rd
Mid-Winter
Trust Trust Division decided to dispense States
with
Fourth
the
social
function
which
has
District, Richmond, Va.;
Conference of the Trust Division,
and
Dr.
Paul
F.
ther goes on to say:
American Bankers Association, to always climaxed the conference
Cadman, Econo¬
vSteel output has advanced to 96.5% of capacity but the gain be held in New York Feb. 3-5 at and which would have been its mist, American Bankers Associa¬
31st
annual
tion.
'
A
customer
relations panel
was only three points because of the
The
unusually strong mill sched¬
banquet. ;
Waldorf-Astoria, it is > an¬
ules prevailing Christmas week.
•
v
Many well known, speakers are will be the closing feature of the
nounced by R. G. Stockton, Presi¬
scheduled to appear on the pro¬ first day's program.
Operations in the Pittsburgh area are up nine points to 97%,
The morning
dent of the Trust Division.
Mr.
gram.
Features of the opening session of the second day will be
equalling the pre-holiday level.
Chicago is off 2 points to 101.5,

and consuming plants with
production in the last seven days,
a
period which in normal years sees a substantial decline, states
the "Iron Age" in its issue today (Jan. 1).
This publication fur¬
',

,Holiday shutdowns in steel producing
loss

little

meant

orders

war

ests

beneficiaries

under

time.

war

Because

the

war

the

Security

Bank

Ponca

Executive Committee of the ABA

while Youngstown is

Stockton

Philadelphia is re¬

points to 95 %rfi

seven

Vice-President

and

day include talks by Walter Arm-

ported at 90% this week, Cleveland at 99, Buffalo at 92.5, Wheel¬
ing at 86, Birmingham at 95tt>, Detroit at 106, South Ohio River at

devoted

95.9% one year ago.
This represents an increase of 2.7 points or
2.9%, from the preceding week;
108, Western, at 97* St. Louis at 75 and Eastern at 107.
Weekly indicated rates of steel
Among recent developments hopeful to the idle or near idle operations since Dec. 2, 1940, follow:
*
^
non-war
metal plants is the \ OPM Contract Distribution Service
1M$~
Feb 24™
Jun. 16
96.3%
—99.0%
Sep 29
—96 9%
Division plan for a broad scale conversion of 15 industries to war
Dec
Mar 10
2™.__J)6.9%
Jun 23
98.8%
Oct
99.9%
6—98.1%
production.; How the necessary metals for use in such industries Dec 9_
Mar 17—^
96.0%
Jun 30—
99.4%
91.8%
Oct 13
98.4 %
Mar 24
can
be diverted from the already well established war industry Dec
99.8%
Oct
20
97.8%
Jly
,7———94.9%
—

but some observers still see a
non-defense plants making war
goods before the Nation's war program reaches victory levels.
,./
Many metal plants are going into 1942 with great order back¬
log^ which nearly all carry priority ratings,"intended for direct or
plants remain to • be worked out
large, part of the so-called

very

use.

23_

Dec

80.8%

Mar

-95.9%

Apr

•

■

99.2%

Jly

95.2%

Oct

99.3%

Jly

21-

—98.3%

Jly

96.0%
97.6%

Nov

Aug

4
11

96.3%
95.6%

Nov

17—97.0%

Nov

18
25
2
8—

96,2%

Dec

1—

97.6%

96.5%
96.3%
_96.9%

Dec

8—

97.5 %

15——96.1%
22
96.8%

97.2%

Apr 14
Apr 21

Jail

98.5%

Apr

94.3%

Aug

Jan

-96.5%

May

96.8%

Aug

Jan

97.1%

May

99.2%

Aug

May 19
May 26

99.9%

Sep

98.6%

Sep

Jan

distribution -of steel supplies into

the

Dec

.1941—

channels expediting
the production of war materials,; industry expects necessity more
than ever to be the mother of invention.
Some steel companies
making steel ingots and slabs may find some of this material ordered
by OPM to be sent to other steel companies where it will be fab¬
ricated into plates and other highly rated material.
The allocation
of scrap. will be made on the basis of how important it is td get
out specific rush steel orders/ v
'
■;
It is now cleat^that^the -substantial increase in construction
activity for new > air and other bases
along the Pacific Coast
coupled with repair needs in the Far East, will' keep structural
mills at an all-out production level for some time to come.
All of
this "heavy steel" activity means that the OPM will make alloca¬
tions for munitions steel, heavy rails and all other material which
is necessary to carry on under a war economy.
Some non-defense
consumers
appear to be facing idleness for months to come and
tonnage with lower priority ratings will frequently be interfered
with by more urgent allocations.
More than ever the steel and
allied
industries
must
demonstrate their adaptability to swift
changes in demand which, this time, may involve the Nation's se¬
curity at various points of attack.
■
How the many-phased priority and allocation system is oper¬
ating continues, as 1942 begins, to be a question mark. Pig iron
allocations for January are generally regarded as satisfactory, al¬
though there is a feeling that February allocations may be changed
radically.
Continued interference with steel operations resulting
from shortages of scrap is believed by some observers to be pav¬
ing the way for diversion of the output of merchant iron by steel
producers Jfco their own furnaces. Such a step may be taken if the
scrap situation does jiot improve.
Another restrictive order involving tin plate production is ex¬
pected to be promulgated soon, i It is expected that control of tin
plate production may be sought through the allocation of pig tin
to steel companies making tin plate rather than through a control
setup for tin plate production schedules.
With less pig tin avail¬
able, tin plate output will drop automatically.
.
Some steel producers believe that allocations of cold drawr
steel
will be withheld
until after the beginning of the second
quarter, permitting producers with large backlogs of high priority
orders to clear their mills before their production is allocated.
Structural steel awards of 7,400 tons compare with 5,130 tons
last week while new structural steel projects call for 19,500 tons
against 19,910 tons a week ago.
Outstanding awards for the week
include 2,800 tons for an airplane repair plant, 1,316 tons for a
seaplane hangar and 1,000 tons for a machine shop and foundry.
Largest new structural-steel projects are 7,000 to 8,000 tons for an
aluminum rolling mill and 2,000 to 3,000 tons for an aluminum
In

6—

Feb

96.9%

Feb

-97.1%

Ifeh 17

94.6%
97.5%

Mar

"Steel"

96.0%

28—

Jun

99.2%

Sep

Jun

98.6%

Sep

Cleveland, in

cussion

■

awards total 20,400 tons against 11,100 tons
projects reached 3,750 tons compared with

steel

.Reinforcing

while

week

new

2,225 tons a week ago.
"IRON AGE" COMPOSITE PRICES

THE

Finished Steel
•. :

One

week

One

month

One

year

ago

1940

1938
1937
1936

1935
1934

1933
1932
1931

1930
1929

Lb.
2.30467c.
2.30467c.
2.30467c.

1939

2
16

Sep

2.30467c.

Sep

—2.30467c.
__2.30467c.
—2.35367c.
—2.58414c.
2.58414c.
2.32263c.
i-2.07642c.
—2.15367C.
1.95578c.
—1.89196c.
—1.99629c.
—2.25488c.
—2.31773C.

Low

2.24107c. Apr

Jan
2
Jan, 3
Jan
4
Mar
9
Dec 28
Oct
1

2.26689c.

$20.61

Jun

19.61

Jly

1937

23.25

Mar

20.25

Feb

1935

—

1934

___—_

month

One
One

year

Jan

13.56

Jan.

1932

14.81

Jan

1931

15.90

JanT6

13.56_Dec i
14'79 Dec If

1930

18.21

Jan

1929

18.71

May 14

,\<

Dec.

2.06492c.' Jan

1.95757C.

Jan

1.75836c.

May

1.63901c.

Mar

2
1

1.86586c.

Dec

1.97319c.

Dec

May 28

2.26498c.

Oct

Based

phia,
at

averages

week

month

One

Buffalo,

for basic iron at Valley furniron at Chicago, Philadol-

Valley

and

Southern

—

The

that

$23.61
23.45

Mar 20
Dec 23

American

$23.45
22.61

Jan
Jan

ago

Dec

18.21, Dec 1

Gross

$19.17

—

19.17
21.83

ago

Ton

heavy

consumers

one

——96.6%

15—

97.9%

Dec

22—

93.4%

Dec

29—--*96.1%

iron

and

concurrent

two

trust

other

the

Dec

of the

sessions,
problems

to be devoted to the

smaller

—95.9%

problems

the

insti¬

were

February for the first

and

time

devoted

of larger trust depart¬

last

tuted

departments and

These sessions

ments.

proved

popular that

they are being repeated at the
steel forthcoming conference. The clos¬

•

mas
holiday, ,in contrast to about 15 points in 1940 and ,1939, in¬
dicates the willingness Of the ^companies and their employes to co¬
operate fully even at the sacrifice of sentiment
attached
to

ing session will be devoted again
to the popular question Box Pe¬
The leader for this feature

riod.

will be Frederick A.

Carroll, Vice-

President and Trust Officer of the

National

Shawmut

of Bos¬

Bank

This year for the first

ton.

there

will

included

time

this

economic
questions affecting trust business.
Cancellation of orders by consumers whose production has been Montfort
Jones, Professor of. Fi¬
curtailed continues and removes considerable tonnage
from mill nance, University of Pittsburgh,
books.
Pressure to buy by civilian consumers has
all but dis
Pa., will participate on the Ques¬
appeared, leaving the way clear for war production.'
tion Box panel to discuss these
A further revision in ceiling prices on scrap has been issued economic
questions.
panel

discussion

Christmas.

Office of Price Administration in

material and

correct

schedules.

The

effort

bring out

conditions brought about

some

by the former

plan

segregates types and grades according
prices for each type of, consumer.
Geographical price differentials have .been maintained.
On all
but cast iron scrdp computation of shipping point price allows
new

Lumber Movement Week

to use and establishes maximum

Ended Dec. 20,

1941

Lumber

production during the
week ended Dec. 20, 1941, was 4%
dealers to make use of "most favorable basing point" instead of
less than the previous week, ship¬
nearest basing point.
Cast iron scrap prices have been placed on
ments were 2% greater; new busi¬
a shipping point maximum, with three geographical groups cover¬
ness
31%
greater, according to
ing the entire country.
The cast scrap schedules are in the nature
reports to the National Lumber
of an experiment and are expected to -result in larger collections
from

Association

Manufacturers

Remote

scifap provisions in former schedules are continued.
regional associations covering the
of iron ore in November was 6,501,027 gross
operations of representative hard¬
tons, only slightly less than the record tonnage of October, 6,612,wood and softwood mills.
Ship¬
186 tons.
Ore smelted in 11 months this year totaled 69,273,701
ments were 4% below production;
tons, compared with 56,253,276 tons in the comparable portion of
new orders 35% above production.
1940.
Ore on hand at furnaces and Lake Erie docks Dec. 1 was
Compared with the corresponding
45,534,633 tons, compared with 41,711,704 tons at the same date last
week of 1940 production was 0.5%
yearp:;Jhis freserve for:' winter
built up in spite of heavy con¬ greater, shipments 22% less, and
sumption through, the entire^year. ^Tt 'is believed to be ample to
new
business 31% greater.
:The
keep maximuih operations until th6r opening of navigation in 1942,
industry stood at 128% of the
Automobile production dropped sharply last week, under in¬
average of production in the cor¬
fluence of the holiday and OPM restrictions, 24,620 units being
responding week of 1935-39 and
manufactured.
This compared with 65,875 cars the preceding
127% of
average
1935-39 ship¬
week and 82,545 in the comparable week last year.
Output will
ments in the same week.
be severely restricted in coming weeks as steel is diverted to other
uses and orders from Washington limit the number manufacturers
Year-to-Date Comparisons
Consumption

are

allowed to assemble.

Reported production for the 51
observance had much less effect on steel production
weeks of 1941 to date was 11%
the national rate declining only 4 points to 93V2% of
above
corresponding
weeks
of
capacity.
In general ingot production continued through the week,
1940; shipments were 9% above
although some interruption was allowed, the more willingly be¬
the shipments,
and new orders
cause of small stocks of scrap and necessity for repair to furnaces.
6% above the orders of the 1940
Chicago mills increased output 1 point to 104%, a new all-time
period.
For the 51 weeks of 1941
high.
One interest there made steel at more than 108% of rated to
date, new business was 4%
capacity. Buffalo increased output 2V2 points to 82J/2% and New above
production, and shipments
England 1 point to 85%. In all other districts there was curtail¬ were
4% above production.
ment.
Pittsburgh lost 6 points to 90%, Eastern Pennsylvania 4

Pittsburgh, Phlladel

and Chicago.
Low

High
Jan

$19.17

21.83

Dec

16.04

Apr 1C
Apr

22.50

Oct

14.08

May If

15.00

Nov

11.00

Jun

21.92

Mar 30

12.92

Nov

17.75

Dec 21

12.67

Jun

10.33

Apr

Mar 13

9.60

Sep

6.75

Jan

Jan 12

6.43

Jly

—

1937

1936
iao5

—.

Ij.42

Dec

1934

13.00

1933

12.25

1932

8.50

1931

11.33

Jan

8.50

Dec

L9J0

15.00

let)

11.25

Dec

1929

17.58

Jan

14.08

Dec

2
2

Aug

Dec. 29

one

points to 83%, Youngstown 9 points to 83%, Wheeling 1 point to
90, Cleveland 4 points to 90]/2, Birmingham 5 points to 90, Cincin¬
nati 12V2 points to 82 y2,. St. Louis 19 points to 76 and Detroit 4

points to 86%.
New

^ '•

price schedule on scrap

had

Supply and Demand Comparisons
The

of unfilled orders to

ratio

gross-stocks was 32% on Dec. 20,

$36, steelmaking pig iron at $23.05.
Fabricated structural bookings in

effect

the

composite

months

this

year

1941, compared with 31%
ago.

than

a year

Unfilled orders were 3% less
a year ago; gross stocks were

7% less.
Softwoods

and Hardwoods

totaled

week

the current

for

Record

1941, for the cor¬
responding week a year ago, and
pared with 1,360,017 tons last year.
Placing of a ceiling on warehouse prices has met with general for the previous week, follows in

approval arid is expected to bring an end to irregular practices on
the part of some sellers not identified with the main units of the
industry.
Iri some cases where prices were in effect by some
warehouses lower than the general level permission is being sought
to raise them to that point.
Efforts

5
29

announced

some

obtain

much

scrap

possible

have

resulted

procedures. A Detroit yard is being "mined" to
into the ground by weight of heavy accu¬
past, considerable being reclaimed in this way.
streets have yielded 13,000 tons of abandoned street

extreme

material forced

mulations in

Milwaukee

railway rails.
Beehive,

91% of the steel capacity of the
for the week beginning Dec. .29 tained and
week ago, 97.6% one month ago and' that level.

ing rate of steel companies having
industry will be 96.1% of capacity

with- 93.4%

usual,

ended Dec. 20,

$22.00

1940

1938

than

2,146,457 net tons, compared with 1,545,020 tons in the same period
last year, with shipments of 2,064,547 tons in the 11 months, com¬

melting steel scrap yuo

telegraphic reports which it had received indicated that operat¬

compared

sist

98.2%

3—
10

price of steelmaking grades, which remains unchanged at $19.17,
the level which has prevailed since ceilings were imposed in April.
Finished steel composite continues at $56.73, semifinished steel at

Scrap

ago—„
No.

and Steel Institute

Iron

15.90

1941

1939

iron

Low

High
1940

$19.17

1941,

Cincinnati

1941

tations

phia,

23.45

————

year

Based

23.61

—

29,

One

foundry

and

aces

Gross Ton-

;' ;-l "vSteel

One

$23.61

ago———-

16.90

Mar

—

ago

May

Oct

17.83

Dec

Jan

$23.61

Aug lr.

May

2.32263c.

1941,

29.

18.73

Nov

16.90

Pi£ Iron
Dec.

Nor 24

17.90

2.27207C.

One week ago—:

19.74
18.84

1933

2.05200c.

Oct

Jan

Sep

23.25

May 16

Apr

Jly
5
Jan-13

Sep IS
(

_$22.61

1938

1936

of the. United States output.

High

1939

—

78%

represent
1941

ago

Low

High

■

1941, 2.30467C. a

Dec. 29,

summary

Nov

Christmas

^xtrusidn plant.
last

its

_—99.9%

27J

"Massachusetts

the

Rule," led by Mayo A. Shattuck,
of Haussermann, Davison & Shattuck, Boston, Mass. The Wednes¬
day afternoon program will con¬

markets, on Dec. 29 stated:
1,
Every effort is being made by the steel industry to meet its
obligations for war, production being held at as high a point as
practicable and distribution being guided by considerations of the
country's best interests.
That the production rate dipped only 4 points for the Christ¬

will

and

C. Alison Scully,
Vice-President, Bank of the Man¬
hattan Company, and a forum dis¬

indirect war

investments

include talks by

thousand board feet:
Softwoods and Hardwoods
1941
-V
v

Mills
Production

Shipments
Orders

years

some

coke

ceiling

$6 is expected

main¬

contracts for first quarter have been booked at

Week Wk. irev.)

438

464

213,450

212,405

221,448

204,412

263,664

199,850

288,867

220,215

221,301

Softwoods
1941 Week

Mills

furnace

1940

1941

Week

361

Hardwoods
1941 Week
92

201,514—100%

11,936—100%.

Shipments

193,627— 96%

10,785— 90%

Orders

279,366—139%

9,501— 80%

Production

THE COMMERCIAL & FINANCIAL CHRONICLE

President Opens Red
Cross Fund
President

Campaign

Roosevelt

proclamation

Dec.

Hevenne

issued

Ended Bee, 20 Amounted To 798,697 Gars

opening

Loading of revenue freight for the week ended Dec. 20, totaled
798,697 cars, the Association of American Railroads announced today.

Red Cross War Fund

Campaign
raising of at least $50,000,-

for the

14.5%, and above the

people

"to make this campaign
overwhelming success." In his
proclamation, the President noted
the

Red

month

Cross

has

Loading of
8,528

$1,000,000

spent

what

the

will

The

freight for the week of Dec. 20, decreased
1.1% below the preceding week.

cars or

revenue

Miscellaneous

Loading of merchandise less than carload lot freight totaled
150,038 cars, a decrease of 2,703 cars below the preceding week,
but an increase of 1,085 cars above the corresponding week in 1940.
,

have

organization

the

Coal

and

into

OF THE

country has been
and forced

vast proportions,
inevitably
bring

will

grief and distress to many and
'

self-sacrifice

to all; and
for more
than

Whereas
;

Red

the

American

Cross

National

•'

Whereas

just such

in
an

preparation
emergency

for

facing,

National

Red

spending

funds

than

month,

the

has

the

been

rate

which

but

small

grain

organization
to

its

functions

2,383

cars

Forest

aboVe the

cars

out
as

Ore

corresponding

totaled

4
4

Weeks

March

Apri^\,—

effectively

Weeks

June

in service and his fam¬

key
civil-defense
a

——L

—

President of

the American Na¬

tional

Cross,

beginning,

hereby
as
of

Realizing

the
to

desire

every

participate in the

1940

Central

Louisville

Norfolk

Savannah

2,824,188

2,488,879

2,282,866

3,817,918

3,123,916

2,793,563

2,495,212

2-976.655
2.225,188

4,160,527

3,351.840

2.926.408

3,510,137

2,896,953

2,563.953

3,413,427

2,822,450

2,532.230

3,717,933

3,657,882

—

4,317,738

6-.

V77

—13,135,122
3,2(19,476
3,7^0,423

Southern.,

...

Piedmont

833,375

738,513

683,573

December

20-

798,697

697,755

651,392

Fred.
Air

Southern

following

the separate

table

summary

35,812,547

the

freight

Central

Winston-Salem

South

REVENUE

Western—

FREIGHT

LOADED

Shore

<%;

St.

Paul

Western

Fort

R'o

Grande

Salt

Worth

Denver

Railroad*--

AND

■

RECEIVED

Nevada
North

Pacific
k

Pacific

DEC,-20

1940

& Aroostook
Maine

Chicago, Indianapolis & Louisville—.
Indiana

553

and

the

_of the United States, of America
the

one

hundred

and

sixty-

sixth.

FRANKLIN

Mackinac

Toledo

Ironton

Shore

Erie

Lehigh
Lehigh

Hudson River
& New England
Valley—

569

Missouri

1,255

1,347

201

191

-7,386

Ht.

Louis-San

1,432

-13,971
2,505

11,439

1,390
25

2,432

St..

Louis

Quanah Acino

D. ROOSEVELT.

103

1,447

4,147

3,803

14,471

13,545

11,804

15,623

13,975

5,057

5,918

4,696

9,145

9,341

190

170

151

2,785

2,370

S 1,753

1,902

1,771

1,598

9,082

9,166

8,869

10,203

3,258

3,029

2,883

3,184

6,113

4,131

4,743

434

1,716

1,701

1,547

49,507

43,031

16,002

14,0 ?4

2,430

1,979

14,633

—

Montour.—

Y.,

N„

—

Central

York,

Lines

Hartford

Ontario

47,437

43,690

39,743

12,325

10,484

9,478

1,082

1,125

1,130

& Western

6,518

St. Louis
—
N. Y., Susquehanna & Western——.
Plttsburgn & Lake Erie
*
Y.,__Ch)cagQ_ &

—.

Lake

Total.

697

3,393

3,148

9,400

8,436

3,791

i04,255

3,682

800

303

188

.630

527

505

446

8,7°0

10,765

7.769

336

325

12,908

9,755

8,916

"564

452

562
158

272

254

1,972

1,557
5.004

■'

125
4,169

151

3,075
*

748

704

1,543

2,423

4,347

i.v.

3,184

2,148

■

11,025

9,873
97

109

2,545

1,993

1,415

81,434

17,601.

9,355

—

4.424
"

2,603

3,461

237

223

2,155

1,543

74,571

00.381

49,223

■

;

•

17,323

f 9,965

6,412

3.5C2

2,723

2,697

2,958

2,390

584

422

385

104

18,110

16,133

.14,997

10.789

8,799

2,304

2.737

2.57S

864

776

12,676

10,513

10,947

11,043

9.076

2,873

2.778

2,745

3.'>r>

712

722

664

1.13)

1.327

3,618

3,902

3,002

4,111

3,114

678

885

547

22,056

—

'2,016

■

978

1.8S1

1.372

816

1.715:

814

937

1,524

403

488

1,820

1,857

140

100

678

451

432

341

22,996

20,777

9.137

6,260

349

493

153

1,309

14,215

12,658

11.818

9,085

505

590

480

1,485

1.559

2.644

2,036

103,884

97,928

72,454

56,774

113,058

....

725

2 "OS

847

15,053
•

:•■'

1,713

1,104 '

186

105

240

3,565

2,622

2,894

1,996

1,551

1,666

Northern
-

218

2,852
•:'v 2,653
-

417

•

Lines

St Pacific

,•

New

1,395

619
1^0

5,023

3,759

3,703

14,152

3.-07

1.131

853

t
•

302

174

'•"*;* 414

347

3,912

2.630
9.631

13,833

12.873

---17?

7,°03

7,151

7,327

4,567

2,444

2,258

3,769

2,566

175

129

;

8,267

6,153

6,022

4,833

3,212

4,379

3,501

4,059

6,292

143

160

133

3,898
■•V::5'. 75

Total

61,465

year's

944

2,044

2,217

373

Southern

Note—Previous

1.143

2,992

Orleans
&

161

1,773

•

9,386

1,997

2,033

117

■rv.

221

1,298

2,547

197

701

13,049

—

312

2,198

2,269
362

2,270

192

—

648

Southwestern—

48,372

47,251

215

"36,196

52,588

figures revised

Basnfe Oelsils Up

1,638

8,271

7,692

7,049

6,642

6,131

5,756

6,303

5,872

6,658

5,923

601

565

419

392

444

376

274

243

823

829

8S4

2,557

2,103

540

542

512

1,089

979

10,096

Bank
week

6,232

5,485

5,454

11,522

4,515

3,774

3,787

4,264

3,687

168,713

156,259

147,514

207,727

179,445

debits

ended

Dec.

28% From Last Year

reported

banks

leading centers for the

$12,784,(#0,000.

aggregated

Total

debits

ing the 13 weeks ended Dec. 24 amounted to
$149,677,000,000,
above

the

total

reported

At banks in New York

with the

for

the

ing centers there

was

corresponding period

City there

corresponding period

Erie

720

18,143

881

5,884

Pacific....

2^4
.

449

•

16,801

8,085

403

5,625'
—

3,955

515": &

Francisco

Falls

2,513
•(.

11,882
-1,619

—

Marquette

Wheeling

5,158

21,325
•

1,275

;

537

—

Wabash

Secretary of State.

151

1,845

239

Central

Rutland

CORDELL HULL,

278

2,606

Pittsburgh & Shawmut
Pittsburgh, Shawmut & North
Pittsburgh & West Virginia

By the President:

299

399

6,119

9,515

IsIand^—„—

Pacific.,

7,633

2,736

7.314

655.

Arkansas...

1,467

6.866
•

10.943
•

Madison..

1,624

19,840

2.217

Valley.

Missouri

1,372

1,611

438

Western

.972

•

Oklahoma & Gulf—

Midland

335

Monongahela

New

11,578

Coast. Lines

Litchfield

1940

2,471

•

Line

Trunk

Pere

(Seal)

Western..

Grand

14.140

...

Weatherford M.-W. & N.

one,

14,950 ii. 013,454
2,336
2,390

17,551.

8,295
24

Lackawanna

York

78,426

—•

8,111

New

98.324

1.231

System

9,112

fortyIndependence

.99,360

.338

8,858

and

1Q3.010

25,711

9,100

hundred

833

125,440

Delaware,

nineteen

846

——.T

Missouri-Kansas-Texas

589

Ann pArbor

Toledo

—

Connections
1941

1,472

122

4,619:

Kansas1 "City Southerw
Louisiana &• Arkansas—

Received from

1939

5,338

485

(Pacific)—.—

tnternatlonal-Great

Total Loads

1941

1,761

20,940

Western—.

Pacific

BurUngton-Rock
Gulf

Total Revenue

■ -

1,105

Southwestern District-

CONNECTIONS ' *

147

V^:^'t22,K85

Utah;L—.

com¬

353

•

1,048

461

Union..

Peoria

Western

881

22,497

Pacific

Pekin

Southern

Toledo,

carloadings

Freight Loaded

Lehigh

4os
•

2.9G2

Northern.—

Western

Peoria

FROM

CARS)—WEEK ENDED

!.•";-r •

Eastern District—

viaine

1,387

174

'■"i-

138

and

Washing¬

1,180

City

Done at the City of

1,077

Love_.

ton this twelfth day of Decem¬
ber in the year of our Lord

418

3,193

Western.,^

Wichita

States of America to be affixed.

392

3.655

;

Texas

United

150

2,474

M—

Southern—

Texas

the

119

3,009

Garfield.—,

8,668

165

3.G40

2,671

664

Top. St Santa Fe System,;—

2,036

Whereof, I have
my
hand
and

Atlantic.—

District—

2,510

seal

144

2———

11,144
9,281

set

210

23,393

Pacific

1,356

the

■'6,472

.:,

292

Louis.

5,874

caused

11,572

8,342

8,792

—

Kansas,
(NUMBER
f'•'i-',\'■ ;•r r

3,600

13,476

354

Eastern..

mtiQts,. Tprmlnat—4.
Mlssouri-Tllinois.^,—

3,^79
20,967

Bay 7k Westernu~—w~—
Lake Superior & Ishpeming—
St.

517

District—

North

Minneapolis

.1,676

737

21,611

...

Ft, Dooee. Des Mnines & South..
Great' Northern—
——....

Minn..

10,695

Chicago Great Western
Chicago. Milw., St. P.. & Pac,
Chicago, St. P., Minn. & Omaha—
Dtiluth, Missabe & Iron Range
^lgin-.-Njoliet

2,643

287

23,271

561

„

21,870

Southbound

Northwestern

Chicago

Denver

33,363,434

106 roads showed increases when

pared with the corresponding week last year,i

••

3,434

•'. •'

872

385

488

railroads and systems for the week ended Dec. 20,

During this period

Detroit,

960

;

616

■

^23

:•

230

7-1,163

10,796

—;

Total

Detroit

348

23,523

Potomao,—

Line

System

Tennessee

Union

41,678,401

Detroit

1,064

3,10T^ -2,621

23,510

Northern.—

Richmond
Seaboard

Denver

3.35«C701

Central

848

Colorado

3,703.292

Week

958

1,061

Chicago. Rock Island k Pacific
CMeagof &1 Eastern Illinois.

3,102.236

678,132

Bangor

•Ma/A:

•4,165

Chicago. Bm-Iington & Quincy...
Chicago & Illinois Midland

3.387.G72

736 340

Boston

162

386

•

St,, L.-w—

1,307

hereunto

—

Chattanooga

5,702

Witness

—

System.

Nashville.

Dublin

Nashville,

Atrh.

2,288,730

,"807.225

1941.'

259

1,427

Binffham

13-

for

1,350

3,550
"i 1,273

187

1,562
1,037
6,148

341

348

1,417

Midland,—,,——,,.———
—

404

142

^204

187 '

1.037

Georgia & Florida
Gulf, Mobile & Ohio..—

193

284

...

—,

•/v.

1,912

—

—J.*.—.

Georgia

Central

1939

2,557,735

4,464,458

October

December

The

,:,47o.

•

Greenville

1,523

41236

11,974

—

4,328

6,173

this appeal.

3,525

—

Delaware & Hudson

9,320

4,042

Line

Central Vermont

response

11,061

1,408
NL685

Western Carolina.^—,

national
war
effort, I confL
dently anticipate an immediate

spontaneous

2,103

Total.

can

American

658

Florida Fast Coast

XlUnois

1940-

590

;

; 16,233

1941

660

783

v-v.

.1,810

*vy 18,680

1939

775

Southern

Galnsvillo

above

cars

December

000; and I appeal to the Ameri¬

people to make this cam¬
paign an overwhelming success.

43,836

1940

5,263

2,242-

305

Spokane4 Portland & Seattle

cars

this date, of a Red Cross War
Fund Campaign for the raising
of a minimum sum of $50,000,-

44,417

5,868

833

Spokane International

Week

Now,

Therefore, I, Franklin
D. Roosevelt, President of the
United States of America, and

J::f
10,570 ^r^9;220

370

Ala.—,—

Northern

plans:

the

increase of 758

-3,539,171 7-

November.

Week

—

July—

Weeks

the

Weeks

between

1940.

—•—„

Red

increase

an increase of 5,681 cars aboye

—

and

cars,

2,740,095

Weeks

essential

3,819

SUMMARY

was

year

increase of 17%

dur¬

23%

year

ago.

compared

and at the other report¬

ago,

increase of 27%.

(In

FEDERAL

millions

RESERVE
of

DISTRICTS

dollars)

'•

Auburn Daily Ups Price
*

The

tiser,"

.Auburn

afternoon

the only

daily

;

newspaper

and

issued in Auburn,

New York, raised its price Dec. 29
from 3 cents to 4 cents per copy
and

from

week.

cents

The newspaper,

cents

announc¬

ing the higher price in its adver¬

tising

columns,

cited

similar

ac¬

tion

recently taken by a number
of other up-state papers and ex¬
plained that the raise was com¬
pelled

the

increasing cost of

newsprint, materials and labor.

Akron, Canton & Youngstown
Baltimore
Bessemer

&
&

Ohio
Lake

Buffalo Creek &
Cambria
Central

&
R.R.

Cumberland

——

Erie

Gauley

New

Western

Pennsylvania...—Z.

Total.

Maryland

421

1,078

885

27,760

32,628

29,474

21,754

18,145

2,960

3,099

2,571

1,292

1,835

331

239

266

Cleveland
R chmond

7,426

Jersey^

Ligonier
Valley.
Long
Island
Penn-Reading Seashore
Pennsylvania System
Reading Co
Onion
(Pittsburgh).,

Dec. 24,

'
—

Lines
——

....

—

...

—

1,905

1,718

6,974

6,415

16,232

13,699

558

634

227

238

114

•

685

285

;
:

York

New

Philadelphia

Chicago

St,

...

.k.

Louis

740

556

3,166

2.8"4 !

1,157

1,003

1,316

1,6^8

78,751

66,570

61,477

52,396

41,775

16,079

15,667

1.3,462

24.5r,2

20,514

19,953

18,562

3,413

4,391

3,804

3,836

9,955

174,312

154,379

140,882

135,836

3.422

Kansas. City

—_—

Dallas
San

—
——_—

Francisco

Total,, 274

—

reporting

centers.—

7,69 1

111,713

New

York City*—L

—

140 Other leading centers*—
133
Other centers—.
*Zjirv th° national series covering

586

8.423

7,239

4.814,

4,490

60,108

51,243

788

538

8,060

6,374

1.878

840

10,934

8.466

358

1941

6 063

1940

299

4.933

3,772

1.233

22 330

17.570

411

203

5011

3.749

2,198

231

156

2,898

271

4.597

3.°0

223

4.051

2.965

673

12,213

9,522

12 7«4

9 991

149 677

4,365

4,167

54 938

7,276

5,031

81.743

12.997

centers

•

.^av^ifab^

beginning
1

;

4.667

440

1,937

44
1,144

141

Dec. 25

739

1,039

—

Dec. 24,

1940

418

13 Weeks Ended

Dec. 25,

1941

509

—

Minneapolis

151

788

1,741

173

I-:'

'..r—

547

1,991

Indiana

Boston

581

Week Ended

Federal Reserve District—

Allegheny District—

"Citizen-Adver^

from;

Connections

Northern—:

Green

February.

1940.

January—

August

home,

the

1941

September.

proclaim

de¬

All districts reported increases compared with the correspond¬
ing weeks in 1940 and 1939.

Weeks

problems

week

Weeks

4,332

"Received

Georgia

Clfnchfieid
Columbus

Macon.

cars,

loading amounted to 13,996 cars, a decrease
below the preceding week, but an increase of 1,310
the corresponding week in 1940.

welfare

Charleston &

41,423

Coke

agency

1,354
above

loading amounted to 13,638 cars, a decrease of 2,535 cars
preceding week but an increase of 592 cars above the

Weeks

cars

the

armed

our

R.R.

1941

—

breeding week; and

Weeks

above

cars

corresponding! week in

man

products loading totaled 43,135

the

products

preceding week, and
above the corresponding week in 1940.

forces,
particularly asXfriendly liaison

ily
I

of 527

requires

now

carry

auxiliary

increase

below the

cars

fraction of the amount that the
order

million dollars

one

Coast

Central

American

Cross

18,062

stock

increase

below

now

cars,

increase of 7,684
'
'
'
1
„<

loading amounted to 14,528 cars, an increase of 687
preceding week, and an increase of 2,496 cars above
the corresponding week in 1940.
In the Western Districts alone,
loading of live stock for the week of Dec. 20 totaled 10,901 cars,

52,294 ''

Atlanta. Birmingham & Coast—1

above the

the

Live

cars

injured, in sheltering,
feeding, and clothing the homeless, in succoring the distressed,
rebuilding broken lives, and
in rehabilitating the victims of
catastrophes of nature and of
war; and

Tennessee

W„P.—W,

Duluth,

the

are

Atl. &

District—

"■

A-22,005 ->

19,223

4,732

Total.

has

played a vital
role in binding up the wounds
*

Southern

attacked

war

years

156,264

preceding week, but an increase of 13,490 cars above the corresponding week in 1940. v In the Western
Districts alone, grain and grain products loading for the week of
Dec. 20 totaled 26,562 cars, an increase of 708 cars above the-pre¬
ceding week, and an increase of 10,087 cars above the correspond¬
ing week in 1940.

A PROCLAMATION

which

of 110

crease

AMERICA

viciously

___

Mississippi Central

Grain

UNITED STATES OF

our

amounted

preceding week, and
corresponding week in 1940.

the

President's

above the

cars

Whereas

22,367.:-?

—_

...

proclamation follows:
BY THE PRESIDENT

*-'V

<•"'"if

———_

Total

Total Revenue
Freight Loaded

>.:25il3Sr::<-20,862

—

/lrginian

Durham

text

District—.

Western

Atlantio

in order to
carry out its functions
as
an
essential auxiliary of the

armed forces.

svrio.K

:1;

■M-' 7

Jhesapeake^&f- Oh ioSZ i.-..

22.6%.

cars or

preparation
for
the
emergency now facing the coun¬
try, adding that this amount is a
fraction

147,305

was

freight loading totaled 365,675 cars, a decrease
5,946 cars below the preceding week, but an increase of 68,604
cars above the corresponding week in 1940.

small

week in 1939

same

been
:

than

> Pocahontas

Alabama.

spending

Total Loads

'•••& S r'KRailroads

The increase above the corresponding week in 1940 was 100,942 cars

000. He appealed to the American

that

FreighS Gar Loadings During Week

Thursday, January 1, 1942 «

3,568

121,333.
<*15,990

04,132

10.161-

with 1919.

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155'

Denmark To Defer Jan. 1

Maturity Of 6% Loan
Kauffmann) Minister of

Ended Dec. 27,1941, Off 233,300 Barrels

Denmark in Washington, issued on

statement
to the holders of the Kingdom of

•

following

the

Dec.

Denmark

Kingdom of Denmark is not at
•

•

this

time in

the

maturity

6% loan.

ibe

For

V loan,
'

the

to put The NaBank of New York,

J, to make
'•

for

Denmark is

week.'

res-

DAILY AVERAGE CRUDE OIL PRODUCTION

The purpose

of
to the

residents

excluding

account

idents of Denmark.
of

than

other

bonds

held

those

payments

coupon
of

holders

gasoline. The total amount of gasoline produced by all
companies is estimated to have been 13,859,000 barrels during the

finished

to conserve,

Calcu-

possible future use in con¬

will

contemplated

make

the

Cential

2ast

Texas

OoaStal

Dec. 24:

460,000

428,000

b419,bau

260,700

264,000

Texas

H
.

the

in making

•

this

view

that

extent

otherwise permit
tion for

other

Denmark

2,550

Michigan

Wyoming

—

Montana

-.l—i-:

Colorado

93,400

71,400

800

103,100

97,550

250

31,350

30,600

291,600

48,400

302,900

181,600

4,750

87,350

80,050

369,100

71,600

387,100

301,350

216,200

39,500

226,050

162,000

292,250

46,750

303,850

212,050

Total East of Calif.

will

and

this

dRecommendation
STOTE:—The

pro¬

if appropriate restrictions
imposed upon .transactions
and dealings for the account of
Denmark
or ; persons
within
are

Danish

securities.

;

Effects
tomobile

strongly
for

curtailment

Factory
the first

totaling

months of this

factory sales amounted to
4,559,749 Units, as against 3,985,year,

787

period,

the corresponding
194Q
according, to Automobile

Manufacturers

Association

mates.

Govt.

Corpo¬

Baa

R. R.

117.50

105.04

115.82

113.70

107.27

90.20

95.92

110.15

113.31

117.63

105.86

115.82

113.50

107.44

89.78

95.62

110.15

113.12

117.21

105.86

115.82

113.50

107.27

89.64

95.62

109.97

113.31

117.20

103.04

116.02

113.70

107.44

89.78

95.62

110.15

113.50

89.92

Aaa

rate *

116.22

113.70

107.44

95.77

110.15

113.70

106.21

116.41

113.89

107.44

89.92

95.77

110.15

113.70

106.39

116.41

113.89

107.62'

90.20

95.92

110.34

118.24

106.21

116.41

113.70

107.62

90.20

95.77

110.34

113.89

118.30

106.39

116.61

113.89

107.80

90.20

95.77

110.52

114.08

118.25

106.39

116.80

113.89

107.80

90.06

95.77

110.70

90.34

95.92_ 110.70

114.27

90.34

96.07

110.70

114.2T

20.

118.21

106.56

116.80

113.89

107.98

118.16

106.56

117.00.

114.08

107.98

118.09

106.56

117.00

114.08

107.98

96.07

110.52

114.08

106.39

116.80

113.70

107.98

90.06

95.92

110.52

113.89

277,800

220,550

106.21

116.80

113.70

107.80

89.78

95.77

110.52

113.70

117.71

106.21

116.61

113.31

107.98

90.06

95.92

110.52

113.50

117.70

106.21

116 61

113.31

107.80

89.78

95.77

110.52

113.31

277,250

900

359,150

238,500

200

9
6

73,700

68,500

b73,150

3,050

73,400

15,050

393,400

7,400

391,150

336,900

300

19,750

20,550

NOV.

118.17

116.80

113.50

108.16

89.78

95.92

110.88

113.31

119.59

108.16

118.40

115.43

109.60

91.77

97.31

112.19

115.82

119.77

108.16

118.60

115.63

109.60

91.62

97.16

112.37

116.02
116.02

108.16

118.60

115.82

109.60

91.77

97.47

112.37

119.98

108.16

118.60

115.82

109.42

91.77

97.31

112.37

120.04

108.34

118.60

116.02

109.60

92.20

97.78

112.37

116.22

120.03

108.16

118.40

115.82

109.42

92.06

97.47

112.19

116.02

81,900

86,000

1,650

85,500

73,400

119.43

108.16

118.40

115.63

109.42

92.06

97.47

112.19

116.02

22,600
5,350

100

—

350

1,464,150

—-

616,700
4,080,850

PRODUCTION

WEEK ENDED

to Stills

7*'•
_

Appalachian
Ind., 111., Ky.—

Kans.,

Okla.,
Inland

118.20

115.24

109.06

91.91

97.16

112.00

116.02

107.98

118.40

115.43

109.06

91.77

97.00

112.00

116.02

1,782,900
602,600

3ept 24

118.95

107.44

118.00

114.85

108.70

91.19

96.69

111.81

115.43

118.82

107.62

118.20

114.66

108.70

91.48;

96.69

111.62

115.43

111.81

115.24

3,508,100

33,600

645,050

4,153,150

which

Produc'n

port¬

Daily

Oper¬ Natural

ing

Aver.

ated

tion

ished

Gaso-+ L

Blended

line

and

Fuel

Dis¬

Oil

136

P5.1

533

3,430

666

434

98.5
92.9

137

79.7

i line

5,312

4,306

gaso-

8,427

1,770

2,164

stocks

2,552

447

1,228

not

16,689

1,246

14,184

6,957

8,278

avail-

Gulf—__

172

94.8

155

95.1

461

3,165

1,661

2,317

this

Arkansas

51.5

92.0

149

423

277

344

Mountain-

137

50.4

73.9

221

1,250

135

356

787

90.9

520

72.7

1,456

15,844

12,708

62,994

86.8

3,70S

92.0

12,474

86,004

48,996

94,741

1,385

5,475

1,525

1,150

Total

3O0

27,
20,

aDec.

13,859

4,070

13,687

eAt

unfinished

esti¬

97.16

111.81

115.43

115.24

108.52

92.06

97.47

112.00

115.04

June 27

119.45

107.44

118.00

114.66

107.80

: .91.77

97.16

114.44

114.68

118.71

106.39

116:61

113.31

107.09

91.05

96.69

110.70

118.62

106.21

116.61

112.75

106.56

91.19

96.69

110.34

112.19

117.80

105.86

116.41

112.19

106.04

91.05

96.54

109.79

111.81

116.93

105.86

117.20

112.93

106.21

89.78

95.92

109.79

112.75

117.14

106.39

118.00

113.70

106.39

90.48

96.85

109.79

113.70

120.05

108.52

118.60

116.02

109.60

92.50

97.78

112.56

116.41

115.89

105.52

115.82

112.00

106.04

89.23

95.62

109.42

111.62

115.89

105.52

116.22

112.00

106.04

89.23

95.62

109.42

111.62

119.63

106.74

119.00

115.04

106.74

89.92

96.07

110.88

114.85

113.02

99.04

112.19

109.60

99.52

79.37

86.38

105.52

105.58

May
Apr.

Feb.

Jan.

High

„

Mar. 28

——

1941

Low

1941

Low

1941-

High
Low

1940
1940

b91,479

30,
30,

89,297

19401939-

119.58

106.74

115.70

101.64

50,521

1941

Avge.

Daily

Corpo¬

29
------

27-

51,487

23
22

1940-

11,746

83,281

42,901

101,253

basis.

refineries, bulk terminals,
gasoline total.

•.

week)

in transit and pipe lines.

2.86

3.39

2.85

IIIII-IIIII"

—w-—-—

general downward tendency throughout the week in bond
prices was arrested by a rally Monday in Treasury bonds and in
speculative rails.
Rails' extended their gains on Tuesday. ,
,

•

High-grade, railroad bonds have lost ground although some
medium-grade rail issues have slightly improved. Terminal RR. Asso¬
ciation of St. Louis 4s, 1953, at 1081/2 were off 1 pofnt.
Among
medium-grade rails Chicago Union Station 3%s, 1963, were un¬
changed at 107%.
The announcement by the AAR that the rail¬
road industry during 1941 handled the »greatest volume of freight
in their history, without congestion, has perhaps been a stimulant
to the second-grade rail market.
Issues in this latter group have
been actively higher.
Southern Pacific 4%s} 1981, registered an
advance

higher,

of
as

Defaulted
volume.

;

■

utility bond market has been more orderly than in recent
but the
downward tendency has persisted.
High grades

The
weeks

4914; New York Central junior issues have been
have been Southern Railway and Illinois Central bonds.
rails have been fractionally better in moderate trading
5

4.03

3.16

3.00

4.03

3.17

2.99

4.03

3.16

2.98

2.83

2.96

3.31

4.42

4.02

3.16

2.97

3.37

2.83

2.96

3.30

4.40

4.01

3.15

2.96

3.38

2.83

2.97

3.30

4.40

4.02

3.15

3.37

2.82

2.96

3.29

4.40

4.02

3.14

2.91

3.37

2.81

2.96

3.29

4.41

4.02

3.13

2.96

3.36

2.81

2.96

3.28

4.39

4.01

3.13

2.94

3.28

'4.39

4.00

3.13

2.94

2.80

2.95

3.28

4.41

4.00

3.14

2.95

3.37

2.81

2.97

3.28

4.41

4.01

3.14

2.96

3.38

2.81

2.97

3.29

4.43

4.02

3.14

2.97

3.38'

2.82

2.99

3.28

4.41

4.01

3.14

2.98

3.38

2.82

2.99

3.29

4.43

4.02

3.14

2.9§

3.37

2.81

2.98

3.27

4.43

4.01

3.12

2.99

3.27

2.73

2.88

3.19

4.29

3.92

3.05

2.72

2.87

3.19

4.30

3.93

3.04

2.85

2.72

2.86

3.19

4.29

3.91

3.04

2.85

3.27

2.72

2.86

3.20

4.29

3.92

3.04

2.85

3.26

•2.72

2.85

3.19

4.26

3.89

3.04

2.84

2.73

2.86

3.20

4.27

3.91

3.05

2.85

3.91

3.05

3.27

14
——

2.95

3.27

2.73

2.87

3.20

4.27

3.28

2.73

2.88

3.22

4.29

3.94

3.06

3.28

2.74

2.89

3.22

4.28

3.93

3.06

3.28

2.73

2.88

3.22

4.29

3.94

3.31

2.75

2.91

3.24

4.33

3.30

2.74

2.92

3.24

4.31

Sept 24
*

17
-

2.86

2.85
2.85

2.85

3.06

2.85

3.96

3.07

2.88

3.96

3.08

2.88

3.07

2.89

3.30

2.75

2.92

3.24

4.30

3.94

3.29

2.74

2.91

3.23

4.27

3.92

3.06

2.89

3.93

3.06

2.88

3.29

2.73

2.91

3.23

4.29

July 25

3.29

2.75

2.89

3.25

4.27

3.91

3.06

2.9#

June 27

3.31

2.75

2.92

3.29

4;29

3.93

3.09

2.92

May 29

3.37

2.82

2.99

3.33

4.34

3.96

3.13

3.02

3.36

4.33

3.96

3.15

3.05

Aug.

Apr.
Mar.

25
28

Feb.

Jan.

High
Low

—

1941
1941

—

High 1940
Low

1940

3.38

2.82

3.02

3.40

2.83

3.05

3.39

4 34

3.97

3.18

3.07

3.40

2.79

3.01

3.38

4.43

4.01

3.18

3.02

3.37

2.75

2.97

3,37

4.37

3.95

3.18

2.97

3.42

2.86

3.06

3;39

4.47

4.03

3.20

3.25

2.72

2.85

3.19

4.24

3.89

3.03

3.81

3.06

3.19

3.78

5.24

4.68

3.35

4.42

4.00

4.42

4.00

3.14

2.91

4.89

4.44

3.36

3.15

2.70

3.35

2.90

;

3.42

2.83

3.38

3.12
'■

30,

1940

•

■}..

2.91
°

'•

3.35

2.71

2.91

3.35

3.65

2.90

3.10

3.72

2 Years ago

Dec.

30,

1939-a.

computed from average yields on the basis of one "typical" bond (3%%
coupon, maturing in 25 years)
and do not purport to show either the average level or the
average movement of actual price quotations.
They merely serve to illustrate in a more com¬
prehensive way the relative levels and the relative movement of yield averages, the lat¬
ter beine the true picture of the bond market
*

These prices

t The

lished

latest;
the

are

complete

issue

Oct.

list
2,

bonds used in

1941, page 409.

3.08

1 Year ago
Dec.

<4.

2.96

3.36

2.80

CLOSED

3.38

~ 1"

EXCHANGE

•

3.39

3.36
-

4.43

2.9T

4.44
•;

3.16

Bonds Lose Ground

3.31

4.02

7,408

Oct.

3.32

2.97

4.42

/Included finished and

3.31

2.98

2.99

3.31

Indus.

3.16

2.97

6,348

2.98

4.43

4.01

2.84

bbl.; unfinished, 7,849,000

b Finished, 83,630,000

3.40

4.40

P. U.

R. R.

Baa

3.32

"2.97

2.86

Corporate by Group*

A i"rV"

Aaa

3.40

Prices)

Corporate by Ratings

STOCK

AVERAGES t

Closing

*' i-

95,891

95,560

■

YIELD

Individual
•

3.39

1—.——

BOND

rate

Average
Dec.

3,582

112.75

2 Years ago

NOV.

Estimated Bureau of Mines'

bbh-

91.77

118.00

Mines

28,

108.88

107.80

7
a

115.24

114.85

107.80

4,638

112.00

119.55

1941

4,096

4,638

97.31

119.14

1941

Total

95.06

tion

3,429

91.62

108.88

July 25

Aug.

(Avia¬

608

2,562

'y.

108.70

114.85

118.40

tillates

84.1

643

Gaso-

103.0

Dec.

Avia¬

sidual

1,050

Dec.

of Re¬

t?0

unreported—

aEst.

Gas

Oil

12,320

315

114.66

118.20

1 stocks

Unfin¬

19,062

64.9

ished &

20,040

Reported
Est.

e stocks

91.2

California

«Est.

Fin-.

1,789

81.1

118.00

107.80

(Based

92.8

84.7

107.62

119.13

MOODY'S

653

771

■

Stocks

100.0

265

119.02

97.00

Each)
e

(704

418

Dec.

;

La.

Racky

yai
Mate

—

Dec.
-

" •

Stocks

Gasoline

lncl.

3,385,500

1,117

Louisiana
No.

>__■

Coast

Gulf

Texas

Mo.

Texas

P. C.

116.02

107.98

119.21

1 Year ago

at Re¬

Re.

112.00

119.16

QASOLINE; STOCKS OF
GAS AND FUEL v \ >

fineries

P. C.

97.00

91.77

109.06

199,700

DEC. 27, 1941

Crude Runs

115.43

118.40

107.98

119.23

3,450

101,400

California Oil Producers.
any estimate of any oil

______

116.02

5,300

calculations of the requirements of

above

118,200

233,300

—

18,200

22,350

118,850

117,000

•

90.06

106.39

119.96

—

>On

114.08

118.13

(Figures in Thousands of Barrels of 42 Gallons

118.18

Oct. 31

ing Capacity

113.89

89,550

Daily Refin¬

42,150

OIL,

CLOSED

EXCHANGE

106.04

54,850

STILLS;

Indus.

67,950

Conservation Committee of

P. U

118.05

93,200

cf 613,200

Corporate by Groups •

Corporate by Ratings ♦

117.66

5,800

Yields)

Average

STOCK

4,200

116,100:

PRICESt

BOND

1,136,600

FINISHED AND UNFINISHED GASOLINE AND

au¬

sales in October,
11

Avge.

81,900

do not include
surreptitiously produced.

been

RUNS

CRUDE

;

1941, totaled 382,000.
For

averages _,are

117.39

The

355,770 cars ai# trucks, compare
with
487,352 units sold in the
United States in November last
year.

indicated

production.. show
up
in factory sales figures

Novembe^ which

U. S.

—

Auto Sales Reduced

and jborid yield

imposing the necessary re¬

strictions."

„

Accordingly, I would appreciate
your

several points.

Bonds
—

56,800

of Mines'

figures

have

might

gram

Denmark

1,540,100

30.

follows: y~/y,

facilitate

soft.

89,550

4,139,000

Bureau

are

District

exclude from
payment in dollars the coupons
presented on behalf of Denmark
or
persons within Denmark
"It

issues

bl9,950

635,800

7,7/' *' 7.7 7'.7

ing due on January 1, 1942, of
the
Kingdom of Denmark 20Year 6% External Gold Bonds.

planned

the

950

domestic crude oh
oased upon certain premises outlined in its detailed'forecast for the month of Decemoer.
As requirements may be
supplied either from stocks, or from new production,
contemplated withdrawals from crude oil inventories m'ust be deducted from the
Bureau's estimated requirements to determine the amount of new crude to be produced.
bOkla., Kans., Neb., Miss., Ind. figures are for week ended 7 a. m. Dec. 24.
cThis is the net basic 31-day allowable as of Dec. 1, but experience indicates that it
jvill increase as new wells are completed, and if any upward revisions are made.
With
a few exceptions
the entire State was ordered shut down on Dec. 6, 7, 13, 14, 21, 25,
aThese

within

beg to inform you that the

unsettlement

—222,650

73,500

3,503,200

California

Kingdom of Denmark is desir¬
ous of paying the* coupons fall¬

late

82,200

5,800
-

East Coast

some

Paulo, the balance of South American issues con¬
Canadian bonds have been firm while Australian

••y./y

52,300

tyi-

10,600
—

86,850

20,700

The text of the letter from the

Minister

depressed while Norwegian loans gained

been

declined

bonds

96,900

Mexico

few

Danish securities.

Danish

tinuing

31,300

Denmark, of such coupons and
other

been

has

Ind.)—

sale, presenta¬

persons

time

the State of Sao

incl.

(not

payment or redemption,
disposition, on behalf

186,350

5,400

60,300

would

they

251,200

200

3b0,000

19,700

and

outstanding

authorizations

and

licenses

the

all

revokes

No.

Circular

Public

which

the

request,

Treasury Department today issued

Treasury

the

this limitation effect¬

ive.

Secretary

5,050

75,297

76,500

Total United States

requested the assistance of

has

Ill

within

persons

b5,350

354,705

426,500

Eastern

if held

dollars

time

also

The Danish Minister

Denmark.

•

Denmark

paid

from

have

b256,650

1,483,350

Cl,555,192

340,000

—

Illinois

Minister of Denmark to

reviewed

sharp break in Denmark 6s; other Dan¬

There

Averages

1940

1941

399,750

_—

Mississippi

Secretary

not

bonds

Daily

Dec. 28

414,850

•

1,479,700

Louisiana

Arkansas

of the Treasury
that coupons falling due January
I, 1942, on Kingdom of
Denmark
6%
External
Gold
Bonds, due January 1, 1942 will

ish

would

•

principal and

non-payment of maturing

loan

responsible for

further.

(Based

6,500

Louisiana

Total

United States has informed

the

been

1941

Ended

Texas—

Indiana

the

of the

the. status

has

the

Department at Wash¬
ington issued the following state¬
The

points.

Week

Dec. 27

Week

b8,0»0

Total Texas

Treasury

ment

108,000

2ast

'forth

above

Ended

Texas

loastal Louisiana

Incident

4 Weeks

From

1941

ables

Southwest Texas

future status of the loan.
'

Change

Dec. 27

Texas

West

informing bondholders of the

two

announcement

MOODY'S

Week

West Central Texas-

Vnents
...

Allow¬

.forth Texas

subsequent pertinent announcein due course with a view

point or better have been the rule
during the week.
Steel com¬

list

Moody's computed bond prices
given in the following tables:

(FIGURES IN BARRELS)

Ended

6,100

Manhandle

the United

Treasury.

States

ments

Nebraska

license as may be granted

such

to the fiscal agent by

——

Kansas

made subject to

The

Dec.

1942 coupon pay¬

Jan.

ice.

Require¬

State

(December)

Oklahoma

ments

than

better

—Actual Production-

lated

nection with external debt serv;

the

aB. of M.

greatest extent possible, dollar
exchange, available to Denmark
for

section

pany obligations followed this rule, with the exception of the Otis
4y2s, 1962, which gained 2% points at 781/4.
Among the oils, the
largest declines have been registered in the higher-grade issues.
Against the general trend were the Phelps Dodge conv. 3V2S, 1952,
Certain-teed Products 5%s, 1948, and the Armour & Company 4s,
1955, the foregoing issues showing moderate strength.
The Childs
Company 5s, 1943, also have been against the trend for a gain of

that

the week ended Dec. 27, 1941, and that all companies had
in storage at refineries, bulk terminals, in transit and in pipe lines
as
of the end of that week, 91,479,000 barrels of finished and un¬

funds so far as
estimated to be necessary

Fiscal Agent, in

indicate that the industry as a whole ran to stills,
Bureau of Mines' < basis, 4,098,000 barrels of crude oil daily

during

^ 55 Wall-Street, New York City,
;

Institute

industrial

the

the United States,

propose

tional City

oil-

1940 totaled

the

Gas & Electric 5s, 1948, and Standard Gas & Electric 6s, 1966, bein^
noticeably weak.
New registrations'included debt refunding issues
by Iowa Southern Utilities Company and Alabama Power Company.

Losses of large fractions to a

Reports

paying

purpose

1, 1942 coupons of the 6%

reported by

1966,

'received from r^hlhg^^omjftanies owning 86.8% of
4,638,000 barrel estimated daily potential refining capacity of

'•

Jan.

details

Further

barrels.

3,385,500
follow:

the
be¬
the

Daily average production for

daily average output for the week ended Dec. 28,

The

$30,000,000 principal amount of

V the

daily

the

Dec. 27, 1941 is estimated at 4,153,150 barrels.

the four weeks ended

Jan. 1, 1942 of

during December.

producing States

position to meet

that

4,080,850 barrels. This was a decrease of 233,300 barrels from
output of the preceding week and the current week's figure was
low the 4,139,000 barrels calculated by the U. S. Department of
Interior to be the total of restrictions imposed by the various

gold bonds, due Jan. 1, 1942:/
Under existing conditions the
•

estimates

crude oil production for the week ended Dec. 27, 1941 was

average

external

20-year

Institute

Petroleum

American

The

given

314s,

up little ground but issues such, as Brooklyn Edison
Consolidated Edison 3 l^s, 1956, and Consolidated Gas
Baltimore
3s, 1969, lost % point or more.
Lower grades and
speculatives were more erratic, Laclede Gas 6s, 1942, New England

Daily Average Grade Oil Production for Week

Henrik

have

computing these indexes was pub¬
'

/
36

THE COMMERCIAL & FINANCIAL CHRONICLE

Fertilizer Assn. Index Continues Advance

Production And Utilization Of Electric

The weekly wholesale
commodity price, index compiled by The
National Fertilizer Association last week continued to advance to

high levels, the Association reported Dec. 29.
Rising for the
fourth consecutive time, this index in the week ended Dec.
27, 1941
stood at 119.5%

of the 1935-1939 average as 100; it was 119.2 in the
preceding week, 116.8 a month ago, and 98.0 a year ago.
The index
is now 19% higher than at the first of the
year and is 22% above the
corresponding week of 1940.
Prices of farm products were generally

higher during the week,
advancing and only two declin¬
ing.
Cotton and cotton goods prices moved upward causing the tex¬
tile index to advance to the highest point reached since 1929*_ The
fuel price average was a little
higher due to an upturn in the price
of petroleum.
Camphor and creosote oil quotations increased re¬
sulting in a moderate rise in the chemical and drug price index.
Food price changes were about evenly balanced, but downturns
with 10 items included in the
group

canned tomatoes, most meats, cocoa, and cottonseed oil caused
slight decline in the group average.
Lower cattle feed prices
were responsible for a slight drop in the index of miscellaneous com¬
modities.
The only other group average to change during the week

The
month

the fertilizer material index which

During

the

vanced

and

vances

and

advances

vember,

price

fractionally lower.

was

incikded

series

the

index

ad¬

declines.

for

the

for

November

fourth

1.2%

consecutive
was

WHOLESALE

COMMODITY

Each Group
Bears to the

GROUP

Dec.

Week

27,

Foods

Fats

and

Oils

Cottonseed

23.0

Farm

Oil

South

Central

cessive

____

___

_rl

Grains

....

___

Livestock

the

17.3

Fuels

10.8

Miscellaneous

Commodities

Textiles

ioai

loan

113.7

91.1

122.7

126.2

121.8

156.0

Metals

Building

106.7%

was

and

1.3

Chemicals

and

Drugs

142.5

HYDROELECTRIC

Central

166.7%

Due

and

respectively

PRODUCTION—NOVEMBER,
NOVEMBER,

155.9

114.8

115.0

105.0

120.5

117.5

112.1

113.0

112.9

113.3

103.5

126.3

126.8

126.1

111.8.

140.9

101.7
107.4

113.6

112.0

102.0

115.5

114.8

119.7

109.8

103.4

100.7

period changed
1926-28

Jan.

base

from

1926-1928

Dec.

were:

119.5

;__

27,

average

1941,

83.8

106.8

119.7

Groups Combined

131.0

115.4

All

104.0

Farm

93.1;

119.2

20,

1941,

North

public

members

13.3

West South Central

28.9

Mountain

South

Central

—

46.1

United

States

advisers

total

16.6

25.4

1.2

affiliated

28.6%

92.9;

November

amounted

came

33,

Edison

estimated

that

Electric
the

Institute,

production

in its current weekly report,
electricity by the electric light

and power

industry of the United States for the week ended Dec. 27.
1941
was
3,186,804,000 kwh., which compares with 2,757,259,000
kwh. in the corresponding period in
1940, a gain of 15.6%. The out¬
put for the week ended Dec. 20, 1941 was estimated to be 3,448,597,000 kwh., an increase of 13.0% over the corresponding week in
1940.

twelve-month period ending Nov. 30,
of 15.5% over the previous
period.

PERCENTAGE

INCREASE

Major Geographic

OVER

Week Ended
Dec. 27, '41

1940.

representing

West

Industrial

ing

kilowatt-hours

United

—

13.3
16.0

10.6 'V:.'.
i2 14.3'!;-:'

12.7

11.9

19.4

16.4

22.1

12.9

17.5

18.7

11.9

*7.9

*6.6

*9.8

13.0

14.2

13.2.

•Percentage should be higher; data under revision.
DATA

FOR

RECENT

'■-> "7

■■

WEEKS
"•-

•

18.2

12.8

115.6

19.6

13.4

States

17.1
10.7

Coast

Total

Dec. 6, '41

15.6

States

Mountain

Pacific

Dec, 13,'41

13.2

Rocky

7 -

which

the amount generated for

1941

1940

___

July 26
Aug.
2
9

Aug.

2,866,865

___

1939

L
_

Aug. 23
Aug. 30

1937

2,651,626 J

+ 18.5

3,162,586

2,681,071

+ 18.0

2,377,902

2,760.935

+ 15.3

ByWaterPower

West

North

Atlantic

East

South

Central-

West

South

Central?
~

United

States

total

2,426,631

10,814,240

10,163,903

14.994,535

14,230,305

Fuel

Total

Change

New

1940

1941/1940

Dec.

417,124

11.1

406,468

14.2

394,948

15.9

306,979

462,935

150,455

118,468

313,581

288,000

March

153,435

136,898

304,422

258,050

464,036
457,857

April

171,042

161,089

279,802

230,841

450,844

391,930

1941

1940

1941
•

•

15.0

420,781

143,031

140,121

365,046

288,713

508,077

428,834

October

143,653

125,155

371,623

315,003

515,276

440,158

17.1 "Iv

November,

2,714,193

+ 17.7

148,952

311,274

2,202,454

2,351,233

521,256

458,419

13.7

December.-

3,223,609

2,736,224

+ 17.8

2,216,648

2,380,301
2,211,398

2,338,370
2,231,277

Coal

2,214,337

2,325,273

2,263,679

3,205,034

2.839,421

+ 12.9

2,560.962

2,104,579

3,293,415

2,931,877

+ 12.3

2,605,274

2.247,712
2,334,690

consumption

Nov.
Dec.

2,179,411

anthracite

3,368.870

2,975,704

>13.2

2,654,395

2,376,541

2.234.13R

+ 14.2

2,694,194

2,390,388

2,241,972

3,448,597

3,052,419

+ 13.0

2,712,211

2,424,935

2,053,944

*3,186,804

2,757,259

+J5.6

2,464,795

2,174,816

2,033,319

revision.

Kilowatt-Hours)

Percent

+ 12.5
+ 11.7

9,256,313

12,882,642

+ 17.4

10,121,459^

12(449,229

10,705,682

+ 16.3

13,218,633
13.231,219
13,836.992
'

14,118.619

13,901,644
—

10,183,40d

+ 18.9

9,525,317
9,868,962

+ 20.0

10,068,845

11,616.238

+ 19.1

10,185,255

11.924.381

+ 18.4

10,785,902

11,484,529

+ 21.0

11,118,543
11,026,943

12,474,727

November

12,213,543

December

12,842,218

138,653,997

———

—

10,653,197

11,289,617
11,087,866

11,476,294

124,502,309

9,290,754
8,396,231
9,110,808
8,607,031
8,750,840'
8,832,736
9,170,375'

*9,801,770
9,486,866

9,844,519
u

">3.195

10,372,602
111,557,727

9,787,901
8,911,125
9,886,443
9,573,698
9,665,137
9,773,908
10,036.410

electric

the list
and

issues

power

this

when

total

5,531,475

anthracite.

compared

tons

These

were

bituminous

decreases

arfe

coal and

13.5%

with

preceding

the

coal

6.5%

and

the

consumption of
month which had

day.

MCF

October,

Dec.

compared

representing

hand

utility

11.5%.;

power

plants

1, 1941, was 13,766,048 tons.
This was an increase of 1.5%
with Nov. 1, 1941, and an increase of 9.2% as com¬
pared with Dec. 1, 1940. ,Of the total stock, 12,427,133 tons were
bituminous
for

coal and

bituminous

and

1^8,915 were anthracite,
a

decrease

2.4%

for

CITY

increase of 1.9%

anthracite

when

com¬

ment

month.

and

suspended

BUDAPEST—External

gold

loan

fund

bonds,

7V2%

loan

sinking
1927, due

BULGARIA—7%

1926,

gold

bo^ds

40-year
due

stabilization

spcured

15,

loan

settle¬

secured

Jan.

1,
of

sinking

1P67.

1928,

40-vear

sinking fund gold bonds, due Nov.

1968.

HUNGARIAN
PAL

fund

CONSOLIDATED

MUNICI¬

LOAN-r-20-year 7'A% secured sinking
gold bonds, due July 1, 1945.

20-year

bonds,

secured

sinking

external loan of

1926,

fund gold
due Sept. 1.

1946.

HUNGARIAN LAND MORTGAGE INSTI¬

TUTE—7V2 vfn

sinking fund land mortgage
gold bonds, series A dollar bonds, due
Mav
1, 1961.
y

sinking
series

fund

land

dollar

1961.

10,308,884-

117.141.591

Bulgarian

.securities

1P62.

7V2%

days' supply, which is based on the rate of con¬
sumption for the month in question, there were sufficient stocks
9,908,314
of bituminous coal on hand Dec. 1, 1941, to last 67 days and suffi¬
10,065,805
9.506,495
cient anthracite for 170 days' requirements.
These may be com¬
9,717,471.
pared with 64 and 156 days' supply respectively for the previous

|he

public by the Exchange

fund
June

bonds,

terms

made

1576.

page

ac¬

suspended
these columns

follows:

pared with Nov. 1, 1941.
In

18,

list

11; this

the

appeared in

KINGDOM

decrease

at electric

Dec.

list of

Hungarian

The total stock of coal

the

consumption of fuel oil during November, 1941, totaled
1,729,534 barrels as compared with 1,840,518 barrels during Oc¬
tober or a decrease of 6.0%.
During the same interval the con¬
sumption of gas decreased to 16,588,710 MCF in November from
2

1940

The

1937

from

11,831,119

one

18,746,678

Change

11,683,430
10,589,428
10,974,335

tion

of bituminous

2,276,904

2,587,113

13.149,116

Consumption

from

were

2,588,618

1938

And

236,267 tons

16.4

+ 14.3

1939

Stock

All securi¬

Germany, Italy and Japan,
including
political
subdivisions
and corporations, were
suspended

mission.

2,889,937

1941

463,837

by the Board.

2,858,054

1940

action
ties of

2,245,449

3,304,464

1941

;

309,627

18.3

up since the opening of the
Exchange on Dec. 15, pending

2,297,785

3,325,574

372,304
.

held

of Dec*

consumption

(Thousands

Exchange

plants was 5,767,742 tons
November, 1941, which is a decrease of 418,334 tons from the
October, 1941 consumption, according to the Federal Power Com¬

Coal

MONTHS

Board of Governors of the
York
Stock

18 suspended, until further
notice, from the list all Bulgarian
and Hungarian securities.
Trad¬
ing in these securities had been

RECENT

147,145

154,210

18.9
■

•Computed by dividing the monthly production by the number of equivalent week
days in the month in question.
vAv

Nov.

FOR

The

304,274

2,365,859

3.003.543

Exchange
Suspends Trading In
Further Alien Issues

110,145

1940

which

on June 2, 1941.
It
effective immediately.

N. Y. Stock

(In Thousands of Kilowatt-hoursj

2,360,930

2,270,534

yr_

4,066,402

2,206,560

2,283,831.

for

4,180,295

companies

issued

becomes

859,985

2,198,266

2,608,664

Total

1,459,976

907,602.—

2,193,750

_2,622,267

_—

1,518,400

2,453,556
2,434,101
2,442,021

+ 15.8

October

157,506

2,413,600

3.431.328

investment
was

766,876

128,607 >

181,930

2,399,805 '

+ 15.1

September

821,492

125,525
"

+ 16.6

2,882,137

—,

696,752

70,124

731,378

1,302,470

+ 16.5

2,836,827

August

738,045

+ <:

782,077

+ 16.8

3,299,120
3,338,538

752,447

2,745,697

—

835,275

2,762,240

2,281,328

June

402,301

500,462

2,576,331

July

412,925

284,575

+ 15.3

_____

350,146

363,708

2,837,730

—

422,350

136,206

3,273,184

1,834,507

136,754

2,324,750
2,327,212

April

1,921,851

158,661

Nov.

March

1,591,115

August
September

2.331.415

February

1,656.852

17.9

2,339,384

___—

243,392

18.0

2,251,089

DATA

264,999

411,750

2,207,942

858,227

485,799

2,228,586

908,726

267,905

2,583,366

temporary rule applicable to all

581,433

334,190

2,279,233

596,517

143,845

2,109,985

which 2 is

N-32-A-1,

276,794

151,609

2,211,059

rule,

Rule

312,209

2,743,284

2,375,852

known

859,121

July

2,532,014

Di¬

3,430,148

17.9

2,538,118

3,409.018

912,875

409,973

+ 18.3

new

3,616,150

483,281 >

+ 16.7

Board

rectors.

3,552,164

658,218

257,913

2,773,177

whole

ac¬

majority

2,859,656

338,158

2,769,346

public

3,088,315

754,957

3,200,918
3,193,404

+ 19.4

the

3,113,697

152,060

3,281,290

^independent

countants by vote of a
of

November

145,123

3,232,192

un¬

3,233,792

Month >
January.__
February.,

com¬

570,492

200,903

October

June

2,159,667

ordinarily

320,703

November

2,312,104
2,341,103

2,591,957

their

AVERAGE DAILY PRODUCTION OP ELECTRIC ENERGY*

the

502,453

October

1,336,470

1941

will

by
one

318,372

November

83,447

Mountain
Pacific

independent

rule accordingly permits
companies of this class to select

2,321,531

2,558,538

Central-

and

conditions

new
«

1941

2,152,779

2,554,290

Central..

Total

securities,
other

Act),

able to meet the strict require¬
ments of Section
32 (a).
The

396,816

+ 17.7

January

the

panies

STATES

467,728

+ 14.8

•Subject

several

The

1941

157,918

Atlantic

North

UNITED

237,785

+ 17.8

their

effect adopts in a narrow field
the principle of Rule
N-6C-7, a

October

England

THE

By Fuels

1941

Division-

319,814

2,817,465

Oct.

USE

159,031

2,816,358

Oct.* 25

PUBLIC

Kilowatt-hours)

147,914

2,792,067

May

3,314,952

FOR

2,139,281
2,358,436

3,233,278

Oct.

ENERGY

Thousands

1,937,486
2,154,099

3,289,692

Oct.

Nov.

+ 18.2

3,141,158

3,095,746

Sept 13 '
Sept 20
Sept 27

NOV.

(In

Water Power

1938

2,145,033
2,402,893

3,183,925
3,226,141
3,196,009

_____—.

2,425,229

OF ELECTRIC

companies,
companies
by invest¬
charge no sales

management. This class of

month but that they were reported to the Commission since
previous monthly report was issued.
iv '
|

PRODUCTION

permitted
Section 10 (d) to have only

Percent

from

Sept

that
the

1941

be¬

operated

are

meet

were

Act

(open-end

counsel,

load

1940

July
5
July 12

AUg.

class

however

Kilowatt-Hours)

Percent

the

management to
possible for them to
comply with. Section 32 (a). A

13.8
T

ment

tSubject to revision.

(Thousands

14.9

Change
Week Ended

July 19

10 (a)

narrow

received during December, 1941, indicating that the
generating plants in service in the United States on
Nov. 30, 1941 totaled 43,788,037 kilowatt.
This is a net increase of
375,331' kilowatts
over
that
previously reported -in service on
Oct. 31, 1941.
Occasionally changes are made in plants which are
not reported promptly so that the figures shown for
any one month
do not necessarily mean that all' the changes were made
during

East

Since Nov.

effective,

make

21.6%

United States.

Middle

Week Ended

' 15.1

Central

Southern

Dec. 20, *41

16.5

—

Atlantic

Central

YEAR

Week Ended

nor

such

pendent of the

increase

imports from Canada totaled 82,748,000 kilowatt-hours
the net exports to Mexico were
1,934,000 kilowatt-hours, leav¬
a
net balance of 80,814,000 kilowatt-hours imported to the

South

England

Middle

Week Ended

required to have a suffi¬
cient number of directors inde¬

The movement of electric energy across the State lines totaled

New

company,

persons

director

The

investment

nor

the

been

77.7.

Output For Week Ended Dec. 27,1941,

in¬

are

the great ma¬
jority of these companies h^ve

of the total output for public

production for public use for the twelve-month period
ending Nov. 30, 1941, was 162,763,000,000 kilowatt-hours as com¬
pared with a production of 140,953,000,000 kilowatt-hours for the

and

100

company's

1, 1941, when the provisions of

The net

the

investment adviser.

Total

99.9

Dec.

average

Section

power

employes

cers,

35.2

+ 166.7
_

Pacific

by water

invest¬

dependent of the management
—that is, who are neither offi¬

over

—

production

followed

for

companies, among which
requirement that they be
selected by a majority of those

Nov., 1941

+ 106.7

independent

ment

Nov., 1940

—

;

to
of

accountants

Board of Directors who

31.3

is the

than the

Region—

ex¬

follows:

procedures
irf the selection

South

% change

East

Commission

tain

ex¬

for the

areas

ment

1941, COMPARED WITH

—

South Atlantic

102.5

98.0

The

(a) of the InvestCompany Act sets up cer¬

1940

Nov., 1940

Central

3,073,031,000
public use.

103.9

116.8

1935-1939

Dec.

87.4

139.0

Fertilizer

104.0

Fertilizers

Materials

95.0

131.6 (

agement.

plained its action

87.2

131.6

time

West

England"

use.

117.2

Machinery

70.3

123.6

163.5 .;;

independent public ac¬
be
selected
by those
directors of the company who arenot directly concerned in its man¬
countants

November, 1940, production.

4,066,402,000 kilowatt-hours,

70.8

166.1

V; 104.0

___

Materials—.

Shows 15,6% Gain Over Same Week In 1940

North

regions, the hydroelectric production in those

The

125.8

141.9

7.1

6.1

Electric

May

West

month

West North Central

Dec. 28

1941

116.4

that their

half billion kilo¬

Central

Reports

Dec.

consecutive

regions, is evident in the table below.

stream-flow

capacity

Dec.

fourth

current

East

Ago

-115.8

156.0

____.

Products

Cotton

Dec.

the

over

use

under

investment
companies
requirement of the Act

Section

■

Ago
Nov. 22,

Dec. 20,

1941

25.3

New

daily production has reached the

■

Year

the

drought conditions on production by hydroelectric
plants, particularly in the New England, South Atlantic, and East

Region—

Preceeding Month

from

increase

Dec.

rule

Company Act of
conditionally exempting one

class

high which

Exchange

Investment

No¬

daily production during

average

and

This

and

announced

adoption of

1940

with

all-time

the

The effect of

New

Week

Total Index

reached

the

October,- 1941,

average
watt-hour mark.

INDEX

PRICE

This

for public

energy

% change

Latest

♦Base

month

when compared/with

the-month
that the

Compiled by The National Fertilizer Association

1940,

compared

521,256,000 kilowatt-hours.

Middle Atlantic

Indexes

when

daily production of electric

average

;

1935-1939—100*

100.0

13.7%

Nov., 1941
WEEKLY
•

8.2

Securities

Commission

1940.

The

increase

The

electric

cording to reports filed with the Federal Power Commission.
represents

declined; in the preceding w&ek there were 35 ad¬
declines; in the second preceding week there ;were

and

;

week

Companies' Accountants

energy for public use during the
November, 1941, totaled 14,230,305,000 kilowatt-hours ac¬

was

production

SEC On Investment i

Energy In

The United States For Oct. And Nov., 1841

new

Thursday, January 1, 1942

KINGDOM
of

1P24,

due

Feb.

bonds

1944,

extended

RIMA

first T^ortgapp

Feb.

assented

STEEL

Aug.
CORi-*.

i,
—-

4V2%

1079.

dollar

...

30-vPf>r

closed

sinking fund gold 7% bonds-

•

due

HUNGARY—State loan
sinking fund gold bonds,

7 V2 %
1.

mortgage gold
bonds, due May 1,

1955.
:

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4027

Volume 155

The

From

Washington

(Continued from page 20)
at Honolulu. I do remember writ¬

CLEVELAND, OHIO—James H.
Coolidge,
executive
Vice-Presi¬
dent of McDonald-Coolidge & Co.,
investment

Cleveland

named

been

has

brokers,
of

Treasurer

Thompson Products, Inc., accord¬

ing to an announcement by F. C.

Crawford, President of Thompson
Products, Inc.
He takes over the position for¬

General

and

would

predecessors, and
capacities

has
in

its

served

Invest¬
ment Bankers Association and the

the

Association

National

Security

Dealers.

Signs Bill Extending
Sugar Control Law
Congressional action on a bill
continuing for three years from
Dec. 31 the provisions of the Sugar

completed on
President
Roosevelt

1937

Act

19.

Dec.

was

cents

extended

hundredweight and

Island

Virgin

pro¬

ducers.?

the

backed

told

Henderson

Leon

five-year

continental

•

measure was

pro¬

opposed

by President Roosevelt, Secretary
of State Hull and
Secretary of

Agriculture Wickard as contrary
the "good-neighbor" policy. In

the

view

situation

war

the

House reversed its

previous stand.
A summary of the provisions of
the newly
enacted measure, as
given in advices on Dec. 26 to the
New York "Journal of Commerce"

lows:
*

Washington Bureau fol¬

its

from

■

Secretary
of Agriculture
the Act and the condi-

the

under
-

benefit

tional

for

payments

period of three years.

saying

fully

visions in existing law, relating
violations of the child-labor

requirements, to the 1940
subsequent crops.

and

without
it.

had

any

payments from 60 cents a
hundred
pounds
to 80 cents.
Such rate of 80 cents is to be
of

amends Section 307 of

Act

include

the

Virgin

Islands in the conditional bene¬

payments under Title III. At
the present time sugar produced
in the Virgin Islands is subject
the

extent

same

tax

processing

other

area

such

the

produced

sugar

domestic

producers

but the

islands

are

not entitled to benefit payments.
Sec.

this

that I couldn't get

ciated

that

the

fully
had

appre¬
to

off.

war

come

scoundrelous

Those

said I.

•

■

Japs,

with

the

one

feller set up.

"life

our

Rocke¬

line" had been cut
think that it

break for

feller

Nelson

Instead of thinking

he seemed to

big

livelihood

day,

the

opening

restoration

rubber

affects

us,

this

than

the

Battle of Libya.

The
not

managers of our destinies
think that this should be

And this writer is not

one

the

Nelson

was

that-I

just cited. And to offset this
thinking, is the real reason

sort of

Churchill has

Winston

get

been

the

Minister

here, he and

was

Why,

instead

rubber

our

he,

one

man¬

Roosevelt could have worked out

knew of, was that
concerning the rubber production

capabilities of Brazil. Did I know,
he asked, of the story of Manaos,
in the tropics of Brazil, which
of

once

its

boom

rubber

built

the

town

largest

which
house- in

opera

the world.

Out in the

Brazil

town

this

because

and

output

had

jungles of
that.

done

lected

but in

coming

recent months

greatly

was

patron¬

continues the process-

reason

"life

our

Brazil

line"

for

hasn't
rubber

been
these

recent years instead of the Dutch

Indies,

now

Herbert

cut

Hoover

had

awful

squabble about with Britain when
he

was

him,

cused

mind

was

Atlantic.

the

The idea

time

lines

same

the

this

the

perforce fo¬

and

real

Roosevelt

battle,

He will not have class conscious¬
in mind in enforcing

the cen¬
sorship, the class conscious boys
complain.
It is a fact that he

ness

will not.

What

There

the

point,

this

country

portant

Germany.

As long as
it

;

re¬

the

the facts.

■

better than for us to be diverted.

Winnie"

Old

"Good

that he did a good job.
The

question
when

have got

the

;

confidence

sooner

the

remans

Democracies

to work.

and

import

compensating

taxes for three years.

that

Britisher," went

Sec. 6 extends the time within

stole

which refunds may be made of
taxes
sugar

collected

somebody,

Philippine

for three years.

to
or

"I think
over

big

there

and

800,000 plants and took them

the

'22.

Indies-^back
.

'20,

'21,

There

which
or

are

some

Washington

"bureaucracy"

One looks

son's

other

got to

do.

through Leon Hender¬

order

tires

and

studies

Roosevelt's

recom¬

that the minimum age
into
the
military

induction

contained

in identical letters

Dec.

Wallace,

Vice-President

Senator

Barkley

Kentucky, majority leader in the
and

Senator

minority

of
The

McNary

leader.

;

fully
and indorse the bill for

approve

the amendment of the Selective

Training

and Service Act of
1940, introduced by Mr. May in

the House
I

Friday last.

the proposed Con*
gressional declaration of policy,
approve

military service

order.
is

the

soon

institutional

dustrial
must be

is
expected order that in¬
frightening

thing

registration
instru¬
for the orderly planning

advertising

able for service in

industry in this coun¬

naval

These two features of the bill

supplement

have been advertising
far and wide: We are doing our
bit for national defense. Maybe it
was said: We are building tanks;
example

—

building "locomotives.
the

has

stonitted

authorities?

military

the word is

now

answering the attacks of the
Dealers.
Maybe
Byron

straighten this out.
If
the Leftist and Rightist conflict is
not straightened out, this country
Price will

ment in that letter.

awful

Sparks Heads Treasury
Defense Savings Staff
_

Secretary of the Treasury Morannounces
the appoint¬
ment of Robert W. Sparks of New

genthau

York,

Director

Service

mess.

Associate

President Signs New

Dec.

the

all

men

continue to

between

of 18 and 64, inclusive,

that the

men.
came

army

Dec.

Savings Bank of New York City,
has

been

business

engaged in the banking
the past 15 years.

for

and
eral

committees

poten¬

of about. 7,000,000

House and Senate

for

liable

creates

Bowery

the

It is estimated

Final Congressional
on

past President of the Fi¬
Advertising
Association
has been Chairman of sev¬

inclusive

measure

the Treasury as

Mr. Sparks, who

Vice-President

He is

years

serve

consultant.
on

making those from 20 years

Sparks, who has been
of the Field

Director

Service, succeeds Gale F. John¬
who has resigned to re¬
private business, but will

legislation requiring the

ages

and

signed

Field

Savings

enter

Registration

Roosevelt

the

Defense

ston,

Draft Bill Requiring
18-64

the

Mr.

Staff.

President

are

But

ship is to apply to it. The effect
be
to
prevent
industry

for

bill

the

that the censor¬

would

headed

for

reasons

fully set forth in the let¬
ter sent by the Secretary of War
on
Saturday last to Represen¬
tative May and Senator Rey-

als2t«St4~*
I indorse without quailfixation the Secretary's state¬

heretofore been

the

The

in¬

con¬

enemjr.

My understanding
it

equal and prime

importance.

It all seems

and

harmless

rather

formation

each other.

sider them of

We are

building planes;

are

land and

our

(including the air

adequate to meet all
contingencies now foreseeable.

Chrysler, for

forces

forces)

effort to combat this, many

industries-—such

national effort.

our

ity for service, I approve it,"as
a
means
of providing a suffi¬
ciently large pool of men avail¬

Ever since the outbreak of the

essential

As to the extension of liabil¬

submitted to the censors.

emergency,

the

consider

ment

rather

to include
from 19 to

so as

groups

age

44, inclusive.

later—and

the

all

going

provision

"democracy" tial draft

has

active

.on

was

badly.

military service.
things

while

perma¬

I write to confirm that I

ing

service be lowered from

case

automobile

registration

to cut out pageantry

and get down

Secretary of Commerce, is

still

for

•.

done in

being
lack

hurt

was

brought over and the indications
are

President
mendation

this situation exists,

Henderson's

To prevent

diversion.

such

disabled

forces

armed

killed

utterly impossible, men be¬

They don't want .to be stampeded

this,

been

President in his letter said:

at it,

nothing

would

Axis

have

the

members

a pay¬

the provision for the registraing what they are, not to look at —tion of all our manpower between 18 and 64, inclusive, and
every order that is issued in these v
war times for hidden motives, just
the
extension of
liability for

two of them look

As the

the

■■■

in¬

duty since Oct. 8, 1941.

order in
just as im¬

and

$5,000 to the beneficiaries

the defeat of Japan

draft

ment of

look upon a changed

New

sacrifices

made

provision granting

who

—

the

from

Oregon,

con¬

still those—and

are

places of importance

from

what

limit.

year

surance

scious stuff still goes on here.

may

have

the 20

House

Senate,

Pacific,
temporarily. -As to whether they
are right, I do not question.
I am
simply stating what I consider to

gardless

were

The legislation was then
joint Senate-House con¬

cials

New Deal prop¬

He is not class conscious.

censor.

was

when

the Pacific, to turn it to

think

Prime

part of the pag¬

American

which

off, and

was

British

of things.

eantry
for

of the

visit

Minister

into

ized again.
The

facts are that they saw
relatively little of each other.
The

mised

who

If you will analyze it, it
manifestly ridiculous that in
few
days
that the British

The plain

"life line" being cut, said

organization, rapidly be¬
of the most ramified

one

was

over

organization, something on the momentous
problems which
Congress and
the headlines attributed to them.

of the funniest stories of all

In fairness to Hen¬

here.

Prime

more money.-

Hender¬

try has been under attack by the
New Deal for "not doing its part."

Rocke¬

his

between the

ference committee which compro¬

aganda is already being levelled
at Byron Price, the country's new

They insist that

develop an attitude such

sent to

should look upon this business

men

47 to 34:

The

boys.

This

challenge them.

young

over

War-Depart¬

men

defeated by votes of 49 to 33 and

is the fact that

"life line,"
country's

our

rather

the

and

lower service limit 21 and 20

nently

excruciating
die.

supply,

these

Significant along the

The denial

directly

the

It is

in town.

why the military effort of this
is not directed at some¬

which

that

men

should

the

set

op 19 and 44, inclusive, sub¬
ject to active duty. However, the
Senate on Dec. 18 by a vote of
79 to 2 passed the bill in the man¬
ner
prescribed by the Adminis¬
tration, after attempts to make the

it not for

were

influence

coming

Men

country

thing

important

fact

out

The question naturally arises as
to

industry

though, is that the class

every

in which

way

have

In this mood I met and had talk

that

killed

over

fellows,

prosperous

ages

derson, he is trying to straighten

thousand other ways.
of

the

something here.

being

are

despite
Roosevelt

ment to have all

having advantage

Training and

1940

military
age
at
21,
efforts
by
President

prevent the "rich"

automobile

Act

minimum

less

scious

"global" perspective. Their
My "life line" had been cut great worry is that ♦ there.,Should

me.

tires,

men

voice vote the bill to

agreed
to
other
further example of
the fact that although unity is amendments added to the bill by
the Senate, including a provision
being called for, Washington is
still infested with the class con¬ exempting all elected State offi¬

Russians

country.

younger

Service

they

which

idea

for

well

have: advanced

from

son.

the hands of automobiles and in

so.

fit
•

the

But that is not the story.

weakened

Sec. 4

the

can

duced by any one

when

the

order

have

into the war, they over¬

this country and took

omy

the first 350 tons pro¬ And I recalled that I had read a
producer and lot about that largest opera house
a graduated scale of reductions
in the world and how, when the
in
payments is provided for
boom expired it had become neg¬
production in excess of 350 tons.
paid

pound in¬

the expanded production.

told

was

therefore

able

backed

and

curb

a prop¬

being

when I

the

tires and

have been in the

in the face with

see

that

Regardless

isolationist,
non-intenvenor
whatnot,
you
can't

osition

was

Sec. 3 increases the base rate
v

conscious.

war

of what I may

kind which he

Sec. 2 extends the relief pro*

which it could go to

the powers of

extends

Sec.

and

per

office

not be

tires. Then small thing to ban the sale of
One has
suddenly, I perceived that while tires in this country.
all
these
years
we
have " been only to think of the millions of
wont to speak of the "life lines" livelihoods it affects.
A people
of Britain, to write romantically outwardly accept a thing like this
about them; that while there has with the expression: If those men
been
a
tremendous
controversy arfe dying in the Philippines, we

Puerto Rico, Hawaii and

This

addi¬

over

This, Jones agreed to

Then

came

bid

country

many
year

period,

% cent

crease.

do.

they

couldn't get any more

against

ducers.

pounds

And

immediately. Be¬
cause, a "rich" man today, in or¬
der to get new tires, has only to
buy an entire new car, which the
"poor" man can't do. This wo uld

Government

States

past,

the Phil¬
ippines and a 4% increase in the

this

Here
of

studying

be closed down

atop my shoulders.

smack

allotments

unless

amend the Selective

motives.

the

pro¬

that

who

are

Dec. 17 ap¬

ington

their

Indies

When the House

hidden

men

expand their pro¬

against the curb.
I thought the

car

rubber

tional

inadvertently

And

differences.

things

proved by

many

Dutch

agreed to take

abruptly home
my fam¬

and

the

Jones

not

duction

Not

the

Jesse

mixed

of years.

sacri¬ ference report compromising their

got to make;

this writer:

was
Now, in spite of what the poli¬
The family had ticians have been saying about the
been reading the newspapers as menace to us, and being utterly
to what happened to tires when callous about the loss of men at
they were exposed to the curb. Honolulu, Wake and the Philip¬
Suddenly, and with a terrific im¬ pines, we are up against a propo¬
pact, there appeared the spectre sition which threatens the econ¬

United

passed the bill on Dec. 1, by a 134
to 32 vote, it provided for a re¬
duction in the quotas of Cuba,

House

moment

the

originally

th&

ago,

ducers

carrying

was

downtown

tionist

When

months

would

going

affairs

course

know:

State

Dec. 26. The
as to whether we
should support
the
measure
Britain in keeping her "life lines"
early on Dec. 19 and the House,
open—that all of a sudden here
reversing its action of Dec. 1, con¬
was my "life
line" cut.
Yet, for
curred in its provisions later the
years,
we've been intending to
same day, thus sending the sugar
let the Philippines go.
legislation to the White House.
The bill extends quota and proc¬
Well, you can;t escape the fact,
essing tax provisions of the 1937 that notwithstanding the failure
Act to Dec. 31, 1944. Basic benefit of Ickes and others to make me
•payments are increased from 60 war conscious, I suddenly became
the bill on
Senate
approved
signed

the
I

out to say was

started

me,

For.

various

how the war came

Donald-Coolidge

and

their

this

the

who has been to
blame—who is still to blame.

ily

Co.

still

are

get
over

seems

have

the number of observers in Wash¬

Leon's

though I may
be
that men certainly do

wrong,

face, it

commentary

some

was

rubber producing

But

might.

country,

re¬

What

that

here,

formerly

indivi¬

the

and

Department
duals

the

Navy,

the

Army,

the

between

criminations

Throughout this time
he has been associated with Mc¬

since 1924.

showing

the sit¬

save

to recall that Brazil

seem

the war to

carry

now

On the

! fice which

that

uation. My thought was, that
if his story was true, and I do

rate of

Coolidge has been prom¬
in
the
security
business

Mr.

inent

few

This is related only for the

have. to

purpose

Aircraft Products Co.,
subsidiary of Thompson Products,
Inc.
Mr. Wright will also con¬
tinue as Secretary of Thompson
-

were

the Japs.

Manager "of

Inc.

facts

days
previous that there was no chance
of the Japs attacking us, that we
only

correspondent

Thompson

Products,

the

when

hero

it.

young

was

of money the
Rockefeller organiza¬

tion would

out to

that he had told a widely known

merly held by J. D. Wright, who
was
recently elected Vice-Presi¬
dent

had turned

that he

this

disciple

given plenty

Nelson

earlier that 'it was probably

ing

ironic

point

Rockefeller

when

action

both the

adopted

a con¬

nancial

of the American

Banking Association.
a

He is also

member of the National Mutual

Savings Association of New York
and

member

the "Board

Governors of the Army

Club of New York.

and Navy
\

THE COMMERCIAL & FINANCIAL" CHRONICLE

Auction Sales
Transacted by K. L. Day &

Co., Boston,

V,;

$ per Lot

100

Fitchburg

Paper

Incorporated
1

cents);
Electric

Samoset
State

Investors

Shawmut

The

Electric

States

(par

$80)

(par

$100)

Investment

4V2
70° slir'
22
4

Colony Investment Trust—

10 Old

Road

25c

_______—

Charles

Hotel

175

Doll

common

Richards, Inc.,

Temblor Oil

Co.,

5'U

preferred

National Service

457

Post Office Square Building
Trust

415

preferred

Cripple Creek

Mining & Milling

Investment

Millville

Co.,

Ltd.

Co.,

Self Feeding

3,000

550
9
100

—

$1)

(par

BONDS

Rittenhouse

500

United

Cosmocolor

100

Elkland

10
120

Units

Seaboard

800
208

77
140
20
800

..•

'10
20

935

Containers

——

Mills

Corp.;

200

Commonwealth

Warrants

Western

Petroleum

Oil

Corp.

Fuel Co.,

———

V®

1
2

$50)

(par

preferred

(par $100);

Kernwood

Trading

172

Beacon

American

North

Corp

Street,

Missouri

Pacific

150
$4 shr.

;

Corp.,

Oil

V/a

RR.,

Co.,

preferred

Ltd.

(old)

Wabash RR., common (old)
(par
National Boston Montana Mines

10 cents)__

(par

(par .$100.)——

65c

—

$100)

10c

(par $1);
"'••'T;class A; 200 class B———4—!
5.
Warrants American & Foreign Power——
2,000
Nepaug Petroleum Co.—
'
_
800
Sibley-Sabine Corp. (par $1)

100 Rainbow

:;T34

Samoset Cotton

The

1,467

Mills

Androscoggin

Pure

Corp.,

Mexican

925

Stanley

475

Temblor Oil

160

Samoset

Cotton Mills

Samoset

Cotton

Kennebec

400

40,000
400

Missouri,

Mining & Ry.
Engineering, Inc.--_\iCo.

(par

Merchants

Ry.

trust

common

___

63
2
25

200
65

Utilities

income 5s, 1960__
Bank, Newburyport (par
v.t.c.;

Fairhaven

125

certificates;

Richmond

100
200
50

500
;

Union

common

Corp.,

Waterfront

Realty

Corp.,

$100)—

(par

American

(par

Foreign Power;

$25>_—

Cusie Mexicana
Pacific

Gloucester Auto

Sales

Pacific

Missouri

RR.,

Co.

Missouri

Shares,

Inc.,

6,000

Nepaug

Petroleum

Icemasters
Lancaster

San

Co.

(par $1);
preferred
National

Oil

preferred

(par

Co.

Lord

—

participating
(par

_———

certificates——

$10);

Electric

Cos.,

1
16

150

Co.,

Candy

Inc.,

first preferred;

6
2,000

—

JA
1

2,000

dated May 23, 1938, due on demand; $1,150 dated Nov.
due on demand; $1,300 dated Nov. 27, 1939, due on
$3,850 dated May 27, 1940, due on demand—
20
Boston Metropolitan Building, 3-5s, 1942
30%% & int.
Conveyances Title Insurance & Mortgage 4V2S, 1946—11% paid— 15Va flat
Bouve-Boston School of Physical Education, 10-year income—Note
October, 1949
25

1,000
4,400

STOCKS

10,000
130

Philadelphia Brewing Co. (par $1)
Lehigh Portland Cement Co. (par $25)

505
_$22'/a shr.

(par $10)
Corp., common (no par)——
;;
Commonwealth & Southern Corp., common (no par)
United States Gypsum Co., common (par $20)
Huron Holding Corp., common
(par $1U__
International Educational Publishing Co., preferred (no par)—
S. B. Dobbs, Inc., common
(no par)
Utilities Power & Light Corp., common (par $1)_,
North Camden Trust Co. (par $100)
Cheltenham National Bank, Pa., common (par $10)

First

100

770
100
12
10

20
10
25

32
5

12
8

95
42

Foster-Wheeler
American

Corp.,

common

Superpower

„__

—

Camden National Bank & Trust Co. (par $12.50)
Camden Safe Deposit & Trust Co. (par $25T
Guarantee Trust Co'.,„ Atlantic City, N. J. (par $100)*_.
;
Parkway Trust Co. (par $100)—
Gloucester County Title & Mortgage Guaranty Co. (par $10Q)___
First National Bank & Trust Co., Port Chester, N. Y. (par $20)
North City Trust Co., capital (par $50)
—

National Service Cos., common, temporaray certificate

$g3/8 Shr.

^ is
14

$36% shr.
1

10
25
5

method should correct

new

states,

had

oil

amounts

the

Jersey

Standard

house

organ

Oil

the

also high¬

sea,

time operating

war

con¬

,^)f this rubber has

been placed on a sufficient¬
ly efficient basis to permit it to
never

compete with natural rubber and"unless

pumping equipment.

of the OPM ordered

ties division

new

processes or more ef¬

The priori¬ ficient methods
be devised

of production can

the continued produc¬

thfe

2
1

the

is,/

The conditions

well to each 40 surface

the

allowables

due

present disruption of tanker
service caused by the raids on
coast-wise shipping on the West
Coast
The

will

acres

December

the

by Japanese submarines.
wire, signed by E. S. Pyles,

than

average

Well to every 10 acres in any lease
tract

may

arranged, it is likely that coast¬
wise

movements

except that a single well
crippled.
be furnished with such equip¬

ment

than

not

may

lease

tract

Leases

acres.

sub-divided

Royalties

less

tracts

take

cesses

ture

involved

100

oil

will

the blending pro¬
in

the

manufac¬

octane

aviation gas¬
oline have been slashed by five oil

the

produced
out

line

from the limitations of the conser¬

agreement calls for the cutting of

royalties from 42 cents

per barrel
to 21 cents a barrel,
petroleum research laborator¬
immediately,
effective until July 1,1943. There¬
ies, in the search for and discovery
of previously unknown petroleum after, they will be cut to 15 cents

vation order

are

materials for

use

barrel.

pools, for specified recovery oper¬
or for certain
types of lease

equipment.

duction

ations

The

sharp slash in crude oil

war

Texas

was

the

pro¬

major

has

to manufacture synthetic rubber with estimated December market
resulting from possible loss of raw demand of 4,139,000 set by the
Principal weight will be given rubber supplies from the Dutch United States
Bureau of

possible under the former method,
it

was

the

mand

pointed out.
outset

for

crude

the

current

oil

from

de¬

East

each

rent

state, even if it has largely de¬
veloped from the availability of
petroleum

without regard

and

the ability of the state or area to
maintain such a rate under condi¬

Mines.

Indies—according to the cur¬
Texas output
issue of "The Lamp," house

organ

(N.

J.).

the

Standard

"Tankers must
the

seas

Oil

Co.

our

rels,

while

decline

carry

oil

across

increases

was

off 222,650 bar¬

California

showed

33,600 barrels.
were

offset

These
part

ships,

airplanes
by higher production totals fin
they are
tions of efficient sustained pro¬ stationed, as well as to our
Oklahoma, Kansas, Illinois and
allies,"
duction, it was indicated. As time it was pointed out in the "Lamp's" Mississippi.
Stocks of domestic
and submarines wherever

fields decline and analysis of. transportation prob¬ and
crude oil were up 934,000 bar¬
One hundred and eightydevelop,
increasing lems.
rels to 243,617,000 barrels during
weight will be given to a state's eight high-speed tankers,
totaling
the week ended December 20, ac¬
ability to maintain its production 3,060,000 dead-weight tons,
are
rate, it was stated.
are now under construction by the
cording to the Bureau of Mines.
New orders issued by the Office
industry and the Maritime Com¬ Holdings of domestic crude were
of
Production
Management
in mission for completion in 1942
up 1,169,000 barrels, with foreign
Washington
this
week
placed and 1943.
By the fourth quarter
crude
strict limitations on the uses of of
holdings dipping 235,000
1942, tanker construction in the
goes on and old

be
the

brought four major factor in paring the daily average
problems to the American petro¬ for the nation for the Christmas
leum
industry—adequate trans¬ week by 233,300 barrels to 4,080,known petroleum reserves were
portation, tripling production of 850 barrels, according to the re¬
produced in the twelve months of super aviation gasoline, increased
port of: the American Petroleum
1940 alone, is the best example of demand for
tuolene, used in the
Institute;
The
total
the serious conditions which were
compared
production of TNT and the need

new

acting

sometimes

$3 shr.

(no par)
l
10 ' United Founders Corp.. common, temporary certificate
(no par)
1
10
Utilities Power <fe Light Corp., class A (no par)—______
1
20
Jacob Millar's Sons Co., preferred (par $50)—
10
50
Seaboard Utilities Shares Corp., common (no par)—',
—1

200

5,600

$l»/4 shr-

—

5,900

producing

24:

$ per Lot

r__

ability to maintain such
production, Mr. Ickes said. Illi¬
nois, where 38.5% of the state's

1938,

Transacted by Barnes & Lofland, Philadelphia, on Wed. Dec.

advantage of this provision.
Materials may be used without companies which own them at the
request of the Office of the Petrot
limitation
for
experimental
or
47,400
leum Coodinator for National De¬
exploratory wells in new fields.
21,500
fense.
The five companies are:
This allowance was made, it was
17,300
Texaco Development
Corp., Shell
pointed out, so that the discovery
15,000
of new pools would offset the Development Co., Standard
Oil
12,400
Development
drain upon present reserves and
Co., Universal Oil
12,000
Products
Co., and the Anglo-Iran¬
thus assure a continued and ade¬
9,000
ian Oil Co., Ltd., of England. The
quate supply of oil. Also exempt

with their

interest in view

47,400

York

crude

Imperial

demand;

which
assum¬

rationing plan announced
Washington this week is the

comment

60,400

basis of the Bureau of Mines esti¬

$1,250
28,

73,700

Kentucky
West Virginia

mate,

Seneca Finance

78,-300

Montana

The

2,500

Ruble

121,200

conditions whereby previously oil

Russian 5 Vis, 1826
20
Corp., 6s, 1948, series A
—190
Scraggy Neck Co., dated Oct. 20, 1928, due Oct. 20, 1933; $1,000
dated Jan. 22, 1929, due Jan. 22, 1930; $3,500 dated May 5, 1932,
due May 5,
1933; $1,025 dated Nov. 24, 1937, due on demand;

5,000

259,900

Nebraska

BONDS

$4,000

the

329,300

Colorado

20
.__

(par $1)-.,—

outlets

industry in

were

Indiana

second

preferred

Producing, common

market

chairman of the Oil Industry Com¬
Concentrated drill¬
issued in Wash¬ be available.
mittee for District No. 5, pointed
ing
operations
not
of
this
pattern
ington this week, with the setup
out that "because of the
interrup¬
will not be permitted without spe¬
by States following:
tion of normal operations of the
cial
authorization.
Also,
mate¬
Barrels per day
tanker service, the
industry faces
rials may not be used for pump¬
Texas
a
1,573,500
critical situation."
Until pro¬
California
646,200 ing or artificial lifting equipment tection against the raiders can be
for

common

320

future

New

Ohio

Brands,

its

certificates under

system

New

75c
——-

task

Mississippi
Pennsylvania
Michigan

10
1

—

$100) —

the

Arkansas

2
—

___

Service

Unity Gold

$1)

;—_

Corp.,

Marcos

$100)

common

Pacific RR., 5 %
Petroleum Co._

(par

financing in the case of new
plants, and government; assurance'

ing the greater part of the financiaT risk.
There is, of course, nq
existing market for such large ad¬
ditional supplies of this
product."

)} 1
1
21

better balanced

Wyoming

$1 shr.

ipaT

ment

production of crude.

New Mexico

IV2

preferred

Nepaug

(par $100)

Mexican Northern Mining & Ry.

Kansas

for

mak¬

provide for a spac¬ needed, it was stressed.
ing pattern of 1 well to each 40
All oil operators in California
acres
and
The
setup provisions for
certificates, issued on
the
were notified
by wire last week¬
basis of a study by the Oil Coordi¬ unlimited use of, materials for
end to bring production down to
nator's office, were designed
to exploration work in new fields.
forth

setting

state

386,400

—_

in¬

"also

forecasts

415,700

Corp.

monthly

Oklahoma

_____

(par 50 cents)
(par 50 cents)

Development

the

Illinois

Fawn Mining Co., Ltd.

end

year

$40 shr.

Warrants United Corp.; 95

———1

Corp.

called for

materials
needed
for
the
quick
expansion of the selected refining
centers.
And it calls for govern¬

California,

coast-wise traffic off

$13 flat

;

—-

the

new

Louisiana

1,000

251

Estate

Copper Land & Mining Co.

Warrants

Tubal

1,500

Real

200

$20)

Mills

$103 shr.

___

Light Corp., class A (par $100)
Butlers Point Associates, trust certificates; 10 trust certificates pref.
Rockland & Rockport Lime Corp., 1st preferred (par $100)

Ozark

1,000

Co.,

Power

Namasket

5V2

.___

Corp

adj.
Co.,

4
6

-■6'.;o@

;

v.t.c..

'150

...

;

Management Engineering
preferred (par $100)

task

effort and

for crude that hereafter every operator in tion of
synthetic rubber at
the Bureau the petroleum industry is prohib¬ war's conclusion will have to
ited
from
of Mines which will be replaced
acquiring
or
using subsidized."
Multiplication of
January 1 by a system of monthly materials for production purposes production
of
tuloene
for certificates issued to each oil pro¬ except under specified conditions. manufacture
of
TNT
also

new

Co.;» 15

Co., 7%

National

International

____

the

will justify the

<£•

The first

—

____

$80)

4Va

$100);

(par $80)—

Mills

Ry.,

Avenue

(par

common___'__

(par $5)_'_

Investment
&

4
'

preferred

certificates

Northern

Heath

Third

Co.

temporary

250

10c

second

ing available the alloys and other

Under the conditions established
participa¬
the
OPM
ruling, materials
meeting the in
national demand
for petroleum, used to drill or complete oil wells
Coordinator Ickes said in announc¬ which follow a uniform well-spac¬
ing pattern of not more than 1
ing the new ruling.

—

_____•

-«.

Ry„

Kennebec

Shoe

Menzies

Cheese

$80)

(par

raids

the curtailment of movements by

industry's first weeks under

the

demand

tion

With the start of the

insure

Luminous,

—

Submarine

ditions.

recommended

30c

common

& Gas

headlines.

ducing

1
■

___.

oil formerly issued by

Inc.—————————

Superpower

Continental

the

which resulted

state

Country

ucts, Inc., common B; $500 Pine Brook Valley Country Club Bond;
$250 second mortgage bond—
!_■
Boston Oregon Lurnber Co.
(par $100)
Colonial

the need
gasoline

upon

Government cooperation in

Petroleum And Its troducts

comes

Club
(par $50);
20
Industrial Projects, Inc.
(par
$5);
1 New
University Club of Boston Real Estate Trust (par $100); 1 15 Park
Avenue, Inc., preferred (par $100); 100 Rainbow Luminous Prod¬

Southern Oil-Co., .Tnd.—

debenture 7 Vs s, October, 1937

that

dustry-wide

52
:

commenting

said

—__

sub¬

for
tripling
aviation
production facilities, "The Lamp"

.$5% shr.

Corrpar $50)°--—.

Reclamation

Empire Gas

Of marked

lighted

$100).

(par

conv.

1946

and

aircraft

far."

$ per Lot

Axis

changes in the nationaT petroleum picture synthetic rubber question. Under
developed this week with new orders from the Office of the Petrol¬ normal conditions, it was pointed
eum Coordinator and the Office of Production Management holding
out, production!

—V 21

$100)

(par

Androscoggin

Sealed

Co.

Southern

—

(par $100)—.
$1)

(par

Leather

Corp

Trust

Corp.

which

1
1
$202 shr,

——

income 6s,

equivalent of 2,700,000

marines have been able to inflict

Further war-created

$120 shr.
K. A. Hughes Co., preferred (par $10); 32 common (par $5)—...—
27
Merrimack Ice Co., prior preferred (par $100); 3 common
,—
6

Utilities

Gas

Kimball Building

490

10
50c

20-year

the

annually, which will be well
excess
of any tanker
losses

the tire

3
1-10

—

Square Corp.,

Stutz Motor Car Co. of America,

1,000

375

1
1,150
.

Associated Gas & Electric Co., series A, registered
No. 165 Broadway, N. Y, City, general mortgage 3s, 1958, registered;
$300 income deb. 6s, 1958, registered; 5 shares common
(par $1)
Syracuse & Eastern RR., 25-year-income 6s, 1948, coupon No. 1
and
S.C,a.;<: ;!wi.^i!i.__—

2,000

30
25c
5
$3 shr.

$1,000

$101 shr.

—

preferred _
Carburetor Co., Inc.___
*
*
Namasket Co., common (par $100)
—!—James River Bridge System, common B
(par $5)
——
Fawn Mining Co., Ltd. (par 50 cents)______.
Burbank-Feltham Co. (par $100).
_—___
Mayflower Oil Co., 6% five-year income note; 42 (par 50 cents);
$1,500 Cooper No. 1 Trust, series BB, participating trust certifi¬
cates; 1,000 The Ad-Bag Corp., common; 50 A. W. Lawrence Corp.

150

(no par)
preferred,——^

common

Power

5,000

Hat

Corp.,

Intercontinents

■

45 General Mortgage & Loan

(par $100);

Associated Gas & Electric Co.,

$1,300

925

—

Merrimac

common

Springfield Mortgage Corp.

$50. shr;

—

——

/.i<50c

______________—

Warehouse Co. (par $100)
*.
Corp., preferred—;
Drug Co., preferred (par $100)
Empire Electric Brake Co., preferred A, (par $50)—
Arcade Real Estate Co., preferred
(par $50)—

Co., $7
6y2 Urbaine Corp., $7 preferred

$100); 350 Tremont Buillding

(par

Eastern

Walgacha

$5)

$1)

Investment Corp. (par $100);
(par $50)_________——_

Mortgage

Corp.,
100

Trust

$20).:

(par

common

(par$100)—

Lawyers

8,000

Cos.,

;

_________

Massachusetts

Co.

100

$50 shr.

$100)

(par

reach
dwt.

—

340

______

105

Media

$ per Lot

Emergency Aid Realty Corp., common (no par)
:
£
1
10
Emergency Aid Realty Corp., preferred (par $100)
1
50
American Community Power Co., first preferred________„——
1
25
American Electric Power Corp.,
$6 preferred
'6
300—Chicago" City and Connecting Rys., preferred, part,' certificate, c.d. > 1
20
Cocoa Products Co. of America, Inc., preferred (par $100)—4
20
Cocoa Products Co. of America, Inc., common (no par).—————
1
30
Jacob Miller's Sons Co., first preferred '(par $100) _•
.'—i—
11
116
Lowell Air Conditioning Corp., 7%< preferred (par $100)
26
30
J. M. Sons Building Co., second preferred (par $100)________—_
1
10
Chicago & Northwestern Ry. Co., common • (par $100)
:
.
1

—

_—

Trust;

North
The

Co.

______________1_—————

(no par)—

Corp., common

Warehouse

Publishing Co., common.!.'...
—
—
Co., Inc., common.:
_____——:
Self Feeding Carburetor Co., Inc...
Kreuger & Toll, American certificates (par 20 crowns); 33 Montana
Leasing Co. (par $1); 1 The Cape Playhouse Co., Inc., 4s, pre¬
ferred; 7 Sears Roebuck & Co
——--—•Mallison

200

Utilities Shares

Eastern

100

Power JTorp.,

______—_______

Mills

Exchange

Bank

Open

United

$1)

(par

11 Equity Corp., common (par 10
Electric, class A; 14 Central States

North

600

Equities;
Gas

common;

Cotton

Street

!—__$241/2 shr.

common

Associated

Corp.,

common

10
100

Co.,

Seaboard

Wed. Dec. 24:,

STOCKS

Thursday, January 1, 1942

oil

fields

and

gas

well

drilling

and

allied

countries

expected

to barrels.

;

Volume 155

There

Number 4027

oil

crude

were

•

...

price

New York

Prices of Typical Crude per
Barrel

Wells

Corning, Pa.

Texas

Tulsa

,f..

Fuel

Oil, F.

B. Refinery

Illinois Basin

1.31

—

;•••

1.25

above

0.85
1.20

Smackover, Heavy
liodessa, Ark., 40 and above
East

Texas,

Hills,

37.9

and
1.29

County, Texas*-.»i-Creek, Wyo

0.95
1.12

Signal Hill, 30.9 and over__

1.23

The recently announced curtail^

;•

tubes

result

may

•curtailment of

gasoune

totals in order to conserve
present tires for necessary
•transportation, according to gov¬
ernment estimates matte pubhc in
ing

Washington this week.

Under the
the ordinary

plan,

rationing

tire

motorist will find it impossible to
obtain new tires or tubes after
turn of tne

that

develop,

the

come

Mr.

announcement

made

vide

of New York that beginning

Dec.

might

fore

positors

the Army and Navy,
might be averted.
It is known
that a consumer gasoline rationing

setting

stated:

FDIC

for

Disposition
action
the

supply emergency actually de¬
velop.
The plan has been drawri
up although no details are avail¬

closed

Trust Co.
by order

decide

months

license

tors and officers of that bank or

tution.
as

•gasoline during the week showed
a
small gain, rising to 13,859,000
week

13,667,000 barrels a
earlier
but
was
sharply

above

the

Fractional

total

rising

against

92%

91.4%

week

earlier.

4,096.000

with

stocks

ures

"not

Caribbean

their

uninsured

insurance

accounts

limit

claim

the

un¬

made

can

immediately, with
Manufacturers Trust Company,
rather

than

the

de¬

excess

positor, waiting for reimburse¬
ment upon a liquidating divi¬
dend by the receiver.

the

The Anglo-American Pur¬

New York, was
.granted a single order by Donald
M. Nelson, Priorities Director. The
chasing

Co..

to avoid

was

individual applications.

many

Price changes in refined prod¬
ucts in the major markets were
limited to local

the most part

ing in the

way

readjustments for

with little develop¬
of any basic move¬

Speed War Effort

special

Gasoline

Car

Lots,

(Above

(55

Octane),

Refinery

New York—

Socony-Vac.
Water

Tank

•

$.085
-09

—

—.V.

Oil

.085

Texas

Shell
Other

Eastern

—-

.085

Cities-r-

Chicago
Coast

Oklahoma

.06-.06%
.06-.06
—.06-.06%

———

Super.

activities

com-.

maximum of effective partici¬
pation of this section of industry

nation's
on

war

effort, it

Dec. 23.

was

The group,

headed by S. F. Dribben, of Cone

the

Puerto Rico.

study
tion

by
It

cotton-textile

is booed

will

enable

find

in which it

the

every

can

that

the

such

Associa¬

possible

be of aid.

way

areas.

Also

Territorial

in¬

posses¬

Another major item

for

$10,000,000

the

and

civilian

public re¬

defense

the

Philippines, to which will
be
proceeds on taxes col¬
lected on Philippine sugar.

tem.

The

primary

value

is its

alloys

ada

important

maintain
.

this

liquidity,

particularly

critical times when

estimate

The

during

adequate
the

cash

banks

21%

holdings

represent
the

over

In addi¬

tion, secondary liquid

reserves

the

form

United

States

the

period.

fully guar¬
$63,407,070 at

reporting'

Combined cash and in¬
consolidated

banks'

41%

constituted

vestments

the

ob¬

the

assets

with 39% a year
Cash available for

compared

previous.
advances

cess

securities

and

$96,012,260
porting date.

This

Mr.

cash

the

sues

figure,

re¬

Twohy

other

and

debentures

advances

can

greatly increased.*

Previously

$300,000,000
for

facilities

for

had

been

industrial

another

appropri¬

housing.
The
which $150,000,000

defense
for

appropriated
include
water,
s^weraee,
hosnifals and schools.
Under the original program there
was

this

also

$150,000,000

purpose.

voted

for

According tc\present
over
90%
of
the
now
available is being
fill

priority

high

New

York

Employing

Printers Assn., Inc., and New York

Typographical

Union No. S^have
wage contract,
announced
Dec.
19
by

entered into a

was

William

new

The

the

agreement

af¬

President

Ward,

Union.

new

fects printers in book and job of¬

fices in New York City
to

estimated

number

5,000,
The contract
provides for a $3,90 per week in¬
in the minimum wage scale,

crease

effective

becomes

the

fiscal

first

continues

and

agement' announced

Dec.

effect

each

week

for the day and

night

shifts and 85 for the third shift.

Following
wage

Union

t^e

are

new

mini¬

scales for members of
other

than

machine-

hour, $58.40

Day shift, $1.46
week.
V.

per

Night shift, $1.57^5
$62.90 per week.
production for Decem¬
Third
shift, $1.7971
ber and January.
In announcing
the new automobile quotas, Leon $62.90 per week.
Henderson, Director of the OPM
Division of Civilian Supply, again
emphasized
that
"there
is ; no
guarantee that sufficient mate¬
rials will be available to permit!
in

and

Working

hours remain unchanged at 40 per

tenders:

The Office of Production Man¬

reductions

war

Printers Get Raise
The

the

OPM Cuts Auto Output

further

these

orders.

mum

per

hour,

per

hour,

passenger

automobile

I&nitfs to&odity

manufacturers
maximum

achieve

Index Declines

the

Moody's Daily

production permitted."

Commodity

In¬

dex

advanced from 216.6

week

limited to 153,636 passenger auto¬

ago

to' 217.9 this. Tuesday.

The

mobiles, 38.7% of the December,
1940, production, while the Jan¬
uary limit will be
102,424 auto¬

most important

Production

December

will

housing fund mobiles, 24.5% of January, 1941.
the construction of The nrevious December quota was
65,000 additional housing units in 204,848 cars.
Mr. Henderson also,
centers

deliveries

industries

of the including Dec. 18, 1943.

of the
through further is¬

their

means

insure

week beginning on or after Dec. 19

out, is no index
potential lending powers

banks, since

ex¬

requirements

legal

totaled

States

nickel

war

used

investments

Government

ligations, direct
anteed, totaled

United

the

preceding fiscal year.
in

and

were

British,

estimates,

the

countries.

increase

non¬

meas¬

conservation

Governments

for

$300,000,000

defense

ures

from

additional

uses,

undertaken

advances is difficult to make.

materials

raw

Canadian

demand

future

an¬

in the immediate fu¬

v;'

essential

accurate

re¬

Coincident with the diversion

to
of

the banks
high
degree

for

States

No price revision is

ture.

reason,

United

unchanged during 1941
figures prevailing for over 15

ticipated

particular
the System's

and high nickel
variety of other

the

and

years;

any

For

and

mained

System

is the volume of advances

guage

one-

products.
The prices of nickel in Can¬

extraordinary, which may
be made by the home-financing
industry.
Only in a secondary

an¬

are currently con¬
approximately 70% of

rolled Yrickel

usefulness.

1941,

average

30%,
foundries
are
taking
7.3%, brass mills 6.5%, heat re¬
sisting and electrical resistance
alloys>4d3%, electroplaters 2.5%,
and Ae^balance is required for

ability to meet any legiti¬
credit, normal

the refined nickel imported into
that country.
Of the remaining

mate demand for

sense

output

consumption af about

suming

the

measure

Bank

the

re¬

production

United States

Bank Sys¬

contemplates

ated

affected

sions, of which $35,000,000 is to
go to Hawaii, and $15,000,000, to
Alaska, the Virgin Islands, and

aspect of the nation's
effort which affects or is

signed

$50,000,000 item for the relief and
protection of the civilian popula¬

workers.

every

nine-year "history

effort

war

third during recent years.
It is
estimated that steel mills in the

during recent
highest point in

pointed

Roosevelt

defense

gested

Export & Commission Co., will in
its initial action undertake a study
war

cluded in the legislation is a

added the

the

has

24" legislation

Merchants of New York to insure

While

makes

appropriating
an additional $512,000,000 for the
national defense program, mainly
for housing. Both the Senate and
the House passed the measure on
Dec.
19.
There, is $300,000,000
provided in the bill for defense
housing and another $150,000,000
for community facilities in con¬
De'c.

lief

market.
,—

war

Defense Housing Bill
President

mittee has been appointed by the
Association
of
Cotton
Textile

announced

ment.
S.

Merchants Organize
To

granted in order
the necessity of handling

single order

value.

which

given

President Signs

tions

N. Y. Cotton Textile
;

assign¬

disclosed

week.

Tide

for

computed.

pronounced effect upon its tax
liability, that is not uncommon

Banks.

exchange

large

of high priority ratings
In Washington this

granting
was

through

area

available

port said.
Help for Britain in the opera¬
tion of an aviation gas refinery in

here

taxpayer
as

tendent

insured portion of their deposits.
In this way the full amount of

barrels.

95,891,000

are

in the tax field."

vidual

331,000 bar¬
Fig¬
on
aviation gasoline were
available this week," the re¬
at

The

Trust
Company: is
willing also to pay to the few
unblocked depositors whose ac¬
counts exceed the $5,000 indi¬

residual fuel oil rising
rels

taxes

facturers

oil and distillates declined to
50,521,000 barrels from 51,487,000
earlier

the

decision

ment

gas

week

choice

outlay

against the closed bank, Manu¬

26,000 barrels, rising
barrels.
Stocks of

stills gained

alien corporation hav¬
office abroad.

Congress

power.

prescribed the method by which

liquidation
of the bank's affairs proceeds
under direction of the Superin¬

Daily average runs of crude oil to

delegation of

its

capacity,

solely

owned

capital.

"There is present no unlawful

FDIC expects to recover

The

improvement in re¬

measure,

bank is

the

its

all

finery operations was shown dur¬
ing the December 27 week, the

taken

enemy

ing

1940 week.

was

move

war-time

11,746,000-barrel total

for the like

The

because

from

at the actual value of

the condition of the insti¬

upon

the

nickel

nual

been -held

Federal Home Loan
the

nickel

contrasted with

cash

quired

nickel

taxable
base
for
purposes
of
computation of these taxes," the
opinion
added,
"Congress
avoided the* necessity of pre¬
scribing a formula for arriving

The total for the
week compared with

have

months

These

"By allowing the taxpayer to

ing of Banco di Napoli Trust Co.
in
no
way
reflects upon the
character or integrity of direc¬

83,281,000 barrels for the compar¬
able period a year ago.
Output of

barrels

in making the

to this transaction that the clos¬

report disclosed.
Cnristmas

courts

volume

arising from
British, Canadian and

States

total

on
that date, $57,203,688
larger than at any previous
fiscal period and cash balances

held that

fix for itself the amount of the

Institute

the American Petroleum

banks'

in¬

over

was

capital

Congress to

the

not

shows

sharp

The^Unined States consumed
jfwo-thirds of the world's

withdrawals.

themselves

were

The

far
beyond anything experienced in
the past.
/

Sys¬

funds

emphasized by all parties

It is

ended Decem¬
ber
27,
holdings rising
2,182,000 barrels to 91,479,000 barrels,
week

tne

the

The
Can¬

demand

United

original declaration.

and

have been made

suspension

ment.

finished and unfinished motor fuel

during

of Banks,
of
its.
by the Treasury Depart¬

following

The

■'

by
of

production and

high.

the joint

The report says:

value

granting relief where mistakes

of the Superintendent

sharpest

crease

ended last June 3.

year

opinion of

cases

matter for

was

and

outstanding

wrote the unanimous

Loan

consolidated balance sheet

time

with

all-time

the

Associate Justice Douglas who

Dec.

the

increases

the court in both

Napoli

of' in¬

amount

await

the Trading

under

Banco

expansion
in
developed in inventories of

The

Gulf

accounts

the

aliens must

exception
the

lowv declaration

profits,

Gov¬

liquid and sound finan¬
picture," according to the
forthcoming
annual
report
to
Congress of the Federal Home
Loan Bank Board for;the fiscal

stock tax.

Enemy Act.

was

able.

the

non-licensed

the

por¬

deposits available.

nickel

consumption in 1941

"highly

high declaration of value, while
decreasing the tax on excess
•

insured

full

the

tion of their

should

use

find

will

the
in

unreasonable accumulations.

aliens,

institutions

demands

The

the excess profits tax law or the
provisions of the tax law against

available

non-licensed

same

capital stock tax,
but increases the risk of a high
excess profits tax, either under

discharge of its in¬
liability.
Depositors,

than

World

point

cial

the

issued

Ltd., on Dec. 18, Robert C.
Stanley, Chairman and President,
says in part:

Nov, 30, the sec¬
in the pasi

of the banks

amount of the

mit prompt
sured

stock

placed by a coiporation on its
capital
stock
decreases
the

$10,000,000 in cash to per¬

.-other

their

statement

ada,

System,
announced
on
The trend, according to
Twohy, indicates that the

loan

laws to date.
,;v

desire to keep a sufficiently
liquid position to meet all home

has continued in the several tax

ue-

-savings

stood

associations

13.

member

tax, the same policy of permit¬
ting the corporation to place its
cwa value en its capital
stock

announcement
made

the

creases

Banco, di
New York,
accounts to" then

has

taxpayer for

account

•?

about

the

errors

With

closed

The

Company.

of Petroleum

direction

Coordinator Ickes,

relief

From

matte

unlawful

declarations.

credit in Uie Manufacturers Trust

formulated

been

has

the

wouia

claims

insured

member

Loan

tem
was

valuation

Napoli Trust Company,

for

under

FDIC

the

available

"Journal

paper we quote:

Com¬

pany

additional tankers to
the West Coast and increased sup¬

program

Trust

Manufacturers

York

That it

--obvious

was

delegation of authority by Con¬
gress,' and (2) because of the
failure ofShe provisions to pro-

Dec. 23 by the

the

New

(1)

Claims On Italian Bank

transfer of

plies

the

Home

years, James Twohy,
of the Federal Home

ernor

said

Commerce":

Insured

three

Bank

Co., both of-whom
on two grounds,
Washington advices Dec. 2z

their

highest

Dec.

.053

—

ond

contested tne Act

-03%

Joint

necessitate

conditions

war-time

the

rationing,

gasoline

has

which

was

loan

and the Scalfe

year.

new

this

Should
mean

28,30

corporation's

questioned by
Lerner Stores Corp. of Maryland

$.04

7 plus—'%

FDIC To Pay

35%

F. O. B. Refinery or Terminal

$1,000 of adjusted

capital stock,

consump¬

their

$.85-.90

each

upon

declared value of

Federal Deposit
by the public since motorists
insurance Corporation, the N. Y,
be forced to reduce their driv¬
State Department of Banking and

tion

•

1.30

fulsa

will

2.15

1-70

Chicago,

,ment in civilian use ol: rubber tires
and

$187,083,935

—--

(Bayonne)

Federal

$1.50

Halifax-

Gas, Oil,

and

C_~

Coast

Uuil

the

Banks

Philadelphia,-. Bunker CA—___-1.50

:_*•

Lance

Bunker

sions in the Act imposing a tax of

—

Savannah,

Dec. 22 by the United

consecu¬

month, outstanding advances International Nickel Co.

States Supreme Court. The provi¬

1.25

over

Peeps

upheld

and

above

Kettleman

.04

Rising for-the fourth
tive

4.25-4.625

Diesel

Mid-Contin't, Olda., 40 and
;

ital

Terminal

The constitutionality of the Cap-,
Stock Tax Act of 1935 was

.0525

04%-.04%

(Harbor) Bunker C-

N, Y.

Nickel Production Is
Nov. Home Loan Bank
Supreme Court Upholds
Advances Near Record
Capital Stock Tax Act
Reported-At New High

.0525

1.22

Illinois

Eastern

$.053

•—

.———

Orleans

New

$2.75
1.31

Bradford, Pa.

—2.

Baltimore

North

degrees are not shown)

Car,

(Bayonne)—-

Philadelphia

(All gravities where A. P. I.

Tank

Refinery

during the week.

changes posted

White,

Water

41-43

Kerosene,

THE COMMERCIAL & FINANCIAL CHRONICLE

said

that

174,122
been
come

the

cars,

February
or

revoked

quota

a 56.1% cut, had
pending the out¬

was

study.

follows:

ordered

for manufacturers of light trucks.

Fixing
quota

was

the

February

auto

reported in .these col¬

of Dec. 4, page

1340.

216.6
218.0
——*
217.8
217;8
217.9
217.9
.

Thursday. Dec. 25
Friday.
Dec.
Dec. 27

Saturday,
Monday,
Tnro

were

prices.

Tuesday. Dec. 23
Wednesday, Dec. 24

Dec. 29

1S40

1941

Dec.

wepks

Month
Year

umns

rise in cotton

The movement of the index was

Tuesday,

Similar reductions

individual change

ago,

ago',

fo,

30_„_.
PQc.

Dec.

High—Sept.
low—Feb.

9
17

217.6

208.7
171,1

30_

High—Dec. 31
Low—Aug. 16

'■Holiday.

16__^__

Nov. 29—

171.8
149.3

219.9
171.6

THE COMMERCIAL & FINANCIAL CHRONICLE

Thursday, January 1, 1942

Dawes-Young Loans

British Prime Minister Winston Churchill

In
from

Company of the Seventh
announces
tne negiment.
Alter the war, Mr.
following appointments: Edward Taylor entered the life insurance
business
as an agent and in 1929
W.
Durner, Milton F. Eberhart
and
William
C.
Fay, Assistant took the position ne now holds.
Central Hanover Bank & Trust

Co.

New

York

Vice-Presidents; Thadaeus C. Cox,
Assisstant Treasurer; Gould Jen¬
Kelley Graham,
President of
nings and David M. Proudfoot, The First National Bank of Jer^
Assistant Secretaries, and Edward sey City, N. J., announces that the
S. Brown, Assistant Manager of board of; directors adopted a reso¬
the Credit Department.
Messrs. lution authorizing the payment of
Durner and Fay were formerly a Christmas gift to employees and
Assistant

The

officers.

Treasurers.

directors

the

The White House announced

on Dec. 22 that Winston Churchill, sation
of
payment
on
German
has
Britain, had arrived in Washington to dis¬ bonds
generally
extended
cuss
with President Roosevelt "all questions relevant to the con¬ and in recent months has affected
certed war effort."
The Prime Minister is accompanied by Lord payment of the Dawes and
Young
Beaverbrook, British Minister of Supply, and a technical staff.
The loans," were contained in the re¬
present conversations between the President and the British Prime port of the Board of Visitors to
the Foreign Bondholders' Protec¬
Minister, it w§s emphasized in a^
White House statement, have as
ish joint staff mission in Wash¬ tive
Council
published
by the
their primary obective "the defeat
ington have been in close con¬ State Department and the Secur¬
of
Hitlerism
tact with their opposite num¬ ities and
throughout
the
Exchange Commission,
world" and are to be considered
which supplies the
bers in both places.
personnel of
as preliminary to further confer¬
;
This liaison will continue for the visiting board. This was made
ences which will officially include
a short time until the joint plan¬
known in special advices Dec. 22
Russia, China,
the Netherlands
ning for unity of action can be from
Washington to
the
New

British

the

operating earnings of $1,- other

dominions—the

extended

nations

engaged
in the
"common task."
-7;;';:',,
n'.'v7
Mr. Churchill
arrived
by air
and was met by the President at
an
airport near Washington. It
disclosed

not

was

the

crossed

how

Atlantic.

record

resents
rate

The

ments

and

the

earnings

for the year permitted it, an extra
dividend of 50 cents has been de¬

clared

for

this

quarter.

to the stockholders of the bank at

$8 the

$10 to

James E.

Pres.

and

the

ture,

uncertainties

the

directors

reduction

this

time

with

for

the

annual

would

the

rate

keeping
policies of

•

Prime

National

Trust

Sterling

special

the

semi-monthly salary for

30.5%, to a total of
$33,710,561. ' Mr.
Gowen
said
many of the loans are related
directly to the defense pro¬
gram.

•

Also,

effective Jan. 1,
next,
there will be paid quarterly to
each employee receiving not more
than $3,000 per annum, supple¬
mental compensation at the rate
of 6% of annual salary, exclusive
of any overtime.
The announce¬
ment says:

trust

March,

1942,
then

are

ments

each

until

ordered

Dime

Savings

entertained

itors and friends with
of

Christmas

carols

with

board

the

Street

building, Ful¬
DeKalb Avenue,

Brooklyn, from 12:05 to 12:30
The

program was under
rection
of
Charles
O.

organist

choirmaster

and

Luke's— Church
assisted
Lowe.

the

This

secutive

the

over

di¬

Banks,
of

eighth

program

and

of directors

Trust
of

Company
of
Scarsdale,
Y., at the December meeting

the 'board.

that

has

will

been

take

was

Girard's

dividends

contingencies.

net
:

increase

the

undivided

outstanding devel¬

during

available

the

year,

the

officers.

The

all

retirement plan
employees and

plan was inaugSept. 1, and the com¬
pany is making regular contri¬
butions to support the program,
which replaces a pension plan
urated

in effect

The Prime Minister of Great
President

the

>air.

White

the

met

was

dent at

by the Presi¬

further

White

formal

is, of course, one pri¬
objective in the conversa¬
to be held during the next

windfall but the Allies must not

depend upon it.
There is no element of trick¬

since

preliminary to fur¬

China,

Russia,

include

the

the Netherlands and

(Brit¬

dominions. It is expected

over-all unity in the

of the
be

asked

Fischer, for several years
to President L. M.
O'Far- Giannini of the Bank of America,
secretary

onomic, diplomatic and

invade
year.

that the other interested nations

initial

official

Dec. 20

was

made
anr

that

for

said

States

United

have

been

tions

relative

mili¬

the

war.

the

conference on Dec. 19

discussions

had

been

going

with respect to the possible es¬

tablishment
command.

of Dec. 20
For

inter-allied

■:

follows:

some

time,

egy among
7

has

been

hitherto intimated by the Pres¬

securi¬

governments

The

council

had

deficit

$21,300 in its finances for 1940
compared with
in

surplus of $37,-

1939.

Federal Credit Banks
Sell Debenture Issues
The Federal Intermediate Credit
Banks
recently sold through a
public offering $20,260,000 of %%

consolidated

debentures,
dated
2, 1942, and maturing June 1,
1942, and $24,360,000 of 1% con¬
solidated debentures, dated Jan.
2, 1942, and maturing Aug. lg
1942. The offering was made at a
slight premium, through Charles
R. Dunn, New York, fiscal agent
Jan.

for the banks.

It is

said that the

sale attracted the usual
mand
In

wide de¬

throughout the country. 7-;7
addition

the

public sale,

debentures,
Aug. 1, 1942, were sold pri¬
vately within the Farm Credit

due

Administration.

The

total

sale,

all Allied powers. ;7~

Co-ordinated

action

war

incorporate rec¬
ommendations of Soviet Russia,
the

Netherlands,

China

Later

+he

the

same

President

and

day

(Dec.

Mr.

7..':7\;:
Auburn
ABA

23)

Churchill

in the first meeting

of the United States-Great Britain

"war

council."

This

consists

high ranking military, naval and
diplomatic officials of both coun¬
tries.
V ■ •
It
that

was

the

also disclosed
British

staff

have

debentures

RFC

7."

ac¬

Page

■;

Conference...;

War Insurance Corporation....

21
21

Magnus, Board of Trade Head
to

Act

for

Treasurer

....

S...............

Thompson

Products

Sugar Control Law Extended.......
Capital Stock Tax Act Upheld
Defense Housing Bill Signed........
FDIC
to
Pay
Insured
Deposits
N.

Closed

Cotton

Textile

Italian

39
39

Banks..

Merchants

Or¬

ganize

Nov.

Home

OPM

Cuts

Printers

Loan

Auto

Get

Bank

Advances...

Output

Raise...........*,

A. Portal and Gen. Sir John

Dec. 23

which

■

Daily Ups Price............

Trust

Claims

participated

will

GENERAL CONTENTS

Swiss

77;:;

banks

(Continued from First Page)

Coolidge,

—."7.".-.7-7,7v

the

$253,920,000
outstanding.

Canada faces dangers on both
_

total

and Normandie, Kungsholm.....

j: their Allies.
sides.

Jan.

supreme

the Allies will

conversa¬

conduct

The President intimated

at his press

that

carrying

for broad development of strat¬

London and a
British staff force in Washington
mission

tary

made.
Establishment

of ac¬

White House

which

nouncement

time

Isles

is seeking

for unity

British

cult to arrange. Present need is

States

tion" to defeat the Axis

•;

the

He did not know where
when the attempt would be

Allied command would be diffi¬

"joint planning

re¬

disclosure

that the United

adjusting vari¬

bentures
and
the
remainder,
$21,420,000, represents "new
next money." At the close of business

The British have received

ferences, but it may be assumed

The

made in

ports that Germany may try to

until the end of the present con¬

in close touch with
preliminary planning.

affecting

therefore, aggregated $46,520,000.
Of the proceeds $25,100,000 will
ary objective—"defeat of Hit¬
be
used to pay off maturing de¬
lerism throughout the world."

made

will be kept

many

$1,900,000 of the 1%

post-war problems will be sub¬
merged in the council discus¬
sions which have but one prim¬

this

only

lem.
E

conduct

Allies

unity program is man¬
well as it would if it is
operated badly.
He anticipated no problem in
connection with war production
after the United States swings
% into high gear. Delivery of ma¬
terials wilt remain a chief prob-

participate to the
ability in the over¬
all objective.
It is probable that no further
will

the

take

long to defeat the Axis

aged

announcements

the

Other nations will

war.

will

half

that there will thus be evolved

1910.

J. M.

Moscow.
It

other nations are engaged
in
this common
task.
Therefore the present confer¬
ences in
Washington should be
as

in Germany's retreat from

ery

world.

today

materials

war

the President

many

ish)

British Prime Minister

It should be remembered that

shortage

gle against Russia.
An internal crack-up in Axis
countries would be a welcome

and the

the

bonds

hemisphere."

931

ous

the

dollar

considerations

issued

this

despite large losses in her strug¬

and

preponder*-

Germany does not face a seri¬

There

tions

ties

base
and
its
apuntil a general offen¬
against the Japanese can be

day said:

few days between

bqen,

determining

default situations

ous

House statement issued the same

mary

governments

ress was

proacnes

sive

developed

may
be noted,
however, that
during this period further prog¬

forces, in cooperation

launched.

and

cisive

made

United States aid, will

United

payment lay outside the sphere
of influence of the council.
It

Singapore

technical staff.

the

parts of the world and that de¬

their utmost to defend the vital

Beaverbrook and

Lord

foreign

follows:
with

near-by airport. With

are

factor

treatment

reported by the United Press

British

Mr. Churchill arrived by

him

in"

ant

Ger¬

defeat

observations

nificant

have

during this period,

and must not count on in¬
ternal collapse. Some of the sig¬

at this moment with

Britain is

that

were

The White House announcement

the

unoccupied

since the death of Leo P.

for

There

auguration of

of the Scarsdale National Bank &

place

year,

total

reserve

opments

Harold L. Taylor was elected a

fiscal

declared

President reported was the in¬

the guest of

the President.

some

station WMCA.

board

One of the

Philip A. Benson, President of the
bank, extended season's greetings
during the broadcast program.

member of the

divi¬

profits account which, as of
Nov. 30, amounted to $1,814,000.

con¬

technical staff.

)held within

tions

many

best of their

the

$103,501

St.

Brooklyn,
by Sidney

piano

was

Christmas

broadcast

was

p.m.

the

$3 each on the 400,000 out¬
standing shares; making total
dividends
of
$1,200,000.
In
addition, the company set aside
$72,139 as a
reserve : against
commercial and personal loans
and a $350,000 addition to the

silng by The

bank

and

declaration

Wednesday of this week from
the balcony encircling the great
in

the

For

ton

respect to the disposition
net earnings
available

dends.".

depos¬

program

Mr. Churchill is

ficially

the

Dime Savings Bank Male Chorus

dome

share, payable January

events of the past few
obviously require adher¬
to a policy of conservatism

ence

accompanied by Lord Beaver¬

brook and

the

"The

by the

Bank
its

con¬

Norway,
Japan, the prospayment has become
and

connection therewith have
i

must plan on external

the

effort. Mr. Churchill

obligations
as

In summary, it may be
said that the war and the situa¬

Britain in Washington.
At

bond

States.

Great

blows

the

has voted

representing

knockout

relevant

war

funds

Wemyss
Harris

the Allies

certed

ther conferences which will of-

for

The

been

further

of
closely connected with the pol¬
icy pursued as to frozen foreign

questions

regarded

days

Board of Directors.

Brooklyn

administration

unmindful

Coville

Marshal

Air

to discuss with the President all

has arrived in the United States

f\ pect

Little,

joint press conference with
President Roosevelt on Dec. 23,
the Prime Minister declared that

cents

pay¬

quarterly payment and

otherwise

Trust

"not

year

2, but Mr. Gowen said: 7

subject to
review and readjustment prior

Minister

regular quarterly dividend of 75

to continue

are

Prime

out

successful

Girard's board

quar¬

British

Girard

the

uncertainties facing the
banking business generally in
the year just commencing."

been

two

just closed, Mr. Gowen said, the

many

bank

-^:77>:7;:7^7''7=->

parts, viz:
The

issued

was

Charles

Sir

Lt.-Gen.

an¬

respective staffs of the
two countries.
That purpose is
the defeat of Hitlerism through¬

employees
have

and

the

employ of the
throughout the preceding
ter, and such quarterly

fund, Mr. Gowen reported.

was

The first payment under this
plan is to be effected at the end

who

■

Despite

•

Increasingly broader use also
is being made of the company's
trust department services, par¬
ticularly the investment super¬
visory service and diversified

each
-

...

meeting

Denmark

time.

some

have

climbed

salary to employees,
payable Dec. 19, 1941.
All em¬
ployees
serving
less than
one
year
are
to receive one-twelfth
month's service.

year,

for

Admiral

House

Robert

portant dollar

g of countries, such

ing the United States in London

during

the

the report
outstanding
1 o an s

showed

pay¬

compensation

month's

paper

White

Chaney

which
f

"As regards various other im7

Ghormley have been represent¬

and

House.

During the

of 5% to the officers and one-half

same

first

The

quote:

Company

authorized

ment

Bank

Dec.

Directors

the

House

Vice-Admiral

and

nouncement of Dec. 22 concerning

reported, were $3,017,000.
Largest items of ex¬
pense were salaries,, wages and
fees
of
$1,363,000, and total
taxes
of
slightly more than
$600,000.

From

White

•

Maj.-Gen. James E.

his stay in the United States.

Gross operating expenditures,

The Executive Committee of the
Board

showed

report

at the

main

Mr. Gowen

the company.

•

stated:

was

,jjn the trust department.

a
at

conservative

Philadelphia

revenue of $4,756,000, in¬
cluding $2,472,000 in the bank¬
ing department and $1,551,000

fu¬

that

the

gross

money

felt

Gowen, President of the

Mr.< Gowen's

quirements, additional taxes, the
rates

Dec. 15 by

"Record" of Dec. 15 it

Arthur J. Morris reported that in

low

meeting

institution.

view of the increased reserve re¬

continuing

annual

under way.

are

Axis.^
objective

this

toward

"Times,"

said:

engaged in the common

Steps

had

other govern¬

of defeating the

cause

1941.

from

dividend

share,

per

22,

reduction in the annual

Dec.

tojRussia, China, the -York

Netherlands and

The report of
Tnis the previous year.
Minister is the guest of the Presi¬
declaration, it is announced, rep¬ the year's operations was made dent and it is understood will re¬

Advices to the effect that "Ces¬

Prime Minister of Great

and

Net

Fulton

are
reported
by
the
Company of New York, at 738,884
a meeting on Dec.
18, declared a Girard Trust Co. of Philadelphia
for
the
fiscal
dividend of $2 per share on the
year ended Nov. 30,
the figures, it is noted,
capital stock and an extra divi¬ 1941,
dend of 50 cents per share, pay¬ being equal to $4.35 a share, and
able Jan. 2, 1942, to stockholders representing a gain of 15% over

Trust

^Affected By War

;;

Washington For War Talks With President

former chief of the

Dill,

Imperial Gen¬

Churchill
and eral Staff.
on the trip to
The war • aims of the United
of New York.
He was born in
Washington, includes 80 technical States and Great Britain
Budget
Director
in
the
Con¬
were
New York City but has been a troller's division of the
The army and
navy
bank^ Mr. progressively through several de¬ experts.
discussed before Congress in an
resident
of
Westchester
for
30 Fischer was born in Nevada
City, partments he was made Secretary chiefs are: Admiral Sir Dudley
years.
During the last war he Calif., and joined the bank as a to Mr. Giannini in 1932. He takes Pound, Commander of the British address by Prime Minister
was in the air service, transferring
.--Fleet.Air Marshal Sir.Charles X Churchill on Dec. 26.- -*■»messenger in 1919*
After serving over his new duties at once.
rell.

The

Mr.

Taylor

Mutual

Life

manager

Insurance

of has been advanced to the post of

Co.

Assistant

Vice-President

and

ident, the United States military

companied

mission in London and the Brit¬

Lord

Mr.

Beaverbrook

Full text of Commercial and Financial Chronicle : January 1, 1942, Vol. 155, No. 4027, Section 2

FRASER