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Final
ESTABLISHED OVER 100 YEARS
Edition
In
2 Sections-Section 2
ommetci&L an
Pat.
Reg. TJ, S.
Volume
159
New York, N. Y.,
Number 4246
Those who have taken the trouble to examine the uni¬
provisions which, according to an¬
early this week, have been adopted by the au¬
Food Law And Denies Any
for the most part
probably more impressed with the com¬
plexity of the situation to which these clauses are intended
to apply than with anything else. One can scarcely read the
lengthy and detailed account of how the various items are
to be dealt with and the procedures to be applied when these
war contracts are terminated (chiefly, although not exclu¬
sively, at the end of'the war) without realizing at once that
President
to Congress,
The
Presi¬
"that
Allies
the
to
of Govern¬
ment contracts is scarcely less important than the terms of
final settlement. Such promptness will, one suspects, depend
as much
upon the spirit and good sense with which Govern¬
ment agents go about their tasks as upon the formal rules laid
down to govern the final disposition of the cases.
It would
appear that preliminary settlements which would protect the
Government and yet free the larger part of the working capi¬
.
tal of the holders of the contract would be about the most
that
nothing
less
than total
formal contract clause could do
(Continued
°
so.
on
;
•!
196)
page
all
guarantee
Mr. Roosevelt would
seem
to have
Mr. Hoover's after 1930.
was
come
to
won
and
is
Declaring thait."national service
the most democratic way to
wage
to recommend this
received
had
for
joint recommen¬
the heads of
a
from
it
and
War
law, but is now
necessity" and
its
of
'convinced
three years
Departments
Navy
Maritime
the
issue which transcends politics"
five
of
measures
Never is the pageantry
the kind.
of
Washington
fascinating
least 25 members of Congress had
very
definite
assurances
there
In stepped
of would be no strike.
Advisor Jimmy Byrnes, who is in
"asserting his leadership."
As we said, Mr. Roosevelt, who charge of the pageantry of the
has heretofore enjoyed a charmed President's
swinging
from
the
political existence, is now in the "left" to the "right," a dramatic
when
,
fix
so
President
a
Hoover
Mr.
is
by
in.
His
ad¬
panicky^ they
his neck all
his
his
idea
leadership" over labor.
His
of doing this was to "seize"
the
railroads.
the
time
ship";
to
are on
"assert
leader¬
the: situation in
As in Mr. Hoover's case,
"to
take
spectacle
He
hasn't
-
offices.
enemies instead. ,And we ftiay ex¬
railroad
pect his advisers and hiS actions,
as a result of their advice, to be¬
erally realized
,
come
more
panicky from
now on.
the
railroad
what
over
What
isn't
gen¬
apparently is that
workers
got
Economic
raise
Stabilizer
a
His current advice is to "spank" Vinson had previously authorized.
labor. The people of the country Three organizations are now get¬
,
tax
reduce
and
war
law
tax
—
which
all unreasonable profits,
individual
both
the
realistic
A
to
and
corporate,
ultimate cost of
the
sons
our
and
daugh¬
h i
good
Financial
his
demanding
dilemma
railroad
in
strike.
the
crisis in this instance.
railroad
threatened
There
was
no
He and the
brotherhood leaders had
benefited
himself with the
at large, and, the railroad
brotherhood
leaders
are
bitter
not
public
(Continued
on
page
198)
in
sage
delivering the mes¬
it'to
but
Congress
to
person
transmitted
that body. How¬
the same night he delivered
the
radio an abbreviated
ever,
over
version of the message to the na¬
tion
that the American
"in order
people be given an opportunity to
what
hear
to the
recommended
have
I
Congress for this
(Coptinued
very
fate-
page 200)
on
Page
...............193
for
Cure
Regular Feature*
Washington
News
Ahead
of
Moody's Bond Prices'and Yields.... 202
Items About Banks and Trust Cos.. 208
is
after
so
different
a
question.
What About Policing the
ment;^
v
and
It
e
C h
hill
u r c
may
be a ter¬
rific
unem¬
the
want
and
that
War
the
II.
None of our men
to police
the world.
Furthermore, Roose¬
velt naturally is fearful of leaving
the policing job to Great Britain
and Russia to do. Hence, it looks
just
now
as
if
"policing-theJapan collapses.
United
throu ghout
the British
factor
get back to their homes and their
old jobs at the earliest possible
moment
after
Germany and/or
there
know
World?
bothering the
New Dealers is the desire of both
the drafted and enlisted men to
Another
Roger
W.
Babson
remain abroad
to
is out of the window and
world"
wealth after
193
do
to
sixth
Unemploy¬
World
the
...7..;.
Churchill is tremen¬
continue
November
Common-
From
Roosevelt's plea that we for¬
will
Churchill's
States
.7
Situation
eco¬
nomic advice.
in
Editorial
,
giving
some
m
ployment
problem both
GENERAL CONTENTS
Churchill argues
governments
of
these
nations cannot then continue their
that
the
Washington bureaucrats
jobs at home
1,000,they have been planning
will have to provide
in the United States for the
present
"middle-of-the-road" 000 men
policy of trying to please both to leave abroad.
leftists and rightists. He believes
Here is another reason that is
State of Trade
that the returning soldiers will in¬ knocking
this "policing-theGeneral Review ' 7..
194 sist
upon employment, but that to
world" idea sky-high.
The only
Commodity Prices, Domestic Index. 205
give such means either taking the thing necessary to prevent Ger¬
Weekly Carloadings
-.
207
shackles off employers many, Japan and Italy from re¬
Weekly Engineering Construction.. 204 present
Paperboard Industry Statistics..... 207 and investors,
or else following
arming is to' ration the amount
Weekly Lumber Movement
207
Russia and making our industries of
iron, coal, oil and other essen¬
Fertilizer Association Price Index... 203
Trading on
NYSE
New York
Market Values
Exchanges.. 205
31.... 206
at Dec.
..
Weekly Coal and Coke Output
Weekly > Steel Review
Finished Steel Shipments in Dec..
Moody's Daily Commodity Index....
Weekly Crude Oil Production
Non-Ferrous Metals Market
.
this, he is being ting it and the other organizations
told; the armed forces are de¬ involved are to get it as soon as
leaders
can
calm
down.
manding it.
He is backing and their
filling in the process.
He raises There has been an awful rigaOut of i t the President,
his hand threateningly; then he ma role.
cautiously withdraws it. This was so far as we can determine, has
are
.
did not follow his custom of pre¬
vious years in
reelection to a Fourth Term and has
^
1
~~
is suicidal. Apparently, Roosevelt
is, at the moment, taking Church¬
ill's advice; but whether Roosevelt
Both Roose-
,
really
done it.
hand."
Nothing has happened
to the railroads except that a lot
'you may rest assured, everything
he-does under the circumstances of young lieutenants, mistaking
will be the wrong thing to do. He the spirit of the thing, are making
will please nobody;, he will mak§ nuisances of themselves in many
-
been
Congress
as
for anybody's money,
and insisted that he had to "assert
was
1.
will
recommended
way
visers, his political lieutenants are
in¬
the
tegrity of the American dollar.
The
President, who recently
suffered an attack of influenza,
change his tune.
dously anxious for Roosevelt's
adopt, the others being:
hiriTTo do this. Apparently,
asserting one's leadership in Washington is to do something dramatic,
a
bellowingstatement, *>■
"show firmness" or something of a very definite understanding. At
well ex¬
as
maintain
action * to
tive
much interested in president
am
Churchill has begged him to
the
which
President
issue
might just
pect price chaos by summer. We
cannot have stabilization by wish¬
ful thinking. We must take posi¬
get the "New Deal" Until after election next November. The general
belief is that he is saying this at the urgent demands of certain South¬
ern and other Democrats who fear defeat.
My hunch is that Winston
Service Law was
The National
one
I
.
were
:
the country
Babson Discusses Post-War Employment
war," Mr. Roosevelt said
a
had hesitated for
he
gressional elections.
forever proposing all sorts of ways for
1944, and if
it is not extended well in advance
sor¬
be "wholly
non-partisan" in determining the
machinery for the legislation.
Mr. Hoover's advisers became panicky.
They
forever after him to "assert his leadership."
And they were
This expires June 30,
blood."
and
and urged Congress to
the Con¬
in appropriations about 1% of the
present annual cost of the war.
4. Early reenactment of the sta¬
bilization statute of October, 1942.
President Roosevelt
ing
an
that political stage
The Democrats had
law—which
sities only; and will require public
funds to carry out.
It will cost
of suffer¬
toll
Commission.
He added that "national service is
By CARLISLE BARGERON
which
an
and reduce the
.he
Ahead Of The News
food
his
earlier victory,
and
'.Washington
of
a reasonable floor under the
prices the farmer may expect for
production; and (b) to place
a ceiling on the prices a consumer
will have to pay for the food he
buys. This should apply to neces¬
and
will
manpower
capital
cost
place
of
sources
A
3.
will enable the Government (a) to
r e-
our
dation
From
mo¬
bilization of.,
row
important immediate objective in the process. Whatever its
merits, the text of the provisions for termination of such con¬
tracts certainly does not assure any such desirable result. It
doubtless was not intended to do so. It may well be that no
profits
and
assure
fair
prices to the Government.
For
two
long years I have pleaded
with the Congress to take undue
profits out of war.
bitant
a
am
certain
is possible
con¬
by the Congress does
begin to meet this test.
continuation of the law
for the renegotiation of war con¬
tracts—which will prevent exor¬
war
I
—•
.
under
2. A
can
win
,
not
and
we
our
,,
now
sideration
believes
he
measure,
come
——
.The tax bill
ters.
although
that,
without such
believe, quickly
;
_
dent explained
Promptness Essential
we
Roosevelt, in his annual State-of-the-Union message
on Jan. 11 enactment of a national service law
urged
this nation."
a reasonable settlement of thousands of
running perhaps in the aggregate to $75 billion
or more will of
necessity be one which would tax any group
of men, no matter how capable or well intentioned.
; ;
likewise,
Secret War Commitments
"which, for the duration of the war, will prevent strikes, and, with
exceptions, will make available for war produc¬
tion or. for any other essential services every ablebodied adult in
reaching
The student will
V-
certain appropriate
such contracts
the conclusion that the promptness with which it
to settle the bulk of the payments due the holders
Congress To Enact National
Urges Reenactment Of Stabilisation Statute, Cost of
thorities in Washington as applying to fixed-price contracts,
the task of
Copy
a
Service Law and "Realistic" Tax Measure
form contract-termination
are
60 Cents
Price
Thursday, January 13, 1944
President Calls On
The Financial Situation
nouncement
Office
204
203
206
202
206
204
state-owned.
There
can
be
no
half-way compromise.
Naturally,
President
tial
raw
materials
countries must
Roosevelt
does not like such advice:
but he
rearm.
.
This
which
these
import in order to
cannot
plished by treaties
or
be
accom¬
agreements
as
such would develop great in¬
great compromiser ternational bootlegging enterprises
Items for Class I
and has hoped to bring us out of which would surely lead to an¬
tober)
..............
203
postwar unemployment by con¬ other war. Hence, the only prac¬
NOTE—General Crop Report of De¬ tinuing to play to
employers, labor tical means of rationing these raw
partment of Agriculture
for 1943 ap¬ leaders and consumers. Churchill, materials would to police Sweden,
peared in our issue of Monday, Jan. 10,
(Continued on page 198)
however, insists that such a course
on
page
149.
Weekly
Selected
Electric
Income
Output
and
Balance Sheet
Railways (Oc-
203
has great
confidence in Churchill
Roosevelt is
a
according to the Federal
System.
Sales for the
fodr-week period ended Jan, 1st,
were
up 3%
compared with the
year ago,
Precisely
"A second,
9
objection to the
is that it vastly over¬
like
period last year.
Department store sales in New
City in the week ended
all cylinders at
previous year.
2,428 wholesalers represent¬ penditures.
ing
most
kinds
of
business
The
acual exports under the
throughout the country showed program amounted to $13,844.sales for November up 10% over
000,000
through
October with
those of November 1942, according
Russia getting $3,550,000,000 and
to J. C. Capt, Director of Census.
the United Kingdom $5,980,000,,
For the first eleven months of last
channels of trade; no mat¬
er
accounted
Munitions
000.
dollar volume was 4% high¬
year,
of 1942j "but for this No¬
vembers-compared with the pre¬
ceding month, sales dropped back port to " Congress,
2%.
v\; said:.
laws, or other short-sighted
policies of individuals and governments
which, in varying degree, may be responsible for
interrupting the even flow of economic activity.
For all these, the prescription is the same—more
Government spending.
"What it means, secondly, is attempting to shift
to the Government responsibilities that in a demo¬
change rates, or bad tax
actions and
At the time, American
8,250 tons
of butter through reverse lendlease
from Australia
and • New
500
.
Zealand.
From
Octo¬
av¬
American consumed eleven
erage
pounds
of
only
whereas
butter,
six and two-fifth ounces per cap¬
.
the President
lend-leased.
ita were
Lend-lease aid to Russia in the
first ten months of last year was
...
Suggests Policy For
Recognition Of
New
of
war.
By
for Political Defense
of the common drive to
defeat the Axis.
We have already
the power
:
to
•themselves with
making adjustments, or place restraints upon their
actions? The lid is off for pressure groups, whether
they be labor, business, agriculture, or any other, if
the Foreign
in
declared
which
the
committee
mation
before
employed. Why should anyone worry when the
Government underwrites everything?
"The fact is that society cannot function under a
recom¬
recognizing
"Whether food and war
any
pends
irresponsibility and indis¬
cipline, and which protects everyone from the con¬
sequences of making mistakes."—The National
"Our
originator of the recommendation.
Alberto Guani of
than 3,500
motor vehicles,
including trucks, jeeps, motor¬
cycles and other vehicles."
Exports of foodstuffs to
the
lease
country';
more
of
tons
de¬
military
planes and all the tanks
other equip¬
ment that all the United Nations
324,000
sugar,
oils,
and
fruits
343,000
flour, 277,000
136,000 tons of dried
vegetables and 38,000
tons of dried eggs.
Munitions
lend-lease
48%
of
Britain in
comprised
to
exports
together can produce should be
took over the Argentine
used as effectively as possible by
government and was developed
our combined forces to hasten the
by the recent overthrow, of the
defeat of the enemy.
;
Bolivian government by a revo-'
lutionary junta.
be launched from Britain.
Nations enter the
United
"The
with most of the
The
the first ten months of 1943.
mirez
The
State Of Trade '
of
tons
meat, 441,000 tons of fats
canned
and
and
wheat
of
tons
included
Union
Soviet
and all the food and
Uruguay, said his idea was started
when General Pedro Pablo Ra¬
Russia.
White
and
tanks and 195,000
objective is that
common
have
we
Through October we sent to the
U. S. S. R. nearly 7,000 planes,
more
than
to
any
other lend-
the
all
Vice-President
City Bank of New York.
Ukraine
supplies
forces
own
strategic
the
on
aid
the report asserted,
"has been effectively used in the
Red
Army's
advances
in
the
necessities of war.
case—despite the fact thq
ticular
its
for
retained
that it does not refer to any par-,
'
lend-lease
"The
furnished,"
by one of
the United Nations to another or
new
system that encourages
•
.
transferred
be
should
regime "constituted by force.''
The message, according to the
Associated Press, explicitly stated
one
port value,
Nazis and Japanese.
exchange infor-i
that, all
and
agreed upon for major of¬
fensives, which will speed the day
of victory.
With the closer unity
there achieved, we shall be able to
strike ever-increasing- blows until
the unconditional surrender of the
Ministers of all of
mended
responsible for keeping every¬
on every
engaged.
Cairo, plans
are
we
were
Republics which
war
against of
broken off relations with the Axis,
have
enemies
our
which
Teheran
"At
published on
sent
American
the
back
beaten
front on
Committee
Dec. 25 the text of a message,
should individual groups concern
increased
the United Nations have
Regimes
The Inter-American
year
decisive
year
'
will be a up 63% over all of 1942, with air¬
actions in the craft, ordnance and other muni¬
combining their strength, tions constituting 56% of the ex¬
coming
"The
society must rest primarily with the people.
Putting everything up to the Government means
weakening the responsibility of the individual. Why
,
through
January
for ber, 1943, the report said the
-
cratic
The weekly trend of business was upward,
outstanding heavy industries showing gains last
tons.
forces in the Pacific got
$4,674,000,000,
an
.increase ;of
142% over the corresponding ten
months of 1942.
In his letter transmitting the re¬
than that of the corresponding
period
barriers, or wrong ex¬
channels,
lend-lease
into
the
and-
gust
from
of the economy. No need to
exorbitant demands of particular
the Government is
000,000 in the full year 1942, with*
moved
the aid reaching a peak last Au¬
the
report said, and none has gone
lessening
somewhat
to Britain. Russia, it said, is the
since. Up to the end of November,
the program took 13.5 cents out of only country on the list for lendReports every dollar of American war ex¬ lease butter and has received 33,-
the
of
and
November, ,1943, totaled $18,608,000,000
March, 1941, through
"will be a year of decisive actions in the war."
The President's report said that of the total, $10,356,000,000 was
accounted for in the first 11 months of 1943, compared with-$7,009,-
ended Jan. 1st,
sales of this group of stores were
4% under the "comparative week
unbalance in vital parts
groups are blocking the
ter about international trade
week
previous
specific—Government spending—to all the ills to
which the economic system may fall victim.
No
need to bother about the particular cause of the
trouble—whether it be some basic disturbance or
bother whether
In
Bank.
Reserve
Federal
that operations of the program from
declared that 1944
week, according to a preliminary
estimate issued by the New York
just the right pace would be turn¬
ing on and off the stream of funds from the public
treasury. But it would be well to pause and think
a moment of the full implications of this doctrine.
"What it means, first of all, is applying a single
on
in
^
Jan. 8th, were off 11%, compared
with
the
corresponding
1943
Congress,
its inception
Roosevelt, in his 13th lend-lease report to
President
disclosed on Jan. 6
York
simplifies the problem of maintaining economic
stability. It would be a fine thing indeed if all that
was needed to keep the economic machine hitting
Reports Lend-Lease Aid $ 18.6 BillionSays Program Hastens Defeat Of Enemy
FDR
Reserve
and even more basic,
compensatory budget idea
Thursday, January,13, 1944
CHRONICLE
& FINANCIAL
THE COMMERCIAL
194
report told how lend-lease planes
bombs
and
are
helping to devas¬
tate German industries and men¬
tioned
offensives
tremendous
to
New
Year
stronger
and more
week. Power pro¬
The text of the message as re¬
Obviously taking cognizance of
duction was up, with carloadings showing gains.
Steel output was ported by the Associated Press firmly united than ever before.
Germany and Japan will both demands that have arisen' in this
reported on the uptrend. Retail trade volume underwent its normal follows:
;
"
country that America be allowed
soon learn that to their sorrow."
post-holiday recession last week, according to the trade review issued
•"Whereas, notwithstanding the
The
following regarding Mr. to retain airfields she has built
by Dun & Bradstreet, Inc.
failure of its aims to annul the;
(
,
Production of electricity is es-$>
contribution made by the Ameri¬
4,300,000,- cording to the trade publication,
can peoples to the war effort and
will be lower during 1944 than
000 kilowatt hours in the week
the political defense of the con¬
record
1943
production of
ended Jan. 1st, according to the the
timated
been
have
to
in accordance with
tinent
agree¬
report is from Asso¬
Roosevelt's
A considerable
apparently
port
part of the re¬
designed to
was
This about 89,000,000 tons. One devel¬
answer
criticism—some of it by
ments in force, it is evident that
revised total of opment" emphasizing the easier the Axis continues to make efforts members of a globe-circling com¬
4,295,010,000 kilowatt hours for situation in metals, it was pointed to realize such aims, with thq mittee of five Senators who vis¬
ited major war theaters.
the week ended Dec. 25th.
The out, is the recently announced
serious danger
that totalitarian
One section for instance com¬
latest figure is 13.8% above the closing
of four aluminum
pot elements
may take over by force
year-ago
total
of
3,779,993,000 lines owned by the government, the government of American re¬ plete with reproductions of la¬
kilowatt
hours.
Consolidated With a total output of 12,000,000
bels, hammered at the theme that
publics to separate them from the
lend-lease items are well marked
Edison Company
of New York pounds a month.
principles of union and solidarity
reports system output of 219,400,Appraising 1944 business pros¬ adopted in the face of the corn-! to show that they originated in
States
of America.
000 kilowatt hours in the week
pects for the machine tool indus¬ mon enemy and from their sup¬ the United
ended Jan. 2nd, an increase of
Some critics
had said that
the
try, the publication states that ex¬ port of the cause of the united
British were redistributing lend39.5% over the year-ago total of pectations are that total dollar
and associated nations;
lease
157,200,000 kilowatt hours.
goods
under
their
own
volume will
be
$350,000,000 to
"Whereas,, frqrn
such agree¬
Carloadings of revenue freight $375,000,000, including some $50,- ments there result some rights labels.
for
the
Week
ended Jan. 1st,
Another section evidently was
000,000 worth of lend-lease con¬ and duties which consecrate the
totaled 643,474 cars, according to tracts.
This is a very sharp !'$er solidarity that must exist between aimed at reports that civilians in
Institute.
Electric
Edison
with
compares
This
roads.
was
an
Rail¬
of
cline
from
the
$1,200,000,000 fig¬
said republics for the defense o|
out,Land the continent against the danger
preceding by mid-1944 shipments and new previously indicated;
j
increase
2,106 cars above the
week, 22,301 cars more than the
corresponding week in 1943 and
ure
of
1943, it is pointed
orders may be
equal.
"Whereas, the third consultative
Retail trade volume
underwent meeting of Foreign Ministers cre-^
ating this committee entrusted it
33,060 cars below the same per¬ its normal
post-holiday recession
iod two years ago. This total was
last week, according to the trade
109.07% of average loadings for
review issued by Dun & Bradthe corresponding week of the
street, Inc. Clearances were less
ten preceding years.
numerous and attractive this year
Steel production for the current
and failed to net their usual vol¬
week is scheduled at
99.6% of
ume, but they were an important
rated capacity, an increase of 3.7
factor in ready-to-wear sales to¬
points from last week and about tals.
8 points above the low touched
in
the
week
and New
Christmas
Year's, according to the
American
The
between
99.6%
Iron
&
Steel
Institute.
output of steel ingots
and
castings for the week is in¬
dicated
at
1,731,300
net
tons,
against 1,667,000 last week and
1,698,700 in the like 1943 week.
The steel production-distribution
pattern
is
the next six months
expected to be closer to normal
than
of
over
at
the
any
war,
time since the start
the
magazine "Iron
Age" states. Output of ingots, ac¬
Wholesale activity
the
week
as
picked
January
up
in
markets
with
a
mandate to advise on the
adoption of measures referring to
problems related with all aspects
to the defense of the continent
against political
the Axis,
"It
is
aggression from
in the
Buyers
to
the
American governments which de¬
clared war on the Axis powers- or
broke
relations
with
them
that
were
store
sales
rying on its international commit¬
on
a
ment and about the circumstances
down
6% for the week ending Jan. 1st, vwMch determined the creation
compared with the like week a such a government."
country-wide
basis
were
Africa
of
in
motorists
burning up a
were
American
of
gasoline
this
country
while
the
equipment
fields
would
be
taken into account in final lendlease settlements.
"The question
in
airfields
of
of the future use
parts of the
all
world, both for strategic and com¬
mercial
purposes," it said, "in¬
volves many other factors besides
lend-lease, of course.
The final
and
complete
answer
can
be
found
only through the continu¬
ing and successful collaboration of
Nations
United
the
tional
interna¬
in
the
after
commerce
war
and the
development of a system
general military security in
of
the
which
interests
United
States
United
of
and
Nations
both
the
fully
are
the
other
pro¬
tected."
were
all New South Wales
arrival in the
area,
are
allocated
by Allied Water Bond Tenders
Holders of Metropolitan Water,
headquarters and that essential
civilian services in the first eight Sewerage
and Drainage Board,
months of last year got less than
State of New South Wales, Aus¬
a fourth of the gasoline normally
tralia, 20-year 5% % sinking fund
consumed.
compelled
oil
It said
skimp.
to
products,
upon
gold bonds due April 1, 1950, are
the report
pleasure being notified that City Bank
driving or non-essential services, Farmers Trust Co. of New York,
and even essential users, like doc¬ as fiscal
agent, desires to receive
tors, got less gasoline on the av¬
tenders of such bonds at prices.not
erage than A-card holders in the
exceeding 100% of the principal
United States.
said
of
The
tioned
ed:
cases
the
fuel,
report
noted that many
been requisi¬
had
cars
in North Africa
"Since
these
not
are
casual
observer
cars
are
cars
and add¬
in
they may lead
to
believe that
using gasoline for
than is the fact."
Only a minute fraction of 1%
of America's coal production has
civilian purposes
and
the
interest
amount
funds
to
Jan.
28,
1944, in
sufficient to exhaust
available
in
the
sinking
many
clearly marked as
military vehicles
more
for
allocated
was
private
a
lower-priced fields.
Department
lot
None
recommended
ivhile the present world conflict
reported
anxious not only to place orders continues they should not proceed
and reorders on spring goods, but to the recognition of any new gov¬
to obtain fill-ins on popular sea¬
ernment constituted by force be¬
sonal lines.
Supplies were ade¬
fore consulting one another with
quate in the better priced and
purpose
of
determining
moderately
priced
lines,
but the
shortages were still in evidence whether such a government is car¬
opened.
North
in
the report
in¬
war,
lend-lease
stalled
a
the Association of American
after the
abroad
said
accounts:
Press
ciated
fund.
Offers
will be
received
at
the
Corporate Trust Department, City
Bank
York
Farmers
City,
on or
noon Jan. 26.
Trust
Co.,
New
before 12 o'clock
Volume
■.,;'■■
Been-Reached
.
belief that the
The
THE COMMERCIAL & FINANCIAL CHRONICLE
4246
George Thinks Lisnit In Hew Taxes Has
Senator
■-
Number
159
•/;
■ ■
Jan. 7 by Senator
through taxes has been reached was voiced on
Russian
confidence
the Polish,
Ukrainian,
White Russian
and
Russian
peoples be established.
Soviet
and
Soviet
Union
and
P'oland
basis of firm, good-neighborly re¬
George (Derm, Ga.), Chairman of the Senate Finance Committee.
In a radio broadcast discussing the differences between Congress
lations
"Many
"believe
that
additional
an
sents
said,
he
$8,000,000,000 upon the
same taxpayers would shatter the
public morale."
Regarding his further remarks,
a
Washington dispatch of Jan. 7
the
to
"Times"
York
New
'
mittee,
from
the,
from
indicated
Administration,
possibly in the President's annual
message on the state of the Union,
in
increases
for
direct
constructive
or
equitable tax
particularly
in
pro¬
of
time
war."' '."yv.
Since
eral
'•
,
1940, he remarked, Fed¬
collections
tax
risen
have
net
_
borders
tion predominates be
persons
of the
over
1942
1943
or
tax
re¬
the
Soviet-Polish
corresponding with the
of the population of the
Western
Ukraine
and
Western
White
Russia,
expressed
in a
plebiscite carried out on broad
democratic principles in the year
and
1939. The territories of the West¬
1945, "no individual, no matter
how high his income," will have ern Ukraine, populated in an over¬
left more than $25,000, assuming whelming majority by Ukrainians,
quired
his
to
in
paid
be
his
uncanceled
should
paid
/
give account as we
we
Federal
to
is
tax
out of current income.
"When
and
constant
income remains
that
1944
and
State
in¬
excise and sales faxes, State
property taxes and taxes of polit¬
ical
subdivisions," he said, "it is
that the general Federal
individual income tax is extreme¬
1919
year
the
by
Supreme
and
Allied -Powers
of
tion
of the
Russia
The tribunal also heard Paul
Poland's
Associated
borders
western
must
extended
through the joining
to Poland of
age-old Polish lands
Poland by Ger¬
administrators
without which it is impos¬
many,
sible
unite
to
Polish
Press
Washington
from which we quote,
further reported:
Mr Fahy asserted that the OPA
advices,
Soviet Union.
be
A,
control program.
the
into
the
Freund, special assistant to the
Attorney General, defend the con¬
stitutionality of the OPA rent
Ukraine and
western
White
western
of
against bankruptcy" or
right to make a profit.
whole
the
the
of
made
"a val¬
intelligent ef¬
fort" to solve their problems in a
way to protect the consumer and
to
guard against inflation.
He
in its own state,
mentioned
which thus will acquire a neces-4people
had
good-faith,
iant,
"casualties"-former
as
Administrators
outlet to the Baltic Sea.
just striving of the. Polish
people for complete unity in a
strong
and
independent
state
must receive recognition and sup¬
sary
The
Leon
Henderson
and Prentiss M. Brown and Gen¬
eral Counsel David Ginsberg, now
in the Army.
This
*.
produced
a
.
comment
by
Chief Justice Harlan F. Stone that
Gov¬ the Court was more interested in
ernment, cut off from its people, whether
"they acted within the
were incorporated into the Soviet
has proved
incapable of estab¬ law and the Constitution."
Ukraine, while the territories bf lishing
friendly relations with
And Justice Felix Frankfurter
western White Russia, populated the Soviet Union.
It has proved
remarked that making a "valiant"
in an overwhelming majority by equally
incapable of organizing effort "did not
disprove violation
White
active
Russians, were incorpor¬ an
struggle against the of the law."
ated into
come,
obvious
approxi¬
Charles Fahy asserted that there
is
"no
constitutional
guaranty
taken away from
known, the Soviet Consti¬
a
So¬
which provided for the incorpora¬
firmations, including an erroneous
Soviet-
frontier
the
case
argument
Administration, Solicitor General
mately follow the so-called Cur¬
zon
line, which was adopted in
Council
tution established
such
In
viet-Polish border could
affirmation concerning the
Polish frontier.
As is
Poland.
to
popula¬
handed over
Supreme Court heard
challenging
legislation set¬
ting up the price control system.
In defending the Office of Price
such lines that dis¬
on
7
the validity of the
be corrected in favor
can
Jan.
on
of the
tricts in which the Polish
11:
desires
.
,
realized,
Mr.
George said, that with the carry¬
Few
yond the potential yield of the
pending measure.
"v ':
"Any suggestion that taxation
become a political issue, or that
tax ' policies
either within the
Congress or within the depart¬
ments, be considered as such,"
Mr.
George said, "must neces¬
sarily make it extremely difficult,
if not impossible, to arrive at a
gram,
no
will be
1939 inclusive."
to
be¬
taxes
and assume
1945
income, this in¬
paying a tax of
$445.78 in each of these years, or
an
increase, of 5,472% over what
he paid in each year from 1936
in
change
dividual
to resist further recommenda-r
tions
and
1944
in
frontiers
The U, S.
does
Government
the
.1939 to be unchangeable. The
of Poland
appeard in the New York "Times"
of Jan.
consider
year
Moscow broadcast
a
Poland
of
agreement with
by
Soviet
The
not
Gn Jan. 5, a declaration of the
with no de¬
pendents and having a net income exiled Polish Government on the
of $3,000 paid an annual tax of question of Soviet-Polish relations
$8 in the period 1936-39. If we in¬ was published in London. It con¬
clude the unforgiven tax payable tained a number of erroneous af¬
quoted, stated:
Chairman
the
mission from
fixed
Supreme Court Hears
Arguments On
Validity Of 0PA
the Soviet Union,
and mutual respect,"
"A married person
The mood of the Finance Cofn-
was
increase of $520.22, or ap¬
an
proximately 4,335%.
tax
burden of
which the above is
This .repre¬
tax.
unforgiven
the
period.
Congress,"
in
can
among
borders
eastern
be
can
and
"joining Poland to the Czechoslo¬
and the Administration on the pending $2,100,000,000 tax bill, Senator vak-Soviet treaty of friendship,
George said that to raise $8,000,000,000 more, as recommended by the mutual assistance and post-war
Treasury Department, without re-'^>
collaboration would help in this
sort to compulsory savings, a gen¬ $484.97 on the same size income. task."
*
■"
eral retail sales levy or other, new For the years 1944 and 1945, as¬
The following text of the de¬
methods
opposed
by
Congress, suming no change in income, the claration on the Russian-Polish
would disrupt the country's econ¬ tax will amount to $532.22, be¬ border issue, as reported by the
cause of the required payment of Federal
Communications
Com¬
omy not only for the present but
for the post-war
friendship
The
the
on
Only thus
mans.
government
again declares that it is striving to
establish friendship between the
;
■•>.■■■-■
White
"
"The
4.
Federal revenue
limit in raising additional
and
Ukrainian
neighbors.
195
The
:
Soviet White Russia.
injustice
Riga
which
was
in
the
in
Treaty
Union
caused
forced
year
on
relation
by
German invaders in Poland itself.
the Moreover, with its wrong policy,
1921, it frequently plays into the hands
Soviet
the
Ukrainians
to
Polish
emigre
The
port.
of
the
invaders.
German
time,
same
the
At
the
of
interests
The Solicitor General
explained
that he had referred to the activi¬
ties of the administrators because
Po¬
of attacks he said had been made
upon them in briefs filed by op¬
Ukraine land and the Soviet Union lie in
posing counsel.
ly burdensome.
•
•'
to
about $41,000,000,000 for this
and
White
Russians
inhabiting the establishment of firm and
Price
control
legislation was
"If the individual income tax
fiscal year.
western White Russia, was thus friendly
relations between
our
challenged during the argument
rates recommended to the Con¬
"In
the period
from 1936 to
rectified. The entry of the west¬ two countries and in the unity of
by three Boston lawyers—Joseph
1939, prior to the start of our de¬ gress recently by the Treasury ern Ukraine and western White the Soviet and Polish peoples in
Kruger, Leonard Poretsky and
fense and war programs," he con¬ Department had been adopted no Russia into the Soviet Union not the
struggle against the common William H. Lewis—on the ground
tinued, " a married person with individual no matter how high only did not interfere with the outside enemy, as the common that it was art unconstitutional
two dependents having a net in¬
interests of Poland but, on the cause of all the Allies requires.
his income, would have left after
delegation to the Price Admin¬
come of $4,000 paid an annual in¬
iMiiaiiHWii
contrary, created a' reliable basis
istrator of legislative power.
taxes in 1944 and 1945 more than
come tax of $12.
for a firm and4 permanent friend¬
They also contended that the
"Today such an individual pays approximately $12,000."
ship between the Polish people
legislation denied the right to at¬
and the
neighboring Ukrainian,
tack the validity of price regula¬
White
Russian
and
Russian
tions in criminal proceedings and
about 600% or from
$5,925,000,000
the
inhabiting
western
n
—_______
Spain Faying On U. S.
Russia Suggests Border Agreement With
Poland — I §30 Frontier Would Stand
-The
radio
Moscow
toration of Poland "as
broadcast
a
11
Jan.
on
offer
an
for
the
res¬
strong and independent State" under which
the eastern borders of Poland would
follow, the Curzon line of 1919,
providing for the incorporation of the Ukrainian and White Russian
territories into the Soviet Union, and that Poland expand on the west
V
by the return of territories seized by Germany.
advices
Press
United
In
from $
London, Jan. 11, as given in the
New York "Herald Tribune," it
line
the
which
Germany and Russia divided Po¬
land in 1939, except for a bulge
same
the
East
fer
the
as
latter
the
to
by
west
near
Prussia, the effect of the of¬
is
agency
The
"Since the Curzon line is nearly
the
in
news
stated:
was
Russia
that
wants most
of
she gained by the
1939 agreement. Russia, proposes,
territory
a
the Baltic
center of German
tional
ism, to
a new
Poland's
.
Poland.
eastern
Junker-
^
■
frontier
as
Russia suggests it
it plain
with" the
democratic
the
of
Curzon
line
to
Russia has
The
no
diplomatic rela¬
1.
Russian
A
statement
made
Polish
government state¬
5, demand¬
the restoration of
frontier, contains a
incorrect
assertions.
mutual
Polish
the
on
respect, and,
people
so
de¬
the basis of an alliance
assistance against the
mutual
Germans
dollars to
lion
about
creditors
American
commer¬
mil¬
of several
a
thousand
have
com¬
menced under the plan
National
the
by
Council in
itors,
announced
Foreign Trade
says
President
circular to the cred¬
a
Eugene P. Thomas,
the Council, in
a
of
statement released Jan. 1.
"Under
this
arrangement,"
says
Mr.
Thomas,
"the
Spanish
Foreign
Exchange Institute provides dol¬
lar exchange
on
approved ac¬
.
counts
Thomas added:
on
The
bring
the
to
Ukrainians
Russians
Ukraine
inhabiting
inhabiting
White Russia
3.
was
and
White
western
thus corrected."
However, the restoration of a
frontier, in 1939 did not af¬
Hence the fect the real interests of Poland,
Russian offer was broadcast by but instead established a basis for
Moscow and recorded here, in the solid and permanent friendship
the
Poles
and
form
of
a
Soviet
their
government between
of
rout
machine
war
the
nearer
Hitlerite
and
bring
liberation to Poland and other na¬
tions
man
U.
the yoke
from
of the Ger¬
invaders.
this
sia, peopled overwhelmingly by
Russians, have become part of the
Soviet Union; "the injustice done
by the Treaty of Riga of 1921,
forced upon the Soviet Union, in
western
struggle of the Red
selfless
Army and the fighting operations
of our Allies that are unfolding
In
relation
of Soviet
successes
S.
S.
and
R.
liberation
the
in
the
Patriots
the Polish army
arrears
of
<Tn
its
,
already fulfilling their gallant
Now
and
But
by
and
opportunity
an
restoration
of Poland
as
for
a
the
strong
independent State is opening.
Poland must be rebdrn, not
the
occupation of Ukrainian
White
Russia
territories,
return of territories
seized from Poland by the Ger¬
but
by
the
attorneys
represented two
dealers—Benjamin
meat
Rottenberg and Albert Yakus—
convicted of selling wholesale cuts
of beef
at prices in excess
of the
OPA maximum.
said that the meat
from
The lawyers
had been prevented
dealers
making
any
profit by
the price
ceilings and that this had put
many of them out of business.
Dec. Living Costs
costs
Up 0.2%
of
Wage-earners
lower-salaried clerical work¬
Living
and
in
ers
the United
States rose
on
of 0.2% from Novem¬
ber to December, according to the
National
Industrial
Conference
the average
Board.
,
•
Council advised that the
less than
debts
the
in
Spanish
$1,000 each and 50% of
excess
in
of
50%
remaining
debts
higher than that of a year
Fuel and light showed the
greatest advance over December,
1942, with an increase of 4.7%.
Other advances during the twelve
months were: food, 3.4%;
sun¬
2.8%
circular of Oct. 22, the
created by it and operating Institute would provide dollars on
on the front against the Germans
approved accounts to the extent
hand in hand with the Red Army
of 100%
of debts amounting to
tasks.
The
Boston
The Board's announcement Jan.
Spanish commercial indebtedness
■%
were made through
the National 7 further stated:
"Food declined 0.2%, but cloth¬
Foreign Trade Council and for¬
warded to Spain
The Spanish ing rose 0.2%, fuel and light 1.9%
Foreign Exchange Institute sub¬ and sundries 0.8%.
sequently issued instructions indi¬
"The Board's index of the cost
cating the procedure to be fol¬ of living (1923—100) stood at 103.9
lowed by Spanish banks in Spain in December against 103.7 in No¬
in applying for exchange—such vember and 101.1 in December,
application to be checked against 1942.
the declarations filed through the
"The level of living costs was
corps
are
Emergency. Court of Appeals.
.
of
"Declarations
Council.
of
war
Polish
of
required instead that such attacks
be
taken
to
the United States
of American creditors for
the
as
troops
the Soviet-German front speed
The
Union
proper
of
Ukraihe and western White'Rus¬
had executed thousands of Polish
prisoners.
the
occupied territories of the Soviet
2. The territories of the western
the
officers and
on
Union from the German invaders.
ment issued here Jan.
Poland, having severed
them last year when the Poles ac¬
cepted as possibly true German
allegations that the Red Army
tions with
Poland
day by day the liberation of the
nat|m.
the following points:
series of
.East Prussia.
sire,
ele¬
Points in the Plan
through
Brest-Litovsk,
thence
along the Bug River, as proposed
in 1919 by the Marquess of Cur¬
zon, then British Foreign Secre¬
tary.
Russia would give to Po¬
westward
toward the estab¬
friendship' between
and
U.S.S.R.
lations .and
ments of the Polish
pre-war
extends
of
declares that
should
that it sought its agree¬
the
which
striving
The
Poland.
indebtedness
realization of this task.
implicity
bulge
is
and
Poland
by implication made
ing
the
Union
Government
Soviet
Payments of Spanish
cial
principal enemies goods shipped to Spain prior to
the outbreak of the Spanish Civil
of the Soviet Union and Poland.
War ton July IS, 1936.
Payments
Poland's adherence to the Sovietare being
made through banking
Czechoslovak
treaty
of
friend¬
channels, as promptly as individ¬
and Poland.
ship, mutual assistance and post¬
ual
authorizations are received
But the
statement denounced war
cooperation could assist in
from the Institute in Spain." Mr.
the present Polish government- the
would run from
the Lithuanian frontier Southward,
land
Soviet
invited
Tass.
Sea.
Presumably this would involve
the cession of East Prussia, tradi¬
for
basis of firm good-neighborly re¬
join the new Russo-Czechoslomaking .im¬
possible a future German drive to
the east, and to make of Poland a
strong ally against Germany as
the main enemy of both P.ussia
ment
have
and
a
and independent Poland
friendship between the
strong
the
vak alliance aimed at
of
she would
of
official
to.
in-exile and
so that
firm outlet on
stands
it
the "re-establishment
for
it
that
declared
peatedly
the
by
statement
however, that Poland expand on
her western side, at the expense
Germany,
——
issued
Commercial Debt
:vV_.
The Soviet Government has re¬
lishment
—
statement
peoples.
excess
that
amount;
payments
on
of $1,000 each is
ago.
3.6%, and clothing, 2.8%.
Housing remained unchanged.
dries,
purchasing power of the
the. basis of 100 cents to
the dollar in 1923, which amounted
"The
dollar,
to
expected at
an
early date."
Plans for these payments
referred to in
page
126.
our
96.4
on
cents
in
mained at that
were
issue of July 8,
October
and
re¬
figure in Novem¬
ber, declined to 96.2 in December.
It stood at 98.9 cents in Decem¬
ber, 1942."
& FINANCIAL CHRONICLE
THE COMMERCIAL
196
have
ituation
be
to
perfected.. Until
industry can ob¬
(Continued from first page)
as
fairly definite idea
some
how difficult' the Gov¬
to
Thursday, January 13, 1944
.
Cost Of
I @43 Bis@ in Wholesale frices And
such time as:
tain
,
.Living Smaller Tta Any fear Sine® 1940
The price rise in 1943 was smaller than in any year since 1940,
important this situa¬ goods are ample without these ernment is going to be to deal Secretary of Labor Perkins reported on Jan. 2 in reviewing the price
tion may well prove to be a expensive and often poorly with in these matters it will situation for the year. At the year's end the general level of prices
few figures will amply dem¬ located plants born of war not know in what degree it in wholesale markets was 2% higher than at the close of 1942, and
the prices of staples that families buy in retail markets for everyday
onstrate.
From June, 1940 necessities and war urgencies. will be profitable to spend
living were up about 3 lk %, her report, based on a Bureau of Labor
But the plant will be there, time and
to July, 1943 war contracts
energy in working Statistics survey, showed.
and in some cases at least will out
The slowing up
of the price *
placed in the State of Michi¬
plans involving these
from the already high Tevel .of
advance was shown in the follow¬
gan," for
example, totaled be worth a reasonable price plants. '
Y'
$115,000,000,000 in 1942 to an es¬
ing table:
even if it is used to take the
Per cent Increases
timated $142,000,000,000 in 1943—
$16.2 billion, The total man¬
Unwanted Competition
Wholesale Cost of
and
that civilian goods became
ufacturing production of that place of older and less effi¬
Prices
Living
Year
Not
only that, ' but* the
1
scarcer, as the year went on. Or¬
State plus investment in plant cient plant. What is to be the
Dec., 1939 to Dec., 1940—
1
10
whole question of the possi¬ Dec., 1940 to Dec., 1941—, ,17
dinarily
such
buying
pressure,*
9
and facilities in the year 1939 policy of the Government re¬
8
which was only partially offset by
33 >/2
bility of having some of these Dec.', 1941 to Dec., 1942—'
"Dec,, 1942 to Dec., 1943-,'
2\
amounted to $4.5 billion.
and
In garding these plants
taxes and purchases of war bonds,
■^Estimated.
\
1 "
' <■
The Government plants to compete with after
wotild lead to a much more rapid
the State of Connecticut war facilities ?
the war, Js one that must
"It may be noted that the most
price rise than that which actu¬
orders
during that period has invested, or is investing, be faced anddealt,
with rapid rise in prices came before ally occurred. Rationing, price
amounted
to
$5.5 billion, nearly $3.2 billion in facili¬
Pearl Harbor,"
the report said. control, and the cooperation of
ties for the production of air¬ promptly. Information vouch¬ "The 1943 rise in wholesale prices
against 1939 manufacturing
safed to the public makes it and in the cost of living was much, many manufacturers and dealers
in voluntarily holding their prices
output plus plant investment planes, engines, parts and ac¬ clear that
they range in size smaller than the rise of 17% in contributed to this stability.
It has sunk over
of some $1.3 billion. Figures cessories;
wholesale prices and 10% in the
"Most people have the impres¬
up to close to $200,000,000 in
for a few of the other more $2.1 billion in facilities for
cost of living during
1941. The sion of a much greater rise than
cost of construction. There is
the building and repair of
slowing up of the price advance
important States are: New
little doubt that they; haVe in 1943 reflected the development actually occurred in the general
level of prices, taking markets as
It has invested more
Jersey, $9.4 billion and $3.5 ships.
often cost much more, to bW.W of firmer price control and ration¬ a whole.
The greatest price rises
billion; Kansas, $2.7 billion than $1.2 billion in facilities than
of the year were in retail prices
they should have, and ing measures.
and $0.5 billion; Ohio, $10.6 to make iron and steel prod¬
"Taking the period of the war of foods and in the cost of civilian
are often
placed quite disad- as a whole, prices are up much
billion and $4.7 billion; Wash¬ ucts, and nearly $1.2 billion
clothing and services, which are
vantageously as regards eco¬ less than in the first World War, bought frequently by everyone.
m facilities for the manufac¬
ington, $3.6 billion and $0.7
nomical peacetime operation. Price increases in the two war
Moreover, the existence of some
billion, and California, $12.9 ture of non-ferrous metals Such considerations
black market transactions, short¬
may or periods compare as follows:
billion and $2.9 billion. There and their products. In several
World War I "World War II
ages, and the obvious changes in
may not be of great signifi¬
"July, 1914
Aug., 1939
is no way of knowing pre¬ other fields its investment has
quality of certain civilian goods
to Nov., 1918
to Dec., 1943
cance,
however, 'when the
Per cent
Per cent
helped to heighten this impres¬
cisely how large a part of been quite substantial — in-
How
,
.
..
.
,
,
these
relation to
what amount will the total of private invest
still remains deed quite large in
contracts
unfilled, or
be left unfilled when the war
to
comes
What
be taken for granted that the
volume of. outstanding con¬
tracts in these and all the
other
their maintenance appears
production and which
must
presently undergo a
similarly drastic reconversion
to peacetime production.
war
contracts
the
the
is
so-called
nanced
and
of
war
appear
to be the part of wis¬
some¬
would such
a
ducive in the
to
course
be
con
highest degree
general confidence on the
of American industry,
part
$15.5 billion has and hence most helpful in
been authorized, most of it making possible, definite.plan¬
now completed, and much the
ning for post-war -'activities,
larger part of the remainder but it is very nearly essential
scheduled for completion dur¬ for still other reasons!; Many,
what
over
tive little demand when peace
returns.
These facilities
well
duction
ators
to
permit the oper¬
become
the
owners
which
the prin¬
"In wholesale markets
increases/were almost' 7%
in farm prices and 1V2 % in foods.
Industrial prices were generally
stable except for a few moderate
coai
price rises, such as those for
changes are
the
following
These
lumber.
and
in
Administration,
Review"
''Business
Harvard
the time has
in the'winter
says
come
that
for these Gov¬
agencies and bureaus "to
ascertain
their
total
actual
-
this, the New York
"Journal of Commerce"
•
"Such
of Jan.
Prof. Ebersole
ing:
oper^
...
In indicating
also quoted
•
;
.
as
as say-
■
should
an
allow¬
costs
well
as
that would be
ance
for the
paid
if. these were not Govern¬
agencies, since tax exemp¬
ment
taxes
tion is in itself
ment subsidy.
a
form of Govern¬
not
been
made
and
pub¬
of such agencies or to
upon some mutually
agree¬
make them permanent."
able terms when the war' is
Writing on the theme that Gov¬
over.
ernment could help banks make
operation
part presumably
of
a
prices,
products
new
form .of loss re¬
Caribbean Agency
1943 (Estimated)
total--—-.
1.9
.
G. 7
.
Foods
1.4
.
—,
commodities---*-'——1—^.
other
retail
"In
markets,
1.6
.
and
food
clothing prices went up more than
any other part of the family bud¬
get—by an average of about 5%.
The costs of coal and services also
but rents and rates for elec¬
and gas were generally
stable, as shown in the following
table:.,'
-.•
,
Per cent of
Increases in Principal
in
the
Cost
1942
"November,
Food
Elements
of Living
to November,
4.7
———————
(September, -1943)—
Fuel,
electricity
Housefurnishings
Miscellaneous
"Prices
—-—
and. ice—————
a.
-
—
goods and services——
"Latest data
5.6
0
1.7
2.3
4.4
available.
bean Commission
on.
the
4
Jan.
Washington.
in
ment
of the conference
promote the cooperative
of social and economic
problems which may arise from
time to time in the islands. Mem¬
bers of the body will include two
The
purpose
to
United States
British colony
or group of colonies in the Carib¬
bean area,
Other countries may
also be invited to participate in
delegates from each.
territory and each
the discussions.
first
of the confer¬
The first session
expected to be held early
this year with the subjects of dis¬
cussion according to Washington
accounts to the New York "Herald
ence
is
pertaining to the ques¬
supplies for the
tions of obtaining
islands,
stabilizing prices,
main¬
taining local food production after
the war and continuing research
arid
of fishery
development
sources
during
Anglo-American Carib¬
was announced
by the State Depart¬
the
der
Tribune"
1943
—-
Clothing
Con¬
Creation of a West Indian
ference as an advisory group un¬
handling
————
Rent
wish, for other reasons than eco¬
nomical operation, to extend the
banks
Farm
...
"The fact that such calculations
have
December,
to
Wholesale
rose,
U. S., Britain Create
is
1942
December,
Increase
tricity
.
calculated
include losses
5
facturing and distribution."
:
Percent
All
some
!
•
-
.
cipal
at the Harvard School of. Business
But in a great many in¬ more jobs, Prof. Ebersole said ex>
suited for the pro¬ stances the matter of buying pansion of bank loans would be
encouraged
by
setting .up* by
of peacetime goods, one of these plants is not
for the most
not
are
tracts which
they use.
services
the
of
some
banks, J. Franklin Ebersole, Pro¬
of Banking and Financing
ing the current year. A con¬ indeed most, of these plants lished by any one of these Gov¬
suggests
the
siderable part of this enor¬ are being operated by private ernment agencies
possibility that such figures would
mous
total is, of course, de¬ business concerns under con¬
be an embarrassment to those who
signed for the manufacture of
engines of war which will,
we must all hope, have rela¬
retail markets, and
by civilians in
fessor
ating costs."
only
Not
important
table:
policy at once and announced
delay.
were
price advances for farm products
and for food and clothing bought
for
higher prices in primary
for farm products- and
rise in labor costs in manu¬
reflected
markets
there
1943
"In
retail price advances
These
sion.
.
summarized
ernment
(without
question of
this
defense?
certainly would
living—
of
"Estimated.
Government lending agencies with
It ought, however, to
be determined as a national
plant fi¬
owned by the
Of
wise for rea¬
national
a course
to
dom.
war
Government.
of
sons
less related to this
or
necessary or
Such
War Plant
More
Policy?
By Prof, Ebersole
undergo extensive conversion be
matter of termination
ator.
Cost
37
26
103
62
Wholesale prices
OoiEtpelilisn
nation will be
large enough to be of vital
importance to many branches
of industry; particularly those
which have been obliged to
to
fields.
the
is
possibly the oper¬
They
should
count
.
industrial
important
centers of the
same
Government
and
heavily, and business should
be given early assurance that
What, in general, is to be they will.
■
,
the policy of the Government
concerning these plants? To Federal
dispose of them promptly and
reasonably to private indus¬
try where they have economic
value, and to dismantle others
Criticizing the competition of
—-except, of course, where
close, but it may
a
in the
ments
Federal
owner
re¬
and health and quarantine
part of the year to a peak in the
late spring, and then came down
problems.
The Anglo-American Caribbean
Commission was created in March,
and autumn
of foodstuffs
1942, for the purpose of strength¬
ening social and economic co¬
during the
as
rose
summer
larger* supplies
came
into
the
markets
subsidy program
the
and
and 'cut backs'
the Office of Price Adminis¬
tration in, retail,food markets be¬
.
operation
between
the
countries in these regions.
two
by
came
Garrison Named To WLB
effective.
Appointment of Lloyd K. Gar¬
"By the end of 1943 prices were
at about the same levels as in the
rison, General Counsel
of the War
Bohrd, as the Board's first
markets— alternate' public
member
was
the exchanges for raw announced ton Jan. 2 by President
and it is most
hoped that
Labor
mid-1920's. In primary
materials and at factories or man¬
certainly to be something that can be decided serves.
of the day in the afternoon and effected
dreamers in Washington will in the course of the next fore¬
Brazil Envoy Jo Canada
conceive the. idea of virtually noon.
The appointment of Ciro Frei-;
Many of them are
tas Vale, Brazilian Director of the
remaking them into facilities larger, far larger than any
for the production of goods plants ever known or dreamed Foreign Trade Council, as Am¬
bassador
to
Canada
was
an¬
which
can
be
made
very of in private business.
Even nounced on Jari. 6 by President
much
less
expensively by where not of exceptional size Getulio Vargas. Reporting this,
other processes or with other as measured by the usual or United Press accounts Jan. 6 from
tools.
average size of other plants Rio Janeiro said:
But very substantial in the industry, they often
"Mr. Freitas Vale was .Ambas¬
amounts of this plant and of are large
enough to present sador to.Berlin when Brazil de¬
these facilities are designed a problem of some difficulty; clared war on Germany in Au¬
for the manufacture of goods to the operator who may want gust, 1942. He was Acting For¬
which do have peacetime de¬ to purchase them.
Financial eign Minister in 1939 and. is a
mand.
In many cases, facili¬ arrangements, to say nothing former secretary general of., the
ties for the
none
production of such
of various
operational plans,
Ministry of Foreign Affairs."
that is, on
„
Roosevelt Thb!iAssociated Press
goods—-they were 3 % also reptorts'tliat the board also
averages, for 1926, and announced 'these Appointments:
the prices of every-day articles
JeSse"Freidini: of New York,
at. retail
were
just below their WLB Associate General Counsel,
1926 average. Thus, it is not the as General Counsel; Theodore W.
level of prices that makes this
Kheel, Chairman of the Second
wartime rise so important, but the
Regional WLB in New York, as
rapidity of the price rise since Executive Director of the national
early 1941, and the consequent board; Frederick H. Bullen, dis¬
necessity for very rapid read¬
putes director of the fifth regional
justment of family budgets and
of .manufacturers' and retailers' board, Cleveland, as deputy ex¬
ufactured
above the
•
^
ecutive
trading operations.
Director, and Thomas L.
prices during Norton, Vice Chairman of the
1943 is an especially good record, Second
Regional Board, as Act¬
in view of the fact that income
ing Chairman 6f the New York
paid to individuals in the United
"The small rise in
States increased by
$27,000,000,000
board.
Volume
Political Parly Stalus^^ Doughton Galls Tax
Drop Socialistic Coals To Foster Unity Law Revision No. I Job
Simplification of Federal tax
UrS. ComfflunistaQuit
And
197
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4246
159
•
Role Of State Department
The first of
titled "The Department of that they will be suppressed—by
Speaks", over the National force, if necessary."
Michael
McDermott, chief of
casts,
State
that the American Communist
Co. network took
laws as the No. 1 job for the House Broadcasting
Party will abandon its political status, Earl Browder, General Sec¬
Ways and Means Committee was place on Jan. 8, with the partici¬
retary of the organization, announced on Jan. 10 that the Com¬
stressed on Jan. 8 by Representa¬ pants including Edward R. Stetmunists have decided not to raise the issue of Socialism in the post¬
tinius Jr.,
tive
Under - Secretary of
Doughton (Dem.,N.C.),
war period
"in such a form and manner" as to weaken national Chairman of the
Committee. Mr. State, James C. Dunn, Political
unity,
He also explained that the new program called for peaceful
Adviser on European Affairs and
Doughton voiced ' the' hope that
settlement: of internal differences V
other officers of the Department.
ways could be
found to collect
rather than for interclass violence. few began to leave singly and in
The
initial
program
was
con¬
through the withholding levy the
In indicating this, the New York pairs.
From then until the end
cerned principally with a discus¬
total-tax for some
Following the disclosure on Jan. 9
"Times" of Jan.
11, further stated:
decisions, reached over
"These
,
the
week-end
Committee
the
by
.National
the " Communist
of
there was a steady
sons,
/. The speech itself was not greeted
with the volume of applause that
the
has marked
promotion of political unity in the
United States so that the policies
previous talks by Mr.
Browder1 at
Party, have as their, purpose
agreed
Nations in
United
of
leaders
by
upon
the
at
conferences
commemorated
which
toe
/
the
Daily Worker" and the
20th anniversary of Lenin's death,
Mr.
Browder asserted
that the
"The
of
policy agreed upon at the
joint
would
affect
not
returns due March 15,
sion
and the part that labor
groups under his leadership have
played in supporting war produc¬
tion.
.But he also declared that
the whole wage policy of the Ad¬
ministration required serious re¬
tions,
in
which President Roosevelt/Prime
view, since it had created an open
field for "disrupters and provoca-
Minister Churchill and Premier
Stalin took part, carries "with it
the
of
do
to
want
laws
tax
is
while ' I'm
what
in
The
duty jointly to exert all in¬
fluence to minimize and if possible
the
the
eliminate
to
use
violent
of
struggle for the settlement of in¬
defeat
problems, except in the
Axis forces and their
ner
of
Quis¬
'/■/■
'' / ' /'" /
considered judgment
that the American people are so
lings."
ill
;
,..*/•■
;
is
"It
.
my
pi-epared, subjectively, for any
mon
policy is no justi¬
strikes," the Com¬
1
Con¬
said that the, people of the
States made its foreign
policy through the operations of
United
a
free press.
"
President Praises
long-range
0PA Volunteer Aides
President
the
8
v/asn-
teers
the
to
Mr. Dunn added several facts to
Roosevelt
congratu¬
276,000 volun¬
serving with Office of Price
lated
regarding
reported in
was
Jan. 4 the
on
Administration
porter for the National Broadcast¬
tion
ing Company.
dent said he
We're wide awake.
Richard
"But," he added, "I don't want
bead
a
■
Mr. Doughton said the CongreskidkM staff of tax experts already
,
of
Bureau
Internal
Revenue
who deal
directly with taxpayers
had been requested to submit sug¬
gestions.
'/// 7 //'
\v/•'/"
/
Chairman,
The
Committee
re¬
to Moscow the draft of the agree¬
ment
or.
/-.-.)) ■ ■/ •'//'
thq thing.". /• .-•/ :'~-r
the
capital
Confirming that * Mr. Hull took
/V
16 shoot before I draw
!
conducted' by
Harkness,
will
the
four
the
the
"whether
was
United
ourselves
miration"
for
and
Union
and the world's salvation
through internationalNcooperatior
or whether they had other
plans
and designs for the future."
"These
"
nations
four
themselves to
would
committed
hopeless
"The
indeed
be
board
of
aides.
it
Washington
further stated:
was
remarked
that
had
been
times
impatient with their local boards
had to stand in line
or
had got "no" to their request
for more gasoline or ration points
or'higher ceiling prices.
"So," he went on, "they beefed
a
little, because that's the wry
because they
policy of continu¬
ing cooperation," he continued. "Ii
they hadn't done so, the interna¬
future
work
their
citizens at
some
a
tional
the
President
The
determined to seek
their,
to
certain that the
In Associated Press
advices,
Kingdom, China and
were
boards, the Presi¬
was
members
powers
Soviet
of ration
overwhelming majority of citizens
had "never lost respect and ad¬
subscribed, he said that the most
important single question settled
the
call
which
to
ra¬
Bowles, Price Administrator, on a
radio program celebrating the sec¬
ond anniversary of the organiza¬
promptly, cautiously and
oughly. We're not asleep
thor¬
on it.
price and
war
tioning boards for the "fine job"
they are doing.
In a message read by Chester
and-ansvver
period
■
to the
public information regarding the
Moscow Conference in a question-
begin its studies
soon after Congress reconvenes.
munist leader added.
;
Just before Mr. Doughton dis¬
Present
organized
efforts by:
labor
toward
effective political closed his plans Representative
action
must
be
deepened and Forand of Rhode Island, a com¬
strengthened "to guarantee the mittee member, proposed a fif¬
for
its
of
the Division of Current Informa¬
tion,
gress,": said the Chairman. "The
Committee will go into the matter
sense wage
fication
up
ington advices of Jan.
New York "Times":
Was seeking a method of simplifi¬
tionists, the worst offenders being'
element among the) cation, and that the field men with
employers, ably seconded by John
L. Lewis and his admirers within
the labor movement."
i
■'■■■'C/> : /
/ But "the absence of such a com¬
leading
following
broadcast
the reactionary
recent international conferences
events
interpretation
possibilities.
In Associated Press
tion
of
recent Moscow conference with an
Washington
Communist rallies in
advices, as given in the New York
the Garden. Throughout there was
"Times," he was further reported
only polite handclapping, never
as saying:
:.7 • :V:/ /'/;/ enough to halt the speaker.
At
"Above everything, simplifica¬
the end there was a somewhat
anniversary of the founding
20th
this
However,
be
den,
tlieir
of
Moscow and Teheran can
put into effect, Mr. Browder larger outbreak of applause.
Mr.
Browder
had praise for
explained,// /'/. 7"
Addressing a Communist rally Philip Murray, President of the
last night at Madison Square Gar¬ Congress of Industrial Organiza¬
Cairo,
30;000,000 per¬
thus removing the necessity
filing any tax ; returns.
trickle moving
through the exits.
Discussed By Officials
series of broad- <§>-
a
£
one,
dread certainty of a third
Americans
off
steam
with
rare
let
under
pressure,
but
tions they
law.
have complied with the
excep¬
"The. few chiselers who have
deep-going change in the direction
teen-member commission to unr World War would have settled or
of socialism that post-war plans continuation of Roosevelt's policies
turned up are objects of contempt
us even before World War II was
and to change the) political'com¬ dertake the job.of simplifying the
with such an aim would not unite
to
all good citizens.
Whenever
'//)// ;
tax laws.. The group would be finished." / '
the nation but would further di¬ plexion of Congresd to make it a
He
said
that
Secretary Hull caught they will be punished and,
help instead of a. hindrance .in composed of two Representatives,
vide it.
And they would divide
whether caught or not, I am sure
two Senators, three Treasury rep¬ "pointed out to Marshal Stalin and
and weaken precisely the- demo¬ winning the war-and establishing
that they must always carry with
resentatives, two/ lawyers, three Foreign Minister Molotoff that the
cratic and progressive camp,/while' a stable peace," he declared.
them
the knowledge that they
nations represented at the confer¬
Mr.
Browder asserted that it economists and three accountants.
have let our country down in this
they would unite and strengthen
He and Representative Carlson ence: and their/ leaders faced £
obvious
that the
broadest
the most reactionary forces in the was
its greatest war."
./
greater responsibility for the fu¬
democratic progressive united of Kansas have suggested making
It
takes
country. In their practical effect,
courage
for
board
•
anti-Teheran front must be maintained in Amer-
they would help the
forces
to
to
come
United States.
power
in
the
k'.)'"'7;;•') J
'
"If the national
unity of the war,
ica
to
Teheran.
realize
/)
"Equally
promise
the
/>/■•' '//'///-■/
obviously, the
?
of
the
withholding
actual tax
payers
Com-'
levy
the
total
that millions of tax¬
so
would not have to compute
The Rhode Island
formal returns.
member
he
said
wanted
the
reaffirma-'jbe in a long-term alliance with:
Means members to tackle the sim¬
tion of our wartime policy that we/forces much larger than itself."
j
plification
problem,
intensified
'will not raise the issue of social-|
Two resolutions were adopted at!
this year by added computations
ism in stfqh a form and manner as the rally.
One was addressed to
resulting from pay-as-you-go leg¬
to endanger or'weaken that na- President Roosevelt and called for
unity," /
the
tended
//
at-'porta tion order against Mrs. Brow-)
rally and not all of der. The other, addressed to Gov-l
persons
hear Mr.
them stayed to
finish his
cancellation of the outstanding be¬
f \;//"/; >
thousand
Fifteen
Browder'
About the middle
talk.
ernor Dewey, asked for the release
of Morris U. Schappes, former
after he had told j City
College instructor, from
them that Socialism and the class prison, where he is serving a term
of his address,
struggle
were
being postponed, a
. ■ m,——
~
/
for perjury. / - ■ •
—
,■■ ■
•*-—*«••■■■-»■ ■■■*■■■■»■»
•
/
./
'—;
.millions
taxes.
'/.//' /
reconvenes
wartime
way.
getting
//)■): ):■/-Execifives/,/•]
experienced civilian personnel to assist in execu¬
duties of domestic Army exchanges is increasing rapidly, Col.)
The need for
-
tive
Francis R. Kerr,
■
Chief of the Army Exchange Service, told a group
the
bill
revenue
out
second
of
the
This measure, approved'by
the; House,. is
Army Exchanges Flan To Tralii More Oiviliait
paying income
-are
'/''■/ ! •'••„•/
The committee, which proposes
all tax- legislation, will be tied up
for several days after Congress
.
—
ever
pending
Sehate^—
//;.■■/
in
-. /■
the
■:/■
Morgenthaii Praises Retail
Workers For Bond Sales
)" Secretary of the Treasury Mor-
faced before."
"He made it
quite clear that he
speak frankij in the na¬
would
tional
interests
of
the
United
States," Mr. Dunn added, "but he
also said
was
he
was
sufficient
between
a
convinced there
ground
common
the national interests
the countries
to
a
of
lay the basis for
better world."
Answering
islation and by the fact that many
more
life, liberty and happiness oi
own
and all other peoples
than any nations or statesmen had
tax
period is to be extended and even! hiUnists will be a part and a small
laws
rewritten
into
"everyday
strengthened in the. post-war pe- ' minority part of that united front,")
riod then we must recognize that Mr.
Browder told his audience.; English." j- '
There appeared a unanimity of
in the United States this requires/ "The Communist organization will
determination -by the 25 Ways and
from the Marxists the
tional
ture
their
•
question
workers
to say "no," the Presi¬
said, adding that "we shall
always remember their devotion
and steadfastness to duty becau ~e
dent
know
we
that
our
local
boards,
by the fair administration of rsr
tioning and price control, have
been
protecting
fundamentals
number."
one of the; very
democracy—the
for the greatest
of
good
greatest
7
/>/k'7/)
by
Mr.
Harkness, Mr. Dunn said he be¬
Mexico Plans Bonis
lieved that the Russians liked Mr
Hull's
approach.
.
.
To Offset Inflation
Leo
Pasvolsky, special assistant
of State In charge
of post-war planning, said that
while people we're talking about
an iritS-hatibnal'police force "nobodyvhasTas iy.et figured out what
to the Secretary
it
means/'7n
■./•■'/> ' /' ../■•'/
"Tjiefe are many ways in which
police power can be exercised to
suppress aggression," he went on.
"We are exploring several possi¬
bilities, but we cannot tell at this
stage what precise arrangements
:
In
an
effort to check the stead¬
ily rising Mexican cost of living,
Secretariat
the
nounced
Finance
of
that
Jan. 3
on
an¬
it would
sell highway and possibly railway
bonds to the general public so as
to
siphon off circulation cf an un¬
specified amount of currency; this
indicated in Mexico City ad¬
was
vices of Jan. 3
to the New York
"Times," which further said:
However, according to financial
circles, the Banco de Mexico,
genthau, in. a radio address on the nations will be able to
agree
of Army exchanges who began a period or Dec.
which would be charged with the
29, appealed to the 5,000.000
upon."
•' '
four weeks' intensive training at; New York University on Jan. 10.
transaction, holds in it:; vaults
employees of .the nation's retail
Expressing the conviction thai about
Col. Kerr stated that as more and more troops are sent overseas,:
200,000,000 pesos worth of
stores to support the Fourth War
military personnel who have been/#——- /.
)—- ■ 7 7; -———1 Loan drive for $14,000,000,000 "cooperation between peace and highway bonds. By putting them
freedom-loving nations can
be on the
supervising the exchanges in this! New York University. The ma- which
market, it was said, it
gets under way on Jan. 18.
achieved in time of peace as it has
country will be needed abroad to jority are at present employed in
would therefore be able to with¬
Describing
these
Workers
as been in time of war," he added:
set up exchange service for the some supervisory capacity in an
hold that much money out of the
"among the Treasury's best sales¬
"To do this these nations must
.men in foreign war zones, /
;
Army Exchange!
seriously inflated circultion, which
men in.our war-bond campaigns,"
certain facilities ; and in¬
create
This
is the
second
"Tnis situation," Col., Kerr exgroup
of
was
slightly in excess of 1,800,Mr. Morgenthau
said, according strumentalities for international
Army Exchange civilian employ¬
: plained,
"will leave, the ; burden
000,000 pesos in December.
ees
Who' have been sent, 'to New to the United Press, that success action."
of operating the, post: exchanges
Another financial operation said
of the Fourth War. Loan would
He said there must be "arrange¬
in
the
camps ,;;in /t,hip, country York. University for training in
the operation of post exchanges,' give assurance to members of our ments- for settlement of interna¬ to be under study is the redemp¬
.of 36 civilian employees
•
•
largely in the
:
.-In.
■:
hari'dajot/Civilians,"'
'syphoningq,qfiVRJP^Denced:
Army
officers fop
pyers^as,/duty,
course
Will include: instruc¬
tion in
merchandising, accounting,5
personnel and restaurant manage-'
armed forces abroad, that
the
home
war
too."
front
/
are.
"we
on
fighting the
tional
rather
disputes by pacific means,
than by recourse to war,"
/-.'..
'
but that even more, there needed
.of: ex¬
The money from the next loan to be means for suppressing ag¬
ment.
Lecturers are drawn from
m j-his
country.
Under, regulations, ex-' officers in the Army Exchange is needed at this time, he said, gression.
Reminded of what happened to
changes are operated as agencies Service and in the Service Com¬ becausek'the leaders of the United
of the War Department with an mands, and from the New York
Nations have drawn up plans for the League of Nations, he said
School
of
Retailing
officer
always • in Command of University
the all-out attack;
It -Will be .the that there was a parallel, "up to
'
/
••
both ' military
and civilian ' ex¬ faculty.
Dr. Norm A, Brisco, dean of
greatest attack in history, and it a point, but this time, as Secre¬
change personnel.
'
*'
stated, only
.a /minimum,
change officers
•
The)
wdl remain
he
*,
Each of
the nine service
com¬
mands and the United States Mili¬
tary Academy at WCst Point are
'represented by the students at¬
tending. the training
program
at
the
University's School of Retail¬
ing, and Colonel R, Parker Kuhn,
deputy chief of the Army Ex¬
will-require tremendous
ties
of
fighting
change Service, are in charge of
kind of equipment
the
bond money
training
program.
quanti¬
tary
Hull
has
long
maintained,
sues,
the
some
Diaz
regime,
If
is¬
and which are
in
the hands
proposal reportedly made
a
accepted, the Mexicrn Govern¬
ment
will
be
these
equipment—the
redeem
that your war-
for all concerned that breaches of
of their par
the peace will not be tolerated—
interest,
"
various
foreign investors..
there must be the clear certainty
buys."
in
of which date back to
exclusively
almost
is
bonds
railroad
of
of
1,000,000,000 pesos worth
of
tion
in
the
position
to
bonds r7 cne-fifth
value,
discounting.'all
explained, are United States Gov¬
ernment
deposits of, ;$93,194;261
which represent book credits re¬
sulting from subscriptions by both
the company and its customers to
war loans
and other offerings of
Offers I O-Poiisl Wartime
Program For Individual;, r.
National Thrift Group
.>
individual will be
stressed in the nation-wide observance of National Thrift Week
which begins Monday next, Jan. 17 (Benjamin Franklin's birthday),
and continues through the 23rd, J. Robert Stout, Chairman of the
National Thrift Committee, announced on Jan. 11. "Thrift Week o>
1944 will be more important than any previous celebration because
A
10 point
wartime thrift program for the
the Fourth^—
—
18," said by
buying
things than
high income
qualities
better
War Loan Drive on Jan.
the
At
end
Government
of
deposits
to
a
1942, such
amounted
These deposits are
$99,619,588.
of
temporary nature, it was ex¬
~
~
~~
it marks the opening of
United States Government securi¬
ties.
plained,
of
needed
Thursday, January 13, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
193
being
drawn
out
as
the Treasury Depart¬
by
frozen economy to "prevent infla¬
tion."«
At no period does a na¬
From Washington
(Continued from first page)
.
bitterness,
is not on the
It is because
enough,
strangely
of
matter
Their
him.
towards
wages:
while they were playing a little
game
with
the
President,
as
they look at it, he double-crossed
the
in
them
of
seizure
the
rail¬
They have been put in the
worst light imaginable in the eyes
roads..
of
the
public and in the eyes of
tion's economy move faster, or a
life move faster than
in
man's
The
war.
world
turns
upside
down;
formerly • successful men
are utterly lost; ne'r-do-wells find
something in which they can ex¬
cel.
The village barber turns out
to be
a
better soldier than he
a
was
civilian and gets to be a major.
Men die faster, live faster. Lieu¬
tenant colonels of two years ago
used to.
with little or no responsibility be¬
ment.
'• '
Mr.
Stout.
"With
their membership^
2. Budget; anticipate periodic
taxes and previous war bond com¬
major
generals with
the
Holdings of Government'.obli¬
You've got to understand that come
expenses and possible emergencies gations totaled $381,441,910 as of the conductors and
mitments, people will want guid¬
engineers, to destiny of thousands of men in
temporary savings out of the end of the year, the report
their hands.
ance
in further tightening their with
particularize among the railroad
Freezing
an
economy
under
showed, an increase of $54,459,973 workers, are among the country's
budgets to make room for greater every pay check.
3.
Pay debts; reduce or com¬ over 1942.
The average maturity most, substantial citizens.
saving." Mr. Stout went on to say:
Except these circumstances would seem
Buy to first call date of the bank's for the densely populated East to be difficult even if for avowedly
"National Thrift Week has al¬ plete installment contracts.
only what you can pay for.
ways been the financial check-up
present portfolio, said Mr. Bier- and even here in many instances, laudable purposes. But be this as
4.
Continue regular additions to
period of the year for the thrifty,
Wirth, was 46 months and to ma¬ their homes are in smaller com¬ it may, it undoubtedly withdrew
and for the un-thrifty, as an an¬ your savings account—these indi¬ turity date 63 months.
The re¬ munities in which they take a the labor adjustment board which
cate your financial progress.
nual reminder of the steady pass¬
port disclosed that 32.32% of the leading part, v They are the piK the labor leaders were given for
5.
Buy war bonds and stamps bank's Government holdings ma¬
ing of time and opportunity, it has
iars of their respective churches; their no-strike pledge. More im¬
been a stimulus to economy and regularly out ef current income, tured
in
less; than
one
year; high up in the fraternal orders. portant. however, is that when it
not with savings. Hold war bonds
came
to dealing with Lewis, Mr.
frugality. In this great war which
38.86% in from one to five years,
you are
'
,
.
constantly is reaching deeper into
Committee
should
1944
Thrift
believes
be
dedicated
Week
the
to
by their War Bonds
thrifty who
home front
the
do
the
So
more!
and still want to
borrows
week
their
slogan, "Budget, Buy War
Bonds, Economize and Save," and
their
for
convenience—and satis¬
faction—in checking
up on their
effort, and as a guide to pos¬
even greater thrift on their
part, the committee offers this
10-Point Wartime Thrift Program
war
sibly
for the Individual:
1.
Analyze
living
in
expenses
relation to income; buy
only what
you need. Plan economies, and do
not raise your standard of living
Survey
and
life
your
insurance
Protect
7.
ship
home
your
five
than
Other
years.
pay¬
"The increase con¬
wirth stated.
$5,871,675 in commercial
cial institutions for special guid-! loans and $12,298,438 in loans to
ance
on
of
any
points. '
of
advice
Seek
local
the
i:;v y
sists
finan¬
foregoing:
w.'.y
■
j
dealers
and
brokers
United
in
securities.
States Government
As
was the case in 1942, commercial
goods, services and
loans continued to be primarily
material; limit buying to things1
used by companies engaged in the
needed for health and vigor of
family. Adjust demands to sup¬ production of war materials. Dur¬
ing the year, the company had
ply of goods available; adopt sub¬
substantial participations in Regu¬
stitutes.
.
lation V and VT loans."
.
Conserve your health with'
10.
sensible
Bierwirth's
Mr.
food, rest and relaxation.? stated:
A'V?
the
of
assisting in the
prosecution of the war during .the
past year.
In addition v to the
granting of credit to companies
Homer E. Capehart, Indianapolis industrialist who has announced
engaged in war production, banks
candidacy for the Republican nomination for United States Sen¬
have participated in the sale and
in
part
Says Any Good Republican Can Defeat Roosevelt
his
ator from Indiana, predicted on Jan. 4 that the New
tration 'would be beaten in the November elections.
In
an
interview in New
Deal Adminis¬
Yorkt City, Mr. Capehart said he believed
"any good Republican" could defeat President Roosevelt should he
seek a fourth term/ Among thef1
Republican
possibilities,
Mr, and we cannot sell to the rest of
Capehart listed Governor Thomas the world unless they have money
E.
Wendell
Willkie,
Douglas MacArthur and
Dewey,
General
Governor
John
L.
W.
of
Bricker
to buy our goods.
;
>■
;
"Congress should -analyze
law to
new
see
distribution of Government secur¬
ities
every
if it will give jobs
War
York"Herald Tribune" of Jan. 5.
"The
American people are sick
and tired of the New Deal," said
Mr.
Capehart.
weakened
"I
their
changing
their
an
the
is
Deal
they
enterprise.
If
not,
it
should be thrown out the window.
"Unless
the
America
is
strong and
people work, and
unless we
representative form
of government, we will be of little
help to the world. We must have
men running our government who
maintain
our
by are sympathetic to private enter¬
the prise."
Mr. Capehart averred that "the
admission that
from
a
failure.
If
I
Mr. Roosevelt, I, too would
were
private
position
name
New Deal. It is
New
think
in
want to
change that name, I doubt
if the people in New York realize
New
Deal
that
it
can
ever
prosperity to this nation."
return
>
functions.
the
Middle
West against the
New Deal."
Mr.
as
having been caused by "the bung¬
ling of economy on the home front
the
and
like
people
that
fact
a
the American
change
Net
every
income of the
t
Company
$3,905,875 for 1943,
operating
York
to
so
T
ru s
$3,030,392 for
according to
the
report covering
the year's
operations by John E. Bierwirth,
;
"My feeling," he continued, "is
President, made public on Jan. 6.
that we will have some form of
The annual stockholders meeting
often."
He added
that the people
"quite favorable"
.toward the conduct of the war.
of Indiana
national
the
were
unless
socialism
we
stop
philosophy of the New Deal."
He
good
declared
he
was
certain
a
treaty would be writ¬
expressed
concern
as
compared
the
was
previous
1943
with
year,
held yesterday.
Gross
possible and our
of Government
securities and the increased loans
to
industry give tangible evidence
It will continue to be our
of this.
assist
policy to
and
our
Government
operating
income
for
stood
at $9,697,432,
an in¬
$1,563,249 over 1942. The
substantial increase in gross in¬
come, Mr. Bierwirth said, resulted
razzing him:
"Oh, so you've decided not to
strike after-all.
Didn't you have
the
guts?
Suppose we go on
.
This
literally
man
in
of
who
men
in
to
ac¬
report released on
Jan. 7 by American Iron and Steel
cording
to
a
that
showing
Institute,
611,000
employees were on the payrolls
of the industry during that month,
compared with 615,000 in
tober, 1943, and
vember,; 1942.
Steel
industry
632,000
in
Oc¬
No¬
handled his affairs as
so
put him in this predicament.
He is burning up over the officers
of his brotherhood; they, in turn,
up over the Presi¬
and ' the men, themselves,
burning up over him,
'
burning
are
dent;.
are
during
November,
1943,
amounted
to
$141,4-37,000, compared with $144,-
937,000
October
in
the
and
November,
longer
month
The
funny thing' about it is that
1942.
understanding with him was hot
thing.
For political reasons
the
succeed.
The
all
he hasn't been able
to
makq up his mind since whether
he wanted to get in on that state¬
ment or to run from it.
One day
Early said it seemed as
the President had been
thinking along the same lines; the
following day he wasn't so sure
whether the President had or had
Steve
though
d;
not.
1
.
view of all
In
feverish
was
this, speculation
to how he would
as
deal with labor in his message
to
He did it in the same
which promptly
slick
way
far
approval
more
»
in
indignation
He
Congress.
firmness" towards
asking
for
vague
a
service act, but tied it up
things,
labor
national
with so
the
the bitterness between
armed forces and the workers, and
from
this writer
experience
can
testify that the bitterness is work¬
ing both ways, not just one way
many
would
It's
apparently
people
like.
so
as
for
making
a
indeed.
pretty pickle,
Why Roosevelt
Is
Hedging
(Continued from first page)
France, Arabia, Brazil and other
neutral nations.
In other words,
polic¬
the victorious nations need
vanquished
the
of
instead
ing
nations!
y
What the U. S. Should Demand
My
is that Russia
guess
own
will dominate and protect
and
and
do
He didn't
,
V;'v,>
only accomplishment from
the shenanigans is to in¬
of
of
to
persuaded that a
working out of an
he had to-crush Lewis.
celebrated
statement.
It is a statement with
which he had absolutely nothing
General Marshall's
for
all East
while England will
dominate and protect all West of
Germany and that both England
Germany;
Russia will have free access
Mediterranean
and to the Indian
Through agreeing to pro¬
Ocean.
tect
the
to
Atlantic,
North
the
to
Holland, Belgium and France,
England will indirectly get con-,
Indies and
the African Colonies of Belgium
and France. -The United States
trol of the Dutch East
will get nothing but
of paying
the privilege
the bills!
.
I do not feel badly
;
„■
to have the
It may be best in
leave the
Eastern Hemisphere to Russia and
the British Commonwealth with
above happen.
the
long run for us to
This is that we in¬
free and open markets in
one
proviso:
sist
on
Africa and South America
products. To the extent
these markets
are
necessary
to
Asia,
for
our
particularly
keep
greatly increased taxes and sub¬
must
knew in advance
he wouldn't get it.
'
"
Scretary Hull has the right solu¬
other
many
sidies, that he
-For
sorpe
never
reason
occurs
little
another, it
mess,
himself
rapidly
losing
conservative labor vote,
the
and
gaining anywhere else, is due
dishonest thinking all
the
a
way
through.
When
a
year
ago
L. Lewis told the astonished
Senate
Truman
Committee
that
employed, they
people
shut
be
never
for the
against
us.
postwar employment
problem.
Praises Secretary Hull
to use a
honesty. Mr. Roose¬
predicament, in which he
finds
to
a
common
velt's
not
or
tion
our
politicians when
to
they get in such
of John
with $122,816,000 in
or a
Mr. Roosevelt is also being blamed
more
payrolls
up.
to
by
continued
November, 1943,
burned
his thoughts to himself.
But he's still burning up over the
"showed
industry
was
but kept
than
employees
number
But the soldiers
the train got to
on
registered
Employment
steel
was a man
old and, as we
has three! sons in
the armed forces.
old
Steel
He
years
later,
Congress5.
period to follow."
as
so
or
learned
industry in the requirements
and problems still to be faced for
the balance of the war, and in the
the
Net Income $3,905,875
New
way
every
in this work
increased holdings
decline
amounted
,
in
The
to York Trust 0®.
Capehart described the dis¬
satisfaction with the New Deal
/
shared
Off In November
.
the extent of the revolt in Indiana
and
Loans, have assisted in han¬
"We have
60
Baltimore
between
taking up tickets.
several
is
going to be beaten
because the people have lost con¬
fidence
the
dling payroll deduction plans for
corporations whose employees are
purchasing War Bonds, operated
ration banking accounts and per¬
formed
various
other
unusual
.
Ohio/but he declined to express
a personal preference.
: '
The following regarding the in¬
terview was reported in the New
of
times
the
at
train
a
Washington, a conductor was
and
report further
country have been taking an in¬
creased
witnessed ourself:
we
On
Roosevelt
settlement
crease
strike.'"
;.": ;■■■
banks
"Commercial
Capehart Sees New Deal Beaten !n November
which
of
Conserve
9.
upright lives as a
They have had to
as
teller.
bank
securities amounted to work long on the railroads to get
$23,001,161, a decrease of $2,116,- their: present jobs, and with a mis¬
569, as against 1942. .:%/■ take, they are very apt to lose
"Loans and discounts amount¬
them.'yv;;,■>
ing to $158,771,343 are $18,170,114
Yet these men are now being
larger than a year ago," Mr.' Bier¬ subjected to such as the following
ments; step up amortization pay¬
ments if increased income permits.
8.
have to live
bonds and
owner¬
meeting
promptly
by
maturities, of
had
28.82%
more
in connection with social
security provisions. Clear life in¬
surance loans now, if any exist.
program
and
savings, in addition to their
taxes, carry the super-load on
They can't be drinking men. They
they mature.
6.
Thrift
National
the
homes,
our
until
The
greatest statesman in
United States is Cordell Hull.
alone holds the key both to
the
He
world
postwar employment.
I wish he might be elected Presi¬
dent in November.
Otherwise, if
peace
Mr.
and
insists
Roosevelt
upon
run¬
ning, perhaps Mr. Hull would con¬
sider being Vice President AND
Secretary of ; State. There is no
wage-earning em¬ strike pledge he was telling the reason why he could not hold
absolute truth. At the outbreak of both offices. Then, whether Roose¬
ployees in the industry averaged
peace treaty as written." He as¬ from a much
resigned or
continued in
greater investment 116.4 cents per hour during No¬ war, Mr. Roosevelt exacted the velt
serted
there
would be no .war in
United
States
Government vember, 1943, the highest average no-strike pledge from the labor office, the country would be safe
today if the last peace treaty had securities
in
1943
hourly earnings on record.
By leaders. In turn he was to set up so long as Secretary Hull is at
as
well
as
been enforced.
larger income from loans and in¬ comparison, steel wage earners a board similar to the one in the the helm.
*
*
*
"I think we should do every¬ vestments. Other'items of income earned
115.8 cents per hour in first World War headed by Wil¬
P. S. Readers are asking, "What
This was a
thing in our power to help other were substantially the same as in October, 1943, and 109.3 cents per liam Howard Taft.
the
chances of government
hour in November, 1942.
nations maintain world peace to 1942.
board to handle labor's problems; are
peace
ten,
but
"whether
the
extent
which
we
of
will
enforce
doing
is for the
the
everything
best interest of,
America, and second, the
of the world," said Mr. Cape¬
crease
of
The company's gross deposits as
of Dec. 31,
1943, aggregated $689,increase of $60,431,145
he had been released from his no-
Earnings of
Wage earners worked an aver¬
age
of 44.6 hours per week in No¬
make
wage
Subsequently,
readjustments,
etc.
planners sold
the idea that in
the
1943,
as
against
44.6 Mr. Roosevelt on
rest
over the total shown
at the end hours per week in October, 1943, addition to giving the country a
hart. "We cannot sell to our peo¬ of the previous year.
Included in and 39.4 hours per week in No¬ victory in the war, it would be
ple unless they are all working the gross deposits, Mr. Bierwirth vember, 1942.
splendid
also to give them
a
first,
208,446,
an
vember,
I
ownership
the
most
war?"
of
the
My
investors
railroads
after
is
that
answer
would
probably
it, but the decision will
with organized labor. I don't
welcome
rest
know what labor will want'.
.Volume 159
THE COMMERCIAL 8c FINANCIAL CHRONICLE
Number 4246
199
Judge Fred M. Vinson, Director of Economic Stabilization, an¬
on Dec. 30 a uniform policy for treatment of commission
employees under the'stabilization program during 1944.
The an¬
nouncement was made in a letter to the, Commissioner of Internal
nounced
Revenue authorizing and directing him to apply the same stabilization rule to commission earnings and certain related methods of com¬
to
help
through
training
ter
American families increased their aggregate holdings of life in¬
Insurance, declared
is
as
"This
authorization follows a
recommendation by the Commis¬
principles to be adminis¬
1944 not only for direct
fies the
tered in
than the total owned when Amer¬
in
commisisons, but as well for com¬
war
economy:
Greater
current
pensation based on a percentage
Board's commission rule is con¬ of the sales of others, a percent¬ protection for American families;
tinued.
Under the National War age of profits and other like ar¬ greater reserve strength for the
Labor Board's rule, applicable to rangements. With respect to these postwar need; and a contribution
commission salesmen earning latter employment contracts, the to the anti-inflation battle through
Jess than $5,000 per annum, no ap¬ Director's, action taken pursuant the sums diverted from spending
to this type of saving.
proval for any increase1 or de¬ to the Commissioner's recommen¬
crease in total annual commission
It is added that life insurancedation modifies the restriction on
earnings is. required so long as increases in total earnings admin¬ funds supporting this protection
the commission rate on the indi¬ istered by the Commissioner of at the year end amounted to $37,vidual transaction is not increased Internal Revenue during 1943.
675,000,000, an increase of more
sioner
this
that
action should be
taken if the National War Labor
,
decreased. Any change in com¬
mission rate and any change from
or
with
connection
"In
the
com-
advices further stated:
It also has given to the
Treasury
its 300 tons of old records, to be
than
$5,000,000,000
since
Pearl
sold
creased flow of money into mort¬
on
farm
and
urban
was
misison
rule
tional War Labor
fore¬
"The flow of benefit payments
in
1943
continued
at
approxi¬
same rate as in 1942,
constituting an effective stabiliz¬
ing force on the home front econ¬
omy,
Payments of all kinds to
policyholders
and
beneficiaries
fast job of
.
That
tion
subject to your jurisdiction;
suspension harmonized the com¬
mission rule applied by the Com¬
You
are
salesman's
the
own
missioner with
sales.
of the Na¬
those
tional War Labor Board
•yvith re¬
authorized and directed
appropriate action , to ef¬
to take
fectuate this
policy.'"
*
y
ABA Head Asks 15,600 Banks To
Support Fourth War Loan Drive
The nation's 15,000 banks were urged to place their full support
behind the Fourth War Loan Drive, in which the Treasury will seek
$14,000,000,000 to help finance the. War, in a letter sent On Jan. 7 .to
air banks throughout the country by A. L./M. Wiggins, President of
the American Bankers Association.
As
asked by the Government to
a
banks have been
in the previous war financing drives, the
play*
vigorous role in promoting the
War Loan Drive, which
Fourth
limit of their capacity.
on Jan. 18.
In his letter % "First, the money is urgently
banks, Mr. Wiggins, who is needed to maintain our armed
President' of the Bank of Harts- forces at the present high point
This means
ville, S. C., urges them to redou¬ of battle efficiency.
that
they must always have an
ing drive, particularly in helping adequate supply of arms and am¬
the Treasury place $5,500,000,000 munition, ships and planes, equip¬
the. $14,000,000,000
bonds
Government
individual
of
in
of
quota
the hands
In his
investors.
and
ment
them
to
from
emerge
with
war
that will
tanks
victory
a
enable
this
total
less total
no
than the struggle itself.
letter, Mr. Wiggins said:
"In this campaign the Govern¬
"Second, it is the most direct
and
ment will not only attempt to ob¬
tangible contribution
that
tain funds to maintain the vie-, most of us on the home front can
torious drive of America and her make toward achieving that vic¬
General Eisenhower, as he
a barrier against some of the de¬
prepared to take command of the
structive forces of inflation, ' It invasion forces, placed this chal¬
will endeavor to do this by plac¬ lenge squarely before us-' when
declared,
'The
only
thing
ing $5,500,000,000 of the national he
quota in the hands of, individual needed fOr us to win the Eu¬
investors—the men and women ropean war in 1944 is for every
of the communities
served by man and Woman, all the way from
Allies but will also seek to erect
tory.
.
Mr.
From
Wiggins'
letter1
we
the
coming
urge every
campaign
I
banker in every com¬
munity to redouble his effprts to
reach the individual investor.
doing
so
ful
you
in
reducing
threat of inflation created by
existence
of
By
will exert a power¬
influence
large
sums
of
.
sons
why
compelling
every man, woman,
tion. and
of
it
peace
build
we
to
come.
tremendous
a
a
financial
personal
will
is
this
urgent need.
you
but
require
.
.
.
job to
all
your
experience, facilities, and
and
America's
is
I
critical
America's
am
most
confident that
will meet the challenge and
and accept
organization should buy
we
This
skill.
hour
child and every business, institu¬
all life insurance funds
the
responsibility
fully,
quickly, and with high patriotism.
Such action will lead to
victory."
somewhat
annuities
and
inventories, assembled
Over to the
Urban Land Institute
The annual conference of of¬
ficers and members of the Urban
1942, and dividends
to policyholders changed little.
"A factor in the increased
benefit payments
was
Land Institute, a national organi¬
zation in the field of city plan¬
ning and land1 development pol¬
icy, will be held in Washington at
death
the rise in
claims resulting from the deaths
of
men
of
the
armed
forces.
These claims
were
available
was
the Mayflower Hotel on Jan.
19,
according to Hugh Potter, Presi¬
handled expe¬
dent.
Sponsored by the Urban Land
Institute, the Neighborhood De¬
velopment proposal, S. 1163, also
the services and the International
Claims
Association,: representing
known
the companies.".,
Gov.; John W. Brieker of Ohio declared
people
or
In
an
to
have
a
on
tension
subservient/to
a people subservient to the Government.
address before a Republican rally in Detroit,
Of
Bill, seeks
a
means
credit to
Federal
nicipalities.
This
is
mu¬
proposed as
the field of
of
opening
neighborhood
redevelopment
to
private builders. According to the
Institute, prominent in the delib¬
erations will be the consideration
Jan. 7 that the election
Government
the Wagner
as
the reclamation of land in deterio¬
rated urban areas
.through the ex¬
Brieker Says People Should Direct Government
In Order To Preserve Free Atmosphere
isSue would be whether
,
To Meet On Jan. 19
endow¬
above
ments
and turned
Treasury 816 units of
property, valued at $75,000,000,
throughout
the
United
States,
Alaska, Hawaii and Puerto Rico.
both
with
matured
one
Last
October, two and a half months
ahead of schedule, the agency had
policyholders and beneficiaries
increased
notably
a
liquidating itself. Con¬
day to get out of business.
ditiously
under
the
system
of worked out by representatives of
75%
put into U. S.
Government securities, the financ¬
ing aid to the home front economy
the
*
of an alternate plan to the Wagner
Mr. Brieker, Bill
calling for local financing
nomination, said America rather
than Federal credit in the
to destroy tyranny in the world
who is seeking the Republican Presidential
and then
war
added;
Republican victory (in next
«>———
and
that
—
arrogant
rehabilitation of run-down urban
areas. The basic need for stimulat¬
'
bureaucracy
ing urban redevelopment, Herbert
U. Nelson, Secretary, said, is the
perfection of an effective formula
election) will be an assur¬ will not be curbed."
"Let no one be misled or be led
that, in freeing the world
from tyranny, we. shall also free to believe," he said, "that the at¬
our
people of unnecessary gov¬ tack, on; business in this country,
ernmental domination.... J
the subordination of local govern¬
fall's
ance
for land recovery.
The alternate
proposal features local rather,than
Federal financing of land assem¬
bly,, a stimulant to private re^
building of worn-out city areas.
_
vices of Jan. 1,
ment,' the suppression of the in¬
dividual, ■ the growth of bureau¬
marks
cracy, are
solely a part of the war
program.
They
In Associated Press Detroit ad¬
Gov. Bricker's re¬
further reported as
were
follows: "
are
essentially
:
a
.
the
lives
of
people or
shall the people direct the Gov¬
ernment so that it may aid them,
individually and hopefully, to find
their own way?
march
our
totalitarianism
or
are we going to preserve the free
atmosphere
which
our
people
have breathed since our country
was,
founded?
Shall
we
maintain
by individual cities with the ad¬
vice and counsel
real American
on
his
closest
on
General
De¬
shall
tions
we
subservient or
are
maintain
which
have
condi¬
those
led
to
the de¬
velopment of a great self-reliant
people to whom the Government
is subservient?"
Gov. Brieker said the
"greatest
approach to a
foreign
of
government
be lessened when the
may
war
is
not
won
*
Sir
United
Arthur
Nations
as
Merchant
sion
Washington and
in
Parliamentary
world at peace."
who
head
British
tary victory is not enough. Amer¬
must collaborate with those
Dec.
on
Salter,
resigned
cently
post-war
British
Secretary
Ministry
of
Shipping
War
of
as
30
re¬
the
Mis¬
joint
of
the
Trans¬
portation, would assist him in the
NYA
organizational period
Liquidated After
before returning to
8V2 Years'Existence
National
The
Youth
Mr.
view
tration, which Congress voted in
July
to
of the New Deal.
created
in
July,
The NYA
1935,
to
was
train
Lehman
said
of UNRRA
England.
that
he
had
invited Sir Arthur to aid him in
Adminis¬
liquidate, passed out of
discouragement
for
the
future existence on Jan. 1, thus ending
lies in the fear of people that the its' eight and a half years as part
burdens
Director
Lehman,
the
istration, announced
that
a;great governmental structure to
whiqh people
H.
of
Relief and Rehabilitation Admin¬
ica
a
Herbert
;
policy, Gov. Brieker said: "Mili-*
who want
Institute*
Salter To Aid UNRRA
cember 7, 1941, ..."
statement
of the
will be discussed.
to take unto itself credit
every
Insti¬
the
t
winning the war. The motto
'Win the War' became the motto
of
of
ment of studies to be undertaken
for
In
going to continue
we
toward
assumes
our
formulation
city surveys, the extension of In¬
stitute services and the develop¬
.
di¬
Government
rect
The
tute's program for 1944 including
part - of . the New Deal philo¬
?Victory for
the
Republicans
."
he said, will mean that the "pol¬ sophy.
He made a, sharp reference to
icy. making, power of government
will;be taken from the bureau¬ President Roosevelt's recent re¬
crats and placed in the hands of mark, about the Democratic "Win
the elected representatives of the the War" administration, as dis¬
tinguished from the "New Deal."
people."
"Every American citizen today
"The question for America to
has the right," he said, "to re¬
decide, simply stated," he said,
sent any political leadership that
"is this:
Shall
"Are
purchase of
not only help fi¬
the
war
"There is
energy,
rea¬
with
security in'the
and
remotest
countries, to
her full duty.'-
the
backlog
the
to
two
War Bonds
nance
the
"In addition to this vital factor,
other
or
"Third,
do
un¬
line
our
of
the
invested, spendable. cash.
there
hamlet
do his
also quote:
"In
front
the
banks."
your
approximately
for investment
"A
,
to the
of
"While
§nd her Allies were fighting the
United States War Bonds to the;
begins
ble their efforts in the forthcom¬
U. S. Government securities.
to
ten
gress gave it six months and
.
..
information, direct any U. &./ Government securities by
does not involve any change in change in the principle applied life insurance companies exceed¬
the policy on the salesmen's own
ed, by a substantial margin the
by the National War Labor Board
sales.
Although regulations were with respect to commission earn¬ companies' premium income and
issued by the Commissioner' on
ings.
Accordingly, I am moved at the year end the investment of
Sept. 4, 1943, designed in general by your recommendation to con¬ policyholder funds in government
to limit total
Commission earn¬ clude that the same principle bonds amounted to $12,600,000,'ings to those of the previous year, should apply for the calendar 000, an average of $380 per fam¬
this regulation Was subsequently year 1944 to commission earnings ily.. .One-third of all life insur¬
suspended as to commissions on and related methods of compensa¬ ance assets are, now invested in
of present
per¬
Within
10, said NYA has done
mately the
,
announced ; today
action
64,928
payroll.
Chester Lund, who was called in
from St. Paul to succeed Aubrey
Williams as administrator on Sept
closure during the depression.
,
"This
its
on
days it had dropped 53,373 youths,
leaving 11,555 administrative em¬
ployees. Today NYA has 46 on its
payroll.
applied by the Na¬ Harbor. Since these assets it ,is
Board,, the Eco¬ noted are for the most part rep¬
nomic Stabilization Director, in resented by policyholder reserves,
missioner of Internal Revenue or his letter to the Commissioner the.major portion of this increase
during the year amounted to
the, National War Labor Board, stated: 'I amsatisfied the com¬ is'.reflected in policy values and $2,400,000,000. Death benefit pay¬
depending on which agency has mission rule applied by the Na¬ the. strengthening of the security ments were nearly $100,000,000
jurisdiction.
tional War Labor Board is hot in base of the nation's families.
greater than in the previous year,
"The restrictions under the sta¬ conflict with the basic principles
The
Institute's
announcement but emergency calls for cash val¬
V
bilization program on changes of of. the stabilization program and further said:;
ues
decreased
by
more
than
basic hourly piecework or salary further that it rests on sound cohr
"Financing aid to the,war pro¬ $150,000,000 to an all time low
rates
are
equally applicable to siderations of administrative ne¬ gram reached a new high point rate, half that of prewar 1941.
changes in commission rates.
Purchases of The aggregate of other payments
cessity. - T shall not, on" the basis during ; the year.
to commission basis, re¬
quires the approval of the Com¬
salary
legislation,
enacted NYA had
sons
properties
that had been taken under
waste paper.
the "cease"
as
When
city homes, including
apartments, which accounted for
more
than
$400,000,000 of the
investment.
Substantial
year's
progress was made in the sale of
both
Washington
NYA, it will leave to the Treas¬
ury $700,000, the unused portion
of $4,500,000 Congress provided
for the job of liquidation. These
Of particular significance
this connection was the in¬
gages
con¬
that with the
tained.
ica entered the war and represents
a threefold benefit to the nation's
in
were
work.
war
advices of Jan. 1, it was reported
abolishment of the
Jan, 1 in reviewing
the activities of the life insurance business in the
past year.
According to the announcement the 68,000,000 policyholders of
on
now
'
with
In Associated Press
the United States now own $139,- •>
applied byf
spect to direct commissions. The 000,000,000 of life insurance, the through investment in business
the National War Labor Board.
The statement explained as fol¬ action approved by the Economic Institute estimates. This, says the securities and in real estate mort¬
lows:
Stabilization Director today uni¬ Institute is $14,000,000,000 more gages
was
substantially, main¬
pensation
part of its life
nection
by $8,700,000,000 during 1943, the largest gain in family pro¬
tection ever recorded for a single year,
Holgar J. Johnson, president
surance
of the Institute of Life
for employment and
needy boys and girls
school.
The
agency's
programs during the lat¬
young people
Policy Sol On Commission Employees Life Insurance Holdings Up $8.7 Billion
During 1044 Under Stabilization Program 68 Million Policyholders How Own $131 Billions
Uniform
of
his
earlier
international
administration. Because the work
is
temporary, it was explained Sir
j Arthur will retain his seat in the
*
House of Commons.
200
THE COMMERCIAL & FINANCIAL
President Calls On Congress To Enact National
Service Law find "Realistic" Tax Measure
(Continued from first page)
ful
in
year
recommenda¬
those
for
reasons
history—and the
our
fair
competition
The
tions."'
right of every family to a
legislative program sug¬
gested by Mr. Roosevelt was pro¬
decent
posed "in order to concentrate all
our
energies
and resources on
winning the war, and to maintain
a
fair
and
stable
economy
at
care
The
domination
and
by monopolies at home or abroad;
home;
The
adequate medical
opportunity
to
right to
the
and
achieve and enjoy good health;
The right to adequate protec¬
the
economic
fears
of
in the world's greatest war Britain and America in
recogni¬ ple, will bring new demands for
against human slavery.
; •' ' ' tion of this essential fact:
wage increases from all workers,
We
have
joined
with
likeThe best interests of each na¬ which will in turn raise all prices
minded people in-order to defend
of
all
tion, large or small/demand that
things
including
those
ourselves
in
a
world
that
has all I freedom-loving nations shall things which the farmers
them¬
been
gravely
threatened
with join together in a just and dur¬ selves
have
to
buy.
Increased
able system of peace. In the pres¬ wages or prices will each in turn
gangster rule.
But I do not think that any of ent world
situation, evidenced by produce the same results. They
us Americans can be content with
the actions of Germany, Italy and all have a
particularly disastrous
mere survival.
Sacrifices that we Japan, unquestioned military con¬ result on all fixed income
groups.
and our Allies
are
making im¬ trol over disturbers of the peace
upon
pose
gation
this
home."
old
age,
urging passage of a national
service "law,
the President ex¬
plained:
"It docs'not mean reduction in
unemployment;
The right to a good education;
All of these rights spell security.
that
And after this
leads
If does not mean loss of
and
seniority rights
•wages.
retirement
benefits.
and
that
not
does
It
mean
substantial numbers of
any
their
Let
jobs.
present
facts be wholly
these
clear.
Experience in othep democratic
nations
at war
Britain, Can¬
Australia and New Zealand
—has shown that the very exist¬
—
ada,
of
ence
national
makes
service
unnecessary the widespread use
of compulse ry power.
National
has
service
be a uni¬
fying moral force—based on an
equal and
comprehensive legal
obligation of all people in a na¬
to
proven
to
must
in
implementation of these rights,
goals of human happiness
wel-being."
Following the account to the
new
and
New
"Times"
York
from
Wash¬
ington by John H. Crider, of the
President's message to Congress,
it
pointed out by that paper
was
that:
"In
had
his
is
that
we
have
passed the stage in the.war where
argued
national
But
is
service
necessary.
soldiers and sailors know
our
We
that this is hot true.
are
go¬
of
enactment
'a; real¬
the first item
as
in
journeys,
all
miles-are
the
for that final
defeat
of
the
last
And
hardest.
is
it
effort—for the total
enemies—that
our
we
must mobilize our total resources.
The
national
war
for the employment
of more peo¬
ple in 1944 than in 1943.
It
is
that the
welcome
conviction
will
my
American
people
of
children will
our
mere
*
shall
war
by
not
be
fol¬
disaster—that
new
is
ity. And
to
equally basic essential
is a decent standard of
an
peace
we
and
women
tions.
children
Freedom
eternally
from
all
from
linked
and
men
in
na¬
fear
with
is
freedom
want.
repeat the tragic errors
ostrich .isolationism—that we
is
win-the-war
based
united in
tragic
tionism—that
not
and
Teheran in
knew that
we
ment with
we
this'"war.
to
But
<
agree¬
fight
and
thdfe* ^Were
vital. questions
future
in
allies in our eorn-
our
determination
mon
November,
were
concerning
and they .were
atmosphere of
complete candor and harmony.
peace,
discussed
in
In the last
such
an,
such discussions,
.war
meetings, did not
It has been shown time and again
that if the standard of living of
country, goes up, so does its
purchasing power—and that such
this nation went for
joy ride
a
roller coaster which
a
on
ended in
a
tragic crash."
Regarding
Moscow, Cairo
conferences,
the
President assured "some suspicious
and
the
Teheran'
souls" that "there
treaties
were
secret
no
political or financial
commitment3.". He explained that
the one supreme objective for the
future
or
which
"security"
was
discussed
physical,
—
was
economic,
rise enco&rages a
ard of
with, whom
tries
is
just plain
it
is
the
coun¬
trades.
it
That
sense—and
common
kind
of plain common
provided1 the
basis
discussions
at
Moscow,
that
sense
for
better stand¬
living in neighboring
"noisy
minority" p.i home whicLmamtains
"an uproar of demands for special
favors for special groups," saying
that such
selfish agitation can
be
"highly dangerous in war time."
He called for subordinating "indi¬
vidual
or
group selfishness to the
national
good" and warned that
over-confidence and complacency
are
among our deadliest enemies.
Mr.
Roosevelt
gress to take
also
Con¬
urged
speedy action to give
the
on
other
items
subject,
his
of
as
pro¬
gram, were brief, save in his plea
for national service, to which he
devoted several
broadcast
to
meetings of minds. The
result was a peace which was not
peace.'.
a
That
dress
Congress,
service
in
his
that
to
universal
message
such
already required by
was
And
mistake
a
»
which
repeating in this
we
war.
.
right here I want to ad¬
word
a
two to
or
picious souls who
Mr. Hull
some
sus¬
fearful that
are
I have made "commit¬
or
our
law in
and
New
which
measures
"second
and
prosperity,
the
listed the following:
t"The right to
munerative
of
a
President
but
not
included
the
to
re¬
in the industries
farms or mines of the
/
to
earn
,
raise
right
and
leturn
1
r.
sell
which
family
cf
a
nation's
people
enough
to
every
his
farmer
products
at
to
a
will
give him and
decent living;
The
right of every business man,
large and small, to trade in an
atmosphere of freedom from un¬
in
his
address
in
general
dealt
unity. In his message, Mr. Roose¬
velt warned that the country had
not
always
presented
united
a
front
in time of war, citing the
disagreements of- the Revolution,
the War of 1812, the-waf'between
the States, and the sign's of in¬
references
'
were
'-
Cairo
and
Teheran.
Returning from my
ings, I must confess to
"let-down"
when
journey-
a sense of
found many
I
of faulty perspectives
Washington.
The faulty
perspective consists in over-em¬
in
and
the
the
is
now.
time
or
to
group
national
good,
Disunity at
bickerings, self-seeking
partisanship, stoppages of work,
inflation, business as usual, poli¬
tics
—
as
usual,
these
luxury
the
are
usual—
as
influences
our
of
of
people have met the demands
this, war
with
magnificent
courage and understanding. They
have
accepted
inconveniences;
they
have
accepted
hardships;
they .Rave accepted tragic. sacri¬
fices.
And they are
ready and
in¬
cluded in the radioed address, nor
was
the President's reference, in
the
Congressional
message,
to
"overconfidence and complacency"
as
"among our deadliest enemies."
In
this
also
connection
Stalin,, and Generalissimo
Chiang Kai-shek are all their-r
oughly conversant with the. pro¬
visions
President
his
broadcast
from
statement
a
confidence
last
that
over-
spring,
after the
notable
victories
at
Stalingrad
and Tunisia, caused war
produc¬
tion
to
fall
off
"more than
could
Such
ident
a
with
a
thousand
loss
of
airplanes
have been
made"
in
July of 1943.
alterations
made
some
the
as
consisted
changes in his text
tional and
Pres¬
of
verbal
and the omis¬
introductory, transi¬
summarizing sentences,
apparently
for
the
purpose
bringing his text within
limits of
his
of
the half-
Constitution.
our
so
And
I.
am
.
text
of
President
velt's annual message to
Congress
as follows:
was
the
Congress of the United
This
nation
years has
in
become
the
an
past
active
two
part¬
effort.
war
They
are
laboring under the delusion that
the
time
the
is
past
when
prodigious,
must
we
sacrifices—that
is already won and we
begin to slacken off. But the
dangerous folly of that point of
view can be measured
by the dis¬
war
can
tance
that
separates our troops
from, their ultimate objectives in
Berlin
and
Tokio—and
by
of all the perils that lie
sum
the way.
Over-confidence
cency
are
among
enemies,
table
in
.and
Last
victories
Tunisia
♦
.
{
compla-:
deadliest
our
spring—after
no¬
and
high
confidence became
that
•
at .Stalingrad
and
against
the
on
the
along
v
.,
«r
the
seas—over-
so
pronounced
production fell off.
In
months, June and July, 1943,
more
than a thousand
airplanes
war;
two
that
cial groups.
should
have been made
specific military plans which
require the use of all Allied forces
swarm
made.
Those who failed to make
to
of
very
bring about the defeat of
enemies
the
at
earliest
time.
ties
were
.
political
or
financial
or
The
one
which
nation
for
all
be
summed
the
security.
com¬
A
objective for
supreme,
future,
for each
,
,
we
discussed
individually, and
United
up
Nations,
in
one
can
word:
'
only physi¬
cal security which provides safety
from attacks "by aggressors.
It
r
And that
means
also
not
economic
social
in
security, morM
family of nations.
a
In the
security,
security—
piain down-to-earth talks
Marshal
Minister
Stalin
and
Churchill, it
was
better life.
want
freedom
lands
and
industry,
All
our
Allies
to
opportunity, and to
of living.
the standards
raise
our
bitter
that
real
de¬
velopment will not be possible if
they
to be diverted from their
are
even
by
threats
Russia
are
repeated
of
war.
truly
interests
whole.
the
upon
China
united
and
with
of
the
They have
to the
nation
come
as
to look
primarily
war
neighbors—profits in
terms of political or
a
as
in
social prefer¬
Such
agitation can be
highly dangerous in wartime. It
creates
confusion,
It
damages
morale.
It hampers our national
effort.
It muddles the waters and
therefore
If
prolongs the
war.
were
merely
we
fact that in
our
always
cannot escape the
past we have not
forgotten individual and
partisan interests in
have not always
ment
or
war.
It
of
unity in
tion, in
war
of the revolu¬
of 1812, or in our
between the States, when the
of
the Union
stake.
itself
was
•,
to
national
previous
war.
unity
than
in
But that war
lasted only a year and a
half, and
increasing signs of disunity began
to appear during the final months
the
of
In
conflict.
this
war.
we
have been compelled to learn
are
croups
upon
each
and actions of the
population of America.
ma
ta'bi.ci
how
other
iouu
cot>ts,
the
Allies.
not
tional
of.
part
manage¬
of
1918.
the
lessons
of
summer
effort
that
Government
fact, our
stepped up.
was
na¬
In
broadened from 21-31 to
The
"force
this
In
1918, the draft age lim¬
were
call
But
relax.
August,
President
the
to
was
called
utmost,"
heeded.
for
and
his
And in Novem¬
ber, only three months later, Ger¬
many
surrendered.
That
win
a
is
the
to
fight
and
litical
the
battlefronts
Other
eye-and-a-
on
and the
on
selfish,
personal,
interests 'here
Therefore,
trate
way
war—all out—and not with
half-an-eye-
-alb1
sources'
to
In the first World War we came
closer
In
did
our war
survival
at
our,war
Lessons
the
half
of
lack
or
war's
the tide turned in favor of
year
abroad
the
They
"the
remember
1918.
its
not
labor—can lengthen this
kill American boys.
us
serious
and
strike.
on
saying,
and
were
can
The
Let
been united in, purpose and direc¬
tion.
We. cannot overlook the
dissensions
made
one—Government
any
and
war—we
not
been
in the bag—so let's relax."
That attitude on the
18-45.
analyze American history
we
have
were
money or
selfish
could
them
ment.
interdependent
wars—or
bars'
cocktail
chance to make profits for them¬
selves at the expense of
their
any
Allies have learned by
experience
a
time of
develop their
to build up
increase education
and individual
the
special groups as opposed
selfish
resources,
to
and
Washington, representing these
abun¬
.
a
Congres
Prime
dantly clear that they are all
most deeply interested in the re¬
sumption of peaceful progress by
their own peoples—progress to¬
ward
an
uproar of de¬
special favors for spe¬
There are pests who
through the
lobbies of
impartially,
that I had with the Generalissimo
and
maintains
basic
..
secret trea¬
no
mitments.
our
possible
.
there
But
purposes
States:.
national
mands for
All
Roose¬
without complaint, a noisy minor¬
of
most
ity
One Recognized Fact.
The
while the majority
about its
great work
.
doing
are
complaining are not deliber¬
striving
to
sabotage
the
U-boats
However,
on
who
mitted ourselves to very large and
broadcasting
Text of Address
required of them.
Noisy Minority Active.
goes
.
Those
Of course, we made some com¬
mitments. We most certainly com¬
time.
To
of
Mr. .Hull. And
is
so
means.
omitted
speech
the
to know what is
which
undermine the morale of the
brave men ready to die at
^the
front for us here.
^ •
make
first and greatest problem.
The overwhelming majority
shal
the
v
not
that Mr. Churchill and Mar¬
say
ternal conflict in the final months
of the first World War.
four
provide adequate lood and cloth¬
ing and recreation;
The
the
with home-front complacency and
the
possibility of national dis¬
sion of
useful and
job
shops or
nation;
The right
or
bill
which to base security
on
this, the most
of
war.
June and
rights,"
essential, to
are
phase
right to vote.
so-called
to
that
time
a
can
phasizing
lesser
problems
thereby
under-emphasizing
to 'Commitments.'
was
not
are
...j
.
As
paragraphs of his
address.
made
even
,
In his plea for a national serv¬
ice act, he omitted only the state¬
that
a
worst
ately,
members of the armed forces the
As
was
individual
selfishness
home
the
These
a
there
ever
subordinate
evidences
social and moral.
Mr, Roosevelt criticized
If
any
a
they would be the
sufferers.
here
this
on
Other points made by the Pres¬
ident in his message to Congress
shall not repeat
flation
lead
His remarks
with
greatest
we
include: Teachers, clergy,
policemen, firemen, widows and
minors on fixed
incomes, wives
for man-to-man discussions which
words
same
shall not repeat
of the wild '20s when
excesses
people
simplified tax law.'"
taxes, with the excep¬
of ostrich isola¬
we
will remember
you
owners, workers and farm¬
This group of fixed-income
ers.
and
the
national security in
errors
ness
that he requested 'a realistic
precisely
decisive
new
hope
us in this Government
represent the fixed income group
just as much as we represent busi¬
tion
regard to
be followed by an¬
disaster—that
the
that this
I
that all of
begin
until the shooting had stopped and
the delegates began to assemble
at the peace
table. • There had
been
no
previous opportunities
which leads to
other interim
the
just
enternally
determination
shall not
war
which
measure
the
on
And
There are people who burrow
and
dependents of our Soldiers
through our nation like unseeing
repeat the excesses of moles, and attempt to spread the and sailors, and old age pension¬
the wild twenties when this na¬ suspicion that if other nations are ers. They and their families add
tion went for a joy ride on a -roll¬
encouraged to raise their stand¬ up to one-quarter of our one
er coaster which ended in a
tragic ards of living, our own American hundred and thirty million peo¬
crash.
standard of living must of neces¬ ple. They have few or no high
When Mr, Hull.went to Moscow sity be
pressure
representatives
at
the
depressed.
in October, and when I went to
In a period of gros? in¬
The fact is the very contrary. capital.
of
for
the-future
which
Britain, Canada, Australia ments"
Zealand, and a closing might pledge this nation to secret
declaration that, with the armed treaties, or to enacting the role eager to make whatever further
principle of, 'fair for one, fair for
services meeting their v responsi¬ of Santa Glaus.,
A:contributions are needed to win
all.'"
To such suspicious souls—using the war as
bilities, Congrdss faced the reAt the start of his message, Mr,
quickly as possible—
a
polite terminology—rl wish to if only they are given the chance
"for
taking
those
Roosevelt asserted that "we are sponsibility
this
Where Inflation Hits.
,
as necessary among nations as
it is among citizens in a commun¬
living for all individual
another interim which
to
shall
ment,
calls
program
obli¬
that, out
shall not
on
five-point legislative program.
Speaking to the citizens he used
ing forward on a long, rough road
—and,
lowed
the
the President
message
asked
sacred
united in determination
are
many
eral taxation.
and
we
this
win
Fed¬
his
It
We
endorsement
simplified
it
survival.
Roosevelt,
in
his
fireside speech last night, added
to the proposals he had put before
Congress earlier in the day an
of
a
to
see
gain something better than
Cairo
"President
istic tax law'
tion at war.
won we
be prepared to move forward,
the
workers will be disturbed in
war
is
war
and
accident
all
us
to
war
from
sickness,
Thursday, January 13, 1944
ner
tion
In
CHRONICLE
at
or
po¬
home.
in order to
concen¬
energies
and
re¬
winding the
war,
and
our
on
maintain
a :
fair
and
stable
economy at home, I recommend
that the Congress adopt:
1.
A
will
tax
both
and
the
realistic
all
individual
reduce
war
to
the
our
ters; The tax bill
,
sideration
not
2.
for exam¬ for
tax
law—which
unreasonable
by
profits,
and
corporate,
ultimate cost of
sons
now
the
and
daugh¬
under
Congress
con¬
does
begin to meet this test.,
A
continuation. of
the renegotiation of
the
war
law
con-
Volume
159
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4245
tracts—which will prevent exorbi¬
has
tant
force—based
profits and assure fair prices
to the Government. For two long
I
have 'pleaded with the
Congress to take undue profits
years
out
proved to be
A
of
cost
food
and
It
and
men
who
women
ment of
not in
are
living
place a reasonable floor under the this war at all. It is not because
prices the farmer may expect for they do not want to be in it. But
his production; and (b) to
place they want to know where they
a
ceiling on the prices a con¬ can best, do' their sharev National
sumer
will have to pay for the service provides that direction. It
food he buys.
This should ap¬ will be a means by which every
ply to necessities only; and will man and woman can find that in¬
require public funds to carry out. ner satisfaction which comes from
It
will
cost
in
appropriations making the fullest possible con¬
about 1 per cent of tV.e present tribution to victory.
annual cost of the
4.
Early
stabilization
1942.
of
statute
of
the
October,
This expires June 30, 1944,
is not extended well in
if it
and
advance, the country
might just
chaos by
expect
price
sqmm'er.
We cannot have stabilization by
wishful
thinking. We must take
positive action to maintain the
integrity of the American dollar.
A
5.
national
which,
know
workers
to
civilian
be
duty at
on
airplane fac¬
an
for
the
service
whether
fifth
of
the
war,
tions, will make available for
production
for-any
or
war
other
es¬
sential services every able-bodied
adult in this nation.
.r'.-
Service Law Conditional.
five
These
form
;
measures
together
just and equitable whole.
a
would
tional
not
recommend
service
law
other
laws
down
the cost of
a
na¬
unless
the
passed to
were
The
ready
keep
Federal'
Government
al¬
has the basic power to
capital and property of all
draft
kinds for
war
purposes on a basis
just compensation.
know, I have for three
As you
hesitated to recommend a
national service act. Today, how¬
years
I am convinced of its neces¬
sity. Although I believe that we
ever,
Allies
our
without
total
a
that
win
can
such
certain
mobilization
of
tal will
of
guarantee
man
the
war
I am
less' than
measure,
nothing
sources
all
our
and
power
re¬
capi¬
earlier vic¬
an
tory and reduce the toll of suffering and sorrow and blood.
-
I
have received
joint
a
recom-
'
mendation
for
this
heads of the "War
law from
the
Department, the
Navy Department and the Mari¬
time Commission.
men
the
who
bear
These
told
I
performing
was
me
work in the
doing that
most useful
my
of my
service
coun¬
try."'
Second
sary arms and
It
is
argued
passed
the
that
in
have
we
the
stage
of
the
neces¬
equipment and for
prosecution of the
in the field. They
say:
1
"When the very life of the na¬
tion is in peril the
responsibility
for service is
common
and women.
be
can
the
In such
a
to all
men
time there
discrimination between
no
and women who are
men
as¬
signed to producing the vital
terials
essential
military
to
operations.
A
of
a
law
be
merely
would
of
prompt
national
service
an
expres¬
the
universality
responsibility."
I
believe
the
agree that those
the solemn truth.
National
-democratic
of
this
know
country
will
to
the
wage
are
most
a
war.
Like
selective
service for
the
armed forces, it rests on the obli¬
gation of each citizen, to.
nation to
best
It
!
qualified.
does
not
retirement
benefits;
that
any
his
he is
:
r.
•
xeduction, in
not;
loss, of
mean,
It. does
substantial
war workers
t
not
rights
mean
numbers
of
will be disturbed in
present
facts be
,-ti
and.seniority
and
their
,
mqan
It does
wages.
serve
his utmost;,where
jobs.
Let
these
wholly clear.
the
last
nations
at
war—Britain.
and
New
Canada,
Zealand—has
shown that the very existence of
national service makes unneces"
sary
the widespread
pulsory
power;
for
it
use
National
of
com¬
service
miles
true.
not
on
a
nation
protection
inalienable
political
of
their
these
the
effort—
final
without,
1943.
this
;
that
are
mon
that
will
the
welcome
which
measure
In
they
are
behind
And
our
it
will
135,000,000
as¬
business—
mean
we
Americans,
Rome, Berlin»
I hope that the Congress will
recognize that, although this is a
political year, national service is
an issue which transcends politics.
Great power must
be, used for
great purposes.
the
to
for This
Congress
determine
it should
its
machinery
the
measure,
in
its
to
so
be wholly
itself
non-partisan
Service Men's Ballot
valiantly
fulfilling their responsibilities to
our country and our people. Now
the Congress faces the responsi¬
bility for taking those measures
are
essential
alleged reasons have
prevented the enactment of legis¬
lation- which would preserve for
soldiers and
sailors
and
Ma¬
rines the fundamental prerogative
of citizenship—the
right to vote.
No amount of
legalistic argument
becloud this issue in the
these
citizens.
ten
million
eyes
American
Surely the signers of the
Constitution did not intend
preserve
a
doc¬
the Con¬
stitution itself.
a
basis
new
of
se¬
a
to
shops
or
the
job in
the
farms
or
and
re¬
mines
of
The right to earn enough to
provide adequate food and cloth¬
ing and recreation.
,
The
right
of
farmer to
raise and sell his products at a
return which will give him and
his family a decent living.
The
right of every
business
man, large and small, to trade in
every
atmosphere of freedom from
unfair competition and domina¬
tion' by monopolies at home or
an
abroad.
,'
'
■
.
,
to
a
and
sailors
that
the
and
sickness,
age,
existing State laws—and that
is
likelihood
no
enable
changed
them
to
The
of
in
vote
at
Army
these
time
the
and
to
next
Navy
have reported that it will be im¬
possible effectively to administer
forty-eight
ing
laws.
different
It
Congress to
fiable
men
is
the
remove
discrimination
and
of
the
of
men
our
"In
addition
the
letter
serve
as
clearing house for in¬
a
formation
on
agement
country bank man¬
business methods.
and
The Commission is anxious to
ceive information from
try banks generally,
All of these rights spell secur¬
And
after
this
is
war
won
must
be prepared
to move
forward, in the implementation of
these
rights, to new
goals of
we
human
happiness and well-being.
America's
in
the
part
world
depends
how
upon
rightful
own
fully
place
in large
these and
similar
rights have been carried
into practice for our citizens. Fo.r
is
security
cannot
here
be
at
lasting
in the world.
of
day—a
our
man
who has rendered yeoman service
to his country in this crisis— re¬
women
in
soldier-vot¬
itself
the
share
and
we
so-called
his
busi¬
were
to
return
"normalcy"
our
to
the
of
enemies
on
the
battlefields
abroad, we shall have yielded to
the spirit of Fascism here at home.
this unjusti¬
aeainst the
the
ask
Each
.
means
definitely
Congress to explore
for implementing this
bill
of rights—for
it is
the" responsibility
of
coun¬
improve¬
on
effective
in
meeting, com¬
petition, customer relations activ¬
ities, advertising and publicity
are
mine
battleground—
and
the
and
every
one
of
has
us
solemn obligation under God to
serve this nation in its most criti¬
cal
hour—to
keep
this
nation
Clubs
and
organizations,
useful publications
individual
banks
to
issued
their
by
comr
munities.
"The Commission
its
letter
ceived
that
it
formation
points out in
has
numerous
already
re¬
requests for inr
on
many
phases
of
country bank operations, promo¬
tion, and management, and urges
all
in
headquarters
better world.
a
FRANKLIN D. ROOSEVELT.
House,
11, 1944.
January
information
White House
It
Following
historic
Nov.
11
interim
Prime
Great
had
Minister
Britain, Gen¬
Chiang Kai-shek
of
Premier Joseph Stalin of
China,
and
President Ismet
of; Turkey.
onu
In-
..
On his return to the Capital, Mr.
Group
in
Washing¬
tablished, it
the
committee
is
many
Senators and Representatives.
conferred with
He
Congressional lead¬
the
possibility" of giving
a report
of his trip to a special
session, but it was decided that
ers
on
he would not appear
before Con¬
gress until early next year when
he delivers his annual message on
the state of the Union.
liver
Christmas
a
Eve
to the armed forces
lic in which he
on
Dec.
and the pub¬
will
made known by
was
OPA.
also stated:
The Chairman of the committee
be E. Barrett
Pretty man of
Washington, who has accepted the
appointment
made
by
Chester
Bowles, Administrator.
Mr.
the
Pretcyman is
member of
a
law
firm of Hewes, PrettyAwait & Smiddy of Wash¬
ington. Formerly he was general
rnan,
counsel for
the
meeting with the
President
Bureau
of Inter¬
Washington and
press
as
a
success
standpoint
and
con¬
At
The President
the
reason
the
American
ran
for
the
to
that
the
there
was a
also
his
legal
general
The
Russians
Nazi
The
our
2312, and
cow
a
of
Richard
was
H.
ap¬
"The
be
the
three
committee
of
the
rest
created
must
acting
shortly.
operations
law which
lation
of
the
of
necessarily
and
it.
OPA
the
upon
Each regu¬
legally sound.
It
should also be clear, practical, and
to
live
with,"
Mr.
Bowles
announcing creation of the
committee.
"Broadly
speaking,
this
new
legal advisory committee has been
set
up
help the present legal
to
Embassy
was
staff in carrying out all phases of
warned
him
its
plot endangering
vitally
ity.
important responsibil¬
It will
as
to
advise
the
the
adminis¬
adequacy of the
were
OPA legal staff and its budget to
issue of Dec. 9, page
perform its functions in the dif¬
conferences
reference to the Mos¬
agreement appeared
2339 of the
appointment
will be announced
trator
Teheran
time
adviser
members
easy
his life.
noted in
other
said in
Legation in Tehe¬
Soviet
former
District
counsel,
the
from
the Dis¬
a
Weston, Mass.,
pointed
the
moving
the
same
of
from
disclosed that
of
the
Field
from
point of evolving a durable peace.
in
Columbia Bar Association.
must
17, Mr. Roosevelt said he
ferences
Revenue
Corporation Counsel for
brief
a
considers the Cairo-Teheran
war's
de¬
broadcast
give
report of his conferences.
his
to
es¬
will
However,
the President is scheduled
a
the
The advices
trict of Columbia. He is
and
to
being
nal
Cabinet
"Jour¬
a
dispatch, that
Administrator
eralissimo
Russian
announced
advisory
the
the
with
was
nal of Commerce"
had
Washington since
in
of
in
President
The
and
Churchill
Dec. 17 from
on
conferences
East.
these
on
ton, Dec. 6, according to
Price
President Roosevelt returned to
Middle
material
legal
Allied Conference
his
or
Heads OPA Legal
President Returns To
the White House
banks to forward to A. B. A.
in New York any
subjects that would be helpful to
other country banks."
The White
the
economic
the
our
a
even
shall have conquered
we
and
the
concern.
1920's—then it is certain that
though
I
armed
clear-thinking
Indeed, if such reaction should
develop—if history were to repeat
duty of the
our
All
men
ness
of
farthest
our
speak of
of the soldier
speak
At
One of the great American in¬
dustrialists
re¬
individual
bers, ofmthe
Rights That Spell Security
points
out that the Commission wants to
Rooseveltrwas.greeted by a large
group oihofficials, including mem¬
unemployment.
The right to a good education.
ity.
in
we
ernment.
and
accident
nation.
over¬
deprived of the opportunity to
vote, if the voting machinery is
left exclusively to the States un¬
being
hearts
field
the
as
conferred
right to adequate medical
care
and
the
opportunity
to
achieve and enjoy good health.
The right to adequate protec¬
tion from the economic fears of
old
and
been away from
The right of every family
decent home.
be
laws,
methods.
civilian, the citizen and his gov¬
industries
or
nation.
whelming majority of them will
der
bonds,
studies, and bank merchandising
great—to make this nation greater
useful
cently emphasized the grave dan¬
gers of "rightist reaction" in this
there
the
forces
When
-
well
as
we
accepted,
are:
right
peace
know
have
The
munerative
would be construed to take
away
the franchise of any of those who
soldiers
from
outposts.
second bill of rights
there
Our
are
in
two
people at home to the
as
prosperity
can
be
established for all—regardless of
station, race or creed.
home
Marines
as¬
sepa¬
and
analysis, gov¬
special banking
banks, which it will relay to
extends
economic
accepted
and
wartime,
in
even
fighting to
these
We
there
are
or
hang
ernment
work,
activities
cost
in
fronts for America in this ments
operating
methods,
war.
There
is
only one front.4 special services which have in¬
There is one line of unity which creased earnings,
activities that
dictatorships
become
a
unless
which,
all
I have often said that there
no
and
national
to
Several
can
day
have
which
curity
security in this the most decisive
phase of the. nation's greatest war.
our
shall
was
Benjamin
1776: "We
July 4,
hang together,
we
com¬
which
by
on
all
suredly
rately."
men
The
Our armed forces
are
expressed
Franklin
the
on
principle
sense
must
■
speak,
under
nature—but
make-up.
which
which
Among these
that
the march to
should
of
our
truths
,
and Tokio.
As
based
current
of
tory
employment
1944 than in
in
enemies demoralizing
we,
on
young
its
fields
and
sailors.
that
while
the
Commission's
copy, work with 4-H
similar farm youth
satnding four-square
our
nests
the
describes the scope
total effort, we speak of the fac¬
assurance
surance
their
to
Dec. 14 the Associ¬
said:
"The letter
made.
It will give our people at home
give
who, seek
groups
on
the
12,making
In
are
people
and
ation
banks.
on
attacking
is
based
on
the
eternally just
principle of "fair for one, fair for
soldiers
country
this known
stuff
win-the-war
the
to
000
People who
hungry and out of a job are
conviction
all."
is
Govern¬
ac¬
American Bankers Association has
forwarded the first of a series of
such letters to
approximately
of
pressure
best
free, men."
self-evident.
American
It
this
bank
Operations,
are
-
my
it.
upon
that
the
Bank
the
people
is
It
have
country
Commission
The national war
resources.
more
security
"Necessitous
home—expect
and
its
our
our
mobilize
must
we
program calls for the
of
economic
not
insist
demands
Teheran—is
expanded —
rights proved in-
independence.
at
of
outlines
'
are
abroad—and
men
its
ene¬
of
defeat
total
mies—that
total
that
the
are
dying.
foreign policy that we have
been following — the
policy that
guided us at Moscow, Cairo and
economy
political
Country
of
The
in¬
our
be
to
telling them of the
tivities
Americans
seizures.
stature, however—as
members
conscious
am
program
feather
—
were
our
rights to life
and liberty.
As our nation has grown in size
and
bulletin
no
ish
certain
the right of free
free press, free worship,
trial by jury, freedom from un¬
and
Inaugurating a practice of send¬
ing at occasional intervals a letter
ment should pay heed rather than
to the whining demands of self¬
speech,
searches
Country Bank Div.
Inaugurates Bulletin
or
that
event
ABA
of progress is
certain that the
families
a
their
rights
the
fighting
such
them
among
I
will
Our
Rights
the
In
program
right to
of
proposed legisla¬
from time to time
fact.
one-
We ization,, .of the fact that true in¬
long," dividual
freedom
cannot
exist
hardest.
the
are
for
is
election.
Experience in other democratic
Australia
is
forward
rough road—and, in all journeys,
ument
is
this
that
going
are
of
statements
service
way
ma¬
successful
enactment
sion
or
Many of
of
shall
evolved,
war
the
are
successful
war
one-third
Bill
I
proposals.
This republic had its beginning,
and grew to its present
strength,
dustrial
responsibility for
procurement
the
be
form
content,' adequate
They
in
that
ment
living, to share
equitably the burdens of tax¬
ation, to hold the stabilization
line, and to prevent undue profits.
.
it
reasonable
The Govern¬
fighting planes.
And
and
be
the
tion.
one-tenth—is ill-fed, illclothed, ill-housed, and insecure.
1
of
cannot
do.
with the Congress
with respect to these and further
before
ever
to
so
problems are already be¬
committees of the Congress
communicate
adeqvia.te to assure us equality in
will prevent strikes, and^ where national service is neces¬ 'the 'purspit of happiness.
certain appropriate excep¬ sary. But our soldiers and sailors;
We 3|iave come to a clear real¬
with
I
in
or
under
Congress
fore
how
tory, and I helped make hundreds
law—
duration
to begin to
high the general
standard
of
living may be, if
some
fraction
of
our
people—
say many years
was
the
quickly
as
now
than
We
matter
no
able
hence to' their
grandchildren: "Yes, I, too, was
in
service in the great war.
I
it
American standard of
higher
known.
war
glad to be
all
that
will
duty
an
of
well
as
I
war.
re-enactment
do
these
our
the plans and determine the
strategy for the winning of a
lasting peace and the establish¬
millions of American
are
is
lay
Millions Not in the War
There
to
possible.
as
s
law—which
will enable the Government (a) to
equal
an
comprehensive legal obligation of
all people in a nation at war.
of war.
3.
forces—and
unifying moral
a
on
201
same
issue.
on page
ficult
and
and
social
fluctuating
economic
conditions
resulting
from the war."
treatment
Moody's Bond Prices And Bond Yield Averages
prices and
bond
computed
Moody's
bond yield averages are
given in the following table:
U.S.
Corpo¬
Bonds
Corporate by Groups
Corporate by Ratings*
P. U.
R. R.
Baa
A
Aa
Aaa
rate*
Indus.
116.22
119.63
111.07
118.80
116.41
111.25
103.97
113.50
119.69
:
10—____
111.07
118.80
116.41
111.07
99.36
103.97
113.50
116.22
111.07
118.60
116.41
111.07
99.36
103.80
113.50
116.22
8
7
119.69
99.36
116.41
111.07
99.36
103.80
113.50
116.22
119.65
110.88
118.60
116.22
111.07
99.36
103.64
113.50
116.22
all zm
119.59
110.88
118.40
116.22
111.07
99.20
103.64
113.50
116.22
119.50
110.70
118.40
116.22
110.88
99.04
103.47
113.50
116.02
4
110.70
1.18.20
116.22
110.88
99.04
103.30
113.31
116.22
3—
119.48
-
1_
STOCK
,
118.60
111.07
EXCHANGE
CLOSED.
1943
116.22
113.31
119.48
110.88
118.40
116.22
110.88
99.20
103.30
119.55
31—
Dec.
110.70
118.20
116.02
110.88
99.04
103.13
113.12
116.22
115.82
_
24
17-.
119.54
110.52
118.00
115.63
110.88
98.88
103.13
113.12
10—
119.57
110.52
118.20
115.63
110.70
98.73
102.96
113.12
115.63
119.63
110.34
118.20
115.43
110.70
98.57
102.96
113.12
115.63
115.63
110.88
98.73
102.96
113.31
115.82
3
26
——
118.40
110.52
119.72
—
19
NOV.
119.64
110.70
118.80
116.02
111.07
98.73
103.13
113.50
119.91
110.70
118.80
116.22
111.07
98.57
103.30
113.70
116.02
5
119.99
111.07
119.00
116.61
111.25
98.73
103.30
113.70
120,27
111.07
119.00
116,61
111.25
99.04
103.30
113.89
116.61
29
103.30
113.89
116.41
103.13
112.89
117.20
117-20
Sept. 24
119.20
98.88
111.25-
116.41
116^80
111.25
120.34
27
Aug.
119.00
111.07
120.55
—
98.88
111.44
116.61
July 30
120.18
111.44
119.41
117.00
111.62
103.30
114.08
25
120.41
110.70
118.80
116.22
111,07
98.09
102.46
113.70
116.61
110.88
97.78
102.30
131.31
115,82
Jun
May
28
Apr.
30
115.82
99.04
119.82
—
110.34
118.20
118.36
—
109.79
118.00
115.43
110.34
97.00
101.31
113.12
115.63
110.52
96.23
100,65
113.12
115.63
26
Feb
116.93
26
—
109.60
117.80
115.43
117.11
Mar.
109.24
117.60
115.43
110.15
95.47
100,00
112.93
115.43
115.04
109.79
94.56
99.04
112.56
115.43
117.04
108.70
117.60
High 1944—
119.71
111.07
118.80
116.41
111.07
99.36
103.97
113.50
116.22
1944
119.48
110.70
118.20
116.22
110,88
99.04
103.30
113.31
116,02
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
116.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81
114.46
Jan. 29
Low
—
1943
High
1943
Low
1 Year ago
Jan.
11.
117.05
107.80
117.00
114.27
109.06
93.38
97.78
112.19
114.66
118.09
1943-
fair
nations
the
to
and the
barriers, will
United
the
to
assure
and
States
equal
and
petroleum
ac¬
produced
of the world."
Declaring
that French North
Africa with its 16,000,000 people
and covering an area one-third
the
size
of
Continental United
ported oil and gasoline, the report
petroleum
said the Allies allocate
1942_
10,
106.92
116.61
114.08
107.62
91.77
97.16
110.70
ton
YIELD
BOND
of Jan. 7 said in part:
President's
"The
report
gives
studies which have
been made quietly by officials in¬
terested in shaping post-war trade.
"Secretary of Interior Ickes, the
Petroleum Administrator for War,
support
has
to
for an international
While no official stand¬
ing is claimed for it, it appears
to fit, at least in part, into the pol¬
icy outlined by Mr. Roosevelt.
The Ickes plan provides oil for
plan
a
oil pool.
peaceful countries and denies
any power with warlike in¬
tentions. It would create a formal
all
it to
pool, while Mr. Roosevelt appar¬
ently would open oil resources by
removing trade bars."
interest by the
or
tent known—and in the healthiest
215,073; (2)
way
$448,558,470,
all other collateral,
reported
by New
York
Exchange
Stock
firms
compiled
the
of
money
the
on
same
borrowed,
basis, as
Nov.
business
of
close
1943, was: (1)
30,
on
Lower On Dec. 31
The New York Stock Exchange
interest
short
business
the
of
as
close
of
the Dec. 31, 1943, set¬
on
compiled from in¬
tlement date, as
obtained
formation
the
that
10
Jan.
on
the
by
Ex¬
from its members and
firms, was 737,042 shares,
change
member
compared with 760,166 shares on
Nov.
30, both totals excluding
short positions carried in the oddlot accounts of all odd-lot dealers.
As of the Dec. 31 settlement date,
the total short interest in all odd-
accounts
dealers'
lot
42,864
.
Nov. 30.
on
The
33,027
was
wcompared\ with
shares
U.S.
Avge.
Govt.
Corpo¬
1944—
Daily
Bonds
Jan.
11
3.11
1.86
_
3.10
2.83
Dr.
announcement
3.79
3.51
2.98
2.84
3.11
3.79
3.52
2.98
3.11
3.79
3.52
2.98
2.84
3.11
3.79
3.53
2.98
2.84
which
tion
3.11
2.72
2.83
3.11
2.72
2.83
1.85
3.12
2.72
2.84
5
1.86
3.12
2.73
2.84
3.11
3.80
3.53
2.98
3.13
2.73
2.84
3.12
3.81
3.54
2.98
2.85
1.87
3.13
2.74
2.84
3.12
3.81
3.55
2.99
which
2.84
1.86
2.84
,
'
4
__
3
STOCK
1
EXCHANGE
than
31
1.87
3.12
2.73
2.84
3.12
3.80
3.55
2.99
2.84
1.86
3.13
2.74
2.85
3.12
3.81
3.56
3.00
2.84
1,86
3.14
2.75
2.87
3.12
3.82
3.56
3.00
2.86
10..
1.87
3.14
2.74
2.87
3.13
3.83
3.57
3.00
2.87
1.86
3.15
2.74
2.88
3.13
3.84
3.57
3.00
2.87
1.86
3.14
2.73
2.87
3.12
3.83
3.57
2.99
2.86
3___—
26__
_
College on Jan. 3.
He recently
returned from England where he
went on a war mission for the
2.85
tion
1.84
3.13
2.7l
2.84
3.11
3.84
3.55
2.97
2.85
of
5
1.84
3.11
2.70
2.82
3.10
3.83
3.55
2.97
2.82
381
3.56
2.96
2 82
29
Oct.
1.82
______
2.82
3.10
2.98
3.56
3.83
2.83
3.10
3.82
3.55
2.96
2.81
3.09
3,82
3.56
2.96
2.79
3.09
2.68
2.80
3.08
3.81
3.55
2.95
2.79
3.13
2.71
2.84
3.11
'3.87
3.60
2.97
2.82
1.88
3.15
2.74
2.86
3.12
3.89
3.61
2.99
2.86
1.98
3.18
2.75
2.88
3.15
3.94
3,67
3.00
2.87
2.76
composed
Board,
Resources
the United
and
Canada
Great
of
representatives
Britain,
Dr.
Davis, who
England again, to receive his cer¬
tificate o fmembership in person
Mar.
26
2.08
3.19
2.88
3.14
3.99
3.71
3.00
2.87
Feo
26
2.06
3.21
2.77
2.88
3.16
4.04
3.75
3.01
2.88
bers'
Jan. 29
2.06
3.24
2.77
2.90
3.18
4.10
3.81
3.03
2.88
notification
1.87
3.13
2.74
2,84
3.12
3.81
3.55
2.99
2.85
treasures
1.85
3.11
2.71
2.83
3.11
3.79
3.51
2.98
2.84
High 1944
Low
1944_.___
High 1943
2.08
3.31
2.81
2.96
3.23
4.25
3.93
3.07
Low
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
1943-
11,
2.06
1943.
2.80
3.29
2.94
3.22
4.18
10,
reported
more
or
in
542 compared with
585 on Nov. 30, 1943."
In the following tabulation is
shown the short interest existing
positions,
the
at
was
the
of
close
last
business
day for each month of 1943:
29
579,394
663,750
774,871
;
Feb.
26___
Mar.
31
____
__
_
_
882,376
980,047
April 30__
May
28
879,575
30
of
the
Aug.
31
__
of the Institution."
Dr.
Sept. 30
_______
"one
Oct.
-
29____
836,764
801,321
761,827
729,291
_______
Nov.
30____-__.___
Dec.
31___
1.97
3.34
2.82
2.95
3.30
4.29
illustrate
partment of Mechanical Engineer¬
merely
a
comprehensive
more
averages,
way
the relative levels and
the
serve
to
movement
relative
the latter being the true picture of the bond market.
tThe latest complete list of bonds used in
the issue of Jan. 14, 1943, page 202.
computing these indexes
published
was
is well known in the United States
and Canada
A post-war international agreement to accord all nations
on
"equal
the needs of each, was fore¬
6, in his thirteenth lend-lease
on
Jan.
report to Congress.
•
The report held
for
for
out little hope^
gasoline rations fort
liberal
more
American
asserting
civilians.
that
While
fort,
"much
larger
part" of Mediterranean
oil
ater
needs
in
1944
the¬
war
will
come
from British-controlled sources,
said
for
the increased
greater
therefore
offensives
result
demands
on
over-all
in
our
reducing
the
cal
petroleum
available
combined
production
ability
The
field
of
each
war
the
to
be
.
American
with
Mechanical
of
headquarters
at
Gate, St. Jame's Park,
chooses
its
honorary
-
to
report
program
pays
discoveries
and
improvements
post-war
,
oil
new
oil
technologi¬
to
increase
production,
but
pointed
out that some countries
will have a surplus and others
will have insufficient supplies to
not
only in terms
of dollars and
cents, but, what is
important, it pays in terms
more
of
health conserved and weapons
produced
time, which
earlier date."
Heiser
Dr.
in
the
that
the
wrote
cation's
foreword
mation
is
small
means
on
peace at an
publi¬
infor-'
keyed
largely to the
because "the healths
plant,
in the small plant
obviously of paramount impor¬
of the worker
is
since, in the total man¬
picture, he comprises the
tance,
power
of
nation's
the
dustrial
army
production,
twenty million strong."
war
where the weak
points are
busy
quickly
can
his
in
ex¬
determine
well
as
detailed
a
list whereby the
ecutive
of in¬
now some
The booklet "contains
check
as
strong
industrial
own
health program.
Chicago Home Loan
Bank Div. $150,063
Continuing
secutive
11/2%1
the fifth con¬
dividend rate of
for
year
a
Federal
the
annum,
per
Home Loan Bank of Chicago
of
an¬
4 its declaration
Jan.
on
dividend for the last half of
a
A total of $150,063 is bbing
1943.
distributed
454
building
tions
in
member
and
to
ings,
loan
Illinois
sav¬
associa¬
Wisconsin,
and
and to the Reconstruction Finance
Corporation, A. R. Gardner, Pres¬
ident, reported.
' :
the
from
advices
The
shows that
total
idend
bank
of the div¬
state that breakdown
$43,758.32
$106,304
For War Plants
A
wartime guide to the
trial
health
of the
and
millions
indus¬
staying
of
powers
America's war
a problem regarded by
industry equally as important as
its own great battle of production,
was
published on Jan. 7 by the
National Association of Manufac¬
workers,
in
turers
a
comprehensive
study
of workers' health.
The
Show Decrease
NAM. •
unanimous
of its Council, or
was
founded
election
governing body.
nearly
a
century
in 1847, and was incorporated
by Royal Charter in 1930.
ago,
announced
on
and
of money borrowed as
reported by
Stock Exchange member firms as
of
the
was
close
of
a
its
covers
80
the
purchased at the time of The
bank's
inception by the U.' S.
Treasury. The distribution for the
last half of the year will bring
to $85,813.04 the total 1943
earnings of the combined mem¬
ber associations on their Federal
up
Bank
Loan
Home
the
stock,
largest amount this group has re-r
ceived in any full year- of the
bank's
They
history.
now
the
of
amount
largest
the
hold
re-'
bank's stock which they
held,
Mr.
Gardner
pointed out.
gional
have
ever
RFC's total
It is added that the
return
on
in
stock
its
this
rer
gional bank for 1943 will be $212,608, making a total of $2,441,252
which the Government has re¬
it
since
ceived
first
became
a
which
Illinois and Wisconsin.
in
stockholder
serves
the
bank,
the
booklet
prob¬
plant health
Moody's Daily
lem from absenteeism to vitamins.
It
points
up
in
decrease
of
such details
change's announcement:
stock
"
pages,
every
31
$35,425,038 under the Nov. 30 total
of $718,198,581.
The following is the Stock Ex¬
to
consultant
'
Dec.
business
$682,773,543,
In
Exchange
Jan. 7 that the total
.medical
the RFC which
originally
to
the
holds
now
the job industry faces
and expands on
rehabilitation
sic
A
while
you
release
ciation
as
says
the value of "mu¬
work."
issued
by
Commodity Index
Wednesday,
in part:
5—
Jan.
Jan.
——
6
Jan. 7—____
Jan. 8__—
Friday,
the Asso¬
J
4
Jan.
Tuesday.
Thursday,
Actually, it offers neither pana¬
The total of money borrowed ceas nor prettified cure-alls for
from banks, trust companies and the ever-present problem of im¬
the petroleum resources of each the master lend-lease agreements, other lenders in the United States, proving the worker's health. What
of
the United Nations will be for the expansion of production, excluding borrowings from other it does do is to suggest to indus¬
utilized in its own direct war ef¬ the elimination of discriminatory members
of national securities trial management the most effec¬
"In
health
industrial
and
NYSE Borrowings
by
The New York Stock
foresaw
the
paid to stockholding thrift
home financing institutions,
booklet, entitled "Health on
the Production Front," is the re¬
sult of related surveys and studies
made of the health problem with¬
in
the nation's plants, factories
and shops in the past year. It was
prepared under the direction of
Dr.
Victor
G.
Heiser, interna¬
tionally known medical authority
members
ef¬
maxi¬
supplies
of
products,"
it
added,
required for a speedy maintain their industrialized econ¬
and
complete
victory
of
the omies, adding:
United Nations over the enemy.
"Agreed action by the nations
"In the future, as in the past, of the
world, as provided for in
petroleum
"will
Storey's
Londqn,
ecution of the war."
not
own
in
the
produce
and efficiently deliver the petro¬
leum products needed in the
pros¬
"will
resources."
"All
it
needs
as
——
and
mum
a
educator and
leading
Institution
Engineers,
It
Regarding this section of his report, Associated Press Washington
advices said:
the
of
The
by President Roosevelt
as an
specialists on steam turbines and
central power plants.
Wilt! Equal Access For All Countries
supply, based
De¬
ing of Johns Hopkins University
President Foresees World Oil Pool
access" to the world oil
the
of
Christie
Professor
one
seen
wartime,
will be
in 1942.
In
cents," Dr. Heiser said.
and
•These prices are computed from average yields on the basis of one "typical" bond
coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of. actual price quotations.
They
in
and
760,166
NAM Health Guide
2.96
3.13
3,93
off in terms of dollars
gram pays
737,042
_____
2.92
(3%%
of yield
Pa.; Oliver Iron & Steel Corp.,
Pittsburgh, Pa.; Precision Grind¬
•
1942_
Co,
Division,
General
Motors
Corp., Detroit, Mich.; Ford Motor
Co., Willow Run bomber plant,
Ypsilanti,
Mich.;
The
Kellogg
Co., Battle Creek, Mich.; Wood¬
ward
Governor
Co.,
Rockford,
111.;
Westinghouse
Electric
&
Manufacturing
Co.,
Pittsburgh,
nounced
Shares
\
July
termed
in¬
of Dec. 31,
as
June
book
2.93
3.05
3.89
was
sign the Honorary -Mem¬
which the letter of
to
2.78
2 Years ago
Jan,
and
'
■'
1 Year ago
Jan.
of
has cabled his Jan.
acceptance of the honor, has been
invited, when it is possible to visit
30
_
of
existed,
1943—
Apr.
______
in
change in the short posi¬
more
than 2,000 shares
a
Kodak
Y.; Cadillac Motor
exclusive of odd-lot dealers' short
States.
2.83
2.69
1.82
25
2.70
3.10
1.84
May 28
3.11
1.83
___
30
Jun
2.70
3.11
3.11
2.85
1.80
Sept. 24
Aug. 27
July
2.71
3.13
1.87
Produc¬
OPRD and the Combined
12
19
interest
shares
5,000
terest
17
NOV.
issues
ber of issues in which a short
CLOSED.
24
.
36
were
short
a
Eastman
Rochester, N.
occurred during month. The num¬
1943
Dec.
the Exchange on
on
2.84
1.85
—
individual stock
1,237
there
31
3.11
1.85
—
7
Dec.
2.83
2.71
6_.__.__
8
the
issues listed
the
were
bulk
Exchange's
"Of
Davis,
Nathaniel
Harvey
2.84
2.98
3.51
3.79
British Mech. Inst.
Indus,
P. U.
R.R.
Baa
A
Aa
2.71
3.11
1.85
10_
•
Corporate by Groups*
Corporate by Ratings*
Aaa
rate*
possible.
Among the plants visited prior
the preparation of the booklet
ing Wheel Co., Philadelphia, Pa.;
Radio
Corporation of America,
Camden, N. J.; Keasbey & Matlison Co., Ambler, Pa.
.
"In peacetime, the health pro¬
NYSE Short Interest
announced
to
Car
•' <
total
The
$682,-
aggregated
1943,
31,
773,543.
member
close of business
of the
as
Dec.
of
on
further said:
Averages
methods, tested by the trial-,
system", to utilize exist¬
ing manpower to the fullest ex¬
and-error
Government, $234,-
shares,
H. N. Davis Elected To
AVERAGES
principal
tive
United States
"Wall Street Journal"
the
to
uses
113.89
MOODY'S
or
direct obligations
of or obligations. guaranteed as to
"strictly on the basis of need."
The report said the French pay principal or interest by the U. S.
for all
American gasoline allo¬ Government, $269,797,776; (2) on
all other collateral, $448,400,805;
cated for essential civilian uses.
Special advices from Washing¬ total, $718,198,581.
civilian
there to military and
2 Years ago
Jan.
to
as
totally dependent on im¬
States is
116.02
12
Oct.
tions of
(1) on direct obliga¬
obligations guaranteed
exchanges:
trade
in all parts
Yields)
Average
119.71
11
Jan.
on
Avge.
Govt.
1944—
Daily
Averages
commerce,
of
cess
MOODY'S BOND PRICESt
(Based
in
reduction
other
Thursday, January 13, 1944
FINANCIAL CHRONICLE*
THE COMMERCIAL &
202
Saturday,
Monday,
Jan.
Tuesday, Jan.
Two
Month
Year
10
11
weeks ago,
ago,
ago,
1943 High,
Low,
1944 High,
Low,
____
Dec.
Dec.
Jan.
11
1
2
Jan.
Jan.
246.7
11—_
April
Jan.
28
7
5
247.4
247.0
247.3
247.6
247.3
247.4
247.5
247.1
242.7
•
_
249.8
240.2
247.6
247.0
Volume
159
Number
THE COMMERCIAL
4246
& FINANCIAL CHRONICLE
cotton caused the
ways
second
remained
preceding
The Bureau of Statistics of the Interstate Commerce Commission
has issued
statement showing the aggregate totals
a
textiles group to advance
at the'same'level'as
fractionally. Industrial
the preceding week.
During the week 5 price series advanced and 7 declined; in the
preceding week there were 8 advances and 2 declines; and in the
commodities
,
203
week there
WEEKLY
8
were
WHOLESALE
advances
COMMODITY
and
PRICE
5
declines.
INDEX
Compiled by The National Fertilizer Association*
of selected in¬
States
for
the
month
of
railways in the United
October, 1943 and 1942, and the 9 months
figures
subject to revision and were compiled from
are
132 reports representing
;
bet
ry. operat.
Other
income
roads
\■
■
•
152.4
,152.4
28,714,448
127.7
127.7
117.7
117.7
1,304,366,635
1,257,901,231
18,265,433
equip.)
of
23,114,458
263,434,158
108,529,540
84,847,938
1,180,070,069
633,972,309
stock___„
2,134,561
5,783,609
stock
4,781,3 7 8
6,375,080
Dividend appropriations:
On
common
,
jlRatio df income to fixed
charges
—2.59
Railways Not in
y*
com-
i
;
•
base
'
cash
Traffic
and
balances
903,329,483
795,434,452
JNet
balance
119,655,455
237,371
PERCENTAGE
40,114,587
29,881,277
Materials
Interest
accounts
New England__
Jan. 8
166,373,706
and
and
dividends
118,434,653
519,098,715
316,533,432
515,739,830
57,724,631
973,864:
1,277,006
.
22,505.856
23,086,809
24,084,793
1,637,409
921,291
...
10,787,544
44,555,658
14,440,937
assets—A
current
4,497,880,457
2,335,453,173
'3,444,132,718
2,942,203,323
yV'
Selected Liability Items—
•
debt
within
Oct.
;;;:y';y y1:
y
Oct.
and
balances
Audited
vages
payable..
.
150,431,110
accounts
and
7,000,000
108,100,229
331,590,950
114,706,519
matured
dividends
liabilities
current
Analysis
liabilities.
accrued
of
liability:
;
U.
S.
Other
•;
11,801,709
20,965,237
27,113,217
24,776,327
932,168,333
63,938,929
1,482,525,569
49,617,661
24,592,547
845,657,719
49,133,370
2,674,077,342
1,695,533,877
2,205,874,385
1,431,492,379
Government taxes.
than
ernment
U.
taxes
S.
v+•".
.
••.'%•.
■
' '
\
y
v-'vy:\
1,578,714,265
788,901,369
1,358,569,189
730,248,798
Gov¬
—156,569,637'
143,266,967
123,956,380.
115,408,921
accruals," including, the amount in default.
tFor. railways not in
trusteeship the net income was as follows: October, 1943, $57,306,924;
October, 1942, $108,307,485; for the ten months ended October, 1943, $594,052,332,
ten
months Inded October, 1942, $573,089,557. ' {Includes payments of principal of
long-term debt (other than long-term debt' in default) which will become due within
six months after close of month of report.
UFor railways in receivership and trustee¬
ship the ratio was as follows: October, 1943, 2.48; October, 1942, 3.20; ten months,
1943, 2.44; ten months, 1942, 2.14.
^Includes obligations which mature not more than
•one
year after date of issue.'
or
18.8
') '
20.7
15.6
WEEKS
Oct,
6
Fertilize^Association and made public on Jan. 10, declined
fractionally to 136.4 vin the week ending Jan. 8 from 136,5 in'the pre¬
A month ago this index stood at 135.0 and a year ago
133.4, based on the 1935-1939 average as 100.
report added:
Nov.
Dec.
quotations for both light and heavy hogs and poultry caused
on
higher prices
wheat were sufficient to cause
a
15.0
31.0
17.5
16.0
14.7
(Thousands
1942
,
of
Kilowatt-Hours)
order
ofrer 1942
1941
1932
1929
its
steel
1942,
1,506,219
1,819,276
is
1,507,503
1,806,403
and
1,528,145
1,798,633
4,415,405
3,752,571
+ 17.7
4,452,592
3,774,891
3,340,768
3.380,488
3.368,690
3.347,893
4,413,863
3,775,878
3.795.361
+ 18.0
3,761,961
4,482,665
4,513,299-
_
~
+ 17.3
+ 18.7
1,533,028
1,824,160
1,525,410
1,815,749
1,520,730
1,798,164
1,531,584
,
—.
25
—
—
+18.9
3.247,938
1,475,268
4.403,342
3,766,381
+ 16.9
3,339,364
1,510,337
1,718,002
4,560,158;
3,883,534
+ 17.4
3,414,844
1,518,922
1,806,225
3,937,524
+ 16.0
3,475,919
1,563,384
1,840,863
4,612,994
_
V„
—
18
—
—
3,975,873
+ 16.0
3,495,140
1,554,473
1,860,023
4,295,100
3,655,926
+ 17.5
3,234,128
1,414,710
1,637,683
.
:';V'
Week Ended1
8
——'
———
_
1944
1943
1943
over
1942
,
1932
1929
4,337,387
3,779,993
+ 14.7
3,288,685
1,619,265
4,567,959
3,952,587
+15.6
3,472,579
1,602,482
1,542,000
1,733,810
on
rye,
heavy
cially
full
clause, framed in less than two months
long controversy between procurement agencies," states
"The Iron Age," in its issue of today (Jan. 13). further
adding:
"Steel for 10,000 domestic freight cars to be made in the first
a
quarter has been provided for and <*--—
material
has
been
assigned
for
10,000 more cars for second quar¬
ter.
Passenger cars may be built
in third quarter and close to
freight
for
use
cars may
abroad.
Rail
orders,
heavy, and mills look for
1943.
are
a
20%
output this year
in
increase
40,-
be purchased
over
:::;.y
,
"With controls
revised
through
Order M-81, output of tin plate in
second
quarter
will
exceed
last
year's output and may be 100,000
tons above estimated production
this quarter.
The tentative setup
'
items,
.———
demand
————
drop when
the supply
of plates begins to
gain, because buyers will no long¬
feel
er
it
may
to
necessary
maintain
high inventories.
or¬
ders
re¬
in
moved
Then plate
sizes can be
many
from
high speed contin¬
uous
mills freeing the latter for
strip and sheet output.
"Last year's record production
of 88,872,598 net tons of steel in¬
gots, up nearly 3 million tons
from 1942, will stand undisturbed
for
a
are
just
as
plate
long time, according to all
present indications. Excess ingots
as
great
they Were two
a
problem
or
now
three months
shipments, which
peak in December
ago.
all-time
high mark
13,382,390 net tons in 1943, are
continuing heavy.
The Maritime
cently because they are not neces¬
sary for the war effort, and other
projects are being reviewed for
Commission's current inventory is
possible termination.
estimated
beehive
up
a
rose
new
to"
an
of
at
2,500,000
all
the
cause
it is
out
one
of the few remain¬
of
Around 480
have
been
blown
recently due to slackened de¬
mand for this
steel
a
Four steel plant expansion
have been cut back re¬
programs
ovens
a
comprehensive study of
steel
prices, which is expected to
be completed speedily.
A price
increase may be granted before
WLB
steel
the
acts
event
generally
of
a
demands
of
the
higher wages.
In
upon
union for
boost, it is
OPA would
wage
assumed
to
as
first half
in
sheets.
The
landing
in
shapes,
v
which
needed
:
"In spite of revisions in type of
con¬
tinues to expand,
involving a wide
diversity of special steels.
The
heavy shell program is being in*
creased, stimulating demand for
heavy rounds, deliveries on which
are receding.
Steel for light am¬
munition,
tanks, machine tools
and
building construction con¬
tinues to decline.
Greater diver¬
is
of
essential
civilian
manpower
for the
steel to
effort will not be
jeopardized,
predicted in many trade quar¬
ters..'
/y.
"Plate
■
-
shipments in December
established
record
all-time
an
with
1,169,196
tons,
compared
with the prior high of 1,167,679
tons in March, 1943, and 1,060,039
tons in December, 1942, according
to announcement by the War Pro¬
Board.
duction
"War Production Board has al¬
located
an
estimated
total
of
l,r
900,000 tons of prime tin plate for
the 1944 quota compared
with 1,~
The Board
also has issued a list of 169 prod¬
ucts that
may
be packaged in
metal
containers,
including 22
550,000 tons in 1943.
items
that
aged last
could
not
be
so
pack¬
year.
"Although sheet buying has not
the
after
resumed
been
the
turn
of
producers are heavily
booked, vacancies ,on schedules
caused
by
cancellations
being
year
filled at
and deliveries gen¬
once
erally being about midyear. Cold!
finished sheets are easier at the
and
moment
may
be booked for
May delivery.
"Scrap supply is
all
type of coke.
"With the industry on the brink
financial
deficits,
CPA
has
started
others.
construction aircraft demand
contract termination
war
for
stimulus.
some
war
decline
"The
steel
plate situation is
but lower worthy of attention not only be¬
recession in the grains
books
needs, where
following
in
dominates
craft program has been felt espe¬
1,793,584
1,818,169
4,566,905
,
freely
still
is
instances. Tightness in plates
reflected also in bars, shapes
3,355,440
,
less
freely
being
more
but
some
3,313,596
3,330,582
directions
some
+ 17.9
ing tight spots, but because of its
■group.
Cottonseed oil and white potatoes declined slightly causing
I widespread ramifications. As has
the foods group to register a slight decline.
Higher quotations for happened
previously
in
other
in
and
Jan, 10, stated in part
"Recovery from the
back to levels of late
+17.3
11
Dec
,
they need for
all-commodity index noted a slight downward trend due
1944, and they may be thinking
principally to lower quotations for farm products and foods. Al¬
about disposing of excess mate¬
though there were advancing prices for sheep and lambs, lower rial.
prices
iron
terruptions is under way, though
3.717.360
27
have
were
the
not
yet
complete.
Demand
is
spotty and production is not yet
3,702,299
—
——L_
13
20
1943
tons, or
The Association's about five months' supply, and by
the end of June shipyards may
The
There
ago.
usual year-end lull and labor in¬
4,341,754
—
Nov.
Nov.
wholesale commodity price index, compiled by The and
in the livestock group.
on
follows:
as
4,382,268
—
"Steel
ceding week.
markets,
+ 18.4
30 y—y
set
.at
19.4
15.6
34.5
720,000 tons.
National
"
15.4
30.7
,
32.9
for second quarter calls for about
The weekly
of
summary
—
9 U--U
000
"Represents
receivership
year
Cleveland,
ships
plate
mills went into the new year with
a larger
carryover from the prior
month than at any time since the
beginning of the war and with
form
20,965,237
28,873,972
tax
3.7
preced¬
tonnage, mainly for cargo
and
landing craft.
Some'
"Many uncertainties were cleared away this week for metals
producers and users with the adoption of the Baruch-Hancock uni¬
1,735,283,902
76,391,941
liability
one
of
Ship work
1,932,129
66,734,808
11,801,709
current
Total
6.0
63,643,548
*
"Steel,"
sion
de¬
—
'Unmatured rents accrued—
tax
10.7
9.4
34,435,113
68,690,555
matured
the
The operating rate for
specified
16.3
10.1
48,061,835
35,578,327
2,574,781
unpaid
Other
18.5
8.2
5,9
-
88,665,284
Unmatured interest accrued
Accrued
,
67,077,672
••
47,653,751
2,284,392
77,179,640
clared
unpaid—
..>■■■
...
57,578,917
2,916,854
Unmatured
7.0
260,886,109
.
of
"
in
Dec. 18
.
325,887,574
406,344,997
accounts
payable
Dividends
25
77,388,212
•
payable—1—
from
This
ago.
beginning Jan, 10 is
to
1,731,300 tons of
ingots and castings, com¬
pared to 1,667,000 tohs one week
ago, 1,730,700 tons one month ago,
3,682,794
1,705,300
16,850,651
114,414,478
21,006,866
-
—
Miscellaneous
Interest
Dec.
car-service
(Cr)
the
week
4,359,003^
16 yyy
Jan.
SLoans and bills
the
year
increase
3.9%
or
ing week.
—^
23
129,524,955
58,907,533
162,056,422
one
an
"Tonnage is moving
% Change
80,409,344
that
YEAR
10.2
;
18.1
.
2
Jan.
Traffic
and Jan. 9,
14.9
.
20.1
.
Oct.
maturing
months___*_„_
six
106.3,
% Change
1943
Dee,
^Funded-
1,
5.0
8.3
4.6
Total United States
Dec.; :4
Total
Jan. 1
16.1
;
ctocky Mountain.—:
Nov.
—„y
assets.——
current
414,271,907
423,856,600
re-
25.369,119
receivable
Other
132,687.329
400,792,281
528,861,920
supplies
Jan.
'
West Central
Oct,
ceivable
.
Rents
145,322,532
649,686,440
'
106.3;
PREVIOUS
'
6.0
_________
WeekEnded-
re¬
!
OVER
33,402,899
.:
98.1%
represents
-Week Ended
receivable
—
1944,
indicated
1,698,700 tons
INCREASE
DATA FOR RECENT
_
ceivable-
8,
report, esti¬
mated that the production of
electricity by the electric light and
power, industry of the United States for the week ended Jan. 8, 1944.
was
approximately 4,567,959,000 kwh., compared with 3,952,587,000
kwh. in the corresponding week a year
ago; an increase of 15.6%.
The output of the week ended Jan.
1, 1944, was 14.7% in excess
of the similar period of 1942.
V,-.;■ ;'
V
from
Miscellaneous
Jan.
Same Week Last Year
934,423
37,395,727
agents and
con¬
ductors '■
A y^yyy .y.!
133.4
...7 The Edison Electric Institute, in its current weekly
529,975,342
92,251,374
240,452
598,695,486
133,791,924
985,170
1,246,770,157
163,217,348
—
135.0
15.6% Gain
car-service
(Dr.)
136.5
Jan. 8, I
3acii'ic Coast
Special deposits ———yy
Loans and bills receivable^
,.
1,066,958,777
invest-
i——'—yii—-i—* 1,654,199,107
ments
.
telegraphic reports which it
received
steel
Jentral Industrial
$478,688,416
$544.606,008
$504,636,914
1,213,174,598
Temporary
that
equivalent
Southern States..
Cash '
136.4
were:
Middle Atlantic
.
:
-
$587,068,549
—
.104.1
1942
1943
v*
than
affiliated
-
115.8
104.2
—
Steel
announced
•
stocks,
other
etc.,
combined
1926-1928
on
Receivership or Trusteeship
Balance at end of October
"
panies
groups
Major Geographical Divisions-
in
of
>
1942
1943
2.40
2.58
3.50
-
Class I
those
" ''i
87,629,602
25,773,745
'
•
All Class I Railways
bonds,
^ '
97,899,761
25,188,553
-•
Balance at end of October
Investments
: v\7
,
Selected Asset Items-
119.8
104.2
103.9.
206,367,'434
114,345,332
~
119.8
104.2
22,707,800
8,629,145
Federal income taxes
119.9
...
711,450,083
13,608,927
•
On preferred
"Indexes
1943,
65,710,922
projects
,
All
yy
-
,
523,743,348
734,157,883
23,579,479
775,529,505
2,313,768
•„
,
...
machinery——.,
\
26,440,285
defense
1,182,666
135,731,813
2,395,947
and
Amortization
360,452,529
1,236,284
505,257,651
799,108,984
55,230,009
100.0
153,082,051
369,478,631
143,568,838
36,842,594
121,982
138,045,581
;
materials—!
Fertilizers
and
10
had
points
:y •'■'.'
76,026,558
ana
Fertilizer
Farm
Iron
Jan.
on
and
104.4
Building
25,297,207
.3
American
117.6
104.4
.3
de¬
wage
117.7
104.4
193,275,590
'r
rejected the
be
compa¬
127.6
104.4
4,551,673
,
will
soon
Several
151,4
Metals
materials.—
Chemicals and drugs—.—.
WLB
case.
152.4
129.4
7.1
1.3
were
127.7
119.3
1,286,615,679
78,422,505
tNet income
structures
123.7
150.1
49,331,995
charges
(way
127JJ
131.4
commodities.
union
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 99.6% of
capacity for the week beginning
Jan. 10, compared with 95.9% one
week ago, 99.3% otie month
ago
149.7
'13,496,722: :
Contingent charges
Depreciation
147.5
150.4
.3
charges
fixed
142.3
131.4
/
fixed
145.8
197,827,263
127,754,500
equipment
after
132.2
145.1
—
150.2
193.9
162.5.
131.4
for
charges
Total
Inc.
Miscellaneous
151.4
185.6
165.5
127.6
Fuels
154.7
189.8
150.5
deductions35,712,080
deductions
y
123,193
Ottjer
154.2
Textiles
"Interest
>
•
The
190.8
—
17.3
the
mands.
Institute
164.7
8.2
3,099,387
leased
"
164.6
—
Livestock
1942
-deductions
for
and
159.6
Farm Products
The
nies have
137.8
145.6
and
handed the
150.2
140.1
160.7
10.8
charges:
Rent
\
139.8
146.4
159.6
125,534,893
13,047,453
130,853,887
available
fixed
23.0
139.7
$1,161,080,786
17,770,039
income—
Income
Fixed
1943
$1,188,410,000
141,253,842
1,329,663,842
$184,779,810.
$113,083,848
income
from
Jan. 9,
1943
6.1
income
——y
Miscellaneous
-
The
Ago
Dec. 11,
146.1
Oil—
Grains
1943
1942
1943
1944
Cottonseed
For the 10 Months of
For the Month of October
Income Items-—
Jam 1,
Year
Ago
Fats and Oils—,.——.
AH Class I Railways
..
Week
Foods
Cotton
follows:
as
Month
Preceding
Week
Jan. 8,
25.3
The present statement
136 steam railways.
excludes returns for class A switching and terminal companies.
Total
Latest
Group
1944
These
report is
tract.
Each Group
Bears to the
Total Index
ending with October,. 1943 and 1942.
companies
continuing, with a good possibil¬
ity that the union might drop its
demand for a supplemental con¬
1935-1939—100*
come and balance sheet items for class I steam
recognize the necessity for a fut>
ther adjustment in prices.
Mean¬
while, negotiations between steel
easy
in nearly
grades and melters are accept¬
ing all offerings, except in alloys,
continue
which
Now
that
supply
pig
to
iron
melters
feel
be
is
is
the
main
smaller supply
burden.
in
more
dence in the situation.
scrap
a
better
confi¬
Industrial
reliance
and
from general col¬
lections is of less importance than
last year."
Increases over last week are in
buildings, and streets and roads. Sub¬
construction are: waterworks,
ing, and earthwork and drainage.,
Weekly Goal And Coke Production Statistics
$15,000;
.
in each class of.
the week
for
totals
Department of
Administration for War, U. S.
Fuels
The Solid
bridges, commercial
sewerage,
Thursday, January 13, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
204
industrial ' buildings,
$798,000;' bridges, $844,000;'
sewerage,
production of
10,500,000 net
tons, an increase of 980,000 tons, or 10.3%, over the preceding week.
Soft coal output in the week ended Jan. 2, 1943 amounted to 9,300,000
$782,000;. commercial buildings, $5,532,000; public buildings, $7,797,000; earthwork and drainage, $779,000; streets and roads, $1,489,000;
and unclassified construction, $3,561,000.
'
tons.
It is made up
propriations from the First Deficiency Appropriation Act of 1944,
$42,000,000 in corporate security issues, and $281,000 in state and
municipal bond sales.
The current week's new construction financ¬
its latest report, states that the total
soft coal in the week ended Jan. 1, 1944 is estimated at
the Interior, in
113,000.
in the calendar year 1943 is
Compared with the estimated total
of
1942, this shows an increase of
9,000,000 tons, or 1.6%. Note that the estimate for the year 1943 is
not the total of the weekly figures published, but instead represents
over-all year-end adjustments.
'
'
■
The U. S. Bureau of Mines estimated that the total production
of Pennsylvania anthracite for the week ended Jam 1, 1944 was
896,000 tons,- a decrease of 33,000 tons (3.6%) from the preceding
week.
When compared with the output in the corresponding week
589,000,000 net tons.
580,000,000 tons for the year
estimated at
the calendar
OP COAL
STATES PRODUCTION
Tpns—000 Omitted.)
Being Reduced—Quicksilver Price OR
coal
Bituminous
■
Jan; h
,
bring supply and demand
more
it was stated officially that
production of aluminum is due to decline further,, In fact, several
potlines have ceased operating. Buyers of copper and zinc were
described
ies
♦Time worked
Average based on 5.7
5.1 working days.
ANTHRACITE AND COKE
0.7 of a working day.
Jan. 1 weighted as
on
tAverage based on
working days,
tAverage based on 5
PRODUCTION OP PENNSYLVANIA
VV Vw-- V.'V ' "
Tin Net '.Tons)
ESTIMATED
•:
■
■
1944
anthracite—
States
146,000
total—
washery
dredge
PRODUCTION OP COAL, BY
ESTIMATED WEEKLY
*
STATES '
.
Dec. 18,
Dec. 25,
;5
h't
1
1
1,533
1,212
564
487
t 59
>
V
i 45
47
-:"'1
150
lignite)—
New Mexico
North
33
:
Texas
i
204
->20
5
(138
37
-
27
37
>;
Wyoming-,—
2,245
—
1,525"
:
V
56
sition is more than
%
2
V
599
1,376
2,818
57
103
16
'
:
21
37
262
692
135
118
173
tf
**5
6,405
9,900
lig-
'
9,520
12,210
8,738
8,469
923
1,129
773
871
941
1,806
13,339
9,517
9,340
7,346
11,708
_
SPennsylvania anthracite—
wm
and
on
the
Panhandle
the B.
& O.
T».r
-*.■*»
w*v
wv
v aa 5
w
11,41 a n
f
rv,
06
iv l
,
^
jd ,
<x,
u.
,
Mason, and Clay counties.
tRest of State, Including
Grant, Mineral, and Tucker counties,
tlncludes Arizona.
in Kanawha,
District
and
§.Data for Pennsylvania anthracite from pub¬
HAverage weekly rate for entire month
and South Dakota included .with "Other Western
California, Idaho, Nevada and Oregon.
lished
the
of
records
of
Bureau
Mines.
♦♦Alaska, Georgia,' North Carolina,
States."
than
t+Less
1.000
tons.
'
>
.
.
was
-
February
The January po¬
70%
covered.
last week
involved
The
situation
unchanged.'.
price
mains
lead
in
re¬
Aluminum
Civil
engineering construction volume for the opening 1944 week
This continental U. S. volume, not including the
construction by military engineers abroad, American contractors
outside the country, and shipbuilding, is 23% lower than in the pre¬
totals $21,597,000.
ceding week, and 66% below the volume reported to "Engineering
News-Record" for the corresponding week in 1943. The report
niade public oil Jan. 6 continued as follows:
* v'
V
Private construction for the week is 40% higher than in the
1
lower than a week ago. Public construction
and is down 31% compared with last
municipal construction-declines 69% from the
1943 week, but is 1%
is 75% lower than a year ago,
State
and
1943 week, but is up. 70%
ume
-
compared with a week ago.
Federal vol¬
is 76 and 38% lower, respectively, than last year and last week.
Civil engineering construction volumes for the opening 1943
week, last week, and the current week are:
Jam
Total
U.
Private
Public
State
and
In
_.!v_
—
the
Municipal.
—
classified
1943 week are
Dec. 30,1943
$28,180,000:
7,1943
$6.3,928,000
7,255,000
20,925,000
1,251,000
19,674,000
5,117,000
58,811,000
6,877,000
51,934,000
Construction
Construction
Federal
s
Construction-
S.
,
Jan. 6,1944
$21,597,000
7,183,000
14,414,000
2,126.000
12,288,000
construction groups, gains over the opening
in commercial building and large-scale private
hous¬
States
during
1943
*
j
York
at
offered
reduction of $10.
quicksilver sold at an
February
lower level.
even
Chief ( Executive.
"
Roosevelt
Mr.
in
identical let¬
appointment told the com¬
ters of
of
opportunities
perfect justice in terms
attain
equal
employment
for all
people.,
"I
am
sure,
,
;
,
however; that you
with me that all Americans
should be anxious to
agree
at this time
to
see
it that
the
prevent
Silver
last week relaxed its re¬
striction
on
into
items
number of minor
which zinc normally
a
flows, but real tonnages were not
involved
in
the
changes
an¬
nounced
far.
so
curtailing
about
Little is heard
the production
for
the conversion of ordinary zinc
into High Grade is expected to
be
dropped
completely before
long. The stockpile; of zinc con-?
The program calling
of zinc.
/ -
•
such
a
unity
use
of
in this
based upon justice
possible the best
human resources
of supreme national
1 .
.
'
make
will
as
all
our
year
effort.".
^
The President
said he was sure
agreements shaped in good
and
good will- can
be
that
sense
reached.
■"
>
'
Discharged Veterans
,
Free To Choose Johs
Tin
was
Paul V. McNutt, Chairman of
Bolivian;'situation. the War Manpower Commission,
The Department of State as yet •declaring that returning veterans
has taken no action in regard to must be given every possible as¬
of the year the metal was pro¬
sistance, made it clear on Dec. 23
the status of the new regime.
duced at the rate of 1,128,000 tons
honorably
discharged ser¬
Quotations for Straits quality that
a year, and it was evident that an,
tin remained unchanged. Forward vicemen don't have to take war
oversupply existed. Operation of
material was as follows, in cents jobs if they don't, want to.
three newly completed
potlines
Associated
Press
Washington
per pound:
has been suspended, and indica¬
March
Feb.
"
Jan.
advices- Dec. 23, reporting' this
52.000
52.000
52.000
tions are that 6 to 10 additional Dec. 30___
920,000 tons, against 521,106 tons
in 1942, according to the Bureau
of Mines. During the last quarter
potlines will be closed, the Bureau
1942 to
There
in
ments
Dec.
were
no
of bauxite
2,768,343 tons in
from
52.000
31_:——•
develop¬
—
52.000
52.000
HOLIDAY
Jan.
1__—_
3
52.000
Jan.
4______
Jan.
5
•
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
Chinese, or 99% tin, continued
pound all week.
7,166,000 tons in 1943. Im¬
ports of South American bauxite
totaled nearly 1,500,000 tons. The
bauxite supply- greatly exceeded
new
the
Jan.
increased
at 51.125c., a
added:./>;•
which
programs
'•..■:
the
essential
give
plants, first call on workers,
will be helped to
war
.
veterans
liking, he said.
for both men and
jobs to their
find
That
Daily Prices
v.*• V,
Regardless of local man power
women.
goes
About
100,000
now
are
prices of electrolytic
being discharged every month.
"V
(domestic and export re¬
"It' can i be
assumed that' the
finery), lead, zinc and Straits tin
lated, it was stated officially.
;
majority:; qiu returning - veterans
were
unchanged from those ap¬
will prefer'war jobs but no re¬
Magnesium
: VviVo pearing in the "Commercial and
striction" must be placed on any
Financial Chronicle" of July 31,
Magnesium production in 1943
one
whphchppses to accept other
was
estimated by the Bureau of 11942, page 380.
wmrkj -pjaptiqalarly work promis¬
C?
YEARLY AVERAGE PRICES—1939-1943
ing
greatpr. permanency," Wlr.
(E. & M. J. Averages)
; v :
i"
McNuttsakljip -u;;
;
1943
1942
V.% : .c ;
;:;V;.1939
; 1940
' 1941
All/offices oL the United States
11.775
11.775
Copper, domestic, f.o.b. refinery-—_•
10.965
11,296
11.797
Employment Service have been
11.700
11.684
Copper, export, f.o.b. refiriery__;___
10.727
10.770
10.901
instructed that, On the. request of
6.500
6.481
Lead, common, New York__
5.053
5.179
5.793
a veteran, they shall refer him to
6.350
6.331
Lead, common, St. Louis_—v..' 4.9035.029
5.643
any job in which he is interested,
8.250
8.250
Zinc, Prime Western, St. Louis_____.
5.110
6.335
7.474
and for which he is qualified.
52.000
52.000
Tin, Straits, New York_i>-_____-_l50.323
49.827
52.018
requirements and stockpiles of
than 4,000,000 were accumu¬
more
The daily
copper
.
;
■
.
foreign, New York_-_---___-
.: 39.082
34,773
Quicksilver (per flask 76-lb.)—____
$103,940
12.359
$176,865
14.000
domestic, New York
Platinum, |
refined
Cadmium
(producers'
Aluminum,
_______—_______
quotation)___
99 plus percent—
Antimony, domestic, bulk,
,
1
j;v. <
t
■
o .t
-
36.748
_79.920
20.000
18,691
36.000
88:443
16.500
.
$195,208
15.559
15,928
36.000
35,083
90.000
90.000
____
\ti\
.A
v.
same
freedom
of
'
,
choice
doesn't
15.000
the
15.000
15.365
New York
4■
37.924-
59.180
14.000
44.750
$196,346
$185,023
Antimony,
The
38.333
34.783
Silver,
-C
:
was
$180 per flask, a
Production of aluminum in the
United
Week-Private Work 40% Over First 1940 Week
week.
Metal
market.
New
the
in
quicksilver
brought
basis for
year
tinues to grow.
stated.
Engineering Construction $21,597,600 For
the
selling
lower
a
WPB
Domestic production
Civil
of
turn
The
<
-
for
largely
the
for
Sales
1,132
634 *
.
Reserve
7,729 tons, which compares with
3.124 tons in the week previous.
57
1,143'
1,298
mand
193
-v.
32
:
100
.
-184
229
A
;V
81
89 V
'i
,170
lV
:.v
*•27
60
10,443
nite
in the
in¬
the
leased by the Bureau
out
.
Buying of lead during the last
week was in good volume.
De¬
26
313
V,""
.
shipment metal.
2,368
634
200
;;
JOther Western States—
and
;
898
171
:
merely would explore and
the situation for
but
each,
pounds
76
of
Lead
64
5
23
1,554
■
58
95
e.
•'
260
.
21
484
99
414
<
50
,
a
5
.
114
285
output, v
12
:p
lig¬
—.
bituminous
V;
92
703
Total
159
26
•>
2,033
145
tWest Virginia—Northern,—.
.
70
2,905
■Virginia—;—.———.:
Washington—
1;
I:#.'
2,366
Virginia—Southern
Stephen Early, White House sec¬
retary, said that the committee'of
three did not supersede the FEPC,
„
69
'
29
483
——
♦West
7
114
and
(bituminous
.
no discriminations
fullest use of our
man
power
in - providing
the
Quotations in London and New
strength essential to- the major
negotiating with the Foreign Eco¬ York were unchanged throughout
military offensives- now planned.
nomic Administration for a new the week.
; ■
Indeed, hardly anything in Amer¬
contract for at least part of its
ica now seems so important as
pj,Zinc .-/JaJS;
584
148
33
645
491:
.
nite)Utah
168
456
204
88
72
52
Pennsylvania (bituminous)—.
_•
121
'
—
Tennessee
514
83
V
498
.
23
.
40,;.
;-V; 33
Dakota
(lignite)———.
Ohio
—j;
—
;
5
c
113
102
1—_
—
1,535
342
1
151
•
210
-
:
4-
f5
-
South
and
v
253
'
.
,
991
1,107 :'i.
594
318
24
-
tt
and
(bituminous
for greater
Negroes and the agency, referred
the
dispute
to
the
President,
States
operating
in British Columbia,
which expired Dec. 31, 1943, has
not
been
renewed.
Granby is
83
174
1
Granby
of
duction
349
86
V
162
'134
:
990
255
.
:.
172
670't
_
—
:
• ■'i:,;.;.
62
485
Missouri-
—
r
465
1,291
,
'
'
Kentucky—Western
Maryland
Michigan
Montana
6
68
164
-
-
covering
of the pro¬
Consolidated,
Canada
of
poration
U1923
187;:,
2
52
93
1
Iowa——:
Kentucky—Eastern-
*f-;; ;
-
%
Kansas and
7
3
206
:
through the Wartime Metals Cor¬
average
1937
1941
:
-
191
86
——iV—
Georgia and North CarolinaIndiana——_i_
255
162
Oklahoma——
Colorado——-:-:
Illinois—
1942
:
404
;;
314
Alaska—.
Arkansas and
1943
1943
Alabama--—-—i——
Dec. 25,
Dec. 27,
Dec. 26,
better record
during the last year.
The
copper
contract
the
sale
to
Metals
.4. Dec.
Week Ended-
VVVVktV
■
tion from making a
V !
-V;vV;'VV.'V vV.-Vvv.'
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadlngs and river ship¬
receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
.
.
Copper
•-
.
State
of the
employment of
clined to abide by an order
FEPC
dur i n g
1943
amounted to about 53,546 flasks
^Production of copper froth'do¬
ments and are subject to revision on
v
♦
railroads involved had de¬
The
vestigate
Production of quicksilver
United
;
in part:
say
/.
matter,
Washington ad¬
the
on
of Jan. 3 said:
vices
;'j,'
;;
..
Press
Associated
Quicksilver
'
^Subject to
data not available.
'
'
HRevised.
:. tVV";
V
—Cal. Year to Date
:
Jan. 1,
Jan. 2,
Jan. 5,
1944
1943
1929
;;
J,Comparable
fuel.
colliery
tExcludes
operations.
revision.
and
increased markedly.
.
reporting
,
Eeehive coke—
"Includes
In
.
896,000
•Total inch coll. fuel860,000
tCommercial production
Byproduct coke—
'
1,185,800
United States total-
United
to
on
^:V;|Vy:.
Jan. 2,
flDec. 25,
§Jan. 1.
Penn.
both'a
with
Chi¬
figures re¬ mittee members he planped to
of Mines re¬ ask the committee to meet in
1943
"
1943
mestic
ores
increased
slightly veal. This compares with produc¬ Washington in the very near fu¬
929,000
796,000 V;
10,000
52,000
917,000 from
1,087,991
tons, valued at tion of 50,846 flasks in 1942. Out¬ ture with representatives of car¬
892,000
764,000
10,000 '7 50,000
851,000
$256,776,000, in 1942, to about 1,- put. in 1943 was the highest on riers and labor organizations.
1,248,700
1,198,700
169,400
342,500
t
090,000 tons, valued at $257,000,- record since 1881. Requirements
"Obviously,"
Mr. ." . Roosevelt
000 in 1943, according to an esti¬
for 1944 will be on
a reduced
wrote,
"in such a complicated
121,700;
20,900
34,800
84,100
156,000
mate
by the Bureau of Mines.
scale, and production is expected structure as. the transportation in¬
coal, and coal shipped by truck from authorized
Manpower shortages kept produc¬ to decline:
dustry
we
cannot, immediately
Week Ended—
—
with 47,420 tons in 1942.
The supply exceeded consumption
during 1943, and industry stocks
compares
staged a marked
in 1940 and 1941,
confronted
185,000 tons, which
Mines at about
supply and price problem. Dur¬
ing the last week the price de¬
clined $10 per flask o£:^7^1b:"
The
publication further,.went
Txfily^lS ^SC!^I^>i:842i00O tl!904,000 tl,860,000 Jl,792,000
days,
advance
is
now
1943
1931
9,300,000 ' 9,141,000
1943
9,520,000
10.500,000
fuel
mine
including
which
silver,
price
Inventor-^
cautious.
as
being kept down.. Quick¬
are
.
Holly of the
H.
William
-
of Cleveland.
centers in measures taken to
in balance. During the last week
%•?'
De,cQi;5'
,
1944
lignite
flnri
Judge Walter
and Mayor Frank J, Lauschq
cago,
naturally
-Week Ended-
Total
dis¬
racial
United States District Court,
jr. Metal Markets," in its issue of Jan. 6, 1944, stated:
"With supplies of various strategic metals accumulating, interest
^
ESTIMATED UNITED
(In Net
of
Stacy,
Judge
"E. & M.
of Mines also
The Bureau
question
crimination.
The members are
Production
If on-Ferrous Helals—Aluminum
:A
,
,
,
.
,
reported that the estimated output of
byproduct coke in the United States for the week ended Jan. 1, 1944
showed a decrease of 62,900 tons when compared with the production
for the week ended Dec. 25, 1943. .The quantity of coke from beehive
ovens decreased .10,000 tons during the same period.
60,327,000 tons.
the
over
of the Supreme Court
of North Carolina, as Chairman;
of 100,000 tons, or 12.6%.
production amounted co
there was, however, an increase
year 1943 the estimated
year ago
Practices
Committee, railway labor organi¬
zations and 16 Southern railroads
P.
■
a
involving
dispute
a
Employment
Fair
the
on
committee to
three-man
a
investigate
week.
for the opening 1943
ing volume compares with $524,000
3
named
Roosevelt
President
Jan.
,
.
For
Racial Lator Bedy;
construction purposes for the
New capital for
production of soft coal
total
The
week totals $133,of $90,832,000 in Federal construction appro-
President Karnes Rail ^
continues
veteran
for
60
days
after
the
has
accepted his first
civilian job. In other words, if he
like the first job, he has
privilege, for 60 days, of seek¬
ing other work.
:■>
I
Volume
THE COMMERCIAL
Number 4246
159
& FINANCIAL CHRONICLE
205
while bituminous coal
was slightly.higher in some areas, and butyl
following the advance in ceiling prices for corn."'
The following notation is made:
During the period of rapid changes caused by price controls,
materials allocation, and rationing the Bureau of Labor Statistics
will attempt promptly to report changing prices. Indexes marked (*),
however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete
reports.v
V4
grading On New York Exchanges
acetate
The Securities and
Exchange Commission made public on Jan. 8
figures showing the volume of. total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
volume
the
of
round-lot
transactions
stock
of
account
the
for
^all
members of these exchanges in the week ended Dec. 24, continuing
a series of current figures being
published weekly by the Commission.
Short sales
are
during the week ended Dec. 18 of
1,580,146 shares, or 17% of total trading of 4,047,760 shares. On
the New York Curb Exchange, member trading during the week
ended Dec/ 24 amounted to 206,710 shares, or 12.79% of the total
volume on that exchange of 808,130 shares; during the Dec. 18 week
trading for the account of Curb members of 248,100 shares was
12.55% of total trading of 988,565 shares.
^/V
Total
Round-Lot
y
Stock
Sales
the
on
y.'Transactions
for
WEEK
;;
'v
-
■
V-4-./
New
Account
ENDED
Short sales_
,
™™„
s
^■
,„L™™„.
mother sales™
r
»
Commodity
Farm
Account ' of
for
Transactions of
they
are
'-/V-
-™„—™™™_;
and
Total sales
3.
™™™
'•
mother sales
•:
Total sales
.
Round-Lot
Total
__
Stock
Sales
on
55,706
15.41
502,770
't,
_
{Other sales:
,
.
B.
,
''
™_„
.
Transactions
Members:
r
• ■
for
the
.
"
1
•
*103.9
*103.9
*103.9
103.9
0 L
113.5
113.4
113.1
110.0
0
+ 0.4
and
100.3
100.3
100.4
99.5
0
—0.1
0.8
104.4
104.4
104.4
104.2
104.1
0
+ 0.2
0.3
0
0
2.9
+ 0.1
+ 0.5
5.2
0
+ 0.2
0.6
—0.1
—0.1
products—
goods
93.0
93.0
93.0
93.0
90.4
*112.3
*112.2
*112.1
111.7
106.7
articles—
92.9
92.5
100.1
*98.9
*97.8
0
*98.9
*
•
-
X-
•
Total purchases
S.
*98.7
98.2
0
+ 0.2
+
*97.8
*97.6
96.2
0
+0.2
+
1.7
''
The
advances,
i
against deductions of $602,793 in 1942.
statement of earnings and expenses
!
'
-
as
v
"v.;
:y:;'LVv-\?'Ll943;-:
.K
Earnings;
.*•,
7,120
801,010
-u™—.8,738,325.32
"
of
v
expenses
Assessment
for
Federal
Total
net
y
—
I—
—
Short sales™—™-™™
L fOther sales
■
Additions
Profit
64,035
of
Reserve
Governors——.-—
4,794,017.64
™~™',
'
Currency_L_-lL_-_y'
'
762,007.20
—_—-XL——
expenses——
net
to
on
earnings
current
net
2,888,091.75
earnings:
sales of U. S. Government Securities-
current
net
'100
"
Total current' net earnings and additions
Deductions from current net earnings.:
': '•
to current net earnings—
\
*'
members)
7,025,426.25
(interest base adjustment)™-;4™^™_—
Reserves for losses on industrial advances—™™-™™™™—™—
13,975
;
279,673.00
system
Retirement
2.01
14,075
?3. Other transactions initiated off the floor—
"
Total purchases———
,
(increased
benefits to
<
^
system
986,400.18
23,440
—__
Short sales
r
.
Total deductions
200
from
current net earnings—
1--™
—
1,266,073.18
21,685
fOther sales,™—
Net
Total sales™^.—
Total
1,430.59
earnings—4,137,334.5C
18,350
^
•
..
purchases—_——.-
Short sales—
Paid United
—
States
Treasury
(section 13B)„_-
50.21
Dividends, paidJU
6,495
99,695
:
Transferred to surplus (section
993,684.20
~±'L
7)
4,765,618.66
*
Total sales——.
C.
Odd-Lot
■
Transactions
ists— ;; '
-'"•v
for
the
,
0
gCustomers' other sales——.
Total
5,759,353.07
of Special•
f,"4 '.V *'V
t
12.79
106,190
.
Account
"...
Customers' short sales™—
''
purchases-
•1
l
Jan.
to
Transferred
from surplus to
Surplus
''■The term
firms
"members"
23,343
V
includes
all
regular and associate Exchange members, their
and
the
tin
Exchange volume includes only
fRound-lot
.rules
short
sales
which
sales. •'.
exempted
are
included with "other sales.'.'
§Sales marked "short .exempt" are
i.
from
' V'V;.
restriction by
the
'
Commission
't:.
are
Dec.
In
their partners, including special partners.
calculating these percentages the total of members' purchases and sales if
.compared with twice the total round-lot volume on the Exchange for the reason thai
:
surplus—-——™
reserves
22,924,752.06
—_;_-;™——™;;_;™—.
included with "other sales.".
■
<'
its
31—
——
statement
of
™-u---_
—
condition
as
of
26,490,370.72
Dec.
included $3,163,199,895 of Federal Reserve notes in actual circulation
markets
S. Department of Labor announced on Jan. 6 that the
LabO'r-Statistics'- index of commodity prices in primary
0.1%
duHii'g- the week
ended Jan. 1 as a result of
higher prices for gra'Ms- ahd^'livestock. The slight advance brought
the all-commodityl:.index! ito 1103.0 % of the 1926 average. The index
is 0.2% higher than at this -time last month. In the past year it has
rose
risen less than 2%:
The Labor
of
wkge
for
in
industrial
70
cler¬
November
rose
cities
sur¬
veyed by the National Industrial
Conference
Board.
in
lower
28
Living
of
the
and remained unchainged
costs
cities,
in 5. of
'v.;
them.
Under
of
date
Dec.
Board also said:
27,
the
"The
.
largest
increase,
1.1%,
Saginaw. There was
in
increase
an
of
1.0%
or
in
more
2 other cities. The largest
decline,
1.5%, occurred in Duluth. In nine
cities
1.0%
or
States
living costs declined
the
For
more,
United
whole, the cost of lhN
irig remained unchanged.
"Living costs were higher this
November / than
in
November,
1942, in all cities for which com¬
as
a
parable figures are available. Sac¬
recorded the largest in¬
during the twelve-month
period with an advance of 5.9%,
ramento
The
smallest
shown
was
in
Fall
River,- where it rose only 0.9%.
The cost of living for the United
States
as
above
whole' stands
a
a year ago,
3.2%
and 20.6%
January, 1941."
$55,717,285 in the capital account.
.
Coykendall Again Heads
Columbia Trustees
Re-election
kendall
of
Frederick
Coy¬
Chairman of the Board
of Trustees
of Columbia Univers¬
ity is announced by Dr. Nicholas
Murray Butler, President of the
University.
Mr. Coykendall, who
the
is
:
as
nineteenth
incumbent
of
the
Gommedity Frioes Advansed I, I % |
During WeekIrsM Jan. I, Labor DepL Reports
of
workers
37
living
lower-salaried
and
1,200,000.00
Wholesale
The U.
in
4,765,618.66
for contingencies—__™_——.
31, 1943, the Reserve
Bank reported total assets of $5,5.88,042,012, compared with resources
of $4,753,969,031 at the end of 1942." Total deposits in the current
statement are given as $2,157,766,279, consisting of
$1,943,250,348 in
the member bank-reserve account, $56,515,396 in the U. S. Treasurergeneral account, and $158,000,535 of other' deposits. Other liabilities
and
Bureau
ical
of
cost
higher than
1—_^™_
Transferred
38,968
7)
.38,968
—
——
SURPLUS ACCOUNT (SECTION
•
■
Surplus
r.'t
—
Total sales
The
earners
crease
100,520
—
—
,"vfOther sales
5,759,353.07
Distribution of net earnings:
-
i.,
earnings
2.80
21,885
Total—
in
money
other
to
Retirement
-
4,135,903.91
—
additions
'"
4.
the
Living Costs Up In
5,850,233.57
additions
Total
—™_
Total sales
\
rel¬
37 Industrial Cities/
294,208.73
!_•
:
7.98
,70,230
•
™.
™_™_—™__:
but
a
of
of peo¬
savings and
loan institutions are building up
/their holdings by periodic addi-
with
occurred
Current
58,730
—_™—_
institutions,
proportion
,
—————y
Board
.
'.
these
individuals and to institutions, i
were
Expenses:
'6,195
.—________—
Total purchases
is
re¬
income
'
-
Other transactions initiated on the floor—■
.*.
of
holders
full number of dividend payments
to
bank's. comparative
follows:
-
.
Cost
™—™
Total sales„™.
2.
it
amount
the
paid out in cash
atively/small
j
industrial
on
Other
■'r-
in
shares
0.7
Government
\%
/
'>; h
;_,,-™™
Short sales
fOther sales™
';.
is
the
to
such transactions count for
*98.9
*97.8
half
About
turn
0.2
; earnings
had,"
indicated
:?•
■
are
they
have
Mr, Bodfish pointed
out. "Along with these new in¬
vestors of the past six months are
an
equally
large group
which
have been
receiving .such divi¬
dends
for
the
past
twenty or
twenty-five years."
3.2
100.3
allied
0
;
thou¬
receiving this
hundred
several
persons
association
3.4
*103.9
products-
they are'registered—
-
,
+ 0.6
*100.4
1. Transactions of specialists in stocks in which
,
o
93.1
of'
Account
79.9
*100.4
808,130
Total sales—™-™™'-™—™™™'™;--™™-
Round-Loir
82.1
materials
Operating
:*
"82.6
93.1
•:
Total for Week
.
,
_
*82.6
113.5
metal
materials
losses
the,New York Curb Exchange and Stock
r
"Easily
0.5
*82.6
nearly all ($4,135,904) representing profits on sales of
securities, and compared with additions in 1942
of $386,849, of which $378,311 was profits on securities. The total
deductions from current net earnings in 1943 were $1,266,073, incident
to requirements "under the retirement system and the reserve for
447,070
———--
A.4TotalRouha»Lot;Sele5L
1|.
Short sales!
L™'™_™!™™
0
*100.4
U.
575,246
-V":./L; Transactions for Account of. Members* (Shares)
*•>"?; ? G ' -i>
..'WEEK ENDED DEC. 24, 1943
*
0
$4,137,334,
'
:™i—.
_™„_
2.75
101,500
.™™4„—l-™-™-
Total purchases—™„™,
Short sales™™'™™™™----:™-4;™™™—»
.
4.96
16,350
,
96.7
of
in¬
are
'
91,030
-
97.2
before
Chicago reports for the calendar j tions to the sum, and are receiv1943 net earnings of' $5,759,353, as compared with $1,197,161 in ing their dividends semi-annually
1942. Total earnings for the year just ended were $8,738,325, against
as credits on the share accounts,
$6,590,508 in the previous year. Operating expenses in 1943 were just as the majority of the men
$4,794,018 and total net expenses $5,850,233, leaving current net in service.
//v - ' earnings at $2,888,092.
In 1942 operating expenses amounted to
$4,186,456, total net expenses were $5,177,403 and current net earn¬
ings $1,413,105. Total additions to current net earnings in 1943 were
85,150
-i
97.2
percentages
ever
year
146,660
fOther sales™—™™—;™—U™4™™_
.
97.2
to
reserve
Dec. 31 the first savings and loan
0.4
97.2
due
upon
larger
than
sand
0.9
+ 0.3
emphasis-
of
rates
associations
vested in Government bonds."
5.8
—0.5
0
The Federal Reserve Bank of
6,700
Short sales™_™™™_™™™™_™.__™.,™-
4. Total—
+ 0.2
—0.6
118.4
Chicago Reserve Beak Nel $5,759,353 In 1943
7.70
139,960
—;
:Total sales
+ 0.1
104.2
117.5
the
that
assets
ple
200,580
_____
purchases
115.4
105.6
in spite of
The much greater number
Other transactions initiated off the floor—
Total
121.8
117.9
Thus the total
up,
positions and to lowered earnings
now
1.8
105.7
lighting materials—
'"Preliminary,
'
._.™_
of
greater
1943
+
32,650
—™_™^44_„_™™. '■
JOther sales™
f0.2
221,960
™™_.
*
" 1943
121.8
93.1
283,630
254,610
1943
+0.1.
117.9
All; commodities other than
'farm products and foods
Total purchase&i.-™_™™™™_™;™™_™_™.:
Short sales
,
'
':.v
1-2
1943
101.2
Manufactured products——
*100.3
111" commodities
other
than
specialists in stocks in which
2. Other transactions initiated-on the floor—
1943-
105.7
vJiscellaneous commodities
Raw
registered—
;_™.1^*
Short sales-™™™™™™™™™-™.;.-™™..
$Other sales„_..™™™™.:™4™_
.™__™
12-4
1943
122.0
...farm .products
\ Total sales
t
_
12-18
1943
117.9
:
Housefurnishing
.
Mem-
Total purchases
"
//
:
increase
dividend
lowered
some
Jan.l, 1944 from—
12-25
12-4
1-2
122.1
-™
products—
products
Building
Except for the Odd-Lot Accounts of QddLot Dealers and Specialists:
+
• >';
1.
12-25
1944
*103.0 *102.9 *102.9 *102.8
leather
VTetals and
bers,
•
:
said,
■
105.1
and
Textile
3,497,540
Transactions
-j
-
substantial
went
the
Percentaga changes to
,1-1
groups— '
Semimanufactured
i
'
-
,
;■- A'
v'' V
products
aides
3,423,050
Total sales
Round-Lot
"
Foods
Jhemicals
'
(1926=100)
;
y
.
mid-years, is noted
a
distribution
ever
17o
v..
.
,
•'
,
All commodities
,
Fuel
iyy..ry
74,490
...
•
:i v'-'iV:vX'^;':L '
\+ • ,;v
—
.
^y-'y'y
Total for Week
'
•
V
24, .1943
*.
Total Round-Lot Sales":
A.
DEC.
'.v-.V,
■
(Shares)
Members'*
of
„.
.
'
and Round-Lot Stock
Exchange
Stock
York
t
..
with member trading
of
Mr, Bodfish
.
compares
that
because of
in the share capital of these insti¬
tutions during the past six months,
separately from other sales in these figures., *
The following table shows index numbers for the
principal
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Dec.'24 (in round- groups of commodities for the past 3 weeks, for Dec. 4, 1943 and
Jan. 2, 1943, and the percentage changes from a week
lot transactions) totaled 1,078,010 shares, which amount was 15.41%
ago, a month
of the total transactions on the Exchange of 3,497,540 'shares.
This ago, and a year ago:
•
;
shown
with
rose
;
>*■"r.Hrd:;-
S- :j\y
Department's announcement further said:
lis
Tola! $73,3 Hen In Last Half Sf 1143
The
semi-annual
•
distribution
of earnings
by savings and loan
associations and cooperative banks has been completed with dividends
totaling approximately $79,500,000 being paid by these institutions
located all over the country. This was pointed out on Dec. 26
by
the United States Savings and Loan League,
Chicago, nationwide
organization of the business, through its Executive Vice-President,
Morton Bodfish.
.
-
<*>
—
,
Thousands
of -the
recipients of
build
up the funds available for
"Farm Products and Foods—-In the farm products group, higher
the dividends are members of the their desires when mustered out.
prices for rye, wheat, and cotton, for hogs and steers, and for white
armed
From the League's announce¬
forces, many of whom
potatoes more than counterbalanced sharp declines in prices for eggs,
have been adding to their share ment we also quote:
apples, citrus fruits.-and sweet potatoes with the result that the
accounts regularly out of their
"Combined with the dividends
group index advanced 0.1%.
service pay, and many others of paid on July 1, this last half"Average prices for foods in primary markets dropped 0.6% whom already had substantial ac¬ year's melon
cutting by the thrift
because of marked declines in prices for fresh fruits and vegetables, counts before
they went away. In and home financing institutions
and for eggs.
Higher prices were reported for cottonseed oil, as a majority of the cases where will
bring their total distribution
ceiling prices were adjusted upward by OPA.
dividends are paid to these men. for 1943 up to
$150,000,000. An in¬
"Industrial Commodities—There were few changes in industrial it was stated, /hey were credited crease of some
$8,250,000 in the
commodity markets during the week. Sheepskins and rosin declined, on their share^ accounts to help current
disbursement, compared
Chairmanship since Columbia
founded in 1754 as King's
College by grant of George II of
England, enters upon his' twelfth
term,' In 1933 he succeeded Gen¬
was
-
William
eral
who
died
in
of service.
of
after
Parsons,,
15
>
;
Marcellus
class
Barclay
1932
years
+■■
/'
Hartley Dodge of the
1903
and
trustee
a
since
1907 has been elected clerk- of the
Board
term.
of
Trustees
bia.
George
class
of
1935
was
1903
his
22nd
Members
were
history of Colum¬
E.
and
elected
for the 6th
tees
for
Mr. Dodge is the 12th clerk
in the corporate
Warren
the
since
associate
clerk
time.
of
of
trustee
a
;
,
Standing Commit¬
chosen
as
follows:
Education,
Ward
Melville;
Buildings and Grounds, Joseph
Grace; Finance, Albert W. Put¬
nam; Honors, Willard V.
King;
Legal Affairs, John G. Jackson.
P.
Credits For Sales Of
Daily Average Grade Oil Production For Week
Securities In Fourth
Ended Jan. I, 1944 Decreased 5f280 Barrets
Of
By Subsidiaries
Finished Steel Shipments
Corporation Higher In December
U. S. Steel
Thursday, January 13, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
206
The American Petroleum Institute estimates that the daily aver¬ War Loan Drive
steel products by subsidiaries of the United age gross crude oil production for the week ended Jan. 1, 1944, was
Attention is called by Allan
States Steel Corporation in December amounted to 1,719,624 net tons, 4,357,300 barrels, a decline of 5,200 barrels per day from the pre¬
Sproul, President of the; New
an increase
of 59,030 tons over the preceding month. As compared ceding week, and 67,800 barrels less than the daily average figure
York Federal Reserve Bank, to
with December, 1942, when shipments were 1,849,635 net tons, last recommended by the Petroleum Administration for War for the
advices recently received from the
month's total recorded a decrease of 130,011 net tons.
month of December, 1943.
The current figure, however, was 486,- Treasury by the Reserve Banks
700 barrels in excess of the daily average crude oil output for the
For the 26 working days in December the daily average ship¬
regarding the rules which will
Daily production for the four weeks end¬ govern the geographical distribu¬
ments were 66,139 net tons. ' This compared with 63,689 net tons per week ended Jan. 2, 1943.
ed Jan. 1, 1944 averaged 4,365,100 barrels.
Further details as re¬ tion of credits for sales of secur¬
day in November, 69,037 net tons in October, and 68,505 net tons daily
ported by the Institute follow:
in December, 1942.
ities during the Fourth War Loan
The following is a sum-'
The December deliveries brought the total of shipments for the
Reports received from refining companies indicate that the in¬ Drive.
full year 1943 tb 20,244,830 net tons, which represented a decline of dustry as a whole ran to stills on a Bureau of Mines basis approxi¬ mary of the rules established by
370,307 tons from the all-time peak deliveries of 20,615,137 tons for mately 4,453,000 barrels of crude oil daily and produced 13,192,000 the Treasury, as made available
on Dec. 20 by Mr. Sproul:
1942.
barrels of gasoline; 1,557,000 barrels of kerosine; 4,575,000 barrels
"In the absence of a specific re¬
in the table below we list the figures by months for various
of distillate fuel oil, and 9,141,000 barrels of residual fuel oil dur¬
quest for
allocation elsewhere,
periods since January, 1929:
1939
1929
1940
1941.
credit'for sales of 2xk% Treasury
1942
ing the week ended Jan. 1, 1944; and had in storage at the end of
1943
1,364,801
870,866
1,145,592
1,682,454
1.738.893
Bonds of 1965-70, 2^4 % Treasury
1,388,407 that week 76,302,000 barrels of gasoline; 9,474,000 barrels of kerbJanuary
1,685,993
747,427
1,009,256
1,548,451
1,616,587
-
Shipments of finished
—
1,691,592
February
March
1.772,397
,
———
—
May
June
__
1,660,762
1,704,289
1,664,577
July
_yv_.—L
September __—_v
August
November
December
Total
771,752
1.617,302
1,745,295
1,668,637
1,666,667
1,753,665
1,664,227
1,084,057
795,689
1,701,874
1,209,684
1,296,887
1,455,604
607,562
1,529,241
745,364
885,636
1,086,683
1,345,855
1,406,205
1,480,008
1,500,281
1,262,874
1,333,385
1,110,050
1,443,969
931,744
1,703,570
1,787,501
1,665,545
1,849,635
1,392,838
1,846,036
1,572,408
1,425,352
1,544,623
14,976,110
1,851,279
1,624,186
20,458,937
__™_
"449,020
*42,333
37,639
—
20,615,137
20,416,604
15,013,749
.
—
'
V.
11,752,116 16,825,477
*12,827
11,707,251 16,812,650
*44,865
Oklahoma
shipments as currently
NOTE—The monthly
sub¬
will be compre¬
reported during the year 1942, are
North Texas
York
Stock Exchange Higher On Dec. 31
■v
_
'•
i"
industrial groups
$38,811,-
520,500
1,892,700
78,300
93,150
275,500
275,500
223,000
353,800
316,150
11,800
—•Nov. 30, 1943
511,347,113
3,954,881,877
32.76
Aviation-
563,815,051
15.96
Building.
546,473,186
457,990,591
3,663,731,068
532,645,161
518,097,375
373,522,260
5,701,520,532
1,515,844,224
713,393,492
900,036,595
22.07
26.29
Amusement.
——_
Automobile—
Business and Office
Chemical
418,503,956
62.34
782,777,276
57.21
957,855,284
—.
Electrical Equipment.
Farm
32.52
5,930,863,928
1,605,450,249
' —
~
19.17
Equipment.
—
Machinery—
Financial—________
Garment
Land
&
39.24
30,167,237
24.95
60.18
registered owners, through sort¬
ing operations regularly conducted
6,600
50,250
59,300
by
700
89,250
85,750
and the Treasury
20,450
22,550
44,200
—
85,400
—
20,350
7,350
RESIDUAL
(Figures in
32.86
560,805,159
53.04
516,869,990
48.88
96,047,301
17.41
87,046,237
15.78
14,060,912
8.15
12,957,459
7.51
ana
Louisiana
1,144,167,337
42.02
2,224,385,638
21.58
20.73
Utilities:
,
1,175,076,790
Communications——3,634,438,882
86.61
2,136,973,809
1,035,588,947
3,571,091.569
113,405,233
15.38
105,064,860
14.25
Gas &
Gas &
Electric (Operating)—.
11.93
Electric (Holding)—--L_.
Utilities:
Miscellaneous
tial
33.65
44.20
was
ordered shut down
only being
labor needed to
the calendar month.
SGasoline
Crude
Capacity
Runs to Stills
Poten¬
29.72
1,203,714,737
other fields for which
Rate porting
District—i
Daily
% Re-
""
-
fineries
Includ.
% Op- Natural
Average erated Blended
tStocks
Finished
and Un-
finished
Gasoline
tStocks tStocks
of Gas
of ReOil and
sidual
Distillate
Fuel
Fuels
Appalachian—
y
The Fourth War Loan
be conducted from
25.34
146.858,869
25.02
Rocky Mountain
District No. 3—
45,101,778,943
30.33
District No. 4
and
the average
price of
of the total market value
stocks listed
on
Average
Average
Market Value
Market Value
Price
Price
'
$
1941—
Nov.
29
Dec.
31
.—
-
-
$
37,882,316,239
25.87
35,785,946,533
24.46
Jan.
Mar.
Apr.
30_
May
..
29
July
38,811,728,666
$
26.39
1943—
30..
41,410,585,043
43,533,661,753
28.16
29.61
Feb.
27_.
24.02
Mar.
31—
45,845,738,377
31.20
30-
46,192,361,639
31.45
3131
Sept. 30—
Oct...
31—
Nov.
30—
Apr.
___
—
™
™
—_
31,449,206,904
32,913.725,225
21.41
June
30..
48,437,700,647
48,878,520,886
32.96
22,40
33,419,047,743
—
....
22.73
July
31_.
47,577,989,240
32.17
34,443,805,860
34,871,607,323
23.42
Aug.
31_,
47,710,472,858
32.04
35,604,809,453
37,727,599,526
37,374,462,460
May
29_.
of
basis Jan. 1, 1944—
U.
S.
B.
Tot.
U.
S.
B.
basis Dec. 25,
U.
S.
Bur.
of
basis Jan. 2,
24.70
22.36
30
Aug.
V:-.
35,234,173,432
_
31
June
31_.
S
36,228,397,999
31
28
Dec.
Jan.
1942—
Feb.
1942—
33.27
23.70
Sept. 30—
48,711,451,018'
32.82
24.20
Oct.
30—
25.65
Nov.
30_.
48,178,040,869
45,101,778,943
30.33
25.41
Dec.
31—
47,607,294,582
31.96
32.44
of M.
1943-
42,431
and
in
description Of the securities
43,791
the
86.4
4,185
3,716
request of the Petroleum
lines.
.v.
57,596
Freer Heads FTC
'4,827
Mines
1943—
unfinished,
pipe
given in these
25, page 2137.
57,330
)24
Robert
472
44,833
72,672
Administration for War. tFinished, 65,569,000
tAt refineries, at bulk terminals, in transit
barrels of kerosine, 4,575,000 barrels of
gas oil and distillate fuel oil and 9,141,000 barrels of residual fuel oil produced during
the week ended Jan, 1, 1944, which compares with 1,449,000 barrels, 4,457,000 barrels
and
8,689,000 barrels, respectively, in-the preceding week, and 1,366,000 barrels,
4,079,000 barrels and 7,240,000 barrels, respectively, in the week ended Jan, 2, 1943.
Notes—Slocks of kerosine at Jan. 1, 1944 amounted to 9,474,000 barrels, as against
10,129,000 barrels a week earlier and 9,972,000 barrels a year before..
District No. 1 inventory indices are: Gasoline, 42.5%; kerosine, 50.3%; gas oil,
84.1%, and residual fuel oil 68.0% of normal.
*At
barrels;
A
will
Jan. 18 to Feb.
be offered was
columns of Nov.
California
Tot.
the Exchange:
15.
to
790
Drive has
goal of $14,000,000,000 and
Okla.,
31.96
compilation
sales will
throughout the coun¬
a
47,607,294,582
year
requesting al¬
for
try."
19.58
We give below a two-
procedure established by
Treasury
Ind.,
20.95
v
the company is
situated.
District No. 2
792,207,331
—
which will be
county in which
the head office of
be uniform
District No. 1
712,658,671
All Listed Stocks
credited to the
locations of credits for
Arkansas
and Inland Texas—
21.07
Operating Abroad—.
county or counties other
any
"The
-
21.92
Cos.
to
the
North
Gulf,
745,575|737
S.
subscription), be allocated
time of
10.81
85.13
The Treas¬
has provided a procedure
whereby credits for sales during
the drive may, at the request of
the subscriber (but only at the
ury
•
•Combin'd: East Coast,
Texas Gulf, Louisi¬
Foreign Companies™
852,733,543
Miscellaneous Businesses—148,749,782
U.
their funds are located.
insurance company,
Production
at Re-
pally Refining
27.9 L
31.96
Tobacco——
:
19.82
454,175,676
the
natural
OF GASOLINE; STOCKS OF FINISHED than those to which such credit^
OIL AND DISTILLATE FUEL AND
would normally be given, as indi¬
FUEL OIL, WEEK ENDED JAN. 1, 1944
cated above. However, no alloca¬
Thousands of barrels of 42 Gallons Each)
Figures In this section Include reported totals tion of credit may be made in
plus an estimate of unreported amounts and are
respect of a subscription by ah
——therefore on a Bureau of Mines basis
.
2,037,826,751
5,200' 4,365,100 3,870,600
shown above, represent
week ended 7:00 a.m. Dec. 30, 1943.
on a 31-day basis and
With the exception of
21.64
34.42
—
of the Treasury
requested
that
transfers of funds be avoided in
entering subscriptions, since such
transfers
are
disturbing to the
money market. Purchasers of se¬
curities should enter and pay for
their subscriptions through bank¬
ing institutions or other issuing
agents in
the localities where
especially
RUNS TO STILLS; PRODUCTION
AND UNFINISHED GASOLINE. GAS
5.53
40.28
770,000
amounts of condensate and
do hot include
21.96
41.58
792,700
no
CRUDE
29.47
;
4,357,300
state allowables, as
Nebraska figures are for
27.24
Shipping Services
Steel, Iron & Coke
2,103,647,325
■Textiles———; 491,137,704
3,100,600
6,000
+
798,500
Reserve Banks
Department.
"The Secretary
-
5,976,678,312
_LL__3,542,806,110
Merchandising——
2,598,073,859
Rubber
3,572,400
Federal
the
has
definite dates during the month being specified; operators
required to shut down as best suits their operating schedules or
operate leases, a total equivalent to 9 days shut-down time during
^Recommendation of Conservation Committee of California Oil Producers.
days,
Petroleum
Ship Building & Operating
112,900
—11,200
3,558,800§808,000
6,500
93,350
the net basic allowable as of Dec. 1 calculated
Includes shutdowns and exemptions for the entire month.
several fields which were exempted entirely and. of certain
shutdowns were ordered for from 3 to 12 days, the entire state
Railroad-
35.67
7,100
450
+
112,900
110,600
recommendations and
tOklahoma, Kansas,
21.95
Retail
;
production of crude oil only, and
gas derivatives to be produced.
9
ac¬
addresses of the
the
16,300
4,425,100
Total United States
for
will
77,000
18.03
5,649,528,182
3,349,981,675 v-y
2,450,865,016
and by certain radio stations
be
credited geographically
70,500
110;600
California
1,354,525,174
489,959,404
21.41
15,700
23,100
808,000
1,606,669 432
_.
12,750
600
3,617,100
Total East of Calif.
23.32
Machinery & Metals—
Mining (excluding iron)
Paper & Publishing
1,450
4,250
7,000
54.46
:
254,600
+
23,500
Mexico
37.06
1,512,681,747
1,293,088,481
453,369,461 vy
v
214,550
+
57,000
_
27.61
___
—
100,000
232,807,375
Leather
56,85Q
4,950
—
,
72^950
31.67
26,902,347
229,651,235
6.20
.
15.08
79,200
47,250
bonds directly by
22,600
42,106,264 > V 25.18
26.25
43,901,859
_■
——
Realty'
30.39
,,
is situated, with certain
exceptions. Sales of such
the Federal Re¬
serve Bank^, by the Office of the
Treasurer of the United States,
minor
77,000
——
2,963,335,731 Vv< i 35.40
36.96
3,095,959,157
Food——.—
19/77
.
to
cording to
Ind.
Colorado
Market Value Av. Price
75,000
oo
750
—
208,600
JThis is
31,1943—
sales of Series E
Bonds will be given
the county in which "the issuing
for
"Credit
War Savings
25,500
Montana
y.r/ ■%'
owners.
y
Wyoming
for each:
j
+
46,700
14,400
(Not incl. 111.,
J
and Ky.)
New
given to the counties indicated by
addresses of the registered
the
agent
79,600-y
77,891
215,000.
:
Michigan
classified by leading
with the aggregate market value and average price
:
3,700
353,550
48,000
Kentucky
table listed stocks are.
-—Dec.
..
+
1
76,900
panies credit will be given to New
York City; and credit for sales of
United States Savings Bonds of
Series F and Series G. will be
1,376,350
375,700,
353,700
___
Indiana
:
177,500
___
—
Illinois
the Stock Exchange further said:
Dec. 31, 1943, New York Stock
Market Value Av. Price
290,800
____
Mississippi
*P.A.W.
:rVy-V'V;IV.y+y
101,300
350,600
.
520,500
,
total net borrowings
following
123,950
.365,250
78,050
______
North Louisiana
total market value."
the
:
•
Arkansas
138,600
206,750
3,700
+
1,898,400
1,892,000 tl,888,938
non-banking corpo¬
insurance com¬
for account of
311,100
•
In
143,400
354,400
290,800
••
Wl0§M:-
Total Texas
amounted to $682,773,543 of
which $448,558,470- represented loans which were not collateralized
by U. S. Gov't, issues. The ratio of the latter borrowings to the
market value of all listed stocks, on that date, was, therefore, 0.94%.
As the loans not collateralized by U. S. Gov't, issues include all other
types of member borrowings, these ratios will ordinarily exceed the
precise relationship between borrowings on listed shares and their
Exchange member
/
143,400
i
-r
Eastern-—
close of business
the
r
—
Total Louisiana
making public the figures,
of
Texas
Coastal Texas
This compares with 1,235
aggregating 1,486,877,195 shares, with a total market
$45,101,*778,943 on Nov. 30 and with 1,238 stock issues,
"As
90,500
126,900v
>:
728,666 on Dec. 31,1942.
In
•
368,000
with a
with a total market value of
2,850
94,000
——
.
_________
Coastal Louisiana
aggregating 1,470,502,630 shares,
288,350
1,600
appear¬
ing on the subscription forms re¬
ceived by the Federal Reserve
Bank of New York, except that in
the case of subscriptions for such
issues entered in New York City
rations other than
94,400
■>
Central Texas—
Southwest
issues,
of
270,200
100
354,400
announced on Jan. 7 that as of
business Dec. 31, 1943, there were 1,237 stock issues
the Stock Exchange,
4,150
—
tl,500
East Texas
Stock Exchange
aggregating 1,489,367,030 shares listed on
total market value of $47,607,294,582.
1943
354,000
v..1265,750
—
Panhandle Texas——
MarketValue Of Stocks On New
value
269,800
1,500
'
East
stock
f327,150
Jan. 2,
1944
purchasers
of
addresses
Week
326,800
'
—
'315,000
ings Notes, Series C, will be given,
the counties indicated by the
to
1,900
Week
•1944
285,000
-
-
Jan. 1,
Previous
Jan. 1,
Begin, i.
330,000
__
West Texas
The New York
■r
H Dec. 1,
—
Kansas
adjustments reflecting annual tonnage reconciliations. These
cumulative yearly shipments as stated in the annual report.
of
December
Series
Ended
Ended
from;
.Ended
able$ \
Recommen¬
\
4 Weeks ;
Change
Week
Allow--.
a
BARRELS)
Actual Production
♦state
♦P. A. W.
-
■
of
Certificates
the East Coast.
PRODUCTION (FIGURES IN
CRUDE OIL
DAILY AVERAGE
hended in the
the close
reflect conditions on
whole, and do not
Nebraska
;*i)ecreas&>.{^;+.y
ject to
fuel
residual
%% Treasury
Indebtedness of
A-1945, and Treasury Sav¬
1956-59,
of
Bonds
of
barrels of distillate fuel, and 57,330,000 barrels
oil.
The above figures apply to the country as
sine; 42,431,000
dations',',
21,064,157
adjust.—
Yearly
907,904
20,244,830
by mos.
Total
931,905
1,687,674
1,788,650
1,794,968
1,660,594
1,719,624
October
1,605,510
845,108
1,720,366
1,834,127
1,774,068
1,765,749
1,552,663
_
1,780,938
1.758.894
%
1,630,828
1,706,543
April
10,733,000 barrels.
§Not including 1,557,000
member
E.
Freer,
the
of
since
Commission
Chairman
Jan.
1
for
the system
a
of
the
the
Republican
Trade
Federal
1935,
became
Commision
year
1944,
on
under
of rotating the Chair¬
manship among the five members
annually.
This
is
Mr.
second term as Chairman.
Freer'k
Volume
Number
159
THE COMMERCIAL & FINANCIAL CHRONICLE
4246
Revenue
Freight Gar Loadings Durieig Week
Ended Jan. ly 1944, increased 2j I OS Gars
<
•
,
'>* Loading of
totaled
on
This
was
#n
1943 of 22,301 cars, or
1942 of
33,060
*6,334
'
215
carload
Coal loading amounted to 147,221 cars, an
*
1943.
^corresponding
Norfolk Southern
increase of 131
cars above the
Live- stock loading amounted to
//
above the
preceding week, but
'corresponding week in 1943.
decrease
below the
cars
decrease of 18
a
1, totaled 7,793
preceding week, and
cars
—
7,144
totaled
29,788
below the preceding week but
cars
above the
loading
cars,
—
72
same
week
2,047
mills
were
324
373
532
.323
3,114
2,958
3,327
2,948
4,031
production.
22,085
24,554
13,969
14,839
19,938
143
21,001
9,549
8,809
86
191
601
694
248
128
121
381
324
3,041
3,802
1,249
4,003
.
2,467
567
2,456
689,
above the
preceding week but
increase of 411
an
decrease of
a
1,747
increase of 840
an
7,432
6,949
19,674
18,229
493
403
554
703
756
93
91
95
754
672
97,479
94,749
105,850
95,885
93,344
:■;!:/:
Compared to the average corre¬
sponding week of 1935-39, pro¬
12,211
duction
—
—
/
.
District-
13,415
12,379
11,170
2,150
1,974
2,203
2,899
2,828
16,366
17,492
9,309
8,223
3,316
3,574
3,119
894
in
creases
1943, except the Southwestern.
All
9,280
396
522
158
156
260
37
41
1,943
4,384
7,376
1,685
3,847
8,535
1,352
4,661
2,026
1,718
2,638
2,480
8,137
4,501
3,472
——_
72
63
67
450
432
1,597
1,229
1,841
2,467
2,794
70,509
68,587
74,333
54,884
51,672
.
•
*
—„
——
—
1943
2,611
RECEIVED
FROM
Connections
Arbor—238
232
1942
;
1944
1943
Peoria & Pekin Union
Delaware & Hudson
Detroit & Toledo Shore Line
482
458
2,005
101
112
532
731
11
510
48
6
1
1,688
1,740
1,711
4,032
2,590
99,503
97,930
Total
;
.....
—
.....
548.'
.
Southwestern
101.109 '
v
82,952/
"78,135
:
District—
Burlington-Rock Island
Mainfe Central.——
151
118
2,058
1,247
1,085
13,411
2,044
1,950
3,061
2,937
5,534
263
2,022
21
38,609
39,856
10,756
44,786
17,136
853
2,297
13,016
15,710
2,176
14,246
7,704
1,176
5,899
.
Rutland—'
Total
1,470
4,449
3,981
5,776
6,956
482
238
568
9
;
266/
15
359
617 //
•
238
204
763
1,986
2,792
202
477
720
701
4,379
5,291
10,403
10,666
3,763
4,497
4,055
3,431
4,236
125,685
142,422
/ 198,059
901
Kansas City Southern
4,725
4,678
2,732
2,126
2,386
last
Louisiana St
Arkansas——..——
2,882
3,944
2,165
2,286
1,826
Litchfield & Madison
Midland Valley——————
231
223
327
be
1,057
901
791
552
678
349
320
Missouri & Arkansas——..
121
94
137
309
Missouri-Kansas-Texas Lines
Missouri Pacific...
4,805
4,410
4,077
14,908
16,392
14,797
:
Total——*
Note—Previous
65
119
264
197
7,859
6,532
6,432
2,733
2,671
5,327
4,869
11,055
10,678
6,897
4,073
4,185
ing
4,885
3,962
3,829
5,842
5,731
The
73
100
62
28
26
88
/'
10.3
16
...
.
Buffalo Creek &
613
682
534
1,002
924
28,854
33,657
23.8S4
2,655
3,087
1,118
1,963
301
334
386
2
4
'
1,416
Central R. R. of New Jersey———
i--—
.
1,749;
4,934
6,465
18,353
541
514
508
51
163
/A:: 266
172
Cumberland & Pennsylvania—
Ligonier Valley
1.603
5,358
Cambria & Indiana
Cornwall—.—
Y/J 6
■■,-/■
/:/•://
5
17,320
/
49
r—
9
9
141
/,
114
148
33
53
968
•
;
713*
703
3,022
1,343
1,239
1,482
2,241
64,877
58,518
69,548
53,900
48,001
11,493
10,294
13,544
24,640
22,256
Union
18,403
20,411
19,943
3,480
4,715
—
Total
3,436
-—
;
144,350
2,907
133,935
3,857
155,877
12,803
144,514
District—
V
2,032
10,004
132,135
Virginian
..
us
from the National
The members of this Association represent 83%
of the total in¬
dustry, and its
program includes a statehient each week from
member of the orders and production, and also a figure which
the activity of the mill based on the
cates
time
each
indir
These
operated.
figures are advanced to equal 100%, so that they represent the total
industry.
;
1 <
•
-
20.836
17,011
20,799
8,768
8,235
19,233
6,247
4,159
1,895
./
■
Production
Orders
■
Orders
Tons
Received
1943—Week Ended
Oct.
Oct.
9—
V
41,386
44,191
16,910
15,690
the
in
our
grateful nation
a
privilege of sendgood
uncomplaining
American
our
gallantry
soldier
of
sailor
and
widely
more
"We cannot wish you a
We can salute
Oct.
16—
23
Oct.
30———
Nov.
;/'
J
6
Christmas
to
sent
Nov.
er-in-Chief
Dec.
Tons
/
;// /:./
Current Cumulat
'
589,417
94
./■ 93
595,257
95
93
Jan.
94
93
at
/;
>
Notes—Unfilled
not
necessarily
on Jan. 3 at his
Saybrook Point, Conn.,
age of 76.
Mr. Daniels
in
the
93
93
served
93
93
1923
608,893
95
93
1918-19.
146,286
//
142,136
587,715
578,434
94
;/
:■:•;// 91' /
93
:/!.- 93
602,789
95
93
93
orders of
on
and
equal
600,323
148,431
589,659
96
93
he
136,120
569,689
87
93
Daniels
92,328
589,815
63
93
the unfilled
unfilled orders.
orders
at^the close.
Compensation for
delinquent
I
from
its
1914
Chairman
1923
to
1940
to
in
he
Transportation at
1892
to
1911
was
Professor of Political Economy at
Princeton University, from which
148,826
reports, orders made for or filled from stock, and other Items made necessary adjust¬
ICC from
From
and
139.654
week, plus orders received, less production, do
the
was
Professor of
was
Yale
96
the prior
professor
University, died
608,782
,
,
emeritus of transportation at Yale
had
Public
1
ments of
Commission and
home
588,399
148,293
93
146,662
—
States
Chairman of the Interstate Com¬
merce
97
121,212
—
United
Winthrop More Daniels, former
119,487
18-
25-
the
W. M. Daniels Dies
Percent of Actlvl
587,324
134,959
—
of
Fleet, and others.
579,800
149,803
—
also
were
Secretary Stimson, Secretary
Knox, Admiral King, Command¬
147,467
4
11
messages
we
recov¬
the Nation's armed forces
143,686
126,726
!—
27—
Dec.
your
by
149,295
__
you—
pray—and
May God speed
ery."
172,441.
13———
20_
can
do:
144,413
——_
—
Nov.
do. We
we
152,479
147,883
Nov.
Merry
Christmas.
and
New
served
York,
graduated
was
a
Utilities
Jersey
as
a
New
in
1888.
member
Mr.
of
the
Commission
from
.
wishes.
in his quiet, patient, battle against
illness and aching wound, is no
less epic than his uncompromis¬
148,574
——
Oct.
.
Remaining
HHv "'?V'1 j'y'-y-
Tone
2
1,935
46,455
land
Christmas
you
Unfilled
/ /
5,520
3,539
at
will
,
.
1944—
4,061
Norfolk & Western
•!.
24,341
;V 18,053
Chesapeake & Ohio
Total—
•-/,!.-;
by
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
Dec.
Pocahontas
52,726
on
you
/
ing gallantry in his
We give herewith latest figures received
Dec.
(Pittsburgh)
Western Maryland
54,896
Weekly Statistics Of Paperboard Industry
2,568
Pennsylvania System—
Reading Co
Penn-Reading Seashore Lines
52,752
revised.
22,232
2,042
Gauley^i^i—ili-U—
Long Island
year's figures
58,901
this
to
On behalf of
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
33,246
—
58,399
—
Through
victory."
ac¬
na¬
raised
of Christmas
peace
I welcome
28
19
be
Following
is | tne
President's
the ill arid wvounded[:; /
6,800
...
Period
Akron, Canton & Youngstown-
great
heralded fight against the axis.
Allegheny District—
Bessemer & Lake Erie—
the
message to
46
t
Day.
restored
certain
6,348
,
——
Weatherford ML W. & N. W.
the
2,656
—
Wichita Falls & Southern
!'!;/ '/ /-
Baltimore & Ohio
of
a sense
before
will
prayers
Christmas
4,684
12,213
Quanah Acme & Pacific——..
St. Louis-San Francisco.—.
St. Louis Southwestern
-
tion's
303
4,059
13,369
—
——
190,204
—.
*
and
sea
ings with pride in your heroic
complishments. For you the
1,975
5,826
humility
2,793
6,288
.
126,779
J*
Wheeling & Lake Erie
I'
466
8,364
4,547
—-
-
5,657
511.
6,226
-
en¬
the
on
courage of the men and women of
armed" forces.' As "your Com¬
958
42,414
,
determined
a
air.
our
325
20
38,775
ob¬
By sacri¬
war.
"This Christmas I feel
1,504
374
1,705
global
a
the land,
on
deep
2,963
6,263
1,918
~
America
ago
Fighting with skill
bravery you have already de¬
stroyed his dream of conquest.
314
11,379
4,300
—-
!
:
:
wound¬
or
and
2,519
—
1,336
6,753
of
the
292
2,511
1,233
5,607
.N. Y.; N.H. & Hartford—8,224
New York, Ontario &■ Western--—*
1,126
New York, Chicago & St, Louis
5,670
N. Y., Susquehanna & Western—384
Pittsburgh & Lake Erie
;•
6,513
Pere Marquette
3,849
Pittsburg & Shawmut
792
Pittsburg, Shawmut & North———
267
Pittsburgh & West Virginia
949
Wabash
163
1,410
years
overcome
emy
in
1,347
7,679
6,686
and
226
15,529
—.
ill
•
accepted the
have met
2,128
1,160
2 376
armed
special
challenge boldly. You
127
10,437
7,990
hours
2,162
2,927
10,382
2,698
the
our
fice and courage and stern devo¬
tion
to duty,
you
177
——.
Texas & Pacific——^———
16,437
"Two
3,886
9,798
252
also
'
the
served/Christmas in the first dark
383
12,379
3,623
of
to
extended
women
and
24
The President's general
greet¬
ing follows:
4,855
4,667
11,872
Dec.
on
fighters".
261
Texas & New Orleans..
232
and
forces
5,227
1,579
3,286
greetings
mander in Chief I send
my greet¬
2,231
9,239
New York Central Lines—*
.
1,001
2,158
-
1,227
9,502
Montour
.
937
1,710
560
_
....
709
92
1,547
1,767
41
103
961
1,727
13,981
1 748
1,467
1,168
1,630
152
12,693
223
37
1,077
508
41
1,618
814
852
1,458
13,744
1,840
7,431
646
598
'"-/ 1,748
/
267
13,010
.
I,701
4,506
572
24
255
5,290
1,929
5,513
■
12,795
1,262
1,450
633
3,475
Utah—'
,20
5,588
5,281
2,456
873
3,334
Toledo, Peoria & Western
297
Union Pacific System—13,345
1,154
'
2,001
3,085
0
211
4,770
President Roosevelt sent Christmas
men
8,870
11,611
1,502
II,807
1,029
2,946
Monongahela—
-
751
10,493
10,382
0
Western Pacific.
Holiday
Greetings To Forces
'
12,282
198
——249
Lehigh & Hudson River—
Lehigh & New England—
Lehigh Valley—————————
,
862
10,469
27
1,284
Grand Trunk Western
-
2,664
9,902
14,645
21,910
524
1,867
Erie
.
2,510
0
7,606
4,136
„——
78
23,044
4,944
Delaware, Lackawanna & Western
'
6,295
Detroit & Mackinac—101
Detroit, Toledo & Ironton—
!—
1,794
n
21
1,936
-
4,448
71
:
22,797
958
—..———
3,137
552
9,175
———
35
Chicago, Indianapolis & Louisville—.
Central Indiana———.
Central Vermont
10,883
867
1,035
—
3,045
v
571
—
2,040
Boston & Maine
9,677
14,333
2,259
Nevada Northern—!
5,816
Bangor & Aroostook
President's
675
788
8,951
Kansas, Oklahoma & Gulf
Total Loads
Received from
1943
.
18,427
927
717
1
Freight Loaded
1944
85
4,460
'
16,338
2,733
City———
—
Terminal——..———»——
CONNECTIONS
Total Revenue
Eastern District—
Ann
511,
!.
Gulf Coast Lines————
International-Great Northern
,
Railroads
.
2,928
—
North Western Pacific
freight carloading for
(NUMBER OF CARS) WEEK ENDED JAN.
_
16,848
Missouri-Illinois—
1942
During the period 85 roads showed increases when compared with
the corresponding week a year ago.
AND
/
ed
17,548
Denver & Salt Lake
676,534
the separate railroads and systems for the week ended
Jan. 1, 1944.
REVENUE FREIGHT LOADED
105
4,582
285
;
,
Denver & Rio Grande Western
de-
621,173
summary of the
a
.
greater.
•
Chicago & Eastern Illinois
Colorado & Southern———
corresponding
643,474
following table is
9,630
301
Bingham St Garfield
/———
Chicago, Burlington & Quincy
,1
Chicago & Illinois Midland
—
the
1944
The
8,946
9,223
Southern Pacific (Pacific)
—
9,795
was
were
were
504
7,901
420
—
of
reporting mills
greater; shipments
greater, and orders
36.1%
18.8%
431
346
Central Western District—
compared with 1942 except the Pocahontas and Southwestern.
"Week of January 1
by 8.4%.
237
207
502
year-to-date, shipments
reporting identical mills ex¬
ceed production by
7.6%; orders
2,923
/
947
.
9,184
Illinois
districts reported
For the
of
37 % /
490
*
8,041
Fort Worth & Denver
All districts reported increases compared with* the
8,481
good wishes "to
corresponding week in 1943.
week
972
•
n
of
cars
above
cars
are
equivalent to 37 days' production
at
the
current
rate,
and gross
stocks are equivalent to 33 days'
production.
9,144
21,380
6,63918,012
—
Chicago, Rock Island & Pacific
preceding week, and
For reporting
softwood mills, unfilled orders
7,759
16,571
—
1,350
■
Spokane, Portland & Seattle-.——.
Coke loading amounted to 15,283 cars, an increase of
1,906 cars
the
of stocks.
files
amounted
9,065
Northern Pacific—
corresponding week in 1943.
above
104%
reporting mills
than
405
Spokane International...
below the
cars
to
these
greater
Unfilled order
480
Atch., Top. 81 Santa Fe'System
11,810 cars,
1,175
the
of
34.5%
287
—
Minneapolis &.St.L0UiS—
Minn., St. Paul 81 S. S. M.
corresponding week in 1943.
loading amounted to
784
of
orders
new
332
Alton
Ore
1,693
110
—
—
increase of 3,447 cars
an
1,479
2,036
Green Bay & WesternLake Superior & Ishpeming
below
decrease
a
1,239
ended
,
224
Total-!
products
week
Barometer"
were
31.2%
production for the holiday
Jan. 1, 1944. In the
above
364
47
.the corresponding week -in 1943.
Forest
233
,446
21,247
Elgin, Joliet & Eastern
:
Ft. Dodge, Des Moines Si South
Great Northern—
below the
decrease of 377
a
2,292
132
168
2,069
.
—.
an
decrease of
cars, a
'
2,547
214
93
Chicago, Milw., St. P. & Pac
17,094
Chicago, St, Paul, Minn. & Omaha—.—
3,367
Duluth, Missabe & Iron Range
989
Duiuth, South Shore & Atlantic—619
1, totaled
cars
1,681
.'i
290
1,116
Chicago Great Western
increase of 238
an
1,409
■
re¬
333
Northwestern
In the WesternDistricts alone loading
of live stock for the week of Jan.
108
11,592 cars,
:
30
—
Winston-Salem Southbound
.increase of 1,548 cars above the corresponding week in 1943.
-cars
'
-V//
Association,
porting to the "National Lumber
Trade
23,949
Southern System—
Tennessee Central—
the
preceding week and
1,198
Manufacturers
lumber shipments of 448 mills
Chicago & North Western—12,764
'
above the corresponding week in 1943. In the Western Districts alone,
an
1,251
ber
985
—./
Seaboard Air Line*
.of 1,009 cars below the preceding week but an increase of 798 cars
28,736 cars,
410
882'
Total
grain and grain products loading for the week of Jan.
302
1,088
^
According to the National Lum¬
385
Richmond, Fred. & Potomac
week in 1943.
Grain and grain products loading totaled 40,719 cars, a
3,260
40
Macon, Dublin & Savannah
increase of 10,347 cars
above the preceding week, and an increase of 13,240 cars above
8,667
3,698
—
Louisville & Nashville.
above the preceding week, and
increase of 12,591 cars above the corresponding week in
8,586
3,548
2,092
-
Piedmont Northern
an
575
10,432
92
Illinois Central System
freight totaled
lot
184
1,989
531
243
Mississippi Central
Nashville, Chattanooga 81 St. L.—,
than
2,111 \
1,190
2,711
—
preceding week.
cars
290
664
11,375
1,498
Durham & Southern
Georgia & Florida
Gulf, Mobile & Ohio
less
306
548
285
Florida East Coast
increase of 3,691
an
1943
9,716
Clinchfield——
Gainesville Midland--——
Georgia——,
Loading'of merchandise
$8,248 cars,
1944
2,799
Columbus & Greenville
corresponding week in 1943.
Connections
,1942
242.
y.
' / '.."577
Charleston & Western Carolina
decrease of
/
583
•
■
;
freight for the week of Jan, 1, increased 2,106
cars, a
1943
Lumber Movement—Week
Ended January 1, 1944
Received from
Freight Loaded
1944
>
,
Atlantic Coast Line.:
below the preceding week, and a decrease of 6,850 cars
cars
■'
Atlnnta, Birmingham & Coast
decrease below the same week in
Miscellaneous freight loading totaled 298,813
:below the
•:•/'.
Central of Georgia
4.9%.
revenue
cars, or 0.3% above the
]
a
Total Revenue
:
District—^
Alabama,-Tennessee & Northern
Atl. &W. F.—W. R. R. of Ala
1, 1944,
ended Jan.
week
* Railroads
/
-\v/; ■ /:
increase above the corresponding week, of
3.6%, but
cars, or
Loading of
;
freight for the
revenue
•:
Southern
643,474 cars, the Association of American Railroads announced
Jan. 7,
207
Total Loads
1911-14
of
and
trustee
of
the
Haven
&
Hartford
Railroad from 1935 to 1937.
New
^
•'
f\
1
THE
COMMERCIAL & FINANCIAL
Thursday, January 13, 1944
CHRONICLE
208
with $14,549,000
The capital funds and
261,000, compared
Items About Banks,
Traphagen,
C.
J.
President of
York, in sub¬
mitting the Statement of Condi¬
tion of the bank as of Dec. 31,
the
Bank of New
stockholders' atten¬
called
1943,
decisions oi the Board
Trustees
affecting the un¬
tion to two
of
divided profits
it was decided to
the sum of
set aside
$250,000 for post-war
reemployment and development.
This fund has been included in
contingencies. After
transfer, and after
paying dividends of $840,000, the
undivided profits account was in¬
for
reserve
this
making
by
creased
result
operations. The
$625,268 as a
brings
leaving
1943 are
end of
the
at
$750,000
of its
preferred
stock, reducing total to $4,000,000
as against original issue of $7,500,000.
"It is expected," the report
deposits and in United States
Government securities held. - De¬
in
of $449,051,875 were $59,238,927 in excess of those on Dec.
said, "that application will be 31, 1942. Of the total, demand de¬
of
$310,042,480 "compare
made to retire another substan¬ posits
tial amount of these shares on with $259,205,829 a year earlier;
time deposits of $108,504,905 com¬
Aug. 1,1944, annual date on which
such retirement may be effected." pare with'$111,049,554 a year ago;
and public funds of $30,144,489,
The report declared that asset
valuation reserves,
set up to meet
any
future
and not shown on
posits
which
are
substantially temporary
deposits of the United States Gov¬
ernment, compare with $19,557,564 in December,
1942. United
States Government
with
$240,480,957
showed
Loans
securities now
* $288,066,830
totaling
a
compare
year
ago.
decline for the
a
$80.82 per share as against $76.38
year, from $45,838,025 to $38,194,last year. Reserve for addition to
735.
Capital funds of $18,558,400
The Fulton Trust Co.' of New common stock or for other corpo¬
showed an increase for the year
rate purposes, set up in 1940 as
York reports total deposits of $31,*
of $256,145.
:
intermediate step toward restor¬
789,394 and total assets of $37,Earnings of the bank, it is an¬
069,631 in its statement of Dec. ing to common stock $1,875,000 nounced, were the largest report¬
reduction effected in June of that
31, 1943, compared with deposits
ed since 1929. The annual report
538,228.
,
the
of
previous Dec. $5,287,000, against $4,844,000 on
31, while deposits increased, ex¬ Dec. 31, 1942. '
clusive of Treasury deposits, $5,The Wells Fargo Bank & Union
132,275, bringing present total de¬
Trust Co. of San Francisco state¬
posits to $50,124,536. ,. ;
.
During 1943, Land Title Bank ment of condition as of Dec. 31,
completed retirement of an addi¬ 1943, shows increases for the year
depreciation of assets
published state¬
ments of the -bank,,, totaled $1,417,587. Mr. Madeira said present
book value of the common stock,
surplus
to $14,000,000,
undivided profits * at $1,- excluding these asset reserves, is
year's
further decided to trans¬
fer the sum of $5,000,000 from un¬
divided profits to surplus.; This
the
of
Trustees
year ago.
reserves
H. Keeler
Office was
elected
an
Assistant Treasurer.
Mr. Gallagher entered the bank¬
ing business in the International
Bank in 1918. In recent years he
has been in charge of the 45th St.
Office, and presently is in charge
of the Chambers St. Office of The
Marine Midland Trust Co.:,
Mr.
Wheeler, who served in the Am¬
bulance Service in the last war
and was graduated from Yale in
1923, started in the banking busi¬
ness with the Rhode Island Hospi¬
tal Trust Co. of Providence.
He
became identified with The Ma¬
rine Midland Trust Co. in 1929;
is in charge of Whitehall Office.
nounced
331/3% greater than
tional
account, viz.:
current year's earn¬
Out of the
ings
Trust Companies
a
that William
'
T.
William
Kelly,
which was at-'
of bankers from
official ceremony,
Coal and Iron
Vice-Presi¬
tended by scores
Chicago, Cleveland, New York,
Boston and other cities, was the
to the
opening of the bank doors
public by Henry H. Sanger, Chair¬
man
of the Board, and Richard
Dwyer, head of the bank's
force. When Manufacturers
police,
start¬
10, 1933, both
ed business on Aug.
similar cere¬
remodeled building,
in which the new main office is
located, was erected at the begin¬
ning 'of this century and is re¬
garded as one of the' most attrac¬
tive
banking structure's in the
country. It had not been used as
a bank for the last ten years.
Ad¬
vices from the bank stated;: /
men
took part in a
The
mony.
"With
exception of
the
"clean¬
little has been done t<Sfthe
exterior of the building. But thd
tan Co., New York,-died on Jan.
interior has been streamlined and
15 after a brief illness at Peabody,
Mass.
After early experience in modernized. Heavy bronze grilles *"
the
leather business Mr. Kelly have been torn out and brilliant
but shadowless illumination pro¬
joined the First National Bank of
vided.
From either entrance, a
Boston. On April 1, 1921, he came
visitor now has an unobstructed
to New York to enter the Credit
dent of the
Bank of the Manhat¬
Department of the
-International
ing,
block-long view.
>
"AIT of the marble — and the
then in process
of
organization,
and became building contains tons of it—has
a
detergent treatment
Credit Manager. In 1925 he was received
which has restored its original
appointed an Assistant Vice-Pres¬
Acceptance Bank
ident and in 1928
Vice-President.
sheen.
detergent
The
was
ap¬
$30,804,814 and assets of $36,- year, n6w amounts, Mr. Madeira shows net profits from operations Upon the merger of the Interna¬ plied in much the same way as a
; , •
tional Acceptance Bank with the facial mud-pack. After harden¬
032,884 on Dec. 31, 1942. Capital reported, to $1,350,000.
of
$1,596,144 before reserve of
Bank of the Manhattan Co., Mr. ing, it was removed and it carried
Mr. Madeira also reported that
and surplus showed no change in
$170,000, equal to $17.73 a share.
with it the stain and grime of
total at $4,000,000, but undivided the bank's holding of U. S. Gov¬ This
Kelly became a Vice-President of
compares with a net profit
profits increased
to $1,033,680, ernment bonds increased almost of $1,267,660, or $14.08 a share in the bank in charge of its cotton years."
"Our problem," said Charles A.
accounts
and
other
customers'
after dividend payable
Jan. 3, 90% during the year. As of Dec. 1942.
Operating income was $5,contact work in the southern ter¬ Kanter, President of the bank,
1944, as compared with $962,721 31, 1943, the bank held $37,996,000 978,336 against $5,518,658.
Dur¬
"was
to modernize a well-built
shown on Dec. 31, 1942.
Cash, of these obligations, 43% payable ing the year deposits increased ritory.
structure in wartime without us¬
U. S. Government securities and within five years and 41% due or
from $389,812,948 to $449,051,875.
an
appreciable amount of
At the annual meeting of stock¬ ing
demand loans secured by collat¬ callable in 10 years. In addition,
At
the
annual
stockholders'
To do this, we
holders of the Brooklyn Trust Co. critical materials.
eral amount to $33,120,642, against he said, the bank, in its fiduciary
meeting on Jan. 7, all directors
have substituted wood, glass and
capacity and as agent for other and officers were reelected. A. W. held Jan. 10, at the main office
$31,002,532 a year ago.
marble for metal Wherever pos¬
of the
company,
177 Montague
customers, arranged for the pur¬
Kohner, formerly Cashier, was
sible. We have sacrificed a few
The statement of condition of chase of $43,000,000 of Govern¬
made
a - Vice-President;
R. H. St., Brooklyn, N. Y., six trustees
the
Savings
Banks Trust Co., ment obligations; for 1943 for it¬ Rebele was promoted from As¬ whose terms expired were .re¬ modern conveniences—air condi¬
example — but the
elected for three-year terms. They tioning, for
which is wholly owned by the self and others to $61,000,000.
sistant-Vice-President to Vicebuilding is so designed that they
were George A. Barnewall, Jack¬
savings banks in New York State,
President, and R. L. Wallace was
son
A.
Dykman,
Clifford
E. can be installed quickly after we
In its condition statement as at
shows that as of, Dec. 31, 1943,
advanced to Cashier.
»
i ;
total assets were $557,910,560 and the close of business Dec. 31, 1943,
Paige,
Robert
L.
Pierrepont, win the war. During the remod¬
Richardson Pratt, and Adrian Van eling we removed 110,000 pounds
aggregate deposits $517,115,340. the Mellon National Bank/Pitts¬
In the year-end financial state¬
of metal which were mhde avail¬
Sinderen.
Total assets at the close of 1942 burgh, shows total resources of
ment submitted to the Comptrol¬
able for war use."
were
$290,204,963, and deposits $546,427,478 and total deposits of ler of Currency as per official call
The opening was attended by
Robert S. Judd, Vice-President
amounted to $192,099,591. Capital $490,628,294,
comparing, respec¬ of Dec. 31, 1943, the United States
funds as of Dec. 31, 1943, were tively,
with
$512,765,591
and National Bank of Portland, Ore., of the Southern New England many out-of-town bankers as
$39,953,121, reflecting a net addi¬ $459,237,958 on Dec.
31, 1942. showed deposits of $390,055,771 Telephone Co., has been added to guests, from various cities, includ¬
tion to surplus fund and undi¬ The
the Board of Directors of the New ing New York, Philadelphia, Bos¬
principal items comprising
compared with deposits at the
Haven (Conn.) Bank N.B.A.
vided profits of $538,751, which the resources in the latest state¬
ton, Chicago, Cleveland, as well
close of
1942 of $294,702,267, a
as
officials of various Michigan
compared with $525,518 added in ment are: United States obliga¬
gain of $95,353,504. Resources as
•"
1 \''
1942.
The trust company acts as tions, $370,115,709 (compared with
We are advised that the fol¬ banks.
compared between the two yeardepositary for
mutual savings $294,219,394); cash and due from end
periods
were
$407,357,315 lowing have been elected mem¬
Junior Vice-President Charles
banks and their instrumentalities, banks, $122,014,956 (against $165,bers of the Board of Directors of
against $307,742,191, an increase
such as The Savings Banks Asso¬ 291,391); and loans and discounts,
the Tradesmen's National Bank & J. Kitt, head of the Banks and
of $99,615,124.
During the year
Bankers department. Citizens Na¬
ciation of the State of New York, $40,165,067 (compared with $39,Trust Co. of Philadelphia:
capital structure also underwent
the Savings Banks Life Insurance 484,738).
L. A. Estes, President, South tional Trust & Savings Bank of
The bank's capital re¬ enlargement, being increased from
Chester
Tube
Co.
and Chester Los Angeles, has returned to the
Fund, and Institutional Securities mains unchanged at $7,500,000,
$12,392,483 to $16,370,089. A large
Tidewater" Terminal, Inc.; Theo¬ bank after several months leave
Corporation,;;;;
■'
but * surplus
is now $32,500,000,
part of the capital increase was
against $30,000,000 op Dec. 31, due to the issuance early in De¬ dore P. Scott, Vice-President, Le¬ of absence due to illness.
The Colonial Trust Co., New 1942, and undivided profits stand
high Coal & Navigation Co. and
cember of 75,000 shares of new
William C. Butler, Chairman of
York City, reported as of Dec. 31, at $4,481,166, compared with $4,Treasurer, Lehigh & New England
capital - stock which brought an
the Board of the First National
R. R. Co.
1943, total deposits including of¬ 941,623 at the end of 1942.
additional $3,000,000 into the cap¬
ficial
and certified checks out¬
Bank, Everett, Wash., and of the
ital structure.
J. Wilson Steihmetz has been Everett Trust & Savings Bank,
The Harris Trust and Savings
standing, of $31,890,752, and total
assets
of
elected President
of the Ninth died on Jan. 6 at his home in Ev¬
$33,553,630, compared, Bank, Chicago, in its statement of
The Bank of New York an¬
Bank & Trust Co., of Philadel¬ erett. He was 78 years old. Mr.
respectively, with $24,045,524 and condition as of Dec. 31, 1943, re¬
nounced on Jan. 5 the appoint¬
$25,586,340 on Dec. 31, 1942: Cash ports total deposits of $447,286,229
phia.
Mr. Steinmetz has been Butler was a founder of the First
ment of Earl C. Randies as an As¬
on
hand
and
due from
banks and total assets of $476,111,484,
with the bank 34
years,
20 of National Bank of Everett and was
sistant Vice-President.
Mr. Ran¬
amounted
to
$9,031,828 against comparing,
respectively, with dies was formerly Vice-President these as Vice-President. An active President of the institution for
member of the Robert Morris As¬ over 40 years. He was a brother
$7,112,563;
holdings
of United $386,924,649 and $413,586,001 on
of the American National Bank of
States Government securities to Dec. 31, 1942.
sociates since April, 1920, he has of Nicholas Murray Butler, Presi¬
The chief items Indianapolis, Ind. ;
: ; ;;
served on numerous committees dent of Columbia University.
$14,655,000
against
$10,084,391, comprising the resources in the
of
.
.
.
and
loans and bills
purchased to
$9,191,056 against $7,713,212. Cap¬
ital was unchanged at $1,000,000,
and surplus and undivided profits
were $508,602, against $417,079 at
the end of 1942.
,
hand
and
ment
\
The Land Title Bank & Trust
Co., Philadelphia, in 1943, showed
net
profits of $1,007,558 as com¬
with $1,135,288 previous
year, Percy C. Madeira, Jr., Pres¬
ident, announced in his annual re¬
port to the bank's stockholders.
pared
Of these profits, $558,898 was in¬
come
and
from
ordinary
operations
$448,660 from non-operating
profits.
After deducting from in¬
from
ordinary operations,
$131,250 for dividends paid or re¬
served for preferred stock, bal¬
come
ance
a
of $427,648 was equal to
share
on
the
outstanding
$5.70
75,000 shares of
common
stock,
as
against $5.72 in 1942.
Land
Bank, according to
Mr.' Madeira,
closed 1943 with
largest demand deposits, exclusive
of U. S. Treasury deposits, in its
history. Total resources as of Dec.
31,
1943,
of
$76,840,668
were
are:
Cash on
$109,-
due from banks,
securities,
$193,500,629
Manufacturers
The
York
New
has
City,
Vice-President.
The
proposed merger of the
at the
Union Bank of Commerce and the
bank's
office at Fifth Avenue,
(compared with $37,401,109), and corner 43rd St., New York, for¬ National City Bank of Cleveland
was recently defeated/it is under¬
other bonds and securities, $36,t
merly
Assistant Secretary, has
786,897 (against $41,681,740). Dur¬ been elected an Assistant Vice- stood, through failure to obtain a
two-thirds majority of stockhold¬
ing the year the bank's capital President. 1;
ers of both institutions to approve
remained unchanged at $6,000,000
Andrew K. Scharps, Securities
but surplus was increased from
the consolidation. More than the
Department, Main
Office, for¬
necessary two-thirds of the stock¬
$9,000,000
to $12,000,000 by
a
merly Assistant Secretary, has
holders of the National City Bank
transfer of $3,000,000 from undi¬
been elected an Assistant Vicevoted approval of the proposal on
vided profits, which stood at $2,President.
" :
Dec. 17 but the plan, it is said,
277.408 on Dec. 31,1943, as against
William Vanek, Banking De¬
was
opposed by holders of the
$4,472,368 at the end of 1942,
partment, Main Office, formerly Union Bank of Commerce stock.
Assistant
Secretary,
has
been
The
The statement of condition of
(against $148,538,161); State and
municipal securities,
$28,905,765
has been elected a
John
Gatehouse,
PJ.
■
•
the
Hibernia
National
Bank
in
of Dec. 31, 1943,
deposits
of
$88,037,000,
New Orleans, as
shows
Title
statement
Trust Co., climaxing this activity with a
fine administration as President
announced
President Praises Fliers
from June, 1942, to October, 1943.
117,270
(against $104,137,227
a the following promotions:
He still continues his activities, For Aid To China
year
ago); loans and discounts,
Richard P. Wilson, Branch Loan
$105,572,144 (compared with $80,- Administration, Main Office, for¬ now as Chairman of the Research
President Roosevelt sent on Jan.
V
"
067,135); United States Govern¬ merly Assistant Vice-President, Committee.<■>
6 a radioed citation to Lieut. Gen.
current
compared ; with
$81,937,000
on
Dec. 31, 1942.
The bank's cash
and Government holdings amount,
at the latest date, to $70,395,000.
against
$64,780,000 at the end of
1942, while loans now total $16,-
elected
an
Assistant
Vice-Presi¬
plans
for
were
mentioned in
Nov.
dent.
25, page 2148.
in
J.
12
was
of the election
made on
of James
and
Alfred N.
Vice-Presidents of The
Midland Trust Company
Gallagher
Wheeler as
Marine
of
New
York.
It
was
also an¬
The
main
new
Manufacturers
Detroit
China-Burma-India
the India- China
wing of the Air Transport Com¬
mand: 1 'for / "exceptionally
outstanding performance in the face
of almost insurmountable odds in
moving vast quantities of mili¬
tary supplies by air to China."
Thjs was reported in United
Forces in the
theatre, honoring
Press
New
what
State
was
Bank
Delhi, India, advices,
said:
which further
"It has
been a great source
me,"
these columns dent's message said.
have been high, the
the
office
National
merger
satisfaction
due
to
to
on
both
of
the Presi¬
"The goals
route dan¬
mountains
as
the and enemy. action as well
Only team¬
Bank of treacherous weather.
work and
outstanding, devotion
of
Jan. 3 in
the Peoples to duty made
ment possible."
Building.
The only
opened
formerly
was
of United
Chief
gerous,
Announcement
Jan.
Stilwell, Commander
States Army
W.
Joseph
this
accomplish¬
;
@FedFRASER