Full text of Commercial and Financial Chronicle : January 14, 1943, Vol. 157, No. 4142, Section 2

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Reg.

Volume

New

Number 4142

157

Tat.

2 Sections-Section 2

ESTABLISHED OVER 100 YEARS

Edition

Final

Office

Price 60 Cents

York, N. Y., Thursday, January 14, 1943

Copy

Annual Message |
United Nations Advance

President In
Foresees

The President has delivered his two regular annual
in his annual message on the state of the3>plenty of reason to be proud of
joint session of Congress on Jan. 7,. that, while he our record for 1942." He went on message to Congress, the one on the State of the Union
would not prophesy when the war will end, he believes "this year to cite
production figures for com¬ and the other concerning the budget for the approaching
of 1943 will give to the United Nations a very substantial advance bat
vehicles, machine guns, anti¬
along the roads that lead to Berlin and Rome and Tokio."
The tank guns and ammunition. The fiscal year. Heart-warming facts, - sharply sobering data,
and grounds for genuine uneasiness as regards postwar
President added that "it is within the realm of possibility that this. President pointed out that mili¬
78th Congress may have the his-<S>:
They
tary plane production last year conditions are all contained in these two documents.
strength in ships and planes is
toric privilege of helping greatly
was
48,000 and emphasized that are all due their share of the attention of the American
going down and down, and Ameri¬ the "arsenal of democracy is mak¬
to
save
the world from future
can strength in ships and planes is
people at this time. No true American can scan the 1942
fear,"
"■ ■"
ing good."
: .
. .
.
going up and up," Mr. Roosevelt
Admitting that "there have been war production data without a feeling of pride; no student
Calling for confidence and a re¬
stated that "last year we stopped
mistakes" and that "there have of the
doubling of efforts, Mr. Roosevelt
vigor, the virility, the creative genius of American
them" and "this year, we intend
been too many complicated forms
warned, however, that "a tre¬ to advance."
industry can study them without exultation—particularly
and questionnaires," Mr. Roose¬
mendous,
costly
long-enduring
The President emphasized the velt
said
that
the
experience since it is clear that these achievements have been recorded
task in peace as well as in war is
"magnitude and diversity of the gained by the mistakes "will en¬ despite definitely poor over-all management in Washing¬
still ahead of us."
military activities in which this able us during the coming year to ton and
notwithstanding all the impediments the so-called
In appraising the events of 1942,
nation
has
become
engaged," improve the necessary mechan¬
the President listed as first in im¬
reform elements in Washington and elsewhere have thrown
pointing out that about 1,500,000 isms of; wartime economic con¬
portance in the American scene of the armed forces "are in service
in the path of industrial executives.
trols, and to simplify administra¬
"the inspiring proof of the great
outside our continental limits all tive
procedures."
qualities of our fighting men" and
Sobering Facts
through the world," that "our mer¬
The President further stated:
called
the events
on
the long
chant seamen are carrying sup¬
"Of course, there have been in¬
Pride in past results and confidence of future achieve¬
fronts in Russia "by far the largest
plies to them and to our allies conveniences and disturbances—
and most important developments
ment are, however, given a sober, not to say somber, tone
over every sea lane" and that the
and even hardships.
And there
in the whole strategic picture of
country's air strength has experi¬ will be many, many more before by the financial statements and estimates included in the
1942." The other major events of
enced "amazing growth."
we finally win.
Yes, 1943, will not Budget Message.
There was a time when the rank and
the year listed by the President
After
paying tribute to
the be an easy year for us on the file appeared to be exhilarated by the very astronomical
were:
"the
series
of Japanese
home
front.
We shall feel in
advances in the Philippines, the fighting men and leaders of our
proportions of public expenditures. That time, it is most
Allies, Mr. Roosevelt said that many Ways in our daily lives the
East Indies, Malaya and Burma;
earnestly to be hoped, has now passed for good—even when
when the United Nations strike by sharp pinch of total war.
the stopping of the Japanese in the
land in Europe the Nazis and the
"Fortunately, there are only a the expenditures scheduled are for the attainment of vic¬
mid-Pacific, the South Pacific and
Fascists will be hit "from the air few Americans who place appe¬
the Indian Oceans; the successful
tory.
We must win this war, of course, and we must pay
tite kbove patriotism." Calling for
heavily and relentlessly."
defense of the Near East by the
what is necessary for that purpose.
Nothing is to be
Turning to the progress on the "a decent peace and a durable
British
counter-attack
through
At the
production front, the Chief Execu¬ peace," Mr. Roosevelt said: "It gained by wincing when the costs are added up.
Egypt and Libya; the Americantive said that the Government's would be inconceivable—it would, same time it would be a fatal blunder to suppose that costs
British occupation of North Af¬
confidence in the ability of the indeed, be sacriligious—if this na¬
of the war are to be measured by the inconvenience or
rica," and "the unending, bitterly
tion and the world did not attain
contested battles of the convoy people to establish new records
even the hardship currently entailed.
When the last shot
"has been justified," adding that some real, lasting good out of all
routes, and the gradual passing of
is fired in this horrible conflict we shall be much poorer
while airplane and tank produc¬
(Continued on page 196)
air superiority from the Axis to
tion fell short, numerically, of the
not richer than we were when it began.
It may appear
the United Nations".,
President Roosevelt,

Union, told

Declaring

that "Japanese

1942

goals, "nevertheless we

have

GENERAL CONTENTS

strange that such obvious

Editorials
Turn

WASHINGTON

FROM

194
t

our

series of articles, appears
of Section 1.

the

the Light
We Get This

tTenth of a
on

AHEAD Or THE

How Did

first page

NEWS

Regular Features
Financial Situation
From Wash. Ahead

By
Mr.

CARLISLE BARGERON

Roosevelt's qualified

;

approval of the Ruml pay-as-you-go

appreciably changed the prospects of its adoption,
ft already had considerable support in Congress; it apparently has
considerable, if not almost unanimous, press support. And it will
continue to come in for considerable discussion. But as a practical
matter it would be almost impossible to put it into effect before
Vlarch 15, that great day of reck-*>
used to be for the purpose of
ming for Americans.
And my
*uess
is
that
after
we
have raising revenue to run the Gov¬
ernment.
That's not the primary
:oughed' up to the Treasury on
will have
ost a lot of its ardent support.
Sven
if the House Ways and
Vleans Committee and the Senate
finance Committee were to get
town to work on the plan im¬
mediately there is so much work
;o be done, so many rate revisions

.hat

date

the proposal

made, so many readjustments in¬
volved, that it would be well into
he summer before the plan could

adopted by Congress. In the
meantime the taxpayers would be

Undoubt¬
lot of them would be in¬

state of

purpose now.

Taxes, in fact, have
to
Government

relation.

little

spending. Even if the highest ex¬
pectations are realized only $28
billion will be raised under the
present tax act.

We are spending

$100
billion
this
fiscal year.
Levying of taxes has apparently
become
mostly
a
disciplinary
measure
for the citizens.
Any¬

count on anything
heading off that dreadful day in
way,

don't

March.

confusion.

Regardless of how much it is
small a pay¬ able to accomplish, how much of
ment as possible in March regard- its power it is able to regain,
ess of
whether they were pre¬ Congress is feeling better than at
The
pared to pay the whole bill or any time in recent years.
iot.
first
string newspapermen have
returned to cover it, the individ¬
I can't see that it makes much
ual Senators and members of the
difference in the Treasury's fi¬
House
feel
more
important.
nances
whatever develops.
The
(Continued on page 197)
evying of taxes in this country

edly a
fluenced to make as

............... -

of'the News...

Moody's Bond Prices and Yields..-.
Moody's Common Stock Yields—.
Items About Banks and Trust Cos,.
Trading On New York Exchanges. .

Trading.............
Market Values........... .204,

NYSE Odd-Lot

NYSE

plan has not

tax

Way?........

State

193

all too many in

"enlarged production capacity" they may well mislead
unthinking.
Here are some of the figures from the Budget Message.
transmitting herewith," says the President in

202
202

;

-v

Engineering Construction...

203

205
198
206
205
200

Total

Commodity Index....
Oil Production;.....
Non-Ferrous Metals Market
Weekly Electric Output
.
Moody's Daily
Weekly Crude

202
204

manpower

207

Sales.............. 203
Rayon Production Higher in 1942.,. 203
Federal Debt Limit At Dec. 31,1942. 204
N.
Y. Reserve Bank Nov. Produc¬
Hotel

Index
Zinc Institute

Summary.
Copper Institute Summary.........
Pig Iron
Production
;.......
Daily and Weekly Copper, Lead and

American

Sales

...

205
*

*
*

prices,

war

scarce

materials ; and
end

Such

fill
is

man

armed forces.

the

movement of labor to assure

needed

We regulate
limit consumer credit;

industries and agriculture.

raw

materials; and

ration

scarce

consumer

ration

scarce

raw

goods—all to the

distributing the

equitably.

regulations

lives.

out

all

system

civilian life.

providing the materials of War and

sacrifices

daily

th^

To accomplish

effectively and fairly,

salaries and rents; we

wages,

allocate

statistics
omitted : from
"Chronicle'' at direction of the War
Censorship Board. (See notice on first
page
of Section 2 in Aug. 27, 1942,
These

systematizing

are

speedily,

service

selective

the

use

organizing all the

of the nation.

adopt extensive controls over

had to

have

resources

mobilization

all-out

this

nothing less than

requires

war

and material

human

203

Subsidiaries

Now For Evidence Of It!

Trade

December Totals
Paperboard Industry Statistics.,,..
Weekly Lumber Movement.........
Fertilizer Price Index
Weekly Coal and Coke Output......
Weekly Steel Review..
v....
1942
Shipments By U. S. Steel

Zinc

;

200
206
194
205
206

tion

(Continued on page 195)

200

Commodity Prices—Domestic Index.
Weekly Carloadings ................

November

•

208

General Review

ypeekly

truths need be stated, but there

places of influence who appear not to
understand them—and with their repeated references to

are

Page

forms,

new.

and

save
carry

have

restrictions

have complicated

rubber, metal, fats—everything.
coupons,

answer

overdone it in

questionnaires.
many

cases.

our

This

By trial

"Chronicle.")

and

Miscellaneous
President's Annual Message
gress

to Con¬

error

are

learning simpler and better methods.—The

President.

193

—

Says United Nations Must
In Post-War Period

Cooperate

Withholding

Clarified

Victory

Tax

By Treasury
Haskell
to Aid

Work'..'

..,

195

195
In

Foreign

Relief

...

(Continued on page 208)

195

May evidence of this learning process soon begin to ap¬
pear!

sorely needed.

his

THE

194

Editorial—

COMMERCIAL &

Thursday, January 14/ 1943

change all this is" the imminent obligation of the
Obviously, it cannot be accom¬
plished over-night. .;But already statements by Sam Rayburn, the re-elected Democratic Speaker,, and Joseph W.
Martin, 'Republican floor-leader/ go a long way towards
rehabilitation of the constitutionally co-ordinate Legisla¬
tive Department.
These statements are in the nature of
timely manifestoes, addressed to the public and to the

;

Turn On The

FINANCIAL CHRONICLE

Seventh-eighth Congress.

Light

Carloadings
for

the

taled

revenue

ended

week

621,048

freight

Jan.

to¬

according

cars,

the Association of American Rail¬
roads.

This

was

increase

Henry Hazlitt, of the "Times," in his thought-provok¬
9.453
cars
over
the
preceding .
week,/55,486 cars fewer than the
ing book "A New Constitution Now," does well to quote
jorresponding week in 1942, and'
with
approval the paragraph from John Stuart Mill's
5,877/cars above the like period
"Representative Government" in which the great thinker
,wo years ago*
/ \v
'
'
This total was 108.61% of aver¬
expatiated upon the publicity-making functions of the President. ! There will be no more: "Do this
by Oct. 1, or
age loadings for the corresponding
legislative bodies in representative democracies. The whole I will do it myself" from the White'House or, if
they should week of tne ten
preceding years..
paragraph reads:
•
come, the challenge will not, be: the signal for legislative
Engineering construction for the;
"The proper office of a representative
assembly is to flight.
,'r.st 1943 week totals $63,928,000,
v",
;• -r.
; V '
watch and control the government; to throw the
or 55%
below the corresponding.
Not a word of this means
light of
weakening of the war effort
1942
week, and compares with
publicity on its acts; to compel a full exposition and justi¬ or the'determination to prevail and to achieve
fully all $76,295,000 for the holiday-short¬
fication of all of them which any one considers
question¬ suitable war aims.
Rather it- means rectification of pro¬ ened
preceding week, according"
able; to censure them if found condemnable, and if the cesses and methods, co-ordination of
purposes and outlays to Engineering News-Record. Pri-'
men
who compose the government abuse their trust, or of financial
vate
construction is 60%' below
and physical resources,
clarity and authorita¬ the 1942 week and
fulfil it in a manner which conflicts with the deliberate tive sanction
public is down :
by the: people's representatives of the goal.' 54% as a result of the 64 and
52%
sense of the
nation, to expel them from office, and either for which the public must sacrifice and strive without stint. decreases in
state and municipal
expressly or virtually appoint their successors."
The door has fortunately been
/'
opened to the re-assertior and federal volumes.
And Mill added that in a legislative
The December volume declined
body competent and re-establishment of representative control in the interest
to
$373,622,000,
the
lowest
and alert to pel form these functions would
repose at all and" with the full approval of an, enlightened
public.
Tc monthly value of the year, and'
times sufficient security "for the
that end, there ought to be art immediate and
liberty of the nation."
vigorous re¬ averaged $74,724,000 for each of
the four weeks of the month.
Nothing could be more timely than the reiteration in sumption of fearless and searching inquiry
Om
concerning the
the United States, of this truth.
the weekly average basis Decem¬
The assembling of the objectives sought by Presidential
policy/ both in the domes¬ ber was 51% below the
average'
Seventy-eighth Congress signalizes' a radical change in tic and international fields; the means and methods which for the four weeks
of November,:1
the implementation of the
sovereignty of the people of have been and will be employed; the results so far achieved but was up 11% above the Dethis country, not in comparison with what was planned and those
/
anticipated or desired.
The present Administra¬ cember, 1941, average, v A :
by the Founding Fathers or with what existed in happier tion has not'favored inquiry of this sort. In several in¬ \ Department store sales on a
country-wide basis were up 5%
days, but as contrasted with the New Deal regime that stances its resistence has rendered such efforts abortive and for the week
ended Jan. 2d, comtook the public off-guard in 1933 and established itself unfruitful.
The public has never, since
pared with the like week a year
1933,, been admitted
without any ..mandate or any authority-not self-conferred. as a full
partner in the exercise of the sovereignty which ago, according to the Federal Re¬
serve
System.
Store sales were
March, 1933, found the American publie in a condition is its own or in the illumination latent in full
comprehen¬ up 12% for the four week
period
of lowered vitality which
temporarily impaired their eco¬ sion of official action and the conditions with which it has ended Jan. 2d.
nomic organization; their confidence in their
way of life; has been intended to deal or those in which it is
Department store sales in New
hoped that
their capacity clearly to envisage the conduct of their it will result.
Confidence has been demanded but confi¬ York City in the week ended Jan. :
2d were 3% smaller than in the,
administrative agents, to anticipate the certainly detrimental dence has not been returned.
like 1941 week, and in the four
consequences of that conduct and decisively
to protect i
Certainly there is enough now requiring immediate weeks ended Jan. 2d were 6% '
themselves against dangerous exaggerations of the execu¬
inquiry to organize the legislative machinery.
The topics larger than in the corresponding:
tive functions.
Congress almost abdicated and for nearly range widely from international understandings and com¬ week a year ago, according to the
New York Federal Reserve Bank."
ten
years
has existed for scarcely any public/purpose mitments, in Europe, South America, Africa, and Asia, tc
It is pointed out that a
steadily
except, like the old Parliament of Paris which expired such personal details as the scope of the
authority delegated increasing share of the nation's:
with Louis XVI and the
to Harry L. Hopkins and his .conduct and
industrial
coming of the French Revolution,
plant
is
being con-,
pledges as an
to register authoritarian decrees
that, in this case, ema¬ executive agent. "There is rubber and lend-lease, fuel oil verted from production of civilian
,

•

■

nated

from the

White House

the

rapidly changing per¬
sonnel of the favorites of the palace.
Debates in Congress,
chief among the means of effective
appraisal and criticism
of executive conduct and
proposals and of public enlighten¬
ment
concerning governmental policies, forthwith degen¬
erated to the lowest level in
history.
They became un¬
reasonably curtailed and perfunctory.
Scarcely in any
instance, save in defeating the 1937 effort to make the
Supreme Court merely a blind agency of the Executive,
did the level of discussion rise even to
mediocrity.
Even
the subservient
Congress of that period could not stomach
reduction of the
Judiciary to an impotence equal to its own.
Perhaps that may have been because, even in its low con¬

•it is wise

dition, its leaders

saw

that within itself and within the

con¬

stitutional methods of election and

renewal, lay a certainty
citizenship itself abdicated its
sovereignty.
And all too rarely, a few genuine statesmen,
like Byrd,
Vandenberg, Taft, and Danaher,~in the Senate;
Sumners, Taber, Cox, and Martin, in the House; and a few
others in each branch of the national
legislature, raised
their strong voices in
warning, admonition, and protest.
Nevertheless, Congress, as a whole, for the time being
not
much-respecting itself or its high position in the com
of

regeneration unless

the

and: other

rationing, propaganda and censorship, price
control-and conscription/Tabor control and distribution of
man-power, loans out of public • funds and post-war com¬
mitments and manoeuverings.-; There should be
fully objec¬
tive and highly comprehensive
inquiries regarding all phases
of the public finances, taxation and its
effects, enlarged
budgetary deficits and exaggerated borrowing and its con¬
sequences for as long ahead as they are capable of being
estimated or predicted.
Is it true, as asserted in the public
press, that the whole British Commonwealth of Nations
plans to expend for the war purposes of 1943, no more
,

than

$20,000,000",000? 1 And, if that is-true, how is it that
or possible for the United States to
pledge itself
expend, during the same year, $100,000,000,000?
Above

all, must this country continue to authorize every project
.claimed to contribute to the winning of the war, however
unrelated to other projects; never
counting the cost before

authorization;'

goods

than

output
half

armaments.'

such

facilities :

engaged in the war effort last
this year the figure is ex-,
pected to amount to two-thirds.
was

year;

obvious,

stocks of
cline.

therefore,

consumer

that'

goods will de-'

The War Production Board:

foresees

drop of such goods and.

services in 1943 of between 15 and

20%

under

1942 levels, but adds
deficiency will be made
out of Current inventories, The/

that
up

the

W. P. B. goes so far as to state
that the part coming from inven¬
tories
is
estimated
at
25%
of,
stocks
Of

hand

the

beginning

1943.

The

Department of

likewise predicts a

Commerce;

decrease, hold-;

ing that goods and services avail-'
for civilians in

able

1943

will be»

cutting ithe - coat; of expenditure to about 12% less than in 1942. It
practically available resources; always tax¬ estimates their aggregate value at
ing or borrowing, after the commitment in the full extent $76,000,000,000.
"The civilian standard' of Jiv¬
of the obligations that have been
blindly incurred?
ing in this country in 1943 will
The
Seventh-eighth Congress must not only ask these depend, to a degree, on the for¬
questions, it must be ready, within .the-two years of its tunes of war,"the, W. P. B. says,'
stitutional scheme of government, was
"The bedrock civilian'1
naturally but little duration, to contrive and adopt workable answers to most adding:
economy which
has been talked'
respected by the public and not at all by the - Executive of them.
Can it do this; it will earn, beyond the:
possibility about is not expected to
be,
Department.
Its
authority was regularly evaded and of denial, the right forever to be designated as "The
Victory reached im 1943 except in respect'
ignored.
Extraordinary and unauthorized delegations of Congress." /*.//..' \.v!'-/' /'•;/•'/:
to civilian goods made from criti-♦
cal materials such as steel, copper:
legislative power and discretion were demanded and con¬
never

fit the cloth of

ceded.

Precedents

put in force without reference

the

Senate

and, under them, huge expenditures were
authorized by the Congress,
although
it constitutionally controls the
public purse.
Press-con¬
ferences and radio broadcasts, which admitted neither of
genuine questionings nor of criticism or reply, even in the
made, that

were never

mildest

guise, became the substitute for informative dis¬
cussion and wise legislative deliberation.
Statutory pro¬
jects, offered to Congress and there rejected, were put into
force, like the $25,000 limitation upon earnings, by Execu¬
tive
went

Decree.
so

far

demanded

At
as

its

highest point, Presidential insistence,
publicly to admonish Congress that, unless

statutory enactments

were

concluded

before

legislative authorization.

Weekly reports from industrial sections

able,

with

Steel
of
the

American

Iron

cates -output, of

with

2.3

for

current

from

tons

Steel

the

use

The-

week,

curi'ent

99.3%

according

schedu'e

indi¬

compared

a^d^
1942

production
steel

will

1943 .be

statements from the War

Production

Board,

meet

and

Navy, indicating the extent of

requirements of steel for
duction! this year.

Increased

demand

munition.

States

United

war pro¬

was

the week

ended

hours, compared with 3,655 926.000
in the
was

preceding week.

increase of

14%

The total
over

outout of 3.288.685.000 »n the

will

mainly for aircraft, merchant

ves¬

sels and Naval and escort vessels.

week

la^t

vear.

the

same

according to the

the,

ning July 1, 1943.

With Govern¬

ment

expenditures mounting so *
rapidly, additional taxes must be'
imposed if a large part of Fed¬
eral
outlays is to be defrayed1
from

current revenues,
observers state.

informed'

Receipts of the Treasury during'
the

present
at

fiscal

year

$24,552,000,000,

are

esti¬

only
Existing
produce $35,000,000,of revenue in the coming fis¬
year, it is estimated, or 33%
nfo 11

expenditures.

t°x laws will
000

cal

of scheduled expenditures.
dent
Roosevelt proposes,

budget

message,

of the cost of the
rent

stitute.

$16,000,000,000 of

during

year, and $97.000,-,
the fiscal year begin-/

fisrures of the Edison Electric In¬
'

Govern¬

fiscal

the

3,750.000,000 kilowatt

the

cost

$74,000,000,000

current

mated

production of electricity in
Jan. 2d

the Army

will

war

000.000

scheduled

Institute.

double that of 1942; the magazine
Steel estimates.
The prediction is

The

serts

Munition

the

week

these requirements, as¬
Steel, some reduction is
planned in production of tanks,
involving artillery, motor vehicles and am¬

week.

based

ment

generally favor¬

1.698.700 net tons of ingots for the week,

1.659 400 tons last week

1.615,800

the

points
&

were

The

showing-unusual gains.

quarters

some

production

capacity,

named date, the executive will would be enforced without

further

Tlte State 01 Trade

was

intended to control international conduct in
great matters
and for long periods were

similar commodities."

and

century and a half the authority
unchallenged were violated without a word
or
with
some
glibly-mouthed wise-crack. Agreements
with foreign nations
amounting essentially to treaties and

of which

Presi¬

war

his:

finance
out of

50%
cur- 1

receipts, which would call for
new

taxation.

Volume

THE COMMERCIAL &

Number 4142.

157

FINANCIAL CHRONICLE

195

TKE FINANCIAL :SITUATIOIIft;'^^ President
.
,

/Continued

page)

from first

Says United Nations list Centime
Together In Pest-War To Keep World Pease

•«

opening sentence, "a war budget exceeding $100,000,000,000
for the fiscal year beginning July 1, 1943."
As bewilder-

this sum is, it fails by a wide margin to tell
; Its full significance begins to make itself
felt,, however, when it is recalled that this is but one in a
long series of budgets which have consistently outdone any¬
thing in our history, and according to present estimates will
leave the country with the staggering .direct debt of up¬
wards of $210,000,000,000.
Here are the
ingly huge

the full

7,:,77A'AA
-

1935A:£AAAAALA

'•

,9,068

" 1
827,053

|^AQAAA7-.ri.

'1939

8,765

1940

A-:t;9,127

', A:11

1941

12,774 V;

1942

32,491

J.943

•A-A

(estimated)

1944

(estimated

80,437
104,128

.1,162
'
1,558 A
6,047 ; ;
26.011

...

farm mortgages.

;

■

the

following three-fold talk:
press on. with the massed

that 'forces

nations

other
?

never

mankind may
freedom

"Of

has

there

but it would be a grave" blunder
to suppose that we shall be able to afford to waste one iota
of it.
Yet the President in his annual message on the
State of the Union appears to be ; in danger : of precisely
such an error/
1
a '
'
*
; A/A,'?'A
Take these sentences for example:
• ■
v
"The people at home and the. people at the
men and women—are wondering a
little: about

peace

comes,

that

means

that

mustered out, when war.production is con¬
verted to the economy of peace, they will have the right
to expect full employment—full
employment for * them¬
are

who want to work.

* A A

* -*

and

women

•'

y7
-Av"
unity achieved
*•

is being

•'

■

A A"';

the bat¬

earnestly sought

complex problems

•

tilings

many

the United

"Our

main united for.-

remit, or receive, in con¬
of allocation and other
controls exercised since last Sept.
1

are

istrator

set

admin¬

the

before

20.

Jan,

Remittances to the

fund, and pay¬
manufacturers, are
or before Jan. 25,

ments to other

be made

and

payments

must be made

fund

out of the
by Feb. 1.

"The announcement said that-in
the

'transferred

case

tonnage'

which

the

—newsprint tonnage
administrator orders

transferred

to .another

manufacturer

one

for production—the manufacturer
who produces and ships it is to

assault

•

fund

the

whatever

adjust the
mill net price of me ton¬
to the basic mill net price

basic
nage

manufacturer's

the

nage

of newsprint."

;

ton¬

own

•

with the massed forces of free

upon

civilization is

com¬

tt-Tax^iiioSding
Clarified By Treasury

the most important war ob¬

that forces of barbarism can never

Commissioner of Internal Rev¬

there

one

jective*- and: that is to maintain again break loose; third, to co¬
peace, so that all of us, in going operate to the end that mankind
through this war, including the may enjoy in peace and in free¬
men
on
the fighting fronts and dom the unprecedented blessings

Helvering said on
inquiries received by

Guy

enue

Dec. 31 that

the

Bureau

that

indicate

exists

confusion

some

-concerning

the

will not have to go
through a world cataclysm again—r the progress of civilization has put
that they will have some reason¬ -within our; reach." yJ

understanding of employers with

able

tax.

the

which Divine Providence through

seas,

that their, children

assurance

won't have, to go

of " the

to 'get out

A
For Newsprint lakers

Canada Sets Quotas

war

are

less dependent upon the

Jan.

1, ,1942 by representatives of
The

nations.

document,

since

adhered to by three other nations,

pledges the countries to full
their

resources

not to make

armistice.

the '

use

war

and

separate peace

tion

was

qmns

Signing of the declara¬
.

reported in

these, coir

Jan. '8, 1942, page~144..

The

following is the President's

formal statement:
"One year ago

26 nations signed
Washington the declaration by
United Nations.
"The
world situation
at
that
>

moment

was

grim indeed.

respect to their liability for the
wiihnolding of the 5% Victory
Mr. Heivering said that with¬
holding is required if the estab-

through it again,

"Almost all the other things

Yet oii

in America fhaF last; New. Year's Day; these;

Year's

from

amount is necessary; to

pletely ..-crushed;
second, so to
organize relations among nations

which at
out

New

humanity until the present bandit

re¬

•

this

receive

thing
the present time stands

^'However,

task

Day is three fold:-, first, to press

Nations

ought to do and-1 think will

men

offen¬

lives of each and all of us.

selves and for all able-bodied

since Joined

said,

won't go back to the old menace
the pre-war period—.a
great

they

defensive to the

the not less

when

•

"The

them--it,

■

intimated

been
a

are

when

peacetime goods at reasonable cost it would- be "impossible

have

"as It come to see that the maintenance
before, and safeguarding of peace is the
,grfeat many objectives, most viiai single necessity in the

course,"

think

.hope

.at this time even to guess,

unity thus achieved amidst
dire danger has borne rich fruit.
The United Nations are passing

tle line

enjoy in peace and
the ;• unprecedented

"The

sive.

again break loose.
:
"To cooperate to the end that

can

■

nations

from the

fabulous war. out¬ maintenance of peace^all kinds
lays, have resulted in enlargement of our capacity to pro¬ of planning for the future, eco¬
nomic and social, and so forth and
duce—mostly articles of war although in considerable so on. It .isn't much use if there
degree also articles of peace.
But it is also' true that is going to be another world war
materials in stupendous amounts have been consumed and in ten years, or fifteen years, or
that of necessity our whole financial and industrial mech¬ twenty years. AH the planning for
the future is dependent, obviously,
anism will have been thrown out of gear for peacetime
hn peace,"
production. Precisely what our production capacity, will A,The United Nations declara¬
be at the end of the war in terms of ability to produce tion was signed at Washington on

want..

coalition.

that

barbarism

1 —

t - >.

"To

forces of free humanity until

It is true that in substantial part the

freedom-r-freedom from

•

statement,

Costly. Outlays

sequence

•

the offensive and said
the battle line" must be carried fori
to

"Ahrounts which manufacturers

:•

Na¬

hoped that for each of these dollars to be
purposes a dollar's worth is actually
received.
The paucity of information vouchsafed renders
it impossible to do more than hope. One would like to be¬
lieve that non-war expenditures were really being cut. to
.the bone, but despite substantial: reductions and notwith¬
standing • the protestations of the President,1 doubt$,'. br:
worse, are unavoidable.
The President, for example, is
recommending appropriations for aids to agriculture totaling
$837,000,000 for the fiscal year 1944.. Among the major
items included in the $837,000,000 total' arej $400,000,000
for conservation and use of agricultural land resources;
SI 94,000,000 for parity payments on: the 1942 crops; - and
$96,000,000 for exportation and domestic consumption of
surplus commodities. Other large items included are $64,000,000 for payments under the Sugar Act; $38,000,000 for
the Farm Security Administration; and $31,000,000 for
on

peace.

formal

United

issued on the first .anniversary of the
signing .of the declaration by United Nations, the President outlined

war

reductions in interest rates

"unity achieved

into

the

invoice
it
at
full price to the
V
blessings which Divine Providence on a different front.
transferring mill, which is to pay
"In this as in no previous war
through the progress of civiliza¬
on or before the 25th of the month
42,967' ' tion has put within our reach." ! - men are conscious of the supreme following invoice date.
In discussing the situation with necessity of planning what is to
48,961
"Each
manufacturer who pro¬
come after-riand of carrying for¬
72,422 : , newspapermen, Mr. Roosevelt au¬
duces and ships transferred ton¬
thorized the following direct quo¬ ward into peace the common ef¬
134,8305nage is required, when directed by
tation of; his "informal
remarks, fort which will have brought them the
210,549 A
administrator, to pay into or
They have
according to the Associated Press: victory in the war.

97,000...

:■

36,424;

It is to be

expended for

that

are

r.37,164
40,439

74,000VAA

33,778

AAA 1,027 A;'A

7,304

'''

28.700 J\;

A 911' A

■

8,281 ■'•>/;>% ''"'"''1-934' ■'

1937.
1938

709

7,583

f
-

1-936 ■

ward

Jan.

defensive

the

from

...

expenditure ;!
:
''A:. '
V If (000,000 omitted)
MA- $6,370
$540 A
>

1934-A-

the

passing

are

declared

Roosevelt

the
present bandit assault upon civili¬
zation is- completely crushed.
1
Defense or
Federal debt
y;"So to organize relations among
war outlays .7 at year-end

,A/ Total

•

that

Fiscal year

.President

tions

story,

ended-June 30

■

corresponding sum. Cost, of oper¬
ating the compensation plan is to
be borne by the stabilization fund.

The Canadian Prices Board an¬

nounced in Ottawa
each

Canada's

manufacturers
an

has

Jan. 3 that

lisned

payroll period ends on or
1, 1943. In such a case
the tax is required to be withheld

after Jan.

from the full amount of the wages
excess of the withholding
deduction allowable. However, if

paid in

newsprint the established payroll period ends
on
or
before Dec. 31, 1942, no
assigned

been

established percentage, of total

production under a compensation
plan for the newsprint industry.

withholding is required.
Commissioner

The

these

gave

examples:
-:'7,.A; '77'7::'|-y A, I
The allocation schedule was made y "(1) In the case of an estab¬
lished semi-monthly payroll pe¬
necessary by previous orders cur¬
riod ending on the 10th and 25th
tailing newsprint production.
day of the month, withholding, in
In Associated Press Ottawa ad¬
excess of the withholding deduc¬
vices the following was reported:
tion, is required on the entire
"The percentage of total pro¬
amount of the wages paid in Janu¬
duction*
however, will remain
ary, 1943, for the payroll period
constant unless, and until, changed
commencing Dec. 26, 1942, and
by. R. L. Wei don, Administrator
ending on Jan. 10, 1943.
y ; 7
of Newsprint.
"(2) If the payroll period ends
"'This is a fixed percentage of
on
Dec. 31, 1942, the established
the total amount of newsprint in¬
monthly payroll period ending on
voiced by all manufacturers in
the last day of the month, no with¬
any month,' the statement of the
holding will be required.
;
Prices
Board read.
The estab¬
"(3) In the case of an estab¬
lished percentages of the various
lished weekly payroll period end¬
manufacturers, were
determined
ing on the 2nd day of January,
by the Administration after many 1943, withholding, in excess of the
consultations with members of the
withholding deduction, is required
industry's advisory committee.
on
the entire; amount of wages
"Here is how the compensation
paid in January, 1943, for the pay¬
■■

nations,, bound ■ together -by the
universal ideals of the -Atlantic plan will function:
.
■
'
roll period Dec. 27, 1942, to Jan. 2,
Charter; signed, an act of faith ■V "When, in any calendar month,: 1943, inclusive."
that ,V. military
The Victory tax requires em¬
aggression, treaty. a manufacturer invoices to, his
,

;

•'

"They do not want

from undernourishment
no

a
or

postwar America which suffers
slums—or

get-rich-quick era of bogus "prosperity" which will end

for them in

selling apples -on a street corner, as happened
after the bursting of the boom in 1929.
'4 \
\
"When you talk with our young men and women, you
will find they want to work for themselves and for Their
families; they consider they have the right to work; and they
know that after the last war their fathers did not gain that
<

"When you talk with our young men and women you
will find that with the opportunity for employment they
want

assurance

against

hazards—assurance

that

the grave.
And this
vide this assurance."

the evils of i all major economic
will. extend

from the

cradle to

great government can and must pro¬
/ 'A" A'TV-.
Ac Aa\A';:' .A/- A

violation and \ calculated
should,

savagery

be V remorselessly

over¬

manufac¬ ployers to withhold 5% of all
quantity of newsprint wages and salaries in excess of
him to excess of $12 a week and also subjects all
established percentage, he will other income in excess of $624 a
required. to remit a propor¬ year to the tax.

customers, and to other
turers,

manufactured by

whelmed by their combined

might*
principles of life; his
liberty and the pursuit of hap¬ be
piness be restored as cherished tionate sum of a fund established
ideals of mankind.
"4
by' the Prices Stability Corpora¬
"They thus created the mighti¬ tion for the purposes of the order.

.and the

•

sacred

history: mighty When, in any month, a manufac¬
invoices
not only for its overwhelming ma¬ turer
newsprint in an
terial force, but still more for its amount short of his percentage,
est -coalition

eternal

spiritual

values.

Three

he is to receive

from the fund a

longer
"It

Utopian dream," lie says in his Budget
be translated into action," he adds, "when

the fear of

everywhere.

resigned

war we can

Dec. 29 as New York

tection

order

Pro¬

Civilian

Director

join

former

Governor Herbert H. Lehman in

can

"Freedom from want for everybody,

Foreign Relief Work
Lieut. Gen. William N. Haskell

State

aggression has been removed by victory." Possi¬
bly through the long years such a goal may be reached, but
Difficulties Ahead
J
not by'any such means as governmental profligacy—r-which
One must wonder whether the President really has
appears all too evidently to be the method the President
any conception of the real difficulties that must inevitably has in mind.
;
A
be encountered in the postwar period.
He still appears
Total war is costly business.
obsessed with the idea that there is absolutely no limit to
We shall, of course, have
the amount of money that the Government of the United to bear that cost until victory has been won, but let us not
States can spend unproductively, or the degree in which suppose that we shall be enriched thereby, or that by carry¬
our
national assets can be dissipated without courting ing over to peacetime the methods employed in winning the
disaster.

Haskell To Return To

usher in the millenium.

foreign relief work.

Mr. Lehman

is Director of Foreign Relief and

Rehabilitation

partment.

Gen.

the

State

Haskell

De¬

has

background of experience in the
work

which

returns,

now

having served from 1918 to 1923
under

Herbert

rector of relief
ope.

Hoover,

then di¬

operations in Eur¬

He also was United States

Relief Director in Russia.

the,comMerciAl &! FINANCIAL chronicle

196

Thursday, January 14,

»<f¥, \<.} <.

Text Of The President's Annual
I am not unmindful of other suc¬ and
diversity of
the
military
sufferings and cessful actions in the Pacific, in activities, in which this nation has
the air and on land and afloat
bloodshed and death."
become engaged. /As. I speak. 1 to
As to' post-war America; the especially those on the Coral Sea you, approximately one and a half
President'said the people at home and New Guinea grid in the Solo-j million of our soldiers, ; sailors,
and those abthe front want "per- mon Islands.
But these actions marines and' fliers are in service
inahent employment ■' -and "assur¬ were essentially defensive;
They outside (oup continental * limits, al
ance against the evils of all majdr were part of the delaying'strategy through the world./ Our merchan:;
that characterized this economic hazards—assurance that
phase of seamen are carrying supplies to
will extend from the cradle to the the war;
them and to our allies over every
•- .}' •• ' ••• /<•" ■•'j--;
■■
grave." He added that "this great
During this period we inflicted sea lane,,Government can and must pro¬ steady losses' Upon the enemyFew
Americans
realize
the
vide this assurance."
great losses of Japanese planes, amazing gr;owth of our air
The President further -declared naval vessels, transports and cargo strength, though. I' am sure our
that, at 'the end of the war, Ger¬ ships. As early >as one year ago, enemy does, .Day in and day out
many, Italy and Japan "must be we set As a primary task in the our forces are bombing the enemy
disarmed ahd kept disarmed, and war of the Pacific day-by-day and and- meetings him. in combat on
of many different / fronts oyer the
they must abandon the philosophy, week - by - week destruction
and the teaching of that philoso¬ more Japanese war material than world;
Apd for those who ques?
phy, which has brought so much Japanese industry' could replace. tjon the quality of our aircraft and
Most certainly, that task has been ability, of our,fliers, I point to the
suffering to the world."-'.
«
He went "on to suggest-that the and is being performed by. our fact that, in Africa, we are shoot¬
United Nations — the ' mightiest fighting ships and planes. A large ing down two enemy planes to
military coalition in history—"can part,of this task has,been accom¬ every (pne .we lose, and, in tbe
and must remain united for the plished by jthe gallant crew? • bf Pacific; ; and
.in ' thev Southwest
maintenance of * peace.'">
pur,, i American., submarines
who Pacific we are shooting them
strike on, the; other .side:j of the down four? to one.»
The'' President" concluded : his
•«/.

(Continued from first page)
efforts

these

and

•

Message To Congress
cism based

guesswork and

even

malicious falsification, of fact.

Such criticism creates doubts and

fears,
and t weakens
effort/
v*!-"/ I ido. not

our
1

total

.*•/,

to, suggest that

wish

should1 be completely'satisfied
with our production progress-vtowe

day,

state

asserting

have, withdrawn from

some

5,000,000, }of, our younger workers.
And in spite of this, our farmers
have contributed their share to the
common, effort

greatest
made;

by producing the
of: food ever
dtiring' a single

quantity

available

or next

can

perts,) thought that we had/pulled
some ,big figures out of a hat just
But we had

to frighten the Axis.

ships?

.'./■
<,
Who could have hoped to have
without
burdensome

done -this

confidence

in the ability of our Government regulations which are
people, to establish; new records. a nuisance to everyone-Jncluding
That confidence; has been j ustified. those who have the
thankless task
Of course,, we realized, that some

production .objectives would have
to be changed—some adjusted up¬

administering them?,
• v
We ,all know that there havebeen mistakes—mistakes due to
.

ward, and. others. downward; some; the inevitable process of trial and
items would be taken out of the error inherent in doing big
things
program completely, and others for- the first time,. • We all know
added.; This was inevitable as we that.' there have been too 'many

this nation is

words,

the labor force and. the farms

month, or ever. But year in ;all our history.. ;
;
report to you with genuine
(Is there any -person among us'so
pride on what has been accom¬ simple as to believe that all this
plished during 1942.
could
have
been
- done without
A year ago we set certain pro¬
creating some dislocations in our
duction goals for > 1942 and 1943. normal; national
life, some incon¬
Some people, including some- ex¬ veniences," and even some hard?
I

We pay the tribute of the United
thatv *'the pacific at Japanese ships—rpight at
good—the the,very ipouth..of-the.harbor, of States of America to the fighting gained battle experience} and as
heart of this nation is sound—the Yokohama.
'/x >r':
•/»/• ment of: Russia and China and technological . 'impro vements. were
spirit of this' nation is strong—the ; We know; that as each day goes Britain and the various .members made.
«. -iv" *.>."■
.*.» /
faith of this nation is eternal."
<
Our
1942 airplane production
by, Japanese strength in ships and pf the British Commonwealth
planes, is going down and down, the millions of men who through and tank production fell short,
The text of President Roose¬
and American strength in ships the years of this war have fought numerically, of the
goals set a
velt's annual message to Congress and planes is. going up and up. our common enemies, and, have
year ago. .Nevertheless, w.e-haye
on 7am'8' follows: //'
:
V:'i ■ The eventual outcome can be
put denied to them the world conquest plenty-of reason to be proud of
Mr. Vice-President, Mr. Speaker, on a mathematical basis. • That which
they sought.
<
our record for 1942.
We produced
members-of theSenate and of will become evident to the Japan¬
We pay tribute to the soldiers about
48,000
military, planes-^
the House of Representatives:
ese people- themselves
when we and fliers and seamen, of, others pf more, than the airplane production
The
Seventy-Eighth Congress strike at their own home islands, the United Nations- whose coun¬ of Germany, Italy,and Japan put
assembles in one of the great mo¬ and bomb them. constantly from tries have been overrun by.Axis together.. Last,month,,December,
hordes.
;
ments in the history of this Na¬ the air.
we produced 5,500. military planes
;■
/'
In the attacks, against
As a. result of the allied occupa¬ and the rate, is rapidly rising.
tion. ' The past-year, was perhaps
Japan, we
shall
tion of North Africa,, powerful Furthermore,
the most Crucial for modern civil¬
joined with the heroic
as
"each
month
ization; the coining year will- he people of China, whose ideals of units of. the, French .Army/and passes by, the; averages of our
filled with violent conflict^-yet peace are so closely akin to. our Navy are going into action with types weigh more, take more manwith high promise of better things. own: Even today we are flying as the United. Nations forces.
We hours to make, and have more
We must appraise the events of much lend-lease; material
/ into welcome them as allies and as striking power.
as
ever
1942 according to their relative China
They, join with those
In tank production, we revised
traversed
the friends.
Burma Road, flying it over moun7 Frenchmen who, since the dark our schedule^-and for good and
importance; we must exercise a
tains 17,000 feet high, flying blipd days .of June,
sense of proportion,
1940, have been sufficient reasons.^ As a result of
/.; ■ V p-:
^ 5.
First
in
importance:, in
the through sleet and snow. We shall fighting valiantly .for the libera¬ hard experience in battle, we have
message

1943

.•>

complicated forms
naires.
self.

and. question¬
I have

I know about that.

had to fill

some

of them out my?

But

we are

determined to

see

•

American scene has been ;the in¬

spiring proof of- the great qualities
of our fighting - men.
They, have
demonstrated these qualities in
adversity as well as in victory. As
long as our flag flies over this
/Capitol, Americans will honor the
Soldiers, sailors and marines who
fought our first battles of, this war
against overwhelming odds—the
heroes, living and dead, ;0f Wake
and Bataan and Guadalcanal, of
the Java Sea and Midway and the
North Atlantic convoys.
Their

unconquerable spirit will live for¬
v'''

ever.
'

By far the largest and most im¬
portant developments in the whole
strategic picture of 1942 were the
events on the long fronts in Rus¬
sia: first, the implacable defense
of Stalingrad, and, second, the of¬
fensives by the Russian armies at
various points which started in the
latter
part
of
November and
which still roll on with great force
and effectiveness.

the
the series of Japanese

The" other major events of
year were:

advances

the Philippines,

the

Indies, Malaya and Burma;
of the Japanese in the
mid-Pacific, the South Pacific and
the Indian Oceans; the successful
defense of the Near East by the
British counterattack through
East

the stopping

Egypt and Libya; the American-

British occupation of North Africa.
Of

continuing

importance in the

1942 were the unending, bit¬
terly-contested battles of the con¬
voy routes, and the gradual pass¬
ing of air superiority from the
Axis to the United Nations.
The Axis Powers knew that they
must win the war in/ 1942—or
eventually lose everything.
I do
not
need to tell you that our
enemies did not win this war in
year

1942.
In the Pacific area, our

most im¬

portant victory in 1942 was the air
and naval battle off Midway Is¬
land.
That action is historically
important because it secured for
our
use
communication
lines
thousands of miles in
everv direction.
In placing this
stretching

emphasis on the battle of

Midway,

all

overcome

the formidable" ob¬

stacles, and get the battle equip¬
ment

bower

into

China/to shatter the

our

common

enemy.

From this war, China will realize
the security,, the prosperity and
the

dignity, which Japan has
sought so ruthlessly to destroy. !
The period of our defensive at*
trition in the Pacific is passing.
Now

our

"him

is i to

force

the

Japanese to fight. k<Last year, we
stopped them. This yearj we in¬

that

supplies of food and

our

other .essential civilian .goods are
distributed
on
afair and just
,

basis—to, rich and poor, manage¬
ment and labor,: farmer and city
dweller

alike^

And

are

de¬

termined to keep, the cost of living
at

stable level;

All this has

re¬

quired

much information..
The
forms, ,and questionnaires, repreent an honest and sincere attempt
by honest and sintere officials to

obtain this information.
We have learned by the mis¬
takes, that have been made:
:
Our experience will-enable us
during the doming year to improve

thq necessary mechanisms of wartime economic controls, and to
portion of our tank simplify administrative procedues.
We pay tribute. to. the. fighting
producing capacity to a stepped- But we do not intend to leave
leaders of our Allies, to Winston
up production of new, deadly field things so lax that loopholes will
Churchill, to Joseph Stalin and to weapons, especially self-propelled be left for cheaters, for chiselers,
the
Generalissimo
Chiang KaL artillery. <
or
for the manipulators of the
v
shek.
There is a very real unan¬
;
:
Here are some other production Black Market.
imity between the leaders of the figures:
Of course, there have been in¬
/
;;■
United Nations.
This unity is ef¬
In 1942 we produced 56,000 com¬ conveniences and disturbances—
fective in planning and; carrying bat vehicles, such as tanks and and. even hardships.
And there
put the major strategy, of, this wqr self*propelled artillery.
will be many, many more before
^ av
and in building up and maintain?
In 1942; we produced 670,000 we finally win, Yes, 1943 will not
ing the lines of supplies., ;
machine guns, six times greater be an easy year for us on the
tion of their stricken country.

diverted

■

I cannot

I cannot tell than our production in 1941 and home front. We shall feel in many
the United three times greater than our total ways in our daily lives the sharp
In the European theatre of war Nations are going to strike next in production during the year and a pinch of total war.
But we are going, to half of our participation in the
during this past year it was clear Europe.
Fortunately, there are only a
that our first task was to lessen strike—- and strike hard,, Lcannot first World War.
<
- ^
few Americans who place appetite
the concentrated pressure on the tell you whether we are going io
We t. produced 21,000 anti-tank above patriotism. The overwhelm¬
Russian front by compelling Ger¬ hit them in Norway,, or through guns, six times greater than our ing majority realize that the food
we -send
abroad is for essential
many to divert part of her man¬ the Low Countries, or in France, 1941 production.
■ •
•>
power and equipment to another or through Sardinia. or Sicily, pr
We produced 10 xk billion rounds military purposes, for our own
theatre of war.
through the Balkans,, or through of small arms ammunition, five and allied fighting forces, and for
.;
|
After months of secret planning Poland—or at several -points sim¬ times greater than our 1941 pro¬ necessary help in areas, that we
and preparation in the; utmost de¬ ultaneously,,
But I can tell. you duction and three times greater occupy.
/.
tail, an enormous amphibious ex¬ that no matter where .and when than our total production in the
We Americans intend to do this
we. strike by land,
we andthe first World War.
pedition was embarked for French
—
'
great job together.
In our com¬
North
Africa from
the
United British and the, Russians will hit
We produced 181 million rounds mon labors we must build and
States and the United Kingdom in them from the air, heavily and re¬ of artillery ammunition, 12 times fortify the
Very foundation of na¬
hundreds of ships.
Day in and day out. greater than our 1941 production tional unity—confidence in one
It reached its lentlessly.
objectives with very small losses, we shall heap tons upon tons of and ten times, greater than our another..
and has already produced an im¬ explosives on their war factories total
It is often amusing, and it is
production
in the
first
portant effect upon the whole sit¬ and utilities and seaports. /
/ ; World War. /
sometimes politiCallvorofitabler to
-,-1 }■':'[
Hitler and Mussolini will un¬
uation of the war.
It has opened
The arsenal of
democracy is picture the City of Washington as
the enormity of their
to attack what Mr. Churchill well derstand
a
making good; - •
.
mad-house, with t^e Congress
that the Nazis
described as, "the under belly of miscalculations
These facts and figures will give and the Administration disrupted
the Axis," and it has removed the would always have the advantage no aid and comfort to the enemy. with confusion and indecision and
always dangerous threat of an of superior air-nower as they did On the contrary, I can imagine general incompetence.
Axis attack through West Africa when they bombed Warsaw, Rot¬
However—what matters most in
they, will give him considerable
against the South Atlantic Ocean terdam, London and Coventry. discomfort. I suspect Hitler and war is results. And the one perti¬
and the Continent of South Amer¬ That superiority has gone—for¬
Tojo will find it difficult to ex¬ nent fact is that after onlv a few
tend to advance.

you

prophesy.

when

where

;

ica itself.

ever,

The well-timed

and splendidly

Yes—the Nazis and the Fascists

executed offensive from

have asked

the

going to get it.

British

Egypt by
Eighth Army was a
major strategy of

for it—and

they are

plain to the German and Japanese
people just why it is that "deca¬
dent, inefficient democracy" can

of preparation and only one
of warfare, we are able*to
engage,
spirituallv
as
well
as
physically, in the total waging of

years
year

produce such phenomenal quanti¬
ties of weapons and munitions— total war.
Washington may be a mad¬
Our forward progress in this and fighting men.
Great rains and;appalling mud
house—but onlv in Urn cense that
war has depended upon our prog¬
We have given the lie to certain
and very limited communications
it is the Capital Citv of a nation
ress on the production front.
misconceptions — especially, the
have delayed the final battles of
which is fiebting
And I
There has been criticism of the one which holds that the various
Tunisia.
The Axis is reinforcing
think that Berlin and Rome and
management and conduct of our blocs or groups within a free
its strong positions. But l am con¬
war
production.
Much of this country cannot forego their polit¬ Tokyo, which had snob contempt
fident that though the fighting
for the obsolete methods of de¬
self-criticism has had a healthy ical and economic differences in
will be tough, when the final Al¬
effect.
It has spurred us on.
It time of crisis and work together mocracy, would now piadly use
lied
assault
is
all they could ?et of that same
made, the last has reflected a normal American ;oward a common goal.
vestige of Axis power will be
brand of madness.
While we have been achieving
impatience to get on with the job.
driven from the south shores of
We must not
We are the kind of peonle who
that our
his miracle of production, during
the Mediterranean.
are never quite satisfied with any;he past year our Armed Forces achievements in nrn^nption have
been relativelv no prater th^an
Any review of the year 1942 thing short of miracles.
"
lave crown from a.little over. 2,must
emphasize the magnitude
But there has been some criti¬ 000,000 to
7,000,000.
In other those of the Russians and British
part of the

same

the United Nations.

developed

and Chinese who have

tHeir

industries under the in¬

war

credible difficulties of baftle, Con¬

ditions.'1.They:: have had to con¬
tinue work through bombings and
black-outs. They have never quit.
We
Americans
are
in good,

in this war, and
playing our-Own, honorable
part in'the vast common: effort/"
As spokesmen for the United
States Government, you and I take
off our hats to those responsible;
for our American production—to
the owners, Managers and' super¬
visors, to the draftsmen and en¬
gineers, to the workers—men and
women—in factories and arsenals
brave

company

we are

and
and

shipyards and mines and
forests
and
railroads
off

take

the

hats

our

and

■■"/'

■'

highways. :
We

mills

un¬

families; they consider

their

and

ihust abandon
(Continued from first page); 4
the philosophy, I and - the teaching Th'ere wha3 ;bcen "a
pronounced
of
that
philosophy,
which has change in the attitude of the Bu¬
young brought so much suffering to the reaucrats towards them.

right.

armed,

with our
and women, you will find
with the opportunity for em¬

When you talk
that

Cleve. Reserve Bank

From Washington

dis¬

be" disarmed and kept

mu^t

they know'that after the, last; war
their, fathers' did ? not : gaih;;that

men

They

conquest.

of world

career^

arid

they .have "the" right to work;

197

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4142

Volume 157

ployment
they"want
against thevevils,-of

world.

tried

the

;

first

achieve

War

World

for

formula

permanent peace, based on a mag¬
nificent idealism.
We failed. But,

major

economic hazards—assurance that

by our failure,

cradle to the

will extend from the

•

After

^assurance

all

and -they

that

grave; This great Government can
and must provide this assurance/

.secondary

for

run

the

little

branch, it
the

prominence.. In an , occatilt with the Bureaucrats,

Bank

Cincinnati

announced Jan. 2
qf

;

.quoting little un¬

•George C. Brainard, a, Class C
Director and President of The
General
Fireproofing ; Co..
of
Youngstowny whose term expires
Dec. 31 next, has been designated

named subordinates of the Execu¬

Chairman of the Board and Fed¬

tive branch in

eral Reserve

the headlines, the

these latter got

arguments of Congress; were sub¬
ordinated.., Newspapermen fell
into the habit of

propaganda against

But

Congress.

Agent for the calen¬

dar year

1943.
R. E. Klages, President of The
Columbus Auto Parts Co. of Co-

No¬

accomplished

elections

vember

if the

now,

Director,
whose term expired Dec. 31, has
been appointed* Class C Director
for a three-year,-term beginning,
Jan. 1, 1943./* Mr. Klages has been ;
designated Deputy: Chairman for ;

lumbus, Ohio, a Class A

the calendar year

—

• ■

•

was

its

Fleming, President

Bank:

the country knows

regarded as
issue--but rather as a task for

very, by

I trust it will not be

Reserve

and

Cleveland

where I starid. of aggression or conquest against
nothing else, they have served to
I say this now to this Seventy- any of- their neighbors, the United
throw, the. spotlight and the first
precedented task of feeding' not
Nations
can - and
must remain
Eighth Congress,
because it - is
only a great nation" but a great
united-: for- the-; maintenance
of string newspaper coverage back
wholly" possible
that Freedom
on
the hill. / ; "/
part of the world.1»' ' ; 'y-:
from Want—the right - of employ¬ peacfr by preventing any attempt
We take off our hats to all the
i
As things are shaping up, it is
ment and the right of assurance to rearm in Germany, in Japan, in
loyal, anonymous, untiring "men
apparent that' there will be a
against life's hazards—will loom Italy, or in any-other nation which
and women who. have worked in
seeks to violate the Tenth Com¬ steadily increasing drive on the
very large as a task- of America
private' employment and in Gov¬
mandment
"Thou shalt not, part of Congress to run the bu^
during the coming two years. t ?•;
ernment and who have endured
covet./'
w
*•:■ % 'A-»-■ • ■1 •'; »;•>/-•/ reaus with Mr.- Roosevelt given a
faced

who have

farmers

Federal

news¬

Ifptown got the'spot¬
light., The result, was that the ut¬
papermen.

of human development sional

this stage

by good intentions alone.
I Today the United Nations are
time to speak of a better: America
after the war:- I am told it is a the mightiest military coalition in
history;- They represent an over¬
grave error on my part.
whelming majority of the popular
•<T dissent.
1
•"
//A'/' :
If the security of the individual tion of the world. Bound together
in'- solemn - agreement
that they
citizen, or the' family/ should be¬
themselves will not commit acts
come a subject of national debate,
that this is

I have been told

having lost its prestige, it became
a.

has made

following designations and
appointments at the main office

the

with Congress

years,

have learned terances, of the members. got

cannot maintain peace

recent

of Governors of the

The Board

Federal Reserve System

Brown/

1943.

,j;

an/agriculturist

Chillicothe, Ohio, whose, term
cynics and * skeptics free hand to run the war. This
as a director pf Cincinnati branch
cannot be done.
The is written for the benefit of those
expired Dec. 31, has been ap¬
•We
take
off our hats to all
American people and all the free¬ nervous editors who are express*tp work- out with, a constant regard
pointed a director of thah branch
Americans who have contributed
for the attainment of the- objec-' dom-loving peoples of this earth ing fear that the new; revitalized
for atwo-year term beginning
magnificently
to /our'; common
tive, with fairness to all and with are now demanding that it must Congress, in its exuberance/will Jan. 1, 1943.
cause.
'•. '• > -i"y'/ • '; ■
«
be done.
And the will of these interfere with the conduct of the
:
,
injustice to none, "p
Mr. Fleming at the same time
war.
Some of these same gentle¬
; -"
•
In this war. of survival we must people shall prevail.
announced that the Board of Di¬
I have sought to emphasize a
i
The
philosophy of the Axis men,
even
Republicans,
were rectors of Federal Reserve Bank
keep before our minds not. only
sense of proportion in this review
the evil things we fight against Powers is based on profound con¬ sorely afraid of an overturn last of Cleveland had appointed Fran¬
of the events of the war and the
If, in November for the same reason. cis H.
but the .good things we are fight¬ tempt for the human race.
Bird, Professor of Com¬
needs of the war.
ing for. We fight to retain a great the formation of our future policy, They were afraid Hitler would merce of the University of Cin¬
We
should
never
forget the
we
were
guided < by. the - same get some comfort out of it, look
past—and we fight
to gain a
cinnati, Chairman of the Board
things we are fighting for. But, at
cynical contempt, then we should upon it as; a repudiation of /the of the Cincinnati branch for the
greater future. •';, •
' - . /
this critical period of the war, we
Instead of this being the
Let us remember that economic be surrendering to the philosophy war.
year 1943, and Robert E. Doherty,
should confine ourselves to; the
safety for the America of the fix¬ of our enemies, and our victory case, it developed that the over¬ President of Carnegie Institute of
larger
objectives and - not. /get ture.is threatened unless a greater would turn to defeat.
-: ;
turn was just about one of the
Technology
at
Pittsburgh, as
bogged down iri argument over economic stability comes to the ;! The; issue of this war is the basic healthiest things that could hap¬
Chairman of the Board of Direc¬
methods and details.
;/;/' /
ijest. of the' world.
We'/cannot issue between those who believe pen to the country/.The fact, fs tors of Pittsburgh branch for a
*We, and all the United Nations, make America an island in either in mankind and those who do not that thousands
of citizens
are
similar term.
/
want a decent peace and a dur¬ a
military, pr an economic sense. —the ancient issue between those more enthusiastic about prosecut¬
On Dec. 31 the Board of Di¬
able peace.
In the years between Hitlerism, like any other form of who put their faith 'in: the people
ing the war now than they were rectors of Federal Reserve Bank
the end of the first World War and crime or
disease, can grow from and those who pub their faith in before November. It was some¬ of Cleveland announced the fol¬
the beginning of the second World the evil seeds of economic as,well dictators and tyrants. There have
thing that was not widely adver¬ lowing
changes in the official
War, we were not living under a as military feudalism.
always been those who did not tised but it was a fact that a dan¬
.■■■•. /
staff of the main office, effective
decent or a durable peace..
/ /Victory in this war is the first believe in the peoole, who at¬
gerously large number of people Jan/1, 1943:
I have reason to know that.our
arid greatest goal before us.
Vic¬ tempted to block their forward were so discouraged over what
V W.
F. Taylor, • Vice-President
boys at the front are concerned tory in the peace is the- next. movement across history/to force
they saw happening at. home that and Cashier/will on that date re¬
with two;broad -aims., beyond the That, means* striving; toward-* the them back to servility and suffer¬
they couldn't, for the very life of
linquish his duties as Cashier and
Winning 6f the'war; and their enlargement of the security of man ing rind silence. \•" /
them, throw their whole spirit will continue as Vice-President. •
thinking and their opinion coin¬ here and throughout the world-r¬ / The people have now gathered
into the war.';./;/'/; /V.//■ // ,/
A. H. Laning, Assistant Vicecide with what most rAmericans
and,
finally,
striving
for
the their strength. They are moving
/And I predict that to. the ex¬ President,
has
been
appointed
here back home are mulling over. Fourth Freedom—Freedom from forward in their might and power
tent that Congress does take over Cashier.A :
—and no force, no combination of
They know," and we know, that it Fear./
■//.:"
;/./
/
.
W.
L:: Findeisen, Manager of
would be inconceivable—it would, / It is of little account for any of forces, no trickery, deceit or vio¬ running- the' bureaus,, their per¬
indeed,
be
sacrilegious—if this us to talk of essential human lence, can stop them now. They sonnel and their operations, the the foreign funds control depart¬
better conduct of the; war there
ment, has been appointed Assist^Nation and the world did not at¬
needs, of attaining, security; if we see before them the hope of the
will be... This is true because Mr.
ant Cashier.*
v-./-./."//•
tain some real, lasting good out of run. the risk of another World War world—a decent, secure, peaceful
Roosevelt is not a good executive,
C. J. Bolthouse, Assistant Cash¬
all these efforts and1 sufferings and in 10 or 20 or 50 years.
That is life for all men everywhere/
/ I do " not - prophesy when this has admitted- at any i number of ier at Pittsburgh branch, has been
bloodshed and death.
; ;
.'•■■
just plain common sense.
Wars
times, and if he were the best transferred to the main office.
The men in our armed forces
war will end. / .'
,•:../
;•/•-' ;
grow in size, in death and destruc¬
want a lasting peace, and, equally, tion, and in the inevitability of en¬ 4 But I do believe that this year in the world it would be utterly
Clifford F. Hood, President of
impossible for him to keep track
they want permanent employment gulfing
The American Steel & Wire Co.,
all nations, - in inverse of 1943 will give to the United
of. this
sprawling bureaucratic
for themselves, their families and ratio to the shrinking size of the Nations a very substantial advance
Cleveland, Ohio, was appointed a
their neighbors when they are world, as a. result of the conquest along the; roads that lead , to Ber¬ mess.*. /. / / /.;>.'•
.
/,
member of the Industrial Advis¬
mustered out at the end of the of the air.
Just after the 1936 election Mr.
,
I shudder to think of lin and Rome and Toyko.
ory
Committee for the Fourth
and ! other
humor and

rationing

with good

stringencies
good-will.?

all of

to study

There

-are

who say it

sympathetically,

•!•./ '/A-'

war.

/,.v"

I spoke in my
Annual Message of Four Free¬
doms.
The blessings of two of
them—Freedom
of Speech and
•Two

ago

years

.Es¬
this
Nation; and we hope that these
blessings will be granted, to: all
of Religion—are an

Freedom

sential part

of the very life of

everywhere.
The
people at

men

home and the
the,, front—men and
women—are wondering about the
Third
Freedom—Freedom from
Want.
To them it means that
when they are mustered out, when
war production is converted to the
economy of peace, they will have
the right to expect full* employ¬
ment^ or*themselves and for all
able-bodied men and women in
America who want to work.
They expect the opoortunitv to
at

people

w'prk,

happen to humanity/in¬ ;;; I tell you it is within the realm
cluding ourselves, if this war ends of possibility that /this Seventyin an inconclusive peace,; and an¬ Eighth Congress may have the his¬
other war breaks out when the toric privilege of helping' greatly
babies of today have grown to to save the world from future fear.
■V Therefore,
let us—all of us—
fighting age.
' ■ /■;;/ -;•/,;•■:/
Every normal American prays have confidence, let us redouble
/
: " ; ;
that neither he nor his sons nor our efforts.
his grandsons will be compelled to / A tremendous, costly, long-en¬
what will

their, farms, their
decent wages. They
risks inher¬
system of free enter¬

Undoubtedly

ent

...

Thev .do

not

want a oost-war

which suffers,from' under-nourishment or slum4?—or the
dole. They want no get-rirh-auick

'America

of bogus "prosperHv"
will end for them in selling
era

aooles
happened af¬
bursting of the boom in

street corner, as

on a

the

ter

which

l^Q.

When

and

men

thfey
,

vou

talk with our voung

women.

want to work
I'

will fvnd

vou

for themselves
1

now,-

hole

and

them.

pull

hole

the

in after
- /./.

that we
deeo that
predatory
also learned

But we have learned

never

.can

dig

hole

it would be <?afe against

have

animals.,

that if

do not pull the fangs

animals' of this
world,
they wdl multiply and
?row
in strength—and they will
be at. our throats once more in a

the

predatory

short

Most

realize

that mod¬
equipment in the hands; of

clearly than ever before
ern war

aggressor

nations

can

bring .dan¬

overnight to our own national
existence or to that of anv other

Congress.

The

ac¬

"He said that"in

transcribing tho

final draft, a small
oimssionT had been made by his
secretarial staff in his discussion

.ninth

arid

ger

of nroduction figures.

nabom—or island—or

had'planned to include in
them these "two sentences:

It is clear to us that

continent.
if Germany

Italy and Jaoan—or a^y one

pr>d

of them—remain armed

at the end

permitted .to
rearm, thev. will again, and m-mu¬
tably, embark upon an ambitious
this

war,

\'U

are

•t •;

•(-

against

campaign

the

better

Deal

New

asked

than Landon and when Jim

how, Mr. Roosevelt replied "our
administrative
weakness,
that's
where

vulnerable,";'

are

Federal Reserve
the remainder of
Feb.

1943.

28,

District, to serve
the term ending

Mr.

Hood's

ap¬

pointment fills the vacancy cre¬
ated by the resignation of E. C.
;

Folsom.

/;.,:'

directors

The

/;/\

of the Cleveland

words to this effect.

But you

well as in begins acting

counts went, on to say:

Americans

conducted

have

message

generation,

prise..

•

few Americans,

end this

can

to face the

our

during task in peace as

think that this Nation
war comfortably and
then climb back into an American
even

run

eager

through this horror again,

could

/■;""//.'/' Reserve -Bank also announced,
watch/ when Congress Dec, 30, the following new ap¬
up, a lot of nervous
pointments and changes in the of¬
war is still ahead of us.
Willie editors, and conservatives, ficial staff of Pittsburgh branch:
But, as,we face that continuing
too,
will
begin to view with
J. W. Kossin, Cashier of the
task, we may know that the state
alarm.,
....;;•; /■/;; ■' /
■/ Pittsburgh branch; has been ap¬
of this Nation is good-4he heart
pointed Managing Director, suc¬
of this Nation is sound—the soirit
ceeding P. A. Brown, who • has
of. this Nation is strong—the-faith
Extend V-Mail Service
resigned his connection with the
of this Nation is eternal.
Postmaster, Albert Goldman of Federal
Reserve
Bank.
Mr.
FRANKLIN D. ROOSEVELT.
New
York
announces
that
ar¬
Brown has accepted
a
position
rangements have been made to With
The White House, Jan. 7, 1943.
The
Union
Trust Co.
of
extend the V-Mail Service, which
Pittsburgh.
According to Associated Press
was inaugurated on June 15, 1942,
advices from Washington. Jan. 8
A. G, Foster. Assistant Cashier
to correspondence between
per¬
President/Roosevelt at his nress
at the main office, has been ap-^
sons
residing within the United
conference that day requested that
pointed Cashier at the Pittsburgh
States and members of the Brit¬
a* belated insert be placed in his
branch,
.

stpres. to earn
are

Roosevelt told Jim Farley that

ish

In this

Such

Mr. Roosevelt told

vir * i

marked

"MEF."

the

Amer¬

with

serving

"Middle

his

East Forces"

been

would

deliberate
fail

-•

there

omission

give

them

,;.c. s.-;. :

i i- t

Schmidt. Manager of the

the

•

and coin department at

branch, has been
Assistant Cashier at

Pittsburgh

aopointed
that

office.

Manager of
department of
Pittsburgh branch, has been ap¬
pointed Assistant Cashier at that
R.

the

Steinbrink,

fiscal

agency

office.
F.

Cobun, Assistant Cashier
Pittsburgh branch, has re¬

at the

signed.

their due credit.
:;j

currency

ad--

should

letters

maritime work to think

reporters he which
.,tj

Forces

rank, service or headquarters and

had

did not want anyone in shipyards

Forces

dressed to the individual with

we ex¬

ceeded the goal set."

Field

the British in the Middle East.

"In 1942 we built 8,090.000 tons
of merchant shins.

Armed

ican

THE COMMERCIAL & FINANCIAL CHRONICLE

198

WPB Curtails Use Of Newsprint By 10%;
Sets Consumption At 194! Net Paid Circulation
The

Board announced

War Production

Dec. 31

that the

ton¬

publisher may use in 1943 will
be 100% of the amount used by him to produce his net paid cir¬
culation in 1941, plus a 3% spoilage allowance.
This- action was taken through the issuance of limitation order
of

nage

paper

newspaper

L-240,

effective Jan. 1, which follows
Newspaper Industry Advisory^

the

Committee at

ington
with
Dec. 10.

meeting in Wash¬

WPB

officials

recommendations

"Newspaper"
publication*

any

nized

as a

made

defined

usually

news¬

The

Printing

Division

Publishing

and

WPB

industry, regardless of the
that frequency of issuance. '
';,'*.

estimates

paper

muRij-wall pointed Deputy Manager,in charge
."Will

Department.

order

of 10%

lend-lease

them.

the

The

weeklies

majority

great

and

the small

of in the printing of material physi¬
cally incorporated into a news¬

paper..

"Net

town

means

Judge Henry W. Goddard of the

will go to

nages

Board

the

under

Economic

Warfare's program.

The

with

is'.that

result

net

United

District Court, on
appointed Robert lVIcCurdy Marsh, former Justice of
the Supreme Court of New York,

the

ment.

retary

of the System.
At
time, the elevation of
George W, Alger, a member of
the Appeals Board since its incep¬

the

Council

National

and

Van

Banking

charge

Vechten

since

Committee, has been named Dep¬
uty Manager

1940, to the Chairmanship
was also disclosed.

the Board,

The chairmanship has been vacant
since the recent death of Judge

Secretary

Ration

same

tion in

of] the Association's Public

Relation's
of

Arbitration

administrator

the

Picture

American Arbitration Association,

"J, E. Drew, who has been Sec¬

[

qf the Appeals Board of

Motion

System; it was announced by the

Relations,
has
been
named Deputy Manager and will
continue in -charge of that depart¬
*'

member

Customer

States

Dec.

Secretary to Secretary of
the Membership Committee.'
"William
Powers, Director of
the Department.of Personnel and

1940.

Chairman

member, Judge
receive a salary of

Marsh

will

and

Board,

"Walter B. French, who has
papers, magazines and.iir the use
.been Deputy Manager in charge of
of paper in almost every other
the Association's Consumer Credit
type of civilian use,
"
Department,'will assume the re¬
With
careful
planning, how¬

Veeder,

$17,500

of those

activities^

Mr.

Chairman

Alger

will

the

of-

receive

circulation"

paid

sistant

and

they use their allotment
print paper, a matter entirely

....

ley has been advanced from As¬

to*' England
sizable ton¬
South America

program.,

Australia,

in current

how

Judge Marsh Named To
Movie Appeal Board

of the

Dunkerley, who has been
Assistant Secretary of the Savings
stepped
mands have to be met.
Division, will be* associated with
The
government
has .made Dr. Fisher as Secretary of the
heavy commitments of pulp in its division. In addition, Mr. Dunker¬

effect'

will

charge

"J. R.

the
army; is ; being
.up, heavily.,,
Such' de¬

for

paper

decline
in the supply and new
a reduction
"Printing" means the- act or
war
uses, impinging
along' with
consumption of process of printing, impressing or
the expansion of certain essential
print paper, but stressed the fact otherwise transferring onto- print
civilian uses the remaining uses
that this was an over-all estimate any
ink, color, pigment, mark,
must be cut.
*.
for the industry and by no means character or delineation. 1
Print paper, the division em¬
"Publisher" means any one is¬
meant that each publisher would
phasized, is regarded as essential,
be cut 10%.
suing a newspaper,
v / * ; :
but the pulp wood shortage now
'Under the order, the*WPB said,
: "Print paper"' means any grade
developing has made necessary a
some publishers will be cut more or quality of paper
used in the
curtailment in the size of news¬
and
some
less, depending upon printing of a newspaper, or used

the

"Mortgage arid Real Estate Finance

,'in 1942 tc> 600,000 tonsInrl&4*3? ■ r
Production
o f
photographic

sacks, - for * exam#r£,£i$'ex-, rbfbthy ^
pected to jump from 300,000 tons continue to

paper

and

recog¬

in the

newspaper

Thursday, January 14, 1943

sponsibilities

the

$20,000,
tem

Picture

ever, the curtailment can be ef¬
•Division and the, Bank Manage¬
affected at all. the sales of a publisher's news¬
fected without disruption of the
ment Commission in addition to
governing the use paper audited, or otherwise veri¬
industry. The object of the order his
of paper in magazines, L-244, was fied,
present activities.
in ^accordance
with *; the
is to keep a balance* betweeri the
"Melvin C. Miller, formerly As
issued, at the same time, limiting standards of the Audit. Bureau of
total supply and the essential reisistaiit Secretary of the State Bank
publishers to 90% of the paper Circulation.
quirements for paper.
\Division and of the Bank Manage¬
"Base period" means the year
tonnage used" by each during 1942.
ment Commission; will be associ¬
•
•
Qther orders governing the use of 1941...

dailies will not be
A WPB order

signed

1940.

the

set up

was

decree

Bank

State

The Appeals Board of the
Arbitration Sys¬

Motion

under the consent

by Judge Goddard

The

decree

terminated,
Sherman anti¬

government's

trust suit

against five major

mo¬

tion picture producing and exhib¬

iting companies.
The arbitration
system,
administered
by
the

American Arbitration

Association,

•

2. No publisher, or any person
in books, commercial print¬
and containers are expected for his account, is allowed to buy,

paper

ing
to

ta!

shortly, as well as an acquire, or in any manner accept
order
governing the production delivery- of print paper except for
the
of all pulp and pulp products.
printing of the * publisher's
W. G.

Chandler, Director of the
Printing and Publishing Division
of WPB, and Donald J. Sterling,

newspaper.

consultant to the chairman

account

tries,

made

statement
issuance

the; following

with

connection

the

that

one

ing of
100%

will

the

meet

allowed

used

for

to
his

print paper for the print¬

any

newspaper

quarter

the

during

amount

(

excess

any

of
print
for his ac¬

count, in the printing of the net
paid circulation of his newspaper

the during the corresponding calen¬
the dar quarter of the base period. '
conservation of print paper in the
1 4. In
order to1 compensate for
conduct of the war effort. It will the print paper lost to a publisher

immediate
War

requirements

Production

provide

ing

Board

for

leveling-off period dur¬ in

which

publishers

newspaper

may gear their

publications to ad¬

ditional cuts that may come later.
"We recognize that under the
strict

terms .of

the

order

some

newspapers,
particularly - those
whose circulations have increased

greatly since 1941, may
be hard

hit.

appear

As the order will

to
be

administered, however,, no undue
hardship will be caused any news¬
paper.
There
are
established
practices

within

appeal

the

WPB, and appeals under the order
will be acted upon

equitably

rapidly and
possible."

The main

■

for the curtail¬

reason

ment

is,

order, the WPB explained,
that the estimated pulp wood

available for

consumption during

wrappers

ered

him

that lost to

covering paper deliv¬
by his supplier and
him through damage

in transit and in

printing spoilage

lie may add to the total quarterly
amount of print paper authorized

will

the

total

The

WPB

announcement

fur¬

The
ment

first

of paper
31

major step in curtail¬

the

production

products

was

and

taken Oct.

man

the

and:' Federal

Board'

Reserve Agent of the Federal-Re¬
Bank of New* York for

serve

1943." Mr. Ruml has

year

the

Federal

ing,

the

been a

director

Bank of

New York since Jan.

Broadly speak¬
rates

of" va¬

Chairman* of the Board
eral

curtailing
since in

equally

majority of

printer,
cases

p,rin>ed

newspapers

in. captive
by the publishers
Following

are

visions of the

plants

the

loan.

order:

with

He is now

the

•

has

the

porting

the

National

and

Northern

for

the

New

War

Board.

Ended Jan. 2r 1943

ap¬

Compliance

for

State

has lumber shipments of 431 mills re¬

Governors

announced' that

President

was

serving

Commissioner

York

Jersey

Production
*

••

OPAls Urged To

Ruml" is

Board ' of

The
also

and

York

area

Modify

Residential Sales Rules
Modification of present require¬
of the Office of Price- Ad¬

Lumber

ments

Trade

the

Governor of the Farm Credit Ad¬

ministration

from

1933

1938,

30-days of the

Issuance of the order

addition

1938.

the

well as

Federal

poration.

Surplus

and

Commodity

the

Buffalo

Federal

Bank

of. New

Poole.

Genesee. .Farm,

Co.,. Batavia,

N. Y.,

term

three-

beginning Jan. 1, 1943.
as la Director

came

1938.

leaders

the

•

Staff

Changes In ABA:
Announced By Stonier

primary

for curtailment of the sup¬

Three
the

member's

American

of the

Bankers

staff

Associa¬

tion have been

and

manila from

the

are

Philippines.
Those shortages have put a treburden

of heavy duty
shipment and

paper

the

essential

war

civilian

announced

made

Wiows:-

•

"Dr. Ernest M.'Fisher, who-has

supplies

bags for

chanees

been
.

Director*

Research

pro¬

The

was
were
were

The

1943

Book

for* the

Cam¬

armed

forces

opened" Jan.

5, and will -run until March 5, ac¬
cording to the "War Advertising
Bulletin" of the Advertising, Fed¬
of America.* The general
campaign is under the joint spon¬
sorship-of the American Library
Association,
the
American
Red
eration

Cross- and the United Service Or¬

ganizations. The* emphasis in this
year's campaign is being, placed
onl quality-rather than quantity—

regulation

for

in effect

and

date

rent

con-'

wherever

effect,

residential

volves
of
,

notice

90-day

rent

require

the

purchase
that in¬

property

involuntary dispossession
existing tenant.

"Their purpose to prevent 'sales'
made only to evade rent control
could

severe

achieved

without

requirement,

that

one

disturbs established home financ¬

ing

practices^

holds.,
tions

the

asks

could

the

regula¬
modified, and has made
as

to how this

soundly be done.

"Real
over

association

that

specific suggestions

not

just books,.-but good books in
good-condition.- The Federation
calls - on
the
War
Advertising

officials.

one-third cash down payment and

paign for the collection of books

the

estate

boards,

country

rent

tq,.help in promoting and publici¬

their

own

sing the-campaign, Some of the
suggested •> slogans for * the drive

National

that

•.

■

cities

are

under

control

are

Advertising Clubs

"Count Your Books and

the..Books

-that

Count"

Give

"Any

made reports on the
<H:f*et of the sales regulations on

communities. These the
Association has brought

the

seeking

"'"dl

attention
an

O^A officials

adjustment

achieve the

purposes

which

the

Boqk You; Really Want To Keep

RmH

Is ..A

necessary stoppage of our national
nolicv in. respect to lmme
financ¬

G^od

Mortgage and*Real Estate.Ffnance

"Give

for the

Books."

Association, has been-ap-

Victory

OPA

under

9, says:

present

V-Book Campaign

1943
■

Washington Com¬
bringing this to

"The regulations, part of OPA's

control

;

association,

Jan.

trpl

by,:A..B. 'A.
the the war effort; the loss of burlap Executive Manager Harold Stonier
the formerly imported
from
India, made* public Jan. 4. - The changes

staff

announcement

an*

said,

the ^attention

greater..*:- ■*,*.*:■■

Committees

Realtors"*

mittee

cor¬

the

York, the .Board of Governors-.an¬
nounced the appointment of Gil¬
A.

16.3%

r';;.

Branch

.Reserve

mff

duction

reporting mills
Director of
26.3%
greater; shipments
Relief Cor¬
28.5%- greater, and orders

Credit Corporation.
(

1934

of the Buffalo branch.since. Jan.

only
long- study of the problem
all its ramifications by gov¬

causes

Mortgage Corporation. from

tioh's

*,-

ComparedJ* to the average
responding' week of 1935-39,

and President of the Federal Farm

Mr. Poole has served

after

18.5%;
■

pro-

Agent since Jan. 1,
Treasurer .of *.'! According to. the National. LumR~ H. Macy & Co.„Ine.; New. York, .ber : Manufacturers i Association,

vear

•

mendous

major

association

1903

New

County Lawyers
Association until early this year.'.

Lumber Movement-—Week

cording

owned

identified with the New York Bar
the

administrative respon¬

appointed Deputy
Managers of the Association,, ac¬

are

ter

since

executive manager.

Reserve

1941. 'Mr.

Supply

products, in¬ ply, other factors were the ex¬
cluding print paper, were limited panding smokeless powder pro¬
to the average operating rates of gram;
the demands* of the im¬
the previous six months,
portant chemical industries; the
Order L-240 restricts the news¬ increasing
need for paper con¬
paper publishers but has the ef¬ tainers
growing directly* out of
fect

sibilities

and-Fed¬

Director of the branch for

letter sent, in tripli¬

rious types of paper

newspaper

to* general

the

Delafield, Marsh, Por¬
&: Hope, has been prominently

-■

ciation,' will devote his attention

16,

member

law firm of

ior Deputy Manager of the Asso¬

Reserve

Marsh,

Judge

Education

'"y\
- %*1,.. •'' ;1
"j "Col. Frank W. Simmonds, Sen¬

1937, and served as Deputy Chair¬
man
of the Board from Jan;' 19,
1938, to Dee. 31, 1940. He has been

bert.

publisher must be reported

by him in

production

the

Public

the

ap¬

any

decisions.;

6. Any loan of print paper made

when orders were
issued
simultaneously
by WPB ernment agencies and
and the Canadian Wartime Prices the industry.
and Trade Board.

use

of this year,

Director

judgment

arbitrators'

■

cate to WPB within

ther stated:

taries Section and will continue

ignated Beardsley Ruml as Chair¬ ■Committee. '

adversely affected the production
of pulp wood.

an¬

sits in final

peals .from

amount

armed

System"

Jan. 2 that it has des¬

tion of grievances arising between

Him.distributors and independent
exhibitors.
The; Appeals Board

:**v:v•«*•. •}, ■*.

Barometer exceeded pro¬
pointed William I. Myers, head of
ministration
affecting
sales
of
Department of Agricultural duction by 32.5% for the holiday residential property which unnec¬
•week ended Jan. 2, ,1943.
In the
print Economics and Farm Management;
essarily cut off the possibility^ of
paper used by him in.the print¬
Cornell .University, Ithaca, N. Y.,.. same week new orders of these home
ownership from a very large
mills
were
34.9%
ing of the net paid circulation of as a Class C Director of the Fed¬
greater than
proportion of the people in: prac¬
his
eral Reserve Bank of New. York
production.
Unfilled order files
newspaper
during the cor¬
tically every community in which
responding quarter of the base for a three-year term beginning in the reporting mills amounted
they> are in effect, is advocated
For reporting
Jan. 1, 1943, Dr. Myers succeeds .to 80% of stocks.
period.
%"•
• '■
according to the consensus of re¬
5. The
Dr. Edmund E. Day, President of softwood
following are exempt
mills, unfilled
orders ports from cities to the National
from the order:
;
Cornell University, who served as "are equivalent to 39 days' pro¬
Association of Real Estate Boards
! Any publisher who. shall use on a Class C Director of the'; Bank duction at the current1 rate, and
through its Realtors' Washington
and after Jan. .1, 1943, 25 tons or from Jan. 19; 1938, to Dec*. 31,1942] gross stocks- are equivalent to 45
Committee.
The hardship, falling
less print paper, during., any cal¬ and: who was Deputy Chairman days' production. *.-'•;'.
primarily upon persons of small
endar quarter. To this quota may from Jan..l, 1941, to Dec." 31, 1942'.
and
:»,*. For the yeaiv-1942, as. reported .income
largely, upon war'
be added any print paper used by Dr. Myers, in addition tb'his long
to 'the
Barometer, shipments of .workers, is bound to* affect ad¬
the publisher: to produce copies service as a Professor of .'Farm
^reporting identical mills exceeded versely both bur social economy,
of his newspaper furnished to the Finance at Cornell University, wasproduction by 13.2%; orders by and the war effort; the Associa- *

services
of
the
United
approximately 20,Vv;■■■%,■
VA.A* ,;**'
000,000 cords for all North Amer¬ States/
Any newspaper of eight pages
ica, including Canada, compared
with a current consumption rate or less authorized to be admitted
to the mail as second class matter
of 25,000,000 cords a year.
Shortages of manpower in the under the provisions of Section
521 of the Postal Laws and
Reg*1woods, tires, trucks and repair
ulations of 1940 pertaining to the
parts
are
primarily responsible
for this estimated decrease in pulp publication of benevolent, frater¬
trades union, professional,
wood supply, and in some regions, nity,
nOtably the Pacific Northwest,, in¬ literary, historical and scientific
creased lumber requirements have organizations or societies.
1943

.*;'.'

T.' Wilson has been
promoted from,Assistant Secretary
to' Secretary of. the State Secre¬

of Governors of the

Reserve'

nounced

mission.-

Of N. Y. ReserveBank: f; ."WilliamThe Board

provides facilities for the arbitra¬

Secretary
of both* the division and the com-

Again Chairman

Federal

publisher
cause

used by him,

paper

believe to be

joint calendar

the order:

"This order

equitable

the

and publishing indus¬

newspaper

3.
use

ated with Mr. French

More
.

One

Books,
..

Give,"
Give

and

Good

Control

Act

without

ing and home ownership.

un¬

Volume

World War II Has lade Industrial Cities

In his letter to Allen Wardwell,

Chairman of the Russian War- Re¬

lief

lore

Dependent On Savings-Loan Financing

participation in World War II made some of the big war .industry
cities more dependent on savings and loan association financing for
housing than in peacetime is shown in a report today by the Home
Building and Home Owning Committee of" the United States Savings
and Loan League.
The news comes on the eve of the 112th anniver¬
sary
of the organization of the ♦>
association

kind

this

America;:.

larger during Janu¬

was

period of 1941, and

present topercent¬
of mortgage funds derived >al Canadian; Arpxy-requirements
n addition to the requirements of
savings and loan sources rose
over
the previous year are cited our own Army; the United States.
.by John F. Scott, St. Paul, Minn.*- Navy and Maritime; Commission
chairman of the committee.
;
i
representatives will present the
The general trend of mortgage Canadian
Naval: and
merchant
lending in the nation from fall shipping requirements; and the
sources
has
been downward as Office of Civilian Supply of the
compared with 1941, it is recalled. War Production Board will pre¬
The committee of the League sent
the Canadian non-military

The

age

requirements.
\
"This
arrangement

than

100,000 inhabi¬
tants, containing 46% of all the
nation's population living in such
large centers.
In these cities the
savings, building and loan asso¬
ciations
and
cooperative banks
made $275,000,000 of loans. dur¬
ing the first nine months of the
past year. In twelve of them the
dependence on this type of insti¬
more

tution

funds

for

finance

building or purchase

terest of the maximum war

who

of ^fhese

cities,

Atlanta,

first

the

one."

pro¬

trade treatment."

Hull

and

Francisco

Dr.

ference

been

and

first

almost

believes, however, that it is now
appropriate ' to ; make this docu¬
ment generally available to per¬

preme

court

interested

functions

and

Control

the

in
of

headed

recently

pact will

for three years un¬
lo nger

Funds

tariff

United

reductions

items

: on

nine

savings and loan proportion of the
period's lending ranged from one
.to four

points* the largest upward
change showing in San Francisco.

the Board, said:
"They
temporarily shouldered out
of the way by the wage and salary
stabilization program, the responsibilty for which was given the

controls

ancial

interest
and

all

which

the

;

the

effectiveness

economic ■)-.> warfare
v

against

;

public
Interested in

persons

increasing

will

financial

x'-xx

Board

been

::-v;

Employment Board
of

Federation

Fair

Employment Practice, it
on Dec. 21 by the

•

onn

In fourcities, Baltimore, .Mil-,

waukee, Philadelphia and San
Francisco, an increase of $1,600;-

000; in the savings and loan ad¬
vances was reported for the first
nine months of 1942

1941;

over

•

d..
■

.y-

■

•

Production

States

Canada, is part of a
plan to make still more effective
the program of cooperation be¬
Canada

Donald
the

this

and

Production

War

Board,

committee

Canada

followed

of
re¬

The

Joint

"The

Committee

lems

War

acts

for
-.

said:

solve

■

"Mr.

;

production

Knowlson,
who

became

Vice Chairman,

head

the

mittee

Aug.

26,

succeeded

Executive

and

Milo :

Director

letter

recommending
Mr. Nelson said
;

"By

the

who in
Perkins,

the

of Economic Warfare."

United

Section of the Joint Com¬

States

turn

WPB

Board

•

President

appointment,

in part:

agreement with

the Can¬

authorities, ap arrangement
has beemmade by- which Canada
be

represented

the

Re¬

quirements Committee of the War

v'V/iG

Refugees,
'

10,000

;

...

"The

Unitarian

The balance

>»

Service

;

Beacon *

3:C<>' |

' X

•

of $10,000 will be

earmarked later*; Mr.
in

letter

the

Baruch

noted

Central

ing in
,

Hanover Bank and Trust

the

the heavy

any way
'

...

red

respon-

it" under

upon

stabilization

the

program."
From the Board's announcement
also quote:

"Detailed

yv;.-y

plans

being
panels
composed of public, management
and labor representatives in the
major cities of the country to
worked

which

out

will

by the United
be
or

are

referred

disputes which
Service.

now

establish

State

all

labor

settled

cannot

Conciliation

The only exceptions will

cases

national

significance

those which involve considera¬

tion of major policy over which
fhe Board will reserve the right
to assume
■

"As

original jurisdiction.
the panels are estab¬
plans of procedure
the Board will an¬

soon as

lished

and

completed,

the entire program.

nounce

panels

will

Oversubscription by

make

the

their

the Regional

Advisory Board, just

Loan Oversubscribed

to their use,

he did indi¬

United

States

arrived

standing differences.

his

letters

•

■

added:

18,

national

now report to the WLB.
Regional Advisory Board's
decisions then will be final, sub¬
ject to certain rights of review

panels

The

and

appeal

announced

detailed rules of procedure."

for

used

"As

the
have

two

result

the

1941

governments

settled

the

pact

war

already

ticklish oil

ex¬

development of Mexican
tries and railroads,"

indus¬

non-converters
loan will

purposes,

the

and

maturing

paid off from sink¬

"The

of 96%

number

the

Hemingway, President of

American

Bankers

Associa¬

tion, will address the Chamber of
Commerce
York

the

year

the

State

New

first meeting of

ingway, who

the

Jan. 7.
Mr. Hem¬
is President of the

Mercantile-Commerce

Bank

Trust Co. of St. Louis, will discuss
the national debt and the part the
banks

the

United

States

are

applications,

war.

It will

be his first address

conversion

in New York since he was elected

records for Australian

President of the A. B. A. last Sep¬

received,
are

Commerce Chamber
W. L.

playing in helping to finance the

ing fund.

amount

A.B.A. Head To Address

new

"Excess cash subscriptions will
be

Secretary

000 of the allotmenLtb the United

Service Organizations.'

Dec.

propriation problem, reached a
of War Stimson and Secretary of final
agreement on payment of
the Navy Knox that each of their opposing
claims, and mutually
two organizations turn over $25.- embarked on a broad program of
in

The announcement dated

Mexico and 200,000.

broad overall, settlement of long¬

the list..

indicated in

Although most of Mr, Baruch's
letters to
the recipients
of the
eift did not contain any stipula¬
tions

cut

^bilTty^wMch has"been "placed

recommendations to

Australian "Austerity"

duty.

pact .automatically ends
quota limitations on im¬

'. "In, November, 1941,

York Cityy instructing
institution to segregate the

bonds

(

wants

minimum without relax¬

"The

Co.,' New
the

Board

tape to

specifically
-

Census in 1937,

£4,200,000
£100,000,000 Australian
"Austerity" Loan is announced
ports of oil from Venezuela, Co¬
by Treasurer Joseph B. Chifley,
lombia, the Netherlands Kingdom according to word received in
and Other countries.."
:X-?v
New York by the Australian News
j".pther' United States conces¬ & Information Bureau. Subscrip¬
sions, include: lead,' 50% reduc¬ tions to the cash loan of £ 77,tion.; -zinc, 50%; tomatpes, 50%; 300,000 totaled ,£.82,300,000 from
huaraches or woven sandals, 50%; 420,000
applicants,; while
£21,removal of quotas on cattle im¬
900,000 of the maturing loan of
ports-freezing of rates on many
£22,700,000 was converted, mak¬
other s items( important in
Mex¬
ico's export trade.
! ing a total subscription of £104,-

3; "The
similar

vAStreetyvBosioh^X-^^U^^^oo#

cate

adian

will

10,000

Committee

Committee,

J.S.

succeeds

Catholic

The

the approval on Nov.Roosevelt.
:

Wilson

Christian

_ -

to Canada and this coun¬

with

ject to one-half cent a gallon

Refugees from Ger- many
X
L.
-1A3, 5,000.

try. Mr. Nelson made the appoint¬
ment

for

prob¬

20 of President

the

sultant; to

per

Committee:

~ Inc. >'■^iw'l

The

Production

munitions

common

WPB

the

Friends

The American

Pro¬

duction .and Resources Board. The
announcement

American

Czecho-Slovakia

addition

the

the Combined

gallon.
Previously Mexicols
sociation, Inc.t-^^_->A:'^ 10,000 exports of petroleum crude and
Norwegian Relief, Inc., 135 i
fuel oil to this country at this rate
South La Salle Street,
were limited .by
quota while all
Chieago
10,000 in excess of the quota were sub¬

cently explained.
Mr. Wilson's
appointment to the two-nation
of

and con¬
labor, production

Administration,

new

the frozen rate of one-fourth cent

The Greek War Relief As-

country,

Chairman

Nelson,

Price

United

and

tween

Authority;
co-chairman
of
the
labor policy committee, Office of

—

Section of the Joint War Produc¬
the

missioner, Federal Public Housing

Vice-Chairman

'
1
Relief, Inc.- 100,000 erators, 20%.
division of the War Production
Relief, Inc.- 100,000
"Many Items vital to the wajr
Bbard.5^n the past he also has
The
British
War
Relief
■
J
figure in the concessions made by
served without i compensation in
Society
100,000 the United States to Mexico anji
other advisory capacities in the
The
-American - Friends
;;
significantly the pact removes, all
Federal government- and was a
Service
Committee-___
20,000 quotas
on
the
importation of member of the President's Advis¬
The
Joint
Distribution
crude. petroleum and fuel oil at
ory Committee on Unemployment
Committee
...j
L__
20,000

the War Production Board, as
of the United
States
Committee

United China

Chairman

tion

Commission, - for
Seamen's

United

Russian War

Appointment of Charles E. Wil¬

son,

time"
the

War Production Board
of

ment, a $1,482,000 item in this
country's 1940 foreign trade,
j
: "0;thex
reductions came oh:
Service
100,000
The American Red Cross. 100,000 wheat, 40%; lard, 21.7%; refrig¬

US Section Gf Joint

•

and

the

has
is able to take

'The goal
towards which the.
Board, is aiming in its decentral¬
ization program
is a simplified
procedure
under
which
Mary
Jones, who works behind a coun¬
ter in a
department store, and
Henry Miller, who handles a ma¬
chine in a war factory, can get
quick action on the requests of
their
employers or
unions for
wage or salary adjustments.

Labor,

announced

was

set

that

Now

organization

duty, the Board is in
a position to put these plans re¬
garding dispute eases into opera¬
tion." Mr. Taylor further said:

Shiskin, economist of the

American

field

this

Boris

October

Board's

the

■

were

the Government's wartime fin¬

Mr.
Shiskin,
who
while the duties on
127- others
organizations.
*
'
serves as consultant to a number
Although desiring no & publicity were frozen at present levels. In
of
government
agencies,
was
with respect to his gift, as is -his return- more than 60 i tems ex¬
named to serve for William Green,
usual custom,: Mr. Baruch made ported .to the United States by
President of the A. F. of L., on
public the list of recipients after Mexico are affected by the agree¬
occasions when it is not possible
oeing advised that piecemeal an¬ ment.'-333A
■■ y"y
3"V-y j::
nouncements
were : bound: to
be y3"Among the concessions made for him to attend the meetings of
made by the various beneficiaries: by Mexico are. the binding of the the committee. (Mr. Shiskin will
vonl
kVor* Ir
h-onrn'M
The list of recipients and} the present
duty
on
automobiles, replace Frank Fentoh, director _of
amounts they received were - inf trucks and tractors, of which Mex¬ organization oft the A. F. of L.,
dicated as follows
in the New ican purchases in 1940 amounted who has been an alternate mem¬
ber
since the launching of the
York "Herald Tribune" of Dec. 24: to $6,988,000; a reduction of 50%
committee.
John Brophy serves
Army Emergency ReliefL$200,000 on the duty on machinery and
as
alternate for
Philip Murray,
Navy Relief Society.—L 200,000 appliances, of which; the United
CIO; The an¬
States supplied 70% of Mexico's president of the
Admiral Emory S.~ Land, .
nouncement of the OWI further
:
War Shipping Adminisr
.;
(; imports'in' 1940 valued at $1,8951- states Mr. Shiskin is at
present
000; and;a 17% decrease in the
; j trator and Chairman of vv « •'
rate on radios and radio equip¬ serving as consultant to the com¬
the United States Mari-

Increases in the

motion."

own

man

heretofore unrevealed information
on

committee.

lief

su¬

hear

ber of the President's' Committee

obtained

States

its

•

Street Journal" of Dec. 24 said: 4

Government bonds- to

re¬

program
The trade

which .would

though since its is¬
"Plans for decentralization ox
suance
many developments have
taken place in,the operations and dispute cases have been considered
by the Board for some time."
policies of the Control,
;
"The
booklet
contains
much George W. Taylor, Acting Chair¬

period
has been designated by President
/. Washington
Associated
Press
Roosevelt as an alternate mem¬
advices, published in
the "Wall
% "The

war

run

trade

1934.

less extended for

Rub her

Wash¬

only appeals from the regions and.
its
industry commissions.
The WLB, however, would retain
the right to review any decisions

purposes

Foreign

Board

exclusively

from

even

On Fair

reciprocal

started

Labor

ington

Axis."

was

War

man

Department

The Treasury

complete operation,
the program to speed up handling
of dispute cases will make the 12-

materially revised since that

time.

tion's

War

the

,the

The Board adds:

"When

Systems of Economic

Castillo Najera, the Mexican Am¬
bassador.
It was the 25th accord

gift of $1,000,000 in United .States

than

general

!
The agreement was signed in
Washington by Secretary of State

Factfinding Committee, revealed
on
Dec. 23 that he had made, ja

Baltimore, Cleveland, Louisville
San Francisco, gotta larger
percentage i of
their
mortgage
funds
from > ; savings
and:; loan
months of 1941.

the

criminatory

financier;

Baruch,

Board

Roosevelt's

President

and

sources

War

World

insti¬

Chairman

was

Industries

than 60%

these

specified

cases."

of the del¬

use

and Financial Control and has not

sons,

agreement include
mutual. assurances,
of
non-dis¬

effdrt,

June, 1942, for the

egates to the Inter-American Con¬

To War Relief Agencies
negotiated since the Administra¬
Bernard

"Af

Five

from

came

visions of

Baruch Gives $1,000,000

the

of the dollar volume of loans for

housing,

country,;; while

Cordell

of housing was
33%, and in four of them, Balti¬
more,
Cincinnati, Dayton, Ohio,

tutions.

treated

should

•

products- imported from the other

ad¬

.he Am erican and Canadian econ¬
omies

treatment

customs

Joint

proclaimed policy that, in the in¬

remodel¬
more than

and New Orleans, more

taken

was

war.

partment said, "include tariff re¬
ductions and bindings of existing

1
(appoint¬

to the

Wilson

Mr.

; "The
reciprocal
benefits
for
which it provides," the State De¬

ditional step in carrying out your

ling

ment

Committee);

Dec.

trade after the

Mexico

and

States

reciprocal
trade agreement, designed to fa¬
cilitate
trade ; between
the two
countries * during
the
existing
emergency and to, provide an im¬
proved basis for expansion of that

with

United

signed

.from

surveyed twenty-three cities each

Dew Trade Agreement

ments Committee will

another group where the

WLB Speeds Handling
Treasury Bookie! Dn
Foreign Funds Gonlrol Of Labor Dispute Gases

US And Mexico Sign

"Thus, the United States Armyrepresentative on the Require¬

ary through September, 1942, than
same

by each of the

agencies which at present
represent the various sectors of
our
domestic
economy
on
that
committee,
?. ;■VA''v

One group of cities where dol¬
volume of loans by these in¬

stitutions

several

lar

for the

Board

Production

199

campaign, notifying him of
the gift, Mr. Baruch said:
" t.
"This is my contribution to the
The Treasury
Decisions on all labor disputes
Department on
fund being raised for this brave
Dec. 24 made public a booklet, and two-thirds of all voluntary
ally..
•
'3
"Administration of the Wartime wage and salary adjustment case.*
"Although I am not a supporter
will be made in its regional offices
of the Moscow system of govern¬ Financial and Property Controls
of the United States Government " under a sweeping two-fold decen¬
ment, I am an admirer of the
in. which, it is announced, is con¬
tralization plan announced Dec.
bravery of the Russian people,
23
by the National War Labor
and I am deeply grateful for what tained the most complete state¬
ment of the scope and operations Board. The Board states that "the
their efforts mean to us "
of
two-fold program will simplify
Foreign Funds
Control
re¬
leased to date. The Treasury De¬ procedure for handling wage and
salary adjustment requests and
partment says:
will bring faster action on dispute
"This booklet was prepared in

CHICAGO, ILL.—That the first full nine months of America's

first

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4142

157

and

Commonwealth loans.

tember.

THE COMMERCIAL & FINANCIAL

200

Steel Operations at Higher

Trading On New York Exchanges
Exchange: Commission made public on Jan..

The, Securities. arid

8, figures showing the daily volume, of
on
the New York Stock Exchange and

New ' York Curb

Thursday, January 44> 1943

NYSE Odd

Rate^Plate ^

The Securities; and Exchange
Commissiori made 'public on Jan.

Output To Rise Sharply—War Demand Heavi?

total round-lot-stock, sales
the

CHRONICLE

"As

Ex¬

the

conversion

period

Controlled Materials

for: the

•

Plan

proceeds, metal users are beginning to scramble after favorable
positions at the barrier for- scarce, materials," says "The Iron Age"
1942, continuing a series of current figures being published by the in its issue of today (Jan. 14), further adding in part: "Several of
Commission.
Short sales are shown separately from other sales in the leading claimant agencies under the Controlled Materials, Plan
these? figures;: the Commission explained. - *
:
!
4.4" are requesting such large amounts ^ of steel for second quarter that
the Requirements Committee will<*>
Trading on the S^ock Exchange for the account' of members
have to make sharp cuts in quotas to cover estimated requirements
(except edd-iot dcalers) during the week ended Dec. 26 (in roundin order to balance vital demands only to find they were ' allowed
lot transactions) totaled 1,080,526 shares, which amount %as 13.27%
available supplies. -Army less tonnage. This condition was
of total transactions on the Exchange of 4,066,020 shares. This com¬ with
and Navy requests alone are re¬ less marked than at the beginning
pares with member trading during the previous week ended pec., 12
of fourth quarter.
''47 77,,,
of 799,175 Shares, of 11.15%
of total trading of 3,582,120 shares, ported to be considerably higher

■

transactions. for- the

the

New

continuing
mission.

published

based upon weekly reports filed with the New York Stock
York Curb Exchange by their: respective members,
These
•reports are classified as follows:

the

are

New

N. Y. Stock

N. Y. Curb

Exchange

Exchange:

and

Total number of reports

received
—...—_-_;
n Reports showing transactions as specialists.—...
2. Reports showing other transactions initiated on

■

.y 4

153

initiated

showing other transactions
floor——_—i.—-...-.lL.

3. Reports
the

showing

4. Reports,

Note—On the New

off

'444 532,

;

.•

Plate J

may

production

York Curb Exchange, odd-lot transactions are handled solely by

the important role played by steel
Warehouse's, which are permitted
to take considerable steel between

March

and

now

Another

it.

ment

the

they

get

can

interesting develop¬
action
by H. G.

Batcheller, director of the WPB
steel
division,
concentrating
a
classification.
'-44.
V,44-'4 - V/44"-..:
large part of the now limited pro¬
Total Round-Lot Stock Sales on the New York Stock Exchange and Round-Lot
duction
of concrete reinforcing
Stock Transactions for Account of Members"1 (Shares)
bars in steel rail rerolling mills.
WEEK ENDED DEC. 26, 1942
7 V;. 44*4
J
These
mills produce steel bar?
a. Total Round-Lot Sales;4 4';";';4444
Total for Week . 4 tPer Cent r : from old railroad rails and com¬
In the various classifications may total more than the num¬
ber of reports received because a single report may carry entries in more than one
The number of reports

sales——68,260

Short

/7,4; 44

sales.—3,997,760

JOther

44''4 '44

.4,.4,.

with

pete

makers.
4,066,020

'Total:'Sales.4u.—

Transactions

Round-Lot

Except

Members,

for

Account

Odd-Lot

the

'.'-."v.-'

they are registered-^
Total purchases—

;,4

■'■■■

•7

286,820

Other tran saction.s initia ted
Total purchases.-....—.

74.

•

46,170

'744'" -Short sales.

265,690

a? i)

y a' i

3.25

THE

situation

131,356

Total, purchases
^..i
"Short' sales^.w^...—...4—44...

WEEK

529,046

DEC.

26,

Total Round-Lot Sales:

(Shares)

1942
Total for Week

,44 Short- sales—3,365

tPer Cent

4':/4744;''':4v

:.,'sfOther ■sales^4....4—----^-.4^4^4.4.4^444^4—;.-4.4-'All,795;":;::'-;':;;

':;'4,:v;;ir',:.;Totai4sUes444-—444.-^44-44^444.-4
Bt Round-Lot

Members:

Transactions

for

the

.",74.•

„

Account

Short,

■'

Total sales

the

that

increase

2.3

points

55,245

2,565

78,565
8.36

81,130

—.—

Total purchases—.4—
.4
.'.Short 'SS-leS—-—4..-4—4—_--4.-.4-.4.4

444: '.tother:. sales..-44—4444.-4.—4—..44-4•

300

Customers'

higher

Allan Sproul, President. of the
Federal

York,
Second
on

Bank : of

Reserve

advised

all. banks

Federal

Reserve

■'

Short

Total

'■

cur¬

for the Hawaiian series,
presented by any person, includ¬
ing a!bank, having, possession of
He added that the Ha¬

waiian series should 'riot be other¬
or

dealt in by any bank.

that

Total'' sales—4—--4.-4-—4-—144.4.—
3. Other transactions initiated off the floor—
.'Total purchases.
—4

4 4' v

•

'■

11,600

—

••"'-■'4

Short

Total
4. Total—'
•

Total

18,090

sales.—..;.
'
4 -7 ;4.:

sales..—_—.....^.4.4—"•' '■

ments

3.03

18,490

104,720
■

war

C. Odd-Lot
:

jsts—

3,265'

the

Ha¬

waiian series, which is the same
in all respects as ordinary U. S.

•'

8Customers'

other sales

v:.

—

....—:

67,537

'Total
Total

purchases-—67,537
sales...—— 4

23,570.

take

.■

includes all regular and assuciate Exchange members, their
and their partners, including special partners.

•The term "members"
firms

tShares in members' transactions as per cent of twice total round-lot volume.

(Sales marked

restriction

"short exemnt" are Included with "other sales."

,this trend and in

over

"Some

for

sales

388,310

;saleA'';;7444.4...74^7;' V ■ 4.

■

388,620

..4.44::...74'''.-:44'

Shares_4.._L_„4..

marked

"short

'108,790

exempt"

are

re¬

dquidate

long position which .Is less than

round lot are reported with "other sales."

774.' 4

i—i»

President Plans No Order

;

Regulating Cutting On
Private Timber Lands
The
Dec.

Forest

that

Service

denied

President. Roosevelt

considering aq4.executive-or¬

was

der regulating cutting practices on
private timber land, and. said: "A
considerable amount of misunder¬

standing and misinformation is
going around" with regard to the
agency's policies.
^ .4 4-4:444
In

reporting

Press

this,

Associated

.Washington advices said:

"A. spokesman, ^ quoting from
Forest Service's annual re¬
port issued Dec. 22, said the serv-'
,

the

ice 'believes that now, more than

except

that

the

word

•

United

States

possible.

restricted

The bank fur¬
Hawaiian cur¬

latest

statement

the

service's

attitude.

ther said that

•

■

first

ties

distribution from PRP

consumers

quarter

the Commission
t

quotas
by

has

approved the agreement
resumption of service of
the Mexican public debt.

for

Contract Gives Bolivia

Credit of $15,500,000

the

The agreement had been
nego¬

have

cover

their

Bolivia.

and repre¬
The

Bo¬

signers were Dr. Luis Fer¬
ton¬ nando Guachalla, Bolivian Am¬
re¬

part of their
deferred until second
their first quarter PRP
not

Export-Import Bank,
sentatives

that

quested
nage

eniy sales.

exempted from

certificates

Developments
in
the
quantity of war material

in second quarter.

calculating these percentages, the total members' transactions Is compared with twice
the total round-lot volume on the Exchange for the, reason that the. total of members'
transactions includes both purchases and sales, while the Exchange volume includes

JRound41ot short sales which are
r
gules are included with "other sales."

■

general
tiated in November by Eduardo
A contract providing a $15,500,way it means greater emphasis on
000 credit to Bolivia for develop¬ Suarez, Mexican Finance Minis¬
output of offensive weapons and
ment of mineral resources, diver¬ ter, and the International Com¬
less on defensive types.
mittee
of
Bankers
on
Mexico,
sification of agriculture and con¬
"Controlled Materials Plan has
headed by Thomas W. Lamont. of
struction of highways was signed
no effect on PRP procedure for
J. P, Morgan & Co., Inc. •
The
in Washington on Dec. 29 by War¬
first quarter but is scheduled to
settlement covers the holders of
ren Lee Pierson, President of the

13.26.

Transactions for the Account of Special-

-4.

4: -4-:4'-'4444';4

■:_.4.4.74.w444'4;V-'■44310

ever before,
public regulation of
cutting and other closely related
forest practices is needed to keep
"Hawaii" is overprinted on the
forest, lands reasonably
face and reverse of the note, is private
intended for circulation in the productive on a national scale.'-.
"But, he said, this represented
Territory of Hawaii, and it is de¬
sirable that its circulation in the no new policy, and was simply the

currency,

accumulated last year have influ¬

sales———————--.4-——111,520- '

Customers' short sales.

Plan

and

enced

'Total

rency

quarter.

purchases——4..-—..4..—.

Short

400 4

'.tOther'sales———4.-—.— .■,4; 108,255'"

32,064''

tother ■ sales..

1,87

30,925

—

sales..—_4___.-4.__——. 4444:;/'4

•

11,900

—

4':

ported with "other sales."'; fSales to offset
customers'
odd-lot
orders, and sales to

sales..74

19,772,174

Dealers—

District

rency

explained

-135

31,929

Round-lot Purchases by

the

United States currency. Mr. Sproul
will

4..'

^•'■4

salesr„v.

New

States currency, Hawaiian series,
should be, freely Received by them
in
exchange for regular series

total

447,

'4 '44', '■

other sales..._

sales

tother

at the request of the
Treasury Department, that United

wise held

•):'

,44

Dollar Value

Dec. 29,

same.

--4
; Number of Shares:7;4-.''v44r:4

•Sales

Currency for
Regular US Series Bills

Customers' short sales..:.
" 1937
"Customers'; other sales.J.4 4;1' 4 862,920
Customers' total sales....
865,857

Number

Hawaiian

Round-lot Sales.by' Dealers—

November but fourth for the year,

Urges Banks to Exchange

604,112

Number of Shares:

than

having been exceeded in March,
May and October.
The industry
a ye r a g e d
96.9%
of capacity
through the year." :
4;
4

4;-':4,'

short

•Customers'

Week

21.648

A'~_4___4A~V7; 19,766,536

Value

Dealers—'

.4" ; =,44Customers'

tons,

':4
Total

18,550
4

■.

;

4444.4;

4 V

of Orders..
of Shares

(Customers' Sales)
Number of Orders:

ingot production in 1942

7,303,179

was

Jan. 11 is equivalent
i,698,700 tons of steel ingots

4—

about: 60

Purchasesiv.74 tor

Odd-lot Purchases bv

tons.

much

beginning

2. Other transactions initiated on the floor—
4

llt

indicated

Dollar

STOCK
^

"The spokesman's remarks were
some
will probably be brought prompted by charges of Arkansas
into the continental United States- State Forester, Fred H. Lang, who
and castings, compared to 1.659,because of the departure from the asserted yesterday (Dec. 28) that
400 tons one week ago, 1,683,300
Territory of military and civilian the agency was privately Asking
tons one month ago, and 1,615,personnel.
4 4:77444':447:>v the President to issue an execu¬
800 tons one year ago.
tive order regulating cutting prac¬
The new
series of Hawaiian
"Steel"
of
Cleveland, in its
tices, while publicly denying such •
currency came into use in July,
summary of the iron and steel
a plan was afoot." •;
'44'-''4,4 ?;4-, .4."
replacing ordinary U. S. currency,
■'
markets,; on Jan. 11 stated in'
'
i ' ' 1 ::' y- 7''
in a move designed for the pro¬
part:4 7;:4'v4:;:/i4:.4:,;';'47 7
tection of Hawaiian citizens and
Mexican Chamber OKs
"Changed emphasis on produc¬
the economic defense of Hawaii
tion of various types of war goods
Settlement of Debt
(referred to in these columns July
is reflected, in ratings and allot¬
23, page 274).
ments
on
Production
The Mexican Chamber of Depu-*
Require¬

■:

sales..4—.4—4444.4-4.-^.444—^4^

tother. sales...

■

Steel

and

Number
:

THB

ODD-LOT

Week Ended Jan, 2,' 1943

Number

Fourth quarter and last half
output set new records for those
periods.
December
production

YORK

EXCHANGE

(Customers'.

exceeded all former records, total
the year being 86,092,209 net

2.4% from the preceding week.
The operating rate for the week

••

Jan.

received

resents

specialists In stocks in which
they are registered-rr
7
444,44!
Total purchases...
——4r
——4—-

are

74;

"Steel

the

Iron

815,169

i. Transactions:of
'

;■

every¬

operating rate of steel companies
having 91% of the steel capacity
of the industry will be 99.3% of
capacity for the week beginning
Jan. 11, compared with ' 97.0 %. one
week ago, 98.4% one month ago
and 95.1% one year ago. This rep¬

13.27

sheets

NEW

;• 7H

odd-lot Sales by. Dealers:

for

had

the New York Curb Exchange and Stock

ENDED

acute,

announced
that telegraphic reports which it

64,070

Transactions for Account of Members'"

Institute

464,976

;7Total sales....---4—.w—i-':

444. Total Round-Lot Stock Sales

continues

The ' American

550,480

;

saleSiii-4^^.-44-^-^^44i.-^4-._4-,,,i

44tother

The alloy steel: supply

where."

3.23

.142,756 4.;/

■;4.* Total—
44-.

an'

situations.

11,400

;',v'4\, ■' Total Aales-.^-t^fr^—44^-;
: •:;. ■;

roll

Deliveries

mills.

'.444-

•V'4;

gages, v as

order volume was reported dowri-i
said that the Reserve Bank
ward, in most cases reflecting adexchange regular series U, S.
justments to meet PRP and CMP

119,830
4.——-,-4'

sales._4—_i_.__».,,4r444444

fOther

initiated Off the floor—4;

months.

they
into reinforcing

changed position ; either
operating
or
supply
standpoint
New
business ,was
still expanding' at several of the
major production centers,; but in
the Chicago area the tlend of hew
from

;

120,600 :

Total purchases..
Short sales..,—4

;■•
'•

.6,500

114,100

FOR

DEALERS AND SPECIALISTS ON

4
.44v

with cold-rolled
slightly
longer and galvanized up to three

hand large amounts of top cuts

ticularly
6.79

143,830
;

Total seles..——;

4,4"'J"

219,520

•:4;44;4 4 tother.sales—..

3. Other transactions

have

saw

the floor—

mills

"The first week of the hew year
the steel industry in no par¬

:■

Total'sales^^.li._w.4ri.4.-^u—

■

reinforcing ; bar

billet

bars4''V:4447;''V ;44;'^i:;

Short sales,.—4*4 —i-i...4—
tother saies^^^,^——^4—...'.4—-

...

billet

Some

planned

•■•'.■:

lighter

ACCOUNT

find

hot-rolled

from shell steel heats .which

Odd-Lot Dealers and Specialists:,
: : L
1. Transactions of specialists in stocks in which

•

Accounts

the

continuous

specialists in the stocks in which they, are registered and the round-lot transactions
of specialists resulting from such ;odd-lot transactions are not segregated from the
specialists' other round-lot trades. - On the New York Stock Exchange, on the other
band, all but a fraction of the Odd-lot transactions are effected, by dealers engaged
solely in the odd-lpt business.
As a result, the round-lot .transactions of specialists In
stacks in which they are registered are not directly comparable on the two exchanges,

are

given, below:

are

TRANSACTIONS

ODD-LOT

is days,

scheduled to hiove .up Vapidly in
the next six months. \4447
4;4
r "New
recognition has come for

4:428'

527

.transactions——.4.44; .4

available.

184

ships and it

be that
plates for additional ships will be

yyw

•170

especially

consumers

figures, which

specialists,

STOCK

delivery unlikely
given steel plates heeded for the in the face of preponderant de¬
1943
goal of 18,000,000 tons of mand for heavier gages rolled on

merchant

658

950

the Maritime Commission will- be

The

Commission by the odd-lot dealers

and

York, StockExchange,
a series of current fig¬

based upon reports filed with the

The data

ac¬

uresbeihg published by the Com¬

Exchange

odd-lot

all

odd-lot dealers and
specialists who handle odd lots on

count

Exchange, member trading during the. week

summary for the week ended

2,, 1943, of complete figures
showing the daily volume of stock

than. expected.
Claims for cold
"Steel bars, both carbon and
finished steel bars,; for; example, alloy, continue the tightest spot
ended Dec, 26 amounted to 216,240 shares, or 13.26% of the total vol¬
are
far above available produc¬ in the matter of delivery, espe¬
ume of that Exchange of 815,160 shares; during the preceding week
tion capacity. Adding tension to cially ' in
large diameters
and
trading for the account of Curb members of 201,660 shares was
the picture is the scheduled in¬ 'large flats. 4
;
14,22% of: total. trading .of 705,635 shares. 4,4
7"
crease in lend-lease shipments of
"Sheet mills are receiving can¬
The Commission made available the following data for the week
manufactured, items.
:
I
ended Dec. 26::.
' .<
44
4.-44.
4; 44 444;
44*' 4; "According to plans last week, cellations of tonnage on books,
On the NeW York Curb

Jan.

change and the volume of round-lot stock transactions for the ac¬
count of all members of these exchanges in the week ended Dec! 26,

con¬

livian

bassador, and Rowland A. Egger,
general manager of the Corpora-

Delay in receiving quotas cion. Boliviana de Fomento (Bocaused consumers to place orders livian Development Corporation*)

tracts,

bonds of the direct external
pub¬
lic debt of Mexico,

only

extent

that

emy-owned

such debt
or

to
is not

controlled.

the

en¬

;

The details of the Mexican
plan
appeared in. these columns Dec.

17, page 2169, and the schedule of
annuity payments was given in
our

issue of Dec. 31,
page 2334.*

Volume

Number 4142

157'-

THE. COMMERCIAL & FINANCIAL CHRONICLE

But Declares Nation Can

Mr.-1'Hemingway observed' that

Forsees NalionaB Debt Of $250 Bi!lion

Liquidate ft

"both the Treasury and, the' banks
want to
see
the banks buy
as

201

said.

"That

helpful

is. all. right and can
thing. But politics
as a cbntest for office and a
grab
for public power to control the

Says Post-War World

small a part of :the
Succeeding is¬
sues as
possible, because both un¬
life of the people is
Hemingway, President of the American Bankers Associa¬
being re¬
derstand that when the banks buy
Secretary of the Treasury Mortion, speaking at the monthly meeting of the Chamber of Commerce
pudiated."
the
bonds
genthau recently declared that the
new
bank
credit
or
of the State of New York on Jan. 7, said that the present favorable
world is a challenge
money is created and remains in "post-war
trend of the war justified an expectancy .that the peak of. borrowings
circulation until their bonds are to all faiths" and that the leaders
by the Federal Government may be reached within, two-and-a-half
of all
paid or taken by the public-—an
religions could have no
years and would total about $250,000,000,000.
Mr. Hemingway, who
inflationary act to be avoided as worthier objective or higher duty
spoke on the subject "Our Na-*>
on
much
than to look ahead.
as, possible.
The banks
tional Debt,"
was
optimistic as can find the means to rebuild their should be
Mr.
In endorsing the observance of
only underwriters and
Morgenthau
made
this
to
the ability of the nation
to homes, their schools and their
distributors and
not
permanent statement in a message to the Brotherhood
Week, Feb. 19-28,
We have tons of gold
liquidate the debt.
In; his re¬ churches;
investors," he said.
He likewise recently-held conference of the President Roosevelt has informed
and silver stored
marks he said:

Challenges All Faiths

W. L.

„

President Galls For

Brotherhood Week

;

away

"In view of

the

favorable turn

vaults,

have

the

work

for

sake

other

lands.

it
is not unreasonable to expect that
the peak of the government's bor¬
rowings may be reached by July
1, 1945.
If that guess is approxi¬
mately correct, then the total will
probably be about $250,000,000,000
—a
sum
certainly large enough
to
impose very heavy burdens
upon us, but yet within manage¬
able proportions."
*'
war

seems

taken,

considering the debt prob¬
lem, he said it should be borne in
mind

that the

United

States

young

and

vigorous

varied

and

abundant

sources

which has built up an in¬
and transportation sys¬

dustrial
tem

which

nation

"the

natural

the

must

see

that

"we

our resources

and that

wisely used

are

administer

prudent

affairs

should,"

men

Hemingway went

our

Mr.

"What do prudent men do when
they find themselves faced with
a heavy debt?
For one thing they
cut down their expenses, and that
is what Uncle Sam has got to do.

think
that

will

you

all

want every

dollar

pro¬

vided

that may be. necessary for
the successful conduct of the war,
but

insist that waste in all de¬

partments

The

now..

committees

reports

Congress such as
those headed by Senator Truman
and Senator Byrd indicate what
.

be done in .that

can

direction, and
the November elections give confirmatiom to the determination of
..the people that extravagance ' in

government

must

stop.
A gov¬
business must ul¬

ernment

timately

balance its

budget if it

remain

solvent, and a gov¬
heavily in debt cannot
the luxury of innumerable

ernment
afford

bureaus whose intentions may be

good
no

but

whose

means

debt

existence

reached

Before

necessary.'

today's

our

proportions

those adventures into the field of
human happiness may have been

justified, but I can think of no
thing that will bring as much
unhappiness to so many of our
one

people

the collapse of the gov¬

ernment credit,

after the close of the
and

for, ,its

the

final

road

war

elimination of many
defense activities."
Mr.

being

Hemingway,
head

can

made

the

of the

who

easier

accomplishment
of a program

adoption

put

people

not

that

mean

sentimental

Santa

way.

Claus

the

But I think

gram

money'

good

would.

would

call

can

strictly business-like
in which we advance

business

pro¬
our

campaign

but the proportion taken by banks
is still too large, and it is
hoped
that the

specific, I
attention to the

drive will result in
tribution

Law.

their sustenance and their

defense,
why will it not be good business,
dictators have been put

sleep, to also send gold and sil¬
enable

allies

our

enemies

sound

too

and

our

establish

banking and currency
And again I say the

transaction
business

should

and

agreements

treated

about

hedged

and

conditions

pre¬

pared by men who understand the
subject."

Emphasizing that "if
be

successful

are

reestablishing

to
a

sound economy in the
world, busi¬
and government must pull to¬

ness

must

and

new

tween

developed a
relationship be¬
an impor¬

better

them.

Each has

tant part to play and success will

depend

upon
actions

their

seems

how
are

harmoniously

coordinated.

that

should do those
a

government

things that

political nature and

are

for the

larger dis¬

may

necessary

Control and

itself,

will

not

are

national

Price control and

rationing will
during a "boom

the

Ten

relationships.
especially glad to know

Washington,

a member of the War
Board, predicted on

Dec. 23 in Cincinnati at the Amer¬
ican Institute on Judaism and a
Just

and

Enduring Peace.

ported

Dr.

Ezekial

real threat" to
will

"if

come

temporary

saying

assume

boom

economic order

our

that the

lasting

pros¬

Sir

Nevile

Ambassador

replenish

consumer

supplies

goods

The

war.

London.

civilian
by

the

indicated

were

Cincinnati,

Press

follows

advices from

given

in the New

"World-Telegram":

"Higher wages, lower profits
higher taxes, especially , on
large incomes, and an increase of
■.

and

low-income
ards

group

living

stand¬

,' through J, Social..Security,

public

matic

health

programs

and

were
s

public

listed

necessary

works

by
to,

Dr.

sound

;;

<...

British

Germany

from

was

60 years old.

career

"In

his

Nevile,

was

diplo¬
reported in As¬

diplomatic

career," Sir

graduate of Eton, served
secretary at St. Peters¬
burg (now Leningrad) from 190508, in Tokio from ; 1909-11, and
a

third

returned

to St. Petersburg again
1912, remaining until 19.1.

"In

the

following
years
he
Rome, - at the Foreign
Office, was First ; Secretary in
Paris in 1916, Counsellor in Con¬
stantinople in 1921, later becom¬
ing High Commissioner there. In
1924, with the rank of Minister
served

non-

ABAy is also

President of the Mercantile-Com¬

Bank

Trust

Co.

St.

Louis, pointed out in his address
that "if we are to do our duty
as, a great world power" after vic¬
tory has been won, "we must be

willing

give

isolationism,
In part

to think in world terms."

he continued:
"We

must

the

world

the

world.

perous

ally

help the nations of

to restore

the trade of

cannot

pros¬

world either spiritu¬
financially bankrupt. The
a

events of the last few years

have

that. Therefore, if we are
prosperity in this coun¬
try we must see that the wheels
of industry are started up all over
proven

have

the

free
nor

world.

trade

not

think

necessary

for

that

that,

do I advocate the abolition of

tariffs—a

of.

continuation

Mr.

Hull's method of trade agreements

should

enable

trade

thrive

again." The people of the world
must be put to work so that they

able
on

fighting for the right

are

men

bers of

live

together as mem¬
family rather than as

one

masters and slaves.
We are fight¬
ing that the spirit of brotherhood
we

ise

prize in this country
practiced here and by free

everywhere.
to

extend

It is

our prom¬
brotherhood

such

earthwide which gives hope to all
the world.

"The

war

Brotherhood

makes

the

Week

appeal of

stronger than

ever.

"I commend
the

observance

all

citizens

our

Brotherhood

Week, Feb. 19-28, 1943. I like the
Slogan 'Victory for Brotherhood.'
I

trust

tional

that

the

call

Conference 'of

and Jews

affirm

the

Na¬

Christians

anew

the

re¬

ligious principles of understand¬
ing, justice, friendliness and cooperation
of

which the realization

brotherhood

heeded

across

will

rests

the

land

by those

of every

occupation and religious
allegiance.
It is- the application
of
our

these

principles which makes
country united and strong."

Scrap Collection Heavy
"There will be a larger sphere Plenipotentiary, he went to Cairo
disruptive to international
A total of
and to Paris in 1928-29.
For six
272,794,725 pounds of
commerce than the. uncertainty of of government
activity than in the
scrap
was
salvaged
in
the value of the money to be re¬ past, and the
11,885
people of America years, until 1935, >hb4 was envoy
ceived in the payment of
and
Minister
at plants in New York and New Jer¬
goods, will be given an opportunity to extraordinary
no
.Belgrade, and in -the next two sey between Nov. 20 and Dec. 20
greater help can,be given to perform a full share in the long
as a result of the efforts of vol¬
the
restoration
of
world
trade struggle for enduring peace," he years served as British Ambassa¬
unteer salvage
dor
to
the
than by enabling the great nations said."
executives, R. Mer¬
Argentine Republic
',4,
•'?. ;
:
and Minister to Paraguay. His ap¬ rill Decker, regional chief of the
to place their financial houses in
"Only if we can carry over into
War Production Board's Industrial
order again.
This means that a the period after the war some¬ pointment to Berlin came in 1937.
Salvage Branch, announces.
method of settling trade balances
thing of the spirit of self-sacrifice
Mr. Decker added that prelim¬
in gold must be set
up, and to ac¬ and service being engendered by
inary figures indicate that 1,469,complish this our government can the war have we any; chance of
329,387 pounds of scrap have been
very properly lend gold and silver
winning the peace."
::
salvaged by industrial plants in
to foreign governments for
long
He contended that a fundamen¬
the New York-New Jersey re¬
terms and at low rates of interest.
tal reason for the failure of the
gions since March 5, when the In¬
As I have said, the terms and con¬
Henry Ford predicted in a New
peace ot Versailles was its em¬
dustrial Salvage Branch
ditions should be determined
began its
by phasis on political arrangements Year's Day statement the ulti¬
program to organize industry for
experts in foreign exchange and and institutions and
the neglect mate creation of a world parlia¬
salvage.
The New York "Times"
currency matters.
Once such a of economic
ment "to put the world on a peace
aspects.
;,;.i
of Dec. 30 added:
sound system is in
operation and
;
'\
The institute, sponsored by the basis,"
"The quantity salvaged in the
confidence is restored the business
United Press Detroit advices of
Commission on Justice and Peace
November-December
period in¬
men
will soon start to
Jan. 1 reporting this, added:
operate of
the
Central
Conference, of
cluded
1,224,736,926
pounds
of
under
the
protection * thus pro¬ American
"Peace," Mr. Ford said, "is a iron and
Rabbis, held roundsteel, 23,486,155 pounds
vided by exchanging the
products table discussions
throughout; the necessary and practical world pri¬ of non-ferrous metals, 1,234,977
of farm and factory and we will
day to formulate a peace plan for ority—common to all the people pounds of rubber and
be on our way again to a
23,336,667
period institute consideration before ad¬ of the world."
•
pounds of burlap, manila rope,
of world prosperity."
Mr. Ford, whose "peace ship"
journment Thursday.
;
.;
;
rags. etc.
In asserting that "the war must
to -end the last World War was a
"New
York
State
and will be
plants sal¬
financed," Mr. Hem¬
failure, said the "last attempt" by vaged
149,070,336 pounds, of which
ingway noted that "it can be done
JMoney In Circulation
peaceable people to put the world
in one of three
43,380,875 pounds was credited to
ways—Viz:
4
v
The
Treasury Department in on a peace basis "was defeated New York
City concerns, while
"First by printing paper
Washington has issued the cus¬ by the international politicians." New
money,
Jersey plants salvaged 123,Uncle Sam's demand
"This time," he asserted, "the
1.1 O., U.'s. tomary monthly staterpent show;724,389 pounds."
Fortunately this generation has ing the amount of money im cir¬ first step should be a world elec¬
,

■

World Parliament To

Effect Peace Predicted

merce

"We
of

The

his

are

Americans

this basis.

concerning

sociated Press London advices:

further remarks of Dr.

Associated

York

halted

Henderson,
to

creed

race, every

which

1937 until the outbreak of the war,
died ;oiv Dec. 30 at his home in

perity" when good/times result
from industry's heavy production following
to

nation,

every

to live together

may be

Diplomat, Dies

re¬

and in peace
finds his free¬

war

man

dom only when he shares it with
others.
People of every

men

British

Asso¬

ciated Press accounts likewise

has been that

conferences similar to yours
have been held by Protestant and

Henderson,

democracy

The Ameri¬

man.

conviction in

can

that

Sir Nevile

United

the practice of the

upon

brotherhood of

Com¬

Catholic leaders in this country
be
maintained
The post-war
period of several years" after the and in England.
world is a challenge to, all faiths."
war,
Dr.
Mordecai
Ezekial
of
Production

"The perpetuation of

depends

also fighting for the

we are

the

men

The

only

revival

that

lows:

mandments in national and inter¬

Rationing

post-war reconstruction.

which

paganism which rejects the Bible

Ezekial

nothing

world

establishment

and

the

Jews

fighting that the spirit

may be practiced
everywhere.
President's
message
fol¬

by free

ligions exists than to. look ahead

banks.

of brotherhood

or
re¬

the

general good, and leave to private
enterprise the field of business
commerce.

higher duty for leaders of all

and

States

His message follows in part:
"No
worthier
objective

besides

Sees Post-War Price

Ezekial

gether," Mr. Hemingway said:
"There

the

fill the government's needs."

and I think it is, to send
butter and guns to our allies for

ver

that

the National Conference of Chris¬

Judaism in

tians

They should be regarded as the this terrible war. We
reserve to be used
only to the fighting
against
a

extent

proper,

former

outside

last

are.Peing sent abroad under

the" Lease-Lend

sales efforts in

your

American Institute

encouraging, Cincinnati.

most

are

men

quantities of supplies of all kinds
that

stated that "the results of the last

"Of course the budget cannot be
brought into balance during war,
but the steps looking to that end
taken

whole world.

adopt

of' the government be

eliminated

maudlin

cannot

with

agree

stricken

the

system?

to say:

should dish this wealth out in

we
a

should

benefit and for the

our

after the

Declaring

re¬

envy

world."

that

with

which

our

the

seen

will have
is by

evils

none

that

of it.

route

and

The second

borrowing from the Federal
Banks directly, but that

Reserve
is

but

little

removed

paper money way
serve

banks

from

the

because the Re¬

would

issue

the

money against the government's
notes or give credit on their books
to

the

pay

government, which would
it out for war purposes.
It

would then flow into the
cial

increasing their legal
thus inviting further in¬

reserves,
flation.
So
and

commer¬

banks

least

come

to the third

objectionable way, and
that is
by borrowing from the
public and the banks."

culation

after
deducting
the tion, every country choosing its
held in the United States group of men to form a world
Treasury and by Federal Reserve council against war. The people

Open Paralysis Fund Drive

banks

for funds for the 1943 celebration

moneys

and

agents.

The

New York

State campaign

figures never yet have had the right to
this time are for Nov.
30, 1942, cast a vote either for peace or
and show that the
money in'cir¬ war."

culation

National Foundation for Infantile

that

date

(including,

course,
that
held
in
bank
vaults of member banks of the

Federal

210,452,014

$10,639,588,759
on

compares

Oct.

31,

outbreak

said

"good

use

that

America

of what the

war

teaching us" it could pull it¬

Reserve

$14,804,809,871,

and

Mr. Ford
made

with

$5,698,214,612

1920. Just before the

June

System)
was self "back to real prosperity very
against $14,- quickly and reach a higher level
Oct. 31, 1942 and of production than ever before."
on Nov. 30, 1941,
The 79-year-old automobile pio¬
as

the

World

War. that

30, 1914, the total

only $3,459,434,174.

neer

"is

said that he felt the country

getting ready to eliminate poli¬

tics from the control of their life."
"I

was
as

not

speaking of politics

the science of

government," he

the President's birthday, the
proceeds of which will go to the

Paralysis,
and

the

was

opened

drive

will

Jan.

continue

through Jan. 30, the President's
birthday.
Various civic, indus¬
trial, academic and other groups
have been organized to partici¬
pate in the campaign.
Of the
funds collected, 50% will remain
with the county chapter and the
other half will go to the National
Foundation for research.

Bonds Used In Moody's Corporate

Moody's Common Stock Yields

Bond

RAILROADS
Aaa

Norfolk

Western

Pacific

Union

Chicago Union Station 3%s, 1963

Louisville

1980

3Vis,

Northern

Great

1996

4s.

Div, 3'As,

Erie RR. Ohio

1999

4%s,

Valley

Hocking

4'As,

RR. 3'/as,

Connecting

Northern

Central

Pennsylvania 4 'As,

May,

& Northern 33As,
1966
Pgh., Cin., Chi. & St. L. 5s, 1975
Piedmont

;Aa

•'

Baa

Burl. & Quincy 4s, 1958
& West,, Ind. 4'As, 1962

Atch., Top. & S. Pe gen. 4s, 1995
Chesapeake & Ohio "D" 3Vis, 1996

Chic.

Indianapolis Union 3V2S,

•Great

Monongahela Ry. 3'As,

& St.

Pacific

2%s,

Edison

Southern

Cincinnati Gas

Cleveland Elec.

Ilium.

1st

2%s,

Bell Tel.

Illinois

3',4s,

Wisconsin

American
Atlantic

Columbus & So. Ohio El. 3'As, 1970

Ohio Power 3'As,
Pacific

Gas

South.

3%s,

Power

4s,

1968

Pub.

Gas

33As,

Serv.

Pub.

Indiana

Pub.

1965

Service

Sioux

Virginia El. & Pr. 3'As, 1968

City

3%s,

Serv.

Ind.

Co.

1966

Steel 3s,

Bethlehem

1964

Tire

Rubber

1961

3'As, 1961
McCrOry Stores 3'As, 1955
McKesson & Robbins 3'As,
1956
National Dairy Prod. 3'As,
1960

1965

National

West

Va.

Jones

Corp.

3s,

•

Philip. Morris 3s,

submitted

every

dollar ex¬

Federal Govern¬
costs
debt,

public

the

cents for all the so-

1961

Del.

3'As,

expenditures

over

$57,461,252,915

the

sound, for such a debt can and
will be repaid," adding that "the
nation is soundly solvent."
V

Rand 3'As,

Copper &

war

current

the

for

tures

AVERAGES

2%s, 1956-59

23As, 1958-63

total

Estimating

Brass

Tax-Exempt Bonds-

-Partially

2%, 1960-65

1955-60

4.5"

Of Okie. Reserve Bank

5.9

4.2

•

5.7

Congress

that

$77,000,000,000

"requires a complete rec-.
ognition of the necessities of total
war
by all—management, labor,

farmers,

expendi¬

fiscal

and; at

year

$100,-

000,000,000 in the 1944 fiscal year,
the President said that monthly

expenditures will average $8,000,000,000 beginning next July 1.
He pointed out that they now av¬

and

consumers

public

that

"a basic aspect

total war pro¬

gram."
As

civilian

life,

Mr. Roose¬
of about

velt said that an average

$500 worth of goods ar,d services
available to civilians in

would be

indicating an

the next fiscal year,

reduction of almost 25%
the record level for the

average

below

but still leav-*

1941 calendar year,

ing'/most

"better fed, bet¬

us.

befter housed than

ter clothed and

other peoples

in the world." v.-.'

Moody's

prices
"'

bond

computed

MOODY'S

BOND

bond

and

yield

averages

/•
PRICES

(Based on Average Yields)
3943-

U. S.

the President presented
showing a reduction of
these expenditures in

expenses/

table,

36.7 %

the

fiscal

with

year,

compared

Govt.

Daily

Bonds

Averages

9
;

Indus.

Pointing out; that "an adequate

1942____

114.08

109.06

93.08

97.62

112.00

114.66

114.08

109.06

92.93

97.62

112,00

114.66

the

97.94

112.00

114.85

97.78

112,19

114.66

107.62

117.00

114.08

109.06

92.79

97.47

111.81

114.66

117.07

107.62

116.80

114.08

109.06

92.64

97.31

111.81

114.66

117.03

107.44

316.80

113.89

108.88

92.20

97.31

111.81

114.66

116.94

107.44

117.00

114.08

108.88

92.35

97.31

111.81

114.46

107.44

117.00

113.89

109.06

92.35

97.16

111.81

114.46

'107.98

117.00

114.46

109.24

93.38

97.94

112.19

114.85

107.44

116.80

113.89

108.88

92.35

97.16

111.81

114.46

12,

1942_

Years

1941_

114.27

108.88

92.64

97.47

112.19

114.66

112.75

107.09

90.63

95.32

109.60

112.75

Object of
Expenditure

117.91

106.92

116.41

113.89

107.62

91.91

97.31

110.70

113.70

Munitions

106.56

118.06

118.20

114.27

90.48

106.56

U.S.

Daily

Govt.

R. R.

P.U.

Indus;

(33A%

2.93

3.21

4.18

3.88

3.06

2.91

2.94

3.22

4.18

3.89

3.05

2.95

3.22

4.20

3.90

3.06

2.92

3.30

2.81

2.95

3,22

4.21

3.90

3.06

2.92

3.30

2.80

2.95

3.22

4.22

3.91

3.07

2.92

3.30

2.81

2.95

3.22

4.23

3.92

3.07

2.92

dent

3.31

2.81

2.95

3.22

4.24

3.92

3.07

2.92

3.31

2.80

2.95

3.23

4.25

3.92

3.07

2.93

3.31

2.80

2.96

3.22

4.25

3.93

3.07

2.93

with any amount of
money, however
large," but "is
achieved by the blood of soldiers,
the sweat of working men and

$100

budget message the Presi¬
stated that victory "cannot

In his

bought

3.31

2.81

2.96

3.23

4.25

3.93

3.07

2.93

3.28

2.80

2.93

3.21

4.18

3.88

3.05

2.91

3.39

2.88

3.02

3.33

4.37

4.05

3.19

3.02

3.30

2.79

3.23

4.23

3.91

3.05

2.92

1.99

3.34

2.83

3.30

4.28

3.92

3.13

2.97

"does

2.95

gigantic
magnitude,"
and
ex¬
pressed confidence that the ob¬
jective of the program can be

2.96

1941_

3.36

2.74

2.94

3.36

prices are computed from average yields

the

Illustrate in

l.£

438

3.96

the basis of

one

3.16

"typical" bond

maturing in 25 years) and do not purport to show either the average
movement of actual price quotations. They merely serve to
more comprehensive way the relative levels and the relative movement

average
a

yield averages the latter being the

true picture of the bond market.

sacrifice of all
people."
He noted that a $100,000,000,000 expenditure program
women,

reflect

reached
power

and

"if

the

national effort of

the

nation's

and .resources,

harnessed."

are

ex¬

was

in the

branch and

made

has

responsibilities
directors

officers .and

its

and-

election

the

necessary

Vice-President who will de¬

his

vote

time

full

the

Detroit

Mr. Leland in his announce¬

area.

ment

that

stated

"Mr.

Harris

in banking cir¬
cles and brings to his new position
a wide acquaintance among busi¬
ness men and bankers, particularly
in Michigan." With the exception
of two years which he spent in the
A. E. F. during the first World
War and two years in the Ord¬
highly regarded

Office of the Cincinnati dis¬

nance

trict, Mr. Harris has been in busi¬
ness in Michigan since 1912.
His
first banking position was with

Security. Trust Co. of Detroit.

He left there to become associated

with

Guardian

Union

the

where

Co.,

Trust

successively

was

Assistant Secretary, Assistant

Vice

Vice President, Secre¬

President,

tary

Executive

Treasurer,

and'

his

assume

duties about

new

;■U ;

Feb. 1.

Broderick

do not impair but

Publicity

;

•Head of N. Y. Y-Furid
Broderick, bond editbr

John
of

Street Journal" for

"Wall

the

past eight years, has becomeassociated with the Victory Fund
Committee for the Second (New
York) Federal Reserve District,
Allan,; Sprou 1, Chairman, an¬
nounced

He will be In

Jan.-4.

charge of publicity

a member
Staff headed

of the Victory Fund

by Perry E. Hall, Executive Man¬
for the District. A graduate
University of Minnesota,

ager

the 5

Broderick

joined

the

Dow,

Jones & Co. organization in 1929.

has

then

Since

been

the

promote

for

and

ers

those

the

collecting

and to put our taxes as far
feasible

pay-as-you-go

basis.

\"I

are

the

ask

cannot

Federal Reserve

Congress to

fi¬

ern

constitutes

gross

inequity

un¬

loopholes and the removal of in¬
equities which still exist in our
tax laws.
I have spoken on these
subjects on several previous occa¬
sions."

fully

Congress can do much to

our

Thursday,

Two

problem of war finance
the stabilization

support

program.

In the past, wars have

ago,

1942

High,

Low,-Jan.

Jan.

________

12___

ago,

Dec.

Jan.
Dec.
2j

24.3.0
243.4
243.4
242.8

Dec.

239.8

234.5

;

22____
;

High; Jan, 9_'__r_

Low,

242.6

11_

Jan.

weeks

Year

1943

Jan.

Monday, Jan.
Tuesday,

240.9
__L

8__'________

Jan.

Saturday,

7__'

Jan.

241.2

Jan.

Wednesday,

Friday,

Jan.

Tuesday,

Month

added:

Daily

Commodity Index

very

dermining national unity.
"Fairness requires the closing of

"The

Connecticut.

and salaries, are

large net incomes from any source

solve

Second

District includes

the lower and

stabilized,.* the /receipt', of -

and

The

half of New Jersey and Fair¬

field County,

higher, and .very large incomes
made fully effective.- At a

Financial

York

New

Association.

Writers

unless the taxes

time when wages

the

dent

the State of New York, the north¬

impose the necessarily heavy

man¬

Mr. Roosevelt added

maximum war news staff of the "Wall Street
production.
Finally, it is more Journal," and has also been a fr.econtributor
to
"Barron's
important than ever before to auent
simplify taxation both for taxpay¬ Weekly." In 1939-40 he was Presi¬

$77

Total

measures

actually

2.92

2.81

ago

coupon,
or

lend-lease.-

2.80
2.80

3.30

1.93

•These

level

cultural

3.28

2.14

1942_

fiscal

middle. incomes

3.29

industrial

area,

plained, has resulted in increased
activity at the Federal Reserve

Mr.

should be taken that the

nancial burdens

agri¬

2.06

12;

11,

including

2.08

1942

2 Years

Jan.

Other,

2.07

Year ago

Jan.

Corporate by Groups
Baa

Exchange Closed

1942

Low

2.08

1943_

High

2.07

1943

Low

___

2.06

'High

Corporate by Ratings
Aaa

"Care

construction.

Other

2.07

rate

travel

he favored he said:

ures

Industrial construction6

and

equitable

fair manner" and as to the meas¬

tax,

2.06

.
_____

Corpo¬

$66

and

2.06

pay,

]iHELD' AVERAGES

$43

civilian
subsistence and

Military

2.06

Individual Closing Prices)

114.08

Avge.

Bonds

BOND

110.15

96.69

Fiscal Fiscal
1943
1944

distributed

the

(in billions):

porations

117.20

115.43

Averages
11

presented

following table summarizing "our
present estimates of war expendi¬
tures from general and special ac¬
counts and by government cor¬

107.62

(Based

Jan.

President

106.04

MOODY'S

1943™

funds would be spent.

war

The

118.41

ago

•Jan.-11,

ending

year

115.90

1 Year ago

Jan.

designed not only to provide reve¬
nue, but also to support the stabil¬
ization program as well by deter¬

116.80

93.38
93.38

116.85

1943-

1942

far-flung battleimpossible to sub¬
war budget for a

116.80

109.24
109.06

Exchange Closed

1943

detailed

financial

and

for winning the war

107.62

114.46
114.27

117.02

2.
1

make it

mit

Detroit

financial program

107.62

117.00
117.00

116.85

-i

fronts

in the impor¬

The rapid rise

1925.
tance

will

months hence."
ring
luxury
or ? non-essential
However, the President did list spending, the President stated that
the general purposes for which
"the cost of the war should be

107.98
107.80

117.05

High

P. U.

R. R.

Vice President, and President.

;

117.02

Low

Corporate by Groups?

Baa

tion

public works. '

117.04-

Low

117.05

High

rate*

Aaa

117.05

Jan.

velopments
Corporate by Ratings

Corpo-

Detroit, with which institu¬
has been connected since

Co. of

most important
being in work relief and general
1939,'; the

is essential both
and for win¬
ning the peace," Mr. Roosevelt
erage over $6,000,000,000 monthly called on
Congress to raise not
and that just after Pearl Harbor
less than $16,009,000,000 of addi¬
were averaging $2,000,000,000. Mr.
tional funds by taxation, savings,
Roosevelt did not include in his
or
both, during the fiscal year
are
budget any detailed 'estimates of 1944. In expressing the hope that
war
expenditures because these the
Congress in working out the
"would reveal information to our
revenue
program
will consider
enemies" and because "rapid de¬
that the fiscal measures must be

Avge.

dent of the Union Guardian Trust

the

Concerning so-called "non-war"

He is Presi¬

branch.

Detroit

the

officer at

chief executive

the

explaining
adequate food supply is

Federal

Chicago was an¬
4 by Simeon E.

Jan.

the

Leland, Chairman of the Board of
Directors of the Bank. Mr. Harris
will be located in Detroit and will

the President requested
appropriation of $837,000,000

for the 1944 fiscal year,

Moody's Bond Prices And Bond Yield Averages
given in the following tables:

nounced

program,

C. Harris as

election of E.

Vice-President

Reserve Bank of

of party."
agricultural production

servants—regardless

1956

4s,

approxi¬

$125,000,000,000, the Pres¬
commented that "to do this

ident

1955

4s,

1962

BONDS USED IN MOODY'S U. S. TREASURY BOND
2% s,

For the

limit of

Superior Oil 3 'As,

1962

23As,

5.8

1944 fiscal year totaling

Congress raising the present debt

1954

-.//"•.•'•

•-

1943.

1956
3'As, I960 '
1956
Wheeling Steel 3V2s, 1966
Youngstown Sheet & Tube 3'As, 1960
Revere

1965

5.2
5.0

7-1

6.1

7.2

$210,000,000,000
and
will
$135,000,000,000 by June 30,
While this will necessitate

total
•.

Packing

Remington

1962

1961
3s,

3s,

Paper

Paramount Pictures

Tobacco

Co.

1955

3%s, 1955
& Laughlin 3'As, 1961

Cudahy

Steel 3s,

3'As,
1967

Baa

Celanese

'••'

use."

war

Harris Elected V. P.

6.3

•

4.4

5.0

■

•

4.5

The

1944, the public debt will
mate

2Vis, 1961

Cal. 3s,

Pulp

•

Armour

Swift

Oil

/ ''

Products

Oil

Union Oil

Union

3s,

Co.

Koppers

Shell

Steel

and
an actual deficit of $19,692,245,776
in the fiscal year 1942.
The Presi¬
dent estimated that by June 30,

1960

Firestone

Inland

8.0
8.6

923, compared with an estimated
deficit

23As, 1966

National

4.7

4.9

7.9

sources

6.4

4.7

5.1

; 7.2

Mr. Roosevelt at $71,047,679,-

1969

4s,

El. 4s,

Gas

23As, 1953

American

/'•■ „•

.7.3
7.0

5.5

The excess of

Standard Oil Calif.

Corp. 3s,

8.0

5.5

8.2

•

7.5

receipts in the fiscal year which
starts next July 1 was reported

1969

Standard
Texas

>.v.

5.6

8.4

7,7.

end of the current fiscal year
3s,

7.8
.

...

1969

INDUSTRIALS

Oil

4.3

6.6

"non-war" purposes.

called

Aaa

Socony-Vacuum

6.9

5.2

the

and only four

1969

Lt. & Pr. 4'As, 1977

Penn Central

1970

3s,

4.9

5.5

interest

and

1964

1966

No.

Edison 3s,

Cal.

Lt.

Minnesota

1970

Elec.

Kentucky Utilities 4s, 1970
Pr. & Lt. 4'As, 1978

1970

Dayton Pr. & Lt. 3s,
Detroit Edison 3s,

El.

Pr.

Iowa

1966

Power 3'As,

Consumers

5.7

ment will be used to pay war

;: jV ""'A';

111.

Florida

1964

pended

1971

3%s,

Central
Central

1961

3'As,

Electric

the

out

cents

1970

El. 3'As,

Baa

& Tel. 3'As,

Tel.

City

1969
1964

3'As,

Pub. Serv. 3'As,

".i Aa

•

1972

of Col.

Gas

Southwestern

1968

Bell Tel. 3s,

Southwestern

1966

Pr. & Lt. 3'As,

Service

Public

1966

1972

& Gas 3s,

El.

Serv.

Public

33As,

Edison

Pennsylvania

1965

"B"

Tel.

Ohio

1981

York Edison 3'As,

New

Pacific

Pr. 3'As, 1966

3%s,

Power

Montana

1976

8.2

than one-half of all our re¬

7.7

on Jan. 11
a war
about $109,000,000,000, of
which over $100,000,000,000 will be for war financing, and sug¬
gested that an additional $16,000,000,000 be collected by taxation
and compulsory savings.
;
:
'
a
!
1
"
The President pointed out that his recommendations contem¬
plate that in the fiscal year 1944/r

Indianapolis P. & L. 3%s, 1970
Lake Superior Dist.

& P. Bait. 23As,

Gas E. L.

Cons.

7.8

tion, which compels us to devote

7.8

Roosevelt

President

budget for

Pr. 3'As, 1970
Utilities 3'As, 1969

El.

States

Gulf

1966

1970

3s,

5.3

-7.1

BudgetGalls For $16 Billion in New Taxes, Savings

5s, 2000

UTILITIES

Appalachian

3'As,

Elec.

6.1

."4.6
"

President Submits $100 Billion War

1970

Rwy.

Pacific

Texas

1966

Brooklyn Edison 3'As,

8.9

5.8

____

must be harsh.
We should
remember, however, that it is a
war for
existence, and not taxa¬

4Vis, 1997
5s, 1994

Reading "A"

1970

8.3

6.0

1942___
1942—,

December,

Aaa

Boston

5.0

•

1997

4s,

4Vis,

Pennsylvania

PUBLIC

6.0

4Vis, 1976
& Arkansas 5s, 1969

Northern

Virginian Ry. 33/4S, 1966

,;/

1942___

November,

1993

4s,

8.5

6.1

1942

October,

8,2

6.4

______

the

inviting

and

collapse.
We seek to
Of necessity, the pro¬

post-war

Northern

Louisiana

& Nav. 4s, 1961
1960
St. L. 4'/as, 1964
1971

Oregon-Wash. RR.
Pennsylvania 4Vis,
Pgh., Cin., Chic. &
Union Pacific 3 Vis,

Chic.

Cin.,

Clev.,

1986
1966

1942

September,

Chicago,

7.2%

6.7

July, 1942
August, 1942

(200)

4.5%

5.6

7.7

___—

1942

June,

1984

(10)

5.3%

7.4

7.7

194J

April,

(15)

7.7

7.2%

7.2

___

1942

March,

1965
1974

4Vis,

Ry.

(25)

Yield

'7.6%

7.4%

1942
1942

January,
February,

1960

4s,

(25)

(125)

Month-r-.

197,1

1961

Nashville

shoulders

gram

Insurance

Banks

Utilities

Railroads

Industrials

burden

greatest

weakest

avoid both.

Average

1965

the

ing

and
the

STOCKS

YIELD ON 200 COMMON

WEIGHTED AVERAGE

MOODY'S

& Ohio 4s,

Car., Clinch.

usually been paid, for, mainly by
means of inflation, thereby shift¬

Yearly average, yields in the .year? 1929 to 1941 inclusive
monthly average yields for 1941 will be found on page 2218 of
June 11, 1942 issue of the "Chronicle."

Yield Averages
Chesapeake & Ohio 4VaS, 1992
Cincinnati Union Term. 3%, 1969

Thursday, January 14, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

202

223.4

23.9.9
220.0

24.3.4
*240.2 /

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4142

157

December

Engineering Construction $63,928,000
For Opening 1943 Week

Engineering construction volume for the- opening, 1943 week
$63,928,000, a decline of 55% from the corresponding Week
in 1942, and compares with $76,295,000 reported for the holidayshortened preceding week by "Engineering News-Record" on Jan. 7.
Private construction is 60% lower than in the week last year, and
totals

public work-is down 54%

a result of the 64 and 52% decreases
federal volumes. The report added;

The .Board

Without

Construction volumes for the. corresponding week last year, the
holidayTShortened preceding week, ;and the current week are:

New

Jan.

Dec. 31, 1942

8, 1942

(five dayis)
$141,152,000
Private Construction
12,728,000
Public Construction
128,424,000
State and Municipal,
19,317,000
"/ Federal
109,107,000
.

Total Construction

•

classified construction

the

(four days)

;

$76,295,000
.
2,985,000 i
73,310,000
5,727,000
67,583,000

•
•

New

capital

for

construction! purposes

tion financing for" the week
that

made

was

$1,169,000

and; municipal

state

cember volume

November, but

was

The public construction

; ;

;

Public

■

Construction

;State
■

and

(4 Weeks)

47,952,000
.221,737,000

Municipal.

54,087,000'

"Federal

167,650,000

December averages

t+12

t + 22

program.

"Thus,

+14

+ 13

+18

■+10

of other fibers.

The rayon indus¬

+ 16

+ 14

+18

+ 11

+ 16

try

essentially

,+12

+ 10

'sold out' position since 1939, and

+14'

+ 11

+14

+ 23

+ 35

+ 36

+ 21

+17

+ 20

+ 10

+ 17

+12

+19

+ 27

+ 26

+ 16

t + 19

+ 20

+ 32

+ 23

+ 19

+ 22

+ 13

+11

+ 24

+18

+26

+ 41

+ 28

+ 32'

+.27

+19

+ 18

INDEX,

+15

+10

+ 17

+ 12

+ 14

+19

•

ADJUSTMENT'

SEASONAL

(1935-39

AVERAGE^ 400)

_____

1943—
2

Dec, 13

302

Dec, 20

277

Dec, 27

shown

174

1942—

separately

but

Jan.

included

United

—

States

total.

(-Revised.

refer: to

daily average sales in calender; month; December,
weekly sales. •
'
1

1942

{Monthly
figures esti¬

from

Record December Shipments

put

de¬

It is further stated by the "Or¬

ganon" that for the
took

users

1942, it

year

estimated that the
about

new

25%

rayon

the

rayoii

available,
which
means
that the former outlets took the

remaining 75% of the total rayon
produced (yarn plus staple fiber).
In

1943, the

users

By Subsidiaries

.,
Shipments of finished steel products by subsidiary companies
pf; the -United States^ Steel Corporation for the month of December,
1942, amounted to 1,849,635 net tons, as compared with 1,665,545

net

tons,

with

and

the

new

rayon

and the former
probably
will

available

rayon supply
This, it is pointed
the rayon in¬
vital part of the war

3,599 net tons.
;
For the year 1942, shipments were 21,064,157 net tons, com¬
pared with 20,416,604 net tons (year-end total after adjustments)
for the year

1941,

that

dustry is a
effort,, both directly in actual
war
goods produced and in our
important
market
and
export
indirectly

rying

the fiber that is

increasingly

car¬

vital

role in the civilian economy. This

Shipments for the

year

1942 and for the month of December

the highest for these periods in the history
In the table below we list the figures by

of the Corporation.
months for various

periods since January, 1929:
1942

January
______

March

encouraging high rates of opera¬
tion for the raydn industry today
and

the

future.

increase of 647,553 net tons.

were

February.

indicates

out

in:the preceding, month, an increase of 184,090 net tons,
explains why the Government is
1,846,036 net tons in the corresponding month in 1941,

increase of

Typhus Board To
Protect Armed Forces
President Roosevelt established

1940

1941

1939

1938

1929

1,738,893
1,616,587

1,682,454

1,145,592

870,866

570,264

1,364,801

1,548,451

1,009,256

747,427

522,395

1,388,407

845,108

,627,047

1,780,938

1,720,366.

'1,758,894

1,687,674

907>904

771,752

550,551

'1,617,302

1,834,127
1,774,068
1,765,749
1,788,650
1,703,570

1,745,295

1,084,057
1,209,684
1,296,887

795,689

509,811

607,562

524,994

745,364

484,611

1,753,665
1,664,227

1,455,604

885,636

615,521

1,392,838

1,086,683

635,645

1,480,008
1,500,281
1,262,874

1,787,501

1,851,279

1,345,855

730,312

1,665,545

1,624,186

1,406,205

749,328

December

1,849,635

1,846,036

1,544,623

1,443,969

765,868

21,064,157

20,458,937

14,976,110

11,752,116

7,286,347

♦4^,333

! 37,639

'♦44,865

29,159

♦ 12,827

;

20,416,604

15,013,749

11,707,251

7,315,506

16,812,650

typhus commission

to protect members of the armed
forces
from
typhus fever both

1,333,385

-November

1,572,408
1,425,352

Dec.

1,701,874

April-

June..__—
Lu

September

October

$373,622,000
13,279,000

Total

360,343,000

Yearly

by rnos.

adjust..!

931,905

1,668,637
1,666,667

1,605.510

1,529,241

Total

•

.344,895,000

♦Decrease.

931,744

16,825,477

The commission will
the

Army

and

will

serve

with

consist

Medical Corps and Public Health
Service.
An executive order of the Pres¬
ident

authorized

"formulate

;;

Note—The
to

here and abroad.

of, a
director, to be appointed by the
Secretary of War, and officers of
1,110,050 the
Army Medical Corps, Navy

:: 15,448,000

month ago revealed waterworks con¬
struction > 35% higher, the "only classification to gain.
Losses were
in streets and roads, 15%; public buildings, 58%; industrial build¬
ings, 64%;- commercial buildings and large-scale private housing,
66%; bridges, 27%; sewerage,. 43%^ earthwork and drainage, 50%;
and unclassified construction, 41%. ; ;
:
; ;
:
.:
:

additional

this

almost equally.

strain on the
rayon industry during 1942 is to
state the case mildly."
»

mated

Of U. Si Steel Corp.—1942 Also at New Peak

; *

•

that
has

236

w-—112

♦Not
indexes

■

215

199

274

_____

Dec,

been

say

1941—

236

_______

has

mand

+ 11

WITHOUT

____

demands of its former users, but
also has taken on a host of other
civilian products formerly made

+ 17

+14

t + 11.

civilian-type goods,
only has had to fill the

+ •9

+ 21

.2'

rayon not

+ 14
+19

+ 15

.+'.5.

+ 12+

in the various classes of construction work

with those for

compared

+
■

Dec. 26

Jan.

and

Dec., 1942
(5 Weeks)

Nov., 1942

$607,622,000
30,763,000
576,859,000
16,647,000
560,212,000

Dec. 19

>■

$269,689,000

; .1;; -

Construction

Private
••

+ 23

August

(4 Weeks)
Total; Construction

t + 20

total

Dec. 12

construction; was 78% lower.
volumes for the i941 month, last month, and the
,

+10

'■

+ 12

1942—

Dec.

last year,: and private

Dec., 1941

—10

______

WEEKLY

the Increase ovbr the 1941 .month, gaining 65% over the De¬
cember4941,- average.' State and municipal work was: >77% below

V''-.-

U. S.

Federal construction was responsible

■> '.

+ 11

+ 10

ill

197

(per cent)

San Francisco

Tor

current month are:

+ 13

f' 4

——

,+ 14.

_•

Dallas

for December was 50% lower
than in the, preceding, month, but climbed 30% compared with the

Construction,

137

+ 12

Minneapolis

r,/ V.

in¬

re¬

rose

128

+ 22

Kansas City

average

value} for the period in 1941,

138

157

.1'

Louis_i_^_J„_

St.

On the weekly average basis, De¬

to say:

Reserve! System

——Four-weeks ending
Year to
26 Dec. 19 Dec. 12 Jan. 2 Nov. 28 Oct. 31 Sept. 26 Jan, 2
ending

Chicago

51% below the average, for the four weeks of
tip 11% compared with the average for Decem¬

The report went

ber, 1941,

123

gl8

-22
—

Cleveland

*
December engineering construction volume declined to $373,622,000, the lowest monthly value of the year, and averaged $74,724,000 for each of the five weeks of the month as reported by "Engi¬

neering News-Record" on Jan. 7.

Jan. 2 Dec.
■

York—,_

Philadelphia

Dec. Engineering Construction $373,622,000
Volume a! 1942 Low, But II %. Over Year Ago
.

——One week'

•

Boston

week totals
New construc¬

appropriations,

jbond; sales.

Federal

the

for

federal

the

adjustment—————

District—

in 1942 reached $451,169,000; a volume

of $450,000,000; in

Federal Reserve

over

$524,000, entirely state and municipal bond sales.

rayon was

duced demand made necessary by

that the value of department store sales

Change from corresponding period a year ago

Atlanta

the. short pre¬
ceding week are reported in all classes of work except unclassified
construction.
Increases over the week last year are in waterworks,
sewerage, bridges, and unclassified construction.
Subtotals for the
week in each class of construction are:
waterworks,; $2,064,000;
sewerage, $963,000; bridges, $3,263,000; industrial buildings, $996,000;
commercial building and large-scale private housing, $2,476,000; pub¬
lic buildings1, $35,259,000; earthwork and drainage, $224,000; streets
and roads, $7,770,000; and unclassified construction, $10,913,000.
'
gains

groups,

seasonal

Richmond

Jan, 7, 1943
(five days)
$63,928,000
5,117,000
58,811,000 •
6,877,000
51,534,000

Governors

Jan. 7

Adjusted for seasonaT variation—

On the basis of weekly averages, the 1943 total is 35%. under
tbat recorded for the two-week period ending5 Jan. 8 in 1942. Private
work is 36% lower, and public construction is Off 35% compared
with last" year's two-week average,
;
:

demand for

ian

Department Store Sates

shortages in other civilian mate¬
rials, as created by the war. Thus
beginning in August, 1941, and
record levels in December. The increase from the unusually
large
1942, rayon
volume reported in November was less than seasonal, however, and increasingly during
the Board's adjusted index declined from 138 to 123% of the 1923- took over essentially all of the
former civilian products made of
1925 average.
silk, as well as civilian goods
INDEX OF DEPARTMENT STORE SALESt (1923-25 AVERAGE:=100)
supplied by nylon. Rayon is also
Dec., 1942
Nov,, 1942. Oct., 1942
Dec., 1941 ei part of the wool replacement
>

ported

•

in state and municipal and

203

monthly shipments as currently reported during the year 1942, are subject
adjustments reflecting annual tonnage reconciliations. These will be; comprehended
cumulative yearly shipments as stated in the annual report.

in the

and

the

director

effectuate

pro¬

gram for the study of typhus fever
and
the
control
thereof, both
within

and

without

the

United

States, when it is, or may become,
a
threat to the military popula¬

Rayon Production in 1942 Rose Sharply

tion."
The

also

order

established

■

medal

vV:'Capital-.-"/.V;'j-'}
Production of rayon in the United

New capital for construction purposes for December totals $15,-

This compares with $1,612,832,000 for December, 1941, when

063,000.

$1,563',250,000" in Federal
/T.'■'/'

appropriations

construction

the

swelled

States in 1942,

was

to be

expected, registered another substantial gain as compared with 1941,
due to greatly increased demand for both civilian and war use.

Based upon preliminary estimates, compiled by the
"Rayon
financing included $8,713,000 in Organon," published by the Textile Economics Bureau, Inc., New
State and municipal bond sales, $5,350,000 in " corporate security York, total deliveries of rayon by American mills last year (yarn
issues, and $1,000,000 in RFC loans for public improvements. - ' t plus staple fiber) exceeded the^
previous record set in 1941 by 1943, the industry's capacity for

volume.
i

fi'i- •;:

month's

1942

final

The

November Hofelj Sales
its January

Hig^

bulletin, Horwath & Horwath, New York public

accountants, report that the total sales in November were up 20%
the

over

same

month of last year.

'Rooms and restaurant made

ex¬

acting the same gain, 20%; whereas for some time the restaurant

far ahead.

has forged

caused

Its

by a slowing- down

moderate advance this month

in* the- beverage increase,

November from 33% the month before.
.

NOVEMBER,

was

to 23%

for

following statistical-data;

The. firm supplies the

COMPARE!* WITH NOVEMBER, 1941

1942,.

tRoom

^Sales, Increase or'Decrease—
Total

City.. +11%
Chicago
+29
Philadelphia
+ 11
Washington,
+25.

•'".+

—

+ '9

—

Detroit.

Pacific

Coast-—

Texas

All

———'

+30

+ 34

+.'25*

—10

'+13

,+30

+33

+26

+21
+31
+36
+13'

+ 22

+21

+ 40

+
,

+27

: +23
-

date.-—

+ 22

+14%

+12%:

+16%

"+13%

-+'23%
+23%

79%'

73%

"rartes" wherever! used -refers to the average sales per
and not to scheduled rates. *Rooms and restaurant only.
tThe

term

or
•

meritorious

the

person

giving

service in the

typhus

commission's

any

work.

+. 5
'

+.' 3-

■+

.9-

Morgan & Co. Inc., as fis¬
cal agents, announce that $319,100
tenacity yarn of Republic of Cuba external debt
that filament yarn deliveries in will be about 100,000,000 pounds
5% gold bonds of 1914, due in
1942 were 4% above the former annually."
The many other war 1949, have been drawn for re¬
1941
record, while 1942 staple uses of viscose yarns are in. addi¬ demption on Feb.
1, 1943,
at
fiber deliveries are estimated to tion to this large poundage.
102
%
and
accrued
interest.
be 8% above the 1941 level. The
"The use of acetate yarn and Holders
may receive payment for
rayon staple fiber in war prod¬ the designated bonds by present¬
"Organon" says:
ucts in 1942 was. small, but a sub¬
ing them at the office of J. P.
War Demand for Rayon Greatly
stantial increase in their use for
Morgan & Co. Inc. in New York
Increased
both military and naval products
City, or at the office of Morgan,
"Rayon yarn really started to dhring 1943 is anticipated."
In addition, substantial quanti¬ Crenfell & Co. Limited: in Lon¬
go into direct war products dur¬
ing. 1942. The major portion of ties of rayon yarn and rayon fin¬ don on or after Feb. 1, 1943.
the rayon yarn going into such ished goods are required for ex¬
products was of the viscose and port to the Southern Republics,
cuprammonium types.
In 1943, as well as foreign relief and re¬ Dutch Minister Guest Of

■.

■

this

high

greater quantities of these habilitation purposes.
Commerce & Indus. Ass'n
"The civilian demand for rayon
yarns will find their
way
into
war
uses.
For example, in Octo¬ in 1942 was of two separate and
Dr.
Hubertus
J.
van
Mook,
ber the Government, approved the distinct types. First was the "reg¬ Netherlands Cabinet Minister for
even

conversion of certain viscose pro¬

ular"

duction

making

goods. These
civilian-type

facilities

from

'regular'
yarn to high tenacity yarn.
This
63
+
4
71
+10
high tenacity yarn will be used
67
+..-5;
for military purposes, primarily
for tires;.
The quantity involved
69%
+ 5%'
in this
new
program
approxi¬
68%
+4%.
mates
50,000,000 pounds on an
occupied room
annual - basis. When completed in
74

To Redeem Cuban 5s
J. P.

Deer.

—

+ 21

+17

+19%.

+ 50

+18

*12%
69

+ 32

+20%

1941

83 %

+42

+20^

1942

41'

+ 19

24.

+44'

•

13%

Increase

Nov.

Beverages

+10%■'

+20%

others.

Total
Year

+ 18.

+32,

Nov,

+18

■

"Rate

Occupancy
.

+11 %

Food.

+31

13% ■■

+ 26

——

Cleveland

Rooms Restaurant.

♦Total

York

New

awarded

new;

5%.; Tentative estimates indicate

President

sold

former outlets for rayon

Netherlands

principally the
goods
made
and Curacao,

Indies, Surinam, and

were

consumers

before

mid-

will

honor and speaker

the

guest

at a luncheon

1941 when the rayon supply be- of the Commerce and
Industry
gaiji to be diverted to new outlets Association of New York at the
of various kinds."
*

The

"Organon" adds:

"The second type of 1942 civil¬

Commodore
12:30 P. M.

Hotel

Jan.

THE COMMERCIAL & FINANCIAL CHRONICLE

204

Thursday, January 14, 1943

"As of the close of business Dec.

31,. New York Stock Exchange
to $449,276,379. - The' ratio
of these member borrowings to the market value of all listed stocks

Daily Average Crude Oil Production For Week
^
Ended Jan. 2,1943 Decreased 10,100 Bbls,
estimates

Institute

Petroleum

American

The

.that

•on

the

crude oil production for the week ended Jan. 2, 1943,
was 3,87Q,600 barrels, a decline of
10,100 barrels from the preceding
Week,'and 167,400 barrels per day less than during the corresponding
period a year ago. The current figure is also 145,300 barrels below
the; daily average figure for the! month of December, 1942; as .recom¬
mended by! the Office of Petroleum Administration for War. Daily
production fpr the four weeks ended Jan. 2, 1943, averaged 3;880>950
barrels.
Further details as reported by the Institute follow:
\,
>.
average gross

borrowings

net

date,

the

table

listed

are'classified-■ by leading

stocks

-Dec.

1942-

31,

NOV. 30,

price

iviarket

Price

•

;

■

-'1

' -',.

r»

■

15.78

310(364,750

refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of; Mines basis approxi¬
mately 3,734,009 barrels of. crude oil daily and produced 10,957,000
barrels .of gasoline; 4,285,000 barrels of distillate fuel , oil, and :7,683,000 barrels of residual fuel oil during the week ended Jan. 2, 1943;
and had in storage at the end of that week 82,420,000 barrels of gaso¬
line; 42,913.000 barrels of distillate fuels and 72,881,000 barrels of

Automobile

27.18

3,028,070,536

residual fuel oils.

Aviation-

25.27

•

Deo. 1

December

403,900

Kansas

403.900

300,700

Oklahoma

.300,700

1943

+288,350—
+2,850

3,400

Nebraska

150

90,500

•

Retail

138,600

North, Texas

iron &

Texas

West

206,750

~4-'

East

Texas

177,500

Coastal Texas —-A

Utilities:

200

101,400

87,950

•r

electric

Gas &

Sc. electric (holding)..^
Communications.......'

2,550

312,900

295,950

Miscellaneous—

1,385,450

1,494,500

—

....

.Gas

Arkansas.—.

326,100

Mississippi

50,000 V

•

357,850

73,900

——1- '

Indiana

(Not ihcll 111/ :

Eastern

Ind.lw

Michigan

All Listed

Wyoming
A-

Total East of

Calif

15,350

20,700

6,300

90,200

101,950

500

59,600

54,100

4,150

89,300

81,950

450

22,600
6,650

—

—,

2,000

3,105,750
775,150

-10,100

" 26.39

37,374,462,460

25.41

production

than

of natural

tion

gasoline and allied products in September,

■

1942, as follows:

tOklahoma,

all

Dec.

a.m.,

fThis

Includes

30.

the

net

AA;A,'..

RUNS

CRUDE

exemptions

FUEL

OIL,

July

27.07

Aug. 31—.

41,654,256,215
41,472,032,904
40,984,419,434

,28.46

39,057,023,174

26.66

31——:.

The

;

SGasoline^
■'

■

should

tial

°/o Re-

Rate

,\H

Runs to Stills

Finished

Includ.

and Un-

•

of Gas

Gulf,

Louisi-

Fuel
Oil

Tot.

Bonds—

Dec.

12,468

21,985

36,613

83.2

177

84.8

160

90.4

430

2,901

735

811

85.0

736

90.8

2,354

15,825

5,549

2,369

416

80.1

335

80.5

1,146

6,720

1,927

1,376

147

48.0

66.0

310

1,584

365

obligations "issued

in, the
]V

aggregate

31,

1942;

.•

its monthly

under

authority

$125,000,000,000
Hr-

-'.y-v..'.,:

In-

V":

^:.;v(!;

tendering his resignation" to

Roy F. Hendrickson, Director of
Food Distribution, Mr. Montgom¬

administration of

government pro¬

.The advices added that
with the ending of the food coun¬
grams.

sel, ! only

coal

bituminous

the

consumers'

counsel- remains.

(Montgomery) warned that the
ending of the food counsel is "a
clear
signal to consumers that
they had better begin to look to
their food needs themselves."
.

89.9

728

89.1

1,799

18,777

12,352

55,583

72,881

488
;

'V;-'!!:

4,800

85.9

3,734

10,957

+82,420

10,220

80,228

13,797

.77.7

95,707

42,913

4,790

85.8

3,525

73.6

43,799

3,968

•

./'•

creation of

counsel

Bearing

which

interest-has

does-

221,340,388

agencies and,
directly to Congress,
General

the

Office.

request

office of consumers'

independent, of the vari-^

porting

64,918,100

ceased
interest iU. S. War Savings stamps) —

obligations,

advocated the

executive

ous

110,547,106,507
Matured

!•-

them."

Mr.. Motgomery

41,939,696,800

.94,700

able

14,148,967,500
6,626,982,000

indebtedness..

72,962

50,119

office not admittedly account¬

an
1

21,163,747,300

notes

bills (maturity value)

determined for them by

shall

$68,607,409,707
Certificates

appears

planned is that consumers' needs

■

Treasury

"•

What

line.

the

.viTv.!.yyy

597

1,678-

of the Petroleum Administration for. War.
tFinished 73,008.000
9,412.000 bbls. % At .refineries, - at bulk terminals, - in transit and in
§Not including 4,285.000 barrels of gas, oil and distillate fuel and 7,683,000

the

♦At

dur¬

consumers

formulation and admin¬
istration
.of
government
farm
the

ing

Liberty Bond Act, as amended, pro¬
of

1942

26,

Second

amount

Treasury
$49,268,120,650
"Savings (Maturity value)
;■
18,485,093,400
Depositary
r*...——.7; "129,603,000
Adjusted
Service
;
724,592,657

2,430

bftsis Jan. 3, 1942

re¬

Accounting

110,833,364,995

unfinished

bbls..^

pipe lines.

residual fuel oil produced

barrels of
with

4,918

of Mines

Bur.

basis
U.

68.8

Montgomery4 repre*

—

of Dec.

817

B. of M.
basis Jan.- 2, 1943-

the

face

Interest-bearing:;

AA—

California

the
.

Outstanding

• ;

.Appalachian .1——
Ind., 111., Ky. —
Okla., Kansas, Mo.___
Rqcky Mountain —A
Tot:: u:

Mr.

American

sented

"Now," he said, "war puts the
following table shows the face amount of obligations out¬
standing and the face amount which can still be issued under'this government into every American
kitchen. Every pound of food the
limitation:
vr';:.4 ■'//
":
family eats will be there by gov¬
Total face amount that may be outstanding at any. one time
.$125,000,000,00a
ernment decision somewhere along

Arkansas

Inland Texas—

and

26.39

of. Agriculture,
As consumers'

31.

The

North

Gulf,

ana

Louisiana

that

Act, "shall not exceed
outstanding at any one time."
'

•Combin'd: East Coast,
Texas

38,811,728,666

following, is the Treasury's report for Dec. Sir

that

sidual

Fuels

porting Average erated Blended Gasoline

25.41

31—

Dec.

re¬

counsel of

consumers'

Department

counsel,

25.65

37,374,462,460

added

Section
vides

of Re-

Oil and

The

totals

Distillate

% Op- Natural finished

Daily

...37.727,599,526

$771,822,922 (other public debt obligations out¬
standing but not subject to the statutory limitation), Thus the total
gross public debt outstanding as of Dec. 31, 1942 was $108,169,898,433,

tStocks, f Stocks

Re-„' fStocks

fineries

Crude

Capacity
Polen-

District—

■

24.20

35.604,809.453

30.:

ducted $3,435,289,484 (the unearned discount on savings bonds), re¬
ducing. the total to $107,398,075,511. However, to this latter figure

Production:"

Daily Refining

ery, according to Washington ad¬
vices Dec. 27 to the New ,York
31, 1942j totaled $110,833,364,995/ thus'leaving the f ace amount "Herald-Tribune" said it marked
of obligations which may. be issued subject to the $125,000,000,000
the end of all but one of the manystatutory debt limitation at $14,166,635,005. In/ another table in the
experiments " made by the New
report, the Treasury indicates that from the total face amount of Deal to set
up offices to fight for
outstanding public debt obligations ($110,833,364,995) should be de¬ the interests of consumers in the

A--;- A...,-

;•

Con¬

Dec.

;>,A.

Social

has

Montgomery

effective

face amount of public* debt obligations issued
under the Second Liberty-Bond Act {as amended) outstanding on

estimate of unreported amounts and are
—-—therefore on a Bureau of Mines basis—T—

the

23.49

23.70

Nov.

Donald:

signed as

report showing the

this section include reported

Consumers' Food Counsel

I-

34,871,607.323

Department made public on Jan. 4

Treasury

the

Montgomery Resigns As

22.73

34,443,805,860
:

programs.

WEEK

plus

22.40

33,419,047.743

31—-

■

21.41

Dec.

ap-^

22.36

Oct.
.

Association

and the National
ference of Social Work,"
;

Statutory Debt Limitation As Of Dec. 31,1942

Figures in

29....

Sept. 30

28.32
28.02

•

32.913.725.225

—.

25.84

Governor Lehman
him a .member of

Workers,

24.02

.•

32,844,183,750
31,449,206,904

39,607,836,569

31w_C

the

American

¥'

entire

(Figures in Thousands of barrels of 42 Gallons Each)

' A,; A

:.A

Apr. 30

37,710,958,708

OF GASOLINE; STOCKS OF FINISHED
OIL AND DISTILLATE FUEL- AND
ENDED JAN. 2, 1943

GAS

GASOLINE,

RESIDUAL

the

for

PRODUCTION

STILLS;

UNFINISHED

AND

;

allowable as of .Dec.

basic

and

shutdowns

Mar.
-

24.70

35,234,173,432

—^

June 30

Oct.

>A!/v/ A,-: •!''v,
calculated on a 31-day basis and
month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 4 to 16 days, the entire state was ordered shut .down
for 9 days,' no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 9 days shut-down "time during the calendar month.
^Recommendation of Conservation Committee of California Oil Producers.
7

"A.

Feb.> 28—..
,

■

24.46

36,228,397,999

31.;

Ma.v

Sept. 30—

ended

37,882,316,239
35,785,946,533

Jan.

27.08

member

1942—

25.78

Vug. 30..^'.

25.87

27.24

30^

4--'

Dec.

28.80

27.68

29_^_.

39,696,269,155

July

Oklahoma
9,400;
2,400;

figures, are for week:

Indiana

Mississippi,

Nebraska,

Kansas,

'.■.'.•"k.$

President

Temporary Emergency Re¬
lief Administration in July, 1937.
He
is
a
past- President of the

Price
•v,

Nov.

28.72

41,890,646,959
v'' ■l'- '
J ■

Market Value

;

29.38

41,848,246,961

1941—

41,491,698,705
;

■■

June 30—

Texas 104,900; Louisiana 20,500; Arkansas 3,000; Illinois
Eastern
(not including Illinois and Indiana)
9,000p'Michigan 100; Wyoming
Montana 300; New Mexico 6.000; California 42,400.
A 1
•
A
Kansas 5,100;

30/200;

was

State

Average

May '31——37,815,306,034 •

The Bureau of'Mines reported the daily average produc¬

allowables.

the

42,673,890,518

;

31—i

Apr.

recovered
from oil, condensate and gas fields.
Past records of production indicate, however, that
certain wells may be incapable of producing the allowables granted, or may be limited
by: pipeline, proration./; Actual state production would, under such conditions, prove^to
less

■

28.56

petroleum liquids, including crude oil, condensate and natural gas derivatives

759,795,992 V.

the total market value
the Exchange:
y
; "v

Price

Mar.

3,880,950-4,038,000

the

represent

18.00

stocks listed

jan.'31_—40,279,504,457
Feb. 28_i*___1_39,398,228,749

579,000

state-allowables

1941—

3,459,000

—12,100

price of

Market Value

31—

Dec.

118,850

3,870,600

and

Sept. 30—

5,550

1940

22,550

93,950
•f

College.
pointed

18.77

-105,687,375

Child Welfare

Board of Trustees of Connecticut

16.17

19.64

18.73

38,811,728,666

Stocks

Nov.- 30

770,000

Oct.

3,100,600

§815,000

4,015,900

recommendations

♦P.A.W.

245,900

850

,22,550
6,500
93,350

815,000

Total United States

' t
99,700

3,200.900

California

•

99,700

■

19,800

17.02

795,022,348

—

;

7,000

Mexico

New

24,700 ~

...

Colorado

72,550

1941—and;vis

10.80

109,950,483

Average

",'93,300
59,300
j
85,750

94,500

Montana

63,800

" '

\ '

'•

70.07

V 79,183,807
'547,862,352

sociation for two terms—1940 and

i 7.15

10.71

78,565,127

Hodson

"Mr.

17.55

684,919,788

69.38

Division

the American Public Welfare As¬

We give below a two -year compilation of

and the average

388,350

+ '

'-115,700

" 4

—~~r'

107,600

.254,600

17,700

57,500

300

-f

1,624,405,244

7.40

577,537,831

businesses——

73,300

1,650

+56,850

•

274.100

Illinois

•

75,000

73,461 "

77,300

316,150

337,600

U. S.- companies oper. abroad..'...
Foreign companies.__i.__

Louisiana

Total

709,084,853

2,9.01,294,359

...

275,450

314,950

550

223,000

Coastal Louisiana _i.

37.34

82,400

550

92,050
222,900

93,150

.25.28

2,930,175,485

18.08

1,673,360,240

217,000

Miscellaneous
North Louisiana

(operating)

369,050

175,100

37.27

1,866,725,139
355,694,532

City

Legislation and then of the De¬
partment of Social Legislation. '

5.90

-VV.

.....

356,600

3,500

1,376,350

tl,470,658

292,750

8,000

—

311,100
1,350,400

208,400

38.95

;

Director

the

of the

19.51.

1,000,163,397

27.05

1,043,332,293

...

26.30

10,917,097'

38.08.

380,627,116

Commis¬

was

He went to the Council
Russell Sage' Founda¬
tion, where he was first director

92.996,045.

1, 1934, when he
Welfare

1925..

from

.35.76

6.52

1,907,118,450

15.17

1,916,483,384

•

19.98

24.71

39.14

95,244,982

20.66

377,835,105

"26.69

12,065,223

coke.i—

Tobacco

25.08

to Jan.

of New York; a post he held, from,
the inception of this organization;

21.87

2,815,164,220

23.39

15.
De¬

of the Welfare Council of the

i 18.87

1,220,930,876
337,538,708'•

Jan.

about

Mr. Hodson

sioner,

21.23

4,196,674,076

15.34

413,564,111
.«<

'178,510,350
1,291,962,859

21.21
!

341,467,606 /

;

-13,800

350,600

Texas—."-—

143,950

—

Southwest Texas iiA'

Total

138,550

2,550

—-

101,300

Central Texas„_;

East

1,300

...

19.24!

1,317,633,713
1,253;216,842

Tejctiles_..i___-_-_aAf.j.JA-r._'i:.4.A*- V

87,850

—

22.21

1,945,432,637'

—A—

begin

appointed

was

3.79

',18,408,221

2,856,542,041

Ship building- & operating—™
Shipping services.—

; 5,450

3.75

4,489,801,520

merchandising..—

92,450

-*.2,700

22.44

Railroad

Steel,
>,V

Panhandle /Texas^A

/ *

•J.

Rubber

37,544,472

242,200

2,950

2,434,287,558

186,787,592

,
"

Petroleum—

1942

14.92

26.07

18,228,024

419,150

293,650-

.7,550-

—

;
-

353,850

850

—.

757,109,749

23.79

Paper &. publishing—u...

Jan. 3 y

1943"

Weekv

+354,000

15.37

39,807,311

De¬

announcement from the

"Prior

45.43

595,258,304

778,244,470

State

31.25

49.18

26.68

Machinery & metals
Mining (excluding iron)_l__
-

Ended

Jan. 24

Jan. 2'

.>■

Beginning

dations

55.32

1,254,632,528'

the

partment of Welfare says in part:

Weeh,\

Ended'

Fbom

32.76

:, '

realty-—r4___^
Leather..^.
...

ables

Recommen.-

'4 Weeks

Change-

Week

5,271,540,236

58.01

The

25.55

644,430,650

Land St.

Ended

1,315,420,939

2,491,358,251

-Actual Production-

,V 1',
'State,
♦PiA'.W.V Allow-

5,527,430,016

machinery.—

Garment.:

PRODUCTION (FIGURES. IN BARRELS)

DAILY AVERAGE CRUDE OIL

300,106,875

Commissioner Hodson's

will

leave

20.25

441,265,189 '

26,83.

•

Financial

"■

315,105,337

Chemical——

15.40

532,248,148

21.58

"459,645,706

equipmeritn__„

Electrical equipment—.:.
Farm'

partment.

i
office

Business &?

15.77*

544,820,141

,-i,

Building.

Rehabilitation

;.i4S,72

256,494,569

L-__

;

that he

may undertake a confidential mis¬
sion for Mr! Lehman, who is nov;
Director
of
Foreign Relief and

Pric6

Value

$ 1

333,093,885

Amusement—

Reports received from

York

Herperj; H. Lehman,

;

Average

Average.
Market Value

-Group

1942-r—j

New

City
has
been
two-months' leave of
absence by Mayor LaGuardia at
the request of former Governor

..,vV

for. each:

•

granted

industrial groups with the aggregate market value and average

Hodson; who, ha$ ' just

completed- his ninth,year of ser-;
vice as Commissioner of Welfare

was.

following

William';

■

market value.

their total

Hodson On; Mission

amotmted

therefore 1.16%;. As . the above- figure includes
types of member borrowings, these ratios will ordinarily exceed
precise relationship between borrowings on listed shares and

all

daily

the

that

member' total

3,901,000

barrels

and

7,110,000

during the week ended Jan.. 2,

barrels,-respectively in

the

1943,

preceding

Face

amount

obligations

compared

week

and

•

issuable

RECONCILEMENT

WITH

under

$14,166,635,005

authority—!—...

above

STATEMENT

THE. PUBLIC

L. G. Kirkland Dies

DEBT
'

3,855,000

barrels and 6,918,000 barrels, respectively, in the week ended Jan. 3,

1942.

•

♦'

(On

the basis of Daily Treasury
DEC.

31,

Leigh

Statements)'

Kirkland, New' York"

State farm leader, died

1942

at his Fredonia
Total fade amount of

Market Valise Of Stocks On New York
Stock Exchange

A The

of- the

New

York

Stock

Exchange

Higher On-Dec/ 31
announced

of business Dec. 31, there

were

Jan.

that

1,238 stock issues ag¬

gregating 1,470,502,630 shares listed on the Stock Exchange, with a
market value of $38.811,728,666.
This compares with 1.242

total:

stock

outstanding public debt obligations issued under
authority of the Second Liberty Bond Act, as amended————
Deduct unearned
discount
on
Savings
bonds
(difference between
<
maturity value and current, redemption value)

aggregating 1.470,976,125 shares, with a total market
$37,374,462,460 on Nov. -30 and with 1,232 stock issues, ag¬

—

gregating 1.463,295,021 .shares,-.with a total market .value of $35,785,946,533 on Dec, 31,. 1&41. ,
\
^
,
^in making public the figures

for Dee. 31, the Exchange said:

•

$110,833,364,395

Add

other

public

obligations

outstanding
not subject to the statutory limitation:
Interest-bearing
(Pre-War,
etc.)
debt

Matured

obligations

Bearing'

3,435,289,484-

gross

public

according

debt outstanding

maturity

195,969,620
10,324,200
565,529,102

tu statements

$15,049,803,916,

the

Dec.

31,

1942—

Dec. 26

old". r"Mr. Kirkland

member

Grange - League -Federa¬

tion Exchange,

Jersey

Inc.",' a farmer cowhich operates in 600

and

nia since

$108,169,898,433

Principal- amount
(current redemption valhe)
public debt on the basis of Daily Treasury Statements

value.

years

communities

which interest has ceased

interest

♦Approximate

operative

but

771,822,922
Total

was

(N. Y.) home.

had been President of the 105.000,

107,398,075,511

issues,

value of

•

„

the GLF

1929.

New

Northern

1938,

and

York, New
Pennsylva¬
member

board of directors

Republican,

since

served

in the New York State Assembly
from
1920 to
1924. and
in the
State Senate from 1925 to

1938.

Volume

157 -Number

THE COMMERCIAL &

FINANCIAL CHRONICLE
•

."An

Weekly Coal and Coke Production Statistics

the

output for this period

greater by- 730,000

was

tons

than

that

iri the year

coal

1942

estimated

580,000,000 net tons,
largest output, on record, and surpassed the previous peak of
579,385,820 net tons in 1918. The final revised production in 1941
was
514,149,000 net tons. Output in 1942," therefore, sHows an in¬
crease of 65,851,000 net. tons, or
12.8%, over 1941..
\
//.According to the U. S. Bureau of Mines, production of Penn¬

the

calendar year

The U. S.

•

1942

I""

' '<in net

•

tons)

'. /

'•

t......

*•

' •'

--a-//U*

+••/

•

':•r

...

;

Eituminous. qnd lignite coal
Total/including min£'fuel/-///™//./'

tDec. 26,

jan:2,^,

1942

1943

products

Textile

Fuel

(In Net Tons)

§Jan. 2,
Fenn. anthracite

1943

Beehive' coke— %
States

Jan. 3,

1942

Jan. 2,

1942

Jan. 3,

1943

1942

1929

50,000

'112,000

11108,000

'142,600

34,900 '/W 71,300

Oct.
of

84,100

1942

1-3

-1942

101.2

*101.2

*100.7

*100.1
110.6

103.3"

.118,4

418,4

96.7

96.6

91.6

79.9

79.8

79.0

products
:
,

metal

products—

118.4 -118.4-

+ 0.2

—0.4

115.7

*103.0

*103.9

110.0

99.5

99.6

104.1

106;7l

articles....,

products

92.5

104.1

90.4

•

"105.4

92,4

other,

2.3

5.6

+ 0.1

+• 1.1

o ;

*97.8

93.7

*96.1

94.1

than

0".: +
v

+ 0.1

90.3

95.5

,1.6

0.4^+' 3.3

+2.9/14.2
0.i+2.4
4 4.8

+ 0.1

0.5

•+

/+' 1.6

—0.1+4.6

93.4

92;5'
*99.7:

0
0

+0.4

than

other

103,7;

+13.4

87.5

92.5

7.3

+19.1

102.5

90.0

*99.8

•

*100.1' *100.1

104.1,.

B0.4

106.6

90.4

1.1,+

+ 0.1

95.1

goods

commodities .1

1942

,+.0.1

108.3

99.5

1-3

+ 0.9,
.

products

^98.2

; *98.2

./Preliminary.

„

*98.0

•

products and foods..

*96.2

;

*96.1^/96,2

+0.4'-+.4.8
tf>,

I.*

+0.1

v.'

+ .2.2

:'v

122,100

service

add:

States

total../

♦Includes

operations.
revision.

1,198,400

washery

and

tExcludes

liRevised.

1,219,100.

432,400
shipped by truck

dredge coal, and coal
fuel.
/Comparable

colliery

' *

data

from

available.

not

and Sales

to
•

ESTIMATED WEEKLY PRODUCTION OP
COAL, BY STATES

■/■

'///,•J/.:'/'/

'(In Thousands of Net Tons)

/'■:

rose; 10 points.

Industrial production was still on the upgrade in
November while retail trade and
primary distribution remained at
approximately the Same' levels as' in October," .after
adjustment" for

:•<

(The" current* weekly estimates

ments and

are.

are based on railroad carloadings and river
ship¬
subject to revision-on receipt of monthly tonnage, reports from district
or of final annual returns from the
operators,)
*
.

and State sources

seasonal

-Wppk
TV CCD.

Dec. 26,
State—

Dec. 19

1942

Alaska—

:/"/

390

203

.to
"162

161

174

1,215

1,331

1,105

991

/ 468

512

/ ■•'■'; 64

' :
/■

Missouri—

Kentucky—Eastern

143,

910

215

Kentucky—Western——

467

'157

305

207

349

m
159

456

166

148

•

slightly higher iri" November than in October.

584

/ ;■

-——

■/)/) 7

Michigan..,.....-™——™_—» '/'/
Montana

(bituminous

lignite)——/

New

Mexico

and
98 '

;——...

116

"In respect to retail trade, department store sales increased more
seasonally between October and November, reflecting early
Christmas shopping, while sales by
variety chain store systems rose

South

and

;

Texas

86
•••"

700

«■.'
"

1,905

—

nite).—

and

/V-

1,376'
*

57,

yl-'-'

128
382

228

'41

...

Washington—......
•West Virginia—Southern.—

1,402

tWest, Virginia—Northern—

620

Wyoming.

2,125

173

.....

267

....

—.

>*27

...

313,-

v-r>

2,171

prises, $60,749 the quota of duties
on

petroleum

nitrate

2,818

.
.

633

202

■

usual.

sales, which have shown no def¬
tendency at this time of the year, were slightly lower
November than in October."
\

f. ■'/ ,"+/",+ v-,.-;•-■>}i

■!

v':....

TRADE

'tt

81
184

1,148
: 262

1,132

1,296

■■■;

584

131

Index

193

-•/;/; 37

•.;

Production

and

Trade

Production
.

"Fifty per cent of the total re¬
ceipts will be applied by the ip^
stitute under the terms of the
Chilean law to1 the payment of
interest at the rate, of $16.80 per

$1,000
100

bond,

Nov.

Producers'

Consumers'

173

durable

good.s™___-__i._,

£1-13-7,2

•

11,480
1,114

87i

I Pennsylvania anthracite.—.'
Total

all

coal™/

—-9,344

•Includes operations on the
the B.

& O.

8,422

12,594

N. fy W.;

9,293

;
::

'M.

8,094
890 ••

8,984

6,405
(

941

7,346

;

1,806

/ 11,706

C. & O.; Virginian; K.. & M.; B. C. & G.;

District

and

Durable

goods__^i._J__-:_^^__-.

195

202

205

127

128

Distribution

Miscellaneous
.v..

*Indexes

■

••

•104

-•

39^

148

154

113

114

137'

140 '

101

preliminary.

^
'

107

•'/.) ••'/■ ■/"

;*w

;

128

+ +

also adjusted

129

-131

'•/+ /a//; 'Z.:

for price changes.

Unchanged
Curing Jan. 2 Week, Labor Dept. Reports
Bureau

Labor

Statistics, U.

Department

Labor,
announced 011 Jan. 7 that the sharp upward movement in primary
market prices of agricultural commodities slackened somewhat dur¬
ing the week ended Jan. 2 and the Bureau's all-commodity index
of nearly 900 price series remained unchanged at 101.2%
of the
1926

and

2%.

We give herewith latest figures received
by us from the Natipnal
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
/
The members of this Association
represent 83% of the total in¬
dustry, and its program includes a statement each week from each
member of the orders and

production, and also

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

for

this time last year.
"Led by a decline

foods

dropped

cows

were

over

of 3.4%
0.4%

in fruits and vegetables average
during the week. Mutton declined

the Office of Price Administration ceiling effective the
was
approximately 30% below the prevailing
market level.
Quotations for flour, corn meal, and eggs advanced
slightly. The level of food prices in primary markets is about 1%
above a month ago and 13.4% higher than a year ago.
sharply,
end

December

this

which

currency,

pelled

Caja

fix

Las

Period

Received

Production
Tons

Tons

Orders

Percent of

Activity

Remaining
Tons

Current Cumulative

American

dollars

the dividend correspondto holders of bonds of the
above-mentioned
loans
and
to

maintain' in,- this same
the funds to cover the

income

been

currency

payments.

collected

there

have

retired

$2,659,000
face
bonds, francs
8,000 of Swiss franc bonds, and
£18,100 of sterling bonds. In ad¬
dition, the Municipality of San¬
tiago amortized francs 10,000 of
amount

Swiss

dollar

franc

bonds

the

1942/

year

,v.

"The

amounts

standing

after

mentsi will

bonds

the

1942

out¬

retire-

$164,436,500 dollar
bonds, £27,743,071. sterling bonds

lt)8,662,500

Swiss franc
v.

about

Feb/ 1,

1943,

and will
following
Republic of
Chile external
bonds; Water Com¬
pany
of Valparaiso bonds;
All
applicable
All

the

Municipal loan, and bonds of the
City of Santiago, Chile, loans.

President
Dec.

Roosevelt

the

during

the

present

war.

the

signed

designed
discovery of oil
public domain

continuance

of
the
Under the terms of

bill, which passed the Senate
Nov. 23 and the House

legislation

to encourage the
and
gas
on
the

16,

paid

Dec.

flat royalty of 12y2% would
the

Government

for

by prospectors for new oil
anywhere on the public

years

reserves

Under the

old

law

the

royalty ranges from 12 V2 to 32%,
and must be paid under
20-year
leases.

Senate

passage

•

of the bill ' was

144,506

133,513

236,208

noted in these columns of Dec.

147,437

131,961

248,026

152,644

page

134,197

261,871

150,133

136.249

275,139

Oct.

10™

Oct.

17™_;

Oct.
Oct.

138,423

138,262

272,006

157.919

138.492

291,780

Nov.

147,815

137.355

301,088

21___

146.335

133.188

310,439

136,655

124.461

321.885

150,132

130,761

340,203

•

17,
4

■S3)

Nov.

2163.

NOV.

Nov

Dec

—

Dec.

151.085

137.856

350,011

136,363

134.383

350,012

Dec.

118,063

113,600

352,854

126,844

97,386

379,573

New Cotton Exch. Members
Robert J.
the

New

Murray, President of
Cotton Exchange,

York

announced

Dec.

——

1943—Week Ended—
Jan.

2__

—

Note—Unfilled orders of the prior week plus orders
received, less production, do not
necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,
orders made for or filled from stock, and other items
made necessary adjustments o1

unfilled

orders.

"Against the remaining 50% of
the

1942—Week EndedOct.

com¬

ing

domain.

ORDERS, PRODUCTION, MILL ACTIVITY

Orders

4%; hogs nearly
2%; and lambs, about 1%. In addition higher prices were reported
for cotton, flaxseed, and potatoes.
Citrus fruits, apples, and sweet
potatoes declined appreciably. In the past 4 weeks farm product
prices have advanced over 4% and they are 19% higher than at

prices of

Unfilled

Quotations

the funds in Swiss francs to meet
the servicing of loans issued in

Weekly Statistics Of Paperboard Industry

average.

"Farm products and foods—Average prices for farm products
primary markets advanced 0.2% during the week largely as a
result of increases of 1.3% for grains, and for livestock and poultry.
Corn rose more than 3%; oats, 2.5%; and barley and rye, between

necessary conver-' "
order to set aside the

two

.1'. /

the

varia¬

' /

year

Signs "Wildcat" Oil Bill

The Bureau's announcement further stated:

Caja this

Mortgage Bank of Chile bonds;
bonds of the Chilean Consolidated

.139'

individually, for estimated long term trend and seasonal
are

,156

113

"118

;

services—™

Series are adjusted

-102

123

tion; those reported in dollars

'•/..

Wholesale Commodity Index
The

out
in

bonds:

Idaho, and Oregon.

tons.

carry

sions

;:">3?

113

consumer

are

-36

.103

108

goods—total

goods—total
distribution

Primary

in Kanawha,

< Mason,
and Clay counties.
tRest of State, Including
Grant, Mineral, and Tucker counties,
tlncludes Arizona,
-§Data for Pennsylvania anthracite from published records of the
Bureau of Mines.
^Average weekly rate for entire month.
**Alaska, Georgia, North
Carolina, and South Dakota included with "other Western States." ffLess than 1,000

Panhandle

result of-The1 world war

123

exchange
foreign'mar¬
►

133 '

131

:167

103

'goodsi_^_„t.i>^_l._x_I_„^_•

nondurable

Nondurable

9,900

169

122

129

120

goods—total

Consumers' /durable

**5

8,570

per

interest disbursement de¬
clared is expected to be
paid on

126

139

per

bond,
and
£100 sterling bond.

suspension

0.3948

franc

"The

*Nov.

163

130

:—i_

goods

*Oct.

120

117

——I—.

nondurable

Sept.-

—113

goods—total

a/,/ Producers!

1942

•

Western States———

dollars

.Swiss

and francs
.

the

bonds.

—

Producers'

692

118

trend/ '
■

100

33,

v-'c.'\.-i;

,*,

and

100=estimated long term

Consumers'

the

Hv-■

(

tOther

and

4vi-I3S3»exes of production

for

petroleum im¬
ported for the copper industry. ',;

Mail order house

.103

197
!

135

=;
r'v.

1,307

860

;

imported

industry, and $109,086 the

quota of duties

inite seasonal

599

•

1941
9

Virginia

371

2,318 I'/

.143

lig¬

Utah

■!.

490 /

/•

2,600

(bituminous

.56

512

(bituminous)

Tennessee

;

about

Dakota

(lignite)——

Pennsylvania

than

37
21

24
..

North

>;V

not

204

Maryland.

further

important types of war material
quite as pronounced as in many recent months, owing in
part to the fact that steel production was down slightly from the
October peak because of the shutdown of some furnaces for
repairs.
Output of producers' non-durable goods and of consumers' goods was

514

;*•

168

534

23,

classification which includes many
—was

1,535

342

; ■; ■ v. 83

167 "

491
=

•';«

430

:i; 63
r

200

602

1,101

Kansas and

187

/;; ■ 52

——.—

Iowa—

it*

229 "»

Dec.

* 4i

Carolina

■

Bank's; announcement,

stated:

'253

The

•: ./ //•'-' / :v ./
....
•
..."Although productive activity was .at a new high level in No¬
vember, the increase in the output of producers' durable goods—the

188

—™.-

Indiana

111923

■

variations.

avge.

270

Arkansas and Oklahoma

Georgia and North
Illinois—.

Alabama

Colorado.

T*Vp
X/Cy»

Dec. 27, " Dec. 28; : Dec. 25,
,;1941 '
1940 f' V
1937

1942

EnripriUilUCU

Corporation, $7,305,409

represented receipts of taxes on
the profits of the
copper enter¬

transaction in most

authorized

profits of Chilean Nitrate Iodine

ISubject

$10,-

has not allowed

During November the seasonally adjusted index of production
and trade computed at the Federal Reserve Bank
of'New York in¬
creased one point further to" a record level of
123% of estimated
long term trend. In the Year Siiibe our entry "into the war, the index

Government's, participation in the

kets

N.Y.

»h

amount

"Of this amount
$2^660,900 'rep¬
resented
the
receipt from
ihe

By-product coke—
United

receipts
available

The advices in the mat¬
"
•.
; ''i
"•
: b./ '.

"The

"...

•

total™*

total
1942

136,144.

•

+ 4.3

,-0

103.4

110.0

1C4.1

products.

1942

91.9

*103.9

——

allied

and

96.9
*

•

12-5

1942

94.3

the

for debt

2,1943 from—

12-26

1938,

24,

the institute lh

ter

851,000

* 131,100

No. 55^0 of Jan. 31,1935,; approved
by Supreme Decree No. 3837' of

917,000

48,000

1942

12-5

104.2

commodities.

728,000

11699,000

♦

12-19

113.3

commodities

farm

743,000

accordance with the provisions of
Article 6 of the regulation of Law

principal

•.

Jan.

12-26

1943

.'.A'

materials

All

774,000

tization of the public debt of the

Percentage changes to

104.6

and'

farm

762,000

Advices received from the Au¬
tonomous Institute for the Amor¬

')•

•

115.2

Miscellaneous

All

Jail.

For Debt Service

rose

the

•

115.4

Housefurnlshlng

794*000

*Total incl. colliery fuel
/Commercial production

United

Dec. 26,

for

lighting materials...*." / 79.9

and

Raw

Z:■' "•.*""f~-——'Week Ended-1—Calendar Year to Date-

1-2

_L_

products

Metals

""*•'/>

•

numbers

'104.2

Chemicals

COKE

"...

and leather

Manufactured

■/ .//*v

•«>'.

•*>'•

-_x

Hides

1937

AND

turpentine

the past

Poods

9,141,000
1,792,000

ANTHRACITE

index

Republic of Chile report that, in

shows

groups^ '

Semimanufactured

PENNSYLVANIA

and

for

Building materials

11,969,000

<•

Chilean Funds Available

few changes reported

very
Resin

battle

following notation:

(1926=100):

commodities

Farm

;

1942

1,714,000

Commodity

All

9,844,000

8,570,000 <

9,300,000

Daily * average V
f. 1,860,000
^ ? /Average based on 5 days. /Revised.
ESTIMATED/PRODUCTION' OF

table

.'ft

■.

."•/

Jan. 2/

Jan. 3,

the

;

-Week Ended-

v**•1'

following

.,,/»

/'■/■//>>

coal

were

commodities.

.■

production

for

3 weeks, for Dec. 5, 1942 and
Jan..3, 1942 and the percentage'changes from a week ago, a month
ago, and a year ago:,'
i » ^
r»
" •

Bureau of Mines also reports

estimated united states

;

•

The Bureau makes

The

the output for the week ended Dec. 26. The quantity of coke from
beehive ovens decreased 9,200 tons during the same period.
•

industrial

59,961,000 tons.

was

brought, the index

: '

groups of commodities

estimated

that the estimated pro¬
duction of byproduct coke In the United States for the week ended
Jan. 2, 1943 showed a decrease of 20,700 tons when compared with

for

}

[

complete, reports., .'

at 794,000 tons, an increase of 20,000 tons (or 2.6%) over the
pre¬
ceding we^k, and 66,000 tons more than in the corresponding period
,a year ago..,The estimated total output of Pennsylvania anthracite

for

bran

■

During the period of rapid changes caused by price controls,
allocation, and rationing the Bureau of Labor Statistics
will
attempt promptly to report changing prices.
The;'indexes
marked (*),, however, must be considered as
preliminary and sub¬
ject to such adjustment and .revision as required iby .later-and more

the

was

1.4% ..for

205

/' i

materials

sylvania anthracite for the week ended Jan. 2, 1943,

prices

It was^ however,.-544*000 tons less than the
production for the <veek ended Jan. 3, 1942. The total production
soft

■,,

fractionally as did also realization prices for certain types of pine
lumber, and for boxboard."
/

in the .Christmas wqek.,

0.5%. v.

•

-"Industrial commodities-^There

Division, U. S. Department of the Interior,
report, states that the total production of soft coal in
the week ended Jan. 2, 1943, is estimated at 9,300,000 net tons.
Although curtailed by the holiday observance of New Year's Day,
latest

its

increase

feed up

The Bituminous Goal

; 1

Dec. 23 the election

Joseph C. Lore and Peter Rein-

hart

to membership in the Ex¬
change at a meeting of the Board
of Managers.
Mr. Lore :is head
of

the

Greenwood, Miss., bearing his

name.

firm

cotton

merchants

THE COMMERCIAL & FINANCIAL CHRONICLE

206

Market Value Of Bonds On N. Y. Stock Exchange
The New York Stock Exchange announced on Jan, 8 that as of
the

of business

Dec.

31, there

gating $72,992,873,380 par value listed
total

bond

value

market

the

$64,543,971,299

This

listed

bonds

1,142

total

mar¬

Govern¬

with the aggregate market value and

groups

•

Dec.

31, 1942——,

•«

—Nov.

Average

Group—

classified by

are

price for each:

average

with

compares

value, with

par

Nov. 30, 1942.

following table

and industrial

mental

the Stock Exchange with

$70,583,644,622.

issues, aggregating $67,155,675,692

ket value of

1,136 bond issues aggre¬

were

Market Value

Price

Government

State,
U.

Cities,

(inch.

49,153,422,386
41,712,919

100.89

provided bonds

12,146,414

101.la

13,187,800

101.34

95.07

17.814,663

98.93

later than Jan.

15 300.000

102.00

102.31

76,856,160

101.41

36,193,750

57,133,708

Food

101.46

56,921,170

101.08

103.87

233,443,537

—

metals

—

71.66

9,611,703

71.53

100.16

43,303,020

100.09

91,016,444

100.18

49,441,622
591.660,774

103.14

64.11

6,457,697,685

62.89

12,252,188

82.96

11,898,730

80.57

74,229,635

101.30

74,170,891

100.94

11,615,400

Railroad

merchandising

Rubber

101.25

11,472,000

100.00

58.61

90,915,294

—

Ship building and operatingShipping services
Steel, iron and coke

18,329,288

99:67

511,564,213

102.37

36,473,413

"£2,000,000

100.34

146,264,243

104.88

146,450,397

Gas

94,566,375

99.20

96,151,844

106.90

1,199,303,360

106.89

85,624,662

58.55

86.524,861

117,882,813

64.98

113,182.926

62.39

abroad-

oper.

59.00

companies

government—

Foreign

59.31

1,286,167,100

58.38

717,769,925

83.52

714,930,533

82.74

96.70

64,543,971,299

96.11

—

the

compiled by

total average price of bonds
Average

Average

Dec.

—

50,755,887,399
50,831,283,315

31—

Market Value

Price

93.58

Dec.

.55,033,616,312

Jan.

1941—

31.—1—

56,261,398,371
57,584,410,504
58,140,382,211

—_

bonds

95.24

31——

Feb.

28—

28——

50,374,446,095
50,277,456,796

93.05

Feb.

92:72

Mar.

31—

Mar.

52,252,053,607

93.73

Apr.

29—_

59,257,509,674
59,112,072,945

95.64

61,277,620,583

95.76

62,720,371,752

96.08

Apr.

52,518,036,554

94.32

52,321,710,056

94.22

June 30

June

53,237,234,699

94.80

July

31—.

53,259,696,637

95.04

53,216,867,646
53,418,055,935
55,106,635,894
54,812,793,945

94.86

30
Sept. 30
Oct.

Nov.

—

May

—

31—
Aug. 31
-

—

Sept. 30_

95.13

Week

acquire them for this reason,

will

the Chase National Bank

re¬

bonds to depositors."

turn the

95.50

made in these

96.18

was

96.48

94.74

Oct.
Nov.

64,543,971,299

96.11

Dec.

31——

70,583,644,622

64,843,877,284

the

Commodity Price Average

stood

commodity prices.
133.4%

of the

week

the

1935-1939

average,

a month ago, and
The Association's report continued as follows:

only item included in the farm product

quotations

advances
in

the

food

reached

potatoes,

price

high

new

The

level.

dried

and

flour,

index.

the Southwestern,

and Southern.

;

all districts re¬

but

...

1942

The

following

;

increases

columns Dec.

614,171

summary

of the freight

carloadings

railroads and systems for the weeks ended Dec. 26,

and Jap. 2,

1942,

table

-1941

676,534

621,048

2*———-_-u——J.";-.

Jan.

1943.

During the first period 51 roads showed

compared

when

with

corresponding

the

week

1941,

during the second period only 37 roads reported gains over

while

week

Railroads

index to decline;

grain prices rose to the highest point reached since 1937 and live¬
stock

above the

cars

beans

textile

index

the

Jan. 3, 1942.

7^.*

ENDED

food

group

rise

another

registered

its

sixth

Freight Loaded

-Week Ended Jan. 2, 1943-

1942

1941

524

453

1,257

1>134

202

1,029

1,936

1,867

1,474

211

4,944

7,606

6,585

12,693

J 1,154

197

6,696

6,281

12,961

12,368

1,158

1,110

1,098

1,262

1,127

1,748

—.—

1,058

■

709

1,227

1,052

.4,770

4,667

4,917

5,588

7,431

;

262

11J326

1,961
,33

1„797
9..692

11,003

7,460

1,579
9,798

7,544

.:
-

6,085

5,032

10,712

9,951

5,327

7,466

6,838

11,257

8,185

;

215

291

217

142

141

255

223

232

1,308

1,446

1,759

1,553

1,078

1,450

1.618

2,575

1,160

999

3.063

3,728

232

252

281

2,376

2,930

11,872

11,164

3,623

4,945

,163

127

215

218

9,122

;

——-

252

11,384

10,4.30

3,020

Detroit & Toledo Shore Line

Central

2,125

Detroit, Toledo & Ironton——

Grand Trunk Western

1,804

1,131
...

4,600

——

Lackawanna & Westerns—

Detroit & Mackinac-—————

3,650

4,667

7,950

137

105

2,514

129

Lehigh & Hudson River_^
Lehigh & New England
Lehigh Valiey__
—

•

■

47. \

1.271

•

2,160

2,056,

1942

1943

232

1,274 A

:484

Connections

1943

1941

484

;; 720

Indiana—.

Delaware & Hudson—

„

12,858

3,286

2.778

118

1.321

1,238

1,247

1,224

1,336

1,183

5,607
1,950

6,753

7,573

11,379

7,541

3,061

2,732

2,963

7,679

6,368
2,421

1,313

1,361

7,389

11,495

8,202

2,545

2,575

2,605

4,772

3,852

336

2,511

2,770
415

6.263

5,534

3,899

1,705

2,022

1,414

2,909

374

<485

•

1,701

1,831

1,340

34,114

>
—-——,—

New York Central Lines————-

Y., N. H. & Hartford

15,529

9,239

8,305
.

6,804

1,616
4,511

—

121

14,303

16,549

1,142

1,187
5,891

———.

•.

Monongahela

1942

1,271

•

Maine

Freight Loaded

4,333

—

Central Vermont——,.

Delaware,

Received from

Total Revenue

Connections'

1,260

Chicago, Indianapolis & Louisville——
Central

Total Loads

Received from

•

—,

Maine——

,*7.

1943)

1942 AND JAN. 2,

DEC. 26,

'1940

1941

1942

^aV77',:' '

Aroostock_.

Boston

Total Revenue

•

..:

LOADED AND RECEIVED FROM CONNECTIONS

iCARS—WEEKS

243

Arbor

Bangor

District—

Eastern
Ann

■

Montour—

caused

ended

-Week Ended Dec. 26,1942Total Loads

The rise in the all-commodity index last week was due pri¬
marily to higher prices for farm products and foodstuffs.
Changes
occurred mainly in the prices of agricultural commodities.
Corn
was

increase oi 900

increase" of 758 cars

96.70

31—

compared with 132.4 in the week previous, 130.6
year ago.

17, page 2168.

62,765,776,218

94.80

general level of wholesale

cars,

reported decreases compared with' the correspond¬

1942, except

for the separate'

offer

Previous reference to this

The weekly wholesale commodity price index compiled by The
National Fertilizer Association and made public on Jan, 11, rose
still further last week, reflecting the continued upward movement

121.2

districts

Eastern, Allegheny

95.97

95.25

Advance In

this index

amounted to" 14,445

ported increases above the corresponding week in 1941., except the

National Fertilizer Association—Further

Jan, 9

7'7 'V

preceding week, and

week

ing

decides .not

(NUMBER

ended

the

1942.

corresponding week in 1942.
All

above the

preceding week, and an increase of 534 cars

Coke loading

REVENUE FREIGHT

in the

the

above

loading amounted to 13,558 cars, an increase of 1,676 cars

corresponding week in

not deposited and

the Banco de Mexico

95.63

Aug.

;

Ore

within the period

are

the

1943

Jan.

May

above

York, 11 Broad Street, New York,
or 6 Lombard Street, E. C. 3, Lon¬
If sufficient bonds

1942.

products loading totaled 26,343 cars, a decrease of 4,729
cars, below the preceding week and a decrease of 6,317 . cars below
the corresponding week in 1942.
,"7
7 '
7
V

Agency Department of The Chase
National Bank of the City of New

don, England,

In the Western

Forest

to deposit
Corporate

the

in¬

increase /of

11,572 cars, an increase of 129
preceding week, and an increase of 554 cars above
the corresponding week in 1942.
In the Western Districts alone,
loading of live stock for the week of Jan. 2 totaled 8,312 cars, an
increase of 42 cars above the preceding week, and an increase of
394 cars above the corresponding week in 1942.
'

each series

94.50

1942—

93.64

urged

are

above

desire

cars,

Live stock loading amounted to

cars

indicated.

$
Nov.

1941—-

Price

offer

their

Exchange:
Market Value

1940—

;

this

gives a two-year compari¬

us,

market value and the

of the total

who

39,888
and

week in 1942.

above the-corresponding

cars

week

£20/— face value.
"Holders

products 'loading totaled
the preceding week,

above

alone, grain and grain products loading for the week;of
2, totaled 27,155 cars, an increase of 153 cars above the pre¬
ceding week, and an increase of 7,489 cars above the corresponding

Re¬

grain
cars

Jan.

78.40

The following table,

13,389,451,280

.1,304,302,478

companies—

listed

31,027,365

79.17

30,910,730

—_

Foreign

son

104.07

13,487,086,784

70,583,644,622

104.46

businesses

Miscellaneous
Total

7,867

439

Districts

"£3,000,000 face value Re¬
public of Mexico 6% 10-year
treasury notes of 1913 (series
"A" £6,000,000/—) in good de¬
livery bonds at $15 for each

97.79

utilities-:

companies

1899

value

face

value.

face

106.94

1,199,519,670

Communications

Miscellaneous

3,317,793,361

107.11

3.321,566,691

(operating)and electric (holding)

and

crease

105.01

18,323,684

electric

loading amounted to 133,850 cars, an increase; of 12,519
above the preceding week, but a decrease of 4,759/ cars below
the-corresponding week in 1942.
v.
;. <
V '-/

public of Mexico 4% external
gold loan of 1910 in good deliv¬
ery bonds at $13 for each £20

Utilities:
and

Coal

cars

£20 face value.

$13.50 for each

100.20

37,210,510

Tobacco

repeated

inations of

66.41

66.39

504,745,759

Textiles

the preceding week, but
below the• corresponding week in 1942.

Grain

external loan

305,706 cars, an increase
a decrease of 6,838
1
"

freight loading totaled

above

cars

Loading of merchandise less than carload lot freight totaled
75,686 cars, an increase of 3,194 cars above the preceding week, but
a
decrease of 47,427 cars below the corresponding week in 1942'.

good delivery bonds of denom¬
£ 20/— or higher at

100.45

103.33

6,577,910,560

Petroleum

cars

15,458

ears

says:

the following aggregate

buy

dated

58.38

40,897,316

592,015,699

Mining (excluding iron)
PapeT and publishing

an¬

;

2 increased

revenue

Miscellaneous

"£2,000,000 face value Re¬
public of Mexico 5% consoli¬

103.74

234,390,921

9,628,428

40,157,285

Land and realty

Machinery and

29,453

above the

increase

freight for the week of Jan.
of 5.0% above the preceding week..

103.41

102.00

15,300,000

of 55,486 cars or 8.2%, but .an
1941, of 6,877 cars of 1.1%: '

1942,

week in

amount of each series:

103.68

week

presented not
9, 1943. The bank

36,287,500

equipment-

equipment

same

are

75,818,063

and office

Financial

Gas

offer

that the

will

Chemical

Electrical

Dec.

621,048 Gars

of revenue freight for the week ended Jan. 2, 1943,
totaled 621,048 cars,
the Association of American Railroads an¬
nounced on Jan. 7.
This was a decrease below the corresponding

of bonds of these

12,842,163

Business

The

holders

issues

Freight Gar Loadings During Week

Ended Jan 2,1843, Amounted to
«

de Mexico is noti¬

101.43

Banco

55,074,485,435

Building

Retail

issued

nouncement

37,878,457

Automobile

loan

of the bonds.

owners

fying

companies:

Amusements

extern!

1899; 4% external gold loan 1910
10-year treasury notes of
1913 (series "A" £6,000,000) are
being notified that the Banco de
Mexico has accepted all bonds of
good delivery tendered to and in¬
cluding Dec. 23, 1942, pursuant
to the published notice, and funds
for
the
payment therefor have
been provided and will be paid to

104.12

104.56

Revenue

Republic of Mexico

and 6%

"The

etc.)

consolidated

Holders

the

Average

1942-—-

30,

Repeat Mexico Bond Offer

Thursday, January 14, 1943

37.545

35,113

49,968

41,790

38,609

39,856

37,858

42,414

39/822

8,541

14,552

14.674

7/704

10,756

8,993

15,710

14,001

10,182

6,404

...

cotton.

weekly

advance,

During the week

the

result

of the

none

higher

group

prices

for

in the

averages

raw

775

852

2,170

2,185

1,176

877

2.176

York, Ontario & Western-

1,021

853

New

consecutive

1,739

York, Chicago & St. Louis—

5,646

5,038

4,271

15,546

12,624

5,899

5,657

5,100

14,246

New

11/649

514

391

294

2,114

1,210

511

466

352

1,975

6,308

7.272

6,443

6,137

6,236

6,226

8,364

6,644

4,153

4,808

7,640

5,752

4,449

3,981

7,073
4,784

6,288

4,215

5,826

4,75l5

com¬

posite index declined.

Y.; Susquehanna & Western—

Pittsburgh & Lake Erie
Pere

included in the index advanced, .and

declined; in the preceding week there

were

clines; in the second preceding week there

7 advances and 5 de¬

were

9 advances

and

———

Marquette

Pittsburg

12 price series

Last week

;

—

Shawmut——~

Pittsburg, Shawmut & North,———

Pittsburgh & West Virginia—,——

COMMODITY

PRICE

482

568

.550

244

238

359

417

1,929

617

763

532

14
205

3,609

204

219

2,792

2,069

221

414

463

728

1,170

202

477

444

4,617

4,342

12,607

9,585

4,379

5,291

4,726

10,666,

8.639

4,030

3,742

3,124

5.595

4,101

4,497

4,055

3,472

4,236

3,332

114,749

133,265

125,545

208,785

180,936

125,685

142,422

133,973

190,770

166,996

579

484

448

1,040

740

682

534

499

924

791

30,744

26.841

25.333

19.972

28,854

33,657

29,026

22,232

16,887

„—.1—.

27,990
2,489

1,433

2,655

3,087

2,278

1,631

1,396

Wheeling & Lake Erie

——,—

Total

WHOLESALE

664

697

374

583

256

4,257

——

...

declines.
WEEKLY

954

—-

Rutland

Wabash

506

511

555

223

701

1,097

INDEX

Compiled by The National Fertilizer Association
Allegheny District—

[*1935-1939=100]
%

Latest

Each Group

Week

Ago

Jan. 9,

Group

Total Index

Jan.

Dec. 5,

1943

Foods

137.8

—

Fats and Oils

136.3

1942

Ago
Jan. 10,
1942

134.2

118.7

150.2

148.8

129.5

164.7

156.4

147.5

Cotton.

142.1

129.1

190.5

184.8

174.0

193.9

132.2

130.9

120.7

119.1

147.5

144.3

139.9

122.5

119.3

Livestock
Fuels

119.3

113.0

Miscellaneous commodities

129.4

128.6

126.9

Textiles

150.1

149.6

148.7

145.9

Metals

104.4

151.4

Akron, Canton & Youngstown
Baltimore & Ohio
Bessemer & Lake Erie

104.4

104.0

Building materials

151.4

151.3

131.7

Chemicals and drugs

127.6

117.6

117.5

117.0

Indiana—

—

Central R. R. of New Jersey
Cornwall—

——

Cumberland & Pennsylvania——.—_

Ligonier Valley

—

Long Island
Penn-Reading Seashore Lines
Pennsylvania System
Reading Co.—
Union (Pittsburgh)
Western Maryland

1,953

2,844

1,915

——

—.
—

252

307

253

*252

386

274

*'3

1,679

1,530

1,603

1,749

1,616

6,184

5.516

17,932

14,606

4,934

6,465

5,799

17,320

13,236

311

516

521

514

508

633

•49

i 55

252

245

163

266

182
92
821
1,151
,55,073

248

152

114

148

194

'53

588

3,133

2,946

713

703

658

2,568

2,419

9.557
19,557
2,684

124
686

3
.

-10

1,239

.1,482

,1,298

983

2,090

1.645

1,172

2,032

1,739

64,104

54,388

53,039

46,374

58,518

69,548

60,701

48,001

43,100

13,544

.13,470

22,256

19,.719

19,943

19,566

4,715

3,652

3,857

3,576

10,004

7,742

110,'826

12,489

12,938

24,324

21,370

18,516

17,120

4,135

3,367

10,294
20,411

3,391

3,060

12,499

8,430

2,907

143,618 ,126,536

145.584

121,059

.133,853

155,877"

139,710

132,102

120.1

Fertilizer materials—

1,333

4,894

Buffalo Creek & Gauley——■————
Cambria

150.2

Farm Products
Grains

1943

Year

164.7

Cottonseed Gil

23.0

Month

Week

Bears to the

*25.3

Preceding

126,995

Total

Pocahontas District—

Fertilizers

115.3

112.7

Chesapeake & Ohio

17,801

16,757

16,096

9.696

8,577

20,836

20,799

——

7,751

104.1

103.4

Norfolk & Western—.———_———

14,232

13,033

13,854

6,716

5,150

17,011

19,233

17,802
17,979

8,235

Farm

5,520

4,953

1,816

3,539

4,159

3,744

1,935

1,766

15,543

41,386

44,191

39,525

15,690

14,470

machinery—

2,801

Virginian
100.0
'"Indexes

All groups
on

combined

1926-1928 base were Jan.

1942, 94.4.

133.4

—

1943,

103.9; Jan.

132.4

1943,

130.6

103 1;

—

3,009

3,096

1,739

34,834

32,799

33,046

18,151

121.2

Jan

Total—

Volume

the:commercial & financial chronicle

Number 4142

157

-Week Ended Dec, 26, 1942-»-

-Week Ended Jan. 2, 1943-

Total Loads
Railroads

•;

Total Revenue

}
Southern

District-

1942',
V

Alabama. Tennessee <fe Northern..;...
Atl, &

P.—W. R. R. Of Ala...

Atlantic

Coast

Charleston

Line

Georgia
Gulf,

—:

Seaboard,

Southern

Air

575

639

1,088

1,038

10,432

11,018

8,667

6,137

2,711

.3,548

3,819

3,260

3,353

410

418

1,198

1,417

"284

'1,409

1,681

1,386

2,292

2,427

334

290

214

241

233

.■

454

'93

1,028

2,069

2,362

,2,046

227

491

2,572

4,140

3,042

16,607

12,463

168 i

125

1,116
373

•.

2,958

3,327

;

22,085

24,554.

19,938

21,001

.2,889

1,245

336

2,047

1,807

327

323

3,078

4,031

2,836

18,871

14,839
8,809

6,811

1,194
8,535

123

694

603

"Despite
exports of

784
480

517

972

287

405

302

8,481

884

919

1,175

1,178

6,310

7,481

8,101

6,877

7,759

9,144

9,369

6,949

5,899

15,919

22,520

18,444

16,571

21,380

20,115

18,229

16,577

365

900

590

403

554

417

756

646

844

702

147

672

531

76,934

87,433

83,580

105,730

94,749

105,850

97,403

93,344

78,307

Spokane

.12,087

12,211

13,415

12,912

11,170

3,013

1,974

2,203

2,153

2,828

con¬

"Salvage of tin from used
is expected to provide

of tin

tons

16.654

15,483

9,303

7.875

16,316

17,492

16,431

8,223

3,193

3,132

3,316

3,574

3,292

2,923

3,051

894

947

687

237

319

490

502

511

504

446

7,901

.9.795

8,754

9,630

8,841

301

285

339

2,976

3,306
"

229
526

563

8,307

11,123

10,454

420

293

105

.122

855

481

446

7,753
V

323

•

9,081

7,509

402

448

758

162

186

190

1,572

silver
the
bill
of

8,117

4,460

3,383

Jan.

398

522

470

675

606

Jan.

52.000

260

240

Jan.,

52.000

1,908

1,685

1,352

1,307

1,799

Jan.

2,821

2.876

3,847

4,661

4,228

2,480

2,781

Jan.

3,620

8,535

8,137

7,624

3,472

3,748

453

432

217

2,079

268

1,718

1,539

1,783

1,199

3,099

2,242

1,229

1,841

1,330

2,794

1,901

68,298

71,060

64,033

'59,360

52,999

68,587

74,333

68,447

51,672

47,418

17,884

16,949

14,049

11,591

7,964

16,848

18,427

15,926

10,888

7,096

2,885

2,750

2,375

*4,731

2,885

3,045

2,542

4,731

52.000

255

476

462

927

552

466

13,609

12,951

10,404

9,714

14,333

14,645

13,742

8,870

2,595

2,218

783

880

2,510

2,664

2,432

751

763

Chicago, Rock Island & Pacific-

9,665

9,722

8,496

12,759

8,941

9,175

9,902

9,223

10,493

1,922

2,237

2,179

5,515

2,800

2,001

2,456

2,323

5,290

1,799

1,457

873

633

662

1,701

1,517

4,105

3,334

3,475.

2,707

4,506

3,260

648

814

592

'848

852

1,077

923

961

954

1,458

1.630

1,455

1,547

1,575

review

the

of metal

United

London

New

Financial

produc¬

States

during

York

Official

■■

and

Prices

Chronicle"

July

31, 1942, page 380.

2,500

715

tion

8,628

Chicago & Eastern Illinois.'

market

quiet, with the price at

Daily

8,728

2,419

15,094

late

daily prices of electrolytic
copper (domestic and export, re¬
finery), lead, zinc and Straits tin
Were
unchanged from those ap¬
pearing in the "Commercial and

99%

2,670.

2,780
V
83

session

ended

The

tin,

grade, spot
or
nearby delivery, 51.125c. all
week..
:•■ >
/> •>> •; ;>•• ' > "-/:.
Quicksilver
"In

the

that

52.000

"Chinese

Central Western District—

Atch., Top, & Santa Fe System....

Opposition to
The

blocked

52.000

6__._

permit

Treasury

prices are also
unchanged at 44%c. and 35c., re¬
spectively."

—Holidays

remains strong.

silver

"The

52.000

;

industry.

was

an¬

the U. S. Treasury

52.000

2"™C.Z^

52,000

156

....

bill

23V2d.
52,000

9,223

9,280

(R. I.)

unpledged

measure

"The

■

has been

March

52.000

all

immediate

1942.

was

626
::

;

Feb.

52.000

—

not

are

Jan. 2 that he intends

Congress

Straits qual¬

3,406

4,569

1,288

7,715

largest

quicksilver

the

Green

sale

than

price situation in tin here

v..Jan,

Dec.

metal

about

re-introduce his

the

accord¬

ity tin for, forward shipment
nominally::

3,654

4,328

•/

the

for

Silver

cans

year,

remains unchanged.

.7,045

1,453

3,973

9,394

M._.—^_.T.

^____,

"316

4,680

341

3,570

659

523

8,988

928

7,016

"The

the

nounced

;■"VvVt:-':• :j';'

country..

"Senator

latest statistics from thai

produced,

demands

only a little short of the quantity
shipped
in
the
year
previous,
based

produced in 1941,
a
total of 44,000

year

was

situation. Quotations in New York
continued at $196(1/ $198 per flask,

labor difficulties

contained

the subject of out¬
relation to the sub¬

its

concerned

centrates from Bolivia in 1942 fell

2,559

Spokane, Portland St Seattle

(

tin

sets to rest all

news

1883.

tors

some

pro¬

large, and the Government sup¬
porting the price structure, opera¬

10,596

3,209

International

Alton

basis

ing to the War Production Board.

13,246

Minneapolis fit St. Louis^.
Pacific

the

Interior
that

total

"With

Tin

363

332

6,661

and

since

•

continued

3,131

449

9,930

Minn,, St. Paul fit S. S.

Washington Jan,

8.25c., St. Louis.

324

15,404

which

"Quotations for Prime Western
zinc

4,003

2,010

Ishpeming..

Northern

;

109

12,171

Northern

Bay fit Western..

week

quicksilver was the
more
than 50 years.

speculation
put

the

last

This item of

grades
High Grade.

meet

2,684

689

1,689

253

191

2,145

Elgin. Joliet fit Eastern.-.-.i_.__i^_-.

Lake Superior fit

121

■

13,242

Chicago, St.-Paul, Minn. & Omaha...

largest

Brass

12,050

20,041

1,977

Dodge. Des Moines & South......

use

526

11,409

;
_

Green

conserve

873
•

District—

D'uluth, Missnbe fit Iron Range.....
Duluth, South Shore fit Atlantic

Intermediate

"The

5,000

Chicago, Milw., St. P. & Pac..____.

Ft.

and

973

Chicago & North Western

asked

22.

364

1,693

7,643

90,778

Special

flasks

17,398

will

uled

Winston-Salem Southbound

Great

Secretary
stated

323

365

8.575

16,857

Ceh tral.j-..1.-..

Northwestern

1942;
Ickes

duction

3,041

128

2,456

1,149

299

•

143

399

-•

4,320

675

348

321

593

*401

•

2,254

•

764

258

Chicago Great .Western.

stantial

146

985

7,230

839

2,911

229

...

Output

even
greater,
production came into the
picture late in 1942, Brass mills
new

advisory committee repre¬
senting the zinc industry is sched¬

887

1,239

324

-.682;'

10,047
.•

104

164
'

560

System

Tennessee

1,836

,,302

729

172

Line

publication.

2,434

_____

196

1,989

11,375

3,071

184

695

2,504

2,663

16,431

*166

266

664

16,099

Southern_r

Piedmont
Northern:...
Richmond, Fred. St Potomac

1942

1,362

429

21,339

Nashville, Chattanooga fit St. L,_

1943

3,262

1,393

1,640

16,665

Macon, Dublin & Savannah

1941

306

548:

136

17,491

Mississippi Central......*..^.......
Norfolk

."i

22,053

Louisville fit Nashville_..J,.„.

-.531

6,179

4,242'

2,708

Illinois Central System

8,960

;

•

915..

771

923

232

.1,234

231

_____——.1'

Mobile fit Ohio

1942

242

1,744

•

618

125

885

Gainesville Midland.....

Georgia & Elorida.—

Connections

1943

260

'•

■

2,080

177

1S8

1,615

1,206

288,.:,

______

Southern

1941

T83

7,118
2,684
293.
1,161

•

266',

1,125

fit.

8,355

j 2,827'

244

160

532
457

...

432

10,535

East Coast..

" v

560

; 2,663
Carolina..—

Clinchfield.

Florida

-243

•

454

....

Western

Cdlumbus &' Greenville....
Durham

224
430

Birmingham & Coast__.>_,_

Central of Georgia

Freight Loaded

for

•

•"

Atlanta,

1942

1940

1941

Received from

zinc in 1943 will be

Total Revenue
•

Connections

Freight Loaded'

able

Total Loads

Received from

207

Bingham & Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland

•

Colorado fit Southern

•."> 587

602

3,221

____________

2,897

2,472

5,499

624

585

667

Denver fit Rio Grande Western...
Denver & Salt TJake.___i..i.„.:..„_

•;

:
"

Fort Worth & Denver City

*1,040

987

662

*1,184

1,189

1,542

1,311
691

1,507

Illinois Te r m in a 1 _

Missouri-IlJinois._-..u-j..^w-_^..J..
Nevada
North

887

1,000

2,178

1,943

513

637

■.>■'■ 9

21,731

19,384

16,120

Northern...
Western

Pacific

Peoria fit Pckin

Southern

Toledo,

Union

Pacific

Peoria

...

(Pacific!

& Western_______.

796

458

343

2,158

2,005

1,832

112

126

511

532

731

489

510

445

12,042

9,769

23,044

21,910

19,031

11,611

7,113

.265

1,610

169

267

13,996

10,907

12,795

572

508

1,075

2,542

3,512

1,740

> 1,711

1,574

2,590

87,216

66.412

97,887

101,109

90,200

78,418

57,533

384

452

1,436

92.978

>>>>

■

(E. & M. J. Averages)

152

234'

.13,744..

1,502

12,747

107

11,807

8,955

1939

•

■;>•
1940

1941

1942

Copper, domestic, f.o.b. refinery..

10.965 /;

11.296

11.797

11.775

Copper, export, f.o.b. refinery-—-

10.727

10.770

10.901

11.684

5.793

6.481
6.331

Lead,

common,

New York...

5.053

5.179

Lead,

common,

St. Louis

4903

5.029

5.643

5.110

6.335

7.474

8.250

50.323

49.827

52.018

52.000

39.082

34.773.

34.783

33,333

Zinc, Prime Western, St, Louis..
Tin, Straits, New York..

2,684

80,931

261

12,960

1,910

System

1,001

133

11,824

356

12,225

97,072

Pacific

937

107

387

480

Unlon

,"405

513

1,556
:■>'

1,509

520

Yearly Average Prices—1939-1940-1941-1942

Silver, foreign, New York..______

•

Utah.
Western

Pacific

V1.;

424

Quicksilver (per flask 76-Ib.)

_$103.940 $176,865 $185,023 $196,346

Southwestern

District—
*164

Island..........

Gulf Coast

•

146

•

*280

228

•

'383

177:

97-'

226

243

,4,908

3.015

1,840

2,101

2,071

4,855

3,886.

2,922

2,128

2,657

1,535

1,179

3,088

2.257

2,519

1,504

1,409

2,793

154

1,228

> 1.093

314

1,706

2,294

> 2,584

4,678

2,073

2,386

3,944

> 2,165

1,915

>1,826

327

296

678

435

320

107

» 303

79.920

88.443

90.000

18.691

16.500

15.000

(producers' quotation).

1,802

345

City Southern

Xouislana &
.

59,180

Aluminum, 99 plus percent—'20.000

2,381

3,731

> 11805

15.559

36.000

1,061

V 325
2,732

901

4.399

14.000

36.000

2,178

Kansas

14.000
37.924

1,784

International-Great Northern..^—
Kansas, Oklahoma & Gulf

12.359
36.748

Cadmium

Burlington -Rock

Antimony, domestic, New York...
Platinum, refined

Total.

Arkahs^s.V-"—

Litchfield & Madison..—

Midland

Vallev

183

2.275
:

1,771

2,381

370

1,010

1,890
916',

•

211

313

1 633

513

514

303

;

—

129

■•'104

351

4,896

3,430

4,805

4,410

3.504

4,684

3,143

18,248

11,114

12,213

14,908

13,215

14,797

10,725

185

119

197

181

6,800

7,859

6,890

6,432

5.449

,-3.263

2,733

2,671

2,178

4,869

> 3,445

3.962

10,678
3,962

6,897

5,986

4,185

3,930

5,731

5,091

•,j

223

172

394

552

901

881
311

■

Missouri' &• Arkansas_.
Missouri-Kansas-Texas
Missouri

Lines

Louis-San

St. Louis

277

6.621

5,983

7,022

2,537

•1,846

4,686

10,899

6,062

"5,120

3,131

■2,788

.124

114

Francisco

Southwestern_.._.._4—.-

fit

Wichita

3,109
11,524

108

2,213

—

Texas & New. Orleans..^...
Texas

4,033

12,798

6,596

9uanah Acme & Pacific
St.

5,431

13,139
:Vc.'72

Pacific.,

Pacific
Fa IK &

>3,232

...

Southern

>'•>

345

'»137,

94:

333

4,701

•

5,366-

7,206

3,829

3,521

100

117

44,650

58,901

52,752

44,913

5,467!

;

>>:

53,839

45,249

•

38,282

26-

60,126

•

.37

52,726

43.001

that

power

industry of the United States for the

week's

the

production

electricity by the electric light

approximately 3,952,587,000

was

kwh., compared with

output for the week .ended Jan. 2, 1943,

figure.

period in

figures revised.

1942.

was

» >/">7>

•;

/>>>>

Metals—Copper Keeds At Record

"Demand for lead for January
shipment improved last week, and
the
industry believes that con¬

have

Editor's Note.—-At the direction of the Office of Censorship

stated:

mated
first

;

/>■>>

& M. J. Metal and Mineral Markets,"

in its issue of Jan. 7,

"The War Production Board, the Army, and the Navy esti¬
last week that the total available supply of copper for the

quartet

tons for

1943,

distribution

from

all

will

sources,

under the Controlled

record total, most of the copper

approximate
Plan.

Materials

naturally will:

come

700,000
Of this

out of primary

production, domestic and foreign.^
Battery makers have been granted tons. Lend-lease requirements

are

to the extent of at least 85%.
for

February metal

slow.

the

Sales

last

that

field.

In reference

prices1that

continued

New

production in this
the first, country established a new high in

non-ferrous metals,
Week of the new year brought no
changes." The publication further
went on to say in part:
fpr

1942.

Imports

for the first

quarter of 1943 from all sources
(primary, secondary, and frozen
inventories) will be about 700,000

the largest

"Quotations
basis

continued

/;
the

the

6.50c.,

D*c. 26

4" 4

"•6.5

'>• ill. 4

Dec.

0.4

-7.8

10.7

-r

1.0

>■■.»
■

7.8 >

10.8

Central

Southern

13.6

States.

12.6

10.4

10.9

21.1

21.6

•

.fll

22.7

25.1

.''

(5.J.

'"'

*ocky

Mountain

Pacific

11.4

Coast_______

——

;

:•>>"

25.0

Xl,0';

4.3

10.1

28.1

27.4

28.6

;

Total' United

States

DATA

13.8

FOR RECENT

WEEKS

1942

1941

3,682.794

3,330,582

'Z; '

(Thousands of

T3.o:»»:

13.8

Kilowatt-Hours)

% Change
1942
Week Ended.—

Oct
_

'Z—L—_>•

Oct

___________

Oct

___________

Oct

over

1941

1940

+ 10.6

2,792,067

1932

1,506,219

1929

1,819,276

3,702,299

3,355,440

10.3

2,817,465

1,507,503

1,806,403

3,717,360

3,313,596

+ 12.2

2,837,730

1,528,145

1,798.633

3,752,571

3,340,768

+12.3

2,866.827

1,533,028

1.824,160

3,774,891

3,380.488

+ 11.7

2,882,137

1,525,410

1,815,749

Nov

3,761,961

3,368,690

+ 11.7

2,858.054

1,520,730

1,798,164

Nov

3,775.878

3,347,893

+ 12.8

2,889,937

1,531.584

1.793.584

Order

Nov

3,795,361

3,247,938

-+16.9

2,839,421

1,475,268

1,818,169

Nov

3,766,381

3,339,364

+12.8

2,9jl,877

1,510,337

1,718,002

permit manufacturers of stor¬

Dec

3,883,534

3,414,844

+ 13.7

2,975,704

1,518,922

1,806,225

Dec

supply,

batteries

Limitation

produce at the
rate of 100% of the number sold
age

increase of 10%.

3,937,524
________

3,475,919

+13.3

3,003,543

1,563,384

1,840,863

3,975,873

3,495,140

13.8

3,052,419

1,554,473

1,860,021

3,655,926

3,234,128

13.0

2,757,259

1,414,710

1,637,683

% Change

Zinc

1943
,

."Slab

United

zinc

States

production
established

in
a

the
new

high record in 1942, according to
a statement, released by the Bur¬
eau of Mines,
Owing to censorship

f.a.s.

regulations, figures

Status ports.

Jan. 2

».>:>!

6.3

■>:.V''/;'

for

12c., Valley.
Foreign
metal: was purchased by Metals
Reserve on the basis of 11.75c.,
United

much

basis

has been amended by WPB

advisory committee for the
industry
is to meet in

Washington Jan. 21.

"According to WPB, total availr
able supply of copper

were

during 1941,

"The

lead

common
were

"Battery
makers
have
been
fairly active in the last month,
owing to an expanding market for
replacements. To provide an ade¬

record.

copper

Copper

11.6

:V'

Central Industrial
West

far has been

York, and 6.35c., St. Louis.

■■

copper

week

Call

higher
than in previous week. Quotations

permission to operate at a higher included in the total, the trade
'•
■'
rate
this year,
>
pointing to in¬ believes.'
quate
creased consumption of lead in
"Secretary Ickes stated last week L-180
■;

re¬

quirements for the current month

production and shipment figures and other data have been

omitted for the duration of the

their

covered

2.7

'I:.'

Atlantic.

The

of the

excess

>'>>>': —————Wepk Ended————-—-—^

England

Middle

sumers

"E.

New

Lead

Kore Lead
certain

14.9% in

and

9, 1943

3,472,579,000

PERCENTAGE INCREASE OVER PREVIOUS YEAR

Major Geographical Divisions- '•>v Jan. 9

Non-Ferroas

week ended Jan.

kwh. in the corresponding week last
year, an increase of 13.8%.

similar
♦Previous

Note—Previous year's

Institute, in its current weekly report, esti¬

mated

26
'

Weatherford M. W. & N. W

The Edison Electric

;

are

not avail-

Week Ended—
Jan

3,288,685

14.9

2,845,727

.3,952,587

1942

3,779,993

Jan

1943

3,472,579

+ 13.8

3,002,454

over

1942

1941

1932

1,619,265

1929

1,542.000

1,602.482

1,733.810

Jan

3,450,468

3,012,638

1,598,201

1,736,729

Jan

3,440,163

2,996,loo

1.588,967

1.717,315

Jan

3,468,193

2,994,047 ;

1,588,853

1.728,203

___

;

THE COMMERCIAL & FINANCIAL CHRONICLE

208

condition

statement

The

$459,237,958, comparing, respec¬
tively,
with
$471,077,409
anc}
$419,870,186
on
Dec.
31, 1941.
The
principal items comprising

Savings
Banks
Trust
Co.,
is wholly owned by the

the

which

savings banks in New York State,
shows that as of Dec. 31, 1942,

the

resources

the latest state¬

Thursday, January 14, 1943

(against $51,395,360); State and phis, J. P. Norfleet of Memphis,
municipal securities, $37,401,109 Tenn.; Minneapolis, Helena, R. B.
(compared with $44,313,424), and Richardson of Helena, Mont.; Kan¬
other bonds and securities, $41;- sas City, Oklahoma City—Lloyd
681,740 (against $44,009,185). Dur¬ Noble of Ardmore, Okla.; Dallas,
ing the year the bank's capital and El Paso, R. E. Sherman of El Paso,
surplus remained unchanged at Tex.; Houston, *J. S. Abercrombie
$6,000,000 and $9,000,000, respec¬ of Houston, Tex.; San Francisco,
tively, while undivided profits in¬ Los Angeles, *C. E. Myerg, Covina,
creased to $4,472,368 from $3,803,- Calif.; Portland, William H. Steen
of Milton, Ore.; Salt Lake City, R.
157 on Dec. 31, 1941.
'
C. Rich of Burley, Idaho; Seattle,
United States National Bank of Fred. Nelsen of Seattle, Wash.
*A11 positions not preceded by
Portland, Oregon, in its statement
of Dec. 31, 1942, to the Comptrol¬ an asterisk were filled by reap¬
ler of Currency records
an
all pointment of the present incum¬

obliga¬
were $290,204,963 and
deposits
$249,374,267. tions, $294,219,394 (compared with
Total deposits at the close of 1941 $223,606,454); cash and due from
were $192,099,591.
Capital funds banks, $165,291,391 (against $195,as of Dec. 31, 1942, were $39,414,400,762); and loans and discounts,
370, reflecting a net addition to $39,484,738 (compared with $37,- time high in deposits of $294,- bents.
The bank's capital and
surplus fund and undivided prof¬ 656,747).
702,267, a gain of $98,519,631 since
its of $525,518, which compared surplus remain unchanged at $7,- its statement for the same
period
with $1,554,523 added in 1941. The 500,000 and
$30,000,000, respec¬ in 1941.
Resources are listed as
trust company acts as depositary tively, but undivided profits have
$307,742,190, a gain of $99,190,178.
for
mutual
savings banks and increased to $4,941,623 from $2,- During the year the capital struc¬
their
instrumentalities, such as 701,694 at the end of 1941.. .
ture
underwent a change, with
Secretary of the Treasury MorThe Savings Banks Association of
one million dollars being added to
genthau announced on Dec. 31
The Fifth Third Union Trust
the State of New York, the Sav¬
the surplus account, making cap¬
that the stabilization arrangement
ings Banks Life Insurance Fund, Co., Cincinnati, Ohio, in its condi¬ ital and surplus $10,000,000, which,
of July 14, 1937, under which the
tion statement as of Dec. 31,11942,
and Institutional Securities Cor¬
ment

total assets

States

United

are:

aggregate

Stabilization Pact

Wiih China Extended

reports total deposits of $179,810,898 and total assets of $191,731,-

poration.
At

795, as against $149,362,822 and
$161,799,735, respectively, on Dec.
31, 1941.
The chief items com¬
prising the resources in the cur¬

meeting of the Board of
of the Corn Exchange

Directors

Bank Trust Co. of New York
Jan.

Assistant
charge of the
Grand Central Branch,,was
elected Vice-President; Horace P.
Bromfield, Assistant Secretary as¬
6,

Wright,

Ford

Vice-President

from

pointed Assistant Vice-President;
Louis F. Gerber, Jr., manager of
Fulton
Street Branch, was
appointed

Vice-President

Assistant

Albert

of the
business development department,
was
appointed Assistant Secre¬
tary.
and

Charles B. Williams, Vice-Pres¬

Pan-American Trust

ident of the

(against

$63,961,493

had

ill

been

with

for

heart

months

several

Mr.

ailment.

Wil¬

liams, a native of Greenup, 111.,
honorary President of the

increased

been

Federal Reserve Bank
Announces

Appointees

The Board of Governors of the
Federal Reserve System on Jan 2
announced the following designa¬

Chairman

Federal

and

Agents

For

Year

Reserve

Richmond,
Robert
Lassiter
of
Charlotte, N. C.; Atlanta, Frank
Neely
of Atlanta;
Chicago,
Simeon E, Leland of Chicago; St.
Louis, Wm. T. Nardin of St. Louis;
Minneapolis, W. C. Coffey of Min¬
neapolis; Kansas City, R. B. Cald¬
items are:
Cash and due from well of Kansas City; Dallas, Jay
banks
$549,633,356
(compared Taylor of Amarillo, Tex.; San
with
$656,448,463 a year ago); Francisco, Henry F. Grady of San
Na¬

tional Bank and Trust Co., of

Mexican

obliga¬

Francisco.

United

States

and

been

a period of
beyond Dec. 31, 1942.
The Treasury
Department's ad¬

months

vices further said:

"The Secretary also

announced

that the Government of China had

completely

all obliga¬

liquidated

tions which it had incurred in the

past under the 1937 arrangement.
China's

favorable

record

under

this arrangement, the
Secretary
declared, was another example of
China's creditable dealings with
the

United

at the

request of the Government
The Treasury, in ac¬

China.

cordance with its

traditional pol¬

icy of giving full financial

Deputy Chairman For Year

1943

Vice-

cooper¬

ation to the Chinese

Government,
was
pleased to agree to this re¬
quest, the Secretary said."
A
was

The Department of

Agriculture
subsidy
program for milk producers in the
New York, Chicago and DuluthDec. 31 suspended the

Superior milksheds.
The
in

its

similar extension last year
noted in these columns Jan. 1,

1942, page 15. The terms of the
1937 agreement were given in our
issue of July 17, 1937, page 360.

Sets

stimulate
greater production of fluid milk
by higher prices to the farmer
while keeping the price paid by

i...

Cleveland

197

Bank

Reserve

197

Board
WPB Curtails U. S.

Newsprint Use.. 198
Heads N. Y. Reserve

Again

Bank

198

Staff Changes..... 198
Campaign
198
Judge Marsh Named to Movie Ap¬
peal Board
198
Urges OPA to Modify Residential

ABA

at its old level.

consumers

Suspension of the subsidy pay¬
necessitated

ment

the

Office

tion's

vances

Administra¬

The OPA
price ad¬

authorized

Announces

1943 V-Book

Sales Rules

Industrial
Loart

Charles

198

........

Cities

Rely

Savings-

199

Financing
Wilson Appointed

Production

Baruch

Board

to begin Jan. 4 and to re¬

main in effect to

meantime,

April 1. In the
of Agricul¬
was
ordered
by

Secretary

Wickard

ture

Stabilization

Economic

Byrnes to work out
in

economies
and

Gives

Agencies

$1,000,000

Relief

199

distribution

milk

handling with

Director

program

view to can¬

celling the price increase.
In

explaining the suspension of

subsidies, Mr. Byrnes said:
"These
temporary
price
creases

resorted

were

of the time

in¬

because

that will be

required
economies
milk distribution and handling.

to effect the
in

necessary

The situation that confronted the
OPA
and
the
Department
of
Agriculture was that the rise in
prices to farmers that had taken
of three

one

actions:

(1) an increase
prices or (2) the
payment of a subsidy to keep re¬
tail milk prices from rising or (3)
the effecting of economies to off¬
set the need for a price increase.
"Payment of subsidies was be¬
gun in September because of the
importance of preventing an in¬
in

retail

cost

milk

crease

vital

item

the

but it was found
that it would be administratively

living,

impossible to extend the subsidy
all

the

that

areas

sections

would

the

country

prices would have had to be raised.

This, it was felt, would have been
discriminatory. Therefore it was
decided to remove the existing
subsidies in three

199

and raise

areas

prices temporarily until the pro¬
gram
of
economies
could
be
worked out."

The

milk

New York

subsidy

program

mentioned in these

was

columns Dec.

Joint

.........

increase

Price

ceiling for milk:

Jan.

veloped that while subsidies were
being paid in a few areas, in many

Newsprint Quotas
195
Service
%o
Middle
.

Ruml

was

V-Mail

Named

and

October

since

affected." It would then have de¬

(Continued from first page)
Canada

York

purpose

CONTENTS

GENERAL

•'

subsidy had been in effect

New

place since March necessitated

States.

East

Latin-American

the

has

China

has been extended for

Extend

$1,295,006,645 (against $724,258,Boston, Henry S. Dennison J of
159), and loans and discounts,
Framingham Centre, Mass.; Phila¬
(compared with
Committee
of
the
New
York $269,693,310
delphia, Warren F. Whittier of
.$284,763,261).
In the Dec. 31,
Board of Trade.
Douglasville, Penn.; Cleveland, R.
11942,
statement,
deposits
are
E.
Klages of Columbus,
Ohio;
$2,052,097,478, an in¬
At the regular meeting of the shown as
Richmond, W. G. Wysor of Rich¬
Board of Directors of The Na¬ crease of $435,667,366 over a year
mond; Atlanta, J. F. Porter of
The bank's common stock
tional City Bank of New York ago.
Williamsport, Tenn.; Chicago, W.
and surplus remain unchanged at
held on Jan. 12, Boies C. Hart,
W. Waymack of Des Moines, Iowa;
$50,000,000 each, but undivided St.
Vice-President
since
1927,
was
Louis, Oscar G. Johnston of
given the additional title Manager profits have increased to $20,983,- Scott, Miss.; Minneapolis, Roger
Overseas Division.
Mr. Hart has 406 from $14,394,693 on Dec. 31, B.
Shepard of Newport, Minn.;
'
:
been connected with the National 1941.
Kansas City, Robert L. Mehornay
At the annual meeting of stock¬
City Bank since 1916, serving in
of Kansas City; Dallas, J. B. Cozthe organization's foreign service holders on Jan. 8, Walter J. Cum- zo of
Dallas, Tex.; San Francisbo,
at
Russia and Brazil.
He was mings, President of the Continen¬ St.
George Holden of San Fran¬
tal Bank, said that there was little
elected
resident
Vice-President,
cisco.'^
/:■
that
the
directors
South American District, in 1927 likelihood
Messrs. Dennison, McCabe,
and in January, 1928 set up gen¬ | would in the immediate future in!
Klages, Wysor, Porter, Waymack,
eral headquarters in Buenos Aires, crease the annual dividend rate
Nardin, Coffey and Taylor were
from the
present $4 per share.
Argentina.
Mr. Hart returned to
also appointed by the Board as
the

Chairman

"This arrangement was extended

Illinois

Bank

enabled to obtain up to $50,000,000
in United States dollar exchange

1943

C. Brainard of Youngstown, Ohio;

Continental

The

Central

six

Boston, A. M. Creighton of Bos¬
$4,200,000 ton; New York, Beardsley Ruml
from
$3,800,000
and undivided of New York City; Philadelphia,
profits have risen to $1,179,782 Thomas B. McCabe of Swarthfrom $1,033,918 on Dec. 31, 1941. more, Penn.; Cleveland, George
has

tions, direct and fully guaranteed,

Commerce

$2,392,483, makes a
total capital structure of $12,392,483.
reserves

shown below:

(compared with $12,757,Capital stock is unchanged
I from a year ago at $5,000,000 but
capital debentures have declined
j to $900,000 from $1,200,000 at the
end of 1941.
The bank's surplus

United States government

profits

660).

was

Chamber

undivided

tions and appointments at the Fed¬
eral Reserve Banks and Branches

Chi¬
years
Latin-American represen¬ cago, reports in its statement of
condition as of Dec. 31, 1942, total
tative of the Underwood Type¬
of
$2,197,459,455
(as
writer Co., died on Jan. 7 at his .resources
home in Whitestone, Queens.
Mr. against $1,754,784,862 on Dec. 31,
which the principal
Williams, who was 68 years old, 1941), of

and for 40

Co., New York City,

and

with

021,026

(

Jr.,

Francke,

banks,

$50,107,435); United States bonds,
$62,997,285 (compared with $39,130,758); loans and discounts, $48,706,274 (against $52,972,383), and
other bonds and securities, $10,-

sociated with the business devel¬

opment
department,
was
ap¬
pointed Assistant Vice-President;
Frank
A.
Sherer,
manager
of
West 86th Street Branch, was ap-

Cash and due

rent statement are:

together

Suspend Milk Subsidy;
Increase Price Ceiling

17, page 2169.
Regarding the increased prices
New
York,
the
"Herald

Tribune" of Jan.

said:

■

bank's

the

head

office

July,

1930, in charge of South American

district, and in May, 1931, was
placed in charge of the Far East¬
ern

The

Board

regular meeting of the

Directors

the City
Co., New
Yrork City, held on Jan. 12, George
C. Barclay was appointed VicePresident, and David C, Powers
and John
E.
Hurley were ap¬
pointed Assistant Trust Officers.
Bank

dividend

been in effect since the beginning

Mr. Cummings said that
directors decided it was the

Farmers

Trust

Class

Directors

their

re¬

spective Reserve Banks for threeyear

terms, beginning Jan. 1, 1943.

For New York, William I. Myers,

Ithaca, N. Y„ was made the Class
C Director and for San Francisco,
policy to build up the sur¬
Harry R. Wellman of Berkeley,
plus account, retaining a substan
Calif., was named.
tial portion of the bank's earn¬
Branch Directors
ings.
He further reported that
1942 net earnings from operations
(Appointed for three year terms;
were higher by $2,874,000 than in
except at the Branches of the
1941, even though the bank had Federal Reserve Banks of Cleve¬
practically no profits from the land, Minneapolis and San Fran¬
the

the

semi-annual

$2 per share was declared,
maintaining the rate which has

of 1940.

District.

usual

wisest

sale of securities.

cisco where the appointments are

The Harris Trust and Savings
Bank, Chicago, in its statement of

Jan.

condition

Prole of

Ralph
the

Crum,

President

States
Trust
Co.,
Newark, N. J., announced on Jan.
5
the
promotion of Robert D.
Milligan to Vice-President and of

Henry R. Carpenter and Earl G.
Rumpf to Assistant Treasurers.
Mr. Milligan was formerly Assis¬
tant

Vice-President

Carpenter

and

Rumpf

branch managers.

for

United

Messrs.
were

of Dec. 31,

1942, re¬
ports total deposits of $386,924,649
and total
assets of $413,586,001,
comparing,
respectively,
with
$321,526,593 and $347,310,737 on
Dec. 31,
1941.
The chief items
comprising the resources in the
current
hand

statement

and

are:

due from

Cash

banks, $104,In its condition statement as at
137,227
(against
$111,638,858
a
the close of business Dec. 31, 1942,1 year ago);
loans and discounts,
the Mellon National Bank, Pitts¬ $80,067,135 (compared with $94.burgh. shows total resources of 170,820); United States Govern¬
$512,765,591 and total deposits of ment securities, $148,538,161

two-year
1, 1943).

New

terms;

'beginning

York, Buffalo, Gilbert A.

Batavia, N. Y.; Cleveland,
Cincinnati, Frank A. Brown of
Chillicothe, Ohio; Richmond, Bal¬
timore, Jos. D. Baker, Jr., of
Monkton, Md.; Charlotte, D. W.
Watkins

Clemson.

C.;

At¬

lanta, Birmingham, Howard Gray
of New Market, Ala.; Nashville,
W.

McEwen

Williamsport,
Tenn.; Chicago, Detroit, H. L.
Pierson
of
Detroit,
Mich.;
St.
Louis. Little Rock, R. E, Short of

Brinkley,

O.
Boomer of Louisville, Ky.; Mem¬
Ark.; Louisville, G.

U. S.-Mexico
ment

,........

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

199

Treasury Booklet On Foreign Funds
Control

199

......

Named to Fair Employment

Australia's

"Austerity"

Board.. 199
Loan Over¬
199

subscribed
WLB

Speeds

Labor

Deci¬

Dispute

199

sions

Hemingway to Address N. Y. Com¬
merce Group
Urges Exchange of Hawaiian Cur¬
rency for Regular Bills
Bolivia Granted $15,500,000 Credit..
No Regulation Planned On Private
Timber Cutting ..................
Chamber

Mexican

Foresees

$250

200

Sees Post-War

■;......

Control........

Price

Money In Circulation.

World

201

Collection Report
201
Paralysis Fund Drive Opened....... 201
Roosevelt Submits $100 Billion War
Budget
202
Elected
Vice-President
of
Chicago
Reserve Bank
202
Scrap

Head

Publicity

202
203

Redeem

Cuban

Guest— 203
204
Resigns as Consumers' Food Counsel 204
Kirkland, Farm Leader, Dies
204
Chilean Debt Service Funds Avail¬
able
205
Confidential Mission—

Signs "Wildcat" Oil Bill
205
New Cotton Exchange Members—. 205
Repeat Mexico Bond Offer
Federal
Reserve
System
Appoint¬
ments

Extend China Stabilization
Increase

Milk

OUfornia

Price

Business

tinues Higher

prices

cent

quart

special milks and milk delivered
and

hotels

restaurants.

Most

retailers, advancing prices one to
two cents a quart, were charging
14 cents

milk and

bottled

for

tail

price ceilings."

California Business Up
business
activity
during November continued to in¬
crease, bringing the bank's index"
to a preliminary level of 219.2%
of

the

1935-39

with

pared

average,

com¬

revised

October

level of 214.0, and with

180.5 for

November,

1941,

"The Business

Wells

according
to
Outlook" published

Fargo

Bank

Union

Trust Co. of San Francisco.

'2o3

Dutch Minister Luncheon
Hodson On

raised

N. Y.

Victory Group
Typhus Commission Named...,

gen¬

California

President Asks for Brotherhood Wk. 201

Broderlck

prices to retailers

from 11 to 12 V2 cents a
quart for bottled milk, from 12
to13^2 cents for containers and

201

Parlia¬

Peace

OPA,

raised

erally

201

ment

the

yesterday

201

Faiths
Sir Nevile Henderson Dies..

Predicts

wholesale

cents for containers—the new re¬

Says Post-War World Challenges All

Ford

distributors

Billion

National Debt
Amount of

200
200

200

Settlement

Hemingway

199

Debt

Approves

authorized

"As

Sign New Trade Agree¬

Albert C.

Henican,

Jr.

Pierce,

Fenner
to

New

208

was

208

ray,

Con¬

..........,

Hugo of the firm of

A. M. Kidder & Co. and

elected

208

208
Pact— 208

Ceiling
Activity

Cotton Exchange Members

York

Joseph P.

Merrill
&

membership
Cotton

announced

Lynch,

Beane

were

Exchange,

the
it

by Robert J. Mur¬

President. -;

•

Full text of Commercial and Financial Chronicle : January 14, 1943, Vol. 157, No. 4142, Section 2

FRASER