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Final Edition
THURSDAY
(.Bet.
155
Volume
Number 4033
New
In 2 Sections
-
Section 2
om»/
U. S. P»t.
York, N. Y., Thursday, January 15, 1942
Price 60 Cents
a
Copy
GENERAL CONTENTS
Editorial*
V
On The Foreign Front
*
'
THE FINANCIAL SITUATION
Federal and State Finance...........218
Confusion on The Potomac........
218
We Must Indeed.................... 217
.
Regular Feature*
Financial
Situation.. ,vs..,.......217
Prices and Yields... 223
Foreign Front..
217
From
Washington
Ahead
of
the
News
i....
217
Moody's
European Stock Markets
On
in securities,
remain the rule in London trading
Good markets
notwithstanding the disturbing effect of war reports from the Far
developed for a time, early this
week, as the Japanese swept forward in Malaya.
Tin and rubber
company shares naturally were affected adversely, but the market
otherwise was well maintained.
Entrance of the United States into
East.
the
of
'
the
overshadow
Far
Eastern incidents.
abouts
slightly
late
week, and touched new highs
for
the
period,
war
the
on
Re¬
London Stock Exchange.
year-end payments occasioned some of the
of
investment
and
Anglo-Iranian
buying.
oil issues were par¬
Mexican
in demand.
Indus¬
home rail securities
ticularly
trial and
and
showed strength Tuesday
again yesterday.
The Continental European mar¬
kets
to
available
in
French
recent trading,
in
dull
were
according
meager reports
these
war* times.
the
estimates sug¬
budgetary
gest tremendous costs of govern¬
ment, but tax receipts also are ad¬
Demand for securities
the supply in French
vancing.
exceeds
;
_
markets,
regulations
markets. Events
strict
but
prevent runaway
markets
obscure in the enemy
are
activities
the
and
of
our
The principal task
Pacific Fleet.
of
adlast
securities
Gilt-edged
vanced
.
Navy, said Mr. Knox, is to
our
keep open the sea lanes between
the United States and Great Brit¬
ain,
thus
and
the
to
contribute
defeat of Hitlerite Germany,
"our
greatest enemy."
Favorable and
dramatic
developments of fullscale American naval action in the
Pacific
in
or
The
are
not to be
the
speech
by
delivered
was
expected now
he said.
future,
near
Secretary-
the
the
before
nual United States
Conference of
Mayors, in Washington."
Although
an
early
conclusive
an¬
American
the
of
Some
Italy,
and
Germany
Strategy
strategical
main
Developing a theme set forth by
Roosevelt in his mes¬
of the Union,
the State
Mr. Knox insisted that Hitler and
Nazis
German
his
"enemies
and.
the
are
must
chief
defeated
be
fabric will collapse," he added.
obviously was in¬
tended to allay the restlessness
caused by the Japanese gains in
the Far East, and to answer the
The
speech
General
Review
219
Commodity Prices—Domestic
Indexes
........240, 241, 242
Prices—World Index... 240
Petroleum and Its Products.........
Iron and Steel Operations—
November
December
Hotel Sales.............. 239
Pig Iron Output......:.. 239
Dept. Store Sales........ 239
December
Coal
December
Output.,...,.
Receipts
Cottonseed
Electric
Oct.
Power
240
222
Statistics......
1941
Manufacturing Statistics.. 241
Shipments
241
Building Occupancy......... 219
Steel
Office
Foreclosures
.....
■...
ele¬
Withholding Tax!.!■!,+.., 220
New1 Capital Flotations
243
expected,
it
of
must
not
assumed
be
Pacific
the
to
owing
Fleet
is
from
heard
War Labor Board
that
again
Bank
-
and
again, when and where strategic
considerations
dictate,
Britain
and
from
•
the
Atlantic,
said Secretary Knox, who main¬
first aim must be
to
destroy Hit¬
Lack of public disclosure
ler.
what he described
as
ful
the
operations
attributed
need for
of
by
Mr.
military
the
of
success¬
Navy
Knox
was
the
to
our
Douglas
more
fighting
continues
numerous
(Continued
and
the
far
Japanese invaders
Page 220)
on
Created....,.....,1 242
223
Unit
AHEAD OF THE NEWS
Harrison on Advisory
Council
Workers'
Manufacturing
unusually cold spell and these men have been out there
fighting in the
streets poorly^ "
Deal-CIO legions. They have long
clothed, poorly fed and at no time
been playing him and Bill Blatt
have I seen a pretty lass walked
against Knudsen. And Nelson and
up to one on either side and offer
a hot cup of coffee.
The point is Blatt, have in turn, been playing
ball with them.
Nelson, for ex¬
that these men are fighting here
ample, sided with Leon Hender¬
as intensely as those at the front
son months ago in the latter's in¬
without
any
medals being be¬
sistence that automobile produc¬
stowed upon the heroes; without,
an
look
...
1942
Construction
(Text). 226
Message
on
State
228
Accepted
..
228
Chicago Home Loan Bank Dividends 228
Sugar Quota Hearings... 228
Raw Cane
Strategic Materials
228
Bond
Defense
Merchant
Finnish
Trust
York
Sales
Ships
Co.
The
appointment
Nelson
the
as
of
Minister
mendous
so-called
Production
victory
for
Overall
is
the
i
■i
*****
.
*
.,4
-
»
matter of fact,
Donald dustry's War effort.
of
a
tre¬
New
now
that
the
Presumably
Leftists
have
suc¬
ceeded in placing him over Knud-
(Continued
on
229
Censorship
Messages
230
Shipowners 230
,...» ,,,......
Pact
Oil
Ratified230
Offers 2% Bonds.,..
231
Nov. Blue Stamp Food Purchases... 231
General
in
Chase
Mills Post........
Evening Ledge" Suspends
Real' Wages
Higher....,.....,,
Cigarette Price Ceiling
232
Chicago Reserve Bank's Net........ 232
Flue-Cured Tobacco Quotas
..,
233
on
Exchanges
233
Certificates
Interest
Hits
Interest
NYSE
Short
NYSE
Borrowings
234
*
234
Surplus Farm Commodity
235
Globe
Boston
N. Y.
Page 243),
Up
Prices
235
Savings Bank Insurance Com¬
Third Year
235
Bond Payment
235
Statutory Debt Limitation, Dec. 31,
pletes
Norwegian
236
1941
War
AFL
gestions
CIO,
Labor
Board
Sug¬
....236
Labor Union Regulation Urged
War Insurance
236
Coverage Extended.. 236
237
League Suggests Economies—
CCC Offers Cotton.
.......
Value
Urges
NYSE
of
Basic
Payment
Chilean
Fnglish
on
Financial
NYSE
Fats.
Oils
Air
Planned 239
Market
Bonds
Price
Raids
239
.......
239
Ceilings....... 240
Described.
.,
Named
none
Real Estate Market Prices..,
Pinney Exchange Head
Import.. Quota..........
235
233
^,
234
of
the
with
the
authority is vested in
both in Governmental and
stumbling hesitancy which is
of democracy.
processes
,
too
often
as¬
,
The efficiency argument gains added
the Russian
on
role
side and she is
our
Nazi
to
is
realize
war.
weight for many from
happens to be fighting
Russia
doing
a magnificent job.
In land war¬
has been more effective against the
army
juggernaut than
People
,
this
in
fare, her gallant
any
other,
,
the Soviet
that
are
due in part
fact that the Russian military and economic structure
built on a state-controlled economy.
And they ask them¬
successes
the
selves, reluctantly perhaps, but surely:
anything gets done?
Is that the only
way
It is this doubt that
democracy must answer. To free minds,
things more important in civilized life than effi¬
ciency. But when those things are threatened, independent,
self-governing people must make themselves function effi¬
ciently to meet the danger.
there
are
We
tent
have been
of
slow to
danger.
realize
the
imminence
and
the
ex¬
Japan attacked us there were
literally millions who hoped th,at Communist Russia's stiff
resistance would save us the necessity of fighting at all. And
even
today there are still many who fatuously believe we need
only defend ourselves in the Pacific while Russia destroys
our
Before
nazism.
But democracy cannot be saved by the armies of Russia.
Democracy must be saved by the democracies themselves. Let
remember that to be
us
but in
racy must
from
effective, not alone
the reconstruction of the
be effective in the
evasion
sacrifice
jand
and
petty
world
anxious
the
at
after the
table
democ¬
peace
war,
Leadership does not spring
self-protection but from work and
war.
sucx&ss.
Therefore, those who fear communism
most
to
see
the
most
should be the
fighting forces of the democracies
every front in the world. In other words, in order to sur¬
vive, the democratic world must bear the brunt of winning this
on
war.—Wendell L. Willkie
to
the United States Conference of
as
do
Mayors.
One
may
237
232
232
225
229
unquestionable
small group of men
affairs,
show
sociated
238
Judge
Realtors' Meeting
Threefold War Leaderships
Food Output, Buying Power
Cattle
237
237
a
and when all others are forced to obey
promptly and without question, you get results,
particularly under modern industrial developments. Nazi and
Japanese successes in the war to date confirm the point. They
237
Norwegian 6s
238
Ready. ............. 239
Rehabilitation
of
Eicher
.
Exchange....
Labor lews
Funds
Vocational
Value
Stocks
Stock
London
or
orders
2.31
232
232
and
supreme
man
their
Seized..., 229
Earnings.....; 230
Kong Assets Frozen.,......,. 230
Rules re Foreign
Hong
When
one
229
Czechs.............
For
Lend-Lease
New
in
States.
December
Page 220)
We Must Indeed!
economic
...
Returns
United
on
218
President's War Production Program
Foreign-Held
defense New Year's resolutions, or
by the President. The budget message
our
us
(Continued
225
Budget
Tax Deduction
Federal
London
as a
We had made
had them made for
Out¬
..:.
President's
concern¬
newly appointed War Labor Board, leads to hope that some¬
thing of real value may come of the activities of this over¬
sized and strangely constituted body.
Again further clari¬
fication of plans must await
developments, but here again
also one is entitled to hope for better
things than seemed
to be in prospect as late as a
day or so ago. All this, as far
as it
goes, is to be set down on the credit side of the ledger.
Banks'
Residential
down.
has,
Other official disclosures at the White House
ing the prospective appointment of "umpires" in the per¬
sons of such
figures as Messrs. Hughes, Willkie, Farley and
Smith, to function in some not fully disclosed way with the
225
1941 Earnings
225
Payments. ,-, ,,,—... 225
Philippine Assets Frozen............ 225
Reserve
New
He
control of appointments, which is of the utmost
importance, and the degree in which the President himself
is prepared to refrain from interference, but the action now
promised affords ground for strong hope that this phase of
our effort will be much better
managed than in the past.
Cordoba?Bond
tion should then and there be cut
been most critical of American in¬
Nelson's
November
Prices
unquestionably an oversight made in all of these
movements to send ciggies to the soldiers in the field, give hot
coffee to the men on guard.
Tom Dewey, this writer thinks, should
reform his USO with a view to helping the embattled forces of
the New Deal-CIO and those of the OPM.
Washington has been
press time) in the "I will
important particulars still un¬
disclosed, it would appear that the President is at long
length moving in the right direction as concerns our war
production program. Donald Nelson, a business man of
established ability, will, according to official announce¬
ment, be given responsibility, and apparently corresponding
authority, in all matters that have to do with procurement
and production. A number of
questions of the first order
of magnitude remain, as, for example, the extent of Mr.
Earnings
November
is
Although action remains (at
establish" status with many
243
Trust
and Federal
233
Commodity Exchange 233
Average Sugar Prices............... 233
Non-Farm
Foreclosures—......... 233
1941 Farm Income
233
Wool Use Limited.................. 234
FROM WASHINGTON
fact, any proper appreciation of
blood they are letting.
223
223
241
218
Treasury
forces under General
MacArthur
01Q
-
Manhattan.
of
tt. S. War Insurance For
secrecy.
Philippine Defense
Sanguinary
.
Sugar Calendar Distributed.. ......,
Cleveland Reserve Bank Changes ?rr
Stock of Money in U. S.
N. Y. Reserve Bank Earnings..
SEC
Regulations
S-X Applied
to
Mexican
between
:
Favors
idle, Mr.
Knox declared. The Fleet will
be
T*li fppt/lf
time,
Bond
the
241
NYSE
is not to
Navy
Defense
in
222
Lumber
Ownership
through
222
Weekly Review...,,...
242
Weekly Electric Output............. 223
Bank Debits........................ .234
Carloadings
238
Weekly Paperboard Statistics...... 240
Weekly Coal and Coke Statistics.... 235
Sugar Statistics for 11 Months...... 234
1941 Steel Output
236
December Zinc Production.......... 236
December Flour Output............. 238
November Sales
There
224
State of Trade
distance and
the distribution of our forces,
be
ments
"That done, the whole Axis
first.
'
.....,......... 4
Odd-Lot Trading...
240
Trading on N. Y. Exchanges........ 237
Stevens
Resigns as Reserve Bank
Japanese
to divert the attention of America
President
on
,
Banks and Trust
Companies
Non-Farm
with
show-down
the
principles motivating the Wasntained that the "coolheaded lead¬
mgton leadership in this World
of
President
Roosevelt
War were disclosed, Monday,* by ership"
Secretary
of
the
Navy Frank kept us from the "danger of ac¬
tion out of the excess of righteous
Knox, who necessarily spoke with
He emphasized again and
the full authority of the President anger."
and presumably also with that of agam that Japan and Italy are
prime Minister Winston Churchill. secondary problems and that our
sage
About
Miscellaneou*
and
and no
he added.
recent reports are available re¬
Germany brought Japan into
specting the Amsterdam Bourse.
the war and sought by this means
of
.......................
Items
Commodity
Libyan popular question as to the where¬
and
Russian
the
campaigns
excellent prog-^
the
and
war
the
unsettlement
Momentary
ress
Bond
general
feel disposed,
doctrines
at
certain
we,
to
points
question Mr. Willkie's
without
strongly that his main conclusions here
are
failing to
both
urgent.
We
commend them
heartily
to
our
readers.
sound
feel
and
Thursday;: January 15, 1942
THE COMMERCIAL & FINANCIAL, CHRONICLE
218
Editorial—
NY Reserve Bank
Earnings Lower
1941
of
Bank
serve
.
v-
.
Federal And State Finance
of the Federal R^
New York, after
and
deductions,
Net earnings
•.
rLr\\-r"
Editorial-
f
0X1
r. ■ "In Washington," - writes Mr. Carlisle Bargeron, rin his
adjustments can be predicted with' absolute
the interrelations of c Federal ; Government book, published under the above title only a little while
the- Japanese
which
finance with the'revenue and expenditure policies of the before
attack upon Pearl Harbor, ''men
ings of $9,555,000 for 1940, it is State Governments - and * their local subdivisions.—
Some have one idea affecting the lives of millions one day; the
shown
in the
Bank's 27th an¬
modest attempts to cushion: the blows already, are being next day they have another one.People are conceived to
nual statement, issued on Jan. 9
be but pawns on a chessboard, to be moved about at will.'1
by Allan Sproul, President. -The made by a-few forward looking State officials. v: It is clear
additions
all
total
certainty
of the Bank for
reported at $11,415,000,
that this
to
earnings
1941
are
in
$12,985,000
with
contrasting
1940, and the net expenses during
the
latest year were $7,975,000,
against $7,341,000, leaving current
net earnings in 1941 of $3,440,000,
compared with $5,644,000 in 1940.
;
'
additions
Total
net
current
to
amounted
to $395,000, as against $4,046,000
in.»1940, due to much smaller
; profits on sales of U. S. Govern¬
in
earnings
ment
rent
■
*
only
1941
securities.
The total
-
net
'
■
deductions from
earnings
cur¬
1941
in
were
$533,000,
compared with $135,000
in
This
1941.
accounted for
was
by a special reserve on bank
premises of $480,000, which was
not provided for in 1940.
From the net earnings for 1941
the
Bank
paid
of $3,-
dividends
098,000 and transferred $204,000
to surplus under Section 7 of the
A year ago
Federal Reserve Act.
the
Bank
of $3,-
dividends
paid
065,000, transferred $6,529,000 to
surplus and transferred
$39,000
from surplus under Section 13-b
of the
total assets of the
1941
York Federal
decreased
Dec.
Act.
Reserve
During
New
Violent
;
$3,302,000 in 1941,
compares with net
earn¬
amounted
to
from
31
Reserve Bank
$9,148,572,000
on
$10,719,915,000
on
in
ought to be: speeded and; integrated yip
<^ Ih tfuth, a comprehensive view of the essential Wash¬
which ington, that is to say, of the central but by no means homo¬
necessarily takes first place in :times of war and ^national geneous group engaged in manipulating, or attempting to
manipulate,.. the country's ; destiny, shows that it has be¬
emergency.
7:', ,'V.v.; ■ r.*KThe budget messages which recently'have been pre¬ come a perfect Paradise for two classes of men and women.
sented indicate starkly th£ distress which is sure$ to be These classes are: those; among, the officeholders and be¬
visited upon State and local units of government, as well hind the officeholders who find themselves briefly clothed
with authority to push unofficial citizens around, and take
as
upon all individuals.
There is no help for this sinc$
the Country is at war.
The lesser governmental units: will delightviri rdoi^ so and the heterogeneous ;body ; of hang¬
have to trim ship most drastically, to avoid their own ship* ers-on typical of every capital in the world whose lucrative
trade it is to influence, or pretend to influence, the office-'
wreck in the unprecedented storm of $77,000,000,
holders.^ War, preparations for war, even rumors of war,
projected war outlays, $9,000,000,000 of additional -Fed¬
eral taxation, and a progressive eclipse of every thing? that invariably, in their respective; degrees,: bring both classes
endeavor
reasonable
is
,
measure
•,
Federal ^program,
with i the
unrelated to the immediate war
effort.
degree of cooperation between Federal arid State
officers is required to meet this situation, but it
Some
finance
must be of
a
nature to
ger
of
an
which,; when conditions are /moreVnormal,..?limit their ac¬
tivities
and
their
effectiveness.:
Mr,'Bargeron's
book, is
necessarily too short to cover exhaustively the entire field
preserve the States and assure: their
of the actions and interactions of the amazing bureaucracy,
sovereign rights.
The prevailing tendency in Washington
is to strip the States of some of their most important -aty
tributes, notwithstanding the fact that impairment of our
American system is quite the reverse of our war aim;- In
the confusion and strain of the war, there is obvious dan*
States,
front, and, at the same time* eliminate the checks:;
the
to
imperious assumption of Federal control over the
against the cooperative efforts which are ad vis*
/
'
<
•
:
A® -
as
Withvits
self-constituted
auxiliaries
of "sutlers/and
camp-
followers, which the New Deal has created and maintains.
Nevertheless, it does present a selected series of episodes
portraits, which would all have been amusing; were
the'rimplications .''iess serious, -in their entirety indicating
conditions which cannot be otherwise than strongly inimical
and
The work is convincingly supplied with
sufficiently documented. Upon the
Several studies currently are in progress with the lib
whole/: the impression produced by its careful perusal is
timate aim of coordinating Federal and State taxation. pro:
that of administrative headlessness and confusion insist¬
able.
to
efficiency.
/
,
and details and
dates
Bqt these are leisurely, peace-time studies, which ently crying, by its observable incidents and consequences,
not reach conclusions while the emergency is for that unity and coordination from the top downwards,
here.
If they do present their conclusions before the*-war
which can be supplied only by a wise executive who is will¬
ings of U. S. Government securi¬
ties at the end of 1941 amounted ends, the basis of the findings possibly will be quite at
ing to trust a great deal to subordinates and to implement
/
.
to
$592,196,000, comparing with variance with conditions then existing.
their competence and confidence by delegations broadly
$645,355,000 on Dec. 31, 1940. To¬
What must be avoided ;at all costs are such proposals commensurate with their
capacity and with the results de-*
tal deposits on Dec. 31, 1941 were
as Mayor F.
H. LaGuardia, of New York City, was accus¬ manded.
In Washington,- as it/appears, there is now
$6,642,557,000, against $8,814,760,tomed to make up to a year ago..,;: Mr. LaGuardia stoutly
000 at the end of 1940,
nothing of the kind, nor is there the strong hand contin¬
The following is the profit and urged such dangerous expedients as Federal collection of
uously applied which would restrain conflicts that, within
loss account of the Bank for 1941
income and other levies which overlap in the Federal and the executive
itself, frequently extend beyond aggravated
in comparison with 1940, as con¬
State schemes; the participation of the States then to be words to deeds of direct and
demoralizing interference.
tained in the annual statement is¬
doled out to them by the Federal Government,
There is
sued Jan. 9:
Doing The' Country " Good7
;
no broader avenue than
this toward centralized and even J"";"*:PROFIT AND LOSS ACCOUNT
Thomas Gardiner Corcoran, otherwise "Tommy," erst¬
i
For the calendar years 1941 and 1940
absolute government in the United States, and away from
(In thousands of dollars)
while friend and protege of Associate-Justice Felix Frank¬
the concept of divided and delegated powers upon which the
1941
1940 "
Earnings
$11,415
$12,985
dual governmental system of the country was founded.' ; furter, figures prominently in Mr. Bargeron's pages be¬
Net expenses
7,975
7,341
cause he is one of the latest recruits among the men who
Stern and even stringent economy will have- to
be
are
Current net earnings-..
$3,440
$5,644
energetically increasing the cbsts of the war by doing
practiced by the States and their local government units,
very well as highly paid representatives of men and corpo¬
Additions to current net
as
the first requirement toward avoiding economic;: col¬
earnings:
rations yearning for fat contracts—and getting them. Not so
Profits
sales of U.
lapse.
Fortunately, this is recognized by almost all finance
S. Gov. Securities
$386
$3,408
long ago he was one of the lesser lights of the New Deal,
officers of the 48 States and their colleagues in the local
All other
638
i1;"-' ■'
9
drawing a small salary, and improvising novel expedients
units.
Governor Herbert H. Lehman expressed this con¬
Total additions
$395
$4,046
of legislation, while busily finding Government jobs for
clusion ably in his annual message to the Albany Legis¬
Deductions from current
bright t youths who might remain grateful and serviceable.
lature, and the leadership of the Empire State assuredly
net earnings:,
Later he succeeded Raymond Moley, when official policies
Losses and
for
will be followed by others.
State taxpayers are calling
losses
industrial
exceeded the speed-limit, of that original brain truster's
advances (net)
$50
$103
loudly for economies and, it is to be hoped, will give the
mild radicalism/as head draftsman of Presidential speeches,
Special reserve on bank
480
politicians no rest until, the strictest economy is achieved. and soon became the chief
premises
engineer of the 1938 Purge that
All other
3
32
/
Chairman Robert Doughton, of the House Ways- and
failed to purge.
After 1940, many New Dealers thought
Total deductions
$135
$433
Means Committee, emphasized the need for State and local
he( could be used to control the ex-Republican, Secretary
Net earnings
$9,555
$3,302
government economy, at the turn of the year.
He called of the Navy Frank Knox, and tried to promote his designa¬
for reductions of $2,000,000,000 to $3,000,000,000 annually;
Dividends paid
$3,065
$3,098
tion as Assistant Secretary of that Department, but they
Transferred
to
surplus
in the expenditures
of such government units, and- the were
(Section 7)
out-generaled .and now, in the political discard, he
204
6,529
elimination of some overlapping levies in the State- tax-'
Transferred from surplus
appears entirely/contented.
Quite well he might be/ He
—39
(Section 13b)
ation schemes. '
This is good advice, which cannot be
retains familiar entree of the Departments, where men in
Surnlus (Section 7)
be¬
placed
in
effect
too
rapidly,
numrous
$53,326
ginning of year
$56,447
key positions .remember thatvto him they;owe
31, 1940. Reserves decreased
during the year to $8,212,096,000
from
$9,809,823,000, while hold¬
Dec.
grams.
may or may
t
•
,
>■-.
on
_____
'
____
*
!
reserves
on
"
7
-
■l
„
,
_
Addition
as
Tran^fefred
i
204
6.529
$56,651
$59,855
above
to
other
-
capital accounts
Surah's
(Section
-3,408
New factors
already are appearing which necessarily their employment. A Congressional Committee, not ex¬
sharply into State and local revenues from existing cessively unfriendly, has recently advertised his potent ac¬
laws.
One of the Off ice, of Production Management tivities in aid of
contract-seeking: employers by investigat¬
will cut
tax
officials
end
7)
of year
$56,651
■
v-
J56.4§7
the
use
of this
chases
Harrison Is Chosen
To
some days ago, that
be cut almost in half by the end
year, under the ban on tire sales and private purr
of new cars.
The effect of such a development will
expressed the private opinion,
of automobiles may
be
Advisory Council
so drastic upon State revenues as
downward revisions in expenditures.'
to meet this
to necessitate sharp
-
Forehanded action
and other threats to State and local revenues
ing them, while rumor attributes to
him the receipt of fees
ranging all the way from a meagre. $5,000 to a liberal
$200,000, and many of them.
Obviously, if such fees are
paid by contractors, they have to be met out
[heir
•"
contracts.
;.v
Not all the representation
of gains from
;
:
i
in contractual matters grow¬
ing out of expenditures of billions for warfare is by brief¬
Federal
Reserve
Bank
of
New clearly is preferable to bankruptcy.
:\
;
less barristers
formerly hired in the executive depart¬
Ycrk on Jan. 8 selected George
A clear recognition is needed of the alternating1 ten¬
ments.
Millard Fillmore Caldwell, Jr., quaintly named
J-. Harrison, President of the New
dency of the Federal and State financial requirements to for a Southern nolitician, represented the Third District of
York
Life
Insurance
Co., New
York City, to serve during the assume primacy in tithes of stress and in times of easy Florida in the House of Representatives, from 1933 to Janyear 1942 as the member of the
prosperity.
In war and depression periods, all . experience
Federal
Advisory Council from of recent decades shows, the Federal Government tends to
the Second Reserve District.
Mr.
Although the States now are being
shoulder the State regimes out of the wav and relegate then) of peaceful progress.
Har^son. a former President of
submerged, this submergence must not be carried to the
the New York Reserve Bank, held to comparative unimportance.
- The- States assume their
The
Board
of
Directors
of
the
,
the post
during the
year
1941.
proper
place in the scheme of things principally during years point of enervation or
political impotence.
^
,,,
Volume 455^
219
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number- 4033
Mayor. Hague and Robert H. Jackson, the latter more bellig¬
1941. Claude Denson Pepper, now, according to Mr.
erent then than as a. conscientious objector in 1917-1918,!
Bargeron, "the most vociferous of the Presidents war sup¬ and after both had been
pushed upstairs to the Supreme
porters" and "the most unpopular member of the Senate," Court and met as Associate Justices some memories of the
was once an associate of the Florida law firm of which Mr.
Caldwell is at this time a member.
With the aid of Sen¬ pushing seemed still to rankle. All' the New Dealers push
uary,
all: the
at
representatives of demonstrated
dollar-a-year
the Government's procurement officer
Capacity and achievement in production who had to be
persuaded, a client of Mr. Caldwell's, not
called into the councils of governmental direction when the
the lowest bidder for paving materials, received an order
problems of rapid planning and production passed beyond
for an extra quantity equal to half the asphalt required in
mere academic comprehension.
And when they are not too
the construction of the Elgin Training Field.
And the pro¬
busily engaged in struggles with these intellectual and in¬
curement officer who accorded the favor was advanced in
dustrial elders their internal rivalries impel them to push
Government employment. •The Committee on Military one another."
Also, when he could, in his effusively friendly
Affairs of the House of Representatives did: not like these
and highly Presidential manner, Mr. Roosevelt pushed Mr.
apparently related manifestations. Its sub-committee pub¬
Baruch, whose discreet reactions rarely were manifest—in
lished a report, naming the kindly officer and saying:—
public.;; It is J all a fine phantasmagoria of mushroom
He was aware of the fact that Senator Pepper, who had
bureaucracy. ' *
"
/
:
"
nominated him for a better job, was desirous of having an award !
:
And Concerning Bureaucracy
made to.:
The Special Committee most strongly deplores
Of bureaucracy, either in the abstract or in the con¬
the fact that any member of Congress would permit, even by in¬
ference,. an employee of the Government to believe that his pro-: crete, as he, has observed it in Washington, nothing more
motion to a better position was contingent upon the securing of a
forcible or more in accordance with the facts has ever been
ator
and
Pepper
whom the Senator
*
.
«■
.
.
particular
:Similar machinations have
corporation."
seemed, to such
written than
accredited
Stokes, Jr., of the Scrippsand Albert J. Engel, Member
of Congress from Michigan, to have had much to do with in¬
creasing the cost of Camp Blanding, Florida, from the es¬
timated $8,796,180 to the ultimate actual cost of $27,740,214.
Unfortunately, in such matters the mere taxpayer has no
redress.
He cannot demand a hearing.
He has no stand¬
ing in any court to complain that the billions obtained from
him and upon his credit are largely swelled as the con¬
sequence of undue influence and improper complaisance in
high office. Even his informal complaints are apt to be
submerged under suggestions that his patriotism is Jukewarm or he would not speak of "silly dollars" after the mis¬
chances of Hawaii and the heroism of Wake Island.
investigators as Thomas L.
Howard Newspaper Alliance,
Persons with
other
delightful oppor¬
congenital appetites for pushing
others, afforded by imagi¬
nary or "relative" gasoline shortages, priorities' ratings, tirerationing, and price-control. Equally gratifying to such im¬
pulses it must be to proclaim arbitrary standards of secular
time, against which the sun at its daily meridian must regu¬
larly shout the short and ugly word. - This is not to suggest
that such extraordinary expedients may not be necessary
and desirable, when it has been determined to carry, the
munitions and implements of warfare to the four quarters
of the globe and to deliver war itself within the boundaries
of both European and Asiatic nations.
.The necessities, in
such circumstances, may be pressing and, when they are,
they must be paramount above every impulse of individual¬
ism.
Yet it is not unthinkable to desire , that the individual¬
ist impulses of those who rule might be limited by discretion
tunities than those, among many
have
been
informative.
was never
a
.
Just
.
.
the like want
.
thermore,
*
apparently was touched
off by the order on tire rationing
and the
realization that rubber
did
largely rhetorical."
products
3,286,705,000 kilo¬
compared with the
all-time high established in the
week ended Dec. 20- 1941, of 3,-
cated
in
the
Army-Navy
be
may
before the year
buying
hard
buy
to
is over. The .ad¬
of rubber sports
rubber footwear and simi¬
however, has spread to
woolens and such staple items as
wear,
lar items,
buying of men's clothing is
able
in
Consider¬
and pillowcases.
sheets
as
progress
well,
fv:
pointed' out that taxes and
bond
purchases by
individuals
may
take an estimated third of
the national income during the
It is
fiscal
year
in
beginning
July.
great diversion of spendable
to the war effort will, of
This
income
have a far-reaching effect
the course of retail trade.
on
the
an¬
To
/
Federal taxes and bond pur¬
chases, of course, must
moderate further
to
buying by retail con¬
Advance
sumers
r > Business activity in most quarters showed
£ains for the week, with some industries showing sharp rebounds
from the relatively light holiday setbacks.
''•
U-/A relatively high level of retail spending throughout the nation
Was reported by Dun & Bradstreet, who placed the turnover at
6 to 11% above the level of a vear ago.
The Federal Reserve's
summary
of
department
stored
A week after the big confer¬
sales for the week recorded a bet¬
terment of 27% over a year ago-. ence in Washington there is be¬
to
be
noticeable im¬
A recovery in power production ginning
following the seasonal slump over patience in industry circles, ad¬
vices state. The industry is ready
the' holiday week was reported
and waiting, it is said, but so far
by the Edison Electric Institute,
has received no general ."march¬
With the week's gain amounting
such as were' indi¬
to 1.6%, which brought the na¬ ing orders"
total
A
portions that earlier estimates of
quarter retail trade are being
revised sharply upward. (
first
The State Of Trade
hours,
con¬
came
observers state. Buying, fur¬
is reaching such pro-
son,
course,
watt
autos
of
trade
that occurs after the holiday sea¬
.
tional
accept¬
buying rush that occurred during
August and September
is now
eliminating the usual lag: in trade
hot want to increase his stature by adding to his authority and im¬
portance, and to do this he must enforce more government on the
people'.
he was for entrenching himself in authority and
increasing that authority.
This meant, of course, a tightening con¬
trol by the Government over people, and whether the control meant
Socialism, fascism, or communism, was
in
cautious
Resumption of the sort of
arong.
lawyers,
.
It is
of business.
selling
trolled
vance
.
war
changes
ing forward business. Retail
encountered
rationing
as
to advance their professions,
time when a Government bureaucrat
sellers
found
with which
doctors,
as
the
reported that wholesale markets,
opening
for
spring
ordering,
in 1941, men were varyingly
scientists, and
actors,
there
more
of
causing drastic
is
in many phases
classified as New
Dealers, Liberals, Conservatives, Left-Wingers, and Communists, in¬
stead of Republicans and Democrats of the past.
.
.
It really
made very little difference.
The over-all term 'bureaucrat' would
"In Washington
momentum
Rising
effort
this discussion shall close.
j
Pushing
people around could scarcely enjoy more
by Mr. Bargeron, in the sentences
They are:—
each of the groups con¬
cerned.
„
Government contract by a
the voting power mus-.
cause; of
tered by
be added
municipal and State taxes which
reduce funds available for spend¬
ing further.
reach
National income dur¬
fiscal year should
1943
the
ing
an
estimated $110,000,000,-
000, informed sources
state.
Office Buildings Report
87.9% Occupancy Now
Office
!
buildings
American cities are
in
leading
better rented
accord¬
Mortgage
now
than in several years,
ing
to
survey
Bankers
by the
Association
of
America
$5,000,000,000 in made public Jan. 11 which shows
that occupancy in 53 leading cities
new orders "immediately."
Week-end disclosure of large now averages around 87.9%.
This
additional war orders for General compares
with
occupancy
of
Motors and Ford did little to allay 85.14% shown by another national
nouncement
of
495,140,000 kilowatt hours.
The
improvement • over
the
corre¬
the general criticism.
Mere mul¬ survey as of Oct. 1 and 83.92% on
sponding 1period last year: was
May 1, 1941 reported by the same
equivalent to 15.5%, against a tiplying of orders does not solve
the problem,; it was said.
There group. A Mortgage Bankers As¬
gain in the previous week cf
is still no word as to a master sociation survey made at the end
17.3%.
indulge the normal freedoms where
public interest. Pleasure in
plan for pooling of all facilities to of 1940 reported an average oc¬
]• Reflecting substantially higher
pushing others aroundr when such pushing is unnecessary loadings of miscellaneous freight avoid long idleness for men and cupancy of 87% for 69 cities.
"The data reflects increased busi¬
and gratuitous, is a mild but recognizable type of sadism. &nd coal, railroads loaded a total factories, observers state.
(Shocks of dislocation emanating ness activity but also indicates
One difficulty of its indulgence, in the dealings of any or¬ of 674,374 cars of revenue freight
from the stepped up program of that there is still a good deal of
in
the week ended Jan. 3f the
production are passed on vacant office space over the coun¬
ganization with outsiders, is that irrespective of other out¬ Association of American Rail¬
lets it is almost certain to become prevalent within the or¬ roads report, representing a gain from industry to industry through try," said Frederick P. Champ,
Association
President. He like¬
ganization itself.
When that happens the very acme of of 67,848 cars, or 11.2% -over the many channels.: They are begin¬ wise said:
ning to reach points far remote
previous
week.
However,
it
was
friction-making internal demoralization and consequent in¬
the
centers of armament
It seems certain that during
estimated that the gain was some¬ from
efficiency has about been attained. " 1
• - • what less than would normally production, a survey conducted
the
war
the available office
building space will not be in¬
Almost every page of Mr. Bargeron's treatise affords be expected at the turn of the by the "Journal of Commerce"
showed.
creased much except possibly in
some striking illustration.
When Leon Henderson, in the year.
A matter that came in for no
a
few cities like Washington.
Steel production in the United
first flush of authorization to do whatever he could as the
little consideration this week was
Hence occupancy ought, to re¬
States is scheduled this week at
the broad
buying
movement
in
main
about where it is now or
potent chief of an office of Price Administration and Civil¬ 97.8% of capacity, equal to 1,615,increase—unless, of course, the
ian Supply, aspired at once to out-manage the Office of Pro¬ 800 net tons for the weekr the commodities,, touched off by the
action of the Senate in adopting
war, by necessity, closes some
duction Management, and especially William S. Knudsen, American Iron and Steel' Institute
smaller businesses.
price control bill which will
reported yesterday.
Output
last
■one of its two nominally co-equal heads, there was turmoil.
place
farm
products
in
a
favored
week was on a basis of 96.4% or
When the President finally got around to this particular in¬
1,592,700 tons. A month ago the category not granted to any other
Stevens Resigns As N. Y.
stance of disorder his improvisation to meet it was to split rate was 97.9%, equal to 1,617,500 products.
The action of the Senate is re¬
Reserve Bank Director
Mr. Henderson's jurisdiction into two parts and place him at tons a week, and a year ago oper¬
ations were on a 95.9% basis or garded as one of the black spots
Robert T. Stevens, a Director
the head of both of them. Our author does not affirm that it
the conduct of the war, dem¬
1,547,700 net tons. •<
>
was effective.
Space is too limited for citations of even the t, There was an increase in auto¬ onstrating as it did that the of the Federal Reserve Bank of
New
York
since 1934, has re¬
mobile output for the week, but powerful farm block within the
principal among the almost innumerable instances of in¬
Senate is determined, that while signed as a result of his havingthese
figures
have
less
signifi¬
ternal friction of similar character that are described.
The
into active service
the rest of the country sacrifices been called
cance as motor production will be
The bank's
inquiring reader is therefore referred to the book itself more restricted as time goes on. to finance the war their own con¬ with the Army.
for whatever further
information concerning these in- Last week's output is placed at stituents shall enjoy a livelihood Board of Directors accepted the
better than their very prof¬ resignation at a meeting on Jan. 8.
terecine conflicts he may desire.
He will there find that 60,190 cars and trucks by Ward's,
Mr. Stevens, who has been Pres¬
itable years of 1910-14.
against
18,535
a
week
ago.
"
Mr. Ickes pushes against Mr. Hopkins, who will not push
It is pointed out that if any se¬ ident of J. P. Stevens & Co., Inc.,
According to advices from De¬
back very visibly, but still lives in the White House and ap¬
rious attempt is to be made to since 1929, was last elected as a
troit, the automobile industry will
B director of the Reserve
pears always to function as Next Friend.
Mr.. Eccles pushes be in virtually full operation this control prices and keep the ul¬ class
timate
consumer
from
being Bank for a term of three years
Mr. Morgenthau, who does push back sporadically and some¬ week for the first time in a month.
The
return
of between
200,000 ground to pulp, certainly the ef¬ ending Dec. 31, 1942, by member
times yields to an impulse to push Mr. Jesse Jones, who
banks in Group 3; which consists
and 300,000 workmen to their jobs fort must include the two most
seems not to feel the impact but continues quietly upon his
which go to of banks with capital and surplus
started last „week, and the early- (important factors
$300,000 and less,
A special
way of expanding and recognized strength.
Mr. Murphy, part of. this week every passenger make up prices—namely, the cost of
of farm products and the cost of election will be held shortly to
plant will be in production—
who would not push the sit-down strikers in the automobile
labor.
Yet these two factors are elect a director to fill the unexn( Mr
fvn<s' tprm.
works in 1937 and was pushed out of the Governorship of starting the last three weeks of
A continually ignored,, largely .be¬
and
by determination to
freedom could not contravene
-
war
r
a
on
.
•
even
••
car
v\*vr+ir\n
Michigan
in consequence,.
succumbed to the . pushing of
grace
before
extinction./
.
-Thursday,* J anuary 15, 1942
XHEXOMMERCIAL & FINANCIAL CHRONICLE
220
NYC And I Association
:
Withholding Tax
Favors
result of all this: has been
primarily one of jackassing in:
capacity—of " substituting capacity for experience
,y'if
•■-'(Continued from First Page) <
V
in an industry—of solving the day-to-day problems of a
of the President served notice that performance in. this case
particular metaL by half measures or letting them degen-<
will cost us, in terms of money, larger sums than any man
erate in chaos.
Even today, with the country at war,
can readily visualize
or easily grasp. Magnitudes in both
; there has been little or no elevation of men with know—
messages were so much greater than any human experience % ledge of a particular metal to a position of authority in.
has ever before encountered that the average man was left
that metal, the result being that certain industrial exwith a feeling of pride in their very audacity, a vague un¬
cesses and selfish practices continue, certain half measeasiness as to the precise meaning of it all as it will affect
ures falter along, and large quantities of metal lie idle
him, and a slight vertigo induced by the tense drama. It
while machines of war wait.;;* * *
■(
was good "showmanship."
•'
; ';
'V
-Take, for instance, copper and zinc, two metals which
We had, however, still to get down to work to win the
very early went under full priority control. First, fearwar.
Evidence aplenty that much remained to be done had
ing a shortage of zinc, industry was urged to switch from
come plainly to the surface.
brasses to bronzes and silicon bronzes, then in six months
The controversy in the motor
there has been a complete reversal, and the urge is now
industry precipitated by the action of certain labor unions
in again insisting upon the so-called Reuther plan of sovietto switch back to brasses to save copper.
With no cen-.
izing the plants for the purpose of converting them to r tralized control of zinc consumption, one agency of the
defense production was eloquent testimony of a situation I" Government would demand that galvanizers reduce con¬
still existing five or six weeks after Pearl Harbor. Whether
sumption, or that steel be painted rather than galvanized.
the matter at issue has yet been successfully settled or
At the same time another agency would be recklessly
>
THE FINANCIAL SITUATION a
v
;*r more
.
rate of
not more than 5% upon a limited
amount of income, no increase in
social security taxes and further
vA withholding tax at a
reductions in non-defense
drastic
expenditures, were .recommended
week by the Commerce and
last
Industry Association of New
in
a
letter to
the Senate
York
and
The
Committees.
House Finance
'
'
■
....
.
letter, signed by Thomas Jeffer¬
son Miley, Secretary of the Asso¬
ciation, was based on a report by(
Committee on Taxation and
Public Revenue of which Laur¬
its
Arnold Tanzer is Chairman.
ence
'
s
efforts of the
special
committee
headed
by
Senator Byrd of Virginia which is
working on the problem of nondefense ecpnorny, Mr. Miley said,
the
''Endorsing
"We
reduction
the
that
believe
by
advocated
recently
program
$1,783,000,000
be uSed as a good start."
taling
individual
:
merely "continued," as the lawyers express it, remains to
The rebellion in the Senate in connection with
might well be seen.
Terming
im¬
rates
income
posed by the 1941 Revenue Act as
"extremely heavy" the Associa¬
or
price control legislation scarcely suggests that the farmers
and their soi-disant friends in Congress have given up all
ideas
of
"business
usual."
as
Such exhibitions
declared:
tion
ordering prime galvanized sheets for grain bins, roofing
to¬
the National Economy League,
the
•
as
■
..
these raise
as
get down to deeds, in comparison with
discrimination to increase them
which words are of little importance, we may safely assume T
Vstill further without bringing
that we have reached or that we shall maintain that national
.within the scope of the income
|
tax the very large number of
unity which has been so lavishly promised by so many. In
,
would be
It
„
unfair
grossly
to whether when we
people
whose
incomes
have
greatly expanded as a result of
i the defense production. ;
conjunction with a good deal else that has been taking
place of late they raised, for thoughtful observers, the dis¬
turbing question whether we should ever attain and retain
^The Association held that "the
heavy
increases
in
corporation anything closely approaching "a unified "all-out" effort in
the absence of better leadership than Washington had pro¬
taxes and individual income taxes
:
in the middle and higher brackets
the likelihood
of inflationary spending by those
effectively
remove
dependent upon invested income
or upon earned income in all but
the lower brackets."
v^"By far the largest part of the
increase in national income
in
going into the hands of
in
the
lower
income
groups," the letter continued, "it is
from these groups that the great¬
est inflationary pressure is com¬
ing. The present-income tax rates
is
1941
persons
and
will
laws
generis in this land of ours regardless of all the pamper¬
ing he has been getting. Presumptuous labor leaders still
must learn that our defense effort will fail unless the man¬
equitable
come, r
the
in
levy upon
individual incomes to be withheld
the
at
source."
Association
a
tax would
gross income
levied at aerate
of not more
be in the nature of
tax
a
The
that such
proposes
than^,5%-upon
a
limited amount
a
of
income, adding that:
"If a
person's income is such that he
file
has
to
tax
under
should
pay
the
deduct
to
a
he
present rates,
allowed
be
and
return
a
the
amount already paid
for the with¬
holding
the
from
tax
amount
which his return showed
his total income."
on
continued:
due
was
The letter
v.
of
view
In
that
fact
if
such
a
year,
it would be superimposed
upon
payments of the tax on in¬
come
earned during
in
tax
the
effect,
adopted next
were
the
1941,
two years would have
in
adjust
their
warning
of
tax
ing
to be paid
that taxpayers could
so
form
for
fair warning should be
one,
given
that,
so
tax
income
affairs.
might
well
in
This
►
the
take
the withhold¬
putting
after
months
six
effect
its enactment.
The Association disapproved
the
suggestion that the proposed with¬
holding
tax
should
addition to the social
"No
necessity
include
an
for. in¬
creasing the rate of social security
taxes at this
time;" the letter
cluded, "to increase in this
ner
the
Government
man¬
available
amounts
expenditures
con¬
for
under
the guise of adding to a mythical
'reserve' for social security would
be
unsound
to
confuse
taxation
and
deceptive;
social
security
would
be
and
with
mischievous,
1
v.-
are some
still remain to be corrected.
are today absorbing large tonnages of virgin
thereby releasing the latter for war work that
is currently marking time. * * *
Right today there is no one in authority in Washing¬
ton who knows the intricacies of the aluminum industry.
At the moment there is a peak stock of aircraft aluminum
on hand, and
perhaps this has lulled many into a false
sense of
security. But, by mid-1942 some large aircraft
assembly units will be swinging into production, as for'
instance Ford's bomber plant, and the demands for alu¬
minum will multiply over night. Actually the-country
may witness the tragic sight of some assembly lines on
the slow-down for want of aluminum.
In
a
ruthless hand.
*
*
*
the
secondary field the government has created
another of those quaint anomalies that has so many tragic
overtones.
Secondary melters can only sell their metal
for armament uses, which on the whole, blindly refuse
to use anything but virgin metal.
vV
of leadership which
They are so plain that it is
difficult to believe that the rank and file of the American
with
At-
* An early OPM order tied
all use of secondary copper while at the same time
various war industries still insist on brasses and bronzes
so low in lead that scrap copper must be involved in the
rank waste of going back through the refinery.
Sec¬
ondary firms are today glutted with copper and can't sell
it. Even just a little intelligent effort could force all of
the secondary metal into certain applications that have
Way?
people can not and do not recognize them, so
would appear to be the best of "politics" to
un-
up
of the shortcomings
•
plain that it
correct them
Others about equally vital, whiqh
,
And much
more
of the
same
All this, of course,
order.
covers but one JSihall corner of the vast -field.
more difficult to detect or to understand', we may
■(. Many more
hope are on the way to correction. They have been materials than are mentioned here are involved, and often
swirling about the heads of the innumerable and hopelessly the story is similar. Moreover, developments in the Far
involved agencies in Washington. The public was aware that East during the past few weeks have in a number of in¬
something was "rotten in the State of Denmark" here, but stances further confused and worsened the situation. In
found it difficult if not impossible to cut its way through the field of production, as distinguished from materials
the mass of charges and counter-charges of culpability that procurement and allocation, many problems of a corre¬
filled the air. There was but little doubt in well informed sponding sort and difficulty are to be encountered. Clearly,
minds that lack of organization, want of concentration of Mr. Nelson must have a free hand and a large corps of able
authority and responsibility, and failure by the President specialists to assist him, if he is to succeed.
are
far
now
to
delegate where delegation was plain common sense were
least one major cause of distress.
at bottom at
F°r
-It is
will make clear the nature of the difficulties he must face.
of
course,
materials
known to
are
even
the school child that, so far
concerned, metals, their conservation and
proper application, have from the
heart of our defense problems.
first lain close to the
In an article entitled
by the Managing Editor of "The
Iron Age" and appearing in the January 1 issue of that
authoritative publication we find the following:
Granted, of course, that OPM is staffed with many
sincere men, in some instances with brilliant men, and
also
granted that the metals industry in 1941 was in¬
volved in such
train of unforeseen and
unsupposed cir¬
cumstances that no human wisdom could accurately cal¬
culate the end. Nonetheless, the basic policy has been
to insist on square pegs in round holes; of having a man
who knows nothing about a particular metal rule that
metal; of sending a plumber to fix a watch. This policy
apparently,stems jjght back ;tp President Roosevelt...The
a
a
part—
Example
infirmity of management at the top which
we must now hope is shortly to be corrected.
Mr. Nelson,
who is to assume full responsibility under the President for
these matters, must carry a terrifying load, which he, or
any other man, can carry successfully only with the best
of support from the White House. An illustration or two
It is,
We must all do our part—and all of us have
seeing to it that he is in a position to get both.
in
in
sued
this
"Metals in 1941" written
security tax.
appears
V-.
On The
These
as
..
\.X
or
satisfactory. * * •*
copper,
perform these essential functions of leadership, and if
Congress persists in proceeding with one eye on the war
and one on election day, then we had best prepare our¬
selves for a number of sore disappointments in the months
to
been
f been and
not
effect
include
to
next Federal tax bill
v;
agement of industry is left in the hands of those who know
how to manage it. If the President either can not or will
lieves that "it would be both sound
and
he is not
sui
The Association be¬
them."
upon
little
have
We still must convince the farmer that
duced.
where either wood
uses
have
brass planned for 1942. * *
i
?
.
would
steel
present it is believed there will be enough zinc for essen¬
tial needs. Now the Government fears a copper shortage
sufficient to interfere with the 600,000 tons of cartridge
a
disagreeable doubts
multitude of other
a
coated
Foreign Front
(Continued from First Page)
in
small
the
land formed
corner
Washington,
usually
to
effect that enemy concentra¬
tions were shattered and dispersed
the
of Luzon Is¬
by Bataan peninsula
by
superior artillery. In the
our
absence
official
of
disclosures
as
to available manpower,
it is to be
hoped that the Japanese can be
Bay, of which Corregidor is the
withstood indefinitely, but there
most important. The battle seems
is no disposition in Washington to
to be regarded by our Washington
encourage a belief to that effect.
strategists as a delaying action,
and the fortress islands in Manila
there
since
Tokio
to
According
is little likelihood of
ac¬
is making
important prog¬
reinforcing MacArthur adequate¬
counts, the
ly. In the circumstances, the small
American units are giving a su¬
modest
perb account of themselves.
secondary naval base at Olon-
Manila
Since
and
our
forces
was
on
a
the
Japanese
ing
troops
his
familiar
by war
has
the enemy were fol¬
Sunday, by the first of
these heavy attacks, and fresh
drives by the Japanese developed
subsequently. Only brief official
reports of these actions were is¬
ations
over
seems
repelled several
assaults. Intensive prepar¬
MacArthur
severe
air
Dispos¬
ground made
games, General
on
the
The
teries
of
a
island
issued
was
front
Luzon
in
Japanese
anti-aircraft bat¬
heavy
have
Mindanao
by Japan
denial of
Corregidor
and bombing
by
The
Control of the
remain
to
hands.
taken
lowed,
no
assertions
in Washington.
apparently
have made little progress.
claimed
Tuesday, and
these
last-ditch fight on Bataan penin¬
sula,
attacks.
Luzon
was
gapo
abandoned
withdrawn for
in
ress
enemy
but
have
toll, however,
attacks
been
Island
on
that
modified.
appears
be entirely in Japanese
to
hands,
with the port of Davao being
.
used
as
a
base for operations
■»
221
FINANCIAL
&
CHRONICLE
THE COMMERCIAL-
Number ;.4033
Volume 155 s
imA.
■Hi
event, which placed the-Japanese cavalry, The Nazi withdrawal, an¬ Sea & of little use to the British,
within 200 miles of the great i>ase nounced on Dee. 8,- obviously has as a'lifeline to the Far or Middle
aerial attacks on the Japanese ;V: on the Straits of Malacca, r Port been rendered costly by the Rus¬ East, at- present. Nevertheless, the
there are reported by Ameri- /': Swettenham, southwest of Kuala sians, -and the lines that would be Axis seems determined to attempt
Southward
'
against the
-erlands ;East
.
,
Indies.
Neth-
-
Heavy
abandoned by Brit- suitable for stabilization of the
/with a number of
isn forces Tuesday, which gives front, from the German viewpoint,
been pierced
the - enemy still another important have
warships and transports hit:
in a dozen
and damaged,
base for operations.
Heavy aerial places.-' The Russian victory gains
American submarines now are raids on Singapore were reported importance day by day, as the
struggle continues without
in the front line of the Pacific day after day, but the growth of vast
struggle,; with - the Navy Depart¬ British, American* Dutch and Chi¬ genuine stabilization of the fight¬
nese
aerial strength in the Far ing front.
v--v :,•'/•••••
ment reporting sizeable sinkings of
Whether, this battle can be
was
attested
by> steadily
Japanese cargo ships and trans¬ East
s
can
and
-
Netherlands
fliers,
Japanese
■
Lumpur,
was
-
counted
ports. Tokio admitted the sinking greater attacks on Japanese bases
of a small ship within 100 miles and beachheads, both in Thailand
v •'
^ ^
of that Japanese capital, last Fri¬ and Malaya.
day, but no information is avail¬
able as to the nationality of the
sucessful
submarine.
Japanese
^
struction,
last
•
Friday, >
merchant
American
of
*■
ship-
the
Ruth
tons,
in East
Indian waters. Fire of undisclosed
8,135
Alexander,
origin ^ destroyed on Monday, in
Alaskan waters, the Army trans¬
port Clevedon, 7,314 tons. Modest
and
ineffectual shelling by an
of
warship
enemy
the
group,
reported
was
Monday.
/:
>3 3/
question
still- is
possible
7
said
be
to
their
on
on
:'
sessions
in
end.
■'
the
in the
East,
the
on
great
chain of East Indian islands were
expanded sharply, this week, and
some highly important points fell
control,
into the hands of the enemy. The
decided
oil port On the Dutch island of
progress in recent fighting, and it
will plainly take a long and bitter Tarakan, off the east coast of Bor¬
effort
to
oust them
again.
In neo, .was captured by the Japanese
on Monday, after an intense aerial
their thrust down the Malayan
China
Sea
area,
obviously determined to
the
: Japanese
made
peninsula
the
•
with
moved
forces
enemy /;
astonishing
rapidity
The small Dutch
and naval attack.
garrison fought valiantly and de¬
They enlarged stroyed the wells and installations
on the island, before retreating to
toward Singapore.
greatly their invasion effort in the
Netherlands East Indies, and suf¬
Borneo. ; If
the Japanese have
modern equipment, however, they
only in the
will be able to gain important oil
interior of China, where the battle
sources
soon, at Tarakan and in
for
Changsha went heavily; in
British
possessions' on
Borneo
favor of the Chinese.
c 1:
//
which previously were taken.
The struggle for control of ?
fered serious
reverses
"
Sea 5 requires
China
the
a
■
Indicative
:
-r't
appreciation.
mainland
:
toward
of islands
string
Asian
The
the west and the
on
relative
nese
v
drives
southward
riches
of
current
.
safety
outposts
Neth-
:
against Singapore are |
successful,
the
enemy
will l
have
virtually enclosed
a
their
in
naval
air,
1
will
be
power,
bers of the Axis.
battle
The
island
the
of
the
Tuesday.
This
/./
Japanese
are
and
triangle
means
that the
j
a
The
doubt.:
unfortunate
fact
lands.
Java,
the
East
Australian,
recognized that the Japa¬
Indian
sphere also
are
in
doubt.
Inside
•
effect.
The German reliance upon
mechanized units is largely null¬
to
Germany
is¬
degree that would diminish
a
production
The
military effort. -V7/
ified, in the present weather.
siege of Leningrad is now said by
Moscow to have been partly lifted,
and at the southern extremity the
Crimean
advance
is
assuming
great importance.
Fighting for
Crimea
is
likely
i b 1
Russian
e.
command
the
permitted,
of
entire
makes
air
over
fighting
line,
the line, appears to have
to remain in the fight.
unmercifully.
j
consider
to
a
attested
action^,,developed,
ward
a
however,
to¬
cessation of Russo-Finnish
Numerous divisions of
hostilities.
Siberian
be
formal
troops
active
on
now
said
are
to
the European front,
that the Russian
indicates
which
by
Air
distant
centers
more
effective-
The
the
covered
500
.border
more
miles
toward
base.
the
than
the
half
great
British
and
inadequate though
they are, the official accounts pro¬
vide a graphic picture of the furi¬
ous struggle that is moving down
the roads and
jungle paths of
Malaya.
Frontal assaults with
tanks and other equipment are not
the only reliance of the Japanese.
Again and again, it appears, the
British Empire units gave ground
when
they found their
aced by enemy
from
junks
rear men¬
forces that landed
and
sampans
south¬
dentals,
way
through jungle trails.,
the
Orient.
At
,
Chinese
forces
of
Generalissimo
Chiang
Kai-shek
thrashed
the
Japanese in what is, perhaps, the
greatest battle of the long war
between China and Japan.
Thou¬
sands of Japanese were reported
killed
or
captured
daily
by
the
Chinese, and the hold of the Jananese
on
some
of the South China
ports has been weakened, in con¬
sequence.
Some Chinese troops
said to be moving toward
and Indo-China, for fresh
now are
Burma
action against the Japanese.
ward of the main lines* or wormed
they
from
Changsha, in Hunan Province, the
?
1
Winter In Russia
Sizeable territorial advances
Kuala
arc
Lumpur, capital of the being made by Russian forces on
Federated Malay States andean the vast front from the Crimea to
important rubber and tin center, the Arctic Ocean, where the Ger¬
fell to the
advancing Japanese last
No attempt* -was made
Sunday.
by Singapore
man,
r.Finnish,
manian-
operations,
submarine
its
British
however, 7 for ;; the
cruiser
5,220
Galatea,
was
admitted
least
one
tons,
and
sunk,
at
merchant ship went
down
just off Nova Scotia.
Both
Washington
and
London
said this week to be engaged
were
the
co-~
United'
best
market
only
,
and/
for*
Latin-Americans.
..
7
>
Whether it is to the interest of
v
the
South
pate
Americans
actively
flict is
question
a
to
the
in
partici-*
world
con¬
which only
on
the countries concerned
can
?
sup¬
tinent
to
There
is,
take
stand.
'active
an
military
further attempt to
good
in
region
suggested,
this
week, an early enlargement of
operations in that highly import¬
ranean
ant theatre of warfare. The Brit¬
units
desert
the
chase
toward
continued
and
Germans
Tripolitania,
sandstorms
cult.
a
influence
apparent
made
to
Italians
but
severe
progress.
diffi¬
On the border of Egypt and
cluded
in
indicates
and
/
all
delegation,
our
which
readiness to meet any
a
problems.
///
Almost all of the South Ameri¬
countries
can
clear
already have made
"solidarity" with the
their
States,
in
the
current
Exceptional privi¬
world
crisis.
leges
available to
are
armed
our
forces
everywhere, from the Rio
Grande
to
Patagonia* and the
Axis
Powers
privileges.
.denied
are
The
such
American
South
pursued
matic
this
until
projected
into
country / was
the
relations
Diplo¬
in^.
been sev¬
war.
in
many
stances .already have
ered between the Axis
and
the
South American. States;
Argentina,
the unquestioned
as
leader of South America, appears
to
bemore
intent
than
other
countries
continuance
upon
technical
neutrality.
of
As delegate
the
from
use
of west coast bases in Ireland
gathered in Buenos Aires for the
a
for naval
operations. Prime Min¬
ister Eamon De Valera stated pub¬
licly, however, that Ireland would
defend herself "from attacks from
Far
activity
Northern Africa and the Mediter¬
ish'
however,
Axis
persuade
Irish Free State to permit the
in
African Battles
Intensified
more
important
than
any
conference of the 21
American Republics < is the
one
that begins today, in Rio de Jan¬
eiro, for upon the outcome of this
'gathering depends the attitude of
South America toward the World
War. The test of United States
previous
of
some
the
other countries
journey to Rio, Foreign Minister
Enrique
de
Ruiz-Guinazu
de¬
clared
that "this America of
must
be
work
and
The
the
Chilean
Juan
for
preserved
B.
ours
peace,
hopes of men."
Foreign
Minister,
Rossetti, made
country would
it clear
favor a
complete break with the Axis at
his
that
the Rio
gathering. Brazilian For¬
eign
Minister
Oswaldo Aranha
emphasized
"solidarity,"
in
a
statement at Rio de Janeiro, last
Saturday, but suggested that this
is
not
incompatible with nonbelligerence.
These divergent
views
South
of
attitudes
that
out
the
ABC
America
which
Nations
of
indicative
are
of
prevail through¬
continent.
-
fit
There
erful
will, of
be
course,
pow¬
arguments available to
Welles and his associates, as
Mr.
the^
'participation in the great conflict begin their formal discussions at
has
produced nine sympathetic Rio de Janeiro, today.
Aiding
war
declarations by the
publics
of
Latin Re¬
America and
Central
them will be not only those
South
which
favor
American
countries
action
alongside
the
Libya, the British Empire units the Caribbean. None of the great all-out
took Solum, Tuesday, and tight¬ South American States, however, United States, but also the nine
ened the steel ring around the re¬ has followed suit, and some of the Central American and Caribbean
which -. already
have
maining Axis forces in the Hal- more important countries have Republics
faya area. Length of communica¬ taken a rather determined stand signed the United Nations Dec¬
laration.
Mexico also will be of
tions now begins to tell against for neutrality.
the advance forces of the British.
German
clearly
are
and
" Italian
being
rushed
plans
for
The multitudinous and del¬
great
icate inter-relations of North
ment
and
a
Ru¬ major move against British naval
units •"> are dominance of the Mediterranean,
or London to mini¬
struggling - desoeratelv ■- against probably as a matter of holer¬
mize.,. .the ..significance .of, that bitter* cold.and mobile Red Army ing ^Italian morale.
The Middle
the
the
the
ligerence which the United States
The Reich expanded
modest.
are
Hungarian,
andItalian
almost
is
aerial
bombing of British points was
of
Thailand
:•..-
t
Brief
from
the
countries, -in short, seem still to
prefer
that
unneutral
non-bel¬
American air squadrons are oper¬
position is not to be regarded as any quarter." Some criticism of
underestimated, mili¬ ating from secret bases on one or brilliant. The need for
the Malay campaign developed in
depleting
tarily, and have made remarkable more
islands, and are assisting the Siberian defense forces in the the London House of Commons,
use of their superior numbers.
In other units in
Malaya.
They are effort against the Nazis possibly and even the United States was
a
series
of
infiltrations, which
attacking the Japanese sea com¬ is
contributing heavily to
the subjected to some adverse com¬
may have been
aided by some munications
ment. One Laborite was reported
everywhere. ~
tragic occurrences in the Pacific
natives,
the
Japanese
steadily
as
fearing that the British Isles
war, for it may be the simple
Only
in
China,
however,
have
marched down the peninsula to-,
will become the American outpost
the Japanese suffered a serious explanation for Moscow's unwill¬
ward ' Singapore.
Since
in European warfare.
they
reverse,
since
they
began
on ingness to join in the fight against
started their attack on Dec. 7, they
Dec. 7 their effort to expel Occi¬ the Japanese member of the Axis.
Inter-American Conference
have
;
of
number
a
German
observers.
There
No
truce.
-
of such attacks has been
ness
decided
Stockholm,
over the last week-end, that Fin¬
nish authorities might be willing
the
industrial
German
indications from
were
conditions
were
nese
since
now
United
British
the
and
ports
authorities
the
vitiate our
Force bombed nearby French
to
that7 front
or
weather
When
*
be pro¬
since milder
however,
on
our arms
r Finland, on the northern end of
and
of
trend
inter-American
-
States
of
skilled and far better
more
ity is modest for the time being.'
the : most
Dutch
in this
results
;
7
j
of
on
;V /•,.
but it is evident that aerial activ¬
the i
economic
to-
Wash¬
subjected to much pressure from ply a conclusive answer.
both sides, respecting the West ington plainly is intent on per¬
African bases of the French. The suading the countries of that con¬
United y
German j
ting what they called "false" ru¬
prepared for winter fighting than
mors.
In all probability the ac¬
the Germans, and are using their
counts are too good to be true, and
ski and cavalry units to excellent
certainly should- not be credited
almost
being made for defense
making
much
claim
t
them
neutrality.;
South
p o s s
quite obvious, and it appears that
arrangements by the United Na¬
are
Spring. ?
weather
to
>
the
against
economic",
and
deal
in
principal Russian advance
America, both directly and
Little activity was noted this
is in the semi-circle around Mos¬
through Spanish connections. The
week in the direct struggle be¬
outcome of the Rio
de Janeiro
cow, where the Nazi units made
tween Germany and the United
their greatest gains and most ex¬
debates will afford an interesting
Nations, and this possibly contrib¬ reflection on;'such
pensive
matters, and
efforts,
last
Autumn.
uted toward a veritable flood of
on the individual problems of the
Operating from interior lines, the
rumors
that the Nazis were en¬
Russians obviously have pushed
South American States.
countering internal difficulties in
the Nazis much farther back than
Under-Secretary of State Sum¬
Germany.
Reports
from
Berne,
the German High Command in¬
ner
Welles
heads
the
United
Stockholm and London all sug¬
tended.
Orel, Bryansk and even
States delegation of some 25 ex¬
gested that Hitler was at odds
Smolensk are said to be among
with his military and naval ad¬ perts at the Rio de Janeiro meet¬
the - Russian
objectives.
These
visers. Some accounts even stated ing. The Washington representa¬
cities, it must be remembered, are
tives
arrived
in
the
Brazilian
that machine guns were being set
the outer ring of Moscow defenses,
capital on Monday, and promptly
up at
traffic"
centers
in
Berlin.
and even if they are regained the
The Nazis took unusual pains to plunged into the usual round of
Germans
still • will
be deep
in
deny the reports of dissension and preliminary talks and explora¬
Russian territory.
tions.
American
banking, ship¬
difficulties.
They- blasted
tne
Russian forces apparently are
Swiss and the Swedes for circula¬ ping and trade authorities are in¬
the
swiftly i
encloses
the
among
that,
is
greater use of German equipment
enemy,
which
realization
the I
against the base of the rough
•
<
*
traditions.
tracted,
Menado
moving
,
accordance
the 7
the f
the
by
j
oddly f
that
of
town
>
of
-
Japanese
must be
of
-
attack,
claimed
important established
gains, but the eventual issue still populous of
in
attacks, v
Malaya and the of the main islands of the Nether¬
Singapore moved lands East Indies.
Headquarters
climax, this week, with of the United Nations have been
base
toward
arm
J
h tions
:..
further
.That Singapore will be defended
the bitter end, if necessary, is
hard to
European mem-
to the
v
;;v.' China .Sea. 77
contest, no matter what hap¬
pens
was
I
in I
combined
land
and
control
such
of
terms
modern
;
sea
Viewed
grasp.
were
important
espec-i
ially
tremen->
early this week, on the Netherlands island of Celebes. The
scene
.
erlands
the
shaped island, known as
Minnahassa region, .was
•
:..V
tions
northern
the :
If
and
.
the
toward
against
moves
i
."
their /
in
Indies.
the
.
r
the f
east already afford the Japa-
of
dous scope of Japanese ambi- f
glance at the map for proper x
indication, however,
of a voluntary change from the
precarious neutrality observed by
that country since the start of the
war.
Vichy France doubtless was
with
whereas--
influence
operation,
v
States,
moment is toward the closest?'
possible
were
The
-v'
attacks
Japanese
vast and vital
whicn they are
Far
•'
the
spreading
the
of European pos¬
decide the fate
colorful
campaign
Russia
probabl y will be resumed in i
to
way
is,
war
are
Reichswehr
Nations
Singapore.
The c defense of the
base
possibly depends on this
problem. * Aerial reinforcements
are
the
andin
Already
near
again
-
them
pull
continued
The
The "neutrals" at either end of
Mediterranean
excellent
measures
racial
may
ward
;
showed little
of
out
certain
*
the
hot7
are
.•
the
policy
joint
United
4
ties
Sicilian
in
Russian accounts
with
sizeable
land
to
week
Neighbor
the
*•::
however, another matter. The ;
fective
arises" whether it
this
assembled
ports.
for
ones,
toward
against
Malta
were
inaugurated
and
maintained, and fleets of trans¬
ports
and
barges
were
being
subjected
rear-guard action remains ef¬
Straits of Malacca, the
now
the
and impressive. But the Nazi
I
the
and
ground fighting units at or
Sea \
China
Throughout the
Sea
Japanese air force able to attack
Malaya, which is highly encourag¬
small ing, for control of the air may well
;
American island of Tutuila, in the
Samoan
China
the
of
trol
occasioned the de-. ships in the
attacks
aerial
With the Japanese Navy in con¬
-
knock
;
raids
bombing
to • intense diplomatic
pressure, both by the Axis and
the
United
Nations.
Turkey
Germans
;
r
.
to
upon
Sizeable
leaders
easy
political relations of the Good
conquest of the Mediterranean.
a
American
.
in
of action by the
«■
sister
»
America
South
involved
-
continent
Decisions
the
to
was
for
agree¬
an
reached
Monday,
plainly
whereunder the United States and
question
Mexico will act jointly in defense
of North America, much as Can¬
States of the
facing
importance,
the south.
ada
the' South
so*
and
the
acting •/-'.Itt
United
States
k v'V't
.
are
.»»-.* -»«A»
THE COMMERCIAL & FINANCIAL CHRONICLE -i
222
Cottonseed Receipts, Lower
;
and
cottonseed
RECEIVED,
AND
AND
CRUSHED,
trend
ex¬
1941 and 1940:
ported for the 5 months ended with December,
COTTONSEED
-
following state¬
showing cottonseed received, crushed, and on hand,
products manufactured, shipped out, on hand, and
ment
ciable slackening in demandfo^ essential materials," it was pointed tion gasoline components to essen¬
gasoline by civilian drivers* since out In the announcement. > - "In tial purposes, expediting of prior¬
the new tire rationing
regulations; performing this service for the in* ity applications for aviation gasowent into effect recently, if > the dustry, the materials division will
ine plants, obtaining of agreement
Than Last Year
On Jan. 13 the Bureau of the Census issued the
(TONS)
ON HAND
Received at mills*
1941
Tfhited
States
3,449,192
___,
139,869
117,156
56,490
51,477
43,904
,43,832
56,758
12,803
259,979
109,511
443,959
187,579
223,641
66,892
219,165
50,262
32,101
7,653
231,873
123,756
487,229
247,169
154,345
1 66,924
319,021
190,526
51,800
57,775
California
_
_
Georgia
Louisiana
529,380
415,224
189,592
218,261
____
Carolina
Oklahoma
_
Tennessee
76,615
209,179
845,617
other
States
135,261
___
re-shipped lor 1941
COTTONSEED
"•
■
Season
Cake
and
(tons)
August 1;
1 to Dec. 31
*29,708 ;
37,352 '
738,419
658,502
648,546
W—-s'--—L:-
meal____
1941-42
164,444
1,000,077
1,031,130
784,155
1940-41
79,501
1941-42
151,439
1941-42
123,154 i
1940-41
129,340
1941-42
1,834
Llnters
(running /-bales)
fiber
'/
1941-42
663,626
645,472
519,165
17,309
17,417
;
,
179,014
380,366
178,554
249,091
V
172,012
141,308
15,916
5,569
,19,843
22,926
23,357
12,018
+
13,192,000
88,735,000
and
refiners, brokers, agents, and ware¬
refineries and manufacturing establishments and
3,903,000 and 3,901,000 pounds in transit to manufacturers of shortening, oleomargerine, soap, etc., Aug. 1, J941, and Dec. 31, 1941, respectively.
.
V;.■
v . • ;
(Produced from 552,630,000 pounds of crude oil.
:v>;.' r :,-v» • i'
(Includes 7,268,000 and 3,856,000 pounds held by
housemen
.at
places
than
other
fuel
Seaboard
oil
the
on
of
Eastern
the .Gulf
at
and
also, in effect,
serve
the Office of by patent
ties
owners to
slash royal¬
aviation gasoline processes
on
and mobilizing of the
industry's
petroleum."
leadership in the Petroleum In¬
Representatives of independent dustry- Council for National De¬
petroleum refiners joined
with fense. ' I■ t:V
the field
of
-.
spokesmen
independent iron
In keeping with the
program to
in opposing expand
available
supplies
of
the proposed 10% increase in rail¬ aviation
grade gasoline, the Texas
for
farm
and
ore
groups
and water carrier rates at
road
hearing .of
a
Com¬
Interstate
the
Coast, merce-Commission in St. Louis
on
Railroad
acting
Commission
this week,
the recommendation
upon
:of Mr.
Ickes, earmarked by pro¬
proposed by several oil companies, Jan. 8. M. H. Champion, counsel ration order all
aviation grade
nave been rejected by the Office
for Anderson-Prichard Oil Co. of
petroleum from 62 Texas fields
of ? Price Administration, it ; was Oklahoma City, said that his com¬
exclusively for military use. Most
announced
in
Washington
on pany was opposing any increase in of the fields
are
along the Gulf
Jan. 10.
Under the planned price any petroleum rate.
"The freight oLMexico and in Southwest
Texas,
revenue
from
schedule, prices would have adr
petroleum
has and the order
vanced
15 cents
a
cited
barrel to $1.50
Federal
re¬
cohtinually declined from
1936 quirements that all oil^and
refin¬
through 1940, yet on the revenue ing
capacity possible be set aside
sponding advances at other East of all carload freight there has for aviation
gasoline production.
Coast ports and on the Gulf Coast; been a slight increase," he pointed
Similar action in ether'fields in
In denying the applications; for out.
"It will be noted that in 1936
major oil producing States where
the advance, the OP A considered the petroleum traffic represented
the
crude
is
sufficiently high
current
charter
rates,
costs
of 8.24%
of
the; railroads'
total grade to furnish
good material for
operating company-owned tankr freight revenue, whereas in 1940 aviation
gasoline is expected in
ers, fuel oil supply position;'de¬ this was reduced to only 6.76% the
immediate future.
fense operations in which fuel oil of the total, which in our opinion
One possible
complication is the
is required and the general eco¬ was due to the
continual • high
York
New
City
with
corre¬
Products
fact tnat
the American
petroleum
products be¬
industry will soon be called upon
production and con¬ to
produce a considerable amount
ment set the following maximum
sumption of petroleum products of
synthetic rubber, to replace the
prices for Grade C bunker fuel has increased each year."
supplies lost through the victories
nil and No. 6 fuel oil, f.o.b. refin¬
: With Texas showing a jump of
of the Japanese
Army and Navy
eries and terminals (ex
lighterr approximately
220,000
barrels in the Far East
where most of the
age):
'
\ -*
oaily, the nation's daily average American
supplies normally are
Albany, N. Y
$1.55. flow of crude oil for the weex
position
marketers.
1,726 ;
pounds held by refining and manufacturing
establishments and 7,859,000
and 23.480,000 pounds in transit to refiners and con¬
sumers Aug.
1, 1941, and Dec. 31, 1941, respectively.
:
.
*
•Includes
bunker
nomic
222,099
V
10.510
r
use'
.
458.055
;
29,576
14,864
;
*169,998
932,077
611,924
;
6,183
12,449
1940-41
bales)
y.V
1,215 h
1940-41
bales)
Grabbots, tnotes, &c.
.
.
'■"•/
On hand
.Dec. 31
v.
425,814
i
576,912
;;
•
475,417
573,069
20,914 i
tons
1314,330
1518.488
493,658
1940-41
(500-lb.
.655,416
t.294,005
—
(500-lb.
.
704,542
1941-42
(tons)
39,212
AND ON HAND
Ship, out Aug.
1940-41
Hulls
Hull
OUT,
SHIPPED
1 to Dec. 31
lessened
by New York City1 and
other
major population -.centers
throughout the country continues,this factor must eventually be-,
come a major one in the market
picture.
Y.:.>■■;*1
Higher
prices
for Grade \C
at
pounds)
oil
(■thousand
•,
'
Produced Aug,
1940-41
(thousand pounds)
Refined
71,561
41,536
23,984
169,614
275,897
62,318
On hand
1941-42
oil
18,247
"181,067
hand Aug. 1 nor 25,752 and 15,914
MANUFACTURED,
•
'
95,465 ■/»■, 9,435
.240,671
214,385
150,310
> 63.252
150,873
' 55,611
148,658
10,230
165,276
195,362
' 663,447
291,530
.76,051 462,812
on
respectively.
PRODUCTS
•
101,803
-
.
581,281
and 39,507 tons
and 1940,
Item—
Crude
157,822
172,126
333,764
922,932
•Does not include 130,529
■
191,901
83,837
>
.
136,076 >'
_—383,873
Texas
All
;
—212,901
South Carolina
65,744
113,458
75,833
•
Mississippi
Worth
148,675
185,454
Arizona
__••
.1,274,276
1,292,911
454,214
Alabama
Arkansas
2,319,559
2,286,810
3,554,328
1940
1941
1940
1941
1940.
Dec. 31
31
Aug. 1 to Dec
Aug. 1 to Dec. 31
State-
On hand at mills
Crushed
toward
automobiles by the general public Production
Management
as
an
continues at the same pace j as -industrial branch' specializing in
shown
'
•
Thursday, January 15, 1942
of
The
refiners
OPA
and
announce¬
rates
petroleum
on
cause';
the
«
obtained.
l\eW York, N. Y,
Pmladeipnia, Pa.
»+1 #5
ended Jan. 10
up 222,760 bar¬
barrels, according
was
rels to 4,252,460
Baltimore, Md.
iNorfolk, Va.
;L3p
"Oil
the
to
The
13.
Jan.
Gas
&
Journal"
ori
The
which
output
of
crude
same
prop¬
essential
are
synthetic
to
tne
rubber
are
essential to the production of 100-
gain octain aviation
gasoline, which in¬
there to dicates a
In the interest of national ' defense, the Department of Com¬
possible check upon the
>L3b 1,714,100 barrels.
California
and
merce has decided to discontinue
until further notice the publica¬
scheduled expansion of production
Providence, R. I.—1.35 Louisiana also showed a gain with
tion of statistics concerning imports and exports.
facilities and supplies of the latCharleston, S. C.i
YjWO Kansas, Oklahoma and Illinois re¬ ter.
Savannah, Ga.
L3Q porting lower production totals.
The Office of Price Administra¬
Jacksonville, Fia.
.1.3P Inventories of domestic and. for¬
tion this week granted
permission
Tampa, Fla.
eign crude oil held in the United
to gasoline distributors in
New Orleans, La...-.——
those
.85 States on Jan. 3 were up 450,003
areas of
Electrical research statistics for the month of October, 1941 and Gulf Coast
Virginia
and
'
'
-85 barrels at 244,440,000 barrels, the
Maryland
adjacent
to
the
District
of
Colum¬
1840, covering 100% of the electrical light and power industry, as
Bureau of Mines reported.
Do¬
The rejection of the advance,
bia to advance tank
released on Jan. 13 by the Edison Electric Institute, follow:
. ;
wagon gaso¬
mestic crude stocks were up 284,while not unexpected, was a dis¬
line
prices by not more than
000
SOURCE AND DISPOSAL OF ENERGY
'barrels,
with
holdings
of
appointment to East Coast oilmen
—Month of October^-cent
a
gallon.
The increase is
since
tne current price of $1.35 foreign crude rising .166,000 bar¬
% Change
Of Cottonseed
And Imports
Exports
__
Portland, Me.
Boston, Mass.
,
/1.35
—_________
—-
lifted
Texas
in
219,600-barrel
erties
output
^
Oct. Statistics For Electric Lt. Pr. Industry
.
(net)—•: > '?■
♦Gencation
By
water
1940
9,396,059,000
3,659,176,000
A—15,236,102,000
76,847,<000
238,553,000
317,545,000
14,756,951,000
13,055,235,000
80,558,000
140,236,000
520,830,000
12,474,727,000
2,393,863,000
2,077,800,000
_
i
plants
power
Total generation
boundaries' ?. !
Add—Net imports over intern,
Less—Company
1941
11,033,940,000
4,202,162,000
■!
By fuel burning plants
use
—i—j.-
c
Less—Energy used by producer.——
Wet
unaccounted for
and
Sales
distribution...—...
:
for
energy
Losses
ultimate
to
*
.
____
customers
12,363,088,000
>
CLASSIFICATION
OF
+17.4
+ 70.1
Residential
Rural
domestic—
or
981,057
681,000
+ 18.3
+ 18.9
Small
industrial:
or
120,826
114,173
.31,444,796
30,083,533
i
_____
0.7
+
customers.
.
________
industries
v
4.5
+
2,091,593,000
226,238,000
1,922*059,000
177,303,000
and power.——
2.099,961,000
1,886,007,000
Large light and power
highway .lighting—.
public authorities...^
Railways and railroads:
Street and interurban ratlways.
6,934,106,000
5,444,646,000
domestic.———
or
(distinct
Commercial
or
Small light
rural
rates)
industrial:
Other
...
Electrified
railroads.....
steam
Interdepartmental
_____
Total to ultimate customers.—.
Revenue
from
ultimate
customers—
RESIDENTIAL
OR
DOMESTIC
8.8
+
i
+ 27.6
:
Leon
Office
last
322,321,000
320,928,000
178.456,000
166,779,000
42,204,000
57,541,000
—26.7
12,363,088,000
10,39.6,927,000
+ 18.9
$228,833,300
$206,982,700
+ 10.6
i8.i
+
0.4
+
7.0
offering
otherwise bidding
away
per
■
bill..
killowatthour
Average
snnual
Revenue
per
+
—__________
_______——_______
*By courtesy of the Federal
1941
980
customer—
U
$36.75
3.75c
1940
% Change
939
+ 4.4
$36.34
+
3.87c
1.1
—3.1
Power Commission.
war
ing
to
"dis¬
bonuses
and
above posted
conditions, this type of buy¬
only serve to contribute
asked
that,
spirals."
more
crude
.than
oil
It was
buyers
pay
a
materials division
ordinator" to
try
rials
in
assist the
oil Indus*-
essential inateannounced by Petroleum
obtaining
was
'shortage with its inevitable curbing of automobile driving Coordinator Ickes in --Washington
natural curb upon consumption of motor fuel, Petroleum. this week.
William F. Huff, oil
Coordinator Ickes said in Washington this week at his regular press well
supply expert of Glendale,
conference.
While there is no shortage of gasoline at the present Calif., will head the new materials
time, war-tJme demands upon the nation's petroleum transportation division.
"The 'increasing' imr
system may bring about .shortages ~
portance and -volume of work con*in some sections of the country in of-gasoline would aid in the con¬ cerned- with
rpreference ratings
"the future, according to present servation of rubber and also of and allocations of oil industry mar
the rubber
will act
as a
belief.
This
decision
was
reached
by
Mr. Ickes in the face of arguments
advanced
cials
who
that
a
curtailment
degrees
are
While, there has been
no
war.
appre¬
week
$2.75
Illinois
Illinois Basin
_____
above
a
curtailed
rationing. While this
was
rubber tire
new
may
develop
to the point where it will
become
1.25
serious
0.82
a
1.20
motor
influence
fuel
trend of
civilian
on
demand,
the
rising
military and defense
de¬
mand for gasoline will offset
any
and
development of this nature, it is
1.29
over
in
accelerated by the
1.25
37.9
reflected
was
1.22
1.37
:
Smackover, Heavy
Rodessa, Ark., 40 and above
East Texas, Texas, 40 and
.•
'
demand for motor fuel which
"
Hills,
the
which hit
snow
1.31
Mid-Contin't, Okla., 40 and
above
in
Henderson,
good portion of the country this
not shown)
Bradford, Pa.
Corning, Pa;
Eastern
adjust¬
out
Director of the OPA.
(All gravities where A. P. I.
Pecos
County, Texas
' 0.95
Larice Creek, Wyo
1.12
Signal Hill, 30.9 and over__
12\
generally felt.
>
-
___
With the exception of the tax-
adjustment in gasoline prices
Further progress in the drive of
Office
the
of
Petroleum
sections
some
Co¬
of
Maryland
responsibility
forr assisting vthe
petroleum- industry
to
obtain
(Above
F.
.
New
production from oil fields which
the high grade crude oil
Tide
needed for aviation gasoline.
Texas
in
and
order
new
stipulated
that
so
arranged
the total State
limits
as
Octane),
Refinery
Oil
.09
—
Gulf
mean-curtailment of produc¬
of low-grade crude in some
_—...
.06-.0634
...
Coast
Super.
.«
.
41-43
F.
W»ter
O.
TV
White,
Tank
Refinery
(Bayonne)
in- the
tiated
far-reaching program ini¬
by
Petroleum Coordinator
in 1941 when the need
Ickes early
of increased
North
.0525
j
.".0525
...
New
Texas
Orleans
Fuel
N.
Oil.
v.
F.
O.
(Harbor)
Diesel
B.
_.04%-.043/4
;
Refinery
unker
Terminal
or
C.$1.35
:
——
Rat-ennah
Banker
.
C
1,35
Coast
-85
Halifax
Gas.
N
Y.
2.15
1.30
Philadelnhia, Bunker C.,
r,",f
.04
4.25-4.625
—
1.70
Oil.
F.
O.
B.
Refinery
(Ba'vonnel 7 plus;
for refineries, issuing of Chicago,
orders restricting the use of a via- Tulsa
program
"
Tulsa
supplies of aviation
gasoline for our own and our
Allies' military needs became ap¬
1
-$.053
r
order is the latest step
new
Car,
-
—.—__
R'lHmnrc
; Philadelnhia
.
.06-.06%
—
Kerosene,
New York
.06-06'
__—_———....
Oklahoma
y
.085
—.
Cities—
Chicago
quotas within the>
prescribed each 'month by
office,
which
.083
Eastern
Other
to keep
may
The
Tank
$ 083
Water
y Shell
the
Coordinator's
States.
05
B.
.
The
the
tion
O.
York—
Socony-Vac.
yield
automobiles, production of both of. terials make it desirable to esta.b" parent.
The program to date has
which has been virtually ended as lish a soeciali zed functional unit included the launching of a giant
far as the general Dublic is con¬ to aid ibis office in
fuUiUing its- expansion and new construction
by civilian supply offi¬ cerned for the duration of the
felt
!
tax
announcement of Leon
The cold and
crude oil be
in the Office of the Petroleum Co¬
need for gasoline rationing at the present time, si^ce
per
of
pointed
was
Wells
posted prices as ot higher quotas for the high grade
1941.
Creation of
no
pur¬
can
Nov. 7,
There is
At
a' matter
it
week.
from competing buyers Ickes to Governors and petroleum
regulatory agencies of the major U. S. Gasoline
Car Lots,
oil-producing States to increase
inflationary
no
Petroleum And Its Products
Barrel
;
ment,
forecasts a general in¬
in prices for crude.
Under
usually
crease
Average customer data—
no
prices." The OPA announcement ordinator to triple current output Virginia, covered above, prices
grade
high
octane of
pointed out that "in normal times, of aviation
refined
petroleum
products
the offering of bonuses or other gasoline came this week in orders
showed little change
during the
forms of premium to attract busi¬ issued by Petroleum Coordinator
ness
Series)
other fields
continue
12 Months Ended Oct. 31-
Kilowatthours
that
asked
Saturday
East Texas and
2.3
+
>
•
+ 27.4
188,876,000
232,788,000
:
Kettleman
Henderson, Director of the
of Price
Administration,
chasers of crude oil from wells in
193,302,000
(Revised
supplies to demand is
+11.3
274,907,000
SERVICE
•
concerned.
"
Street and
:
brought
point of 'Tightness" as far as the
■% Change
1940
1941
Ki'owntt-Hovr Sale1'—
Rural
has
Atlantic Coast stocks almost to the
?
—Month of October—
Residential
New 'York
at
prices had been
hoped for by the trade. The sharp
expansion in demand for this type
of fuel oil for the Navy and de¬
relation of
ultimate
Total
cost
$1.40, higher
fense
4,252,510)
182,005)
4,288,660
174,849
light and power—„
Large light and power
Other customers
delivered
a.he
4.1
+
■:
were
Prices of Typical Crude
,
.,
(distinct rural rates).
Commercial
Coast
oil
crude
price
changes posted during the week, j
of 85 cents added to the
transportation cost of approxi¬
mately 55 cents a barrel bring
% Change
24,853,845
Gulf
Since
belief.
strictly
There
prices
to
25,879,404
postea
was
rels.
April, according to the gen¬
eral
+ 15.2
10,396,927,000
1940
Wiiich
—39.0
SALES
1941
since Yt
arisen
i.ave
last
4.5
——As of Oct. 31-
N'Tiber of Customers—
increased oper¬
ating costs of the companies
16.7
+
—
include
not
noes
14.8
+
28.30
__—
Terminal
or
'
$.04
D
.053
—
"
,.
-03%,
•
VGlume
•>.
155 ' -Number - 4033
■
THE
Electric Output For Week Ended Jan. 10, f 942,
1942Dailu
l Shews 15.9% Gaiii Over Same Week In 1941
Stewart Baker,- Chairman of
the Board of the Bank of Man- \
J.
hattan
Co.,
York,
New
that
2
Jan.
the
earnings for the
net
A1 ierayei
Jan.
12
E^j[Son Electric Institute, in its current weekly report, esti¬
mated that the production of electricity by the electric light and
power industry of the United States for the week ended Jan. 10, 1942,
reported
operating
*
■
10
year
'
further
Baker
stated:.
1209
Rocky
securities
of
in
of
excess
/used,
together with recoveries,
including ad¬
July
for United
July
to set up reserves,
ditions to the
Government
States
/and
reserve
write
to
their
held
meeting
annual
on
2, at which time Mr. Baker
reported / the indicated earnings
for
1941; this report was dis¬
these
in
11, page 1472.
of
columns
'
-
Oct. '
of Dec.
total
total
—
r—.
:
i.
/+/+
amounted
banks
to
increased
to
from
tenth
The
edition
Cleveland Reserve
*
-
At
a /
Cleveland held
follnwlngv.changes
official staff of this bank
Reserve
on
Jan.
the
in
were
;
!.
made;
C.; W.
Assist¬
appointed
Arnold, formerly
Vice-President, was
Vice-Presidents ,
ant
;:E.
A. Carter,
.formerly Aslsbm4
Assistant
Cashier, was appointed.
Vice-President.
,J.
ant
W.
Kossin, formerly Assistat the main office,
was; appointed
Cashier
Pittsburgh branch.
.
C.
E.
.
the
at
Harrell, formerly of Cin¬
cinnati branch/was
sistant Cashier at
appointed As¬
the main office.
appointments
fective Jan. 9.
-
-
■-
are
;
■
ef¬
115.82
113.50
107.27
89.64
95.62
109.97
113.31
106.04
116.02
113.70
107.44
89.78
95.62
110.15
113.50
113.70
107.44
89.92
95.77
117.66
106.21
89.92
113.89
95.77
110.52
114.08
18
118.25
106.39
116.80
113.89
107.80
90.06
95.77
110.70
114.08
!7
118.21
106,56
116.80
113.89"
107.98
DO.34
95.92
110.70
i6
118.16
106.56
117,00
114.08
197.98
90.34
96.07
110.70
114.27
\-y:
is
118.09
106.56
117.00
114.08
107.98
90.06
96.07
110.52
114.08
■•+;
13
118.13
106.39
116.80-
113.70
•107.98
90.06
95.92
110.52
113.89
89.78
95.77
WV-.—---
118.18
110.52
113.70
117.71
106.21
116.61
113.3L
107.98
90.06
95.92
110.52
113.50
106.21
116 61
113.31;
107.80
89.78
95.71
110.52
113.31
116.80
113.50
108.16
89.78
95.92
110.88
113.31
'
9
118.17
wiU'-r,
2,279,233
2,338,370
2,231,277
1
.4-16.2 :T 2,558.538
2,211,059
2.207,942
2.331,415
■,!■.
419.3
2,554,290
2,228,586
2,339,384
1
2,817,465-:i ^:{419.1^7>2.583,366
2,251,089
2,324,750
Oct. 31
24
119.43
r
19.8 ;
i
i •+'18.2
2,792,067
-:
2,532,014
2,538.118
.;
>
>
2,837,730
TH 16.81
2,866.827
3.475.919
3,003.543
3 495,140
;
.2.576,331
2,281,328
2.327,212
2.325,273
2.263.671
2,560,962
2,247,712
2,104,579
4 13.9
2,605,274
2,334.690
2.179,41'
'1+14:8;-
2,654,395
2,376,541
2.234,135
2.694.194
"
414.4
-
;•
415.7/
2.390,388
2,241,972
3,052.419 V/i+14.5
■
2.712.211
2,424.935
2,053.944
:.'+17.3
'■
2,464,795
2,174,816
-
■i
106.39
8
118.69
107.44
117.80
114.85
109.06
90.91
96.85
111.81
114.85
6
119.59
108.16
118.40-
115.43
109.60'
91.77
97.31
112.19
115.82
-5
119.62
108.16
118.40
115.43.
109.60
91.91
97.47
112.19
116.02
4
119.56
108.16
118.60:
115.43
109.60
91.91
97.47
112.37
116.02
3
119.58
108.16
118.60
115.43
109.60
91.91 '
97.47
112.37
116.02
j. ,'*;■/■»
119.59
108.16
118.60
115.63
109.60
91.91
97.31
112.37
116.02
I
119.65
.108.16
118.40
115.43/
109.60
91.91
97.31
112.37
28
119.77
108.16
118.60
115.63
109.60
91.62
97.16
112.37
116.02
118.60
115.82"
109.60
91.77
97.47 '
112.37
116.02
115.82
109.42
91.77
97.31
112.37
116.02
109.60
92.20
■
-
.
r
Nov.
21
119.96
108.16
14
119.98
108.16
118.60
120.04
108.34
118.60
120.03
108.16
118.40
115.82
109.42
92.06
118.40
115.63
10+42
92.06
V '
7
|
|
r—- —
119.23
17
■
108.16
10
3,234,128
2,757,259
-
1942
194i : j
*3,288.685
10
1940
2,845,727 ./ : +15.'6
I'3,002,454 i' i'+15.9
3,430,344
i
' over 1941.
.
1939
2,558.180
1.619,265
1,542,000
2,688,380
1,602,482
1,733,810
Vo Change
*
.
,
..
.1940
:■:
13.149,116
..
over
.11,683,430
1940
+ 12.5
:
":.+' 1939
1938
9,787,90)
+ 11.7
? 9,256,313
8,396,231
8,911,125
+ 17.4
10,121,459
February
11,831,119
10,589,428
/larch
12,882,642
12,449,229
10,974,335
10,705,682
' + 16.3
Jay
13.218,633
11,118,543
+ 18.9
fune
13,231,219
;
11,026,943
13,836,992
118.019
•
13.901.644:
'*
/../A 14,756,951
'm+
v
9,886,443
8,607,031
9,573,698
9,868,962
8,750,840
91.91
97.16
112.00
116.02
91.77
97.00
112.00
116.02
•Sept 24
118.95
107.44
118.00
114.85
108.70
91,19
96.69
111.81
115.43
„—
10,068,845
8,832,736
9,773,908
+ 19.1
'-10,185,255
9,170,375
10,036,410
11,924*381
+-i8.4.:i.l0,785,902
9,801,770
10,308,884
"9,486,866
~9,908r314
11,484,529 '
4- 21.0
"
10,653,197'
.'+18.3
; 11,289,617
9,844,519
10.065,805
1/.
11,087,866
9.893,195
9,506,493
11,476,294
10,372,602
9,717,471
12,842,213;
138,653,997
124,502,309
111,557,727
maintained last week's gains.
over
a
The
Treasury bonds
Treasury issue, the 2s
new
billion dollars of guaranteed
anc
.Norfolk
&
Union
Western 4s,. 1996,
a
Terminal
net
&
American & Foreign
groups
"
114.66
108.70
91.62
97.00
111.81
115.24
114.85
108.88
95.06
97.31
112.00
115.24
Aug. 29
91.77
97.16
107.62
v.
•*£"'
-*
""
.
rSiv
-•
.
j,
•
119.14
107.80
118.40
114.85
108.88
111.81
115.43
119.55
107.80
118.00
115.24
100.52
92.06
97.47
112.00
115:04
119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.60
May 29
118.71
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.73
Apr.
118.62
106.21
116.61
112.75
106.56
91.19
96.69
110.34
112.19
Mar. 28'-
117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
Feb.
28
116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.73
fan.
31
117.14
106.39
118.00
113.70 / 106.39
90.48
96.85
109.79
113.70
120.05
108.52
118.60
116.02
109.60
92.50
97.78
112.56
116.41
115.89
105.52
115.82
112.00
106.04
89.23
95.62
103.42
111.62
115.89
105.52,
116.22
112.00
106.04
89.23
95,62
109.42
,96.07
25
1941
Low
1941
Low
1941
:
1940—
1940—
'
*
119.00
115.04,
106.74
110.88
114.83
99.04
112.19
109.60
99.52
79.37
86.38
105.52
196.50
1 Year ago
Steel
changed but
by Socony-Vacuum 3s,. 1964, up % at 105 % and
up V4 at 105,
Most of this group was un¬
Liggett & Myers 5s.: 195U lost .%. Point at 122.
Ad¬
3s,
havey been quite generaliin ;the more speculative sections
Firestone 3s, 1961, gaining IV4 at
93%,: Remington-Rand 3V2S, 1956
rising one point to 101, and United/Drug 5s, 1953. taking on 1% point
at 96.
Union
Oil Co. of California offered
on
Tuesday at 99%.
$15,000,000 of 3% deben¬
; ■
The general
improvement in the foreign list has continued and
prices have been better.on balance/, Australian loans advanced fjmther but met profit taking toward the close, while Canadian bonds
gained fractionally. Argentina bonds became irregular after a dis¬
Cuba
of early strength but Chilean issues closed slightly better4V2S gained over four points. Norwegian and Danish bonds
have
been
bid
up
several
points
and Finland
6s
mov°d
106.74
118.20
114.08
106.74
90.63
96.85
110.15
115.96
101.97
115.43
111.81
100.98
84.04
90.34
106.74
MOODY'S
;
(Based
Avge,
1942—
Daily
/
■
Corpo-
j'/./-, Average v;
Jan.
1
3.34
42
^3.34-
10
3.34
..
+.••'++ 9
3.34
3.34
8
3.34
iM
3.35
5
3.36
3
3.37
2:
3.39
f:.'/;'": 1
+1941—
Dec.
A
'30
3.39
29
3.40
-27
3.40
26
3.39
,
i"
!
■
3.39
31
•
25
24
3.39
:r 23
3.38
22
3.37
20
3.38
19
3.37
is
3.37
:
17
3.36
16
3.36
15
3.36
3.37
13
A"
12
3.38
11
3.38
10
3.38
'
9
3.37
8
3.31
6
3.27
5
3.27
•'
4-
3.27
3
3.27
3.27
3.27
Nov.
3.27
28
3.27
21
3.27
14
3.26
3.27
Oct.
3.27
3.28
3.28
3.28
...
Moody's
given in the
Sept 24
up
seven
computed
bond
prices
following tables:
and-bond
.
yield
averages
are
——IHZ——
3.31
5
A'lg.
^:
29
June 27
L
May 29
——
Aur.
Mar.
28
Feb
28
Jan.
31
High
2.83
2.83 -
2.82
2.82
Indus
-2:96
3.30
4.28
3.92
3.13
2.97
2.95
3.30
4.29
3.93
3.13
2.96
2.95
3.13
2.97
3.30
4.29
3.93
3.13
2.96
2.82
2.95
3.29
4.30
3.93
3.13
2.96
2.82
2.95
3.30
4.30
3.94
3.13
296
2.82
2.95
3.30
4.31
3.95
3.12
2.85
2.97
3.31
4.32
3.97
3.13
2.99
2.86
2.97
3.32
4.34
3.99
3.14
2.99
2.86
2.98
3.33
4.37
4.01
3.15
STOCK
2.86
EXCHANGE
3.34
2.98
,
2.97
'<•
2.99
CLOSED
4.39
3/6
4.02
3.00
2.86
2.97
3.32
4.40
4.01
3.16
2.P9
2.86
2.98
3.31
4.43
4.03
3.16
3.00
3.32
4.44
4.03
3.17
2.99
3.31
4.43
4.03
3.16
2.98
2.r8
2.86
2.85
2.97
STOCK
EXCHANGE
CLOSED
2.84
2.97
3.31
4.42
4.02
3.16
2.97
2.83
2.°6
3.31
4.42
4.02
3.16
2.97
2.83
2.96
3.30
4.40
4.01
3.15
2.96
2.83
2.97
3.30
4.40
4.C2
2.82
2.96
3.29
4.40
4.02
2.81
-
3.29
2.96
'
2.81
2.96
3.28
2.80
2.95
3.28
2.80
2.95
3.28
2.81
4.41
4.39
7
4.41
3.28
2.97
4 02
4.39
;
-
2.96
2.95
3.13
"2.95
4.01
3.13
4.00
3.13
2.94
3.14
2 95
4 00
4.41
3.15.
3.14
'
4.01
2.94
3 14
2.96
2.81
2.97
3.29
4.43
4.02
3.14
2.82
2.99 T
3.28
4.41
4.01
3.14
2.98
2.82
4 +3
4.02
3 14
2.99
-
2.97
2.99
3.29
2.81
2.98
3.27
4.43
4 01
3 '2
2.76
2.91
3.22
4.35
3 95
3 07
2 91
2.73
2.88
3.19
4.29
3.92
3 05
2 86
2.73
2.88
3.19
4.28
3.91
3 05
2 85
2.72
2.88
3,19
4.28
3.91
3.04
2.72
2.88
3.19
4.28
3.91
3 04
2.85
2.72'
2.87
3.19
4.28
3 92
3 04
2.85/
2.73
2.88
3.19
4.28
3 92
3 04
2.85
•
2.72
2.87
3.19
2.72
2.86
3.19
2.72
2.86
3.20
2.85
3.19
2.86
3.20
2.87
3.20
2 72
2.73
-
2.73
•
4.30
;
.
3.93
2 99
2 85
3 04
2.85
4.P9
3 91
3 04
2.85
4.29
3.92
3 04
2 85
4.26
'}
4.27
"
3 91
3 05
2 85
4.27
;.
3.91
3.05
2.85
3.04
3 89
2.84
1 »5
',
2.74
2.89
3.22
4.28
3.93
3 06
2 85
,
2 88
122
4.29
3.94
3 06
2.83
2.75
2.91
3.24
4.33
3.96
3.07
2.88
4 31
2.88
2 73
3 22
2 88
-
.4.29
3 94
3 or
3 °6
3.08
3.24
4.30
3.94
3 07
2 89
3.23
4.27
3 92
3.06
2.89
3.29
2.73
2.91
3 23
4.29
3.93
3 06
2.88 /
2.89
3.25
4.27^.
3 91
3 06
2 90
3.31
3.24
2 °2
2 74
2.75
2D2
3 29
4.29
3 93
2.82
2.99
3.33
4.34
3.96
2.82
3 02
3 36
4 33
3T6
"
3.09
'
3 02
3 03
3.40
2.83
3.05
3.39
4 34
3.97
3.3 8
3.07
3.40
2.79
3.01
3.38
4 43
4.01
3 18
3.02
3.37
2.75
2 97'
3 37
4.37
3.95
3 18
2.97
3.20
3 08
3.42
,
4.47
4.03
3 ^
4 24
+ 3.89
3.03
2.83
3 78
5.24
4.68
3.42
3.30
2.90
3.35
4.42
4.00
3.12
2.91
2.74
2.95
3.35
4.37
3.95
3.,16
2.95
2.88
3.07
3.69
4.86
4.39
3.35
3.14
2.86
2 85
Low
3.35
2.70
1940
-1 Year ago
3.35
1941
2 Years ato
3.63
1940
3.39
3.06
3.19
3.25
1
)
'
»
2.92/
3 13
3 15
—
;,.r
,
2.73
2.72
13.
U
3.92
3.06
13.
P
4.27
3.81
Jan.
R.
3.30
2.92
3.37
■
;
R
Ran
—
1941
1041
Corporate by Groups
A
2.96
High 1940
Tow
[
3
v
/
'•;/"•/ '■"/:
•/■'/:,
Corporate by Ratings
Aa
:':
/
;
;
2.91
3.38
25
'
Prices)
2.75
3.29
—L—r
July 25
:;-/
..
'
AVERAGESt
.Closing
2.74
3.30
;
—
YIELD
Individual
i
110.52
3.29
3.30
17
12
BOND
on'
114.08
,
Aaa
rate
— A-
13
Jan.
points. Polish bonds added to their recent gains while Belgian issues
closed slightly unsettled.
'VV.-,
'
118.14
13, 1940—
1961,
vances
89.92
v
Jan.
'j
111.62
106.74
J,an. 13, 1941—
j 2 Years ago
Among the highest grades of industrial bonds gains for the week
have been recorded
»
113.02
t
-
'
119.63
v.
*
115.43
25
of utility
the former
:
*
96.69
nine 27
Telegraph
,f
2.75
118.00
118.20
Power 5s, 2030, International Tele¬
sylvania Electric mortgage bonds.
111.62
107.62
107.80
\;;/:V:'/: .;V./1V
among
91.48
119.02
119.13
3y?s,
gain of 3Vs.
108.70
118.82
5
'
,
117,141,591
114.66'
118.20
;17
12
i'
9,665,137
H20.0
-
12.213,543
:
9,110,808
9,525,317
11,616,238
12,474,727,
;//
;
116.02
109.06
109.06
i
:
1937
9,290,754
112.00
115.24
115.43
Low
10,183,400
;
97.00
118.20
118.40
High
>,
116.02
116.02
107.98
High
'•Revised.
112.19
112.19
107.98
luly
1238
116.22-
97.47
97.47
119.16
i
2,033,319
91.77
109.06
115.43
118.40
107.98
112.37
97.78
t
119.21
.
I
I
%' Change
1
; 1942
4
116.02
116.02
3
I
-
27.
107.80
114.27
117.70
2,773,177;
%
113.70"
116.80
113.89
11
2,211,398
3 355,440
106.21
.
113.70
io
2,109,985
2,975,704
— .
113.70
2,591,957; '■■■■ "4"20v9li' "i 2*376,852
3.414,844
13—,
116.22
3,132,954
3,322,346
3,330.582
CLOSEDl
106.04
2,380.301
2,816,358
EXCHANGE
117.39
2,216.648
,
These
105.86
117.20
2,442,021
2,931,877.-
play
„
117.21
i-f 19:2
2,833,421
tures, due 1967,
Cashier
113.31
113.12
-
2,769 346
113,12
110.15
110.15
2,736.224
,
110.15
95.92
95.62
3,261,149
Week Ended
1.,
95.77
90.20
89.78
2,351,233
3.339,364
Inland
-
.
•'
90.34
107.27
107.44
financing has been indicated in the -registration of $32,500,000 Penn¬
Bank'of
8. the:
106.92
113.70
113.50
2,365,859
5s, 1955, Canada Northern Power 5s, 1953
Gatineau Power 3%s, 1969, and .-Shaw-iniean Water & Power
4%s
1967.
Among the tractions Hudson & Manhattan 5s, 1957. Third
Avenue Railway 4s, 1960, and St. Louis Public Service
5s, 1959, were
active./ Gains in both groups /.have* been ^substantial.
Additiona'
meetihg,/.of the
the'Federa'
regular
113.50
115.82
115.82
115.82
2.360,9 30
3.247,938
have been
Board of Directors of
106.04
106.04
105.86
2,202.454
Speculative interest has developed- in two
bonds, namely, foreigns and tractions. Prominent
/
^
CLOSED
117.50
2,206,560
2,587,113
3814 with
Bank Staff Changes
EXCHANGE
113.31
117.63
2,198,266
+15.8
phone
113.31
2,453,556
at 127V% were off % while Cin
1971, remained unchanged at 108%
Medium-grade rails have been better and wide gains have been reg¬
istered among speculative issues in active
trading. New York Cen¬
tral 4V2S,
2013, advanced five points to 53% and Illinois Central 4s
.1953. were 314 points
higher.at 42%. Defaulted rails have been, ac¬
tively higher/Baltimore & Ohio 4M>s, 1960/touching a new high ol
statistical agencies.
and private
110.34
90.20
Government obligations,, was quoted at a premium of 20/3f
Tuesday.
.//h j;/
High-grade railroad securities have not exhibited any particulai
trend during the week under review but the tone has been a
firm
important trade estimates for 1942
are to be issued by governmental
95.92
107.80
on
world, important sugar dates for
1941 and the probable dates when
90.63
2,413,600
3,347.893
?innati
107.09
r> 2,434,101
2,214,337
one.
113.50
17,9 +,
1949-51, which is to refund
,
115.82
113.89
other
gives other useful and inter¬
esting material such as the har¬
vesting periods of the sugar cropr.
in the various countries of the
106.04
/:+.17.9
Gains in bond prices have been
largely confined to the railroad
section of the list this week but other
corporate and
•It
113.31
117.61
.*■ ';+ 19.0.
sugar
together with the monthly aver¬
ages.
'
1 * : '
110.52
116,61
",v
provides for each day of 1942 th/
prices for raw and refined su^ar
effective^'the same date in 1941
110.70
96.23
2,714,193
2.245,449
pave
110.88
96.54
91.05
107.62
106.39
s
calendar, it is said
96.85
91.34
107.27
118.30
v
Sugar
This unique
91.85
107.44
113.70
110.34
■
•
-
114.08
113.70
115.82
110.34
4"-
Inc., New York, sugar brokers.
116.61
116.02
106.39
2,745,697
Total for year
industry of the Unitec
States
and the world,, is bein?
distributed by Lamborn & Co.
the
106.74
106.56
117.85
95.92
.
Calendar, con
taining statistical data and othei
vital
information pertainirg to
Lamborn's
113.70
117.82
117.95
2,743,284
December
o
113.89
3,230,750
2,297,785
November
annual
110.70
3,238,160
2,276,904
Vpril
Distributed
97.00
3,233,242
2,270.534
'Uly
'■ Calendar
•
91.62
2,341,103
2,283,831
September.
•
107.62
2,193.750
2,388,618
wgustT
,
114.08
95.77
i
-
Lamborn's Sugar
116.61
'
2.608.664
October
106.92
18.1/ 2,399,805
1941.
tember.
117.94
113.89
95.77
■I
2,622,267
•anuary
to
113.89
90.20
2,321,531
1941
$7,453 560
$7,343,642 at the end of Sep¬
increased
dividend,
113.89
110.70
2,762,240
-
$400,000 for quarterly
dividend, .and $200,000 for special
110.70
97.16
90.20
2.152,779
/
'
of
97.16
107.62
2,377,902
3,263,082'
were
serve
97.16
91.77
91.62
STOCK
-12
DATA FOR RECENT MONTHS: tThdiisindai' of Kilowatt-Hours)
$267,686,303. Capital and surplus
unchanged
at
$20,000,000
each.
Undivided profits, after re¬
91.77
107.62
107.80
107.62
j;
+17.3
'an.:.,
,
107.62
114,08
114.08
2.312,104
J
Loans and discounts
.; $276,672,427
from
114.08
116.61
116.61
2,159,667
106,493 against $275,459,116, hold¬
$182,843,583.
116.61
106.92
106.92
107.44
1937
417.9
an.
110.70
106.92
118.00
118.10
2,426.631
$284,-
ings of United States Government
to $186,323,368 against
113.70
113.70
2,358,431-
:+19.3
■
1938
-,+*16.5
lee.
securities
110.70
113.89
2,139,281
2,760,935^16.6
3313.596
3ec./
:•
97.31
113.81
1,937,486
2.882.137
22———.
29A—---L;
from
91.91
116.41
2,154,099
•-2,858,054f:
2 889,937r ■
)ec.4
107.62
116.41
'2,402,893
3.380,488
lec.
113.89
116.41
+19.9 ;/
3,340,768
*ov.
hand and"due
Indus
113.70
116.41
106.39
;+19.72,145,033
-
3,368,690
deposits of $759 583.582 and
assets of $815,221,987 com¬
on
V
106.92
106.21
■
■25.A—A-i
-Jov.'
P.
110.70
117.91
117.54
——-
/!/■>:•. 19
17.3
! lbIIILIIS
Nov.
is—
Cash
\
3 220,526
3,273,376
■Tov.
30, 1941/
^-"1939
-Lover 1940
"•
Nov.
pared respectively with $746,701,027 and $801,373,064 as of Sept
1940
'
1941, showed
31,
15.6
(Thousands^f Kilowatt-Hours)
Change - "H/.
v:>.///
RECENT WEEKS
3.273.375
,
18—IIIIII!
Oct.
;The bank's'statement of condi¬
tion-as
ft 15.9
'
—:
30....
Oct.
\-
,
FOR
1941-
23
Oct.
R.
97.31
118.24
'■i'. -V /
^/Y/
26
Sept.
Dec.
States..
•
2,681,071:
Sept,
R
92.06
118.05
/•
6i.
Sept.
Sept. "13—
Dec.
cussed
•
DATA
3,199,105
Aug.
Corporate by Groups •
Baa
>
107.62
20
23
2.651,626
Aug;
'
A
113.89
,22
■
2.425,229
Aug.'
bank
•
116.41
10.15
IK
lit
10.15
Coast———dA.—-
■"1941
Aug.
the
of
stockholders
Aa
106.92
e
3.178.054
Aug.
Aaa
rate *
117.86
r»
2,903,727
down", certain
assets.
The
t-W
5
July
Yields)
Corporate by Eatings •
——--
12
July
Corpo¬
.
STOCK
w
Week Ended-
securities,
Qovt.
PRICESt
Average
,
Total -United
Undivided Profits have been
to
■
.
BOND
.
■"Revised.
di¬
additions
and
declared
vidends
•
Mountain—.-—
Pacific
Net
operating • earnings, and
V net profits realized on the sale
rt
*
>
.
Awe.
118.09
9
8
MOODY'S
,-> (Based .on
""
*'
u. s.
Bonds.:
:'Z"
13
,v
ending De¬ was
/
3,480,344,000 kwh., which compares with 3,002,454,000 kwh. in the
cember
6 ZI—
31, -1941," not including
corresponding period in 1941, a gain of 1519%.
The output for the
:
5
net profits realized on the sale of
week ended Jan. 3* 1942, was estimated to be
3
3,288,685,000 kwh., an
securities,' amounted to $2,753,- increase of
2
15.6% over the corresponding week in 1941.
1
220, equal to $1.37 per share on
:
PERCENTAGE INCREASE OVER PREVIOUS YEAR a
1941'
' :
the
2,000,000 shares * of Capital
Dec.
31
'Jjl+
•/'//:. >"
::
v:
'/"/
,j.—Week Ended
Stock authorized and outstanding.
30
Major Geographic Divisions-^—- /'v/;.;//
•
Net profits realized on the sale New
29
England
———.Li.../
2?
of securities amounted to $853,673. Middle Atlantic————..ni—,—
/>■■•' 26
Central
Industrial
Dividends
declared- during
the
25
West Central
24
year amounted to $1,800,000, and Southern
States———.I——
Mr.
223
*
Bank of Manhattan
on
COMMERCIAL;& FINANCIAL; CHRONICLE
;
computed from average yields on the basis ol one "epical" bond
years) and do not purport to show either the average level or the
nvpraee
movement of actual price quotations.
Thev merely serve to illustrate in a more- com¬
prehensive way the relative levels and the relative movement of vield averages,
the lat¬
ter bdng the true picture of
bond rnr'Vet
*
These prices
coupon,
+
maturing
mv>e
iqte"=t
lished in the
are
in
25
comn'et.e
issue of
Oct.
list
2,
bonds
1941, page 409.
in
computing
these
indexes
was
pub¬
,
THE COMMERCIAL & FINANCIAL CHRONICLE
224
of
the
Examining Committee al¬
the
most
entire time of his
ciation with the bank.
asso¬
Mr. Taber
is
President of the Urner-Barry
Publishing Co. of New York City.
the
At
of
tional
City
held
Jr.
Na¬
The
of
Directors
Jan.
on
the
regular meeting of
Board
Bank of New York
6, John F. Cannon,
appointed Assistant Vice
In his new capacity,
was
President.
will
Cannon
Mr.
associated
be
officers admin¬
bank's affairs
in
with that group of
the
istering
America.
South
For
years
many
Mr. Cannon has been a member of
staff
administrative
bank's
the
supervising
branch
operations
throughout the world and since
his return from abroad, he has
Comptrol¬
lers' Department. Mr. Cannon was
formerly an Assistant Cashier.
been
assigned
Offi¬
in the Central Hanover Bank
& Trust Co., New York
Jan.
on
station
of
Railroad.
the
in
5
the
City, died
(N. J.)
Leonia
Erie
He
of
assets
$21,038,350,
and
60
was
Central
New
York,
the re¬
tirement with pension of the two
announces
Company of North Amer¬
ica, New York, announces the res¬
ignation of Georgfe H. Rhinehart,
as
President.
institution
with the
association
his
continue
as
Jacob
Director.
a
will
Rhinehart
Mr.
Chairman, will assume
Schapiro,
the office of President.
of stock¬
of
Trust Co.
Brooklyn, N. Y., held on Jan.
12, at the main office of the Com¬
pany,
177 Montague Street, the
following trustees were re-elected:
with it for the
longest period, Edwin P. Maynard, George V. Mc¬
Walter E. Drummond, Chief Pay¬ Laughlin, Lewis M. Gibb, William
ing Teller, who has been with the J. Tracy, George A. Anderson.
who
men
have
since
bank
associated
been
July
Montrose Stuart,
and
1893,
30,
Assistant Secre¬
Herbert
E.
Smith,
Joseph
and
Michaels, Jr.
tary, who has been with the bank
since Nov. 28, 1898. In addition to
their long service with The New
^ork Trust Co., both show other
interesting
parallels
in
their
ca¬
Born
the same year, both
Cooper Union and were
subsequently employed, although
at different times, by the Conti¬
reers.
attended
nental Trust Co., merged
1904
with the
York Trust C6. in
Charles S. Fairchild,
New
present
under
American
been
Cleveland's
Cabinet.
An
an¬
nouncement by the trust company
continued:
Besides
vice
of
terminating
48
his
The
with
years
ser¬
•
of
Banking
certain
to
courses
banking and finance available
place at the Chapter's office
the; Woolworth Building, 233
Broadway,
Jan.
during
the
of
week
Classes begin Jan. 26. >
19.
Raymond F5Cutler, special rep¬
resentative of the Federal Reserve
of
Bank
New
Relations
Bank
died
on
Ridgewood,
Department,
Dec. 31 at his home in
N. J. Mr.
its
in
York
Cutler, who
53 years
old, had been connected with the
was
birthday. Born in 1875, he,'
University of Chi¬
cago as well as Cooper Union.
Starting his business career in
1890, he was employed as a
for the last 15 years. He was a na¬
tive of Warren, Mass., and a grad¬
;clerk by,- the., Gontinental Trust
Bowery
Co. (The New York Trust Co.)
York announced
July 30, 1893 as its ninth em¬
ployee, later serving periods as
bookkeeper,
auditor,
general
bookkeeper, paying teller, loan
clerk, investment ledger clerk
John
Mr. Stuart
born in
1875
"
in New York City where he re¬
ceived his
Bachelor
degree J, from
of
Science
Cooper
Union.
Prior
to his employment as a
by the Continental Trust
(the New York Trust Co.)
clerk
Co.
in
November, 1898, he had been
in the
employ of the Butterick
Co., E. C. Rich Co., Ltd. and the
Penny Provident Fund,
; V
Eric J. Gluckstadt has resigned
as
Vice-President of
a
York
an
Trust
office
Co.,
at
The
New
and has opened
Exchange Place,
20
lit was announced by the
,
The
of
The
New
nouncement
Such
The
an¬
and
in
March
January,
of
this
like those in October, No¬
vember
and
The
New
Jan. 2 the ap¬
H. Allen as
Officer > and
M. Ohlenbusch, Jr., as As¬
of
Fred
Mortgage
against
938,535,
cash
and
$15,544,818,
$17,780,402;
from
due
and
banks
was
with $18,1940.
Capital-,
undivided profits at
compared
293,923 at Dec. 31,
surplus
and
the close of 1941 totaled $4,016,459, against $3,717,038 at the end
af
1940; reserves were $610,714
compared with
$586,628; U. S.
statement
of
condition
of
Dec.
bank
1941,
Sept.
Sur¬
end condition it is also noted;
Capital stock of the bank
mained
re¬
unchanged at $600,000,
$75,000,
while capital notes were
compared with the
same amount
deposits of $50,693,014,
pared with $48,289,626
30 and $43,858,880 a year
31,
1941,
as
com¬
on
Sept.
Un¬
ago.
divided profits amounted to $851,461 as compared with $841,448 in
$714,819 a
ago.
Cash in vault and
banks totaled $21,331,233, as
September
and
at
bank held
cash
banks
pared
with
ments
in
on
hand and due
of
$65,981.980 com4
$70,144,090;
invest¬
States
United
ment securities of
pared with $53,931,784; and loans
and discounts of $36,281,004 com¬
bank's capital account was un¬
changed at $7,000,000 and its sur¬
plus and undivided profit account
increased to $9,094,264 from $8,746.907 after the payment of the
regular 8% dividend of $560,000.
The
Verity
a
follows
with..the
'
three
ago:
months
ago
compare
figures
and a
as
for
year
cash oh hand and due from
banks, $3,462,227. against $3,500,336 and $3,347,666; invest¬
ments
in
bonds,
$4,392,909,
against $4,081,969 and $4,092,808.
Savings
Williamsburgh
trustee.
as a
of
Vice-President
the
.
Manhattan
York
City.
President
Bankers
rector
-
of
New
Company,
Vice-
He
is
also
the
Kings County
and a di¬
Association
of
the
Brooklyn Chamber
of Commerce.
.
.
.
•
total
compared
with
$63,753,832
on
Sept. ,24.-; Total deposits we**e
basic
pay
for
each
of
City
versary as a
Taber is
total
has served
of
$19,382,823
and
tive
was
Savings Bank, New York
in honor of his 40th anni¬
The Colonial Trust Company of
New Vork r#ar)(->T'+a/!
£1
deposits
Edward
a
Trustee, Jan. 13. Mr.
member of the Execu¬
Committee of the bank, and
on
and been Chairman
M.
lyn, N. Y., reports as
resources
$63,103,843,
Undivided
$245 37*v
was
«of
against
$55,338,233.
profits amounted to
pgaV>*t
$269,599;.
Cash
the Dec. 31,
Mr.
condition,
out
that
to
$79,100
reserves,;
bringing total reserves and
divided profits to $248,414.
un-'
The
Maries
County Bank of
Vienna, Mo., became a member of
to
the
Federal
Dec. 29. The
1935"
Reserve System on
institution, organized
in 1900, has a capital of
$25,000,
surplus of $15,000, and total re¬
of $342,700. The addition
Of this bank to the System brings:
sources
the
the total
membership of the Fed¬
eral Reserve Bank of St. Louis to
437. The new member was
organ¬
ized in 1900.
It has a capital of
$25,000, surplus of $15,000, and to-1
tal resources of $342,700. Its offi-J
Bank.
cers
Leslie
are:
Terry, President;
James, Vice President; L. O.'
Nichols, Cashier, and Travis E. "
John, Assistant Cashier.
Vice
Hartford
home in West Hartford. He
Na¬
was
Co., of San Francisco, released on:
Hartford
the call of the State
Superintend- "
ent/xOf * Banks,
showed
further'
is
the
from
"Courant" of Dec. 22.
.
.
Mr.
:
f
Crampton had been connected with the banking busix
ness since the age of 16. In 1905,
Year's 3:worfc;^ local
hardware store, Mr. Crampton
took a job as office boy at the
old
National
Aetna
here.
Bank
*,He subsequently became assistant cashier and cashier of the
:
•
m
On
Dec.
gains
in
during
31,
deposits and j
Deposits
at $338,913,864
1941.
1941,
$15,073,980 above the mid-i
year (June 30) figure, and $22,205,413 higher than a year earlier. -
were
Total
amounted to $366,->
increase of $16,753,795
30, 1941, and $23,138,-j
resources
055,850,
an
above June
National Bank.
1941
firm-
name'
was
When the bank*
with
the
Security Trust
about 12 'years ago
merged
United - States
Company
•;
the
became
and
tional Bank
&
Hartford * Na¬
Trust
Co., Mr.
Crampton was appointed Vice'President of the bank, the posi¬
^
tion
Frederick
he
Jan.
on
7.
Mr.
to
teller
Burk¬
serve
March,. 1938. He
the bank
clerk, later becoming
a
in
and
1921
was
elected
Assistant Treasurer. Upon the re¬
his
of
tirement
Burkardt,
in
•
brother, John A.
1934, he became
.
Treasurer.
Ross
,
;
He
was
Jersey
also
firm
earlier.
was
compared with the figure on thedate
a
year
ago. - This
brought total capital, surplus and
undivided profits to $18,012,595.
same
,
Savings Bank of Jer¬
Cable
London
\
advices
received
by the New York
sentative of
Barclays Bank Ltd. of
and
14%
the *"B"
on
shares, which
are
at the
on
Jan.
1.
the
and
"C".
same
rate-
year
1941
are
reported
namely. £546,704 makes
£1,900,006.
Mr. /Mathews, was
the
Frank
J.
founded by his father. He
elected to the Board of Man¬
as
£1,353.302, which with the amount
brought
forward
from
1.940,
City,
of
from
repre-/
London report that the bank has
declared dividends for the year1941 of 10% on the "A'.' shares
54 years.old. A native of
President
.
many years.
Net
profits of Barclays Bank Ltd. for
Mathews Co., a Jersey City realty
was
totaled $185,958,503, as
compared with $179,512,589 a year
distributed for
Mathews, President of the
Fifth Ward
securities
on
of Managers, to which
associated with
as
<
,
The bank's hold-:
ings of United'States Government:
year.
Dec. 31,;: 1941, amounted to $3,-4
012,595, an increase of $137,129 as
elected in
was
the past
G;
will, continue
the Board
aggregated
$49,626,823, a
gain of $10,417,534 since the end
of June, and of $40,496,676 during
v
Burkardt, Treas¬
urer
of the Half Dime Savings
Bank, Orange, N. J., will retire on
April 1 from that office, the bank
ardt
>
Its cash, at $83,410,889
$6,292,062 above the Dec. 31,1
1940, figure. Undivided profits on
he held at the time of his
death^^
a
resources
611 over the 1940 year-end figure.
Loans and discounts on Dec. 31,
when "its
•
ing
r
substantial
changed to the Hartford Aetna
bank
*
/
?•••• The year-end statement of the
Wells Fargo Bank & Union Trust
52
old. The following regarding
career
of Dec.. 31 sey-City,, N. J., died,
$71,461,587,
on
of
transferred
were
Vice
Crampton,
of
President
:
River
the
luncheon
1928,
-
of
testimonial
statement
D. T.
in 1900
given William C. Taber at the East
.
as
was
the Suffolk Savings
of
became
Kings County Trust Co., Brooke
.
1941
Shapiro pointed
ephone & Telegraph Co. and of
the Westport Manufacturing Co.
and a member of the corporation
of
1941,
will be equal to 6% of the first
$150 and 4% of the next $100
A
He
and
Chairman from
and
1935
Mr. Verity is
the Bank
Savings and Loan
tory, Commenting
National
1923
to
1929.
announced
Bank, Brooklyn, N. Y., announced
on Jan.,7 the election of Ansel P.
undivided
Shapiro, Assistant Secretary.
Home
loans, totaling $1,198,785 f
were
arranged for 358 families"
during one of the most active
periods in the association's his¬
Ring Traveler Co.,
Director of the New England Tel¬
The
$34,058,811.
with
pared
and
reserves
reports progress during 1941, clos-*
ing the year with resources total¬
ing $5,051,801 according to David
of the Sterling
Govern¬
$70,457,549 com*-
accounts
were
First Federal
Mr. Trafford also was President
of Dec.
from
share
Association of South Philadelphia
until his retirement.
•
as
31, 1941, had saving
increased frorti $55,109 to $80,401 at the close of 1941.
Vice-
as
First
March,
from
President
his
Other
items
1912
December,
years
$15,584,compared with $10,747,371
September and $7,191,404 a
year
ago.
Loans and discounts
were
$12,271,832,
as
compared
with $15,102,833 in September and
$12,102,128 a year ago.
as
51%,
or
period.
•
the end of the year were
in
$2,911,583 on Dec. 31,
1941, against $2,943,370 on Sept.
30 and $2,579,660 at Dec. 31,1940.
asset
served
the
of
from
Bank
728,
Sept. 30 and with $100,000 a
year ago.
Loans and discounts
totaled
Trafford
Mr.
President
with
securities
Government
S.
Philadel- ;
$862,897,
investment
profits
pared with $20,936,858 in Septem¬ tional Bank and Trust Co., Hart¬
ber and $22,270,355 a year ago. ford, Conn., died on Dec. 21 at his
U.
of
month
Dec.
on
while
Chairman
and
year
com¬
of
amounting to $1,933,554, compared
$1,263,985 the year previous,
graduated from Harvard Col¬
lege in 1893 following which he
began his business career with the
telephone company, becoming a
member of the engineering staff.
City, shows in its statement
on
December of
those months.
tion
and
Chairman of the Board from 1929
Dec.
,
Samuel
A.
Green, SecretaryManager, reports that the associa¬
.
condition ,as.of
12
was
amounted
The Grace National Bank; New
Association
increase
an
for the
graph Co., at one time being sen¬
ior operating Vice-President for
the company in the Middle West.
A native of Dartmouth, Mass., he
to
s
Sys-
phia reports total assets amount¬
ing to $2,558,423 at the year end,
Mass., at the age of 71. He had re¬
tired from banking in July, 1941,
securities were $5,against
$3,112,658,
and
State, municipal and corporate se¬
York
Reserve
1941, First Federal Savings
Loan
&
former
of the
Board of Directors of the First
National Bank of Boston, died on
Jan.
2
at
his home in Milton,
016,526
to
$1,827,597,
with $1,278,253 at Dec.
Federal
In its annual statement for the
year
W.V Trafford,
Bernard
President
Government
curities
the
v
mem¬
a
with
I The Commercial National Bank
plus and undivided profits totaled
$385,000 against $379 953 at Sept.
30 and $343,135 on Dec. 31, 1940.
Regarding the institution's year-
York
says:
payments
February
year,
1942.
on
of
30, 1941, and $10,461,951 on
31, 1940.
Deposits of the
were $10,121,722 on Dec. 31,.
compared with $9,875,183 on
30 and $9,320,894 a year ago.
additional payments to all active
members of its staff, other than
of
of
Trustees
de¬
31, 1941, total deposits
Clinton Trust Co.; New York City, of $160,709,500 and total assets of
as
of Dec. 31, 1941, shows that $181,100,140
compared, • respec¬
total assets increased to $11,269,- tively, with $148,033,218 and $167,129.674
on
Dec.
628 from $11,004,830 as of Sept.
31, 1940. ? The
Company on Jan. 6, John E.
Bierwirth, President, announced
that the
Company is extending
quarter
College.
Year-end
City Bank and Trust Co.,
of
ber
334, and reserves $62,321.
& Trust Co. of New York reported
Trust
first
of
and
years
sistant Treasurer.
trust
officers, receiving salaries of $500
per month, or less, through the
25
representative
Savings" Bank
Deputy
Following action of the Board
Trustees
for
special
Board
pointment
company on Jan. 2.
of
Bank
as
uate of Dartmouth
The
was
statement.
a
was
tern, effective Dec. 27.
31, 1940.
Total assets were $46,- after 29 years in the banking field.
041,338 on Dec. 31, 1941, compared Prior to his entry therein, Mr.
with $40,975,026 a year ago; loans Trafford held executive posts with
and discounts amounted to $22,- the American Telephone & Tele¬
of
66th
and treasurer.
lished
posits of $40,810,045 are the larg¬
est in the history of the bank, and
compare with $36,301,462 on Dec.
31, 1940.
in
served
on
as of Dec. 31, 1941,
reports
surplus of $2,250,000, an increase
of >$250,000 from
the last pub¬
a
Presi¬
became
Reading, Pa., has become
con¬
dition
take
Reserve
,
Sterling National Bank &
Co., in its statement of
compared
New York Trust Co., Mr. Drum¬
has just celebrated
his
"
Trust
only in the Spring Semester. Reg¬
istration for the Spring term will
mond
attended the
.
Chapter of the
Institute
attention
calls
in
York
New
The
Chairman of the Board, who
had
Secretary of the Treasury in
The
Trust
holders of the Brooklyn
of
The
Bank,
Joseph P. Chamberlain has been
$250,000, undivided profits, $188,-
At the annual meeting
Company,
National
Lafayette
and
Mr. Mathews
Co. of New Jersey, Jersey City.
$2,595,275, against $2,408,780.
The
1923
1929.
Director of the Commercial Trust
and discounts totaled
Loans
,
and lived in Leonia.
The New York Trust
420.
in
dent in
Brooklyn, N. Y., reported as of
elected a Trustee of the Emigrant Dec.
31, 1941, total deposits of
Savings
Cash on hand and due from banks Industrial
Bank,
New $13,412,437 and total assets of $14,York
amounted
to
City, Walter H. Bennett, 734,548
compared,
respectively,
$8,482,154 against
of
the
Board,
an¬ with $12,783,854
and $14,295,149
$7,231,521;
holdings
of
United Chairman
nounced
on
Jan.
9.
Mr.
Chamber¬
on
States Government and municipal
Sept. 30, 1941.
Cash on hand
securities
to
$2,381,844
against lain, Professor of Law at Colum¬ and due from banks amounted to
bia University, is a Director of $4,527,896,
against
$4,821,993;
$1,310,684,
and loans
and
dis¬
counts to $9,647,719, against $9,- the Equitable Life Assurance So¬ holdings of Government securities
to
ciety
of
the
United
States, a Di¬
$4,523,793, against $3,771,887;
838,591.
Capital was unchanged
rector
and
Vice
President
of and loans and discounts to $4,523,at
$1,000,000.
Surplus and un¬
Survey
Associates,
Inc.,
and
a
divided
793, against $4,241,477.
In the
profits
were
$436,854,
Trustee of the Russell Sage Foun¬ latest statement, capital stock is
against $478,829 at the end of
dation.
shown
at
$750,000;
surplus at
June.
v
old
years
Bank
and Government securities
$16,306,165, against $16,689,-
088,
were
com¬
pared, respectively, with $17,177,675 and $18,839,915 on June 30.
the
to
Edward S. Gilmour, Trust
cer
total
Thursday, January 15, 1942
a
r
total of
Special appropriations
profits have, been made as^
follows: £200,000 to Contingencyfrom
Account and £150.000 to Premises
Reserve Account for "deferred
$31,626,418, against $23,454,- agers, of the Fifth Ward Savings pairs and reinstatement."
re¬
:
:
Number 4033
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
225
Sees War
Program a Threefold Endeavor ^
Earnings of Manufacturing Workers Rise
With Leadership Essential In Each Field
In November for the 16th Consecutive Month
.
The
program is a threefold job calling for the exercise of
strategy, governmental action and industrial production,
with leadership in each field essential, it was declared on Dec. 30
in a luncheon address before the American Statistical Association
by Donaldson Brown, Vice-Chairman of General Motors Corp., New
York City.
In supporting this contention Mr. Brown declared:, ; * r
Upon the military strategists^.we must depend for the deter¬
pressed a hope for labor leader¬
mination of the kinds and quan¬
ship that will come to show "an
understanding of the determined
purpose of the American public
tities of the armament required
and the necessary timing of its
and
Neither industrial
political leaders
production.
"
Average
war
military
American
the
him¬
worker
self," Mr. Brown urged upon in¬
are competent to make such de¬
dustrial-management "the obli¬
cisions.
gation
to
pursue
a
fair
and
/' V . ' l////
;:;//
Upon the political leaders we enlightened attitude-in its rela¬
tionship
with
employees,
and
to
must depend for the necessary
make its-position in this regard
legislative and administrative
known
publicly so that accep¬
action which will make effec¬
tance will be commanded by the
tive the plans of military strat¬
very force of the popular approval
egy through the best use of the
it brings forth."
He added;
nation's
human
and
physical
managers
We
ment.
The
of
and
never
industry, •'/;/ >/"-•■Z- .//'/'
of
armed
our
in November.
ing.
than
in
The
readjustments
the
of
25
industries
the
be
of
utilization
those
greatest possible
existing
plants
facilities, and the engage¬
ment of these/ together
with
necessary new plants and facili¬
and
ties, in the way that will extend
the
maximum
advantages
of
•
field
the
of
ent
primary
industry's
re¬
the vital
material produc¬
lying
war
in
and
magnitude
and
tion
and
our
to
cents
of
materials
war
,
The
production
momentum
which
will
gain
acceleration with every passing
in
'
month.
motion
a
'
in
of the
in
is
efficiencies
the
the
a
way
cents
direc¬
mitted
with
every
command.
551
Ave.,
changed its
has
age
York
■
1.
The
new
•
of the Defense
Program," Mr. Brown asserted
that
industry's
task
for
1942,
which
he
termed
"prodigious,"
will require "the temporary aban¬
dustry
Because
donment of
some
of the custom¬
ary yardsticks
of industrial ac¬
complishment.
The normal pur¬
pose of industry in serving the
needs and wants of individual
consumers
is suspended for the
duration.
Emphasis now must be
-
wholly upon producing the neces¬
sities 'of war."
Mr, Brown spoke
in support
.
of:
.
Curtailment
duction
..
of
wherever
expedite
the
maximum
war
..
pro¬
necessary
effort;
;
labor
distribution
ment of Brazil.
this
de¬
I
'
Bureau's '
It
comes
•'
announcement
V
/i
as
another
in
all private
terested
.<
trade
-United
travel
between
of
■
expe¬
through
effective
of the production
seven
States and Brazil.
an
performance
as
to
quantity,
quality and cost; a realistic pol¬
icy of control over prices which
recognizes the collateral neces¬
sity for controlling costs; and
governmental
fiscal policy embracing revenue
raising and inflation control.
At the same time that he exconstructive
of the 25 industries.
largest decrease
Detailed
suggestions
for
air
protection are given to the
the
country
by
the
American Bankers Association in
the
January issue of its "Protect¬
Bulletin," mailed to members
ive
of
the
Association
on
Jan. 5, in
entitled, "Blitzes and
Blackouts" by James E.
Baum.
manager
of the Insurance and
an
article
Protective Department.
:
measures
large eastern bank
as
taken
a
.
*
by
a
result of
net
of
United
on
For
the
net
Nine
i
of
earnings
ends to
000;
as
for
member
payments
States
1941
follows:
were
Divid¬
banks, $8,430,to
Treasury
the
United
under
25-
industries
provi¬
relating to in¬
It
was
the
industries
some
less than 40
hours, except the iron and steel
industry, where the hours de¬
clined
the
fice.
These
into
three
are
divided
where
classifications:
protec¬
to
of personnel, protection of
securities, currency and records,
and protection of building.
in
tion
from
40.0
northern
to
37.7,
cotton
and
mills,
they increased from 38.8
40.4.
transfererd from surplus to re¬
for contingencies.
serves
the
all
25
men
industries
average
two-tenths
of
by Frederick P.
before
outbreak
the
members
in
The Bondholders Committee for
ers
of the
city's 7% external sink¬
ing fund gold bonds of 1927, due
Aug. 1, 1957, that it has directed
the depository to distribute $22,-
of
Committee
expenses
of
The total net amount dis¬
tributed by the Committee during
the
current
calendar
year
is
vious
year
due to
the
fact
that,
according to word received by the
Committee
from
its
Argentine
counsel,
the
City
of
Cordoba
lately has diverted some of the
revenues
that
are
pledged
security for the loan and
are
as
un¬
to
their
further
of
the
cities
the
restric¬
private resi¬
on
The
ad¬
Association
also
stated:
Of 61 principal cities report¬
ing, replies from 55 indicate de¬
six
as
ranging from 15%
as
90%. Members in only
cities
anticipate
and
all
where
of
these
higher,
or
in
were
heavy victory
concentrated.
are
volume
a
equal to that of 1941
The
decline
expected in the 55 cities
aged 40%.
Mr.
areas
activities
aver¬
Champ also had the follow¬
ing to
say:
This estimated decline is
now
probably subject to revision
a
result
United
of
the
States
unparalled
treachery
war
in
and
naturally
of
ounce
needed
tion
ning the
may
all
has
for
The
that every
materials
armament
produc¬
toward win¬
go
Thus the decline
war.
be higher than could have
been
foreseen
Private
one
of
two
residential
the
Court.
peacetime
is
is
an
correct this condition.
so
tory.
been
dishonor.
means
now
as
the
on
history
building
for
will
attack
which
weeks
bulwarks
economy but
important
'
today
,
ago.
building
attachment
by order of the
Appropriate legal steps, it
said, are now being taken to
the
"provided
construction."
from
war,
estimate
governmental
placed
are
on
Champ,
poll, completed just
A
high
City of Cordoba (Argentine Re¬
public) on Dec. 29 informed hold¬
announced
President.
on
employed
worked
America
27
clines
Cordoba Bond Payment
der
Although the
of
vices
was
ac¬
survey
Dec.
dential
$566,000.
a
tion
no
$133,000
the
area.
of members
Mortgage Bankers Associa¬
of the
advances, $141,000; net
tions
to
surplus accounts,
31,
within
or
decline of at least 40%
a
additions
averaged less than 40 hours per
per employee in Novem¬
$56.80 per $1,000 deposited bond,
ber, the same as in October. which is smaller than in the
pre¬
week
States
Decline In 1942 Seen
decline
Dec.
License
Private residential building in
the United States next year will
eral Reserve Act
On
•
General
Residential Construction
asked
dustrial
of
extending
a new coun¬
generally licensed trade
sions of Section 13b of the Fed¬
*
the
'United
show
Net
with
Jan. 5, 1942, the freez¬
ing restrictions will not affect
Philippine citizens within the
cording to
.
distributed
licenses
issued
000.
/
arising
Philippine
on
for
year
1940
year
issued
were
freezing
general
view
commitments, net earnings
1941.
Certain
problems
connection
advances
$9,137,000 for the
to
amended. New
freezing control to
try. v■
current
reserves
industrial
respect
These
earnings amounted to $25,860,-
tion
•,
,
*
of
in
securities,
from
on
followed the general pattern of
documents issued in the past
net
earnings for charge-offs
totaled
$8,065.
the experiences of its London of¬
measures
'
hours.
which, averaged
The article summarizes the pre¬
cautionary
in the iron
was
steel
sales
on
an¬
required
later.
were
with
assets.
or
industry,
where
weekly earnings declined from
$39.32 in October to $37.29 in 767 to the holders of certificates
November, owing to a decrease of deposit on account of accrued
in working hours from 40.0 to
interest on the unpaid principal.
37.7.
The other six decreases This
sum
is equivalent to $9.52
were
comparatively, small and per $1,000
deposited bond.
This
were
caused mainly, by fewer
distribution is after the deduc¬
Precautions For Banks
of
The
out
ex¬
current
with
licenses
dealing
consider¬
Government
deductions
and
cents
Weekly earnings decreased in
the
ABA Outlines Air Raid
banks
59.5
to
also
reports
were
announced
general
added:
into
census
filed
and others
$2,157,000
Current
bank premises and
of the northern cotton mills
and
raid
to
indicate
$32,963,000,
circular
that
general licenses relating to the
Philippine Islands were revoked
the
In
profits
losses
in
October
1940.
taking
States
■.
to 40.4 hours per week.
enterprises inthe
promotion of
in
and
of
$24.81 in November, as
compared with $23.75 in Oc¬
tober; an increase caused almost
entirely
by
longer
working
time, which increased from 38.8
the reorganization and develop¬
ment of this Bureau to better
serve
in
was
additions
.and
earned
/,,/.
step
hours
Banks
public
TFR-300
be
be
prelimi¬
from
this had
purposes
Philippine assets.
Details re¬
garding this requirement will
earnings, consisting principally
Z."
the silk and rayon
ees
The
also says:
the
extension of the estab¬
lished practice of subcontract¬
ing, with responsibility for the
finished product resting with
the principal contractor; a safe¬
guarding of the incentive of
reasonable rewards for efficient
load;
of
:'/•/
that
announcement
ation
only 0.3
■
November, ~ and hours per
week,-per employee rose from
36.7 to 38.4 so that weekly earn¬
ings reached a new high record
of
$22.82, as compared with
$21.40 in October and $18.24 in
November, 1940.
The employ¬
partment of the Federal Govern¬
to
rienced management and avail¬
able
activities
-■
in
desig¬
..
civilian
utilization
promotion
to
fv"
■
in
After
$37.26, as com¬
with' $35.721 in* October
cents
zilian Government Trade Bureau,
effective Jan.
/:Z,; zz;/': : nation, made by authorization of
In speaking on the subject, "Re¬
Brazil's Ministry of Labor, is said
adjustments Required Within In¬ to be more adequate to the trade
....
Board's
November, 1940.
industry
hourly earnings rose from 58,3
to the Bra¬
name
amounted
to
$3,798,000 more than in 1940. Re¬
sulting current net earnings for
1941 were
$8,417,000, as compared
with $14,372,000 for 1940.
The
hour, but worked an aver¬
of 38.5 hours, as compared
36.6
In
City,
than
industries, but the largest
;
Reserve
penses amounted to
with 37.5 hours in October and
Information Bu¬
New
73.2
less
$32.17 in November, 1940.
The employees in the rubber
industry not only earned more
of the Government of Brazil.
Fifth
1.3
from
1940.
Average
earnings deceased
in
per
reau
woolen
increased
cents
6
received
in
No¬
and
M.at—«
Brazilian
the
Jan.
$41,380,000, which
amounted ;.4o-
I
;
that
'The'largest increase in aver¬
weekly earnings was in the
rubber
industry,
where they
Bureau Takes New Name
The
in
Federal
age
their
at
cents
on
of
Philip¬
over
same effect as though freez¬
ing control had been specific¬
ally extended to the Philippine
Islands on Jan. 1, 1942.
Earned Less In 1941
figures
administration
practical
Form
to
November,
pared
the
all
The Board of Governors of the
Federal
Reserve
System
an¬
nary
freezing
the
Federal Reserve Banks
nounced
the
applied to the
This was done to
control
nounced
during the year 1941 their
current
earnings
amounted
to
in
that these
resource
cents
cents
In
ma¬
indus¬
October and 62.9 cents
cents:
industry's job. The
industry are com¬
the doing of this job
to
1.5
89.4
78.2
to -74.5
decrease
defense
is
us
tool
cents in
five
impaired.
of production that is
job
from
and
hourly
will
not
are
cents
cents
In the
machine
vember, 1940.
industry
they
system,
and
whole
and
October
inher¬
Government
its control
over
before
be
industrial
our
if
can
advantage
95.4
in October and 88.0
90.9
re¬
from
cents
try they increased
made, and
America
full
96.9
of
as
facilitate
The
October
in
November, 1940.
chine
managers of
proving of inestimable value to
ourselves and to our allies, and
set
of
if
efficiencies
now
at the same time there has been
in
These
be
can
created a
trial techniques have
flow
$1,157
date
with
the
freezing regulations
relating to the Philippines. For
as
with
earned
98.9
cents
are
in 24 of these
$30.13, as compared with
$30.05 in October and $24.83 in
November, 1940.
separate
a
pine assets and also to provide
the public with specific stand¬
ards to guide their
compliance
$31.94 in No¬
The skilled and
$40.73,
were
freezing
in the automobile
was
cents
in November,
Hourly earnings in the
rubber industry increased
1.5
required
necessary
future.
effort in such
-
of the
indus-
nature
program,
the
j" exercise
ating under the broad guidance
of
those
responsible
for ■; the
armament
are
future
taken
tion, it is most encouraging that
industry has already been able
to bring its
productive forces
so greatly to bear on this task/
Within the period to date, oper¬
>
for
assured,
*. workers.
With
that
adjustments
management and
skills of factory
sponsibility
more
industry, where they amounted
to $1,184 in
November, as com¬
forces.
$38.39
$40.70 in Oc¬
tober and $33.80 in
November,
1940, while the unskilled men
'
with
efective
and
men
they
regulations
Philippines.
averaged
men
earned
compared
November,
pared
October
industries
The largest increase in hourly
earnings
the
semi-skilled
the
on
1940.
serving the vital purposes im¬
mediately
concerned, without
prejudice to the longer ends
those
purposes
involve today
and
experienced
the
applied
worked,
of
as compared with
pre¬
blocked country and that Jan.
1,
1942 would be regarded as the
,
vember, 1940.
1940,
average, only
1.9 hours
than
they did in
posbe¬
emergency,
in
the
al¬
though the employees in these
within industry, during the pe¬
riod
earnings
if
as
as
$38.45,
public circular
new
the freezing orders the Philip¬
pine Islands should be regarded
were
$21.82, a new high
compared with $21.37
in October and
$18.10 in No¬
vember,
1940.
The
weekly
record,
cost of liv¬
November,
The
cents,
men
amounted to
earnings
were
highest
on
They were $6.01 higher
record.
45
rose
that
been
scribed that for the purposes- of
six
cents
higher.
The
weekly earnings of the women
Weekly
nevertheless
women
..
fact
Philippine assets
automatically frozen
under the Dec. 26, 1941 amend¬
ment to the freezing orders.
The
Department says:
only
less than
was
the
the
worked
women
whereas those of the
41.7
1940.
:•
the
■
per
from
in
to
have
an hour longer,
weekly earnings of
that the
so
This increase in
the increase in
-
must
week
decreased
weekly earnings
demands
fortitude
<■./'' I'. 1
the
In view of the situation created
by the temporary enemy occupa¬
tion of important parts of, the
Philippine Islands, the Treasury
Department on Jan. 5 issued a*
public circular calling attention
tjiree-tenths of
in
-
approached, modern con¬
production—pro¬
duction in prodigious quantities
of a vast variety of materials
to
back
up
the, courage and
engaged
October,
increases.
reported
per
the highest
were
hour less in November than
November,
/so that average weekly earnings ; increased
only
a
little,
from $35.65 in October to $35.74
successful
extent
an
industries
16
in October to 41.5 in
fore
flict
skills, techniques
know-how on the part of
Upon industrial managers we
must depend
for direction of
the actual
production of the
war materials required.
There
'
To
sesses.
further
employee
r.
great
spiritual—that the nation
I
the
management and men
in
I
wage-rate
Board
Average hours
focusing upon the one single
objective of victory all the re¬
sources—material, personal and
enlightened political
statesmanship directed toward
an acceptance of governmental
policy that will encourage and
stimulate the maximum appli¬
cation
a
almost
were
part:, V
prosecution of the war calls for
run
be
must
The
emergency.
country's
industries
by the Govern¬
It does mean that there
the
should be
in the midst of
are
manufacturing
hourly earnings in November
average
and
of
;
wave
,
that
record
on
,
not mean
25
higher than in October, 1940, be¬
fore the beginning of the recent
.
This does
in
,
August, but
nor
resources.
hourly; earnings
increased from 85.3 cents in October to 86.0 cents in
November, the
16th consecutive monthly
advance, according to an announcement
made Jan. 9 by the Division of Industrial Economics of The Con¬
ference Board.
This was the smallest monthly increase since last
Philippine Assets Frozen
of
is
our
nothing
vic¬
as
.
■
FINANCIAL CHRONICLE
THE COMMERCIAL &
v
226
Thursday,'January 15, 1942
Text Of
1941.
receipts in
In
the
present
we
President
United
'
/■" I am submitting herewith the
Budget of the United States for
the fiscal year ending June 30,
'
States:
*
We must pro¬
We must
enemies must be
outfought and outproduced. Vic¬
tory depends on the courage,
-skill, and devotion -of > the -men
in the American, British, Rus¬
freedom.
victory also
corporations, was 29 bil¬
dollars on Jan. 3, 1941.
enemies. We must
them overwhelm¬
the
of
75
superiority
crushing
In this Budget
13.6 billion dollars
for the fiscal year 1943. Large
supplemental - requests will - be
World War.
-
And
we
shall succeed. A sys¬
made
enterprise is more
than
a
*'order" of
of free
tem
effective
maximum
gle for liberty first made -us a
Nation: The vitality, strength,
'
adaptability
built
order
of
The War Program
that
f
,
a
the foundation for a huge arma¬
At the same time
ment program.
provided- ample con¬
industry
for a- rapidly
growing number r of workers.
Hundreds of thousands of'. new
homes
were
constructed; tile
sumers'
goods
.
production of consumers' dura¬
ble goods broke all records. Trie
industrial plant and equipment
country
the
of
hauled and
were -
over¬
expanded.
The
country is better stocked with
durable goods. Our factories are
better
equipped to carry the
and
hardship.
less
-now
lion
for agricultural
dustrial production.
be drawn info
fort.
respectively.
'
used
fiscal
to sh»ft
policy
must make certain that
every
dollar is soeedily con¬
certed into a maximum of war
effort.
We are determined to
a
the economy^ into
.
economy
into
a
war
This .'transformation
economy.
must
.
be
•'
188,945,672
$8,268,512^85
V-
'' '■ :
*
661,300,733
j"
-v
I'
3.
Pub.
Gen'l
■
;
6.
Aids to agriculture:
Gross
-
of
8.
Social security
prices
9.
Work relief:
turn
of
Return
-
'
Y
480,075,000
Total
6.301.0s3 165
559,255,646
,i
'■
:•
1,094,203,136
i,- / *'■/
'< "315.000,000
235,095,000
347,204.163
462,045,000
; 444,446,546
1,451,910,183
87.005,000
..i
89.002.000
*14.000 000
89,667 299
1,750.000,000
1,250.000.000
298.599.800
25,000,000
267,177.262
25,000,000
" 1,310.692 811
217,065.000
$58.927 992 300
$30.575.796.162
; ..
;/
'•'!
corps
—
public debt^
expenditures,
eluding
38.497.649
782.456 994
30.130.553
573.056 675
:
942,430,000
12. Retirement funds —i
,13. Supplemental items regular
\
.
1,117,082,000
;
1
.v
I
11. Interest on the
;
{...
-Y
852
.
.
funds
Refunds
10.
■
nr.:-",
surplus
Govt,
from
L__
100 000.000
537,825,000
">
expenditures—^—_
Gross
and we hope to
f
corps.-
youth_._-(^--^
to
^
funds
surplus
Govt,
from
■>
41,329.300
844.470,700
14 000,000
...
713.523.500
23,996.525.400
1 578,110,000
854,050,000
expenditures
Return
••
f; 590,037,000
ri-i'... Y.v\;'
benefits
."-1
and
pensions
.
.
_w—-'-i—
f
57823L000
52,786.186.000
Works Program_
Vets,
,
7
4. National defease
5.
-
43.487 800
797,445,700
-
Post Off. Dept., deficiency
his
-
•.
$7 607
$41,^43 993_000
$16-487 200 000
and agencies—^;
dents,
872,087,000
! 1.334,890.000
,
—
»
ex-
r
use
'. -i
program
tax
IV.
debt retirement
$13 71Q6^q ft«3
to
halt
is
still
;•
.
Work
,
^
1940,
true sense, there are no
•
'
projects.—The average
-of WPA workers- was
number
two -million-in
\
which
are essential to the basic needs of
human life. In the same way it
is necessary, in' wartime 'to con¬
—-—.——
j
of Operations
Effect
•
in public
ule
year
037
067
•
V
18,631,803,162
•,
5,103,417,971
,
—I——
3,019,000,000
-
.
.
Y
Y'
' '■
890.494.526
increase
ihg
•
(Sched¬
'
"
"
,
•
3)
No.
>
Net
-
-
$48.961,443.535
4,368,000,000
I Increase in working balance, gen- •
4
.
^~—
85,440,792,300
eral and special accounts
\—t
;
5.167.678.471
•
defiC't above
meet Budget
purchase obligations of governcorporations
■</:#**** W>
■ * ' ■■■■'",
■■■
Public Debt
the
'
To
5."03 4117 "71
l'OO.OOO.OOO1
18,7*31,803,162
$70.612 246 697
To
631,803.162 '
■■ ■
,
—
on
debt during year:
mental
.
. :—*
..
..,
.
...
;
year
4)—.—
'(Schedule No.
Increase
of
beginning
at
.
;
85,540,792,300
..-/I,",.;..
.
debt
Public
- 18
100.000.000
i
deficit
vn: Gross
Pub'ic debt at
——
i-.
.
debt dur-
in public
—
—
„
$21.650.803.162
$39 808 792.300
„;
*
Credits;
2
the fiscal
the year before
year
the de-
started; the aver¬
age has been cut to one, million
this year. With increasing emr
.ployrrent a further considerable
.reduction will be possible. I believe" it will 'be -necessary
to
fense program
TOTAL
tFrpm
onlv.
T^ • met excess in
he $2,000,000,000 in 1943 under proposed new
RECEIPTS
'
,
'
"
.
"
BY
SOURCES
{In millions of dollars]
j
Miscellaneous internal-revenue taxes
j,
Employment taxes
—
—
—
—
Unemployment Insurance Act——*__■•.—
Miscellaneous revenues
v"
Total
and receipts——
I—;
—
—1—
Ac*"* I,
Estimated,
.19*2
10*1
11,316.0
4.206.5
1,738.9
9.5
297.0
284 2
7 147.0
3.863.0
.1,188.7
,
8.5
36R0
240 9
3 ^S9 6
2
17,852.1
12,816,1
.
-
—
REVENUE
1943
—
Railroad
OF
Estimated,
General and special accounts
Income t°xes
Orstoms
70.612,246,697
48.961,443 535
soc'°J security trust
legislation.
110.43l.038.997
end -of year
deduct,;
funds is estimated to
production and to aid in con¬
trolling prices.
j
,
minimum.
of
j
■
,
;
"T
_B5.440 792 300
hH
—■
—
,
,
|j ipV4ir*7t
i
;
retirement
VI. Debt
ex¬
prevail in .other Y tvnes.
The
present program is designed to
facilitate a balanced increase in
proposed
deficit under
tax.:legislation
catastrophic
prices. At pres¬
17,000,000,000
Receipts from proposed tax legis.
/
'
^ 631.303.162
<2.*40 792 300
.
'■
conservatiqn
on a moder-
a
'
?
under ' present
V. Budget
is an es¬
material^ I propose
the soil
deficit
legislation
III. Budget
,
maintain civilian services
high gear. Today it is an instru¬
ment for transforming our peace
Civil
2.
the
production, in some types
.of. farming, .serious
shortage^
-
In
240,915,000
$12,816,080,000
Net receipts
;
r
339.207.200
.
284.223000
old-age and
"
uncertain. Agri¬
ent, although there
longer nondefense expenditures.
It is a nart of our war effort to
was
Y•;
-
.,
-
year
,,■/
;
. . .
.
insurance
Aids
decline in farm
program
>
Last
war
duetion
more
work.
6,814 717
391,870,013
•
appropriation
/'•;(-V;trust fund
cess
agencies responsible for
the administration of this vast
Government
....
$17,852,090,000
Expenditures ('Schedule No. 2):
1. Legislative, judicial & exec.
II.
reduced scale.
Acreage
cooperative efforts pf
farmer
and ; Government; was
inaugurated in a period of over¬
production in almost all lines Of
farming. Then its major objec¬
tive was the curtailment .of,prd-
?
The
The Civil Functions
net
survivors
control by
production to the war
hold waste to a
receipts
Federal
for
;
j
corpo-
'
ately
.
production. These, estimates
determination to de¬
vote at least one-half of our
ductive capacity
from
and
reflect our
expanding war
''
8,500,000
368,000,000
——.
Deduct
;
effort. Food
to continue
war
These must
war
sential
.
planes, «and other war
equipment will require prompt
conversion of a large portion of
our industrial establishment to
and more pro¬
must be shifted
peacetime
to
wartime
program,
esti¬
ships,
and in¬
developed in skilled labor, raw
materials, machines, and ship¬
-the
huge expenditures for
.
Government
Gfoss
objective of the Agricultural
YAdjustment Act.
.
Y,Y' 'Y~ !
r'•
The remaining - expenditures
for the agricultural program are
being brought into accord .with
and 3 billion
dollars for the current and the
effort.
Y $7,361,674,982
,
mated at about 2
These
to
needed
corpora¬
tions for war purposes are
national
however, have
ping. Under the
Government
of
farmer an
,
Year 1941
' $12,198,665,000
-'•>
other
-
against the
appropriation will be
carry out the parity
should
funds;
-
rations
•
5.
rise of the prod¬
ucts
actually
bought by, the
farmer.
But'if price develop*
present, objective calls for
war expenditures of nearly 53
billion dollars for the fiscal year
1943. And in addition, net, out¬
lays
from
I':
i-.
limit the price
ments
Actual, Fiscal
Year 1942
Year 1943
'
purpose
authoriza¬
and
'
Estimated. Fiscal Estimated. Fiscal
surplus
7.
incomes
cultural
have increased
our
re¬
the national ef¬
Shortages,
Expenditures
war
Y;;,Y,-,;.Y
Expenditures—Cash Basis
ACCOUNTS
—
largely
prices are too
5 billion dollars a month
during the fiscal year 1943. As
against probable budgetary war
expenditures of 24 billion dol¬
lars for the current fiscal year,
production load. The larger
national income facilitates fin¬
sources
(
surpass
^new
ancing the war effort.
There are
still unused
«
.
expenditures, are
running at a rate of 2 bil¬
dollars, a month and may
Total
next fiscal year,
Adjustment to a war program
now be made with greater
can
speed
I can only say
of life.
poning until next spring pres-
Reoeipts and
.,
of
4. Return-',
more
parity return on
a
crop,
v
.
have
payable In
the fiscal year 1944; 1 do not
; suggest a definite appropriation;
at this'time because develop¬
ments of farm income and farm
1942
determined to nay
way
War
defense effort
which began
as
we
emerged
from the long depression. Dur¬
ing the past 18 months we laid
by
farmer
price we must to pre¬
our
serve
Our present war program was
preceded
are
we
*
.
;■
in the
YY.Y,.~
contract
include
\
.
costs because
predict the changing
whatever
:
;
»
tions in the Budget to assure
,
will
: ,;
to
short of a
suffice.'a I cannot
fortunes of war.
probable that the total amount
will not be needed. I am post¬
AND -SPECIAL
Classification
aid.—I
Agricultural
ultimate
cannot
I
and
freedom
on
responsibility
again triumph.
YV
individual
-
predict
social
a
use
•
(Schedule No. 1);
•'•••
4, Internal revenue ——$17,261,367,000
2. Railroad Unemployment In- N j
employment Insurance Act
r- •' 9.500.000
3. Customs
——
297,000,000
dollars
next fiscal "year;:;,/;'
toward the
of
productive
■
by slightly
*
move
maximum will
;• •;
■
,
billion
1
than
"
Nothing
capacity.
concentration camps. The strug¬
and
we
as
reduced
been
of
priation
of the
equipment in any theater
•
.
direct war purposes
than
appro¬
war
a
: '
/
-"?Y• ?
Excluding debt charges "and
grants under, the Social Security
taw, total expenditures for other
I make an ini¬
for
request
tial
these riwo
for
dollars
agencies,, excluding,.50 million
dollars for defense training,-it is
I. Receipts
civil
have been placed in
reserves.
of
GENERAL
appropriations for
purposes
future obligation.
of
of
lars
for
dollars
billion
24
administrative
415-million;dot-
•
billion dollars
mains
of
budget control,
methods
:
Comparative Statement
were
estimated. By using
originally
Of this total
there re¬
program.
million
.«•
estimating 100
am
GENERAL BUDGET SUMMARY
Y"'!Y
V
programs
than
funds
smaller
with
social
and
economic
'
to
the current. year have
possible the execution <j>f
made
Govern¬
ment
Although I
cut
to
States
Improved economic conditions
the last 12 months 4-3
billion dollars, have been added
question of our ability to pro¬
a
of
commitments
forced
industries
will
too,
Employment Service in finding
effort
those
youth,
by the United
.-employment opportunities.-
procurement agencies in an
tcf place contracts with
the
year
The
aided
be
reemployment
in defense plants. I have, there¬
fore, instructed the Office - of
Production Management to joita
during
includ¬
and
ingly^ so that there can be no
vide
Nation's
'
the
of
progress
The defense program,
During
tanks, a few more guns, a few
ships, than can be turned
our
'
lion
more
by
::
ing appropriations, contract au¬
thorizations,
recommendations,
unless, at the same time,
outproduce
public may
situation and
fiscal
effort.
1
outproduce cur enemies. It
enough to turn out just a
more planes,
a few more
out
the
the
de¬
is not
few
so
know
fiscal
the
war
the Civilian Conservation Corps
made to speed up
one-half of the ekpenditures for; these purposes
during the fiscal year 1941.
j
unem¬
youth.—Under
to
istration.
•
determined
1943, about
help
and the National Youth Admin¬
Rather than rely on relief la
effort
should
be
:
will require 1.4 billion
during
dollars
of assistance.
need
previous to-the current
fiscal year, and again, by 860
million dollars from the curreiit
to the next fiscal year. These
programs
;
however, be eligible for such
compensation and may be in
from the
the
that
lished
of the workers affected will not,
by 600 million dollars
reduced
reem¬
ment compensation ceases. Some
V.1
■
Aids
by expanding war in¬
dustries before their unemploy¬
relief, - youth aid—can be
work
'
:
v'
be
Employment Ser-
greatly
will
conditions there is need - and
opportunity for youth to serve
in many ways. It is therefore
possible to make a considerable
reduction in the programs of
,
ployed
national pro:: , /'• ' .; / - Y ?
Y It is estimated that expendi¬
tures
for the major Federal
assistance programs—farm ai<5,
are
"
.
workers affected will
and
ployed
workers in obtaining
employment./
Y
YYv ''
i >
of "priority
I hope the
ing the problem
unemployment."
gral parts of our
gram.;
projects.
war
war
nationalized
;
Y vice
Material shortages are creat¬
;
require adthose who
Assisting
benefit /from the war are inte¬
-
shops, on the farms.
'
;
We cannot outfight our ene¬
we
on
the process of trans¬
formation and taxing those who
details
of
future v war
apropriations.
However,
total - appropriations
and expenditures will be pub¬
pends upon efforts behind the
lines—in
the
mines,
in " the
mies
employed
circumstances I
these
Under
in the fight for
But
plans
war
the war will
cannot hereafter present
sian, Chinese, and Dutch forces,
and
of the ; others who ; join
us
Morever,
through idleness.
be
ductive power
suffer1 in
*
the
projects than to lose their pro¬
feasible they will
justment.
program
war
for
Wherever
bring hardships and
•
.
in constant flux.
military secrets.
....
with
:'"v '.v-
.
budget. The de¬
a war
of a
fare.
powerful
hands
<YY.
,
,
provide useful work
unemployed on public
is better to
reoriented to the war program.
We all know that
are, of
Its mag¬
nitude and composition depend
on events at the battlefronts of
the
world, on naval engage¬
ments at sea, and on new de¬
velopments in mechanized war¬
tails
course
provide the funds to continue our
role as the Arsenal of Democ¬
racy.
'
It
industries.
absorbed by war
destructive floods.
In the preparation of the pres¬
ent
Budget, expenditures not
directly related to the war have.
been reduced to a minimum or
to
Standardization
country probably will not all be
and we must maintain
forests;
production.
substi¬
tution are doing their part in
maintaining production. Everincreasing use of subcontracts,
pooling of industrial resources,
and wider distribution of con¬
tracts are of paramount impor¬
tance for making the fullest use
of
our
resources.
The newly
industries
needed
be
peacetime production. The
ingenuity of American manage¬
ment has already adapted some
,
WPA, but I shall submit a
for
control over
Nation's "war
'•
This is
We must provide the
man
and equip: our
t'ion of otir resources.
specific -..request later in the
year. Workers of certain types
and in certain regions of-.the
dollars will
million
For
cans.
War Appropriations
,
funds for xne orgamza-
vide tne
generations of , Ameri¬
example, we must
maintain fire protection in our
estimate
future
-
practical terms the Budget
meets the challenge of the Axis
fighting forces.
during
essential
are
the
in
elements
In
powers.
funds to
message
program.
of a na¬
world at war.
tion at war m a
this
in
It is. the budget
1943.
•
completed with minimum fric¬
tion and maximum speed. The
fiscal measures which I outline
Congress of the
the
To
some
relief
of
page) we published a summary
Roosevelt's Budget Message.
of Jan. 8 (first
issue
our
make
keep
.
their
provision for work
the next year. I
tentatively - that 465
natural resources and
in repair our national
plant. We cannot afford waste
or destruction, for we must con¬
tinue to think of the good of
our
serve
full text of the Budget Message
delivered to Gongress on Jan. 7 by President Roosevelt.
The General
Budget Summary, a tabulation, which we have taken from the Sum¬
mary Budget Statements, and which also appears on this page, shows
comparatively the estimated receipts and expenditures for the fiscal
years
1943 and 1942 and the actual figures for 1941.
In another
table are shown the expected receipts of the Treasury, according to
sources of revenue, in the 1943 and 1942 fiscal years and the actual
Following
.
925.2
6.3
9
508.2
8.268.5
Volume
Number 4033
155
THE COMMERCIAL & FINANCIAL CHRONICLE
entation
to
the
Congress of
specific recommendations as to
youth aid. /
/
r.
for
harmonizing various aspects
fiscal'policy
with national objectives. These
governments
are
readj ustmg
for
and
work
it
essential
v
Financing the War
restricting
which
those
expendi¬
active
cannot
projects
Civil
departments
ing
and
and agen¬
Many
defense
civil
activities
ment
war
the
of
program.
Federal
the
amendment
an
legislation
would probably not affect ex¬
penditures
substantially
during the next fiscal year.
heavy
They
are
from
6
This
the
Federal
Debt
the fiscal
service
of
eral
j
of
reinforced
State
and
Council
State
OP
profits
Conference
Source—
'
Individual
income
All
Miscellaneous
,
,
___—
Gross
FEDERAL
RECEIPTS
•Excludes
;
(estimated)
in
additional
increase
Thus
this
.<
90
:
112
=,
'
^
134
106
106
,
...
■"
„,.
'
216
t
\
85 7-
Message
a
from
trust
funds will reduce
which must be raised by taxa¬
the
enactment
that
OF
FINANCING
for
amounts
FEDERAL
•>
borrowing
the fiscal year
from
the
1942 and 2.8
billion dollars in the fiscal year
1943.
and 45.4
1943
Classification—
1942
(estimated) /estimated)
Federal Operations:
deficit under present
legislation
1941
1940
(actual)
(actual)
II. Government
corporations
all of
on
$42,440.8
$18,631.8
$5,103.4
$3,611.1
(net
2,941.0
outlays)
effective/ The
tionary
aspect
of
2,220.0
•1,148.8
200.1
backbone
system.
of
In
taxes
the
excess
Combined
of
net
recent
(I+ 11—III) t
tax
years
use
them
to
other taxpayers
more. The higher the
taxes,
must pay
tax rates
the
more
close the
urgent
it
loopholes.
privileged treatment given cer¬
tain types of business in cor¬
porate income taxation should
It
seems
further
right and just that
tax-exempt bonds
may
am
of such
J
.
in
convinced
and
for
luxuries.
ized
preceding
are
consumers'
and
manufacture
fre¬
and
finance
expenditures
multiplied,
much
<•
to
the
and
the
defi¬
threat
of
ever,
apparently
be
greater. There is, how¬
a
significant difference
between conditions
prevailing under
-gram. Last year,
ditures
so
were
full
war pro-
expen¬
stimulated
created
unless
spending.
the
Under
secur¬
a
full
inflationary
by
war
public
program,
however, most of the increase
add
in
will
replace pri¬
vate capital outlays rather than
covered
to
them.
Allocations
and
priorities, necessitated by short¬
ages of material, are now
in
operation; they curtail private
provide
protection
hazards
not
initially
the
advance the
a
defense
credit added to the
the
pressure
expanding
they
private
capital outlays that intensified
use of private funds and
private
as a meas¬
persons
as
in the fiscal year 1941 and those
semi-
oppose
will
social security program in 1935
it has been planned to increase
we
undesirable
attributed
enacting
adequate
of price control.
bonds and it is my personal be¬
lief that the income from State,
By
from
moderate
in
expenditures
now,
was
be
must
With
cits
worker is given his full money's
included.
A
in¬
this
Another part of the price
measures
goods,
o£~ the
worth in increased social
to
recovery
lows.
rise, however,
Pay-roll taxes and the social
security program,—I
use of pay-roll taxes
.
a
of
ably facilitated the increase in
; production
and
the
defense
as
They should be util¬
war
was
Part
rise, accompanied by an
adjustment of wage rates, prob¬
effort.
of
re¬
are
price
products competes with the war
ure
so¬
considerable
a
ity. From the inception of the
legislation to tax all fu¬
the
prices.
inflation
luxuries
when
and
in
•
Selective excise taxes
demand
in
depression
quently useful for curtailing the
especially
with
increase
:
:
measures.
program
*
purchasing
situation, ' however,
we
may
later
be
compelled to recon¬
the temporary necessity
mend
,.
1
ciated
crease
sider
against
.
collections
smaller deficits during
the fiscal year 1941 were asso-
delays
financial
amendment to the Constitution,
As a matter of equity I recom¬
».j>
tax
accumulation
lars and 34 billion dollars,
spectively. The adjustments
economic
ent
2 651.9
i
as
of
7 ~~~ ~
war program
additional
additional
effort.
4 866 9
W
The
they have no perma¬
the Federal tax
system. In the face of the pres¬
place. in
and
j,»
Inflation
~
Much
that
nent
the number of
1,
"~ T
table.
the depression I op¬
general excise and sales
posed
is taxable under the income-tax
—jr
7
of
years
an
security trust funds, bor¬
rowing from the public in the
J current and the next fiscal year
would be nearly 19 billion dol-
Excise.taxes.—All through the
municipal, and authority bonds
.
collections during
cial
con¬
,
1,159.3
t.
and
borrowing.. After adjusting for
,
rates
'
system.
consider
emergency period.
indicated
power.
1,385.3
h.
should
requires not
substantially
increased
•_taxes but also greatly increased
•
consumers'
of
possible
tax
our
only
help combat inflation!
in a post-war period
help restore an increased
2,018.3
18.833.5
greatest
desirability of tax legisla-
rates
}
may
flow
System
Borrowing and the Menance
its repeal
2,763.9
42.617.9
«
longer
tax-exempt
no
Tax
tion which makes possible quick
adjustment in the timing of tax
7
emergency measure.
3,811.2
under
—-—
It
an
6,252.2
requirements
i
the
fecting income, estate, gift, and
profit taxation but numerous
loopholes still exist; Because
taxpayers
pay¬
Any such tax should be
sidered
se-
proposed
-
ever
much
progress has been made in per¬
-
-
anti-inflationary
taxation.
of
20,851.8
legislationt
cash
are
£'
,
rate
the
in
Congress
7 the
7'7.7
excessive
45,381.8
receipts
disbursements
taxation
Federal
issue United States
III. Trust funds:
over
an
at
'
the
the
flexibility
uncontrolled price rise.
anti-infla¬
supplement, not
sup¬
plant, its revenue and equity
aspects.
should be issued. We
outlays of Budget and
Govt, corps. (I+ 11)
present
But
should
no
Net
Deduct
us.
themselves
are
be reexamined.
I. Budget
tax
of
which im¬
measures
nature
Exemptions in estate and gift
taxation should be lowered. The
1940-1943
[In millions]
A. Summary of
require
emer¬
compelling argument
making progressive taxes
becomes to
OPERATIONS, FISCAL YEARS
be¬
perative
The
hardship
in - individual
cases and may have undesirable
economic repercussions.
These
can - be> mitigated
by. - timely
adoption of a variety of meas¬
ures, each involving a moderate
abandoned
war
\
-
character
being
are
Our fiscal situation makes im-
'
7 Taxes of
progressive
demand. The
sacrifices
avoid
taxes,
dollars
be
Flexibility in
taxes, and excise taxes.- I
the Congress to give all
these proposals careful consid¬
eration. Any tax is better than
an
be
other
legislation by 2 billion dollar?
during the fiscal year 1943.
spend¬
source,
measures
creased. through
suggested for that
such as income taxes
the
while
curity trust funds would be in¬
.
•
at
proposal,
enactment
I estimate that the social
well-
■
tax
might
immediate
this
Congres¬
reason
perfected.
spell
most
some
billion
of
sacrifices
pose
in
20.9
policy
v
of
to
necessary
urge
who suggest
should
restrictive
public by about 2 billion dollars
be
those
of
measures
collected
!
.
given
been
purpose,
these taxes do not curtail
cause
ment
the current fiscal year,
are
the
such
have
equity,
/
the
additional
•:
war
well-balanced
a
consideration
consumers
roll
requirements,
There
tion
will
of
sional
should
consumer
function immedi¬
can
i
to business
'
additional
For this
the
number
A
*7
and economic necessities.
r
ing-
In
the
ately.
accrue
of
of
ab¬
power.
in bonds of the United
roll taxes
;
additional
of
power
some
from increased
which takes account of
revenue
lay of the Budget and Govern¬
and
and
limit
on
these
measures
the
would
purchasing
The
existing administrative
machinery for collecting pay¬
urgent
A
in
dol¬
in financing the war.
extraor¬
come.
of
some
purchasing
outline of
Progressive Taxes
Borrowing
has
inflation. Such
trans¬
shall
program.
Progressive
excluding
I
the broad
that
a
States Government would assist
dis¬
in
year
result
billion
contributions
excess
reserves
war¬
tax system.
Message
absorb
accom¬
future.
near
and
more
last,
taxes and I
billion dollars for the fiscal year
1943,
stated
would
several
Investment
balanced tax program must in¬
clude measures which combat
v'-I
300
be tentative and subject to later
new
the
finance to
surplus funds by Government corporations.
any
in
is
of
■
eliminate
our
measures
dollars.
recommendations
my
more
*70
be
financing
'
mitted
209
7184.,,-.
revision. The probable net
from
of
Specific proposals to
plish this end will be
7,1100
out¬
billion
2
means
it
to
ever
funds which
•:
100
corporations,
by
new
1943.
for
The estimate of deficits must
should
these
sorb
dinary tax measures may be
needed, to "aid in avoiding in¬
flationary price rises which may
occur when full capacity is
ap¬
proached." The time for such
would provide a total of 9 bil¬
lion dollars in the fiscal
year
405
Deficits Under Present Laws
revenues
taxes
inequities
levels,
I
proposed later in this Message,
security trust funds will
275
,
-
Anti-Inflationary Taxes
social
136
143
time
collected during the fiscal year
1943.;
Under
new
legislation
100
167
technical
.
7
128
contributions
reserves
contain various
Budget
519
1943
'
•
.
is won, we will not talk of
burdens.
328
1942
■
Our tax laws
•
cover
over
lars for post-war contingencies.
The
present accumulation
of
coun¬
defects in
a
111
far
ployee contributions will
long period of time. Increased
production
task,; I am confident that all
Americans will be proud to contribute their utmost in taxes.
Until this job is done, until this
"r
(estimated)
its.
ex¬
benefit plans.
employer and em-
increased disbursements
try cannot tolerate undue prof¬
re¬
started
new
Additional
management.
conditions the
war
than
the
•7
my
economical
Under
their lives to the Nation's
great
gency does
^
,
'
_
(actual)
100
of
tremendous
criminations. With taxes at
173
100
return
the
be
as
tion of the
'
1
no reason to
by taxation. When
Americans are contrib¬
uting all their energies and even
1941
receipts
of
contributions
soon
possible, to be fol¬
lowed 1 year later by the opera¬
them now. Unreason¬
profits are not necessary
and
possible
100
receipts
view
consumers'
COMPARED
as
obtain maximum
to
many
1940
duties
Customs
our
more
tional
savings
exempt
able
;
of
a
uniform national system.
I
suggest that collection of addi¬
bonds.
is
in
liberalization and expansion
ture issues of this character.
further
:
for the duration of the
100
:___1
taxes.
would
progressive
OF
employment taxes
increase
taxation
whole,
become
S.
•!
increase
permanent and temporary dis¬
ability payments and hospitali¬
zation
payments
beyond
the
present benefit programs, and
this
program started
a
tax system
the
U.
on
the
2,651.9
of
greater
revenues,
On
(actual)
taxes_
from
accrued
all
to
program.
an
unemployment compensation in
rapidly
present task definitely requires
are
interest
fAlmost
contribute
recommend
952.3
affected
in¬
on
4,866.9
,
Budget.
so¬
coverage
of old-age and
survivors' insurance, addition of
7 1,699.1
-•
are
Corporate
Taxes
and
18,833.5
the
to
^Includes
Tax programs too often follow
the line of least resistance. The
since the defense effort started.
—
and estate
<1708.2
more
program
19401= 100]
/■"'
7.
taxes
eco¬
Yields
taxes
WITH FISCAL YEAR 1940
Corporate
5,575.1
15.5
our
and at the
the
'■
S Excessive profits undermine
unity and should be recaptured.
The fact that a corporation had
large profits before the defense
employ¬
increasing half
as fast; and the
yields from ex¬
cise taxes are increasing more
slowly; customs are falling off.
has
SOURCES
[Indexes,
than
showing the greatest
are
increase.
ment
Governments
rather
tempo of
measures
greater
a
estates,
v'/;'
Excise
tax
activity.
MAJOR
18,818.0
+
Government
I believe that 7 billion dollars
.
ac¬
predominantly from
comes,
have issued excellent suggestions
DEVELOPMENT
*
1943.
partly to
due
in
war
year
resources,
further in¬
in revenue next year
nomic
^
especially
is
by
that of
Governors'
is
;
governments.
committees + of
the
of
the
and
r
'
billion
during the last 2
approach full use
we
come
from
local
Executive
As
our
new
with respect to public works,
being
as
the
in
18
to
the fiscal
enacted
must
policy of the Fed¬
Government,
1940
Fiscal
Policies
The fiscal
in
creases
fected by war spending.
Coordination
2.6
funds
bonds.
invested
deficits, I reemphasize
so
programs.
dollars
be
quest of last year that war
be financed as
to increase
expected
billion
increase
years.
af¬
course,
war
to
penditures
•;//.;'
expansion of economic
tion
1943.
year
is, of
::
V
tivities and partly to tax legisla¬
and by another 500 million
in
finance, is a task
year
dollars
lion dollars in the current fiscal
/dollars
I
—
■
time
anti-inflatiorfary
1,699.1
2,000.0
1
surplus
Government
prices
are
'
In
and almost 56
year
war
fiscal
borrowing, interest charges are
expected to increase by 139 mil¬
year,
5,575.1
7,000.0
The Need for Additional Taxes
expenditures,
war
the defense and
States. Such
of
total
in
of
increase the deficit.
receipts from existing
tax legislation will triple under
to accord with the needs of the
Because
18.818.0
42,617.9
return
increase
rising
price
Total
■■
to
Security Act which
modify matching grants
various
318.7
•
;
•
Social
would
1.380.4
972.8
estimating
expenditures!
receipts, only a moderate
than
maximum
assure
Receipts Under Fresent
■7 Legislation
,
.
I favor
f 4,602.3
a710.1
trust
financing
Since expenditures
by
,
priations for public assistance
made by the individual States
will increase by 73 million dol¬
lars.
cial security system
Vsame'
19,528.1
rise in prices has been assumed.
burden is
war
of
tremendous magnitude "requir¬
ing a concerted program of
action. '
•',* '' V '■7'';'.
1943,
Under existing legislation Fed¬
eral grants to match the appro_
In
for national unity. A
fiscal
rent
ser¬
increase.
an
security
for changes
in cash
"during year______i.,-,^
invested
and
billion dollars for the fiscal year
debt
vice.—A few categories of civil
expenditures show
* §This
at 26 billion dollars for the cur¬
>
grants and
the
of
and
With
the
on
is
bonds.
including net outlays of Gov¬
ernment corporations, estimated
Govern¬
being focused
are
social
*Includes
excess
fiscal
output of war equipment.
services.
have
already
readjustment. All
such
Sound
essentials.
Nation
agencies
made
Total
aDeduct.
will
stimulate the productivity of the
agencies will
be used to the greatest possible
for
organic development of
(actual)
:
34,913.1
1
balances
-
balanced financial program
Established
extent
may
necessary
undergoing thorough reorienta¬
tion.
1940
(actual)
1'
!al,297.8
<
in
Adjustment
Methods of financ¬
impair or strengthen
tribution
is
agencies
"7!
■
42,615.3
policies are those which will
help win the war. A fair dis¬
cies.—The work of the civil de¬
partments
•
,
proposed legislation: *
funds§
three great necessities
are
these
without endangering the struc¬
tural work now in progress,
•
■
'33,615.3
Increase
-
for victory.
discontinued
be
•
*
riel
to
"i
issues-
•Taxes
*
reser¬
Determination, skill, and mate¬
tures
!
a
tion
am
Under
,
important
more
provide
ferred until the post-war period.
For all other Federal construc¬
I
7
1941
,
J
Subtotal
-
1942
(estimated) (estimated)
our
work by busi¬
ness and by Federal, State, and
local governments.
1
7''
strategic purposes. Other
highway projects will be de¬
;
to
corporation
1943
227
voir of post-war
for
:
effort, the
becomes
"
for that pur¬
reserves
The larger the scale of
pose.
related
are
Government
to
as
readjustment,
accumulating
post-war
some
war
military needs. Federal aid
for highways will be expended
construction
the
financial
to
only for
so
expedite
the
war
program.
Many are making flexible plans;
lion dollars includes those pro¬
harbor
of their services
many
jects necessary for increasing
production of hydroelectric
power, for flood control, and for
and
Financing
Combined Net Cash
J'
/
Requirements:
*
7 Bf; borrowing
from
the
public
-v./../ '(net): " • •* , '
^Government issues
;
of State and local
Public works program.—The
public works program is being
fully adjusted to the war effort.
The general program of 578 mil¬
river
B.
•
outlays for consumers' durable
■ (Continued on page 228)
.
Text Of The President's
Raw Cane Sugar Quota
United States Industry Quickly Accepts
President's War Production Program
Hearings On Jan. 16
Budget
Message To Congress
(Continued from page 227)
ing taxes to the extent other¬
wise possible.
The import of
struction, expansion and even
this fact will depend greatly on
replacements
in
non-defense
economic conditions in the post¬
plant and
equipment.
These
goods, private and public con¬
of
curtailments
drastic
period.
war
non-
'
expenditures add, there¬
defense
fore, to the private funds avail¬
able for noninflationary financ-
sive burden
contribute
will
factor
This
financing the
./tremendous war effort without
disruptive price rises and withC out necessitating a departure
;; substantially
from
tionary
-
interest
-
rate
will be large
It will be
power to control it
pressure
manageable.
but
"
within
our
adopt
we
anti-
additional
of
program
comprehensive
a
inflationary measures.
Anti-
Comprehensive
A
Inflationary Program
h"
great variety of
A
is
measures
to
order
in
necessary
materials, and facilities
from the production of civilian
articles
to
the production of
weapons and other war supplies.
Taxes can aid in speeding these
shifts by cutting non-essential
civilian spending. Our resources
are such that even with the projected huge war expenditures
*
;
;
r
*
can
we
W living
.
maintain
standard of
a
adequate to
support the health and producj tivity of our people. But we
must forego many conveniences
If
contract
we
*
system
fully effective, especially with
relation to inventory control.
do
present propose
at
not
general consumer ration cards.
There are not as yet scarcities
•
a
heavy debt at
.f.
—
commodities for which scarcities
tain
high
I
am
action
the recurrence of
There need be
war
our
I consumption, especially of
scarce
products,
may
make
necessary
fewer
compulsory
'
should be
Hoarding
only one field,
that of defense savings bonds.
Economies in consumption and
the purchase of defense savings
encouraged
,
.
(
bonds
will
in
peace
An
financing
facilitate
shift from
costs and the
war
a
to a war economy.
integrated
in¬
program,
cluding direct price controls, a
flexible tax policy, allocations,
rationing, and credit controls,
with producers' and
consumers' cooperation will en¬
able us to finance the war effort
together
of inflation. This
difficult task. But it must
without danger
*
is
a
be done and it can be done.
tentative
of
basis
the
Budget estimates, including new
taxes, the Federal debt will increase from 43 billion dollars in
June
1940,
when
defense
the
to 110 billion
dollars 3 years later.
This in¬
crease in Federal indebtedness
covers
also the future capital
program
began,
demands of Government corpo¬
rations.
About 2
billion dollars
of this increase will result from
the
redemption of notes of Gov¬
corporations guaran¬
ernment
teed
by
Federal
the
Govern¬
ment.
These debt levels
increase
i
.
...
Lehman
30 by
of the State
in
the annual
of New York
placed
an
interest
1943.
ments will prevent us
time after the
war
Such
an
require-
for
some
from lower¬
the
full
States
support
Government
burden ot Federal
the
already has
the taxpayers—a bur¬
every
Industry will produce, produce
in
located
of workers in
:r. .
The President's statement
-
of
ability of every man
and woman in the United States
of
limit
1——-
able to work.
-
It
.
take the position
it
individual
in support of
has
representative
democratic way of life unless it
is determined to carry through
to final and complete victory
freedom and the
protect these things
include
our- American
which
of life.
-way
!W:
.
management of industry
business, cooperating fully
that the na¬
will do everything to
that the State should
perative
make
now
effort
maximum
a
the limit
ability to aid in accom¬
plishing the objectives set forth
by the President.
of
to
its
All- Americans
must
in\me-
lighten State taxation. This, in
efect, will be a direct contribu¬
tion to the war effort, for the
less the State takes from its tax¬
diately
the more they will have
available to help pay the cost
submerging of individual
rights, hard work, sacrifice, sor¬
row and loyal support to those
charged with the responsibility
of the cause.
A divided people
cannot be a victorious people,
payers
war
fense bonds
and to make need¬
contributions
Cross
and
and to invest in de¬
and
the
to
Red
humanitarian
other
war-relief agencies.
ernment
to
its
save
to a realization of
that
General Sherman
the fact
was
right when he said "War is
hell."
involves
War
the
tem¬
that
end
WITHEROW,
P.
of Manufacturers—If it's within
the realm of
-
possibility, it will
This is
be done.
battle of fac¬
a
WILLIAM
S.
prize of freedom justi¬
fies all these sacrifices and com¬
plete unity in defense of free¬
dom.
taxpayers
.
only to producers.
-
Pres¬
Steel
$200,000,000 Foreign
J, Germany, Italy, Japan and all
,Tt$he conquered European
tries put together.,
NATIONAL
AMERICAN
OF
COUNCIL
The
shipbuilding
industry,
given a constant flow of mate¬
rials, equipment and uninter¬
rupted service of labor, can and
will meet the huge ship con¬
structive
objective. / Already
there
than
ships under
are more
struction
in
United
before in the
ever
of any
the
maritime nation.
con¬
States
history
-
Mor-
disposal
genthau has placed at the
Chair¬
man of the Supply, Priorities and
Allocation Board, an inventory of
$200,000,000
of
materials
for
America's war effort, the cache of
the Department's Foreign Funds
Control, according to a Treasury
of Vice President Wallace,
4,
Jan.
issued
announcement
which also said:
J
The itemized inventory,
which
all sorts of goods and
and
machinery
merchandise,
equipment, will make it possi¬
for SPAB and other Gov-
ble
ernment
agencies to direct these
much of which is
into the allied war
materials,
strategic,
•'.effort/
/
coun¬
SHIPBUIDERS—
Materials
Held Strategic
Secretary of the Treasury
steel-making
capacity of approximately 88,000,000 tons in this country
alone
means
we
can
produce
50% more than can be made in
/
Treasury List Reveals
included
Iron and
Institute—Present
the
of 1937.
In prior
years, the allotment authority of
the Secretary has been applied
Act
Sugar
-
TOWER,
American
ident
that this
have been undertaken under
<
America^ industry will
tories.
do everything it can.
/
v//.,/,;
At the same time the Secre¬
tary indicated that the/inven¬
tory covered only a part of the
strategic materials held for for¬
eign
account and
buried in
warehouses, sheds and factor¬
ies throughout the country. The
said,
much
inventory, it is
complete
probably will represent a
larger figure.
"Ferreting out stocks of strate¬
gic materials Tost' in the United
States is an effective way of add¬
the nation's
period when
supply lines abroad are inter¬
rupted by war," the Secretary
ing
immediately to
stock piles during a
our
porary
and the
struggle
the nation now is engaged in,
It is the duty of the State Gov¬
come
the
to
WILLIAM
The
and
produce
President, National Association
this
that
inconceivable
is
nation would
measurably
engaged in the greatest
history—makes it im¬
/
.
objective'ap set forth today only
emphasizes the necessity of full
speed ahead in production to the
,
with labor and the Government,
in
and
victory will be swift and sure.
;
.
imported
Rico, the
Officials pointed out
Chair¬
the
of
man
or
Hawaii, Puerto
is the first time such allotments
are
section of the United States in¬
increased im¬
is
program
Board, National
Association of Manufacturers—
in order to
■
President's
WALTER D. FULLER,
of 1,689 great
management.
-
the
perhaps in 1943.
and
President
the
to
den which will be
Chicago Home Loan Bank
Dividend Totals $145,000
Dividends
the
for
last
half
of
1941 will be
paid by the Federal
of Chicago at
the rate of 1%%' per annum on
Home
stock
ing
Loan
as
the
stock
Bank
of record Dec. 31, bring¬
amount
now
held
time
Foreign Funds
measures
the Treasury has
Control in
on
Recon¬
un¬
dertaken."
The
explained that
uncovered
Secretary
these
materials
vital
Control were
the by Foreign Funds
earned
by
the
said. "This is but one of the many
war
"lost" in the United States either
call to struction Finance Corporation up through accident or design on the
past the $2,000,000 mark for the part of their foreign owners. The
announcement added:
Col. John H. Jouett, President nine years of the Bank's opera¬
gency measures and activities
In
some
cases
the
foreign
of the Aeronautical Chamber of tions.
A. R. Gardner, President
and without crippling the nor¬
owner
could not communicate
Commerce of America, said that of
the
Bank,
announces
that
mal
functions
of
dollar
every
that
is
without detriment to
which
the
are
vitally
possible
Business
the
accepts
patriotic duty.
war-emer¬
government
essential to
health, welfare and protec¬
the
the
President
had
impossible
not
when
demanded
he
asked
checks totaling $145,000 have been
mailed
to
454
member
savings,
the building and loan associations in
Axis Powers three-to-one in 1943. Illinois and Wisconsin and to the
war demands extreme sacrifices
The latter now holds title
He further commented as follows: RFC.
by all the people, so it must
I cannot over-emphasize the to the stock originally purchased
necessitate abandonment by the
States Treasury,
effort ahead, nor can I exagger¬ hy the United
State of many services which
ate the result
which will be and receives $106,300 of the cur¬
are desirable and even needful
It is
also
in peace times.
apparent
within
the coming rent disbursement.
months.
I can say now with stated that member institutions
Enactment of the
proposed
will have received a total of $521,every assurance that the Amer¬
amendments to the State In¬
ican aircraft industry, aided by 389 in the lifetifhe of the Bank
tion of
some
interest
on
repre¬
Chamber of Com¬
of the United States, has
United
lend-lease program
above 2.5 billion dollars at the
in
?
:
industrialists,
the
budget mess¬
taxation which defense and
come
end of fiscal year
.
require
and
volving millions
to the Legislature that Fed¬
eral
income
tax
payments
be
made
deductible
in
computing
The heavy
vast
men
representatives.
number of business
organizations
age
tice," and added:
The
.pledged
urged
was
President's
merce
the Committee on
to recommend in his
ful
and
practicable.
Industry
will
produce 60,000
planes, 45,000 tanks and huge
quantities of anti-aircraft guns
this year.
By 1943 we will have
gotten into our stride so that
stepping-up this program will
be simple.
With that greater
program under way, the war
should come to a speedy end,
sented by the
Taxation of the Chamber of Com¬
of the
con¬
entirely
and other Allied
1942.
Governor
war
a
materials
and
Florida,
and
Virgin Islands, Cuba and other
foreign countries, according to
the Sugar Division of the Agri¬
cultural
Adjustment Adminis¬
tration;
' "'V
V
can' and
/
speech
to
Congress today was made after
consultation with Mr. Churchill
Federal Tax Deduction
tion
of
of
area
cane
brought in
sugar
from
no
His statement
:
,
The
no
Urges Lehman Support
from 1 billion dollars in 1940 to
increase
follows:
effort
In the life and death
Federal Debt
The Increase in the
On
accepts the call."
FRANKLIN D. ROOSEVELT.
'■
flow
of
becomes
necessary.
HENRY FORD—Given
tinuous
United States, said that "business
and to victory.
merce
do it.
can
mainland
Louisiana
the Associated Press: /
the Chamber of Commerce of the
Chairman, which was made pub¬
lic by the Chamber said that tax¬
payers were entitled to this re¬
lief "as a matter of right and jus¬
measures.
We
t
produced in
Involved is sugar
the
quickly
and that we
now
period.
Dec.
free
people
goals.
i
a
who
more
interruption to labor's co¬
operation, the production phases
port of the committee, of which
William ' J.
Schieffelin,
Jr.
is
I appeal for the voluntary co¬
operation of the consumer in
our national effort. Restraint in
'
Only
achieve such
sugar and among persons
import or bring in offshore
sugar for further processing.
cane
•
•
much
us
sugar
cane
among
than our enemies ap¬
pear to believe.
Some other comments by indus¬
can trial leaders follow, according to
and children.
women
■.
to
come
Albert W. Hawkes, President of
fiscal barriers to
on
will
They will come from
the minds, the hearts and the
hands of 130,000,000 free men,
We will do it.
deep depression in the post¬
Jan. 5,
fighting on all
fronts throughout the world, will
win victory; and that victory
distribution of 1942
quota supplies
refiners
of
mainland
equitable
raw
;
aircraft
shall control the price
we
shall prevent
war
ican
confident that by prompt
development
a
we
industry as one man.
American air power,
already represented by Amer¬
':•/
will do to¬
:.
-
things
our
Air power,
anti¬
20,000
help the Secretary of Agricul¬
ture make a fair, efficient and
have
we
reasoh to believe that the
American people will stand be¬
gether."
ment and income.
have developed.
We shall profit
by this experience if a more
general system of rationing ever
,
These
ability to main¬
level of employ¬
on our
in the necessities of life which State income tax returns and that
make such a step imperative.
taxpayers should be permitted to
Consumers' rationing has been pay their State income levies in
introduced, however, in specific four instalments. An interim re¬
jj
tons of ships.
service charges in a period
prices, we shall be
forced
to
impose
excessive
taxes. Our capacity to carry a
large debt in a post-war period
without undue hardship depends
deflated
mainly
the
get
They'll
/
assertion
this
every
aircraft guns.
>,■/"
And we'll deliver the 8,000,000
pay
a
In
hind
relatively high prices and must
of
dent for 1943.
.
may
On State Returns
of allocations—
rationing on the business level
—should be extended and made
I
armament
of
,
-
give our fighting men
the 60,000 planes in 1942.
'
We'll give them the 45,000
We'll
post-war period.
and luxuries.
'
meet it.
still permit
substantial tax reductions in the
expenditures,
public hearing to allot 1942
sugar
supplies for further
accepted the call for more planes, tanks, guns and processing will be held at Wash¬
ships to accomplish final and complete victory over the Axis Powers. ington, D. C., Jan. 16, in the West
In a joint statement, William S. Knudsen, Director General, and Ballroom of the Shoreham Hotel
Sidney Hillman, Associate Director General of the Office of Pro¬ at 10 a.m., the Department of
duction Management, said:
<S>
Agriculture announced on Jan. 5;
this calendar year; and the 125,- the announcement also said:
The
President
has set
our
000,
including
100,000
combat
goal.
v"
The purpose of the hearing is
We have raised our sights to
planes, requested by the Presi¬
to receive evidence which will
income,
national
reduction
after
^
The
taxpayers while
A
raw
American industry
than
more
-
}
on
Following President Roosevelt's address to Congress on Jan. 6,
setting^forth the nation's war production goals for 1942 and 1943,
payment out of a 100-
same
billion-dollar
shift
labor,
-
the
infla¬
remaining
The
policy.
/if
to
low
our
Paying 2.5 billion dollars out
of an extremely low national
income would impose an exces¬
;ing of the Government deficit.
Thursday, January 15, 1942
CHRONICLE
THE COMMERCIAL & FINANCIAL
228
its citizens.
Tax
law
Just
will
to
as
help,
the
in
ease
the bur¬
den of those who pay
the cost
of
of
measure,
the
Government
York State.
-
.
—
-
-
New
makers
aircraft
to
outbuild
of 50 allied industries with the payment of this yearThese community
in the United States, and this end's dividend.
have
steadily
inincludes the great and powerful associations
automobile industry, will pro¬ creasd their percentage of the
upward
duce
60,000 airplanes, including capital stock of the regional
combat aircraft, during so that they now own 29%.
45,000
bank
with the United States because
arising
out
of
was
invasion
cases
and
own¬
Axis
whereabouts
his
In
unknown.
the
of the
victim
the
conditions
war
abroad. In other
er
difficulties
communication
of
still
other
in¬
stances the Axis powers
through
"dummies" actually had bought
up
the stocks for their
before the
war
or
own use
had acquired
them later for the express pur¬
pose
the
of preventing their
Allied
gardless
foreign
of
the
owner,
use
machine.
war
intent
the
of
result
in
Re¬
the
was
the
same—the
supplies
were
not
being used in
our war
effort.
-Volume 155*
Number 4033
THE COMMERCIAL & FINANCIAL CHRONICLE
Defense Bond Sales In December Reach
Record Total,
Free
The
:
Freedom"
cember sales boosted the total re-*
000.
:'\'r ""
Sales
the
of
the
' '
to
•'
j,
series
successors
was
than
more
^November
,
"E"
belief that the American
people will want to assume a
big share of the cost of the war,
bonds,
old "baby
the
three
figure
of
times
and
was
than
more
of their own free will.
-
the
re¬
:.:Yy
right or wrong.
v
the
said: ;'~i:
In
Treasury
'--7
■
nation-wide broadcast
4,
:
Department
Jy:,7
■
a
-Jan.
•
.Y
Secretary
j
"just
/.
sample of
one
American
-
that
now
people
field
every
.
aroused
ger*
: •' The
..■
on
:
what
will
the
in
effort;
the
war
they
are
awake
chase
and
/;v■ •y,■
.■,■.';y.■ ■
effort in
war
the
when
"And
v'■»
;
do not
December;
mean a
7/tribution of
total
receipts
:
from
Defense. 7 Bonds'* in tne
month, Mr. Morgenthau said,
*;7 and in months i to come the
of 1 %
.;
•
'a
say
part'
the
2 % of the weekly pay
said;; Mr.
Government
:
will
"at
spend
is
a
.far
greater and ever-increasing
The President's recent
"
statement
•
*'•*
the
on
\
production
the
Secretary,
such .huge ex--
program,'
said
"foreshadowed
war
'
penditures in the coming yeat
that '
lar
half billion
the
even
record
-
doI-r
December
will
seem
It
' be
"can
..
is
not
a
with
won
-
7ri;Y-- Y:'Y"7
*
almost insignificant." ' Y ,
" Y ."War
is never cheap,"
v
;
'
*
said
.
/
that it's a mil-'
lion times cheaper to win than
to lose.
*
The French, the Czechs,
the people of a dozen conquered
and
-?•
ravaged countries,£ can tell
•
produce and to fight with such
V an overwhelming number of
planes, of ships, of tanks, of
and of trained and
Y:- guns
fully/
dent,
/the
equipped
y;.
;;r and the
asset
Japanese; and thei*kind
again
never
freedom.
.
V
enemies."
threaten
our
,.-Y
"The cost of
should frighten
r
our
but
no one
Y.
Y.v. ■«.
;
'
•
,:,;of the voluntary .payroll saving
.7 plans now in operation in thou;
sands of factories, the Secretary
said:
■
..
"I
am
/
■/1
that millions more-must
take part in these payroll sav-
ing plans, and must invest hun-
Y
dreds
■
millions
of
; 7 more,
if
Month—
are
we
of
to do
..7. 7,s
_+
dollars
job.
our
'» ..Y
<
.May
..June
•
'.i
of
Y
our
and
-
This
Defense
the
tors
of
be
—
is
life,
the
be
war can
Y; ican business
won
only;with
which
Amer-
can make.
"
•
7
..
American
business
is
indis¬
Individual
initiative and enterprise are the
Savings
very
-
$211,420
28,876
183,134
' 27;359
169,498
20,318
127,685
September
.
*
$37,817
105,241'
18,099
108,987
22.963 "
124,866
with the confidence of ultimate
Total
In the last analysis this
of free men against
^victory.
$349,818
is
.
314,527
•
a
war
r-those
342,132
who
would
enslave their
fellows.
265,606
232,327
122,884
J
Y
December
•
.„?•109,475
■
;M8,978-
341,085
A'.;.
?
33,272
77"
270,713
105,035.;
233,487
-
,
1;
■
$V.144,660
$207,682
$1,184,867
totals.
to
'
"
k;
•
-
.
not
necessarily add
••
-
U. S. Formally Takes Over
Finnish Merchant Ships
,•
•
.
The U. Sr Maritime Commission
over on
Dec. 27 six-.
Finnish-owned
merchant
formally took
teen
laid up in United States
ports. The vessels had been under
the
protective
custody of the
Coast Guard since they came into
United
States
ports
following
l Great. Britain's declaration of war
ships
•
,
•
.
upon
•(
Finland
:,/
termination of Britain's guarantee
conduct for Finnish mer¬
chant
ships.
The
Commission
June, 1941.
Ship Requisition
Congress in
Payment of compen¬
sation to the
owners
Prior
to
about
ships,
this
80
there
:i\j lu
w, J i m
'
■«
.
r
■*.^
i
j;
y
it
had
;
i)
the
protection
posed
do
all
things lawful
of
its
•
in
citing
recent
•
figures
first line
a
Some foods
said,
production,
supplies.
on
consumption,
and
wheat and feed
—
grains for cereals and the
duction
of
already
livestock
are
dance.
Other
pro¬
products—
in national abun¬
foods—milk and
manufactured
dairy
products,
poultry and eggs, meats and
vegetables—are in continuously
increasing production.
Stocks
food
.
r.
-
on
the
crisis
in
to
order
3.
that
ground
freedom—choice
and
the
right
,
We believe
business
from
government restraint.
too
alike
much
Our
rec-
ord in all this is clear and fair.
*
Y;We are qow informed that
,
to
4. Free
country.
our
enterprise
responsibility to plan
for the future—the adjustment
period when peace returns and
millions
of
men
released
are
7.
..
prepared then to do
a
in
even
importance
and
difficult than its
job equal
job
war
tion
winning the victory
production and, there¬
fore, it must not fail in doing
its full part in the post-war ad¬
justment job.
7.
as
members
linquish
of
or
fulness
I
for
protection
any
time since its birth.
and
under
from
many
sides—YET
right
now
those
in
authority
calling
upon
ordered
nation.
vIt
the
and will
can
sible for
save
only
the
lease
aid
ment
of
der individual freedom.
A
new
year
begins
unusually
sumers
consumers
with pro¬
of food in
good
economic
posi¬
the
greatest
ever,
and
prices and income to farmers the
best
in a
decade
or. more,
the
United States Department of
Agri-
be
pay¬
rising.
are
;
-
to
the
Jan.
on
extension
of
exiled
Govern¬
Czecho-Slovakia
finding
assistance "vital to the
fense of the United States."
de-*:
The President ordered this
tion in the
mitted
to
5
lend-
such
-
ac¬
following letter trans¬
Edward R. Stettinius,
Jr., Lend-Lease Administrator:
For
Food Output, Buying
Power At Peak Levels
will
costs
The farm
Roosevelt
the
make it pos¬
boys in uniform to
successfully do that job to a full
"and complete victory.
Let us
not forget free enterprise is the
foundation built through indi¬
vidual initiative, operating un¬
$13,000,000,000.
production
President
thing
our
products—is
Lend-Lease For Czechs
A
it to help
and pork
production
American people as a whole are
is
history.
Produc¬
commodities—such
increased costs.
the
and
produc¬
largest in
be
Much of the increase in farm
income in 1942 will be spent on
at
attack
pork
of farm
It is ill
vicious
the
roll alone may exceed
$1,000,000,000 this year, and other costs
this
It
of
some
unusually large.
re¬
vital free enterprise system.
needs you more today than
/in
food
will
1919—more than
you
today will not
total
1942
Nation's
But
abandon your watch¬
and
returns
It is expected that 1942 farm
income will be the largest since
gen¬
certain
am
Early
expected to exceed production
goals announced last Autumn.
conclusion, Mr. Hawkes said:
watch-dog
v,77 v'77 Y 7/;
\
that
tion of
The New York State Chamber
and
livestock
production
in
the
of Commerce has been the free
erations
and
crops
alyzecL
dicate
more
It will
fail in
enterprise
this
level
Food-for-Victory campaign in-*
war
In
high
goals :for
1942 are being re-examined
by
Department
economists,
and
farmers' reports of production
planS'for 1942 are being an-
the army, navy,:air force
and war industries.
It must be
of
new
'
•
Farm
-
from
U:
a
creasing.
ac¬
its
cept
;
and feedstuffs.
Supplies
high-protein feeds,.grain, and
hay are larger than a year ago.
The supply of feed grains is the
biggest in 20 years. The number of livestock on farms is in¬
_
must
•'
■
of
enterprise will not be preserved
the future restoration and
;
<
stuffs
for
upbuilding of
for-Victory,
-
yields in 1941 and large EverNormal Granary supplies have
built up large stocks of food¬
of
tion, food production at high re¬
cord levels, buying power of con¬
and
be. free
reach
year.
will be lost and free
war
>•
Total supplies of food in the
United States are expected to
Otherwise, the objective
of the
<
campaign.
Good
occupation
work.
much
partment's Food
make
ordinary conditions.
labor
-
enterprise must be
and
vigilant to protect
individual
,
reported to be larger
the
beginning of 1941
larger supplies are
needed during the coming year.
Increased production of
milk,
eggs,
meats,
vegetables
and
other foods is sought in the De¬
Free
alert
at
but
thus impede
ducers and
should
agricultural prod¬
wholly or in part for
were
than
-
of
ucts used
Each element-
interests.
of the United States op¬
it
taxes.
labor should not be deprived of
the- right to strike under any
that
laid-up merchant
of : Danish ' and
mostly >
Italian registry, requisitioned by
Commission.'
and the resultant the Maritime
,vm
to
Congress, the Chamber of Com¬
will be made
action
and
merce
passed
later.
been
the
of
strike
acted under the
which
Commerce
The
Some months ago when an antibill was introduced
in
of safe
Act,
of
of business.
United States believe^ and I
personally believe, in the right
of labor to organize, to strike
$2,537,210
4
been rounded to nearest thousand and will
position
Chamber
■
Note—Figures haye
Nobody should misunderstand
;the
'528,599
154,242
1935-39.
production.
that
*
October
.
1
the
not
genius of American busirecords
ness
by which the Nation has
in December,
totaling $25,650,000,
grown to greatness.
Under our
which was four times as
large as
A system free labor and free en¬
the sales in November.
It is also
terprise 7 have encouraged the
said that the December sales alone
development of initiative, resurpassed those for the six months
sourcefulness, adaptability and
May 1 to Oct. 31.\.
4^ : \
ingenuity among the millions of
Following is a month-by-month
men who provide the brain and
record of the sales of all three
the
brawn, the skill and the
series of Defense
Savings Bonds,
muscle to develop our natural
on a
basis of the issue price, in
and human resources.
There¬
thousands of dollars, since May 1:
fore, we can face a hostile foe
102,517
of
neither war nor
the
fundamental
the ^contribution
.
$100,581
,
in
of victory, the Department
these things at
personal gain and
of those eternal verities.
one
The
'
*
new
j' 145,274
41
of labor,
capital, management and labor
avoid taking advantage
principle of individual- freedom
with responsibility. • There are
Y some
things that are changeless,
unaffected
by the passing of
7
time; or circumstances, and this
/
Series G
farmers
Food has become
—must
It
rebuild
to
It must do
creased
7
1
SeriesP
2.
regi¬
preserved.
war
alter
peace
until
„
in
no
fair living profit, while bearring the burden of greatly in¬
national
great
pensable to victory.
The
higher than
Monthly earnings
employed factory worker
40% higher than in 1935.-39,
months have been getting about
30% higher prices for food than
a
fion and all the other basic fac-
1
'impos¬
dictionary.
are going to
we
Stamps also reached
August;V——117,603':
•
are
word
;
7/, „ 7 SeriesJE
July
-
help
of
and
our 4
do the job."
sales
Intel-
■
in dead earnest when I
.say
,
With your
.
the part
on
only 10%
whereas
party involved
every
citizen of his right to work be¬
cause
he belongs or does not
the
".tragic aftermath of the con¬
flict. Like the force of gravita-
"
the
of
to
results; and it must be preserved
sight the amount of
out
aid
of
must
.'after
have to raise through
borrowing and taxes may seem
impossible," said Mr. Morgen¬
thau, "but we in the Treasury
struck
will
vY war to obtain the best military
said,
slacken
never
is won."
war
sible'
our
'.<•■'
•..
will
have
effort
war
Emphasizing the importance
of systematic saving from current
income, and particularly
,
;
he
per
are
of strikes—and no sharp
practice on the part of capital
and management to
deprive any
must be preserved to the fullest
possible degree throughout the
;
money we
that ' the'.Nazis
men,
Y can
f
cities,
some
"At first
t
'
j
in
na¬
gory
mented workers of all the Axis
^countries.
Y
several weeks- advance supply is
us
what it costs to lose.
We
now being accumulated "to meet
have made up our minds to win.
We have made up our minds to Y the demand which, I am confi¬
•/'
;
Harbor*^ While there
bonds
for
though such slow-downs
might not come under the cate¬
This powerful
: industries
trolled
Tokyo and Berlin."
still shortages in the supply
;v
at that time.
tional defense,; It is my earnest
slowdowns
intelligent, volcooperation
can
outwork and out-produce the conr
The
Pearl
production
average
with
this agreement will live up
to the spirit of it.
When I say
the spirit of it I mean maximum
-untary -
which began to develop shortly
Y after
the
Japanese attack on
remind you
people
resources
;
.
.
^ Secretary Morgenthau, "but let
me
;
;4
that
the
material wealth.
fly.; Remember, every bond we
pledge ourselves to buy will add
to the weight of the bombs that
on
interference
no
.
Y; combination
-
the
lost and
natural
our
-
*7
'
Y
•
be
for
way
a
more
than
the
in¬
in food prices during the
two years.
Whereas total
This
.
Secretary said - that the
Bureau
of L Engraving : and
Printing • had been placed on a
three-shift, 24-hour basis to cope
>*'• with ' the - bond-buying
rush V
be
to
war. v
change., r.
will fall
you
2%
benefit
such
.
.It
war.
no
figures
non-agricultural
income
is
about 39% larger than the 193539 average, retail
food prices
in
should be made in
in
or
"Remember,: the more bonds
we
buy, thel more, planes will
established in
the purchase of Defense Bonds "Y
in
a
a
means
be
cause.
Government
crease
.
Morgenthau.
token
nojt
that
spare
rate."
.
not
war
.
.
is
""This
any
announce¬
explain:
siderably
ligent citizens^ cooperating with
belong to any organization.
intelligent people in authority,
In
summing up, Mr. Hawkes
;
can avoid the publicity I refer declared
that
"free
enterprise
to. ; The timing,, manner and faces the
most difficult task of its
.-place ;of
criticism, are.
vital entire
career, viz.:
7
7:
>
factors.
Y
:
;
1. It must
produce the things
,> In his address Mr. Hawkes said
required for a successful war to
in part: Y;Y" y'^'YYYY /.;.
final victory.
It must produce
•Free enterprise and free labor
better and faster
than slaveare our greatest national assets
enterprise can produce under
•y—vastly more important than />. dictatorship.
.
•;
for
hope that
which, if published,
give aid and comfort to
private
The
agreement
will
even
v,enemy will be avoided.
contribution
mere
an
there
strikes
maximum
essence
by those who
in power—just
are
which
to
on
.
I
or
times.
war
reacned
under
Criticism
not
token con4
mere
discon¬
have
production at full speed, with
its
few nickels every
a
and
extent
>.the. enemy,
*
y
and
or
check,"
-
I
that
would
'y/'Yv yyy.V.
■;;Y;y
avoided
criticism
representative
democracy is failing to function.
.
...
Bonds
Defense
of
Stamps"
;■
their country's dan-t
to
i
"to make every pay day
Day," and to have "every
wage-earner and salary-earner
put aside a part of every pay
check, every week, for the pur¬
*'
do,
of
.
be
Department's
goes
show that the income of indus¬
trial workers has increased con¬
Government, labor and capital
representative democracy in
to
on, is
Bond
•
..however, cost about four times 7
week,
as
much as
,
1
t
ment
last
Hawkes,
fault-finding
temporarily
7 The Treasury's goal, he went
,
Morgenthau
to prove it"
you
hailed the December figures as
>
•
The
in
both peace and war times.
To
the extent it ceases or is subdued or prohibited
"I have such faith in the Amer¬ Y
times
Mr.
Genuine criticism is the
of
,
ican people that I believe they
of the seven months
will want to do the job in the
1. - As to Secretary
Morgenthau's comments, a release '.' voluntary way—but it is up to
from
by
tinued, especially in
*
sponse to payroll saving will
tell us whether that belief is
bonds,
three
The
should
the average
since 'May
•
those
-
Petty
upon a
$109,475,000
from the sale of series *'E"
'
:
criticize
Agricultural Economics.
'
subject of the ad-*
was
Our
bonds,'- accounted for $341,085,000
of the ^ December receipts.
This
?
to
plans at the Treasury for dress delivered
financing the war are based who said:
ceipts since May 1 to $2,537,210,-
;
right
basis
of
authority in a representative
democracy exists and should be encouraged as long as that criticism
thau announced on Jan. 4.
This record figure for a single month, it is comes from a patriotic mind, is sincere and constructive, Albert W.
pointed out,4 compared with receipts of $233,487,000 in November, Hawkes, President of the United States Chamber of Commerce, told
and was almost twice as high as the
members of the New York State Chamber of Commerce at its
average for the seven months
monthly
since Defense Savings Bonds first went on sale in May.
"Free Enterprise—the Foundation of Individual
The De¬ meeting on Jan. 8.
..
220
culture reported on Jan. 5 on the
of analyses by the Bureau
Enterprise and Free Labor Nation's
Greatest Assets, Hawkes Tells Chamber
Secretary Morgenthau Reports
Cash receipts at the
Treasury from the sale of Defense Savings
Bonds in December reached a total of
$528,599,000, Secretary Morgen¬
'
of implement¬
authority
conferred
as Lend-Lease Ad¬
ministrator by Executive Order
No. 8926, dated Oct. 28,
1941,
ing
and
purposes
the
upon
you
in
order
for
to
enable
you
to
lend-lease
aid to
the Provisional Government of
arrange
Czecho-Slovakia, I hereby find
that
the
sional
defense
of
Government
the
of
Provi¬
Czecho¬
slovakia is vital to the defense
of the United States.
.
7 rr
ri
-
>'
La Follette
Operating Income of New York Trust Co.
For 1941 $2,680,840, Bierwirth Reports
Net
Disagrees
law,: the Commission was also: of property claim?, fstabilization
authorized Ho provide -war-risk" of the Mexican peso; silver puta
insurance and
reinsurance on the chase?, extension of highway con¬
lives of crews on American ves¬ struction credits and negotiations
V
-Us
sj1',
With Byrd Report
with11 the recomr
.
Disagreeing
,
contained dn
mendations
/ Thursday, January 15,1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
230
the
sels
.re¬
and
carried
cargo
;on
for
on
reciprocal trade agreement.
a
The terms of the
agreement were
York Trust Co. for 1941 was port of the Joint Committee on American vessels/The present an¬
given in detail in our issue of
reported as $2,680,840 by President John E. Bierwirth on Jan. 5, as reduction of non-essential ? Fed¬ nouncement, however, deals only
with insurance on the ships them¬ Nov. 27, page 1248.
compared with $2,760,313 in 1940. The figures were made available to eral expenditures, filed by Sen¬
The conversations to determine
the stockholders on the 5th inst. by Mr. Bierwirth ih advance of the ator Byrd on Dec. 26, Sen. Robert selves. It is stated that among the
prescribed for Com¬ a value of the expropriated oil
annual meeting held on Jan. 14, his report having been issued along M. La Follette, Jr., in a minority conditions
mission insurance is the holding properties were scheduled to get
with the year-end statement of condition of the company, to which report characterized "the sweep¬
operating income of the New
Net
of a ship warrant by the assured. under way in Mexico City on Jan.
ing recommendations of the ma¬
the
Commission's
made in the jority of the Committee" as "hasty Under
ship-- 5. Morris L. Cooke, a consulting
President's report to the resigna¬ and unwarranted."
The majority warrants system a warrant grant¬ engineer in management, who has
port to the stockholders President
tion in August last of Artemus L.
Bierwirth said:...
report embodied recommendations ing priority in the use of shore held various Governmental posts,
facilities is given to a vessel that is representing the United States,
;
For
many
years,
including Gates, as Trustee and President of to effect savings of $1,131,075,000
Governmental
the year 1941, profits realized the company since 1929, follow¬ in
appropriations co-operates with the war effort while Manuel J. Zevada, an en¬
and national defense by carrying
gineer, who is Under-Secretary
from
security transactions as ing his appointment by President for the next fiscal year, proposing
Roosevelt to \serve as Assistant
in the
Department of National
among other things that the Giv4 cargoes on trade routes at freight
}well as recoveries from previous
and charter rates approved by the Economy, represents Mexico.,
/
charge-oi'fs
were
treated as Secretary of the Navy for Air." .: ilian Conservation Corps and
reference
'
made in these col-<^
was.
Jan. 8, page
umns
is
Reference
In his re¬
133.
also
...
•
Naj
'
abolished.
Hong Kong- Assets
:
;
In U. S. Are Frozen
taken to write down sper
President Roosevelt on Dec. 26
assets,1 and in issuing our issued an Executive Order freez¬
statement of condition the bal-.
ing. Hong Kong assets
in the
ance
remaining in the reserve United States.
This action, the
has customarily been applied as
the Treasury said, was taken as
a reduction of assets.
"Reserve
the result
of the fall of Hong
*
Contingencies" of $1,000,000
of con*
dition since March 31, 1939, has
for
'
.
;
-
*"
reserve.
reserve
account
aggregated $4,692,246.43
close of 1941.
Greater
the
at
from
come •
ernment
.
the
general
reserve
above.
:
•
In view of this order the
slocks
and
'
cost
tized
or
market whichever
is lower.
United
year-end,
;
;
during
handling remittances between the
United States and China.
• ■
s
creased
in
$24,639,563.10
brokers'
and
in
all
$27,435,723.40, ' Total
the end of 1941
■
loans
of
loans
at
loans
i
1940, and 50% above the total at
outstanding
and
real
of
equhies in real estate show? ah
increase of $914,598.97 for the
year.
This amount had previ-
*
:
for
ure
1
bankers'
•
lished
/
and
against
.
.
made
collateral.
During 1941. title to the related
represented
loans
by
taken
was
;
Mr.
Bierwirth
■stockholders
that
"recently
dividend
share,, payable
..
/
•(
•
The
j
:
dividend fo^
has been $1.25 per
vears
s^are
but your
'renditions
and
are
subject to delay if
other than the'English language
it
is
to be
used.
•
of t>e
DoIlar-a-Year Men
Your B^ard feels that.
Outside Civil Service
thi« oolicy should be maintained
until tvore is
material change
a
President
in f'e above factors.
his
statement
Jan.
emnted
5,"Pres¬
■
dollar-a-year
vice
have
viding funds to assist in the
of
re¬
armament
program.
In
this
respect,
we
have
not
on'y
f'oaneed the eonstruction of n°w
npede't
to
augment ;t.he
war
materials, but
have
funds
to
to
manu^ctu^s
types of
supplies.
equ
come
Merrill, engineer and economist,
formerly with the Federal Power
In
•
to Japan for refining.
article entitled "Japanese
an
Federal
on Inadequate Oil
Supply,"
Mr.
Levy
estimated
Japan's present annual consump¬
tion of oil in active war as being
in
excess
of
40,000,000
barrels.
While every effort has been made
in the past to reduce civilian con¬
sumption, build up huge stocks,
and increase domestic production
of, natural and synthetic petro¬
leum, Japanese policy has been
the
the
Netherlands
of
event of
of
seizure
on
Pacific
South
would
1
de¬
maintained.
refineries
30
with
an
annual
of Norway
with
velt
The
aviation
500,000 tons
of transporting 40,000,000
attempts capable
sp;got by drastic to 50,000,000, barrels of oil annu4
curtailment, of essential aid to
ally : from Netherlands India to
the underprivileged while 'the
Japan in peacetime, perhaps half
waste occurs'at the.bunghole of this,
quantity in wartime.
save
war
at the
and defense.
.
Levy calculates that Japan
duced
U. S. War Insurance
Is
21
*
i
1
Offered To Shipowners
in/1940
pro¬
best,,4,000,000
barrels
of
synthetic petroleum,
2,000,000 barrels of Sakhalin crude,
3,000,000
shale
and
King's
part:
.
President Roose¬
regard to aid in the
fight" for decency.
"common
message
said
in
.
Today
America and Norway
only friends of old, but
history also
comrades in arms. It is my fer¬
vent conviction that by the help
of God we shall through com¬
mon
fight and sacrifices attain
a common victory for
freedom,
popular government and inter¬
are
not
for the first time in
national
decency.
President
Roosevelt
replied in
part as follows:
The
people
and
Government
.of the United States will be
their
in
en- ;
fight
against the evil forces of'*ty¬
ranny
and aggression by the
gallant spirit
in
which free
Norwegians are striking back
at
the foe which shamelessly
couraged
:
own
'attacked their homeland
ago.
capacity of 27,600,000
some
Exchange Greetings
Department issued in
Washington on Dec. 24 the mess¬
ages exchanged by King Haakon
V. >
-
Japan now possesses more than
/
The State
in
be
the
of
Trade
King Haakon, President,
Since refineries in
war.
Dicker-
C.
economist
with the Division of Monetary Re¬
search of the Treasury.
*
rich oil¬
India
C.
O.
,
^Commission, and
Henry M. Oliver, junior economist
Japanese policy - is based on a
gigantic gamble that with a year
and, a. half's supply of-oil, the
army; and navy can secure the
production of Netherlands India,
Borneo or Burma and safeguard
barrels,; including
to
Administration;
.engineer
man,
$21,000,000,000.
It is my gasoline. Japan's tanker fleet has
contention that, the majority re¬ a
capacity well above
port of the committee
present
We
year
especially grateful for
are
inestimable aid
te
a
•
in
our
com¬
fight which is being given
by the intrepid Norwegian sea¬
mon
men
on
whose skill and courage
greatly depends the steady flow'
of
the end,
of Provi¬
dence, will restore decency and
supplies
under
the
which
in
guidance
personal freedom to the world.
at
barrels
of
NAM Suggests
Manchurian
oil,
2,600,000 barrels from
The
United
States' • Maritime
domestic wells, and 500.000 barrels
Commission announced on Jan. 1
of motor alcohol, a maximum total
.
Hughes
For War Labor Board
The
National
Association
of
Manufacturers, New York City, on
of approximately 12,000,000 bar¬ Dec. 30 proposed Charles Evans
provide war-risk insurance and rels.
With wartime demand
at Hughes, retired
Chief Justice of
reinsurance
on
American ships
40,000,000 barrels, the annual defi¬ the U. S. Supreme Court, as "an
from a $40,000,000 fund now open
cit to be withdrawn from storage outstanding and admittedly im¬
to ship owners unable to obtain
would amount to;. 28,000.000 bar- partial American" for considera¬
adequate insurance for their vestion as Chairman of the new War
sels at "reasonable terms and coh- .
s* A®
}
Japau
possessed , 15,000,000
barrels
of Labor Board.
Addressing Secre¬
ditions" from commereial1 under¬
storage capacity.,
Even if that tary of Labor Perkins, by tele¬
writers.
A
Wartirre
Insurance
figure has been increased 300% by graph, Walter D. Fuller and Wil¬
Committee is established in the
1942^ Japan will encounter a seri¬ liam P. Witherow, President and
Commission, empowered to quote ous <
slowing ^ down of
military President-elect of the NAM, re¬
hull rates and'handle risks sub¬
operations in a year to a year and spectively, urged that four "public
mitted by shiD owners who wish
a half if she does not succeed
in members" of the new board "be
to take advantage of the Govern¬
seizing, producing and transport¬ selected from retired members of
ment's offer.
ing the oil of Netherlands India, the Federal Sunreme, Circuit and
The
Commission's action was
Borneo or Burma.
District courts," which- would per—
taken under legislation passed in
mit designation of such a man as
June, 1940, amending the Mer¬
the former Chief Justice for the
chant
Marine
Act of 1936
and Mexican Senate Ratifies
chairmanship:
authorizing
the Commission; to
Four
Oil Pact With U. S.
industry representatives,
write war-risk insurance when¬
The Mexican Senate on Dec. 29 to be selected from panels sub¬
ever, in the opinion of the Com¬
mitted by the NAM and the U. S.
mission, such insurance "cannot ratified the agreement signed at
that
it
had
set
up
machinery to
exempt
blanket regulations
effective
Act. which be¬
on
Jan.
1,
were
-
*
ernors
Systm,
of
the
Federal
unskilled
temporary,
or
Reserve
laborers. and
part-time
Govern¬
be
obtainejd
and
on
conditions."
reasonable terms Washington
Shortly
there¬
pment and
,
for
the
on
Nov. 19 providing
adjustment
of
the
prin¬
between
after
the
$40,000,000 revolving cipal problems existing
Under the pro
Mexico and the United States. The
visions of the Ramspeck Act more fund was set up in the Treasury
nr0vide insurance when neces¬ pact calls for negotiations to set
than 180,000 permanent posts in'
lie-the differences over expro'
'
•
:-i %
the
Federal
e^nloymnnt were sary.
ment consultants.
<
n^rHucmg
^
new
the Ramspeck
employees of the Board of Gov¬
con-
tractors building army bases «ni
Ex¬
employees
Also
regulations.
from the
pla^tc
an
issued Dec. 31, ex-
of the Government from civil ser¬
;
been increasingly active in oro*-
production of
Roosevelt, in
ecutive Order
ident Bierwirth also says: •
Dur ng
the
year,
we
,
languages
per*
English,
French,-
plain
mitted
calls may be
ore'*
outlook,
reduction Jr> tho
In
\f
will spend in
at
fication
least
t
would be wise to reta'n a larger
part of net eatings and effect
dividends.
Government
of to
economist,
;
Japan cannot secure access to oil-
this .fiscal year $6,600,000,000. throughput
Defense and war will cost at
traffic
:
j
Spanish and Portuguese, except
that unofficial radio telephone
Board has con-
eluded t*»t in the face of
a
.
•
quarterly
many
ent
He
Jan. 2, 1942.
■
The
per
••
Person,
-
on
adds:
•
•
the
en*
/^regulations at the office of des¬
tination.
'
quart
cents
of 87xk
/ter'y
your
a
non-essential ex¬
the successful conduct
to
3?
|
eign languages may be passed if
complying with the censorship
points out to th$
board of trustees declared
,
Transit traffic in code or for¬
*
of reducing
addresses
cable
or
on
terminal
at this time. V." : :
permitted
your
: '
company.
codes
No
such
S.
)
the United States is assured if
its transport
Cooke
Mr.
Harlow
connected with the Rural Electri¬
,
except
specially license occasions, j
on
We* are
them
assisting
Dr.
consulting
t
penditures of government.
The stroyed before they couid be
crux of the matter is "what is
seized, a large refining industry
non-essential?" and * "where is was constructed in
Japan; one of
~;r the waste?"™ My own view is
the world's fastest tanker fleets
that the various social programs was created to
import the stolen
which the majority of the com¬
oil; and domestic stocks of oil for
mittee would eliminate are vit^d about
18 .months
of war
were
emy-cccupied, territory
mortage
properties
with
;
,
Washing¬
communication
No
acceptances in the oub*
of
conditiori
from
objectives
waste and all
Department^
New York "Times":
ton to the
general
follows in spe4
as
cial advices Jan. 3 from
statement
:
the Navy
indicated
were
a^d
discounts
loa^s,
The regulations, as am
nounced by
ously been included in the figA
;
or
,'
3
cable
and
mortgages
country.'
Jan.
'*
1
Byron
sorship,
: es¬
Censor
Messages
Price, Director of Cen¬
issued
regulations
on
governing messages;; by
radio/ to and from this
'
i
combination
bonds
For Foreign
^ 31,
Dec.
on
the end of 1939.
tate
Rules Issued By
25% above
were
J
The
,
$2,796,160.3Q._.resulting
mere^se
an
preventing
.in-
loans
drains
;f the ex¬
and leaves them in
take
to
staff
Failure of the Japanese attack Commission;^ Judson
.
on
greater need of them now. ^
i based
No one can disagree with the fields
of
and
China,
occupied
the offices in Hong
Kong and occupied China of such
banks from financing trade and
1941
■
in
and
total $198,593,510.44 and have an
average maturity of 43 months.
Commercial and secured loans
increased
*-
obligations
Government
States
areas
The
the exclusion Strategy Based
government aids that remain.
If they had need of Coverir
;ment aids before these new_ dis¬
locations, occurred, they
have
specifically relate to
counts of all banks in Hong Kong
'
to
weakened condition.
asked
of
effect
the
States
off the key workers
cluded
Treas¬
The circular also has
blocking the ac¬
Hong Kong.
,
the
of
As
which
censes
.
.
locate war contracts in
we
few
small communities.,. This
Department has issued a cir¬
certain general li¬
ury
'i
-r:
of thousands of small firms and
cular revoking
shown at .amor*
are
First
a
are
appraised, at
amortized cost.
All other bonds
obligations
:.•>.//
/•••.,
.■
.
have been provided...
now
; a
other forces
...I
of the Axis.
.
Government
States
United
<■,.
■
to
military, naval or
mentioned
as
"
,
Order
occupied or overrun by the
be
.
.
.
also provides for the automatic
•freezing of the assets of any
other territory in case it should
realized from the sale of invest-
ment securities and added to
*
Executive
new
,
the very lowest: in¬
effect, the committee *is
recommending
to
take
away
from the many who have not
benefited from the war-industry
effort the small aids which up
of
.
The
on
In
penalties for any violations are
imposed.
;
; " ■
:
:
|
United States Gov*
securities
resulting
•
.
Expert Finds Japan Is
groups
icy...
criminal
and
Government
the
principally from shorter maturities. < During the year 1941, net
profits
of
$1,721,704.36 were
,
trade
Hong
control
the
under
brought
■
.
among our popu*
lation.
This action would; be producing /fields during the next
18 months, says Walter Levy, in¬
unwise in time of peace; conternational petroleum economist,
./fronted with total war which
in, a comprehensive survey of
may be of long duration, I/ re*
Japanese oil supplies in the cur-r
gard it as a grave error in polrent issue of "World Petroleum."
come
Kong interests are involved are
were
j
in
transactions
earnings from interest on loans
about offset by lower in-
-
and
which
•
is
majority of the committee
if enacted, i fall .almost
entirely
Executive
new
financial
all
Order
*
includes:
would,
I
»
.
,
Under ; the
general
merged * with the
This general
been
x
Treasury added:
\
conclusion
the
me,
of the
.i
The
Japanese hands.
into
King
shown in the statement
<
.
Senator-La
•
v/
Foredoomed
To
Failure
inescapable that almost the ..full
impact of the recommendation? Without Far Eastern Oil
To
!,.
cific
''
part,
Follette said:
been
<
In
Commission.
be
Administration
Youth
tional
extraordinary income and credited to a general reserve ac¬
count rather than to earnings.
From this account amounts have
/
brought under civil service.
It is
pointed out that under the
pfiated oil properties, adjustment
Chamber of Commerce, were pro-
pored to match,foim labor repre¬
sentatives
•• from
major
labor
in the telegram which
urged upon the Secretary the se¬
of a "fair and effective
groups
lection
Board.",
.
Volume > 155,,, Number .4033 *>.
THE COMMERCIAL & FINANCIAL CHRONICLE
be.*redeemed at the option
of the/United S tates on and after
Tc HoSders of Four
t
Maturing Issues
ajfc par", and accrued interest,,
of
Series ^ A-1942, maturing March 15, 1942, the 3% Federal
Mortgage Corporation bonds of 1942-47, called for redemption on
Jan. 15, 1942, the 2%% Federal Farm
Mortgage Corporation bonds of
1942-47, called for redemption
onv
/|
tion
Finance
Corporation .'notes
I The text of the Treasury's offi¬
of Series K, maturing Jan. 15, i942. cial
circular,, setting
forth the
An issue of 2% Treasury bonds terms of this
offering, follows:
of 1949-51 is being made available
holders
to" the
enumerated
with
the
of
on a
for
par
adjustments
four
UNITED STATES. OF
issues
2%
basis,
par
of accrued in¬
1942, in, the case
notes -* and the
2%%
Federal
Farm
Mortgage
Corporation bonds.
The bases on
which
the securities- comprising
these four issues may be presented
and accepted, and the new bonds
obtained, are specifically set forth
.basis
the rate of 2%
on
each
the option
Redeemable at
-United
crued
.
States at par
interest
1949
June 15,
,
of the
and
Interest payable June
15
.
'
1942
may
1,
'
Department Circular No. 676
coupon
the bonds called for
Corporation
re-1
Fiscal Service
/
;
dered
taxation
Bureau of the Public Debt
!
*
of
1942-47
with
the
Bank
(
attached
to
such
and
States,
payment equal to the face amount
of the missing coupons. The bonds
local
any
'
must be
missing, the subscrip¬
Washington, Jan. 12, 1942
■"v.,
per an-
semi-annual
-U
June 15 and Dec. 15 in
on a
1. Offering of Bonds and
Invitation For Tenders
They will mature
15, 1951, but may be re¬
deemed, at the option of the
United States, on and after June
year.
»/
est,
■
;
3,300,000
000.
/////'^;
" lowing subparagraphs:: "
•
provisions of
,|v; (a) Treasury Notes of Series
the Public Debt Act of 1941, inA-1942.—Treasury Notes of S.er; terest
upon the bonds now of¬
ies A-1942, maturing March 15,
.
■
.general
Treasury
hereafter
taxation
from
outstanding.
«now
at
Corporation
Bonds
1942-47., — The
Secretary
to
aggregate
par
I
are
at
Washing¬
the
as
aggregate
Bonds
of
case
or
more
which
17%
1949-51
hereunder.
Tenders
of
f
Treasury
i
subscribed
authorized to act
purpose are invited.
Treasury,
(
Ciesv,.
as
official agen-
and $5.90 per $1,000 re-
Corporation, offers to purchase on Jan.
dered.
.
,
scriptions at any
.
allotted in full.
The
"sues
amounts
now
//
of the four Is-
outstanding
are
ap¬
proximately as follows: Tre^ury
Notes of Series A-1942,
$426,000,000; 3% Federal Farm
Mortgage Corporation bonds of
1942-47, $236,000,000; 2%% Fed¬
eral Farm Mortgage Corpora¬
of
Reconstruction
Corporation notes * of
Series R,-maturing Jan. 15, 1942,
i
:■
/•'
apply the proceeds of
F.'nance
Subject to the reserva¬
tions set forth in the official cir¬
all subscriptions will be
to
payment
-notice.
cular,
Finance
Corporation Notes of Series R.—
The Secretary of the Treasury
offers
time without
tendered
cordance
for
in
ac-
Sections III
and
payment
with
IV of this
for
circular, to payment
Treasury bonds subscribed
tion were
invited.
II.
that
purpose
'
Description
of
are
out
1942,
and
will
per
annum,
promntly
bonds
new
in
another
for
1,800,000
dozen
than
fresh
1,450,000
oranges,
pounds
of
pears,
nearly
1,400,000
pounds of dried prunes and over
1,250,000 pounds of raisins.
are
same
In
addition
the
to
purchases of
blue stamps,
Surplus Marketing Adminis¬
commodities
tration
with
continued
in
.'to distribute farm
desired
are
outlets
estimated
as
fresh
the bonds surrendered,
Farm Mortgage Cor¬
registered-
annual basis
amount
on
June
becomes
mature. June
„
name,
of
name
•
'
1
:
■
November
products
for
use in free school lunches and
.to needy families ia areas not
served by the Food
Stamp Pro¬
gram.
tion
Farm
Mortgage
(b)
Where
2%%
bonds
:
desired
;
are
i
same
; ■
1
new
registered,
name as
the bonds
are
bonds
in
the
surren-
,
,
<
,
A-1942 or through application of
the principal proceeds of payment
of
3% Federal
Farm Mortgage
par
amount
an
interest
rate of 2%
a
semi¬
15 and
Dee.
principal
'.-They,
of
bonds
and
the name of
accrued
from
Sept. 15, 1941, to Jan. 15,
1942 ($5.89779 per $1,000) will be
paid following acceptance of the
notes. Coupons^ dated* March 1,
1942,v must be attached to 23/4%
1951,. but Federal Farm Mortgage Corpora-
/V
bonds
form,
are
";
desired in
"Federal
Farm
Mortgage Corporation for pur¬
chase, the principal proceeds to
-
be
applied
1
1
Mills, Inc.,
(of W. Howard Chase
,
the
of
as Director
Department of
company's
Public Services.
Formerly known
the
Department of Relations
with the Public, the new Public
Services Departme nt, according to
Mr, Bell's statement, will assume,
broader responsibCities under +he
to
payment
for
Bonds of 1949-51 in
form to be delivered to
will be to
and
Mills
eral
company
service
may
to
\
Mr.
Mills
Chase
from
where he.
the
in every
in. order
be
of
public
that
the.
maximum
and to the
comes
General
to
Washington,
was
associate
C,
D,
editor
of'
Whaley-Eaton News Service,
bandhng
coupon
assistant
Provisions
the
utilized,
Government.
tjrends.
Genera!
of Gen¬
operations
are
possible,
way
Treasury
VI.
that the widespread
see
facilities
foreign
and
domestic
He served previously, as
American
sur¬
interest
new
coupon
aggre¬
to the
allotted here¬
applied
to - payment
for
Bonds of 1949-51 in
Treasury
if the
equal
Notes of Series A-1942 when
rendered;
be.
,
of General
One im¬
dered, "Federal Farm Mortgage direct*'on of Mr, Chase.
Corporation for^ purchase, the portant function of the department
principal proceeds to be applied
Corporation* bonds
of
1942-47,
2%%
Federal
Farm
Mortgage
Corporation bonds of 1942-47, or
Reconstruction Finance Corpora¬
the Board
announced today the appointment
as
sui*rendered.—If the
:
Mr. James F. Bell, Chairman of
Corppra-
payment, the proceeds
applied to payment for
Treasury Bonds oi, 1949-51 in
coupon form to be delivered to
Named To
General Mills Post
for
be
to
Chassis
W. H.
*7.
..
to payment for Treasury Bonds
at par for bonds al¬
of 1949-51"; if the new'bonds
lotted hereunder must be made on :are desired
registered in anor
before Jan. 15, 1942, or on
other
name,
"Federal
Farm
later allotment and may be made
Mortgage Corporation for pur¬
only in Treasury Notes of Series
chase, the principal proceeds to
under. Coupons dated March
15,
1942, must be attached to Treasury
on
15,
eral
1
!
////"'TV. Payment
Bonds
payable.
.
;
-
upon
amount
bear
payable
notices
1
1. The bonds will be dated Jan.
15,
discussed in these col-. will
.
•••
tion notes of Series R in
for
15 in each year until the
Plans for this refunding opera¬
sent
allotment.
!■
Allotment
gate
notes
$310,000,000.
?
be
full.
R
from that date at the
'
will
i
in
for hereunder. Tenders of Series
$103,000,Finance
Corporatmn notes of Series R,
tion bonds of 1942-47,
,'000; and Reconstr uction
the-
r.
Other blue stamp purchases
during the month included over
!
are sur¬
i„ Payment
invited,
are
(d) Reconstruction
.
right is reserved to close
-/the books as to any or all sub¬
The
lotted
for
Treasury bonds
hereunder.
Tenders ;qT/2%%
Federal Farm Mortgage Corpo¬
ration bonds;of 1942-47 for that
of the securities surren¬
.owners
,
and
more
the
'
pounds of butter.'
;
"/if the new bonds are
desired in coupon form, "Fed-
of bonds applied for, and to close
i
the books as to any or all sub¬ /i
15, 1942, at par and accrued interest,
2%%-- Federal
Farm
purpose
vspectively, will be. paid to,the
as
in the
:/
;
Secretary of the Treas¬
ury reserves the right to reject
any subscription, in whole or in
part, to allot less than the amount
behalf of the Fed-
on
subscribe
-
'
proper
bonds
eggs
000,000 pounds of Irish potatoes,
29,000,000
pounds
of
flour,
9,000,000 pounds of fresh apples,
8,300,000 pounds of pork, 3,300—
000
dozen
eggs and 2,300,000
I
/
Corporation bonds, accrued in¬
terest to Jan. 15, 1942, about
$10.33
t
2. The
j era! Farm Mortgage-
notes, and the
Farm Mortgage
a
,ceeds to be applied to payment
for Treasury Bonds of 1949-51";
if
for.
scriptions at any time without
Mortgage Corporation bonds of notice; and any action; he may
I 1942-47, called1 for redemption, take in these respects shall be
f
on March 1,
1942, to the extent final. Subject to these reserva¬
to which
the holders thereof tions, all subscriptions, will be al¬
Federal
in
for
by
Surplus Marketing Admin¬
istration, included: about 30,-
,
•
the Recon¬
struction Finance Corporation
notes
and
cashed -in regularTreasury
new
registered
"Federal
butter, 21%
vegetables,
15%
new
farm products,
poration for payment, the pro-
be, to
equal
Federal Farm Mortgage Corpo¬
2%%
;
or
;
the
desired
cereals,
the
tions for account of customers, but ; ;
3%
■
Following acceptance of
The
for
representing
,
must
expense
Where 3% bonds
name
stamps,
expendi¬
Purchases^ with blue stamps,
Department,
Currency,
holder.
rendered,—If the
of
Section
may
of
(a)
blue
their
and 14% for fruits.'
and
the
at
the
used
increased
lows: about 10% for
for pork, 23%
for
*
in
amount
par
amount
/
;
accompanied
one
of
.
Program
forms of assignment are.
the
i
course.
Loans
-
,
•
.,
be
of
enumerated
the- par
to
(c) 1% % Federal Farm Mart¬
's gage
Corporation *< Bonds
"of
j J942-47.—The Secretary of the
bonds-.and.
Treasury
of
delivered
risk
Reserve
and
hereof, tendered for payment
an
and
should
be
re¬
should be detached from the 3%
ration
*
Sections III
and
issues
be
Federal
Branches
securities
purchase
|
amount
"
.
Farm
with
the
-
|
Branch
or
re¬
tures for agricultural commodi¬
ties approximately
50%, as fol¬
"Federal Farm Mortgage Corporation for payment, the proionly
the
Federal
Reserve
Banks
ceeds
to be applied to payment
Federal Farm Mortgage Corpo¬
ration bonds of 1942-47 for that and the Treasury Department are •/for Treasury Bonds of 1949-51
for
4
equal to the par amount of the
new Treasury bonds subscribed
for. Couoons dated Jan. 15,1942
/
ton,
of
the
will
Treasury 1 Department,
| proceeds of
cordance
subscription to
to
•;
surren¬
Washington, D. C. The bonds
V IV of this circular, to payment hereunder., Banking institutions
j. for Treasury bonds subscribed •generally may submit subscrip¬
of the four issues
more
or
an
of
%
j era!
|
one
„
and
the
!
as
at
Banks
the Treasury offers, to apply the by
official
act
Farm MorU•
;•
agencies.-* Subscriptions., should
be accompanied by securities of
to
Federal
ceived
gage
i
the Federal Reserve Banks and
authorized
I; Subscriptions
j redemption on Jam 15, 1942,
..!• tendered for payment in ac-
Department, Washington.
Banking institutions generally
may
submit subscriptions for
account of customers, but only
ury
Department
sub¬
\
and Branches, and at the TreasL
Treasury
bonds
payment of 3% FedMortgage • Corporation bonds of 1942-47; called for
Subscriptions will be received
the Federal Reserve Banks
the
pay¬
the
and
Reserve Bank
Division
!
bonds
/>
with
to
or
presented
ap¬
During
November, families
taking part, in the Food Stamp
'
Treasury
(b> 3%
accorded
of . Treasury
issues
other
are
as
dered
Federal
III* Subscription and Allotment
scribed for hereunder.
exemptions
same
for
ment
Otherwise, the securities will be
the
1.942, will be accepted in
•j
tion, as such, under Federal tax
Acts now or hereafter enacted.
accorded
the
United States bonds.
•
fered shall not have any exemp-,;
:
of
Department,
now
or
prescribed,
governing
^
,
"
regulations
.
Pursuant to" the
be
eligible
persons
..
.
should
added
ment also added:
will be issued
the
stamps
in its monthly report on the Food
Stamp Program.
The announce¬
for
.
-
food
during Norvember, 1941, the Department of
Agriculture announced on Jan. 7
in denomina¬
1. The Secretary of the Treas¬
and
trust
companies
as
their
tions of $50/$100,
$500; $1,000, agents. '
ury, pursuant to the authority of 1
:
$5,000.,
$10,000
and
$100,000.
Prothe Second Liberty Bond Act, as
2. Registered bonds. -— 3% and
1 vision will be made for the inter¬
15, 1949.
They will be issued' amended, invites subscriptions, at
23A%
Federal
Farm
Mortgage
change
of
bonds
of
different
.in two forms: bearer bonds, with par,
from
the- people
of
the
Corporation bonds of 1942-47 in
interest, coupons attached, and United States for 2% bonds of the denominations and of coupon and
registered
form
* tendered
here¬
and
for
the
bonds
registered
both as to I/nited States, designated Treas- registered bonds,
under should be assigned
transfer of registered
by the
bonds, under
principal and interest.Both Jury Bonds of 1949-51, the amount
registered
payees
or
assignees
rules and regulations
prescribed
forms will be issued in the de- j pf the offering to be limited to the
thereof in one of the forms here¬
nominations of $50, $100, $500, qmount of securities tendered arid by the Secretary of the Treasury.
after
set
forth,
and
thereafter
-5. The-bonds will be
subject to
$1,000, $5,000, $10,000 and $100,- accepted as provided in the fol¬
June
tj
(
ceive public assistance
transportation of bonds by
registered mail insured may be
privilege and will not be
arranged
between
entitled to any
incorporated
privilege of con¬
banks and trust companies and the
version. //,/;
/:V
v; ' ///
Federal Reserve Banks, and hold¬
4. Bearer bonds with
interest er?
may take advantage of such
coupons attached, and bonds
reg¬ arrangements
when
available,
istered as to principal and inter¬
utilizing such incorporated banks
.
;
Food Purchases
Blue
culation
Treasury Department,.:
Office of the Secretary,;
.—-—
.
proximately $8,800,000 worth of
farm products to the diets of about
delivered at the expense
of the holder. Facilities
risk
and
ml—
.
tion must be accompanied by cash
taxing
.
November Blue Stamp
such
any
coupons are
by
!
bonds, wheti
if
•
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.
j
terest thereof by
any State, or any
of the possessions of the
United
or
I
Branch
or
Secretary of the Treas¬
at any time, or from
Banks.
a
bearing subsequent dates, should
surrendered,
may
ing, which will be communicated
promptly to the Federal Reserve
to the Treasurer of the United
States, Washington, D. C, Coupons
dated July 15, 1942, and March
1,
1942, respectively, and all coupons
be
or. hereafter
principal or in¬
The
time to time, prescribe supple¬
mental or amendatory rules and
regulations governing the offer¬
-
in
subscription to
2.
ury
or
now
the
on
bonds
Federal Reserve
3- The bonds will be acceptable
to / secure- deposits
of
public
moneys, but will not bear the cir¬
.
*
form tendered hereunder
be presented and surren¬
should
cease.
-
'
of the definitive bonds,
in
bonds. — 3%* and
Federal
Farm
Mortgage
terest
authority.
a
drawn
assignments
Coupon
2 3/4%
imposed
be
the
the bonds surrendered.
From the date of
redemption des*
ignated in any such notice, in¬
all
.
will
with
V. Surrender of Called Bonds
taxes, whether Federal or
State, but shall be exempt from
15 and
-Dec.
as
by • such
be prescribed by
of the Treasury.
Secretary
on
eral ReserveuBanks of the
respec-;
coupon
determined
.
excise
ac-
•■;/
redeemed
posed. The bonds shall be subject
to estate, inheritance, gift or other
and after
on
be
bonds shall be subject to all Fed¬
eral taxes, now or hereafter im¬
J 1/
Due June 15, 1951
and will bear interest from that
!inum, payable
•
The books
„
be
to
i 2. The income derived from the
interest from
bearing
bonds
demption shall
Jan. 15, 1942
i
were
opened for" the receipt of
subscriptions on Jan. 12..^
Secretary Morgenthau's state¬
ment further explained/
//•
The Treasury bonds .now of¬
fered will be dated Jan. 15, 1942,
date at
and
>
,
in tne official circular.
Treasury Bonds of 1949-51
Dated
terest to Jan. 15,
of ' the
Treasury
on
the
AMERICA
interest
tion/the
method
of Jan. 8, page 127.
umns
final
1942r47;in
accrued
accordance
will
ei
and
retary of the Treasury shall pre¬
ease of partial
redemp¬
scribe. In
Farm
March 1, 1942, and the Reconstruc¬
on
any-; interest day or days, on 4
months',
notice J of - redemption
given in such manner as the Sec¬
Secretary of the Treasury Morgenthau on Jan. 11 announced a
plan for refinancing a Treasury issue and three corporate issues
which shortly come due for payment.
These issues are the Treasury
bonds
form
interest. from ftjve districts, /tb" issue allotment
Sept. 1, 1941, to Jan. 15, 1942 notices, .to receive payment for
($10.33149 per $1,000) will be paid hjbnds/allotted, to make"
delivery
following'acceptance of the bonds. oif bonds- on full-paid subscrip¬
In the case of registered bonds of tions
allotted, and they may issue
either issue, checks in
payment of interim receipts pending delivery
June 15, 1949, in whole or in
part,
■
Notes
tion
.may,
Treasury Offers 2% Bonds of 1949^51
231,
to
the President
Retail
of
Federation
the
and
Mco, for three years, as editorial
1, As fiscal agents of the United writer on the Des Moines "Register
States, Federal Reserve Banks are and Tribune."
He
has served,
authorized and requested to reaiso on the staffs of Harvard and
cewe subscriptions,.to make allot-'
^
TT
.
ineuts on the hasis and up to the
'
,
...
,
,Drake Universities In the capacity
amounts
indicated by
the Secrelecturer cn international relatary of the Treasury to the Fed- tions.
■
Secretary Morgenthau
Lauds 26-Nation Pact
Secretary of the Treasury Mor¬
Powers,
"this
or
26
of
to take its
Mr. Morgenthau
nations
than
are
30
The
meant
which
a
mere
These
fight.
we
aggression lies the only
fundamental cause of
'•
and
the
this
great struggle.
Let us be
clear about that.
This
is
the end of the last sur¬
The
founded
Mr.
"Ledger,"
which
was
in September, 1914, by
Curtis, was. sold on Dec. 31,
awake, as there is in our own Tribune," who was its publisher.
land, the conscience of man¬ (See tne "Chronicle" of Jan. 4,
The black shadow, of op¬
kind.
nation
ness
has
which
pression
after. nation
plunged
into
dark¬
must not fall upon us,
and
.it must be swept away from the
where
lands
ronqutifcvl
darkness has fallen.
swept
go for¬
firmest deter¬
the
with
mination and
The United
It will be
We can
away.
ward
its
a sure
faith.
States, Great Brit¬
ain, Russia and China were among
the 26 signers of the declaration,
the text of which was given in our
Jan. 8 issue, page 144.
"Evening Ledger" Now
Suspends Publication
The
1941, page 43.) Mr. Cresswell, to¬
gether with David Drillhart, a
Bethlehem publisher,
Warthman,
ris
and J. Har¬
termination of the life of the 27-
year-old newspaper came after
rejection of a last-minute plan for
employee-operation.
Judge
J.
Cullen Ganey, with Judges Harry
E. Kalodner and Guy K. Bard
concurring, said that the plan was
not
feasible
and
that "frothing
further could be done to
save
the
Since Nov. 8 the "Ledger"
had been published under the di¬
paper.
rection of three trustees
appointed
by the Court in accordance with
the
Chandler
Act
the
submission of a plan of reorgani¬
zation which would be acceptable
to the Court and the paper's cred¬
itors.
The
pending
decision
the
of
judges, said the "Ledger" closed
a dramatic day in which the em¬
ployees, backed by $30,000 posted
by Sherman Hoar Bowles, Gen¬
eral Manager of the Springfield
(Mass.) "Republican," sought to
convince the Court of the feasibil¬
The "Ledger"
ity of their plan.
further said:
Philadelphia
a
had been managing
affairs of the paper since the
cne
Court
appointed them as trustees
in November,
after
having
.avenue
exhausted
every
to permit the newspaper
to reorganize under
,
•;
the Chandler Act.
Three times in the past
two months
it granted more
for
time
the
Court-appointed
trustees and the "Ledger" man¬
agement to submit a refinancing
plan.
No
felt
proposal which the judges
could
called
be
"real
a
plan" (that is, one carrying with
.it sufficient financial support)
was
forthcoming.
Nor. w^en
the
Court
ordered
the
trustees
.to receive bids for the property,
•
were
anv
solid
offers
,
of
pur¬
chase submitted.
The
Court's
employees'.»proposal
of
was
the
not
are
rates
pea-'
on
excessive in
re¬
other
on
commodities.
Chicago Reserve Bank
any
,
Adaptation of
Despite
Higher Living Costs
The
real
weekly wages of the
manufacturing in¬
in
employees
dustries continued to rise in 1941
our
real estate
by the Price Administrator.
Bank, follows:
assets and of real estate business
services
tion
at
na¬
a
will be first order
war
here
Primarily,
Pres. Roosevelt Limits
utilization to
the fullest of our
has told
Coordinator of
Films,
that there
restrictions on mo¬
industrials plants for Government
defense
production
and
for should be no
drawing all available existing tion pictures
existing
residential
where
into
structures
use
they will serve the needs
In
estate conditions in a war econ¬
will be an important con¬
both for the association and
omy
New
;
\
,...
-»
is
officers
of the Association and of
its divi¬
of
one
our
of
v
' *•
■
'
/
*
-
want
I
no
censorship of the
picture; I want no re¬
strictions placed thereon which
dictates
tive.
'iV-
■'
motiompicture, especially
'
The
•
as
■
:v;
used by the Federal
in the second
half of 1937, but
prior to that there was another
long period, extending back to
the bottom of the depression in
August, 1932, when real wages
rising at an average rate
have increased in an amount
of the price increase, so
entire amount of
the
increase
without
With
Price
in
month.
Other¬
the
present steady advance in real
wages is the situation in the
the only parallel for
wise,
World
First
rose
23%
War.
Real wages
July, 1914, to
The average rate
through this entire
from
Govern¬
•«
circumstances
much less
than 1%, but it seems probable
that during portions of the First
of
World
years
War
as
was
earnings in¬
much as 1% per
in
a
price
*
I
-
■
r
.
•
.
real
month, because much of the in¬
crease in the cost of Jiving oc-<-
In
day,
full
issuing
the
schedule
to¬
Mr. Henderson said that
investigation of cigarette
on
mandatory
peanuts which
relation
to
the
are
loan
of net earnings:
Dividends
United
States
$27,214.83
896,766.37
(Section 13-B)_
paid
Transferred
tion
„__$1,024,465.20
to
Treasury
^
to
(Sec-
surplus
7>
100,484.00
"
...
•
.
,
In
.
its
am
advised by the Secretary
that
since
the
period, which, according to existing legislation, must
be used as the base period in
computing parity prices for pea¬
nuts, there have been substan¬
tial changes in the production
.and .consumotion
result
is
that
of
peanuts.
the
parity
$1,024,465.20
,
of
condition,
31, 1941, the bank reported
resources
of $3,962,603,505,
while total deposits were shown
$2,014,151,437, which consisted
as
of
$1,762,132,232.., for
member
bank,'. reserve * account, $156,905,v
for
915
U.
'treasurer—general
S.
account, and $95,113,288 repre¬
senting other deposits^. '
The bank's figures of earnings
and expenses for 1940 were given
in
our
issue of Jan.f 18,
1941,
*\
>
361.
page
<
" J
'
,jk
Eicher Named Judge
-
Edward C.
Eicher, Chairman of
and
Exchange
Securities
the
Commission,
nominated
was
President Roosevelt
Chief
be
United
the
of
Justice
by
Dec. 30 to
on
States District Court for the Dis¬
trict of Columbia.
He
■
was
named
succeed Alfred A. Wheat,
to
has' retired.
served
of
as
•
Mr.
who
who
Eicher,
member of*the House
a
Representatives from Iowa in
73rd, 74th and 75th Congress,
been
since
a
as
mission
SEC
of the
member
December,
served
has
and
1938,
Chairman ;Of the. Com¬
since
April, .1941,
when
take
Jerome N. Frank resigned to
a
judgeship
in
on
the Federal bench
New York.
Ganson
pointed
to
'
;
:
„
-
.
Purcell, who was ap¬
the Commission last
May, is mentioned as a possible
to Mr.
successor
man.
Eicher
as
Chair¬
He has been associated with
tion in
.
.
total
the
.
V
.
statement
Dec.
other commodities." His
of.. Agriculture
The
•/,
-
said in part:
1909-14
order to pre¬
*
"makes
bill
on
message
rise
*
the
rates
rates
that might
spread throughout the cigarette
manufacturing industry.. /
vent
that
loan
the
under
essential
of increase
was
comparability of the parity
excessive in
Today's action was forecast
by the Administrator in an an¬
nouncement yesterday in which
he declared that a formal ceil¬
ing
$1,024,465.20
earnings
Payment
,
has
making
price of peanuts with the parity
price of other commodities", and
30
Dec.
$162,903.88
earnings
Distribution
the
to the
•
on
.
and additions to current
net
:
■
the law with respect to the
85%
parity
loans on peanuts. He explained,
in a message to the Senate and
prices, the New York "Journal of
Commerce" in advices from its
bureau
to
House on Dec. 30, that "appro¬
30 priate consideration was not given
said:
**■
*
re¬
provision
imposing a ceiling on cigarette
Washington
Congress
the
regard to the action of
Administrator f on Dec.
October, 1920.
span
vise
represents higher
additional profit.
were
of about 1 % per
President asked
the
costs
current
earnings
- •;
ment, has a very useful contri-
excess
price
to
•
.
declined sharply
1.008.52
—,
additions
net
14,000.00
Total current net earnings
restrictions which the
of safety make impera¬
t
wages
additions
Total
"
$147,895.38
necessary
-
producers.
i
*
impair the usef ulness of the
film
other
than
those " very
rt,
axes,
it
ernment securities
-"
will
Ceiling For Cigarettes
that
'V."
"*
Transferred from-reserves
Net
motion
OPA Establishes Price
peacetime to wartime in
'!
$4,227,533.76
Additions to current net earnings:
Pro.it on sales of U. S. Gov"
permit.
"
>
,
CurrenJ net -earnings.$661,561.32
taining our citizens. The motion
sions. for the year 1942 is sched¬
uled to take place at a closing
r
221,802.47
* *
"
f
'
cur-
*'
and enter¬
•Jfe bution to make during the war
1940.
Under date of /The price of all cigarettes sold
emergency. In
order that the
Jan. 10, the Board
further ex¬ by manufacturers was frozen on
Federal Government's efforts in
Dec. 30 to the levels prevailing
plained:
the field of motion picture proon Dec. 26 in an order issued by
Except for a few temporary
duction and
distribution may
Federal Price Administrator Leon
interruptions, the Board's index
serve most effectively and effrHenderson. The effect of this ac¬ >
of the
real
weekly earnings
ciently it is desirable that all
tion was to rescind a price ad¬
(i.e.,- the index of weekly wages
activities of the Federal Gov¬
vance
announced by the Ameri¬
adjusted
for changes in the
ernment be coordinated under
can
Tobacco Co. for its Lucky
index of the cost of living) has
the direction of one central ofStrike cigarettes and to prevent
been rising since January, 1938.
...fice.. >. '• .'
•
•••;
•-. ■
— *
other manufacturers from raising
From then until early in 1941
their prices pending -a full inves¬
there was little net change in
^ Farm Aid Bill Signed
the cost of living, but average tigation of factors justifying the
weekly earnings increased 34%, price advance. The American To¬ v.. President Roosevelt signed on
so * that
real weekly earnings bacco Co. had announced on Dec. Dec. 26 the legislation extending
27
that the wholesale price
of
also
increased
at
an
aver¬
for five years the operation of the
age
rate
of
about 1% per cigarettes would be increased Soil Conservation and Domestic
month.
Real wages, curiously from $6.53 to $7.10 a thousand due Allotment Act and
providing for
to the increased costs of leaf to¬
enough,
continued
to
in¬
loans of 85% of parity on cotton,
materials,
supplies , and
crease
at an average rate of bacco,
rice, tobacco and
other items, exclusive of increased corn, ; wheat,
about 1% per month in 1941,
peanuts.
.
The company
despite the rise in the cost of corporate taxes.
In
signing the measure, the
claimed that its costs, exclusive of
living and despite the transfor-
tries from
Reserve
423,837.91,
Other
November,
mation of manufacturing indus¬
Federal
rency
picture must remain free in so
far
as
national security will
despite an increase in the cost of
banquet on Jan. 23.
Philip W.
living, vaccording to The Confer¬
Kniskern, Philadelphia, President
ence
Board.
The cost of living
of the Association, will turn over
was 9% higher in November, 1941,
the gavel to David B. Simpson,
than in November, 1940; but aver¬
Portland, Ore.
age weekly wages rose 20%.
The
5
Gov-
Total net expenses
picture
effective
most
in informing
media
.
,
of
of
'
The American motion
-
installation
advices
the
$3,581,893.38
Board
"
institutes and
divisions
whose
governing
boards will
take part in the
Formal
Cost
Washington to
York "Times" said: V
from
3
Jan.
specialized
meeting.
a
1
real the President, according to
sound
of
/
1
recent letter to Mr. Mellett
,
for
ernors
other
of safety."
of defense workers.
Preservation
than those
imperative by the "dictates
made
Assessment
Mellett,
Lowell
'
AND
089,095.08
Operating expenses
Roosevelt
President
EARNINGS
OP
EXPENSES FOR YEAR 1941
Earnings
Restrictions On Films
for
means
are
STATEMENT
,
the needs of
to
of business in the deliberations.
cern
v
Real Wages Up
creased
rejection
peated his
that, primary
purpose
of the
ceiling schedule is to prevent
Board's
loan
nuts which
unwarranted increase in
Net $1,024,465 In 1941
the price of .cigarettes to the
pared with 145.7 in October,
The Federal Reserve Bank of
130.6 in November, 1940, 98.8 in
public,, adding that if the co¬
operation of wholesalers and Chicago reports for the calendar
January, 1938, 120.3 in May,
retailers were not obtained, he year, 1941, net earnings of $1,1937, 74.5 in August, 1932, 109.6
would not hesitate to extend 024,465, as compared with $2,607,in April, 1929, 95.7 in October,
Total
the ceiling to cover their sales. 975 in the previous year.
1920, and 77.8 in July, 1914.
In this connection he reported earnings for the year just ended
Real weekly wages in Novem¬
of
telegraphic
com¬ were $5,089,095, against $4,831,217
ber, 1941, were 32% higher than .receipt
Operating expenses in
in April, 1929.
plaints of increased wholesale in 1940.
'
v
1941 were $3,581,893, while total
.prices from several sections of
its
Real
The Court took its action only
.
The
mandatory
lation to the loan rates
Administrator re¬
earlier
statement
OPA
The
a
commodities and this bill makes
case
would have taken,
alone
index of real wages (1923=100)
was
therefore 144.6, as
com¬
business man,
Philadelphia
"Evening
Public Ledger" suspended publi¬
cation on Jan. 5 by order of the
purchasing power of the earnings
Federal
District—Court- which of
these
employees
(their soruled that no definite reorganiza¬ called real wages) was therefore
tion plan had been offered.
The 11% higher in November than in
■
1%.
rose
erably more
of the American Tobacco
'
struggle of human
a
index
lation, is not comparable with
the
parity
prices for ; other
involve consid¬
time than a study
essarily would
slightly lower
in November than in October,
when it was the highest on rec¬
ord.
Average weekly wages in¬
creased, but the increase was
small, and the cost of living
the group of news¬
expenses
were
$4,227,533,
the country, in spite of the fact net
current
net
Realtors Meet Jan. 23
which tne late Cyrus H.
earnings
of
that the Lucky Strike increase, with
K. Curtis built up.
It meant
$861,561. In 1940 operating ex¬
now eliminated, would not have
The annual business meeting of
the end of the jobs of most of
amounted
to
$2,921,983,
become effective until Jan. 10 penses
the National Association of Real
the
828
employees.
Some of
and
other
manufacturers had total net expenses having been
Estate Board, at which will
be
these
employees will remain
shown
as
$3,471,164 and current
not raised prices at all.
chartered the general program of
temporarily in their bookkeep¬
net earnings having been report¬
the association's work for the year
The rescinding of the increase
ing and accounting jobs to wind
ed at $1,360,053.
The statement
1942, will be held at the Drake by the American Tobacco Co. fol¬
of earnings and expenses for 1941,
up the "Ledger's" affairs. Many
Hotel, Chicago, Jan. 23 and 24. lowed its request that a formal
of the employees were veteran
as
issued under date of Jan. 5
The announcement says:
requirement to that end be made
workers with the "Ledger."
by C. S. Young, President of the
1940, by the trustees of the estate
rights against oppression.
In of Mr. Curtis to a group headed by
.the 25 nations whom we join as Robert Cresswell, former Treas¬
comrades
in
arms
there
is urer of the New York "Herald
.
future.
The Conference Board's index
in
.
«
'
forces of
decision not only
Court
over.
papers
the
are
the
of
vivor
ideals of human liberty,
the
rights
of the individual
which government exists to pro¬
ject and not to annul.
In the
denial of these rights by the
great
as
the syndi¬
days a buyer for
found.
agreement to
than
such
cate could be
fight
together
without
any
thought of a separate peace until
.victory has been achieved.
Its
greatest significance is in the
statement of the principles for
more
permitted
Court
the
night,
Dorothy Dix column, and car¬
toons.
It was felt that within
far
enemy,
>
company
dicate sells features,
alliance
mere
a
•
to continue oper¬
ating its Ledger Syndicate for a
maximum of 30 days.
The syn¬
the
further said:
common
a
.
formal order last
a
however,
is
all the people of the world far
more
Dec. 29.
on
In
to Americans and to
means
against
of real wages was
fect
place among
the immortal documents that
;
because the
Court refused to grant an ex¬
tension
of operations beyond
cease
midnight.
It had warned
all interested parties to that ef¬
the milestones of human freedom."
It
undertaken
peace,
statement
destined
manufacturing
war
last
barring a separate
declared that
and
armistice
curred in 1919 and 1920 after the
was
price for peanuts computed in
accordance with existing legis¬
costs
will be
the immediate
He added that this nec¬
accompanied by a formal order
prohibiting publication today.
But publication for general cir¬
culation will
genthau, in commenting on Jan. 2
on
the joint
declaration by 26
nations
pledging their full re¬
sources for use against the Axis
Thursday, January 15, 1942
CHRONICLE
THE COMMERCIAL & FINANCIAL
232
Commission
since its forma¬
1934, serving as a member
of its General Counsel staff- from
1934 to ,1937, when he became Di¬
rector
of
the
and
Trading
Ex¬
change Division.
.
It is also reported that Robert
H.
O'Brien.
Director of
the
SEC
Utility Division, might be named
to fill the vacancy on the Com¬
mission
caused
by
aopointjudgeship:
the
ment of Mr. Eieher to a
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4033
155
Volume
quests
Flue-Cured Tobacco Quota Ownership Certificate
10% in the, na¬
marketing , quota
and \ a
-An increase of
tional
corresponding increase in all farm
aqreage allotments for the 1942
crop
of flue-cured tobacco was
announced on Dec. 30 by the De¬
partment of Agriculture. This in¬
.
Requirement Relative
the Bureau of
respect to
Internal
Revenue's
amended
in¬
Governmental
restrict
or
regulations, which be¬
came effective Jan. 1, 1942, deal¬
crease
raises the
1942 national ing
with
ownership
certificate
marketing quota from 618,000,000 requirements relative to interest
payments
of
obligations
of the
pounds to 679,800,000 pounds and
United States or any agency or
ups. the farm acreage allotment
from 762,000 acres to 842,500 acres. any instrumentality thereof, the
The
1942 marketing quota and Reserve Bank observed on Dec. 24
farm acreage allotments were an¬ that the income tax regulations as
in
virtual cessation of trading.
a
The
of
Board
Governors
financial condition.
inactivity,
Exchange must
direct its efforts to maintaining
a
favorable position to resume
trading when the wars have
in October at of Jan. L "provide that ownership
the 1941 level, says the Depart¬ certificates shall be filed (by citi¬
zens and resident individuals and
ment, which adds:
ended.
our
To
this
will maintain
,
a
end
the Board
skeleton
organi¬
resident partnerships
zation, certain key employees
and non-resident partnerships all
and certain essential services.
of the members of which are citi¬
zens
or
residents,
non-resident
aliens, a non-resident partnership Roosevelt Writes 1956
composed in whole or in part of
President In Behalf
non-resident aliens, a non-resident
foreign corporation, or where the
Captain Kelly's Son
Although supplies of tobacco fiduciaries,
ing
information
in¬
available
now
quota
needed in
dicates that the increased
allotments
and
are
order to insure a sufficient sup:
flue-cured
of
ply
increased
meet
to
tobacco
domestic
con¬
is unknown) in the case of
owner
sumption and requirements for interest paid on and after Jan. 1,
export to those countries allied 1942, on obligations of the United
States or any agency or instru¬
against the Axis powers.
regardless of
The action was taken under mentality thereof,
the provisions of the Agricul¬ the date of issuance of such obli¬
tural
Adjustment
of
Act
The Bank
1938 gations."
goes
on
to
"
authorizing the Secretary to in¬
kct needs.
*
,
■
United
States, ; has
payments when the owner is a
domestic
It is
in cigarette
con¬
tion to
the past several
years has been only about 6%.
If growers plant the same per¬
centage of their acreage allot¬
ments in .1942 as they did in
for
sumption
as
as
coupons
On the basis of the high
yield, the 1942
The
current
1941
as
be
a
crop
with
the
writing this letter as an
destiny of our
country. I desire to make a re¬
quest which I make in full con¬
corporation,
and
certificates
■
The volume of stock
-
shall achieve
sales, ex¬
portantly
tional
cipal amount of bond sales was
$161,048,475, a decrease of 23.0%
ment's
The two New York exchanges
ket
of
value
90.5%
of stock
of total sales,
the. market
,
value
sales, and 99.7% of the market
value of bond sales on all reg-
war
The
market
value
of
total
securities
exchanges for November 1941
amounted to $612,640,
an in¬
on
crease
all exempted
of 6.7% over October;
in
involved
defense
are
the na¬
They
program.
all included in the Govern¬
list
of
strategic
and
with the ex¬
ception of lead, which is subject
OPM
to
general
preference
They were among the
the subject of price
orders.
first to be
ceilings,
and
priorities,
other
latory
allocations
Governmental
regu¬
controls.
McKendrew
also
pointed
out in his report;
The
Exchange and
its
mem¬
My
request
the
sider
is that
merits
of
a
tion
Committees
the
subjects
will
report
and
pro¬
pay¬
received
and
on
State
S.
will
These
The
income
ings
and
Govern¬
also
from
reported' that
farm
Government
market¬
payments
November totaled $1,313,000,000, compared with $1,485,000,000
in
October
and
$942,000,000 in
November last year.
in
payments
Government
totaled
November
$68,000,000, compared with $79,000,000 in November, 1940, and
$43,000,000 in October. From the
Bureau's
announcement
also
we
quote:
the
For
first
11
months
of
1941, cash income and Govern¬
ment
payments
totaled
$10,488,000,000, compared with $8,257,000,000 in the same period
falo
Savings Bank.
Mortgages and Real Estate,
by Edward J. Pierce, formerly
Deputy
Superintendent
of
Banks,
and
now
Executive
of
1940.
Income
marketings
farm
from
totaled
$9,986,000,than the $7,561,-
000, 32% more
000,000 received from January
through November last year.
All groups of commodities have
Harlem
the
marketings
from
in
by- Myron
Vice-President, Buf¬
of
farm
Bureau
cash
Legislation,
Short,
from
$600,000,000
have ment payments.
they
which
consideration.
under
Savings Bank, New York.
Legal Investments, by Bar¬
nard
Townsend, President of
the Troy Savings Bank.
Employee Relations, by Clar¬
ence
G. Michalis, Chairman of
the Executive Committee, Sea¬
men's Bank for Savings, New
recorded
sharp increases in in¬
but
the
greatest
in¬
come,
have
creases
from
been
cotton
in
returns
and
cottonseed,
meat animals, poultry and eggs,
and grains.
Government pay¬
Brooklyn.
of the Nation's apprecia¬
tion of the heroic services of his
duty at the very outset of the
struggle which was thrust upon
us
by the perfidy of a pro;
fessed friend.
conviction
the
In
H. D. White To Handle All
Non-Fai'm Foreclosures
Are Down In November
young
5 father who met death in line of
that
the
Non-farm foreclosures
in November to
the
past
records
are
for
a
dropped
low figure
new
15 years on which
available,
Federal
mists
Board
Bank
Loan
reported
-
5,832 cases in November,
previous low in fore¬
closures was established in Au¬
The
1940.
foreclosures was reached in
of
cases
a
day were reported. The
the Board also
a
Average Sugar Prices
foreclosure
Board's
from the average
1935-1939 period.
This seasonal index had reached
1940,1 an increase of a little over
21.2%, according to Lamborn &
ber, but
Co., New York. The 1941 average
is the highest since 1937 when the
The 1941 average
sugar,
including
cents
4.922
net
per
price for re¬
at New
cash
excise
pound
tax,
is
as
con¬
trasted with 4.337 cents in
1940,
an,increase of 13.5%.
is
average
the
The 1941
highest
1932, when the figure
since
was
4.99
cents per pound.
The
1941
price for
world sugar, converted to a New
York basis, is "1.849 cents per
pound as contrasted with 1.326
cents per pound in 1940, an in¬
crease
complied with the re¬
per
is
of 39.4%.
The 1941
aver¬
the
when the
highest since 1929,
figure was 1.904 cents
pound.
-H ——*
Fund
without change in exist¬
ing procedures.
Stabilization
Fund
since Sep¬
tember, 1939, has been recalled
to his post of Foreign Service'
month of the
a
low level of
32.8
in
Officer
Septem¬
The 5% drop in foreclosures
during November compares
favorably with the 2% increase
normally expected in this 30day period, the Bank Board
economists
said.
Geographi¬
cally, there
for
ures
Bank
districts.
26.1%
was
served
Home
of
Loan
decline
A
by
Bank
Loan
States
Michigan—and
21.5%
eight
of
recorded in the dis¬
apolis—the
and
fig¬
over
in
October
Federal
12
Home
drop in No¬
a
foreclosures
vember
the
was
Federal
of
Portland,
States of
Home
Pinney
Jan. 5
as
President
to
named to
B.
Craig
post
Geo.
serve
of
Indiana
Managers.
Bank
a
second term
the
New
York
as
Treasurer.
nominated
for
N.
the
of Vice-President, replacing
Christman, while John C.
Craig's
decline of
of
nominated
was
serve
was
Indian¬
Loan
Depart¬
Coffee and Sugar Exchange, Inc.,
and R. L.
Lamborn was again
Federal
in the district served by
the
W.
on
of
a
State
Pinney Exchange Head
W.
Gardner
the
the
in
ment.
4% in October.
rose
Merle Cochran, who has
directing operations of the
H.
been
of nearly 70%
trict
average
:
in¬
dex, adjusted for seasonal varir
ation, dropped in November to
a
record low of 31.9, a decline
The 1941 average price for raw
sugar,
duty paid- basis at New
York, is 3.378 cents per pound as
against 2.786 cents per pound for
;•
York,
bility for.the management and
operation of the Stabilization
had the following to say:
The
liaison
as
the
Treasury Depart¬
Department,
will serve in the capacity of
adviser to the Secretary on all
Treasury foreign affairs mat¬
ters, and will assume responsi¬
1933, when 1,000
period in
Mr. White will act
,
between
ment and the State
announcement by
FRANKLIN D. ROOSEVELT
fined
said:
low the
brief
Kelly 3d.
that Harry D. White, Assistant to
on
[: Colin P. Kelly, Jr., will long be
( remembered, I ask for this con¬
;
,.Y
,
Secretary of the Treasury Morgenthau announced on Dec. 20
the
econo¬
gust of this year, when 4,271 cases
were recorded.
The highest rate
sideration in behalf of Colin P.
Treasury Matters With
Foreign Bearing ■
Secretary, has been assigned
full responsibility for all matters
Jan. 3. They
with which the Treasury has to
said
that
the
4,204° foreclosure
deal that have a bearing on for¬
cases
in November were 5% be¬
In its announce¬
low the figure of 4,408 cases re¬ eign relations.
ment
the
Treasury Department
ported for October and 27.9% be¬
Home
j service and example of Capt.
age
.* li '> heartedly
mar¬
ments
con-
you
I make this appeal
of this youth as a
behalf
in
token
bers, in the interest of the na¬
defense,
have
whole-
tional
probable
received by
Government
with
conference
The
effort.
war
Chairmen of the various Associa¬
we
figure was 3.443 cents per pound.
im¬ It is pointed out that:
critical materials,
Mr.
istered securities exchanges.
sales
are
Exchange
our
26,477,408 shares, an increase of
16.2% over October. Total prin¬
accounted for 91.9% of the mar¬
-
on
cluding rights and warrants, was
from October.
,
in
together with
for
prices
in
December,
compares
$9,120,000,000 in 1940 and is
will be
preceded by a dinner, the highest total for any year
sponsored by Henry Bruere, Pres¬ since 1920, when farm cash in¬
ident of the State Association, on come totaled $12,608,000,000.
Of
the evening of Jan. 19 for Com¬ the indicated total for 1941, the
mittee
members,
at which the Bureau says, $11,000,000,000 was
the
a
All of the commodities traded
.
allowance
ketings,
ducers,
an
1941 totaled $502,000,000, com¬
pared with $696,000,000 from
January to November last year.
we
,
mission further reports:
an
meeting, which will
all-day, off-the-record discussion Session, focused on
specific
matters,
pertaining
to
the
estimate, based
1941
fidence that
West Point.
are
$597,388,504, a * de¬
from the market
Commodity Exchange Hit
value of total sales for October
and a decrease of 39.7% from the j
By Defense Program
market value of total sales for
Reviewing the events of the past
November 1940. Stock sales, ex¬ year,
Edward
L.
McKendrew,
of
cluding rights and warants, Jiad a President
Commodity
Ex¬
market value of $508,960,005,. an change, Inc., New York, in the
increase of 3.4%
over
October. annual report issued to members
Bond sales were valued at $88,- on Jan. 8, pointed out that the
348,284, a decrease of 29.4% from national defense program and the
the October value.
The. market all-out war effort of the country
value of right and warrant sales has had a paralyzing effect on the
for November totaled $80,215, in¬ Exchange.
M r.
McKendrew
volving 158,115 units. The Com¬ stated:
months of
will
trustees
This
ments in the first 11 months of
tage—Colin P. Kelly 3d—for ap¬
pointment as a cadet in the
U.
S.
Military
Academy
at
the envelopes
to
11
and
officers
consist of
American youth of goodly heri¬
of 3.5%
crease
Dec. 30.
cash farm income for the first
Insurance, by Clinton W. Par¬
ker, Assistant Secretary of the
Dime
Savings
Bank
of
,
/amounted
on
on
Hotel
York.
,
envelopes
required,
should indi¬
cate, by endorsement thereon,
.'y above production in 1941.
or should be accompanied by a
statement
to
the
effect, that
Nov. Sales OirExchanges /
coupons for which no
ownerThe
Securities and Exchange Y ship certificates accompany the
schedule, are owned by a do¬
^Commission announced on Dec. 24
mestic or resident corporation,
(that the market: value of total
a
resident foreign corporation,
sales on all registered securities
or a foreign government.
exchanges ( for
November
1941
ship
banks'
in
Over 400 savings
Astoria
Waldorf
for
approximate
act of faith in the
are waging to preserve our
democratic way of life. - '
/
denomination for which owner¬
"
the
New York City.
income
to
$11,600,000,000,
the
Bureau
of
Agricultural Economics, U. S. De¬
partment of Agriculture, reported
Jan. 20
on
cash
expected
now
of like issue and
coupons
am
glorious victory in the
same
1941
States in 1956:
^
I
_
foreign
in
Dec. 17,
To the President of the United
with the
a foreign government, do not
require ownership certificates.
Such
coupons
should be en¬
closed
House
V
en¬
or
flue-cured
White
Washington
,
but should accompany
resident
held
Vice-President
follows:
denom¬
not
One
Number
President Roosevelt's letter read
schedule
on a
should
the
the Distinguished Service Cross.
Such ownership
/
became
American hero in the present war,
has been awarded posthumously
(2) Coupons owned by a do¬
mestic or resident corporation,
~-r
is estimated -at- 650,000,000
pounds.
The level ot domestic
consumption / and exports for
next year
is expected . to be
more
than 100r000r000 pounds
.
the schedule.
average
rr;
deed
The
closed in the envelopes
would provide 795,000,000
-million pounds; or on the basis
of the low 1941 yield, the crop
next season would be 690,000,-7 -- r
heretofore.
certificates
crop
pounds.
the service and example" of Cap¬
tain Kelly will be long remem¬
bered.
Captain Kelly, who by his
'
•
ination and listed
regardless of whether the averr
age yield per acre equals the
1940 figure or the short 1941
000
follows:
according to issue and
1941, the crop will not be in ex-^
of anticipated requirements
•figure.
requested that the prep¬
for presenta¬
the bank for payment be
Winter Conference of the Savings
New York to be
farm
is
1941
Mid-
annual
the
of
Banks Association of the State of
at
Total
Way to Victory" will be
theme
sideration "in' the conviction that
(1) Coupons for which own¬
ership certificates are required
should be enclosed in envelopes
cess
*1940
corpora¬
a
the
Highest Since 1920
'
"The
include, among others:
Financing Defense Housing,
President Roosevelt recently ad¬
by
Earl
B.
Schwulst,
Vicedressed a letter "To the President
President of the Bowery Sav¬
of the United States in 1956," re¬
ings Bank, New York.
questing the appointment to West
The cooperative campaign to
Point of Colin P. Kelly 3d, 18induce greater savings volume,
months-old son of Capt. Colin P.
by Andrew Mills, Jr., President
Kelly, Jr., who lost his life in a
of the Dry Dock Savings Insti¬
successful bombing attack on the
tution, New York.
Japanese battleship Haruna in the
Air Raid Precautions, by Paul
Pacific on Dec. 9.
The President
W. Albright, General Secretary
said he was asking for this con¬
of the State Association.
aration of coupons
The_ average an¬
increase
nual
resident
or
resident-foreign corpora¬
or a foreign government.
tion,
tion,
higher than for the same period
last year.
This increase sets a
'new all-time record in cigarette
consumption.
the cases of interest
except in
18%
run
taxable
both
of cigarettes, the
outlet for four-fifths of the fluecured
tobacco
used
in
the
for
payments on all issues,
and non-taxable
interest
For the last half of this year,
Consumption
cer¬
required
be
will
tificates
■*
ownership
that
foregoing
essential to meet mar-
deemed
:
You
quotas if an increase is
crease
"/■/'■- ■
■ ./V" •"" ';■■/'
will
observe from the
say:
1941 Farm Income Seen
Savings Bankers
To Meet On January 20
attend
During the period of enforced
nounced originally
beginning of the market¬
year were above normal,
is
firmly resolved to continue the
Exchange in its present strong
.
at the
NY
sus¬
members because it has resulted
tax
come
to
trading in specific com¬
modities, but unfortunately this
compliance has been at heavy
cost to the Exchange and its
pend
Federal Bond Interest
With
by
made
authorities
233
was
place
named
on
to
the
take
Board
Mr.
of
Other members of the
Board, namely Harold L. Bache,
John A. Higgons, Jr., P. R. Nel¬
embracing
the
Idaho. Montana, Ore¬
M. E. Rionda and Frank C.
Russell, were nominated to serve
a further two-year term in office.
Washington
*
~ J V;
place at the Exchange on Jan.; 15;
gon,
Utah,
Wyoming.
•
•
and
j
son,
The
annual
election
will
take
234
COMMERCIAL & FINANCIAL CHRONICLE
THE
Feh, 16 Registration Date
**
President Roosevelt on Jan. 5
proclaimed Feb. 16 as the date for
registration of all men between
the ages of 20 and 45 who have
not
previously
registered
possible
military
service.
mention
made
was
in
for
No
the
proc¬
lamation
for registration of men
between 18 and 20 and 45 and 65
who wil be required to register at
a
later date but under existing
law will not be subject to military
service.
;In
his
dent
noted
exists
"a
that
of
state
war
United
the
between
States of America and the Empire
of Japan, Germany and Italy" and
that
"this
and
other registrations
the Selective Training
under
and
Jesse Jones On SPAR
£
Sugar Statistics for 11 Mouths, ! 941
p
:4i
selling; including: "futures" as
Jesse H. Johes, Secretary of
*
well as "spots", but excluded re¬
The Department' of Agriculture on Jan. 8 issued its monthly
Commerce
and
Federal
Loan
Ad¬
tail sale of wool yarns.
Mr. Hen¬
statistical statement on sugar covering the first eleven months of
ministrator,
was
appointed
a
derson took this action in view
member of the Supply Priorities 1941, 'consolidating reports obtained from chne sugar refiners, beet
of the war in the Pacific threatsugar, processors, importers and others.
The statement was prepared
and Allocations Board by Presi¬
ening to curtail imports, to pro¬
dent Roosevelt on Dec. 31, in a by the Sugar Division of the Agricultural Adjustment Administration,
tect civilians against increases in
i./' Total deliveries of sugar during the period January-November,
move
designed to speed up war
the cost of clothing, blankets and
1941, amounted, to 7,360,080 short tons, raw value, compared with
other clothing articles essential to production. In announcing the ap¬
6,323,849 tons during the corresponding period last year. " The De¬
pointment,
Stephen
T.
Early,
health and well-being.
,
White House Secretary, said that partment gave the following details:
Distribution of sugar in continental United States during the
the President "has felt for some
/first eleven months of 1941 in short tons, raw value, was as.follows;
NYSE Short Interest
time that active participation of
of
■
the
Lower On December 31
proclamation, the Presi¬
now
all forms
The schedule applied to
Thursday, January 15,1942 *
The New York Stock Exenange
announced
United
makes
it
States
in
the
i
'
8 368
—*4 997 376
(Table 2>r.v——.u_,—*>-&''■>*
1,746,512
Importers.', direct-consumption sugar (Table 3)._—
——538,827
Mainland cane mills for direct consumption (Table 4,u—
b
68,997
Refined
Beet
thorough,
integrated
consider¬
ation of all factors affecting sup*
of the ciose of
plies for military and civilian re¬
the Dec. 31 settlement
quirements, as well as the exten¬
on
Jan. 9 that the short
refiners (Table 1)—
by refiners (Table 2>_„
by
Raw, sugar
war
have
to
necessary
^
sugar
sugar
processors
interest existing as
business on
Total
7.360 080
>*'
The distribution of sugar for local consumption in Puerto Rico
compiled from informa¬ sion of credit and other
methods for the first
eleven months of 1941 was 71,063 tons (Table 5).
tion obtained by the Stock Ex¬
Data
of financing."
for the Territory of Hawaii are not yet available.
: V
'
change from
its members and
The SPAB, established on Aug.
W Stocks of sugar on hand Nov. 30 in short tons, raw value, were
member firms, was 349,154 shares,
.
.'V. ■+
.■
compared with 453,244 shares on 28, set up the machinery for fix¬ as follows:f
.v 1940.
1941
Nov.
28, both totals excluding ing priorities and allocations of
Refiners'raws
367,864
418.782
^
short positions carried in the odd- the supply of materials, fuel' and Refiners' refined :
*
29.7 773'.
333.885
date,
as
;
Service
Act
of
amendments
1940
the
and
will
thereto
be
re¬
.
quired
v
and
of
victory, final
over the enemies
insurce
to
complete,
the
States."
United
called upon the Governors
several
States
and
of the
Terri¬
the
of
also
He
tories "to do and perform all acts
and services necessary to accom-*
plish effective and complete reg¬
istration" and
ers
and governmental agencies of
kinds
to, give
workers suffi¬
cient time in which to register.
registration
and other male persons who were
born on or after Feb. 17, 1897 and
before Dec.
31, 1921.
The
registration will take place in the
United States, Alaska, Hawaii and
Puerto Rico between the hours of
7
and 9 pjn.
It is estimated
by Selective Service Headquarters
a.m.
that about 9,000,000
„
will
men
from
ported
1942,
18
in these
37..
page
to
working
out
conservation program
wool
conserve
-
wool
a
designed to
and to speed work
industry. R. R.
Guthrie, chief of the OPM Textile,
Clothing and Equipage Branch,
on
Dec. 30
the total
restrict
the first
short interest was
with 415
a
use
program to
of wool for
quarter of 1942 to 80%
the
was
gr¬
the
allowed only for
What remains, up
allocation for both
uses.
80%
will be made
uses,
available far
Nov.
on
Administrator
Creation
28,
the
of the
close
;
was
v
1205.
page
Use
of
2.
civilian needs.
or
wool
Manufacturers
of
would be cut to 49%.
given
less
wool
than
manufacturers because
mix
used
or
wool
new
with
wool,
and
manufacturing
of
used
the
be
carpet
during
they
can
reworked,
from
processes.
coverings would
50%
They are
worsted
waste
Manufacturers
3.
woolens
the
floor
of
limited
wool
same
to
they
period
last year.
4.
All
systems
announced
—
530,594
428,132
of
-ll—
Oct. 31
„
cut
to
other
1941—
•
Jan, 31
40%
wool they used
be
of
during the simi¬
lar period last year.
Feb. 28
Aor. 30__1
___—..—
May 29
-
.
30
—„—
July 31——
1
—
the
—————
——'
.
r
Leon Henderson
issued
an
emer-
schedule requiring that raw
wooV wool tops and wool yarns
gency
must not be sold at prices higher
than those which prevailed be¬
tween
Oct.
1
and
Dec.
6,
1941.
Deliveries
on
1941;
87.288
■
Hawaii
Rico
2,273,777
2.162 624
v
,
798,031
^.r
65,727
786 175
>
48,223
•i
I
1941
2 694
0
••••
-
218 085
4,632
209,605
337.362
5.164,693
405
Compiled in the Sugar Division,
13 '
-
2,204
...-f;
of
close
business
20
0
2
t25.690
405
337
418,782
$388,601,294,
8,368
«
TABLE
I
II
and deliveries of cane and beet sugar by United States
January-November, 1941 (shor6 tons, raw value*
stocks of
refined, Jan.
1941,^,
1,
Compiled by the
sugar factories.
-"The
•
-which
total
is
the
of
ratio
t\ 746.512
1941
297,773,.
from
converted
are
to
v®l»e
raw
raw
available. vtLarger
not
are
Stocks,
Source of supply—
V
actual
deliveries
on
Deliveries
Receipts
25,702
377.932
Hawaii
0
Puerto,. Rico
established in Dec.
the trade agreement with Cam
be
may
quarter
year.
imported in any
Imports above
these amounts
a
pound.;
are
dutiable at 3
——
.
In today's
of
proclamation 86.2%
the quota was allocated to
Canada and
13.8% to other for¬
eign countries.
are
the
These
same as
pronor-
for 1941.
Application of the percen¬
tages to the maximum annual
quota established in the agree¬
ment results in
the following
allocation
for
1942:
193,950
bead,other
countries, 31,050.
Canada,
foreign
19
after
303
custody,
in
New
York
Swedish
News
American
the
by
Inc.
Exchange,
The advices add:
/
,
Generally, the
new
provides for the
'
•.
'"
Mainland
cane
.
.
•••••'.
.
mills'
as
for
4 705
The
iron
at
and
chemical
that for,
pig
quotas have been raised.
tons.
iron
As in
the past,
the prices of German
coal
iron
and
will be
5,350 tons in
ore.
that
for
balanced
Both will be
Swedish
Jan. 1,1941
•
production
and
deliveries,
For direct
Production
60,214
...
customs'
raised,
'
v
Distribution ofn
sugar
for
of this
1
"Distribution
-
Stocks on
Nov, 30
■
1°41
73,283
v
'
local
*39,534
Dewn
Data
and
Puerto Rico___^__^_____^
-
,
during January-October.
Bank debits
for
November
not
yet
71,063
available.
3,5% From Last Year
as
reported by banks in leading centers for the week
ended Jan. 7 aggregated $10,329,000,000.
Total debits during the 13
weeks ended Jan. 7 amounted to
total reported for the
York
New
$150,756,000,000,
corresponding .period
CRy there
was
an
increase
or
a year
21% above the
At banks in
ago,
of
14% .compared with the
corresponding period a year ago, and at the other reporting centers
there was an increase of 25%.
,
/
SUMMARY BY
J.;/ .;
FEDERAL
(In
-
millions
-
RESERVE
of
Boston .'-ujJ
iron
Wcvk Ended
,
—
New-York
Philadelphia
13 Weeks
Jan. 7,
Jan. 8,
Jan, 7,
1942
1041
1942
622
621
3,876
4,486
-579
570"
Jan. 8,
1941
8 648
60
084
7 454
52 687
*■
8-187
6 5-79
Cleveland
754
720
11 087
8 723
Richmond
442
41.5
6,079
Atlanta
384
353
5 0+8
3 r 0
1,588
1,587
22 670
16333
356
333
a
984
3 85 +
2 207
Chicago
;
Louis
St.
'
Minneapolis
—
Kansas
__—*—
City
) 92
Total,
274
140
■
•
York
New
-
-
133
reporting
City*.:
centers
Incki^
centers—,
——
2 861
324
4 698.
308
280
4
894
3710
3 129
833
12.284
9.672
10 329
10.701
150,756
125 020
3.5+5
4.118
54 902
48 3«5
5 8V7
5.668
82704
66397
-968
916
13 069
1 0,358-
Other leading centers*^..,...;...^..
Other
179
336
4 765
155
Francisco
San
on an
apply to the remainders
DISTRICTS
dollars),
Federal Reserve District—
4%, but this increase
year's deliveries.
"
1941
consumption in the Territory of Hawaii
Puerto Rico, Januajy-November, 1941 (short tons, raw value)
Territory of Hawaii
,.
j /
•"
processing
222,835
68,997
table
-
will not
custody.
January-November,
For further
■
consumption
304,901
..
.
'
average,
75,183
l\''
IV
Dallas
against
205
:•
Information submitted by importers
'
1941, the
300,000
'
.
figure for coal and coke being
merchant
0
+6 343
13.416
538 827
(short tons, raw value)
t-V*'"'*.•
:
—-Deliveries-
Swedish
put at 5,700,000 tons and
*55 219
56 619
4.607
tlncludes
TABLE
'
stocks,
,
import quotas
Stocks on
Nov. 30 1941
/
agreement
same
areas,
'
T
tions, according to word received
small
-4.548
.
574.832
1
39,178
"Includes 4,661 tons ia customs'
usage
348 4i5
57 103
Compiled in the Sugar Division from reports and
and distributors of direct-consumption sugar.
'
protracted negotia¬
a
120 642124.540
12,932
areas—
or
4,548
•
241
...Tdtdl
Is Denied
was
by
-
•
Jan. 1, 1941
Cuba '
.
a
and
1.063030
III
Stocks
i
on
factor
snd deliveries of direct-consumption sugar from "specified
January-November, 1941 (short tons, raw value)
receipts
Philippine
Other foreign
1.162,104
refineries
sugar
by using the
than
representing losses in reprocessing, etc.
TABLE
•
submitted by
reports
meltings of raw sugar to refined sugar produced during the
tDeliveries include sales for export.
These sales amounted to
value, during January-September, 1941; data for exports during
1940.
and November
October
amount
of
$435,717,673.
1 3P6 962
t5,044,837
-v,/'/v,
figures
short tons,
47 461
30.
Sugar Division,
refineries
1939 and
years
Nov.
1 601,654
-5.071.342
Deliveries"—
Pinal stocks of refined,
factories
271.263
Pioduction
as
money borrowed,
444,745
453,244 compiled on the same basis, as of
349,154 the close of business Nov. 29, 1911,
refiners
Domestic beet
de¬
a
Cattle Import Quota Swedish State Credit
tity
0
0
5,074,568-/
Refiuerles"
487,169 of the close of business Dec. 31,
470,002
1941, aggregated $388,601,294./.
486,912
signed on Nov. 17, 1938. It
provides that not more than
225,000 head of such cattle may
be
imported in any calendar
year at a rate of duty of lVz
cents a pound and that not more
than 60,000 head of this quan¬
49,200
v
0
and processors,
Initial
31
Dec,
478,859 Stock Exchange member firms
ada
78 099
•
0
:
quota
60.232
18,906
"'145
from reports submitted bv sugar refineries,
tlncludes 9,838 tons in customs' custody.
1
production
Stocks,
.
This
"195 655
92
78
4 602
on
Nov. 30,
etc.
2.210
222,860
other leaders in the United States,
was
23
by Stocks
fire,
773 645
212 286
.
Lost
for direct
consumption
1,247
0
etc.)
(sweepings,
487,151 excluding borrowings' from other
'537,613
members or
national
securities
510,969
496,892 exchanges reported by New York
signed
-
838.913
12,437
—.
UyotaL
•
President Sets Up
Roosevelt
•
consumption
866 689
866,557
88.889
Islands..—.
countries
Other
M<bti~"$
—
Philippines
Virgin
R.'jfiA'nts
34,279
aii—
Puerto
.
President
?
.
;
:
Jan. 1,
J Source of supply—1
Cuba
/■
beet
The
Oct. 31——
tions
On Dec. 18 Price Administrator
Stocks
re¬
was
raws
for
short tons,
commercial value In 1940.
i
sugar: Refiners'-stocks, receipts,- meltings and deliveries for dh-ect
■t.January-November, 1941 (short tons, raw value)
,
crease of $47,116,379 as compared
479,243
474,033 with the Nov. 29 total of $435,717,The following is the Stock
517,713 673.
530,442
Exchange's announcement;
515,548
j
The total of money > borrowed
459,129
from banks, trust companies and
—498,427
-
Mar. 31
manufacturing
wool would
of the amount
ahd 23,736 short tons,
1941
..
Dec. 31
quota
Jan. 5 that the total
on
aggregated
446,957
,
Nov. 29_
cents
using
including
Paw
■
of money borrowed as reported by
485,862
488,815 Stock Exchange member firms as
Sept. 30
Dec.
for
tNot
454,922
28
June
January-September.
table
.
Mar. 29
2.135203
'
NYSE Borrowings
1940-——
31
'during
*
The New York Stock Exchange
Feb. 28
94,633
2,027,125
•"Includes 159.117 tons in customs' custody,
two years:
Jan.
:
Miscellaneous
each month for the last
day for
:
-
charges against the 1941 quotas.'during January-November
(See issue of Dec. 18, page 1574—Ed.V
6.
commercial value.'- in
Henderson.
Board
56 053
73.283
processing held by importers other than refiners,, which amounted to 18.537
business
last
of
on Dec.
'Excludes, exports
.
at
statement
The
y
Continental
Leon
the
of
;
made public
Price
Germany
proclamation allocating
non-military
The
German
proposal
that
among foreign countries for the
requirements Is divided into the
calendar year 1942 the tariff quota Sweden
grant outright state credit
following four categories under
applicable to cattle weighing 700 for
the new program.
Germany's 1942. purchases in
1. Manufacturers of worsteds pounds or more each, other than
Sweden was not accepted by the
cows imported for dairy purposes.
would be cut to 59% of their
Regarding the proclamation, the Swedes in the new trade agree¬
last year'k use of wool for a
Associated Press reports:
ment
signed
in
Stockholm • on
similar period.
non-military
-
needs.
and
program,
1,282.773
75 183
*
Total
Management, WilliamS.
and
Sidney v Hillnaan;
defense-aid
39?,
this limit
over
to
of
as
1,162,104
v
.factories..-
cane
4
Harry L. Hopkins, the President's
special assistant supervising the
following
ader, the 80% production is to be Nov. 28
allowed for both military and
Dec. 31
non-military uses with production
military
Knudsen
—
direct-consumption
Mainland
ported in these columns Aug. 30,
the
In
Sept 30—
proposed curtailment
defense
,
processors
sugar
importers'
is
economic
duction
1941.
of the average rate prevailing for
Aug. 29
the first six months of 1941. Un¬
der
reported
position,
short
compared
Beet
co-directors of the Office of Pro¬
31, 1941, exclusive of odd-lot
Dec.
dealers'
of
States.
Secretary of the Navy Knox; the
more,
in which
The number of issues
Aug. 30—
among the entire
outlined
of
interest
short
July 31
Office of Production Man¬
is
stock
5,000 shares existed, or in
a change in the short posi¬
tion of more than 2,000 shares
occurred during the month.
June
For First Quarter
The
and
which
a
United
the Exchange on, Other members of the SPAB are
were 35
issues in' Secretary of War Stimson and
there
a
Board
commodities
the
on
64,, was re¬
Apr, 29
columns Jan. 1,
May 31-..
OPM Limits Wool Use
agement
63,802
with
individual
1,232
listed
31
Dec.
61,705
was
in
charged with the
duty of dividing the available
supply of materials between mili¬
tary/ defense-aid, total civilian
tabulation is
be¬ shown the short interest existing
bill, requiring the registration of
men
the
Of
be
registered. The 17,500,000 men
tween the ages of 21 and 35, in¬
clusive, who registered for mili¬
tary service under two previous
registrations, will not be required
to be enrolled again.
Passage of the amendment draft
all
The
Nov. 28.
on
issues
accounts
compared
shares,
shares
which
male citizens of the United States
or.
dealers'
kinds
all
the total short interest in all oddlot
and other
power
dealers.
As of the Dec. 31 settlement date,
all than
applies to
*
on
lot accounts of all odd-lot
urged all employ¬
all
The
,
w—-
r
•
the rational series covering 141 centers, available beginning with 1919.
;
,
:
-
Coal And Coke Production Statistics
Division, U. S. Department of the Interior,
that the total production of soft coal in
the week ended Jan. 3 is estimated at 9,800,000 net tons.
Output
was
curtailed by the holiday observance of New Year's Day; the
latest report stated
week, however, was greater by 1,640,000 tons, or 20%
total for the
•."■■'i
/
The U. S. Bureau of Mines Reported that production of Penn¬
sylvania anthracite for the week ended Jan. 3 was estimated at
728,000 tons, a decrease of 112,000 tons from the preceding week.
Output in the corresponding week of
1941 was 817,000 tons.
Cumulations for the calendar year 1941 amounted to 54,351,000
tons, an increase of 2,866,000 tons when compared with the 51,485,000 tons produced in 1940. ■ y: MV 'MM
"'.V'. 'yM':M. :
that
than
Christmas week.
in
-
■'
.■
»
-
;
Y COMPARABLE
.
v..'
.■
.til.'.-
'■
i
v
■■
■
With
war
sent
Daily 'average
Petroleum b~
Crude
i
for
Includes
a
and
comparison
historical
of
purposes
_
,
,
("Minerals Yearbook,"
coal
r
;V
;
niversary
try and in 92% of cities in de¬
statement
added
500,000 of
new
dian
ten
M.vM'Mi
1939, p.
»
ANTHRACITE
OF PENNSYLVANIA
r
.
-« -
-
■
• .;M'Y -—Calendar year to date—
27,4y.--Jan. 4, *•,y. -: « Jan.:J, v .v-v-'.Jan. 4,';1'f:;;^vJan;, 5ir
1941
1941.;
1942 ; ;.
?1ava ': V
840,000 ".
817,000
112,000
' ' 364,000 v 917,000
798,000 - 776,000 : ' • 106,000 ;
846,000 V-851.000
Week-Ended
Penn. Anthracite—
f.'
,
Dec.
Jan. 3,
1942
colliery fuel Y„MMM 728,000
b Comm'l production- ; 692,000
Total, including
a
Beehive Coke— '■
U
M-'Y:
107,500
146,700. |
,
,
r
b Excludes colliery fuel.
1
.
,
-
,
-
-
,
vMM;
-
sued
the
of
November Surplus Farm
or
the
and
country,
cities
in
.
in
of
the
December
Commodity Purchases
ards is
insurance
1940.
quoted
as
defense
November
on
Dec.
brought
buying
issued
during
direct
aid
written
in
Judge Rich¬
saying:
M,
.
This increase in
('7
is¬
was
December,
three times the
Agricultural commodities bought
in Agriculture reported
of
insurance
of
The
system.
that nearly $1,-
than
of
amount
the
month
1941—more
city out of
15%
areas.
me¬
The survey, made just at the
time of our entering a state of
-
COAL, BY STATES Y
(In Thousands of Net Tons)
•,
one
a
authorized opera; M; war with Japan, Germany; and
•;>< Yy.,7''' MM*
Italy, sounds out our remains-
4
ESTIMATE^ WEEKLY PRODUCTION OF
.
In
-
been
76% hf
'areas.:
84,100
58,500
71,300
.
dredge coal,, and coal shipped by • truck:!rom
Includes washery and
a
tions,
cities
/.
,
"
——•—142,600
total
S
.
;
10%,
has
fense
of the real estate
The rise has been
of
it
Heal
38th
its
by the Surplus Marketing Admin¬
areas.
As to the survey
istration during November, under
was
made public on Dec.
the general program of purchases
28, the Association says:
7 ■ for Lend-Lease and other
needs,
Market activity is higher than reached
a
value
of more than
y it was a year ago in 68% of the
$73,000,000,
the Department
of
f'> t'' AND BEEHIVE COKE (IN NET
MM
in
higher.
Lower prices are reported by only
3% of the cities of the country,
and by only 1% of cities in de¬
,
.
in
country and
Association of
survey
10,030,000
.
the
the week converted to equivalent
13,000 B.t.u. per poundof-:,coal. fense
is not directly * competitive with which
702),.:7 c Revised. > ■' 7 7 /• ,;^77^7'yMMMM
ESTIMATED PRODUCTION
V
in 85% of the cities of the coun¬
market.
production of lignite,
b Total barrels produced during
cial assuming 6,000,000 B.t.u. per barrel of oil and
Note that most of the supply of petroleum products
$20,000,000 of life in¬
according
to
an
an¬
nouncement
Es¬
annual
5,394,000 « 4,150,000
statistical convenience the
than
more
surance,
semi*
of
Boards
Jan. 5, *29
6,468,0006,537,000
•:
end of its third year of operation
issued
"over-the-counter"
has
according to reports made to the
tate
1,857,000
The Savings Bank Life Insurance
System in New York State at the
National
cities
75% of the cities in defense areas,
7yM:7
'
.
equivalent of weekly output__:.——
Coal
8,809,000
1,762,000
9,800,000 "7 8,160,000 4
1,960,000
1,632,000
Total, including mine fuel
'41
Dec. 27, '41c Jan. 4,
Jan. 3, '42
M/MMy
v
,
cities,
American,
in
System
Completes Third Year
made on Jan. 7 by
Judge Edward A. Richards, Presi¬
3. There is practical present dent of the Savings Banks Life
need for remodeling old houses Insurance Fund, on the third an¬
the
-Week Ended-
Bituminous Coal a— 0 y>7
?
.
of
absence
or
.
Savings Bank
Life Insurance
Significant in relation to
defense rental housing and defense-area rent policy: In 70%
of all reporting cities, and even
in 66% of defense-area cities,
residential rents, despite their
slow steady recovery underway
since 1933, are not today suffix
cient to justify investment, in
rental housing at,present con¬
struction costs.
77 " 7
2,
and
with ; priorities
for new
home
building the greatest present ele¬
ment of uncertainty, real estate
selling prices are higher
than
they were a year ago in 62% of
COAL, IN NET TONS/ WITH
ON PRODUCTION OF CRUDE PETROLEUM
; ;
DATA
presence'
New York
"7 V-' 7-\ '
7"'
age. '
industries the dominant pre¬ ;
influence on real estate ac¬
tivity
UNITED STATES PRODUCTION OP SOFT
ESTIMATED
needed to avert housing short¬
Survey Of R. E. Market J1
Finds Prices Advancing
The Bituminous Coal
its
in
235
THE COMMERCIAL Sc FINANCIAL CHRONICLE
Volume 155' Number 4033
policies
is bf
new
December
in
present na¬
tional emergency, since new in¬
vestments of Savings Bank Life
Insurance
in
26.
the
the
premiums
Defense
insurance
those
constitutes
who
diate
Govern¬
Program.
savings
portant
made
are
interests of the
ment's
total, for the period March 15
through Nov. 30, to more than
$500,000,000 for the F.O.B: com¬
modity Cost, not including han¬
dling and transportation cnarges.
The Agriculture Department an¬
our
also
Life
im¬
an
medium
require
for
imme¬
protection, and should not
be overlooked in reports on the
current rate of savings.
ring. industrial real estate supply, is valuable for the picture nouncement added:
During 1941, it was pointed out,
it gives of relationship between
25
: additional
mutual
savings
;
building supply, rents, construc- J :; ; Animal . protein :, products— banks
dairy, poultry, and pork—ranked
adopted over-the-counter
tion costs and volume of new
a
life
high
among
the : agricultural
insurance; and with a total
production at this time when
purchases V announced
in
the of 43 banks now in the System,
y we must formulate basic warcurrent
report.
' These
are Savings Bank Life Insurance is
time policies for both military
y "musts"
on
the
list
of com¬ widely available to a large per¬
■; and civilian needs.
The reports
modities • needed 7 by
Great centage of the State's population.
are made confidentially by lo¬
Britain to keep up her supply It is also stated:
77- "' 77 7
•
V.
■
weekly estimates are based on railroad carloadings and river shipment*
subject to revision on receipt of monthly tonnage-reports from district and
or of final annual returns from the operators.)
V"';
..■> ■ Y^M
Week Ended
■■
:
" Dec.
(The current
and
are
State sources
,
Dec.
4 Dec. 27
'157
)
Colorado----.———.:
Illinois—■—-4-—,-
1,070
.
Kentucky—Eastern
i'v
449
V
'-'
■
—
'7
•i
New Mexico—
'
—
65
and South Dakota—
North
OhlQ^n^.
Pennsylvania bituminous
;5;"" .88
MMM■
■
;M
80
■
Utad..——————————. a,
*
:
•
Virginia—
Washington
-
96
Wyoming—/—-
States^^—
Western
eOther
91
'r 758
\;l 580
,152
V
'ii
131
103
MM':. 21
-.950
117
.
.'
Yvv-ts--'.-
454
'
131 ;
:
.'
*
building
.■
cities.
"
The
as
found:
» /
.
10,750*
:>> 1,055
.
->
7,956
-
1,034 '
890
:
7,816
8,360
;
000
In the Greater New York era,
the insurance is now being of¬
more
than $148,000,-
used for meat products
was
fered
and lard; over $81,000,000 for
7 dairy products; nearly $68,000,000 for dried, frozen and shell
'
y
-
normal
Yf
construction.
new
ily; dwellings
/5
9,900
of the cities of the
dried
Most
of
the
canned, providing supplies in forms which keep well
and conserve shipping space.
or
Concentrates of various kinds
make up one
important group of
-Itha. commodity
coun¬
>.
purchases
These include
ported.
of the cities in
7 defenseareas. ■ Shortage
is
try and in 67%
1,806
also
fruits, vegetables
fruits and vegetables have been
7
existing
already
of
cereals.
and
.
i2. We enter this war with 7
shortage (though generally not
7;
acute shortage) in single fam¬
173
purchases '-have
Heavy
been made
some
re¬
concen-
trated citrus juices, in some in-
through 48
savings bank
addition, it is avail¬
offices.
In
able
most
in
of
the
up-State cities, such
77yMmMmy'77M;7>m 777.7;
eggs.
7-
hesitancy
of
7 capital, of course, and heightenYYing of uncertainty as to any
692
1,212
?
:
;; laration,
:>
.
fol¬
the
lists
of the key facts
some
-
in 57 %
bituminous coal—8.160
dPennsylvania anthracite
;
iY' 840
:
purchases,
yM 1. Immediate effect of war dec-
~
Total
*
from 323
are from
Of the total
of vital foodstuffs.
^
.
.57
/5.
are
Association
lowing
,>4,132
•<
reports
Reports in full
248 cities.
193
-
39
584
.
Y130 ;.-?V.V"
.100
94
^
,
1,388
•r
2,818
66
>135
'•
.599
,
hv
.-V 10
v..-/
>
.33
;
r
2,070
V;
;
236
'
1,298 M
2,097
G07
.:
4
—.
*,14
m
^
416:
64
56
••
/42
,
/
'•
•
-
43-
107
.34',, £
v
53
2,025
Mi
192
e.
204
.
63
95:;
■>
395
>
28
Ml,264
Virginiar^flSouthem
' bNorthern.r
77,.-v,7
-
:
'■
_1
"
West
230
Y
.——-——
584
238
:Y'.M.>37
37
12Y:iMMY21
387
,'rV
7-
'
"
-
:
86
„
..
9
:
550 Y
>-
.
26
H,
2,102
2,5221
M 146
w;
8
.
v
360 M
■
121
65
-;.r 55
:
;;
650
4
ciation. Price changes and home
v-:,,. 514
159
6
cal member boards of the Asso¬
•
143
.
30
-
,
'■M;
.244
.
76
•
-.2,190,
.
Tennessee/--.
Texas
''
•
</>
r
387
,
208
63
834--
473
■
633
:Y
tk
My 2
; 28
23
.
•
1,535
-
M': 92
170 :
>
'
-
30 i
W, 381 MM 6M
- •
ff
:
74 '
/-
526
t~164
251
1,309
,.382
61
168
786 V
Montana——;v Us:* 69 -;"4f
&
173:
,
479
.
Micnigan.^—
253
.
v
.
56
,158
.
,
7 l< 210
yY &0; 33
7:7v:,M Western.:
Maryland
203
-
tj if) '<
513'
'
46
.-.
.—
'
;
1,164
1,081
'423.:;f'
1,258
v
'
.:
Io wa ii-- i:' "i'.
4 Kansas and Missouri^—i—
-83
113 t
82
197
TV!
Indiana—Y^M—'
.rr <349
224
r
iff
'
7 tieorgia and North Carolina
"
277.
72
172-
164
:
7.
1
226 i
82
'v.
54
Arkansas and Oklahoma—
■
el923
1929
1939
4
■■
Dec. 28, average
Dec. 30,.
28,
1940
1'
373
237;
Alabama——
;
Dec.
i".:
3
3,'h
w
20,
1941
;'YY'\MYM;(MM sUr 1941 'x,
State—
.
Alaska™^—
.
-
Y
principal
Albany,
Auburn^
Buffalo,
Rochester,
Rome,, Schenectady,
Syracuse
and Troy, as well as in many of
the
smaller
as
communities.
The
Bowery
Savings
Bank — the
largest mutual savings bank in
the country—the Dry Dock Sav¬
ings Institution in Manhattan,
and
the
■
Williamsburgh
and
Dime Savings Banks in Brook¬
lyn,
representing
million
one
jointly over
depositors, joined
.
the system in the past year and
have
greatly
increased
the
stances cut down to one-tenth
9,028 - M il,706
; chiefly in small houses, modern
the original volume. After shipavailability of the economical
i "
a Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & .G.; and
V houses, rental houses. .Shortage : merit, they can be reconstituted
over
the - counter
insurance.
on the B. & O. in Kanawha, Mason, and Clay Counties,
b Rest of State, including the :
of.. apartments
is reported by
Further spread is anticipated in
Panhandle District and Grant, Mineral, and Tucker Counties,
c Includes Arizona, Cali¬
7 to the original juice form by the
.;
j 45%; of , all the Cities, and by
addition of water, thus proviafornia, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthracite from published
1942,: particularly
with
the
1 records of the Bureau of Mines,
e Average weekly rate for entire month.
/Alaska, ,54% of. the cities in defense 7
added emphasis on all forms of
ing badly needed supplements
j Georgia. North Carolina, and Soutu Dakota included with "other Western"; States." M: areas.'-: '• '.V- y- 77
'7:
for the British diet.
Various
savings.
,.v.; - --7. .y-y 7, •
• Less than 1,000. tons,
./.I Vy?' yM'M:.'MM /Mk j
i"'/M'-'"''
vMY; 3. Actual costs of building a ; vitamin concentrates are
also
"The 1941 dividend scale will be
; ESTIMATED. PRODUCTION OF
COAL, • BY STATES, IN NOVEMBER, WITH TOTAL 7 home have increased in the last
included in the purchase list,
;
continued
in
OUTPUT FOR FIRST 11 MONTHS OF 1941, 1940, and 1937 j ' >4;/" ^
1942, with thirdsix months (despite price
ceilp 7 These are used primarily to
year dividends increased about 60
My
••'4"
'.
Yin Thousands of .Net Tons)
MM;'
.'7 ings on certain lumber, etc.) in
fortify available foodstuffs. cents over the
second-year rate
v
.
(Figures are preliminary estimates based 6n railroad carloadings and river shlp99% of the cities of the country. 7;
Other special purchases include
ments of coal and beehive coke, supplemented by direct: reports from; a number of
on most policies," Judge Richards
The increase has been a median
mining companies, local coal operators' associations, and detailed monthly production
;
pectin,
sorbose,
dextrose, declared. He added:
statistics compiled by the State Mine Departments of Colorado, Illinois, Pennsylvania.
?M of 10%.
But in one city out of
pomace,
carotene, and similar
Washington, and West Virginia.
In making the estimates, allowance is, made, for 77 five
costs
went
up
20%
or
The basic purpose of the sav¬
commodities for use in making
;
,
I
coal—J
Total, all
9,000
'
11,805
:
9,394
8,846
-
-
'
-
.
■.
-
5
•
"
r
<
*
producing over
mines
local sales, and colliery fuel, and for small trucking
M
1,000 tons a year.
;<■.YM:'.v.
Y -■ -v.YUM':- *&:*>.<'*
given are based upon the.'-latest information available, and
differ in some cases from the current figures previously published in the Weekly Coal
Report.)
V;My,y yM'Y"7:":>r'4■.
,
;
% Of
Oct.,
total
1941
state;Net tons
Y
Nov.,
7-a 1941
1940
.
1940
— -
Illinois
.
77;'
Car.—
_Y——Y—
:
2,2237
250
Kansas and
15
18
158
1,223
1,245
13,683
1.58
375
458
,7
655..
..
.01Y"
-
7.,767
2
3
M
132
678:.
Missouri——.
——^
'
Maryland
10.92'. m5.09
.
7
4,868
2,270
"
1.55
-j
232
.57
3 326
7.60
1,020
2.33
37
Michigan
Montana
,New
'
405
—————
107
Mexico—--—-./.-—
2.670
6,045
M 5,719
35
26
...6,336
a"."".. 9
48.040
1,714
-20,267
292
,
•
2,177
•
658
6551
-
4.637
44,084
45 951
1.6,515
•15,714
2,590
3 210
-
-
6,675
Tennessee
bituminous
r
Utah
—
42
336
398
406
347
3 069
2,643
2.664
106
95
1,053
968
1,578
the
Arizona.
from
!
I..
2,126
26 626
20,152
23.102
102,644
103 577
22.42
1.34
32
.07
12,205
10,240
110,907
681
465
6,108
37
40
•"
344
3.553
420.
both
/ the
621
830
3.082
3 <»00
3.62
1,845
1,195
177
.40
190
185
i——
8 741
19 97
10 663
7.711
93 614
87.825:
83,117
(b>——
3,261
7.45
3,951
2,660
34.393:
28.334
26.888
-
16 315
13,730
,1,689
1,502
12.693
.for
647
Y-—
bituminous
All" Coal—
3
4
43.770
50.615
40.012
coal
5,098
5,800
"
.01
100.00
'
47 602
55,995
_3,980
'
t
^
of
advanced
course,
Labor Bureau figures
otner
While
the general program
under
intended
for
countries
'
provisions,
chases
be
tion
are
other
Lend-Lease
transfer
under
to
reported pur¬
include supplies to
the
also
used
other
majority of
supplies bought
great
for
lunch and
relief distribu¬
'
rents
domestic
programs,
Cross needs, or
stockpiles.
drop
was
down
a
the
of 10%.
12
498 114
■
50^233
46,651:"
458,496
47.097
455,211
r
,
.
■
extensive
promotion, and sales
is kept at a minimum,
as policies are available only on
direct application to the savings
expense
banks.
to meet Red
to build reserve
of 4he
■
,
<'•
.-
'M
Norwegian Bond Payment
Holders of
loan
Cents
price of the morning edition
Boston "Globe" has been
median raised from two to three cents
a
The newsstand and news¬
bearing boy price for some time had been
copy.
K'ugdom of Norway
20-year 6% sinking fund external
gold
1043.
The
^
went
ings banks in offering this serv¬
ice is to provide sound life in¬
surance
protection in moderate
amounts'at the lowest possible
cost.
This automatically stops
school
twelve-month
latest
their
the
the agricultural
period,
(September,
1940
to Boston Globe Raises
September, 1941) show an averPrice To Three
age 7 totalrise
in
residential
M individual
are
dne
bonds,
being
Aug.
notified
by
15,
W.
Morgenstierne. Minister of Nor¬
that $78^ 000 p r i n c i o a 1
amount of thn
issue has been
way,
drawn
by .lot
for
redemotion
at
thrqugh operation of the sink¬
ing fund on Feb. 15. 1942.
Pay¬
ment will be m^de'at the head of¬
par
Findings of the survey
fice of The National City Bank of
important matters of war-time three cents outside of Greater
New York, 55 Wall Street, New
Boston, and the paper recently an¬
public policy:
\
nounced that beginning Jan. 5, it York/subject to granting of a li¬
:
1. As of the date we enter the
would be three cents everywhere. cense by the treasury department
war
and
perforce re-examine
This leaves but one standard- under Executive Order 8389, as
our
national economy, <• in 62%
of the cities of .the country and size morning newspaper in Boston
amended, and under any condia price
in 74% of defense-area cities, at the old
price 01
of two cenxs—xne»
cents—the
*
;
_
.
Post."
The
"Herald"
went
up
to
|
tions which may be contained m
according to these reports, new
•
,
on
5,293
17
411.845
'
"43,992"
43,992 ' "5067426
506,426
.,Y
cities,
Where
'
26
.
& O.; Virginian; K. & M.Y B.y C.y.^ G:i
Clay counties, (b)' Rest of State, ipcluq?
Panhandle District and Grant, Mineral, and Tucker counties. (cV Includes
California, Idaho. Nevpda. and Oregon, (d) Data for-Pennsylvania anthracite
published, jreqords of the, Bureau, of Mines.
General rent levels of
rents of 2.1%
^
5,380
median of 10%
and apart-
a
vitamin supplies, or for
special purposes.
.;
7
.,
1,822
456H 93
•
3 832
in. defense
jams or jellies, in build¬
up
'
;
642
728
1.48
2
(c)--
cities
dwellings
far less.
<
—
is
for
ments.
;
4.789
5,495
1,585
.
ing
in
up
The individual increase
7 reported
:
465
of
,75%,
.areas.
1.988
1.961
400
1,820
585
They went
generally.
in
494
34
.93
.24
9,813
needed
59% of the reporting cities and
1.419
.08
<la). Includes -operations on the N. & W.; C.
and on the B. & O. in Kanawha, Mason, and
ing
1,565
,
1,333
.91
anthracite' (d)_„
Total.
V
400
Other West. States
<
1,552
322
MM—"—
West Vi-ginia:
Southern (a)
Penn.
.7,807
10,660
■
3,107
Washington,:
Total
127'
so
'
Virginia
Wyoming
761
166'
35,475
.92
_—.——
Northern
957
■36,670
6.37
—J——
'
3,150
401
'
Texas
7.
6,114
5,952
37,866
4,370
«'
—
J Pennsylvania
,
:
(
7- ■ 7>: ■'"
.
-single-family
-
2.788
North and So. Dakota—
Ohio
*
.29:
126
———_—
*
>
119
"
Eastern
Western
.
'
11,285
3,076 7 7 2,760
Kentucky;
*.
M
13,787
...
;
dwellings
v
Iowa
.
7V
.81
/7
4
4.780>
Indiana
'
380
690
—
Georgia and N.
,
.03
2.95
>
Oklahoma
Arkansas, and
Colorado
.
14
1,293
/l-'fr -i——.—:
Alabama
7
for
stiffened
over
the
r past year
in 71% of the report*
ing cities and in 87% of cities
in defense areas.
Apartment
7..,rents rose also, but by no means
1937
;
:
;
.;:
Rents
.4.;
7
■end of November Y \
; :
"
Alaska
higher, m
here
estimates
The
-
shipments,
truck
commercial
v
,
,
home
building .^or
.civilians
is
three cents
on
July 1, 1940.
such license.
.
236
THE COMMERCIAL & FINANCIAL CHRONICLE
that
1941 Steel
Almost 83,000,000 tons of steel were produced
;
Act,, "shall not exceed in the aggregate $65,000,000,000 outstand¬
ing at any one time.',jf. v *'•
• fy *""• •/
S'. •%'/
y-y
%•
The following table shows the face amount of
obligations out¬
standing _and the face amount which can still* be issued under this
Output 25% Above 1940 Peak
by the American
steel
industry during 1941, or nearly 25% more than the previous
peak output achieved in 1940, the American Iron and Steel Insti¬
tute
Jan.
anounced
The
of
The
;
any
total
ended
the
with
year
:
.
'•
;j
Adjusted service
^
issues' in
v
4.
$65,000,000,000
k.>
______
''
Certificates
of
Treasury bills
der
/ 16,950,864,925
V
obligations,
which
on
interest
has
ceased—
$58,777,724,781
>y
V V
y
n
Total face
Deduct,
y.y.y
v.;
represented 98.1% of capa¬
of 98.3% in November and
•
city,
compared with operating rates
94.1% in December, 1940.
;
:
_
>
,
;
FOR CASTINGS
$6,222,275,219
UNITED STATES
Dec. 31, '1941
vy
• •
■
...
unearned
discount
on
savings
bonds
(difference
cur¬
$57,368,360,475
,V $196,046,600
—
after
11,789,520
Percent
Period
■
|
January
*
•
6,237,900
______
March
.17,131,641:
.3-
Quarter.,
i.,.
Number
production,
in mn^tb
1,563,902
1,559,475
;
99.7.
1,609,851
.
97.8
20,297,626
;
________
June
2nd
Quarter
V
98.7
6,800,730
;
98.2
20,610,917
98.2
40,908,543
98.0
;
—
7,053,238
,
>
December
1,575,046
4.29
4.43
Zinc Institute
tabulation of slab zinc statistics:
6
months.-
1,585,252
y.4.29
,
TOTAL SLAB
y.
ZINC
6,821,682
13.01
:''7yr.
25.87
Stock at
September
93.4*
>
7,000,957
__
,
Pro¬
Quarter
._—
20,642,345.
9.5.2 '
-
61,550,888
97.0
17,242,683
99.0
-
duction
Domestic
631,601
596,249
75,430
504,463
4.28
1931—.
13.13
V
,
1,57.8,228
;
.
39.00
.
November
December
4th
v
6.969.987
98.3
7,163,999
98.1
21,376,669
98.5
____,—
quarter
___
~
Total
19401
.
;
.::k
;
"
82,927,557
—_
—
*
y
•
'.•1,634,917-
i
„
1933_
4.29
.1,620,814
.
~
H
4.42
-
^
January
5,764,723
February
4,625,797
v
4,389,183
r-.
83.4
?
...
1938—.
1939_i_.
13.14
y
•;
;
;
196
436,079
300,738
314,473
41
213,531
218,347
170
118,005
\
March
___:
1st
Quarter
70.0
324,705
343,762
:••••
239
366,933
352,515
."•»-•
148
''••■•:
:
'
-
72.3
;
>
Feb.
4.43
V
4.14
990,786
;
59
431,499
465,687
561,969
569,241;
65,333
456,990
395,534 „•:/■;
538,198
598,972
■y./;; o
58,442
54,291
5,535
50,386
3,481
49,163
3,633
-
4.604
?y
13,526
?
0
;
55,518
74.529
^
Apr.
__
May
___
•- ;'
58,890
80,623
.
' •
June
87,820
-k/
-
July
—
Aug.
_—
68,007
__
52,214
Sept.
13.00
April
:.
61.2
4,100,474
_____
•
May
______—
,4,967,782
71.8
5,657,443
84.5
-
;
75,530
-
*
-
57,299
45,498
58,320
53,557
53,273
52,946
57,168
-
-
•
■
20
Prod.
18,585
1,730
26,651
1,355
126,769
« -
65,995
r
Quarter
____„
14,725,699
72.5
.
,.74,529
"
29,405,402
72.4
5,724,625
83.0
583
15,978
890
30,786
1,004
1,429
1,615
40,829
1,252
53,751
1,475
'
87.820 k
79,057
•"
79,530
^
,
56,064
8,627
13,478
12,148 "
63,338
!■/• 63,970
-
*
/
;
1,885
47.469
1,914
34,580
1,900
45,326
1,910
55,389
1,881
59,043
1,776
68,007
53,726
52,214
69,508
1,845"
36,821
95,445
1,993
36,821
9,129../
116,420
2,043
1,844
'
61,502
61,200
65,354
64,984
5.286
706400
674,615
88,165
4,864
22,498 '
j.__
.
;
1,131,875
13.01
Monthly
-1,130,542
26.01
Jan.
58,842
veragt'r~3sry
56,217
-
—
7,347 ky
6
months
"•>
Frt3f.J___i
July
August
6,186,383
September
6,056,246
89.5-
-
■
90.6 «;
-
1,295,164
1,396,475
;
+
4.42
•
4.43
•
-1,415,011
4.28,.
•
-
-
r_"
3rd
Quarter
17,967,254
'
.
.
9
!
•
87.7
"
1,368,412
13.13
' 1,210,339
39.14
■'/ k"..,y; y.'nt y
-
months
77.5
47,372,656
________
.
October
96.1
1,499,897
November
6,469,107
96.6
1,507,950
4.29
December
6,495,357
94.1 ;
1,469,538
4.42
1,492,314
13.14
4th
—
Quarter
6,644,542
.____.
!
...
Total
v
n
95.6
19,609,006
66,981,662
.
t Based
of
on
the
1
•
Production.
..'v..
y
-
1940
the
i,.«
;
*'•"
.
4,914
8,155
70;341
68,543
65.011
65,035
5,379
61,696
11,394
11,833
70,837
'61,546
-10,023
62,714
___
•
2,629
.
agreement
noted
in
14,859
10,644 i
13,345
11,474
11,833 *
11.1011
121,026
2.133
108,151
2,200-
97,638
2,269
95,256
2,285
98;435
2,369
92.583
2,351
61,061
9,180
10,342
13,848
17,969
68.604
2,436
64,673
7,094
19,427
'67,079
2,441
___
19,427
*76,156
*61,770
12,219
21,594
62,559
2,451
___
21,594
*61,154
12,209
23,182
-84,101
2,490
65,690
12,065
24,062
87,666
2,537
864,026
751,943
105,603
72,002
62,662
8,800
1
78,635
Monthly Average—
PRODUCTION
Open Hearth,
for
Castings
Month .'
1941—
y*-':.'
Spec. H.O. High Grade
,
Nov.
BY
*
81,456
_
;
2,408
Daily Average.
16,078
.18,404
-
Dec.
18,540
"Corrected
*18,043
-
:
3,596
*7,077
Select
16,399
4,695
4,364
1,456
1,417
17,787
y 5,131
4,677
1,495
figures.
v
tion: andclosed
report
shop
76,156
29,672
74,951
31,005
78,635
<
Note—Commencing with January
the
monthly figures which
reflect
labor
of
as
the
on
a
Industrial Problenis
and
Relations, and presented by
Chairman Lewis R. Gwyn,; said:
"It is
;
*regret
a
for shame
cause
that
many years,
to
labor
as
without
grow
any
regulation whatever, not
registration.
That there
have
been, and possibly still
sub¬
within
v
and
should, for, so
have allowed these
we
powerful groups known
Total
29.906
of
monopoly., The
prepared, by the Special
versive
Western
y
regulation
ancL condemnation
Committee
2,367
1940, production from foreign ores is included
the total output at smelters of Slab Zinc of all
grades, as reported by all producers represented in the membership of . the Institute.
The unchanged totals for previous years do not include
production from foreign ores,
which was not a vital factor in those
years; this explains the discrepancy between
stock shown at end of 1939 and at the
beginning of 1940.
;
r
„
in
y, r-
y;
Urged By NY Chamber
,
Prime
,
25,?
\
)
GRADES
V' Inter-/
mediate Brass Spcl.
of; Dec...
'
.*
Labor Union Regulation
T;
Oct.
*
percentages
■
was?
resolution calling for the registra-1
75,524
*74,951
the
at
1,929
i
73,225
•
issue
our
1641.
page
reached
conference
—^jDftily Average
,
13,848
23,182
labor:
.
Commerce unanimously adopted a
■;
11,101
___.
the
over
Government
2,050
17,969
Nov.
various
now
2,108
Sept.
74,641
un¬
126,120
July
Aug.
,,
of capacity operated are calculated on weekly
capacities of 1,410,130 net tons open hearth, 114,956 net tons Bessemer and 36,011 net
tons electric ingots and steel for castings, total 1,561,097 net tons; based on annual
capacities as of Dec. 31, 1939 as follows;, Open hearth 73,721,592 net tons, Bessemer
6,009,920 net tons, electric 1,882,630 net tons.
In 1941 the percentages of capacity
operated in the first 6.months are calculated on weekly capacities of 1,430,102 net
tons open hearth, 134,187 net tons Bessemer and 49,603 net tons electric ingots and
steel for castings, total 1,613,892 net tons; based on annual capacities as of Dec. 3l,
1940 as follows;
Open hearth 74.565,510 net tons, Bessemer 6,996,520 net tons, electric
2,586,320 net tons.
Beginning July 1, 1941, the percentages of capacity operated are
calculated on weekly capacities of 1,459.132 net tons open hearth, 130,292 net tons
Bessemer and 62,761 net tons electric Ingots and steel for castings, total 1,652,185 net
tons;
based on annual capacities as of June 30,
1941 as follows:
Open hearth
Note—In
63,930
57,863
; 73,449
52.28
_T
Reports by Companies which in 1940 made 98.43% of the
and 85.82%
of the Electric Ingot and Steel
Bessemer
.
13,345
"1
„
100%
61,603
11,474
Dec.
point
unions
1,281,210
82.1
*
"Revised.
14,859
10,644
May
Oct.
4.43
66.121
Apr.
June
'
•
L__
Mar,
17,582
were
The
acceptance by .President
Roosevelt on Dec. 23 of the three-
unions
____
leaders
have recommended
Boards take
of
or
125,132
1941—
1st
week
17,582 '
.
,,
this
;vy.\ .y.
22,498"
'
4.29
.
exec-
At its monthly meeting on Jan.
8
the
New
York
Chamber
of
27.060.
"
1,318,751
36,808
an
Perkins said the subject of du.plication and how to avoid it
was taken up."
^
'.y-x-A
1,182
78,626
48,339
hearing
handling s labor
disputes,.- including - the
War
Department; and the Office of
Production Management.
Miss
industry,
80.623
3,854
.
63,045
27,060
Dec.
4.43
1,121,395
;••
822
8.478
*
V 72,878
*
59,511
~
2nd
18,273
51.186
*
"k
65,333
:
the
Period
44,955
'. 59,800
57,196
that
"
"
_
NOV.
4.29
955,821
^
*;
79,057
derstood to
y
Period
83,758
•:••:
7
/>
labor
75,430
119,830
-•:: 0
late
The
•
duties
-
for
con-
Board,
administration,
Roosevelt
agencies
.
the
system
early-next.
:
Avge.
105,560 t
.
589,619
'
-4.43;
.
1,129,208
...•
.
.'••
523,166
72,878
__
Oct.
June
-
of
She predicted that
Daily
129,842
'
•'.'>
.J' \
1,093,188
63.5
'
14,679,703
___—
size
panel
Orders
124,856
83,758
74,262
Mar.
1,301,292
.1
•
the
End of
:•
143,618
y.
44,955
126,769
Jan.
52.14
'
1,590,479
.
*
6,352 J
y
yunmied
.
;End of
'
,
following
the
not
was
.futive order creating the Board
would be issued by President
:
1040—
1,626,839
97.4
..
Stock
■
Drawback
•
129,842
105,560
-
1937_i_.
' ,'>•
,
the
1929-1941
" •
'
.
143,618
124,856
1935—.
4.43
1,624.706
■
GRADES)
Exports &
,
46,430
1936—_.
October.-.....—;..--—^—.
.*
1930__i,
V
v
.
1,572,151.
;
r
,
1929—_.
1934.
months
•9
released
that
disputes, and methods of arbi¬
.
*
1,593,389
^
^
4.42
1932—_.
3rd
7
;•
Shipments
-
„r,]'
.4.43
-
1,580,351.
,
96.4
6,819,706
,
1,543,367
.
:
95.7
Jan.
OUTPUT (ALL
(Tons of 2000 lb.)
y 1,584,237
Beginning
V
August
on
SMELTER
y '/ 1,581,312
>
the
accord¬
j
:
1st
cerned
$57,938,123,097
Output And Shipments Of Slab Zinc
The American
-1,592,153
; ;
,-
tration and
12.86
1,578,353
97.6
6,756,949
__________
31, 1941-^i—______
y
4.00
4.43
'
May'
conference
4.43
96.9
96.6
y
•
of Dec.
as
♦Approximate maturity value.
Principal amount (current redemption value)
ing to preliminary public debt statement, $6,139,697,093.
of weeks
(net tons!
capacity
6,928,085
February
1st
Net tons
j
Total gross debt outstanding
.
all companies
of
-
1941
-
weekly
the
' ; ;
reporters
told
discussed, but that the talk
$569,762,622
Total
Perkins
personnel of the Board
361,926,502
Calculated
—All Companies—
following is also from the
Associated Press advices:
Miss
Estimated Production
■i
be ordered during the war.
\
1,409,364,306
The
".'/
Act,
gaining on wages, hours, work¬
ing conditions and union security.
0
: (b)
No strikes or lockouts to
/..y";
between
un¬
Relations
mal processes of collective bar¬
TREASURY
■
maturity value)
outstanding but not
subject to the statutory limitation:
Interest-bearing (pre-war, etc.)
Matured obligations on which interest has ceased—
Bearing no interest
■
'•V ./y-f.?
;
OF THE
Add other public debt obligations
PRODUCTION OF OPEN HEARTH, BESSEMER AND ELECTRIC STEEL INGOTS AND
STEEL
:y
,
STATEMENT
amount of
rent redemption value and
-
•
WITH DAILY
autstanding public debt obligations issued under
authority of the Second Liberty Bond Act, as amended—$58,777,724,781
The rate of operations in December
■
obligations issuable under above authority—
RECONCILEMENT
Production in December totaled 7,163,999 tons, as against out¬
put of 6,969,987 tons in November, and, 6,495,357 tons in December,
194°.
amount of
established
Labor
Wage-Hour Act and other
existing labor statutes shall not
be impaired.
y
(c) Continuation of the nor¬
•
Face
the
the
113,461,400
O
During 1941, the industry's plants operated at an average of
97.4% of capacity, which compares with a rate of 82.1% of capacity
during 1940, and with 90.8% of capacity in 1917.
;
main¬
efficiency, good health
well-being for themselves
(b) Policies
2,001,505,000
$58,664,263,381
Matured
to
and families.
2,750,550,000
(maturity value)
entitled
are
sufficient
wage
and
733,197,856
,
All workers
a
$12,198,809,925
indebtedness
guided by
' "
tain full
$41,713,398,456
steel
a
The Board to be
(a)
to
63,746,000
y
___
Treasury notes
'•
the following principles:."
'.v—"
$33,367,393,200
7,549,061,400
.
•
adjustment^ of
all
dispute within 30
3..Final
days.
time—
one
' y>'■ Vy
services
.
Bonds—
Treasury
Savings (maturity value)*
Depositary
____
of the United States conciliation
;
/
..
of
furnace
•
amount that may be outstanding at any
Outstanding as of Dec. 31, 1941;
Interest-bearing:
'.a.
"'<■..
.;v:
a
82,927,557 net tons of open hearth, Bessemer and
ingots and castings produced in 1941 com¬
pares with output of 66,981,662 tons in 1940.
The 1941 tonnage ex¬
ceeds by 65% the peak output during World War I, 50,467,880 tons
in the year'1917.
;
*
y-iy '....'■V/electric
'
Total face
9.
production rate that
December within 1% of the best monthly total
growing shortage of certain of its raw materials,
Output in the last quarter of the year was
previous quarter on record.
industry
brought output in
on record
despite a
principally scrap.
ahead
limitation:
Thursday,-January 15, 1942
r
common
individuals
are,
or
groups
them," is a matter of
knowledge. Now that
defense
ceases
word, ahd
..rule
even
of.
war
to
is
be
and
reason
a
upon
catch¬
the
us,
common
should prevail, not for the
'duration' but for all time."
sense
■
.
•
.
*•
■'
-
-
-
,
w
War Insurance Coverage ■
Extended-To Possessions
Leaders of CIO and AFL Present
The War Insurance Corporation,
recently created by the Govern¬
ment-to
provide protection for
property owners, in the continen¬
,?
' Suggestions incident to the functioning of_ the ^ proposed War tal United States, has extended its
Labor Board, to be set up by President Roosevelt in
accordance coverage to include property own¬
The Treasury Department made public on Jan. 5 its
monthly with the agreement reached in December
by management and labor ers in Alaska, Hawaii, the Philip¬
report showing the face amount of public debt obligations issued for
uninterrupted production in defense production during the war pine Island?, Puerto Rico and the
under the Second Liberty Bond Act (as amended)
outstanding were outlined to Secretary of Labor Perkins
by Philip Murray, Virgin Islands, it was announced.
Dec, 31, 1941, totaled $58,777,724,781 thus leaving the face amount
on Dec. 22
President of the CIO, and William Green, President of the
by Jesse Jones, Federal
AFL, at
of obligations which may be issued subject to the
$65,000,000,000 a conference held in
Loan
Administrator.
When
the
Washington,^
statutory debt limitation at $6,222,275,219.
In another table in the Dec. 29.
The conference lasted Press, the proposals offered
by plan has been fully worked out,
report the Treasury indicates that from the total face amount of for
the statement, said, premius prob¬
Mr.
more than two hours and it is
Murray
and
Mr.
Green,
oustanding public debt obligations ($58,777,724,781) should be de¬
ably will be charged on insurance
undestood, said Associated Press among other things, called for:
ducted $1,409,364,306
(the unearned discount on savings bonds), advices from
1. A Board composed of four covering losses over some stated
Washington, Dec. 29,
reducing the total to $57,368,360,475, and to this figure should be that
the labor leaders submitted
labor, four industry, and either amount. "In the meantime no ap¬
added $569,762,622, the other public debt obligations
outstanding, to the Secretary a jointly ap¬
one or three representatives of plication
or
report will be re¬
which however, are not subject to the debt limitation.
Thus, the proved plan of procedure for the
the public*
quired unless there is a loss," Mr.
total gross public debt outstanding on Dec. 31 is shown as
$57,938,- Board.
2. Disputes, which have failed Jones announced.
/
;
Secretary Perkins, * fol¬
;
123,097.
of agreement by collective bar¬
lowing
the
meeting,
predicted
The War Insurance Corporation
The following is the Treasury's report as of Dec. 31:
"•
that President Roosevelt would
gaining, to be settled by con¬ was created by the Reconstruction
Statutory Debt Limitation as of Dec. 31, 1941
shortly issue an executive order
ciliation, mediation or volun¬ Finance Corporation on. Dec. 13
Section 21 of the. Second Liberty Bond Act, as
amended, pro¬ creating the Board. tary arbitration,. with full use with a capital of $100,000,000." (See
vides that the, face amount of obligations issued under authority of
According, to ; the Associated
being made pf the machinery issue of Jahf l/page 21).
.*) .4/
y
* t
f'
f ('f I t »
\if.y) i
i
j
[;■)
'i 1
> v
' £ i- . i
I • » jT
.( 1* •: ) • 1.
)
• J \
'.$ j jy*i • ;: r *' 1m»t.4 ? !i
76,079,130 net tons,
Bessemer
6.793.400
net tons,
Electric
3.272.370
net tons.
Suggestions Regarding War Labor Board
Statutory Debt Limitation As Of Dec. 31,1941
.
-
.
.
.,
.
1
"
■
.
.
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4033
Volume 155
League Suggests Economies
'
the
Where
economize
Government
its
on
can
totaled 745,020 stares, which amount was 10.69%
on the Exchange of 7,794,940 shares.
This
with, member trading during the. previous week ended
Dec. 20 of 850,697 shares, or 11,62% of total trading of
7,512,290
(revised) shares.
On the New York Curb Exchange, member
trading during the week ended Dec, 27 amounted to 196,450 shares,
lot transactions)
Market Value Of Stocks On New York
of'totar transactions
compares
Stock
non-war expen¬
ditures in the broad
Exchange Declined In December
housing and
The New York Stock Exchange announced on Jar*? 6 that as
financing activities was
pointed out to members of the of the close of business Dec. 31, 1941, there were 1,232 stock issues
Byrd Joint Committee on non- aggregating 1,463,295,021 shares listed on the New York Stock Ex¬
defense expenditures in a resolu¬ change, with a total market value of $35,785,946,533.
This com¬
tion recently forwarded by the pares with 1,234 stock issues aggregating
1,464,476,868 shares listed
home
United
States
Savings and Loan
The resolution passed by
League.
Miami
the
convention
of
the
League, attended by 1,050 savings
days be¬
outlined
eight specific ways in which a
saving or gain could be achieved
in the housing field.
Under date
of
savings
and
loaners
were:
prompt liquidation of the Home
Owners' Loan Corp.; cessation
of mortgage insurance by the
FHA on existing properties and
tapering off of such insurance
on mortgages on new building;
'
of
abolition
subsidies
Federal
for farm
\
;
credit; cessation of the
Government's subsidy for the
building and Operation of new
non-defense housing (projects;
discontinuance
of
the
building
of permanent, expensive hous¬
ing units for civilian defense
workers and their families by
the Government; assurance of
economic return to the Re¬
an
Finance
construction
*
Corpo-
the capital stock of
the Federal Home Loan Bank
ration
'
on
cessation of the Gov¬
ernment's
buying
mortgages,
except
those resulting from
new defense housing in defense
areas; and elimination of the
unnecessary cost to the govern¬
ment of the franking of adver¬
tising materials, questionnaires,
System;
such
and
plus
agencies
from
materials
the
curtail¬
drastic
the employees
of
in the
various agencies whose jobs are
superfluous to the original pur¬
pose for
which the agencies
ment
-
were
The
started.
League's
sions were
convention
referred
to
Ses¬
in: these
the Exchange on Dec. 31,
on
1940 with
In its announcement the Stock
the
In
industrial
price for each:
London Air Raids
periences
and
raids
in London
was
Amusement
--------
——-i-—y—-——■,>
268,580,445
12.83
20.49
13.56
56.23"
1,180,815,850
29.49
1,172,257,807J
Farm
546,319,188
649,999,073
2,374,360,761
41.69
39,237,391
2.80
253,547,514
—....—-—
machinery
J---—•
Financial
Food
Garment
and realty
Land
17.35
21.67
13,648,700
177,251,055
4
22.62
56.35
737,783.223
14.36
25.48
2,535,811,033
27.04
23.43
41,251,474
24.64
2,642,172,870
24.03
Retail merchandising
Rubber
1,810,850,388
24.69
247,084,151
23.33
95,771,573
7,324,325
2,086,811,348
22.34
3.99
8,699,320
4.74
310,542,841
22.42
2,037,544,836
317,006,220
40.09
Textiles
Tobacco
1,072,194,112
40.10
1,096*206,245
41,00
1,580,556,526
730,367,326
2,827,149,096
17.11
1,690,334,615
812,568,798
3,149,471,056
79,789,788
490,860,013
629,039,887
109,266,779
18.30
-----y—
——
——-1—
Petroleum
17.27
1,427,202,304
342,613,256
3,908,427,768
24.14
i-
Ship building and operating
Shipping Services
Steel,- iron and coke
15.47
20.30
41.06
Gas and electric
and
(operating)...
electric
(holding)
.
Communications
Miscellaneous
68.68
8.62
62,807,128
U. S. companies operating abroad
Foreign companies
467,280,473
14.19
656,674,217
16.22
Miscellaneous
102,524,683
17.47
businesses
All listed-stocks
35,785,946,533
—
24.46
19.09
"
yy
24.88
32.92
Oct.
31-—.
Nov.
30
Dec.
.
30——
33.11
Dec.
31.79
count
1940—
Jan.
31—-.—
Feb.
29—
45,636,655,548
46,058,132,499
46,694,763,118
46,769,244,271
36,546,583,208
38,775,241,138
39,991,865,997
40,706,241,811
41,491,698,705
42,673,890,518
Mar, 30—
Apr.
30—
May
31
June 29—
July 31__—
Aug. 31__—
Bept. 30_
Oct.
31——.
is
convince employees that every¬
thing possible was being done to
look after their safety. Officers of
the bank took the same risks as
to
employees he" added, and every¬
body worked on even terms, un¬
der the supervision- of air raid
wardens or other civilian defense
authorities. "We found," he stated,
that most of our men
expressed
for the protection of their
families at home. In this connec¬
tion, the bank assisted them in
erecting individual air raid shel¬
ters at their homes."
of
'1
Per Cent
a
134,420
7,660,520
———
/•'
yy •'
.
10.96
14.91
7,794,940
—.
for
the
Ac¬
Except
for
the
purchases
Short
sales
Other
sales
Total
15.54
stocks
516,190
96,160
352,150
——-«——y
^—— ■«
b
—
sales
448,310
——
,
6.19
2. Other transactions initiated on the
18.61
'
floor '■
v
Total
25.87
■
sales
Transactions
Members,
Total
76.51
Price
:
193,930
purchases
Short sales
Other
sales
17,700
b-
118,230
,
Total' sales
■
2.12
135,930
.
1. Other transactions initiated off the
floor
'
Total purchases
$28.72
28.80
Jan.
31—
Feb.
28-
40,279,504,457
39,398,228,749
39,696,269,155
37,710,958,708
37,815,306,034
39,607,836,569
41,654,256,215
Short
sales
Other
sales
210,725
9,450
w—'
b
151,330
..
31.68 y
Mar. 81—
Apr.
May 31-
32.35
June 30—
25.26
28.00
July 31—
Aug. 30_
Sept. 30__
Oct. 31—.
40.984,419,434
39,057,023,174
26.66
28.56
Nov.
29—
37,882,316,239
25.87
29:38
Dec.
31—
26.74
27.51
2.38
160,780
_
4. Total
27.08
31.96
30—
Total *ales
27.68
Total
-27.24
25.78
25.84
purchases
920,845
Short
sales
Other
sales
123,310
621,710
b
27.07
Total sales
28.46?
!
41,472,032,904
10.69
745,020
28.32
28.02
35,785,946,533
Stock
Round-Lot
Total
Sales
Transactions
24.46
on
the
New York
Curb
for Account of Members*
Ended Dec.
Week
Exchange and
Steok
(Shares)
1941
27,
Total
Quotations of representative stocks
Exchange
Boots Pure
British
received by cable each
as
Monday
Jan. 3
Jan. 5
Jan. 6
36/3
36/3
85/1y
^
i
.
.
y
"
Cons. Goldfields of S. A._
De
(S.) As Co.
Beers
Distillers
—
-
40/6
Mines
;-
'•
.
86/9
£13%
£13%
£13%
41/3
41/9
41/9
35/£8%
£8%
73/6
74/-
14/9.
14/9
-
75/6
'
.
,75/6
£6%
:
:
£7%
24/9
25/-
25/-
133/£18y4
£ 17%
"£6%
£7%
," 76/-
53/9
30/3
31/6
55/31/6
—
16/9
16/9
17/3
17/3
£4H
£413
£4}|
£4%
i
■
53/9
,
90/-
.
90/-
89/6
55/-
55/6
31/9
31/6
17/3
♦Per
£100 par value.
'
priate location, grade and staple
differentials. It is contemplated
the
v
—
——
■.
i 1
i
1.300
'i
32,070
b
sales
59,915
<
sales
::
2.97
33,370
——..
Short
sales
Other
sales
182,600
5,805
190,645
.
b
on Jan. 12
figures showing the daily volume "of total round-lot stock sales on
i
i
Account
-Total
Total
0
short, sales
Customers' other sales
The Securities and Exchange Commission made public
t
i'
12.09
196,450
Specialists
Customers'
■
c
—-
f1
i
.
113,833
purchases
sales
!
113,833
37,710
:
New York Curb Exchange
and the volume of round-lot stock transactions for the account of
all members of these exchanges in the week ended Dec. 27,
1941,
prices will be applica¬ continuing a series of current figures being published by the Com¬
ble for cotton sold through the mission.
Shprt sales are shown separately from other sales in
month' of January, although the these
figures, the Commission explained.
Corporation reserves the right to
Trading on the Stock Exchange for the account of members
terminate
the program at any
r.^
1.12
10,700
—
Total purchases
'
tEx-dlvldend.
the New York Stock Exchange and the
0
10,700
purchases
Total sales
that these
4'
vy:
——
4. Total
Trading On New York Exchanges
_
24,320
——-
b
sales
Other
of
Credit
middling stored in
Carolina mill areas with appro¬
;
—
Odd-Lot Transactions for the
Jan. 5 that it would offer,
for 15/16 inch
th«
on
Total sales
able grades and staple of cotton
available to mills, the Commodity
owned cotton for sale at 19 cents
sales
Short
In order to make certain desir¬
Corporation anounced on
effec¬
immediately, Governments
Other
Total
»
;£4}|
-
'
purchases
sales
m
8.00
152,380
-floor'
,
£7%
Molasses———
Transport
11
Initiated
3. Other transactions initiated off
£6%
,*
4.505
147,875
.«■«•••••
Short
Total
133/9
>76/-
76/—;h
98,365
-
—
sales
Total
25/-
24/9
*
*
b
floor
15/-
13.1/9
£18%
£6%
sales
2. Other transactions
75/6
25/-
£7%
sales
Other,
••
35/9
90/-
dickers
the Ac¬
specialists in stocks
they are registered
purchases ——
Short
Total
£8ys
•
90/-
•»
Total
86/3
£68%
;
131/3
£ 67/a
.
-
a
1,567,435
sales
Transactions for
in which
36/9
£67%
73/3
15/-
£18%
£7
Royce
Per Cent
7,265
.
1,560,170
b
1. Transactions of
Friday
Jan. 9
£67
34/6
24/9
■
Jnited
.36/9
£8%
131/3
.£18%
.
—
Tinto-
Jan. 8
36/9
35/3
24/9
24/9
Closed
'London Mid. Ry.—_— y.
Metal Box
sales
Total
■
24/9
CompanyImp. Tob. of G. B. & I~
3hell
£13%
40/6
34/3
£8%
15/-
Hudsons Bay
Rolls
£13%
73/3
-
Rio
£67
Co.
Electric & Musical Ind.—
Tord Ltd.---
Rand
£66
Jan. 7
86/3
85/-
■
Central Min. 8s Invest.
Courtaulds
Tuesday Wednesday Thursday
Saturday
-
sales
Other
count of Members
Tobacco—
& W. ord.
Short
Round-Lot
Drugs
Amer.
♦Cable
;
,
day of the past week:
Areas
CCC Offers Cotton
For Week
i. Total Round-Lot Sales
The London Stock
Vest Witwatersrand
time.
''
during air
stated, one of our first tasks was
tive
b
and Specialists
1. Transactions of specialists in
in which, they, are registered
8.48
32.34
.
•
' For Week'
1
1941—
32.37
46,467,616,372
.
,
' y"yj
Odd-Lot Accounts of Odd-Lot Dealers
23.32
$41,848,246,961
41,890,646,959
31—
'
.•
8, Round-Lot
^
30
/
Total
23.37
Average
Nov.
■
Short ■; sales
Other sales
•
..
Market Value
•
:
27.59
1940—
$33.15
-
,
k. Total Round-Lot Sales
22.75
Average
$47,440,476,682
47,373,972,773
45,505,228,611
538
Week Ended Dec. 27, 1941
:'-.y.' Total
?'•<
16.59
J
-
103.
;
^'y^^y
'
'
,
„
: - -
.
the
Total Round-Lot Stock Sales on the New York Stock Exchange and Round-Lot
Stock Transactions for Account of Members'* (Shares)
22.68
37,882,316,239
Price
37
540
We give below a two-year compilation of the total market value
and the average price of stocks listed on the Exchange:
Market Value
-
\
4. Reports showing no transactions
21.54
,
7.62
196
'
trans249
initiated off
93
ber
Utilities:
Gas
the floor
other
floor—
3.12
Railroad -y-—-y---—-,
Machinery and metals
Mining (excluding iron)
Paper and publishing
21.13.
1,175,138,099
showing
188
trans-
The number of reports in the various classifications may total more than the num¬
of reports received because a single report may carry entries in more than one
*la8slfication.
29.28
15,193,964
.180,643,410
1,289,195,116
1,340,588,545
367,233,592
4,374,562,423
2,774,757,074
2,023,025,895
348,621,574
100,153,719
Leather, y,——;
,
23.58
12.68
the
Exchange, odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot transactions of
specialists resulting from such odd-lot transactions are not segregated from the spe¬
cialists' other round-lot trades,
On the New York Stock Exchange, on the other
hand, all but; a fraction of the odd-lot transactions are effected by dealers engaged
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
17.93
42.65
for
Note—On the New York Curb
18.68
559,035,260
othor
introduced to the
extremely important,
said Mr. Chappell. In London, he
concern
282,373,420
2,717,991,441
5,355,668,266
Business and
Chemical
New York Trust Co., who pre¬
sided. y
The maintenance of employee
morale
Price
Electrical equipment
,>—————-J—
office equipment...
-,
Average
.
16.85
showing
actions initiated dn
actions
Market Value
580,686,336
406,555,249
275,810,261
5,337,997,866
Building
showing transactions as
specialists -yy_——-—y——:
V
$
2,448,650,776
546,500,764
377,874,266
——,——
Automobile
Aviation
by Dudley Parsons of the
group
Price
data
1. Reports
2. Reports
3. Reports
Average
$
following
The data published are based upon weekly reports filed with the New York Stock
Exchange and the New York Curb Exchange by their respective members.
Tlies#
reports ard classified as follows; '
N.Y. Stock
N. Y. Curb
Exchange
Exchange
Total Number of Reports Received-.
761
1,058
-—Nov. 29, 1941
Market Value
Group-
the
week ended Dec. 27:
y"'■ >y
■
-Dec. 31,1941
»
The Commission made available
1941, New York Stock
following table listed stocks are classified by leading
groups with the aggregate market value and average
1939—
Chappell, Vice-President
of the Central Hanover Bank and
Trust Co, of New York, and for¬
merly manager of its London of¬
fice, addressed a luncheon meet¬
ing of the New York Financial
Advertisers at the Lawyers Club
on Jan. 7.
He spoke on his ex¬
these columns of Jan. 8, page 140.
figure includes all types, of member borrowings, these ratios will
ordinarily exceed the precise relationship between borrowings
on listed shares and their total market value.
Sept. 30—
H. B.
In addition to the revised total for the week ended Dec.
20,
the SEC reports that item B-3—other transactions initiated off the
floor—should total 174,617 shares, instead of 174,217, as given ifi
total market value
Exchange member total net borrowings amounted to $388,601,294.
The ratio of these member borrowings to the market value of all
; listed stocks on that date was, therefore, 1.09%.
As the above
columns Dec: 18, p. 1564.
Chappell Describes
a
Exchange also said:
of business Dec. 31,
of the close
As
The steps suggested by the
:
shares.
$41,890,646,959.
and loan managers two
fore actual was started,
of Dec. 21 the Association said:
12.09% of the totaTvolume on that Exchange of 1,507,435
shares;
during the preceding week trading for the account of Curb mem¬
bers of 191,920 shares was 11.97% of total trading of
1,411,930
or
on the Exchange on Nov. 29 with a total market value of
$37,882,316,239, and with 1,230 stock issues aggregating 1,454,761,737 shares
listed
237
{except "odd-lot" dealers) during the "week ended Dec. 27 (in round-
*The term
•
Shares in members'
calculating
regular and associate Exchange members, theiv
including special partners.
"members" Includes all
firms and their partners,
these
transactions as per cent of twice total round-lot volume,
percentages,
the
total
members'
transactions
is
compared
tn
with
round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales, while the Exchange volume
twice the
total
Includes only sales.
b Round-lot short sales which are
are
•
exempted from restriction by the Commission nflee
Included with "other sales."
Sales marked "short exempt"
are
lnoluded with "other tales."
,,
A
THE COMMERCIAL U FINANCIAti CHRONICLE
238
Thursday, January 15, 1942
,
Revenue
1
Loading of
■
totaled
Railroads announced on
674,374 cars, the Association of American
Jan.
The
8.
60,203
cars
Loading of
67,848 cars
revenue
11.2% above the preceding week.
or
of 31,762 cars above
above the
cars
Coal
the
above
cars,
2,501
of 37,682
freight totaled
week, and
below the corresponding week in
cars
Gulf,
47
a
'
Floridal.ZZ—.ZII.—I'll
1
■
Central, System.
Louisville ft
Nashville..,
—„_
'
System
Winston-Salem,
21
84
67
1,807
1,814
219
526
529
2,836
2,522
20,240
12,050
10,030
21,001
20,041
21,672
6,811
5,847
123
147
603
741
.109
119
363
388
2,218
3,131
2,761
799
.919
1,021
395
1,178
302
270
6,310
1,183
4,633
9,369
20,115
8,214
5,899
21,380
18,082
16,577
554
417
310
646
95
.147
117
531
191
121
.
3,041
2,684
V"!'i "■884
'
784
Potomac—
:
9,144
———
:
.
Southbound
.
■
;
.517
':/■
405
——
429
1,059
714
31'
873
336
973
2,797
—
Central...;.
f
846
887
v
.
480
Line
Air
Southern
164
146
!
,
"
Seaboard
National Association of Manufac-,
249
327
......
Tennessee
2,489
323
3,078
18,871
Northern.
ft
ler,
2,427
213
373
Dublin ft Savannah..—^—
Mississippi Central.
Nashville, Chattanooga ft St. L.____
Norfolk Southern^..i'
Richmond Fred,
1,475
1,191
;
5,660
3,327
24,554
Macon,
Piedmont
3,289
374
6,137
3,353
1,417
241
1,116
Mobile & Ohio....
-'971
418
168
Illinois
1,038
1,386,
:
•
,
1,239
...
Midland..
Georgia.
1,353
>437
3,342
410
.
turers,
Grain
of
crease
4,699 cars
week in 1941.
in¬
2,119 cars above the preceding week, and an increase of
above the corresponding week in 1941.
In the Western
grain and grain products loading for the week of
Districts alone,
increase of 671 cars above the pre-
Jan. 3 totaled 19,150 cars, an
.
cars, an
the corresponding
ceding week, and an increase of 3,104 cars above
105,850
97,403
92,155
78,307
13,415
12,912
12,362
10,596
enacted to give the Board
Live stock loading amounted to 10,943 cars, an increase
245
above
the
above
cars
of 1,-
preceding week, and an increase of 756 cars
the corresponding week in
1941.
In the Western Districts
alone, loading of live stock for the week of Jan. 3 totaled 7,843
the preceding week, and an in¬
above the corresponding week in 1941.
;
cars, an increase of 690 cars above
port."':',:
of 800;
crease
Forest
5,966
cars
cars
totaled
loading
products
32,453
above the corresponding
week in 1941.
Ore loading amounted to 13,024 cars, an increase of 1,565 cars
the preceding week and an increase of 401 cars above the
above
Northern
still
2,153
2,158
2,559
2,623
19,336
7,016
6,592
3,292
4,671
1,231
2,649
947
above the
amounted to 13,526 cars, an increase of 350 cars
preceding week, and
increase of 1,373 cars above the
an
corresponding week in 1941.
All districts reported increases
ing weeks in 1941 and 1940.
compared "with" the correspond¬
511
462
446
338
8,754
7,066
8,841
6,748
285
339
325
98
130
9,280
8,117
7,983
3,383
2,728
522
470
489
606
600
260
Northern
Pacific
1,352
Western
District—.
1942
1941
;
1940
,
'
614,171
674,374
....—
1,799
1,649
2,386
Denver
ft
Salt
2,794
ference, Mr. Fuller wrote member
204
1,841
1,330
1,296
1,901
1,342
manufacturers, "include, as a first
point, another pledge by the labor
72,173
A 68,447
69,692
45,598
40,443
15,926
15,433
2,422
7,096
5,705
2,542
2,670
2,025
466
292
66
93
13,742
14,024
8,728
2,432
9,223
2,583
763
855
8,995
8,628
7,636
2,323
2,487
2,500
2,308
662
744
1,517
2,707
3,008
3,260
1,484
2,911
552'«
;;;
633
:
,3,475
;;
Fort Worth
\ 814
Lake—————....
leaders
against strikes for the
duration. It may be and it is hoped
that with the nation actually at
7,048
made in their behalf.". Mr. Fuller's
letter
592
.
910
5
923
751
954
1,636
1,575
841
343
316
Perkins
Nevada
2,005
4
1,862
1,784
126
154
469
319
445
265
composed of four labor members,
four representatives of manage¬
1,077
______
1,630
-
Northern..:/—si.
North Western Pacific.
Peoria ft
731
Pekln Union..
—L:
27
Pacific
(Pacific).—.—s.
Peoria ft Western.—_-i—.
Pacific System—
21,910
-
508
...
....—
-
.
264
-
13,744
Pacific
Total.....
10
19,061
-
152
-
'
7
O
0
17,759
7,113
4,806
258
107
1,135
12,009
8,955
7,197
-
12,747
,
>
424
486
,
1,574
1,128
2,684
1,581
101,109
90,200
87,876
57,538
47,530
Received from
tial"
■i
Southwestern District—
Coast
Island
-
i
i
177
97
171
3.886
2,922
2,766
1,784
U66
1,504
1,409
1,403
2,178
2,057
325
172
156
'1,001
804
2,732
2,073
1,913
2,094
2,381
1,753
2,165
327
296
278
;,\-
...
Lines
-
>
;
.
Northern..
Arkansas..........*...'
ft
Litchfield,.ft
V
Madison—
'
243
Eastern District—
1942
.
1941
Midland
Connections
1940
1941
1942
Valley
1,531
Missouri
&
Bangor
Aroostook.....
ft
Boston
524
ft Maine.——
...
—
—
Chicago, Indianapolis ft Louisville—
Central
Central
Indiana
"
——
*
...
.
Delaware. Lackawanna ft Western—
Detroit
ft
Mackinac
—
Detroit, Toledo & Ironton.
Detroit ft Toledo Shore Line
Erie
Grand
Arkansas..
1,802
1,639
6,460
1,127
1,190
1,961
24
11
18
33
966
:iri
""160
333
359
3,418
3,143
2,204
13,680
10,725
8,551
1,052
1,073
1,797
4,917
4,783
9,692
7,431
7,460
9,028
7,644
223
232
230
121
.
1,779
7,526
6,617
Texas
&
Pacific__._—v
1,276
3,165
—
———11,872
Western.....
3,623
Hudson River.
—
163
11,164
4,495
10,961
3,999
....1,247
1,224
6,753
——3,061
5,534
2,022
7,573
2,732
3,899
1,414
39,856
37,858
12,858
6,368
2,421
1,183
7,541
2,909
485
20
39,822
14,001
...;
—
-
—
—
Lines.
...
Ontario & Western..
Susquehanna & Western
Pittsburgh ft Lake Erie
Marquette
....
—
Pittsburgh & Shawmut—
Pittsburgh, Shawmut & North.
Pittsburgh ft West Virginia
Rutland
;
5,657
466
-
8,364
3,981
568
359
763
——
———
Total—
-
'
-
2,007
34,884
8,236
938
4,531
142,422
133,973
11,607
7,163
6,917
2,395
218
32
37,685
11,963
1,799
11,649
1,989
9,833
1,441
6,165
2,069
2,023
514
4,772
1,097
8,639
869
8,000
3,169
3,332
3,405
130,744
166,996
153,900
•••
Orleans...
^'■•64'
61
181
123
7,859
2,671
6,890
2,178
6,519
'5,449
2,053
'3,445
6,897
5,986
5,937
3,930
3,829
3,521
3,527
5,091
4,535
2,365
2,684
3,551
100
117
124
Wichita Falls & Southern—.;
Weatherford M. W. & N. W._
28
j
Total.....;
i
Note—^Previous year's figures revised.
————_
■
52,752
12
Allegheny District—
954
6,644
4,755
35
219
■
Akron, Canton ft Youngstown
& Ohio
534
33,657
—
Bessemer ft Lake
Erie
Buffalo Creek & Gauley
———
——
&' Indiana!
Cambria
—
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
;
—_
:
Total
.
:
3,087
386
1,749
6,465
499
29,026
2,278
274
1,616.
5,799
'
5,067
25
206
44,524
■
„
■
346
79i
899
16,887
15,080
1,798
3
5
10
7
1,396
was
barrels
ll,0i7
48
33
ber,
149
385
61
38
barrels
19,943
3,857
155,877
139,710
17,916
3,652
3,176
7,742,
16,769
2,619
7,184
126,110
110,826
96,380
.
over
District-
110,124
more
ft
Virginian
_
Western
*
—
20,799
17,802
20,695
7,751
7,716
19,233
17,979
17,041
4,953
4,983
,4,159
3,744
4,088
1,766
1,368
44,191
39,525
41,824
14,470
14,067
over
principles
and
more un-;
confusion
than
for the Board to refuse to have
known: principles or stand-;
:
■;'..+:
..
'
■:
the
Association's
Stand for Congressional action,'Mr.
Fuller declared that /.'principles
vital to the maintenance of indus¬
trial peace should be written into:
law
by Congress
at
the earliest
nation's first job."
The
a
.
labor-industry. conference
at Washington and the acceptance*
by President Roosevelt of the
agreement
our
reachbd was noted in
Dec. 25 issue, page 1641.
Payment On Norwegian 6's
!
Holders of Kingdom of Norway
20-year 6% external loan sink¬
ing fund gold bonds due Aug. 1,
more
than the
same
amount
of
this
issue
has
been
drawn
TOTAL" MONTHLY^ FLOUR PRODUCTION
—=
by lot for redemption at
par
through operation of the
sinking fund on Feb. 1, 1942. Pay¬
1939
1938
ment will be made at, the head of¬
1,388.860'
1,342,045
1,075,588
1,102,544
2,326,165
927,963
2,061,596
817,839
2,000.261
823,335
1,954,873
1,161,889
2,083,441
683,904
819,301
Central West—Eastern Division—..
513,977
590,049
502,099
543,740
Western Division—.
247,224
38,953
481,999
216,049
103,617
243,198
281,014
514,639
290,441
125,559
132,457
141,598
483,356
623,047
536,039
461,980
5,925,141
5,614,551
5,393,077
5,234,571
6,473,289
—.
(Reported by mills producing 65% of the flour manufactured in the U. S.)
December
1941
Northwest—
-
-
—
—.
—i
Southeast.Pacific Coast
Total
and
927,963 barrels produced during Decem¬
than the previous month and 104,628 1944, are being notified by W^
Morgenstierne, Minister of Nor¬
month a year previous.
way,
that
$841,000
principal
detailed table with comparable figures:
barrels
Below is
Buffalo
Chesapeake ft Ohio.
Norfolk
was
Buffalo mills reported
Southwest
Pocahontas
previous
that of the month previous and 325,904
that of the same month a year previous.
264,569 barrels
16
19,719
certainty
any
over the 1940 total for the same month.
Southwestern production, totaling 2,326,165 barrels in
December,
55
12,343
policies;
Nothing would create
272-barrel • increase
13,236
1,237
tive
which will govern its operation.
309
Total production for December was compiled at
5,925,141 bar¬
rels, compared with 5,614,551 barrels for the month before and 5,~
393,077 barrels for the same month a year previous. All the major
producing sections registered increases over their November, 1941,
figures.
>
'
266
2,185
:.*■
production, according to reports received by "The North¬ possible moment, so as to remove
western Miller" from plants representing 65% of the total national any possible doubt about govern¬
output, in December was increased 310,590 barrels over the previ¬ mental desire to promote fair play
and to make winning the war the
ous month and 532,064 barrels over the same month a
year previous.
589
37,461
Board
Flour
633
1,739
the
creation definite and construe^.
/
33,477
Flour Output Gains 310,590 Bbls. In December
Over November Levels
248
194
658
1,172
60,701
13,470
19,566
3,576
2,419
for
Reiterating
266
148
703
1,482
69,548
13,544
43J0CL
candidate
ards."
508
860
be
bers of the Board are truly rep-j
—-resentative-of-various-interestsconcerned; and (2) if the Board,
given adequate authority to act,
adopts immediately after its
55
37
43,001
46,815
barrels, and the 1,388,860-barrel December total represented a 313,-
27,124
1,702
293
1,577
5,573
.53,811
26
20
44,913
The northwestern increase over the month
Baltimore
t
2,045
1,082
366.
5,874
4,841
419
409
970
•
532
3,472
118
1,620
7,776
2,476
4,383
417
4,055
—
—
5,100
352
7,073
4,784
550
444
4,726
-
-
ft Lake Erie
-
477
5,291
-
<
8,993
877
10,756
853
1.
—
N. Y.,
Wheeling
New
999
127
119
ft
72
•
Pacific.—
Francisco..<
Southwestern
Texas
2,930
Chicago ft St. Louis.
Wabash
'*
ft
Acme
43
244
....
—
N. H. & Hartford
Y.,
Louis
2,331
Central
New York,
Louis-San
St.
-
89
3,504
13,215
St.
Quanah
107
4,410
14,908
9,818
2,156
281
Central—
York
.
4,667
Trunk
N. Y.,
Pere
6,585
2,575
Montour..—
N.
1,474
137
697
Lines.———-
Missouri,
252
Monongahela
New
1,867
1,262
Board
bilities. for the maintenance of
labor peace. These possibilities
can be realized if (1) the mem¬
1*439
881
Pacific-—./..——.—.—
1,148
170
1,618
Lehigh ft
Lehigh ft New England
Lehigh Valley—
Maine
••
485
7,606
Vermont—1,227
Delaware ft Hudson—
453
1,131
262
11,626
-
435
678
Missouri-Kansas-Texas
Arbor.^
Ann
new
"The proposed National War
Labor Board has definite possi-*
198
~
Freight Loaded
the
chairmanship. The letter said:
Louisiana
Total Loads
,
Total Revenue
that
ment,, and four public members,
naming
former
Chief
Justice
Charles Evans Hughes as "an out¬
standing and admittedly impar¬
2
3
1,711
Kansas, Oklahoma & Gulf
Kansas City Southern...
(NUMBER OF CARS)—WEEK ENDED JAN. 3
Railroads
by two days his
incoming NAM Presi¬
dent's William P. Witherow, sug¬
855
gestion
to
Secretary of Labor
1,347
7
796
Gulf
'
■
followed
the
and
■
1,455
City__:_
—L._—.L-.-.J.
International-Great
■
building
"
Burlington-Rock
revenue freight loaded ang received from connections
merely
1,001
Denver
ft
-
592,92!
pared with the corresponding week last year,
instead .of
war
defense the labor leaders will be
able to persuade their Constituent
unions to abide by the pledges
Missouri-Illinois.*-..
Illinois ■' Terminal
Union
During this period 104 roads showed increases when com¬
con¬
,
for the separate railroads and systems for the week ended Jan. 3,
1942.
The tangible results of the
"
the freight carloadings
of
summary
a
hold
217
14,645',
2,664
.9,902;
2,456
Southern——.
or¬
or
63
Chicago,'Burlington ft Quincy—.....
ft
labor
a
ganization if he is to get
a job.'"
7.774
i
3,045
Chicago ft Eastern Illinois...—...
to become or re¬
member of
52
18,427
Chicago ft Illinois Midlands...
Chicago, Rock Island ft Pacific——.
person
a
7,624
>
Top, ft Santa Fe System—..!
Alton...iiU——.
Bingham ft Garfield..———
Western
following table is
The
1,273
4.384
a
main
•;
Atch,
Toledo,
'
Week of January 3—
issue of the closed shop, requir¬
ing
67
8,137
_i._.———
' Total—
new Board as a cardinal princi¬
ple 'should not accept for arbi¬
tration
or
consideration
the
56
57
222
1,307
4,228
the
of
members
conference that the
2,781
3,748
Spokane International
Spokane, Portland ft Seattle—
Central
240
•
4,661
Southern
.
shop issue.
..'-i
.
Manufacturers believes with the
148
319
828
687
502
9,795
...
Denver ft Rio Grande Western...
Coke loading
unsettled closed
"
President's
16,431
Bay ft Western
Superior & Ishpeming...
Minneapolis & St. Louis..
X-li—
Minn., St. Paul. & S. S. M._—......
Colorado
.
-
describing
He said:
'
corresponding week in 1941.
.;
the recent
labor-industry c o n fere nc e at
Washington as not entirely futile^
Mr. Fuller, who is now Chairman
of the NAM Board opposed the
9,454
,
1,414
—
Lake
of
increase
an
cars,
above the preceding week, and an increase of 2,634 cars
/
.
While
69,383
2,203
Green
'<
"posi¬
and sup¬
tive legislative backing
577
17,492
Chicago, St. P., Minn. & Omaha.,
•'
Duluth, Missabe ft Iron Range.
Duluth, South Shore ft Atlantic...
Elgin, Joliet ft Eastern^.
Ft. Dodge, Des Moines & South
Great
,V
membership in a year
the Association's be*^
industrialist
Chicago ft North Western——
Chicago Great Western—'————
Chicago, Milw., St. P. & Pac._____
—.
week in 1941.
Jan. 2 reaffirmed to the
lief that basic labor laws must be
Northwestern District-
,
new
D. Ful¬
of the
"The National Association of
Total—
\
,
grain products loading totaled 31,505
and
on
entire NAM
647
..
President
retiring
end message
5,089
;
Waiter
War Labor Board,
14,434
.
Anticipating creation of the
•
above the corresponding
-War Labor Board
1,836
8,389
1,681
'"••--•A
196
660
639,
.
i26
205
695
3,819
.214
,1941
;
266
11,018
w_.
NAM Head Urges Basic
Labor Laws To Guide
^
"
*
3,548
■
Florida East Coast..
19*2
1940
1941..'
...
10,432
—
Gainsville
Connections
575
Line
Columbus ft Greenville
Durhanr ft Southern—:
1941.
25,377
increase of 15,159 cars
and an
preceding week,
Coast
Received from.
664
—
.
amounted to 138,286 cars, an increase of
loading
11942
1
"306
Clinchfield..
decrease of 536 cars below the preceding
cars, a
decrease of
j
-
,
than carload lot
Loading of merchandise less
122,600
•
District-
P.—W. R.R. of Ala._„.
Georgia &
the preceding week, and an increase
corresponding week in 1941.
>
Total Loads
Total Revenue
Freight Loaded
.
of Georgia
Charleston & Western Carolina—
—-yr
312,037 cars, an increase
Miscellaneous freight loading totaled
%
Atlantic
.V;;:' .r-'■freight for the week of Jan. 3 increased
13.7%.
\
,
.
Central
81,449
9.8%, and above the same week in 1940 was
cars or
or
'
Atlanta, Birmingham & Coast—-J
corresponding week in 1941 was
increase above the
Southern
„
/
''
Alabama, Tennessee ft Northern——
Atl. ft
freight for the week ended Jan. 3,
revenue
'
•
Ended Jan. 3 Amounted To 674,374 Cars
;
a
Railroads
Freight Gar Loadings Daring Week
...
Previous
month
—December
1940
fice of The National City Bank of
New York, 55 Wall Street, New
York, subject to granting of a li¬
cense by the Treasury
Department
under Executive Order 8389 and
under any condition which
may;
Totals
be contained
in that licensee-
>
THE COMMERCIAL &
Number. 4033
155
Volume
Chilean .Funds .Ready r v
r
j
Hotel Sales Advance
November
-
FINANCIAL CHRONICLE
December Department
-
-
•For Service Of Debt
of business in hotels,
Advices
received
from,
the
Horwath & Horwath,- New York public accountants, state that
Autonomous
Institute
for
the
hotel sales in November were higher by 11% than in the correspond¬
Amortization of the Public Debt
ing month of last year, which is a little more than the average rise
of the Republic of Chile report
for the year to date.
The occupancy was up 5 points and at 69%
that, in accordance with the pro¬ it is the
highest for any November since 1929. The average rise
visions of Article 6 of the regula-*
so far this year is 3 points..
A.
tion of Law No. 5580 of Jan. 31,
The firm's bulletin further states:
v
1935, approved by Supreme De¬
Room rates were up only 4% whereas the last three months
cree No. 3837 of Oct. 24, 1938, the
Had 5% gains; for the miscellaneous group "All Others" the rise
total receipts of-the institute in;
was 5% against 7 and 8% last month and the month before.
All
their
In
monthly
on" the" trend
report
239
Store Sales,
The Board of Governors of the Federal Reserve System,
t
nounced
less
Jan. 8 that the Value of
on
than
seasonally in December and the Board's adjusted
from
declined
116
to
an¬
department store sales increased
index
of the 1923-25 average.
110%
INDEX OF DEPARTMENT
STORE
SALESf 1923-25 AVERAGE—100
Nov., 1941
Dec., 1941
Oct., 1941
Dec., 1940
.
for
available
1941
service
debt
$2,472,794 re¬
presented the receipt from the
participation in
Government's
-the
increase
been eliminated from last year's figures, but rates were'up only
1%.
For transient hotels the increase was 10% while for residentials it was only
3%.
Restaurant sales in the residential
ago now
a year
additional
the
from
400
$82,-
of
amount
previous
•
year,
$74,043 the quota of duties on
petroleum -imported
for
the
nitrate
industry, and • $106,547
the
duties Oh petroimported for the copper
V"ti
industry.
v
'
.
?
'Chilean Law to the payment of
interest at the rate of $15.58 per
V $1,000 bond, francs 1.558 per 100
Swiss franc bond, and £1-11-1,
£100
sterling
bond.
Against the remaining 50% of
the income collected there have
been
retired
$3,113,000
face
amount of dollar bonds, francs
92
,
'
per
"18,500 of Swiss franc bonds, and
£1,300 of sterling bonds. In adK dition the Municipality of San¬
V
;
,
1941, COMPARED WITH NOVEMBER,
NOVEMBER,
A-.!. A .'A A "
A''AAATXAA;AA'A''
.
■' AX""XSales, Increase-or Decrease—«++—•t .-J
..Tbtal XX
•
X-"
■••XA'A'-''
"Total A
Food
Rooms Restaurant
Richmond—__________
+ 31
+
37
+
+
54
+ 11
York
New
Chicago
7%
+ -8
Cfty__ •+
——
Philadelphia
6%
+
8
+
33
•
8
+ 25
X—
+.
•?,.*
43
+
■
..
.
.
r
+ 19
xA'
Beverages
A-.
lar
+
5
i ' + r' 7
others____+11
.'+12
.
—1
Total
■.
A Al X
not
9%
+
tThe* term,
.
and
+
10%
+
9%
72%
X8
+
8
+
9
69
+ 39
,
+
'+37
+ 37
.
+ 49
.
interest
The
or
about
paid
1942, and
applicable to the fol¬
lowing bonds: ;AAAx-AA/-;,"
will
be
All the
Republic of Chile ex¬
ternal bonds.
Water
"'-A;
Valpa¬
of
Company
raiso bonds.
v
■ ■
Mortgage Bank of Chile
bonds. 'AAxx' AxAA;; A-- -i AxA^. 'a--v.
.
All
8
,'A +12
74
+ 24
74
$
63
r+11
of
the
City
two
+
-
Federal
establishments
concerned
with
war and
post-war planning held
a
conference in Washington on
Dec. 22 to consider a program for
rehabilitation.
vocational
+ 23
City
14, the President
of the unhappy
in
ber.
of
of a Nation at
and deeply sensing our re¬
war,
sponsibility in the matter of soft¬
ening its disabling effects upon our
defenders
and
upon
our
+ 24
.__4
4-25
+
27
r
people
capacity
/,4v+
1929
for
vocational
rehabilita¬
Increase
or
concerned
with refitting for employment in¬
dividuals disabled in military ac¬
tion, those injured in defense in¬
dustry, and civilians injured by
war operations. . A plan for an ap¬
proach to this problem will be
presented to the President in the
neas*
meeting
future*
was
*
Ar.
>■
.
A
+ 14
r+M
+ 10
14
+
8
+
13
7
+ 15
+ 13
+
+ 14
+ 13
+ 15
+ 15
+ 36
+
1
5
9
+ 11
+
17
+ 19
+ 40
.:+
7
2 '
+ 13
+ 11
+ 14
+ 11
$EASONAL
■"+
1
'
8
1935-39^=100
ADJUSTMENT,
1940—
Dec.
236
1
XA
258
Dec. 28
124
1941—
i
•
232
14
Dec. 21——.
Jen.
107
85
4
^Monthly indexes refer to daily average sales in calendar month; Decem¬
estimated
figures
from
weekly
December
sales.
this
year
had
one
more
fact
Deer
+
67
-•X -+t 5_.
52
V"''
68
:v
'
1%
English Financial Market—Per Gable
+10
71
X
~
;
0
4
'+
+ 10
56
A; X +'* 4
+
2
+
5.
+ 12%
69-%
€4%
+
4%
.
The
.
vA: "xAA.x
.••>X
Siilver.
+
9%
+10%
+10%.
,
British
3%
+
A
y
2'/2%:
23 xhd
Closed
£82%
£ 82] J£105 A
£105'/8
£105^\
£115
£115
£115
£105
1960-90_
Closed
£114%
oz.»(in cents)
per
been:
>
23 »/ad
-
'68s
*
£82%
•'.•/■"•.••xxx
35%
35'/e
(Foreign)
168s
£82%
£105%
£82%
.£115
day has
'■
1
••
A
35%
168s
-
In the United States on the same
-A--X
••
Y.
Friday
23 %d
-
368S
price of silver
N.
23 Vad
:
J 63s
Closed
W.
Thursday
Wednesday
23'/ad
.
as
V
3,68s
L.
3%%
The
.
Monday A u Tuesday
Saturday
d._—"Closed
oz.
British 4%
sales per occupied room
-
p.
Gold, p. fine oz
Consols,
'65%
"68%
daily closing quotations for securities, &c-, at London,
reported by cable, have been as follows the past week:
68
.XX'XXAOTAX
"
•
65
63
11%
of the
•
35%
35%
35%
the
for
1
vA
:
71.11
71.11
71.11
i.-i
_—
21.254
March
23 069
j..
.
.'A*'"'
21.957
22,578
'L—
21.803
September
October
AX
22.690
PRODUCTION OF
9,916
9,547
13,656
16,521
9,529
9,266
7.883
7,203
9,404
6,154
17,395
17,571
11,225
7,408
listed
on
the
the
In
1941, there
on
that
8
Jan.
as
R173 bond issues
were
Exchange
Nov.
on
with
29
U.
'
■
—5Dec-
l ;
States,
(Incl.
etc.)
A
——.
Building
and office
Business
18,432
Chemical
16,259
'.Electrical
equipment-
——.———
equipment
—
A
Financial
'
Food
;
—
————
Land and realty _______
Machinery and metals—
;r
19,971
total market
value of
4
■■
classified
A.:
;
by Govern¬
——Nov. 29, 1941-m
Average
Price
Market Value
$
$
106.15
Price
$
39,607,192,166
108.17
A
—-—
-■■■.
Automobile
23.962
are
A-'..- i$
40,567,112,161
-
.
companies: A
Amusements
■
..
1941"
Average
Market Value
Government
S.
value
industrial groups with the aggregate market value and
A T
Cities,
a
:;A
Group—
S.
com¬
par
price for each:
average
U.
This
bond issues aggregating $57,821,383,127
following tables listed bonds
mental and
~
44.337.643
97.94
45.406.942
99.19
13,820.436
102.77
13,992,814
103.50
16.163.123
85.37
21.033.896
91,60
101,25
15,187.500
■
»
99.65
15,356,250
76,522,500
102.38_
76,172.375
36.3D6.250
103.73
16.125,000
107.50
58.782.435
99.79
50,213.886
102.67
207,432.788
103.45
99.51
211,495,570
105.37
*8,648,381
62.97
9.032,768
04.44
48.549,255.
97.83
49,870,914
86,481,471
53.15
88 959,796
55.11
100.48
59 495,196
300.69
587 938,111
104*5
99.89
•-
A 16.642
14.703
19,779
16,912
10,266
.12,648
18,694
;
22,473
:
21,224
Mining (excluding iron)—_____
Paper and publishing—_______
"
17.541
■
Petroleum
12,289
X
_________________—
601,874.406
102.48
'
6,053,996,263
11,319,203
59.33
6,378.719,448
61.03
73.67
65.929.399
89,53
11,871,528
75,304,488
101.54
building and operating—
Shipping services
———
11,242.560
98.00
23 313,838
101.63
Retail
TONS
59.145,283-
;————
Railroad
"
-NET
AND* FERROM AN GANESE
COKE PIG
Exchange announced
$54,812,793,945.
17,774
/
Stock
total market value of $55,033,616,312.
a
with 1,281
21,821
,
York
pares
18,496
•
6,020
8,527
16,619
X.v22.792
23,567
December
10,793
New
Exchange with
..
18,039
10,025
"
"V
11,911
14,773
••
■
.;
1937
16.409
23,243 j
i_.—
-
12,550
12,095
j
•
November
•
1938
11,760
13,662
i
21,933
—
August
,
/A
21,235
11,875
16,475
20.434
—
1939
1940
20.812,
February
July
DAILY RATE—NET TONS
MADE.
IRON
The
aggregating $58,236,901,332 par value listed on the New York Stock
*
■
record high of 47,360,320 tons produced in
8,500,000 tons. The gain over last year was 19.7%
MERCHANT
71.11
of the close of business Dec. 31,
previous
by over
71.11
Value Of Bonds On N. Y. Stock Exchange
A". •"
55,903,720 net tons, ex¬
months totaled
12
71.11
muied)
"Iron Age" reported that, production
1941
merchandising
——_
'
iRubber
77.26
'
—Ferromanganese y-
—-Pig Iron x——:
.
February
,
May
June
'_ 1940
1941
;
'A 4:063,695
1941
.
1940
35,337
43,240
33,627
38,720
Textiles
4,197 872
^__AL:LU^^_^^^^X,r4,704,135
'
'
! • 4,334,267
: 4,599,966
/
v
3,270,499
55,460
46,260
Tobacco
3,137,019
3,513,683
56,871
43,384
Utilities:
58,578
44,973
I '4 553,165
».
.i._i
March
April
X',;,;f..;. X': '
Ship
4,032,022
3,311,480
January
———
I
w
-
?
Half-year
July
>
A-
X.
Gas and electric
(holding)—
3,818,897
53,854
44,631
21,083,600
293,727
261,208
4,770,778
,.4,791,432
4,053,945
57,710
43,341
U.
4,238,041
52,735
37,003
Miscellaneous
August
4.716 901
4,176,527
46,932
33,024
September
»4,856,306
4,445,961
55,495
32,270
Total
4,702,927
4,403,230
47v669
31,155
Foreign
5,012,276
4,547,602
48,188
35,668
Foreign
____________55,903,720
46,948,906
539,163
October
November
December
____—_
.—____^
Yearx
>
These
totals
1
-
Miscellaneous
S.
do not
DAILY
include charcoal pig iron,
AVERAGE
—
y
OF COKE
PRODUCTION
Tons
Capacity
'",*k
130,061
listed
on
Net
Tons
85.8
the
78,596
149,924
95.2
114,189
75.1
82,407
March
151,745
96.9
105,500
68.9
86 516
Nov.
?0
April
144,475
91.8
104,567
68.6
76,764
Dec.
30
113,345
74.8
127,297
83.9
February
___
__
148,386
May
June
___—_.
X
93.8
,
95.9
151,772
*
•
;
118.40
3,140,749.634
41,023,259
121.83
106.36
3,182.878.376
108.30
109,776,250
-
303:56
116.704.375
105.14
-
106.71
1,229 382.762
109.56
51.68
80 115,755
76,351,471
54.49
89.132.317
61.
102.723.43 5
53.72
31,117,500
102.02
32,216,875
105.63
12.689.83 4 675
75.26
13,125,222,644
1,087,183.473
48.11
1.304,941,359
689,506,003
76.81
775,437,776
59.98
54,812,793,945
k 94.80
55,033,616,312
94.5(|
.
77.07
•
45.28
table, compiled by. us, gives4 a two-year comparison
Exchange:
.
Average
150,441
January
—
bonds
100.25
Tons
Capacity
95.5
-
companies-
government
companies—.
63.26
101.82
26.61 1.340
of the total market value and the total average price of bonds listed
1939
1940Net
businesses—
The following
PIG IRON
-1941—
Net
All
473,667
Included in pig iron figures.
S.
39,866,320
1,197,405,049
utilities———
companies oper. abroad-
U.
96.95
A
(operating)-
and
17.582,062
560 931.700
•
;
—
27,053,100
+*4.
_______
99.84
...
25,736 800-
electric
Gas
57.06
15,858,995
j, 549.631,588
/Steel, iron and coke———
Communications
tion."
The
+ 21
day than last year. 'The large increases shown for this week reflect in part
that this year Christmas fell on Thursday, permitting three days of heavy
shopping before the holiday in contrast with two days last year when Christmas was
on Wednesday.
*°Not 'shown separately but included in United States total.
output of 127,912 tons in 1940 to
153,161 tons in 1941. ; The operating rate for the year was 96.6%
of .capacity.
: ' A-AXrxxA.AXA'AAAx'X: ■AaxAA..AvHAA.A xA'
/x'v'tX
On Jan. 1, 1942, there were 216 furnaces in blast, operating
at the rate of 162,140 tons a day, compared with 215 on Dec. 1
making 156,855 tons.
National Steel Corp. blew in two furnaces,
one
at Weirton and one at Detroit, as did the Woodward Iron Co.
with its Nos. 2 and 3 units.
Among the furnaces blown out were:
Duquesne No. 3 of the Carnegie-Illinois Steel Corp.; one Lack¬
awanna of Bethlehem Steel Co.^ and one Mary, Sharon Steel Co.
development of a proper pro¬
gram
+11
+
'
6
3
1941,
12
+ 18
+
rl74
Revised.
r
18 A'
+
+ 16
x+
27
Jan.
+
+ 11
3
—
'
+ 14
+ 19
■
5
i.'.r;:A,X
:
1942—
daily, er from an average daily
handicapped for employment, I
desire that attention be given to
the
3
10
+
13—
♦Dec.
71
3.':".
101.2%.
to
the
industrially
become
+
+
+ 40
WITHOUT
INDEX,
+ 16
+ 14
2
+
.
+
20____277
November, or
ceeding
generally, not only in the field of
reparative medicine, but as to re¬
fitting those who through dis¬
ablement
issue
Production
said that -"in view
casualty prospects
+ 14
+! 8
36
r+
Dec.
from 156,764 tons to 161,686 tons in Decem¬
The operating rate for the industry also increased from 97.7%
that
Fed¬
Administrator Paul
V. McNutt arranged the meeting
at
the 4 suggestion
of President
Roosevelt.
In a letter to Mr. Mc¬
eral Security
Nutt dated Dec.
8
June
Officials of the several
+ 13
<■*
«
polls—
Dec.
Iron Product ion at 161,2% |
May
Devised
7
+ 18
22
7
to 5,012,276 net tons, compared with 4,702,927 tons in Novem¬
On a daily basis, production in December increased 3% from
ing
April
Plan Being
+
+
9
ber,'
January
Vocational Rehabilitation
16
*+l6
+ 12
1941—
67
.+ 10%
8%
of
Santiago, Chile, loans.
+
+ 19
+
WEEKLY
+12
+
+ 10
+51
r
.
,
wherever used Tefers to the'average
'Rooms and restaurant only.
"rates"
Jan.
A!;- Bonds of the Chilean Consol•A idated Municipal loan.
:'o>AAA,'A'
Bonds
3
+ 12
7
+
pig iron in December reached an all-time high, amount¬
coke
of
;
1,
+
+ 15
+
+ 38
ber,
: 69%
84
32
+
scheduled rates.
to
December Pig
; '
disbursement
Feb.
7
U. S. Treasury (newly
declared is expected to be
on
+
+13
+ 42
Bar
£27,761,171 sterling
and francs 108,680,500
Swiss franc bonds.
+ 15
7
+ 14
+44
U. S. total——
.
1940
•
69
At
+
3
+
:
J
,
,+ 43
.+ 24
9
+
+ 12%
+11%
date
to
Year
i
bonds,
bonds,
9
+ 17
27
San Francisco——
tRoom
Rate
Nov.,
10%'
+ 10
Texas
The
standing after the 1941 retire¬
will be $167,095,500 dol¬
Nov. 1
ir
r+
5
+
the
Occupancy
Nov.,
+
+ 24
■+ 1'5
; :
ments
1
'
9
+
+ 29
■"
f
r
8
+12
out¬
bonds
of
amounts
+
Ending
Nov. 29
+ 10
St. Louis
Dallas
1940
+
+ 26
Pacific Coast—J
All
.
+ 38
+38
Washington
Detroit.
+
„•
+35:;:\X
—_
Cleve.and
tiago amortized francs 29,000 of
Swiss franc bonds in the year
,
+ 13
(%j
Ago
"
Chicago—
,
The
1
3
■
5
'
1941.
Year
a
Jan. 3 Dec. 27
'
~
?•
•
+ 33
r
101
179
business
A.
Fifty percent of the total re¬
ceipts will be applied by the institute under the terms of the
>
.
Cleveland_____:
Minnea
date it averagesAonly 3 cents on the dollar, which
means that a hotel with an average rate of $3.00 a year
32% in a group of 28 basic commodities.
+ 30
Kansas
A ago is now getting $3.09.
In the same period, the wholesale in¬
dex of the U. S. Department Of Labor shows an average increase
of
Philadelphia..,-.
'-.+ 6
+ 34
20
105
112
pour Weeks
Ending-
Dec. 20 Dec. 13
-
to
year
of course
quota of
leum
;
the
+
Atlanta
hotels rose 9% with a gain of only 1% in room sales.
Philadel¬
additional amount of
from
the
previous
phia, Washington and Detroit all had big. increases....The occu¬
year, $6,583,479 represented repancy of 69% for Philadelphia is the highest in 13 years, though
A ceipts of taxes on the profits,
it only equals the average for the nine groups.
''"v-'V /
of the copper enterprises plus •.A-AAThe rate improvement continues to be
disappointing; 'for
an
+ 36
New York_-_^
Period
Corresponding
from
-One Weelc
Jan. 3 *Dec. 27
Boston
116
132
195
■.
"
plus an
$166,572
-:
L-+
Change
that the effect of World's Fair business has
over
1
adjustment
District-
sales
in
I
Corporation*
Sales
and
moderate
a
•;
Nitrate
profits.of Chilean
Iodine
City hotels showed
York
New
seasonal
110
variation._______
seasonal
Federal Reserve
had higher rates this October than last except Phila¬
delphia, which showed no change despite a 17-point rise in oc¬
cupancy and an increase of 33% in sales.
$9,485,836. A The an-)
nouncement goes on to state:
Of this amount
Without
the groups
to
amount
Adjusted for
■
1939—
62,052
—
__
Market Value
Price
$47,839.377 778
$91,24
49,919,813,386
92.33
Dec.
—
31—
—
Market Value
Price
$50,831,283,315
$93.84
1941—
Jan.
31
—
50.374.446.095
93.05
Jan.
31
49 678.905.641
92.02
Feb.
28
—
50 277 456.796
92.72
Feb.
29—
49.605.261.998
91.97
Mar.
31
—
52 252 053.607
93.73
50 006 387.149
92.86
April
30
52.518 036.554
94.32
49,611.937.544
92.48
May
30
52.321.710,056
94.22
53.237.234 699
94.80
53 259.696 637
95.Of
53 216 867.646
94.86'
1940—
79,089
Average
194C
•
149,465
Half-year
76.1
77,486
Mar.
30
97.1
86.3
85,130
April
30
90.4
96,096
May
31
46,936 861.020
87.87
June
30—
June
29
47.665.777.410
90.14
July
31
31
48.601,638,211
90.96
Aug.
30
' 49.238.728.732
91.33
F°nt.
30
31
154.562
97.5
130,772
136,711
157.230
99.2
139 218
92.2
107.466
156.655
98.2
143,419
94.8
156,764
97.7
146,774
97.1
131,061 1 July
138,877
161,686
101.2
146,697
97.2
__
i..
136,146
j Aug.
Sept.
!
,
-.Year
—
.
October
December
115,844
-
August
November
94.5
'
153,896
July
September
.
,
-153,161
96.6
128,276
84.6
96,769
Nov,
31
—
30
49.643.200.867
92.08
Oct.
31
56
po Pa
Nov.
29
93-58.
Dec.
31
;SQ—
<ino QR4
50,755,887,399
—
—
—
—
—
—
—.
53.418 055.935
94.74
55.10fi.635.R94
95.25
54.812.793 945
94.86
55,033,616,312
94.50
240
THE COMMERCIAL & FINANCIAL
Revised Price Ceilings
On pats And Oils Issued
dffice
The
CHRONICLE
Mdsft World Prices
Preliminary Estimates Of December Goal Output
preliminary estimates made. by. the Bureau of
and the Bituminous Coal Division of the United States De¬
General
•
According. to
of Price Administra¬
Thursday,-January 15, 1942
Unchanged
Motors^ Corp. and Cornell University,+yrhieh prior to the
European war had "collaborated in the publicatiofi of a world - com¬
partment'of the Interior, bituminous coal output during the month modity price index, have .resumed issuance* of«international price V
imum
price schedule affecting of December, 1941, amounted to 46,667,000 net tons, compared with statistics, but on a different basis than before the war. Instead of a
some 1,800 fats and oils.
The re¬
43,770,000 net tons in the preceding month and 41,400,000 net tons composite index of World prices, these organizations now are pub¬
vision makes the general level of in the
corresponding month in 1940. Anthracite production dur¬ lishing the information only as individual country indexes,
>
p:
prices prevailing on Oct. 1 as
ing December, 1941, totaled 4,106,000 net tons, as against 4,834,000
The index is built upon 40 basic commodities and the list is the
the basis for the maximum prices
net tons in the same month in 1940 and 3,832,000 net tons in No¬
same for each country in So far as
possible. Each commodity is
instead of Nov. 26, which had
vember, 1941. The consolidated statement of the two aforemen¬ weighted uniformly for each country, according to its relative im¬
been fixed under the temporary tioned
organizations follows:
portance in world production.
The actual price data are collected
schedule issued on Dec. 13.
Ef¬
Year to End
O7■■
" >;-y:'f■.!:''•'■'' '■''' Vv."o V:Total ■ •''• I
weekly by GeneraL Motors Overseas operations from sources de¬
No. of
of December
fect of the change, Price Admin¬
Average per
!v'.'-s IVfor Month
scribed
as
"the
most
Work. Days
Work. Day
responsible agencies, available in each country,
(net tons)
v December, 1941 (prelim.)—
(net tons)
istrator
Leon
Henderson
ex26.0
1,795,000
502,860,000
"Bituminous coal
46,667,000
usually a government department,''^ The commodities involved in¬
: plained,
is to raise the general tAnthracite
54,339,000
4,106,000
clude "a comprehensive list of several groups, including grains,
6,352,000
Beehive- coke
;
651,100
; level of fats and oils prices by a
livestock and livestock, products, miscellaneous foods (coffee, cocoa,
November, 1941 (revised)—
minimum of 11%. It was further
23,6
1,855,000
•Bituminous coal
43,770,000
tea, sugar, &c.), textiles, fuels, metals and a list of other miscellaneous
said that the change was made to
tAnthracite
3,832,000
materials
(rubber, hides, lumber, newsprint, linseed oil, &c.) / ■
conform with the intent of CoriBeehive coke
531,800
Weights assigned in the index to the different commodity groups are
:
December, 1940 (revised)-r;
'
gress requiring that no agricul25.0
,1,656,000
453,245,000 as follows: Grains, 20; livestock and livestock products, 19; vege¬
•Bituminous coal
41,400,000
v tural commodity ceiling would be
51,485,000 table fats and other
tAnthracite ——°
4,834,000;;
foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
fixed below the Oct. 1 market
3,057,800
Beehive coke
.J
490,100
laneous, 18.
'i- level.
'
•Includes for purpose of historical comparison and statistical convenience the pro
\/./„"■ 'Vi;v:1 ■>'?
The indexes, which are based on prices expressed in the currency
'
•
In
advices
Jan.
1
from its Auction of lignite.
of each country, were reported Jan. 12 as follows:
tTotal production, including colliery fuel, washery and dredge coal, and coal shipped
Washington bureau the New York
tion
Jan. 1 revised the
on
Mines
max¬
"
•
:
»
,
.
■
M
-■
*— r>*
.
.
..
.
—„
Vi
Vi.
...
,
■: ■
,
.
.
"Journal
Commerce"
of
said:
current
NOTE—All
Except for butter, "essential"
oils, and mineral oils, the re¬
vised
schedule
I
by truck from authorized operations.
;■ yp ppp; ' :<>; ■"
will later
estimates
adjusted
be
to
s; p
1; -
agree
,
;yP^'P;p' '■ vV'-';7 •':
the
with
complete canvass of production made at the end of the calendar year.
the
:
results
P
p:
;
Labor Bureau's Wholesale Price Index
At
of lard destined for human con-
'
upward movement was quite general as the indexes for
commodity groups averaged higher than a week
ago.
Chemicals and allied products rose 3.7 %; farm products,
1.5%; foods, 0.8%; building materials and housefurnishing goods,
0.2%; and hides and leather products, textile products and mis¬
cellaneous commodities, 0.1%.
lfnSeed oil and for other fats and
be¬
were
price of cottonseed oil on Oct. L
The Office of Production Manage¬
ment ordered on Dec. 29, in a
move
designed to conserve sup¬
plies and direct the distribution
of fats and oils, that inventories of
processors and manufacturers be
limited to a 90-day operating sup¬
ply.
The conservation order is
a
"stop-gap" regulation since it
expires Jan. 31, when permanent
rules are expected to be issued.
The order was necessary, it is
said, because of the "uncertainty
of imports."
NYSE Odd-Lot
The
Securities
transactions
count
of
for
all
the: odd-lot
odd-lot
and
the
New
York
Stock
specialists,
TRANSACTIONS
ODD-LOT
DEALERS
THE
YORK
NEW
14-year peak.
Quotations
higher for cotton and worsted yarns arid
were
for denim and shirting.
and
tables show (1) index numbers for the prin¬
The following
cipal groups of commodities for the past 3 weeks, for Dec. 6, 1941
and Jan. 4, 1941 and the percentage changes from a week ago, a
month ago, and a year ago; (2) percentage changes in subgroup
indexes from Dec, 27, 1941 to Jan. 3, 1942. -p-p'p';V'-.;:
ON
Percentage changes to
STOCK
January. 3,1942, from
EXCHANGE
....
for Week
1942—
3,
Odd-lot Sales by Dealers:
Number
Dollar
of
36,018
981,529
shares
value
31,442,648
.
Odd-lot Purchases by
(Customers'Sales)
Number of Orders:
488
sales
Customers'
short
Customers*
other
sales*-—
39,854
Customers'
total
sales
40,342
"
—
Number of Shares:
sales—
short
Customers'
other sales*—
1,070,572
Customers'
total
1,081,801
11,229
value
Dollar
sales
salest
Other
Total sales
120
'389,930
-
390,050
——_
Round-lot Purchases by
Number
212,190
•Sales marked "short exempt"
are re¬
ported with "other sales." tSales to offset
odd-lot
customers'
orders,
and
sales
to
a
round
lot
,
are
reported
with
.
mi
.
113
116
113
114
V145
115
112
114
118
119
120
150
111
120
116
120
121
145
116
110
122
113
123
122
145
117
110
120
125
124
146
118
111
126
126
149
120
111
:
Statet
erland
143
115
112
:
131
132
113
131
136
109
132
140
109
132
144
109
138
153
111
139
158
118
142
164
118
119
144
168
118
,
y
114
"
-
127
126
150
rl20
111
119
144
fl72
120
126
127
150
121
113
119
147
171
120
119
122
129
123
114
119
154
176
121
121
131
150
125
115
119
156
180
125
126
120
134
7152
129
117
120
156
189
129
133
121
137
155
131
119
121
155
193
132
—
121
rl41
rl56
rl36
rl25
121
rl42
157
138
rl22
rl55
127
123
156
196
145
rl57
138
rl30
rl23
156
203
143
140
123
143
+158
139
132
126
156
207
rl40
rl42
124
143
158
141
133
124
157
209
141
141
122
143
160
138
123
157
143
fl59
137
October
December
122
122
-
November -
150
rl40
f
138
September
■
114
114
rl35
July
August
—
:
194jfl36
138
145
1941—
+
Weeks end.:
;
3
141
122
124
157
209
rl42
122
143
*159
139
123
157
*209
rl48
122
rl44
*160
rl39
123
157
rl42
123
144
*160
139
123
157
147
142
123
144
*160
140
123
157
148
Dec..
Dec.
13
Dec.20——
Dec.
:
•141
151
147
1942
Jan,
.
Preliminary,
r
Revised
'■V
.
Weekly Statistics of Paperboard Industry
We give herewith latest figures received
by us from the National
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
member of the orders and
a
statement each week from each
production, and also
;
1940—Month of-
528,155
420,639
March;
429.334
—
1-4
12-6
May
470,228
October
73
73
73
January
673,446
608,521
652,128
202,417
261,650
337,022
509,231
659,722
642,879
839,272
629,863
548,579
571,050
726,460
602,323
608,995,
807,440
649,031
630,524
831,991
75
February
640,188
649.021
554,417
98
743,637
760,775
530,459
93
March
—
April
857,732
May
656,437
June
July
August
September
—:
+ 36.1
November
Foods--—————————,
91.9
91.2
91.6
88.7
73.2
+0.8
+ 3.6
+ 25.5
December
115.7
115.6
115.5
115.4
102.5
+ 0.1
+
0.3
+19.9
+ 23.3
90.7
74.3
+0.1
+ 1.0
79.2
72.6
0
—0.3
97.8
0
+ 0:1
+
5.7
Building materials-—: 108.3
95.1
Chemicals and allied products—
102.5
Housefurinshing goods——.
108.1
107.5
107.4
99.4
+ 0.2
+ 0.8
+
9.0
91.7
91.7
89.7
78.0
+ 3.7
+ 6.0
+ 21.9
102.3
102.3
101.9
9p.2
+ 0.2
+ 0.6
+ 13.6
87.5
87.4
87.5
87.2
77.1
+ 0.1
+ 0.3 +13.5
93.3
90.0
74.2
+ 1.0
commodities—
Miscellaneous
93.4
+
8.8
+ 3.8
+ 25:9
Semimanufactured articles—
90.3
90.2
90.0
89.7
80.7
+ 0.1
+ 0.7
+ 11.9
Manufactured
95.5
95.2
95.1
93.9
83.2
+ 0.3
+1.7
+ 14.8
Raw materials—
products—
—
92.5
products
——
93.7
93,4
93,5
92,6
82,1
+0.3
+1,2 +14.1
94.1
93.9
93.9
93.7
84.4
+ 0.2
+ 0.4
Ail commodities other than farm
+11.5
27, 1941, TO JAN. 3, 1942
Drugs
and pharmaceuticals——,—.
2.5
—
2.2
_,jl_
2.0
1.8 '
Other
1.3
1.1,
0.9
Shoes
poultry
Grains
Paint
fertilizers
Cattle
——._
paint materials—
feed
Fruits and
—
...
vegetables
Other
6.2
2.7
^
—~
and
July
July
July
July
Aug,
Aug.
Aug.
Aug,
Aug;
Sept.
Sept.
Sept
Sept.
5
12
19
26
2
9
16
23
30
6
13
20
27
—
,
,
foods
—
•'—;
Cotton goods
Cereal
'J
products
—————
0.1
159,894
162,889
162,964
163,284
133,031
166,781
166,797
163,915
1
22
29
-
Dec.
6
0.2
Dec.
13
0.2
Dec.
20
0.2
0.1
Dec.
27
——
———„
——
——
86
576,529
578,402
94
568,264
94
99
——
——
529,633
542,738
74
82
77
82
550,902
572,532
572,635
587,498
592,840
584,484
576,529
92
81.
97
84
591,414
80
84
589,770
583,716
578,402
98
84
99
84
92
82
93
83
91
83
92
83
94
85
98
88
168,146
165,420
99
86
159,860
576,923
07
8ft
165,397
570,430
99
87
160,889
164,875
550,383
554,417
96
87
101
164.374
100
147,419
orders
of
the prior
week
86
87
166,080
567,373
102
87
163.226
553,389
101
88
166,948
535,556
101
88
124,258
523,119
76
88
140,263
530,459
86
88
1942—Week Ended—
3_
83
85
165,795
Nov.
737,420
85
165,279
170,597
169,585
156,394
145,098
169,111
181,185
149,021
149,874
116,138
Nov.
84
88
99
167,440
15
83
509,231
98
18
NOV,
82
488,993
10 ft.
25
8
81
582,287
575,627
574,991
568,161
568,264
Oct
.
-
156,989
160,609
159,272
Oct
——.
Nofa-Unfilled
Decreases
Lumber.:
—
—
129,019
131,531
168,256
Jan.
Furniture—
"other
,
——
149,197
147,365
168,431
182,603
159,844
174,815
169.472
158,403
157,032
147,086
164,057
176,263
155.473
176,619
159,337
NOV.
447,525
"
11
Nov.
farm
products—
0.5
Plumbing and heating-—————•
0.5
Furnishings
—,
—0.4
Woolen and worsted goods—-——
0.3
Dairy
products——.———
0.2
—-
and
..L.
Oct. '4;
Chemicals
Livestock
————
„
1941— •Week Ended—
Oct
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
634,684
———.
+ 6.7
103.3
".
1941—Month of-
+1.5
79.0
73
79
v
plus
orders
received,
less
production,
necessarily equal the unfilled orders at the close.
Compensation for delinquent
made for or filled from stock, and other Items made
necessary adjustments of
>
73
72
71
■
V
i'-V-v:- 73^v.;;
77
71.2
91.4
74
;.;W;
.73
72
161,985
90.8
103.4
79
151,729
96.0
91.5
648,611
509.945
V
...
71
479,099
•
December
95.5
79.0
670,473
488,990
196,037
162,653
163,769 ;
184,002
7ft
464,537
November
96.9
103.4
72
468,870
October
79.0
76
509,781
.
587,339 ;
1941
91.6
70
487,127
+ 17.6
103.4
70
70
544,221
1941
products--—.
69
193,411
247,644
236,693
452,613
+ 2.3
Textile products.——
Fuel and lighting materials—
129,466
508,005
1941
«.
167.240
137,631A
July
August
September
—
V' ' 73
579,739
453,518
449,221
456,942
624.184
June
+0.5
Hides and leather products—
682,490
,
1-4
12-27
:
520,907
80.2
products—.:—
~':'y Tone
January
February
1941
liquidate a long position which is less than
sales,"
m-
June
92.2
Meats
shares
of
«w mm
12-6
Mixed
■
Dealers—
March
1941
Increases
'
—————.
April
May
94.0
DEC.
—
—
den
.
January
February
1941
Round-lot Sales by. Dealers-—
Number of Shares:
Short
116
144
120
1941—
12-20
25,159,839
—
120
120
118
113
93.8
products and foods——
sales—.
118
118
December
1941
All commodities other than farm
Customers'
United
Stoe- Swita-
Zeal'i
118
113
12-27
Metals and metal
Dealers—
.
ico
118
November
————
1-3
Farm
(Customers' Purchases)
Number of orders
Java
120
October
94.3
!r
Commodity Groups—
All Commodities-——I—.
/
M
1942
Tot&l
Week Ended Jan.
'
July ——
August
September
April
ODD-LOT
SPECIALISTS
AND
THI
FOR
OF
ACCOUNT
chemical and allied products group index
and the
a
ethyL acetate, lithopone, rosin and zinc oxide were largely
responsible for the increase in the building materials group in¬
dex.
Lumber, particularly yellow pine, declined slightly.
given below:
are
acetone
3.7%-to
Advancing prices for paint materials, including barytes, butyl
based upon reports filed with the
Commission by the odd-lot dealers
STOCK
and
rose
on
continuing a series of current fig¬
ures being published by the Com¬
mission, The figures, which are
and
farm
Exchange,
specialists who handle odd lots
land
ada
New
year ago.
acr
dealers
tralia
Mex¬
Eng¬
■
<
Jan. 3, 1941, of complete figures
showing the volume of stock
tina
Can-
a figure which indi¬
cates the activityof the mill based or the time operated.
These
Cattle feed prices continued to rise.
—-r
Price ceilings on alcoEbl as of J an. 1 geared to molasses figures are advanced to equal 100%, so that they represent the total
prices on a sliding scale basis doubled the prevailing market Industry. -:x'v■v1
STATISTICAL REPORTS-ORDERS, PRODUCTION, MILL ACTIVITY
quotations on some grades.
In the meantime curtailment orders
were
issued by the Director of Priorities on both alcohol and
Untitled
Orders.
Production
Ordere
?
Percent of AotMtn
molasses for civilian consumption.
In addition sharp increases I
Period
Received
Tone
Remaining
were reported in prices for calcium arsenate, synthetic camphor
Tone
Current
Cumulative
a
Exchange
for the week ended
on
placed the group index at 96.9% of the 1926 average, the high¬
est point in nearly 12 years.
All grains, except rye, advanced
ranging from about 2% for wheat to over 3% for corn and oats.
Prices for livestock, particularly calves, cows, hogs and sheep,
and for live poultry at Chicago were higher.
Steers declined
slightly. Higher prices were also reported for cotton, peanuts*
flaxseed, onions and potatoes. Prices for citrus fruits and dried
beans declined.
Average prices for foods in wholesale markets
continued to rise as revised ceilings were established by the Office
of Price Administration at higher levels for coffee and cocoa.
Sharp increases for most meats, for dairy products, fruits and
vegetables, flour, pepper and tea also contributed to the advance.
Average wholesale prices for foods are up more than 25% over
-
Commission made public on Jan.
12 a summary
establish price ceilings
products at 110% of parity stimulated the markets causing quo¬
tations to rise sharply during the week.
The advance of 1.5 %
Trading
and
the 10
Action by the Government to
low their normal relations to the
.
of
8
Special provision is made in the
schedule for soy bean oil and
prices of which
Highest leve! Since October, I92S
The
sumption without further pro¬
cessing, it was explained.
oils the
Airs-
May
/Un6
their by-products and de¬
rivatives, as well as greases, it
was
pointed out.
Specifically
excluded, however, are sales of
The Bureau of Labor Statistics' comprehensive index of whole¬
fats and oils (except olive oil)
sale prices of nearly 900 series rose 0.5% during the week ended
through wholesale and retail Jan. 3 to 94.3% of the 1926
average, the highest level since October
channels; sales directly to the
1929, it was announced on Jan. 8.
In the past month the index
baking, restaurant, hotel and has risen 2.3% and is 17.6% above a
year ago.
In its advices the
•other cooking trades; and sales
Bureau added:
and
Argen¬
1940—
all raw,
covers
crude and refined fats and oils
(August, 1939=100)
of
reports,
do not
orders
ordsss.
.
Number 4033
155
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Fertilizer Assn. Index Continues
Softwood production in 1941 was 5%
Uptrend
of
general level of wholesale commodity prices continued to
upward last week, according to the price index compiled by
National
The
Fertilizer Association and issued Jan.
in the week ended Jan.
10, 1942
the
above
records
below that of the
of
of the 1935-1939 average. In the preceding week the all-commodity
index stood at 120.0.
It was 117.2 a month ago, and 100.9 a year ago.
Non-Farm Foreclosures
weeks
same
Are Down In November
comparable mills during the
8% above production of ^ The Federal Home Loan
Bank
was
Board
ing
loss of 19%
in
and hardwoods
loss of 7%.
a
that
announces
after
an
adverse rise which occurred dur¬
Shipments during the five weeks ended Jan.. 3, 1942, were 18%
below those of corresponding weeks of
1940, softwoods showing a
substantially, registering 121.5%
rose
1%
the 1940 period.
This index
12.
and
period of 1939. Hardwood output
same
The
move
1940
241
October, foreclosure activity
non-farm
of
areas
the
United
States declined in
November, thus
downward trend
Orders received
during the five weeks ended Jan. 3, 1941 were
continuing the
The sharpest rise during the week occurred in the textile price
14% above those of corresponding weeks of 1940.
Softwood orders which has been evident over
a
index, the result of advancing quotations for raw cotton, cotton goods, in 1941 were 14% above those of similar
period of 1940 and 30%
period
of nearly 8 years.
and cotton yarns.
The
A marked increase was registered by the food price above the same weeks of 1939.
Hardwood orders showed a loss of
index of foreclosures, which has
average; IB items included in the group advanced while only 2 de¬ 2% as compared with
corresponding weeks of 1940.
been adjusted for seasonal varia¬
clined.
Higher prices for cotton, grains, livestock, eggs, and poultry
On Jan. 3,
1942, gross stocks as reported by 366 softwoods mills tion, moved to a new low of 31.9—
were
responsible for a substantial rise in the farm product price
were 2,747,804,000
feet, the equivalent of 82 days' average production the equivalent of a drop of nearly
index.
The fertilizer material index again moved upward due to
price increases in organic nitrogenous materials.
The index repre¬ (three-year average 1938-39-40) as compared with 2,955,542,000 feet 70% from the average month of
on Jan."
the 1935-1939 period. The Board's
4, 1941, the equivalent of 87 days' average production.
senting the prices of miscellaneous commodities rose slightly, due
report goes on to explain;
to another upturn in cattle feed quotations.
An increase in the price
On Jan. 3, 1942, unfilled orders as
reported by 362 softwood mills
of lime caused a fractional advance in the building material index. were
In
number
of
cases,
fore¬
1,114,244,000 feet, the equivalent of 34 days' average production,
The index of industrial commodities was at a new high point.
closures for the United States
compared with 929,755,000 feet, on Jan. 4, 1941, the equivalent of
totaled 4,204 during November,;.
28 days'; average
During the week only 3 price series included in the index de-^
production.'
' 1
'
* •
t
a decline of 204 cases or nearly
clined while 45 advanced; in the preceding week there were 29
5% from the previous month.
advances and 12 declines; in ftie second preceding week there were
This drop compares favorably
27 advances and 11 declines.
V'y*;. "/''."V
with the 2%
increase usually
WEEKLY WHOLESALE COMMODITY PRICE INDEX
expected
in
November.
In
'■■•'77 Compiled by The National Fertilizer Association
' ' 7\77 7
analyzing still further by dis¬
"Vs:
v:-11935-1939 = 1003 vVy.'-v
Shipments of finished steel products by subsidiary companies of
tricts, all but four showed re¬
the United States Steel
Year
Latest Preceeding Month
Corporation for the month of December, 1941,
%
ductions in foreclosure volume
'y.' -y i ' '
Week
^
;
Week
Ago
Ago
Each Group
totaled 1,846,036 net tons.
ranging from 26% in the Indian¬
Dec.
Jan.
Jan.
.
,
-
Stee!
'
'
Shipments In 1941 Highest On Record
•
Bears to the
Foods
25.3
Fats
and
Oils
Cottonseed
'23.0
Oil—±;
Products
Farm
Cotton
*7,': I;v
.!
■
Grains
—
Livestock
Fuels
17.3
Miscellaneous
10.8
' - 1:
Textiles.
8.2
v3:VV "T.i:'
■-
>■
.
7"-''
1942
1942
1941
1941
118.7
116.3
113.1
92.4
129.5
122.8
124.4
72.7
Di-ugs____—
Fertilizers
■
144.5
149.3
74.3
126.2
119.2
95.4
174.0
168.8
163.4
96.7
119.1
116.2
109.2
87.3
122.5
120.0
112.5
96.3
113.0
113.0
113.3
101.5
126.9
126.6
126.2
110.7
147.7
142.7
140.7
112.7
104.0
104.0
103.3
•
:
131.7
131.5
131.2
118.0
120.1
120.1
112.0
103.9
117.0
116.4
114.8
105.9
112.7r
109.8
103.3
103.4 .7
103.4
100.7
99.6
121.5
120.0
117.2
100.9
The December
preceding month,
net tons in
•'
112.7
Machinery
-
com¬
1940,
Shipments for December
1941
were
all-time
an
high for that
Previous high December was December, 1940 when
1,544,623
net tons
were
any
high
year
1941
being 1916 when 17,105,397 net tons
vember
1926-1928
on
base
Jan.
were
10,
94.6;
1942,
3,
Jan.
93.5;
1942,
Jan.
In
11,
78.6.
the* table
below
list
we
the
1941
7 '
1939
1940
1,682,454
22%
1938
1932
Lumber
1942,
3,
Association
v
Manufacturing Statistics During
Five Weeks Ended January 3, 1942
Jan. 12:,
An average
-
reported
as
on
by
..
of 460 mills report
as
follows to the National Lumber
Trade Barometer for the five weeks ended Jan. 3,
-Production
(In 1,000
:
1941
feet)
Softwoods
Hardwoods
1942;
1941
1,009,256
March
1941
1940
956,320
931,251
..>1,145,067
1,199,869
1,048,674
>—49,464
51,367
55,414
48,835
50,075
961,704
1,005,784
982,618
1,200,481
1,248,704
1,098,749
werS
same
044
".570,264
464,524
1,364,801
747,427
522,395
449,418
1,388,407
Over
cases.
half
of
these
foreclosures took place in com-;
1,720,366
931,905
845,108"
627,047
422,117
1,605,510
1,687,674
907,904
771,752
550,551
429,965
1,617,302
1,745,295
1,084,057
795,689'
509,811
369,882
1,701,874
1,668,637
1,209,684
607,562
524,994
355,575
1,529,241
1,666,667
1,296,887
745,364
484,611
294,764
1,480,008
the respective communities thisj
—
■munities
has
been
August
1,753,665
1,455,604
885,636
615,521
316,417
1,500,281
group
1,664,227
1,392,838
1,086,683
635,645
340,610
1,262,874
cities
October
1,851,279
1,572,408
1,345,855
730,312
336,726
1,333,385
November
1,624,186
1,425,352
1,406,205
month
749,328
299,076
1,110,050
December
1,846,036
1,544,623
1,443,969
765,868
250,008
931,744
20,458,937
14,976,110
11,752,116
7,286,347
4,329,082
16,825.477
*44,865
29,159
*5,237
*12,827
11,707,251
7,315,506
4,323,845
16,812,650
Yearly
by
mos.
adjust..
37,639
-
of
60,000
dwellings.
September
Total
53,187
year
those for the
May
1940
908,507
below
April
Orders Rec'd
Shipments
1940
.
1,548,451
July
Lumber Manufacturers
National
the
Febr'uiiyy:;V-i^.-»x
June
We give herewith data on identical mills for five weeks ended
Jan.
for the first
cases
1929
870,866
1,145,592
isolated
period of 1940 and totaled 54,-
'
•
6
contrary
Foreclosure
figures by months for various
periods since January, 1929:
January
;
only
<
to this
impressive downward trend.
previous
shipped.
were
,
1940;
moved
states
the highest
were
in the history of the U. S. Steel Corporation,
year
year
Shipments for the
and
group
month.
shipped.
each population size
contributed toward lowering the national average fore¬
closure rate by 28% from No¬
trict
increase of 5,445,188 net tons.
an
Home Loan Bank Dis¬
Federal
in
eleyen months of this
Indexes
1941,
increase of 301,413 net tons.
an
1941, shipments aggregated 20,458,937 net tons
the comparable period of
of
District to 6% in the
Topeka area.
During the past
year
curtailment in foreclos¬
ure
rates
have
been general
throughout the country.
Every
apolis
with 1,624,186 net tons in the
compare
increase of 221,850 net tons, and with 1,544,623
pared with 15,013,749 net tons (year end total after
adjustments)
Revised
t
shipments
an
December, 1940,
For the year
.
—
AU Groups Combined_____
100.0
.
and
Materials—-
156.4
129.1
104.0
■'
Materials_>_^__—
Fertilizer
iFarm
.3 7,
-v
———-
Chemicals
.
.3
7;
^
Building
77
.3v'r.
1.3
V
i
Metals
6.1
r:iv;
■
77-
Commodities-
11,
6,
3,
Jan. 10,
GROUP
>
Total Index
the
When
made
of
for
larger
had,
or
more
adjustment 7
the
size
counties
during
the
of
and
eleven
interval, foreclosures at
of
rate
existing
4.8
for
each
dwellings;
next smaller
1,000
while
the
city groups at the
-
Total
'
Total
lumber,
•
Production
•
15,013,749
time
same
•Decrease.
registered
3.4, 2.0 and
rates
down to
on
of
■
1.5 for
.
Note—The
during the five weeks ended Jan. 3, 1942, as reported
to
by these mills, was, 4% below that of corresponding weeks a year ago.
monthly shipments as currently reported during the year 1941, are
subject
adjustments reflecting annual tonnage reconciliations. These will be comprehended
In the-cumulative yearly shipments
as stated in
the annual report.
* "
communities
of
dwellings.
-
■
7•
under
■*'" v' ■
•
5,000:
•:
7■i
——r-
STOCK OF MONEY IN THE COUNTRY
:
vaults
Department in Washington has issued the customary monthly
statement showing the stock of money in the country and the amount in circulation
after, deducting the moneys held in the United States, Treasury and by Federal
Reserve banks and agents.
"The figures this time are for Nov. 30, 1941, and show
'
"
The
Treasury
member
banks
of
the
Federal
Reserve System) was
$10,639,588 759 as"
$10,363,848,903 on Oct. 31, 1941, and $8,522,105,461 on Nov. 30, 1940 and:
comparing with $5,698,214,612 on Oct. 31, 1920.
Just before the outbreak of the
World War, that is, on June
30, 1914, the total was only $3,459,434,174.
The fol¬
lowing is the full statement:
7-V
money,in circulation: at that date (including, .of course, that held in bank
that the
of
against
•
.,
'
7771,
-v.' .?
CIRCULATION
'j ?,•\':k, &'
-MONEY
HELD
Amount held
as secur.
-
OF MONEY
KIND
«
(Geld
>
--
certificates
Gold
TOTAL
against„
——.——
$22,785,312,484
b(20,629,846,421)
0(17,753,067,352)
:
bullion
Silver
cert if ica te s .>»-•-7-- ---•
>
United
•
States notes7-7-
NOV.
30,
___—
"
"
a
Does
silver
and
58,671,558
.44
1,947,189,147
210,787,584
1,736,807,563
12.99
1,159,022
210,834,010
.346,681,016
2,348,232
2,348,232
18,121,435
1,159,022
.01
"l2,~150~416
473,544,855
3.54
3,184,520
207,649,490
1.55
'
344,332,784
23,693,854
320,638,930
2.40
383,733,460
7,614,767,080
56.94
.v'-'i 146,497,150
19,732,530
132,200
19,600,330
.14
293,438
293,438
146,203,712
788,350
145,415,362
1.09
$34,032,954,511
$24,765,980,313
$33,796,718,193
$24,780,803,295
,.30,893,093,053
23,704,779,585
'
.
,
.
'•
.
0($17,753,067,352)
(ESTIM.)
$0.46
7,998,500,540
$22,578,194,590
$156,039,431
e$2,031,746,292
>$14,092,101,436
$3,452,512,677
$10,639,588,759
$79.56
$22,573,806,014
21,518,094,348
$156,039,431
$17,756,141,314
$2,050,957,850
$13,833,579,598
$3,469,730,695
$10,363,848,903
$77.55
-156,039,431
16,770,850.084
133.633.000
2,030,645,806
11,935,557.732
3,413.452,271
8,522,105,461
*64.32
718,674,378
152,979.026
1,212,360,791
*132,502,000
352,850,336
6,761,430,672
1,063.216,060
5.698.214,612
53.21
2,681,691,072
152,979,026
107.096.000
117,350,216
5,126,267.436
953,321,522
133,738,000
8.479.620,824
2.436.864,530
5,396,596,677
2,952.020,313
4,172,945,914
40.23
3,797.825,099
1,845,569.804
1,507,178,879
150.000,000
103.716,000
188,390,925
3,459,434,174
3,459.434.174
34.93
1,007,084,483
212,420,402
21,602,640
100,000,000
99.027,000
90,817,762
816,266,721.
816,266,721
16.92
48,231,000
^
*■..
of 1890 is included under gold, standard silver dollars, and
with the Treasurer of the United States payable in gold certificates in
,
..
.
includes any paper currency held outside the continental limits of the
v
»
*
;■
^
than
tnan held
neia by
oy the
me Treasury.
ireabury.
in the total, since the gold or silver held as security against gold
-j—*>-.\a-•■*»*s
,
•
19,829,589
the redemption
States,..-.-".«■
$61,334,569
485,695,271
U. 8.
Capita
3,003,793
1,194,889
NOTE—There is maintained
a
i
v
'm-'
^
'
t
'
'<
r-'
~i
■
■1
"i"
in
the
Treasury—(i) as a reserve for United States notes and Treasury
1890—$156,039,431 in gold bullion," (ii) as security for Treasury notes of 1890—an
equal dollar
standard silver dollars (these notes are being canceled and retired on
receipt); (ill) as security
for outstanding silver certificates—silver in bullion and
standard silver dollars of a monetary value
equal
to the face amount of such silver
certificates; and (iv) as security for gold certificates—gold bullion of
a
value at the legal standard
equal to the face amount of such gold certificates. Federal Reserve notes
notes
of
in
amount
are
obligations
Bank.
Federal
of
the
United
Reserve
notes
States
are
and
secured
first
a
by
the
lien
on
all
the
deposit with
assets
of
the
issuing
Federal
Reserve 5
Federal Reserve
agents of a like amount"
purchased paper as is eligible under the
terms of the Federal Reserve
Act, or, until June 30, 1943, of direct obligations of the United States if so
authorized by a majority vote of the Board
of
Governors of the Federal Reserve
System.
Federal
of
gold certificates
Reserve
fund
banks
which
or
must
must
be
of gold certificates
maintain
a
reserve
and
in
such discounted
gold
certificates
or
of
at
least
40%,
including
the
redemption
deposited
with Tcettsurer of the United States,
against Federal Reserve notes in
certificates" 'as herein used includes credits with the Treasurer of the
United
states payable in
gold certificates. Federal Reserve Bank notes and National bank notes are in
proces»
of retirement.
*.
'
actual
United
Amount
$2,815,444,500
2,922,158
and Treasury notes
^"gVhe ^money^ckculation
* '
v
;
NENTAL
Per
61,675,351
2,922,158
,
"
—g In Circulation—
''
Agents
CONTI¬
t
$2,876,779,069
7,~342~449
amounts are not included
indudes^credits
'V
POPULA¬
TION OF
■'./
•.
d$l,999,426,632
478.06M16
the Gold Certificate
(2)
Total
;.r 1,470,288,153
1,470,288,153
Fund-Board of Governors, Federal Reserve System, in the amount of $17,737,572,728
fund for Federal Reserve notes in the amount of $15,494,624.
>
d Includes $1,800,000 000 Exchange. Stabilization Fund and $143,298,497 balance of increment resulting
from reduction in., weights-of the gold dollar.
1
e Includes
$59 300,000 lawful money deposited as a reserve for Postal Savings deposits.
fThe
amount'of gold and silver certificates and Treasury notes of 1890 should be deducted from
this amount before combihing'With total money held in the Treasury to arrive at the total-amount of
(li
.
gold otner
other
not Include
include
silver. certificates-
."
•
•
and
Money
:,'..., 7';
£
:•
97,059
.
1879—
b These
Other
,.1,194,889
^
-
■>/
Res. Banks
.
488,617,429
♦Revised figures.
*r?
7?.";
18,121,435
"l941-__,:_—----
•
and
and
y Agents
"
Comparative totals:V
Oct. 31, 1941,---^-:~'--^------rfNov, 30, 1940—. ->•—
—~Oct, 31, 1920_:.---—--------March 31, 1917-i-----iii--_-;-..'June-30,
914^-1^-^^^------1,
Federal
All
...
>212,028,89$
v-
".-
Jan.
v
.
97.059
,
Federal Reserve bank note£_:.™.
Total
7;
y.7;'77:/77, ,,7v7
1941
Federal
Reserve Banks
0c($17,753,067,352)
485,402,465
30,
-MONEY OUTSIDE OF THE TREASURY—
by
8,016,621.975
i,
Federal Reserve nptes—-———~
National bank notes
MONEY—!•NOVEMBER
—
$156,039,431
$20,629,846,421
.
,
Treasury Notes
of 1890)
STATES
Held for
against U. S.
Notes of 1890)
r
UNITED
OF
TREASURY-
0(1,159,022)
of 1890
silver 12—
Coin
Minor
547,077,816
7,,- 1,470,288,153
b(l,947,189,147)
Treasury notes
Subsidiary
' 7;
a$22,785,312,484.,
silver ^ollars__L_-----.
Standard
SHver
Total
THE
Notes (and
Ctls. (and Treas.
-.AMOUNT
:>
STATEMENT
Reserve
Gold and Silver
.
IN
circulation.
"Gold
,
.
,,
,
-
,
•
I."*"-1-" ~r
■V
242
THE COMMERCIAL
& FINANCIAL CHRONICLE
1,617,500 tons one month ago, and ;1,547,700 tons
Weekly indicated rates of steel operations Since"Jan,
ago,
Steel And Iron Production Set New Records—
1941—
Search For Needed War Materials Extended
Industry's search for materials needed for the nation's Victory
program—185,000 planes, 120,000 tanks—is being extended to every
possible source of supply, states "The Iron Age" in its issue today
(Jan. 15), adding: "Translated into the materials needed the program
is indeed 'gigantic.'1 For example, the
greatly enlarged tank and
airplane program calls for sharp increases in requirements for cast
and
rolled
together with alloy ingot output. A 1942 tank
production of 45,000 units, with all other combat vehicles, can only
be
armor,
carried out
increase in monthly production of cast armor
from 28,000 to 59,000
tons, or 708,000 tons for the year.
"In rolled
by
an
the nation's output will have to be
increased to
77,000 tons monthly, or 914,000 tons for a year. Sixty thousand planes
which the President said must be built in 1942 will require 809,000
tons of alloy ingots of which
213,000 tons will be for frames and
486,000 tons for engines.
• <
.
'
armor
97.2%
Apr
21———96.0%
Aug
28——97.6%
4——4.-96.3 %
Jun
13.——_ yq.ovt
Apr
28———94.3%
Aug
11—-1-95.6%
Jun
20
96.5%
.Way
Aug
Jan
27
—97.1%
Vkiy
5—
12—L
Jun
o„
projects recommended by the Office of Produc¬
Management, and awaiting action by the Defense Plant Corp.
call for 360,000 tons of additional open-hearth caoacity at Bethlehem
Steel Co.'s Pacif'c Coast plants, a 1,000-ton blast furnace
at the Dear¬
increase of 300,000 tons
born, Mich, plant of Ford Motor Co. and an
in ingot mold capacity at the Cleveland
plant
corp.
"Behind
the
everywhere
sacrifices
statistics
the
of
meeting
are
Mold
Valley
of
&
V
/
the
war
bitter
same
industrial observers
program,
civilian
conclusion—that
through diversion of materials to
in the
use
war
United
States have only begun.
3
96.9%
May
19—
99.9%
—97.1%
May
26—
98.6%
Sep
Feb
94.6%
Jun
2
3—4.^—97.5%
Jun
9——98.6%
17
Mar
-
24
Feb
War
Mar
'
"Small declines in steel
irgot production rates in the country's
Chicago and Pittsburgh, were the chief
y cause of a droo of a half point in the national rate to 96% of capacity
The Pittsburgh rate dropped one point to 97%, while Chicago eased
a half point to 101%.
Cleveland also showed a loss, declining a point
to 96%, while a severe shortage of
scrap in Southern Ohio forced a
drop there of 15 points to 93%.
;
two
largest producing
areas,
"Repairs, as well as the lack of scrap, was a factor in the week's
output decline.
However, changes ■{ in operations due to repairs in
the various districts largely counterbalance, while the net loss in the
rate last week may be attributed to lack of
adequate supplies of raw
materials.
With steel so urgently needed for the war
program, a
fractional point loss or gain in ingot
output is highly important.
Gains reported in the last week include
Philadelphia, 1% points to
9IV2; St. Louis 2 to 92; Wheeling 2 to 88; and the eastern district
4V2 points to 104%. Unchanged rates this week were 95% at Youngs90
town.
at
Buffalo, 95%
at
Birmingham, 94 at Detroit and 97 in
the West.
"Scrap
centers
collections
due to
cold
slumped
weather
in; almost
of
the
affected steel nroduction at
scran
all
principal consuming
past week.
Lack of automotive
Youngstown and Cleveland where
additional openhearths were taken off.
At Sharon and Buffalo steel
production units previously suspended still are idle.
With the iron
steel scrap supply situation now at a critical
stage, the latest
scrap controversy centers around claims that automobile
wrecking
yards are not producing the fullest possible volume of scrap.
and
"Expectations that demand for structural steel shapes and con¬
reinforcmg bars would relax by the middle of January have
been realized.
Instead, additional factories, air bases and the
crete
not
buildings
print stage and
many
under the Victory program are in the blue
necessary
wdl
soon
require substantial tonnages of steel.
In
the past week concrete bar awards amounted to
55,000 tons, most of
which is to be used for purposes about, which information has
been
restricted
by
government
agencies.
Last
week's
awards
lun
16—
99.0% *
23——
99.9°*
Jun
30__——91.8%
99.8%
Jly
uu
2o_
99.2%
Jly
14——1_95.2 %
Oct
27—
99.3%
Jly
21——96.0%
NOV
24—
7
"Steel" of
kets,
48,000
for
tons against
16,200
10,000 tons."
Finished
Jan.
13.
One
week
One
month
One
A
;
.
THE
1942,
tons
■
"IRON
call
Steel
the
entire
all-out
AGE"
COMPOSITE
PRICES
High
Low
y ;
1939
$22.01
Sep
19
$20.61
2.30467c.
19 <8
23.25
Jim
21
19.61
Jly
___2 30467c.
1937
23.25
Mar
9
20.25
Feb
_,
Sep 11
f
_—__-„^_2.30467c.
19.36
—19.74
Nov 24
18.73
Aug 17
1935
—18.84
Nor
5
17.83
May U
1934
17.90
May
1
16.90
Jan
1933
16.90
Dec
5
13.56
Jan
cold-rolled
represent
sheets
78^
of
and
strip.
the
United
These
High
1940
Sep
—2.30467c.
1939
„»2.353070;
output.
1932
'Low
__2.30467c.
1941
products
States
2
2.30467c.
2
J.m
2.24107c.
3
~
Jan
1931
Apr
2
16
May
16
Sep
2.20009c.
1938
—2.58414c.
Jan
4
2.27207c.
Oct
18
1937
—2.58414c.
Mar
9
2.32263c.
Jan
4
1930
__
1929
Jan.
13,
1936
—2.32263c.
Dec
28
2.05200c.
Mar
10
1935
—2.07642c.
Oct"!
2.06492c.
Jan
8
One
week
.2 15367c.
2
One
month
year
Apr
24
1.95757c.
Jan
1933
.1.95578c.
Oct
3
1.75836c.
Mav
2
One
1932
—1.89196c.
Jly
5
1.83901c.
Mar
1
Based
1931
—1.99629c.
Jan
13
1.86586c.
Dec
29
1930
__2.25488c.
Jan
7
1.97319c.
Dec
9
1929
—2.31773c.
May
28
2.26498c.
Oct
29
Pig
Jan.
One
13,
week
One
1942, $23,61
One
year
■ased
on
Ton
averages
_
sufficient to
of
changing
able
to
fill
for
basic
Philadel¬
Southern
Iron
Inability
1940
——
The
that
Low
$23.61
_.—
Mar 20
but this cut
23 45
Dec
American
telegraphic
23
22.61
Iron
reports
Jan
and
930
2
1929
Steel
which
it
Institute
had
vey
sufficient
Jan.
industry will be 97.8%
12, compared with 96.4%
anc* 95.1%
1.5%
from
one year
the
ago.
of
one
2
90
a
Gross
The
an
available
Eastern
Pennsylvania,-89;
Louis, 76.
r
meet
Cincinnati,
all
war
requirements. ~ V:
91i Birmingham,
90;
St.
'
direct war
uses.
<
t
melting steel
at
7
$19.17
It
30
16.04
Apr
i
3
14.08
May If
22
11.00
Jun
7
Mar 30
12.92
Nov
10
Dec 21
12.67
Jun
steel
castings was produced in 1941, nearly 25% more
than the previous peak'output, 66,981,662 tons, in 1940.4 The industry
operated at an average rate of 97.4% for the year, compared with
82.1% in 1940.
December production was 7,163,999 tons, slightly
Pig iron production in December broke all previous records
daily rate and monthly total and carried the total for the year
a
high of 55,918,086 net tons, 19.24% over 46,894,675 tons in
over the 1939 output.v; December total was 5,014 995
new
1940 and 58.36%
tons made in November.
The
daily production rate was 161,774 tons, exceeding the previous alltime record of 157,378 tons in September, 1940.
Three more stacks
were in production than in November, the total being 218. - The rate
of operation, production related to estimated capacity, was 104.06%.
greater than 4,707,194
assembly last week totaled 58,990 units, compared
Automobile
with 18,530 the
production
was
preceding week.
In the corresponding week in 1941
115,935 cars.
Increase of the January quota to 208,builders
has- allowed
the
latter
to
make
use
of
of their stocks
more
of
on
Recent revisions of the scrap ceiling schedule had no effect
the latter.
War
'v
*
Board, which had been set up %
19, 1941, and provided *
forMhe transfer of all its employ-
ees,\£e£iw>ds, property and
pended funds to the
new
In addition to Mr.
other
public
«
unex-
board.
Davis, these
members
named: Vice-Chairman
"
were
George W. Y
Taylor, Professor of Economies at j
the
University of Pennsylvania,1
and impartial chairman for vari¬
industries; Frank P. Graham,
of
the
University of
North
Carolina; and Wayne L.
Morse, Dean of, the University of
Oregon's law school..
ous
President
Employer representatives
Board
are:
A. W.
United
,•
Hawkes, President of the
States
Chamber
and .also
merce
Nairn,
,
the
on
Inc.;
Chairman
of
Roger
of
the
of
Com¬
CongoleumD.
.
Lapham,
Board,
Ameri¬
Steamship
Co.; E.
McMillan, President of Standard
Knitting Mills, Inc.; Walter C.
J.
Teagle, Chairman of the Board of
the
Standard
Jersey.
*
The four
are
Oil
Co.
of
New t
Y:Y':-
...
*
employee representa¬
follows:
as
^; The
7 ;•
-0:
»
'
<
.
also
appointed 1
four alternate members
to repre¬
sent management and labor in the
absence
of
regular members.
Those named
nates
are:
employee alter- Y
as
-
Martin
P.
Treasurer,
Durkin,
Secretary-
United/ Association
of
Plumbers and Steamfitters of the
United States and Canada; C. S.
Golden, Regional Director of the
Steel
the
r
Workers
Organizing Com¬
Emil Rieve, President of
mittee;
Textile
Workers
Union
of-
America; and Robert J. Watt, International Representative of the
*
AFL.
The
four
employer
alternates
are:
Bent, Vice President of the
Hercules
Powder Co.;
R. R. Deu-
President, Procter & Gamble Co.; James W. Hook, President
pree,
*
of the Geometric Tool
Co.; and H. I
Horton, of the Chicago Bridge •
Corp.
B.
•.
'
■
President
& Iron
President Roosevelt Sets
Up War labor Board— Moody's Commodity
Davis Will Heed Twelve-Man Group■
Slightly Higher
W. H.
President
Roosevelt
on
War Labor Board
National
Apr 29
to be headed
28
Mediation
Jan
3
6.43
Jly
Jan.
12
created
by
Jan
6
8.50
Dec
29
15.00
Feb
18
11.25
Dec
8
national interest
17.58
Jan
29
14.08
Dee
?
announced
work
which
In
his
order
the
President
demands that there shall be
contributes
The Board, made up
sentatives
ployees
of
and
the
of
to
the
no
month ago
public, of. ememployers, was
increase of 1.4 points or
1 management and labor on Dec. 23.
This
agreement provided the fol¬
lowing three points, that (1) there
shall be no strikes or lockouts, (2)
all
week
declared
shall be settled by
means, and
(3) a War
disputes
putes
of
the
any
war."
(referred to in these
as
col-
follows in the President's
•
.
*
(a). The parties shall first
221.5
a
this Tuesday.
The
important
individual
changes were an advance in cot¬
ton and
a
decline in
hpg prices.
as
221.5';
Friday,
22176 \
Jan.
Saturday,
221.7
9
Jan.
10
221.8
Jan.
12
223.4
Tuesday, Jan.
13
221.9
Monday,
weeks
ago,
Month ago,
to direct
Year
1941
man-
221.5
Wednesday, Jan. .7
Thursday, Jan. 8
procedures
negotiations or to
provided in a
collective bargaining agreement.
*
was
follows:
Tuesday, Jan.
Two
re¬
In- '
week
most
the
If not settled in this
Commodity
from
;
to- 221.9
ago
sort
(b)
advanced
The movement of the index
settling labor disputes threatening
to interrupt war work was pro¬
vided
dex
—i-—
umns of Dec. 25, page 1641);
The procedure for adjusting and
order:
Moody's Daily
a
that;"the
interruption of
effective prosecution
of four repre-t>———:—
the .created as a result of the agreeiment reached at a conference of
of the steel capacity
order
members and
by William H. Davis, Chairman of the National Defense
Board.
5
11.33
executive
to be composed of twelve
i
Sep
rate for the
of' the
March
L. N.
part of
6.75
operating
tion
on
'"'If;::
,
9.50
one
creation
ished the National Defense Media¬
than
6,969,987 tons made in November but a little below the
all-time high of 7,242,683 tons made in October, 1941.-
more
10.33
97.9%
the
;
by the board. >
Board, the President abol-
the AFL.
furnace
10
that
With
Labor
tives
A total of 82,927,557 net tons of open-hearth, bessemer and elec¬
„
tric
Aug
indicated
established
»
Mar 13
12
arbitration under
or
rules
,
Dec
Jan.
arbitration
*
voluntary
Lack of scrap is the greatest deterrent to enlarged production
Thomas
Kennedy,
Secretarysteel, practically every producer having open-hearth capacity idle.
Treasurer
of
the
United
Mine
Operation of active furnaces is hand-to-mouth with possibility of
Workers
of
America;
George"
curtailment ever present.
No steelmaker has reserves sufficient for
M e a n y - Secretary Treasurer, .
more than a few days' production and receipts of scrap are meager.
American Federation of Labor; R.
Recent revision of the ceiling schedule has helped somewhat in bring¬
J. Thomas, President of the United
ing out better supply of steelmaking grades, but the improvement is
Automobile Workers of America;
slight.
On the other hand, the new schedule for .cast grades has
Matthew Woll, Vice President of
lowered prices and supply is no better, in some cases worse.
13.42
Jan 12
mediation,
use
quo¬
Philadel¬
Apr
8
may
of
Low
Jan
\
jurisdiction, the '
shall' finally
determine '
20.66
scrap
Pittsburgh,
discretion
takes
can-Hawaiian
Branch, OPM, has announced a plan to produce
as
much plate as possible on continuous strip and sheet mills, to
release output of plate mills for urgent war production.
Consumers
are asked to change design of their products to utilize fully the con¬
tinuous mill product.
Mills producing universal and sheared plates
will be used as far as possible in serving ship; 'combat tank and other
peaceful
beginning Jan. 12, according to the Institute is equivalent to
1,615,800 Labor Board be established for the
tons of steel ingots and
castings, compared to 1,592,700 tons one week peaceful adjustment of such dis-
to
Iron and Steel
$19.17.
Ton
capacity for the week beginning
This represents
preceding week.
be
points to 79V2, New England 8 points to 92, Wheeling 1 point to
and Youngstown 2 points to 90.
Unchanged rates prevailed at
12.25
on
ago,
will
Steelmaking declined 1 point last week,: to 96lk %, the dip be¬
ing almost entirely due to lack of scrap, open' hearths in practically
all districts being idle from that cause.
Chicago increased its :catc
1/2 point to 102% and Cleveland had a net gain of 1 point to 95%
Pittsburgh dropped 1 point to 95%, Detroit 8 points to 82, Buffalo
13.00
received
week
steel
'
19.1'
heavy
operating rate of steel companies having 91%
the
on civilian supplies and will not affect war
progressed mucl} further than is expected.
Sur¬
of the entire situation indicates that even under this handicap
parts, v::
$19.1",
8.50
—
first
1940.
Finished ste^l composite is $56.73, semi¬
finished steel $36, steelworks pig iron $23.05 and steelworks scrap
17.75
-2
falls
it has
I"
21.92
1931
$23.45-Jan
sufficient
,
Dec
1932
High
1941
indefinitely.
During the period
new condition mills are un¬
highest priorities. raw
material, principally scrap,
the
May 14
Dec
*
obtain
outside
18.21
Nov
—
to
demand
Composite prices come over into the new year unchanged from
Oct
1933
and adjusting to the
f
15.00
1934
Chicago,
and
over
much
peak steel production is cutting into the total possible otherwise,
000
Chicago,
1935
Iron at Valley furn¬
at
Cincinnati
the entire output
If
1
—
understood,
take
its
the dispute and for this purpose
outlined
If
22.50
1937
program,, as
it
board
'
Dec
21.83
1936
of the iron and steel mar¬
•
war
in
board
retary may take jurisdiction of
the dispute on its own motion.
Dec
1940
23.45
y7.8%
99.9%,,
Dec
$19.17
that the
,
after consultation with the Sec¬
civilian users have little chance of
obtaining steel.
It is believed that capacity is sufficient to meet
armament needs and also provides considerable:,; tonnage for nonwar
use.
This belief rests on the assumption
that facilities for
fabricating steel into ships, combat tanks and munitions are not
are
certify the dispute
board, provided, however, \
After
summary
j
shall
to the
-
9—-—97.8%
^
If not promptly settled by
the Secretary of
Labor
96.4%
2
Jan
14.79
$22.00
23.61
Vv
r
Jun
present, until the situation becomes clearer and actual
demands
?
Scrap
(c)
—98.2%
3-
vastly enlarged
a
1943-1
V-V.
,con- >
Department of lJ
if they
conciliation,
■
15.90
consumers
„
of
98.1%
6—-
13——98.4%
the
of
shall be:notified
have not already intervened in
the dispute.
• f.'-V-V-'
/
29——96.1%
5
1942,
—
spur
<y
Dec
7
ago
1938
22—11—93.4%
6
1941
1939
$23.61
ago
foundry iron
Buffalo,
Valley
phia,
at
Gross
ago..
and
aces
a
—
and
-15——97.9%
Dec
Jan
High
Iron
ago.
month
phia,
Dec
97.5%'
Jon
ago__——„—
to
8—
Jan
ago
No.
on
tations
Dec
—97.6%
15.90
13.56
■
1
14.81
Steel
1934
.
24———95.9%
Dec
18.21
18.71
—_—_
Y
Labor
—96.6%
ingot and pig iron production figures for December and
year have set new records, an • earnest. of the industry's
meet whatever demands are made on its capacity.
the
For
war
If
weighted Index based on steel bars, beams,
plates, wire, rails, black nipe, hot and
Nov
10—
effort to
tons, 6.97%
-
tank
of
projects
'■
new
/
Lb,
a
ago
ago
week, while
Steel
2.30467c.
ago
year
last
Nov
thev commissioners of
ner
filiation
by the President last week, the steel industry is preparing in every
way to meet ,the demand incident to Such am undertaking.
to
total
*-
possible
totaled
awards
Cleveland, in its
the
Sep
Oct
Oct
7—.——94.97*
Jan. 12 stated:'
on
Under
week
steel
15——,—96.1%
22——96.8%
29——96.9%
Jun
31—
tons
Structural
Sep
Sep
99.4%
War
for
ago.
-99.2 %
—96.3%
Alar
New reinforcing steel projects total 30,000
a
_86.9%
10—_98.8%
Apr
approximately 62,000 tons.
against 50,000 tons
8—.
17-
needs until
by the Army.
99.2%
18-
ago.
year
1941, follow:
•
awarded
Co.
96.8%
one
Nov; 17-^—k—97.0%
10
for
Budd
,
•
Feb
Buyers of peacetime products, like passen¬
automobiles, need not wait long to see where the materials which
might have gone to them are being sent. For example, an order for
340,000 cargo truck bodies, to be completed within a year, has been
G.
14-^—^98.3%
Jly
Feb
ger
the E.
Apr
„_96.2%
Aug 25-——96.5%
Sep
2——96.3%'.
(
"Steel expansion
tion
Iron
Thursday, January 15, 1942 *
ago,
Dec.
Jan,
217.9
13
217.0
13
High—Sept. 9
Low—Feb.
1942
Dec. 30
175.1
"
219.9
17
High—Jan. 12
Low—Jan.
2
'
171.6 1
,223.4
;
220.0?
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 155 ' Number 4033
sent
word • to the
Secretary of automobile v industry.
Knudsen,
War, that he thought the whole always an obsession of the com¬
thing very funny, not serious, but bination, has become a focal point
From
(Continued from First Page)
they go
will
that
this if he does
do
not con¬
with them.
tinue to go along
I have to report
have
By
won.
for
of
way
pooling
thinks
small
a
a
flank;
of
Of
.Reuther, the
"brilliant" author of a plan to put
the
automobile industry out of
business a year ahead of the time
it has been put out of business, is
course,
which is to effect the
committee
"conversion"
industry.
the
of
avowed
Walter,
a
fellow
the committee is an
communist,
George
F.
Addes.
And
with
Along
traveler,
on
is
there
the
not
doubt that Walter will
have soon made his trip with Col.
slightest
Ginsburg and come back to give
more trouble
to the automobile
But his assignment does
at least provide a breathing space,
and
in
the
meantime, there is
industry.
laughter around Washing¬
ton about the traveling companion
to whom he has been assigned.
much
ing the Presidential campaign by
slurring the pronunciation of his
name.
The
"World-Telegram"
sponsored the General's
apologized for the Gen¬
speech on the radio.
The
which
column,
eral's
attention
attracted
first
Colonel
of Hoover when he
was
the
ghost writer
for the
Secretary
of War, Pat Hurley.
Much was being said and written
in
those
days about the witty
the
in
days
"Irish"
speeches which Pat was
making. This writer fell upon the
in
born
who
Colonel
the
that
fact
Russia,
was
was
responsible
He wrote about
for this Irish wit.
Two of Pat's aides waited upon
it.
he; perceiving that
a goat of
the writer and
Pat was about to make
do
had
who
Ginsburg
to
nothing
had
with his getting
the story,
The
based
on
as
observer
an
-Take
it
has
unusually
There
and
able
the
the last World
remained in it
is
to
as
still
just
fallen with
ment.
industry
\
\
;
do
One
the
mobile
should
blue
is
and
around
in
argue
face, for
the
to whether the auto¬
industry,
for . example,
as
at
.
that
this
indicated
The
with
appre¬
has
gone
have
been
down
struck
a
instead of today.
The
point is that today it is "struck"
down.
Now, to survive, it is a
cinch that it will turn out all the
it
materials
war
the
that
extent
'tracts.
possibly can to
it gets the con-
V%<'
Regardless of what the situation
may have been in the past, it is
have
the
Business
different.
now
been
wittingly
men
Knudsen,
on
writer
low.
all out for
been
this
been
"Ministry of Produc¬
a
their
and
has
whole enterprise
have.
we
The
thing
it
a
over
five
increase
period
price.
'
*
:
capital market have been
on
a
reduced scale. In addition to last month, when
govern the form and content of
.
the
Russians
and
overbid
into
came
for the
us
production.
On
the
the
The
Mr;
synthetic
British want
Roosevelt,
events with the
weakness
markets.
Naturally
issues <were
.
the
would
sooner
himself,
similarly
mans
But the
the
New
war
is
from
and
$73,116,663
hazards
of
bringing
out
New
with
a
greater degree of
:
i
Capital
s
new
He is
in
not
was
the
anti-New
statements
rear
condition,
including unit investment
which
issuers
are
of
trusts
periodic
payment plan certificates.
coldly cal¬
a
of
Europe,
Si>
man.
National Banks
following
information
is
from the office of the Comptroller
friend
A
of
this
writer's,
just
arriving from Honolulu, who was
there
through the raid, says the
people
the
there
fear
of
the
air attack.
an
laughing
are
Pacific
of
we
had
Treasury
finally
De¬
CAPITAL STOCK INCREASED
Amount of
of
They point out that
when -
Currency,
COMMON
Increase
Jan.
2—The
National
Bank
of
Wyandotte, Wyandotte, Mich.
the third Japanese raid of De¬
7,
the
partment:
about
Coast
From $100,000 to
Jan.
8—The
got our planes in the air, that the
Bank
Japs were easily repulsed.
IH;
of
$200,000—
Farmers
Geneseo,
From $63,125
$100,000
National
Geneseo,
to $85,000_
21,875
.
.
Y^ar 1941
representing new money rose to $42,014,869 from the
year's low of only $19,986,860 in November.
Below we present a tabulation of figures since Jan¬
1939, showing the different monthly amounts of
corporate financing as revised to date. Further revisions
of the 1941 figures will undoubtedly be necessary from
uary,
the
time to
time, particularly as additional private financing
light in annual reports and other places.
is brought to
portion
CORPORATE FIGURES BY MON-THS,
1941,
1940 AND 1939
Refunding
Total
New Capital
Refunding
Total
$
S
$
8
$
52,928,677
271,387.665
324,316,342
35,469,718
137,994,832
February.-.'.:
46.549,770
227,012,100
273,561.870
46.004,059
211,341.581
....
First Quarter
...
May......
-
June
-
j
| New Capital
*
s
-
Total
S
10,386,300
16.312,332
136,115,000
159,948,072
58,179,191
<>8,688,660
106,867,851
87,938,295
195,189,960
283,128,255
78,200.042
181,769,350
259,969,392
21,740,443
161,502,000
251,793,424
283,039,488
201,922,025
31,527.491
103,799.050
135.320.541
799,800,237
113,001,268
453,135,463
566,136,731
107,180,735
146,650,400
-260,976,300
203,857,159
59,175,210
192,497,442
84,280,300
101,476,480
251,672,652
89,787,130
9,771,328
174,067,430
111,247,808
31,241,064
197,102,123
(
5.926,032
115,287,655
113,390,374
S
23,833,072
613,687.420
90,466.785
Refunding
173,464,550
86.634,370
63,874,177
(
257,345,610
186,112.817
39,469,665
April.......-..---
*1939
;
*1940
January
March....-.-.
uncer¬
|
183,242,443
Second quarter
193,810,027
417,673,232
611,483,859
158,733,668
378,254,222
636.087,890
131.181.549
5.5.069,774
726.251.323
Six months---.:-."-..
379,923.444
1,031,360 652
1,411,284,096
271,734.936
831,389,685
1.103.124,621
219.119,844
790,259,731
|l.069,379,578
292,281,400
49,703,366
180,669.959
230,373,325
180,831,672
25,894,844
317,462,641
343.357,485
133.601.250
16,019.150
80,195,000
96.214.150
86,468,3S0
130,037.550
49,833,450
242,447.950
327.402,743
74,427,157
401,829,900
67.938,134
112,893,538
34,264,713
161.391,300
195,656.013
68,006.465
65,594,785
405,236,626
322,286,837
727,523,463
185,778,049
420,936.273
600,714,322
91,617,360
578,327,600
-
669,944.960
Nine months.....---------
785,160.070
1,353,647,489 2,138,807,559
457,512,985
1,252.325,958
1.709,838,943
310,737.204
1,368,587.334
1.679.324,538
47,728,100
345,346,770
393.074,870
262,885,785
20,297,396
157,474,063
21,640.375
£0.834.833
177.771,459
112,475,208
396,778,240
30,778,057
195.817,158
226,595,215
July
43,569,170
...
A ugust-—:
-
-
September
Third
quarter—:£\
-
nearly 50% below the year's average.
In Decem¬
ber 1940, issues sold, for all purposes aggregated $398,778,240 and those for new capital purposes $-32,198,558.
Issues sold privately last month totaled $59,572,000
and represented more than 53% of the month's total
sales.
This was a greater amount than in November
when $14,600,000 or a little more than 10% was privately placed. In October private, sales accounted for
were
face
to
of
distributable funds, and sched¬
ules for unit investment
trusts,
than they would
*1941
465,696 issues sold for this purpose was only 30% below
the monthly average for 1941, whereas the total figures
-
the
at
Article
rules
statements of income and other
The
increased
However
November.
in
SUMMARY OF
in the nation's securities;
be done here in this regard remains to be
seen.
V
"
The volume of financing for new capital purposes, in
December was less affected than the total and the $59,■
of
let the Brit¬
them
of
related
of
'
12, which deal specifi¬
cally with the form and content
Russians
the
2-MD; and
adoption
the
and
re¬
part
as
Article
war
confined to
not
Dealers
capital issues
may
.
face
Municipal financing dropped to $60,287,387 last month
the Jap¬
however, for it is customary for nations at
institute strict control of the capital markets*:
•
6A
im¬
the
and
(b) the
the
the Germans. Attack the Ger¬
on
now
to
What
no
"assist"
$23,200,000 obligations of Public Service Co. of Indiana,
Inc. and $13,000,000 of Loews Inc.
succeeding the earlier dates mentioned the new issueshigher levels than theretofore.
war
•
leaves
that
$10,000,000 or over; Pennsylvania RR. offered pub¬
licly $18,465,000 equipment trust certificates; in addition,
there were two private placements of such size, viz.,
volume went forward to
tainty
hold
that
C-l
filed
i
be successful
pression
cember
greatly -enlarged in consequence. In months
The future is enveloped
to
He
causus.
culating
bottleneck.
market is not a remote one for each of these occurrences
marked
doesn't
view
statements
be
to
forms
in Libya so they can give aid
to the Russians in the Cau-
he says.
production.
European
provoked
he
the
Only three corporations brought out issues last month
war
association of these
to
an
Furthermore,
question of Jones'
stimulating
$111,247,808, and September 1939 when
War commenced with the invasion of
Poland .and capital financing amounted to $96,214,150.
the
that
kindly
financial
quired
a
im¬
at
the
British, needing rubber also, have
placed restrictions on the export.
totaled
tions
♦'
brought the
It
This
Jones
(a) amendments to Rule 1-01
require that Regulation S-X
to
attack
the
men,
is
of the
consist of—
broad
but to
statements
The changes in Regulation S-X
do,
European front.
for
to the United States by bombing
Hawaii and other outlying possessions, there was June
1940 when France fell to the Germans and capital flota¬
anese
much
so
plans,
state¬
Capital Flotationsiln the United States During the Monih of December and for.
quietest of any month this year and the volume of financ-.
ing carried out during the month, $111,520,250 was the
smallest since June 1940. Since August 1939 there have
been
two
other • months when
financing operations
through the
to
financial
companies covered by that Act.
the
mediately agreed to do this. Then
standing between them and
capital issues market was the
corporate
Americans
of the financial
is
for
of
of
Western
the Twelve Months of the Calendar
December's
out
agreed to take
year
in
Libya
content
companies filing under
the Investment Company Act of
1940 may result from the study
commentary on the bick¬
erings of international states¬
said they
increased pro¬
an
we
Exchange Act of 1934. It is con¬
templated, however, that further
or a general revision
of the requirements as to the form
the enemy face to face on the
is
in .the East Indies,
justify
ties Act of 1933 and the Securities
and
70% of the
political.
in this way
unless
are
periodic payment plan
certificates. The changes are de¬
signed for use by companies sub¬
ject to the Investment Company
ments
frankly
very
of
ing
is
rid of Knudsen who has
employe-employer control of the
says
ish
duction
Russian
battle
ish
could not
courted
so-called
strategy
eight months ago, the Brit¬
and Dutch producers of rub¬
ber
the
he says, is to not to be work¬
authoritatively that
say
He
British and
is
than
can
much
some
The New
combination
Deal-CIO
is to get
in
opinion, have been un¬
lending themselves'" to
subversive movement.
tion"
who
lending themselves to
attack
writer's
a
hand
on
ago
year
was
set-up.
war
that he thinks that
being charged,
having more rubber
not
our
which
which
of
Now,
Ambassador, nowadays, Litvinoff, is a very cynical fel¬
he
man
propaganda
campaign
against
Jesse
Jones.
He
it
trusts
issuers
amendments
collateral phase of the pres¬
responsible,
investment
in keeping him out of any promi¬
1 have the rather dis¬
how
unit
spenders
President, he
time
any
dissatisfaction
ent
for
to
as
spender.
statements
filed by
trusts, including
Ickes and have thus far succeeded
off.
A
|
sit
can
he
until
contin¬
and insistent upon
uing to do so.
signs
financial
investment
the time
rival
were
of
unit
Hopkins
placarding the country
were
with
along trying to do his job without
engaging in controversy.
I have
\ In the meantime, the Leftists of
the
rather
distinct
impression,
Washington are apparently de¬
too, that the two men have seen
termined that if the war is won
eye to
eye
ever
since Knudsen
without their havmg their way it
was first called to
Washington. It
will not be an official victory. In¬
is surprising, though — rather a
dustry of the country is turning
commentary on Mr. Roosevelt—
out the bullets, the,planes and
that he should have permitted this
the tanks and the whatnot of the
needs for soldiers.
jThe Leftists loyal citizen to take the beating
he has without calling the
dogs
in the meantime, are turning out
words
between
applicable to the form and content
in¬
The
versa.
; / /; nent place in the
impression
ciates
they
man
Wallace
a
Hopkins Act of 1940, but also are applica¬
and Wallace have joined together
ble to statements of unit invest¬
in their mutual ill-feeling against
ment trusts filed under the Securi¬
manage-
so.
tinct
vice
feeling
better
auto-/
It is doubtful if
Nelson Would be inclined to
Knudsen.
•
;
No Ickes"
Ickes dates back to
and
a
ment plan.
slightest
will
in
against
employe-employer
never
automobile industry and then
be
and
when
has
appoint¬
protect the
In fairness to the
committee of the
he
still
may
to
mobile
;
far
Nelson's
He
position
-
question
some
how
Applied To Unit Trusts
Dealers
gone
transferred to
ever
tense
into
New
other around here.
for
If Knudsen
the automobile industry falls.
has
the sparks
ways.
ferred
Wash¬
of
group
SEC Regulation S-X
The
Securities and Exchan^
their separate Commission announced on Jan.
Subordinates have trans¬ the adoption of
changes in Regui
from one agency to an¬ lation
S-X making that regulation
agency
the
the advisory
of the
scene.
Regardless, Reuther
example,
Hugh Johnson got in tremen¬
dously bad about the Colonel dur¬
opinion,
his long experience
will be back soon to serve on
gether.
writer's
what it is worth.
youngish radical get along to¬
advisory
the
of
member
a
this
Wallace
have always
falls the private operation of
writing
Patterson's<•'?
speeches. Patterson undoubt- >
edly sent him with Reuther because he trusts him.
It re* /
mains to be seen Jhow this
;
trained army officer and the
•
is
ington
Now, he has been
since.
ever
Wallace
and
Hopkins
warring with Ickes. The Ickes'
group
of New Dealers and the
■
came
has
and
Pat
gho si
industry might be able to
effect./
still
s
an
He
during
army
War
which Hhn
operations
is
He
fellow.
force
It
West Point
special course.
Dealers.
are
in this most vicious of attacks.
Gins-
that
was
Ginsburg off to
a
f
result
The
sent
at this writing
led by
Assistant Secretary of War Pat¬
terson, Walter Reuther, the lead-:
er of the Leftists, has been given
an
assignment to go around the
country with Col. Ginsburg of the
U. S. Army and report on any
by
watch
to
eareer
Vein;
that,, as of the first two skirmishes,
embattled industrialists, seem
attack
intended
and that if anything
happened to him, then the story
would be pursued in its hilarious
the
to
he
will not be long before
burg's
after him,: Certainly they:
it
sen,
243
$63,595,000 or 34% of the total.
'.
-
..
October—.
...
November........
December..
Fourth quarter.-;
Twelve months.-
•
-
97,050,220
103,?61.200
89,427,250
59,465,696 '
■
42,384,100
"52.054,554
200,311,420
131.811,350
111.520,250
168,943,139
62.198,558
93,942,646
334,579,682
252,154,146
191,488,874
443.643,020
278,869,797
773,869,098
1,052,738,895
72,715,828
444,126,054
516.841,882
1,037,314.216
1,545,136,363
12,582,450.579
736,382,782
2,026,195.056
2,762.577,838
383,453.032
1.812,713,388
2,196,166,420
♦Revved,NOTE—The February, 1941, and the cumulative 1941 figures in the above table have been adjusted to reflect the addition e.f the fdlTw ln»" short-term note issue, which
p>accd p.ivately with and isura- ce company list Febraury but heretofore has escaped our notice;
Commercial Credit Co. two-year 1 1-10% notes due Feb. 21, 1943,
was
aggregating $15,000,000: totai proceeds for
working capital.
244
THE COMMERCIAL & FINANCIAL CHRONICLE
Results for the Full Year 1941
1940's
as
failed to
attain the
1940
k
.
198^
15,900,000 Philadelphia Suburban
(refunding).
_■
1971
.
arising from
one
11,500,000 Southern
V
British
and
^account of the
purchases
this
in
country
The reflection of such
war.
"
;
40,000,000 Shell
unnaturally found in the United States Treasury's
indebtedness
.
incurred
by the Treasury last year
through the public sale of its securities amounted to
less than $11,512,617,001.
•
~
'
that
chief method
the
not
was
4
employed last
following figures issued by
apparent from the
National
Association
Manufacturers:
of
U"
V-7-
serial
•
(0.25%-1.90%)
1
.•
beginning of the defense
series (4-11 to
-.
through Sept. 30, 1941,
program
ment and
privately, amounted to $5,260,463,000.
total, $4,266,077,000
and
was
financed with Government funds
only $993,756,000 with private
The larg¬
resources.
-
.
industry,
$879,515,000, ammunition,
$810,297,000,
ship
last
capital funds
new
went
year
$396,958,570,
included in
7'
Co.
and
the
railroads,
...
notes (refunding). *
•
.
/
4
;
$252,071,000;
Miscel¬
Co,
,,
purposes),'
1
v.(0.75%-1.50%)
1-10%
;■
..
1st
■
&
ref.
f
bonds
2M %
7.;. y
#
,
Worts/ Ltd.,
J-'.C',f
DECEMBER
f.
7
,'f'-f
,
"
.
.
Private Sales of Securities in the Calendar Year 1941
Our
records
of
security issues placed privately show
of such issues, which involved .a
greater amount of money, and represented a greater
per¬
that
1941
had
more
■■
centage of the dollar value of all security issues
sold,
any other year since we started
compiling these
figures separately in 1937. There were 199 separate is¬
than
ir<>
series J,
'■! '■ vyy
&'
13,200,000 Public Service Co. of Indiana, Inc. 1st mtge. 354%
bonds,
y
7
series C, due 1971 (refunding).
10,000,000 Public Service Co. of Indiana, Inc. notes
(average interest
rate2.6356%), dueserially to 1950 (refunding).
..
7
s
13,000,000 Loew's, Inc. 3% 15-year debs, (refunding).
7
i-
(working
3s,
■...
1st v& 'ref.- mtge.
notes).>;r,-x
$18,465,000 Pennsylvania RR. 25^% equip, trust
certificates, due 19431957 (newequipment).
y.
-
'
.
f f yT %
.
;
/v:<
Electric Co.
Walker-Gooderham
f-V f/:- r'V'
(2%-2.90%)
notes
yi'7 f,
par
shs.
and Hiram
Sons, Inc., serial: (0,50%—3.20%) debentures
1942-56 (refunding, pay bank loans).^
;^-;; - : '
'7
y ;
''7-
purposes).
.v'
march
Gas & Electric
(corporate purposes).
:
A
,
,
S-V'"';'"
2 year
'
20,000,000 Pacific
..
10-year
j
20,000,000 Westinghouse
Electric
Sc.
Manufacturing Co. ■ 2}4-%
Vdebentures 1951 (capitaladditions);...yyvyyy;,',
y,
15,000,000 Superior Oil Co. (Calif.) 3% debentures 1956
(refunding,
-'
•
general corporate purposes).'
"• ' V.;" 7 1
.
; •
10,000,000 Pacific Gas & Electric Co. 400,00(1 shares of
5% cumulative
■7y;y;7,/;7'';.,^:V Preferred stock, par $25 (refunding),; y
7^
of this character
sues
sold last year with
\value. of $930,007,300, which
par
$100 (redeem pref. and discharge open account indebtedness).
compilations
our
'V,v.,x7y '
!j.^1
;
yy:'. y.^."
the public utility industry,
chiefly to
...
corporate
NOVEMBER; ;
1971 (pay promissory
;
..i
& Ohio Ry. ref. & impt. bonds
G-25., due 1956-66 (refunding). Y
Credit
1942-
notes,
, ^
„y..,
of common stock, par $50 (general
15,000,000 Hiram
1942-
notes,
$15,000,000 Ohio Power Co. lst mtge. 3s, 1971 (additions, &c.).
20,240,300 Ohio Power Co. (202,403 868.)^^% cum. pref. stock,
construction, $691,652,000, and chemicals, $658,448,000.
The
.
7 ;
^
.
v
.
est recipients of the Government funds were the aircraft
* - »
7;f f'V71: :;y';f ■;
i
11,418,000 Monongahela Ry. 1st mtge. 3&s, series B, 1966
(refunding).
10,900,000 New York Central 1J4% equip, trust ctfs. (new
equipment).
101,271,000 Georgia Power Co. 1st mtge. 3Ms, 1971 (refunding).
26,500,000 Wisconsin Public Service Co. 1st mtge. 3 Ms, 1971
(reV.7 Of;funding).
:
,;-vy V;
13,200,000 Wisconsin Public Service Co. .(132,000 shs. of 5% pref.
,;. vV V
stock, par $100) (refunding),
: y.;
10,000,000 Roman Catholic Archbishop of Detroit 3M%
sinking fund
Of the
-
^
.
corporate purposes)^-,.-.,
1941-
notes,
::,v;y.;
(0.375%-2.50%)
..
"
industrial facilities for defense, financed by the Govern¬
Servicer Co.- (2%*3%)
7;: y yy
y
.
Business
Machines Corp. ' 2)4%
(refunding amd .working capital)
debs,
-
"
capital).,'
?
Illinois Public
(refunding);
y20i000,000 Philadelphia
rV'FEBRUARY
15,000,000 Ccmmsrcial
the
From
1951
$25,000,000 Pacific Gas & Electric Co.1st & ref.
mtge. bonds, series K
v; 7
'
3% 1971 (refunding, expansion);
,
;
I
..
$13,800,000 Chesapeake & Ohio Ry. ref. & impt. bonds (0.35%-1.90%)
; 7 series G-l to G-10, bonds, due 1942-1951 (refunding). •• ■■
11,000,000 Chesapeake
is
year
the
this
-
if.
(re*.
"
'1
;:-;;;i,-;\;;[:;,v;v;n°tes, 1942-1945 (refunding,-corporate
by. sales of corporation stocks and bonds to the public
,r; vy.
6,250,000 Panhandle & Eastern Pipe Line Co. 1st
mtge. & 1st lien
(1.65%-2.30%) bonds, series A, 1946-1950 (refunding). ,/
V,
5,000,000'Panhandle Eastern Pipe Line Co; serial
'."J}
r.
~
1971
> *::-,
3s,
%
no
In ordinary times corporate plant expansion is financed
but
1st mtge.
.
,
V
-
Calif.
15,000,000 Shell Union Oil Corp. 20-year 2%% debs., 1961
(refunding)'
12,000,000 Panhandle Eastern Pipe Line Co. 1st mtge. & 1st lien 3s,
series B, 1960 (refunding),
'
financing operations rather than in the corporate figures.
New
of
Union Oil Corp. serial
1953 (refunding).
►
'
Central
11,351,900 Dow Chemical, Co.. ll3,519 shs. of common
stock, no
!/-,r(pay bank loans, capital additions);''; •„
37,409,820 Westinghouse Electric & Manufacturing Co. 534,426
tX% debs., 1951' (refunding and
15,000,000 Phillips Petroleum Co.
; :
1951 (refunding).
•
...
not
Co.
•*'*'
',r
.
Laughlin Steel Corp. .1st mtge. 3Ms, 1961
20,000,000 Phillips Petroleum Co.
working capital).
on
boom is
a
Counties Gas
•
10,000,000 Beneficial Industrial Loan Corp. 254 %
debS.M956 (general
:>
•
3^8,
mtge.
-v.',':.
.....
.
.
"
programs
1st
f
(refunding)•
.
28,000,000 Jones &
funding).
defense and war
our
Co.
'7.
•
-
but
.
9.000,000
'17,000,000 International
1,500,000 Philadelphia Suburban Water Co.
10-year (0.38%-2K%)
notes (refunding and
working capital).
f
*
one,
\
Water
■
OCTP.B.I'R-•
«
lU% equip, trust certificates, series G,
1942-1951 (new equipment) ,7v
l17
38,000,000 Central Illinois Public Sef'vice'Cd.
1stihtge. bonds, series A,'
'■ ' BH:%
1971 (refunding).;'/(Y'" - ".r- :> '• *
v
.
50,000,000 Illinois Bell Telephone Co. 1st mtge.
2%s', series A,
•;
(refunding and new capital).
\
<
'
,
■
:."'A
.
.
c'
1
-' due
uf.f*;,■.*>
20,000,000 Bell Telephone Co. of Pa. -1st & ref.
2%&, 1976 (refunding).,.
12,000,000 Consolidated Gas El.
Light & Power Co. of Bait. 1st &
ref. 2%s, series Q, 1976
(refunding).
level, financing for new
capital purposes rose to $1,037,314,216, 40% above 1940's
$736,382,782 and the largest in this classification since
1937.
However, neither the amount nor the degree of
increase in this kind of financing was representative of
the great expansion in industrial activity in the past
two years.
In times of 'normal business growth there
is ordinarily an attendant growth of new capital financ-ing.
The present industrial boom is of course not ;a
normal
1956 (new equipment)
,
Thursdays January 45,1942
$13,250,000 Union Pacific RR«
-
$2,762,577,838 but otherwise the greatest annual
■:
j
....
$11,925,000 Pennsylvania RR. series L 1*4% equip, trust certificates-.
dqe 1942-1956 (new equipment).
•
;
/
1
•/
12,570,000 Union Pacific RRk 1H % equip. trust
certificates, due 1942-
'
total since 1936 when huge
refunding operations brought
the total up to $4,631,945,681.
Although total volume in
1941
JANUARY
V.
•
.
Last year: capital flotations of corporate entities had
an aggregate value of
$2,582,450,579, not quite as great
■
all
1970
issues
sold
during the
36.0%
was
year.
aggregate
In
,
issues. were sold for $834,540,289, (
of the flotations in that
year."
16,000,000 Public Service Co. of Oklahoma 1st mtge. 3Ks, series A,
,1971 (refunding)..
4,'S :
8,350,000 Public Service Co. of Oklahoma (83,500 shs.) 5% pref.
vy-y stock, par $100 (refunding).
/
;
I
30,000,000 Wheeling Steel Corp. 1st mtge. 3Hs, series B, 1966 (re-—funding).
7-"4:4.;//
an
of the value of
1940, 157 private
constituting 30.2%
y
■
Placements of this nature have increased
) and dollar value in each
year covered
.
laneous
businesses,
"other
industrial
comprised
and
laneous," received
in
;
classifications
our
manufacturing"
and
total of $306,822,646, oil
a
"miscel¬
companies,
$56,319,000, rubber, $10,400,000, and iron, steel,
etc., $9,850,000.
.
Corporate refunding dropped last
from
$2,028,195,056 in
The smaller
1940
10,000,000 Sun Oil Co. 2^% debs., 1951 (refunding).
copper,
'i
'
and
year
to $1,545,136,363
$1,812,713,388 in 1939.
being
low
throughout; the
grades of bonds established
rin 1941..
But while
year;
fact,
in
most
.V
■
10,000,000 Sun Oil Co. 2M% debs., 1951 (refunding and working cap.)12,500,000 Swift & Co. serial (0.35%-2.05%) debs., 1942-51 (refunding),
viz., $533,812,300 in
$396,195,000 in the
dropped off from 37.8%
percentage
with
also
In ad¬
a
$90,000,000, which alone represented about 25%
placements in that period.
;
■I'.'/y," v
It is difficult, however, to attach
,
reached last year,
were
The
single
Telegraph Co. for
.
<
of
in the first six months to 33.8% in the
second.
dition the figures for the last half
year include
issue of the American Telephone &
'
8.000,000,Kopper8 Co. 2% serial notes, .1941-47 (refunding).,
In the first half of 1941, a
substantially
private financing was carried out
volume
compared
^
-april
the degree of decline was not so marked as in preceding
new
preceding.
than in the second half of the
year,
the earlier period
latter.
22,000,000 Koppers Co. 1st mtge. & coll. trust 3Hs, 1961 (refunding).
the; lowest yields in history
lows
year
greater
$13,265,000 Central Hudson Gas & Electric Corp. 1st mtge. 3s, 1971
y.
;(refunding),^ .
v
V*
-
yields
'
.
in number
our
records,
1937 to date; and in
only one year, 1940, did the per¬
centage of these issues to the aggregate fall below the
15,000,000 Commercial Investment Trust Corp. 2% notes, 1951 (corporate purposes).
-:
.>■'"> '•'/ ;
14,899,100 Philip Morris & Co., Ltd., Inc. (148,991 shs.), 4)4% cum.
y-'
' pref. stock, par $100 (pay bank loans, construction, &c.).
>;■■ ■;yyyk
refunding volume occurred in spite of bond
/
by
,
Moody's
years.
of 3.25%
average corporate
yield reached
in 1939.
i'->">■ ■■■(
.
the smallest aggregate since 1937.
classification
was
Only
more
little
percentage for
This
since
our
1919, and probably much longer.
was
for
our
compilations the
the
a
15,825,000 Union Electirc Co.
as
much
capital proportion
years
was
12
years
according to
par
$25 (refunding),
■
of
Co.
coll.
1
-
-
.
1
"
2^%
coll.
1961
y
-
trust
serial
26,500,000 International Paper Co. 1st lien &
(refunding, new construction, &c.)
note8
Burlington
&
ref.
gen.
3%s,
ISSUES
1942-1948
due
35,393,000 New York
State
RR.
1J^%
(new equipment).'
Electric
& Gas
Corp.
equip,
194 L
1940.
.....
1937.........
1936
1935
1934
$216,017,925
$78,587,454
$2,582,450,579
246,315,690
81,616.848
161,158,178
72.759,242
78,560.510
468,395,208
19,087,784
292,013,451
270.840,364
282,063,717
123,650,746
27,180,244
31,402,899
2,762.577,838
2,116,666,420
2,140,432,189
2,433,692,159
4,578,945,681
2,267,428.765
2,434.645,300
...
1939
1938
Preferred Stocks
52,287,845.200
,
1,882.749,000
2.042,783,895
1,673,283,500
4,026,041,600
2,116,597,775
-
455,293,100
....
1933
3498.450
227,244,700
1932
619,860,300
1931
2,028,034,050
1930..
3.430,572,660
15,222,555
,
•
10,920,875
13,114,170
148,015,667
195.115,706
1,105,018,763
debs.
Robbins,
Inc.
15-year
3lA%
Inc.
trust certificates,
sinking
'•
fund
Cal.. Years
Bonds and Notes
Preferred Stocks
$2,287,845,200
2,434,645,300
5216,017.925
1,962,249,000
2,042,783,895
161,158.178
1938...
1937
1,673,283,500
468,395,208
1936
4,064,041,600
2,116,597,775
1940.
1939
1935.
1934....
1933
...
1932
.....
1931.
'
1930
,
246,315,690
78.560,510
285,840.364
$78,587,454
81,616,848
.
72,759,242
19,150,284
292,013,451
2,762,577,838
2,196,166,420
2,140,494,689
2,433,692.159
2,267,428,765
282,063,717
27.180,244
3.198,450
31,402,899
American
/7,'y.
77
•„
Telephone &
190.000,000 (Sept.).
Armstrong Water Co.,
(May.).
228,844,700
15,222,555
10.920.875
137,516,401
13,114,170
643,895.345
148,015,667
195,115,706
1,133.742,653
2,588,965.423
5.473.279,043
619.860.300
2,245.834,050
3,904.998,160
434,538.230
"25,000,000 Standard Oil Co. of Calif. 2M% debs., 1966 (prepayment
we
list the
purpose of the issue.
-
time (in
.'
SEPTEMBER
principal issues of securities placed
same
;■
of
parentheses)"tiTe
1961
-
.
-
•
*; ■*.
\
90,000,000 American Telephone & Telegraph Co. 2&% 35-year debs.,
1976 (refunding.),
3%% debs., 1949-1956 (refunding).
Co.
254.%
;
,
(0.75
35-year debentures,
,
1976,
1966, $200,000
.•
_
,
Associated Telephone Co., Ltd. (Calif.),
1969, $1,368,000 (April).
-
.
•
*;
1st mtge.-bonds, series B, 354%,
'
;
"V
;
Atlanta Gas Light Co., 354% gen. mtge. bonds. 1961, $2,200,000 (March),
Atlantic City Sewerage Co1st mtge, J1
450,000 (Nov.).
.
-
Birmingham
Gas
.
Co.,
1st
(March).
mtge.
*
Black Hills Power &
Brunswick Pulp &
'
bonds, series A, 1961, $1,•.
s,
f. bonds, 1971, $300,000 (Sept.),
Bell Telephone Co. of Pa., 1st & ref.
(pay bank
St. Paul Union Depot Co. 1st & ref. mtge. bonds, series B)
314%, 1971. (refunding). . - .
;
7
'
-
12,000,000 Continental Baking Co.
7
15-year 354% sinking fund debentures,
Telegraph
600,000 (June).
.
A
254 % bonds. 1976, $20,000,000 (Jan.).
bonds, 3J4%
-
series,
1971,
$5,850,000
'*
-
'
*'•
Light ,Co;,.1st mtge. bonds, series A, 354%. 1971,
$2,000,000 (Oct.),-■
,
1966,
1st mtge. bonds, 1966, $267,000
1st mtge. bonds, series A 354%.
'
.7»:
Bangor Gas Co., 1st mtge. 4%
$18,000,000 Erie RR. Ohio Division lstmtge. 3M% bonds, 1971 (refundg).
Year
14 737,000
during 1941, giving at the
.
15,000,000 Standard Oil Co. of Calif, serial (1.05%-2.20%) notes, 19461955 (corporate purposes).
• . •
Large Domestic Corporate Issues During the
Below
.
14,000,000 Safeway Stores, Inc. 314% 20-year debs.,
loans, working capital).
y
1956,
series,
Associated Gas & Electric Corp., 2.25%.trustee
certificates, 1942 and 1943,
$5,000,000 (Dec.).
•
2,500,000 Wisconsin Power & Light Co, 3% serial notes, 1949-1951
(refunding).
■
notes).
bonds, 354%
1st pref. mtge. serial bonds, 1942-1951,
Home Products Corp.
American
Co. 15-year 3% con¬
(extensions, improvements, &c,).
1966 (refunding).
instalment
sinking fund debs.,
American Rolling Mill Co., 14-year 354% debs., $5,000,000
(Sept.).
;
.
491,094,449
381.583,656
1st mtge.
American Rolling Mill Co., 0.50%-2.60% serial debs..
$5,OCO,OCO (Jan.).
1^% equip.
(new equipment).
30,000,000 Wisconsin Power & Light Co. 1st mtge.-,-series A, 3A%:
bonds, 1971 (refunding).
f
:
4,631,945,681
•
E,
15-year 3%
Co.,
.and 3.50%) $250,000 (May).
& Telegraph
1956
1941, which is fol¬
American Rolling Mill Co., series A 3% debs., 1950, |2,5C0,C00
(May);
15,000,000 Peoples Gas Light & Coke Co. 1st & ref. mtge. 3% bonds,
series F, 1956 (refunding).
$2,582,450,579
123,650,746
-
"
series
Total
456.493.100
Calendar
''
Common Stocks
Electric
American Barge Line Co.,
22 000,000 Peoples Gas Light & Coke Co. 1st & ref. mtge. 3M% bonds,
1941..
have recorded in the year
Alton Water Co. 1st mtge. 354% bonds, 1966.
$1,100,000 (Feb.).
& Santa Fe Ry. series E
Telephone
/ •
,
list of all the private securities issues
1956, $5,000,000 (Aug.).
due 1942-1951
vertible debentures,
'
a
Albuquerque Gas & Electric Co. 354%
(Dec.).
15-year 3H% sinking fund debs.
AUGUST
$20,000,000 Atchison Topeka
we
Albuquerque Gas &
$3,000,000 (June),
,
1956 (refunding and working capital).
15,000,000 Remington Rand,
1956 (refunding).
379,850,324
643,895,345
2.371,165,423
4.957,129,653
INCLUDING CANADIAN
short term bank loans.
$2,000,000 (May).
i
5,600,000 McKesson & Robbins, Inc. 56,000 shs. of 5M% Pref. stock,
par $100 (refunding new capital).. 7
•'
233,584,900 American
DOMESTIC AND FOREIGN.
&
for 1938, each year's aggregate of
private, also has shown an in¬
preceding.
.;
Addressograph-Multigraph Corp.
:
1st mtge. 3M%
489,894.449
137,383,069
421.538.230
13,700,000 McKesson
one
lowed by a summary of the amounts
placed since 1937:
12,000,000 New York State Electric & Gas Corp. (120,000 shs. 5.10%
cum. pref. stock par $100) (refunding and construction).
Total
the
Following is
trust
bonds, due 1971 (refunding),
Common Stocks
or
1956
:7v:'...7
Quincy
over
standing of the figures, that the compilation is only of
security issues and does not include either long term
which
JULY
■■■
$9,387,000 Chicago
'
Bonds and Notes
..
(re"
,
13,000,000 Southern Natural Gas Co. 1st mtge. pipe line sinking fund
3 Ms, 1956 (refunding). : 7, : ■'7.;y/y
, ,y(' v.,,y 7 y7v;y;■ 7.: .7-77.7,;7V;;.
■
of
For,
year.
rectly by negotiation to a relatively few large purchas¬
ers, ordinarily insurance companies and banks.
No dis¬
tinction is made between private and
public issues in
our
detailed compilation of the
capital flotations.
It
ought also to be made clear, to avoid any misunder¬
(new
7,;7.•
sinking fund
trust
■
12,000,000 Philadelphia Co. 1-10-year
fc.
1942-51 (refunding).
certificates
Cal. Years
crease
/t/{.r/y-y
v
48,000,000 Philadelphia
funding),
a
variations^ the annual
Private sales, it might be well to
explain, comprise
those securities issues not publicly offered but sold
di¬
Ry. 2% equip, trust certificates, 1942 1951
equipment).
'
figures for, periods shorter than
each year; but except
all issues, public and
(re-
:
.
'■
DOMESTIC CORPORATE
debs4[l,961
"
11,250,000 Southern
even
each type
(150,000 shs.) $4.50 pref.
$15,000,000 New York Central RR. 2}4'% equip, trust certificates, 19421951 (new equipment),
as
...■
security:
of Missouri
V ■>; JUNE
tabulation of the annual corporate fig¬
past
preferred stock,
,
tendency has been for in¬
money.
.
50,000,000 Firestone Tire & Rubber Co. 20-year 3%
funding and new capital), r
these
volume and proportion figures seem to show
fairly uni¬
form results.
Except for 1937, the annual percentage
iigures range between a low of 30.2% in 1940 and a
high
of 36.0% last year.
.The volume figures have advanced
equip, trust certificates, 1942-.
19,519,000 Louisville Gas & Electric Co. (Ky.Jj(780.792 sl?S.b5%,pum.
refunding operations and decreas-;
new
in
in spite of wide month-to-month
.•
stock, no par (refunding).
-
records commenced
In 1938,
.MAY
■
.
of $1,099,757,500 bonds sold
1938 the
on
ing percentages of
Following is
new
;■
.
,
the smallest
capital and in many of the earlier
greater, but since
for
total
a
was
I
^
.
significance to trends
;
•.
:v,
80,000,000 Union Electric Co. of Missouri 1st mtge. coll. trust 3H8,
r—yy- 11971-(refunding);
in
The 1940 total in this
new money.
new money
creasing emphasis
were
than half of last year's total, $520,-
$970,613,500 out of
new
year
$1,233,706,974 and 1939, $1,125,901,000.
515,194, represented
ures
;''
$14,625,000 Southern Pacific Co. 2J^%
,1956 (new equipment).,
'
W:.
/
Municipal-flotations of $957,754,499 last
in
low
in 1941 compared with a low of 3.35% in 1940
and 3.62%
a
a
12,500,000 Swift & Co. 2%% debs., 1961 (refunding).
of the
'
:
Paper Co.,
.
1st mtge. serial (0.50-3.50%)
bonds, $2,*•
,
Bryant Paper Co.i-lst mtge. 454% bonds, series A,.1947-1956j.$l;000,000
(June).
.y\'
Buffalo Niagara Electric Corp,,
Butier
Water
(May).
Co.,
1st mtge.
,254% tdebs.,,X95lt $7,200,000 (April).'
bonds,, series A,. 354%.
•" "'**1
VL
1971,
•v
$1,000,000
'•
.
Volume-155
■
THE COMMERCIAL & FINANCIAL CHRONICLE
Number '4033
*
Cairo Water Co., 1st mtge. bonds, 3^%. series B, 1971. $400,000 (May)
California Packing Co * 2%%
California
Water
&
'
debs,,,1942-1956 ($7,500,000 (May).
California Public Service Co., 1st mtge. 4)tf% bonds, $14j0,000
Telephone Co., 3.60%
850,000 (Oct.).
1st mtge.
bonds,
j.
fi,
s.
,1966. $5,000,000 (March).
Central
Hudson Gas &
'
.265,000 (April).
'
■
.
/"
.1951, $9,000,000 (Oct.).
Investment Corp., Los
1942-1956, $3,200,000 (Dec.),
Central Maine Power Co.,
$1,250,000 (Feb.).
;
.
Central
Angeles,
.
.
.
.
-
Central
New York
J
Corp.*
••
-
bonds-
YqrkNew Haven & Hartford
Water
Citizens
Co.
of
$2,000,000 (Feb.).
mtge.
3)4%
•
,
,
bonds,
1971, $3,500,000 (July).
-
15-year
3)4% series,
°lh° Tclcphone Service
Oklahoma
:
bonds, 4% series A, 1956,
10-yr. 5% debs., 1951, $900,000 (April).
debs., semi-ann. 1949-1956, $12,670,000
'
y
'
:
0/4 /0
y
'
East Tennessee Ltaht & Power Co., 3)4% 1st
mtge. bonds, series A
.(May).
;;y.yy:y
(J line)*
...-i1'
•
y:l.. -j'-t!
»'* i' j'
i'; n'
*■*' )"
?*>
('
'."V .•■■v'.»
$3,498,000 (Jan.),
General
series
'
American Transportation Corp.,
33, 1942-1951, $3,440,000 (Aug.);
2%
equip,
^
General Finance Corp., 4% debs., 1946. $500,000
trust
1946-1948,
Glidden Co., 3% notes, 1947, $3,000,000
series
s.
Inland Steel Co.,
*
1st mtge. 2)4% bonds, series A,
1981, $3,750 000
Service
trust bonds, 1954, $6,000
'
,
Kelsey-Hayes Wheel Co., lst mtge. 3)4%
s.
■
»«%.
series, 1966, $225,000
Le${?80o!oO^CAprTl)lePh0ne C°" l8t mtgG' bonds'
M(Dec.)WeStern Teleph0ne Co" co11- trust
certifi^tes, 1942-1951.
bonds- 1966, $1,-
.
;
000 (March)
s- f- 4% debs., 1951, $425,000
Minnesota Valley Canning
Co.., s. f. 3)4% debs., 1956,
$1 000 000 (June)
MfocT)PPi P°Wer C°" lst mtge- bonds' 3)4 % series, 1971,'$7,060,000
M
(Feb?^PUbHC
C0•, l8t mtge- b°nds> 8eries A 4%« 1956,$500,000
'
;
•
gen.
mtge.
f. 3%
s.
;
bonds,
'
«
Steel Corp.; 3)4%
3)4% bonds, 1966, $525,000
15-year
12-year
s.
f. notes,
1953,
f. debs., 1956, $2,550,000
s.
2)4% notes, 1942-1944, $450,000 (Nov.).
Safeway Stores, Inc., 3)4% 20-year debs., 1961, $14,000,000 (Aug.).
St. Joseph Water Co.,
County
series GG, 1956,
3)4%
1st mtge.
bonds,
1966,
$750,000
(Nov.).
serifs A 3)4%, 1971,
$3,150,000
M&il)UdS°n, V°ehringer C°;' 2f°
Montour RR.,
s. f. debs., series B, 1953, $600,000
s- f- de6s-» series A, 1944, $150,00°
1.04% equip, trust certificates,
1942-1946, $5C0,C00 (May).
M?Ma?)°Wn Wat6r C°" 1St
mtge- b°nd8' 3H% seri€s B' lm>
^650,000
92
$507,580,385
29.6
30.0
.
71
137
$309,980,000
$4 IS,577,500
$728,557,500
30.7
-
-
1938—Number of issues.,.,,-,.;-.
•;
-..
^
.35.3
.
51
76
$229,828,7§0
$450,683,000
33.8
30 8
Percent of total volume...,.
1937^-NUtnber of issues.....
••
$834,540,289
-
-
30.2
33.2
127
$680,511,780
:
■
31.9'
64
53
117
$305,991,000
$150,311,094
$456,302,094
17.1
23.3
18.7
Percent of total volume.....
Farm Loan and Government
Agency Financing in 1941
Financing by this group reached a total volume of
$1,969,030,000 in 1941, an amount exceeded in only one
other year, 1939, when issues totaling $2,461,560,325 were
brought out.
It has only been in the past decade that
financing by this classification has reached anything
like the huge proportions of the past year.
The large
issues brought out by the great Federal agencies like
the RFC, which were created in that priod, have con¬
verted this from a minor to a major division in our com¬
pilation.
It is likely, however that the group may
hereafter revert
portance for
a
former
its
to
of
status
relative unim¬
policy put into effect, by the Treas¬
new
last
October provides for the monetary needs of
agencies to be taken care of, during the emerg¬
ency at least, by direct United States Treasury issues
instead of by the sale of their own guaranteed obliga¬
tions.
In pursuance of this new system the Treasury
ury
some
$500,000,000 CCC and RFC notes
October through exchange offers of its own notes.
And it has been announced that the Treasury will re¬
fund several other agency issues in
January, 1942, with
obligations.
It
is
contemplated that all guaranteed issues will
eventually be converted into Treasury issues leaving
only one kind of Federal obligations in the market.
Secretary Morgenthau has said that the purpose is to
reduce the number of financing operations and sim¬
plify the stiff financing program in prospect.
its
own
Foreign Issues Placed in the United States
-
Following we present our usual annual summary of
foreign security issues placed in the United States by
both corporations and governmental bodies.
A single
issue of this character was placed during 1941 which was,
in fact, the only foreign issue sold in the United States
since the start of the European conflict in September
lone
issue
(April).
sold
here
March
in
last
by
volved
was only $4,000,000.
Except for 1940, when no
foreign issues were placed in the United States, last
year's total was by far the smallest of any year in the
period, since 1919, in which we have compiled the
figures,
'■ •"
"•
In the past decade or so foreign issues have been of
only modest size but in the period 1924 to 1930 inclusive
a really important volume of financing was undertaken
here by foreign municipal and corporate entities.
In
those seven years an aggregate of $9,119,051,306 such
were
while from
floated
total has been
1919
to
a
summary
the
grand
of the yearly figures since
GRAND SUMMARY OF FOREIGN ISSUES PLACED
(June);
date
$12,988,551,638.
IN UNITED STATES
(INCLUDING CANADA. ITS PROVINCES AND MUNICIPALITIES)
certificates, series JJ, 1942-1951, $5,625,000
'
'•
•
Southern Ry., 2)4% equip, trust
:■
New CaiHtal
Calendar Years
certificates, $4,430,000 (Dec.).
lst mtge. series A 3)4% bonds, 1956, $1,-
850,000 (Oct.).
Total
Refunding
$4,000,000
$4,000,000
$59,250,000
"87,750" 000
""i47,bo"o"66d
25,062.500
3,250,000
40,000.000
219,000,000
65,062,500
222.250,000
23,000,000
156,500.000
179,500,000
1941
1940
Southwestern Public Service Co.,
3)4 % 1st mtge. s. f. bonds, series A, 1966,
1939
1938
(E. R.) Squibb & Sons, 20-year 3)4% s. f. debs., 1961, $5,000,000 (May).
1937....
1936
—
-
of Ohio, serial debs., 1949-1956 (int. rates, averaging
2.65% to 3%), $5,000,000 (May).
;
1935
116,000,000
116,000,000
1934
2)4% debs., 1951, $10,000,000 (March).
1933
133,332
61.200,000
61,600.000
..........
26 015,000
40,000.000
——
253. 722,000
1,009 213,390
757, 837,569
14,500,000
120,566,000
............
61,200,000
61,733,332
66,015,000
268,222,000
1,135,779,390
779,870,286
Standard Oil Cb.
......
Sun Oil Co., 10-year
.
,
1932
Sun Oil Co.,
2)4 % debs., 1951; $10,000,000 (April).
Terre Haute Gas Corp., lst mtge. 4%
i5-year
s.
1931..*;...-
f. bonds, 1956, $720,000
Texarkana Water Corp.,
lst mtge. 3)4% bonds, 1966, $1,100,000 (Feb.).
Texas Gas & Power .Corp., lst mtge. 4%
Texas Water Co., 1st 4)4s,
Trinidad
—
1930
1929...
(June).
(Co!o.)
bonds, 1956, $350,000 (June).
$166,000 (June).
Railway & Gas Co., 3)4%
1,319 167,987
1,561 119,925
1928
1927..
1926
1925
—
1924
series A, 1965, $350,000 (Jan.).
Electric Transmission,
mtge. bonds, 1966,
1922
Tubize Chatillon Corp., 15-year 3)4%
Pacific
RR.,
lst mtge. bonds, 3)4% series.
1)4% equip, trust certificates/series F, 1942-1956,
United Telephone Co., Inc.
Victor Products Corp., 5% s.
(Ind.), lst mtge. s. f. 3)4% bonds, series A,
f. deb. notes, series A, 1945, $54,500 (May).
West Virginia Water Service Co.,
1st & ref. mtge. bonds, series C,
lst mtge. 3)4% bonds, series due 1966,
$500,000 (March).
Western New York Water Co.,
-
Issues
It
lst mtge.
s.
f. bonds, 3)4% series, 1966,
996 570.320
248,225,445
79,941,679
125.265,000
50,000,000
1,349,793,040
1,307,307,500
1,244,795.765
Not
221,147,000
of
383 ,450,887
138,998,000
577,517,tOO
522,448,887
263,429,000
605,559,300
Representing New Financing
securities
which
have
time, desiring to liquidate all
making
ings, prefer to do so by
the securities involved.
Since the start
360,216,279
759,776,0.34
342 ,130,300
happens from time to time that
blocks
some
Virginia Electric & Power Co., 3)4%
.1971, $3,000,000 (Feb.).
$3,000,000 (Oct.).-
1919
de&s., $5,000,000 (Oct.).
1942-1952 ($4,600,000 (Sept.).
1.724.684.425
527 ,517,000
1920...
Electric Light & Power Co.,
1966, $3,500,000 (June)
1,576,820,900
163,564.500
204,693,300
634 ,511,034
-
1921..
22,032,717
257,652,913
1,145 099,740
1,086 160,500
280 274,600
1923..;
1st
$1,600,000 (Nov.).
Tucson Gas,
Union
was
1919:
Southern California Water Co., lst mtge. 3)4% bonds, $300,000 (April).
from
The
lst mtge. 3)4 % bonds, series A, 1971, $450,000
1965, $1,975,000 (Jan.).
MOAp'rBy418011' Voehringer Co- 3H%
Volume..
157
05
$326,959,904
1939—Number of issues
Following is
Southeastern Telephone Co.,
$12,570,000 (Jan.).
^(8&eptJytiIities Co" lst mtge- bonds-
.•
Percent of total volun
issues
lst mtge. 3)4% bonds, 1966, $2,600,000 (Feb.).
Electric Co.,
Sonotone Corp., 10-year 4% serial promissory notes, $250,000 (Oct.).
/■-
36.0
.
Union Bag & Paper Co., 2)4% serial notes,
M$!J85,^(Oct^*' 2A% eqUiP' lrusfc-certificates,
2.6356%)
.
1956, $1,500,000
"
Texas Gas & Power Corp., common stock,
1942-1950, $200
;
$3,421,000 (May).
•
LO«570,M0■(F&)?aCW0 C°M ^ l8t mtge> 3H% bonds' ^68 A. 1961,
L°(Feb"a ICe & EIeCtri° C°-' lDC- 2^% serial notes, 1942-1946, $190,000
Middle States Telephone Co. of 111,,
3% debs.,
y.y.y:: ;y
Valley Gas Co., 1st mtge. 4% bonds, series A, 1961, $2,900,000
Southwest Natural Gas Co.,
series A 3)4%, 1971,
Lexington Water Co., lst mtge. 3)4% bonds,
1966, $2,450 000 (Feb )
Loew's, Inc., 3% 15-year debs., $13,000,000
(Dec.).
'
Loose-Wiles Biscuit Co., 3% serial
notes, 1944-1956, $4 000 000
(July)
^moo* SJr RR" VA% eqUiP- trUSfc
MiooVolMarch)ePh°ne C°- °f IU" lst mtge-
Potomac RR.,
Southern Ry., 2% equip, trust
bonds, 1966, $600,000
(May).
$930,007,300
33.8
1
1939.
Rustless Iron & Steel Corp.,
'
199
$396,195,000
37.8
;
the Republic of Panama in connection with the readjust¬
ment of its external debt at that time. The amount in¬
Sheridan
Koppers Co., 2% serial notes, 1941-1947,
$8,000,000 (April)
Light & Power Co., lst mtge. bonds, 3)4
%
Latrobe Water Co., lst mtge. 3)4%
;...
(Nov.).
;
notes' first
series B 3)4%, 1971,
(May).
,
•'
:
Rheem Mfg. Co., series B s. f. 5% cony, debs., 1948, $500,000 (Jan.). ;,
(March).
000
boMs.sertaA,
"ffitwISf.)00'' unsec,,red serw
1952,
3%% bonds, series C, 1971,
mtge.
Archbishop of Detroit, 3)4%
$10,000,000 (Feb.).
f. bonds, $2,500 000
(Sept)
mtge. 3>3%
PUbUptte. 1st
;y yv-.,;
lst
'}
Roman Catholic
1
'KVolume.
1st mtge. bonds, series D,
bonds,
Riverton Consolidated Water Co., lst mtge.
10-year debs.,
$17,000,000
'—.
$533,812,300
Percent of tota1 volume,,...
1940—Number of Issues.
Rensselaer & Saratoga RR., 1st mtge. 4% bonds. 1961, $2,000,000 (April).
Rustless Iron &
.
Volume..
,
Total Year
74
..
1st mtge.
$13,200,000 (Dec.).
Rio Grande
f- 3% bonds, 1966,
IO$2,CM°Sr0C<3.'!5rt.& P°WOT C°"
ra!8e' b°1"i8' ""le? B 3«%, 1971,
IO»M50?000 (Mgahy)& P°Wer C°'' ge"' mtge' SBrlal 3M% notes' 1942-1951,
.
y
of Indiana;
Co.
Richmond Fredericksburg &
l8t llen 4 gen- mtge'
b0,ldB' 3H% serles'
(B;iFi"\Keith
°0rp" 4M% mtge' & co11(July).
A,
10-Year serial debs.; $1,000,000 (Feb.).
'"•1966, $6,500,000 (Feb.K y;, ';
V
-
series
Rheem Mfg. Co., 15-year, s. f. 3)4% debs.', series A,
(March);
) - '
; '
-<'•
y;^ ;. ■
•
$3,750,000 (June).
1)4% serial notes, 1941-1946, $7,000,000 (Jan
)
4)4%
Rawlins Electric "Co., 3)4% 1st mtge. bonds, 1966, $200,000 (Nov.).
A
-
bonds,
mtge.
Public Service Co. of Indiana. Inc. .unsecured notes (aver. int. rate
due serially to 1950, $10,000,000 (Dec.).
:
;
*
t
(Dec.)^--
Business Machines Corp.,
2)4%
lst
Public Service Co. of Indiana, Inc.,
f. debs., l95i". $1,200,000
(June)
In$12Sn(jSyyelePh°ne C°" 3°~year lst mtge'sInternationa1
Co.,
$100,000 (Oct.).
Public
;
(Walter E.) Heller Co., 4% debentures, 1951,
$1,000,000 (Sept.)."
Co.f 12-year 4)4% notes, $850,000
Holly Sugar Corp., 3)4% 1st mtge. bonds, 1951,
Illinois Bell Telephone Co.,
Iron
Public Electric Light Co., St. Albans, Vt., 3)4 %
'
rate 2 04%). 1941-1950.
Hilton-Davis Chemical
y- '
■
$4,650,000 (April).
{V8« (Julie)"* C°" 8eriaI debs- (aver'lnt(W. F.) Hall Printing Co., 10-yr. 2Ji %
0.38%-2I4%),
■
Poor & Co.,
(Nov.).
3)4% bonds, 1971, $3,000,000
(Oct.).
(int.
Piainfield-Union Water Co., lst mtge. 3)4% bonds, series A, $1,950,000
(April).
;y:
'l:
^y:v. " •'
v.''
(B; F.) Goodrich Co., 3% 1st mtge. bonds, 1956,
$5,000,000 (Dec.).
Gulf Power Co., 1st mtge.
(May).
Pittsburgh Coke &
$750,000 (Oct.).
1966
'
W'
last
y
certificates,
last 6 Months
125
met maturities of
1971, $4,000,000
Philadelphia Transportation Co., equip, trust certificates, series O, (lnt«
1)4, 154, 2)4, 2)4%), 1942-1946, $1,360,000 (June).
i;
,
1941-r-Number ol Issues
Peoria Water Works Co., lst mtge. bonds, series A 3)4%,
Philadelphia Suburban Water Co., 1st mtge. 30-year 3)4% bonds, 1971,
$15,900,000 (Jan.),
r'i
,
•
.
these
Philadelphia Suburban Water Co., 10-year notes
$150,000 annually, $1,500,000 (Jan.). y
y.;y.;
certiffoatM
3)4%
'
PRIVATE CORPORATE FINANCING
Peoples Telephone Co., lst 4)4% bonds, series A, 1965, $700,000 (July).
y;
000
(June).
;
f. bonds,
s.
,
.
Georgia Power Co., 1st mtge. bonds, 3 )4 % series, 1971,
$101,271,000 (Feb ).
Gien Rock Electric Light k Power Co,, 1st
mtge bonds,
$325,000 (March).
'
-
Peoples Gas Light & Coke Co., lst & ref. mtge. 3% bonds, series F, 1956,
$15,000,000 (Aug.).
y y
$1,000,000 (April).
Florida Power Corp., 3)4% serial debs., 1941-1955,
$2,000,000 (April).
Florida Telephone Corp.. 1st mtge. 4% bonds,
serial, 1942-1971, $750,000
,
$700,000 (Oct.).
Peoples Gas Light & Coke Co., lst & ref. mtge. 3)4% bonds, series E,
1966, $22,000,000 (Aug.).
" ,y:y;
'
ys'.'-yy
General American Transportation Corp., 2%
promissory notes,
1942-
;.
Peoples Gas Co., Port Arthur, Texas, 1st mtge. 3)4% 20-year
Florida Power Corp., 1st mtge. 4% bonds, series C, 1966.
,
1945, $5,000,000 (Jan.).
V:
$2-
3k% bonds, 1966, $250
1971, $200,000 (Nov.).
lstmtge. 3% bonds, 1971, $5,600,000 (Sept.).
Panhandle Eastern Pipe Line Co., serial notes (int.
0.75%-1.50%),
Penobscot County Water Co., lst mtge. 3)4% bonds, 1966,
$316,000 (May),
,
Ellwood Consolidated Water Co., 1st mtge.
l
Pennsylvania Gas & Electric Co., 4)4% 1st lien & ref. bonds,
1942-1951,
$550,000 (April).
\
.'yyyv'yryyyvi'yy' y:;. y
f
1966
1942-1951
.
,
$4,800,000 (April).
Elgin Joliet & Eastern Ry., 1% equip, trust
certificates,
900,000 (Jan.).
.
•
>.
:
••
(Feb.)..
.
East St. Louis k Interurban Water Co., 1st mtge.
bonds, 3?4% series B
1971, $7,500,000 (May).
\
-
.
v.y'.r;y'v-K.yvy.
y
•
3)4% bonds, series A, 1966,
,
1st mtge, ,3% bonds, series C.1956, $4,-
Panhandle
Detroit Toledo & Ironton RR., 1)4% equip, trust
certificates, 1942-1951,
,,
*•
Refining Co., 6-year guaranteed s. f. 4)4% secured notes, 1947,
$800,000 (Oct.).
,y
■
;.k •
Panther Valley Water Co., lst mtge. 3%% bonds, 1966,
$1,000,000 (Dec.).
Paramount Pictures, Inc., 3)4% conv. debs., 1947, $2,492,800
:"G•yy.y;
-;'-y
Derby Gas & Electric Corp., coll. trust debs., 3% series, 1949,
$2,750,000
(Oct.).
Light Co., 3% serial notes, 1949-1951, $2,500,000
y
;,;
• '•
■
•
'
s. f. debs., 1947, $2,000,000
,
*•
:
s. f. bonds, series B,
Pipe Line Co., lst mtge. & lst lien bonds, series A
(int. 1.65%-2.30%), 1946-1950, $6,250,000 (Jan.),
t.
,
$1,150,000 (Feb.).
.
Volume
Panhandle Eastern
Ouneo Press, Inc., serial debs., 1942-1949, $1,650,000
(Jan.), ,'
Denver & Rio Grande Western RR,, 2%% trustees
certificates, series H.
1946, $5,000,000 (Jan.),
•
f.
s.
,
Otter Tail Power Co., 30-year
8 '
Baking Co,, 3H%
1942-1951,
B,
bonds, series A, 1966,
Otter Tail Power Co., lst mtge. bonds,
3% series,
.
(Sept.).
Co., lst mtge.
i
Natural Gas Co.,
500,000 (Aug.).
(March).
Continental
&
•
Volume
Commonwealth Water Co., 3^% 1st mtge. bonds, 1965,
$5,010,000 (Feb.).
Consolidated Gas Utilities Corp.,
'
Percent of total vo.ume.
y-y'W
:;..;.y,y-
■
1 to 10
.
(Nov.)..
1941-1951, $600,000 (Aug.).
(Aug.).
,
N%t5r^75rOoY(NoI1S)n Electric Co-»lst mt8e. 3)4%
Conde Nast Publications, Inc., 1st mtge. 10-year
4% serial mtge. bonds,
$6,500,000 (April).
;y
$1,200,000 (Dec.).
1966,
Commercial Credit Co., 2-year 1 1-10% notes, 1943, $15,000,000
(Feb.).
Commercial Investment Trust Corp., 2% notes, 1951,
$15,000,000
Consolidated Gas Utilities Corp., 1st mtge. s. f.
:
.
1971, $3,000,000
,
F1tM 6 Months
bonds' 1971«
2% equip, trust certificates, series
:y-r'
*
series A 3%%,
Williamsport Water Co., lst mtge. bonds, series A, 3)4%. 1971, $2,400,000
(May). i'■' '
•
3^%
trust certificates, 1940 series,
y^'y -1'
Light k Power Co., 1st mtge. 4%
$870,000 (June).
f. debs., $2,000,000
s.
•
$5,700,000 (June).
Northwestern
I
,
Colonial Stores, Inc., 3%%
(Jan.).
N»r>h^n/^c)fic
,
-
Coast Counties Gas & Electric Co., 1st mtge. 30-year bonds,
r
mtge'
Northern Pacific By., 1%%
equip, trust certificates, due serially,
K. years, $3,000,000
1971, $3,000,000
-
v
4^rican Carn£orp.. 3-3)4 % equip,
:
2.60% 30-year bonds,
yy
,/<
Washington, Pa,, 1st
-
1941-1948, $4,790,000 (Jan.).
y-fy
*
i;
.
.
bonds,
mtge.
*
(Sept.).
New York Trap Rock Corp.; 1st
mtge. 4% 10-year s. f. bonds, $3,500,000
(Oct.), .y. .
v y
y.,;,
yyrr v
1st'mtge. 3)4% bonds, series D, 1966,
1)4%
;•
lst
1966, $2,-
* . y/y .?;■
'
'
,
equip, trust certificates, 1942-1951.
RR., l%% equip/trust certificates,
N$35l93kO(fotaJuly)leCtriC & G&8 Corp- lfit
v
■
bonds, series A,
•
Water. Co.,
(May).
1956, $1,400,000 (Oct.).
notes.
:
3)4%
Worthington Pump & Machinery Corp., 4%
1942-1951, $2,890,000 (June).
1970,
Chicago & North Western Ry., 1%% equip, trust certificates, March 1,
1942-1951, $5,400,000 (Feb.).
J ;
,
Union Terminal Co.,
1966, $2,000,000
•
Co.,. 1st mtge.
.
Wheeling &
$800,000 (May).
Wisconsin Power
Newport Gas Light Co,, lst mtge. 3)4.% bonds, 1961,
$400,000 (Oct.).
$400,000-
.-(March),
'
*
,
yw_
;
Lake Erie Ry.,
New York Central RR.,
1)4% equip, trust certificates, $6,540,000 (Feb.).
New
(Feb.).v.v^:^
.. -V..,' v
G:*" « \
Chesapeake & Ohio Ry., ref. & impt. bonds, series G-l-G-10, 0.35%-1.90%,
1942-1951, $6,490,000 (Feb.), •
T
Cincinnati
due
.
,;
;
.
debs.,
& ref. mtge. 3)4% bonds, series C, 1976.
gen.
$550,000 (Sept.),
y-_■ ■' t"
mtge. bonds, 3)4 % series, 1965,
gen.
$5,000,000 (Jan.).
Central Ohio Light & Power Co.,
775,000 (March).
Wichita
New Mexico Power
Co., lst mtge. bonds, 3)4% series,
bonds, series L, 1970,
»•
/><•< V.
r>'G
a
-
Power
N^.?aven Water Co.,
(June).
1st mtge. 4)£%, 4)£%
gen. mtge.
v;,
,
y.
$1,000,000 (Sept.).
,
'
3)4% 1st &
.
.
Central Maine Power Co., 1st & gen. mtge. bonds, series L, 3)4%.
$1,000,000 (Dec.)v
-
Co;, 2%, 2%%, 3% unsecured notes, 1942-
:
(l%-3.60%)
t
■*
Westmoreland Water
,
New Hampshire Gas & Electric
Co., lst mtge. 3)4% bonds, series B, 1971,
Electric Corp., 3% 1st mtge. bonds, 1971, $13,v,;.",? <'vv;
Central Illinois Public Service
■
'
-1*.
v
,
.
Bros. Realty,
Inc., guaranteed, serial
serially to Nov. 1, 1953, $2,200,000 (Nov.)., -
(
Go., 3^4 % s.'V.
RR., 1)4% equip, trust certificates, 1942-1951, $2,650,000
.(July).
bonds, due monthly
\
.
Neisner
debs., 1951, $4,000,000 (July).
Central Electric & Telephone Co., 1st mtge. & coll.
3%% bonds, series B,
Western New York Water
Western Pacific
-
$125,000 (Nov,).
Neiman-Marcus Co.,
Dallas, Texas, lst mtge. 4%
to 1957, $900,000 (Jan.).
>
;
Capital City Water Co., 1st mtge. 3%% bonds, $600,000 (March).
Capital Finance Corp., 10-year 3%
s. f. debs., 1951, $1,500,000
$1,000,000 (Dec.).
National Union Radio Corp., 3% debs., 1944,
$5,-~
1971,
.
National^ Cylinder Gas Cq., 10 year 2)g%
National Gypsum Co., 3% s. f. debs., 1955,
'•
(Jan.).*.
245
of the
of large
outstanding for
part of their hold¬
public offering of
owners
been
or
a
European War, these offerings
extraordinarly large in some months, chiefly
doubt, to the activities of the British Govern¬
ment in liquidating the American securities which it
sequestered from its nationals.
In June, 1941, legisla¬
tion was enacted authorizing the Reconstruction Finance
have been
due,
no
246
THE COMMERCIAL & FINANCIAL CHRONICLE
Corporation to make loans to foreign governments col¬
lateralized by American securities.
Under this authority
large loans have been made to
Britain
Great
eral direct and agency
1941,
were made
obligations issued after March 1,
'
Tyre of
subject to all Federal taxes.
;:;"v
Dated
v'
'•
the
by
Thursday, January 15,1942
" ;
"r'.
Total Amount
.
Security ■<
i
New
]' Refunding
Accepted
Indebtedness
"
In
corporation and this has evidently been responsible for
marked reduction in the volume of secondary offer¬
ings in the latter half of 1941 as compared with the first
a
Nevertheless, the total for the second six months
ot the year,
$139,866,169, was more than the entire year
1940.
In all of 1941, the secondary distributions which
have come to our notice, had an aggregate value of
$389,569,510,, compared with $126,330,104 in 1940 and
$66,876,758 in 1939.
Of eourse, these transactions are no different/in effect,
in
of the exchanges
one
on
positary bonds,
not
them
compilations of new issues, but we have tabulated
for whatever interest they may have
separately
their
on
'
below;
another
new
type
were
of
De¬
*
one
year's financing
was
in
the
Depositary
Tax
Date
.,
Dated
Offered
Due
3'...-"...
a-Dec.
January
_
February
March.
April.
May...........
....
1940 V-
1941
X-:
1938
1937
X
Amount
$
s
$
S
60,081,270
22,145,201
38,916,634
36,377,356
14,726,274
5,953,125
9,919,270
1,702,750
611,334
12,855,884
2,525,696
5,721,524
3,162,305
22,096]368
S
Applied for
;Dec. 24.......
82-day Treas. bills
76-day Treas. bills
Oct.
(Oct.
^
year.
28,876,706
4,318,088
279,655
251,500
12,199,818
1,025,000
3,965,000
62,943,144
35,231,363
32,015,790
'
Pftce
7,085.183
mos..
249,703,341
48,932,458
total
s
July....
August...
September......
16,782,675
7,127,500
29,858,878
25,487,816
742,500
51,683,537
October.....
343,750
14,499,172
1,572,000
3,546,765
11,573,907
4,867,500
4,405,762
1,833,091
11,833,750
417,885
65,753,462
64,662,181
1,250,175
■
11,851,252
8,609,530
21,080,297
5,547,372
5,259,100
8,951,969
15,529,803
■1,164,950
5,714,434
Total, cal. year 389,569,510
126 330,104
66,876,758
November
December......
8,962,985
3,757,564
lio'ooo
91
days
281.145,000
91
days
16
91
Public financing of the United States Treasury in
December, the first month of war, reached the huge
days
100,337,000
99.975
292,758,000
266,617,000
353,510,582
100,127,000
100,015,000
99.976
353,510,582
a
40,214,000
40,214,000
Jlyl-31 June
1
total
July
Aug.
12 years
$3,451,125,399.
representing
The ^portion
new
of
month's
last
financing
indebtedness, $2,780,391,589, however,
topped all other months of 1941 including October. The
chief financing operation of the month and perhaps the
largest cash offering since the last war was the sale
1 Aug.
91
6
91
1
Aug 1-31 Aug.
public early in the month of $1,602,317,150 2%
Treasury bonds. The issue was well received
and 2%%
and
was
ing
means
oversubscribed several times.
Other fund rais¬
employed by the Treasury included weekly
bill offerings in excess of maturities and the
continuing
of
532,717 850
536,285,664
1
'
...
l.i._... Depositary
Aug.
and, to a
enjoyed the greatest sales volume, $536,285,664, of any
month since they were first offered last May.
Up until
last month, the first month's sales of
$374,777,142, re¬
mained the largest and November's sales of
$238,468,536
were only barely higher than the smallest.
Demand for
savings bonds in December was stimulated by the Japan-
ese
attack
"outlying possessions and by purchases
gifts.
The bill offering in the first week of
December, as in
-
the
final
about
two
weeks
$100,000,000
amount of
new
of
the
above
previous
the
week's
month,
for
was
maturities.
The
raised through this medium
money
was
reduced to about $50,000,000 per week in the
succeeding
weeks of the month. In order to have substantial ma¬
in the week of March 16.
the
although not
bills
sold
last month continued to rise
markedly as in November when the
last issue's yield of 0.267%
compared with October's
last of 0.067%.
December's last and highest was 0.310%
and it is necessary to
go back to October 1937 to find
a higher
yield.
so
1941
year
saw
a
rise
in
the
debt of the
$57,938,123,097,
thereby dwarfing the rises in all the depression years
of the thirties
and, in fact, having no precedent other
than the first World War
period when the debt rose
from $2,712,549,477
June
30, 1917
to
$25,234,496,273
June 30, 1919.
Of course in a period like the present,
when the nation is
engaged in a major war, debt in¬
creases must remain as
secondary considerations to the
States
successful
in mind
from
$45,024,631,488
prosecution
of
the
conflict.
And
with
of greater
indebtedness
figures noted
do
not
amounted to
are
reflect
the
only
the
Federal
indebtedness
debt
*0.114%
100,799,000
11,435,550
271,277,566
11,435,550
100
2%a
1,037,124,525 1,037,124.525
100
•V.
„•
a
99.987
91 days
Sept. 19 Sept. 24
Sepl-30 Sept. : 10-12 yrs.
404,215,000
238,389.482
100,742,000
99.991
99.977
-
a
-2,145,460
305,927,000
305,927,000
*0.090%
*0.071%
*0.050%
*0.037%
99.982
238,389.482
2,145,450
2 yrs.
and
CCC
further
notes
and
91
days
Oct,
3 Oct.
91
Oct.
10 Oct.
91
days
days
Sept. 26 Oct.
Oct.
17 Oct.
Oct.
24 Oct.
Oct. 9d Oct.
days
91
days
31 yrs.
Oct.
e
91
31 yrs.
31 yrs.
Oct.
c
23 Nov.
f 4
I
Oct 1-31 Oct.
182,005,000
100 045,000
368 817,000
217,616,000
100, 433,000
100 ,207,000
303,852,000
150, 185,000
150, 010,000
269,407,000
10445,341,100 1,307, 419,400
93,256,950 ' 93, 256,950
188,971,200
188, 971.200
v;:'
■-
100
•'
conversions
would
be
arranged
January, 1942.
The October exchange was account¬
for $502,983,000 of the
year's increase in direct
Federal indebtedness.
raised
from
on
Federal indebtedness
$49,000,000,000 to $65,000,000,000
and
Oct 1-31 Aug.
2 yrs.
474,682,G25
total..,
Oct.
29 Nov.
5
91
days
5 Nov. 12
91
days
91
days
91
days
Nov. 21 Nov. 26
Nov 1-30 Nov.
Nov 1,-30 June
9d Oct.
10-12
1
yra.
12 years
1
Nov 1-30 Aug.
;
1
2 years
20
31 years
*0.024%
*0.067%
2 *%.
•Certificates..
99.994
99.983
100
2%
474,682,625
100
99.962
100
2%
319,776,475
5,680,600
319,776,475
5,680,600
100
...
100
2>*%
r.
*0.242%
*0.293%
99.925
*0.295%
Dec.
19 Dec. 24
82 days
352 938,000
150 174,000
99.933
*0.295%
Dec.
26 Dec. 31
76
317 107,000
150, 004,000
99.935
*0.310%
2J^%
2K%
Dec. 4c Oct.
20
31 years 6,979 193,950 1,069, 599,300
100
Dec. 4d Oct.
20
31 yearn
103.500
103.500
100
14 years 4,727 898,150
532, 717,850
536 285,664
1, 575,000
100
575,000
341 865,275
341, 865,275
100
......
^otal..
188,484,000
5,300,000
•
4
*
58,700,000
32,989,000
86,028,000
*53,039,000
90,989,000
91,328,000
5,001,000
7~,007] 000
x25,245,000
27,067,000
142,755,000
20,000,000
26,000.000
149,108,000
168,000,000
168,000,000
2
169,822,000
.....
'•
•'■
■■
•
?".
■
.<
•
46,090,000
■
218,484.000
69,316,000
264.484,000
89,316,000
175,168,000
4,639,199,000
3^27,108.000
1,012,091.000
f
Total 12 months-—
* Comprises sales of special series certificates and notes; certificates sold to Ad¬
justed Service Certificates Fund and Unemployed Trust Fund, and notes
Old Age and Survivors Insurance Trust Account,
Postal
Fund,
Savings
System,
to Federai
Civil Service Retirement Fund.
Government 1,1 fe
Insurance
*
,
Fund,
*—————
i
*
i'
a
In the comprehensive tables on"
compare
with
those
the"Mcceeding pages
the December and the 12 months' figures
for
the
corresponding periods in the four
years preceding, thus affording a five-year comparison.
t Following the full-page tables, we give complete details of the capital flotations during December, including
issue of
every
2%
any
•'
^
v
-
V
kind brought out in that month.
a
100
Details of New
2%
b
,«■
j
Capital Flotations
During December, 1941
^
BONDS AND
NOTES
FIVE
(ISSUES MATURING
LATER
YEARS)
RAILROADS
,
$3,800,000 Chicago &
2.90%; series F have a 12-year maturity, are sold on a discount basis, at 74, and
yield 2.53%: andssrleB G have a 12-year maturity, are sold at 100, and bear 2^%
b Comprised of two separate Issues, designated Treasury notes of tax
*
s
"
*
'certificates
.
e
♦
| *
-
*
»
-
""'
"
Public exchange offering.
r:.-."'
Type of
Total Amount
Security
Accepted
Ry.
2%%
equipment
trust
Co., and McMaster, Hutchinson & Co.
18,465,000 Pennsylvania
TJSE OF FUNDS
Dated
Western
1943t1962;
Purpose, purchase of equip-"
yield 0.85% to 2.00%, according to maturity. • Offered by Harris, Hall & Co., Inc.; Drexel & Co.;
Alex. Brown & Sons; Equitable Securities Corp.; Tucker,
Anthony & Co.; The Illinois Co. of Chicago; The Milwaukee ,
to
,
t
series A-1943 and tax series B-1943; series A earn about 1.92 % a year and series B.
about 0.48%.
c Public cash offering,
d Allotted to Government Investment ac¬
counts.
North
due
Priced
raent.
Interest,
RR.
2%%
equipment
trust
certificates, :*
series
M
New
Refunding
M, due 1943-57.
Purpose, purchase of equipment.
Priced to yield from 0.75% to 2".t.0%, according to maturity.
Offered by Salomon Bros. & Hutzler; Wertheim & Co.;
XXXX-'X ,''
Indebtedness
Dick & Merle-Smith, and Stroud ft Co., Inc.
*4,430,000 Southern Pacific Co. 2^%
equipment trUBt certificates.
purchase of equipment.
Awarded to The First
Boston Corp j Harriman Ripley & Co., Inc.; F. 8. Moseley
& Co., and Kidder, Pea body <& Co., and placed privately.
Purpose,
First 6 month s total.
8,675.484,647
5,325,806,200
100,880,000
100,048,000
100,880,000
Treas. bills
100,337,000
100,127,000
Treas. bills
100,015,000
100,337,000
100,127,000
100,015,000
s
3,349,678,447
.
•_
1.
2
July
July
July
16-..,..
July
23.....
3u
July
—
91-day
91-day
91-day
91-day
91-day
Treas. bills
Treas. bills
Treas. bills
July
1.....
U. S. Savings bonds
June
1
Depositary bonds.
1,050,000 Wheeling & Lake Erie Ry. (0,50%.-2>£%) equipment trust!
Purpose, purchase of equipment
■hPriced to yield from 0.625% to 2.10%, according to maturity,
j "
Offered by Salomon Bros. & Hutzler; Dick & Merle-Smith,
and Stroud & Co., Inc.
*
'
•
»
100,048,000
-icertificates, due 1943-1952.
353,510,582.
353,510,582
40,214,000
■
Aug.
6
Aug. 27
1
Aug.
—
91-day
91-day
91-day
91-day
Treas. bills
895,131,582
501,407,000
100,232,000
100.232,000
100,118,000
100,118,000
Treas. bills
Treas. bills
100,227,000
100,227,000
Treas. bills
100,799,000
100,799,000
U. 8. Savings bonds
271,277,566
anticlpat'n notes
August total.
$27,745,000
•
11,435,550
91-day Treas. bills
100,369,000
100,369,000
91-day Treas. bills
100,957,000
1QQ,957,000
100,043,000
100,043,000
100,742,000
238,389,482
100,742,000
Sept.17.
Sept.24.
Sept. 1
June
1__—.
Aug.
1
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
Depositary bonds..
Tax anticlpat'n notes
Insurance Co.
1,037,124,525
3
;
305,927,000
1,319,837,641
i
'
948,572,932
402,111,000
Oct.
8..
15
Oct.
22
Oct.
29
Oct.
20
c
Oct.
20
d
Oct.
20
e
91-day
91-day
91-day
91-day
91-day
Treas. bills
100,045,000
Treas. bills
100,433,000
100,207,000
Treas. bills
Treas. bills
Treas, bills
214% Treas. bonds
150,185,000
150,010,000
Depositary bonds..
7,056,000
debt would raise
Aug.
1
Tax antlcipat' n notes
Treas. bonds
100,045,000
100,433,000
100,207,000
100,127,000
100,015,000
'
■;
50,058,000
49,995,000
93,256,950
188,971,200
502,983,000
'3.451,125,399' 1,192,781,200
Telephone
Co.
Insurance Co. through
collateral trust sinking
275,876,224
7,056,000
474,682,625
1, 1961.
Purpose, refunding,
Sold privately to one institutional investor.
1,400,000 Mobile Ga» Service Corp. 1st mtge. bonds, 3X% series due
1961.
Purpose,
refunding.
Price,
104.18 and
interest.
Offered by The First Boston Corp.; The Robinson-Humphrey
Co.; Granbery] Marache & Lord; Starkweather &> Co.; Lamar,
Kingston & Labouisse; Ward, Sterne, Agee & Leach, and
Shropshire & Co.
546,461,932
1,307,419,400
474,682,625
Western
2,258.344,199
„
3,700,000 North Shore Gas Co, 1st mtge. 4X % bonds, series A, due
Dec. 1, 1961.
Purpose, refunding.
Price, 101 and interest.
Offered by Central RepubliciCo. (Inc.): E. H. Rollins & Sons,
Inc.; Stern, "Wampler & Co.,] Inc.; Coffin & Burr, Inc.; A, C.
Allyn & Co., and Whiting, Weeks & Stubbs.
'
700,000 North Shore Gas Co. 2 X %-3X % serial notes, due 1942-48.
Purpose, refunding.
Priced to yield from 1% to 3-95%.
according to maturity.
Offered by same bankers as offered
the S3,700,000 4X%. bonds (which see).
*1,200,000 Northwestern Light & Power Co. 1st mtge. bonds, series A,
4%, due Aug. 1, 1966.
Purpose, refunding.
Sold privately
to an insurance company through Harris, Hall & Co. (inc.).
*1,000,000 (The)
Panther Valley Water Co. 3X% 1st mtge. bonds
1, 1966.
Purpose, refund 6% mtge. bonds ($363,4X% demand notes ($637,000).
The demand
due Dec.
October total
—
fund 4% debentures due Dee.
s
•
Oct.
ance Co." and New England Mutual
Coffin & Burr, Inc.
V *425,000 Middle
;
\
September to tal.
~
gen. mtge. bonds, series L,
3Vi% due 1970.
Purpose, finance business of company.
Price, 111 and interest.
Sold privately to Aetna Life Insur-
238,389,482
2,145,450
305,927,000
2,145,450
PUBLIC UTILITIES
*1,000,000 Central Maine Power Co. 1st &
11,435,550
401,376,000
.
r
*$267,000 Albuquerque Gas & Electric Co. 3%% 1st mtge. bonds
'
due 1966.
Purpose, acquisition of properties.
Price, 104X
and interest.
Sold privately to John Hancock Mutual Life
;
1,037,124,525
Sept. 10
Sept.
,
393,724-, 582
271,277,566
1,721,213,641
.
_
40,214,000
\.
July total.
1
33,735,000
1,822,000
November
Average rate on a bank discount basis,
a Comprised of three separate series of
which series E have 10-year maturity, are sold on a discount basis at 75, and yield
June
the present
.
THAN
2H% Treas. bonds
1% Treas. notes...
to
222,219,000
*'
U. S. Savings bonds
debt close
10,150,000 :]■•■•
xloO.OOO
23,585,000
188,634,000
••„..•
LONG-TERM
1
laW,' last February all Fed-
212.219,000
20239630,401
1
same
.
.,v.' ^. ..w..
December—'
3,282,547,589
............
Nov.
the Federal
.
■
•
we
99.926
mos.
7,000
140,007,000
November—
—-
99.939
total.
17,043 000
146,000,000
National Service Life Insurance Fund, Federal Deposit Insurance
Corporation, and
Federal Savings & Loan Insurance Corporation
x Excess of retirements.
•'
150, 040,000
2 years
163,050.000
•Notes..
b
150, 027,000
1
.....
.
Octobertotal..
Retirement
200 156,000
Dec. 1-31 Aug.;
}.'i
P/V,;
Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska Railroad
382 650,000
1
-'is'—
17,043,000
a
403 171,000
536 285,664
—
17,050,000
*0.267%
468 160,000
yrs.
146,000,000
a
91 days
12 years
203,521,000
99.932
91 days
91 days
1
21,827,000
I
17
1 10-12
59,700,000
143,821,000
225.348,000
*0.151%
*0.200%
*0.258%
10
15
10,300,000 5";
11,527,000
99.935
99.950
5 Dec.
4 Dec.
.i.
December total.....-..........*
12 Dec.
Dec 1-31 Juno
!
]■,
Notes-...
Dec.
Dec 1-31 Dec.
iri
v
150,098,000
150,018,000
200,167,000
200,026.(000
238,468,536
1,320,000
days
■
155,348,000
64,000.000
....
*0.001%
1,265,554,611
3
*
750,495.00a
]]''■
*0.002%
Dec.
Nov. 28 Dec.
Public
Net Issued
2.746,792,000
IOJOOO.OOO
*0.062%
199,998,000
313,335,000
439,350.000
466,603,000
238.468,536
1,320,000
total...,
e
8
70,000,000
■
99.9996
100
Oct.
Under the
'2X
.......
99.984
7,056,000
only too obvious since
merely converting the total guaranteed debt into direct
limitation.
■
October—
-
Nov.
Retired
3,497,287,000
.........
-
99.9918
3.451,125,399
Nov. 13 Nov. 19
8",727,013*,400 11,512,017,001
s
Issued
....
Notes'.
2M%
1,307,419,400
93,256,950
188,971,200
502,983,000
275,876,224
before the year-end
Secretary of the Treasury Morgenthau pointed out that a further
increase would be neces¬
sary in the near future.
This is
"rV'XV;
Certificates j. ...............
275,876,224
7,056,000
2.780,391,589
*
September total
0
2H%
1%
275,876,224
10-12 yrs.
12 yrs.
Oct.
Last February the limitation
344,865(275
502,156,000
September—
;
4 K mos
Oct 1-31 June
Depositary bonds..
an¬
•
•
20,239,030,401
>
Notes
a
100
502, 983,000
Tax
was
_
August total.....
■
b
100
502,983,000
1-..-.
it
.
2%
100
100
,
yrs.
1
later
103,500
532,717,850
530,285,664
1,575;000
« +4+ f. *
INTRA-GOVERNMENT FINANCING
Certificates
948,572,932
Aug.
in
^
d Allotted to Government investment accounts,
Certificates
total,.
Sept.
June
announced
was
*
...
Notes......
]
100,043,000
12 yrs.
'
...
August^:
4.
100,957,000
Sepl-30 June
Sepl-30 Aug.
ths„
(Certificates.
b
able
was
mon
July total....................
1,721,213,641
which
offering of Treasury notes for
maturing RFC
m
99.971
32/.055.000
1940 and $6,-
be converted into
Federal obligations in order to
simplify the war finance
program.
The first step in this direction was taken in
the same month with the
that
*0.116%
100,369,000
Aug. 13
agency
$5,901,357,155 at the end of
316,593,955 at the close of 1941. It
October, 1941, that this debt would
nounced
99.971
271,277,566
2 years
Aug. 20.....
direct
49,969,000
341.865,275
Notes
this
havef achieved affinal victory.
and
100,227,000
*0.106%
*0.114%
days
gross
and greater future
advances in the public
until we
The
297,444,000
439,541,000
to
must accept the obvious
prospect
we
99.971
383,608,000
Total 12
United
100,118,000
493,411,000
Dec.
day obligations and those dated Dec. 31 to 76 days.
It is planned that about
$-300,000,000 bills will mature
on
288,823,000j
days
days
to 82
Yields
99.973
days
Dec.
49,432,000
1,069,599,300
July—
100,232,000
91
Oct.
,
3,282,547,589
First six months total
293,242,000
91
Oct.
49,997,000
100,045,000
:
$
2%
12 years
total...
turities in the period in March, when tax collections will
be heavy, the Treasury shortened the bills dated Dec. 24
The
100
91
Nov.
49,070,000
1,575(000
,
December tot. al...
tXvXv1941 '
our
on
of bonds for Christmas
bonds^>
a
5 Sept. 10
Oct. 9
99,787,000
'
1,009,599,300
Tax anticip'n notes.
1
*
*0.097%
*0.098%
*0.094%
99.975
Sept. 12 Sept. 17
Oct.
159,174,000
14 years-.......—
15
*0.087%
*0.097%
99.976
10-12 yrs.
Aug 1-31 June
Aug 1-31 Aug.
Defense
Savings Bonds and Tax Series Notes
small extent, Depositary Bonds. Defense bonds
days
91 days
91 days
'8 Aug. 13
Oct. 9
5,080,600
804,178,611
100,043,000
100,742,000
150,094,000
U. S. Savings bonds
Dec.
895,131,582
..
Aug. 15 Aug. 20
Aug. 22 Aug. 27
aggregate of $3,282,547,589, the greatest of any month
year except October when the total amounted to
sales
99.978;
91 days
18 July 23
91 days
25 July 30
1 10-12 yrs.
J'lyl-31 July
last
the
100?880,000
100,048,000
July
Sept.
1941
Year
150,040,000
103,500
offering,
exchange offering.
'
July
Aug. 27 Sept.
Calender
100,369,000
100,957,000
150,027,000
31 years..........
;,, Vc Public cash
281.732,000
306,089,000
Aug.
Treasury Financing in December and the
200,156,000
20.d
) June
8,675,484.(647
.
9
Aug.
to
—
2
j,
401,376,000
3! years...
Certificates
Total, 6
1,320,000
319,776,475
'
Yield
4,287,175
'
100,227,000
100,799,000
1,265,554,611
201c.....
Dec.
;
Accepted
3 July
11 July
July
8,008,000
4,641,113
12,451,695
12,459,292
—
]Dee. 31......:.
Amount
,
June 27 July
July
82,102,729
10,080,151
June
X-
1939
bonds..
$
..
49,866,000
49,900,000
99,940,000
99,227,000
238,468,536
238,468,530
1,320,000
319.770,475
5,680,600
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
10..
Deo.
Total 12
6 month
X'; First
IX
,
100,118,000
'
NOT REPRESENTING NEW FINANCING
ISSUES
$
100,232,000
:
200,167,000
200,026,000
anticip'n notes.
2>5% Treas. bonds
November to tal..
,
150,098,000
150,018,000
•
The
customary
UNITED STATE3 TREASURY FINANCING DURING 1041 K ^
.
bills
1
outline the Treas¬
ury's financing activities in the current
bills
91-day Treas.
1
.
Oct. 20.d
:
we
91-day Treas.
Aug
sold in
.,
In the tabulations which follow
...
June
5 Dec.
the
Treasury bonds, notes and bills.
1, VX
5.
Nov. 19.
91-day Treas. bills
Nov. 26.......
91-day Treas. bills
Nov.
1.
PVS. Savings bonds
.
of security but
expected to be sold in great quantities,
balance
"r
v.-
in total sales of $2,479,375,900.
$
•Nov.
'Nov, 12.'
..
account, and present the results in the table
own
were
aggregate of $63,746,000 up to the end of 1941.
an
the
our
savings bonds
,
whose securities
in
defense
new
on
in August resulted
over-the-counter market, and the companies
are involved receive no part of the pro¬
ceeds of the sales.
Such offerings as these have no place
or
1941, the
sale and these brought in about $2,609,317,607
during the year.
Tax anticipation notes placed on sale
half.
from the sales of such securities
May,
placed
'
000);
pay
Volume 155
"Number 4033
247
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*13,200,000 Public Service
bonds,
series
companies
C,
Co.
Co.
-
-
Indiana,
Nov.
1,
Inc
l97l
of
Indiana,
1st
mtse
p
$4 000,000
qs/tr
000).
Inc..
unsecurftd
not,p.s
?950
National,
banks
of
Indianapolis, Chase National Bank of New \ ork Continonfal
Illinois National Bank & Trust
Co.,
Harris
Savings Bank, Chicago, Travelers Insurance Co and NorthWestern Mutual Life Insurance -Co.
*
^ortr
Chicago
IV
TrS&
5%'serial
bonds due 1943-
expansion, &c. .Offered by. Bay T. Haas,
§32,942,000
.
1
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INDUSTRIAL
*1,000,000 National
Food Machinery Corp. 3% sinking fund debentures, due
& Co.,
»
«
T3
Gypsum Co. 3% sinking fund debentures; due
1, 1955.
Furpose, working
through W. E. Kutton & Co.
Dec.
1956.
Purpose, pay bank loans of $2,100,000 (incurred for
redemption of 4H % preferred stock), working capital ($1,900,-
to eight insuiance
rpose, refunding. Sold privately to Indiana
^
chants ^National, and American National
50,000 South Carolina Gas Co. lst mtge
OTHER
tiar
'
Pur^
2.4 35b%), due
serially to Decl,
*
"
PrirA
-
inteie8t' s°ld privately
*10,000^000 Public Service
.
of
due
nnriiosps
0 M
1 g | |.S^ 2
tf£fl3&a£3g|
constructlon
1
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Drexel & Co.
.
k >
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were
issued for
Sold privately through
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Price, 100 and interest.
Offered by Kidder, Peabody
and Mitchum^Tully & Co.
capital.
Sold privately
$21,350,000
RUBBER
2,500,000 General Shoe Corp. 15-year 3k'% Sinking fund debentures,
:
due 1956.
Purpose, general corporate puipose.
Price, 99
and interest.
Offered by Smith, Barney & Co.; Equitable
Securities Corp., and Alfred D. Sharp (Nashville).
*850,000 Hilton-Davis Chemical Co. 12-year 4% notes.
Purpose,
refunding (8397,500), pay current borrowing and working
capital.
Sold privately to Equitable Life .Assurance Society
of the United States through 1.istributors Group, Inc.
*13,000,000 Loew's, Inc. 3% 15-year debentures.
Purpose, refunding.
Sold privately to Massachusetts Mutual Life Insurance "Co.
John Hancock Mutual Life Insurance Co.; Sun Life .Assurance
Co.; Penn Mutual Life Insurance Co.; New England Mutual
Life Insurance Co.; State Mutual Life Assurance Co.; Union
Central Life insurance Co.; Continental Casualty Co., and
-
-
*$5,000,000 (B. F.) Goodrich Co. 37© first mortgage bonds, due 1956.
Purpose, general corporate purioss;
told irivately^to an
insurance company through Goldman,
Sachs & Co., and
Dillon, Read & Co.
.
^
REAL ESTATE
*$3,200,000 Central Investment Corp., Los Angeles, first mortgage
(4H~4M%) bonds, due S3rially 1942-1956.
Purpose, refund¬
ing.
Placed privately with Connecticut Mutual Life In*"
surance
.
Continental Assurance Co.
.
it,
Co.
300,000 The Felician Sisters O. S. F. of Detroit first ref. mtge.
sinking fund (3-3^ %) bonds, series A, due July 1, 1954,
Purpose refunding.
Price, 101 and interest.
Offered by
.
C. Ziegler & Co.
.
.
THE COMMERCIAL & FINANCIAL CHRONICLE
OOOQOQOOO
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Thursday, January 15, 1942
PUBLIC
qqqqqqqqq 100
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$92.50 per share.
Offered by the First Boston Corp., the
Robinson-Humphrey Co., Granbefy, Marache. A Lord, Stark-
.
v
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Agee A Leach and Shropshire A Co.
y; iy
INDUSTRIAL AND
j
.
MANUFACTURING
$3,000,000 Abbott Laboratories 30,000 shares of 4% cumulative pre¬
ferred stock (par $100).
Purpose, refunding ($1,382,654),
working capital ($1,617,346). Price, $104 per share.
Offered
v
v
by A. G. Becker & Co., Inc., F. S. Moseiey A Co., and Shields
v:
A CO.
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5
I
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weather & Co., Lamar, Kingston & Labouisse, Ward, Sterne,
OTHER
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UTILITIES
$600,000 Mobile Gas Service Corp. 6,000 shares of 6% cumulative
;
preferred stock (par $100).; Purpose, refunding (t351,400)
construction fund, pay interest on income bonds, Ac.'' Price,
!Q«O"
osoicoooiO'Hp
CONN
-■
-
125,000 Hallett Manufacturing Co., Los Angeles, 125,000 shares
of 6% cumulative, convertible and redeemable preferred stock
;
(par $1). Purpose, working capital, Ac. Price, par. Offered
r
by L, H. Bullock, Oakland, Calif.
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Dillon, Read & Co., Drexel A Co., the First Boston Corp.,
Harriman Ripley & Co., Inc., Hemphill, Noyes & Co.. Kidder.
«.■,
i-H*X*X* I JcoVosPNON
O
.
5,369,000 Merck & Co.. Inc. 53,690 shares of 4%% cumulative pre¬
ferred stock (par $100).' Purpose, retire serial bank loan
(53,000,000) working capital (52,369,000).
Price, $105 per
yfifh share. Offered by Goldman, Sachs A Co., Lehman Brothers,
Baker, Weeks & Harden, Bodell & Co., Inc., Bristol & Willett,
{
!
Peabody & Co., Laird, Bissell & Meeds, Merrill Lynch, Pierce
& Beane, and Union Securities Corp,:"'
•>/-'
,
i
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54,250 Midwest Tool & Mfg. Co. 27,125 shares of
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promissory notes,
pay
stock
(no par).
interest in Consolidated Aircraft Corp.
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Price, $25 per share.
ttcs
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Rollins & Sons, Inc., Schoellkopf, Hutton & Pomeroy, Inc.,
Rockefeller A Co., Inc., William It. Staats Co.,
Stern, Wampler & Co., Inc., Stone & Webster and Blodget,
tt
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Hay den. Stone & Co., Carlton
Higbie Corp., Hill Richards & Co., Johnston, Lemon &
Co., Lehman Brothers, Lester & Co., Carl M. Loeb, Rhoades
& Co., Mitchum, Tully & Co., G. M.-P. Murphy & Co.,
Pacific Co. of California. Page, Hubbard & A ache, E. H,
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Paul H. Davis & Co., Dominlck & Dominick,
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6,000,000 Vultee Aircraft, Inc. 240,000 shares of $1.25 cumulative
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Intermediate
Credit Banks consolidated dobentures dated Jan. 2, 1942—-$20,260,000 %% due June 1, 1942,
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refunding, and $19,520,000 new capital.
Price, slight premeium over par.
Offered by Charles R. Dunn, New York,
fiscal agent.
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$235,000 Abbott Laboratories 5,000 shares of common stock (no par).
Price, $47 per share.
Offered by A. G. Becker & Co.
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1,500,000 Marmon-Herrington Co., Inc. 150,000 shares of common
Uft7 stock (par $1).
Price, $10. Offered by Brown, Schlessman.
Owen A Co., Van Alstyne, Noel A Co., Crowell, Weedom A
Co., Cohu A Torrey, Burr A Co., B. V. Christie A Co.,
W. J. Lackey A Co., Straurs Securities Co., Alexander A Co.,
Inc., Milton R. Underwood A Co., Mahan, Dittmar A Co.,,
Henry C. Robinson A Co., Inc., Chas. B. White A Co., George
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($1 par). Price, $19.75 per share. Offered by Shields A Co.,
Plyth A Co., Inc., Hornblower A Weeks, Lee Higginson Corp.,
White, Weld A Co., Kiter A Co., McDonald-Coolidge A Co..
Blair A Co., Inc., Singer, Deane A Scribner. Robert Garrett
A Sons, Mitchum, Tuliy A Co., Piper, Jaffray A Hopwcod.
Auchincioss, Parker A Redpath, George D. B. Bonbright A
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Graham, Parsons A Co., Hayden, Miller A Co., Hill A Co.,
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(par S3).
Price, $26.50 per share.
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inc., Wisconsin Co., A. C. Allyn A Co., Inc., Ames, Emerich
A Co., Inc., blue Ridge Corp., Davjs, Skaggs A Co., First
Boston Corp., Graham, Parsons A Co., Hallgarten A Co.,
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2,221,750 General Motors Corp. 75,000 shares of common stock (par
$10).
Price, $29% per share.
OfLred by Union Securities
Corp., Lee Higginson Corp., and A. C. Allyn A Co.
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282.668 Erie RR. 44,340 shares of new common stock "when issued."
Price, $6% per share.
Offered by Hemphill, Noyes A Co.,
and Merrill Lynch. Pierce, Fenner A Beane.
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246,622 Cessna Aircraft Co. 21,445 shares of common stock (par $1),
Price. $11,50 per share,.^Offered by Auchincioss, Parker A;
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Offered by Van Alstyne, Noel & Co.
912,500 Bond Stores, Inc. 50,000 shares of common stock (par $1).
Price, $18.25 per share.
Offered by Lehman Brothers, Wertheim & Co., Blyth & Co., Inc., Clark, Dodge & Co., Dominick
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$30 per share.
Offered by Goldman, Sachs A Co., Lehman
Brothers, Baker, Weeks A Harden, Bodell A Co., Inc.,
Bristol A Willett, Dillon, Read A Co., Drexel A Co., the First
Boston Corp., Harriman Ripley A Co., Inc., Hemphill, Noyes
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A Co., Kidder, Peabody A Co., Laird, Bissell A Meeds.
Merrill, Lynch, Pierce, Fenner A Beane, and Union Securities
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45,750 Midwest Tool & Mfg. Co. 22,875 shares of common stock
(par $1).
Price, $2 per share.
Offered by Keane A Co.
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52,576 Niles-Bement-Pond
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3,968
shares
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common
stock
(nonpar). Price, $13.25 per share. Offered by Lazard, Freres
wt^pd^ooijffiajiHS
100,000 Pure Oil Co. 1,000 shares of 6% cumulative preferred stock
(par $100).
Price, $104 per share.
Offered by Blair A Co.,
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MISCELLANEOUS
'
$500,000 Beacon Associates, Inc. 6%% participating sinking fund
debentures, series A, due July 1, 1971.
Purpose, advances
to wholly-owned subsidiaries to make loans, liquidate bank
loans, Ac,
Price, $110 and interest.
Offered by F. L. Put¬
,
BONDS AND
AND
NOTES
inc.
,
543,750 St. Helens Pulp & Paper Co. 25.000 shares of common
(v. t. c.) shares (par $10).- Price, $21.75 per share. Offered by
Blyth A Co., Inc., Dean, Witter A Co., Ferris A Hardgrove,
Hemphill, Fenton A Campbell, Inc., E. M. Adams A Co.,
Blackenship A Gould, Inc., Warrens, Bosch A Floan, Atkin¬
son, Jones A Co., and Camp A Co., Inc.
A Co., Inc.
nam
SHORT-TERM
„
(ISSUES MATURING UP TO
125,000 Virginian Ry. 5,000 shares of 6% cumulative preferred stock
(par $25).
Price, $29% per share.
Offered by Wertheirn
INCLUDING FIVE YEARS)
A Co.
PUBLIC
UTILITIES
.
A Co.
stocks of
•
stated par. value are taken at par, while
par value and all classes of common stock
computed at their offering prices.)
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(no par). Price,
A Co.
101,250 Western Auto Supply Co. 5,000 shares of common stock
(par $10).
Price, about $20% per share.
Offered by Allen
STOCKS
Preferred stocks of
."
157,250 Walgreen Co. 8,500 shares of common stock
$18% per share.
Offered by Giore, Forgan
*$5,000,000 Associated Gas & Electric Corp. 2.257% trustees certifi¬
cates, due $1,000,000 Dec. 18, 1942 and $4,000,000 Dec. 18,
1943.
Purpose, settlement of tax claims.
Purchased by
Guaranty Trust Co. of New York.
$21,080,297
preferred
,
———
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* Indicates issues placed privately.
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@FedFRASER