Full text of Commercial and Financial Chronicle : January 7, 1943, Vol. 157, No. 4140, Section 2

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3 Sections-Section 2

TH URSDAY

Edition

Final

Keg. tJ. S. Pat. Office

New York,

Number 4140

157

Volume

Price 60 Cents

N. Y., Thursday, January 7, 1943

Copy

GENERAL CONTENTS

internal Revenue Bureau Outlines Procedure

Editorials
•

For

Liquidating Corporation As War Loss

taxpayer

has

suffered

upon

from
:

the fact that ;the Revenue Act of 1942 allows
owning at least half the stock of a corporation which
substantial war losses to treat a portion of his loss

tNinth

the liquidation of such corporation as a war loss.
the Bureau of Internal Revenue further stated:

The advices

been* re-<e>
in subsection (a) (1) and (2)' of
with re¬
section 127.
spect to corporations which will
comply with cer¬
incident to any

able to

"In

the

case

of Section 1.

Regular Features
65
65

Situation
Ahead of the News

Financial

"Many inquiries have
by the Bureau

Moody's Bond Prices and Yields.....
Items About Banks and Trust Cos...

Trading On New York Exchanges...
NYSE Odd-Lot Trading..............

each taxpayer

section 127
such liquidation.
For example, a (e), the Bureau will consider the
corporation
chartered
by
the validity of the liquidation on the

tain technicalities

Way?-:.,..,.,

From Wash.

ceived

not

Page

series of articles, appears

first page

attention to

called
'

Dec. 24

Guy T. Helvering on

Commissioner of Internal Revenue

v..

We Get This

-How- Did

claiming a loss under

be basis of whether the corporation
had undertaken in a bona fide
required to hold its shareholders'
manner to comply as fully as pos¬
meeting in Amsterdam. Unable to
sible with all provisions of lawcomply with this requirement, it
holds a shareholders' meeting in applicable to such corporation. In
such/cases the Bureau will not
New York, at which liquidation is
voted.
For this reason the Com¬ question the absence of any for¬
malities with which the corpora¬
missioner issued the following an¬
tion was not. reasonably able to
nouncement describing the pro¬
Netherlands Government may

Trade

State

day-dreaming Vice-President to the ordinarily
practical-minded Secretary of State, men in
both public and private life have got into the habit of
drawing strange conclusions from the full employment that
the war effort has brought forth.
The rank and file will,
we are repeatedly told, see in this "achievement" an indi¬
cation of what can be done by united effort, and demand
that as much be provided in the years which follow the
war.
The Secretary of State, while of the opinion that
the needs of peace should be no less compelling than those
of war, has the understanding at least to add that the
means of meeting
them may be different, but many of
those who are constantly harping upon the "'absolute neces¬
From the

much

66
Prices—Domestic Index.. 76

Review

General

Commodity

Weekly Carloadings
79
Weekly Engineering Construction. .78
Paperboard Industry Statistics...... 75
Weekly Lumber Movement.
68
Fertilizer Price Index
76

78
75
74
78

Weekly Coal and Coke Output.......
Weekly Steel Review.............

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

Weekly Electric Output.......... .. »;
Class I Railways Income and Balance

(October)
Automobile and Diversified

Items

76
*

Zinc Institute Summary.

American

sity" of full employment after the war are apparently not
inclined to place a great deal of emphasis upon the means
to the end.
Others, particularly perhaps certain groups
in the business community who apparently fear an abrupt

Financ-

(November)

ing

comply... The Bureau will not dis¬ Copper Institute Summary.,..
•
*
of the allow the loss on account of the Pig Iron' Production................ *
Daily and Weekly Copper, Lead and
Internal
RevenueCode,
as liquidation subsequently being de¬
Zinc Sales ........ ;. . ............: *
clared invalid (1) if the taxpayer
amended by section '156: of the
These
statistics - omitted
from
determines to consider such liq¬ f
Revenue Act of 1942,.a sharehold¬
Chronicle" 'at direction' of . the War
uidation valid ; for. all purposes, Censorship Board. (See. notice on first
er's loss upon the complete liqr
'page of Section 2 in Aug. 27, 1942,
uidation of a corporation which including: the treatment as a re¬
"Chronicle.")
sustained substantial war losses, as covery by him for the purposes
;,tNot available, this jyeek.
described
in
that
section,
is of section 127 (c) of any recovery
Miscellaneous
with respect
to. the assets and
deemed to the extent attributable
Morgenthau Opposes Instalment Pur¬
to such war losses of the corpo¬ rights to assets distributed to him;
chase Plan
and (2) if such determination is
ration to be a war loss to the
Urges Congress to Assume Rightful
evidenced by a statement accom¬
Powers
cedure in

;

"Under

such cases:
section 127

(e)

end

•

our

amount

way

reappears

of life if unemployment in substantial
after: the cessation of l hostilities, are
The

employment is to be provided.

quite vague as to how full

Question

In the minds of thoughtful observers this current dis¬
of employment after the war raises a question
which lies at the root of our post-war fate.
It is this: Will
submission to the multiplicity of controls and restrictions

•

shareholder,

that such
at least 50% of panying the return,

provided

each class of stock of

completely liquidate 'by distribut¬
ing all the assets which it is able
to distribute and all its rights to
assets which it is not able to dis¬

of limitation which

the
on

right to the
of the property described

tribute, including the
recovery

cussion

......,....

as part there¬
the corpo-. of, in which the taxpayer not only
ration.
Section 127 (e) (1), pro¬ states his determination but also
waives the benefits of any period
vides that the corporation must

shareholder owns

Accomplishments
....
Authority for Senate Inquiries Soon
Lists

Expires

adjustment of his tax liability
account of the invalidity of the

.:...... i .,.

•

••

Property Man¬

Course In

agement ...........................
Philadelphia Newspaper Increases
'Sunday Edition Price.
FDR Extends Greetings to
Armed
Forces

Sees

$90 Billion War Output for

1943. 69

Court Pays Tribute to

Supreme

Brandeis

Study Private Financ¬

Mtge. Bankers

ing of War Housing
Additional Contracts for

FROM WASHINGTON

Business

...

Small

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

Insurance Rates Cut..
Senator Norris to Com

Auto Collision

Urges

FDR

tinue Active

AHEAD OF THE NEWS

Says Private

Builders Should Handle

Housing,

War

f.\,

.......

"industry Advocate" on WPB

;

•

CARLISLE BARGERON

these many New Deal
years, as Labor's Magna Charter, is likely in for an overhauling at
this new session of Congress. This would seem to be the inevitable
outcome of the ruckus stirred up between the NLRB and the CIO
on the one hand and
the AFOL, on the other, in the Kaiser ship¬
building case, Neither labor organization wants the act opened up.
The Wagner

The situation

Act, widely advertised over

is that the CIO

has<&

until he has em¬
profited from it at,.the.,expense negotiations
of \hi AFOL, but, the .majority,of ployed at least 50% of those he
intends to employ."
the latters high leadership are
Thus another problem has been
afraid that if it is opened up, its
so-called good points would be posed for the employer. Long be¬
fore the New Deal caime along,
destroyed along with the-bad. there were many employers who
;
When the" full implications of
solved their labor problems,: by
the Board's recently adopted poL
going along with the union from
icy become known,- however, it
the beginning. If they were open¬
is quite
possible that both the
ing up a plant they went to the
CIO and the AFOL will be on the
union at the outset and asked for
warpath, and would not offer as

Questionnaires
, 70
Says Congress Must Decide Non-War Outlay Reduction
70
Wallace Envisions New World-Wide

78
Farm Parity Bill to Be Reintroduced. 71
War Ration Book Two On Presses... 76
U. S.-Brazil Sign Rubber Agreement. 75
Wartime Conference On Trust Prob
Billion

resistance

overhaul¬

ing of the Act itself as they have
in the past.
'
In the Kaiser dispute, probably
<

the most serious

spot on the war

many

machinists, so many boil-

ermakers,
etc.

this way

to calculate

This

electricians,
they were able

many

their labor costs.

apparently

production horizon today—a dis¬
ramified
engineering operations
pute brought about by the Board's
brought him to the need of skilled
challenging the validity of the
labor.
His
attitude has appar¬
contracts which the
shipbuilder
ently been that he didn't want to
has with the AFOL—it has been
have any labor uncertainties: sign
a case so far of the Board's going
up, right off the reel, know where
out of its way,, seemingly, to aid
he stood, and figure his costs ac¬
the
CIO in raiding the AFOL.
cordingly. Members of the Board
But now, both CIO and AFOL
have
been
contending that he
are
learning that the Board is
can't do this any longer.: At least
contending that no contract en¬
one of them has said that in his
tered into between an employer
and an employes' organization is shipbuilding operations this cal¬
Valid without

Board.

the approval of

the

contending that no

employer may negotiate with a
until that union has been
Certified as the rightful bargain¬

union

and furthermore, that
employer may enter into labor

ing agency,
no

Succeeds Daxlam
and C Gas Coupons Three Gallons

Daily
Composition of New One-Cent Coin.
McNutt'Sets Up Manpower Divisions.
Extend Closing Dates for 1943 Cotton

73
73

Insurance

73
72

Rationing for Canned
Li'. ,V..... «r,v 72

Fruits, Vegetables

Signs Federal Overtime Bill. . . .
Canada, Ends Year
of . Record AcFDR

Bond

Averaged

Work-Week

In October...............
3,500,000 Women In War

Jobs

.,.....................

Program

Food

War

mittee

Advisory

Com¬
.

....

Allies

Federal

for Total Mobilization.
Manpower Needs At

CIO Program

AFL Names

.............V.,
Poet-War Planning

Magazine Paper Use... 68
Be Rationed
68
Value of Fuel Oil Coupon 3 In

Reach

merce

Supplies

for

.....;

Logan Named
ABA Head to
S.

Mr.

Can

earth

can

Willkie
be

to WPB Post—
Address N. Y. Com¬

only Mr. Willkie

Not
late

suppose

that

sort

any

new

heaven and a new

of "mechanism"'?

but many others have

appeared of

something of the sort.

strange

Issue..;. 80

and bitter

insist

who

Venezuelan Bank... 80

Place Debenture

Great

Group

Credits to

FIC Banks

post-war

suppose

created by

Support Ruml Tax

Agreement

Brazil

...........:

Congress to

Plan

and the economic and

incident to

Lists Foods to

East
Asks

always

Group

C't

nationalistic

social dislocations that
period. They must be
created now while we fight.
They must be made workable
and smooth running under the emery of day-to-day effort
in the solution of common problems.—Wendell L. Willkie. •,

are

Urges Cut In
OPA

day. Nor

created amid the reawak¬
impulses, the self-seeking, the moral de¬

hope of their being

»....,

65,000,000

Successful instru¬

international government are the

They cannot be created in a

growth.

generations

of working together that

Information

Bureaus

Estimates

ened

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

Coordinate

mechanism

result

74
74

the fighting was over.

cf either national or

Editor of Nat'l Af¬
.....'......
66
Raw Materials for North

Africa

because

ments

there much

only because

shoulder certain international
the Allied nations, while they fought,

of Americans to

developed

not

fairs Bureau

duties but also

Named Industrial
Allocate

Woodrow Wilson failed not

would survive after

Hours

Almost

cf the refusal

..,...

Industry

War

dream

The

had

tivity .'...... v.. v. y .'y;y".
72
Plans U. S.-British Resources Pool..
FDR Praises Canada Air Training
:
Plan

(Continued on page 66)

■

Discontinue Month-End War
Sales Report
. .V

•

...

System

Point

will develop
and sailors

Billion

should be of no
particular concern to him as the
Government
pays
the freight.
Kaiser's lawyers have contended
that it was utterly impossible for
him to wait until he had a 50%!
(Continued on page 71)

culating of costs

$13

Exceed

Giraud

" ;

the policy
since his

Kaiser has pursued ever

Activities

of what the post-war situation
If the millions of soldiers

New York..................

War

•

vivid picture

.in this country.

.......

lems

RFC

much

$117 ;

to -Exceed

Income

...% :

Democracy

National

war

had found their way

Announces

years—added as they are to a great many which
into our life prior to our entry into
the war—become a fixed habit on part of the rank and
file?
Will they presently become reconciled to an exist¬
ence in perpetuity of regimented dependence upon govern¬
ment?
Will they be content henceforth to wait like cattle
to be fed? : Or will the-hardships, the bungling, the annoy¬
ances
of the war years give them their fill of having a
fatherly national government tell them what they must
and what they must not do?
Will they find themselves
presently with less faith in their government than they
have in themselves?
Will events of the war years engender
a determination to return to the traditional American sys¬
tem under which not government but the individual him¬
self assumes responsibility for his own welfare?
;
^
Find a clear answer to this question, and you will have

of the

Continues
WPA

would prevent

liquidation at any time at which
the taxpayer should contend that
the liquidation was invalid."

Materials Inspectors

Shortage

upon

lenses.

disappointment is in store

looking

for all those

world problems through
/

such

*lJ**,»*MtHHU>rwW*H"lrflH '—•' '

THE COMMERCIAL & FINANCIAL CHRONICLE

is to do whatever hes within-its, power

THE FINANCIAL SITUATION
'
•

•

(Continued

returning to private

first

from

page)

the
so

making planes, guns, tanks
and the rest of the paraphernalia of war, start out upon
the assumption that it is incumbent upon government to
provide them with work, and otherwise to care for them
through the years to come, we must, of course, expect
government to respond with a torrent of crack-pot programs
which can not fail ultimately to send the country and all
of us in it into bankruptcy and ruin.
If, on the other hand,
war
experience has led the people to prefer to work out
their own salvation, indeed convinced tnem that they must
take their destinies into their own hands if they are to
make definite and lasting headway in this world, then
there should be no trouble in putting government in its
place and starting out to rebuild a shattered world and
the fortunes of us all.

Beyond Government
does not teach

war

time

comes

proceed -with ; dispatch and vigor—not

war

workers released from machines

If the

in advance and be ready-when

era

the other millions of

life and

tor .-work .out, its own

for the post-war

program

Thursday, January 7, 1943

much to

give employment

will be 'demanded
ness

men

matter—except
cate the

by the people of the world.

can

to provide the goods which

otherwise

Secretary of Treasury Morgenon
Dec. 28 expressed oppo^

thau

What busi¬ sition,

another and less

important

it is stated, to the Nugent
proposal: for advance installment
ouying

far as* it lies within their

Morgenlhau Opposes i
Advance Time Buying

to incul¬

power

principles of . self reliance which must rule in the

could

post-war world if real progress is to be made.
There is
is

ample,

succeed it

based

the assumption

upon

really free enterprise and individual self-reliance.

begin with

'%•>:

It shoulc

effort! to get-the government out

planning business.

see

of the

goods

consumer

for

the
and
that the plan would give people
at home an unfair advantage over
present

for post-war planning—but if it

room

must' be

of,

post-war delivery.. The Secretary
cold his press conference that he
no

advantage

war-bond

over

program

the battle fronts.

men on

Associated Press

Washington ad¬
vices, in reporting this, added:
.
"Mentioning the proposal of
Rolf Nugent, OPA official, Mr.
Morgentaau said it would leave
in

men

the

forces

armed

'out

the cold' while permitting people
at home to build up priorities in

;

variety

this fundamental lesson

war

The weekly figures of the heavy industries showed

it will be useless to expect

declines

of goods for the
'
•

use.

■

"Asserting

this

post¬
.

'the

most
better things" m the years which
generally, but there were no spectacular showings and compared important reason why I'm against
must elapse until we ao learn it.
Whatever we may have
it,' Mr. Morgenthau said he could
with last year gains, are holding at high levels;
Production oi
been able to do in the way of "providing employment" dur¬
not see the justice of a program
electricity in the week ended Dec. 26 was 3,675,000,000 kilowatt-hours
which would operate in favor of
ing the war when "distribution" goods manufactured was
compared with 3,975,873,000 in the preceding week and an increase people 'earning big salaries at
guaranteed in advance, when millions of men were required
of; 13.6%. over the 1941- week/ according to an estimate by the home' while men in the armed
lor wholly non-productive work, and when perforce the
forces 'earning $50 a month could
iidison klec trie Institute.
'
'' ■•■,■■■■;—-——
■'
nation was driving itself to the verge of bankruptcy to
b
Engineering construction vol- age. * At midweek this was esti- not get in on it.'
——■

save

itself from

all

could

the

worse

fate,

common

in this

for the short week, due to mated at above 5,000 men with
early, closing for the New 27 larger war plants- in that area
Year's holiday, totals $76,295,000,' alone in need of, approximately
the

country,

rationally hope for a moment to be able so to order
time course ■ of economic affairs that we should

the peace
all obtain

abundant life—indeed to order it

gain of 129% over the short pre-: 2,500 men.
:
ceding week and 39% above the •
Although retail trade went intc
week ending Jan. 1, 1942, accord-,, its usual, post-Christmas
decline
a

that

ing

should escape

disaster. After all, the goal of business
enterprise is not to "give employment"^—else the task
would be simple indeed—but to produce an abundance of
the goods and services which the rank and file of the people
want and are willing to work (pay) for.
we

Once, however,
becomes
natural

wholly
economic

out is 12% 'under the

over-all panacea

will be not to concoct

to endeavor

find

some

week

tne

For

that will

yield him

him, and to do

and

for

war

world with

the

production of goods and services
which have tangible worth, not to the
output of all sorts of
boondoggles which have little or no value to any one.'■*
•
It is the apparent
truths in the post-war

absence of realization of these simple
planning now being done in so many
quarters1 which is most disturbing to us,
In these pro¬
grams and suggestions the assumption usually appears to
be either (1) that the end and aim of
industry is to give

employment,
the

war

(2) that the rise of unemployment

would result

social system

in destruction

violence

the

our

after

economic

the

1942,

in the

difference

the

Car, loadings of revenue"
for

taled

591,595

and

it.

according

cars,

decrease

151,316 cars from the preceding
week, 14,907 cars fewer than'the
corresponding week in 1941, and
two

above the same period
ago.
."
; ■

cars

years

This total
age

ing

118.44% of

was

aver¬

loadings for the correspond¬
week of. the 10 preceding

years.
-

The steel

■

industry is set to

complish goals that seemed
tastic
a

year

ago

est

expansion in capacity
tempted,
the
magazine
says in its recent survey.
The
ah.

fan¬

and is entering
scheduled to see the great¬

year

ac¬

program

increase

ever at¬

moment, since

say when the war will end or
what the conditions will be when it does end.
It is like¬
wise true that this sort of
no

one

can

planning is not likely to find

reflection in the press or in public addresses.
Some of it
is proceeding.
Its volume appears to be increasing' and
doubtless will continue to increase.

Let Us Have More Of It
We must have

of it.

It is the

only kind of plan¬
ning which is likely to be particularly helpful.
The best
contribution any

enterprise

can

make to post-war welfare

steel

metal-working

in¬

"a major war¬
ac¬

centers

low amount of overtime

ing.

the

belief
areas

job.

that

was

This

support¬

manpower

sufficient

year ago,

ended
the

over

corresponding

1941

period, the New York Federal Re¬

The

will

called

upon

stabilization

from nonessential to essential

dustries.
The
was

hope

will

brighter

bring

and

mankind

nobler

tomorrow."

His message said:
"This second Christmas since an
armed attack was launched against
-

country is

occasion for all

to rededicate ourselves

vently to

unity of

fer¬

and

purpose

unremitting effort in the ac¬
complishment of the two great
tasks which

still before us; to

are

rayed against us; and to make this
world of

inspiring

in its current monthly letter.

mankind when the Prince of Peace

"Many,will be called into the
forces," the bank says.

"Others

will

have

pay

truly worthy of the
light which came to

ours

born.

was

armed

defeat

seeking to
and

farms, and

with¬

out more of the goods and services
to which they have been accus¬

tomed.
trated

Business will be

increasingly

business and

consumption

will

give, way,

they

are

war

every

civilian

required

doing,

now

needs."

"ft can be predicted with every

assurance," the
war

bank

production

"that

says,

production will rise

total

and

that

than

the

aggregate less will be turned oul
for-

civilian

use."

"The

civilian

cut

goods

1942 has been most pronounced in
the second

destroy

shall

the

forces

conquer and enslave us,
burdens and sacri¬

that

the

fices of

today will bring mankind
brighter and nobler tomorrow."

Iden Industrial Editor
Of Nat'l Affairs Bureau
V.

half of the

year," the

Gilmore

Iden

has

resigned

Secretary of the American In¬

civilian

one

and

insufficient for

are

Christmas of

concen¬

the war
effort; if will, be subject to con¬
tinuous and rigorous Government

bution

confidence that

supreme

tories and

;

"May I wish all

taxes,
buy m o r e
Government
bonds, do more war work in .fac¬

stitute of Steel

Construction, New
City, in order to accept the

York

position
the

Industrial

Bureau

Editor

Affairs,
Lawrence,

Washington.•;
David
Washington
correspondent
editor

the

"United

and
States

News*" is President of the Bureau
of

National

Affairs.
from

nouncement

Institute

Steel

says:

"In

1926

Washington
the

■

Construction
•

Iden

States

years

later

tation

to take

went

Daily.'

accepted
over

Two

invD

the public re¬

work of the American

tion

stitute

eventually

trade

which

has

cause

it will

been

de¬

consumers

dependent

in¬
and

general

all

1943

means

will

ac¬

that
more

current production,

retail

trade

will

Steel

various
works

Construction

became

Institute.

ical
the

financial
and

American

In¬

and

Secretary
is

the

and
a

Trade

author

econom¬

member

Association

Executives, the American Mar¬
Association, the National

keting
Press

12% smaller, according to the De-1 the

partment. of Commerce."

1933

the
of

•« •

associate editor of

'United

an¬

American

/•

Mr.

The

the

lations

of retail

National

bank continues, "and the contrac¬

f^r the "stabilizing"
constantly growing short-

reason

cumulations.

the

help win the war, says
National City Bank of New York
more

controlled

under

expressed

overthrow, as speedily as possi¬
most certain prophecy that
ble, the forces of evil, now on the
made for 1943 is that every defensive but still
formidably ar¬

ferred by previous inventory

plan intended to promote orderly
recruiting and transfer of workers

and

Dec.

"Christ¬

confidence"

Bank reported.

serve

Americans

supreme

that the "burdens and sacrifices of

today

than

victory

and in four
Dec,. 26 increased

weeks

better

however,
^"oungstown, Ohio, found its labor
week,

wished

production

mas

our

sentials for production and distri¬

to now,
says the review, have reported an
omple labor supply, the relatively

such

11%.

for 1943. includes

Most

The in¬

year.

regulation; and where supplies of
materials, manpower or other es¬

of,

the

comparer,

"Steel"

6,833,000 tons- of
steel ingots over the capacity, in
December.
This is a growtn of
10,290,000 tons over January, 1942.
Blast furnace capacity will rise
to 70,850,000 tons by the end of
August under.present plans
against 64,440,000 tons at the end
of December, 1942, an increase of
8,410,000 tons.
J'!
However,
shortages
of
man¬
in

26,

Unity For Victory

Secretary of State Hull

the

"11%

were

American

The dustry will become

difficulty attends,this kind of planning at the

the Association of American Rail-;
was

Dec.

for the year was

can

-This

in¬

to,

much

the

reports filed by the railroads with
roads.-

would

system of priorities on
goods such as automo7

Calls For Rededicaiion

York City in the week ended Dec

to¬

ended

like week

proposal

biles and refrigerators, on which
people could begin paying now for
delivery in the post-war era."

Department-store sales-in New

freight

Dec.

week, ended

tne

type of post-war planning that we need is planning by time headache" early in 1943,
business of its own post-war affairs.
Of course/ it is true cording to "Iron Age."
that

with

crease

Private work/

' /

Nugent's

durable

of 15% for the week endec

period

number

federal construction.

power

equivalent

weeks

of .weeks .reported.

problems aplenty.

Dec. 26, compared with the corresponding ly41 period, accoruing
to
the Federal Reserve
System
The weekly figures showed store
sales up 13% for the four-week

in¬

Federal work.,

in
the

must, of necessity, leave us and the rest of the 46,288

directed

98%

a way

Many of them will be dif-j
ficult.
The road back to normal living will not be
easy.
There will, however, be no impediment to
progress which
hard, consistent and intelligent work in the offices and at
the benches of industry will not solve in time.
There will
be few, if any, which will
really yield to any other type
cf treatment, certainly not any other
type of treatment
which is not accompanied by hard,
earnest, efficient work
on the part of
every one in the land.
That work, moreover,
must

and

111

crease

$555,823,000, is 54% below a yeari
ago on the weekly average basis,
the task of out public, $8,750,006,000, is 83%
higher- due to the 131,% climb in

Difficulties Surmountable
The

country-wide basis showed

$9,305,829,000 total compares with
4)5,868,699,000 for the 5z weeks of
1941, a rise of 56% when adjusted

profit.
Then it becomes
each employee, or would-be employee; not to send emis¬
saries to Washington seeking help, but to, put his shoulder!
to the wheel and start the machinery of
production mov¬
ing. When attention is centered upon these matters, and
effort is made in good faith, the apparent need of
panaceas
will quickly disappear—and we shall once
again be on the
road to prosperity and abiding economic
improvement.
a

opening 1942

and is 42%
as a result of

ago

year

respective

creases

strange magic by which to make the wheels of industry
whir, but to get to work as quickly as may be to satisfy the
wants he knows exist all about

1941 week, according to Dun
Bradstreet, Inc.
Department-store
sales
on

weeK

123%

ago

above

some

new

"Mr.

establish

this week, sales were 2 to 6%
higher than in the comparable

six

Public work tops a

week's total.

people have made up our mind
our own hands, the situation
different. Then the ordinary, familiar
forces again come into full play.
Then
man

almost

times that or tne preceding

we as a

the task of each business

volume* is

Private

business affairs into

our

News-

"Engineering

Record."

to take

■

unie

government on earth, least

type of government

was

Club

Engineers'

York."

Washington,
Club

and
New

THE COMMERCIAL &

Number 4140

-Volume 157

$449,103,424 and one year ago,it

$340,928,748.
Loans,
bills
purchased and "bankers5- accept¬
ances As, mow $300,378,843,- which
compares
with $305,236,225 - ori
was

with $63,360,941. The
company's capital and sur31,
1942, made public Jan. 5, plus remain unchanged at $10,Undivided profits
shows deposits at the end of the 000,000 each.
also remain the same as three
year as $4,291,467,000, the largest
months ago; standing at $5,830,103,
deposit figure yet reported by the
bank, which compares with $3,+
J. P. Morgan & Co.' Incorpor¬
623,466,000 on Sept. 30, 1942, and
of the Chase Na?
tional Bank of New York for Dec'.
The statement

$3,534,967,000
Total

resources

amounted

Dec.
on

31,

31
com;

pared with $3,899,956,000 on Sept1.
30,
1942, and $3,811,803,000 on
Dec. 31, 1941; Cash in the bank's
vaults and on deposit With 'the
Federal Reserve Bank and other
banks totaled

trust

shown

1941. ated, New York, in its statement

Dec.

$4,569,496,000

$1,132,553,000, comr

Sept. 30 and-$260,309,534 on Dec.

compared

condition

reports total

of Dec.

resources

31,

last

$32,998,440 and surplus and un+
divided profits as $44,898,302. Net
earnings for the year 1942 will be
reported in detail by the president at the annual stockholdersmeeting to be held on Jan.

1942,

of $711,4

885,162
and
total
deposits of
$666,093,331, compared with $749,4
725,411 and $689,361,244 on Dec;
31; 1941. According to the current
statement, cash on hand and due
from banks amounts to $154,589,;

Preferred stock is
$8,599,540, common as

year,
as

The Corn Exchange

13.

;

Bank Trust

Co., New York City, reported as
of the close of business Dec. 31,

1942, total deposits and other lia+
bilities of $532,798,687 and total
resources

$568,935,217,

pared with $435,683,292 and

com¬

$471,f

141,443, respectively, on Dec. 31,
a year 1941.- Cash items now total $152,4securities
476,572, against $176,276,690; hold+
(direct and fully guaranteed) to
ings of U.S.- Government securi¬
$426,826,911, compared with $356,4 ties,
are. reported as $324,312,363,
State
and
municipal
compared with $1,796,736,000 and 023,513;
against $188,807,523, and loans and
bonds and notes are now $22,582,discounts now at $37,035,467, com-i$1,364,847,000; 5 loans
and
dis¬
counts,
$786,057,000
compared 297, against $33,993,423, and loans pared with $31,177,256 at the end

pared with $945,679,000 and $1,+
248,516,000
on
the
respective
dates; investments in U. S.- Gov¬
ernment securities, $2,327,748,000

149,

against \ $251,630,571

ago;

U.> S. Government

and bills purchased are shown as
and $802,221,000.
On Dec. 31, 1942, the capital of $79,607,408,compared with $63,The capital and surplus
the bank was $100,270,000 and the 918,203.
are
unchanged from a year ago
surplus $100,270,000, both amounts
at
$20,000,000 each, while '.the
unchanged. After declaration op
latest statement shows undivided
Dec. 23 of a semi-annual dividend

with $808,540,000

paid

$5,180,000,
account

1 amounting td
undivided profits

Feb.

the

Dec.

amounted

per

compared with
$1.96 per share, in

share,

$14,518,000, or

31, the
Chemical Bank & Trust Co. of
New York reported deposits of
In its statement for Dec.

1941;.

Capital

of 1-

$1,289,983,863

banks amounted to

$18,370,692 on

31, 1942, -against $13,850,919
bn Sept. 30, 1942; U. S. Govern¬
Dec.

ment

securities

$32,379,322,

were

The Seamen's Bank for Savings

de¬

other

commercial.' and

against $10,598,826; State, munic¬
ipal and corporate securities $2,~

According to the Dec. 31, 1942,
of
condition
of
the

statement

Public

National

Bank

and

Trust

also

-City of New York has re¬
authorization
from
the

the

ceived

Department

Banking

State

branch office at 20 East
45th Street.
The filing of this ap¬
a

open

was

noted in

page

against $1,533,266; loans
and discounts $18,935,384, against

Department

the

with

plication

our

issue of Dec, 17,

2176.

019,705,

Stock in Federal Re¬

Manhattan

The

Savings

Bank,

754

Broadway, New York City,
serve
Bank increased during the has received permission from the
Banking
Department
to
quarter from $112,500 to $120,000. State
Reserves totaled $547,633, as com¬ move
its branch
office at 644
pared with $790,080 on Sept. 30. Broadway to 19 West 48th Street.

$24,964,054.

1942.
The
At

statement

condition

meeting of the Board of the Irving Trust Co., New York
Directors
of
Sterling
National City, as of Dec. 31, 1942, shows
a

Trust

Co.

Dec.

31,

Cashier—both

Bank
held

New

York total

the following
promotions were made: Frank J.
O'Leary, Assistant Vice-President;
Louis
Steinmuller, Assistant
on

the'

of $1,040,271,353 and
deposits
of
$928,493,534,
against $907,956,196 and $795,276,592 on Dec. 31,
1941.
Cash tw
assets

total

Queens

Federal

Re¬

hand

and

serve

and other banks is now re¬

due

from

Boulevard

office;
and Howard ported
at
$243,074,442,
against
Grant, Assistant Cashier in the $357,696,816; holdings of U.
S.
Broadway and 39th Street office. Government securities total $572,672,196,

Co. of New York, total resources
amounted to $265,365,952 and der
$1,199,430,404, the highest in the
posits, totaled $243,398,918.
This
bank's- history.; This
represents
compares with resources of $209,an
increase of deposits of $185,515,670 and deposits of $187,299,320,540 over Dec. 31, 1941. .. Total 297 at the end of 1941. Cash and
assets

and

posits were at the record high of
$52,196,712. Cash and due from

J.
unchanged
Henry Schroder Banking
from a year ago at $15,000,000,
Corp. reports total resources of
but surplus and undivided profits $48,701,207 as of Dec. 31, 1942,
now.
stand
at
$21,136,530,
as against $48,718,622
on Sept. 30;
against $20,458,151 at the end of cash and due from banks stand
1941.-';/V:;.;v, >;■ at $6,958,181, against $11,203,068;

;

$45,049,000.
This amount com¬
pares with $44,109,000 on Sept. 30,
1942, and $40,370,000 on Dec. 31,
1941.
The net earnings of the
Chase National Bank for the year
1942" amounted to $15,040,000; or
$2.03

profits of $1,817,508, compared
with $1,214,541 on Dec. 31, ,1941. .4

FINANCIAL CHRONICLE

compared with $289,-

808,033, and loans and discounts
are shown as $184,902,150, against
$211,697,744 at the close of last
year. Capital stock is unchanged
from

year

ago

$50,000,000,

but surplus and undivided profits
U, S. Government securities in now stand at $54,906,526, as comthe latest statement are shown as pared with $54,193,575 on Dec. 31.
$27,053,924,
against
$22,429,452; 1941.
customersVliability on acceptances
(less anticipations) $5,157,487 Dec.
New
records for total as31, compared with $6,067,631 in sets and deposits are reported by
September.
Surplus and undi- Brown Brothers Harriman & Co.,

<?oVftn ?!?/?<?

607,781
from $2,601,543
in
September quarter; amount

?u'"
Priv»te bankers, in their financial
the
statement of Dec.

due

assets

31, 1942. Total
$163,742,348

amounted

due from banks in the current
comParec^ w*tl1
$157,274,662 on
a new high and compare
statement are given as $58,839,785, $33,653,261. Acceptances outstand- Sept 30> 1942 and with $157,643,$1,101,728,374 at the close of
against $77,275,924 a year ago;
'ofrt
on j)ec 31. 1941. Deposits in1941.
Cash
on
hand and due
The statement > of condition of
loans and. discounts amount to with $6,800,860.
;
;
creased to $143,686,578 compared
from banks amounted to $348,841,£
the Guaranty Trust Co.> of New
$63,961,035, compared with $72,c
,
,
■••••
.
with
$136,102,334 on Sept. 30,
Schroder
Trust
Co.
reported 1942 and $133,722,124 at the close
York as of Dec. 31," 1942, shows 631, compared with $377,335,460; 361,738, and U. S. Government ob¬
U. S. Government obligations to
total
resources
and deposits at
ligations "to $130,495,243, against
comoared
$27
in of
year.
their highest points in the com¬ $536,810,141, against $321,211,478; $44,690,148,
with
$27,321,378
in
and the
Capital and surplus compared
surplus ot $13,445,284 combankers'
acceptances
and calf
are unchanged from a year ago at
Total resources
pany's history.
loans to $54,397,121, against $34,4
pared W
are
$2,995,498,622, as compared
$7,000,000 each,
but undivided
ft??/ ?r G n
'
g}
$6,686,- months ag0 and
$13 365,284 a year
with
$2,558,587,698 a year ago, 218,090, and loans and discounts profits are listed at $4,598,773, as 683; U. S. Government securities afTn
arld
advanrM ™
to $162,982,846, against $156,455,f
and with the previous high total
compared with $4,059,988 a year
076.
The bank further reports:
of $2,813,930,185 as of March 31,
332 208
ago.; The bank reported earnings
"Capital remains unchanged at
1941. v" Deposits are $2,698,262,180,
$4,550,074
Surplus and
for the full year 1942 of $2.85 per
$20,000,000 but surplus shows an
as compared with $2,259,895,401 a
as
follows
share, as Compared with $3.29 per undivided profits were $1,871,377,
increase from $50,000,000 to $55,against $1,866,679.
Deposits were
share for the year 1941,
year ago and with the previous
!
ith th
fit,ures
three months
000,000,
reflecting
the
transfer
on
high' figure of $2,520,172,054 as of
$25,726,851,
ago Cash $37March 31, 1941. The current state¬ Dec. 10 of $5,000,000 from undi¬
The Dec. 31 statement of The
vided profits to surplus, the third
ment
shows holdings of
U. S.
Continental Bank & Trust Co. of ; Fulton Trust Co. of New York
Government
obligations of $1,- such increase in the past six years. New
York shows that total re¬ reports total deposits of $30,804,814
Undivided profits were $5,456,273
and total assets of $36,032,884 in
692,372,868, the highest figure to
at lowerofTost of marsources
have crossed the $100,and,
allowing
for
the
above
trans¬
its.. statement
of Dec. 31,' 1942,
date, comparing with $1,018,486,1>
329 281 against $59 654 000,000 mark for the first time in
211 a year ago. ■ The company's fer, showed an increase1 for the
marketehl'e
the bank's history. Total deposits, compared with deposits of $29,- 231and Si5153f, 932
year of $1,2.94,549 after the usual
capital and surplus remain un¬
it is indicated, increased to $96,dividends of $3,600,000 ($1.80 per
nd
changed at $90,000,000-and $170,and total ' resources to
The indicated net earn¬ 759,799
Government
securities and
of cost or
000,000, respectively, and" undi¬ share).
$107,222,793 from $85,830,735 and
vided
profits total
$22,547,059, ings on the bank's 2,000,000 shares
by collateral
$95,970,880,
respectively,
on Sept.
amounted to $31,002,532, against
compared with $19,470,857 a year (par $10) amounted to $2.45 pel 30.
; \'v;..
Loans and discounts of $31,share for 1942 as compared with
ago.
...
_T
x.
.
'
,
»
390,318 compared with $36,292,866 $27,401,247 a year ago. State and
$2.43 per share for the preceding
^ Trust
on
Sept. 30; cash and due from municipal bonds on Dec. 31, 1942,';
;
!
The
condensed
statement
of year."
were
$1,067,677,
compared
with
^ew
i^ork
City,
reported^as
banks
amounted
to
$27,701,725
condition of the
National City
$27,311,115, and
U. S. $3,073,627; time loans secured by the close of business-Dec.
In its statement of condition as against
Bank of New York as of Dec. 31,
collateral were $992,689, against that
total assets increased to
Government obligations increased
of Dec. 31, 1942^ Bankers Trust
1942, shows total
resources of
$838,427 on Dec. 31, 1941. Capital, $673,169,484 from
to : $33,367,977 ■'from
$15,734,419.
$3,761,671,281 and total deposits Co., New York City, reports total
Capital - remains ~ unchanged
at surplus and undivided profits, af^jthe end of 1941
of $3,555,940,023.
These figures deposits of $1,504,657,609 and total
ter dividend, amounted to^ $4,962,-' advanced
to $628,777,301 from
$4,000,000 and surplus and undi¬
assets of $1,625,080,340,
compar¬
compare respectively with $3,082,721 on Dec. 31, 1942, compared $537,081,903.
Cash items amount
vided profits
increased Dec.' 31
to $172,148,077, as against $218,ing,
respectively,
with
$1,375,481,1860,582, and $2,878,821,222 at the
to $4,770,157 from $4,664,323 on with $4,933,845 on Dec. 31, 1941.
863 and $1,492,509,453 on Dec. 31,
783,283
a year ago; United States
previous year-end. Cash and due
30.
1941.- Cash and due from^banks
Government
obligatiqns
(direct
from banks Dec. 31 was $901,172,The statement of condition of
on
Dec. 31 totaled -$484,927,527,
and guaranteed)
at $326,995,937,
805,
a
decrease
of $83,988,259
Clinton Trust Co. of New York
; The Continental Bank & Trust
as
compared with $196,596,510,
from a year ago; holdings of U. S. against $454,167,611 a year ago;
Co. of New York announced on as of Dec. 31, 1942, shows that
U.
S. Government' securities to
and loans and discounts at $140,-.
Government obligations and ob¬
Jan. 2 the appointment of Paul A. total assets increased to $13,804,601,229, against $134,157,858. The
ligations of : other Federal agen¬ $711,606,351, compared with $585,i381 from $13,211,912 as of Sept.
Albus, Clyde W. Hiseler and John
bank's capital and surplus are un¬
cies total $2,028,782,127,
an in¬ 614,943; loans and bills discounted1, F.
Hughes
as Assistant Secreta¬ 30, 1942, and $11,269,628 on Dec.
$336,522,340, against $318,846,790.
changed from a year ago, remain¬
crease of $845,482,328, and loans,
31; 1941.
Deposits of the bank
The bank's capital and surplus are ries. : Ralph Farrington, formerly
ing at $12,500,000 and $25,000,000,
discounts
and bankers'
accept¬
ih the loan department, has been were $12,634,000 on Dec. 31, 1942,
unchanged from a year ago at
respectively, while undivided
ances amounted to $573,450,840, a
compared
with
$11,981,035 on
appointed
Assistant
Trust
Officer.
profits total $4,532,434, as com¬
decrease of $45,359,733.
On Dec. $25,000,000 and $50,000,007), re;,
Sept. 30, 1942, and $10,121,722 a
pared with $3,383,773 at the close
31, 1942, the capital and surplus spectively, while undivided prof¬
Surplus and undivided
Statement of condition of Ster¬ year ago.
its are now listed at $40,171,789,
of 1941.
of the bank was -$77,500,000 each,
profits totaled $417,350; against
with
$36,203,466
on ling f National Bank & Trust Co.
both amounts unchanged.
Undi¬ compared
of New York at Dec. 31; 1942, re¬ $408,000 at Sept. 30 and $385,000
Dec. 31, 1941.
The statement of condition of
^
i
vided profits at $23,793,450 show
veals an-increase in surplus of on Dec. 31, 1941. Capital stock of
the United States Trust Company
an
increase of $5,902,357 for the
the bank remains unchanged at
funds at the
The statement of condition of $250,000. • Capital
of New York as of Dec. 31, 1942,
year.
aggregated $4,303,153, $600,000; while capital notes are shows total deposits of $108,662,Manufacturers Trust - Co. of New year-end
$50,000,
compared
with
the
same
comprising $1,500,000 capital, $2,;
286 and total assets of $140,961,The City Bank Farmers Trust York as of Dec. 31, 1942, shows
amount on Sept. 30, 1942, and
500,000 surplus and $303,153 un-r
910, as compared with $131,371,Co., affiliate of the National City deposits of $1,322,420,807 and re¬ divided
with $75,000 a year ago.
Loans
profits. These total funds
of $1,419,495,474, C7which
606 and $164,484,301, respectively,
Bank of New York, reports as of sources
and discounts totaled $2,596,996 on
represent an increase of $251,852
compare
with
$1,112,353,210
and
on
Dec. 31, 1941.
Cash in banks
Dec. 31, 1942, total assets of $142,Dec. 31, 1942, against $2,743,715 on
during the last quarter of 1942.
amounts
to
$30,967,709, against
061,713 and deposits of $115,366,- $1,207,153,258 shown on Sept. 30, The bank
Sept.
30
and
$2,911,583
on
Dec.
reports a record any¬
1942.
On Dec. 31, 1941, the ret-"
183, as pompared with $111,944,327
Other asset items com¬ $67,112,066; holdings of United
time high in total resources and 31; 1941.
States Government obligations to
and $85,206,274, respectively, on spective figures were $984,004,718
deposits—$72,301,206 and $67,090,- pare as follows with the figures
and $1,080,505,867.
Cash
and
due
$70,758,425, compared with $38,Sept. 30, 1942. Cash and due from
997 on Dec. 31, 1942, as compared forthree months ago and a year
banks
amounted
063,000; while loans and bills pur¬
to; $37,601,930, from banks is listed on Ded. 31 at' with
$51,573,559 and $46,255,914, ago: Cash on! hand and due from
$370,862,493,
against
$334,502,993"
against $27,669,775 three months
banks $3,667,592, against $3,764.- chased totaled $20,566,461, against
shown on Sept. 30 and $365,609,- respectively, as of Sept. 30, 1942.
ago, while holdings of U. S. Gov¬
$32,787,914. Capital and surplus
Of the December total deposits of 417 and $3,462,227; investments in
ernment obligations and securities 706 shown a year ago. U. S. Govtbonds $7,064,885, against $6,156,581v are unchanged at $2,000,000 and
$67,090,997, U. S. Government de¬
of other Federal agencies at the ernment securities stands at $635,and $4,392,909.
(Continued on page 80)
posits amounted to $14,894,284,
latest date totaled $85,560,974, as 564,410; three months ago it was

reached

1941.

with

compared-7Q4

eS\vitheS

32^378

Capital

Preceding

bankT$6ZOSm asa1ns1U$66^

11 h $^3,426,165 three

$25,'874,629 against $28,186,998

Sws31and dlfcounts $$4
against

& »g
^ ^'Compare

For

against_$23,795,008.

^gfand a^r

«5,406 agi*$"^8,543 and

$1i7

fn3'tah M!tS °fr$il4'7??'6t8

maS S securef

df:

bonds"

stocks'(va'lued S^ower

market>. $13,078,218
^2ainst $13,901,250 and $13,287,T

Co.,
_of.
31, 1942

$580,838,746 at
while deposits

Mt^lMWWWSOBSWW WFMSS*m»«yi^W»>W'H» "

.-'•) -V

WW#

W<Uf

THE COMMERCIAL & FINANCIAL CHRONICLE

businessmen of the country, and
especially small business men, by
the requirements of the Govern¬
ment for special reports of many
kinds and types.
As a result of
The Combined Raw Materials this legislation, no Federal agency,
Board in Washington announced except those specifically exempted,
on Dec. 27 that the raw materials
may solicit the same general in¬
made available to the United Na¬ formation in the form. of ques¬

;Raw Materials For

tions, "with French cooperation,"
North

cated

Africa

the

Press

been

tionnaires, report forms,
ilar methods, from ten

and

persons

According to Uni¬

Washington

manganese,

allo¬

States

United

Great Britain.
ted

have

cobalt

ore

advices,
cork

and

tionnaires
tor

will

ore

lead

and

In each

apply

and

the United King¬

dom.

bullion

case

has

ques¬

the. Director of

the

The direc¬

the

authority to reduce
the number of questions on the
questionnaire or he may direct

pyrites, phosphate rock and su¬
perphosphates, zinc ore and con¬
centrates

forms

Budget for approval.

will be sent to the United States,
while the supply of iron ore and
-

such

without first

concerns

submitting

sim¬

or
or

that information be obtained from

other'Federal

agency, which
has the information available."
any

Group/
!
For Posl-War Planning

CIO Has

local needs have been met.

Press

Washington

further reported:
"The most important

Labor

created

was

will

that

work

point

faced

The

over.

ad¬

Program For

Total Mobilization

vices

the

reported;

'the

"L Plans

for

Associated
•;
1

■ *

•

labor

representa¬

Thursday, January 7, 1943

reporting mills amounted
of; stocks.

For reporting

softwood
are

mills, unfilled ' orders
equivalent to 40 days' produc¬

stocks

production.

to have

incorporated in the peace
.

■

Candied

reporting identical mills
ceeded production by 12.9%;
ders

ex¬

or¬

18.4%.

of post-war

Compared to

the

average

cor¬

greater.

.■

■

0PA Issues List Of

and

nomic
this

political

country

and

security

the

peoples

for

tion,

were

indicated

follows,

in Associated Press accounts from

presented
Authorized by the last conven¬
are phosphate rock and iron ore.
to Paul V. McNutt, Chairman of
tion of the A. F. of L. to appoint
French North Africa stands' sec¬ the War
Manpower Commission,
such
a
ond only to the United States as a
committee',
Mr.
Green
seven-point program for total
the largest producer of phosphate mobilization.
In a letter to Mr. named as its Chairman, Matthew
rock, with an average pre-war McNutt, Philip Murray, C. I. O. Woll, A. F. of L. Vice-President,
and the following members: David
production of more than 3,000,000 President,
proposed.', "complete
tons annually, but shipments of correlation
of
the
activities
of Dubinsky, President of the Inter¬
phosphate rock and iron ore to those agencies which have juris¬ national Ladies' Garment Work¬
the United Kingdom in 1943 are diction
ers; Miss Agnes Nestor, Director
over procurement, the is¬
expected to be considerably less. suance of contracts and disposi¬ of Research for the International

Washington Dec. 27, according to

terials

available

North

ma¬

Africa

The Congress of Industrial

ganizations

Dec.

Or¬

all

lands.;"

con carne,
containers over

in
over ten pounds, fruit
fruit juices in containers
over
one
gallon, fruit puddings,
jams, jellies, meat stews con¬
taining some vegetables, olives,
containers

paste products (such as spaghetti,
macaroni,- noodles) whether or
not they are packed with added

gallon.

raw

fruits, chili

fruits

pounds, frozen vegetables

Foods To Be Rationed

re¬

to prevent a disas¬
The processed foods to be ra-r
depression.;; <
•
;; ' V. > tioned in February, as listed by
Expansion of social, eco¬ the Office of Price Administra¬

"4.

ten

vegetable sauces, pickles, potato
salad, preserves, relishes, veget¬
able juices in containers over one

construction
trous

frozen

cakes,

responding week of 1935-39, pro¬
duction
of reporting mills was
38% greater; shipments were 33%
greater, and orders were 19%

;

■

Items Not Included

■

For the year to date, shipments

"2. Specific

labor

and

rate, and gross
equivalent to 46 days'

are

tion in the peace conferences;

proposals which the
representatives would ask

beans,
lima- beans,.
wax;'- broccoli, corn,
peas,
spinach, all other frozen
vegetables. "
' ' '
V
i ■
asparagus,

green

tion at the current

war

directed

was

the, following four4

program,

Press

when

group

the

to 80.7%

Dec. 26 by

William.,Green, President of the
A. F. of L., to draft a program
designed to meet the emergencies

"3. A program

supplies available for
export to the two countries after
to

United

A post-war planning committee
of the American Federation
of

treaty.

the allocations

AFL Names

Allies From N. Africa

^.Pj««KS»BaBS

the

New

York

'Times."

Urges Cut In Magazine
Use of Print
A

flat

10%

Paper

reduction

the

amount of

print paper.to be used
magazine publisher in

each

1943

compared with

1942

was

Staes has

"The United

cient

supply
iron

and

ore,

needs iron

suffi¬

phosphate rock
but Great Britain

The

for its steel indus¬

ore

try and phosphates to expand its

agricultural program which al¬
ready has increased its food pro¬

tion

of the

gram

raw

materials

with

those

Manpower Commission."

other points
called for:

"Full

use

the

Glove

Workers'

Childs

representing the
pro¬

eration

man¬

University,
American Fed¬

Brown,

of all available

Union; Dr. John

Columbia

national

Teachers;
Harvey
President of the Inter¬
Brotherhood

of Machin¬

Canned

and

Bottled

Fruits

and

.V/'1; i Fruit Juices

recommended

duction

'Apples:

including
crabapples,
applesauce, apricots, baby foods;
berries, all varieties; cherries, red
sour
pitted; cherries, other cran¬

War

the

Pro¬

Board, by

the Magazine
Advisory Committee at
a meeting with officials of WPB's
Printing and Publishing Division
in
Washington.
The committee
Industry

berries and sauce; fruits for salad
fruit
cocktail;
grapefruit,

made

how

the

grapefruit

might effect the reduction if the
of print paper is

and

peaches,

juice;

pears,

juice,

grape

fruits,

individual

publisher

pineapples, pine¬ consumption

apple juice; all other canned and
bottled

recommendation

fruit

juices

and

combinations.

curtailed. Indicating this
22, the WPB said:

"Reason

the

for

recommendation

Dec.

committee's

the pulp
Negroes, ists; George M. Harrison, President
wood supply available for 1943 is
and Vegetable Juices
groups.
r
duction from 40 to 60% of its to¬
of the Brotherhood
of
estimated to be 20,000,000 cords
Railway
Asparagus, baby foods; beans, in North
tal needs.
"Adequate protection for work¬ Mail Clerks; Richard Gray, Sec¬
America, including Can¬
fresh lima; beans, green and
wax; ada.
"French North African produc¬ ers whose right to • leave: particu¬ retary of the
Current consumption < is at
Bricklayers,'' Masons
beans,
all
canned
and
bottled
dry the rate of approximately
tion of, other raw materials
is lar jobs or areas is restricted.
and Plasterers Union; Rubin So25,000,varieties, including baked beans, 000 cords
small in relation to the available
annually. The cut in
"Protection for workers trans¬ derstrom, President of the Illinois
soaked dry beans, pork and beans,
United Nations supply, with the
availability
of wood,
however,
AFL; Milton P. Webster,
ferred from one job or area to State
kidney beans and lentils; beets,
exception of cork, of which Al¬ another.
does not necessarily indicate
Vice-President
of
the
Brother¬
a
including
pickled;
carrots,,
corn,
geria normally produces one-fifth
hood of Sleeping Car Porters.
proportionate cut in the supply of
Labor
participation
in
ques¬
peas,
sauerkraut,
spinach,
toma¬
of the world's supply.
print paper, because of the inven¬
tions of drafting
workers ffrom
toes,
tomato
catsup
and
chili
"Average production in French
tory situation and other factors.
war jobs to the armed forces.
sauce,
tomato
juice,
all
other
to¬
North Africa of these materials
Volunteer Enlistments
"The
action
of the magazine
mato products; all other canned
has been as follows: Cobalt, 5,000
"Expansion of the United States
Ban Eased Until Feb. 1 and bottled vegetables, vegetable committee was in line with a rec¬
Employment
Service
and;
labor
tons; lead,'46,000 tons; manganese,
ommendation submitted to WPB
juices and combinations.
Until about Feb.
40,000 tons; zinc ore and concen¬ participation in its operation. <
1, 1943, the
on Dec. 10, by the Newspaper In¬
trates, 34,000 tons; and cork, 46,"National
minimum
standards Navy, Marine
Other Processed Foods
Corps and Coast
dustry Advisory Committee. This
000 tons..
Guard will obtain recruits among
of social security for all workers."
recommended
that,
Canned soups, all types and va¬ committee
Selective
Service
registrants
who
Coricerning correlation of pro¬
rieties.
Dried, dehydrated fruits; with various modifications and
volunteer for those services, Maj.
curement, contracting and dispo¬
prunes, raisins, all others. Frozen the right of appeal, newspapers be
Gen. Lewis B. Hershey, Director
sition of raw materials in rela¬
fruits: cherries, peaches, straw¬ limited during 1943 to the same
of the Selective Service Bureau
tion to
manpower,
Mr. Murray
berries, other berries, all other amount of print paper they con¬
of the War Manpower Commis¬
said:
'
v
frozen fruits.
Frozen vegetables; sumed in 1941.
sion,
announced
on Dec. 16. Gen¬
"It would be futile to continue
eral Hershey stated that "Selec¬
President Roosevelt has signed the haphazard method of having
tive Service regulations are be¬
the
bill
designed to coordinate the contracting agency issue con¬
ing amended to remove the for¬
Federal
reporting
services,
to tracts so as to create crises in
mer
requirement that volunteers
eliminate duplication and reduce manpower and seek to utilize the
under 21 must furnish the local
the cost of such services, and to manpower commission solely as a
board with written consent of pa¬
minimize the burdens of furnish¬ fire
department squad to meet rents." The
announcement added;
ing reports and information to those continuing crises/ Contracts
"Local boards will approve ap¬
Governmental agencies.
and available material must be
Individual investors, trustees and other* fiduciaries interested
plication for voluntary induction,
Under the legislation, the Di¬ correlated with the manpower re¬
if the registrant has not been de¬ in becoming acquainted with the Federally insured' investment op¬
rector of the Bureau of the Bud¬ quirements
and
supply.
Total ferred in the usual
process
of portunities offered by savings and loan associations should write for
get will determine the needs for mobilization cannot be restricted
classification by the boards, under current explanatory literature to the associations mentioned below.
to
information, the methods to be
manpower, but must embrace new instructions sent to the
6,500 When doing so please mention the "Chronicle."
employed in obtaining it, and to mobilization of material resources local
boards through the Selec¬
•
coordinate it so it would be of as well."
American Savings & Loan Association
\
tive Service system.
value to any Governmental agency
17 East First South Street, Salt Lake City, Utah
"Registrants
volunteering for
needing it.
This latter provision
•
Atlanta Federal Savings & Loan Association
immediate
induction .into
the
is designed to avoid several agen¬
22 Marietta Street, Atlanta, Georgia—Write for free bookArmy will be forwarded to Army
cies seeking similar information
induction stations as soon as pos¬
let, "A Safer and Better Plan."
in separate questionnaires.
sible..,.
/
;■
•
Danielson Federal Savings and Loan Association
;
The legislation exempts from
84 Main Street, Danielson, Conn.—Write for free booklet
"By Feb. 1 it is anticipated that
approval by the (Budget Bureau
Paul V. McNutt, Chairman of procedure will be established so
and information.
certain questionnaires customar¬
the
War
Manower
Commission, that calls may be levied for all
•
First Federal Savings & Loan Association
ily submitted by established Gov¬ estimated on Dec. 29 that
65,000,- branches of the armed forces, un¬
46 Pryor Street, N. E., Atlanta, Ga.
ernment
offices, such as those 000 persons will be needed in all der the President's
Executive Or¬
•
prepared by the Bureau of In¬
Hinsdale Federal Savings and Loan Association
types of gainful employment and der of Dec. 5, which terminated
ternal Revenue, the Comptroller
8 East Hinsdale Avenue,
in the armed services by the end
Hinsdale, 111.
enlistment of men from 18 to 38
of the Currency and the Federal
•
of 1943.
These estimates, accord¬ years of age. (Noted in these col¬
Mid Kansas Federal Savings and Loan Association
bank supervisory agencies.
25 East William Street, Wichita, Kans.
ing to the Associated Press, added umns of Dec. 10, page 2065.)
The measure passed the Senate
"The Selective Service directive
•
2,500,000 to previous official fore¬
Mutual Building and Loan Association of Pasadena
on
Nov. 23
and
the House
in
casts that the total required would also specified that the armed ser¬
38 South Los Robles Avenue, Pasadena, Calif.—Write for
amended form on Nov. 27.
A
be
62,500,000, Mr. McNutt ex¬ vices are free to enlist persons not
free booklet, "Profits and Prophecy."
'
conference report on the bill was
in
the
18-.38
plaining that this was attributable
age bracket."
•
Railroadmen's Federal Savings and Loan Association
approved by the House on Dec.
to "the needs of agriculture, lend10 and the Senate on Dec. 11.
21 Virginia Avenue, Indianapolis, Ind.
lease
and
supplying our
own
In
power,

and

all

such

Canned

and

Bottled

Vegetables

women,

is that

racial

Fed.

Report Services

Will Be Coordinated

•

-■

A Safe Haven For

Investment Funds

Estimates

Manpower

Needs At 65,008,000

advices

York
from

Dec.

"Journal
its

17 to

the

New

Commerce"

Washington, bureau,

stated that the Senate Small
Business Committee said that the
was

bill, styled the "Federal Reports
Act

armed forces."

The estimate that

20,000,000 would be needed in war
industry alone remained about
the

same.

Chairman McNutt said that dur¬

1942," will be considered ing 1942 the number of persons
by smaller business men as "one engaged
in war
industry had
of the most welcome pieces of leg¬
grown from 6,900,000 to 17,500,000
islation to pass the 77th Congress."
while the number in non-war in¬
In part, these advices said:
"It is intended to eliminate the dustry
had dropped from
29,terrific burden

imposed

upon

the

Lumber Movement—Week

200,000 to 21,000,000.

•

ber

Manufacturers

tion.

Trade

Barometer

Lumber

exceeded

mills

were

production.

26.2%

greater

Unfilled order

than
files

•

Southland

705 Market

pro¬

duction by 26.0% for the holiday
week ended Dec. 26, 1942.
In the
same
week new orders of these

Street, St. Paul, Minn.—Write for informa¬

„

San Francisco Federal Savings and Loan Association

Association,

the National

and Loan Association

•

lumber shipments of 414 mills re¬

porting to

Federal Savings

Paul

4 East Fourth

Ended Dec. 26, 1942
According to the National Lum¬

St,

9440
•

Street, San Francisco, Calif.

Federal

Wilshire

Savings and Loan Association

Boulevard, Beverly Hills,

Calif.

Standard Federal Savings and Loan Association
735 South Olive Street, Los Angeles, Calif.

♦Guardians, insurance companies. State, school
firemen's, police and other pension funds, etc.

and

municipal

sinking

funds,

McCarranUrges Congress'Aboui Face' Realty Ass'n Teaching
Property Management
And Assume Rightful Dignity ami Prerogatives

Senator

belong to it."
To achieve thgt

that Congress

^Dem., Nev.) urged on Dec.-26

Senator McCarran

"about face" and assume "the

dignity and prerogatives that by law

the Associated Press
three-point program for the 78th Congress,
remedy three points of criticism which he

aim, Senator; McCarran,

reports, suggested this

which convenes Jan. 6, to

made,

follows:

end

"An

check'

'blank

in war

using their highest skills

ap¬

work.

Announcements

and

ap¬

for any Executive
plications may. be obtained at any
Department of Government.',
"Taxation by Congress alone, first- or second-class post office

propriations

without interference by any
"

over

The.

same

as:

restrictions

Manpower

tion's announcement states:
"The

interview.

property.

A -previous itern- regarding the
i
for inspectors appeared in arise, for example,

trol,;., from

26, page 1901.

these columns Nov!

"These

WPA Lists
•

President Roosevelt

armed

•

par¬

auditoriums and gymnasiums.

War Materials
the

tective

Service

Inspectors
Inspector po¬
Pro¬
War De¬

Production
the

partment continue to be accepted
by the U. S. Civil Service Com¬

administration

"1,476 office and

buildings, 202 hospitals, 172

penal

institutions/ 1,382 dormitories, 316
fire houses and 328 armories.
"2,272
stadiums,
grandstands
bleachers;. 51 fair grounds

and

22 from

Civil Service Commis¬

and

ill

Henri

and

the

Gen.

with

forces

with Allied forces at this time at

the request of Congress in expres¬
sion of
that body's
"deep and

abiding sense of gratitude."
The
President's message, sent through

appropriate American diplo¬

matic missions, was

ciples and techniques in real es¬
tate management.
The course is

thousands

foes,

for

recommendations

making

prevent interruptions or delays
in the production and delivery of
types of war

other

will be

rated

airway facilities,

Roosevelt's

President
the

hazards inherent in manu¬

facturing plants.

"the tremendous increase in pro¬

WPA

liquidate

order
was

ported in these columns Dec.
page 2169.

No written test

given. Applicants will be
their education, expe¬

to
re¬

17,

qualifications,

rience- and personal
as-soon.- as

Authority To Conduct

possible-after the- ap¬

plications- are received
at the
U.
Civil ;JService ^Commission,
Washington. D. C.

•

;

End

requirements are: Gen¬
eral experience" in performing" inspectional and -professional en¬
/"The

gineering adviscrry
manufacturers

services for

inspector

quiries

and

investigations

terminate at the

plant protection work.
Appro¬
priate college study may be sub¬
stituted for part of the expe¬

the

will

end of January,

rience.

continue.

"Applications will be accepted
until further notice, but qualified

urged to * apply im¬
mediately unless they are already
persons

are

Senate, said he believed the
new
Senate
should- decide' for
itself which

,\t

investigations should

estimated

the

affects 29 investigations

resolution
by stand¬

ing "committees and 16 by
committees.

: * v
States

/ / '

United

',- :
is

combat weapons
today as the entire Axis, and the
United Nations together are turn¬

making

as many

ing out twice as many weapons as
enemy.
But he warned that
'we cannot win a war simply by

the

outproducing

even

enemies.'

upon

"Production

for

alone

war

1943 will have to equal

their strength

without regard for
hold

the clock or the calendar, to

the

in check and to push
They strike mighty
and receive blows in re¬

enemy

back.

him

blows

They fight the good fight
order that they may win the

turn,
in

bring / to the
freedom, and the ad¬

which will

victory

world peace,

vancement of human
"With

welfare,//'-

deep and abiding sense

gratitude, the Congress of

United States has, by a

the

costs

adde£ that America has
tire
replacements—
mostly old tires, retreads, and

report

30,000,000

of reclaimed rubber-

tires made
to

tires

which" normally

been

have

consumed during

1943.v:

and
.

the 90,000,000
would
1942

take the place of

new

**.

"If the vast and ambitious syn¬
rubber

thetic

program

com¬

pletely successful, and if the tires
now on the road are carefully pre¬

joint reso¬ served,

the

States

United

will

have defeated the rubber shortage

transmit, on
behalf of the people of the United by this time next year," the report
said.
"If not, the rubber shortage
States, to the armed forces and
in terms of civilian transportation
auxiliary services of our Allies on
breakdown and a rubber-starved
land, on sea,, and in the air, best
wishes and/greetings of the season military machine may have de¬
feated the United States."
to them and, to their families, and
lution, asked me to

fervent hope

and prayer for a

speedy and complete victory and
a lasting peace.
"Accordingly, I shall be grate¬
ful

to, yooi if you

will convey to

The

conversion

industry

production ceased to be an
important concern of the WPB by
the fall of 1942 because "it was
either' achieved or well on the

war

armed forces and auxiliary way to achievement," the report
said..';
'
:
' '
;
/■ ■/ "The increase is being shared services, in; the name .of the; Con¬
equitably with newsboys, news¬ gress of the: United States," in my
own name,
and in the name . of
dealers and carriers.
Tribute To Brandeis
the people of the United States,
■v "This is the first increase in the
The U. S. Supreme Court on
the' cordial wishes and greetings
price of the Sunday 'Inquirer' in
Dec. 21 paid tribute tor the late
more than 22 years.;
During this and.1 the. hope and prayer ex¬
Louis B. Brandeis, - former Asso-.
period the quality of the 'Inquirer' pressed in the joint resolution."
date Justice.
'*•
Among those who
Mr. Roosevelt's message- to the
has- been greatly improved, arid
spoke at the ceremony in mem¬
scores
of news features, several men and women ®f the armed
ory- of
Justice
Brandeis were
forces read as follow:
additional- ■ sections, • and
many,
Chief
Justice Harlan F.
Stone,
"Happily, the Star of Christmas
many
pages
of reading matter
again shines brightly in a world Attorney General Francis Biddle,
have been added.
Never Senator George W. Norris (Ind.,
"The Sunday 'Inquirer' now has black with war and hate.
Neb.), Federal Circuit Judge Cal¬
more
features, more news, more has mankind yearned more for
vert Magruder of Boston, Federal
pictures and more coniics than it what that Star signifies—fbr peace
and honor to men of goodwill. Circuit Judge Learned.Hand of
ever had in its entire history.
New York and Lloyd K. Garrison,
"Throughout the country rising The way we' must' travel is yet
Dean of the University of Wis¬
long.
i

18 issue said:

////••;:; / /

your

/All authority conferred by. Sen¬
ate
resolutions
authorizing
in,

the

said

"He

•

January 31

property insurance rating bureau,: 1943/ under terms of a resolution
as plant protection
supervisor or passed by the Senate on Dec. 15.
master mechanic in a large in¬
Chairman Lucas (Dem., 111.) of
dustrial establishment, or as pro-, the Committee .to Audit and Con¬
fessionai engineer specializing in trol the Contingent Expenses of

'distribution

and

duction

including 285 new' landing fields makes this price change neces¬
and 1,139 airport buildings."
sary," the "Inquirer" in its Dec.

material caused
by major accidents, explosion or
all

taken/

•

"better than

the value
of all the goods and services pro¬
tions large and small which are
duced by the nation in its years
united in defense of freedom and
of greatest prosperity, the report
justice and human rights face the
said.
Attainment
of
this
goal
holiday- season far from home,
across
oceans
or
continents, in would mean that by the end of
fields of desert sand or winter 1943, the United States would be
out-producing the Axis two to
snow, in jungles
or forests, on
the discussions involving current
warships or merchant vessels, on one, and with its Allies would be
Federal action affecting manage¬ island
ramparts from Iceland to out-producing the Axis three to
one.
ment problems, to which 12 lec¬
the Solomons, in the Old and New
ture periods will be given.
"Describing 1943 as The crucial
Eigh¬ worlds. - "
•
■/'■' ■ /; "•
teen lectures will deal with prin¬
"They strive to the limit of year in the rubber situation,' the

rodeo

projects.
"Airport and

over-alt

the

said

in 1943 will have to

$90,000,000,000' war
job."
This
c o m p ares
with $52,500,000,000
spent for war in 1942 and $13,800,000,000 for defense in 1941. •
From United Press Washington
advices ' the
following
is
also

thousands of feoldiers of those na¬

3,036

tion

Nelson

program

be intensified to do

equaling

follows:

"Struggling side by side against
powerful

Mr.

war

troops in North Africa, Mr. Roose¬
velt said he was communicating

the

and

fighting

grimmest

the hardest work lie ahead of us."

commander
of
American

Giraud,

French

"the

17,

and

'.Ethiopia,

French

Fighting

grounds; 1,650 parks; i open to all interested in real es¬
playgrounds/ 2,980 athletic tate management. .;;-://// /■//■•'
/ "The committee,
under which
9,971 tennis courts, 791
sion at
Washington, which fur¬ fields,
material for the course is being
ther states: ;
\
' "/■■/•/ swimming pools, 1,098 ice skating
prepared,,., includes '-.Robert
C.
"The
positions are extremely areas, 228 bandshells, 136 outdoor
Nordblom, Boston, President of
theaters and 249" golf courses. "
important to the'war effort, as
the
Institute; H. P. Holmes, De¬
"Public utilities and sanitation
the inspectors will function; for
projects,
including
46 electric troit, and James C. Downs, Jr." /•
the protection of some 6,500 ma¬
plants,
132
incinerator
jor
factories
engaged
in war power
1,298 pumping stations,
work.
The
salaries
for
these plants,
Phila. "Inquirer" Raises
944 sewage treatment plants, 249
Inspector positions range
from
water
treatment' plants,
water
Price of Sunday Edition
$2,600 to $5,600 a year, but ap¬
mains
and
distribution
lines,
It was made known on Dec. 18
plications are particularly sought
storm
and
sanitary that"/ the ; price of the Sunday
from persons who are qualified reservoirs,
police, fire alarm and edition of the Philadelphia "In¬
for and will accept the salaries sewers,
of the grades from Junior Inspec¬ traffic/ signal systems and elec¬ quirer"
would be increased to
tric power lines. ;■//////T:/'/,/ 12 cents a
copy at hews stands
tor at $2,600 to Senior Inspector
"Hundreds of flood and erosion and
home
delivery,1 effective
at $3,800 a year.
'
,,
control, irrigation and conserva¬ Sunday, Dec. 20. / Stating that
"Inspectors will be responsible
mission, says advices Dec.

the

Nelson, Chairman of
Board, in a

Production

War

Philippines,

the

cago, who will be dean .of the
ly through parks. :/./
■;/
group," he said. "They are
"77,053 bridges and viaducts course, and Lester E." Frailey,
and continuing things
analyst
of
business
built, with 45,705 others recon¬ Columbus,
that come out of popular demand
structed or improved..
;method and co-author of "Funda¬
and
popular* necessity
that no
mentals of Real Estate -Practice,"
"34,056
public buildings, not
democratic
government can be
including utility plants and buildr a course in real estate developed
deaf to.
Hence no fear should be
ings at airports. . The agencies by the. National Association of
entertained because
of the > in¬ also reconstructed or improved Real Estate Boards for its mem¬
creasein
membership
of one
ber boards.
.////.'.
•.../;
83,170 public buildings.
!
party or another." .. <
■ .
/ //
"Heads of a number of govern¬
"5,832
educational
buildings,
mostly libraries $tn4!schools; 8,579 mental agencies whose work di¬
recreational ,buildings and 1,626 rectly affects real estate, will lead
Need Continues For

sitions

the

armed

the

growing

for

Dee. 24

auxiliary -services, of, our Allied
nations.
/ j
•
In his greetings to the armed
forces Of the 28 United Nations,

ticular

Applications

To Be $90 Billion

services
and to all the armed services and

•

the

forces,

wounded

any

1943 War Program
Donald M."

not belong to

regulations,. fuel oil regula¬ sent messages of Christmas greet¬ report on production progress in
tions,. from war's, absorption of ing to the members of the nation's the first year of war, said on Dec.,

upon

"armed'

raid

he-said

"Congress should

sponsibility

ment

the

President Greets U.S.,

maintenance and repairs, from air¬

manpower,, and from the tremen¬
Accomplishments
its own feet, take re¬
dous wartime changes in market
for its own actions
The Work Projects Administra¬
| outlook, arising for commercial
and be what the Constitution in¬
i
tion,;' . taking - inventory/ "before properties - from retailers' inabil¬
tended it should be-^-government
liquidating, oh Dec.; 20, cited a ity to get goods, and for residen¬
by representation of the people.
long. list of achievements as evi¬ tial properties by reason of in¬
"We have all about us today
dence that it has made substan¬ come
changes /and ; population
Subsidiary agencies that .take to tial contributions to public wel¬ changes./,
/ ' ,
./ «■
themselves the distinction of be¬
fare.,
According to united Press
"Designed - to take account of
ing the Government when as a advices from Washington, WPA. mew real estate management as,
matter of fact they are but em¬
Qfficials said* the various work ifor example, that arising in war
ployes of the Government.".
! relief programs V have produced housing built and owned by the
Mr/ McCarran said he did not
the.following:
V
government, the course will conthink the Republican gains in No^
"643,977 miles of improvements Isist of 28 morning and afternoon
vember indicated that all progres¬
to
road/ and streets, including ! lectures, crowded - into six days.
sive legislation would be "thrown
£66,322 miles of rural roads, 66,- Lecturers well known in the real
into the discard."
• •
.
: ; - 392 miles of urban streets and estate field all over the country,
"Progressive steps in Govern¬
11,263 miles of other roads, chief¬ will be James C. Downs, Jr., Chi¬

stand

messagerto.4fie/

wounded * of

the

from rent con¬
restrictions affecting

need

saying:

from the people,"

bling

ill' and

services follows:

color."

deal .in

•most, practical way .with war-pe¬
appointments • may.- also
riod complications in the admin¬
consulted at these offices.",-.

Congress, for it has heard a rum¬
in

will

course

istration

going" to be an unusual

'"This is

Service
C.

The President's

Federal

have

Senator "McCarran
f-

War

by the Federal

•

Civil

.prqdqct^is. ..contrary ,/to^ rralj - the.
ideals of the ownership of the'In¬

/ //'./
/
quirer,' and this newspaper there¬
for is*.asking -itsv readers- to 'share -•-"On ; this,'
another - wartime *
the added cost to the extent of Christmas, I would like to send
A -national course in property
you a personal message. We shall
this price increase.
management
to
meet
unprece¬
"In addition
to its
expanded need your help when the war is
dented problems, of
real estate news
won in the hard task of building a
sections, its large and beau¬
management arising through the
tifully
illustrated
society
and better and a freer world. It is fit¬
exigencies of war has - been an¬ amusement sections and its sports ting, therefore, that you who are
nounced by the Institute of Real
news
section, the Sunday 'In¬ younger shall be given the oppor¬
Estate Management, a division of
quirer' will continue to include its tunity to fight for a better world
the National Association of Real
of peace as you have
three exclusive colorgravure sup¬ in time
Estate Boards.
The course will
plements—Picture Parade, Every¬ fought to save this lesser world in
start Feb. 15, and will be held at
God bless you and
body's Weekly and the Sunday time of war.
the
Wardman
Park
Hotel
in novel—as well as the three
large keep you, for you belong to us
Washington, D. C.
The Associa¬ comic sections in full size and and to the future of America."

Commission in Washington, D.

been taken
Government".
/advices' indicated

.-which

powers

the

from

other

agency of Government.
"Restoration to the States

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4140

157

Volume

special

costs have caused more

the

daily

United
some

rate

than half

newspapers-in

States

raise-at

the
least

portion of their circulation
since the start of the war in

revealed/
"The 'Inquirer,' like many other
newspapers, has been faced with
1939, a recent survey

the choice of
of

the

price.
•

lowering the quality

"As

•>

t •.< !./:•

hopefully forward

have

is in
men

sus¬

the thought that you
the most precious gift which
the power of your country¬
to bestow — their affection

tained

and deep

gratitude.

To this I can

only add my very warmest per¬
sonal greetings to every one of

product or increasing the
To lower the quality of the you."
-l

you

into the New Year you can

consin Law School..Solicitor-Gen¬
eral

Charles Fahy

presided.

/Justice-Brandeis, the first Jew
to serve on the Supreme Court,
died on Oct. 5, 1941, at the age
of 84.
on

He retired from the court

Feb.

13,

1939,

after

serving

since 1916.
His
our

death

was

referred

issue of Oct. 9, 1941, page

526.

Private Funds For War Housing

Financing
Surveyed By Mortgage Bankers Association

There

for

plenty of private funds all over the country available
further war housing, according to the results of a

are

financing

announced Jan. 3 by the Mortgage Bankers Association of
America.
The advices in the matter state that "with a large majority

survey

84%

there

say

are

construction

Title

FHA

the study, the results show that
plenty of private funds for financing

participating

members

its

nearly

loans ♦>

"as

only

permanent FHA Title VI

for

financing, over 96% of the Asso¬
participating in

ciation's members

the

said

poll

ample funds

were

said

about

while

available

not as far as their own
communities were concerned."
they

were

Mullenix, President

Charles A.

of the

He*

War

Smaller
not

taken
for

tracts

the
had

that
Corp.

acknowledged
Plants

prime ' con¬
farming out to smaller
over

any

Norris, declared that the. Amerir
tans'who want to,fight this war
for, profit or political power must
•be.
age to some extent are higher Re¬
"taught the evil of their ways"
pair costs, a general falling off so that the United States can join
of the automobile insurance busi¬ in
writing a permanent peace.
...

Factors offsetting reduced mile¬

increased

and

ness

operations

its

desire

assist

the

accidents

decrease

under

ity to do

so.

since

gasoline

last- spring.

rationing

•

the

October

made

Two reductions

Lieut.

Gen,

Chief of the

vell,

tracts

and in two

Cleveland

diction,

tacts

might

use

the present war¬
an excuse for

time emergency as

proposing a plan which would, in
his opinion, mean the virtual "so¬
cialization of real estate financing
He explained that the
immediate excuse would probably

entirely."
be

that private funds are slowly
abandoning the war-housing field
and the Government must step in.

that

has

small business
considerably.

Giving

sible that the

"public houser" ele¬

Service

among

accounting

pro¬

policies under his juris¬

curement

subsequent statements made after
an Eastern investigation tour,
At
that time he said it seemed pos¬
ment

Army

the Army's spreading of war con¬
increased

Somer¬

Supply, told the Senate Small
Business Committee recently that

started in late
November, after Mr. Mullenix had
scored the "public housers" in an
address

Brehon

step in and complete it."
was

Somervell

Gen.

smaller

the

testified

plants

war

in¬

creased their dollar volume share
War

prime con¬
November

Department
14% :

during

compared with, September- of this
die

volume

dollar

that

reported

further

year.

all

loan

associations.
institutions

these

members

and

Very

few

their

hence

views

More Aid For Small

Dec.

Business Reported
The

Plants

War

Smaller

Divi¬

sion of the War Production Board

reported
1.236
the

Dec. 17 that it placed

for

contracts

Nov.

28-Dec.

Prime

went

contracts

concerns

than

$22,500,000 in
period.

for

176

$7,300,000, and

100 sub-contracting concerns

participate in them.
Previ¬
reported prime contracts
obtained
by
the
Division
had
58

numbered

such

and

contracts

the

value

reduced

ration

20%

announced

automobile

col¬

premiums will be

for

books

"B"

with

"A"

using

cars

and

for

10%

those

The reductions,

books.

retroactive to Dec, 1, apply to
new
and renewal policies in

States, including New York,
will

where

extended

other

approval

authorities is

all
30
and

States

supervising

required.

indicating

this,the

New

York "Herald Tribune" of Dec. 14

reported:

$21,000,000.

was

that

lision insurance

will

ously

Un¬

Automobile

National

derwriters Association
on

Louis

Pink, Superintendent

of the New York State Insurance

Contracts

involving the use of
critical
tools
totaled
1,060
for
$15,200,000, bringing the total of
such contracts placed to 2,637, in¬
volving $122,200,000.
•

Lou

Holland,

Smaller

revealed at
mittee
war

Corporation,

Congressional
on
Dec. 15

production leaders

tensify
ward

com¬

hearing

quested

have

that
re¬

prime contractors to in¬
greatly their efforts to¬

subcontracting.

Mr. Holland

ing

Chairman of the

Plants

War

Small

the

told

Senate

Business

and

House

Committees

that

Undersecretary of War Robert P.

Patterson, Undersecretary of the
Navy James V. Forrestal and. War
Production
son

had

Chief Donald M. Nel¬

signed

Department, said that "prompt
approval" will be given the re¬
duction by this State's regulatory
body.
"The

"are

the

directive,

reductions," Mr. Pink said,

not

scientific

because

is no real data available
to

base

with

the

rates

there
which

accordance

change of conditions under

the

of this country and
because, the President
added, he 'has a story to tell.
'
In
reporting this, Associated
people

the world,

auvices

Press

stated:

Dec.

"Asked

Washington

from

•

*-■

-conference
requested Mr:

press

the

companies
As

adjust
experience is

plunged

world
'

in 'making

after
#.

the

"If out of it

over

war.

all

are

not

answered

invited

are

bring their troubles to James Clay

Woodson, who has been named*
"Industry Advocate" within the.
WPB.

The

WPB

announcement

'•

says:

■'/ /

)

•

"Mr. Woodson will examine the

questionnaire

forms

in¬

sent

It will be his task to bal¬
the need for the requested

dustry,
ance

data

against the burden imposed
business concerns in com¬
piling it. In doing so he will con¬
sult with business men, seeing to
it that their points of view are
fully
considered.
When
Mr.
Woodson finds that questionnaires
burden industry more than than
they help the war program, he
will

cannot get

inform the Office of Sur¬

Standards within the'
WPB, of which he will be a mem¬
and

vey

ber.

has

office

This
veto

the

power

questionnaire,

proposed

forms.

of liberal¬
.

■■■■}-

"In

•

Urges War Housing

Private Builders
i "Whatever

because
cheaper
and better," declared Fritz Burns
of Los Angeles, Cal., newly elected
president of the National Associa¬
ted of Home Builders, in the cur¬

private
they

home
builders
it quicker,

can: do.

rent-issue

Independent, who was defeated
for re-election, continuing; to ex¬

the

"American

plemented to do war housing far
better than any public agency,"
Mr. Burns says.
"He can do it
with /. less {materials
and
more
,

his views to
the world/
-frv/.'
press

America

and

'
%
"The President added that Send

;

ator

and

Norris
a

has

great audience

story to tell, and that when

those * two -things
he should not quit and go home
one

/person has

just because he
"When

years old.
wanted to
suggested that Mr.
column, the Presi¬

reporter
a

to.

quickly than the cumbersome pro¬
cedures involved in any job run

relieved

duties

his

but

.agreed to remain until a successor
had

housing should
be. built in 1943'should be built by
war

Builder," made available Dec. 20.
the veteran "The
private builder can be im¬

about the necessity tot

been

the

found.

Woodson

"Mr.

for.

chosen

was

consultation

after

task

with

the > Advisory Committee on
ernment

Gov-,
formed

Questionnaires

September on the. suggestion
Smith, Director of the
Bureau
of
the
Budget.
This
of

Harold

which

Committee,

headed

W. J. Donald, Managing Director,

the

National

facturers

Electrical Manu¬

Association

President of the

Association

leading

includes,

Executives,

members

•„

former

and

American Trade

the

executives

associations.

business

Asked by

the WPB to propose an
'Industry Advocate,' it named Mr,

Woodson. /:■ /
•; •//%//'.'■/; <•': •./. -: /' / / -V
He isn't asking
.'"Mr. Woodson brings to his as A,
subsidies;* he isn't asking for
signment 25 years' experience as
cost plus contracts, but for the op¬
sam-engineer and manufacturer/.
portunity ' to build the greatest It
was
the feeling both of-the
in. Washington.

tor

amount' of

decent

war

housing

With the least materials and with

the: mini mum of government own¬

laughed, and replied, nobody
ership and a minimum of post¬
interestingly
/
:;
/
and truthfully three times a.week. -war Repercussions.".
But, Mr. Burns points out, com¬
"Senator Norris told reporters
petent
builders'
are being killed
that his sole ambition is, to have,
off "dike • flies,
needlessly
and
a
hand in making the just and
wastefully,
by
the
conditions
permanent peace he thinks ought
which* have been put upon them
to come out of this war,"-.' •; •; •. vin the vital job of producing ac¬
Following the adjournment of
commodations for war
workers.
Congress
on
Dec.
15,
Senator
could write a column

trade

association

of the WPB

and

executives

that

with

op-/
erating experience is best able to;
judge the difficulties that, con¬
face

cerns

mation."

man

compiling
*'"s. ■ '../■■■

■;*%-,

infor-

'•'•%

/■

Norris

reiterated

his

determina¬

tion to go back home to McCook,
Neb., despite "a lot of pressure, on
me
to stay here." "
of

"I'm not going to do like a lot
fellows who lay around here

The horns of the dilemma for the

need

Asked if he expected to

for

Senator

Norris

Guffey in Washington

Senator
Dec. 10,

"one of the far-

Up To Congress To Decide
On Cuts !n Non-War Funds
Roosevelt

President

his

told

press conference on Dec. 29 that
have ' been the
he would leave to Congress thelimited material .allowed by WPA
final
responsibility
for furtherand FHA
limitations as to the
reducing non-war expenditures/
kind of house it Will insure.
AS

private

builder

Mr. Roosevelt indicated this when'

a
result of uncertainty after un¬
asked about reports that he plans
certainty, the very existence Tof
to recommend large cuts in norione "of
the • greatest industries in"
war
expenditures in his budget'
the country is being pinched out,
message, next week.
; The Presi-'
unnecessarily, at' a time when it
dent will appear before Congress

a job, although I khow
one," he declared.
"
follow
the suggestion of President Roosevelt to remain in public service he l is vitally needed in the war :efreplied:
"I don't think so."
frfort.
Norris said he had two engage¬ {*■ Six reasons why private build¬
ments to fill before returning to ing in the war period is prefer¬
Nebraska.
One is a dinner in his able to public building, and why
honor in New York Dec. "29, the every effort should be made* to
other a speech before the National give it conditions under which it
Association of Rural Electric Co¬ can-work, were listed as follows
by Mr. Burns:
operatives at St. Louis Jan. 19,
1. Lack of ' monotony, through
At a testimonial dinner given

looking for

Vice-President Wallace described

Norris

interested in personal

gain- than

who feel that

executives

receiving WPB ques-'
tionaires which they believe can-,

they

Urges Norris
Useful life

Senator-Norris

deliver

Jan.

the

State

the

his* message
Union and

probably submit his budget mes^
sage the following day (Jan. 8),
Mr.

Roosevelt

said

also

difficult to define

what

were

was'
war

and what were not,'
citing, as examples,' Federal su¬
pervision of meat inspection and
control of white pine blister rust.'
personalizing and individualizing
As to reports that funds for the
of privately owned homes.
2. Less
wasteage
in
mainte¬ anti-trust division of the Depart¬
ment of Justice would be greatly
nance.
3. Less
likelihood
of
ghost reduced, the President said that
expenditures

■

visioned

social

planners of his
'
gained they may be subject to time." Addressing the gathering, communities." ■
4. More efficient use of priori¬
further change."
Mr. Wallace praised the NebrasDaytime accidents have shown kan as one who belonged to "that ties by private builders.
a
5. Greater public acceptance of
marked decrease in the
State, small group of wise public men
Mr. Pink asserted, but night driv¬ who clearly see the future and privately built war houses.
6. Privately
built
housing is
ing continues dangerous due to are willing to do something about
dimout
less apt to be wasteful or exces¬
hazards.
The
daytime it."
collision decrease has, however,
In a valedictory speech Senator
sive beyond the actual need in
•

dustrial

To Continue

part

conditions.

/were

Board

19 that those in¬

Dec.

gasoline rationing. The new rates,
we
feel, are a fair effort on the
to

joint meet¬

Roosevelt

dent

Collision Insurance
The

nounced

upon

word

Norris write

Oil Rates For Auto

only slightly reflected in the
data.
/, .%;/%///••:;

brief

white haired exponent
ism declared.
.*.

know if he had

are

with

Questionnaires

The War Production

addition, Mr. Woodson will
;.
act on specific complaints to re'
'
1
——MM——*•'
Senator Norris', who has served ,view the applicability of ques¬
In
nearly .40 years in Congress, will tionnaires already sent out.
retire on Jan. 3, having been de¬ this task he will succeed Joseph
feated in the November election i.X. Lubin, Chairman of the Com¬
by Kenneth Wherry. On-Dee. 10 mittee of Data Requests from In-,
Senator Norris was the guest of dustry.
Mr. Lubin last summer
President
Roosevelt
said
on
up
a
committee within the
Dec. 11 that he had asked Senator ! the President at a White House set
WPB to remove grievances relat¬
; •.
George W. Norris of Nebraska, luncheon.
ing to questionnaires and forms.*
who is retiring as Senator, to con¬
Scme time ago Mr. Lubin asked
tinue a useful life by talking to
stallment: plans.

contracts. approved
for whether he had
employing less than 500 Norris during a conference yes¬
persons was about $550,228,000, of
terday to remain in the Govern¬
which about $209,408,000 was ap¬
ment, * the President said he- had
proved for plants employing less not.'/. •
■,%'■*■•■'••*"'.'•'/ frfrfr-;.'
Jhan 100 persons.
C
"He added that he had talked

Association

are

leaders

a peace that will combine the ef¬
policies : outnumber collision,, but
pointed out that collision protect forts of all of the world for bet¬
tion is required by finance com¬ ter things then we had better sur¬
render
to
Hitler
tonight," the
panies on cars purchased on*im

plants

■

a
vigorous attack on the
views of those he said apparently

,„

prime

seven

into

liability

Mr. Pink estimated that liability

public

thanks,. Senator

stricted passenger cars.

November

Of all prime contracts approved
geographical sec¬
during November, Gen. Somervell
tions of the country, ample private
;aid, 71.9% by number and 23.8%
funds are available, the survey in¬
;>y dollar volume went to plants
dicates. As to the principal sources
with fewer than 500 workers.
of these funds, insurance compa¬
He emphasized that, in addition
nies and banks and trust compa¬
;o prime contracts, small business
nies
were
far in
the
lead, al¬
.frequently obtained subcontracts
though, as Mr. Mullenix pointed
amounting to as much as 50% of
out, this is not a complete picture
die
value of
a
prime contract
because it reflects very little of
iwarded to big business.
the present status of savings and
In

•/ "Then

were

rate, bringing the aggregate pre¬
mium saving on that type of in¬
surance
to
about
30%
for re¬

nation's

making public career.-

insurance reduction given motor¬
ists this fall.

hundred

table, Senator Norris lis¬
tened
silently as speaker after
speaker piled accolade upon acco¬
lade, in discussing his history-

Yesterday's action was the third

Di¬

Plants

War

Smaller

/■

dinner

The

forum

'Industry Advocate'; To Aid
On Business

banked around him at a horseshoe

the 17 Eastern States which have
been

survey

of. the

Association reported a no¬

The

ticeable

"With half

insurance protection. * fr

necessary

The

added:

use

help motorists whose mileage
is reduced by gasoline rationing
and
the tire shortage to
carry

into

dinner

appeal for a just peace, said
Associated
Press,
which

the

and

although it has author¬

Association, in announcing
gaged actively in promoting sub¬
the results, said:
contracting, Mr. Holland said, and
"These results, reflecting as they
has been
a
large factor in the
do, the opinions of those who rep¬
placing of subcontracts totalling
resent the great bulk of the mort¬
$127,700,000 with 2,743 firms. He
gage capital in the country, con¬
added, however, that since the
clusively show that
as
far as
Sipaller War Plants Corp. was
financing of war housing goes,
established by Congress last June
private funds are available in to
lend
$150,000,000
to
small
abundance to do the job.
More
plants seeking war work, only 18
than
anything else, this means
loans
totalling
$2,000,000
have
that the so-called 'public housers,'
been approved.
inside and outside Federal agen¬
cies, have absolutely no basis for
contending that private funds are
not sufficiently available for the
full war housing job and that the
time has come for public money to

for

companies
national move¬

the

letter from President

testimonial

member

keep automobiles

Lauded in

Roosevelt the Senator turned the

costs, Mr. Pink pointed out.
The Association expressed

concerns,

vision of the WPB already has en¬

Thursday, January 7, 1943

acci-J

brought down the over-all
dbnt rate.
>• w -

ment

16% said there &vas, which "is but an initial step in a
some
scarcity of money in their vigorous program to equalize the
communities."
It is added that production load,"

while

CHRONICLE

THE COMMERCIAL & FINANCIAL

anti-trust laws
ute

books

the

Congress to

funds

and

were

that
see

the

was

stat¬
up

to"

that sufficient

appropriated

en¬

force

them.

areas

subject to fluctuating popu¬

lations.

Volume

•

THE COMMERCIAL &

Number 4140

157

FINANCIAL CHRONICLE

'*1

will spend $100 billion in this fis¬
plunged into bit¬ cal year. The whole British Em¬
but $20 billion.
ter arguments over our part in the pire will spend
To Be
[•peace, or ovei* such, fictitious ques- i .This is not to make any odious
tions as government versus busi¬ comparisons, but it is difficult to
A Wartime Conference on Trust
see why there shouldn't be a calm
In an address on Dec. 28 Vice-President Henry A. Wallace pre¬
ness."
' '
1
Problems will
be held in New
sented several objectives which should be sought in the peace "that
He went
on
to say that the investigation of where our money York, Feb. 9-11, under the aus¬
will inevitably come." Asserting that "measures of relief and rehabil¬ whole question v of the post-war is -going.
The man in charge of pices of the Trust Division, Amer¬
itation will have to be undertaken," as "territory previously over¬ problem
should, be approached the expenditures, Harry Hopkins, ican Bankers Association, it is
run by the Germans and the Japs is reoccupied by the forces of' the
"not emotionally from' the1 stand¬ is certainly not a man to inspire announced by Louis S. Headley,There is President of the
United Nations," Mr; Wallace*went on to say:.• ^
\
• V
point of eith'er sacrifice or self¬ unlimited confidence.
division, and also
"Later, out of the experience of vishness, but objectively from the ample ~ evidence that lend lease Vice-President of the First Trust
these temporary measures of re¬ prevent a repetition of the twin standpoint of finding the common operations have more to do with Co. of St. Paul State Bank, St.
meeting
ground
on
which the the post-war ambitions of the Paul, Minn. Mr. Headley stated:.
lief, there will emerge the pos¬ disasters—depression and war.
As to the special problem, of
sibilities and the practicalities of
people of i the world can stand. New Dealers than with the prose¬
"There will be five sessions of
in vain if.

New World-Wide fDemocracy

3f United Nations

example,

Tor

in the United States,

ABA War Trust Cosf.

are

Held In flew York

Urged By Wallace In Wilson's Birthday Address

•

what to do with the defeated na¬

permanent reconstruction. ,
"We cannot now blueprint all

•

This

victory is attained, Mr,

tions after

meeting

should

all,

after

ground,

be hard

not

of the

cution

itself.

war

which are created or
magnified in importance by the
problems

"the United Nations

Wallace said

chiefly to

the conference devoted

to find—it is

the security of the plain folks
up military disarma¬
agaihstT depression and. against
war.: Trust institutions have spe-'
psychological;
disarma-:
ing principles, of this world-wide
war.?,; T
</
cial responsibilities here at home,"
ment—supervision, or at least in¬
new democracy we of the United
he said., "They are serving many
; Mr; Wallace concluded:, '
\
spection
of
the•'school
systems
of
v;
Nations hope to build."
;
/ .!:
dependents whose chief support
■;i "In. the new democracy there
The House-approved bill to re¬
{
"Two of these principles must Germany and Japan, to undo so
has
been
removed.
They
are
will be a place for every one—
define
the
farm
be liberty and unity, or in other far as possible the diabolical work
parity
price serving men with property (and.
the worker, the farmer, the busi¬
of Hitler and the Japanese.,<war
words, home rule and centralized
formula,
so as to include the cost their
families) who are in the
ness man, the housewife, the doc¬
lords in poisoning the minds of
of all farm labor, which was not armed
authority, which for more than
forces
or
in war work.
tor, the salesman, the teacher, the
the• young."
■/<;*■ V;//;L-'f■ v
150 years have been foundation
called up for consideration in the Trust institutions have
a
large
Mr. Wallace stated that it would student, the store clerk, the taxi
Senate
before the Dec.
16 ad¬
stones of our American democracy
part to play in protecting prop¬
driver, the preacher, the engineer
be the height of folly not to pre¬
and our American union." '•
journment
of
Congress,
is
ex¬
erty and in providing security on
—all the millions who make up
pare now for the peace that will
I
Mr.
Wallace's
remarks
were
to
be
reintroduced■ by the home front.
our modern world.
This new de¬ pected
nevitably come and asserted that
broadcast from Washington, and
farm
leaders early in the new
"Methods of serving these peo¬
will give us freedom
'without well-planned and vigor¬ mocracy
his address, delivered on the 86th.
session,
starting
Jan.
6.
such as we have never known,
ple
better under difficult war
ous
action, a series of economic
birthday of the late President
The bill, which had passed the conditions, and the larger prob¬
but only, if, as
individuals, we
itorms will follow the war," tak¬
Woodrow Wilson, was sponsored
House
on Dec.
lem
of
3,
would
require
preserving values in a
perform our duties with willing
fey the Woodrow Wilson Founda¬ ing the form of inflation and tem¬
nearts.. It will be an adventure in reassessment, of parity factors to time of world disorder will be the
porary scarcities, followed by sur¬
tion, American Political Science
include
cost
of
labor
represented
theme
of
our
conference,"
sharing—sharing of duties and
Association, American Society for pluses, crashing prices, unemploy¬
responsibilities, and sharing of the in the production of crops, includ¬ ;; Included among those scheduled
ment,
bankruptcy
and,
.ink,some
Public Administration and Amer¬
joy that can come from the give- ing work done by the farmer, to speak, in addition to Mr. Headcases, violent revolution.
.
ican Historical Association.
and-take of human contacts and his family and hired hands.
ley, are Gilbert T. Stephenson^
;
Mr.
Wallace
further
said:
;,
;
V
i!: According
to
the Associated
fruitful daily living.
Out of it,
The Senate Agricultural Com¬ Director of Trust Research of the
;
"Obviously
the
United
Nations
Press, President Roosevelt was
if we all do our part,: there will mittee unanimously approved the AB.A. Graduate School of Bank¬
consulted in advance of its deliv¬ must first have machinery which
be new opportunity and new se¬ bill on Dec. 5 and on Dec. 7, ac¬ ing,
and Mayo Shattuck of the
can
disarm and keep disarmed
ery and the Office of War Infor¬
curity for the common man—that cording to the United Press, Sen¬ Boston Bar, well known in trust
those parts of the- world which
mation gave notice ten days ago
blend of liberty and unity which ator Thomas of Oklahoma sought circles.
There
will
be
several
break
the ' peace.
Also
that it would be presented, calling would
is the bright goal of millions who to
advance
the House-approved panel discussions — on wartime
it "an important address on ques¬ mere must be machinery for pre¬ are
bravely offering up their lives bill by making it a rider to an personnel problems, under the di¬
tions of the peace and post-war
senting economic:warfare and, en¬
on the battle fronts of the world,"
Administration
sponsored bill. rection of William Powers, A.B.A.
hancing
economic
peace
between
problems.";.
"£V" '/
'
These, advices, said:
"He intro¬ Director of Customer and Person¬
aations.; .Probably there will have
(; The Associated Press advices,
duced the legislation which would nel Relations; on trust economics,to
be an i international, court to
as given,in the Baltimore "Sun"
include all: farm labor, costs in under the direction of Dr; Paul
make decisions in cases of dispute.
pointed out that Mr. Wallace sug¬
computing parity, as an amend¬ F. Cadman, A.B.A. Economist, and
And an international court pre¬
(Continued, from first page)
gested as the guiding principle for
on
taxes, under the direction of
of ? t world employment; before negotiating ment to .a bill; which would add
international
organization . after supposes some kind
$5,000,000,000 to the Reconstruc¬ Charles H. Mylander, Vice-Presi¬
the war "the maximum of home council, so that whatever world with ; the
union because in his
tion Finance
Corporation's bor¬ dent and Trust Officeir of the
ystem evolves will have enough rapidly expanding operations he
rule that can" be maintained along
Huntington National
Bank, Co¬
with the minimum of centralized flexibility to meet changing .cir¬ never knew when that stage was rowing ; power.'": • 1 : '■■//>
the details, but we can

begin now

Farm

back

must

think about some of the guid¬

ment, with

Parity Bill Fails

Of Action In Senate

;

authority that must come into ex¬

The advices added: '
"The objective would be four¬

tection.";
V

fold:

( : "To preserve ,thediberty, equal¬
ity, security and unity of the Uni¬
ted Nations—liberty in the polit¬
ical
;

■

"Equality of opportunity in

in¬

busi¬
interna¬

"Security against war and

depression due to

ness

tional

causes.

"Unity of purpose in promoting
the general welfare of the world.
"Discussing what to do with the

nations, he advocated
not only militray but 'psycholog¬
ical disarmament,'1 : "
; "
Mr. Wallace observed that "it

defeated

to discuss
particular

Is especially appropriate
this
subject on this
:

date; because it is the birthday of
Woodrow Wilson, who gave up his
health and eventually his life in

"The aim would be to preserve

equality, security and
of the-United Nations—^
liberty in a political sense, equal¬
ity of opportunity in international'
trade, security ; against - war and
business depression due to inter¬
national causes, and unity, of pur¬
the liberty,

unity

the 'general

promoting

pose

welfare

trade.

ternational
(

;

sense.

arise.

cumstances as they

give the necessary pro¬

istence to

the world."

"In other words, the

maximum

the

•

aim would
rule

home

with

be maintained along

hat

can

minimum

centralized au¬

expect guaranties against military
Sr economic aggression from other
rations

must

elves.

give
will not- be
aggression our-

must be willing to

guaranties that
guilty of such

recognize, for

example, that it is perfectly jus¬

generation ago, tifiable for a debtor, pioneer nathe world's peace ,ion to build up its infant indus¬
tries behind
a
protective tariff,
through united world action." %
Continuing, he said: "At that but a creditor nation can be justi¬
lime there were many who said fied in such policies only from the
that Wilson had failed.
Now we standpoint of making itself secure
in case of war."
r
■>*"
know that it was the world that
With respect to economic re¬
failed and the suffering and war
preserve

■>

of the last few years are

alty

the pen¬

is paying for its failure,
we think
of Woodrow

"When

only for

Wilson,- we knew him not
his

effort

built

permanent

but for the progressive
leadership he gave our country in
the years before that first world
War.
' The • 'New
Freedom' for
peace,

Woodrow

which
was

Wilson

fought

the Roose¬
1933 and of

the forerunner of

Deal'

velt

'New

the

world-wide

which

•

new

democracy

the goal of the United
this present struggle."

Nations

Saying that the task of this gen¬
eration

"is

affairs

that

so
no

to organize human

Adolph Hitler, no

power-hungry warmongers, what¬
ever

their

nationality,

can

ever

again plunge the world into war
bloodshed," the Vice-Presi¬
dent said that soon the nations of

and

the

world

will have to face the

of whether the world's
affairs can be so organized as to

question

date

Dec.

AssocL

lumbus.

j '
perturbed ated - Press Washington accounts
said: "Inspired by the testimony
both;;- the^CI0 ; and r'i the AFOL,
of
Federal
Loan
Administrator
however, is the Board's belated
Jesse Jones, at a .closed session of
contention ..that the Wagner Act;
the Banking Committee that the
Instead ,of strengthening the hand
RFC had no recourse but to make
of the union in its pursuit of the
funds available when the BEW
closed
shop
agreement, really
issued
a
directive,
Republicans
weakened/ it. The Board is now
demanded an amendment which
saying that if: either fhe CIQ or
would /require
prior
RFC ap¬
the AFOL goes .out on its own
enterprise and negotiates a .closed proval of expenditures before the
BEW could embark on new proj¬
shop agreement, the Board feels
ects.
free to; set it aside; Yoil can imag¬
"Last-minute
efforts
by Mr,
ine that both CIO and AFOL are
Jones to compromise this contro¬
beginning to wonder just what
sort of .a
labor Magna Charter versy were reported to have met

has

What

■:

construction,

the

Vice-President

raid that "maintenance of

full

em¬

ployment and highest . possible
level of national income should
be the

the Wagner Act .was..
There

are

some

-; ;

observers, who

added:*

,«,

the

disturbance

yards,; and
amazed

right

ahead

storm.-

its

have been

There

tenacity

the

in
is

•

over,

The

not
-

"the war will have been

Makes Xntas Grants
$136,937

ing
New

York

total¬

disbursements

Christmas

the

made by

were

Trust:

Community

"This," said Ralph Hayes,
Director, "was the largest volume
of outpayments the Trust has ever
made in one day.
The holiday

Dec. 24.

them

were

made

Most

106.

numbered

grants

near

New

York, but appropriations went also
to agencies in 15 other cities in¬
cluding Baltimore, San Francisco,
Washington, Seattle and San Di¬

was

going

tion

the

face of the September
feeling

that the Board hopes, to

now

ride the

proposal to redefine

parity so as to include labor costs
was bitterly contested. The House
had- first approved its inclusion

popular wave against the closed
shop. The catch, of course, is that but, after President Roosevelt had
the-Government is encouraging voiced his "unalterable opposi¬
closed; shop agreements, and the
Boardr' itself does not- definitely

The turn of events is

giving be¬

tion"

any

recomputation

fixing* maximum prices for
commodities the President
directed to modify them if

lated

justification >to

fought to be kept in mind:

This country

The previous action by Con

Clinic

there, finance a research
project in nutrition and provide
and

obstetrical

New

York,

Brooklyn

settlement

its

nurse

was

and

San

paid; Henry

Settlement received $6,568

Street
for

gynecological

the Y. W. C.

museum.

work,

visting

service and music school.

"Other

farm
was

$10,667;

grant of $10,000 to Johns Hopkins
Hospital will benefit the Woman's

of Francisco, $9,750

parity,
a
compromise< proposal
was worked out with the Senate
under which it was agreed that
in

totaled

San Francisco

Economic Stabiliza¬
Act was being debated last

.When

those few
quickly private s enterprise
the ceiling prices failed to reflect
veterans of the AFOL who didn't
gets back into - peace-time pro-:
want any part of the Wagner Act the increase in the cost of farm
auction
and sells its
goods to
Parity,
in the beginning. They were de^ labor'since Jan. 1, 1941,
peace-time i markets
here. and
nounced at the time as reaction¬ below which farm price ceilings
abroad, the more quickly will the
cannot be computed, is a price
level of government war-time ex¬ ary; Vas not really having labor's
interests at heart. They are cack¬ level calculated to give farmers
penditures be reduced. No coun¬
a return for their
crops compar¬
ling to themselves now.
try, through its own efforts or in;
able to a past favorable period,
co-operation with government, is
All indications point to the de¬ usually 1909-14.
able to maintain full employment.;
The Office of Price Adminis¬
termination of a strong element
Let us hope that the best thought
tration had estimated that, if the
in the new Congress to pry into
of both business and government
lend lease operations, and just as parity formula was revised to in¬
can
be focused on this problem,
clude farm labor costs, it would
which lies at the heart of our strong determination on the part
of the
Administration together add $3,000,000,000 to $3,500,000,000
American
democracy
and
our
with a portion of the conservative annually to the over-all cost of
American way of life.".'
Mr.
Wallace
also
stated that press to prevent it. There is this living,

Trust

pass

Kaiser formula.

the

into

observers

discourage them; it is mostly in¬
government."; sisting upon the right of passing
;
; ;
■.V-v.:V■
1 upon them. : ;

'war

!Y Ccmrcoily

this session."
ego.- Among a variety of social
predicted that, had the services assisted, health and hos¬
passed
the
Senate, pitalization,,: negro welfare and
its part that in- attacking closed legislation
President Roosevelt would have children's aid were outstanding.
shop agreements it will have the
vetoed it as he had previously The advices in the matter added:
public on its side. The Board has
"Allotments for four Salvation
been- -the, subject .of
plenty of expressed his opposition to any
abuse and criticism for injecting change in the farm parity price Army operations in New York and

see,in the Board's rearing of its
head at this time,: a conviction on

joint responsibility of pri¬

"When

of Repub¬
lican leaders that the bill would

with the flat statement

vate business and of

■

.greatly

thority that must come into exist¬
ence to give the necessary protec¬
tion.
We in the United States
must remember this: If we are to

the first attempt, a
to

Under

reached.;/.'//;;^/^

recipients of the Trust's

Christmas payments included

$4,750;

Scouts,

Cross,

American

Girl

Red

$4,700; Travelers Aid So¬

ciety,

United

$4,450;

Hospital

Fund, $4,051; Community Service

Society, $3,234; Florence Critten¬
den

Home, San Francisco, $3,150;

Metropolitan

Opera

Association,

$3,000; Lincoln School for Nurses,

$2,950;

Colored

$2,600,

and

Orphan Asylum,

Children's

Aid

So¬

ciety, $2,600."
i

gress on

in these

this matter was reported

columns Oct. 8, page 1268.

THE COMMERCIAL & FINANCIAL CHRONICLE

President

accompanied this activity and are
becoming more accentuated, there
being a progressive narrowing in

Signs Federal Overtime Pay Bill

the field of non-essential
tion

On Dec. 24 President Roosevelt signed the
resolution, approved
by Congress before its adjournment, providing for pay or salary in¬
creases for some 1,500,000 or more civilian
employees in the Federal

service.

the

time the President

same

"reduce personnel wherever
work schedule of six days, 48
field

from

Most

workers

will

affected

receive overtime

the

must measure all government activities against the grim standards

beyond 40 hours weekly.
A flat
10% raise will be granted to sal¬
aries

which

lend

not

them¬

overtime

computation.
Nb increase will be granted that
would raise any salary to over
$5,000 a year and overtime pay
will

be calculated

only

base

$2,900.
The

relieve Federal

designed

was

workers, including

postal employees, who heretofore
were
not compensated for extra
work.

does

not, however af¬
fect labor in arsenals, shipyards
and
other
government-operated
industries, who will continue to
receive
The

overtime

for

extra

work.

legislation, in the form
resolution, was passed unani¬

new

mously by the Senate and House
Dec.

15.

The increases would

be retroactive to Dec. 1, and will

comprehensive legislation.
Pass¬
age of the legislation came after
President

Roosevelt

had

with

the

whole

field

permanent

harm

health

security of

and

vidual

citizens;
be

must

days..'

executive

order

defining the
regulations governing the over¬
time pay.
Reporting this, advices
the

New

York

bune," from its
bureau, said:
"The

order

"Herald

Tri¬

Washington
that

"each

fighting
other

year

merchant

reduced

livered.

measures

program total of 300

vessels

have

type

the

already

de¬

African

victories

the

British

organize their army has been Canada's contribu¬
efficiency.
tion to operations in that area of

"Although we have made great mechanized military vehicles es¬
strides in converting the govern¬ timated at 40,000 units.
The total
ment to an all-out war basis, I am output
by automobile, manufac¬
not satisfied that we have
turers of military vehicles during
ex¬
1942
we

have stripped government activi¬
ties of
every nonessential,
that
work

will

about

215,000 units.

The value of communications and

signal

equipment

Canada

this

produced"
will

wear

is not being than $100,000,000 and plans are
duplicated in another, that we are laid for its expansion to
$250,carrying on our work in the war 000,000 in 1943.
and so-called
non-war
agencies > "The demands of expanded in¬
one

that

irreducible

most

with
of

and

quickest

only

the
work

paper

'red
.

Plans For

expecting you, with the
employees from the
your agency,

Oliver

of Commons

Britain

Dec. 16 that Great

and

the

opportunity for im¬
have agreed on
proving the speed and efficiency
soaring output
your operations, and to con¬
shipping, tanks,
serve
manpower,
materials and
ments in 1943,
money."
>
>."
,

It is estimated that the increases
will add about $108,300,000 to the

the

five-

sources

for

United

States

allocation of their

raw materials,
planes and arma¬

pooling; their

the

common

re¬
war

against the Axis.

Reporting
Washington,

his recent visit to

where

conferred

with

House

explained

and his overtime compensation, to

the Associated Press:

$5,000

per

Representative ;, Ramspeck
Ga.), Chairman of the
Civil

"1.

Service

the

resolution

an¬

sation, the

Committee,

provisions

the

follows, according

Extends provisions for

time

"To compute overtime compen¬

pay for 52% of
civilian
employees.

over¬

all Federal
The

extra

provision, which expired Nov.
30, is based on slightly less than

the

time-and-a-half for hours worked

employee's
the pay for

for

one
day
day shall be

pay
one

considered to be 1-360 of the

ployee's
The

per annum

order

departments and

excess

"2.

em¬

heads

agencies to

of
es¬

the

pro¬

remaining 48%, ex¬
on a fee, mileage

cept those paid
or

other

some

basis

step

her

enable

effort

war

Britain
much

one-third,
and
permit
the
Allies to bring "the optimum im¬
pact upon the enemy."
According to the United Press
advices from

London, Mr. Lyttelreport included these high¬
lights:

where

def¬

tablish

"1.

Combined

tially
weight
which

the rise in the cost of

living
by
providing
earnings
for
more
longer hours,"
The

measure,

increased
work
r

added,

and
*

also

"recognizes the acute manpower
shortage and, as a wartime neces¬
sity, removes the peacetime lux¬
ury of the Saturday half holiday."
In

directing

exceed

tons

20,000,000

six-day. 48week, Mr. Roosevelt said in

hour
a

time and

departments
and
agencies, the adoption of the 48many

hour-week will represent a fourhour
increase
in
the
working
schedule.

.permit
.in

Obviously,
reduction

this

will

personnel

agencies and eliminate
the necessity of filling vacant po¬
some

you

take

about

are

pay¬

will

receive

less

his

holding

increase, regard¬

hours.

elective

jobs

persons

get

in¬

—

colossal

represents twice

for

Unprecedented Activity

inating industry to

such

ex¬

tent that the
Government has be¬
come the
purchaser of more than

50%

the

entire

production of
Bank of Mon¬

personnel requirements."

your

states:

"Marked shifts in business have

minimum

pro¬

imports

from

import,program

"4. The

Canada is ending a year of un¬
precedented business
activity with
the output of war materials
dom¬

the

British

was

reached.
two

their

escdrt

nations

vessels

and

amount

munitions,
items
will

the

Navies.
reached

were

of raw

equipment

which

com¬

building
allotting them

American

Agreements

the

will

for

program

British ,and
"5.

materials,
and

United

other

States

ship to Britain.",

The

same

"Mr.

advices

the

fact

despite

mains

give

balanced

and

stress

the

civilians

healthful

diet.

ful

diet

to our
people, our food
fairly and equitably dis¬
Rationing is a means

tributed.

It is

means

see¬

small minority does not
waste food at the ex¬

rationing

the

When

us.

know

that

said:

that

rationing

gets enough to eat."
ing that production
that

rationing

of
of

building

some

While say¬
records are

cause

"food

States

necessary
be¬
from
the
United

playing

tremendous

part in the war strategy of the
United Nations"- and that "next
year

armed

our

forces

and

fighting allies will

need

quarter

food

duce."

Mr.

all

the

Wickard

was

pro¬

\y>'

preceded

program

will

"The

country and
shop for the

may

any store she likes.

point

new

processed

'currency'

foods' will

repre¬

by the blue stamps in War
Ration
Book
2, which contains
both red and blue stamps.
There;
total of 96 blue stamps and a

are a

numeral

the face of each shows

its point value.
bears a letter

1 Each

the

stamp also
alphabet.

These letters designate the ration'

period when stamps may be used.
"For example, all blue stamps
bearing the letters A and B; or A
through F; or any other combina¬
tion, might be designated for use
during a specific period.
Since
each

letter

of the alphabet ap¬
stamps totaling 16 points'
'8,' and '5,' one '2,' and

pears on
—one

—

the

letters

made

valid

period determine the
number
of
points that may be
spent to buy the rationed foods.
If only A and B star, ps were val¬
any

one

idated, only 32 points could be
during the first ration pe¬
riod,, while if stamps marked A
through F were designated, the
spent

holder

would

have

spend.
"There

points
;■/

three important facts

are

to be remembered in this connec¬

tion:

/■'

"1.

The total number

that will

Office

the

for announcing
fruits and veg¬

reason

far

ahead

the

was

date

points

each

modity according to its supply at
the time the ration period is an¬
nounced.

"2.

Possession of points merely
you to
buy your share;

entitles

must

you
and

for. the

pay

merchandise,

usual,

rationed

in dollars

cents.

"3. The housewife has
complete
She can spend

freedom of choice.
her

points

any

value

course,
will have

and

she wishes,
the items that

way

although, of

higher point

hence will

points faster."

use

her

■

Both

Mr.

Wickard

Davis joined
•

public

and

Mr.

in appealing to the

refrain

from

hoarding

before the rationing is begun.
In a statement issued Dec. 27
Leon Henderson, Price
Admin¬

istrator, said the food
system, is expected to

rationing

begin in
February and that, in the mean¬
time, full information on the me¬
chanics

the

gotten

salers,

ration

plan

processors,

retailers

and

Closing Dates For 1943
Cotton Insurance Extended

because

new

system of point rationing
will take longer than usual to
get
operating.

be allotted

of the foods to be rationed*
Points, will be set for each com¬

are scarce

the

must

whole¬

public.

Embraced in the broad categories
of rationed items are more than
200 kinds of fruits and
vegetables,

Cotton farmers in most parts of
United States will have
15

the

days in which to apply for
Crop Insurance on their

Federal
1943

cotton

1942

crop,

than

crop,

their

the U. S. Department
Agriculture said on Dec. 31.

Extension of the closing dates for
insurance applications
in many
of the

cotton

states

made

was

recommendation

upon

cotton

growers and Agricultural

Adjust¬
Agency farmer committee¬
men, said the Department, which
ment

added:

"Because of seasonal conditions,

closing dates
In

states.

Kings

in the several

vary

the

County,

Tulare

Lake area,

Calif., Dec.' 31

juices and soups, and a great va¬
riety of brands, grades and sizes
and
shapes
of
containers, Mr.

the deadline date. The next dead¬

Henderson

ley, Texas.

said.

went

"The
chase

mechanics

tutions,

the public
simple.

their

pur¬

under

the

few

minor exceptions,
individuals living in insti¬
a

every

member of the civ¬

have

from

the

oldest

new¬

inhab¬

exactly the

same

planes," he said, "is being stud¬

April

All other closing dates

March

15,

"Applications for
tion

are

itant will

transport ied."

line date is Feb. 15, in four coun¬
ties in the lower Rio Grande Val¬
fall

explain:

for

sented

Elmer

■

identical

Information, who explained
rationing

the

■'

radio

our

about

population

number

infant

question

housewife

being broken, the Secretary stated

ilian

year
will be higher than
figure previously discussed.

during

of any

foods "is the best and fairest
way
to be sure that every American

born

Britain

for

Dec.

aircraft, to

fruits

conserved,"'

civ¬
ilian has not yet been
determined;
nor
has the specific point value

allocation
next

support of the American people."
'Secretary Wickard explained in
a
nation-wide radio address on

"With

Lyttelton

stocks

family in

comparatively

few foods that need to be distrib¬
uted in
this manner will have

the

in every store in the

our

'•'Point values

one

well-

get this well-balanced and health¬

such

"The

would

that,

gave no figures
plane
production
but said the American

greater

heavy
needs for food on the
fighting
fronts, our total output is so large
that more than
enough food re¬

program

expected

any

"With respect to the total food

next year,

expected

it will go into effect

Mer¬

the United States. Definite
agree¬
ment on the

bine

Canada Ends Year Of

out

carry

gram

and

He added:

are

situation, I

etables

total

the

Sufficient
American
ship¬
ping will be allocated to Britain
to

reduction

pro¬
dried

available for each person in
1943,
as
compared with an average of
about 46 pounds a
year from 1937
to 1941.

the

cantile tonnage contrqlled
by the
United
States before the war."
American production will include

creases."

the country, the
expecting treal states in its "Business Sum¬
immediate steps to mary" dated Dec.
23.
The Bank

sitions in others.

bring

increases

$2,900 of an
employee's salary, and that an
employee making $5,000 or more

memorandum:

"For

10%

able only on the first

vegetables

that

dead

"3.

department heads

to institute a general

our

"On the average, 33 pounds of
or dried fruits and

War

meets

canned

Davis, Director of the

Anglo-American

a regular work
week, that inite work hours are not stipu¬
is, official hours of duty for each lated.
a higher
employee or group of employees.
proportion of faster ves¬
"3. Grants a 10%
increase to
In approving the
sels.
:
pay-rise legis¬ employees not on an hourly
basis,
"2. The United States will al¬
lation, on Dec. 24, the President including
postal
workers
em¬
said
that
it
is
a
"major, step ployed on a mileage or other fac¬ locate to Britain a definite num¬
toward
ber of various types of
setting the government tor, and to
aircraft,
employees in the legis¬
personnel situation in order" and lative and
including a
"very
substantial"
judicial branches.
one
which
"removes
inequities ; "4. Provides that both the over¬ proportion of transport planes.

and

dried

that

soon

and

number of points to spend

This

canned, frozen,

the

ton's

shipbuilding in 1943 will substan¬

week.

Brings under overtime

visions

salary.

empowers

pay

will

pay for one hour shall
be considered to be one-eighth of

and

one-third

fruits

eaeh ration period. These
periods
will be announced in advance.

nation

Lyttelton, British Pro¬
the whole-hearted
acceptance and
Minister, told the House

composed
of his basic rate of compensation
of

this

Nations.

that

gregate

rate

for

pense of the rest of
fact is realized I

rangements

needed

men

to that end.

Pooling

for

US-British Resources

begin immediately a continue
duction
ing review of your activities, to

payroll
month period.

production

American production offi¬
cials, Mr. Lyttelton said the ar¬

;

urgently

must be

en¬

(Dem.,

exceed

the

military purposes," Secretary

hoard

employee shall be paid only such

num.".

among

United

over

ing that

your

top to the bottom of

way

necessitated

absolute

tape.'-'
"I

dustries have

employed,
and largement of the
doing our job in the electric power."

effective

possible

minimum

fully

are

agency

overtime compensation or portion
thereof as will not cause his
ag¬

compensation,

are

Wickard stated.
•;

....

„

"A material factor in the North

neces¬

hausted all the possibilities.
"I wish to be certain that

for

10,000-

been

work for maximum

Federal

states

most

and

agencies—military

to seize every

•

foods

ship¬

the program now calls for a total

ton

Congress could not act within

On Dec, 28 the President issued

The

they

building
output
has
increased
20% in the past three months and

services

and civilian—must take all
sary

indi¬

eliminate every non-vital service,

few

1939.

history,

the

than 70 of

future

our

many

provided

all

the

help of

canned

total supplies of canned fruits
dried fruits are the
largest

and

production

military purposes make.it essential
Secretary Wickard said.
"While^
our

war

requirements

duction

Federal

renew

aluminum

world

peace

stop-gap
legislation, and suggested that he
be
delegated authority to deal
with pay and hours of work if

rather than

pay,

produce

can now

than the entire

•

"Increased

fruits and vegetables is
being used
by the armed services; during
the coming year
nearly half of
our
production will
be
needed

minimum

called

Congress to deal realistically

upon

Many activities, de¬ expenditure of $900,000,000. Can¬
Itimes, must be ada, since the war began, has
eliminated, - provided only that launched 300 combat vessels apd
such eliminations do not result in 1,100
smaller craft,
and more

personnel

government pay

canned, dried, and frozen fruits and vegetables
machinery for rationing can be set up.

will revise the
schedule in more

war.

with

interim,

of total

continue in effect only until April
30.
It is expected that Congress,
the

•

sirable

standard;

measure

At this time

adds:

R. Wickard announced on Dec.
of Price Administration to ration

27 that he has directed the
Office
all

and

manpower

System

Secretary of Agriculture Claude

business

panded seven-fold since the
began and

ning of the

basis of time-and-a-half for work

selves

memorandum

the

war.

bank

To Be Rationed Under Point

extension

war

"Canada's
plant
capacity for
producing aluminum has been ex¬

''The Federal Government must
concentrate on one task, the win¬

which further stated:

commodities,

The

possible," and to establish a minimum
hours a week, for both departmental and

Washington Dec. 24,

concurrent

influence

Canned, Dried, Frozen Fruits, Vegetables»

produc¬ i

services."

services.

counts

and

the

over

asked Federal agencies to

Saturday, underf>
the new legislation is made a full'
The
President's
work day, said United Press ac¬ further said:

bill

Thursday, January 7, 1943

crop protec¬
signed before plant¬
before the final date in

must be

ing and

the county where the farm is lo¬
cated.
"In

eral

1942, the first
cotton

crop

year

of Fed¬

insurance,

ap¬

proximately 172,000 farmers in¬
sured their cotton
crops. This cov¬
erage

the

represented

nation's

cotton

about

11%
farms."

^Volume 157

Number 4140

McNutt Streamlines
A

and streamlined organization of the War

new

announced

was

Dec.

duction Board, Secretary
Morgenthau authorized production of the

Manpower ControlsOperating Divisions Set Up

Five
mission

THE COMMERCIAL & FINANCIAL CHRONICLE

Taking full advantage of the broad

zinc-coated

Paul

McNutt.

in addition to the Bu-3>—

of Selective

reau

ally

—

Service, origin- :n}ent»

announced,

these

the

sional

bureaus

of profes-

scientific

manpower,

and

WPB

also quote:

"Th? Office
Director

has

Under the

of
been

manager

istration

and

ecutive

and

will

two

directors,

have

the

"At the

ington

offices

their

for

and

the

order

much

(b)

McNutt's

action

regarding

Dec.

allocation
for

action in

local

genthau

established

specifications for

"It is
community, not ip
where war jobs are
time

Mr.

McNutt

tegic

metal.

Dec.. 24
wartime

action

"In the Office of the Executive

ments

following

(gen¬

and

eral

personnel), and Byron
(field management).
;
"Budget
and
Administrative
Planning
Service,
Leonard
Services, Har¬
Dotterer, Chief.
"General Counsel, Barnard C.

Service, Philip S.
Director of Informa¬

reaus

"For

the

bu¬

follows:

are

operating
of

Bureau

Selective

Maj.-Gen.
Lewis
has already been

Service,
Hershey
nounced

director.

B.
an¬

For

the

Bureau of

Program Planning and
Review, William Haber is direc¬
tor; for the Bureau of Training,
Dr. W. W. Charters is acting di¬

rector; for the Bureau of Place¬
ment, Glen E. - Brockway is in
charge. No director is announced
for

the

tion;

Bureau of

Gen.

the

William

tinue

Chief

Labor Utiliza¬

meantime,
Rose
of

"Major
operating

Brig.-

will

the

Table Division in this

con¬

Manning

bureau.

responsibilities
divisions are

of
as

will

operate

heretofore

along the lines prescribed by the
Selective

Service

coordinate

its

Act.

activities

Placement Services and

fices of the War

mission.

with

will
the

other, of¬

Manpower Com¬

"The Bureau of Placement will

have

responsibility for

industrial

employment, agricultural employ-

tougher policy.

Rationing Boards
to

examine

and

care

rations

throughout the

duce

conversion

War

coin

savings

Stamps and Bonds,

otherwise

to.

divert

business channels.

designed

them

into

The program,

initially

to
increase
available penny stocks for
holiday
needs, while the changeover to the
metal

new

proved

being

successful

adopted

wartime

being
as

made,
that

has
it

continuing

grant

restricted do

minimum.

not to issue

the

viously

case

asked

except

traordinary

are

tne

most

"Banks

policy.A
\
throughout the country

have
to

given substantial

the

assistance

campaign to increase cir¬

culation of outstanding
coins,
Ross said, many of them

Mrs.

carrying

extensive publicity programs
in their communities at their own

expense.

stations,

Many individuals, radio
and commercial estab¬

have helped.
huge volume of correspon¬

dence received at the Mint attests
schools have

participated.

"Since the coins, upon reaching
the banks, have been packaged

promptly and reissued to fill busi¬
ness

the
from

needs,
number

actual

figures on
pieces attracted
available.

hiding are
"Legislation authorizing a
change in the penny was signed

last week by President Roosevelt.
With approval of the War Pro¬

leaders, Eisenhower's

Darlan, who, formerly

cifcumstances.

Value of "B"
cut

from

and

four

"C"

ex¬

coupons

three

gal¬

lons each in the 17 Eastern States

the

critical

At the

supply

same

situation

inflation in coupon

any

•

"The

Board

25%

with the

reduction

sumption in

ail

treme

hardship

caused

by such

tion,"

must, reduce

ration in line

issuance

be prevented.

must

invasion

result of the

of -North

succeeded

was

sity for

mileage

require

each

fully

con¬

where

ments

The

proof
the

neces¬

boards
,

will

to meet
and al¬

transportation require¬
supplemental rations.

reduction

duces

three

"B"

gallons

political

arrange¬

Admiral Darlan

"temporary expedient," appeared
in

our

issue of Dec. 10, page 2071.

Africa,

France

but

and

her

aim:

one

formal

RFC War Activities

Dec., 27
by
Honore
Giraud,

empire;
Victory."

Over $18 Billion
The

activities

war

construction

purchase contracts and other

Re¬

com¬

mitments, Secretary of Commerce

statement

and

Congress.

The RFC

gram was carried out

activities

poration,
poration,

Defense

His

statement

follows:

Nations

Rubber

agree
with
Nazism and fas¬

statement.

Corporation

Co.,

other

the

Associated
on

cism and

and

Co.,
War

well as RFC
all the capital

owns

cor¬

Cor¬

Reserve

stock

advices

Plant

Company,

itself, which

will

pro¬

Supplies

Metals

Commercial

war

through the

Defense

Reserve

Damage

"The cowardly assassination of
Admiral Darlan is murder in the
first degree.
All leaders of all
that

the

Corporation
have aggregated
$18,289,576,761 as
of Oct. 31 in
loans, investments,

Dec,

United

Finance

24, President Roosevelt denounced
the assassination of Admiral Dar¬
lan as "murder in the first de¬

companies.

Press

Dec.

Washington
reported: Mr.

military despotism hold Jones said the Defense
Supplies
otherwise,
I hope that speedy
Corp. had contracted with 28 com¬
justice will overtake the mur¬
panies ; for the : operation of as

derer

murderers

Darlan."

Admiral

Secretary of State Hull
26 said the assassination
odious

and

cautioned

cowardly

that

"we

Dec.

"bn

was

act"

but

not

di¬

from

the

plants

many

produce highHe dis¬

octane aviation gasoline.
closed
that nine of
12

govern¬

ment-financed

plants for alumi¬
production already were in

num

"at least partial
production," un¬
der commitments totaling
$737,objective in the present
391,674, and asserted the stock of
battle against the Axis forces for
aluminum in this country totaled
the control of the African con¬
more than
280,000,000 pounds, ex¬

verted, for

moment

tinent

and

the

coupon

also

Mediterranean."

He also said that the part
played

by Admiral Darlan

marily
and

the

"related

pri¬
situation

military

of incalculable aid to the

was

Allied armies in the battle which
is still raging."v -

Lieut.

Gen.

hower,
Chief

Dwight

D. Eisen¬
Commander
in

Allied
of

the

North

African

Ex¬

peditionary Force, had made the
political arrangements with Ad¬
miral

Darlan

for

lives

and

saving
With
the

respect

French

Dec.

the

purpose

time.

the

African

ing themselves
President

the

V :

action

people

of
:

mileage possible in
books.
Supplemental "B"

of that

He said

ment-financed
in

were

some

held by manufac¬
12 to 16 govern¬

magnesium plants
stage of operation

under commitments

074,007.

totaling $422,-

ally¬

against the Axis,

Roosevelt

declared

16 that since the

8,1 the

Africa

"shave

themselves

Secretary

and

361,220.

North
allied

the side of liberal¬

The

wartime

ciation

will

ment

statement

made

this

;

•
com¬

releasing the text of a
by Admiral Darlan re¬

conference

of the

Dry Goods Asso-;

open

the

Hotel
on

Jan. 11 and continue through Jan.
15. At the opening session, Sena¬
tor

Murray

Business

President

Retail

Pennsylvania, New York City,

stands

V':,/:";/A

And Post-war Problems

government."

the

synthetic Tubbeif
facilities
at
$564,-

landing of National

people
of
definitely

estimated

the

Discuss Small Business

ism against all for which the Axis
in

all

plants

Anglo-American expedition¬
force'in French Africa on

Nov.

The
cost

Chairman

(Dem., Mont,),
of the Senate

who
Small

Committee, will talk

"Must the Small Retailer Commit
Suicide?"
,

The

NRDGA

has

set

aside

one

nouncing any personal ambition entire session
(the morning of
leading North and West Africa Jan. 14) to the discussion of
plan¬
against Germany and Italy and ning now for the post-war
period

into the ranks of the United Na¬

and

tions.

nent speakers to address the

Admiral

Darlan's

state¬

re¬

the

clusive
turers.

The

with

Allies, the success of Jesse Jones disclosed on Dec, 15
Only
one
thing in a report to President Roosevelt

ex¬

not

straight reduc¬

applicant
ride-sharing

the

ternative

value

our

armies.

addition

ments

.on

Henri

port of
our

ary

would
a

the

necessary

gasoline

cases

car¬

supreme

;;

was

the

number of coupons
that granted pre¬

excess

ex¬

supple¬

French

was

•

with

be¬

to the enthusiasm with which the

"The Bureau of Selective Serv¬

and

un¬

boards.

lishments

the
fol¬

lows:

ice

war-necessary metals
be reduced
substantially.

into

tion.

the

continued.

Nation have joined this month in
the Treasury's
campaign to in¬

"Information

"School children

Coun¬

"Chiefs

early last week

petroleum situation.

The Treasury Department's an¬
nouncement further stated:
:

sel, Lt. Col. Edward F. Shattuck.

Broughton,

mileage tables,

General

will

can

"Administrative

Associate

sup¬

Commenting on the revised in¬
lieved that by increasing circula¬
tion of coins already minted, de¬ structions, Leon Henderson, OPA
Administrator, said that in view
mands for

ATIearn, Chief.

Gavit.

new

renewals, the boards

and

use

Mitchell

old

"C"

time, the issuance of new "B"
Nellie-Tayloe Ross, Di¬ and "C"
supplemental rations, or
rector of the Mint, said the new
their renewal, was suspended ex¬
one-cent piece will be in produc¬
cept where hardship is.. proven,
tion about Feb. 1.
At the same
until revised mileage tables and
time, Mrs; Ross said that the cam¬
new
instructions could be pre-?
paign to draw outstanding coins
pared and distributed to the local
out of hiding and into business

"Acting Executive Director, Ar¬
thur S. Flemming.
"Acting Assistant Executive Di¬

Allied

gree."

Mrs.

rectors, Robert M. Barnett

suspended after Jan. 1, 1943."

appoint¬

announced:

were

Only

was

counts:

design as the present and
the
District
of
Columbia
coin, which has been minted since about two weeks
ago because of
1909.
Coinage of the present the
increasing
gravity
of
the
penny, which is 95% "copper, is

Committee.

the

and

new-^application

absolute

siding officer of the Management-

Director,

new

page 2255.

being: instructed

mental

The

size

following staff:

V. Harper will continue
Deputy Chairman.
Arthur S.
Flemming will continue as pre¬

Labor

24,

"B"

new

treme

was

Fowler

the

"In the Office of the Chairman,

each

announced

the

Africa,

stands in government."
The President's
statement, say¬
ing that he had accepted GeneraL

Vichy's chief of armed forces
aligned himself
with
the

but

General

made in these

was

War Price and

Treasury De¬
partment stated that::
V\ ,v. v: '
"The order provides that
tjie
new
piece shall be of the same

::;.

der

are

new

The

from

reference to

resumed

was

taken under recently enacted
leg¬
islation designed to conserve stra¬

really done."
same

steel.

steel

completion of

one-cent coin to be made of zinc-

the

■

Issuance

17, page 2165.

coated

•

the

plemental gasoline rations in the
East, ordered held up pending

Secretary of the Treasury Mor-

com¬

was

military

26, with Ameri¬

and

United Nations

r "•

Worth 3 Gallons

man¬

munity," Mr. McNutt said.

dull

"B" & "C" Gas Coupons

Of Zinc-Coated Steel—

and

prompt

the

Dec.

Admiral

Three-Cent Coin Planned

will

given

was

British

can,

there

New One-Cent Coin To Be

in¬

cast,

become

Di¬

Washington,

blue-gray
to

protect

columns of Dec.

now

use

and

action

every

insure

and

military

needs,

local

will

one-cent coins

f—

ing to the

the

tend

manpower

taken

completed.
It
Manning Table

have
will

Utilization

power was made in these columns

herence to national policies relat¬

the

funeral

was

will

Previous reference to Chairman

"While there must be strict ad¬

decisive

been

includes

Labor

of in-plant employment
problems."
•

addi¬

•

dustrial

has not

regional offices to local

offices.

the

tech¬

analyses

tional
authority could be dele¬
gated to the regional offices and
from the

Bureau

will

Darlan,, who

old,

years
-

•

required from the field, and
how

maintain

The

penny

condemned the assassin to death and
the sentence
on Dec. 26.
<$>
*—

Admiral

3-cent

zinc-steel

Dec. 25

ried out

new

production.

office

Algiers.
He died while
The assassin, who was taken into cus¬

"Authority to make the new who also continues as commander
coin expires Dec. 31,
1946, but the of the French forces in Africa. In
order establishing the zinc-steel assuming full
military and civil
composition may be modified or powers, Gen. Giraud said: \
revoked at any time by the Sec¬
"I ask all to stand united be¬
hind me to assure, with the
retary of the Treasury."
sup¬

vision and is expected to include

the volume of paper
of reports

the number

determine

activities

and

consulting service.
"The
detailed
organization

study
(a)

statistical

con¬

given

1889.

his

weigh slightly less than the cop¬
per coin, 41.5 grains, against the
present 48 grains. Newly minted,

rust.

nical

Wash¬

all

make

operations

cut down

work

the

time, Mr. McNutt

same

instructions

respon¬

research,

data,

Commission

charge of

after

attending the ceremony in the Al¬
giers Cathedral.

ing

and relations with
agencies.
It will coordinate

war

whom

general responsibilities

management.

issued
of

market

ex¬

the

denomination

Darlan, French High Commissioner

Dec.

being taken to the hospital.
tody, was said to be of French nationality, but his name was
not
revealed "for reasons of national
security."
A court-martial on

3-cent piece, and, if

"The extremely thin zinc coat¬

compilation and relation of labor

field.

one

sible for all reports and

Admiral Jean

authorizes

with circulation.

"The Bureau.of Program Plan¬

ning and Review will be

also

this

which

training.
i

general

assistant

and the other will be in

field

training, vocational

charge of all admin¬
operations both in

Washington

will

the

law

"The

Executive

set-up the Execu¬

new

Condemns Act—Giraud Chosen Successor

the

was

tinues, consideration will

coin in

training, the National Youth Ad¬
ministration, the training-within.industry program, and apprentice
strengthened.
•

the

tive Director will be

There

and technical

From the advices of the

this

assassinated

new,

penny

employment in Government
Placement, the
Bureau of Training, the Bureau services.
/ "The
of Labor Utilization, and the Bu¬
Bureau of Training will
reau
of Program Planning and be
responsible
for
professional
Control.

that

United States last minted

and

the Bureau of

are:

practical material available

the demand for minor coins

—-

placement

officials

most

coinage of

re¬

—

Darlan Assassinated—Roosevelt

pro¬

Mint

"The

operating divisions.. The WPB

states that

after

at this time.

granted by the President's
recent Executive Order, Mr. McNutt
placed the many divisions, of¬
power

fices and services which have been added to the Commission in
cent months under full control of five

coin

longed experimentation convinced

Manpower Com¬

by Chairman

steel

ment, which had been communi¬

has

scheduled

four

promi¬
mem¬

bers.

cated

torthe President by -Lieut."Regional Planning and its Ef¬
Eisenhower,said that his fect on
Distribution and the Rer
sole purpose was "to^save French
an
"A" book, will now
provide
tailing Picture," will be the first
a
maximum
of
378
miles
of Africa, help to free France, and broad phase of the
problem, as
then retire to private life with
occupational
a
driving
month,
presented by George McAneny, of
the hope that future leaders of
instead
of
410
miles
as
the
Title
pre¬
Guaranty & Trust Co.,
France may be selected by the
viously.
Boards
cannot
allow
and
director
of
the
Regional
people
themselves
and
mileage above this ceiling unless French
Planning Association, New York.
by no one else."
the applicant belongs' tb the
pre¬
This will be followed by a talk
ferred mileage class, and ;is there¬
In making public Admiral Dar¬ on
"Preparing for the Return tb
for eligible for a "C" book.
lan's statement, the President said
Peace," by David C. Prince, Vicein an introductory
Dealers were instructed to turn
paragraph:
President, General Electric Co.,
over
all "A," "B," and "C" cou¬
"Since
Nov.
8
the
Leslie M. Cassidy,
people of Schenectady.
pons
which
they redeemed at North Africa have accomplished Vice-President and General Man¬
the
previous
four-gallon
value much in support of the war effort ager, Building Materials
Depart¬
by Dec. 22 to their suppliers. In¬ of the United
Nations, and in ment of Johns-Manville Co., will
termediate and licensed distribu¬
doing so have definitely allied speak on "Tomorrow's Housing
tors were given until 12:01 A. M.
themselves on the side of liberal¬ Opportunities."
Charles Polettj,
Dec. 29 to dispose of their fourism against all for which the Axis former Lieut. Governor and
pres¬
gallon coupons.
After that date
ent
interim
Governor
of
New
"B"

books

War
were

used

Price

and

connection

with

Rationing Boards

instructed

cou-

Gen.

from dealers or sunpliers at York State, will speak on "State
Policies and Post-War Planning"
three-gallon rate only.

pons

the

THE COMMERCIAL

FINANCIAL CHRONICLE

Thursday, January 7, 1943",
"In

Moody's Bond Prices And Bond Yield Averages Average Work Week In War industries Was
About 48 Hours In October, Labor Depti Reports
Moody's computed bond prices and bond yield averages are

given in the following tables:

Continued lengthening of the work week in war industries raised
BOND

MOODY'S

scheduled work week to about 48 hours in October,
Secretary of Labor Frances Perkins reported on Dec, 23.
"Weekly
hours actually worked in all durable manufacturing industries, where

the

PRICESt

(Based on Average Yields)
U. S.

1942-43—

Govt.

Daily

5
4

______

Dec.

Bonds

rate*

Aaa

Baa

R. R.

P. U.

Indus.

107.44

116.80

113.89

108.88

92.20

97.31

111.81

114.66

116.94

107.44

117.00

114.08

108.88

92.35

91.31

111.81" 114.46

116.85

107.44

117.00

113.89

109.06

92.35

97.16

111.81

31
__

•

25
24

107.27

116.80

113.89

108.88

92.20

97.00

111.81

114.46

107.27

116.80

113.89

108.88

92.20

97.00

111.81

114.46

116.78

107.27

116.80

114-08

108.88

92.06

97.00

111.81

114.27

116.78

107.44

117.00

113.89

108.88

92.20

97.00

111.81

114.46

116.78

107.27

116.61

113.89

108.88

92.20

96.85

111.81

114.27

tors as labor turnover

114.27

116.78

107.27

116.61

113.89

108.70

92.20

96.85

111.62

114.27

interval, reflecting the
drive for greater production and
actually worked
to average at
the
effort
to1 offset
manpower
least two hours less than sched¬
uled hours.
In October, there¬ shortages by working longer hours.
Workers on street railways and
fore, the average, scheduled time
busses
averaged
47.9
hours
a
was about 48 hours a week.
week, in metal mining 46.3 hours,
"All of the 49 durable-goods in¬
and in quarrying and nonmetallic
dustries reported increases in the
mining 45.7.
number of hours worked, more
"All of the nonmanufacturing in¬
than offsetting the declines of the
dustries covered reported gains in
preceding month when many em¬
average hourly earnings between
ployees did not work because of October 1941 and October 1942

108.88

92.20

96.85

111.81

114.46

108.88

92.06

96.85

111.81

114.27

116.78

107.27

116.61

113.89

108.88

92.06

96.85

111.61

114.27

96.69

111.62

114.27

96.54

111.62

114.27

111,62

114.27

_____

116.78

107.09

116.61

113.89

108.70

91.91

116.78

107.09

116.61

113.89

108.88

91.77

113.89

108.88

91.62

113.70

108.88

91.62

96.54

111.81
111.81

114.27

______

116.78

107.09

116.80

116.78

107.09

116.80

12
______

96.54

107.09

116.80

113.70

108.88

91.62

116.78

107.09

116.80

113.89

108.88

91.62

96.54

111.81

114.27

96.54

111.81

114.27

______

116.78

107.09

116.80

113.89

108.88

91.62

116.78

107.09

116.80

113.89

108.88

91.62

96.54

111.81

114.27

______

111.81

114.27

116.78

107.09

116.80

113.70

108.88

91.77

96.54

116.78

107.27

116.80

113.89

108.88

91.77

96.54

111.81

114.27

116.78

107.27

116.80

113.89

108.88

91.91

96.69

111.81

114.27

116.78

107.27

116.80

113.70

______

—

108.88

92.06

96.69

111.81

114.27

107.27

116.80

113.89

108.88

91.77

96.69

111.81

114.27

116.80

113.89

108.88

91.77

96.54

111.81

114.27

116.80

113.89

108.88

91.77

96.54

111.81

114.27

tries

108.88

91.91

96.54

112.00

114.66

hours, including five war indus¬
tries which averaged more than
49
hours:
Machine tools (52.5),

107.27

116.85

107.27

117.00

117.30

107.44

117.00

114.27

108.70

92.50

97.00

112.00

117.36

107.62

117.20

114.27

108.70

92.50

97.16

112.19

117.36

107.62

117.20

114.27

108.70

92.64

97.47

112.00

■

108.70

92.50

97.31

112.00

117.38

107.44

117.00

114.08

117.38

107.44

117.00

114.08

108.70

92.50

97.31

111.81

117.37

107.44

117.00

114.08

108.70

92.50

97.31

111.81

117.38

107.44

117.20

114.08

108.70

92.50

97.31

111.81

117.39

107.27

117.00

113.89

108.52

92.35

97.16

111.81

117.51

107.27

117.00

113.89

108.70

92.06

97.00

111.62

117.85

106.92

116.80

113.31

108.16

92.06

96.54

111.62

Aug. 28

______

July

118.11

106.92
:

116.41

113.50

108.16

91.77

96.07

111.44

June

118.14

106.39

116.22

112.93

107.80

91.05

95.47

110,88

118.35

May 29

—

Mar. 27

Feb.

Jan.

106.39
:

116.02

112.93

107.44

91.77

96.07

110.70

117.80

106.74

116.22

113.12

107.62

92.06

96.69

110.70

118.20

106.74

116.22

113.50

107.62

91.91

97.00

110.34

116.34

106.39

115.63

113.31

107.62

91.62

96.85

110.15

117.08

106.92
:

116.22

113.70

107 80

92.06

97.31

118.41

107.62

117.20

114.27

108.88

92.64

97.47

112.19

90.63

95.32

109.60

_—

—

1942____
1942

Low

High

115.90

106.04
;

115.43

112.75

120.05

108.52

118.60

116.02

109.60

92.50

97.78

112.56

115.89

105.52

116.22

112.00

106.04

89.23

95.62

109.42

117.95

106.56

116^02

113.70

107.44

91.34

96.54

110.70

106.39

118.00

114.46

106.56

89.78

95.92

110.15

1941_

Low

110.52

107.09

1941—__

1 Year ago

Jan,

1942__

2 Years ago

Jan.

118.51

1941—;

MOODY'S BOND YIELD AVERAGES t

(Based
1942-43

Daily'
Averages
Jan.

4
2
1

rate

Corporate by Groups
Baa

R. R.

P. U.

Indus

A
3.22

4.24

3.92

3.07

2.92

2.07

3.31

2.81

2.95

2.07

3.31

2.80

2.95

3.23

4.25

3.92

3.07

2.93

2.08

3.31

2.80

2.96

3.22

4.25

3.93

3.07

2.93

3.23

4.26

3.94

3.07

2.93

2.81

2.96

3.23

4.26

3.94

3.07

2.93

2.08

3.32

2.81

2.95

3.23

4.27

3.94

3.07

2.94

2.08

3.31

2.80

2.96

2.23

4.26

3.94

3.07

2.93

3.32

2.82

2.96

3.23

4.26

3.95

3.07

2.94

3.32

2.81

2.96

3.23

4.26

3.95

3.07

2.94

2.08

Exchange Closed
2.08

3.07

2.94

3.32

2.81

2.96

3.24

4.26

2.08

3.32

2.82

2.96

3.24

4,26

3.95

3.08

2.94

2.08

3.32

2.81

2.96

3.23

4.26

3.95

3.07

2.93

2.08

3.32

2.81

2.96

3,23

4.27

3.95

3.07

2.94

2.08

3.95

2.08

3.32

2.82

2.96

3.23

4.27

3.95

3.08

2.94

2.08

3.33

2.82

2.96

3.24

4.28

3.96

3.08

2.94

2.08

3.33

2.82

2.96

3.23

4.29

3.97

3.08

2.94

3.33

2.81

2.96

3.23

4.30

3.97

3.08

2.94

2.08

15
14

2.09

3.33

2.81

2.97

3.23

4.30

3.97

3.07

2.94

2.09

3.33

2.81

2.97

3.23

4.30

3.97

3.07

2.94

2.09

3.33

2.81

2.96

3.23

4.30

3.97

3.07

2.94

2.09

3.33

2.81

2.96

3.23

4.30

3.97

3.07

2.94

2.09

3.33

2.81

2.96

3.23

4.30

3.97

3.07

2.94

2.09

3.33

2.81

2.97

3.23

4.29

3.97

*3.07

2.94

2.09

3.32

2.81

2.96

3.23

4.29

3.97

3.07

2.09

3.32

2.81

2.96

3.23

4.28

3.96

3.07

2.94

2.09

3.32

2.81

2.97

3.23

4.27

3.96

3.07

2.94

2.09

3.32

2.81

2.96

3.23

4.29

3.96

3.07

2.94

2.09

3.32

2.81

2.96

3,23

4.29

3.97

3.07

2.94

2.09

3.32

2.81

2.96

3.23

4.29

3.97

3.07

2.94

2.09

______

3.32

2.80

2.06

3.31

2.80

2.05

3.30

2.79

2.94

2.96

3.23

4.28

3.97

3.06

2.92

2.94

3.24

4.24

3.94

3.06

2.92

2.94

3.24

4.24

3.93

3.05

2.93

2.05

3.30

2.79

2.94

3.24

4.23

3.91

3.06

2.93

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.06

2.94

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

2.94

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

2.93

2.05

3.31

2.79

2.95

3.24

4.24

3.92

3.07

2.93

2.05

3.32

2.80

2.96

3.25

4.25

3.93

3.07

2.94

2.04

3.32

2.80

2.96

3.24

4.27

3.94

3.08

2.95

2.03

3.34

2.81

2.99

3.27

4.27

3.97

3.08

2.95

Sep

Aug

___—

______

■

July 31

2.01

3.34

2.83

2.98

3.27

4.29

4.00

3.09

2.94

June 26

1.96

3.37

2.84

3.01

3,29

4.34

4.04

3.12

2.96

1.95

3.37

2.85

3.01

3.31

4.29

4.00

3.13

2.97

1.99

3.35

2.84

3.00

3.30

4.27

3.96

3.13

2.97

1.96

3.35

2.84

2.98

3.30

4.28

3.94

3.15

2.98

2.99

May

Apr,

Mar

______

Jan.

______

LOW

Jan.

—

1942

High
LOW

1942

>
1

Feb

High

1941
Year

2.11

3.37

2.87

3.30

4.30

3.95

3.16

2.05

3.34

2.84

2.97

3.29

4.27

3.92

3.14

2.97

2.14

3.39

2.88

3.02

3.33

4.37

4.05

3.19

3.02

1.93

3.30

2,79

2.94

3.23

4.23

3.91

3.05

2.92

4.03

3.20

2.13

1941

___

1.84

3.42
3.25

2.86

2.72

3.06

2.85

3.39
3.19

4.47

4.24

3.89

3.03

3.08
2.83

ago

1942

—

1.99

3.36

2.85

2.97

3.31

4.32

3.97

3.13

2.99

1941—

1.96

3.37

2.75

2.93

3.36

4.43

4.01

3.16

2.94

prices are computed from average yields on the basis of one "typical" bond
(3%% coupon, maturing in (25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
•These

yield

averages

tThe

than

gains

report

month interval.

over

the

The highest aver¬

hourly earnings were in pri¬

age

the latter being the true picture of the bond market.

latest complete list of bonds used in computing these indexes was published

the issue of Sept. 17,

1942, page 995.

quishing

their

present

Some would remain

thus

and

status.

unemployed,

dependent, to

postpone,

needed, and how to go;

about obtaining training.".
In

found

cedures
be

regard to employment

pro¬

experience

effective* the Board' finds:

"The

initial

in the
employment
in the;
plant during the first few days
is important in retaining women
who

reception
office and

unaccustomed to factory'

are

work.

The

employment

dure needs to be

little

proce-

less

me¬

interviews a little
less
brusque than
perhaps has
been
customary
when
dealing
with men who are used to crisp;
impersonal treatment.
chanized,

the

vate

October, 1941.

hourly

earnings,

ployers

are

women

reluctant

} still

finding
to

many

enter

the

premiums, plants, according to the Manage¬
incentive * bo¬ ment Research Division of The

shift

differentials,
and the like, amounted to National
Industrial
Conference
98.8 cents fob the durable-goods Board.
In its advices Dec. 21 re¬

Committee to Advise
On War Food

nuses,

worker, 75.7 cents for the worker garding
its
survey,
the Board
manufacturing nondurable goods makes the statement that "with
(chiefly
for1 civilian
consump¬ the
shortage of manpower, the

tion), and 88.6 cents for all manu¬ older woman
,focus of discussion
facturing wage earners combined. in the
period of unemployment, is
The gain over the year interval
coming into her own. Employers
was largest
in the durable-goods are
finding that she is proving

(16%),

group

reflecting

"The

average

wage

earners

weekly

all

the

than

fuss

made

tractive' work clothes.

about

interval.
Wage provide lockers, she resents havearners in
all manufacturing in-'ing to
wear a
uniform which
dustries combined averaged $38.86 makes
her conspicuous on the
the

per

week,

month

ago,

year

2.8%
more
than a street, going
and 25% more than home."

and from

her

Pointing out that its surveys re"Of
the
14 nonmanufacturing veal that women on the whole do
industries for which man-hour in- not
yet feel the necessity for
formation is available, 10 reported them, personally, to go to work
gains in average weekly hours in the factories, the Board says

year

ago.

Advisory

Committee to assist him in carry¬

ing out the nation's wartime food
production and distribution pro-^
The Committee will submit
of
food
requirements

gram.

estimates

prior to the making of food allo¬

the

Agriculture

with Mr. Wickard

ing the food

in administer¬

program.

the Associated

De-r
consult

According

Press, members

of the

Advisory Committee named
Mr. Wickard, who will serve

are Major General
Gregory, representing
the War Department; Rear Ad¬
miral
W. B. Young, Navy De¬
partment; Edward R. Stettinius,

Chairman,

Edmund B.

the

Lend-Lease

Administra¬

tion; Edwin. W. Gaumnitz,.of the
Board of Economic Warfare; M.
Lee Marshall, of the WPB; Abe
Fortas, of the Interior Depart¬
ment; II. W. Parisius, Food Pro¬
duction Director of the Agricul¬
ture

Department, and Roy F. Hendrickson, Food Distribution Di¬
rector of the Agriculture Depart¬
ment.
A
representative of the
State Department will be named
later.

'at¬

If she has

That is, if the company does not

the month interval and 17.5%

Dec. 19 the ap¬

Food

little disdainful

goods industries were $45.27 in
a
desire to appear glamorous, it
October, an increase of 1.8% since
is not during working hours. Her
September and 26.1% since October a year ago.
For the nondur-'°wn wishes could be expressed in
able-goods group weekly earnings'negatives. She does not want to
were
$30.64 with gains of 3.7% (appear conspicuous or ridiculous
over

cations

the durable-

pointment

partment, and otherwise

her

earnings

ard announced

among

undertakes industrial work makes

manufacturing durable goods.

Program

Secretary of Agriculture Wick-

able

the most able and depend¬
employees on jobs formerly
rates,
expansion 1 in
industries held
by men.
Some employers
where higher rates prevail, and
follow
a
policy of placing an
more overtime work.
older woman with each group of
"Between Sept. 16 and Oct. 15
younger workers, as a stabilizing
general wage-rate increases were influence."
The Board goes on
specifically reported by 855 man¬ to
say: '
.
' "v\;"
\ "
ufacturing plants out of a sample
'The
initial
excitement
over
of about 35,000.
The increases
glamorizing the uniform of women
averaged 6.9%* and affected about
in industry, previously used as a
200,000 workers, or 2% of the
drawing card to attract women to
9,000,000
covered.
About twothe factory, seems to have abated,
thirds of the workers receiving
according to reports from many
increases were
in the durablefactory executives. Many person¬
goods industries, with workers in
nel
directors
are
reconsidering
steel mills accounting for 46,000,
the subject in the cold' light of
in
electrical
machinery
plants
reason.
They are frequently dis¬
15,000, and in machine shops and
covering to their surprise that
plants manufacturing machinery,
women
workers
are
less
con¬
6,000.
Between Oct. 16, 1941, and
cerned
than
management
has
Oct. 15, 1942, 4,400,000 workers
been for them—that the commonreceived wage increases in manu¬
facturing industries, about two- sense, practical point of view of
the type of woman who seriously
thirds of whom were in plants
substantial increases in basic wage

over

2 Years ago

Jan.

only one, anthracite mining,

failed

over

"Average

2.81

______

averaged

4.2%'

3.32

and

of these indus¬

in 39

year

which include overtime
Corporate by Ratings

before
marriage
are
hesitant about relin¬

especially

Coming Into Her Own

3.32

"Workers

Individual Closing Prices)

Aaa

who

Women

Older Woman Worker

2.08

Corpo¬

went

they

factories.

textile machinery

2.08
______

Oct

Govt.

Bonds

114.46

2.96

Nov

Avge.

neighbors

worked

"Starting new girls to work in
building construction (119.8
cents),
bituminous-coal
mining pairs has been found a good plan
in a company.
(50.3),
enginesAnother company
114.27
(107.5 cents), crude oil production
finds
114.27
that
a
committee
of
12
turbines (49.7), typewriters (49.4),
(103.9 cents), and electric light
114.46
and firearms
(49.0). Other war and power establishments
look after newcomers;
(100 girls to
114.46
industries averaged 50 or more
114.27
cents).
Metal miners averaged answer questions and give advice
hours
per
week per employee: 90.6 cents an hour, 10.9% more has helped inexperienced women
114.08
Machine-tool
accessories
(53.2), than a year ago."
114.08
(It should be through the early period of ad¬
sewing
machines
(52.2),
and noted that manufacturing plants justment to factory work.
<
114.27
113.89
pumps
(50.0). Among the dur¬ converted to war production are
"If the men workers know well
113.70
able-goods industries only the continued under their peace-time in advance that women are to be'
113.70
pottery and marble-granite-slate industry classifications.)
introduced
into
the
plant and
113.50
industries averaged less than 40
have time to get used to the idea,
113.31
hours a week.
the
first
days in the factory are
113.70
"Time actually worked in all
made
easier
for
the new em¬
114.66
manufacturing
industries
com¬
112.75
ployees.
In factories where nobined averaged 43.6 hours a week,
116.41
women have been employed pre¬
a
gain of 2.7% since September
111.62
viously they are likely to be re¬
and 6.0%
since October a year
Although the number of women ceived with less disruption if the
113.31 ago.
For
nondurable - g o o d s in war industry is approaching
process
is
one
of
infiltration,
workers the average work week the
3,500,000 mark and managers rather than invasion."
was
40.6 hours, an ; increase of have learned much about attract¬
114.27
2.7% over the month interval and ing them to factory work, em¬
114.46

Exchange Closed

Dec.

U.S.

Labor Day.

the

reported hours

the

107.27

cause

116.78

...

teeism

116.78

113.89

Oct

High

114.27

116.78

96.54

their
work

over

11L81

111.81

113.89

increases

96.85
96.85

113.89

92.20
92.20

116.80

substantial

108.88

108.70

116.80

ported

and absen¬

113.89
113.89

107.27

con¬

cover

116.80

107.27

On the

trary, women still feel that they,
would fall in the estimation of,

average ous-coal mining (2.7%), quarrytheir
husbands'
induction
into
all wage lnS
and. nonmetallic
mining military service.
With some, it
earners
on
the payroll for any (2-1%) and metal mining. (1.7%).
All of the mining industries re¬ is a matter of not knowing what'
part of the pay period, such fac¬
skills are

hours

116.80

116.78

yet any serious social pres¬
tipon women to cause them

to leave their homes.

the reported

"Because

weekly

107.27

116.78

the largest gains being in bitumin-

107.27

;

116.78
.

Secretary Perkins added;

116.78

______

production is largely concentrated but including also industries
in which production has been restricted by the war, averaged 45.7
in October as against 44.6 in Sep-<^
tember and 45.2 in August," she between September and October,

not
sure

war

said.

Exchange Closed

Apr.

114.46

116.78

Sep

116.79

Corporate by Ratings*

Exchange Closed

Nov

Corporate by Groups*

117.03

Averages
Jan.

Avge.
ICorpo¬

average

.explanation,, of. .this. situation;
• surveys
find that, there is.

these

Moody's Daily
Commodity Index
Tuesday,

Dec.

Wednesday,
Friday,

Saturday,

Jan.

ago,

1942

High,

Low,

Jan.

High,

Low,

Jan.

•Holiday.

241.5

Dec.

241.2

Dec.

239.9

232.7

221.4
_______

Jan.
2

*
240.2

;

ago,

Year

1943

239.1
,

Jan. 4

weeks

Month

239.1

1_"______.

Jan.

Tuesday,
Two

239.a
30

Dec,

Jan.

Monday,

Dec.

Thursday,

239.9
220.0

241.5
__

240.2
.

Volume 157

Number 4140

■

THE COMMERCIAL & FINANCIAL CHRONICLE

•

Selected Income And Balance Sheet items

Class I

Railways For October

and balance sheet items for class I steam

for

October,

the

month

1942

These

and

October

the

and

Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.

months

dustry, and its program includes

ending with

member of the orders and

production, and also a figure which indi¬
activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.

1941.

figures

subject to. revision and were compiled from
132 reports representing 136 steam!
railways.
The present statement
are

Income

Items—

Net

Miscellaneous
from

Fixed

2,242,572

charges

charges:.

Rent

"4,550,131

for

and

■■

roads

■'

Other

-18,265,433

•

deductions

Total

fixed

Inc." after

charges

—

(way

structures

and

Amortization
A

defense

;

•"

;

6,375,080

87,629.602

2,014,229

25,773,745

'•

3.50

.2.40

Class I

All Class I

Railways

Receivership

Balance at End of October

bonds,

•

panies

1942

than
com-

1941

stocks,

other

affiliated

etc.,

those

Cash

•.

'/•>.' / ■/'/• •/'

1941

;$549,818,905

:•*':

•/.'/

■.

V;/

-.—-A-—,—™—"
cash

ments

Special deposits
Loans

balances

■

Miscellaneous

Interest

Receivable

and

985,170./;,

con-

•

dividends

1,262/103

•

93,155,777

176,828,330

934,423

'1,060,505

33,303,732

37,927,311

from

236,208

treatment

131,961

248,026

if'''

118,858,016

receivable

Other

ctntent

re-

Total

current

1—'

2,952,940,932

assets.™

Selected Liability Items—

IFunded

debt

within

maturing

I Loans and bills payttble..

...

wages

accounts

payable
Interest" riratured

unpaid^

matured

Dividends

Tonnages resulting

tumn household collection

138,423

138,262

272,006

ing worked

157.919

138,492

291,780

136,655

124,461

321,885

150,132

130,761

340,203

137,856

550,011

136,363

134,383

350,012

118,063

•/'/ 113,600

352,854

'_„i™™;.™__
_ii™

for

made

1556,883,442

>•',

unmatured

civilian"
anxious
to

™

filled

from

stock,

and other Items made necessary

category

start

the

ease

unpaid

"Restrictions

20,965,237

liability

Total

45^663,201

adjustments ot

26,878,782
384,825,243

48,835,487

1,713,843,464

1,033,375,213

27,098,596

liabilities-

tax
<
'

accrued

later

liability:
Other

than

receivership
October,

months

1,437,560,477

35,685,816

819,749,891

|
143,266,842

including

...

the

251,256,080

732,742,547
;

•

133,569,183

amount

$49,935,438;

for

the

ten

months

115,780,711

default.;-'tFor

ended

235,062,457

107,125,941

railways

not

in
1942, $108,654,892;

October,
October,

1942,

$573,335,489;

ended

October, 1941,. $398,264,045.
flncludes payments of principal of.
(other than long-term-debt1, in default) which will become due. within
six months after close of month of report.! 1!For railways in receivership and trustee¬

ship

the ratio was as follows: October, 1942; 3.16, October, 1941, 1.40; ten months,
1942, 2.13; ten months, 1941, 1.21.
§ Includes obligations which mature not more than
years'

shipments,

de¬

13%

pro¬

hearth furnaces will take
1943.

not

Steel

after date of issue.

~AA'';'CA.A' '-A''-

: |

Steel Production At High Pressure Activity—
Order Books Healthier—Expansion Under Way

structural mills switch to

the rolling of large rounds needed
in the armament program.
The

blown

metal

from

bessemer

The trend

verters.

started

con¬

few

the

since

war

iiages
showed
with

heavy.

start

than

1943
any,

began in Europe.

are

time
Ton-

booked during December
a
gain over November,

steel

Rail

plate

orders

thetic

{{ "Two

the

;

problems

■■

which

have

very

First

begun

quarter

the

sum¬

fourth quarter of 1942, are
expected to be producing at 60%
ing

US and Brazil
An

end

States

between

the

Brazil

was

and

signed in Rio de Janeiro on Dec.
22 calling Tor a 1943
export of
50,000 tons of Brazilian rubber for
North

American

According
advices

from

production.

war

Associated

Rio

Press

Janeiro,

authorized

spokesman
said
the
agreement assured a steadily in¬
creasing flow of rubber to United
States
ent

industry, adding that
needs

war

were

pres¬

pressing

creased

"To

fect

its

can

be expected to remain

potentially dangerous this
the scrap
of

supply situation and the

balance

the

armament

program.

reached

scheduling
now

best

step

decision has

that
a

production
national scale is

that

can

taken

toward

fact

the

under

turn

other

the

plans.
buy¬

year

ing is relatively light because of
imminence

of distribution.

forms

those

the

under

that

intensified

light.

the

support

demand

plan

new

continues

volume
an

war

Pressure for many

steel

for

but

war

heavy

held

are

production to
will
call for

of those

some

near

minimum.

now

being

"Shipbuilding promises to hold
place as a leading consumer
CMP
has
not and output of plates for ships and
rapidly
is
a fittings is expected to be larger

many execu¬
tives who feel that it may not be

omic

its

than it has been in the past year.

"Planes, trains, canoes, trucks,
steamships and foot marches will
be

employed

the

where the workers will be
wild rubber

grows

quotas coming out
freeely heavier releases may

of rubber produced

ton

"The

"While

scrap

supply is not too

each

annually.

signed as
Argentine Ambassador Adrian Es¬
cobar
arrived
by
air
after
a
month's
stay
in Buenos Aires
bearing a proposal to exchange
8,000 cubic meters of Argentinerefined gasoline for an annual ex¬
port of some 2,000 tons of Bra¬
zilian rubber to Argentina.
agreement

"Argentine

was

sources

argued such

agreement would relieve the
present United States obligation
an

to furnish Brazil gasoline
in

the

solving

insisted

would
every

zilian

not

rubber

vious

and aid

tanker shortage
authorized North
Brazilian

the

ounce

United States

expected.

in abundance.

"The production is based
estimated
two
workers
to

and

with PRP

assem¬

bled to the Amazon interior where

men

inquiry has been made

them

Northeastern Brazilian States

American

tained,
with
improvement
ex¬
pected in January. Some accum¬

transport

the 2,000-mile distance from

over

ing

and

Econ¬

Joao

the end of the year.,

but

quarter of this
quota for the first

signed in the

National

Coordinator

Carlos}
Vital and provides for transport¬
ing 50,000 laborers to Amazonia
by May 1, 1943, and 100,000 by

Airplane

ulation

was

Interim

restrictions

Indications

greatly enlarged output of many
steel products while further cur¬
tailing

accord

better balance than has

shifts in character of
and

Washington

Materials

expected

"The

office of

Controlled

possible

"At

year—

new

which

Plan,
been

the

match

achieve

"/ "At
been

step with steelmaking

capacity.

began

lack

first

Sign

agreement

United

problem,

the
The

On Rubber Agreement

and other war equip¬
possible to get the plan into full ment programs are to be greatly
operation by July.
During sec¬ increased and the steel industry
year.
ond quarter/of 1943 only a very will feel the impact of demand to
quarter is around 700,000 tons, to small section of industry may be feed the enlarged manufacturing
be met in part by the utilization actually
operating under CMP."
capacity.
1
of new electrolytic and bonderizThe American Iron and Steel
"Current demand is well sus¬

during

with

year

level

frozen by the Office of

ago,

mar¬

August,
1943,
against 64,440,000 tons at the end

have been ever-present since war

units.
In January at least Institute on Jan. 4 announced that
are exception¬ four new electrolytic lines will be
telegraphic reports which it had
ally heavy,
especially in alloy in
operation,
with
four
more received indicated that the oper¬
steel.
The tool steel production scheduled to operate for the first ating rate of steel companies hav¬
picture is much better than at any time in February.
ing 91% of the steel capacity of
"Rails
and
tin
time since war started.
plate
occupy the industry will be 97.0% of ca¬
"Tin plate mills, which oper- prominent positions in the "essen- pacity
for the week beginning
coming
through.
PRP requirements

Cleveland, in its
of the iron and steel

kets, on Jan. 4 stated in part:
"Entering a year scheduled to see

same

>.AA;

"Steel" of
mary

in the using of bessemer

that
prevailing.."v-j '•• *'A'•. ;,
questionable^
\
proceeded
more
source
of
ated at only; 25% of capacity durchagrin to

"With much of the

tonnage cleared away, steel order
books

1,686,700 tons

heavy war demand
metal in duplexing, syn¬ to this
enlarged output War Pro¬
scrap {making and partial duction Board is putting into ef¬

blown

"The

much healthier

566,-

and 1,592,700 tons

see

new

Price Administration."

week ago,

one

year

made

winning the war. The
kind of scheduling that industry
may expect has not been spelled
"Starting its third successive year of high pressure activity, out yet by the war agencies, al¬
the steel industry's ingot production this week is averaging 99%; though the
principle of scheduling
contrasted with 96.5% one year ago and 97% at the start of 1941," •is
adopted by all
Government
says "The Iron Age" in its issue to today (Jan. 7), further adding agencies
concerned
in the. new
in part: "The gain
Controlled
Materials Plan.
is impressive {considering the higher capacity
now

"Prices start the

tons

year ago.

have

rication.

composites at the

one

fabricators

available for future fab¬

1,659,400 tons of steel ingots and
castings, compared
to
1,679,900

production'of 86,200,000 net tons.
New electric steel capacity
and
an
increase in alloy steel output

duplexing.

•

long-term debt

two

still

tons

49,330,371.

trusteeship the net income was as follows:

■or

1941,

rose

open

However,
581

24,624,039
848,523,258

accruals,

•■Represents

45,972 tons, compared
184,043 tons in November,
1941.
Shipments
in
November
were 127,052
tons, compared with
182,593 tons the preceding year.
were

new

Gov-

eminent taxes

was

month ago,

will

Ui' S; Government taxesi v 788,901,121

Con¬

1,932,129

Steel

struction reports November book¬

ahead

years ago

Analysis

American Institute

that there virtually was no hope
December, 1942, an increase of of Argentina pushing through an
year also will see the Pacific 6,410,000 tons.
exchange plan.
From the same
33,300,944
Coast become increasingly impor¬
"To
accomplish this immense advices we quote:
" 29,308,739
tant in the steel picture.
1,458,630
production
necessitates
a
cor-,
"Thousands of workers will be
"Bessemer
65,972,302
converters
will
be respondingly larger supply of raw
rushed into the Amazon interior,
5,957,822
utilized to
a
greater extent in materials and plans are being laid
:
using all means of transport, to
1943.
24,828,953
During 1942, there was an to provide these. Ore, coke and increase rubber
production fur¬
342,188,398 upward trend in the utilization of limestone
tonnage is being in¬ ther.
■
>
<

20,965,237 ;

5,957,822

rv,

232,810,430

■

34,543,800, \

1,810,939

45,866,244

47,929,962

(>4'-^79,687,474'67,919.230

932,167,963

■

—

liabilities

current

;" ^ 262,359,545
-

;' 63,938,929

Unmatured rents accrued—
current

on building are re¬
increasingly in statistics
the
fabricating
industry.

flected

capacity which previously steel ingots over the capacity in
only handled carbon steel may be December, 1942, to a total of 97,adapted to alloy steel.
115,000 tons. This is a growth of
"Like the transformation of the 10,290,000
tons
over
January,
continuous strip mills which be¬ 1942.
Blast
furnace capacity is
came plate mills in 1942, this year
planned to rise to 70,850,000 tons

$2,371,613

Accrued- tax

*.•

be¬

and much of this

over

and

one

mill

$105,745,687

77,507,606

' 1 '33,617,508'

2,284,392

h 80,139,025,
.

ft,

au¬

are

being supplied to melters along
industrial
scrap
resulting
from manufacturing operations.

rolling

load

of total steel

which

$1,925,300 <

•

,66.885,175
47,653,751

dividends -de-

j : clared.;

ten

63,147,091
*
?

•

the

ings

tial

place

1,619,866,974

> $127,701,103

from

with

orders.

are

1 -

Unmatured interest accrued

•

accounts
;.
and
*'
payable ™_i.™ -' 325,887,574 ■286,068,224

■

Miscellaneous

Other

$127,446,989

;

114,533,872

balances, <Cr.)

special

„

" 2,340,581,291

».

V 32,288t950;

'.Traffic. >:and- .•.'car-sservJee-*
Audited

•'

•

$159,951,151

months™—

six

2,010,855,347

re¬

cold

available.

s.-.--

l-A-™'-

assets

275,139

63,669,780

make

261,871

U"77,541,974

requiring

130,249

companies
alloy steel the greatest expansion in capacity
400,647,661 vt 174,590,948
;•
318,337,265
135,564,838 previously
in open hearths are ever attempted, the steel industry
>513,739,830 : j f 424,588,179
415,534,561 ;i: 341,946,292 preparing to do so at the request is
set
to
accomplish goals that
of WPB. Additional production of seemed fantastic a year
ago.
24,084,793 .- j
22,966,449.,
*''22,512,309
21,027,398
"The program for 1943 includes
1,451,327
'■?1,587,354
1,095,612 v
1,171,079 alloy steel may add to the strain
14,266,616
i " 10,639,340
■\:A-10,844,662 ' "
9,285,841 on
finishing -facilities.
Rolling an increase of 6,833,000 tons of
.

supply in
sufficient

not

to tide over until

sources

—™_™_-™.

ftents

;

duction

34,907,742

;

133,513

spite the fact that alloy steel

166,406,855

...

145.2152,435

re-

and' supplies.^-- ;

and

530,575,342

229,305,816

j..

accounts

$795,429,592 ■/. $667,998,314

/':%/•/,,A

■

178,775.439

—1

ceivable

!; '

Materials

139,743,069

_;._™./V 40,114,587
:
*
%"

.Dr.)

balance

ceivable

car-service

from
agents
ductors;

j,■

;

603,696,667

receivable.

-and

$851,670,434

_™™™

bills

and

Traffic

Net'; '

-$1,066,958,777

invest-

cur¬

consumers

past and collections
enlarged. Meanwhile, govern¬
salvage agencies continue
campaigns to obtain dormant scrap

many

weeks

134,197

mand at the close of 1942

$499.635,942

$478.597,140

not
gen¬

mills Jan. 4, compared with 98.2% one
in week ago, 98.6% one month ago
in and 93.8%
one
year
ago.
This
1943.
\'
• • represents a decrease of 1.2 point
j
"As the year opens, a substan¬ or 1.2% from the preceding week.
tial gain is expected in the pro¬ The operating rate for the week
duction of alloy steel, where de¬ beginning Jan. 4 is equivalent to

$499,535,733

—

Temporary

;•■

Dec.

WP&ther

228,355

310,439

order

-A-A

with

Trusteeship

1942

market.

and

though

cases

224,926

301,088

months

222,636

133,188

most

132,212

■

Investments

101,891

137,355

Dec.

needs

131,173

orders

Selected Asset Items—

does

ment

Note—Unfilled orders of the prior week plus orders received, less production, do not
necessarily.equal the unfilled orders at the close.
Compensation for delinquent reports,

1.84

Balance at End of October

This

and

eral, supply is sufficient for
rent

138,477

material.

150,133

5';.'

Railways Not in

19,681,072
,

2.14

,..

218,539

83,452,632

124,580

unfilled

2,266,668

•

:2,096,908
159,813,030

been

Dec./ 26-

fixed

' '

634,384,706

Current Cumulative

Nov.
Dec

179,726,762

65,710,086

Remaining

Nov.

417,326,201

14,577,479.

9,075,547 /'■

1,186,895

207,260,805

i.1.822,103

stock

income

charges

■'7

84,878,655

stock

common

Nov

/v-

17,814,840

8,629,145

On preferred

386,813,476

weak

has

widespread
a

need.

shading
the

move

not

betoken

129,503

369,478,631..

23,101,039

Percent of Activity

Tons

147,437

24™.j™.^__.™„

-•

23,233,861

709,230,885

Oct.

1,559,052

i" 54,157,925

•:

Oct.

518,210,617

appropriations:

.■

1,182,666 :a

done to
is

consumers

instances

serve,

Orders

Tons

129,486

—

130,210,246

432,777,830
15,451,629

135,538,275

Oct;

Oct.
»

732,331,924

projects

tRatio

such

are

5_.:™™-™™_

153,082,051

523,743,348

Federal .income taxes
Dividend

'■"
///..•■■■{.,.

116,115

equip.)

950,988,447

55,716,977

l.256,075,272

48,962,384

and

Received

Sept. 12

■.

38,701,096

'•/ 2,342,175

tNet income

Production

Sept. 19
Sept. 26

28,727,186^ 23,191,606
' // / '

soft

some

developed in grades
not in demand at points of
origin,
which must be shipped some dis¬

have several

1942—Week Ended—

Sept.

121,982

Contingent Charges

depreciation

124,158,775

55,230,009

charges™'.

fixed

$850,021,278

-137,880,450

Orders

■

Tons

974,180,053

10,145,173

36,842,594 /'■ :

1 ■ •

Period

124,881,202

/ '

.i;

;

■ >■<..

■■

1941

1,284,802,458

■■■<■

104,679,361

•/"A\

leased

equipment

'•

■

193,110,459

'.'-•Interest deductions

•

v.-

$1,159,921,256

12,874,888

106,921,933
'/v

"deductions

available

fixed

$94,047,045
/;

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Unfilled

1942

197,660,590

STATISTICAL

For the Ten Months of

1941

$184,680,005

™™™„.

income..™™..

Income

;

.1942.

12,980,585

Total income

•*••'.>'

•

income™

ry. operat,
other income
.

For the Month of October

■-

•

of labor

have

The

All Class I Railways
'*

•

the

cates

excludes, returns for Class A switching and terminal companies.
report is as follows:
'

of the total in¬

statement each week from each

shortage

spots

tance

The, members of this Association represent 83%

railways in the United

ten

and

We give herewith latest figures received by us from the National

The Bureau of Statistics of the Interstate Commerce Commission
a statement
showing the aggregate totals of selected in¬

States

plentiful in face of winter weather

Weekly Statistics Of Paperboard Industry

has issued
come

realized

spokes¬

Argentine plan
'because

exportable
is

going

according to

agreement.'"

Bra¬

the

pre¬

THE COMMERCIAL & FINANCIAL CHRONICLE

Prices Advanced 0.5% ■\ War Ration Book Two
During Dec. 26 Week, Labor Bureau Reports Is Now On The Presses

Wholesale Commodity

AutomobileFinancing:^ Aiid 'Diversified

Fitianbing^For^ Month? Of November:

/;//
•

October

number

financed

commercial cars

new

of paper

volume

dollar

the

and

November

ac¬

16%. The number of used commercial cars financed de¬
23%, while the dollar volume of paper acquired was off

quired,
creased

22%.

the

less

24%

•

//,;'//■ A'"'A•

•

volume

The

year,

month,

preceding
was

this

finance companies

13% less

was

;'v/

•//;/% ./,■■/:'

by .sales

held

outstandings

automotive

retail

of.Nov. 30, than as of Oct. 31,
1941, but dropped
':-/ ;iV:>"

The index was 157 at the end of November,-

1942.

to 44 at the end of this November.

.
Wholesale automotive paper-, acquired during November, 1942,
by. sales finance companies declined 18% ip volume from October
of this year for hew passenger and new commercial cars, while
the volume for used passenger and used commercial cars fell off
51%. • The volume of outstanding balances for this type of paper

;

from Oct. 31, 1942 to Nov. 30, 1942.

decreased 5%

financing by sales finance
companies during November, 1942, with their respective - volumes
recorded in October of this year showed decreases for all types for
,

data

musical

and other

radios

for

11%

shown:

are

Labor

Dec.

instru¬

23%
for
industrial, commercial, and farm equipment./ The volume of whole$ale diversified paper, acquired in November was 43% below that
reported for October.
*
•
.\y'\'vments; 14% for furniture; 19% for other household appliances;:
for residential building repair • and modernization; and 26%
.

Bureau

,A comparison of the retail diversified

Which

Eighteen printing plants scat¬
Statistics, U, S. Department of Labor,
31, that continued advances in primary mar¬ tered across the nation are rollingin
full production on War Ration
ket prices
for farm commodities, particularly livestock, poultry
and grains, caused the Bureau's comprehensive index of nearly 900 Book Two, the Office of Price Ad¬
price series to rise one-half of 1% "during the week ended Dec. 26. ministration announced on Dec.
At 101.2%
of the 1926 average the all-commodity Index is more 20. War Ration Book Two, which
than 1% higher than at this time last month.
will introduce the point rationing'
The Bureau's announcement further said:
system to the/American people,
y
"Farm Products and Foods.—Average prices for farm products will be distributed soon after the
in primary markets reached the highest level in 22 years during first of the year. ' j./* / •/•
the past week.
Livestock and poultry rose 4.4% with quotations
"The OPA's announcement fur¬
for cows up about 5%; hogs and ewes, 3%; and lambs and steers, ther said: {:.'/'.
////v//o.;;-,,;:
approximately 2%. Quotations were also substantially higher for
"The Government Printing Of¬
live poultry.
Grains advanced, 1.6%- as a result of increases of
fice, which handles OPA's print-,
nearly 2%" for1 corn, oats, rye,- and wheat, and .barley was up 1%.
ing jobs,,considers the printing of
In- addition, higher, prices were reported for cotton, flaxseed, apples
150.000,000 copies, of War Ration
and sweet potatoes.
Quotations were lower for citrus fruits and
Book Two to be the biggest job of
for potatoes in the Chicago market.
In the past month farm prod¬
its kind in the. history of the coun¬
uct prices have risen 4%" and are nearly 21% higher than at the
try, if not of the world.; And after
end of last year.'/,7:
vV:-'.-;
the books are printed they have
"Led by an advance of 2% for meats, average prices for foods
to': be distributed: to every nook
rose 0.4%
to the highest point since the Autumn of 1928.
Lamb
and
; eranny/;/:of 'this' vast land.
advanced nearly 8%; fresh beef at New York, 6.5%; and dressed
These immense.printing and dis-f
poultry at. ChicagQ and New York, .3.4 and 5.1% respectively. A
tribution- requirements
are/ in
decline of 9% - was reported in prices for muttori and quotations
themselves, an important reasonfor oatmeal dropped 2.4%V
Prices for:, foods in; primaryr markets
why rationing programs cannot be.
are'up 1% over a month ago and are 14.7% higher than for the last
put into effect overnight, - •
/
week in December,. 1941. ;;C;
:v
The

announced

companies was off 42% from the
according to an announcement' released on
Dec. 31, J. C. Capt, Director of the Census.
The dollar volume of
paper acquired in new passenger car financing was off 40%.
In
used passenger car financing, the number of cars decreased 16%,
and the dollar volume of paper acquired, 17%.
Compared with the
finance

sales

financed
number in

1942, the number of new passenger cars

In November,

Thursday, January 7, 1943-

"Before

| * '.'Industrial Commodities.—Quoted prices for;, most industrial
commodities continued steady.
Linseed oil, oleic acid and boxboard advanced while rosin and; butyl acetate declined."-—

the " books

could

printed at all, 96 carloads of spe¬
cial'safety paper- had to be' or¬
The Bureau makes the following notation:
dered, manufactured and shipped
to the plants which are doing the
v "During the period of rapid changes caused by price controls,
materials, allocation,-and rationing the Bureau of Labor Statistics job.
This safety paper will prove
will attempt promptly ; to. report
changing prices.
The indexes a real headache to anyone fool¬
marked (*), however, must be considered as preliminary and sub¬ ish enough to try to counterfeit
'

1942,' compared with Oct. 31, 1942, the volume
balances held by sales finance com¬
panies decreased 7% for the retail financing of other consumers'
goods; 42% for industrial, commercial, and farm equipment;-and
ration books.. The paper used in:
29% for wholesale diversified financing (other than automotive). ject to such adjustment and revision as required by later and more
the books can be, quickly identi¬
1
!
/
(The ratios of the paper acquired during November, 1942, to the complete reports.
The following table shows index numbers for the principal fied by any one of a number of
outstanding balances as of Now 30, 1942, were-3% for retail auto¬
simple secret tests that even. an
motive, -4% for wholesale automotive, 13% -for wholesale—other groups of commodities for the past 3 weeks, for Nov. 28, 1942 and
Dec. 27, 1941, and the percentage changes from a week ago, a month unskilled person can apply, if he:
than automotive, 4% for retails-other consumers' goods, and 4%
■knows the technique.
It took 30
m
'
for industrial, commercial, and farm equipment/' ;// * y'"
i ■ >//. ago, and a year'ago:
of

Nov.

30,

diversified- outstanding

These

data

the

current

trends

sales financing

(192GWOO)

■ft ,'y

during

'■Xv:- 0
S Percentage changes to
.'•/'••:V;• '/''';'DeC.26, 1942 from—

// ■V-r'7/ >'•:-'//:

panies, and the dollar volumes should not be used to measure the
amount of financing by all sales finance companies in the
United States.
The data are published as reported without adjust¬
ment for seasonal or price fluctuations.
The figures presented in.
tables below are not comparable to those published for previous
months since monthly reports have not been received each month
from identical sales finance companies.
All indexes for November

Commodity

total

by calculating the percent changes

from October to
November, as shown by data on reports for both months from the
same
sales finance companies, and by linking these percentages
to the indexes previously derived for October, 1942.
"
"
obtained

were

products

AUTOMOTIVE

Volume

'"//.■'-./•
■

•

DIVERSIFIED FINANCING

AND

://•','•// I.'.'-./ '/./November 30, 1942
/■'://:•/<' ':'//' '//////:.
.'/ Volume of paper
\

' i

,•'/-.

7 /■

;■ //
■

■

•

/; .
//•/:/'■ /'////V
r

acquired during

Total

retail

Total

wholesale

'/ balances

//**'/•'/•"' reporting
;
* outstanding
balances!

Total

retail—other

Industrial,

consum.

goods

and

farm

commercial

equipment

paper

obtained

(column 3).

188,135,898

291,183

2,224,315

6,250,661

6.079,822

151,565,940

292,106

280,733

■';•;• 6,898,430

$26,453,510

$25,826,416

$708,943,630

;//'

Number of

Cars

(column 2)

91.5

79.9

Metals

Total

passenger

New

commercial

Total

■.

•////.

"wholesale

l.'jts.;

cars

total

automotive™

Paper

v.-"

New cars, (passenger and commercial)
rUsed cars

(passenger and

*Data*dre based

acquired /
% Of

Dollar

total

1,553

1,304,278

148

211,948

28,075

10.591,410

1,050

•

100

2
■

522,465

t$6,239,808

100

4,561,222
Vv ';, 1,678,586

retail

their

The

National

This

index

DIVERSIFIED

During November,

-/,•"

/"■'/■

repair and

modernizationii
-

—

consumers'

"total wholesale—other
Industrial,
•
.

than

goods_^—«.

automotive——

commercial, and farm equipment——

Total

diversified

*Data

are

based

financing™
on

reports from

of»their

+ 0.4

93.4

+ 0.2

+ 0.4

93.9

+ 0.1

sales

8.5

+
V

+ 0.6

1.8

3.4

'°98.2

*98.0

*97.8

*96.2

/*96>2V

*96.2

*96.1

get almost 30,000,000,000 stamps—
figure which happens to exceed

twelve

2.4

5.1

produc¬

stamps used

5.1

"A job like that could not pos¬
sibly be handled on Government
presses within the 60 days allowed

for
.

years -continuous

tion of ail the postage
in the United States.

+ 15.2

.+
■

2.4

printing- and

War

Ration

distribution

Book

Two.

Government/ Printing.

rush
18

could

of
the

Office

basis.:

printers
job on a
found that only

handle

' It

the

printers could show the

city and

general level of wholesale

the

com¬

week

Jan.

The index
and 120.0

was
year

made

public-on

advanced to

132.2
ago.

Jan.

the

132.4%

in the preceding week,
The Association's report

the

food

all-commodity

books

capa¬

willing to produce

were

then

volume

had

some

and

even

special

get

equipment, for the books must be
printed on a press that will print,'
perforate and number them in a
continuous

books

operation.

came

The

off the press

first

back in

farm

and

;

declines.

■■/" ■ \

•,.

WEEKLY

••;'/";' // •'

•

WHOLESALE

COMMODITY

and
Preceding

Week

Month'

-Week

Jan. 2,

Dee. 26,
1942

1943

/ 136.3
Fats and Oils

•
.

„

:■

Farm Products-—!

91,835

1,362,222

649,995

t$2.636,222

292,108

Fuels^

17.3

■

8.2

•164.7

!—

/ 6.1

——-

Textiles.

5,500

Yearr

Ago

Nov, 28,

drugs—

Fertilizer materials-—..

Fertilizers—

Farm

1942

135.8

134.1

116.3

148.8

147.0

164.7

160.0

144.5

147.0

142.1

126.2

187.9

182.5

168.8

128.7

117.7

116.2

144.3

144.8

141.2

120.0

119.3

113.0

129.5

128.4

126.6

"Indexes

1942,

93.5.

base

four

freight trains of 30

;1 r/

i,f q;r.',

cars

each.^

Distribution should be completed

during January, but in connection
with

distribution, it is well to

member that

OPA, like

re¬

everyone

148.4

142.7

104.4

104.0

151.3

131.5

127.6

120.1

117.6

117.5

116.4

military supplies needs the freight,

115.3

119.7

train that

104.1

103.4

127,6
117:6
.

115.3

.104.1;

Jan.

151,4

were

Rationing

149.2

machinery

1926-1928

and

104.4

All groups combined—!——:——

100.0

that
were

Price

country..
Altogether,. shipping the books,
will take up
the equivalent of

122.8 '

130.9

War

'
.

else/is affected by the transporta¬
tion

shortages.

Books,

breakdown

bundled
trip to the

are

their

,151.4

—_

Boards. throughout. the

Jan. 3,

190.6

149.6

—

129.4'

—•__—.—1

Chemicals and

1.3

!—

Building materials:

147.5

Metals-.

7.1

100

—

Miscellaneous commodities—

10.8

314,932

150.2

—

Livestock—

•

i_„

Cotton——

Grains—-!—

Cottonseed OIL

presses/they

started

Latest

70,554

finance companies providing

off -the

Fertilizer' Association

Group

the/ completed, books, roll,

"As

INDEX

,;1*1935-1939 =100]

Each Group

$339,713

$3,243,260

PRICE

,reta'l financing of other consumers' goods. tThis amount is less than
reported in first table due to the exclusion of some data for which breakdowns
hot available.
.,'

+ 0.3

total

retail—other

95.2

Compiled by The National

Miscellaneous retail

Total

*99.7

25.3

121,903

appliances—

Residential building

*99.8

ended

rise

23.0

pianos & other musical instruments!
/Refrigerators (gas and electric
household

*99.8

:>: <: o

0
0

in each book; / 'Multiply
that by 150,000,000 books and you

'
that the job
index, was./due*-principally to, is running, the completed books
are
-rolling off the presses in
product quotations.
The index of in¬
dustrial commodities remained at the same level as .in. the preced¬ plants in some cities at a rate as
fast
as
ing .week.
Higher prices for butter were chiefly responsible for
500,000 a day.
the advance in the food price index.
Although livestock prices / "The cities which share in the
receded, cotton' and grain quotations continued to move upward, job are: Waltham, Mass.; Niagara
resulting in a further rise in the farm product price index.
The Falls, N: Y.; Tuckahoe, N. Y.; New
textile index advanced to the highest point reached since May'/
Rochelle, N. Y.; Hoboken, N. J.;
The only group average to register a decline was the miscellaneous
Scranton,
Pa.;
Pittsburgh,
Pa.;.
commodities index which fell off slightly, due to lower cattle feed
Franklin, Pa.; Baltimore, Dayton,
prices.
/'-'•/
rv/;':/ /:.y\:
Ohio;
Nor walk, > Ohio;
Shelby;
During the week 7 price series included in the index advanced Ohio;
Chicago (two plants), Hous-:
and 5 declined;- in the preceding week there were 9 advances and
ton/ Tex.; Minneapolis, Oakland,
3 declines/in the second preceding week, there were 16 advances
Calif.;.and Lcs Angeles./; / / J

The

1942

; * Dollar Volume

V,Radios,
Other

—0.1

87.4

added:

advances

goods:

+ 2.7

—0.1

Total Index

s-.Furniture
<

+ 1.1

90.2

91.7

stamps

November and-now

FINANCING *•

Acquired

consumers'

92.5

the

average.

% of

Retail—other

103.7

92.5

and

Bears to the

.'Class of Paper

104.7

92.5

Association

;

105.4
.

Fertilizer

month ago

wholesale-automotive

Volume of Paper

and

89.9

1.8

■

than

products and foods—__

(

"reports from sales'finance companies providing a breakdown
financing.
tThese amounts are less than
those reported, in above t.able .due to the exclusion of some data for which breakdowns
Y'ere not available.
•
•
•• •/
•*
;•••of

99.5
104.1

90.3

National Fertilizer Association Commodity
Price Average Again Higher

and

•-

—

.yw

t$12,630,101

;/:
'

•

cofiimerc:alf«:^

■

i.>J.

99.5
104.1

102.3

0.5

90.4

1.1

—0.2

99.5

92.4

—

other

+ 0.3
:

than

products—i:

commodities

108.1

104.1

106.6

other

103.4-

5.6

90.4

products—.—- *100.1

1942

Volume

100

'.'/

™-_

2.4

+
•

99.5

articles-—_

commodities

130.6

/ 30,826

cars,,

——

79.0

110.2

Number of

cars

commercial

104.1

products-

goods

commodities

materials

Raw

79.7

80.0

110.0

<110.0 *110.0

__—

allied

and

Housefurnishing
Miscellaneous

1935-1939

/-,.■'

by outstanding balances

Number

cars__

/../: ■- 4

of Paper Acquired During November,

cars

passenger

Used

.«

FINANCING*

automotive.

retail

New

/Used

materials

Chemicals

products—_ *103.9 *103.9 *103.9 *103.9

metal

and

Building

;

% Of

Class of Paper—

+ 14.7

modity prices last week, according to the price index 'compiled by

(

f,J

Financed and Volume

+ 20.6

AUTOMOTIVE

4.0

+ 1.0

115.6

1.1

96.6

/ There was another advance in the

acquired

1.7

+ 0.4

118.4

//':•/"■,. 3

6,695,236

7.9

+ 0.5
+

96.6

outstand'g
balancesi

1942+

■

314,932

by dividing paper

91.2

"Arranging for the actual print¬
ing of the books was an even
greater task than getting the spe¬
cial paper. :^There are 192 ration

who.

acquired to

Nov. 30, ■/

6,754,541

acquired and their outstanding balances.

JRatios

103.6

1941

days to get this paper, manufac¬
tured and shipped.
;
4<.

scoured the nation to find

figures from sales finance companies table to report both their

110.8 -.95.5

104.0

118.4

.'/"••'•Preliminary.-

$360,119,047

tData are based

112.0

104.2

96.6

farm

$12,479,442

113.3

104.6

—

farm

$12,841,270

automotive-/—L-

115.2.'.

118.4

Total wholesale—other than auto¬
motive

93.8

12-27

of paper

Outstanding

.companies

automotive.

1942

Ratio.."

By all
Class of Paper—

11-28

1942

By ■ /
companies

*100.7" *100.5

*101.2

—

*100.1

12-19
.

All

'/.

1941

96.6

"::■,/•/ //// ;/'7\//';//

November, 1942

■'

v'.*y[ //:///k; *///%/;

12-27

1942

118.4

All

////;'/////!//'////

•

11-28

1942

products——

1942 and Balances Outstanding

November,

Paper Acquired During

\-//1

12-12

1942

products
Fuel and lighting materials.—_

and leather

Hide"

Textile

Semimanufactured

12-19

1942

Foods

Manufactured

:7//

•

12-26
•

commodities__«__!_—_—

All
Farm

Sales—Finance Companies

groups

November, 1942, were based on reports'from 250 sales finance com¬

132.4

132.2

1943;-103.1/Dec. 26,

130.6

1942,

120.0

103,0;

loaded

means

with

Ration

and

postponing

tioning program.'!
Cv

shipment of*

waits,
a ra¬

Jan.

•:•
£i '

OPA. unloads

if it

even

ri-v.s/ fr-

'*/:f

frVnV

' :

Volume

Number 4140

157

THE COMMERCIAL &

Trading On New York Exchanges
..The Securities. 9nd ,Exchange Commission made public -on Dec.
28, figures showing the daily volume of total round-lot stock sales
on
the New York Stock Exchange and the New York Curb Ex¬

change and the volume of round-lot stock transactions for the.

ac¬

"E.&

Commission.

Short sales are shown
separately from other sales in
figures, the Commission explained.
*

these

NYSE Odd-Lot
The. Securities

Metal

and

Mineral

its

issue

Exchange

Dec. 19, 1942, of complete figures
showing the daily volume of stock
transactions

Markets " in

Trading

and

Commission made public on Dec.
a summary for the week ended

Editor's Note.—At the direction of the Office of
Censorship
certain production and shipment
figures and other data have been
Omitted for the duration of the war.

exchanges in the week ended Dec. 12,
series of current figures being published by the

Non-Ferrous Metals—Trade Agreement With
Mexico Reduces Duty For Lead

count of all members of these

1942, continuing

FINANCIAL CHRONICLE

Dec.

count

for

all

the

odd-lot

dealers

ac¬

and

31, stated: 'Though the market for non-ferrous metals was inactive
specialists who handle odd lots on
Trading on the Stock Exchange for the account of members during the holiday week, producers of lead, zinc, molybdenum, and the New York Stock
Exchange,
fluorspar had much to think about in the reduction in the
import continuing a series of current fig¬
(except odd-lot dealers) during the week ended Dec. 12 (in roundduties of those metals and minerals under the
Mexican trade pact ures
dot transactions) totaled 799,175
being
published
by the Com¬
shares, which amount was 11.15% signed in Washington on Dec. 23. The lower rates are
meaningless mission.
The figures, which are
of total transactions on the Exchange of
3,582,120 shares. This com- as a price factor under war con-^
based upon reports filed with the
pares with member trading during the previous week ended Dec. 5 ditions, but soon after the emer¬ exerting no influence on the do-, Commission
by the odd-lot dealers
gency
ends
producers
will
be mestic
market, interest in the and specialists, are
of 841,895 shares, of
13.15% of total trading of 3,199,560 shares. forced to
given below:
make necessary adjust¬ lower tariff centered
chiefly in STOCK
On the New York Curb
TRANSACTIONS
FOR
Exchange, member trading during the week ments' to face The changed con- the
THB
post-war outlook.
ODD-LOT
ACCOUNT
OF
ODD-LOT
ended Dec. 21 amounted to 201,660
"The price situation in zinc last
shares, or 14.22% of the total vol- ditions, particularly in reference
DEALERS AND SPECIALISTS ON
to lead.
THE
NEW
YORK
STOCK
ume of that Exchange of
Beginning Dec. 28, do¬ week was unchanged.
705,635.shares; during the preceding week
mestic antimony,
vm;
' :
exchange
ex
warehouse
trading for the account of Curb members of 170,880 shares was
Molybdenum
New York, carries the 3% trans¬
Week Ended Dec. 19, 1942
15.10% of total trading of 598,760 shares.
/
"The trade treaty with Mexico odd-lot Sales by Dealers:
portation tax, establishing the cost
Total
(Customers' Purchases)
lowers the import duty on molyb¬
The Commission made available the following data for the week of the product to the
lor Week
buyer at a

•

ended

Dec.

12:

The

data

Exchange

published
the

and

cation further went

based upon weekly

are

New

slightly higher level"'

York

Curb

reports are classified as follows:

reports filed with the New York Stock
by their respective members.
These

Exchange

Total number of reports received

^—

Reports showing transactions as specialists______,
Reports,showing other transactions initiated on

Reports showing other transactions initiated off

Reports showing

—

169

125

—

657

'-t':

''A

ket

,178

555

528

■

the
On the New York Stock Exchange, on the other
specialists' other round-lot trades.
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
segregated

The number of reports In the various classifications may total more
ber

reports

received

because

classification.

single report

may

entries in

carry

Total Round-Lot Stock

Sales

the New York

'V;%.. J..week
A.

Stock Exchange and Round-Lot

•/-

(Shares)

Short sales-———...■——

51,350

—

JOther sales——-L

mar¬

—.—

3,530,770

—

3,582,120

both

eign metal
V'-""u'

tPer Cent'
"

domestic

continued

the

Mexico

for¬

and

unchanged.

V Lead

;

"Under
with

consumption
Quotations for the

metal.
on

'"yT

remain

agreement
import duty on
level until

new

days after the termination of the
national

below the rates set in the

"The

present rates

sales—

Round-Lot

—

Transactions

Members,

Except

Odd-Lot Dealers

for

the

Account

for

the Odd-Lot
Specialists:

and

Accounts

ment, as follows: '
(a) Mex.

Transactions of specialists in stocks in which

they

registered—
Total purchases—

■

are

Short
^

sales

33,350
177,180

——

Total sales—

—

Total purchases.....
ShoTt

—i—

sales—

tOther

4,800
I v 80,940

_i.w—-

——

85,740

2.31

Total—
Total

purchases.,

Short

—1—

sales

tOther

—;

———

418,305
42,380

L-

—u—

sales—

\ Total sales
Stock

Sales

the New

York

Curb

Transactions for Account of Members*
WEEK

A. Total Round-Lot Sales:

ENDED DEC.

12,

Total
B.
.

for

the

53,460
4,670
71,905

76,575
on

Short

sales

tOther

9.22

the floor—

Total purchases

for

lead

$4.20 per ton.

from

.—

■,

25
8,150

•

8,175

purchases

1.37

40,670

sales

Short

tOther

sales

10,555

Total sales

10,605

purchases—

Short

——

sales.

tOther

—.———

sales---

——

Total sales

—

5Customers'

re¬

Act

trade

the

Dec.

24_

Dec.

25_

Dec.

26_

Jan.

only sales.
tRound-lot

and

sales,

reason

while

the

that the total

Exchange volume

sales

which

are

exempted

from

restriction

SSales marked

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

sales

277,120

Dealers—

•Sales

pf Shares___L._w,—
marked

"short

odd-lot

liquidate
a

round lot

132,280

exempt"

ported with "other sales."

are

re¬

tSales to offset

orders,

and

sales

long position which Is less than
are reported with "other sales."

fol¬

Mar.

FDR Praises Canada

52.000

oi.uuu

52.000

President
ute

Antimony

tons

carload.

but

paid trib¬

Canada

the

ment.
In

letter

Minister

Prime

W. L. Mackenzie King, made pub¬
in

lic

Ottawa, the President said

that the plan "has been to a great:
extent
Canada's
responsibility
and Canada's achievement."
The President's

less

This

Commonwealth air training agree¬

antimony includes the 3% freight
tax,y The leading interest now

Roosevelt

Dec.

occasion of the third anniversary
of
the
signing of the British

"Effective Dec. 28, our ex ware¬
house New York quotation for

than

Purchases

customers'

52.000

iJi.uuu

——_

"Quicksilver

as given
accounts from

letter,

Canadian Press

brings the

change. which

leaves

members1

includes

the

Commission

it'

where

"This I

was not mentioned

Mexican trade

the

that

arrived

trade

lower

even

agreement,

| the duty exactly

tion.

agreement

under

agreement

late

the

with

Quotations

teresting.

cents

per

Canadian (a) Mex.

slab
in

______

ore

sheets

1930

ment
1.40c.

0.875c.

1.50c.

1.20c.

0.750c.

oxide

and

zinc,

sheets

effect

slab

war

import duties

443/4c.

are

and

also

un¬

35c.,

re¬

zinc

the

duties

in ore,

dross,

duties

and

now

1.20c.

for

The

(domestic and export,

unchanged

from

those

pearing in the "Commercial

with

strategic metals

Financial

Chronicle"

31, 1942, page 380.

December

and

Canada, with
understanding,

their

own

flag if they

But wherever

they fight

whatever

they

are

in the

uniform they wear,
all playing a noble part

common

struggle.

"May this great air training
plan, which, as I once said on an¬
other occasion, has made Canada
the

airdrome

democracy,

from strength to strength.

re¬

finery), lead, zinc and Straits tin
were

crews.

desired.

daily prices of electrolytic

copper

achieve¬

under
and

Treasury prices

Canada's

made the way easy for the return
of these fine young men to fight

unchanged

Official

to
an

American

our

generosity

been

Daily Prices

the

conditions,

York

and

"Last

spectively."

contained in ore).

"Under

per

New

changed

after

days

"termination

emergency,"

revert

"The

has

such

youth, eager to
the fight against brutal
aggression, flocked to
Canada,
joined the RCAF, went through
the training plan and qualified as

0.500c.

zinc contained

will

(1.40c.

23V2d.

1,100c.

0.75c.

After

in London

for the plan has been
great extent Canada's respon¬

0.750c.

effective

national

market

privilege for

"Before Pearl Harbor hundreds
of

in¬

air

quiet, with the price

the

1.000c.

___

1.75c,

rates

proclamation.
slab

ment

1.50c.

sulphate

(a) New

Agree-

1.75c.
2.00c.

dross, etc

unlimited

Agree-

ver

ment.

"During the last week, the sil¬

•

$196@$198

sibility

Silver

Canadian

New

occasion,

1938, and the
imposed under the

rates

was

the

one

tribute to Canada

pay

expended for quicksilver

into flasks and the result

glad to do, for this

embodied

grand conceptions of this war,
grand both in design and execu¬

Statisticians translated $7,-

521,000

agreement

has been for many years,

flask.

zinc

short

included with "other sales."

276,960

—Holiday—
52.000

York continued at

Zinc

tShares in members' transactions as per cent of twice total round-lot volume.
In
calculating these percentages, the total members' transactions is compared with twice

the Exchange for the

160

sales

Number

ex¬

Feb.

52.000

"The tariff rates under the Tar¬
iff Act of 1930, the present rates

Zinc

"members" Includes all regular and associate Exchange
members, their
firms and their partners, Including special partners.

purchases

nominally

was

Canada.

Zinc

65,380

Ne¬

"Chinese tin, 99% grade, spot or
nearby delivery, 51.125c. all week.

This action estab¬

duty at

than

earlier

•The term

both

18,302,147

by Dealers-

Shares;-

sales

Total

"Straits quality tin for forward

imposed under .the Tar¬ metal.

the rates

Zinc

includes

Round-lot

"The
trade
was
agreement
with
surprised to
Mexico, signed on Dec. 23 lowers learn to what extent the Govern¬
the import duty, on slab zinc and
ment
has
been
purchasing the
zinc contained in ore 50% from

Zinc,

21,112

round-lot volume

had

14.22

65,380

Total sales

who

3,221

Value

Number

uing and, an agreement
pected soon, r '

Zinc,

accord,
pound, follow:

other sales—:

Dollar

Bolivia since Dec. 14, returned to
jobs on Dec. 26, according

and

prices be^

Tariff

Act of

purchases.

;

Round-lot Sales

to press advices from La Paz.

lots

agency,

715,801

their

ore,

Zinc

are

712,580

sales-.:—

Short

30-

coun¬

sales-

tOther

28_

pigs,

sales

total

been

29_

7, :

ists—

rules

workers

short

other

Customers'

strike in the Catavi. district of

Dec.

contained

under ;the

Mexican

95,355

—

•

Tin
"Mine

Customers'

•Customers'

reduced

toil to $6.30.

per

than

more
was

;

Odd-Lot Transactions for the Account of Special¬
Customers' short sales

The duty on fluor¬

new

105,305
4,745
90,610

—

Number

Ottawa, follows:
' '
*
i
surplus is being stock? total cost per pound of antimony
"I have been requested to send
against emergency - needs. on ex warehouse
purchases in the a word of greeting on the third
However,; when
the
'national
quantities specified to 16.049c. per anniversary of the signing of the '
emergency' finally ends, the do¬
British commonwealth air train¬
mestic lead industry will face a pound. ' 'v.\'
V V ?.'£/. ■: V
•'
v'"'
ing agreement.
v" Quicksilver
1
20% reduction in the rates

established
3.63

Total—
Total

piled

level

Other transactions initiated off the floor—
Total

ton

per

123

•

the

cause

lishes

Total sales

the total

$8.40

Dec.

pressure on

iff Act of 1930.

11,175

sales

$5.60

containing not
97% calcium fluoride

Dec.

procurement

"The

Total sales

transactions

from

present, because all of the metal quotes 15c.;-per pound for, the
coming into the country from metal packed in cases of 224 lb.,
foreign sources is owned by the
plus $2.35 freight per case, on
Metals Reserve Co., the Govern¬

—_——;

sales

Other transactions initiated

Total

26,687.

ment '

"Quotations showed

—,

sales

tOther

sales,—

0.7500c.

disturbed about the

were

lished

are

Short

25,964

of calcium fluoride has been

registered—
Total purchases

try

Account

sales——.

total

1.0625c.

producers in this

705,635

Transactions

other

Customers'

1930

bullion,

•Customers'

1.500c.

the import duty on
containing more than

2.125c.

lead

...

estab¬

Transactions of specialists in stocks in which

they

tPer Cent

4,845
700,790

1.2c.

1930.

Members:

Total for Week

sales

Round-Lot

Exchange and Stock
/
■ ; 7"-

(Shares)

1942

Short sales

tOther sales—

-x^ll.lS

380,870

•

and

for

(Customers' Sales)

Mexico

dust, and matte.

there is

Total Round-Lot

pound

ment's

338,490

—

etc.

duction in the import tariff. The
lower duty;i carries no weight at

79,765
;

—

sales—

Total sales
4.

2.67

Other transactions initiated off the floor—

per

"Lead

84,600

pigs,

ore—

Agree¬

;
fa) After the termination of the unlim¬
ited national emergency, the rate shall be

80,370

„

Total sales

flue

4,230

;

sales

bullion,

Lead

etc.,

106,750

—

sales

tOther

Lead

1.7c.

the floor-

Total purchases

Short

6.1?

210,530

Other transactions initiated

...

231,790

—.

sales—.—*——...r—

tOther

Act of

••

19,768,278

_____

Number of Orders:

agreement

spar

of duty for

19,296

560,000

;

....

sales

shipment
days after lows:
23, under the Mexican agree¬

Dec.

Shares—,.

short

become effective in 30

Orders;

Value

Customers'

lowered

Odd-lot Purchases by
Dealers—

the; trade

fluorspar
97 %

lead compare with those that will
Total
B.

con¬

Dollar

emergency,
at
which gotiations for final settlement of
duty will be established the labor difficulties are contin¬

Tariff Act of 1930.

with

trade

the

"Under

'■

lead will be reduced 50% and will

at 20%

Total for Week

copper

earlier in the year, ow¬
the forced sharp contrac¬

time the

ended dec, 12, 1942

Total Round-Lot Sales:.

■

than the num¬
than one

■

Stock Transactions for Account of Members*

for

high, tension in the

the

from

Number

Fluorspar

;

week
Note—On the New Vork Curb Exchange, odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not

of Mo

50 %(

the year ended was not so

great

ing

Number

concentrate

pound

per

tion in non-essential

i___

;

remain

'» '

transactions———'

say:

and

ore

17V2C.

tained.

"Though' demands

Exchange

.954

the floor

..Copper

N. Y. Curb

Exchange

the floor

denum

;
N.Y. Stock

The publi¬

"May it continue to
the

ap¬

skies thousands

send

into

eager and

courageous young fliers, until the
and
enemy is swept from the air and
July I lies crushed beneath the ruins of

his

own

temple of tyrannny."

THE COMMERCIAL & FINANCIAL CHRONICLE

ing week.
When compared with. the.output in the.corresponding
week of 1941, there w^s a decrease 'of 97,000 "tons, or'11.1%.'
The
calendar year to Dec, 26. shows ,a gain of , 6.3 %.
..
'
. \
The U. S. Bureau.'Of Mines; also reports dhat "the estiihated pro¬
duction of byproduct coke in the United Sites for the week ended
Secretary of Commerce' Jesse
Dec. 26 showed a decrease of 5,000 tons when compared with the
Jones estimated on Dec. 19 that
output for the week ended Dec. 19. - The quantity: of coke from
this year's national income woul.d
beehive ovens decreased 23,400 tons during the same period.
exceed
$117,000,000,000,
nearly
ESTIMATED UNITED STATES PRODUCTION OF COAL
three times the depression low, *
In Net Tons' (000 omitted)
arid
that
next
year
it would
-Week Ehded-January 1 to Date-

Sees National Income

Daily Average Crude Oil Production For Week
Ended Dec. 26,1942 Declined 10,800 Barrels
The

Institute

Petroleum

American

estimates

.that

the

daily

crude oil production for the week ended Dec, 26, 1942

average gross

3,880,700 barrels, a decrease of 10.800 barrels from the pre¬

was

ceding week, and 200,150 barrels per day less than during the cor¬
responding period in 1941.
The current figure is also 135,200 bar¬
rels below the daily average figure for the month of December,

recommended by the Office of Petroleum Administration
Daily production for the four weeks ended Dec, 26, 1942,
averaged 3,871,900 barrels.
Further details as reported by the

1942, as
for War.

lignite coal—
mine

incl.

Total

Daily

average

8,600

Allow-

ables

dations

Beginning

Change

4 Weeks

From

Ended

Oklahoma
Kansas

Dec. 27

1943

1941

356,350
293,050
3,000

419,650

Panhandle

t354,850
f295,900

—

t3,000

Texas

—

Southwest

Texas

Total

Texas—

139,300
291,600

100,950
358,350

86,850
369,100

174,250

1,390,150

1,350,400 11,470,653

88,050

137,800

313,350

216,200
292,250

1,386,600

ANTHRACITE, AND

COKE
:.'-

—-Calendar Year to Date-

■—•

Dec.19,
1942;.

;

Dec. 27* •:
1941

tCommercial production

Dec. 27,

Dep. 26,
1942

Dec. 28,

1941

1929

1,483,350

climb

$135,000,000,000.

Part of the $22,000,000,000 gain
over
1941
can
be attributed (o

higher prices,

Mr. Jones said in
statement; "but the major share
represents an increased -volume
of productive activity."

Associated

advices

.871,0005(59,217,000 55,729,000 73,227,000
827,0005156,848,000 52,943,000 67,955,000

154,800

131,400

154,800

7,826,300

6,629,000

By-product coke—

;

States

total—

1,218,900

•Includes

washery

and dredge

United

6,368,800

tExcludes

1,223,900
61,228,900
%
'
t
coal,; and. coal, shipped: .by truck from authorizeo
fuel.
fComparable'data not available.
SSubject to

colliery

((Revised,

(In Thousands of- Net Tons)

v''-"-;.

(The current weekly estimates are

based on railroad carloadings and river, shlpr
subject to revision on receipt of monthly tonnage reports from, district
and State sources or of final annual returns from the operators.)
1
Dec. 19,

-Week Ended

Dec. 12,

; 1942

Dec. 20,
1941

1942

Alaska-..*..**-*.^—S,

Alabama——-4—^.

■1

390

Arkansas and .Oklahoma

383

Dec. 18,

1940

1937

ttvge,

B1923

; 3

y;\;,3

* *

307

349

377

353

103

119

166

202

192

253

: i

* *

1,289

1,298

1,417

1,535

506

495

514

100

171

190

,183

; 942
"f 305

805

743

770

247

227

262

204

; 56

••27

98 :

Colorado————————

188

i i9i

Georgia and North Carolina.

—1,331

1,335

...

■

Indiana

———-

512

516

Iowa

and Missouri

Kansas

year

income

clirnbe'd

has

•

each year except

1938. President
Roosevelt set a $100,000,000,000
income as the. goal for recovery
from the depression.

Dec.

Dec. 21,

Illinois—

this

with the 1929 iricome of
$83,265,000,000, a record until last
year,
and
the
1932
mark
of
$39,991,000,000
since when the

State—

for

estimate

compares

national

Press
Washington
19, in indicating
!;v
'"■'r''

Dec.

this, added:
"The

total

States

United

——

208,950

174,000

1,460

Net Tons)

774,000 111,114,000
743,000 111,069,000

5,350

139,900

313,650

—

439,355

ments and are

209,300
358,600

East Texas :

,1942

256,650

92,950

101,500

East Central Texas-

Coastal

2,300

9,800

93,200

Texas

North Texas
West

—

§Dec. 26,

Penn. anthracite—

\y.v.

Dec. 26

Week

403,900
300,700

ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES

Ended

3,400

PENNSYLVANIA

' (In

•Total incl. colliery fuel

Week

1942

300,700

403,900

———

Nebraska

1,681

r—Week Ended-

—

operations.

Dec. 26

Dec, I

1,913
.1,684
;
1,889
fSubject to current adjustment.

;

■

December

569,053

504,939

PRODUCTION

revision.

Week

1942

8,422

1937

•

IN BARRELS)

Ended

1941

Dec, 25,

27;

1941

*1,720

.——

ESTIMATED

-Actual Production-

•State

•P.A.W.

Recommen*

(FIGURES

11,480

Dec.

Reports

DAILY AVERAGE CRUDE OIL PRODUCTION

"Dfec; 27 " tDfic. 26,

■

.1942

1942,.

v;.

fuel—

•Average based on 5 days.

received from refining companies owning 85.8% of
the 4,790,000 barrel estimated daily potential refining capacity of
the United States, indicate that the industry as a whole ran to
stills, on a Bureau of Mines' basis, 3,525,000 barrels of crude oil
daily during the week ended Dec, 26, 1942, and that all companies
had in storage at refineries, at bulk terminals, in transit and in
pipe lines as of the end of that week, 80,228,000 barrels of finished
and unfinished gasoline.
The total amount of gasoline produced
by all companies is estimated to have been 10,220,00Q barrels-during
the week ended Dec. 26, 1942.

Dec. 19,

Dec. 20,

Bituminous and
"

follow:

Institute

Thursday, January 7, 1943

200

—_

193

533

75'.

■:
„

121
159

"Last

March

Commerce

the

Department had estimated this
year's income at; $113,000,000,000. j
"The

largest dollar volume in¬
during 1942 is anticipated
for
wages
and salaries, which
Mr. Jones said would exceed $80,crease

000,000,000,. compared with $61,000,000,000- last year.
*
•
,

North Louisiana

Total

92,600

—

Coastal Louisiana
Louisiana

326,100

—

337,600

73,500

58,950

73,150

New

393,400

15,450

19,950

315,600

244,000

2,450

-f

223,000

;

Kentucky—Eastern
—;
Kentucky—Western—.—:—!
Maryland———, ■.
Michigan———-——™.,'..
Montana
(bituminous
and
lignite)™™—,—™.—— -

2,450

91,950

82,200

223,050

277,800

315,050

360,000

910
305

28 '
7

Arkansas——

Mississippi
Indiana
Eastern
&

77,300

—

274,100

—————

17,700

►

73,350
t56,550

—

•

.234,800

—

U4.850

73,461

50,000

—

Illinois

(Not incl, 111.

Ind.)

Michigan
Wyoming

107,600

87,000

63,800
94,500
24,700

59,800
89,900
22,550

7,000

6,950

——

Montana
Colorado

—.

New Mexico

——

99,700

73,650

350
2,550
4,200
150

'r.

—

1,800
900
1,400

—

100

600

—

93,350

59,550
90,850
22,600
6,700

89,550
56,800
86,000
22,600
5,350

94,500

118,850

89,100

Mexico..

North

(lignite*

———_

Calif

3,200,900

815,000

Total

East of

Total United States

3,098,600

§815,000/

7,600

3,880,700

4,015,900

3,109,350
762,500

—18,400

782,100

3,871,900

-10,800

3,464,150
616,700
4,080,850

Ohio.—700

•

Pennsylvania

2,695

(bituminous)—

2,600

Tennessee—143
Texas

(bituminous

and

80
V

705
;

673

•

;

150

■

485

2,690

': 144

;

65
;

555

-'/vv 130

599

2,818

1,661

2,492

584

108 >!

103

lig¬

nite)

■

J':'

;

>126

103

121

382
52

>395

389

311

272

193

Virginia—Southern^—". 2,125
fWest' Virginia—Northern
860
Wyoming—.' '202
tOther Western States—...
ft

2,174

2,187

1,743

Utah—:

—

"128

Virginia
—™———^
Washington.
—...—.—

California——

'■'.i

116.,

.——.

Dakota

South

and

;

•West

•

863

798

666

201

156

164

•

1,619

100

1,132

568

692

142

173

••5

10,105

9,139

9,900

t,y

•F.A.W.

recommendations

and

allowables

state

represent

the

production

all

Total

tOklahoma,
7

Dec,

a.m.

tThis
Includes

Kansas, Nebraska,

23.

Mississippi,

Indiana figures, are

week

for

ended

is the net basic allowable

shutdowns

and

which

of Dec.

exemptions

the

for

calculated

entire

With

month.

•Includes

and
the

fields

PRODUCTION OP

GASOLINE;

STOCKS OF

OIL, WEEK ENDED DEC. 26, 1942

(Figures in Thousands of barrels of 42 Gallons Each)
Figures
plus

this section

reported

include

totals

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

Gasoline

Production

Daily Refining
Capacity

at Re-

Crude

Poten¬

tial

Runs to Stills
%. Re-

Rate porting

::'r

Gulf,
Gulf,

Louisiana

Daily

Finished

Includ.

and Un-

% Op- Natural finished

fStocks ^Stocks
of Gas

of Re-

Oil and

sidual

Distillate

Fuel
Oil

Fuels

Average erated Blended Gasoline

Appalachian

—„

California

Tot.

basis

basis
U.

Dec.

Tot.

—„—

S,
S.

Dec.

26,
B.

basis

Dec.

2,430

88.1

1,577

64.9

4,670

176

84.8

22,844

13,356

744

462

153

86.9

424

36,769
2,741

804

84.9

684

85.1

2,203

14,636

5,606

2,049

416

80.1.

341

82.0

1,134

6,229

1,913

1,333

147

48.0

67.3

297

552

89.9

671

82.1

1,492

1,508
18,345

354

12,338

55,210

4,790

85,8

3,525

73.6

10,220

180,228

43,799

72,962

& M.; B.- C.

11,706

& G.;

including

4,790

85.8

3,667

76.6

10,875

79,131

45,880

74,205

1941

4,103

14,078

92,806

50,806

in the week ended Dec. 26—Christmas week—is estimated

8,600,000 net tons, a decrease of 2,880,000 tons, or 25.1%, from the
preceding week.. Output during the Christmas week in 1941
amounted to 8,422,000 tons.
The production of soft coal for the
year to Dec. 26, 1942, shows
period in 1941.

increase of 12.7%

over

the

same

According to the U. S. Bureau of Mines, production of Penn¬
sylvania anthracite for. the week ended Dec. 26

774,000 tons, a decrease of 340,000 tons

was

estimated

(30.5%) from the preced-

business

above

year

ago as a result of the respective 111 and
The report continued as follows!

98%

federal work.

Engineering construction for the 53 weeks of 1942, $9,305,829,000
in 1941, an

compares with *$5,868,699,000 for the 52-week period
increase of 56% when adjusted for the difference in
a

year

ago

the number

Private construction, $555,823,000, is 54% lower
the weekly average basis, but public work,

$8,750,006,000, is 83% higher due to the 131% climb in federal con¬
struction.

'-v—.,..

/•

;

' ;:

•

Jan. 1, 1942

V Dec. 24, 1942
(four days)

Total Construction _.,$55,032,000
Private Construction-»

3,387,000
51,645,000
State and Municipal 17,509,000
Federal
34,136,000

Public Construction

•

In the

$33,377,000
513,000
: 32,864,000
813,000
32,051,000

classified construction groups,

Dec. 31, 1942
(four days)

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

gains over the preceding

bridges, industrial, commercial and public buildings,
earthwork and drainage, streets and roads, and unclassified construc¬
tion. Increases over the week ending Jan. 1, 1942, are in waterworks,
public buildings, and unclassified construction. Subtotals for the
week in each class of construction are: waterworks, $974,000; sewer¬
age, $559,000; bridges, $387,000; industrial buildings, $841,000; com¬
mercial building and large-scale private housing, $2,029,000; public
buildings, $26,303,000; earthwork and drainage, $98,000; streets and
are

roads, $5,731,000; and unclassified construction, $39,373,000.
New capital

for construction

purposes

for the final 1942 week

$207,000, entirely in state and municipal bond sales.

from

of increased

their

estimate

earnings for next year in view
uncertainties

over

taxes

new

arid possible industrial shifts due
to the war.
One favorable fac¬
tor

for the

corporations, he said,

is that conversion of most'durable

plants

production
completed and
they need not expect interrup¬
tions due to changeover from civ¬
ilian production such as occurred
have

in many

"No

net

war

been

plants this year.
actual

dollar

estimates

income for

"The

sharp

1942.

•

upswing

significant because it
of

in
the

na¬
com¬

came On

record-breaking

top

total

goods and services produced the
previous year, and because it was
achieved in spite of the necessity
of
converting
many * industrial

course

"He

from

civilian goods pro¬
production in tlje

war

the

year.

the sharp rise C
and salaries to the sub¬
stantial gain in total employment,
longer hours of work and higher
attributed

in wages

wages,

;

"This

upward trend of total
wages and - salaries," Mr. Jones
said, must continue in 1943 as the
total of military and civilian employment
continues
to
expand
the

extensions

are

made

work week, even if
there is substantial wage Stabili¬
zation during the year ahead,"
average

Convention Cut
Abandonment
conventions
tribute

urged on
Eastman,

that

Urged

meetings and
will hot' con¬

winning the war was
Dec. 15 by Joseph B.
Director of the Office

of Defense

Transportation, Wash¬

ington advices to the New Yoric
"Times" said.

"Responding
ODT's attitude

to
on

requests
for
the holding of

conventions

involving
intercity
travel, Mr. Eastman declared that
individual associations must make
their own decisions.
He indi¬

cated, however, that
no
such
gatherings would be justified, in

of
war
burdens • on
the
construction financing for the 53 weeks of 1942 reaches view
$10,219,318,000, an increase of, 27% over, the $7,895,129,000 reported transportation system, unless they
would help to shorten the war:"
for the 52-week period last year.

New

given for farm and business

were

and

Construction volumes for the opening 1942 week, last week and

* con¬

because

difficult

was

net

duction to

increases

•}.

taxes, Mr. Jones said, adding that

plants

ending Jan. 1, 1942, as reported by ''Engineer¬
ing News-Record'' on Dec. 31. Private volume is almost six times
as great as
in the preceding week, but is 12% under the opening
1942 week's total.
Public work tops a week ago by 123% and is

totals

drop

levels

the total for the week

week

The Bituminous Coal Division, U. S. Department of the In¬
terior, in its latest report, states that the total production of soft

income

may

Engineering construction volume for the short week due to the
early closing for the New Year holiday totals $76,295,000, a gain of
129% over the volume for the short preceding week, and 39% above

94,216

Weekly Coal and Coke Production Statisties

1941

Arizona,

1 Average weekly

(four days)

•At the request of the Office of Petroleum Administration for War.
fFinished
71,337,000 bbls,; unfinished 8,891,000 bbls. JAt refineries, at bulk terminals, in transit,
and in pipe lines.
•
j

coal

1,806

Engineering Construction Gains Top Year Ago
And Preceding Week

Mines

27,

Mines.

"The
cerns

tional income this year,
chief said, is even

1942

1,216..

10,355.-

operations on the N. & W.; C. & O.; Virginian; K.

1942

19,

Bur.'of

for agri-

merce

than

Arkansas

Ind., 111., Ky
—
Okla., Kansas, Mo,—
Rocky Mountain

1,187

11,292

the B. & O. in Kanawha, Mason, and Clay counties.
tRest of State,
District and Grant, Mineral, and Tucker counties.
^Includes

of weeks reported.

Louisi¬
North

and Inland Texas-

1,094
12,257

gData for Pennsylvania anthracite from published records of the
rate .for entire month.
••Alaska, Georgia, North
Carolina, and South Dakota included with "other Western States." ttLess than 1,000
tons..
! v'-,;-i~-1 ;■'■■■-

42%
Stocks

fineries

•Combin'd: East Coast,
ana

31-day basis and
the exception of

FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL

Texas

1,101 T
12,766

Panhandle

Bureau of

District— :

1,119 ;
12,599

11,163

were

CRUDE RUNS TO STILLS;

■.

11,665

Idaho,, and Oregon.

shutdowns

for

gain

percentage

cultural net income which Jones
attributed to higher farm prices.

will

Total all coal—————

exempted entirely and of certain other fields for which
were ordered for from 4 to 16 days, the entire state was ordered shut down
days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 9 days shut-down time during the calendar month.
gRecommendation of Conservation Committee of California Oil, Producers.
several

and lig-

JPennsylvania anthracite.—,

by pipeline proration.

Actual state production would, under such conditions, prove to
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
tion of natural gasoline and'allied products in September, 1942, as follows! Oklahoma
30,200; Kansas 5,100; Texas 104,900; Louisiana 20,500; Arkansas 3,000; Illinois 9,400;
Eastern (not including Illinois and Indiana)
9,000; Michigan 100; Wyoming 2,400;
Montana 300; New Mexico 6,000; California 42,400.
>•
.7

bituminous

nite__.—_—11,480

largest

his estimate of 45%

was

goods

—

petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil, condensate and gas fields.
Past records of production indicate, however, that
certain wells may be incapable of producing the allowables granted, or may be limited

"The

Volume

157-

Number 4140

THE COMMERCIAL A

Revenue Freight Car Loadings
During Week//
Ended Dec, 28 Amounted To 591,535 Cars
///Loading of
591,595

the

cars,

Jan.

2., This;

Association

was

decrease

corresponding week in
above
week

the

of Dec.

preceding

1941, but

week

same

was

week.

in
a

1940.

decrease

The

Miscellaneous

American

of : 14,907

Railroads

cars

increase

below

Akron, Canton

151,816

cars

20.4%

547

1,021

1,078

32,628

27,089

21,754

2,479

2,960

3,099

1,935

1,292

290

331

239

Indiana——/—

<—

Island-,

cars below the
preceding week, but an increase of
above the
corresponding week in 1941.
In the Western
alone,' grain and grain products loading - for' the week of

Districts
Dec.

26, totaled 27,002
preceding week,, but an
ponding week, in' 1941.

corresponding week in 1941.
In the Western Districts alone,
loading of live stock for the week of Dec. 26, totaled
8,270

decrease of 3,135

1,117

Forest

above

cars

below the preceding

cars

the

products

week, but
week in 1941.

corresponding

cars,

increase

loading/amounted

to 31,063 cars, a decrease
preceding week, but an increase of 4,578
above the
corresponding week in 1941.

10,433

cars
f

Ore

below

below the

cars

11,882

preceding week/ but

corresponding

week

decrease of

1,973

districts reported decreases
compared
weeks in 1941, except the

ing

Pocohontas,

and

with the correspond¬

Southwest, but all districts reported increases above the cor¬
responding week in 1940 except the Eastern. Loading of revenue freight on the railroads of the United
States

crease

miles

1942

totaled

42,818,739 cars.
Although this was an in¬
528,975 cars or only 1.3% over the preceding
year, tonincreased nearly 33% due to the heavier
loading of cars and
of

the longer haul per ton.
cars

17.8%

or.

■

Fiv#

weeks

Four

weeks

Four

weeks

Four

weeks

Five

weeks

Four

compared

-"\-v

with

April

May

...

-Li/- •'

./ ;/

weeks

August.

Four

weeks

September...

Week of Dec.

19...

•

3,423.038

*52,396
24,592

3,538

4,391

3,804

3,960
12,999

9.955

156,248

174,324

157,412

135,902

,'j

...

•

1: /———Z—-

loadings

follow:.,.

26,293

25,1/35
22,367

20,862
19,223

10,878

21,260

6,532

5,868

4,616

4,792

4,332

2,283

2,242

738.513
736.340

798,868

697,755

606,502

//.';/ 545.307

42,289,764

commodities

1942

36,357,854

with

compared

1941

Live

2,180,348

-u—A.Z/iz/z/z/_:

8,361,393

/———
Forest Products

—_i—

Ore

Merchandise, <L.C.L/---/i.-_/ji^.
Miscellaneous

305

Atl. & W. P.—W. R. R. of Ala

294

226

691

863

775

2,427

2,109

Atlanta, Birmingham & CoastAtlantic

Coast

Line-

——L-'-—.

—

following table is

v".

-,//'+10.2

Durham

2,450,204

2,186,999
2,682.325

5,584,736

8,041,503
•/

42,818,739

7.9

12.0

corresponding week last

year.

AND

/■/'
Railroads

/. /'V;/'/ '

;

/;
Eastern
Ann

18,437,567

—

Boston

Aroostock
Malne_

■•/•■:+

Indiana

—_

—

Erie
Grand Trunk Western..

River

Lehigh & New England——
Lehigh Vallev..
Maine

Northern..—
Air

New York

Y„ N.

New

New
N.

DEC.

Total Loads
Received from

ShawmutL

—

—--

Pittsburgh & West Virginia—
Wabash—

—

Total——

1,255

8.295

7,633

1,467

198

1,611
"v"1 201

12,570

13,971

1,390

1,999

/./

1,304

2,506

1,307

1,965

■

2.51C

6,173

5,702

11,525

11,144

8,868

9,485

•9,281

438

299

120

151

1,544

2,471

2,766

1,629

1,845

244

335

399

3,495

4.147

10.808

14,471

13,545

16,357

15,623

3,500

5,057

5,918

8,445

9.145

201

190

170

2,686

2,785

1,687

•1.753

1,902

1,626

1,598

8,118

9,032

9,166

11,286

3,029

3,097

3,258
i

•

6,113

4,131

1,716

1,701

47.437

43,690

12.325

10.484

1,082

6,456

6,518

407

4,994
:

1,624

1.941

537.,
8,271
/

5,756 ;

■

49,507

16,295

16,00?

1,126

2,033

2,480

5,158

16,039

14,633

403

2,006

1,638

7,692

7,567

6,642

6,308

7,393

6,658

717

601

.565

317

392

444

263

274

934

823

829

<3,466

2,557

271

540

542

833

1,089

5,301

6,232

5,485

12,738

■

4,909

4,515

3,774

140,436

168,713

156,259

11,522

5,490

4,264

214,784

207,727

533

386

960

//.

385

2,317

2,643

535

757

Northern Pacific

21,870

15,476

24,442

25,510

28,271

17,010
10,859

191

210

144

940

881

166

165

119

401

392

3,137
Z/ 824

3,722

3,009

4,299

3,526

1,077

1,432

334

488

406

1,303

363

1,761

561

354

10,010

6,866

'■'•:•

1,061

8,342

1.387

10,396

10,796

10,695

9,138

21,518

25,393

22,497

24,470

21,325

552

664

461

737

720

7,314

127

■138

147

880

846

117,069

125,599

109,010

113,747

98,417

14,319

17,551 .:

10,943

System

Colorado & Southern..

Fort Worth & Denver

Illinois Terminal-

—

653

506

9,515

11,080

10,765

336

*126

125

9,755

5,368

4,169

564

452

*792

746

272

254

1,557

2,137

2,428

4,944

5,884

5,004

3,172

3,184

10,690

11,625

9,879

4,936

643

1,993

3,296

2,155

96,815

81,434

62,626

60,381

17,601

11,643

3,562

2,728

4,731

584

422

104

17,882

18,110

11,266

10,789

2,444

2,804

16,133
2,797

917

864

12,173

12,676

10,513

12,072

11,043

2,878

2,778

5,339

3,226

712

722

1,811

1,539

3,618

3,902

5,237

4,111

678 '■

'977

2,152

/
v

885

1,231

725

1,184

1,372

2.016

1,713

1,680

1,735

1,104

814

450

408

1,910

1,820

104

14C

Pacific

847

-■/.:+/

(Pacific)

28,537

System

Burlington-Rock

Island

349

1,850

153

15,716

16,068

14,215

14,601

11,818

505

590

2,488

2,217

1,485

121,858

119,658

& New
&

Lines

—

105

280

312

2,215

2,198

2,975

2,547

450

218

197

963

1.143

4,800

2,852

2,269

2,713

2.992

4,027

2,653

2,270

2,175

2,217

288

417

362

985

250

117

359

414

6,296

5,023

3,759

5,098

3.912

16,384

18,049

14,152

18,981

12,875

■"Previous

'week's

Note—Previous

302

that

love

way

this

Christ-

other time of fos¬

any

tering good will toward man than
by first fostering good will to¬
ward

God.

love

Him

keep his Commandments.

sailors

their

other

men

lands

and

all

the

our

pride those

guard remote

bases

and

will,

is¬

all
en¬

They are stationed in dis¬
places, far from home. They

emy.

tant

few

side

contacts

world,

and

with

the

out¬

them to
know that their work is essential
to the conduct of this
war, essen¬
tial to the ultimate
victory, and

that

want

have not forgotten them.

"It is significant that tomorrow

—Christmas Day—our plants and
factories will be stilled.
That is
not

true

now

days that

customed

the

have

other

holi¬

long been

celebrate.

ac¬

all

other

holidays the work goes on,
gladly, for the winning of the
war.
And so Christmas
Day be¬
comes the
only holiday in all the

year.

because

think

that

Christmas is

this

holy day.

May all that it stands for live and
grow through all the years."

Special Month-End Report
Of War Bond Sales Ended
Allan

Sproul, President of the

Federal

Reserve

Bank

New

York, in a circular to the bank¬
ing institutions in the District
Dec.

7,327

Bank's

2,444

5,486

3,769

12,944

8,267

6,153

4,921

4,833

5,328

4,379

3,501

7,673

6,292

143

160

72,583

61,465

48,372

63,683

52,588

called

attention

circular,

dated

which reference

the

was

that

the

Sept.

24,

made "to

of the Treasury

request

partment

De¬

all

banking insti¬
qualified as issuing agents

tutions
of

United
States
War
Savings
Bonds, Series E, regardless of the
reporting schedule otherwise be¬
ing followed by them, submit a

report

companied by

President Roosevelt, in his Christmas Eve radio address to
the
nation and the world, expressed on Dec.
24, the thought that, while

the

and

ac¬

3,305

Says This Christmas Is Happier

remember

who

our

bravery

never come into
tive combat with the common

2,832

revised.

United

probability,

230

•

the

therein

8,308

177

fronts

But

seas.

include

Than Last Because Axis Confidence Wanes
he

say

not

better

mastide

month-end

President

neighbor

7,903

figure.

year's ligures

uniform

enough, that we
nation
and
as
individuals
please God best by showing
regard for the laws of God. There
as

9,386-

Southern

serve

will

9,007

Weatherford M. W. & N. W.

175

your

message of cheer,
in the thoughts of

Americans

your
ourselves is

1,131

701

—

192

114

—

648

Orleans

Total—.

72,454

1,551

/_—

Francisco

88,876

126
_

Pacific
Falls

2,644

2,622

—

Pacific

Texas

1,996

Quanah Acme & Pacific—.;

Texas

3,571

3,565

——>—/.

Louis Southwestern

/■/

3,383
.

—

Missouri & Arkansas

3t.

103,884

186

Kansas City Southern

Louis-San

338

;//

—

Kansas, Oklahoma & Gulf

3t.

432

:<•'•/,;

9,137

International-Great Northern.

Missouri-Kansas-Texas

11,706

Gulf Coast Lines——

Valley

22,996

—

———

619
'

25,'/j. i

Pacific..

678

33 7?

Peoria & Western
Pacific

2,958

1,048

Pekin Union.

9,965

•-4,142

all

loving

have

22,056

749

Christmas

follow you wherever you
may be.

fighting

267

82,548

are

merchant

4,424

2,545

773

send

greetings and in

1,972

City
_

Northern.

Western

Wichita

630

1,851

Denver & Rio Grande Western
Denver & Salt Lake

363

243

22,364

Chicago, Burlington & Quincy
Chicago & Illinois Midland——
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois——

North

291

2,040

recrimination
of

your
families, your friends at
home/and that Christmas prayers

pride

3,511
•

515

;

.//.;/. >.•'"'/

who

12,968

the

industry

kindly spirit toward

you

4,255

655

451

also

States,

635

against

message of cheer,
well
continue
to

look

you

9,400

881

men.

"To

3,393

3,955

toil

without

fellow

can

with

14,140

972

122

you

3,264

4,619

*533

—

that

9,652

1,142

Western District-

I send

stand

offices, toil for the com¬
of helping to win the

cause

13,669

3,754

8,078

who

war,

2,336

2,962
22,685

11,905

—.

Atch., Top. & Santa

19,840

2,456

express

"In
sending Christmas greet¬
ings to the armed forces and the

14,950

Total-

Nevada

and

will

19,385

International

Central

darkness

you

"To

28,526

/,/...//■.

Great Northern———
Green Bay & Western..,
/

434

52,477
.

348

can

less

mon

that

1,064
■

3,600

—

3,184
;

1,427

343

;

Northwestern District—

10.203

331

1,521

•

Missouri

Connections

1942

553

■

7,108

Pittsburg, Shawmut & North

435

958

1,312

188

4,280

Central—--

■'

4,236

3,434

Chicago & North Western—
Chicago Great Western—
/
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

Midland

1940
>•

1,528

869
.

& Western/-——

Wheeling & Lake Erie

270

187

I 1,097

—.

Louisiana & Arkansas——
Litchfield & Madison.

9,100

41,300
8,1.65

Pittsburgh & Lake Erie/—
Pere Marquette_^
•;
&

2,302

York, Ontario & Western—
York, Chicago & St. Louis

Pittsburg

341

'284

1,967

Southwestern District-—

298

5,874

& Hartford

Y., Susauehanna

-'•:

2,052

Central Lines
H.

3,10<

4,165

Line

Total——///.

5,760

—

Montour

—

Central

Monongahela

1,783

3.091

Winston-Salem Southbound—

Utah..

6,541

——

Detroit & Toledo Shore Line—

Hudson

589

1,006

;

Detroit, Toledo & Ironton_

1941

247

1,409

—

Delaware, Lackawanna & Western— ."

Lehigh

1,527

3,798
26,378
—

Southern

Tennessee

1.3

CONNECTIONS

Freight Loaded

1942

5,450

Delaware & Hudson
Detroit & Mackinac_

ENDED

1,616

Chicago, Indianapolis & Louisville—
Central

FROM

———

Central Vermont-

4,235

404

1,417

v—

Macon, Dublin & Savannah
Mississippi Central
:
Nashville, Chattanooga & St. L..

7.1

42,289,764

':/.// '/"Z//
Total Revenue

;

District—

Arbor

Bangor

4,042

475

1,912

372

z—

Illinois Central System
Louisville & Nashville

Seaboard

4,328

387

1,303

Midland-

Georgia—

Western

—30.6

;///;//•/v/,

RECEIVED

(NUMBER OF CARS—WEEK

1,408
7,685

—„.

Georgia & Florida
Gulf,' Mobile & Ohio——

Union

+ 12.3

compared

1,608
9,656

Southern—

Gainesville

Toledo,

summary of the

REVENUE FREIGHT LOADED

Zr/'Z-Z'

660

11,061

Columbus & Greenville

Southern Pacific

freight carloadings for
the separate railroads and
systems for the week ended Dec.
19, 1942
;During this period only 40 roads showed increases when
with the

788

11,974

3,831

Florida East Coast

"To

cheer,

.659

but I

confidence in
of their evil
ways.
•

success

13,438

Carolina.

—/—j

with

and
447

Central of Georgia
Charleston & Western

the world,

18,680

404

Peoria &

+ 14.4

677,449

*3,011,784

7.8

650,479

7,590,833

19,754,575

,■

Total

731,299

—.

% Change

2,022,609

744,400

•Coke

1941

grain products----//

Stock

Coal

:■/The

19,693

those

my thought that this is a
happier Christmas than last year,
happier in the sense that the

110,570

Alabama, Tennessee & Northern.

1942

44,417

soldiers and sailors
In actual combat
through¬

sacrifice

Missouri-Illinois.
Grain and

{ 52,294

constantly

you

forces

—

think

are

out

3,415

—

52,169

Christmas/

who

District-

Alton

-e

Southern

Bingham & Garfield-/—.

•••

for

thousands

3.135.122

./% 2,985,626

154,379

"I give you a
message of cheer.
cannot say
'Merry

Pocahontas District—

Jhesapeake & Ohio———„

;

4,064,273

807,225

Total

3,236,051 v>*£

—

3,717,933

833.375

12.

Dec.

•Z

3.540,210

1,816

57,256

2,822,450

4.553,007

2,057

Nations.

27,763

2,495,212

'■4,463,372

3,166

19,953

Spokane

3,351,840

3,108

15,667

Spokane, Portland & Seattle

2,896,951

740

66,570

2,465,685

4,160,060

173

788

16,079

2,489,280

3,510,057

288

114

20,514

2,866,565

3,413,435

Week of Dee.

/// Total:'/

4,170,713

July

Five weeks of October
Four week of November/—/—

3,215,566

327

78,751

3.066,011
2,793.630

Five

Week

13,496

Ikhpeming——_.
Minneapolis & St. Louis—
Minn., St. Paul & S. S. M.

1940

3,454,409

3.171.439

June

Dec,

3,858.273

•

1,013

Lake Superior &

1941

—ji.

weeks

increase of 6,460,885

1942

•Four

Week

were

la40.

;•

March—

weeks

January
February

Carloadings

20,119

Southern System-—

Southern,/Centralwest

Richmond, Fred. & Potomac—__

cars

the

634

68,696

;

Total—

All

570

124

Coke loading amounted to
13,687 cars, a decrease of 1,077
an increase of 400 cars above

below the preceding week, but
/corresponding week in 1941.

624

Union

Piedmont

cars

increase of; 423 cars above the

1941,*

cars,

16,282

1,157

Norfolk

loading amounted

the

20,089

1,741

Clinchfield—

Live stock loading amounted to
11,443 cars, a decrease of 4.218
below the preceding
week, but an increase of 1,745 cars above

cars

the

6,974

231

Total.///—————

;%/://///■//%

1,906

1,547

(Pittsburgh)
Western Maryland

decrease of 5,751 cars below the
increase of' 8,523 cars above the corres¬

cars,

1,991
7,426

Penn-Readlng Seashore LinesPennsylvania System
Reading Co.———————

8.116

cars

1,756

—

—/

6,344

loading amounted to 121,331 cars, a \ decrease of 42,194 Morfolk & Western
below, the preceding week, but an increase of
Virginian—
Z
8,465. cars above
■the .corresponding
-'week-in. 1941/ • ••
/'/ ; /■*• •'■
z/z;:
/■% '//Total—/——/———Grain and grain products
loading totaled 39,449 cars, a de¬
10,063

1941

581

cars

crease

serving in our American armed
forces and also to those who wear
uniforms of the other United

the

37,760

Llgonier Valley

Coal

;

1942

705

Long

loading for; the Dec. 26 week totaled
290,248 cars, a decrease of 68,650 cars below the
preceding. week,
but an increase of
9,973 cars above the corresponding week in 1941.
///;/ Loading of merchandise less than carload lot
freight totaled
72,492 cars, a decrease of 14,655 cars below the
preceding week, and
.a decrease of
50,644.Cars below the corresponding week in 1941.
]

1940

35,286

—

Cumberland & Pennsylvania—.

freight

1941

Youngstown-

Cornwall

Connections

1942

Central R. R. of New Jersey.:

below the

Received from

Baltimore «fc Ohio—
Bessemer & Lake Erie———i-

Cambria <fc

the

follows:; /

<te

Total Revenue

Freight Loaded

•

Buffalo Creek & Gauley.——

further, reported

Total Loads

—

46,288 cars or 8.5%
Loading of revenue freight for the

Association

//;

Allegheny : District—

announced

2.5%

"//Railroads

/freight for the week ended Dec. 26 totaled

revenue

FINANCIAL CHRONICLE

should

time

eral

sales

ac¬

remittance which

mailed

received

Reserve

to-the-last

Banks

business

sufficient

by the Fed¬
on

the

day

next-

the

month."

Mr.
say "Merry Christmas," he could express the
Sproul
now
says
"the
thought
happier Christmas than last year in the sense that the Treasury Department has now
forces of darkness stand against us with less
us
that
such
special
confidence in the suc¬ advised
cess of their evil
month-end
ways."1
reports
and
remit¬
could

not

that this is

Mr.

Roosevelt's

broadcast
of

the

from

White

the

House

message

south
at

cation of the National

was®-

portico

the

dedi¬

tances

"This

speaking

year,
on

friends,

Christmas Eve not to

Community this gathering at the White House

Christmas Tree.
The President's address follows:

only but to all of the citizens of
iour

nation, to the

men

and women

may

therefore,
will
mit

discontinued

banking

and,

institutions

longer be required to

except

accordance

re¬

with

their regular reporting schedules."

THE COMMERCIAL & FINANCIAL CHRONICLE

noted in

Items About Banks &

issue of Oct. 22, page

our

1456.":-

-•

::—r——

....

Trust

Companies

$26,000,000,
respectively,
while
undivided profits total $2,095,561,
compared with $2,902,986 on Dec.
31, 1941.

Com-r

York,

New

Flushing,

Bank,

Lester Mendell was elected Chair¬

and

Allan D. Emil

of the Board.

man

Joseph J. Morris were elected
the

number

Manhattan

the

;

meeting'of the Board of
Flushing National

Directors

Bank

■

Directors of the

(Continued-from page 67)

After

Bank.

years

the

lumber

pany

manufacturing business, Mr. Men¬
dell formed Lester Mendell Co.,

Dec.

wholesale

of New York reported as of
31, 1942 total deposits of
$939,412,515 and ;, total assets of
$964,537,627
compared,
respec¬
tively
with
$851,309,191'
and
$907,773,106 as of Sept. 30, 1942.
Cash

hand

from

due

and

merchants,

lumber

City.
Mr. Morris is
member of Morris, Sher¬

York

New

senior

wood &

May, certified public ac¬
He is a member of the

countants.

Society of Cer¬
banks amounted at the end of the tified Public Accountants and the
year to $279,474,550 against $245,- American
Institute
of Certified
401,761, while holdings of United Public Accountants. Mr, Emil, an
States
Government
obligations attorney,
is a director of the
New

State

York

$424,370,613 against Square D Company of Detroit and
Loans and discounts of the Gray Manufacturing Co.
decreased
to
$221,112,160 from He is counsel for the Kollsman
$226,777,361. Capital and surplus Instrument Co., and
assistant
are unchanged at $20,000,000 and
counsel for the Institute of Aero¬
$20,000,000
respectively.
Undi¬ nautical Science. Mr. Emil is a
vided
profits after reserve
of member of the New York County
$400,000 for quarterly dividend, Lawyers
Association
and
the
and $200,000 for special dividend American Bar Association. ;
increased to $8,558,884 from $8,217,211 at the end of September.
According to special advices to
the New York "Times," the Com¬
:
The First National Bank of the monwealth-Merchants Trust Co.,
$355,653,004.

City of New York, in its report
of condition at the close of busi¬
31, 1942, shows total
of
$1,014,254,349 and

Dec.

ness

resources

$887,300,349,
compared with $962,710,227 and
$837,545,082, respectively, on Dec.
31, 1941. Cash and due from Fed¬

total

deposits

Bank

Reserve

eral

including

banks,
listed

and

other

Union

City,

absorbed

Bank of Weehawken.

institution

30,

Dec.

J., on
Hamilton

the

National

The latter

the

becomes

now

the

Common¬

wealth-Merchants

and

Alfred

branch

fourth

Curtin, President of the Hamilton,
becomes the Manager.
The Com¬
monwealth-Merchants

took

over

$138,140,870 (increased'from $48,781,618 a year ago); commercial
and
collateral loans,
$93,162,412

$114,536,839).

with

(compared

Dec. 31, 1942 are given
as
$370,613,745 contrasting with
$310,224,183 at the end of last
year.
The
company's
capital
stock and surplus are unchanged
from a year ago at $10,000,000 and

Deposits

$14,700,000, respectively, but un¬
divided profits have increased to

$2,367,844 from $1,671,397 on Dec.
31, 1941.

$296,986,908 a year

obligations,

Reynolds, for many years
of Chicago's leading bankers,

one

died

home

his

Jan.

San

He was 74 years old.
Reynolds retired from the

Mateo, Cal.
Mr.

banking

Chicago
he

when

gave

in 1932
post as

scene

his

Chairman of the Continental Illi¬
nois National Bank and Trust Co.

moved

and

From

health.
served

Board

1936

Vice-rChairman
the

1933

Bank

his

for

California

the

America,

Francisco.

San

The

following, is from the Chi¬
cago "Daily Tribune" of Jan. 3:
"Mr. Reynolds was a member of
the
Reynolds brothers banking
team,
the
senior
member
of
which
was
the
late George M.
Reynolds. The Reynolds brothers
born in

were

Panora, la.

George

made

was

Vice-President

$620,757,312, compared with $458,A program for consolidating all the old Continental and Commer¬
194,913, and loans and discounts, building and loan associations in cial Bank.
■
$70,541,163,
against
$50,570,193. Atlantic City and neighboring
"The Reynolds brothers were
Capital and surplus remain un¬ Ventnor (N. J.) was announced on active in development of Chicago
changed at, $10,000,000 and $100,- Dec. 27 by the Atlantic County banking during the 1920s, and
.000,000, respectively.
Undivided League of Building and Loan As¬ took part in various bank mergers
profits are given as $12,044,415, sociations. The plan, according to from which the Continental Illi¬
after
making provision for the Atlantic City advices to the New nois National Bank and Trust Co.
Jan.
2
dividend
of
$2,000,000, York "Herald Tribune," approved resulted."
compared with $10,278,417 on Dec. by both Federal and State au¬
31, 1941, after providing the same thorities, is contained in letters
On Jan. 5 Frederick E. Hasler,
.

dividend last year.

mailed

shareholders

association.

statement

The

condition

Trust Co. of Brook¬

the Brooklyn

of Dec. 31, 1942,
of $4,675,000, an in¬
crease
of $25,000 from the total
of $4,650,000 shown on Sept. 30,
lyn,

N. Y.,

shows surplus

1942.

The

notices

each

call

for

shareholders' meetings

$1,429,794, against $1,426,163 three
months ago. Deposits at the latest
date
are
$167,551,332,
against

$142,552,833 on Sept. 30 and $139,874,550 on Dec. 31, 1941.
Total
resources
now
at
$183,104,097
compare

months

with $158,212,815 three
and $155,506,025 a

ago

Holdings of U. S. Gov¬

year ago.

ernment

securities

are

shown

$85,154,795, against $67,849,838 on
Sept. 30 and $53,211,270 at the end

President

and

Chairman

nounced the election of

units.

Lykes

;

Lykes,
cattle

Philadelphia National
Bank, Philadelphia, Pa., reports
in its Dec. 31, 1942, statement of
condition total deposits of $678,427,431 and total assets of $733,168,806.
This compares witn de¬
posits
of
$629,732,560
and
re¬
sources of $684,347,113 on Dec. 31,
1941,

the

current

statement

The

shipping

an¬

Joseph T.

executive

and

to the board of
directors. Mr. Lykes is Executive
Brothers

one

ators

and

director

the

American

Merchant

Marine with offices in New York,
New

Orleans, Houston, Galveston
and a director of
Lykes Brothers Co., Inc., steam¬
ship agents, and Lykes Coastwise
Line, Inc.
The Lykes Brothers
interests have large cattle hold¬
ings in Texas, Florida and Cuba.
and other ports

the Committee,

and

Jacob C. Klinck, President of the

"Kings

County

Treasurer.

Savings

Mr. Kinsey,

former President of the
Association

Mutual

Bank, is
who was
National

Savings

sociation

died

the

State

Oct.

13,

of
as

New
was

"Our National
the monthly meeting of

first

was

Federal

place

come-tax collections

the Chamber of Commerce of the

in¬

State of New York

forward

Chairman of the Federal Reserve;
of

New

Under

York.

the

Ruml

income
taxes on the previous year's earn¬
ings would be wiped out and pay¬
plan

ments would be made
rent

monthly

individual's
of

the

cur¬

year's taxes through weekly

deductions

from

earnings.

His

rejected by Congress

was

the

last

Treasury

bill

tax

had

elimination of

bility.

part

because

strongly

the

opposed

year's tax lia¬

one

of St. Louis.

Bank &

(Dem.,

the

Committee, is

Senate

record

Ga.),

Finance
as

ative

Doughton

C.),
Chairman of the House Ways and
Means Committee, also favors the
proposal in principle but is op¬
posed to the Ruml plan.
The

latest

favor

The

(Dem.,

take

stand

■

•

War

Greater

New

Bonds

retail

160

and

York

and

stores

Jamaica

totaled

$1,650,500 in November,
of $87,000,000
over
October, J. Edward Davidson, War
Bond, Retail Chairman, reported
to the New
York War
Savings
Staff. It is stated that the public
increase

responsible

was

full

the

for

$1,225,444.70

amount

Employees
bought $425,102.55 worth of War
Bonds

and

Stamps

during

the

of the

Re¬

Eleven stores

tail Dry Goods Association showed
the biggest

total, $585,880.20.

The

Uptown Retail Guild, in 32 shops,
sold

total of

$134,008.95 in Bonds
Thirteen Brooklyn
realized $173,362 in sales.

and

Stamps.

stores

"pay-as-you-go"
(Rep.,

some

sale

Stamps

favor¬ month.

current payments system
for income taxes, and Represent¬
a

Trust Co.

:v.;';.'

NY Stores Up Sale of
War Bonds i & Stamps

George

Chairman

plan

■

Senator

ing

today (Jan. 7)
Heming¬

is President of the Mercan¬

way

current' tile-Commerce

brought

by Beardsley Ruml, Treasurer of
R.
H.
Macy & Co.,
Inc., and
Bank

at 65 Liberty Street. Mr.

plan

basis

Debt"

Associa¬

Bankers

tion, will speak

tax plan are Senator Davis

US Grants Credits
To Venezuelan Bank

Pa.), member of the Senate Fin¬

Committee, Senator Barbour
Secretary of Commerce Jesse
(Rep.,
N.
J.),
Representative
Jones announced on Dec. 18 the
Treadway (Rep., Mass.)* ranking
minority member of the House signing of two agreements be¬
tween the Export-Import Bank of
Ways and Means Committee, and
Representative Kean (Rep., N. J.). Washington and the Banco Agricola y Pecuario, of Venezuela, a
government; controlled
agricul¬
tural bank, by each of which the
ance

Reach

Agreement On

Venezuelan

Brazil Needs From US
The State Department in Wash¬
ington announced on Dec. 28 an

agreement providing for the joint
determination

of Brazil's civilian

requirements
from
the
United
States by Carteira de Exportacao
e
Importacao of the Banco do

bank

granted

$6,000,000 credit. The "Wall Street
Journal" reported from Washing¬
that

ton

one

has

credits

the

been established to aid the Banco

in financing" coffee and

Agricola
cocoa

throughout the Re¬
and including the
seasons,
while the
other
crops

public
1944

credit

has

extended

been

aid

Brazil

and

agencies of this Gov¬

ernment.

The agreement,

details of which
revealed, was worked
jointly by the State Depart¬

financing a program designed
to increase production of agricul¬
tural products.

not

were

ment and

the

Warfare.

The

Board of Economic

State

Department

announcement said:

"One of the main

objectives of
the agreement is to secure precise
requirements figures for Brazil
through the joint consideration of
requirements data bythe Carteira
and

officials of the United States

Embassy.

This

should

provide

Period 3 Fuel Oil

Coupons

Worth 10% Less

In East

Leon

Henderson, Price Admin¬
istrator, on Jan. 2, ordered a 10%
in

cut

fuel

the
oil

rationed

Eastern

District

12.01

a.m.

Class

value

States

Columbia,

the

and

the

effective

Jan. 4.

Period

all

for

coupons

shipping facilities currently avail¬

Issued gener¬
ally to homeowners, will be; re¬

able

duced

bank's

capital and surplus remain
unchanged from a year ago at
$6,700,000 and $11,000,000, while
undivided profits have increased
to

$2,130,478

from

$1,496,338'at

the close of last year.
In its statement of condition

31, 1942, the Pennsylvania

utilized

are

the

best

ad¬

vantage.

The agreement provides

that

requirements

the

will

con¬

tinue to be met through the nor¬
mal channels of trade.
The
...

detailed

the

step-by-step

plan

operations

not

are

yet

fully

worked out."

Corps and has reported for
at the Marine Corps bar¬

duty

was

Quantico, Va.

Logan Named To WPB Post
Appointment of William John
Logan, formerly Vice-President of
the

Central

Hanover

Trust Co., New York
Director of the War

announced

Krug,
for

Dec.

Deputy
Mr.

Krug

J. A.
General

the

announced

same

that

Legal

Division,
will
serve
as
Chief
Compliance Commissioner, with
headquarters in Washington.
Mr. Logan
succeeds John H.

and

pons

will

Procedural
of

the

Office

Program

confidential
ernment.

work

for

the

already

of their Period 3

not be

penalized,

have
cou¬

the

FIC Banks Place Debs.
Banks

ful

Dec. 21 made

debentures

success¬

of $50,965,000
through Charles ,R.
par

Dunn, New York, fiscal agent for
the banks.

Of the

total, $20,750,30, 1942, due July
1, 1943, carries a coupon rafe of
0.70% and $30,215,000, to be dated
000

dated Dec.

Jan.

1943,

due

Oct.

1943,

bears

a coupon rate of 0.80%. Of
the total proceeds, $34,245,000 will
be used, to pay off a like amount

in. of

Gov¬

placement at

replaces
Livingston
Mr. Fra¬ Chairman,
Short, who left FPB to engage in

Office

nine

The Federal Intermediate Credit

Jan.

the

OPA said.

was

Walter H. Foster, of WPB's

tional

some

Production

Director

Distribution.

time

used

City, to be

Board's Compliance Division

ten

.j.

Consumerswho

new

1941-1942.

from

and

Bank

President of the Savings

Association in the year

value

each.

Likewise, class 2
coupons,
used by apartment
houses, office buildings and other
larger
consumers,
are
reduced
10%, their value for Period 3 be¬
ing fixed at 90 gallons as against
the original value of 100 gallons

Vice

Division of the American Bankers

gallons

coupons,

each.

Savings

rine

zier

of Dec.

that the limited

assurance

Bank
at
Seattle, Ward as Director of the Com¬
Mr. Ward, now
Wash., has been commissioned a pliance Division.
First Lieutenant in the U, S. Ma¬ Acting Director of the Organiza¬
tual

racks

Banks and the Savings Banks As¬

'York;

by advocates of the

Hemingway; President of

American

greater

of the recent state¬

W. L,
the

cash and due from banks amount

$213,194,415 (against $304,524,The Boatmen's National Bank
667); holdings of U. S. Govern¬ of St. Louis reports that its oper¬
of 1941.
Cash on hand and due ment securities
$375,279,847 (as ating profits for 1942, after all ex¬
from other banks is $56,679,816, compared with $221,215,634), and
penses,
taxes and depreciation,
against $44,392,983 on Sept. 30 and loans and discounts of $81,461,521 and exclusive of recoveries on
$49,461,430 a year ago. Total loans (against $91,630,774). No change items previously charged
off, were
and discounts of $25,938,816 are has been made in capital stock,
$476,197, or $3.81 per share, as
which
stands
at
given on Dec. 31, comparing with
$14,000,000, but against $406,227, or $3.25 per share
$27,058,567 on Sept. 30 and $33,- surplus and net profits have in¬ for 1941.
Deposits at Dec. 31,
682,646 a year ago. ► Bank build¬ creased to $33,869,234 from $32,1942,, were $112,331,741, against
ings are carried at $4,515,377, 295,272 at the end of 1941.
V J / $84,716,004 at the previous yearagainst $4,897,373 a year ago, and
end.
Total resources now amount
other
real
estate
at
The Fidelity-Philadelphia Trust to
$263,263,
$117,853,446,
compared
with
against $339,633.
Co., of Philadelphia, Pa., in its $89,974,749 at the end of last year.
statement of condition as of Dec. The bank's
capital stock is un¬
As
a
memorial
to
the
late 31, 1942, reported total deposits of
changed at $2,500,000,
The other
Henry R. Kinsey, President of the $151,096,700 and total resources items in the
capital account are
Williamsburgh
Savings
Bank, of $172,117,018, compared, respec¬ now
reported as follows: Surplus
Brooklyn, N. Y., a number of his tively,
with
$147,831,129
and $2,000,000, undivided profits $479,banker friends have organized a $167,990,001
on
Dec.
31,
1941. 084 and reserve for contingencies
committee to establish a school as Cash on hand and due from banks
$410,790; these figures Compare
an
adjunct of the House of St. at the end of 1942 amounted" to
respectively with $1,700,000, $502,Giles the Cripple, a charitable in¬ $40,953,177,
against
$38,177,626; 886 and
$390,767 at the end of
stitution which was one of Mr. holdings of U. S. Government se¬
1941.
Kinsey's special interests. Edward curities to $43,956,709, compared
A.
Stuart C. Frazier, Second ViceRichards,
President
of .the with $30,990,940, and loans to $38,East New York Savings Bank, is 050,735, against $38,235,965.
The President of the Washington Mu¬
Chairman

The

out

Steamship "Co.,

of the largest Gulf oper¬

made

proposal.

breeder,

Vice-President

Inc.,
The

Continental Bank & Trust Co.

this month
to act on the proposal.
The plan
proposes the merging of 13 At¬
lantic City and two Ventnor as¬
sociations
into
two
operating

Undivided profits are now

gress in view

ments

Arthur

exchanges, is liabilities of about $1,500,000 of established himself in the bank¬
against the Hamilton in exchange for ac¬ ing world in Chicago and Arthur
£
■*
ago; holdings ceptable assets.
followed him here in 1915 when

States

United

Congress Support ABA Pres. To Address i
For Pay-fls-You-Go Tax NY Bommeree Chamber

•

$195,270,184,

New

phia, reports total resources of
$401,252,070.
(comparing
w 11 h
$341,087,239 on Dec. 31, 1941), the
A new tax bill embracing "payprincipal items of which are: Cash
as-you-go" income tax principles
and due from banks, $135,899,114
will
apparently receive serious
(against $140,676,089); United consideration
by the new Con¬
States
Government
securities,

shown as

are

Company for Insurance on Lives
Granting Annuities, Philadel¬

and

Thursday, January 7, 1943

ness

outstanding debentures
due
2, 1943, and $16,720,000 is
money.

Jan.

At the close of busi¬

2, 1943, the banks will

have outstanding $297,440,000 de¬
bentures.

Full text of Commercial and Financial Chronicle : January 7, 1943, Vol. 157, No. 4140, Section 2

FRASER