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Final
Edition
ESTABLISHED
2 Sections-Section 2.
om mateLa
'■tvf'.i
Reg. U.
Volume 158
In
OVER
New York, N. Y.,
Number 4194
The Financial Situation
S.
Tat.
Office
Price 60 Cents
Thursday, July 15, 1943
"Big Boys" Of Business Not "Cashing In"
Congress has laid aside its labors for
Copy
a
/.
interval, and
long-deferred
consultations with their constituents.
Upon what they find
to be the views and feelings of voters back home will depend Says Industries, On Contrary, Are More Likely To Be^
cerned about is this: namely, that
in large measure what Congress does when it reconvenes.
Dangerously Depleting Reserves Under Tax
many of our industrial concerns,
This is the way our legislative system has operated for many
under present tax legislation, far
Legislation—Benet Defends Stand
from cashing in on the war, are
years past, and probably will continue to operate so long
The views of Thomas W. Lamont on "Big Boys" of Business
more
likely to be dangerously
as it exists.
It would, therefore, be futile to complain of it.
have been accorded a prominent place in the "Saturday .Review of depleting the corporate reserves
The system tends toward the development of a sort of
Literature," published July 10, his defense of "Capital" so called, they will surely need to meet the
heterogeneous provincialism in Congress, with few mem¬ having been prompted by certain observations on economics and task of reconversion:) of their
bers ever attaining a national view of matters of vital na¬ business by William Rose Benet, winner of the Pulitzer poetry prize plants from war uses and ma¬
in 1941.
The particular comments of Mr. Benet to which Mr.
chines
to
peacetime
production
tional interest, which is unfortunate, but the remedy, so
Lamont takes exception appeared^when the war ends."
long as our existing system of representation is retained, in Mr. Benet's column, "The Benet that people "have a strong
Mr.
Lamont's
letter
to
Mr.
is to be found among the people themselves rather than Phoenix Nest," in the May 22 is¬
a
suspicion that capital is cashing Benet
lengthy
one
also
sue of the "Review."
in on the war."
touches upon the independence
"Careful
an¬
Writing in
among those representing them.
an
its members have returned to their homes for
Thomas W. Lamont Tell Poet Bene!
—
cordial
What Is Needed
What is needed; and what was never more essential
than at the present moment, is that
the great rank and file
;of the American people think more in national terms about
the problems of the day, and apply the same common sense
to them that
they apply day by day to their personal affairs.
long as the political trickster, whether he be a candidate
for membership in Congress or for theH Presidency of the
United States, finds it possible to, gain a large following
by clamor for hare-brained programs supported by ad
hominem argument, just so long will such candidates for
public place be active and vocal—and successful. And, it
So
may be
fess to
added, highly destructive of the interests they
serve.
of
spirit
a
Indeed, with the advances that have
within recent years in communication facilities, the
from such demagoguery has immensely increased.
pro¬
come
dangers
timacy
the
the
of
recent
Mr.
who
&
gan
Benet
the
to
o
Capital
t
o
have
"The
on
in'
to
Thomas W. Lamont
Lewi
s,"
Mr. Lamont, "I cannot
what
def¬
your
our
country, namely
farms, and of the other mil¬
lions
who
tion
the
own
shares of
and
our
transporta¬
.
as
Lamont
not
war,
as
also
Lamont
you
cogni¬
by Mr.
The
Mr.
'cashing
By CARLISLE BARGERON
The
bitterness
I do not believe you need
about the Big
.
.
what
have
we
to
be
.
correspondents ever get to fight¬
ing among themselves and forget
their gentlemanly rule of feather¬
ing each other's nest, it would
for
country, to say the least.enlightenment
the
"
question that is giving heat
to the fellows, to the extent that
The
long
acquaintances
are
coldshouldering one another, is that of
General De Gaulle and his socalled Free French.
What is burn¬
the rank and file corre¬
spondents is that a clique, headed
by Walter Lippman, has turned
from
its
pursuit
of objective
ing
up
journalism to press agentry and
press agentry of the most danger¬
various
boys
aspects,
are
The
Mr. Lamont's Letter to Mr. Benet
Dear Bill:
.
real
truth of
the
so-called
Giraud controversy
develop to be, probably after
the war, one of the rottenest chap¬
-
will
ters of the Second World War.
will
be
so
rotten
because
It
some
American journalists turned from
the
proposition
war,
when it
of
was
winning
the insistence that the
not be
won
accepted
nf
as
France,
France.
the
at its height, to
war
would
unless De Gaulle
was
the overall
poor
old
big shot
mistreated
Furthermore,
these iournalists
(Continued
are
on
some
doing this
page
231)
of
on
/;
Commit
U.
International
Constitutional
Without
statistics.
There
(Continued
con¬
statistics.
are
this column out and save it for
Need More Good Babies
It is true that the birth rate has jumped up
into
since the draft went
effect, but all these babied
not
the
In
kind
many
the
country
they
instances
have been sired by timid fathers
who are hop¬
ing
baby
will get them
exempt ion!
'',
:—.
turies, because they are far
valuable in raising fighters.
is
more
This
WAACS, WAVES
hint to the
a
and SPARS!
a
We Need More Good Soil
real
The
to
Ahead
of
Trading...
the NYSE
decline
is
among
Price. Index...
Market
Business
(May)
Living Costs Index
Department Store Sales
to
beef
tained
Roger
from
automobiles
W.
conquered by
/"•Higher
235
some
day
other
education
havoc with
our
two
ter
goes
either has
to
no
raising
birth rate.
instance;
college and
children
or
be
race.
is
for
sisters
will
America
Babson
some
Take
sis¬
usually
one
perhaps
oline.
suffered
farmers
Thus
sewers
began to buy gas¬
there is no refuse
from the horses and the necessary
cover
crops
of hay and oats were
lost, all of which had heretofore
built up the soil.
Now the country
over
about
synthetics
the
has gone crazy
and
is bragging
manufacture
of
syn¬
while the other, who does not thetic rubber, synthetic plastics
go to college, raises a good fam¬ and synthetic textiles, all of which
ily of three of four. Women have will rob the soil still further. The
not been allowed to fight in the farmers are fighting to have the
(Continued on page 231)
battle lines, during the past cen- ;
one;
Bank
these
Farms have
stopped
down
of
cities into the ocean.
233
23/
the
went
This
also
233
con¬
children.
since
235
which
good
or
Hotel Sales
crops
necessary
raise
be
....237
and
the
minerals
shipped off the farm to the
cities.
Following their consump¬
tion
these
necessary
minerals
tendency must
Index
basic
were
239
239
a
troubles.
our big cities began to grow
they added to the difficulty.
236
239
236
237
(June).....
(May)
Debits
(June).......
those
fit
more
Weekly Electric Output...
234
Commercial
Paper
Outstanding
(May 29)
238
Reserve
the
Trade
......
Metals
The
greatest
Weekly Coal and Coke Output
234
Weekly Steel Review
235
June Shipments .;.
235
Moody's Daily Commodity Index... 233
Weekly Crude Oil Production
238
Non-Ferrous
and
is
farmers'
the
Then
serious
is the fact that
226
Association
Even
more
which
erosion
of
cause
234
Commodity Prices, Domestic Index
Weekly Carloadings
Weekly Engineering Construction...
Paperboard Industry Statistics
Weekly Lumber Movement
soil
for
237
Values
Review
Fertilizer
going
situation
food
years.
2o-±
240
236
238
on
NYSE Bond Issue Values
of
is
U. S.
down
233
Odd-Lot
State
truth
that the
the
Items About Banks and Trust Cos..
Share
a
The
Amend¬
Moody's Bond Prices and Yields
Moody's Common StocK Yiema
Trading
difficulty with our
is the impoverish¬
ment of our soils. For years, the
cutting -down of forests has caused
been
S.
Ba nk
225
Federal
page 230)
line of business, namely,
that this country should learn from
four things
I hope parents will cut
[Regular Features
Washington
General
friendship
your
on
their children to read.
1)
News
NYSE
claimed
and
Roger W. Babson Gives Some Advice
ment.
NYSE
.
I have been your constant read¬
er
birth rate has
Cannot
Post-War
From
the July 10
"Review."
This week I will write about my own
225
Special Articles (In Section
Piesident
American
being killed and maimed.
Gaullist
De
while
Page
Situation
Financial
the
Babies, Soil, Work And Bombers
needs.
Editorial
over
crats.
provide
statement
GENERAL CONTENTS
of Washington, and there is plenty of it, has
the past few weeks, to confines outside of the Bureau¬
Heretofore, the correspondents have made high revelry over
the bickerings and feuds of these fellows.
They have treated with
them indignantly, laughingly,
mostly indignantly, as men whose
vanities were knifing the boys at the front.
Now they are seething about a3>clique
of
their
colleagues,
a ous kind, at this time. These men
clique that seems to have become who were in the forefront of the
just as harmful as any of° the interventionist movement before
contentious
Bureaucrats
could Pearl Harbor, are now taking ad¬
possibly be.- It wouldn't be sur¬ vantage of their influence, and
or
otherwise
are
prising if this feeling on their intentionally
part came into the open presently stirring up a serious racial con¬
and a good thing for the country troversy, one in which it is diffi¬
it would be.
If the Washington cult to discuss frankly all the
spread
the
by him for the
of July 17,
following is Mr. Lamont's
of
issue
to
seem
are
of
zance
re¬
Review"
letter to Mr. Benet in
concerned
We
takes
call
you
industry," says Mr. La¬
mont, who goes on to say: "On
the contrary, I assure you
that
the
to Mr. Lamont's letter by
on July 9 for imme¬
publication by the editors
of the magazine.
>
in
Boys
annexing
are
Mr.
same
and released
advises
been
corporations?"
Mr.
Ahead Of The News
be
our
industrial
great
From Washington
the
on
think,
John
in
Boys,
"have
con¬
ital item
Big
Benet,
re¬
the
at
diate
-
and, says
help wondering
226)
page
stockholders
to
Mr.
high¬
of
paid
we
occasioned
rejoinder;
Mr. Benet, written
they
have
aeclined."
Congressman, when he has had time to get in inition of 'capital' is that has
touch with his constituents this year, will find them all with shown
such
'self-righteousness.'
is it the recent 'high-handed
complaints, many of them with bitter complaints.
He
conduct' of both houses of Con¬
should likewise find them demanding light and leadership
gress?
Or is it the conduct gen¬
as well.
Legislators from agricultural districts will hear erally of our millions of citizens
many complaints of many things.
Short-sighted draft pol- who own the greatest single cap¬
(Continued
"Saturday
them,"
cent ^
handed
L.
Many Complaints
sponse
f
the
duct
The
time
.
Nest" col¬
May 22 issue of the
which
net income and the dividends
e
ward
"Review"
Benet, we also
remarks of the
"Phoenix
the
Lamont's
self -righteousness
in
umn
have grown enormously,
payrolls and taxes have im¬
mensely increased, "whereas their
as
"t h
materials, Mr.
that "these figures
war
the
his
concerns
import
to
latter in
their
of his remark
as
of
Mr.
to
part
show that while the sales of these
Inc., questions
Mr.
give in
Lamont states
Co.,
:
a
analyzing re¬
group of 40 large man¬
ufacturers
Mor¬
press, "collectivism," etc.
giving in full the letter of Mr,
Lamont
Calling attention to
a
—
the
In
compilation
ports of
Board
J. P.
idea."
in'
Chairman
s
of
alysis," says Mr. Lamont, "fails
entirely to bear out the 'cashing-
;
in¬
with
poet,
Lamont,
i
:
of
conclusions
The Financial Situation
(Continued from first
page)
•
;
for
most
a
Thursday, July 15; 1943
FINANCIAL CHRONICLE
THE .COMMERCIAL &
226
as
feasible
to what is and what is not
situation/:!;-'
distressing
One of the first
as a cure
' ;
deal during
the coming weeks. -
Consumer
maintained
doubts
one
No
time.
for
a
of
of
one-day closing, according tq
weekly review of Dun &
Bradstreet Inc.
Retailers in outr
ground for their pleas, since for the most part earnings have
even
faster than the cost of living, but they will soon
learn that this is not true of a substantial element in the
population. They will hear many complaints of violations
price regulations, of "black markets" and many kindred
developments. And they will doubtless hear also about the
recently developed "hostility" toward labor shown by Con¬
of
find their stores
shoppers because
of the cut in traveling facilities,
less
Department
course,
that incon-
industry.
.
man or woman
the
On
contrary, I
cashing in
on
on
a
assure
you
according to the Federal Re¬
ago,
serve
Board.
i
■
<
.
29% for the
four weeks ended July 3rd, com¬
pared with the same period<a year
Stord sales
were
ago.
up
;v
_
Department store sales in New
City in the week ended July
10th, were 13% smaller than in
the like 1942 week, according to
York
preliminary estimate issued by
a
Federal
York
New
the
Reserve
pointed out that
there was one less shopping day
in the week this year compared
The bank
Bank.
Independ¬
Day was observed on a Mon¬
day this year as against Saturday
with last year, because
ence
from personal
in
knowledge that what we have to be concerned about is that many
of our industrial concerns, under present tax legislation, far from
gress.
sales
store
pared with the same week a year
"No, Bill, I do not believe you need be concerned about the Big
in
of
the review says.
Banker to Poet
Boys
districts
assured
country-wide basis were up 39%
for the week ended July 3rd, com¬
is likely to rebel
at such sacrifices as are really necessary.
Cost of Living
That, however,
is quite a different matter from being willing to endure
Representatives from districts largely composed of
the consequences of official i blundering, and insistent re¬
wage earners and lower-salaried clerical employees will
fusal on the part of officials or legislators to do what may
soon hear a good deal about the cost of living.
They will
be to reduce that blundering to a minimum. There' are
be told with a substantial element of truth that current cost
of living indexes fail to reflect what has actually taken many things Congress could do to help when it gets back
to Washington, but it is not likely to do many of them un¬
place in the retail price situation. They will know, of course,
less the public effectively demands it.
that many of those making such complaints have little
risen
a
lying
possibly hardships/are inevitable in war¬
public-spirited
week
this-
the
Help
moment,
buying
retail sales volume at
high levels, despite the inaugura¬
tion
in
many
stores
over
the
country of the summer schedule
ing quite unnecessary hardships upon the civilian population.
No
: of
tons.
dowp to brass .tacks in this business of deter¬
mining whether, and in what .ways, .the war effort is impos¬
viences, arid quite
average weekly
1,638,019 tons in
June, representing use of 94.6% of
available
facilities,
steel / ingot
output was at the lowest point
since
August,
1942, when
the
weekly average was 1,631,525 net
trash and get
Insist Congress'
7,015,302
year/-V 7 "KH/ '* )•'.
On the basis of
and
of hogs, with
buy much
of their feed are in dire straits in trying to keep their normal
herds and flocks producing. Long-sustained labor favoritism
is being reflected in the prices the farmers must pay for
goods they must buy. Of these and other troubles the repre¬
sentatives of agricultural constituencies will hear a great
last
of
output
June
questions to, which they should insist production
'7^/^
control programs are promoting the feeding
the result that many other farmers who normally
than
in
tons
upon having an answer is in what degree the inconveniences
and the difficulties to which they are being subjected are
sky-rocketing wages in industrial centers have
really an unavoidable part of a state of total war. It has
made it impossible for most farmers to obtain the help they
become a habit with all too many authorities to reply to all
need to cultivate and harvest the large crops that they are
criticisms with the smtig assertion that we are at war, etc.,
being urged to raise. Thanks to an equally unwise earlier
without ever once undertaking , to demonstrate that the
policy of allocating materials, many if not most farm imple¬ matter
about which, .complaint is\ made is an unavoidable
ments are not to be had.
Even parts are not always avail¬
cost item in the prosecution of the war. ...Too often effort
able.
Prices which' the farmers believe are too -low
is made to avoid the consequences of public dissatisfaction
although they have certainly been doing well of late—are with the
typical politician's assertion that "very few Amer¬
holding products on the farms which are badly needed by
icans place appetite above patriotism", or the like.
The
consumers.
Irrational price ratios developing out of faulty
time has come for the American people to brush aside such
icies
■
higher
the war, are more likely to be dangerously depleting
1942.
In
ended
week
previous
the
due also partly to the
in the holiday, sales of
July 3rd,
difference
need to meet the task oi this group of stores were 29%
reconversion of their plants from war uses and machines to peace¬ larger than in the corresponding
Business, Small and Large
time production when the war ends.
Of course, we may squeeze the week last year.
To be sure, all members of Congress will be told by
Coal production is approaching
corporations until the pips squeak, but let us leave them enough
small business men, for small business men are everywhere, to
the pre-strike rate and is
still
prepare for this vital task of reconversion. ...
"One other thing I have overlooked. That is, when you said: 'We gaining, according to Fuel Admin¬
that the multiplicity and confusion of rules and regulations,
istrator Ickes.
the uncertainty of supplies often resulting from red tape have seen unfettered initiative and free enterprise run a country right
During the week ended July
into the hole.'
In other words it was primarily the initiators and
and official bungling, and the impossibility of obtaining
free enterprisers, was it, who brought <on the great business depres¬
3rd, 10,350,000 tons of soft coal
were
adequate manpower are driving them from business. They sion that began late in 1929? Is that what you mean, Bill? Is that
produced, Mr. Ickes said.
That was twice the amount mined
doubtless will hear, if they are really upon the alert, that really possible?
in the preceding Week, •
:; "Forget about the machinations of ^fhese 'free-enterprisers' of
many of these endless regulations are being ignored, for
The Bureau of Mines estimated
yours that you think have done so badly by us.
Forget about your
vthe simple reason that no one understands what they mean,
Big Boys and all the category of personal devils. Just sit down with anthracite production at 023,000
or has time to keep
track of the endless stream of them. me late some afternoon over a cool drink at the Century Coffee tons during the week of July 3rd,
Others are not heeded because it is impossible to do so and House, or where you will and fix up with me a simple little inter¬ but Mr. Ickes said that reports
national plan that will prevent wars> Then we shall be able to avoid from the field indicate that the
the
corporate
reserves
they will surely
...
.
Those legislators who give serious heed
larger business organi¬
disturbed by reports from these enterprises
instances will not greatly differ from those
stay in business.
to the needs and the difficulties of
zations will be
which in many
of the smaller
post-war panics and
pre-strike
system, or the enterprise system, or the savings and thrift
"Let us. be careful, you and I, in our urge to better
of
Rose Benet,
Hardships
course, consumers,
Congressman will hear constantly and emphatically.
He
will be asked why it is, that with the ranges over-stocked
with cattle, the average citizen must beg for a piece of
:beef, and then often not get it, or if he gets it, finds that
it is all but inedible.
Many a member of Congress will
doubtless be called upon to explain why items which ^re
not supposed to be in particularly short supply-are not to
be had in many communities at all, or if at all, in very
limited quantities and at wholly erratic and unpredictable
intervals.
If he happens to be from the Eastern seaboard
he will be asked many embarrassing questions about gaso¬
line and oil, about the crazy-quilt pattern of attempts to
regulate their distribution, and all the rest.
Seek Out the Causes!
V '!.'
All this and
same sort are inevitable in
It is wholesome. It should prove helpful.
more
precious thing that in your piece you
poet and editor.
f
(The banker may not be able to
and from them the,
of the
system.
figures.
Anthracite
production for the week ended
June 26th, was 284,000 tons.
In discussing this week's coal
humanity,
yourself call
independence of Americans.'"—Thomas W. Lamont to William production
'the
The Consumers'
All voters are,
depressions and you will finally get a real idea
that is variously called the profit system, or the capital
not to kill off the
concerns.
exceed
current week's output may
of the system
good
many
others, would profit by
write poetry, but the poet, and a
careful study of what he does
Mines
Coal
Deputy
Newton
E.
Carl
Administrator
said:
We are in a pitched
against time to get enough
dustry.
The State Of Trade
tle
mined
industries showed declines for the week.
production were lower, while coal produc¬
tion and carloadings were higher for the week.
The retail trade
showed outstanding gains, with department store sales up 39% com¬
*
the
driving to increase
"We are.
production of coal to win the war,
to a maximum capacity of the in¬
write.)
A number of the heavy
Steel and electric power
pared with; ihe; same week a year ago. /
Loading of revenue freight for the week
from the preceding
98,366 cars more than the
corresponding week in 1942 and
11,747 cars above the same period
two
years
ago.
This total was
week,
loadings fob
the corresponding week of the 10
104.73%
of
average
Steel production in the United
is scheduled this week at
States
indicating
output of 1,679,700 net tons of in¬
gots and castings, the American
97%
of rated capacity,
Iron &
to carry us
winter
war
Steel Institute announces.
without having to
activities for lack
have got
ended July 3rd totaled
852,106 cars, according to reports^
26.6%.
The country as a whole
from the Association of American
Railroads.
This was an increase was 20.1% ahead of last year.
of 91,262 cars
mer
bat¬
coal
this sum¬
through the next
and transported
to win this
curtail
of fuel. We
battle."
Weinberg Resigns
The
as
Chairman of the War
Board, because of ill
M. Nelson,
Production
health
was
Nelson on
In
of Sidney J.
assistant to Donald
resignation
Weinberg
Mr.
1.
Weinberg's,
by
announced
July 6, effective Aug.
accepting
Mr.
Mr.
resignation,
Nelson said he
the WPB
again and ex¬
with mere complaints, and it cer¬ preceding years.
production was 1,672,800 tons. For
pressed "deep appreciation for the
Electric power output, as re¬ the like 1942 week the rate was
tainly should not be susceptible to dismissal with promises
fine
patriotic service you have
ported by thq, Edisoh El®cri^ In" 98.4% of the then smaller capa¬
of special treatment for this, that or the other plaintiff, or
given to < your country."
stitute for the week ended July 3, city and output was 1,683,000 tons.
Mr. Weinberg was senior part¬
with scatter-brained suggestions as to national policy.
The dropped to 4,110,793,000 kilowatt
Although steel production in ner of Goldman-Sachs & Co. and
voter, whether he be a cotton farmer from South Carolina hours from 4,120,038,000 reported the nation slumped in June to the
a
director of many corporations
in the preceding week, and com¬
or a mechanic in Detroit—or a plain housewife from a New
lowest levels in 10 months as a when he went to Washington in
pares with production of 3,424,result of the coal strikes, output
England town—should make it his or her duty, as it is his 188,000 kilowatt hours in the cor¬
May, 1941, to become assistant to
for the first half of 1943 reached
Mr.
Nelson in the Division of
or her obligation to himself or herself, to inquirer
thought¬ responding week of 1942/
;r a record total of 43,866,912 net
the circumstances.
But
Last week's
rate was 96.6%
and
it should not stop
.
fully into the
causes
lines of constructive
their
representatives
ground.
woman
They have
who
has
the national
remedy.
a
good
picture
And they should insist that
in Washington meet them
been
should have made
see
of these difficulties, and the possible
right to expect that
any
on
that
man
or
representing them in Washington
use
as a
of his
or
her opportunity to
whole, and to arrive at
sane
The
Southern
led other
States
major geographical divisions in
percentage increases over 1942 at
28.3, thereby exceeding the Paci¬
fic Coast area, which had held the
lead for some time.
Other gains
midindustrial
19.5%, West Central 16.3%, Rocky
were:
New
England
13%,
Atlantic 20.8%, Central
Mountain 16.6% and Pacific Coast
wanted him to return to
when
he
Purchases
of 1,331,000 tons
previous top recorded
last year, the American Iron &
Steel Institute reports.
tons, an increase
over
the
Production
ings
by
amounted
the
to
of
ingots and cast¬
industry
7,027,101
well
of the
Office of Pro^
Management.
When the
was
created in January,
duction
WPB
1942,
witb
made
Mr.
Mr.
Chairman,
assistant to
in
June
net
tons,
total
Committees
Nelson
as
Weinberg
the
its
was
Chairman,
Bureau
substantially below the May
of 7,545,379 tons and
is
only slightly
serving for a time as head of the
of
Industry
Advisory
nersnnnel
and
matters.
later
handling
Volume
158
Number 4194
THE COMMERCIAL & FINANCIAL CHRONICLE
Passage Of Green Silver Bill Gritlsized:
FDDOgsposes Change
f | By Dr. Spalar As Favoring Unsound Cirrency Iff In Civil Sir Set-Up
I'
r
^
;
President
/l-l Passage of the Green bill'represents "another victory for the
was
interests at the expense of the American people" mnd marks
"another step toward moral bankruptcy in the administration of the
nation's currency,"
according to Walter E. Spahr, Professorr of
should
Economics at New York University and Executive Secretary of the* ated
Economists' National Committee on Monetary Policy..
Dr. Spahr from
deemable
paper money."
The bill, providing for the
lease
and
of
Treasury silver for
essential
less
than
civilian
71.11
cents ;
passed the Senate
the House
re¬
war
not
at
uses
an
ounce,
June 18 and
on
July 5. The Presi¬
signed the bill.
V' In criticising the Congressional
action on the bill Dr. Spahr said
dent
in
on
has since
part:
.
one
able
the
the
The facts will be that these
bought at
an
cost of
average
proximately 50
cents 'per
ap¬
ounce,
to
silver
war
cents per ounce.
Donald
Nelson,
wanted this silver sold to
dustries
at
50
in
cents
substitute for other
in¬
war
silver
no
deposit
on
use
as
a
and
a
silver
bloc, however, fought
proposals to a standstill.
They
prevented insertion of the
50-cent price in the Green bill.
They prevented the passage of the
bill until Congress was ready to
try to recess for a vacation and
then railroaded the bill through
on
deal made by the
Speaker and the Majority and Mi¬
nority leaders of the House which
reported
precluded
negligible
amendment.
Only a
number of Congress¬
men, notably Representative Fred¬
C.
Smith
of
willingness
to
prevent the sale of Treasury sil¬
industries
war
clip off
until
dollar's
of
un¬
informed
that
stocks available to
had
he
the
silver
industry would
only ten days.
But the silver
mail
commercial
avia¬
now
and
lished
agencies
among
of
Life Companies
Over $1 Billion
Out
In Five Months Of
by their life insurance companies
Life
in
May brought the total for the
spective of the effects of their tac¬
tics
savings plans initiated by the life
agents in cooperation with labor,
management
an.increase of 11%
"These tactics of the silver
which, for
constant
bloc,
decade, have been in
operation
against the
a
of
interests
American
the
people and, in the last year or
so, have operated to the disadvan¬
tage of our armament program
and armed forces, have not been
well understood by the general
public.
\
"The
these
sold
is
secured
be
may
other
and
busbar^
silver
can
in
become
of
circulation
irredeemable
in which event the
will
carry
on
their
money
certificates
face
This
$1,667,000,000
certificates
soon
paper
the
that
promise which the Federal
cannot and does not
intend to fulfill. The dishonesty
a
! government
involved
here
because it
was
which
Reserve
in
could
denominations
one-dollar
have
re¬
silver certificates as the
latter were retired because of lack
security to redeem them.
of
for the
importance of maintaining the in¬
tegrity of government promises
where the people's money is con¬
"This
cerned
lack
has
portions.
respect
reached
serious
pro¬
In December, 1942, the
Treasury and Federal Reserve authorities
authorized
of
the
issuance
the
cor¬
Second
War
Loan
one
•'
in
the
have parti¬
organized
selling
campaign and their work has be¬
an
tional
It
integral part of the
plans
was
for
even
na¬
financing."
underwriters
preparing for
in
war
announced by Mr.
that the life
Taggart
are now
Loan drive is launched.
A
,
men
attending the
war¬
time meeting of the National As¬
sociation of Life Underwriters the
Nearly part of September.
the
had
mil¬
bal¬
ance came to almost $300 millions.
Since our purchases are generally
being maintained, there is likeli¬
hood of another huge import bal¬
excess
inT943.
ance
"Nor
ances
of
are
is
supporting
has
the favorable trade bal¬
Latin America's only source
dollars.
Large disbursements
are
Asia.
ern
dollars
Still another
the
is
inflow
source
of
of
private
capital into those countries.
"Combined
foreign
eleven
at the end
about $1,325 millions
of J,942, compared with
millions
Both
and
reserves
resources
of
American countries
Latin
aggregated
$775
gold
currency
in
December
1940.
foreign exchange
apparently growing
gold and
resources
are
If other countries will
cept Britisjb goods
problem "bf course
rapidly,
for
a
r-:|j
which
"The counterpart of the large ac¬
sion
into gold has been
our
own
increase
in
gold
gold
conver¬
a
reserves
decline
and an
earmark
under
foreign central banks and
At
ernments.
the
end
of
gov¬
June
1943, our gold reserves were about
$400 millions below the peak of
millions reached in No¬
vember
1941,
while earmarked
gold reached almost $3,000 mil¬
lions by the end of last April, the
$40,203,000 was withdrawn a year
ago.
For the first five months of
the year the. payment of these
values was $132,431,000, a decrease
„
of
more
than $70,000,000 from the
$204,167,000
period last
total
the
for
same
year.
Following, are the May benefit
payments in detail, together with
the cumulative totals for the year
to date:
May
First '•
-
Five Months
Payments
Death
benefits $
en-
dowments
89,485,000
;
467,820,000
140,229,000
7,255,000
38,674,000
Annuities
12,842,000
70,804,000
25,941,000
132,431,000
Surrender
v-
<
values
—
Dividends to
Policyholders.
Total
30,812,000
170,920,000
——$194,285,000
$1,020,878,000
solved
the
countries
owning
the
will want to spend their;
in Great Britain or to con¬
money
vert it to other currencies and do
their
buying elsewhere. These are
now difficult
' ■
matters which it is
to predict.
*
.
*
*
V*
.
:
"From the point of view of post¬
relations, the accumulation'of
war
gold
and
dollar
balances
the
on
part of Latin American countries
is
favorable development.
a
They
will provide a cushion against the
effects of post-war
ance
to long term
stability.
tical
result,
come
about, is
in
which
relaxation
One
a greater
in
prac¬
already
values,
currency
by
changes in bal¬
of payments, and contribute.
has
stability
accompanied
exchange
con¬
trols.
"On
the
power
d
other
o m ess
hand,
tic
the
ex¬
purchasing
in the hands of the people
countries, which the
of
gold
and
ac¬
foreign
exchange reflects, is having infla¬
tionary effects due to inability to
import goods to absorb it.
It is
contributing to the upward spiraling of prices."
>
$22,793
Government
of
these
York
securities;
securities
Federal
by
Reserve
holdings
the New
Bank
for
foreign account stood at the end of
1942
at
$481
millions.
These
figures are both in addition to the
foreign deposits held at the Re¬
serve Banks,
currenty $1,082 mil¬
Roger R. Clouse Joins
Cleveland Reserve Bank
Fleming,
Reserve
monetary gold
United
States
Bank
reserves
were
Reserve
for
outside the
put
Board
International
ments at about $7,000
addition there were,
by
our
and
Cleveland
of
the
attorney,
Board
Cleveland
millions. In
according to
the Bank for International Settle¬
ments, about $2,500 millions
gold in unrecorded holdings
exchange funds
and
of
of
Cleve¬
ap¬
lowing
his
in
land.
1934,
&
In
Fol¬
from
University
Mr.
associated
Baldwin
of the
Bank.
graduation
Northwestern
came
Secretary
as
of Directors
Regional
the
Settle¬
of
July 1 the
on
I
of
pointment of Roger R. Clouse, a
School
"At the end of 1940, the known
President
Bank
land, announced
lions.
Federal
:
27.950,000
Disability
be
can
Sterling adopt, and also whether
panded
ijt
$
ac¬
for them the
effectively.
Thus much depends
on
the degree of protectionism
they
I
.
lations.
"Policyholders in May called largest amount ever held. In ad¬
M.
J.
only $25,941,000 of the cash dition, foreign central banks and
Federal
values in their • policies, whereas
governments have - acquired Uv Sr
Matured
special
rally is planned for all life
insurance
slightly
reported for
were
greater activity
September, when the Third War
bond
the
White plan for cur¬
stabilization
recognized
importance in post-war re¬
rency
their
for
•
life underwriters
of $126 millions; in
following, however, we
of imports of $106
lions, and in 1942 our import
for
$467,820,000,
compared with $422,021,000.
as
the necessary funds with which to
finance the war.
More than 23,-
cipated
announcement
death benefits totaled
the important
jobs today," Mr.
Taggart said, "The agents are giv¬
ing unsparingly of their time in
aiding the government to secure
000
In that year
of ex¬
an excess
ports
an
in
Institute's
below
the amount
April,
but were above payments in May
a year ago.
For the five months
of
war
■
.
$89,485,000
"This work of the life insurance
is
a
cumulation
"May death benefit payments at
tary of the Treasury Mor'genthau.
front
been
foreign countries and its
The
drives, their efforts having drawn
special commendation from Secre¬
home
of
"The problem of the liquidation
sterling balances without
creating
demoralizing
currency
of these
July 9 further said:
agents
1932, prior to
revaluation
States
cumulation of dollar exchange by
volume of F and G bonds in both
and
has
year
surance.
all
ago.
Fed¬
placed
of silver
half
under
inexcuable
was
unnecessary;
notes
about
enrolled
First
the
as
Of course, the credit struc¬
ture which the gold outside of the
tentative estimate
put them at about $1,500 millions
by the end of March 1943.
in selling E bonds, it is indicated
the
agents
have sold
a
large
the
dollar
Aggregate benefits to
policyholders during the period
amounted to $1,020,878,000 as com¬
pared with $1,041,787,000 a year
on
payroll
savings
plans
throughout
the
country. In addition to their work
come
eral
includes
persons
value
of
metal.
period of 1942, and
surrender
value
payments 35%
below last year's total, it is re¬
ported by the Institute of Life In¬
by the agents
$5,100,000,000
over
responding
July 1.
These represented purchases by
15,000,000 workers in 78,000 firms,
by
silver
leased to domestic industry.
means
groups,
•
provides that
securing the
silver
certificates
certificates
silver
bill
Green
Treasury
as
and cash sales made
reached
of bond
other
there
trade showed
our
1943
Payments to American families
first five months of the year abbve
the billion dollar mark, with death
benefits for the period showing
and
1940
formerly obtained from Southeast¬
in
by the life insurance agents of the
country, it was announced July
9 by Grant Taggart, President of
The total
"Since
The
Underwriters.
production of war
equipment for our armed forces,
prevented the final passage of the
Green bill, except on their own
terms, until July 5.
heavy trade bal¬
a
in their favor.
ance
men¬
sales completed under the payroll
the
States nor Great Britain has been
being made by us in connec¬
tion with Western Hemisphere de¬
fense, and we are financing a con¬
war 1 problems
and the possible
siderable amount of highway and
carrying of all first-class mail by
factory
building,
expansion
of
air."
mines, and cultivation of crops
workers
Association
greatly
so
them Federal regula¬
tion of flying, zoning of airports
and studies looking toward post¬
$5,000,000,000 worth
American
are
said not to have
was
tioned other phases of the legisla¬
Bonds
sold
con¬
needed by the armed forces.
Agents
Have Sold Over $5 Billion
been
expressed
said, the services of the estab¬
letter
Insurance
have
have
cern
that changes
are contem¬
plated 'a't the present time' when,
tion,
Of War
to
bloc, to gain its ends and irre¬
on
the
end
period, the
derstood
on
National
at the
and Latin America.
fixes
generally.
The CAA
supervises safety measures
July 5 in protest against
this sorry piece of business."
the
production and short¬
shipping, neither the United
age of
held
regulates
Paid
that
present arrange¬
issues certificates
operators,
tion
to, 15,000,000
said
concentra¬
in
instability will be a thorny one.
By making recommendations for
spreading their use over a long
the 19 months since Pearl Harbor
Green
of
much
as
including the United States
complete reversal in the balance
of trade between the United States
for this Treasury silver.
Senator
on war
Because
almost
world
rates; investigates accidents
airline
he
bonds
normally
monetary stocks in the world and
and
worth
a
war
tion
far
of pound
the
ments the CAB
single voice was raised
id Congress or in Administration
of
case.
been
is
The result is
independent director
investigate accidents.
to
arily.
than
the
than
United
"Under
Senator Danaher (Conn.) was able
to eliminate, it at least tempor¬
More
one-sided
more
Southeastern
has
become much vaster.
,
Worth
trade
to supply to these countries
goods which they want, and
for; which they are. able to pay.
an
has control over the airports and
leading universities and colleges
airways.
'
*
issued a public protest in Novem¬
"The President's letter was un¬
ber, 1942, and, in December, 1942,
circles
This
the
to
plant
"Against this immoral; and
"Not
of
resources
able
establish
sound provision of the Green bill
54 monetary economists of our
the
In April,
Civ¬
the
pay
an
a
the
and
Administration
the administration, and
over
U. S.
silver
coun¬
countries in Lon¬
many
away
from the Commerce De¬
partment, make the board super¬
certificate
electric
Aeronautics
bloc's subsidy price was protected.
In March, Donald Nelson asked
best
by
up
visor
silver busbar.
Life
"By these tactics the silver bloc
its
silver
a
into
other things, take the Civil
ilian
the
:
and
Aeronautics .Board
may
in
Asia.
bill before the
Senate which would,
a
among
fought
Ohio,
this thing to the end.
demonstrated
walk
can
metals.
scarce
holder of
no
to
order
its expanded
encourage
last
tries, and the sterling balances piled
don, are now of such size that they
of
to
was
House
Treasury in the form of silver dol¬
lars payable to bearer on demand.
The Treasury, Such 'security' is nominal, im¬
and the Navy practicable, and dishonest because
even
be
leased, and tl/at there
industries,
been
advices
earned,,
tion;
effort, at less than
silver-subsidy price of 71.11
to
is...1
I "The £ Chief Executive's objec¬
cer¬
to aid the
ver
this
I According to the National City Bank of New York, "the dollar
-
balances accumulated in the United States by Latin American
;
dollar in silver pay¬
bearer on demand.'
cannot be sold to
erick
Washington
which
further reported:
tificates will be 'secured' by bus¬
bars in electric plants and other
fact that, under the terms of
the Green
bill, Treasury silver,
a
Press
revamped. Associ¬
Dollar and Pound Balances
Affecting International Trade and Exchange Immediately
~.
America
these
be
National City Bank Sees
-
"The victory of the silver bloc
over the American
people lies in
The
not
By Latin America
iajer Pest-War Trade Influence
In U. S., London
.
T
the
5
as
Balances Aecralafed
are certain to be a major in¬
fluence in international trade and exchange
immediately after the
"To change the setup now," he
war; and they are still growing."
The bank's comments in the
wrote
Chairman
Lea
(Dem.,- matter, under the head "Foreign
r
face statements as to their secur¬ Calif.)
of the House Interstate Balances in U. S. and London" accounts
outside of this country.
ity that are utterly false. Now, in and
Foreign
Commerce
Com¬ were contained in
July "Monthly Considering that about $2,000 mil¬
.June and July, 1943, Congresses mittee! "would so distract the at¬ Bank
Letter" in which it also had lions of newly-mined
gold must
willing to convert $1,667,000,000 tention of officials and employes the
have been retained outside of the
following to say in part:
of silver certificates into a paper of these
agencies, and so impair
"These ! balances
originate in United States during the last two
money carrying promises likewise their efficiency, as to
seriously in¬ wartime trade shifts. Fundamen¬ years or so, it follows that at the
terfere
completely false.
with
the
contribution tally,
they reflect increased pur¬ present time the known and un¬
"Each silver certificate will say which they could otherwise make chases
by the United Nations from recorded monetary reserves out¬
on
its face that' 'This certifies in the; interest of securing suc¬ the
countries
of
the
Western side of this country must be in the
that there is on deposit in the cessful • civil aviation in the con¬ Hemisphere and of the
British neighborhood of $11,500 millions.
Treasury of the United States of duct of the war."
Empire, particularly since the loss This is roughly 34% of the total
charged that the Green bill "pro-<^the means by which this of $660,000,000 of Federal Reserve
country shall have more irre¬ bank notes that carry. on their
■{l
July
on
saying that agen¬
cies now governing civil aviation
are
"working satisfactorily" and
silver
vides
Roosevelt
indicated
227
Clouse
with
Vrooman
the
Law
be¬
Garfield,
of
Cleve¬
April, 1942, be became
with
connected
the
Civilian
Defense
Region,
with
of
Office
the
headquarters
Cleveland,
which
maintained
until
association
his
of
Fifth
at
he
connection
government 1 with the Reserve Bank.
Says Invasion Of Sicily
Harks 'Beginning Of The
President
President Roosevelt considers
End'
Axis-controlled Europe.
The President's views of the invasion were expressed at a for¬
mal dinner at the White House on July 9 in honor of Gen. Henri
Honore Giraud, the French military commander.
Mr. Roosevelt
had announced news of the landings in Sicily in an impromptu talk
beginning of the end" of
dinner
to
and the White*/
public on July 10 Africa
guests
made
House
from his remarks.
He
confidently predicted the libera¬
tion of France and the restoration
excerpts
of the
people of France.
The
following regarding
the
state dinner and the President's
remarks
reported by the As¬
was
thought
of
recital
at
events
last
night's dinner proved it to be one
of the most dramatic state func¬
regime"
"older
the
of
"breaking down."
France is
had
the Chief Executive
When
his
completed
of all
assurance
help and assistance in the arming
the French forces of liberation
and in freeing
sociated Press:
The
given the American
he said that he
had
there and
forces
France and its peo¬
enslavement,
German
from
ple
in re¬
Giraud spoke briefly
Gen.
tie thanked Mr. Roosevelt
tions held at the executive res¬ for support for France and de¬
idence in
many a
month.
Mr. clared that through American aid
Roosevelt and his guests, French French soldiers would have their
and American military, naval and share in freeing their country.
Gen. Giraud then closed the ex¬
civilian officials sat down to a
dinner about 8:15 P. M. (E.W.T.), change by lifting his glass and
and the affair went routinely un¬ proposing to his fellow guests the
til about
9 o'clock.
Then Mr. health of the President and the
word
received
Roosevelt
that
landings actually had been made
sitting with
his right and
President was
The
Giraud
General
ply.
glory of the United States which
he described as the great nation
on
C. Marshall, the
of staff, on his
Across the table was Secre¬
George
American chief
be
would
ship
tary of State
liam D. Leahy,
President's
personal chief of staff; and Ad¬
the
commanderPossibly no
have been
more exciting to these men and no
subject more heavily on their
minds at that time than the Sicil¬
miral Ernest J. King,
in-chief of the fleet.
ian
of
could
news
operation.
his
with
But
program.
is to retain
"If the coal industry
faith
the
authority of the
War Labor Board and the power
or
in
oifice, it is essential that
your
give us some assurance that
President's
remarks
this
you
ttie
morning do not constitute capitu¬
lation
by
government v to
Mr.
Lewis."
Byrnes's letter of June' 30
Mr.
to Mr. Ireland and Mr. Burke said
"has
there
promise or
by the government
mines will be operated by
been
ho
■
commitment
that the
the
government until Oct. 31
for any stated period.
or
this
as
ih-
without
done
be
can
creasing the risk of interruption,
of mining
'Capitulating'
of
sense
the
dramatic, Mr. Roosevelt kept his
information to himself until the
concluding stage of the dinner
about 10 P.M.; at that time he
were
taken
the government not to
coal
by
over
punish the
operators, but to see that coal
compliance with the June
directive of the National War
without increasing
interruption of mining
operations."
Board
the risk of
to say:
on
their
have
services
been
termin¬
The President told
.
soft under¬
into
moved
a
very
the President
brief descrip¬
after
good
what
it
do if he sent Mr. Lewis a
on^ pink paper
sign as the WLB
longhand
in
note
asked
He
Board.
would
belly of Europe."
At
that
point
him to
asking
He said he doubted that
tion of the invasion of Sicily
directed.
pledging his hearers to keep secret
all he told them until midnight.
authority existed for taking over
the UMW. That last comment was
in
answer
to
a
reminder that
This
pledge was necessary because
simultaneous
release times had
for
fixed
been
Washington, Lon¬
don and North Africa,
"The
operations
definite
news
until
news
Mr. Roosevelt hailed the opera¬
outstanding example of
and
planning
between
accomplished
co-operation
carefully
of
American and British forces. Sim¬
ilar
been
achieved
said,
he
co-operation,
with
has
French
the
forces in North Africa.
sanctions existed
said
He
author¬
ity to take over the firm.
released
statement
A
July
on
Ireland jr. and Edward
representing the Ap¬
10 by R. L.
Burke
R.
as an
a
in that case in the form of
but the
later
will be coming in from now
on."
tion
signed
order.
have begun,"
the President said, "we won't get
v
Ward & Co. had
union contract upon his
Montgomery
palachian operators, said:
of
War
continue
the
tolerate
to
coal
of
interruption
nor
We do not
Mobilization.
will
that the Administration
feel
The operation against
"soft
underbelly" has
Office
Board and the
War Labor
present
production
that it will continue to deprive
Europe's us of
possession of our mines. To
a
great do
so
would
mean
complete
many objectives,
Mr. 'Roosevelt
capitulation to Mr. Lewis, and
declared, although "of course the that in turn would be a threat to
major objective is the elimination the entire industrial structure of
of Germany."
"Last
the nation."
(when North
invaded)," he went on,
autumn,
This
that- the
means
Office of Civilian Defense will no
longer render
any
service to the
Speakers who have been organ¬
ized by State and local councils of
defense,
plained.
Landis
Director
ex¬
Nor will it continue to
render any
service to locally or¬
discussion
groups
or
ganized
centers
for
information that
war
tablished, he added.
In the field
of motion pictures, the abolition
of
State
only
limited
training films.
communities
local
councils
extremely
exchange service
The radio script
for
an
number of
that
mean
defense
local
and
expect
can
will
section
that
also
is
abolished.
"the
was
Minister
Prime
of
field
and
ian
war
operations of the civil¬
services
as
a
whole
been
Hitler's hold
will
the
France
also
be
on
"the ;
was
statement
was
operators'
the
to
a
copy
of
letter
with
compliance
effected, Director Landis
He expressed the
lief, however, that leadership
direction can still be given to
has
an¬
people
in
Northern
7 ;
,
this statement which led
"We
on
have
the
just
seen
President's
increas¬
this morning.
ence
of
confer¬
It is being in¬
speculation that the President terpreted by the coal industry as
envisions
invasion
thrusts into an answer to our letter of June 23
Europe from both the Mediter¬ to the President and our letter to
to
ranean
and the British Isles.
The Chief Executive
praised the
you
the
of June 30.
President's
co-operation of which the French
that
military and naval forces in North
cided
the
not
They interpret
remarks
Administration
to
to
any
their
upon
"and should not treat the curtail¬
as
de¬
require that, there¬
indicating thai thesc-wlunteer
services
are
no
by the nation.
is true."
inriger
terminated
in
required
QuiteTIIe contrary
'
V'
Employees whose
mean
has
appreciation of
work," Director Landis said,
way
ment of service rendered Ito them
the report
press
nounced.
the
June 18 directive of the National
Not only War Labor Board without
Europe.
a
people
in
Southern ing the risk of
interruption
liberated, he said, but mining relations.'
France—Paris."
It
Appended
England
Allied forces will strike to destroy
"those who
seek
few, if any,
sponsibilities."
Mr.
Marshall,
meeting of the
encroach
to
ing
Western
at
will
a
Secre¬
In
wards further undermining of
the
"None
Mr. Marshall said:
performing commercial bank¬
ing functions are either willing or
able to assume the responsibilities
now
restrictions
banks.
Still,
chartered
the
of
all
them
of
are
seeking opportunities for profit in
credit lines which rightfully be¬
long in the banking structure.
"What
banking needs is
an
;
7;;
dynamite
banks,"
for
the
declared,
Mr.
"because the
these groups have
long ago started campaigns for
legislation which will give them
the right to perform still more
banking functions." He added:
"Savings and loan associations
and
mutual
savings banks are
clamoring for the privilege
of
making small loans; credit unions
Marshall
lenders seek
licensed
and
to
ex¬
behalf with
sentatives
and
FDIC,
make
'amicus
a
curiae', in plain English,
of the court, filed in its
our legislative repre¬
friend
by Leo Crowley of the
Marriner
Eccles of the
Federal Reserve
Board, Preston
pand
want
associations
loan
to
personal loans; investment
companies want to make commer¬
cial loans, and Federally subsi¬
dized credit agencies seem to be
demanding a free hand to lend
public moneys on any basis they
choose, without adequate security
and in many instances without re¬
course.
result
"The
is
confused
a
and
whose
weight someone is going to be
crushed.
My guess is that unless
the trend is checked, the small
ber
of agencies in the banking banker is the logical victim.
He
is a 'set-up', in fact, because his
field.
"Nevertheless, the job must be business existence is hedged by
done if independent banking is to
and > requirements
regulations
survive, and the time for super¬ which' keep" him ^Fom fighting
visors and State banking associa¬ back at his free-ranging compe¬
tions
active
become
to
is
not
topheavy
system
under
titors."
Hurray Urges Labor Crusade To Force
CongressTo Support President's Program
Philip Murray, President of the Congress of Industrial Organiza¬
appealed on July 11 to labor and other groups to join in a
tions,
velt's "victory program."
Specifically citing his objections to passage of the Smith-Connally anti-strike bill and to Congressional efforts to block food price
rollback subsidies, Mr. Murray, hr*>
V;' v 7 7'
a
nation-wide radio spech, said Tydings, Democrat, of Maryland,
"there has been too much labor- in a radio address at Baltimore,
baiting,. too much Administration-
ment
vices,
services
in the
Tribune"
are
greater in number
in
New York "Herald
Mr. Mur¬
said
"He
has
the
CIO
portVbehind
our
to
executive
'time
take
popular
mobilizing
in
chief
labor
for
the
sup-
commander-in-
to impress upon mem¬
...
people's
wishes, and to prepare for the
election
of a more progressive
Congress in 1944.'
of
bers
the
Congress
plans for special
conferences to be held during the
prices, it leaves the cost of
people' right
where it started,
"The
housewife, through taxes,
said, 'must furnish the govern¬
he
that the
has decided
come
uses
the food 'for all the
reporting
ray's talk, further stated:
board
food
when the govern¬
subsidies to roll back
that
charged
baiting and too much politics-asusual" in the present Congress.
United Press
Washington ad¬
with
ment
the
all
money
which
the government uses to pay a part
of
the
price
of
anything
the
housewife buys.'
"Congress recessed last week
failing in several attempts
to put a strict ban on price roll¬
backs through subsidies, already
applied to meat and butter."
after
matm
"He annouhced
next
months
two
in
every
com¬
Congressional district
munity
or
where
CIO
unions
are
repre¬
All sections of organized
sented.
labor, consumer groups and pub¬
lic officials will be asked to at¬
tend, as will representatives to
Congress from the respective dis¬
tricts.
■
..
7
"Charging that Congress has in¬
terfered
with price control
by
cutting the appropriation
of
Office
Price
and forbidding
said
the
rollback
Washington than in the field,
officials reported.
by
into the commercial and
mortgage loan field; savings banks
are seeking permission to operate
demand deposit accounts; savings
to
Administration
grade labeling, he
CIO
demand 'a real
of living cqsts to the
Sept. 15, 1942,' or a revi¬
of the Little Steel formula
bring wages up to
level
of
Officers of Florida
Advertising Group
>
the present
A
by mail"
Federation of America,
following new of¬
vertising
resulted in the
ficers
for
the
district:
Governor—R. E. McCarthy, Mc¬
.
Carthy Advertising Agency, Tam¬
pa,
Fla.
Vice-Governor—R. D.
St.
Petersburg
Petersburg,
Peterson,
Independent,
St.
Fla.
Secretary— Joe
Letter
Service,
Orthner,
Ace
Miami, Fla.
"
Treasurer—Stephen
Barnett
National
prices.
"Meanwhile, Senator Millard
"convention
recent
of the Fourth District of the Ad¬
for the
leveT of
sion
are
over
non-banking agencies.
is
loaded
with
shock troops of
instrumentalities
the
save
situation
"The
banking structures of
of
has been taken
powers,
to¬
commercial
to
State, he pointed
New York
one or more
trend
the
and
time
smaller banks.".; rJ
of
out, every principal banking func¬
tion, except trust and fiduciary
depository agencies to
made
still
is
there
thousands
determine the actual extent of the
inroads
been
by outside agencies, but now,
when
Colorado
at
have
run
Springs, Colo., urged officials of
organizations to institute studies
of private and Federal competitive
credit and
when the field
completely over¬
several years hence
speaking
Associations
ers
bank earnings while assum¬
upon
re-<$>-
banking
taries Conference of State Bank¬
lead
staff
in
curtailment
"Drastic
be¬
and
the
they sent Mr. Byrnes on July 9,
called it 'the end of the begin¬
4,0G0,000
volunteers engaged in
saying:
ning.' I think you can almost say
activities in the 12,000 local de¬
"We have before us your letter
that this action tonight is the be¬
fense councils throughout the na¬
of June 30 in reply to our letter
ginning of the end."
tion."
of June 23 to the President, in
The
President
then
'began which
"The
11,000,000 volunteers in
you state 'the government
speaking almost directly to Gen. is
giving careful consideration to Civilian Defense throughout the
Giraud assuring him that "France
the steps which may be taken to United States should not regard
is one of the directions" in which
these economies as reflecting in
obtain full
Africa
of
Victor y "great crusade" to force Congressional support for President Roose¬
approximately 60,000
the various communities have es¬
have not lost faith in the
"We
vision of the Civilian War Service
Branch, including the Office of the
Chief, the Community War In¬
formation Section ; and the Pro¬
gram Services Section, has been
abolished.
July 10
on
pleaded for the nation's 15,000 chartered commercial banks through
State associations to ask for State and national investigations
Delano, the Comptroller of the
Currency, and each of the 48 State
July 10 calledPbn James F. Byrnes,
supervisors of banks. Banks have
OCD Curtails Activities
War Mobilization Director, for as¬
the
right to expect that these
Due To Reduced Funds
surance that comments by Presi¬
gentlemen who interpret the regu¬
dent Roosevelt at a press confer¬
To meet the reduction made by lations governing our operations
ence the day before "do not con¬ the
Congress in the requested ap¬ shall recognize the need to safe¬
stitute capitulation by the govern¬ propriation of the Office of Civil¬ guard our very existence.
ment" to John L. Lewis, President ian Defense, steps in the curtail¬
"To
date, State and Federal
of the United Mine Workers of ment of its activities have already
supervisory authorities have taken
America,
states
an
Associated been effected and over 200 em¬ little or no initiative in restricting
Press dispatch, which further goes ployees have been notified that activities and reducing the num¬
questioners ated as of July 15, James M.
rose
to
propose
a
toast and on July 9 that he knew of no law Landis, Director of Civilian De¬
thrilled his assembled guests with which could compel Mr. Lewis to
fense, announced on July 6. The
these words:
sign a contract with the operators, announcement stated:
have .just had word of the as directed by the War Labor
"The Organizations Service Di¬
first attack against the
Secretary of the New York State Bankers Association,
and
operations.
"The mines
Labor
Representatives of the Appala¬
chian area coal mine operators on
Declaring that 15 different types of business are now permitted
by law to perform commercial banking functions, Harold J. Marshall,
"The Governor desires to return
18
Operators Ask If
Imperiled
By Encroachment Of Non-Banking Agencies /
their States.
the mines to their owners as soon
tain full
Coal
Warns Commercial Banks' Existence
their
steps which may be taken to ob¬
earth.
Hull, Admiral Wil¬ President Is
item
stabilization
friend¬ is mined. The government is giv¬
restored to the ing careful consideration to the
General
left.
joined with Mr. Lewis in the mak¬
of a contract. They feel that
their negotiating committees were
wrong in trying to support the
through which peace and
Sicily.
on
fore, Mr. Lewis, through his, de¬
fiance of government, has; gained
his
point and that they would
have
been i better ' off <' to
have
"the ing
the Allied invasion of Sicily
Thursday, July 15, 1943
CHRONICLE
THE COMMERCIAL & FINANCIAL
228
E. ville, Fla,
H.
Fifield,
Bank, Jackson¬
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4194
158
229
proportion
Treasury Income Tax Baling For Employees'i « ik Ownership Of Bank Deposits Surveyed By
Pension, Stack Ssnus find Profit-Sharing Trusts isFederal Reserve System
r
/
Demand
Requirements which must be met by employees' pension, stock
,
bonus and
dented
to
business
enue.
The requirements are set forth in regulations issued under
authority of the Revenue Act of 1942. The Treasury Department
"Two sections of the
regulations
cover integration with the Social
Security system of plans which
exclude employees not earning
and
personal
stated,
July
on
7
in
its^
prohibited
discriminations
will announcement in the matter.
not arise merely because in cover¬ its advices the Board said:
and
contributions
age,
benefits,
employees earning $3,000 per an¬
num or less are excluded, if such
unprece¬
'
In
"Tentative estimates based up¬
the sample reports received
on
March 31, 1943, the 689 banks
covered by the survey held $20,-
though
classified
to
as
owner¬
in
greater
large
The
ones.
unclassified
deposits
the
small
in
the latter.
which
of
large ones, even
minimum
limits
lower
used
were
the former than
The very
mostly
in
large banks,
classified
accounts
oyer $100,000, reported a classi¬
fication
of
all
the
for
about
their
type
smallest
three-fourths
demand
deposits of
while
the
covered,
banks
classified
slightly
deposits.
These differences
in proportion
of unclassified deposits reflect the
greater r relative
importance
of
800,000,000, of which $14,400,000,- less
were
for
greater
banks than in the
on
000
of
much
was
in 1942 and
rate
ernors
"
~
an
amount
the first quarter of 1943, and the total of
deposits reached a new high figure of $53,000,000,000 at the end of that period. Information about the owner¬
ship of these deposits has been obtained through a recent exploratory
survey made by the Federal Reserve System, the Board of Gov¬
profit-sharing plans if trusts embodied in these plans are
acquire preferential income tax treatment were announced on
July 8 by the Treasury Department and the Bureau of Internal Rev¬
points out:
deposits at commercial banks increased at
i?
banks than for smaller
than
half
of
their
indicate that between 70 and 80% ship.
Slightly over half of all
the of demand deposits of individuals, personal and business deposits ai
these banks were classified as be¬
It* also partnerships and corporations at
small
personal accounts at the
provides that discriminations will all commercial banks in the coun¬ longing
to
non-financial
busi¬
smaller banks than at the larger
nesses
and 12% as belonging to
not
arise
merely ■ because ; the try belong to businesses and that
tegrated that the total benefits
ones.
received by
businesses,
while
covered employees benefits paid upon annual earn¬ between 20 and 30% are personal. financial
amounts of large deposits classi¬
(including their Social Security ings in > excess of -$3,000 differ In total it appears that incorpor¬
Changes in Deposits by Types of
fied
as
from those paid upon earnings of ated and
personal
were
small.
Owners
benefits) will not be proportion¬
unincorporated business
$3,000 or less.
Moreover, it is deposits, .including those of fi¬ About 31% of the total were not
ately greater than the benefits re¬
Table 4 shows for 533 banks,
The
actual
amount
specifically stated that discrim¬ nancial institutions and. agencies classified.
ceived under the Social Security
which
than $3,000 a year.
While
particular formula
is pre¬
scribed, the rule is > established
that such plans must be so in¬
more
no
employees
covered
are
by
Social Security program*
■
Act
In connection with the
publica¬
regulations, Commis¬
made the follow¬
of the
tion
sioner Helvering
ing statement:
"The
Revenue
Act of
1942
ef¬
amend¬
substantial
very
contributions
cause
based
are
Senate
on
benefits
The
on
report
of
well
as
those
as
concerns
engaged in manufac¬
turing, construction, trade, ser¬
of vices, etc., are in the neighbor¬
Finance of the
this portion of the 1942
that
states
law
and
other than banks
uniform percent¬
a
on
earnings.
of
age
the Committee
'
fected
arise merely be¬
ination will not
employees."
excluded
by
these
the
$35,000,000,000 to $40,000,000,000, while personal demand
deposits, including those of farm¬
ments to the income tax law re¬
together
authority
in
Table
1, which
compared
with
also
all
shown
are
the relative size of the
indicates
sample
TABLE
l. Demand Deposits of Individuals,
Partnerships and Corporations at Se¬
lected Banks, by Types of Depositors
for
the
If
part of plans
employees.
forming
the
high
of
plans meet specified statutory re¬
quirements the trust income is ex¬
empt from tax.
In addition, an
employer's contributions to the
trust, up to the full amount per¬
mitted by the law, are deductible
computing his own income tax
for the year in which
in
liability
they
are
made, but such amounts
be included in
are
not required to
of the
incomes
taxable
the
em¬
until ultimately distrib¬
ployees
uted to them.
"The
both
this
is
.and
tax
relate
amounts which may
the
to
favorable
conditioned
to qualify.'
"It is apparent that the
for
ing less, lies in the fact that
Social
Security - provides bene¬
fits
on
ter
all the earnings
of the lat¬
However, the pro¬
priety of this type of plan, in
conjunction with the Social Se¬
group.
among
employees.
and
Im-1
part of a plan for the exclusive
benefit of the employees; (2) that
must cover a fixed high
percentage of the total employees
or, in the alternative, that it rfiust
classification of em¬
ployees which is determined by
the
Commissioner
of
Internal
Revenue not to
discriminate in
favor
of
officers,
stockholders,
embody
further said:
"It has
the total
000
in
increase of
March 31,
$6,000,000,000 to $7,occurred ; in the ac¬
this
on
has
construction
business
and
$5,000,000,000
or
a
supervisory or highly compen¬
sated employees, and (3) that the
less that if supplemen¬
tation is not to favor the officers,
$3,000
or-
the
to
generally and, more par¬
ticularly,
the question of the
forbidden
discriminations
have
increase
an
benefits
Social
under
Se¬
Accordingly, the regula¬
tions issued today adopt the basic
rule,
that plans
which exclude
of
$2,000,000,000
the period,
over
one-third.
about
business groups.
curity.
contributions and em¬ employees; whose earnings are
ployee benefits must also not dis¬ $3,000 a year or less must be in¬
criminate in favor of those classes tegrated with Social Security in
trusts
between
$4,000,000,000
supervisory
employer
of employees above specified.
"The
subject
of
employees'
probably
and These estimates should be con¬
highly paid employees included in sidered! pnly^ Ifoiigh indication
the plan as against the lower paid probable minimum and maximum
employees excluded,f the supple¬ limits of personal deposits and of
mentary benefits must be related deposits owned by various broad
stockholders,
such
fits
that the total bene¬
manner
"The; sample
are
by
employees cov¬
ered by the plan (including their
Social Security benefits), will not
be
proportionately greater than
held
based
demand
of 689
which
on
United
about
as
estimates
40%
of
corporations
States
all
individuals,
of
and
March
on
70%
1943, and about
at
reporting
these
deposits
partnerships
the
received
ir.
31.
of deposits
reporting banks were classified
to
ownership.
classified
The accounts
many
Deposits at
indicate,'two
effect since 1939.
in
a
Because of
tendency to increase in
number,
eligibility
depends on
how much an employee earns, and
because almost invariably a very
because
small percentage
of the total em¬
ployees will be
covered, such
plans must be closely examined,
in view of the policy against dis¬
crimination.
$3,000 salary classi¬
fication is not in itself forbidden
"While the
the statute, nevertheless, it
may well result in the forbidden
by
a
the
were
larger
of
such
deposits
plans which will be deemed to among the accounts not classified
satisfy the requirements of the and among non-reporting banks
concerning
integra¬ than among reported classified
regulations
tion with the Social Security pro¬
deposits." These allowances, in the
gram. The third deals with a plan absence of actual figures, can onlv
which will not be deemed satis¬ be
approximated, and the esti¬
factory in that respect.
It is be¬ mated
f^ures
here r given : are
lieved
that
rulings
may prove
publication
of
helpful in
these
plans of a sim¬
ilar nature.
However, the princi¬
ple of integration does not require
any particular formula.
It lends
itself to
forms,
prove
expression in
any
equally
a
variety of
of which
satisfactory.
one
may
personal
*
Reporting
"Of
or
the
Deposits
Bark
Banks March 31,
estimated
demand
at
1943
$53,100.000.-
deposits of indi¬
viduals,- partnerships
and
cor¬
porations at all commercial banks
accounts—financial and
The
that;
broad
earlier
this
in
at
statement
commercial
all
.
non-
estimates
for
accounts
somewhat
a
reflecting the larger vol*
deposits at nonreporting banks.
of personal
ume
by
689
District.
Reserve
to
$3,000
from
a
whether
view
it
integration."
-
to
"
determining
achieves
■
substantial
;
President Praises
Women War Workers
to
$100,000.
(
and
$100,000,
•
,
,
used
used over
8
'
.
,,
v
to
figures re¬
ported by* a smaller number of
banks
giving a
more
detailed
breakdown of business deposits by
broad types of business.
These
figures indicate that nearly twothirds of the deposits in the clas¬
"large" non-financial busi¬
accounts belonged to
con¬
engaged in manufacturing,
mining, and construction, with
public utilities and trade each ac¬
for about an eighth of
group total.
Among the fi¬
nancial accounts, those of insur¬
ance companies comprise the most
important group.
'
counting
the
Table
Distribution
2.
Types
By
Demand
deposits
in
Deposits
Business
of
of Business
"large" accounts
selected
March
31,
(In millions of
age
of
group
totals
businesses
Non-financial
,
1
work program on
follows:
8,738
100.0
mining,
!
5,571
July 7, read as
,
,
...
Dear Madam
Secretary:;
The Women's Bureau of the De¬
partment of Labor will be 25 years
old tomorrow and it is altogether
fitting that its many accomplish¬
ments
the years
over
be told to¬
night.
The
lated
is
bureau
the
on
first world
-
on
the
in
the work
all
the
over
:
informed
are
congratu¬
did
in the interest of
workers
am
it
and
war
United States.
men
be
to
work
it is doing now
mately
dollars)
Department.
letter, which was read by
Miss Perkins during a Blue Net¬
.
standing Percent-
the
of
occasion
the
on
anniversary of the Women's
The
I
1943
Amounts
out-
Perkins
25th
Bureau of the Labor
women
at
banks*
c-;.!
.
paid this tribute in a letter
Secretary of Labor Frances
,
Table 2 summarizes
ness
July 7
on
praised women war workers for
doing "a grand job."
The Presi¬
dent
^Estimated,
sified
Roosevelt
President
from
banks
most
$1,000,000;
$5,000
varied
limit
classification
t Lower
that
approxi¬
16,000,000 American wo¬
now working, more than
2,000,000 of them being engaged in
the production of the munitions
63.8
with which the United Nations are
steadily beating down the Axis. '
Manufacturing,
and
construction
Public
and
portation
and
1,253
dealers
In
commodities
All
1,112
businesses
9.2
100.0
782
49.5
136
8.6
Insurance companies
trusts
Investment
and
investment companies
Security
brokers
All
and
5.7
90
banks—
230
14.5
343
funds
21.7
of
other
deposits
in
accounts
varying from $3,t
most banks used from
$5,000 to $100,000 and a few used over
5100.000.
Financial business breakdown
based on reports from
159 banks; nonfinancial business from 572 banks.
000
to
certain
only
minima,
$1,000,000;
Distirbution
of Deposits at
Different Sized Banks
deposits comprise a substantial
proportion of demand deposits in
banks of all sizes, although the
more
to
of
our
women,
will
go into
aircraft plants,
into shipyards and into other in¬
dustries making actual equipment
for our soldiers, sailors and ma¬
rines or into plants servicing our
come,
plants,
armed forces.
doing a grand job,
working under what
are
new
condtions, for most of
them, they are showing the skill
and efficiency which makes for
high production.
We owe them
and their sisters, who are taking
They
are
of them,
all
—k---;-:-.
dealers
■
Trust
12.7
802
_—1,581
other
Financial
14.3
wholesale
and
trade
and
months
munitions
com¬
munication
Retail
More
m
trans¬
utilities,
"Table 3 indicates that business
with
deposits at re¬
in busi¬
occurred
crease,
____
banks, including ap¬
proximately 400 branches in San Francisco
Reported
above
of
Ownership
000
in
banks
Deposits at all commercial
*Includes
necessarily tentative.
Ac¬
discrimination. Regard¬ cordingly, each case may be con¬
ing the discrimination provisions, sidered on its merits without ref¬
the law states in effect that the erence to a preconceived form,
types of
of
proportion
con¬
nection with other
of
smaller proportion of the total in¬
32,290
ones,
eligibility requirement for
deposit ownership at all bank0
salary of $3,000.
These rulings' make allowance for ' the greater
examples
Mak¬
division
a
banks the increase in business de¬
non-reporting
banks
.'
minimum
only a small minority of all plans.
Its development has in large part
Coincided with the high tax rates
100.0
for
increase
posits
complex
plan is an outgrowth
of the last few years.
It includes
30.7
re¬
volved
This type of
6,380
20,810
deposits
at
banks
porting
sc
and in¬ the benefits received under the including all those above limit®
problems which have oc¬ Social Security Act by employees varying from $5,000 to $100,000
v •
cupied
the
attention
of
the earning $3,000 or less.
at most banks, although a few
"There have been issued, at the
Treasury Department for many
banks used higher or lower limits.
time
as
the ^ regulations,
months.
The plans which most same
The bulk of the dollar volume
often raise the question of dis¬ three rulings by the Income Tax of
deposits classified was at large
crimination are those written to Unit of the Bureau of -Internal and
medium-sized
banks
Revenue specifically relating to
cover only employees whose an¬
where the sample was relatively
nual earnings are in excess of a the matter of discrimination in much
more
complete than for
stipulated amount, usually $3,000. pension plans * which adopt as a1 small banks. The broad estimates
raised
allowance
given
4.2
69.3
cerns
Sample of Banks Reporting
banks
882
deposits____
31,
the unclassified deposits, it seems
certain that, well over 90% of the
increase
growth of personal deposits (in¬
cluding those of farmers)
was
and
7% in financial businesses.
ing
show
Total
March
accounts, primarily those of
financial.
14,430
Federal
This estimated
subject therefore, the task in business deposits accounts for
establish the type of about three-fourths of the total
,
327
(including
Unclassified
and
1941
manufacturing, mining, and con¬
struction concerns, with another
porting
$6,000,-
been to
\
31,
posits at reporting banks over the
period, over three-fourths was in
reported large non-financial busi¬
ness
etc.
the
data,
53,100
another
effects
must
be
In drafting regulations nancial.
ted by the law.
-V "It is implicit in the reason for
the
exelusion
of those earning
52.0
11.5
associations,
churches,
Personal
000,000,000
counts of manufacturing, mining,
000,000 in accounts of all other
businesses—financial' and non-fi¬
prohibited dis¬
clubs,
10,818
2,401
__
the
over
months ending
ia43. perhaps
:
businesses
back
Of the total increase in de¬
1943.
total
,
Financial
of
$15,000,000,-
demand deposits
fifteen
banks
"large" deposits
positsf
Non-financial businesses
farmers)
that
at re-
porting
Dollars)
Non-profit
estimated
deposits
lions of
■
been
of total
out-
(in mil- A.
announcement
limitations supplementation which is permit¬ increase, and indicates that the
these
provisions (1) that the
trust seeking exemption must be
the
the plan
Board's
of the law that the
avoided.
the
The
centage
standing
Classified
cember
ness
PerAmount
outside banks."
and
and. dis¬
to
1943*
31,
'
in cir¬
currency
curity program, must be viewed
light of the general policy
in the
criminatory
benefits
portant
reason
culation
permitting these distinctions,
between. employees
earning
more than $3,000 and those earn¬
as
the, allocation
to
$15,000,000,000 of
program
employer
by
tribution of the contributions
are
tion individuals hold
predomin¬
requirements as ant proportions. of the $29,000,to coverage, were intended in part 000,000 of savings and other time
'to make it possible for plans sup¬ deposits at commercial and mu¬
plementing the Social- Security tual savings banks and of the
March
percentage
an
contributed
be
requirements
statutory
which
upon
treatment
are
between $10,000,000,000
$15,000,000,000. It should be
observed, however, that in addi¬
reported
dollar and percentage increase in
each type of account between De¬
.
.
and
,x
to the Commissioner to
approve nondiscriminatory class¬
ifications not meeting the specified
granted
as
commercial
banks.
ers,
lating to employees' pension, stock
bonus
and profit-sharing trusts
benefit
with
provisions,
hood of
reported in each group
the
places of men in many drudg¬
ing civilian jobs, a great debt and
join with Americans here and
those in the fighting forces all
over the world in acknowledging
I
it
an
upon
anniversary
agency
cerned
occasion such
of
which
the
is
so
much
with their welfare.
sincerely
the
as
government
con¬
Very
yours,
FRANKLIN D. ROOSEVELT.
THE COMMERCIAL & FINANCIAL CHRONICLE
230
the
VBig Boys" Of Business Nol "Cashing In"
humble
•my
i
and have from
stance in mundane
many years,
affairs
admired your eminence
so
in
letters, that I hesitate to call
to your attention certain of your
recent
observations
on
purely
economic and business questions
With which I am not in accord.
been
the
converted
Government
tion
almost
to
the
3931, a year and
were, and so on?
Look
produc¬
exclusively: of
I have
materials.
began
in
the
that England was driven,off
the gold standard in September,
the request of
at
debacle
the bankruptcy .of
enna;
(Continued from first page)
so
with
great Credit Anstalt Bank in Vi¬
1 Wf Lament Tells Poet Benet
for
European
1931
before
the
your
half before
a
very
ing "The
self-righteousness^ of
capital toward the recent high¬
handed conduct of John L. Lewis
the
(and of most of the press, which
grown enormously, their payrolls
and
taxes
have immensely in¬
the
In
May
22
issue
of
your
"Phoenix Nest" you begin by say¬
always
can
be
counted upon to
brings
■side with the big money)
to
mind, etc."
'
Now
cannot
I
what your
is
has
that
help wondering
definition of "capital"
"self-
such
shown
righteousness,"
;
Is it the recent
"high-handed conduct" of both
Houses of Congress?
Or is it the
conduct generally of our millions
who own the greatest
of citizens
single capital item in our country,
namely,
our
farms,
millions
other
and
who
of
own
the
reports of a group of 40
manufacturers of war
sales
of these
Affectionately
tleman, as was to be expected;.
Itvwas ari honest >lettbr from an*
honest man, which also goes with¬
yours,
out
(Signed) Thomas W. Lamont.
history, and at Mr. Rose
century or so our Western
compilation analyzing the
such large civilization is going to indulge in
the "luxury of a world war, de¬
materials,
and these figures present an en¬ stroy hundreds of billions of dol¬
tirely different picture from what lars of property and millions of
Mr.
Dreher certainly,
and you human lives and dislocate our
probably,
have had in mind. whole machinery of living and
These figures
show that while progress, then of course such vast
•
in your piece you yourself call
"the independence of Americans."
v
in "The Phoenix Nest,"
on
May 22
r
From
conflicts
have
are
bound to be followed
sqoner or later by devastatingly
hard times. The world really never
counted
to
upon
side
was
598
As
the
1,465
1,753
+20
705
you
765
587
388
+193
—23
515
—25
—
17
—:
20
\
the immense cor-i
see,
profits
tax
international trade generally.
But it was not our initiators and
free enterprisers that did the mis¬
drop
for
rearmament
in
the
was
the
year
more
bucket
of
than
because
men
fighting
abroad for
ideals, which
gaged in
At
be
never
home
we
wholly
are
en+
great deal of friction,
hardly exhibiting the unity of the
Tight Little Isle—which, just be¬
.
first
no
now
indeed,
may,
a
it is a little isle and we a
great sprawling continent, has less
trouble, it would seem, in coher¬
cause
.
482
are
own
realized.
.
.
also
very word
(as people are likely to
forget) that they are only in
process
of
being realized, and
.
Taxes
hapfight.
means
also "a sit-down strike
creased, whereas their net income got solidly back on its feet after
In the 1920's it of capital in the face of a na¬
paid World War I.
tional crisis." But that was some
de¬ was
feverishly at work trying
clined.
Tabled figures are rather to
reconstruct, borrow,, and go time back, of course, and events
move
fast, and people forget. Yet
It was
annoying, I know, but these that through all the motions.
I quote below tell the story:
setting up, through the blindness ;also "the people do get the gen¬
eral drift of events.
of
its
'
They
politicians all over
the
'/o change
1940
1941
1942
1941-2 1940-2
world, trade barriers and embar¬ know that the profits of big busi¬
(in millions of dollars)
ness; have gone up.
They know
Sales, etc.
.$7,659 $11,230 $13,895
+ 24
+ 81: ' goes, trying to collect impossible
Payrolls
the
2,502
3,607
4,915
+36
+
96
international loans and dedeviling that
yield of the excessNet income
Div.
paid...
to
opinions
We
and the dividends they have
to
their
stockholders
have
.
like
men
happen
our
big
.
do not just
wars
they
think
are
worth fighting for, for those
opin?1
ions become principles and ideals.
money) brings to
that, as Carl Dreher
in "The Coming Showdown,"
there
But
because
hold
mind the fact
says
do with the
of the world from time im?
They
conduct of John L. Lewis (and of
most of the press, which can al¬
be
Cycle
undoubetdly
great deal to
worse.
ben
The self-righteousness of capita 1
toward the recent high-handed
the
Economic
Wars have
memorial; and they get. worse and
We * quote' the following:
ways
a
He puts the blame for
davil"
Wars.
woes
the" May 22 column of
"The Phoenix Nest" by Mr. Benet
with
ole
had
.
concerns
saying.
"dat
ter
recent
to better humanity, not i of opinion.Mr. Lamont's letter
precious thing that was that of a scholar and a'gen-*:
urge
to kilKoff ..the,
we
start put this in your
pipe and smoke it: if every quar¬
whr
me
up
a
our
Thursday, July 15, 1943
ing under crisis.
of
my
own
a
All this
infinitesimal
wax
and
military
controversial
sometimes,
like
causes
corner
now
and
most
to
then,
jour¬
It was the great economic expenditures, and that Congress
shares of our great industrial and porate income and excess profits chief.
nalists,. I am inclined to make
is still squeamish about dipping
transportation corporations? For taxes that these industries are; I aftermath of a world-wide war
sweeping statements.
But I was
deep into war profits." They have
quite properly, being called upon- plus unwise statesmanship.
surely you must be aware that in
aware
that
many
people now
a strong suspicion that
to pay, have resulted in a marked
capital is owned
Incidentally, do you.recall .thatthe: last; two
generations v the
shares in our
ownership of all the thousands of
falling
great corporations (with pos¬
dends.
our
off
sibly two
or three exceptions) has
fragmentized, democratized;
certainly
been
not
and
that
blocks
of
most
of
those
large
individual holdings no
longer exist. -•'.
•
Well, let's nol bother then, to
ask you to define capital, nor for
that matter to adduce proof of
your dogma that the subserviency
of the public press to "big money"
can
"always be counted upon."
Having
started
originally
in
newspaper
work and for years
-
profits
and
divi¬
Government, which
the
needs
money,
and
the
corporations, has been
the "cashing-in."
I may
doing
add
of
So the
that
from
1940
to
1942, the
the
ended in
was
far
more
responsible than the
Following
our
own
Civil War
we had a terrific depression from
that, the Big Boys,; .1873 to 1877, a direct aftermath
of the
you call them, have not been
dislocating struggle be¬
"cashing-in" on the war as you tween the North and the South.
you
see
as
seem
of
to think.
their
Even at
existing
that,
many
contracts
not
are
too
busy
promoting
with all the means at their
rose
So
porations;
1815
; average annual Compensation per; free enterprisers.
employee of these corporations
from $1,800 to $2,450.
great cor¬
and Tom knows that
when. I said "capital". I did nol
So, "be¬
Napoleonic Wars that cashing in on the war.
England never got neath the appearance there will
really back on her feet econom¬ be that 'class suspicion and ha¬
ically till 1850?
For that long tred' which the big boys are al¬
and dismal aftermath Napoleon ways muttering about when they
after
Many Southerners think that de¬
spite the best efforts of these free
mand."
over
mean
I
Man.
for
Mr.
Wallace's
After all, the
stockholders
in
h
affairs of that
corporation. They
politely be asked to "sit inf
at times, to be represented at a
board meeting.
If any did, they'd
may
stand
myself, as a
patriot, I guess it is against hav¬
ing the country run for those Big
'Boys, and in favor of having it
run
small
large corporation exercise pracr
tically no control over the
it
com¬
Sometimes when I think
where
those people.
many
be
too
overawed
to
venture
an
opinion. -1 meant by capital the
Common.
men
One thing we have created
in
the
uppermost
income
brackets
(if we eliminate
the
country which I haven't
"renegotiation"
Movie Stars!) Who, through theib
found
elsewhere, and which I
followed the course of the public by
keen
Government
officials recovered, after 80 years, from the
money, and hence power, con¬
which may well reduce still more devastation of that great conflict. 'thik is a great characteristic of
press, I have always felt that its
trol, or help control, great indus¬
ours,
is
the
independence of trial
the final net income of these cor¬
-independence, just as in England,
The
corporations and public util¬
Spanish
American
War Americans.
But "independent as
had been recognized and accepted porations.
ities; whose holdings (however
(1893) the Boer War (1899-1902), a
hog on ice," is also a perfect
as one of the glories attained up
the Russo-Japanese
democratized corporations may be
No, Bill, I do not believe you
War (1904description of it.
A hog on ice
to the present time only by Anglo- need be concerned about the
Big: 05) were not world conflicts, but is great on independence, but not today) are not small; who wield
Saxon
the power that money can
peoples.
Have
I
been Boys in industry.- Oil -the - con¬ put together they destroyed a tidy
wield;
so sound on the: principle of con¬
who direct lobbies and
wrong about this all this time? trary, I assure; You from
pressure
personal lot of capital and upset the econ¬ trol. So, when tears
spring to the
And are you able, moving as you
omies of many nations. The panic
groups; whose object is to main¬
knowledge, that what we have to
eyes of the business man at the
do more closely
tain the social and economic
in journalistic be concerned about is this, name¬ and depression that inevitably
sys¬
mention
of
Initiative
and Free
circles than I can hope to do, to ly, that
tem of the United States for the
followed came about 1907,;. and
many of our industrial'
assure
me
that you are right as
from that time on business here ^Enterprise,, holiest to him of all, benefit of the few and for the
concerns, under present tax legis¬
things under the sun, is he not
to this lack of "independence" in
profit of the few, and not for the
lation, far from cashing in on the was spotty until the second year
apt to forget, as he bows his head benefit of the
'the press? of World War I in 1915.
war, are more likely to be dan¬
great majority and
and sinks to his knees, the un¬
the profit of the great majority,'
This is. rather a long prelim¬ gerously depleting the corporate
What is going to happen to our believable
social
stupidities, to If Tom
inary to my respectful expression reserves they will surely need to American economy after the pres¬
says there are; no such
say nothing of economic crimes,:
Americans now, I can only say
of astonishment that you should meet the task of reconversion ofent, the greatest and most devas| that have been committed in their
iat this point, a full year after its their plants from war uses and
tating of all world wars?
The name? I don't think we so much th,at I cannot agree with him, and
feel
that
he
sees
the
publication, have taken to your machines to peacetime production Lord only knows. But we are vail admire the fellow that
picture
"gets away
bosom "The Coming Showdown," when the war ends.
through the rosy glasses of £
Of course aware that at this moment busi¬
with it" as we used.
We have
too amiable temperament.
that fantasy of bne Carl Dreher, we may squeeze the corporations ness men
There
and Government
are
seen
unfettered
initiative
and
are such men
.whose remedy for all the ills of until the pips squeak, but let us
as those of whom
working at top speed not only to free enterprise run a country
I speak, and they are powerful.
the
world
is
"democratic
col¬ leave them enough to prepare for win the
war, but to devise plans right into the hole.
Today what
In private life they may be
lectivism."
In America we don't this vital task of reconstruction. to
lessen
the post-war
pleas¬
shocks we want is a balance of free en¬
ant
know
much
about
collectivism
men,
and they are honest
;; Reverting to* Mr. Dreher's book,! upon employment,
living, stan- terprise and control by the Gov¬
but we have a natural distaste
enough, because they believe in
you do not go so far as to say dards and all else that has been ernment.
The upholders of the
a
for the sound of it because it is a that
country being run for a few.
"democratic collectivism" is a part of the American way of status quo have always reiterated
.Nazi and a Fascist product.
They believe in privilege. I don't
And the solution you favor.
to us that "you can't change hu¬
Appar¬ life.
believe in any such thing, and I
we know darn well that
collect¬
ently a "balance of free enterprise
But, Bill, just a moment at the man nature." No, say I to them,
think it is totally un-American.
ivism is at the antipodes from and
control by the Government"; end of a
long but, you can see, a you can't, it seems, change the But* that
is what I mean by
democracy, and that, Carl Dreher would be enough to
Cap¬
satisfy you.! respectful
and
amiable
letter: human nature of you fellows; so
to the contrary notwithstanding,
ital.
It goes hand in hand Witht
Hardly any reasonable man, even Forget about the machinations of to protect yourselves from your¬
there can be no such thing as
the obstruction of all progress in
one of the
"Big Boys" of business, these "free-enterprisers" of yours selves and the public from you,
"democratic collectivism." As one
sociology and economics, because
as you call them,
would, I assure; that you think have ""done so bad¬ it is necessary for the Govern¬
of
the
it is afraid that it will lose its
reviewers
a
year
ago you, disagree with that ideal. The;
ly by us. + Forget about your Big ment to exercise certain controls.
pointed out: It is a "contradic¬
preferred position of power.
It
difficulty comes when the form Boys and all the category of per¬ Or who do you think you are?
tion in terms" since "collectivism
has taken up the slogan of Free
and extent of control
by Govern¬ sonal devils.
Just sit down with
With which' moral—if it be a
works in practice only when it is
Enterprise because that assures
ment are to be
determined, and me late Some afternoon Over a moral—I drop my
theorbo, as its preferred position.
thoroughly undemocratic."
the history of the past ten
years cool drink at the Century Coffee
Browning said.
You quote from Mr. Dreher, or more illustrates the
"It would be nice to wake up
complexity House, or where you will, and
calling particular attention to his of the problem. - All I would ask fix
•Mrlj Benet's Reply to Mr. Lamont tomorrow and find that this stater
up with me a simple little in¬
ment was what Tom
idea, which you yourself seem is for you and me not to be tool ternational
calls Carl
The
column1 written
by Mr,
plan that will prevent
to accept, that "Congress is still impatient with our
Dreher's book, a 'fantasy.'
But so
present sys¬ wars.
Then we shall be able to Benet. for the "Saturday Review,":
squeamish
about
dipping
deep tem and its admited faults—not avoid
long as l hear of the head of a
post-war booms and de¬ •of July 17, follows:
into war profits"; such a state¬ to be too ready to believe
large corporation slicing himself
the pressions and
you will finally get
ment seeming to imply a previous worst about it.
off a huge bonus—for what?—V
THE PHOENIX NEST
a real idea of the system that is
careful study of our existing tax
while
his
workingmen live in
One other thing I have over¬
variously called the profit: sys¬ ; The Nest could hardly escape
laws.. You yourself go on to say looked.
working conditions that should be
That is, when you said: tem, or the
capital system, or the being flattered by the attention
that people
a
(including yourself, "We have seen unfettered in¬
scandal, I will believe in such
enterprise system, or the savings paid to its vestiges of opinion by
men..
Such bonuses have been
Bill?) "have a strong suspicion itiative and free
You see,
enterprise run a and thrift system—all good names an eminent financier.
that capital is cashing in on the
known in the immediate
past, and
country right into the hole."
In for
the
System - under
which if Tom Lamont can be a mossy
war." Of course everybody knows other
such working conidtions are, un¬
words it was
primarily the America grew in three hundred violet, I can be mossier!
Nor
that for many of our American initiators ' and
fortunately, known today. It isn't
free
enterprisers, years; from the wilderness to ; a could L escape being rather ap¬
fantasy.
And I once took a look
corporations large gross earnings was it? who brought on the
great land in which men are free and palled by-having my name, so to
at the published figures of in¬
are
the order of the day.
But business depression
that began have more nearly equal oppor¬ speak, headlined, just as I had
comes in these United States and
careful analysis fails entirely to late in 1929?
Is that what you tunity than ever
before, to a land quietly stolen away to Cape Ann
bear out the "cashing-in" idea.
they sickened me.
A very few
mean, Bill? ; Is that really pos¬ in which the average man lives for a communion with the shades
had
enormous
incomes and the
Very likely you yourself may sible?
Were you not aware that better,
healthier and wealthier of some of the Transcendentalists
have had in mind some of our in that
period the whole civilized than ever man has anywhere.
who once sojourned here.
But great majority had incomes upon
largest
companies
which
have world went into a
Let us be careful, you and I, in such. I suppose, are the penalties which, at best, the cost of
tail-spin. That
living
subject
to
fresh
are
enterprisers the South has
in
this
never
.
•
•
•
.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4194
158
being what it is, they could bare¬
ly scrape along: 1 What: on earth
is the world for, if not to enable
every one to work,
have three
meals
day, and a decent
their
heads,
sound
wild-eyed Red, a solid; citizen^ Allied. support of the so-called
arid we know 'th'at be 'at dhe tiWe! De GaUllC Movement has been
backed the Kansas Sunflower. Yet
a
recently I read something he said
about big business men in Wash¬
Cniigre frogs,
luxurious
Where
setup ; for
.
sible-~for everyone in this coun¬
they were
good friends,
but that the minute you got them
on the subject of their own busi¬
ness
and its future they became
try. Tom says that a lot of it has
happened here already.
(Let us
fierce, fanatical, and ruthless. I'm
merely saying what I read, and
leave
what Bill White
back—found that in North Africa
roof
over
a
healthy recreation and the
.
oppor-
trinity to^ be property educated?
And all that is
humanly pos-
War-time which
out
lishes
now
unusual
an
estab¬
condi¬
of
set
ington. He said as
good fellows and
men
thought. Straws.
He thinks
I
looking
am
from the earliest times that is the
only
facts h^ve been brought
conditions
way
into the open, and
out
improved.
'collectivism5?
"About
is
a
and
-Nazi
a
Yes, it
Fascist product,
has
say
—but I
part of this: country,
and it is still The Country of the
Great Experiment.
I know how
much
my
brother
loved
this
who was a far better
And, Boy, how I hate
than I.
man
(what Tom omitted its faults! Which does not mean
to say) a Communist product. And that I a many 'plarster saint,' as
it started as a Key-Stone of So¬ anyone
who knows me knows.
cists
The Nazis and the Fas¬
as
merely
suited
shall
them.
not
rather
stole
add
such features
At this point I
to
acrimonious
discussion
Communism.
and
Russia
current
the
of
But
Communist State, and
praised and respected
ally, and it is obviously collectiv¬
ism and if Russia can profitably
learn from our ways of demo¬
cracy i (as I believe she can) we
can also profitably study how col¬
lectivism works, and in what re¬
spects it does not work,
over
there.
I myself do not believe in
any kind of dictatorship, and I
never did believe in, among other
kinds, 'the dictatorship of the pro¬
letariat.- r Insofar as; Russia is a
dictatorship,
I
think
it is
a
dangerous form of government.
Russia is
also
a
our
'The form
and
extent
by the government.'
what
we
work
out.
But it will always involve a cer¬
tain amount of fighting—fmen: be¬
which
movement"
He
fear
Walter
the
Lipp-
and his
clique are trying to
stir up.
Without going into the
delicate details it is capable of
letting^ loose a storm in North
man
Africa..
The
question
„
whether
about
of control
Yes, that is
shall have to
particularly
They
but also it is
cialism.
contentious.
was
these
stirring
arises
r
have
men
to
as
gone
this trouble sin¬
up
cerely. The facts are that the news¬
"PM,"
paper
journal devoted to
a
spreading only sunshine and hap¬
piness,
sent
North
Africa
a correspondent
several weeks
to
ago
ing made that way.
Tom-is a
most
charming, informed, and for the purpose of "exposing" our
amiable man, but when he tells
"political blundering" in Nortb
me, 'Let us be careful,' I say, 'No, Africa.
After an investigation he
let
not be
us
be bold.
bold for
people
careful!
were
bold.
much
the
betterhas
Let
lived
workman
tribute
to
handling
whole
was
diplomatic
the
situation.
not
of
a
run
this
His
story
Europe.
This is a 'and he - resigned.
rich country with
Also, Lippman recently wrote a
all, work for all, homes
vicious story about Demaree Bess
for all, if we make it so.
It is a
of the "Saturday Evening Post"
country that, even as it is, men
will fight and die for.
Certain
achievements in Russia
Let us who had gone to North Africa: and
were accomplished
(and there is make it truly the hope of the had access to the official corre¬
no argument about this) at a ter-. whole world.'
spondence dealing with our diplo¬
rific cost in human lives.
in
peasants
great,
strong,
food for
matic
wish that kind of collectivism in
America, and certainly not at that
ence
From Washington
I do want 'the independ¬
price.
of Americans' preserved. But
from whether,, Carl
grounds which decent Americans
Dreher's book is gospel or a lot of
hate to discuss.
hooey (and I myself thought he
.The facts
in the De Gaullesaid some pretty shrewd things),
Giraud controversy are that the
is it too much to ask that this
American and the British fighting
cherished independence of ours
men
assume
that they will have
Cease to be made a cloak for those
to
do the
fighting everywhere
Who would rule America for their
'own profit and oppose every kind that is necessary'- to crush' the
of reform of our processes?
The Axis. Our propagandists make
ideals of the New Deal—however high sounding phrases about the
aside
quite
faulty
the
processes
been in certain
ways
these
Boys.
may
have
respects—have al¬
really been anathema to
pardon me, Tom!—Big
—
Sufficit.
"As for sitting down to a cool
drink" with Mr. Lamont - at the
the
liberty
loving
Yugo-Slovakians
and the liberty loving Poles, and
aboVe
all, those liberty loving
French
who
did
nothing about
their liberty but lay down. But
the military men, considering .that '
to
loving
Chinese
Washington
"sung for
what
is
correspond¬
his statement that Bess
was
had
supper."
his
important
more
to
that Lippman,'
readers
is
torting
Bess'
But
his
had
we
Giraud
the time.
game
and
the
double
was
have
to
do
This
for
craze
much help to him in
I
easily become
synthetics may
important factor
an
Need
am
but I
More
am
Good Bombers
army
no
or
of
one
50
navy
expert,
.
statistician.
a
Washington friends
in the downfall of America.
When my
tell me that
bombs will
our
wipe out
German buildings, I can reach
important conclusion. For in¬
stance,
we
know
how
many
buildings there are in Germany
an
We
Need
I
have
More
a
Manual
Workers
great many letters
people wanting jobs,
from
which if bombed would
young
but very few want to work with
their
hands
keys
of
other machine.
are
of
getting to
.
manual
been
an
John
The
real
Lewis
L.
able to hold up
people
many
bombs would be necessary
result, we to complete this job and hence
actual shortage how many bombers would be re¬
a
workers.
that
reason
As
the
cause
Germans to surrender. By simple
division we know, therefore, how
except to press the
typewriter or some
a:
has
quired to make
a
slaughtering in¬
vasion unnecessary at
this time:
My Washington friends tell me
136,500,000
that
is
we must be prepared to lose
because his union is
exclusively of manual from 3 to 5% of our bomb-:
workers, namely, the miners. No ers on each successful raid. Hence,
labor union, consisting of those it is only a question of making
doing work which we can do for enough bombers and bombs. This
ourselves,
could
hold
us
up. we can do. If this would require
Hence* we should get back to the dropping
300,000
tons
in
six
soil and be less dependent upon months it would mean dropping
made
up
labor
the
of others.
50,000 tons a month, or 12,000
that all of tons a week. If we must lose a
to do some plane for every 50 tons dropped,'
The simple truth is
us
designed
were
work
manual
;
order
in
to
this
live
ple
cannot hire
cise
for
us
others to exer¬ Germany,
and do all
work any more
would
than
our
seems
manual
we can
a
advice
on
this
a
loss of about
Tq
a
statistician,
it
crime to lose the lives of
hire 1,000,000 good; Americans in too
hasty invasion attempts.
others to eat for us, sleep for us
or breathe for us.
If you want
further
mean
6,000 bombers and perhaps 60,000
men in the process of wiping out
courageous and useful
In the long-run, we peo¬
healthy,
Conclusion
subject
-.if.: v.-"-
When
associates read this
they say, "The above four
facts are self-evident; but what is
needed
to
bring these changes
chapter of II Thessalonians, which
about?" Well, unfortunately, they
were
the first books written for
cannot be brought about by legis¬
the New Testament. Whether our
eleventh
the
read
verse
of
the
my
copy
fourth chapter of 1 Thessalonians
and the tenth verse of the third
I fear education of it-'
lation and
men
on
John
L.
who
controls
who wanted the
their
basis.
it,
And
or
war—
to win
they
are
taking advantage of decent men
when they pursue
the
Lewis,
or
dictator of America.
control
can
part of all of us for the common
good. Only a spiritual awakening
can
bring this condition about.,
someone' else
manual, labor,
the
Labor union
Hence, only
.be prevented only as
can
save
a
spiritual awakening
America.
Building Construction In First Half Of 1943
Totaled $4,300,800,000 Labor Dept. Reports
course
they
the job.
construction
New
activity
the continental United States,
in the first six months of 1943, is
in
which amounted to $4,300,000,000
expected to decrease to less than $2,500,000,000 for the last half of
the year, Secretary of Labor Frances Perkins reports.' "Operating
under stringent controls and faced with shortages in many lines of
materials the construction industry put in place only $753,0000,000
of privately financed/work^ in/the^:
of the year," she said. A 30% decline in war housing,
construction,
with the expenditures is expected in the
military and naval and industrial last half of the year.
"The $1,100,000,000 of industrial
facilities programs nearing com¬
first
half
"Public
ance."
J
imme¬
pletion,
totaled
approximately
They even go through the form
diately eliminating wars!
Per¬ of
in the first six
They have gone so far, this $3,600,000,000
arming the Chinese, and the
months of 1943 and probably will
haps I would modify my opinion French
African mercenaries so
clique* as to represent that our
of our press.
It is, pretty much
amount to not much more than
they will have something to play State
Department was composed half that much in the remainder
ruled by its : advertisers except
with, but they have no illusions
of Fascists and that in their bring¬ of the
.'PM', but it also produces some about the, score.
year."
remarkable things, like the re¬
Yet into this situation, a group ing Giraud over here, instead of
Secretary
Perkins
fu r th er
porting of the present war, which of American commentators, men De
Gaulle, we were seeking to stated:
is an everlasting tribute to the
who were whooping it up for the
undermine the British. The Brit¬
"Private construction continued
efficiency and perspicacity of the
war, must come vyith the insist¬
the decline started in the last half
special correspondent.
I should ence that unless our Government ish, they represented, were for
of 1941 and is expected to drop
say to Tom, too, right off, that I deals with men of
.their selection, De Gaulle. We were seeking to below $700,000,000 in the last half
liked
his
'tabled figures,'
and it will not be an authentic vic¬ outmaneuver the British in the
of
1943.
Non-farm
residential
that I was glad to have him men¬
tory even if we win it!
control of France after the war. construction
fell to $334,000,000
tion 'the immense corporate in¬
It is a pretty disgusting situa¬
All very helpful stuff, of course. in the first half of the year and
come and excess profits taxes that
tion
that
has
been
going on
should increase slightly ". in the
these industries are, quite prop¬ around here for several weeks and But it so happens that Churchill,
last
six months.
Private non¬
erly, being called upon to pay'* the lines, if you will check, are himself, has sent a memorandum
residential construction of $73,(♦boldface my own.)
I should pretty definitely drawn. De Gaulle over
here, saying, in effect, he is 000,000 amounted to less than a
say
to him that I realize the escaped from France and the Brit¬
damned tired of paying agitator fourth of the total for the first
necessity
of
maintaining
cor¬ ish,
for
propaganda
purposes,
half of 1942.
porate reserves;, but that such a built him up as representing that De Gaulle's way, that De Gaulle
"Farm and public utility con¬
howl has gone up about them, in great "flame" of a Free French. has been
using the money which
struction both showed declines as
the midst of a vital war, from the It was a natural
thing to do. With
be
We
or
petroleum—we are robbing our
grandchildren at a criminal rate.
You wonder what is the
of Lippman and his clique-*'
whether it is to win
it
Giraud.
crossed
here in Washington at
just good sport, go right are pursuing—because they would
Coffee
House or anywhere, ..it
ahead assuming that we v.arid i the.
be the first to scream "'intoler-would be a pleasure. I might not
will
rubber
.the
be
British
of
alcohol
by dis¬
context,, gave
impression in some quarters that
„,
liberty
from
arrangements
the
of
ents
(Continued.from first page)
ton
every
made—either
dependent upon
educational system is to blame for
self will be unsuccessful.
These
there;, One today's dangerous tendencies, I do
four great needs require volun¬
not: know; but^they must be cor¬
thing that incensed the majority
rected or we will end up with tary willingness to sacrifice on the
"William Rose Benet.''
I do not
For
eum.
alcohol; while we become less
to sell petrol¬ their members.
want
men
lives.
which
truth
our
would
paper
the
to write
refused
Instead, he wanted
the
write
to
us
over
have
and
the "expose."
saying how
than
back
came
us
Let
country.
oil
the
us
the future of all the
of this
not be contented with
here
Let
The early initiators and
enterprisers
be
too
(Continued from first page)
rubber made from
"movement" and God knows
a
these military men fear "moveirierits" behind their backs.
am
country,
can
Gaulle
De
"Over
ana
above that, I won't
I love this: country*-any more
entirely too much on the dark than a. man would boast in pubic
side of the picture. Possibly. But of how much he loved his mother
tions.)
Babies, Soil, Work And Bombers
the
they be of use to
us? Well, they are being paid to
propagandize
the
French.
Our
military men who in the actual
fighting don't expect any assist¬
ance from any of the people they
are "liberating"—all they hope is
that they won't get stabbed in the
square
231
'
-
facilities
construction
two-thirds
of
the
was
total
about
for
the
first six months of 1942 but only
slightly more than one-half of ex¬
penditures in the last six months
of the year.
This program is
nearing completion and expendi¬
tures
for
the
remainder
of
1943
.
;
,big. industrialists, that I have also
felt, 'Methinks, they do protest
too much!' < And I should ask:
what; is it in our present, social
philosophy and economic think¬
ing that breeds these devastating
wars;
what shall we do to be
saved? Tom is, I believe, in direct
descent from the clergy, and is
interested in what we
shall do to be saved. From what?
sincerely
Well, for instance. I suppose any¬
one would grant that William Al¬
len White is a
good American, no
Britain gave
their support
De Gaulle built
up
great personal propaganda or¬
ganization. | He has prooaganda
staffs in New York, in Washing¬
ton. in other places around the
globe.
They were supported' by
a
the British.
Now, inasmuch
as wei
paying all the bill, they are
being
supported
by
us.
In
Washington his staff is housed
in pretentious auarters on what
is
known
as
Diplomatic Row,
Sixtenth
St.
Writing
as
one'
whose ancestry is French, the
are
him, to propagandize
compared
forecast at
$390,000,000.
"Military and naval construc¬
tion expenditures of $1,600,000,000, although less than half of the
are
total for the last half of
1942, were
only slightly below the total for
the
first half of
1942.*> Expendi- j
slightly more than $700,-.
000,000 are expected on this pro¬
gram in the last six months of the
tures of
year.
•
"Highway construction expen¬
ditures of $192,000,000 were about
42% less than in the comparable
period of 1942 and are expected
to
decline 4%
in the last half of"
with the first half of the year. Other public construc¬
1942, although the declines were tion, including river, harbor and'
money we've been giving Britain not so severe as in other types flood
control
works,
TVA
Further projects and public service enter-'
to pay this money to De Gaulle of private construction.
curtailment of farm and public
prises such as water and sewage,
in the first place.
utility construction in 1943 is not rapid transit, electric light and
/And in the final analysis, does
expected to be so great as in power, and pipe lines, increased
anyone
suppose
that either De other types of private construc¬ from $172,000,000 in the first half
:
•
v
.
Gaulle or Giraud will have any tion..
of 1942 to $216,000,000 in the first
"Expenditures for Federally fi¬ six months of the current year.:
appreciable part in the outcome of
nanced war housing amounted to This rise was largely the result
the war?
The answer-being no,
$375,000,000 in the first half of of increased activity in the con¬
then what are Lippman and his
the
year, an
increase of 116% struction of Federally financed
over
the same period last year. pipe lines."
clique trying to pull off?
against Britain—which means the
.
-
*
232
THE COMMERCIAL & FINANCIAL CHRONICLE
^
2%, and in North Carolina where
1943 acreage is slightly abbv'e,last •
April Home Mortgage Recordings Higher
Bank Administration reports that re¬
Loan
Federal Home
The
financing
sponding to the normal Spring acceleration of the home
market, the amount of non-farm mortgage recordings of $20,000 or
less rose 15% from the March figure.
This is the second successive
i'■
year,
Urged By Dr. Wei §®
largely seasonal in character, was sufficient to carry April mortgage
activity to a point only" 14% below April of last year.
The total
to
The
further said:
announcement
upward movement of record¬
All classes of lenders shared in the
ings. Commercial banks and trust companies indicated the greatest
proportional rise, 19%, savings and loan associations and mutual
savings banks ranked next with rises of 18% and 17%, respectively.
Each of the remaining types of institutions exhibited an increase of
approximately 10%.
*—April 1943
April 1942-—
•
%
Chg.
from
Ins. Cos.
24,558
8.0
+10.6 —28.7
34,466
Cumulative Recordings
from
January-April
of Mar.
Volume (000)
r/c
Total 1942
1943
1942
Chg.
30.2 + 8.3 $318,650 $386,202 —17.5
9.6
+ 5.6
84,720
126,724 —33.1
Bk. & Tr Cos
63,385
20.5
+19.2 —22.8
82,082
22.8
+
5.1
209,484
308,200 -r-32.0
Mut.
11,122
3.6
+25.9
+ 4.0
51,400 —28.8
21.3
4.2
17.4
225,906
235,445
42,950
13.9
+
15,310
62,707
56,821
36,598
65,807
+16.6 —27.4
+10.3 + 4.9
15.8
+
9.0
151,183
205,250 —26.3
+14.7 —14.2 £359,968 100.0
+
7.2
1026,541
1313,041 —21.8
Type
;
Volume
of
Lender
% of
Svg.Bks
Individuals
Others
_
-
Total
of
last
Volume
(000)
6.9 $108,582
Apr.
—
9.6 —24.4
recordings
for
the
first
four
months
the
of
4.1
—
year
This was about 22% less than in the same
and nearly one-fourth below 1941 totals for
During the January-April period, savings and
$1,027,000,000.
month
Chg.
1942
1943
+18.1
32.7
__$308,957 100.0
Cumulative
were
Mai*.
(000): Total
S. & L. Assns$101,135
Chg.
from
year
comparable months.
loan associations accounted for 31% of the total.
Individual lenders
ranked
second, having recorded 22%, while banks and trust com¬
panies were third in magnitude, having recorded 20% of the total
for the four months. In all periods prior to 1943, recordings of com¬
mercial
banks
have
exceeded
those
of
floods
from
losses
individuals
by
sizeable
a
California
and
Jones Denies Wallace's
Charges Of
Stockpile Delays: House Droop Not To Inquire
Rules
Committee
half
the
year
Jones
has
declared
that
he
would
welcome
a
inquiry.
After
strategic and critical
ma¬
war
Warfare,
which
the
Vice-Presi¬
dent heads.
a
Secretary Jones on July 5 issued
7,500-word statement of denial
of Mr.
a
Wallace's
charges, and in
the Senate Appropria¬
a
6,700
letter to
tions Committee also took excep¬
tion to
Secretary Wallace's al¬
legations.
'.-a*
Mr. Jones denied that the RFC
had delayed purchases of war ma¬
terials
but
said
the
BEW
had
been
guilty, if
anyone.
F. Byrnes, Director of
Mobilization, sought on June
30 to compose the differences be¬
tween the
ficials
two
administration
failed
but
his
in
of¬
initial
peace-making
ing a White
attempt.
Follow¬
House conference,
principals issued new crit¬
both
ical
statements.
Bernard
Baruch, Assistant to
and
Administration
also
reported
Mr.
M.
Byrnes
adviser,
was
active in efforts
as
to
straighten out differences of
policy between the BEW and the
It was disclosed on July 3
by Milo Perkins, the BEW's Exec¬
utive Director, that Mr. Baruch
"has helped us break log-jams"
two
validity
Up 0.1%
of wage
costs
Living
will be
purchases
of
t i
Senate
~
•
.
The Senate
This
the
from
Mr.
open to serious
letter by Mr. Perkins
the Senate Committee, accus¬
a
ing Mr. Jones of throwing
up
a
smokescreen.
that he bought what the
Vice-President charged him with
prove
buying,' wrote Mr, Perkins.'1
noted
Wallace's
in
these
advices
of July 6 the following
reported
concerning
Mr.
was
charges
columns
were
July
1,
page 20.
Jones's statement:
"He
took
by one the
complaints that
the RFC had held up BEW pur¬
chases of beryllium, cobalt, cor¬
undum, tantalum, zirconium and
up
one
Vice-President's
quartz crystal and he denied them
all.
RFC, in fact, is puchasing 37
different
metals
mentioned
by
count for
97%
mitments
and
and
Mr.
of its
99%
the
29
not
Wallace
dollar
by
ac¬
com¬
weight,
The acreage
in the
July 1,
5.0%
the
Wallace's
statement
that
Mr. Jones had harassed the BEW's
employees,
'is
as
or
acres
is
1943.
last
and
year,
25.5%
less than
of 21,576,000
acreage
indicated
Such
smaller
since
an
an
than
for
harvest
in
acreage would be
that
1895.
for
■
v
any
year
+
•
v®:
Reduction in acreage from last
is indicated for all States
cepting
was
an
Mississippi
increase of
The
from
where
ex¬
there
approximately
as
It
1942."
will
on
step
announced
was
July
on
8
by Solid Fuels Administrator for
War Harold L. Ickes, who stated
he had ordered the industry
Europe struggling
Re¬
porting
this,
Associated Press
Washington advices of July 9
that
further said:
where and
to
:
means
and
would
efforts
the
to
he
carry
'with
by
We
will be carried
on
and
oil
have
must
nent
other
factors.
information
this
complete the perma¬
coal distribution pro¬
hard
which
gram
is
now
being
de¬
veloped.
"A
carefully integrated plan is
required to prevent inequities in
meeting
Sikorski
next
by other lead¬
'
ers.'
conversions
population,
fuel
available to
they
redoubled
General
in
shifts
from
secure
down
reports,"
said, "it will be possible
anthracite-consuming
area
and to take into account wartime
fight against Nazi
in the thought
that the high principles of
in¬
tegrity.' justice and statesmanship
laid
the
crash
off from
of
?n
was
kilted in
airplane
Gibraltar."
•.
taking
of
(1.) on direct obligations of
obligations guaranteed as to
principal or interest by the United
or
States
(2.)
Government,
$197,064,147;
all other collateral, $423,-
on
639,415.
Total $620,703,562.
.
U.S. And Iceland Extend
Stabilization Agreement
anthracite
winter
between
will
requirements
of
wartime
first
the
national distribution
thracite
ever
made.
the
1942
States
and
Stabilization
Fund
under¬
takes to
purchase Icelandic Krpna
to the amount of $2,000,000 tor
the
purpose
of stabilizing
the
United
States'
krona rate of
dollar
-
Icelandic
exchange, has been
riodic
study of
an¬
Ordered to
a
period of
conferences
one year
among
repre¬
sentatives of the two countries.
The joint statement added:
"The
extension
of
the
1942
Agreement is in accord with the
policy of the Icelandic Ministry of
Finance
and r the
United
States
Treasury of maintaining the sta¬
bility of the rate of exchange be¬
the
tween
currencies
countries.
dation
and
land
In
for
financial
"The
Mr.
stable
the
of
the
two
doing, the foun¬
economic
and
between
Ice¬
United
■
extension
was
Thor
land."
so
relations
maintained.
detailed
because
be
United
of
under which the United
shifts in distribution."
This
that
1
Agreement
the
Iceland,
States
July-
on
Stabilization
ment
"General Sikorski
as
beyond
June
30,
1943.
The'
Agreement also provides for pe¬
the re¬
quirements of each community in
their
tyranny,
basis,
sea¬
.
estimate fairly closely
to
Polish
Premier,
people of Poland
on
same
the close of business May 29, 1943,
burning'
~
Mr. Ickes
will not be
confident
the
on
f
borrowed,
money
extended for
the
was
of
dis¬
"On the basis of these
that their suffer¬
strikes.'
that
30,
were
anthracite
son.
unceasing contributions
Sikorski,
approxi¬
of "com¬
tons
tributed in the last
"Mr. Roosevplt said he was fully
cognizant of what the loss of Gen¬
eral
to whom the
58,000,000
mercial"
Independence Day, the President
declared that 'the Polish people
cause
immediately
him
to
report
mately
message from
the Polish President on American
a
common
compiled
statement
Another
cite
certain
June
Secretary of the Treasury Morgenthau and Thor Thors, Minister
of Iceland, announced in a joint
closer the hour of deliverance for
"Replying to
ex¬
'
toward assuring
equitable distribution of anthra¬
of
the close of business
The total
the
fully shares, the view that "our
increasing victories are bringing
hations
total of money borrowed
banks, trust companies and
was
Nation-Wide Study Of
Anthracite Distribution
dent-in-exile ih London, that he
the
$620,703,562.
1943, aggregated, $607,717,152.
previous bill banning subsidies
was
reported in these columns
July 8, page 129,
WladyPolish Presi¬
Raczkiewicz,
of
subsidy
of
29
changes, (1.) on direct obligations
of or obligations guaranteed as
to,
principal or interest by the United
States Government, $149,899,347;
(2.) on all other collateral, $457,817,805; reported by New York
Stock Exchange member firms as
veto.;
veto
May
members of national securities
be
President's
the
and
the
States,
excluding borrowings from other
meat and butter.
Presidential
another
of
decrease
a
below
other lenders in the United
brought up again
when Congress returns from its
two-month recess on Sept. 14.
House passage of the CCC bill
President Roosevelt told
slaw
in¬
change's announcement:
to cut the retail price
It is expected that the
May.
in
the
The following is the Stock Ex¬
measure
Hour Of Liberation Nears
eration
10-year
donment
year
administrative
than
acres
total of
July 6 to include a prohibition
Governmental
payments
to
issue
when their hour of lib¬
United
is
less
approved
-
$607,717,152,
was
,
President Tells Poles
of
(1932-41)
average.
Assuming 10-year average aban¬
said Mr. Jones.
"Mr.
1943
7,513,000
cents
stood at 102.7 in June,
our
estimated by
Crop Reporting Board at 21,995,000 acres which is
1,307,000 acres
or
96.0
to
among
consumers
July 8 that the total
on
$12,986,410
conferees to accept
its
House
on
y
declined to 95.9 cents in June.
down
of
types
of money borrowed as reported by
Stock Exchange member firms as
of the. close of business June 30
use
which did not contain the ban
value of the
the basis of 100 cents
dollar
in
1923,
which
ings and
Cotton Report
vation
the
purchasing
be
Washington
instructed
on
the
to
broken
cluding power plants, railroads,
general industry and retail
yards.
The form of the reports
was
developed in
consultation
with industry representatives.
continuing the life of the Com¬
modity Credit Corporation until
Jan. 1, 1944 and increasing the
latter's borrowing power by $350,000,000. By this vote the Senate
higher than that of a year
Food showed the greatest
over, June, 1942, with an
amounted
be
various
retail
back
on
abroad.
In Associated Press
will
prices.
This reversal of its
previous stand cleared the way
for final action on the legislation
104.2
against the brutal invader."
Tie has not proved and cannot
not
by'sizes of coal, method
transportation and destination
of
shipments. Tonnage
figures
food
•
was
question.
"Stacked against these conten¬
"
roll
to
of
attending the famous Casablanca
conference, and Mr. Jones said
to
the
declined 0,2%,
directive-was issued by Mr.
was
subsidies
7.1%
"The
is larger.
tribution
food subsidy payments.
The Senate had voted 36 to 28
dollar,
1942, and August
five-twelfths of the
or
of
vote
sundries, 2.7%, fuel and light,
2.3%, and clothing 0.6%. Housing
Wallace while Mr. Roosevelt
tions
a
assignment
questioned
was
July 8 by
in May, and 97.4 in June, 1942.
"The level of living costs was
ago.
1942,
The reports will show the dis¬
However, the House refused to
accept this Senate amendment to
the CCC bill, principally for fear
sent
President of the BEW
that its force
on
during the twelve months were:
order
an
with
compared
as
re¬
The New York Stock Exchange
100
had
one
June
community
NYSE Borrowings Low,
Administration's
ban
:of
"Food
in
each
dis¬
supplies of
"coal year," whichever
•of 34. to 33 receded. from its effort
announcement
further said;
placed
to
amount it received in the 1942-43
Quits Effort
to
Board's;
31,
To Ban Subsidies
rise
Na-
Board.
The
that
so
announced
a
Conference
Industrial
1
o n a
directed
are
between April 1,
established, in which there
of such foods
require the RFC to
sign 'without question or inquiry'
a
contract for foreign purchases.
the
materials from
war
of
as
coal
be
can
it, producers and
each nation."
in the United States continued
but at
pro- •
ceives by September 1, as nearly
as possible the amount it received
earners
and lower-salaried clerical work¬
ers
temporary
tribute their available
con¬
acres
a
States
Administrator
measure
wholesalers
"whose
processors
which would
over
developed when
agencies had differed
on
J ones
Mr.
had
board
iften, to Brazil
"Mr.
Nations
increase of 16.5%. Other advances
alone and added that he thought
it would have been handled bet¬
ter if all had stayed home.
RFC.
which
the
United
advance
'to methods bordering on the
hys¬
terical,' without getting any where,
Wallace
James
War
declaring that the BEW had been
running around in circles in its
purchasing program and resorted
said
permanent
will be freedom for every nation
in the world and every man in
June Living Cost
approve
"He lobbed back at Mr. Wallace
the very charge aimed at him,
He
the
all
Seaboard
Virginia.
in effect. Under
of the United States and
seamen
Housing remained
publicly charged on June 29 the Reconstruction clined 0.3%.
Finance
Corporation, which is
unchanged.
under
Mr.
Jones's
"The Board's index of the cost
jurisdiction, silly and ridiculous as it is false,;
with obstructing the acquisition Mr. Jones added.
of living (1923=100) stood at 104.3
terials by the Board of Economic
City.
tribute to the merchant
a
Eastern
gram
on
June 22 designed to
maintain fair distribution until a
Union's
Maritime
the
north of
une" of July 11 his remarks were
further reported as follows:
Mr. Wallace had
of
in
Ickes instituted
In the New York "Herald Trib¬
ago.
than
less
planted
the
resolution calling for an investigation into the
controversy between
Vice-President Wallace and Secretary of Commerce Jesse H. Jones.
Mr.
for homes and other domestic uses
prevent
convention in New York
prices, which have long
led the upward movement, rose
only 0.1% in June, while sundries
Clothing rose
Congressional moved up 0.4%.
0.1%, while fuel and light de¬
July 6 failed to
on
in
31, 1943.
Anthracite is the primary fuel
Dr.
Wei
pro¬
an address before
National
the
to
March
to
heroism, courage and fortitude in
difficulty
was
expe¬ this
war will be emblazoned across
rienced in harvesting the crop
the
pages
of history," Dr. Wei
last year.
Most of the reduction said:
"Everyone realizes that after
in New Mexico occurred in the
this war is over, we must build an
dry land area where rainfall has effective world
organization to
been
deficient
throughout
the
prevent
such
destruction'
and
planting season.
bloodshed from happening again."
The acreage planted to Amer¬
The spirit of co-operation and
ican Egyptian cotton is estimated
mutual understanding forged on
at 146,400, compared with 192,900
the fields of battle must be car¬
acres planted in 1942.
Sea Island ried, Dr. Wei said, into the post¬
cotton acreage, at 3,100, is slightly war
period "so that a better world
reduced rate, in June with a
of 0.1%,
according to the
House
wars,
posed this
ico, Arizona, and California) is
165,000 below that planted in 1942.
Arizona
organization"
future
above last year were con¬
fined chiefly to counties in the
Mississippi River Delta, where
most of the longer staples of up¬
land cotton are produced.
Total acreage planted in the
three Western States (New Mex¬
their upward movement,
margin.
The
world
acreage
In
ing the "coal year" April 1, 1942,1
Chinese
July 10 called for "an effective
on
during late
Increases in
May and early June.
Tao-ming,
Ambassador to the United States,
due
was
Wei
Dr.
siderable
%
%
,
Oklahoma and Arkansas
industry's 300-odd
wholesalers and dock
The study" will cover;
their anthracite distribution dur¬
the acreage decrease in
of
' the
were
producers,
Operators.
To Prevent Future Wars
reduction
a
reports, at the latest by July
26
of
shows
Texas
part
$308,975,000 was, however, 22% below April, 1941,
when recordings were the highest for any comparable month since
the inception of the series in 1939.
file
Organization
380,000 acres, Oklahoma 292,000,
Georgia 155,000, Alabama 152,000,
and Arkansas
101,000.
A large
month, it is pointed out, in which mortgage recordings have shown
an
improvement over the previous period.
The gain, although
dollar volume of
World
Thursday, July 15, 1943
-
States
is
•
of
this
Agree¬
signed for Iceland by
Thors, Minister of Ice¬
-
Volume 158
Number 4194
>
THE COMMERCIAL & FINANCIAL
CHRONICLE
caused
were
week
Class I Railways For April
statement showing
a
thie aggregate totals
.
Changes
there
and balance sheet items for class I steam
railways in the United
States for the month of
These
,
figures
132 reports
report is
$127,059,362
income
from
available
for
and
leased
fixed
projects
360,294,189
17.3
13,722,032
58,955,747
54,605,78*2
145,610,247
148,143,296
499,624
205,065,618
469,927
and
equip.)
of
Fertilizer
57,476,651
292,350,973
148,047,457
.3
Fertilizers
106,128,362
77,029,654
40,665,619
426,228,750
19,663,447
141,156,516
20,744,317
10,318,632
122,382,770
6,293,227
53,270,024
270,000
778,185
23,254,284
.3
2.67
2.18
2.47
100.0
1943
stocks,
other
cash
117.7
117.8
119.8
115.3
104.1
104.1
104.1
135.5
128.9
were
July
10, 1943, 104.7; July 3,
105.0;
and July
-f:.'
v-'^
799,887,773
746,119,898
July 13
581,252,125
135,528,227
,
156,729,098
924,915,090
103,996,248
109,248,589
279,071
/ 155,450,146"
302,228
yyi,9i9
1,149,446
126.500,164
37,979,741
32,194,107
32,548,424
130,546,325
80,531,403
267,243,388
528,837,930
420,956,363
416,517,277
20,122,448
1,121,418
19,085,392
119.00
116.61
111.25
111.07
119.20
116.61
111.25
120.77
20,625,025
895\411
12,240,741
24,768,441
f?
R.R.
P.U.
Indus
99.04
102.96
114.08
117.00
98.88
102.96
114.08
116.80
111.07
119.20
116.41
111.25
98.88
102.96
114.08
111.07
116.80
119.20
116.61
111.25
98.88
102.80
114.08
117.00
119.00
116.61
111.25
98.57
102.80
120.79
110.88
113.89
116.80
119.00
116.41
111.25
98.57
102.80
113.89
98.57
102.63
113.70
in
a
exodus of work¬
mass
plant jobs.
war
the
industry, making workers and
subject
plans.
to area sta¬
Hereafter
a
laundry worker will have
statement
of
to have
availability
from
his present employer or from the
United States Employment Ser¬
vice in order to be
employed else¬
where.
The-change applies to
laundries and not to hand
power
Tq.
needed,
qualify
power
required to operate
as
lo¬
laundries
on a work
week of
forty-eight hours, to
pend luxury services and to
sus¬
pay
minimum wage rate of 50 cents
an hour.
An industry agreement
a
116.80
.119.00
116.22
111.25
EXCHANGE CLOSED
116.80
120.87
110.88
120.78
110.70
118.80
116.22
111.25
98.25
102.46
120.75
______
18,318,168
Jun
113.70
110.70
116.61
118.80
116.22
111.25
98.25
102.46
120.71
113.70
116.61
110.70
118.80
116.22
111.25
98.41
102.46
113.89
102.46
113.70
last
week
providing
50-cent minimum.
a
Signs Measure Extending
116.61
98.09
signed
was
for
116.61
Interstate Oil
25
120.41
110.70
118.80
116.22
111:07
18
120.15
110.52
118.60
116.02
111.07
97.94
11
re-
ceivable
Baa
110.88.
1
535,613,789 y
519,519,230
supplies
A
120.75
2
'•"
ceivable
dividends
96,473,189
Aa
111.07
5
re-
Aaa
120.64
pre¬
suggested by leaders
was
bilization
are
Corporate by Groups*
had
designation
higher paid
cally
.
rate*
hitherto
a
laundries.
120.73
3
159,719,039
accounts
;
6
con¬
___
art
8
7
39,586,065
and
averages
was
"Mrs. Rosenberg explained that
the change will freeze labor in
Averages
9
receivable
agents
ductors
MOODY'S BOND PRICESt
(Based on Average Yields)
Avge.
CorpoCorporate by Ratings*
120.78
______
io
iw:
car-service
(Dr.)
balance
Bonds
12
1,159,891,049
$ from
U.S.
Govt.
Daily
Averages
$447,818,210
invest*
receivable.
and
1943—
$524,441,389
to
ers
11,
-
■■■
$464,745,592
Yield
move
industry, from which there
employers
Moody's computed bond prices arid bond yield
given in the following tables:
V
com-.
—
bills
and
117.7
change
has been
120,7
combined———.
the
labor-market areas to
the
city
belongs.
The
which
151.6
126.6
134.8
__
1926-1928 base
on
j
balances
:
groups
,
ments
Special deposits
Interest
152.6
126.6
119.8
.___
materials
machinery
152.6
104.1
.
Moody's Bond Prices And Bond
Balance at end of April
1943
1942
1942
than
affiliated
and
152.6
_
that
4
in the
a
Railways Not in
Receivership or Trusteeship
Railways
Balance at .end of April
1,029,649,859
Materials
104.4
126.6
_
_
has
the
such
Group
iixed
All Class I
in
Miscellaneous
All
''Indexes
1.77
to
Cash
Net
Farm
•
_
the
which
said
vented
5,933,278
$551,40'3,963
Traffic
104.4
in
alleviate
ington^wM
19,522,803
6,378,953
panies
and
149.1
117.7
_
1942, 100.4.
383,082
;
•;
128.0
1
■>
•
Selected Asset Items—
Loans
materials
.3
_________
Temporary
Chemicals and drugs
1.3
9,027,727
»
of
Building
157,075,184
203,219,005
Class I
those
130.1
151.1
104.4
301,947,124
9,596,151
852,990
income
etc.,
125.2
130.1
130.1
_
2,333,605
*
bonds,
Metals
50,866,575
:
-
122.8
to
133.5
151.3
J
,___
6.1
•
stock—
Investments
Textiles
59,810,256
26,627,524
defense
•
,
stock
On preferred
fRatio
113.2
146.7
on
laundries
made possible by a change of the
commission's regulations in Wash¬
189.9
143.9
145.3
Miscellaneous commodities-
7.1
Dividend appropriations:
:Charges
200.0
148.1
_
as
"She
159.6
137.4
122.8
2,718,685
82,901,254
'
common
159.0
152.7
announced
power
City had been desig¬
"locally needed" and es¬
workers
137.3
159.0
_.
Fuels
8.2
37,030,693
113,850
1942
201.0
51,201,943
Federal income taxes__
On
145.1
"^5.9
152.7
_
__
85,619,939
__
and
of
507,012,742
10.8
charges
(way
structures
_
Cotton
Grains
9,897,570
15,131,525
tNet income
Amortization
...
Oil
Farm Products
370,191,759
35,950,288
charges
fixed
Depreciation
9,477,606
110,676,831
120,130
Contingent charges
:
23.0
roads
—'mJ.
deductions
after
145.1
V,
_
that
dislocated
July 11
1943
140.4
,,
equipment
Total
Inc.
1943
138.3
:
136,821,882
•Interest deductions
other
July 3
1943
Livestock
charges
Fixed charges:
Rent
\\.
re¬
shortage
seriously
industry.
In re¬
porting this, the New York "Sun"
of July 9 stated:
Ago
June 12
Rosenberg,
Commission,
9
of
Year
Ago
M.
York
sential
Month
July 10
i,v"
for
fixed
•
516,490,348
2,601,047
,
2,676,434
Anna
power
nated
Week
Foods
Cottonseed
46,913,483
113,277,878
deductions
Mrs.
gional director of the War Man¬
New
Preceding
-
income
evenly
6 declines.
Group
$323,278,276
48,371,219
about
were
Week
Fats and Oils_
$468,119,129
week
COMMODITY, PRICE INDEX
Group
Bears to the
1942
.
the
declines; in the preceding week
declines; and in the second preceding
Latest
25.3
11,681,581
139,498,316
Miscellaneous
Income
Each
The
$101,596,297
1
12,438,954
Total Income
1943
Laundry Workers
Are Frozen In Jobs
7
%
For the 4 Months of
1942
NYC
un¬
Compiled by The National Fertilizer Association
1935-1939—100* »
compiled from
were
AH Class I Railways
1943
during
and
6 advances and
were
consecutive
the index remained
July
The present statement
For the Month of April
Income Items—
Net ry. operat. income
Other
week there
Total Index
follows:
as
series
10 advances and 6
were
*
excludes returns for class A
switching and terminal companies.
«
price
WEEKLY WHOLESALE
subject to revision and
are
in
1942, and the 4 months
representing 136 steam railways.
For the sixth
V
,
balanced, with 5 advances
of selected in¬
come
April, 1943 and
ending with April, 1943 and 1942.
by lower prices for cotton.
other group averages
comprising
changed.
The Bureau of Statistics of the Interstate Commerce Commission
•.
has issued
all
102.30
113.50
119.99
116.4]
110.52
July 7
118.60
116.02
111.07
97.94
102.30
113.50
116.41
four
116.02
President
Compact
Roosevelt
signed
on
resolution extending for
a
beyond
Total' current
26,527,924
assets-:-."3,646,404,964
2,070,394,630
869,826
2,813,745,928
ILoans and
Traffic
and
balances
Audited
$93,193,779
$152,103,386
16,894,607
17,641,533
2,600,000
129,520,445
74,447,178
88,019,635
310,319,848
306,288,228
110,70 f
97.47
101.80
113.12
115.82
pact to Conserve Oil and Gas."
82,525,822
52,920,376
58,220,352
56,723,812
49,440,755
48,980,396
35,437,001
44,478,359
2,727,500
2,167,777
2,385,336
1,815,515
unpaid
67,660,389
75,640,487
63,192,158
64,944,149
5,445,243
26,231,700
8,213,031
110.52
97.16
101.47
112.93
109.79
118.00
115.43
110.34
97.00
101.31
113.12
115.63
24,021,968
23,979,218
27,757,042
1,271,679,019
68,781,112
466,990,745
56,086,500
1,116,998,786
liabilities—
46,765,454
422,070,332
43,147,703
liabilities-
2,112,274,531
1,137,332,147
1,765,685,344
109.60
118.00
115.43
110.34
96.69
100.98
113.12
117.80
115.43
110.52
96.38
100.81
112.93
115.63
109.60
117.80
115.43
110.52
96.69
100.98
113.12
115.63
116.93
109.60
117.80
117.11
109.24
117.60
117.04
108.70
117.60
accrued
U.
S.
than
U.
S.
5 353,564,411
109.79
94.56
99.04
112.56
115.43
119.20
116.61
111.25
99.04
102.96
114.08
117.00
116.80
113.89
108.88
92.35
97.16
111.81
114.46
High
19421.
118.41
107.62
117.20
114.27
108.88
Low
92.64
1942_!
97.47
115.90
112.19
114.GG
106.04
115.43
112.75
107.09
90.63
95.32
109.60
11^.75
106.74
116.41
113.31
107.98
91.62
95.77
111.44
114.27
1 Year ago
July
13,
1942_
118.20
119.44
107.62
118.20
MOODY'S
•Represents accruals,
receivership
April,
1942,
four
1,017,756,299
ended
long-term debt
six
months
the
1943,
two
after
four
yaers
the amount
income was
four
in
333,824,959
1942,
close of
was
as
month
months,
after
of
follows:
1942,
date
of
99,242,487
default.
Bonds
88,245,373
due
1.51.
in
the
level
of
wholesale
This index in the week
in
the
128.9
ended July
preceding week.
a
year
ago,
based
10 dropped to 134.4 from 134.8
The index
on
th?
135.5
was
1926-1928
a
month
ago
and
2.95
2.80
3.82
3.57
2.95
2.81
3,82
3.57
2.95
2.81
3.82
3.58
2.95
2.80
mote State
3.84
3.58
2.96
2.81
3.84
3.58
2.96
2.81
the conservation of petroleum and
3.84
3.59
2.97
2.81
3.11
2.69
2.83
2.69
2.82
3.10
3.12
2.70
2.82
3.10
3.12
2.70
2.83
3.10
3.12
average
as
100.
This is
The
Association's report added:
Last week's
lower
quotations
general
average
decline
for
for
all
all-commodity index resulted from
products,
other
foods
commodities
and
textiles,
remaining
with
the
3.13
3.13
in grain quotations and resulted in the farm
product index falling to
the lowest level reached since February.
The recession in the food
price average to the March level
prices for potatoes and beans.
was
due in large part to a
drop in
Declines in the textile
group index
r-
Indus
legislation relating to
gas also has resulted in
an
effec¬
3.10
3.86
3.10
3.85
thereto upon oil problems of gen¬
2.84
3.11
3.87
3.14
2.72
2.85
3.11
3.88
3.14
2.72
2.85
3.11
3.88
2.73
2.86
3.11
3.89
eral
import.
In
view
of
the
worthy purposes of the compact,
it
is
particularly
heartening
to
2.87
note that the compact, first rati¬
2.88
fied by six States, has been rati¬
2.88
fied by 12 of the States."
__»•
__
2.88
______
2.88
9
Body's Sally
CoESRtGdily Index
2.89
______
Mar. 26
2.88
26
2.88
>_
2.90'
High 1943
2.96
1943
Tuesday, July 6,__
2.82
3.39
2.88
3.02
3.33
4.37
4.05
Low
1.93
3.30
2.79
2.94
3.23
4.23
3.91
1942
3.19
'
3.02
Thursday,
3.05
2.92
Friday,
1 Year ago
1.98
3.35
2.83
2.99
3.28
4.30
4.02
3.09
2.94
1.89
3.30
2.74
2.91
;■< 3.27
4.27
3.93
3.07 \
2.90
2 Years ago
July 12, 1941—
•These prices are computed from
coupon, maturing in 25 years) and do
the
average
movement of actual
in
not
price
a
more
on
the basis of
purport
to
quotations.
one
"typical" bond
show either
They
the
merely
comprehensive way the relative levels and the relative
averages the latter being the true picture of the bond
market.
tThe
latest complete list of bonds used
issue
of Jan.
14.
1943. page
202.
In
Monday,
July
computing these indexes
was
Two
Month
244.4
__
—
10
243.5
i
June
ago,
ago,
243.1
243.0'
July ,12
weeks
245.2
_
8—
Tuesday, July 13
average yields
or
illustrate
July
July 9
Saturday,
July 13, 1942—
245.3
Wednesday, July 7^
2.14
yield
"The compact designed to pro¬
2.84
16
)f
message
tive
3.86
—
22
In the
His
2.84
2.71
30
(3%%
extension.
2.71
3.10
3.15
7
level
further
said in part:
2.71
•
2.84
______
14
Low
P.U.
qollaboration of the oil pro¬
ducing States which are parties
2.71
______
IL
May 28
unchanged.
Declines in the cotton and livestock averages more than offset
rises
2.70
2.84
3.10
EXCHANGE CLOSED
3.13
1
*
R, R.
High 1942
in the
farm
.
3.13
25
Jan. 29
the fifth consecutive week the index has registered a decline.
Baa
3.10
3.11
2
Feb
June 28, the President sug¬
gested that Congress sanction this
3.57
5
prices last week according to the commodity price index compiled
by The National Fertilizer Association, and made public July 12.
Corporate by Groups
3.81
3
Apr.
last extension
A
4
general
the
periods,
period expiring Sept. 1,1943.
In a special message to
Congress
3.10
issue.
decline
two-
3.10
18
another
been
for
Aa
7
.
was
has
2.82
6
Jun
There
times
renewed
2.82
8
within
Gomsnodiiy
Price Average Again Lower
three
and
2.70
9
HFor railways in receivership and trustee¬
1943, 2.60; April, 1942,
1.86; four months,
§Includes obligations which mature not more
National Feriilizar Association
115.04
year?
2.69
10
tFor
become
compact, with the consent of the
extended
3.11
April,
will
tered into in February 1935 and
Congress
gave
its
consent
int;
August, 1935. Since that time the
on
Corporate by Ratings
Aaa
Oklahoma, Texas, Colorado,
Mexico, Arkansas, Louisiana,
and Kentucky, was originally en¬
sas,
New
3.11
ended
which
111.81
AVERAGESt
Individual Closing Prices)
on
Avge.
Corporate
97.16
compact, executed by the
Governors of the States of Kan¬
13
report.
April,
92.06
10.8.16
YIELD
reso¬
12
July
railways not in
1943, $62,447,149;
April,
1943,
$220,109,653;
{Includes payments of principal of
follows:
as
months
$125,247,601.
(other than long-term debt in default)
ratio
2.44;
than
net
for
April,
113,426,334
the
the
$47,317,453;
months
ship
including
trusteeship
or
U. S.
Govt.
114.85
BOND
The
Congress,
2 Years ago
July 12, 1941
•
126,657,290
115.43
111.07
Averages
1,145,021,729
Gov¬
taxes
ernment
115.63
112.93
107.44
Daily
Government taxes.
Other
113.12
100.00
120.87
tax
liability:
\
100.65
95.47
116.85
1943
(Based
of
96.23
110.15
1943
1943—
Analysis
110.52
Low
High
949,540,800
current
115.43
/115.43
11504
approved the
June 29 and the Senate
on
July 1.
115.82
109.60
House
lution
on
118.22
years
The
115.82
26
5,445,248
de¬
Unmatured rents accrued—
current
115.43
_
accounts;
liability
118.00
/an. 29
?eb
unpaid—
dividends
109.79
118.36
30
Mar. 26
249,895,434
8,213,031
Total
115.82
115.63,
>109,97 <118.00
117.48
55,056,605
379,785,852
clared
Other
115.82
113.12
22
and
matured
tax
131.31
101.97
118.06
Unmatured interest accrued
Accrued
102.30
97.47
3,271,236
_
Unmatured
113.50
97.78
110.70
car-service
matured
Dividends
102.30
110.88
115.82
$81,135,385
(Cr.)
accounts
payable
97.78
115.82
118.20
Apr.
$164,253,103
payable..
wages payable
Miscellaneous
Interest
111.07
118.20
110.15
119.03
months
bills
115.82
110.34
119.44
119.27
Selected Liability Items—
debt
maturing
six
118.40
119.82
September 1
the consent of Congress for the
operation of the "Interstate Com¬
1,613,857,907
fFunded
within
110.34
May 28
21
Rents receivable1,185,568
Other current assets
23,584,014
119.92
June
j
244.2,
29___
243.3
12
245.2
13__
232.4
average
Year
ago,
movement
1942
High,
published
1943
serve
to
July
Dec.
22_____
239.9
Low,
Jan.
2
High,
April
1
249.8
Low,
Jan.
2
240.2
;
220.0
?
Moody's Common Stock Yields
York
Exchange Higher On June 30
Market Value Of Stocks On New
Stock
stock exchange, with a total
compares with 1,234 stock
issues, aggregating 1,469,720,387 shares, with a total market value of
$48,437,700,647 on May 29 and with 1,242 stock issues aggregating
1,469,960,158 shares listed on the stock exchange on June 30, 1942,
gating 1,468,974,383 shares listed on the
market value of $48,876,520,886.
This
with
In making*
V
Exchange
member total net borrowings amounted to $607,717,152, of which
$457 817,805 represented loans which were not collateralized by U.
S. Government issues. The ratio of the latter borrowings to the mar-i
ket value of all listed stocks, on that date, was, therefore, 0.94%.
As
the loans not collateralized by U. S. Government issues include all
other types of member borrowings, these ratios will ordinarily ex¬
ceed the precise relationship between borrowings on listed shares and
In the
for each:
'
\
.
June 30, 1943
'
i
M
v
:
v.r;;;.
.
"Vf'
•
.«•
'•
Amusement
—_—____
Aviation
Building
Railroad
Retail Merchandising
Rubber
—
———
1
Textiles
Tobacco
-
.4
——
&
Gas
&
Electric
Communication
Companies
Foreign
Miscellaneous
4.1
*
4.7
7.3
6.3
4.4
4.1
.
4.5
6.8
6.2
4.0
3.9
4.8
6.6
5.8
4.1
3.9
4.8
4.3
6.2
5.5
4.0
4.2
6.4
5.4
3.9
■—
—-—
—
of the nation-wide coal strike
tons because
57.41
20.10
32.87
25.07
476,204,752
of
1,247,877,500
24.39
143,477,203
24.44
33.27
Businesses.
i
31-
Y
Nov.
31
28.02
26.66
Nov.
Dec.
31
Feb.
28
Mar.
31
24.46
Jan.
30
24.70
Feb.
27
24.02
Mar.
31
32,844.183,750
Apr.
22.36
Apr.
31,449,206,904
32,913.725,225
33,419.047,743
....
30-
May
_
29
...
30
June
-
_
.
_
—
23.42
34,443,805,860
34,871,607,323
35,604,809,453
37,727,599,526
37,374,462,460
38,811,728,666
average
21.41
May
30
29
22.40
June
30
(In Net Tons)
41,410,585,043
43,533,661,753
45,845,738,377
46,192,361,639
48,437,700,647
48,878,520,886
J
.
.
29.61
31.20
<
31.45
32.96
33.27
*
Ended July
Electric Institute, in its current
that the production of
10,1943,
weekly report, esti¬
electricity by the electric light
and
similar
ended July 3, 1943, was 20.1% in excess
of the
period of 1942.
OVER
washery
operations. vtExcludes
revision.
IfRevised.
..
Middle Atlantic
_
Central Industrial..
___
West Central
___
June 19
1943
1943
390
381
£ 43
0
88
145
0
78
126
•
.
Arkansas and
Oklahoma
Colorado
:
58
^
;
Missouri—
Kansas and
9.3
8.4
20.8
19.2
17.7
Kentucky—Western
8.1
19.5
16.4
16.1
8.2
16.3
17.2
14.9
Maryland-—
Michigan
.
28.3
23.5
25.9
Yr
16.6
13.6
12.5
26.6
25.0
27.4
20.1
;>
,
19.2
19.4
.."
j.
—
lignite)
South
Decrease
from
4pr
1942
1943
1942
3,889,858
3.882,467
3,348,608
3,320,858
3,916,794
3,307,700
3.925,175
3,273,190
+ 19.9
3,866,721
Week Ended—
4pr
3,304,602
+ 17.0
3,903,723
over
1941
1932
1929
24
Way
8
Way
Way22
Way 29
run
5
run
12
run
19
run
26
'uly
3
——_
——
———
2,905,581
+ 18.4
2,897,307
1,469,810
1,709,331
2.95Q.448
1,454,505
1,699,822
2,944,906
1,429,032
1,688,434
3,365,208
+ 16.0
3,003,921
1,436,928
1,698,942
3,356,921
+ 18.2
3,011,345
1,435,731
1,704,426
3,992,250
3,990,040
3,379,985
3,322,651
3,372,374
3,463,528
+ 18.1
3,040,029
1,425,151
2.954.647
+ 16.4
3,076,323
1,381.452
1,435,471
1,615,085
1,689,925
+
16.7
3,101,291
1,441,532
1,699,227
3,433,711
+
19.4
1,440,541
—
—
+ 19.2
3,424,188
+ 20.1
2,903,727
3,428,916
+ 14.3
3,178.054
1,341,730
1,415,704
uly 10
3,199,105
1,433,993
uly 17
3,625,645
3,220,526
3,263,082
—
uly 24
——
uly 31
—
was
given
tt
..43
139
998
604
246
16
72
704
207
39
1
121
24
4
449
■
'
;
34
„
61
31
49,
23
38
22
51
«31
27
24
12
659
416
**14
720
775
2,908
2,879
3,035
1,934
3,613
130
154
2
and
3
6
7
18
107
116
48
175
17
947
492
86
11
*.
Virginia—Southern—,
tWest Virginia—Northern
Wyoming
tOther Western States
bituminous
161! \\
lig¬
•West
Total
y
and
414
31
2,360
1,012
167
1
Y
•
98
34
396 £ >
405 .
. 231
44
28
30
2,225
2,366
1,620
891
895
565
108
108
81
• 11 \ '
11 £ ;
• 11
888
113
12,100
11,328
284
1,345
1,238
7,233.
11,322
1,314
IPennsylvania anthracite
937
•Includes
13,445
4,894
operations
1,723,428
1,592,075
on
the
Panhandle
1,711.625
California,
1,727,225
lished
1,440,386
1,732,031
♦•Alaska,
1,426,986
1,724,728
States."
the B.
&
o.
on
the N.
in Kanawha,
District
and Grant,
12,566
12,636
& W.; C. & O.; Virginian; K.
and Clay counties.
tRest
Mason,
of
the
Bureau
of
Georgia. North Carolina,
ffLess than 1,000 tons.
1,956
8,170
12,822
& M,; B. C. & G.j
of State, including
Mineral, and Tucker counties, tlncludes Arizona,
§Data for Pennsylvania anthracite from pub¬
flAverage weekly rate for entire month.
Mines.
and South
Dakota included with
July 7 to return
Providence Journal
one-day strike.
caused
the company to suspend publica¬
tion for July 7 of the "Evening
work
interruption
The one-day suspension of
"Bulletin" was its first in 80
tion.-
10,866
Idaho, Nevada and Oregon.
records
December,
plant after a
The
"Other Western
,:-£V
years.
:. '
.
independent,
seeks to negotiate a new contract
contending that no valid contract
The
Total all coal
to
Union voted on
to work at the
the
4,610
June
21 Bulletin" but the vote to return
89 avoided interruption of the daily
• ' • 240
issue of the morning paper, the
44
1,380 Providence'"Journal," which has
856 maintained an unbroken record of
104 114 years of continuous publica¬
%*5
lig¬
nite
from
1941.
1,243
416 Strike At Providence!
88
128 Newspaper Plant Ends
; 661
At the request of the regional
183
47 War Labor Board, members of the
12 Providence (R. I.) Typographical
35
I
organized the Treas¬
ury's war bond program in Oregon
and served as Oregon State Ad¬
ministrator of the War Savings
Staff
38
(bituminous
and
1,456,961
and
the ' Secretary,
Co.
Washington
1,702,501
3,457,024
3,091,672
3,156,825
3,925,893
4,040,376
4,098,401
+ 16.2
,
Virginia
1,705,460
+ 20.1
3,649,146
——<-«
+16.9
1,696,543
3,565,367.
1
Way
—
—
1,633,291
1,480,738
3,919,398
17
\pr
1,465,076
4,110.793
10
Apr
2.959.646
4,120,038
—
70
175
682
Utah
3,969,161
3
92
nite)
1943
80
44
Texas
% Change
104
1
1,074
32
Tennessee
WEEKS (Thousands of Kilowatt-Hours)
17
198
;
Pennsylvania (bituminous)
1942.
DATA FOR RECENT
387
20
>
Dakota
(lignite)—
Ohio
*
111923
246
3
"
.
73"
23
1
and
•
Avge.
1937
'
375
and
(bituminous
Montana
242
41
8
298
39
7
.
tt
—-
New Mexico—.—*.
North
14.3
Total United States
—
Kentucky—Eastern
1,213
438
45
136
956
1,476
50S
C5
164!
943
31
122
288
179
20
—.
-
1941
i *•/_!•.
1
1
1
670
232
-
—-
13.0
19.5
—
was
Gamble had
June
'
1942
59
State—
SlC EL
July 3
11.1
Rocky Mountain
to
June 26
June 28
June 27
Alabama
July 10
18.7
Southern States
Pacific Coast
June 19
STATES
Week EndedJune 26
Iowa
June 26
following
this
in" May,
1942,- Mr/
appointed Assistant
Immediately
supervision of the field organiza¬
(The current weekly estimates are based on railroad carloadings and river ship¬
tions of the War Savings Staff)
ments and are subject to revision on receipt of monthly tonnage reports from district
Before coming to Washington Mr.
and State sources or of final annual returns from the operators.)
12.0
England
Treasury and headed the National
War Bond Pledge Campaign.
(In Thousands of Net Tons)
*0.8
Major Geographical Divisions-
been
sales:
organization in Washington since
December, 1941, when he became
3,497,300 consultant to the Secretary of the
1,193,900 31,901,800 31,149,400
PRODUCTION OF COAL, BY
starting
9. vMr. Gamble has
affiliated
with
the bond
campaign
ESTIMATED WEEKLY
drive
loan
war
forthcoming
the
organize
third
Gamble
Indiana—
——Week Ended
——■—
New
PREVIOUS YEAR
4,191,900
3,893,100
f
and dredge coal, and coal shipped by truck from authorized
colliery fuel.
JComparable data not available.
SSubject to
1,157,600
1,150,300
Illinois—-
INCREASE
132,200
Di¬
In
Sept.
1929
1942
30,180,000 36,284,000
909,000 28,546,000 28,973,000 33,672,000
53,800
Georgia and North Carolina—
PERCENTAGE
»—■
947,000 29,735,000
284,000
273,000
industry of the United States
output for the week
1943
98,500
total
States
United
1942
598,000
By-product coke—
United States total—
for the week ended July 10, 1943,
was approximately 3,919,398,000
kwh., compared with 3,428,916,000
kwh. in the corresponding week last year, an increase of 14.3%. The
power
1943
Finance
War
this
capacity Mr*
Gamble will, be in charge of the
sale of war savings bonds, and
July 6
July 4
July 3
'
coke—
Beehive
July 4
623,000
fuel
tCommercial production
coll.
incl.
Total
Cal. Year to Date
flJun 26 ::
1943
anthracite—
Penn.
28.16
COKE
Department's
vision.
will
Week Ended
as
National Director of the Treasury
'
—
Secretary,
the
to
Assistant
working
based on a 4-day
tAverage
PENNSYLVANIA ANTHRACITE AND
OF
PRODUCTION
ESTIMATED
26.39
22.73
Output For Week
The Edison
1,860
25.41
Shows 14.3% Gain Over Same Week Last Year
mated
1:2,043
25.65
•Includes
Electric
768
23.70
1943—
-
1937
227,625
1,465
week.
24.20
.
MorJuly 2 the
appointment of Ted R. Gamble*
July 3
1942
290,718
to current adjustment,
Direct
genthau announced on
—
290,138
1,878
1943
8,172
1,725
—
tSubject
"Revised.
ag¬
.
July 4
t July 3
1942
£4,610
SJuly 3
36,228.397.999
35,234,173,432
..
—
31
35,785,946,533
-
.
30
25.87
1942—
Jan.
31
Sept. 30
Oct.
31
28.32
29-,,—
Dec.
31---—
Aug.
s28,46
41,472,032,904
Sept. 30— —40,984.419,434
39,057,023,174
Oct.
31
30—
Aug.
$
$
1942—
July
27.07
Daily
the
German
to
Secretary of the Treasury
July 4
1943
1943
-
January 1 to Date
10,350
minevfuel
incl.
Total,
people
gression.
the
of
resistance
of
Polish
the
directed
personally
had
movement
Omitted.)
*June 26
July 3
and lignite—
Price
Market Value
.$.■■■
$
39,607,836,569
41,654,256,215
30—
July
Average
Price
Market Value
1941—
June
32.96
48,437,700,647
Average
V
_
-
COAL
STATES PRODUCTION OF
ESTIMATED UNITED
Bituminous coal
-
The cal¬
for the week ended
Week Ended-
ovens
23.87
Churchill
of
told the House of
Commons on July 6 that the death
of General Sikorski was "one of
the heaviest strokes we have sus¬
tained."
In paying tribute to the
memory of the Polish leader, Mr.
Churchill said that General Sikor¬
Minister
Prime
ski
(In Net Tons—000
23.85
952,203,167
loss to all freedom-lov¬
The quantity of coke from
TV R. Gamble To
increased 44,700 tons during the same period.
War Bond Drive
15.39
v
represents
His passing
time.
severe
26.
23.53
14.80
beehive
of statesman¬
sense
Great Britain
week.
7,300 tons when compared with
output for the week ended June
10.93
85.81
high
ing people."
of 1.5% when compared
by-product coke in the United States
of
a
reported that the estimated produc¬
The Bureau of Mines also
tion
our
period of 1942.
with the corresponding
9.72
22.25
24.03
,;
"His
production
of 324,000 tons, or 34.2%.
2.059.324.026
1,046,488,360
3,588,785,399
113,315,911
811,221,772
986,906,104
86.30
a message
ship and devotion to the cause of
liberty and democracy made him
one of the outstanding leaders of
corresponding week of 1942,
July 3, 1943, shows a decrease
July 3 showed a decrease of
11.15
In
added:
which started at mid¬
tons (119.4%) over the preceding
compared with the output in the
endar year to
46.42
22.42
Polish
ended July 3 was 623,000
Pennsylvania anthracite for the week
however, there was a decrease
33.49
47.31
4.5
.
of Mines estimated that the total
The U. S. Bureau
33.76
35.45
3.8
,
of that for the same period in 1942.
put was 0.2% in excess
6.63
26.86
2,247,100,550
July 5
on
freedom-lov¬
"a severe loss to all
ing people."
for two days before the men started to
For the present year to July 3, soft coal out¬
jobs.
return to their
26.63
45.19
•.
Roosevelt
4.6
3.8
night on June 20 and lasted
22.48
i
8.98
including
daughter, died'
said General Sikorski's death was
curtailed by the miners'
Day.
Production in
amounted to only 4,610,000 net
26, this year,
the week ended June
44.87
19.20
5.1
the observance of Independence
holiday and
51.85
,
the crash.
President
5.4
during which latter period output was
year,
34.05
40.64
in
5.7
4.2
General's only
the
5.9
Weekly Coal And Coke Production Statistics
547,818,406
66.04
;
•
!
5.8
-
—
2,479,514,888
33.96
•
—
53.30
27.95
106,590,534
16,758,347
—
Stocks
Listed
All
7.2
48,876,520,886
Abroad
Operating
Cos.
S.
4.5
5,788,809,610
3,832,456,550
1,067,979,428
3,610,447,854
109,088,432
817,372,254
——
——
Utilities———.——
Miscellaneous
U.
5.0
6.8
7.9
140,009,808
(Operating)
(Holding).
Electric
7.2
7.9
,
35.69
30.48
Utilities:
Gas
8.6
5.5
33.46
27.42
25.25
21.18
2,057,647,718,
-
4.5
When
6.95
105,939,783
15,483,140
2,262,932,273y
504,016,183
!_
Shipping
5.2
'
<?-°
5.0
33.00
1,271,830,299
—
Building & Operating-—
Services
Steel, Iron & Coke
Ship
^.0
7.1
,
Fourteen other persons,
6.1
4.4
tons, an increase of 339,000
19.74
33.12
27.72
5,838,242,179
3,762,983,097
2,599,426,849
: 564,199,975
——
$
6.3
4.5
5.0
5.3
1943—
June,
24.11
8.0
4.9
5.5
20.72
61.00
465,962,908
Petroleum
7.3
30.22
42.53
———
Publishing--
4.7
7.5
25.23
65.99
—
&
5.1
8.2
;!
7.7
5.8
467,253,597
34.67
——.
Paper
5.5
6.4
20.66
28.05
408,900,396
Chemical
—
6,293,992,113
Electrical Equipment-!
—■—
1,721,853,534
Farm
Machinery
798,978,369
Financial
987,591,802
Food
3,097,627,468
Garment
—1*.
46,378,746
Land & Realty—-.——Y'
33,801,495
Leather
230,947,462
Machinery & Metals—
—
1,727,115,847
Mining
(excluding iron)
—___
1,418,494,986
—
6.6
4.7
24.10
21.17
575.751,838
——
4.3
3,997,282,018
708,874,574
573,679,851
400,566,035
6,298,708,233
1,645,323,222
752,015,171
1,007,513,976
3,069,205,540
44,568,754
32,247,800
225,860,244
1.714.815.025
1,481,786,563
34.34
Office Equipment..—
and
Business
v
5.6
4.5
1943
1943-
Av. Price
525,350,132
23.90
520,472,405
4,160,227,612
708,621,466
—
Automobile
J
t- /v •
,•
f-.y.
8.4
to the
President, <t Wladyslaw
Raczkiewicz, Mr. Roosevelt re¬
called General Sikorski's several
visits to Washington and said he1
had learned to admire "his in¬
The Bituminous Coal Division, U. S. Department of the In¬ tegrity, his patriotism and those
great qualities of leadership which
terior, in its latest report, states,that the total production of 'soft
so
fully justified the confidence
coal in the week ended July 3 is estimated at 10,350,000 net tons,
which you and the Polish people
which compares with 8,172,000 tons in the corresponding period last placed
in him."
The message
May,
May 29, 1943
Market Value
Market Value A v.Price
r.
April,
by leading in¬
market value and average price
with the aggregate
7.8
6.0
1942
1943
February,
1943
March, 1943
The plane was bring¬
Sikorski
back to,
London
after
an
inspection of
Polish forces in the Middle East,
General
ing
6.9
6.1
December,
value."
following table listed stocks are classified
dustrial groups
4.9
January,
total market
and their
5.7
J uly 4.
on
(200)
8.2
tfie
killed in
airplane accident at Gibraltar
an
Yield
(10)
7.8
—
__
August, 1942
September.
1942
October,
1942
November,
1942—
30, New York Stock
of business June
Average
Insurance
■.!!•
(15)
6.4
1942
1942
July,
Polish armed forces, was
6.7
1942
June,
Exchange also said:
public the figures, the
"As of the close
(125)
(25)
/
(25)
Banks
Utilities
Railroads
Industrials
'J*£'YY':/'"■■YY.SY
May,
of $33,419,047,743..
total market value
a
Y'
of
commander-in-chief
and
STOCKS
AVERAGE YIELD ON 200 COMMON
MOODY'S WEIGHTED
Sikorski,
Wladislaw
General
Premier of the Polish Government
the "Chronicle."
11, 1942 issue of
June
Laud Late Polish Premier
and
page 2218 of the
1941 will be found on
monthly average yields for
Exchange announced on July 8 that as of
of business June 30, there were 1,231 stock issues, aggre¬
Roosevelt'And Churchill;
■•A,.
in the years 1929 to 1941 inclusive
Yearly average yields
"The New York Stock
the close
Thursday, July 15, 1943
CHRONICLE
COMMERCIAL & FINANCIAL
THE
234
exists
paying
union,
in
an
view 'of the
over-the-scale
certain compositors.
company's
wages
to
Volume 158
Number 4194
THE
COMMERCIAL & FINANCIAL CHRONICLE
Finished; Steel Shipments By Subsidiaries Of
U. S. Steel
of
industry will be 97.0% of
capacity for the week beginning
July 12, compared with 96.6% one
Corporation Declined In June
235
the
week
97.8%
ago,
month
one
Gates
Says Question Of Isolationism Must Be
ago
Shipments of finished steel products by subsidiary
companies of and 98.4% one year ago.
This
The question of isolationism must
States Steel Corporation were affected
be decided
sharply in June represents an increase of 0.4 point
by the people be¬
fore military victory is achieved
by reduced activities at furnaces and mills because of the soft-coal or 0.4% from the
and the peace talks
preceding week.
begin, Dr.
Thomas S. Gates, President of the
strike, official figures released on June 12 disclosed.
In fact, de¬ The operating rate for the week
University of Pennsylvania,' said
on
liveries for June were the smallest for
July 2, in an address of welcome at the
any month since February, 1941. beginning July 12 is equivalent to
opening of the' new
school year.
The total of finished products shipped by the
^
corporation's sub¬ 1,679,700 tons of steel ingots and
sidiaries was 1,552,663 net
His remarks, as
reported in Philadelphia advices to
tons, compared with 1,706,543 tons in the castings,
compared
to
1,672,800
the New
York "Times" follow:
<&—
preceding month, a decrease of 153,880 tons.
This compares with tons one week ago, 1,693,600 tons
"Twice isolationism has failed The
1,774,068 tons in June, 1942, a decline of 221,405 tons.
one month
amount
For June,
of
ago, and 1,683,300 tons
2%
depositary
and now we must ask ourselves
1941, deliveries amounted to 1,668,637 tons.
one year
bonds which a
ago.
the
United
—
For the year 1943 to
date, shipments were 10,040,016 net tons
compared with 10,503,507 net tons in the comparable period of
1942,
a decrease of
463,491 net tons.
,
r
;
"
1943
January
1,685,993
February
1,691,592
1,772,397
March
April
1942
•>
1941
j
;
1940
1939
1929
1,682,454
1,145,592
870,866
1,364,801
becoming
1,548,451
1,009,256
747,427
1,388,407
products
1,780,938
1,720,366
931,905
845,108
1,605,510
1,758,894
1,687,674
907.904
771,752
1,745,295
1,084,057
795,689
1,701,874
1,668,637
1,209,684
607,562
1,529,241
1,765,749
1,666,667
1,296,887
745,364
1,480,003
July
August
1,788,650
1,703,570
1,753,665
1,664,227
1,455,604
1,392,838
885,636
1,086,683
1,851,279
1,572,408
1,345,^55
1,665,545
-
•1,624,186
1,846,036
1,425,352
1,406,205
1,849,635
1,544,623
1,443,969
by
20,458,937
14,976,110
11,752,116
Yearly
mos.
adjust—
1 "42,333
37,639
"44,865
"12,827
20,416,604
15,013,749
11,707,251
Total
Bank Debits For Month Of June
'
:
(In
millions
of
more
:
'
■
—3 Months Ended—
.
,
,
New
covered
2,854
10,313
8,410
19,346
80,845
55,803
2,982
2,553
9,390
7,501
4,501
3,810
13,356
10,922
Cleveland
Richmond
Minneapolis
Kansas City
Dallas
of
asked
to
tTotal,
,^7'Vv-
4,921
which
22,800
1,651
5,799
4,934
ment
274
centers
:
3,552
2,707
6,325
4,735
5,122
3,825
5,787
4,371
many
17,091
12,465
63,208
50,107
193,672
145,062
23,595
17,394
74,686
50,402
"140
other
28,292
103,697
4,421
15,290
centers—
1133
other
•
centers
•Included
34,430
,i
—n
5,183
the national series covering
in
tExcluding centers for which figures
>
141 centers,
81,985
12,675
available beginning in
not collected by the
were
1942.
%
Board
1919.
before May,
consumers
review
their
booked almost
October,
with
orders running well beyond.
Bar
mills have full schedules for
almost four months and in
heavy
rounds and flats there are
large
beyond that.
Sheets are becoming
increasingly
scarce, with little hot or coldaccumulations
rolled
far
tonnage
available
"Production
this week
of
steel
for
the
war
the Pittsburgh district
in
still
was
due
to
being
uncertain
jeopardized
conditions
fields, where roving bands of pickets have been disrupting
operations, states the "Iron Age" in its issue of today (July 15),
further adding:
,r \
"It was estimated that 11,000 miners were idle on
July 13, while
14 blast furnaces were down
forf.
of
fuel.
Operations at the
by-product coke plant
Clairton
were
reduced
there
was
ther
decline
ceived
"It
to
about
50%
unless
and
quickly.
is
now
that
the
series of coal strikes which started
last Spring and now are viewed
the
as
since
of
worst
the
the
170,000
IRON
AGE
weeks
tion
domestic
disaster
war
started, caused the
220,000 tons of steel instead
•loss of
the
portant
which
THE
several
prior to the continua¬
ago
of
tons
estimated
outlaw
strikes.
by-products
taken
for
and
Im¬
needed
for
late
shapes can be
August delivery
some
pipe, notably buttweld,
is equally available.
"Inent production for first half
at
43,866,912 net tons, set
spite of recent interrup¬
tions because of the coal
stoppage.
However, June production, 7,027,-
last
of
The amount
carryovers.
orders
which
steel
mills
have
The
WPB
directives
call
for
tion, which
number
95%
quota
comple¬
that the
means
of
steel
usual
monthly output since
June, with the exception of
"Steel plate production in June
1,056,085
was
net tons, compared
1,114,920 tons in May.
The
with
record
figure
set
was
in
and
out
needs,
industrial
heavy melting steel
in
good
volume.
week are expected to
have built up their share of a total
mill .stock of 20,000 tons of oil
for
an
grades
"In Canada
level for the duration of the war.
No immediate step which will end
the troubles at the mines
appears
to be in
•
sight. *
"Demand
'
,
areas
shortage
for >' fourth M quarter
steel
in
some
western
is
and
has
Yards
17,000,000
.quarter demand
was
tons.
Third
pro¬
duction
by many of the Domin¬
ion's largest producers. Steel
pro¬
about 800,000
the reported
tons greater, .than
fourth
quarter
requirements.
Third quarter allocations of carbon
and
.tons.
alloy
-
v..
steel
:
'
were
17,500,000
•«'!*v;'
3.6%
from
the
while
year,
dropped 12%."
same
period last
iron
output
pig
v-
.
■.
American Iron and Steel
Institute on July
12 announced
had
telegraphic reports which
received
indicated
that
it
the
"Among the headaches in the
operating rate of steel companies
industry last week and this having 91% of the steel
capacity
steel
instead of $25
ton,
and the
foundation
a
remaining $1.50 is to
The
Federal
from
ing the aggregate
withheld
as
with
the
provisions
of
the
Tax
Payment
Act
of
1942
accordance
by
banks
the
employ¬
making payment to the
lector of the amount due
on
the tax return, the
which
Federal
directly
to the collector with the
er's tax return.
"In
incorporated
ten
withheld during the last month of
a
quarter may, at the election of
the employer, be remitted
July 1.
insured
are
A
further
days after the
month, to a deposi¬
tary authorized by Mr Morgenthau to receive such
payments, all
funds withheld as taxes
during
that month; except that amounts
1943,
All
announcement
close of each
Cur¬
rent
effective
amount of taxes
during the quarter.
within
pay,
of
withheld
in
to
cover¬
"It
York
taxes
district,
re¬
will be the duty of
every
employer who withholds
more
than $100
'during the month to
through Allan Sproul
President began on July 7 dis¬
tribution of the Treasury
regula¬
tions
governing
the
payment
through depositary banks of funds
De¬
posit
Insurance Corporation are
designated by the Secretary of the
Treasury to receive funds with¬
the
held
as
col¬
shown
employer
receipts, in
the authorized
as
must
eral Reserve Banks
ecution
of
an
the
upon
application
ex¬
and
agreement.
Federal
Reserve
of
agent
entire
the
Bank,
United
balance
of
fiscal
as
States,
funds
the
de¬
as
employer who withholds
less during the month
may
to remit the amount
withheld to the collector with his
or
either
quarterly tax return or to pay it
monthly to an authorized deposi¬
tary.
when
at the end of each month the
be
the Secre¬
Treasury, issued by
depositary evidenc¬
"The
$100
are in excess of $5,000.
Such
remittances, however, will not be
more often than
daily, but
must
the
taxes.
they
balance
thereto
ing payments made to such
positary of funds withheld
In
made
tire
of
elect
Under the regulations, the de¬
positary banks will remit to the
attach
form approved
by
tary
taxes, and any such banks,
may
qualify to act under the
designation.
Qualification is be¬
ing accomplished through the Fed¬
en¬
remitted.
Diplomatic Posts
The Senate
on July 7 confirmed
Roosevelt's
nomina¬
President
tions of Ray Atherton of
Illinois,,
Canada; William
Burdett of Tennessee, to be
receiving a de¬
posit of withheld taxes the deposi¬ Minister to New Zealand, and Loy
tary will issue to the employer a W. Henderson of Colorado, to be
The
Treasury circular
to be Minister to
says:
"At the time of
Internal
C.
Revenue.
pre¬
em¬
quar¬
The
will be retained
copy
first
Federal
deposi¬
the
as
de¬
positary's record of the transac¬
Minister
had
to
Iraq.
submitted
June
on
The
these
24.
President
nominations
Mr.
Atherton, al¬
though still officially holding his
as Minister to Denmark, has
served since June, 1940, as
Acting
Chief of the Division of
European
post
Affairs
in
of
the
State
Washington.
succeed
Jay
was
Department
named to
was
Pierrepont
who died last
ton
He
Moffatt,
January. Mr. Ather¬
also named to
serve
con¬
tion."
The
announcement also stated
that "for the purpose of
offsetting
additional costs incurred by de¬
positaries
to
counting
in
receiving
and
fordeposits of
ac¬
with¬
currently and without
compensation
which
Under
may
purchase
Bonds,
Second
method the
one
permitted
with
2%
its
De¬
Series.
depositary
to
purchase
own
funds,
Mr.
established
now
Burdett,
Service
the
in
now
officer
of
Foreign
a
Class
I,
was
nominated
to
Patrick
Hurley, who resigned
to
J.
assume
placed with the de¬
ice
positary
the
credit
the
United
succeed
active
Brig.-Gen.
duty
with
the
Army.
certain funds
ton¬
to
Luxembourg
Canada.
and under the other method such
bonds
may
be purchased with
lag
is
f
o
additional
Minister
as
Government
held taxes, two alternative meth¬
ods are provided
by which a de¬
en¬
to
Bank
reve¬
explained:
tary's remittance, and the second
shipments from Lake
deficit
the
Reserve
internal
effect
the collector of his
Depositaries Of Taxes
Withheld From Wages
bonds
the
that
from
of
the
ter, every employer will be
quired to make a tax return
and
peace
FDIG Banks To Act As
such
and
smaller
Treasury
be
continue
the
to
that on or
before the last
day of each month
following the close of each quar¬
prejudices that destroy."
will
mines
for
collectors
is
nue,
and
is flexible
groups, and a
tolerant
and
free
advance may be withdrawn.
Superior
copies of which may be obtained
from
courage
that
weaker
positary
positary
ore
of
peace
to " provide
is
considered period¬
Helvering, Commissioner of * In¬
ternal Revenue, in Circular
WT,
the world must achieve when vic¬
strength,
be
Information released by
Guy T.
coun¬
which
tory is finally attained must be a
lasting peacer one wrought not
with hatred and
fear, but built on
courage
development
of
new
fields.
In case the latter result
is not achieved this
part of the
"Iron
our
peace
copy will be sent to the
Reserve Bank with the
effort to stimulate
per
bonds will
ically.
one
choose, the
may
alternative methods
Mr.
Henderson,
a
Foreign Serv¬
.
The
that
$33
of you.
"But whatever course
of
are
wages
mining
curtailed
by claimant agencies is re¬
ported to be approximately 22,-, duction in
Canada for the first
•700,000 tons against a supply of five months of
this year was off
about
to
and every
be
under
calendar month
over
terly tax return to the Collector
States, a labor $28.
Of the $5 increase $3.50 is
creating a serious to compensate for higher
situation in the base metal
1 industry
/
as
of the United
about, ponder
purchase
after it begins to
accept the deposits.
Appropriate
adjustments of allotments of these
that
ployer until filed with his
coming
have been lost
pro¬
also/The steel- country goods sizes. This is a first duction of
Fluorspar, Office of
for-victory drive has*Tbeen hamp¬ part of a plan evolved a few
Price Administration has raised
ered definitely.
Strategic stock¬ months ago to assure prompt de¬
the
ceding $5 per ton on all
piles of coal and coke probably liveries to small oil producers.
grades, 'the new range being $30
cannot be rebuilt to a comfortable
war
you must think
question
a
and discuss among
yourselves, be¬
cause in very truth it affects each
try
to
will be in
proportion to the busi¬
ness
transacted in the first full
conference
peace
is
inal is to be retained by the
promptly, in view of labor short¬
age.
'
'
"In
the
That
by the Secretary of the
Treasury.
The receipts will be
prepared in triplicate.
The orig¬
accumulating
considerable
ton¬
emergencies, pipe nage which is not being handled
this
permitted
military victory
scribed
March
"Scrap supply is sufficient
current
depositary will
third
a
receipt therefor in the form
With 1,167,679 tons.
liveries to small oil producers and
to provide for
mills
effect, being
February.
orders
accepted are
about
105%
of
capacity.
The
carryovers have been building up.
"In order to expedite steel de¬
a new
record in
of
CMP
have
Wire ship¬
the year.
in
week continued to be the number
rectives.
estimated
structural
a
coal
late
101 tons, showed the
the lowest
fur-! been allowed to accept is usually
is re¬ 110% of the previous month's di¬
possibility of
a
extend
Some
in
the coal
lack
ments
before
sellers
some
little for that month.
■
pur¬
through
November and
Steel Operations Slightly Higher— War
Output
Still Being Jeopardized — Less Cancellations
contracts
deferring all
are
and
begins.
New
being
are
including tonnages for
they already have allot¬
solidly
i
:
the
later bookings.
as
"Plate mills
926
1,680
1
—
in
receipt some ton¬
books that is not as
numbers.
1,305
—
"New York City—
>■ '
6,039
6,057
1,784
-
getting
chases except those most
urgently
28,841
1,167
in
entered
are
with the idea of
1,637
6,981
claimant
some
lagged
their
"Leading
2,144
Francisco
have
us
revising
orders.
contracts
'
—
—
San
as
7,911
2,065
im¬
allotment numbers and inasmuch
1,848
Louis
of
means
"Additionally,
2,037
Atlanta
of
agencies
needed,
2,343
Chicago
other
some
9,695
___
schedules
save
"That is the decision the
people
a
It
during the time
long
will
must make before
the
follow.
portant needs will appear which
can be handled
only by directives
June
1942
25,688
j
by
important
June
1943
1942
3,234
York
Philadelphia
St.
June
1943
re¬
more
become
will
certain that
seems
nage gets on
June
Federal Reserve District—
Boston
schedules
disruption
order
dollars)
The
changes in strategy and the
sequence
SUMMARY BY FEDERAL RESERVE
DISTRICTS
recent weeks
possibility.
it
either of the
comes
probably
during
whether
time.
some
cent
wave
of cancellations
has
subsided but it is appreciated that
revisions
will
be
dictated
by
or
The Board of Governors of the Federal
Reserve System issued
on July 10 its usual
monthly summary of "bank debits," which we
give below:
are
in
revisions
necessary, to meet most
needs for the war pro¬
advanced
report.
steel
schedules
extended
so
that
alert to this
"Decrease.
NOTE—The monthly shipments as
currently reported during the year 1942, are sub¬
ject to adjustments reflecting annual
tonnage reconciliations.
These will be compre¬
hended in the cumulative
yearly shipments as stated in the annual
and
its
have made the trade
particularly
16,812,650
_
"Mill
"Cutbacks
16,825,477
,
in
gram.
1,333,385
1,110,050
931,744
21,064,157
December
be
essential
1,500,231
1,262,874
1,787,501
September
October
November
Tot&l
will
1,617,302
1,834,127
1,774,068
iron
July 12 stated in part
on
1,616,587
1,552,663
Cleveland,
the
follows:
1,738,893
'
1,630,828
U-
of
of
markets,
as
1,706,543
May
June
"Steel"
summary
nage
was
June
than
greater
at
the
June shipments
For the
crease
close
end
of
of
May.
to
Treasurer
11,864,401
of
of
the
States."
was
May,
season
the
totaled
gross tons, which
less than in
at
to
a
760,701 tons
loss of 6.03%.
July 1 the de¬
from 1942 to the
same
date
was
.
9,158,276
pared with
tons June
a
1."
tons, 26.97% comshortage of 8,397,575
officer
of
Class
pointed
to
Wilson,
Minister
succeed
II,
Resident
Consul General in Iraq.
is
being
raised
of Minister.
to
was
ap¬
Thomas
the
M.
and
The post
full
rank
5
Department of Labor announced on July 8 that during
ended-"July 3 market prices for livestock and fruits and
vegetables declined for the third consecutive week and the Bureau
The U. S.
week
the
Statistics' all-commodity index
At 103.0% of the 1926
level was '0.9% below a month ago and
the first week of July last year.
Labor
of
decreased 0.1%.
the general price
4.6% higher than during
average
further said:
Department's announcement
The
price series
of nearly 900
de¬
cline from May to June^ showed little change this year and the
Board's seasonally adjusted index rose from 125 to 129% of the
1923-25 average. Total sales in June were augmented considerably
by a buying wave that occurred around the middle of the month
when shoppers were endeavoring to purchase shoes before the expi¬
ration of ration coupon No. 17 and at the same time purchased other
nounced
week ended June 19
26. In addition to lower prices
for bacon dropped nearly 7%.
June
tions
slightly higher than a
the drop of
0.4%, compared with
foods declined
for
and 0.9% for the week ended
for fruits and vegetables, quota¬
Prices for wheat flour averaged
week ago.
Atlanta
commodities. There were few changes in industrial
commodity markets during the week.
Prices for maple
rosin and turpentine showed fractional increases.
No
commodity declined in price."
flooring,
important
notation is made:
During the period of rapid changes caused by price controls,
materials allocated, and rationing the Bureau of Labor Statistics will
attempt promptly to report changing prices.
Indexes marked (*),
however, must be considered as preliminary and subject to such ad¬
justment and revision as required by later and more complete rer
U.
of commodities for the past 3
1942 and the percentage changes
and
a year
WEEK ENDED JULY 3,
6-26
7-3
*125.9 *126.2 *127.0
107.6 108.0 109.0
products
Foods
118.4 118.4 118.4
96.8
96.9
96.9
81.5
81.4
81.4
*103.9 *103.9 *103.9
110.4 110.4 110.4
100.2 100.2 100.2
104.3 104.3 104.3
91.6
91.6
91.8
leather products
products
Fuel and lighting
materials
products
Building materials
Chemicals and allied products
Housefurnishing goods
Miscellaneous commodities
Metals and metal
*114.0 *114.2 *114.5
92.7
92.7
92.9
*99.7 *99.7 *100.0
materials
Semimanufactured articles
Manufactured products
Raw
All
commodities
farm
6-19
other
..
commodities other
farm products and foods
*126.3
110.6
118.4
96.9
81.4
*103.9
110.4
100.2
104.2
91.7
*114.1
92.9
*100.9
than
products
All
total
year
*98.1
*98.1
*98.4 *99.1
than
*96.9
16
+
6
+
9
+
21
+18
+
14
44
+ 33
+ 30
+
26
+ 19
+
23
+
14
+ 15
+
12
+ 11
In
+ 44
+ 38
+ 37
+
25
+ 24
+
13
§
+
30
+ 22
+ 25
+18
+
54
+39
+ 37
+ 34
+ 35
+ 47
+ 61
+ 81
+
65
+
35
+ 36
+ 42
+
41
+ 30
+ 35
+ 19
+ 28
+ 23
+
29
+ 19
+ 22
+
+39
_
_
*
+
+
55
+
151
+
2.9
+
17
+
AVERAGE=100
...
...
118
135
___
June 20
June 27_
_
_
stores were open for 6 business days whereas
were
closed on Saturday in observance
*96.9
*96.9
*96.9
6-26
7-4
1942
6-5
1943
1943
98.5
—0.1
—0.9
+
4.6
104.9
—0.2
—0.3
+
20.0
99.3
—0.4
—2.7
0
0
118.9
0
0
97.3
79.5
+
0.1
+
0.1
+
8.4
—
0.4
—
0.4
+
2.5
104.0
0
0
0
0
97.2
0
0
+
104.5
0
90.1
0
—0.1
—0.2
—0.1
0.1
—
110.6
99.9
+
0.1
—
0.2
3.1
0.2
—
+
the fact that this
in the corresponding week last year
+
of the Independence Day
—0.2
—1.2
+
-1.0
+
•
96.1
+
Number
of
Orders.
of
Shares
PURCHASES
ODD-LOT
of
of Shares:
Customers'
short
other
total
Customers'
value
Dollar
sales
Short
tOther
to
June 26
16,352
474,134
Number
*
J-.
to offset
8,237,000
393,366,000
8.271,000
4,863,000
r55,285,000
5.297,000
49,988,000
Construction
—
Municipal
Federal
_
385,095,000
J
waterworks construction
construction groups,
the classified
is the only class of work to
are below their respective
Subtotals for the week in each class of con¬
gain over the preceding week
increase.
All classes of construction
a
totals of a year ago.
are:
waterworks, $1,388,000;
sewerage,
$988,000; bridges,
building and
$14,586,000;
ami
$132,000; industrial buildings, $311,000; commercial
large-scale private housing, $2,572,000; public buildings,
earthwork and drainage, $456,000; streets and roads, $3,207,000;
construction,
capital for
of 228% over the 1942 week.
is made up of $3,399,000 in state and municipal
149,000, an increase
$1,750,000 in corporate
security issues.
New-construction financing for
61%
the 27 weeks of
under the $7,800,618,000
period last year.
bond sales,
MAY,
reported for the 28-week
.
were
60
139,330
139,450
1943,
COMPARED WITH MAY,
•V-.
+
York City-
Chicago
May
Total
Year
+
52
75
crops
or
"
83
80
65
+
+
7
Date-
to
May,
1943
-
_
April
_
_
March
February
_
——
December,
tThte
and not
—
1942_
term
new
French
army,
and
+
36%
+ 63
•
>
+
50
+ 14
+
13
+ 17
85
84
40
88
12
79
4
to aid the military effort of
Airlines Officers
Penna.
Guests Of NYSE
The
common
stock of the Peri
Airlines
sylvania-Central
was
admitted to trading
the
New
0
10
+
44
+ 35
90
78
+
37
+
37
86
66
+
56
+ 55
86
73
14
30
+
27
,:j; + 36
83
72
+
,:..;+
2
J. H.
34%
31%
+
38%
85%
72%
+
6%
Robert J.
+
+
34%
31%
+
38%
83%
71%
+
7%
+
+
Co
July 6
+ 15
+ 55
+
+
+
20
30%
+
+
26%
26%
Exchan;
Carmichael, Vice-Preside:
Wilson, Vice-Preside
Secretary, and R. G. Lochi
Treasurer
and
Comptroller,
we
72%
+
6%
guests of the Exchange and
we
+ 27
+
33
83
71
+
6
present on the floor when the fi:
+ 40
+ 38
+ 43
83
70
+
8
transaction. of
+ 35
+ 33
+ 41
82
70
+
8
+ 31
+ 28
+
37
81
71
+
+ 23
6
+ 23
+ 28
+ 27
+
32
74
61
+
5
26%
24
+
29
+ 28
27
+ 28
+ 28
+
+
+
'Rooms and
31%
MONTHS
SIX
to the average sales per occupied room
restaurant only.
"rates" whenever used refers
to scheduled rates.
Stock
Monro, Preside
85%
+
32
and
York
Bedell
38%
LAST
34% y
27
C.
and
+
FOR
+
30%
+ 10
a
local economy was neces-
40
30%
+
sound
37
12
+ 18
+
of this
+
+ 34
___
_
reason¬
popula¬
tion was essential to the creation
+
+
24
+
civilian
contented
+ 50
42
+
was'the creation of
Fighting French ally. A
+27 v.,
•<;:.
+ 35
+
_
part of the Allied mili¬
+
16
33
other normal
on
carry
business.
ably
earn
to harvest and sell food
+ 12
+
+
Others
9%
71 %
+
93
39
43
+
Texas
Deer.
34%
+
41
88%
or
+
'
__
1942
+
+ 38
+
Coast
1943
46
11
+
Detroit
Beverages
Rate
May Increase
35%
49
+
Cleveland
Food
fRoom
Occupancy
+
+
—
Restaurant
sell. Even
the British and Americans."
+
+
42
goods had
Many shops
incentive to work and
was no
money,
sary
36%
+
Washington
All
+
36%
+
__
Philadelphia
Pacific
Rooms.
♦Total
V--S':
\ :■ *V-":
New
.
buy practically nothing, arid there
a
1942
Decrease
.
closed for lack of wares and
tary program
1942.
following statistical data:
—Sales, Increase or
.
and i Axis
people with plenty of money could
with "other sales."
Total
January
1943, $2,915,-
siphoning
of
local
stripped the markets.
30% over May,
!
line,
of : imports
"Lack
.
Horwath, New York public ac¬
countants, report that the total increases in May over the same month
of last year exceeded somewhat those in April, and were identical
on practically all points with the gairis for the year to date.
The total
MONTHLY TOTALS
week totals $5,The week's new
troops in perfecting and guarding
bulletin, Horwath &
supplies the
was
If the Arab natives
-
his tenuous supply
Kay Hotel Sales Higher
sales were up
labor
augment military
to
proved unfriendly, General Eisen¬
hower would have been compelled
to
use
additional + divisions
of
"A vital
$18,362,000.
construction purposes for the
supply line.
.155,520
140,280
reported with "other sales."
orders, and sales to liquidate a long position
(four-days)
3,095,000
38,907,000
2,766,000
36,141,000
-
230
124,530
124,760
bridges,
personnel in perfecting the Allied
.—
"short exempt"^ are
customers' odd-lot
lot are reported
In its July
civilian
also
•„
highways.
and
tracks
Considerable
4,782
468,059
472,841
15,254,065
~.
than a round
is less
destroying
by
those open had little to
PURCHASES BY DEALERS
of Shares
i.—
$42,002,000
Construction
4,425
493,887
4^8,312
15,647,049
——:——
marked
Sales
t Sales
which
paratroopers who might trythe Allies' supply line to
needed
164
17,287
17,45-
sales
ROUND-LOT
purely military point of
cut
railroad
DEALERS
July 8,1943
$60,148,000
_—
sales
Total
!-
—
The firm
Construction._$401,603,000
sales
sales
sales
ROUND-LOT SALES BY
Number of Shares:
week, last
July 1,1943
(five days)
unclassified
and
154
18,106
18,260
—.'——
—_
a
it was important to win
Arab good-will so that the natives
would hinder Axis secret agents
BY DEALERS
short sales
other sales
total sales
'Customers'
volues for the 1942
(four days)
State and
"From
view,
17,820
514,912
18,396,179 17,724,489
Orders:
Customers'
Number
week areJuly 9,1942
072,000, is
—
;
value
Dollar
0.8
propaganda.
The report also stated, accord*
ing to the Associated Press:
,
v ;
June 19
DEALERS
(Customers* Purchases)
volume brings 1943
engineering construction
Total U. S.
Axis
DEALERS
ODD-LOT ACCOUNT OF ODD-LOT
YORK STOCK EXCHANGE
SPECIALISTS ON THE NEW
AND
looting, and the French and
population saturated with
Tunisia
SALES BY
ODD-LOT
Number
0
Arab
,
FOR THE
TRANSACTIONS
STOCK
0.9
97.2
found the econ¬
Africa he
of the whole country virtual¬
stagnant after two years of
Axis
and Exchange
specialists.
0.8
—
Dwight
North
Commission has made public a
summary for the weeks ended June 19 and 26, of complete figures
showing the daily volume of stock transactions for the odd-lot
account of all odd-lot dealers and specialists who handle odd lots
on
the New York Stock Exchange, continuing a series of current
figures being published by the Commission.
The figures are based
upon reports filed with the commission by the odd-lot dealers and
:
Civil
recounted that when
D. Eisenhower led
British-American forces into
his
Trading
Slock Exchange Odd-Lot
Securities
The
0.1
0
0
the allied
omy
Dew York
14.1
92.8
for
The report
Gen.
holiday.
to daily average sales in calendar month; June, 1943, figures
sales.
§Not shown separately but included in United States
1.7
98.9
work
to
spurring them to pro¬
duce and make available materials
of vital use to the allied nations."
100
last year reflect in part
tThe large increases over
proved
program
armies and
116
4
July
117
the
incentive
117
_
_
weekly
reported.
Stettinius
accomplished
several purposes, including win¬
ning of good will, inducing the
people to stop hoarding and to put
their farm produce into circula¬
tion, providing the people with an.
15
June 13
148
_
June
_
from
Mr,
statement
his
that
+ 27
6
137
____
__
future, the
near
further
"It has been abundantly
42
44
+
47
(1935-39
SEASONAL ADJUSTMENT
WITHOUT
INDEX,
the
in
+ 15
+ 49
•
*
amount involved
the re¬
the
Administrator
+ 17
§
§
*
of
said:
*
56
+ 24
+ 55
Number
week, and the current
and
+
18
+
total.
26, 1943 from—
1942
■
financing
13
+
50
+ 27
+ 45
IMonthly indexes refer
construction to $1,868,402,000, an average of $69,200,000 for each of the 27 weeks.
On the
weekly average basis, 1943 construction is 65% below the $5,524,720,000 for the 28-week period a year ago. Private construction, $230,442,000, is 35% lower than last year, and public work, $1,637,960,000,
is down 67% when adjusted for the difference in the number of
New
+
25
+
+
14
+
26
+
+ 51
+
+ 19
+ 38
*
+
24
53
+
24
+
(Customers' Sales)
current week's
struction
mainder
*
1942—
estimated
"Engineering News-Record" on July 8 and compares
with $60,148,000 for the preceding week. Private construction is 62%
below the week last year, and public work is down 90% due to the
67% decline in state and municipal construction and the 91% de¬
crease in Federal volume.
The report continued as follows:
In
+ 25
stores
week by
with
26
+18
.
+ 74
*Revised.
construction volume in continental U. S. totals
$42,002,000 for the short week due to the Fourth of July holiday.
This volume, not. including the construction by military combat en¬
gineers, American contracts outside the country, and shipbuilding,
is 90% below the near-record high reported for the corresponding
Public
and are arranging to pay
3_
July
Civil engineering
C;
000,000
8
.
_
June 26
Engineering; Conslruclien
$42,092,009 Fer Week
Private
8
+
June 19
Civil
weeks.'
+
16
_
_
Customers'
The
11
+
City
'Customers'
1942
+
+ 14
§
5
June
'Preliminary.
;
+ 17
9
*
ly
7-4
6-5
1943
1943 1943
*103.0 *103.1 *103.5 *103.9
All commodities
••:*
14
+
+ 67
_
S.
Percentage changes to
1943
Commodity groups—
Textile
+
19
1943
June
Hides and
9
21
+
+44
.
__
June 12
weeks, for June 5, 1943 and July
from a week ago, a month ago,
(1926=100)
Farm
16
+
+ 19
+
13
ago:
WHOLESALE PRICES FOR
•
+
+ 29
+ 16
1943—
the principal
index numbers for
table shows
groups
4,
19
+ 20
9
+35
.
WEEKLY
ports.
following
+
7
Francisco
San
The following
The
9
+62
.
__
Kansas
Dallas
+
channels of
paid back $25,-
trade already have
+ 11
+
Minneapolis
"Industrial
5-1
+ 18
+
-
Louis
St.
7-3
5-26
through normal
tion
Year to
Weeks Ending
6-26
North.
distribur
Africa who directed the
*+
+38
_
Chicago
that French authorities in
100
+ 20
+36
.
_
104
+36
_
Richmond
"extremely
+26
.
Cleveland
27, emphasizing that an
high percentage" of
the total tonnage had been distrib¬
uted. This was noted in Washing¬
ton advices to the "Wall Street
Journal" of June 28 which stated
June
on
+29
_
__
York
Philadelphia
May 31, Lend-Lease Administra¬
R. Stettinius; Jr., reported'
tor E.
j
123
133
"
Four
7-3
6-12
6-19
6-26
7-21
District—
New
for the
Change from corresponding
-One Week Ending
Federal Reserve
Boston
125
125
129
124
for seasonal
variation
seasonal adjustment-*.-—,-
Adjusted
Without
000,000 and weighing 170,000 tons
were
shipped to North Africa
from the United States prior to>
June 1942
April 1943
1943
f May
June 1943
on
"Prices
(1923-25 AVERAGE=100)
STORE SALES*
valued at $40,-
Lend-lease goods
+
:
DEPARTMENT
OF
INDEX
July 1942.
1.7%
'
goods.
products averaged
0.2% lower than in the week ended June 26 primarily because of
seasonally lower prices for fresh fruits and vegetables, particularly
apples and potatoes, and for hogs and cotton. Grains advanced nearly
2%, recovering the loss of the previous week, and higher prices were
reported for eggs, lemons, hay and onions. Prices of farm products
the average were 20% higher than during the first week of
Markets for farm
and Foods.
"Farm Products
store sales, which usually
July 8 that department
on
Mi
Put At $40
System an¬
of the; Federal. Reserve
Governors
of
Board
The
>
Leml-Leasa T« Africa
Department Store Sales Advance
June
Declines 0.1%
During Week Ended July 3
^
WhcScsab Commodity index
Thursday, July 15, 1943
CHRONICLE
COMMERCIAL & FINANCIAL
THE
236
their
compan;
stock took place.
The
visiting
luncheon
officers
we
guests of Emil Schra
President of the Exchange.
Volume
158
Number 4194
KarketValue Of Boisdslln H.
'■>
30, there were
aggregating $80,999,206,037 par value listed on
Exchange with a total market value of $80,704,321,646,
of
%
This
the Stock
with 1,127 bond is¬
compares
While the
aggregating $81,479,041,193 par value, listed on the Exchange
May 29 with a total market value of $81,048,543,830.
sues,
as
July 9.
on
In the following table listed bonds are classified by governmental
June
on
18.
"This
and industrial groups with the aggrgeate market value and
average
15," she said.
-May
1943
29,
Average
Market Value
Average
8.
Government
State,
U.
(lncl.
N.
etc.)
companies:
8.
103.88
104.51
year
105.07
56,638,288
102.87
105.40
36,650,000
57,616,413
214,608,478
104.71
234,513,233
Electrical
equipment
Food
105.54
10,949,010
37,569,724
100.74
99,583,782
64.69
'
10,835,551
101.30
98,528,703
64.54
—
'
100.04
102.78
81.49
41,103,466
592,455,674
104.47
74.71
7.625.095.527
75.15
12,258,568
87.65
88.97
New^ England city
76,095,865
104.72
104.00
11,959,560
104.25
12,567,681
75,574,158
11,844,840
21,481,377
78.07
20,937,084
76.09
101.50
492,021,186
101.01
38,236,380
155,238,588"
-
-
105.36
37,792,420
104.13
106.80
154,673,199
106.41
3,361,598,129
95,099,678
1,233,301,839
108.60
-
Steel, iron and coke
•-Textiles
Tobacco
___
103.25
Utilities:
electric
and
(operating)-
3,382,366,279
109.28
(holding)-..
Gas and electric
96,288,610
104.68
1,238,529,222
110.85
Communications
-
-
•
Miscellaneous
S.
utilities
94,816,086
companies oper. abroad—
businesses
65.20
137,706,305
105.37
companies
14,609,867,105
86.79
Foreign government
Foreign companies—
1,417,833,281
65.41
761,206,648
103.38
110.24
91,803,221
138,420,814
31,292,510
76.56
31,298,003
89.78
Miscellaneous
24%
to a decline of 21%
U.
S.
account
o!??w at,125,1 % of
24.1% above
of
all
these
76.53
86.76
tJle 1935-39
RETAIL
FOOD
COSTS
Commodity Group—
average, 7.8%
80,704,321,646
99.64
81,048,543,830
99.47
of the total market value
listed
the
on
and the
total
price of bonds
average
Exchange:
Average
1941-
Market Value
Price
$
May 30
June 30
July
31
.___
Aug. 30
Sept. 30
Oct.
-
29
Dec.
31
.—
1942—
ALL FOODS
Cereals and
June 30
94.80
July
Aug. 31——
Sept. 30_.
94.74
Oct.
31
95.25
Nov.
30
94.80
Dec.
94.50
31
_________
56,261,398,371
57,584,410,504
——
Mar. 31.
30.
29.
96.18
96.48
Mar. 31
Apr.
30
95.63
May
— —
«
29
95.64
—— —
June 30
138.0
93.4
130.6
124.3
131.1
101.1
130.5
95.7
126.0
124.1
109.4
126.0
99.6
124.0
-123.2
86.1
88.0
138.7
133.7
118.2
98.7
98.8
147.6
V
Again Lower In ^ay
and
v
Retail trade showed mixed tendencies during May.
Mail order
houses reported a sharp cut in
sales, traceable to inventory shortages
and inability to offer substitutes on orders
placed by
mail, and de¬
more
than usual at this
Sales of variety chains and grocery chains,
showed some increase from reduced April levels.
year.
of
to
crude
petroleum
production
over
packing
establishments.
farmers diverted
corn
corn
A
virtual
to stock
stoppage
of
shipments
corn
as
feeding, also curtailed operations in
OF
PRODUCTION
AND
and
May
Mar.
1942
Production
_
bakery
Producers'
goods—total
Producers'
Producers'
Consumers'
—
durable
goods
nondurable goods_
durable
Consumers'
C
nondurable
Durable
,
goods—total
Nondurable
>
Primary distribution
Distribution
to
goods-
of
and
Wage rates
average)
.
(100=1926 average)
canned-
York
Outside
City
■"Adjusted
Indexes
available
for
for
City
_____________
Canned
j
90.9
94.9
122.4
80.3
84.5
tion of crude
127.0
127.1
95.3
95.6
CENT
March,
the
number
1134
187
+ 87
40
137
101
105
tl04
157
+ 154
117
+ 117
5.6
+ 19.8
+ 31.6
1.2
+
1.9
+ 45.8
5.9
+ 42.6
+ 19.8
+ 43.5
+ 43.3
+ 30.2
+ 51.9
+ 19.9
+ 56.0
+ 33.7
+ 69.9
+ 102.5
7.2
+ 11.0
-t-30.3
3.4
+ 23.1
v+45.9
+ 47.2
+104.6
+ 57.9
.9'
+
.2
6.0
+
.7
the
+ 120.3
Those
to
have
to
consumers
switch
151
+ 154
+ 75.0
.1
+ 37.0
+ 31.2
3.1
+
.4
was
+ 57.2
.3
+
index
+
from
+ 33.4
51
to
"maintaining0 TomparabUity" AX
increased
from
54
to
49.3
•
+ 33.8
changed
61.
the
tPrelim¬
+81
+ 80
124
163
+ 169
+ 170
123
124
125
149
+150
who
45c.
higher-priced silver
in
of
ceiling prices for their
Price developments in
non-ferrous
metals
on
were
The publica¬
to say:
+150
At
the
hearings
ham stockpile bill
on
83
85
89
80
figures
was
it
held in Wash¬
When the
war
declared, stocks of
copper will be large, and these
should not be dissipated. Ore re¬
serves are
limited and
rapidly depleted.
Transportation of
open-pit
halted
mine
of
are
being
from
ore
Utah
the
Copper
July 7 when 125 men
operating the Bingham & Garfield
on,
Railroad walked out because
they
insist on being classified as rail¬
workers
workers.
ington early in the week, it was
brought out that the United States
is producing
approximately 40%
of the total
62
have been found
Ceylon.
instead
of
The labor dispute is ex¬
of quicksilver
the island of
Exploratory work is
now
in progress to determine the
size
of the deposit located in the Kal-
pitiyu district, according to press
advices
to
Foreign
Commerce
Weekly.
silver
price
situation
remains
in
quick¬
unchanged.
Quo¬
tations in New York held at
$196
(?/;$198
per
flask.
Silver
The
bill, introduced by Senator
Green of Rhode
Island, releasing
Government-owned silver for war
purposes, was approved by the
House on July 5 without amend¬
ment and sent to the
President.
The measure allows the
Treasury
to sell
it
lease silver
or
of 71.11c.
an
retains
in
on
the basis
ounce, providing that
its possession silver
equal to the face value of out¬
standing silver certificates.
On the
same
day the Celler bill,
which
would
repeal the Silver
Purchase Act, was approved by a
Ways and Means subcommittee.
Lend-Lease Administrator Stettinius revealed last week that
3,-
075,000
oz.
of silver arrived in the
United
Kingdom from this
(see page 3).
try
mine
pected to be settled quickly.
on
coun¬
The London price continued at
23%d.
throughout the week. The
New^York Official held at 44%c.
.
—
78
supply.
fends,
road
the Scrug-
production is not forth¬
Promising traces
The
—
Copper
+ 156
85
from
new
Quicksilver
+ 43.2
+ 58.6
Nations'
President.
that
+ 121.8
+ 43.5
—
.
4.6
+
in
+47.0
6.9
+
.6
+
.3
-
+ 20.4
+ 10.2
.3
en¬
coming in the degree necessary,
the $1.50 portion of the
increase
may be revoked.
+ 106.6
+ 58.3
The remainder is to
go toward
couraging production.
The OPA
regulation states that in the event
+ 56.7
+ 48.3
+
—
"E. & M. J, Metal and Mineral
Markets," in its issue of July 8,
stated: "Production and labor
problems forced OPA to raise maximum
prices for all grades of fluorspar on an
average of $5 a ton, effective
July 1.
Part of the advance is
earmarked for higher
wage rates,
with the remainder available
for lifting production.
The Green bill,
aimed at making
Treasury silver available for the war
program at
the equivalent of 71.11c. an
ounce, fnow
awaits the signature of the'
tion further went
+ 117
128
i.;\ Ll—i
+
Editor Note.-—At the direction of
the Office of
Censorship certain
production and shipments figures and
other data have been omitted
for the duration of the war.
+ 105
..I
4.0
+ 44.5
Silver Bill Approved —
OPA Lifts Ceiling Prices On
Fluorspar
+ 33
I
+ 36.8
+ 10.4
.8
included
Non-Ferrous Metals
products.
v
+ 134
88
revised
+ 11.3
necessary adjustments for
foods in the index was
lacking last week."
136
45
The
5.9
+ 15.2
of
major
"v
+ 13.4
IRevisd.
+ 198
-
2.3
+
.6
—
of. cities
t202
.
+
+
..1
—
205
125
+ 52.9
8-15-39
.
2.1
+
+
sweets
with
granted by the War Labor Board.
+ 46.2
to
+
+
—
the
5-18-43
+ 17.6
6-14-41
to
+ 13.0
.4
—
;_
1943,
time
5-18-43
5-12-42
to
5-18-43
+ 7.6
—
.
number
to
$5 increase, about $3.50
has been authorized to
permit ab¬
sorption of higher wage costs
5-18-43
9-15-42
.5
fluorspar.
Of the
CHANGE
—2.6
____
168
tPreliminary.
February have been revised,
upon request.
124.6
120.7
128.4
+
+169
variation.
and
123.8
126.6
a ton, with freight
adjustments allowed. The revised
regulation continues the
exemp¬
+ 6.4
+ 133
88
seasonal
January
124.9
90.3
+
1171
66
York
New
99.6
'
tl35
Velocity of Demand Deposits
(100=1935-39 average)
New
131.2
.2
+
vegetables
Dried
same
Acid and ceramic spar
fixed at $37
143.4
+ 2.1
*The
90.7
157.7
.1
—
,
173
136
—
91.6
+
+
136
116
——
91.4
to
veal
148
85
—
122.7
+
and
vision
Living, Bureau of Labor Statistics
(100=1935-39
♦
1943
+ 124
'
:-
123.8
producing solder and other ma¬
terials hope to get some relief
through OPA in an upward re¬
Mav
1943
1125
111
.
consumer
126
132
^
Miscellaneous services——
Cost
goods
goods—total
—
1943
113
Apr.
87
goods—total
Consumers'
are
132.4
92.8
126.2
prods.
121
—.
the grade.
93.4
+ 1.7
Fish, fresh and
Dairy products
Eggs
metal
TRADE*
100—Estimated Long Term Trend
Index of production and Trade
92.4
130.0
5-18-43
will
processing plants.
INDEXES
93.3
was
transportation. Scarcity of livestock in the market and con¬
price regulations threatened to shut down many small
ore
97.4
128.7
_^
ALL FOODS
the other hand,
on
checked during June, but electric
power output continued to rise.
The Office of Defense Transportation on June 9 extended
its system
of permits in order to speed
shipments on the Great Lakes, which
have been hampered by weather
conditions, and to divert carriers
flicts
115.4
129.7
130.3
4-20-43
of the
season
During the month of June, further strikes in the coal mines
brought about losses of output in coal and, to some extent, also in
tendency
155.2
*179.5
sweets
Commodity Group—
inary.
The Reserve Bank further said:
rising
93.1
affective July 1, 1943.
Metallur¬
gical grades are now set at a ceil¬
ing $30 to $33 a ton, depending on
$191.2
PER
Sugar and
^
production,
127.5
oils___
Sugar and
Fresh
increase
proximately $5 a ton in maximum
prices for all grades of fluorspar,
99.6
105.1
158.0
Beverages
Fruits
pound.
OPA
approved general increases of ap¬
94.6
118.7
123.3
;
Fats and oils
The
97.2
150.9
127.7
To
190.9
Beverages
reduced output
of steel and coal resulting from
recent work stoppages more than offset
increased production in
■ether industries. On the other
hand, shipyards broke all records
by
delivering 175 ships totaling 1,782,000 deadweight tons.
steel.
113.4
168.2
141.3
52.000
tin, continues
124.5
Dried
tion
partment store sales declined
133.7
137.1
131.2
The index of production and trade
compiled by the Federal Re¬
serve Bank of New
York declined 1 point further
during May to
124% of estimated long term trend. The
group index of production
was down 2 points as the continued
sharp curtailment of construc¬
the
146.4
207.0
136.9
142.1
52.000
99%
or
a
52.000
Fluorspar
93.5
94.9
vegetables—!
52.000
52.000
52.000
_____
ly39
201.7
Pork
M. Y. Reserve Bank Index
1941
97.8
Canned
Beef
1942
52.000
Aug. 15
105.2
canned
Meats
99.64
1942
Jan 14
52.000
52.000
205.8
&
Chickens
and
1943
May 12
52.000
52.000
—Holiday—
at 51.125c.
Sept. 15
141.6
Lamb
work
Apr. 20
52.000
_____
Chinese,
COMBINED*
121.6
I
Fish, fresh &
Dairy products
Eggs
99.47
CITIES
105.4
_
Cereals
ago and
', 138.3
Chickens
98.69
year
126.6
'
97.79
98.24
a
125.5
Lamb
Fats
above
140.6
Pork'_
96.70
97.47
52.000
July 2
July 3
July 5
July 6
July 7
living index
U07.5
96.11
71,038,674,932
71,346,452,852
71,575,183,604
71,857,596,488
81,048,543,830
80,704,321,646
27
95.97
59,257,509,674
96.08
70,583,644,622
30
Feb.
95.24
"95.13
58,140,382,211
57,923,553,616
—
95.76
of
143.0
Beef and veal
Fruits
cost
107.6
....
Fresh
95.50
can¬
ning industry, WPB has ruled.
1935-39=100)
1943—
Jan.
28.
Apr.
May
31
95.04
$
59,112,072,945
61,277,620,583
62,720,371,752
62,765,776,218
64,843,877,284
64,543.971,299
—
94.86
1942-
Jan,; 31
Feb;
Price
$
94.22
Meats
LARGE
1943
__.
Market Value
s
52,321,710,056
53,237.234,699
53,259,696,637
53,216,867,646
53,418,055,935
55,106,635,894
"54,812,793,945
55,033,616,312
.
31
Nov.
Average
advance because
of the seasonal nature of the
date for the Little Steel
formula."
IN
May 18t
65.04
89.31
industry.
manufacturers
can
may be made in
a
large Southern city.
a
changes, the
January, 1941, base
63.05
The following table, compiled by us, gives a
two-year compari¬
son
Tin-plate for
___.
Taking
bakery products.
All listed bonds
the automotive repair
"Aside from
Quotations for tin remain un¬
food, the principal increases were in the cost
of
services, particularly medical care and barber
changed.
Straits quality tin for
and beauty
shop serv¬
ices.
Prices of rayon
shipment was as follows:
hosiery had gone down 2% on the
average by
mid-May, although the new OPA
July
August
Sept.
price-quality ceilings were not July 1
fully in effect.
52.000
52.000
105.35
14,624,929,649
1.410.184.528
758,400,291
in
in
a
warning last week
against the illegal use of solder in
let alone in individual
families.
(Indexes,
Total
WPB issued
cities,
Thus, in the case of fresh fruits and
vegetables, changes ranged from an
average increase of
494,319,333
Rubber
Tin
a
104.63
101.83
remains
Sweet
102.20
building and operating—
Shipping services
U.
cities.
some
ago.
40,486,946
Ship
I-
in
potatoes increased 40% in the
period, to three times their price of
612,102,207
merchandising
Gas
rise, with growing scarcity at the retail level
7,540,242,205
Petroleum
Railroad
Retail
80.64
37,328,902
Machinery and metals
Mining (excluding iron)
Paper and publishing
tion
Western
"With this recent
rise, food prices as a whole averaged 17%
above last May and
46% above January, 1941.
In view of the wide
regional variations in food;
prices, the national average's this month
naturally do not describe the
experience in many individual
-
Land and realty
/
unchanged, Prime
holding on the basis of
8V4c., East St. Louis.
mid-May.
76,662,226
Financial
';
"The largest increases in
May food prices were for fresh fruits
vegetables, which were up 8%. Prices of chickens continued to
104.75
100.73
culty in obtaining supplies. WPB
continues to allot the metal for es¬
sential needs, and
surplus zinc is
being stockpiled. The price situa¬
104.29
..
'
vary
36,775,000
—
Zinc
were
15,712,500
and office equipment-
the railroads.
on
Those consumers entitled to re¬
ceive zinc experienced no
diffi¬
the Bureau of Labor Statistics
shopped more
stores in 56 cities.
New vegetable and fruit
76,399,888
13,809,881
Business
fic
as
and
102.16
recent rul¬
a
by WPB easing restrictions
during the period of lightest traf¬
changes in different parts of the
shown
was
period, which
ing
ending March 15 and 1.1% in the month
ending April
10,816,422
10,713,470
15,581,250
Building
♦
country
than
summer
would be in line with
1.5%
103.36
102.25
10,781,617
-
Chemical
{
rise of
a
102.49
35,118,011
Automobile
with
compares
38,597,448
64,255,029,362
Amusements
/
$
104.52
63,915,414,612
of 0.8%
104.30
Price
Y.
Cities,
increase
1,200
crops
coming into local markets and OPA flat price
ceilings, which
by cities, were just becoming effective in
Market Value
Price
$
U.'
during the
items
Miss Perkins further reported:
"Great variation in food
price
.,
1943
of
cost
been covered to the extent of
90%.
Large; consumers of lead are ex¬
pected to add to their inventories
a rise of
1.7% in food prices increased the total cost of
living for
city workers by 0.8%, Secrteary of Labor Frances Perkins
reported
price for each:
Group—
237
making up nearly 69% of the family
budget remained practically unchanged in the month ended
May 15,
in the month
-June 30,
CHRONICLE
Stock Exchange Living Costs En Large Cities
Op 0.8%
1,124 bond issues,
En lontSi Ended lay 15, tabor
the New York Stock
Dept.
As of the close of business June
Exchange announced
FINANCIAL
THE COMMERCIAL &
are
supply of copper avail¬
able to the United Nations.
Latin
American production
supplements
that of the United
States, making
available to the munitions
in this
country 60% of the
plants
United
an
Lead
August
more
business
freely by producers, and this
accounts for
ness
an
expansion in busi¬
during the last week,
Sales
of common lead for the
period
in
the
were
quirements
seven-day
almost four times that
week
previous.
of
ounce.
July
consumers
re¬
have
~
Daily Prices
booked
was
The
copper
daily prices of electrolytic
(domestic and export,
re¬
finery), lead, zinc and Straits tin
were
unchanged from those ap¬
pearing in the "Commercial and
Financial
1942,
page
Chronicle"
380.
of
July
31,
-./y'y'
r
& FINANCIAL
THE COMMERCIAL
238
1,232,000 barrels of kerosine; 3,659,000 barrels of
barrels of residual fuel oil during
barrels of gasoline;
distillate fuel oil, and 7,815,000
Trading On New York Exchanges
-
has
Commission
barrels of gasoline; 8,254,000 barrels of kerosine;
34,380,000 barrels of distillate fuel, and 66,470,000 barrels of residual
fuel oils.
The above figures apply to the country as a whole, and
do not reflect conditions on the East Coast.
week
for the account of members
(except odd-lot dealers) during the week ended June 19 (in roundlot transactions) totaled 1,728,987 shares, which amount was 15.84%
of the total transactions on the Exchange of 5,458,290 shares.
This
compares with member trading during the week ended June 12 of
1,790,297 shares or 15.72% of total trading of. 5,693,460 shares.
On
the New York Curb Exchange member trading during the week
ended June 19 amounted to 360,635 shares, or 13.82% of the total
volume of that Exchange of 1,304,490 shares; during the June 12
week trading for the account of Curb members of 427,125 shares was
Total Round-Lot Stock Sales on the New York
Stock Transactions for Account of
Nebraska
<100
+•
2,500
132,450
142,550
7,150
230,750
138,550
125,500
+
2,000
124,000
74,300
217,000
98,450
the New York State Bankers
sociation
446,620
446,980
50,700
1,509,650
91,350
+
450
85,350
+
9,950
243,350
328^00
309,600
350,550
335,950
+
10,400
72,800
50,000
246,200
15,500
75,043
75,700
+
550
+
Mississippi
Illinois
—
Indiana
——-
,
474,540
8.08
8.09
2,800
78,500
83,000
decision.of
11,700
council
+
57,500
+
83,950
;
20,950
1,000 •
3,100
92,250
21,900
20,850
§823,300
3,236,500
771.3Q0
4,007,800
100
7,050
6,350
100
97,100
65,150
+
46.100
6,800
3,208,850
770,150
2,679,850
+
+52,900
3,979,000
617,300
263,190
sales
222,570
10,500
_
10,240
Total sales
4.49
226,630
-
196,420
Short
•
'
5,800
sales
154,777
" tOther sales
\
Total sales
•
Total
4u
Total
*'•'r1'••
purchases
Short
i •
• • •
906,590
.
69,040
753,357
sales
Total sales
822,397 15.84
^
Stock
Total Round-Lot
v '
.
'.
sales
tOther
Sales
Exchange
the New York Curb
on
Transactions for Account of Members*
(
3.27
160,577
-
»Vv" *.•/■• ;,'v
"
(Shares)
Total
tPer
for Week tPer
6-12-43 Cent
"12,010
~
Short sales
'
8,530
—
1,295,960
,
GASOLINE. GAS OIL AND DISTILLATE FUEL
RESIDUAL FUEL OIL, WEEK ENDED JULY 3, 1943
AND UNFINISHED
1,495,995
1,304,490
tOther sales
1,508,005
(Figures
sales
Total
the
for
Transactions
Round-Lot
Account
in Thousands of
125,005
5,545
120,915
111,810
8.36
127,100
8.38
39,195
47,315
2,400
sales
'1,500
35,175
Total sales
36,675
Total
purchases
sales
Short
tOther
Gulf,
ana
Louisiana
3.24
50,410
2.91
27,085
17,105
Total purchases
600
200
sales
48,445
50,010
Total sales
49,045
sales
tOther
-
50,210
2.53
2.56
Tot,
-
199,405
7,645
189,885
8,785
218,935
197,530 13.82
___
sales
July
227,720 14.16
Odd-Lot Transactions for the Account
basis June
U.
';/■ Customers' short sales
§ Customers'
Total
:
25
....
54,824
51,935
other sales
51,935
•The term
54,849
40,015
purchases
Total
firms
^
of Special-
■
'■
Bur.
S,
tShares in members'
includes
only sales.
are
*
r
*
Petroleum
Institute
estimates
that
the
daily
crude oil production for the week ended July 3, 1943
4,007,800 barrels, an increase of 52,900 barrels over the
week and 710,650 barrels per day more than produced in
preceding
the week
ended July 4, 1942.
The current figure, however, is 211,100 barrels
less than the daily gverage figure recommended by the Petroleum
Administration for War for the month of June, 1943.
Daily output
for the four weeks ended July 3, 1943 averaged 3,979,000 barrels.
reported by the Institute follow:
Reports received from refining
companies indicate that the in¬
whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,905,000 barrels of crude oil daily and produced 10,892,000
as
12,493
1,866
76.4
84.8
145
81.9
404
2,301
1,058
a
Foundation.
In 1920 Mr.
joined the Federal Re¬
serve Bank of New York, serving
as
Deputy Governor, or VicePresident, of that institution from
the period 1930 to 1938.
Since
1938, Mr. Burgess has been ViceChairman of the board
of the
National City Bank of New York.
546
85.2
743
90.2
2,505
16,312
-4,928
3,123
416
80.1
339
81.5
1,174
6,229
1,894
1,634
55.9
107
72.8
319
1,840
358
664
147
.817
89.9
705
86,3
1,600
20,501
12,011
48,010
B.
3,
of M.
1943_
of
1942_
80.9
83.2
Mines
4,
4,015
86.4
4,825
1943
26,
3,905
86.4
4,825
M.
of
B.
Mr. Burgess
At
the
ciation and
of
amounted to
kerosene
Statistical Asso¬
president of the Aca¬
demy of
Political Science. He is
of
Robert
College,
trustee
and the Carne¬
Teachers College,
11,092
gie Corporation and is a fellow pi
Brown University, He is also au¬
33,022
86,660
77,401
request of the' Petroleum
8,2^4,000 barrels at July 3, 1943, against
before.
and 9,636,000 barrels a year
barrels a week earlier
has been President
of the American
10,892
10,798
3,552
of publications
thor of a number
Costs," "The Reserve Banks and
and "Inter¬
the Money Market,"
of Federal Reserve
Policy in the Speeches and Writ¬
pretations
Strong,"
Benjamin
of
ings
In
Federal Reserve Bank of
New York from
$159,600,000 of open mar¬
ket paper outstanding on May 29.
This was a decline of $19,300,000
from the April 30 total and a decline of $194,600,000 from the
May 29, 1942, total.
The current total is. the smallest since June
show a total of
amount outstanding was
successive monthly decline.
30, 1935, when the
the fifteenth
Following are the totals for
159,600,000
May 29
Apr
178,900,000
30
Mar 31—
Feb
27
Jan
30
-
—_
:
____
200,600,000
203,100,000
220,400,000
Nov
30—
Oct
31—T
Sep
—
30
Aug 31
30
May 29
-
—
-
——1—'
-
28
Jan
31--
——
-
-
1941—
3i
Nov
29
Oct
31
Sep
30
315,200,000
____
■
$
,
Mar 31
Feb
229,900,000
260,600,000
305,300,000
July 31
Jun
30
271,400,000
281,800,000
297,200,000
31
\
.
1942—
Apr
qcc
1942—
Dec
.
the last two years:
<g
1943
This was
$159,300,000.
354,200,000
T_
;
—
—
-
Aug 30
—
-
July 31——Jun
384,300,000
388,400,000
380,600,000
370,500,000
353,900,000
299,000,000
—
the
American Bankers
As¬
sociation, Mr. Burgess is Chair¬
man
of the Economic Policy Com¬
mission.
He is
an ex
officio
mem¬
ber of the Executive Council and
a
member of the
tee
-
on war
special commit¬
borrowing. V
He is director of the
Trust
Farmers
Royal
of
the
Company,
Lieverpool
surance
-■+v
City Bank
Group
Companies and
Mutual
Company.
He
Life
did
a
of
the
In¬
trustee
Insurance
postgraduate
work at Brown University, Mc374,500,000
387,100,000 Gill University, and Columbia
377,700,000 University.
Columbia gave him
—
30
May 31
—
373,100,000
the
Federal Re¬
Bank of New York.
serve
commercial paper dealers
School
of
"Trends
including
first Governor of the
Reports received by the
.
Included with "other sales."
was
dustry
July
7,788.000
•
exempted from restriction by the Commission
Daily Average Crude Oil Production For Week
Ended July 3, 1943 Increased 52,800 Barrels
Further details as
14,131
31,133
4,890
88.7
In
compared with twice
.
fiSales marked "short exempt"
average gross
Fuel
on
partners.
.
American
Fuels
177
the total of members'
both purchases and sales, while the Exchange volume includes
short sales which are
included with "other sales."
The
sidual
transactions as per cent of twice total round-lot volume.
t Round-lot
rules are
with the Russell
of Re-
-
824
Nofe—Stocks
Exchange members, their
calculating these percentages, the total members' transactions is
the total round-lot volume on the Exchange for the reason that
transactions
In 1919-1920 he
statistician
was
Administration for War. t Finished, 67,818,000
barrels; unfinished, 10,498,000 barrels.
tAt refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 1,232,000 barrels of kerosene, 3,659,000 barrels of
gas oil and distillate
fuel oil and 7,815,000 barrels of residual fuel oil produced
during the week ended July 3, 1943, which compares with 1,488,000 barrels, 3,876,000
barrels and 8,126,000 barrels, respectively, in the preceding week and 1,154,000 barrels,
3,591,000 barrels and 6,693,000 barrels, respectively, in the week ended July 4, 1942.
*
47,824
"members" Includes all regular and associate
and their partners, including special
S.
U.
basis
Total sales
IstS"
S.
U.
Tot.
163,105
Total purchases
sales
rank of major.
a
basis
tOther
of Gas
Oil and
finished Distillate
Blended Gasoline
•
assistant
was
acting chief of the statistics
branch of the General Staff with
Sage
2,444
—
Total—
Short
Average erated
of the Treasury. In
1919'-he
1918-and
for
special assistant to
and
------
Arkansas
Appalachian
Ind., 111., Ky.— Okla., Kans., Mo
Rocky Mountain
California
"
4.
the Secretary
tStocks tStocks
Finished
and Un
Includ.
% Op- Natural
War in 1939 he served
two months as
Louisi¬
North
Gulf,
Texas
48,010
Other transactions initiated off the floor—
Short
Runs to Stills
Daily
% Re-
Rate porting
District—
and Inland Texas-
3.
FINISHED
AND • <s
of the Second
the outbreak
At
World
•Combin'd: East Coast,
Other transactions Initiated on the floor—
2.
recognized authority on a wide
range of economic and financial
subjects.
- •
Burgess
tStocks
fineries
Crude
Capacity
Poten¬
tial
Total sales™
transactions and of open
operations for the Federal
Reserve System.
He is also a
market
of Mines basis
at Re-
Daily Refining
6,185
106,265
sales
of
agency
§Gasoline
106,805
sales
tOther
has been
field
Production
,
purchases
Short
Burgess's banking experi¬
particularly in the
Treasury financing.
He
was for a number of years Deputy
Governor and then Vice-President
of the Federal Reserve Bank of
New
York
in charge of
fiscal
Mr,
ence
barrels of 42 Gallons Each)
in this section include reported totals
of unreported amounts and are
stocks in which
they are registered—
Total
years.
plus an estimate
therefore on a Bureau
Transactions of specialists in
the first commer¬
York State
to be proposed for a major elec¬
tive office in the ABA for several
cial banker from New
Figures
of
Members:
1.
GASOLINE; STOCKS OF
STILLS; PRODUCTION OF
TO
RUNS
CRUDE
Vice-President
one
Mr. Burgess is
[production of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil, condensate and gas fields.
Past records of production indicate, however, that
239,970 4.06
certain 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
222,870
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
7,900
tion of natural gasoline and allied products in March, 1943, as follows: Oklahoma,
175,827
27,700; Kansas, 5,600; Texas, 105,800; Louisiana, 20,400; Arkansas, 2,500;, .Illinois,
10,600; Eastern (not including Illinois, Indiana or Kentucky), 9,700; Kentucky, 3,500;
183,727 3.57
Michigan, 100; Wyoming, 2,200; Montana, 300; New Mexico, 5,500; California, 43,400.
"•
tOklahoma, Kansas, Nebraska figures are for week ended 7 a.m. Juriie 30, 1943.
892,060
J This is the net basic allowable as of June 1 calculated on a 30-day basis and
79,260
Includes shutdowns and exemptions for the entire month:
With the exception of
818,977
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 14 days, the entire state was ordered; shut down
898,237 15.72 for 10 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
and Stock
ate leases, a total equivalent to 10 days shut-down time during the calendar month.
SRecommendation of Conservation Committee of California Oil Producers,
Total
6-19-43 Cent
for Week
Total Round-Lot Sales:
only
instead of two as in former years.
allowables represent the
state
and
recommendations
•P.A.W.
229,730
216,130
4,218.900
Total United States
of the
because
ABA's executive
recommend the elec¬
the
to
of
tion
also
but
services
3,297,150
+
7,000
cording to Mr. Gersten, not only
because of the Association's war
67,100
91,650
20,850
86,550
56.800
5,450-
3,395,600
823,300
Total East of Calif.
18,750
97,050
Mexico
California
278,300
14,350
20,800
105,700
Colorado
New
217,850
+
22,300
7,000
105,700
Montana
,
413,420
position assumes more than
The
ordinary importance this year, ac¬
900
—
79,750
88,400
23,100
58,900
97,000
—
74,100
1,950
'
The
ing On Sept. 15.^
75,100
53,550
13,600
President of
was
1940.
in
+ 12,800
'1:
55,050
220,550
(not incl. 111.
Ky.)
:i
Burgess
As¬
election
for ABA officers will be held in
New York in connection with the
Association's War Service Meet¬
218,250
330,800
Arkansas
Mr.
922,800
+
Co.
Bank and Trust
171,850
85,150
Total Louisiana
61,120
52,740
Total purchases
.
383,700
'250,800
...
Wyoming
Other transactions initiated off the floor—
3.
C.
+ 14,100
Louisiana
Ind.,
tOther sales
'■
209,900
1,548,400
1,602,000 tl,603,709
Kentucky
purchases
Short
8.
338,750
9,350
394,300
Michigan
382,450
Total
A.
15,500
+
Other transactions initiated on the floor—
2.
<•'«•
+
—
Coastal Texas
5,693,460
435,190
,
"
350,400
Texas
Southwest
.
217,600
East Texas
Eastern
Total sales
i.
,90.200
Texas
Texas
Central Texas—
East
6-12-43 Cent
5,458,290
79,500
:...
90,100
Gerstein, President of the State
bankers
organization,
who
is
President of the Public National
+
for Week tPer
sales
3,750
+
Transactions
for
the
Account
of
Members, Except for the Odd-Lot Accounts of
Odd-Lot Dealers and Specialists:
1. Transactions of specialists in stocks in which
they are registered—
tOther
2,100
134,300
94,680
Short sales
50
236,100
5,598,780
Total purchases
298,750
260,100
—
2,150
New
Bank of
City
West
Round-Lot
,
376,050
—26,850
t280,100
:
1942
1943
335,900
3,950
—
National
York, as a candidate for the Vice-*
Presidency
of
the
American
Bankers Association, it was an¬
nounced on May 31 by E. Chester
North Texas
Panhandle
North
tPer
105,900
sales
300,000
3,400
_
July 4,
July 3,
Week
1943
t335,500
Ended
Ended
Previous
July 3,
Begin.
June 1
373,500
Week
4 Weeks
Total
■*'
5,352,390
sales
{Other sales
—
Coastal Louisiana
6-19-43 Cent
Total Round-Lot Sales:
Total
from
373,500
—
__
Kansas
Stock Exchange and Round-Lot
Members'*! (Shares)
Total
B.
Ended
300,000
Oklahoma
Total Texas
for Week
Short
Change
ables
June
1,508,005 shares.
14.16% of total trading of
A.
Week
dations
the Stock Exchange
Randolph Burgess,:
Vice-Chairman of the Board of
W.
of
name
Actual Production
Allow¬
submitted
has
Association
the
•State
•P. A. W.
jState Bankers
the
York
New
The
(FIGURES IN BARRELS)
CRUDE OIL PRODUCTION
AVERAGE
DAILY
Recommen¬
on
ABA Vice-Presidency
78,316,000
in these figures.
Trading
the end of that
July 3, 1943; and had in storage at
the week ended
made public
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the weeks ended June 19 and June
12, continuing a series of current figures being published weekly by
the Commission.
Short sales are shown separately from other sales
Exchange
and
Securities
The
Thursday, July 15, 1943
CHRONICLE
295,000,000
the
degree of Ph.D. in 1920, and
Brown awarded him the
degree of LL. D, in 1937.
honorary
Volume
158
Number 4194
THE COMMERCIAL & FINANCIAL
CHRONICLE
239
Revenue Freight Car Loadings Baring Week
Ended July 3^ 1943 Increased 91,262 Gars
V
Loading
of
freight
revenue
totaled
852,106 cars, the
nounced on July 9.
This
week
same
of
1942
of
for
the
Association
was
week
of
increase
an
ended
July
American
98,366 cars, or 13.1%, and
111,747 cars, or 15.1%.
1943,
an¬
corresponding
increase above
an
week in 1941 of
the
and
cars,
of
Coal
76,728
above the preceding
week, and an increase of 24,901 cars above
corresponding week in 1942.
cars
the
Grain
and
crease
of
18,137
cars
grain
4,869
products
loading
totaled
60,479 cars, an in¬
and an increase of
above the preceding week,
cars
1943
Received from
1941
1943
455
T06
above the
corresponding week in 1942.
In the Western
Districts- alone, grain and
grain products loading for the week of
July 3 totaled 46,384 cars, an increase of 4,690 cars above
the pre¬
ceding week and an increase of 16,136 cars above the
corresponding
week in 1942.
1942
251
584
620
Atlanta, Birmingham & Coast-
754
881
905
1,089
12,179
10,648
9,105
3,966
4,671
4,312
2,513
1,135
9,659
4,630
Central of Georgia...
Charleston & Western Carolina..
453
579
1,634
1,620
1,529
1,318
2,551
322
367
408
121
105
126
175
338
1,374
Durham & Southern
Florida East Coast
912
376
1,800
35
76
208
S
Georgia
Georgia & Florida
Gulf, Mobile & Ohio
36
■VV;,
981
1,064
3,375
519
432
3,447
4,178
21,388
18,892
16,614
19,652
11,463
10,978
172
184
183
'
733
..
loading amounted to 11,757 cars, an increase of 236
above the preceding
week, and an increase of 2,242 cars above
the
corresponding week in 1942.
In the Western Districts
alone,
loading of live stock for the week of July 3 totaled
8,200 cars, an
increase of 236 cars above the
preceding week, and an increase of
1,396 cars above the corresponding week in 1942.
Forest products loading totaled
44,618 cars, a decrease of 238
cars
below the
preceding week but an -increase of 187 cars above
the
corresponding week in 1942.
Ore
loading amounted
to 89,692 cars, an increase of
8,591 cars
above the preceding week and an
increase of 3,745 cars above the
corresponding week in 1942.
Coke loading amounted to
12,856 cars, an increase of 1,904 cars
above the
preceding week, and an increase of 278 cars
above the
.corresponding week in 1942i
ing
.holiday.
July 4th
■
V
,
-•
•
8
4
weeks
of
January.
weeks of February.
4
weeks
of
weeks
of
weeks
4
weeks
Week
of
of
of
May____.
;
3,066,011
3.350.996
2.793.630
2,866.565
4,170,548
4,160,060
3,151,146
3,385,655
3,510,057
852,106
3—
Total
;
3,174,781
3,454,409
3,122,942
4,149,708
June
July.
3,858,479
3,073,426
3,136,253
April
5
1941
3,530,849
3,055,640
March
4
1942
753,740
740,359
20,949,128
.The following table is
a
21,817,141
summary of the
20,591,091
freight
carloadings for
the separate railroads and
systems for the week, ended
July 3, 1943.
During this period 91 roads showed increases
when compared with
the
corresponding week last
REVENUE
FREIGHT
(NUMBER
OF
AND
836
161
374
599
5,201
4,595
1,520
2,079
399
1,148
1,885
333
394
361
1,076
474
1,028
355
carry April mortgage
11,078
9,950
9,912
10,373
8,803
point
7,341
20,378
8,173
21,659
22,156
1,134
565
461
104
87
141
114,392
108,595
April of last year.
However, it
22% less than in April, 1941.
Banks and trust
companies bet¬
tered their March
figures by 19%,
while savings and loan associa¬
21,788
19,801
;
Richmond, Fred. & Potomac
Seaboard Air Line
__v
Southern System
Tennessee Central
Winston-Salem Southbound
Total.;
J
j
22,457
935
v
23,304
1,040
-704
830
102,146
114,450
110,985
19,712
12,903
12,902
•
District—
Chicago & North WesternChicago Great Western-
>.
CARS)—WEEK
Railroads
FROM
ENDED
CONNECTIONS
JULY
Total Revenue
Received from
Freight Loaded
Eastern
District—
Ann Arbor.
1943
1942
345
503
1,371
867
1,355
910
173
256
5,610
7,592
14,161
13,935
1,320
1,225
1,"850
2,033
25
41
57
6,744
Chicago, Indianapolis & Louisville
1,271
Central Indiana
v. '.39
Central Vermont
1
••'■■S
1.103
Del-aware & Hudson
27
865
5,932
Delaware, Lackawanna
1,243
5,269
7,470
& Western
Detroit & Mackinac
6,622
226
2,760
2,479
11,619
2,406
11,134
6,391
10,031
408
231
10,784
106
127
3,105
3,147
11,753
9,780
3,543
3,638
4,282
2y,i,07
24,240
342
50d
1.138
835
903
620
450
9,043
9,132
9,653
9,195
10,738
449
4'i4
439
89
25,952
22,525
22,419
430
555
1,470
1,630
2,117
1,910
1,653
1,733
2,513
7,828
2,144
dwellings has
ceased, except for the housing of
6,385
7,028
2,930
2,772
war
11,111
8,658
10,191
5,520
4,478
144
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
275
571
554
2,832
2,003
1,987
3,750
2,837
125,439
126,994
63,793
60,160
....
Spokane International
Northern Pacific
Spokane, Portland
& Seattle.
Total—
Central Western
Atch., Top. & Santa Fe System
26,743
25,749
2,881
557
13,925
15,803
63W31
8,169
2,552
2,566
784
848
13,032
13,338
10,723
2,144
2,450
5,996
719
687
573
1,711
3,813
3,970
1,790
2,598
1,960
680
6,204
5,483
435
387
19
15
Monongahela
5,964
14,693
2,114
2,468
2,285
5,456
4,031
351
1,432
131
56,792
44,033
44,846
46,799
9,885
8,660
16,724
834
2,095
6,569
2,855
6,445
5,868
15,317
595
315
16,645
437
1,585
7,'421
1,351
7,117
7,472
8,167
4,728
9,379
.4,783
5,920
7,443
922
562
485
21
400
312
316
316
...
—
V
,
....
1,135
;
782
'
6,167
•32
•
247
3,669
353
3,596
488
863
5,577
1,071
4,735
5,730
13,489
6,254
;
726
358
—.
•Wheeling & Lake Erie
-
2,041
1,065
415
445
2,040
2,006
1,729
64
—„985
671
13,427
5,744
5,061
4,881
4,944
162,895
—
968
653
15
8
14
32,299
28,825
25,292
202
275
...
Toledo, Peoria
& Western
Qnion Pacific System
14,883
;
101
503
ov-V
141,152
146,126
213,621
223,366
9,828
1,875
12,866
14,049
17,134
13,261
458
187
6
45
1,619
1,608
3,913
2,635
131,515
114,412
114,456
98,577
Total..-.
835
248
232
2,374
2,486
2,138
International-Great Northern.
Kansas, Oklahoma & Gulf
143
4,154
1,839
2,350
759
617
960
2,097
2,896
34,412
29,424
6,144
1,557
230
151
♦4
2
57
1,516
1,149
7
10
6,691
5,981
5,552
19,850
660
Central R. R. of New JerseyCornwall
19,264
32
55
214
9
16
112
69
45
46
601
754
1,426
1,510
2,619
79,239
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co,__,_u^.^_—Union (Pittsburgh)
Western Maryland
594
215
1,178
1,715
—..
659
267
Vv; 199
Cumberland & Pennsylvania..
2,439
76,978
74,155
63,611
60,625
25,068
26,480
3,470
3,715
11,565
12,093
10,945
16,351
21,110
19,587
7,581
3,974
7,572
3,152
3,124
12,121
11,899
170,960
._
165,698
158,977
166,358
159,932
Pocahontas
District—
than in the
Virginian——
-
_
-
'
20,191
21,965
19,304
14,459
16,933
7,474
4,738
2,669
3,054
2,011
55,638
36,432
40,178
12,126
21,611
12,616
,
7,070
2,083
21,769
of
22% less
was
January-April period
"The report showed that in .the
past two years individual lenders
have accounted for an
increasing
share of
In
the
total
the first four
of
recordings.
months
of
1941,
individuals registered 17% of the
total.
In the same period of 1942
they
accounted
for
18%
in
and
1943, for 22%.
Banks and trust
companies have reported a de¬
creasing share since 1941, drop¬
ping from 25% to 20%."
Following
amount
the number and
are
of
mortgages
recorded
during ApriUby type of lender:
\
&
.-Amount
—
3»,099
4,642
cos.
19,014
63,385,000
20
bks—
&
$101,135,000
24,558,000
2,843
11,122,000
65,807,000
4
21
42,950,000
14
—
cos.
Banks
Mut.
No.
\
loan
tr.
sav.
1,852
Individuals
248
30,421
957
1,129
Oth.
12,376
2,895
4,273
1,901
2,980
231
329
1,288
2,484
1,223
588
432
317
164
311
360
8
'211
124
33
2,956
mortgagees
Totals
:
104,395
-
$308,957,000 100
'
4,340
4,267
14,596
16,538
5,950
17,900
16,397
124
165
247
240
8,433
8,321
7,849
9,521
N. Y.
7,806
3,704
2,814
2,752
2,321
7,824
13,594
6,956
10,412
6,541
5,044
3,508
5,490
6,930
4,965
4,365
83
143
129
28
35
16
29
11
21
21
73,962
62,012
51,482
68,289
58,851
6,441
♦Previous week's figure.
Note—Previous year's figures revised.
Security Dealer Ass'n
Elect Morris
At
a
to
Membership
meeting of the Board
Governors
of
the
New
York
of
Se¬
curity Dealers Association, David
Morris, David Morris & Co., 52
Wall
Street, New York, N. Y.,
to
membership
in
elected
was
the
Association.
The
membership of Fitzgerald
Company, Inc., was transferred
to Fitzgerald & Co., a co-partner¬
ship, with Mr. Vincent Fitzgerald
&
Weekly Statistics Of Paperboard Industry
give
We
herewith latest figures received
by us from the National
Paperboard Association, Qhicago,
111., in relation to activity in the
paperboard industry.
The members of this Association
represent 83% of the total in¬
dustry, and its program includes a statement each
week from each
member of the orders and
production, and also a figure which indi¬
cates the\activity of the mill
based on the time
operated.
These
figures are advanced to equal 100%, so that
they represent the total
REPORTS—ORDERS, PRODUCTION,
continuing
Ended July 3,
Received
1943—Week Ended
Apr.
Apr.
3
ber
Manufacturers
porting
Trade
May
90
r.
15
153,006
510,784
95
91
152,494
515,700
96
92
155,163
517,473
97
92
147,212
135,924
525,287
89
92
165,871
8
153,934
522,336
96
92
:
j
;
the National
Barometer
by
7.8%
for
July 3, 1943.
new
23.0%
Lumber
exceeded
orders
pro¬
the
week
In the
same
these
mills
of
greater than produc¬
Unfilled order
files
in
the
reporting mills amounted to 113%
of stocks.
For reporting softwood
mills, unfilled orders are equiva¬
lent to 41 days production at the
current rate, and gross stocks are
equivalent to 33 days' production.
177,968
Jun.
5
r
561,571
96
93
152,960
548,911
96
93
151.308
150,504
545,673
95
93
ceeded) production by 11.6%;
168,051
141,337
565,291
92
93
ders yby
172,437
29
151,653
142,673
May
149,675
586,183
97
93
Compared to the average
cor¬
responding week of 1935-39
pro¬
19
136,166
142,865
561,945
95
93
Jun.
26
133,808
145,324
547,301
96
93
July
to
were
tion.
85
Association,
lumber shipments of 436 mills re¬
Current Cumulative
511,220
159,231
1
May
Tons
153,030
Percent of Activity
153,260
24
May
Orders
Remaining
164,805
17
Apr.
Tons
Tons
172,412
10
Apr.
Production
1943
According to the National Lum¬
week
Unfilled
Orders
Period
representative.
as
Lumber Movement—Week
ended
MILL ACTIVITY
Jun.
28,935
..
Norfolk & Western
•
$1,027,000,000, which
2,465
192
& N. W
months
of last year and
nearly one-fourth
below 1941.
320
5,842
Total.
Jun.
Chesapeake & Ohio._„
four
4,661
19,241
St. Louis Southwestern
Texas & New Orleans
May
Total
first
148
Missouri-Kansas-Texas Lines.
2,665
♦306
the
505
Missouri Pacific
all
1943, mortgage recordings totaled
363
Quanah Acme & Pacific..—
5t. Louis-San Francisco.
since
workers.
"For
3,766
-1"
Valley..
Missouri & Arkansas.,
24,108
6,592
homes,
246
H
1,036
33,759
6,286
Buffalo Creek & Gauley
Cambria & Indiana
674-
41,713
of
5,619
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison-
about
construction of
new
duction
Akron, Canton & Youngstown.
Baltimore & Ohio.
■
refinancing
Insur.
229
5,083.
of
"These mortgages
largely repre¬
loans for the purchase and
associations
.
increases
sent
Savings
district—
STATISTICAL
Bessemer & Lake Erie
made
10%.
79,175
.....
.....
Allegheny District—
,
lenders
1,555
2,224
....
industry.
Ligonier Valley
Long Island
0
14,473
232
,
——489
Utah—
Western Pacific
18,969
782
-L.
Pittsburgh & Lake Erie
Pere Marquette
Pittsburg & Shawmut....
Pittsburg, Shawmut & North
Pittsburgh & West Virginia—_—.
Total..
1,232
2,313
1,086
t:
North Western Pacific
52,532
9,788
1,328
....
Rutland—v-,.—
2,362
1,916
1,040
Peoria & Pekin Union
Southern Pacific (Pacific)
40
...
York, Ontario & Western..
New York, Chicago & St. Louis
N. Y., Susquehanna & Western
1,499
1,660
1,112
2,227
Nevada Northern
304
1,900
.
2,489
5,208
-
...
New
1,340
...
Missouri-Illinois
13,501
2,130
.
New York Central Lines...
N. Y., N. H. & Hartford..
•
Fort Worth & Denver
City
Illinois Terminal
2,344
7,282
Maine Central
Montour
Denver & Rio Grande Western
Denver & Salt Lake..
v.
3,426
2,454
9,820
11,459
5,563
1,207
10.9
11,223
2,462
3,953
2,002
4,500
78
2,566
Weatherford M. W.
7,629
10,266
4,086
13,376
1,126
165
11,915"
,
Jmcago, Rock Island & Pacific
Chicago & Eastern Illinois—
2,812
1,195
43
19,583
16,606
V
800
35
Chicago, Burlington & Quincy
Chicago & Illinois Midland—...........
2,374
186
4,627
868
■
3,217
712
—
17,721
1,784
5,967
■
26,054
3,270
559
Alton
321
200
101
District—
13,691
y04
tions and mutual
savings banks
gained 18% and 17%, respective¬
ly.
The other three groups of
2,449
Ishpeming
255
.Lehigh & Hudson River.
Lehigh & New England
Lehigh Valley.
was
142,744
Lake Superior &
11,280
1,275
3
a
for
19,750
Green Bay & Western
J25
2,320
that
3,263
.
3.878
Detroit & Toledo Shore Line
Erie
1,359
below
2,193
Dodge, Des Moines & SouthGreat Northern
12,804
1,942
to
16,446
Ft.
Midland
14%
character,
activity to
8.762
Texas & Pacific
Wichita Falls & Southern
& Ironton.
Grand Trunk Western
"Wabash
1943
969
:•
1941
253
*
Bangor & Aroostook
.Boston & Maine
Detroit, Toledo
Connections
1942
only
in
sufficient
was
3,789
Duluth, South Shore & Atlantic..
Elgin, Joliet & Eastern
Gulf Coast Lines
Total Loads
increase
21,727
& Omaha.
Burlington-Rock Island
3
"Largely seasonal
the
2,404
__
Chicago, St. Paul, Minn.
Southwestern
RECEIVED
announce¬
2,314
Piedmont Northern
year.
LOADED
organization's
3,126
Colorado & Southern
1943
The'
ment further stated:
190
Bingham & Garfield
districts reported increases
compared with the correspond¬
weeks in 1942 and 1941.
Both 1942 and 1941,
included
$20,000 amounted
3,241
,
All
re¬
recordings
225
Live stock
cars
All
3,071
Norfolk Southern
,
.
Home
$303,957,000 for the month,
15% greater than for March.
<
4,210
23,719
19,791
Mississippi Central
Nashville, Chattanooga & St. L.
Federal
Admiinstration
June 12.
to
2.1,131
& Savannah
Northwestern
on
the
Bank
of liens less than
2,616
453
3,935
total,
Loan
ported
919
467
'
March
234
V
1,355
508
3,986
1,493
2,694
26,121
Macon, Dublin
type of mortgage lender
April increased its non-farm
mortgage
recordings
over
the
843
40
;
Gainesville Midland
Each
in
9,283
4,201
373
Clinchfield
Recordings Higher'
410
2,817
695
Atlantic Coast Line
April Non-Farm Mtg.
Connections
1942
303
.
2,222 cars above the preceding week,
increase of 18,552 cars above the
corresponding week in 1942.
loading amounted to 145,198 cars, an increase of
an
V:
increase
an
Southern District—
^
Alabama, Tennessee & Northern.
Columbus & Greenville
,>
Loading of revenue freight for the week of July 3 increased
91,262 cars, or 12.0% above the preceding week.
Miscellaneous freight loading totaled 386,910 cars, a decrease of
'3,050 cars below the preceding week, but an increase of
30,324 cars
above the
corresponding week in 1942.
Loading of merchandise less than carload lot freight totaled
100,596
Total Revenue
Freight Loaded
Atl. & W. P.—W. R. R. of Ala.
3,
Railroads
above the
Total Loads
Railroads
179,835
144,232
580,683
92
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 other Items made necessary
adjustments of
unfilled orders.
«< ' •
For the year to date, shipments
of
reporting
duction
19.8%
identical
mills
ex¬
or¬
14.8%.
of
reporting
greater;
22.4%
greater,
49.4%
greater.
mills
shipments
and
orders
was
were
were
•
THE
COMMERCIAL & FINANCIAL
240
Brooklyn, N. Y., has received au¬
thorization from the State Bank¬
Banks, Trust Companies
Items About
Bank, dividends,
Savings
Brevoort
The
Thursday, July 15, 1943
CHRONICLE
as
compared with $10,-
288,735, after making provision
the
Feb.
27, 1943, dividend
for
of
the volume of shares
155
business
days
twice
than
more
as
traded in the
of 1943 was
large as the
total
turnover reported
for the
$240,000.
banks, an in¬ ing Department to open a branch
301 trading sessions of last year,
office at 465 86th St.
crease
of about $35,000,000 over
substantially ahead of the
The Commerce Trust Co., Kan¬ and
retary of Chemical Bank & Trust
V,,;,„n '
the year-end figure, and $220,069,total volumes scored on that Ex¬
sas City, Mo., reports in its state¬
Co. of New York, on July 12 began
Harry M. Dent, President of the
916 due to the U. S. Treasury, as
Present
ment of condition as of the close change in 1941 and 1940.
his 73rd year of continuous ser¬
Durez Plastics & Chemicals Inc.,
vice with the bank.
In point of against $153,290,173 at the end of North Tonawanda, N. Y., has been of business June 30, 1943, total volume is also but 1,000,000 shares
1942.
Cash due from Federal Re¬
away from the 1939 figure and
resources of $332,170,909 and total
service, he is the dean of New
elected to the Board of Directors
serve and other banks declined to
about 5,000,000 under the turn¬
York bankers and as far as known,
of the Marine Trust Co., Buffalo. deposits of $317,250,565, compared
$22,-314,128 from $47,187,211
on
with $321,543,567 and $307,314,706, over for 1938.
for length of continuous service
Mr. Dent is also a Director of the
Dec. 3.1, 1942.
Investment in U. S.
"Since > the
beginning of the
respectively, on Dec. 31, 1942.
/with one institution, he holds the Government obligations held by First Trust Co. of Tonawanda.
Cash and due from banks is re¬ current
year,
44,863,672 shares
record for the entire country.
Mr.
the trust company were $370,918,Flaacke was born in New York
at
$113,372,069, against have changed hands as compared
The Philadelphia National Bank, ported
785 on June 30;
Capital funds
with
22,305,690 shares in 1942;
City on Aug. 22, 1855. He entered
Philadelphia, reports in its state¬ $107,848,252 six months ago; hold¬
were $39,765,520, as against $39,the
bank's employ on July 12,
1941; 42,928,377 in
ment of condition as of June 30, ings of U. S. obligations (direct 34,656,354 in
414,370 on Dec. 31. The trust com¬
and fully guaranteed), $134,361,- 1940; 45,729,888 in 1939; and 49,1871, during the Presidency of
1943, total deposits of $722,821,102
John
Quentin Jones,
and has pany acts as depositary for mutual and total resources of $780,916,341. 016, compared with $125,956,020; 640,238 shares in 1938.
Volume
savings banks of New York State
and loans and discounts of $56,- in
1937 was
104,178,804 shares.
served under seven
of the ten
compared with deposits of $703,and their instrumentalities.
Presidents which the bank has had
The Trading on the Curb Exchange in
038,134 and resources of $759,- 792,468, against $57,109,333.
trust company's capital and sur¬ as the 90 sessions through April 19
in its 119 years of existence.
He
239,931 on March 31, 1943. In the
is
Bankers Trust Co., New York, current statement, cash and due plus are unchanged at $6,000,000 brought the volume to a total that
Honorary
President of
the
Quarter
Century Club of the in its statement of condition as of from banks amounts to $193,367,- and $4,000,000, respectively, but was 213,762 shares in excess of
-Chemical Bank & Trust Co.
Mr. June 30, reports total resources of 810, as against $205,037,384; hold¬ undivided profits in the latest the 1942 business. In the 65 ses¬
statement total $4,553,934,
com¬ sions since then, 23,344,220 shares
Flaake was one of the organizers $1,475,882,417 and total deposits of
ings of U. S. Government securi¬
of the Bank Clerks' Building & $1,347,633,892, compared with $1,were traded.
ties, $452,309,070, compared with pared with $4,043,304 on Dec. 31,
1942.
Loan Co. in 1890 and was also 336,854,525 and $1,218,162,690 as of
"
'
:
"In May of this year, 11,202,975
$406,817,692, and loans and dis¬
active in organizing the New York June 30, 1942.
Holdings of U. S. counts to $78,672,247, against $84,shares changed hands, setting a
Marshall B. Hall, Vice-President six-year record for such a period
Government securities amount to
Chapter of the American Institute
197,020. Capital stock and surplus
of Banking, of which he was the $789,385,550,
against $529,591,777 are unchanged at $14,000,000 and and Director of the Adams-Millis and marking the best May in ten
first Treasurer.
He is a member a year ago; cash and due from
1" ',
'
Y
?f
;
$21,000,000, respectively, but un¬ Corporation, High Point, N. C., has years.
been elected Vice-President of the
of the Blizzard Men's Club and banks
totals $289,234,208, com¬ divided
"A comparison of the monthly
profits now total $13,482,the Society of Old Brooklynites.
pared with $392,619,699, and loans 162, compared with $13,146,968 at Trust Company of Georgia, At¬ totals through June for 1942 and
and bills discounted to $308,417,- the end of the first quarter oi lanta, it is announced by Robert 1943 shows an increase for the
Strickland, President of the bank. current year of 386%.
The statement of the Chase Na¬ 549, against $315,927,282. Capital 1943.
Mr. Strickland also announced the
tional Bank of New York for June is unchanged from a year ago at
Shares
Assistant Sec¬
John F. Flaacke,
York State savings
•
-
,
.
1943
1942
Shareholders of the Grays Ferry appointment of Robert B. Kimsey
$4,193,- $25,000,000, but surplus has been
3,591,161
2,096,415
$4,203,- increased to $75,000,000 from $50,- Building and Loan Association, as Assistant Secretary and of January
5,581,711
1,380,255
February
291,000 on March 31, 1942, and 000,000 on June 30, 1942, and un¬ Philadelphia, have approved ab¬ Garnett O. Wood as Auditor. Mr. March
7,990,045
1,782,300
Hall had been associated for many
8,498,660
1,359,152
$3,595,451,000 on June 30, 1942, divided profits total $22,515,492 sorption of the 45-year-old or¬
April
11,202,975
1,124,606
The ganization by Home Builders years with New York banking in¬ May
Total resources at the latest date against $37,612,292 last year.
6,643,135
1,196,948
June
amounted
to
$4,482,606,000,
as bank's* directors voted in June to Building and Loan Association, it stitutions—the old National Bank
transfer $25,000,000 from undivid¬
was announced July 6.
The plan of Commerce from 1915 to 1929
against $4,482,656,000 on March 31
Total shares
8,939,676
43,507,687
ed profits to surplus account, to
and the Guaranty Trust Co. from
and $3,869,464,000 a year ago; cash
was approved by the State Bank¬
"Based on the present rate of
general ing Department. The merger, it 1929 to 1941. He became connected
and due from banks, $943,768,000, transfer $7,000,000 from
turnover, volume for 1943 will be
compared with $1,025,488,000 and reserve to undivided profits and to is stated, increases the assets of with the Adams-Millis Corp. in
the largest in six years."
.
$1,137,399,000 on the respective write down the book value of its Home Builders to $470,000 and the latter year. Mr. Kimsey has
premises by $2,000,000. dollar volume of mortgage loans been connected with the Trust Co.
dates; investments in U. S. Gov¬ banking
of Georgia since 1927, while Mr.
ernment securities, $2,548,664,000, The bank had net operating earn¬ to
$355,000.
Chiang Urges Allies
Wood's association dates back to
contrasting with $2,403,236,000 and ings for the first six months of
1943 of $4,711,938—operating earn¬
1922.
According to the Atlanta Strike Now Against Japs
Frederick C. Dreyer, Assistant
$1,573,405,000; loans, discounts and
Generalissimo Chiang Kai shek,
bankers' acceptances, $717,909,000, ings having amounted to $10,697,- Treasurer of the Maryland Trust "Constitution," Mr. Hall will as¬
compared with $727,477,000 and 957 and operating expenses to Co. of Baltimore, died on July 5 at sume duties in the Commercial in a message to the peoples of the
Nations, urged on July
$822,753,000. On June 30,1943, the $5,986,018.
his home in Baltimore. He was 75 Banking Department of the Trust United
capital of the bank was $100,270,years old.
The following regard¬ Company of Georgia and will have 7 an immediate large-scale Allied
direct supervision
of the com¬ offensive against Japan because
000 and the surplus $100,270,000,
John W. White, Vice-President ing his career is from the Balti¬
both amounts unchanged. The un¬
pany's business in the industrial the present is the most opportune
and General Manager of Westing- more "Sun" of July 6:
moment "to
reap
great results
divided profits on June 30, 1943,
"Mr. Dreyer began his banking areas of North Carolina and South
house Electric International Com¬
Carolina.
Mr. Wood succeeds to within a relatively short span of
after
deducting $5,180,000 from
career with the old Merchants Na¬
pany, has been elected a director
that account for a
semi-annual of Pan American Trust Company. tional Bank. Later he moved to the duties of L. L. Davis, Assistant time."
'
dividend payable Aug. 2, amounted
On the occasion of the sixth an¬
the : National
Union
Bank
as Secretary, who will devote his en¬
tire time to direction and super¬ niversary of
to $49,842,000, compared with $49,Japan's attack on
Cashier.
When the Continental
SO, 1943, shows deposits of
352,000, compared with
.
—
r
.
and
353,000 on March 31, 1943,
$40,800,000 on June 30, 1942.
The East River Savings
New York announces
Douglas Gib¬
Trustees. Mr.
of Bruce Barton and
President
of
Bankers Trust Co. of New York,
announced on July 7 that Lau¬
Colt,
Sloan
S.
rence
G. Payson
has been elected
of the
Vice-President
Assistant
Mr. Payson has just
completed a year of service as As¬
company.
of the
Committee of the
(New York) Federal Re¬
sistant Executive Manager
Second
Mr.
District.
serve
bons to the Board of
Batten, Bar¬
ton, Durstme & Obsorn, Inc., is a
Director of the State Street Invest¬
Barton, President of
ment
cently
Payson
was
largely responsible for the inter¬
nal management of the Victory
Fund organization.
After graduating from Prince¬
ton in the Class of 1916, Mr. Payson was connected with the Amer¬
ican Locomotive Co.
He later be¬
came President of the Stock Clear¬
He was
Corporation.
re¬
elected Chairman of the
Advertising Federa¬
Board of the
tion of America.
President of Doug¬
Inc., is
Trustee of the Title Guarantee
Mr. Gibbons,
Fund
Victory
Bank of
the election
las Gibbons and Company,
a
and Trust Co.;
New
American
Council
Dock
Co.;
Cross,
Red
Director,
New
York
member of the
of Boy Scout Foundation
and
a
of Greater New York.
ing Corp., affiliated with the New
York Stock Exchange.
He was
Chairman
four
served
Trustee.
a
an
as
years
He is
and
University
Alumni
member of the
Council and Chairman of the Fi¬
of
Committee
nance
New
York
University. He is a Trustee of the
Franklin Savings Bank and until
post was
of the Bank of the
Co.
During World
his election to his present
a
Director
Manhattan
served with the
War I, Mr. Payson
A. E.
vate
F., having enlisted as a pri¬
and was commissioned Cap¬
in
tain
the
Medical
statement
The
Corps
in
Y-'v
France.
of
condition of
Banks Trust
Co.,
which is wholly owned by the sav¬
the
Savings
New York State,
of June 30, 1943,
aggregate deposits amounted to
$354,944,264, compared with $249,374,267 at the close of 1942. Total
banks
in
shows that
as
ings
:
assets amounted to
$395,506,004
as
$290,204,963 on Dec. 31,
The total deposits consisted
a«?ainst
3942.
Clinton Trust Company
of the Graduate Coun¬
Princeton
of
cil
chiefly of $130,752,395 due to New
m
Co.
was
1899
appointed Treas¬
organized in
Dreyer was
of New
$14,498,202, compared with
posits of $13,077,208 on March
1943 and $10,706,797 on June
1942. Total assets of the bank
to
matters for the com¬
He
Co.
appointed
was
Treasurer
the
when
1930
in
Assistant
Trust
of the Maryland
company
The
Directors
of
the Midland
Bank, Ltd., London, recently an¬
nounced the election of Clarence
General Man¬
ager, to membership on the Board.
Mr. Sadd, who has been connected
Richard A. Connett has been ap¬ with the Midland Bank since 1898,
pointed an Assistant Treasurer of has also been elected to the Board
the Guardian Bank and Savings of the Midland Bank Executor and
Co., Cincinnati. Mr. Connett, who Trustee Co., Ltd.
has been with the bank 14 years,
was
formerly Manager of the
with
merged
the
Continental
T.
A.
Sadd, Chief
Trust."
The
Board
of Directors
Mid-City National
KY Curb Trading Ahead
of the
Bank, Chicago,
increased to 13 by the
election of Armand
F. Bastien,
Vice-President and Treasurer of
John P. Harding Market Co., and
has
been
Edward
cago
H.
Ball,
President,
Chi¬
Chiang
Gen.
China,
asserted
Japan now "is at her weakest as
her ready resources are approach¬
ing
point of exhaustion."
we let her have further
a
"Should
complete impregnable
long drawnout war with us," he added, "the
time
and price the Allies will
have to pay to defeat her will be
many
times longer and heavier
than what are required today."
to
respite
defense and to wage a
In
Associated Press Chungking
the
advices,
following
reported:
was
also
v;':./YY
who told his own
another message that
Year
the time limit for utter defeat of
the
Japanese
invasion
armies
The New York Curb Exchange
■x
"cannot exceed two years," urged
states
that while the pace of
full
support of the Rooseveltstock trading during the six-andChurchill agreement to "wage the
a-quarter months of this year is
war
on the
Japanese and Euro¬
not comparable with the hectic
pean fronts with equal power."
sessions of 14 years ago nor the
Of
Ago
Belting Co. According to the
Chicago "Journal of Commerce" tthlcyon days of more recent memthe company also announced
cTy, most of the brokerage fra¬
de¬
increase in the surplus accounjptv) ternity consider it quite satisfac¬
31,
$300,000, this being accounted for tory. Supplemental opinion, unan¬
30,
by a transfer of $50,000 from un¬ imously expressed, the Exchange's
in¬
divided profits. •
«
•
announcement says, is that atten¬
reports that denosits of the
bank on June 30, 1943 increased
York
vision of tax
pany.
urer.
Vice-President, Commercial Department.
Building Corp.; Director,
York
Chapter,
Mr.
Co.;
Insurance
Lincoln
Director, Northern
Trust
Gen. Chiang,
people
the execution of this strat¬
"In
of
ute
promised, "our Allies
determination
Chinese army to contrib-
he
egy,"
can
in
count upon the
the
whatever
is
within
\
their A
power
and to - make whatever
30,
sacrifices necessary.
."
tion to a wider group of stocks—
March 31
Gen. Chiang ruled out any "ne¬
The statement of condition of "peace" as well as "war" issuesof this year, and $12,068,361 a year
gotiated peace," insisted it i
ago.
Surplus
and
undivided the First National Bank in St. is indicative of a growing public should be one "seeking the eman¬
Louis, as of June 30, 1943, showed awareness of securities as invest¬
profits of the bank totaled $457,cipation of entire mankind," and
444, against $425,193 three months total deposits of $350,604,100, com¬ ments; a healthy condition which declared:
ago, $400,000
on June 30,
1942. paring with $339,580,214 on Dec. they welcome more readily than
"The United Nations should set 4
interest.
Loans and discounts totaling $2,- 31, 1942. The statement also shows the erratic speculative
of $373,760,643, Their more farsighted colleagues up at the earliest possible mo¬
792,818 at June 30, 1943, compared total resources
$361,651,665 six months add the interpretation that in¬ ment joint machinery for the
with $2,239,967 three months be¬ against
Holdings of U. S. Govern¬ creased public participation points winning of the peace as well as
fore and $2,966,953 a year
ago. ago.
*
ment securities are $186,092,352, up a new or revised public opinion the efficient prosecution of the
Capital stock of the Clinton Trust
war.
:
Company remained unchanged at compared with $165,255,891; loans of securities which augurs well
and discounts, $84,812,166, against for the future of the securities in¬
"To safeguard international jus¬
$600,000.
United States Govern¬
y.
'
Y., tice and collective security and to
ment, State and Municipal bonds $74,992,279, and cash and due from dustry.
totaled #6,770.882 on June 30, 1943, banks, $87,558,740, compared with
The Curb Exchange announce¬ insure the successful functioning
$103,614,815. Capital is unchanged ment further said:
of democratic governments after
against $6,409,994 on March 31 and
from six months ago at $10,200,the war, there must be a post¬
$3,702,539 on June 30, 1942. Cash
"A most striking illustration of j
000, while surplus and profits on
war world organization with the
on hand and due from banks was
the expanded
interest in stock,
June 30 are given as $10,579,520,
solid backing of an international
$3,833,724, compared with $3,473,trading is readily apparent at the
645 three months earlier and $3,- after providing $480,000 for the
force."
New York Curb Exchange where
Aug. 31 and the Nov. 30, 1943,
433,231 a year ago.
creased to $15,658,950 at June
1943 from
$14,263,728
on
.
.
@FedFRASER