The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ESTABLISHED OVER 100
Final
YEARS
2 Sections-Section 2
In
Edition
ammetcia
Chronicle
Reg. U.
Volume
Pat.
Office
60 Cents
Price
N. Y., Thursday, January 6, 1944
New York,
Number 4244
159
S.
a
Copy
Record
Deposits And Government Bond Holdings
Feature N. Y. State Bank Developments In 1943
The Financial Situation
Notwithstanding the continuous warnings about com¬
placency virtual unanimity is evident in official as well as in
<»other quarters that the war in Europe is very likely to come
Supt. Bell Reports System Stronger Than Ever Beforewar to a peace economy, the Su¬
.to an end this year. There are many, perhaps they are in
Recommends Changes In Banking Law
perintendent says,
The banking
the majority, who expect hostilities to cease across the At¬
system of this State, he says, will
Record-breaking increases in deposits and in holdings of govern¬ face its responsibilities in this pe¬
lantic during the first, rather than the second half, of the
ment securities were the outstanding developments in banking in riod of transition confident in the
year. There can scarcely be a great deal of doubt that once New York State in 1943, Elliott V. Bell, Superintendent of Banks,
knowledge that it is stronger than
Germany is definitely out of the war, what is known as says in his annual report to the Governor and the Legislature, made ever before.
reconversion will be begun in earnest in American industry. public on Jan. 5.
Mr. Bell says that the Banking
Deposits in banks and trust companies rose $2,048,000,000 in the Department
No underestimate of Japan is implied in such a belief, in¬
will recommend a
first
ten
<$>
—
——
numbef of changes in the banking
deed no estimate of her fighting or staying qualities at all
months of the
Government," says Mr. Bell, "have law at the 1944 session of the
is implied. It simply does not stand to reason that any war year to a new
given the banking institutions of
Legislature. The more important
the
State
an
opportunity
to
that the United Nations could wage against Japan in the high of $17,recommendations, whose purpose
strengthen their asset position as is to cure defects in the law which
685,000,000,
circumstances actually existing could possibly make de¬
never before.
In addition to this
and deposits in
have been discovered by experi¬
mands upon the industries of those nations sufficient to keep
an
improved
market
for real
savings banks,
ence, are as follows:
them so largely engaged in the production of war materials exclusive
estate, moderately
rising prices
of
1. The
Department, with the
and
expanding national income
and weapons as is the case today. So much materiel could dividends
approval of the Banking Board,
have made it possible for banks
credited,
in¬
will recommend that Section 14 of
not be transported; there is not land available enough to
to dispose of unsuitable assets and
creased $434,the Banking Law be amended so
make use of it; and many types of instruments employed in
to clean up bad loans left over
000,000 in this
as
to provide that the Banking
as
a
legacy of prior years.
Al¬ Board
Europe to good effect could be used profitably against Japan period
to
a
may act by a three-fifths
though the banking system has vote of all of its ten members
level in excess
only in limited amounts.
been faced with a heavy responsi¬
of
Time to Get Our Feet
the Ground
on
mutual
For
this time are
savings banks,
to us that the
it
well
get down
Elliott V. Bell
the...
rise
deposits in their history.
was,,
post-wOr era, at least the pbst-Eurbpean wa^ora, may
steepest
be
in
enough to make it quite imperative that we
of laying out plans for it. " The
when the vague, grandiose, Utopian dreaming about
near
to hard sense in this matter
time
this "far-off divine event"
Government
of
in order, if it ever was, has
was
do
so
of
on page
Treasury
the
96)
000,000,
or
About 80%
curities
From Washington
Ahead Of The News
There'is
ones,
sons
feeling among Senators—the.
growing
a
and
less,
that he will render
an
even
in¬
to $11,301,-
of total assets.
of the Government se¬
59%
trust
held by banks and
The
according to Mr. Bell.
$747,-
mutual sayings
banks added
000,000 to their
investment in Gov¬
conservative ernment
whether Republican or Democratic, and many of whom have
in the armed forces—that Mr. Roosevelt is rendering a distinct
disservice by not letting it be known
funds,
in
securities
the
The
end of
would
the
of
the
bound
is
war
to
be
whether he intends to run again, holdings to $3,082,000,000.
"The remarkable rise in deposits
considerable
been
his conduct of
criticism of this. Criticism has run.
however,
i
riot
on
his
domestic
tions.
disquiet about
military opera
our
GENERAL CONTENTS
Editorial
The disposition has been,
that
he
is
the
Com-
until
January
policies, on mander-inChief
But 1945, and that therefore, nothing
constructive can be served by criU
pretty much common consent
Inopponents have kept quiet icizing him in that capacity.
about his conduct of the war.
If'ideed, the disposition of his op
is becoming more and more ap¬ ponents, being just as patriotic as
by
his
ad¬ the New Dealers, has been to go
vantage of this to get a fourth along with the contention of his
term.
He, himself, has sought to brilliancy in our military opera¬
tions for its morale effect.
get rid of the label "New Deal,"
parent that he intends to take
strictly to
But
even
country's thinking
"Win the War" slogan.
before his statement the
a
about
a
his
unanimity of opinion that
his leadership in
.
the
war was
bril-
liant.
opponents and even many
his
thinking
friends
have
His
of
squirmed
,
every
they've
time
heard of this contention. It is not
a fact.
There is far from a una¬
nimity
of
opinion
in
Congress,
emergencies,
other
and
ties
war
in Europe,
for
measurably
bring
of transition
period
1944,
nearer
from
from the fact that
organizations are
pledge assets to
arises
Bell,
banking
State
not authorized to
(Continued on page 95)
/
a
Wains Business
Basic Social
if
he
is
to
use
this
as
................
89
campaign, then mani¬
festly his conduct of the war be¬
tising Club of
Bar
of
Pub¬
lic
From
•
•
•
com¬
panies in rec¬
Bond Prices and
Items About
of
NYSE
Yields... 100
97
101
ognition
101
position
of
leadership
Moody's
in
Banks and Trust Cos..
Odd-Lot Trading.
Trading on New
State
York Exchanges
...
of Trade
General
Review
Commodity Prices,
this
have
a
...
90
Domestic Index. 102
need
taken
a
of
educa¬
program
public
comes
not
only
a
legitimate but
a
tion
through
raising of doubts when confidence,
blind confidence, as a matter of
fact, is needed in our military
higher-ups. It would be an awful
Weekly Carloadings
Fertilizer
Association Price Index..'.
Weekly Coal and Coke
100
Output..... i. 102
down
living
costs and pre¬
Holgar J. Johnson
101 vent a run¬
Moody's Daily Commodity Index — 100 away price in¬
103 flation," said Mr. Johnson.
mess, indeed, if there should be a Weekly Crude Oil Production
"In keeping with this new posi¬
102
public airing of what has gone on Non-Ferrous Metals Market
in the privacy of our military Weekly Electric Output....;
100 tion of business, and the increased
importance
of
public
opinion,
councils.
But there will be that Living Costs Index For Large .
business has»a responsibility to
Cities Oct. 15-Nov. 15103
(Continued on page 93)
Weekly 'Steel Review................
....
Business
vocal.
be
Opinion."
surance
89
•
Business Before the
Springfield, speaking on "Taking
"The life in¬
Washington Ahead of the
News
of social respon¬
have a positive program
and good citizenship to prosper in the post-war period of
peace-time production and competition, in addition to producing its
goods and services at the lowest possible cost, Holgar J. Johnson,
President of the Institute of Life Insurance, last week told the Adver¬
sibility
Regular Features
a
fourth term
Every business must
99 the n e w spapers of the
necessary subject for critical re¬ Weekly Engineering Construction... 103
to
view.
Such a review it will get Paperboard Industry Statistics...'.. 102 country
hold
domestic policies there and the result is bound to be a Weekly Lumber Movement... a,... . 101 help
steadily played tune of his jour¬
nalists was that while there might
be
some
difference
of opinion
was
But
Page
,
Situation
Financial
his conduct of the home front.
and to turn the
account of illness,
greater disservice if he does run
brought into the campaign. Heretofore, there has been little or no
^
required for action
by the Board. Allowing for a rea¬
sonable number of absences on
ten-
month* period, "raising their total
and the fact that virtually all of
and it is not un- 'f>
this increase has been invested in
likely
that
something will be Democrats and Republicans alike,
on his war leadership.
We are not obligations of the United States
heard of it ere long.
It is based on the fact that if talking now about his leadership
he is to be the candidate the con¬ on the home front; there has long
duct
the
predicted
widely
now
Athese gentlemen,
,
now
are
,
It is coming to be a rather deep-rooted feeling on the part of
again.
a
votes
special war du¬
it
past banking supervision has been sometimes
happens that no action
too stringent--in bad times.
"The can be taken by the Board with-,
time to raise our" standards," he
out. the unanimous vote of the
continues, "is when prices are entire membership present at a
rising, income is. expanding and meeting.
dead assets are coming to life—
2. The Department recommends
in short, when the national econ¬
that Section 96 of the Banking
omy is undergoing an inflationary Law be amended to permit State
trend. If that is done, bankers can
banks, trust companies and indus¬
then afford to adopt more liberal
trial
banks to pledge assets as
lending policies and to give more
security
for deposits of public
positive assurance to recovery in
money of the United States.
The
any subsequent time of stress."
need for this legislation, says Mr.
companies mature in ten years or
V
By CARLISLE BARGERON
requirements
for
creased $2,734,000,000
,
(Continued
security; holdings
banks and trust companies, , re-;
fleeting the growing
We must get our feet on the ground, and
without further delay.
:
■
certainly passed.
two-thirds vote. Seven
instead of
helping to finance the
war, it has been, with respect to
earnings and assets, experiencing
relatively good times."
Mr. Bell says that often in the
in
bility
high, the re¬
port shows.
Evidently, then,- those who insist upon giving some at¬
tention to post-war problems and policies at
well warranted in so doing. Indeed it appears
$6,000,000,-
300, also a new
can
men
of
it
public opinion for a decision,
essential that the public be
is
fully
informed,
that
all
of
the
be known
going to pass
facts about the business
to
those
who
judgment.
are
The
must realize that
to do a
business
man
it is not enough
splendid job and render a
great public service, important as
that is,
but that this service must
known to the public.
made
be
Only then can a fair judgment be
rendered.
And
that
judgment
will be eminently
are
fair, if the facts
known."
"Business
tial
and
amount
has
of
won
a
public
substan¬
goodwill
approval during the war foj
contribution to the
its outstanding
war
effort.
It will-be
necessary
„
1
no
rest their case on their
planning or engineering or pro¬
duction
departments alone.
If
business. is going before the bar
longer
(Continued on page 95)
THE COMMERCIAL & FINANCIAL CHRONICLE
90
country-wide basis
for
$25,000,000,000 AYeai!
"If national
must be
an
sible after the Weir.
on
*
follows:
as
.
v
:
week.
$300 billion national debt, at 2%,
$6 billion.
in
"Civilian
$4
estimate)
"Veterans' relief (World War I and
and other relief
the
"Thus
X-'"'
measures.
immediate
debt.
of
must,
post-war cost of govern¬
amortized
Whatever
the
at
rate
spending
this
of
were
month.
year,
result of
James
prevention
greatest
were
substantial
drop
drop of
up
a
year
Production of electricity is esti¬
mated to have slumped to
4,340,-
teen
the Edison Electric Institute/This
announced.
figure, which is subject to revi¬
sion, represents an increase of
indicates
■
points/or 10.8%, the
This
Steel
Institute
week's schedule
production
of
1,667,000
net tons of ingots and
castings,
output of against 1,504,200 tons last week,
3,655,926,000. Consolidated Edison 1,730,700 tons for the first week
Company of New York reports of December and 1,659,400 tons
system output of 223,600,000 kilo¬ for the first week of January, 1943.
18.7%
the
over
1942
watt hours in the week ended Dec.
26th,
an
increase of 40.1%
year-ago
figure of 159,600,000.
Carloadings of
641,368
the
•
freight
Dec. 25th, to¬
revenue
for the week ended
taled
over
cars,
according
to
the Association of American Rail¬
roads.
This
was
a
decrease
of
117,920
week
than
1942
same
total
from
cars
the
preceding
this year, 49,897 cars more
the corresponding week in
and
34,866 cars above the
period two years ago. This
was
123.79%
of
average
loadings
for
the
corresponding
week of the ten
preceding years.
Freight loadings in the first quar¬
ter
this
year
are
expected to ap¬
proximate 8,138,332 cars, an indi¬
cated increase of 1.2%
compared
with
cars
actual
in
the
loadings of 8,043,164
like
1943 period,
ac¬
cording to estimates by the thir¬
Retail buying took on a lighter
this week as trading slack¬
pace
ened
from
the
record
Christmas
peak, according to the weekly re¬
view
of
Dun
Favorable
&
Bradstreet, Inc.
helped to lift
weather
post-holiday purchases above the
level of
■
a
year ago,
lower
were
of
than
,merchandise
extra
and exchanges
normal
because
scarcities.
The
shopping day before Christ¬
this year added to sales vol¬
mas
ume,
with
the
increase
for
the
country estimated 5 to 8% above
the
corresponding 1942 week. Re¬
gional percentage
reported
3 to
as
increases
follows: New
were
England,
5; East, unchanged to 4; Mid-
dlewest, 4 to 6; Northwest, 5 to 8;
South, 10 to 14; Southwest, 7 to 11,
and Pacific
store
problem
front: have
for
sales
buy
find
been
small
.
.
out
1944
iri
the
.
American
some
day look good again,
Be^
sides, it may help your husband
for what he is
then
to
gets home.
bank.
get
-
J %
,
.
a
started
shares
,
support, has-done a
truly remarkable job in keeping
our economy stable
despite heavy
expenditures and shortages of
manpower and materials. But if
the pressure groups gain the upper
where
family
a
can
live
property, is like finding
the
on
what
profit
they
get out, of it.
They must measure it in terms of
what they put into it. No group
which
ances
Small
stores
lunch
and
owner
adjoining,
cheap.
can
are
few
and
who
men
the
run
;
Soldiers
coming
than
who
home
when
go
overseas
with
they
better
left.
learning that much
they had heretofore
and money was
will
realize
are:
are
ideas
They
are
which
upon
spent
time
sheer waste. Many
that
worth while for
tion
%
the
only
things
family or a na¬
(1) good land; (2) good
a
babies;
(3) good education and
(4) good character. All else, how¬
much
ever
advertised, is only ba-
I trust that fathers and
well
as
wives and
as
mothers,
sweethearts'
in
such
encourage
these; sensible
ideas. Only by so doing can Amer¬
ica hope to get
something. back
big de¬
for the lives and billions
spent on
for
in
No
one
will
place; but it
gives independence and assures
work to all the family. The same
applies
nesses
to
a
scores
of
will
sale
rooms,
live upstairs
now
They" will be
get rich
and
little
busi¬
from barber
of
its'
technical
journals, for any¬
one, willing to study evenings, to
become a real expert.
the
war.
should
NOW;
A
in
the
f
for, entry,
Jan. 1.
b-'W'VA
■
;
Has
get
it ever occurred to you to
job with the understanding
your
husband can have it
a
that
upon
his return.
tical
idea;
This
is
a
prac¬
It should appeal to
sensible
employer
and
housewife.
Your
first choice
every
was employed
leaving for the service; your
next choice should
%
activates set forth
applicati ve
remember,
Final Thought
I think that
a
piece of land will
appeal to many returning soldiers.
They have seen that it is for
or
disrupt
the
war
<AvJ land that this war is being fought.
If they are
wise, they will want
a
little themselves.
Now, don't
Costa Rica Restricts
1 buy your husband any isolated
land in the - woods.
The Costa Rican Congress ap¬
Buy within
proved on Dec. 2D a measure pro¬ easy walking distance of schools,
stores and a church; also reason¬
viding that persons operating bus¬
iness establishments in the coun¬ ably near his job or a bus line to
his job; don't make him dependent
try must have Costa Rican citi¬
on an auto.
Incidentally, the easi¬
zenship, according to the Associ¬
ated Press which reports that ex¬ est property to sell in every com¬
munity is that adjoining a good,
cepted are foreign business men
now
established" in
the country live church. Sensible parents like
who entered legally and are en¬ to bring up children near a church.
their
help their
started >. right
Begin to plan
"shrouds do not have pockets."
when
efforts."
gaged
especially,
and
up
young people get
when they return.
for
them
Good Land Is Good Insurance
mem¬
above. the common .good of
country should be allowed to
Parents,
loosen
should be where he
places the personal griev¬
and ambitions
hamper
in
the
a
stock
Parents Should Help More
:
bers
have
to
local» bank
money.
After the War, they will again be
"worth their weight in gold."
shops to repair
hand, we may lose the peace right shops of all kinds. There will al¬
here at home.
'
XXr ways be good' opportunities; ;f6t
"Our people must realize that anyone who knows more about
total war means sacrifice at home any one thing than anyone else in
his neighborhood. Yes, it is very
as well as on the battle front.
They
must not measure war in terms of easy today, through trade papers
the
right
of
know
Big Opportunities Everywhere
people
public
effective
law
on
very
'
"In
war
stock, it would be well to
few shares of stock in your
a
help him
good. But begin your plan¬
ning NOW;" don't wait until he
:
the home
indeed
Ask your local
the
civilians.
on
or
the "5 cents
as
Now, banks are mak¬
little money; but banking
is fundamental. Bank stocks will
ing
into
over
chains
grocery
local bank.
make
comparison with the hardships on
the battle front.
Coast, 13 to 17.
Department
inflation,, is
store
Don't try
to
mand after the War.
crease
&
that
hard
and
fine
total of
Iron
31
and
fitted
where the
Advisory Boards
made public by the Association of
American
Try
or
■
of 9.6
of
little busi¬
soldier
will face their greatest problem at
ended Dec.
25th, from the record
4,612,994,000 distributed in
the preceding week, according to
while
be¬
a
job- at merchandising with a
growing concern, ;:y-V v - ; ;
:
.
Perhaps before buying a chain
Some prefer
others
like
home and that is preventing infla¬
tion. Thus far Government, with a
Steel production is scheduled
this week at 95.9% of ingot capac¬
ity, against 86.3 last week, an in¬
000.000 kilowatt hours in the week
by themselves.
well
Shippers'
American Railroads.
ness
your
be
stores
national. chain.
a few shares.,. They should be
good hedge against inflation and
might also help your husband get
some
a
else.
more
some
may
'
community
a
are
will do better in
basis
up
25th, compared with
Dec.
crucial
"Thus far sacrifices
industries, generally, last week
ago.
happier doing so; while
someone
or
'
Buy
and will
Opportunities exist today which
Byrne's statement, in part;
will not exist after the War is
reported by the Associated
over.
I see them everywhere I
Press as follows:%
% •; : y;
go, — vacant stores, closed real
"In 1944 all of us hope to see
estate offices, run-down garages
victory in Europe, but the sure and auto sales
rooms, etc.. etc. As
way to blast away that hope is
an illustration, consider the closed
for us at home to permit disunity
and
boarded-up filling stations
to replace the unity of our people
which can be bought today for a
which has brought us so far since
third of their cost. To buy now
the dark days after Pearl Harbor;
one
of
these, properly located
from its previous week's record total;
carloadings showed a
117,920 cars for the week; however, steel production showed a rebound
from the previous week's low of 10%. Retail trade showed
being
a
Some
men
make
one
to
,
banker to tell you which of those
in your town has its stock listed
on the New York Stock
Exchange;
Mr.
The State Of Trade
country-wide
differ;
was
allowing relatively as little as this for largesse, ar¬
rives at a prospective post-war annual
budget of
$23 to $28 billion, the citizenry would do well to
take, notice—and set its mind immovably upon
real fiscal economy when the war is over.
a
be
the home front" and warned that
Knutson, ranking Republican mem¬
ber of the House Ways and Means Committee.
When a professed opponent of fiscal profligacy,
on
Men
best
both the battle front and
get
•
every
variety chains such
Babson
.;
statement
will
has
to
.
Stocks
"
to 5 dollar" kind.
small cities and' towns.
F.
on.
W.
work for others
born to
'
are
They
Roger
obliged to quit
industry; but this will be only fair
and just.
I wonder, however, if your hus¬
band wlil be content to again be a
mere cog in a big wheel after he
to
very small
a
«MMde"
money.
•
longing
many
women
and girls will be
be
on
ex¬
can
youAiisband
on
almost
there
what he likes best;
end
debt."—Harold
quarters, department store sales
22% for the week ended ^—-—
a
"job
In
em¬
Byrnes, Director of
Mobilization, said in a year-
War
vide
a
but
so, /
family
provided
•/ ;
caused
•
Byrnes Warns
"1944
showed
are
lies
The
Buy Merchandise and Bank
v.w h o
able to do
ployers
large, cities,
J. F.
year on
output
was
Inflation Is Greatest l|
Home-Front Problem
government in the post-war period and pro¬
for the orderly retirement of the national
power
in "De¬
plot
im¬
land
em¬
returns?
cost of
Dec.
business
decline
»
therefore, that we may need reven¬
$23 to $28 billion in order to meet the
Electric
The
expectations, with November busi¬
ness
rising to the ■' best levels in
history for that month.
If the debt is
"It appears,
favorable.
one
joint drive by gov¬
ernment
agencies and stores to
spur early holiday shopping. The
campaign was successful/beyond
lican Administrations of the Nineteen Twenties.
Reports from the heavy
for business
open
only
little
of
agricultural
indicate * that you
feed your
'require
been for the fact that
back. Not
of
scientific
periments
.
him
is
acres
The value
richness and location.
latest
by' ployers w i 11 :
earlier-than-usual Christmas buy-' find
it
good
ing in 1943. Gift purchasing was business. This
pushed forward into November as will mean that
$6 billion
annually would be required for debt retirement.
Doubtless this is too rapid a rate of amortization. "It may be more realistic to assume that it will
be paid off at the rate of $2 or $3 billion annually,
as compared with the $1,000,000,000 annual rate of
retirement of World War I debt during the Repub¬
of from
its
Act
not
it
cember
determined
is
amount
be added.
of 2% per
in
mer
take
of
portance.
some
a
course,
authoritative
an
number
for¬
his
does the Draft
1942
figures do not take into account such
may be provided for amortization of the
as
national
many
that
to
to
day more in December, 1943, than
they were in the corresponding
,';'X
.
"These
amount
in
1%\
employer
will be proud
stores
be around $25 billion^ perhaps tapering
around $20 billion as normal conditions are
restored.
so
off
had
appropriate
agricultural
ment may
not
fell
It is pointed out that the
drop would have been far greater,
relief, rehabilitation loans (domestic and foreign)
ues
City
source.
II), $3 billion.
"On top of this it may be necessary to
several billions for unemployment and
;
York
are
a n c e s
nine out of ten
according
"Army
upon
New
h
c
department store sales
compared with the all-time record
holiday trade of December, 1942,
billion.
off to
'■
December
k
expenditures, $4 billion.
and Navy costs (rough
i
period ended Dec. 25th, V" ;I want to start 1$44 by
writing to the millions of service men's
were up 5%, compared
with.the wives: So many of you are
wondering what your husbands are to do
like period last year. Department
after their return. Certainly, you should not wait until
your man gets
store sales in New York City were
back before you and he discuss the future.
Why not devote to this
off 4% in the week ended Jan. 1st,,
subject your very next letter to him? Perhaps you will send-him this
compared with the corresponding- message from me.
y :'
■:
V ''y;-.. 1;><s
week last year, according to a pre¬
liminary estimate made by the Former Employers Will Be Helpful two of
good land located as above
New York Federal Reserve Bank.
If your hussuggested.
Don't buy too much
In the previous week ended Dec.
band had a job
land. Better pay $500 'for an acre
25th, sales of this group of stores when he was
of rich land nearby than $50
per
were 20%
larger than in the like drafted,
acre for poor land further out. The
the
1942
t
billions,
%
Babson Discusses Post-War Jobs
>
four-week
early to foretell what the amount
of the nation's post-war budget will be we do know
from past experience throughout our country's his¬
tory that it will likely be several times as great as
in the pre-war period—even under the extravagance of the New Deal.
"Fixed charges of Government may easily reach
"Interest
Message To Soldiers' Wives
according to the Federal
System.
Sales for the
Reserve
"While it is too
seventeen
ended. Dec.: 25th;
with the like week a
compared
financing as soon as pos¬
22 %
were up
week
year ago,
solvency is to be maintained, there
end to deficit
the
Thursday, January 6, 1944
t*>
you and your husband came
farm and want to go back
H, this is wonderful. However,
~
f;
-
>^ow
farming, you had
ent with an
acre
or
be where you
would like to have him
employed.
But the important thing is to for¬
get your wishes and present
pay
—think of him only!
WPB Metals Unit Set
Creation of
War
all
a
Production
metals
nounced
and
on
Board
M.
minerals
is
handle
was
by Donald
Chairman. Ap¬
for
Arthur
new
office of
metals
H.
and
Bunker,
who has been associated with
production since December,
It is understood that this
will
deal
with
an¬
27
Nelson, WPB
pointed to head the
Vice-Chairman
to
minerals
Dec.
Up
office in the
new
the
new
war
1941.
office
problem
of metal surpluses
developing be¬
yond military needs.
Volume 159 ',
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4244
can
OsiiferitiYWorW
Professor Gustav Gassei Urges
must ultimately aim
A reform of the world's monetary system
|
;/
Model
America
in
the
post-war period. Business, is de¬
termined to make its contribution'
to'
Says United States Offers Finished
appreciate -the. size of. the .job
wliich confrOnt's
-
meeting this challenge."
new program is based
CED's
the fact that there, are six major
functions or aspects of post-war
uniform currency
a
-
....
States
has
uniform
a
currency
with legal tender in each of the
Although the in¬
separate states.
dividual states
their
own
are
reasonsible for
vital
point."
'■:/■•/;/■ / U-y*
arrangement between Eng¬
and. America regarding a
stabilization Of the pound-dollar
:
An
land
finances, they are de-
rate implies, however, a commer¬
pendent for their supply of means cial agreement which would af~.
of payment on the monetary sys¬ ford such stable conditions for a
tem of- the Union as regulated -by; reasonably
free trade
between
the Federal Reserve System; This Great Britain and America as to
organization has managed to give
the
dollar in
each
separate state
jull parity with the dollar in the
other
states.
already
finished model for a
Thus
we
basis for a proper esti-.
of the true relative value'
provide
mate
of
a
the
"The
currencies.
two
Post-War Drive Against Treisls
By Oepl. .Of Justice To Sid Free Gcsnpelifion
The
on
which everywhere will be accepted as the sole planning to be undertaken by an
legal tender of payment, Prof; Gustav; Cassel^ noted Swedish ecenot industrial or manufacturing firm:
; T; ,j Organization
mist, writes in the fall issue of the Quarterly Review of the Skanof the firm's
dinaviska Banken of Stockholm. "The problem is how to manage overall planning program, includ¬
this monetary system in such a way that there will be no difference ing the defining and placing of
in the value of the new
responsibility in such a way that
Currency^
in different countries. Under ex¬ tire world trade, and every, other, it• will not
interfere with war
isting conditions the project may country would be eager to. peg work. ;
//
its currency to this pound-dollar
seem
Utopian.
However, it is
II, Analysis of products, their
basis. At the present stage, there¬
bound to gain in reality as we
redesign, or the addition of new
succeed in developing the idea of fore, it would be useless to con¬ products.' • /;'" -y;1'' /•//<.(•. ;/
V'./
vene an international conference
■'the
United
Nations
of
the
III.
Analysis of markets, and
on the rates of exchange.
Such a the
/world'."
./;,/^/>^r:\
planning of sales and adver¬
Such a unified currency system, conference could accomplish noth¬ tising programs.
;
Prof. Cassel points out, already ing, unless England and America •, IV. :,v Planning
for production
exists in America.
"The United had previously agreed , on this facilities required to produce ex¬
at
91
Anti-Trust Division of the Justice Department expects to
back to strict enforcement of the anti-trust laws after the war
go
in;
an all-out "trust-bUsting"' drive,, on the theory that the freest
possible competition in industry offers the best hope of solving the
problems of post-war reconversion/it was learned on Dec. 30, accord¬
ing to a dispatch written by John Chabot Smith, a Washington cor¬
respondent for the New York ^——
——•—.■
./
"Herald Tribune."
division
The account further said:
could
perform a most
.useful service in seeing that these
surpluses are quickly absorbed in
civilian industry and the /short¬
;
Wendell Berge, Assistant Attor¬
ney General in
charge of the Anti-
Trust Division, told the New York
"Herald Tribune" that the divi¬
ages
sion's
the
activities
slowed
were
now
a
down
dumped on the
will drop and
aluminum will be cheap enough to
indictments and prepare new ones. use in automobiles. Similarly, if
panded post-war volume.
/ Although suggestions have been the price of automobiles drops low
V. Estimate of number of em¬
made in some quarters in indus¬ enough, the low-priced car might
ployees ; needed
for
expanded
try and in some war agencies that take the place of the used car in
post-war volume and the neces¬
anti-trust restrictions should be the low-priced market and then
sary employee training program.
relaxed in the reconversion per¬ the inevitable post-war shortage
VI.
Analysis of financial re¬
iod, as much as, or more than of good cars will not be so hard to
quirements for reconversion and
they have been during the war, bear..;■/./';;',.,//>"/,;;/:/• //*
expansion for post-war business. Mr.
Other aids to quick disposal of
Berge said that was exactly
The
advisory
committees
what his division did not want. war-time surpluses can come by
formed from the country's lead¬
He added that he was not even breaking patent
restrictions, and
ing.. experts in these fields will certain it was a
good idea during making the technological advances
make available specialized knowl¬
/of the war
the war.
* '
market
monetary
Cassel
Prof.
"Obviously
we
no
Without such stability
international monetary system
'
is
conceivable; but, once such a
basis of exchange has been
firm
provided,
a
pound-dollar /cur¬
rency, which has every prospect
of >becoming a world, currency,
will be immediately created.
A
currency based on a fixed rate of
exchange between the pound and
the dollar would, at once assume
paramount importance for the en¬
a
definite
means
requiring
not
ment,
continues,
must. proceed step
then
by step. The first step to be taken
is for England and America -t<>
agree on a fixed rate of exchange
between the pound; sterling and
the dollar.
ter, the money; issued by this bank which
should be
another
are
backbone
the
of
the
of pay-, CED movement.
conversion
of
A full list
the national Ac¬
A. fixed tion and Advisory committees and
parity should be maintained be¬ the work they are doing as offi¬
tween the money of the World
cially released, follows:
Bank and the pound-dollar cur¬
1. Consulting Management En¬
into
currency.
rency."'.. V";
" : '
•
Prof. Cassel
emphasizes that the
problem of the future
depends on a rational
world peace, accompanied by an
economic policy which will bring
world production and world com¬
merce into full swing.
Then all
monetary
gineers Committee is preparing a
handbook for distribution late in
"Planning
entitled
January,
the
opened
and
up
of
Future
Your
Business"
cov¬
with
him
are
six
past
presidents
of
the
Association
of
Consulting Management En¬
business activity.
2.
'
"
paring
a
to help them effect an expansion of post-war production and em¬ search Department of the Fire¬
&
Rubber
Co.,
is
ployment to unprecedented peacetime levels, it was announced Dec. stone' Tire
29 by Marion B. Folsom, Treasurer of the Eastman Kodak : Go. and Chairman; Serving with him are
Chairman of the Field Develop-^
35 of the country's top marketing
ment
Division of the Commit¬ mum. On New Year's Day, 1943, and merchandising experts.
tee
for Economic
Development. we had exactly three pins in our
3.
New
Materials,
Processes
map.
Today we and Designs Committee is pre¬
Eleven Action and Advisory Com¬ organizational
have more than 1,300 representing
mittees, Mr. Folsom continued,
paring important facts about ^iiew
will make this knowledge freely regional, state, district and com¬ materials and
processes to stimu¬
available to all American busi- munity committees, and more are late manufacturers to make goods
being inserted, every week.
nesssmen in publications and by
that will look better, work better
"In 1944 the r CED's most ur¬
direct
consultation through' the
arid sell for less.
G. F. Nordengent task will be to make available
1,100 community committees of
holt, of Product Engineering, is
CED
now
at
work
in all 48 to the nation's 2,000,000 business Chairman. The board of review
employers
the
best
American
States.
/'V
is composed of the country's otitr
managerial science, imagination
The announcement was made at
standing industrial designers, 'in¬
and know-how, in such practical
the national office of the CED in
cluding Egmont Arens, Donald
form that it can be applied ef¬
New York York City.
Dohner, Henry Dreyfuss,
Ray¬
fectively to their own post-war mond
Loewy, John Morgan "and
"The most pressing job of the
planning problems. Our Research Walter Dorwin
Teague. This ma¬
CED
in
1943,"
said C. Scott Division advises us that
55,000,000 terial will be presented in a book¬
Fletcher, Director of the Field post-war civilian
jobs in business, let arid some of it in sound slideDevelopment Division, "was to agriculture and
government, pro¬ film, and will be available early
organize businessmen at the com¬ ducing
$142,000,000,000 of goods in 1944
through local, CED com¬
munity level to study conditions
.
■
and
businesses
and
to
take
re¬
services
for
employment to the
bedrock^rjimi-
is
a
achievable goal to
pare
reasonable
aim at.
and
Com¬
that with 46,000,000 and $97,-
devising bold
000,000,000
plans for reducing post-war un¬
sponsibility
Oil
Co.
of
Indiana
outline will
is
and
5
tend
■
for
'
anti-trust
The
that
in
the
American
\
'
'
staff xonceded
it
cases
some
re¬
diminish
to
markets
products.
might
be
necessary to hold surpluses off the
market temporarily and dispose of
them
in
"
an
orderly fashion; but
they
asserted that
done
only by
this
could
be
specific, govern¬
authority, and not left to the
judgment of some loose associa¬
a
ment
tion of
private industry.
Banker^ Acceptances
Ralsd 'Securifes*
Chairman.
Sales Executives Clubs which
thus
world
which
export trade, raise
exportable goods,
the, price&Aof
be
published in
five booklets, and will be avail¬
able only through
a course
of
sales
training
programs
being
conducted / in
cooperation with
local CED committees by:
cartels
strict American
With respect
to
an
inquiry
as
to
whether bankers' acceptances are
"securities" within the meaning
of General Ruling No. 17, relat¬
ing to foreign funds control, the
Treasury Department has replied
in the affirmative.
:
■
peacetime
in
year
are
mittees.
4.
6.
Manufacturing Committee, is
commercial
paper
was
not to be,
preparing
considered
facturers to make their maximum
the meaning and for the purposes
of Public
Circular No. 14, and
a special program of in¬
tensive nature to stimulate manu¬
as
contribution
Marketing Committee is pre¬
detailed analysis of post¬
war
markets .for
400 to
600
different commodities, based on
a national level of production up
Outstanding experts, in manufacturing, marketing, sales, finance,
management and engineering have organized to make available to to-$142,000,000,000,
T. G. MacAmerican business during 1944 the latest practical knowledge needed Gowan, Manager Marketing Re¬
"oWn
available to all indus¬
international
post-wari i production.
Henry L. Porter of the Standard
The
■;
try, they said; and by breaking the
■
.
price
.
in science, technology Serving
modern
Experts Mobilize Under GEO For Expanding
Post-War Employment And Production
and in their
panded
the
-/J.' W. Pehle, Assistant to the
staging in January a series of
meetings in 56 cities to stimulate Secretary in making this known
ering the six fundamental func¬
on Dec. 22 said:
/.
'.V* /;
tions of planning for. more peace¬ planning to meet post-war sales
time jobs and higher production. personnel problems. Similar meet¬ V "Bankers' acceptances and com¬
mercial
paper
are.
"securities"
This
will,
be
available
only ings, based on the material pre¬
peoples will be able to take. ad¬ through community committees of pared by Mr. Porter's committee, within the meaning of General
will eventually be held in most Ruling. No.
vantage of the extremely rich the
17, notwithstanding
,CED. Edwin Booz, of Booz,
previous : advice that short-term
possibilities /r which > are
being Allen & Hamilton, is Chairman. of the 1,100 CED communities.
largely
gineers.
in their own localities
after
If the aluminum is
-
y
said,
they
the demand for military
be
.
Step by; Step Procedure
Necessary /:
overcome.
example,
war
airplanes will drop and there will
a huge
surplus of aluminum.
by a man-power
but
that
within
18
months
he
hopes to have, the
largest staff in the division's his¬
tory to work on the backlog of
shortage,
.
'
quickly
For
being
problem is thus inex¬ edge to help business—partic¬
Some relaxation has been pos¬
tricably bound up with questions ularly the medium-sized to small¬
sible in specific instances during
world currency."
of commercial policy. If We con¬ er firms employing 100 or more
the war, he said, but in most'such
;
"However," the economist goes ceive this problem as having been persons—to tackle the job of
cases, no real violation of the prjri*
on, "the time is not yet ripe for settled on the lines indicated, the planning for expanded production
ciples of anti-trust legislation re¬
suchan
international
currency way will have been opened for and employment after the war.
sulted, because the arrangements
system.
Our endeavors should, the creation of a stable interna¬
This material will
be passed
were
made to permit increased
therefrom, be aimed mainly at tional system," Prof. Cassel states, along through the 1,100 local CED
production from scarce materials
giving the various currencies of and then continues: "There re¬ committees, as fast as it is ready,
rather than to restrain production.
the world as stable a parity as mains^ however, the question of an to the
2,000,000 individual busi¬
After
the
war,
the - opposite
possible, that is, so far as prac¬ adequate supply of means of pay¬ ness firms CED is seeking to
problem wilT arise, and huge sur¬
ticable, at maintaining fixed rates ment in those countries which stimulate.
pluses of some materials will pile
of exchange between the different have rallied round the new world
In addition to their advisory
up even while. some shortages of
'currencies. This is the first step currency.
So much importance function, a number of these com¬ civilian
goods continue. Mr. Berge,
toward the creation of a world has been attached to this matter mittees ; are engaging in an action
and three of his staff who took
currency. ^ Another
essential is that it has been proposed to create program to stimulate various sec¬
part in the interview, emphasized
that the purchasing power of this a special international institution tions of business through national
that in their view the anti-trust
currency
relatively
to
goods for the purpose. Such an institution channels.
This
national
action
should be kept at the highest pos¬ might
suitably be named the program
is
supplementary
to
sible degree of stability."
'World Bank.' As I view- the mat¬ activities, of the local committees of •
•
distributing substantially ex¬
have here
(
that letters of
war-
travellers
to
expanded post¬
production and employment.
T. V. Houser, Vice President.: of
Sears, Rofebuck &^ Co., is. Chair-
■inan.;/>//>/;;:' /■':■'/V;
«
7.
;
Association
Trade
with
CED
assistall trade
to
program
associations to
for
tie
in their
of
the
Automotive
Safety Foundation, is Chairman.
8.
as
were
not
"securities"
to
be
within
the meaning and for the purposes
of General Ruling No. 5."
Senate Group To Stud?
plans
stimulating plan¬
ning for expanded production and
employment on an industry-byindustry
basis.
Pyke
Johnson,
Chairman
credit, checks, and
checks
considered
within
Commit¬
tee/is undertaking * a national ac¬
tion
"securities"
American Association of Ad¬
vertising Agencies is engaged in
The
plight of the nation's esti¬
mated'
15,000,000.white-collar and
professional workers will be the
subject of
month.
The
bor
•.
a
Senate inquiry next
/
y:-"',
Senate Education and
Committee
has
La¬
scheduled
program to stimulate all adver¬ Jan. 25-27 for its subcommittee on
tising agencies to prepare now for Wartime Health and Education to
the part they will play in help¬
conduct public hearings.
ing to sell the expanded peace¬
; Senator Thomas (Dem., Utah),
time production of industry;
Dr. Chairman of the
committee, and
L, D, H. Weld,"of McCton-ErickSenator Pepper (Dem., Fla.) will
son, Inc., is Chairman.
receive the testimony of various
9.
Advertising Federation of participants.
America is" organizing a program •'-•■A group
oi 50,000
a
orgaqizecl
Sales
Personnel
members of the United Office and
vertising, especially on. the com¬
munity level, to play their part in
helping business to reach its post¬
war
sales goal.
Professional Workers of America,
Advisory, and Action Commit¬
,
Post-war
ad¬
James F. Byrnes that the income
to
stimulate
tees
to
all
function
branches
in
the
of
field
of
Congress of Industrial Organiza¬
tions affiliate, complained recent¬
ly to War Mobilization" Director
of white-collar workers is
insuf¬
prepared an out¬ retailing and business finance are ficient to maintain health and ef¬
1940—our banner line for a sales
training program in the process of formation and ficiency, according to the. Associ¬
ated Press.
hitherto—and one to prepare business for the job will be announced later.
Committee
has
THE COMMERCIAL
92
Hermanns
,
& FINANCIAL
Lewis' Union
„
CHRONICLE
Paper
Shortly. After invasion
n'ficiies .New-
26 that
Germany will be defeated within a few months aLer Allied troops
make a "successful, broad-scale landing'' in Western Europe, and
istrafion
..
Vice-President
he
predicted
Wallace
Dec.
on
"rapid progress
Allies will make
forecast that the
also
A.
Henry
against
Japanese in the Pacific "once the Germans are out of the way
We quote from Washington advices, Dec. 26, to the New York
"Herald Tribune," which also had~~
*
the following to say:
;
debt even easier than we did after
the
Wallace's
"Mr.
prophecy
to
as
Germany, when considered in
nection with widely voiced
W^dSa;e
f
—
ta
that
ried
the
implication
that he
made
be¬
Mr.
Wallace's
Germany has a really
weapon,"Mr. Wal¬
in discussing the future,
anticipate the complete
in
power
few
a
successful
German
front
opened—provided, of
maintain
we
after
has
no
denee.
let-downs, no
V>; -l}0i
"By
second
a
successful
Allied
front
I
Such
troops.
ordinated with
for
by
"In the Pacific
of
a
superiority
enable
in
long
a
devastated
areas
be
us
ox
tne way,
On
another
I
point,
the
Vice-
President declared
that the huge
debt America will have after the
will
war
not prevent
the
nation
the
peace in"
"he Germans are|
.
our
Nations, being will.ng to go just as far as any of them
and remembering that the rapid
reopening of the European market
on
the basis of healthy, active
human beings is much more than
charity. It is good business in dol¬
lars and cents and, even more im¬
portant than that, it is the first
the. Dutch,; the Anzacs and the
out
"We
—
other United
to make rapid progress,
coordination with the British,
in
the
for
prepared to bear
proportionate share with all
technological
Japs should
the
over
definite results
should
own
our
country accountable
laying the
lasting
military and economic peace."
On American help for people
troops in
Italy, will quickly place the Ger¬
mans in an impossible
position.
our
this
of
foundations
sive by the Russians and with an
offensive
died
Deal
says
six
and
to
ist: in
cloak
political party.
a
' ,'A R, >
1
being
"if
prosperous
a standard of
living
higher than that of the decade of
the '30s," he said.
"All that is
necessary is to have full employ-
ment.
us
Full
national income of
a
'
?
„r.,,
AAA
000,000.
can
employment will give
With such
the interest
carry
$130,000,'
.
an
'
•
income we
on,our war
but
he
30
He
r
;
.
that
Roosevelt's
Deal,
acknowledgment
-
Deal'
such could
is
dead
been well
in
as
the
that
intelligent
first
learned
that
this
of the rank
workers
such
rapid
huge totals
of
gree
workingman
the
the
de¬
the
workers
to
"All
of
the
social
which
during the first
and
of
out
word
sound
necessity,
The
reform
period
strikes,;
for
that
reason
needed
it
the
long
of
very
Little
following
in
treat
on
of
all fronts.
2. The confer-
time
some
to
The
run,
could
factories, and 4, the food conoerence at Hot Springs, Va., and
can
the conference of the United Na-
Relief
tions
and .Rehabilitation
' Administration at Atlantic
City,
P^ting toward understanding
as
and active cooperation among the
United Nations and associated
tions,
;
na-
for
second
used
the
to be
about
000
a
It
is
parable.
in
of
I
of
a
plans
for
the
any
the
to
After
■
the
to
adopt
on Dec. 29
in keeping
new
a
Tia
and
While Mr,
ing to the Associated Press, Chi¬
advices,
cago
New
that
York
-
•
anese
given
as
"'Herald
member
a
royal
called'on
Japanese
in
the
more
Tribune"
of
the
Jap¬
family
to aid in
might
forming a
government
be
new
of
Japan is "a helpful,
common
}tfie
the,..world."
military clique around the throne
After the
has been defeated.
once
'
,
,
Regarding Mr. Grew's remarks
before the Illinois Education As¬
be
■
wise, to
ated Press further reported:
fence
said
he knows
some
this country regard
involving
"the
emperor
root. of
all
people
evil
in
as
Japan,"
but that he disagrees. He said the
Japanese people
are
easily led and
could
be
peace
Ly—an emperor
turned
to
and not controlled by
Mr.
the
so
ways
of
inclined
the military.
Grew said the proper atti-
has ended in
the
we
would
Japanese
than
was
a
i
around
Stew in her
tering
sore
Japan
own
be
and
her
let
juice," he added,
creating
with
avfes-
permanent
ex¬
Japan must be allowed
to
de¬
dustrial
relations,
he
in¬
declared,
aftera ^period of probation
dent
a
of
could
we
be mili-
the
and 0lla'
f
10,000
tons
??ore
of seeds
have
,
been
sen^^t0 assist the USSR to increase
Eu°dlJP 5n fl^ °+n +SU°W? SC^ f
X ?
?
Hniom is
shipped to the Soviet
a small fraction of the
UnRed^ States total supply, but
has been vital for the mainte"ance„ of the Soviet Army's ra¬
Dons.,
United
r
0
,
very
Extend Farm Labor Bill
(the New Deal's
first
term).
President:; Roosevelt
was
re-
R
common
the
is
1933 and Pearl Harbor.
involved
> He
said
about
Mexican
,
he
had
jotted
down
-
Canadian nationals,
expire at the end of
The one-month exten-
or
cjue
was
>
30
foe, the Presi¬
United
program, principally involving the migration of
this year.
sion of the program is designed to
give the Senate time to settle a
,
,
wIipvp
Txr^y-i
New WPB
Copper Branch
The War Production Board
an¬
nounced
on Dec. 29 that its
Cop¬
Division has organized a new
branch, called the Copper .Recov¬
ery Inventory Branch. The WPB
per
that
this
action
was
taken
some
observations
that
people would like to do
with the: remedies and go
away
back to the old conditions but he
didn't
think
want
to
The
I he
..
do
the
away
Dle
mtient
reem/ored frmn
patient,recoveied from his
his
internal
that while the copper
program
the
copper
material
exists.
purchasing
is being brought to an
reel
for redistributing
and.
on
copper-base
an
"as-is"
basis
alloy
still
T-r
i.
anything about surgery so
got Dr. Win-the-War to take
they
over,
be
nuinpi-i
now
n
V'
ha
'
•
n
i
bones. The old doctor didn't know
must
thp
emPhasized that
the 1933 program was for , the
conditions of 1933 and postwar
Plans WOuld have to be .for post•
•!
.
t
the
^
P
'
,
country would j
them.,
j
with
emobasis
disorders,-was m a bad"
■
Copper
Recovery
mash-up on Dec. 7, 1941, the f,
thnf
Corp. is winding up its affairs and President said. He broke several that
which she is purged of her fanatic
*
n^
0nn
States, or a
things
and
he
read
political party, has no more right off many of them: Federal De- :
controversy over, an appropriation
patriotic, claims than the hum¬ posit Insurance, Home
Owners'j for the 1944 program. The House
blest .citizen.";,.
Loan Corporation, farm resettlej had approved on Dec. 17 a measThe President's intention to dis¬ ment,
WPA, PWA, the Secur- ure providing $33,750,000 for the
card "New Deal" as a slogan and ities and
Exchange Commission, 1944 farm-labor program,
replace it with "Win the War" slum clearance, old age insurance
-V''.'■;
was
noted in our Dec; 30..
i
issue, and unemployment insurance.
;
page' 2645,,•/'
ac
ha
' p. ,' ■
A.s lie listed .the- reniedies ne a complete recovery until the war
militarism.
,
muni
to
end
during
of
i
„
Some people thought he wouldn't
live. So they called in the doctor
political slogan
thing which all Ameri¬
patriotism
against
because
velop normal commercial and
hnvp
I ported to have signed on Dec. 24
a
resolution extending until Jan.
cans
are
,The President said the allegory
agreed upon—'Win the
\3f f. 1944, the terms of the measure
War.'.,'^00.0 was as simple as spelling C-A-T providing for a
supply and dis—but said some people with.gppd
"It has a greedy ring like
try¬
triblltion of farm labor for the
ing to rob the people of their educations. had to be told how caiendar
year
1943.
The farrabirth-right—of appropriating the to spell it, so he thought it would iat>or recruitment
said
plosive tendencies."
production
almost 400'000 tons of chemicals
and exPlosives> 600,000 tons of peemplov"'troleum Products and more than
sick patient,
woefully ill of internal disorders.
interspersed
for the future."
11f the .United Nations place "a
Shintoism, "they would
worship,
-
.
war
"offer
Ipepple^iope
v;
He
.
long
decisivewictory, he said,
sociation, at Chicago, the Associ¬
in
co-opera¬
spirit, devoid
of browbeating or
vindictiveness,
with emphasis laid upon what the
Japanese would have to gain by
olayipg the game with the rest of
sense
Washington
helped the Soviet to
its
Thev
^
nro
co^dRions
said,
States
peacetime
as a new
one
when
tive
to
ijhan 1.000,009 tons Of Steel, almost
350,000 tons of non-ferrous metals,
said
clear
have
expand
£ ?
suggested it might be well to have post-war Japan
by "a peace-seeking ruler not controlled by the
military."
Grew, now a special assistant to Secretary of State
be well to remind fhe
people's
wartime
people of
prayers
and
Hull, emphasized that he was speaking only for hirhself, this was
their every desire—to cioak a
specific remedies the doctor, prepo¬
the
first
implication from any
litical
party.
In
a
State Department official, accord¬
democracy, ino1-?
between
tude to take in the re-education
peace
run
y
"The industrial items sent to the
USSR
take
new1
war
the start of the New Deal.'
in
1932, he
economy,
the
erstwhile'New
Dealers' would have the
"audacity
Japs Could Keep Peace
f
:
announcement
The. foodstuffs shipped to the
,viu Union are supplied to offset t^e tpss of domestic crops regram must be tied in with the "ultinS L'om Nazi invasion of a
things that are going on in other.
part of Russia s most fertile
countries. We can't be economic cr°Pt land.
Food shipments have
isolationists, he told the reporters, consisted largely of wheat, flour,
transition
d'
to
Crowley's
according
homing \18^ m®ta'c"t«n« machine tools.,
mustering out our
and the complete
wartime
Mr.
added,
us
lack
up
advices to the New York "Journal
of Commerce":
tary isolationists.
men
lend-
miles of field
to the Russian armies.
Beginning his ;;parable in high
it, seems incredible " ft
good humor; the President said
went on, "that, in■
shifting from
the subject of slogans—New Deal
the 'New Deal' emblem, the do¬
and
Win-the-War—cpmes around
mestic situation being what it
is, to the
puerile and political side
the utter confusion which
pre¬
of things. Then he went back to
vails as regards
"To
more
—
under
telephone wire
part of the other mili¬
tary items that have been shipped
Ration's internal ills
plan for expanded
must
gos¬
Journal
remainder
planes
sent
to any other area.
Other
included more than'3,500
make
passing
picayune,"
this
called
was
^eet
zram
term."
fighting
^
the
been
130,000 sub-machine guns,
nearly 150,000 trucks, 25,000 jeeps,
225,000 field telephones and 750,-
Deal doctor.
the
1933
"
Steel
as
at
-nces
has
lease
discussion
President
there will have to be
continued;
common
nearly 7,000
than
knew the
reporter put in, "but I'm
Deal
care
overdue."
the
Mr. Crowley said that among
the military items sent to Russia
Were
more, he de¬
picayune as a
describe
mean
clear
New
represented
the .editorial
Of
;
war, or was
the patient cured?"
-v.v,.
The President replied that the
time,
the
last year.
leave it off to win the
of the 'New
years
de¬
always thought of the New Deal
as
dynamic. .Do
you
have
to
control
Deal' would have resulted in
once
and
.
not
enacted
was
:
the
1943. about 63%
materials, and $594,555,000 foodstuffs and agricultural
^ v;;.=
V,,
picayune.
as
conference
which
"X don't
these United States.-
legislation
discussion
and said he
news
a woman
in
possess
$3,550,for
tanks,
in
political
to
shipments
products.
items
long
ruling class boys, deemed unwise
for
amounted
with
industrial
question
the
one
announced
total, $1,991,102,000 consti¬
military items, $964,786,000
he had to say something like that.
The exchange
camp during a
caste,
coupon
and' the
self-anointed
clippers
this
questioner wouldnlt mind because
social
upper
re¬
its "New
to
irritated,
under
banking, business parable to
of the New
industry, as well as those of
and
October
443,000,
first ten months of
hadn't
scribed
reach
that
and
a
Administrator,
lease goods to Russia to the end
a
said, the fourth term
grand
organization
economic
to
up
~
Foreign Eco¬
Dec. 28 that shipments of lend-
of
Presi¬
which
power
add
the
been
to give to the
as
all
farewell
Obviously
scribed
President's
unions might
the
Crowley,
tuted
dent
and file of American
into
American
the
until
cured
on
feet
declaration?"
leaders Then, .smiling
labor
of.
the
be
now
his
on
T.
higher than in all of
:
so,
one-half
and
Leo
nomic
.
Deal" slogan. />
have
made, and honestly
mid-1937—six
wasn't
job.
istration's
'New
•
Russia $3.5 Billion
special¬
a
emergency
porter asked during a news con¬
ference discussion of the Admin¬
belated
•
Lend-lease Aid To
:;pR.'.Vr:Rvv,v'0:
won.
fourth-term
saying: .V
question
a
be¬
Dr.. Win-the-War
won't
war' is
to
picayune
as
.
doc-®*
started
patient back
the foregoing, quoted the editorial
"President
dismissed
fourth-term declaration.
Wallace rated sip in big business circles that the ment, recreation, better
the year's four 'New
and. the like so the conditions of
Deal,' as such, was dead."
greatest accomplishments: 1. The
1932 won't come back. When vieFor that reason,
and . since the
starting of the enemy into a rePresident's second term still had tory comes, he said, the new prothe
Joseph C. Grew, former Ambassador to Japan, said
Japanese emperor-worship could become an asset
the
said
f. "Doesn't
as
a
new
disorders,
the
the
,
internal
had
support¬
ing ; it for two terms.u
Washington advices Dec.
a
war
the Administration after
from
Grew Thinks
the
equipped for the
we can
debt and have
after
The miners union is headed by
John L. Lewis,; who broke with
made it "a matter of
1943,' Mr.
'• As for
said
old Dr. New
cause
Moscow,
Cairo
and
said, Mr. Lewis felt it was pru¬
Teheran, symbolizing the unity of dent
for; "labor to play its, hand
keep people fully employed."
(the four great Allied nations. 3.:
out
and
get along the best it
"We can pay the interest on this The
production record of Amerifrom
President
States
fear
men
landing of
drive, co¬
a
New
but
to
up
■
half years ago and calls Yhe
"Win the War" emblem an .effort
when
experience during the last 25
This time, regardless of
party, they will hold the states¬
full-scale offen¬
a
the
slogan,
War"
the
added
.reporting his remarks, Associated Press Washington advices,
V.z".
ine
•
anything we have seen years ago—for it was
during the
I believe it is possible to or¬ Little Steel strikes of that year
years.
■'■:■: :l
mean
far
their
a
overconfi-
broad-scale
In
,
''Win
tor—Dr. Win-the-War—was called
in
to
take
care
of
the -United
a
peace. ,i k . The American people
have learned a lot as a result of
that
■■
"New Deal" in favor
"Win the War"
a
ganize and maintain an enduring
high pitch on both the domestic
and military fronts.
There must
be
favor
whether this
of
explained to his press conference on Dec.
discarding by him of the term "New (Deal''
for, the
in
.
.
been
course,
"The
—
destruction—destruction
yet.
will to fight at a
our
of
Roosevelt
reasons
of
is¬
beyond
military
months
second
current
the
the New York '"Times" reporting
modern'airplane and modern ex¬
together with techno¬
changes just around the
corner, leave us only two choices
—an
enduring peace or unthink¬
effective secret
of
shall develop a will
we
logical
able
would
us
the
United Mine Workers
the
of the term
plosives,
network,
destruction
of
every one
gether in harmony."
On
permanent peace
guesses
view with Ernest K. Lindley over
a National Broadcasting Company
"I
for
in
28
commenting upon the
discarding by President Roosevelt said:-
to work and sacrifice to¬
.ngness
the four greatest accomplishments
of 1943, were offered in an inter¬
lace said
need
editorial
of
Slogan,:
"Journal"
,
for 1944,
and his rating of what he called
"Unless
reality for
a
and 'that
lieves Germany will be beaten in¬
to surrender by late summer.
the
1944
sacrifice on the home front will be
late in Aorilor early in May, ca
m April or. earlyhi Maycar-
An
that
offered three other
Mr- Wallace offered three other
^o^civihan nrosnects
"I be-
con-
Dismisses .Fe&rlMerra Qoery
President
■
sue
Thursday, January 6, 1944
come
conditions.
.
b
But
things
banned
P
ennriitinnc
the
the1 conditions
he
n
n f
of
,
will
U
aid' s0
fsiH
1Q10
1932 won't
back again.
Previous reference to the
adop¬
tion of the "Win-the-War"
slogan
Now, he said, the patient has
iaid aside his crutches and he's
appeared in
back
page
,
on
his
feet, but it won't be
2645.
our
issue of Dec.
30.
From
,,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number: 4244
Volume 159
N. Y.* State Chamber
Washington
b
(Continued, from first page). /
A airing, inescapably* if Mr. Roose¬
velt runs again, or if he keeps
quiet much longer about his plans,
There would
be
an
airing of the
question of just how much politics
has affected military decisions. It
would
make
a ; very
sickening
revelation, believe me.
/
For
-
Roosevelt's
journalist
wrote after our
■
-'H'f.v.
■
thing, several of Mr.
one
"friends,'
forces landed in
Approximately 225;QOO hew'pon-farm-family dwelling units will
be started in 1944, a-third less than the '344;000 units put Under con¬
struction during 1943, Secretary ; of Labor ^Perkins reported oh
Jan. 1.
"The 1943 total is only two-thirds the 496,600 'units started
during 1942 and less than half the number started during 1941,
when the post-depression high of 715,000 units was reached," she said.
"The decline .in 1944 is expected^
to result principally from curtail¬ reau of Labor Statistics of the
The
ment of the Federally financed U. S. Department of Labor.
of
the
United
war housing program.
About the non-farm area
States is defined as including/ all
same
number
of
privately fi¬
nanced units will be started dur¬
s.
<
,
'
-
,
'
■
-
family structures.
-The number of
-
privately financed 1-family units
but it is bur started
during 1943 declined 47%
distinct impression that the Presi¬
from the
1942 total,. while the
dent's seizure Of 'the 'railroad's an¬
We may be wrong
number
noyed
than
Marshall>■ more
the
2:family
;
units / in¬
slightly and the number
multi-family units decreased
only 8%.
Oyer 95% of the pub¬
members of/ Congress think the
licly financed
family * dwelling
seizure was necessary.
The imunits started during
1943 / were
; press!on is pretty general in offi¬ in
temporary type of structures.
cial and journalistic circles here
During; 1942, over one-fourth of
•that the action was one of those
hll publicly financed Units started
impetuous moves on the part of were
permanent types. ; Both the
the President,/'in this instancy, to
reduced prominence Of privatelyV show ^'firmness.'' The labor Teadfinanced 1-family units and the;
ers and the railroad leaders were
increased proportion of publicly
;
taken completely by surprise, and
financed temporary units resulted,
no.
one
in the War Department
from the heed to conserve scarce5
was
consulted, insofar as can be
building materials.
threat of the workers themselves
to strike.
;
of
creased
And it is
a
of
fact that few
ascertained.
*
tives": until after the war.
Drawn by the Special Commit-^
on
Social Security, of which tic regulations, and innumerable
Gilbert H. Montague is Chairman, Other handicaps, raise the national
tee
obvious
A
directive
new
rubber
was
manufacturers
issued
on
natural
The
rubber
amendment
the
the
best
and
thus achieving in three years an
industrial miracle many times ex¬
most
cial insurance for maintaining so¬
cial security, and provide the best
basic
can
and most complete social
stockpile.
to
that
complete social security is a job. ceeding the all-out war produc¬
"Social insurance being; only a tion to which Germany devoted
palliative for a job. Government ten years and Japan more than
*>. /."
policies toward business that; re¬ 25 years.
"Will these millions of Ameri¬
sult in jobs are better than so¬
to
Dec. 23
by Rubber Director Col. Bradley
Dewby designed to further restrict
consumption of the nation's lim¬
ited
production from $91,000,000,060 in
1940 to $181,000,000,000 in 1943,
/
■
being primarily
unemployment problem, it is
an
that in
security.'
Accepting the view of authori¬
"mechanical goods," either reflects ties that a country whose rate o
a prohibition in the use of crude
unemployment is not more than
rubber or reduces the amount of 5 % can adequately provide for it*
crude permitted in their manu¬ unfortunates
with social insur¬
rubber " regulation,
affecting
a
large number of items known
and
social services—such
increasing
supplies of any of the
items, according to the Office of
the Rubber Director.
anthropic
tailment of
!
or
governmental
American
econ¬
redistribut.'on; of
come
and
tions
subtractedfrom
wealth
their
pay
>
envelopes?
the
—
the
in¬
through everincreasing social insurance deduc¬
ndividual savings, and insurance
whether life, industrial, or group
and social welfare, whether phil¬
Conversion to synthetics
expected to result in cur¬
not
1930
suddenly became mature and
stagnant, afraid of venture and
clinging to security, and that now
unemployment must continue to
rise, and must require an/ ever-
aI
ance
is
accept the National
Planning Board's theory
omy
as
facture.
workers
Resources
"Unemployment rates in the
best years during the 1920's were
"Or will they ask:
;
"What did the Government pol- ;
icies toward business in the 1920's'
bureau-Dec/. 23 said;
:V.
The
new
regulation : -will be
known as Amendment No
2 tc
only one-third to one-fifth of the
have, which the Government pol-
danger mark, and were only
ane-eighth to one-fifteenth of the
icies
Rubber
unemployment rates in the
/ears from 1933 to 1940.
rates
With
report continues:
regard to the' regulations
advices to the New York "Journal
of Commerce"- frOm its
Washing¬
ton
Dec.
on
-
4,; 1843.
R-l,
as
It will take effect
general, the
<
in
rates
the
.
1.
fol¬
as
:///;..
eliminates
use
one-
A,,/.■
to the fundamentals of American
social and economic life.
vicemen
latex have been submitted
each product which is per
or
,
:/
*.
.
"A nationwide debate
and
will return to
war-workers
of these
questions cannot fail to be of the
highest educational value in de¬
termining the future : course of :
American social and economic!if
provided
the
the
decision
debate
is
occurs
and
with
the
made
participation of 10,000,000 Ameri¬
servicemen
can
r
for
to
.he
of / crude
.
ber
unemployment
nark, and
■'/■■//,:/
It
-
1940
/
"These questions reach down in¬
two to three times the 5%
danger
were eight to 15 times
unemploy ment rates in the
rubber wherever possible, and re¬ best years during the 1920's.
duces the amount cf crude in
"Comparing the best years durng the 1920's with the best yea re
products' where use of some nat¬
ural rubber is absolutely essential
n. the period from 1933 to 1940,
2. It eliminates the section of the
social-security-and-job rec^
the basic rubber regulations which ord of the 1920's was eight to ,15
specified use of certain compound times as: good as the social-securgrades
(synthetic
plus natural ity-and-job record of. the period
rubber.) by the rubber industry from 1933 to 1940." :
Specific percentages of crude rub¬ ; • Referring. to the American ser¬
lows:
held
1920's down
the
1933 and 1940?
best years from 1933 to 1940 were
regulation
that
in
and
eighth rand even one-fifteenth of
the unemployment rates between
-
"Unemployment
new
amends Rubber Order R-l
best
1933
between
lacked,
f
amended
Jan. 1, 1944..
In
;
V
-
Order
;
and
t
other
whe
they
peace-time pursuits,
51,000.000
Am erican
are
workers, : after
freed from their present.
wartime
duties, and can see the
post-war world, and can probe the
"They will have seen American social-security-and-job values of
reincorporates in the basic
rubber regulations certain allow¬ industry, underthe management Government polic'es toward busi- ;
ances for small-scale use of col¬
of men whom the Governm ent ness in the 1920's, as compared
ored rubber for purposes of iden¬ from 1933 to 1940 period derided with Government policies toward
tification.
The color regulations as economic royalists and harassed business in the period from 1933
were included in the
;
-f.,:
original rub¬ with restrictive legislation, dras- to 1940."
mitted to be manufactured.
,
*
the report continues:
3, It
-
ber order but were omitted frcm
the order
as
amended Dec.
4, 1943.
:1
;/ :
/ "The' number
of new" family'
dwelling units started during 194t3.
as
compared to 1942, increased
;>
serious question as to
whether the General didn't blun¬
There is
Be Immediate Concern Of Government.
Declaring that security through jobs in private enterprise—-not
increased Social Security—should be the immediate concern of the
Federal Government, a report made public on Jan. 2 by the Chamber
of Commerce of the State of New York, urges Congress to postpone
action on the Wagner-Murray-Dingall bill and all other such "pallia¬
the report states:
"Social security
,
•
Says Security Through Jobs In Private Enterprise Should
incorporated areas and all unin¬
corporated areas except farms."
.
(,'v .President be what they may.
Urges Congress Postpone
;
North Africa, just after the;Con¬ ing 1944 • as were started during
1943.
,r.vA
f/' -A'',/.
gressional, elections in November
Secretary Perkins further indi1942, that this proved he was
cated: ■
■■V1//
wholly unpolitical when it came
"About 182,000, or slightly over
to the conduct of the war.
Be¬
half, of the 344,000 family dwell¬
cause it would have been easy, had
ing units put under construction
he;v been so * inclined,
it : was
;
during 1943 were privately fi¬
claimed, to have conducted the in¬
under the war
vasion just a few days before the nanced, mostly
elections and thereby headed off housing program of the National
Housing Agency.. This is threethe
striking
Republican .;.. gains.
fifths, of the number of privately
Well, nobody wanted to challenge
financed units begun during 1942
:
that statement. The fact has since
and
about
three-tenths
of the
been revealed, however, that the
lumber started during 1941 before
Invasion was originally scheduled
material shortages and consequent
/
for a few days before the elections
restrictions
seri¬
but was held up by bad weather.: governmental
ously affected the volum e of this
It seems to be the disquieting fagt
type of construction.
The 1943
now, too, that relations between
volume
of
private ' residential
'■vv.' the
"WarDepartment p'a'nd' ifijp,
fouilding was the lowest pi any
White House are not what .ineyi
'fear since
1920 - excepting Ahree
should be.
In the welter of'agi-i
■years, 1932-34.
tation that followed the anonym-:
/
"Publicly financed war housing
ous New Year's Eve blast by Genprojects containing 162,000 family
•. ■
eral Marshall the significant story
dwelling units were put; under
:
has been completely missed that
construction contract during 1943.
the burden of the General's reThis was a sixth less than the 195,/ marks was more anger at the way
100 units put Under contract dur¬
the President had handled the
ing 1942^ but vsubstantially more
threatened railroad strike than at
:han during any other year.
All
the railroad workers. If the whole
/ if the units started during,. 1942
•story of ■: this dramatic
episode : ;nid 1943 are reserved for families
could be told, it would be known
if war workers or military per-;
;that Marsha 11, with the support1 of
lonnel.
' •
>'Stimson, was more or less in de-;
"Of the
182,000 privately fi-'
fiance of the President;: that he
nanced f a m i 1 y dwelling / units
had become so fed up on Presitarted in 1943, 135.600 are 1-fam.dential ineptitude that he was
ly dwellings, 17.600 are in 2-famgetting something off his chest,
let
the
consequences
from the !ly houses, and 28,800 are in multi:
93
a
.
;; :i, The Treasury Department announced
ionsumor
on
Dec. 27 that Ihe Amer¬
ican stake in the six Axis countries stands at $1,070,398,668 in the
the
a j/,;
«■»,
"42%_ in the Mountain States'. Tl>e
.;A deferf.ed demand for 10,000,- latest tabulation of the. Treasury's' census of American-owned prop¬
.threatened strikes or, the seizure
number
started
in
the
other
of the railroads were being made
This qmount, though certain to increase greatly as
.000 automobiles and- 20,000,000 erty abroad.
regions decreased from 11 % for;
radios at year's end was revealed further reports are totaled, already far exceeds the estimated $450,use of to bolster up the morale of
the West South Central States to
on
Dec. 31 in; estimates by the 000,006 value of all4 known Axis assets in this country, said the
the enemy and to persuade the
>3 % in the, West North Central;
National Association:of Manufac¬ Treasury advices, which likewise »•
satellite countries to hold on, as.
States.
.One-fourth of the new
turers.
he contended,his definite; state¬
application of penalties^ However,
/:■ V /■: - j
/::.' said:
units started! during 1943 were in
"Total investment in all foreign wilful failure to file will invite
ment of its cost to us, will be of
The ' estimates were made by
the Pacific States, while over a
Noel Sargent, Executive Secretary countries revealed by the tabula¬ penalties.
even more enemy service.
;A; v:: y.-..
;
:
third /were located in the East
of NAM and
"In the 121: countries and other
nationally known tion is $9,210,510,816, with a mar¬
v But
to our mind, inasmuch as North Central and South Atlantic
economist, in an analysis, "POST¬ ket or estimated value of $8,909,- areas covered by the reports, val¬
this is all pretty debatable, the im¬ States., :
■*
WAR CONDITIONS & TRENDS." 922,915, These figures are incom¬ ues now reported range from $4
portant thing would seem to be
;
"Thirty-si x:. percent /fewer; new
-Pointing out that similar fig¬ plete since all of the reports filed in Transjordan to $3,112,184,625 in
the. friction that exists between
units: were started in rural noilhave not yet been reviewed.
In Canada, which represents 34% of
ures, of deferred demand could, be
the Commander-in-Chief on the
farm areas during 1943; than in
extensions have been the total. Other major countries
shown for a variety of other prod¬ addition,
one
hand and the Secretary of
1942, while the volume of units ucts such as
washing machines, granted to a number of corpora-, are Germany, in which the Amer¬
■War and Chief of Staff, on the
located in, urban areas declined
other.. It is not a. pretty situation
;nylon; stockings,; :and i electric tions and other persons because of ican stake is listed at $769,912,474,
26%. The number of Units started
toasters, Mr. Sargent's estimate of the complexity of their property or 8.3%. and the Uni Jed Kingdom,
for the millions of men. in the
in cit'es of 2,500 to 5,000 popula¬
The
final tabulations
Accumulated - "unused" b u y i n g interests.
armed forces and their
V|th $622,892,213, or 6.7%. The
parents tion declined the
least, 11 %, while nower now totaled some $58,000,- are expected to increase the totals
lotal for the 18 countries in which
back home.
1
vf/ A A '; a
the greatest decrease, 36%,;was in
000,000,. made up of $27,000,000,000 by several billion dollars.ie/'VA :; the - amount
reported
exceeds
The recent remarks of the vet¬ cities of
10,000 to 25,006 popular in war bonds.
The
Treasury's annouj^e^mepf $100,000,600 is about $7,750,000,000
$26,600,000,000 in
eran Peyton March, Chief bf Staff
tion.
:
/c " ■'1
':;//■"
r individual bank deposits and $5,- further stated:
.or,approximately 84%.
rK'»
.in the last'war, become of more
■\,,*Tbe''yaluatiph\;bL the 344,000 000,000,000 in instalment credit.
"The Treasury pointed,cu,f. that
."American investments reported
significance. The old general sharp¬ non-farm
family dwelling units
; Explaining the purpose of the the census should not b'efreM^tlJeA in Latin America are heavy. They
ly criticized our dispersal of forces "started ■
during/1943 is estimated •Analysis. Mr4. Sargent said in the as
cipsrd
merely
because i^the; reach $2,434,000,000 in the present
over some 50 fronts.
Pointedly, he
at $880,000,000, a decrease of 43%
foreword:
specified date for filing!.reports figures whichare certain to be
recalled that last ..time we had a
from the $1,539,000,000 -estimated
"The que^Foh which confronts has passed.
Any person holding increased. The amount in Cuba,
Supreme War Council, with Gen¬ for 1942.
The increased propor¬
each
manufacturer
as
well
as
foreign securities or other foreign $614,406 638, nearly doubles that
eral Foch and General Pershing,
tion of publicly financed
units, manufacturers as a whole is the property who has not complied in the next country/Brazil, \yhere
We didn't have to depend on Casa¬
with relatively low average valu¬
determination of what should be with the reporting requirements the figure is $337,242,028. The inblanca and Ottawa conferences, he
ations, were mainly responsible ^one now, in the light of these should immediately send his re¬ ves'ment in the
sa'd. At the time we took this as
Argentine is also,
der
himself.
Certainly.'•• if
.,
,
.
(
.
-
,
_
1
for
a
bit of petulance on the part
(the
general.
parently
more
But
going
on
military high command
had
is
there
ap¬
in the
than
suspected.
of
we
the greater decline in valua¬
tions than in volume of units.
"These
estimates,.
based
on.
building permits issued and Fed¬
eral
construction, contracts
awarded, are prepared by the; Bu¬
antieiDated conditions, to prepare
"or
the
post-war ' period.
This
questien can ^ only be answered
oily when we have reasonably
o,w<jiofpr kno^'i^dge of what the
post-war conditions may be."
-
■
:
!
port, with a b^ief statement exnlaining the delay, to the riearest
Federal
Reserve
Bank.
De¬
The
partment is interested in the early
receipt of the information cal^d
for on the forms rather than the
ti
t
mi
substantial,
being
$310,596,391,
'"hm/eas the amount reported
f"-r in
same
trc
such
422
■
■
!"-r
529, is
.'
South American
as
so
coim-
Bolivia,,, with $32,-
rc lativehr small.'
THE COMMERCIAL & FINANCIAL CHRONICLE
94
United States Trust Co. let
to distribute credit among
Earnings For IMS
several
a single coun¬
the total credit will be allo¬
Pell, President of the United States Trust-Co. of New
cated to the county and arrange¬
York, announced on,Jan. 4 that net operating earnings for 1943
ments should be made by the
pur¬
amounted to $1,741,420 compared to $1,576,655 in 1942.
In addition chaser
with, the county chairman
net profits from the sale of securities totaled $294,401. and were trans¬
of the War Finance
Committee
ferred directly to securities valuation reserve.
After dividend pay¬ for
distribution
of
the
credits
ments of $1,400,000 and a transfer of $50,000 to write down the value
within the county in the manner
of the banking premises,
$37,000^
: • v.. !"•'/' ■!.!"',!:/?
>' "•
tion of new wealth and are tak¬ desired,..;
was transferred to general reserve
"When a purchaser desires to
ing a heavy toll of existing sav¬
and the balance of $254,420 was
added to undivided profits bring¬ ings as they pass from one gen¬ allocate credit for his subscrip¬
eration
to
another.
He stated tion, a request for such allocation
ing that account to $2,349,981.
should
be
made by
completing
In the report to stockholders the that despite these influences the
Form RA, a copy of which is en¬
company looks forward to con¬
statement ,of earnings is presented
tinued service with full attention closed, and filing such form with
in more detail than heretofore and
for the first time reveals that. in¬ to improved methods of operation us When the related subscription
come
from
trust
operations and trust management. As to the is filed. Form RA is to be pre¬
amounted to $2,655,267.
Mr. Pell future he said, "in these changing pared in quadruplicate, the first
stated
that; income
from
this times your company is charting a three copies to be transmitted to
Williamson
considerable
to year de¬
pending on the frequency of es¬
tate and
trust closings, but al¬
lowing for such fluctuations, trust
subject
is
.source
from
variation
to
year
marked
has' shown
income
sta¬
ob¬
bility and the company has
tained
of
volume
in
increase
substantial
a
total
the
its fiduciary
business in recent years.
-././V
reported that due to an
Mr. Pell
increase in loans during the year
and
of
take the fullest advan¬
to
course
tage of its opportunities.
sess
by
In this
tions and amplifying the services
which
we
th
customers, both in banking
'
our
equipped to render
are
and in trust fields."
the
fourth to. be
subscribing
Where
retained
bank
as
than
more
separate allocations
its
six
The National Association of Manufacturers stepped intb the cur¬
discussion of international air transportation in the post-war
world by declaring for "freedom of the air" in the report of its
rent
Post-War Committee for
1943, released on Dec. 27. > ;
;
"freedom of the air" to mean equal access
to airports used in international traffic.. It reserves to
any nation,
however, "the ' long - established^'-—;————
■■
v. ' A" y'
right to confine travel between tional Commission for Air Navi¬
Cities within its own borders to gation since 1922, and there have
ships and planes of its own na- been over a hundred bipartite
treaties < regulating air transport.!
tionality."
■
" y
The report employs
;
<-
The
National
of
Association
Manufacturers further "suggests,"
in connection with a progressive
post-war
with
able.
;
Form
RA
1
will
avail¬
be
y'k'
y-
.
"After
the
for
request
alloca¬
tion has been received by us, it
will be reported through the Fed¬
eral Reserve System to the Chair¬
be
of
past efforts to regulate such trans¬
to international airports
access
United States commercial
the
current
form
of
for
aircraft
as to the
competition
argument
American
against international air
monopo¬
lies, the NAM rejects
big airline" thesis in
^competition,"
of the War Finance Commit¬
man
should
coordination
after the war, that a condition for
such cancellation shall be equal
;
nated
there
years,
revision • and
a
requested engaged in international transpor¬
single sub¬ tation.-;;;
.;■'!;
scription, additional pages desig¬
With reference to the core" of
*
But with the enormous expansion
of air transport expected in the
cancellation of lease-lend balances
a
connection
Urges
Equal Access To Airports Bn Internal'!
port, and a definite international
body should be provided for. this
piirppse/*,,;A-:-";VA.vi;:;.d
are
in
banking requirements. As current
trends unfold we propose to util¬
ize that capital to a much fuller
by broadening our opera¬
the
record.
capital funds, accumulated
1853, in excess of present
extent
and
us
endeavor we are fortunate to pos¬
since
NAM Declares For 'Freedom of The Air';
communities within
ty,
Thursday, January 6, 1944
"Just
the
"one
favor
of
that
'-V/V:.
International
an
Trade
should
be
Board
formed
of
and
should,
among other duties, "rec¬
ommend the prevention of cartel
agreements
producers
among
of
different countries to restrict pro¬
duction,
fix
prices,
or
markets."
\;
*
'L.t'
Further, the NAM recommends
The
have
:
allocate
'
■
position in favor of "free¬
encouraged
competition in domestic business,?; dom of the air" is one of the many
is requested, together the NAM Post-War Report says, Vital declarations
Dec. 31, 1943, deposits were $114,- allocation
tions, income from invested as¬
concerning do¬
sets showed
a
marked increase 707,133, compared with $108,662,-, with the details of such alloca¬ "so should we provide for com¬ mestic and foreign issues in the
over the previous year.
In addi¬ 286 on Dec. 31, 1942. Loans and tion, including the county to be petition in post-war air transport; post-war world,- set out by NAM
tion to the usual collateral loans bills purchased amounted to $30,- credited, the issue and amount, under proper safety and traffic in the 1943 report of its Post-War
to individuals, brokers; and deal¬ 279,348, against $20,566,461 a year and the names of the subscriber regulations,
and certificates of Committee, as finally accepted by
ago
andholdings
of
United and of the bank entering the sub¬ public necessity and convenience." the NAM Board of Directors.
ers, the company has participated
For the protection of such Amer¬
The 1943 report, a booklet of
States Government securities were scription,
■with other banks in credits in¬
against
$70,758,425.
"For the successful operation of ican competitors in the interna¬ 95 printed pages, represents the
volving war contracts and has in $74,702,667,
tional
and surplus
were
un¬
the procedure established for al¬
general broadened its loaning and Capital
economic field, the NAM second year of deliberation of a
internationally a
set > of committee of more than 150 busi¬
banking policies with very satis¬ changed at $2,000,000 and $26,000,- locations of credit for sales, it is urges
principles,"
factory results.
In
conclusion, 000, respectively, and undivided necessary fhat requests for such "general
including ness men representing a crossMr. Pell stated the views of the profits
were
$2,349,981, against allocations be made only on the "the avoidance by the various na-i section of the country. The intro¬
tional governments of
.
h
.v 5 forms provided by us." •
'management concerning the fu¬ $2,095,561.
continuing duction by Wilfred Sykes, Presi¬
'
1
All
trustees whose terms ex¬
ture of the company's business,
subsidies, whether open or dis¬ dent of Inland Steel Co.', Chicago,
guised, to export trade or to in¬ and Chairman of NAM's Post-War
remarking that present high tax. pired were elected for further
ternational transportation,
terms of three years.
rates are retarding the accumula¬
,r
except Committee, - says:
so
far as they may be essential
vV'We can be sure that if these
purchases
additional
by
United
States
Pell
Mr.
obliga¬
Treasury
that
reported
of
as
tee
in
each
State
to
which,
as
we
an
,
Defends
Allocations Of
Right OfV"V
Sales Newspapers ToJwri
Credits For
S^ographital
Three members of
In
of
for
preparation for the Fourth War Loan Drive which will open
Jan. 18, Allan Sproul, President of the Federal Reserve Bank
New
York, calls to the attention of all banking institutions in
this district the manner in which credits will be given on a geo-
jected
on
Dec.
within
move
munications
31
the
national
In
,,
the
.
defense."
field
of
problems are not solved, we will
the be on the way to unrest and disk
;7 J aster within the country and to
Interna-! war without."
''
■
,
aviation,
NAM observes:
Radio Stations
In Fourth War Loan Drive
on
.
U;"There
has/ been,
an
:,
-
Congress ob¬
to;ia*reported
Federal
Commission
r
kk
Com-'
99
To Be
which,
the
legislators said, would put
; graphical basis for sales made during the drive, and the procedure newspapers in a disadvantageous
under which customers of such institutions: may allocate credit for!
;' Twenty-two
position in obtaining new radio
"peacemaking blunders" by President Wilson "that
all. or part of subscriptions en- *
——-————
\
station licenses, according to'-an
have resulted in-the most
far-reaching consequences" were outlined
tered for their account to counties request for allocation elsewhere,
on Dec. 30
Associated Press Washington dis¬
by Prof. Thomas A. Bailey, Stanford University
other
than
historian,
those
which
would credit for sales of 2lk% Treasury
now
at Harvard, as danger
patch,; which further, stated:
signs to avoid in the peacemaking to
.normally receive such credit. In Bonds of 1965-70, 214% Treasury
come,"
;
:
_»
Representative Will Rogers, Jr.,
the notice sent out on Dec. 24, Mr. bonds of 1956-59 and % % Treas¬
Professor Bailey spoke
before the annual meeting of the Ameri¬
Democrat, of California, said such;
Sproul, explains:
ury Certificates of Indebtedness of
"The Treasury Department has
on
several occasions
the importance • of having sub¬
.
emphasized
scriptions entered and paid for
through the banking institutions
where the funds of ^he subscrib¬
ers
are
located, in order to avoid
unnecessary shifts of deposit bal¬
ances from one part of the coun¬
try
or
other.
■
from
one
institution-to
.possible disturbance
positions
serve
but
to
bank
involves substantial and
no
proper
unneces¬
be
accomplished
which
pur pose
by
re¬
customarily
sary work. Such a transfer
r
an¬
A transfer of funds for the
purpose of entering a subscription
elsewhere not only constitutes a
a
serves
cannot
Series A-1945, and Treasury Sav¬
ings Notes, Series C, will be given
to
the
of funds, the Treasury
provide the procedure ex¬
plained below for allocations of
which
entered.
such
will: be
given
City
subscriptions are
Credit for
registered
of
sales
Sav¬
owners.
Allocation of Credit for
...
"If
desires
credit for the sale of any
except
a
Series
E
that
security
Savings
War
your staff who will work
under the rules stated
; tcrs pertaining to the Drive, and
that it be brought to the attention
of your customers who
you be¬
lieve may wish to make such al¬
locations in connection with sub¬
scriptions
entered
for
their
ac¬
county
"Credit
for
sales
of
Series
E
War Savings Bonds will be
given
in general to the county in which
the issuing agent is situated, ex¬
cept that sales of such bonds is¬
directly by the Federal Re¬
Banks
and
the
Office
of
the Treasurer of the United States
will be credited
according to the
addresses of the registered owners.
"In the absence of a specific
or
above, such
allocation may be made, subject
to the following limitations:.
.
"1. No allocation may be made
in respect of any sale to an in¬
pany is
Geographical Credits for Sales
sued
a
Such
the
sale
a
county in
which the head office of the
count,
serve
allocated to
surance, company.
will be credited to
com¬
situated.
"2; A request for allocation
behalf of the purchaser
Univer¬
Regarding his remarks, the Ne\y
York "Times" of Dec. 31 stated:
"So
costly
were
-v
his mistakes—
was
done in the case of the
World Court, would have insured
the ratification of the Treaty and
as
the framing of a covenant in a less
hurried fashion and in a saner at¬
the
manner
outlined
C., acting as a subcommittee,
were reported unofficially to have
approved the principle that news¬
ownership should be taken
of
new
granting
radio licenses.
The full Commission
ours—and
likely hood
so
that
strong
is
shall
we
voted
on the issue
yesterday, ac¬
cording to informed quarters, but
postponed action indefinitely. One
F. C. C.
ment
said the oostponeordered
following a
source
was
"premature leak" of the impend¬
ing Commission act,
Vigorous
opposition
developed
within the Commission, at least
one member contending the body
was
without authority of law to
make such
special treatment of
applications from newspapers.
'
The
action, it
would not
plications
was understood,
categorically deny ap¬
by
> newspapers
but
should be delivered to the Federal
Reserve
Bank at
the
time the
would establish
related
a
most
was,
perhaps, Wilson's
tragic blunder," he said, "was
making
confused
at
one
task
the
of
with
peace
policy of special
which
was
long-range need.' American public opinion in ad¬
treaty failed of both vance of its responsibilities in the
objectives. !;
■;}'
V-!
"Wilson had the vision of a re¬
former and the zeal of a crusader,
but he did
to
not
recognize
have the patience
that
human
nature,
if it
changes at all, changes with
geological slowness."
In many ways, however,; Presi¬
dent Wilson's "supreme blunder,"
Professor Bailey said, "was forcing
the full text of the League (of
tions)
Covenant
into
the
Na¬
Treaty,
for Article X of the Covenant
was
the rock upon which the ratifica¬
tion
finally foundered.
*
*
*
"monopoly," where
news¬
is competing wjth other in¬
only terests in applications for
purchaser desires
a
station license.
a
radio
&i
ples
statement
of
specific
the
committing
League,
provision
and
for
a
post-war world; the prema¬
forcing of a republic on Ger¬
many
instead of imposing the
treaty upon the Kaiser and his re¬
gime; his appeal to the country in
October, 1918, for a Democratic
new
ture
stating
Congress,
would
that
pointment of only
to
his
his
defeat
repudiation; his
mean
one
ap¬
Republican
commission of five;
peace
snubbing
of
the
Senate;
his
"inept" handling of publicity; his
failure
to
,
do
anything about "the
A secret treaties; his failure to make
paper
a
Among the other "blunders" at¬
the
The resulting
subscription has been filed.
by counties. If
■
tributed
Dr.
signatories to the general princi¬
"3. Credit will be allocated
ap¬
to President Wilson by
Bailey, were his enunciation of
Germany,'
war
aims
in
which was
the
Fourteen
an
immediate need, his
with that of remaking the world,' Points;
his
failure
to
educate
He
brief
No
Senate
f
bound.
sible
filed.
further
of international millenium
consideration, in the light of pos¬
is
needed
proval. • An Executive agreement
might have been enough. ■ ...■■• y
allocation may be made after the
subscription
have
his assumption (or was it a hope?)
that manking could attain a kind
.
to have
was
~
below
and
-
Three of the six members of the
on
prepared
in
newspapers," and
Representative John J. Sparkman,
into consideration in the
purchaser
a
the line .against
paper
Sales upon Request
Bond be
mat-
College, Columbia
sity in New York.City.
F. C.
in
counties other than the county to
which
credit ' would
be
given
on
nard
G will be given to the counties
indicated by the addresses of the
credit
to the counties in New York
credits for sales during the Drive.
'
can
nation."
ings Bonds of Series F and Series
companies
It is suggested that this procedure
be
studied by the
members of
.
Historical Association at Bar-*>-
action would be "unfair discrimi¬
Representative Robert
Ramspeck, of Georgia, the House Dem¬
ocratic whip, said:-"I don't see
any reason why we should draw
Peace-Making
mosphere. A League brought into
the
being under these ausoices,; and
run!
after the election of
1920, might
Democrat,
of
Alabama,
com¬
through the same tragic cycle
mented: "Newspapers j should not againy that I regard it as a solemn well have been approved by the
Senate."
;.v£
be
ruled
out
merely for being duty to lay aside all personal pre¬
newspapers,1 but each application dilections and present some per¬
Furthermore, Dr. Bailey stated,
a
should be considered on its merits, tinent if disagreeable
League formed under the gen¬
truths," Pro¬
eral authority of a treaty
with regard to the public inter¬ fessor Bailey stated,
already
ratified by the Senate might not
est,"
.".What
statistical
transfers
indicated
by the
addresses of the purchasers ap¬
pearing on the subscription forms
received by us, except that in the'
case of subscriptions for such is¬
sues
entered in New York City:
for the account
or
nonbanking
corporations other than insurance
allocation of credit for the sale.
Accordingly, in order to prevent
,will
counties
Avoided Isi New
the
making
commis-
sion to draw it up at a later date,
public his ideas
as
to the League
prior to his going to Paris; and,
"one
of
of
all,
ide^l of
the
his
a
most
costly blunders
sabotaging
the
whole
preliminary treaty.
;
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4244
159
the
Buyer @f Unregistered Stock Can Recover
v
PurqSasePrice, Minnesota' Court Rules
V
In
trend
to
lower
-
interest
rates
loans
granted by savings and loan
reflected in a further
reduction in the average rate on
1928, 1929 and 1930
price,
/
•
Associated Press advices from St. Paul
;
associations in 1943 to 5.22% from
5.35%
in
Approximately
52% of savings and loan 'mort¬
gages- bear interest rates of 5%
or less, against 41%
in 1942 and
as
on
deceased,
.$2,777,58.
The deci¬
sion
upheld
Hennepin
County
District Judge W. W. Bardwell..
Also affected by today's deci¬
sion is the National City Co., now
known as City Company of New
on
recover
,
war,
report points out
for
that
In
successive
second
The
-
the
1943
number
York, Inc.
■■ '
1
"
; The opinion, written by Chief
Justice Henry M. Gallagher, held
,
,
"it
'that
Bank"
quite obvious that at
the time the; securities were sold
bank, with each stockholder be¬
they were required by our law to coming a share holder of record
■be registered." ;
777./7 ?7
77( in Chase Securities Corp. in direct
"The fact that a share of bank proportion to his' stock holdings
Streissguth,
granted
The
ratio
since
of
credit
for
unions, the
decline
in
which
New
of
con¬
other
activities
Turkey Will Keep Out
Of War Says Saracioglu
Legislature pf a law allowing
of proceedings in the
gaged in the securities business in. so-called: "bank cases", where the
had
removed themselves
Minnesota and other states, dis¬ firms
tributing corporation stocks and from the State, despite the fact
bonds, including its own stock that the statute of limitations had
and that of the Chase National operated to outlaw such suits.
.
York
sota
March 31, 1917, and from
1, 1930, en-
on
Turkey,
Shukru
Saracioglu, 7 in a ; New
Year's message to his countrymen
promised them that "the Turkish
-
.
will keep
people
.
ment
flames and
.
be
2.
;
the
to
New
N.
ian banks and 11 domestic
Oct. 6,
1943, but it is felt, the Superin¬
tendent says, that the problem is
of sufficient
importance
to
change in the law,'
a
.
war¬
*
-Y,
'
disposed of, subject to Court ap¬
proval, in the case of five, includ¬
ing the Bank of the United States,
leaving only the payment of final
dividends.' 7,77' •
'(4«
"
7*73. The Banking Department
to
eyes
of
business
and .judges all
relationships with
few of its component parts.
business by its
a
"Never
was
there
time when
a
the heads of business had
responsibility
er
to
great¬
a
perform
gressively and positively.
days ahead, the Arrierican
ag¬
In the
of
way
doing business will be judged at
the bar of public opinion.
The
in which the reconversion to
way
economy is effected will,
materially influence the decision;
a
peace
it will also have
possi-
the
whole
influence
an
future
on
American
of
business.
7V':-:U'-7-V7 ■
7 7
should be re- ; "American business has built
in achieving the
economic
opportunities for
full employment and avoid
America, and it has contributed
-the dislocations that arise mightily to the winning of the
from' unemployment.
war.
The public will preserve it
production
7
tained
7
Business
3.
aid
to
must
in¬
to
seek
as
the
base
nities
which
on
individual, opportu¬
crease
better
and
its
tinues
to
build
to
a
future,
tinues
for
betterment
.7.7 advancement
per¬
-among
learned
sonnel.
have
never
closed
the dangers which
N. Y. Curb
provided it con¬
high service and con¬
tell its story as it has
to
do
during the war."
T'raiding Volume For 1943
Was Highest In Six
the horizon; these dan¬
ready
us
Saracioglu said.
those
crushes
."War
opinion reacts swiftly to the
the Prime Minister
arid / decided,"
;
the
Pub¬
broadcast
have always found
gers
but
concern,
towards
ill-will
fear
Who
Years
New York Curb
Exchange stock volume of 71,374,283 shares in.
1943 was the largest since the 104,000,000 shares traded in 1937. Turn-;
over during
1943 was more than three times the volume of shares
n
22,000,000 shares changed hands, and it was
not fear the war and because we substantially ahead of the 35,000,000 shares exchanged in 1941. An¬
other six-year record was set on May 10 when turnover that day
do not flee it and because we are
prepared that we have been able ran to 1,258,770 shares, its bettei^
to safeguard our fatherland from being the 1,631,685 shares traded Exchange. He was the first presi¬
.the fires: of war. We shall con¬ on Oct. 19, 1937. v The smallest dent of that institution ever to
and
It
it.
flee
because
is
do
we
transacted in 1942 when
With respect to the large expand
savings bank deposits the
tinue this policy in the future and five-hour stock volume occurred address members of the Curb Ex-,
Banking Law be amended -so as Superintendent 5>saysVv,:^The-:.^W
on
Jan. 6, when volume held to change.
In his brief address, Mr.'
crease
in savings bank deposits all of us.: on the eve of this New
to eliminate, for the -future,-.the
Year
m u s t
concentrate
our 91,045 shares.
Bond turnover for Schram extended his best wishes
authorization for non-banking or¬ reflects in large measure the gen-j
1943 was $230,000,000, as compared for a happy and prosperous new.
7:
ganizations to engage in the. busi¬ eral expansion of bank x deposit thoughts:;on: this policy."
with
$177,000,000 -in7 1942 ; and year and spoke of the common
ness
of transmitting
money
on money -flowing out of
the war
^
$250,000,000 in 1941. The Curb's aims of both exchanges."
condition of depositing securities
economy.
.Much 'credit ;is -due,
announcement
also
listed
these
with the Superintendent of Banks.; however,; .to the active effort, of
additional highlights for the year;
The proposal would not be retro-; the savings banks in promoting
I "Twenty regular memberships
active and,.would not affect con-, and encouraging savings,
In' ad¬
rec¬
ommends that Section 180of the
.
•
people
appear on
banking
the
fundamental
business
reem-
as
the
ble those employed on war
York
-further stating that "the Turk¬
.their
organizations. Of the 11 domestic
institutions, all assets have been
adopted
Board
Banking
rant
as
ish
agencies of Japanese and Ital¬
10
recorded
which quoted
(Continued from first page)
/
deposits except where spe¬
cifically authorized to do so by
law. This matter has already been
dealt with by a resolution of the
secure
,
far
as
all
are
create
acts
from
returning
should
be
ployed, and
-
;"Sun.''The paper further said:
rCBS
men
service
%
7
■
Deposits & Govt. Bond Holdings Feature
Y. State Back Developments lit 1943 |
lic
mini!V
a
with
whole structure of business.
or
planned to take
All
..
tragedies of the war,"
according
31,
will
readjust¬
peace-time pro¬
to
established
individual
;',7
v. mum of time.
the Ankara radio reported on Dec.
Record
.
.
oper¬
company's policy must
be
"These
duction and business should
from the
away
■
Reconversion
1.
The Prime Minister of
institution
that* time until July
•%';;/ :
vance:.
,
•
The
'
,
throughout
permeate
see
under¬
firm
parts of the increased social re¬
sponsibilities of business,"
Mr.
Johnson continued, "and neglect
of them will not only injure the
adjustment, and these, be said,
must be planned for well in ad¬
cials have had an unfavorable ef¬
.
'
outstanding firm in the days of post-war re¬
,
.
along this line
by the firm
policy
the
public interest uppermost.
good citizenship."
As part of such a program, Mr.
Johnson cited five specific activ¬
ities as vital for every business
time of credit union offi¬
the
5.
1
some
in
be
to
meet
personnel
ates and how the employees
share in its progress.
its rank and file and be reflected
the, corpor¬ Ulm, and George B. Leonard, rep¬ fect, particularly in those institu¬
registered," the resenting a majority of claimants, tions which were organized, in the
;
opinion added., "No authority or said more than 100 claims repre¬ last three or four years.
between
$500,000
and
logic is necessary to sustain that senting
$750,000 pending in court hinge on
'
hplding."
/
;
Supreme Court records show the decision.
that the Amerex Holding Co. was
Today's decision resulted from
organized under the laws of New enactment in 1941 by the Minne¬
stock
ate
to
chief executive.
the
on
will
not immunize
would
have
the
stands how
on
established
be
must
net
7'
encroachment
on
O.
Thomas
:
1942.
tinued
in the.bank."
the registra¬
tion for sale and transfer purposes
immune from
been
rests
definite
A
loans,** shrinkage in earnings and
,
stock
1,
As
,
■
added emphasis
that
operation, namely, that every
this
loca¬
new
The business firm must
social
317
from
dent estimates.
directly: to the stockholders of the
is
period.
ness
licensed
of
declined
4.
con¬
additional -element of the busi¬
an
earnings of licensed lenders again
declined in 1943, the Superinten¬
"issued
Corp.,
Securities
Chase
June
the
that.. shares .: of
and
-
tions : have
.National
the Chase
for. by
by
the post¬
In the days to come,
there
year
No licenses for
276.
to
gal plan whereby capital stock of
the Chase Securities Corp. ,■ was
paid
offices
lender
complaint charged an "ille¬
Social,Responsibilities
performance in
there will be
.
•
sustain that goodwill
tinued
justification, as. well as
produce
at
a
profit.
Business
was
a
substantial decline in the
must
be -a
good citizen in its
business of small loan companies.
community and responsibility for
the
17, 1933, to the Chase Corp. and
June 15, 1934, it was changed
again to. the Amerex
Holding
Ruth Chase Donaldson,
can
changed on May
the company was
executors of the estate of Mrs,.
to
business will
The
Neglecting
(Continued from first page)
1942,
the case,
explained as follows:
•
.7.
.77:;;
In" -a-, decision against'./the Amerex Holding Co., the State's high
court ruled that Frank A. Donald-^
36% in
Bank" of New York. The name of
son and Frank A. Donaldson, Jr.,
reporting
Basis
was
pf unregistered stock sold in Minnesota during
by two corporations can recover the purchase
Warns Business Against
25.6% less than that for 1941.
The
31 that'purchasers
Minnesota Supreme Court held on Dec.
The
corresponding period of 1942
,
and
95
..
sion in
.
authorized
now
cerns
in this business.
to
engage
Many of the per¬
dition to attracting large amounts
of
Chinese Paper Reports
savings:••• banks f
deposits,; the
transferred during the year
were
Indications that Premier Hideki 1943, rangipg in price from
a
high
of Japan has fallen into dis¬ of $8,500 on June 16 (the top
grace because he - failed to main¬ since December, 1939) to a low of
gaged in the business of transmit-* year sold war bonds and 'stamps
tain the unbroken "string of vic¬ $1,600 on Jan. 2. This compares
ting funds did not appear to be with a maturity value of over
tories ; piled up by Japan at the with 56 transfers in 1942 when the
rendering any service which could., $232,000,000.
•.
; '
start of the war were
seen
on
price range swung from a high-for
not be better supplied by banking
"Although nearly all "savings Dec. 30
by "Ta Kung Pao," Chung¬ that year of $1,700 on Dec. 16, to
organizations, Mr. Bell says. 7.7 7 banks shared in the increase of
king's leading newspaper accord¬ an all-time low of $650 on Oct. 7.
4, The Department recommends deposits the rate of increase va¬
"Only seven special offerings
ing to: a United Press dispatch
that Section 19 of the Banking ried with the largest gains occur¬
consummated
during
the
from that.;- city appearing in the were
Law be revised to permit the Su¬ ring in areas where war activity
New York "Times". •= 7
777 year as against four in 1942. Sec¬
perintendent of Banks to levy as¬ is greatest. Against an average
ondary offerings amounted to 30
The advices further said:
sessments against banking organ¬ rise of 6.5% for all savings banks
in 1943 and 40 in 1942.
The papers interpretation of re¬
izations for deficiencies in reserves in the first ten months of the
"Nine new stock issues and two
sons
corporations
or
which
en¬
during the first ten months of the
Names Four Aides
To jo
.
:
Kent
and
tor
Cooper, Executive Direc¬
General Manager of The
Associated
,
below those specified by
the
existing
amendment
for
the
moderate
the
sible
Such
statute.
would
make
it
an
pos¬
Superintendent to
penalties provided
by the statute and to conform the
State/ practice to that of the Fed¬
eral supervisory authorities.
;
'
Superintendent (
The
in
addition
to
says
that,
the foregoing four
amendments, the Department will
recommend a number of minor or
technical
tended
changes
;
in the law in¬
•
•
The Superintendent's annual re¬
port
that the Department
special effort during the
says
made
a
year, to complete the
of
institutions which
indicates
ment
that
the
rate
dividend paid has not been a de¬
cisive
factor
deposits.
A
influence
fices
in
have
in
attracting
has
been
newer
new
important single
more
or
location.
growing
Of¬
areas
shown
liquidation
had
been
The
Superintendent
says
to
•
liquidations rebe completed, including
Only 21
that
indicating
feel, the horrors
war
and privation
with which the Chinese
"Ta Kung
been
intimately
fa¬
Pao" pointed to Em¬
peror
edly neglecting to invite
Department
$272,376,000
$291,429,000
increase
creased
recent
from
Oct. 31, 1942. to
Oct. 30, 1943. This
on
on
was
rose
at
a
pace
over
years.
A
perceptibly in¬
that shown in
further
decline
new
mortgage
advances
To jo
to
an
Hirohito's
and
his
action
Premier
militaristic
clique
week, although it is standard Jap¬
anese,
custom
to
invite
principal
Cabinet members to such affairs.
Premier To jo's desperate
tion, the paper said,
the total for the first ten months
tated
of
1943
nouncements
or.
6%
less than
in point¬
imperial court dinner last
by savings and loan associations,
amounting to $26,026 000,
section.
1
stock
from
listed
bond
In the unlisted categ'ory,
was
2
added
and
unlisted
admitted
were
the
bond
and
14
24
re¬
issues
removed.
Total number of all stocks traded:
have
resources of savings and loan
associations under the supervision
the
removed
of moved;
total
of
main
trend
a
Japan at long last is beginning to
that
ume
Mr.
pleted of 16 banking institutions
having
liabilities to depositors,
creditors and shareholders of $34,000.000.
isfaction
people
Bell
years.
Claude A.
3
by
the figure for campaign.
his
was
situa¬
precipi¬
contradictory
on
the
an¬
Changteh
942; bonds, 224.
; 77;
%
"Accenting the changes brought
about by the war, of the 191 em¬
ployees in the Exchange executive
offices, more than 50 of them are
women.
In 1942, with 179 em¬
ployees; fewer than
ten were of
"precedents were set in Septem¬
ber and December, when
the Ex¬
change opened its trading floor to
during its war bond
rally on Sept. 16 and its trading
floor party on. Christmas eve.
public
"The most recent
the
floor
appearance
on
Dec. 31
membership
-Jaggery Executive As¬
supervising editorial per¬
sistant
sonnel,
AP-features
and Paul
tion,
of traffic
departments;
Cooper
was
Chief of
Washington.
in
Bureau
and promo¬
Miller,
indicated
as
Mr.
saying
that the action was in connection
with assumption of active
admin¬
istration of the affairs of The As¬
sociated
Press,
Stratton,
wholly
Ltd.,
President
owned
by
of the
subsidiary
Lloyd
AP's
incor¬
porated in Great Britain and dis¬
the distaff side.
the
newsphoto
and
fic Executive in charge
ing, while 25 were removed from
the listed stock department and
miliar for the past six years.
77;;'7:
news
operations; B'rank J. Starzel, Traf¬
opinions of other observ¬
here who have noted with sat¬
total
pervising
and
borhoods."
that the liquidation was com¬
prior
ers
Managers.
General
appointees are Alan J. Gould,
formerly Executive Assistant su¬
bond issues were admitted to list¬
Japan
materially greater
gains than those in older neigh¬
place, however, in the vol¬
in
with the
Assistant
The
coincided
events' in
of
took
closed
says
as
cent
of
clarify some of its pro¬
to
visions.
individual gains ran as high
24.6%.; Analysis by the Depart¬
year,
on
appointment of four
of his executive staff
members
as
announced
Press,
the
16
Dec.
•
at rates
(
Associated Press
.
precedent was
on
the
trading
of Emil Schram,
President of the New York Stock
tributing news and newsphoto ser¬
vices
in
the Eastern Hemisphere.
Mr. Stratton retains his post as
Secretary of The Associated Press,
dealing with corporate affairs of
the
organization, and relinquishes
his former
post of Assistant Gen-
eral Manager.
THE COMMERCIAL & FINANCIAL CHRONICLE
96
The Financial Situation
The
is
task
(Continued from first page)
essential in this possible, and
first
realize
to
the
that
.
to get rid of as
feas¬
much of it at once as is
despite industrial and trade
activity never ' before 'ap¬
proached in this country/the
velocity of bank deposits is
Thursday, January 6, 1944
read into this a hope for a broad
post-war international agreement.
1920's.
chinery
for
plantings,
the
regulation
of
production or exports
of rubber.
far below that of the
s Avananie
Unlike the old
arrangement, the
one
would provide no ma¬
new
It will be
Advices
amining
and
many
for¬
brought
programs
that
for,the post-war years ing "high-level" employment
the American business (the term "full employment"
man
was
ward
'appears
in the habit of sit-
cost money,
fireside
out
ambition, without
without
and
waiting for
a
of it.
idea
fact
that
does
man
not
"stimulated";
needs
matter
American
the
who
are
com¬
tion
done—as
that is
or
if
or
need
he
public wealth cured
budget at the earliest feasible
moment, and at the lowest
feasible level of outlays and
better be certain of is that
value of money—a
taxation?
What
a
boon
many a
sort of dis¬
our
enthusiasm.
%
unduly about the vol¬
And is not such a proced¬
production, trade, em¬
ployment or any of the other ure an absolute "must" if we
so/, frequently
the are to avoid monetary and
source of
publicly expressed financial chaos? Let us see
apprehension these days. All what the fiscal and banking
worry
ume
of
needs to do. for
government
businesschance
is
to
would
reason
effectively
weird
which of
by Supreme De¬
No. 3837 of Oct.
24, 1938, the
receipts of the Institute in
1943
available for debt
service
amount
;Z The
that it
block
so
j situations are to be like when
give it a fair [this war is over. We entered
proceed under its the new year with a national
Journal"
Governor of
w
cost money.
current
by A. G.
these
"and
"America
farmers
are
to
The
International Rubber Reg¬
Committee announced in
ulation
London
end
its
regulatory
Dec. 31
by
Dec. 28 that
on
and would
"new and
a
it would
functions
on
be supplanted
widely
more
rep¬
resentative committee) for consul¬
tation and, collection of informa¬
tion."
realize
farms. More farms
vices, the following
ported: t1
was
also
re¬
pre-World
of generally expected that in the
great many things
need
to
be done,
or
course,
that
a
rather
to
be
undone,
achieve this
essential
which
normal
in
should
heed
not
to
natural course of the remainder of the war the banks will
not take
so
large
a
share of
result, the debt increase. This view
course maY prove well taken but the
to
be hanks
are
still
increasing
sought at all.
War * I
levels.
That
spots."/•;.//' )/Zz;).■;■;; ;
\
/ Investigations,- it is stated, dis¬
close that
ing
more
mortgages
recorded
past.
than
Mr.
be¬
are
for
several
Black points
also
gages
is increasing—a direct
of
increased
selling
and
the
Netherlands—have
Mr. Black said:
de¬
cided to extend. the pact for four
months
until
next
1933
existence
since
amount;.the influx and
be.'/tization of gold
forthwith repealed and abok '
ished.
We do believe, hew-;
n
mon-
result
part at least of New Deal
as
a
tactics, the total of bank debest post- Acdts and currency in circuwar
planning that could pos- lation in this country had
sibly be done by either ^ anv by the middle of 1943 risen
ever,
that the
very
.
party or group in the United by
States would be the
ment of
of the
a
as
an
$71
billion
from
dividend1
of
in
farms
this
the
mentary organization built up by
long years of - work,'' as well as
provide the basis for exploration
doing a lot of
high flying and inevit¬
ably there are going to be crashes.
There are, however, some
simple
safety measures every individual
the
interests
are
of
can
take which will cut down the
risks."
v-'/Y://;/,;^:
y v■ v-)
lected in the world,".;:
A
'
.
'
it."
VV!;,V
from
part:
London
;UV.)
stated
Pay On Norway 6s
in
)/Z
The
Kingdom of
notifying holders of
Norway
going
on con¬
or
another
bonds
bette'r adapted to the
changing situation. No strength is
called
left in the present agreement since
amount
expire
some
came
time
in early in 1939. For
conversations are
now
known to have been
cerning
its
future
agreement
Dutch
East
India
and
1944
of
this
for
issue
have
redemption
on
been
Feb.
1,
world's supply .of natural rubber.
The peacetime quotas long since,
of
Went
is
by the board, and today
there is the new factor of the syn¬
thetic product making a
readjust¬
ment necessary, evm if the war
should end in the East at a time
not far distant.
Great
Britain
and
India have agreed to
Netherlands
reshape their
agreement
so
New York.
In
Z
connection
noted
that
with
the
Dec.
call,
/;
franc
1943
Z
put-)
retire¬
bonds.
) "The
clared
interest disbursement1 de-.
is
expected to
be paid on
about Feb. 1,
or
1944 and will be
applicable to the following bonds:.
All
of the Republic of Chile Ex¬
ternal Bonds; Water Company of
Valparaiso
bonds;
All Mortgage
bonds; Bonds of the
Consolidated
Municipal
Bank of Chile
Chilean
loan; and Bonds of the two City
of:
Santiago, Chile, loans.''
))
To Start raraiysis
Drive On Jan. 14
Z
The
eleventh
annual campaign
the
for
the
party,
President's
tion
Infantile
for
open
will continue
62nd
Founda¬
Paralysis,
JanZ 14
on
of
proceeds
which go to the National
and
will
drive,
the
through Jan. 30, the
birthday
anniversary
of
President Roosevelt. Basil O'Con¬
nor,
President of the Foundation,
that
said
before
the
third
disease
be
more
are
-
funds
than
needed since 1943
wbrst
and
infantile
it
the
ZZ
■
bonds
Will be.$162,736.500 dollar
bonds, £27,742,471 sterling bonds,
and
francs
108,662,500
Swiss
at
100% of their principal
through operation of the
sinking, fund. The called bonds
have
ments
'
birthday
is
its 20-year
6%
external loan sinking
fund
gold bonds, due Aug. 1, 1944, that
$1)182,000 principal amount of the
.
The regulation that is about to
after
/;,//))
of
amounts
for) funds
cablegram, to the New York
"Times"
sterling bonds.'/
"The
.
economic
of possibilities for post-war
plan¬
which
,
^
"Individuals
there
face
banks—practically sold out standing
coopera-tion and "the statistical and docu¬ sold.
collected
£600
of
companies and Federal
land, individuals are selling a
higher proportion of the farms
V
amount of dollar bonds and
and
of
funds
'
$1,700,000'
land
crea¬
the
currency
/ retired
loan
Netherlands quarters said
to
above
loans and to maintain
income
been
being sold,
tion of the wider committee would
aid in retaining existing
the
"Against the remaining 50% of:
gage
t■>// ,;hZ%>:'.> //'
of
the payments.
cover
tion.;
••:
corresponding
bonds
same
/with
corporate
owners —
banks, insurance companies, mort¬
as
to include; "all
develop- the 1933 level of $43 bilother countries with substantial
rid ion.
The
increase
during interests in rubber or rubber sub¬
its the 19L3 fiscal
year alone was stitutes,
whether
producers
or
early date as $29 billion.. Let it be noted consumers," and it is inevitable to
program to get
New Deal and all
works at
some
to
1, but
without resuming rubber regula¬
v
bond,
and
£100 sterling
carry out the necessary; con¬
versions in order to set aside the
funds in Swiss francs to meet the
the
zZ>-:ZZ/%
''Witk-vmore
April
per
suspension of exchange
holders
.
in mortgages recorded
individuals. In his comments
by
agreement-—Britain, India
the
servicing of loans issued in this
currency,
which has compelled
Caja to fix in American dollars
out
that the average size of the mort¬
perfection to"enormous absorption of Treasother areas have been overrun
be
surrendered
for
re¬
by should
suggest that all this mass cf ury, deficits by the banks, the
Japanese, who thereby have demption on that date at the head
legislation and "administra- and in' much more moderate gained more than ,90% of the office of the National
City Bank
to
I ! "The
to
ulation
of
they're still further up in transactions in most foreign mar¬
some areas, because
averages have kets as a result of the World
War,
a
way of
concealing the sorest .has not allowed Caja this year
is reported
communique is¬
franc
72
amount, but the greatest Increase
Malaya,
in-1
Swiss
to
futile counsel of
come
100
mentioned
a
through the British Colonial
said, the three signatories
the international rubber reg¬
terms
the
to
payment of
interest at the rate of $14.28 per !
$1,000 bond, dollars 0.33558 per
prices of farms. All lenders/mort¬
gages/ reflect some / increase ; in
Accordingly,
the
Law
Office
sued
Many impcdi- their holdings at a substantial
ments are
already in the path' rateof progress.
It would be a1
Now as a result of this
tive law" which has
under
land i £1-8-6,
of their bond.
j
are,
per cent of the total re¬
will be applied by the In¬
"Already
d^bt.
there
."Fifty
stitute
are-
/y/y
not awake tomorrow
morning banks, excluding the Federal mind, Z%;Z%/;;:-'v); 'Z,VAZ'Zr V Among the precautions to take,
Mr. Black advises the
to find that what it did the Reserve
The Dutch
following:
sources, quoted by
institutions, held $58
"If you sell a
Aneta Agency, praised the United
farm, don't carry
day before has suddenly be-; billion of this
* It would States for its; "colossal effort" the mortgage yourself. If you buy
come a sin in the
a
eyes of the not be surprising if it pres- which resulted in
farm, keep in mind that it is
building up a
politicians and made punish-! ently proved that the banks synthetic rubber
going to have to pay. for itself
industry within
over a
period of years, some good
a
able to appease the malcon- of the
short time and the "farseeing"
country held upwards
bad. If you lend
U. S. policy which brought about years,; some
tents.
of $70 billion of it at the turn the accumulation of "the largest money on farm property,. it will
In view of the record of the!°f
be repaid
year. It is now rather stock of natural rubber ever
only if the farm earns
col¬
decade
;
,
means
reflection
steam, and reasonable I debt amounting to $170 billarge rubber-consuming countries
ground for feeling that it will lion. At the middle of 1943 the would be
especially borne
in
past
on petroleum im¬
ported for the copper industry. •
changing
are
Corporation, $6,044,262
quota of duties
than for1 Chilean
year
values are back up 100%
years
In Associated Press London ad¬
profit.
Sales,
exception! ceipts
no
$2,357,389 hep-
prises, $57,561 the quota of duties
on
petroleum imported for the
nitrate industry, and $108,031 the
of
days," Mr. Black says,
are
ex¬
represented receipts of taxes on
the profits of the
copper enter¬
the
on
further
-:v:/i::'- 'v.)-/)'-'Z/'
the
receipt from
the
government's participation in the
profits of Chilean Nitrate Iodine
Black,
is
'/;/''Z■.;.■/
"Of this amount
Jhe Farm Credit Ad¬
ministration,
Neither
issue
$8,567,244.
resented
for all sorts of reasons, but back
of almost every sale is the chance
ning/in
own
"Farm
the
move
programs
course
in
to
announcement
plained:
and farm-land speculators are
raised
No. 5580 of Jan. 31,
approved
cree
Storm-warning signals for farm¬
.
ers
changing hands this
many
years.; : They
to
pet quiet which can do more per¬
schemes out of the way, Do haps than almost
anything
that, and there is no need to else to dampen constructive
and
for the further
ex-
business man who can
scarcely aVoid a feeling' of
deep uneasiness about the
keep ourselves
It is highly desirable
any
an
There is no need for
us
to
be sitting up nights
planning what can be done to
give this or that industry a
special little push, or all in¬
dustry > for thatmatter, a
helping hand. What we had
we
own
sheer' waste
cellent thing if the fl^st plank
to
be in all our post-war planning
merely platforms were made to de¬
mand
a
balanced
post-war
oppor¬
tunity.
right.
"must" in its
a
the
total
and
is
Would it not be
VVUU1U
is
to be
of Law
1935,
!yrllhel
would therefore ap¬
era
pear
the
for
that, in, accordance with the pro¬
visions, .Qt Article 6 of the regula¬
be¬
frugality in the post¬
war
heart many
at
business
reasonable
a
of
Stimulated
the
of
few current
able", if this
not
Need to be
great deal
a
opposed to loose public spendget out ing appear to think it "inevit¬
and go to work!
The
a
and
govern¬
ment to bribe him tt>
No
Not
mentators
program—
kind
a
an
become
somewhat out of date) would
idly and lazily by his
day after day with¬
ting
have
to
Fiscal
appears,,
from
Institute
Amortization of the Public Debt
of the Republic of
Chile report
One would suppose upon ex¬
country would, it
of the plans budget. Most of the grandiose come inevitable.
schemes suggested for assur¬
received
Autonomous
primarily for
staggering amount of consultation
business man will still be a ible.
Nothing
else would
and the assembly of
money and bank deposits will data.. /•
"stimulate" business so much.
business man when the war is
remain outstanding until the
"The three Governments
hope,"
over.
Yes, he will still be an
the statement reads in
assets upon which
part, "that
Begin With the Budget
they were
American business man, still
the
new
committee, if formed,
created are taken out of the
Perhaps no better place for
will point the way to international
full of ideas, plans and im¬
banking system—to say noth¬ action which will secure the longcommencing this revolution
pulses to undertake all man¬
in post-war thinking—for it ing of further expansion dur¬ term interests of rubber produc¬
ner of things for the purpose
ers
and consumers alike in con¬
would be a revolution for ing the remainder of the war.
of making money—and with
formity with such; principles for
Should the public make even
an
international. c o m modi t y
the inevitable if incidental re¬ many of those who have been
most active in talking about half as rapid use of its funds scheme as may be generally ac¬
sult of giving employment to
as it once
did, inflation of a cepted after the war,".)ZZv
millions of men and women. post-war plans — could be
found than in the national sort never before seen in this
This
a
epidemic
continued
paralysis
made in
will
ever
saw
of
the
fight
on
have
to
1944.
\
y
1943,
In a message to the
Foundation
principal
amount of the bonds of this
issue, the President said that "there can
called for redemption previous' to
be no
armistice with the
cripthe present
call, had not been
pler. Surrender of disease on the
$1,719,000
on
27,
aggregate
presented for payment and inter¬
est thereon had ceased.
Upon in¬
home
quiry
ditional."
at the head office of the
National City Bank of New York,
the
holders
issue
not
may
their
of
the
bonds
ascertain
bonds
have
of
whether
this
must
also
be
uncon-'
Of the funds collected 50%
remain
or
previously
been called for redemption.
front
and the
with
the
county
will
chapter
other half will go
to the
National Foundation for research.
Volume 159
Number 4244
THE COMMERCIAL & FINANCIAL
CHRONICLE
97
V
tas AM Basks , Trast
added
.
Gouapanies
to
the
reserve
for
other
against $55,621,587 at the end
of
September,
v
securities.
Mr.
The Corn
Baker's
annual
Exchange Bank Trust 998,234.
report to
Resources on Dec. 31,
New high records for
Co., New York City, reported as 1943, were $1,682,356,909, as com¬ stockholders was referred to in
total as¬
our issue
of Dec.
of Dec. 31, 1943, total
9, page 2313. / sets and deposits are reported
deposits of pared with $1,419,495,474 a year
by
Brown Brothers, Harriman &
$604,427,061 and total assets of ago. Cash and due from banks is
Co.,
Statement of condition of Ster¬ private bankers, in their financial
listed at $401,956,453, as against
$645,127,143,
compared,
respec¬
statement as of Dec. 31, 1943. To¬
tively, with $571,142,404 and $608,- $370,862,493 twelve months ago. ling National Bank & Trust
Co.,
tal assets amounted to
988,053 on Sept. 30. Cash in vaults United, States Government secur¬ New York, City, at Dec,
31, 1943,
$167,555,and due from banks amounted, to
ities stands at $887,436,948; a year reveals an increase in
surplus of 691, compared with $160,431,089
$158,394,563 against $134,806,372; ago it was, $635,564,410. Loans, $500,000.
Capital funds at the oil Sept. 30, 1943, and $163,742,348
on
Dec. 31, 1942.
holdings of United States Govern¬ bills purchased 'and bankers' ac¬ year-end
aggregated
Deposits in¬
$4,758,151,
ment
securities
to
is
now
$413,976,372 ceptances
$298,950,311, comprising $1,500,000 capital, creased to $147,304,540, compared
with $141,108,047 on
against $398,161,254, and loans and which compares with $300,378,843 $3,000,000
surplus and
Sept. 30, 1943,
$258,151
discounts to $34,44.0,362
These; total and $143,686,578 at the close of
against on Dec. 31 last year. Preferred undivided ' profits.
$32,749,147. Capital and surplus stock is shown as $8,307,640, com¬ funds represent an increase of the preceding year.
Capital and
were
unchanged .at $15,000,000 mon as $32,998,440 and surplus $370,000 during the last quarter surplus of $13,525,284 compared
each and undivided profits were and undivided,
of
1943.
with $13,506,217 three months
The
bank
profits as $48,344,reports
a
ago
record all-time
$7,009,368 against $6,775,843 at the •44CV.;;,
high in resources and $13,445,284 a* year ago. Loans
end of September.
and.
and
discounts were
'£>'• -,'4%
deposits—$88,105,258
and
$41,522,247,
$82,151,686—on Dec. ; 31, 1943, as against $38,308,598 on Sept. 30,
In its-. statement for
Dec.
31,
with
The New York Trust Co. re¬ 1943, the Chemical Bank & Trust compared
$80,890,700 hand 1943, and $33,200,251 on Dec. 31,
ported as of Dec. 31, 1943, total Co., New York City, reported de¬ $75,229,301,
respectively, as of 1942. Other important asset items
Sept. 30, 1943, Of the December compare as follows with the fig¬
deposits,
including
outstanding posits of $1,153,998,166, compared
total deposits of
certified
$82,151,686, U. S. ures of three months ago and a
checks, of $689,208,447 with $1,199,430,404 <on Dec. 31,
Government deposits amounted to year ago: Cash,
and
total assets of
$36,597,482, against
1942, and total assets of $1,249,$743,939,271,
and commercial and $34,071,167
and
compared,
$37,455,406, re¬
respectively,
with 514,079, compared with $1,289,983,- $8,109,326,
other deposits were at a
record spectively; United States Govern¬
$699,985,830 and $754,523,372 on 863 a year ago. Cash on hand and
high of $74,042,359. Cash and due ment securities $59,531,362, against
Sept. 30. Cash on hand and due due from
banks
amounted
to
from banks amounted to
from banks, including
$21,835,- $61,347,146 and $67,329,281.
exchanges, $239,375,105, compared with $348,137'on Dec.
amounted to
31, 1943, against $15,$175,621,887, against 841,631; U. S. Government obliga¬
The statement of the Chase Na¬
$134,521,946; holdings of United tions to $657,728,406, against $536,- 734,903 on Sept. 30, 1943;: U. S.
■
States
Government
securities
Government
830,141; bankers' acceptances and
to
securities
000
but
the
bank's dotal
figure is $178,000,000
year
Holdings of
than
a
ernment
United States Gov¬
obligations
are
reported
at
$2,174,265,961 compared with
$1,938,096,539. Cash bn hand and
due
from
against
banks
is
$385,401,994,
$901,172,805, and loans
are
$633,126,637, an
discounts
crease
of
and
in¬
$59,675,797
during the
Capital remains unchanged
at
$77,500,000, but during the
year $32,500,000 was added to sur¬
plus, bringing this item up to
$110,000,000.
Undivided
profits
year.
are
$24,053,596 compared with
$23,793,450.
The
following
announcement
.
made regarding the
earnings:
"Combined net current
operating
earnings
of the
National
City
was
Bank and the City Bank
Farmers
Trust Co. for the
year, after pro¬
vision for taxes and
depreciation,
were
$15,151,766 compared with
$13,546,527 in 1942. This repre¬
sents
$2.44
$2.18
per share for
share
per
for
1943 and
1942
on
the
6,200,000 shares outstanding.
"If profits from sales of
secur¬
ities
added
are
,
to
current
tional Bank of New York for Dec.
ings, the total is increased
in
increased
deposit
more
ago.
earn¬
of
to
$17,to
$42,758,908
compared
with 31, 1943, shows deposits of $4,375,- 569,400, or $2,83
$381,441,910, against $418,705,222, {call loans to $63,769,792 against
per
share for
and loans and discounts to
$40,361,518, also a new all-time 582,000, which compares with $4,- 1943, as compared with
$158,- $54,397,121; and loans and dis¬
$16,231high. State, municipal and corpo-, 442,999,000 on Sept. 30, 1943, and
to
771,343, against $172,266,710. Cap¬ counts
636, or $2.62 per share, in 1942.
$139,435,524
against
rate securities amounted to
ital and surplus were
$1,~ $4,291,467,000 on Dec. 31, 1942. To¬ Security profits, together with re¬
$162,982,846; Capital at $20,000,unchanged
tal resources amounted to
at $15,000,000 and
$4,679,- coveries, were as usual trans¬
$30,000,000, re¬ 000 and surplus at $55,000,000 re¬ 461,082, against $1,379,559. Loans
and
discounts ; were
spectively, and undivided profits main unchanged. Undivided prof¬
$21,064,675, 974,000, compared with $4,740,- ferred directly to reserves."
v
against $22,640,225k Stock in Fed¬ 069,000 on Sept. 30, 1943 and $4,were
The City Bank Farmers Trust
$6,203,260, against $5,534,- its were $7,469,562, and showed
eral Reserve Bank increased dur¬ 569,496,000 on Dec.
720 at the end of
an increase for the
31, 1942; cash Company reports total
September.
year of $2,013,deposits as
289
The
Public National Bank and
Co. of New York reported
Trust
of Dec. 31,
as
1943, total deposits
of $325,343,792 and total assets of
$349,066,439,
compared,
respec¬
tively, with $307,260,324 and $330,-
502,553
and
Sept. 30.
on
Cash
to
$195,284,344,
against $174,738,817, and loans and
discounts
usual
($1.80
dividends
ing the quarter from $120,000 to
$135,000. Reserves totaled $482,937, as compared :with $779,034
on Sept.
30, 1943.
;
of
per
-
The statement of condition of
Clinton Trust Co., New York
City,
as
of Dec. 31, 1943, shows that
total assets increased to
$18,112,-
1943 as compared with
$2.45 per
share for the preceding year.
to
$73,777,932, against
$83,614,147. Capital and surplus
were unchanged
.at $7,000,000 and
$9,000,000, respectively, but un¬
The Continental Bank
Co.
of
New
York
&
reported
as
31, 1943, total deposits
$119,437,879 and total assets
of
and
amounted
due
to
from
$16,869,674
were
Dec. 31, 1943,
$15,539,475
on
Sept. 30,
1943, and
$12,634,000
on
Dec. 31,
1942.
Surplus
$129,620,215,
compared,
respec¬
tively,
with
$124,262,710
and
$3:34,731,910 on Sept. 30. Cash on
hand
bank's
with
vaults
the
and
Federal
on
de¬
Dec. 31, 1943, as
$99,762,502,
compared with $115,366,183 a year
Reserve
Bank and other banks, $1,050,012,-
000,
compared
with
$1,132,553,000
ago.
Total resources are
$127,582,970 against" $142,061,713. Cash
$833,533,000
the respec¬
tive dates; investments in United
States Government securities,
$2,-
603,172,000,
756,435,000
amounts
on
compared
with
compared
on
with
/
-
banks
and*,
$$27,185,906 against
undivided
-•
profits
totaled
bank
$2,-
and
Dec.
on
changed
surplus
31,
1943
was
over
$16,954,870 compared
$95,070,699, an increase
31, 1942, of $10,155,833.
Dec.
The Grace National
Bank of
New York, in its statement of con¬
dition as of Dec.
un¬
at
on
to
with
$37,601,930.
Holdings
of
United States Government
obliga¬
tions total
$2,327,748,000;
961 from
$16,752,509 as of Sept. loans and discounts, $791,980,000,
of
30,; 1943, and $13,804,381 on Dec. compared with $894,755,000 and
of
The capital of the
31, 1942. Deposits of the bank $786,057,000.
Trust
Dec.
the
posit
and
hand
on
$68,078,079, ; against
$59,388,124;
holdings of United States Govern¬
securities
the
share); The
indicated
net
earnings on
the
bank's 2,000,000 shares (par
$10),
amounted to $2.80 per share for
due from banks amounted to
ment
after
$3,600,000
$100,270,000; but the
that date was $134,730,-
deposits
31, 1943, shows
$71,556,839 as- com¬
of
,
with
pared
$77,610,183
on
Sept.
1943, and $69,850,804 a year
ago. Surplus and undivided profits
000, compared with $121,730,000
on Sept. 30, 1943 and
$100,270,000
on Dec. 31,
1942, reflecting the in¬
30,
amounted
to $2,759,292
as
com¬
$24,704,780; holdings of U. S. Gov¬ $467,549, against $462,969 on Sept.
against $3,095,051 at the end of ernment obligations to $56,140,330 30, 1943, and $417,350 on Dec. 31, creases authorized by the Board of pared with $2,646,592 on Sept, 30,
Directors on Sept. 22 and Dec. 22, 1943, and
1942.
Capital stock of the bank
September.
The
bank
$2,479,358 a year ago.
reported against $56,186,399; and loans and
Cash in vault and
'
with
banks
earnings for the full year 1943 discounts to $36,868,543 against remains unchanged at $600,000. respectively.
The undivided profits account, totaled
Loans and discounts as of Dec. 31,
of $3.30 per share as
$18,211,317 as compared
Capital
was
-un¬
compared $43,186,734.
with $2.84 per share for the
1943, were $2,862,010, compared after being credited during the with $13,257,742 on Sept. 30, 1943,
changed
at
year
$4.000,000;. surplus
1942.
'
showed a $ 1,000,000 increase to with $3,149,632 on Sept. 30, 1943, year with $13,000,000 from the re¬ and $20,765,512 a year ago.
U. S.
divided
profits
were
$3,321,129,
$4,000,000.
J.
total
assets
profit
and
s
$1,306,422,: against
$2,078,897, at the end of Septem¬
Morgan & Co., Inc., New
York .City, reported as of Dec.
31,
1943, total deposits of $709,019,279
and
Undivided
amounted. to
P.
ber.
,
of
$758,056,415,
; The Bank of the Manhattan
compared,
respectively,
with
Co.,
$758,893,034 and $805,877,249 on New York City, reported as of
Sept. 30.
Cash on hand and due Dec. 31,
1943, total deposits, of
from
$974,325,121;
banks amounted to
$131,528,532, against $136,071,109; hold¬
ings of United States Government
securities
to
purchased
tively,
with
$1,016,274,304
$487,615,089, against
$520,017,165, and loans
to
and
$100,955,228,.against
each, and undivided profits
against
were
$1,817,508
at
the end of September.
the
statement
of
as
of
Dec.
total
resources
total
deposits
U.
of
S.
1943,
•
bills
$610,781,083. Undi¬
$31,391,854, com¬
pared with $27,578,472 on Sept.
30, 1943,' and $22,547,059 on Dec.
31, 1942. Capital and surplus re¬
main
unchanged
at
$90,000,000
and
$170,000,000* respectively. To¬
funds are $291,391,854,
tal capital
a
record
high
history.'
in
the
company's
and y surplus
statement
York
shows
of
condition
Trust
Co.,
of
New
City, as of Dec. 31, 1943,
deposits of $1,580,909,261,
which
includes
United
war
lean
deposit r cf $155.-
on
Bankers
banks
un¬
than
on
288,000
was
$7,572,000 larger
year
not
on
ending
including
amounted
to
$331,870,816,
holdings of
larger
than
Dec.
on
to $950,441,228 against
$904,937,643, and loans and bills dis¬
to
$362,407,442 against
$505,428,312. Capital and surplus
were unchanged at
$25,000,000 and
$75,000,000, respectively, and
to
the
capital
ized
on
ducting
un¬
an
:
to
per
appropriate
added
to
to
$1,078,718,819, com¬
respectively, with $978,749,542 and $1,091,498,289 on Sept.
30.
de¬
amounted
to
ether
Co., New York City, reported
hand
and
due
$220,548,904,
$189,769,491; holdings of
and
discounts
$207,516,206 against $212,632,-
201.
securities
loans
Capital
was.
unchanged
$50,009,000, and surplus and
v
divided
profits
were
at
un-
$56,428,927,
banks
was
•
$12,807,297 against $11,715,859,
$0.610,t(
083
against $6,793,288. Capital was
unchanged at $825,000 and surplus
was
$1,175,000
compared i:-'with
$1,075,000, and undivided profits
$320.006'against $414,645 at
end of September.
were
the
Year-end
Schroder
Trust
Co.,
New
,
City, reported Dec. 31 re¬
sources
of $32,233,964, compared
with $40,013,780 on Sept. 30; cash
and due from banks, $4,465,038
against $7,640,097; U. S. Govern¬
ment securities, $23,111,029 against
$27,657,399; loans and discounts,
$3,878,728 against $3,936,292. Sur¬
plus: and
undivided
profits
were
$3,036,429, against $2,030,877. De¬
posits were $28,370,414
against
$30,194,546.
statement figures is¬
sued by The National City Bank
of New York and compared with
Dec. 31,
1942, report
of $3,967,819,349 or an increase of $206,148,068. Total deposits are
$3,733,649,total
The
York
amounted
and loans, and discounts to
show
and
from
$31,752,509 against $35,231,-•
Acceptances outstanding were
$5,764,786 against $5,825,390.
.
securities
those of the
$613,719,229, against $646,-
due
was
amounted,to
Holdings
of -U.
S.
from
to
and
$5,462,586 against $6,891,185. U. S.
Government securities were $26,318,532 against $28,961,715; cus¬
tomers' liability on acceptances,
$4,965,764, compared with $5,031,423 in September.
Surplus and
020.
and due from banks
927,337,
to
as
31, 1943, total deposits of
$23,712,154 and total assets
of
$26,672,024,
compared,
respec¬
tively, with $22,505,583 and $25,690,317 on Sept. 30. Cash on hand
United States Government securi¬
ties to
port¬
was
on
amounted
against
reserve
$124,523 which
Cash
banks
The.net profit realized oh
cf
of Dee. 31, 1943, total
pared,
amount
bond
as
total assets of
and
$2,518,300
the
Irving Trust Co., New York,
deposits, including official checks
outstanding of $964,148,274 and
of
States
securities, after
The
reported
$2.01
authorized
Government
sale
$25,366,747,
hand
York
profits were $2,631,860
against $2,625,144 in the previous
quarter; amount due customers
of Dec.
to
amounted
the sale of United
was
the
1943,
The net profit real¬
taxes, amounted
which
for
31,
2,000,000 shares
stock
Government
for
securities,
the
on
were
Schroder
Banking
City, reports
total resources of $46,592,589 as
of Dec. 31, 1943, against $50,081,320 on Sept. 30, 1943.
Cash on
New
undivided
The Federation Bank and Trust
.
Dec.
$4,023,007, equal
share
profits
dis¬
were
Henry
Corp.,
31,
1942.
United States Government securi¬
net profits realized
the sale of
k J.
Sept. 30, 1943, and $27,-
Trust
against;; $285,954,303;
Loans and
ago.
$17,301,379 as ■: com¬
pared with $24,022,744 on Sept, 30,
1943, and $15,341,163 a year ago.
1942.'
h The
year
counts
surplus and undivided
Dec. 31, 1943, after-divi¬
ing the year,
$4,122,248, against $3,518,996
1943, and $3,667,592
Dec. 31v; 1942.
Sept. 30,
on
on
were $37,compared with $39,673,Sept. 30, 1943, and $31,151,-
as
dends of $10,360,000 declared dur¬
bank's net
operating earnings for
the
folio,
ment
a
Combined
against $23,550,782 at the end of $4,612,316,;
September.
\ .7: k;-;; k;7%;.'
":A\ Government
the
Govern¬
on
divided
include^
States
were
J.; Stewart Baker, Chairman of
Board,
reported
that
the
war loan deposits of
$133,098,432..
On Dec. 31,
1942,
deposits were $1,322,420,807, which
Uniltd
514
491
was
on
839,169
Dec. 31 to
the
States
Government
on
surplus, amounted
profits
counted
outstanding.
The
on
Government securities
$37,878,000, compared With $45,050,000 on Dec. 31st a year ago.
Dec.: 31, 1842. Cash on hand and
due from banks on Dec. 31,
1943,
dividend, increased to $10,071,867
from
$9,410,511 at thfe end of
September,
;v'...
Manufacturers
Dec. 31,
ties
of
vided profits are
on
1943, compared with $7,590,865
Sept. 30; 1943, and $5,867,101
of $400,000 for
quarterly
dividend and $200,000 for
special
obligations of
$1,959,786,746, and loans and
purchased
$959,721,274; and
of Sept. 30,1943;
$8,736,691
were
contingencies and after
being debited with two transfers
as
reserve
shows
$3,243,371,512;
$2,903,794,036;
of
Government
respec¬
$288,158,714.
condition
31,
of
of
changed at $20,000,000, respec¬
tively.
Undivided
profits,; after
Guaranty Trust Co. of New
York
assets
hand and due from banks
on
Capital
The
total
compared,
bonds
for
serve
to
The bank reports that net op¬
Co., New
erating earnings 0 in 1943
were
amounted to
$266,327,302 against York, reported as of Dec. 31,1943,
$204,643,037;; holdings of United total deposits of $1,594,694,072 and equal to $2.33 a share, compared
total assets of $1,728,824,976, com¬ with $1.81 thb previous year, and
States
Government
obligations
that in addition net profits
on,,
$433,851,333 against ; $469,389,623. pared, respectively, with $ 1,664,securities
were
equal to $1
Loans and discounts
a
decreased to 697,033 and $1,795,142,813 on Sept.
30.
Cash on hand and due from
share, against 22 cents a share in
$281,487,017
from
Cash
bills
$105,438,799. Capital and surplus
were
unchanged at $20,000,000
$3,101,624,
and
$1,034,108,576,
$2,596,996 on Dec. 31, 1942.
of United States Gov¬
ernment,;; state v and : municipal
Holdings
resources
The Commercial National Bank
Trust Co. of New York re¬
and
ported as of Dec, 31, 1943, total
deposits of $211,736,135 and total
assets
of
$233,850,430,
compared
respectively with $187,640,873 and
246
against $3,555,940,023 last Dec.
$208,382,959 on Dec. 31, 1942.
The
31.
In this total United States
bank held cash on
due
loan
deposits
are
down
war
$230,000,-
(uoniinuud
hand and
on page
1C4)
COMMERCIAL & FINANCIAL
THE
98
The
Joint
ments, disclosed on
_
By Rep. Carlson Of Kansas
Billion
A
Nonessential Federal
"progress report'- summarizing its accomplish¬
Dec. 19 that it will continue, investigating che
Committee
Expenditures, in a
_
Reduction of
on
by
make it unnecessary for millions of persons
Federal income tax returns at all was proposed on Jan. 3
(Rep., Kan.), a member of the House
Representative Carlson
Ways and Means Committee.
'; v. VUnder the plan, most income taxes
Departments, the Mari¬
with a view
balances to the Treasury.
portions of these large
Committee, which is headed-
plan designed to
I to file any
unexpended balances of the War and Navy
time Commission and the War Shipping Administration
.toward returning
cally from wages
Mr. Carlson
;
and salaries.
■
.
•
would be deducted automati¬
According to the Associated Press,
described present rev-^
The Ways and Means Commit¬
-™
peacetime and non-war enue statutes as a hodge-podge of
tee, after long labors last summer
by Senator Byrd (Dem., Va.) re
activities which have been placed language that cannot be correctly
ported that the unexpended ap¬ in the category of war activities. and definitely ^interpreted by a and fall, brought out a bill com¬
bining the Victory Tax with the
propriations of these departments
Continued investigation of non¬ Philadelphia lawyer.
normal income levy.
The House
and agencies totaled $186,000,000,The Associated Press dispatch
essential personnel in Government
000 in September, 1943, of which
further said:
,v.v!;j„r//-; ■ passed the measure, but the Sen¬
agencies in the hope of eliminat¬
ate Finance Committee struck this
$92,000,000,000
are
unobligated ing 400,000 or more from the peak
Declaring simplification to be
balances of unexpired appropria¬
the No. 1 tax job for 1944, he in¬ provision out of the $2,000,000,000of 3,095,463 paid Federal civilian
tions.
second
wartime revenue
serted in the Congressional Record plus
employees reached last June. V ;;
measure.
The Senate will debate
The Committee stated that it
Continued examination of Gov¬ his own suggestion for remedy, as
the measure when Congress re¬
will urge an investigation of the
■
'/>/■/< V1
ernment-owned
corporations to follows:
••
unobligated balances by the Ap¬
1.
Simplify and improve cur¬ convenes next week. < ■ ''
ascertain
whether present loan
Mr. Carlson said there is danger
propriations Committee to deter¬
rent withholding provisions so as
policies, in the light of-added
mine whether additional appro¬
budgetary
commitments
and to eliminate the need for any re¬ that taxpayers will become so
priations will be needed until all
turns to be filed by 30,000,000 of confused and bewildered that it
changes, are still advisable.
the outstanding unobligated bal¬
Continued
efforts
to
reduce the 40,000,000 to 50,000,000 taxpay¬ will affect our national morale,
ances have been encumbered.
"This
could
be done by unless the statutes are simplified.
needless travel and communica¬ ers.
In the report of its activities
adopting a graduate withholding He conceded that it is too late to
tion expenses.
since its inception in September,
from wages and salaries," he said, do anything about the computa¬
Consolidation of duplicating and
1941, the Committee said that a
"and at the same time allowing a tions due this March ; 15, but he
useless functions of agencies with¬
total savings of $2,117,543,231 were
demanded action before another,
in the Department of Agriculture,^ percentage of income exemptions"
effected in items which the group
in lieu of the present deductions tax accounting date rolls around,
notably the separate functioning
recommended be curtailed -— the
for other taxes paid, interest and saying:
of some 20 lending agencies and
most notable being the liquidation
contributions
to
churches
and
"We can and must simplify our
allied groups.
■
(
. «of the three depression-born agen¬
charity.
tax laws.; The ■ day
of soothing
Checking on all "new adven¬
cies—the
Civilian
Conservation
2.
Combine existing personal
syrup. and
palliatives is past.
Corps,V Works Projects. Adminis¬ tures and commitments in public income tax laws into one base and
Nothing less than a major opera¬
tration and the National Youth works and similar costly govern¬
The
Result Of Treasury
Avoiding Returns By Millions Offered
Tax Plan
Byrd Committee To Study War Agencies'
Unexpended Balances Totaling $92
Thursday, January 6, 1944
CHRONICLE
Secretary of the Treasury Moron Jan. 3 that
$1,000,000,000, or
genthau announced
the
tenders
for
thereabouts
of. 91-day
Treasury,
bills to be/dated Jan. 6 and to ma¬
ture
April 6, which were offered
31, were opened at the
Dec.
on
Federal Reserve Banks
The details of this
of normal
follows:
as,
••
....
Total
applied for—$2,255,535,000.
Total accepted
:
Jan. 3.
on
issue are
$1,014,794,000
—
(includes $48,047,000 entered on a
fixed-price basis at 99.905 and ac-,
.■
cepted in full),y:
Average price—99.906,,; Equiva¬
approxi¬
discount
of
lent;, rate
mately 0.373% per annum. v/r^-v';;
of accepted competitive
Range
J
bids:
High—99.915.
.Equivalent rate
of discount approximately 0.336%;
'•'%%/;■■ ■■■
per annum.
approximately
0.376%
,
AV.-; V-
per annum.
of the amount bid for at
(19%
price was accepted). /.;■:; ;Y
was a maturity of a sufi^T
the low
"
There
ilar
:.v>■■■>,/;;/;
Equivalent rate of;
Low—99.905.
discount
bills on Jan.
$1,006,933,000.
of
issue
amount of
6 in,
,,
'/
.
1
Regarding the Dec. 24th offer¬
ing of 91-day bills, dated Dec. 30
and maturing March 30, the Treas¬
■
Administration.
\%
,
;
/,
mental
;
programs
which may be
undertaken."
While these accomplishments
considerable, the report said
the Committee faces "a gigantic
task" in the coming year.
Dec. 27:
on
suffice."
tion will
credit.
Repeal earned income
3.
disclosed the following results
ury
rate.
applied for—$1,771,559,000.
Total
.
„
"failure of
Consideration of the
Were
the
Service Commission
Civil
execute
sufficiently
a
to
-intensive
addition
Resists Efforts Of
Wage-Hour Bureau To Open Records
to
.
Attempts by Federal
Circuit Court of Appeals
in Philadelphia on
inspect pay¬
"Evening News"
in United States
Dec. 22 by, Elisha W.
of
rate
lent
discount
,
Equiva¬
approxi¬
annum.
per
of accepted
Range
*.
.
mately 0.375%
[
,
competitive
bids:
Council fcr the American Newspaper Publishers'
'
From Associated .Press Phila-^was Bessie Margolin, Assistant So¬
delphia advises, we also quote:
licitor for the Wage-Hour Divi¬
Mr. Hanson made his contention
sion who contended the Adminis¬
while appearing as sole counsel
Hanson, General
Association.
$1,010,783,000
price—99.905.
Average
wage-hour division officials to
were
—
cepted in full).
roll. and shipping records of the Paterson; (N. J.)
termed a violation of "freedom of the press"
,
accepted
(includes $41,749,000 entered on a
fixed-price basis at 99.905 and ac¬
Paterson Newspaper
inquiring into Federal manpower utilization pro¬
'
j
unexpended balances of the war gram."
departments and agencies,
the
Checking of all inequitable pro¬
Committee said that its future motion
policies of agencies.
\york will cover the following
Investigation
of the penalty
subjects:
mail privilege exercised by the
; Investigation
of 'the large ap¬
various
establishments.
propriations for the continuance
In
;
Total
"/
High—99,910. Equivalent rate
approximately 0.356%
,
of discount
.
Belter Position As War
Contract Centers Gained
By New York, Boston,
.
New
York
City, Boston,
Cleveland, Baltimore
peal made by the Wage-Hour Di¬
vision of the Department of Labor
Cleveland, and Baltimore, are among
holders of
war
concerning
contract placement has been limited by the Government, according
to the National Industrial Conference Board, which has just com¬
pleted an analysis of figures now made available by the war produc¬
the
"News" in resisting an ap¬
for the
which have gained in relative importance as
contracts during the 15 months when information
cities
per annum.
poena
*
.
.
.
bills, dated Dec. 23 and maturing
23„ 1944, the Treasury an¬
nounced the following results on
March
Dec. 20: '*
:" '*
third of all ship
contracts are concentrated in six
industrial areas:
San Francisco.
"More
than
a
- Jersey
City,
Seattle-Tacoma, Bos¬
ton and Camden.
Each of these
areas holds more than $1,000,000,000 of ship contract awards, the
Oakland,
Newark
Los Angeles,
total approaching $8,000,000,000. Norfolk - Newport News
and Philadelphia, both established
group
shipbuilding centers, gained only
a
relatively small share of the
Contracts placed during the 15month period during which time
detailed
information concerning
contract placements was not gen¬
Marshall, Army
Chief of Staff, returned to Wash¬
ington on Dec. 23 from his tour
of the Pacific front, following the
Gen. George C;
Cairo
Gen.
with
conferences.
Marshall immediately talked
and
Staff to the Commander in
In the course of his
the
licago, New
)it
has
Chief.
flight around
world, Gen. Marshall
stopped
off at Australia, New Guinea,
Solomon
Islands,
Hawaii
other Pacific bases and
the
ar\d
held con¬
with Gen. Douglas Mac-
Admiral
"Approximately a third of all Arthur,
is centered in Detroit, j Nimitz
and other
dnanee
and
Roosevelt
they were joined by Secretary of
War Henry L. Stimson and Ad¬
miral William D. Leahy Chief of
ferences
erally available.
Teheran
^President
Chester
W.
commanding
York and Flint. De- j officers of the Army and Navy in
received
$4,300,000,000 the Pacific area.
and create ability
bring about changes in
the
economic structure of the
United
States which. would be
inimical to the national welfare."
Further opposition to the bill is
initiative
.
,
,
.,
x;
for, $1,791,197,000.
Total applied
C Total;
total-
and would
-
<
'
Opposes Kilgore Bill
As Inimical To National Welfare
ual
.
respect to the previous
week's offering of $1,000,000,000 of
,
Agriculture.
of
With
■
N. Y. Stale Chamber
$ 1,000,000,000 or more.
on Dec. 30 in'
$1,002,978,000.
'
issue: of bills
ilar
amount
.
From Pacific Tour
J
^
.
.
in the Gen. Marshall Returns
,
0.376%
* a--./.
1
- ,
ity of Congress to send inspectors /:';!( 52% of the amount I b id for at ■'
into newspaper plants to examine the low
price was accepted).';;
the pay rolls without first issuing
There was a maturity of a sim¬
a complaint that violations of the
per annum.
...
were-, 13 industrial areas
nation with awards aggregating
.
Equivalent rate of
approximately
discount
right under author¬
trator had the
enforcement of a sub¬
against the News Printing
law have occurred. >
Co., Inc., publisher of the "News."
Mr. Hanson argued that the First
Previously, Judge Thomas; < F.
Amendment protecting the press
Meaney in United States District
from any "restraints" was supreme
tion Board.
*
"
and
Flint $1,400,000,000 of ord¬ Court at Newark refused to en¬
and that Congress could not, in
Among the cities that have lost
force
the subpoena intended to
nance contracts, the two together
"the guise of exercising its powers
ground, relatively, are Buffalo,
holding almost .a fifth of the na¬ produce the paper's records for under the commerce clause," as he
Seattle-Tacoma, and Hartford.
tional total.
Chicago's ordnance examination. L. Metcalfe Walling,
said it did in the wage and hour
The detailed
data now5 made
Administrator of the Wage-Hour
contracts fell just short of $3,000,public cover a total of $157,500,Division, filed the appeal before law,s impose any abridgements on
000,000, while New York's total ig
the freedom of the press,
r /
000,000
of
sup p 1 y
contracts about half that amount.
the Appeals Court, composed of
The lower court ruling was re¬
through September, 1943, and fa¬
Judges John Biggs Jr., Herbert F.
"Contracts for new industrial Goodrich and Gerald McLaughlin; ported in our issue of May 6,1943,
cilities contracts through August,
" "
1943.
Under date of Jan. 5, the plant financed from public funds
Pressing action for the appeal page 1686. ,
are more widely distributed than
Board's announcement explained:
any other type.
The ten areas
"Los Angeles still leads in the
with the largest aggregates hold
volume of aircraft orders received,
only a fourth of the total. Chicago,
but the Newark-Jersey City area
with $893,000,000, and Detroit with
has moved up to second place, and
$574,000,000, have the largest plant
Detroit to third position. Los An¬
additions. Philadelphia, NewarkDeclaring that private enterprise has given the United States the
geles has received over $6,000,Jersey City, Pittsburgh and New "most advanced technological civilization the world ever has known,"
000,000 in aircraft production conYork Ciiy follow with totals for
a report by the
Chamber of Commerce of the State of New York,
tracts;Newark-Jersey Cit"and De¬
new
plant
contracts
ranging made public on Jan. 3 opposes the enactment of the Kilgore Bill to
troit, somewhat less than $3,000,downward
from
$385,000,000 to establish an Office of Technical Mobilization.
\ v ' :'' ; ''
000,000 each.. Buffalo and San
Drawn by the Committee on Internal Trade and Improvement,
Diego
follow
with
totals of | $314,000,000. No other single area
of which Leon O. Head is Chair-1*-—-———————
—;—-—
around $2,500,000,000, while Balti- has received plant contracts
such as the Department of Com¬
man, the report states that the bill
more
and
Chicago
are
found ing as much as $300,000,000."
merce
and ' the
Department
of
would "seriously impede individ¬
among the top ten.
In all, there
seeking
;
,
Low—99.905.
$1,005,249,000
$60,601,000 entered on
a fixed-price basis
at 99.905 and
accepted in full).
99.905 +. Equiva¬
approxi¬
mately 0.375% per annum.
- :
Average price,
political
the
productive enterprise.
discount
of
rate
lent
of accepted
Range
bids:
competitive
j
High, 99.909, equivalent-
v
discount
num.
approx.,
;;
.
Low, 99.905,
discount
.
_
rate of
0.360% per
//;;; .* j
an-!
•,
c
_
equivalent rate of
approx.
0.376%
per
an¬
(50% of the amount bid for
the low price was acecpted.)
num.
at
.
There was a
ilar
maturity Qf a sim¬
on Dec. 23 in.
;
'/\4.;
of bills
issue
amount
.
accepted,
(includes
of $1,017,717,000.
"4. It would give to a
the
bureau
trend of
"5. It
bureau
power
would
in
an
shape
to
place
,
a
political
relationship
Patent Office which
official
Haggard To Retire
;
/Sir
Consul
Godfrey
General
Haggard, British
in New York
since 1938, will retire in February;
with the U. S.
when he reaches the retirement
Policy' might impair its functions and in¬
age - of 60, it was announced on
in the Kilgore bill is predicated fluence its decisions.
Dec. 28 by the British Information
on the assumption, which is con¬
"6, It would open the road for
Services.
;
.'
trary to all the facts, that private a. new
Government
offensive
Sir
Godfrey, whose
consular
industry has failed to utilize the against private enterprise which
nation's scientific and technical could weaken, not strengthen, the career dates back to 1908, will be
succeeded
by
Francis
Edward
resources for the effective prose¬
economic structure of the nation.
Evans, who came to New York
cution of the war or for peace¬
"7. It would further tighten the
several
months ago after four
time progress.
strangle hold of Government bu¬
years service in the British, For¬
"2. It would regiment the brains, reaucracy on private business" by
eign Office. Mr. Evans' consular
initiative and creative genius of creating a $200,000,000 bureau with career
began in 1920 and he has
no
limit on the authorization of
America.
served in British consulates in!
such
further
appropriations 'as New
"3. It would attempt to dupli¬
York, Boston, Los Angeles
may be necessary and proper.' "
and Colon, Panama.
1
cate research work which private
The report will be presented for
Sir
Godfrey's
career
covered
industry is doing effectively and
based
"1.
on
The
the following:
'Declaration of
,
would
other
overlap
the
Government
functions
of
departments,
approval at the monthly
of the Chamber today
meeting
(Jan. 6).
duty in Central America, Bolivia,
Cuba, Brazil, Chicago and Paris.
Volume
159
Number
Revenue
Freight Oar Loadings During Week
Loading of
641,368
totaled
This
was
increase
an
above
ing week of 1942 of 49,897 cars, or 8.4%, and
same week in 1941 of
34,866 cars of 5.7%.
Loading of
cluded
correspond¬
the preceding week.
.X.V,-.-?'■ ''v.;,'
'
;
15.5%
or
84,557 cars,,
Pocahontas
'/lrglnian
'"'Vv'yyyXVy'•
Live stock
-
...
'
>
loading amounted to 11,354 cars, a decrease of 5,709
preceding week, and a decrease of 65 cars below the
below the
cars
corresponding week in 1942. In the Western Districts alone load¬
ing of live stock for the week of Dec. 25 totaled 8,081 cars, a de¬
crease of 4,526 cars below
therpreceding week; and a decrease of 166
below the corresponding week in 1942.
cars
Forest products loading totaled 36,932 cars, a decrease of 4,805
card below the
preceding week but an increase of 5,878 cars above
the corresponding week in 1942.1
,
Ore
loading amounted to
11,399
cars, a. decrease of 958 cars
.below the preceding,week and a decrease of 483 cars
below the coiy
responding week in 1942.
Coke
•below
loading amounted
the
preceding week,
corresponding week in 1942.
•
week
1942.
in
except the Eastern and Allegheny.
•
-
1943
<
•
S weeks of
January
February
4 weeks of
4 weeks of March
4 weeks of
:
i—
May
of
weeks of October
December.
—.
v
862,759
of. December
11
823,211 C,
Week
of
December
18——
759,288
•Week
of
December
25——
—
"While
this
i:
;
M
/•
'
Total
;
——
was
\
*42,414,348
-
Coal
Coke.;
•
"743,061 ; ;
591,471
V 807,225
798,868
606,502
,,
reduction of 412,120 cars;
or: 1 ^
below 1942, revenue tondue to the heavier loading of cars and the longer haul per ton.
a
13.6 %
1943
were
loadings
increase
an
by
of
124,579 cars,
commodities
in
0.3%, compared
or
1943
compared
grain products
;
with
with
1942
•
2,647,665
1941.
1942
837,437
744,588
8,361.058
—
.,
Forest products
L
+1
-
3 226,022
-
:
;
143,618
149,183
145,584
17,801
16,757
10,784
14.232
13,033
7,048
:
6,516
32,799"
1,739
19,925"
17,951
'
297
5,584,248
19,575,400
J.
42,414,343
—
19,761,806
following table is
a
summary of
,
j
REVENUE
FREIGHT
LOADED
AND
RECEIVED
FROM
CONNECTIONS
(NUMBER OF CARS) WEEK ENDED DEC. 25
Railroads
/X V
Total Loads
f'rr--,vfyy/;
District—
..V"
Total Revenue
' £v
Received from
Freight Loaded
Connections
1943
Arbor—L-,
1942
195
,
1941
1943
1942
243
484
1,329
1,257
Bangor & Aroostook—„_i_—
1,753
1,260
Boston & Maine—
1,271
220
202
5,511
4,333
6,696
Chicago, Indianapolis & Louisville..
13,164
12,961
1,280
1,158
1,110
2,085
2,056
'Central Indiana——.—..
Central Vermont——----—--'—
19
42
957
720
Delaware & Hudson-———.
1.271
4,674
4,600
5,327
5,085
2,246
12,451
26
Delaware, Lackawanna & Western-
6,113
Detroit & Mackinac————.
21
116
Detroit, Toledo & Ironton
,
1,870
267:
215
7,466
.
10,737
291
93
56
■,
2,080
"1,234
10,535
8,355
2,663
2,827
4,391
305
244
266
1,539
1,393
and
1,299
1,125
1,206
3,065
200
2,663
288
200
284
62
125
1,615
2,122
—
Gainesville Midland—
Georgia
Georgia & Florida
;
Gulf, Mobile & Ohio—.
Macon, Dublin & Savannah—
Mississippi Central
Nashville, Chattanooga & St. L._.
76
771
2,082
2,362
1,640
,
232
231
553
491
2,708
3,071
21,339
3,770
22,053'
15,882
17,491
16,665,
11,184
4,140
16,607
10,047
•
177
172
164
*324
133
125
*451
2,603
2,434
2,911
4,555
4,320
560
764
1,869
1,245
;
■
——
i
:
Piedmont Northern—
•'
Richmond, Fred. & Potomac.—.
Seaboard Air Line
Tennessee Central
94
18,979
—
Southern System—
:
315
1,527
29
3,342
23,427
..
'
Illinois Central System.
Louisville & Nashville———
Norfolk Southern
429
885
32
',7"
862
..
596
923
40
.
—
'
.
Lehigh & Hudson River—_—
Lehigh & New England
Lehigh Valley—
Maine.Central—
1,553
11,384
3.020
3,650
9,268
137
2,187
District—
:
1,187
1,142
1,378
6,804
13.561
2,545
3,380
2,605
4,772
385
336
29
37,545
53,356
6,404
10,182
17,003
892
14,552
1.021
.775
2.535
2,170
5,646
1,711
—.
N. Y.. N. H. & Hartford——.
New
York, Ontario & Western—.
.New .York, Chicago & St. Louis—.
N. Y., Susquehanna & Western——.
;
5,445
.
1,831
-
"A-
3,209
the
9,303
Armed
3,602
3,132
•"'
13,246
855
198
:,
526
11,123
323
420
74
9,470
9,980
9,081
"'•iV, 485
341
Northern—^-—---—-
V
•
162
1,453
4,247
——
3,973
8,900
2,134.
V.^ 68,298
2,646
; f 599
1,783
'58,027
Central
4,669
.
453
.
2,924
" 71,060
.
3,099
;
" 59,360
Atch., Top. & Santa Fe System..
Bingham & Garfield—
19,819
17,884
16,949
10,999
11,591
2,885
2,750
4,042
424
5,121
255
476
68
98
15,094
13,609
—_
Chicago, Burlington & Quincy..
16,206
Chicago & Illinois Midland—_
Chicago, Rock Island & Pacific-
2,358
9,528
Chicago & Eastern Illinois—.
2,200
Colorado & Southern
894
664
697
2,268
3,609
-•221
414
891
—-
—
783
12,759
5,515
587-
4,994
4,257
4,617
11,469
12,607
3,715
4,030
3,742
4,206
5,505
114,749
133,265
220,175
208,319
126,545
Service
Nursing
Committee,
"It
the
Council
and
for
Recruitment
Practical
New York.
Nurses
of
v;;v,v.,
the
was
twentieth
year
of
Trust's
disbursements -which,
in the
aggregate, now exceed $4,000,000. Beginning with disbursementsTof $20 In T92C the*
yearly
.
ery,
Point
987
,"1,257
*1,777
1,189
1,542
*1,756
1,507
497
520
887
1,000
1,524
2,176
1,943
131
513
637
644
9
On
■'
22,762
21,731
19,384
356
261
12,225
12,960
107
13,372
•V
220
13,283
1,835
16,387
513
v
0
o
12,042
1,610
13,996
543
480
384
5
5
1,736
1,910
1,436
3,745
2,542
101,293
96,936
92,978
90,273
87,467
_
Total———.
•
27
■.
..L—
sizes
District— 1
■>A. 271
' 209
146
183
4,908
2,657
3,015
; 1,535
2,294
1,740
3,146
4,547
4,399
2,890
3,781
307
211
720
633
149
5,078
of
designate
able
of
The
,
.
„
varying
New
York
each
fund, who may
particular charit¬
the
initially
purpose
preferred,
distributing
committee
discretionary
power
enabling it to adapt the applica¬
leaves
2,101
3,088
Kansas City Southern.
Louisiana & Arkansas.——
Sands
to
of
the
the
those
Trust's
fund
to
future
needs
appear."
234
4,989
International-Great Northern..
Kansas, Oklahoma & Gulf——
funds
constitute
founder
as
Burlington-Rock Island—
and
Brooklyn.
Community Trust, a composite
pool of charitable resources. The
tion
Southwestern
of
area
-"Sixty-one
1,045
:i:
Kitchen
three
Bow¬
11
•:
904
iC 817
Hell's
1,799
5,499
6
2,045
;
565
i—
provide 686,414
meals in
low-cost restaurants in the
6,199
2,897
624
.,
1942.
Community Trust subven¬
tions financed 16,419 calls
by vis¬
iting nurses in 1943 and helped
585
602
3,221
v
5,973
V
Gulf Coast Lines
Litchfield & Madison...—;
Midland Valley—
Missouri & Arkansas
V
300
-
;
Missouri-Kansas-Texas LinesMissouri Pacific
345.
Quanah Acme & Pacific—.'—
1,228
2,294
1,805
2,676
2,381
Regional Administrator of the Of¬
313
1,277
1.010
513
fice
292
303
129
483
351
5,431
13,139
4,033
4,487
15,926
4,896
68
-
12,798
18,248
72
108
214
277
6,596
6,621
7,772
7,022
•
2,445
2,218
2,537
6,379
10,899
3,232
6,062
4,650
4,701
5,282
3,131
6,354
63
7,206
95
124
58
28
9'
'--r., 6
21
20
26
61,700
58,914
45,349
59,939
.60,080
Weatherford M. W. & N. W.—.
Total
Daniel
of
Note—Previous
figure.
year's
Woolley, New York
Price
Administration, has
the
county
in
the posts of
administrators
five
New
York City and also the
post
New York district director.
Mr.
Woolley said the
ization
in
was
the
of
reorgan¬
interest
of
'/greater efficiency and economy"
and that these
changes "will bet¬
ter carry out the program of
control,
"Previous week's
P.
abolished
4,686
11,664
...
Reorganized;
1,332
2,396
6,924
Southwestern.—.
N. Y. OP A
183
2,275
83
14,254
St. Louis-San Francisco—..
St. Louis
of
fair
price
distribution
of
commodities and the fundamental
figures revised.
purposes
for which the OPA
was
created."
President Acclaims Seabees
President Roosevelt
congratulated
construction
the
on
Dec.
Seabee's
27
Navy
battalion, and praised
President's
message
fol¬
lows:
with personal
interest and admiration your rec¬
ord of achievements at home and
all
our
inception two
'
fighting fronts since the
In
years
•'
abolishing the post of New
York
District
Director
of
OPA,
held
by
local
rationing boards, but three
Frank
C.
Russell,
Mr.
Woolley said that Mr. Russell
accomplish
three
great-purposes which enable our ,would be kept in the OPA organ¬
fighting forces to carry on the ization as an administrative aide
offensive. You build, you fight He invited the
county administra¬
and
you
repair. You are pre¬ tors to remain as heads of
"Your
war
because
effort is outstanding
you
their
pared
"I have followed
on
time of your
ago.
organized.
The
728
_•
1,023
10,309
499
was
Wheeling & Lake Erie
2,595
9,722
2,237
1,922
618
7,640
Wabash--
10,404
2,419
9,665
3,157
.\
9,980
l
•
507
Denver & Rio Grande WesternDenver & Salt Lake...—__*.
8,135
263
City
War
passed $200,000 in 1934,
$300,000 in 1941 and $500,000 in
District—
4,153
—f—
Wing,
Master
volume
Western
Pere Marquette-
Rutland
York
2,821
4,309
56
'
:
1,539
i; 71,451
28
Theatre
Forces
Records,
Inc., United Forces Opera Fund of
Metropolitan Opera Guild, New
2,079
7,715
86
,
758
52
1,741
4,328
9,394
93
V;v:'
American
4,680
749
;
186
1,572
105
4,008
402
265
1,903
Total—
t
229
432
10,507
their outstanding war effort made
in the two
years since the unit
Pittsburgh & West Virginia
*
emphasized in a group of do¬
nations aggregating $10,950 to the
Merchant
Seamen's
Canteen
of
9,489
3,621
446
6,137
14
$13,050.
cancer,
"Extension of war-time services
13,076
8,988
2,114
205
Music
13,242
2,145
481
15,546
15
and
16,654
3,306
7,753
6,918
228
Visiting
for research in
625
2,322
511
tlement,
105,756
11,409
,295
15,143
256
A.,
$13,570; Girl Scouts, $11,353; and
Travelers Aid, $10,300. Other
pay¬
ments included Henry Street Set¬
111,187
87,433
.7,554
391
223
Red Cross, in 12
communities, re¬
$28,860. The Y, M. C. A.
was allotted
$16,200; Y. W. C.
ceived
900
928
7.272
555
New
American
844
974
.
5,038
4,215
in
cities, $59,117
The
22,520
2,976
514
727
chests
other
1,018
3,140
6,308
245
15
1,082
1,977
457
3,845
and
distributed.
was
24,157
15,404
6,546
Pittsburg. Shawmut & North-
To the National War Fund
community
77
17,059
Pittsburgh & Lake Erie
Pittsburg & Shawmut.—
Calif.
449
,2,327
Ishpeming
49,968
-7,691
4,828
Montour—
York, Poughkeepsie, and Oakland,
83
90,745
11,980
—
22
37,555
,4,511
1,701
34,114
Monongahela——1.———
New York Central Lines-.—.
,
365
1,194
11,495
1,616
further
8,535
1,361
5,891
1,873
the
$2,661,
8,101
y
Chicago, Milw., St. P, & Pac
Chicago, St. Paul, Minn. & Omaha.
Duluth, Missabe & Iron Range—
Duluth, South Shore & Atlantic...;
Elgin, Joliet & Eastern
Ft. Dodge, Des Moines & South
16,549
6,831
and
was
1,101
427
....
'
Chicago & North Western
Chicago Great Western
2,514
1,518
."—
207
was
7,950
129
24
7,349
■
98,834
3,068
9,122
3,430
17,803
167
Grand Trunk Western——-..
1,893
218
numbered
in
agencies
10,729
108
142
1,446
215
charitable
321
506
Total
beneficiaries
The
348
.v ■'
229:
19,192
—
to
7,643
17,398
258
.
8,575
;
839
Pay¬
16,857
279
,
8,032
Winston-Salem Southbound
779
with
compares
Nurse Service
School, $44,884; Com¬
munity Service Society, $21,214;
Hebrew University in
Palestine,
$16,325; United Hospital Fund,
$15,298; and Memorial Hospital,
804
.301
.
:
to
made from 43 memor¬
were
York
198
110
4,242
1943
"The largest of the 1943 alloca¬
tions went to the Salvation
Army
which received
$73,869 in New
324
8,960
that
stated:
1,239
V.
1
disbursed in 1942.
average appropriation
The
announcement
2,255
9,396
and
year
funds
462
Columbus & Greenville__—
Durham & Southern
Florida East Coast—a
Wichita Falls & Southern
1,308
ial
3,115
Texas & New Orleans—
Texas & Pacific.........
3,471
—
ments
560
__.
1,804
10,115
Detroit & Toledo Shore Line
any
243
1
110,712
10,791
outpayments for
$547,261
430
1943.
V.
V'V'.V.;.)
in
454
183
Community
Jan.
on
It was the largest vol¬
of grants the' Trust has made
ume
10,859
Georgia
Clinchfield—
the freight carloading for
During the period 93 roads showed increases when compared with
the corresponding week a year
ago.
total
224
Charleston & Western
Carolina.
Western Pacific..
i 42,826,463
its
584
■
York
$550,816.
652
Atl. & W. P.—W. R. R. of Ala.—.
Central of
9,696
.
2,093
3,009
__
Southern Pacific (Pacific).....
Toledo, Peoria & WesternUnion Pacific System
3,015,212
the separate railroads and
systems for the week ended Dec, 25,
Total
2,801
34,834"
North Western Pacific
Peoria & Pekin Union...
2.451,550
-
5,066,745
*
—
Eastern
12,499
126,995
Atlantic Coast Line.
Utah
Total
Ann
12,895
& Northern
Missouri-Illinois—...
Nevada Northern——
730.879
2,817,152
.
Merchandise. L.C.L.
Miscellaneous
■
3,391
15,865
Fort Worth & Denver
City
Illinois Terminal——.
;
2,177,122
—A,-.—750,768
.
4,135
2,684
.833,375
vLL—8,493,154
The
24,324
3,893
12,489
18,516
Spokane International——
Spokane, Portland & Seattle-
V 42.826.46342.289,764
.
1943
and
i.ive stock
23,403
9,557
19,557
20,554
Northern Pacific
3,540,210
'4,553,007
3,423,038
744,183
:
641,368
;
60,382
2,090
53,039
New
announced
appropriations of $178,764 in the
last ten days of the year raised
States,
4,295,457
follow:
a in
2,135
...
3,255
3,581,350
,
,
,
increased
.Carloadings in
Gi
1,298
64,104
2,723
Total
miles
1,151
55,073
Minneapolis & St. Louis
Minn., St. Paul & S. S. M.„
759,731
'
Week
;
3,133
12,093
Green Bay & Western
Lake Superior &
V
3.487,905
3,503,383
4,511,609
3,236,584
11
74
2,770
_
2,866,565
3,385,655
8
24
686
18,753
4,160,060
3,510.057
.4,185,135
•'
124
"39,677"
3,066,011
'Ji 2,793,630
252
..
92
821
3,258
'
.
182
'V'
48
7
1,334
63,473
—
Great
4,170,548
53
The
Trust
assisted
;>
3,350,996
-
3,304,776
4
1941
3,454,409
3,122,942
3,174,781
.
3,554,446
3,545,823 /
4,518,244 "
weeks of November.,
of
:
3,151,146
4,307,406
September.—
5
Week
•
.
4
;
'
3,136,253
2™—
G weeks of July
4 weeks of August-
weeks
1942
3,858,479
.
4,149,708
4 weeks of June
4
'
3,073,426
1941
'•
i
3,530,849
3,055,640
April
5 weeks of
•
corresponding
516
District—
Northwestern
All districts reported increases compared with
341
172
Atlanta, Birmingham & Coast-
to 13,377 cars, a decrease of 1,382 cars
and a decrease of 311 cars below the
All districts reported increases
compared with the
17,932
114
—
,
17,488
District-
Alabama, Tennessee
Grain and grain. products loading totaled 41,728
cars, a decrease
in 1942.
8
1,011
Total-
above
grain. and grain products loading for the week of Dec. 25,
28,605 cars, a decrease of 4,863 cars below the preceding
week but an increase of
1,629 cars above the .corresponding week
1
4,894
1,679
6,184
.
—
Southern
alone,
3
1,333
5,463
Norfolk & Western.
corresponding week in 1942.
totaled
1,915
*4
———
Chesapeake & Ohio
increase of 12,164 cars above the
corresponding week in 1942.
Coal loading amounted to 136,874
cars, a decrease of 40,205 cars
.below the preceding week, but an increase-of
15,544 cars above the
of 6,836 cars below the
preceding week but an increase of 2,305 cars
the corresponding week in 1942.
In the Western Districts
25,333
1,197
307
•
141 868
an
■
23,823
2,844
.
——
V
.
30,744
252
1,298
—
freight
of merchandise less than carload" lot freight totaled
decrease of 14,162 cars below the preceding week, but
a
1,040
27,990
2,489
—
loading totaled 305,147 cars, a decrease
'of 43,863 cars below the
preceding week, but an increase of 14,865
'cars above the corresponding week in 1942.
v-fi'v;
^
Loading
1,107
*295
Penn-Reading Seashore Lines
Pennsylvania System——.
Reading Co.—
Onion (Pittsburgh)
Western Maryland—
Gomm&nitir TrusS
1942
486
Llgonier Valley..
Long Island.:
V'-XM
y;
>
1943
•' 484
2,099
Cornwall——
below
1941
5/9
«"■
.
N, Y.
Connections
1942
638
31,384
Cumberland & Pennsylvania—
:
cars,
-
—
Central R. R. of New Jersey
increase above the
an
holiday, decreased 117,920
Miscellaneous
1943
Buffalo Creek & Gauley
Cambria & Indiana—
freight for the week of Dec. 25/which in¬
revenue
Christmas
the
Total Loads
Received from
Total Revenue
Baltimore & Ohio—
Bessemer & Lake Erie
freight for the week ended Dec. 25, 1943,
the Association of American Railroads an¬
99
Freight Loaded
Akron, Cantbn & Youngstown—
revenue
cars,
Dec. 31.
on
Railroads
Allegheny District—
1
9
nounced
THE COMMERCIAL & FINANCIAL
CHRONICLE
4£44
to
repeat
the
operation
whenever necessary—you go for¬
ward
"I
you
together.
congratulate
you
and
wish
good luck and godspeed."
of
the
administrators,
Joseph
Kraeler, of Manhattan; James A.
Lundy,
-
of
Queens,, and
William
Jagger, of Brooklyn, resigned.
~
Thursday, January-6, 1944
CHRONICLE
COMMERCIAL & FINANCIAL
THE
100
adage
given in the following
table;
(Based
U. S.
4—:—..
119.50
110.70
3___,
119.48
110.70
118.20
-
27—
..
25-,.—
,
.
24__
110.88
99.20
113.31
116.22
118.40
103.30
110.83
110.88
99.20
103.30
113.31
116.22
118.40
110.88
99.04
103.30
113.31
116.02
110.88
99.04
103.30
113.31
116.02
advancing
110.88
99.04
103.30
113.12
116.22
for
The
99.04
103.13
113.12
110.88
99.04
103.13
113.12
116.02
119.55
110.88
103.13
116.02
118.20
115.82
113.12
110.70
99.04
119.56
110.88
98.88
103.13
113.12
115.82
__
20—
119.56
110.52
118 20
115.82
98.88
115,82
118.20
115.82
113.12
110.52
103.13
119.55
110.70
18_-
98.88
118.20
98.73
16
119.53
110.70
115.82
115.63
113.12
110.52
102.96
118.20
115.63
98.73
113.12
110.52
102.96
119.53
110.70
115.82
15
98.73
115.63
118.00
115.63
113.12
110.34
102.96
119.54
110.52
14—
110.52
98.88
102.96
113.12
115.82
115.63
—
13—
119.56
110.52
115.63
118.20
,115.63
98.73
113.12
110.52
103.13
119.57
110.70
11______.
98.73
98.73
103.13
113.12
COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association
' '
.1935-1939—100*
'•'«
/
Each Group
115.63
118.20
115.63
113,12
110.52
102.96
119.57
110.70
10—
'
\
J
\
:
110.52
118,20
115.63
110.70
98.73
110.70
98.57
102.98
110.34
115.63
110.70
98.57
103.13
115.63
118.20
113.12
110.70
98.57
102.96
113.12
115.63
98.57
102.96
113.12
115.63
-
4ZZZI
119.63
110.34
118.20
119.63
110.34
118.20
115.43
110.70
3
115.43
110.52
98.57
115.63
118.20
113.12
110.34
102.96
119.63
115.43
110.70
,98.57
115.63
118.40
113.12
110.34
102.96
119.59
,
113.31
115.82
-
Nov,
119.72
___—
110.52
118.40
115.63
110.88
98.73
Cotton
116.02
111.07
98.73
103.13
103.30
113.70
7.1
Metals
6.i
Building
Chemicals
and
Fertilizer
118.80
116.22
111.07
116.61
111.25
98.73
103.30
116.61
119.00
113.70
111.07
111.25
99.04
103.30
120.27
116.61
116.61
119.00
113.89
111.07
111.44
99.04
103.30
113.89
116.61
1.3
152.9
147.5
187.8
185.0
190.5
116.61
.3
116.61
120.28
111.07
119.20
116.61
111.25
99.04
103.30
113.89
111.25
98.73
103.13
.3
Fertilizers
119.00
116.41
116.41
110.88
113.89
120.57
116.22
111.07
98.73
1C3.13
116.22
.3
162.5
130.9
145,5
144.8
144.3
Some
122.8
119.3
131.4
131.4
129.4
150.1
149.6
149.6
104.4
104.4
104.4
152.4
152.4
151.4
127.7
127.7
127.7
127.6
117.7
117.7
117.7
117.6
of
119.8
U9.8
119.8
115.8
which will.not be
104,2
104.2
104.1
rl3G,4
Farm; machinery
110.88
119.00
113.89
120.62
116.41
111.25
98.83
103.30
116.41
111.07
119.00
113.89
120.55
98.88
103.13
27
116.80
111.44
117.20
111.25
119.20
112.89
120.34
119.41
117.00
111,62
99.04
103.30
114.08
117.20
111.44
'
——
1
Sept. 24
—
July
30 —J—
118.80
116.22
102.46
113.70
118.20
115.82
102.30
131.31
Apr.
30
103.1.
base
r
1063.3;
1944,
1,
Jan.
were:
135.2
—
conversion
tion/.
and
Revised.
jari. 29
110.34
97.00
101.31
113.12
,110.52
96.23
100.65
113.12
115.63
remember
115.43
109.24
117.60
115.43
110.15
115.43
New
117.60
115.04
103.79
94.56
99.04
115.43
108.70
112.56
117.04
119.41
117.00
111.81
99.36
103.47
117.40
111.44
114.27
120.87
116,80
108.88
92.35
97.16
111.81
114.4G
107.44
113.89
1943
114.27
108.88
92.64
97.47
112.19
114.66
107.62
117.20
115.43
112.75
107.09
90.63
95.32
112.75
106.04
109.60
115.90
110.04
107.44
117.00
114.08
108.88
92.35
97.31
111.81
114.46
117.85
106.39
115.82
113.70
107.27
91.05
96.23
110.52
113.31 •Z'Zp'ZZ
116.85
—
High 1942
1942——.
Low
1 Year ago
:
Jan.
1943..
4,
112.93
2 Years ago
Jan,
1942-
3,
MOODY'C BOND YIELD
.
,
U.S.
1944—
Govt.
'Daily
Bonds
Averages
(Based
on
,
.
rate*
Aaa
'
1.86
\'V\ iirz:::v
>3.13
2.74
STOCK
EXCHANGE
3.81
3.81
2.84
3.12
2.84 .3.12
2.73
1.87
4;—
j&h.
3.13
CLOSED. '
'
■/V,
< •
3.54
2.93
2.85
3.55
2.99
2.84
Dec.
-
;
28
•
■
27—
■
2j73
3.12
2.73
3.13
2.74
1.86
30
29-4.—
:
,■
3.12
1.87
1.86
3.13
2.74
1.87
31..—-
.'.
■
1.86
_
STOCK
25
3.13
2.84
,
3.CO
3.55
2.99
3.12
3.80
3.55
2.99
3.12
3.81
3.55
2.99 '
3.12
3.81
3.55
2,99
3.81
3.55
3.00
3.12
3.81
3.56
3.00
(-'
1.86
1.86
3.14
2.74
2.87
,3.12
3.81
3.56
3.00
2.85
1.86
3.14
2.74
2.87
3.12
3.81
3.56
3.00
2.85
2.85
21_
1.86
3.13
2.74
2.86
3.12
3.81
3.56
3.00
20——,;
1.86
3.14,
2.74
,2.86
3.12
3.82
3.56
3.00
2.86
1.85
3.14
2.74
2.86
3.13
3.82
3.56
3.00
2.86
18--
1.83
3.14
2.75
2.87
3.12
3.82
3.56
3.00
2.86
17
3.83
3.57
3.00
2.86
3.83
3.57
3.00
2.86
3.83
3.57
3.00
2.87
'
1.86
V
14_„,
.3.14
2.74
2.87
3.13
1.86
15
3.14
2.74
2.87
3.13
1.87
3.15
2.75
2.87
3.14
'
2.86
1.87
3.14
2.74
2.87
3.14
3.82
3.57
3.00
11——
1.87
3.14
2.74
2.87
3.13
3-83
3.56
3.00
10—
1.87
3.14
2.74
2.87
3.13
3.83
3.57
3.00
1.87
3.14
2.74
2.87
3.13
3.83
3.56
3.00
2.87
1.86
3.14
2.74
2.87
3.13
3.83
3.56
3.00
3.15
2.74
2.87
3.13
3.84
3.57
3.00
eZZZZ
1.86
3.15
2.74
2.87
3.13
3.84
3.56
3.00
1.86
3.15
2.74
2.83
3.13
3.84
3.57
3.00
2.87
2.87
«
2.87
1.86
3.15
2.74
2.88
3.13
3.84
3.57
3.00
1.86
3.15
2.74
2.88
3.14
3.84
3.57
3.00
3.15
2.73
2.88
3.13
3.84
3.57
3.00
3.14
2.73
2.87
3.12
3.83
3.57
1.87
3.13
2.71
2.85
3.11
3.83
3.56
2.98
2.85
1.84
3.13
2.71
2.84
3.11
3.84
3.55
2.97
2.85
— _
—i—
1.84
3.11
2.70
2.82
3.10
3.83
1.86
5
2.82
3.55
2.97
381
3.56
2.96
2.82
1.81
3.11
2.70,
2.82
3.09
3.81
3.55
2.96
2.82
1.82
3.11
2.69
2.82
3.10
3.81
3.55
2.96
2.82
1.80
3.12
2.70
2.83
3.10
3.83
3.56
2.96
2.83
1.82
29
22;
15
8
-
3.11
2.82
2.70
3.10
•
1.80
July 30
______
Jun
2.84
3.11
,3.83
3.56
2.96
2.84
2.70
2.83-
.3.10
3.82
3.55
2.96
2.83
1.83
3.10
2.69
2,8tjv;!'3.09
3.82
3.56
2.96
2.79
1.84
3.09
2.68
2.8Q-,,-; 3.08
3.81
3.55
2.95
2.79
3.13
2.71
3.87
3.60
2.97
2.82
1.88
—
2.70
3.11
1.82
Aug. 27
3.12
1.80
Sept. 24
3.15
2.74
3.89
3.61
2.99
2.86
t.
25
May 28
•
'
2-861
88J.2
30
1.98
3.18
2;75"'iU2.80rh»7J.if5
3.94
3.67
3.00
2.87
2.08
3.19
2.76!;""2.8Sdin&.it4
3.99
3.71
3.00
2.87
4.04
3.75
3.01
2.88
4.10
3.81
3.03
2.88
26
Feb
Jan. 29
Low
3.31
2.8i'
3.09
2.68
2.14
High 1942_
Low
2.77
2.77
1.79
1943-
3.21
3.24
2.08
_
High 1943
2.06
2.06
——,
1942—
3.39
2.88
1.93
3.30
2.79
2.88t]'i')3.'J6
•2.90
3
3.23i
4.25
3.93
3.07
2.93
3.07
3.79
3.54
2.94
2.78
3.02
3.33
4.37
4.05
3.19
3.02
2.94
3.23
4.23
3.91
3.05
2.92
2.99
,cr
(
Jan.
4,
1943
_
2.07
3.31
2.80
2.05
3.23
4.25
3.92
3.07
2.93
1.89
3.37
2.86
2.97
3.32
4.34
3.99
3.14
2.99
2 Years ago
Jan.
3,
1942-
computed from average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the averages'movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
♦These prices are
of
In
yield averages, the latter being the true picture of the bond market.
tThe latest complete 1W of bonds used in computing these indexes was published
the issue
of Jan. 14, 1943, page 202,
peace,
the
it helped win
as
Likewise, Government must
forget that intelligent coop¬
essential if business is
make the tools of Post-War
NOT
eration is
1929
1932
1941
1942
2
4,359,003
+ 18.4
1,506,219
Oct.
9
4,341,754
3,702,299
+ 17.3
1,507,503
1,806,403
——_
3,330,582
3,355,440
1,819,276
—w—„.
3,682,794
to
Oct.
Reconstruction."-
+17.9
3,313,596
1,528,145
1,798,633
+ 17.7
1,533,028
1,824,160
;
In addition- to the officers men¬
Oct.'
16
4.382,268
3,717,360
Oct.
23
4,415,405
3,752,571
Oct.
30
3,774,891
+
18.0
1,525,410
1,815,749
Nov,
6
4,452,592
4,413,863
3,340.768
3.380,488
3,761,961
+ 17.3
3.368,690
1,520,730
1,798,164
heimer, Chairman of Board, Bear
3,7,75,873
+ 18.7
3.347,893
3.247,938
1,531,584
Mill
1,475,268
1,793,584
1,818.169
1,510,337
1,718,002
James
Honorary Vice-Presidents,
—
Nov.
13
4,482,665
Nov.
20
4,513,299
3,7^5,381
Nov.
27
4.403,342
,
'•3,763,381
+18vg
:
+16.9
Dec.
4
4.560,158
3.883:5:14
+ 17.4
3,339,364
3,414,844
1,518,922
1,806,225
Dec.
11
4,566,905
3,937,524
+ 16.0
3,475,919
1,563,384
Dec.
18
4,612,994
3,975,873
+
3,495,140
1,554,473
1,840,863
1,860,021
4,295,100
3,655,926
+ 17.5
3,234,128
1,414,710
1,637,683
Dec
25
16.0,
1.
Jan
1943
1944
3,7^9,993
*4,300.000
————
over
1943
+ 13.8
1940
1941
1942
Among the new directors wel¬
meeting were:
Son,
was
Treasurer.
elected Assis¬
James
J.
Assistant to the President,
Ket-
Co., Inc.; Carl M. Ander¬
son,
Executive Assistant to the
President, Merck & Co.. Inc.; Her¬
man
L. Brooks, President, Coty,
3,288,685
Chubb &
tant
and J.
President,
Co.,
Talcott,
•
Talcott, Inm, were elected
chum &
♦Subject to revision.
Ely Elected Head Of
Manufacturing
Frederick
Bern-
I.
Charles
above,
Harold M. Altshul, President
1944
Week Ended—•
tioned
comed to their first
% Change
Clark,
Liggett
N. Y. Trade Beard
Drug Co., Inc., was elected Secre¬
tary.
Edwin M. Otterbourg, OtMatthew G. Ely, President of
terbourg,
Steindler & Houston,
Horace S. Ely & Co., was elected
was
elected General Counsel.
M,
President of the New York Board
D. Griffith was elected Executive
of Trade, at a special meeting of
Vice-President for the 17th con¬
the directors held on Dec. 21 at
secutive year.
'
The India House.
Mr. Ely is the
Upon taking office, Mr. Ely
first real estate man to be elected
made a statement in which he said
President in the Board's 70-year
F.
Edward
Inc.;
tional
Nickel
Feely, Interna¬
Mr. Goodwin;
Co.;
Robert; P. Holt, Amsinck, Sonne
& Co.; Victor E. Williams, Direc¬
tor
of Sales, Monsanto Chemical
Co.; George LeBoutillier,* VicePresident, Pennsylvania Railroad
Co.; John Quincy Adams,- Presi¬
dent,. Manhattan.
Refrigerating
Co.;
John J. Kelleher, United
Fruit
s
Co.
in oart:
history.
Floyd N. Dull,
Vice-President of
Casualty Co., who
served as President during 1943,
was made Chairman of the Board.
The
t h r e e
Vice-Presidents
the Continental
"Assuming that in 1944 the war
will
be
in
Europe, but con¬
tinuing in the Pacific, New York
City faces certain obvious prob¬
lems.
Businessmen, through their
various organizations, should lend
over
Glenn, Presi¬
their efforts toward solution.
American Trust Co.;
"H-gh on the list of things that
Richard V. Goodwin, Vice-Presi¬
must
be
done
are
certain old
dent, Fireman's Fund Indemnity
familiar problems dressed up in
Co., and Ralph E. Dorland, the
post-war attire.
Dow Chemical Co.
elected are: John B.
dent,
1 Year ago
intelligent
and
aggressive,
war.
1943
"
2.80
*
the ones
solve will plague us
sible,
% Change
over
a
leadership that made victory pos¬
Business should help win
16.0
,
Mar. 26
Apr.
of
(Thousands or Kilowatt-Hours)
1942
means
no
Post-War World the same degree
30,3
/,
are
not
the
WEEKS
2.86
19
—
11.7
2.87
-
2.99
26,—
12
17.4
,
•
FOR RECENT
1943
DATA
Week Ended—
2.87
1.87
.
16.0
iv-u' ;ji;/■
2.87
—
3—
■
'<
2.87
4
■
17.5
2.87
.
szzz:
Oct.
31.0
2.87
1.86
13
Nov.
♦Subject to revision.
2.84
'
■16,—
12.4
i"
2.84
3.12
2.85
2.85
.
24
15.0
'
*13.8
Tnt.nl United States
do
17.0
15.6
•
by
which if we
most
sorely. It is to be earnestly hoped
that business will put its shoulder
to the
wheel, and give to the
they
7.8
19.4
CLOSED.
3.13
22
'
,
6.0
Southern States—
,2.85
23— '
;
'
10.7
9.4
'
2.85
2.84
2.74
16,3
10.1
able
is
"Tim above
2.84
2.85
2.74
EXCHANGE
18.5
34,5
1:
West Central—
2.84
2.84
;
10.2
Not
avail¬
:—
kets Industry.
8.1
20.7
Middle Atlantic-^.,
Central Industrial—
the
One
thing we should not export, and
that is the American Capital Mar¬
Dec. 11
/
7.0
;
■
except here at home.
world
~
—
Dec, 18
Dec. 75
encouraging
places in
most
in
complete list of our problems, but
Week Ended
___
Jan. 1
Rocky Mountain3acilic Coast_-.____-.__
1943
3.12
-
Major Geographical DivisionsNew England___^___i»
1
Corporate by Groups*
P. U.,
. Indus.
dividends
YEAR
PERCENTAGE INCREASE OVER PREVIOUS
City. We should be¬
by the fact that
alarmed
venture capital pays
industry of the United States for the week ended Jan. 1, 1944,
was
approximately 4,300,000,000 kwh., compared with 3,779,993.000
kwh. in the corresponding week a year ago, an increase of 13.8%.
The output of the week ended Dec. 25, 1943, was also 17.5% in excess
of the similar period of 1942.
■'
;.'4
R.R.
esti¬
by the electric light and
in its current weekly report,
the production of electrictly
power
AVERAGES
Corporate by Ratings"
Aa
A
Baa
r
that
in
that Wall Street is
York
come
The Edison Electric Institute,
mated
individual Closing Prices!
Avge.
Corpo-
% fi"
It should
City.
the
in
maining
115.43
117.80
1943—
Low
Far
•it
(is*
118.00
115.63
109.79
——
High
capital. It should not discourage
from locating and re¬
business
109.60
95.47 ; 100.00
prospered as it grew
America's business
became
117.11
—
the
produc¬
easy as
war
.
113.41
26
Feb
as
the
to
New York
rl06.3
118.36
—
problem
to : peace,
back
conversion
116.93
—
Mar, 26
raw
as
soon
as
York businessmen with a
132,4
-
1943.
25,
Dec.
allowed
be
products are. made available. The
next 12 months will present New
115.82
110.34
97.78
28
119.82
110.88
May
l 943,
2,
Jan.
groups
1926-1928
will
116.61
110.70
98.09
25
120.41
111.07
Jun
and
combined——
All
"Indexes
120.18
------
on
100.0
all the' fighting forces.
peace-time consumer goods
164.3
rl27.6
104.4
—
drugs______—_l——
119.00
8
more
a
131.4
;
materials^
111.07
15
cause
drastic change in goods
more
136.5
i.-—
-
sudden
probably
and
needed by
—
120.33
22
Aug.
164.7
154.1
materials
110.70
119.99
—-
150.2
159.6
159.6
104.2
Textiles
119.91
29
145.6
scraping bottom.
"The requirements of the armed
forces are already changing. The
end of the conflict in Europe will
127.6
Miscellaneous- commodities^-——-
8.2
.
140.6
146.1
part
their
require millions
that
is now
152.4
17.3
10.8
5
136.3
139.8
165.5
:■
116.02
1943
cost
treasury
a
145.8
—,
—
—
-
government
construction
150.4
Grains
98.57
Jan. 2,
4,
1943
1943
189.8
—-
Fuels
12
Oct.
i
h
—
'
116.02
110.70
118.80
113.50
119.64
—
19
from
154.7
Livestock
102.96
Ago
Dec.
Dec, 25,
schools,
parks and
new
Federal
the
the
maintenance will
160.7
Farm Products
23.0
•'
•
though
Ago
139.8
Oils--.--—---J--——.
Cottonseed
Oil„__—_
Fats .and
of
new
parkways, new playgrounds and
other recreational facilities. Even
Year
146.4
1
Foods
25.3
.
115.43
1,
1944
115.63
118.20
115.63
113.12
110.34
119.63
8—
Jan.
Total Index
115.63
118.20
115.63
113.12
110.52
103.13
119.62
119.62
119.59
9—
desirability
hospitals,
the-
of
Month
Week
Week
^
'
Group
the
Bears to
vaguest notion of how it is going
to be paid for. No one' disputes
should advance a substantial
,
Latest Preceding
V'
1
'
115.63
110.70
in* the
WHOLESALE
WEEKLY
.
118.20
declined; in the
series advanced and 2
During the week 8 price
preceding week there were 8 advances and ,5 declines; and
second preceding week there were 13 advances and 2 declines.
115.82
118.00
115.63
113.12
110.52
103.13
119.54
110.88
17—-
hundreds of millions without the
new
vious week's level.
116.02
115.63
113.12
118.20
103.13
110.52
99.04
119.56
1-10.88
22
beans, a lower price
hold the foods group
indexes remained at the pre¬
All other group
116.22
115.63
110.52
21—
on-
Municipal finances have labored,
and submitted their findings, fis¬
Although there were
price of heavy hogs declined fractionally.
prices in cottonseed oil ana cocoa
Wisconsin Daisies cheese was sufficient to
last week's level.
to
110.88
118.20
23—____
'
.
commissions
special
ported,
,
110.88
116.22
116.22
J.10.70
118.20
116.02
119.49
118.20
116.22
119.52 • 110.70
110.70
118.20
116.02
119.55
STOCK EXCHANGE CLOSED.
110.70
118.20
116.02
119.55
__——.
28
116.02
116.22
119.48
31
30--,:—
29
113.31
119.48
1943
Dec,
Indus.
EXCHANGE CLOSED.
STOCK
1
tJ.
113.50
103.30
99.04
99.04
P.
103.47
Baa
110.88
110.88
116.22
116.22
118 40
R. R.
A
Aa
Aaa
.Corporate by Groups*
Ratings"
Corporate by
rate"
Bonda
Averages
Jan,
Yields)
Average
on
Corpo-
'
saved vis a
^
Association
Fertilizer
National
Avge.
Govt.
1944—
penny
a
commodity price index,„ compiled by The
and made public Jan, 3, advanced cal officers have warned. Their
fractionally to 136.5 in the week ending Jan. 1 from 136.4 (revised) conclusions are identical. Our ex¬
in the preceding week. A month ago this index stood at 135.2 and a penses are going up faster than ■
funds are coming in.
year ago at 132.4, based on The 1935-1939 average as 100. The Asso¬
"Our-,i Municipal
government
ciation's report continued as follows: '
\
'
The all-commodity index rose slightly last week as the farm fully aware of the existing finan¬
products and textiles groups moved into higher ground. Higher quo¬ cial problem is embarking, upon
tations were noted for raw cotton, wheat, rye, lambs, and poultry. a Post-War program running into
The weekly wholesale
PRICESt
MOODY'S BOND
Daily
"""""
J
and bond yield averages are
computed bond prices
Moody's
Fertilizer Association Advance Price
Commodity
Index Continues To
Bond Yield Averages National
Moody's Bond Prices And
that
.
penny earned. Legislative Com-"
mittees have investigated and re¬
Pan
Harry
J. Carpenter,
Vice-President,
Guaranty
Co.
of
New
York,
was
Second
Trust
elected
"Either
sources
for the ser¬
vices which the city is now ren¬
or we
must follow the old
!
r
''
;
1 I
•
I
"
•
-ii.il/
of revenue
must be found to pay
Joseph J. Magrath, dering,
Treasurer, and
new
.f
t
>]<c!'
t
Moody's Daily
-!
Oo^ntodify indsx
.
246.7
Tuesday, Dec. 28
Wednesday,
-247.0
247.6
Dec.. 29__
Thursday, Dec. 30_
247.5
Friday. Dec. 31_
.•»'
247-5
247,4
Saturday, Jan. 1______^
Monday, Jan. 3
-
Tuesday. Jan. 4
Tv/o
weeks ai?o, Dec. 21_..^__
Month ago,
Year
1943
246-8
245.,0
Dec. 4
ago. Jan.
241.5
4
2i9.8
High, April 1
240.2
Low, Jan. 2
1944
High. Jan.
3—
Low, Jan. 4
1
;
■
247.5
247-4
♦Holiday.
11
w'
i
Volume1159
THE COMMERCIAL
Number 4244
& FINANCIAL
CHRONICLE
101
by the
output
York Exchanges
Exchange Commission made public on Jan. 3
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
volume
of round-lot
stock
transactions
for
the
of
account
sizing
Trading
•
shown separately from other sales in these
the
all
■
Total
:
Round-Lot
:
.
;
•
;
Stock
Sales
the
on
'Transactions
-
V'
New
for
York
Account
Stock
Members*
of
■4'4.'4;4- WEEK ENDED DEC.
;.,4:4:4;;;''
.
„
■
:
.
;.y;Vr*4.'V' 444' ■•:4;y4:\44;44yy
:
at
lotments
WPB
come..
esti¬
end
of
primary
Broken
year.
aluminum
down,
B.
•
Rouhd-Lot
'a," hers,
4,G47,760
Transactions
Exeept for
Lot
,
Dealers
for
Account
Spocialists::
1., Transactions of specialists
-
th"'
"
of
%LL4\'4--4'1.
purchases_-4L-*---r^£lif^-h.^~---^-L;
bathtubs
1944,
■>V
yV,,. Shortsales__r__—
;:-4-V'W,;' fOther
Total sales
-
have
been
.'2. Other
"•
,
;
L44
•.
transactions initiated
iron
iron
;y''\ v4444:4.
Total sales
196,010
l
_
,
a
.yv-'.Short.
11,000
yv t Other
sales_-.______
;
151,312
% 4'Total sales_w^-^w___-^-^_^,4L---rLL.1
V; ,v 4, Total— ,. y
■ y■'-4 ■ 4;\44Vv
4'4 4'4'4' : 4y4y4 4.
% 44 '.:f- .Total purchases__^
;4'4-
4
Total sales—
4_——
Total Round-Lot Stock Sales
;
-'V*"'.e.
4:4-4
'V
Transactions
■
.
y);.
-
for
792,432
the New
on
Account
Stock
and
4, V'.
Total
w'
B.
4
W
12,880
.
*
...
975,685
0"' '-'.-V4\4
■.•4/44y4y
'•
■
-4'y4',,
■;
of
444'4..;v^'%
Total sales
y
:——----i——L-—
:
on
the floor—
72,380
k;'-Total purchases—
'
■-:r:
:
,4;
—
fOther sales
1.200
''
Total sales
!
.y
4
.■
•4.v.:
t,:.
Total sales
4.
540
'•
.4':
•.
49,330
■;
Total purchases
C.
ists—
:
.
,
'
*The
term
and
tin
'24,569
.4■
these
percentages
compared with twifce the total
the Exchange volume includes
fRound-lot
rules
;.
are
.4.-;.'
includes all regular and associate Exchange
members, their
partners, including special-partners.
4
•
calculating
short'sales
included
with
round-lot
total
of
volume
are
i
exempted
Exchange for the
and
■
by
•
•
.
included with
"other
••
the
..
sales
reason
'
restriction
v
are
purchases
4,. •";
from
sales."
SSales marked- ''short exempt"
•
members'
the
on
only sales.
which
"other
the
The
that
y'
new
tests of
severe
.
.
.
4;
-,,:
4
sales."
Qiiielly—Backlogs
nature faces
metals
produc¬
ing and metals using industries at the start of 1944, the year of the
European invasion,", states "The Iron Age," in its issue of
today
(Jan. 6), further adding:
"Twelve months ago,- tremendous order
backlogs,
were
fully
the
material and manpower shortages and expansion needs
topics of the day, and few persons were able to visualize
the
unprecedentedly high^—
——
production destined to be achieved during 1944 than the record 1943
in 1943.
This week backlogs are production
of around
89,000,000
declining
in
much
the
of
a
number
new
of lines,
capacity has
net
one week ago,
tons.
month
one
of
(re¬
1,730,and
ago,
one year ago..
capacity.
Supplies of ingots and
semi-finished steel
which
October,
1941,
increase.
the
only month
the
base
Steel'
hourly
The
net
on
Jan. 3 stated in part
follows:
.
% 4
•
"While1 higher
as a
prices
of
labor
for
steel
distinct possibil¬
ity in view of the present
by
higher
pressure
the
wages
prospect is having little effect
steel demand.
"Orders
are
as
'.
•
.•
•■..;
Steel'
formula
has
"At
an
in
weeks to several months ahead.
"At
year
the
the
threshold
industry
of
the
finds
new
demand
of
not
since
'Little
average of $47.50 in Oc¬
October, 1942, 55.2%
ary, 1941, and
Real weekly
0.8%
were
above
above Janu¬
easy
cur¬
for
plates
as
insistent
as
a
year
rently.
Demand
steel
present
seems
on
Total
for Week
383.091
L-4
15,241,171
Odd-Lot Purchases by
Dealers—
.; 4':
4
weekly
Sales)
.
Number of Orders:
Customers': short
V * Customers'
sales
'
'
190
living,
::
,4
Customers'
reached
rose
rose
'
0.3%,
and
level 5.9% above Octo¬
a
10.6%
39.9%
gain of 0.8%, and
a
above
0.2
was
hours
September,
year
shorter
were
October, 1942,
above 1929.
1.9
The
work
longer
hours
Number
in
1929.
longer
Payrolls
1.1% from' September,
from October,
1942, and
up
19.6%
147.0% from 1929.
Cotton
The
Spinning In Nov,
Bureau of the
on
Census
Dec. 21 that
preliminary figures,
cotton-spinning spindles
of
4
Shares:
60
fOther sales
4
116,580
:
Total sales
'.
L--L4---*:4).
116,640
Round-lot purchases by
Dealers—.
y.,4.,■,'•
shares___-—_____
111,550
Number of
"■Sales
y
marked "short
exempt"
ported with "other sales.
odd-lot
liquidate
than
long
a
round
a
sales."
lot
are
re¬
tSales to offset
orders,
and
position
sales
which
is
to
less
are
reported with "other
\44 f:4 ■' '•..•'44 444.- y
v,
mmssas
Lumber Movement—Week
Ended Dec. 25, 1943
4
According to the National
ber
-Manufacturers
lumber
porting
to
the
National
Trade Barometer
production
20.0%
Lum¬
Association,
shipments of 449 mills
for
the
In
week
the
re¬
Lumber
9.6% above
were
ended
mills
were
than
greater
week
these
of
same
production.
Unfilled order files in the report¬
ing
mills
mills,
amounted
to
96%
of
For
reporting
softwood
unfilled orders are equiv¬
days' production at the
current
rate, and gross stocks are
equivalent to 35 days' production.
For the year to date, shipments
of
reporting identical mills ex¬
production by 7.0%; orders
ceeded
by
7.7%^\;>:;:^;;yL.s
Compared
to
the
%-L'L.L
average
cor¬
responding week of 1935-39,
pro¬
duction
of
reporting mills
greater;
shipments
greater; and orders
9.8%
24.1%
was
were
were
16.6% greater.
Frank W. Simmonds
Retires From ABA
!■
an¬
according
23,340,390
were
385,823
.
12,651,266
Short sales
than
earlier, but 2.8 hours
than
sales-v--.
Round-lot Sales by Dealers—
ber, 1942, 48.5%: above 1929. Man
hours showed
a
total
4,837
.
380,986
Dollar value
alent to 37
"Employment
-I-- 15,416
.
orders
cost of
15,226
Shares:
Customers' short; sales
"■Customers' other sales
January,; 1941, by 29.0%.
in.
sales—L'..
of
stocks.
week
total
Customers'
0.2% from September to
October,
8.7 %
higher than a year
earlier
and
exceeded
those
of
and
sales
new
were
stood
other
25, 1943.
changes in the
"
■
(Customers'
•
earnings, or dollar
earnings
adjusted
for
in
The
retirement
of
W.
Frank
Simmonds, Deputy Manager of the
American Bankers Association for
place in the United States on Nov.
30, 1943, of which 22,623,406 were
operated at some time during the
the past 20 years, was announced
on Dec. 30, Mr. Simmonds joined
month, compared with
as
22,599,426
for October,
22.631,338 for. Sep¬
tember,
22,632,776
for
August,
22,667,376 for July, 22,769.238 for
June
for
active
the
Based
voted
was
10,179,206,853.
an
the
United
States
of
State
same
he
was
Executive
Mr. Simmonds
during November, 1943, at 125.3%
capacity.
This percentage com¬
the
1937
During the first half of his
eer
were
In
tive work of the Association.
tor.
436.
interests
banks.
Deputy Manager to
Manager Harold
Stonier in the general administra¬
assist
operated
was
the
The aggregate number
spindle-hours reported
per
on
to
chartered
activity of 80 hours
week, the cotton spindles in
pares,
1923
Deputy Manager and Secretary
of its State Bank Division,
the
Division, of the Association de¬
named Senior
month
on
the A.B.A. executive staff in
22,978,466 for Novem¬
and
still
is
"
shares-
Dec.
above
basis, with
for flat rolled
ago, with sheets a close second.
129.5% for October, 127.5%
for
high and probably Shipbuilding proceeds at undim¬
September, 122.5% for August,
will
remain
high until landing inished rate, the invasion
barge 120% for July, 130% for
June,
barges, landing mats and other program is well under
way. land¬
134.1% for May and 133.9% for
v
"In I six monthi, the steel pro¬ invasion equipment are completed.
ing mat requirements still are
duction-distribution pattern is ex¬ Substantial increases in rail and heavy and other war needs are November,
1942.
The
average
pected to be closer, to normal than pipe production are likely.
pressing for more flat-rolled steel. number of active spindle-hours
at any time since the war began.
"The recently announced
"In bars the situation has been per spindle in
closing
place for the month
Output of ingots will be lower of four aluminum pot lines owned variable and at
proved unnecessary, and cutbacks,
and surplus goods
disposal are the current subjects
of importance.
renegotiation
24, 1943
Dealers
of
1929.
66.4%
,
are
EXCHANGE
Dec.
Dollar value
reached
naw
12.8%
ber, 1942.
based .on prices
THE
orders--14,614
in
did
the
tober weekly
earnings
above
September,
of
effect at time, of delivery and pro¬
ducers are booked from several
year
4:-.:y^4,-:y;y.;;,,;v
4
on
4
ODD-
DEAL¬
of
customers'
since
advance
of
to
kets,
STOCK
by
THE
ON
at
date
earnings
36.5%.
mately 170,000 tons.
Cleveland, in its sum¬
of the iron and steel'mar¬
FOR
ODD-LOT
.Number
ac¬
formula
inauguration
nounced
"Steel" of
OF
Number
regular
the
'Little
than
The' revision
25
October is
tonnage lost because of the
are.regarded
a
tons
Y,
Number
"Except for August of this
strike is estimated to be
approxi¬
Commission
Decline, iuci Hew
period of
1,504,200
castings,
Ex¬
odd-lot
(Customers' purchases)
,
..•44
Under date of Dec. 22 the
Board
further -said: 4;<;:.44;'; y ■ 4%;-,44y
later resumed in plants which
closed by strike on Dec, 27.
was
mary
"A
and
the
was
the September
peak, and the work
Week was no
longer than in any
other month since
April, 1930.
were
is
.
Steel Production Recovers
ingots
for that week to 86.3% takes ac¬
count of the fact that
production
"members"
their
tons
81.3%
40,599
'
..
of
beginning
Monday, Dec. 27, accord¬
ing to the Institute, the rate was
40,599
purchases
week
As of
0
.Totalsales
firms
steel
1,659,400 tons
■•',/'%'44
Total
of
700
12.55
"
4'
the
ago;
vised figure),
139,780
Customers'short sales
^Customers' other sales—.
,
for the
compared ' to
127,740.
4 :W
■ Total sales
Odd-Lot Transactions for the Account'of
Special-
t'-T
had
industry' will be 95.9%
year
tons
12,040
fOther sales
.
3.78
108,320
Short sales
,.
Jan. 3 announced that
The operating rate
for the week
beginning J an. 3,
1944, is equivalent to 1,667,000
■
—
the
one
48,790
—
Total—;
Steel
3, compared with a revised
figure of 86.3% one week ago,
99.3% one month ago and 95.8%
■
,
Iron;; and
Jan.
2.28
25,475
',vShort sales—'
4'
lOLher sales.
very sharp
$1,200,000 figure
reports which it
had indicated that
capacity
18,070
3. Other transactions initiated off the floor—
Total purchases'
4___
;
,,.
of
16,870
96.3%
by the National Indus¬
Conference Board. Hourly
trial
mid-1944
operating rate of steel companies
having 94% of the steel capacity
27,000
Short sales__.„
■
6,49
•',
,'
a
shipments
orders may be equal.
on
received
•
2. Other transactions initiated
total
be
telegraphic
62,080
——
is
American
Institute
10 300
—
This
By
new
The
55.845
.
.
1943.
and
4.1, Transactions of specialists in stocks in which
"<■
that
are
will
by
Week Ended
earnings remained unchanged
4
pros-^
Stock
SPECIALISTS
Odd-Lot Sales
monthly
manufacturing in¬
dustries
the
volume
decline from the
988,565
.for •the'; Account
of
4,44, 44xV4!,\".1;
:UTr ?'
they are 'registered—.,
;\'l ■]
Total purchases.——
b'nTkv 'K'-' •> Short
'j'Vyr."': I
fOlher sales.
■
.
in
the
of
January,
expectations
contracts.
Transactions
Members:
•
.1
sales,--l.i_Wr--:y-_fL-'-----—
Round-Lot
be
may
000 to
——•
_
fur¬
cost
$350,000,$375,000,000, including some
$50,000,000 worth of lend-lease
' 1'
iOther sale3___—_"
unsettling
high
levels
to
try,
dollar
44y.;,;f:$>;.i
Total for Week
,
^
of
peak
cording
pects for the machine tool indus¬
'yy;y^44^4: 44.
-
A. Total Round-Lot Sales:
Short sales
operators
was
AND
N.
pro¬
Weekly earnings, employment,
hours, and payrolls rose to
4
December
"Appraising 1944 business
Curb Exchange
Members* (Shares)
of
in
York
ACCOUNT
ERS
At New Peaks In Oct.
January than they requested,:
17.00
York
WEEK ENDED-DEC. 18,11943
.
iron
New
TRANSACTIONS
LOT
Earnings, Jobs & Hours
survey
naces,
some
of which
forced out of business.
710,622
STOCK
.
new
more
dealers and
handled odd lots
Commission
4
pig
cease
ac¬
odd-lot
who
dealers and specialists.
man
for
81,810
1943
stock
'
in
located
787,714
tOther sales-w—
I he
in part due to
in
of
odd-lot
based upon reports filed with
are
returning
supply,
was
the
continuing a series of
current
figures being published
by the Commission.
The figures
of
November
volume
for
all
change,
.
are
that
to
are
The announcement
Short sales—.
,
announcement
allocations
and
3.14
162,312
■;
*'■
are
sources
working day. Rate of
in
daily
of
the
on
..
necessity of paying over-selling
prices.
Some foundries were al¬
129,754
.
;. 44 <4,44
4.79
207,710
.
3. Other transactions initiated off the floor—
Total purchases
=
:
•
lim¬
alloy
56,564,378 tons,
against
54,190,906
tons in the
corresponding period
of 1942,"
L"'"
'.,4;
relieved of the burden of
report¬
ing and in some instances of the
11,700
JOther sales
order
certain
furnaces, allow¬
production
February has been greeted joy¬
ously by foundries which are now
237,140
444'
;
"The
9.07
422,410
the floor—
on
Total purchases
the
capacity, compared with 98.1%
in October.
Up to Dec. 1 total pig
lifted.
Ferro-manganese and spiegel
reported easier.
59,110
363,300
of
of
,
■
less
the
count
specialists
usual
duction
Orders
during
ing
transactions
somewhat
tungsten, vanadium, cobalt and
molybdenuih
420,820
obtainable
Consumers
their
one
uation h'as permitted relaxation of
recently.
Dec. .24 of complete
figures show¬
plates
^\;;--:"4C4;4:4::::->'44: ber, 5,323,738 tons,
.
demand
uses.
"Pig iron production in Novem¬
modest but significant event. Re?
strictions on the delivery and sale
Odd-
bars
Securities and
Exchange
Commission made public on Jan.
3 a
summary for the week ended
booked through
and sheets,
are
011
Trading
The
receding
ber,. 5,096,099 net tons, failed to
equal the all-time record of Octo¬
probable 260.900,-
improved zinc supply sit¬
50,000
Mem-.
of
in.stOP^s in which
they are'registered—
'4"Total
of
the Odd-Lot Accounts
and
half
ditions.
to
have been issued for the produc¬
2,000,000 electric irons and
4;
various
NYSE Odd-Lot
moment
ing open hearths to resume mak¬
ing them, has restored former con¬
production
353,700,000 pounds, respec¬
tively. At the same time, exports
controls
the
are
increased
as
out for
"Most mills
and
000 pounds.
At
steels to electric
tion of
Total sales___
...
somewhat
comes
"Revocation
approximately
1,821,200,000
pounds; secondary production and
imports amounted to 508,200,000
a
obtain.
promises
iting production of
was
amounted to
to
delivery
earlier.
of
2,639,300,000
Consequently, there was
the
easier
with
64,200,000 pound surplus at the
a
upgrade after a period of
slackness when. deliveries were
first
1943
made
pounds.
:\4'
saleS_____—4,535,820
in
aluminum supply
2,703,500,000 pounds, with al¬
some
111,940'
•;;
situation
the
.
to
the
"The
;.y"44;; ,y
■'■;'t %(
Total for Week
Short
'/ tOther
'/•
(Shares)
1943
18,
.
A. Total Round-Lot Sales:
'■
and Round-Lot Stock
Exchange
easier
scheduled
figures.
Stock £ Exchange
12,000,000
pounds
a
development empha¬
one
the
mates
for the account of members
(except odd-lot dealers) Jduring the week ended Dec. 18 (in round-;
lot transactions) totaled'1,580,146 shares, which amount was 17%
of the total transactions on the Exchange of 4,047,760 shares.
This
compares with member trading during the week ended Dec. 11 of
1,936,999 shares, or 17.20% of total trading of 5,627,970 shares.
On
the New York Curb Exchange, member trading during the week
ended Dec. 18 amounted to 248,100 shares, 4or 12.55% of the total
volume on that exchange of 988,565 shares; during the Dec. 11 week
trading for the account of Curb members of 323,025 shares was
13.49% of total trading of 1,197,470 shares.
v
" :
on
total
a
Other major cutbacks in
aluminum output, which rose to
7 Va times the pre-war
level, are
members of these exchanges in the week ended Dec. 18, continuing
series of current figures, being published weekly by the Commission.
are
with
metals.
a
Short sales
of
month is
The Securities and
the
Government
He
schools
was
for
11
was
an
superintendent
years
at
seven
During
years
of
Mankato
in his native state of Kansas
for
car¬
educa¬
and
at Lewiston, Idaho.
World
War
I
he
was
Deputy Food Administrator under
Herbert
to
the
Hoover.
A.B.A.
with the U. S.
merce.
he
Before
coming
associated
was
Chamber of Com¬
■
'
4
Thursday, January 6, 1944
& FINANCIAL CHRONICLE
THE COMMERCIAL
102
controls
as
Industry
Weekly Statistics Of Paperboard
paperboard industry.
,
[
The members of this Association represent 83% of the total in¬
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
total
that they represent the
advanced to equal 100%, so
figures are
'
'V
Orders
\
121,125
126,427
157,082
151,725
Sept. 18-—-——'
153,708
144,100
—
Sept. 25
—-
164,954
:
156,808
156,044
'■
144,254
144,413
172,441
153,126
i.—-.-.
126,726
*
134,959
177,664
J—146,662
'
139.654
119,487
96
97
93
.
,
'
Statistics
War, UJ S. Department of
the Interior, in its latest report, states that the total production of
soft coal in the week ended Dec. 25, 1943, is estimated at 9,450,000
net tons, a decrease of 2,760,000 tons, or 22.6%, from the preceding
week.
Soft cqal output in the week ended Dec. 26, 1942 amounted
to 8,738,000 tons,
For the year 1943 to Dec.- 25, production was 0.9%
in excess of that for the corresponding period in 1942.
,/
1
The U. S. Bureau of Mines estimated that the total output of
Pennsylvania anthracite for the week ended Dec. 25, 1943, was 929,000 tons, a decrease of 200,000 tons (17.7%) from the preceding
week.
When compared with ■ the production in the corresponding
week of 1942, there was, however, an increase of 150,000 tons, or
19.3%.
The calendar year 1943 to Dec. 25 shows a decrease of 0.2%
when compared with the same period in 1942.
The Bureau of Mines also reported that the estimated output
of byproduct coke in the United States for the week ended Dec. 25,
1943, showd a decrease of 18,800 tons when compared with the pro¬
duction, for the week ended Dec. 18, 1943. #The quantity of coke
from beehive ovens" decreased 14,300 tons during the same period.
ESTIMATED UNITED STATES PRODUCTION OP COAL
AW'V:
Week Ended
and
Total,
Dec. 26,
1943
12,210
2,035
1942
1943
lignite—
*
mine fuel_
incl.
9,450
J 1,890
Daily average
tDec. 25,
1943
8,738
439,355
1,460
572,265
1,900
577,370
+1,748
1,897
^Average basesd on five working days.
fSubject to current adjustment.
"Revised.
January 1 to DateDec. 26,
Dec. 25,
1942
1937
r
"Dec. 18,
Dec. 25,
(In Net Tons)
:
-
anthracite—
Penn.
•
United
>,
:•
:
All
1,277,400
156,000
170,300
totaU__
and
washery
"Includes
and
shipped
coal
JComparable
fuel.
((Revised.
revision.
coal,
dredge
colliery
tExcludes
operations.
data
by truck from
not
v-
PRODUCTION
to
":
Dec.
—Week Ended
Dec. 18, average
1943
Dec. .11,;
-1943
404
418
3.90
—3
4
7
6
3
96
79
119
State
Alabama
Alaska
Arkansas and Oklahoma——
94
93
Dec. 20,.
Dec. 19,
1942
1937
384
(11923
307
1941
349
Hides
192
*> i>
253
1-
191
194
194
l
1,533
i
1,606
i
1
1
1,345
1,296
1,417
1,535
564
597
534
531
495
514
48
73
75
M00
121
164
183
Colorado
-
Indiana—.———
Metals and
Chemicals
South
*112.2*112.1
materials
Raw
112.1
111.1
93.1
93.1
92.9
articles——
Semimanufactured
Manufactured products—_—«
411
commodities
other
products
93.1
other
•
and foods
"Preliminary.
(;• -^; Y..
A-
Non-Ferrosis
Editor
the
Note—At
s
the
duration
of
the
;
war.
■
'
•
>
160
69
64
33
56
74
64
69
*"27
;
78;748>
3,080'
82
30
.
663
664
555
599
r -
2,777
2,743
1,661
2,818
' r
142
158
108
103
,:>■
5
.5
1 '
138
Virginia—SoutherntWest Virginia—Northern—.
414
37
2,245
898
Wyoming--—
—.
mother Western States--^
,?,00
2
-
——
"West
and
r
6
5
20
21
141
128
105
89
100
been
ample
for
time
some
375
392
31
39
2,321
38
38
1,619
released
were
pointed
slow
in
during
in
that
the
last
were
consumers
their
for
asking
1,045
880
800
568
692
200
156
142
173
i
1
ft
""5
204
'*v<Y„ ' 1
allot¬
the light
12.210
§Pennsylvania anthracite—
decline. Mexico expects to resume
exportation of silver to the United
States in the second quarter.
13,050
11,815
11,224
9,139
9,900
1,127
.
rous
operations
on
1,215
1,121
1,094
1,216
the
end
appreciably
1943."
of
the N.
3 4,265
12.936
.
12,318
V
10,355
11,706
& W.; C. & O.; Virginian; K & M* B C & G •
and Clay counties.
tRest of State' including
the B. & O. in Kanawha, Mason,
Panhandle District and Grant, Mineral, and Tucker counties, tlncludes Arizona
California, .Idaho. Nevada and Oregon.
§Data for Pennsylvania anthracite from pub^
lished records of the Bureau of Mines.
HAverage weekly rate for entire month
the
Georgia, North Carolina,
ttLess than 1,000 tons,
+
5.3
+
0.8
Dec.
0.3
Dec.
29
and South Dakota included with "Other Western
52.000
52.000 ; 52.000
Holiday
—
52.000
52.000
52.000
28
+
52.000
52.000
52.000
52.000
—
—
52.000
52.000
YA:
.
0
+0.3
+
0
+0.3
+
Chinese, or 99% tiri, continued
pound.
0.7
96.2
1.7
of
the
;
-
Office
of
;
A
Y'^;
-A A
'
Quicksilver
year,
with
reversed
has
■
this time last
the market for quicksilver
pletely,
were
Censorship
,
cer¬
A
its
year
position
com¬
consumers
ago,
for supplies and paid
At present
eager
-
nominal,
<
further
publication
say
went
on
to
in part as follows:
pass
Hot-rolled
"selling"
a
bit
■'Lead
hard
during
the
allocated for Janu¬
was
.
tinued
at
about
the
observers believe that
consumption continues at between
135,000 and 140,000 tons a month
and
be
any
slack
absorbed
tons of copper
in
soon.
orders
Some
should
20,000
stored at munitions
;
easy.
and
affair
dull
than,
undertone
little
with
the
more
Producers
are
con¬
sidering the problem of reducing
output to fit into the changed de¬
mand-supply picture. In addition
to
usual
the
winter
let-down
in
operations, producers in a number
instances
tailment in
a
plan
orderly
fairly
additional
cur¬
operations to maintain
for
the
York
on
market
metal.
"
'
Quotations
in
New
per
flask of 76 lb.
:yy.,v
level
same
A ' "v;
comparable periods of recent yAy ;//'Y ■ •.Silver
During the last week th^ Lon¬
months, indicating that consumers
are
absorbing primary output at don market for silver was un¬
the rate of 65,000 to 70,000 tons
changed at 23Vzd. There were no
a
as
in
:
month.
Sales
of
lead
for
week
the
to
3,124 tons, against
6,114 tons in the preceding week.
Prices were unchanged.
Certificates
for
January
metal
and
Wednesday. Consumers appeared
to be in no hurry to obtain zinc
came
through
on
(holidays).
\
■
The New York
Official and the
Treasury prices for foreign silver
unchanged
44%c.
at
and 35c., respectively.
.
.
'
Tuesday
allotted to them, which producers
ers
signifying that buy¬
wish to keep their books clear
new
interpreted
quotations for Dec. 25 and Dec. 27
remained
of
most
rather
a
are
spot metal continued at $190(1/$193
..
Demand for lead last Week con¬
Zinc
month, owing to the fact that
less metal
London
£65 15s.,
owing to higher delivery charges.
few producers found
a
in
wirebars
increased 5s. per ton to
Copper
Though
into consumption
during January.
is
market
the
quotations
of
plants will
The
1,806
13,337
eased
metals
toward
ary,
—
The
supply outlook for most non-fer¬
last
lig-
—;
of
Production
1,132
272
—
March
52.000
52.000
(—
27
Dec.
+1.0
+0.1
57
2,171
24
O'' V
v
Feb.
52.000
23
Dec.
+ 0.2
past.<§>
Zinc certificates for January metal
193
423
2,426
.
Dec.
Dec. 25
0
98.2
amounted
lig¬
and
r'.V
^
Jan.
0
:
quality tin for
follows:
as
+0.1
Markets," in its issue of Dec. 30,
stated: "Allocation controls over cobalt, molybdenum, and vanadium
will be removed early in 1944, according to Washington advices. The
movement of the three elements into consumption will remain under
observation through study, of monthly sales records that producers
will submit to WPB.
Supplies of the three alloying materials have
106
34
Straits
tin in
lacking
at 51.125c. a
direction
37
106
week.
were
shipment, in cents a pound, was
92.4
106.6
production and shipment figures and other data have been omitted
tain
21
,
2 9
last
States
United
little attention to price.
12
,
+
.'0
+ 3.2
+ 0.8
+ 0.3
Petals—Supply Outlook Easier—
35
.
0
+ 0.1
in
developments
the
Compared
38
72.
+0.9 — 0.4
0 ' + 0.6
+ 1.1 + 3.4
0
''.A-;-'
Y•
26
645
1.1
+
*97.8 * *9.7.5
*97.8
*97.8
35
5
2,905 \ '
5.9
—0.1
i.[
ments.
;
1.7
*98.8 i *98.6
*98.9
*98.9
than
metals, quicksilver, and some of
the minor, metals is scheduled to
s
by existing defense and
abide
security measures. Tin production
has not been interrupted.
100.1~
A A'A-A1
than
———„_
commodities
584
41 '
+
0,7'+
+0.4
—0.1
+0.2
90.4
*100.4 *100.4 *100.3
*100.4
204
!
Washington--
States."
93.0
159
'Dakota
—
•♦Alaska,
93.0
770
;
bituminous
93.0
262
:
Virginia
on
104.4
817
145
♦Includes
100.3
93.0
243
40
nite)
and
100.3
—104.4
goods
908
——,
Total all coal-
products—
allied
113
;
(bituminous
hite—
and
.Miscellaneous commodities
300
Tennessee
Total
113.4
190
—
Pennsylvania (bituminous)
Utah
113.5
191
—
(lignite)
*103.9
——_
1,050
318
5
+ 0.3
> +
0
0
0
0
+0.1
0
0
117.5
116.9
118.4
97.2
97.2
96.6
82.4 -• 81.7
79.9
*103.9 *103.8 *103.9
113.4
113.0
110.0
100.3
100.4
99.5
104.2
104.2
104.1
1-17.9
97.2
*82.6
117.9
„_A,~
week, but producers were disap¬
and
(bituminous
and
97.2
products—;—*103.9
metal
Rousefurnishing
.
-"82.6
products
___
lighting materials
172
—
Ohio——
Texas
products
and
;
.
Maryland-
North
0
45
Kentucky—Eastern———.
Kentucky—Western———
..lignite)—
104.6
990
318
Kansas and Missouri
Montana
105,8
■
—...
Michigan
'
168
105.9
105.7
33
4
Iowa
New Mexico-
leather
and
Textile
Fuel
83
Georgia and North Carolina—
Illinois
+0.2
"E. & M. J. Metai and Mineral
current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Government had committed itself
to
Price
for
OP COAL, BY STATES
(The
18,
115.2
Allocation Of Three Elements To End
Y'(In Thousands of Net Tons)
Dec.
121.2
121.8
105.7
—
authorized
•
ESTIMATED WEEKLY
101.2
122.0
122.0
products
Fcods
■■■■'•
((Subject
available.
"102.9 "102.9 "102.6
"102.9
12-20
1942
11-27
1943
1943
0
6,446,300
8,187,100
7,888,700
137,500
1943 from—
12-18
12-11 11-427 12-26
1943 h 1943 : 1942
12-18
1943
12-25
1943
.1
v
commodities
Farm
t
1,223,600 62,596,200 61,439,000
1,258,600
:
-A
-
Commodity groups—
coke—
States
Dec. 25,
.■
total___
States
Beehive
United
892,000
1943
Percentage changes to
-,
'
farm products
779,000 59,441,000 59,579,000 73,227,000
748.000 57,063,000 57,196,000 67,955,000
1,129,000
1,084,000
929,000
incl coll. fuel.
■(■Commercial production
"Total,
Byproduct coke—
1942
'•
Nickel
,
'
,
Dec. 28,
1929
Dec. 26,
1942
liDec. 25,
Dec. 26,
1943
tons in the first 11
*
All
Cal. Year to Date
<
liDec. 13
1943
foreign) amounted to 819,241
months of 1943.
and
„
.
Week Ended-
§Dec, 25,
January 77,221 tons. Domestic
shipments for the January-No¬
period
totaled
764,106
tons,
Total shipments (domestic
vember
oranges,
farm
PENNSYLVANIA ANTHRACITE AND COKE
ESTIMATED PRODUCTION OP
45,735 tons to 66,925 tons,
the combined total of
and foreign shipments
and for eggs in the New York and Chicago markets.
Demand of the United Nations'
During the fourth week of December, the level of farm product war
program for nickel have been
prices was slightly less than 6% above the corresponding week of
met, Robert C. Stanley, chairman
December, 1942.
and
president
of
International
"Moderately lower prices for fresh pork together with lower
Nickel, stated last week. Produc¬
quotations for certain fruits and vegetables and eggs offset minor tion of nickel in 1943 will
approx¬
increases for rye flour and citrus fruits.- The average for food prices
imate the record high of the pre¬
remained unchanged during the week and were approximately 1%
vious year, despite labor shortages.
above this time last year,
Nickel consumption by the United
"Industrial Commodities—Higher prices for Douglas fir boards
Nations this year will be nearlyand dimension lumber, and stronger markets for rosin and turpentine
double that used in the;prewar
were responsible for the advance of 0.1%
in the index for building
peak year. Steel
mills of the materials.
Quotations for other major products, except for further United
States, England, and Can¬
upward adjustments in ceiling prices for coke and boxboard, re¬ ada are
currently taking more
mained unchanged from the week before.
Continued demand and than 70% of the new nickel avail-;:
low stocks with other costs maintained at previous levels caused
able to those countries.
•
f/ - ;
most commodities to move at ceiling prices.'V
.
The following notation is made:
Tin
:
During the period of rapid changes caused by price controls,
The political situation in Bolivia
materials allocation and rationing, the Bureau of Labor Statistics will
remains just about where it was
attempt promptly to report changing prices.
Indexes marked (*), a week
ago. Washington is mark¬
however, must be considered as preliminary and subject to such
ing time in the matter of recogniz¬
adjustment and revision as required by later and more complete
ing
the
new
regime,
pending
reports.
'
' ;
"prior consultation with the other
The following table shows index numbers for the principal groups
South American republics." The
of commodities for the past three weeks, for Nov. 27, 1943 and Dec.
Bolivian representative in Wash¬
26, 1942 ,and the percentage changes from a week ago, a month ago ington speaking for the nefa ad¬
and a year ago:
■
• - ■
«
ministration,
asserted
that the
and
Building materials
(In Net Tons—000 Omitted.)
Bituminous coal
for
of higher quotations for barley, rye and wheat, for hogs and
poultry (Chicago market), and for apples* lemons and onions.
Average prices were lower for coats, steers, cotton, for white potatoes
93
579,800
ad?*
making
live
Fuels Administration far
Solid
'/•;
'■
Domestic
cause
93
558,633
Weekly Goaf And Goke Production
from
agbA
A/^y: a y
The Department's announcement further stated:
AAAa,; *
"Farm Products and Foods—With the exception of minor changes
November and 1.7% above a year
93
—
The
for these
corresponding week in
93
—
_
.
revised last week to arrive at
The price level
average.
83
-———
-
1926
higher than for the
0.3%
was
97
589.323
583.714
152,479
93
94
589,417
Oct
9
"
v ,
148,574
93
95
595,257 t
Oct' 16~~ I148,293
93
94
588,399
Oct.' 23™
:
147,883
93
93
587.324
Oct.
30
,
143,686
93
93
608,782
Nov.
6
147,467
93
95
608,893 /
Nov
13_
149,295.
93
94
587.715
Nov. 20.
146,286
93
91
578,434
Nov. 27
142,136
93
95
602,789
Dec
4
149,803
93
96
,,Y 600,323
Dec" 11 ~
*■
:
148,826
93
96
589,659;
Dec.' 18Z
148,431
93
87
569,689
Dec,
25
Y'v 136,120
Notes—Unfilled orders of the prior week, plus orders received, less poduction, do
not necessarily equal the unfilled orders at the close.
Compensation for delinqu nt
reports, orders made for or filled from stock, and other items made necessary adjust¬
ments of unfilled orders.v Av-•"'/A v
2
Oct
the
of
102.9%
commodities
98
598,255
150,943
-----
vgSt. Ill—L
Current Cumulative
Tons
1
.
177,766
sellers
force,
'> ;.,'■•■■
Department
prices for a few building materials and boxboard, market changes
during the week were confined, to farm products and foods.
The
general average of farm product prices was up 0.2%, primarily be¬
Remaining
,/
Tone
—
4
Sent
Tons
Received
Period
1943—Week Ended
at
week
S.
in
Percent of Activity
Orders
Production
in
are
v
justments'made in the report is¬
of Labor announced on Dec. 30 that sued Dec. 21
"by another method."
commodity prices in primary markets continued; generally steady
The revisions cover figures far
during the week ended Dec. 25,
The Bureau of Labor Statistics'
January*; 1943. Domestic shipments
ail-commodity index remained unchanged for the third consecutive for that month were moved
up
U.
The
ACTIVITY
REPORTS—ORDERS, PRODUCTION, MILL
Unfilled
Unchanged During Week Ended Dec. 25
Remains
industry.
STATISTICAL
believe,
The zinc statistics for 1943 were
from the National
to activity m the
We give herewith latest figures received by us
Paperboard Association, Chicago, 111., in relation
Index
Labor Bureau's Wholesale Commodity
Daily
-
The daily
copper
Prices
prices of electrolytic
(domestic and export,
re¬
as
committments
over
the
The price situa¬
tion
was
unchanged. There is
nothing in the picture to point to
a change in price policy
as long
turn of the year.
finery), lead, zinc 'and Straits tin
were
unchanged
pearing
those
ap¬
in the "Commercial
and
Financial
from
Chronicle"
1942, page 380.
of
July 31,
Volume
103
# FINANCIAL CHRONICLE
•'THE COMMERCIAL
Number 4244
159.
below the
$76,295,000 reported to Engineering News-Record for the
holiday-shortened week in 1942. The report, made public on Dec. 30,
Daily Average Crude Oil Production For Week
went
1943 Declined l,<
J
The American Petroleum Institute
to say:
on
Private construction for the week
65%
is
above last week, but
public construction is down 31% as a result of the 43% decline in
State and municipal construction and the 30% decrease in Federal
estimates that the daily aver¬
volume.
•Institute follow:
engineering construction volumes for the 1942 week, last
week, and the current week are:
Dec. 31,'42
Dec. 23,'43
Dec. 30, '43
(four days)
(five days)
(five days)
V
■
indicate that the in¬
'
Reports received from refining companies
dustry as a whole ran to stills on a Bureau of
;
■
-
,
Mines basis approxi-,
mately 4,185,000 barrels of crude oil daily and produced 12,597,000
barrels of gasoline; 1,449,000 barrels of kerosine; 4,457,000 barrels
of distillate fuel oil, and 8,689,000 barrels of residual fuel oil dur¬
ing, the week ended Dec. 25, 1943; and had in storage at the end
of that week 74,024,000 barrels of gasoline;
10,129,000 barrels of
kerosine; 43,791,000 barrels of distillate fuel, and 57,596,000 barrels
residual
of
fuel
oil.
North Texas
139,900
355,050
209,300
for the 53 weeks of 1942.
269,800
t269,900
V
r.
-
AJ-HI i
_______
v/•'' ?
_
Dec. 26,
_
1942
3,250
325,650
354,850
1,900
+
270,600
295,900
East Texas
Coastal
Texas
Texas
125,650
365,600
358,600
291,400
174,000
364,300
_____—
Southwest
101,500
126,900
Central Texas-
■East
._
/
••
■,
290,800
..
;•'!•
_____
•-
____
520,650
313,650
1,895,150
1,390,150
520,500
•
1,892,000 11,888,938
..
—'Li'--
1,894,700
>
I
78,050
North Louisiana
;
._
___
77,891
.
.
353,650
1,000
79,150
73,350
150
48,000
56,550
+
2,850
1,400
217,050
13,000
234,800
+ :
79,200
+
47,450
—
213,550
13,250
14,850
(Not inch 111., Ind.
Mexico
16,000
51,750
59,800
86,100
2,950
93,500
89,900
20,350
20,700
22,550
6,900
110,600
110,600
Total East of Calif.
:
23,350
2,300
7,000
j
i
69,800
1,000
50,800
23,500
—_
1.200
22,000
57,000
Colorado
68,700
100,000
___________
Montana
New
71,000
77,000
25,500
Michigan
Wyoming
:
"
"350
7,000
6,950
112,900
93,350
3,583,700
Prices
paid by city workers
for
goods
services
and
that
they
§808,000
3,250
788,150
nation's
stores," she said.
grocery
which in¬
cost of living,
"The
cludes
rent, the cost of clothing and house furnishings, as well as
other items in the family budget, was 3.6% higher than in November
of
last
4.7%
year
more
and
than
higher than
23%
in
November,
January, 1941.
Foods cost
and 40% more than in Jan¬
in
1942,
1941."
uary,
Secretary Perkins further explained:
"The
in
decrease
food
J
October to
from
prices
—
1,450
November was
3,880,700
4,371,850
,
v
•
...
i
.
-
and
2,444
88.7
2,111
86.4
5,990
33,803
130
83.9
192
70.8
319
1,697
47
87.2
52
110.6
156
824
85.2
741
89.9
416
Inland Texas-
80.1
328
23,220
16,324
low.'.''
Appalachian-—
District No.
District No. 2
Ind., III., Ky—i_
Kans.,
Okla.,
Mo
884
153
1,179
81
186
2,505
14,544
6,145
2,780
78.8
1,201
7,019
1,978
947
35
69
*
Rocky Mountain—
U.
Tot.
U.
S.
Dec.
basis
U.
S.
S
Bur,
B.
the
68.3
287
753
92.2
2,104
4,827
86.4
4,185
86.7
12,597
86.4
4,146
85.9
12,240
72,725
21
174,024
4,827
26.9
31
1,324
'
364
659
14,389
11,098
36,516
43,791
57,596
44,117
,
i
"Fuel prices rose slightly
and adjustments to new
(0.1%) because of higher winter gas
ceilings for anthracite coal in New
York, and higher prices for wooden several cities.
"Costs of miscellaneous goods and services that go into the family
budget rose 0.1%.
In St. Louis, where the rise was 1.3%, a cigarette
sales tax of two cents per package was put into effect on Oct. 23.
Other scattered changes reflected the continued upward trend in the
charges for personal services such as haircuts, beauty shop and
rates
58,272
M.
laundry
1943_
of
'
Mines
1942_
request
of the Petroleum
COST
OF
3,508
10,047
77,781
Administration for War.
45,414
tFinished,
LARGE
IN
LIVING
CITIES
Na¬
Association.
Chairmen
vertiser^
for
the
,
of the Financial Ad¬
Association
coming
committees
year
are
as
fol¬
lows: Finance
Committee, Guy W.
Cooke, First National Bank, Chi¬
cago; Extension Committee, L, L,
Matthews, American Trust Co.,
South
Bend,
Ind,;
Membership
Committee, D. James Pritchard,
Society for Savings, Cleveland;
General Chairman of the Conven¬
tion
will
J.
be
Lewell
Lafferty,
Bank, Fort
Worth, Tex.; Exhibit Committee,
Harry R. Pride, Florida National
Bank, Jacksonville, Fla.; Nom¬
inating Committee, Victor Cullin,
Mississippi Valley Trust Co., St.
Louis, Mo.; Resolutions Commit¬
Fort Worth
National
tee, Rod MacLean of California
Bank, Los Angeles; Association
Advertising Chairman is J. M.
Easton, Northern Trust Co., Chi¬
cago;
War Advertising Council,
Merrill Anderson, Merrill Ander¬
son
Co., New York; Association
Publicity, Harry B. Winsor, Sec¬
ond
Federal
Savipgs
&
Loan
Assn., Cleveland.
72,943
Fuel
63,633,000
refineries, at bulk terminals, in transit
barrels of kerosine, 4,457,000 barrels of
gas oil and distillate fuel oil and 8,689,000 barrels of residual fuel oil produced during
the week ended Dec. 25, 1943, which compares with 1,383,000 barrels, 4,387,000 barrels
and
8,291,000 barrels, respectively, in the preceding week,
and 1,208,000 barrels,
4,081,000 barrels and,7,201,000 barrels, respectively, in the week ended Dec. 26, 1942.
of kerosine at Dec.
25, 1943, amounted to 10,129,000 barrels, as
10,479.000 barrels a week earlier and 10,561,000 barrels a year before.
District No? 1 inventory indices are:
Gasoline, 43.2%kerosine, 52.9% ; gas oil,
80%, and re
r-al fuel oil 66.9%of normal.
Notes—Stocks
*
Date—
All items
House-
electricity
.
Rent
Clothing
Food
and ice
Aug 15
98.6
93.5
100.3
104.3
97.5
laneous
100.6
1941:
Jan
15
100.8
97.8
100.7
105.0
100.8
100.1
1942:
May 15
Sep 15
116.0
121.6-
126.2
109.9
104.9
122.2
117.8
126.6
125.8
108.0
106.2
123.6
125.9
108.0
Nov
Oct
1943:
Nov
___
___
131.1
119.8
15
15-_____.„_U
138.2
124.4
124.1
15-
133.0
PERCENT
OF
106.2
t
133.0
137.3
123.7
107.9
126.5
108.0
t
126.5
items
Food
Oct.
15, 1943 to Nov.
Nov.
15,
1942 to Nov.
15, 1943
+
Sep.
15, 1942 to Nov.
15, 1943
+
May
15, 1942 to Nov.
15,
1943
+
Jan.
15,
1941 to Nay.
15,
1943
+ 25.9
tricity
Clothing tRent and ice
+ 46.8
Aug. 15, 1939 to Nov.
♦These
earners
and
tRents
indexes
15,
15,
are
1943
1943
based
lower-salaried
surveyed
at
0.2
—
101.9
at
its
first
G.
Alexander,
Bank of the Manhattan Co., New
York, N. Y.; C. Delano Ames,
Maryland Trust Co., Baltimore,
Md.; Merrill Anderson, Merrill
Anderson Co., New York, N. Y.;
E. R. Brown, Huntington National
Bank, Columbus, Ohio; Guy. W.
Cooke, First National Bank of
Chicago, Chicago, 111.; Victor CuL
lin, Mississippi Valley Trust Co.,
St. Louis, Mo.; Arthur M. DeBebian, Chase National Bank, New
York, N, Y.; Ralph M. Eastman,
State
Street
Trust
Co., Boston,.
Mass.;
J. M.
Easton,
Northern
Trust Co., Chicago, 111.J Fred W.
Ellsworth, Hibernia Natl. Bank,
New Orleans, La.; Stephen H. Fifield,
Barnett
National
Bank,
Jacksonville, Fla.; Robert L. Flather, American Security & Trust
Co., Washington, D. C.; Harry E.
Gail, Toledo Trust Co., Toledo,
Ohio; Marvin E. Holderness, First
Natl. Bank, St. Louis, Mo.; Robert
J. Izant, Central National Bank,
Cleveland, Ohio; Thomas J. Kiphart, Fifth Third Union Trust Co.,
Cincinnati, O.; Jacob Kushner,
United States Trust Co., Paterson,
N. J.; J. Blake Lowe, Equitable
Trust Co., Baltimore, Md.; Alva G.
Maxwell, Citizens & Southern Na¬
tional Bank, Atlanta, Ga.; William
H. Neal, Wachovia Bank & Trust
Co., Winston-Salem, N. C.; Dudley
L. Parsons, New York Trust Co.,
New York, N. Y.; Robert P. Purse,
Jr., The Purse Co., Chattanooga,
Tenn.; Robert W. Sparks, Bowery
Savings Bank, New York, N. Y.;
I.1. Sperling, Cleveland Trust Co.,
Cleveland, Ohio; Fred M. Staker,
0
0.7
t
Mo.; Eliot H. Thomson, Washing¬
Co., Washington,
D. C.; C. H. Wetterau, American
National Bank, Nashville, Tenn.;
George Wilshire, First National
+
Bank
lngs
Trust
Co., New Haven,
E. B. Wilson, Edwin
Wilson, Inc., New York, N. Y.
Conn.,
111.4
Bird
and
112.7
117.6
117.7
Warrensburg N. Y. "News"
Suspends Due To War
fur¬
nish -
&
110.9 '
House-
elec¬
All
Date—
100.4
•
CHANGE
Fuel,
Civil engineering construction volume in continental U. S. totals
$28,180,000 for the week. This volume, not including the construction
by militar, t ngineers abroad, American contracts outside the country,
and shiphnnding, is 19% lower than in the preceding week, and is
Miscel¬
fur¬
nishings
1939:
against
O.
ton Loan & Trust
1935-39=100*
Indexes,
barrels;, unfinished, 10,391,000 barrels.. J At
and in pipe lines.
§Not including 1,449,000
elected
Southern
&
Atlanta, Ga., the
President of the
Commerce Trust Co., Kansas City,
services."
M.
18,
basis Dec. 26,
♦At
Of
of
97
89.9
8
25, 1943_
B
137.5
58.3
817
—
basis Dec.
Tot.
11
141
District No. 3____
District No. 4
California
of
Association
•
.
Bank
Council
made
by
Vice-President
Gordon,
Citizens
the
tional
been
are:
'
-...
F.
Advisory
has
meeting
782,100
4,700
792,500
4.362,500"
4,425,100
;
Lewis
of
Senior
1943-44
vertisers
'
■
the
resulting mainly from seasonally lower prices for the new crop of
Florida oranges and for some winter vegetables in most of the
i
-
of
for
The members of the Senior Ad¬
-
•
Ad¬
visory Council for 1943-44 elected
by the Board of the Financial Ad¬
chiefly due to lower prices of fresh fruits and vegetables, with sea¬
sonal declines for oranges, spinach, and cabbage, and a 3.8% drop
*p:a.W. recommendations and state allowables, as shown above, represent the
in prices of apples which usually rise at this season.
Prices of
'production of crude oil only, and do not include amounts of condensate and natural
pork and beef declined slightly and ration point values were
gas derivatives to be produced.
'
i-'\'
,vlowered with increased marketings of hogs and relaxed restrictions
tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. Dec. 23, 1943.
on cattle slaughtering.
JThis is the net basic allowable as of Dec. 1 calculated on a 31-day basis and
includes shutdowns
and exemptions for the entire month.
With the exception of
"The average price of peanut butter went down 2.4 cents perseveral fields which were exempted entirely and of certain other fields for which
pound as the first effects of the 4% cents per pound subsidy at the
shutdowns were ordered for from 3 to 12 days, the entire state was ordered shut down
for 9 days, no definite dates during the month being specified; operators only being
Prices of fresh fish rose 3.8%, and there
processors' level were felt.
.*required to shut down as best suits their operating schedules or labor needed to
were
seasonal increases for green beans and sweet potatoes, and
operate leases, a total equivalent to 9 days shut-down time during the calendar month.
for onions, of which the supply is very limited.
White potato prices
§ Recommendation of Conservation Committee of California Oil Producers.
rose much less than usual at this time of year.
Prices of dairy prodCRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE; STOCKS OF FINISHED
uts were generally stable except in Denver where a municipal sales
AND UNFINISHED GASOLINE. GAS OIL AND DISTILLATE FUEL AND
tax of two cents per quart on fresh milk resulted in a rise in food
RESIDUAL FUEL OIL, WEEK ENDED DEC. 25, 1943
costs for that city of 1.1%.
(Figures in Thousands of barrels of 42 Gallons Each)
i
"Although retail food prices declined in a majority of large cities,
Figures in this section include reported totals
plus an estimate of unreported amounts and are
there were scattered increases.
Advances were reported in large
therefore on a Bureau of Mines basis
West Coast cities due primarily to seasonally higher prices for Cali¬
;
'.7
■'
§Gasoline
'■
'
'■
fornia oranges.
Production
*
Prices of apples and the winter vegetables were
at RefStocks
JStocks tStocka
also generally higher there, contrary to the trend in other parts
Daily Refining
of Gas
of ReCrude
fineries Finished
Capacity
df^ne'country.
Oil and
sldual
Runs to Stills Includ.
and UnPoten¬
Fuel
"Clothing and house furnishings costs remained unchanged on
'
;• I
tial
% ReDally
% Op- Natural finished Distillate
Fuels
Oil
Rate porting Average erated Blended Gasoline
District—
the average, following the establishment of prices for the autumn
•Combin'd: East Coast,
season in September and October.
Shortages of all types of child¬
Texas Gulf, Louisi¬
ren's wear, particularly shoes, continued to be reported, and stocks
ana
Gulf,
North
Louisiana
Arkansas
of men's white shirts, the perennial Christmas gift, were generally
Total United States
Financial
ber, Secretary of' Labor Perkins reported on Dec. 16.
"The 0.2%
decline was caused by an 0.7%
decrease in the total food bill
3,098,600
112,900
3,570.000
3,617,100
808,000
•California
9
223,000
,315,600
.
Eastern—
and Ky.)
Kentucky
Living Costs In Large Cities Declined 0.2%
92,600
committee
the
commonly buy decreased slightly from mid-October to mid-Novem¬
215,000
______——
Indiana "
■
275,150
500
—
48,000
76,900
________
7
Mississippi
Illinois
353,550
14,400
.Arkansas
;
375,700
353,700
.
78.500
500
-
-
275,500
Total Louisiana
In the classified construction groups,
143,350
285,000
,—
5,727,000
67,583,000
___________
354,400
t329.050
25,
1943
Week
__—___
'West Texas
__________
MunicipaL-______
______
143,400
315,000.
Dec.
Previous
1943
Ended
Ended
from
.
Dec. 25,
•330,000
Texas—
and
3,000
Ended
1,500
Panhandle
State
Federal
93,200
ables
Week
4 Weeks
Change
Begin,
"
December
_____
Public Construction
93,450
Actual Production
Week
Dec. 1,
dations
Nebraska
Private Construction
$28,180,000
7,255,000
20,925,000
1,251,000
19,674,000
$34,655,000
4,397,000
30,258,000
2,185,000
28,073,000
.
94,000
(FIGURES IN BARRELS)
Allow¬
Recommen¬
Kansas
$76,295,000
2,985,000
73,310,000
sewerage,
Coast,>,
'
Oklahoma _—-_%T-
S. Construction._____
Total U.
1,650
to the country as a
♦State
♦P. A. W.
'
Civil
for
vertisers Association and election,
newly
the difference in the number of weeks.
11,600
OIL PRODUCTION
AVERAGE CRUDE
DAILY
844,000, an average of $58,882,000 for each of the 52 weeks of the
period. On the weekly average basis, 1943 construction is 66% lower
than the $9,305,829,000 reported for the 53-week period in
1942.
Private construction, $491,298,000, is 10% lower than a year ago, and
public construction, $2,570,546,000, is down 70% when adjusted for
gains over last week are in
industrial buildings, and earthwork and drainage. Increases
over the 1942 week; are in sewerage, industrial and commercial build¬
ings, and earthwork and drainage. Subtotals for the week in each
class of construction are: waterworks, $125,000; sewerage, $788,000;
bridges, $78,000; industrial buildings, $3,695,000; commercial buildings
and large-scale private housing, $2,360,000; public buildings, $13,363,000; earthwork and drainage, $1,266,000; streets and roads, $1,~
213,000; and unclassified construction, $5,292,000.
New. capital for construction purposes for the week totals $198,000, and is made up entirely of State and municipal bond sales. The
week's new financing brings 1943 volume to $3,073,080,000 for the
52-week period, a decline of 69% from the $10,219,318,000 reported
above figures apply
The
.whole, and do not reflect conditions on the East
v
-
The current week's volume brings 1943 construction to $3,061,-
.
Appointment of
chairmen
ended Dec. 25, 1943 was
4,362,500 barrels, a decrease of 1,450 barrels per day from the preced-,
ing week, and 62,600 barrels less than the daily average figure recom¬
mended by the Petroleum Administration for War for the month of
December, 1943.
The current figure, however, was 481,800 barrels
in excess of the daily average crude oil output for the week ended
Dec. 26, 1942.
Daily production for the four weeks ended Dec. 25,
1943 averaged 4,371,850 barrels.
Further details as reported by the
crude oil production for the week
age gross
The
Miscel¬
laneous
Warrensburg
"News"
a
weekly
(N.
established
Y.)
in
0
+
0.1
+
2.3
+
4.4
1878,
Dec.
23
of
"sharp decrease in advertis¬
0.1
3.6
+
4.7
+
'5.6
5.3
+
8,5
+
5.7
0
+
2.3
+
5.7
7.0
+ 12.9
+
5.4
—1.7
+
3.0
+
3.5
+
+ 40.4
+ 32.1
+ 2.9
+
7.1
+ 26.4
+ 32.6
+ 3.5
+ 10.8
+ 25.7
suspended
publication
on
6.1
+ 23.1
.
changes
on
workers
quarterly
in
the
0
,
cost
of
ill
goods
purchased
+ 15.5
+
by
dates:
March
15,
for
the
June
15,
Sept.
15,
Dec.
15,
duration
because
17.2
wage
ing
revenue, a
shortage of materi¬
als and general
in large cities,
tChanges through Sept. 15, 1943.
a
the war."
conditions due to
I
THE COMMERCIAL &
104
Thursday, January 6, 1944
FINANCIAL CHRONICLE
i
of Dec. 31, 1943, was
as
Companies
Items About Banks, Trust
pared with $50,365,892 on Dec. 31,
1942; investments in U. S. Gov¬
ernment securities of $140,988,682,
divided
against $176,376,107; holdings
Government securities to
457
of U. S.
compared with $115,657,759 on
Dec.
31, 1942.
Loans and dis¬
counts
of $45,934,094
compared
against $488,878,831,
discounts to $92,-
$431,727,627
and
and
loans
136,574 against
tal
$92,176,242. Capi¬
unchanged
surplus were
and
$37,482,810 on Dec. 31, 1942.
at $14,000,000 and $21,000,000, re¬
The bank's capital account was
unchanged at $7,000,000 and its spectively, and undivided profits
were $14,681,252 against $13,944,surplus and undivided profit ac¬
663 at the end of September.
count increased to $10,182,919 from
with
Ai
$9,479,707 at Dec. 31, 1942, after
payment of dividends of $560,Net earnings per share for
the year
ended Dec. 31,1943, were
compared
$18.04
$2,000,000
of
close
the
At
1942.
with $13.51
the
ican
ip
of Chicago,
year
transferred from
was
of $381,344 for
reported by the Amer¬
National Bank and Trust Co.
earnings
Net
1943 were
000.
profits to surplus, in¬
creasing surplus to $9,000,000.
undivided
and
payment of div¬
preferred stock, and
provisions for reserves, taxes
after
on
contingencies.
for 1943 repre¬
The net earnings
statement
The
Y., as of Dec.
total deposits of
N.
lyn,
shows
Brook¬
Co.,
Trust
Brooklyn
the
the com¬
stock, compared with $32.86
share in 1942. Dividends to¬
of condition of sent $38,13 per share on
31,
1943,
mon
per
$8 per share were
during 1943.
In December
$194,151,- taling
■642, comparing with $196,169,319
on Sept. 30, 1943, and $167,551,332
on Dec. 31, 1942.
Total resources
amounted to
$2,317,975, compared
the end of 1942.
with $1,674,003 at
increase its capital stock from estate
$75,000, consisting of 3,000 shares premises from $502,000 to $250,000,
having a par value of $25 each,
to
$150,000, consisting of 6,000
Guy
W. Cooke, Assistant
shares of the same par value.
Cashier
of
the
First
National
to
Committee
Trust
New
Co.,
elected Vice-Presidents. The
were
following
were
Theodore
elected Assistant
T.
Walter
Treasurers:
Dunn,
S.
Avery, George H,
Smith, Stevens T. M. Frey, Her¬
bert D. Shea, George F. Carse and
J. Donald Mulvey.
in
similar position, and Mr, Cooke,
the according to the bank, was re¬
Dunn, sponsible for publishing what was
partner of Otto Bernz Co., as a probably the first full-page ad¬
director.
vertisement in metropolitan daily
Board
of
on
the
Manhattan
New
of
Co.,
York, on Dec. 30, F. Abbot Good¬
hue,
President, announced
the
following promotions: Daniel O.
paid
the
Dechert, formerly Assistant Sec¬
retary, to Assistant Vice-Presi¬
dent;
F.
J.
Freese,
Assistant
Cashier, to Assistant Vice-Presi¬
bank increased its common
dent; Charles Jensen, Jr., was ap¬
pointed Assistant Trust Officer,
Edward
and
F.
Stauderman, As¬
banks
$45,374,500,
was
$40,017,953
on
Sept.
30
$56,679,816 a year ago.
Holdings of Government securities
totaled $120,377,755 against $122,216,006 and $85,154,795, respec¬
tively. Total loans and discounts
were $31,360,256 against $35,476,223 three months ago and $25,and
last
938,816
year
a
ago.
Surplus of
$4,750,000 was shown, an increase
of $25,000 since Sept. 30 and one
of $75,000 since the end of 1942:
Undivided profits were $1,452,590
against $1,437,489 on Sept. 30 and
$1,429,794 a year ago. Bank build,ings were carried at $4,230,411
against $4,515,377 a year ago, and
other real estate at $87,169 against
$263,263.
Philadelphia Trust
Philadelphia, Pa., in its
The Fidelity-
Co.,
of
statement of condition as
of Dec.
deposits of
(including
United
31, 1943, reported total
$156,526,970
States
total
deposits of $19,369,224) and
of $179,010,015,
resources
compared,
respectively,
with
$151,096,700 and $172,117,018 on
31,
1942. Cash
on
hand
and
due
from
banks
at
the
end of 1943 amounted to $40,024,-
Dec.
327, against $40,953,177; holdings
of U. S. Government securities to
$75,505,095, compared with $43,956,709, and loans to $28,536,573,
against
$38,050,735. The bank's
capital and surplus remain un¬
changed from a year ago at $6,700,000 and $11,000,000, while un¬
divided profits have increased to
$3,415,746 from $2,130,478 at the
close of last year.
In its
,
statement of condition
as
1943, the Pennsylvania
Company for Insurances on Lives
and Granting Annuities, Philadel¬
x>f Dec, 31,
phia, reports total resources of
$464,650,357
(comparing
with
$401,252,070 on Dec. 31, 1942), the
principal items of which are: Cash
and due from banks $128,721,915
(against
$135,899,114);
United
Government
securities
from
have increased
$2,367,844
a
year
expenses,
and
taxes, and depreciation,
of recoveries on
exclusive
items
Bank
of Palm
Beach, Fla., as of
Dec. 31, 1943, amounted to $31,410,953, compared with $23,856,-
Dec. 31, 1942.
in
the
bank's
Philadelphia National Bank,
Philadelphia. Pa., reported as of
The
posit
with
Bank
on
and
to
vaults
the
and
Federal
other banks
$6,622,697
on
de¬
Reserve
amounted
Dec.
31, 1943,
compared with $4,318,560 the pre¬
vious year, and holdings of United
on
31, 1943, total deposits of
$710,665,228 and total assets of States Government bonds were
$768,390,934,
compared, respec¬ $18,549,013, as against $16,000,000
in 1942^ The .capital-of the bank
tively, with $753,114,462 and $810,Dec.
recommendation
that
directors
will vote
(Conn.)
a
on
the
of
capital
in
$100,000
President
The increase will be
accomplished by the issue of 2,000
Chairman
from
increased
be
$150,000.
of
ratio
in
shares
new
one
new
share for each two held at par $25.
In
Dec.
this
it
was
has
increase
intention
the
is
of
mittee
is
is¬
the
of
Finance
its
Com¬
16 years. He
Chap¬
life member of Chicago
1901.
been
of
a
for the past
ter, A. I. B., having joined the
organization at its inception, in
re¬
and the new stock
approved
sued
following
the
30,
ported:
When
"Courant"
Hartford
the
Adver¬
as its
1918, and had been
ganizers of the Financial
tisers Association, served
Henry S. Henschen, retired
Chi¬
banker, died on Dec. 27 at
his home in Evanston, 111., at the
cago
according
directors,
of
board
Robert
D.
Olmsted,
.
ago
to $2,680,527 from
18
papers—the 50th anniversary an¬
nouncement of the First National,
in 1913.
He was one of the or¬
,
at 970 on the corresponding date in
$10,000,000 but surplus now stands 1942.
Total resources amounted
at $15,000,000, against $14,700,000 to
$34,034,590,
compared
with
a year ago, and undivided profits
$25,816,817 on Dec. 31, 1942. Cash
unchanged
M.
to age of 70. Mr. Henschen, who re¬
President of tired from business 10 years ago,
the bank, to transfer $50,000 from was former President of the old
George W. Fraker, banker, undivided
chase
of additional stock.
The
profits to surplus. The Congress Trust and Savings Bank
textile
manufacturer
and
town
entire balance of preferred stock
capital account of the bank will and the Chicago Bank of Com¬
builder, retired on Dec. 31 as then
was
retired and $500,000 trans¬
be, capital $150,000, surplus merce,
Vice-President
of
the - National
ferred from undivided profits and
$150,000, undivided profits more
reserves to surplus, bringing
the City Bank of New York. He also than $50,000.
These
proposals
Joe H. Davis, Acting Manager
became
a
member of. National
have the approval of the state
combined capital and surplus to
of the Bond Department of the
a
total of $5,000,000.
In his an¬ City's Quarter Century Club on and federal supervisory authori¬
First National Bank of Memphis,
that date, marking 25 years of
nual report to stockholders, Presi-.
ties and follow the course recom¬
service with the bank.
William
Tenn., was named Assistant Vicemended
of
dent
Lawrence
F.
Stern
an¬
augmenting
capital
Brady, President
of the funds by increases and by reten¬ President of that institution at; a,
nounced that the dividend to be Gage
recent meeting of the Board of
declared by the Board of Direc¬ bank, presented Mr. Fraker with tion of a substantial portion of
Directors, according to Norfleet
his Quarter
Century Club cre¬ earnings.
tors at its annual meeting on Jan.
dentials before a group of bank
Turner,
President of the First
11 is expected to be at the annual
National. Mr. Davis became asso¬
directors and officials. In private
rate of $6 per share on the 20,000
Thomas F. Gavin, Treasurer and
ciated
with
the
bank In
1928.
life Mr. Fraker will have an of¬
shares of common stock now out¬
Trust
Officer
of 'the
Irvington During 1939-40 he made his resi¬
fice in the building owned by
standing.
Trust Co., Irvington, N. J., died
dence in Jackson, Miss., where he
the City Bank Farmers Trust Co.,
The American National Bank,
on
Dec. 22.
Mr. Gavin, who was served as Mississippi representa¬
the trust affiliate of the bank, at
which entered the $100,000,000 de¬
63 years old, had been connected
tive of the First National's Bond
20 Exchange Place, and will con-^
posit class a year ago, showed a t.inue his activities as a director with the Irvington Trust since Department.
In
1942 he was
further substantial increase in de¬
19M. For a number of years prior named Assistant Manager of the
of Cannon Mills, American Enka
to' "that time he hadi4.been asso¬
posits during 1943, the total at the
Department which he has headed
Corp., Pocahontas Ftiel Co., The
ciated with the Irving Trust Co. since the
year-end being $140,538,092. Total Moore
manager, Joe E. DenCorporation of Toronto,
resources of the bank now stand
of New York, and the old Na¬
American
Salesbook Co., F. M.
ham,
entered
military
service
at $147,137,651.
tional Bank of Commerce in New about a
Most of the 1943 Burt Co. and the Gilman Fanfold
year ago.
York.
deposit gain was shown in de¬
Co.
He is also a trustee of the
Three
other
promotions also
mand deposits, the increase being
American Enka Retirement Fund.
were
announced by Mr. Turner.
from $97,345,242 to $124,151,477.
The Board of Directors of the Assistant Vice-Presidents ChaunPrior to joining National City,
Savings deposits increased from
Mr. Fraker was President of the Phigdelphia
National Bank an¬ cey W. Butler, Jr., and Cliff Wood
$6,850,539 to $8,199,478.
In com¬ Carolina Cotton & Woolen Mills nounce that James D. Matthews
were made Vice-Presidents, while
menting on this deposit increase,
Co., a chain of textile-mills con¬ and E. Lawrence Worstall have Dewey Ralph, formerly an Assist¬
Mr. Stern said in his report: "As
been elected Vice-Presidents and ant
trolled and operated by Marshall
Cashier, was named Assistant
funds
are
disbursed
by
the
Field & Co., located in North Car¬ that Walter H. Johnson, Gordon Vice-President.
Government
to
business
firms
S. Smyth and Augustus L. Rafolina.
He has a wide acquaint¬
throughout the country, they tend ance with the
prominent indus¬ fetto have been appointed Assist¬
to return to the banks in the form
Drastic Cut-Backs Begun
trial
executives of .the
country ant Cashiers.
of individual deposits.
It is this
and, since 1929, has been asso¬
In Aluminum Production
process, which is largely respon¬
ciated with the bank's metropoliThomas B. K. Ringe, of Mor¬
sible for the increase in bank de¬
The War Production Board on
tant district with an assignment
gan Lewis & Bockius has been
Dec. 31 ordered the closure of four
posits in which we have shared
of a roving nature, covering all elected a Director of the Fidelityaluminum production lines in two
during the yeaf just closed."
of the United States and Canada. Philadelphia Trust Co., Philadel¬
A
substantial
Federally owned plants in the
gain
was
also He is also well known in Lon¬
phia.
shown by the bank in total loans don.
apparent beginning of a sweeping,
cut-back in aluminum output, ac¬
outstanding, the increase for the
The Union Trust Co. of Mary¬
cording to an Associated Press
year
being from $22,756,673 to
Percy H. Johnston, Chairman of land, Baltimore, has announced
dispatch from Washington, D. C.,
$29,226,286.
This
increase
was
the Chemical Bank & Trust Co., the
appointments
of Snowden which further adds:
largely
accounted, for
by
the New
York, on Jan. 3 presented Hoff, Andrew J. Hundermark and
The Aluminum Co. of America,
granting of Regulation V loans
a 50-year service pin to James M.
Frederick P. Storm as Assistant
and other loans for war produc¬
it was learned simultaneously, al¬
Coburn, chief clerk of the bank Vice-Presidents; Thomas A. Lanktion purposes.
ready
has
begun
curtailments
for
many
years.
Mr.
Coburn ford
as
Assistant
Secretarywhich may slash as much as 40%
started with the old Central Na¬ Assistant Treasurer and Richard
from the production of its owned
The Boatmen's National Bank tional Bank in 1894 and through
H. Thompson as Assistant Trust
of St. Louis reports that its oper¬
properties, which produce almost
subsequent bank mergers became Officer.
half of the country's supply.
ating profits for 1943, after all a member of the Chemical family.
$206,009,868 (increased from $138,140,870 a year ago); commercial
and collateral loans, $102,337,472
975,937), contrasting with $370,613,746 at the end of last year.
The company's
capital stock is
announces
Howard
_
Co,
Trust
Jan.
bank
to
sistant Secretary.
previously charged off, were
$537,421, or $4.30 per share, as
against $476,197, or $3.81 per share
for 1942. Deposits at Dec. 31,1943,
(compared
with
$93,162,412). were $131,766,313 against $112,Deposits on Dec. 31,1943 are given 331,741 at the previous year-end.
as
$433,874,819 (including United
States Treasury deposits of $49,Deposits of the First National
States
of
Stockholders.of the East Hart¬
ford
a
also
bank
election
,
against
ten years.
The
meeting
of the
of
of Directors of the Bank
Following
stock
outstanding from 10,000 to 20,000
shares by means' of a 50% stock
were
$210,007,804 against $211,dividend
and
the issuance of
888,618 and $183,104,097, respec¬
tively.
Cash on hand and due rights to stockholders for the pur¬
from
reduce the real
account other than bank
The bank plans to
Bank of Chicago, retired on Dec.
of
The Genesee Valley Trust Co.,
31, terminating 43 years' service,
York
City, at its meeting on Dec. 30 Rochester, N. Y., paid a common during the last 33 of which he
stock dividend of 25 cents on Jan. was in charge of the bank's ad¬
made the following changes in the
3 to stockholders of record Dec.
vertising. This record is longer
official staff: W. B. Dunckel and
20. This is the first such dividend than that of any other man in a
W. A. Morgan, Jr., Trust Officers,
Executive
The
Bankers
representing net oper¬
ating profit after
idends
$200,000, but surplus and un¬
profits
and
reserves
at
(Continued from page 97)
$43,794,272 com¬ 651,588 on Sept. 30. Cash and due
from banks amounted to $194,923,-
of
banks
irom
unchanged by the State Banking Department
Arthur H. Bunker, Vice Chair¬
man
for Metals and Minerals of
Fostoria, Ohio, has
the War Production Board, said
been admitted to membership in
the
Federal
Reserve
System, that the WPB might order the
President Matthew J. Fleming of shutdown of as many as fifteen
the
Federal
Reserve
Bank
of
production lines in the next few
Cleveland, announced on Dec, 27.
days. The orders issued on Dec.
The bank, organized in 1902, has
31 affect lines in Burlington, N, J.„
deposits totaling $1,739,000 and
and Maspeth, Long Island, N. Y„
serves a trade area with an esti¬
mated 30,000 population. Its cap¬ and will cut production by 12,-
The Commercial Bank and Sav¬
A
new
retirement plan
for the ings
officers and. employees of
has
been devised by a committee con¬
sisting of the Presidents of the
Reserve
Banks
of New
York,
Cleveland and St. Louis—Allan
25,000
the 12 Federal Reserve Banks
Sproul,
V, Fleming and
respectively. It
Robert
Chester C. Davis,
became effective
on
Jan. 1.
Co.
of
capital de¬
000,000 pounds
and
surplus
italization is $100,000,
Federal
The
New
York
Reserve
announces
Bank of bentures,
that the $44,000.
Hunt¬
ington Station, L. I., the Seneca
County Trust Co., Seneca Falls,
N. Y., and the North End Bank
$17,400
The
Huntington Station Bank,
Co., Bridgeport, Conn.,
have been admitted to member¬
and Trust
ship in the Federal Reserve
Bank
and
will vote
to
on
change
the
Western
Co., Cincinnati,
Jan. 12 on proposals
the
capital
and to authorize the
in
the
Trust
Sys¬ personal loans.
tem.
of
structure
bank to make
The
adjustment
capital structure involves
reducing the par value of
The Bank of Gowanda,
da,
N.
Y.,
has
been
Gowan-
from $10 to
shares
the
$8 and increasing
authorized surplus from $360,000 to $500,000.
month.
a
action, which be-
j
on
I
closing of
j
two out of three lines in the Bur-
j
came
Stockholders
Board's
j
Dec.
effective
31,
at
directed
midnight
the
lington plant and two out of eight j
lines in the so-called Queens
Maspeth. Both of these
at
are
of
plant!
plantsf
operated by the Aluminum Co.
America, but owned by the De-j
fense Plant
Corporation.
@FedFRASER