Full text of Commercial and Financial Chronicle : July 1, 1943, Vol. 158, No. 4190, Section 2

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Final

Edition

ESTABLISHED OVER 100 YEARS

Reg.

Volume

158

Number 4190

New York, N. Y.,

The Financial Situation

S.

U.

Pat.

Congress
beginning to

Thursday, July 1, 1943

of

fundamentals

and

want

of

candor

issues that neither the authorities

the

people

the

are

able to

for

reasons

the

see

have

decade

a

now

'

No

-

was

Within

Lewis,

is neither

He

overriding,

childish,

19

evil

permanently remedied by

such law

any
taken to the statute books

now

Congress has

as

over the veto of the Pres¬
Worse yet is the idea of the President to amend the
Selective Service law to make a sort of criminal statute of

ident.

it

for

coal

in

use

pits.

who

frightening

Such

men

treatment I of

symptoms because either
with which
one reason

,

The

trouble

in

the

coal

mines—and the very

real if
incipient difficulties smoldering among other groups of wage
earners
throughout the country, notwithstanding the pious
protestations of Mr. Lewis' rivals—are a -perfectly natural
outgrowth of the labor policy of the Administration since
the day it took office in 1933.; In that
policy Congress has
repeatedly acquiesced, and in the main still apparently
acquiesces. Consistently and continuously, unionism, often
-

(Continued

From

on

26)

page

It

has

Paul Mallon

a

become

not

Detroit

race

just

Federal

sent

a

troops

message,

moved

in,

before

It

before

mains

ises,

"ordering"

the

rioters

to return to their homes, to
good.) - It excited the Gov¬

ernors,
added
to
their
feeling
against the Federal Government's

encroachment

They

decided

about

it.

tions

have

as

nature.

to

their

do

of

ever

which
a

The

preserves.

something
resolu¬

Heretofore,

conference
strued

on

no

from

come

could

political
result

is

be

or

the
con¬

partisan

that

they

have been meaningless.
resolutions

were

The usual
brought in this

time.

But a Governor got up and
said, in effect, oh nuts, let's quit
talking .and do something about it.

From this there

came

a

resolution

severely denouncing the Washing¬
ton control trend and the author¬

ity for the Governors' conference
to

set up

a

lobby here in Wash¬

ington to combat this trend.

surprising thing is that the




The

mover

be

seen

whether

the

a
reflection of the home front
"revolution" which is going on.

;

Interesting also, is that the most
unpopular Governor at the con¬
ference

Neely of West Vir¬

was

ginia, who spoke about
term

for Mr.

a

Roosevelt.

r

,

,.!)

,

..

The correspondents came
away
sold on the idea that
Dewey is

really sincere in his attitude that
he is not

candidate for the Re¬

a

publican nomination.
either

good

or

bad

This may be
for the New

York Governor's Presidential
pos¬
Once the Washington

sibilities.

oropaganda mill
that
are

a

man

is not

comes

to believe

candidate they
inclined to drop their discus-

continued

a

on

i,age 30)

strikes."

he

convinced that Section 8 of

was

the

bill

"will

produce strikes in
plants which otherwise

veto

vital

114

would not occur."

ts

Re-

President

Roosevelt

war

The President's principal objec¬
was
to Section 8, legalizing

tion

a

upheld

taken

Officer Morse

ment
Ickes

(or

Abe Fortas)

hotter

of

WLB

and

than

the.

President.

Connally-Smith

bill

ballot

secret

pro-

and

of-

Workers-

was

30

days' notice given
(Continued on page 29)

unprecedented

Brickei Favors U. S.

Washington climate.

summer

The

!

the

his right-hand
man
which are 10 degrees

Participation
Post-War Peace Organization

Their corresponde nee has

reached such

degree that

a

many

inside rail-sitter suspects either
Ickes or the Board will have to

an

on page

In

Declares Roosevelt Domestic Policy Contradicts
Professed Foreign Policy

30)

Governor John W.

Situation

Fixing

25

.

(In Section

Discourages

1)

Bricker of Ohio, a prospective candidate for
Republican Presidential nomination, on June 24 declared
himself in favor of American participation in a post-war interna¬
tional organization to preserve peace.

the

1944

.

;

In

Produc¬

interview at

v

♦

Moody's Bond Prices and Yields....

36

Columbus, the Associated Press quoted Gov.
Bricker as saying that "such an organization must not only
attempt
to
solve
difficulties when they^
arise but it must anticipate them to build a better
understanding
and
prevent recurring frictions between nations, to preserve peace

Items About

40

between nations and

tion and Leads to

Rationing.

Regular Features
From

Washington

Ahead

of

the

News

25

...

Banks

of

State
General

and

Trust Cos..

an

He
that

Prices, Domestic Index
Weekly Carloadings
Weekly Engineering Construction...
Paperboard Industry Statistics.....
Weekly Lumber Movement
Commodity

Fertilizer Association Price

Index...

Indexes

Crop

in

Report

following
our

and

as

of

Net

issue

reports
of

structive

detail

factory

tion

Railroad

Income and

Balance Sheet

Y.

Reserve

Bank,Index

Dollar

(April). .2402
Acceptances on

May 29

;....2403

Cottonseed

Receipts in May........2403
Department Store Sales in N. Y.
District (May)
2403
Federal
Statutory
Debt Limit on
May 31
'
.....2403
Finished Steel Shipments in
May..2405
April Hotel Sales
2406
...

.

Ton-Miles

of

Revenue

Handled by Railroads

(May).,....2406

favored,
organization, associa¬

"What that

method

or

will

be

be

must

Press

they then exist."

plan,

"worked out

said:
a

This

fur¬
mem¬

Gov.
on

25

to

meet

Milwaukee

in

the

State

the
Bar

further

the

States

after

later

said, must be
among the victorious

Bricker

June

council named

Sum¬

as

he

nations."

advisory United

world

should

war,

in

before

an

the

Association,

discussed
the

role

undertake

address

at

Wisconsin

at

which

and formulate
basic
prin¬ time he declared that the position
ciples to recommend to the 1944 of this country in post-war world

mer

party

platform

Bricker
he

was

would

asked

take

after-the-war

at

makers,
Gov. affairs depended on policies pur¬
what position sued at home. He stated that he
this

time

collaboration

on

with

other nations.
He

will

replied: "The United States

play its full part after the

joins with those who would "lend
the strong arm of American help
in

....

Freight

go into
organiza¬
saying
only:

ciated

war

John W. Bricker

not

determined in the.light of facts

publican post¬

2404

he

tion

ber of the Re¬

Earnings

did

to what kind of

Asso¬

As

(March)
2406
Changes in Reacquired Stock Hold¬
ings
2402
Fairchild's May Retail Price Index..2402
Bankers1

all
not

way."

Governor
as

The

Items

N.

to

it will

ther

ap¬

The

must be "satis¬

Monday,

(March)
Selected

is

out

dispatch

Note—The

peared

nations

work."

1

June

national relations must be imple¬
mented in a practical and con¬

i ntenance

.

Agricultural

desires of the people of
United States for better inter¬

the

of

or

Market

promote the best interests

"The

whatever

worked

Weekly Electric Output.....
Federal Reserve May Business

to

the world.

of

association

m a

Moody's Daily Commodity Index...
Weekly Crude Oil Production
Metals

added

kind of peace-

Weekly Coal and Coke Output
Weekly Steel Review

Non-Ferrous

and

peoples."

Trade

Review

Gross

1

contained

fact, "would
and

and'four' minor party mem¬

to

•

bill

in

bers

June 28, on the pages indicated:

tics.

the

slow-downs

>

President

cans

the
other Governors had been careful

stay away from partisan poli-

message,

the

ters have passed between Enforce¬

fourth
All

veto

of

Board,

strikes in war industries not oper¬
publicans,
Iwhile 67 Democrats, 37 Republi¬ ated by the Government, provided

as

Special Articles

be

Labor

Mr. Lewis. Let¬

Price

would

130

War

which

The law

powers

known, but Mr. Ickes is involved
as
deep and bitter a dispute

Financial

lobby will actually be set up, but
the episode is related
as, a reflec¬
tion of the Governors'
attitute, as

to

cease,

be

to

d

the

Asserting that he is "unalterably
opposed to strikes in wartime,"
Mr. Roosevelt said he recognized
that
the
bill
"has
an
entirely
praiseworthy
purpose to
insure
full war production," but stated

over¬

emo era

a ri

generally

-

Page

accepted.
unanimously.
It
re¬

was,

the

D

Editorials

proposition

he had any authority in the prem¬

ride

56 to 25

with the Board

some

episode, the President

to

his

provisions

Execu¬

vote

broadens

foment

Making
the House

were

Labor Board.

-

had

jiavored

a

ballot of the workers.

Roosevelt said

-

Progres-

v e

GENERAL CONTENTS

things that are running around Washington. We
once thought we had a degree of
analytical ability but frankly the
situation is getting a little too hectic for us.
1.
Washington correspondents returning from the meeting of
Governors were impressed: A—All the
Governors, Democrats and
trend, the centralization of au-<^
thority in Washington.
(In the in this instance had no idea his

o

i

up

in

Washington
By CARLISLE BARGERON

are

a

hiatus
as

m

production,

and imprisonment for
instigating or aiding war-,,
time strikes in Government-oper¬
ated industries, and outlaws stop-,
pages in other war plants without

In

tive.

(Continued

Ahead Of The News
Here

contrived
summer

e

Chief

- vice
They

or

back to the mainly

they do not understand the nature of the ailment
they are called upon to deal, or else prefer," tor
or another, not to come to
grips with causes.
:

ing

had been read in the

persons

National

upholding the

agree¬

versa.

ever

—

also

while

D

one
s

remedies of baffled and indignant men cooling-off pe¬
riod for the War

are

the

to

resort

driving the

or

Lewis

Connally-

vides fines

a

crats,
5
Re¬
publicans and

this

to suppose that it arises simply from the
course
either
genius of a man named|John L. Lewis. -Still more at:; Ickes sug¬
naive would it be to
suppose that it can be adequately and gestion I with
or worse,

ma¬

29

licans,

and

e r

to

more

joined

were

their heads to-

h

244

Democrats

In¬

tary Ickes got
g e t

the

by

voted*»—

In the

by 27 Repub¬

adopted

the veto message

Senate vote for

Secre¬

uneasiness

after

the
House
President by

the

jority.

.

thoughtful man can well escape distress and deep
concerning the coal situation, yet it would be

into

while

against

i ■/;;;

;

of

measure, designd to insure full war
law.
The Senate overrode the veto

than the required two-thirds

un¬

and

hours

:108, both totals representing

against his

choice.

two

enacted

was

vote,

comfortable
nor

veto

of the swiftest reversals

one

Senate, the drastic

into

put

terior

'A: Natural Outgrowth of Past Policies

tears for John L.

no

June 25 in

on

handed the President.

PAUL MALLON

The place he

-

of them pur¬
directly responsible for the
reached between Congress and the
some

more, are

Smith anti-strike bill

triple-strike caller, who is
supposed to have been put in his
place again until Oct. 31.

clearly what is ahead of them or
being encountered.
The

President—and for the extremely hazardous situation that
has developed around the so-called "hold the line"
campaign.

i v/V;

Shed

Congress overrode President Roosevelt's

the

difficulties

or

disgraceful impasse

befuddled

so

the rank and file of

nor

simple truth is that unfortunate policies,
sued for

The News

Copy

a

Veto Oi Anti-Strike Bill

:

reap

By

Price 60 Cents

Congress Overrides President's

:

Behind

the whirlwind.
Worse ! still, incriminations and reincriminations, political maneuvers and counter-maneuvers,
vindictiveness and ill-temper,!
gross lack of understanding

2 Sections-Section 2.

Office

The News

For years past both the Administration and
re been
sowing the wind.
Both are now'

In

war

the

solution

of

world

prob¬

lems," leaving discussion of
(Continued on page 29)

pos-

THE. COMMERCIAL & FINANCIAL CHRONICLE

\26

of

The Financial Situation
(Continued from first page)

Thursday, July 1, 1943

constructive and
intelligent sort is urgent.-, Another pared with the same period a -year
ago>;V';:\:^-0; .V:>y);'>rvvy::VJA
[
of past and present 'policies would be disastrous.

a

year

Department store sales in New
■: /•*,:

a

Too' M uc h

Control

York,

H

•

in its most

aggressive and unreasonable manifestations, has
One of the basic assumptions of a
jointly evolved pro¬
been encouraged and nurtured by Administrative action and
gram of relief from present embarrassments should be that
legislative enactment. Employers have been regularly de¬ there must be a drastic/ simplification and an even more
nounced, abused, bedeviled, and made to appear thoroughly drastic reduction in the; over-all
range of controls exercised
unworthy of consideration by the leaders of labor. Tneir by Government
during the war. \ We have become intoxi¬
rights have been repeatedly and unreasonably reduced, one cated with the idea of
controlling everything under the sun
by one, and their responsibilities continually enlarged. There from Washington.
Such a notion appears to have become
has,never been any effort, apart from the solicitation of
inextricably interwoven in the public mind with the concept
"pledges," to place any sort of responsibility upon the wage of "total war," and the;
determinationj to make our war
earners, who, at the same time, have been granted one new effort as effective as
possible. :. The habits and practices of
"privilege" after another, and constantly urged to exercise the totalitarian gbvernrhentsj both allies and
enemy, and
them.
those which probably, have been unavoidable—and measur¬
0
,V"
/
Effective Schooling in Ruthlessness ?
g;
ably effective^irr England, lying.adjacent to the actual wai
'

schooling in shortsightedness, selfishness jarea, have done something to our thinking—-have appar¬
and ruthlessness it is hardly to be expected that wage ently robbed us of our common sense., Here is the real root
•of the
difficulty, and here its remedy must begin.
earners will act with sweet reasonableness even at the re¬
After such

a

quest (or command) of their chief benefactor through the
years.
The particular crisis
ment is in the coal mines, but

facing the country at the

\\

Administrative Chaos"

'■/''.-V••'g■ ;•
;■
"No responsible
person; h,as .proposed a food 'czar,' nor an Angel
Gabriel. What large sections of the
country and the House Agricul¬
tural Committee have demanded: :is a Food
Administrator, acting
within the laws passed by Congrdss and under the
President.
We

will "demand"

need

between the

basis of the demands of the coal miners.

There is

as

basis in actual fact for the assertions that members of
have suffered

unions

loss of

a

real wages

little

oth^r

there is for

as

Lewis'

Mr.

buffoonery about the "empty bellies"/of the
who is familiar with the facts can
possibly
imagine that labor is not much better off so far as real wages
No

miners.

are

has

one

concerned than it

been.

ever

admits

was

Even

before the war, or for that matter

the

Administration

by implication

that

it is when it cites the
"inflationary gap" in
huge figures. If the great rank and file were not able to
buy all the necessaries of life available to them, there would
be no inflationary gap"!

a

manager, not-a dictator; v
•
v;
"Nor is this j a proposal of,'inflation/^ Inflation
; in
cannot be stopped unless we have a

food prices
single, responsible head over the

inseparable functions of food production, distribution, prices, rations
Government purchases, imports' and exports.

"Today these agencies conflict,'; they disregard the existing laws
and economic sense, and in the:
end; they produce scarcity and higher
prices. The consolidation of these tfunctions under a competent ad¬
would4 check risin| prices, should reduce the
danger o:
nflation by assuring more production from the
farmers, the aboli¬
tion of profiteering black markets! local
ministrator

famines, wastes and

But the so-called "roll back"

to; deprive the people; of lower in¬

of their full food, but, in fact, to get food to them—which i;

comes

not

happening in;

abundant cattle
"All this
°haos
food

planned by the Admin¬
istration is not only
unnecessary to protect the standard of
living of the wage earner, but is gravely interfering with
production and the normal distribution of goods. The Pres¬
ident has

become

that he is

so

as

seaboard cities today.
the range and no meat.

the stark danger of a
food famine he is
inflicting upon the public through his
clumsy efforts to control prices.
The wage earner would
starve

quite

markets

as

he

as

to

whole

on

war

quickly if there
would

if he

without

were

which to purchase what is there.
intricate mechanism, each of its

insufficient food in the
the

funds

an

them.

and

the

continuation of this administrative

our.

cities, the food to

relief

of

our

armies, the

famine—in

post-war

fact,

the

effort"—Herbert Hoover.
way

of "draft¬

Reports from most of the heavy industries last week were favor¬
able, with the exception of steel. The retail trade continues to show
outstanding gains for the week, with department stores showing sales,
Another

new

last year.
,
record high was

set last week in electric power

isteel

is

small

of

last

preliminary

Bank of New York.

serve

In

the

June

19

stores

previous
sales

of

18%

were

week
this

ended

group

of

than

in

better

the comparable 1942 week. '
' : v
With prospective 1943 corpora-'

tion

earnings

forming

the

basis

.

for any new corporate levies that
the Administration might propose'
in the

forthcoming

revenue meas¬

ure, the Department of Commerce ;
revealed that its forecast for the

six

next

months; indicates

total

corporate

taxes

in

of

1943

earnings
reach

may

that

before
level

a

$25,000,000,000.
The

Department estimated that,

before-taxes

taxes

remain

changed.

substantially

un-;

This;', contrasts

with

some.

$6,900,000,000 during 1942;
remaining after taxes. Profits in
1942; before, taxes, ; were $18.800,--

000,000.

-

Advices from Washington
state,
that while the indications are that
additional levies will not be made
1943

on

earnings, there is little
position in which-

doubt that, the

business remains after 1943 taxes
would importantly influence the
approach
to
increases
which
might be proposed for 1944, Leg-,

islation

enacted

would in all

effective
and

later

this

year,

probability be made
1944 income, state¬

for

of

ments

Administration

officials

legislators have indicated.

lias

Utility Revenues

iarn !si Quarter
Manufactured

utility

and

revenues

for

natural

gas

amounted

to

the

first

three

$306,462,400 for the corresponding
period of 1942, an increase of
6.5%,
it was announced on June 24
by
the American Gas Association.
The manufactured
gas industry
revenues of
$119,840,600

reported
for

production, generator output, as. reported by the Edison Electric Ihstitute, climbing to 4,098,401,000^; ■ f
".'f

myriads of parts closely kilowatt hours from 4,040,376,000
dependent upon the others.
This is a large and highly the previous week.
variegated country. Any such ambitious plan as that revolv¬ ; • A year ago the comparable total
ing about "roll-backs," detailed price controls and subsidy was 3,433,711,000 kilowatt hours
indicating power consumption is
payments is simply, and it appears to us, palpably adminis¬
running 19.4% ahead of 1942 be¬
tratively infeasible—even with the ablest and most disin¬ cause of the demand from war in¬

week
a

months of 1943, as
compared with

The State Of Trade

over

corresponding
according to

week ended
larger than in

estimate made by the Federal Re¬

$326,519,400

>+<•>

rise of 28%

7%

were

-

The

politics stands in the
ing" Mr. Hoover himself for this task.

with

The price structure is

-

It is unfortunate that petty

see

were

V*

be'accomplished without subsidies and all the sinr

can

Allies

our

For instance, there if

our

threatens the' food to

obsessed with the fear of "inflation"

apparently unable to

scop-

pages, and would! end the- confusion- in the., distribution system.
"Nor does anybody propose

and faults that lie in

Cutting Production

year,

Cityilinvythe
26

profits of cor¬
porations will be,reduced to $8,000,000,000 if present corporate

let no one suppose that the urn
industry. Leaders of the other unions,
even while
renewing their "no-strike pledge,"; have let it be
known in no uncertain terms that unless retail prices are re¬
duced, or "rolled back," as the jargon of the day has it, they

higher wages forthwith. The alleged relation
cost of living and wages has all along been the

the

the

mo¬

test is confined to that

June

compared

to

the

huge military demands, it approx¬
imates- lan > entire month's v allot¬

of

the

first

6.7%

the
gas

quarter,

from the

increase

an

same

period of

preceding

year.; The natural
utilities reported revenues of

$206,678,800

or
6.5% more than
for the first three months of
1942.

a

ment for essential
i-

Total sales of manufactured
gas

uses,

The end of the coal strike rein¬

stated WPB's drive for an inicrease of 1,000,000 tons in the

for the first quarter were
900.000 cubic feet, an

137,386,-

increase of

8.3%.

Natural gas utility sales for

the

period amounted to
management to be found in the length and breadth dustry, particularly aluminum and sJuly, August and September pro¬
578,713,400,000 cubic feet, an increase of
of the land. What would
■
:
i
g duction of steel. It was announced 10.0%.
happen to it, and what would hap¬ magnesium: plants;
The
Pacific
Coast
held
its ,that Donald M.; Nelson, accom¬
pen, to the country once it is launched in full sway, given

terested

leadership
in
percentage
gains
political milieu in which it would be obliged to func¬ from
year-ago figures with a rise
tion, are subjects which it is not pleasant to contemplate.
of 27.4%. Southern States demand
the

.

v

' 5Y

.

'

*

,

*»''•

r/'

:

•

Not Amenable

Obviously

to

*

"y.'r

'

'!'• 1

>

'

"•'«

-

was

Carloadings of

situation developing out of basic conditions
such as these is not
likely to be greatly relieved by any such
hasty legislative improvisation of the so-called anti-strike
bill, which does not even attempt to get at the root of the
a

difficulty.
proved by

Neither will the state of affairs be greatly im¬
so simple a device as denying the President funds
for his ambitious
subsidy program—although so far as it
goes it appears to be a step in the right direction. Not much
more

than either of these

steps or than both of them
required to set the state of affairs aright, or
greatly to reduce the hazards confronting the country.

com¬

bined is

even

Admittedly, the problem is a difficult one, made im¬
mensely more difficult by egregious errors of the past which
cannot be recalled.
It will be
solved, if solved it is, by
close, intelligent and constructive cooperation between' the
legislative and the executive branches of the Government.
Legislation, for the most part probably in the nature of
repeal or drastic modification of laws enacted
during the
past decade, is required, but mere legislation will not suf¬
fice.

Bold

modification

broad lines is called

of

Administration

for, but it should have

a

policy

along

solid foundation

in law.

A situation in which the White
House
direction and Congress in another

pulls in

one

certainly will leave the

country in a horrible

mess.




.

The need for

a

25.-9%. from last

up

dustrial

officials

the first quarter of 1942.
Sales for

"get-together"

for

the

week

revenue

ended

freight

June

Civil

increase

an

of

Divi¬

Steel

Pittsburgh
this

week

engineering

volume

States

the Association of American Railwas

middle

WPB

about

in

con¬

week.

of

in

continental

totals
-

construction
United

$53,742,000 for
not including

This,

the

uses

domestic

increased 26.8%

purposes

such

as

over

cook¬

ing, water heating, refrigeration,

etc.

nection with the drive.

868,241 cars, according to
reports filed by the railroads with
This

the

19

totaled

roads.

of

sion,- will visit

year.

the

Improvisation

Manufactured gas sales for in¬

panied by Executive Vice-Chair'man Charles E. Wilson and top

were

5.7%

above

period of the preceding
for

house-heating

5.7%, commercial

the

same

year. Sales

purposes
uses

gained
decreased

2.6%.

con¬

Natural

struction

gas

sales

for

by military combat en¬
domestic
preceding
gineers, American contracts out¬ purposes showed an increase of
week this year.
r
?.
side the country, and shipbuild¬ 4.7% while industrial sales gained
This total was 125.11% of aver¬
ing, is 22% above the preceding 12.2%.
age loadings for. the corresponding
week, but 66% below the corre¬
week of the 10 preceding years.
sponding 1942 week, reports "En¬ WFA
Labor Office Create*
Steel operations this week will
gineering News-Record."
The War Food
drop to the lowest rate for any
Administratio
Public construction gains 33%
week in the last two years be¬
has announced the
establishmer
over a week ago, but is 67%
be¬
cause
of an Office of
of suspensions
occasioned low a
Labor, thus cer
year ago. Private construc¬
by the coal strike, according to
tralizing
all
WFA
labor prograrr
tion is 49 and 58% lower, respec¬

13,755

cars

over

the

the American Iron &
tute.

Steel

mills

are

in

Steel Insti¬

tively,

expected to

than

week
:

last

year.

operate at

and

last

90.3% of. capacity, off
ICurrent
construction
brings
points from the previous week,
1943 volume to $1,766,252,200, an
when operations were 97.6%.
A
month ago the indicated rate was average of $70,650,000 for each of
7.3

the

98.4%.

25

weeks.

-

The current schedule is

Department store sales on a
country-wide basis were up 28%
for thd week ending June 19, com-

equiva¬

lent to production of

1,563,700 net
ingots and castings, com¬
with 1,690,000 in the pre¬

tons of

pared

,

pared with the same week a year

one agency. In
Washington ac
vices to the "Wall Street
Journal
of June 24 it was stated:

"All the

personnel, property

an

funds

necessary to carry out th
of the new office will
fc
transferred from the WFA
ager
cies (with the
exception of th
extension service)
work

previously

cerned with labor
programs.

cor

Co

Philip G. Bruton, former recruil
ing chief of the labor administrs
tion, is the new deputy adminis

ceding week, 1,704,000 a month ago, according to the Federal Re¬
serve Board.
ago and 1,639.200 last year, which
included the July 4 holiday.
Store sales were up 24% for the trator in charge of
J
labor, the WF
.While ;the
estimated
loss
of four weeks ending June 29, com¬ said."
;
.

Volume

158

Number 4190

'

THE COMMERCIAL &
FINANCIAL CHRONICLE

27,

Gc G^Davis Resigns As Food ^dmmislrator;
Marvin iJones IsSAppointed Successor

bilization

Director.

The

country
realizes < thiat 'stabilization;
applies
hot oply to food but to many other
things ■ ;su'ch; as rent, clothing an&
\
> Chester C.
Davis, who was "drafted" by President Roosevelt, "wage decisions. The broad objec¬
tive is, of course, to
three months agoras War Food
prevent the
Administrator, was relieved of his,
responsibility on June 28 at his own request, saying that he could cost of, living from spiraling up¬
ward and the

not

wholeheartedly support the Administration's program for holding
down the cost of living.
"X. Hv
:v
,•
XXXX-X--

the

purchasing

dollar from

velt.

'The President'appointed
Judge
Marvin Jones of the U. S. Court

of Claims

his successor.

as

Stabilization,

The

resentatives and served

as

follows:
Dear

for¬

head of

the

Agriculture Committee.
He
Chairman of the recent United
Nations Conference on Food and

that

while

he, had

actions,

.

England, "by
savings programs
excess buying
power,

I

-

Therefore Mr. Davis asked to be
as soon as

and

1.

a

July." X '

his

offer

to

to

stay

determine

1944

announce

food-production

Mr.

Mr.

temporarily
the

on

and

Roosevelt

DaviS's

program.

took

issue

,

with

authority.

to

and

price

administrators.'?LxqwifeX;,X;V
Observing that stabilization

v

prices,

must

we

place the final

one official.
I know of
better method of
coordinating

the work of the Food
Administra¬
and the Price

a

tax

and
the

on

the need

savings program to
price and rationing

limited consumers'
subsidies," just
because Congress had not
provided

legislation

"Of

he

had

re¬

; you

know,"

Mr.

programs and incentive payments
,

to producers

t

obtain the necessary

as

will enable
war

us

excess

buying

tight control and

We do

Respectfully

yours,
kXX
CHESTER C; DAVIS.

v.^v;/-XXy

-

v..'

•;

"•

X; Following -V is
.pi the
reply: /

j;

President's

Dear Chester:
I

have

given

thought to
and

your

good

I

'

-

deal

of

your letter of June

16,

a

request

to

be

relieved

of

tion."

V-The President, referring to sub¬
sidies, denied that he had pro¬
posed
broad, general; subsidies

-

and said he had expressed favor
only for limited payments to main¬
tain farm prices and hold down
consumer

prices.
He said that he
had stated his willingness to con¬
sider
any
other
program
that
; would .accomplish - these aims but
"none has been offered me."

Mr.

Davis

was

Administrator

on

appointed Food
March 25, receiv-

teamwork

is

health.
most

of

That is

a

never

for

life

is to make it

Stating

the

"Let

it

be

beginning

world

understood

that

these

Jones
at

not

Before

the

Office

Stabilization

was

to

as

of

me

abso¬

Economic

established, dif¬

prices

and

ing
to

far

not

might direct.

.X

can

be

no

.the

for

program

over

the

are

to administer

had

W.

no

a

part

would

then

be

Director,..'among Co.;

final

official.

method of

I

no

Administrator, although that

men

strong

enjoy

both the farm and the
we

wisely

can

better

—if

we

factory; if

and truly conserve
of the earth
do these
things we will not
use

the natural

a

resources

only provide the highest standards

living

the

the

known, but

the

dation for

a

we

world

will

has

ever

lay the foun¬

lasting peace."

Destroying Vitality Of America,

in

really

determining.
be

a

case

passed

by

the

■

Congress

is
indication of the power that

of

.■

'; He warned that it is

design that has
the

a

part of

a

occurred before in

history of the Republic: that
Hamilton,
Woodrow

Wilson

State,

that E. F.
of

Harold

the

A.

announced

Dunstan, Vice
Bankers

.

on

Trust

all

and

had

executive

asked:

Theodore

tried

to

Roosevelt

strengthen

branch,

the
Dirksen

and

7 ,'X

,

X-'' '

>;"What shall it profit us to
gain
freedom for the whole world and
lose constitutional
government at

Vice home?". Xx

Sutphen,

iiday,'Vice; President
&

Co.,

have

been

of

of the
-

-The

Committee.
new

Eugene
of

the

R.

>

warned that it is

Boribright day after day.

added

to

the

X;—

-

-

-

appointees will assist

Black, Vice-President

-

X

execu¬

growing

X

Speaking of subsidies, Dirksen

said:

"They

-■'-"X

■

will

be a part of the
whole collective pattern, a part of
the socialization pattern.
"And

when

we

are pretty well
road, what will be our
condition, what will be our capac¬
ity for dealing with the big prob¬
on

that

Thomas J.

Cullen, Acting New

York State Superintendent of In¬

has

announced the re¬
tirement from the Department of
J. LeVerne
Wood, Chief of the
Complaint Bureau. Mr. Wood was

appointed

an

examiner by former

Superintendent William H. Hotchkiss on Dec. 22, 1909. A few
years
later the Complaint Bureau was
formed and Mr. Wood became its
first chief in 1913.
In

Mr.

announcing the retirement,
said, "Mr. Wood has

Cullen

served

The encroachment of the
and he

Cullen Quits NY Ins.
E)ept.

surance,

tive, he said, is "tragic business,"
der Banking
Corp., and Gail Gol-

better

coordinating the work

of

all

"If the
peoples of the earth
better fed and

of

summarized

recommendations

has been
arrogated to the execu¬
tive branch at the
expense of the
legislative branch."
XX,;

President of the J.
Henry Schro¬

If;we

of the Food Administrator
and the

Price

Jones

make

4,500 public

program which

prices, we must,
Banking and Investment Division
responsibility in

know of

can

health; if we can provide full em¬
ployment and full production and
distribution of the products of

as

opportunity
help to

laws

called

Randolph Burgess, Chairman

the Office,
Stabilization
and President
up

to stabilize all

the

neighbors

What people want is
not
ride but a free

some

With War Finance
Group

Food

place
one

as

Alexander

XX\XX-X/j

policy directives."

security

Rep. Dirksen Declares

FRANKLIN D. ROOSEVELT.

things, to resolve disagree¬
which might arise between

them

everywhere

enough to be free.

hereditary enemies,
working together along
common-sense, practical lines, we
can all
help each nation to help

New Deal

dividing authority.
-;
Very sincerely yours,

practicable

Administrator and. the
Price Administrator and to
issue
to

other

it.

22

ments

can be
fashion that for the

will know that he can
earn
enough
to eat,
If we can win

be

by

Mr.

Food Ad¬

as

June

other

a

every man

.

ministrator, I
the

time,

■

York

Economic

built in such
first

-

New

authorized

of

want

exchanging in¬
helpful hand,

disagreement
1944, which

of the War Finance
Committee of

of

can¬

world

plete use, world conditions

we

a

living.

Under that act, and before,
you
accepted the office of Food Ad¬

set

rather than

wholeheartedly'sup¬

a

The collectivist Marxist
philosophy of the New Deal is
the vitality of America and
destroying
is in grave
recently discussed with me.
danger of leaving this republic
so weak
that
it
cannot
meet its post-war
Everybody' is agreed
that • far
problems and
obligations,
greater7 efforts must be made to Representative Dirksen of Illinois warned on
June 26, said David
increase production next year, 'vX Cameion, of the Washington Bureau of
the New York
"Journal-Amer¬
X However, the result of such a ican," in a special dispatch to that paper on June 26
and in which he
further stated:
<8>—-—
-v
.—'
X
program
for crops maturing in
"The essential
problem
1944 will not make itself felt
faced
by lems of the nation and the world
until
Congress is greater than the ques¬ when
at least a year from now.
the war is over?
What
:
tion of
I am concerned with is the
subsidies, greater than the
objec¬
-."It is easy to talk
about the
tive of keeping the. cost of essen¬ Office of Price Control or any
Tour Freedoms' and to talk
other individual bureau.
about
tial foods down for the next
12
elevating the condition of 400,"The great issue is the
or
14 months.
executive
That,' it seems to
000,000
or
500,000,000
versus the legislative.
people
It is going
me, is of immediate
concern
to
throughout the world.
But
to plague us from here
do
on
the country.
out, and.
The pay envelopes
130,000,000
I
people
have
the
ca¬
am
of tens of millions of our
greatly disturbed.
citizens
pacity?"
,X X
X
will
"It is a question
not
whether the
compensate;•= them for
They might, he said, if "the
great increases in their food "bills. President is above the law or
very integrity of the republic is
amenable to the law.
In regard to the
The very
program for
maintained," and he continued: X
fact that in the last ten
next year, I do not think
years
that it
"A. collective ideology cannot do
there have been
would be advisable for
3,600 executive
you finally
it."
orders as against the
to
determine and

he

authority through
department, agency or officer

I

each

various

exercise my

as

are

treating

considered,

in

from hunger for all
men, we can
win for freemen
security from the
rise and aggression of
tyrants. If
needs of its
peo^ .we can win freedom from

—the chance to work and
build."

es¬

continued

Through expanded produc¬
tion, full employment and com¬

carry

the primary
responsibility
country,; But it was also
recognized that by

program to hold down the

There
on

That

the basis of the levels
prevail¬
on Sept. 15 and authorized me

such

be

of each

free

es¬

all

action

you

on

be

as

cost of

things

ministrator would

brought to me. The Act of Oct. 2,
1942, directed me to stabilize the
so

have

announce

time to time arose
between the various war
agencies
which
frequently
had
to

living

I

for

in

peace.

you

all

Whoever takes

wage

policies from

.

which

pie

laid

why that

the

various

recommendations
do
with them the idea of

been

taken will tend to
promote endur¬
ing peace for the nations of the
world," Mr. Jones concluded:
"War
conditions
have
shown
that full
employment can be had.
There is no reason

XX ' •'•'X'"

'

have

living conditions
countries,-: and that
the

limited to

X X

"expanded produc-

better

conference's

were

fundamentals," Mr.

added:

foundations

fact."

a

that

recommendations
"basic

and

been realized. The

important thing in the

corn-

,

simple idea,

very

freer

agricultural

and

factory."
;
;
Expressing the hope that "the

enough of the

food

itself.

coordi¬

Chase National
ing a leave of absence from his method does
Bank, on
require a willingness
post as President of the Federal on the part of both
administrators "Ueave>' w^°
*s v Director
of the
Reserve Bank of St. Louis (this'to
accept the decisions of the Sta- Banking and Investment
Division.




secure

of

a

tion for
expanded use rather than
limited production for limited
use
of the products of both
farm and

can

able-

every

them

among

.,

lutely necessary.

ferences

feel
Adr

be unfair to you to insist that
you
remain in your position when

power,

manage^

you

Food

sential for the
proper functioning
of our war effort.
But it would

a

programs

of

;

controls

cannot

anything
approaching these conditions.

to

produc¬

nated

port

savings

as

tablished, and which I believe

you

-

the food supply.
not have in this
country

on

course

to

but it has

and

me.

ministrator, subject to the

they are accompanied
they are in England,

that drain off

,

Roosevelt added, "that I also favor
and have advocated such
support

,

as

current tax and

cost of

quested.

\

here,

continue

that,

effective

he

able

right kind

formation, lending

con¬

which

program

truly sorry that
to

feel

that you will agree with

that

Lam

infla¬

tion unless

willingness

my

accomplish these two ends.

unable

can¬

that

the; tax

i

I

sure

said

programs,
but he said that he
could not sit back and fail to ad
vocate other
measures, "such as

,

June 15.

on

consumer

give full and sympathetic

would

subsidies

not do this for the reason
that j
do not believe such subsidies
will
be effective in

.

Roosevelt

enforce

.

you announced

general

rector."

agreed with Mr. Davis

'

broad

I do your
ability in dealing with
agricultural matters.
But I am

of

.

of

gram

administrators to accept the deciof
the
Stabilization
Di¬

sions

'X,. Mr.

,

man

maintain farm

down

any

modifies

.

None has been offered

have in my posi¬
who can wholeheart¬

a

Administrator,

although that method does require
willingness on the part of both

.

a

hold

sideration to

assumed

responsibility for the future
direction of the food
program. - j
No one appreciates more than

tor

,

have

and

prices, and stated

ca¬

to
I

edly advocate and defend the
proT

respon¬

sibility in
no

present

my

.

must

ex-

tended to rent,
clothing and wages
as well as
food, the President said:
"If we are to stabilize all

.

tion

and by

Director

-

You

ment

empowered the
settle
any
disputes

in
that

elsewhere.: X;,X

2.

had set up the Office of Economic
and

be

.But because the

in order to

prices

you

food policy but
day-to-day actions,
is being exercised

Stabilization

arising between the food
.

find

serve

controlling

complaint of divided
He pointed out that

before Mr. Davis had
accepted the
office of Food Administrator he

I

conclusion that jsidies

able to

public responsibility while the
authority, not only over broad

r.

Administrator, but rejected

conditions

that

.

a

<

Food

be

satisfactorily
pacity:.- :
'

he had launched

The President in his
reply said
he was "truly
sorry" .that Mr.
Davis was unable to continue as

announc¬

...

to the reluctant

will not

food-production program

broad food-educational
program, which he estimated would
be under way "before the
middle
of

Rounding out and

fashioned

so

——

conference,
exchange

some-\

bodied person will have a
chance
earn what he neecb
to eat and

cate

iXvXXX''X. X'f

"believed

to

tax legislation I have
requested, I
■cannot sit back and fail to advo¬

com¬

conference

delegates to the

how, somewhere,
be

(Congress has not yet provided the

have advocated such
support pro¬
grams and incentive payments to

me

the 1944

other occasions.

the

necessity compels
together in time of

work

He said the

food

I

:

ing the general 1944 food-produc¬

and by tight control and
manage¬

relieved

.power.

•

.

an

them to
war."

adequate

an

tion program, and
2. '.'Holding
three

ment of the food

-

of

...

ac¬

supply."

direction

..

current tax and

that drain off

future

living without

J! excess purchasing

a

'meetings in
New York, Chicago and San Fran¬ producers as will enable us
any nation
to
playing the part of Santa Claus.
cisco, that are essentiAlh^ laurichf obtain the necessary war
produc^ No nation is wealthy
enough to do
ing the broad food educational .ti'on. ,1
'
'
this, and besides, it is not a soundprogram.
I * think you' will also
I
method of
realize
building
a
These major programs.
strong peo¬
should that I did not announce ai pro* ple. It was therefore
be well shaped up and under
recognized
way gram of broad general subsidies in the
Declaration
that
the build¬
before the middle of
July. ;
»j at my press conference on June 15. ing of its own resources and
the
Two main causes
haye brought I stated my views on limited
subT taking care of the

in

as

•,]

.

can¬

or

other measures, such as lim¬
ited consumers'
subsidies, which I
am convinced can
help to prevent
the cost of
living " from getting
completely out of hand. Of course,
you know that I also favor and

1.

would not be effective in control¬

companied,

the

.

ex¬

were

■

v

we

Conference

freport to the House Agriculture
regarding the work done at the
meeting held

June 22

said the conference
"was the first
effort to get the nations of
the earth to work
together in
time of peace as

have emphasized that fact in
my
budget message, in. my statement
on the hold-the-line order and on

q
'j:

i

that I should, carry, further
before leaving are:

.

ling inflation unless it

letter

;

-

with you that

Agriculture, made

on

,

step in

tax and savings
program to drain
off

jobs

pressed belief that the President's
program to use .subsidies to hold
down food costs ; to ? consumers

,

Davis's

responsibility. The two unfinished

being

exercised elsewhere."/He also

cost of

like to be relieved of
my. present

-

respon¬

is

Direc|

pleted two undertakings, I should

,

day-to-day

previously

food program;; After I have

sibility over food, the authority,
"not only over broad food
policy
but

Mr.

Mr. President:

you

Agriculture at Hot Springs, ,Va.
his letter of.resignation dated
June 16, Mr. Davis told the Presi¬
dent

of

fully

of the United
Nations

and

Springs, Va.
his statement, Mr. Jones

In

■:

effectively enforce
price or rationing programs or
fully or effectively stabilize the

Some time at your convenience
I should like to .discuss
fully: with

was

,

text

agree

not

at Hot

down¬

,/,'X'(■.

•

Food

on

Committee

our

tor of the Agricultural Adjustment
Administration.

member/of the House of Rep¬

mer,

had

served for several years as;

Judge

was a

He

;

X I

-t

issue of April 1,

our

1215)'.*

page

Jones, who is on leave from his
judicial post to serve in an ad¬
visory capacity to the Office of
Economic

.XX,/'

noted in

was

•i.

ward..

exchange of_ letters

an

1

Any Nation 'Playing Santa Glaus,' Says Jones
Judge Marvin Jones, Chairman

of

power

spiraling

.

Mr. Davis's resignation was announced in
between Mr. Davis and Mr. Roose-<S>.

Allied Food Conference Ruled Out
Idea Of

the Insurance

Department

and the people of this State
a

period of

34

years.

' As

over

Chief

of

the Complaint Bureau he has
probably had more contacts with
the public than any other
person

in

the

Department.

During that

time his characteristics of honesty
and devotion to

duty have served

him well in carrying on the work
of

the

Bureau.

Through his

re¬

tirement the State has indeed lost
a

conscientious and loyal servent."

President To Ask Rise In Draft Age i
To 65 To Prevent Future Work

V

Stoppages

Roosevelt, in describing the action of the

President

U. S. ChambeNDfCommerce Offers^

Gey. Brisker Seen In

i

Race For

7

United Mine

Thursday,'July 1, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

28

Nine-Point Plan To Preserve Free Economy

Presidency

The

\v

Gov. John W. Bricker's Milwau¬

^i

Chamber

of

States

United

the

of

Commerce

outlined

on

June 26 a nine-point program for the year. The program is grouped
"intolerable," indicated on June 23 that he in¬ kee speech June 25 advanced him
under three general headings as follows: Winning the war; preparing
tends to ask Congress to raise the draft age limit for non-combat ser¬ from the realm of a 1944 Repub¬
for victory, with attention both to the transition period and post-war
vice to 65 years in order to have available machinery for prompt lican Presidential "possibility" to
the status of an "undeclared candi* reconstruction; and a long-range goal for preservation of competitive
action against future work interruptions. ../v;
V.
enterprise and representative democracy.
It was stated in United Press accounts from Washington on June date" for the nomination, it was
The nine subjects under these^—-——
:
——
24 that Congressional reaction to^>
agreed in political circles, in the
"8. Disposal of War Plants and
President Roosevelt's proposal to strikes which have occurred hav¬ opinion of Carl Turner, Interna¬ groups, according to advices June
26 to the New York "Herald Trib¬
Surpluses: In co-operation with
raise
the draft-age
limit to 65 ing - affected only a very small tional News Service Staff corre¬
fraction of 1% of production.
;■ :'V spondent, who in advices from Co¬ une" from its Washington bureau, governmental
agencies,' develop
years
and to draft strikers in¬
:::V:v
.
measures for the orderly liquida¬
"The action of the leaders of the lumbus, Ohio, June 26, published follow:;,
dicated that the suggestion would
"1.
Federal
Fiscal
Affairs:
Cam¬
tion of war plants and surpluses
meet
stiff
opposition,
in
and United Mine Workers coal miners in the New York "Journal-Amer¬
paign to secure a regime of taxa¬ without unduly retarding resump¬
out
of
Congress.
The advices has been intolerable—and has ican," further indicated his views
tion
and
finance
that
will
include
tion
of normal business operations
'
greatly stirred up the anger, and as follows:
further stated:
J
the principles necessary to war and
employment.
<
Among those objecting to the disapproval of the overwhelming
"Any doubt existing before that

Workers' leadership as

,

,

<

of

use

the

mass

punishment

as

army

effort;
Representative Howard W. Smith
(D., Va.), co-author of the antistrike bill, who thinks it would be
soldiers

to

insult

"an

Forest A. Harness
called it

plan,

the reac¬

with thousands of miners
refusing to return to the pits.
The
text
of
the
President's
statement on the coal mining sit¬

ment,

uation follows:
.

.

.

;

-: v;

.

.

*

in

,

,

Service Act
does not authorize the induction

into the
I intend to request
the Congress to raise the age limit
for non-combat military service to
of

men

45

above

years

armed services,

the produc-

I shall make that re¬
Congress so that if
time in the future there
be a threat of interruption

ruptions war production has been
slowed down.

quest of the

-

any

should

mining, the making of
munitions and supplies has

coal

of work in

plants, mines or estab¬

lishments owned by the Govern-*

ahead extremely well. Aside
from United Mine Workers' coal

gone

the no-strike pledge by
organized i labor has been well
kept, the few small unauthorized

mining,

Association.

ment, or taken possession of by
the Government, the machinery
will be available for prompt ac¬
tion."

"V-

'V: -'hti

.

•.

.

to

in the

renomination for
the Ohio

a

"4.

fourth term in

May primary election, or

Representative Clare Boothe Luce (Rep., Conn.) told

Wisconsin

Republicans on June 27 that the New Deal reputation was dead on
and that President Roosevelt could only survive it

foreign policy was sound.
;
giving the keynote address before the Republican State con¬
vention at Appleton, Wis., Mrs. Luce said that the Federal adminis¬
tration had offered only a falserby convincing the people that his

,

to

dependence
recapture

earnings.

*

.

•;

•

,

revenue

on

-

unreasonable
><

■

•

According

to

O'lfeil

United

a

Eric A.

'i'

business.*J-';*sM''>"*•
of

Work

Contracts:

.

:v.*

United

"The

its

\

•.

Chamber

States

within

embraces

membership

more

1,000,000 business men who make
the membership of these or¬
ganizations. It was created to as¬
up

certain and make known business

to

secure

problems that must be
possible an orderly

on

solved to make

of

conduct
Its

deal

to

issues involved
and

affairs.

economic

our

is

duty

boldly

with

in the attainment

preservation of

free com¬

a

petitive economy and with the
preservation . of ;i representative
democracy. To accomplish its ob¬
jectives
to

it

for

that it fights

mean

may

maintain

"7. Termination and Settlement, quo; or

Press,

.

Johnston, President of the

Chamber said:

opinion

:

Mismanaged

Says President

V

making public the program,

ganizations. : It speaks for nearly

needed

for

work

to

gubernatorial primary whether or
"5. Management - Labor:
Take
not he expected to win the Pres¬
leadership in protecting the re¬
idential nomination, for the party spective interests of: management
national conventions come .along and labor through mutual agree¬
a month or two later."
ments on their rights and respon¬
sibilities and through law.-* * i - I
"6. Social Security:-Define a so¬
cial security program that can and
will be supported by American

Rubber

is

table."

Renegotiation of Contracts:

major
laws

that Ameri¬
safeguarded at

see

than 1,800 national, regional,
state and local business men's or¬

a

changes and for the principle of

satisfactory status

a

,

that it works

may mean

readjustments

necessary

to
de¬

dispatch from Houston, Tex., Wil¬ prompt settlement of terminated
liam O'Neil, President of the Gen¬ contracts
so
that industry may
eral Tire & Rubber Co., in charg¬
proceed without uncertainties to

enable business

that
the
New
Deal
has normal production and
"grossly mismanaged" the alloca¬ ment. url/M; Mz&lk
tion of rubber, on June 26 assert¬
ed that "there is no question that

public, it is not for the good of
business'.",
:' %,
;

ing

could

except in those,areas where
tual shortages

ac¬

—

"The rubber

with

road

the

100%

reclaimed

miles

an

run

tires

"

President

he had

companies could keep all of them
on

no

new

The motto of the Chamber

mands.

is: 'If it is not for the

good of the

Rejects Plan For Food 'Czar'

conference- on June 15 that
"czar" with over-all powers over
and defended the use of subsidies to hold down food
Roosevelt told

his

press

intention of creating a

made

of

food matters

At

35

costs to

rubber.

employ¬

Rut

of-gasoline exist.

Mr. O'Neil added:

>

to meet

President Favors Food Subsidies

gasoline ration¬

remove

ing for all passenger automobiles

the home front

In
-

conditions

(peace

to

stable transi¬

interest of

Continue*

step aside and open the field to
all comers.
He could enter the

we

Foreign Policy 1944 Issue Says Glare Luce
Galling New Deal Dead On Home Front

the peace

Congressional action
now
for the orderly
unnecessary controls

of

of

enterprise

can

tion period.

seek

must

;-/V; ;rj.

\•iV;/ '

provide

removel

Republican nomina¬
spring.; J
Bricker

■

Analyze

proposals that may
business in governmental

and take steps

"3. Controls: Formulate policies

;

tion for Governor next

.'"Governor

■

Economics:

World

discussions

program

and work for

speech paved the way for Stewart
the

"9.

and report on

affect

constructive

a

usages.

James Garfield Stewart,
who has gubernatorial ambitions,
declared the tenor of the Bricker
seek

recon¬

economy

assure

Form¬
for
effective price controls, without
subsidies, and with minimum dis¬
ruption of ; established business

Mayor

to

post-war

"2. Prices and Rationing:

ulate

Cincinnati, friends of

In

to

in government.

"Already there have been reper^
cussions.

and

struction, and to

considered

he

years.

at

"Aside from United Mine Work¬

war

from

cause

operation. *,
'
"As the ^Selective

65

ers'

just

without

ment

a

short period that

a

to

return

to

miners

work in the mines under Govern¬

^ i

tion of coal has been interrupted.
"As a result of these three inter¬

■

the

selves

good thing that the
miners
are
returning to their
work. This is the third time with¬
is

"It

any way.

work, the Government had taken
steps to set up the machinery for
inducting into the armed services
all miners subject to the Selective
Service Act who absented them¬

generally was one of resent-

tion

those

"Before

direct

attention
to
"work-orfight" bills they have introduced.

•

the

the
leaders
of
the
United Mine Workers decided to
:

calling

From the mine fields

no

by

change

to

terms and conditions in

Harry F. Byrd

Va.) however, approved the

been

commitment

or

Government

Miss.)
(D.,

(D.

Colmer

William
Senator

and

has

There

8.

promise

Representa¬

including

Others,
tive

June

(R., Ind.) who

"slave labor" plan.

a

course,

1. The terms and condi¬
tions of employment will be those
announced by the National War
Labor Board in its directive of

Representative

and

battlefield,"

finance

Bricker, at the time
propitious, > would
throw his hat into the ring, was
erased by his straightforward dis¬
cussion of foreign and domestic
affairs before the Wisconsin Bar
Governor

of May

the

on

-

being,

will continue to be
operated by the Secretary of the
Interior under the executive order
of

committee

(D., Mo.) of the Senate
investigating the war

of the American people.

"The mines for the time

Chairman Harry S. Truman

were

consumers.

The President said that if Congressional

hour, those tires would
from 7,500 to 10,000 miles."

ments know of

In

Mr.

had

Roosevelt

all

vest

critics of subsidy pay¬

better way to combat inflation they should offer it.
been

urged^
Dr. Parmelee Says

High

delegations to
powers over food prob¬
a single administrator.

Congressional

by

Heads Financial Librarians

a

;

Rail Earnings Face Slump
Mrs. Luce said that she under¬
Americans
At the business meeting of the lems in
would demand a post-war victory stood there was some question in Financial
Dr. J. H. Parmelee, Director of
Group of the Special
In his press discussion of infla¬
about the
"isolation¬
that would guarantee a "free and Wisconsin
Libraries
Association,
in
New tion and food prices, these majot the Bureau of Railway Economics
ists" and the "interventionists.''
ever expanding economy."
of
the Association of American
York City on June 24, Ruth Mil¬
points were developed, according
"If an isolationist is or was a
Republicans have met the chal¬
Railroads, in testifying at a hear¬
ler, Librarian of the Central Han¬ to the Associated Press:
,;
lenge in Wisconsin, Mrs. Luce as¬ man who wanted to stay out of over Bank & Trust Co., New
ing held before the Emergency
1.
He
expects the Office of Board of the National
serted,
and
declared she was the war, then I am an isolationist York, was elected Chairman of
Railway
Price Administration (OPA) to go
confident that they would do it and so, I believe, was everybody the
Wage Panel in New York City,
group,
succeeding Mary P.
nationally.'' - •
' -'.'A;-3■/.; A <: in the United States before Pearl McLean, Librarian of the Ameri¬ on as it has been. He repied with on June 28 declared that "the
In
Associated
Press
-Vj; can Bankers Association. Vera a flat no when asked if it is to present high level of railroad
accounts, Harbor," she said.
be "split up."
"If we Republicans are going to
the following was also reported:
traffic and earnings is of a tem¬
Knox,
Librarian
of
The
Tax
Mrs. Luce said the Roosevelt be smeared because we refuse to
2.
There have been delays, Mr. porary nature," according to the
Foundation,
was
elected ViceMr.
Roosevelt's
foreign
administration has established a accept
Roosevelt acknowledged, in hand¬ New York "Times."
He is also
Chairman, succeeding Miss Miller
policy, we had better discover
"charity government."
and Margaret Siegmund, Librar¬ ling food and other matters as a
quoted as saying that "as soon as
quickly
what
it
is
we
are
being
result of divisions of authority, the abnormal stimulus of the war
"Charity is what you are given
ian, Bankers Trust Co. of New
when you don't get justice. Then smeared for. We had better exam¬
York, was • reelected Secretary- but he said he expected the new effort is withdrawn, traffic due to
ine Mr. Roosevelt's foreign policy
you get doles, handouts, WPA-ism,
war activity will rapidly
Treasurer.
Dr. Paul F. Cadman, Office
decline
of
: War
Mobilization
special subsidies and special ben¬ closely and at once, because if the
to
the
vanishing
point,
while
Economist, American Bankers As¬ (OWM) to co-ordinate the work
efits to the favored and special New Deal is re-elected, this is the
other traffic will be subjected to
sociation, and J. H. Riddle, Eco¬
issue it will be re-elected on.
of all and eliminate delays.
groups within the economy."
more
intensive competition than
nomic
Advisor,
Bankers
Trust
She declared that government
"The New Deal is dead so far as
Dr. Parmelee was
3.
While strongly supporting ever before."
Co.,
addressed
the
Financial
; bureaucracy
had become "one of its reputation on the home front
Group of the Special Libraries the idea of subsidies, Mr. Roose¬ the first witness in behalf of the*
the
mostthat

and

security

,

•

•

tyrannical

unpopular

that had ever
in the nation." ■'

been

systems
;

up

"Today

what

all

set
;

Americans

want from the cradle to the grave

is real

opportunity—not the New
Deal's false security. .Today, what
all

Americans

victory
America
and

will

demand

which,
in
a
governed by

is

a

just laws, will guarantee us

of which this greatest of na¬
tions is capable.
■»
omy

"This is the challenge to the

Re¬

publican party and I believe that
the
1944 Republican party will
it.

It will

It

can

only survive if it

can

convince the people that its for¬

eign policy is and
"This is cannot
New Deal had

no

policy and has
that
from

it

is

our

was

none

become

the

ma¬

jority party in the nation as you
are in this State already."




best.

"Let

except
temporarily

now,

cousins.

?'v
us

once

this fact. The

and

ference.

at

its

Wartime

V;Vk;• &

.

;• ■

Con¬

V"::ri'

While

V;v•
for

all

■

s

same

the

inefficiency

has been

run

"Above

time has

party

at

jugger¬
it

same

with1 which

home. ';:

'

r

all, I have said that the
come

to

against the

for the Republican

stop
name

defending

P. A. abroad.

will

Washington bu¬
become

world

bureaucracy, and all will be

run

a

message on

the
al¬

ready knew that was one way

out with it.
In

discussing

President

■■■■

^

spoke

subsidies,

the

of $1,500,000,000

the possible

to

istic,

just
figures he had taken from the
newspapers.
But assuming they

American for¬

eign policy which will then be¬
come

the

foundation

of

a

world

peace

policy that all nations

embrace because

stand

it."

they

can

can

under¬

$2,000,000,000

cost,

were

but

said

as

these

are seeking
a 30%
increase for nearly 400,000

wage

railroad
A

IV2 to 2% on a $100,000,-

000,000 cost of the war.

workers.

backlog of deferred mainte¬
has

nance

been

care

"because

of

of

piling
in

up

future

shortage

of

to

be

years

critical

material and the pressure on rail¬
roads in 1942 and 1943 to handle
the

heavy

them

traffic

thrust

upon

by the war," Dr. Parmelee

stated.

were

correct, he said, that would

be only

The five large Railroad

Brotherhoods

taken

he said, they could come

development of the strong, real¬
common-sense

railroads.

to

If they had a bet¬

buck inflation.
ter way,

itself

'isolationist'—by

"W. P. A. at home will become
W.

thought he would not

Congress

subject because the legislators
with

overseas

naut

face

philosophy of
charity as government which has
inspired the New Deal at home
will inspire the New Deal abroad.

reaucracy

velt said he
■

send

do, because the
positive foreign

borrowed

British

Association

sound.

post-war that is better than nothing, it is
just men still, for the United States, second

the free and ever extending econ¬

meet

goes.

;

He added that

;

it

—

was

\

"entirely

probable that the net railway op¬
erating income for the second
half
of

of

the

1942."

1943

will

fall

corresponding

below

that

period

of

Volume

158

Number 4190

THE COMMERCIAL & FINANCIAL CHRONICLE

Congress Overrides Veto Of Anti-Strike Bill;
1 '.VA

Bricker Favors American

concerned, .that,

as

are

like

1

about

ParficipaSion In
//Posf-WarOrganization To Preserve Peace

strike

a

passed off

called.

was

irrelevant

He

der executive order

prohibi¬
tion against political contributions
by labor organizations. /,/•;• //
as

tion./;;:/.'.,'

a

^

/.'•

t

Roosevelt

said

he

provide
terms

and

have approved the bill had it been
limited to the first seven sections

ment,

except

seize

him statutory

conditions

of

kee

indicated

of

were

Press f'

in

has

pursued

of

employment, except
as - directed '
by : the War Labor
Board, levying fines of $5,000 and

plant

or

mine.

/

.

age

*

The

President

approach to insure
continuity of war work and
ommended

into

be inducted

may

military service.
of the anti-strike bill

Passage

and the action of labor in
veto

of

the

ported

in

our

measure

urging

were

//

not

of

many

sections;

but

write

to

certain

into

extraneous

"I

matter

doubt

these

In

1

ing of the
to

me

reasons

ef¬

at

this

!/

purposes and

effects of the

for

'men who have gone into the

the

public

with

ciation

on.

provisions
l

8

upon

war

requires

the

Labor

tional

time.

Board

Labor

and

the

to

an

the,will of the American people
that no war work be interrupted

would

taking of a strike
ballot and might actually
precipi¬

by strike

tate

lock-out.

or

/ "American

labor

as

well

j

as

the attack

on

.strike.

Relations Board

tieth day

of

notice take

the

entire

year

For

the

on

a

inflation.

President has

jthe" employees' In' the

of 1942 the, time

the

-

•'

work

was

strikes. That record has

never

be¬

{

It

labor's

equaled in this country.
good or better than the

as

record of

time.

of our allies in war¬
:V;/} ;';?///;/;///v/;/•;

,,

"Section 8 ignores

a

very

live

to

tions clearly
*

"The first

use

the

small minority of the
to the standards

bill
'

are

unlawful.//•
seven

r"

r;

sections of the

!

directed to this objective.

"Section 1 provides that the Act

rpay.' be cited as the 'War Labor
Disputes Act.'t/ v
;

.

'Section 2 relates, to definitions.

"The heads .of

val

and

our

"This direct approach is neces¬

sary- to
war

Vote-getting.";///'"•/.v"'■/'*■

I.

military)'.na¬

insure

likely to be subversive of the
purpose of the

production.

-

63.




have

had

Only nine insti¬

reported

than

more

20

each.

cases

<

make

in/character/;/ *-/'•

"I recognize, that this bill has

it
-

convinced that Section

8 will

These securi¬

June 28 with

on

no

restric¬

to the basis for subscrib¬

as

ing,.
Secretary, of the Treasury
Morgenthau announced the offer-/
ing on June 26 explaining that
these

securities

designed to

were

raise additional funds in advance
of the Third War Loan

Drive,

which

is

scheduled

to

in September. ■:

way

In

get under
' /:.•//-

disclosing the terms of the

latest

"new

money'/ offering,
Morgenthau said that,
with the exception of
weekly bill

Secretary

offerings,

two

operations
Summer.

other 4 financing
for the

planned

are

He explained that part

of

the proceeds from the current
sale will be used to pay off in cash

$324,000,000 of Reconstruction Fi¬
Corporation notes maturing

nance

July 15 but that the Treasury

may
obtain additional funds some time
in August in connection with the

probable issuance of
cates

this year and next is not

entirely

new

of indebtedness

$1,609,000,000

to

in

certifi¬

off

pay

certificates

announcement:

clear from the survey but the ma¬

"The

notes

jority of the mortgage bankers be¬
lieve that no greater difficulties
will be
encountered
than have

per annum,

been experienced so far, accord¬
ing to Charles A. Mullenix, presi¬

thereafter

dent.

The

vote

about

was

60

likely to

this

on

to

question

that

propor¬

many more

defaults

40

occur.

"Men going into the service can
relief. from
payment of

secure

principal

and

interest

mortgage loans while they
the

service

but

and

ually provides for and who have,
in many
instances, told service¬
men
that going into the service
that they are released for¬

means

from

payments

they
this

principal and interest
their

on

loans

in the service.

are

advice has

while

Most of

-

from

civil¬

ians/the

study shows, but

some

of

come

it

has

come

from

uninformed

///'//;/■ /■/'/./'/

army sources.

basis

tempts to take

unfair

an

loans

it

advan¬

pertains to
there

have

study

showed

no

particular

sec¬

"Pursuant to
Public

.

hereafter

provisions
set

are

where."

than

else¬

It is also stated:

mortgage

problems

been worked out
..U

K.

own

have
«-Jr

usually
•

•>:

1

•

cir¬

account will be re-/

deposit, but sub-'
scriptions from all others must be>
accompanied by

payment

of

2%

of the amount of notes
applied for.-

"Subject to the usual
tions, subscriptions for

/.

reserva-^

amounts

up

to and including $100,000 will:
allotted
for

in full,

amounts

will, be allotted

and subscrip--

$100,000-

over

on

an

eaual per¬

centage basis, to be publicly
nounced.

satisfactory
to all
•-J

i

official

without

Payment for

'"

"The survey shows servicemen's

the

full/

taxability,

Banks and the Treasury De¬
partment are authorized to act as
official
agencies. - Subscriptions*
from banks and trust
companies

had

cases

The

to

serve

have

default

in

institutions generally may submit

be

more

enacted.

relating

forth

subscriptions for account of cus¬
tomers, but only the Federal Re¬

tions

relatively

of.

1941, in¬

Branches, and at the Treasury De¬
partment; Washington.
Banking

South

to

of

"Subscriptions will be received
at the Federal Reserve Banks and:

although lending in¬

seemed

provisions

Act

cular released today.

the

West

the

Debt

such, under' Federal tax Acts now!
or

stitutions

and

attached/ in de¬

terest upon the notes now offered
shall not have any
exemption, as

tional trends
in

1943, and

$10,000, $100,000 and $1,000,000.

ceived

at¬

semi-an¬

on a

Sept. 15,

on

interest coupons

for their

few

payable
on

March 15 and Sept.
they mature
Sept. 15, 1947.
They will not
be subject to call for
redemption
prior to maturity.
They will be
issued only in bearer form with

have

surprisingly

July

15 in each year until

"Another has been the delay in
dependents of men in service re¬
ceiving allotment checks, .f There
been

dated

on

the

,

Sailors' Civil Relief Act act¬

ever

nual

eventually

"»

be

nominations of $500, $1,000, $5,000,

in

are

will

12, 1943, and will bear interest
from that date at the rate of 1V2 %

"

must

make full payment.

their

on

relatively, few cases which
-/ have had to be taken to court. The

an

Banks

tions

the

and

and

closed at the close of

June 29.

on

"What is

been

service

were

going to happen to the which fall due August. 1.
mortgage loans of the older men •/ The following details of the new
who will likely be drafted later
1 Vz % notes is from the
Treasury's
-

■

,

two.

one or

tutions

mortgage

selective

"Section 9 of. the bill prohibits produce strikes in Vital war
plants
"Section 3 gives .- statutory au¬ for the period of the war political I which otherwise would not occur.
thority, to the President to seize 'contributions by- labor organiza¬
[Therefore. I 'could; not properly
war
facilities—a power; already tions.This- provision
/obviously discharge the duties of my office
exercised on several occasions un¬ has mo
relevancy to a bill prohib- if I were to approve S 796."
.

institutions

pf

am

i

Most

only

west coast

has had 75 and another

company

jwould be to extend the principle

•insure full

-V.\'Y

mem¬

Association

a

on

as

entirely praiseworthy purpose—to
war production.
But I

bill—uninterrupted

covered.

One life insurance

tage of the Act

i

very

the

continuity of
work." The only alternative

production agencies have. universal

testified that these provisions are

that

was

bank with 87.

to the

up

gies of the workers would be di¬
general .purpose of. the War Dis-%,
verted ' frorti
war
production .• to
putes.Bill to make such interrup-.

were

nearly 800

mortgage defaults of
The nearly 250 in¬

no

men.

are

Ipersons. may be inducted into nonsions would stimulate labor
unrest,
'and give Government sanction to jcombat military service up to the
age
of 65 years."- This will enable
strike agitations. "// / /.
f ■ r ' / ' Us to induct into
that the great majority of. people
military service
|
"The
30
days
allowed
before
the
follow.
Recently there has been
all persons who engage in strikes
strike vote is taken under Govern¬
interruption of work in the coal
ment auspices might well become Ur stoppages or other .* interrupt
industry,: even after it was taken
tions of work! in plants in the pos¬
;a boiling period instead of a cool¬
over by
the- Government./ I- un-i
session of /the United, States.; ////
ing period.' The thought and ener¬
derstand and sympathize with the
make

people

Seventy-eight

national

tionately not

[ /"I recommend that the Selective
Service Act be amended so that

discouraging strikes, these provi¬

often necessary to

the

con¬

-

Far from

of

con¬

strengthen the hands of govern¬
juris¬ ment in
dealing with such strikes,
;and will prevent the/defiance of

'no/ strike'

tices and strike ballots.

'

are

•

in

war

Govern¬

completely the
National War, Labor Board's
pledge .and
://.///
provides; in effect, for strike no¬ j decisions.-

any

"But laws

bitter

dictional strife.

fore been

is

and :of

the
im¬

upon

of. government to. prevent
./."A principal difficulty lenders
the. interruption of /war produce have encountered has been the
tion by strikes,/1 shall approve
'curbstone' advice of people who
legislation •-/ that
will ' t r u 1 y know little of what the Soldiers'

would
open
the
whole controversy over 'bargain¬
ing units,' a fruitful source/of

delayed; by jControversy

based

The

powers

^requirement

ward without
strikes, and ■/ that
only five one-hundredths of/1%

the:
the

f/jVThef e/shbulcl^Se'no/misUjnder-

jstanding—t 'intend

f

of

by

public

-

mines, facilities/ bargaining unit
or
"bargaining units,' as the case
man-hours worked. The American may
be,
on. the
question
of
people should realize that fact- Whether they will stop work. This
that 99.95% of the work went for¬

during

operated

public

appropriateness of extending the
;to. other.;; nonprofit
organizations.
r
.•'/

lost by strikes averaged only five
one-hundredths of 1% of the total

is

the

of

service

And

{prohibition ;

plants;

study

reported

supported that

prohibition .it should, not be
fined to wartime, and careful

secret ballot among

experience

unfavorable.

number

sideration should be given

after the giving of the

present

more

"Most

bers

re¬

ment brito -h l^ar Labo^ Disputes
Act.'
If there be merit in the

thir¬

be

that

plants

8 further makes it
mandatory that the National La¬

bor

pledge has been well kept
except in the case of the leaders

groups-

children—

stitutions reporting defaults have
had only 858 cases.
The largest

iting strikes

we cannot sanction
without notice.

inducted,

age

that

with

cities in 31 states

same

j
Gov. Bricker said
the
should be protected from

//"Section

Pearl Harbor.

t "That

the;United Mine Workers.

or

higher
men

commercial banks.

;

/

ties, dated July 12, 1943 and due
Sept. 15, 1947, were placed on sale
through
the
Federal
Reserve

seems

believe

to

reason

the

of
nearly
250
mortgage
lending
in¬
stitutions including 41 large life
insurance companies and 32 large

times,
other agencies,

policies

A-1947

there

time,
we
have had other departments,
and you can supply the names of
those responsible for those
depart¬
ments, who have been telling us

the

i=-

"In wartime

strikes with

American business gave their 'ho
strike, no lock-out' pledge after
.

a

that

experience

at

the

cause

Act,

portant

.

in/accordance with his no-strike
pledge to give the notice which

no

"The

Board, in side of his Administration, too.
;
"I am unalterably opposed to order to give the employees the The
^onsequejices of this ruinous
strikes in wartime. I do not hesi¬ opportunity to express themselves division of
policy are already ap¬
tate to use the powers of govern¬ by secret ballot whether they will
pearing. / No official pronounce¬
ment to prevent them.
permit such interruption of war ment, no matter how
exalted, can
"It is clearly the will of the production.
./;,-/
reconcile a policy of inflation with
"It would force a labor leader a
American people that for the du¬
policy
of
increased
foreign
ration of the war all labor dis¬ who is trying to prevent a strike trade."
/
putes be settled by orderly pro¬
cedures established by law.
It is

be

including

to

in

Relations

-

Relief

will

economic

the

subscription books for the

business

has been little difficulty in adjust¬

advices from the Association state:

sound

The

that

offering of $2,500,G00,000
iy2% Treasury Notes of Series

of

Sail¬

inflation would be

quire continuous

Na¬

Civil

and

re¬

competition of goods offered
by low-wage nations. Destructive

and,

is

current

surprisingly few

a

meet

|he asserted,. */'At the

interrupt war production to the
Secretary of Labor, the National

War

ors'

The

on

are

Department

this

On $2.5 Bill, Note Sale

serr

have had to seek

men

lief under the Soldiers'

ef¬

tra.ne,"

repre¬

that

are

service

and

used

inducted.

are

of

Treasury Closes Books

the

announced

when

have exalted the mission of Amer¬
ica in promoting foreign

of

of America

ing payments and that there

the President and

pro¬

of

mortgages of

pressed opposition to lowering liv¬
ing standards of American labor

State

//

:'

'< "

study

Washington so divided
'among itself that for ten years the

the

war on

June 26 that the most significant
conclusions to be drawn from the

tration

these

whether

made

survey

forbidding/reality," he went

superior

groups

their debts."

vice, the Mortgage Bankers Asso¬

that

the

are

only what we needed
own purposes."
''
/
"The tragic results of that
pol¬
icy now face us with grim and
our

suggested

What

that

Reporting the results of the first

nation-wide

insuperable
trade handicap, he said.
"And yet, we have an Adminis¬

to

which prompt

this bill

veto

in

employees of a war
give notice of a labor
dispute which threatens seriously

misunderstand¬

no

strikes

contractor to

■/•'//

"Let there be

v

doubt

duction.

made

more

Administration program "we were
to grow what we need for our own

ficiency in production be

Congress
had ' the / opportunity
fully to appraise the effects of

which

be

difficult instead of

more

prevent

is: familiar

complishment of its avowed pur¬
pose—the prevention of strikes in sentatives

fective/;-

no-

limited to these

whether

"Section

well %

labor's

v '

were

to

provisions.

the form submitted to me, the ac¬

wartime—could

of

sections, I would sign it.

generally

other

to be discriminatory.

appears

au¬

foment slow-downs and strikes.

legislation

war

statutory

wartime and which in fact would

sections tend to obscure the issues
or

"If the bill

legislation

simple bill, for it
subjects. I approve

the

National

"But the bill contains other pro¬
visions which have no place in

a

many

Board

sanctions

seven

'

is

the

I

follows: Z/Z//v
: "I am returning herewith, with¬
out my approval, S 796, the socalled War Labor Disputes Bill.
"It

gives

strike pledge.
i

,

message

covers

Labor

moral

re¬

issue of June 17,
'> • /! <
/ *"•'
The text of the President's veto

page 2287.

7

is

sound loans.- It further reflects-,
the fact that Americans like to
pay

Mortgages

8f Men In The Service

thority and defines its powers.
"Hunger stalks around the world
"Broadly speaking, these sections and we are rationed
here, because
incorporate into statute the exist¬ of such fallacious
programs."
ing machinery for settling labor ■I Governor
Bricker v said
the
disputes. .The penalties provided United .States
should participate
by the Act do not detract from the
freely in world trade.'
He ex¬

noncombat

*

a

War

rec¬

that persons up to

so

of age

years

"Section

the

amending the Selective

Service Act
65

most critical emergencies.

favored

he

said

direct

a

Of War Obi

agriculture, saying that under the

or-aiding a/Strike in a for those found guilty, and
might
Government-operated
plant ..or lalso have some deterrent effect.
mine, and giving statutory stand¬ But it; would not assure continu¬
ing to the War Labor Board.
; ',-' ance
of war production in the

encouraging

higher percentage loans we have
been making in the last ten
years

...

recting

$ie law provides for.

most

significance

do¬

a

advise

majority of the lenders surveyed
do not anticipate a
great wave of
mortgage defults when the higher

authority State rights

must be respected.

accounts from
' :/ /■//- /';///

mestic/policy which, 'at every
point, hampers and contradicts its
j "This would. make possible the professed foreign policy," he. as¬
arrest of a few leaders who would
serted. "V;";
7/'
■■-'//: 7
' / ./■/ /
imposing y.o.ne^year
prison
sen¬ give bond for their appearance at
tences on persons instigating^ di¬ trial.
j As an example, he mentioned
It would assure punishment
conditions

Federal

is

"For ten years' our national ad¬

ministration

maintenance of

follows

as

what

age and unemployment is legiti¬

mate, and that in every extension

;

facilities, providing for offense
to; instigate, direct or aid
existing terms and a strike" in a government-operated

war

seeking security against the needs
of

to

mortgage loans outstanding have,
in practically all
cases, wanted to
do the right thing once
they knew

citizens

His remarks at Milwau¬

that city June 25:

criminal

a

to

istration.
Associated

'/,,;.J,.///;.//;

"Section 6 makes it

domestic affairs and their

on

assistance

usual,1 there

things they know nothing
finally—and this is par-)
ticularly true—servicemen with

private monopoly. He held that

or

government

handling by the Roosevelt admin¬

employ¬
directed by the

as

War Labor Board.

to

power

dress

and 5 of the bill
maintaining existing

for

would

—giving

•/ ;.•///

.

j "Sections-* 4
,

'

Mr.

';//;

sibilities of such activity to future
speeches, and centering his ad¬

proclama¬

or

who

some

about and

(Continued from first page)

(Continued from first page)
before

29

allotted

pleted
„or

on

must

on

be

an-*,

any notes-

made

or

com¬

before July 12, 1943,

or

later allotment."
J

■

<

■:
f

u-

,

J

:

,

)

t

'

FINANCIAL CHRONICLE

THE COMMERCIAL &

30:

Thursday, July 1, 1943
•

I

•

t

_

when

Silver Use By

Industry
Approved By Senate

or

during the past week, but an esti¬

the

unauthorized "no contract, no

an

work"

dispatch

Pa., stated

on

eenth—was

down

shut

supplies dwindled in ..war indus¬
further added:

■

new

some

areas.

in

could

higher than on Monday.

purposes

sumed

both Ken¬

June 29 in

on

of

2,300 of Ohio's 15,000.

Six Ohio

mines had been out of

production

June 28.

on

than

current

session

cents

71.11

controversy developed.

of the mine-wage
Absentee¬
West Virginia's 130,000

United States of an amount of sil¬

ism among

ver

miners, however, was reported at

the face amount of all outstanding

10% to 15%, leaving the over-all
number
of
idle
virtually
un¬

silver

changed from the day before when
six mines were still out of produc¬

of

tion.

phase

-

the

The

there

000 miners.

prompt

"Another 2,000

workers in Ala¬
mines joined the

joined

2389.—Ed. l

June

Secretary
Solid

by

debate

the bill, on

on

,

Fuels

Administrator

the Government owns:

ver

28, Harold L. Ickes,
of ' the" Interior, and

j/

"We now-have almost 3,000,000ounces of silver owned by the

000

for

United

War, announced the appointment

States

and

Government

of Carl E. Newton, President of under the control of the Secretary
We have ap¬
thOvChesapeake and, Ohio Railway. of the Treasury.
'Company, - as Director of Mine proximately 500,000,000 silver dol¬

Operations for the Federal Gov¬

lars coined.

ernment.

dollar

>;;?]

:.<■;v; ■/; ■ ;;

,

Newton made the

to inquiries:

over

wages,

make

any

nor

Workers.

?.

"I know the

<

assignment.
ers

and

sides

000,000

-

■

,

amount to

$3,870,000,000.
"Recently the Congress author¬
ized the Treasury to reduce to sil¬

,

fairly

as

as

I
:

terest

the

mine

in

the

therfore

mineworkers

owners

will

give

have

been

a

standard

value

The Kingdom of Norway is no¬

tifying holders of its 20-year 6%
loan sinking fund gold
bonds, due Aug. 1, 1944, that $1,-

external

081,000

principal

amount

the

of

bonds

of

drawn

by lot for redemption

this

issue

have

been
on

Aug.

1, 1943 at 100% of their
principal
amount.
The
drawn
bonds

should

be

redemption

on

head

of

office

Bank

of

New

surrendered

that
the

date

at

National

York.

the

an¬

nouncement also states:
i

"

"In connection with the call, it
on June 23,
1943, $1,-

aggregate

principal

amount of the bonds of this

issue,

called for redemption previous to




and
provided by

of

the

pending bill.
now

dollar

full

silver

or

monetary

certificates.

That

makes it necessary to retain in the

Treasury

about

1,500,000,000
ounces of silver. That
leaves, then,
about 1,500,000,000 ounces of sil¬
ver

that

sary

to be kept in order to redeem
outstanding silver certificates.

our

It

is

are

free, and not

neces¬

that

1,500,000,000 ounces of
silver that the pending bill deals
with

in

the

the present
sented

main.

If

the

for

call, had not been
payment

thereon had ceased.

City

time

and

Bank

of

the

upon

-

their

r

interest

York,

will

quan¬

Nazi

These

had

the

limit to

and

their

military

their

country

people

tion

ap¬

of

trouble,

in favor of

and

route

indirect

few.

a

of

the, coal

to

,

want

Lewis without

likely

there '

genuine draft

a

has not been

*

syn¬

or

so

;

correspondent

your

living here all during

history.
A

who

man

there,
about

whom

be

a

everybody

lot

will

in

the

heard

Governor

to the fore out;

came

impressed

Warren

and

undoubt-

J

future, is •
California,-,

of

All the fellows got the
he
was
a
man
of

impression

intelligence,

looked

like

Presidential

stature,

whatever that is, and a man with
grasp of affairs.

a

Governor Bricker lost still

„

more

stature.
::

2. The question of F. D. and the

labor vote.
was

very

you

get

His friends think

clever

he;

this, thoughimpression—and we

the

on

•

operators
settle

to

in

political rami¬

be scared

two counts.

on

place, if Lewis
for portal-to-portal

court

and

gets

sues

pay

judgment, he might be

a

able to collect-back wages for five

to 1938.

years

A settlement would

not go

spirit of unity and sacrifice neces^,
for our ultimate victory.

running their industry, and such
an
aggressive political character
is apt to look under all their beds
for whatever he
can
find, now

This

In

spirit will, I am sure,
in
approaching the

same

animate

us

Franklin D. Roosevelt.
In acknowledging

Premier Stalin

of

on

determination

the

of

will

and

sooner

we

future

or

the

on

whole

from the east and from the

rocks

course.

Syndicate,

joint united blows against the

enemy

of-going either out
several

/

(Distributed

strike

for

House to go away over the week¬

end, particularly those from New
York, his veto would have been
sustained.

or

ited.)

King Features

by

Inc.

Reproduction in
in part strictly prohibr
*

west."

they

have

double

according to the Asso¬ Victory Tax Receipts
as recorded in Lon-, Exceed
Estimate
by the Soviet monitor:./ ,:\
Victory tax collections by the
thank you for your high es¬
Government up to June 5 amount¬

ciated

Press,

timation of the determination .and

ed to $682,382,323.20, Guy T, Hel-

bravery of the Soviet people and

vering, Commissioner of Internal

their armed forces in their strug¬

Revenue, announced

gle against the Hitlerite invaders.
"As

the

struggle
Union

result of

on

two

years

1:'This

of

and its

the part of the Soviet

ury

by

the Allies

created

been

of the

>

"Victory
sooner,

the

enemy.

will

of this I

sooner

we

come

been

have
strike

\

all
no

>

the

doubt,

our-

joint

Mr.

it

June 11.
the Treas¬

would

receive

date, Jan. 1,
"
/'"•

the

statements

On

the

'

likely

other

to^

which

hand,

time

is

believe

There

are

labor

date

the

withheld

jail

be

had

from

wages

and

discontinued and

Victory tax collections will be in¬
cluded

in

the

who

enforced.-

like

terms

20%

withholding

to

and

Your correspond
that there are

appreciates
editors

its

of;

lot

would

under

who

think

this

is

The fact is that all of

the "great" labor leaders, includ¬
ing John P. Frey, the outstanding
statesman of them all, have at one
time

another

or

jail

for

their

served

time

"cause."

in

People

ought to understand this.
legislation

of thev

was

the strike of 2,500

workers in the

Chrysler plants in

Detroit.

There is

belief in

a

of-

:

ficial circles

here, too, that John
knowing what was com¬
ing, jumped the gun and ordered

L. Lewis,

his

men

key

back to work,

time

same

men

who

tipped off

was

but at the"

some

this, however, figure
thought the President

going to

the legisla-.

approve

tion, not veto it.

The overriding

of the veto gave him the
sult.

■

..

the

men

3.

to

guides

who

The

re-

....

visitors

around and

same

•

By the way, there
summer

with

of his

to hold miners out. Those

think

are

a

lot of

Washington,
taking

them

showing them the big

are

running things.

FORCED
Davis

between

President.

tax

Victory

beginning on or after July 1, this
will

be

can

tremendous

become martyrs.
dent

Chester

salaries, above exemptions, at the
rate of 5%.
For pay-roll periods
method

it

a

leaders

to

go

prove

up

Helveririg said:

"To

for the final defeat

common

grand

a

both Bill Green and Phil
Murray
promptly issued commending him
for his statesmanship.

break

on

have

conditions

on

$147,782,523.20

revenue

estimated

to June 10.

the Italian and German armies an

Africa,

by

from its effective

vassals, and of the serious
inflicted

blows

exceeds

the amount of

against Hitlerite Germany

to think

seem

given

And this is notwith¬

cross.

standing

follows,

"I

been

that Lewis

The text of Mr. Stalin's message

don

The labor leaders with

whom I have talked

An immediate aftermath

L^bor/Board has been

lately, but, at the moment,
sharply divided as to its

seems

belief that victory

"the

come

is

charge of their house¬

verge

town

times

bravery of the Soviet people" and
expressed the

the

on

"high esti¬

the legislation and he
certainly be blamed by labor this.
Because had he played
fair with his leaders in
Congress'
and not permitted members of the
can

nonsense.

Ickes

place,

1
The War

this message,

his

far.

so

second

hold.'

-

June 27 thanked

for

Roosevelt

back

the

that he is in

challenging tasks of peace which
victory will present to the world:

didn't kill

some

brought increasingly to bear upon
enemy testifies to the

our common

sary

labor, and we can't
that he has improved his
po-*
sition there.
After all, his veto
see

who

Ickes-Lewis

may

a

the;.outcome. of

In the first

the

contacts with

they

almost incredible sacrifices which

being

of the country, proves. Your cor¬
respondent has.; some very good

fications. sTheir v.-actions .suggest

waiting four and

months, for

.

these

people are so heroic¬
ally making. The growing might

with

overriding of his veto in
Congress, reflecting the sentiment;

the logic of his
veto.. The legislation was the re¬
sult of a hysterical mess and there
are
few .observers around
here;

half

the Russian

a

ac¬

against all of the people for

Most

forces of the Soviet Union and the

is

of

seemed

historythe armed

which

will, in order
few labor leaders, is

a

the sins of

world have watched with increas-:

Nations

punish

circuitous

people.

of the combined forces of all

it.

of the country subject to

source

During the past two years the
freedom-loving
peoples
of
the

United

pass

those Administration proposals to
avoid
direct action against the

failed to realize the determination

ing admiration, the
making exploits of

deal

to

apt to have wide political
peal. v It looksv like another

strengthened
power
to defend
and had utterly

and valor of the Soviet

order

other strikers.

or

not

and

developed

in

65

The idea of making millions of

to

estimated the extent to which the

Government

Mr.-)'Lewis be scared

Presidential draft at

under¬

had

leaders

to push,
the rocks

go-on

previously been called united blows against the enemy plan provided in the current tax
from the east and from the west." i payment act."
,•
redemption."

bonds have

Very

a

quick

months

.

FDR's

by

people

Soviet

growing
list
of
enemies 'the
mighty forces of the Soviet Union.

pre¬

Upon inquiry

New

current

Congress probably will not

They thus added to their

Union.

North

holders of bonds of this issue may
ascertain
whether or not
their

for

attack

brutal

launched

leaders

Nazi

the

our

at the head office of the National

is noted that

306,000

the

its

with the miners

record of Nazi duplicity,

the long

mation

for

City

The

silver

to

in

request to Con¬
gress for extension of the draftage

full

$1,900,000,000 of silver certificates.
There is in the Treasury, behind
each dollar of such money, either
'

vj.Nor

years ago tomorrow, by an
treachery in keeping with

of

Mr.

into bars,

we

main

quietly in the interim.

Kremlin, Moscow.

and

have in circulation something over

the

Pay On Norway 6s

,

.

So those dollars

use as

of the

use

contain the

"The record shows that

bullion

-

not

melted

the terms

their

co-operation."

did

subject to

are

in¬

and
me

and slick from

amount of silver.

know
"■

national

,

is

let the Board

or

some

come worn

"Maximum production of coal is
vital to winning the war. Regard¬
less of differences and
existing
bitterness, therefore, I have con¬
that

.

such coined silver dollars had be¬

are

;

fidence

some

40,000,000 of those
dollars, for the reason that

silver

I shall deal with

how.

bars

ver

own¬

there

of silver which the

Government owns, if coined into
silver
dollars,
would

difficulties of this

Between mine

ounces

standard

mine-

"

,

mineworkers

muddied waters.
both

the

an

Under the law the 3,000,-

ounce.

to

power

with

contract

a

one-

of

monetary
silver is worth $1.29 an

purposes

"My job is to get maximum
production of coal from the mines,
subject, of course, to the limits
of my authority.
Neither Secre¬
tary Ickes nor I have jurisdiction

hundred

one

twenty-ninths

-

of silver, and for

ounce

following state¬

ment in response

Each standard silver

contains

hundred

Following his appointment Mr.

the

why the coal strike

messagefol¬ four-and-a-half

Joseph V. Stalin,

Soviet

18, Senator Thomas (Dem.,
Okla.), another silver bloc leader,
inserted the following statement
in
the
"Congressional Record"
with respect to the amount of sil¬

"Chron¬

Newton to Direct Coal Mines

On

in

June

week's

last

also

page

of the bill was
Senator McCarran

passage

During

the job."

icle",

urgent necessity for

an

bloc.

ver

United Mine Workers of America

iSee

that

(Dem., Nev.) a leader of the sil¬

stoppage, leaving only 3,000 of the
state's
24,000
members
of the

.

was

furnished

reason

situation

•

\ Two
act

Treasury."

assertion

directing him to do so) he

basic

Commander-in-Chief of the ;L-!;;

The

the Secretary
shall be main¬

Green's

even

coal

about

Armed Forces of the U.S.S:R.y much

bill

Senator

100,000 idle out of the state's 200,-

captive

:

or

provides that the act
expire on Dec. 31, 1944.

shall

reported for work, leaving about

on

Treasury

tained by the

Pennsylvania another 10,000

bama

heretofore

certificates

Ickes

than

•!

President's

The

Marshal

monetary value equal to

a

that

been

other

history but

edly

assuming to settle negotiations
(even though he had an Executive

order

draft.

Their

it is

saying

lows:

hereafter issued by

.

"In

of

just

r

the

within

control

ple are so heroically making.",

thetic

-

times the ownership
or

fact

mere

correspondent has

your

known

have

•

there

case

synthetic draft of this

no

and

a

are talking about his veto
of the;
•'' v: v'
appropriateto dary. ,y
j
Smith-Connally bill — that they
give expression "to our admira¬
are not so certain.
Indisputably.^
tion of the courage and spirit, of i
JSo it .may be a reasonably said; me alienated just about everyself-sacrifice
displayed ^bycthei thaLMbssrs. Lewis and Ickes really
other group in the
country, as the
whole people of the Soviet Union." decided to let. the
problem go for

The

ounce.

an

cannot

Lewis, but with Ickes.

various

and

ment

provides that "at all
and the pos¬

also

measure

of

Secretary of State Hull also took
occasion to issue a formal state¬

the silver could be sold at not less

largest bituminous producing state
—all mines were in operation on
June 29 for the first time since the

their

Soviet
Union and the almost incredible
sacrifices which the Russian peo¬

\

price at which

The bill fixes the

they

sputtering.

pale, and they show signs
war
of nerves not only

strikes, would
have been enough to make them
run
high, but when Ickes kept
taking matters out of their hands

the

of

forces

armed

the

plants to those purposes."

"']■ "In West Virginia—the nation's

exploits

"history-making

the

of the war,

cluding but not limited to the
making of munitions of war and
the supplying of civilian needs,
and
the
converting of existing

and Ohio.
The last 9,000
Kentucky's 60,000 miners re¬
turned to the pits as did the last

tucky

are

the

Union, paid tribute on June 21 to

silver held or owned by the
United States, "for purposes in¬

"Full scale operations were re¬

t

faces

talked with Lewis and thereby in¬
terfered with their dealings on

in a state¬
ment on the- second anniversary
of the Nazi attack upon the Soviet

any

where

without

The

President Roosevelt,

or

months after the end

,

.,

Tribute

literally fuming

In such

never

in

are

extent

an

talk

with

To Soviet Russia

lease for domestic
for not longer than six

sell,

31,
assumption is

to travel will be the

one

sion of him.

man

Oct.

before

general

Its members

to

2110.

President Pays

Board,

Production

War

the

of

Over the nation,

v*

of

recommendation of the Chairman

however, the number at work on
Tuesday of this week was 16,000

that" the

town

Board.'^'>-::;/,;':^';vtv-

Congress due

ident, acting through the Secre¬
tary of the Treasury and upon the

.

walkouts developed

"A few

June 7, page

ver

The dispatch

tries, it was stated.

failed of passage

which

objections of the so-called sil¬
bloc. Under the bill, the Pres¬

to

redemption for the

as

Passage of this bill by the Sen¬
ate Banking and Currency Com¬
mittee was noted in our issue of

of a similar

at the last session of

coal

as

sponsored by Sen¬

compromise version
measure

retained

of

out

and' the'

outstanding silver certificates."

(Dem., R. I.) and is a

Green

ator

an

from

furnace—the nation's eight¬

blast

is

get

Washington

(Continued from: first page)
would be

(Continued from first page)

\

i

be required
the silver that

to enable us to use

sent

18 and

June

on

The bill was

Associated
Pittsburgh,
June 29.
Another

stoppage,

Press

Senate

From

lipiThe-'News^^-l::.®

tional legislation may

to the House.

continued

miners

139,000

dustrial

The News Behind

^

if additional silver is needed addi¬

lease of Treasury

momentum in some sec¬
tions of this country's coal fields
mated

permit the sale
silver for in¬
purposes was passed by
to

Legislation

movement

back-to-work

The

gained

the

1,500,000,000
ounces
of free silveri^ riot being
used for money and subject to the
provisions of the proposed bill are
disposed of in the war effort', then
comes

the

Congress and the

Your

-

resignation of

accentuates

correspondent

last week wrote that the OP A
was:

by

way

taken

of having its food
by Davis.

over

now,

that

been

trying

is

won't

take

dent's

effort

what
to

to

Congress

bring

kindly

power

Obviously,

to

about.
the

-

.

It

Presi¬

circumvent it

his forcing Davis out.

■

has-

by
-

v

{Volume 158 ' Number 4190

Meal

Handling Under Govt; Regulations;y i Haake A Trustee Of
Criticized By American Meal Institute Small Business Ass'n

i

r

THE COMMERCIAL & FINANCIAL CHRONICLE

V

'

;

"June

informed

24

Mobilization, in
i;,

The

v

F.. Byrnes,

James

telegram.

a

Institute

■

Alfred Paul Haake, indus¬
economist, has been elected a

drastic

to

curtailment

of

supplies for civilian consumers. re-3>
'suiting from continuing shortage' greater than a year ago.- They
in cattle receipts, continued growth indicate how greatly the meat in¬
iof black-market operations, clos¬ dustry is handicapped in fulfill¬
ing down in whole or part of many ing its war obligations because the
are1 not
getting into the
; meat-packing companies, discour¬ cattle
agement of future livestock pro¬ hands of operators in position to
duction,; and uncertainties
sur¬ supply the Army. .Many of these
rounding the conditions of pay¬ cattle are shortcircuiting the en-,
ment of the so-called "subsidy." tire control program and are
re-|
It was requested that the entire suiting in maldistribution of meat
meat ; problem be ■ placed fn the to consumers, as well as causing
1 hands of the War Meat Board for shortages of meat for the armeq
iiits recommendation for solution so forces. *.
%■
.

.

■

that i: the

>,

.vital role

in the nation's

serious

the

extent of these black

market operations is found in the

ef-

war

A still further indication of

."6.

meat-packingindustry
"perform , its necessary,, and

* can

trial

of

trustee

National

the

Business Men's

Small

Association, it

was

Citizenship Cannot Be Cancelled Because
Of membership In Communis! Party
The United States Supreme Court, in a 5 to 3
decision, ruled on
21 that the American
citizenship of an alien cannot constitu¬

June

tionally be cancelled merely because he

increased

v,fort." {{{•;-:7
A ; The text of the telegram, copies

hides

number

'moving

recent months.

.pf which were sent to other ap¬

of
-country'
sight' duringj

into

For the six months

June
21
by DeWitt
Emery, President of the organiza¬
tion.:,';;.) •"
.77v
.

Dr. Haake has been

terested

in

business since*

ducted

actively in¬

the problems of small

1938, when he

con¬

crusade for recovery for
small ' business
in
Pennsylvania:
a

He conducted
in Ohio in

He

was

was

concurred

Black

and

Reed,

erts

and

Frankfurter

Associate

Justice

Attorney
participate.

mer

The

and

1914, .and received
same university

1916.; For two

the

Department

years

he headed

Economics

of

Rutgers {University,

in

1922

at

and

came

of

in

of the
California

Russia

sought

citizenship

William

Secretary

citizen in

a

ernment

dissented.

Jackson, a for¬
did not

party

native

a

who

1927.

be¬

The gov¬

to

abrogate his
the ground that he

on

Justices

majority,
Rutledge,

Douglas,

Justice^>

concerned

case

Wisconsin
in

Associate

by

General,

Schneiderman,

graduated from the University of
his Ph.D. from the

in

Chief

Stone and Associate Justices Rob¬

Communist

in

member of the Com¬

a

Associate Justice Murphy delivered the opinion of the
which

similar campaign

a

1939 and 1940.

was

munist party.

announced

■

attention

directed

also

Director of the Office of War

■

Dr.

Impracticable and theoretical handling of meat under Govern'

merit regulations is making it impossible to supply American armed
forces with the meat they need, the American Meat Institute on

i

31

had concealed his communist

the
League of Nations, 'Union
Now,' or some other form of inter¬
national

collaboration

collec¬

or

tive

security which may grow out
of the present holocaust. A dis¬
tinction here would be
ous

based

one

an

invidi¬

the fact that

on

we

might agree with or tolerate the
latter but dislike or disagree with
the former ..."

;

Regarding the dissenting opin¬
ion, the Associated Press said: *'•'
"Chief

con¬

Justice

Stone,
in
a
declared
decision, it is stated, consti¬ the record 'abundantly supported'
capacity with several business en¬ tuted a victory for; Wendell L.< the lower court's finding that the
terprises,
including
publishing] Willkie, who had argued the case party and Schneiderman believed
principally in the furniture indus4 before the high tribunal without in the overthrow of the Govern¬
ment by violence.
try.
He is a regular contributor fee.
!'
■;
■
:
1923, and since that time he has

been

associated

in

an

nection.

;

-;7.7"

"

;

.

j' sharply

worded dissent,

The

executive

.

propriate

Government

ending with April, 1943, there was to
magazines on subjects related to
an increase of 41% in these hides!
economics and

officials,

.

follows:,,
-i

•

.

...

political economy
period the produc¬ and science.
commercially : produced
hides actually decreased 5%'MMn, y-All other officers and trustees of
the National Small Business Men's
! "7. We estimate that consider¬
tion

Office of War Mobilization
Washington, D. C.:
•

V
•

*

.

-

{ ."Alarming developments of the
past few days, which

ably

forces

impel

need,

'

with

attention the

I,
'

.

the

to

of

them

■

companies-

substantial,
or
sharply

very

curtail

beef

or
other operations
beginning of the current
marketing year (Oct. 1).
Pub¬

since the

your

following facts:
com¬

lished reports and other informa-!

companies have discontinued their

"1.

The number of cattle

low level.

very

tion

disclose

that

than

more

30

beef operations with the past two
weeks and this figure is mounting

The number of

daily.

cattle dressed under Federal inspeciion last week is estimated at

;

than .100

more
.

ing to market during the last 10
days has declined sharply, and
beef production last week was at
a

,

.

have had to discontinue

beef they

bring

to

us

are

same

of

.

some

making
,it impossible to supply American
.armed

the

For

"June 23, 1943 v

.

-"James F. Byrnes, Director

"8.
We
wish
respectfully to
point out that this situation will

150,000 head, compared with 173,.000 head the week before and

not

.237,000 head for the correspond¬

Government

ing week in, 1942.
So far this
.week receipts, and consequently
,beef operations, have been on an

since payments to offset a further

'even

lower

normal.

i v"2.

t

of

seriously threatened,

v

.

de¬

in production include these:

beef

maximum

wholesale

effect

March-

prices

have

cuts

prices

15, 1942, cattle
risen sharply.
In
Chicago, for example, the aver- 1
age price of good steers as re-<
ported by the U. S. Department

.

of

Agriculture,

prices

now

in effect.- It does this

rose

so

Moreover, the

far announced

ernment official

concern¬

administering the

regulations that meat packers can¬
not be sure that they will receive
money

if they do, when

or,

it will be paid.
"9.
While meat

,

con¬

ing the payment of the subsidy are
so indefinite and give such broad
discretionary powers to the Gov¬

any

25% from
March 15, 1942, to April 10,1943,
declined slightly thereafter, but
! on June 5,1943, was around 22%
above the level of March
15,
:f 1942.
:
- {
"(b)
Meanwhile,
numerous
-

recent rollback in wholesale meat

ditions

of
into

went

ceiling sell-'
ing price of meat. The subsidy is
designed merely to offset the most

only in part/

"(a) Since the first regulation

;? covering

t^e

by

program

of live cattle and the

Reasons for the drastic

crease

iota

one

subsidy

cures;-,',the original andy growing
maladjustment between the cost

{{'v;.!

are

"3.

v

50%

relieved

rollback in meat prices in no way

Beef supplies for the armed

forces

v

basis—about

be

...

.

packers

who

have endeavored at all times dili¬

gently to observe the letter of the
regulations

many

placed

upon

,

them

have

rollback
the

orders

wholesale

have

cases,

lowered

value, of

meat.)

"(c) During the week ending
June

19,

there

"(d)
these

;

many

beef

to

processors

con-

tinue losing

operation, plus the
). uncertainties surrounding the
.

conditions

,

•

so-called

:

-

of

the
announced
of

payment

'subsidy'

for June 7—resulted in

sharp

a

reduction in the number of
tie

and

r

processors

;

prices was

A

cat-1

being sent to the legitimate ;

market

"4.

As

-cannot

no

relief

to

beef

in the form of lower
afforded.
■ -

despite the

new

packers must set aside 45% of
their production of certain grades
for
!

Government

without

use.

It

follows

saying that civilian beef

supplies will be curtailed drasti"cally. This week the receipts are
again very light, in fact being
about a 50% reduction.
'■•

"5.

are

These low levels of receipts

occurring at

a

More

black

beef

market

continues.

into

goes

illegitimate

black market channels to be han¬
dled

by

who observe no
and who, by their

people

price limits
action, rob the
forces
the

and

Meanwhile,

legitimate industry suffers.

"10.
tire

"armed

nation's

its allies.

In connection with the

situation,

en¬

should like re¬
spectfully to urge that it should
we

,

be remembered that

shall need

we

the

following: E. J. Barnard, Bos¬
Bookbinding Co., Cambridge,
Mass.; C. R. Boyd, H. C. Boyd

ton

Lumber

Coraopolis,
Pa.;
Harry; E. Brinkman, Foto-Lith,
Inc., Cincinnati, Ohio; L. M. Evans,
Elliott and Evans, Inc., Cleveland,
Ohio; Major John L. Griffith, Chi-;
<cago;Russell Stover, :• Stover
Candy
Co.,.f Kansas City, Mo.;:
Co.,

Monroe

Shakespeare, Shakespeare
Mich.; and Dr.
Haake, Park Ridge, 111.

members

Factory
Employment Steady ;

and
our

time when Gov¬

ernment

figures show the cattle
population of the United States to

is

the

earnest

our

interests

of

producers

consumers,
as well
the meat industry,
served

by

control

through

achieving

agement.

belief -that:

as

and

those

Employment

Pennsylvania

in

rest

the

thought

the

sixth

successive
to

high estimated at close to
$50,000,000 a week, according to
reports received by' the Federal
a

new

Reserve

to

might de¬

of

stresses

are

the

consequences;

the best

traditions

of

said

consider

the

tribunal

whether

did

not

was

the

at

highest

level

1930.

highest level for all time

meat man¬
)

-

"We respectfully and earnestly
request3 that impracticable and
theoretical handling be ended and
that this entire problem be given
■

immediate consideration

and the number of cattle on




feed

it

Canadian shipments of news¬
print in May, at 257,756 tons, were
8,687 tons, or 3.3% lower than in
the comparable month in 1942, the

1942."

a

level 36% above

/JK!'

;

May,

17

■

a

are

outside the scope of the com-!

Explaining
the

that

the

court

"because

of

re¬

1942

capacity,

65.9%

in April and 72.0%

and that

solution

perform

so

a

fair and equitable

that this

its

role in the nation's
be in

industry

necessary
war

and

can

vital

effort, and

position to supply the meat

which the armed forces need.

be

placed in

the hands of the

"AMERICAN

MEAT

INSTITUTE

War Meat Board for their

recom-

"By Wesley Hardenbergh,
"President."

compared
with
in May

of last year.

its

"Canadian production amounted
importance and its possible rela-t to 254,046 tons and was 2,215 tons
thought," Jus¬ or .9% higher than in May 1942,
tice Murphy added:
; the Association stated.
Production
"The question
is whether the represented 68.6% of 1942 capa¬
case

tion to freedom of

and whether the

proved its
Justice

not

a

matter

from

forge

a

a

production
by
3,710 tons and there was a corre>-

sponding reduction in stocks held
by Canadian manufacturers.
1

"Shipments and production by
United States mills declined 12.4%
and 14.2% respectively from
May,
1942.

Production

ments

held

exceeded ship¬
1,569 tons and stocks
United States mills in¬

by

by

creased

by that amount.

"Stocks

all

of

announced.

strait-jacket for

come," Justice

was

of

crease

340

there

was

tons."

:

tons

association
16

in¬

in
of

1942

3,414

reported

on

that apparent total

con¬

sumption in the United States of
newsprint in May amounted to
334,125 tons, which was 7,908 tons,
2.4%

or

month

higher than in the same
in

1942.

of this

the Constitution

United States

by

reason

of his

possible belief in the' creation of
form of world union of So¬

so

while

decrease

a

not hold," Justice
added, "that petitioner
(Schneiderman) is not attached to

ing

1941

*.

The
June

In

corresponding

The

cumulative

decrease for the first five months

should

viet republics

166,198
month, the

a

Murphy

some

;;

America

May and amounted to

tons at the end of the

there

Murphy said.
"We

North

association

mere

fathers,
revolution, did not

political

April and
Ship¬

exceeded

are per¬

constitutional

fresh

in

in May a year ago.

of

association" and that "men in ad¬

"The

against 62.0%

68.0%

in

Murphy said that "un¬

and

city

ments

Government has .manufacturers increased 678 tons

under them."

traditions, beliefs

our

sonal

case

the generations to

mendation of

was^ repo.rte&an
advices
from

Press

an

hering to a political party
April; to
organization notoriously

month to«

following

Canadian

Montreal, June 11:
believer in, and a member
"Shipments
to
overseas
cus¬
increased
organization teaching dis-; tomers
27.2%, while
belief in organized government,; shipments to
the United States
and that his oath of allegiance and Canada decreased 5.6% each.
was false," and that "these issues
Shipments represented 69.6% of
"was

der

:;

Shipments Down In May

Schneiderman

weekly income of wage the minority that our relations
earners
at reporting factories in with Russia, as well as our views
Pennsylvania increased in May to regarding its government and the
$44.46, approximately $7 above a merits of communism, are imma¬
year ago.
Average hourly earn¬ terial to a decision of this case.
"Our concern is with what Con-,
ings ^advanced to a new peak of
nearly 99 V2 cents, from about 89 gress meant by certain statutes

man,

Canadian Newsprint

The

He

7

.

."The

May, 1942. Working time,
averaging 45 hours a week per

happiness of

same."

Newsprint Associaion of Canada
reports in its monthly statement.

institutions."

our

Bank
of
Philadelphia naturalization of petitioner, an
2,928 establishments.
Total admitted member of the Commu¬
working time was about the same nist party of the United States,<
as in April.
Compared with May, was properly set aside by the
1942, employment increased 4%, courts below some twelve years
payrolls 24%, and employee hours after it was granted.
11%;' The bank also states:
"We agree with our brethren of

cents in

the

of

from

will

proper

by the

this nation and the characteristics

-

be at the

a slender reed,
of the status of

the

Those

foreign

viewed

for

and

times.

200,000

month! payrolls increased 1%

upon

security

pend in considerable degree upon
the political temper of majority

plaint."

in

be best:
the desired

known

ideas he spreads as well as by the

these

"It

be

can

to the good order and

otherwise," Jus¬

naturalized citizens

factories, although down slightly
from April to May, exceeded 1,4

of this

of

man

Murphy said, "valuable rights

would

of

"At reporting factories in Dela¬
ware, employment increased 2%

of

tice

C6.,r- Kalamazoo,

Pa. And Del.

presented.

"Were the law

Trustees include all officers and

since

advice

been

not

Counsel.

tinctly is discouraging production.
If the

"A

company
he keeps," the Chief
•{ Justice Murphy, who delivered Justice said, "and when one does
the majority opinion, asserted that not
challenge the proof that he
Association have been re-elected cancellation of citizenship was not has given his life to spreading a
Mr. Emery;said.! Officers of the justified by imputing a "repre¬ particular
class of well-defined
Association include: Mr. Emery; hensible interpretation" of an or¬ ideas,
it is convincing evidence
that
ganization
to
a
rriember
unless
his
Monroe Letterhead Corp., Akron;
attachment is to them
there were "overt acts" committed rather than their
opposite. In this
Ohio, President; A. F. Mathews,
case
by
the
member
it
is
Consolidated
"indicating that
Freight Co., Sag¬
convincing evidence that
such was his interpretation."
petitioner, at the time of his na¬
inaw, Mich., Vice-President; D. H.
Justice {Murphy
declared that turalization, was not entitled to
Holloway,
Holloway
Insurance
the citizenship he procured be¬
"clear,
unequivocal
and
convince
Agency, Akron, Ohio, Treasurer;
James Westbrook, Bridgeport, ing" evidence was required for cause he was not attached to the
Conn., Secretary; and J. Raymond setting aside a naturalization de^ principles of the Constitution and
Tiffany, Hoboken, N. J., General cree, and that such evidence had because he was not well disposed

beef next year and the year after,
too.
The present situation dis¬

"11.

Washington
advices the decision was reported
as follows:
'•"••••
y;i

or other
and payrolls '5%
from
industry is wanted in any
do not
May; gains over a year ago were
problems, we; are,, still
subscribe unqualified!:/ to all, of
31 %f* and 59 %, respectively. Total
anxious, as in the past,^ to be of;
its
platforms or asserted prin¬
service.
employee hours rose 3% inv the ciples."
Vy
order that meat

result, the armed forces
get the meat they need
a

the

to

factors—the

•

ations because of the losses result¬

-

a

culmination of all
inability of

The

oper¬

from observance of existing
regulations, the diversion of cattle

further
rollback in the price which the
Army will pay for beef.
1
was

many

ing

which processors procured from

% these cattle.
•

been

forced, in
to curtail or stop their

^

In Associated Press

unless

we are

will¬

to hold with regard to those

who believe in

Pan-Americanism,

iod

in

year

1942

Apparent
41,239

under the
1.4%.
total

tons

amounted

were

at

per¬

to

the

of

stocks

consumers

all

declined

during
May
and
493,580 tons at the

end of the month.

stocks

same

was

end

599,714 tons.

Corresponding
of

May,

1942,

THE COMMERCIAL

32

& FINANCIAL CHRONICLE

cultivation

Agricultural Department General Crop
Report As Of June I, 1943
Crop prospects in the United States

time, lack of moisture

same

June

1

since

area

planting is

ably will not be able to increase

A gen¬
eral lack of rain was also begin¬
ning to be felt over a much larger

the

Western

progressing

In

the

crops

as

flooded

areas

and

rains

June

where
into

will have to

farmers

many

prob¬

continued

have

un-

desired.

of

acreage

the

plant wnatever the lateness of the

If weather is
from now until
harvest,
the
acreage
of crops
grown should be nearly as large
season
permits.
reasonably good

Kansas into New Mexico.

Rains

area.

last of May and
June

the

about

since the first of

have provided
temporary and, in places, substan¬
tial relief to crops in Northern
to

appear

and

Central

crop

prospects

Plains

and
good

areas;

now

appear

quite

yield

generally north of a line
Chicago to Los
Angeles.
still urgently needed for
ranges, pastures and non-irrigated
crops
in
western
Texas,
New
Mexico,
Arizona
and
southern
Colorado.
Crops appear to have
secured an unusually good start
in the
Southeast, including nearly

reach.

tending
from
fork City.

harvested

was

as

of

last

season

and

yields should approach those
1937-41
or
post-drought

crop

the

period; but either further delays
in
planting
or
an
early frost
would be costly.
Some crops may

well, but aggregate yields
averaging as high as those secured
last year are no longer within
V

During

May,

central Michigan and northern

to

New York.

Oklahoma, northern Arkansas,
southeastern
Kansas,
Missouri,
Illinois and Indiana, where May
rainfall
exceeded
eight inches,
■nearly 4,000,000 acres of crop land
:were

flooded, and on a third of
this acreage it is too late to re¬
plant with the same crops. In an
area
extending from Oklahoma

Missouri,

where

rainfall

ranged from 12 to 20 inches, losses
from flooding and from erosion
have been distressingly heavy. In

wet area a favorable
break in the weather during late

part of the

and early June permitted,
delayed planting to go for¬

the

ward

with

Farmers

rush.

a

are

obviously doing their best under
handicaps.^ )f In
Illinois,
where
many of the tractors were kept
running 24 hours per day, the

the
planted increased at
of

percentage

from

11%

corn

record rate,
29 to aboui

a

May

on

acreage

65% a week later; but then plant¬
ing was again interrupted by rain.
Presumably
nearly
the
usual
acreage of these crops will finally be planted in most of these

States, but both the acreage and
the kind of crops planted will de¬
pend on when the farmers can
get into the fields.
In Oklahoma
the

season

has

been

is

and damage

heavy

so

farmers will

late

so

that

abandon

some

their crops

of

line

a

Dallas ); to

ex¬

New

failure

has

season

enough

to

not

give

in, early
of a good

promise

ture.

With

cattle

being

record

a

raised

number

and

hay in
a large

demand, farmers will cut
of

acreage

available

hay

and

if

the

the

of

labor

weather

and

substitute

sorghums,

peanuts, soybeans and emergency

forage

crops

crops

lost.

Belt,

full

soybeans
weather

for corn and other
the eastern Corn

In

of

acreages

are

corn

permits.

There may be

substitution of quicker

some

and

to be expected if the
ma¬

turing varieties for those usually
grown if planting is further de¬
layed.
In New York and Mich¬

igan, where the late Spring and
persistent rain have delayed work,
some

land

grass

which

farmers

had intended to plow may be left
for hay.
Throughout the whole
wet

plans and prospects vary,
depending in part on the drainage
area

conditions, on breaks in the wea¬
ther, and on the reserves of power
and labor available for the
gency.

and

be

Farm work is weeks late

there

many

same

ordinary

of

jobs to

time.

As

a

operating

individual

farmers

badly upset.

are

While
crop
was

two

in

the

the

schedules

too

are

done at

result,

emer¬

1942, but the supply

per, unit

of

.ivestock

now seems likely to be
about normal and slightly
tess than in
any of the last five
years, • •
." : ');;;': )

only

Winter wheat has been hurt by

irought in the Great Plains
md
irn

by wet weather in the eastCorn Belt.

cluding

the

killed is

erally
The

likely
same

as

moisture

be

wheat

favored by gen¬

wheat

to

Dushels.

acreage

Winter

now

good

total

Spring wheat, in¬

considerable

a

where

30wn
vas

area

crop

conditions.
now

about

seems

731,000,000

This would be about the
the average for the

1932-

11

decade, which includes the
Irought years, but about 150,000,300

bushels below the average of
;he last five years. Oats and bar¬

could

ley

Michigan,

Ohio
of

Decause

all

not

be

planted in
New York

and

wet

weather,

and

floods

Western

South

were

extending

areas,

Dakota

from

better in

are

;he main producing States and a
large crop of barley and a fairly
?ood crop of oats are now indi¬
cated.

Corn

mally

late

15,000,000

is

>

one

and

covering
drought
crops in
centering

the

other

southwestern




planted on this
In Southern and West¬

acreage.

sections, which furnish the
of
supplies, - for- shipment,
during the Spring months, condi¬
tions during the second half of
May were favorable for the most
ern

bulk

„

Part.

),
,v
,
production

,

Combined

,

truck

;

„

„

commercial

crops

of

all

for

the

fresh market estimated to date is.

13%

below

ther

will

Good

be

to

an

with

1932-41

corresponding

the

is

included

total

date.

in

these

crops

estimates

to

Snap

beans, carrots and|
kale are the, only crops showinggreater production in 1943 than
in

1942, with beets showing

to

wea¬

plantings ahead of frost.

Farm pastures,
stocked

are

although heavily
furnishing an

now

abundance of feed
and

The

prospects
condition

in

most

appear

of

areas

excellent.

Western

ranges

on

June 1

the

20-year average for the date.
only a few States were they

In
as

good

about the same

was

as

June

on

1

last

year,

and in Arizona the condition
the lowest for June

1

as

since

was

1925.

In most
range areas the feed sup¬

plied has been only fair, for new
*rass has started
slowly owing to
lack

of

Rains

moisture

in

helpful

early

over

a

range prospects

and

late

June
wide
now

frosts.

have

been

area

and

appear

fair¬

west

where

herds will

some

soon

reduction

in

be necessary if the

drought continues.
Excessive
Northern
areas

moisture

commercial

over

most

truck

crop

delayed planting, prevented

tures
was

and

in

been

of

truck

crops,

in-;

corresponding

harvested

acreage

1942.

Excluding cantaloups;
watermelons, the reduction is
only 7%.

unable

were

field

work

to

during

do

May

much

because

of excessive rains and floods.

delay

particularly serious in

was

New

York

inois.

and

westward

to

The net effect of this

dition

The;

the

on

111-:
con¬

that will
finally be planted to processing
crops
has not yet been deter-:
acreage

mined.

i

-

1

June
ciduous

and
at

indicatede-L

conditions

peachj

isthesmallest since

good

where
germination
slow and early
.

condition

where

except

nessee.

Corn

extreme

South

in

pects

all

better than

is

tasseling in the

and

the
a

June

Gulf

1

pros¬

States

below

below

that

cating
in

a

apples

r

is ' 6
points
June'1, 1942,'indi¬

on

somewhat

smaller

crop

The

apricot

crop

prospect.1

will

be

the

smallest

and California

decline
these

plums show

from

1942.,

reductions

the

are

larger

since

to

Offsetting
extent

The

total

condition

production

1 is 26% less than the

bushel.

crop

smaller

of

last

.

than

981,327,000and 1 %

year

the

10-year

(1932-

41) average of 738,412,000 bushels.
The

indicated
of

is about 29%

Winter

only

9%

less than last year's

less

bushels,

than

the

but

10-year

average of 550,181,000 bushels.
The decline in prospects since

May 1 is due largely to additional
abandonment of volunteer wheat
in western Kansas caused
by

weather,
which

and

to

flood

dry

damage;

was

particularly severe in
Missouri, eastern Kansas, Illinois
and Indiana.
)■■'));-,
During the first part of May
continued

dry

weather

caused

a

decline in prospects in the south¬
western hard red Winter wheat

States,

including western'; Okla¬
southwestern Kansas, the

homa,

Panhandle

Mexico.

of

Texas

and

New

Some volunteer

:

wheat

abandoned early in May be¬
cause
'of -dry
weather;
Rains

came

citrus

fruits from the bloom of 1943

(for

marketing from the Fall of 1943
the Fall of

to

1944)

points to an
aggregate
tonnage
of
oranges,
grapefruit, and lemons not greatly
different from that of the 1942-43
If present favorable con¬

season.

ditions

continue for

citrus

fruits,

the total tonnage of all fruits for

marketing during the 1943-44 sea¬
probably will be 5% less than

son

marketings in 1942-43.

the

during the last half of May

and improved prospects in Okla¬
homa, Colorado and northwestern

Loss of acreage : from
floods lowered prospects in south-;

half

the

of

country corn planting was de¬
layed
materially
by
cool
and
rainy weather during May. ...)• In
Ohio, Michigan and in the North¬
eastern States fields

for

plowing and

too wet

were

little plant¬
ing was accomplished by June 1.
Planting is expected to be from
week

one

to

very

than

more

month

a

late in most of the Corn Belt. At
the

beginning

farmers

tage

the

the

taking

were

of

of

*

clear

month

advan¬

every

and

the

warmer

weather to complete the huge task
of planting the corn
crop in the

shortest

possible

time.

one-half of the Illinois
was

planted

in

•

) Nearly

corn

crop

week's

a

,

iy2 bushels per acre
in Kansas, and to. a half * bushel
decline

and

in

New

Nebraska,

Mexico.

The

in Texas is the

crop

Oklahoma
indicated

same

time,

as

last

yield prospects in Col¬
orado improved about one bushel
per) acre.?
There was some de¬
cline

in

New

York,

Illinois

there

in

Ohio

was

and
rain¬

excess

change,f

no

and

Pennsylvania
improvement.
'

some

For the United States the
cated probable

indi¬

yield of 15.1 bush¬

els of Winter wheat per acre com¬

week in June.
of the
1.

corn

but

In

was

of

the

first

Iowa, about 87%
planted by June

excessive

rains

in

.

the

southern part caused poor stands
and necessitated much*replanting,

By

June

I complete

1>

delayed seeding, resulting in pros¬
pects
for
light yields on
late
strong prob¬
ability that much of the intended

being overcome under im¬
proved growing conditions in lateN
May and early June.

planting

in Nebraska.'

was

In

.

;

Harvesting of Winter oats
under

by

way

June; 1

Southern States.
to

good

in

Georgia

Yields

the

were

South

was

in

the
fair

Carolina-

Freezing in April

area.

and

dry weather in the first half
of May had resulted in
widespread
of some fields, or

abandonment

thin, short stands in others; this
was
particularly true in Okla¬
homa and Texas, where more than
half of the acreage of the South¬
ern
States is located.) *
Spring--

oats

sown

in

benefited by rains
a slow start.

were

mid-May after

.

%

Barley
Indicated
based

which

production of barley

June

on

timated

at

is

1

condition is

smaller

prospects
of

bushels,
the) 1942
bushels, by
13%. Yield

than

crop
of 426,150,000
55,000,000 bushels, or
cause

es¬

371,044,000

down this year be¬

are

unfavorable grow¬
The June

very

ing conditions to date.
1

condition

of

the

crop

was

re¬

ported at 78% of normal, 6 points
below
the same date., in 1942.
Winter killing and freeze damage
in the.
Winter-barley States has

particularly from Nebraska

area,

through Texas.

There.was

severe

injury from, green bugs in Okla¬
homa.

In

the

Southeastern

part
of the country the stands are ir¬
regular but yield prospects range
from fair to good.
Growth in the principal North¬
ern

producing States, where the
is Spring planted, was pro¬
gressing favorably on June 1 de¬
spite the -backwardness of the
crop

and

season

during
flood

unfavorable

May.
is

acreage

weather

Some

shifting

in

indicated

because

of

damage and substitution of

barley for oats where growers
failed to get oats planted at usual
seeding dates.

bushels.

in States north of the Ohio River
where planting has been
delayed.

The

indicated

Spring wheat

as

production of
of June 1 is 228,-

822,000 bushels, about 18% below
last year's production of 278,074,000 bushels but nearly 22% more

Yields
cated

seeded

per

by

1

June

acre

condition

indi¬
were

In the Western States
progress
favorable except in California

is

where

yields

Barley Stocks

i, estimated

applied

tion.

June

age as

barley

has

•

however,

replaced

crops

in

some

Spring

wheat

1

this

carryover
year,

an

times

made in

was

the

large

are

eight

last

year

but'1

portant producing States.
Oats

Production
cated
based

at
on

of

))..; J.')')

oats

was

indi¬

1,168,000,000
bushels,
the prospective acreage

018,783,000

bushels.; V:

.

.

.Conditions have been favorable
for

the

90%

nesota

gen¬

June

crop

and
1

in Wisconsin, Min¬

North Dakota

had

improved

and by

in

most

same

nearly 2Vz
the average of

(1934-41)

years

Rye

Prospects

were

in most of the im¬

as

for

which estimates have been made.

Prospective Spring wheat yields

vW)

stocks of

18,500,000

Winter

production estimate for such
replacement.

above average

are

States, and

ap¬

June

on

abandoned

proximate allowance

below

barley

at 95,272,000 bushels,
of the 1942 produc¬

bushels greater than on the
date last year, and are

the

are

threshed

disappointing;

Farm stocks of

22.4%

March,

early

on

fields have been

were

to the prospective acre¬
published in March. Since

Much barley acre¬
unplanted on June 1

age was still

10-year average produc¬
188,231,000 bushels.

fecting acreage and yield to June
1. This is nearly 14% below the
excellent 1942 crop of 1.358,730,000
bushels,
but. nearly
15%
above the 1932-41 average of 1,-

end

) In Michigan
heavy rains had

pares with 19.7 bushels last year
and the 10-year average of 14.3

planted by June 4. Approximate¬
ly 70% of the Indiana crop was

the

areas.

seeded acreage and a

month but

estimated in March and factors af¬

by

flooded

and the Northeast

been rather widespread, with thin
stands, flood damage, and aban¬
Kansas, northeastern Ok j donment
reported throughout the
lahoma, ; and
throughout
the

with about two-thirds of the
crop

planted

the

eastern

tion of

Northern

in

than the

Corn

In

Loss

wheat

501,702,000 bushels

of- 703,253,000

while

of

til

was

wheat

figs:
Michigan because of
in. CalK
fall, but in Indiana

grapes in' prospect
fornia for 1943.

pros¬

crops.
Lateness of the season in
Western and Northwestern States

730,524,000 bushels indicated June

prunes,

and

Present

10%

a

some

of

crop

192L

average

•

year ago.

Wheat

amounted to

commercial

than

Seeding was nearly on
time, but growtH had been de¬
layed by weather conditions un¬

acreage would be shifted to other

Cherry prospects are 15% below
year's
crop
but
remain southern
two-thirds of Missouri.
11%
above
the - 10-year ■
aver-j The decline; in crop prospects
age ^ production.
Condition «of

last

better

are

1932^ Kansas,

production is also light
the crop of 1942.

pear

tempera¬

was

fruit

21%

pects.

damaged by excessive rains and
floods, but wet weather delayed
planting in Kentucky and Ten¬

a re¬

11% reduction from the

dicate

germi¬

was

very

crop

an

other North Central States to 'in¬

Dakota-'

they improved in late May.
by flood was slight except
parts of Illinois, Missouri and
growth retarded,
~yy>y-.: Kansas, but wet weather has af¬
In the Southern
States, corn is fected the color of the crop in

northward,

has

covering about four-fifths of the;
acreage

corn

rapidly;:'as; soil

production

total

time in

on

South

rose, and warmer weather
welcome > in
Kansas
and

v

and asparagus
and tomatoes 5% each.
Estimates

abnor¬

mature

nating

duction of only 3%

dicate

planted

qorn was

pro-;

of truck

value

Thursday, July 1, 1943

Newly planted

About one-half

average.

of

probably

growing

needed

eral,

duction in 1942, but 2% above the

still to be planted

acres

after June 1.

late

off

start,

ly good except in the dry South¬

lands farther East,
severely reducing

be

crop

west, but prospects

cotton

will

crops

total hay supply than was
available in any year prior to
.arger

yields will be low in the South¬

to

inability of growers to,
at the proper time, but
where
possible
later-maturing

production in 1943
may be below 1942 by as much
as
10%. • .The prospective••

The

of

employment. Most
them, however, are expected
replant part of the damaged

may

because

production that may
be expected, plus the large carry¬
over, would result in a slightly

mits.

and seek other
*

are,as

expectations

the

of

is

per¬

*

growth

plant

areas5

an .inch more than nor¬
farming areas of
the
United States, and the liberal and

growth of grass for hay and pas¬

below

these

important

in

June

in

Growers of processing crops in
Northern
producing

beginning to ap¬
heavy May rainfall,

oetterdistributed rains

regarded

Acreage of early-; Minnesota'

crops.

crops

and

permit

averaging
mal

fall

are

The

some

in

the

far

precise forecasts, signs of success
pear.

and

south

Although
advanced

long

In

May

sections

and

300 miles
wide and includes about 90,000,000
acres of crop land, or a fourth of
all crop area in the United States.

into

ill

is

This strip is roughly

miles

1,500

from

Rain

rains

persistent

fell from southwestern Oklahoma

•

At

was

in the wet<^

but

der difficulties and farmers

•

States.

causing increasing concern in
Rainfall has been more evenly distrib¬

portions of the Great Plains.
uted

;
were

,

than at ^his season in any
had been*seriously delayed

by wet weather in important central and northeastern
the

of

season

lower than they

are

a month ago and a little less promising
of the last 3 years. : By June 1, planting

■

*"

;

and

ft)--)

June 1

on

indicate

a

crop of 33,841,000 bushels of rye.
This indicated production is
41%
below the 1942 crop and 12% be¬

low

the

10-year

(1932-41)

aver¬

age, which includes three years of
very low
rye
production, 1933,
1934 and 1936.
be

the

Such

a
crop would
production since
more than twice the

smallest

1936, but is

crop produced in the

of

1934.

drought

year

The

indicated yield per
acre is only six-tenths of a
bushel
below the 10-year
average.
The
decline in prospects since
May 1
is

largely due to deterioration of

the crop in

South

Dakota, where

apparently) heavy
abondonment
of rye has taken
place since

May

Volume

1.

debt

South

Mexico

Dakota

("bu'shel 'in'North

one

Dakota since May

In Nebraska

1.

and

*

the June

indi¬

1

cated

yield is the same as ' on
•May 1." These three States ,con¬
tain about half the nation's acre¬

age of

June

a

ago

year

much

as

as

the

9,696,000 bushels.

in the 25 industries in

5%

bonds

year.

ment

California, early potato condition
on June 1 in com¬

•averaged 76%

parison with 78% a year earlier
:and the ten-year,v (1932-41)
av¬

for this date of 72%. May
: weather: was
generally favorable
for potatoes in the Southeastern
area
where normal temperatures
-and abundant rainfall helped to
erage

unfavorable start. In

an

Oklahoma, however, damage from
heavy rains and floods dropped
;the condition: of early potatoes

'from

82%

of

June.

of

rain

in

.lack

Louisiana

'for

and

Mississippi

States.

Exchange

for

California,

no -change
from the
generally favorable conditions of
a month ago; ? The 1943 produc¬
tion of commercial early potatoes
in the four earliest groups, which

:

include

the

Southern

ten

States,

California and

Tennessee, is fore36,614,000 bushels in 1943,
compared with 29,938,000 bushels
.in 1942, and the ten-year (1932.41) average production of 23,748,000 bushels.
:,
i;>V-

-

at

cast

is

ownership
bonds.

A

•

members

circular

to

to

this

,

such

effect

Mexican

The

r

announced on June
23 resumption of .service on its
external public debt. ' The paywill be

ments

.

;

of

Committee

Bankers

Chairman.

by -its:

Mexico,

Thomas W. Lamont, and the Mexican
Government,'. through Mr,

\i

-

the basic

an
agreement reached
last November between the Inter¬

on

•

r

on

of

terms

national
-

made

Suarez. iThis agreement was rati*
fied

by

the

-

Dec. 29.

-Before holders

securities

Congress

Mexican
'
of the

themselves

avail

may •

Mexican

-of the terms of this offer it

was

'

for

necessary

.'their securities
30
•

to

on

before June

or

Government's

Mexican

the

to' present

them

Exchange to its

New

make

and

payrolls

rose

•

of

tion

Mr.

to

"The

Pan

American

Trust

under

Co.;
the

'

agreement,
it

<

also

received

has

that

announced
sufficient
meet

that
funds

each

Census Bureau and by other war

turing industries by the National

agencies"

Industrial Conference Board.

tion of

Board

that

reports
of

number

hours

the

The

average

worked

in

one

also increased in April and
greater than in any previous

month since

May, 1930.

month

result

a

•

loan of

4%

1899; Republic of Mexico
gold loan of 1910;

external

Mexico 6% '10-year
-treasury notes ofr 1,913 series A,
<■

Republic

of

£6,000,000; City of Mexico 5%
1
sterling loan of 1899; Institution
for Encouragement
(of Irrigation
-

.

:
'

of

the




It places at the

policy

remained

at

the

the

Government

"It

"Hourly

March

Under date of June

is

in

no

sense

sibility

lag

for

the

recent
and

coal

public

of

workers

on

$.997 and
were
1.0%
higher than in March. They were
$.896 in April, 1942.
Since Janu¬

added

that

Little

Steel

advanced
from

formula,

31.4%.

April

resulted

from additional

overtime

to

worked at the premium rate.
average number

in

rests

Anti-

of hours worked

$44.99
year

was

make

before and 47.0% higher than

mained
level

unchanged at the March
with

increased

average

working hours offset by a reduc¬
tion in average employment for
the

25

industries.

-They

were,

however, 17.9% greater than in
April, 1942, and 36.0% greater
than in 1929.

•

•-

vidual

industries.

war use

restrictions

labor

on

indispensable

as

the

over

to

of

cost

same

Deferrable, Non-Deferrable
James L.

ditions

into indus¬

the

the

public

President
secret

Roosevelt has

letter

Premier

to

sent

a

Wladys-

would

law Sikorski by Ambassador An¬

thony

J.

Drexel

Biddle

Jr.,

the

Polish

Telegraph Agency said on
June 26, according to Associated
Press

London

advices,

"In

Russia

Informants

by

close

Joseph

to

Mr.

letter

a

from

was

a

Premier

E.

an

Bid-

handed to Mr. Sikorski's office
16

of

nation's

logical first step

in

policy

mile

"The

on

principle that
of operations in

suspension

vital

war

industries

will

not

be

Alaska

instead

of

cording to

of

on

1

tolerated.

Highway,"

Actual

,,

"We called it Alcan to

*

occasions

to

has

The

case.

import¬

an

open

principle.

It

is

understand, however,

include

that

no

stoppage will be

It would be

alistic

and

more

conducive

cadid,

and

more

re¬

to

.

probably
industrial

continue

under

any

condi¬

tinues

to

be

compliance, but

no

longer.

"Such

a

system

would,

of

course, - require
an
arbitration
board with full statutory powers
and with a personnel and
organi¬

zation
capable
of
handling
promptly any volume of business
"Yet Canadians themselves took
that might come before it. In this
the lead in urging us to name the
respect, also, the anti-strike law
some

mention of

road the Alaska

Canada," he said.

Highway."

War

tivities
life

has

Manpower Commis¬

insurance

Essential Ac¬

on

not

included

as

either

activity

an

or

insurance selling as an occu¬

ties and

occupations from its list

non-deferrable

activities

and'

"It is the -wish of the War ManPower \ Commission

ployees

that

em¬

not

present

jobs until specific
change has been indi¬
cated by the Commission."
need

for

a

avowal

tions and that compliance can re¬
main 'voluntary' as
long as it con¬

ac¬

:

"The

sion's Committee

their

essential

clear

must

now

Horse, Yukon

fraternity.

Hoyt OWI Domestic Head
Palmer

Portland

Hoyt, publisher of the
"Oregonian," on June 21

assumed

his duties

-

the

Office

of

director

as

War

domestic branch.

of

Information's
[

Mr.

Hoyt, who succeeds Gardner
Cowles, Jr., publisher of the Des
Moines "Register and
Tribune,"
resigned, said that he had ac¬
.

Canadian Press dis*
White

feel

may

plants by the Govern¬

to lay down the rule at the
beginning
that war
production

;

patch from

you

free to release copies of it to rep¬
resentatives of the life insurance

several

step toward the
this

and

cannot

peace,

Military Highway,"

"Alcan
a

is

we

statement

engaged
in
nondeferrable occupations remain on

permitted.

June 16 that the 1,600-

lifeline to the north

since

occupations released Feb. 2, 1943.

the

to

and

Northwest Service Command, an¬
nounced

and

curate

expression

difficult

Brig. Gen. Jame£ A. O'Connor,
the
LTnifed'HStates
Army's

has

General Hershey
feel this is an ac¬

of

of

Alaska Military Highway

Appley

revision would be to give definite

it

...

you

dis¬

Mr.

cussed this with

at

dispatched imme¬ why it should be necessary for the
diately to the Middle East, where Government to allow a dispute to
the Premier was visiting Polish reach the strike stage, and then to
go through the formality of 'seiz¬
Army units.
ing' the plant, in order to make
June

followjqig,

interpretation of the situation
presented.

tivities. However, the Committee
clearly has excluded these activi¬

the

anti-strike law marks

on

the

in the prosecution

of

resources

seizure

was

of

Appley the other day I feel it ad¬

emergency

reply to shown that this is the

letter

nature

presented to Mr.

life

ment

Sikorski

the

of

pation in its List of Essential Ac¬

ant

President's

purely

Mc-

indus¬

the

to Mr. Roosevelt.

The

be

V.

utilization

"A

die's office said that the embassy
did not know the contents of the

letter, but that it

,

following

Paul

visable to give you the

the

It

the

Commission:
view

which you

cases

no

with

of the war.

The agency likened the
message
the one delivered to Premier
of

have

would

connection

-

17

Com¬

measure, designed to secure what
is unanimously sought—maximum
trial

which

further stated:

Stalin

overhauling

necessary

vJune

on

Com¬

of

States, made

received from

power

of

Such

long-term
social
objectives
which public policy is aimed.

Department
Chamber

Nutt, Chairman of the War Man¬

emphasizes

of this need.

urgency

an

crisis

the

of the United

letter

requirements due to
point with increasing in¬

coal

of

merce

and

measure

Insurance

mittee

and

The

Madden, Chairman of

em¬

organizations

leaders take the

To Polish Premier

territory.

The reduction

Sta¬

WMC On Life Ins. Jobs As

points will also be of

President Sends Letter

and the employ¬
larger numbers of work¬

1.6% in April to a new
The April average of
16.3% above that of a

close

lines.

granted

rose

exists.

power.

producing commodities es¬ the war
a
high standard of liv¬ sistence to the need for revision
of
ing in times of peace."
public policy along several

the

peak level.

placed

The

"Weekly earnings, showing the
effect of higher hourly
earnings
and
longer
working

price-control

now

prices steady unless accompanied
by a stabilization of purchasing

on

sential for

year-period,
however,
when
working hours were lengthened
by only 4.9%, both wage-rate in¬

hours,

program

tries

week rose 0.4% in April
against 42.8 in April, 1942.
Wage-rate increases granted dur¬
ing
the
month averaged
only
0.04% for all workers.
In the

in

and

living.
And fiscal policy should be fully
enlisted in the program, since no
system of direct price control can
safely be relied upon to hold

The National Labor Relations Act
and other Federal statutes have

Commerce

statistical

producing for

one

ment of

adequate

^cognized

.

to 44.9

creases

health

bilization of farm prices should be

responsibility for their actions
value "when it becomes necessary that is imposed on other economic
to divert the flow of < materials groups have been defeated.
and
^'Radical changes in-labor con¬
manpower v from - industries

have

increase

March

chiefly

they

The

more

control

crisis

with

the

to

as

mechanism than

.

the

metering the flow of materials

at various

„

1941, the base month of the

ary,

a

the

policies

related matters.

consistent

In justice to labor, as
war
economy
in
general, the policy would require

condone-

a

or

efficiency.

well

out that some measure of
respon¬

crea¬

current

further said that this information

earnings

limits

% of
the
attitude
of
the
miners' representatives to point

being formulated will per¬
mit tracing "with some degree of

...*/*

averaged

preventing
employees
from
working and producing up to the

as¬

and

the

industrial

restrictions

employers

ment

now

29, the Conference Board further
said:

tractual

war¬

of

means

of

including the statutory forty-hour
week and any other legal or con¬

disposal of

ployers and none on labor or¬
accuracy" the flow of materials ganizations in the handling of in¬
through the gigantic" manufactur¬ dustrial * relation^
ing plant which has been set-up labor in the belief that it can do
no wrong.
for the war effort.
Numerous proposals to
Mr. Franklin

"Employment in the 25 indus¬
Development^: Agri¬
(S.A;)'-. 3»-year
-4%%' tries declined in April for the
sinking
fund. gold/ bonds,
due first time in 16 months. The re¬
Nov. 1, 1943 (Qajajae Prestamos, duction in the aggregate resulted
etc.); United(St^WS of Mexico 4% from declines in 16 of the indi¬

Republic-of

labor

for

a suitable wartime labor

utilization of manpower resources,

part The Survey continued:

the

time

,

He

those for Feb¬
and March. Total man hours

Works and

gold bonds of-1004;

says

other levels except

culture :•
4

national

a

providing

settlement

disputes,

policy would aim at the removal
of impediments to the maximum

issues involved in the contest be¬

upon

-

gold

war,"

Department's

accepting

external

the

15
months,
declined
slightly in April but exceeded all

arrears.

consolidated

for

tween

.

5%

of

collection, tabulation strike bills have been introduced
publication of data would be in Congress before and have been
greatly reduced.
<
"r; 1 i opposed by the Administration.

previous

forms for registration and April of last year,; real weekly
the offer of the earnings of manufacturing wage
Mexican Government may be ob¬ earners have advanced 9.0% and
since January,
tained from the trust company. >
1941, 22.0%, de¬
j,
spite the rises in living costs.
;
"The Securities affected by the
"Total man hours,
which re¬
agreement of Nov. 5, 1942, and the
flect changes in both employment
presidential decree for registraaverage hours a week, re¬
tion include: Republic of Mexico and
•

and

peaceful

and

Employ¬

.essary

for

Board

production facilities affected by
labor disturbances.
Its provisions
go far toward settling the broader

labor

that

"Besides

ol

manufacturers' reports which was
so

months

Survey, but it adds "despite
the law provides the

organized

ment, reversing the trend of the

The first couT in terms of the commodities and
services it > will
purchase,
in-,
; pon payable under the new agree0.7%
in April.: :
Since
„ment is due July 1, 1943. The nec-r creased
-interest in

by

of* the

division

new

two

Labor

between the

week
was

as

a

the authority of the Na¬
tional War Labor Board,
giving it,
among other powers, that of sub¬
poenaing witnesses and records.

suring the uninterrupted operation

great

collected

manufac¬

in

the

"a

of labor statistics in

25

ening

representatives of the miners." In

peak levels in April, accord¬
ing to the regular monthly survey

January, 1941.- 'Real' weekly
pay-r
due April 1, 1943, for the earnings, or dollar weekly income

Mexico.'to

from
ments

;

said

Wilson

War

the Government the

to

the

June

economic data is being

combined

City, fiscal agent of the

Government

for
on

wealth of

new

public

faults,

time.

convention

City.

Davies recently.

Mexican

order

York

the "Wall. Street Journal" of June

New York

in

before the

New

within

duration

The

Special Libraries Associa¬

in

when

conforming to the needs of

described

to

•

.

address
the

time

a

strikes
the

the

assembling

useful

more

were

more
registry agents for registration as
lucrative, skilled
non-enemy ownership pursu¬ occupations contributed substan¬
to
the decree of President tially toward the rise in hourly
Camacho, dated Aug. 4, 1942.
In earnings.
-

•

•

statistics

them

effort

at

in clear violation of labor's
pledge
to renounce the right to strike for

by Frank R. Wilson, Assistant
Secretary of Commerce, in

an

to

24 it was also stated:.

of

'

hastily

was

plain defiance of the President

and

to the

Earnings And Payrolls
At New Peak In April
Earnings

methods

business

ant
<

in

Statistics Are Seen

22

ers

.

wide

month.

basis

war

Government',

,-uardo Suarez,

consecutive

its

2169,

peak level.

through its Finance Minister, Ed-

drafted

New Uses Of Business

June 25.

on

This agreement was reported in
our
issue of Dec. 17, 1942, page

worked

-ForeignDebtlaymen!

21st

act

new

opinion was aroused by the ac¬
tion of the coal miners'
represen¬
tatives in
calling three nation¬

that

attached

issued by the

was

ruary

Mexico Wi!!Resume

the

'

,

"The

They were 1.1% greater than in
March, 30.6% larger than in April,
on
the Exchange shall not be a
1942, and 99.0% more than in
delivery unless a certificate of January* 1941."
legistration
as
to
non-enemy

condition

the

In

?

there vwas

-

•

.

lowered

these

1 to 64%. on
By-contrast,

May

on

first

conditions. "•

weekly earnings rose
more than
employment declined,
total payrolls advanced in April

:

-the

1942, employ¬

begin¬
ning June 30 Mexican bonds listed
on

the President's veto

over

step in a thoroughgoing revision of
Government labor policy," states the
Guaranty Trust Company of
New York in discussing labor and the war in the
June 29 issue of
The Guaranty Survey, its
monthly review of business and financial

"Because

•

-overcome

Since April,

"The enactment of the anti-strike bill
and should mark the first

can

these

gains have
amounted
to
12.3%: and since January, 1941,
the increase has been 35.4%,

c

25

April than
since

were begun, except dur¬
ing February and March of this

bonds

June

month

surveys

dated

Jan.

...

other

any

33

Anti-Strike Bill Provides Basis For
Revising
National Labor Policy, Says
Guaranty Trust

re¬

average

in

Tamaulipas

amounted

slightly below
the February level.
There were,
therefore, more workers employed

1, 1907; State of Tamaulipas
5% bonds dated July 1,1903; State

directed

In the ten Southern States and

the

Jan.

The New York Stock

V'. Early Potatoes

duce

which

only sufficient to

was

5% bonds due April 1, 1927; State
Vera
Cruz
5%
bonds dated

1953."

farms

on

almost twice

employment

to 0.5%

of

1 farm stocks of

and

in

internal

eight-year (1934-41) average June

:000 bushels

•

3%

1885; ' United States of
5% internal redeemable

1, 1907; State of Sinaloa 5%
dated
Jan.
1, 1907; Tehuantepec National Railway 5%
gold
loan,
due
June
30,
1953; Tehuantepec National Rail¬
way 41/2% gold loan, due June 30,

:1 amounted to 19,063,000 bushels,
about 39% more than the 13,741,-

;

of

bonds of 1895; State of Vera Cruz

of

for grain.

rye

•Farm stocks of old rye on

consolidated

Mexico

Prospective harvested-yield
has declined five bushels

per acre

in

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4190

158

makes

a

good beginning by

cepted the post because he is
vinced

its

operations

con¬

abso¬

are

lutely vital to the conduct of the
war

and

entire

to

the. interests

country.

of

'-(v

the
.

In
a
prepared statement, Mr.
Hoyt said his office "will not be

concerned

with

propagandizing

the the American people" but that
his policy "is to give the country
the straight

and

war,

information about the
to, give

it

to

them

appointment

of

Mr.

Hoyt

straight."
The
was

noted

broad-' May 27,

*

in

these

page 1983.

columns

■

on

THE COMMERCIAL & FINANCIAL CHRONICLE

34

Thursday, July 1, 1943

May Truck Freightmn |¥oaiWA:l!roleel^CentraltBasliiess.t:|)lslriets-^^4li
Byrd Committee Urges Federal Government
In Plan For Rebuilding Of Blighted Areas
To Reduce Civilian Personnel By 300,009 Volume 16.4% Over '42
The Joint Committee

Reduction of Non-Essential Federal Ex¬

on

The

of

volume

freight

trans¬

reduction in per¬ ported by motor carriers in May
promptly carried out by all departments and agencies of decreased 3.5% under April, but

penditures recommended on June 17 that a 300,000
sonnel be

Government.

Federal

the

to

over May,
1942, ac¬
reports compiled and

opinion that this is a
be effected without in-3>

released

on

June 28 by

ican Trucking

can

fort by a firm determination of
branches of the Government
all

eliminate
sonnel.

all
to

mission

and

the

Service

Com¬

respective per¬
Federal de¬

offices of the

sonnel

partments and agencies cease all
unnecessary recruiting of employ¬

particularly from sources out¬

ees,

the Government

side

"Utilization

available

the

of

tion

manpower

effective

an

manpower

pool to use fully the services of
those employees already in the
Federal Government.

to direct the use
in
private
em¬

attempting

Service Commission by

forming

Government

Federal

The

ment.

be strengthened by

program

Civil

the

is one of the greatest
responsibilities of our Govern¬
manpower

ployment, but has done nothing of
a constructive character in utiliz¬

taken to improve
selection of employees as to

"That steps be
the

ing in the most effective way the
that 3,000,000 civil-service

quality in order that the number

more

of

employees. Of these 3,000,000 ap¬
proximately 1,349,098 are engaged
in
what may
be termed direct
mechanical war-production work,
such as work in arsenals, camps,

held to
"That

than

balance of about

of

tion

1,700,000 are en¬

would

300,000

mean

the

of

1938-1940

of

representing 100;

as

'•

180.86.

was

:f A little

than 86V2% of all

more

tonnage transported in the month

of general

hauled by carriers

The volume in this cate¬

freight.

4.6% decrease un¬
der April, and an increase of 15%.
over May of last year.
showed

gory

a

Transporters of petroleum pro¬

accounting for almost 6%>
reported, in¬

ducts,

aproximate saving of $750,000,000
in the annual pay-roll.
He fur¬

corporates the proposal for rede¬

placed

velopment of cities worked out by

of

the

"As long as good neighborhood
environment is a commodity sup¬

Urban

Institute, a
vate organization devoted to
study of land trends and city
velopment.
A reference to
bill,

May, 1942.

Haulers

ducts

of

„

steel

and

iron

pro¬

feported slightly loss than
the total tonnage.
The

of

of

commodities in¬

these

creased 5.9%

April, and held

over

Budget

goods. Ton¬

in this class increased 5.6%
April, but dropped 8.7% un¬

nage
over

der

products,
material,

May, 1942.

and make effective the war-trans¬

Urge War Damage Ins.

fer

Extension Without Added

program."

v*

Urges Pnblic To Put War Interests First
the United States, added on June 24:

"Washington dilly-dallies, argues about the jurisdiction of Fed¬
eral war agencies, plays politics, experiments with social measures,
remarks

His

radio

address

all.'»
a

which

at

which

the mild regula¬
production requirements
placed on civilian groups with the
hardships imposed upon the fight¬
ing forces, he warned that the

decried the growing

food shortage
charged failure of the gov¬
ernment to formulate a tax policy

and

time must

said

is

"mess."

a

The

June

//-v.;

foregoing
advices

Press

problem

manpower

is

from

"Mr.

United

Johnston

x

Business Committee,

come

home, he said that the coun¬

of

ner

the

gratulatory
to

placed much of the blame
Washington, but emphasized

"He
on

ihnt throughout the land, there are
that
throughout t e a <*
*7.®

interests

Generalissimo

on

a

con¬

June

Chiang

21

Kai-

will be

this

United

States

on

United

,mJe 14' I be President said.

"Hitting at the citizens' attitude,

reslsVancf eft'"the

said, 'there is a singular dis-

-nnrtnrA

law

and

smart,

order
order,

by

too

It
it

is
is

many

insur¬

proposed, it was stated
that it was not the intent of the
Government

make

to

profit;

: a

premiums already col¬
lected should remain a fund suf¬
Thus

the

ficient to

emergencies. I
that this proposal
for

care

confident

am

have

will

the

thou¬

property owners affect¬

sands

of

ed by

this premium."

The

of

support

full

of

text

%
wire fol¬

the

"War Damage Insurance

is

governmental business ven¬

a

ture for

profit but merely protec¬

tion for civilian property.

since

losses

no

There¬

has

government

the fund

suf¬

already

created should be sufficient with¬
out further

most

Those who

premiums.

affected

cost

this

by

small

are

addi¬

owners, a

property

are

not

due

to

stead

large majority of whom

enjoying normal
war

are

dislocations,

faced

with

income

but in¬

mounting

operating

considered
considered

pressor has been increased by
the recent briUiant vict0ries of

extension of coverage beyond July

people

to

the Chinese armies under your in-

patronize black 1 spiring leadership."




introduced

States

of

the

Senate,

Urban

in

at the

Land

In-:

stitute, a bill which embodies a
plan for private reconstruction of
deteriorated

Under % this

areas.

gVown

proposal, which has
the work of the

institulfe,

out of

the Fed¬

its game of leap frog and
the unending building of new ur¬
ban edges.,-But that does not have
to

happen;.

tive.:

been
is

a

in

luring the public

areas

the

be assembled in

sufficiently large
permit the creation of an

to

areas

new

environment that
new

land.

The

chase, the

land,

raw

cities

to
or

using

the

power

of condemnation when necessary;
and
would
offer it for usale or

lease

to

would

private

be

required

city plan

who

builders,

in

adhere

to

redeveloping

it.

to

Proceeds of land sales and rentals

compe¬

be

form"

central

around

must

areas

that

areas

collar

com¬

That is

attacked

large scale. Complete rede¬
velopment can transform them in¬

on

would pur¬

the

supply the

dismal

dirty

-

business
a

on

can

built

areas

meet

modity that is in demand.

why the

can

to

are

tition they must

worn-out

it

It

away.

of competition.- If close-'

case

cities for the purchase of land
that

to

city areas with precisely
the type of environment that has

in

so

alterna¬
replace

an

begin

can

wornout

to

areas

There is

We

eral government would lend funds

park areas, parking terminals,
any other use that'is appro¬

priate in specific cases.: " Gener¬
ally, the gretatest need in rede¬
velopment is ■> for the1 creation of
residential

new

neighborhoods."

Mr. Stewart added:
"The central business district is
the

one

type of urban

that

area

can

be

would be used to repay the Fed¬
eral loan.
The plan seeks to use

generally - regarded
as
basically sound.
Thoughtful pro¬
posals for rebuilding old residen¬

the

tial

areas

factors

of

low

interest

rates

and

long terms of loans, attainable
only through use of Federal cred¬

it, to absorb any discrepancies be-*
tween the acquisition cost of land
and the

new

values which must be

cause

are

gaining ground be¬

nothing

rebuilding-

short

can

of

complete

neighbor¬

rescue

hoods sunk in obsolescence and

an

environment that is not adaptable
to modern urban requirements/'

Guarantee Of Essential Civilian

Supply Is
integral Part Of War Economy, icBain Says

If the civilian

for

15

the

population is to successfully produce

war

materials

forces

armed

and Allies, its standard of
living should be
highest level consistent with the war'effort,
Hughston M. McBain, President of Marshall Field & Co., Chicago]

maintained;.at

declared

on

the

-

June 22.

"The guaranteeing

of essential civilian supply is an integral part
Mr. Mc-<?>Bain said.
"After the require¬ civilian goods and services. They
ments of the armed services are should be given consideration in
of

economy,"

war

our

supplied

amply

the

of retailing

needs

essential

should be met

the allocation of

plies

supply for the people."

sources,

Besides

civilian

the

making the

weapons

,

population

is

He

of

Mr. McBain pointed out, the

war,

financing

materials,

manu¬

facturing facilities, operating

because retailing is the service of

war

ent

sup¬

other/ productive

and

he added.

stated

dollar

that

the

while

services available

re¬

...

volume

by buying bonds, stamps

costs.

premium

We

date

tional premiums."

the

civilian

it

to

effort.

recommend

without

properly

and fed so that
effectively in the

function

can

war

population

clothed

housed,

of

pres¬

goods

and

for^ the civilian

McBain

Mr.

went

on

say:

"It

is

tremendously

that

everything

sible

is

done

important

humanly

maintain

to

front morale.

the

less than

mand.

enough to meet the de¬

Goods

produced ip suffi¬
quantities will be unevenly
distributed, he added. He further

pos¬

to

Retailing is not

home-front

essentials

available.
"We

of

life

es¬

afford

cannot

the production

morale
are

un¬

1/■'-/••••

'T

.

to

said:

home-

sential, but it is vital, especially
in a war-production area.
It is
if

than enough of certain
types of
goods, others will turn out far

cient

disastrous

Chinese people against the brutal

land

^

evade rationing, to

When

Government

for

+hp

thrniiohmit

in the future.

of

Nations

The President said'

The long-standing admiration

he

none

was

ance

sim0'S messaSe of greeting to the

■

ning the war

York

tinue

and payment

form

tional

jynp 14

Seed-

Mr.

premiums.

said:

are

r\av

In his refer¬

plied only at the edges of cities,
we can expect the public to con¬

population may loolc reassuring
of taxes. He stated from a statistical standpoint, the
further that it is the duty of the over-all figures are
misleading.
date there have been no
retailers of America, as suppliers He
explained that while some
and we sincerely trust there
for
the
home
front;
to
keep manufacturers will produce more

additional
man

shek in response to the Generalis-

United

people who allow other
to come ahead of win-

too many

message

calling upon

legislation which
of the
without the payment of

insurance

fered
President Roosevelt sent

emphasized.'

New

request

them to propose

fore

President Lauds China

try faces a condition 'so serious
that its dangers cannot be over¬

Small

would extend the coverage

not

reckoning when the fighting men

and

Patman,

House

the

of

Chairman

lows:

tion will eventually extend to the
battle fronts? "
r ■ 1

Wright

Representative

lows:

| effects of 'economic disorganiza-

its

ate Small Business Committee

spite their military reverses, fur-. created Office of War Mobilizather reported his warning as fol- j tion must be made to work or the
"Calling for Americans to 'snap
out of it' or prepare for a day of

Congress,

National President,
George J. Seedman, on June 21,
sent telegrams to Senator James
E. Murray, Chairman of the Sen¬
through

"To

which in reporting Mr.
as
saying that the na¬
"He said the time has passed
tion is confronted by a home-front
crisis which enables Adolf HHler when the nation can experiment
new
home-front
and Premier General Hideki Tojo with
agencies,
and
declared
that
the recently
to hold out hopes of victory de24,

Johnston

the

owners

Business

American

losses

specifically that food administra¬
tion, production and price admin¬
istration be 'revamped drastically.'

Washington

thousands

save

cost- of
additional premiums on Govern¬
ment War Damage Insurance, the

at

recommended

effort • to1

an

property

'plac¬

men

will be held accountable.'

;

from

when the

ing petty, selfish desires and am¬
bitions above patriotism.
When
the war is won, those guilty ones

price policy "chaotic"

the

come

the front will know who is

adequate to meet the costs of war
and forestall inflation.
He called
and

in war

"Contrasting

"like the sword of Damocles." He

the current

must promulgate

tions and

the land

hangs over

we

time.'

said that the threat

also

inflation

of

in

markets and to violate other rules

Mutual

the

over

System,

Broadcasting
time he

made

were

In

of

Declaring that "Washington is not winning the war on the eco¬
nomic front, and Washington is the key city of the world, the hub
of the war effort of the United Nations," Eric A. Johnston, President

acts with indecision or nor at

the

columns

on it to encourage the type
rebuilding that is needed.

:

a

Washington For Rome Front Dangers

of the Chamber of Commerce of

the

de¬

thereto, Mr. Stewart said: )
"A few days ago Senator Wag¬

the

May of last year.

over

Approximately
41/2%
of
the
total tonnage reported was miscel¬
laneous
commodities,
including

prL

ence
\

compete, with

over

these

June 24, page 2388.

entirely

April and 66.1%

over

in

appeared

Premium Payments

Blames

Land

creased 2.5%

procedure to reduce re¬
cruiting, eliminate overstaffing,

an

Institute, told the annual conference of the National Association
Building Owners and Managers at St. Paul, Minn., on June 21.
The bill, Mr. Stewart noted, was introduced by Senator Robert
F. Wagner of New York.
It in-<S>-

of the total tonnage

cement and household

"That the Civil Service Commis¬

adopt

Land

of

.

service.

sion and the Bureau of the

com¬

puted on the basis of the average
monthly tonnage of the reporting
carriers for the three-year period

45.1%

Bureau

the

figure,

the
wasteful
personnel malpractices tobacco, milk, textile
prevalent
within
the
Federal coke, bricks, building

in purely clerical work." •;
Byrd stated that a reduc¬

Mr.

the

by

index

ATA

sound employee promo¬

Budget take steps to prevent

gaged in work other than direct
mechanical war production and
many

The

volume

and

sion

against 1,843,138 tons in April,
and 1,528,273 tons in May, 1942,

3%

"That the Civil Service Commis-.

The

Government.

the Federal

a

ing carriers transported an aggre-*
gate of 1,778,476 tons in May, as

minimum.

system be adopted
Government.

tion

Those

in

employees hired may be
a

Federal

yards, airports, and so forth.
so
engaged represent less
45% of the civilian employees

navy

new

Comparable reports were re¬
by ATA from 229 motor
carriers in 41 States.
The report¬

was

service.

"That the Federal labor-utiliza¬

Record:

of

Civil

the Amer¬
Associations.

ceived

as

J;y-/

the

"That

ployment in the last World War.
Senator Byrd further said, ac¬
cording
to
the
Congressional

is

report

included:

ord"

pared with 917,760 employees on
Nov. 11, 1918, the peak of the em¬
■

in

cated

the Committee's

3,008,519 in April, as com¬

taled

an

indi¬
the "Congressional Rec¬

Committee's

the

;

presenting

In

popula¬
example,"

"it is time to clean
house in these various bureaus."
Other recommendations made in

report, Chairman Byrd said Federal
civil-service personnel to¬

^

of

measure

that

adding

per¬

unnecessary

sets

it

unless

tion

interference with the war

out

full

expect

sacrifice from the civilian

effected with¬
ef¬

be safely

can

"cannot

the■Government

that

said

ther

jury to the war effort. The Com¬
mittee believes that further reduc¬
tions

f6.4%

cording

is of the

that

held

Committee, which is headed by Senator

Byrd (Dem., Va.),
conservative estimate of the reduction

The

y
In-lying areas of American cities can be made just as attractive
for residential purposes as the suburbs under a recent bill introduced
in the United States Senate, Charles T.
Stewart, Director of the Urban

neglect

and distribution of

"Many retailers will lose out in
struggle for a share of the

the

available supplies.
Others, par¬
ticularly those located in crowded
industrial
duction

pendent
from

areas

has

where

made

on

them

goods

other sections

war

pro¬

over-de¬

transported
of

the

coun¬

try, will have shipments of quan¬
tities of goods delayed for weeks

clothing, medical supplies,
appliance repair parts and and months because of an over¬
other necessities required by the loaded transportation system."
>
"With war production
people who are supplying the mil¬
reaching
itary needs.
Success of home huge proportions, the
country is
front
strategy,
like
war
front just beginning to feel the
food,

home

results

strategy, is based entirely upon of the insufficient attention
given
having the necessary amount of to civilian supply.
During the
goods, services and manpower at early phases of the war it was
the
right
time and the right possible to neglect the
problems

place.")
Mr.

since

of

McBain
95%

pointed

that

of all American small

business concerns

civilian

out

supply

are

they

engaged in

should

be

civilian

production

supply
was

at

because
modest

war

levels

However, today, certain sections
of

the

acute

country

are

experiencing

shortages of the necessities
permitted to mobilize their full
addi¬ capacities and resources so as to for even a war-time standard of
successfully produce and distribute living."

Volume

158

Number 4190

THE COMMERCIAL

Estimates 900,000 New Homes Will

working in

f

About

900,000

homes

new

entailing

close

to

$5,000,000,000

ourselves

in

"This

of peace, Louis Segal, President of Segal Lock & Hardware Co.,
estimated on June 21 in discussing the post-war outlook in the hard¬

year

made indicate that

demand for

leased

as

.the

Segal told stockholders.

He

,

added:'

of

ware

."Upwards of

million families

a

the

throughout the country

the

type

in
to

ment gives the nation's industries
the green light to go back to peace¬

dent of the

time

directors,^ consisting
of
Sidney
Kuttin, Frederick H. Tabor, Mr.
Segal, Charles Levy. and Walter
E. Corwin, was reelected.

operation.

that

the

own

homes

these

are

It "is

ambition
of

to

families

will

be

construction

about

of

realized

would

$15,000,000."

Segal

"I therefore

The

tional
of

v

board

the

ably

the

should

policy.
It re¬
ports that 62% of the public with
an
opinion would have the Con¬
.

Survey Reveals

and labor leaders

effort, while
31%

leave

policy
only 38% would
determination and

while

policy

enforcement
tion.

to

the

Administra¬

A

fairly large group of the
public—13%—expressed no opin¬
ion.

The

NAM further states:

<

J "The survey revealed also that
the public believes that both par¬
ties to

dispute—labor and

a

man¬

agement—should

have the right
protest and attempt to get the
proposed
all-powerful
board
to

Last

of

the

labor's

fied.

during the

73%

war

it

disSatis^

were

and

isfied with the

69%

to

protest

and

for

ask

a

new

indicated that if or¬
ganized labor refuses to accept the
hoard's

decisions

should order

"The

the

ex¬

pressed dissatisfaction.
"As
for
answers
from bunion
members, the survey showed their
opinions do not > differ greatly

survey

further

Tevealed

that the

public, even before the
coal miners'
walkout, was irritated
by
the
frequency
of
strikes.
Sixty-one * percent
believe
the
strike
been

problem
solved

has

since

not

labor

largely
leaders

their no-strike pledge. Sixtynine percent of the public have
heard of wildcat strikes, and, of

gave

those

The

now

Treasury's

ings

"Support

i

has made

for

the

closed

,

shop

headway since Pearl
Harbor, the survey showed; in
fact, a slight reverse tendency was
noted.

no

With

open,
union
and
shops defined for them, the
persons
interviewed
expressed

closed

their views

as

follows:

^

April

1941

1943

Favor open shop___65%
Favor union shop. .26%

67%

,

Favor closed
No

the

latest

self

finds

ment's

with

satisfied with manage¬

accomplishments,
29%
This figure compares

not.

69%

satisfied and

satisfied with

31%

dis¬

management's

per¬

formance during a similar survey
last year.

"But

a

figure

extent

to

out

for

which

a

him¬

he

can

that

increase in available labor
sup¬

the

labor

These ad¬

situation

in

mining industry (especially
has been extremely crit¬
some

,

Morganthau

the American people on the
in which they have supported

voluntary

%

total of

only 27% polled




"I

am

<

payroll

savings

.

proud of the fact that 27,-

000,000 patriotic Americans are
regularly
investing
more
than
$420,000,000 a month to help pay
the cost of the
of this
and

money^omes from

salaries—nearly

people
and

And since all

war.

earning

the

less

bulk- of

it

90%
than
from

wages

from

$5,000,
those

mills

steel-

the

year

is

more

lack

less

or

be

applied

into

non-ferrous

have

been

metal

placed

in

ment

not yet

reported.

"In addition to this valuable la¬
bor pool acquired by the
closing
order, much critical material has

>;

become
uses.

mated
000

available

for

essential

This material has been esti¬
as valued at some

$75,000,-

and

is

moving into essential,

production

at

the

rate

of

about

are
now
being saved.
The
saving has been estimated as high
as $15,000,000
annually.

"The War

posals advanced toward a solution
of the problems involved.
A con¬
tinuance of the order

was

decided

of the

equal

individual mine makes

an

larger contribution to the
effort than the materials and
labor absorbed in
operations, and
or

war

"(b) The necessary labor cian be
obtained
any

without

essential

war

drawing upon
activities, and

certification to this effect
obtained from the War

can

be

Manpower

Commission."
The WPB order

blast

on

of

growing

against

mines
of Oct.

was

reported

in

our

22, 1942, page 1437.

issue

need

furnaces, cer¬
blooming
serious.

more

of the

success

submarines,
ship repairs
new

and

an

and

ovens

below what they were

a

orders
well

are

year ago.

routes, which

better

protected,

an

important factor in
the decline of Allied vessel
sink-

ings.

affecting

"Increase

is

pressue

being

around

Russian

ex¬

quickly

in

for

steel

mill

equipment have reached the letter-of-intent stage.
"With^the tank, programs ahead
of

schedule

and

Plants

now

their

nations'

*

new

foreign

operating and filling

requirements,

domestic railroad
equipment
panies which were

com¬

making tanks

big scale

a

toward

now

of railroad

able

are

to

push
completion

the

motive

power, rolling
stock and accessories.

"July 1,

important date for

an

the CMP plan which

becomes

now

fully effective, finds the big prob¬
lem of
balancing steel require¬
ments

with

solved.

supplies

by contractors
WPB

still

Manufacturing

to

are

help

balance.

being asked by
the

overcome

Mills have been

the problem of

un¬

economics

un¬

about

backlogs

der

with

expansion

creasing

as

"Mills
to

1940

of

most

some

steel

allotment

in

of the remain¬

few

a

undoubt¬

cases,

The American Iron and
Steel
Institute on June 28 announced
that

telegraphic reports which

had

received

that

it

the

having 91% of the steel capacity
the industry will be
90.3% of

of

capacity ior the
or

week

sioned

by

compares

one

beginning

at the lowest rate for
the last two
years

work

the

stoppages

coal

with

98.4%

95.8%

week

in

because of

new

strike.

97.6%

one

This
week

one

month

year ago.

occa¬

ago

and

The operating

rate for the week
beginning June
28 is equivalent to

1,563,700 tons

of steel

gets

program

%

are

making

all

orders

a

final drive

books val¬
idated under
CMP, which assumes

full

control

orders

July

have

on

1.

While

been

most

validated,

a

small
percentage has not, either
through carelessness of buyers or
inability to obtain allotment num¬

bers.

A large producer estimated

about

5%

of

orders

in

are

this

condition.

"Sheet mills, in spite of recent
cancellations, are booked through
third quarter
except for some

pacity for

galvanized sheets

specialties.

Narrow

ca¬

and

cold-rolled

strip capacity is filling rapidly for
fourth quarter and some
producers
have

to

none

offer

for

that

de¬

Aircraft inquiries for this

material

are

appearing for deliv¬
in June, 1944.

ery

"Reduced volume of scrap is be¬
melters in some

ing received by

areas, a result of labor
and inability to draw out
volume

of

dormant

available

was

shortage
as large

material'

as

last-year^*-*—***

"Six additional zones have been
set up by OPA for control of steel
warehouse prices, effective June
21.

Methods of pricing are simi¬
those provided in the four

lar

to

Atlantic

Coast

first

zones

estab¬

lished, varied in some details to
customary procedure in the

fit

various areas.
Southern and Paci¬
fic Coast States have not

yet been

zoned but will be

similarly treated

later in the year.

"Consumption of Lake Superior
iron

ore

in

May totaled 7,373,972
largest tonnage

tons,

gross

third

smelted this year, the peak
being
attained in January with

7,765,174

June

Lake

on

1

aggregated
gain of almost

21,297,098 tons, a
3,000,000 tons over stocks held

a

month

earlier, but considerably
less than tonnage on hand June
1, 1942, when 25,165,003 tons were

at

furnaces

naces

in

and

blast

docks.

on

June

1

Fur¬

numbered

against 169 a month
in the United States."

earlier,

New Wheat-For-Feed Sales

operating rate of steel companies

June 28,

a

173

.

indicated

demand

High-test
tonnage is in¬

Ore at furnaces and

edly will be suspended."

ago,

have

in

docks

carry

is

sources.

refinery

Erie

ing unfilled tonnage, dating back

any

other

gasoline

tons.

85%

major

demand

juggling

will

numbers and
to

plate

unvalidated CMP

tonnages with considerable per¬
plexity. By this week it was ex¬
pected

most

ity rapidly disappearing. Maritime
Commission is responsible for at
least 50% of
tonnage now on or¬

Mean-

inquiries

$15,000,000

in

<

particularly noticeable over the
past fortnight, and most platemakers are booked
solidly through

livery.

"Extreme

of

Legislation authorizing the sale
an additional
50,000,000 bushels

of

Government-held wheat for
feed purposes was signed
by Pres¬
ident Roosevelt on June 14.
Under

the

legislation,

passed the House
the

Senate

on

which

June

on

June

8,

4

the

and

Com¬

modity Credit Corporation is
thorized

to

sales from
000

raise

the

amount

au¬

of

225,000,000 to 275,000,-

bushels.

The

CCC

recom¬

ingots and castings, com¬
pared to 1,690,100 tons one week
ago, 1,704,000 tons one month
ago,
and 1,639,200 tons one
year ago,

50,000,000 bushels in view of de¬

which included the
July 4
"Steel" of

country

holiday.
Cleveland, in its sum¬

mary

kets,

closing the gold

of

Furthermore, the

"Testifying to the

hard

relief

possible remedy
at this time in order

every

/
"Through you, as Secretary of exemption only if:
"(a) The critical material output
Treasury, I want to congratu¬

the

this
be

obstacle.

available

every

the

late

of

will

for repairs
tain
coke

on

upon, with the right to appeal for

follows:

coke

time, it is imperative

other essential industries and 800
referred to other jobs with: place¬

1

The full text of the President's
letter
to
Secretary *

plan.

"The survey showed 71% of the

were

revealed

tion
on

curtail his

way

annual

while,

WPB

to

closing order has resulted in

plan."

survey

said

submitted

9%

NAM

He

erted to produce and
ship
500 locomotives to Russia.

mines,: 500

to

.

the

plete.

Bureau to the New York "Journal
of Commerce" states that evidence

moved

War

American

every

will

open

furnaces,
60%; total steel ingots, 48% com¬

Washington

3%

low in public esteem.

are

its

opera¬

said:

'

;

from

-

8%

25%

public

public

we

the
American
their splendid record so

to

"Investigation has revealed that,
date, at least 1,200 of the dis¬
placed gold miners have been

endorsed

campaign
in

WPB

tonnage
products.

electric

opening of

the

$100,000 a week. Also large quan¬
far in
supporting the voluntary tities of
critical materials hereto¬
payroll savings plan, the President
fore consumed in gold mine
payroll

hearths ; 44%;

for steel for

to

this

through the Payroll Sav¬

hope

finished;

days. ' In their
expanding volume of

an

under way.

56%

war

shop__ 9%

again and in greater
measure
voicing highest confi¬
dence in the job done by manage¬
ment during the war effort. Gov¬
ernment officials drop
in favor
and organized labor drops to a
new

letter

new

investments

on

of

opera#

past few

is

furnaces

the

Production Board in
spending, and will put
its study of the gold mine situa¬
every dollar of additional saving
tion
took
thus made into the payroll
cognizance of many pro¬
savings

opinion

"The

called

Congratulating
people

President

the

from

been

be

Plan from $420,000,000
to
$600,000,000 per month. This cam¬
paign was brought under way
June 15 in 180,000 firms and
plants
throughout the country.

"I

December

President

The President's

leaders condone them rather than

Vice

for

stead

tions, the steel expansion program
as of
July 1 shapes up as follows:
coke ovens, 42%
complete; blast

-■

to meet the essential needs of the
armed forces, WPB has decided.

have in protecting ourselves

increase

to

charge of industry

shorter

that

against inflationary spending."
the

promoted

has

sought and

upon

plan "the greatest single factor

Bonds

•"

called

"

or

copper)
ical for

people to invest
"considerably more" than 10% in
the
Treasury's Payroll Savings

expressing an opinion con¬
cerning them, 60% think union
try to prevent them.

24

continued
.

coke

third quarter, with October
capac¬

(According to H.
Batcheller, head of the WPB
steel division, who soon will be
G.

are

the

American

Plan.

92,000,000-

commonly mentioned at

the start of 1943.

set

requested

"Since

June

-

copper, zinc and lead.
vices further states:

President Roosevelt, in a letter
Secretary of the Treasury Moron

to

and stepped up production
of other; jcriticakminerals such as

Urges Public To

genthau

but will be short of the
ton goal

June 23 that

plies

Treasury
Payroll Savings Plan
the

scheduled to rise and for the full
year will set an all-time record

modify the order but the
Board decided against the rescind¬
ing of the order.

an

Put More In

to

quarters, bar¬
ring another coal strike, output is

had

the

from those of the general
public."

President

compliance.

In third and fourth

The

Advices

are

board; 76%

decided

coal and

on

miners'

first six months of this
year com¬
pared with the same part of 1942.

r; Gold-mining operators and some
members of Congress, it is

aside

wan

satisfied, and 55%

has

on

said,

dissatis¬

job carried on
by government officials; .this year

FDR

slowness of the

——-——

balance

,

changed, but that once..decisions
handed down they should be
obeyed,
I "A total of 57% of the public
say that either side should be able

the

making capacity is now about 91,000,000 net tons.) All through the

a

order in effect.

year

were

can

study of the effects of
closing
non-essential
mines, the War'Production

gold

ago, 59% expressed
satisfaction and 46% weren't sat¬

45%

he

order

Board announced

year's survey showed
public satisfied with

efforts

A

which

Closing Gold Mines
After

expressed /»satisfaction
with the job performed by labor

fied.

law

to

of

.

year

into

figure out for him¬

extent

because

return to work," the "Iron
Age" stated in its issue of today (July
1), further adding:
"Stocks
at by-product plants were
only 5.4 days in April prior to the
big
drains caused by the trouble with
Mr. Lewis. In July,
.1939, they
equaled 25 days.
<$>
——
"Only a 2% increase in steel in¬ program appear to have run
their
got output will be achieved in the course, few
having been received

WPB in

a

WPB Continues Order

its

gress write a definite labor

on

spending, and will put
every dollar of additional saving
thus made into the payroll savings
plan."? £}% V
-■ r -

Congress^

determine

%

'■

American

every

payroll will

Corporation. ;
Although approving swift-acting machinery for handling labor
disputes, the man in the street; according to the survey, made avail¬
this

people—and

the amount of bonds he is

hope

v

Administration

American

curtail his

sociation of Manufacturers by Opinion Research

the

in calling

you

more.

"I

Eighty-four percent of the American people favor creation of a
Federal board with exclusive power to„make
final, binding decisions
in labor disputes, according to a survey made for the National As¬

NOT

war.

join

buying.
We originally asked for
10%, but now we need consider¬

self

and

we

people should be convinced
necessity of participating.

crease

of

Public Wauls Definite Federal Labor

able June 23 holds that

improved if

Everyone now on the payroll sav¬
ings plan should materially in¬

.

Relations Policy, NAM

Years—Despite Shifts, Mill Backlogs Gain

"A week after John L. Lewis
called off the third and most
serious

walkout, the steel industry still is dangerously low

both

upon, labor and management par¬
ticularly—to do still more. Addi¬

Company for the 14th
year.

the

upon

come

4 Vt; ft

record,

to keep pace with the increas¬

ing demands of the

reelected Presi¬

was

consecutive

their

900,000

this
Mr.

estimated
own

about

I agree it must be
are

by the company which is involved

look¬

forward to building or buy¬
ing new homes when the Govern¬

great

a

financing the war., However, I
heartily
endorse
your
present
drive to improve that record, and

manufactured

ing

is

35

Steel Production At Lowest Point In Two

inflationary

of

the first year of peace.
building of these 900,000 new
houses will entail the letting of
contracts for upwards of $5,000,000,000 in construction work. The
approximate value of the hard¬

housing materi¬
equipment can return to
large-scale civilian production,"

:

at

The

and

Mr.

held

"Surveys which have been

during

re¬

ends and

war

manufacturers of
als

stockholders

against

from the standpoint of curbing in¬
flation and from the standpoint

huge pent-up^

a

houses will be

new

soon as

of

plants—I do not

war

spending.

construction work will be built in the United States
during the first

ware
industry at the annual meeting
company's offices in New York City.

CHRONICLE

hesitate to say that the'payroll
savings plan is the greatest single
factor we now have in
protecting

Be Needed In First Peace Year
i';

& FINANCIAL

of the iron
on

and

steel

from

many

that

ease

feed

mer

of

it

shortages.

1942

parts

be

of

released

In the

the
to

sum¬

Congress authorized

as

the sale of 125,000,000 bushels and

"Cancellations
to

mands

mar¬

June 28 stated in part

follows:

due

mended the sale of the additional

cutbacks

of
in

steel

the

orders

ordnance

last March
000 bushels

an

additional 100,000,-

were

sold.

beef quotations. r In: est percentage increases in sales ,
have occured in the Western and1
products group declines in prices for grains were not suf¬
ficient to change the group average since livestock prices again in¬ Southern sections of the country
creased after last week's decline.
The only other group average td where increases ih income/ pay¬
ments
have been sharper than
change was the textile index, which increased fractionally due to
by substantial decreases in potatoes and

offset

Moody's Bond Prices And Bond Yield Averages
and bond yield averages

prices

bond

computed

Moody's

f

are

given in the following tables:
BOND

MOODY'S

U. S.

29

■'v

R. R.

Indus.

P. U.

rate*

Aaa

110.70

118.80

116.22

111.25

98.41

102.46

113.70

111.25

98.25

102.46

113.70

116.61

116.80

28

120-.44

110.70

118.80

26

120.44

110.70

118.80

116.22

111.25

98.09

102.46

113.70

116.61

116.22

111.07

98.09

102.46

113.70

116.61

25

120.41

110.70

118.80

24

120.31

110.70

118.80

116.22

111.25

98.09

102.46

113.70

116.61

116.22

111.25

97.94

102.30

113.70

116.61

.

23

120.23

110.70

118.80

22

120.23

110.52

118.60

116.22

111.07

97.94

102.30

113.50

116.41

21

120.17

110.52

118.60

116.02

111.07

97.94

102.13

113.50

116.41

19

120.15

110.52

118.60

116.02

111.07

97.94

102.30

113.50

il6.41

18

120.15

110.52

118.60

116.02

111.07

97.94

102.30

113.50

116.41

111.07

97.94

102.30

113.50

116.41

'

120.08

110.52

118.60

116.02

111.07

97.78

102.30

113.50

116.41

120.03

110.52

118.60

116.02

111.07

97.78

102.13

113.50

116.22

14

119.99

110.34

118.60

115.82

111.07

97.62

102.13

113.50

116.22

111.07 V

97.94

102.30

113.50

116.41

12

/•-■'?:..

11
10

.

-

..

—

7

•

-

5

110.52

118.60

119.99

110.52

118.60

116.02

111.07 •;

97.94

102.30

113.50

116.41

119.99

110.34

118.40

116.02

111.07"

97.62

102.13

113.31

116.02

■

—

WEEKLY

'

%

'

Grains

97.78

102.13

113.50

116.22

102.13

113.31

,116.02

97.94

102.30

113.50

116.02

17.3

Fuels

118.40

116.02

111.07

97.78

102.30

113.50

116.02

10.8

Miscellaneous commodities-^_.4-i.-.

119.93

110.34

113.50

116.02

8.2

Textiles

v

Livestock

102.30

113.31

116.02

7.1

Metals

102.30

113.31

115.82

6.1

Building

97.78

102.30

113.31

115.82

1.3

Chemicals and

1

110.88

119.82

110.34

118.20

115.82

110.88

97.78

102.30

131.31

115.82

28

97.47

101.97

113.12

115.82

97.47

101.80

113.12

115.82

97.16

101.47

112.93

115.82

115.82

110.70

109.97

118.00

115.63

110.70

118.00

115.43

110.52

118.20

i

.3

!>'

118.00

115.43

110.34

i 97.00

101.31

113.12

118.00

115.43

110.34

96.69

100.98

113.12

118.06

109.60

117.80

115.43

110.52

96.38

100.81

112.93

115.63
115.82
115.63

117.48

109.60

117.80

115.43

110.52

96.69

100.98

113.12

115.63

116.93

109.60

117.80

115.43

110.52

96.23

100.65

113.12

116.86

109.42

117.60

115.43

110.52

95.92

100.32

113.12

116.87

109.24

117.60

115.43

110.34

95.77

100.16

112.93

115.63
115.63
115.43

116.97

109.42

117.80

115.43

110.34

95.77

100.16

113.12

115.43

26

117.11

109.24
;

117.60

115.43

110.15

95.47

100.00

112.93

115.42

Jan. 29

117.04

108.70

117.60

115.04

109.79

94.56

99.04

112.56

115.43

120.58

110.70

118.80

116.22

111.25

98.41

102.46

113.70

116.80

97.16

111.81

114.46

mated

114.66
112.75

power

-

1943-1//

High

116.85

107.44

108.88

92.35

High 1942

118.41

107.62

117.20

114.27

108.88

92.64

97.47

112.19

Low

115.90

106.04

115.43

112.75

107.09

90.63

95.32

109.60

1943

-

1942_^___

;//-

1 Year ago

June

"113.89

116.80

95.62

118.18

23,. 1942

machinery,...

'!

1'

■'

YIELD

BOND

u. s.

1943—

Daily

23

Jun
Z\".

:

-1

1.81

:///

■

28

1.82

26

1.82

/

1.82

/

2.82

Southern States

2.97

2.82

Rocky Mountain

3.60

2.97

2.82

Pacific Coast.

3.87

3.60

2.97

2.8^

2.97

2.82

2.98

2.83

1.85

15

1.87

_

3.88

3.61

2.98

2.83

3.88

3.61

2.98

2.83

/

1.87/

11

1.87/

/'

10
9

1.86

8

1.86

-

_

,

5

3.11

3.88

2.98

2.83

3.14

3.11

3.89

3.61

2.98

2.83

3.11

3.89

3.62

2.98

2.84

Mar

3.14

3.15

3.11

3.90

3.62

2.98

2.84

3.14

3.11

3.88

3.61

2.98

2.83

3.14

3.11

3.88

3.61

2.98

2.83

3.15

3.61

1,633.291

Treasury

2.85

Apr

3

3,889,858

3,348,608

2.98

2.84

Apr 10

3,882,467

2,905,581

1,480,738

1,696,543

3,916,794

+18.4

' 2,897,307

1,469,810

1,709,33^

3.88

Apr 17
Apr 24

3,320,858
3,307,700 y

+16.9

2.85

3.925.175

3.273,190

+ 19.9 /

1.87

3.15
3.15

3.12

3.89

3.61

2.99

2.85

May 15

3.89

3.61

2.99

2.86

May 22

May 29

3.89

3.61

2.99

2.86

3.89

3.61

2.99

2.86

3.91

3.63

3.00

2.86

1.90

3.16

3.13

-1.92

3.17

3.13

3.91

3.64

3.00

2.86

1.93

3.18

3.14

3.93

3.66

3.01

2.86

1.98

3.18

3.15

3.94

3.67

3.00

2.87
2.86

1.99

3.19

3.15

3.96

3.69

3.00

/>• 2.00

3.19

3.14

3.98

3.70

3.01

2.87

2.04

3.19

3.14

3.96

3.69

3.00

2.87

3.14

3.99

3.71

3.00

2.87

3.00

2.87

3.19

3.20

-

2,944,906

1,429,032

1,688.434

3,003,921

1,436,928

1,698,941

1,435.731

1.704.426

holdings

3,040,029

1,425,151

1,705,460

+ 20.1

2,954,647

1,381 452

1,615,085

notes in response to a market

3,990,040

+ 16.4

3,076,323

1,435,471

1,689,925

+ 16.7

3,101,291

1,441,532

1,699,227

3,091,672

1,440,541

1,702,501

3,156,825

1,456,961

1,723,428

Jun

5

3,925,893

Jun

12

4,040,376

3,463,528

Jun

19

4,0Q8,401

3,433,711

+19.4

Jun

26

4,120,038

3,457,024

+ 19.2

3.01

2.88

3.00

2.88

The

2.06

3.21

2.77

3.16

4.04

3.75

3.01

2.88

nounced

3.24

2.77

3.18

4.10

3.81

3.03

2.88

maintained in large

3.31

2.81

3.23

4.25

3.93

3.07

2.93

3.13

2.71

3.10

3.85

3.60

2.97

2.81

Retail prices,

3.39

2.88

3.33

4.37

4.05

3.19

3.02

3.30

2.79

3.23

4.23

3.91

3.05

2.92

Z/Z

Board

Governors

of

June

on

of

The

.

_

yield averages

movement

market.,

list of bonds used in computing these indexes was
of Jan. 14. 1943. page 202.

tThe latest complete
In

the issue

i

:

published

!

in

Price Average

The

hind

a

new

Again Declines

j

record

in pro¬

there

creases or

Meat

were

little change

production, '

small

in¬

in activity.

however;

The
was

slight recession in the

due

products.
this

s

all-commodity index during the week

showed

little

change,

and

pub¬

lishers' stocks declined further to

a 50-day supply on May 31.
Con¬
principally to rather marked declines in prices of some food sumption for the first five months

-

The quotations for oranges was higher, but the effect of
food products group average was more'than

increase* on-; the




of

1943

same

was

only 5%

below the

period in 19.41, whereas

and

dealers.in

during/
were/

funds, advanced for pur-:

on

or

carrying

Loan' Drive;"

Government/

the

War1

April

Commercial

continued to decline.

-f

loans

/';

•

y'

/ Government security prices ad¬
vanced during May following the.;
close ;of

Lakes continued to

the 'Second

but in

Drive,

corresponding month of

the

while-,

/? increased.-

repayments

securities- during

planned.

shipments on the Great
lag in May be¬

ore

somewhat

period, :a$

made

brought production of bi¬
coal
and
anthracite
somewhat for the month.

the

War

early

Loan*

part

of .'

June there were small declines."

1942.

The value of contracts

In most non-durable goods in¬

dustries

the

tuminous

Aircraft factories

clined slightly.

level

Association's report added:

leading/

securities declined sharply

of May

Iron

of wholesale commodity prices was again reached a record high level for
slightly lower last week, according to the wholesale price index com¬ May reflecting a sharp advance
in hog slaughtering.
Seasonally
piled by The National Fertilizer Association and made public on
June 28.
This index, in the week ended June 26, 1943, declined to adjusted output of other manu¬
factured foods, continued to de¬
135.0 from 135.1.in the preceding week.
A month ago the index was
cline.
Newsprint
consumption
135.7 and a year ago 127.3, based on the 1935-1939 average as 100.
general

The

101

holdings

to brokers

Loans

stoppage of work
the coal mines at the beginning

down

declined

certificate

The temporary

ducing 7,000 planes in May.

M

in

banks

chasing

duction of 10% had been

rise, while production of some in¬
dustrial materials and foods de¬
established

National Fertilizer Association Oonimodify

notes

an¬

f $>

,

of

System

-

-

Total volume of industrial pro¬

;

Federal Reserve

the

volume during May and the early part of June.
particularly foods, increased further in May.
Board's summary of general business and financial con¬

duction,
as . measured
by
the
2 YCftfS 8K0 •'
■*
' //'Vl"*'*-C/v/'•'/*?•*•.'
June
28,
1941 '
1.86
:
3.32 2.75
2.92
3.29
4.30
3.94;
3.09
2.93 Board's seasonally adjusted index,
:
remained
in May
at the level
'These prices are computed from average yields on the basis of one "typical" bone
(3%% coupon, maturing in 25 years) and do not purport to show either the average reached
in
April.
Activity
in
level or the
average movement of actual price quotations...They merely serve tc
munitions industries continued to
levels and the relative
comprehensive way the i relative
the latter being the true picture of the bond

16, Treasury bill holdings at

widely/reflecting/
primarily sales and repurchases onj .
option account by New York City
banks in adjusting their reserve/
positions. Holdings of bonds and/

that industrial activity and retail trade were

23

ditions further says:

2.96

illustrate in a more

ending':;

the four weeks

During
June

member

Production
3.29

mand for these issues.

Industrial Activity Maintained High Level
In May, Federal Reserve Board Reports

3.74

3.37

,

of Treasury

cities fluctuated

3.74

1.97

.

V;

and'
de- >

bonds

3.011,345

+ 18.1

4.02

1 Year ago

part by Federal Reserve pur-/
chases of Treasury bills. Reserve/
Banks continued to reduce their

+ 18.2

4.02

,o

and.

Banks

the Reserve

at

in

3,356,921

3.15

1.93

met in part by

were

expenditures from bal-;

3,379,985

3,322,651
3,372,374

,

re¬

These re-/

3.969,161

3.15

;

bank

on

$400,000,000.

needs

ances

drain

a

circulation-

in

money

in

of

serves

3.992,250

2.77

2.14

1942

1,699,822

+ 17.0

+ 16.0

2.76

//-LSI

High 1942—
Low
1942l_*___

1.454,505

3,304,602
3,365,208

3.21

Vi 2.08

1943___

3.73

4.01

_

________

2,950,448

3,866,721
3,903,723

3.20

2.06

Jan. 29

High 1943

3.14

2.77

:
..

_

2.07

/-: 2.07

29,

1,465.076

2.99

3.12

June

serve

1,679.589

2,959,646

2.99

3.12

•

1,683,262

1,480,208

3.62

3.15

Low

1,687,229

1,514,553

resulted

1,702,57(

1,538,452

3,004,639

3.62

3.15

of

1,537,747

over

3.62

1.88

growth

1929

1932

1941

1942

2,975.407

// 1.87

•:

$600,000,000 in * the V four. weeks'
ending June 16, while continued'
'; :

2,983,048

1

.

g

//'?

L"--

2,983,591

8

26

-

3.90

.1.88

Feb

-

;'\iV

1943

+ 17.4

May

2.07

.<

16.4

(Thousands ot Kilowatt-Hours)

1

..

-

+ 17.6

May

/

16.7

/

+ 17.5

2.85

;

19.4

:

3,345,502

2.85

—

19.2

28.6

.

3.90

2.08

require no reserves, the volume of
deposits subject to/reserve re-;
quirements
increased/ and
the;
level of required reserves rose by/

/ 19.2%

.3.89

1

5

11.8

28.4

3,357,032

2.85

19

12.5

3,357,444

2.98

://■,. 12

21.3

20.2

25.9

27.4

the

As

3.11

3.11

the first half - of JuneiTreasury expended funds
out of war loan .accounts which*
through

;/

3,928,170

2.98

Mar. 26

10.7

3,946,836

2.98

-

10.3

3,944.679

3.61

—

14.9

,

Mar 27

3.61

9

17.2

/

Mar 20

3.61

16

14.6

11.8,

.

$2,000,000,000

early May to $1,500,000,000 in
latter part of the month andi
remained
at
that general
level"

5.0

7.7

13.2 Z/z

13.6

member

all

at

reserves

Mar 13

3.89

22

Excess

the

15.8

% Change
v':-

•

Credit

Bank

June 5'

8.4

25.0

?

high level of last season.-.

+16.3

3.89

J/'Z

be

.im,,1;.;,,;,;., ;

■

17.7

23.5

■

but that yields per acre will/:
reduced from the" unusually;

year

in
■■ ■

June 12

;: 16.1

___

\C -;.*

are

not be much below last

crops may

of the

19.2

'/c ,/./

•'// l'.Jo

with earlier years/;■
that acreage of'

compared

Indications

1942

3.11

V

Prospects for major crops, ac¬
cording
to
the Department of.
Agriculture, declined during May
while output of livestock prod*?ucts: continued in large volume -

YEAR

June 19

£

Agriculture
'

Ended June 26,1943,

OVER PREVIOUS

,

payments

-

being made to processors.,

105.2; June 19, 105.2, and June 27,

1943,

subsidy

.'

127.3

3,392,121

3.11

_

104.1
''

3.11

May 28

7

135.7

similarly reduced.

were

Federal

1943

3.15

30

104,l/(

135.1

\

_

135.0

3.11

3.15

Apr.

104.1

104.1'
;

;■

meats

with

3,946.630

3.15

—1—

115.3 *

3.15

1.87

14

:

6

1.87

21

117.8

119.8

V-

3.15

2

/;

117.7

119.8

+ 16.2

3.12

.

117.7

119.8

/v- 16.4

- v....

Week Ended—

1.86

-

"

'' *'*■':*'/•' /

—'

-

117.7

Week Ended

DATA FOR; RECENT weeks
V/Cfev
•:v

////

4

3

•

«• '

June 26

Total United States

'

3.14
■r

1.87

12

■/%/

2.98

3.11
3.11

3.11

3.14

"

1.86

///

3.62

3.14

/■' 3.14

1.84 ?
1.84

14

3.88

2.83

Z

1.84
V

151.6
120.7 " of

'

3.61

1.85

'

2.97

3.60

3.87

3.61

17

•

3.60

3.87

3.11

3.88

16

•

3.86

3.10

3.88

■

:

3.10

3.13

3.11

;

'

3.13
3.13

3.10

:

-,

_

3.13

3.13

19

104.4

152.6
126.6

"

West Central.

3.13

21 --i'-i ;

104.4

152.6
126.6

banks declined from

Central Industrial

2.81

;/ 3.14

•

104.4

152.6
126.6

9.3

England

Middle Atlantic

2.97

1.84

18

/■/

3.60

,

April to the middle of May.
On !
June 10 maximum prices for but¬
ter were reduced by 10% and on?
the 21st of the month retail prices

period of "1942.

3.10

1.84

.1.83-

104.4

output for the week ended June 19, 1943, was 19.4% in excess

Indus

P. U

22

;

147.5

production of electricity by the electric light and

the

that

Major Geographical Divisions-

R. R.

Baa
3.85

151.4

industry of the United States for the week ended June 26, 1943,
approximately 4,120,038,000 kwh., compared with 3,457,024,000
kwh. in the corresponding week last year, an increase of 19.2%.
The

Corporate by Groups

•

23

1/'
•

A

Aa

'

151.1.

Z/'Z/Z//./; ./''///yz/Z/:^

3.10

24

.

Aaa

151.2

132.0

was

New

Corporate by Ratings

127.9

in its current weekly report, esti¬

The Edison Electric Institute,

Prices)

''

25

//:.

rate

Bonds

Averages

/-/•;-

1
Corpo¬

130.1

as

Avge.

'Govt.

Z

.

130.1

Shows 19.2% Gain Over Same Week Last Year

AVERAGESt

(Based on Individual Closing

119.7

130.1

^

1

PERCENTAGE INCREASE
•s

I

1.

Electric Output For Week

similar

/

122.8

.___

_

1926-1928 base were June 26,

on

146.8

122.8

1

1.

...

'

1"k'

%

142.6

146.0

___________

_________

113.1

144.1

_i

drugs

All groups combined

119.49

1941

28,

of June, while wholesale,
of most other- commodi-.
change. / ^
,
Retail food prices showed fur¬
ther advances from the middle of ■<

122.8

materials

1942, 99.2.

2 Years ago

June

vv.**

"■Indexes

113.89

110.88

Farm
<

100.0

109.79

_

1

1

:

1

109.60

5

par¬

ties showed little

146.6

li

Fertilizers

,r

l<

(

118.36

■

products,

farm

prices

142.5

materials.

Fertilizer

-..

.3

118.22
-

of

part
>

;

V

115.82

109.79

,

ticularly fruits and vegetables, ad¬
vanced during May and the early

-

x

•

118.40

-

181.1

97.62

110.34

——

202.0

111.07

119.82

19

199.6

111.07

97.78

12

200.1

111.07

97.78

,

135.3

115.82

97.78

;

152.8

116.02

111.07

Mar. 26"

152.2

115.82

110.88

-

158.4

152.4

118.40

110.88

9

137.0

118.40

115.8?

16

125.2

147.9
159.0

118.40

115.82

///.

140.8

159.0

110.34

.115.82

—

139.3

145.1

110.34

110.15

1942

Ago

138.8

/ 110.34

119.27

1943

145.1

120.03

119.03

1943

.....

; <

.

118.40

30

Low

...

j

Prices

June 27

:—159.0

120.07

119.44

Year

Ago

May 29

'

Cotton

production was

Commodity Prices

,

June 19

Farm Products

23.0

,

Week

—____

Oil—

Cottonseed

v

_

Preceding Month

1943

coal

as

resumed.

Week
■

June

of

INDEX

June 26

Fats and Oils______^_^___...:

;

„

118.40

22

Feb

Foods

25.3
(

118.40

.

Latest

,

,

110.34

_

,

Total Index

110.34

7

*.

u

■

Grdup

,

,

110.34

14

,

% '

,

119.92

21

PRICE

.

Each Group
Bears to the

119.85

—

COMMODITY

1935-1939—100*

119.89

4

•Apr.

WHOLESALE

2

3

week.

Compiled by The National Fertilizer Association

102.30

/.'-/

May

119.99

116.02

120.02

y

8
•

116.02

118.60

15

16

'W

110.52

120.12

17

-

Corporate by Groups*

Corporate by Ratings*
Aa
A
Baa

Corpo¬

Bonds

120.58

116.22

..

•

——

Freight-car loadings advanced seasonally in ; May; but declined
During the week price changes in the index were evenly bal¬ sharply in the first week in June,
anced with 6 price series advancing and 6 declining; in the preceding as * coal shipments dropped 75%
week 7 advanced and 8 declined; and in the second preceding week from
their
previous level, and
there were 8 advances and 7 declines.
then recovered in the second week

for the fourth consecutive

Avge.

Govt.

Daily
Averages
Jun

elsewhere.

cotton and wool.
Wholesale prices of all com¬
foods and textiles showed no change

prices for

modities except farm products,

(Based on Average Yields)
1943—

the farm

higher

PRICESt

Thursday, July 1, 1943

& FINANCIAL CHRONICLE

THE COMMERCIAL

for

awarded

construction continued to de¬

cline in May,

of the

F.

awards

according to reports
Total,
about 65% smaller

were

Wednesday,
«

During May the value

<

of sales

department •. stores decreased
more
than
seasonally, and the
Board's adjusted index declined
5%.
Sales, however, were about

at

and during

months of this year
increase of 13 % over

the first five

a re-' last

an

year.:

•

22___-_/.-_j___i.

In- general, the great-'

243.0

June*

243.5 '

243?»;

24^J__l/-___„____

Thursdav, .June

Distribution

15% above a year ago,

Commodity Index
Tuesdav; -June-

than in May a year ago.

showed

;Moody's/ Daily////' / /

W;. Dodge Corp.

Friday, June 25

244.1

—

Saturday,'June

•

Monday,. June;
Tuesday,

June

Two weeks
Month

ago,

June 15

ago,

1942

f.High,

.

June 29_j._____^

Dec..

Low,

244.2 v
243.8

243.3/

,

_*-

ago,. May

Year

1943-

29____r-___„___

244.6
)

/

229.4
,,,

?

245.8;
239.9
220.0

>

-

Jan./2l_™/™_/:__r
High,- Aprii:

249.81

Low, -Jan.*

240.2

THE COMMERCIAL & FINANCIAL CHRONICLE

Federal Reserve

126,000 tons,
3.0%.

May Business

of

The

{ijjie. Board of ,Goyerriors of;,the federal Reserve System issued on

tion

June'23its

monthlyindexes of industrial production, factory employ¬
ment and payrolls, etc. At the same time the Board made available
its customary summary of business conditions. The indexes for May,
together with comparisons for a month and a year ago, are as follows:

)

V

Bureau of Mines

of

June

10.3%.

or

•

also

byproducts coke in

19

showed

output for the week
beehive

reported that the-estimated produc¬

the

decrease

a

United

of

ended

200

June

in

when

the

week

compared

the

'-.v.' business indexes

.

ESTIMATED

UNITED

STATES

PRODUCTION

OF

production and freight-car
employment and payrolls;

for factory

1939=100

loadings;

industrial

for

100

average =

Industrial production—

•i

1943
1203

Total

and

—Seasonal Adjustment—

Apr.

May

May

Apr.

May

1943

1943

174

1203

201

175

215

183

1216

214

183

1942

Total,

May

203

1943

1942

-Total

1216

w.

Durable

147

1148

;

:

i

t

•

1302

138

•

1147

145

1132

125

'Revised.

Total

»

i63

.

1

'

other-

',

,

Factory employment-

>>

158

33

76

87

226

.1.

98

1168.1

Durable

goods
Nondurable goods
Factory payrolls—
1

,1225.8
1122.7

OP

$June 19
anthracite—

'Total,

90

/

incl.

Beehive

149.1

1167.1

167.5

148.0

225.7

184.2

1225.7

225.3

184.1

123.2

121.4

1120.9

122.0

119.6

coll.

fuel

goods

—

s»

goods

—

Freight-car

—

143

141

141
1122
3

loadings,
store sales, value
Department store stocks, value.

Department

128

108

187

127

228.7

430.2

300.0

191.4

159.0

132

137

•7

309.4

108
130

1943

1,317,000

1,264,000

160,100

136,100

Statistics.

States

total

'Includes

operations.

1,197,700
.

.

tExcludes

revision.

dredge

colliery

^Revised.

(The

'

•

coal,

fuel.

•-

-

VAAffA'

y

.

:\yy•-1943,

-

i

196

179,900

•

,

Lumber

Furniture

Polished

plate

glass

Textiles and products
Cotton

consumption

Rayon
Wool

v.

deliveries

textiles

233

47
tl57
> 169

1

488

*

and

coal

130

1127

124

1120

143

>

Tanning
Cattle hide leathers

143
'

{Comparable

Manufactured

food

flour

I

■

_

packing

Other

manufactured

.Tobacco

156

150

115

126

115

129

...131

148

./

94

105

-

1143
106

1162

143

140

1162

136

1138

•

89

114 A:

-

tobacco

156

v

133

120

108

108

160

137

*

''

»,/■

•

-V:V

86

89
144
141

89

104

110

112

tiii

102

100

100

106

120

116

*

7

7\.

,

;f/vv 89

*

114

no

1103

101

103

144

122

*

144

122

114

122

121

100

169

163

;

coal

Crude petroleum
Iron

;

or

estimated.

-26*

27

51

and

South

;

30

v

18

663

]

263

'£

s

8

i'

2,765-

__

22

13

"14

591

453

888

780

y .;

2,861

2,834

1,939

3,613

149

149

97

y /y U3

;33y.

2

l

34

89

218

240

22

18

39

30

34

44

■A

;

445

2,253

2,285

1,558

1,380

203

890

792

540

856

145

39

85

104

l

tt

11/

"5

yy,

139

;•

and

1,317

on

the

N.

3,035

11,204

10,186

7,090

137

1,179

1,325

1,136

1,956

;3,172

12,383

11,511

8,226

12,822

1

&

of

Georgia,
ItLess

Civil

the

Bureau

of

North

than

Mines.

Carolina,
1,000 tons.

HAverage

and South

Dakota

131

121

1143

151

147

1143

151

147

1124

129

115

1124

129

115

124

124

1128

131

111

1122

1136

133

157

1156

85

190

242

235

232

321

60

372

Livestock

112

118

132

98

101

105

138

138

155

143

138

161

Ore

209

209

289

269

106

303

Miscellaneous

143

142

142

145

143

144

62

62

62

62

63

62

products

Merchandise, l.c.l.

Engineering

252,000,
weekly

22% Above Week Ago

484,000, is down 32%, and public construction, $1,543,768,000, is 65%
lower than a year ago when adjusted for the difference in the num¬
ber of weeks reported.
*
-

Civil engineering

construction volumes in continental U. S. for
week, last week, and the current week are:
June 25,1942 June 17,1943 June 24,1943

Total U. S. Construction
Private Construction

miscellaneous

indexes

Chart Book, multiply coal by

to

points

in total

index, shown

.213 and miscellaneous by

—

Public Construction

.548.

State and

Municipal

Federal

Weekly Coal And Coke Production Statistics

brings 1943 volume to $1,766,-

an average

the 1942

l,in

$158,839,000
7,720,000
151,119,000
11,682,000
139,437,000

struction.

the

for the week in each class of construction

19, 1943, is estimated at 12,100,000 net tons,
12,000,000-ton/mark for the first time since the

In the corresponding period last

For the present

year

1.9% in excess of that for the

to

year,

June

same

19,

soft coal

work and

year.

28,000 tons (2.1%)

over

the

same

output .in the

19

was

1,345,000

the preceding week.

tons,

increase

When compared

week last year, there




an

was -an

of

lower than
are:

a

year ago.

Subtotals

waterworks, $543,000;

drainage, $315,000; streets and roads, $7,404,000; and

un¬

construction, $15,185,000.

new

construction

up

Auditor

E.Har¬
of

the

and Trust

Co.,

was elected

President .of
Bank Auditors Con¬
ference at its final
meeting of the
1942-43 series, held June 10
at the
Palmer House. - Mr.
Harrison has
the Chicago

been

serving the group

President.

as its Vice
officers
who

Other

moved up in accordance
with the
established tradition of

succession,
Cordes, Auditor,
and Savings
Bank, Vice President; and Donald
Philip

J.

H.

Shore

Trust

MacDonald, Assistant Auditor,

Northern
The

Trust

newly

Frederick

Co., Treasurer.
Secretary is

elected

C.

Messenger, Auditor
Controller, of The Mer¬

and

chandise

National

Bank

of

Chi¬

The Chicago Conference is

cago.

composed of 50 conferences,
functioning in the principal bank¬

ing centers of the nation.

Welcome Venezuela Consul
Capt.

entirely of state and municipal bond sales.

financing total for the 25 weeks

The

of 1943, $497,066,-

000, compares with $6,886,294,000 for the 26-week period in 1942.

Alejandro

Consul
New

General

York

of

Fernandez,
Venezuela

in

City,

June 24 with

a

was honored on
"welcome" lunch¬

eon
by the Commerce and Indus¬
try Association of New York held

the Bankers

way.

of the

Club, 120 Broad¬
Neal Dow Becker, President
Association, presided.
:/i

Included among the guests
Nicolas
of

were

Veloz, First Vice-Consul

Venezuela; E. S. Crosby, Presi¬

dent, Johns-Manville Internation¬
al

Corp.; A. N. Gentes, Manager,

Foreign
Trust

Department,

Co.

of

N.

Y.;

Guaranty
William

M.

Gavigan, President, Funch, Edye
& Co., Inc.; M.
Santalauria, As¬
sistant Export

Manager, Intertype
Corp.; F. J. Emmerich, Block In¬

ternational

Corp.; J. C. Case, Socony-Vacuum Oil Co.; Joseph T.

Mackey, President, Mergenthaler
Linotype Co.; Willis H. Booth,
Chairman

Co.;

of

Gerald

Board,
Le

Sierra

Vino,

and

Industry

Thomas Jefferson
tion's

honey,

Talc

Chairman,

Foreign Trade Committee*
merce

/ New capital for construction purposes for the week totals
$729,-

of 000, and is made

withj

increase

classified

are

con¬

$611,000; bridges, "$463,000; industrial .buildings, $412,000;
buildings, $1,975,000; public buildings, $26,834,000; earth¬

commercial

The U. S. Bureau of Mines estimated that the output of anthracite

June

sewerage,

All classes of work

11,006,000

period last

6,250,000
37,984,000
3,671,000
34,313,000

$53,742,000
3,212,000
50,530,000
4,544,000
45,986,000

bridges, public buildings, streets and roads, and unclassified

The Bituminous Coal Division, U. S. Department of the Interior,
in its latest report, states that the total production of soft coal in
ended June

$44,234,000

In the classified construction groups, gains over a week
ago are

.

Chicago,

at

current week's construction

of $70,650,000 for each of the 25 weeks. On the
average basis, 1943 volume is 63% below the $4,905,294,000
reported for the 26-week period in 1942. Private construction, $222,-

{88

Assistant

City National Bank

is

lower than in the

The

{Revised.

ended

Western

and last year.

average = 100)

99

week

"Other

month.

Hi

181

the

with

entire

corresponding 1942 week as reported by
"Engineering News-Record" on June 24. Public construction gains
33% over a week ago, but is down 67% compared with a year
ago.
Private construction is 49 and 58%
lower, respectively, than last week

'Data not yet available.

{163

66%

rison,

one of the
original members of
the National Association of Bank
Auditors and Comptrollers which

Civil

121

139

for

included

for

166

183

•

rate

220

124

was

weekly

1219

133

produced.

'f

167

179

were

10,866

217

123

tons

'

::

13,052

operations

records

Chicago Auditors Elect
CHICAGO, 111.—William

Lake
11,735

'Includes

.

local

are:

lig¬

1220

197

production

1

is

115

May.

92 '

i

153

~

145

of

v

'

"Alaska,

163

208

crossing the

21

50
398

1,005

Wyoming

lished

101

158

middle

17
'

108
408

508

>

169

195

thus

7

6

24

120

2,321

.——

;

110
418

159

124

156

week

21

73g

r

lig¬

.

bituminous

our

'

126

and

"

•

W.; C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. In Kanawha,
Mason, and Clay counties.
tRest of State, including
the Panhandle District and Grant,
Mineral, and Tucker counties.
{Includes Arizona,
California, Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite from pub¬

127

118

144

and

29

519

Coal

coal

45

1157

\',7
;

Grain

convert

88

1502

*

H67

Coke

In the Federal Reserve

75

Dakota

y

(bituminous

16
v.

153

(1935-39

Note—To

31

87

.___.

Total all coal

FREIGHT-CAR LOADINGS

Forest

38

5

tt x

"

508

ore

IPreliminary

39.

84

159

1122

Metals

12

45

34

519

1128

Bituminous
Anthracite

416

49

...

,/■;

Fuels

250

hundreds of
formulated by

47

yy

117

v,

109

103

358

35

126

1157

1167

Beehive

121.

113

101

y-... 325

1502

-

'Byproduct.

115
104

63

94

engineering construction volume in continental U. S. totals
$53,742,000 for the week. This volume, not including the construction
by military combat engineers, American contracts outside the coun¬
try, and shipbuilding, is 22% higher than in the preceding week, but

Lubricating oil
Kerosene

;

these conferences as
importance because the

practical answers to
realistic problems

3

^Pennsylvania anthracite..—

105

.

116

107

1,243

of

said:

24

nite

"

-

0»

561

.Committee,

tt

Total

142

150

tiii

.—

Coke

Minerals—

y

149

136

141

U03

—

Chemicals

123

yy 107

*

89
143

*
-

125

103

150

87
150

consumption

Gdsoline

■"■■■

123

175

It

806

In¬

35

States."

134

Petroleum and coal products..
Petroleum refining

-

-

137

*

•'

150

Newsprint production

______

,y

140

87

1

1,149

:

96.:

136

87

i

285

i6 yy

41

nite)

&

Printing and publishing

oil

-

115
"■y

1

70

series,
of

Chairman

7

130

135

&.

regard

of utmost

;

14

and

41

90
102

123

387

Post-War

"We

new

President

Co.

the

and

{Other.Western States

93

24

-y

■yyy 5

(bituminous

West Virginia—Southern—.
IWest Virginia—Northern

116

3

Sykes,

Steel

communities."

175

126

announcing this

183

Washington

:;'145

219

4

other

115

156

115

111923

and

146

Virginia

>

Pittsburgh

Eastern cities.

land

Avge.

1937

14

n

Francisco

246

Utah

150

adelphia,

'

.144 :

.

(lignite)

169

-

June 12

344

San

yy: no

North

35

Portland,

i

Los

Wilfred
June

•yy

of

industrialists

310

279

178

Seattle,

be

conferences

Kentucky—Western
Maryland
Michigan

488 y*

•131
*■

■

105

1

5

80

Coast

De¬

Angeles.
In September,
conferences will be held in Phil¬

*

381

5

regional

West

in
will

128

lignite)

>115

124

to

August there

661

163

••

156
>

*

134

snuff

Fuel

post-war

held

669

New Mexico

'

*

.«•«-**

authorized

SSubject

be

952

143

143

181

150

Paper and products
Paperboard

y

another

will

999

Texas

166

'

;

week

In

228

Tennessee

169

from

local

908

Pennsylvania (bituminous)

1185

121

Cigarettes

Newsprint

and

Kentucky—Eastern

131

169

1117

—

Manufactured

Next

conference

In

1941

109

36

135

141

1148

1151

foods

products—

Cigars

corporations

similar

BY STATES

1942

38

i

—

125

175

181

truck

available.

June 14

6

506

Montana

''

Meat

Post-War

Post-War Committee can
only
be expected to come
from the in¬
dividual
enterprises
and

.115

128
-

by

not

June 13

78

1,458

Ohio

-

3,200,600

'

136

.—

180

-

data

1943 y

382

.

372

155

166

90

.

v

s.

June 5

1943
—

194

1157

156

92

products

182

42

'155

116

r

186

47

35

Goat and kid leathers.

•-Wheat

NAM

discussion

and
to
stimulate
them to further concrete
solutions
of post-war problems.

returns from the operators.)

June 12

592

-

1141,

155

42

Calf and kip leathers

219

362

172

V

■■

Shoes

192

235

•

;

*

—

197

580

-

r

shipped

Week Ended

Kansas, and Missouri

~

124

,

:

.

1598 •;

.

.115

134

-

"584

1363

372

.

■

'

1194

-

—_

!«l

a

279

v

,

184

182
-

180

*

1185

Leather products I1--——
"•

*;•&■

200

208

/ "196

-144
—

209

;

'194

1141

Cement-

y 1942

219

'

Stone, clay, & glass products

1943

192

592

1194
1122
/■:/ 1-113
-

1943

200

.362

/equipjnentrL./:A.-vtt598

May

197

580

_

Apr.

235

584

+363 ;;

■

3,879,900

1,186,700 29,575,700 28,766,400

PRODUCTION OF COAL,
of Net Tons)

of final annual

or

Iowa

May

209

186

Li

Non-ferrous metals & products..
Lumber and products

■

1942

3,740,800

weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district

are

Indiana
Without

—Seasonal Adjustment—

1943

r-184

•

Electric__iL_"Ai-lJ_-;-'—'' *

Machinery

'

the
is

a

re¬

under¬

communities,

ly29

current

and

ind State sources

Illinois

'-■/■/A.:
May

233

1

Transportation

1942

-

Thousands

Georgia and North Carolina-

100)

=

Apr.

208

:

___

Open Dearth and Bessemer

.

1943

and

WEEKLY

,

Adjusted for

.

-.May 'y

Pig iron
Steel

.

—Seasonal Variation
y;

•».

Iron and steel__-___.

dividual

June 22

.

y.

Arkansas and Oklahoma

PRODUCTION

<1935-39 average

:
•
.

-Manufactures—

June 20

1,219,000 28,828,000 27,987,000 34,160,000
1,170,000 27,675,000 26,868,000 31,700,000

1,197,900

.

and

washery

Colorado

;

,

INDUSTRIAL
.

,

by

of the

now

panel,
designed to bring out the present
planning by in¬

COKE

By-product coke—
United

ments

and payrolls Index compiled by

without seasonal adjustment,

Employment index,

;

each

conferences

taken

troit.

(In

"

v

June 19

1942

1,345,000

total—

to points in total index, shown in Federal Reserve Chart Book, multiply dur¬
by .379, non-durable by .469, and minerals by .152.
Construction contract indexes based on three-month moving averages, centered at i
State—v'i.
second month, of F. W. Dodge data for 37 Eastern States.
To convert indexes to value »
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000, ' Alabama
Alaska
residential by $184,137,000, and all other by $226,132,000.

.J W

AND

held

was

state of post-war

June 20

able

Labor

ANTHRACITE

of

gional

Committee

indexes

of

1,485

■

Cal. Year to Date

HJune 12

1,291,000

ESTIMATED

IPreliminary or estimated.

'Data not yet available.

Bureau

1,873

138

^

133

191

1122

Note—Production, carloadings, and department store sales indexes based on daily
averages.
To convert durable manufactures, non-durable manufactures and minerals

-

213,017

coke—

United States

,

Total

.

1,911

PENNSYLVANIA

1943

tCommercial production

275

V

f:. 168.4
i

;

*

Nondurable

1,834

192

39

*

a

June 21.

on

The feature

1937

270,638

adjustment.

—Week Ended

131

1942

.

275,758

in Cincinnati

June 19

v.1-(In Net Tons)

137

71

*

1943

,

11,006

1,956

June 20

'

Total

Durable

,f W

:

stJunel9

1942

...

11,735

v

ISubject to current

.

June 20

1943

12,100
2,017

240

;

Penn.

Residential

fuel

•

value-

contracts,

All

'V1

'

of

launched

ning, the first of which
r-,Tanuarv 1 t-n Date

'June 12

1943

mine

average

ESTIMATED. PRODUCTION

300

239

126

131

1129

._

Construction

300

1300

&

Nondurable
Minerals

June 19

lignite—

incl.

Daily

Manufactures—
>

Omitted.)

Week Ended

Without

Adjusted for
—Seasonal Variation

(In Net Tons-^-000

v

Bituminous coal

v

Association
has

nation-wide series of region¬
al conferences for
post-war plan¬

COAL

1

1935-39

National

Manufacturers
new

yyy-•'/:•'jjA

».

The

>

1
•

Conference Series

ended

with

The

quantity of coke from
during the same period.

increased 24,000 tons

ovens

States

tons

12.

Com¬

Association;

Miley, Associa¬

Secretary; and W. H. MaManager,

Association's

Foreign Trade Bureau.

THE COMMERCIAL & FINANCIAL

38

Thursday, July 1, 1943

CHRONICLE

*

Daily Average Crude Oil Production For Week
Ended June 19,1943 Declined 21,650 Barrels
Institute estimates that the daily aver¬

The American Petroleum

crude oil production for

age gross

the week ended June 19, 1943 was

barrels from the preceding
week, and 252,750 barrels less than the daily average figure recom¬
mended by the Petroleum Administration for War for the month of
June, 1943. The current figure, however, is 245,350 barrels per day
more
than produced in the week ended June 20, last year.' Daily
output for the four weeks ended June 19, 1943 averaged 3,964,300
barrels. Further details as reported by the Institute follow:
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,905,000 barrels of crude oil daily and produced 11,152,000
barrels of gasoline; 1,652,000 barrels of kerosine; 3,734,000 barrels of
distillate fuel oil, and 8,198,000 barrels of residual fuel oil during the
week ended June 19, 1943; and had in storage at the end of that
week 79,806,000 barrels of gasoline; 7,372,000 barrels of kerosine;
33,558,000 barrels of distillate fuel, and 67,455,000 barrels of residual
2,966,150 barrels,

decrease of 21,650

a

whole, and do

to the country as a

The above figures apply

fuel oils.

conditions on the East Coast.

not reflect

AVERAGE

DAILY

dations

Ended

Begin.

June 19,

1943

373,500

373,500

t334,100

300,000

300,000

550

330,150

377,600

3,500

294,600

279,850

50

2,050

3,700

90,100

90,400

88,400

North Texas

131,800

131,800

144,000

West

228,950

228,250

204,850

Oklahoma
Kansas

—

—

t302,200
•

Panhandle

t2,050

2,400

AA-

Nebraska

Texas

Texas

of

1926

the

ules.

average

—

.

were

York market.

pected to

by

declines

''Industrial Commodities—There; were* very few changes in in¬
dustrial commodity markets during the week.
a

group

The

following

240,850

75,750

+

.53,400

+

246,200

216,400

Illinois

Kentucky

-'St®

88,400

Ky.)

Michigan

V
''/e.v .'"7«

58,900

____

:

77,900

23,100

__

333,400

307,850

750;

+

—

93,300

Montana

22,300

20,900

7,000

7,150

.

§823,300

823,300

v

1943

1943

98.1

—0.5

—0.3

+

5.5

+

21.5

♦

Farm

products

;

1,400

771,400

*125.8

104.5

—0.5

+ 1.0

110.6

110.3

98.4

—1.7

—1.2

0

0

118.9

96.9

97.3

0

0

81.4

81.3

79.0

0

+ 0.1

+

3.0

103.9

*103.9

*103.9

*103.9

104.0

0

0

—

0.1

+

0.5

+

3.1

11,800

58,750

65,200

93,250

i 90,900

20,900

21,850

7,000

6,350

97,000

64,900

50

3,194,200

3,050,400

2,100

770,100

670,400

:—

Miscellaneous commodities
Raw materials

Semimanufactured articles

Manufactured products—
other

other

commodities

farm

—

109.9

0

110.4

110.4

110.4

110.3

100.2

100.2

100.2

100.2

97.2

104.3

104.3

104.2

104.2

104.5

91.8

91.7

91.7

91.7

90.0

+ 0.1

*114.5

*114.8

*114.1

*113.8

98.7

—0.3

,.

0

+

0.1
0

t

i-o^

+ 0.1
+

0.1

+ 0.6

-+ 0.2
+

52.000

52.000

23

52.000

52.000

52.000

June

at 51.125c.

or

99%

tin, continues

pound.

a

Magnesium
C. D. Howe, Munitions Minister

Canada, disclosed recently that

$4,169,504

government,

and

that

total

production to April 30 of this year

+ 16.0

92.9

92.9

92.9

92.9

92.6

0

0

+

0.3

*100.0

*100.7

*100.9

*100.9

98.8

—0.7

—0.9

+

1,2

*98.4

*98.9

*99.1

'•'99.1

96.7

0.5

-0.7

+

1.8

*96.9

*96.9

*96.9

*96.9

95.9

0

+

1.0

.

«

was

1,186 tons.

pound,

and

36.042c.

was

total

cost

a

39.709c.

Capacity of the plant is 10 tons
of magnesium

ingot

a

day.

Quicksilver

than

products and foods

Average operat¬

ing cost for March

2.0

than

farm products
All

&

—

'

products

Housefurnishing goods

commodities

52.000

'

Building materials

All

52.000

22

June

the

118.4

96.9

81.4

♦

52.000

62.000

0.4

118.4

96.9

279,600

52.000

52.000

_________

0.4

118.4

lighting materials
Metals and metal products

52.000

___

has been advanced to
the Dominion Magnesium Co. by

+ 10.8

81.4

-19,550
-

*126.3

110.9

96.9

86,100

6,600

*127.6

109.0

118.4

20,350

—

127.0

Fuel and

21,850

in the hands of

was

1942

1942

Hides and leather products

13,550

—

3,194,750

3,395,600

Total East of Calif.

California

5-22

:1943

Textile products

78,800

97,150

105,700

105,700

6-5

1943

79,850

"

Colorado

6-12

1943

1943

73,800

1,450
350

—

54,400

I\ yh}..'

97,000

New Mexico

6-19

........

73,850

216,900

of

control

52.000

21

6-20

5-22

*103.5 *104.0 *103.9 f 103.8

:

Commodity groupsAll commodities

6-12

6-20

53,600

1,150/

—

21,400

Wyoming
__

Percentage changes to
June 19,1943 from

Chemicals and allied

Incl. 111.

(not

Eastern

88,350

219,500

1,950

—10,400

15,200

15,500

Indiana

Ind.,

75,043

72,800

Mississippi

the

52.000

19

June

Chinese,
(1926—100)

Foods

50,000

Arkansas

last week

cans,

under

52.000

June

of
50

326,650

350,550

330,800

86,050
247,350

50

85,800

—

The movement of tinned scrap,

erly, control

shows index numbers for the principal
for the past three w'eeks, for May 22, 1943,
the percentage changes from a week ago, a

1,280,700

1,000

+

'

Tin

move¬

table

1,498,550

1,496,800

—

The

of rapid changes caused by price controls, the Tin-Lead Division.
allocation, and rationing the Bureau of Labor Statistics
Quotations for tin remain un¬
will attempt promptly to report changing prices.
Indexes marked changed. Straits quality tin for
(*), however, must be considered as preliminary and subject to such shipment was as follows:
June
adjustment and revision as required by later and more complete
July August
June 17
52.000
52.000
52.000
reports.
June 18

243,100

Louisiana

4%.

8V4C.,

at

materials

378,600

Total

over

notation is made:

month ago and a year ago:

Coastal Louisiana

up

placed

143,650

North Louisiana

was

holding

the Salvage Division, WPB. Form¬

209,400

1,602,000 *1,603,709

Western

East St. Louis.

siding."

362,750

Texas

Prime

advanced 0.2% as a result of higher prices for kerosene.

Neutral oil in the Pennsylvania area

336,350

Total

Petroleum products

"

as

334,900

380,200

through in volume

come

of 5.2% for meats, -and .1% for fruits and shortly, which will be followed by
vegetables, average prices for foods in primary markets fell 1.7%. the usual active period for mov¬
Wheat flour and butter declined slightly;
On the other hand, quo¬ ing metal to consumers. The price
situation
continues
tations were higher for rye flour and oatmeal. ;
unchanged,
"Led

East Texas

1,000

;'y ,*!> V:j

-

123,750

+

Scy

Zinc

' ';'^r••>.

slightly, with ply, according to C. D. Howe,
higher prices Munitions Minister.
reported for sheep, for cotton, eggs,.and for apples in the New
Zinc allocations for July are ex¬

123,500

207,350

V

wheat, hay, onions and potatoes.
Grains advanced
increased prices for barley, oats and rye.
In addition

for

East Central Texas__

Coastal Texas

...,A

Canada is producing about 20%
sharply and the average was down 0.5% during.the week.
Prices
were
lower for livestock, particularly calves, steers and hogs, and of the- United Nations' zinc sup¬

groups of commodities
and June 20, 1942, and

Texas

?

products dropped

for farm

Foods—Markets

and

Products

93,950

Southwest

further stated: '

The Department's announcement
"Farm

During the period

1942

1943

.

by 0.5% during the week ended June 19. At 103.5%
.\WPB stated after meeting
the all-commodity index is at the early May that the necessity exists for step¬
level, 0.3% lower than it was at this time last month. • V\
ping up production of lead.

markets dropped

The following

June 20,

June 19,

Previous
Week

June 1

June

clined, owing to the labor de¬
of Labor announced on June 24 that as a velopments, and miners cannot
result of sharp declines in prices for meats, fruits and vegetables, be
spared for production elsethe Bureau of Labor Statistics' index of commodity prices in primary where without disrupting sched¬

Ended

Ended

from

ables

^

■';>

The U. S. Department

and red cedar

Week

4 Weeks

Change

Week

Allow¬
Recommen¬

Washington last week disclosed
that, dbmestiS. /productions
de -

prices of coal was slight but varied in different cities. Tur¬
including used tin
pentine and rosin declined fractionally as did also maple flooring was

Actual Production

of

the.'indus'try's^'

ment in

(FIGURES IN BARRELS)

CRUDE OIL PRODUCTION
"State

Declined 10.5%
During Week Ended June 19, Says Labor Dept.

Wholesale Commodity Index

meeting

the

connection, with

—

0

Canada

produces 20%

now

♦Preliminary.

the

combined

quicksilver

of

output

of the United Nations,
according
—21,650 3,964,300 3,720,800
to /Munitions -'Minister C. D. Ho We.
♦P.A.W.
recommendations and state allowables represent the production of all
This would ' indicate that Canada
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
:rom oil, condensate and gas fields.
Past records of production indicate, however, thai
is
producing more quicksilver
pertain wells may be incapable of producing the allowables granted, or may be limited
by pipeline proration.. Actual state production would, under such conditions, prove to
than. Mexico, with the United
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
Editor*s Note.—-At the direction of the Office of Censorship
States still firmly set as the most
tion of natural gasoline and allied products in March, 1943, as follows: Oklahoma,
certain production and shipments figures and other data have been
27,700; Kansas, 5,600; Texas, 105,800; Louisiana, 20,400; Arkansas, 2,500; Illinois,
important source of supply.
omitted for the duration of the war*.
10,600; Eastern (not including Illinois, Indiana or Kentucky), 9,700; Kentucky, 3,500;
The price situation
Michigan, 100; Wyoming, 2,200; Montana, 300; New Mexico, 5,500; California, 43,400.
inquick-y
"E. & M. J. Metal and Mineral Markets," in its issue of June
tOklahoma, Kansas, Nebraska figures are for week ended 7 a.m., June 17, 1943.
silver remains unchanged. Metals
24, stated: "Though price developments in non-ferrcrus metals were
tThis is the net basic allowable as of June 1 calculated on a 30-day basis and
Includes shutdowns and exemptions for the entire month.
With the exception of insignificant during the last \jl/eek, interest in lifting production re¬ Reserve is making metal avail¬
several fields which were exempted entirely and of
certain other fields for which mains
high. The War Production Board has asked for increased able to those consumers who re¬
shutdowns were ordered for from 3 to 14 days, the entire state was ordered shut down
production of domestic copper. The bottleneck is a shortage of labor. quire large
for 10 days, no definite dates during the month being specified; operators only being
supplies to fill rush
required to shut down as best suits their operating schedules or labor needed to oper¬ Endeavoring to obtain mine workers from the lead industry, officials
orders.
Quotations in New York
ate leases, a total equivalent to 10 days shut-down time during the calendar month.
in Washington learned last week<£—
'
~-frnm I ini
§Recommendation of Conservation Committee of California Oil Producers.
that little could be expected from ing at the rate of 18,000 tons a held at $196@$198 per flask.

3,966,150

4,218,900

Total United States

Hott-Ferrous Metals—Domestic

Copper Output

May Be Lifted—Labor Supply Es Studied

"

TO

RUNS

CRUDE

STILLS;

PRODUCTION

OF

AND UNFINISHED GASOLINE. GAS OIL
RESIDUAL

FUEL

OIL,

GASOLINE;

AND DISTILLATE FUEL AND
JUNE

WEEK ENDED

(Figures in Thousands of barrels of 42
-

STOCKS OF FINISHED
19,

1943

Gallons Each)

Figures in this section include reported totals
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis

■

,

§Gasoline

Production

Daily Refining

Capacity
tial

District—

v

Rate

Crude
Ruhs to Stills

Poten¬

% Re-

Daily

;■,

at Re-

tStocks

fineries

Finished

Includ.

and Un-

% Op- Natural finished
.,

porting Average erated Blended Gasoline

tStocks

tStocks

of Gas

of Re-

Oil and

sidual

Distillate

Fuel

ana

Gulf,
Gulf,

Louisiana

-

2,444
.

Ind., 111., Ky

88.7

1,832

75.0

5,118

31,638

13,944

11,991

177

84.8

157

88.7

459

2,330

933

575

824

85.2

711

86.3

2,345

17,203

4,609

3,181

416

80.1

356

85.6

1,165

6,329

1,773

147

54.1

106

72.1

314

1,846

339

817

89.9

743

90.9

1,751

20,460

11,960

of M.
1943

4,825

86.4

3,905

80.9

11,152

+ 79,806

33,558

67,455

M.
basis June 12, 1943

4,825

86.4

3,799 S 78.7

10,626

81,114

32,555

67,652

9,889

89,693

31,477

78,934

Okla., Kans., Mo.

Rocky

Mountain™—

California
U.

Tot.

basis

S.
June

U.

Tot.

S.

B.

19,
B.

S.

Bur.

1,569
;

-

603

49,536

••• -

of

Mines
basis June 20, 1942

U.

of

3,450

request of the Petroleum Administration for War.
tFinished, 69,499,000
barrels; unfinished, 10,307,000 barrels.
tAt refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 1,652,000 barrels of kerosine, 3,734,000 barrels of
gas oil and distillate fuel oil and 8,198,000 barrels of residual fuel oil produced during
the week ended June 19, 1943, which compares with 1,459,000 barrels, 3,520,000 barrels
and
7,674,000 barrels, respectively, in the preceding week and 1,150,000 barrels,
*At

-1

1

The situation in zinc
different. Postwar stockpil¬

that quarter.

year,

is

prewar

no

ad¬
justed downward by OPA to bring
the price structure in line with
virgin
metal
quotations."
The
publication further went on to
aluminum

ingot prices

were

say:

disposed of July al¬

during the last
week, and the problem of market¬
ing available supplies presented
no
difficulties.
The price situa¬
tion on both domestic and foreign

the

3,549,000 barrels and 6,615,000 barrels, respectively, in the week ended June 20, 1942.
Note—Stocks of kerosine amounted to 7,372,000 barrels at June 19, 1943, against
G,833,000 barrels a week

earlier and 9,107,000 barrels a year before;




■

copper

The

remains unchanged.
move

(Scrugham bill)

Sweden's
Silver

Maximum
Price Regulation 408 stabilizes the
distributor's prices for brass mill
products and services at October
1941 levels, and permits continua¬
tion of mark-ups over mill prices
up to 3c. a pound on all items ex¬
cept pipe or water tube, OPA an¬
June

Effective

21,

The Senate last week passed? a
bill
or

j.

to

Foreign Commerce Weekly,

years

rivals

increased •> attention
executives.
The

provides for the

sale

Treasury silver for in¬

backing

as

On silver held

for

the

currency,

measure stipulates

that ownership

of the metal must be retained
by

the Treasury/ The

is¬

Department of Com¬
merce, reports that output of base
metals in Northern Rhodesia has
been maintained af a high level.
Development of the copper mines
has been so extended in recent

which

lease of

dustrial purposes.

bill

now

goes

to the House.

sued by the

stock-pile domestic production of
copper in the postwar period is
receiving

about-half
of
consumption.

nounced.

Copper

locations of copper

Arkansas

Appalachian

1

'1

Producers

Louisi¬
North

and Inland Texas-

*'

Oil

Fuels

•Combin'd: East Coast,
Texas

*

ing looms large as a delicate prob¬
lem
in
economics.
Secondary-

~

.

'

.

.

During the last week the silver

market in London has been
and
-

quiet

unchanged at 23%d.>

The New York Official and the

that annual production now United States Treasury prices also
that of Canada.
were unchanged at 44%c. and
35c.*
respectively.
•
' ' *
Lead
>;

lead by do¬
Daily Prices
•
;
.»
for the last week
The daily prices of
electrolytic
of both foreign and domestic cop¬ were about 50% less than in the
copper (domestic and
export, re¬
per
and copper products .when week pervious. ... The decline in
activity was in line with expec¬ finery), lead, zinc and Straits tin
the war ends.
among

Sales

copper

Government will own large stocks

According to the Metal Bulle¬
tin, London, Boliden, having a
plant in Sweden, is operating at a
higher rate.
It is believed that
the company will soon be produc¬

of

common

.

mestic producers

tations.
the basis

Quotations continued on
of 6.50c., New York, and

6.35c., St.

Louis.

A review of
at

lead

mines

the labor situation
that occurred in

were

unchanged from

those

ap¬

pearing in the "Commercial' and
Financial

Chronicle"

1942, page 380.

~

of

July 31,

Volume

Number

158

4190

THE COMMERCIAL & FINANCIAL
CHRONICLE

39

1

Revenue

Freight Car Loadings During Week

Loading of

-

freight for the week ended June 19,

revenue

June

24.

This

qf 1942 of 23,328 cars,
1941, of 17,298 cars

2.8%, but
2.0%.

or

in

increase

an

was

or

above

freight

loading totaled 386,596 cars, an increase
preceding week, and an increase of 6,778 cars
above the corresponding week in 1942.
;
Loading of merchandise less than carload lot freight totaled 98,209
cars, 9 decrease of 554 cars below the preceding week, but an increase
of 4,134 cars above the corresponding week in 1942.
;
of 5,182 cars above the

,

Coal

1943

above the

corresponding week in 1942. In the Western Districts
alone, grain and grain products loading for the week of June 19
totaled 35,718 cars, an increase of 4,793 cars above the
preceding
week and an increase of 9,544 cars above the
corresponding week
in

''-■

1942.

ZZ

Live stock

loading amounted to 11,198 cars, a decrease of 1,693
cars below the preceding
week, but an increase of 167 cars above the
corresponding week in 1942.; In the Western Districts alone, loading
of

live stock for the

of

1,076

week of June 19, totaled 7,793 cars, a decrease
below the preceding week, and a decrease of 240 cars
below the corresponding week in 1942.
•' •>
''
Forest products loading totaled 45,022 cars, an increase of 724
cars

,.

above the

cars

preceding week but

corresponding week in 1942.

decrease of 4,948

a

cars

below the

-

:;

Ore loading amounted to 86,365 cars, a decrease of 982 cars below
the preceding week and a decrease of 5,899 cars below the corre¬
sponding week in 1942.

Coke loading amounted to 14,214 cars, an increase of 420
above the preceding week, but a decrease of 25 cars below, the

responding week in 1942.

•

.

5

weeks

of

weeks

weeks of March—-

4

4'. weeks
5

of

weeks

Week

3,530,849

3,858.479

3,454,409

3,055,640

3,122,942

2,866,565

3,073,426

3,174,781

3,066,011

April.....

3,136,253

3,350,996

2,793.630

May.."—

4,149,703

4,170,548

4,160,060

of

of

1941

June

5__—

667,575

854,689

June

12____.

854,486

832,635

Week of June

19i_—

868,241

Week of

Total

j
■

January.
February.

of

...

844,913

19,336,178

—_—_____—

852,940

862,974

,

885,539

20,209,983

18,942,128

The following table is a summary of the freight
carloadings for
the separate railroads and systems for the week ended June
19, 1943.
J

i.

During this period 78 roads showed increases when compared with
the corresponding week last
year.
-

292

Atlanta, Birmingham & Coast...!......

2,415

746

772

793

2,680
1,275

13,130

13,072

11,309

10,403

8,728

press

3,941

4,406

•4,497

4,339

4,237

the

Clinchfield

...

Columbus & Greenville
Durham & Southern

i'A.i

Florida East Coast

•

Georgia.....
Georgia & Florida....
...

,

...

Gulf, Mobile & Ohio..

____________

Illinois Central System
Louisville & Nashville

....

Macon, Dublin & Sa vannah
Mississippi Central.
Nashville, Chattanooga & St. L

..

.

:

,

.

FREIGHT
■

AND

RECEIVED

FROM

■

\

Total

'

District—

1943

Ann Arbor

J:

•

244

Bangor & Aroostook..

I

:—

1941

1943

641

1,643

036

924

6,335

5,766

1,401

1,530 ?;

Central Indiana

44

Central Vermont..

.1,023
i...

Detroit & Mackinac

Detroit, Toledo & Ironton.......
i

,*

;.

f'

Detroit & Toledo Shore Line

Erie___

—

.

Grand Trunk Western

_____

Lehigh & Hudson River
Lehigh & New England

.

....

—

Lehigh Valley
Maine Central

:

._

Monongahela..
Montour

—

New York Central Lines

2C6

...

—

Pittsburg & Shawmut—_—...—.
Pittsburg, Shawmut & North
Pittsburgh & West Virginia—i
Rutland

—

—

—

L
.—

Wabash...

*

Wheeling & Lake Erie—

..

Elgin, Joliet & Eastern
Ft.

Baltimore & Ohio..

Great Northern.

_

1,148

3,044

2,905

364

383

442

517

464

3,512

4,017

3,805

4,233

3,993

687

23,707

19,315

16,126

12,436

10,170

160

170

766

764

174

171

351

553

3,807

4,896

3,948

......

1,448

2,799

1,718

355

348

474

1,299

1,075

.±.

833

517

408

11,045

10,734

10,232

11,446

10,255

7,843

8-,059

20,842

22,944

25,421

23,427

21,815

563

609

567

1,007

1,116

100

80

141

854

883

13.6,555

>

.

1,554

1,799

123,453

319,887

19,465

21,603

22.263

2,878

1,977

2,882

18,223

19,899

.

118,967

107,505

__

3,002

22,427

11,208

9,884

3,904

3,688

3,551

24,048

403

1,230

1,809

1.200

8,249

9,802

10,535a,

441

523

26,203

25,476

.

318

537

524

10,937

10,321

623

146

119

5,529

24,165

6,212

438

496

591

1,008

3,410

2,541

2,563

22

56

1,912

2,048

1,969

2,219

2,547

7,904

3,029

3,286

707

•

7,021

Spokane International

7,748

11,352

11,014

10,792

5,486

4,973

"'97

102

332

"522

427

2,808

2,607

2,720

3,361

2,966

135,980

137,810

138,918

64,899

60,609

.

& Seattle.

Total

12,399

2,959

3,329

__

J

13,162

28,422

_

Northern Pacific.

-

3,155

Minneapolis & St. Louis
Minn., St. Paul & S. S. M

Spokane, Portland

Central

Western

District—

1

25,092

Alton

24,460

25,463

11,861

10,474

3,040

3,749

4,666

4,393

724

665

82

121

15,545

17,421

11,536

10.627

2,896

Bingham & Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois

616

...

3,155

2,405

2,670

709

855

11,888

14,266

13,289

11,368

2,423

1,820

2,762

5,733

2,762

802

701

671

1,795

1,858

3,275 '3,243

2,222

5,880

5,073

...

Fort Worth & Denver
City
Illinois Terminal

*

Missouri-Illinois
Nevada Northern...;

North Western Pacific
Southern Pacific
(Pacific)...
Toledo, Peoria & Western

I

;

Total

:;-L 2,687

1,468
7,023

3,702

6,693

194

182

210

2,1.42

2,072

2,447

9,216 -

2,637

..

.

130

132

1,410

'1,171

,2,656

2,557

19,186

17,052

.

'

8,519

7,638

2,317

3,456

1,802

2,086

15,207

13,006

8,939

10.361

2,1.94

L 2,026

3,333

2,265

2,570

6,412

6.375

418

359

2,479

2.428

2,407

144

29

56,826

46,946

53,956

54,939

54,818

9,722

12,314

18,194

1,195

1,378

2,238

2,527

17,117

6,971

16,329

16,393

557

525

435

1,538

1,579

7,372

8,238

8,896

9,447

9,429

5,016

5,390

7,451

7,697

1.001

785

658

35

358

390

476

302

■

.

...v

6,198
22
'

261

1,183

1,145

1,210

3,582

3,666

331

326

577

1,086

928

5,263

6,427

13,301

12,519

6,227

5,487

5,026

4,958

158,319

189,891

235,470

225,838

5,396

170,216

'

Texas & New Orleans
Texas & Pacific

846

632

43,250

41,329
7,488

L

746

1,145

1,057

41,768

31,411

26,945

7,340

1,922

2,646

284

249

"4

3

2,052

2,017

7

8

7,143

8,702

23,431

19,016

690

691

43

58

253

330

11

10

151

97

32

57

1,108

776

830

3,981

3,293

1,753

1,729

1,762

3,100

2,362

84,043

89,129

67,641

14,690

-64,411

13,864

17,992

29,028

27.614

21,374

21,344

20,156

7,758

4,210

8,109

4,321

4,278

187,022

186,099

196,087

12,567

12,266

167,855

Virginian
..




28,697

29,072

23,053

14,336

23,387

24,619

7,326

13,413
7,240

4,890

4,747

4,811

2,078

2,133

57,783

56,831

58,502

23,740

22,786

generally

be¬

communication

suggestion for

a

per¬

meeting.

previous item
regarding Mr.
Davies' trip appeared in
our issue
of June
3, page 2086.

Treasury Urges Prompt
Filing Of Certificates On

Withholding Exemption
Secretary of the Treasury Morgenthau is urging all
wage earn¬
to promptly fill out
withhold¬
ing exemption certificates as the
ers

first requirement of
the
tem of

collecting income

new

sys¬

tax at the

source on
wages.

The Current Tax

Payment Act

1943 becomes ef¬

of

fective July

1.
Information con¬
cerning family status supplied
by
employees to employers on these

certificates, Mr. Morgenthau said,

will

determine

wages to

the

amount

of

be withheld.

The

1,048

1,255

1,143

471

368

2,070

2,027

2,091

128

119

„

■

30,313

31,543

14,231

15

487
0

9,998

257

299

1,800

1,514

12,516

14,915

17,001

12,273

494

597

'296

5

L_.J2.179

2,105

1,732

125,456

117,882

126,637

_

J;

4,405

98,936

6
.

3,380

79,246

jority of

wage

requires

employers

1,041

177

5,146

4,441

2,494

2,706

2,262

2,849

2,809

2,303

3,435

2,600

244

345

286

938

1,090

6,001

4,916

2,446

2,988

2,757

4,102

3,640

2,152

2,782

2,083

1,358

1,307

222

200

with individual wage earn¬
on
income
and
family status.

depending

In Associated Press

following
For

pendents

person

the

321

371

662

474

290

220

167

145

187

385

292

to

4,436

5,692

4,078

16,982

18,391

17,170

109

77

316

154

8,673

9,035

9,310

7.670

3,524

2,710

2,778

6,570

6.671

13,578

10,234

7,347

6,283

4,364

4,868

4,571

3,826

7,292

6,860

101

112

187

55

45

18

25

14

19

35

75,229

64,519

55,617

69,010

59,823

*

Previous week figure.
Note—Previous year's figures revised.

with

of

gross

earning $17.50

a

17.5% for
week.

with

no

withholdings

714

15,363

advices, the

also reported:

was

single

a

•-ange from 6.3%
for a oerson

131

law

vary

165

8,762

ma¬

The

to

exemptions, the
Treasury said, the percentage of
withholdings to gross pay -will

340

5,266

for the

earners.

withhold
20% of all wages and salaries
over
and
above
exemptions, but be¬
cause
of
these

a

married

a

wages

week

a

earning $95

person

For

de¬

will

person

dependents the percent¬

no

age
of withholdings will range
from 1.1% on a
salary of $17.50 a
week to 14.9% on a
salary of $95
a

week.
For

a

married person with one

dependent the percentage for the
same

wage

from

1.1%

brackets
to

will

13.7%

and

range

for

a

married person with two
depend¬
ents from 1.1% to 12.4%.

Weekly Statistics Of Paperboard Industry
We

give herewith latest figures received
by us from the National
Paperboard Association, "Chicago, 111., in relation to
activity in the
paperboard industry.
-

Lumber Movement—Week

Ended June 19, 1943
According to the National Lum¬

.

The members 6f this Association
represent 83%

dustry, and its

program

includes

member of the orders and
cates

the

a

are

ber

of the total in¬

statement each week from each

production, and also

activity of the mill based

on

the

a

figure which indi¬

time

operated.

These

advanced to equal 100%, so that
they represent the total

Manufacturers

REPORTS—ORDERS, PRODUCTION, MILL

Association,

lumber shipments of 465 mills

porting
Trade
low

to

the

National

Barometer

production

5.5%

were

for

the

Received

1943—Week Ended
Mar.
Mar.

20
27

Apr.

175,178

13

Mar.

166,885
...

3

io___

;

Apr,
Apr.

24ZIIZZIZZIIZIIIZII

May
May

11:::::::::::::::::

Jun.

12.ZZZZZZZZZZZZZZZZZ

Jun.

19

Tons

Tons

6—

Mar.

Apr.

Production

Orders

ing

146,062

Percent of Activity

Remaining
Tons

147,830

480,802
498,927

Current Cumulative
93

89

93

89

155,116

149,096

504,414

92

90

139,911

150.754

488,197

95

90

172,412

153,030

511,220

85

90

153,260

153,006

510.784

95

91

164,805
159,231
147,212
165,871

152,494

515.700

96

92

155,163

517,473

97

92

135,924

89

92

96

92

96

93

153,934

525,287
522,336

177,968

151,653

561,571

142,673

152,960

151.308

150,504

545,673

95

93

168,051

141,337

565,291

92

93

172,437

149,675

586,183

97

93

136,166

142,865

561,945

95

93

548,911

96

be¬

week

2.6%

less

than

production.

Unfilled order files in the report¬

ACTIVITY

mills

amounted

to

105%

Unfilled
Orders
Period

re¬

Lumber

ended June 19, 1943.
In the same
week new orders of these mills
were

STATISTICAL

May
May
29,840

a

is

the

Treasury estimated on June
16 that sums withheld
will not ex¬

6,246

Total

May
182,081

it

that

sonal

letter

ceed 12% of
gross pay

Weatherford M. W. & N. W

:!•

but

message

lieved

Premier's

No intimation has been
to the contents of either

as

1,194

232

_

Jun.
_

given

Soviet

2,361

12,919

Wichita Falls & Southern

19,577

District—
__

the

18

32,897

Quanah Acme & Pacific
St. Louis-San Francisco

6,552

—

-

with

of reply.

2,284

17,397

St. Louis Southwestern

Roose¬

2,338

0

...

Missouri Pacific

11,464

Mr.

Moscow, re¬
Washington on June 3

to

373

704

Missouri-Kansas-Texas Lines

10,508

from

to Mr. Stalin in

turned

1,428

12

Valley...

12,331
J

436

3,912

295

—-

velt

2,073

843

;

13,576

Davies, the Presi¬
emissary, who con¬

566

11

i__

Louisiana & Arkansas

50

16,387

-

Kansas City Southern

Litchfield & Madison

50

E.

letter

a

1,863

1,118

International-Great Northern
Kansas, Oklahoma & Gulf

22

13,192

7,245

Penn-Reading Seashore Lines

Joseph

dent's special

veyed

1,398

District—

Missouri & Arkansas...

13,428

Cornwall

Cumberland & Pennsylvania

exchanged.

675

7

V

—

Midland

accord be¬

him
and
Premier
Josef
Stalin of the Soviet Union is ex¬
cellent but declined to
disclose
the nature of the
communications

1,846

1,076

...

System

2,053

10,591 L

:

1,310

that

1,310

Peoria & Pekin Union

Western Pacific

'

12,514

—.

Utah—

-

17,930

Colorado & Southern
Denver & Rio Grande Western..
Denver & Salt Lake....

Union Pacific

understanding and

his

4

tween

involved

27,422

.

..

-.,■251

3,031

"302

Central R. R. of New Jersey

Norfolk & Western-

1,453

26,671

_

Ishpeming

14,634

240

6,595

:—

Buffalo Creek & Gauley

Pocahontas

188

1,181

3.845

_

Green Bay & Western
Lake Superior &

178

1,638

Cambria & Indiana

Total—

106

industry.

Akron, Canton & Youngstown

Pennsylvania System

765

1,860

39

told

June

on

A

Dodge, Des Moines & South

figures

Ligonier Valley
Long Island

196
455

34

199

Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic

15,169

301

.

1942

5

Allegheny District—

Bessemer & Lake Erie

136
799

34

25,561

_

_

'2,068

1,904

6,584

Total.

1,009

102

1,689

105

Chicago & North Western
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha....

1,422

365

6,559

Pere Marquette..

200

District—

9,013

313

1.667

:

953

7,983

9,995

Pittsburgh & Lake Erie

o

6,362

N. Y., N. H. & Hartford

N. Y„ Susquehanna & Western

L

6,651

New York,

—

1,380
.

29

8,209

New York, Ontario & Western

Chicago & St. Louis

2,756

133

26,395

Gulf Coast Lines

Connections

359

Chicago, Indianapolis & Louisville.....

Delaware & Hudson

1,547

2,692

25,349

Burlington-Rock Island
Received from

1942

Boston & Maine..

Delaware, Lackawanna & Western

1,815

351

3,320

"■> LZ::v.L :'

Northwestern

Southwestern

19

Total Revenue

Freight Loaded
Eastern

460

1,694

286

25,042

Winston-Salem Southbound

CONNECTIONS

Total Loads
'

392

L723

329

Roosevelt

conference

ers,

LOADED

(NUMBER OF CARS)—WEEK ENDED JUNE

Railroads'•

459

....

President

1,042,

1,733

Gainesville Midland

•

REVENUE

1942

312

807

Central of Georgia
Charleston & Western Carolina...

cor¬

All districts reported increases compared with the
correspond¬
ing week in 1942, except the Southern and Northwestern and all
districts reported decreases under 1941
except the Southwestern. %

4

1943

381

654

Atch., Top. & Santa Fe System—

1942

1941

358

cars

,

1943

1942

573

»

_

;

Connections

284

loading amounted to 176,829 cars, an increase of 6,416 cars Norfolk Southern
above the preceding week, and an increase of
12,359 cars above the Piedmont Northern
Richmond, Fred. & Potomac....
corresponding week in 1942.
J
Seaboard Air Line...
Grain and grain products loading totaled 49,708
cars, an increase Southern System
of 4,242 cars above the preceding
week, and an increase of ,10,762 Tennessee Central...
cars

from'

Received

|M

Atlantic Coast Line

•

Miscellaneous

District—

Atl. & W. P.—W. R. R. of Ala

the

Loading of revenue freight for the week of June 19 increased
13,755 cars, or 1.6% above the preceding week.

Total Revenue

Alabama,, Tennessee & Northern..

1943

corresponding week
decrease below the same week

a

Southern

'.

totaled 868,241 cars, the Association of American Railroads announced
on

Railroads

■

Freight Loaded

Ended June 19, 9 943 Increased 13 J55 Cars
t'

Total Loads

;

93

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

stocks.

For

reporting

mills, unfilled orders

of

softwood

are

equiva¬

lent to 41 days' production at the
current

rate, and gross stocks

are

equivalent to 36 days' production.
For the year to

of

reporting

ceeded

date, shipments

identical

production by

mills

ex¬

11.2%;

or¬

ders by 15.3%.

Compared

to

corresponding

the

week

of

average

1935-39

production of reporting mills was
31.7%

greater;

33.6%

greater,

38.8%

greater.

shipments

and

orders

were

were

Thursday, July 1, 1943

THE COMMERCIAL & FINANCIAL CHRONICLE

40

explain the details and operations
of the plan.
Mr. Hemingway has sent to of¬
later became Dillon, Read. & Cq.I ficers of State Bankers Associa¬
He remained a member of this tions an outline of the corpora¬
Gifts to the Greater New York
firm until his retirement last year. tion's program for helping small Fund's 1943
campaign from com¬
plants locally.
mercial banks and trust companies
The
SWPC
ten-point
pro¬
Directors of the Manufacturers
in Manhattan are 241/2% higher
National Bank of Detroit, Mich., gram is as follows:
than they were in 1942, accord¬
1. To analyze manufacturing ac¬
have elected Benson Ford a di¬ :
ing to a report made to W. Ran¬
rector of the bank, succeeding his counts, loans, .etc., to determine
dolph Burgess, campaign chair¬
what companies having relations
father, the late Edsel B. Ford,
man, by Pierpont V. Davis, Pres¬
founder of the Bank in 1933.
Mr. with the banks are adversely af¬

meeting

on

$2,000,000 from undivided profits
to surplus account. As of June 30,
therefore, capital stands at $7,000,000, surplus $9,000,000 and undi¬
vided

approximately $2,not af¬

profits
the

bank's

is 'a

Ford

which

reserves,

director

tive service as a

At

Bank

Ford

value of lend-lease exports

Dick, President of the
United?. States National Bank of

of local manufacture—military

tination

goods

Section of the Fund's cam¬

in lend-lease transfers but
lend-lease exports.

differences, Mr. Stettinius
pointed out that the cumulative
figures
cover

v

Anthony, President

Inc., of Hartford,

of Veeder-Root,

Conn.,

was

elected

trustee of

a

meeting of the trustees on

a

which
banks

further aid to

a>

in fitting

be

cannot

covered

by the

manufacturers involved.

or

7. To coordinate such

activities

given bank with similar ac¬
tial civilian goods, the active sup¬
tion of other banks.in order to ef¬
port of the American Bankers
fect such manufacturing arrange¬
Association has been enlisted, it
ments with such other banks' cus¬
was announced June 21
by Brig.
tomers when the clients of any
Gen. Robert W.; Johnson, Chair¬
single bank cannot effective^ be
man
of the Smaller War Plants
of

Trust Company at

The New York

small busi¬

into production for
both materials of war and essen¬

As
ness

June

a

of the University
of North, Carolina, Mr. Anthony
has
been
chief
executive
of
Veeder-Root, Inc., since 1932. He
matched.
::' ■
is
also a director of the
Colts Corporation. The action tomes as
8. To obtain special price allow¬
a
direct result of numerous con¬
Patent
Firearms, Manufacturing
ances, through the Smaller War
ferences
between
officials J of
Co., Hartford Electric Light Co.,
Plants Corporation when cost dif¬
SWPC and the ABA.
Hartford National Bank & Trust
ferentials would- otherwise defeat
General
Johnson issued ex¬ such a "share-the-work" arrange¬
Company, Aetna Insurance Co.,
Connecticut Mutual Life Insur¬ cerpts from a letter which he re¬ ment.
ance
Co.,
Holo-Krome
Screw ceived from W. L. Hemingway,
9. To learn from a representa¬
Corp., Billings & Spencer Co. and President of the American Bank¬ tive of the Smaller War Plants
Mechanics Savings Bank of Hart¬ ers Association, which read:
Corporation's nearest office the
ford.
"Bankers are close to the prob¬ purposes,
policies,
procedures,
lems of small plants and are very which
SWPC
has
set
up
to
The County Trust Co. of White
much interested in their welfare, help solve the problems of small
Plains, N. Y., has filed application so I am sure that they will gladly business.
with the State Banking Depart¬
take advantage of this opportunity
10. To be a constructive, alert,
ment for permission to change the
to
help s<$lve the problems of resourceful intermediary in bring¬
location of a branch office from
small business. They will do this
ing about such broader distribu¬
26 Wheeler Avenue, Pleasantville,
■not only because it is good busi¬ tion
of
the current
production
to the southeast corner of Wheeler
ness. for them to do so, but also
load, so that by such increased
Avenue and Bedford Road.
This
because it will benefit the com¬
participation on the part of the
application was filed in connection
munity and further the war ef¬ smaller enterprises, local values,
with the purchase of assets and
fort.
A
"
$
payrolls,
etc.,
may
be
more
assumption of deposit liabilities of
"While this is a national prob¬ soundly sustained and the un¬
the First National Bank of Pleas¬
earned penalties of war may not
antville which is situated at the lem; we believe that the quickest
A graduate

29.

•

■

Plans for con¬

proposed location.

the two

solidation of
were

■A*'

June

reported

in

institutions

columns

these

10, page 2196.

will crush and kill the numerous and
the coopera¬ valuable firms thus affected.
tion- of the State Bankers Asso^
come

Newfane,
Newfane, N. Y., has been author¬
ized by the State Banking De¬
partment to increase its capital
stock from $60,000, consisting of
600 shares of the par value of $100
each, to $75,000, consisting of 750
shares of the par value of $100
each.
V'J..'... .'.'.-'vv" 'r ^
r

of

Bank

Thex State

directing the efforts of lo¬

I

groups

and individual banks.

therefore, writing to the
Vice-President
and
Secretary of each of the State

as

President land

John¬

Director

a

of the First National Bank,

Spring¬

field, N. J., was announced by the
Board of Directors on June 24.
Mr.

Johnson, who is Traffic Man-

of I. T. Williams & Sons, New
York, succeeds the late Gabriel

V ager

Larsen.

Mr.

is

Johnson

also

a

Director of the Battle Hill Build¬

ing
and
Loan
Springfield.

Association

am,

Bankers

their
Mr.

Associations,

cooperation.

.

.

askng

for

Roland L. Taylor,

."

to General Johnson's let¬

ter, which said: "The problems of
small business

Pa., at the age of 74.

At the time

Taylor was Chair¬
man
of the Board of the Tubize
Chatillon Corp. A native of Philadelohia, Mr. Taylor started his
banking career with Barker Bro¬

of his death, Mr.

Philadelphia, in 1887.
Later he was connected with the
Real Estate Trust Co. and in 1910
became President of the Philadel¬
thers & Co.,

properly cannot be

in

which

Co.,




"

15.

June

;

New

ports;

26%; and exports of food and
;xagricultural [• products
amounted
to
$1,805,000,000,
or

behalf

of the

generous

Fund's

plea

on

voluntary wel¬

406

fare and health agencies

and hos¬

pitals affiliated with it."
The Fund's appeal is

business

limited to

and

firms

employee

It seeks money to help

groups.

the

support

voluntary

406

fare and health agencies and

distressed

enter¬

advices

most

effects

damaging

in

local

wel¬
hos¬

"We

believe

ABA

that

the

perform

can

a

members

tremen¬

dously valuable service in help¬
ing solve the problem of smaller
plants, which are adversely (and
mostly through no fault of their
own) affected by the war.
We

of

war

far this month

so

savings

amounted

cies

raise

must

this

$21,000,000

generosity of the
public.
Of that amount approxi¬
mately $16,500,000 is expected to
be raised by the agencies in their
individual appeals.
The remain¬
ing $4,500,000—the Fund's mini¬
mum goal to be raised from busi¬
year

bond sales are running

war

about half what they were
when
sold

in

of $779,415,477 was
first 14 days of the

total

a

month.

in May

the

April sales for a similar

period amounted to $343,121,344.

bond purchases
believe, too, that both business this month dropped, bond sales for
and patriotic motives will prompt the fiscal year which began last
your members to recognize and July 1 are substantially ahead of
carry out the important role they sales for a similar period in the
can play.
In the interests of our 1942 fiscal year. The Treasury's
common

welfare,

we

need and

so¬

ABA

is

officials

also

of

statement
sales

licit such bank help."
The

Although

taled

arranging

the

SWPC

to

for

war

showed that

the fiscal

war

bond

1943 year to¬

$11,357,591,108

compared

with $5,742,861,477 in the corre¬
ap-' sponding period in the 1942 fiscal

at State banking meetings to. year.

•

22%.

Food-stuffs

most

important

lend-lease

"In

the

constitute

single

of
$1,~
second,

item

exports,totaling

495,000,000, with aircraft
totaling $1,387,000,000.

April, munitions led all

ex¬

ports with $512,000,000, or 61% of
the
total;
industrial
materials
comprised $205,000,000, or 24%;,
and food and other agricultural
products $122,000,000, or 15%. Ex¬
ports of munitions and industrial
items exceeded

those of the

pre¬

ceding month by $127,000,000
$29,000,000 respectively; food
other
agricultural products
clined by $29,000,000.
Among
individual

and
and
de¬

the

of exports, air¬
craft led for the month with $186,-

items

followed
in
order
by
tanks, foodstuffs, ammunition,
metals, motor vehicles, machinery,
general industrial items, ordnance,

000,000,

petroleum

products,agricultural

ness

firms and employee groups—

represents a vital share in main¬
their

agencies'

the

taining

:c\: -y^

explained.
A

total

7,073 volunteers are
the business field of

New York to put the

campaign
A

"In

our

to

reference
the

••

April, exports of lend-lease

goods to United Kingdom totaled
$363,000,000, those to Russia
amounted

to

$233,000,000

Fund

indicated
total is

of

all

by

the

fact

lend-lease

exports,

2388.

On Parcel
In

to

answer

Transportation

Stettinius, Jr., LendLease
Administrator, announced
on
June 20 that lend-lease aid

$790,-

amounted to

000,000, bringing the total since
the beginning of the lend-lease

to $11,893,000,000. Of this

$9,930,000,000 represents
goods transferred and $1,963,000,000 services rendered (rental and
amount,

for

month

the

of

"Mr. Stettinius

that exports, since

amount of goods
this country and
where the goods are going, give a
better picture of the part being
played by lend-lease on the vari¬
ous fronts of the war.
Cumulative
exports of lend-lease goods to the
end of April, the last month for
which these figures are available,
totaled $8,260,000,000. Exports for
the month of April totaled $839,000,000, the highest mark ever
month."

"The

ODT advices

difference

details:
between

or

The

area.

June 19 stated:

on

"Merchandise
mail

purchased

b

y

phone cannot be sent to

consumers

by store

city deliv¬

or

truck if the package

,

five

pounds

length and girth.

weighs

or

meas¬

Restrictions, the

ODT

added, do not apply to ordi¬

nary

retail store

channels.

use

of U. S. Mail

.

"Purchases

needing

processing

or

in the usual

alteration

be

may

manner

processing is done

delivered

provided the

as

part of the

original sale.
"No

pick-up of exchanges, de¬

livery

COD

special

packages
ery

purchases

services
may

trucks.

on

other

or

under-size

be made by deliv¬

At

the retail

discretion, however, such
service may be rendered
sengers

announcement gave the fol¬

lowing additional

gasoline shortage

ern

under 60 inches in combined

they show the
actually leaving

The

special retail orders in the East¬

ures

pointed out that
and services

reached in a single

:

as

than

best o v e r - a 11
lend-lease aid. He

said, however,

package deliveries

on

applied to mail, phone and other

the
of

19

less

the total of transfers

measure

June

on

regulation issued

new

May,

'

I

re¬

of De¬

ery

$716,000,000 was for goods trans¬
ferred and $74,000,000 for services
rendered.
The advices from the
.

16

the Office

the

Of

etc.)-.

June

<

and

consumer

clarified its

Edward R.

|

Delivery

fense

amount

despite

1941."

May Lend-Lease Aid

ships,

her

26%

receive aid until the latter part of

Totaled $790,000,000

of

or

the fact that she did not begin to

queries,

repair

that

$2,123,000,000,

now

tailer

May

to

$111,000,000.
The increasing import¬
ance of exports to the U.S.S.R. is

ODT Clarifies Order
to con¬
appeared

issue of June 24, page

during

and

Africa and the Middle East

Fund's 1943

the top.

over

previous

tributions
in

■

of

canvassing

r

services at

present levels, Mr. Burgess

and

watercraft.

from the

represents

$64,685,968.
June

other

pitals affiliated with it. The agen¬ products other than foodstuffs

OWI stated:

reported:

Redemptions
bonds
to

cities and towns.

also

Washington

Press

Associated

are

industrial ma-,
$2,177,000,000,

of

exports

or

be

to

are

their

on

the

to

response

also

York

,

terials amounted to

and trust compan¬

congratulated

program

Treasury's daily statement
issued June 16 showed that during
The

develop have their immediate and

pear

&

such

located. For, inevitably,
the difficultes and hardshps that
prises

which

Read

on

as the exclusive respon¬
the first 14 days of this month
of the Federal Govern¬
sales of war savings bonds totaled
They
must
rather
be
$331,218,987, the lowest level in
viewed as problems of even more
the last three quarterly tax pay¬
vital concern to each community
ment periods.

have

At

purchases were re¬
sharply this month, pos¬
sibly to meet the heavy second
quarter tax bill which fell due

ment.

phia Trust Co. Shortly afterward
M*\ Taylor became a member of
William

bond

War

sibility

of

retired Phila¬

Due To Income Taxes
duced

Hemingway's statement was

in reply

of

delphia banker, died on June 23
at his home in Gwynedd Valley,

War Bond Sales Down

President,

regarded
The election of Ebert B.
son

of

ies

exports.

"Exports of munitions to April

The com¬

appeal.

our

banks

the

than

more

30, 1943, amounted to $4,278,000,000, or 52% of total lend-lease ex¬

-

cal
.

about through

ciations

o?

solution

effective

most

and

in

made

mercial

month

on

transfers

lend-lease

on

.

one

figures

Small Plants Problem

Graham H.

not in,

In addition to

these

ABA To Aid In Solving

•

power;

own

over to lend-lease
and used in the United

States; and good Transferred but
yet exported.
>
"These three items are included

the Banks and Trusts Division of

otherwise—each firm could apply

their

under

not

Aguirre-Edwards, Manager
the appeal.
-a-U:, r//-' y
its facilities, and manpower.
Ore.,. , announced: the
Foreign Department, was Portland,
Mr. Davis and Mr. Ward told
3.
To
examine
the
possibility
of
appointed
Vice-President.
Mr. election of David B. Simpson to
Mr. Burgess that 52 commercial
the larger and busier manufac¬
Aguirre-Edwards was born in the bank's J Board of Directors.
banks
and trust companies had
turing customers of the bank shar¬
Chile and has been associated with Mr. Simpson is Vice-President and
contributed
$344,550 this year,
ing
some
part
of
their
load
with
of Norris,
Beggs &
the Grace National Bank for the Secretary
which is - an increase of $70,420
such distressed smaller plants.
past 19 years in the Foreign De¬ Simpson of Portland and Presi¬
over the gifts from the same com¬
4. To arrange meetings at banks
partment, during which time he dent of the Portland Chamber of
panies last year.
The Greater
or in plants of representatives of
has been in charge of the bank's Commerce. In 1938 he was elected
New York Fund, in setting a min¬
Vice-President of the National As¬ both groups between whom such
South American business.
collaboration appears to be pos¬ imum goal of $4,500,000 for the
sociation of Real Estate Boards
current campaign, asked publicly
and in 1941 became President of sible.
Arthur S. Kleeman, President of
corporations to increase
5. To act as liaison in effecting owned
that body.
•v\
■'
the
Colonial Trust Co. of New
their gifts this year by at least
some working plan between them.
York,
announces
that Freeman
6. To enlist when needed the 25%.V..
Koo, son of Dr. Wellington Koo,
"The Greater New York Fund
services of Smaller War Plants
Chinese
Ambassador
to
Great
Corporation's nearest field office is most grateful to you," Mr. Bur¬
Britain, has joined the Foreign
for handling any special elements gess told Mr. Davis and Mr. Ward,
Department of the bank.
<
:
of a technical or financial nature, "for the splendid record you have
the

.

lend-leases

»

turned

countries

man

or

-to

countries and sailed to their des¬

and

-Harriman,.-Ripley

is due
of I

factors-—the.' value

•

ships »transferred

paign, and Harry E. Ward, Chair¬
of the Board of the Irving
Trust Co. and also Chairman of

the heads of such

To consult

2.

S.

Paul

Luis

of

three

to

Co., who is Chairman of the Fi¬
nance

firms and determine in what lines

the

of

ident1 of

by the impact of war and
limitations on their normal oper¬

fected

United States Army.

of the Board of
Grace National
of New York on June 23,
meeting

a

Directors

the

of

and is now in ac¬
lieutenant in the ations.

Motor Company

remain unchanged,

■

trans-,
the

and

lend-lease

under

,

900,000. This transfer does
fect

cumulative value of goods
ferred

To Greater N. Y. Fund

June 24, the
Board of Directors of The Public
National Bank and Trust Co. of
New
York
voted
to
transfer
At its

Banks Increase Gifts

Bunks, Trust Companies

Items About

store's

special

by

using, bicycles,

mes¬

regular

local passenerer transit facilities

the by walkings

>>

'

or

j