Full text of Commercial and Financial Chronicle : July 2, 1942, Vol. 156, No. 4086, Section 2

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T H U R S D AY

Final Edition

In 2 Sections

Section 2

-

A

1 N a. N
1 JLll
IN
WHI

a

"V
LBeg. U. 6. Pat.

Volume

New

Number 4086

156

Completes Tax Program;
income And Corporation Taxes increased

the proposed new tax bill by
the House Ways and Means Committee on June 24 the draft of the
intended legislation was turned over to the drafting experts with
completion of action

other

covered

not

reports
this in¬

in

in Section 1 of this issue,
explained in the notice given on this

dex,
as

appear

page.

Editorials
Sapiens So-C^ll©d...........
Strange Doctrine

Homo
A

18
17

expectation that it will

additional
with
the

Note—Various

items,

news

compared

as

revenue

asked

$8,700,000,000

for, by

Treasury to finance the
a

last

change in the bill
Committee stripped it of the

the

inflation.

combat

and

In

war

minute

pro¬

vision, recommended by Secretary
of
the Treasury Morgenthau to

require the filing of joint income
tax returns by married persons.

•Although

bill

the

about

was

$2,800,000,000 short of the Treas¬
ury's goal, it was noted by the
Associated
Press,
the
measure
does not impose a general sales
tax, advocated by some Commit¬
tee members but opposed by the
President and Mr.
the ground

Mogenthau

on

that it would fall dis¬

proportionately on low income
groups.
It was likewise noted in
the

Associated

Press

from

Washington June 24 that Mr.

accounts

Morgenthau
that

even

much

$7,000,000,000

as

revenue

in

the Committee
if it (the bill) raised as
told

in

new

and another $2,000,000,000

social

security

President recommended—it would
be

to

necessary

borrow

at

Regular Features
From

least

Moody's
Trading

As

was

indicated in

(jommittee

(page

substituted

issue of

the House
flat 94%

a

profits tax on corporations
present graduated scale
ranging from 35 to 60%.
Under
excess

the

for

a

corporations sub¬

ject to the 94% excess profits tax
(Continued on page 21)

Cos.

General

Trade

of

29
31
28
31
31

Index
...

Weekly Engineering Construction..
Paperboard Industiy Statistics
Weekly Lumber Movement

28

Index........

Pi ice

28
28
29

Moody's Daily Commodity Index...
Weekly Electric Power Output
Weekly Crude Oil Production
Market

Metals

Non-Ferrous

30

Crude
Petioleum Report
Suspended
.. *2320
Pig Iron Statistics Discontinued. .*2311
Monthly

Miscellaneous
Air Bases........

30

Says Democracy Must Be Effective..
Cooperation Necessary in Peace Aim
Proposed and Present Taxes Com¬

29

S.

U.

Cuban

Gets

28

Revised

Quotas

22

Sugar Stamps Valid Four Weeks..,.
Heads N. Y. Savings, Loan League..
FDR Signs Army-Navy Pay Bill....;'
Pui chase

Cotton

Peruvian

Not

22

AHEAD OF THE NEWS

U.

S.,

More

By CARLISLE BARGERON
In

the

^ ;'

general debate about what is wrong with Congress and

22

22

time

in

the

twenty

of this correspondent, is

memory

the stumbling block.

•

-

v,

long been a tremen¬
dous
rivalry between
the two
Houses. You may recall that back
in the days before billions of ex¬

forces
world
utterly dulled the American sen¬
sibilities, that the country figura¬
tively rocked over the tremendous
controversy
of
whether
Alice
Longworth,
the
wife
of The
Speaker of the House, or Dolly
Ganns, the sister of the VicePresident who presided over the
Senate, should be seated first at
the
Washington
dinner
tables.
There was'no question among the
penditures

contenders

and American
throughout the

that

lady

officer's

siding

the

Senate

pre¬

should

was

whether

The only question
Senate's pre¬

the

siding officer could make his sis¬
ter, instead of a

were

only

being

who,

fellows

•

for

those

in

members

two

at

years

anxious to bask in
popularity of the
current

time,

were

the

President.

There

was

therefore,

question that an Ad¬
ministration sponsored bill would

never

any

wife, the official

22

22

Home Boriowings Up
•
Cotton Exchange Members..
Yugoslav King Visits U. S...........
Cotton Penalty Rate Fixed...,..,,.
Chicago

Stettinius Added to BEW.

..

.

.

..

22

22
22

—

Wagner and Brandeis...
Fund Reports..,.,

26

Buy Costa Rica Rubber.,,......
Urge Removal
of
Argentine Beef
Embaigo ..... ........ .............

26

26

Gift For Aeronautical Research.....

26

26

To

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

26

.*..,.

Aluminum

Scrap Drive Below
Expectation ..................

24

Complete
Aid
For Service
Men's
Dependents
V>.
.....,..,... i.
May Cotton Spinning Activity...,,

24

Praises States For Aid In War Effort

24

Candy Stressed As Food.....,..,,..
Steel Institute Manager

24

Named

24

question that the House would
stop a bill which the Administra¬
tion opposed.
The Senators, on
the other hand, elected for six-

Realtors, Lawyers Conference Group
Plan
To
Conserve
N,
Y.
Trans¬

25

...*.....,..;,...,.,

25

terms, and not up against the
whims of the people or

year

current

portation
Post-War
Aviation

Urges

Business

It

was

they, with their rival am¬

bitions and their rival ca!ibres, in

who, up until the time of
Roosevelt, prevented any man in
the White House from getting a
third

down

term.

The

Presidential

(Continued

on

Senate

turned

appointees for
page

21)

Month

Small
25

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

General

....,...

.V.. /..

Opposes Silver Export

23

Davis Named War Information Head

23

Treasury
Plans Large
New
Bor¬
rowings
...
Florida
Barge Canal, Pipeline Ap¬
proved
...........

23

23

Conference
Consider

23

>..

,

importance to business and industry, we are

obliged, owing to space limitations, To divert to Section 1 a
considerable amount of material which, under ordinary con¬
ditions, is usually contained in this section of the "Chronicle."

bringing this matter to the attention of our readers, we
are mindful of our pledge to make every effort to increase

In

the

value

of the

"Chronicle" by reporting, without

all of the information
the

manifold

changes

delay,

essential to a thorough knowledge of
in tax and other legislative matters

originating in Washington, together with the activities of
the many Government agencies whose functions are of in¬
creasing importance to the conduct of business in the present

termed consent

conclusion that the defendants
situation

are

guilty

charged.

as

is, however, not nearly so simple as is

thus suggested.
It is probably quite true that a great many
patriotic business men, when placed in under the necessity
of spending a great deal of time and energy in fighting a
(Continued

on

19)

page

A

Strange Doctrine
Price Administration is

making

of

of

consumers-

keenly

aware

of the

bear

products

petroleum

the entire cost of the submarine warfare against

tanker

move¬

along the Eastern coast.

ment

Booklet

For

13

Foreign
27

Aid For Oil Companies

Illinois

So.

Victory

Fund
27

New

Of

Estimate

Tax

27

New War Bond Manual For Banks..

32

School

Graduates

To

Carriers

Sell

.

War Bonds.;
On

Rules

Bank

32

Marketed.....

Debentures

Reserve

CollectiQn
Treasury Considers 5%
Tax

32

32

Withholding

Plan Outlined
On Instalment

20

Exports In 1941
In History
Praises Russia's Stand Against Nazis
To
Aid
War
Savings
Investment

20

Urges

Brake

Coffee

Goals

Largest

21

'See
r

Section
i

which

with

we

sink the submarines.

Moreover, price increases of this sort have
effect

on

bad dislocating

a

the whole cost situation of industries

Water-borne fuel

ceilings.

our

tanker

rates

is

an

oil,

economical

operating under

for example,

fuel

for

most

delivered
industries.
S
^

Should it have to carry, even
this

rates

would

industries

have

which

a

use

To many

who

are

"inequitable" for
to

be

it

is

obliged to
difficult

any

pay

temporarily, land transportation

serious

effect

on

prices charged by

heavy fuel oil.—Leon Henderson.

saturated with the notion of

planned and directed

vive

on

any

an

one—unless it is the

what

a

manufacturer—

good he wants actually costs but

understand how private enterprise

to

economy

by government it usually does appear

can

sur¬

other basis.

-1

-t

■«

v

Chronicle of June 18,
i

,

;

It is about
if

it is

such
19

Program

•

boats

as

difficult to

21

1

*

appropriate charge

an

20

Buying

Crop

is widely

sure

am

32

"..

New "Gas" Rationing

Brazil

which /

one

action is

enemy

32

Saturday

Cash

Eccles

resulting from

27
27

Rural

feeling, and

own

my

against the public treasury, just as is the cost of the patrol

the

Upholds Virginia Port Rate Decision

Banking

is

Coast

at

May Building Valuations Down...,.

FIC

It

18

Treasury

emergency.




not resisted in the courts

are

18

Mandatory Finger Printing
Rubber Drive...

Revenues.

of paramount

are

regularly placed under what is
decrees, and probably leaps quickly to the

by the accused who

23

Congress Votes Reduced WPA Fund
Argentina
Represented
At
Bank

Group

news

most of the actions instituted

25

Block

Senate

Heads

of current

"trust-busting" campaign of the Department of Justice has
elements of unfairness and of future trouble.
The
unthinking observer doubtless makes note of the fact that

shared, that the higher cost of getting petroleum to the East

Donation

Seeks Federal

to the constantly expanding volume

without great im¬

as

many

25

Makes-War

Brotherhood

Traders

Due

might well be passed by

a

planet,

portance.
The truth is, of course, that American industry
is outdoing even itself in the production of the-'require¬
ments of modern war, but it is likewise true that this

Says Inflation Curb Must Be
Rail

FDR Extends Scrap

^

matter

than

25

....-.

Arbitration

Notice To Our Readers

If nothing

inexplicable.

inequity

Housing,
25

Aid

than merely strange

more

more were involved
baffled state of mind of some visitor from another

or

The Office of

;

Government

Injurious

is, however,

May Second Largest Construction

the

popularity of a
President,
were
more
independent.
It was
they who kept the feet of the
executive branch on the ground.

For

Prospects

situation

The

24

.

get through the House; conversely
no

Unfair and
.

24

Axis-drigin Dollars........

of

regarded as utterly impossible for that or any other in¬
dustry to do—meeting, and even passing, production sched¬
ules generally termed fantastic but a few short months ago.

>'.24

Allotment............

Wheat

1943

Warn

assuring the public that the same industry is today doing
that which only a short time ago was all but universally

The

Real Estate Boards Approve Housing

Policy

violating the law of the land, as often as not for the pur¬
of suppressing or limiting production, and not infre¬
quently doing so in a manner calculated to do great injury
to their country in this time of trial and tribulation.
Yet
he would not proceed far before he would discover the
Chief Executive, both of Mr. Arnold and of the nation,

pose

22

Pension

Church

a

sit fact,

ahead of the lady of the Speaker
of the House;

days

House

elected

■

There has

scattered

The

years

22

Output
French Africa Trading Resumed....-

FDR Lauds

first

Bahamas

July Oil

It is a worth¬
of the recent stirring in the legislative branch to
lecover some of its
lost prestige.^
The Senate, for the first time in lady. The point is that the Senate
history, perhaps; certainly for the admittedly rated higher.
It is strictly a New Deal innovation.

22

««♦

On

Increase

New

while study in view

,

«

FDR

Wages
...;......
........
Bicycle Inventory
—.............

.why, it is interesting to note that the high and august body known
as the Senate has become to be the Administration's rubber stamp
instead of the House.
This is true today as it has been for the past
several years.

Lend-Lease

Sign

*

*

With

22

Blimps

Navy

Belgium

Accord
Talks

particularly^ in the person of one Mr. Arnold,
more
important corporate enterprises in this

the

country and their executives have been and are constantly

the

For
22

Build

of

22

Import
To

to

30

28

Cotton

Justice,

most

Prices—Domestic

Commodity
loadings

some

access

19

Review

pared

FROM WASHINGTON

inhabitant of another planet suddenly
American newspapers he would certainly
iind himself hopelessly puzzled over the nature and qual¬
ity of what would inevitably to him appear a strange
phenomenon—American industry. He could scarcely fail
to observe very quickly that according to the Department
of

program adopted by
Committee on June 23 by a

vote of 11 to 10,

Trust

York Exchanges..
Trading

State

post-war

the

the

Weekly Coal and Coke Output.....
29
Weekly Steel Review..
;..... ..27

our

2393|

New

on

Odd-Lot

NYSE

Fertilizer

mark thus for this year.
week ago

of

Yields...

and

and

Banks

About

Items

approaching

a

Ahead

Prices

Bond

Car

$90,000,000,000-

—

Washington

Should

gain

News

$39,000,000,000 in the fiscal year
which begins July 1.
Appropria¬
tions approved by Congress are

the

Situation

Financial

the

taxes—as

Copy

a

CONTENTS

GENERAL
Editor's
and

on

speedily be brohght before and acted
upon by the House, and be ready for submission to the Senate by
July 20.
As it came from the Ways and Means Committee the bill
is designed to yield $5,924,000,000 fthe

Price 60 Cents

York, N. Y., Thursday, July 2, 1942

House Committee
With the

Office)

to

assume

"inequities."

see

how the Treasury

the burden of preventing

or

can

survive

eliminating all

18

THE COMMERCIAL &

Editorial—

Consider Mandatory

will

possibility

make

it

child

and

indicated

was

the

in

June

on

country
when,

17

according to the Associated Press,
it

officially

disclosed that a
of the nation's
population has already been fin¬
gerprinted as a result of the war.
was

large

percentage

From

the

Washington

,

Homo

Congress

mandatory for the
of
every
man,

fingerprinting
woman

that

i

Associated

Sapiens, So-Called

also quote:

we

be. accepted even,
by their strongest official partisans, be¬
the numbers of their beneficiaries had
to yield when
the best of these were taken
by selective service

1942

conscription
way to the
perplexed old. Earth has witnessed jnucli that attractions of high
wages in the munitions plants.
There¬
seemed mad and senseless during his, relatively: short expe¬
fore, however unwillingly, the Administration could not
rience with the strange biped which has recently asserted avoid decreases
in the
expenditures under these headings.
primacy among the animals inhabiting his surface. Never So the record stands:
;
anywhere nor at any time, however, has his vision included
FEDERAL NON-MILITARY
EXPENDITURES FROM JULY 1
such an orgy of unlimited and unconsidered spending as that
",v;:TO JUNE 25, INCLUSIVE
' V
now in
progress throughout some three millions of square
Work Projects
'A / ' '.-V
'' v.and

The

miles

the northern

situated in

half

of

his

Western

sphere.

of

action

others among their "clients"

many

gave

.

Fiscal

Hemi¬

Admin. & Civilian

Year

"Ask and it shall be received" has become th,e rule
among all the agencies especially equipped to
In testimony made public by
destroy and to waste, and "much shall be added thereunto?
the House Appropriations Com¬
has been proven to be a logical anticipation.
The United
mittee, S. A. Andretta, an ad¬
ministrative assistant in the De¬ States which, at the splendid height of its unparalleled
prosw
partment of Justice, declared perity, possessed properties >of all sorts
valued, in 1922, in

Press advices

Thursday, July 2, 1942

cause

Finger Printing of
The

FINANCIAL CHRONICLE

,

1' '

1

Other

Conservation Coip.*

A__

Non-military Exps.
;

$1,528,613,4911,036,064,435

Total

V

$4,751,863,957

$6,280,477,448

5,211,691,816

6,247,756,251

•

Increase

$459,827,859

Decrease

$492,549,056

Increase

'

in

interest

on

$32,721,197

the

public debt, accounts for
the aggregate and according to a scientific
appraisal based $109,994,754 of the above
000,000. fingerprint cards this
increase, the balance was dis¬
upon the rather high prices of the period, at $320,803,862,000, tributed with
year.
notable impartiality among most of the other
:,y';
:
A.
He declared that the Bureau- has within a war period of seven months and a brief antici¬
non-military activities, all of which ought, in common de¬
"has continued to receive a tre¬
patory period, made specific commitments to supply its own cency, very
materially to have been reduced. Another inci¬
mendous number of fingerprint
armed forces and those of other nations which are
presently dent of the week which witnessed the
records," resulting chiefly from
latest, but certainly
more
friendly than they sometimes have been, with equip¬ not the last, huge addition to the war
Army and Navy demands that
commitments was the
all employees in war industries ment and subsistence to have a total cost of $220,000,000,000.
unmerited defeat of Senator McKellar's determined and com¬
be fingerprinted.
And this is not the end nor is the end even in
V
sight. The mendable effort to do away
entirely with both the Civilian
The FBI furnished 15,876,275
executives of the Nation contend, and as yet without arous¬
Conservation Corps and the National Youth
cards to manufacturers of war
Administration,
ing
more than scattered whispers of protestation, that, in both of which
materials and 10,000,000 more to
have plainly outlived
any merit or justifi¬
morals
and
the Army, all of which Mr. An¬
necessity, the inescapable commitments are really cation which
they ever possessed. In spite of this fact, the
dretta said will be returned and
tmlimiied, that is to say; presently unmeasured and beyond CCC only is
apparently to be done away with and the NYA
placed in
the
Bureau's
files the
possibilities of measurement. Undoubtedly, the total is still to be
continued, even though on a reduced scale.
;
upon their execution.
war cost is well on its
way to exceed the $320,000,000,000
One legislative leader, after
Americans are officially advised that this is to be a
long
of wealth supposed to exist in 1922, and
certainly somewhat war.
studying the figures, declared it
Imagination fails, however, when it attempts to esti¬
was
diminished before 1940.
;
that the FBI had purchased 48,-

-

"extremely probable"; that

Congress would act upon man¬
datory fingerprinting for every¬
later this year.

one

An

attempt

tory

to

j

enact manda¬

fingerprinting
defeated

was

legislation

two

years

chiefly because of its

ago,

cost.

;

In the

'LaVaj;'

that the addition of further vast
the fiscal

.

A.

of

adding the latest increment, of $42,820,;003,067, to the rapidly growing aggregate, the committee
of the House of Representatives which is
supposed to super¬
vise all legislative exercise of the
spending power declared
course

year

sums of
expenditure during
1943 has 'already become unavoidable and

sure.

mate the cost to the United States of

1943

and into the year

a war
running through
1944, if the present spirit of blind

profusion is not restrained. War

costs are now accumulating,
by actual expenditures from the Treasury, at
the rate of about $150,000,000 for
every day except Sun¬
days, not excepting holidays. The authorities insist that
the maximum has not yet been even
approximately attained

measured

as

Contemporaneously with! this declaration the Conn and intend that the
present daily rate shall be greatly ex¬
on
Ways and Means produced and publicized the
ceeded. They seem strongly inclined, indeed, to boast of
greatest tax bill in the history of this or any other country,
outlays rather than output, the former being largely swelled
proposing to raise, during the single fiscal year about to
by daily concessions to "labor," which invariably multiplies
begin, no less than $22,424,000,000 from a population that,
President Roosevelt on June 29
costs while
frequently curtailing production per unit effort
extended the' scrap rubber collec¬
including all ages, sexes, and races represented, cannqt
and per dollar paid out.
Obviously outlay and output are
tion drive
through July 10 in view exceed 135,000,000.
V
;
never identical and
of the
they are rarely even proportional. On
disappointing total of 219,Lest the citation of such incomprehensible
aggregate the contrary, it is certain that
000 tons turned in
during the first
England, for example, whose
should defeat its purposes, because no
13
days of the campaign.
mentality can truly negotiations with this country under the Lease-Lend
The
system
President acted on the recommen¬ envisage a billion dollars, a few comparisons
may be made. plainly show that it is not
entirely oblivious to considera¬
dation of
Secretary Ickes, in his Including the assumption of the debts left from the Revo¬
tions of cost, obtains very much more
per unit of its expen¬
capacity as Defense
Petroleum
lutionary War, those owed by the several States as well as ditures within its own borders than the
United States re¬
Coordinator, and William R. Boyd,
those incurred by the Congresses that antedated the Con¬
Jr., Chairman of the Petroleum
ceives at the hands of its own domestic
industry. Talk
stitution
of
Industry War Council.
1787, and the redemption at par of the Conti¬ anywhere with
any one engaged in the practical labors of
Speaking
for
the
President, nental currencies of various issues, the entire expenditures
directing production in the United States and little is heard
mittee

Scrap Risbber Drive

Stephen Early, White House Sec¬
retary, said that "in the face of

of the United States from

the various serious needs for rub¬

$154,000,000,000,

ber,

commitments

the

total

ported today
The

collections

as

re¬

disappointing."

are

total

of

219.000

tons

had

been

brought to filling stations
to June 27 and excluded rub¬

up

ber

in the hands of
approxi¬

now

mately 20,000 junk dealers. In the
six days
of the campaign
there was a total of
100,438 tons
of scrap rubber collected.
first

The
15

drive

and

to

was

was

end

opened

originally

June

on

30.

dent's radio talk

campaign
umns

scheduled
The

Presi¬

inaugurating the

given

was

June

on

in

the

June 18, page 2312.

col¬

1

Arbitration Booklet
For Foreign Traders
The
cial

Inter-American

Arbitration

Commission

nounced

on

issued

booklet

a

Commer¬

June

29

that

for

an¬

it

had

distribution

without cost to exporters and im¬

porters, which contains the stand¬
ard

arbitration

foreign

trade

structions

clause

for

tration

under

Commission.

be obtained

ganization's

use

and

the

on

standard

rules

Copies

may

request at the

offices

at

9

partisan

a

non-profit,

organization,

or¬

Rocke¬

feller Plaza, New York City.

Commission,

in
in¬

procedure in arbi¬

of

the

for

contracts

The
non¬

maintains

or

1789

not much

to

more

1940

amounted only to
than two-thirds of the

already outstanding On account of a war in
participation is only seven months old. During that
century and a half, the country engaged in six foreign wars,
which

if the undeclared naval

and

fought its

the

World

war

of 1799 with France is included,

through the long Civil War which, until
of 1914-1918, still remained the greatest

way

War

and bloodiest contest of

arms

in human

inter-American system of com¬
arbitration

and

meeting in Montevideo.




is

-•

ignore and destroy efficiency, and of egregious wastes

of effort and materials which

ness.

what that branch of the Federal establishment received for
the expenses of other wars. For the War of

meager

1812-1814, with
England, it took $20,350,807; for the Mexican War of 1846,
$38,305,520; for the Civil War, 1861-1865, $1,031,323,351;
for the Spanish War, 1898,
$229,841,254; for the World War,
in which this country
participated from April 6, 1917, to
November 11, 1918, $9,009,075,789. All the
expenditures of

have

artd

to

are

inconceivable to

men

who

dealt at first-hand with conditions of such
ugli¬
No wonder that Senator Byrd, who
fights undismayed

never

with

use

the finest courage and persistence for the most
rewards in recognition and improvement, would like,
his own words, "to take a few thousand
key employes

of the United States

Government—particularly some $10,000
bosses—into a quiet corner and patiently
explain to them the facts of life." Among these facts, he
would doubtless try to teach them that no one, not even
to

$15,000

a

year

Franklin Roosevelt nor the Treasury of the United
States,
conflict, in¬ really possesses the inexhaustible; purse of Fortunatus.
cluding the loans to England, Italy, and other nations,
When, where, and how the end of this long and senseless
amounted to less than one-fifth of the total
already specifi¬
orgy will come, it would be futile to attempt to guess. But
cally provided for as part of the still unimaginable aggregate
that it must come to an end, that there must be a time of
to be spent to finance the war that
began last December,
increasingly appalling to every
Already the acknowledged Federal debt stands at $76,- accounting, which will
our

Government

on

account

of that last great

545,287,362. On June 25, 1942, it was $21,336,071,201 above truly patriotic heart with every day of its postponement,
figure of one year before, although during the elapsed and extremely unpleasant to those res/onsible for the de¬
portion of the fiscal yjear revenues had been $5,271,730,686
bauch, whenever it occurs, is not guesswork but unmitigated
ab6ve those of the
corresponding part of the fiscal year 1941.
certainty. It is the plain teaching of common sense and of
There had been
absolutely no net economies during the
compared periods in non-military expenditures. Eleemosy¬ all history. It is much too late now to escape all the penalties
nary undertakings of the Government, begun to relieve of recklessness, but their rapid accrual and accumulation
the

the

States

and

repre¬

!,

of demands made and acceded to under this
practical duress
which

history. The cited
appropriation of $42,820,003,067, just provided, was for the
uses of
the War Department and may be
compared with

local communities from the
pressure
of
mendicancy during a time of extreme unemployment and
sented
ip all South and Central widespread suffering, were continued, perhaps from force
American countries.
It was au¬
of habit or from solicitude for
impecunious voters, after
thorized in 1933 by resolution of
need had disappeared and
the Seventh International Confer¬
despite the enormous difficulty
in obtaining sufficient labor for the farms and
ence
of American
the war
States, at the
an

mercial

except almost unbelievable accounts of racketeering and
extravagantly wasteful practices indulged at the behest of
selfish leaders of unionized employes and made substan¬
tially compulsory by the partiality towards them and their
followers of the heads and underlings of the
Administration,

industries.

Some diminution of their scope and cost had to

could still be retarded

by immediate and wise action by

clear-sighted Congress, not awed by the demands of

a

Administration, and freeing itself from subserviency.
military expenditures ought at
and

with

full

measure

of

once

arbitrary

to be

cut

a

wilful

Non-

drastically

determination.

fatuity of proceeding at complacent full-speed during

The
an

Volume 156

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4086

emergency^without, precedent»in the i annals/of Vhumanity
requires' neither argument nor demonstration. Military ex-:
penditures ought to be; less than they are or, in the alterriaH
live, if they are not to be reduced, results fully commensu¬
rate with the current outlays ought speedily to be obtained:

.

19

not;appear to be an insuperable task to redraft legislation
in such'a manner 'that its meaning is more readily and

To Aid

Program For

,

berfjih^y5 determined.

So far as1 existing uncertainties
have their origin in the newly constituted Supreme Court
—-it can only be said that we have here an excellent ex¬

ample of the

reasons why the personnel of our highest tri¬
bunal should not be tampered with in any such manner as

has occurred.

>,?.'■ ;".yvJ.

.

.

:

1

War Savs. Investment
An

Advisory Council of nation¬

ally known leaders in the fields
of education, finance, and public
and social service will aid the Na¬

tional Thrift Committee with ,sug-

.

(Continued From First Page)
/
The least that can be demanded in light of all these gestiqns and advice in its program;
Vv; v
of public education to tune up the
they are to/exonerate themselves and their circumstances is that the- powers that be refrain from in¬
nation's savings, power to at least:
sinuations
which
enterprises, prefer at this juncture to concentrate their, at¬
give the impression to those not acquainted 1Q% of earnings for War Savings
tention upon helping to win the war.
Doubts in individual with the labyrinthian complexities of the situation that all investment,
J*
Robert
Stout,;
•

case

in court if

instances

that

such

considerations

the sole factor

those hailed into; court, or at least the- larger number of
counting for so many pleas; of nolo contendere in the cases them, have acted with deliberate criminal intent or some¬
in question is not the equivalent of believing that American
thing very near it.> 7;;;;■ ::" -'■ 7;^>'-■..1 ^ ; ;<
industrialists have in recent years adopted the practice of
deliberate, or even reckless, disregard Of the so-called anti¬
trust laws. ■- The fact is that from the very first it has been
utterly impossible to know from decade to decade; or often
/. Though, a number of the leading industries showed slight set¬
from year to year, what the Sherman Law or the other re¬ backs for the week, figures of production continued
substantially
lated statutes mean when applied to many specific situa¬ above those of last year. For instance, electric power production
during
the
week
ended
June
20
was
11.1%
above
output
for the
tions.
It may well be questioned whether any other statute
same, week in 1941; engineering construction was also> 11%; above
ever placed upon
the books has been so variously, and 1941; figures.' Steel production showed a considerable drop for the
so inconsistently interpreted by the Supreme Court of the
week,; this being due largely to<£
are

ac¬

pTh^State

nounced

ident

Car loadings showed up excep¬

Surprise after surprise even to the most learned and
most astute of the lawyers specializing in the field have
come from the highest court.'
It would be scarcely going

the Association.of.American Rail¬

$140,000,000,000 of this would be

made

and

This

was - an

cars

over

public

increase

the

recently.
12,187

of

preceding week,

the

laws

anti-trust

raised

or

were

could not do lawfully
concerned.

The

NRA

so

far

;

week

as

are

scheduled

at

96.5%

of

capacity, the lowest since
beginning • March 2, a
decline of 1.5 points from the 98%
rate of last week, the American
ingot

program

the

of these problems afresh, and. further dab¬
bling effort was made to clarify the atmosphere—one of
the aftermaths being the notorious oil industry prosecution.
many

week

iron & Steel Institute announced.

In steel quarters the let-down
steel output was ascribed as
due
J ; : ! And now we have virtually a newly constituted Supreme
chiefly to seasonal influences.
Because oMhe emergency, all of
Court!It. is still to be seen what its views are on many
the steel producers will operate
of the questions raised under the anti-trust laws, but its
through Independence Day, but in
rulings so far give strong indications that it is disposed to some instanced, where staffs have
been
turn the hands of the clock back to the era when the se¬
working at high pressure for
additional
verest interpretations of the acts were in vogue, if indeed many months, some
time off is being given, it was in¬
it is not prepared to go further than the Supreme Court dicated.
■/■.;<■
1.
.!-j;
has ever gone before.
Other causes, it was suggested,
Many; of the agreements now the
subject of prosecution date from an era when the* highest may include necessity of repairs

size

the

of

Mr.

cost.

the

first

Nelson

World

War

estimated

that

,

Honfe

$80,000,000,000.
more

than

prospective

1943

This means
two-thirds of the

a

month.

war.

Since production

<"

is

still slightly short of $4,000,000,000
a

month, actual

expenditures
will be consider¬
ably higher than the $6,000,000,000
war

later in the year

average. /
With -the

j.»■ X'-v; vX ■ ■Xacceleration

of

the

military program and the result¬
ing effect on government finances,

Savings

Com--

;

The average war production for
1942-1943 then will be $6,000,000,000-

Chamber

M. K.

national income

will be devoted to the

S.

New York

Loan

year and next. The
1943 share of this production will

that

appointed include:

7 pany, Youngstowh, Ohio;
M.
Murphy, Executive

produced this
top

U.

merce,

$220,000,000,000, which,

by the way, is roughly ten times

10,626 cars lower than the corj responding week in 1941 a^d 116,420. cars above the same period
;wo
years .ago.
It was further
C'oolidge regime, the situation was recognized as exceed¬ pointed out that latest weekly
ingly troublesome and great, though not always wise, ef¬ carloadmgs of 844,913: were
forts were directed at finding a solution—some way of en¬ 128.13% of average for ten years.
•-Steel operations for the current
abling a business man to know with reasonable certainty

precisely what he could

some

tionally well for the latest week,
totaling 844,913, according to re¬
ports filed by the railroads with
roads

too far to assert that no sooner than have a number of moot

points apparently been fettled ' to the satisfaction; of the
legal profession than a^new decision in some other/case
raises a multitude of important issues thought definitely
settled.
At various times in the past, notably during the

now

an¬

mem¬

A. Benson,

The War Production Program is

seasonal; influences.

The

of Com-;
City; Philip
President, Dime Sav-:
ings Bank, Brooklyn, N.
Y.;
Henry S. Kingman, President,
Farmers & Merchants Savings
Bank, Minneapolis, Minn.; Roy
R.
Marquardt, Vice-President,
First National Bank,
Chicago,
111.; R. H. McCune, Vice-Presi¬
dent, Roswell Building & Loan
Association, Roswell, New Mex.;
James M. McKay, President, The

.

'

Meaning Uncertain

.

Julius H. Barnes, former Pres-1

Trade!

Of

Committee,

June 29,

on

bers thus far

.

.

United States.

Chairman of the

.

&

VicePresident, Boiling Springs Sav-.
ings & Loan Association, Ruth¬
erford, N. J.; Dr. Marcus Nadler,
Professor of Finance, New York
University,
New
York
City;
Walter J. L. Ray, Vice-Presi¬
dent, Standard Savings & Loan
Association, Detroit, Mich.; Levi
P. Smith, President, BurlingtonSayings Bank, Burlington, Vt.;
L. A. Tobie, President, Meriden
Savings Bank, Meriden, Conn.;'
George W. West, President, First.
Federal Savings & Loan Asso¬
ciation, Atlanta, Ga.; Carl K.
Withers, President, Lincoln National Bank, Newark, N. J.
The Thrift Committee in its

an¬

it still appears

that, unless a com¬ nouncement says:
•
pulsory savings -plan of some-kind
The Committee's program un¬
sis adopted, a large part of the
derlines budgeting
and. econ¬
; war- deficit will continue to be
omizing as the primary citizenj financed by banks, with further
contributions to war, with sac¬
increases in the volume of deposits
rifice of non-essentials a patri¬
as an inevitable
otic and personal necessity. It
result, according
to the Guaranty Trust Co. of New
warns against the
danger of not
York in its current issue of "The
setting aside taxes as pay is re¬
Guaranty Survey.".
ceived, and of mortgaging an¬
;
These conditions, the survey
ticipated income with install¬
continues, have been such as to
ment
contracts.
Since
warexert continuous upward pressure
financing through bonds and
on the price
level; a"hd the general
stamps will fail and taxes in¬
court seemed definitely to have greatly broadened the per- jfor overtaxed equipment and poscrease if people cash War Sav¬
jsibly in a few instances where the price movement, which had been
missable area of action by business men in cooperation
by
increasing stability
j spo tty scrap-supply situation has marked
ings bonds before maturity, the
with one another.
In a sense the anti-trust laws appear prevented full-scale output.
during the three months preceding
Committee emphasizes the im->
the
now to be in process of being again rewritten as they have i •> Department
store sales on a our ; entry - into
war,
was
portance of continuing emer¬
sharply
upward
in
December,
gency-savings programs of pre¬
been by the courts time and again.
If so, many a business I country-wide basis were up 9%
war days, and so that the War
jfor the, week ended June 20, com- 1941, and in the first four months
man may well find himself vulnerable even though he had
of.
this
year.
:j,:X
pared with the same week a year
Savings investment may be a
obtained the best of legal advice and conscientiously fol¬ ago, it was shown in the weekly i
While vapous steps are being
real
cushion against post-war
taken
i figures, issued by the Federal Re¬
in~Washington to halt this
lowed it.
"
readjustment,
it
recommends
serve System.
upward
that
movement,
the
"Survey"
,/X'v
wage increases pay debts
Consent Decrees
•
X Store sales for the four-week points out that it is still too early
and clean up installment pay¬
There is also another aspect of this matter which can
ments quickly.
period ended June 20, compared to conclude that the greater sta¬
hardly fail to give trouble. If the present rate of issuing with the same period a year ago, bility will be permanent. :
If these steps are followed the
It is pointed out that several
Committee
"consent decrees" continues very much longer, a substan¬ remained exactly the same. ;: :,
believes
that
the
broad groups of commodities are
average American will come out
tial part of American industry will be governed in these s ,;,It; is pointed out; that retail
of the war in a much better
of
prospects for the. rest of this year exempt from the provisions
matters, not so much by law as by a long series of decrees will reflect consumer convictions the order, the most important con¬
financial condition than be en¬
which are the result of a sort of bargaining process between about the permanence of the price sisting
tered it, with a comfortable 10%
of
farm • products,
for
of earnings in War bonds to re¬
the defendants in such cases and the Department of Jus¬ ceilings and> fears that various which, under the law, no limits
can
be fixed until they
attain
ward his prudence.
tice (with the approval of the country, of course). Each products will no longer be avail¬
levels
able if purchases are delayed.
reflecting substantial pre¬
decree, naturally, governs only those to whom it is directed.
Retail trade during
;
.7
June, in miums over parity.
Leaves Chgo. Reserve Bank
Thus it happens that of a group of competing enterprises dollar volume, • has run * about on j
"Nor does the regulation apply
to
Frank J. Lewis, Chairman of
wages of any kind, the "Sur¬
some are subject to this decree, some to another, and still an even keel with last year, so far
vey" continues.
"Some
of the the Board of the Federal Re¬
others are free to govern themselves according to what as department. store sales indi¬
cate. Since prices of goods sold most
important. categories
of serve,
Bank
of
Chicago,
has,
they believe to be the meaning of the laws as they apply by " these stores have increased prices and costs are thus free, to resigned effective July 1. Mr.
to them.
Such decrees do little or nothing to Jift the ob¬ about 17% on the average, a sharp rise further; and to* the extent Lewis, who is Chairman of the
that they do so, they cannot fail
F, J. Lewis Manufacturing. Co.,
scurity by which the provisions of the laws are surrounded .decline in unit sales has occurred.
.to exert a powerful upward pres¬ has served as Chairman of the
Dollar sales will
in actual practice.
The net result is confusion worse con¬ tinue close to last probably con¬ sure on other
prices. It is not 'Chicago Reserve Bank and Fedyear's level,
founded, to say nothing of unequal application of law to despite the very high national
inr •logical to attempt to control price eral Keserve Agent since Jan. 1,
/

A New Court

in

■

-

.

•

•

-

.

.

.

.

.

>

different individuals or interprises.
,

Here is a situation to which the

Well address themselves.

!
American people migjit

Thete is no

reason or excuse

for

come, unless inflation fears re¬
vive and bring another wave of
forward

Store

buying, observers

inventories

are

state.

levels unless all the essential fac¬

1941.

tors, including wages and
prices, are controlled." : ;

Class "C" Director of the bank for

farm

Mortality

probably

among new car deal¬
policies of the past, policies which give large enough to support one more ers
during the first five months
of loose construction : and indifferent em such buying" wave, although many of automobile, and truck ration¬
forcement of the anti-trust laws followed- by periods of products now on the shelves could ing,, according to the trade publi¬
not be
replaced, so that sales cation Automotive & Aviation
strict construction and zealous, not to say over-zealous, en¬
would have to decline once this Industries" has been
only 7.2%.
forcement—all quite apart from the wisdom of any such
jbuying wave had been completed. The publication says there .were
campaign as is now being waged at a time when all Ameri¬ ; Donald M: Nelson's testimony 37,601 dealers, in business as of
the
Truman
Committee June 1, a decrease of 2,932 retail
can industry is straining every nerve to. meet "impossible" before

the vacillating
rise to periods

war

production demands,

and What he is
a

What the business

man

requires,

entitled to, is an opportunity to know with
precision and. assurance what, the

reasonable degree of

laws mean as

applied to,him,and to his activities.




It would

a significant sidelight on
the extent to which the war pro¬
duction program will crowd out

provides

regular" civilian
;

•

,

sy

j

t

activity
./n

s

during
- *

r

.

outlets from the 40,439 dealers in

He had previously been

a

six years. According to the Asso¬
ciated Press, Mr. Lewis is resign¬

ing because of the fact that he is
absent from Chicago much of the
time.
He is interested in the silk
industry in Florida.

including

new car dealers and in¬
dependent services but exclusive

of filling

stations, the survey

mortality has been
that of

even

says

less than

dealers alone. In
operation last January 1.
The
mortality rate is much lower than the five months ended June 1,
total*
had been anticipated.
repair shops had dropped
~ *'
Among .automobile repair shops, only 3.4%. to 89,938 outlets.
.

new

car

THE COMMERCIAL

20

New 'Gas'

Rationing Plan Gives 'A'Card Holders

16 Gallons Per ionlli-4 Gallons A Unit

•i
'■

gasoline rationing
plan, which requires an exchange of coupons for all purchases of
gasoline, were issued June 26 by the Office of Price Administration.
The plan will go into effect in the East on July 22.
At the same
time, OPA announced that coupons in the ration books for private
passenger automobiles will be valued at four gallons each.
This
value, it was emphasized, will he*>
subject to change in accordance boards will be provided with ta¬
with
any
change in the East's bles determining the date of ex¬
piration on the basis of monthly
petroleum supply situation.
\
«•"
The announcement states that mileage allowed in the applica¬
Official

this
15

that

means

miles

"A"

for

instructions

the

on

tion.

of

basis

gallon the basic
books,. containing a

ration

new

7

.

^Before

the

to

the

operating

issuing

"C"

a
see

book

a

that the ap¬

year's supply of 48 coupons, will
provide 2,880 miles of driving an¬

plicant's needs cannot be met by

nually.

a

All passenger car owners,
except a certain few who will be
eligible for "S" books, wil} be

occupational driving must exceed
470

order

obtain

to

ration

mental

supple¬
"B" o$

any

through

a

book

will

his

meet

not

that

nounced
total

mileage

book

an¬

and

the

to

for

Services

rec¬

which

"C"books

issued include medical
maintenance of public utili¬

care,

ties, carrying farm
religious comfort
and

labor, giving
or
assistance,

making official trips

gov¬

on

for three month periods. While a

such

full book will contain 96 coupons,

driving necessary to at¬
church, to take children to
as

tend
and

from

for

school,

and

supplemental

any

ration the holder of

year.

of 1,800 miles

excess

,

The-

second

requirement,

as

listed in the instructions, is a Car-

Sharing

Club

other

more

work.

to

These

either

take

three,

to

persons

and

persons

the

applicant must

cannot carry

other

more

carrying as many
that alternative
transportation are in¬

he./Can,

means;

club

a

but is

persons
as

or

own¬

that he

prove

three

be

may

car owners or non-car

Failing to form such

ers.

or

from

:of

adequate.

Application

blanks

for

supplemental rations

these

on July
9, 10 and 11 in the public
schools. Registrars, however, will
be
instructed to issue only the

books:

"A"

and

owners

blanks
when

for

local

in

"D"

to

books

to

The

out,

to

are

person,

be

pre¬

mailed

or

to

a

rationing board for action.

Such

applications

with the board any time after the
basic book is obtained. While lo¬
cal
boards will receive

applica¬
9,
OPA

tions

beginning
July
pointed out that the filing need
not
necessarily be done before
July 22, when the plan goes into
effect. Holders
the first

use

of

"A"

eight

books

can

coupons in that

book while they are in
process of
"B"

given

book

of

16

book

coupons

issued

to

More

needs.

rationing
specific

in

only

boards

are

instructions

considering

not

applications

for supplemental rations, but also
in
issuing rations for types of
other

users

than

those

in

the

"A", "B" and "C" and "D" groups.
types include trucks, taxis,
busses, hearses, ambulances, ren¬
Such

tal vehicles and Government

for

"S"

which

books

cars

will

be

issued,
and
non-highway
uses
for which "E" and "R". books will
be issued.
7
'7'
7/7/7., 7 7 '
All

"R"

applications for "S", "E" and

books

to

are

July 9.

s

taxis,

one

ambulances

vehicles

may

and

be is¬

both of the two types

or

of "S" books.

with

beginning

,

Government vehicles
sued

at the

be made

d

o a r

'

Trucks,

Operations of these

will

be

controlled

but,

exceptions, will
be curtailed r by

some

not

necessarily
rationing plan.

the

In no case, will
rations provide for more mileage
than applicants are permitted by
orders

regulations of other gov¬

or

ernment

The

agencies.

"S-l"

while

"S-2"

coupons

of

5

have

gallons

books

the

will

will

each,

have

value.

same

96

384

The

value is subject to change.
Applicants may be issued either of
coupon

the^'S" books, or both, as may be
needed to meet their requirements
for a four month period. Individ¬
ual

requirements

by

tearing

coupons

miles

per

month provided

by his "A" book.

This

must

"B"

ing

out

"D"

certain

of

coupons

will

V

additional driving a month. This
mileage figure is reached by mul¬
tiplying 16 coupons by four gal¬
lons by 15 miles to the
gallon, and
by dividing by three months.

board

.

Thus

a

month

and

total

(150

of

from

470

the

320 from the "B")

for

miles

"A"
are

a

a

book

possi¬

ble for occuoationardriving under
the plan. But an applicant who
show that he needs more'than

can

the

"A"

full

amount of the

have

book

book,

his

but less than

the

"B" book will

sunplemental

ration

A

last
or

might

four months,

six

months,

or

or

a

be

made

to

five months,
year.




Local

the

Non-highway
and

dealer

the

at

War

a

tributor

to

Division

of

the

Rationing

Office

of

Thus

Price

at

OPA
of

of

the

pointed

audit

records

control

kept

ministrators

lecting

by
for

and

means

of

out

black

stamping

for

in¬

You

Ad¬

with

nected

and

detecting
market

documents

who

will

and

War

of

a

"E"

six-month

will

book
of

and

have

48

"R"

period.

good for

Each

coupons.

book

The

"E"

will

one.

have 48, a unit value
gallon each and "R" books

All

mediate

dealers

have

9-3

valued

Explaining

hardship,

to

great sacrifice,

no

There is adequate food,

clothing

and

shelter, and we
things last longer.

make

One

objective

dent's

of

is

program

what

is

the
to

available

a

is

of

117

soon

year

We must not let that

would

impair

and

It is

billion

reach

dollars

a

Even in 1929 national in¬
30 billions less than it

was

right now. It is still increas¬
ing. And this is happening at

that

fairly
distributed as possible. Another
objective is to keep the rising
pressure
of
spending
power
from flooding our markets and
driving up prices—not just the
prices of civilian goods, but the
prices of war materials as well.

expendi¬

year.

Presi¬

see
as

happen. It
efforts.

our war

'

«

*

:■

#

For the

same

7,

reasons

asked not to go

77;' '/.'
you

are

into debt to buy

*

things.
much

You

asked

are

heavier

before

to

than

taxes

because

pay
ever

this '■ not

only
pay for the war, as do
investments in War Bonds,
but it helps keep your dollars
from bidding up prices. You are

helps
your

the

time when

very

fewer

and

,

fewer
:

able

them

at

time

any

their stocks

they

to

is

build

as

are

it possible to use a spotchecking method for determining
or

the

same

time

distributors

forms

for

the

keeping

a

dealers

allies

and

produce for

sumption.

Since

is at

stake,

ence

there

the

at

same

civilian

our very

con¬

exist¬

production
right of way over
else.
That
means
war

sales

Car

from home

site

"A"

books

wherever they

at

and

of

more

tice of his intention

may

school

a

indus-

our

be,

or

if

outside the rationed area,

are

later with a
local War
Price
and
Rationing
Board, but not before July 24.,
may

register

According
to
an
Associated
dispatch from Washington,

the

Office

of

Price

demands under the
gram may

fense

rationing

pro¬

give preference to de¬

workers, trucks and
The dispatch goes

am¬
on

to

say:

"The revision of

the start of the permanent ration

plan in Eastern States.
amendment

so

and

classes of

consumers

are

to get

also

"OPA defined
as

an

a

executive

'defense worker'
or

employee at
naval, military or hospital estab¬
lishments; public utilities plants,
including
public
transportation
communication

systems; and
plants producing machines, muni¬
tions and oth^r war materials." •

persons engaged in experimental
cilities, the instruction handbook work contributing to the war, ef-

interest to comply with

your own

and

support this program.
But
Government's
expenditures

the
must

go

mainly for

Exports of

coffee

and

for

not

produc¬
things for

war

policy
into

calls

ernment
can

be

is

spending. And this
through taxes and

through the sale of Government
securities.

So far

from

More than*

that, however, the

effects of this policy are three¬
fold.
First, it draws off the
market money that might otherbid up prices. Secondly, spend¬
power

is reduced in relation

to the

Brazil

supply of civilian goods.
7 Third, the Government is able

The

June 23, which

added:

1941

foreign

not

markets

participate

in

trade.

Among these
Italy, Belgium,
Greece, Holland, Norway, Den¬
mark, Palestine, Syria, Algeria
countries

were

and Morocco.

war

without bor¬

the

commercial

from

banks—for such

borrowing

ates additional money,

gram

did

the

United

and

cre¬
may

inflationary effects.

President's

outlined to

7-point pro¬
Congress April

27
(and given in our issue of
April 30, page 1708), proposed an
"all embracing" plan for stabiliz¬
ing the cost of living, and in¬

cluded the

levying of higher taxes,

the fixing of ceiling
prices, stabil¬

izing wages, rationing
by

the Treas¬

accomplished.

have highly

1940

as

in this way get back as
much as it spends for war, the
financing of the war is readily

at

~Twenty-one

back

done

to finance the

of

draw

Treasury out of this
expanding national income an
amount equal to what the Gov¬

rowing

the

Government

to

the

bags of 132 pounds each from the
12,053,499-bag trade of 1940, ac¬
cording to advices made available
by the Department of Commerce
on

for

designed

during 1941 decreased by 998,933

Washington

the

Accordingly, the logic of the
situation

ing

Brazil Coffee Export

7

Purchases
makes

of goods for you to buy, it would
not, be necessary to ask you in

ury can

Administra¬

bulances.

"The

do

preferred treatment.

and

Stations May Allot "Gas"

to

specify in the notice which class
or

an

everything

of

on

accompanied by pro¬
equivalent amount

of

which you might spend your dol¬
lars."
He added:
./:^;/ 77:.. •■;:'v:7^./>•

under

owners away

were

duction

tion

fort, and in scientific expedition,
rationing, as
well as gummed coupon sheets to eligible to receive supplemental
rations of gasoline.
which they are to paste coupons
"Before showing preference to
turned in by their customers be¬
one or more of the classes of
con¬
fore turning them into suppliers
sumers, a dealer must post a no¬
or
to Rationing Board.
their

come

must have the

more

receive

record

our

7 time

distributor

will

because

case

our
ability to produce
supplies for ourselves and

war

is complying with rationing regu¬
lations.

and

the

limits—including time lim¬

its—on
for

make

whether the dealer

not

are

able to
obtain new supplies from the sup-,
plier or distributor and will also
up

gal¬
be issued in

of

rate

come

not

at five

rationing

real

can

a

is

inter¬

but

—-

which expire July 22, the date of

that

the

wages

billion dollars

year.

Rationing

and

distributors

original regu¬
lation, which prohibited a dealer
lons each. They may
from discriminating among con¬
such combination as to meet needs sumers
legally entitled to gaso¬
shown by the application. Both
line, was embodied in an amend¬
will be tailored by tearing out ment to the
rationing regulations
will

represents

need

asked not to seek higher wage
there are
rates, salaries, dividends, and
things for us
other returns, and if you are a
licensed distributors^—must report
to buy.
^
•
■/"'
'7;- 7 ;
farmer
you
are
asked not to
to the Boards the amount of gaso¬
; 7
If we had the plants, the labor
seek higher prices, because such
line in their stocks as of the first 7 forces,
the raw materials, to
actions increase buying power
turn out more and more war
opening of business on July 22,
but do not add to what you can
1942.
In exchange 'they will re¬
supplies and at the same time
buy.
'
turn out more and more civil¬
ceive inventory coupons covering
ian
Mr. Eccles further said that "if
the difference between their in¬
goods, there wouldn't be
ventory as the effective date of // any problem. The more money the Government's rapidly increas¬
the rationing plan, and their tank
you had, the more goods you
ing expenditures' and the conse¬
could buy.
But, of course, that quent rapid rise in national in¬
capacity. These coupons will en¬
Boards.

motor

books

huge

one

We must go

us.

without things we do
buy. There is no

go

not

in this.

approximately two-thirds

it

110

with

boats, tion on June 24 ruled that filling
machinery, gasoline engines, stations whose gasoline supply is
cleaning
and
dyeing
establish¬ insufficient to meet all consumer
the

this

estimated that it will

farm

ments, etc. will be issued through

is

•

without things we can't buy. We

expen¬

Today our national income is
running at the rate of close to

registration

and

day before

a

/-

to

open

7 should

It

dollars

available

are

salaries.

describe

distributors

Price

million

It

automobiles, re¬
houses, and many

things that

course

income received by individuals

Rationing

also

150

It

—and

a

instructions

dealers

the

of

mu¬

Clearly, then, there is but

of all
wages, salaries, divi¬
dends, rents, interest and other

Boards.

the procedure for the

other

national

an

civilian

more

in peacetime.

because the Govern¬

approaching

produc-

for

fewer

frigerators,'

you so

up.

war

less

nitions, planes, ships, tanks.

sum

con¬

calities, to school site administra¬
tors, to registrars, and to members

of

is

that

for

means

means

refrain

rapidly going

used

less and
production. It

to

ture which is rapidly
expanding
national income, which is the

responsible
for setting up organizations for
registering motorists in their lo¬

The

up

going

dollars

be

of local War Price and

to

be

tion,

,7

day for war purposes. It is ex¬
pected to increase to 200 million

;

the plan, to county
superintendents * of

city

schools

is

diture

be

tions directed specifically to State
OPA Directors, to local custodians
and

you

must
7

unnesessarily, at
reasons why this

aware

is

ment

of col¬

are

income

ends.

forms

and

.

you will give your support
the President's
program, for
it is devised in
your interest.

The handbook contains instruc¬

all

.

to

activities.

of

,

/., that

with

Tax
should

taxes

and

-

should be made clear to

check

a

forms

State

credit

is the time to
save, to pay taxes
7 and to invest in War Bonds—

every

purposes

gasoline

effective

an

that

buying

this time—the

rationing plan.

out

debts

your

from

process, the flow of gaso¬
will
be
controlled
by the

provisions

discouraging

Eccles continued:
The reasons for

pay

bution

line

of

—

manpower

asking

step of the marketing and distri¬

coupons.

1.5

Mr.

Adminis¬

Fuel

,

Administration.

they

be

—

time

while instalment
buying and encourag¬
be
ing the paying of debts." In part,

Price 'and

Tax

Reserve System, in
speaking at Washington
Broadcasting System. Directing his remarks specif¬

ically to the 7th point in the President's
program, Mr. Eccles said
you will recall that this
points
stressed
the
importance at this
trial resources and

for/ Exchange

State

the

Federal

may

Press

rations

outboard

and

trator

the

the Mutual

over

Certificates, . control forms will
proceed through the licensed dis¬

they

worth

be

Then,

themselves

of

ernors

gaso¬

inter¬

June 24

on

coupons

and to

distributor.

coupons

exchanged

entitled

gasoline in the East is necessary
to conserve a supply drastically
cut by lack of transportation fa¬

book

mediate

will

the three-month minimum.

"B"

flow to

the

user

registration dates may apply

coupons.

yond

will

the

their

"tailored" by extending the
date of the book be¬

expiration

From

the

Motorcycle
operators
supplemental rations

gallons each.

last

line.

for

7'';7; 7'": " 7/7' 7/^'7'7''• 77 7'-

;

period of three months, thus giv¬
ing the applicant 320 miles of

book

controlling all movement of

the

ing

150

of

basis

met

issued additional "D" books, tail¬
ored to individual needs by tear¬

the

the

Discouraging Credit Instalment Buying

of complying with President
Roosevelt's 7-point
keep the living costs from spiraling
upward, was stressed
by Marriner S. Eccles, Chairman of the Board of
Gov¬

urgency

program to

exchanged for any
gasoline, will form
a
rigid audit system

.

be

to

exceeds

of

from

to

are

coupons

may

be issued an applicant who
shows that his occupational driv¬

purchase

At

book

worth

coupons

books.

getting supplemental rations.
The

Local

be filed

may

out

"C" book may be issued

one

car

application
supplemental rations

filled

sented

books

basic

motorcyclists.

each

issued

be

if necessary.

be ob¬

may

tear

applicant's

.■;/.7 '//'•' vV rationing 7 b

tained upon request when motor¬
ists register for their basic books

basic

than

and

"'////' 7/7.

will

board

the

will

book

"tailor"

to

basic book

a

that his occupational

prove

driving is in
a

shop¬

the first requirement

as

obtaining

must

for

the

fit

ping.
"Thus,

"C"

The

The

which must be

ernment business.

occupational use, while the re¬
maining 1,080 miles are regarded
as available for general
purposes,

And

all users - on- the .-basis/- of
need,
except for the basic ration for
private
passenger
automobiles
and motorcycles. These
coupons,

war

public welfare.

be

may

considered available for

are

effort

occupa¬

1,800 miles of the
in the basic "A"

He must also

month.

a

belong to a category of users
ognized as essential to the

"C"
book, an applicant will be
required to show that the "A"
tional driving needs. ''77
In
this
connection
OPA

miles

have met all the requirements for
a "B" book, and in addition must

entitled to this basic ration.
In

"A" book, or an "A" book plus
"B" book. In other words, his

Thursday, July 2, 1942

points out how the coupon plan
will achieve this purpose.' 7-7. 7
Coupons will be distributed to

/7 '' <4,7;7v77-7v Rationing /Board

local board must

an

& FINANCIAL CHRONICLE

scarce com¬

States increased by 918,283 bags
to a total of 9,804,811 bags dur¬

modities, purchasing war bonds,
curtailing credit and instalment
buying, and fixing farm product

ing

prices.

1941.

,

^

.

Volume

Axis

From

House Committee Acts

Washington

(Continued fro.m First Page) ?•
Cabinet,
for the
Supreme
Court.
Any President seeking to
(Continued from First Page)
name a Federal judge or a
Fed¬ would receive a refund of all over
eral official in a particular local¬
80% of excess profits taxes paid
ity without getting the approval on income received during and
locality,

of the Senators from that

if they were

after

members of his own
more

was

The Senate was,

ful

controversial

indeed, a power¬

over

pre-Pearl Harbor days, the Sen^
ate
docilely
acquiesced - in his
lend-lease proposals, the/- House
was far more difficult.
The House

the porposal to

only passed

for

profits

ex^

tend the term of the draftees, last

by one vote. On two occaisions the House had passed labor

In each in¬
the Senate, at the behest

stance

to

80%:-;' Al¬

corporations

the full

94%

for- the

taxable

must

pay

excess

year

has checked it

would be issued to the corpora¬

The situation is well understood

tions in the amount of the pro¬

the President,

of

Present

.

taxes,

-

•

t

<

'

.

not

action,

bonds representing

through the Senate.
The House
only recently denied an appro¬
priation for the continuance of
CCC, the Senate approved the
Administration sponsored appro¬

refund

would

ministration

the

No

set-up

more

criticized for sheer inability,
his

from

radical

aside

ford

Tugwell.
When Mr. Roose¬
getting his third term,
decided to give Rex another job,
after

velt

profits net in¬

base

which

on

the

bonds

for

the

tween

their

difference

made

of Puerto

the

not

slightest

effort to

ture

izing this country. The Senators
; tried not to hear what he said and
i confirmed him. The Puerto Ricans
we
gather, have been screaming

year

the

at

since.

,

.

„

X :' w:'

,

dependent of the two

<

X We

bodies?

'

lot

of

with

talked

have

X

a

400.

colleagues in an effort to find
the answer.
The best opinion is
that

:

are

,

inefficiency

•

>

of the

war.

cause

every1 single

the

■

-

v

■*.

terms—they

older

men

are

the

purchase

Another

of

unless

cash

this

on

and

enough

reserve

to

from

stated:

specific instances of this

was

matter,

Washington

ocrat, of Tennessee, said it had
been estimated that the depart¬

•

•i 1 The

There

•are

even

House.
have
to

a

•

|--7.

rates,

af-

fecting

newspapers,
a
total
of

would

be

raised

of similar minds. There
more such minds in the
But those fellows don't

under
,k
i

six-year term over which
their security.
They've

•still got to keep

war

refunds and to impose a 5%

tax

on

and

express.

transportation ;of

freight

v.-\

'

action

stated

ler,

in

appeared

page

our

2393.

goals set by the U. S.

Agriculture, call¬

on

said

this

the

was

to

exempt

from duty and

internal taxes any goods sent to
■

.

in-'

r

'

farmers

to

and

has

the

to

program."

Milliman, Chief of the Ag¬

most

estimated

War Production

the

interests

served

is

ers

in

best
of

Board, stated that

of

farmers

so

far

needed

concerned, by full

coopera¬

tion between the various agencies

Government, the State Land
Grant Colleges and the fertilizer
industry. He added that a series
of conferences is now being held
in all fertilizer-using regions to
the

of

fertilizer

needs

grades of fertilizer to be sold

during the war period to the mini¬
number needed.

mum

Dr. Clarence

of "The Progressive Far¬
mer," of Raleigh, N. C., stated at

Editor

15%

National

-1 'rj

Mr.

of

other

European

forces of the Soviet Union,

with

of the entire

the heroic support

so acquitted
to win the admi¬

have

population,
themselves

as

ration of the

liberty-loving

peo¬

ples of the world and to earn
a place in history besides those
Russian armies which over a
century and a quarter ago did
so
much to ruin the plans- of

aspirant to world con¬

another

quest.
During

the past" year
the
people, although

American

threatened

themselves

by

ag¬

gression from several directions,
have gladly shared their arms
and
supplies with the Soviet
Union. It is planned that during
the coming year

will

supplies
our
an

these arms and

jEorth from

pour

factories and countryside in

widening stream until

ever

achieved.

final victory has been
We

confident that before

are

the end of another year the in¬

stigators of this war will have
been

to understand how

given

seriously they have understimated
the
determination and

ability for effective action
peace-loving nations and
will
have learned that in an
the

of the

Monger escape the consequences
of acts resulting in human suf¬

fering and destruction.

the convention that "while service
and

not

be

to

exploitation would seem
world's keynote in the

just ahead, I do not wish to

years

Government take over all the

functions

of

private business.
I
competition and

fear that without

the

of

retrogression

motive

profit

and

dry rot set in in many fields

aids

since

the

M.

economic

the

to

has been rapid
war," Prof. Rob¬

crops

last

Salter,

chief

of

the

Bu¬

o^TOant Industry, U. S. De¬

Aus¬

External Af¬

Minister for

returned to Melbourne on
completing a special
mission in Washington and Lon¬

fairs,

June 22 after

Dr. Evatt had arrived in the

don.

March 18 to

on

the Pacific theatre

con¬

Roosevelt

President

with

fer

"Progress in the development of
scientific

tralian

Evatt,

Vere

Herbert

Dr.

United States

production and industry."

ert

Returns To Australia

the

of

war

on

opera¬

here the
consultative
body, known as the Pacific War
Council,
giving
recognition
to
tions.

his

During

President

set

Australia

and

stay

a

up

Zealand

New

as

of Agriculture, said in well as the United
Kingdom, Can¬
addressing
the
convention
on
ada, China and the Netherlands;
June 20. He observed that "plant
this was reported
in these col¬
breeders have produced varieties
umns April 9, page 1446. ;
and strains of grains, forage and
fiber crops, vegetables and fruits
that are higher yielding and supe¬
New British Minister Here
rior1 in quality than the crops
were

grown

only

few

a

"As

a

result of

our

total

20 years

on

for

and which is

machinery

planting and fertilizing most
crop

for

every

has been improved, and the

increased yields obtained
better
tilizers

methods
are

of dollars

of

worth

Minister

through

applying
many

fer¬

millions

annually."

c]-.ftU*o"lIi;['■ y"

of

succeeding
for

Commissioner
of the southern

since 1939.
been

had

He

Campbell.

Information

Sir

Gerald

served

Civil

as
Defense

region of England

Mr. Butler previously

associated

International

Labor

Geneva

its

as

new

United

be Director Gen¬

British

the

Services,

bad

the

in New York on
trans-Atlantic clipper.

Mr. Butler will
eral

Butler,

to

arrived

June 21 by

research pro¬

a

nationwide,

ri^y

British

States,

He likewise stated:

Beresford

Harold

that

ago."

years

than

that

of those
countries the
governments of which have ac¬
cepted Nazi dictation.
In
this
struggle the armed

Nazi Germany but also

aroused world aggressors can no

Poe, President and

more

important,

of

to reduce the number

and

not only of

the armies

gaging
.'

of

Mil¬

the

dis¬

fertiliz¬

crop

June 19 by John A.

of

be

can

the

as

that has been carried

Miller
stated, "is the proper use of "the
products of our industry, for it is
the

that

gram

President

country,"

Among these practices and one of

It

work

was

the

handling second-class-matter.

week.

of the

:

partment

Fertilizer

Committee decision last

used

were

ricultural Chemicals Section of the

reau

amount of the annual deficit in

a

as

it

throughout

$78,000,000

farms

V production of

to the Committee's

Association, in address¬
ing the organization's 18th annual
convention at
Hot Springs, Va.

tion

-

mentary on things.




beginning

decision
grant certain corporations post¬

The crop

tee also had approved a resolu-

their• ears to the

It is an interesting com¬

were

that pro¬
to pile up

Crop GoaE Depends On
Scientific Farming

Mr. Cooper said the Commit¬

attain

•ground.

Second-class

too many in the Sen^

are

•ate today

•

reported

Press

the

rates.

but

T. E.

see

ing for the "greatest farm produc¬
Post Office Department to sub- tion in the country's history, can¬
mit a report r before it raised not be attained "unless the very
either
farm
second
or
third-class best
practices
prevail

yet never sought to hide their
cynicism from their
colleagues.
And they both got Federal judge¬
v;

on

':-:X Department of
directed

in
on

or 11,000,000 tons instead
9,264,000 tons actually used.

crops

Under date of June 24 the Asso¬

earlier

suffering a $26,000,000
in delivery of that

Committee

1941,

determine
v

beer, wine, whiskey,
cigarets, cigars, telephone and
telegraph
bills,
parimutuel
wagers, travel fares, freight and
express transportation, and lu¬
bricating oil either increased or
new
taxes
imposed.
General
sales tax defeated, as were pro¬
Taxes

June 25 issue,

loss

type of mail.

aip,

ships.

was

annual

ex¬

:

Washington, and Minton, of Ink
; diana, two of the most vociferious
New Dealers up until last year,
I two men who went to the bat with

ment

of

June

thinking: Senators Schwellenbach
of

14%

profits base—$15,400.

A reference

Representative Cooper, Dem¬

-

'

to

the cost of han¬
In Associated Press

24 it

credit of

tests

pay

accounts

Total taxes—$139,400.

against the Committee's

the rates

advertising

dling them.

>

'everything they had whenever a
'.debate about the New Deal came

•

third-class postage, for period¬

icals

$36,000.

ciated

require the Post Of¬

fice Department to raise

'

.

transportation by pipe line.

restriction

used in the business.

tee voted to

the relative

•

are

for

in

tribution

posals to tax soft drinks and to
increase taxes on gasoline and

On June 24 the House Commit¬

r give
them in the way of Federal
'judgeships
and the
like.
Too
.• many
of them are without hope
of the legislative branch's regaining its lost' prestige, and figure
that it is every man for himself.

There

or

was

security which the President can

•

utives

serves

and too many of them

looking for

are

salary increases te-exec-

prohibit-the bonds from
being used to increase cash re¬

generally

perceive the world to be in an upheaval which they can't control
; and

uses or

-

would

But the Senators with their six-year

or

American

materials

.

...

the Soviet Union have been en¬

was

much plantfood

entire production

Post-war

.

Robertson

securities.

■-

t

stock

cash

to

ment

$110,000—$103,-

X Excise Taxes

proposal also
stipulates that the bonds cannot
be used for the payment of bon¬

one

•

either

of

The

of them
the electorate in No¬

vember. X

corporation

'

dividends.

progress

They reflect this be^

face

must

>

with

pay-:

on

the success with which
have resisted the brutal ag¬
Germany and
have thus frustrated the plans

you

20%.

by our Association dur¬
ing the past 17 years we are now
able to give the Government agen¬
cies that are dealing with war
emergency problems, information
concerning our industry and the
use of fertilizers
which we hope
is helpful not only to the Govern¬

to

Normal tax and surtax, total¬

cess:

that the bonds will

not be redeemable for the
ment

the impatience over
in Washington, the

dissatisfaction

.

is provided

the members of the House
reflecting the restlessness of

the country,

<

resolution

'

.

:

fertilizer

"Because

ing 40%, on $90,000 income not
subject to excess profits taxes—

provides that the bonds will be¬
come negotiable after the cessa¬
tion of hostilities.
However, it

our

.

Robertson

The

1925".
over

been done

V "Excess profits"—$ 110,000.

adopted by the Committee also

•

in

is

it

Net

tax

the

people of the
congratulations

States

upon

the

to handle, ship and ap¬

and

.♦

•

lowing the cessation of hbstili-?
ties. >
.'
' X"

in-

lesser

the

become

Senate

•

at

fact, if this improvement had

izer

and

;-94%

behalf of

on

and

government

"last

16%—now

necessary

40%

$5,000

Union

Soviet

United

the

not been made it would have been

income—$200,000.
Specific exemption—$10,000.
Exemption on 8% of invested
'capital—^$80,000.
Total credit—$90,000.

,

of

through you to the
and people of the

gression of Nazi

fertilizer

mixed

In

$1,000,000 of invested cap¬
a $200,000 net income
would compute its taxes:
ital

at the end of the third calendar

Why has the

that

only

with

•

Why is this true?

from

Here is the way a

:

ever

of

cases.

after the cessation of hos-:
tilities; and one-third at the end
of the fourth calendar year foL

Treasurer

extend

I

government

.

Numerous provisions
for
special
hardship

$10,000.

the. second
calendar year following the ces¬
sation of hostilities; one-third

and

of the

raised

follows:

Louisville,

taxes—raised

to

nations." Secretary Hull's message

the

order to get as

adopted

of

end

of

profits." Combined normal and
rates—applied on income
not
subject to excess profits

entitled

Robertson

President

ply 1,430,000 more tons of fertil¬

31

stigators of this war will have been
given to understand how seriously
they have underestimated the de¬
termination and the ability for ef¬
fective action of the peace-loving

Association, in
convention,
for world conquest so overconyear's fertilizer
fidently laid by our common
consumption was the largest in
our history."
":'ienemy.'....
r;
He added:
For one year the peoples of
"The average plantfood content

corporations with income
Specific exemp¬
tion to which all corporations

plan,
one-third, of the bonds will ma¬

disguise the fact that he intended
to try out on: the hapless Puerto
Ricans
the
same
experiments
which he had in mind for reorgan¬

;

the

Under

is

remarks

stated

excess

from

of State Hull, in a
V. M. Molotov, Soviet
for
Foreign Affairs,
praised the Russians upon the
success with which they have, re¬
sisted the aggression of Nazi Ger¬
many in the past year and ex¬
pressed confidence "that before
the end of another year the in¬

^Charles J. Brand, Executive

his

,

Rico, Rex

that

see

earnings alternatives con¬
tinued
for
computing "excess

•

Governor

as

Government

Secretary

message to

Commissar

of plantfood

Chemical Co. of

Secretary

above $25,000.

tax

said:

1

Standi Against Nazis

National Fertilizer

for

be¬

profits

excess'

Ky.

surtax

payments and the amount which
they would have paid if an 80%
rate on excess profits had been
adopted. 1

than. Rex-

hue,

this

"14%

the

possible to

way

Miller

Price

age

profits tax is computed.
(Giving effect to the proposed
refund, therefore, the net excess
profits tax rate will be 80%)."
Stating this in another way,
the corporations will be issued

went out

man

Washington

to

further

the uncertainty in
situation, our indus¬

assist

must
every

Mr.

•

excess

has been able to get

the Senate.

in

amount

adjusted

come—the

appointee it made confirmed

any

the

of

The fact is that the Ad¬

priation.

of

but

House,

the

through

He

21

Hull Praises Russia's

is used
to the best advantage of the coun¬
try as a whole."
..VwAi;:',wv.

profits rates
ranging from 35 to 60% raised
to
flat
94%,
with
post-war
credit equal to 14% of net income
which is subject to this
rate.
Invested capital and aver¬

According to the Committee's

of

each' pound

-

refund of excess profits

posed

Washington today, in fact, that
legislation to which the Admin¬
istration is opposed can be gotten

in

try
in

CORPORATION TAXES -A:

-

,

Non-negotiable, non-interest
bearing
'Government'
bonds

r

exception

the nitrogen

increased
on first $2,000 to 12%.
Beginning next January, 10% of
income iri excess of: personal
exemptions and credits will be
deducted from pay checks to
apply on taxes.

profits tax
1942 and
thereafter until after the war.- i

-

legislation.

rate

tax

though

by 30,000,000 acres if we had

While the prospects for next sea¬
son's supplies are good, with the

from 6%

v.*;?

we'

crop

siderable shortage of nitrogen ma¬
terials for direct use this spring.

from,, Washington

surtaxes

our

peak levels, but there was a con¬

Associated

earned income credit

retained;

increase

to

"Consumption of fertilizers dur¬
ing 1941 totaled 9,264,000 tons,
the largest consumption in all our
history. Production of superphos¬
phate and of potash salts were at

exemptions lowered

with 10%

of the ad¬

14%

in

have

re¬

and that

use

fertilizers."

no

single per¬
sons, from $1,500 to $1,200 for
married persons; $400 credit for
v'; each dependent continued. Normal tax raised from 4 to 6%,

-This in effect limits the excess

year,

control

refund of

a

justed net profits income.

area

.from $70 to $500 for

Representative A. Willis Rob¬
ertson, of Virginia, and provide^

the

his control of the Senate. -In

to

A INCOME TAXES

.

Personal

adopted today was suggested by

Congress through

his power over

>

in part: ;V;':<X;:XX/:"
The post-war credit program

the traces, but the
President continuing to exercise
kicking

follows

as

advices

Press

Washington bureau June 23 added

we

and

of fertilizer

would

June 24.

its

from

advices

in

Commerce"

win the past two and a half years
find
the
House
frequently

:

dicated

gion, the New York "Journal of

had to cater to the Senate.

sult

The principal provisions of the
bill, viz., the income tax and cor¬
poration tax, as well as the excise
lax, features of the bill, were in¬

dustry, the American Federation
of Labor and the American Le¬

dents, it broke others.
A Presi¬
dent
under
any
circumstances,

countries

production is the direct

crop

tions in the United States.

pro¬

was

Axis

in

oners

posed in the Treasury's tax rec¬
ommendations, and backed by in¬

It made some Presi¬

body.

it

since

United

armed forces of the United Na¬

post-war credit provision was not

than likely
kicked down and put in his place.
party,

the

would

articles imported for the use of

Pointing out that the

1942.

in

It also

apply to
articles made by American pris¬

On Hew Tax Program

,

the

prisoners

States.

-

X

CHRXQNICLE

THE COMMERCIAL & FINANCIAL

Number 4C86

156

from

with
Office

inception,

the
iii

first

Deputy Director from 1920 to

1932 and then

as

Director to 1938.

22

THE COMMERCIAL & FINANCIAL CHRONICLE

OPA Makes

sociation and that of

Sugar Ration

to

Point out

The Office of Price Adrninistra-1

-

tion

announced

sugar

ration

and <6

will

June

on

stamps
be

numbered

valid

for

and

5

period and good for two
pounds each but the ration will
remain

unchanged

pound

stamps in the

half

at

The

four

ration books

were

valid for two weeks and good

;

one

pound of sugar.

life

of

ceiving

they

better

other

Mr.

return

are

is

because

their

and

urged

the

Under the changed plan, Stamp
5 will be good for the pur-?

steps

to

necessary

ings

ing

ration.

the

period between June 28
midnight July 25, and Stamp
No. -3 from July 26 to Aug. 22.
Stamp No, 4, now valid for one

and

Loan

Insurance

;,■./%

....

.

of

pound

June 27.
,

The

OPA

expire;

said

that

Corpo¬

as

Y„V"

a

time

rationing

regulations,
industrial

permits
tional

22.

amendment

to

users

the

extension

an

the

recent

a

.

■

'

•

j
■

situation,

indicated

that the United States
supply will
be the smallest in two decades because

demands

war

shipping

on

the

the

conference

Under the bill pay

provided for
listed

Marine

increases

the

Corps

Army,

and

Coast

increases

en¬

preventing the movement of1 signs and Army second lieutenants
sugar to the American mainland —$300 annual pay raise.
due

meeting

lease commitments.

The

or

The

lena-

'

\

of Army privates and

pay

apprentice

is raised from

seamen

firm

of agreed

means

the

office

of

:

him,

House

June

"affairs

in

of

and,

Presi¬

the

;

White

affairs

in

The

the

domestic

ration

to

a

<:

and

because

warehouses

many

throughout the country are
flowing and need storage

:

-for

this
1,iri

1

• ,.j

League

The officers of the New York
State League of Savings and Loan
/Associations for the year
1942-43;
■

June

10,

the

at

.League's 55th annual convention!
at Saranac
Inn, N. Y., are: Clarance J.
Roberts, Carthage, N. Y.,
President; George C. Rogers, Mon4
N.

roe,

Y.,

Zebulon V.

Vice-President; and
Woodward, New York

City, Executive Vice-President.

Director

liaison

Secretary

Cordell

Hull

and

The

a

Division of Foods Require¬
This divi¬
will

be

headed

by D.

the

1942-43

der

the

of

vious

of

during

1941,

$28,570,978

high

-Woodward

mark
told

over

of

the

an

of

in¬

the pre¬

1940, Mr!
meeting on

-June

10.

?more

noteworthy, he added, since

•there

This

were

increase is all the

four

less

associations

rat the end of 1941 than
1940.

Mr.

Woodward said that this continues
the
upward curve of increasing
•assets

each

total

loans also

volume

of
mortgage
higher in 1941, in¬

was

creasing $29,447,903 over 1940. Edward H.
Leete, New York
State Deputy
Superintendent of
•Banks,
speaking
on
June
11,
•urged the executives present to
build" up

the

proportion

and

marketable

their

associations to

erably

15%

•borrowed

of

10

free

cash

and

in

pref¬

shares

and

He also sug¬
efforts to inform

gested greater
shareholders
of

the

their

the

Mr.

of

investments

money.

Merest

Leete also

Undertake

in

.

On

;

ment

of

the

other

than

the

United

States.

In advices from its Wash¬

ington

bureau

.June

on

15

the

„

New York "Journal of Commerce"
stated that the CCC officials dis¬

missed
the

as

CCC

buying .400,000 bales
total

a

to

added:

the

agreement,

this

Government

maximum

for

advices

indicated

paper

reports that

pure rumor

is

they

of

the

"Under

emphasized

can

purchase

a

of

only 200,000 bales^
and its
purchases may not ap¬
proach that maximum. The pries
the

CCC

cotton

b?He

will

is

less

price

of

for

pay

than

Peruvian

half

400,000

the .per

bales

at

$44,000,000."

United

adults'

new

States

supplies,

nature

of

association.

stated:

bicycles,

to

teach

your




;

:

Two

sail

.

cated

of the marketing
The Department added:
"

distributors'

-

.

stocks

and

*

;r 28,425

manufacturers.

Of

down

,

tories

women's, while the break-?
of manufacturers' * invent
showed

21,428
;

.

6,997,

and
y

%-A

President
17

Roosevelt

signed on
legislation authoriz¬

the

July Rate Of Oil

-

w

ing the Navy to build or acquire
Harold L. Ickes, Petroleum Co¬
lighter-than-air craft." ; ordinator, on June 22 authorized
When this measure
originally an increase of 200,000 barrels, in
passed the Senate on
May 27 it the daily production rate for July

up to 200

provided for the acquisition of 72

over

blimps, representing

Mr. Ickes's recommendation is for

of 24

over

thorized.

the

At

48

the

*

an

increase

previously

au¬

of

the

request

Navy Department the Uouse on
June 8 raised the limit to
200 and
the Senate on June 11
concurred
in this
change.
The

Navy requested the

because

of. the

-

meas¬

valuable

sistance this type of craft has
dered in the defense

as¬
ren¬

against sub¬

marines.

:

.

.

.

June of all petroleum liquids.

production

of

3,833,800 barrels,
compared with -3,636,300 forr this
month, in the 20 oil-producing
States.

The Texas quota was in¬

creased

by

Mr

Ickes

145,800
said

barrels

most

of

daily.

the,in¬

creased

has

production recommended
been made possible

by im¬
provement of pipe line, barge and
rail transportation facilities out of
the Gulf Coast

area.*

" *•

'

'"

■''

>

that

for

in

food

moment

North

set

rate

Aug.

1,
an

the

Final

quota.

farm, marketing
marketing quota

penalty and loan

rates

will

be

announced

by the Department
shortly after the start of the
marketing year.* Last year, the
penalty rate was
7
cents
a
pound.
•
*
1

.

■•'■'7'-

•••

'

'

iir:——-

•./•'-"•V

Fortas Nominated

u

v
President Roosevelt on June 18
nominated Abe Fortas of Tennes¬

to be
Under-Secretary of the
Interior^ succeeding
John
J.
They Dempsey, whose resignation was

about

Africa.

see

to

Mr.

Demp¬

to enter the

for the

race

tor

:

caused the Government

embargo

In

was

to

answer

not dis¬

questions,^

of

the

Interior

Department's

Power

Division and has been in
Federal; service since his
gradua¬
tion from Yale
University in 1933.

Secretary Hull, said the decision
had been reached after due

sideration

.;

cons.

v

.;•

of

all

'the

J.■/'*.->

pros

con-

Fly Renamed To FCC ;

and
!

1

President Roosevelt
nominated

Chgo Home Borrowings Up
A

>

seasonal

16.2%

in

upturn

dollar

in

April of

volume

over

March

term

$36,429,000

man

the

Illinois

Federal

Chicago

and

Wis¬

Home

Loan

reported

June 20.: This it is stated
was

in

in'

month

any

•

1941

is

of

with

was

meeting of the Board of
Managers of the New York Cotton.
Exchange held on June 22, the
following were elected to mem¬
bership in the Exchange: - A. C. T,
Beasley,
cotton
merchant,
of
Memphis, Tenn., and Edward Elof

Memphis,

and

; the

a

Aronson,

,

cotton

Tenn.

Mr. Aronson

are

merchant,

Mr.

was renamed

years,

He- also serves
the

Defense

for

from July
as

Chair¬

Cefhmunica•'

Stettinius Added To BEW
lace

New Cotton Exch. Members

mont

of

FCC,

seven

tions Board.

funds

only 9.7% off from April, 1941.

At

of

1, 1942.

greater than
1940.
The de¬

owner

15

Fly

more

and

mand for home

June

on

Lawrence

on

borrowed in five of the

months

of the

man
a

in

James

for reappointment as a 'member
of
the Federal Communications Com¬
mission.
Mr. Fly, who is Chair¬

brought home-owner bor¬
rowings from all .sources up to

v

loan

until

pen¬

of

excess

mid-

with

cotton

be

alty rate for cotton marketed in

was

they would be held there

closed.
•

'

than

Output Increased

Africa

non-military .supplies

velopments.

consin,

June

at

Bank ' of

Blimps

the

North

Vichy controlled

suspended

,

to lift the

the

Dealers and distributors held 92,580 of the men's style and 29,663

with

ships loaded

gig:-What

dealers',, and

in

150,668 total, 114,008 were \ men's
bicycles
and
36,660
women's.

of the

French

the

not

Governorship of New
indefinitely pending further de- Mexico., Mr. Fortas is now Direc¬

"

•

122,243

to

of the parity price on
Aug. 1,

held in port, and Under¬ accepted on June 17.
-Secretary of State Welles indi¬ sey resigned in order

OPA

on June
16, while not final;
substantially larger than pre¬
liminary reports had indicated.. It

amendments

;were

is

by

between

and

A

-

Trade

! and other

;;

to- be

soon

for

Un¬

year.

early harvests necessitate
immediate estimate of the

ship¬

1

abruptly

V
v

ministration,.'.-This figure, said,the

held

the

April, when the collaborationist
pleader, Pierre Laval, returned
to power.
vA;;

filed with the Office of Price Ad¬

respectively.

More Navy

ure

shareholders the difference between their relation to the as¬

\

rationed, was 150,668 as of May 8,
according; to- inventory, reports

includes

States

V French : North

of

.

of

pen¬

pound

marketing

terms

While

In

.

'%V;|

stocks

a

beginning

will

;

being resumed, Secre¬
tary of State Hull announced on

were

Total

scale

June 12.

,

:

cents

Agricultural Adjustment Act
1938, loans will be made by the
Commodity Credit Corporation at

Africa^ is

Nassau

imi

prelimi¬

a

the

Agricultural Economics.

limited

a
:

United

1,

,

since

year

v

f

countries

1935, the
total gain for the six
years being
$119,477,140. He also reported that

the

to
an

27

of

A.

French Africa Trading

Bicycle Inventory \'; i

Peru, possibly for the war's
duration, for later export sale to

The

high

2

with

June

marketing quota

"

•

$44,000,000.

all-time

June

on

alty rate of 8

functions* of
Requirements Com-

year.

adjust¬
ment
of
the troubles he •again
visited Washington a few
days
later..
'
■

in

•reached

new

June

but

•

r,

.

Department of Agriculture

announced

planning

Foods

said:.-A;

on

City.

fj;

(

supply

and. Mrs.

(Bahamas)

State

special

produc¬

war

•

nary cotton

reau

Because:; of reported
disturbances,", the '* Duke

returned

plans to buy but not im¬
200,000 bales of Peruvian
cotton, it was reported on June 15.
Present plans of the CCC, it, is V":
said; call for storing the cotton
port

cotton

$476,058,641

.

Commodity Credit Corpo¬

a

'•■■

inspect

statistical services and the food

sion

Roosevelt,
"labor

of

made

broadcast.

Cotton Penalty Rate Fixed

and

were

they

day he visited

headquarters* had

with

between

the President

; on:*

that

Cross

tion plants.

of

;
,
reporting
this
announce¬
ment, Associated Press accounts

time

House

Following the conclusion of his
stay in Washington, the King will

Secretarial

at
luncheon

Washington

guests of

Peruvian Cotton Purchase

of Peruvian

crease

•

in

and

dinner

Fitzgerald, formerly of the Bu¬ 85%

The Duke and Duchess arrived
which

hoqr

suc¬

ments in the OAWR.

guard duty but "were not brought
in to quell the civil disturbance,"

these columns June

Total assets for the 258
savings
.and loan associations in the State
:

a

bill

ration

,

;■

on

in

the

2205.

page

The

Roberts Named Head Of

Selected

11,

to

g By U. S. Not For Import

■

N. Y. Sav. Loan

noted

was

reference

over--

space

year's production.
.

Previous

Senate

Later

Red

radio

Secretary appointed
assistants, H. W.

provide

•

pound a week per person in view
of the improved supply situation

of

late

a

be entertained in New York

member of the

a

new

■:

the

-■

i

to

up

He later will

-

i raise

and

Churchill

24

the

paign.

to

mittee, the Secretary created

;

.

allowances for officers.

President

Minister

Washington

•

urging the OPA to

con¬

where he met five wounded
avia¬
tion heroes of the Pacific cam¬

-

are

the

pro¬

He

be

the

voluntary system $30 a month to $50, and that of Bahamas." The Duke said that a
of sugar rationing in Canada will
first class privates and
adjustment
was
seamen, wage
being
be replaced on July i
by sugar second class from $36 to $54. Cor^ worked out on American
military
coupon
books,
Donald
Gordon; responding raises are provided for projects in the Bahama Islands in
Wartimq Prices and Trade Board higher / grades.. These
pay
rates order to prevent a recurrence' of
i Chairman, announced on June 17.
are
for
service
in
the
United rioting by native labor over the
The individual allowance of oneStates—a 20% further increase is disparity between the
wages they
half pound per week will continue added
for
service
outside
the were receiving and those paid to
unchanged..
1 $.y
continental United States.
American workers. He said that
Meanwhile, sugar refiners and
The bill also raises the rental American troops did some general
producers

official

visit^began.

President Roosevelt. The
King on-;
June 26 visited Walter Reed
Gen¬
eral r Hospital
in

Wickard

the Department's economic

discussing the
world in general

the

To

Secretary

Parisius, Associate
A the OAWR,
1
;

15

course,

present

with

at

for

travelling

appointed an assistant, S. B.
Bledsoe, who will continue to

To

Roosevelt

Office

Relations

the

June

on

•

was

the

King

another bf his

Windsor, Governor
Bahamas, held a three-hour

dent

the

the ACAA post.

assume

ceed

Wages In Bahamas
conference

of

din¬

will strive
for the four freedoms set
down by

the
the

Washington

Britain

before

the

left

in

pledging that his nation

Reserve

Townsend

a

House

discussing, it is inti¬
mated, lend-lease aid. On June 25
King Peter made brief addresses

■:

:

directorship

FDR

luncheon

was

President

guest at

19-year-old

until

June

on

been

of

Federal

'

Agricultural War

The Duke of
of the

the

;V Governor

staff.

On

has

in

with

Great

In

System.

countries.

Confers

for

The

Prime

the
Secretarial
liaison with war

by

was

White

of his

gram

Secretary
Agricultural

Administrator

ernor

assurances

action open to

Yugoslavia

by airplane but

ferred

the

for

the

incognito

an¬

ceeding R. M.; Evans, who re¬
cently was appointed a Gov¬

with

participation of other like-

minded

of

Office

named

the

'

the

to

the

this

21

of¬

Agricultural Conservation and
Adjustment Administration suc¬

agreements,
in

Office

in

arrived

appoint¬

Former Governor M. Clifford

promoting mutually advan¬
tageous economic relations by

Navy,
Guard,

Navy

are

other

new

^Townserid of Indiana

are
en¬

the only grade of commis¬
sioned officers who will receive
pay

embodied

of

June ! 24

on

evening.

an¬

making this known
Department on June. 15, said:

the

in

while

base

the

is

The

ton

ner

changes affecting the im¬

agencies.

collaborate to the fullest extent

11

report

grades of

seven

in

men

in

Wickard

Department
Secretary also

Relations,

staff

.

,

King Peter II

Production

four

the

War

Governments of the
United States and
Belgium will

armed

June

on

are

ana

that

<

Congressional action
came

and

War

June 15

on

mediate

these

11, page 2203.

spiritual, resources, to
victory of the United
•
% .•
':y •'"•{

Belgium

on

which the House had approved on
June 10. %

!|

of the world

survey

supply

sugar
;

^

in

men

Final

measure

adopted

over

Agriculture,

signed

when the Senate by a 69 to 0 vote

periods,1

present quota periods.

The Department of
in

OPA

one-month

As

legislation increasing

of

pay

the

on

obtain their sugar

of

16 the

forces.

the

:

institu-

and

allowances for two-month
;

to

as

there

President Roosevelt
the

another

well

the

Secretary

nounced

The Department further said:

Pay Bill
June

noted.in

was

of

ficials.

Straten-

Yugoslav King Visits U. S.

re¬

Roosevelt and

ments* of

"adds

common

President Signs Army-Navy

on
the

of validity of subsequent
stamps will be announced some
before Aug.

as

Nations."

period

In

.

will

sugar,

8

der

van

new

Agriculture by the creation of the
new
Foods Requirements Com¬

nounced

Hull

Ambassador,

Belgium to the
growing list of those countries
who have pledged their
material;

re¬

and

Cordell

offered to Belgium

was

agreement

quirements of the Federal Sav¬

chase of two pounds of sugar dur-r

Robert

signed by

The State Department observed
on June 16 that the
signing of the

Statethe

meet

State

Belgian

June

on

chartered associations to take the

No.

of

the

columns June

recommended' share

Leete

pacts

Board,

The agreement,*

Count

!

the

handling

officially welcomed, in
Washing-j

lend-lease,

a

to

in

sponsibilities imposed on the De¬
partment and the Secretary of

Union.

Ponthoy,

not

signed

assist

mittee

and

invested in long-term

To

States and Belgium

similar

Thursday, July 2, 1942

Organizes Food Supply

l{

A

previously entered into by Great
China • and the
Soviet
Britain,

Secretary

the

but

16

agreement

re¬

for

reasons

June

on

institutions, and

of the

are

insurance

distributors.

The United

lending

they

obligations,
sound
quickly realizable.

explained, is designed as a matter
of
convenience
to
storekeepers
and

of

dividends than
as depositors in

get

one

funds

for

Doubling the
stamp, OPA officials

each

larger

Belgium Sign

'

Master Lend-Lease Accord

part¬

first mortgages; that,

can

that

U. S. And

.

are

ancient, honorable,
business

other financial

a

first

week.

a

the

they

shareholders,

as

weeks

bank.

that

sound

money on

four

a

in

ners

that

17

commercial

a

Stamps Valid For 4 Weeks

,

depositor

a

Beasley

members of

Memphis Cotton Exchange.

Vice-President
announced

the

Henry A. Wal¬
on

June

16

that,

approval of the, Presi¬
had appointed Edward

dent, he
R. Stettinius, Jr., Lend-Lease Ad¬
ministrator,
a
member
of
the
Board of Economic

Warfare.

Mr.

Wallace Is^Chairman of the BEW.
The

other

members

are -

Secre¬

taries

Hull, Morgenthau, Stimson,
Knox, Wickard and Jones, Attor¬
ney

General

Nelson,

Biddle,

Chairman

Donald

of

the

M.

War

Production Board, and Nelson
A.

Rockefeller, Coordinator
American Affairs.

of Inter-

.

THE COMMERCIAL & FINANCIAL CHRONICLE"

Number 4086

156

Volume

in

Senate Bloc

Opposes

;

is

bloc

silver

Senate

re¬

opposed to Secretary of
the
Treasury
Morgenthau's re¬
quest for authority to send part
of the country's silver stocks to

ported

According
Associated Press Washing^
Nations.

United

other
to

as

an

Pat McCarran

ignated

Sena¬

j

in¬
the

group

said

metal,

the

in

terested

had decided at a closed ses¬
Treasury "should

own

silver

its

currency."

.

back

to

up

advices

These

further stated:
"We

•

are

•silver

be

that; those who had brought; this

j.

scourge

said.

Senator

;
i
•

[ the

•

Jones

Secretary

and Chairman

Donald Nelson of the War Pro¬

I

Board have urged

duction

permit

islation to

leg¬

of Treas-

use

silver to replace copper as
conductor
of electricity
in

,ury
a

plants, or its use in other

war

operations
where
the
metal
might be reclaimed later.
Mr. McCarran said the silver
Senators

>

it.

might; be

a

powerful nation at the peace

-table that follows this

'/; ./added.
V

•'■I;;

•

.

war," lie
-;I'

■

- <\

;
Mr. McCarran said that England had; asked for 2,500,000
ounces of silver monthly for an

•

V

:

the

gold and silver will be

world's

Z,

ulterior

of

because

j weakness permitted themselves
tools of the Axis-—

to., become

;

impressed

j be

that

/

period and that Aus-

tralia and some South American
and
Middle East nations, in-

,

; eluding Iran and Turkey, also
if:; had asked for silver,

Greek King Visits

George II of Greece was

King

:

U. S.

by President Roosevelt
and high Government officials on
June 10 upon his arrival in Wash¬
ington. The King, who is accom¬
panied by his Prime , Minister,
Emmanuel
Tsouderos, • 1 a n d e d
earier in the day at Baltimore in
a^ Pan American clipper which
greeted

him part of the way
Egypt.
j
/-Included in the formal recep¬
tion group, besides the President
and Mrs. Roosevelt,/were VicePresident Wallace, Chief Justice
Harland F. Stone, Senator Con-,
nally of Texas, Chairman of the
Senate
Foreign Relations Com¬
mittee,: and Representative Bloom,
of New York, Chairman of the
House
Foreign Affairs Commit¬
tee.' 1/
;;.:o
VP LV ■%!■•;
;
: The King was guest of honor at
a state dinner at the White House
on June 10 and at a State Depart¬
ment dinner on June 11.
The
had brought
from Cairo,

purpose of his talks with the
ident and Secretary of State

Pres¬

Hull,
it is- understood, is to arrange for
direct, lend-lease
shipments.. of
materials

American

forces.

\

•

to.

•

Greek
/>

-

••

conference on June
12, King George said that .even
though Greece is occupied by the
enemy his country will fight on
until a new world is established.
During
his
six-day
stay
in
Washington
the
King
visited
Arlington National Cemetery, the
At

.

press

a

Vice-President Wallace intro-

$634,537,000 of War
Savings Bonds and of about $355,-

which

he

the

-

House; in its account of
New

York

part, as follows, from
June
•

this, the

reported

"Times"

in

Washington,

15:

■J

j

to

went

j

special plane trip to New York

a

Dressed
Field

in

Marshal

the

of

uniform of a
the Army




;

-

Canal/

;;

and received

June 16

on

official welcome

an

from

Mayor F.

City

Hall

afternoon

H. LaGuardia at

on

June C17.

he

visited

In

the

Columbia

University where an honorary de¬
gree of Doctor of Laws was con¬
ferred

on

Approved For Florida

I'

action,

previous

its

Reversing

the House

June 17 passed and

on

had rejected a
the

the

construction

/

the Mayor

Florida

!

West Point
June 22 visited Indepen¬

of

Office

in

on.

office

his

tablished

June 17

and

es¬

at

the, head¬
Office of Facts
and Figures,, one of the merged
ferred

Davis

Mr.

bureaus.

first

paid calls

^

i ' / The
;

luncheon

with

Vice

-

President

Wallace and then visited tine Bu¬

Budget, whefc/ne took
the oath of office,, Z-'/z/;y-«z/:■//■;•,\
On the same day (June. 17), the
of the

reau

White

House

of

pointment
hower

OWI,

as

to

officer

the

announced

Milton

serve

as

the

information

':

had been ac■vceptbdr* ■*- ' "*•*
Speaker Rayburn, Democrat,
Texas, announced that a move
ton,

Rivers

is

a

former

land

the

bill

Harbors

and

the' barge

canal,

205- to 134.

On"

the

vote/

the

Committee
eliminate

to
was

an

to

defeated,

earlier teller

membership'

voted

down, 142 to 124, an amendment

.

ized cost of

$10,000,000.

v

On June 1, the House refused
to pass the same

bill under pro¬
requiring a two-thirds

cedure

vote.

■

.

^

•

of

The

t

Florida

starting
This proposal

approved by

Vernon,

Mount

at

Chair¬

any

new

first

was

teller vote of 101

a

to 84 but was later

rejected.

Another motion by Representa¬

tive

Taber

N.

(Rep.,

Y.)

to

re¬

commit the bill in order to reduce

Eastern seaboard,

pipe-line

the total funds to $225,000,000 and

bill,

turn

passed by the House on June 17,

to

is

lief

.

| Oliver Lyttelton, British Min¬

ister

of

Production/ returned

England by airplane

administration

the

the

to

over

States

of

re¬

de¬

was

to

June 21

on

rejecting the bill on June 1,
the House heeded warnings of

^opponents that it was the open.ing wedge in a new drive for

construction of the controversial
Florida ship canal.
/
;.; :
Approval by Mr. Ickes of the
220-mile pipe .line across north,

j

i

ern

Florida marked

within

.time

a

the

week

second

that

the

Administration had acted to'in.

national

crease

the flow of vitally needed

gasoline

and

fuel

oil

eastern seaboard area.

'

-

/•
■

into

the

Officials

estimated the line could be laid

at

a.

minimum cost of $3,500,000.
a
week ago today, the

/ Just

Campaign Closes

i

!

The

War

Bond

Cam¬

Pledge

York was
United States.
The object of his officially ended on June 28 with
the
goal
of
2,000,000 /signed
trip here was the "integration"
of British war production with pledges said to be achieved. How¬
ever some of the 200,000 "Minute
that of the United States through
Establishment of a joint produc¬ Men" continued the drive in order
to
complete
their
assignments.
tion agency, •/ Setting
after

three

a

visit

weeks'

Production

sources Board

in

the

of

the

and

Re¬
in

announced

was

Washington on June 9 with Mr.
Lyttelton as British member, and
Donald

M.

Nelson,' War Produc¬
tion
Board
Chairman,
as
the
American
representative
(re¬
•

ferred to in these colums of June

paign in Greater New

tabulations

final

When

are

com¬

pleted it is expected that pledges
to invest in war bonds and stamps

the

exceed

will

$1,900,000,000

which is the city's quota
in.the $12,000,000,000 national war
savings quota. The campaign was
mark,

launched

June

on

and

15

was

scheduled to close oil
June 24, but had beep extended
Since the Board will operate in
through June 28 in order to per¬
Washington, / Mr,' Lyttelton will
mit complete coverage of all the
name a deputy to
represent him. z
boroughs. John T. Madden, chairrV Mr. Lyttleton said in London on
man
of the drive, announced on
June 24 that the United States'
June 22 that 98% of the homes
war production has
passed that of
visited had yielded at least one
Britain "forty or fifty days before
pledge. • He added that between
we
thought it' would," according

11,;

2202).

page

'

-

originally

-V

.

•

to

Associated

Press

ad-

that the production of airplanes

!

in

I

ain exceeded by

the

United

States
a

and

Brit-

substantial

j margin the total aircraft output
;

of Germany, Italy and Japan.
reach her production limit in

has requested all .workers to
10% of their average in¬

ury

invest
come

!

except availability of
w-

/

raw

bonds and stamps for

war

to the drive

Previous reference

in

made

was

of

columns

these

11, page 2218.

v:

i

;

.

a

S

terials.

in

the duration of the war.

'June

few months, but that there was
no limit to American production

;

The Treas*-

city had been visited.

He said that Britain would

|

of the homes in the

65%

and

HO

London

i

ma-

Argentine Representative
To Be At Bank Conference
Argentina has accepted the in¬
extended by the Inter-

•

vitation

American Financial and Economic

Reduced WPA Fund

j

fiscal year

1943

Work

Projects

on

ap¬

for

the
operations of the
Administration

completed on June 30 when
the Senate adopted the conference
was

report./ The House had approved
it

on

June

The

29.

bill

also

appropriates $56,000,000 which
unobligated, from last year's

propriations,

making

a

total

year

in

January

would

be

that

required

the

WPA

work.

rolls

had

in

New

Information

Argentine

The conference will

sphere

financial

procedure
Rio

de

as

Bureau.

commence

oil

hemi¬

discuss

will

and

30

economic

and

recommended by the

Janeiro

Ar¬

conference.

are

mundo "

Gagneux,

ap¬

manager

of the Argentine Central

of

Bank

reduced

obtained

(Referred to in these

nominated

has

Edgeneral

Dr.

sub

-

attend the Washington
conference, and he will be accomto

paned in

an

Eduardo

Grumbach,

there change

this figure by $185,000,000 on May
25 in view of the fact that many
war

ceived

a

gentina

$465,000,000
but

ington,

June

partici¬

to

at Wash¬
word re¬
York
by
the

conference
according- to

in

pate

re-

$336,000,000 available to permit an
average monthly employment of
E00,000 persons on WPA projects.

[ For the 1942 fiscal

Committee

Advistory

Voted By the
Congress
bill

Legislative action

propriating Z$280,000,000

on

•

In

-

the interests

projects.

oil

Commission

before

of

Great Lakes carriers to the

and

1

'

use

of
Agriculture and since lait March
has been directing the War Re¬
location
Authority, providing a
program
for those
persons
re¬
moved from designated military
in

barrels

Maritime

man

.

coordinator of the Department

areas

the

would

) by Representative Dondero, Re- was $875,000,000 appropriated for
publican, Michigan, to eliminate the WPA, with average employ¬
everything from the bill but the ment at 1,000.000 persons.
;; Florida pipe line at an author¬
President Roosevelt estimated

•

He

area

instructions

with

Government—foreign and; domes¬
tic.

SI C.,

recommit

to

ap¬

the

amend¬

ari

construction

'

.

of

and

authorizing

pipe line from Tinsley,
Miss., to the Savannah-Charles-

administrative
Davis.
Mr.

functions

a

of. the

Deputy Director of the

under■; Mr.

defeated

ment

Eisen¬

S.

on

V to eliminate the barge canal had

Sec¬

retary of War Stimson and Secre¬
tary of the Navy Knox.
He had

passed

measure

.

[/voice/vote after two I attempts

con¬

on

legislation

bill, which would give PresRoosevelt
authority to
approve the new conduit. -

with staff members of the

OFF and then

Congressional

that

the

the

of

quarters

1

i; ident

•

sworn

said

'

/been"

Director of the
War Information;

across

[/ahead with its plans to consider

Davis Assumes Duties As

was

I

/terms outlined by Mr. Ickes.
"Nevertheless, the House- went

dence

new

,

from
where much of it would be
transported by tank cars, barges
daily

'

Military Academy at

Davis,

oil

the Gulf of Mex-

from

quarters

20 the King reviewed

,rf,.r:/'War Information/Head

an

carry

would not be'necessary to build
the
Florida
line,
under the

y:

Corps of Cadets at the U.S S.

V, Elmer

line

~
eight-inch i'ices, which further said:
;L; • He told a- press conference

i ico to Jacksonville.

tional Progressive Association. ?

Hall, Philadelphia. -. After
an inspection tour of .war. factories
in a number of cities, the King
plans to travel to Canada and- re¬
main there several days."' iL-i'lVL

of

Some informed

and the American Hellenic Educa¬

on

followed

action

[pipe'line1 to

Council on Foreign Re¬
lations, the Overseas Press Club

and

1;

; approval
by
Petroleum
Co¬
in ordina tor Harold L. Ickes of the

tee, the

On June

Washington

stated:

was

jif; The. House

and his official reception commit¬

.

from

accounts

June 17- it

Associated

In

barge/canal.

Press

During the next few days King
George was the guest at various
dinners in his honor by the Greek

the

motion to recommit

legislation to the Rivers and

Harbors Committee and eliminate

hinaP.Z^

War Relief Association,

Long-

Vernon,

up

,

City from Washington

550-mile

300,000

.

Combined

City to review part of the "New sent to the Senate a bill author¬
York at War" parade. /f He flew izing the construction of one or
back to Washington later in the more pipelines across Florida and
same afternoon.'
• " V & barge canal, ? This action came
The King arrived in New York on a voice vote after the House

-•
the Hellenic monarch security..
Merging of the information bu¬
emphasized to both Houses of
reaus
was
reoorted in these col¬
Congress his hope that the suf¬
umns June 18, page 2308.
• •
::
ferings of this war would result

Greece,
•

of

bill of¬

-

,

,

•
•

increased

and

tion-notes

after

,

napolis and the Capitol.
On June 15 King George ad¬
dressed
both
the
Senate
and

by

of

sale

the

1
House, where Speaker Rayburh ferings rin; May,
and Representative McCormack,
majority leader, paid tribute to
him
and z his
people. ;; King Pipeline, Barge
George read the same speech

the Budget Bureau plan for con¬
solidating into one new agency

Unknown

These

supplemented

£

Soldier,

the

Vernon,

were

A-1943.

!

the headquarters
of the American Red Cross, the
U.
S.
Naval. Academy
at An¬

of

Mount

weekly

duced the King to the Senate, 000,000 of Treasury tax anticipa¬

,

Eisenhower is said to have drafted

Tomb

Treasury

issue

deliver

from

Mount

'

Series

amounts

.

; indefinite

the

to

The

to

Returns To England

ness"; of

predatory

policies do not pay."

/

continue

Tex.,

Ind.;

his

conduit

steel

view,

Committee, to force the WPA to
the approval of the
Secretary of the War or Navy or

first.obtain

24-

a

.

..

"The nation with most of

,

simply

or

including

for

United States

.'/•,, ;/ ;P. .'■

money.

v

inch
:

Aug.

told

immediate 'constructor of

designed to relieve the Eastern
$300,000,000 of Treasury bills; .•
oil and gasoline shortage; the esti¬ feated by a 184 to 139 vote.
During- May
and
June
the mated cost of the
Senator Taft, in recording in the
projects is $93,Treasury borrowed slightly more
000,000.' The bill also provides Senate on June 25 his "opposition
than '.$4,000,000,000 >. in
"new for
to any appropriation for WPA be¬
enlargement and improvement
money."z1;; /I,I' [,vV vp/zV\/r of
cause any able man can find other
th/e Gulf and Atlantic interJ.Mr. Morgenthau indicated on
coag^al waterways and its exten¬ more necessary work/Ms reported
June-22 that the financing plans sion to
as
stating that AtheVonl^ way to
the Mexican border.
for July and August will be simi¬
•} The refusal of the House on get these men iMo war work is to
lar
to
those
used recently,
In
June 1 to authorize the projects stop WPA fundi There are many
May the Treasury sold $1,292,444,- was
reported in these columns farmers, for exampl'e^^hp are un¬
100 of 2%.', bonds of 1949-51 and
able to get manpower to harvest
June 11, page 2213.
$882,078,700 of
registered
crops."
bonds (so-called "tap" issue) and
in June it offered $1,500,000,000
|
/ N. Y. War Bond Pledge
:
of% % certificates • of indebted¬

;
de¬ •j before both Houses.
i
On June 13,' King George made

used later-to

base the value of
'

•

—.

either

who

motives

i

sending

opposed

had

Treasury silver stocks out¬
side this country on the grounds
any

wrongdoers

those

Commerce

Morgenthau,

Mr.

all

else," he said, ."it
is vital that those/who have
fought the battle of .right be
secured against; invasion, and

'

.

the. world must

upon

;> be made to pay for their crimes.

•'//:

purposes,!'

rela¬

emphasized

world, but he

war

"Above

perfectly willing that
used in this country

/for non-consumptive
the

our

King

.

govern,

conference

press

will

tions among peoples in the post-

that-the

sion

retain

justice,

and

Decency

.

George said, must

Morgenthau

Secretary

standing and the, cornerstone
cooperation;: between free
men in the world to
come;"/ V.

1

spokesman for

as

Billions In July,

.

for

(Dem., Nev.), des¬

tors from States producing or

i

(

keeping the peace.
"The preservation ■ ofr. .free¬
dom," he said, "is not the obli¬
Secretary of the Treasury Mor¬
gation of any single people in
i any one part of the world; it is genthau announced on June 22
that
the Treasury will have to
! an obligation of all peace-loving
borrow between $3,750,000,000 and
peoples throughout, the world,
"i This simple truth is, the base- $4,500,000,000 of "new money" in
In addition.
<
rock
of
international
under¬ July and August.
/,

dispatch of June 20, Senator

ton

War Production Board approved

Treasury Seeks New

their part in

Export Of Silver
The

order
play

and more equal

new

a

in which all nations would

23

advisory capacity by
foreign ex¬
manager
of the Central

Bank and by

It

is

Jose J. Brignoli.

expected

that

represen¬

tatives from all the American Re¬

publics
the

will

be

conference

in

attendance

which

session for around

10

will

be

at
in

Pre¬

days.

vious reference tovthe meeting ap¬

peared in these columns June 4,
page 21126.

columns

May 23, page 2037.)
The House originally passed the

bill

June 11

Ramspeck Dem. Whip

Representative
Ramspeck
to 52 and the Senate on June 25
(Democrat) of Georgia, has been
by a/voice, vote.:
The measures appointed majority whip of the
were then sent to
conference for House by Representative McCor¬
mack of Massachusetts, the ma¬
adjustment of differences.
Before the House took final ac¬ jority leader.
He succeeds the
tion on the appropriation measure late
Representative
Boland
of
on
June
11
it defeated several Pennsylvania.
Mr. Ramspeck is
on

motions
WPA

By
the

to

by

a

vote of 279

drastically

curtail

activities.
a

record vote of 184 to 133

Housefl defeated a motion by

Representative Mav (Dem., Ky.),
Chairman.of the Military Affairs

Chairman

Service

majority

of

the

member

Labor Committee.

Boland's

18.

•

.

Committee

death

House
and

of

Civil

ranking

the

House

Representative

occurred

on

May

24

THE .COMMERCIAL & FINANCIAL
CHRONICLE

Aluminum Scrap Drive
Far Below
The

aluminum

undertaken

last

"disappointing

1943, the Department point? out.
Goals

Expectation
made

showing"

in

report

that

The

Conservation

of

will

that

Defense

the

Office

undertook

the

campaign

Regarding

program.

the

results

where

disclosed in the report, the Asso¬
Press advices from Wash¬

feed

grain

of

about

tation
and

and

stock and

compared

ers

the

20,000,000
pounds which had been predict¬
ed.
Of this scrap, only 6,400,pounds

a

in

to

plant

sible

much

as

for

to

wheat

dent

livestock

in

full

the

remainder

was

largely

scrap iron with smaller quanti¬
ties
of
copper,
brass, pewter
and

other

materials

present.

probable
food

of aluminum collected
42 Vz %

for

reasons

pointing showing
cult

to

discern.

this

The

to

diffi¬

without

AAA
out

drives
and

of

an

should

garded

..

vbased

two

sample

intensive

nature

on

have

not

been

plants

of

traced

the

in

scrap

and

be

can

to

measure

the

were

Other

treating aluminum

were

smelters
work

not

available

and

to

undertake

this

had

themselves although they
set up to do the
job.

not

causes

for the

delay

were:

Lack of adequate
transportation

facilities, failure

the part of

on

local authorities to

obli¬

assume

gation in locating the scrap ma¬
terial, the failure on the part of
local

chairmen

to

notify

the completion
tion and the

of

their

smelters

of their

us

of

collec¬

tendency of some
delay the smelting

to

farm

to

war

aluminum scrap in the
of

their

regular

busi¬

the

could

up

a

local

would

crop
conservation

for

of

time

•

I

currency which
have
infiltrated

to

to

be

while

in the

to

see

wives

and

single

it

that

children

called

into
men

alloiment

financial

the

were

•*

/■:■:

the

aid

America.
the

In

its

into

to

sec¬

depend¬

sion

a

most of the

are

not

trained

on

workers.

a

rency

alimony; in the latter

former

wives

A

service

a

Secretary of Agriculture Claude
a

on

June 17 announced

55,000,000-acre

wheat
under

1943

national

ment
are
suitable
other crops, needed
in the war

for
more

effort,

for

those

crops

to

growing
urgently

hold

rather

nouncement

of

the

wheat

ment,

which is the same
national allotment in
1942.

this

than

plant it to wheat this fall.

An¬

allot¬
as

is

the
the

first important determination af¬

fecting

*

"The

*

Treasury's

officials

have

seize any of

enforcement
instructed to

been

this

if any

currency

farming

operations




for

en¬

couraged

immediately

to

inform

Treasury officials if they should,
at any
time, discover the presence
of any such
currency in this

coun¬

try.

dependents, the deduc¬

from

his

are

tional

mandatory

child..

Deductions

pendents

and

-against

measures

anyone

will

who

be

taken

is1 found

to

have brought such
currency into
this country in violation of
our
laws, the Department's
officers
said."

victory.

with the service
amount to

B

class

be

man

and

$5

de¬

N.

C.,

but

not

brother,

operated dur¬

compares, on the

spindle in place

per

was

465.,

June

on

"by

Candy Stressed

as

Food

candy will continue
to
hold its place as an
important low
cost

food

diet

in

item

1942

in

was

representatives
and

the

the

American

brought out by

of

the

industry

government

at the 59th
annual convention of the
National

Confectioners' Association held in
New

York

Commenting on the present
industry, Philip

state of the candy
P.

Gott, President of the Associa¬
tion, said that sales of confection¬

ery and chocolate products
nation were up 36%

in the

during April

compared

with

last year,

increase
the

the

same

month

but estimated that this
would

in

year

not

continue

view

of

for

material

product

of

manufactured

ventories

from

in¬

hand.

on

,

problems of the candy in¬
in
securing agricultural

products

a

mes¬

22

that

the

their

The

which

dealt

were

Raw

open

with

Materials

Ellsworth

in

an

Forum

at

Bunker,

Presi¬

dent of the National

Sugar Refin¬
ing Co., expressed the belief that

present supplies
of sugar were
ample to take care of 1942 needs.
Others
participating in the discus¬
sion pointed out that
the most

work, by their
through the instru¬ serious problems of the
candy in¬
their armed forces
dustry today center on the short¬

President's

lows:
The

fol¬

message

;■

ages of cocoanut oil and cocoa.

Governors'

increasing problems
conference facing the industry, produced by

Last year

conference dealt

almost

our

your

exclu¬

sively with problems of defense,

Alaska War Council

a

Exec¬

Bldg. Inst.

Due to the

r

history of

United States.

Post At Steel

v

My dear Governors:

meets this year at a most criti¬
cal period in the

payable until Nov. 1.

an

,

slave states."

first

President Roosevelt in

the

whether generations to come shall
live and work
as
free men or

payments
including accruals from June 1
are

said

mentalities

to

The payments are effective as
1

were

Roosevelt, in

sacrifices and

1

June

spindles in

peoples of this world will deter¬
mine

for aid.

of

cotton

Asheville,

and would

each

the

sage to the National Conference of
Governors in session at

optional

payments

for

for

For Aid In War Effort

;

grandchild designated

or

reported

President Lauds States

class B dependents would be $15
for one parent, $25 for two par¬

ents,

to

on
..

That

The

$22 monthly if there

Federal

press

Very sincerely yours,

dustry

class A dependents and
$5 monthly if there were class
A dependents.

sister

the

for the month

were no

The

will

—

„

an¬

11,192,738,078. Based
activity of 80 hours per

President
for

un¬

FRANKLIN D. ROOSEVELT.

work.

hours

spindle hours

.

would

Census

my

December, and 121.7 for May 1941. shortages. The large increases to
their
date, he said, was from the sale of
The
average
number of active

for

pay

the

express

the municipalities all com¬
of
the
same
people—

Americans

Federal

desirable

basis, with 135.3 for April,
134.3 for March, 135.9 for Febru¬
ary, 136.9 for January, 124.0 for

child, and $10 for each addi¬
tional child; $20 for a child but
no wife, and
$10 for each addi¬

defense program which

all

we

hoped would keep this country

the

and

war

likely to be intensi¬

fied by the
peace, and in view of
the resulting
increase in
work

imposed
tute

upon

of

the American Insti¬

Steel

Construction,

the

Board of Directors of this
organi¬
zation have decided to create
the
position of manager and have en¬

utive Order dated June 11 author¬

of

ized

world-wide

gaged L. Abbett Post of New York

same

to fill the office.

the-

creation

of

an

Alaska

War

Council, headed by Governor
Ernest Gruening of Alaska.
The

ours

thing

out of the maelstrom of

war,
but
at
the
time prepare us for
any¬

that might

happen

President said the action had been

world torn loose from its

taken

ings.

for

the

purposes

of

"(a)

promoting the safety of the citi¬
zens
of the Territory of Alaska
and

"Strict

and

same

*

attempt is made to bring it into
allotment, the minimum the
United
States.
Banks
and
the law, but asked
wheat other
institutions have been

producers whose lands and
equip¬

land

cur¬

be

licensed for
release in the United States
under
any circumstances.

1943 Wheat Allotment
R, Wickard

not

trying

times,. but to

posed

on June
19, that accord¬
preliminary figures 24,cotton spinning spindles

This percentage

has

man

of

and
con¬

wavering confidence that the
nation, the States, the counties

to

ing May 1942 at 138.4% capacity.

one

Treasury Department
large amount of United

would

several States for the
aid
assistance which they have
tributed
during .these

to

Spinning Industry
May 1942

United States

en-

To this
the Government would add $28
for a wife, $40 for a wife and

Divi¬

presumption that such

other

deems

effort.

war

ity not only to express my ap¬
preciation,
and
that
of
the
nation, to the Governors of the

author¬

was

an

week,

wives and

are

amount to $22 a month.

States

was

it

co-operation
agencies of the

hamper¬

be

in place in the United
States

month

t

participants

and

as

Bureau

spindle

groups

and

to

benefit

announcement,

is

two

children

tions

of the

said that

defines

titled

Where

Latin

Foreign Funds Control

bill

In the former

class

to any
known

was

have

in

war

from June 8
through
May 31, 1942, of which 23,June 11. War mobilization of
the
120,666 were operated at some
candy industry to meet wartime
time during the
month, compared
needs was discussed in the
con¬
with 23,100,202 for
April, 23,09*3,vention's
business sessions with
479 for
March, 23,077,722 for Feb¬
special emphasis placed on the
ruary,
23,077,352
for
January, problems of
food materials and
23,063,112 for December, and 23,supplies and on the possible con¬
004,082 for May 1941.
version
of
food
The aggregate number of active
plants r to war

parents, brothers, sisters and
grandchildren. *

currency
en
be of German

such

will

they have set

I wish to take this
opportun¬

the

shall

and,

the

ing the

Alaska

on

are

of

with respect

in

recommendations

military

were

dependents, class A and class

B.

Officials said that similar
information will be released from
to

such

ing to
061,836

not

The

origin.
time

liaison with

activities

Council

nounced

Explaining
tion

dollars, the first
to

civil

The

up

the

effort;

government,
recently
they have eliminated many im¬
pediments which were

regard to
in their

for

C.
Johnson,
Colorado, author

un¬

Axis-Origin Dollars

believed

close

Edwin

boards
with

men

Treasury Warns Of

route

with

progress

authorities

into

ents, the Associated Press reports:

numbers

and

maintain

of

chinery would be set

in

Federal

the

military

Cotton

said he had
by selective serv¬
headquarters that the ma¬

available.

Axis-tainted

be

:

approval;

control

provides

relative to coordination of Federal

measure,

service

of

Order

duty of the
the said special

he

measure

take

our

machinery covering every
community throughout the
country for rationing and price

by

with

authorities

assured

insurance,

serial

elected

Council, and of

make

wife

home.

breaking

been

the

The Treasury on June 17 an¬
nounced, in line with its freezing
control policy of
prohibiting the
importation into the United States

be

ity under the Executive Order

reasons

pending

board

supporting measures, loans,

payments as may be offered
der the program.

man's
not

of

ice

price

and

the

As

undesirability

of

the

currency, a part of which
destined for Cuba, is known
ness.
v.--;"-' •; recently
to
have
reached
the
Several
important
lessons Dominican
Republic.
This cur¬
were
learned from this cam¬
rency was brought into the Do¬
paign.
The most obvious
one, minican Republic on a
Spanish
of
course,
was
the
imprac-, vessel, and there is good reason
ticability of eliminating
the to believe that such
currency is of
dealers
from
any
large-scale Axis origin.
The announcement
scrap collection
campaign. Also further said in part:
it became
apparent that con¬
It was further stated that
siderable planning is
tlpe
necessary serial numbers
of such
before a
currency
campaign of this kind had
been
is undertaken since
obtained, and that there

interest

draft

a

Senator

to

Act.

to

representatives

The

■

the

a

been
war

have

of

up

quirements.

15

amends

are

States

versal

of

resi¬

a

brought
into
closest
possible
conformity with military re¬

ac¬

consideration the

Democrat,

make

contribution

stands,

children

but under the

effort.
Growers who carry
out such plans will be in a
posi¬
to benefit from such

re¬

by-passing of dealers, since ade¬
quate
facilities
for
cleaning,
sorting

his

now

The

points to the

smelters

large

and

Press

Ad¬

of the

bill

v'-'
Service

free

activities; they have established
and operated a
selective service
system which has met with uni¬

to the end that for the
duration
war the conduct of
Fed¬

Fed¬

Washington June

provision

work

a

tion

as

concentration

grower

pay

the

Works

representative

deferment unless they civil
authorities, with the military
actually dependent on his program
and > relative
to ; the
earnings for their livelihood. A safety and
security of the civilian
working wife, who earns her population of
Alaska."
own
living, is not, for instance,
presently a cause for deferment,

needed

will

Associated

from

shall

eral

of

to

as

they have perfected the organ¬
ization of their defense
councils
to handle all
civilian defense

respective fields of activity, to

allot¬

men's

section

The

•

programs

Deduc¬

by

generations

or

forefront

are

war

typical.
The delay in the shipment of
aluminum scrap from the vari¬
ous

each

maximum

entirely out of the
program. Also, the expected re¬
were

with

him

left

sults

committeemen

the

the

5 for his

production plan that will enable

the

cooperation of the dealers, who
were

any

direct

wartime program for 1943.

collection

undertaken by the Office of
Civil Defense without
adequate

and

act

-

to

this

and

7

the wheat allotment is an
integral part of
agriculture's

was

preparation

production

second

Selective

Wickard

farmers

from

the

a

Executive

hat:

Coast

receive

support.

the
ex-

Council itself.

The

men

of

the Federal

of Alaska

It

of

the

supplemented

That

crops,

disap¬

not

are

helping

their

of the amount desired.

The

Mr.

to

are

their

be

the

on

24.

ranks

of

the

Attorney General, and

dent

Senate

stated:

Domestic

•

By

only

was

acres."

lowest

of

and

ministration,
the

revises the Selective Service Act.
As

of

,

tion

The

House

section

Territory."

whether

shall live and work
slave states.

men

Interior,
Agriculture
and
Commerce, designated officials of
';he Federal
Security Administra¬

allowances.

counts

•;

Actually, therefore, the amount

for

The

500,000,000
be produced on 40,-

bushels could

000,000
added:

four

would

feed.

emergency.

requirements

basic

dependents

taken

eral

Pointing out that only 57.4% of a two-years' wheat
supply," the
total scrap collected, was in
Secretary
said,
"Consequently,
the form of
aluminum, an ac¬ even with relatively low
yields,
count of the report from Wash¬
the 55,000,000-acre allotment will
ington to the New York "Times" result in
The

the

responsiBle

i;he

signing by the Presi¬

Guardsmen

pos¬

15.

Navy, Marines and

ments

tions

the

forces
come

Commissioners for Alaska
designated by the Secretaries of

Senate

announced June

the

Army,

the

June 19 had the following to say:

and

Its

Under

"America will be going into the
1943 crop year with
approximately

supplies well above

4

was

bill,

now

as

16

originally passed the

June 8.

live¬

plan

June

June

on

poli¬
the

of

.

on

the

civil

activities

officio

16.

action

on

which

report

June

on

where wheat is pro¬

urged

came

approved

bill

a

dairy products, grow¬

are

use

for

June

Federal

and

other
members
War Council are

Alaska

sent to Pres¬

Congressional

measure

had

difficulties

need

on

more

their

of

plans

The

the

when the House adopted the con¬

than other

storage

areas

duced

in the form of

was

aluminum, contrasted with
15,000,000 pound forecast.

to

ident Roosevelt

ference

In view of transpor¬

continued

and other scrap was collected—

000

for

call

produces
acre

in

.men

was

the

however, farmers will be

allotment.

11,200,000 pounds of aluminum
with

will

per

encouraged

total

a

farms

of

military service
Final

urgently

more

wheat

crops,

understood,

was

years.

the
In

:

ington June 19 said:

it

previous

where

dividual

ciated

The report,
showed that

among

wheat acreage substantially less
than the
allotment.
In
areas

not included in the

were

announce¬

cessfully, the war production
plans to be worked out for in¬

without adequate preparation and
the cooperation of deal¬

who

in

providing financial aid

dependents

forces and also permitting
deferments of married men from

said:

allocated

as

areas

without
ers,

•The bill

for

Thursday, July 2, 1942

authorities
for the defense of
the

armed

needed crops can be grown suc¬

Civilian

of

be

States

said that the principal reasons for
the failure to reach better results
were

cies,

The national wheat allotment

the

June 19

on

^

Service Men's Dependents military

however,
plans

farmers,

Department's

ment further

the drive, the Bureau of

on

Industrial

Wheat

Complete Action On Aid

determined

be

it states,
will soon begin
for winter wheat seeding.

a

the amount collected only reached
42*/2% of the total expected. In a

War Production Board

will

other

for

allotments

crops

later.

campaign

scrap

summer

and

farm

ordination

continent;
effective

(b)
and

ministration
his

Despite
we

of the entire North American

powers

Chief

of

the

securing the
more

by
as

more

efficient

ad¬

the

President of
Commanders-in-

Army and Navy

President, and (c) facilitating

as

co¬

are

our

a

moor¬

efforts, however,

in—all in—a

in its very nature is
.

in

which

war
a

struggle for survival.
j the days and months

supreme

Within
to

come

that

this

him by the Board of
Directors and
the
Executive

Vice-President.

During the past
attached

termine by their work, by their

Branch,

sacrifices, and

through
of

their

the

in-> the

armed

does/not

otherwise alter the staff of
the
institute in personnel or
functions,
all of which are
continued.*. Mr.
Post will have his duties
assigned

the peples of this world will de¬

strumentalities

It is announced

appointment

War

to

year

the

he has been

Construction

Production
Division,
Production

Washington.

Board,

of
in

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4086

Volume 156

transportation.

Realtors, Lawyers
Form Genfereaee
Formation

of

a

Our goal is to

continue to hold that leadership
for the duration of this war.

Group

National

that

determination I

ask

gays;'"

business

The National Conference will

and

even

and

industry

to recreational

generally
require¬

and five ments.

consist of five lawyers

Among its other activ¬

realtors.

Conservation of tires, gasoline
and
vehicles;
improvement
of
simplify laws and mass transportation facilities, and
procedure governing real estate widespread staggering of working
transactions and to reduce the
hours are three of the primary
cost thereof, to eliminate detri¬
steps
listed
by
Commissioner
mental
practices
by
either Mealey as essential if the
people
group, to consider any contro¬ of New York State are to have

ities it is to engage in the com¬
mon

effort to

which may be

versies
to

referred convenient and comfortable
either realtors or law¬ portation for the duration.
to try to be of assistance
advisory capacity to State

yers,

in

trans¬

it by
an

and local Bar Associations and
Real Estate Boards in the settle¬
ment of controversies and mis¬

understandings.

Post-War Prospects

two As¬ i
sociations
followed
a
For the first time in American
joint
meeting held on May 5, 1942, at history it is claimed building is
Memphis between the commit¬ undergoing a real national mo¬
tee on unauthorized practice of bilization and the new
techniques
action

The

the

by

law of the American Bar Asso¬

and
construction methods being
ciation, of which Edwin M. Ot- developed in the war program are
terbourg,
of
New
York,
is already so pronounced that it be¬
Chairman, and David B. Simp¬ gins to appear that new housing
son, Portland, Oregon, President and
an
expanded
commercial

of

the

National

Association

of

aviation

industry will emerge as
Real Estate Boards, Herbert U. the
two
greatest employers of
Nelson, Chicago, its Executive workers in the immediate post¬
Vice-President, and Clifford W. war period. A statement to this
McKibbin, Lansing, Michigan, effect was made by Frederick P.
Chairman Of

its

Committee

on

Legal Rights.
The

National

founded

Conference

is

Champ, President of the Mort¬
gage
Bankers
Association
of
America

in

Milwaukee

on

June

recognition of 16.
Mr. Champ spoke before a
the importance to the public
joint noon meeting of the Mil¬
both of competent disinterested waukee
Mortgage Bankers Asso¬
legal advice in real estate mat¬ ciation and the Milwaukee Real
ters

upon

and

service

of

a

expert real

estate

by skilled and experi¬

Estate
that

Board.

new

Mr.

Champ

methods and

new

said

Organization of niques being developed in build¬
ing war housing are cutting new
way interfere with local agree¬
patterns for new building in the
ments
now
existing between future and added that he felt
the Conference will not in any

local

local

Real

Estate

Boards

and

many

Bar

of

these

Philip D. Reed, chief of the Bu¬
reau

of Industrial Branches of the

War Production

innovations

will

At

luncheon

a

meeting of the

tenance

which

costs
have

of

those

been

be

favorable

in¬

loans
rates

at

closed

down

as

result of

a

war

Make

loans,

up

of frozen

to

the

fair

inventories, to

those plants which have not un¬
reasonable inventories of fully

decency under God.
All

newly estab¬
lished State War Transportation
Committee, and local war trans¬
portation committees which are
to be appointed immediately, in a
united plan to reorganize existing
facilities. Mr. Lehman said:
We are going ahead with a
the

rational and
to
as

adequate program
transportation so far

assure

possible

for

in

our

We

people

of

proud
State has always led

New York State.

that

the

having

the best

are

obtainable




war

tive

( Your homes, your families, your
free schools, your free churches,
the thousand and one simple,
homely
little
virtues
which
Americans fought to establish,

war.

be

cannot

bled

into

finished

parts
and

completed

that

assem¬

products

(without additional amounts of
critical

which

raw

are

materials,

and

in need of and unable

to obtain financial assistance.

the

have

to

extend and perpetuate
out this earth.

through¬

I

hope that for you men of
armed forces this paper will
be a link with your families and

inconveniences, dis¬
hardships are but

your friends.
As your Com¬
mander-in-Chief, I look forward
;

myself

to
reading
"Yank"—'
issue of it—from cover to

every

of

tenor

the

cover.

traditional

of living, as they are
disturbing it in Great Britain
and Canada.
Compulsions are
always distasteful in a democ>

Rail Brotherhood Gives

$75000 For War Effort
Brotherhood

The

but the hopeful fact is
that, unlike totalitarian coun¬
tries, they may be withdrawn
when victory is achieved."
racy,

of

Railroad

through its President,
A. F. Whitney, on June 17 pre¬
sented a check for $75,000 to Sec¬
Trainmen,

.

retary of the Treasury Morgenof the
thau to aid America's war effort,
financing
according to a Treasury announce¬
program, the Federal Reserve
ment, which said:
official told the group it is es¬
"The money was contributed
sential that as much as possible
of; the
of
the
needed
funds
should voluntarily by members
In

view

United

of

the

States

size

war

is

"It

imperative," he
continued, "that as much bor¬
rowing as possible should come
of

Construction Month
The volume of construction
second

been

largest

exceeded

1941.

on

current

the

income.

is

to

The

avoided

be

to

resort

or

bank

was

the

This

record, having
in August,

only

The May total of building

the

cumulative

total

of

con¬

32%

over

last year.

toward

they

or

"The

Brotherhood

is

inter¬

an

national

organization, represent¬
ing railroad men on all divisions

minimized.

credit

used

hope,
'will blast
Berlin, or be success¬
ful in sprinkling iron daisies on
the man that everybody hates,'
which,
Tokyo

maximum

con¬

be

to

the purchase of an Army
,ij>omber

also

purchase
of War Savings Bonds by every
one
of us, if ruinous inflation

May Second Largest

tracts awarded last month

Brotherhood

of taxes.

out

come

out

The

/

Americans

protect, and which
Americans today are fighting to

"Obviously, controls such as
are facing will disturb the

means

Legislation with long-term struction contracts for the first five
social implications has no place months of this year, $2,533,461,000,
in the war picture nor do ap¬ represents a 26% increase over
propriations which burden the the coresponding period of 1941.
national treasury with subsidies Other five-month comparisons are
for peace time pursuits, Citizens as follows: Non-residential build¬
and business men have a right ing, 40,% over 1941; residential
to expect full team-work from building) nearly 8%
over 1941;
legislators and Federal agencies heavy engineering construction,
in this crisis.

which

and

fought

.

semi-fabricated

or

month, compared
emergency to push legisla¬ $162,097,000 in April and $201,programs that-have nothing 274,000 in May, 1941.

to do with the

of you well know your
personal stakes in this war:

own

our

of

ex¬

all

railroads

in

the

United

pansion increases buying power, States, Canada and Newfound¬
which is already large, in the land. It has invested already more
face of a shrinking supply of than $17,000,000 in Government
goods available for purchase. securities.
This tends to aggravate the up¬
i "The international convention,
ward spiral of prices and costs."
scheduled to take place in 1943,
has been abandoned, and the $1,000,000 which would have been
Hails New AEF Newspaper spent to conduct it will be in¬

-

with

aspirations of

mankind for a life of peace and

vested

of

your

own

in

War

Bonds

at

the

wish of Brotherhood

press

ex¬

mem¬

bers."

Sea War Power Extended
President

June 16

an

tending

all

Roosevelt
omnibus

signed

measure

wartime

on
ex¬

emergency

maritime powers for the duration
of the war and six months there¬

after.

According

Press

advices

of

to

Associated

June

17,

we

quote:

"Congressional committees were
told that the broad authority over
merchant ships was vital to the

.

operate

the highest

you

—

'

with you the
the millions who

( many and Japan. You bear with

<

use

upon
your
of all
the

arms

bear

hopes of all

N« Y«- Transportation

those who would

only

have suffered under the oppres¬
sion of the war lords of Ger-

Associations, officers work wonders in future new con¬
and engineering contracts let in
point out. The struction. The war has made many
the 37 Eastern States was $673,Conference hopes to serve in
changes possible which a few
517,000, according to a statement
an advisory capacity whenever
years ago seemed insurmountable. released
by the F. W. Dodge Cor¬
called upon By Bar Associations
Mr. Champ added:
poration on June 13th.
This was
.or Real Estate Boards in mat¬
President Roosevelt, in a mes¬
Business is gearing its activi¬ 35% greater than the total for the
ters with which both are con¬
ties to the war effort and if any preceding month and 23% greater sage written for the first issue of
cerned.
"Yank," the new official Army
business activity hampers that than the total for May, 1941.
newspaper, sent greetings to the
f effort, it should—and is—being
Since
the large May volume
( stopped. Every person and or- represented principally war con¬ "fighting men of our armed forces
overseas" and said "you are not
ganization interested in housing
struction, it was natural that non¬
and
real- estate
only fighting for your country and
development residential building and
heavy en¬
your people — you are, in the
must
re-examine
and
re-ap¬
gineering work should predomi¬
larger sense, delegates of free¬
praise their procedures to meet nate.
Governor Herbert H. Lehman
Non-residential
building dom."
wartime conditions.
and Carroll E. Mealey, Commis¬
;
•
contracts amounted last month to
"Yank" is edited and published
sioner of Taxation and Finance
In this national crisis
un¬
$297,885,000, compared with $234,by enlisted men for the Army
and Chairman of the War Trans¬
precedented in its grim possi¬ 939,000 in the preceding month overseas and will not be distrib¬
portation Committee, announced
bilities and potentialities—there and with $202,492,000 in May of
uted in this country.
The initial
on June 16 the major points Of a
last year. Heavy engineering con¬
is absolutely no
issue appeared at a dinner in New
acceptably mid¬
broad new transportation conser¬
dle ground for usual business tracts (public works and utilities)
York City on June 13 given the
vation program which is designed
conduct in any field.
In sub¬ reached a total of $227,668,000 last staff of "Yank" by the staff of its
to assure the people of New York
jecting ourselves to rigid self- month, compared with $101,706,- predecessor of the first World
State adequate and comfortable
discipline in a whole-hearted 000 in April and with $144,934,000 War, the Stars and Stripes.
transportation for the duration of
effort to do all we can to help in May of last year.
Residential
Mr. Roosevelt's message follows:
the
war.
Gov.
Lehman
and
win the war, we as real estate building
contracts
(including
To you fighting men of our
Commissioner
Mealey, speaking
men,
builders
and
mortgage army and war-worker barracks
armed
forces
overseas
over a State-wide net work of, the
your
lenders have every right to ask along with the other usual types
Commander
in
Chief
sends
Columbia
Broadcasting
System,
of
similar
housing)
amounted
to
$147,self-discipline oh the
greetings in this, the first issue
appealed to the people to co¬
of
964,000 last
with
part

and

you,
in

You

race.

Sienkiewicz added.

even

plants
which, although not completely
production orders, are unable to
operate at a profitable level.

not

are

we

those

to

an

United Nations, depend the lives
and liberties of all the human

pattern

terest

yalue

comrades

pricks in the face of the
grave peril confronting us," Mr.

closed.

Make

express

:

Upon

pin

plants

will

or

You

wars.

dom.

comforts and

;

to

of you has

one

fighting for your country and
your people — you are, in the
larger sense, delegates of free-

curtailed.

"All

freedom

Every

of all

Kiwanis Club in Philadelphia on
June 16, C. A. Sienkiewicz, Vice-

Press, Mr. Reed said one sug¬
gested remedy is creation of a
Government agency to:

of the two groups

Plan Gunservallffifi Of

the

individual mission in this war-^
this greatest and most decisive

Board, on June 10
President
of
Federal
Reserve
urged the Federal Government to
Bank
of
Philadelphia, declared
spend $200,000,000 annually to
that an attack on inflation must
keep 24,000 small manufacturing
be made on all the basic fronts,
plants in business.
and
that every one must fully
Speaking at graduation exer¬ participate in the effort to curb
cises of the Polytechnic Institute
it.
These basic fronts, said the
of Brooklyn, Where he received
Philadelphia "Inquirer," he listed
an
honorary degree, Mr. Reed, as
heavy
taxation,
control
who is Chairman of the General of
prices, stabilization of wage
Electric Co., said that the 24,000
rates, rationing of essential com¬
plants have no part in the war modities, the widest distribution
production program and could not possible of War
Savings Bonds
continue because of a lack of ma¬ and
other
Treasury
securities
terials.
He added that a WPB
among investors other than com¬
survey
showed ; they would be mercial banks, and control of con¬
forced to shut down by October. sumer credit. The
"Inquirer" fur¬
"The
future of thousands of ther
reports Mr.
Sienkiewicz's
small communities is dependent remarks as follows:
He said an important part of
upon the existence of these pri¬
the program is the cutting down
vate plants," Mr. Reed asserted,
"and if they cannot be preserved
of instalment and credit buying
and the encouragement of the
during the war and revived when
it is over, a tremendous and im¬
paying of debts. This, he said,
would build up a backlog of de¬
ponderable change will occur in
mand through
the structure of the social and
current saving
for the post-war period when
economic life of America."
vast
public expenditures are
According
to
the
Associated

tech¬

enced brokers.

Curbed On All Fronts

Aid Small Business

Defray, during the period of
enforced shutdown, the mini¬
mum
fixed charges and main¬

Housing & Aviation

intelligence and the humor

and

them.

your

ference, consisting of representa¬
Both Gov. Lehman and Com¬
tives of the American Bar Asso¬ missioner
Mealey specifically
ciation and of the National As¬
promised the public that transpor¬
sociation of Real Estate Boards tation
problems would be studied
was announced on June 13.
The and
solved
according to local
governing boards of both organi¬ needs and pledged that in re¬
zations have approved a resolu¬
questing
public cooperation as
tion that it is in the interests of
each step is initiated the people
the public that realtors do not
would not only be told what they
engage in the practice of law and should do but also why.
Com¬
lawyers do not engage in the real missioner Mealey,
listing eight
estate business, and that the Na¬
major steps which must be taken
tional Conference should be or¬
to assure transportation through¬
ganized to adopt and implement out the war, declared that while
statements of principle defining
the first job must be to get war
the proper field of activity for workers to and from their
plants,
each group. In its announcement the
conservation program gives
the Association of Heal Estate full consideration to the needs of
Boards

the

Inflation Musi Be

In

wholehearted, militant and will¬
ing support.
'

Con¬

Reed Urges Govt. To

25

wartime

program

struction

and

for

control

ship
of

con¬
ocean

shipping. The acts are admin¬
istered by the Maritime Commis¬
and
the
Administrator of

sion

-

War

Shipping.

"Among the

newspaper.

extended

numerous

powers

estab¬
lished a publication which can¬
not
be
understood
by
your

authority to en¬
force priorities on all ocean ship¬
ping and port facilities; to char¬

enemies.

ter, purchase or requisition* any
shipping in ports of
this
country;
to
negotiate for

In

them

"Yank"

have

It is inconceivable to

that

allowed

you

a

soldier

should

idle foreign

be

to

thoughts.

express
his
own
It is inconceivable to

charter

construction of ships
competitive, bidding; to
determine subsidies, hours of la¬

citizens, for that matter—should

But here is the evidence that
you

have

your

own

or

without

them that any soldiers—or any

have thoughts other than those
dictated by their leaders.

were

bor and overtime wages on
ships,
and to dispose of charter vessels
'

under terms of lease-lend

ideas, and acts."

or

other
j

COMMERCIAL & FINANCIAL CHRONICLE

THE

26

it

makes

to

necessary,

carpets

and

extra

woolen

fabrics

President Roosevelt

praised

the

June

on

contributions

benefits for future beneficiaries
in

17

the

to

York.

Court,

President

The

pressed these, views in

ex¬

for

ner,

with
the

June 17 to Senator Wag¬

on

connection
campaign to perpetuate
of Mr. Brandeis by the

the

name

establishment of

in

in

work

his

in

the

2,500 beneficiaries and
during the year 1941 it granted
pensions in the total amount

June

letter

!

Senator

June

on

with

17

a

'

in

sending my personal greet¬
ings to those present on this oc¬

nent

names

associated

these

and will remain

are

like

United

with

those

of

thousands of

thousands

In

the

Axis

At

of

the

Europe

temporarily,

character
the

to-

of

this

by

which

so-

grips

with

the

the

of

way

which

have

an

been

by

humanitarian

gathering

has

sympathy.
Very sincerely

increased

of the past year but

on

a

of

the

assets

1941

the

and

current

$1,390,000
report
of
Fund

pension

benefits

Church

of the Protestant

Church,

of

the 24th annual

a year,

the

$35,650,000

issued

Pension

Episcopal
June

22,
stresses the difficulties now being
experienced by charitable institu¬
tions in respect to interest earn¬
ings on their invested assets. In a
supplementary report, issued in
conjunction with the regular an¬
on

that

nounces

the

Trustees,

at

the

on

Miller.

The

June

13

hiring during the
of additional

jln

year,

a

exceed

the

A

small

firms

in

and

ment

r

a

dustries

and

The Commissioner

origi¬

more

clergy of the Protestant Epis¬
copal Church, Bishop Davis says:
It

because

was

world

that
go

and

the

in

of

the

Trustees

far beyond the basic

able

to

prom-

ises of the Fund in the extra
benefits

which

to. beneficiaries.

have paid
Today invest¬

ment

have

conditions

they

changed,

and the low rate of interest paid




rayon

for

them

too

resist

any

pro-

govern¬

attempt to lead

may

far

not

are

in

that

direction.

The

Argentine press,:, it continues,
is
conspicuously pro-democratic,
pro-English,
pro-United
States
and

anti-fascist,

and

President

and
Secretary
Hull,
along
with
the
good neighbor
policy for which they stand, are
extremely popular in Argentina,
well

as

for

elsewhere

as

America.

"Mutual

close

in

Latin

interest

calls

harmony and economic

cooperation

between

the

two

countries," the Board finds, ob¬
serving at the same time thai
"during the present war period,
Argentina's dependence upon the
States

for

supplies

small!

Reserve

Street

advices

Journal"

the

to

its

from

By

war

goods

terms

industries.

The larg¬
losses, reported by apparel
plants, were caused by seasonal
factors, usual in May. Sizable
layoffs were reported by metal
plants manufacturing tin cans,

heating apparatus, ra¬
dios,
agricultural
machinery,
castings, etc., as metal supplies

razors,

curtajled

and

School
York

of

Guggenheim

Aeronatuics

at' New

University with an endow-*
$500,000. The Fund itself

ment of

endowed schools of aeronautics

professorships
setts?

the

at

Institute

Georgia

or

Massachu¬

of

Technology,

School

of Technology,
California Institute of Technology,

University of Washington, Leland
Stanford
University,
Syracuse
University and the University of

Michigan.
It also gave $250,000
for the establishment of the Air¬
ship Institute in Akron.

"During the' existence of the
Fund, Harry F. Guggenheim, the
son of the
founder, was its Presi¬
dent.

ing

He

the

now

naval aviator dur¬

was a

first

World

active

on

Lieutenant

War

duty

and

again

Commander,

is

as

in

a

the

United. States Navy."

husband.

policy

NHA

on

gov¬

war

Administrator

John

B.

Blandford, Jr., under which 90%
public housing for the war
emergency will be temporary in
of

be

and

private

given

of

housing

the
as

enterprise

chance

a

do

to

as

permanently needed
it can, the National;

Association of Real Estate Boards
in

hearings before

a

House

<

com¬

mittee, has expressed approval of
the

thus

program

outlined.

The

Association

in indicating that the
temporary; type of structure has

es¬

up to the present time
only 43% of government-built

war

housing,

points
that

that

out

has ? long j held

a

The
of

„

housing
presented to Congress recently by

of

as

Approve

Accepting the statement of
ernmental

aero¬

study

Institute

the

where

housing will be of doubtful
fulness after the

the

war

it

war :
use¬

is over,

property,

of

aeronautics."

quanti¬

front.

The

tains 40

rooms

for

a

main

property

ciation

mile of water¬
residence

laboratories

The

con¬

and

investigations.
of.162 acres has

Daniel

of

Wel¬

the

"Wall

use

Wash¬

Institute's

ex¬

War

The

ers

been

and

is

by Ad-

-

reached

as

*

to ■;

of

NHA

minds
to

as

between

WPB

the

necessity for
minimum housing for war work¬

progi^m for the

ers

and will ap¬
Board of Scientific Advis¬
to organize divisions to con¬

limited

and NHA

a

In

Blandford

expected in-migration. *'
appears
to represent a real

It

Vill supervise

duct aeronautical research.

part:

Manpower Commission

extent

of the property

point

in

through consultation with WPB as
to plant location
and with the

Guggenheim Park meeting of

Trustees

says

outlined

program

ministrator

by the Council oPthe Institute. A
Board

likewise

'

Long
Other buildings are

perimental
named

made available June 20 the Asso¬

es¬

and overlooks

Island Sound.

suitable

The

Sands Point and

on

has two-thirds of

is

essential

that

to

in-migrants. WPB

agreed that housing :

are

to

the

materials

war

must

effort and
be

'

made

•

an¬

prints;

rubber

re¬

..

are

of this contract, the
declared, is

,

Department

"another

step

United

maximum

in

the

States
war

effective

program
to

assure

effort
use

of

the
the

photographs

aeronautical

Arrangements for purchase of

available

:

the

Hemisphere."

Rican

which

Signing

tries reported layoffs.

formation of

Daniel

Nat'l War Housing Policy

Aeronautical

center for

her

tate is located

tivated product.

indus¬

the

been used

the

the

Fund, Mr. Guggenheim had estab¬
lished

in

to

;?\?"

to

Real Estate Bds.

on

Washington, L. I., for the

science

believed to
i. have,
"considerable
potential"
j value in both the wild and cul¬

a

The

'•

"Prior

rubber produced in the Western

Costa

sources,

»

people."

Port

of

the

available for
it, Mr. Blandford!
nouncing the gift Major Gardner states.
*
•
said in part:
Estimating
that
in
the
12.
"The gift of Mrs. Guggenheim
months immediately ahead there
will permit the Institute to make
?
will be a need for housing 1,600,-'
a
direct contribution to the war
000 in-migrants, which will call
effort
by providing exceptional
1,320,000 housing units, the t
facilities for experimental aero¬ for
nautical investigations by special¬ program as Mr. Blandford outlines
it allots 200,000 of these units for.
ists.
After the war, the Institute
new production by private enter;
plans ■ to advance
the ■ art and
j.
science of aeronautics by. using prise.
It
calls
for
the estate to enlarge the scope of
securing 260,000.
its Aeronautical Archives so that dwelling units through remodel-'
its large libraries, collections of ing, and for maximum use of 650,-

of

in¬

the

a

in

in its use as a regular means -of
transportation of both goods and

will

made

was

research

assist

sciences;
development of
aircraft, particularly

commercial

much

Vice-President

of

to

and;
Sciences, in accept¬ where public construction may be
informed Mrs. necessary, that construction
Guggenheim that her generous should be temporary in nature to
gift "will render a great service to avoid ghost cities and post-war
the advancement of the art and urban blight. In its announcement

Rubber Reserve Co., with the
BEW, will finance development

sup¬

country;

extension of aeronautical
and to further the

Sciences, of the gift by Mrs. Dan¬
iel Guggenheim of her estate near

ing

contract,

the

of

through¬

the

out

Aeronautical

Co., the State Department

said

Executive

memorial

domestic

the Board of Economic

000. The Fund was to
spend both
income and principal to
'promote
aeronautical
education

and

Major Lester D. Gard¬

Institute

-

great that she

so

not

Council

was signed between the Re¬
public of Costa Rica and Rubber

the, united

were

will

which

nautical

ment

the

use

and

ment

tablishment of

June 16. The agree¬

on

to

civilian

America,

assume, said the
under date of June 11, that

Axis

the

five

there, the State Department

expand

of other

Latin

to

Board,
most Argentineans

ner,

Rican

uses

of

material

safe

June 17 by

will

next

essential

meet

recently been laid off. Seasonal
gains were reported by the bev¬
erage, fur goods and construc¬

for

the

for

Co.

Costa

entire

crop

announced

est

o

the

State

great majority

financial

were

and,

is

Announcement

higher!

162%

were

portion of the workers that had

tion

fortunate

careful" management

silk

of

intentions* in

our

it

genheim Fund for the Promotion
of Aeronautics; with the deeds of
gift
totaling
$2,500,000,
subse¬
quently- increased by about $300,-

,,

Aeronautical Research

con¬

to

of

to

"materialism," at our political
social
inconsistencies, and
may have some misgivings about

"In 1926, the late Mr.
Guggen¬
heim established, the Daniel. Gug¬

character

the small consumers'

except

years,

large
transportation
ordnance,
instruelectrical goods in¬

continued

our

and

Guggenheim Gift For

ington bureau, which added:
number

dustries, several firms rehired

than $354,000 a
special letter to all of

conditions

easily

more

ties

the

equipment,

the

1

Industry

Rubber. Reserve

rubber

and

In the silverware, rubber

which

York

are

are

purchase

terbalanced;', by
the
release
of
workers by plants making fare,

benefits

plan by

The

many

production

benefits

year's

To Buy Costa Rica Rubber

of

plies.

nal

last

located outside of New

Upstate, they

in May

workers by war plants was coun¬

civilian goods.
likewise says:

lectuals in Argentina may
jibe, at

likely to digress to the
point of incurring the active dis¬
pleasure of this country." At the
same
time,
however, it
states
"there are many needed products,
such
as
tungsten,
linseed
oil,
hides,
tanning
materials,
wool,
and canned beef which
Argentina
can furnish this
country." ?;•

Patton.

City,

than

war

May

constitution

issued

States
relations,
according
to
the
Conference
Board, New York. While intel¬

is

are collected,
analyzed by the

New

gentine-United

United

verted to the production of the
military supplies required in the

changed consider¬

statement

a

other

markets will be

in the

by Industrial Commissioner Frieda
S.

cautious program

more

619,338

has

their

a

above

and

B.

are

York

$8,-

adopted
extra

E.

which

grown

of

and that

month of thousands

beyond those
originally promised, pointing out
that the Fund is now paying total

,

have

of workers

April,

States

Continues to Expand in May

points

recent special meeting on May 26,
of

are

These data

Upstate

Factory Emptoymt.

number

in

United

Roosevelt

statements

Division of Statistics and Infor¬
Dr.

that

ably during the month, according
to

nual

report, Bishop Cameron J.
Davis, President of the Fund, an¬

rate

mation, under the direction of

ap¬

Although the factories of New
York State employed about the
as

the

embargo against Argentine fresh
beef, which is readily accepted in

,

employed

38.0%

tabulated

quarter

reserve

Fund

of

reserve

first

the

initial

an

the labor force

of

firms

level.
?

calcu¬

are

full actuarial

the end of

same

assets

in
se¬

by

Continued High In

Pension Fund
Reporting

total

are

Government

meantime

NcY.

yours,

Report Of Church

wage

'

goods plants of New York City.
In
May, 1942, New York City
paid
out over $21,000,000 in pension plants were operating with 30%
more
workers than in the base
benefits to
clergymen and to
while
Upstate
their
widows
and
minor or¬ period i 1935-39,
plants employed 58% more work¬
phans.
:%
ers.
Factory
payrolls
in
New
York City
this May were .79%
higher than in the base period;

of

FRANKLIN D. ROOSEVELT.

27%

750,000 in 1917 to $35,650,000 at

deep

my

Fund

that

from

Senator

object

influencing

ployment, based on the 1935-39
average as 100, was 145.3 (pre¬
liminary),
13.5%
above
the
May, 1941, figure. The corre¬
sponding payroll index, at 222.5,
was

results

out

life

made, and I
are continu¬

am
happy to say,
ing!? to be made,
Wagner.

Fund's

century of its existence,

Brandeis,
regrettably have
end; and those

most
to

was

Industry in Upstate New York
basis,
increased
by
approxi¬
has expanded much more as a re¬
mately the same amount, leav¬
sult of
the
war
than
has New
ing a surplus of $2,504,217 at
York City industry. Large plants
the end of 1941.
The report,
in summarizing making producers' goods, most of

Justice

come

The

the

the
over

liabilities, which

lated

contributions

the

American

made

this

of

which

order

new

Of

States

the

its

is

organizers

called

risk of

at the

-

course

acter of the contributions made

by

income

proximately $600,000 during the

entirely appro¬
priate that we pause, and in our
own
minds compare the char¬

-

about

during the middle
week of May on a total payroll
of $24,345,131.
The. New York
State
Department of
Labor's
May 1942 index of factory em¬

report as Executive
President,
Bradford
B.
Locke points out that the assets

fellow

aggressors.

it

of

year

wage earners

his

Vice

upon

who,
each
ability, have built this great
•Nation, are now threatened by
-moment

factors

above

These

do not

curities.

citizens,
according
to
his

our

the

The

./!.

increase the in¬

to

investments,

to

•

effort

an

ditions."

emi¬

the great
en¬
safeguard our free
democracy. Their achievements,

deavor
'

of

value by over

impairing security of principal,
particularly under present con¬

casion, I hardly need to remind
both

of

the granting of the
increases.

ex¬

The rise'

dollars.

vestment

that

cost of living
during the past

one

I

justified in sacrificing the
present high-grade quality of
the Fund's investment portfolio

Iri

them

book

men's

the

13%

and

feel

colony.

gee
■

*

refu¬

a

million

states that "the Trustees

to

by the establishment of

in

detailed

a

in

Wage
widespread

based
on
Commenting
preliminary tabula¬
tions of the reports from 2,442
upon the excellent investment
h
factories
position of the Fund, the report
throughout the State.

F.

Robert

connection

gives

investments

;

factor

gains.

were

instruments industries,

for

sheet, that the market

ceeds their
•a

Wagner
campaign
perpetuate the name of Louis
D. Brandeis, late Justice of the
United States Supreme Court,
in

he

value of the invested assets

your yetter of June 2
testimonial dinner will be tenNew York

the

balance

from
that a

Pen¬

continuously

years,

as

office

these

clothing, confec¬
tionery, knit goods, wood prod¬
ucts, pulp and paper, drug, in¬
dustrial chemical, rubber goods,
abrasives, munition, nonferrous
metal, machinery, aircraft and

points out, in a footnote to the

;

'

to

25

of

Church

which

served

over

13, 1942.

the

in

Fund

has

My: dear Mr. Nagler:
I am pleased to learn

in

of

Treasurer
sion

released

the

main

the

was

increases

rate

in

regarding the

part:
Morgan, reporting

to

producing

in

P.

list

"

tered

advices

5

group

i

;sv/7'-

a year.

state

J.

Chair¬

as

President's

the

Fund

which follows:
-

$122,208

Gar¬

Committee

function,

the

of

text

Union,

National

the

of

man

arranging

about

Further

Workers'

ment

increases, ranging
15%, by some firms
practically every industrial

to

of

rate

wage

the Trustees refers only
future grants.
The Fund now

new

Vice-President

Nagler,

International Ladies'

actio

recent

from

Palestine.
Isidore

of the

that the

and

taken by
has

refugee colony

a

makes

duced

Removal

,

countries, would salve Ar¬
gentine pride, eliminate a potent
2.1% from the middle of April
propaganda element used by our
to
the
middle
of • May.
The
enemies and greatly improve Ar¬
granting of a large number of

clear, however, th
existing pension is to be r

no

sent to the testimonial dinner ten¬

dered

\

Urge Lifting Embargo ;
;
On Argentine Beef

Commissioner Miller's statement

nancial condition.
He

message

a

mate¬

to

basic

and Senator Robert F. Wagner of
New

re¬

due

off

sponsibility
to
safeguard the further pointed out:
obligations of the Fund
Both factory payrolls and av¬
and to preserve its excellent fi¬
erage
weekly
earnings
rose

American way of life made by the
late Justice Louis D. Brandeis, of
the United States Supreme

fundamental

their

fulfill

laid

also

many employees
rial shortages.

that the Trustees may

order

Textile plants, rpaking
rugs
and
other

reduce

somewhat the program of

Wagner And Brandeis

sharply.

investments

grade

high

by

President Praises

Thursday, July 2, 1942

to

material

the

and

000

other

will

war

be

aeronautical

existing

guest

dwellings through a
It estimates that

^plan.

government-built

in¬

war housing for;
Latin
American
rubber
now
the remainder will call for
an
have been completed with Bra¬ dustry and others for research and
additional authorization of
zil, Peru and Nicaragua, as well experimentation."
$600,as
It is pointed out that the Daniel 000,000, and tags 90% of this to
with Costa Rica, and nego-.
be of temporary character.
tiations
are
The
proceeding "with Guggenheim family has long been
"Other American rubber
one of the most generous patrons
housing is to be programmed loproducing countries," the Depart¬ of aviation in the United States, cally to fit in the community pat-

ment said.

'

•

•

,

_

As to this the announcement

says:tern.

Volume 156

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4086

Steel Production Rate Off I lk%—Lend-lease

Treasury Estimate Of
New Tax Revenues

Shipments Heavy—Shipbuilding Largest User
The

"Since most manufacturers and

producers in the United States
are now required to
operate under the Production Requirements
-Plan (starting with July 1), a last minute, rush to understand its
workings is now under way in many sections of the metal working
industry," says "The Iron Age" in its issue of today (July 2), further
adding: "For another week the pressure for Lend-Lease material
has given industry,
particularly'je¬
sted
makers, a clearer under- ' Ala.). Mr. Ickes said that unless
> standing
of the vastness of the positive action is taken in this
material requirements of this war. field "we must steel ourselves to
.Steel
production this week is \face a whole series of probably
.down, the depressing factor being Unnecessarily stringent rationing
scrap
shortages rather, than the orders and perhaps actual short¬
Fourth of July holiday on which ages of petroleum or some of its
there will be little if any slowing products for direct military uSe."

mittee

American

The

.Institute
■■'that

29

June

on

Steel

and

Iron

announced

telegraphic reports which it

had

indicated

received

that the

;

operating rate of steel companies
having 91% of the steel capacity
!of the industry will be 96.5% of
.

capacity for the week beginning
.

June

compared with 98.0%
one week
ago, 99.3% one month
■ago and 91.8% one year ago. This
represents a decrease of 1.5 points,
:or 1.5% from the preceding.week.
The operating rate for the week
beginning June 29 is equivalent
to 1,639,200 tons of steel ingots
•and castings, compared to 1,664,(600 tons one week ago,- 1,686,700
tons one month ago, and 1,516,700
29,

i

•

;tons

one year

'

ago.

of Cleveland, in its
summary of the iron and steel
markets, on June 29 stated in
:part: "Shipbuilding has assumed
I first
place in the war program and
is taking
more steel
than '• any
other one industry. For some time

"Steel,"

-

-

the destination of the greater part
:of the record plate output, it now
is

assuming

similar

a

position

with regard to shapes.
"Producers of structural shapes
•find their field changing rapidly
•

•

from

for

material

land

installa¬

tions to sections used in ship con•

halted

and

plants for war
purposes Are not taking as much
steel
as
formerly, though some
are still under way or planned.
"Better
distribution
to
ship¬
yards is being achieved and in¬

ventories

being held to a minconsistent
with
capacity

imum

are

^production.

In addition to plates

and shapes for hull construction,
fa large aggregate tonnage is be-

f ing
•

;

consumed

by

manufacturers

of

deck
equipment
and
other
special assemblies. Numerous con¬
verted plants are engaged in this

class of fabrication, with the same

f priorities as for ships.
;
;

vent

indicated

small oil companies
going bankrupt because of

from

the

increased

cost

of

transport¬

ing petroleum supplies.

'

"Cancellations

■

:

f5 !

on

or-

' ^J

continue

ders for which priority is so low
delivery is unlikely within
many months.
Some of this ton¬
that

nage
; short

Ickes, according to June 25
Washington advices to the New
York "Herald Tribune," listed the
purposes of the bill as follows:
(1) To assist the delivery of
supplies of petroleum and pe¬
troleum products into shortage
areas to meet military and es¬
sential civilian demands, (2) the
expansion and most efficient
use of petroleum facilities,
(3)
the production of the necessary
amounts of the specific petro¬
leum products required for the
war program and to meet essen¬
tial civilian demands,
(4) the
maintenance
serves

of

adequate

re¬

of such petroleum or pe¬

products
as
are
of
strategic importance in quality
or as to location, and (5) the re¬
turn, upon such terms and con¬
ditions as will protect the pub¬
lic

interest, to the natural un¬
derground reservoir or other

disposition of petroleum prod¬
ucts purchased by the corpora-;
tion for the purpose ofassuring
the production of other essential
petroleum products.
,
.
„

income
profits

its

+$60,600,000
+2,288,900,000

,

prof¬

tax

—58,500,000

Total

corporation income
& excess profits taxes_ + $2,291,000,000

Individual

bears
time

ratings

that until a
were considered

ago

Total

income tax—......

the next month, though
is being narrowed in most
instances, Allocations and direc¬
tives cover the entire output of
to

over

"the gap

'some

mills, precluding

deliveries
any ratings, while others still
able to ship in the higher

'

on
are

'brackets."

Victory Fund Committee
John

C.

has

nois,

Martin, of Salem, Illi¬

been appointed Chair¬

of the Regional Victory Fund
Committee for the
44 counties

man

constituting the southern district
of Illinois.
Mr. Martin's appoint¬
ment was made by Chester C.

the Victory
Fund Committee for the Eighth
(Chicago) Federal Reserve Dis¬
trict, with the approval of the
Secretary of the Treasury.
His
function will be to organize the 44
Davis,

Chairman

counties

of

of

southern

:

Illinois

within the

Eighth Federal Reserve
District, and to direct within that
area
a
continuing campaign for

+2,730,000,000

profits taxes

Gompanies

Defense Petroleum Coordinator

Ibkes
and

urged the House- Banking
Currency Committee on June

to approve

legislation for the
of

'establishment
War

Petroleum

a
$500,000,000
Corporation em¬

powered "to make secured loans,
to purchase* and sell petroleum
-andpetroleum products, to trans¬
port f and store petroleum both
above and underground, and to
•

•

•

transportation charges cover¬
the movement of petroleum
'products."
pay

ing
'

The bill

is soonsored by Sena¬

Connally

(Dem., T^xasV and

■Representative

Steagall




(Dem.,

excess

——_

Miscellaneous

internal

Capital

tax—

stock

Gift

+

$5,021,000,000

revenue:

—$51,500,000

tax

—14,800,000

tax

+7,700,000

Total

—$58,600,000

r—

Liquor taxes:
•Distilled

spirits

liquors—..

$266,100,000
+ 61,800,000
+ 11,600,000

liquor taxes—__

+$339,500,000

+

———

•Fermented malt

•Wines

^

Total

Tobacco

taxes:

•Cigarettes

Construction—-

(small)

+$51,400,000

New

residential—

Tobacco,

+11,800,000

New

non-residen-

Cigars

+15,800,000

smoking
(large)

Cigarette papers and tubes..

„

Total

excise

tial

——

Additions,

—42.5%

—10.3%

—19.2%

—41.0%

—39.7%

-32.8%

-33.9%

Electric

signs

taxes:

All

Optical

yuu

construction

Total

—100,000

machines

—100,000

equipment

—300,000

manufacturers'

Telephone,

$15,000,000

+

taxes:

telegraph,

and cable

wires,

persons-

+

36,800,000

+

33,900,000

Coin-operated amusement &
gaming

devices
express

Pari-mutual

wagers

Total

+

+

miscellaneous taxes

Total

internal

Miscellaneous

receipts

4,400,000
292,000,000
+

Freight and

New

non-residen¬

23,600,000

+$417,500,000
$800,200,000

+

revenue

5,821,200,000

+

and

revenues

(postal surplus)
effect

revenue

—

exc.

profits tax

+

$5,924,000,000

+

construction

—10.6%

-i4.o:

effect—:.— + $5,047,300,000

•Excluding
stocks

the

taxes,

effect

revenue

which,

if

enacted,

of

floor

are

esti¬

mated to

yield in the first year only: Dis¬
spirits,
$90.0
millions;
fermented
malt liquors, $2.0 millions; wines, $2.3 mil¬
lions; cigarettes (small) $5.8 millions.
tilled

Note—All estimated show full year effect,

assuming

all

reflected

in

proposed

for

revenue

of

Estimates

changes

income

entire

an

and

were

excess

fully
year.

profits

the gift tax are at levels of
estimated for calendar year 1942.

taxes and
come

in¬

in

first

of permit valua¬
reporting for the

cities

months

5

of

non-residen-

1941

and

,

tial

,

"

—2.5%

effort.

war

These counties have

estimated

State

for

are

fiscal

at

levels

year

1943.

of

All

income

May Building Permit

tions,

—15.3% .;%■—11.4%

& repairs

—13.7%

construction

•—

8.3%

The Bureau's advices also state:

for

housekeeping

dwellings

which permits were issued in

the 2,410

reporting cities in May,
1942, will provide 24,051 dwelling
units, or 23% less than the 31,412
dwelling units reported in the
previous

month,

than the number

1941.

and 36%

fewer

provided in May,

Dwelling units in publicly
projects included

financed housing

in these totals numbered

which
tracts

Valuations Are Down
The
tions

full

first

the

under

Treasurer, and he has been Board's

stop

month

War

of

opera¬

Production

construction

•

order

13,121 in

permits
were

were

issued

or con¬

awarded in May, 1942,

Commission,
and
Plant
Corporation
been

excluded

the
Defense
which have
of

their

were:

East

because

shows that the construction indus¬

confidential

ciation affairs since 1907 when he

try was vitally affected, Secretary
of Labor Frances Perkins reported

1-family dwell¬
ings to cost $1,272,000; New York
City — Borough of Queens, fac¬
tories to cost $5,429,000; Syracuse,
N., Y., factories to cost $707,000;
Glassport, Pa., factories to cost
$700,000; Philadelphia, Pa., 1-fam¬
ily dwellings to cost $990,000; Chi¬
cago, 111., 1-family dwellings to
cost $889,000 and factories to cost
$2,073,000; Detroit, Mich., 1-family
dwellings to cost $2,442,000; Sagi¬
naw, Mich., a factory to cost $700,000; Akron, O., a factory to cost
$630,000; Canton, O., factories to
cost $518,000; Cincinnati, O., fac¬
tories to cost $601,000; Cleveland.
0.,
1-family dwellings to cost
$330,000; Columbus, O., 1-family
dwellings to cost $681,000: Wichi¬
ta, Kans., 1-family dwellings to
cost $774,000; Washington, D .CM
multi-family
dwellings to cost
$903,000: Baltimore, Md., factories
to cost $1,572,000; Alexandria, Va.,
multi-family dwellings to cost $1,*
230,000; El Segundo, Calif., fac¬
tories
to
cost
$625,000;
Los

was

in

Illinois

Bankers

elected Cashier of the Salem

National Bank, of which he is now
President.
He also served nearly

"Permit valuations in

June 27.

on

33% lower than during
10 years as a Class A Director of
corresponding month of the
the Federal Reserve Bank of St. preceding year," she said.
"All
May

were

the

:/v
committee

which

Mr.

marked

Martin is chairman is part of

.decrease,

nationwide

value of

zation

New

the
Victory Fund organi¬
is being developed
coordinate and
direct the
which

construction

of

classes
of

declines.

46%,
new

The

occurred

showed
heaviest

in

the

residential building.

residential

building
to
showed a falling off of 10%, while
efforts of the investment bank¬ additions, alterations, and repairs
ers, security dealers, commercial to existing structures were 41 %
bankers, business men and indus¬ lower."
trialists in mobilizing the finan¬
Secretary
Perkins
further
v

•

cial

non

-

favorable

nature,

Hartford, Conn.,

and

rail

water

freight

between

rates

Hampton Roads
ports
and interior points. The
Port of New York Authority and
the
New
York
and
Brooklyn
Chambers

of

in

vened

inter¬

Commerce

the

the

proceeding.
"In
decision just handed down,"

Mr.

McCollester

said, "the Com¬
upheld the contention of
the New York group that the gen¬
eral reduction* in rates sought by
the Virginia interests would break
down the port rate structure here
and would give Norfolk an undue
advantage over this port."
Certain other specific reductions
in rates sought by the petitioners,
mission

which

the New York

counsel for

interests

did

not

oppose,

were

granted by the Commission, how¬
ever, it is stated.

except those awarded by the War
and Navy Departments, Maritime

Asso¬

active

Commission, the
has just won
an important victory in its fight
to prevent Norfolk, Va., from se¬
curing drastic reductions in rail
and water freight rates to middle
western
territory,
it
was ■ an¬
nounced on June 23 by Parker
York

New

of Hampton Roads to secure more
+5.3%

altera¬

types of building construction for

help finance the

estimates

23

1942

ment securities to

other

decision
handed
by the Inter¬

a

June

on

McCollester, traffic counsel of the
Chamber of Commerce of the
State of New York. According to
are shown in the following table:
the Chamber's announcement, the
%
Change from First 5
Months of 1941 to
action, which has been pending
First 5 Mon. of .1942
since 1939, was instituted by the
Class of
Excluding State
Corporation Commission of
Construction—
All Cities
N. Y. City
New
residential—
Virginia and interests in the Port
—21.4%16.9%
tions

All

—876,700,000

revenue

7.0%

+

—21.5%

"New
Net

18.9%

bearing

bonds

down

Commerce

—21.9%

Comparisons

Va, Port Rate Case
Through

of

y

refunded

non-interest

Upholds Decisio^Pln

Port

altera¬

•

.

.

state

repairs

&

•

—26.1%

:

tions,

New

102,800,000

+

_

Less portion of corporation
in

—27.2%

Additions,

Additions,
Gross

All Cities

$26,800,000

+

Telephone bill
of

residential—;.

All

+

Transportation

ConstructionNew

:.

Excluding
N. Y. City

radio

facilities, leased

etc.

1942 to Mav, 1942

Class of

tial

ex¬

cise taxes

Miscellaneous

Change from April.

—8,900,000

—

Washing

units."

+$86,800,000

Lubricating oil ——+$13,800,000
Photographic apparatus
+ 10,600,000
Rubber articles

N. Y. City

—45.5%

altera¬

tions, & repairs

tobacco taxes—

Manufacturers'

7,800,000

+

All Cities
:

the sale of United States Govern¬

The

To Aid Oil

and

May, 1942, 8,298 in April, 1942,
and 3,940 in May, 1941.
.•
"Principal
centers of various

Louis.

ilckes Urges Corp.

income

"During the first 5 months of to cost $634,000.
"Contracts were awarded dur¬
1942, permits were issued in re¬
porting cities for buildings valued ing May for the following publicly
at $1,008,335,000,
a
decrease of financed housing projects contain¬
14%, as compared with the corre¬ ing
the indicated
number
of
sponding period of 1941. Permit dwelling
units:
Boston,
Mass.,
valuations
for
new
residential $275,000 for 66 units; Lackawanna,
buildings for the first 5 months of N. Y., $1,500,000 for 400 units;
the
current
year
amounted to Camden, N. J.,' $1,225,000 for 306
$468,220,000, a loss of 21%, as units; Paterson, N. J., $1,234,000
compared with the first 5 months for
300
units;
Duquesne,
Pa.,
of the preceding year.
Over the $393,000 for 83 units; Erie, Pa.f
same
period new non-residential $161,000 for 40 units; Johnstown,
building showed a decrease of 3%, Pa., $443,000 for 111 units; Euclid,
and additions, alterations, and re¬
O., $3,080,000 for 800 units; Balti¬
pairs, 15%.
more,
Md., $5,760,000 for 1,900
"Tabulations of the Bureau of
units, of which 1,000 were de¬
Labor Statistics include contracts
mountable; Sylacauga, Ala., $212,awarded by Federal and State 000 for
75
demountable
units;
Governments in addition to pri¬
Memphis, Tenn,, $1,059,000 for 369
vate and municipal construction.
units; Ogden, Utah, $3,827,000 for
For May, 1942, Federal and State
1,400 demountable units; Compton,
construction in the 2,410 report¬
Calif., $2,000,000 for 600 units; San
ing cities totaled $80,346,000; for Diego, Calif., $3,974,000 for 1,525
April, 1942, $60,312,000, and for demountable units; San Francisco,
May, 1941, $53,670,000."
Calif., $1,200,000 for 231 units;
Changes in permit valuations in Portland, Ore., $5,286,000 for 1,855
the 2,410 reporting cities between demountable
units;
Bremerton,
May, 1942, April, 1942, and May, Wash., $6,409,000 for 2,310 de¬
1941 are summarized below:
mountable units;
Seattle, Wash.,
Change from May,
$115,000 for 50 units; and Van¬
1941 to May, 1942
couver, Wash., $2,450,000 for 700
Class of
Excluding
,

profits taxes:

excess

Corporation
Excess

•

tor

and

Total miscel. internal rev.—

Martin Heads So. Illinois*

-wfffr". f
total banking resources of $409,if. "Most mills |ind difficulty in
909,000. Mr. Martin has appointed
completing deliveries on alloca¬ a
group
of prominent bankerstions in the month for which they
from the area to work with him.
are
issued, some tonnage going Mr. Martin served two terms as

25

produced by

follows, it was
Washington advices
as

troleum

.! high,

'

law

in

Declared value excess

Estate

Mr.

on

to the New York "Times."
Income

many

struction. Private construction has
been

:•

over revenues

the present

He added that the bill would pre¬

up.

\

Department

the House Ways and Means Com¬

*

■■■}.

Treasury

June 24 tentatively estimated the
effect of the tax changes made by

27

Bullitt Knox Aide
William C. Bullitt, former Am¬
bassador to Russia and France and

recently

more

sentative
was

sworn

personal

a

President

of

in

special assistant
the Navy Knox.
The

duties

of

repre¬

Roosevelt,

June

on

23

as

to

Secretary

Mr.

Bullitt's

a

of
of¬

fice, the Navy announcement said,
are
for such special assignments
as
Secretary Knox may make.
Mr. Bullitt on June 23 resigned
as personal representative of the
President

with

the

rank

of Am¬

bassador."

Callander Retires
The

retirement

Callander

as

of

William

F.

Chairman of the Crop

resources of the nation. While
stated:
Reporting Board and as Chief of
the Division of Agricultural Sta¬
"Total permit valuations in May
Victory Fund Committees will
tistics in the Bureau of Agricul¬
cooperate with the State and local were also lower than those for
War Savings Staffs in the .sale of April, the decline amounting to
tural Economics was announced on
Series
F
June 20 by Secretary of Agricul¬
and- G
War
Savings 11%. This was brought about by
ture Claude R. Wickard. Mr. Cal¬
Bonds, they will neither duplicate a decrease of 27% in the permit
lander retired to become agricul¬
nor compete With such
of
new
residential
organiza¬ valuation
tural statistician in charge .of the
tions; rather, they will comple¬ buildings^ and 22% in permit val¬
ment the work, of the War Sav¬ uations for additions, alterations,
Orlando, Fla., office of the BAE.
He
will continue as consultant to
ings Staff and will undertake to and repairs. There was an increase
reach, the
the
Office of the Secretary of Ag¬
larger
investors
by of 19% in indicated expenditures
riculture
and
working through normal financial for new non-residential buildings
Crop 'Reporting
between April and May, 1942.
%
Angeles, Calif., 1^-family dwellings Board at Washington.
channels.

the

fji \

»r

k^

i

^ rv j i
*

V*

Moody's

«

computed

prices

bond

and

yield

bond

averages

Construction

are

current

(Based
1942—

Daily

"

II

•

-I

_

_

25

_

24

•_
_

22

.

-

'-20

r. no

_

19

18

\

'

v

112.93

Baa

R.R.

P.U.

Indus

91.19

95.62

111.07

113.89

91.05

""95.62

110.88

113.8.9

106.39

116.41

113.12

107.80

91.05

95.47

111.07

113.89

118.14

106.39

116.22

112.93

107.80

91.05

95.47

,110.88

113.89

118.11

106.21

116.22

112.93

107.62

90.91

95.32

110.88

113.89

118.31

106.39

116.22

113.12

107.62

90.91

95.32

111.07

113.89

construction./
commercial

107.80

113.12

116.22

106.39

91.05

95.47

110.88

113.89

95.47

110.88

113.89

95.47

110.88

113.89

building and large-scale private housing, earthwork and
drainage, and unclassified construction.
Subtotals for the week in
each class

112.93

107.62

91.19

95.47

110.88

113.89

■107.62

91.34

,95.62

110.88

113.70

112.93

'107.62

91.19

95.62

110.88

113.50

106.39

116.22

106.39

.116.22

95.62

110.88

113.70

112.93

107.44

91.19

95.62

110.88

113.50

107.62

91.19

.95.62

110.88

113.50

12

_

118.33

106.21

116.02

112.75

107.44

.91.19

95.62

110.88

113.50

11

_

118.31

112.93

107.44

.

91.19

118.32

106.21

115.82

112.75

107.44

91.05

95.62

110 88

113.31

-118.32

106.21

115.82

112.93

107.44

91.19

95.77

110.88

113.31

118.39

106.21

115.82

113.12

107.44

91.19

95.77

110.88

113.50

■v

113.37

106.21

115.82

112.93

107.27

91.48

95.77

110.88

113.50

118.38

106.21

115.82

112.93

107.27

91.34

95.77

110.70

113.51

financing is made up of $13,000,000 in
corporate security issues, and $949,000 in State and municipal bond

118.38

106.21

115.82

112.93

107.27

91.34

95.77

110.70

113.31

sales.

118.39

106.21

116.02

112.75'

107.44

91.34

95.62

110.70

113.50

118.41

106.21

115.82

112.93

107.44

91.34

95.77

110.70

113.50

-

118.33

106.39

116.02

112.75

107.44

91.48

95.77

110.70

113.70

1

118.30

106.39

116.02

112.93

107.44

91.77

'95.92

110.88

il3.70

May 29

118.35

106.39

116.02

112.93

107.44

91.77

96.07

110.70

113.70

!,V

,V"

22

J

15

—

8

jz;

116.02

112.93

116.02

113.31

117.79

106.74

116.22

113.12

107.62

92.20

96.69

110.70

113.70

106.56

116.22

113.12

107.44

92.06

96.69

110.70

113.70

106.74

116.22

113.12

107.62:

116.41

113.70

107.62

106.92

116.41

113.89

107.62

107.62

—

118.10

106.92

116.22

113.70

118.20

106.74

116.22

113.50

107.62

92.06'-

96.69

110.70

113.70

92.20

96.85

110.88

113.89

92.35

97.16

110.70

114.08

92.20

97,00

110.52

114.08

91.91

97.00

110.34

113.50

106.21

115.63

113.12

107.09

91.34

96.85

109.79

112.93

117.33

106.21

115.43

112.93

107.27

•91.34

96.85

109.60

112.75

106.21

115.63

112.93

107.27

91.62

96.85

109.79

113.31

116.34

—

107.62 V

113.31

115.63

106.39

91.62

110.52

118.41

106.92

116.61

114.08

107.98

92.50

97.47

111.07

114.08

115.90

106.04

115.43

112.75

107.09

90.63

95.32

109.60

112.75

120.05

108.52

118.60

116.02

109.60

92.50

97.78

112.56

116.41

115.89

105.52

116.22

112.00

106.04

89.23

95.62

109.42

111.62

116.22

106.92

117.08

107.80

113.70

.,,92.06

;

a

'"'2''Years

119.54

107.44

118.00

114.66

MOODY'S

U i.l.

(Based

%1942—;
Daily

1',
_Z

27»—V—

UZZ, 26.^—
:

_

25

;23

M

20

v-

89.64

108.34

109.79

to

Aa

2.83

3.01

3.29

4.33

4.03

3.11

2.96

3.00

3.29

4.34

4.03

3.12

2.96

"

VZ'

11

to
Z

~~~~

6—1

'),'•/•:

_

,

'■:■

'.v v.

,

May

Apr.

Mar.

than

rising

offset

prices
in

changes
vance

in

apricots,

wheat

also

was

prices of

recorded

potatoes,
the

Low

by

4.05

3.12

2.96

4.35

4.05

3.11

2.96

and

4.34

4.04

3.12

2.96

3.37

2.83

3.01

3.30

4.34

4.04

3.12

2.96

3.37

2.84

3.01

3.31

4.33

4.04

3.12

2.96

3.01

3.30

Z 4.33

4.04

3.12

2.96

i

2.84

4.04

3.12

2.96

■

V

-

.

4.32

4.03

3.12

2.97

4.33

4.03

3.12

2.98

:Z

7

advances.

y

..

2.84

3.01

3.31

4.33

4.03

3.12

2.97

Bears to the

3.01

3.31

4.33

4.03

3.12

2.98

Total Index

3.02

3.30

4.33

4.03

3.12

2.98

Z; :

3.31

4.33

4.03

3.12

3.38

2.86

3.02

3.31

4.34

4.03

3.12

3.38

2.86

,3.01

3.38

2.86

3.00

3.38

2.86

3.01

3.38

2.86

3.01

2.86

>

3.31

4.33

4.02

Z 3.12

4.33

4.02

3.12

2.98

4.31

4.02

3.12

2.98

3.32

4.32

4.02

3.13

2.99

*

2.99

Z-■■

,

23.0

*

•'

Farm

*'j "Z:iV i '•;• Zi^ vf''-

*;

Livestock

Metals

3.01

3.35

2.85

2.99

3.35

2.84

3.00

3.36

2.84

3.00

i

..

3.31

4.29

4.01

3.31

4.29

.4.00

3.31

V-

17.3

■

4.28

4.00

3.30

4.27

3.97

3.30

4.26

3.96

3.31

4.27

3.96

.

2.97

2.97

1.3

3.13

2.98

.3

3.12

2.97

.3

3.13

2.97

-.3

3.13

2.97

3.35

2.84

3.00

3.30

4.27

3.96

3.13

2.97

3.34

2.83

2.97

3.30

4.26

3.95

3.12

2.96

2.83

2.96

3.30

4.25

3.93

3.13

2.95

2

3.34

2.84

2.97

3.30

4.26

3.94

3.14

2.95

"

Oil

6.1

-

_

Z,

2.98

V 3.30

4.28

3.94

3.15

2.98

3.00

3.33

.4.32

3.95

3.18

3.01

2.88

3.01

3.32

4.32

3.95

3.19

3.02

3.38

2.87

3.01

3.32

4.30

3.95

3.18

2.99

3.37

2.87

2.99

V 3.30

4.30

3.95

3.16

2.99

3.14

2.97

3.19

3.02

3.11

2.95

3.35

—.

Z:

2.84

2.87

3.38

3.38

.

3.34

2.84

2.97

3.29

4.27

3.92

1942-..:

3.39

2.88

3.02

3.33

4.37

4.05

1942

3.34

2.82

2.95

3.28

4.24

3.91

2.86

3.06

3.39

4.47

4.03

3.20

3.08

3.25

2.72

2.85

3.19

4.24

3.89

3.03

2.83

1941

-

lYearaeo

1941.

3.31

2.75

3.29

2.92

4.29

3.93

3.08

Z 2.92

2 Years ago

1940-

3.62

Z

2.89

3.63

3.04

"These prices are computed from average yields on
level

or

the

illustrate

in

more

a

latest

of

comprehensive

yield averages the latter
tThe

25 years)

movement

average

'

of

maturing in

coupon,

do

actual

the

way

not

of bonds used

page

409.

,

V 4.93 Zf.
to

.Z:

4.44

the basis of

purport

V

show

3.26

either

the

quotations.
They merely
relative levels and the relative

in

the bond

100.0

All

^Indexes

.

1941, 86.8.

serve

__

materials

839,000

an

movement

Public

5%

crease,
a

week
'

The

as

increase of 11%

.

347

651

'8.7

16.3

5,000

483

Z% 875

9.7

17.5

total for

the
on

preceding
June 25.,

week

as

reported

mated

materials




.i t

i

2,994

4,929

6,621

7,224

9,38).

28.9

50,000

20,882

25,316

41.8

50.6

100,000

53,214

63,646

52.2

63.6

345,654

409,621

69.1

81.9

733,139

844,621

73.3

84.5

3,923,124 4,324,621

78.5

86.5

by

Person—No

groups

combined—
base

New
Tax

$0

$0

1,300

0

12

Present New

Rate

June

27,

0.9

132

2.1

2,500

90

219

3.6

8.8

3,000

138

306

4.6

10.2

4,000'

249

504

6.2

12.6

5,000

375

6,000

V

8,000

14.2

944

8.7

15.7

873

1,464

10.9

1,305

2,064

13.1

20.6

2,739

3,914

18.3

26.1

4,614
6,864

8,982

50,000

20,439

24,840

that

: 52.7

63.1

69.0

81.8
84.4

78.5

Z-86£

Person--Two

;

Present

/

May 16

June 28

1942

1941

VZ'V-

$2,000

Ago

138.7

158.4

159.3

VZZ

Rate

113.8

118.3

98.9

132.0

131.0

132.0

108.0

119.7

119.7

119.5

110.4

127.9

127.8

128.1

119.3

147.5

147.5

149.5

133.5

104.4

104.4

104.4

103.9 '

151.7

115.6

120.7

120.7

105.2

117.8

117.7

118.8

105.5

115.3

115.3

115.3

102.0

104.1

104.1

104.1

99.3

12

o

Z/i

•ZZ 4,000

8,000 /

Z

717

10,000
15,000

Z

25,000
50,000 '

.

75

■■■..••'

397

1.8

58

-'

271

6,000

•

Zyzy

58

/

1.1

40

.

154

•

5,000

0.6

24

o

•

12 '"■:■/■

3,000

113.1

151.6

:

.

2,500 1

147.1

110.3

99.0;

Rate

$0

2,400V ZvZZx6

124.6
■

$0

2,100

138.1

128.0

Present New

Z Tax

,

o

2,200

105.6;

-125.3

137.3

Dependents
New

Tax

Year

0.3

2.4

0.5

3.0

162

1.9

336

V 3.9

8.4

540

5.4

10.8

744

6.6

12.4

1,232

5.4

9.0

15.4

1,117

1,800

11.2

18.0

2,475

3,586

16.5

23.9

6,480

8,526

25.9

34.1

19,967

24,296

39.9

48.6

52,160

62,416

52.2

62.4

500,000 i ..344,476
1,000,000
731,930

408,316

68.9

81.7

843,316
3,921,884 4,323,316

73.2

84.3

78.4

86.5

100,000

5,000,000

110.9

June

Revises Cotton Quotas

Vz

28,

the

by

j

INCREASE

OVER

England
Atlantic

Executive Order signed by
on June 29,

an

"Times'Vsaid:
The
the

June 13, '42

6.1

6.8

7.4

6.8

9.4

5.8

4.3

7.5

8.2

7.3

West

4.3

9.9

11.7

10.4

19.9

19.6

18.8

4.8

6.3

5.7

20.7

17.8

9.5

11.1

States

-

Mountain
Coast

United

States
FOR RECENT

WEEKS

1942

1941

can
,

V

be

ship

'

1941

1940

-

11.7

17.6

Tuesday.

1929

4

3.348,608

2.959.646

+ 13.1

2,493,600

1,465,076

1,663,291

3,320,858

2,905,581

+ 14.3

2,529.908

1,480,738

1,696,543

Apr.

18

3.307,700

2.897,307

+ 14.2

2,528,868

1,469,810

1,709.331

Apr.

25—-

+10.9

2,499,060

1,454,505
1,429,032

1,699,822

3,304,602

2,944,906

+ 12.2

2,503,899

9__

3,365,208

3,003,921

+ 12.0

2,515,515

1,436,928

1,698,492

Tuesday,

3,356,921

3,011,345

+ 11.5

2,550,071

1,704,426

Two

3,379,985

3,040,029

+ 11.2

2,588,821

1,435,731
1,425,151

1,705,460

Month

3,322,651

2.954.647

+ 12.5

2,477,689

1,381,452

1,615,085

Year
1941

1,688,434

3,372,374

3,076,323

+

9.6

2,598.812

1,435.471

1,689,925
1,699,227

June

13

3,463,528

3,101,291

+ 11.7

2,664,853

1,441,532

June

20—

3,433,711

3,091,672

+ 11.1

2,653,788

1,440,541

1,702,501

June

27*_—j——

3,457,024

3,156,825

+

9.5

2,659,825

1,456,961

1,723,428

t

•ft

ft:

t! "A

under
■

the

Z

■

;

r.

i,'>.

u-. <

June

V

23_

227:6
___

229.5
227.5

—_

2-

f

send

Friday, June 26__.227.2
Saturday, June 27—
229.2
Monday, June 29—229.4

May

—

such as Peru,
than they would

to

Wednesday, June 24—
Thursday, June

May
May

zone

quotas,

Commodity Index

1932

11.

2,950,448

war

their

Moody's Dally

9.6

Apr.

3,273,190

"

1.3

Apr.;

-

fill

old quota system.

(Thousands of Kilowatt-Hours)

over

more

allowed

1942

Week Ended—

more.

taken because

was

to

for

year

or

14.2

17.0

>

per

countries in the

unable

retains
of 45,-

quota

whereas .others,

June 6, '42

3.2

however,

656,420 pounds
staple XVs inches
The action

Central Industrial
Central

order,

present total

some

4.8

to

In reporting this
action, Wash¬
ington advices to the New York

PREVIOUS YEAR

June 20, '42

cotton

eliminated

were

President Roosevelt

the corresponding week in 1941.

over

long-staple

the United States

Institute, in its current weekly report, esti¬
production of electricity by the electric light and

Major Geographical Divisions— June 27, '42

6____

49.7

63,072
409,012

73.3

-Week Ended-

30

35.9

844,012

are

May

31.3

27.5

732,554

5,000.000

}

Output For Week Ended June 27,1942

PERCENTAGE

23

23.1

40.9

•>

Individual quotas for countries

increase of 11.1%

May"

6,264

25,000

3,922,524 4,324.0,12,

Month

20,

18.3

10,000

1,000,000

K''

industry of the United States for the week ended June 27, 1942,
was
3,457,024,000 kwh., which compares with 3,156,825,000 kwh., in
the corresponding period in 1941, a gain of 9.5%.
The output for the
week ended June 20, 1942, was estimated to be
3,433,711,000 kwh., an

June

7.5

521

15,000

...

127.1

708

6.6

52,704

V Ago

June

4.7

345,084

137.7

«;

3.0

100,000

192.1

99.2;

2.0

;•>, .^'^'Z z

500,000

179.1•

1942,

Rate

12-■ declines

134.5

127.3

_

were:

37.5

10

181.1

\

33.1

dependents

Tax

42

28.2

24.6

,

Present

.

L

4,221 Z 20.0

$1,200

Married

<

-

15,000

% Change

1942 volume to $4,905,294,000
foruthe 26-week period, an increase of 73% over the corresponding
weeks in 1941. Private work, $341,408,000, is 53%%■> below last
V-

22.9

Z Z 2,000 ; ;

'

1926-1928

on

DATA

ago.

brings

20.8

14.9

power

Total

gains 18% over the week last year, and
week, and is responsible for the current week's in¬
private work is 52% under a year ago, and 31% below
construction

12.9

2,300;

V

IS.'G

IO.S

1,667

r

25,000

8

-

125.1

'

1.119
2,295

20,000

and

14.9

1,493

Married

The Edison Electric

Pacific

construction

,

4,000

"

20,000

the

135.3

120.7

machinery

•

volume for the week totals $158,over the corresponding week last year,

News-Record"

week's

7.4

500,000

Shows 9.5% Bain Over Same Week In 1941

New

published

last

over

13.8

447

3,000

exporting

Middle
was

construction

above the

^'Engineering

12.9

221

258
v"-"

.

1,031

group

and

' *

1942

151.6

—

drugs

to

Efigiassriisg Obstruction $158,839,000
For Week Up 11 %
and 2%

171

7.4
8.4

11.4

1,000,000

•

Eletlric

Rocky

^'Engineering

9.9

6.6

*

June 20

i.S;

158.4

Fertilizers
Farm

average

market.

computing these indexes

.

3.18

125.2

commodities

Chemicals and

•»

Fertilizer

Southern

„

0.3
4.6

5,000,000

Z?#Z"Z;ZZ*

Week

1942

■

__

—

Building

V

"typical" bond

one

price

being the true picture of

complete list

in'-the issue of Oct. 2, 1941,,

and

■

1

_

Miscellaneous

3.13-

":"■ 3.34

Z;''■■•■, :Z-/

Fuels

>

3.12

10

29,

119-

'

5.9

165

6,000 yy Z 649

--y

Textiles

3.01

•

Grains
a

7.1

3.01

■•■■

Products

2.97

2.85

■

Cotton

••

3.13

2.85

were

Preceding

137.0

Cottonseed

4.02

2.85

declines

,

June 27

Z"rZ

■

Fats and Oils

4.31

1

'

Week

-ff - Z'• '

/

:

3.31

r.;

100]

=

Group

3.02

-

•■:■

:

Foods

2.85

.

[*1935-1939

Z"■

■■•■•■

.-.-Z V,; VsV

25.3

2.99

3.32

4.32

:V

2.98

3.31

3.32

3.01

&

*

.1

.

Latest

2.85 V

3.37

(3%%

6.2

1.2
2.1

345

117

t

ZV Ihcome

food

advanced

:■:Z..;-.-f--Z:

■V %
Each Group

2.85

3.36

June

69
\

2,500

Income

3.37

3.02

100.

Compiled by The National Fertilizer Association
'

.

3.38

2.85

the

WEEKLY WHOLESALE COMMODITY PRICE INDEX

'

'

,

3.38

3.38

as

the

4.35

4.34

3.37

30,

x

0.4

84

'

8,000

eggs,
and lard were
the group index of de¬

on

3.30

3.29

2

1941

June

40

*

10,000

meats,

effect

3.30

2.96

was

remained

In

3.30

V 3.11

8.2

.

wool.

3.01

4.04

it

index number representing
commodities and fertilizer.

miscellaneous

10.8

l.

and

3.00

,

4.34

-Z

butter, flour, and chickens.
The net
result of these
a slight increase in the food index.
A fractional ad¬

2.99

—.

commodities

3.01

3.01

3.29

'

Low

1,200
1.500

was

2.98

6

High

21

2.000-

'

industrial

counterbalance

to

2.98

—.

of

declines

for

3.13

30

1,000

0.8

3.13

—.

added:

2.84

2.84

29 ii

High

49

67

80

3.13

Jan.

' /

11

13

4.03

27

...Zv:.—V/.Z4.5

32

,

1,700

4.02

Feb.

114 :z..■-"' 2.4

3

yy

Rate

soZvZ

•

0 ;

•

900

ZZ

Rate

changed for the eighth consecutive week.
The farm product index
to higher levels as advances in
hogs, cotton, corn, and oats

4.02

27

800

moved

4.32

13

$o

■;•■:•: o

•

,

Tax

28

4.32

20

•

.

'OiZ)\Zy|

45

3.31

17

;

to
ex¬

Present New

o

3.31

-V

also

"

.

Z:;Z

eoo

700;

' Z

Tax

$500

New

0

3.02

24

■

.

I

1,500

3.01

15

:

Z

.

1,400

2.85

I""I!

refers

personal

,■'■•;, .,;>■/
Single Person ZZ:

un¬

2.86

i

■

,

preceding week.
A month ago
110.9, based on the 1935-1939 average

2.84

3.37

22

%Z''z

column

before

•

-

the

index

3.38

—.

in

ago

The

3.38

*

_

'•■

2.84

3.00

3.38

4

-VV

year

foodstuffs.

•'

;

127.1

3

5

_■', r.Z;.

3.37

2.83

3.30

-

••

3.37

3.37

V 3.30

sup

vy

year

During the week prices of 14 commodities
declined; in the preecding week there were 13
advances; in the second preceding week there

3.01

;

.':,Z WZ:'

upward movement of the all-commodity group index last
was
the result of higher prices for
livestock, cotton, and

week

Indus

P. V.

2.84

3.01

-

R. R.

'■■;

Association's report

clines

3.37

2.84

—:

a

sufficient

Baa

,

2.84

t g

income

income

Income

The

Corporate by Groups

A

3.37

Z

the

from Washington
'"■.;/■:y;Z;ZZ-P' ''■:'VZZ.-Z''".'ZZ Z"'Z-"y.;;yZ":

■

Present

Commodity Index
Advances Fractionally

and

The

•VZVlVlv Z/'Z

3.37

^_„.

•I,

■

j

from

127.3

128.0

Prices)

C

13

.v

emption). Z. Z "Z,..'.

general level of commodity prices was slightly higher last
week, according to the wholesale price index compiled by The
National Fertilizer Association and made public on June 29.
In
the week ended June 27,* 1942, this index advanced
fractionally

AVERAGESt

Closing

—.

.15

iL'

83.15

18

16

>d

101.97

,17

■■

i'.ri

114.66

3.37

;
3.37 V

.

19
'

•

111.62

■

Aaa

3.38

.

24"r..-_.:

%

97.16

Corporate by Ratings

rate

29'-ii—'
'

Individual

Vv:-'if

Corpo-

Average

:<>

91.77

YIELD

BOND

on

V Avge.

30

under

accounts

(The
net

The

more

'vZ/vZ.,Z?Z V

•June

107.80

year ago.

.

ago

Juafe 29, 1940,
■

paid

presented in the follow¬

June 25.;

National Fertilizer Association

Year ago

1941_

are

Press

new'

financing for the

typical

ing tables, reported in Associated

to date, $6,886,294,000, is
106% higher than the $3,350,549,000 reported for the 26-week
period

113.70

97.31

1942.-/,

1941

tion

.

New construction

113.31

110.15

96.85

1942—_—

30

Jime 30,

;

;

117.32

Low'. 1941

.

113.50

113.70

6

High

.

110.70
110.88

13

High

..

96.07
96.54

106.92

27
.

91.91
92.06

117.90

117.80

Low

107.44
107.62

117.80

"i w-i

Feb".

T

118.06

Mar./2 7

!

106.56

106.74

118.08

2

Jan!

118.33
117.89

10

—

'

Z;

./■

.

be

'

17

24

Apr.

The week's

year.

to

spective percentage rates of taxa¬

of construction are:
waterworks, $965,000; sewerage, $2,107,000; bridges, $1,925,000; industrial buildings, $2,624,000; commer¬
cial buildings, $5,021,000; public buildings,
$91,985,000; earthwork and
drainage, $3,259,000; streets and roads, $^557,000; and unclassified
construction, $41,396,000.
!
^
Z
'
;
New capital for construction purposes for the week totals $13,949,000. This is 36% below the volume for the corresponding week

last

those

bill approved by the House
Ways
and Means Z Committee with
re¬

week

91.19

.112.93

and

bridges,

sewerage,

Compared

between

individual income taxes at
present

unclassified

91.05

.

'

in

are

1941

and

107.62

116.22

■)ii

week

the

over

107.44

116.22

R-7

last

over

gains

107.62

112.75

fiiM

8,231,000
136,232,000

drainage,

Comparisons

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

112.93

106.39

_

Increases

June 25,1942

$155,670,000
11,207,000
144,463,000

and

Inc. Taxes

"

112.93

„

Proposed And Present

the

and

:

112.93

116.02

6

earthwork

"

116.22

116.02

8

buildings,

week,

June 18,1942

classified construction groups,

public

last

'

116.22

106.21

j

'1

In the

in

are

'

-

116.41

106.21

j

week,

•

106.39

106.39

>

a

10S.39

118.36

t.9

as

106.39

118.35

ISC

higher

118.23

118.33

_

117%

118.34

118.35

_

is

118.29

l

'10

:

A

107.80

_

_

'15

i "''V

Corporate by Groups •

■-118.15

-

13
:

Yields)

_

'

■

Aa

Aaa

116.41

'

•»'

.

1941

Construction

Total

Corporate by Ratings *

106.39

118.38

**h 16
17

Average

on

are:

the

;
June 26,1941
____-$143,520,000
Private Construction
16,072,000
Public Construction
127,448,000
State and Municipal
32,130,000
Federal
95,318,000

PRICESt

<>

rate *

118.18

_

26

23

'

..

>

1

29

*

Avge.

Corpo-

118.19

v

? 27

il

V. S.
Oovt.

Bonds

Averages

June 30
'■

BOND

MOODY'S

if* b

i

week

for

volumes

WtWJ^«^W4lWiKt*r.Wi^

Thursday, July 2, 1942

result of

given in the following tables:
*

but public construction, $4,563,886,000,
the 196% gain in Federal work.

year,

Moody's Bond Prices And Bond Yield Averages

WiA vtfHtf* V'-WWi^lf^Jty.!

^

s

FINANCIAL CHRONICLE

THE COMMERCIAL &

28

tWWlWfW'WW'

June

weeks

ago,

ago,

ago,

30——
June

June
17

9

230.4
228.4

231.2

30—

High—Sept.

Low-J-Feb.

:

16

May 30_:
—.

—-

1

;

219.9

■.

171,6

—

1942 High—April
9—w————_
Low—Jan.' 2
:
-1

if

202^7

.

.'i;!

274 0

220 0

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4086

Volume 156

output for

Daily Average Crude Oil Production For Week

beehive

20,45© Barrels

crude oil production for the week ended June 20, 1942,

gross

increase of 20,450 barrels over the preceding
in excess of the daily average for the month
of June, 1942, as recommended by the Office of Petroleum Coordi¬
nator.
The current figure, however, was 136,800 barrels below the
daily average for the week ended June 21, 1941. Further details as
reported by the Institute follow:
V'v
was 3,720,800 barrels, an
week and 84,500 barrels

Reports received from refining companies owning 86.9% of the
4,684,000 barrels' estimated daily potential refining capacity of the
United States, indicate that the industry as a whole ran to stills, on
a Bureau of Mines' basis, 3,434,000 barrels of crude oil daily the week
ended June 20, 1942, and that all companies had in storage at refin¬
eries, bulk terminals, imtransit and in pipe lines as of the end of
that week, 89,847,000 barrels of finished and unfinished gasoline. The
total amount of gasoline produced by all companies is estimated to
have been 9,927,000 barrels

dartions

436,600
281,900

436,600
281,900

Kansas

v'i

Nebraska

414,050

t279,850

+

'■•.» 100

258,600

231,450

t3,700

+

North Texas——

144,000
204,850

Central Texas-

East Texas
Southwest Texas

3,800

4,600

90,200

81,150

5,400

1942

1942

11,325

1,854

1,888

1,723 V

5,960

5,927

6,179

petroleum—
equivalent
to
weekly output

Week Ended
V.'VV'V'VV'
Penn.

anthracite—

United

States

75,300

75,300

73,800

Mississippi

.

Illinois
Indiana
Eastern
111.

(not

&

49,200

+79,850

320,800

279,600

149,700

132,350

206,700

262,950

850

263,400

280,900

14,200

1,343,150

1,422)200

250

18,900

+20,350

106,800

97,900

87,650

77,650

63,100

Wyoming

V

23,400

90,900
21,850

7,600

6,350

96,200

_

Montana
Colorado

Total Eastof Calif.

-

;

2,944,400

.

170,600

.'

June 22,
iqou

■

1,210,000 27,818.000 24,673,000 34,160,000
1,150,000 26,427,000 23,439,000 31,700,000
V

3,733,700

136,300

2,777,000

3,200,600

/

:

•

1,182,300

washery
(Excludes

1,183,500

t

.

28,675,400

(

(

and

dredge coal, and coal shipped by truck from authorized
colliery fuel.
(Comparable data not available.
§Subject to

WEEKLY

PRODUCTION OF COAL,

on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
and State sources or, of final annual returns from the operators.)

ments

and

-Week Ended
June 13,
v.'.

State— f;

June 6,

1942

1941

5

5

3

i

384

238

79

77

15

125

124

393

Arkansas and Oklahoma
Colorado

.

1

June

15,

1940

,309

;,

1

828 ■;;;

1,190

"

70

175

t+

tt

,685

561

1,243

+

350

20,950

6

6

2

3

550

98,350

91,850

lignite)

50

58

44

37

39

4,600

66,250

40,200

New Mexico

30

29

27

20

27

51

18,850

1,600

which is

peace

of

recurrence

than

more

interlude between battles."

.

92,050

82,050

21,800

19,200

6,500

3,950

57,100

111,000

—

and

Montana

North

and

(lignite)

South

3,092,200
632,800

3,218,000
639,600

Texas

__

and

_

250

416

48

16

88

Asserting that the United Na¬
tions'

cooperation

in

conducting

79

75

128

the

669

661

245

242

148

116

115

183

tum that will carry over into

42

V^^42

24

24

47

;%:!. 12
38

,

^
22

24

22

777

756

599

2,835

2,735

150

145

5

13

13

♦"14

460

453

888

2.774

2.014

1,939

3,613

142

104

97

113

6

8

15

107

105

50

421

415

.

-f.'k

_

..

to

of wars.

792

lig¬

__

..

272

35

hard

87

:

(bituminous

nite)

360

46

less

miseries of war;

suffering which, as surely ., as
night follows day, is the breeder

:

"must

war

obtain

a

momen¬

the
post-war period," Mr. Welles pro¬
posed that "the final terms of the

should wait until

peace

__

little

93b

—

(bituminous)

but

163

Ohio

Pennsylvania

307

38

and

Dakota

is

and

982

_

(bituminous

300

economic dis-

unemployment,
poverty
and
suffering for millions of
people; suffering which, while
less acute, is longer drawn out
?

132

..

-

tress,

1,016

Missouri

Kentucky—Eastern
Kentucky—Western
Maryland
Michigan-.-

Without such cooperation we

-

387

14

87

344,350

+

is to be
which alone

peace

peace

the

bear than the

219

19

•

June

284,750

20,350

v

•

avge.

2,250

10,350

a

prevent

a mere

§1923

+

+

if the

peace,

that kind of

3

4

i:

12,

1937

60

1

Illinois

v

June

June 14,

1942

28,000

,

the

are

82,800

;

have learned—that

we

shall have again

5,300

50

again afford to forget

us

cooperation to win the victory is
enough; that there must be
even
greater cooperation to win

,

72,850

100

of

not

BY STATES

73,400

700

Welles said that "the memofy of
is sometimes short. We can

war—a

100

+

>

Speaking before a United Na¬
tions'
rally in
Baltimore,
Mr.

can

Iowa—

+

that in

peace

He added:

Utah
•

171,900

TQdi

Indiana.

—

3,050,400
670,400

§691,900

691,900

1,120,000

-

:

total—

Tennessee

California

1942

1,179,000

June 21,

ioao

254,250

«—

64,900

80,600

80,600

:

1942

,§ June 20,

-

331,900

"

New Mexico

21,

215,850

—

65,200
V' V:"

June

303,500

+

tial in maintaining
winning a war."

none

800

—

:M

Michigan

..

550

__

incl.

Ind.)

132,035

(The current weekly: estimates, are based

;

-

211,050

307,850

144,728

Sumner
Welles, Under-Secre¬
tary of State, declared on June 17
that "cooperation is no less essen¬

the lessons

rail

1,151,000

ESTIMATED

Alabama

334,300

148,800

——Calendar year to date-

-—

June 13,

1,212,000

total

States

Alaska-

311,300

1,485

Beenive coke—

Kansas

Arkansas

§ June 20,

"Total, incl. colliery fuel
•(Commercial production

80,600

219,500

^ Total Louisiana—

1,481

(In Net Tons)

•

373,200

—

1,875

To Wits Peace—Welles

man

90,050

88,350
...

1937

213,017

.

Georgia and North Carolina-

Louisiana

Coastal Louisiana

1941

215,336

ESTIMATED PRODUCTIONS OF PENNSYLVANIA ANTHRACITE AND COKE

397,250
145,850

12,800

1942

270,909

produced during the week converted into equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal. Note that most
of the supply of petroleum products is not. directly competitive with coal.
("Minerals
Yearbook," 1939, page 702).
tSubject to revision.
(Revised..
'

150

+

June 19,

"■Total barrels

6,350

143,650

1941

10,336

June 21,

Coal

93,950

1,280,700

1,068,600 $1,288,322

—w—

50

7

"Crude

362,750
243,100

Texas

Total Texas
North

50

1,100

—.

tJune 20,

21,

Cooperation Reoessary

WITH

tin Thousands of Net Tons]

379.200

West Texas

Coastal

1941

1,950

88,400

-

*

TONS.

——r—January 1 to Date——
June

IJune 13,

11,125

June 21

1942

+

4,100

IN NET

revision.

+377,600

Panhandle Texas

East

June 20

Week

COAL,

Ended

Ended

From

1942

June 1

SOFT

lignite coal—*■:

operations.

Previous

June 20

Beginning

June

Oklahoma

Ended

ables

Recommen-

PRODUCTION OF

tJune 20,

•Includes

Week

4 Weeks

Change

The quantity of coke from

Total, incl. mine fuel.
Daily average

(FIGURES IN BARRELS)

Week

STATES

and

By-product coke—

-Actual Production-

"State

Allow-

June, 13.

;——Week Ended-

United

"O.P.C.

UNITED

Bituminous

■

during the week ended June 20, 1942.

OIL PRODUCTION

AVERAGE CRUDE

DAILY

ended

COMPARABLE DATA ON - PRODUCTION OF CRUDE PETROLEUM (000 OMITTED)

The American Petroleum Institute estimates that the daily aver¬
age

week

increased 1,300 tons during the same period'.

ovens

ESTIMATED

Ended June 20,1942 Increased

the

29

mediate

tasks

the

of

the

im¬

transition

period after the defeat of the Axis
powers has been completed by the
United Nations, and until the final

judgments

be coolly and

can

ra¬

tionally rendered."

17
-

37

34

89

261

218

240

27

34

44

He further contended that "the

■

■

Total United States
♦O.

P.

C.

3,720,800

3,636,300

recommendations

and

State

+

20,450

3,725,000

3,857,600

allowables

represent the 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 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 be less than the allowables.
The Bureau of Mines reported the daily average
production of natural gasoline in March, 1942, as follows: Oklahoma, 29,200; Kansas,
5,500; Texas, 105,600; Louisiana, 18,500; Arkansas, 2,700; New Mexico, 5,600; California,
39,000; other states, 20,400.

(This

net

basic

15-day allowable

for the period June

16

to

SRecommendation of Conservation Committee of California Oil Producers.
RUNS TO STILLS;

PRODUCTION OF GASOLINE;

j&s&ooe-s

40

_

,30

'

'

2,331

2,275

2,300

1,865

1,558

1,380

894

791

549

540

856

136

92

76

85

104

888

-'/:■■

139

Wyoming,—

"

tOther Western States

Total bituminous

t +

tt

++

11.325

11,180

10,150

7,888

1,179

1,042

1,278

1,220

—

12,504

the

on

11,428

9,108

10,866

1,136

1,956

records

! 8,226

12,822

in

District

of

the

United

Bureau

of

fore

lease

and

Crude

:

fineries

Finished

Includ.

and Un-

(Stocks (Stocks
of Gas

of Re-

Oil and

sidua)

Daily
% Op- Natural finished Distillate
Fuels
Rate porting Average erated Blended Gasoline
tial

District—

% Re-

Fuel

Oil

•Combin'd: East Coast,
Texas
•

Gulf,

Gulf,

ana

LouisiNorth

weekly composite index of pri¬
mary market prices of 889 series for the week ended June 20 regis¬
tered the 3rd consecutive decline. Seasonally lower prices for fruits
and certain vegetables together with declining quotations for live¬
stock and meats brought the index down 0.3%, to the lowest level
since mid-April.
In the past 3 weeks the index has dropped 0.7%.
It

Louisiana- Arkansas

and Inland Texas—

Appalachian
'
Ind., 111., Ky—i—
Okla., Kansas, Mo—
Rocky Mountain
.

California

42,018

4,304

2,383

89.7

1,493

62.7

174

84.5

160

92.0

453

784

84.9

704

89.8

2,248
1,098

.

,

15,165

17,182

2,915

489

561

17,159

3,238

3,209

8,306

1,203

1,607

418

81.1

350

83.7

138

50.7

— 95

68.8

275

2,476

333

544

787

90.9

632

80.3

1,549

16,973

11,776

55,375

is, however, 12.5% higher than it

U.

S.

B.

basis June

Tot.

U.

S.

basis June
U.
;

S.

Bur.

of
of

13,

86.9

3,434

73.3

9,927

+89,847

32,204

78,478

4,684

86.9

3,478

74.3

10,389

91,994

31,276

78,759

12,796

90,874

37,758

91,730

basis June 21, 1941

3,870

.

the Office of the Petroleum Coordinator.

(Finished 82,261,000 bbls.;

unfinished 7,586,000 bbls.

(At refineries ( at bulk termi¬

at this time last year.

7

0.1%.

rose

states that the production of soft coal continues
from week to week. The total output for the

is estimated at 11,125,000 net
1.8%, from the preceding week.

country in the week ended June 20

corresponding week last year amounted to

10,-

336,000 tons.
The U. S. Bureau of Mines

reported that the production of Penn¬

sylvania anthracite for the week ended June 20 was estimated at,

1,212,000 tons, an increase of 33,000 tons, or 2.8%, over the preceding
When compared with the output in the corresponding week
in 1941, there was an increase of 2,000 tons (about 0.2%). The calen¬
dar year to date shows a gain of 12.7% when compared with the
same period last year.
«

week.

The

U.

S.

Bureau

of

Mines

also

reported

that the

estimated

production of byproduct coke in the United States for the week ended
June 20 showed a decrease of 1,200 tons when compared vAth the




in effect, five of
great nations have

the
be¬

the
of

Farm

—

Hides and leather products

5-23

6-21

6-13

5-23

1942

1942

1942

1941

1942

1942

1941

"98.4

"98.7

"98.7

87.2

•—0.3

—0.6

+12.5

104.3

105.6

104.8

83.0

+ 0.2

98.4

99.5

99.7

99.1

83.7

—1.1

—0.7

+ 17.6

118.9

118.9

118.8

119.2

108.2

0.0

—0.3

+

84.5

+ 0.1

+ 0.1

79.0

+ 0.1

+ 0.1

97.3
97.2
97.2
97.2
products—
79.0
Fuel and lighting materials—.
78.9
78.9
78.9
Metals and metal products——_ "104.0 "104.0 "U04.0 "104.0
109.9
109.9
110.0
Building materials————. 109.9
97.2
97.2
97.2
Chemicals and allied products—
97.3
Textile

104.5

104.5

—0.3

0.0

0.0

+

5,8

0.0

—0.1

+

8.7

83.8

0.0

—0.1 -+ 16.0

104.5

104.6

93.7

0.0

—0.1

+ 11.5

89.9

90.0

90.2

80.3

+ 0.1

—0.2

+

Raw materials—

99.6

100.4

99.8

84.1

—0.9

—1.1

+ 17.4

Semimanufactured articles——

92.6

92.8

92.7

92.8

87.6

—0.2

—0.2

+

"98.8

♦98.8

"98.9

"99.2

89.0

0.0

—0.4

+ 11.0

"96.7

"97.1

"97.2

"97.4

88.2

—0.4

—0.7

+

9.6

"95.9

"95.9

"95.9

"95.9

89.0

0.0

0.0

+

7.8

12.1
5.7

Ell commodities other than farm

products.

—:

—

All commodities other than farm

products and foods—.-i.—>

Preliminary*

all

with

the

of

industries

There

:

us

now

war.

world's

be

peo¬

laid
we

confronted

producing muni-,f 1

,

must

,

be

agreement
objectives to be at¬

the
tained, machinery for carrying
out the agreed action of
the
United Nations and cooperative
effort
of
the
highest
order
among all of the United Nations,
to which the oppressed peoples
of the earth may look
with.hppe
when they have cast off/their

upon

0.0

98.3

the

destroyed, farms
cities
devastated;

shall

:'V tions of

9.9

101.1

of

gigantic task of con¬
verting to peacetime uses whole

+ 15.1

90.0

Manufactured products—.^

organ¬

the final conclusion

and

war

waste,

+ 25.9

98.7

Housefurnishing goods———
Miscellaneous commodities

an

peace," adding:

facilities

6-21

1942

,"98.1
104.5

products—..—

Foods

6-6

well

United

ples will be homeless; in Europe
and in Asia transportation sys¬
tems will be ruined, production

Percentage changes to
June 20,1942 from—
6-13

a

during the difficult tran¬
sition period between the end of

following notation:

6-20

economic
may

be vital need for such

Millions

of commodities for the past 3 weeks, for May 23, 1942, and
21, 1941, and the percentage changes from a week age, a month
ago and a year ago:

Commodity Groups—»

mind—an

of the post-war world.

During the period of rapid changes caused by price controls,
allocation, and rationing the Bureau of ■ Labor Statistics
promptly to report changing prices.
The indexes, how¬
ever, must be considered as preliminary and subject to such adjust¬
ment and revision as required by late and more complete reports.
The following table shows index numbers for the principal

All Commodities

like

He likewise said that "there will

will attempt

of the Interior,

to show little change

in the

Great

Nations organization for the re¬

'

Weekly Coal and Coke Production Statistics

tons, a decrease of 200,000 tons, or

with

the Soviet Union

lief and economic reconstruction

products, fuel and lighting materials and miscellaneous commodities

(1926=100)

Production

the

lend-

ization

June

In its latest report

\i'
by

master

become the nucleus of

groups

nals, in transit, and in pipe lines.

The Bituminous Coal Division, U. S. Department

of

understanding which

materials

Mines

of

"At the request of
•

4,684

M.

1942

signing

agreements

of

-

M.

20, 1942
B.

was

Except for a decline of 1.1% in average prices for foods, com¬
modity markets were relatively steady. Farm products advanced
0.2%, largely as a result of higher prices for grains, and textile

The Bureau makes the
Tot.

are

partners, with full equal¬
ity of status, in a new world
understanding — an economic
undertaking, open to the par¬
ticipation of all other nations

The Bureau of Labor Statistics'

Production

Runs to Stills

Poten¬

the

States

world's

Gasoline

Stocks

which

war

together 'J* have
'

Thus,

;

Shew Further Decline in June 20 Week

——therefore on a Bureau of Mines basis

at Re-

of

them

Belgium, Mr. Welles said:

HAverage weekly rate for entire month.
and South Dakota included with "other Western

Dept. of Labor Reports Wholesale Prices

in this section include reported. totals
plus an estimate of unreported amounts and are

Daily Refining
Capacity

fires

Britain, China,

Figures

.

on

come

(Figures in Thousands of Barrels of 42 Gallons Each)

'

the

United

OfL, WEEK ENDED JUNE 20, -1942

,

the

carry

cooled."

FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL

.

which
to

are

their cooperation should surely be
formed so far as practicable be¬

Mines.

North Carolina,
States." t (Less than 1,000 tons.
Georgia,

through

Nations

Recalling

operations on the N. & W.;

the B. & O.

Panhandle

lished

STOCKS OF

12,222

7,090

C. & O.; Virginian; K. & M.; B. C. & G.;
Kanawha, Mason, and Clay counties. tRest of State, Including
and Grant, Mineral, and Tucker counties.
(Includes Arizona,
California, Idaho, Nevada, and Oregon. §Data for Pennsylvania anthracite from pub¬

and

organization

welding

SPennsylvania anthracite—

"Includes

""5

:^.:vt+>;

and lig-

-v: nite

♦♦Alaska,

CRUDE

_

Total, all coal

30, inclusive.
For the first 15 days the allowable was 1,351,667 barrels.
In the area outside East
Texas shutdown was ordered for June 20,
21, 28, 29 and 30; in East Texas for
:June 23 and 27 in addition to the aforementioned days.
the

is

_

_

;

tokla., Kans., Neb., Miss., Ind. figures are for week ended 7 a.m. June 17,

,

Virginia
Washington
♦West Virginia—Southern
tWest Virginia—Northern-

.

chains.
Mr.

that

,

Welles, in conclusion, said
"through the union of the

United Nations their

victory fwill

be assured."

^

r

The rally was also addressed

British

Dill

Field

and

Marshal

Mexican

Sir

by

John

Ambassador

Francisco Castillo Naj era.

30

THE COMMERCIAL
i

■

-

■

Exchange Commission made public

in the week ended June 13, 1942, con¬

At

omitted for the duration of the

Markets," in its issue of June 25,
"Copper fabricators received word from the Copper Branch

Refining Co. to sell electrolytic tin
at

or

52c.

a

has

sential

pound.

been

restricted

to

es¬

•

•

•

•••

•

Total

>"

-

number

of

!";:■■■

reports received—Y—

Reports showing

transactions

and
civilian
Confusion among con¬

sumers

the

on

the Production

continues."

status

ther went

lead

publication

to say

on

of

in

2.

Reports showing

other transactions initiated

the

3.

floor

:

4.

floor
no

month's

June

23.

fur¬

127

16

ais

off
158

44

transactions--.--—604

550

Y-;;

in the

stocks in which they are registered and the round-lot transactions
resulting from such odd-lot transactions are not segregated from the
other round-lot trades.
On the New York Stock Exchange, on the other

specialists

specialists'
hand, all but

fraction

a

of

odd-lot

the

solely in the odd-lot business.

As

transactions

effected

are

by

dealers

in which

they

are

Sales

the New York

on

Transactions
Week

Stock Exchange

for Account

of Members*

Ended

13,

June

Short

YY

strike

at

19.

centavos,

-

and

the

whether

of Mem¬

Account

be

'

•

*

they

,•

are

Total purchases

\
■'Y

v

Short

134,710

sales

Total

'j

:

sales

Total

147,600

,•/•»

..

,

sales

Total

sales

85,810

—

,/T

;

tOther sales

.

Total

sales

' YIY

Y

purchases

Short

v

274,850,

—

,Y>,-';y

43,590

Y/'YYYYY

234,125

.

sales

Total Round-Lot Stock

Sales

Transactions

the

on

New

York

for Account of

Week

A. Total Round-Lot Sales:
Short

Ended

Curb

Members*

lead

June

13,

situation

months and

Exchange and Stock

the

for

the

With
,

:

Total
Other

:

has

improved.

sales

30,475
the

on

floor—

Short

Total

3,035 Y *.

.

sales

Short

•

4.

sales

Total—
Total

short

of

YY

on

firms

their

and

partners, including

round-lot volume

transactions

includes

both

only - sales.
tRound-lot
rules

are

short

§Sales marked

sales

with

52.000

-

_

52.000

52.000

52.000

52.000

52.000

52.000

52.000

52.000

52.000

52.000

52.000

tin, 99%

on

of

use

larger

tin

in

recent

supplies

and

been

ab¬

sorbed without

difficulty. In fact,
described as steady.

more

continued

$194.43
duced

to

$198.08.

being

the basis

on

PRICES

OF

London

has

Official
prices

and

the

been

18

11.775

11.700

19

11.775

11.700

11.775

11.700

11.775

11.700

up-

U.

S. Treasury
unchanged
at

also

are

35V8C. and 35c., respectively.
("E.

&

M.

J."

;

:

QUOTATIONS)

$67,000,000,000,

52.000

6.50

6.35

8.25

52.000

6.50

6.35

8.25

52.000

6.50

6.35

8.25

52.000

6.50

6.35

8.25

11.700

52.000

6.50

6.35

8.25

52.000

6.50

6.35

8.25

Avenage

11.775

11.700

52.000

6.50

6.35

8.25

,

19,058

St. Louis

10,954

markets, based

and associate Exchange
members
special partners.
as

per

their

which

"other

"short exempt"




are

exempted

from

restriction

sales."
are

included

with

"other

In

In

;

sales."

the

Commission

the

delivered

figures

or

&

at

trade,

St. Louis, as

are

domestic

consumers'

shown

M.

appraisal

of

copper

As

major United Statei
They are reduced to the

All prices are in cents per pound/
based on sales for both prompt and future

delivery only.
are quoted

prices

delivery

charges

above

on

a

delivered

with
Atlantic

vary

the

that

Is,
the

On foreign business,

arrive

at

the f.o.b.

refinery quotation).

(lighterage,

:

..•••

about

re¬

$24,000,-

This leaves

balance

a

hoped that the sales of war sav¬
ing bonds and stamps will in¬
crease with each day, each week
and each month. Buy war bonds
and stamps and make this
hope
a
reality.
Through the purchase of war
savings bonds you are not only
lending your money to the Gov-1
ernment

r

war;

to

you

wage

successful

a

helping

are

by investing your

yourself

in the-

money

soundest security on earth.

The
will be returned to you

money

in
•;

full—with

interest—almost

3% if held to maturity.
of

now

series

"E"

I speak

bonds.

By

investing your money in these
war
bonds, you help in our
fight
against
inflation, for
wise

that

would

you

spend

other--

to

purchase scarce
goods, you loan to

consumer

your Government to build

tanks,

airplanes, ships, guns.
Finally
by purchasing war bonds, you
offset the possibility of defla^.
tion

after the

will

war

because you

have

purchasing
power
after the war and by your
pur¬
will

you

make

possible

production; in other
words, you will help peace-time
production
terials

for

need,

and

work

to

of

goods

which

thus

ma¬

will

you

be

give

thousands

many

time when

and

there will

at

a

production will

war

'■

Yes,

billions

.

...

needed

to

of

.

win

this

billions

are

freedom

dollars

are

but

war,

compared

we're

to

fighting for

freedom and the freedom

—our

of those millions

throughout the
hungry and beg,
food, who are thirsty and
reach out feebly for a glass of
water, who are wounded and
seek balm, who are
depressed
world who

are

for

plead

for

couragement,

word

a

who

of

en¬

scarcely

breathe under the barbaric heel
of the

oppressor.

is

enemy.

our

Their enemy

be

coherent

a

fighting

That is the only way we
win this war and win last¬

can

ing

peace.

No country

it alone—no individual
of individuals

We
to

must

win

the

can

plan
war

can

do

or

group
do it alone.

now

and

not
to

only

win

it

soon, but to win a lasting peace.
We must try to insure

economic,

basis:

destination,

owing to World War II, most sellers are restricting offer¬
ings to f.a.s. transactions, dollar basis.
Quotations for the present reflect this change
In method of doing business: A total of
,05c is deducted from f.a.s. basis
to

be

about $49,000,000,000 " to be
borrowed by the Government in
one
fashion or another.
It is

the

noted.

are

for prompt

plants.

M.'s"

by producers and agencies.

are net prices at refineries on
the
seaboard.
Delivered
prices in New England average 0.225c. per pound above the
refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬

board.

by

"M.

Copper, lead and zinc quotations

deliveries: tin quotations

the

are

sales reported

basis of cash, New York

cent of twice total round-lot
volume.

the total members*

quotations
on

will

force.

zinc, 8.250c.; and silver, 35.125c.

above

Iton'

The United Nations idea must
more than just
an idea.
It

copper f.o.b.
•

expenditures alone.

war

be

Average prices for calendar week ended June 20 are: Domestic
refinery, 11.775c.; export copper, f.o.b. refinery, 11.700c.;
Straits tin, 52.000c.; New York lead.
6.500c.; St. Louis lead, 6.350c.;

'

18,958

transactions is compared with twice
Exchange for the reason that the total of members*
purchases and sales, while the
Exchange volume includes

on

1

includes

$73,000,-

further

and
Zinc

St. Loui*

11.700

14 85

be

000,000

the

changed at 23y2d. The New York

of

METALS

in

will

This

what

Silver

market

1943

year

pro¬

of quicksilver

during January.

pro¬

fiscal

cease.

Mexico

3,266 flasks

at

During the past week the silver
is

tin

20
22

weeks

have

ten¬

on

increased

"

lead

expanded

estimate based

$73,000,000,000.

chases

Quicksilver

moderate scale in this

a

spot, 51.125c.,

all week.'

11.775

•

included

„

.

11.775

all regular

fShares in members' transactions
total

25

„

23

YY.Y

-

includes

calculating these percentages,
the

June

-

Electrolytic Copper
Straits Tin,
Lead
Domest., Refin. Exp., Refin. New York New York
St. Louis

The

"members"

22

23

52.000

24

100

sales

sales

"The term

20

June

52.000

Special¬

•Y, -Total purchases
Total

June

June

52.000

2 830

sales

other

19...... £-

Aug.
52.000

44,365

47,195
Account

•

Customers'

June

July
52.000

ef¬

war

an

money

_

..

our

only

must

sales

Odd-Lot Transactions for the
ists—
Customers'

Y.

YYYY-Y

sales

Total

C.

:YY'
4.02

35,695

tOther sales

18

consumers.

June

Y/

purchases

Short

1.04

13,685

___

•■•...■

the

pound.

Consumption of quicksilver has

controls

8,775
'
0

.Y

v

Total

,,,

of

any

sale of this metal

13,685

■

once.

is

Tin

DAILY

J

sales

tOther sales

There

a

Chinese

country, and OPA flhas amended
the price schedule to permit the

;Y-Y: Y*/

..

3,035

3. Other transactions initiated off the floor—
Total purchases
i:

duced

0

tOther sales

in

Electrolytic

'

2,760

sales

needs.

<

at

the installations will

on

June

9.79
''

purchases

stock¬

a

plan
distributing the metal to do¬

for

27,645

-

be

Ha¬

stationed

June

formed importers and members of
the trade that there is no
place
for them in the Government's
mestic

transactions initiated

Total

r

"■

2,830

tOther sales

be

division

24,160

sales

of

rigid, Er- the tone was
Vogelsang, head of the tin
Quotations
here
of WPB, last week in¬

win

,

purchases

will

quality tin for future
delivery was nominally as follows:

Government has

likely to become

of

Account

center

Straits

•

registered—

are

Short

2.

and

civilian

on

Y;,

279,070

-

Transactions

Total

demand

276,240

sales

52c.

affecting military
with only slight ef¬

fect

shortage
pigments.

tPerCent

Transactions of specialists in stocks in which

they

without

2,830

Members:
1.

pile

(Shares)

Total for Week

tOther sales
Total

15.82

1942

'

most impor¬

courses,
to
complete
combat training.

begin at

statement to the press, it was
pointed out that much lead has
been imported during the last few

no

sales

B. Round-Lot

V

277,715

re¬

post, following their basic

their

a

been able to accumulate
Total

this

will

of

success

needed

are

of

the

vicinity

public

.

.

000,000.

.training

lead

In

Yy Y:'f0-

sales

tOther sales

personnel

in the

so

estimated, based
pending legislation, that tax

among

on

volun¬

Government

our

do

It is estimated—and this is

is

contingents of Royal Air Force

Work

common

the

harder,
possessions,

bonds

war

;

us
.

work

scarce

force

we

the

for

.

war

on

fort.

the

ally and

was

y

.

tative assumptions—that the to¬
tal Government expenditures in

Cuban

British Royal Air Force and the
United States War
Department,

Battery

2.81

the

44,305
'

Total

Plan

Lacquer Association believes that

;;

4'. Total—

for

By special arrangement
between the Cuban and United
States
Governments, and the

the

YY.v.*:Y/'

39,545

•

—

in

more

make

ceipts

declare

training

not

our

Billions of dollars

the

American

a

In part,

Y

.

do

interest.

in collaborating in the
effort.

war

located

The National Paint, Varnish and

4,760

i—

-

for

the

can:

'

vana.

6.50c., New York, and
6.35c., St. Louis.

at

53,930

sales

buy

at

continued at

4.93

v

Total purchases
Short

Quotations

to

The

plates have been easier.

77,310

—

—

3, Other transactions initiated off the floor—
v

.Y

8,500

of

tant step

joint

is still falling, owing

use

to conservation measures.

86,210

sales

tOther

8.08

first

un¬

must

•

an

to

cooperation of individuals j

tarily,

,

of

;:

the
:

Axis, has taken

the usual end-of-the-month
drop.
Consumption of - lead : for non-

military

purchases

Short

•

the floor—

on

Requirements

of

Y

Government,

publics

that becomes effective July 1.
Sales of common lead showed

117,270

.

2. Other transactions initiated
'

•

Production

,,

30,330

JOther sales

•

;

•

under

.

,,

be

"We

individuals."

as

we

to

offering these facilities the

the

Production

lead

Y

co-belligerent which

the restrictions to

on

center

25

wondering

War

ease

imposed

•,

specialists in stocks in which
registered—

are

the

Board will

Specialists:

1. Transactions of

j.

govern¬

signed

termination

•

Cuban

YY

-v

,,

of
ad¬

Lead yYYY-yY

yY

,

After

In

were

cent

one

said:

training

price of copper above
12.5c. a pound.
The strike was
called less than a month ago.

bers, Except for the Odd-Lot Accounts of Odd-Lot
Dealers

If

emergency it is understood thai
the
facilities
will
become
a

in the

vance

1,745,770

Round-Lot Transactions for

B.

was

remarks

would

war

we

conserve

June 19 by Jose Man¬

on

Air Force.

raise
bonus of

a

each

Consumers
sales

Total

agreement

Dodge's

pay

Gov¬

Reserve

/
Y
Democratic action is based

free

reached

whereby that

Mexico,

Miners

plus

for

1,684,990

—.

Phelps
in

general

a

centavos

f Per Cent

country

property,

June

granted

and Round-Lot

the

11.75c., f.a.s. United

60,780
__

been

and

.

v

June 19 that

on

had

his

he also said:

"offers

Havana

States ports.

ended

(Shares)

Total for Week

sales

} Other sales

Cuba

The

on

coming

into

of

Federal

Efforts," declaring that

this

and I do

.

training aviation personnel and
for operations against
enemy un¬
dersea craft."

ment

Moctezuma

1942

Total Round-Lot Sales:

A.

tin,

facilities
to
the
United States War
Department for

12c., Valley, with foreign

the basis of

on

42
Stock

Stock

agreement

The

are

classification.
Total Round-Lot

at

The

result,

a

registered

held

engaged

the round-lot transactions of specialists in
not directly comparable on the two exchanges.
The number of reports in the various classifications may total more than the num¬
ber of reports received because a single report may carry entries in more than one
stocks

A"

the

win," he said,
and added, "whether: we win.and
how soon depends on what you-

tonnage to be re¬ uel
Cortina, Cuban' Minister of
during July will be about
State, and Spruille Braden, the
large as that allocated for June. American
Ambassador.
Quotations on domestic business
The
Department's
announce¬

copper

Note—On the New York Curb Exchange, odd-lot transactions are handled solely by

specialists
of

moving

Board

devoted

of

win

&

——-——-—

ment

y ''*

metal

of-"Grade

"loss

leased

—

Reports showing

next

85

basis

ington announced
an

Jqly allocations of copper came
through in record time, and pro¬
ducers, in some instances, started

Exchange
\

\

on

initiated

Copper

'.,,

693

.

—-—

Reports showing other transactions
the

;

.

■Y;%;;,7.'-yy

the

on

with

fjv,

in part:

the

speakably catastrophic."

The State Department at Wash¬

Requirements Plan

The

168

983

specialists

as

Y

Exchange

—

1.

System,

Cuba Gives U S Air Bases

military

products.

Smelting

cad-<&—

of

Use

ended June 13:
published are based upon weekly reports filed with the New York Stock
Exchange and the New York Curb Exchange by their respective members.
These
reports are classified as follows:
Y.Y
N. Y. Stock
N. Y. Curb

of

"Our War

on June 23 that
July allocation certificates are ready, with
the result that the metal will move into
consumption ahead of time.
last week granted
permission to the American

OPA

mium

of

war.

of WPB

,

data

.

on

member

"E. & M. J. Metal and Mineral
stated:

>

The

Flag Day rally in Pitts¬
June 14, M. S. Szymezak,

a

burgh
ernors

sion.
Short sales are shown separately from other sales in these
figures, the Commission explained.
/
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended June 13 (in roundlot transactions) totaled 552,565 shares, which amount was 15.82%
of total transactions on the Exchange of 1,745,770 shares.
This com¬
pares with member trading during the previous week ended June 6
of 893,645 shares, or 17.36% of total trading of 2,285,810 shares.
On
the New York Curb Exchange, member trading during the week
ended June 13 amounted to 82,890 shares, or 14.85% of the total vol¬
ume of that Exchange of 279,070 shares; during the preceding week
trading for the account of Curb members of 90,885 shares was 15.24%
of total trading of, 298,135 shares. v..'-y-yy''
■
•
-/
The Commission made available the following data for the week
.

Metals-Copper Branch Speeds

Note.—Upon request of the Office of Censorship
production and shipment figures and other data have been

certain

series of current figures being published by the Commis¬

a

Thursday, July 2, 1942

;

Editor's

and the volume of round-lot stock transactions for the account of all

tinuing

CHRONICLE

■

.

Democracy Must Work
July Allocations-Electrolytic Tin At 52c To Win Lasting Peace

June 26

on

figures showing the daily volume of total round-lot stock sales on
the New York Stock Exchange and the New York Curb Exchange
members of these exchanges

',

•

Non-Ferrous

Trading On New York Exchanges
The Securities and

& FINANCIAL

■

social, and political stability for
our

country and for other

tries

of

coun¬

the world..

The rally was held under
the
auspices of the Central Council of

Polish-American Organizations of

Pittsburgh.

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4086

Volume" 156

31

Total Loads

'

Railroads

,

20,1042, Totaled 844,313 Car?

Loading of revenue freight for the week ended June 20 totaled
844,913 cars, the Association, of American Railroads announced on
June 25.
This was a decrease below the corresponding week in 1941
of 40,626 cars or 4.6%, but an increase above the same week of 1940
of 116,420 cars or 16.0%.
Loading of revenue freight for the week of June 20 increased
12,187 cars or 1.5% above the preceding week.
Miscellaneous freight loading totaled 379,818 cars, an increase of

above the preceding Week, and an increase of 3,593 cars
corresponding: week iri 1941,
V
Loading of merchandise less'than carload lot freight totaled 94,075 cars, a decrease of 481 cars below the preceding week, and a de¬
crease of 65,6*90 cars below the corresponding week in 1941.
Coal loading amounted to 164,500 cars, a decrease of 1,841 cars
below the preceding week, but an increase of 3,378 cars above the
corresponding week in 1941.
• ,r
v-; '\--vyGrain and grain products loading totaled 38,946 cars, an increase
of 4,260 cars above the preceding week, but a decrease of 7,628 cars
below the corresponding week in 1941.
In the Western Districts

2,611

cars
above the

alone, grain and grain products loading for the week of June 20
totaled 26,174 cars, art increase of 3,333 cars above the preceding

week, but a decrease of 6,534 cars below the corresponding week in
1941.
-Vf .--V.
: Livestock
loading amounted to 11,031 cars, a decrease of 128
cars below the preceding week,'but an increase of 1,942 cars above
the corresponding week in 1941.
In the Western Districts alone,
loading of livestock for the week of June 20 totaled 8,033 cars, an
increase of 77 cars above the preceding week, and an increase of
1,710 cars above the corresponding week in 1941.
Forest products loading totaled 49,970 cars, an increase of 1,709
cars above the preceding week, land an increase of 6,415 cars above
the corresponding week in 1941.<
!.
Ore loading amounted to 92,264 cars, an increase of 5,979 cars
above the preceding week, and an increase of 16,613 cars above the
corresponding week in 1941.
■"'■{'.'-'■■i'-'Coke loading amounted to s 14,309 ..cars, an increase of 78 cars
.

.

the preceding

week, and an increase of 751 cars above the
corresponding week in 1941.
The Southern, and Southwestern districts reported increases, but
the Eastern, Allegheny, Pocahontas, Northwestern and Central West¬
ern districts reported
decreases compared With the corresponding
week in 1941, but all districts reported increases over 1940.
above

L

Five

weeks

of

Four

weeks

of

Four weeks

of

3,454,409

Februarys.

3,122,773

2,866,565
3.066,011

3.171.439

March.

of

Week

of -June

Week

of

June

J

2,793,630

2,495,212

4,160,060
852,940

3,351,840

-

y.-...

2,489,280

4,170,713
854,689

13___

3,215,565
2,465,685

3,351,038

.

June 20.—

Total

f

6

832,726

862,974

844,913

885,539

; 20,206^564

702,892

712,921
728,493

18,942,128

:

16,161,888

the freight carloadings for
the separate railroads and systems for the week ended June 20, 1942,
During this period 51 roads showed increases when compared with
the corresponding week last year.
The 'following table is a summary of

REVENUE FREIGHT

.

LOADED

AND RECEIVED FROM

Connections

Freight Loaded

Bangor & Aroostook.
Maine—.

Boston &

Central

Vermont—....—...

1941

1,652

641
i.38o

: 1216

251

266

•5.766

9,013

L<:V 7,085

14.634

13,9?5

1,530

1,422

1,403

2,053

2,553

29

22

11

50

54

Chicago, Indianapolis & LouisvilleIndiana—

1942

1,310

1941

[Z

Central

1940

1942

;: 359
924

:

Arbor—.—....

V,

:.

547

,953

1.468

1,311

2.637

2.741

6 362

7.023

5,908

11,464

10.240

Delaware, Lackawanna & Western-

7,983

10,591

8,912

10,508

9,225

&

&

Detroit

& Ironton
Detroit & Toledo Shore Line.....

Erie

313

Mackinac———.

■.

Toledo

Detroit,

1,638

»

.

Grand

Trunk Western

Lehigh

&

.

Maine

Central.^.—,

Monongahela.
Montour
New

3,579
15,778

7.638

9,096

182

210

219

3,456

2,516

2,072

2.447

2,061

2,086

1,958

8,939

10 361

9.074

13.006

10.140

2.026

3.333

2,810

2,570

2,553

2,033
44,122

9,722
1,195

12,314
1,378

9.340

York, "Ontario & Western——^
Chicago & St. Louis
Y„ Susquehanna & Western
Pittsburgh & Lake Erie
—
Pe're'' Marquette——— ■:
Pittsburgh & Shawmut.
..ii.—
Pittsburgh, Shawmut & North.
Pittsburgh. & West Virginia.
Rutland

1,239

2.527

2,650

7,117

6,971

5,634

16 393

14.054

525

435

400

1.579

1.979

8,238
5,390

8,896

7,652
5,720

9,429

9.935

7,451

6,198

6,574

785

658

890

22

52

'■

—

52,381

19,577

17.228

476

333

261

449

1,210

892

3,666

2,735

326

.577

677

928

1,208

5,263

6,427

4,816

12,519

11.906

5,487

5,596

4,958

.4,764

158,319

189,891

154,712

225,838

214,467

....

1,547

1,810

showing

2,756

2,846

transactions

199

200

281

136

196

113

1,009

614

799

-455

378

740

687

34

39

22

188

79

1,453

1,148

1,112

2,905

1,819

442

484

258

552

3,805

2,945

3,993

3,177

18,959

14,166

26,395

26,671,

16,126
10,170
/•' 764

160

22,045

.

170

122

7,281
859

174

171

148

553

387

3,845

3,807

2,758

3,948

3,500

2,799
348

1,718

2,308

1,799

1,146

474

444

1,075

1,695

517

Seaboard

Air Line.—.

11,446

Southern

System.—

22,944
609,

:

408

326

10,734

6,705

10.255

8.343

8^059

6,208

25,421

20,085

'
,

20,207

21,815

567.

443

1,116

955

80

141

129

883

894

123,453

119,887

97,665

107,505

89,345

Central—

Winston-Salem Southbound...

•

,

Allegheny.

Chicago & North Western—.—

Chicago

Great

,21,603

22,263

.20,242

12,399

12,785

1,977
18,223

2,882

2,369

3,002

3,356

22,427

9,884

9,880

Western..^

Chicago, Milw., St. P, & Pac..._j.._.

Chicago, St. Paul, Minn. & Omaha—
juluth, Missabe & Iron Range
South Shore & Atlantic.....
....

Buffalo

746

475

1,057

1,199
22,989

Ohio——

41,329

41,768

33,000

26,945

Lake Erie........

7,488

7,340

5,837

2,646

284

249

348

3

2,052

2,017

1,490

8

7,143

8,702

7,373

19,016

16,700

690

691

543

58

20

Jessemer

&

Cambria

&

& Indiana————

Central R. R. of New Jersey...
Cornwall

i

'

——

Pennsylvania—
Ligonier Valley—_
—
Long Island——
Penn-Reading Seashore Lines.
Pennsylvania System———
heading
Co.—......——
Jnlon
(Pittsburgh)
—-——
fVesfern Maryland
-j.—
Cumberland

&

—

Total

i
....—

—.

Creat Northern—

2,662
•"

Norfolk & Western

Virginian

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

......

—




Commission by the odd-lot dealers
and

specialists, are given below:

STOCK

TRANSACTIONS

ODD-LOT

ACCOUNT

DEALERS
THE

ODD-LOT

NEW

YORK

STOCK

EXCHANGE
Total

value

339

537

9,802

10,535

9,188

10,321

10,250

Customers'

short

sales....

128

523

623

464

119

115

♦Customers'

other

sales..—

8,624

Customers'

total

sales-

8,752

2U098.

.5,529

4,199

496

591

499

707

782

2,541

24,165
2,563
1,969

3,108

56

97

1,956

2,547

6,423

3,286

2,115
3,219

9,671

4,973

4,816

292

427

367

7,748

7,904

11,014

10,792

1S2

,

.

332

.

2,720

1,755

2,966

2,059

138,918

121,644

60,609

58,904

2,607

Number of Shares:

Customers'

short

sales—

♦Customers'

other

sales..^.

Customers'

Dollar

■'

24,460
3,040

*

ilton

724

665

17,421

2,405

7,58(

4,393

2,834

521

121

6o

10,627

9,566

2,670

1,815

855

11,888

14,266

13,299

1,820

2,762

2,560

11,368
2,762

.

:

.

216,077

_-

6,656,262

Shares:

:

i

v

Lake..

701

671

678

1,858

2,222

2,098

5,073

1,652
3,599

566

373

252

15

30

1,398

1,428

1,147

1,194

1,058

1,863

2,073

1,708'

2,361

1,906

•

City

;

—

1,255

1,143

839

368

2,027

2,091

1»848

119

117

1,118

843

757:

487

484

11

12

17

0

C

30,313

31,543

26,375

9,998

6,754

257

299

330

1,514

1,535

12.546

14,915

12,595

12,273

10,461

597

296

167

•J6

4

2,105

1,732

1,624

3,380

2,466

117,882

126,637

106,359

79,246

65,380

•
—

Northern
........

Peoria & Pekin Union
Southern Pacific

(Pacific)
Toledo, Peoria & Western.......
Pacific System

L"

Utah'

:

Pacific-——.

110

sales

71,410

Total sales

788

.

10,846
3,14S

3,243

Illinois Terminal—

Dealers—

.

Number

♦Sales

of

customers'

Island

...

;

Kansas, Oklahoma & Gulf

^

Kansas

...:

City Southern...

Midland

;

—

Valley.

Missouri-Kansas-Texas
Missouri

and

orders,

production during the

week ended June 20, 1942, was 4%
less than the previous week, ship¬

191

165

191

2,291

2,262

1,750

ers

1,941

2,600

associations

286

258

1,090

2,00
1,014

345

;

2,446

1,902

2,757

2,263

tions

of representative

2,152

1,694

2,083

1,920

and

softwood

371

1,078

were

474

662

/

187

;

212

1,307

417

220

313

160

292

397

3,78.'
11,227

-5,266

4,436

3,865

4,078

15,363

16,982

11,675

17,170

77

104

9,035

7,635

7.670

5,678

St. Louis Southwestern

2,710

2,778

2,473

3,498
4,034
4,599

Orleans

—

Note-—Previous year's

154

40

10.234

7,347

5,587

4,571

3,826

3,859

6,860

112

187

136

45

52

25

14

16

35

63

64,519

55,617

44,416

...

Total

-;

6.671
4,364

W. & N. W

Weatherford M.

regional
the opera¬

321

109

Pacific

from

.

covering

4,916

145

Lines

Association

3,640

8,673

New

less, new business,
less, according to reports to

the National Lumber Manufactur¬

222

Quanah Acme & Pacific

59

43,903

9%

orders

hardwood

mills.

Shipments

above production; new

8%

above
production.
Compared with the corresponding
week of 1941, production was 2%
less, shipments, 2% greater, and

10%

business

new

ments in the

week.

same

Year-to-Date Comparisons

Reported
first

Weekly Statistics Of Paperboard Industry
We give herewith latest figures received
by us from the National
Paperboard Association, Chicago? 111., in relation to activity in the
paperboard industry.

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%; sc#that they represent the total
■;•/■■■•:;•..
•.;yV
industry.

,

19

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

?

r

;

Orders

Production

Received

Tons

Tons

Ordzrs

Percent of Activity
Current

Tons

7——

Mar.

14—

Mar.

riod.

48

776

830

574

3,293

3,381

Apr.

4.—

Mar,

business

was

26% above pro¬

Supply apd Demand Comparisons
of unfilled orders to

The ratio

stocks was 68% on June 20,

gross

1942, compared with 44% a year
Unfilled orders were 21%
greater than a year ago; gross
were

22%

less.

Cumulativt

Hardwoods

101

101

100

101

157,908
144,061

476,182
465,439
442,556

101

101

ended June 20, 1942,

100

101

161,888

169,249

436,029

100

101

428,322

93

responding week a year ago, arid
for the previous week, follows

404,199

94

101

388,320

93

100

Record

for

the

for the

1,762

1,303

2,362

1,939

Apr.

11—

145,000

153,269

67,228

64,411

62,184

Apr.

18

129,834

153,442

15,017

23,100
6,667

25—.+—r.

139,026

156,201

18,450

27,614
8,109

Apr.

21,344

17,992
20,156

May ' 2.——.......

4,321

4,278

3,372

12,266

9,175

135,273

152,569

May

130,510
119,142

143,427

360,221

86

99

1942

1941

141,745

336,530

82

98

Week

Week

120,224

140,650

316,443

81

97

Mills

113,059

132,901

288,516

77

96

Production

150,130

9

28.697

29 072

24,813

13,413

13,995

23.387

24,619

19,622

7,240

6,890

4,747

4,811

3,952

2,133

2,012

...

.....

23___

.....

May' 30...
6—

June

13

June

20

...

•>

,

90

371,365

101

22,897

'orders.!

v

or

'

,

......

69

95

125,016

274,512

72

94

Orders

117,924

248,594

69

93

283.390

production, do noi

filled stock,.and other items made necessary adjustments of unfilled

'

1942

99

98,766

Note—Unfilled orders of the prior week
plus orders received, less

orders made for

SOFTWOODS AND HARDWOODS

115,300

120,374

'•

'

cor¬

5

in thousand board feet:

Shipments

110,226

week

current

89,129

16__

pe¬

1942,

duction, and shipments were 15 %
above production.

1,729

May
May

1941

the 24 weeks of

84,043
13,864

—.

the
2%

505,233

140,125

i

—

for
was

165,081
166,130
169,444
168,394

....

28——L—.—

For

Softwoods and
177,823

1942

above the orders of the

1942—Week Ended
Mar.

of

coresponding
weeks
of
1941; shipments were 6% above
the shipments, and new orders 9%

stocks

Renaming

.

production-

weeks

ago.

:Unfilled
Period

24

below

new

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

42

22,786:

in¬

The

less.

dustry stood at 137% of the aver¬
age of production in the corres¬
ponding week of 1935-39 and
158%
of average 1935-39 ship¬

figures revised.

-V*

10

48,387.

to

Ended June 20, 1942
Lumber

2,303

St. Louis-San Francisco

57

.

re¬

sales

Lumber Movement—Week

2,494

u

Pacific

79

58,502

are

tSales to offset

477

177

;

Missouri & Arkansas.

221

56,831

78,480

,

exempt"

liquidate a long position which is less than
a round lot are reported with "other sales."

2,809

Litchfield & Madison

97

167,855

i

—.

"short

odd-lot

4,441

—

Lines

Coast

330

155,310

''•

'

shares

marked

ported wlth"other sales."

19%

International-Great Northern.—..—.

151

196,087

71,520

.

by

ments were 3%

253

186,099

213,021

:

by Dealers-

Round-lot Purchases
.

Denver & Rio Grande Western

Western

2,963

10,474

14,327

Chicago & Eastern Illinois

Union

tOther

*20,439

25,463
3,749

15.545

Garfield

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

Pacific—.,

...

3,056

4

Short .' sales

itch., Top. & Santa Fe System

Western

total. sales

value

Round-lot Sales
Number of

North

•

(Customers' Sales)
Number of Orders:

Central Western District—

Missouri-Illinois

7,939,092

...

3,988

'■■'4

Nevada

.....

Odd-lot Purchases by
Dealers-^-

524?

137,810

fort Worth & Denver

-

.

217,909

318

x

Total

Salt

n

shares—

3,551

2,048

;

Dollar

of

.1,549

———

&

for week

Odd-lot Sales by Dealers:
(Customers' Purchases)

20,054

Spokane- International-.—...
Spokane, Portland & Seattle..

Denver

ON

1,200

Superior & Ishpeming
Minneapolis & St. Louis.—......
Minri., St.' Paul & S. S. M

&

THE

FOR

OF

SPECIALISTS

AND

3,904

necessarily equal the unfilled orders at the Close. Compensation for delinquent report^
Total

The figures, which are

based upon reports filed with the

24,048

25,476

"5

Pocahontas District—•

& Ohio....

mission.

1,809

jreen Bay & Western

Bingham

on

the New York Stock Exchange,
continuing a series pf current figr
ures being published by the: Com-*

3,329

_,aae

June

Chesapeake

ac¬

and

28,422

<£lgin, Joliet & Eastern..—
Ft. Dodge, Des Moines & South

Northern Pacific

stock

-

odd-lot
dealers

19,385
3,591

Ouluth,

STATISTICAL
632

Creek & Gauley.——

laltimore

of

the

odd-lot

specialists who handle odd lots

Number

District—
,

volume
for

all

Number of orders.—8,337

District-

Northwestern

.

Ikron, Canton & Youngstown.

the

of

count

Week Ended June 20,1942
Total

50

■

6,227

.w—

Wheeling &.Lake Erie

9Q'

54.818

1,145

390

^

Wabash'

Total

-

"

458

1,290

351

477

4,800

2.407

53.956

New York,
N.

359

6,375

2,428
46.946

r

460

1,694

23,707

:

summary for the week ended
June 20, 1942, of complete figures

392

4,017

Northern—.....—.—..
Richmond, Fred. & Potomac.—.—..

Tennessee

6,238
4,267

4,237

25,651

Piedmont

Wichita Falls & Southern

2.557

17,052

New.

—

&

314

N. Y.j N. H. & Hartford—u—w——"..

Southern

8,728

,

286

wMann,!*

Mississippi Central..^._ii,.i.^ii.i<ii.."
Nashville, Chattanooga it St. L.
Norfolk

1,042

9,182

a

1,723

Macon, Dublin & Savannah—..—.

&

■;1

3,902

383

Texas

4,727

6.412

—

11,309
4,497

Z

Illinois Central System..
Louisville & Nashville..

Texas

12,612

—*.

Lines

13,072

Georgia & Florida-

143

436

—

.

York Central

1,105

26

Gulf, Mobile & Ohio-

1,516

6,693

-

•

132

16.387

.

—

Commission made public on June

,f

1,171

:•

131

1,805

——

Gainesville Midland-

323

240

Hudson River.

Valley—

Florida East Coast....

Georgia

2,035
:*

292

2,415

654

.

——

Exchange

247
663

—

365

.

3,702

Lehigh & New EnglandLehigh

i

Trading-

and

793

4,406

Western Carolina

Securities

381

Greenville,..!

Southern....

&

The

'807

;

3,081

13,192
...

........

Louisiana & Arkansas.

Hudson-——.-—

Delaware

—

Burlington-Roclc

Received f rom

Total Revenue

District-

Eastern

Durham

Gulf

Total Loads

Ann

&

NYSE Odd-Lot

1941

Southwestern District—

CONNECTIONS

(NUMBER OF CARS)—WEEK ENDED JUNE 20

,

Railroads

Charleston

1942

772

<

'

Atlantic Coast Line
Central of Georgia

Columbus &

1940

1941

654

,

....

Colorado & Southern

'1940

"

-

3,859,273

of May..—---.

Week

1941

January—.

Four weeks of April—.s—.
Five weeks

"

P.—W.R.'R. of. Ala.—,—
Birmingham & Coast.

Clinchfield

Connections

358

Atl. & W.

Atlanta,

Received from

1942

Alabama, Tennessee. & Northern—

;

Total Revenue

Freight Loaded

•

District-^

Southern

Ended June

'

Mills

_

.

....

463

463

263,102
287,486

269,630

'£73,179

281.539

*296,566

285,425

318,544

353,843

•

481

Softwoods

Hardwoods

1942 Week

1942 Week
102

377

-

Previous
Wk. (rev.i

.

Production.

252,318-

100%

10,784—100 7<

Shipments.

271,366
269,530

108

16,120

149

107

15,895

147

Orders

—

THE COMMERCIAL & FINANCIAL CHRONICLE

32

Science at the Women's

New War Bend Manual

College of
University of North Carolina,

the

Associate

as

Sent Out to Banks
As

Fred

C.

Lendrum,
Carl

W.

June

24

idents

Weis

were

to

Second Vice-Pres¬

be

of

Bank,

Huffard

promoted

appointed

was

received permission
Banking Depart¬
life insurance de¬

has

the

State

banks of the nation

At

of

meeting

regular

a

the

Board of Directors of the National

City Bank of New York held June
23, John L. Curtis was appointed
Assistant Vice-President.

an

Guaranty
New York

announces

Milton

of

ment

Schwarz

A.

Assistant Comptroller.
Manufacturers

York City, has been

Co.,

80.25% of their claims and the

as

authorized by

the State Banking Department to

branch office at 380 Sixth

open a

after

Avenue,

discontinuance

Aug.

the

of

of¬

1 upon
the branch

to

the

coordinated

a

promotion

War

Savings

plan

United

of

Bonds."

War.

the

and

home

mer

Orange, N. J.
He was 82
years old.
Mr, Parish had been
associated
1877.

He

career

the

with

his

began

as

a

since

bank

banking

his
the

for

messenger

father's bank, then known as
New
York
Life
Insurance
and

Trust Co. and
ident in

became Vice-Pres¬

The Bank of New

1900.

York and the New York Life In¬
and Trust Co.

surance

in

was

merged

1922 to form the Bank of New

York

and

Trust Co.

The institu¬

tion reverted to its original name,
Bank of New York, in July*, 1938.
Mr. Parish

American

treasurer of the

was

Geographic

Society,

a

member of the, executive commit¬

tee

the

of

New'York

Historical

Society,, Treasurer of the Havana
Relief Fund Society, a director of
the Atlantic & Charlotte Air Line

Railway
and

Co.

Vice-President

and

director of the Parish Safe

a

Deposit Co.

further divi¬

no

used

It

the

selling

M.

J.

Fleming,

Federal

land,

Reserve

Bank

announced

admission

of

President
of

16

per¬

the

30,

James

and

R.

Hobbins,

Director

Copper

Mining

elected

Anaconda

Company,

director

a

President

the

of

June

of

the

was

bank.

Mr. Hobbins is also President and

Director of Andes Copper Mining

Co., Butte Water Co., Chile Cop¬
per
Co., Chile Exploration Co.,
Diamond Coal & Coke Co., Mon¬
tana
Hardware Co.;
Vice-Pres¬
ident and Director of Butte, Ana¬
conda & Pacific Ry. Co. and Di¬
rector

of

American

Brass

Co.,

Chile Steamship Co., International

Smelting

&

Investment
Power Co.

Peter

Refining Co.,

Corp.
-

Van

Brunt,

Vice-President
over

and

Montana

-■:-

•

.

Mines

of

Assistant

Central

Bank and Trust

Han¬

Company of

New York, has resigned to accept

special assignment in the Navy
Department.It is announced that
a

lie will be located in
D.

Bank

of

West

Manchester,

of

System.

serve

With

the

/

State-cfetered

number of
ber

is

banks

181,

in

the

Fourth

of which

State of Ohio.

144

The

marily

agricultural.

that

these

said

Mr.

all

pri¬

are

"The

fact

small

banks,"
"evidences a
growing appreciation that smaller
banking units find membership in
the

are

Fleming,

System
helpful

Stanley

the

regular meeting of

the

Ropa,

The
vital

savers

has

the

loans

of

of

the

the
New

York Trust

Company on June 30,
Bierwirth, President, an¬
nounced
the
appointments
of
Frank M. Aukamp and Harvey A.
Basham, Jr. as Assistant Secre¬

John E.

taries.
the

Both

are

company's

Division.

Mr.

with

the

New

pany

for

26

has

for

been

associated

with

Corporate Trust
Aukamp has been
York

years.

employed

Trust

Mr.

by the

14 years.




Com¬

Basham

bank

War

did

you

monials to
That

record

for

of

making

construction

more

and

Savings
o

Bonds
of

engaged
very

that

position

financial

as

but

societies,
clubs,
pro¬
fessionals,
insurance ' companies
and
fraternal
organizations are
permitted by State law to invest
in the Peoples Federal Savings.

ful

June 22 made

on

placement

a

$26,-

sold publicly at par,

$10,810,000, dated July 1,
1942, and due Dec. 1, 1942, carries
coupon rate of

0.65% and $16,105,0000, dated July 1, 1942, and
due May 1, 1943, bears a
coupon

0.50%

a

coupon

of

Oct. 1, 1942,
privately at par. Of the
proceeds of the sale $28,455,000
sold

will

be

used

to

pay

off

like

a

amount of debentures due July 1
and
$2,060,000 is for new

next

At the

money.

July

1

next the

outstanding

tures,

an

close

of

business

banks will

$301,530,000
all-time high; ■

have

deben¬
* * *

•

and

would
tion's

income

current

otherwise
financial

flood

which
the

of

of

Rutgers

dered

distinguished

the

arteries

discharged

conscientiously

Throughout

fruitful

long

and

have

displayed

career

unusual

financial
security for use
during the period of industrial

readjustment after the
To

create

a

nationwide

ing habit which will
country's

war.

serve

banks long

sav¬

the

after the

these

Federal
are

re¬

we

that

further

are

in¬

certain

we

contemplate

the

no changes in
practices of our

current

head office and Buffalo branch
with respect to giving credit for
cash items drawn
at

New

on

or

payable

York banks which will

not be open for business on Sat¬

urdays during such period.
;It should be remembered that

there

will

be a delay of one
day in returning cash
items that may be dishonored
by drawee banks which are not
open for-buslness on Saturdays

business

during
above

the
and

periods
in

mentioned

advising

you

of

the fate of such items.

talent

and

as

a

you

Treasury Considers
5% Withholding Tax
cretary of the Treasury Morgenthau disclosed on June 25 that

the plan for collecting individual
registrar of income tax at the source, tenta¬
The Graduate School of Banking tively fixed by the House Ways
since its inception in 1935.
He and Means Committee at 10%, is
was
national
secretary
of
the now being considered for possible
American Institute of Banking for revision to a withholding rate of
Under the plan adopted by
22 years, arid has been secretary 5%.
Hill

has

been

of the American Bankers Associa¬

since Nov.

tion

the House group, at the

suggestion,

1, 1937.

10%

To Sell War Bonds On RFD
Millions of persons in
and

the rural

will be provided with a new

areas

convenient

of

method

pur¬

result of
Of¬
fice Department authorizing rural
carriers to accept applications for
chasing War Bonds
an

order

War

issued

as

a

by the Post

Bonds, the Treasury Depart¬
Staff an¬

ment's Defense Savings

nounced

bonds

on

June

The

24.

an¬

at

the

time

pay

for the

of

making

application, and payment must
in
cash
or
War
Savings
by check.
The car¬
give receipt for the
purchase price and will in most

Stamps
rier

Elliott, Dean of Women and
4

or

will

cases"

a

Treasury's
withholding rate of

would begin on Jan. 1, 1943,

with taxpayers permitted to

one-half to taxes

half

and

to

However,

a

1943

on

apply

1942 income

tax

House

liabilities.

Committee

member suggested to the Treasury
and the Joint Committee on In¬

ternal

Revenue

Taxation

that

a

withholding tax
rate*'oT5Yo\be ap¬
proved with all of this being ap¬
plied to 1943 income taxes\ and
that

10%

a

1944.

The

Committee

must

be

announced

History and Political

Second

District which

on

of Master of Arts..

the appointment of Harriett Wies-

Professor of

the

pay¬

not be open for business
Saturdays from July 4, 1942
to Sept. 5, 1942, both
inclusive,

you

I am au¬
thorized by the Trustees of Rut¬
gers University to confer upon
you, honoris causa, the degree

Secretary of the Treasury Mor-

man

in

on or

Jersey banks

on

your

In recognition of

achievements

personal tribute to

Joins War Savings Staff
25

addi¬

in business and educational ad¬

ministration.

Purchasers

June

Buffalo
an

will

••

the

nouncement says:

on

and

defer for

banks lo¬
in the State of New York

cated

as

war.

genthau

be

day, i.e., for three busidays after receipt, credit

While

public official of the City

a

of New York.

office

will

formed

duties inherent in your position
as

would

Fridays to andJncluding Sept. 11, 1942.
■

'

with

of

head

located

You have

field of law.

credit

such Saturdays if they
not public holidays; and

Reserve

editor and practitioner

author,
in

service

payable at

or

on

ceived

June

conferring the degree upon Mr.
Hill, Dr. Clothier read the follow¬
ing citation:
:;V Over the years you have ren¬

section
Statutes

Northern New

able at other New

Clothier, Presi¬
University.
In

by Robert C.

dent

on

for cash items drawn

Banking

on

in

tional

of The Grad¬
at the

Registrar

for

Jersey Clearing House Associa¬

now

na¬

disastrous inflationary cash.
To create individual backlogs

drawn

branch

Richard

on

Reserve

open

Revised

tion for which

Chairman

channels that portion of Amer¬
ica's

The other issue of

carrying

and maturing

was

help pay for the stupen¬
production of war equip¬
required for victory. >
To
siphon
into
productive

ment

success¬

$30,515,000 de¬
through Charles R. Dunn,
York, fiscal agent for the

$3,600,000

stating the aims of the War
has

dous

of

rate of 0.85%.

In

conferred

School

Mr.

To

FIC Banks Place Debs.The Federal Intermediate Credit

26

munity

Bond program, the Secretary
the following to say:

York

commencement exercises

greater

and

New

was

Hill,

uate

your com¬

sponsibility for continued
mounting contributions.

the

of

given

War

coun¬

has assumed an even
significance and auto¬
matically an even greater re¬

that

W.

we

selor to the people

in

Co.,

the

of Arts

of the
America's finan¬
Now

described

36:1-1

at

Savings Staff of the
U. S. Treasury Department.
"
An honorary degree of Master

War

and

Manager of the Peoples Fed¬
eral Savings indicates that invest¬
ing is not limited to individuals,

of

be

purposes

ness

glowing

a

•.

Kuebler, Assistant Pro¬

New York Down State

Federal
not

members of the

University, Evanston, 111.
Diplo¬
were presented by Dr. Lewis
E. Pierson, Chairman of the Board
of
Regents
of
The
Graduate
School of Banking, former Chair¬
man
of the Board of the Irving
Trust

will
on

fessor of Classics at Northwestern

in a struggle for
existence as a nation,

are

oui»

your

sell

G.

Second

business

items

weeks

address

portion of the State

Jersey.
In the circum¬
stances; therefore, our head of¬
fice will defer, until the next
business day,
credit for cash

delivered by Dr.

was

a

lo¬

of New

residence.

in

were

banks

Saturdays from
June 20, 1942 to Sept.
12, 1942,
both inclusive, which have been
made public holidays for the

com¬

two

the

the

Jersey that is included

District

our

quality

institutions.

modeling in its immediate section
t

to

is

the

to

patriotism
cial

re¬

testi¬

compensation—volun¬
launched
a
great and
drive

of

commencement

Clark

of

tarily

in

were

14,000 commercial
banks—without a

savings

cent

has

war

democratic way.

our

over

and

even

of the finest

one

that any other such organization.
A1 C. Ropa, Assistant
Secretary

a

meeting

States

What

tribute

were

the

nificent.

and Loan Association of Chicago

of which

Trustees

of the most

one

unstinted contributions to

United

successful

915,000

of

of

officers

The

America."

our

Federal Savings and Loan Asso¬
ciation of Chicago.
It is claimed
that the Peoples Federal Savings

merly supervisor of the branches

Following

success

of

your

to thousands of
and investors of the Peoples

in

Board

of

Banks

country's war ef¬
forts is in your hands.
To date,

per annum

Of the total amount

tant Vice-President.

the

In this he says:

become

of 3 %

im¬

be used.

can

before the outbreak of

banks.

Assis¬

the

Federal

New

an

to

sage

of
the
Peoples
Savings and Loan Asso¬
ciation of Chicago, announces the
payment on July 1 of a dividend

sessions

New

<:

exceptions

of New

a
course
requiring
two
of extension work at home

three

of

informed that with

are

cated in the

mas

word to the manual "A War Mes¬

Executive

bentures

appointed

stresses

are

Savings
Bond program have been mag¬

City Bank of New York held on
June 30, Carl W. Hayden, for¬
was

y:.

Secretary of the Treasury Morgenthau has written as a fore¬

the

Board of Directors of the National

India,

V:'vL

Vice-President

Banks

At

manual

methods that

not only desirable,
to the communities

W.

speech material

few

year

Rutgers during the
month of June.
During the two
weeks'
session
just closed
543

already

portance of training bank em¬
ployes for the job and suggests

the

members

new

operate in sections which

and

newspaper

of

We

Graduate

graduated have

Bank

June .19 regarding

on

Saturdays:

on

examiners

The

Reserve

the collection of cash items drawn
on
banks not open for business

in residence at

effect by banks.

given.

sev¬

Sproul, President of the

to members

The 174 student bank of¬

who

the exercises

of

The

mem¬

in

ciation.

ficials

addition, it contains sug¬
gestions
for
activity
in
the

Sources

District

are

advertisements

for

areas

York, issued the following notice

at Rutgers University
American Bankers Asso¬

the

fields

sion of these institutions the total

'

bank

school.

bank

also

admis¬

the

by

staff

Bond

urban

Administra¬

conducted

banks.

publicity,
direct mail, and radio, outlining
plans found to be effective.

Co., Mount Eaton, all of Ohio, to
membership in the Federal Re¬

Washington,

C., after July 1.

state

one

pleted

Savings

and

as

School of Banking is a-school for
advanced study for bank officers

In

regular meeting of the
on

three

and

years

used with good

burg and the Bank of Mount Eaton

but

City Bank of New York

Price

officers,

tion and others from the Treas¬

tions of

the

Twin

the Peoples Banking Co. of Lewis-

Board of Directors of the National

of

ing completion of the eighth

war

furnishes

War

postal

authorized

of

One hundred and seventy bank

re¬

service, together with reproduc¬

Valley
Bank, West Alexandria, the First
State

by

been

eral months.

Allan

the American Bankers Associa¬

ury

of

Cleve¬

June

on

the

successfully
also

have

,'V

Office

by the

of

by

World

R. W. Hill Honored

specimen
newspaper advertisements, some
from the advertising service of

which they serve."

At

first

Banking School Graduates;

suggestions for win¬
lobby displays, repro¬
ducing in picture form displays

They have received dividends
totaling $1,027,361, or 60% of
their claims. '
-/..r

West

Council

the

rural

Federal

dow and

July 21.

There will be

June 26 at his Sum¬
in
Llewellyn Park,

Women's

during

at commencement exercises mark¬

dend payments to depositors in
the
commercial
department.

on

the

plan

sonnel f for
bonds and

issued

time

Bonds,
although they have been selling
War
Savings Stamps in both

in¬

come

benefit, receiving back all told
$2,013,100.
Distribution of the
made about

Trustee of the Bank of New

a

is

It

tion.

11

York, died

Staff.

Recently, Miss Eliott served

an¬

bank

been

first

chief of the Consumer Division of

ment and the American Bankers

final dividend is expected to be

Vice-President

Parish,

Savings

Association which cooperated in
its preparation.
It contains a

fice at 337-339 Sixth Avenue.

Henry

of

Defense

,

training

the

carriers

ber

garding the booklet says:
;
The booklet is a joint under¬
taking of the Treasury Depart¬

for

is

to accept applications for

War

to her country's service in war¬
time, inasmuch as she was a mem¬

States

American Bankers Association

This

the

for

The

nouncement issued June 26

in

charge of Women's Activities for

time that Dr. Elliott has

entitled

after it has

son

his postmaster.

pointed out that this is the second

32-page

new

Director

proximately 5,000 depositors of
the
savings
department
will

dividend

presently to .be
paid will give them a total of
92.25% of their claims.
Ap¬

New

a

Field

banking commis¬
sioner representing institutions in
37 states were graduated by The
Graduate School of Banking at
New Brunswick, N. J., on June 26

final

^

;

Trust

vital

reau" of June 19,

which said:
?
Previously
savings
depart¬
ment depositors had
received

in

banks

"Helping Your
Bank
Sell
U.
S.
War
Savings
Bonds," which, as Secretary Morgenthau describes it, "outlines the
form and develops various sug¬
gestions which can be considered

Co.,

Lawrence, Mass., has been ap¬
proved by the Supreme Judicial
Court. According to accounts re¬
ported in the Boston "News Bu¬

Company
of
the appoint¬

Trust

manual

final dividend
of 12%, amounting to $261,868, to
depositors in the savings depart¬
ment of the Merchants Trust

to

Treasury Department is mail¬
ing to the commercial and savings

Petition to pay a

•

aid

the

partment.

H.

further

a

their already intensive activity in
the selling of War Savings Bonds,

ment to open a

Assis¬

an

tant Cashier.

Y.,

from

on

Cloyd

York.

New

N.

National

Chase

the

of

The Bronx Saving Bank, Bronx,

Eggerstedt, John J.
John D. Revene and

Thursday, July 2, 1942

rate be imposed in
Treasury and the Joint
staffs

are

understood

to have this under consideration.

Secretary Morgenthau also dis¬
closed at his June 25 press confer¬
that he had proposed to the

ence

House
be

Committee

that

taxpayers

given

the option of paying
their 1942 income tax monthly in¬

deliver the4 Bond in5 per^ stead of

nn

-quarterly instalments.