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Final
ESTABLISHED OVER 100 YEARS
Edition
Volume 159
New York, N.
Number 4250
budget proposing
the expenditure during the coming fiscal year of another
$100,000,000,000, and at the same time forecasting a national
debt of some $258,000,000,000 by June 30, 1945.
Time was
when such figures as these would have caused utter dismay
in the minds of all men,
but
so
a
accustomed have
figures larger than can be readily grasped that the rank
to take them for granted. The President,
indeed/appears almost to glory in them. The fact is, in any
event, that there is no apparent way to avoid enormous
expenditures during the time that this war continues in full
swing. The significant feature of the Budget Message * and
to us the most disturbing
aspect of it, is therefore to be
found not in the expenditures proposed for next year, or
even the
faulty tax ideas which the President would like
to have given effect for that
period, but in the meaning
which these proposals of the President plainly have for the
future years—long after this war is over.
and file appear
Subtle Political Tactics
only to lay extended
think, wholly unsound, plans for the post-war
we
The News
period; he is not only laying them, but is making full use of
his powers of persuasion in these two
messages to give such
plans a favorable standing in the minds of the public—not
only all this but he is so skillfully (politically speaking)
Says $200 Billion Post¬
Proposes Reconversion Agency and Incentive Taxation
Vice-President Henry A. Wallace! sees the possibility of the na¬
the post-war era approaching the $200,000,000,000
By PAUL MALLON
tional income in
Speaker Sam Rayburn told the
Chicago Mayors' Conference the
Administration would provide a
public works program—not for
some
far: fu-.;;
ture
period
when depres¬
sion might set
in
but
•
war.
He
:
added
an-
plan
build
to
easily.
Vice-
modified
sident
re
that
in¬
of
only
bring
ture construc¬
nue."
of
"work, happiness i;
and
Paul Mallon
increase
can
about
era
an
sew¬
\
an
-
hope that the
be rapidly
can
the
after
to
powers
war
in
order
financing for most em¬
ployment will come ffom private
capital,". Vice-President Wallace
suggested that "incentive taxation
by increasing employment and by
increasing the national income
$100,000,000,.000
is
not
enough
to
d am s,
reforestation,
concrete
that "the
a
nationial
come
ers,
and
existing agency."
Expressing the
taxation system
to
the debt
stated
prints for fu-.
of
an
new
P
stack of blue¬
tion
a "re¬
plant corporation, with
extensive powers to facilitate the
most
rapid
possible
transition
from war production to peace pro¬
duction, or it may want to add
carry
The
a
by Congress of
conversion
necessary
Wallace
dent
and
load
a
the
sideration
about
employ¬
ment
wrinkle
nounced
to
bring;
full
e c o homy,:
which
are
the end of
mew
Organizations, Mr. Wallace declared on Jan. 15 that this
amount would
expand! ng
up
the
lag right away
at
Industrial
to
take
the
level by the maximum productive use of labor and plant facilities.
Speaking before the New York City Conference on full employ¬
ment, called, by the Political Action Committee of the Congress of
of Vice-Presi¬
The 'President is proceeding not
Copy
a
war National Income Is Possible
become
we
Price 60 Cents
Wallace
new
to
and,
Y., Thursday, January 27, 1944
The News
The Financial Situation
The President has submitted
.
In 2 Sections-Section 2
the
Federal
He added:
reve¬
v^'■';
which are too high on
expanding young enter¬
will ; reduce' employment
"Rates
Henry A. Wallace
rapidly
weaving his post-war ideas and his post-war plans and his etc., if needed. Such projects are peace" and urged the "wise men" prises
in labor, business and Govern¬ and decrease the revenues of Fed¬
post-war theories into the plans for winning the war that Jhe meat upon which politics ment to recognize their joint re¬ eral taxation. Some place there is
feeds—the
the country
and hence to avoid commitments which
Roosevelt
the
a
sort of claim to
the President envisages
that
a
—
"
.
seem
post-war
of the
era
almost without
realizing what is happening.
even
.
(Continued
on
page
422) ''
the Democratic cause.
Meanwhile; he is appointing a
special House post-war fact-find¬
ing committee (non-partisan, he
said)
to mull over the feasty
building projects they are always
pushing .■ in their local districts.
Babson Says This Is Our Next Problem
over
ten billions to date.
occur.
new
Most affected
are companies
handling sub¬
overnight cancellations many' dislocations
orders of some kind, either for war or peace, are
quickly obtained, large numbers of workers will be let out.
m-
many
starices
'now
Prime
in®—
contractors
are
ha
d
Page
Financial
spent.
both
Thus, it was expected that
profits and;payrolls would
be
.
.
^
contr actors.
sults.
More
units
of
work
per
Washington
Situation
....
.*.....
.
: ■
From
were
H
reasons.
Roger W.
come
by degrees.
Production
The
War
-
This should far
sudden transition.
better
e
suit, however,
may be a too
Babson
V
•
•
Fallacies
Production
Board
417
Washington Ahead of the
..,.......
Moody's Bond
Items
NYSE
.;■•.........
Stock
NYSE
417
Prices and Yields,.. 434
421
Trading............ 439
Changes in Holdings
434
of
State
Review
...
.
437
Trade
...........
Commodity Prices, Domestic
418
Index. 435
439
Weekly Engineering Construction... 435
Weekly Carloadings
♦> > ••
.........
... • .
435
Paperboard Industry Statistics......
439
December
Output
.."....
.
the other.
important about
it,
persisted.
Because, came the reply, he is
thought, was its bearing on convinced he sold Stalin on his
political fortunes of Messrs. honesty.
This struck us as an amazing
Roosevelt and Hull, particularly
We are the most powerful
the former. About him it pointed
the
431
ridiculous situation, in¬
nation
in
the world. We've been
to Stalin in
who invaded
Hull went over to Moscow and his country. Why should one of
talked with Stalin.
When he re¬ the high officials of our Govern¬
deed.
1
Let's go
tremendous
df
back
a
bit.
First, Mr. defeating
help
an enemy
turned, so great was the acclaim
that we fully expected, before it
ment be so thrilled over the con¬
for him to be riding up
Fifth Avenue with the skyscrapers
his honesty;,in effect,
was
over,
showering him
with ticker
tape
viction he had convinced Stalin of
his person¬
It is a fact that such men
as Averell Harriman, Donald Nel¬
son and Joe pavies who have met
ality.
they did on returning heroes in
As it was, him, been "accepted" so to speak,
consider
it the event of their
438 he was
given the unprecedented
433 honor of being asked to address lives, but that Mr. Hull should do
so inasmuch as Stalin intended to
434
Congress in joint session, and
Weekly Crude Oil Production. .... . . 437 Senator
Harry F. Byrd said some¬ go right ahead and do what he
better trained employees and the
Non-Ferrous Metals Market......... 436
wanted to, gave us quite a pause.
thing about a Congressional Medal
gradual obsorption of initial tool¬
Weekly Electric Output..... 434
But this was only part of this
of Honor for him.
ing and other costs.
Commercial Paper Outstanding at
As one who has always had a amazing spectacle which we have
Dec. 31, 1943...................... 435
witnessed.
Upsets Can Be Lessened
tremendous respect and affection
Bank Debits for December.......... 435
they
can
get to
all
work
the
time
out
post¬
production
calling for a 20% increase in'out¬ war ideas and new
put in 1944 over 1943; but the schedules.
They are willing to
bulk of this new production will care for fifteen million unemploy¬
be in airplanes and other specific ed after the war; but this they
items.
The average reaction to cannot do overnight. Neither will
this is that more employment will they be able to operate efficiently
result and more money will be
(Continued on page 424)
Fairchild'£$<
Retail
Price
Index
(December)
...
436
436
Dept. Store Sales in N. Y.
District;
Bankers'
»
Dollar
437
Acceptances
438
at Dec. 31, 1943......
Cottonseed
New
Receipts to Dec. 31, 1943 438
................
the hifalutin' twenties.
.
438
Man, we felt a warm
Mr.
Roosevelt
goes
to
meet
Stalin right in Mr. Hull's wake,
and when he returns, we are as¬
stand just what was the triumph sured that his accomplishment has
he had achieved.
We asked one been tremendous, that" it is one of
glow throughout our body, but for
the life "of us we couldn't under¬
of his closest and intimate friends
about
it.
plishment
Capital Issues in Great Britain
During 1943
as
for the Old
'
Federal Debt Limit at Dec. 31, 1943.
December
436
.
was
up a very
of Reacquired
.......
Bond Values at Dec. 31, 1943
General
way or
there was no doubt about his happiness over the meeting. Why, we
we
•........
About Banks and Trust Cos..
Odd-Lot
Easterns—.
Europe. And an article of this
sort doesn't change the situation
What
fewer
Businessmen need
is
p
By CARLISLE BARGERON
Regular Features '
employee
are
performed
and
Weekly Lumber Movement........,.
employees are needed. The Fertilizer Association Price Index.,.
perhaps
wise value of the goods produced stays
Weekly Coal and Coke Output......
in not tipping up
until • re-negotiation occurs.
Weekly Steel Review.
............
business off This last wipes out" the increasing
Moody's Daily Commodity Index....
f o r
patriotic profit
margin
resulting
from
officials
a happy
medium and it is very
important for both business and
(Continued on page 420)
From: Washington /
Ahead Of The News
one
News
maintained. Actually the re¬
pressed to sults will be quite different.
keep their
Undoubtedly the total expen¬
own
plants ditures for war work in 1944 will
operating. exceed those of 1943. The peak
They
of f e r in wartime employment, however,
little
encourhas been passed.
Reason is that
agemen t to once
production
is
underway
their
subcon- greater efficiency of operation re¬
r
a
Mr. Wallace suggested the con¬
;
much what he wants to in
Editorial
Now faced with
Unless
on
Messrs. Roosevelt and Hull are breathing a little easier in the
political "effect will not be hope that the "Pravda" article saying that British and .German con¬
ferees had discussed a separate peace has blown over without making
(Continued on page 424)
too much of a dent in the public consciousness.
Insofar as its affect
on humanity is concerned, we had thought it had' little or no bearing
GENERAL CONTENTS
because it seems to be in the cards, that Stalin is going to do pretty'
The general public has been unprepared for the cancellations of
contracts.
Exact figures are not known but. these must tbtal
contracts.
planning
for
broad basis.
So the
Unemployment Ahead?
war
sponsibility
pork.
next November,
perpetuity in office,
country almost insensibly into
sort
luscious,
fat, juicy
If the war is over before
Mr.
Rayburn
in¬
to give Mr.
tends that unspecified millions or
and to ease billions will be available in time
to do the best possible good for
is likely to find it difficult to separate them—
proud,
we
What
was
the
accom¬
the
to
greatest things ever to happen
us
poor
democratic people. He
about which he is so had reached an accofd with Stalin,
(Continued on page 434)
asked. We were assured
.
rjoaS
The Slate ©I
Freight
Traffic Handled by RRs.
Record Export
Trade
upward. The heavy
with electric power
production holding at about its recent high levels, carloadings show¬
ing another increase and steel production showing little change irom
the previous week.
The retail trade reported considerable activity,
trend of business was generally
send in favorable reports,
The weekly
Railroads handled without
industries continue to
ous
congestion in 1943 the
volume of export
seri¬
greatest
freight traffic on
record, according to an announce¬
ment
particularly active.
by
the
Association
of
American Railroads, which adds:
Production of electricity totaled
—
'
~
~
•
4,539,083,000 kilowatt hours in the store sales in New York Utym
Export traffic is moving freely
the week ended Jan. 22, were 7
week
ended
Jan
15, compared
through the various ports, all of
per cent larger than in the cor¬
with 4,567,959,000 in the previous
which are in: a completely "liquid"
responding week of last year, ac¬
week, according to the Edison
condition.
cording to a preliminary estimate
Electric Institute.
This was 14.8
Cars of export freight, exclud¬
issued
by the Federal
Reserve
per cent above the year-ago out¬
Bank of New York.
In the [pre¬ ing grain and coal, unloaded Vat
put
of
3,952,479,000
kilowatt vious week ended* Jan. 15; sales all ports in this country in 1943
hours. Consolidated Edison Com¬
of this group of stores were 6 per totaled 1,401,186, compared with
pany of New York reports output
cent better than in the like 1943 893,576 cars in 1942, or an increase
of 227,200,000 kilowatt hours in
week.
.
of 67%, and an increase of 147%)
the week ended Jan. 16, an in¬
Based
upon
advance reports above that handled in 1940, in
crease of 36.6 per cent over the
from class I railroads, whose rev¬ which year it amounted to 568,303
166,300,000 distributed a year ago.
cars.
*
•
• **
"
•Carloadings of revenue freight enues represent 81.7 per cent of
Approximately 4,000 cars were
for the week ended Jan. 15, to¬ total operating revenues, the As¬
taled 780,220 cars, according to sociation of American Railroads unloaded daily in 1943, compared
2,616
in
1942 and 2,235
the Association of American Rail- estimates that railroad operating with
•
» f
:
; ■
•><
roads.
This was an increase of revenues in December were 8.7 in 1940.
The number of cars unloaded at
17,221 cars from the preceding per cent more than in the like
This estimate, it North Atlantic ports in 1943 was
week this year, 24,722 cars more month of 1942.
pointed out,
covers .only more than 75% greater than the
than the corresponding week in was
1943 and 31,107 cars below the operating revenues and does not number handled in 1918 V in the
touch
upon
the
trends
in operat¬ first World War. Due to the fact
same period two years ago.
This
markets
with wholesale
Hull
f Policy And Advisory ©roups Are Created
centrate on
_
-
total
,
expenses,
come
results.
corresponding
the
for
loadings
taxes or final in¬
Estimated freight
revenues
last
December - were
greater than in December, 1942,
by 5 per cent, while estimated
passenger revenues were greater
by 25.3 per cent.
*
- '
ing
121 per cent of average
was
ten preceding years.
week of the
production in the United
scheduled at 99.4 per
of rated capacity this week,
Steel
is
States
cent
1,727,900
equivalent to output of
net tons of ingots and
castings,
99 per cent last
week and output of 1,720,900 tons,
according to the American Iron
& Steel Institute.
For the week
beginning Jan. 24, last year, steel j
production was 1,686,700 tons. '
There probably will be "con¬
siderable
urgency" for landing
craft material, particularly plates,
after February, although pressure
for the products is expected to
reach its crest next month, the
magazine "Steel" said in its re¬
with
compared
cent isssue.
<
this
"Meanwhile
program
Spain Ally Of Hitler
fes. Embassy Charges
fabricating
business
also is
in
Embassy said
Franco Spain,
Soviet
on
''oiToneofthe*sectors'of
shops
with needed
sub-assemblies.
It
:h \r fiu
bars and structurals." Aircraft and heavy artillery
requirements are expanding,
under
appreciably
yet
report adds.
"Various
in
changes
and
cellations
to
war
in
all
diverse
assistance,
substantial
.said,
adding
and
very
the
article
rials, states the journal,'shifts are
bringing about occasional oppor¬
tunity for fairly prompt delivery
on material at first promised for
a
later
date.
Most
important
.
Army and his amnesty to
possible as cancellations open the
and opportunity for obtain¬
ing material for civilian use has
not yet appeared.
continued
Committee will as¬
sist the Secretary of State in con-j
sideration of major questions of.
clarifying the machinery
legal adviser.
and to the
"Coordination
among
the
as
spotty
volume failed to pick
rapidly as usual from the
post-holiday sluggishness, accord¬
ing to Dun & Bradstreet, Inc.
as
up
tended
weather
Milder
limit
to
the usual seasonal sales,
with lit¬
tle
response
accorded the few
January clearances which were
held. However, Southern centers
enjoyed a considerable upturn in
volume
as
the
winter
season
momentum.
Wholesale
markets were reported active in
the week and buyer attendance
at many centers exceeded that of
previous years. Mail orders also
were heavy.
Retail sales were es¬
timated at unchanged
to 5 per
cent higher than a year ago for
gained
the
country as a whole.
Department
store
country-wide basis
cent for
sales
were up
with
the
4
per
15,
like week
a
reports the Federal Re¬
Sales for the fourperiod ended Jan. 15, were
up 7 per cent compared with the
like period last year. Department
year ago,
serve
5*
a
on
the week ended Jan.
compared
System.
week
foreign policy and the Committee,
Post-war Programs will assist him in the foundation of post-war
on
As¬
Committee,"', said the
Policy
per car Department.
the execu-,
of
international
ar¬
policies: and
foreign
,
tion of such policies by means
appropriate
rangements."
was
cars,
the
past year, compared, cerned with public information
ago.
both.; at home, and abroad.
administrative
framework of the
Department to meet the
constant¬
A. I. B. Wartime Meel'g
newly-established are the ly changing war situation and the
foreseeable
post-war
demands
offices of Wartime Economic Af¬
fairs and of Economic Affairs— upon* our foreign policy."
two-and-a-half/ conference V in
St:
Manpower Situation Easing Oft With Employment
Down In November, Conference Board Reports
ing
that
will hold
war-time
clay
next June, it
is announced
in the immediate and the prospective de-;
nation's labor resources became increasingly appar¬
Institute, who is ent in the closing months of 1943, according to an analysis by the
Assistant Vice-President
of the National Industrial Conference Board, issued Jan. 22.
Boatmen's
National Bank,
St;
Total
employment, says the Board, including all men and
Louis.
This conference, to be women in military service declined in November for the second
held June 6-8, will be the 42nd successive, month,
with furthei^annhal meeting of the Institute.
reductions indicated for Decem¬ and allied products, which had
sharply
in
previous
In
making the announcement ber. The reduction of 1,200,000 in advanced
a result of
Mr.; Colby stated that the confer¬ the total number at work or in months, fell off as
Louis
certain
a
Also
by
David L.
President of the
ence
Colby,
.
National
streamlined meet¬
transact essential
the Institute, elect
will be a
ing
held to
business of
A decided slackening
mands upon the
uniform
butable
in
in
November was
the
main to the
attri¬
cur¬
plant shut¬
accompanying the cancel¬
or
downward revision of
initial curtailment and
downs
tailment of farm operations at the lation
small-arms contracts.
and V discuss war-time close of fall harvesting, but civil¬
"The number of key industrial
bank personnel training problems. ian non-agricultural employment
ment, the bulletin said, aims to
areas in which a slight labor sur¬
A similar meeting was held last also receded by.about 100,000 dur¬
"emancipate Spain from Fascism,
June,
in
Chicago, following a ing the month and was below the plus will exist during the next
to make a complete rupture with
six months has increased from 102
corresponding total for Novem¬
Hitler
Germany and
to demo¬ precedent established by the A. I.
to 112
according to War Man¬
B. during the First . W9r.ld War,
ber, 1942,. by almost the same
cratize the social system."
power Commission field reports.
;/
*
when its annual convention was amount. " ' v.
"The article
said that in his
The announcement by the Board The total of acute labor shortage
shortened to a brief conference
areas
declined from 69 in. De¬
fight against^Spanish anti-Fascists held in Chicago.
further stated:
.
.
"Franco's gendarmes arrest people
cember to 67 a month later, while
"The Board's employment total
Following the midwinter meet¬
even
for
distributing the press
the roster of probable labor short¬
ing of the ; Institute's Executive for November fell to 63,100,000,
bulletin of the British Embassy in
age
areas receded
from 124 to
Council, which will be held in which compares with the all-time
Madrid."
119 in the same time interval. Af¬
Memphis, Tenm, Jan. 30-Feb. 1, high of 64,400,000 in September,
ter allowance for revised produc¬
"Spain sends Germany strategic further details of the agenda and and 64,300,000 in October. Farm
tion schedules, official forecasts of
war
materials, the bulletin con¬ arrangements for the war-time
employment dropped to 10,100,000
labor
requirements
tinued, and "British navel vessels conference to be held next June from the seasonal peak of 11,700,- probable
in
the
Atlantic
are
constantly in St. Louis will be announced. 000 in September. A further re¬ through July 1, 1944, were again
lowered by 600,000. The number
holding up Spanish ships carrying The arrangements for this meeting duction of more than 1,000,000 in the armed forces at the end of
in the number at work on farms
are in the hands of the Program
contraband for Germany."
was
lower
than' previous
1943
Committee, consisting of William in December is suggested by the
forecasts of 10,700,000. This figure
C Way, Central National Bank of usual seasonal employment pat¬
officers,
..
•
this week
the
1
■
.
"The Policy
is provided by
sistant Secretaries
)
Spanish "anti-Fascist national de¬
mocratic movement." This move¬
being advanced where
trade
said:
of
the reorganization,
the Depart¬
ment explained that specific fields
of activity had been assigned to
each Assistant Secretary of State
:V In
with 26% four years
political
prisoners
were
inter¬
preted by the bulletin as desper¬
ate efforts in a fight against the
way
Retail
kins University.
ports in the
7,333
for
are
.
.
scheclules,
but
gaps
are ' filled perialism is using that country
promptly and pressure for heavy its own purposes."
'' \•
steel production is not relaxed," j
- "Generalissimo y; Francisco
the magazine says.
In the midst Franco's recent merger of the
of strong pressure for war mate¬ Fascist militia with the Spanish
needs
admin¬
than it was in
can-} "Spanish neutrality is only/ the
mill guise under which German im-
bring
changes
n
"Spain renders Germany
":;,y
the
*
Eastern battle line.
the
way,
\ y
'
continue
program
but
certain lines are not
in
...
Volkhov front, and a SpanIs*1 j*11' squadron, which sys- Will Be Held in June
tematically- receives replemsh*pents, also is stationed on the The American Institute of Bank¬
creating added demand for
increases
their titles—as well as two
>
sheets,
heavy
a
past year totaled and Africa, and the .Americas— standing and representative nacompared with 30,951 and a fifth will deal with special ionai leaders to advise the Secre¬
tary on post-war foreign policy
Jan. ,13
that
al¬ cars in 1942, or a decrease of 76%. political affairs.
The character of freight handled
The former Division of Inter¬ matters of major importance."
though formally non-belligerent,
"The Department does not re¬
"actually is an ally of Hitler Ger¬ at the various ports has materially national Communications will be
many," Associated Press Wash¬ changed in recent years, nearly broken down into three offices gard this new organization as the
final answer to all the Depart-;,
ington advices in which this was 96% in 1943 haying been export dealing respectively with avia¬
-merit's administrative problems," ?
reported, further said:
freight, except for coal and grain,' tion, shi pping and telecommuni¬
with 69% in 1940. cations. A new office of public said a statement.
"An
article ih the Embassy's compared
£
.
"It does believe that this re¬
"Information Bulletin" said that Coastal freight moving through information will group together
not
the ports accounted for only: Vz of various organizational units con¬ organization will better adapt the
The
mSfmsnv been withdrawn from the Russian
is
Department
the
Committee and an Ad¬ istrative offices dealing respec¬
visory Council on Post-War For¬ tively with departmental and for- eign Policy. Mr. Hull named to eign service administration.
The Department said establishthe
Council as Vice-Chairman,
merit of these offices will set upr
Norman H. Davis, Chairman of
"clearer
lines
of responsibility ;
the American Red Cross; Myron
and authority
and eliminate
C. Taylor, President Roosevelt's
over-lapping
j urisdictions
and
special envoy to the Vatican on
several occasions, and Dr. Isaiah responsibility."
Of the two new committees, it
Bowman, President of Johns Hop¬
Policy
Concerning the Council of Post¬
considerably more ; By the reorganization all func¬ war
Foreign
Policy,: the an¬
1918, the volume of tions and divisions of the Depart¬
nouncement said that:
tonnage was even greater than ment are grouped into "line" of¬
"The Secretary has asked Mr.
indicated by the increase in the fices below the Assistant Secre¬
Davis, Mr, Taylor and Mr. Bow¬
number of carloads.
.'
v
taries.
man, who with others have been
Export grain unloaded Vat all
In United Press Washington ad¬ associated with him in this field
ports in 1943 totaled 53,204 cars, vices of Jan. 15, it was further for the- past two years, to assist,
compared with 30,315 cars in 1942, explained: Four of these offices him in organizing and carrying
or an increase of 76%.
.
V-,: , will deal with major geographic forward the work of this council
will bring together out¬
Coastwise freight unloaded ~at areas—Europe, Far East, Near East which
1943
in
1%: in
ft
"but
veals
within
lished
,
,
the average tonnage
that
:
administrative work and allow them to con-''
specialized fields. ^ ^
y:;.V.V
::
V;.:v/'//'
Secretary ) Hull's order estab-] whose
duties are indicated by •
Department from much
>
.
Reorganizes Stale Department;
Reorganization of the State Department at Washington in an ef¬
fort# to facilitate the conduct of the foreign relations of the United/
States in war and peace," was announced on Jan. 17 by Secretary of
State Cordell Hull.
• s,
1 . •
■
'
* 'V *
The new set-up, it is indicated, will free the higher officials of the
-
,
Thursday, January 27, 1944
CHRONICLE
COMMERCIAL & FINANCIAL
THE
418
.
.
•
Cleveland, Ohio, who
Vice-President of the
First National Bank
American
Institute of Banking,
Chairman r
James
P.
Hickok,
(Boston) Stock
Chairman of the local conference
The First Boston Corporation
committee, who is the President
Completes Sale Of
Cleveland,
is
announced
Jan.
19
that
the
the
of
the
Trust
Manufacturers
Co. of St.
not actually be
Board says,
agricultural civilian employment
is partially concealed by the rise
Against this
in
November
retail
of
employment in
trade, much of which was
Bank & temporary» and- part-time
in
Louis, St. Louis, character. The only substantial
offset
to
the
downward
trend
of
Mo.,
and
Floyd
W.
Larson,
capital
stock
of
the
First
national Secretary of the Amer¬ developed
in
durable - goods
National Bank of Boston at $48.50
ican Institute of Banking, 22 East manufacturing,
particularly
in
per
share, has been completed, 40th Street, New York, N. Y.
the war-convertea automotive in¬
and that subscription books have
Headquarters for the St. Louis
dustry. Employment in chemicals
meeting will be the Statier Hotel.
been closed.
on
secondary offering of 17,000 shares
will
tern, according to the Board. The
full extent of the decline in non-
close
reached, the
until well toward the
of the first quarter 6f 1944.
background of eas¬
ing labor requirements, except
for
for military services,
proposed enactment of na¬
tional
service ~ legislation
would
manpower
the
appear
to be designed to assure
performance of those
the fulltime
at work
a
rather than to introduce
substantial
ers."
body'of
new
work^
Volume 159
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4250
Senator Duller
8! SI.522,?01 In 1943
Senator Butler
'
(Rep., Neb.) presented to the Senate on Jan. 20
his second report on spending in JLatin America reiterating his origi¬
nal assertion that a total of more than $6,000,000,000 has been spent
.
.
$3,712,952 for the preceding
Harry E. Ward, Chairman of
the Board, and William N. Enstrom, President,
announced
in
1943
the
nual
.
.
of
also
he
that
complete
administration de-
scribed the findings as a
refutation
had
unable
been
estimates
accurate
get
added
to
ican
putting total outlays at
$1,483,373,000 and described Sen¬
Butler as about 95% wrong-
given in our issue of Dec. 2,
page
2233.
special
in his figures.
Jan. 21 to the New: York "Times"
figures
In
Associated Press Washing-, it
The
ton advices of Jan.
when
ported:
war production
stoppages which have been prevalent in
months, Benjamin F. Fairless, President of the United States
Steel Corporation, warned on Jan. 20 in an address before the
an¬
nual dinner of the
broadcast
was
At
profit
reserves—this
was
action
as
democratic state, interference
a
any phase of the. war effort
countenanced, Mr. Fair¬
said, according ta Pittsburgh
peace-time
de¬
When
Tibune," from which
"some
further
views
"If labor
follows:
as
leaders
that Secretary
to
comment
-
;
or
unwilling in these critical times
to curb the disruptive acts of sub¬
ordinate
officials
of
From the report we qucHe:
''The trend; of deposits dn
upward.
was
Hull
Fluctuations
were
"with
labor
teeth."
tinction
and
legislation
'
not 95% wrong and 5%
was
new
a
between
trouble
sharp dis¬
loyal
workers
labor's
in
makers
,
1
.
his
con¬
viction, based on his company's
long-standing labor relations pol¬
;
governmental financial operations.
the
on
attack made by Senator
Butler
,
_
Government
on
„
$662,806,970 was expend¬ and 'unfair,' and that they con¬
and 'falla¬
ed in the fiscal years 1942, 1943 tained 'inaccuracies,'
and 1944.
The figures, he said, cies.'
"Officials
of
the
State
Depart¬
were independently audited.
Government of the government is derived from
securities at the end of the year income taxes, and "Without profits
total
"That
of
is
$6,396,760,513
Butler
careful
were
more
there'is,
greater
tend
The sums of money for which examined the lists submitted by
public accounting is made are were correctly totaled, but that
vast. The technic of conceal¬ the comments, explanations and
too
schedules
double-talk
of financial
art
prepared
ator's office
•
were
in
the
Sen¬
5
not examined
en¬
or
undermined."
)y:
total
have
capacity greatly in excess of that
required, for a peace-time econ¬
omy."
,/■
,■■■■/;
"Courage
and
statemanship
on
concerned, he observed, must at¬
"In my
opinion, the government
dispose of its plants and
as promptly as
possible
after the end of the war," he said.
facilities
"It
should
not
"Aside from work stoppages, a
deposits and loans foremost problem of industry con¬
reflected in this ac¬ cerns the ultimate disposition to
it¬
attempt to set
self up in business in competition
with industry.
Any such course
would be in the direction of state
In
socialism.
disposing of these ^
plants it should be recognized that
their cost is not government in¬
vestment; rather, it is a war cost
of the same general character as
of
that
battleship
a
or
other
in¬
strument of warfare brought into
existence for the sole purpose of
defeating
So
the
instead
the
country's
of
enemies.
attempting
to
re¬
the full cost of these plants
cover
government should be gener¬
ally
willing to take a reduced
substantial though the
reduction may be, and charge the
balance to the general cost of the
amount,
war."
"
'
"Mr.
-
Fairless
number
of
granted
modern
and
similar
that
a
these
.government"probably" more
owned plants are
owned
now
„
than
efficient
more
facilities
by
private
industry, ) but said that
not be required for
peace-time production.
In such
both
may
cases
he felt it to be in the
public
interest that the efficient and lowcost
plants
survive and
scrapped.
should
facilities
outmoded
•;
of
be
to
was
regarded as the equivalent
Currently, such other
'
"Senator Butler toured 22 Latin verified."
.•*
1
- - v• '|" v' assets consist primarily of shortThe "Times" also published the term United States Government
American republics last year. Re¬
peating
his
earlier charges of following cablegram in the matter securities. At Dec. 31, 1943, 45%
dark
has been too well mastered.'"
industrial machine will be
Normally, declines in our be made of many plants which
deposits and increases in our loans the government has financed and
are met by using balances at the
built during the war emergency,
Federal Reserve Bank and other
The other information contained in the
ment is too well developed.
our
count. v
say.
no
$222,365,090
than in 1942.- Changes in
the'v levels
his office and the accounts shown
can
one
no
1943
in
ties
be absolutely sure
we can
$41,047,033
or
The dangered and workers may find
of holdings of such securi¬ their source of livelihood cut off
average
to
"That is the amount
of. How write the. Senator that they•- had
tal," he said.
much
leaned
$613,719,229,
were
higher than at Dec. 31, 1942.
ment noted ; that the fihn of pub¬
lic accountants on which Senator
only the documented, certified to-,
States
"United
another
will
should
not be dependent upon member¬
Hugh While deposits were $35,654,740 ship or non-membership in any
spending higher at Dec. 31, 1943, than at the labor organization."
right but 95.5% right and 4.5%
end
of
the
in Latin America.
/
previous year, the
"Not only in war time, but also
wrong," Senator Butler said today
In
part the "Times" advices ad¬ average for 1943 was $139,098,000 in the post-war period, there must
in a prepared address. "That is as
above
the
ded
in
average
for
1942.
part:
near
be "sincere and sympathetic" co¬
right as any mortal could
States
Government
de¬
"I am convinced," the Secretary United
operation
hope to be in checking New Deal,
between
government;
posits
amounted
to
$108,763,974
at
said,
"that
Senator
Butler's
latest
expenditures."
*
management and workers to in¬
"He said that the $5,733,953,543 remarks do not in any way change Dec. 31, 1943, as compared with sure sound 'economic : and social
Ex¬ conditions
represented total war and non- the opinion I expressed vat the $133,111,771 a year earlier.
here, the steel execu¬
time of his earlier attack on the clusive of United States Govern¬ tive
war outlays in South and Central
declared. Without profits for
ment deposits* there was an in¬
-j
American republics, exclusive of good neighbor policy."
industry, he pointed out, the gov¬
"In taking note of the original crease of $60,002,538 in deposits at ernment will lose a
the United States possessions—the
large part of
Dec. 31, 1943, as compared with
Canal Zone, Puerto Rico rind the charges, Mr. Hull, on Dec. 14, said
its
revenues, v At
present more
Dec. 31, 1942.
v, .
than a third of the war revenue
Virgin Islands, where, he-added, the allegations were 'unfortunate'
"I
industries
tend the solution of this situation.
of
enactment
-.
peace
members, he ad¬
ded, then they must not complain
"The speaker reiterated
1943
chamber.
the
the part of government and others
during the past year.
ranks.
The
great
majority
of
The capital stock of $50,000,000 is
American wage earners, he em¬
unchanged from a year ago, but
phasized, "are both patriotic and
surplus
and
undivided
profits
hard working, and they can be
amounted to $56,428,927 at the end
of 1943, against $54,90-3,526 a\ the proud of the production records
which they have helped establish
close of 1942.
-
told
small
or
"unfair" relatively wide, due principally to icy, "that the right to work should
charge) of
asked
:
unable
are
since Pearl Harbor."
his
quote his
we
"Mr. Fairless made
$3,000,000
•
deficiency in the nation's
production facilities.
comes, he admitted,
any
advices to the New York "Herald-
$568,973
profits
Fairless
of
groups of union
to
address
Such plants, he pointed out, were
in no case intended to take care
cannot be
at
transferred
His
•
—-
less
also been taken in 1942.
The 1943 securities profits
totaling
were
Pittsburgh Chamber of Commerce.
a nation-wide hookup.
over
"crucial period" of the wax <8>
to determine the nation's survival Mr,
a
having
advices
Washington
stated
was
20, further re¬ renewed
other
.
L
remarks
earlier
were
ator
'
'
Senator's
The
administrative
with
estimate
nal
operations."
and
"justly aroused" American public will not long tolerate strikes
recent
when
necessary,
operating
to
building
time
be
in
the
,
The bank declared dividends of
concerned with Latin Amer¬
were
recently
of
a
income; Securities
in 1942 were $332,009.
$6,000,000,- roads and administrative costs of
000. Senator McKellar (D.-Tenn.), some of the 40 or more govern¬
agencies which he said
Chairman of the Senate Appro¬ mental
Committee,
with
policy
may
of
$5.-
was
ferred
Latin America topped
countered Senator Butler's origi¬
operating
$4,212,952
against
adjustments
an¬
A
; with
accordance
reserves
$500,000
their
1943
year
management's
up
at
stock¬
Jan. 19.
against
In
to
company's
as
1942.
estimates that cost of communication installaof
his
earlier
estimates That tions,
plantation
developments,
of
Mexican
rail¬
various forms of American aid to rehabilitation
priations
bank
on
trust
022,401,
nials of his earlier
,
the
meeting
The
to the
as
of
submitted
profit for the
.
,
report
holders
the
to
$4,522,401, compared
year,
Associated policy that will be sound good
" '
Press, he attached to the report a neighbor."
"Senator
Butler
asserted that
20-page itemization stating that
Administrator
Ickes
the
figures were gleaned from Petroleum
governmental departments, offi¬ had failed to answer a request for
cial reports and letters, and con- detailed figures on the cost of oil
gressional
testimony,
and
de- explorations in Brazil and said
According
to
with
and<$>
1944 amounts to $5,733,953,534 and of the United States cannot suc¬
another
documented
list
giving cessfully be the agent for building
$662,806,970 as expenses in the our post-war world. It is time that
United States possessions in Latin we called a halt and took an in¬
America—the Panama Canal Zone; ventory as the first step necessary
Virgin Islands and Puerto Rico. in the direction of developing a
1942,
years
of the Irving Trust
New
York
for
1943
; of
amounted
1942, 1943, 1944.
The Senator submtted a documented
certified list showing that this country's "actual expenditures, com¬
mitments and extensions of credit" relating to Latin America during
three
.J!;))Stoppages. Warns Senj. F. Fairless
Net profits
Co.
in the, years
the
Public Will Mol Stand For War Production
Repeals Charge U. S, Is Spending Irving Trust Go, Gel
;j;;|||SVast Sums In Latin America
419
be
Some government plants, he admitted, may need to be held for
and these units
future emergencies
could
key"
"under
held
be
so
not
as
to
and
lock
compete
with
private industry."
assets
or
of-" cash.
_
Allies To Divide World Into "Spheres
)
.
%
•
••
boondoggling and waste, the Sen¬ from Havana:
"Emeterio Santovenia, Minister
ator said that only a congressional
inquiry could determine which of State, Jan. 21 termed the state¬
expenditures were necessary and
ments of Senator Butler
determine the extent of some fi¬
ing
nancial
operations which he said
find out about from
couldn't
he
is
"There
boondoggling
in
our
operations in Latin America," he
"There
continued.
of
amount
it.; The
is
vast
a
Deal's
New
in
States
Cuba
.
of
Government securities had a first
calL date
concern¬
the
United
'unimportant
as
the Minister, who
out that the former* was
I America has resulted in extrav¬
and waste.
"We should stop
trying
to
pay,
as
,
contribution
a
-
.
•
• -
Latin America
according to
what we do
does
for it¬
self."
"The Senator said that the im¬
portant facf was not so much the
amount of expenditures, but that
they "demonstrate what the pres¬
ent
Government
of
the
the world."
"In
Latin
United
~
America,"
'
he
)
con¬
tinued, "we have already found
out what
out
in
we are
beginning to find
other
parts of the world,
namely that money will not buy
good will
and that the Treasury
noted
also
foreign
of
transacted
1943,
in
that
It
by the war.
the
after
terial expansion
war
ma¬
a
in the company's
foreign business is confidently ex¬
Railroads
in
1943
of
the
freight traffic,
measured in ton-miles of revenue
freight,
for
was an
year
on
roads
In
announced
that
year
on
to
ap¬
proximately 725,447,456,000
enue
ton-miles, according to
based
rev¬
an
increase
compared with
crease
1941.
of
53%,
fic carried
in
,'
the
rev¬
same
r
;
summarizes
statistics
ton-miles
for
Revenue
re¬
13.7%,
an
.in¬
,,
by the railroads in 1943
Holland
and
dominate the
Africa
Belgium,
of
colonies
the
Baltic
including
two
latter
the Far East.
and
in
Britain
will also dominate the Dark Con¬
tinent
and
Mediterranean
the '
of Spain, Italy and
old
Greece.
~—
ally,
.
Ton-Miles
of
Argentine And Paraguay
treaty recently concluded between
Argentina and Paraguay weret ex¬
changed on Dec. 15 by Gen. Al¬
berto
Gilbert, the Argentine For¬
eign Minister and,
ments
(000 omitted)
'
.
1943
First
1942
10 mos.—606,572,456 526,054,986
Nov.59,575,000
56,958,793
of
Total
f
12
Dec._t59,300,000
55,030,990
15.3
Foreign
aimed
at
be
free
Minister.
numerous agree¬
increasing«the
considered
or
Para¬
a
Paraguayan
zone.
goods for export
imported goods
destined for Paraguay will be un¬
loaded, stored and reloaded with¬
out. payment of import duties.
:
Other agreements provide for,
improving
postal
facilities
be¬
tween Argentina and Paraguay;
for the appointment of a mixed
charged with studying
customs union between the two
countries and for the
expurgation
from
Paraguayan
Argentine
and
school textbooks of anything that
may
"foster
American
Argana,
Luis
aversion
for
any
country."
Finally, in
an
exchange of let¬
ters between General Gilbert and
Senor
takes
Argana, Argentina under¬
to
extend
to
Asuncion
the
commercial and cultural relations
airline that
between their countries.
between Buenos Aires and Iguazu.
4.6
7.8
mos._725,447,456 638,044,769 13.7
^Revised estimate, tPreliminary -estimate.
t
Aires will
guayan
■
Inc.
Month of
Month
%
warehouses in the Port of Buenos
a
Ratifications of the commercial
They also signed
Freight
States, the Northern Balkan
committee
Ratify Trade Treaty
■
with
freight traf¬
will
Paraguayan.
the 12 months of 1943 and 1942:
pre¬
on
compared
The volume of
than
The following table
revenue
,
of
1942, and
ton-miles of
month of 1942.
ports just received by this Asso¬
from
Class
I'-railroads;
was
more
freight
ciation
This
December;
of
month
the
about 8%
January 20.
it amounted
"Russia
States,- Poland,-Czecho-Slovakia,«&
The
most
important
of
the'
Germany and France," Senator
Johnson said, according to Asso¬
agreements signed grants Para¬
ciated Press Denver advises which guayan trade "free port" facili¬
further quoted him as saying:
ties
in
Buenos
Aires. By
this
certain ^ocks
arid
"Britain will dominate Norway, agreement,
increase of 118% compared
1943, alone, the railroads handled
record,
the Association of American Rail¬
member of the Seriate Military Affairs Com¬
a
.
Britain's
with 1939.
enue
any
News."" Mr. Johnson is
Portugal, will
remain her dependable friend."
For
handled
into
mittee.
states
pected.
.
Freight Increased
[States apparently aims to do all liminary estimates
over
;
,
powers of the United Nations will divide the post-war
"spheres of influence," Senator Johnson (Dem., Colo.),
predicted on Jan. 2 in an article written for "The Rocky Mountain
world
the
tor. the
.;
v
was
occasioned
tions
added
by the
1943 Ton-Miles Of Rev.
matched, dollar for dollar, by greatest volume
what
made
volume
be
We
the nations of Latin America
for
is
that,
ability to
their
sacrifice
a
.
rich uncle to Latin America.
insist
island
war."
agance
should
resented
report
good
notwithstanding the many restric¬
operations in Latin America have pointed
an
investment in American ter¬
use of military necessity for
ideological purposes.
The New ritory, while the sugar was sold
Deal's authority in the matter of by Cuba at a price which rep¬
military expenditures in Latin
Irving
a
business
by
five
to
1
The
that
Guantanamo and the amount paid
for sugar bought from Cuba was
made
our
two
years."
inclusion of money spent
the : American naval base at
criticized
within
-
Of Influence," Senator Johnson Predicts
)
i\ The great
,and 36% within five to ten
years,
"The
on
due within two
were
or
19%
years,
and without foundation.'
V v
governmental sources.
expenditures
of United States
of total holdings
Buenos
Aires
to the New York
ing this, went
on
advices
.
Dec.
15
"Times" report¬
to say:
soon
will open
service
Signing of the trade treaty
noted
page
in
these
2453.
columns
Dec.
-
was
16,
.
,
THE
COMMERCIAL & FINANCIAL
420
cize
Income
Beach Of Post-War F&iy-Emptayed America
Wallace Sees $£60 Billion
(Continued from first
just exactly
labor to learn
.sand times
nize
is
from five to a thouas much as we did in
tape and
bureau-^
Some of these things may
true.
But we have to recog¬
-
that,cso;far
as
the ngt effect
concerned, the job has been a
good one.
page)
where in. this war
be
red
for
it
cracy.
hold
and
To increase production
down prices is like de¬
fying the law of gravitation. Just
the same, the job has been done
and will continue to be done pro¬
point is—the point which'
World War I.
In World War I
promptly prevent either in¬
our/ expeditionary
force
used vided the
flation or deflation as one or the
people will stand behind
chiefly French guns, planes and
other tends to develop. Both labor
their President and against self¬
ammunition.
Compared with the
and business might well consider
ish, greedy, noisy men.
i •
pre-war base,
we have in this
recommending to Congress the
/ There has been much criticism
that.
will
to some gov¬
organization to make
delegation of power
ernmental
slight shifts
which are necessary if the na¬
tional income is to say on the road
of full production, full consump¬
tion and full employment without
infation or deflation."
.•
:
The text of the Vice-President's
talk follows, as given in the New
those
continuously
stepped up our production
in
factories and on: the
farms much more effectively than
war.
both
we
did 25 years ago.
of
the
Congress
for
not
.
CHRONICLE
setting
high enough.
Some claim
that the corporations have been
taxes
We not only
good a job in growing rich out of thg war. This
I wonder, if someone will1
to-people:in high places about
channels through which this
public.
talk
the
money
many
-They control so
inventions that in the
comes.-new
post-war
many
businesses
certain communities will be
exist
to
are
business
every
mountains
war
the
of
them.
After
UNRRA may
serve
useful outlet in many cases.
businessmen
shocked
at
*
who
the
this
as
a
Some/»
have ' been
proposal
which
they held to be idealistic would be
able exceedingly happy to see UNRRA
of their use these goods in foreign lands.
Unfortunately, there Their hearts will bleed for hu¬
It will be remembered
men of this sort in manity.
only
sufferance.
and
Thursday, January 27, 1944
by
grace
that
country.
labor
after
World
War
I
August
certain
1919^
At
big business men who believe called on President Wilson.
that
time
it
will
be
remembered
wholeheartedly in Allied unity in
that
the
wages
of labor
had
just the same way as the Presi¬
But fortunately,
dent.
both
there are many
They believe in unity for
war and for the peace,
the
groups
in
of
lagged far behind the cost of liv¬
ing. •; Labor leaders, calling'on
want to see an enduring President Wilson, said that either
based on a higher standard their wages had to be advanced
stepping up production but we
of living and a growing volume of or the cost of living had to come
though Congress has /not
nave
also done twice as good a pven
world trade and therefore believe down and that on their part they
carried out in full the recommen¬
job in holding down prices.
in the Good Neighbor policy not would prefer- to see the cost fit
dations of the President and the
Since the beginning of the war
living come down.
Soon there¬
Secretary of the . Treasury, the only between the United States
in Europe the cost of living in
and Latin America but also be¬ after the Army
and Navy disfacts
are
that in this war we
the cities has risen by only about
tween the United States and the posed of large quantities of ma- j
York "Times" of Jan. 16:
have done a much better job in
a
fourth.
This is less than half
other United Nations in the post¬ terials and the Federal Reserve
We have completed a year of
covering back into the Treasury
as much as in the same length of
war period.
These business men Board adopted a policy of high
great accomplishment and have time in World War I.
In World excess profits than we did .in do not finance anti-Semitic move¬ interest rates. The country had
World War I,
The corporations
begun a year which will be of
War I iron, steel, copper, lead,
even
greater significance.
The zinc and tin prices more than during the past two years made ments or American Fascists. They been overinflated but the defla¬
believe in clean, aggressive com¬ tion cure was almost as bad as'
President by his daring and his
doubled.
In this war there has gross profits two and a half times
the inflation disease.
The large
wisdom has set our feet on the
as
great as in the two years of petition in foreign markets. They
been very little rise.
Petroleum
road
toward complete „ victory.
World War I but they paid taxes may fight Roosevelt on his do¬ supplies of stuff put on the mar¬
more than doubled in World War
mestic policies, but in the main ket cost many laboring men their,
Cairo and Teheran mean not only
nearly five times as great. Taxes
If the common jobs: The rapid fall in prices cost!
the
closest cooperation for war I, but this time it has increased ni World War II have been used they do it fairly.
less than a fourth. And so it goes
man has to choose between these
many
business men their busi¬
but also effective cooperation in
all down the line.
Nearly every¬ twice as effectively to recover ex¬ two big business • groups there is nesses.
The
farmers
suffered
the peace to come.
cess profits as in World War I.
where
the advances have been
All groups have a
no question
as to where his in¬ worst of all.
The. President, the Congress and
For
two days you have been
far less than in World War I. The
terest lies.
right to ask both the Congress arid
all the great groups of the na-r
discussing the problem of post¬
outstanding exception has to do
All groups of business men, the Army and Navy that this time}
i;ion are entitled
to corgratulawar
employment. There cannot with
food, and even/ here the ad¬
■ •'
large and small, good and bad, discretion be used.
be in any country full employ¬ vance at retail has been less than tions for having done a truly re¬
are enormously interested
in the
Congressional committees have
markable job.
In retrospect we
ment for the purpose of full pro¬
50%, as compared with about 75%
can
see how many
things might Government's policy with regard been discussing these problems.
duction of peacetime goods ex¬
in World War I.
When we take
to reconversion and contract ter¬ Policies are under consideration
Certain ex¬
cept on the basis of an assured into account that food prices were nave been changed.
mination.
Already
40,000
con¬ which during the next year or
world peace. Such a peace is nec¬
penditures have been proved by
abnormally low in 1939 and that
tracts
amounting to more than two will affect the jobs of millions!
hindsight to be needless, but the
essary to a large volume of goods
since
then the world-wide de¬
$12,000,000,000 have been termi¬ of workers. Labor should prepare
flowing between countries. With¬ mand for food from the United nead of a great'nation cannot take
chances
and
therefore
I ; am nated, and while many contracts to be represented; at all hearings!
out
a
large volume of foreign
States has been greater than in
have been
reinstated there has of the Truman Committee and the
hankful that the President tried
trade unemployment is certain in
World War I, it is surprising that
been enough net change to cause
^
fllu ujc
so
the United States and England.
vigorously
to
provide
against
such a good food job has been
serious
unemployment/ in some various
do with post-war planning. Just
Therefore, I say that of all the
every
contingency, whether it
done.
localities.;
When
the
European
as labor played a prominent part
actions taken in 1943 looking to¬
I have recently made a tour of might be in South America, in war ends there will probably be
in pushing for the complete'con-!
ward full post-war employment,
Alaska,
in. ■, Africa,
Persia rOi
many counties in Iowa, talking
a
$40,000,000,000
curtailment
in
version which is now doing so i
China.
He has done a job in
the
Cairo and Teheran confer¬
to the farmers at first hand.
I
war production/
This
could
con¬
much to win the war for us, so1
which he and a grateful nation
ences were probably the most im¬
made the point to them of the
ceivably cost the jobs of more labor /also should be an equally,
can take satisfaction.^ r- :
portant. v
great need of the farmers under¬
than 10,000,000 men unless plans
determining factor in seeing that
There are two groups of big
There are those on the home
standing
labor, and told them
are
made. ' It! is. commonly un¬ reconversion gives us full employ¬
front who have continually tried
that the satisfaction of their needs businessmen in the United, States. derstood
that
Mr. Baruch
will ment, should play a constructive
in one subtle way and another to in the
post-war period depended In one group are found those who soon submit a report to Justice
role in post-war planning.*-'V.create
discord,
especially
be¬ on production,; I said the farmer believe in Allied war unity, those
Byrnes on this subject. No doubt
I do not propose in this talk to
tween the United States and Eng¬ *ould not
get. WHa*mn without who have always hated and dis-r
suggestions as to how the Gov¬
land and the United States and
say
just what the Government
trusted Hitler. In the other group
ernment may help business fi¬
Russia.
Ill-timed statements and
ought to do with regard to post¬
are
found those who believe in
men
nance its reconversion.
war
employment.. But I, do say
"isolation first."
Some of these
partial truths have from time to
Up'
time lessened the hearty, will of
^ e in Congress do not speak finance anti-Semitic movements. used Government capital to con¬ that/inasmuch as the Government
culture
had to take full/ responsibility for
the American people to cooperate for the rank and file of farmers, Some
organize>■ hatred
of" the
vert/when the war started will
to the utmost every day with our'
discord > imi the
getting
cooperation
from
all
thank God for that. So I want President - and
have to use Government capital
Allies in winning the war at the
Democratic Party. 'Maybe some
groups to convert our economy;
you to by-pass certain leaders—I
in reconversion.
When the Gov¬
from peace to war, it will have to,
earliest possible moment. Through don't want to condemn any group have
been
working .: in
the
ernment
knows
it is going to
take equal responsibility in con¬
all
of these attacks,
and some wholesale—and get in touch with past 48 hours. T Others promote
terminate a contract it should be
have been slanderous, the Presi¬
verting from war to peace. Those
in. the Republican
the farmers on a county level. isolationism
prepared to do its part in remov¬ who want to handle the post¬
dent has kept his eye on just one
Certain isolationist politi¬
Get your message and your pic¬ Party.
ing promptly its inventory of ma¬ war
problem merely by turn¬
objective — how best to win an ture across. It is much more im¬ cians have been and will be bene¬
terials and /machines which are
ficiaries in their campaigns of the
early and complete victory,, how
ing things loose are asking for
portant to the future of civiliza¬
not needed
by the ■ reconverted
best to attain a secure peace.
anarchy.
There are, of course,
money of these big business isola¬
tion than any of us realize.
plant so that in the shortest time certain branches of the economy
tionists. One probable reason why
Many things which some of us
Moreover, we must remember
possible men may be at work on where all that is necessary is to
have not been able to understand that this war is costing about ten some of these wealthy isolationists
production of peacetime goods. enforce the anti-trust laws. There
have been explained by the fact times as much as World War I so strongly oppose the President
Congress may well consider set¬
are other branches where all that
that the President is keeping his and that the savings in the hands and the kind of peace he stands
ting up
a
"reconversion plant is necessary is to make sure that
mind on those two things to the of the
people as the result of full for may trace to the fact that they corporation" with extensive pow¬
have had profitable relationships
adequate financing is available
exclusion of anything else,
employment amount to more than
ers
to facilitatae the most. rapid
v
At this time I want to express $80,000,000,000.
This means there in the past and hope to renew possible transition from war pro¬ through the RFC or the Farm;
Credit Administration. But there:
is tremendous monetary pressure them with the big German trusts. duction to
my appreciation of the magnifi¬
peace production, or it
the' side
of
higher
prices. They believe in international cor¬ may want to add new and con¬ are other fields of activity where;
cent job the President has done on
it will be necessary to engage in;
on the home front.
To transform Nevertheless, OPA has held the porations or cartels, but they do crete power to an existing agency.
specific physical planning. When;
If it had not believe in any type of inter¬
135,000,000 people from an easy¬ line remarkably well.
Business men and laborers will
the contracts are terminated there
national government which would
going peace to an overwhelming not done so, if we had had con¬
face a sharper crisis when con¬ will be hundreds of thousands of
war
effort involves complexities trols only like those in World prevent, these cartels from prey¬
tracts
are
terminated than the
I, the consumers
in the ing upon the people of all lands. nation faced when war was de¬ people out of work unless there is
beyond the mind of man to com¬ War
detailed advance planning.
Generally speaking, isolationist
prehend. The
necessarily hasty United States last year would
clared.; They have a right to de¬
This planning must be on
a
solution of these complexities has have had their pockets picked by big business men use the tariff as
mand that there be some agency
given small men a chance to com¬ the rising cost of living to the a screen behind which to conduct! in Government which has the broad basis and not on a little
basis.
The Federal Government
plain—and I am sorry to say that tune of more than $25,000,000,000. their monopolistic operations in
power and the courage to speak
will have
the responsibility of
They are
larger men in their hatred of Moreover, the debt of the United the various countries.
clearly and decisively on all re¬
Roosevelt have forgotten the need States, because of the greater cost not so much interested in a larger
paying the interest on more than
conversion problems. There must
of
$200,000,000,000. The only sound,
winning the war and have of the war effort resulting from volume of international trade as
be public responsibility in the reway to pay this interest is bv the
played up the mean, the small, such inflation, would have been they are in parceling out markets con version.
Reconversion < must
maximum productive use of labor]
Some of
the irrelevant in a way to deceive increased by something like $50,- for individual profit.
not
be v made
a
grab-bag for
the public mind as to the real
000,000,000.
In brief, what I am them have been interested in
monopoly.
Small business,
the ; / We have to have full employ/
truth. Of course there are imper¬ saying is that the Presiden is en¬ every
nation distrusting every backbone of, our nation, must be ment and an expanding economy
fections in a huge task of this titled to great credit for his lead¬ other nation so that their arma¬
protected.. The
sub-contractors to carry our debt load easily. Thissort.
Everyone who has built a ership in bringing about a truly ment industries might always have as
means
a national income in ex4
well as the prime contractors
remarkable
a
local
expansion of produc¬
big market. * Flash—footnote- must be
union, everyone who has
I am
protected..
The prime cess of $130,000,000,000.
tion
with
the
minimum
started
a
expansion
look
into
the
Argentine.
They
do
great
corporation,
contractor usually, has big cash speaking of at least $130,000,000,
of
not
believe
in
a
long-lasting
inter¬
everyone
who has developed »a
prices.
The great majoritv in
reserves
the sub-contractor al¬ 000 net income. This would mean
great
agricultural
cooperative business and in labor is entitled national peace and will do their most never. -•: ;
$170,000,000,000 in terms of total
•'
, ■ • •;
knows the sleepless nights,
the to great credit for their contribu¬ best to prevent it by daily ham¬
goods and services to carry the
Labor should back up business
heartaches and the mistakes in¬ tions which make his leadership mering the public mind through
debt load easily.
If we go up tq
in its demands that the problem
volved. How infinitely greater the/ effective.
their agencies of publicity. Unfor¬
$200,000,000,000, as we can go, we
of reconversion be given prompt
task of the President.
could carry the debt load that
Many people do not like OPA. tunately for the nation and the
and effective consideration. Both
And I say that what we have Some criticize it for being a New world, these men because of the
much more easily.
Some very
labor
and business should also
Deal agency started by Leon Hen¬ war will come into the peace with
before us is a prodigious perform¬
large business men are making
join
in
urging
on the Army and
derson.
Others criticize
it - for huge financial reserves and, even
ance which, compared with World
their plans on the basis of a na¬
Navy a policy of restraint in the
War I, is almost miraculous.
tional income of only $100,000,In being an Old Deal agency staffed more important, with the control too
rapid,
disposal
of
surplus
terms
of airplanes,
tanks, guns in the North by appointees of Re- of many profitable inventions of
000,000. That is hot enough to give
products.
And there are huge
and munitions we have produced publican Governors.
Many criti- great importance to the American
have done
twice as
may
be true in
some
cases
but,
They,
peace
,
s
.
committees which have to
,
t
,
,
.
']?bo.r
and their Congressmen
s0~calleci leaders of ag
..
-
-
.
„
421
lull employment or to utilize the
factory facilities which we shall
have available or; to carry the na¬
tional debt load easily.
Percy rf. Johnston, Chairman of
The ten- the Chemical Bank & Trust Co. of
,
(dency will be for some business
men
to
avoid
thinking of . the
maximum output of the best qual¬
ity at the lowest price. When the
price is held up and the produc¬
share, and acted to transfer to
surplus and retain for company
use
the
$3,000,000 thereby re¬
Bank, Council Bluffs, Iowa, 1923leased.
It is planned to transfer
1929.He was President of the
Eastern Secretaries Conference of $1,500,000 of the surplus to in¬
crease reserves for contingencies
the American Bankers Association
when the proposed reduction in
for the 1942-43 term.
*' '
capital becomes effective.
George McAneny, Chairman of
At the annual meeting of the
Items About Banks, Trust
the annual organiza¬
the board of direc¬
Jan. 20, announced the ap¬
New York, at
tion meeting of
tors, on
per
Companies
.
pointment as Vice-Presidents, W,
Barton: Cummings, formerly Per¬
the Board of the company re¬
tion is held down there is unem¬
National
Bank
&
sonal Trust Officer, and William Commercial
ployment,. which produces still G. Laemmel, formerly an Assist¬ Trust Co. of New York, on Jan. 11, ported at the annual stockholders'
meeting, on Jan, 19, that the com¬
greater contraction. We must keep ant Vice-President.
Mr. - Cum¬ stockholders approved a proposal
business
for
the
year
in mind that the profits to be
to change the present par Value of pany's
mings is a native of Connecticut
an
operating profit of
-made by monopoly practices are and received his early education capital stock of $100 per share to yielded
$25,424, without provision for de¬
not a net profit for business, All
in New England.
He is a graduate $20 per share. There were 70,000
preciation of office buildings and
business has to help pay the costs of Amherst
College and studied shares outstanding, which now be¬
before deducting that portion, ap¬
of employment. £ ■
at the Sorbonne in Paris.
He has come 350,000 shares. '
It seems to me that each busi¬
In their annual report, Walter plicable to pay periods in 1942, of
been connected with the Chemical
Gi Kimball, President, and Her¬
it confronts the problem Bank
since
1920,
becoming
a
of its responsibility for furnish¬
Trust Officer in 1935 and he is bert P. Howell, Chairman of the
ing that amount of employment actively engaged in the super¬ Board, indicated that net current
which : will eliminate unemploy¬
vision
of
the
bank's
Personal operating earnings in 1943 were
ment,; must be guided in the main Trust
Department. He is a direc¬ $1,256,301, not including $6,910
by the maximum use of labor and tor of the New York Federal Sav¬ net "profits on securities.
Ad¬
plant facilities.
Obviously there ings and Loan Association, trustee ditional profits on securities sold
are
some businesses
where, pro¬ of the Edwin Gould Foundation of $736,174, not included in earn¬
duction of more than a certain
for Children, and Secretary of the ings, were applied to the cost of
quantity is sheer waste,> but in Trust '.Companies Association of securities..' After the payment of
most lines of consumers'
goods the State of New York.
dividends
of
$560,000 and the
'
consumptive power is as great as
transfer of $2,000,000 from undi¬
Mr.
Laemmel is > native < of
productive power, provided la¬
vided profits to Surplus, undivided
Brooklyn. He started his banking
bor is kept fully employed and the
profits were $1,182,919.
career with the Citizens National
profits and savings are put to
The bank's condition statement
Bank in 1916, which institution
work as rapidly as they are ac¬
as of Dec. 31,
1943, was referred
later merged with the Chemical.
quired. - The wise men in labor,
to in our isshe of J an. 6, page 97.
Leaving
the
bank
in
1922
to
ob¬
business .and
government
will
tain practical bond experience, he
have to give to the individual
The; Manufacturers Trust Co.,
returned in 1926 as Secretary ^nd
small business man the same as¬
New York City, was authorized by
surance
of a big market as our Treasurer of the Chemical Securi¬ the State
Banking Department on
ties Corp., and later became Vicegovernment at war has furnished
^an. 20 to reduce its capital stock
President and Secretary.
Upon
during the past two years. Labor
from
$47,617,-360,
consisting
of
the absorption of that corporation
can't do it by itself.
Business
429,977 shares of convertible* pre¬
he
was
appointed an Assistant
can't do it by itself.
Nor govern¬
ferred stock and 1,950,906 shares
Vice-President of the bank, super¬
ment.
All three must recognize
of common capital stock, all of
their joint responsibility.
This vising the Bond Department, y
the par value of $20 each, to $46,At the same meeting Charles F.
country belongs to all of us and
290,680,
consisting
of
415,382
we've got to keep it at work to Hennett,
formerly an ' Assistant shares * of convertible
preferred
Branch
Manager, was appointed stock and
keep it strong.
'
*
1,899,152 shares of com¬
Of course, we must have a vast Assistant Branch Supervisor. ; mon capital stock, all of the par
stockpile of blueprints for public
Other
appointments
were: value of $29 each.
•
roads, schools, sewers,v reforesta¬ James E. Hellier, Assistant Secre¬
tion, irrigation dams and flood tary; Raymond W. Moore, Assist¬
In his annual report to stock¬
control projects for every State ant Trust
Officer; Irving White, holders of the Colonial Trust Co.
in the Union so that if employ¬ Assistant Trust
Officer; Arthur S. of New York, Arthur S. Kleeman,
ment falters for
any length of Sherwin, Assistant Manager For¬
President, reported on Jan. 19 that
time in any area Government em¬
eign Department; George H. De- during the> past year athe institu¬
ployment may be promptly thrown vey, Assistant. -Manager of the tion has had substantial growth in
into the breach, i Personally I am Tenth
Avenue
at
23rd
Street a number of directions. Total de¬
hopeful that our taxation system office, and G. Raymond Chnsten- posits increased from $24,045,000
can be modified with such rapid¬
sen, Manager of the Government on Dec. 31 j 1942, to $31,890,000 on
ity after, the war that the financ¬ Bond Department.
Dec. 31, 1943, a growth of 32%.
'
ing for most employment will
Deposits, exclusive of Government
come from private capital.
S.
Sloan
Colt,
President
of deposits, increased 40%,-Mr. Klee¬
Incentive taxation by increas¬ Bankers Trust Co. of New'
York, man explained, an indication of
ing employment and by increas¬ announced on Jan. 17 the election growth in the number of custom¬
ing the national income can in¬ of Harold J. Marshall as an Assist¬ ers of the bank and in the average
as
ness,
,
;
,
.
•
crease
which
the Federal
revenue.
Rates
Vice-President.
ant
1939
Since
too
high on rapidly Mr. Marshall has been Secretary
expanding young enterprises will of the New York State Bankers
reduce employment and decrease
Association, and has been active
the revenues of Federal taxation. in
the ;; American ; Institute
of
Some place there is a happy me¬
Banking and in the American
dium and it is very important for Bankers
Association, of which he
are
balances carried by them.
The
liquidity of the institution showed
an., increase, he added, with cash
Government
and
the
salary
tion
as
one
or
the other tends to
by a directive order ol
the National War Labor Board in
or
.
deflation.
Vice-President
been
director
the
of
Bank of Canajoharie,
to
which
director
Bank
he
of
of.
National
Canajoharie,
?
and
putting real vitality
nto. a complete- war effort. • To
abor goes a very large part of
;he credit for the production mirjcle.
Labor's hands every day are
Washington County
National Bank, Granville, .N. Y,,;
1933; an Assistant National Bank
Examiner, 1930-33, and associated
' with the Council Bluffs Sayings
carry on
further
19%,
by
usefulness
measure of
to our clients
a
"
Surplus
undivided
and
profit?
increased by 21 % during the year,
Spraker from $417,000 at the end of 1942
1933-39; to $508,000 at the end of 1943.
;
Cashier of the
in
increased
a
LaBor took the lead after Pearl
larbor
bills purchased
period loans and
a
N. Y., prior
Cashier
was
the
and
in 1944 your business as
•
The
of
the
retroactive
amounted to
•
At
Jan.
the
award,
wage
$117,366.
19
meeting of the
stockholders the following named
were elected trustees in the class
banking
United
States
Rockefeller
:
Co.
Rubber
Center,
has
Bldg.,
leased
the adjacent space to the north on
the ground floor for occupancy a?
Woodin.
*
At the
vill not turn back.
Americans.
You
will
1
have
Our workers
come, for those; things which we
have started, have' been paying for these
past
rhey will not let our boys down years - in
that i great
symbolic
iverseas.
phrase,"blood- sweat- and tears."
During the war, labor has come ; And now as we look beyong the
if age and from now on must bear "blood,1 sweat
and tears" I see
ts full share of responsibility for ahead work, happiness and peace;
nolding public opinion and Con¬ peace c which will come • throughgressional opinion , on behalf of jobs for all and the full use of
aking those steps which will pre- the resources of this world for the
/ent unemployment in plenty of benefit of the people of this world;
;ime.
You have shown by your work, because there is no man
iresence
here that you are in- of, sanity who. does not ,wish. to
;ensely awske and aware of the work;
happiness, because with
vill finish what they
.
;
-ights
veil
nan.
as
of
the
common man,, as
the duties of the,; common
Ycu arc going home to
permanent peace and full employ¬
ment. man will pursue the useful¬
ness
for which he
S
was-
created.,
«non
as
alterations
are
Kleeman.
;
Mr. Kleeman
added that Mario
Diez, Assistant .Vice-President in
charge
of the
Foreign
Division,
will leave for South America
this
month-, to
begin the work of de¬
veloping closer cooperation be¬
tween Colonial -Trust Co. and its
from
over
which
50.2%
25.6% ".V
to five years, and 24.2%
within
one
of
one
five years.
officers of
The
year,
the
bank
were
reelected, and the following direc¬
tors were reelected:
Lee S. Buck¬
ingham, John Horn, Samuel Mil¬
ler, John Mullen and Robert C.
Schock.
'■ !-"Z
Vl'V h
■
The Twenty-five Year Club of
Co. of New
the Hotel New Yorker
bank's
service
The
25
for
years
or
total
membership is
now 209, the oldest of whom
in
length of service is Richard N.
Cotter, Assistant Secretary, who
has been in the employ of the
Manufacturers Trust Co. and him¬
,
organization meeting 6*
the board
of trustees, on
Jan. 19.
M.
Donald
self
member
a
virtue
of his
with
of
40
the
years
Manufacturers
Club, by
of service
Trust
Co.,
Jack, Manager of the
extended
his
greetings to
the
office, was elected an
Assistant Vice-President; John W. members, of the Club and their
guests, and presented the mem¬
Boyle,' formerly Assistant. Treas¬
bership emblems to the new mem¬
urer,
was
elected an Assistant
bers.
A varied program of en¬
Vice-President; Clarence E. Dutertainment followed, the feature
gan, Manager of the Riverhead
of which was several vocal selec¬
office, was elected an Assistant
tions by Mrs. George R. Baker,
Vice-President; Charles B. Kleinwho formerly sang with the Met¬
schmidt, Assistant Manager of the
ropolitan Opera Company under
Long
Island
City
office,
was
the name of Madam Atwood, and
elected an Assistant Vice-Presi¬
Mineola
A.
Samuel
Cunningham.
Assistanty Manager of the MidTown Banking Department, was
dent;
whose
husband
is
Vice-Presi¬
a
dent of the bank.
Newly elected
officers for the coming year are
Richard
N.
Cotter,
Honorary
elected
an
Assistant
Treasurer
President;
Edward
J.
Gresser,
Clinton
B.
Morgan,
Assistant
President; William Haas, ViceManager of the Mid-Town office,
was
elected an Assistant Secre-, President, and Henry W. Becker,
Secretary-Treasurer.
■
; V
^
tary; Loren E. Boies, formerly
Manager
of
the White
Plain'
James
A.
died
on
Stillman
office, was appointed Counsel or
Jan. 13, in New York Hospital,
the White Plains office; Walter J
following a brief illness. He was
Gainey was appointed Assistan'
born in New York City Aug. 18,
Solicitor of the Brooklyn office
1873., Mr. Stillman on Jan.
12
Thomas
H.
Sheehy,
formerly
celebrated his 40th anniversary as
Assistant Manager of the White
a member of the board of direc¬
Plains office, was appointed Man¬
tors of The National City Bank of
ager of the White Plains office
New York.
He was, in point of
All other officers were reelected
„
'
-
.
The
election
W. N.
of
Wester-
a
year
Assistant Deputy Ad¬
as
ministrator
the
with
War
Ship¬
ping Administration in Washing¬
ton, having jurisdiction over the
operations of WSA vessels. He is
a member of the Amor can com¬
dustry Association.
service, the bank's oldest director.
after
graduating from
Shortly
Harvard
.
National City when his
father, James Stillman, was Presi¬
dent
of
the
institution.
ported
holders
Jan.
on
of
Chairman,
19
Clinton
to
the
Trust
re¬
stock¬
Co.
of
He
was
Assistant Cashier in
1899 and subsequently became a
Vice-President.
Early in
1918
Mr.:Stillman was appointed Gen¬
eral Executive Manager, under the
bank's plan of rotation of office,
appointed
an
and this office he held at the time
(Continued
on
page
440)
Fire Waste Awards Contest
The
United
States
Chamber of
Commerce and the National Fire
Inter-Chamber
William J. Wai'te,
Mr. Stillmari
University
joined
Waste Council
completed. New York, at the annual meeting
your family duties.
You will have This expansion was occasioned by that the net operating income of:
the increased volume of domestic the institution for the year 1943
your days of work. But above all
in this great year of 1944 you will business in the Rockefeller Center was $76,700,. equivalent to $6.39
producing the munitions that are have the splendid privilege of area^ and plans for broadening the per share.
This does not include
relentlessly destroying the might
seeing "and-believing and fighting activities of the bank's Fordgr profits realized on the sale of
if
G erm any and
securities.
Dividends paid were
Japan. Labor for those things which are to Division, according to President
ture
$8,196,848,
mature
whose term will expire in 1947:
Chris J. Ochs,
Philip A.
Benson,
William
H. bank since 1880.
Deatly, Albert G. Milbank, Purcell President of the Club, presided at
C.
Henry C. Von Elm,
Robertson, Frank L. Stiles. the dinner.
Willis
D.
Wood
and
Raye Pi Vice-Chairman of the Board of
Trust
offices at 1230 Sixth Avenue in the
total
The bank's holdings of
States Government bonds
more.
mittee
of
Lloyd's
Register
or
Co., with Shipping and of the Maritime
Committee
of
Commerce
and
In¬
facilities .and; executive
Colonial
United
This compares with an op¬
as
National
First
better.
or
York, at its annual dinner held at
on Friday
evening, Jan. 14, inducted 42 new
erating loss of $83,558 reported members.
As the name implies,
for the yer 1942 which, after giv¬ the
Club is
composed of em¬
ing effect to the aforesaid portion ployees who have been in the
1943.
74%
Since 1940 Mr. Marshall
Council.
has
comprise Government,
municipal issues.
Of
the
.investment
portfolio
of
bonds,' 97.8% is in class A bonds
total
increase*, Manufacturers Trust
of deposits on Dec. 31, 1943
lund, President of Marine Trans¬
compared to 71 % at the end of port Lines, Inc., as a director of
the previous year.
The trust com¬ The Continental Bank & Trust Co
both business and labor to learn is
currently a member of the Ex¬ pany's Government bond
port¬ of New York was announced on
just exactly where that point is ecutive Commtitee- of the State folio
grew from $10,084 000 at the Jan. 20 by Frederick E. Hasl*r
—the point which will promptly Secretaries Section.
He is also a end of 1942 to $14,655,000 at the Chairman
of
the
bank.
Mr
prevent either inflation or defla¬ member of the A. B. A. Research end of
1943; during the same Westerlund served for more than
develop. Both labor and business
might well consider recommend¬
ing to Congress the delegation of
power to some governmental or¬
ganization to make continuously
those slight shifts which are nec¬
essary if the national income is
to stay 011 the road of full pro¬
duction,
full consumption
and
full employment without inflation
83%
and
awarded
totaling
bonds
retroactive
and
announce
Fire
the 1943
Waste
Con¬
test,
urging
that
participating
communities submit their reports
On
1943 fire prevention
activities
accomplishments
before
March 1.
The approximately 60
merit awards and the significant
results in this program will be
announced about April 1 at the
annual meeting of the Council.
This is the 21st annual event in
$1.30 per share for the year.
De¬ the nation-wide fire prevention
posits increased 33.5% for the crusade bv cities and communities
vear. and the average volume of
through their Chambers of Com¬
esrn'ng
assets
employed
wa* merce; fire departments, civilian
75.6%. v .The average rate of re- defense units, schools, youth ortn m oo lo^ns and
1943
investments for
and
ganiaztions, civic clubs, insurance
2.6%.
and other local forces.
The merit
of awards serve to dramatize the
Latin
American- - bank
corre¬ United States Government securi¬ gravity of fire destruction and to
ties were increased by $3 291.292; commend the effective work in
spondents;
v.
;
and in that period clients pur¬ r«dvc5ng and controlling the toll
'
\.
Stockholders of the Title Guar¬ chased through the trust com¬ of Bre.
The
FMmnal
Board
of
Fire
antee & Trust Co., New York,.ap¬ pany United states Government
was
During
proved on Jan.'19 the reduction of .corMir-'t'es
the
ir
year
+he
holdings
amount
of
$3*.
Of the company's total
capital stock from $6,000,000 to 662,000.
*r77.8%
comprise
$3,000-000--and ;the /par -value of ,*nvestme**ts,
United
States
Government issues
its '500,000 shares from $1-2 to $6
the
-
..'■V
i
*
\
Undunvote1*?
lo^s
w„s
that the
11'-months of 1943
e*+imetes
.*332,519,000—+he -largest
any year
since 1932.
for
-
Sayings Banks Group Prepare Now For Claims Resulting From
.War Gonlracl Cancellation, Kent Urges
Elects Officials W-M
The Financial Situation
'
It
'
(Continued from first page)
with
began
Pres¬
the
war
rights"
On
the
the
•
ident's "second bill of
list in his annual message on
Here
Union,
the state of the
they are:
Daniel T. Rowe, President of
necessary.
to us, one
political tac¬
tical strokes, and one whose
influence we must not fail to
tutes, or so it seems
favorite
his
of
the
Highway Savings Bank,
Brooklyn, and Charles Diehl, Ex¬
Kings
consti¬
it
ecutive Vice-President of the Em¬
pire City Savings Bank, New York
City, were reelected Chairman and
Vice-Chairman, - respectively,
of
While
many
unknown quantities
still lie in the contract can¬
situation, the management of. all industries, particularly
small industries, should start immediately to put its accounting sys¬
tem in order, set up inventory controls, segregate all items, such as
raw materials, goods in process, overhead and so on that claims may
be determined promptly and exactly, in the opinion of Dr. Fred I.
cellation
Kent, Chairman of the Commerce
as it may have progressed or was
Retirement and Industry Association of New
should
be
worked
York's Post-War Planning Com¬ progressing
recognize or underestimate.
System at the annual meeting of
out."
He further abserved:
"The
mittee.'' '
v.V':
or
shops or farms or mines of
Take
such
passages
as the board of trustees on Jan. 19.
amount
of
money
that
would
be'
The statement, it is pointed out,
the nation.
Urbain
C.
Le
Gost was
reap¬
theserequired upon cancellation as the
'
The right to earn enough to
pointed
Secretary,
and
Robert is the first of concrete advice and
time could be seen to approach
Demobilization
begins
long
provide
adequate
food
and
Matherson, Jr., Treasurer.
In ad¬ recommendations to be issued by
when
terminations
of
contracts
before hostilities end. While we
clothing and recreation,
dition to his duties as Treasurer the Association's committee head
were likely to be made would also
are still expanding war produc¬
The right of every farmer to
Mr. Matherson was also appointed under its program^ "Great speed
be worth while measuring.
•raise and sell his products at a
tion, we have already termi¬
to the newly-created post of Ex¬ in the final settlement of claims
"In all of these matters discus¬
made against cancelled contracts
nated
more
than
12
billion
return which will give him and
ecutive Manager1; ;
sion with its banker should help
dollars of war contracts; while
his family a decent living.
The trustees reported the Sys¬ is necessary to enable those con¬
each industry concerned to get its
we
are still increasing the size
tem's assets as of Dec. 31, 1943, .of cerned to take their place in the
The right of every business
books in such order that it could
of the armed forces, we have
$490,000 and participation in the post-war industrial world," Dr.
man, large and small, to trade
set
up
claims
promptly
and'
Kent said.-:
already
discharged a million
-in an atmosphere
of freedom
plan by 27 banks with 880 par¬
Even while many un¬
While no inflexible plan can be effectively.
men
and women.
If hostilities
from
unfair
competition and
ticipating employees A; This par¬
known quantities still lies in the
set up at the present time to meet
end on one major front before
domination
by monopolies at
ticipation represents an increase
situation, such discussion by an
they end on other fronts, largeof 75% in the number of member cancellation emergencies because
home or abroad.
s
industrialist with his banker would
scale
demobilization
adjust¬
of uncertainties as to procedure
employees since the inception of
The right of every family to
ments
will
be
possible and
which will take place when pend¬ enable the latter to better keep in
the plan on May 1, 1941.
•
.1
.
a decent home.
touch with developing conditions
necessary
while we are still
A
continuing interest in the ing legislation is finally passed,
The right to adequate medical
Dr.
Kent urged every
industry that might affect the industrial¬
fighting a major war.
System is also reported by., the
ist's interests than would other¬
.care
and
the
opportunity to
The problems of adjustment
trustees in the addition of the that may be affected to get in
achieve and enjoy good health.
wise be possible.
cover a wide range— contract
28th
participating bank as of touch with its banker and discuss
"New legislation will unques¬
The right to adequate protec¬
termination,
reconversion
of Jan. 1, and the 29th bank, sched¬ matters that would arise in the
tion from the economic fears of
Such dis¬ tionably be passed that will de¬
war plant, disposal of Govern¬
uled
to
begin participation 5 on event of cancellation.
termine certain procedures in con¬
old age, sickness, accident and
ment-owned property, shifting
Feb.
1.
Some 20 other savings cussions would enable the banker
nection with cancellation of con¬
: unemployment.
•
<
of men to peacetime employ¬
banks are being furnished figures to better keep in touch with de¬
tracts that can be or must be car¬
The right to a good education.
ment, and many others.
Our as to .the cost of participation by veloping conditions, he said.
ried out by Government procure¬
the Retirement System's office...- V,"Regardless of coming legisla¬
approach
to
these problems
It is open to some question
ment officers or others to whom
must be positive, not negative.
The announcement said that the tion," said Dr. Kent, "every in¬
authority is extended.
In spite of
whether if the President had
Our objective must-be a per¬
growing interest in the System, dustry should be in position to
measure
the flow of' funds, and the fact that such legislation has
let these matters end here
manently high level of national
organized to put the pensioning of
not J; yet been defined, there are
raw
materials into production,
income and a correspondingly
superannuated savings bank em¬
any great harm would have
should understand the method of many elements that have to do
ployees on a formal and funded
been done.
The absurdity of high standard of living. To
with accounting practice and in¬
achieve this end there must be
basis, apparently comes from a bookkeeping it would have to de¬
these "rights" is a little ob¬
concerted efforts. .by..industry,
pend
upon if the claims are to be ventory controls that the manage^
growing recognition on the part
ment of the industries could dis¬
vious
even
for. a political labor, and
government > and
of savings bank executives of the recognized, and the character of
cuss with their bankers with great
a v well-planned
demobilization importance of a formal pension inventory controls that would
harangue, where absurdities
advantage to both. With complete
program.
As men, materials," plan in their employee relations have to be provided to enable
are expected.
understanding between these two
One might as and facilities are released from
programs,
and the recent an¬ prompt and certain segregation of sides of any loan questions which
well insist that every man War
service
and
production,- nouncement that plans had been raw materials against different
upon
cancellation,
claims or against production for might, s arise
such resources must be chan¬
has the right to grow six feet
completed with the State Banking
where industries would require a
civilian consumption and produc¬
neled into civilian production
Department,
toward
allowing,
un¬
tall, or to be born with red on a basis that will assure a
return of capital which had been
tion for war purposes, where the
der the,lprovisions of'the Retire¬
invested
in
raw
materials, the
hair.
He may have such
high and stable level of pro-;; ment System, credit to participate same stockpiles might be utilized.
of
ascertaining
the processing of goods, etc., no-time
"rights" — whatever M: that duction, consumption, and em¬ ing v employees for service ren¬ Methods
need
be
lost
when
cancellation
of
ployment.
The
soldier, the dered prior to entrance into the amount of reasonable profits and
means--but who is in a po¬
overhead costs representing work war contracts takes place."
worker, the businessman, and
System.
This
prior
service
sition
to
underwrite them?
the farmer must have assurance
feature of the plan assures em¬
Every family may have a against economic chaos.
ployees
of retirement benefits
right to a useful and re¬
munerative job in the industries
The
.
not
was
contrary,
Thursday, January 27, 1944
& FINANCIAL CHRONICLE
THE COMMERCIAL
422
the
Savings
Bank
;;
.
v
•
'
.
t
,
"right" to
we
decent home, but
a
Just
actually have one only
if is able to provide it for it¬
self.
The farmer may have a
prices the
no
consumer
will
program
under
reciprocal lend-
and
same
time
,:
help
to
lay
the
post-war settle¬
international pros¬
foundation for
and
ment
perity.
and
But
upon
examination
there
he
becomes
only
a
challenge
a
another great
and I have
to
You
;
undertaking;
;
the responsibility to prepare
,
serves
It
the
politically real¬
istic.
He is right, of course,
in considerable part in
saying
.
for
victory .and Jor peace.
Let. us'
make
sure
that the
Budget,
the
Government's work plan,
more
and
concrete
not
cause
it
that the Pres¬
ident in this message was but
laying the foundation for
many things that he had to
say in his Budget Message,
be
for joy over an accom¬
plishment but at the same time
Post-War Problems
appear
will
both ends.
is
entirely
President
consideration to
at
this
time.
past
and
Other trustees of the
addition
* to
(
future
Messrs.
System.; it*
. and
Perrin
L. *Babcockv
County Sav¬
are:
ings Bank, Syracuse, N..
Gretsch, President The
Y.; Fred
Lincoln
fitting
that
give" ; careful
such subjects
Indeed, it is
his duty to do so.
It is, like¬
begin long before the wise, both his privilege and
over.
That is true, his obligation to make such
is
It is true,
matters
they
of
none
his
doing. suggestions
likewise, that these
have
arise.
to
But
be
met
the
seem
unable
Pres¬
presenting
ident's technique of
weaving
his
to him
for
action
appropriate.
as
He
such
his
a manner
proposals
in
that those who
and Public Administra¬
Washington University,
Louis.
'
Business
of
tion
St.
Member
banks have re-elected
following as directors
of the
parent
Class
The
following
have| been
ap¬
of the Federal
Little
Reserve Bank:.
Rock branch:
I. N. Bar-
1
Louisville branch: Phil E. Chap-
compensation as
same
matter
was
expensive.
some
progress
with
admin¬
far simpler and less
have made
toward better com¬
True,
mission rates by
ment
when the
of investment and
istration
proper
legisla¬
we
voluntary agree¬
and we
beneficiaries,
monetary
conditions as would a
investor. An¬
individual
careful
objective is to
author¬
ity to permit a trustee to charge
a principal fee in long term trusts
other
important
obtain legislation or court
both
as
executor
i
and as trusteed
These objectives are sound and
a living rate
reasonable and have been incor-;
prospective trust
business,
but these gains have porated in the statutes of many;
of our states which have modern¬
largely been offset by the lower
ized; their testamentary laws in \
recent years."
pell, Hopkinsville, Ky., and Chas. ; Mr.;: Kurtz also declared that
have
for,
B director.
of post-war hold other views must in op¬ nett, Batesville, Ark., W. A. Mcproblems and their solutions posing him risk being accused Donnel, Little Rock, and A. F.
thread
by thread into the of failure to support the war j Bailey," Little Rock, Ark.
secure
.
conceptions
complex pattern of winning effort.
to
largely with the Courts and the
tion
to provide relief
to fidu¬
Legislature rather than with the
Federal Reserve System has re¬ trust companies themselves," he ciaries in connection with trust in¬
vestments. One of the major ob¬
designated William T. .Nardin as stated. "In previous reports" he
Chairman of the Board of the said, "we have commented at some jectives which would redound to
Federal
Reserve
Bank.v of St. length upon the vastly increased the advantage of the beneficiaries
of trusts,; as well as to the trust
Louis, and Federal Reserve Agent/ difficulties in analyzing invest¬
has designated Douglas W. Brooks^ ment trends and conditions, and companies themselves, is the sub¬
stitution of the "prudent investor"
Memphis, Tenn., as Deputy Chair¬ the multiplicity of reports-. and
rule
for the "legal investment"
man, and has appointed Wm:, H.
returns that have been imposed
.Stead as a Class C Director. Mr. over, the past- 25 years.
In most fiction, thus allowing the trustee
to meet changing economic and
Stead is Dean of the School of cases we still receive only the
is, however, not warranted in pointed directors of the branches
as
investor" rule
Governors of the
bank: G. R. Corlis, Anna,
111., Class tA director, and Henry
H.
Tucker,' Little
Rock, Ark-.,
is
substitute the "prudent
"legal investment" fiction, to the advantage of trust benefi¬
ciaries and trust companies, was advocated by Wm. Fulton Kurtz,
President of the Pennsylvania Company for Insurances on Lives and
Designations
The Board of
the
it
Legislation which would
for the
Louis Reserve
ilization
and
^
Brooklyn, Brook¬ Granting Annuities, Philadelphia, in the company's annual report to
lyn, N. Y.; John F. Krepps, Presi¬ shareholders on Jan. 17.
dent The Home
Savings Bank.
While
reporting
a
gain
of<^
..a
1 ■
:•11
White
Plains, N. Y.; Jacob H. 23.65% in deposits to a total of rates of income and yield on all
Strong, President Rhinebeck Sav¬ $437,366,587, including $66,545,744 new investments. In other words,
while
our
rates
of commission
ings Bank, Rhinebeck, N. Y„ and in the treasury account, and an
increased
percentagewise,
George Wendt, President The Me¬ increase of 13.09% in net income have
the
rate
of
income,
from invest¬
chanics Savings Bank of Roches¬ from general operations for the
ments on which our. commissions
fiscal year, Mr. Kurtz touched on
ter, Rochester, N.Y.
>
are largely based has.'steadily de¬
a
problem common to all trust
clined." <Mr. Kurtz added:
companies, that of unsatisfactory
"In spite of persistent efforts
earnings of the trust department.
St.
(which are being continued), the
"The real solution of the prob¬
lem of inadequate returns restjS trust, companies have so far been
that reconversion and demob¬
war
To Replace 'Legal Investment'
Fiction Wilh'Prudent Investor'Rule Urged
Trust Legislation
Rowe
President Onondaga
Bank
.;.v
concern.
would
and
is
there
arrangements is designed
the effective pros¬
ecution of the war and at the
Victory
War
field, as
facilitate
to
vague
much
field,
lease
pay.
it .appears to us
so
the
example,
at
both
Savings Bank of
sharp distinction between
and post-war policies. For
/;
,
Diehl,
$
international
lend-lease
profit
a
*
domestic
the
war
that
and meaningless
listing of "rights" might very
Well be passed by without
this
the
In
in
which will
cost
such
him
allow
And
a
ade-'
civilian
so
policy,
#
on
service.
production policy,
price policy, and labor policy.
cal
"right"
to
a
satisfactory
profit on his produce, but we
are doubtful if he will get it
very long unless he produces
what other people want and
at
measures,
based
quate reconversion to
production will require many
interrelated adjustments of fis¬
will
so
economic mobilization
war
required many
interrelated
part and in the long run it
does
as
total
for
suspect that for the most
insisted
new
upon
and
the present limitation of $25,000Schacht, Louisville, Ky.
Memphis branch: Rufus Branch, for any one account in discre¬
common
trust
funds
Pecan Point, Ark., W. W. Camp-, tionary
bell. Forrest City, Ark., and W. should be raised to a far higher
figure.
,
- ■
R. Glasgow,-Memphis, Tenn.
A.
.
.
.
Volume
159
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4250
Retailers Urge lew Price
the
Control Act As Effective
Otirfe
JV;,/
Tax Rate at 1%
Favor Freezing Old Age Insurance
Unemployment
Insurance,
Heimann
Urges Business Leaders To Improve
/ /. Situation Of While dollar Worker
/
compensation
system
and urges;
the return of the Employment Of¬
fice
system
soon
as
State
to
control
practicable.
/
v.
.-
as
'V/;//
Advocates Change Of Attitude Toward Business By Govt.
The Association favors every
proper consideration of the wel¬
D.
Continuance of government price control
Price Control Act,.in order that the
A
Speaking in behalf of the so-called "white-collar class,"- Henry
Heimann, Executive Manager-on-leave of the National Association
of Credit Men, in his Monthly-Business Review for
January, made
available Jan. 16, declared that "amid all the talk about increased
national income," this "is one group of people for whom 1944 does not
look too encouraging from a financial
standpoint."
Pointing out that
these workers have been caughi<?>between a rapidly rising cost of quickly as critical
shortages are
living and a frozen wage level, overcome and present war/ de¬
through the enactment fare of those who will be mustered
true intent of the Con¬ out of the armed forces which will
gress may be established clearly, "to the end that unfortunate fric¬ •enable them to
regain their places
tion and confusion may be avoided and more compliance may be se¬
in civilian life, and favors
the
cured," was urged on Jan. 13 by members of the National Retail Dry payment of a reasonable muster¬
Goods Association, assembled at their Victory and Post-war Confer¬
ing-out sum by the Federal Gov¬
.of
H.
a new
at the Hotel Pennsylvania/^
control.
in New York.
ence,
This
was
of the six resolu¬
one
ernment.
Through the power of
the Congress is abund¬
taxation
tions adopted by the nation's re¬
antly able to control profits.
tailers.
Another highpoint in. the / 3. Congress should insist upon
•resolutions was the urging, upon the maintenance of the rights of
423
Such payments should
be made from funds
appropriated
for that purpose by the Congress. Mr. Heimann
says the "white col- mands are partially satisfied.
They should not be made from the far -employee seems in a helpless
"6.
There
will
be
credit
in
Social Security funds.
position; he is and has been the .abundance for the deserving.
-.The States should protect the forgotten man."
"But even the
"7. Foreign trade will present
benefit rights of all those who left white coUar man has endurance broad possibilities as the
press of
civilian employment to enter the limitations,''" says the head of the hostilities slackens."
armed services, and they should credit organization for the larger
"However, the business picture
,
.
the
War
other
Board
Production
high
officials
of
and
Fed¬
the
appeal to the courts
when they believe the acts of the
Administrator exceed the author¬
and
delegated by Congress.
: •/ /
be
entitled
to
Unemployment
Legislation should be under¬
Compensation until their accumu¬
taken at once to permit of neces¬
lated rights have been exhausted.
sary public hearings at which the
surplus
of
consumer-use nature
all
ernment,
goods of
a
such
careful
re-inventorying of
such stock piles may show are
not likely to be required in the
a
as
conduct of the war.",
Disposal
of
;
,
government
sur¬
pluses will cdnstitute one of the
major problems of the post-war
era, the retailers emphasized, and
"thought should be directed fo¬
rward the
possibility of
distribution
low:-
their
in
'
is
the
and
the
v".
;
regardless
consideration
of
.existing
Price Control Act "may be fully
offered to the Congress, so that
new legislation
may be expected
to
.than to
make the
fullest
possible
tween any course of action which
contribute
to
victory and of
individual interests, there
must be no hesitation in choosing
'narrow
that which will
the nation's
serve
cause.
Retailers everywhere are urged
to1 recognize that hopes of an
early decision in any theatre of
the
must
war
cause
be
not
allowed
to
letdown in their contribu-
a
;tion to the
This
effort.
war
Association
*
■.
calls
>
..
its
upon
members to continue and increase
Hhe work
and
to
they have
spare
all of the various
which retailers
so
well begun
of aiding
means
no
war
projects to
especially able
are
to make contribution. To this
retailers
support
end,
urged to
especially
are
the limit of their
to
ca¬
pacity the sale of War Bonds in
the
coming
paign.
Fourth
prove
improvement
an
Loan
Cam¬
,
The
vor
of
members
the
National
Dry Goods Association fa¬
firm and
a
understanding
sys-»
'
tern of Government Price Control
This Association hereby
its
officers
staff
and
copies
of
this
hands
of
each
a
the
necessary
and
war
measure
for
of
stabilizing prices
preventing the development
purpose
of disastrous inflation.
Therefore, since the existing
Emergency Price Control Act will
member
experience
expire/ in
June, 1944, we urge
the Congress of the United
upon
the
States
vital
legislative
action
continuance
the
yond
date.
It
need
of
of
prompt
price control
prospective
'
be-t
expiration
"
reso¬
lution, however, to indicate to the
Congress the necessity of accom¬
plishing this continuance of gov¬
ernment price control through the
enactment of
/
<
a
new
of. the
Congress
be
may
estab-
lished clearly, to the end that un¬
friction rand confusion
.
fortunate
may
•
avoided
To this end
we
com-
more
be secured.
may
set forth
some
of
prices which
we
believe
should have the earnest attention
of the
1.
^
V./fVf
Congress:
will
It
stabilize
prove
/
conduct
be
of
the
war
prices
unless
'ments of cost which
those
are
ele-
the foun-
'
elation
of
the
price structure
| stabilized.
•
2.
Price
; permitted
'
control
to
are
'" ' V
should not be
develop
may
point where,
a
instances, they
greater than
need
appear to
conceivable
any
justify. The disposal of
government surpluses will consti¬
can
tute
of
one
the
major problems
of
the
post-war
period
and
thought should be directed toward
the
possibility of
into
profit j
the
which
goods to
of
therefore urge upon the War Pro¬
duction Board and other high of¬
has
of the
white
decent stand¬
a
living and has
rosy,"
Mr.
Hei¬
every
right
siders
may
cause
end
no
of
1
.
sured
will
that this
"A
his situation
year
be
tion's largest unorganized groups.
"It: would seem judicious for
renegotiation policy that is
fair-minded
constantly called to his
attention by labor leadership. His
group represents one.of the na¬
the
end
have
and
that
done
far-sighted
manufacturers
such
;in war production may start
to
set
aside
funds
for
to
who
wonderful
a
job
now
reconver¬
business
leadership to recognize sion to peacetime production.
'
"Labor must become of age ancl
plight and do everything with¬
in its power to improve his situa¬ take up a full
partnership in the
tion. Voluntary action on the part team with industry.
of business leadership is prefer¬
"There must be a change in the
little
able
pos¬
manu¬
forced
to
not much
action.
time to
is
There
waste."
attitude
ard
,
In reviewing the business pros¬
for the year,
throughout
prosperous
or
no
ernment's
tion
viz.:
"1. The farmer will undoubtedly
be
government tow¬
with
the
recogni¬
egg
assets in the balance sheet
as
the
ing the goose that lays the golden
certainly applies to the gov¬
important points which he
seven
sees
of
business,
tion that the old fable about kill¬
pect for 1944 Mr. Heimann named
will
attitude
toward
taxa¬
of industry.
"The
,
1944—
business
find
world
in
1944
abundant
opportunities
for an unprecedented production.
In the year ahead business must
war.
To the extent critical mate¬
rial shortages are
relieved, the vast be alert to its inventory situation,
backlog of civilian needs will fill which on a peacetime demand is
the gap of any let-down in cer¬ not only relatively
high, but pre¬
tain types of war production.
sents .considerable maladjustment
mands at all times with the best
"3. The year just ahead will see for peacetime needs.
merchandise available..
the peak of liquidation of small
"Finally, not the least of the
business with a rising psychology business problems will be the re.//'/War Damage Insurance *
:
in favor of the efficiently oper¬ absorption of the military forces
; j Thefe are now pending in the
ated small business enterprise.
when and if demobilization occurs
Congress several bills the purpose
"4. There will be in
as
well as the reorientation of
facturers is solicited in order that
their retail customers may be kept
in position to serve the public de¬
,
'
of which is to authoriez the repay-,
ment to
policy holders in the War
Damage Corporation the excess of
premiums paid above the claims
and costs of operating*
The
of
members
the
prepara¬
tion
in home female employees.
/
'
/
construction to be partially un¬
"The challenge and opportunity
dertaken when the first phase of to business in 1944 will be greater
the
on
market
is
over.
for
and -active policy
releasing from the stock piles
Ran American
of
of
the
Elects Officers
,
come
experienced in its
history. Given a fair
opportunity it will discharge its
into the
American
replacement material
before the close of the
war
or
has
it
than
-
responsibility."
as
.;
•
•
' •
-
equitable
an
basis, at the end of the
war
program
"5. Railroads will
National
Goods
Association
legislation
providing
for
refund
large
a
war.
Renegotiation Power Not Needed Now With Tax
ficials of the Federal Government
coordinated
entirely
says, because there are sev¬
eral basic problems which he con¬
to
con¬
been
"this
states
desires
man
"2.
a
Association
established
as
cooperation
such
Goods
as
further
war
The
"
Dry
ma¬
resources
sible.
favor
Retail:
of
sale
Retail; Dry
,
National
the
retailers'
the stores with
JpThe
the
and
not
mann
his
they
disturbance
ditions
a
of
on
operating
are
difficulties
partial distri¬
bution at this time.
V
members
generally
have met their
problems and continued to supply
-
-
reached
now
in many
Laws, Senator Hawks Declares
Society
The need for
Butler,
continuing the law authorizing the Government to
has passed, in the opinion of Senator
Hawkes (Rep., N. J.), who contended excess war profits" could be re¬
covered more fairly under tax laws.
/
ing of such stock piles may-show
are
not likely to be required in
President of Columbia University*
and Gano Dunn, President of the
In a statement issued on Jan. 22, Senator Hawkes granted the
necessity for contract renegotiation during early stages of the waf,
the
J.
when
all
government
plus of goods of
nature
as
a
such
sur¬
conduct of the
/ -j.
'V
Copies of this resolution will be
war.
Dr.
Nicholas
G/ White
idents
able Donald M.
Society
the
War
Economic
Nelson, Chairman
Production
Board*
Stabilization
Director
Vinson,
ment
other important
govern¬
officials, and all members of
the United States
House of
Representatives,
Social
/4A.
The
Goods
Senate-and the
Security
National
Association
''
.
v-:
;
y
'
,
far in
excess
of the estimated
needs of the present and the
near
the
the
Federal
extension
Social
at
Murray Bill, and takes' the: posi¬
tion that discussion of the advisa¬
bility of extending this
should
be
postponed
program
until
after
the restoration of peace.
C.
The Association
opposes any
further degree of federalization of
were
industry and government 4>
unfamiliar with the cost of there
States,
it
was
announced
on
Jan,
20
by
Frederick E. Hasler, President of
the
Society.
James. S. Carson,
said
Vice-President
York
of
the
United
of
American
that
believed
he
that
advices
&
Vice-Presidents.
Otto
•,
Society
as'
as
Presidents—William
new
fore,
Vice-
gast and James H. Drumm. Major
-re-elected
Treasurer
Secretary, respectively.
Rev.
Robert
I.
and
•■'.
Gannon,
President of Fordham University^
was
elected
a
Director along
with
the
ever
point
peared.
of
■
wants
could
which
to
a
have
gave
make
J.
triotically
a
sane,
been
all
Robert M. Field."
disap¬
deal
feed
right
fair
profit in
fairly and pa¬
the free enter¬
: source
and
to pass
argument in behalf of
for
business
obiective
industrial
tended that
contracts
from
and
ex¬
son
that
is
a
based
fair
upon
of
making blood
./;',
/■/•. /
system.
concerns
which
He
holding
had
not
con¬
war
been
renegotiated would be unable to
obtain
citizens derive
of Con¬
a/law under which
money,
Uncertainties resulting from the
renegotiation law, the Senator
argued, destroy the "force and
virility" of the American business
to properly,
It ^
is with?
within the power
gress
a
citizen*
American
to make blood
money."
sound law
established
concerns
certain
Foy, W. L.
Hemingway, R. A. Hummel, C. R. prise system, the
McPherson, F. W. Nichol, William . which most of our
Sharpe, Maxwell M. Upson/ C. S. | their living.
i T. Folsom, Thomas W. Palmer and i
my
a
that
tention
/decent
stop anybody from claiming
taxing p^wer in.ihe
United States and it i?my con¬
Robert De Forest Boomer, Phanor
B.
renegotia¬
now
'
there
in the armed forces which should
existed—has from
view
which
certainly I passed through an
perience in losing my only
the
•/"We have
order
Eder," Amos
necessity of
tion—if it
my
A/ Prender-
R; W. Hebard and John J. Clisham
The
"No
■
three
/ years
experience .in
producing
Mr. these things," he said. "Costs on
most of them are known. There¬
Vice-Pres¬
a
elected two
profiteering,
no
under
yet, who in the war have served
a
great purpose.
re-elected
President
arid /Judge
Schoenrich
ident and
-
be
rule
be
justice given to those
engaged in free enterprise who
had, prior to the war, found it
difficult to, make any profit and/
in
the New
Telegram2',. Senator
further
quoted as
or
could
a
would
time
given
as
"World
•
orary
and
but
had passed.
'
In Associated Press Washington
Foreign Power Co., and Robert H. Hawkes .was
Patchin, Vice-President of W. R. follows:,
;•
•/■///'/>
Grace & Co., were elected Hon¬
"We have now had two
this time of
Security Pro¬
by the Wagner
Pan
contracts
producing certain materials,
were
B. The Association does not fa¬
Engineering Corp.,
Honorary Pres¬
the
war
American
favors ;?Con-* Hasler ;
•future/-; '
vor
of
Retail td*)ry ./The
gressional action to freeze the- Old
Age Insurance tax rates to. 1%.
The Old Age Insurance funds now
Murray
have been elected
placed in the hands of the Honor¬
of
renegotiate
consumer-use
careful re-inventory¬
a
gram as proposed
impossible to
in
There is much reason to suppose
that the stock piles of goods pur¬
chased by the government for use
the
retailers
merit the approval and thanks of
the retailers for the splendid way
Administration, operate to defeat
the government price regulations
and the rationing of scarce neces¬
have
cir¬
members of this Associa¬
recognize that manufacturers
jority of
efforts of the Office of Price
are
the points in connection with the
control of
•
and
plete compliance
■
:
be
that
under
price inflation is always pres¬
ent, and black market operations
are developing and
expanding in
many lines which, in spite of all
Price Control
Act in order that the true intent
ciation
during these times
ous
in
as
The
-
the intention of this
is
thd
tor" insure
it is the
tion
uation in which the threat of seri¬
.
daily wants
and
coupled with the ab¬
normally high purchasing power
of the public, have created a sit¬
sities.
American
should place termination dates
be available. ; their orders.
may
civilian use,
the
the
the is
of
difficulty for industry if they are'
aspire to share in some of the -not properly solved.
He names
luxuries of life.,
There is little .the following as among the out¬
wonder that his patience is be¬ standing problems: ;
coming a bit exhausted, and he no
"The need for fair and equit¬
doubt, will be more articulate in able" settlement of terminated war
the year ahead.' You ban rest as¬ .contracts. //.•//• ■■W? /■/ /■:.•/
opinion of the
National Retail Dry Goods Asso¬
increasing
shortages
in
lines of merchandise for
many
manufacturers
well in the matter of merchan¬
months,
Government Stock Piles
The
of
that
He
collar
cumstances will permit.
Due to
the likelihood of rapidly changing
conditions
during
the * coming
the
information
such
as
retailers
dise "for their
place
in the
of
equally important to the
corporations
country.
ard of
Consuming public shall be served
Representatives and the
Senate-and to place at, the .dis¬
posal of the proper Congressional
.
'
over
directs
to
statement
is
and
House of
a
as
It
future interests
as
-
Retailers and Price Control
Retail
Relations With Manufacturers
present law.
every
contribution to the early and successful outcome of the war. As be¬
will
the
under
experience
American
no
industrial
4.
have any more important task
can
.
ity
committees
War
opinion of this Asso¬
that
ciation
•other
The
entirety, fol-
;
Retailers
It
partial
a
time."
this
at
resolutions
;
to
eral
Government, "a. coordinated
active
policy of releasing
from the stock piles of the gov¬
.
citizens
which
from
conduct,
banks
business
themselves
to
post-war re-employment.
prepare
?
loans
to
with
and
handle
THE
424
By Sfimson
Of Hastening End Of War
National Service Law Advocated
As Means
Declares Soldiers Resent
banking
as
Stonier,
'..
American
Civilians
national service "will be the means of hastening
the end of this war," Secretary of War Stimson urged Congress on
Jan. 19 to enact immediately a national service law in order to get
at the "basic evil which produces the. irresponsibility out of
stems strikes, threats of strikes, excessive turnovers,
Declaring that
and the other
manifestations of
which
absenteeism,
irresponsibility with which we are
plagued."
...
~ ~
'
Testifying
before the Senate use. Posterity will never
Military Affairs Committee, Sec- us if we sacrifice our
retary Stimson said that "the in- to a desire for creature
dustrial unrest and lack of a sense or for private gain.
' .
of patriotic responsibility" in large,
"It will be tragic
■
indeed if tne
felt by
fight- ■
fester
forth
hot
the
uncertain terms the
I soldier must accept for
.1
foremost, it will his country.. They
minimize the calling of strikes by now, but some day
service to
are far ^ away
The News
public spending. It will be up to
decide what kind of
the voters to
post-war era they want.: ; They
should elect to office, from the
a
bottom
have pointed
which, alone, can prove the sinof
pregnant with danger.
it will point out to cerity and the determination
civilian war workers that "they this great nation."
are working for their country
in
the civilian ranks and that their
responsibility is just as definitely
recognized by the nation as that
of soldiers on the front.
By and
large this will tend to powerfully
Of current interest to bankers
heighten his morale in the win¬ and others interested in post-war
irrefutable and, as I
out, is most
"Thirdly,
Post-War Outlook
Survey Published
ning of the war.
problems is a new book published
it will tend power¬
by Harper & Brothers. New York,
increasing effective¬ and edited by W. R. Kuhns, Edi¬
ness in production when the gov¬
tor of the magazine
"Banking,"
ernment itself takes a hand, not
journal of the American Bankers
only in keeping men on necessary Association, entitled "The Return
jobs, but also in finding men for of
Opportunity." The volume is a
particular jobs ! where they are round-up of opinion by 150 lead¬
especially
needed, rather than ers in agriculture, business, fi¬
leaving the choice to chance." ~
nance, education, and other pro¬
In
his
testimony
Secretary
fessional life, reviewing the im¬
..Stimson also had the following to
pact of war forces on their fields
say regarding the Army's attitude
of endeavor and the pattern for
toward labor unrest:
the future. These leaders of busi¬
"I believe it is hazardous to be¬ ness and
professional life tell in
little the effect which such a situ¬ simple,
straightforward
terms
ation will have upon the ultimate what they think the prospects are
welfare of our democracy. ' V"%
1 for jobs and careers, and they
"If it continues, it will surely paint withal an encouraging out¬
"Fourthly,
fully toward
^endanger
It
the Army.
look.
and
"
include Charles T.
Kettering of General Motors, who
writes
on
research,
Clarence
ultimate success;
our
-
•
Contributors
'and, when those troops come back
to us again at the close of the war
and we are faced with the acute
Francis,
Foods
President
of General
Walter D. Fuller,
Publishing
Corp.,
President of the Curtis
problem of demobilization it may
an
effect upon the future Co.
Will
H.
Hayes, President,
unitv of our nation which is dis¬ Motion
Picture
Producers and
have
turbing to contemplate
"Our
,
.
•
'
,
been
basis of equality
I tell you that today
founded upon
and justice.
.
has
democracy
a
Distributors
of America,
Paul G.
Hoffman, President of the
Stude-
and head of the Com¬
for
Economic
Develop¬
baker Corp.
mittee
and women con¬
part that business
men
up,
of
scious
has
the
played in bringing about the
Axis Powers. This
business group is capable of
defeat of the
same
winning the domestic battle
names
likely to prolong the war
reported that the trust company's
deposits for the year averaged
,
an
is
securities.
,
even
affect the morale of
profits of $37,893 on sales of
Mr.
Morris
further
net
$30,400,000, the peak being $37,further time should be wasted in 942,000, and on Dec. 31, 1943, were
ington Irving Trust * Co.; Tarryas
compared
with
changing, wherever expedient, to $31,789,000,
town, N. Y.; Gwilym A. Price,
$30,800,000 on Dec. 31, 1942. He
peace time production. Many busi¬
until
recently President of the
explained
that
while
the
deposits
nessmen have felt that the can¬
Peoples - Pittsburgh
Trust
Co.,
at the end of the year were down
cellation of war contracts would
Pittsburgh; Herbert V. Prochnow,
from the high point, the average
be only a post-war problem, It is
Assistant
Vice - President,
The
already in their laps. If the war deposits for 1943 exceeded the
First National Bank of Chicago;
ended
suddenly on all fronts, average for the previous year by
Joseph C. Rovensky, Vice-Presi¬
.
.
- .
'
Washington authorities would im¬ $2,350,000.
dent, The Chase National Bank of
"In our portfolio," said Presi¬
mediately cancel seventy-five bil¬
New York; C. M. Short, Super¬
dent Morris, "our investments in
lions more orders!
visor of Research, The Canadian
Government securities at the end
Bank
ofv Commerce; Arthur
R.
Character of Government
of the year totaled $25,600,000, an
Planning
Upgron, Vice-President and Econ¬
increase over the previous year
omist, Federal Reserve Bank of
Most of Washington's
present of $3,500,000. These bonds have
Chicago. The book sells for $3.
post-war planning is in the nature a maturity to the first call date
of
social security benefits
and as follows: 38%% ;■ in 1 year;
they will reclarifying the« patriotic duty of turn. I hope they will come back Behind
the
individual worker.
In the eagerly, feeling that the hardship
Austin-Wadsworth proposal now and the sacrifice have been worth
The News
before this committee this moral while. I hope they may feel that
continued from first page)
duty has also behind it the force those who will never come back
lost
if the war fails to come
of appropriate legal sanctions and have not made their sacrifice in
to
obliging conclusion.
^
penalties.'
|vain.The
of Congressmen can
"Secondly, it will remedy the J
"To me it appears to be the
be identified in their home local¬
grave sense of injustice which the plain duty of the Congress to give
armed forces now feel have been our troops the all-out necessary ities with the projects, and local
contractors may lick their lips.
practiced against them. This is backing. It seems to me time for
all pledges to be redeemed in acts
"We
all know
that a public
"
old jobs back. If,
entitled to their
Kenton
however, Washington fumbles its
Cravens, Vice-President of the
Mercantile-Commerce
Bank • & post-war plans as it is now fumbl¬
ing the current domestic economy,
Trust Co., St. Louis;' Joseph E.
these boys may be out of luck. No
Hughes, President -oJ[ the Wash¬
obligation of its
ing results:
"First
and
of the National
officer
R.
equality i great love of country which, alone,
citizens," warn- | can make a man endure the hardjng that "it will be trggic indeed ships, the pain and the death,
if the discontent and resentment which service above self offers
felt by our gallant soldiers on the him.
*.
- • '
fighting fronts burns deeply and!
"The voices of these soldiers
festers in their hearts."
I speak out very clearly today in
Secretary Stimson believes that demanding that all Americans acthe law will produce the follow- cept the same liability which a
of
$200,960 In 1943
Ahead?
progress
sees
Shawmut Bank of Boston;
feeling of resent- our gallant soldiers on the
ment
and injustice among the ing fronts burn deeply and
men
of the armed forces."
He in their hearts. Unless we set
added that the "evident remedy; boldly to. stamp it out, the
'is for the nation to make clear flame will destroy some of
in no
Fulton Trust Co. Net
4lne!siplopenl
School!
The "Graduate
Banking,
and" trust
discontent and resentment
population "has
the
of
aroused a strong
Dr. Harold
.
Manager,
Association
Arthur J. Mojrris, President of
(Continued from first page)
or
profitably
under peacetime the Fulton Trust Co. of New
conditions if still subject to pres¬ York, reported on Jan. 19, at the
tinental Bank & Trust Co., New
annual meeting of stocknolders,
ent Government regulation, con¬
York, stresses the need of care¬ trol and ruinous taxes. Our men that the bank's net current oper¬
fully
planning
and
cultivating at war are fighting for economic ating earnings for year 1943 were
good trade relations with Latin freedom and full opportunities for $200,960, or $10.04 per share, com¬
America.
Other banker contrib¬ all
peoples.
Surely our own pared with 188,876, or $9.44 per
utors include:
'
1942.
Those earnings,
country should set the example. share in
F., A.
Carroll, Vice-President
Mr. Morris said, do not include
Draftees expect and are legally
forgive
plain duty
comforts
numbers
Bankers
being
stimulated in education; Frederick
E.- Hasler, Chairman of the Con¬
of
.
now
career;
a
Executive ;
and Director,
Industrial Unrest And Demand
Equal Liability For
Thursday, January 27, 1944
COMMERCIAL & FINANCIAL CHRONICLE
for a
peacetime economy if
: •
profitable
Washington will let'them.
from
37%%
from 5 to
yaers.
/
4 years.
1 to 5 years; 22%%
10 years;
1.5%
over
10
The average mautrity is
Our investments in Gov¬
our
bonds," he added, "rep¬
total resources."
that "during the year,
customers purchased through
us
United
ernment
resent 69% of our
added
He
securities to
States
a
Government
total of $23,592,000.
Of that amount there were invest¬
totaling $240,000 in War
political reasons there is a Savings series E bonds in addi¬
to
those
sold during the
lack of any definite statement at tion
Second
and
Third
War
Loan
works program will be necessary," Washington as to what is to be
Drives."
Rayburn said—which may be true done to help businessmen re-sup¬
At the stockholders, meeting of
ply the millions who. are being
as far as the hungry Congressmen
and mayors are concerned-^-but a discharged as war contracts are the Trust company the following
non-political ;T analyst may well cancelled.,,The White House ap-, were elected < directors * for the
dissent.
The Kernes theory on parently has lost all interest .in' term ending January, 1947: John
which
the ?- whole
politico-eco¬ the people of the United States. D, Peabody, Lewis Spencer Mor¬
nomic idea is based is that by Besides, too many in Washington' ris, Stanley A. Sweet," Bernon S.
spending for these projects, and fear that if they relaxed their Prentice, Franklin B. Lord and
financing them through., federal present v harmful . controls , over Stephen C. Clark. The following
elected
as " Inspectors 'of
borrowing, an inflationary effect business and employment, then, were
would be mo Washington Election for 1945: F.' Ashton~.de
is wrought.;,That is how. this 'pub-' there
lie works notion got started early job .left for ; them!
They would Peyster, Matthew G. Ely and Wal¬
have to go back home and earn
in the New Deal,
X
ter N. Stillman.
But
now
the problem is the an honest living! This they dread
ments
For
,
.
..
,
to do!
opposite—that is to prevent .in¬
flation and to face the stagger¬
ing
debt of $200,000,000,000
sensible eye toward paying
war
with
a
it off
The
/
"•
•/ "
'•
U. S. War Casualties
bureaucracies Total 139,858
.
governmental controls can do
The latest announced casualties
Political
and
(as Mr. Roosevelt has prom¬
ised).
,
Encouraging Factors
much
'
to
ployment
Government certainly will
parties,
help
by
or
discourage em¬
their
treatment of
of the United States armed forces
from the outbreak of the war total
Therefore
139,858, the Office of War In¬
and
formation reported on Jan. 15.
post - war
because
its primary straightforward consideration of.
According
to
the OWI. this
problem is to pay the interest on manufacturers' and other busi¬
the debt as big as it already is. nessmen's
problem /•is
overdue total, arrived at by combining the
Also, it will not seek artificialJn- from Washington. Certainly I do latest available War and Navy
flationary respiration in an eco¬ not
see
how
many
Democrats Department reports, includes:
nomic
system
already war-in¬ (other than the President; him¬
Dead, 32,078; wounded, 45,595;
flated with high prices and wages self) can expect re-election next missing, 32,478; prisoners of war,
—or
need any artificial respira¬ November with country flooded 29,707.
Of these, 1,619 have died
tion in view of the tremendous with unemployment.
in prison camps, mostly in Japane^e-occuoied territory.!
backlog of consumer demand for
:
Yet such unemployment is not
The OWI announcement further
every
implement of living. from
necessary.
Farmers will be pros¬
matches to automobiles. ; '
said:7.-v>:7.■!;■-■
perous during 1944 and will con¬
Inflation would only run wages"The
War
Department report
stitute a- ready market.
Civilian
prices higher and higher (Mr.
goods shortages should help small (as of Dec. 23, 1943) shows Army
Roosevelt is now fighting a major
totaling
105.229.
Of
businesses if the bureaucrats would casualties
battle with Congress to hold them
only use a little common sense! this number 1-3,831 weTe killed,
down), and thus cause future con¬
38,916
wounded,
There
were
not
attempt to borrow for
business
pork in
some
in
show
general.
of understanding
,
tinuous dislocations
from
is
which
suffering
our
so
such
economy
Programs for the re-estabiishment
of residential construction should £4,067 missing, 25,415 prisoners of
at once get
underway. 'The rail¬ war. Of .the wounded, 2-0,036 have
those
already
as
painfully (strikes,
equipment business should returned to active duty or been
The
encouraged. Money rates will released from the hospital.
beginning to believe that they are
There is no economic justifica¬
remain low and abundant credit casualties include 12,500 Philip¬
Of
more
particular interest to tion for a spending program; in
being discriminated against in a
will be available for those justi¬ pine Scouts; of these 469 were
matter which
is one of funda¬ banker readers are contributions
fact, conditions demand an oppo¬ fied in seeking it. As the end of killed, -747 wounded and the re¬
mental justice
site course—Federal direction to
mainder are assumed to be pris¬
nlnf as •
hv 14 of their colleagues. A. L.
the war draws nearer, opportuni¬
There is ■•danger t *t Wiggins, President of the Amerand man.
stimulate private business to the
oners of war.
-V :■
under the influence of that feeling
can
Bankers
Association,
who tremendous extent necessary to ties will arise! in foreign trade,
"The Navy Deoartment report
they will not give even fair recog¬ | rmblishes the "Hartsville, S. C., finance the
$5,000,000,000. annual travel and in the resort business.
(as of Jan. 14, 1944) shows cas¬
nition to the tremendous produc¬ • Messenger," writes about the outinterest on the debt and provide
Yes, 1944 can provide much useful ualties whose next of *' kin have
tion
effort
which has
actuaHv 'ook for country newspapers un- Government
running
expenses
been
notified,
totaling
34,629,
and
profitable work if Washing¬
been accomplished by the.
>r
the
title,
"Country News- without further. Treasury borrow¬
made
up
of 15,247 dead, 6.679
ton and the labor unions would
majority of American manage¬ owners Seldom Die"; W. L. Hem¬
ing.
;
wounded,
8,411
misshig,
4,292
ment and labor
.:
...
ingway, immediate past A. B. A.
Indeed, the sound way to do it only help in pulling the cart in¬
prisoners of war,
These were
Every month the war is pro- President,
sees
opportunity in would be—as Mr. Roosevelt him¬ stead of tying the wheels.
divided as follows:
>
longed will be measured in the , post-war trade in Latin America; self
has
suggested
to
raise
Coast
Marine
lives of thousands of young men, i C.
W. Bailey,' President of the
Guard
"-■Navy
Corps
enough money by taxes to go furwar
taxation,
they
may
find Dead
in
billions of dollars.
The( attri- First National Bank, Clarksville,,
316
2,996
: "11,935
78
ti on in man power and in our na3,476
3,125
Tenn., writes of the place ofjtber and
war themselves in political water as Wounded
the
men
in the armed forces are
ment, and Alfred P. Sloan,
man,
.
Chair¬
General Motors Corp.
road
OPA, black markets, etc.).
be
,
ketween
M.
.
,
tional wealth will be. felt for gen-
in the American
economy; Philip A. Benson* Past
country
banks
retire part of the
debt-
'
*
:
Wallace and
longed.
National service is the President of the A, B.A., describes, Rayburn intend to get these unone weapon we have neglected to
the promising outlook of savings told billions for pork out of posterations
if
this
conflict
is
pro-
Now
if
Messrs.
hot
as
the economic water.
(Distributed by King
Inc.
Reproduction
:
part
Missing
-—7,676
Prisoners of War_
2,343
Features Syndicate,
in whole or in
strictly prohibited.)
.
Totals
—
;
25,079
6*8
1,948
9,108
47
.
1
442
Volume
159
THE COMMERCIAL & FINANCIAL
Number 4250
The deed
Y. Slate
Factory Employment Shews
"
First Hajor Decline Sines June, 1042
Between November and December, factories in New York State
experienced their sharpest employment decline in eighteen months.
Industrial Commissioner Edward Corsi reported on Jan, 13 that em¬
ployment decreased 1.2% and payrolls declined 2.5% for the period.
r
»
It
is
in
first
the
time
December
and
four
years
first
time
in
the
that employment has decreased
six years that payrolls have
in
the
was
for lower
reason
itself
end
food,
very large, marks the
the period of stable em¬
for
State
the
past
months. From the advices
eight
the
various
both
the
industrial
and
war
Categories.
rubber
general
were
among
civilian
reported
the
caused
employment
only
"The
ment,
index of factory
based
the
on
100,
as
The
of
from
dropped
corresponding
weekly earnings from
November to $46.23 in
December. Employment was 2.3 %
was
in
December, 1942, and payrolls
were
13.6% greater. Preliminary
tabulations covering reports from
2,687 manufacturing
firms
throughout the State are the basis
the
for
above
tabulations
Division
formation
statements
were
of
These
compiled by the
Statistics
the
under
In¬
and
direction
Dr. E. B. Patton."
.
of
,
The Department's announcement
_
further stated:
*
"The food industry had an em¬
ployment decrease of -4.2%. this
month, the largest drop of any of
the major industrial groups. Pay¬
rolls declined 4% for the industry.
Curtailment of forces
was
evident
canneries, bakeries, sugar
among
refineries, candy factories and
beverage plants. Additional work¬
ers, however, were hired by the
producers
of
meat,
dairy and
grain-mill products.
month. The
were
women's
-
and
slight increases in the shbe
industry, Payrolls were consider¬
ably lower in the other six areas.
"In
Troy
the Albany
Schenectadydistrict, decreased employ¬
ment at
the
plants as well
war
textile, clothing and
dustries
1%,
accounted
Payrolls
for
a
evident
the
pro¬
In
Rochester, losses in the photo¬
graphic and optical goods indus¬
were largely responsible for
■other industries
more
than offset
duction
of women's suits, coats these
gains.
■
%'■
skirts, underwear and neck¬
"Employment losses among war
wear; also children's clothing and industries in Buffalo and
Syracuse
fur goods. Millinery was the only were
largely responsible for the
branch of the industry /to show an declines in these districts. In
the
,
increase. For the group as a whole
Utica area, both employment and
employment decreased 1.2%
payrolls were 0.5% smaller.
payrolls
paper
and
industries.
stoife, clay
In
the
glass
and
leather
indus¬
try, manufacturers of shoes, gloves
and
handbags curtailed
opera¬
Other industries which
tions.
were
lower in all of the
industrial groups."
"Notable employment and pay¬
roll declines were shown in the
re¬
,
President
and
have deeded the
site."
kinds
fewer
of
Steel
mills
re¬
ported less activity partially be¬
cause
had
of
strikes.
about
employees.
machinery
the
For
Aircraft
same
the
group as a
plants
number
metals
whole,
ployment dropped 1%. while
rolls
declined
2.8%.
of
and
use
Mrs.
Roosevelt
family homestead
Hyde Park
as
The
"national
a
President
historic
•* and
Mrs.
signed the deed on Dec.
Washington and Harold L.
Ickes, Secretary of the Interior,
accepted the-gift on Dec. 31. The
in
have been filed in Duchess
papers
County
N. Y.
In
Jan.
-
Court
Poughkeepsie,
Press
3, the following
advices
was
of
reported:
The
President
presented
the
Roosevelt library and 16 acres of
land to the Federal Government
on
July 24,
1939. The new title
transfer grants the President and
his
immediate family" use of the
during their lifetimes
provide^ that
pay¬
at
■
Associated
home
em¬
the
American
dends
pares
Roosevelt, father
President, bought in 1867.
of
the
of
The site deeded includes all that
Red
Cross
in
the
in
front of the. famed
residence. •; The Presi¬
Roosevelt
dent has reserved for himself and
his family 60.46 acres of the orig¬
inal Wheeler estate, the tract be¬
between
ing
the house
Hudson River. First
16.31
of
gift consisted
for
acres
the
and
the
Roosevelt
and
of
reserve
$1,500,000
out of earnings. This com¬
with net operating earnings
$6,646,613 shown for the
1942.
year
■;%-v ;;V/% y
The
President
has
reserved
right to retain use of the estate
as long as he lives and further has
stockholders.
common
of
1943
Surplus
Profits
State taxes
Roosevelts.'
town,
shall
be
and
county and
paid by :thd
:
Theater
of
Operations,
1943 had amounted
year
losses
amounted
784, which
the
sale
5
8V2
end
over
securities
Recoveries
from items heretofore
charged off
totalling $1,142,644, less the taxes
payable thereon, were also credit¬
with
the
follows:
as
hence, 3fi.79%.
and
purchased
FHA
above
par
the amounf
1943
$2,698,931
The.
3 years and
was
Bonds
in
amounts
the
of
hence, 61.21%;
amortized in
$2,812,278
the
year,
Government
was
years
months.
mortgages
the
of
maturity
average
were
of
account.
holdings
10 years
to
.
as
of
maturities
bonds to call date
from 1 to
5
during 1943 to $2,055,was credited directly
reserve
of
Undivided
w a s
from
close
schedule
bank's
At the end
and
$48,344,466
against
$44,898,302 at the
of 1942.
Excess of profits
to
Memorial Library.
European
reported that net operating earnings for the
$7,202,416 after current operat-<«>ing expenses, preferred stock divi
At the
to
James
of
compared
1942.
These
as
in
were; reduced
through
recapture of amortization on
items sold in 1943 by
$38,-
such
422
■"
and in
In
1942 by $202,879.
special message from
a
American
Red
Cross
the
Headquar¬
ters in
London, read at the meet¬
ing by Mr, Von Elm, Mr. Gibson
described in glowing terms some
disposed of miscellaneous assets at highlights of the work of the
an
Red
Cross
aggregate net loss against book American
in
Great
children as long as they live.
value of $172,083.
•
•
*
Britain, laying special emphasis
on
At the end of 1943, the bank's
the service clubs for men on.
Under his reservation as "a life
deposits amounted to $1,580,909,- furlough /which accommodate 125,tenant," Mr. Roosevelt will keep
000
and more
261, which included United States
weekly, the aviation
reserved
the
for Mrs.
right of
ed to
The bank
account;
reserve
occupancy
Roosevelt and their five
condition
a
the
as
near
condition
ground
of
possible to
as
residence
and
prevailing at: the expira¬
tion of the life
estate of Franklin
B. Roosevelt."
v/;-.;
■
^Uv;,
,,
Prisoners of War Mail
Postmaster
Albert
Goldman
of
New York City advises that in¬
formation has been received from
the. Post Office
the
Department that
International
Red
Cross
re¬
ports that in many cases senders
of letters to prisoners of war place
the
name
dressee
and
too
address of the
near
the
upper
ad¬
edge
of the
1942.
of
This represents an increase
$3,154,245 during the
year
after
sent
by
air
the
at
letters
for
of
30
cents
Mr. Von Elm
explained \ that
although banks throughout' the
country have placed hundreds of
millions of dollars into Regulation
V loans, advances to commercial
borrowers, taken as a whole, have
declined considerably.
This, he
said, has resulted mainly from
(a) the use as temporary working
(c) Governmental re¬
covering
instalment
sales, and (d) direct Government
advances
on
war
contracts.
He
mercial
borrowers, who are en¬
for each half ounce or fraction,
gaged in war production, have
except letters for prisoners of war been taken care of .principally
in Italy for which air mail service
through Regulation V loans and
is not available at this time.
"The
Post
field
the
V.T.
The
loans.
bank's
commit¬
Office
Department ments to make advances under
also advises that parcels originat¬ these two types of loans aggre¬
ing in this country for prisoners gate many millions of dollars, and
December Business
November
December,
in
Dun
&
145
letter
or
card
mail
addressed to prisoners of war held
in camps in this country, or to
letters
and
prisoners
parcels
of
war
addressed
confined
to
in
totaled
$2,055,000
compared
with
155
ceived
commissions
are
re¬
the unused portions.
Mr. Von Elm reported that the
on
holdings of United States
Government
during the
to
securities
year
$887,436,948.
indicated,
was
the marked
increased
from $635,564,409
This increase, he
made
possible by
expansion of deposits,
and the elimination of
excess
cash
through purchases of the
90-day discount bills of the Gov¬
reserves
enemy
ernment, which are readily
vertible into cash, and thus
be addressed via New York."
cash,
or enemy-occupied coun¬
tries, which- are still required to stitute
a
year ago.
When the amount of its
groups.
an
reserve.
excellent
con¬
con¬
secondary
manu¬
facturing and retail
groups show
smaller liabilities involved in De¬
cember than in November while
the remaining groups had more
liabilities/
-Manufacturing
month
failures
numbered
last
28,
involving
liabilities, compared with
November with $1,211,000
$839,000
31
in
liabilities.
Wholesale failures in¬
creased to
16 from
11 and liabili¬
ties from $180,000 to $217,000. In
the retail trade section, insolven¬
cies
and
lowered from
were
liabilities
$561,000.
from
78
to
63
$658,000
to
Construction
failures
numbered 20 with $247,000 liabil¬
ities in December, which compares
with 26 with
$206,000 liabilities in
November.
Commercial
service
failures amounted to 13 in Decem¬
ber as compared with 9 in Novem¬
ber and liabilities $191,000 in De¬
cember
against
$147,000
vember.
:
the
in
No¬
-
.
When
country
is
divided
into Federal Reserve Districts it is
that the Boston, New York,
bank's
domestic
as
liabilities is considered the
York.
to
according'to
divisions of trade into which the
is
divided
except ,• the
wholesale and commercial service
reserve
and
De¬
involving $2,402,000 in November
506 involving
$6,950,000 in
commitment
Jones, Prisoner of war, (In¬
of Camp, Post Office
State). This does not apply
in
insolven¬
involved
liabilities
the camps
where the addressees are held, and
should not. be addressed via New
Name
Business
Bradstreet, Inc.,
and
commitments are
only partially used at this time,
John
and
year
1942.
cies
although these
sert
this
cember,
and
Such parcels should be ad¬
dressed in the following manner:
;
December business failures are
lower in both number and amount
of
liabilities
involved
than
in
in this coun¬
try should hereafter be addressed
to
'
Failures Show Decline
seen
directly
Red
military hospitals.
of w&r held, in camps
sent
spots, and the
directors who
visit
the battlefields and in
on
report
dividends.
in
rate
Cross
soldiers
The decrease in the number of
failures in December from No¬
vember took place in all of the
Europe may stated that the loan requirements
mail when fully of many of the bank's larger com¬
war
the clummobiles
by Red Cross girls which
isolated
December
outstanding 415,382 preferred
having a par value of $20
a share,
the redemption price of
which after January 15, 1944, will
be $50 a share plus accumulated
strictions
fact. that
visit
has
ventories,
the
combat,
staffed
shares
11 further said:
to
homes for.flyers who return
from
and
advices from the Postmaster Jan.
"It is also desired to call atten¬
rest
the redemption of $750,000 of pre¬
ferred
stock.
The
bank
now
envelope, thus resulting in
their partial obliteration by the
capital of the accrued amount of
postmark and rendering it prac¬ Federal Income and Excess Profits
tically impossible to decipher the Taxes, not yet due and payable,
name of the prisoner of war con¬
(b) the purchase by the Govern¬
cerned. Mailers are urged to place ment of various raw materials and
the address as near the lower edge commodities for war
purposes, ahd
of the envelope as possible.
The the decline in consumer goods in¬
be
the United States Government
to
30
machinery also had
workers.
:
set up
prepaid
Roosevelt
all
'
v-:.:
.
prisoners of
and 33 acres of land at
chemicals, tobacco and petroleum.
■
quote:
tion
for
"Employment dropped in plants
manufacturing munitions, arma¬
ments, electrical and communica¬
tion equipment, scientific instru¬
ments and photographic supplies.
Smelters
of
nonferrous
metals,
shipbuilders and manufacturers of
advices
"Times"
Henry C. Von Elm, Vice-Chairman of the Board of Manufac¬
Trust Company of New
York, who presided at the Annual
Meeting of Stockholders on Jan. 12 in the absence of Harvey D.
Gibson, President, who is in London serving as Commissioner for
turers
Joseph W. Wheeler estate which
%
<
FDR Deeds Hyde Park
To u.s.
ported decreased employment and
payrolls this month were textiles,
Losses in War Plants
Poughkeepsie
the New York
to
The deeding was the second to
the government from the original
lower.
and
and
3
in
tries
in
From
Jan.
in¬
apparel industry, manu¬ decreased employment and pay¬
facturers of men's clothing and rolls. In the
Kingston-Newburghfurnishings reported fewer em¬ Poughkeepsie
district, ' employ¬
ployees and lower payrolls. Many ment decreases were general in all
small dress firms employed more
industries; payrolls were silghtly
people but the large modiste shops higher in war plants and clothing
had fewer workers. Seasonal de¬
factories, but losses in textiles and
were
Hudson River.
drop of
2.3%
were
as
paper
"In the
clines
and the
others, resulting in an ad¬
appareF in¬
dustry as a whole.,
;
"An
employment
decline
of
nearly 1% in the metals and ma¬ the premises in good condition
Government War Loan Deposits of
chinery group in the City was the "and repair, and there will be "no
$133,098,432.
This gross amount
first drop since June, 1942. Pay¬
expense to the United States in was
$258,488,455 more than a year
rolls were 2% lower. Employment connection with
ordinary mainte¬ ago... After deducting War Loan
dropped in plants making scien¬ nance."
:
Deposits account from the gross
tific instruments, communication
The President set forth that "ac¬ amount, normal deposits on De¬
equipment and in shipbuilding;
ceptance by the United States cember 31, 1943, showed an in¬
Aircraft plants in the city hired
shall
not' exempt the
premises crease of $281,390,000 over the
additional workers.
from taxation by the town, county corresponding day in 1942, and a
and State, except that the United total gain of $491,422,000 or 51%
Upstate Districts
States
shall
have the
right to in the last two years.
"Employment dropped in all of
At the end of the year, the
make, changes, modifications and
the upstate industrial areas ex¬
improvements during existence of bank's total resources aggregated
cept
the
Binghamton - Edicott- the life
estate, but such improve¬ $1,682,356,909.
Capital
fund s,
Johnson City district, where it
ments shall not be subj ect to taxa¬ which include preferred and com¬
increased 0.3%;
Slight gains in tion
during the life existence of mon stock, and surplus and urn
war
plants were responsible Tor
divided profits, amounted, to $89,the life tenar\t."^ • V
p
the increase. Payrolls were prac¬
•? The deed also
specified that the 650,526, as compared with a total
tically the same for the district,
of $86,496,282 as of the ehd of
with slight decreases in war plants premises "shall be maintained in
of 0.4% for the
,
pay¬
higher this December than it
and
,
and average
in
employees
exceptions
vance
roll index dropped from 304.3 in
November to 296.7 in December
$46.73
children's, clothing
fewer
in the
employ¬
average
161.4 in November to 159,5 in De¬
cember.
of
milliners, who are
starting work for the new season.
Payrolls in these two branches in¬
creased enough to offset declines
',
1935-1939
the
men's,
dress firms and
de¬
in, the food and apparel in¬
dustries.
and
drop
a
for
lower payrolls for the
during the month. Seasonal
clines
caused
employment
Manufacturers
women's
were
factors
in
goods
the
factors "affecting
industry
1.1%
group.
only industrial
groups to have increased employ¬
ment
declines except meat pack¬
Lumber, printing and
.
60
about
the house
grounds
of
in
groups
retains
between
ment
apparel
"Declines
President
acres
Operating Earnings Of Manufacturers Trust'
.' Reported At $7,202,416 In I §43
-
Of the total earned in 1943, $3,~
part of the estate bordering the
Albany
Post
Road,
spacious 299,833 was paid in dividends to
"Seasonal
quote:
the
Net
425
paper and stone, clay and
glass.
All branches of the food
products group showed employ¬
ing.
also
we
New York City
were
tories during the past month. The
industries
most
affected
were
ployment which has prevailed in
the
7v
general employment
decreases in New York City fac¬
not
of
-
"There
employment figures this month.
It is impossible to tell at this
time whether the drop in employ¬
ment for December, which is in
gives the government
frontage of the original
110 acres bought by the Presi¬
dent's father, James Roosevelt, on
the Albany Post Road in 1867, but
the entire
we
dropped in
in that month.
Many$
plants reported that illness among
workers
CHRONICLE
Cleveland, Chicago and St. Louis
ures
districts
and
the
had
fewer
fail¬
Philadelphia, Rich¬
mond and San Francisco Reserve
Districts had the
same number of
failures while the remaining dis¬
tricts all had more failures in De¬
cember than in November.
(When
the
amount
sidered it
of
exception' of
Minneapolis,
Francisco
the
a
liabilities
is
con¬
is found that with the
the
Philadelphia,
Dallas
Reserve
and
Districts,
San
all
Federal Reserve District had
smaller amount of liabilities in¬
volved
in December than in No¬
vember.
THE COMMERCIAL & FINANCIAL CHRONICLE
426
President Sends Congress
Post-War Highway
cheaper to build
where
than
Plan Covering
34,®0M1iIe Hetwork Of Roads
for its favorable con¬
President Roosevelt submitted to Congress
sideration
Jan.
on
12
of
report recommending a national systern
a
inter-regional highways covering approximately 34,000 miles.
De¬
velopment of the program, deemed "essential to the future economic
nation," will involve an estimated cost of
Welfare and defense of the
divided between urban
$750,000,000 annually, to be almost equally
sections of the
rural
and
^em-«consideratlon
developed by
The program was
the National Inter-Regional
High¬
Committee, which the Presi¬
appointed in April, 1941,
way
dent
of
the
recommendation
the
construction
that
of
standards
mum
Congress
mini¬
design
As
possibility of using man¬
and industrial capacity ex¬
pected. to be available at the end
and the
power
of the
war.
:
said the construc¬
tion would provide direct and in¬
direct
employment for 2,000,000
The
report
after the war.
men
The text of the
President's mes¬
Congress, which
to
sage
accom¬
panied the report, follows:
To
of
the
factp^hrle the
different",
states
have
varied in their interpreta¬
tions, the principle of excess con¬
demnation is coming into' wider
both here and in other
use
tries.
I
stance
co¬
asked
committee, known as the Na¬
tional
Inter-Regional
Highway
a
for
tional'■
limited system of-na¬
a
highways
facilities
the
investigate
to
Committee,.
need
improve the
to
available for inter¬
now
regional transportation, and to ad¬
vise the Federal Works Adminis¬
trator
such
char¬
desirable
the
to
as
of
acter
facilities
the
coun¬
always remember the in¬
of
to
farmer
the
sell
a
who
was
right-of-
narrow
which
and
improvement,
of the
studies
extended
of
the
totaling approximately 34,miles and inter-connecting the
missioner of Public Roads Thomas
quired
H.
MacDonald,
for
the need
authorized
was
of
system of express
a
States, the number of such high¬
ways
needed,
routes
which
the
approximate
they should follow
and the
approximate cost of con¬
and to report to the
President and to Congress, within
struction,-
after
months
six
the date
of the
act, the results of the survey, to¬
gether with such recommenda¬
tions for legislation as deemed ad¬
visable. The act was approved on
Commissioner
Commissioner
regions
The
lows
without exception in the re¬
fol¬
system
transcontinental network of mod¬
ern roads
essential to the future
welfare
defense of
and
the nation.
While
of
rate
annual
it
Congress
con¬
ex¬
accomplish the im¬
provement of the rural and urban
to
Sections of the system over a rea¬
Public
in
Law
-7
I
glad to endorse this sug¬
am
gestion, and ask that the Con¬
gress receive the report herewith
transmitted
as fulfilling the pur¬
of Congress in the directive
poses
laid
Commissioner 'of
the
upon
Public
Roads.
;■
L
;
Early action by the Congress in
authorizing joint designation by
the
Federal
The
of
owner
lots
farm.
equally
urban
divided
and "rural
system.
sections
.7 -7.,<
•
between
the
of
;■
The improvement of a limited
mileage of the most heavily trav¬
eled
highways obviously repre¬
sents
a
major segment of the
road
replacement and moderni¬
zation program which will con¬
ac¬
front
the
years,
in
munities
found
nation
alike.
that
outlined
the
in
in
and
rural
post-war
urban
The
steps taken, the
program can serve not only to
help meet the nation's highway
transportation needs, but also
network
its
as
means of utilizing productively
during
the
post-war
readjust¬
ment period a substantial
share
a
of
gram
highway
the
support
nomic
construction
diverse
many
dependent
transportation.
From
personal
Governor of
I
a
hope
and
encourage
activities
highway
dent,
and industrial
A pro¬
available.
will, in addition,
com¬
committee
national
These advance
power
eco¬
upon
It
hardly
as
state and
as
that
Congress
Presi¬
an
government
of the total travel.
Continued
vast
network
roads
and
which
serve
the
with
has
The White
of
not
a
ROOSEVELT.
House, Jan. 12, 1944.
studies
economy
with
Administration
Col.
repair
or
in
together
place
reconstruc¬
large mileage of Fed¬
state primary
embraced
within
highways
the
inter¬
regional network.
commend
especially
that
the
a
fixed
route
be
determined in detail the purchase
of
rights-of-way
ately rise, in
will
many
routes
-—
are
—
that
exorbi¬
or
all approximately
surveyed,
route in relation to
can
immedi¬
cases
tantly; whereas, if two
the
three
equal
cheapest
rights-of-way
be made the final choice.
Second,
to
if
it
is
experience
in
most
shoWg
cases
us
is necessary and wise,1
cited the growth of numerous Illi¬
nois
companies
began
that
as
"In
the
business
of
in¬
approaching that decision it
is reasonable that
should
one
re¬
small ventures and have grown to
view the
become
ments of the National Association
of Insurance Commissioner's. This
national
leaders.
"You must not expect me to
enthusiastic
for
;v
..7
Mr. Jones stated in part:
"The
a
said
insurance,"
Mr. JonesS
>
be
the 'ordeal of
over
-
Deal'
New
;
question of Federal super¬
vision has
debated
been
for
over
75 years.
In the early history of
insurance
development
in
this
country there were those of the
"In 1869 the issue
United
the
to
was
presented
States
Supreme
State
the
it has been ex¬
almost every
cover
hazard
and
risk.
So
in
1871
establishing
uniform practices in the matter of
The Insurance
Commissioners of each State, ter¬
ritory, and insular posession con¬
stitute
its
membership. For
over
70 years this
organization has con¬
tinued to meet and deliberate on
problems
common
sult
been
has
striking
to all. The
of
one
examples
the
re¬
most
of cooperative
action in the history of our
coun¬
try's development. Uniform state¬
ment forms
mon
have
than half
more
been in
a
ination
been
a
for
use
century. A
system for
securities and
com¬
the valuation
of
method of exam¬
based
011
cooperation has
practice for many years.
in
Reciprocity
amongst
has enabled
insurance
the
States
companies
doing business throughout the Na¬
tion
to
function
tributed
to
of
State supervision.
with
and fife coverage,
formed
was
purpose
well.
changing conditions and the
phenomenal growth of the coun¬
try.
From the original marine
history and accomplish¬
organization
for
supervision and control.
"The industry under the super¬
vision of the States has kept pace
far
later
As¬
as
sistant Rubber Director.
Immediately prior to the as¬
of his duties with the
I
as
informed,
am
that
one
no
insurance
protection
inadequate:
Administration,
he
better
than most,
times
efficiently
and
The industry itself has at all
demonstrated
the
finest
spirit of cooperation and has
much
to
the
con¬
<1
"The
\
:>
remote, impersonal
: supervision
of
and
mechanical
Federal
of
success
this voluntary effort.
Government
the
"Competition
has
been
keen
throughout the entire history of
the business.
.
.
.
There
are
insurance in the State of Illinois,
tions Plant Section, Office of Chief
of Engineers, U. S. Army, charged
—they
the
executive
direction
of
the nation-wide construction pro¬
and
range
fire
fratemals
Government,
and
eventually find itself inex¬
tricably enmeshed in the net of
Washington bureaus."
over
1,000 companies licensed to write
for three years chief of the Muni¬
with
would,
my
hand of the Federal
including Fed¬
eral banks.
was
Geislri Hanover Bank :;i
from the giant life
companies to the small
of racial and religious
groups and the county and town¬
Tree? Go.
Earnings
The Central Hanover Bank and
ship mutual fire insurance com¬ Trust Co., New York City, showed
net operating income of $7,646,panies of the fanners.
7'77
tion of explosives and armament
"The opportunity of free enter¬ 398 in
1943, including $774,655,
and facilities for the training of prise has not been stifled. In Illi¬ William S. Gray, Jr., President,
nois our domestic companies have told stockholders at the annual
troops, -v -V':':.-;
\
Mr. Creedon is a graduate of competed
This was
successfully with the meeting on Jan. 13.
Massachusetts Institute of Tech¬ older and larger companies in the equal to about $7.28 a share.
In
1942
the
net
was
nology and much of his earlier ex¬ East.
777. 7% .''X'-V?
$6,331,000, in-:
perience in the construction in¬
eluding
$283,647 in profits on
sales of securities, equal to about
"Insurance
under
State
sudustry was obtained from associa¬
tion with the Aberthaw Co., the persivion has been free to ex¬ $6.03 a share.
7
of the Engineer Corps of the
Department for the produc¬
gram
War
C.
Tuttle
with
and
the
Co. of
Boston
Government
pro¬
for emergency construction
gram
during the depression period.
experience
in
connection with
construction work
in
years
important
of the War Department and of the
tion
affecting the construc¬
have
war
and
been
execution
dented
re¬
intimate knowledge of
industry
which
the
hak
of
of
procedures
established
the
construction
for
unprece¬
program
required by Government agencies.
Fi's oresent
pand
its
with the
services
growth
has been sound
standpoint;
Creedon's
Mr.
in
of the
from
a
keeping
country;
financial
in
connection
The
New
had the
York
following to
"Times"
also
regarding
the 1943 report:
- V
Mr.
Gray reported
that the
bank's
holdings of Government
say
;
.
protected
against
monopolistic
influences
calculated to stifle competition;
and has inspired the confidence of
the people throughout the Nation;
"At the moment, however, the
months, or three years and five
months if figured to earliest call
relative
and
dates.
again under
debate and the' Supreme Court
will soon reconsider the question
53.7%
State
as
has
merits
supervision
to whether
commerce
or
been
of
Federal
are
not insurance is
of
The
within the meaning
the United State Constitution.
activity with Stone & Department of Justice is urging
Engineering Corp. will the Supreme Court to reverse the
with
a
large long line of decisions following
Coverrmert project which is now Paul
vs.
Virginia, and thereby
under way.
open the way for Federal super¬
Webster
be
much
over
>
and
Bradley Dewey
conditions
and
control
Engineering Corp.
obvious
lines
occur, the
67,000,000 policyholders
decide, through their elected
Representatives, whether a dual
surance
Stone & Wcbs'er
Administration
thoroughfares,
that
claims
belie
If such should
vision.
Nation's
must
vision has stifled the industry. He
claims
an
feeder
Mr. Jones
insurance,
to
super¬
in
opinion, finally result" in a
monopoly of the so-called 'silk
is unavailable or
stocking' branch of the industry/
"Nor
is
it
claimed
that
the
and the atrophy of smaller domes¬
States have stunted the growth of
tic
companies
in
the
States
insurance companies. The record
throughout the Nation would fol¬
Stone & Webster Engineering speaks for itself. In the aggregate
low. Uniformity would result, but
Corp. announces that Mr. Frank the assets of life insurance com¬
the enterprise of aggressive exec¬
R. Creedon has become associated panies have increased from $6,utives would be curbed and dis¬
with the corporation as construc¬ 847,000,000
to $39,000,000,000 in
couraged. Established wealth and
tion manager.vv'V/ v:7/; 7-v// the past 25 years.
power would hold its own under
Mr. Creedon, prior to joining
"It is further safe to say that
the
Federal
system,
but
the
the Stone & Webster organization, the insurance industry under State
smaller and less powerful would
was associated with
Mr. William supervision has as good a record,
languish and finally disappear.
M.' Jeffers as Assistant Deputy from a financial point of view, as
Insunance'would become static and
Rubber Director in charge of the any institution
in the country,
unimaginative under the leaden
plant construction program of the Federal or State, and certainly
Frank Creedon Joins
Rubber
as
State
and
have been made that State super¬
conceivable
in
I
undertook
the merits of
over
control
over
panded
i—n—
sulted in
program,
and
of
D.
suggest that the actual route of
new highways be left
fluid.; It is
over-all
tion
interest
to the
Federal
or
city
important
eral
the
If
profit,
accrue
state
—
development of the
of rural secondary
an
the
additional
highways.
In
provide land-access service, like¬
wise
make
unearned
an
FRANKLIN
the
will
vision
the
both?
or
for
20%
carries
that
profit?
enormous
why should it not
recent
but
Federal
and 90%
fair
seems
there is to be
regard to the acquisition of land
States
that he still
the debate
of
citizen
of
United
.
of
should
report comprises
only 1% of the total road mileage
the
unimaginative, and it would eventually find itself inextric¬
the net of Washington bureaus, Paul F. Jones,
Illinois Director of Insurance, told more than 300 leading lawyers
in Chicago on Jan. 11 at a panel discussion on "Federal Supervision
of Insurance," sponsored by the Chicago Bar Association.
Reviewing the 75-year history $>ably enmeshed in
Court and it was then held, in the
an
engineering survey case of Paul vs. Virginia, that in¬
greatly enrich one man surance was not commerce. Since
and give no profit to his neigh¬ that time
the Court has many
bor, who may have had a right- times reaffirmed the principles
of-way which was equally good announced in that early decision
After all, why should the hazard and
Congress has always regarded
of engineering give one private
insurance as a proper subject for
hazard
Morton
experience
the
other
whole place was worth in the first
instance.
sumption
man
was
static and
industry who sought Federal con¬
original acreage, and in ad¬ trol as an escape from the con¬
dition he had received, in cash flicting laws of the several States
three times the value of what the in which they did business.
able in order to facilitate the
state
capacity then
A year
the
Static, Says Jones
insurance would render the entire industry
over
of his
Rubber
of the
sold
The result
preliminary
work
which
must
precede actual road construction.
mately
he
had his house and barn
of
power and materials, and
other factors, the required
expenditure is estimated at $750,000,000
annually.
The over-all
expenditures would be approxi¬
thereby ac¬
frontages.
He
frontage for the
frontage for the full value of his
Rubber
upon
one
later
The
land
new:
on
two
or
quisition of land, the drawing of
detailed project plans, and other
man
the
of the
built.
was
Entire Industry
Federal control
re¬
amount
former value of his farm.
sonable
period of years will be
dependent upon the availability
road
two
government and the
highway
depart¬
ments
of a
national
system of
inter-regional highways is desir¬
several
the
penditure
of
146.
routes
the
he
committee, and de¬
be accepted as his
the
that
me
of report, complying with the direc¬
of
existing
Federal-aid
highways,
and
when
fully improved will
meet to optimum degree the needs
of inter-regional
and inter-city
highway transportation.
Its de¬
velopment also will establish a
general
economic
of
that
Roads
curs
tion
recommended
in
Public
,
informed
sires
;■
of
owner
an
to the whole value
equal
sold
the
jury
a
The
has
000
geographic
Roads
staff.
Administration
Roads
port
principal
Public
of
the chairman of the
as
appointed
and
the
detailed
investigations required
have been made by the Public
ways
the country.
in front of his house and
farm.
committee
consideration
ran
Public Law
146, Seventyeighth Congress, Section 5, Com¬
By
final report, which I transmit
herewith
and
commend to the
Congress. The report recommends
th# designation and improvement
to high standards of a national
system of rural and urban high¬
that
the dirt road
across
from
has served
favorable
highway
Actually
subject and has submitted to me
its
feasible to build the
as
new
barn.
neces¬
possibility of utilizing some of July 13, 1943.
the man power and industrial ca¬
The purposes of this directive
pacity expected to be available by tbie Congress were identical
at the end of the war.
with my own in requesting the
The committee, with the aid of
investigation
which
has
been
a
staff provided by the Public made by the National Inter-Re¬
Roads Administration, made care¬ gional
Highway Committee. The
and
have been
ceived
are
the
ful
gineering point of view it would
the public interest with
maximum
long-range
economy.
in
sary
highways throughout the United
On April 14, 1941, I appointed
V
designated
inter-regional
sys¬
tem.
This, it seems \ to me, is
wise planning procedure, assur¬
ing the orderly development of
and directed to make a survey
Congress of the United
the
States:
I
of
matter
a
courts
Federal Control Over Insurance Would Render
existing
an
way through his farm for a main
lim¬ operatively with the states for
all
projects- embraced within a connecting highway. From an en¬
system of national highways
ited
j
exists; rather
out
investigate the need for a
to
.
highway,
new
a
now
widen
highway at a cost to the govern¬
ment
of
acquiring
or
altering
present developed froptages.
and
established
be
none
to
Thursday, January 27, 1944
securities
turity
of
Of
are
have
four
the
an
average
ma¬
and
five
years
bank's
against 75.7% one year
that 46.3%
holdings,
due within five years,
are
ago,
and
due in five to ten
against 24.3% one year ago.
that, although total de¬
at the end of 1943 were
about $60,000,000 less than at the
end of 1942, the average for 1943
was $1,415,000,000, an increase of
$170,000,000 over
the previous
years,
He said
posits
year.
Volume
THE COMMERCIAL & FINANCIAL
Number 4250
159
statement
Net
Operating Earnings Of Bankers Trust
>
Shows Rise En 1943 Compared With 1842
report to the stockholders on Jan. 13, S. Sloan Colt,
of New York, reported net
In his annual
operating earnings in 1943 of $9,486,838, compared with $8,467,463
In his report at the annual meeting Mr. Colt also said:
"In my report as of June 30, 1943, the stockholders were informed
that on June 14th $25,000,000 had been transferred from Undivided
Profits to Surplus Account, that«>
$7,000,000 had been transferred securities' of $48,941,929 listed in
from General Reserve to Undivid¬ the statement consist exclusively
Profits, and that $2,000,000 had
value
tions.
of
the
Company's banking
The Statement of Con¬
<5f December 31, 1943,
premises.
ditions
as
reflects
these
entries
,
excludes
of
$7,000,000
the
Undivided
to
General
shows
Profits,
Reserve
Account
net decrease for the year
a
from
$17,725,589.98 to $14,266,289.18.
In conformity with our
usual practice, the balance in the
General Reserve Account has been
used
the Statement of Condi¬
on
tion to reduce the value of assets.
"The statement of the operating
At
11
of
the
annual
the
of
National
the
meeting
will
:
permit
of
Bank
directors
York
all
re-elected.
In
New
were
Jan,
his report of operating result^, C.
R. Dewey, President, stated that
net
operating income for 1943 was
$305,457 or $20.36 per share, as
compared with $218,720 or $14.58
per share in 1942.
After taking
registered
a
invest¬
to
ment
company or any-company
controlled by it to purchase the
ing
Grace
"an
Magazine" which
initial
contribution
of $700,000" to the CIO Political
12 (d) (3) of the In¬
Action Committee by CIO unions.
Company Act. This rule
Washington advices of Jan. 13
ment
a
adviser
"Rule
of
the
N-10F-2
'■■'•A
relates
an
exercises of warrants
or
'
to
rights
York "Times," from
quote, further reported:
amounted
to
$22,167,030.23,
as
$19,406,377.38 in
.1942, and that operating expenses
were
$12,680,192.02 which is $1,741,277.31 greater than the 1942
figure of $10,938,914.71. The rise
compared
in
with
ical parties or their
political com¬
tors
or
a
mittees."
tive
in,
or
Senator
or
Representa¬
delegate
a
resident
or
10
into account profits on sales of
securities, charge-offs and recov¬ in such securities, if
any principal
"Mr. Murray is President of the
eries, the total results for the year underwriter of the issue is an
CIO.
The article is a defiant con¬
were $328,219 or $21.88 per share,
officer or a director or is other¬
fession of the violation of
the
as
compared
with $241,841
or wise affiliated with the investment
statute.
;.v;'
/
$16.12 per share last year. Regular
company.
An exception is pro¬
is largely accounted
increase of $1,550,000 in
expenses
for by an
the amount reserved for taxes.
"The land at the corner of Nas¬
and
sau
our
was
21
Wall
Streets, on which
original building was erected,
leased in 1910 for a period of
with three renewal
years
tions
vember
21 years each.,
8, 1943, this land
chased
for
of
and
the
■which
op¬
On No¬
was pur¬
$2,522,818. " The land
buildings
thereon
in
three New York offices;
our
■
dividends of 6%
per annum were
paid
amounting to $90,000.
Dewey also stated in part:
Mr.
,
the
"At
end
the
of
year
the
Directors ordered $500,000 trans¬
ferred from Undivided Profits ac¬
count
to
Surplus,
thus
bringing
that account up to $2,000,000.
"Federal and State income taxes
almost
were
amount
quadrupled,
the
being
$109,723
as
with $28,580 in 1942,
due
compared
but the amount chargeable to the
year's profits
refunds
of
"
"As to
we
taxes
our
have
was
reduced by net
to
policy of
are housed are now all owned by
investing largely in early-matur¬
us
and are carried on the State¬
ity of Government bonds. Like¬
ment of Condition at $15,867,317,
wise, our investments in State
which is approximately 69% of and
municipal bonds all mature
their present assessed value.
"The
384,000
the
of
company
were
follows:,:,
as
U.S.
Gov. Sec.
$238,834,876.69
25,885,101.27
—
Other Sec. & Invest.
9,423,367.51
Decreases
Banks
$153,056,711.00
16,860,271.75
estab¬
our
practice, all United States
obligations in the In¬
Government
vestment
Account
are
carried
at
amortized cost, all other bonds at
amortized
cost
market
or
value,
whichever is lower, and stocks at
we
consider
conservative
what
market values.
,
...
.
.
"The gross
deposits on December
31, 1943, totaled $1,594,694,072.48
in
comparison with $1,504,657,-
bonds,
assets
our
at
the
end
of
the
or
before December, 1948, and the
average
maturity computed to the
experienced
an
important increase
in the volume of business received
Latin
It
is
anticipated that
port credits with Latin
1942.
$297*799,420.20/ and
It
was
the
in
stated in the New York
reply to
tion
$230,198,-
respective dates."
"Herald Tribune"
a
of
Jan.
14 that
stockholder's
ques¬
regarding the "ultra-conserv¬
ative"
dividend
expressed
post-war business is necessary and
that stockholders will be better off
high
that
plan.
The relatively
market value of Bankers
Trust stock reflects this
added.
The
same
policy, he
paper
stated:
"Liquidity percentage, based on
holdings of Treasury securities
and cash, is about
80%, another
all
stockholder
ther
the
was
informed.
Fur¬
questioning brought out that
average
yield
grant further exemptions by rule
or
order.
The
new
rule will
empt from Section 10 (f) the pur¬
chase of securities pursuant to the
exercises
of warrants
or
rights
provided
granted
they
the
on
were
offered
or
same
basis to
all
stockholders and they do not ex¬
ceed
5%
of the
warrants
total
amount
?rights? issued.'1'
or
*
Allan
President
Reserve
Bank
of
of
member
of
the
of
the
$950,-
441,228 Treasury obligations in the
portfolio is 1.14%, and
that'^ther '
1939.
a
SEC
Adopts Rules Under
The
Securities
and
Commission announced
New
it
time
was
Jan.
6
1940.
The
"The General Committee of the
explanation
of the revision follows:
adopted, Rule
N-4, authorizes the incorporation
by reference in registration state¬
ments and reports filed by regis¬
tered
investment
documents
men ts
and
ganized
in
August,
and
with
and
1939,
among
themselves
the
Federal
Reserve
Treasury
contained
in
any
defensive, but
we
are
on
the
since
its organization because of
stability and strength of the
Mr.
of
Roosevelt's
"Many
States
of
of
of
the
war
of
in
the
are
the
the
United
observing this first day
new
year
as
a
day of
reflection
and
are
the
deeper
issues
which affect us as part of the
family of nations at a crucial mo¬
ment in history. It is fitting on
this
day
that
we
direct
our
and
considering
prayer
thoughts
United
being
to
the
concept
which
Nations
another
on
New
and
Year's
the
of
into
came
infinitely
Day
two
again when this country
and
entered
the
was
war
and
at¬
in
December, 1941."
The present membership of the
committee is
as
follows:
Representing
Commercial
of Banks—William C. Potter, Chair¬
state- man
of
Executive
Committee,
other Guaranty
Trust
Co.,
Chairman;
Dec.
that
in
engage
provided
as
by
3,
upon
1941, but was not acted
by the Senate.
Such a pro¬
vision
also
was
contained
in
the
Connally-Smith bill as it passed
the House, but was deleted
by the
Senate.
The
•
..
bill stipulates that any
involved in a strike
forthwith cease to be en¬
new
union
"shall
titled" to the status of
a
labor
or¬
ganization under the National La¬
bor Relations Act and that all of¬
ficers
or
representatives of such
a
union shall
cease to be entitled to
represent or bargain for workers,
under provisions of the National
Labor Relations Act or "any order
of the War Labor Board or
any
agreement with the employer."
"It was but three weeks after
Pearl Harbor that the declaration
United Nations was promuK
gated at Washington. Twenty-six
eight
subscribed
quently,
to
have
more
against
immediately,
adhered
pledging themselves
together in the struggle
common
enemies.
"Two years ago the United Na¬
tions
were
the
on
defensive
every part of the world,
are
are
the
on
offensive.
Today
The
closing in remorselesly
enemies.
Our
gathering
assaults
for
Leon
attention
greater
bring about
will
"The United Nations
tional Bank,
Vice-Chairman; Winthrop W. Aldrich, Chairman Chase
National
Bank;
S.
Sloan
Colt,
President
Bankers
Trust
Co.;
Gordon S. Rentschler, Chairman
York.
'
/
kind of
low the
Representing Investment Bank¬
Representing Stock Exchange—
Schram, President New York
Emil
to
are
giving
different
the
struggle which must fol¬
military phase, the strug¬
gle against disease, malnutrition,
unemployment and many other
tress.
make
"To
all
of
us
secure
aggression and to
open the way for enhanced wellbeing of nations and individuals
everywhere, we must maintain in
the peace to come the mutually
beneficial
cooperation we have
future
achieved in
"On
the
war.
threshold
of
the
New
look toward the tre¬
mendous
tasks
ahead,
let
us
pledge ourselves that this coop¬
Year,
Banks Trust Co.
also
forms of economic and social dis¬
against
....
are
and
new
which
walls
on our
forces
armed
in
we
the down-fall of the Axis aggres¬
sors.
Fraser, President First Na¬
subse¬
all
stand
years ago.
country
Europe
unions
strikes,
the original Smith anti-strike
bill,
which was passed by the House
nations
in
us
ers—Harold
Stanley of Morgan
Stanley & Co. (alternate of Henry
during the war years, but the S. Morgan, who is serving with
committee did serve effectively to the armed forces).
mobilize opinion and action in the
Representing Savings Banks—market at the time of the out¬ August Ihlefeld, President Savings
markets
outlaw
by
text
authorities. National City Bank; J. C. Traphagen, President Bank of New
companies,
financial
"today
New York Money Market was or¬
tacked
"One of the rules
the
on
that
bleaker
ther says:
to
wartime
People To Pledge
Cooperation After War
statement follows;
Ihlefeld,
tee
break
Commission's
were
The
an¬
"as
the concept of the United Nations
infinitely bleaker New Year's Day
ago" when these coun-«>-
offensive".
financial
the adoption of three rules under
the Investment Company Act of
tries
three-year term.
August
in¬
and
to bet pretty
hard to get away from."
Meanwhile he introduced a bill
into being "on another and
a
same
'
plain
going
[:[i The President recalled that
came
two years
Reserve
that
Biddle
Clark, Assistant
was
it's
a
that
nations, both for winning the war and for establishing and main¬
taining peace in the years to come.
Federal
the
G.
law
written,
told
however,
President Roosevelt, in a New Year's
statement, urged on Jan. 1
the American people pledge continued
cooperation with other
York for
the
Exchange
on
that
added
At
General
the
Smith
conference,
International
Bankers Trust Co., and on Jan. 6
office as a director of the
nounced
a
conspiracy to control the national
elections of 1944."
the
as
took
of
Fed¬
a
jury forthwith, with
New
General Commit¬
Bank
you
view to the indictment and
prose¬
cution of those engaged in this
President Galls On
It has been necessary for the com¬
mittee to meet only infrequently
Investment Co. Act
present the whole matter to
eral grand
Representative
press
local
respectfully request that
the
Mr. Colt is President of the
Bank
Latin America."
v,-/;A
Attorney General and Chief of the
Justice Department's Criminal Di¬
consultation
widespread in¬
terest in post-war opportunities in
a
"I
of
actually engaged in
the unlawful "enter¬
Attorney
firms
indicate
on
structed Tom
Inquiries coming to us from a
large number of North American
America.
carrying
prise.
•
Money Market
Sproul,
parties
as
of other officers
named in the article
are
of
'
S. Sloan Colt Named
To N. Y.
number
the union
ex¬
to pro¬
vide a ready means of bringing
together representatives
of the
principal factors in the market for
policy, Mr. Colt
the
opinion
that
strengthening of the capital and
reserve position for an increased
under
to
succeeding Mr. Miller, who
when
Governmental
restrictions resigned his office with the Sav¬
and regulations are relaxed and ings Banks Trust Co. last year.
merchandise again becomes avail¬ Mr. Sproul's announcement fur¬
shipments.
to
on
authorized
American
quantities, we can look forward
to a sharp gain in export and im¬
667.70
is
President of the
Savings Bank
banks, not
only in dollar deposits, but in the Trust Co., who has been serving
the
General
Committee
as
volume of letters of credit," it was on
alternate
of
Charles A.
Miller,
announced
by Mr. Dewey.
He
added: "This increase in business former Chairman of the Savings
Banks Trust Co., has been ap¬
was obtained in spite of our Gov¬
ernment's restrictions on export pointed a member of the commit¬
from
These
end of
the
Commission
"A
to
as
tee of the New York Money Mar¬
$17,137,000 mature, or are
callable during 1944, all but $2,- ket, which was organized at the
outbreak of the European War in
000,000 mature or are callable on
figures include United States Gov¬
ernment deposits which amounted
at
the
Federal
able for export from this country
in something approaching normal
609.12
issues
As to our $37,value of Government York, announced on Jan, >13
which constituted 47.70% appointment of S. Sloan Colt
"In the last year the bank has
,
"In accordance with
lished
of
case
par
earliest call date is two years and
four months."
Cash and due from
State & Munic. Sec.
the
year,
Increases
Loans & Bills Disc.
our
within five years.
important changes
during the year in the assets of
more
in
which the investment company is
itself a principal underwriter and
$88,955.
investment portfolio,
continued
vided
pro¬
dential and Vice Presidential Elec¬
-
earnings and expenses shows that
operating earnings for 1943
not
unions from
re¬
commissioner to Congress
ar$ to
(f) of the be voted for' and provides that an
Investment
Company Act pro¬ officer of any labor organization
hibits
a
registered
investment who consents to
any contribution
company from purchasing secur¬ by the organization shall be fined
ities* during the existence of aii not more than
$1,000 or imprison¬
underwriting or selling syndicate ed not more than one year or both.
Section
labor
the
ceived by a registered investment
company.
Connally-Smith act did
hibit
spending
Connally- money on behalf of the campaigns
Smith Act," Mr. Smith, its co-au¬ of individual
candidates "provided
thor, wrote,' "makes it unlawful the money is spent directly
by
for
'any labor organization
to such labor organizations and not
make a contribution in connection
by agreement or pre-arrangement
with any election, at which Presi¬ with the
candidates or their polit¬
purchasing
;7'*
'
New
we
A CIO spokesman said the or¬
ganization's political activity had
been planned,
according to a re¬
cent statement by its
counsel, Lee
Pressman, on the premise that the
"Section Nine of the
;
company,
provided
bank is not the invest¬
company.
the
which
bank which is act¬
investment adviser of
as an
that the
on
of
stockholders
revealed
Section
/
'
"The American
an
investment company, for purposes
the end of 1942.
transfer
letter to Mr. Biddle that
a
,
tion of 'investment adviser' of
$305,457 For 1943
the
in
admitted
bank from the defini¬
a
securities of
of
investigation into charges that the Congress of Industrial
Organizations has violated the criminal provisions of the
ConnallySmith anti-strike law, with
respect to political contributions, was
ordered on Jan. 13 by Attorney General Francis
Biddle. Representa¬
tive Smith (Dem., Va.), co-author of the
law, is said to have asserted
Philip Murray, President of the CIO, had
a "flagrant violation"
otfCommission.,.
•
the law's criminal provisions in an '
vision, to begin the investigation
"Rule N-2A-3, the second
rule, article in the February issue of at once.
the
investment
result
An
previously promulgated by
Operating Income Of
a
Inquiry Into Alleged
GI0 Violation Of Anti-Strike Law
•
is
of
general
application
and, in line with similar general
Capital of $25,000,000, Surplus Ac¬
count of $75,000,000 and Undivided
Profits of $25,366,747.03. The total
Capital Funds of $125,366,747.03
compares with $115,171,788.74 at
"As
Biddle Orders
new
duplication in
reports and statements filed with
and
Grace National Bank
427
rule
vestment
shows
and
i
The
ities Exchange Act of 1934, is in¬
railroad-equipment
similar
obliga¬
Directors were re-elected."
certificates
administers.
tended to eliminate
of short-term
been used to write down the book
mission
the Commission under the Secur¬
ities Act of 1933 and the Secur¬
in 1942.
ed
report filed pursuant
to any of the Acts which the Com¬
rules
President of the Bankers' Trust Company
or
CHRONICLE
as we
shall
continue
both
for
Stock Exchange.
eration
Representing Insurance
Com¬
panies— Frederick
H.
Ecker,
Chairman Metropolitan Life In¬
winning the final victory on the
battlefield and for establishing an
surance
Co.;
President
ance
Co.
George L. Harrison,
New
York
Life
Insur
international
organization of all
peace-loving nations to maintain
peace and security in generations
to come."
ill JflWUT«ll#V»
30
that
MWJitHWt "
male
born after
Record For Use Established
high record was established for the use of silver m the
efts and industries in the United States In 1943, according to the
annual review of the silver market by Handy & Harman, in which
it is estimated that 125,000,000 ounces of silver were used, an increase
A hew
United
I 'J 4^»«***>wa*^vtt*tiiti wr
mnc-
,citi-t
were;
31, 1898, and' on
or before Dec, 31, 1925, and who
had
not
previously registered,
were
required to do so at the
nearest
Thursday, January 27, 1944
Dec.
United
States
consular
Office..
The period for such registration
•of 10,000,000 ounces or about 9% over the previous high of 115,000,000 was set as extending from Nov. 16
'ounces used in 1942.
The review, made available Jan. 17, indicates through■ Dec, 31.
v
that the consumption of silver for<£
The
Embassy
announcement
acquisitions
of
newly said with over half the
all purposes in the United States and
period
in 1943 was more than four times mined domestic silver amounted gone a
relatively small number of
the average amount for the five to only 5,400,000 ounces.
On the those estimated as affected
by this
•years prior to 1941, which was the other hand, substantial quantities order have been reported as regis¬
bullion were
released from
first year in. which there was an of
tering.
;
!
•appreciable use of silver for the Treasury stocks for various pur¬
"Although many American citi¬
war effort.
Of all the silver used poses and nearly 4,000,000 ounces zens
living in Canada are assumed
in the United States in 1943, some of "silver ordinary" were sold to to have
complied with registra Official figures disclose tion in some other
•65% went into war production or industry.
manner, it is
the purposes classified as essen¬ that for the last eleven months of nevertheless felt
that large num¬
tial by the War Production Board. 1942 17,218,000 ounces were sold bers have failed to
register through
.
,
i *M
\ I
States
living in* Canada^ who
zens
-
?|«
THE COMMERCIAL & FINANCIAL CHRONICLE
428
■
.
Defending the program of the United Nations .Relief and Re¬
habilitation administration, Dr. Eugene Staley, UNRRA staff member,
declared on January 5 that prompt relief for regions liberated from
is" not only
domination
important military measure that
also help prevent an
economic depression in this country after the war.
; :,!
;
Speaking before an open meet¬
ing of the New York University rapidly as possible in order to
Axis
an
ultimate victory but that it will
hasten
will
.
Institute
on
Post-war Reconstruc¬
in
relief
economic
has V already
North
the
aided
the
Allied
marks Dr.
The
objective of the
Dr. Staley said,
primary
UNRRA program,
is
industries
local
revive
to
as
-
;
,
rine
ies of the lend-lease silver.
certificates.
show that
leasing of Treasury
restricted to use within
United States for a period
was
-limited
•war,
•was
ver
after
months
six
to
It ' thus
the
became
95,818,000
Net Of $1,
•
1943
and
increased
interest
ounces were
on
loans, which also were in excess
to release silver from so consumed, or 17,000,000 ounces
of the previous year.
V
Treasury stock for consumption in more than the full year record
Gross earnings were $3,737,478,
industry.- It is likewise observed: established in 1943.
an increase of $-386,211 over 1942.
"The making available of Treas¬
"There was a considerable in¬
Operating
expenses
were
$1,4
ury silver came at a most oppor¬ crease during the past year in the
an
increase of $76,164
tune time, since there had been a production of silver-lead solders 987,331,
over
the previous year.
Taxes
shortage of newly mined metal for to conserve tin in the lead-tin
were
$310,504.99.
Net earnings
several months and the situation soft solders ordinarily employed
were equal to $2.88 per share, $10
threatened to become progressive¬ in the canning industry.
Larger
ly more acute. The passage of the quantities of silver were also used par value, against $2.08 earned
in 1942.
Dividends for the year
act was particularly fortunate be¬ for brazing alloys, which continue
amounted to $600,000, or 41.7% of
cause, of the shortage of both fbrto have most diversified use in war
eign and domestic silver, the for¬ production. They are being util¬ earnings, leaving a balance of
eign!, silver shortage being due to ized to make joints between metal $839,642, which was added to un¬
profits.
This,
plus
a
Mexico's withholding their sup¬ parts • of such war « materiel as divided
transfer of $345,000 from reserves
plies * for coinage purposes, while ships, planes, tanks, guns, bombs,
the domestic shortage was due to shells, rockets and torpedoes, as accounts for the net increase of
in
surplus
and
un¬
;an actual decline in the produc¬ well as for many items of general $1,184,642
V" ;:V.:4v
tion of silver, due to scarcity of equipment and various types of divided profits for 1943.
•
mine supplies and labor.
On July
,29th the War Production Board,
instruments.
.acting
manufacturer
the terms of the
Green Act, published the neces¬
sary regulations to release Treas¬
ury silver for consumption in in¬
dustry. Three, lists were created,
.as follows: List A (foreign silver)
"for medicine, photography, elec¬
trical contacts and certain prior¬
ity-rated orders; List B (domestic
.silver) fpr various uses considered
under
non-essential
to the war effort;
(Treasury silver) for en¬
gine bearings, brazing alloys, sol¬
ders and official military insignia.
1
C
"There is*
gainsaying the fact
•that the imposition of regulations
as to the use and price of silver
was indispensable to orderly mar¬
keting and manufacturing under
.
conditions. Because
-War
ury
no
.
silver
was
no
allotted
Treas¬
for
non¬
essential use, it might erronously
be assumed that the Green Act
•had... proved of
silverware
no
and
•
benefit to: the
for
ver
an ounce
of domestic sil¬
non-essential
use.
The
•vital
was-
of
and
silverware
limited
throughout
using domestic silver only,
February
25th -the
since
amount
poses
of
silver
has been
for
these
under
pur¬
quota re¬
losses
on
Board.
-V
"The
\
price at; which manufac¬
turers could obtain silver has in¬
creased
during the past year and
half from the pre-war levei of
the sale of
charge-offs.
or
loans.
investments
recoveries
or
"Net
with
$212,one year previous.
Cash
and due from banks totaled $66,532,424,
compared
with
$58,305,703. ^
Investments
totaled
compared.
$112,892,475
at
Dec.
against $91,890,687 one
the year
for
income
was
$1,439,642, the largest in its his¬
Our total volume of busi¬
previ¬
tory.
for 1943 exceeded the
ness
by about 22%. The re¬
ceipts derived from the sale of
your company's goods and serv¬
ices to its customers provided the
ous
year
payment of labor, purchase of ma¬
terials for
the - conduct of' our
the
business,
payment
of
taxes,
the
payment for the use of the
tools (assets) owned by the stock¬
holders.
'
"The customers
were
therefore
employers of both the labor
and
the tools.
"The results of the year's opera¬
tions
are
set forth in the
following
short form:
"Received
from customers,
$3,-
"These
receipts
were
disposed
purchased
from
others
for
$657,716
and salaries——^—-'—
1,148.464,
491,656
taxes to Governments™-
Payment for use of tools
<as-
1,439,642
$3,737,478
31,
year
35c per ounce to 45c per ounce and
for many purposes, to 71.11c per
ounce.
This higher price has re¬
tarded the use of silver to some
serious deterrent to the use of
silver in the arts and industries."
a
ment
par
and
89.55%
of
the
Investments had
'Living In Canada Must
carried
at
total
mature
market value
$920,970 in excess of book
value.
In adidtion the trust com¬
stated at the United States
his
re¬
stable
civilian
con¬
Troops must
be protected from epidemics of
disease, which can originate in a!
malnourished population lacking,
adequate
clothing,
soap,,
med¬
icines, or means of repairing and
restarting their own equipment
for producing these things. The.
more quickly local
production can
rear.
be revived in liberated
areas,
less will be the strain
supply lines and
will
quate
be
equipment that
able
the
the
can
the
military
on
more
and
be made avail¬
to
our. men at the fighting
This will save the lives of.
front.
soldiers and shorten the
our
ade¬
materials
war.
"Also, the fact that prompt aid
is known to be forthcoming to
liberated peoples will encourage
and inspire those stilf unliberated
to increase their resistance, and
further weaken the enemy, has-i
tening his ultimate military col-,
lapse. If a well planned and Well
organized and previously an¬
nounced
of
program
relief
and
rehabilitation
helped to shorten,
the war by only one week, the
straight dollars and cents savings
would be
the
a
of
tremendous return
investment,
the much
the
more
lives
of
on
to
speak of
important matter
not
soldiers
our
and
civilians that would be spared."
Discussing the post-war aspects
foreign relief work, Dr. Staley
pointed out how the promp eco¬
of
nomic recovery of liberated coun-.
tries would help provide a mar¬
ket
for
American
products;
He;
further said:
"One
thing people
are always
is that if you help,
others to produce more it alsomakes it possible for them to con¬
sume more. A man who is healthy*
and
a
equipped with good tools and
of
member
well-functioning
a
economy is both a better competi¬
tor and a better customer than A
who is
handicapped by mal-;
nutrition and disease and who has
with
work
tools. Amer-.
not worry
by
foreign competition after the war,
if world income is high, so that
world markets are large and pros¬
poor
producers
need
American industry is
amply able to take care of itself
in "a world where there is a lively
demand for all kinds of products.
The
thing America and. every
perous.
other
trading nation has to guard;■
is
against
getting back
world
situation
where
even
business had
the
of
the
a
customers
most
the"
into
thirties.
the
efficient
hard time because
were
buy from anyone."
not
able
V.":%
to
: v"; *
to the post-war
period as it may
banking business and
Marine Midland Trust Co.,
affect
FDR Sees
the
and are devoting particular atten¬
tion to customers" who may be
Victory In 1944
President Roosevelt declared in
a
telegram to the French Consul¬
tative Committee in
North Africa
of vic¬
free,
tory," the Algiers radio said on
tion on investments amounting to working capital with which to
Jan. 18, according to an Associated
He
$687,838, so that the-appreciation enter peace-time business.
Press London dispatch.
plus the reserve totaled $1,608,808. also stated:
"When peace comes the ensuing
The average rate earned on in¬
Mr. Roosevelt's telegram, in re¬
vestments
for
1943 was
1.21%, problems will be far greater- than
ply to one sent him by the as-compared with 1.17% for the pre¬ those born of the war. Your man¬
sembly said: "I share your hope
vious year.
Profits on the sale of agement is conscious of the fact
investments were $381,153.
Re¬ that its responsibilities to do a; and your confidence; 1944 will be
pany
A Press dispatch from Ottawa^
Dec,
12th, to the Toronto
"Globe'and Mail" reported that
In
agement is giving serious thought
The
a
of
Register For Draft
was
are
cost, whichever is -lower,
within five years.
Male Citizens Of U. S.
it
obligations
or
re¬
about being cut out of markets
the conduct of our business6All
have
armies
ican
Payment for goods ana services
Wages
Nations.
ditions in their
to
follows:
as
United
man
737,478.16.
1943,
"Total taxes increased'83% over 1942,
previ¬
ous.
U: S. Government obliga¬
"Payment for use of the tools
tions amounted to $107,788,499, an
(assets) was disposed of as fol¬
increase of $29,327,493, and 95.48% lows:
••!■;_/
of the total portfolio are U. S.
"To the owners of the trust
extent, but less than might be ex¬ obligations; 1.66% are obligations:
company for the use of their tools,
pected because of the wartime of instrumentalities of the U. S.
dividends amounting to $600,000.
emphasis on performance rather Government; 1.01% are State and
"There was retained in the busi¬
than cost.
However, under com¬ municipal- obligations, and the re- ness for future
needs, $839,642.12."
petitive conditions after the war, remaining 1.85% is made up of
In his report to the stockholders
a 71,lie price will
undoubtedly be various securities. Ui S.* Govern¬ Mr. Blaine declared that the man¬
a
these
forgettting,
■
the
of
r
follows:
as
•
on
On Dec. 31, 1943, total assets of
the
trust
company
were
$366,-
886,306,
strictions of the War Production
231,000
on
has
a reserve
for deprecia¬
confronted
with
the
termination
that "1944 will be the year
of contracts and the need for
.
Treasury silver
were
actually
"For the first year since the in¬
auguration of the silver purchas¬
ing program in 1934, United States
Government
showed
■
1943 to
and
available may be measured by the
fact that some 20,000,000 ounces
withdrawn during the second half
of 1943.
■
jewelry
importance to non-essential
industry of the supplies thus made
of
Blaine reported
that these
"In the non-essential field, the earnings did not include profits or
jewelry
indus¬
tries.
Such is not the case, since
every ounce
of Treasury silver
distributed lor List C purposes
released
Mr.
submitted
was
possible
List
K
and the use of loaned silver
permitted as packing for sil¬
The
ounce.
silver
the
'
year ago.
Gross
deposits totaled $248,171,513,
compared
with
$195,320,004 one year previous.
Ex¬
At the annual meeting of the
cluding U. S. war loan deposits,
stockholders of the Marine Mid¬ the
figures represent an increase
land Trust Co. of New York, held of
$39,013,344.
on Jan. 12, James G.
In
his
annual report to the
Blaine, Presi¬
dent, reported net earnings of $1,- directors Mr. Blaine presented the
439,642 for the year 1943, which results of the year's operations in
was. $401,792
in excess of 1942, the .attached short form, saying
242,000,000 more than was held in
and the largest in the history of "that in so far as I
know, this is
19,42.the company. The increase in net the first time that
any bank has
"In 1943 the United States used
earnings,
it
is
made use of the short form in its
announced,
was
due
more silver for domestic coinage
to
interest
earned
on
a
much annual report."
This income ac¬
than in any prior year.
Official
larger
investment
portfolio
in counts for the year ending Dec. 31
figures for the first eleven months
K "According
to the Treasury's
Congress convened in January, Daily Statement, dated December
1943, numerous bills on the sub¬ 31, 1943, there were 1,175,000,000
ject were introduced. After much ounces of Govermnet owned silver
discussion, the bill sponsored by bullion which remained, unpledged
Senator Green of Rhode Island as backing for silver certificates.
It is indicated that of this silver,
was finally passed and signed by
the President.
The selling price the Defense Plant Corporation,
of silver was fixed at 71.11c an etc., held 829,000,000 ounces or
of
Staley said:
'
\
"The advancing United Nations'
cause,
observes
lease, subject to certain restricttions."
It is also noted that when
residents
Africa
that war under the Green Act and that 40,- failure to understand the order or
conditions necessitated the con¬ 000,000 ounces were lend-leased.
through procrastination," the an¬ of these amounts being entered to
action, however, was' hot nouncement said.
tinuance of Government control, This
::
::
valuation
reserves.
Loans
and
both at home and abroad, over the made under the Green Act, but
The penalty for failure to com¬ discounts totaled
$82,672,073, an
was
carried out under regular
•price of the white metal, and over
ply with the order is the same as increase of $25,083,133 over the
It is un¬ nr the United
•its allocation for industrial and lend-lease procedure.
States—not more figures of one year previous.
The
monetary purposes, and it states derstood that the latter amount than five years' imprisonment or
average rate earned on loans for
that "the only significant develop¬ was the result of direct transac¬ a fine
of not more than $10,000, 1943 was
2.10%, compared with
ment during the year was the ac¬ tions between the United States
or both.
2.57%
in
1942.
Capital funds
tion taken by the United States and other governments.
It seems
total $17,033,248, a net increase of
•Congress "which made Government likely that Great Britain and In¬
$1,184,642
over
the
figures of* one
owned silver available for sale or dia were the principal beneficiar¬
review
The
the
make
tion, Dr. Staley described in de¬ gions independent of relief and
the program of the UNRRA to enable them to contribute eco¬
and cited instances of how prompt nomically to the military needs of
tail
silver
a
was
holdings
decline!
bought
of
silver
No foreign
during 1943
Embassy
that
a
considerable
proportion of United States male
citizens
of
Canada
have
military
thus
age
living in
far
failed
to
register for United States Selec¬
tive Service,
From
the
coveries
on
investments
previ¬ constructive
job then will be
ously written down amounted to larger than at any time in the his¬
paper
We shall do
$334,677.
Writedowns on invest¬ tory pf the bank.
ments were $123,943.
Losses on our best to meet those responsiannounced Oct. investments sold were $55,697, all bilities effectively."
Toronto
also quote:
The Embassy
the
year
make
it
of
victory
which
will
possible for France and
we
the
oppressed nations to breathe
again the air of liberty,"
Volume
CCC
159
Number 4250
-
THE COMMERCIAL & FINANCIAL CHRONICLE
Spent $3.5 Billion In 1943 To
Head Health Council
Hel
Earnings Of Continental Bank & Trust For
1943 Reported At $818,265
Stimulate Production Of Food Of U.S. Comm. Chamber
:
The Commodity Credit Corp. spent more than $3,500,000,000
during the 1943 .fiscal year in establishing support prices and sub¬
sidies to
facilitate -increased food production and help
consumer cost of living, it was reported on Dec.* 25.
The
•
J. B.
review
operations
was" contained
In United Press
CCC loans
Washington ad-vegetable
of the
oils, meats, milk and
nnri
1942
over
;
.™^OC
PP
and purchases were
SI 900 000 000
'nPiiHihirp.c
pv-
-foods
Sf Sh
through
principally
l°ans to farmers
„IOnf
veeetabll oils" aSaiPst civilian
—
iolc' quirements.
W
Federation Bank
;1942'
of
and
Mr.
Hutson
said
the
000
;
worth
subsidies cipally
of
to
aid
service
war
ernment
bama.
commodities—prin-
tobacco
Dr.
the general
chairmanship because
of his increasing
activity in the
on
y;-.
Health.
for
decreased
"Measured
Council but who has relinquished
'largercosts
antotalled $2,700,000,000 including
•unprecedented volume of produc-abput $1-500,000,000 for lend-lease.
tion
di^reoort
Proc*uc In turn the CCC sold $2,800,000,xion, ^ tne
report said
said,
of
Industrial
on
earnings."
war
In
his
Bristol succeeds Dr. James S. Mc¬
report
regarding
the
Lester, of Birmingham, Ala., who year's operating results of the in¬
continues as a
member
of the stitution, Mr. Hasler said:
^commodities
■liderltion
Hospital Council of Greater
mittee
and military re-
Farmers were given
in loans, compared
$506,000,000
fumiTment
commodities
on
farms and in warehouses
on
-sential
Hasler Sees Need Of International
Agreement After War
To Facilitate Exchange Of Goods
New
stated:eggs.
was
Johnston, President of
Frederick E. Hasler, Chairman of the Continental Bank & Trust
Co., of New York, told stockholders at the annual
meeting on Jan, 19
that
while 1943, financially, had been the best
York, as Chairman of the
year in the bank's
Chamber's Health Advisory Coun¬ 73 years of existence, it was
recognized, in common with other banks,
cil, and Dr. Anthony J. Lanza, that increased earnings were due almost entirely to the war. "As the
war
Chief of the Occupational
effort tapers off, as it will when
Hygiene
Germany is defeated," he
Section of the Office of the Sur¬ warned, "there will need to be a<»
:
geon
General, U. S. Army, as sharp upturn in the commercial
Chairman of the Council's Com¬ loan business to help compensate
by
report
a
Marvin Jones.
vices, it
dhe
in
A.
United States, announced on Jan.
12 the appointment of Dr. Leverett D. Bristol, Executive Director
stabilize the
Hutson, President of the corporation, to War Food Adminis¬
trator
uo
CCC
of
Eric
the Chamber of Commerce of the
429
paid by CCC "helped to maintain growers' foreign markets and cotOPA
ceiling prices" on
sugar, ton that went to lend-lease.
and
the
the
Federal
State
Gov¬
of
Ala¬
J';;;.;' '>■•;' •
;'
Advisory
Council
.
The
domestic
of
created
last
winter
to
a
war
economy, I'feel
stockholders have real
for
highlights of the year's record
of the bank were:
"Resources
operate
with the Chamber's Insurance De¬
the
that
cause
gratification at the showing made
by their institution during 1943.
The
was
by the standards of
showed
an
at
the
increase of
year-end
more
than
advising
business 20% over the close of the previous
throughout
the year.
"Deposits at the close of busi¬
country on industrial, individual
ness on the last day of
and community health
the year
programs
were more than 23% higher than
and in cooperating with
national,
on
Dec.
State; and local health agencies.
31, 1942,
^
"Net earnings for the year in¬
Dr. McLester, Chairman of the
partment
in
organizations
U. A. W.
:
Proposes Drive For Nation-wide Wage
Agreement In Industry
R. J. Thomas, President of the United Automobile
Workers, Con¬
gress of Industrial Organizations affiliate, said on Jan. 8 that the
.
union will undertake
Council
drive for a nation-wide wage agreement in
equal pay for equal work, regardless of geo¬
graphical location of plants or products being manufactured. Advices
to this effect (Associated Press) from
Chicago Jan. 8, were reported
•the
•in
industry based
the
New
"Herald
bune," which went
Tri-<*
to say:
on
agreement
an
dent Thomas]
said, would apply to
1,400,000 Workers now covered by
U.
A.
W.
of
95%
contracts.
these
incorporated
workers
into
"Our /present
Board
added
could
the
master-wage plan.
,
He
the
be
The
contracts
continued.
down
War
"This
Labor
has
slowed
Board
proce¬
Thomas said
ion
'would
and
speed
lessen
dustry.
A
...
the U.
production
war
unrest
within
of
a
by
up
is
or
M.
bers
Carter.;
Johnson
Chairman in
of
General
resigned
as
October, 1943. Mem¬
the
Board
Mr. Maverick
48-hour
wage;
Albert
Robert
in
addition
to
Albert M. Car¬
are:
ter; J. T. Howington, J. A.
Moseley and S. Abbot Smith.
crea-
-
R.
;
r
,
McCarthy Made Canadian
Ambassador To U. S.
Leigh ton
evelt
adian
War Plants Corp.
as
McCarthy
•
Jan.
on
the
9
appoint¬
ment of Maury Maverick of San
Antonio, -Texas, as Vice-Chairman
of the WPB
in
charge of the
Smaller War Plants Corporation
"and
as
a
SWPC.
member of the Board of
Mr.
serving
Maverick
chief
as
has
of the
ment Division of
presented
Govern¬
organized shortly after WPB's in¬
a
in
-!V:
For 12 years, Mr. Maverick was
lumber dealer and home builder
San
Antonio, Texas, with ex¬
perience in the manufacture and
retail sale of lumber and in mort¬
financing.
gage
two
terms
and
gress
-San
In
as
one
a
has
He
member
term
as
served
of
Con¬
Mayor of
August, 1941, Mr. Maverick
the
Mr.
Office
of
Price
the first Can¬
the
to
United
McCarthy has served
Canadian
for
Minister
the
past
to
two
and his elevation to the
this
Ad¬
post
motion
in
rank
marks
further
a
strengthening
friendship
two
of
the
existing
ties
of
between
the
countries.
The
President, in his reply, also
remarked
through
United
fident
other"
the
on
which
States
of
have
the
and
long
Canada
been
good-will
said
this
years
and
"con¬
Health,
field of
the
the
stock
$1.29
share
compared
per
for 1942.:
Bank
&
Trust
disclosed
Co.
New
of
li
Jan.
on
that
York,
the net
operating income of the bank in
1943
was
total
net
profits
on
$105,132 and that the
income, including net
sales of securities, re¬
coveries and miscellaneous credits,
was
$150,250.
The bank's total
operating income for 1943 was
$465,000 and operating expenses,
including
taxes and assessments,
$359,868.
Mr. Maguire re¬
ported that the net addition to the
were
bank's
undivided
in 1943
profits
account
$37,776, bringing this
figure, before transferring $100,000
was
to surplus, to $420,006.
The ad¬
dition of $100,000 to surplus makes
this item now stand at
$1,175,000.
?•
In
his
report
Mr,
Maguire
fund was increased
stressed
the
fact
that
deposits
from $3,000,000 to $4,000,000.
from
other
than
Government
"Surplus and undivided profits
agencies
increased
by over $3,were $536,265 higher.
The bank's deposits on
"Holdings of United States Gov¬ 000,000.
Dec. 31, 1943, stood at
ernment
$23,712,154,
obligations
increased
against $18,994,347 on Dec. 31.
$22,772,352.75."
1942.
Of the almost $13,000,000 of
Mr. Hasler also reported:
;
"The surplus
•
gen¬
Government
"Net
the
s
year
Muench Is
has
been
industrial
last 25
years.
active
hygiene
He
was
in
charge of Industrial Hygiene for
the
United
Service,
was
States
Public
Health
was Chief Surgeon of the
States Bureau of Mines,
United
Rockefeller
Health
profits account
fund account."
and
undivided
profits at a the end 6t the year
totaled $5,306,422, an increase over
the
previous
year's
total
of
$536,265.
Total deposits at the
The
surplus
on
the
—23%
Board
and
of
than
higher
bank's
The
$119,437,879
a
ago.
year
United
of
holdings
Government obligations at
States
his
to
the surplus
to
close of the year were
Foundation
International
from the undivided
the
special staff member
present connection,
responsible for the industrial the year-end totaled $56,140,330,
hygiene activities of the Metro¬ an increase of $22,772,353 over the
Of the securities in
politan Life Insurance Co.
Dr. close of 1942.
Lanza is a member of the Indus¬ the
Government portfolio, 40%
was
have maturities
trial Health Council, of the Amer¬
ican
Medical
Association, -and
years
Chairman
of
mittee
of
of
the
the
Medical
Industrial
Com¬
Hygiene
Foundation of Pittsburgh.
Cotton
The
Spinning For Dec.
Bureau
of
the
Census
an¬
of less than
five
and the balance maturities
than five but less than 10
more
,;,v
years.
;
■'
■
Referring in his report to post¬
war
problems, Mr. Hasler said
that a practical solution of the
more
intricate problems of eco¬
nomic
and
financial
the
country
;the
is
war
peace
to
come.
The
elevation
of Ray
was
United
noted in
Management page 2236.
States
our
31, 1943, of which 22,596,322 were
pattern
of future
operated at some time during the
cooperation can be
month, compared with 22,623,406 He further said:
Atherton
Minister
issue .of Dec,
to
2,
international
blueprinted."
for
November, 22,599,426 for Oc¬
"Unquestionably, for our pro¬
tober, 22,631,338 for September,
22,632,776 for August, 22,667,376 tection, we shall have to enter
for July, and 22,923,406 for De¬ into an international agreement to
cember, 1942. The aggregate
ber
of
active
spindle
ported for the month
016,236.
of
determined to carry over the
into
the
Canada to the rank of Ambassador
of
to
operations 36%.
"Earnings
$2.14,
were
,
handling prices and civilian sup¬
ply problems for the U. S. terri¬
Office of Production
from
stability
nounced on Jan. 19 that according
"must
wait until the
post-war
to preliminary
figures, 23,342,922 aims of the United States, Great
the status of embassies.
:
cotton spinning spindles were in
In
Britain
and
Russia have been
presenting his credentials,*
place in the United States on Dec.
more clearly defined and a rough
Mr, McCarthy noted that his pro¬
from
Later he transferred to the
for
November to raise the legations of
the United States and Canada to
ministration and Civilian Supply,
tories.
Under
years
new
results from the decision made in
cooperation
Antonio.
entered
as
been
WPB, which he
ception.--";';':
12
Ambassador
country
Nelson, Chairman of
Board, an¬
Jan.
on
States.
Production
nounced
Association.
prior
:
Maverick Heads Small
War
cal
This Act
in the
post-war
Donald M.
Alabama and a former
President of the American Medi¬
of
his credentials to President Roos¬
"the
sity, of
Cor¬
Act
dustrial
guaranteed annual wage.
a
set
was
Acting Chairman of the Smaller
War Plants Corporation at present
employment
security fund; provision for sever¬
ance pay; $1 per hour minimum
and provisions for'establishment
of
state; Dr. McLester is Pro¬
fessor. of Medicine at the Univer¬
.
from among their own number.
the
be taken to insure in¬
dustry-wide application, of the
following five points: A 48-hour
ation
a
that
within
that steps
weekly
Gov¬
Sparks, of Alabama, in con¬
with the development of
four-year medical school for
nection
agreements
,
guaranteed
by
war
net
.
industry is to be undertaken im¬
mediately, he said.
The board also recommended
guaranteed work week
and
program
its
current
the
and
.
in¬
,
survey of wage
labor conditions
and
the
Govern¬
with
66%
report to the
Jeremiah D. Maguire, President of the Federation,
.
opin¬
agreement
wage,
up
A, W.
of the
was
master
a
,
board
Federal
connection
creased
annual
.
differentials."
Mr.
by the
in
nutrition
Division,
Plants
has
his
securities
in
the
earnings of. the bank for
bank's portfolio, Mr. Maguire ex¬
amounted to $856,265,
plained that the average maturity
put the SWPC within the War eral
chairmanship of Dr. Mc¬ equivalent to $2.14 a share, as is
approximately 38 months. The
Production Board, gave it a cap-- Lester the Council, it is
stated, compared to $515,214, equivalent bank's
average return on its loans
to $1.29 a> share for the year 1942.
italization
of
$150,000,000,
and has, beenparticularly successful
and
investments
in
1943
was
Net earnings from current opera¬
directed the Chairman of the War in stimulating activities
in the
2.08%, against 3.28% in 1942. ;
Production
Board
"to
mobilize promotion of community and in¬ tions amounted to $619,966 as com¬
The
bank's
condition
as
of
aggressively the productive cap¬ dustrial health and in focusing pared to $456,228. for the year
Dec. 31, 1943, was referred to in
'
acity of all small business con¬ attention to many current health 1942.
these columns Jan. 6, page 97.
"Dividends paid to stockholders
cerns" as a means of augmenting needs for
maintaining and speed¬
war
production. Under the law, ing the nation's war production. during 1943 amounted to $320,000.
the Chairman of the Smaller War
Dr. Anthony Lanza, who suc¬ leaving $536,265 to be added to the
profits account.
The
Plants Corporation is selected by ceeds iDL. Bristol as Chairman of undivided
the five-man board of directors the Chamber's Committee on In¬ sum of $1,000,000 was transferred
dures and has created unfair wage
.executive
War
inception,
ernor
organized
Congress in June,-1942.
cover
;1,200 plants, entailing 1,200 sepa.rate negotiations," the union lead¬
er
Smaller
poration
;
-
he
up
Government
which he has since headed.
proposed
;
set
was
WPB
him
on
ment
.
handle
priorities
for
cities,
towns, counties and states, and
shortly after the War Production
he f Presi¬
as
:V"
■
to
*
Such
*
its
found it necessary to resign the
general .chairmanship because of
additional * resposibilities
placed
a
on
York
from
In
stockholders,
80
Based
hours
per
on
an
week,
were
during Dec., 1943, at
115.3% capacity. This percentage
compares, on the same basis, with
125.3 for November, 129.5 for Oc¬
tober, 127.5 for September, 122.5
for August, 120.0 for July, and
128.3
for
December, 1942. The
average number4 of active spindle
hours per spindle in place for the
month
was
424.
exchange of goods
facilitate
and
re¬
to provide currency with which to
9,905,activity of pay for them. The dollar has no
the cotton choice but to support foreign cur¬
was
spindles in the United States
operated
num¬
hours
itself.
rencies in order to support
We must adjust our
minds to tak¬
ing payments for exports in im¬
own
tension
who resigned to become Assistant
Vice-President
Trust Co. of
to
an
of
the
Bankers,
New York, according
announcement made by the
Association's President, E. Chester
Gersten.
Mr. Muench, who be¬
came
identified with the Associa¬
tion in
December, 1940, as Assist¬
Secretary, has also been made
Secretary of the New York State
ant
Bankers
Retirement System.
He
formerly Manager and Secre¬
tary-Treasurer of the Westchester
County Clearing House Associa¬
tion and Registrar of the West¬
was
chester
County
Chapter
American ' Institute
of
He
the
is
a
member
of
the
of
Banking.
class
of
1944, Graduate School of Banking,
Rutgers University.
as
The tasks
accomplished by him
Assistant
Secretary include the
organization of the annual Farm
Credit School and the Midwinter
County
Secretaries'
Conference,
handling of wage and hour legis¬
lation problems for the
banks,
search into wage and salary
bilization
thrift
regulations,
account
interest
re¬
sta¬
studies
of
computa¬
tion, bank closing hours, and other
matters
and
involving
policy.
management
Mr. Muench's experi¬
ence
in
years
with the Washington Irving
and
Trust Co. in Tarrytown as Assist¬
Secretary
For
implementation" of
Hull's reciprocal
agreements
sity."
Albert
L.
Muench,' Assistant
Secretary of the New York State
Bankers Association, has been ap¬
pointed Secretary, effective Feb. 1,
to
succeed
Harold J. Marshall,
salvation the further ex¬
ports of goods, and not gold.
our
Secretary
Of N. Y. Bankers Assn.
program
is
a
trade
neces¬
ant
banking
includes
Secretary, and five
years
eight
with
the Railroad Cooperative Building
and
Loan, New York City.
•
s
Afk^SMmTt
nttfa-UatW^UW .itttfWtrfi. wg-Utaifl & 4 f »l t
♦rrwMu^juuabiiuiAu.
(tfugblflfttUS)
|W
#
f^^r^iiu 1*. MttimMWKX B«*rjr«
THE COMMERCIAL & FINANCIAL CHRONICLE
430
years—dangers which continue to
Year's Military Training For
Youth On Reaching 17 Or 18 Years
Knox Proposes
Declaring that "there is no safety or peace
the
At
time when
a
we
strain¬
are
ing every resource, shouldering a
frightful burden of debt, sending
millions of our young men to des¬
perate battle in Europe, and in
in unpreparedness,"
tinued, "whether to the east or
west', where the rule is kill
or be killed, they come to us, un¬
fit, and we have to make therm
the
present.
very
Thursday, January 27, 1944
,;V.,;.t
fit."
That
they
are
doing this
sue
country ,for the purpose of train¬
ing him physically, and mentally,
spiritually, for citizenship,
the first duty of which is service
in defense of his country in case
and
of
.
emergency.
advocated on Jan. 14 that a system of
Surely we must have learned
cessfully the Marines have at
universal training be instituted to provide that "every boy, when he the
Far
East, building a huge tested at Guadalcanal, at Bou¬ from our present experiences that
attains the age of 17 or 18, shall be required to spend at least one fleet, strong enough to dominate
there
is no safety or peace in un¬
gainville, at Tarawa, and only the
the seven seas, and turning out
year in training on land or sea."
•..:■■ - ...v
other
day at, Cape Gloucester. preparedness.
The unspeakable
In an address before the Greater Cleveland Council of the Boy in
unprecedented numbers air¬ Therefore, in the unfitness of folly of the theory that we are
Scouts
of
America, the Secre¬
craft to sweep the skies, who, American
youth, so startlingly more likely to resort to war or
tary said that this would be "one engaged in carving homes and under these
become involved in war because
shown
Secretary of the Navy Knox
of the best measures
that
insure
to
will,
liberties
individual
preserved and
our
■
be
remain
Americans will
free
that
take
can
we
that the
machinery for such a system be
set up "while the war is still on"
so
that a sufficient number of
free."
Knox urged
Mr.
young
such
the pe¬
was
and
boys
our
service,
v
; -7
■
■
Secretary Knox said the neces¬
sity of an adequate preparedness
lias been "driven home to us" by
the unfitness of American
youth.
figures showing that
rejections have been more, than
25%
for the Army and
Navy,
He
cited
.
consisted
al¬
the
solely of sparse settlements,
which free
their migration westward, through
the
mountains
and
across
the
always
to
care
these
about
getting
and
things
something
do
ready to
them." ' '
about
7-;'■v.: 7
young
a
press
Secretary Knox
talk,
human
dered
that
affairs
Pr'ovi
effort
are
so
or¬
sacrifice
and
that
human
the
race
fight its way to heaven, be¬
in His infinite wisdom, He
refinement
that
knew
of
char¬
our
boys and young
not
be
permitted
and the
support
who
States,
the
Scout movement, are doing
what you can, but it is far from
is one which
a small
task
The
enough.
be discharged by
cannot
of
generous
and
people, who interest
percentage
thoughtful
themselves in movements such as
It is
the Boy Scout movement.
a
so vast, and so impor¬
tant that it must engage the care¬
problem
of the entire
attention
ful
coun¬
try, and be supported out of the
"
having for its,
the building of a strong"
public purse.
Any
program,
purpose
acter and loftiness of soul was ex¬
and
fruit of sacrifice
and labor and self-discipline.
It
has been so from the beginning
citizens, must find its beginnings
in the care of mothers and in¬
the
clusively
mankind, and I have no doubt
will continue to be until the final
of
should
pass
You here in Cleveland
United
cause,
chapter is written.
If
you
have followed me in
what I have said thus far you will
to
without those virile qual¬
always be a part
of the equipment of free men. It
was in the presence of this need
that the Boy Scout movement was
grow up
ities which must
more
virile
All
fants.
of American
race
too
American
18, shall be required to spend
one
year in training on
or at sea against the possibil¬
ity that sometime in his younger
manhood his services may be re-4
or
least
at
land
quired to help protect the country.
During such a year, especially
his period of service should
chance to be in the Navy, he will
if
be
given training that will not
only make him a good navy man
but he will also be trained in one
of
many skills
or crafts which
could be useful in later life. The
is true, in
same
lesser measure, of
service in the land forces.
Certainly all of such young men
would be given
physical training
value, would be in¬
structed in the expert use of fire¬
of the highest
into the world handi¬
arms, would be taught how to live
comfortably
in
the
open
and
capped, at the very start, by the
lack of that care at birth, and in
triotism, love of country and de¬
babies
come
many
young childhood, which supplies
the foundation for vigorous adult
be
would
votion
lessons in
taught
pa¬
to
flag, which are an es¬
part in the education of
every American.
7-.7-T7 :7''::77
Such
a
system
of universal
sential
with me, I am sure, while I life.A^%;T::;f -'7.7". •
Most of the ills which disquali¬
this subject with reference
of our domestic policies, fied the young men from mili¬ training is in complete harmony
the need for and th^e wisdom of tary service in this war were the with
the democratic ideal.
No
which this devastating war has direct result of lack of care, or one should be exempt; rich and
go
conference prior to
termed
"wishful thinking" any belief that
the European
conflict will end born, and throughout the long
and
successful life
of the Boy
soon through collapse of the Ger¬
At
his
dence
must
necessary.
Obviously
men
occurred to you, my
ever
ordained
young
not
Boy
ing to be. "wafted to heaven on
flowery beds of ease." He wisely
to
when
America to be self-reliant
became
to re¬
are
Americans who we are reasonably prepare d
the reasonably against the danger of war has
moderate tests of service in the been made so( plain that few will
Army and Navy—more than 25% be found to deny it.
Therefore, I believe throughly
being rejected for physical rea¬
sons—there lies a profoundly im¬ that one of the best measures we
portant lesson for us. We must; can take to insure that our indi¬
in the future, spend more time, vidual liberties will be preserved
thought, and money, in improv¬ and that free Americans will re¬
ing/the physical qualities of our main free is to require that every
'boy, when he attains the age of 17
people.
7!7';!;\l:
7'
must
women
discipline are inevitably and
invariably the price of progress?
God did not intend very evidently
that the human family was go¬
teaching
nings" and that, while he does not
expect immediate action on his
suggestion, the time is already
here when we should be thinking
and
if they
and
great cities from the Atlantic
the Pacific had sprung up,
women
friends, that under Divine
But, when the wide reaches of
the West had been won, when
adding that "we must, in the fu-. the
days of Indian uprisings had
ture, spend more time, thought, disappeared, when creature com¬
and money, in improving the phys¬
forts multiplied, with the growth
ical
qualities
of
our
people. of cities, and there was no long¬
The Secretary also declared that
er
a
frontier to the westward—
the war "is still only at its begin¬ then
some
means
of
men
possess
Has it
for
themselves in the open, to read
the signs of nature in woods and
fields, to handle a gun and to
shoot straight, because that was
the price of survival.
■
7 7Taught
were
and
men
main free
praires, subduing a continent, the
boys
our
will never in the future
be lacking in those stern qualities
began
women
pru¬
that they
seaboard,
Atlantic
and
lives of
by the very high percent¬
of
age
could
come
dence, a requirement for our fu¬
ture safety, that we assume that
they may. If this is true, then
regard for our future safety de¬
mands that we shall so organize
hard
in. the
America
When
most
men
Mr. Knox said, are the
training facilities now available
and the experienced instructors
who might wish to stay in the
again?
Certainly it is the part of
never
;;;.v'■> 7'7"'.
along
program,
those
men
country
and
flag
way.
when
adjustment
of
young
immediately
of
The
days learned the lesson of devo¬
tion
and
courage,
and love of
following the close of hostilities."
Other factors in favor of such a
riod
unnecessary.
will
dangers will
dare to say that such
organization as the Boy
an
Scouts
will be available to
men
relieve those overseas "in
circumstances,
communities from the wilderness,
pursue
some
so
high-lighted.;
ignorance, or poverty, of the par¬ poor boys from the city, and boys
the ents while they were children. from the farm, boys of all races
United
Malnutrition, lack of care of the and religions, all should be made
The enlarged need of such train¬
saying;..
v
7.
:'.7.;,77 77,
States
Marine
Corps.
This
is eyes, and teeth, and ears—these to shoulder a common responsi¬
ing
will
grow
more
obvious
as
life
"A quick ending of the war is
were the most prolific
causes of bility of personal preparedness, as
in the United States leaves far¬ probably one of the finest fighting
unlikely.Those who Wishfully
organizations the world has ever physical disabilities among young a shield for the future security of
ther and farther behind the hard
in
He
front.
home
man
was
advices
Press
Associated
quoted
as
Scout
organization
been filled in
this need has
think for
an early end of the war
necessarily doing a disservice
are
to the
effort,
war
is
"There
o7- 7v.;
different kind of
front from the last war, with the
control Himmler and his Gestapo
have over the people.
"The
German
people
realize
-they are surrounded by enemies.
They have the French on one side,
Czechs and Poles on the other,
and the Russians coming in. The
prospect of Germans surviving at
home if the military breaks down
are not very rosy."
■
It's
From
a
the
advices
same
we
quote;
his
Asked
There
free, in this great country
of ours only so long as we are
willing
and
able
to
fight
to
maintain
enact
we
national
a
law.
service
If
have the right to order a man
a
fox hole to be killed by
into
Japs, surely
order
into
have the right to
we needed him,
airplane factory or ship-
a
freedom
an
as
yard."
full
The
Knox's
of
text
address
Secretary
follows,
accord¬
ing to the New York "Times":
All
land
and
men
in
the
learned
world
fighting
air
and
their
today
the
on
the
on
les¬
first
in love of country and flag,
to
their
country's
sons
in
are
who
nea
the
around
there
*
devotion
in
cause
Scouts.
peace
Who
or
war,
can
as
Boy
measure
the
proportions of the debt which the
whole country owes in this hour
of greatest crisis
to the
Scout
movement?
Surely it cannot be
gainsaid that those who learned
the
fundamentals
of patriotism
And
this
enemies
from
comes
from
without, who would con¬
quer
us
by force, or enemies
from within, who by subversive
methods, by the wiles of dem¬
agogs, by the selfish pursuit of
special privilege, strive to destroy
free institutions and take
liberties from
which
is
must
be
militantly
on
guard, it is the first and main
danger to which I would like to
address myself tonight.
We shall be free from the dan¬
of
citizenship
as
members
of
some
troop of Boy Scouts are
among
those
who
know what
they
are
fighting for.
In the
lic,
early days of the repub¬
when our forefathers were
know, in
you
the
tradi¬
and men
have illumined with their courage
and sacrifice many of the most
It has a wonderful
known.
glorious pages of our history. It
undoubtedly has as fine an "esprit
de corps" as may be found in any
military organization anywhere.
the basis for this in¬
spirit, it has always
been found necessary to have the
foundation of physical fitness. So
.
And,
as
within the
of
course
a
few
years
in the United States of Amer¬
ica, would be confronted by a
we,
would-be
possessing
immense military resources, and
seeking world domination, against
whom
the
we
last
conqueror,
should have to
reserves
of
our
in all-out war—had I
summon
strength
come
to you
thus you would have looked upon
with
me
my
is
derision
words to
scorn.
precisely where
and
laughed
And yet that
we find our¬
I speak to you.
dangers threat¬
ened the liberties of our people
as during the past three or four
selves
tonight,
as
Never have such
program
any
cal
of today.
wellbeing,
This
children.
but
forms
for national physi¬
must be ca^e for
take
can
many
should
certainly
in¬
frequent medical examina¬
clude
tion, in the public schools, in or¬
der to correct physical deficien¬
high are the physical, and other
standards, required / of marines
second step is one which
organization is designed to
supply. That is to teach the citybred boys and girls how to take
that, in the present war, only one
in five, of the hundreds of
thousands
of young
men
who
the
for admission into
were able to pass the
applied
have
corps,
rigorous requirements.
unquestionably
is
a
dan¬
signal which we should not
ignore.
Why is it that fewer
than
20%
of American youths
ger
could
the
pass
examinations for
The
your
of
care
their
teach
to
and
and
lift
legs how to walk,
their arms how to
their
teach
and
carry,
how
minds
out-of-doors:
themselves
teach
to
accommdodate
to
themselves, in comfort, out under
the open skies.
■
As we move farther and farther
from
girls be¬
important.
of training for boys and
to
Marine
the
Corps?
comes
more
and
more
The lessons
pack, because most of them have
never known what it was to use
their shoulders.
because
almost all of them have
out-of-doors. Their
muscular
endurance is trifling,
because they have seldom
used
their muscles.
They can't fire a
never
gun
lived
because most of them have
handled weapons and they
never
can't
they shoot at
trifling fraction
marksman¬
anything
hit
because
have
only
ever
a
been taught
ship.
"In
a
war
like
this," he
con-
gent use of this principle. Prop¬
erly used, a year's service with
the colors would provide, for ev¬
chance to enjoy
ery young man, a
the benefits of
occupational guid¬
7.;"
7
ance.
boy would find himself,
a
many
'7 '7
direction
expert
such
and pursue
^after that, that train¬
ing best suited to his capacity and
predisposition.
Healthy
habits
could be instilled which would
last for the rest of his life. Help¬
ful education in democratic gov¬
ernment could be imparted; the
responsibility of citizenship un¬
der a popular form of government
could be taught. The list might
be
prolonged.
venture to say,
I
if
our
the wisdom, growing
have
people
out of
in¬
universal
training, we will reap, in that
way, many highly valuable bene¬
experience of this war, to
the
stitute
fits
system
a
from
our
war
of
expenditures.
profound conviction that
the time to begin the agi¬
It is my
is
now
tation for such a system
of train-
and thus extend its benefits to all
Cer¬
Boy
boy
any other
be taught,
boys and girls, everywhere.
the
lessons
which
tainly
Scout
are
training
teach
.can
as important as
subject he may
just
single
a
in school.
And now, we come
"They don't know how to take
care
of themselves out-of-doors,
; - v.;'/.-v.
think of scores of benefits
can
which would flow from an intelli¬
pioneer conditions, this sort
taught us in this war,
Perhaps I can best answer that if we take them seriously, ought
to result in a swift upsurge in
question by repeating a statement
made to me by one of the officers Boy Scout and Girl Scout work.
of the Marine Training Station at Indeed, I am not sure that scout¬
ing ought not to be made a part
New River, recently. He said:
"We
are
compelled to teach of our public school curriculum,
admission
I
Under
cies at their beginnings.
man
country.
our
first concern, therefore, in
Our
domitable
destruction and conquest,
without, only if we are suf¬
ficiently strong and sufficiently
courageous to defeat force, from
without, by the disposition and these men everything. They have
the employment of greater force
forgotten how to walk, because it
of our own.
was easier to ride, and something
Only a few years ago, had I to ride in was almost always
come to you and warned you that
available.
They
can't carry a
ger
from
and young women
men
officers
its
and
tion
.
and.
as
Department,
Navy
Here
danger from
one,
against
real
a
we
our
us.
While this second
we
man,
freedom.
our
applies where the danger to our
within
hopeful Congress will
truism
main
said:
T7V;77;7>7;7::77;.
sounder
no
put it another way, we shall re¬
our
.
is
than this—only the men who are
fit to be free remain free.
To
opinion on national
service
legislation proposed by
President
Roosevelt, Mr. Knox
"I'm very
■
,
ground for hope
no
that the German home front will
collapse.
and dangerous living conditions of
pioneer times.
' <
is
There
small degree.
some
important
building
America
to the third
link in the task of
strong
and
virile
a
in
the future.
It has to
do with the young man,
when he
reaches
an
age
when military
service can be expected of him,
in time of war—say between 17
and 19 years of age.
Normally,
this would be about the age
most
mis
a
people, we are still shocked
that more than half
discover
to
physically un¬
had driven
necessity of an
adequate preparedness. We now
know that peace, of any worth¬
while duration, may only be ex¬
young men are
our
We
fit.
home
to
just
have
us
the
,
pected, if we are
prepared to put
behind it.
maintenance
The wisdom of
of an adequate
force
the
navy,
an
an
adequate air force and
adequate army, is now
Furthermore,
the country will
at the conclusion of
hostilities, with five or six mil¬
lion men abroad, consumed with
find
itself,
school,
and
go to col¬
lege.
That would be the ideal
time, in a boy's life, when a year
the retention of many
0f his time should be
cause
boys
finish
high
either
go
to
work,
or
given to his
widely
recognized.
anxiety
to
get
home. And yet,
of them, be-
of the unsettled nature
of
1
Volume 159
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4250
fhe world, when hostilities cease,
be paramount.
•' " '
It would be infinitely better,
if we could set up the machinery
for
a
universal - training
law,
While the war was still on, and
then
say
to these millions of
will
Cleveland Reserve Bank's Asraal Report For '43 Aldrich, Of
An
-
serve
in
increase
circulation
of notes
issued by
,
,
sufficient number of young
have
-
their
taken
men,
military
reason
-for
the
of
increase
cur-
in
circulation, President
training, so that all of you, who Fleming said, is that higher liv¬
want to return at once, can do, ing costs necessitate the carrying
go."
,V./'
!
V of more
money to pay for ordi¬
Such a plan would provide us nary cash purchases.
rency
State Quotas For
Fourth War Loan Drive
State quotas for
war
-
instantly with enough young men,
anxious and eager for the experi¬
to
"There
is
bond sales
individuals in the Fourth War
hoarding, too,' Loan
drive were announced on
he asserted,
"but I prefer the Jan.
11
by
Ted
R.
Gamble,
word 'holding' rather than hoard¬
National
Director
of
the
War
ing' of currency, since there is
Finance
Division.
From
the
no
evidence today of the
sc^re opening day of the
drive, Jan. 18,
hoarding of a decade ago.
to Feb. 1 emphasis will be
placed
"This fact is certain: despite the
entirely on sales to individuals.
spending of personal funds for The national quota for these sales
goods, bank deposits of indivi¬ is $5,500,000,000. The overall
goal
duals and currency in circulation is
$14,000,000,000.
The advices
some
,
to fill all our needs over¬
in the period of adjustment,
immediately following the close of
hostilities.
v
:;•/;b/'
ence,
seas,
.
there
which
would
tend
factor
support
to
a
of training to be insti¬
program
tuted
another
is
And
the
while
still
is
war
on.
will find,
finished, liter¬
All over the country we
this
when
war
is
ally thousands of training camps,
with
adequate
buildings' and
equipment,
for
these young men.
the training of
They are avail-:
able in more than ample propor¬
They would provide ideal
surroundings for the annual call
to the colors for training under
tions,
principle.
'■•/■//
•
:
Also, there will be available, at
the close of hostilities, an abun¬
dance of the instructors and offi¬
this
.
.
^
,
required by such a system
cers,
training;
of
young
would be glad to stay
men
who
in the serv¬
ice, if their service was made
permanent, or reasonably so.
Of course, I do not expect immedate action on these sugges¬
tions.
But I do know that the
time is already here when we
should be thinking about these
to do
know
I know
things and getting ready
something about them.I
love your country.
you
devoted to its principles,
and -devotion are not
enough.
We. have got' to find
practical ways in which to dis¬
play that love and effectuate that
you
are
but
love
devotion.
war,
how, in one way, we can dis¬
our concern for our coun¬
try's future—and the one way I
emphasize tonight, is deliberately
to set about correcting one of our
us
play
weaknesses, which
disclosed—our physi¬
cal weakness
and our physical
unreadiness. To this cause I sum¬
mon
you, not only as patriotic
men and women,
but as fathers
more
glaring
the war has
and mothers.
u
Surely all of us will admit how
much greater is the enjoyment of
health is one of
And so, I give you An
when good
life
assets.
its
concluding thought, lor the.
of the future, a healthy
voung America; a young Ameri¬
ca that knows how to march, that
my
days
knows how to carry a
heavy load,
how to take care of it¬
self out-of-doors, that knows how
that knows
to
handle a gun
and become ex¬
pert in its use; a young America
that will not be deficient in that
fitness which is
of liberties maintained
virile
dom
defended.
both continue to rise."
;/^C;s/^
President Fleming also
that
checks
last
year
reached
of
of
by
an
all
the
reported
kinds
cleared
Reserve
all-time
record
bank
total
from the Division said:
Winthrop W. Aldrich, Chairman of the Board of
tional
Jan.
Bank of New
14 and said
;
"Total
quotas
for
•'
,/
the Chase Na¬
York, conferred with White House officials on
subject was the National War Fund, which he
the
--" ./•:■
' '■ •
"•
'•
According to the Associated Press, Mr. Aldrich indicated that he
was not
seeing anyone as to charges against the bank, alleging viola¬
tion of Trading With the
Enemj-^
Act, and was leaving the matter change regulations.
In carrying
heads.
to
.
the
bank's
attorney.
In
denying the charges,
statement
a
them
out
we
were
acting
in the
on
closest cooperation with the public
authorities.
Chase
National Bank just announced by
"The indictment alleges that the
conspired to aid the Axis.
This is ridiculous.
We are no
Jan. 13, Mr. Aldrich said:
"The indictment of the
Attorney
makes
General- Biddle
no
"All
simply
sense,
the
complained
of
before the United States
the
entered
guilty of such action than is
more
acts
happened before Pearl" Harbor and
therefore
bank
The
war.
Chase
the
Attorney General himself, and
resent having our reputation
damaged in this manner.
"What has been done in the
we
,
National Bank, like all other large
name
banks,
Justice
had
of
the
administration
many
thousands
which
involved
the
home front and
interpretation of the foreign
ex¬
the international
transactions
of
is
plain outrage
a
of
the
on
stupidity
crass
front."
on
.
individuals,
partnerships and personal trust
accounts, which include series E,
F and
G
bonds and other securi¬
W:;C.
As Affecting newspaper Bislribafors
dollar value ties, are, in terms of millions of
of $65,707,123,000. This compares dollars: ;, Alabama,
51; Arizona,
The U, S. Supreme Court was asked on Dec. 17 to decide whether
with 152,599,565 checks valued at 20; Arkansas, 32; north
California, the Fair Labor Standards Act
(Wage-Hour Law) applies to persons
$52,316,306,000
cleared
during 209; south California, 205; Colo¬
1942
The volume
of Treasury rado, 40; Connecticut, 124; Dela¬ engaged in the local distribution of newspapers from the plant of
bills held by the Reserve bank ware, 19; District of Columbia, 53; publication to dealers and newspaper racks.
?
The following regarding the case is from Associated Press ad¬
under repurchase option—a rela¬ Florida, 64; Georgia, 70; Idaho.
vices:
V'\/
•
tively new form of obtaining re¬ 16;
Illinois, 368; Indiana, 125;
The question was raised by Free
—
—-—
——*
serve
funds used mainly by the Iowa, 92; Kansas, 65; Kentucky,
Schroepfer, Charles R. Schroepfer bonds sold in every one of the
larger commercial banks in the 56; Louisiana, 54; Maine, 31; Mary¬
and
Abraham
Berry, who said previous months since the war
district—increased
nine-fold, he land, 93; Massachusetts, 258; Mich¬
they were engaged in distributing securities were first offered.
said, during the last year, from igan, 253; Minnesota, 104; Missis¬
the Baltimore Sunpapers and con¬
"Redemptions
are
heavier
in
sippi, 35; Missouri, 136; Montana,
$9,335,000 to $86,403,000.
tended they were entitled to over¬ lower denominations of Series E
President
Fleming
said
tliat 20; Nebraska, 53; Nevada, 7; New time
compensation provided by bonds than in the higher denom¬
during 1943, 26 - banks in the Hampshire, 20; New Jersey, 219; the
legislation. Berry also sought inations. This, the Treasury said,
New Mexico, 11; New York, 911;
Fourth District,
with assets of
is accounted for by two factors:
"unpaid minimum wages."
:
i $7,000,000, were admitted to mem¬ North Carolina, 70; North Dakota,
Persons of limited means who
They
17;
Ohio,
.appealed
from
a
decision
312;
Oklahoma,
58;
Ore¬
bership in the Federal Reserve
buy bonds generally acquire only
by
the
Fourth
Federal
Circuit
gon,
54;
Pennsylvania,
423;
Rhode
System, compared with 17 ad¬
the $25 denomination, and these
39; South\ .Carolina,: 33; Court, which held that they were
missions in 1942. jA total of 707 Island,
not engaged in
interstate com¬ persons are the ones first hit by
state charter and national banks South Dakota, 17; Tennessee, 65:
emergencies that make it neces¬
Texas, 210: Utah, 22; Vermont, 8: merce and hence not covered by
are members of the system out of
sary for them to cash the bonds
the act. '
\
t
1,189 banks in the district. Mem¬ Virginia, 78; Washington, 96, West
they have acquired; further, many
"The movement of intelligence
ber banks have assets of more Virginia, 40; Wisconsin, 113; Wyo¬
persons
who
make /substantial
or information across State
than $8,000,000,000—about 85% of ming, 9.
.V.w'Y':.',V \/:/:
lines,"
purchases of E bonds specify de¬
"Total quotas for individuals in their
the resources of all banks in the
petition said, "is interstate
livery in small denominations, so
territories
and
possessions
are: commerce, and has been frequent¬
district.
i
."//•;
that
if
a
redemption necessity
The report shows that total as¬ Alaska, $2,000,000; Hawaii, $12,- ly so held in decisions of this
arises, they will not have to cash
000,000,
and
all
others,
$8,000,000."
court.
sets of the Federal Reserve Bank
a bond for a larger sum than they
These quotas
are
based, Mr.
of Cleveland were increased by
"Petitioners' work was an in¬
require.
Gamble said, on relative incomes
$412,000,000 last year. The bank
tegral part of the interstate gath¬
"Redemptions
naturally
in¬
in the various States.
He said:
narrowly missed the $3,000,000,000
ering and distribution of news in crease with increases in /bonds
"Allowing
for
Federal,
State
classification, finishing with as¬
which respondent (the A. S. Abell
outstanding,
the
Treasury
said,
and local taxes on individuals of
sets
of
$2,898,404,000 compared
Company, Inc., publisher of the but the occasional peaks such as
with $2,486,874,000 at the end of about $22,000,000,000, individuals
Sunpapers) is engaged, for' the have been reached recently come
will have, after taxes, about $126,the previous year.
process which begins with the col¬
as a result, in a vast majority of
It further .discloses that hold¬ 000,000,000 to spend and to save in lection of
news, admittedly an in¬
cases, of bond holders having no
the fiscal year 1944.
There will terstate
ings of United States securities
activity,
y does not end
other liquid reserves to meet ex¬
be
only
about
$90,000,000,000 until the
by the bank jumped $671,000,000
paper is placed in the
traordinary or seasonal expendi¬
of
consumer
goods and hands of the
from $509,454,000 a year ago to worth
customer or reader."
tures.
This is why redemptions
services.
Therefore,
consumers
$1,180,153,000.
The purchase of
have
been highest during
taxmust
save
or
fritter
away
in
these securities by the Reserve
payment
months, at Christmas
bank is a form of credit exten¬ higher prices about $36,000,000,000.
time, and coincidental with the
sion to the banking system, which Obviously every income earner
flu epidemic. In this connection,
can
best service himself and his
found
its
reserves
reduced
by
it is significant that redemptions
country
by
investing
every
dollar
greater demand for currency, and
follow the same pattern as sav¬
possible in war bonds."'
an increase in
deposts, Which are
Redemptions of Series E, F and ings
bank
withdrawals,"
the
subject to reserves.
G War Bonds up to Dec. 31,. 1943,
Treasury report added.*
/
Net earnings of the Cleveland
amounted
to only
7% of sales
Reserve Bank for the year 1943
since these issues were first of¬
were $5,181,774, against
fered to the American public, it Lumber Movement—Week
$1,316,468
s,
in 1942. Total earnings before the
was disclosed at the Treasury De¬
165,916,586, with
a
,
.
.
,
the price
and free¬
:
,
.
.
ii!;T% Of Safes
taiixily Exchange
deduction of expenses were $6,Philip B. Weld was reelected
750,584 in 1943, compared with for a second term as President of
$4,975,031 in the previous year. the Commodity Exchange, Inc..
Current
net
earnings for
1943 New York City, on Jan. 20. Floyd
were
$2,558,187, compared with Y. Keeler was reelected Treasurer.
$1,368,068 in 1942. The additions
The
also
re¬
Vice-Presidents
to current net earnings for 1943, elected were Richard
F. Teich-
including
$3,537,442
profits
on
graeber,
Milton R. Katzenberg,
Paolino Gerli,.and Ivan Reitler.
Reagan P. Connally, Director of
the
Consumer
Goods Price
ties, were $3,538,455, whereas in
1942 additions to current net earn¬
bers
of
ings
Inc.,
the
of the Office of Price
Administration, has resigned in
order to return to his duties as
President of the Interstate De¬
Division
partment Stores, N. Y, City, Ches¬
ter Bowles,
Price Administrator,
announced on Jan. 10.
Mr. Connally recalled that when
he assumed his duties in August
it
was
with , the understanding
limited period of
accepting this resig¬
nation
the ' Administrator
ex¬
pressed great regret that Mr. Con¬
nally found it necessary to leave
that it was for a
In
agency
at
this
time.
Mr.
.
.
sales of U. S. Government
the
Warns Allegations Involving Interpretation of
Foreign
Exchange Regulations As "Ridiculous"
-
Connally Leaves OPA Post
service.
0n Ilafional War Fund
-
which is still
only at its beginnings has shown
great
'liiis
Biiase Bash, Confers In Waslhglon
the Federal Re¬
Bank of Cleveland of $362,280,000 during 1943, is the outstand¬
ing change in the annual report of the bank for 1943, according to
Matthew J. Fleming, President of the bank.
The increase, disclosed in the bank's 29th annual report issued
young men overseas: ;
: \
Jan. 12, was from $1,133,500,000 as of Dec. 31, 1942, to $1,495,780 000
"You have borne the heat and at the end of 1943. It brought the >
'
9 '
'
'
the burden of the war. You have total increase of currency in cirgencies,.$3,000,000; to surplus, $1,«
won.
You have earned the right culation
issued by the Federal 259,011, for paying of
dividends,
to come home, and go back to Reserve Bank of Cleveland since $922,164, and
paid to U. S. Treas¬
the
pursuits of peace.
We are the outbreak of the war in 1939 urer, $599.
/
sending, to take your place, a to more than $1,000,000,000. One
who
43!
securi¬
At the annual election of
Commodity
mem¬
Exchange,
following
Governors
were elected to represent the vari¬
Distribution
of
the
$5,181,774 ous groups of the Exchange:
net earnings for 1943 was as.fol¬
Commission
House
Group —
lows:
to
reserves
for
contin- Richard
F.
Teichgraeber,
re¬
elected; I Hide Group—Henry M.
Bowles said: "You have, I believe,
McAdoo, reelected; Silk Group—
laid an excellent ground work for Paolino
Gerli, reelected; Nathan
simplification and improvement Lewis, reelected; John K. Voehof price control in the consumer
ringer Jr., elected to fill an unex¬
goods field.
We are especially pired term; Metal
Group—Benno
grateful to you for the work you Elkan, elected to succeed Addison
have
done
in
the
preparatory B. Hall; Rubber Group—Le Roy
steps for a general retail regula¬ Scheinler, reelected;
Non-Trade
tion."
Mr.
Connally's successor Group—Leon B. Lowenstein, re¬
has not yet been appointed.
elected.
were
$337,371,
including
$333,826 securities' profits.
partment on Jan. 8. Sales, which
began May 1, 1941, exceeded $25,-
000,000,000
clusive
of
and
both
redemptions,
cost
and
in¬
accrued
Ended
January 15, 1944
According to the National Lum¬
ber
Manufacturers
interest, were $1,763,000,000.
A
slightly higher redemption
porting to
rate—9.2% of sales—was reported
production
for
Jan.
the
Series
E
bonds
alone.
Association,
lumber shipments of 449 mills re¬
the
National
Trade Barometer
were
Lumber
4.1% above
for the week ended
15, 1944. In the same week
Sales of this
"people's bond"-be- new orders of these mills were
greater
than production.
1, 1941, and Dec. 31, 15.1%
1943, were $17,500,000,000 and re¬ Unfilled order files of the report¬
demptions (cost plus accrued in¬ ing mills amounted to 106% of,
For reporting
softwood
terest) totaled $1,600,000,000. The stocks.
advices from the Treasury De¬ mills, unfilled orders are equiva¬
lent
to 38 days' production at the
partment further said:
"About 91% of the proceeds of current rate, and gross stocks are
the Series E Sales and 93%
of equivalent to 33 days' production.
tween
the
May
proceeds of
combined
the
three
For the year to
series
remained
invested,
therefore, at the start of the new
year for continued war duty as
v
of
reporting
date, shipments
identical mills ex¬
ceeded production by
2.8%; orders
by 13.5%..
'fighting dollars.'
Compared to the average cor¬
"Sales and redemption figures responding week of 1935-39, pro¬
were
reported on a cumulated duction of reporting mills was
greater;
shipments were
basis, the Treasury explained, be¬ 50.2%
cause bonds turned in for
redemp¬ 43.0% greater; and orders were
.
tion in any one
month consist of
32.2% greater.
THE COMMERCIAL &
432
Thursday, January 27, 1944
FINANCIAL CHRONICLE
-it-
.
r
,
.
*
»
-
$107 Million Repaid On
Expansion and Revision of Social Security
Export-Import Bank Loans
'■
Roads, steel mills, hydro-electric
plants and other enduring ad¬
ditions to the productive facilities
of Latin America are being built
JUPU I gvYtr iib
comprehensive basic program of
provide what is termed "a
To
Social Security Board, in its eighth annual report
Congress on Jan. 17 by Federal Security Administrator Paul
social security" the
sent to
V. McNutt, urges
present system. The
revisions and extension of the
report was submitted to Mr. McNutt by Chairman Arthur J. Altmeyer.
The 5-point extension of the system proposed in the report would
^
provide:
"Whether
old-age and
Coverage under
1.
believes the war
one
five," the
reports says, "the time in which
15,000,000 to 20,000,000 workers
to build a stronger system of so¬
now
excluded—farm and house¬
cial security is short in view of
hold workers, employees-of-publicthe character of the changes and
organizations and of nonprofit in¬
readjustments
we
confront as
stitutions, and the self-employed.
individuals and as a people."
Inclusion of, Federal, State, and
"It
is not the aim
of social
local government employees
security to provide a life-time
"should be made in such a way
bonus," the Board says. "Social
as not to endanger any rights of
survivors insurance for more
than
under existing spe¬
insurance
and to increase, not
lessen,, the total insurance protec¬
safeguard
these workers
cial systems
to them."
Protection of social
tion available
.
will end in one year or
security
rights of the millions of persons
/ 2.
in the armed
besetting
is
the
of
support,
road
long
and family
self-support
which
a
risky
and
arduous
for
working generation."
most in any
forces.
Insurance
3.
ards
rather,
represents,
against economic haz¬
protection against
4.
of
-
Such
insists,
hospital and medical care.
board
the
provision,
a
must "preserve
free choice of doc¬
hospital and personal rela¬
tionship between physicians and
their patients, to maintain profes¬
sional leadership, to insure ade¬
tor or
proba¬
adequate than
quate remuneration—very
bly
nearly
more
circumstances—
to
all practitioners and institu¬
tions
furnishing
medical
and
health services, and to guarantee
the
continued independence of
nongovernmental hospitals."
\ ;
5. A
national
unemployment
insurance system to replace the
.51 separate State and territorial
systems, and including the mil¬
lions of wage and salary earners
excluded under-the State systems.
"Even if the special stresses of
post-war years were not impend¬
ing," the board says, "the Statethat in customary
basis
Federal
the
of
unem¬
compensation program
ployment
reconsidera¬
tion and revision at this time."
would have merited
The Board's report urges a com¬
prehensive unified system of con¬
tributory social insurance cover¬
ing part of wage losses due to
unemployment, sickness, disabil¬
ity, old age, and death as well as
considerable part of the expense
of hospital and medical services.
Such
a
system would
operate
more simply and more economic¬
a
ally, iron out present inequities,
make protection available for all
and
workers,
the
annual
meeting
the
of
tion, held
officers
Associa¬
Jan. 18, the following
on
were
and workers.
While
"social
the
Board
believes
that
is
essentially
character," public as¬
insurance
national in
sistance lends itself better to State
administration.
The
Board, how¬
ever, urges larger than
assistance grants
50% Fed¬
to States
with
per
capita incomes lower
than the average.
It urges that
Federal grants-in-aid also be ex¬
National
President
Newark;
G.
/
Stillman,
Paul
President, /.W.
Bank,
State
Vice-President, Robert
President
National
&
Essex Banking
Co.;
Cowan,
Newark
Treasurer, Carl K. Withers, Presi¬
dent Lincoln National Bank; Sec¬
all
the
the
to
to
care
for
their needy people as well as
blind,
aged,
children.
children
States
and
The
Board
the
aid
liberalize
and
States
program
could
more
to
so
dependent
also
would
dependent
that
the
help more children
adequately than
at
present.
President. J. Luther
as
Cleveland,
who has been associated with the
Guaranty since 1923, and who has
in the capacity of Vice1
served
for
President
was
the
of
the
16 years,
past
elected President. William C.
was
Potter
re-elected
Chairman
Committee.
Executive
The annual report
presented at
signed by Messrs.
the meeting was
Conway, Potter and
In
Stetson.
discussing the wartime position of
the
banks the report stated that
"despite high wartime taxes and
efforts
to
encourage
buying by non-banking in¬
the
banks."
has fallen
war
questionably
continue unabated
and the public may be expected to
respond on a scale comparable
that
with
experienced thus far
war
period, it will
probably be necessary to depend
during
the
the
on
for
banks
substantial
a
part of the required funds."
Clinton Trust Co.
report went on to say:
:'7'//x:
Ray E. Mayham, retiring Presi¬
dent, who is President of the West
Side Trust Co., and Horace K.
Corbin, President of the Fidelity
Union Trust Co., were elected to
the Clearing House Committee.
".•Mr. Stillman, the new President,
was
Manager-Examiner of the
Clearing House from 1927 to 1931,
and has been associated with the
membership
through
Association
on
various committees for the past
17
years.
With approval of the
entire membership the following
standing committees were chosen
by Mr. Stillman for the year 1944:
Managing Committee—David J.
and
Vice-President
Connolly,
Treasurer Federal Trust Co.;
John
Vice-President National
Duke, VicePresident
Fidelity Union Trust
Co.; William Dunkel, Vice-Presi¬
dent and Cashier Union National
T. Corsa,
State
on
added that "al¬
is
It
though efforts to encourage pur¬
chases of Government obligations
retary, T. L. R. Crooks, President
Bank; Roy F.
Bank.
be
cost
from
met
that
ment
possible Govern¬
every
which
economy
effort, be
"It
practiced.
in
is
:
will
with the
interfere
actually
on
Admissions
—
Trust Co.;
National Bank; Stanley J. Marek,
- Treasurer
Franklin
Washington Trust Co.; Gus E.
Secretary
Wiedenmayer, Vice-President and
Cashier National Newark & Essex
Banking Co. 'X7..X7
Russel W. Lynn
the
The theory
prosperity can be induced by
Government 'spending has
been
tried and found wanting.
This
does not mean, of course, that the
can
immediately re¬
intervention
in
the
time," the Board's
report says, "is singularly auspi¬
cious
for strengthening and ex¬
tending our system of social in¬
is
announced,
ap¬
"There
loans
no
are
•
to
any.
of
basis."
in the other American, re-
ations
,
preceded by the publics. Of this amount, however,,
statement that "in 1943, the full more than $200,000,000 has been:
amount of amortization of pre¬ canceled or expired./ The advices;
The above was
charged
miums on; securities was
against interest on securities, in¬
stead of charging a portion to the
amortization fund as heretofore.
from the Office of the Coordinator,-
also state:
x
*
substantial
"A
,
these'
the'
de¬
of
part
eat;/ credits were made by
of United
Export-Import Bank to aid in
States Government Securities in
velopment
of
hemisphere
the Investment Account, instead
sources under the program of
of being credited to the Amorti¬ Rio
de
Janeiro
Conference
w
Profits
the- sale
on
Fund
zation
credited
heretofore,
as
were
undivided profits."
to
/earnings of the Company
and 1942, are shown in
The
1943
the report as
follows;
1942
1943
American Foreign
re¬
the
of
Ministers.
x>
"Highway development is illus¬
trated by the extension of $30,000,000 in credits to Mexico forits big road-building program, of
which
$10,000,000 has been used.
S
"Expansion of hemisphere steel8,883,696 making facilities with the aid of
Export-Import Bank credits cen¬
ters mainly in Brazil's' great Volta
16,196,397
Redonda plant, now building for;
Current Operating Earnings—
Interest
9,234,436
loans
on
Interest and divi-
,
se¬
on
curities
20,042,263
7
*
______
Other current opXX'
erating
earn-
•
X'/X.,:7XXX'
5,281,034
6,808,346
ings
30,361,127
36.085,045
Total
Current Operating
Expenses—
in
1944-45.
Some$45,000,000 in credits have been;
made available for purchase of
completion
equipment and
States,"
materials* in the
'
;
102,660
8,200,392
69,993
8,106,634
United
erating ,.'7- ex- :.;X :X 7/
7;7 penses ____11,164,447
7,300,665
Columbia U. Is One Of
19,467,501
15,477,292
Interest paid
Salaries
&
wages
;
.
Other currentop-
linquish its wartime participation
and
it
-
pal uncertainties arise.
Government
total,
this
proximately $107,000,000 has been
repaid, ."x.fx ■:/x
''v;' x'xx-X
premiums : on Latin American
country or politi¬
securities was charged against the
cal subdivision or agency thereof
Amortization Fund in 1942.
In which are in
default," Mr. Pierson;
comparing
these
two
figures, reported.. Since it was created irf
therefore, $2,500,000 should be de¬ 1934, Mr. Pierson disclosed, the.
ducted from the 1942 earnings to
bank has authorized, lines of credit
show the figures on a comparable
aggregating $779,000,000 for: oper¬
,
that
in this
current
of
$2,500,000
post-war outlook that the princi¬
Total
_
business
City's Largest Taxpayers
'
Columbia Uni-:
field
and
leave
the
national
16,617,544
14,883,835 versity are undoubtedly one of the
ating earnings
economy to readjust itself.
The
largest real estate taxpayers in
Reconcilement of Surplus anil Undivided
Government's withdrawal should
the city of New York; Dr. Nich¬
7;7/-;X7.X77-X/. Profits
be carried on as rapidly as pos¬
olas Murray Butler points out inSurplus and undiv -fX" ;;vVXXXsible. But, after such a period of
vided
profits at .7
his annual report as President of
beginning of year 192,547,059 189,470,857
industrial dislocation, credit ex¬
the university.
At the rate of 2.98
Net
current' operpansion, price regulation and gen¬
the real
ating
earnings
X
7 7. ■
4 .XXX which then prevailed,
current
Net
...The trustees of
oper¬
__
>
eral
economic
regimentation as
the nation is now passing through,
the
tion
reestablishment of
on
which
a
New Peak In November
and
founda¬
sound peacetime
be built will re¬
quire the most painstaking care.
It will necessitate every possible
assurance that opportunity in the
economy
post-war
surate
weekly
earnings,
era
with
will
any
before,
other
was
longer
month
since
April, 1930.
The Board's announcement fur¬
ther stated:
"Hourly
earnings
_____
impediments will be
14,883,835
4,336,114
14,058
profits
Miscellaneous
cred-
•
1XX— 'V
its
142,430
51,796
213,552,514 204,511,180
Less—
de¬
clared
10,800,000
10,800,000
_______
general
con¬
tingency
re¬
serve
placed in the way of honest en¬
terprise.
If these requirements
land and buildings which
Columbia owns amounted to ap¬
on
proximately $1,500,000, Dr;
/X'X"':'
x
Dr. Butler
•
1,000,000
1,000,000
360,660
164,121
site
visualizes the
11,964,121
12,160,660
Acropolis
and the Forum
and
month in 1942,
January, 1941.
and
x,
55.5%
facturing
industries
increased
0.1% from October to November,
when it stood 5.6% above Novem¬
"The increase in the number of
man-hours
worked
was
0.1%
in
with Octo¬
201,391,854 192,547,059
year__,_
the
Simeon E.
the board of
Deferred
eral Reserve
the
($2,591,208.12)
nounced
other reserves ($7,-
Account
certain
909,301.83) were transferred to the
General
Contingency
Reserve
which
on
December
31,
1942,
amounted
to
$11,445,315.50.
In
addition, during the year $1,000,was
transferred from earn¬
000
ings to General Contingency Re¬
serve
and $647,144.93 represent¬
ing recoveries less various
charges
(including an increase of $300,000
in the total reserve against Main
Office
banking
premises)
also added to this reserve.
balance
in
to
the
31,
amounted to $34,022,979.57."
gency
1943,
above, the
the General Contin¬
effect
giving
was
After
Reserve at December
Bank
Changes In Staff
the bal¬
($10,430,009.19),
Profits
and
Chicago Reserve
Amortization Fund
"At the end of the year
in
of ancient Rome, x
at
Regarding
the
general con¬
tingency reserve the report says:
ances
center rivaling
of ancient Athens
undi¬
profits
of
end
X
"Employment in these 25 manu¬
November as compared
vided
deveK
of Morningside Heights,,
of the university, as a cul-;
,ural and religious
:he
Surplus
Butler:
'j/x-' ."x-"
opment
Miscellaneous
charges
1942-43
for the year
estate taxes
paid
says.
,
Dividends
commen¬
and that no
the risk
16,617,544
Investment security
To
be
employment, man-hours, and pay¬ ber, 1942, and 37.3% above Janu¬
rolls rose to a new peah in No¬ ary,
1941.
The average work
vember, according to the regular week for all wage earners in these
monthly survey of 25 manufactur¬ industries was 45.5 hours, which is
ing industries'by the National In¬ 1.8 hours, or 4.1%, higher than in
dustrial Conference Board.
The November, 1942, but the same as
work week, although the same as in October of this year.
the month
(as above)
can
unnecessary
ing
Earnings, Jobs & Hours At
Hourly
a
ber, 10.1% as against November,
at $1,041 in 1942, and 113.9% against August,
November were 0.5% higher than
1939."
in October, 7.8% above November,
"Real weekly earnings, or dollar
1942, and 76.4% above 1929. The
surance and assistance."
Taxable increase since January, 1941, the weekly
earnings
adjusted
for
earnings are at record high. High¬ base date
of
the
Little
Steel
changes in living costs, advanced
er insurance
payments would les¬ formula,
was
37.2%.
Weekly
0.2% in November to exceed the
sen current
inflationary pressures earnings reached a new peak at
and build resources .against
post¬ $47.59, 0.2% above the month be¬ level of a year before by 8.5% and
war readjustments.
fore, 12.0% above the correspond- that of 1941 by 29.2%."
"The present
year,
amortization
war
with
connection
above
in
last
dends
./• f''//X
v
.
not
Manager-
is
Examiner of the Association.
than
that
savings
rather than from credit expansion
and
reported
year 1942.
It is added
"as stated in the report of
the
for
highly essential that the
greatest possible share of the total
war
pared with $14,883,835 as
for
The
"It is
Loans made by
the bank to aid
development of the hemi¬
sphere productive facilities andequal to its part in the task of for expansion of inter-Americanpost-war reconstruction."
trade now amount to $212,000,000,
The report shows that operat¬ according
to
figures
recently
ing earnings for the year 1943 made public by Warren Lee Pier-v
amounted to $16,617,544 as com¬ son, President of the bank. X Of
met, no fear need be felt that
banking system will ..be un¬
are
the
,
Committee
eral
tended
Trust.
by non-banking investors will un¬
elected:
Fred J. Kugelsoundness.
During the next dec¬
Cashier
National
State
ade, the Board estimates, it would mann,
cost no more than 12% of covered Bank; Francis R. Steyert, Presi¬
dent South Orange Trust Co.
pay rolls."
Advisory
Committee — Arthur
As compared with the present
Jr.,
Cashier Lincoln
scheduled
rates
for
1949
and E... Kean
ers
Guaranty
last three of which he has served
financing the
At
Newark Clearing House
States
thereafter, it would mean no increase for employers and
an in¬
crease of 3%
of taxable earnings
for employees, if this cost were
divided equally between employ¬
the
Company for 27 years, during the
vestors, a large part of the task of
financial Ralph W. Crum, President United
assure
with
ciated
bond
the costs
Insurance to cover
mittee. Mr. Stetson has been asso-^
determined
due to perma¬
total disability.
total loss of income
nent or
Government Withdrawal From business Field Urged
At the annual meeting of the stockholders on Jan. 19 of the Guar¬
anty Trust Company of New York, the annual report was read by with the aid of credits from the
W. Palen Conway, Chairman of the Board.
At a meeting of the Export-Import Bank of Washing¬
Board of Directors immediately following the stockholders' meeting. ton, according to a release issued
Eugene W, Stetson was elected Chairman of the Board, succeeding by the Office of the Coordinator
Mr. Conway, who was elected Vice-Chairman of the Executive Com¬ of Inter-American Affairs.
Leland, Chairman
directors of the
Bank of Chicago, an¬
Jan. 6 the
on
of
Fed¬
following
official staff: Wal¬
McLucas, Chairman of theof directors of the National
changes in the
ter
S.
hoard
Bank of
Detroit, was
director of the
the
Federal
reappointed
Detroit branch
Reserve
Bank
of
of
term end¬
Neil B. Dawes,
John K. Langum, and Arthur L.
Olson were promoted from the.
Chicago for a two-year
ing Dec.
31, 1945.
position of Assistant Vice-PreSji-.
dent to
that of Vice-President.
Edward D. Bristow,
collection
Chief of the
department,
was
ap-
yolume 159
THE COMMERCIAL &
Number 4250
FINANCIAL CHRONICLE
433
Steel Production At Higher
Rate—Invasion
Equipment Demand Still Heavy—Scrap Easy
"Reflecting the emphasis being put on the expedited and enlarged
landing craft program as well as other invasion equipment, national
steel ingot operations this week are up one-half point," states "The
Iron Age" in its issue of today (Jan. 27), which further adds:
"Plate and sheet mills continue to bear the brunt of the heavy
demand
N. Y. Reserve Bank
Aircraft
No
Industry, Stout, of Vulfee, Declares
should be surprised if the first "real" motorcar
after the
war is built
by the aircraft industry and not by an automotive manu¬
facturer, William B. Stout, designer and engineer, told the United
Press in an interview in Detroit on Jan.
23.
These advices report
that Mr. Stout, head of the Stout Research Division
of ConsolidatedVultee Aircraft, said there are two
reasons for this:
reasons for this:
<$>——
—
for invasion equipment, but requirements for components
making themselves felt in^;
and changes in mill
heavier orders for certain prod- cancellations
"
1.
Automobile
manufacturers
ucts other than flat-rolled steel. schedules, but gaps are promptly
filled and pressure for heavy steel are trailing far behind the aircraft
There
are
indications
that
the
industry in engineering and re¬
landing craft program may be production is not relaxed.
search. :
; / -...vfy
•/
' A ,
"Recently sheets appeared most
spread over a longer interval this
"2. The automotive
ifidustry is
frequent
oppor¬
year than appeared, likely: a few affected,' with
shackled financially and produc¬
tunity to. obtain early delivery,
weeks
also
are
:
,
..
Another
ago.
develop¬
new
.
tion-wise
to outmoded tools and
that in general
dies worth millions of dollers."
quirement from cold-rolled sheets* shipments are as far extended as
The United Press dispatch fur¬
in any major product. New orders
to terne plate, with the vacated
continue to more than offset can¬ ther qouted Mr. Stout as follows:
space on cold mill schedules likely
/ "But
regardless of who makes
to be taken by barrel stock orders; celled tonnage and deliveries are
the
first
"real"
motorcar,
Mr.
extended on mdst major
which
have
been on
hot mills being
Stout said, it will be neither a
; %
previously.-,
' '-Y products. V;'
"small"
car
nor
a
model selling
"While
pressure
for
landing
"Meanwhile, rising pressure in
for $400, $500 or $600.
favor of a faster easing of limita¬ craft material, mainly plates, may
"The American
people," he as¬
its crest during February,
tion
orders
threatens
to
make pass
WPR's unenviable task of holding considerable urgency is likely to serted, "don't want a small car,
and
they don't want a cheap one.
noted for
some
time after.
down the lid upon civilian pro¬ be
After all, almost every one
buys
Meanwhile,' this program is not
duction more difficult as time
ment is the transfer of
a
re¬
war
despite
the
fact
.
goes
fact, despite only pushing shipyard activity to
a
high peak, but also providing
official
announcements
stating
fabricating
shops
with
that controls will be maintained many
As
on.
for
time
the
of
matter
a
a
car
the installment plan and
on
couple of dollars
in
ence
the
month differ¬
a
——
ing and research as the automo¬
bile industry is ahead of the rail¬
roads.
Earnings Higher
Net,earnings of the Federal
York, after all
additions and deductions, amount¬
ed to $15,331,000 in
1943, which
compares
with
$4,568,000
for
; "The aircraft industry has given
airplanes better engines, better
frames, better heating,- air-condi¬
tioning, ventilation and sound¬
proofing than the automobile in¬
dustry has given its passenger
cars," he continued. "It has spent
$1,000,000 on research to every
$1,000 spent by the automotive in¬
President,
The
This
Mr.
Stout said,
aircraft
industry
provides
the
with
grand
opportunity
compared
car."
said
He
few
a
airplane
representing profits
sales of U. S. Government
curities,
and
in
which
compared
1942
$967,000
of
was
se¬
with
ad¬
$974,000,
profits on
of
se¬
curities.
The
to
in with the first real motor
come
are
$5,198,000 in 1942. Total ad¬
ditions to current net earnings in
1943'were $10,245,000, nearly all
ditions
situation,
Y'a
total
year, leaving current net earnings
in 1943
of $7,964,000,
($10,217,000)
tooling set-up."
to
with
on
The automobile industry
drastic
changes
in
because of the*■ expensive
of
earnings of
reported at
$17,998,000, contrasting with $14,078,000 in 1942, and the net ex¬
penses during the year were $10,034,000
against
$8,880,000
last
dustry.
make
earnings
according
the Bank's 29th annual statement,
issued on Jan. 10 by Allan Sproul,
can't
cars
net
1941,
the Bank for 1943
'
Re¬
Bank of New
serve
rent
total deductions from
net
cur¬
in 1943 were
$2,878,000, consisting of provisions
earnings
doesn't manufacturers are thinking seri¬
Manufacturers ously of "doing just that."
will tell you that de luxe models
"If they do," he said
"they'll
always sell better, anyway."
put the engine in the front or
Speaking of the post-war auto¬ back, on the roof or in the wheels
mobile, Mr. Stout said it is not —wherever it's best to put it from
surprising that the first model an engineering standpoint. They'll
for the retirement system and the
by the industry when fight weight, but they won't build
plate production currently civilian manufacture is resumed is a small car. Americans want room
is at about 50% of capacity, with expected to resemble closely the in their automobiles, and
you can
033,000 to surplus under Sections
needed business in sub-assemblies.
being,
a
1943
one
mean
payments
anything.
allotments
have been issued recently for steel It also is creating added demand
in small amounts for several con¬ for heavy sheets, bars and struc¬
plates.
sumer items which a few weeks* tural, Y in :; addition ; to
ago never would have been ap¬ Mainly due to this work, plates
and heavy sheets are the tightest
plied for or approved.
About
:*Y,';yY%YY"Y. yYy./ produced
Feb. 1 an experiment in producing steel products.
special reserve on bank premises,
as against deductions of
$1,604,000
1942.
in
-
civilian goods in three areas on a
limited scale is scheduled to start.
"Shortly/ after
the
Steel1
adjourned
the
meeting
of
Committee
Advisory
last week,
WPB
an¬
nounced that it had recommended
the Defense
to
ination
of
Plant Corp. term¬
work
on
steel
seven
"Tin
lines
considerably
give them a lot of it without in¬
quarter schedule is
"It's got to be that way," he creasing the size of the present
being met closely, but no word has said, "because automobile manu¬ car.""
electrolytic
First
lower.
reecived
been
which
ter,
to second
as
expected
:
is
little change.
quar¬
"Idle and
got to
steel from
excess
facturers
tied down to
are
lot of
a
show expensive tools. Moreover, they've
to
'
war
fast with
move
a
new
car,
and you
of
Mr. Stout predicted that the car
the future will be "half way
between
the
present
car
and
a
net earnings for 1943
the Reserve Bank paid dividends
of
$3,280,000,
transferred
$12,-
7 and 13-B of the Federal Reserve
Act, and
Treasury
paid
the United States
$18,000 under Section
13-B of the Reserve Act.
A year
the Bank paid dividends of
$3,184,000
and
transferred
$1,ago
350,000 to surplus.
The Bank's
surplus at the end of 1943 stood
at
station
can't do it if you have to
wagon." %%!%%%;.
$70,012,000,
compared
with
%
plants is becoming a factor in the retool completely.
"It will be powered by a small, $58,001,000 at the end of 1942.
But if they
market, especially to warehouse¬ mistake the period of brisk de¬ air-cooled
airplane engine," he
During 1943 the total assets of
posed cutbacks showed the severe men, though much of it is in mand right after the war as some¬ said. "It will give you better econ¬ the New York; Federal Reserve
decline in demand for alloy steel forms and analyses difficult for thing permanent instead of tem¬ omy—22 to 25 miles to a gallon of Bank increased to
$9,537,938,000
Estimates as to
over
recent months.;, September them to handle.
porary, in my opinion the whole gasoline. It will be a lot lighter. on Dec. 31 from $9,048,863,000 ore
We should be able to make a car Dec.
industry will be sunk."
output at 1,024,000 tons was about tonnage vary widely.
31, 1942.
Reserves declined
plant expansion projects.
;
"Figures
released
simultane¬
ously with the news of the pro¬
■
1942 models.
From the
"Little
-
200,000
below
tons
the
peak
-reached last March and in Decem¬
ber production was down to about
800,000 tons.
*
'
v j
"Several leading steel companies
recently have taken steps which
will help protect post-war ton¬
nage in an important consuming
-field, the steel barrel industry;
Acquisitions by Bethlehem Steel
Corp. and U. S. Steel Corp. have
been
announced
during
recent
months.
Previous
acquisitions
placed Inland, Republic and J. &
L. among the steel makers operat¬
ing barrel concerns. National out¬
effect
felt
is
the
from
industry
market
automobile
in pig
sufficient
Melters
iron and supply is
meet
to
Many
has
than
seeking
safety in
possible recently,
of convenience and
of
case
a
somewhat
is
Melt
' ;
"The Government's recent
move
permitting steel companies to use
more
low alloy scrap in carbon
steel heats does not
to
cause
use
appearjikely
substantial increase
a
in
of this overabundant material.
Meanwhile,
unofficial estimate
and steel scrap con¬
an
places iron
sumption in 1943 at approximately
55,900,000 gross tons, a total 4%
greater than the previous peak of
53,807,000
1942."
The
in
:V;/V:v
gross tons consumed
f1./•",/-/
American
Institute
on
and
Iron
Jan.
24
Steel
announced
that
telegraphic reports which it
had
received
foundries
rise in price.
restricted
in
because
1943 War
Expenditures
War
expenditures by the United
Government in
1943
$85,135,000,000,
to
amounted
as
the $52,406,000,000
1942, an increase of
S21//2%, the War Production Board
compared
The
to
on
1942,
$169,100,000' to
The daily rate is
the 310 days in 1942 and
on
that
the
the
312
days
-•hecks
were
1943
in
cleared
which
on
by
.
of
^products
his
company
sold
year ago.
Associated Press advices from
"The
is
Roosevelt
"Steel" of Cleveland,
in its
sum¬
of the iron and steel. mar¬
kets, on Jan. 20 stated, in part, as
follows:
"Various changes in the
mary
war
program
continue
to
bring
cleared
flirting with
Cleveland, went
revolution when
a
able from
net
war
appropriations and
outlavs of the
Finance
Reconstruction
Corporation and its sub¬
sidiaries for
war
purposes."
on
"How will
we
ever
have
a
new
world
tomorrow," he asked at
war," the Cleveland News quoted
week
end
Mr.
the
the
men
Jack
diers
jobs
our
home
come
are
the
saying.
"Our sol¬
coming home expecting
as
in American
factories will
dime
from
for
the
factories.
be
not
But
left
to
year
$6,001,376,000
$6,930,038,000, while hold¬
ings of U. S. Government securi¬
to $3,000,110,000 ore
31,
1943,
comparing with
*$1,697,229,000 at the end of 1942.
Total deposits on Dec. 31, 1943,
were
$5,320,745,000, against $5,-
period.
post-war
home
to
nation's
the
worst
history."
Asked
whether
mess
the
in
Y\v VYY'YYvyYJack
&
Heintz
suspend
operations after
the, war, Mr. Jack replied:
"It certainly will not.
We've
just been called to the rescue of
equipment
Of
course
for
the
big
we'll
go.
We wouldn't
bomber.
think of halting now or ever.
"We need additional capital
that date
Mr.
with
was
adding:
Jack
a
coupled his challenge
heading for
government
ship greater
a
that
than
America
socialized form
and
any
a
dictator¬
ever
company
which is
a
tinue
office?"
in
seen.
profit and loss ac¬
1943, together with 1942
:YY;Y/
figures, follows:
a
banquet, "if
thousands of dollars):
A-Y-Y
-Yy--YY
Earnings
Net
expenses
dictatorship, is to
1943
1942
$17,998
$14,078
10,034
8,880
$7,964
$5,198
$10,217
$967
con¬
to
Additions
current
net earnings
Dec.
Cotton
The
Census
ington
Consumption
Bureau
Jan.
on
14
at
issued
the
United
hand,
for the
its
cotton
cotton
month
of
additions
net
from
109,987 bales of linters in Novem¬
ber. 1943, and with 935,870 bales
of lint and 108.457 bales of linters
cotton
4.271.407
751
706.523
bales
bales
a
There
lint
of
lint
of lint
year
was
and 553,against 4-
and
in the
575 462
482
7
,
v.
Total
Net
Paid
deductions
earnings
United
same
five
i_»_
—'
J.
to
to
of
ginning
of
$18
$34i
3,280
3,184
13bV.-Y—--Y
surplus
7)
$58,001
year
(section
1,350
be¬
above——
as
22
.
nil
(section
Addition
$4,568
surplus^
7) '
(section
Surplus
,Y>
paid
Transferred
Surplus
$1,604
States
Treasury (section 13bV
Dividends
$2,878
$15,331
$56,651
1,350
12,011
7). end
year
~
$70,012
$58,00L
ago.
2,400.170 bales of
457,919 bales of linters
hand
in
on
compares
consuming establish¬
Dec.
31.
1943.
which
with 2,388,772 bales of
lint and 437.930 bales of linters
Nov.
$1,122
482
were
and
ments
ending with
linters,
of linters
months
on
of
——
All other
Transferred
consumption
bales
bales
$2,389
on
premises
(section
December, 1942.
31.
$974
amounted
852,016 bales of line and 107,bales of linters, as compared
with
858,813 bales of lint and
Dec.
7
$10,245
current
system
reserve
bank
to
In the five months
28
earnings:
Retirement
Special
559
in
U.
Sees.
i.__
_..
Deductions
on
spindles
December.
consumed
cotton
of
Government
other
Total
re¬
of December.
month
the
1943.
States,
active
and
S.
All
sales
on
Wash¬
port showing cotton consumed in
30,
bales: of
declaration
Bank's
present form of government,
In
might
The
count for
Profits
going to think when they are of¬
fered, new and glorified WPA
jobs? I tell you they are coming
of
845,664,000 at the end of 1942.
a
,
figures include checks
by the Treasury and pay¬
during the
from
The
following is the Bank's
The.
during 1942.
profit and loss account for the cal¬
to say:';;Y.; Y'yy' Y;
endar years
1943 and 1942 (in
Government
administration
the
"These
,
weigh
after the
war.
the
.
one
base
pounds
craft parts, said on Jan. 14, according to the Associated Press, that the
Roosevelt administration was "flirting with a revolution," as he com¬
mented on a War Department order to reduce by $7,000,000 the cost
of
$10,000,000 to $15,000,000 for our
safety.
operating rate of steel companies Treasury.
My
auditors
tell
me
I
; „
'
have about $600,000.
having 94% of the steel capacity
I'll put that
The WPB announcement added:
of the industry-will be 99.4% of
"During the month of December in, everything I have, to carry on.
We'll ask associates (employees)
capacity for the week beginning expenditures
for
war
purposes
Jan. 24, compared with 99.0% one amounted to
We'll do our
$6,951,000,000, a de¬ for subscriptions.
week ago, 86.3% one month ago crease of 10.8% from the
■
high of part."
and
97.4%
one
It was further reported from
ago.
The $7,794,000,000 in November.
year
operating rate for the week be¬
"The
daily rate in December Cleveland on Jan. 17 that Mr.
ginning Jan. 24. is equivalent to averaged $267,300,000 as compared Jack stated that he will fight in
1,727,900 tons of steel ingots and to $299,800,000 in November. The the courts the $7,000,000 Treasury
castings,
compared to
1,720,900 daily rate is based on the 26 days Department
contract
renegotia¬
tons one week ago. 1,504.200 tons
n
each month on which checks tion assessment made against his
one month ago, and 1,686,700 tons
were cleared by the Treasury.
company, the Associated Press on
indicated
wheel
2,000
W. S. Jack, President of Jack & Heintz, manufacturers of air¬
;T
.
from
$272,900,000.
based
Y
■
daily rate of war
in 1943 rose 61.4%
average
expenditure
aver
Jan. 15.
than
less
y
For Socialized Form Of Government
exoended in
announced
125-inch
with
Sees Roosevelt Administration Headed
What do you think these men are
it 381.1 BilEicns
States
the
Dec.
and
shortage
of
ties amounted
to
been
matter
a
are
consumers
ahead
industry in engineers
developed.
inventory somewhat higher
build
as
rush to buy has
no
far
as
en¬
tire quarter instead of the single
month allowed under allocations,
but
is
demands.
all
covering for the
are
of man-power
limitations against
production of civilian goods.
put of drums in 1943 was about
"Scrap supply
in general is
10,000,000 units over the 1941 level
of around 18,000*000 units. Heavy ample for all needs, and in some
demand from the Navy is a fea¬ grades a surplus develops occa¬
ture of this market recently, with sionally."
the cold rolled sheets being fur¬
nished with oxidized finish.
Mr. Stout said that thC aviation
change from allocations to a free
on
1943, and with 2.549,911
lint and
502,412 bales
of
with 12,936,375 bales of
compares
lint and 51.783 bales of linters
Nov.
on
30, 1943, and with 13,573,163
bales
linters
of
lint
on
There
and
Dec.
were
83.676
31,
bales
1942.'
22,596,322
of
'
cotton
spindles active during December,
1943. which compares with 22,active
cotton
spindles
storage and '.623,406
at compresses oh Dec. 31, 1943, I during November, 1943, and with
there ware 12.649.909 bales of lint '22,923,406 active cotton spindles
and 60,879 bales of linters, which. during December, 1942.
linters
On
on
Dec. 31. 1942.
hand in public
Changes In Holdings Of Reacquired Stock
Of H. Y. Stock & Garb Listed Firms
changes in
Department of Stock
A
List:
Per Latest
Reported
Report
Ice
and
Armour
2,212
Co., common
Atlas
Corp.,
1
Barker
::,A
cumulative preferred—-——
5 V2%
General
I.)
(J.
Case
Co.,
capital——
Corp.,
Chicago Mail Order Co.,
deNemours & Co.,
I.)
(E.
Trailer
Fruehauf
Co.,
Motors
General
Corp.,
Nov.
20 +A_;
100
Nov.
27
Dec.
4
——
preferred
Department Stores, Inc., 7% preferred——.
Jewel Tea Co., Inc., common——.—i
4V4 %,
preferred
—
a
Keith-Albee-Orpheum Corp., 7% cm. cv. preferred—
Corp., The,
Madison
Mead
common.:
Steel
National
cumulative
Norfolk
and
Pullman
capital:
Inc.,
Oil
Corp.,
Texas
Co., The,
Transamerica
,
United
States
United
United
Vick
Co.,
States
Plywood
Corp., common—
States
Rubber Co.,
Chemical
&
Co.,
Preferred
.
(1)
28
29,200
(4)
Acquired
in
Marion,
cm.
issued
3,937,524
+ 16.0
3,475,919
1,563,384
3,975,873
+16.0
3,495,140
1,554,473
1,840,863
1,860,021
standing,
3,655,926
+ 17.5
3,234,128
1,414,710
1,637,683
portant
4,295,100
1
8
1944'
1943
4,337,387
3,779,993
51,000
1,200; disposed
100;
1944—
.
,
,
Jan.
Curb
AAA
7,090
6,940
20
443,939.90
440,838.25
33
34
792,812
813,925
1,217.992
1,218,000
17—
■■■Ay
15
13—'
1,950
18
20,600
20,800
97,695
103,295
■
\ :
covering
■
1,552.4211
Milk
purchase of Fluid
Business
the
following list
Convertible
American
A
&
Lt.
A
opt.
div.
116.22
111.07
100.16
104.14
118.40
116.22
111.07
100.16
104.31
113.31
119.58
111.25
118.40
116.41
111.07
100.16
104.31
113.31
116.41
119.58
111.07
118.40
116.22
111.25
100.00
104.14
113.31
116.41
119.55
111.25
118.60
116.41
111.25
99.84
103.97
113.31
119.55
111.25
118.60
116.41
111.25
100.00
104.14
113.31
116.61
119.57
111.25
118.60
116.41
111.25
99.84
103.97
113,31
116.61
118.60
116.41
113.50
A
optional division series_.l
General Corp.,
common
^
Writing Paper Corp., common
American
104.14
111.25
118.60
116.41
111.25
99.84
104.14
113.50
116.41
111.07
118.80
116.41
111.07
99.68
103.97
113.50
116.41
Automatic
ivi
119.63
111.07
118.80
116.41
111.25
99.36
103.97
113.50
116.22
119.69
111.07
118.80
116.41
111.07
99.36
103.97
113.50
116.22
Corp., capital__„—
Cooper-Bessemer Corp., $3 prior preference—
Coro, Inc., common.
A.
v
Dejay
Stores,
Inc.,
-
;
24,
19J——
;
$3
A.) Co., 4',+
convertible
Common
Gellman
10,869
Hearn
stock
—.
Manufacturing Co.,
common
Inc., 6% preferred—IIIIIIIII'
Corp., A common.———.
,___II~I'
common....
Mock,
Judson,
North
Central
Voehringer
Co.,
there
is
Republicans to take Stalin's
118.40
116.22
111.07
99.20
113.50
116.22
in
110.88
103.64
name
119.59
119.50
110.70
118.40
116.22
.110.88
99.04
103.47
113.50
116.02
119.48
110.70
118.20
116.22
110.88
99.04
103.30
113.31
116.22
111.25
118.80
111.25
100.16
104.31
113.50
116.61
110.70
118.20
116.22
110.88
99.04
103.30
113.31
116.02
120.87
111.44
119.41
117.00"
111.81
99.36
103.47
114.27
117.40
116.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81-
114.46
117.05
108.52
117.40
114.85
109.60 '
94.41
98.88
112.37
115.24
Sterchi
5%
Bros.
2nd
Stores,
Inc., 6%
convertible
106.92
Cigar-Whelan
Stores
preferrerrr'~:~~rr~"","!"
Corp.,
common
Utility Equities Corp., $5.50 div. prior stock
■
on
113.70
Prices)
Closing
Corporate by Ratings
Aaa
rate*-
110.52
A
Aa
v:,
Corporate by Groups*
R. R.
P. U.
Indus.
1.86
3.10
2.73
2.83
3.11
3.74
3.49
2.99
2.83
1.86
3.11
2.73
2.84
3.11
3.74
3.50
2.99
AA 2.83
1.86
3.11
2.73
2.84
3.11
3.74
3.49
2.99
2.83
1.86
3.10
2.73
3.74
3.49
3.75
3.50
3.51
2.99
2.82
18_
1.86
3.10
2.72
2.83
3.10
U 3.75
3.50
2.99
2.82
17
1.86
3.10
2.72
2.83
3.10
3.76
3.51
2.99
A
2.99
A
2.83
.
2.99
1.86
15
1.86
—
1.86
-
1
2.82
3.10
:'A
3.10 ►' f
2.72
3.76
3.50
2.98
3.10
2.72
2.83
3.10
3.76
3.50
2.98
3.11:
2.71
2.83
A 3.11
3.77
3.51
2.98
10
5
10,000
4_
10,312
3
:
A
A; 33,200
20,600
20,800
1,500
None
680
910
660
715
1,368
18.464
942
1,042
12,213
•
3.11
3.78
3.51
2,98
2.83
2.83
3.10
3.79
3.51
2.98
2.84
2.83
3.11
3.79
3.51
2.98
2.84
what
2.84
der.
2.83
3.11
3.79
3.52
2.72
2.83
3.11
3.79
3.52
2.98
2.84
1.85
3.12
2.72
2.84
3.11
3.79
3.53
2.98
2.84
A
1.86
3.12
2.73
2.84
3.11
3.80
3.53
•1.86
3.13
2.73
2.84
3.12
3.81
3.54
1.87
3.13
2.74
2.84
3.12
3.81
3.55
3.81
3.55
1944_____
1.85
EXCHANGE
4
2.74
2.84
3.10
2.71
2.83
i.
3.10
3.74
3.49
goodwill had been reached.
2.99
2.85
2.98
2.82
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
2.68
2.80
3.07 •;<
3.79
3.54
2.94
2.78
2.06
v; 3.25
24,
A,
;■
2.78
2.03
1942_
3.34
'A
2.91
' '''■
2.84
A
3.19
4.11
.
•
...
•
3.30
2.95
-Y'i'V*
4.28-
2.89
3.04
,
.
3.92
"...A
>f yield
n
a
more
comprehensive way the relative levels and the relative movement.
the latter being the true picture of the bond market.
/ . ' >
tThe latest complete list of bonds used in computing these indexes; was published
the issue of Jan. 14, 1943, page 202.
'
!
averages,
.
not
ness
politician, just a busi¬
a
a::A
man.
"I
In5^ent
^ sj:art of the Fourth War
on Jan
nnn
000,000
TrllcHx
Treasury
in
Loan Drive for $14,000,-
18, Allan Sproul, President of the Federal Reserve
bills
^ urges banks t0 invest temporarily
other
or
idle funds in
appropriate short-term securities.
Mr. Sproul
c.^s to banks an^ trust companies states:
acroiint^fnr
fhAGr,ar^
^°^r+euServe re(5uirements with respect to such
accounts
lor the
period of the
uC.a
war^*
and
this
in
a
for
six
months
transfer will
decline
serves
of
accounts
excess
the
and
in
the
banks
an
thereafter,
normally result
reauired
re¬
having such
increase in their
reserves.
——
—
"As the experience of banks in
connection
Third
of
War
the
Loans
Second
has
will
Government
be
only
funds
in
and
demon¬
excess re¬
temporary.
war
loan
the
banks
will
in¬
crease.
Tuesday, Jan. 18—
Wednesday, Jan. 19_
Thursday, Jan. 20—
circumstances,
arily idle funds, in Treasury bills
or
other appropriate short-term
Treasury
bills
are
particularly suitable for this pur¬
pose
rate,
because of the fixed buying
with
a
repurchase
established for them
eral Reserve Banks."
option,
by the Fed¬
Jan. 21—
Saturday, Jan. 22—
Friday,
:
——
Jan.
Tuesday,
Jan. 25——
Two
weeks
Month
24
ago,
ago,
;
Jan.
ago,
Jan, 25
1943
High,
April
Low,
Jan.
High, Jan.
1———
2
22_
Low, Man. 5—
■
,
"Mr, Blank, we
,
to
visit
This
us
also
us.
taken
But. Mr. Roosevelt
but
prised if Stalin is annoyed
247.4
247.8
247.7
247.8
man
who
plays
at
without
so
much
with
a
revolution.
Why doesn't he go ahead
it
is
wouldn't be .sur¬
know,
247.4
we
at
don't
.We
247.2
247.3
'
slap
a
as
aristocrat.
an
don't
You
aristocrats."
as
was
Churchill.
like to have you
and have
indirection,
247.5
11
24
Dec.
Year
1944
^
——
Monday,
turned to
Stalin
Subsequently
him and said:
he
■'
.
Moody's Daily
;
Commodity Index
banks
the
.
quoted Stalin as saying. -
come
urged to invest these tempor¬
"In
are
securities.
with
strated, this increase in
serves
reserves
,;Vv
politicians,"
like
don't
Americans
deposit accounts will be drawn
down gradually, private deposits
will rise again, and the required
our
Moscow
to
throw some light on Stalin's
He explained that he
may
-y
♦These prices are computed from average yields on the basis of one "typical" bond
.3%%-coupon, maturing in 25 years) and do not purport to show either the average
evel or the average movement of actual price quotations.
They merely serve to
of
one
visitors
attitude.
2.97
3.14
of
experience
distinguished
was
..
3.82
.
A'.'A
and
understanding
that;
joicing
2.84
3.09
V A, ."
this at the
to say
reason
2.85
1.79
1943-
No
Polish bor¬
narticular time when we were re¬
The
A
3.12
the
constituted
2.84
2.08
illustrate in
Invesimenf In War Loan Of Idle Funds
2.99
ligh 1943
Jan,
:
2.98
2.98
.
Low
2 Years ago
11,100
2.98
that
said
slyly
mistaken about
to be
seemed
we
A'
CLOSED.
3.13
1 Year ago
17,559
10,900
2.83
2.71
2.72
of v his being a national
His Ambassador in Mexico
City, jOumansky,
2.71
3.11
kicked
he
recall,
will
you
.2.71
3.11
25,
If
Mr. Hull in the cants right at the
3.11
1.87
Jan.
politicians perform.
He
considers that if we
our crazy system they
wouldn't have to do that way. I
our
way
didn't have
3.11
STOCK
impression
contemot for the
a
orobably
3.11
1.85
1943
that Stalin has
height
1.85
1—
managers
Yet, the relief to them is likely
to be only temporary. A Something
else like this is sure to come along.
hero.
2.83
8.
—
Term
glad it has blown over.
are
1.86
'
Fourth
his
the thing
Mr., Roosevelt
therefore
and
and
1.85
High 1944—
Low
"Pravda" article pointed
up
2.83
7—
6
17,307
33,000
1,268
1.86
12—
A" 11.—A—
in
him
discuss
or
and thus help the realiza¬
tion develop, so it will apparently
have
to
come
slowly.
The
any way
2.82
'
2.83
vain
the part
on
.2.83
,
'
13—
reluctance
a
You, can't escape the
*
Baa
3.76
24.824
12,208
^
Avge.
Corpo¬
97.31
3.10
9,950
preferred-
Individual
U.S.
91.91
YIELD AVERAGES
BOND
Govt.
107.62
114.08
116.22
MOODY'S
(Based
3.10
24,324
r"T"~
'
__.11""*"""""""*"
—
Chemicals, Incrr$3 part.
United
prio7~stockI~""~""~
-
3.11
11,755
preferred
preferred
Sunray Oil-Corp.,5'/a#Trunz,- Inc., common.
United
1st
114.41
2.84
11,105
16,867
!
common
Brothers,
CLOSED.
119.71
119,48
2.83
24
to
Term
of the
2.83
214
Fourth
116.22
2.73
23
Mr. Roosevelt's
aspirations.
But
embarrassing
116.22
2.72
>.
was
this score
because
it
was
something
on
which people generally could nut
their fingers and conclude "We
are being kidded somewhere."
As
it is, it would seem that develop¬
ments in Eastern Europe, in them¬
selves^ will sbbner or later bring a
realization to the American people
on
116.22
3.11
212
10,212
IncI, ~c~o~mmon~III'
Texas
Oil Co., Inc.,
Inc., common
Selected Industries, Inc., $5.50 div.
Seeman
7,189
y
...
Department Stores,
Corp.,
29.463
6,989
I—IIIIIIIIIIIII"!
J
Ken-Rad Tube & Lamp
Knott
55,073
24,663
It
use.
113.50
113.50
'
54,423
political
embarrassing
very
113.50
3.10
14
two
103.80
103.80
99.36
111.07
1.86
•
the
on
between
103.64
116.41
118.60
1.86
■
18,706
9,754
relations
99.36
21
19,833
18,506
convertible preferred—:
—
None
19,633
Manufacturing Co., A common
———III
Equity Corp., $3 convertible preferred——„— ~
Esquire, Inc., capital—
—_L—_„
(Geo.
1,400
208
it, not that it bore
future
99.36
A
20—A—_
embarrassing
111.07
—
None
Dennison
Fuller
25
*
,
was
111.07
22
400
about
>
is what
116t41
Bonds
40,862
A
That
11Q.22
Averages
24—
a sudden, the "Pravda"
figuratively kicks him in
118.60
1944—
„None
Then, of
118.60
117.38
1942_
Fourth
Roosevelt's
sailing seemed to be going
along smoothly, indeed.
4
1943_
25,
385,113
I_III
—A,—IIIIII
common
Mr.
im¬
so
understands
111.07
111.07
STOCK EXCHANGE
—
Stalin
110.88
iW"
783
,
that
Term
be
to
seems
119.69
119.71
-
he* persuaded
119.65
—
37,762
Products
111.25
n_
382,569
II„
116.61
99.84
119.57
119.57
Daily
Report
•.
116.61
116.41
1943
None
2,800
116.41
113.50
1943
Jan.
Shares
2,835
1936_:
ser.
116.41
118.40
118.40
2 Years ago
Per Latest
Reported
preference——
Corp.,
113.31
111.25
103.97
dlgh
Jan,
convertible
Pw.
116.41
Indus.
•99.52
1 Year ago
issued
113.31
111.07
1944
Jan.
P. U.
104.31
116.41
1
Low
R. R
118.80
High 1944
.
Baa
100.16
111.07
5—IIIII
.A
has
It
that
domestic
Corporate by Groups
A
111.07
111.07
111.25
that
But
abilities
because they are very
definitely grooved and not to be
turned
by hokum designed for
Yields)
Aa
Aaa
rate*
Stalin
peoples,
Average
119.60
7_
1,551.9065
on
111.07
fully listed securities which have reported'changes in
Inc.,
are
A
8
7.856.9414
'■ .y'
A^ A; AA\ "
Company and Class of Stock-
Cities
averages
12
10—.—
7,836.1753
Shares
Investors,
yield
119.58
119.57
14
(5)
7,062
p
.
—
'A;vV 18——
None
AA; 450
—
19
54.681
:
None
Previously
American
bond
and
119.54
their holdings of reacquired stock:
Air
1,717,315
119.57
__
21
"A'v
A
Exchange
1,733,810
1,736,721
1,588,967
116.41
25
22—
retired 3,325.
York
1,602,482
1,598,201
3,440,163
Corporate by Ratings
Corpo-
Bonds
3
'
.
14.0
Avge.
Govt.
24—
90.7
,
U. S.
Daily "
Averages
9,690
89.5
„
(Based
•
of 1,200.
14.8
Moody's computed bond prices
given in the following table:
32,469
9,300
17
^-v
shares
3,472,579
3,450.468
+ 15.6
+
Fourth Term.
a
statesmen
Stalin to meet him and then per¬
suaded him to reach an under¬
us,
1929
1,542,000
1,619,265
3,288,685
+14.7, v
3,952,587
4,567,959
——_
4
,
A
1932
1942
1943
over
Moody's Bond Prices And Bond Yield Averages
J -A
■
Low
Acquired
of
4,566,905
4,612,994
1,718,002
1,806,225
1,518,922
■A- A
Ohio.
Acquired
of issuers
11
18
25 —_
NOTES
690
(6)
New
1,510,337
% Change
7,907
'
•
6,922
pfd.——
cv.
of 250.
(5)
The
3,339,364
3,414,844
22,500
15,500
—
disposed of 16.
5.690;
1,475,268
+ 17.4
Week Ended-
A; 1,680
12,784
.
disposed
54;
4,845
11,384
^
—.
Acquired 3;
3,373
10,373
32,569
L__.,
Acquired 7,000; cancelled 48,900.
(3)
3.247,938
+16.9
Jan.
30,000
.
3,217
7,212
;
Inc., 6%■
' aaAAAA v'r:.
'
Acquired
(2)
.
...
——
+18.9
3,766,381
3.883.534
the pants.
—:
common
common
■V;"'
'
•
3,795,361
4.403,342
4.560,158
y
possibly
is his
persuasive
good
so
article
preference
prior
are
His
1,450
55,049
capital
Co.,
Willys-Overland Motors,
Wilson
The,
did.
2,506
—-
preferred
FD
4,513,299
—
MOODY'S BOND PRICESt
—
Leather
3.347,893
1,798,164
1,793,584
1,818,169
1,400
._v:
cumulative
+18.7
1,520,730
1,'531,584
2,546
common———
5%
.
3.368,690
3,952,479
20,700 /
—————.
Co.,
Corp.,
3,775,878
+ 17.3
3,974,202
— — _—
capital
Corp.,
Aircraft
United
1942
over
4,539,083
1,730.
capital——
.United States Gypsum
1942
3,761,961
foreign
about
the hardest nut to crack.
4.531,662
'
.
the
15
—
capital
Of
was
22_—
—J
A
common—
Inc.,
Sterling Drug,
—
1943
4,413,863
4,482,665
un¬
foreign
can't
else
principal bid for
1929
1932
1941
Presi¬
these
he
anybody
Jan.
Purity Bakeries Corp., common——.,.
Radio-Keith-Orpheum Corp., Jpreferred—'———
Safeway Stores, Inc., 5% cumulative preferred
Schenley Distillers Corp., 5Va^ cumulative preferredSinclair
tell
Jan.
20,900
with
that
statesmen
14,7
15.6
14.8
Jan.
-
adj. preferred
—
A
(Thousands of Kilowatt-Hours)
6,471
None
the
This contention that he has
derstandings
9,711
—
preferred—
Railway Co.,
capital—
Co.,
Dec.
6
and Dry Dock Co.—
convertive
Western
Oil
Plymouth
Dec.
Dec
810
14,700
for
15.4
873,409
•A
preferred——---.
AC/
30.7
6,121
capital,——
Corp.,
Newport News Shipbuilding
$5
67o
Department Stores Corp.,
29.4
■
V
8,211
Corp.,
National
18.1
32.9
un*
dency.
18.8
20.1
who
for the Republicans to
candidate
a
848,524
——_—
Square Garden Corp., capital——
preferred $5.50 series B
5.9
run
3,300
Interstate
Lehman
V
It was
the
630
cumulative
$6
1,450
720
common.
common
Inc.,
Brothers,
GimbeJ
16,750
2,748
4.6
12.8
14.0
Week Ended-
3,325
2,448
8.2
1943
16,450
11,830
8.3
% Change
13
75,475
A:;.
A 14.9
29.9
not replace a man
sort of silly
5.0
16.1
11.5
,V'.\A
—
Corp.,
—_—
...A
6.4
17.4 AAA
16.7
——__J
■
Nov.
None
told.
were
'
9,149
11,186
10.3 ;AA
6.2
.
DATA FOR RECENT WEEKS
(6)
we
language of Stalin
and whose language was under-r
stood by Stalin in return.
It was
Jan. 1
Jan. 8
A.AAA6.0AA;-:
14.5
•hp
9.9
Total United States
42,015
47,275
A.
(4)
36,120
series—
:
.—J—
common
Transportation
American
••
A
13.0
>
_
Pacific Coast
Nov.
v
+
'
—
Rocky Mountain—
None
8,659
—
preferred
convertible
57v
General
7,281
40,569
5,000
•
common
capital
Co.,
Boat
7,031
40,269
-
Ltd., cum. pfd. 5"!o
Distillers Corp.-Seagrams,
Central
West
A' 1,127
1,208
-
common——
Davega Stores Corp., common
5%
cumulative preferred—-————
Electric
500
—
prior preferred—.
capital
.
Copperweld Steel Co., 5%/ cum. cy. preferred-Cuban-American Sugar Co., The, SVa % cv. preferred—
duPont
92,958
None
i
Southern States—
58,332
■
87,958
cum.
Chicago Yellow Cab Co., Inc.,
A
So
derstood
Wepk Ended
AA Jan.15
'5.3
3.2 :AA- AAA
Jan 22
-
•
common—
Pneumatic Tool Co.,
Chicago
7,371
14,606
58,032
Belding Heminway Co., common...—
Co., The, capital—
&
7,370
13,926
(3)
■;..
PREVIOUS YEAR
OVER
INCREASE
—;
Central Industrial
None
13
could
period of 1942.
Middle Atlantic
44,567
31,543
•
.
43,235
V.
minds.
esti¬
a darned good thing we had a man
and
like Mr. Roosevelt who could ac¬
power industry of the United States for the week ended Jan. 22, 1944,
complish these things.
And it
was
approximately 4,531,662,000 kwh., compared with 3,974,202,000
followed that we could never let
kwh. in the corresponding week a year ago, an increase of 14.0%.
him
go \because
manifestly we
The output of the week ended Jan. 15, 1944, was 14.8% in excess
The Edison Electric Institute, ih its current weekly report,
that the production of electricity by the electric .light
Major Geographical DivisionsMew England
:
:
.A
A,A None
Washington
(Continued from first page)
they had a perfect meeting of
mated
12)
5
657
Output For Week Ended Jan, 22,1944,
Shows 14.9% Gain Over Same Week Last Year
PERCENTAGE
1,300
.-A 41,522
Borden
Carriers
700
common—
Corp.,
Bros.
None
43,200
3Va
—
common—————
Powder Co.,
Atlas
79,700
From
Electric
of the similar
3,212
A +
79,600
-----
cumulative preferred-—
5 7o
►
i
common—__———
Investment
'Associates
.
preferred——
6%
Co.,
Co.,
(1)
2,350
2,546
Allegheny. Ludlum Steel Corp.,'common™.—.————
Stores Corp., 5A
preferred———,
American-Hawaiian Steamship Co., capital—
American Hide and Leather Co., 6%>
cm. cv. pfd.-—;—
Allied
American
Shares
Shares
Previously
Stock—
Company and Class of
held
the arriount of stock
tabulation of companies reporting
heretofore reported by the
following
Jan, 18 the
on
issued
The New York Stock Exchange
as
Thursday, January 27, 1944
THE COMMERCIAL & FINANCIAL CHRONICLE
434
—
246.4
244.4
249.8
240.2
247.8
247.0
Stalin may think.
revolutionist,
might
feel
omu+onrc
As
you can
a
first class
see
that he
'contemptuous
of,
Volume
Civil
THE COMMERCIAL
Number 4250
159
Engineering Construction $25,500,680 For
Week—Private Work Gains Over 1943 Week
Civil
engineering construction volume in continental XLS. totals
$25,500,000 for the week. This volume, not including the construc¬
tion by military engineers abroad, American contracts outside the
country, and shipbuilding, is 74% lower than a week aeo, and .62%
below the total reported for the corresponding 1943 by "Engineering
News-Record" on Jan. 20, which also added:
" ■
Private construction
declines
12%
from
a
is
up
week
30% compared with a year ago, but
Public construction is 67 and 78%
ago.
lower, respectively, than last
and last week.
year
& FINANCIAL CHRONICLE
435
anthracite caused the fuel and lighting materials
group index to rise
0.1%.' Average prices for petals and metal
products declined 0.1%
quotations for quicksilver weakened because of
large supplies for
which there was little demand.
In the building * materials
noted
group,
higher prices for rosin and turpentine were offset by lower
prices
sewer pipe and the
group index remained unchanged."
The
following notation is made:
A/1-.'A.-'A,
taken
a
>
Jan.
21,'43
$67,930,000
3,497,000
64,433,000
3,426,000
61,007,000
Total U. S. Construction—_
Private Construction
Public Construction
♦
;
.
State
and
Municipal——
Federal
V
Jan. 13,'44
Jan. 20,'44
$98,680,000
$25,500,000
5,145,000V"*v
4,542,000
93,535,000
20,958,000
'
965,000
1,095,000
•
p*, 92,570,000
19,863,000
In the classified construction groups,
gains over last week are in
sewerage, industrial buildings, and earthwork and drainage. Increases
over
cial
the 1943 week are in sewerage, bridges, industrial and commer¬
buildings, and earthwork and drainage. Subtotals for the week
in each class of construction are: 1 waterworks, $497,000; sewerage,
$453,000; bridges, $114,000; industrial buildings, $1,357,000; commer¬
cial
building and largerscale private housing, $3,009,000; public
buildings, $15,384,000; earthwork and drainage, $310,000; streets and
roads, $841,000; and unclassified construction, $3,535,000.
New capital for construction
175,000,
a
gain of. 326%
financing is made
over
a
All
/
ago.
1944 to date, $143,796,000, com¬
with $3,066,000 for the opening three-week period in 1943.
DecemberCivil Engineering Construction
$ 176,400,000-Privafe Work Tops '42 Month
:
Civil
engineering construction volume in continental U. S. totals
$176,460,000 for December, an average of $35,292,000 for each of the
five weeks of the month. •? This average volume, not
including'the
construction by military engineers abroad, American contracts outside
the country, and shipbuilding, is the lowest reported to
"Engineering
News-Record" since September, 1935. It is 31% lower than the aver¬
age for the four weeks of November, 1943,'and 53% below the average
for five weeks of December, 1942.
The report made public on Jan. 14
went
on
to say:
A
+ 0.1
+•
1.4
122.1
121.9
122.1
121.8
116.6
+0.2
+ 0.2
+
4.7
104.8
104.6
105.1
105.7
104,8
+0.2
—0.9
—
117.9
117.9
117.9
118.4
97.2
97.2
97.2
97.2
96.7
0
0
lighting materials—.;
+
0.5
*82.7
*82.6
*82.6
*82.6
80.1
+ 0.1
+ 0.1
+
3.2
103.8
*103.9
*103.9
*103.9
103.9
—0.1
—0.1
113.4
113.4
113.5
113.4
100.4
109.3
100.3
100.3
99.5
104.4
104.4
104.4
104.4
104.1
leather
A
'
.
products
products
Chemicals and
allied
Kousefurnlshing
products—
goods
Miscellaneous commodities
Raw
materials
—
Semimanufactured
articles
All
commodities
farm
All
other
farm
'Preliminary.
•
110.0
93.0
93.0
93.0
93.0
90.5
*112.1
*112.3
*112.1
107.6
93.1
93.1
93.1'
92.5
*100.4
*100.4
*100.3
*100.4
100.3
93.9
*98:9
*98.9
*98.9
98.3
97.9
'97.8
*97.8
*97.8
96.3
1943
0
reports
Dec.
31.
total
of
1942
of
This
decline of
a
0
—
0.4
—
has been
riod.
$203,300,000, and
total of
1943—
3.1
finance the
0
+ 0.1
0.9
0
0.3
manufacturing
0
2.8
country
0.2
4.4
funds
0
0.6
0
+
0.2
+
0
0
0
0
0
+
0.6
+0.1
+ 0.1
+
1.7
•
Dec 31
Stating
—
Sep 30—
_——
Aug 31
—
July 31
Jun
,
L—
30—
May 29—
Apr
Nov
30
187,800,000
Oct
31_
Sep
30
156,200,000
Aug 31—
1+9,800,000
July 31—.
143,300.000
Jun
159,600,000
30—
Apr
>200,600,000
Feb
27—;—_—
Jan
30
—
Feb
28—
Jan
31
.Public work is down 62% compared with the 1942
month, and is 17% lower than a month ago. Both State and munici¬
pal work and Federal volume, which combine to make up the public
16%
below last year, but State and municipal construction is
above last month, while Federal is down 19%.
Civil engineering construction volumes for the three months
-
Dec., 1942
(5 weeks)
Total U. S. Construction—_
$373,622,000
Private Construction
13,279,000
Public Construction
360,343,000
State and Municipal-——
15,448,000
Federal
344,895,000
.
—
____——_
Nov., 1943
Jan. 11,
on
are:
(4 weeks)
Dec., 1943
(5 weeks)
$203,632,000
73,195,000
130,437,000
7,373,000
123,064,000
$176,460,000
41,199,000
'135,261,000
10,647,000
124,614,000
New Capital
"*■
up
384,300,000
[In
millions
of
Reserve
we
Cleveland
_i__
L—
Dallas
San
1942
A
.
1943
10,212
9,792
83,214
70,646
3,600
3,212
9,453
8,417
5,186
4,847 V 14,086
12,803
2,803
2,669
.
8,017
The U. S. Department of Labor announced
»/
2,317
7,370
6,380
10,463
32,804
28,382
2,222
2,056
6,444
1,531
1,287
4,386
.
—
Francisco
Total, 334
New
all-commodity index, at 103.0% of the 1926
ated within
a
very
narrow
range
during the past
the corresponding week of December and
this time last year.
A
over
AA*
,
average, has fluctu¬
-;
year.
It
is
0.1%'
1.4%
higher than at
AAV..'
The Department's announcement further said:
"Farm Products and
primary markets
fruits and
many
rose
Foods—Average prices for farm products in
0.2%
as
a
result of
higher quotations for fresh
vegetables, for most grains, and for sheep.
markets
dropped 1%
as
were
lower.
Cattle
declined
heavy marketings continued.
about
Egg prices in
2V2%
Lower prices
and
hogs
were
also
reported for certain types of imported wools.
Net
193
other
centers
counted for most of the rise of 0.2%
advance of 2.4%
was
in average prices for foods.
reported in prices for rye flour.
portant price decrease" in foods
was
ac¬
An
2,582
2,342
2,249
2,002
6,077
5,442
6,555
5,694
18,646
15,621
7,083
seasonal drop of 2.5% for
eggs.
"Industrial Commodities—A further
slight advance in prices for
76,499
68,822
207,792
180,929
25,897
76,252
64,232
36,077
110,984
97,696
6,848
20,554
19,001
covering 141 centers, available beginning in
Total
Net
on
our
practice"
the economic situation and the
in, the annual
operating
j
Miscellaneous
we
der
we
\yill, or can, supply
needs and desires."
•
Mr. Johnston went
"our
debt
own
our
on
will
all their
to say
be
requirements
so
so
that
great
Le.SS—
vast
we
shall have
our hands full
supply¬
ing the wants and necessities of
own
maintain
a
we
shall
every
people.
our
we
standard
have
possible
If
to
way
of
are
to
living,
economize
in
in order that
622.325.85
____A
credits
A'A
140,398.92.
AA
■
Dividends
1,986,253.24
-$5,586,253.24
addition
to
undivided
account
Capital,
2,013,289.04
surplus
profits,
In
contingen¬
———
A
vided
the
undi-
and
Dec. 31,
New
stockholders
'43 $82,469,652.31
"Times"
York
observed that
was
3,600,000.00
—
for
reserve
profit
of
than
more
the
bank
it
200
were
present at the meeting, represent¬
ing 70%
ital
we
of the institution's
stock.
F-rom the
same
cap¬
paper
quote:
"At the conclusion of the meet¬
own
population may be gain¬
fully employed. From a layman's
point of view, the war is pro¬
gressing
for
;
6,836,817.51
recoveries
$7,599,542.28
Co.
ended
shall not have led the remain-*1of the world to believe that *our
Surplus and
Profits
194&—,. $80,456,273.27
earnings (as
———A
and
securities A
Net
pdlicies of our Gov¬
ernment," Percy H. Johnston, Chairman of the Board of the
Chemical
Bank & Trust Co. of New
York, told the stockholders at the annual
meeting on Jan. 19 that "as long as we are at war we shall
refrain
from doing so, other than to
say we hope, when this conflict is
$6,836,817.51
Capital,
31,
piofits
A A
report
of
of Dec.
as
above)
Net
1919
Deposits Reached for War Period
Ponting out that "it has been
3,582,286.19
4,782,758.84
earnings.^—
Undivided
6,310
40,155
7,409
series
2,353,608.77
—
wages—
Reconciliation
.
our
The only im¬
the national
9,191,050.47
and
From Mr. Johnston's report we
also take the following:
3,627
Operating Earnings Of $6,836,818
Reported By Chemical Bank & Trust
"to comment
on
„——
operating expenses.
5,939
...
,/
28,936
'
Sees Peak of
and
"The increased prices for apples, citrus fruits and
potatoes
..
centers*
net
$3,657,203.30
dividends
and
operating
on
'
.
City*
other
in
loans
commissions
cies
prices for fruits and vegetables, particularly apples, citrus fruits and
potatoes, brought the Bureau of Labor Statistics' fhdex of
commodity
prices in primary markets up 0.1% during the week ended Jan.
15.
The
centers—
York
140
Bank's
$8,365,045.03
Net
To
Jan. 20 that higher
on
and
Other
7,570.
2,672
12,026
L
employee
$2,013,289
1942
■
3,690
Louis
♦Included
During Week Ended Jan. 15, Labor Dept. Reports
on
Interest
Fees,
.
Wholesale Commodity Index Advanced 0.1%
Interest
Dec.
28,242
—„
_A;
Dec.
3,584
L
—
Minneapolis
Kansas City—
the
to
on
banking
$15,201,862.54
31,489
Philadelphia
St.
$358,900
for
after which
securities ——_
—3 Months Ended-
Dec.
•\
1943
;
(erected
former
our
Operating Expenses—
Dec.
:
Chicago
of
added
Salaries
York
and
expenses
of $2,017,000
Income, Fran¬
for
DISTRICTS
.J...
Boston
to
Operating Income—
System issued
dollars]
Federal Reserve District—
$3,-
amount
other income
Atlanta
New
capital for construction purposes for December, 1943, totals
$7,996,000, a volume 47% lower than that reported for the correspond¬
ing month last year. The current month's new financing is made up
of $7,273,000 in State and municipal bond
sales, $203,000 in corporate
security issues, and $500,000 in RFC loans for public improvements.
; The December new construction financing total
brings 1943 new
financing to $3,073,080,000 for the 52-week period, a volume that is
69% below the $10,219,318,000 reported for the 53-week 1942
period.
The
all
of
paid
and pro¬
The bank's operating earnings
figures for 1943 were reported as
follows by Mr. Johnston:
,
SUMMARY BY FEDERAL RESERVE
New
and
worth." " '
380,600,000
Federal
made for
side
was
388,400,000
———
its usual monthly summary of "bank debits," which
give below:-
Richmond
-
the
Chairman*
dividend
earned
was
home);
welfare,
354,200,000
,■—A
Bank Debits For Month Of December
The Board of Governors of
earnings,"
provided
the
373,100,000
—
209,100,000
had
with
stated:
ing at 270 Broadway
315,200,000
-
30
220,400,000
bank
year
the book value of the office build¬
297,200,000
305,300,000
;
—.
"the
miums; $60,000 for reduction of
the banking house on West 51st
Street
(adjoining
Rockefeller
Plaza); $822,979 in reduction of
month's average.
are
that
excellent
paid for Federal Deposit In¬
There was also charged
against current income $5,639,-
271,400,000
281,800,000
-
*
Mar 31_—
the
was
260,600,000
-
-
May 29
178,900,000
Mar 31
30
time
New
surance.
229,900,000
———
__
the
to
chise and other taxes and $788,024
30
$
—.
169,500,000
pe¬
496 for amortization of bond pre¬
•
31
by
back
regular
losses.
dealers
paper
war
the heavy
over the
districts
Bank's shareholders
vision
14
market paper outstanding on
Dec
203,300,000
30—;.
Jan.
basis, private construction tops the De¬
cember, 1942, volume by 210%, but declines 55% from the preceding
total,
and
another
the
on
the
goes to
war
flow
600,000
announced
1942—
202,000,000
—
Nov 30
aver¬
$4,600,-
York,
further war bond campaigns will
absorb such deposits."
;
0.1
$1,300,000 from the revised Nov.
S
1943
large measure, the vast
of money being used to
0
the totals for the last two years:
are
of
of
reserves
0
decline of $27,900,000 from the Dec. 31,
'
end
reached for
amount
$229,900,Q00.
Following
Oct
a
or
as well as could
and
pledge
we
our
resources.
this
facilities
that
hoped
It is deadly and
must back our Gov¬
ernment with all
alty
be
expected.
costly and
,
a
0.1
On the weekly average
v
In
was
open
to
three
$657,728,405.67.
+ 0.1
by the bank from commercial
$202,000,000 of
was
the
at
substantial
received
total
a
the
are inclined to the opinion,"
Mr.-Johnston, "that the peak
York City bank deposits
"The
that
in
New
of
Commercial Paper Outstanding
show
and
has
excess
said
■
.
Reserve Bank of New York
and
amounted
984.57."
Johnston
'gThe Federal
that
"The bank operated with
age
than
foods
Bank
obligations
than
other
products and
0
93.1
products
commodities
117.9
made
to
loans
"We
*112.3
.
Manufactured products
up
New construction financing for
■
1943
+0.1
Metals and metal products
Building materials
of $4,300,000 in corporate security issues, $3,975,000 in State and municipal bond sales, and $1,900,000 in RFC loans
for private industrial construction.
pares
1944
101.6
and
and
L
7
1943
>102 9
;
Textile
1943
directed
industry
amounted to
1-16
*103.0
—_
Fcods
Fuel
1944
12-18
*102.9
*
products
Hides
1944
1-8
103.0
commodities
Farm
1944
Groups—
1-16
been
purchased $335,900,000.00 in War Bonds. Its hold¬
ings of United States Government
for the week totals $10,The current week's new
purposes
year
•
Commodity
12-18
War
this
Jan. 15, 1944 from—
.
1-1
has
end.
Government Bond Campaigns, its
Team, No.
7, procurred 64,722
subscriptions amounting to $818,331,600.00.
On its own account,
-
1-8
effort
$222,729,296.00
A' ;
The following table shows index
numbers for the principal groups
$145,777,of commodities for the
past three weeks, for Dec. 18, 1943, and Jan.
000 for the three-week period, a decrease of 21% from the $184,971,16,
000 for the corresponding 1943 period.
Private construction, $16,- 1943, and the percentage changes from a week ago, a month ago, and a
870,000 is 47% higher than last year, but public construction, $128,- year ago:
907,000, is down 26% as a result of the 61% decrease in State and
(1926—100)
municipal work, and the 23% decline in Federal volume.
Percentage changes to
1-15
operations
leading part in the financ¬
war and its principal
a
commitments
The current week's volume brings 1944 construction to
engineering construction volumes for the 1943 week, last
Week, and the current week are:
bank's
ing of the
During the period of rapid changes caused by price
controls, ma¬
terials and allocation, and
rationing the Bureau of Labor Statistics
will attempt promptly to
report changing prices. Indexes marked (*),
however, must be considered as preliminary and
subject to such ad¬
justment and revision as required by later and more
complete re¬
ports..A-'A'A", -A^A A- A:-A
A a
Civil
the
greatly changed from peace '
time, and, he said:
"During the year, the bank has*
for
,
that
are
as
historic
and
its
energy, loy¬
We
again
ing,
resolution
a
the stockholders
passed
by
changing the
an¬
was
nual meeting date from the third
Wednesday in January to the
ond Tuesday in
ter
date
1929
was
when
sec¬
January. The lat¬
used
the
from
back
1863
to
absorbed
a
Institution's
man-power
for
purpose."
In his report also Mr. Johnston
trust
company
latter's
meeting
reasons."
and
adopted
date
the
fiscal
for
/
& FINANCIAL CHRONICLE
THE COMMERCIAL
436
Thursday, January 27, 1944
"V
Fairchild Publications Reiail Price Index
Showed Slighi
ing December, after having remained unchanged for three months.
This reflects slight movements in two of the major groups, women s
apparel and men's apparel. It is also 0.1% above Jan. 1, 1943, at which
time prices had not yet undergone any ceiling adjustments.
After
July 1,1943 the index remained unchanged for eight consecutive
The
took effect.
months, before any adjustments in ceiling prices
index is 27.3% above the low of 1939, the pre-war
Department made public on Jan. 5 its monthly
showing the face amount of public debt obligations issued
under the Second Liberty. Bond Act, (as amended) outstanding on
Dec. 31, 1943, totaled $171,202,306,893, thus leaving the face amount
of obligations which may be issued, subject to the $210,000,000,000
report
retail price index increased 0.1% dur¬
The Fairchild Publications
•
Excepting
The Treasury
Increase In December
statutory debt limitation at $38,797,693,107.
In another table in the
report, the Treasury indicates that from' the total face amount of
outstanding public debt obligations ($171,202,306,893) should be de¬
$6,493,469,301 (the unearned discount on savings bonds), re¬
ducing, the total to $164,708,837,592, but to this figure should be
period.
added $1,168,441,401 (the other public debt obligations outstanding
Under date of Jan. 14, the Fairchild announcement further stated:
but not subject to the statutory limitation):;; Thus, the total gross
"Both men's and women's apparel increased 0.1% during the month,
debt outstanding as of Dec. 31, 1943, was $165,877,278,993.
with the other major groups remaining unchanged.
In comparison
The following is the Treasury's report for Dec. 31:
'with last year all the groups remained unchanged with the excep¬
tion of men's and women's apparel which increased 0.1% and 0.6%
; v
;
Statutory Debt Limitation as of Dec. 31, 1943
respectively,; The advance in women's apparel reflects continuing
Section 21 of the Second Liberty Bond Act, as amended, pro¬
increases in furs, and that in men's apparel reflects a slight increase
vided that the face amount of obligations issued under authority of
in shirts.
Of the major groups piece goods advanced the most over
that
Act, "shall not exceed in the aggregate $210,000,000,000 out¬
the period immediately preceding the European war, and infants'
wear the least.
v\:^vyY1;;:YYy;YY"Y-t/Y..'Y<YVY'j standing at any one time."
;
commodities recorded
individual
the
of
"Three
<
men's shirts, and blankets and comfortables, There
have been increases in fur index since April 1, 1943, and they ad¬
Dec. 1, 1943, furs,
vanced 0.6%
during December. However, for the first time in many
months there have been slight changes in blankets and comfortables,
and in men's shirts, a decrease of 0.1% in the first, and an increase
of 0.2% in the second. Furs have advanced the most over the 1939
pre-war level, and women's shoes the least.
"Dpring the next few months there will continue to be only
slight movements recorded by the index, according to A. W. Zelomek,
economist under whose supervision the index is compiled."
JAN. 3.
following table shows the face amount of obligations out¬
standing and the face amount which
Outstanding
of Dec.
as
RETAIL
PRICE
31,
issued
be
1.
-
Total face amount t^at may
still
can
limitation:
cautioned about
1
•
this
under
be outstanding at any one time—
1943:
'
'
'
Bonds—
Treasury
;
"Savings, (maturity value).—
Depository
Adjusted
maintain
notes
1931=100
27,845,870,000
Treasury bills (maturity value).
13,072,182,000
tin
forward
go
to
con¬
on
as in recent months,
that its conservative
views on the supply of the metal
have not changed. The market for
Straits quality- tin continued at
52c, a pound.
Forward material
was nominally as follows:
rate
same
indicating
Jan.
Feb.
•
■March
January
13
52.000
52.000
January
14—.
52.000
52.000
January
15—.
52.000
52.000
January
January
17:.;;
18—
52.000
52.000
52.000
52.000
January
19—.
52.000
52.000
52.000
52.000
52.000
r
52.000
52.000
i,
52.000.
un¬
Y
Quicksilver
not
pro¬
qualified to sell their
con¬
tinue
to depress the market al¬
daily.
Most sellers regard,
the
price
as
wholly
nominal,
particularly in reference to
quantity business extending over
a
period of months.
Consumers'
most
$26,960,936,225
indebtedness.—
of
output to the Metals Reserve
,
fy
719,305,107
:
of
un¬
Offerings of quicksilver by
$102,926,127,682
Treasury
—
INDEX
remains
necessary
/Y.Y
Y Y-■■■■■
allocating tin at about
WPB is
the
to
are
schedule.
ducers
406,157,250
:
—
situation
centrates
-
33,856,250,325
———
service
observing the of¬
Supplies
production
*
$67,944,415,000
—
entire
changed.
$210,000,000,000
-
were
Chinese, or 99% tin, was
changed at 51.125c. all week.
,
b
-.!■
v..
•-
exporters
conducting business with Bolivia,
the
Interest-bearing:
Certificates
PUBLICATIONS
FAIRCHILD
THE
■
The
change from
a
that
ficial regulations in reference to
ducted
■
:
" ''"Tin
Y
Statutory Deb! Limitation As Of Dec, 31,1943
67,878,988,225
Vv;;Y:Copyright 1943 Fairchild News Service
"
L'.'V V
Composite Index——
itriece
Jan. 1,
May 1, V
',,YY.Y'.Y;Y
Jan: 1,
1943
1943
1943
1943
69.4
113.1
113.1
113.1
113.1
112.2
112.2
112.2
105.3
105.3
105.4
113.1
113.2
113.3
65.1
Y-
112.2
Men's Apparel_
70.7
;
105.3
105.3
Women's
71.8
.
112.6
113.1
Goods
Dec. 1,
Nov. 1,
1,
1933
;!•
——_—
Oct.
——
Apparel.—
112.2
;
;•
1944
?
113.2
Infants' Wear—
76.4
108.1
108.1
108.1
108.1
■x 108.1
Home
70.2
115.5
115.5
115.5
115.5
115.5
Furnishings——;———
-
Matured
obligations,
Bearing
no
U.
S.
Si'ks
*~Y-
————
"Y
84.7
84.7
84.7
84.7
84.7
Woolens—
69.2
108.0
108.0
108.0
108.0
108.0
Cotton Wash Goods.—
68.6
143.8
143.8
143.8
143.8
143.8
Sheets—i
65.0
—
Blankets & Comfortables——___
Women's
Y;
Y
126.8
72.9
135.0
126.8
126.8
126.8
126.8
135.0
135.0
135.0
134.9
of
obligations
DEC. 31,
59.2
94.1
89.2
89.2
89.2
89.2
Aprons & House Dresses
75.5
140.5
140.5
140.5
r.140.5
140.5
83.6
111.2
111.2
111.2
111.2
111.2
66.8
134.5
142.6
142.7
143.0
t; 143.9
102.7
102.7
102.7
102.7
102.7
92.4
92.4
92.4
92.4
92.4
108.0
108.1
108.1
108.1
108.1
•114.8
114.8
114.8
114.8
THE
1943
$38,797,693,107
UNITED
■
■
•
V
STATES TREASURY
-
,
Total face amount of outstanding public debt obligations issued under
authority of the Second Liberty Bond Act
$171,202,306,893
——
Deduct
unearned
discount
Savings
on
Bonds
between1-?
(difference
value and maturity value >
6,493,469,301
'
Corsets & Brassieres,—.
Furs
•
—_—;
Underwear.
i-"
Y
69.2
..
______
Shoes—
76.5
—
;;Y
Men's Apparel
$164,708,837,592
Add
other
not
public debt obligations
subject to
outstanding but
the statutory
limitation:
-
,
Interest-bearing (pre-war, etc.)
Matured obligations
Bearing
which
on
$195,942,720
interest
has
ceased
7,930,645
interest—
no
Underwear
——
69.6 !
.
Shirts & Neckwear—
Hats & Caps
69.7
Y
99.1
V
99.1
94.3
94.3
Y 70.1
105.9
106.0
76.3
109.6
109.6
v—
Clothing incl. Overalls.——
Shoes
114.8
.
74.3;
——
99.1
94.3
h
99.1
Y
'
106.0
109.6
99.3
94.3
94.3
106.0
106.0
109.6
109.6
as of Dec. 31,
socks——
Underwear
—
_
....
Shoes
74.0
.,
,
114.5
Y
114.6
114.6
114.6
114.6
Furniture
74.3
103,7
103.7
80.9
106.0
106.0
106.0
69.4
129.2
129.2
129.2
129.2
129.2
79.9
146.8
146.9
146.9
146.9
146.9
....
YY
—
Y
^
;
v
Floor Coverings—.——.
Radios
50.6
66.8 Y
■
>
103.7
66.8
y
;:
66.8
103.7
103.7
106.0
106.0
"Approximate maturity value.
Principal amount (current redemption
cording to preliminary public debt statement $27,362,781,024. ; *
value)
ac¬
60.1
NOTE—Composite Index
is
94.7
93.5
Y?
81.5
——.
metic
94.7
72.5
66.8
110.6
110.6
weighted aggregate.
a
•?:
Major
of subgroups.
average
94.7
?
93.5
,
93.5
"E. &
llvJ.6
-110.6
110.6
group
indexes
arith-
are
IYY
••/•
I
'*Y
V
stated:
Commodity
Fractionally
Price Index Advances
This index has reached
a
high and is 2.3% higher than the
new
responding period of 1943.
A
and.jB year ago at 133,9, based
increasing, traders
Association's report went
•
dex
to
on
ago this index stood at
the 1935-1939 average as 100
for wheat and rye
vanced
Both
as
cotton
and
fluid
higher quotations for, livestock.
lower, the farm products
milk
were
noted for
advanced
Although
ad¬
group
cattle, lambs, and sheep.
fractionally/
Cotton
has
ad-
ig.hes%vel in Sree months. The foods group showed
TvfWa
trend due to higher quotations for potatoes and fluid
rrage,°* mc?ustrial commodities remained unchanged,
Z
1ml1
During the week 7
clined; in the
price series in the index advanced and 2 de¬
preceding week 5 advanced and 5
declined; and in the
r
second
preceding week 5 advanced
WEEKLY
and 7 declined
COMMODITY
by The National
1935-1939=100*
Each Group
Group
Foods
Cottonseed
Ago
Ago
Jan. 23,
139.8
138.0
7.1
-
..
100.0
♦Indexes
All
on
195.2
aluminum
publication
say
in part:
,J
allocated
"
~~~
III"
—_
Jan.
by the Copper Division
the
absorb
to
result
22,
1944,
150.4
150.1
150.5
104.4
104.4
104.4
152.4
152.4
152.4
151.4
127.7
127.7
127.7
127.6
117.7
117.7
117.7
117.6
119.9
119.9
119.8
119.1
104.2
104.2
104.2
104.1
106.7;
/ 136.7
Jan,'
15,
136.4
106.5,
133.9
and
Jan.
on
output,
production
United
States
uncertain.
the
cutbacks.
alert
for
.,
of
in
copper
in
1943
1,087,630 tons, according to
was
a pre¬
liminary estimate by the Bureau
Mines.
This
compares
with
of
1,080,061 tons in 1942,
Lead
■
r
V'Y;
,
:
■
Sales of lead for the week ended
9,217 tons in the
150.6
.
little
a
are
Jan. 19 totaled
104.4
137.0
domestic
plus a fair tonnage of foreign
origin metal. However, some con¬
sumers
are
taking
their
time
about accepting copper allotted to
them, which tends to make the
final
13,317 tons, .against
preceding
seven-
day period. As requests for foreign
for
lead
must
Lead
be
delivery
submitted
next
to
month
the
Tin-
Division of WPB before the
end of the current
week, to round
deficiencies that
may exist, the increased volume
of busin'ess was expected by producers, Though demand for lead j
has
been
holding.' up' well, the!
out
any-supply
in
States
the
amounted
to
according to an
by Handy & Harman, a
high record and an increase
oz.,
10,000,000 oz. over the record of
1942. Consumption was more than
times
the
average
annual
four
for the five-year period
prior to 1941. Approximately 65%
amount
in
exists
quarters
some
that
the stockpile increased dur¬
ing January and may also increase
next month.
•
,
■
,
Zinc
'
The
market
active. The
for
•
.
<
zinc
was
supply situation
in¬
purposes
con¬
easy. Unless civilian con¬
sumption of zinc is permitted to
con¬
tinue to grow, the trade believes.
Just as long as the government
to
absorb; the
war- production or for
classified as essential by
WPB.
The
•
London
.
for
market
silver
unchanged last week at 23
The New York Official for foreign
silver
continued
at
44%c.,
domestic metal at 70 %c.
with
YY'YY'':i>;;
b'Y ^'yY-:Y Daily, Prices '';YYY;bY;:V/Y''
The daily prices of
electrolytic
(domestic and export re¬
finery), lead, zinc and Straits tin
were
unchanged from those ap¬
pearing in the "Commercial and
Financial Chronicle" of July 31,
1942, page 380.
copper
tinues
continues
into
went
was
increase, the stockpile will
copper
schedule. Suffi¬
cient metal appears to have been
on
133.2
'
III—I"
combined.—
through
stockpiles for all three metals
as
prices were concerned,
last
'
,
February certificates for
came
United
industries
and
new
of
far
feeling
both
on
Copper
120.0
129.3
Canada
.
147.7
131.4
were:
ended
magnesium." The
further went on to
145.5
131.4
base
in
and
164.3
131.4
23, 1943, 104.
1943.
127.6
commodities"
machinery
groups
187.8
165.1.
materials
1926-1928
19C.1
129.5
Building
Fertilizers
159.0
150.7
191.4
145.0
Chemicals and drugs.
Fertilizer
materials
Farm
148.5
159.6
154.1
164.8
1.3
.3
146.1
159.6
154.2
146.4
'
.3
146.1
159.6
155.2
129.5
6.1
.3
139.7
1943
———I—
...
Metals
1944
146.1
—_
Livestock
Textiles
Year
Dec. 25,
1943
Grains
Miscellaneous
Month
Week
Oil—____
Fuels
of
end
Mine
Jan. 15,
> 139.9
12121
Farm Products
week
week eased its restriction
further
Week
Cotton
8.2
TNnPY
Preceding
1944
Fats and Oils
17.3
i
Jan.22,
1
10.8
PRIOF
Latest
Total Index
23.0
the
at
the
Bears to the
25.3
■
rSler AssoSatfon
'
quotations
the
as
believe.
So
ir.^
lead, and zinc
copper,
centered
ranged from $150 to $160 per flask,
which compares with $190 to $193
Fabricators
WHOLESALE
Compiled
week
The
The
all-commodity price in¬
were
higher quotations
136.4
Markets," in its issue of Jan. 20
will be larger in February than in
allocation certificates released dur¬
say:
The increase in the general level of
the
was due
principally to
prices
last
York
New
cor¬
month
on
copper
preceding month, based on
ing the last week. Though consumption of
quicksilver.
r ;
The weekly wholesale commodity price index, compiled by The
National Fertilizer Association and made
public Jan, 24, advanced to
137.0 in the week ending Jan. 22 from 136.7 in
the preceding week
of
remains at close to the peak level, the
are
National Fertilizer Association
M. J. Metal and Mineral
"Distribution
the
interest
'
,
estimate
Mefals—February Allocation Of
Copper Larger—Quicksilver Declines Sharply
94.7
93.5
the
in
ver
arts
Non-Ferrous
66.8
94.7
93.5
Silver
During 1943, consumption of sil¬
125,000,000
-
Luggage.
Electrical Household Appliances—.
China
1
v;.b:
$165,877,278,993 Y
1943.——1_—
Infant's Wear
•
reports.
1,168,441,401
Tfl Total gross debt outstanding
most
their
selling basis to $160 per
flask, but business was placed as
low as $.150, prompt delivery.
Statistics issued during the last
week
confirmed
earlierY reports
that production in 1943 amounted
to 53,500 flasks (as compared with
50,346 in 1942).
The New Idria
mine,
operating
in
California,
made the outstanding record, in¬
creasing its production over 1942
by possibly 75%, the Bureau of
Mines
964,568,036
Y:'YY:;;';-.
64.9
Hosiery
and
an
most sellers in New York lowered
issuable under above authority...
RECONCILEMENT WITH DAILY STATEMENT OF
current, redemption
Hosiery
203,075,661
171,202,306,893
amount
view,
the side lines
pending clarification of the price
situation.
During the last week
11,400
;
this
in
buyers remain
203,064,261
bonds
;
-ivv Y
''
Apparel
refund
.
Domestics
194,115,325
'
stamps..—
profits tax
Piece Goods
1
"*
•
share
$170,805,115,907
■
,
which interest has ceased...
on
interest:
savings
Excess
Face
57.4
'
...
surplus,
the stability of the
price structure is not likely to de¬
concern
over
velop,, market observers contend.
Production is being maintained at
a
high rate.
.
Of United Nations
Colombia's
■
/Mine output of zinc in the East¬
ern States in
1943 tvas estimated
was
pledged
by the Bureau of Mines at 198,500
tons, against 199,908 tons in 1942.
President
New
in
Jersey
contributed
92,500
tons; New York 46,000 tons; Ten¬
nessee 41,700; and Virginia 18,300
tons.
Y
Y;7"Y.'
adherence
the
to
Declaration by the United Nations
on
Alfonso
Jan. 18 when
Lopez signed
the document at the White House
a
ceremony
witnessed by Presi¬
dent Roosevelt.
,
•, •
'
•
.
By this action Colombia pledges
its' complete
resources
for the
Aluminum
prosecution of the war and prom¬
leyels in ises not to sign a separate peace.
the aluminum industry may be The country declared war on Ger¬
maintained depends on a number many last November,
following
of things, Roy A. Hunt, president the sinking of one of her vessels,
of - the
Aluminum
Company .of although' it had severed diolothe
Axis
America, said last week. Factors matic relations with
How well employment
named
tions
tion
Whether
include:
on
use
can
restric¬
for civilian consump¬
be
removed;
whether
nations
some
time ago.
to
luncheon
guest
large surpluses, which could con¬
following
the
ceivably
the
come
an
back to demoralize
industry at
the degree of
a
later date; and
success
aluminum
attending were
of
the
was
a
President
Also
Dr. Gabriel Tur-
ceremony.
bay, who has returned as Colom¬
bian
Ambassador
achieves in finding new and in- States,
creased postwar uses
States,'
United
the
accumulation of
there is to be
President
Lopez, who is on an official visit
and
E.
R.
to
the
United
Stettinius
the Under-Secretary of State.
Jr.,
Volume
THE COMMERCIAL &
Number 4250
159
issues aggregating $90,840,915,406 par
For Week 1943 Rayon Output
Ended Jan. 15, I §44 increased 7,700 Barrels
Up 5%. To rlau High
1943, there were 1,096 bond
As of the close"of business Dec. 31,
.
value listed^e N
The American
Petroleum
Institute
estimates that the
daily
average gross crude oil production for the week ended Jan.
15, 1944,
Exchange with a total market value of $90,274,071,634, the
Exchange announced on Jan. 11.
This compares with ±>098
bond issues, aggreating $90,969,856,933 par value, with a total market
Stock
Stock
value of
$90,076,888,558 on Nov. 30, 1943;
In the
following table listed bonds
price for each:
;
and average
Average
;;.■
Group—..
Market Value
;:■
,
.
$
U.
Government
S,
State,
:
W.
Cities,
' (incl.
'
companies:
Automobile,.
..
1*
73,952,811,196
equipment-
equipment
Financial
:
Food
73,949,210,192
.
101.70
,
103.32
tv:
10,596,509
100.42
13,293,750
101.48
13,201,250
100.77
15,637,500
104.25
15,712,500
104.75
47,087,000
36,325,000
102.59
47,094,000
102.16
103.79
36,281,250
103.66
54,655,020
267,510,530
___v—
Land and realty
,
103.05
+••
105.75
J,.,;
85.50
54,708,777
103.16
265,706,217
11,250,518
37,360,663
104.81
11,250,518
Machinery
and metals—.——
(excluding iron)-.
and publishing
36,075,683
Mining
89,833,297
62.97
89,279,644
62.23
38,487,664
102.84
103.26
590,347,354
104.01
38,887,317
588,944,574
7,435,733,259
75.27
V 7,238,107,742
72.75
-
Paper
Petroleum
-II—II
Railroad
Retail
merchandising
Rubber
-
-
—
86.87
11,808,723
85.52
103.48
70,663.295
102.90
102.91
105.13
101.57
Tobacco
21,680,199
80.74
12,059,940
21,725,313
481,957,980
101.80
483,231,098
■
electric
and
(operating).
(holding)—
Communications
Miscellaneous
U.
S.
—i_
;
38,180,069
105.37
37,830,069
104.40
105.66
,172,319,902
105.09
Miscellaneous
U.
S.
companies
government
Foreign
companies
Kansas
—
The
107.64
59,180,000
105.68
East
East
listed
Texas
109.47
67.57
Southwest
137,976,333
76.73
138,456,348
77.00
Coastal Texas—..,—
31,088,240
105.28
30,904,236
104.66
14,056,032,265
85.09
65.44
1,332,839,530
64.94
North
Coastal Louisiana
the
'[
Exchange;
compari¬
us, gives a two-year
366,200
4
1,892,000 tl,909,526
2,650
.
A]'-*':;-'' +?•'*•
^
Market Value
343,700
368,200
76,900
77,891
Arkansas
Illinois
,
"
$
Average
Price /
,?
1942—
A/;-
...
Nov,
29—
<54,812,793,945
Dec,
31—
55,033,616,312
94.80
'
Dec.
94.50
31
Feb.
28
57,584,410,504
31—4-
Mar.
Apr.
30
May
29——
31
31—
Nov.
30—_«
.A'
70,583,644,622
30_.
71,038,674,932
97.47
Montana
Feb.
27-
71,346.452,852
97.79
Colorado
71,575,183,604
98.24
31-
New
30-
71.857.596.488
98.69
57,923,553,616
.95.63
May 29—
81,048,543,830
99.47
95.64
:/95.50
June 30—
80,704,321,646
99.64
July 31-
80,352,221,151
99.35
31—
80,109.269,964
99.23
Apr.
;
,
95.76;'
96.08
Aug.
Sept. 30—
80,149,558,292
•62,765.776,218
96.18
;
Oct.
30_.
90,501,768,934
96.48
t
Nov.
30-
90,076,888,558
99.02
90,274,071,634 v
99.38
,
,
Dec.
96.11 T.
31_.
Mexico.—
J—
99.37
"P.A.W.-
A. 99.45"
production
tThis
includes
Federal Reserve District I % Below Year Ago
down
to
announced
Jan.
on
the
fields
for
247,100
300
79,500
75,150
1,100
4,100
46,650
209,950
228,300
850
12,550
14,550
'
92,800
+
+
—
—
58,550
+
2,400
69,400
74,200
+
2,300
22,350-
56,000
16,300
57,100
+
11,000
49,550
100,000
62,400
87,800
2,150
87,300
88,400
23,500
21,100
7,000
7,800
50
20,700
7,450
22,550
6,700
110,600
and
and
state
do
796.200
+
allowables,
include
not
from
down
of
Jan.
the
to
14
during
best
as
1RUDE
RUNS
3,064,500
4,550
794,700
785,000
7,700
4,364,300
3,849,500
of
for week ended
are
suits
1
above,
and
month.
of
and
Rayon
a
on
entire
Jan.
a.m.,
31-day
a
the
other
state
1944.
basis
and
exception
fields
was
13,
for
a
yar
the full year of 1942.
Stocks of merchandise
;
com¬
-•
.
higher than in
hand in
on
The
ago.
RESIDUAL
FUEL
(Figures
Thousands of barrels
of
shut
being specified: operators only
operating schedules or labor needed
shutdown time during the calendar
department
.
were
'
WEEK
of
ENDED
California
Oil
Producers.
of
gain of 25% in net sales in December.
Their stocks
.
fiber
out¬
from
153,-
of
acetate
the
on
,1-
'
15,
Daily Refining
Capacity
:
tial
mills
on
a
Bureau
of Mines
basis
Crude
.
BY
MAJOR
LOCALITIES
'
,
.l
.
I
'
•
■■
Department Stores—.
York
City
New
■■: A:,
'
'
Net Sales
Dec.
i
Dec.
4-
_
A___
Jersey
—
____
"Newark
—
Westchester
and
Fairfield
Counties
—7;
Bridgeport
—10
Lower Hudson River Valley..
__
Poughkeepsie
7
+
Upper Hudson River Valley
4
—
Albany
—
—
Central New York State
Mohawk River
+
Valley
"_I
—
+
9
—
-1.
/I./V
+
11
+
1
+ 11
Total
+
2
+
9
4
+
14
"Niagara
L
5
•—
_______
__
U.
Rayon Export Program during the
year.
In the latter part of 1943,
however, acetate filament yarn
and
rayon
staple fiber exports
increasing.
imports during 1943
considered
in*-",
' ''
i
.
S "'—2
-:<lV*
0/
'
2
+
9
+
11.
j
—
3
-
*K .5
Rochester___'_/J_l_'__l.i.___li___^__^_'„_A__—
6
+
6
2
—
+ 24
+
largest Since 1930
The class I railroads put 28,708
freight
cars and 773 locomotives
in service in 1943, the Association
of American
Jan. 24.
on
number
+
3
—
8
—
-
+
■
—
1
25
of
INDEXES
-
•
:
OF
•;!
v
STORE
Second
Reserve District
Federal
;
•
*"
•_
'
■=
SALES
1942
"•
locomotives since
roads
"Indexes
Oct.
Nov.
Dec.
181
226
148
123
adjusted
revised
1943-
156
unadjusted
from .1919
to
date;
Fuels
5,792
35,506
80.8
340
1,786
47
87.2
55
117.0
174
824
85.2
757
91.9
2,624
416
80.1
359
86.3
1,361
7,186
8
26.9
11
137.5
39
75
141
58.3
101
71.6
294
1,511
355
602
817
89.9
766
93.8
2,058
14,996
10,504
33,191
v
gondolas,
16r
The
locomotives
new
the
past
re¬
47
cars.
installed
included
year
19,543
*■'.
16,150
906
171
1,101
92
174
16,244
5,805
1,874
3,129
1,083
20
29
electric and Diesel in
429
4,831
86.6
4,203
87.0
12,682
+78,405
4,831
86.6
(14,221
87.4
12,630
77.654;
1944, had 35,737
on
order,
number
54,529
41,509
55,731
against 27,061
as
order
on
there
,
Mines
13,651
frigerator,
3,575
16, 1943.
10,365
83,585
42,007
71,773
flat
on
the
Of the total
on
Jan.
this
1
box, 4,869 gon¬
hoppers,
200
1,
10,944 plain box,
were
3,508 automobile
dolas,
Jan.
on
freight Cars
new
date last year.
same
39,099
1942.
The class I railroads
of M.
stock,
1,200
and
re¬
1,365
cars.
the
Notes—Stbcks
District
No.
of
1
kerosine
a
at Jan. 15,
1944 amounted
to, 8,90,7,000 barrels,
week earlier and 8,689,000 barrels a yeaf before.
inventory
indices
are:
Gasoline,
distillate, 86.2%, and residual fuel oil, 67.9%
Designates Traphagen
On
Council
42.0^;
kerosine,
of normal.
131
+ 132
110
+115
113
Reserve Bank
request,
fRevised.
of New
C.
47,5gas
*
York, that
the directors of the bank at their
on
•
as
oil
They also had 955 locomotives
order
on
which
888
Jan.
on
included
electric, and
tives.
On
613
Jan.
locomotives
1,
339
this
Diesel
1,
year,
steam, three
locomo¬
1943, they had
on
order
which
included 355 steam and 533 elec¬
tric
.
Jan. 20 selected John
Traphagen,
Bank of New
ing the
119
100]
I
8.792
137
year,
+119
upon
in¬
cars
stalled in the calendar y^ar 1943,
there were 1,923 plain box, 356
Oil
83.7
+121
available
.;:>v
freight
new
Fuel
105
Announcement is made by Allan
Sproul, President of the Federal
«=
the
Distillate
2,049
N. Y. Federal Reserve Bank meeting
-—
136
124
The rail¬
63,009 new freight
712 new Jpcomotives in
and Diesel.
-
seasonally
adjusted.
1930.
placed
and
cars
The ODT also reported 33 new
unadjusted—f229
[1923-25 average
seasonally
'
since
1940, but the greatest number of
STOCKS
100]
Dec.
(average daily),
(average daily),
AND
installed
miscellaneous
89.0
against 9,340,000 barrels
+ 13
and
DEPARTMENT
[1935-39 average
.
Btocks,
Stocks,
'
-
the smallest
was
cars
sidual
request of the Petroleum Administration for War.
tFinished, 67,815,000
unfinished, 10,590,000 barrels. -< tAt refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 1,481,000 barrels of kerosine, 4,231,000 barrels of
gas oil and distillate fuel oil and 8,459,000 barrels of residual fuel oil
produced during
the week ended Jan. 15, .1944, which compares with
1,446,000 barrels, 4,434,000 barrels
end
9,061,000 barrels,
respectively, in the preceding week, and 1,265,000 barrels,
9,986,000 barrels and 7,470,000 barrels, respectively, in the week ended Jan.
16, 1943.
([Revised in California district due to error by reporting
company.
5
.*;•••.
+ 21
"Subject to revision.
•Sales
of
Railroads announced
This
of Re-
83.9
■
department stores.
•Apparel, stores._____i.v___—;
•Sales
'■
;
4
+
________
Bur.
ii
locomotives Installed,
barrels;
"
...
S.
again be
can
of Gas
% Re-
are
nil.
as
Oil and
M.
8, 1944__
figures
and Un-
130
_
of
No
available for publication as
to
the volume of 1943 exports.
Rayon
Finished
Includ.
2,448
-
15, 1944.
S.—B.
Jan.
"At
3
S.—B.
basis Jan.
+ 10
;.«+ .7
■
—
Falls....^...,...
U.
basis
—15
+ 11
+
—_/■
Buffalo.....^.
"All
4
—
U.
basis Jan.
\\
3
—t*
■
-
1
2
3
—________
•Western New York State.:
a
.*v•
v*
4
Total
+
3
District No. 4.
California
2
the
steam, 15 electric, and 329 Diesel,
compared with 308 steam and 404
...
District No. 3__
5
2
+
:
"-0- /"
—
..+, 1
''
Binghamton
•
3
'
+13
Southern New York State_^
.
16
+
Utica
Syracuse
Northern New York State
Elmira
—15
4
•+
—.
8
—
2
7
—
Schenectady
7
2
Ind„ 111., Ky,_
Okla., Kans., Mo,.
Rocky Mountain—
followed
hopper, * 2,446 flat, four
frigerator, three stock, and
fineries
Runs to Stills
v:
North
District No. 2__
Dec. 31, 1943
6
"
hand
A
Amer¬
filament yarn took the mam
of
the
Good
Neighbor
nium
in
District No. 1.+
on
by
pattern of produc¬
tion, states the "Organon,'' ex¬
cept that the viscose-cuprammo-
Louis¬
Inland Texas__
1943
this
/.
:
^Stocks
tStocks
Appalachian—
+
—
and
,
A
Jan. thru Stock
r: ;
'
-.'.V//
/v-
a
year earlier
■''
Gulf,
Gulf,
iana
Percentage changes from
v
'
'A,
.
New
1943
in
factor
in
tStocks
at Re-
Louisiana-Arkansas,
V
'
"Northern
Texas
DECEMBER,
Second Federal Reserve District
A
.
TRADE
of
automobile,
v ':
■
♦Combin'd: East Coast
STORE
principal
decrease
general
Of
% Op- Natural finished
Daily
Rate porting Average erated
District—
following is the bank's tabulation:
DEPARTMENT
the
the
service in 1942.
1944
Production
Poten-
above the end of 1942.
filament
other
was
ican
Gallons Each)
IGasoline
•
hand at the
on
JAN.
42
Figures in this section include reported totals
plus an estimate of unreported amounts and are
8% below December, 1942.
The apparel stores in the New York Reserve District
reported a
The
OIL,
therefore
stores at the end of December
close of the year were 13%
in
310,475,000
285,000 pounds in 1942 to 162,019,000 pounds in 1943.
The output
which
ordered
TO
•
below
compared with
staple
.
•
Federal Reserve District decreased 1%
bined sales for January through December were 6%
yarn
338,511,000 pounds,
put also increased 6%
natural
STILLS; PRODUCTION OF GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE. GAS OIL AND DISTILLATE FUEL AND
AND
cuprammonium
to
increase of 9%
an
■
With
certain
days, the
the month
their
7:00
the
represent
condensate
calculated
entire
entirely
3
dates
98,000
3,569,600
';AA,;A'V
for
exempted
112,900
3,200
shown
as
amounts
•
as
50
—
4,372,550
and
definite
shut
leases,
112,900
§828,300
allowable
for
+
3,576,350
exemptions
were
no
—
total equivalent to 8 days
SRecommendation of Conservation Committee
20
plus
amounted
were
69,150
onlv,
ordered
8
operate
cose
pro¬
1943, the output of vis¬
1,328,800
23,550
basic
which
were
in
rayon
26,000
4,429,600
oil
20,
expan¬
tire yarn
Deliveries
72,900
produced.
net
days,
required to
being
that December sales of department stores in the Second (New York)
be
shutdowns
shutdowns
month.
I. The Federal Reserve Bank of New York
•a.
several
is
gram
continued
rayon
308,500
339,900
12,150
-+Oklahoma, Kansas, Nebraska figures
•
Becemher^leparlmeiit Store Sales In New York
crude
to
the
to
of the
industry'."
278,200
46,750
recommendations
of
derivities
gas
"Due
sion
branch of the
356,050
206,800
828,300
Total United States
The
Jan.
166,300
600
79,700
3,601,300
■■
of
burden
,110,600
Total East of Calif.
California
demands.
date
520,650
77,850
14,400
___________
under
further said:
292,150
1,898,200
358,200
civilian
advices,
by 5%,
increased
to
causing
600
-
1942
rials
450
48,000
Ky.)
Kentucky
Michigan
Wyoming
96.70
and
war
in
being due
101,600
(Not incl. 111., Ind.,~
•
$
•-:64,843,877,284
64.543.971,299
Sept. 30—
Oct.
.
gain
the
632,615,000
327,600
77,300
215,000
J_i—
Jan.
Mar.
95.D7
;
31_.
$
-59,257,509,674
'59,112,072,945
61,277,620.583
62,720,371,752
—
Aug. 31—
95.13
;
58.140.382,211
June 30
July
-I
95.24
56,261,398,371
f-V-A-.'i
Price
1943—
1942—
Jan,
Market Value
pounds produced
the
exceeded
of
200,300
1,899,650
280,900
• \
total
record
366,200
Eastern—
Average
'1941—
This
previous
121,650
•
■
York.
same
Louisiana
Indiana
•
■
450
520,800
Mississippi
price of bonds
average
,
••
•.1',
293,550
Louisiana
Total
1,500
96,150
—
pounds, states the "Rayon Organon," published by the Textile
Economics
Bureau,
Inc., ' New
141,800
200
116,400
States
663,144,-
359,600
300,650
-.
United
88,300
136,200
347,400
268,800
i:
by
1943 aggregated
000
yarn in 1S43,
hand, declined 4%
from 168,855,000 pounds in 1942
to 162,614,000 pounds in
1943; a
shortage of essential raw mate¬
326,750
7.700
—
364,600
'
Jan. 16,
1943
1.944
97,900
•
Ended
Jan. 15,
—13,250
+
+ 1,300
f'V
Texas.—..
,86.89
89.17
+273,600
______
1,340,401,129
99.02
269,400
Texas
14,242,829,971
738,806,571
Week
fiber)
mills in
pounds.
Week
Ended
Previous
285,000
BARRELS)
4 Weeks
1944
+318.800
140,200
98,022.535
90,076,888,558
January,
Production of rayon (yarn
plus
staple
the 1942 production of
IN
Jan. 15,
Jan. 1.
325,000
Texas__—__
1,215,304,854
89.32
Begin.
328,000
Central Texas—
71.25
99.38
of
15, 1944, aver¬
by the Institute
from
January
_
110.77
738,029,338
Ended
.
103,364,376
following table, compiled by
on
Texas
(FIGURES
Actual Production
Week
Change
1,300
1,188,897,215
of the total market value and the total
son
____
Texas
West
3,257,394,991
90,274,071,634
ables
;
Panhandle
108.35
V*?
All listed bonds
PRODUCTION
Recommen*
dations
Total
Total
OIL
Allow¬
Nebraska
106.71
abroad—
CRUDE
"P. A. W.
;
59,760,000
businesses—
Foreign
,
Oklahoma
3,266,375,073
utilities.-
companies oper.
'
<
,
North
Gas and electric
AVERAGE
•State
Utilities:
Gas
of
DAILY
80.91
173,245,145
month
12,682,000
1,481,000 barrels of kerosine; 4,231,000 barrels
.
11,996,015
the
:*
■
r
103.63
11,805,405
for
residual fuel oil. /The above
figures apply to the country as a whole
and do not reflect conditions on
the East Coast..
101.99
71.060,830
—
-
.
J
Shipping services —
Steel, iron and coke—
Textiles
101.82
/^I
building and operating—
Ship
;
War
gasoline;
of distillate fuel
oil, and 8,459,000 barrels of residual fuel oil dur¬
ing the week ended Jan. 15, 1944; and had in
storage at the end of
that week 78,405,000 barrels of
gasoline; 8,907,000 barrels of kero¬
sine; 39,099,000 barrels of distillate
fuel, and 54,529,000 barrels of
85.50
—v--——
for
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis
approxi¬
mately 4,203,000 barrels of crude oil daily and
produced
barrels
Chemical
Electrical
s
103.32
9,206,516
>
office
and
Price
$
-
Building
Business
Market Value
$
Y.
N.
etc.)_^—
S.
Price
.?
Administration
follow:
■
■.
Petroleum
1944.
Daily output for the four weeks 'ended Jan.
aged 4,364,300 barrels.
Further details as reported
NOV. 30, 1943
Average
■
the
.
-~-~Dec. 31, 1943
•
4,372,550 barrels, an increase of 7,700 barrels per
day in excess
of the preceding week and
523,050 barrels per day more than record¬
ed in the week ended Jan.
16, 1943.
However, the current figure is
57,050 barrels less than the daily average figure recommended
by
classified by governmental
and. industrial groups with the aggregate market value
:
was
'
are
437
Exchange Daily Average Grade Gil Peiretesn
Market Value Of Sands 8a ft. Y. Slock
•
FINANCIAL CHRONICLE
year
President
York, to
1944
as
of
serve
tfye
dur¬
the member
locomotives
on
and
locomotives
in
31
the
class
I
new
year
order
1943
carriers.
by
This
of
from the Second Federal Reserve
Jan.
District.
stalled in 1943 to 804.
the
Federal
Advisory Council
total of
new
on
Jan.
1,
installed
other
thaa
brings the
locomotives
on
order
1, to 988 and the number in¬
*
'Vv
Thursday, January 27, 1944-
THE; COMMERCIAL & FINANCIAL CHRONICLE
438
Weekly Goal And Coke Production Statistics
Administration for War, U. S. Department of the
The Solid Fuels
production of bitu¬
1944 is estimated at
net tons, an increase of 500,000 tons, or 4.1%, over the
week.
Output in the corresponding week last year
to 11,575,000 tons.
Total production for the current year
Interior, in its latest report, states that the total
minous coal and lignite in the week ended Jan. 15,
Bankers' Dollar Acceptances Outstanding
December 31 lncreasG To SI
6n
Posf-War FiseaS
outstanding on Dec.
31 amounted to $116,814,000, an increase of $5,525,000 from the Nov.
12,750,000
30 total, according to the monthly acceptance survey issued Jan. 13
preceding
amounted
by the Federal Reserve Bank of New York.
As compared with a
to date is 7.4% in excess of that for the same period in 1943.
year ago, the Dec. 31 total represents a decline of $1,225,000.
:
In the month-to-month comparison, domestic warehouse credits,
According to the U. S. Bureau of Mines, production of Pennsyl¬
vania anthracite for the week ended Jan. 15, 1944 was estimated at
dollar exchange and those based on goods stored in or shipped be¬
1,147,000 tons, an increase of 71,000 tons (6.6%) over the preceding tween foreign countries were lower, while in the yearly analysis
week.
When compared with the output in the corresponding week only credits for imports and exports were higher.
of 101,000 tons, or 9.7%.
that the estimated output of
of 1943 there was an increase
K.;';- The volume of bankers' dollar acceptances
The Reserve
-
Bank's report
follows:
'
'
.
.
byproduct coke in the United States for the week ended Jan. 15, 1944
showed an increase of 5,000 tons.when compared with the production
for the week ended Jan. 8, 1944.
The quantity of coke from beehive
ovens increased 4,200 tons during the same period.
Net
(In
Tons)
January 1 to Date
Week Ended
mine fuel-
incl.
average-—-—
"Revised.
[Subject
PRODUCTION
ESTIMATED
•
.
§Jan. 15,
tIJan. 8,
Jan. 16,
1944
.1944
1943
—Cal. Year to Date
1,101,000
Jan. 15,
Jan. 19,
1943
1929
"Includes
colliery
HRevised.
revision.
dredge
and
washery
tExcludes
operations.
and
coal,
coal
data
truck
by
shipped
[Comparable
fuel.
authorized
from
§Subject
available.
not
322,400
339,300
329,100
153,600
152,000
156,200
total—
to
Atlanta
7
Chicago..—
PRODUCTION OP COAL, BY
St.
9
Minneapolis—
10
Kansas
11
Dallas
12
San
119942563204837——.- 19432—
Jan. 8,
Jan.
1944
?.!
391,000
;
Arkansas and Oklahoma——
182,000
Colorado
1
Total
Increase
for
Illinois
'7;;
1,594,000
■"
580,000
Indiana
53,000
Kansas and Missouri
Kentucky—Eastern
Kentucky—Western-^-.,—-.
—
MarylandMichigan——,—.——
-7
81,000
shipments
Domestic
warehouse credits
Dollar
Based
i
exchange
goods stored in
on
-
■
161,000
1,000
1,280,000
478,000
77
"
474,000
526,000
208,000
205,000
885,000
892,000
311,000
282,000
302,000
227,000
35,000
30,000
27,000
41,000
7. 3,000
3,000
6,000
21,000
38,000
85,000
35,000
40,000
43,000
71,000
88,000
78,000
7
628,000
626,000
2,367,000
2,408,000
2,737,000
137,000
141,000
114,000
498,000
1
44,000
56,000
2,055,000
1,982,000
890,000
669,000
207,000
156,000
190,000
174,000
1,000
1,000
12,250,000
10,500,000
11,110,000
1,076,000
896,000
922,000
1,188,000
11,396,000
12,032,000
12,135,000
I.;
7tt f
1,000
7
10,947,000
records
of
the
New
The
Bureau
of
Mines.
§Data
[Includes Arizona,
Pennsylvania anthracite from pub¬
than
1,000
following
italization of
issued
funds and undivided
securities which add nothing to the
reserve
profits; sales of already
capital
of the
resources
SUMMARY TABLE OP NEW CAPITAL ISSUES IN
THE UNITED KINGDOM
[Compiled by the Midland Bank, Ltd.]
C
Year—
1
237.541,000
1932—
'
384,211,000
1933—.
~
215,795,000
1934—
235,669,000
1935——
203,760,000
1936—————.
132,869,000
150,190,000
—
"""""
219.897,000
170,906.000
1938—IH.I——I™—'~ITvrr~
118,098,000
—
66,294,000
253,266,000
1927—314,714,000
362,519,000
—
a
i.
—
1940—.—.—
2,326,000
—;
NEW
'
CAPITAL ISSUES IN THE
"
■
Total
.
£
—
—
;
1943——
8,583,000
—
9,448,000
13,798,000
ACCEPTING BANKS
.<
Mr.
$90,059,000
13,
ACCEPTANCES JAN.
1944
of the American
pictured in con¬
industry
:
'
"
„
,
'
Vff
,
-
$
1941—
31—
Feb.
'28—
1942—
Jan.
190,010,000
Feb,
30-
119,682,000
212,777,000
;•
211,865,000
Feb.
217,312,000
Mar.
31
182,675,000
Mar. 31.
219,561.000
Apr.
30
177,293,000
Apr.
30-
.—
128,350,000
May
29-
—
135,815,000
Apr.
30—
May
31
215,005,000
June
30__— SLmi
31
28—
t.;
—
27-
—
_
May
29—..
173,906,000
212,932,000
June
30?.— 1-
162,849,000
June
30
:—
July
31—
209,899,000
July
156,302,000
July
31.
....
197,472,000
Aug.
30
Sept.
30
Oct.
31—
worth-while
:*
Aug.
31—
31
—
139,304,000
Aug.. 31_
176,801,000
Sept.
30_.i_
123,494,000
184,806,000
Oct.
31——
118,581,000
Sept. 30.
Oct, 30-
193,590,000
Nov.
....
127,062,000
129,818,000
139,846,000
138,692,000
130,244,000
—.117.016,000
carrying
activities
national
our
4
-
to
pur¬
1
2. Lower tax rates "to the point
where
they
will
balance
the
duced
1943—
$
197.278,000
.wJ.'
31_
economical
and
of
agreed level of high
an
employment.
Jan.
Mar.
spending for its
sake and no projects merely
because they support purchasing
power in general.
"Let us base
our
budget estimates on the ef¬
close of each budget at
31, 1941:
'■
Jan.
record of the
!
-
public
accomplish
poses." '
<)
'
nine-point program
according to Associated
No
out
-
can more
;7
.
own
ficient
.7
'
«
Ruml's
follows,
1.
Total.
,
Dealers'Selling Rates
.
..
Vi ■■■-:'■■
.
re¬
■" -V;.
•
preferences.
Against this
background the readjustments of
employment and the reconversion
8,864,000
9,124,000
,v
♦
IW
29—
•
Dec.
-.
■
•
—
—
31—
Dec.
194,220,000
116,067,000
118,039,000
30
31—
Nov.
30.
Dec.
31.
114,883,000
—
1I1.2K9.OOO
116,814,000
Taxes should be
re¬
where
they will do the
most
good in creating demand
and in encouraging private enter¬
prise."
3.
Then
there
as
national
stabilize taxes
"except
major changes in
policy.
When employ¬
are
ment 7, goes
Cottonseed
Receipts To December 31
Geographical distribution
%
British
Foreign
countries
countries
£
£
£
.
217,221,000
190,808,000
23,353,000
3,060.000
170,906,000
118,098,000
138,768,000
24,938,000
7,200,000
92,746,000
21,284,000
4,067.000
66,294,000
43,335,000
18,313,000
4,646,000
4,096,000
3,544,000
357,000
2,326.000
3.907,000
1,927,000
3.871,000
8,583,000
7,059,000
-
195,000
399,000
645,000
879" 000
the
excuse
national
for
debt,
further
not
tax
re¬
:77:V''7;7 ;7^7
7 ; 4.7 Retention of the principle of
13, the Bureau of Census issued the following statement progressive
income
taxes
and
showing cottonseed received, crushed, and on hand, and cottonseed estate taxes "as the best way of
products manufactured, shipped out, xon hand, and exported for the reversing the tendency of pur¬
four months ended Dec. 31, 1943 and 1942.
chasing power to come to rest.
RECEIVED,
Crushed
1942
1943
1943
.
3,621,382'7 4,048,307
Dec. 31
1942
> 1943
1942
2,725,758 71,263,358
2,446,800
,
—
Mississippi.—
25,890
31,400
13,801
212,996
255,197
154,019
.43,008
53,324
63,186
2 37,446
255,860
82,895
96,822
£
^
301,854
186,761
150,094
135,472
131,232-
679,597
77 204,555
721,520
378,492
396,344
312,645
237,697
140,349
164,691
65,271
us
late
the
reduce
individual
rates
income
tax
consumption
on
and
the
stimu¬
to
make
to
possible investment in new enter¬
prise on a business basis."
> 61 614
5.
A
planned
public
works
7 16,179
program
"not
to
balance
the
200,975
whole
7
economy,
but
to
help
7r>44,673
50,051 toward
stabilizing the construc¬
19,606 tion
industry."
7.
Y
;
1,401,320
69,679
47,188
444,297
3 1 8,103
-
North Carolina—..
174,965
39,688
357,432
99,298'
——
——_
Louisianna
179,126
233,246
246,620
.
Let
On hand at mills
Aug. 1 to Dec. 31
Aug. 1 to Dec. 31
United States
(TONS);
ON HAND
AND
CRUSHED,
"Received at mills
State—
-
51,832
.
,
331,417
7
6.
76,117
"Let
neutralize the social
us
202,013
85,243
63,187
security programs as far as their
South Carolina
173,977
175,286
140,379
155,392
36,191
19,841
Tennessee
262,433
influences
173,685
201,802
92,014
165,621
fiscal
358,236
853,048
946,996
641,985
693,807
255,732.
286,144
Since
their
95,322
.133,058
52,729
68,454
Oklahoma—
104,548
Texas—
,
All other states——
"Does
tons
not
include
90.336
and
reshipped for 1943 and 1942
and 3,157 for 1942.
7
1943
.
COTTONSEED
PRODUCTS
81,928
tons
on
Aug.
MANUFACTURED.
Jrude
7 7:e7: Season
"
oil
(thousand
]
*23,283
34,460
1943-44
t207,409
1942-43
310,191
1943-44
18,542
1942-43
190,100
1943-44
11,964
Refined oil
(thousand
pounds).
(tons)
—__
Hulls
(tons)
.
Llnters
bales)
(running
Hull
__
(500-lb.
and
29,218
Aug;
Aug.
w
Dec. 31
,
^
Dec. 31
for
us
*148,107
796,576
156,164
v
' v-V.,
v.«.
302,292
1,204,243
569,256
67,654
1,301,167 "
548,344
93,176
«./
44,118
655,284
135,927
§727,690
578,467
§285,150
43,295
817,503
634,317
226,481
1943-44
556
14,106
649,981
12,790
229
1942-43
13,826,000
and
r
23,644
71,288,000
-
-
pounds
15,051
23,434
held
49,421
fl
12,230
16,760
27,370
"34,288
"
3,898,000
pounds in
transit
to
of
shortening,
1, 1943 and Dec. 31, 1943 respectively.
Does not include winterized
JProduced from 622,407,000 pounds of crude oil.
: 1
§Total linters
produced
soap,
and
and
etc.
oil,
includes
of national
the Department of Com¬
has discontinued until further notice the publication ofv sta¬
tistics concerning imports and exports.
-v
"
•
-
'
being
get rid of the rest."
8.
"Let
us
"and
>
arrange
our
lending
abroad, whether for stabilization,
or
long-time reconstruc¬
relief
so
will
it
that
support
adopted
cies
to
strengthen
our
domestic economy."
Reorganization
of
the
parts
that
have to do with fiscal policy arid
administration. "We want clarity
9.
of
the' Federal
Government
policy, consistency in adminis¬
and cooperation between
the
executive
and
legislative
in
tration
branches."
Reference
defense,
time
tion,
Exports and Imports of Cottonseed Products
interest
the
for
excise
"important
Retain
.
rather than contradict fiscal poli¬
170,118 bales first cut, 502,754 bales second cut
and 54,818 bales mill run.
Total held includes 60,129 bales first cut, 195,993 bales
second cut and 29,028 bales mill run,
In-the
7,
taxes"
1,938
34,376
23,556
outgo balance at high levels
employment."
1,116
18,042
.
by refining and manufacturing
in transit to refiners and con¬
7
■
; \
manufacturers
••
32,876
1942-43
unemployment insurance, let
our
rates so that intake
set
and
of
t265,103
\
1,078,243
have
highly deflationary; for old
age security, let us set our rates
and benefits so that they come
somewhere near balancing,
and
HAND
Dec. 31-
concerned.
are
beginning they
been
On hand
703,102
M,127,355
•'
ON
840,517
$586,021
648,646 '
-
AND
-752,386
•
1,
and
for
1942-43
—
bales)—_f
30,823
1943-44
( 1942-43
&c.) 1943-4%
fiber.,
(500-lb. bales)
Grabbots, motes,
nor
65,895
1,560 tonsvdestroyed
Shipped out
Aug. 1 to
Aug. 1 to
.
Aug. 1
1943-44
pounds)-! 1942-43
Cake and meal
44,996
SHIPPED OUT,
Produced
■;
1
include
-
.7
;
-
21,097
143,290
hand.
Does
respectively.
On hand
merce
36,000
■
reduce
On Jan.
3,734,000
overseas
Kingdom
or
duction.'.' ;V
and 3,150,000 and 21,228,000 pounds
1943 and Dec. 31, 1943 respectively,
3,196,000 and 4,778,000 pounds held by refiners, brokers, agents,
warehousemen at places other than refineries and manufacturing establishment's
United
level,
as*an
•[Includes
2,852,000
as
64,000
The following table, compiled by us, furnishes a
of bankers' acceptances outstanding at the
sumers
Ltd.]
18,038,000
'
life
readily occur."
establishments
UNITED KINGDOM
161,934,000
JA—
of
of business and
iff
"Includes
182,824,000
;
interpretation
361,000
BANKERS
whose
been
"It will," he added, "express in
mosaic aggregate the popular
126,000
volume
88,666,000
[Compiled by the Midland Bank,
V
3,907,000
—
236,160,000
1931—
4,096,000
—
1941...
253,749,000
1930
182,824,000
217,221,000
223,546,000
...
—
-
113,038.000
1922
_
have
duced." 7\:7 V:
11,456,000
180
Item—
£
-
---
1921_
—
millions
will
26,663,000
iff
Georgia
whose securities have been offered; issues for conversion
redemption of securities previously held in the United Kingdom;
short-dated bills sold in anticipation of
long-term borrowings; and
loans of municipal and county authorities which
are not specifically
limited.
In all cases the figures are based
upon the prices of issue.
—
of
tens
8,414,000
150
month since Jan.
company
1920—
the
burdens
tax
22,656,000
120
California—
or
2919—
from
$59,495,000
11,150,000
PRIME
Va
,
Arkansas—
statistics
£,
ON
:
.
Alabama
These
Year—
'42
$56,637,000
:;v-J/a'
—'
Arizona
Capital Issues In Great Britain
Limited,
for relief and
re¬
"but that it would
provide a flow of purchasing de¬
mand, which springs authentically
9,581,000
2,889,000
of
public
some
sumer
Dec. 31,
30, *43
tons.
have been compiled by the Midland
compilations of issues of new capital, which
are subject to
revision, exclude all borrowings by the British Gov¬
ernment; shares issued to vendors; allotments arising from the cap¬
Bank
Bills
to
expected
expenditure
habilitation,
11,490,000
Dealers'Buying Rates
COTTONSEED
Tucker counties.
for
ttLess
Nov.
be
,
eliminate the need for
way
CREDIT
OF
$65,926,000
HELD BY
RATES
'
on
*,.■ «.
»».,
\j.,
vugiumii; i\. az m.;
a. v. « u.;
&0. in Kanawha, Mason, and Clay counties.
tRest of State, Including
Idaho, Nevada and Oregon.
'
for year—. ..$1,225,000
cannot
;
during the
the
program
to
14,000
27,000
13,326,000 7
itself
that
said
period
117,000
1,930,000
J
,«!ailha Tdie, District and Grant. Mineral, and
California,
lished
$111,289,000
'43
Ruml
307,000
8,000
*Includes operations
B
10,679,000
$118,039,000
NATURE
securing
131,000
lig¬
—
Total all coal—————
the
9,326,000
TO
in
382,000 #
7,000
792,000 7
SPennsylvania anthracite^—.
on
8,440,000
Decrease
aid
an
as
ment and as a check on tendencies
113,000
944,000
—
program
354,000
31,000
tother Western States
nine-point post-war Federal fiscal
high production and high employ¬
beyond
an ' agreed
if, with high employ¬
ment, we have a boom in prices,
let us hold the surplus or use it
2,290,000
.
and
77
MARKET
90
Nov.
7,000
134,000
427,000
—
77
Tig-'
—
*nd
110,000
153,000
Utah—
.
7
v
2,831,000
Virginia—___
Washington^
"West Virginia—Southern—.
tWest Virginia—Northern___:
Wyoming
bituminous
106,000
-
634.000-
nite.
114,000
160,000
88,000
Ohio—n
Total
7
63,000 7:
45,000
-
■
885,000
•7v
Pennsylvania,(bituminous)—.
and
2~95~666
...
•'
60
1,395.000
Dakota
Tennessee———.
(bituminous
nite),-—.
481,666
others
$37,978,000
Increase for month—.$2,212,000
$52,081,000
30
221,000
7 7. tt
7
175,000
—1—_.
Texas
sYo.ooo
v
shipped
or
Days
96,000
190,000
1,000
115,000
New Mexico——.--——;
South.
51,000
...
foreign countries
bills
Own
2,000
and
——
and
54,000
.$5,525,000
.....
Domestic
1937
274,000
„
102,000
1,420,000
'
;
77
6,000
935,000
—
(lignite)
314,000
43,000
Dec. 31,
CURRENT
-
——
North
4,170,000
437,000
$116,814,000
month—
ACCORDING
Jan. 9,
382,000
•
5,000
1,000
Georgia and North Carolina-
l:.
.
1943-77
1943
;102,000
.
Grounds Committee
Press advices:
Jan. 9,
1,
337,000
5,000
lignite)
2,133,000
548,000
Francisco
Grand
Week Ended
—1
,
(bituminous
2.578,000
4,620,000
City...—
BILLS
(The current weekly estimates are based on railroad carloadings and river ship¬
and are subject to revision on receipt of monthly tonnage reports from district
Montana
482,000
—.
ments
Iowa
1,919,000
Louis
8
Y:.
and State sources or of final annual returns from the operators.)
„
4,897,000
1,681,000
2,026,000
..
STATES
thousandsof net tons)
(In
.
state.;;
4,682,000
'
between
„
ESTIMATED WEEKLY
'
Alabama——;
71.729,000
•_
Imports
Exports
%
2,767,900
2,687,600
1,217,100
1,256,000
coke—
States
United
1,261,000
total—
States
Beehive
6
$21,370,000
65,458,000
________
4,325,000
4,014,000
2,020,000
1,939,000
2,233,000
2,144,000
Byproduct coke—
United
Cleveland———
Richmond
Dec; 31,'42
:
Y
$19,835,000
71,133,000
5,508,000
1,699,000
2,059,000
2,268,000
3,634,000
Philadelphia.———
4
30, '43
Nov.
'43
Public
House
the
Mr.
$21,083,000
York
5
i
Jan. 16,
1944
1,046,000
1,004,000
1,076,000
1,033,000
1,147,000
fuel.
coll.
incl.
"Total
tCommercial production
New
& Co., submitted to
Buildings and
on Jan; 19 his
of R. H. Macy
a
Week Ended———- V'
—
:
,
Penn. anthracite—~
'
PENNSYLVANIA ANTHRACITE
OF
Dec. 31,
Boston—.
(In Net Tons)
•
,
2,065,000
2,125,000
2,042,000 1,929,000
to current adjustment.
Daily
..
1937
23,029,000
1,879,000 1,771,000
1944
1944
1943
1944
1943
12,750,000 12,250,000 11,575,000 26,230,000 24,429,000
and lignite—
Total,
Jan. 16,
tJan. 15,j;: Jan. 16, ■
Jan. 16,
"Jan. 8,
Jan. 15,
Bituminous coal
Federal Reserve District—
1
Bank of New York and Treasurer
transition
DISTRICTS
RESERVE
FEDERAL
2
3
COAL
PRODUCTION OP
STATES
UNITED
ESTIMATED
BY
of
the Board of the Federal Reserve
STATES
OUTSTANDING—UNITED
ACCEPTANCES
DOLLAR
Policy
Chairman
Ruml,
Beardsley
toward restrictive practices.
The Bureau of Mines also reported
BANKERS'
Bunt! Renews Flea For
recent
gram
Jan.
to
Mr.
Ruml's
most
previous urging of this pro¬
was
made in our issue of
20, page 315.
Volume
159
THE COMMERCIAL &
Number 4,250
Revenue
Freight Gar Loadings During Week
Ended Jan.'15, 19'44 Increased 17,221 Gars
Loading of
Southern
1943
Loading of
cars, or
Atl. & W. P.—W. R. R. of Ala—.
693
718
888
Atlanta, Birmingham & Coast
2,497
2,736
647
756
715
1,282
12,569
15,058
11,940
10,799
1,524
11,739
3,516
3,886
4,307
5,157
4,321
Georgia.:.———
_
341
405
422
1,654
1,868
1,590
1,808
1,677
3,143
2,945
248
332
262
216
290
309
.
_____
98
96
180
873
3,084
2,475
1,433
1,400
Gainesville Midland....;
Georgia..-.—
964
Georgia & Florida
333
42
43
1,344
.
Gulf, Mobile & Ohio
Illinois Central
,
,
—
3,968
3,541
5,301
30,390
26,633
15,124
17.049
11,051
11,134
183,886 cars, an increase of 6,445 cars
preceding week, and an increase of 18,071 cars above the
corresponding week in 1943.
*
■"
L:
215
836
839
193
194
522
490
3,451
3,197
4,399 :f
989
1,178
1,740
,
779
,
368
315
506
1,466
345
480
10,692
11.050
10,556
10,162
8,587
9,372
21,351
21,845
24,432
24,599
23,612
670
575
575
987
913
129
95
126
923
801
118,558
122,219
126,139
114,936
120.453
.
Winston-Salem Southbound—
>
ing
preceding week and an increase of 4,135 cars
corresponding week in 1943. In the Western Districts
alone, grain and grain products loading for the week of Jan. 15,
totaled 40,730 cars, an increase of 1,361 cars above the preceding
week and an increase of 3,366 cars above the corresponding week
in 1943.
the
;
Live
V;
.
■•
stock
loading amounted to 17,167 cars, an increase of 19
cars above the
preceding week, and an increase of 2,595 cars above
the corresponding week in 1943.
In; the Western Districts alone
loading of live stock for the week of Jan. 15, totaled 12,350 cars, an
increase of 236
1,715
cars above the preceding week, and
above the corresponding week in .1943.
cars
Forest
the
the
of
totaled 37,828
preceding week but
cars,
decrease of
a
increase of 280
an
4,546
below
cars
corresponding week in 1943.
Ore loading amounted to
i
below the
Coke
above
cars,
decrease
a
decrease of 961
a
cars
of
1,417
cars
below the
cor¬
corresponding week in 1943.
' '
<
,
,
'
/
'
'
'
All districts reported increases compared with the
corresponding
week
in
creases
1943, except the Southern,
compared
with
1942
but all
the
except
districts
western.
January 1
Week of .January 8___
Week of January 15—
South¬
current
,
1,140
STOCK
*•—-
N.
10,153
10,263
10,067
391
472
116
106
12,388
11,998
Atch., Top. & Santa Fe System
Bingham &
Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
corresponding week
a year
1'
FREIGHT
LOADED
(NUMBER
OF
AND
CARS)
WEEK
'
'
'
Eastern
A
'7-:-v'
District—
FROM
ENDED
Ann Arbor
L.
...
Chicago, Indianapolis & Louisville
;
Central Indiana
Central Vermont—
Delaware & Hudson~._______________
JAN.
1943
1,452
Lehigh & Hudson River..
Lehigh & New England..
Lehigh Valley
Maine Central
191
-
7,125
6,346
9,656
•
.272
.
1,563
282
388
14,406
5,445
169
v
2,207
New York Central Lines
.
5,896
6,149
2,358
46,438
42,928
9,801
8,939
1,098
915
911
6,867
530
New York, Chicago & St. Louis
N. Y., Susquehanna & Western—
6,446
"
Pittsburgh & Lake Erie..—.-.—-;
Pere Marquette..^..i.—
Pittsburg & Shawmut
Ptttsburg, Shawmut & North
Pittsburgh & West Virginia
••••
Ay 7,383
4,429
-
>v
345
:*■
1,056
....
.•352
——
-
:•
.
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley..
Cambria & Indiana
:
—
2,164
15,901
2,438
8,036
:
5,440
.7,
293
408
540
153,424
144,610
7,147.
7
8,008
9
■
:
7,279
.
8,213
;
.
-
22
.293
205
2,365
3,997
1,063
,.832
12,590
12,179
3,983
5,892
233,986
226,056
■
173,537
;
..719
;
'•('■ft
640
f-fi
•
607
26,807
3,074
.1,597
292
354
332
3
4
14
2
19,419
20,795
1,767.
1,908
5,572.
;I,V
•
7,593
:
564
'
607
293
130
54
•7,
58
■
9
'
10
28
42
964
795
1,570
1,387
1,780
75,728
69,619
73,849
-63,832
58,486
14,194
14,385
16,408
28,219
29,000
4,201
173,041
;
V
3,556^
' 2,334
2,906
2,444
20,908
19,682
4,274
4,593
3,636
4,042
12,842
13,406
158,976
174,653
164,283
160,696
_
Norfolk & Western
Virginian
.
29,246
26,848
.
22,769
22,337
—
,.
sales—
6,845
other
sales-
483,898
total
sales
490,743
$16,279,417
—
"
,
3,409
3,808
481
490
78
116
18,446
19,253
11,335
10,248
11,175'
sales
60
119,650
2,516
2,891
1,102
767
11,544
12,508
12,722
11,878
12,483
2,652
2,436
:
2,959
5,755
774
728
819
2,179
1,903
3,814
4,148
3,630
6,014
5,233
12
12
1,396
1,228
1,999
1,488
1,004
451
632
1,707
2,088
1,950
198
137
712
1,146
800
563
45
1,277
'20
0
0
28,534
28,227
2d,916
13.615
12,128
474
294
17,443
15,903
650
210
1,764
16,970 ',:'
15,737
5
717.,; : ':v"f ■
13,649
690
■
1
;
Toledo, Peoria & Western
Union Pacific System
.
.
Western Pacific
23
;
•
119,710
Number
2,518
2,390
3,549
3,020
122,706
126,558
92,446
86,352
226
589
193
318
.181
of
■"Sales
shares—
marked
213,760
...
"short
exempt" are re¬
fSales to offset
orders, and
sales
to
ported with "other sale?."
customers'
liquidate
than
odd-lot
long
a
round
a
■sales."
lot
position
are
which
is
less
reported with "other
v,
•
■
New Notes Offered
By
Treasury For GIfs,
maturing Feb. 1,1844
■
3
1,919
Dealers—
'V
1,483
124,093
;
Total.
•
sales
Round-lot Purchases by
5,485
2,120
•-
Total
' ;
11,966
Secretary of the Treasury Morgenthau announced on Jan. 24 an
offering, through the Federal Re¬
Banks, of 0.90% Treasury
Notes of Series D-1945, open on
an
exchange basis, par for par, to
all holders of
Treasury CertifL
District—
5,605
4,421
serve
1,731
2,292
2,118
3,182
3,086
'
295
1,026
5,102
3,128
*2,030
2,851
2,372
3,565
-:A2;312 *■>',/<;
2,419
2,341
cates
330
270
368
1,177
1,035
731
675
834
453
293
A-1944,
*5,057
Litchfield & Madison
Midland Valley
Missouri & Arkansas
Vr
_.
V
206
7,661
5,688
ed
7,456
4,675
4,826
Loan '
4,299
3,974
6,652
7,478
95
126
114
24
6,004
17,738
81
113
120
9,081
9,414
2,680
3,363
3,230
11,767
11,125
4,349
92
.
18
28
63,949
70,639
Weatherford M. W. & N. W
•
'
,
'
31
291;
-
outside
of
"Figures
unavailable
account
year's
wire trouble.
60,117
ceived
30
previous week's
63,401
63,143
will not
The
v;
c
be
>
•
War
part of
a
on
re¬
any
,yy;yyy^\: y.- Vv
Treasury's
"The
1,
.
announcement
and
that
0.90%
will
notes
1944,
from
Weekly Statistics Of Paperboard Industry
date
per
will
on
Sept.
on
1,
mature March
:
of
rate
payable
basis
Feb.
interest
the
at
March
dated
bear
annum,
1944, and
Paperboard Association, Chicago, 111., in relation to activity in the
be
will
semi-annual
We give herewith latest figures received by us from the National
1
Fourth
explained:
figures used.
figures revised.
paperboard industry.
the
Drive, which started
Jan. 18, and the subscriptions
quotas..
Note—Previous
Series
amount
349
4,572
18,812
7,791
Wichita Falls & Southern
of
302
357
4,944
16,951
St. Louis Southwestern
Texas & New Orleans
Indebtedness
6,381
204
5,949
16,655
Quanah Acme & Pacific.
of
9,109
146
4,831
15,885
St. Louis-San Francisco..
Texas & Pacific
1,060
maturing
Feb.
1
in
of
$2,211,161,000.
The
subscription books remained open
through yesterday (Jan. 26). This
exchange operation was conduct*-'
153
Missouri-Kansas-Texas LinesMissouri Pacific
,
a
1,
1945.
They;
1, 1945.
They
will not be subject to call for re¬
The members of this Association represent 83%
of the total in¬
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.'
-
demption prior to maturity. They
will
be
only,
issued
with
in
two
bearer
interest
form
coupons
attached, in denominations of $1,-
ACTIVITY
$1,000,000.
Unfilled
Production
Orders
".
-
Period
\
Received
.
1943—Week Ended
Oct.
Tone
2
Oct* 1611—I——III
Oct.
23
Oct.
30
Nov.
6
Nov.
13
—
—
—
Nov.. 20
NOV.
■
27
152,479
156,808
148,574
Activity
,
148,293
579,800
589,417
97
93
94
93
595,257
588,399
95
93
147,883
94
93
•
*
144,413
143,686
587,324
93
93
172,441
153,126
147,467
608,782
93
93
149,295
608.893
95
93
126,126
146,286
587,715
94
93
142,136
578,434
91
4
177,664
149,803
602,789
95
93
Dec.
11
146,662
148,826
600,323
96
93
Dec.
18
139.654
148,431
589,659
96
93
Dec.
25__
119,487
569,689
87
93
——
136,120
•
of
25,665
10,911
10,155
21,258
7,690
6,721
4,770
4,843
4,534
2,385
56,785
54,028
51,457
20,986
.
2,432
Jan.-
1—.—
Jan.
8——:
July' 15:..
,
to
Public
upon
the
Debt
provisions
Act
of
the notes
tion,
Acts
as
1941,
now
fered shall not have any
of¬
exemp¬
such, under Federal tax
now
or
hereafter enacted.
"Subscriptions will be received
at the Federal Reserve Banks and
Branches and at the Treasury De¬
partment," Washington, and should
;
—
121,212
92,328
589.815
63
93
160,567
138,381
612,043
86
86
153,097
146,596
614,215
93
90
Notes—Unfilled orders of the prior week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
ments of unfilled orders.
be
accompanied
amount
cates.
not
19,308
the
interest
93
Dec.
.
"Pursuant
Current Cumulative
144,254
134,959
.......
Tons
164,954
Percent of
Remaining
1
156,044
•
;
Orders
Tons
1944—
District-
Chesapeake & Ohio
3,595
970
1,851
1,257
20,497
22,705
3,171
457
2,935
26,092
,
*
203
:
22,435
3,295
1,007
;• 38,553
2,888
122
Union (Pittsburgh)
4 1,295 :
35,967
239
Reading Co
Shares:
value
Short
;
21,849
'
2,915
564
...
57,855
202
000, $5,000, $10,000, $100,000 and
••
42,031
143
:
:
909
.
Llgonier Valley
Long Island
Penn-Reading Seashore Lines
Pennsylvania System.....
63,028
Dollar
30
15,890
4,912
6,822
...
98,866
of
Round-lot Sales by DealersNumber of Shares:
; 280
:h
.532
Cumberland & Pennsylvania
Total—
;,■,;■'• 322...
yyy is .•
6,557
6,069
1,869
Central R. R, of New Jersey
Cornwall.
82,320
1,700
3,694
2,660
284
'
90,370
970
11,348
•
yy':'
Akron, Canton & Youngstown..
Pocahontas
2,534
1,397
17,375
5,372
.
,
2,852
1,412
54,202
587
Allegheny District—
>
437
3,347
20j537
8,752
2,867
; r: 5,012
6,197
......v
Wheeling & Lake Erie...—
494
2,981
17,597
19,253
.699 :
.901
-
73,474
8,875
53,991
4,518
...
Wabash........
76
2,366
2,106
'
4,262
945
...—
...
515
7,643
.
■'
K
19,226
12,719
....
1,522
3,332
V-
.
48.500
.
119
1,898
3,973
New York, Ontario & Western
Western Maryland
11,817
98
■
16,636
N. Y.. N. H. & Hartford...
Total
10,389
3,363
2,565
2,134
.
11,810
9,482
2,669
-53
:■
f
14,284
1,837;
7,902
,
1,964
2,401
:
•
244
.
14,951
y-:-33y
yy
178
1,879
6,322
Rutland
255
14,564-
2,404
11,638
2,246
...
79
1,963
Number
'
1,346
H 2,177
253
:iv 3,730
8,264
...
98
Kansas; Oklahoma & Gulf
1943
1,416
'
....
Montour
1944
35
5,183
1,797
Monongahela
Customers'
540
' 958
.
289
:
■"Customers'
'«■: 4,044
A. .439
2,301
:
•:
3,159
5,092
233
8,565
3,697
3,082
1,273
1,478
11,725
short
5,580
5,800
Detroit & Toledo Shore Line
Erie
Customers'
International-Great Northern..
1,321
2,278
Grand Trunk Western
2,021
Gulf Coast Lines
'
541
2,227
7,340
Detroit, Toledo & Ironton
2,086
15
1942
256
167
2,146
Missouri-Illinois
Louisiana & Arkansas
5,482
Delaware, Lackawanna & Western"
2,015
Burlington-Rock Island
1,346
Detroit & Mackinac
2,407
901
Kansas City Southern
26
18,689
35
1,147
Connections
987
sales-
811
39
CONNECTIONS
6,490
,
total
4,371
895
841
Received from
2,038
Boston & Maine
Customers'
5,133
1,349
Total Revenue
257
Bangor & Aroostook
18,487
638
713
Freight Loaded
1944
; •
sales
287
923
compared with
Total Loads
♦
other
.
RECEIVED
Railroads
sales....
■"Customers'
12,924
Denver & Salt Lake
Southwestern
REVENUE
short
473
Fort Worth & Denver City
Illinois Terminal
Peoria & Pekin Union
ago.
Customers'
;
242
...
811,327
1944.
t
533
2,286
Denver & Rio Grande Western
755,498
when
Sales)
Number of Orders:
482
281
...
& 780,220
During the period 78 roads showed increases
Purchases by
District—
North Western Pacific
freight carloading for
250
'*•
561,166
$21,345,000
...
tOther sales
Western
736,972
the separate railroads and systems for the week ended Jan.
15,
the
8,071
Odd-Lot
20,428
——
388
717,176
summary of the
a
shares—.
8,893
Southern Pacific (Pacific)
following table is
of
Elgin, Joliet & Eastern
2,899
260
,
1944
Total
Number
Dollar value
12,618
450
6,350
THE
for Week
orders.
733
11,531
15,
of
652
762,999
2,224,833
14,047
ODD-
DEAL¬
EXCHANGE
Jan.
Number
.1,134
4,917
THE
ON
Sales by Dealers
(Customers'purchases)
832
10,197
FOR
Odd-Lot
1,356
5,799
odd-lot
ODD-LOT
STOCK
Y.
Duluth, Missabe & Iron Range.__.i_.
Duluth, South Shore & Atlantic
Total
OF
Week Ended
Dealers—
10.764
the
SPECIALISTS
(Customers'
Nevada Northern
2,093,847
AND
9,774
676,534
2,186,693
—
ACCOUNT
ERS
3,434
Spokane International
by
TRANSACTIONS
LOT
3,617
1943
1942
Commission
3,220
Minn., St. Paul & S. S. M
; of
published
figures
The
dealers and specialists.
11,253
Northern Pacific
Ex¬
series
based upon reports filed with
are
the
4,962
1,135
Green Bay & Western
Lake Superior & Ishpeming
ac¬
and
Stock
by the Commission.
3,077
Ft. Dodge, Des Moines & South
York
continuing a
figures being
23,883
621,173
'
New
change,
2,348
1944
•
__
,
the
on
3,856
643,474
...
...
Total
The
and
•
Week of
de¬
reported
Pocahontas,
dealers
19,769
Central
loading amounted to 15,445 cars, an increase of 453 cars
preceding week, and an increase of 131 cars above the
the
18,133
stock
odd-lot
'
14,215
of
the
odd-lot
4,300
Great Northern
volume
for
all
2,776
* -
.
,
daily
of
21.763
Spokane, Portland & Seattle
13,404
preceding week and
responding week in 1943.
Chicago Great Western..
the
transactions
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha..
Minneapolis & St. Louis
products loading
above
cars
increase
an
15,506
Jan.
on
count
District-
;
.
Northwestern
Chicago & North Western
Exchange,
public
specialists who handled odd lot3
of 2,731 cars above the
above
made
1,652
369
.
Trading
and
22 a summary for the week ended
Jan. 15 of complete
figures show¬
\ 5,257
10,026
System—....
Tennessee Central
.
Grain and grain products loading totaled 57,442 cars an increase
229
:
*.;■ 3,012
Seaboard Air Line
Southern
25,320
137
165
Securities
Commission
488
3,559
Piedmont Northern—.
Richmond, Fred. & Potomac..
Coal loading amounted to
above the
575 :
27,046
___
Norfolk Southern
81
3,539
3,513
24,918
Macon, Dublin & Savannah
Mississippi Central...—i________
Nashville, Chattanooga & St. L
Loading'of merchandise less than carload let freight totaled 98,888 cars, a decrease of 1,107 cars below the preceding week,; but an
increase of 12,196 cars above the corresponding week in 1943.
v
93
2,429
443
The
1,702
41
1,370
•
28,754
—
System
Louisville & Nashville.;—
389
NYSE Odd-Lol
1943
301
,
r
1944
345
Florida East Coast.
Miscellaneous freight loading totaled 356,160 cars, an increase
of 9,817 cars above the preceding week, but a decrease of 6,899 cars
below the corresponding week in 1943.
'
•
V
1942
405
Durham & Southern.—...
'
1943
391
Columbus & Greenville
15, increased
freight for the week of Jan.
revenue
2.3% above the preceding week.
Connections
1944
Charleston & Western Carolina...
Clinchfield...
____________
24,722 cars,'or. 3.3%f but a decrease below the same week in
1942 of 31,107 cars or 3.8%.
;
-
Received from
242
Central of
of
17,221
District—
Total Revenue
Freight Loaded
Alabama, Tennessee & Northern
Atlantic Coast Line
totaled 780,220 cars, the Association of American Railroads announced
on Jan. 20.
This was ah increase above the corresponding week of
439
Total Loads
Railroads
15, 1944,
freight for the week ended Jan.
revenue
FINANCIAL CHRONICLE
of
the
by
a
like
maturing
face
certifi¬
Subject to the usual
reser¬
vations, all subscriptions will be
1
allotted in full."
THE COMMERCIAL & FINANCIAL
440
the annual meeting of the stock¬
holders and directors Paul Han¬
ings of $852,527 were retained in
accounts, reflected ' in an
increase in surplus of $200,000,
capital
(Continued from page 421)
and
an'
increase
Hall, William A. Innes, Samuel K.
Rindge, William S. Rosecrans and '
to the position
elevated
sen
was
of
Vice-President
undivided
in
Thursday, January 27, 1944
CHRONICLE
and
Cashier
W., Dean
from that of Cashier.
March 15, nounces the promotion of J. Coy profits of $652,527.
Mr.' Congdon' further said that Vogel
and Herbert H. EchterClifford
W. Wilcox and
1918.
On April 2, 1918, he suc¬ Reid,
also elected 'Viceceeded his father as Chairman of Ralph L. Holbrook as Assistant the directors have decided to in¬ meyer were
They * were
both
the
Board
of
Directors.
On Vice-Presidents, and Albert M. crease the dividend rate from the Presidents.
•
$1.20 rate; which has been in formerly Assistant Cashiers. Mr.
June
3,
1919, he was
elected Gesler as Credit Manager.
effect for the past seven years, to Hansen began as a clerk in the
President upon the resignation of
bank in 1920.
W. Dean Vogel has
Frank A. Vanderlip.
Mr. StillWynant D. Vanderpool, Presi¬ $1.40 per share per year, in "view
A been associated with the bank
man resigned as President May 3,
dent of the Howard Savings Insti¬ of the bank's earning'record.
since
December,
1942, was for 11
1921.
Mr. Stillman had a winter tution, Newark, N. J., announces dividend of 70 cents per share,
home in Havana, Cuba, and had the election of Waldron M. Ward with 35 cents" payable Feb. 1 and years associated with the Atlantic
It is State Bank of Atlantic, Iowa, and
planned to leave for his annual as a Vice-President, and of Wil¬ May 1, has been declared.
father's
his
of
death,
the next few
Surviving are three sons,
there within
stay
daj's.
Lt. Alexander Stillman, U. S. N.,
formerly Assistant Cashier of The
National City Bank of New York;
James Alexander Stillman, Medi¬
of the U. S. Army; Lt.
Guy Stillman, U. S. N., and a
■daughter,
Mrs'.
Anne • Stillman
Davidson
of
Glen
Cove, Long
cal Corps
Island.
Stockholders of the Nyack
Bank
Vice-President, as the intention of the board to con¬
a
member of the board of man¬ tinue the practice of declaring 35
agers.
Mr. Ward, a member of cents quarterly dividends, subject
the board of managers of the bank to changing circumstances.
The bank's statement of con¬
since 1925, is a partner of the law
firm of Pitney, Hardin & Ward. dition as of Dec. 31, 1943, shows
Mr. Maude joined the Howard in that during the year deposits, in¬
U. S. Government war
1932 as manager of itsreal estate cluding
department,
and in
1937 was loan account, amounted to $393,088,952, an increase of $88,401,952,
elected a Vice-President.
:
with ordinary deposits increasing
Plans for the
merger
of the $55,512,908. This compares with
liam L. Maude,
,
Bank • and
the
ap- National Iron Bank, both of MorNational
First
Nyack, N. Y.,
Jan. 11 an increase in ristown, N. J., were recently an¬
the common stock from $200,000
nounced.
They are two of the
to $400,000 through a 100% stock
oldest banks in
the State—the
dividend.
The
bank
also
an¬
First
National
having
been
nounced that during the past year
founded in 1865 and the National
the bank retired $250,000 class A Iron in 1855.
According to a joint
preferred stock, all of a balance statement issued by « Frank D.
held by the Reconstruction
Fi¬ Abell,
President of
the First
nance
Corporation.
The Marine National, and George A. Easley,
Midland Corp. owns a majority of
President of the National Iron,
&
Trust
proved
the
Co.,
on
common
C.
stock.
Bertrand
Leitner, Nyack real estate and in¬
surance
rector
agent, was elected a di¬
of the
bank to succeed
Stirling Tomkins, President of the
New York Trap Rock Co., who is
how overseas with the American
Red Cross.
will give the com¬
bank with assets of over
merger
munity
a
$22,000,000—the largest bank in
metropolitan New Jersey outside
of Newark.
Benjamin Rush Jr., Vice-Presi¬
of the Indemnity Insurance
elected
dent
stockholders'
annual
the
At
the
meeting of the County Trust Co.,
White
Plains, N. Y„
held on
Co. of North America, was
a
director of the Land Title Bank
& Trust Co., Philadelphia, at tne
annual meeting of its "stockhold¬
19, Andrew Wilson Jr., Presi¬
ers on Jan. 11.
The other direc¬
dent, reported that for the year
tors were all reelected.
Mr. Rush
1943 operating earnings, exclusive
is a director and Chairman of the
of profits from the sale of securi¬
Executive Committee of the Mor¬
ties,
amounted
to $181,454, or
ris
Plan
Bank of Philadelphia
slightly better than $6 a share on
He also is Chairman of the South¬
Jan.
in
an
increase
of
$49,924,747
for
a
number of years
operated
the
E. C. Wilson.
In
same
profits account of $10,000,000, an
increase
of
$500,000 from
the
Dec.
officers
Alvin
E.
-
Continuing, Mr. Wilson told the
stockholders that all recoveries
well
as
profits
securities
as
from the sale of
transferred
were
various allocated
to
elected
of the
to
the
of directors
board
Pennsylvania Company for
on Lives and Granting
Insurances
Annuities,
131st
Philadelphia,
at the
meeting of share¬
annual
holders
held
President
of
on
the
Jan.
is
Fidelity Mutual
Life Insurance Co. and
reserves.
He
17.
was
Penn¬
sylvania State Chairman of the
1943 the invest¬ Third War Loan Drive. Wm. Ful¬
ment in U. S. Government obliga¬
ton Kurtz, President of the Penn¬
tions
was
increased from
$12,-,
sylvania Company, at the meeting,
613,197 to $21,177,682. Forty-four
During the
year
members of the staff have entered
the armed services of
four of whom have already
their
lives.
announced
the
following
tions:
Substantially
George
given
more
promo¬
Assistant
E.
Katzenbach,
Treasurer
to
'■
Vice-President; H. G. Rheiner, to
Assistant
Treasurer;
David
E.
savings
stamps have been sold by the Witham, to Manager of Mortgages;
various offices of the bank to date. George Smith, from Registrar to
The deposits of the bank at the Corporate Trust Officer; Cholmley
end of 1943 were $34,285,504, com¬ Fox, from Assistant Registrar to
Assistant Corporate Trust Officer,
pared with $26,908,347 at the be¬
and Henry J. Wylie, from Assist¬
ginning
of
the
period.
Total
ant Registrar to Assistant Corpo¬
assets were $36,709,802, compared
war
with
bonds
and
war
rate Trust Officer.
$29,071,813.
The
stockholders
elected
the
in the bank
directors:
Henry
v
The
Trust
First
National
Bank
&
the National City Bank
ing
the
year,
amounting
Co., New Haven, Conn., an¬ $540,000, and the remaining
to
earn¬
Directors
at
the
three abovethe fol¬
offi¬
and elected
Chairman of
.
In addition, the board
General Robert
director to fill the
vacancy created by the resigna¬
tion of Jesse B. Alexander, a di¬
rector of Citizens National Bank'
elected
Attorney
W. Kenny as a
reelected:
were,
Johnson,
bank,
Samuel K. Rindge as
the Board.
-
of the present
the
of
cers
President;
Henry C. Karpf and
ger,
for
of
over
the
over
25 years, and a
member
Committee
Executive
for
22 years.
to
in 1942.
$70,360,900,
an
of
crease
,,
"
H.
been
the Banking
Mr. Beam came to
Beam, Vice-President, had
end
placed in charge of
Department.
the bank from the orach"ee
of law
The Mcllroy
Bank, Fayetteville,
Ark., has become a member of
Federal
Reserve
Bank
of
^
in
condition,
of
statement
Giannini warned
that
war
Mr.
prog¬
the ress in 1943 cannot be taken as
"It
St. meaning the worst is over.
only means that we can eventu¬
will,", he
ally win victory—if we
advantage
be lost by mistaking
"Hard
asserted.
must not now
toward
progress
won
victory for vic¬
tory achieved.
In matters of pro¬
duction and self-sacrifice our first
consideration must continue to be
the
ever."
't
our fighting
men,
qualification whatso¬
of
needs
without any
„
■
.
that post-war plan¬
Board at the annual meeting of ning is our present responsibility,
he said that the goal of such plan¬
of
the
Board.
Mr.
Koch was the bank's directors on Jan. 11,
ning must be full employment,
formerly
Executive
Vice-Presi¬ and Sam R. Lawder, formerly
First Vice-President of the First with a national income close to
dent,-'''..
He stated that
National
Bank in Houston, has the present level.
President.
Mr. Gossett reestablishment of small business
Gross earnings of the Manufac¬ become
enterprises figures prominently in
turers National Bank of Detroit has been a senior officer of the
the bank's planning, and offered
for the year ending Dec. 31, 1943, bank for 20 years, and as Chair¬
the view that prevailing values of
man continues to head the institu¬
were $4,625,723, according to a re¬
Tim labor, commodities and merchan¬
port made by Charles A, Kanter, tion in an active capacity.
dise must be maintained.
"Re¬
President, at the annual meeting bank also announces the promo¬
duced values for labor and goods,
of stockholders on Jan. 11.
Oper¬ tion of John, F. Austin Jr. from
Cashier to Vice-President; of E. while increasing the purchasing
succeeding Warren E. Keplinger,
who retired and became Chairman
1941,
became
Chairman
Vogelpohl
from
;
of
the
Declaring
..
ring items, were
Cashier to Cashier, and
$3,740,760, leav¬ Darsey and Terrell
of $884,962. Assistant Cashiers.
Assistant
of George
Taylor
to
It is also announced that Harris
were paid
transferred to McAshan, First Vice-President;
Malcolm
G.
Baker,
Assistant
surplus, bringing the surplus fig¬
ure
.to
$5,500,000.
Undivided Cashier,
and
Arthur
Trum,
Assistant
Cashier
and
Assistant
profits, as of Dec. 31, were $1,Trust Officer, are on leaves of
641,258.
Deposits as of Dec. 31 were absence, serving with the U. S.
v
!
$445,314,176.
Assets were $456,- armed forces.
of
Dividends
$500,000
and
$240,000
was
Cash and Governments
totaled $405,8-33,335.
In compar¬
ing year-end figures of 1942 and
1943, Mr. Kanter reported the fol¬
lowing gains during the last year:
$10,373,319 increase in loans and
discounts, '
including
mortgage
loans; $99,059,219 increase in U. S.
of the dollar, would, I ap¬
prehend,
precipitate depression
power
and
nation's integ¬
endanger our
rity," he declared.
earnings
net
ing
W.
,
H.
all
reelected
913,762.
Sidney B. Congdon, President of
of Cleve¬
land, reported to stockholders at
their recent annual meeting that
and
Wilfred L.
Richardson.
It
operating earnings for the year
was announced that all of the offi¬
19431
amounted
to
$1,392,527,
cers
of the trust company were
reelected at the directors' meet¬ equivalent to $3.09 per share on
the 450,000 shares of capital stock
ing, folloiWing that of the stock¬
outstanding, after setting aside
holders.
$295,152, equivalent to 66 cents
per
share, for Federal income
The
Pavilion
State
Bank,
taxes.
In the preceding year, Mr.
Pavilion,
N.
Y., has
received
Congdon said, operating earnings
authorization
from
the
State
were
$1,058,973,
equivalent
to
Banking Department to increase
$2.35 per share of capital stock,
its capital stock from $25,000, conr
after setting aside $130,570, equiv¬
sisting of 500 shares of $50 par
alent to 29 cents per share, for
value, to $50,000, made up of 500
Federal income taxes.
Dividends
shares of $100 par value.
of $1.20 per share were paid dur¬
following
Homer, Frederick C. McLaughlin,
Charles C. Fagg, Edward M. West
of
Loans Assistant Cashiers. ; :;
Reporting to stockholders of the
in¬
The following directors were re¬
Bank of America at the recent an¬
approximately
$12,- elected:
W. P. Adkins, H. B.
000,000 during the year, while Bergquist, L. S. Burke, Jas. J. nual meeting in San Francisco,
holdings of U. S. Government Fitzgerald, T. E. Gledhill, Alvin President L. M. Giannini said that
obligations now amount to $222,- E. Johnson, Henry C. Karpf, Leo a most constructive development
621,642, about $67,000,000 above T. Murphy, James L. Paxton Jr., of 1943 was the extent to which
the end of 1942.
•
Herman
K.
Schafer,
Carl
A. the American people built up
President
Congdon announced Swanson and J. L. Welsh.
W. P. their individual backlogs of .sav¬
on
Jan. 11 that George Buffing- Adkins retires as Board Chairman. ings.
"Depositors in this bank
ton, Vice-President of the bank, In his annual report to the stock¬ alone added over $500,000,000 to
has
been
appointed
Executive holders Mr. Johnson pointed out their financial resources through
Vice-President.
Mr.
Buffington that the
deposits at the close of additions to savings and purchases
entered the bank as Vice-Presi¬ business Dec. 31, 1943, stood at of war savings bonds," he said,
dent in August, 1943, after long
"Such
substantial
savings
will
$53,770,050,
as
compared with
years of experience in the invest¬ $37,8)2,927 at the close of business create business and jobs by pro¬
ment banking field.
From 1941 Dec. 31, 1942, and that the bank's viding purchasing power when
until he joined the staff, of the
consumer
goods can again flow
capital,
surplus and undivided
bank, he was assistant to the Sec¬ profits, exclusive of;reserves, was freely."
!
retary of the United States Treas¬ $1,696,336, as compared with $1,After
reviewing the unprece¬
ury, primarily concerned with the
481,642 Dec. 31, 1942.
Edward dented growth in Bank of Amer¬
sale and distribution of war bonds.
Morris, a stockholder of Chicago, ica's resources, deposits and in¬
It was also announced that Francis
vestments as revealed in the yearattended the meeting.
amounted
from
than $9,000,000 of series E, F and
G
■
share, as compared,
share a year ago.
Board
The
R. H. KroeVice-Presidents, and L. V,
Puliiam, C. G. Pearson, Earl R.
ordinary deposits Cherry and
Tom J. Price Jr.,
ating expenses, including the esti¬
mated cost of remodeling the new
Assistant main office and other non-recur¬
'
country,
our
ac¬
owned and organization meeting, held Jan. 13,
January, 1943. The Trust De¬
Louis,
The new member started
partment remains in the immedi¬
operations as a private bank in
ate
stock.
charge of Eugene S. Linde1871
and
was
incorpoarted in
eastern
Pennsylvania
Chapter,
Of this amount $33,750 was paid
mann, Vice-President. He became
1892.
It has capital of $100,000,
American Red Cross, for which he
out in dividends during the year,
associated with the bank in that
directed
last
year's War Fund
surplus of $100,000, and total re¬
$90,097 was added to undivided
capacity in June of 1943, having
sources of $3,273,677.
Drive that totaled $4,043,749. The
been for five years General Coun¬
profits, and the remaining $57,607
bank's report for 1943 was re¬
was
transferred to various allo¬
sel for Union Properties, Inc.
ferred to in these columns Jan. 13,
The South
Texas Commercial
cated reserves*
Surplus and un¬
Bank,
Houston,
an¬
divided profits at the beginning page 195,
Herbert
F.
Koch
has
been National
of the year amounted to $1,114,616
elected President of the Guardian nounces that E. F. Gossett, who
has
;
been
President
since
May,
Ellsworth
A.
Roberts
was
and at the end of the year $1,Bank & Savings Co., Cincinnati,
The capital funds of the
bank as of Dec. 31, 1943, amounted
to $2,154,713.
This
report.
per
with $38 a
the 30,000 shares of capital
204,713.
$40
to
Vice-Presidents,
lowing
1942,
31,
count, Mr. Ivey said, is now equal
of 15.
In addition to the
named
;
surplus and undivided
the capital,
finance company in
city.
Mr. Echtermeyer
at the age
stockholders
the
to
report
deposits of $241,419,534, the larg¬
est total ever published, and upon,
a
began as a messenger
his
;
President Ivey commented on
need for
of war con¬
tracts upon their cancellation to
prevent perilous delay to peace¬
He
the
emphasized
prompt
settlement
production and employment
adjustment.
Changeover in pro¬
duction
from
war
to ^civilian
time
goods should be effected as uni¬
formly
as
possible, both geo¬
graphically and as to industries,
of the
or
irreparable damage would be
National
caused on the Pacific Coast by
Trust & Savings Bank of Los An¬
keeping its industries on full war
geles, held oh Jan. 11, four new
directors
were
elected
to
the production in the war's latter;
stages while the rest of the nation
board, viz.: Dwight Clarke, Ex¬
resumed
civilian
production.;
ecutive Vice-President Occidental
Banks must be ready, and per- |
Government (direct and guaran¬ Life Insurance Co.; Robert Hun¬
mitted, to exercise their normal j
teed), municipal and other bonds, ter, Pasadena, former investment
functions of financing private en¬
notes, debentures and
securities; banker;®William Simpson, Presi¬
terprise without subsidized gov¬
$104,601,077 increase in demand dent William Simpson Construc¬
ernmental competition.
deposits;
time
$11,469,647
increase
in
■
At
the. annual
stockholders
tion
of
meeting
Citizens
Co., and Donald Thornburgh,
Columbia Broad¬
Vice-President
deposits.
Stating
that
many
of
the
System,
Inc.
Directors people's prerogatives have been
opening of the new main casting
temporarily relinquished for war
office of the bank on Jan. 3 was reelected included President H.
purposes,
he declared that one
noted
in our issue of Jan. 13, D. Ivey; Executive Vice-President
L. O. Ivey; Milo W. Bekins, W. J. right not to be relinquished even
page 208.
Boyle Jr., Walter H. Butler, Ralph temporarily is the right to remain
the
J. Chandler, Eugene P. Clark, T. free from regimentation in
The
Alvin
the
E.
Johnson,
President of
Bank of
announced that at
Live Stock National
Omaha,
Neb.,
B.
Cosgrove. A. M. Dunn,
E. Duque,
Ernest
W.
W. A. Faris, George
form
of
workers.
conscription
of
civilian
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