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Final
2 Sections-Section 2.
In
YEARS
ESTABLISHED OVER 100
Edition
O
ommetcia
■
v;.v'
U.
Reg.
Volume
157
New
-Number 4186
legislation. No sooner had Congress- after
a
long and wordy battle enacted the so-called pay-as-yougo tax law than the Director of War Mobilization, the
Director of Economic Stabilization, the Secretary of the
Direct Loans To
.
.
direct loans to financially disabled nations to
help achieve world stability.
, f
,
.
According to Associated Press accounts from St. Louis, Mr.
Hemingway, in a prepared address to the Missouri Bankers Associa¬
tion, said "it is safe to say that^
they (the bankers)
are
unani¬ organizations now being formed
the gold standard and
mously in favor of the restoration
of
Now if there
were
any
-
***
:
again being heard from. This latter proposal is, of course,
nothing more than a scheme for about the equivalent of a
general sales tax arranged in such a way that the main
burden will fall not on everybody but on the same groups
who are now paying practically all of the income tax. What
other ideas the Treasury has is not clear, but no suggestions
have emanated from that office to suggest: that anything
expected from it.
V'";-(Continued
on page
2286)
as
of
that
■
t o
nations,
"I
convinced
^
~
with
better' satisfied
Hemingway
L.
W.
our
people will be
.
.
procedure
a
whereby we deal directly with the
countries that we are to assist",
through some inter¬
national body."
Other necessary steps in the es¬
tablishment of order in the world,
than
setting
nations;
from
bodies
up
that
Government
money
were
"Others
instituted for emer¬
gency- purposes
and
Says Bank Holdings Should Not Go Higher
also
To Prevent Inflationary Effect
Government must put
The
forth every effort to stimulate the
people and thus
lending
long
of
are
are
"Some of these
standing," he said.
to farmers.
such as the RACC
Crop and Feed
Emergency
of food, Loan.
necessi¬ curity
Others
like
farm
the
Administration
working
are
of
framework
that
a
Associa¬
the
As
within
policy.
know, a bill has been intro¬
in Congress to abolish the
We are supporting that
you
duced
and
bill
expect
on" it "are
"We
present testi¬
public hearings
to
when. the
mony
held.
also
have
the
that
urged
government recapture the capital
that it has put into these agencies,
such
the Production Credit As¬
as
sociation, which were intended to
be cooperative associations.
As
cooperative associations, we
no objection to them,
have
can
and
perhaps it was a wise policy
government to start them
with a subscription to their
for the
off
capital fund,,
But it seems to us
the
that after this length of time
were
for the purpose
of so-called social
We
benefits.
believe
that
these
merely the entering wedge for
a
complete socialization of our
economy.
Believing in the system
of free enterprise, we will na¬
are
combat
system."
Se¬
turally
put
that
any
inroads
on
policing
of
occupation
conversion of war
economies.
From Washington
Ahead Of The News
Mercantile-Commerce
Co., St. Louis,
said that plans for the forth¬
dent of the
and
tion
out
officials of the
the
that
given
government's money should be re¬
turned, because these associations
tivities and in the work of the are now of age and should stand
upon their own feet," Mr. Hem¬
Victory Fund Committees."
•
,
Turning to the activities of gov¬ ingway declared.
"We are opposing and will con¬
ernment
farm
lending agencies,
Mr. Hemingway said that these are tinue to oppose any government
now
22 agencies in the Federal lending agency which is created
Hemingway, who is Presi¬
Bank
As¬
Bankers
state¬
ment of policy concerning these
agencies, and I wish to emphasize
pure
vanquished
military
economies to peace
Mr.
has
persons who heretofore par¬
ticipated in the War Savings ac¬
said, will be provision
clothing and other human
buying of bonds from the current income of the
'further decrease their purchasing ; power instead
American
sociation
the
Heming¬
forces and the
detail.
"intends to create the
organization possible in each
state," 1 and that the Secretary
"urgently desires the continued
assistance and cooperation of all
ties to both victor and
Govt. To Stimulate
Bond Buying
the
best
he
Hecht Urges
which
at
genthau
money
rather
officials
He asserted that Secretary Mor-
lend
-
and the Federal
Treasury
discussed in
States
must
that
that
War Borrow¬
on
September campaign and the new
state
organization system were
the
United
said
the
Reserve
gold." :
Exp ressing
the
opinion
am
declared
Hemingway
Committee
ing of the American Bankers As¬
has recently taken part
a conference with the Secretary
***
social
provide
to
RACC.
in
of
way
state.
sociation
other
plish. the pur¬
pose as well as
the
exchange
Mr.
Mr.
the
accom¬
other
in each
basis
a
dealings.
No
will
any
standard
finan¬
i
method
good reason to hope that
legislation which results from all this would clean up the
horrible mess of tax laws now already on the statute books,
:no sensible man with the good of his country at heart would
demur.
Unfortunately, however, there is no evidence of.
any likelihood of such an eventuality. - The Administration
has not revealed in any detail what its present ideas of a
new tax
law are, but it has been broadly intimated that
any general sales tax enacted by Congress would be partly
: vetoed
and the old Treasury favorite, a spendings tax, is
constructive is to be
gold
interna¬
tional
,
'l
the
for
Nothing Constructive
i
operation
benefits.
"The
cial
-
in
Discussing post-war problems, W. L. Hemingway, President of
Bankers Association, on June 10 advocated return to
hopes to determine the real character of the legislation to
.
<$>-
the American
,
be adopted.
Financially Disabled Nations
Advocated To Achieve World Stability
"Treasury, and other officials "went into a huddle" for the
purpose of designing another tax bill.
Congress, which the
Constitution charges with the responsibility of enacting
^legislation, is apparently expected, as has been usual in
recent years, to accept what the Administration hands it
■and dutifully place it upon the statute books.
To be sure,
the Administration is apparently somewhat more careful
to observe the amenities so far as Congress is concerned but
there is little reason to doubt that the executive department
;
Copy
a
By W. L. Hemingway, President Of ABA
for further tax
'
Price 60 Cents
Return To Gold Standard After War Advocated
another : campaign
launched
has
Office
Pat.
York, N. Y., Thursday, June 17, 1943
The Financial Situation
The' Administration
S,
Trust
|
By CARLISLE BARGERON
Looking back over the history of our young country, our young
coming Third War Bond Drive are
and virgin and" unsophisticated country, with its railroad tycoons
already well under way.
and its industrial tycoons, our builders, our men who did things, you
He
described
the
Treasury's
Ambition of our men is what has
new
state organizations for con¬ get the impression of ambition.
been responsible for our growth, for the most amazingly successful
of adding to it ducting
the
financing
drive,
attainment in material comfort that the world has ever known.
expansion of bank, credit, Rudolph S. Hecht, former. which will be used for the first
Now,
telescope
that wholes
~*
President of the American Bankers Association, declared on June 10 time in the September campaign,
a victim of the turmoil, and a dis¬
in an address before the wartime conference of the American Insti¬ and urged all bankers to cooperate picture into one single chapter of
America at war again and Wash¬ credited Big Shot.
tute of Banking in Chicago.
.-y ^
fully in making the drive a suc¬
What has ever become of Don¬
Mr.
Hecht, Chairman of the eluding holdings of the Federal cess by assisting the War Bond ington a boom town, draws one
Your correspondent
Reserve Banks the total was near¬
big shot after another. Their fore¬ ald Nelson?
Board of the Hibernia National
bears, you imagine, were men who remembers acutely well when he
Bank in New Orleans, hailed the ly
He was one of
GENERAL CONTENTS
Mr. Hecht continued:
dug mines, built railroads, estab¬ was around here.
through the
v
Treasury's an¬
nounced
plan
ing bank sub¬
scriptions en¬
tirely from the
forthcoming
Third Victory
^their
ment "realizes
continue
1942
of
over
those of the present
smaller
000,000
half
R.
S. Hecht
Gov¬
debt
as
today, but
assets were only half
are
number
of
today.
During
the
last
banks increased their private
loans
materially—but this time
was
bank loans show
and
a
steady decrease
Government-securities
(Continued
on
page
Situation
are
2294)
a
and I shall never
Electronics
and
2262
Research
Regular Features
From
Ahead
Washington
News
the
.2285
2299
Odd-Lot Trading
Trading on
change
New
York
Stock
.................,. .
forget the night at a party
thing, but to add to the confusion.
And in the melee, to be crushed,
t<y have their heads cut off. In the
they haven't built any¬
thing, they haven't accomplished
anything.
The only thing they
have done is to enjoy a brief pe¬
process
of
.........
Moody's Bond Prices and Yields... .2297
Items About Banks and Trust Cos..2300
NYSE
the
thing worthwhile. The offsprings
come arunning here to Washing¬
ton, not to develop or build any¬
2261
.
Ex¬
. ..2298
A
society
columnist in one of
complaining
snobbishly recently that Washing¬
ton has
certainly changed, was
the local papers
State
General
of
Trade
Review
Commodity
...2286
Prices, Domestic Index-2296
Weekly Carloadings
—2299
Weekly Engineering Construction.. 2295
Paperboard Industry Statistics..... 2299
Weekly Lumber Movement
2299
Fertilizer Association Price Index..
*
Weekly
Weekly
Coal and Coke
Steel Review..
Output... .2298'
.....2298
(Continued on page 2300)
was
not like its former self.
But, she
added, we would be glad to know
that the daughter
of
a
certain big
give the impression of a "strong"
and bang his fist on the table
and said his ambition was to be
man
the
guests all
being
Nelson at
muttered,
fer
aw,
accomplished
has
neither
one
being
of those two men and
he is around here now in the name
only, without any authority.
We
go.
have
There
fellow
seen
was
with
them
and
come
Leon Henderson, a
no
stature
but
who
to become a household
The question came to be,
sprung up
if you
was
Nelsons,
gawd's sake.
word.
here
of two
either
Trafalgar or Battling Nelson, and
mar¬
down
when
was
ried to Lieutenant So and So. The
shot
czars
supposed to say something
facetious and instead he sought to
he
He
riod in the headlines,
.
banks.
war
held by the
commercial banks, and when inernment
total
great
there
1919, banks held about $5,000,000,000
of
Government
bonds
against
approximately
$60,000,-
end of
the
as
V
Page
..2285
Special Articles (in Section I):
Managing Managed-Money
In
be
He stated that
the
1918
much
inflationary,"
at
Financial
$4,400,0p0,000;
as
of the debt the
effect will
Editorials
than the banks
their
to
large
percentage
carry so
a
by
in
banks
if
that
increased
bought in a single month in 1943.
There were twice as many banks
Govern¬
the
holdings
banks
that is hardly more
saying
Loan,
commercial
our
first
lished industries—they did some¬
"The scale of Government bond
purchases by commercial banks in
this war as compared to World
War I is somewhat startling.
In
the three years from 1916 to 1919
eliminat¬
for
aren't in favor of Leon, you
If
facts
are
went
must be in favor of inflation.
away
from here many weeks ago,
(Continued on'page 2294)
that
her
father
THE COMMERCIAL & FINANCIAL. CHRONICLE
2286
the lower brackets
The Financial Situation
■
A Crude
Conception
•
relatively, untouched by
rent tax exactions.
-
It is 'precisely;
iiuihese
of the cur¬ iday-shortened preceding week
"Engineering News-Record."
that the
any
danger pf inflation Ties.
"
r - ■
Current reports seem to indicate that the Administration
is still determined for the time being at least to avoid "forced
•
'
inflationary gap," which Washington statisticians savings." For this it must be given due credit. It is to be
computing and which -the President says is in¬ hoped that it will not weakenin this determination. It would
creasing, appears to be responsible for the latest activity in appear that the Treasury has assumed quite enough risk in
official circles in tax matters.- The very conception of this the sale of what amount to demand liabilities in the form of
"The
never
tire of
■"gap" is crude'in the extreme and most official notions oi
methods to be use in closing it are equally so.
He would
War
Savings Bonds and Stamps.
These obligations have
placed widely among the people of the United States
have to be a naive statistician indeed who believed that he under
great pressure and often with the expressed assurance
could do more than make a rough guess of the total income that the
purchaser by acquiring these bonds is in effect lay¬
of individuals during any given period of time..
He Would ing aside funds with which to buy a new automobile, build
have to be even more gullible to suppose that he could de¬ a
house, or in various other ways satisfy his consumption
termine with anything approaching exactitude the amount demands as soon as the
fighting ceases.; It can hardly be
of such individual income which must be devoted to business that the
great rank and file of the holders of these obliga¬
•obligations and accordingly what part could be left at the tions at the end of the war will not make demands upon the
disposal of the individual for the purchase of consumers' Treasury for cash. It would be extremely short-sighted for
goods.
The task of determining the value of consumers' the Treasury to add to such burdens imposed upon itself by
goods produced, and still more, the value of consumers' goods adopting some plan of "forced savings."; It is showing good
likely to be produced in some future period is equally beset sense in trying to avoid this, danger. / Would that it could
with grave difficulty.
summon the same wisdom, in the
,/'•
development of its other
been
ideas
Strange Notions
on
taxation!
■
ignore, is the volume of consumers' goods produced and
therefore available for consumption. Indeed the whole atti¬
tude of the Administration toward civilian supplies is a
The prevailing philosophy in Washington
war it is a good thing to have the
civilian economy suffer merely for the sake of its soul.
The relatively small portion of the economic effort of
strange
seems
one.
our
allies and
our
enemies which goes into pro¬
viding consumption goods
seems to cause our own govern¬
ment to feel ashamed that we are. devoting more to our
civilian life.- The fact that the situations existing in England,
Germany, Russia, or China are wholly different from that
obtaining here seems to make no difference whatever. The
whole idea seems to be to produce as little for the civilian
population as possible, more or less regardless of whether
any such policy is necessary for maximum war production
or not.
Of course any such program as this directly tends
to widen the "gap" which so disturbs the official mind.
<
of this
"gap" should be the revision of policy as regards
supply. We should make every endeavor to produce
as
large a volume of civilian supplies as it is humanly pos¬
sible to do without interfering with the maximum war effort.
In order to make any such program as this effective, it would
be necessary, moreover, to improve the quality of over-all
management provided in Washington. The more wisely and
effectively that management is carried forward, the more
goods for both war purposes and for the civilian population
civilian
Whether
like it
or
Taxing the Wrong Groups
the
heart of those who
shape our national policy is the idea that the "inflationary
gap" can be closed by killing taxation of certain groups in
the community whose income has not benefited
by the war
effort.
It would appear that there are many who
suppose
that recent increments of
purchasing power can- be taken
from one group in the population by heavy taxation of an¬
other group. The fact is, of course, that the great
enlarge¬
ments of purchasing power that have occurred within the
past year or two have-accrued to the individuals in the low
income groups. Some rather left-handed progress has been
made in developing a program for reaching these, lower in¬
comes by taxation, but
developments to date leave many in
is more than offset
decline in public
84%
Federal
State
and
down
14%.
is
construction
lower than
86%
a
and
work
is
ago,
year
municipal
-
.
The current week's construction
brings 1943 volume to $1,668,276,C00, an average of $72,534,000 for
each
the
of
22
On
weeks.
the
1943 vol¬
ume is 62% below the $4,590,785,000
the 23-week
reported : for
period in 1942. Private construc¬
weekly
basis,
average
$213,022,000, is 31% lower
year ago, and public work,
$1,455,254,000 is down 64% when
adjusted for the difference in the
tion,
than
a
number of
weeks.
Department store
country wide basis
for the week
with
pared
week
a
sales
were
a
on
1%
up
ending June 5, com¬
the
corresponding
year ago,
according to the
Reserve Board.
use
of
other
are
production
over
unavoidable in
(as well
1943.
There
and
controls are
giving-up
a
the home front of what
on
to
developed and frequently appraised through
people, and
imposition of more
bring about
are
a
*
severe
a process
administered Tn such
equality of sacrifice.
assure
"If the
a
>
promptly dispose
of the entire
war
peacetime pursuits."—Donald M. Nelson.
Every
one,
of course,
normal existence
time
of
will
.
problem
and
return
to
.
.
recognizes that controls alien to
are
we may
essential in times, of
our peace
a
one
corresponding
Better management, not
day. J:/ ;,/,;
.-
more
::
week
stores
compilation were
of a parade.
In
the
5,
stores
last
year
used
closed
in
the
because
1
previous week, ended
sales of this group of
were
3%
better
than
in
the comparable 1942 week.
Buying of
merchandise
this week,
with especially brisK business in
apparels generally and women's
wear
in particular, according to
Dun & Bradstreet, Inc.
summer
stimulated retail sales
-are
sub¬
no
Retail sales of all stores in the
United States aggregated $5,194,-
v'
000,000 during April, according to
controls, is the urgent need of the the Department of Commerce, an
increase of fully 13% over the
total for April, 1942.
This com¬
parison belies the many prophe¬
.
cies
The
the
of
some
war.
should be equally/aware that controls
stitute for sound policy and able management.
1942
the bank/pointed out, was at¬
tributable to the fact that in the
•
Every*
26%
larger than
week, according
preliminary estimate issued
by the New York Federal Re¬
serve Bank.
Part of the increase,
were
the like
June
war
immediate victory, it may be highly desirable
more
12
in
manner
-
controls earlier in the
subject ourselves to greater group discipline in order that
more
be
can
compatible with-our democratic system only if the
consultation with the
as
are
the battle-front.
on
"Certainly the* decision to intensify government controls
successful
as
trend, required to bring about the quickest
possible victory, represents
to
ago.
to
controls
aspects of the economy),
being fought for
Increasing tightness, • coordination
resources.
intensity of government
many who feel that this
is
weeks
June
and
Of Trade
of
severe
a
decline
volume of goods and
would be available
in
the
services that
civilian
for
this year.
consumers
week, with retail business:/again showing substantial gains.
". /•><
The / War
Production
Board
Carloadings of revenue freight showed a marked drop for the still
expects
a
curtailment of
week ended June 5,1 which, included ;.the - Memorial
Day holiday, supplies for civilian use during
totalling 667,575 cars, ; according \ to.. the Association of American the final months of the year. Its
Railroads. This was a decrease of -184,943 cars from the
preceding latest estimate, just released by
week
this
year,
187,114 , carst
the Office of War Information,
fewer
than
the
corresponding the seven days, according to the predicts a 20% decline during the
week
in
under
the
and .185,365 cars American Iron & "Steel Institute.
period two years .Last week the operating rate was
97,5% and output 1,688,400 tons.
ago. ^
This total was 94.73 % of aver¬ For the like 1942 period,
1,669,700
age loadings for the correspond¬ net tons were produced."p":/
ing week of the 10 preceding -An important factor ; in ' the
1942,
like
"•;
••■;•#•./■,•;
dou¬
ble impact of the
exports of semi-finished material,
the magazine "Steel" reports.
"Present
quarter
indications
movement
heaviest in
more
are
will
than
a
third-
1942.
The previous week's out¬
had been 20.1% ahead of
earlier figures. ^^
year
for
~
.
Consolidated
of
New
York
the
week
Edison
Company
announces
ended
output
June
6,
179,800,000 hours, com¬
pared with 144,300,000 for the
like 1942 week, an increase of
totaled
24.6%.
•
months
then,
however, the aggre¬
ices
with, last
-when
tonnage
accumulated
ports
was
orders
on
offered
mill
for
books
sale
were
celed," the trade publication
tinued.
v
at
and
bought
•'
"
Steel production in the United
States is scheduled at 97.8% of
,
v
J-;./:/.//
Record Naval Bill Is /
Approved By Senate
A
bill
appropriating
$24,850,-
000,000 for operation of the Navy
Department in the 1944 fiscal year
approved on June 7 by the
This record naval bill also
can¬
was
con¬
Senate.
'//
year.
by civilians during
approximate the, $90,000,000,000 level attained in 1942,
in
fall,
contrast
the
1943 would
year,
sharp
of
gate value of all goods and serv¬
the
be
.
contains
$4,800*,000,000
in direct
authority.
Since
the
measure
was
changed from the
form in which it passed the House
on May 19 a joint conference com¬
lowest rate since March,
1942,
mittee
will
adjust
differences,
"Steel" calculated.
which principally involve trans¬
,..jCivil* engineering construction
ferring certain items from cash
volume - - in ^"continerital
United
appropriations to contract author¬
States totals $69,644,000 for the
ity.
week,
"Engineering
News-Rec¬
The major items.,.in the 1944
ord" announced. This volume/ not'
Navy bill are a program of addi¬
including the construction by mil¬ tional
aircraft
construction
itary combat engineers, American
amounting to $4,943,725,000; ship
contracts outside the country, and construction program totaling $9,shipbuilding, is 82% lower than 118,120,000 and $3,476,800,000 for
.
Ingot
production
droppel
2
Power demand for the nation points last week to 96V2% of es¬
timated national capacity, or the
as
a whole ran
16.4% ahead of
in the like 1942 week.
put
three
Even
-
under the
week
final
:/■/■ tightening situation in steel de¬ 'observers state.
de¬ livery may be found in increased
production
power
coal strike and
the Memorial Day holiday, ac¬
dislikes unprofitable prices can definitely curtail
production. cording to the Edison Electric
This simple elementary fact of economic life either is not Institute, although generator out¬
put
ran
well
ahead
of
1942
understood at all in Washington or else is consistently
figures.
~
^ /*'« —
ignored. The danger of the "roll-back" program now being
For the week ended June 5,
instituted lies partly in the fact that it widens the "inflation¬ total distribution was 3,925,893,000 kilowatt hourSj the - Institute
ary gap" and partly in the likelihood that it will interfere
said, compared with 3,990,040,000
seriously with production.
the week before and 3,732,374,000
Another false notion dear to
the
work.
planning the
.
and
last
not, profitable prices
production and equally regardless of our likes or
we
this gain
by
"These reveal most emphatically the importance of looking ahead
.
be produced.
For the same reason, as well as many years. ; -v;
others, the price policy of the Administration needs careful ;,/ Electric
clined
stimulate
but
Department store sales in Neyr
York
City in the week ended
can
reconsideration.
52%
year,
year
Most of the heavy industries continued to show declines for the
step which should be taken to lessen the width
is.
19% for the
ending June 5, com¬
pared- with the same period a
Controls And Management
Civilian Supply
The first
construction
four
to be that in tot&l
various of
;
Store sales were up
public officials to cite in
"inflationary gap," as if such a
figure could be arrived at much as petty cash is counted at
the end of the day, is fully matched by that exhibited in
official notions of means adaptable to remedy the situation.
If "the inflationary gap" is defined as the difference between
the dollar value of income received by individuals and avail¬
able to them for expenditure in the consumers' goods
markets and the dollar value of consumers' goods in those
markets, then of course obviously several factors enter into
a determination of the size of the
gap. One of them, which
the Administration and its advisers seem studiously to
Private
higher than in the week last
Federal
•
But the naivete which leads
dollar form the size of the
by
groups
real
(Continued from first page)
-v
Thursday, June 17, 1943
contract
ordnance.
•
the total Tor"the - corresponding
House -passage of the measure
capacity this week/ equiva¬
lent to output of 1,693,600 net week in 1942, and-compares with was noted in our-issue of
May 27,
tons of ingots and castings for $106,873,000 reported for the hol¬
page 1986.
rated
*""*■
;
Labor
Preparing For Afler War Conditions
conflicts to
election in 1944, yet the time is fast approach¬
Although I do not expect the European and Asiatic
be
until after the
over
Anti-Strike
who
those
definite plan of post-war action.
a
prepare
will go under.'^-
do not,
'
when
Profitable Items
Study
Perhaps the first step is to make
v
a
of
survey
find
; and
your
with
present business
which depart-
and
time
^ments
items
for
areprof-
Jitab1
'•
which
every
man
a
:
derful
business7 men will
no capital expand
sions at the present time;
The
conditions facing us after the war
will be so very different than they
are today,, we should enter them
with large cash reserves and no
tunity
to
won-
cut
non-profitable
lines and va¬
,
rious
have
then
.
Roger
without
be made before the war is over.
After
the
war,
more
and
Competition
with
keen,
very
competitors.
foreign
This
that costs must be cut to a
means
which
minimum
be
can
done
partly by standardization.
The
lines carried should be the very
■v
and
latest
be
not
best, but they should
too
extensive.
It
will be
profitable to give the best
service at a low price carrying
more
*
enough to have
slow-moving items on hand
when
peace
comes,
but by all
means avoid unnecessary commit-?
merchants will
specialists.
be
go
any
Accounts
addition
In
to
Receivable
providing
J
your¬
self with sufficient working
capi¬
tal and guarding against inventory
losses, it is well carefully to watcfy
receivables.
If
possible,
keep
these
down
to a
30-day basis-
union
on
approved the
May 13.
desk
June
on
velt has ten
Mr. Roose¬
and
14
days to sign or veto
could
astrike
called
be
in
privately operated war indus¬
any
try, and bans union contributions
political campaigns!
'/Congressional action
the ; measure came on June
Final
when' the Senate
22
to
by
had
of minor parties.
The vote
Congress
limitations on
worked
on
The
period.
June 12
12
it
give
compromise
joint con¬
out by a
for
but
the
House
May
Act,
the
Committee's
issue of
President
can
adjust
upward or downward 50%
for reciprocal conces¬
adopted the final version on June
sions
11
vote of 219 to
a
130-
The
vote.
However, the House on June
vote of 231 to 141 approved
4
by
a
much
a
drastic
more
the
bill
(Dem., Va.), which the House
passed in December, 1941, but the
This necessitated
Senate shelved.
the working out of a
compromise
by a conference group.
4 The
bill
or
in
final
its
form
also
one
President
of
American
the
Fed¬
World
his
these
was
One
an
amendment
salary.
Mr. Baruch has been serving as
unofficial adviser to President
an
Roosevelt
of
Conn.)
to
agreements
vote
a
two-thirds
This
of the Senate.
was re¬
jected by a 44 to 33 vote. On the
previous day, June 1), the Sen¬
ate turned down, by a vote of 50
to 31 a proposal offered by Sen¬
ator O'Mahoney (Dem., Wy.) pro¬
viding that no future agreements
could become operative without
defense pro¬
the
since
got under way three years
gram
offered
Senator
Maloney
(Dem.,
to require ratification of
,
first
the
an
ago
by
in
Board
War, has been appointed to
personal staff and will serve
advisory capacity without
in
reaching the final vote
program.
June 9 that Bernard
on
Baruch, Chairman of the War
Industries
of the
2, the Senate defeated a
number of proposals designed to
the
April 29, page 1593.
announced
M.
June
restrict
in our
James F. Byrnes, Director of the
Office of War Mobilization,
foreign trade of the United
Before
on
the
penalties of $5,000 fine
year's imprisonment for
provides
total
than 65%
more
two-
a
new
governments.
States.
measure con¬
major provisions of
of Representative Smith
taining
account for
of
approval
Baruch To Advise Byrnes
During the past nine years reciprocah trade agreements have beeri
concluded with 29 countries, which
by
greater histori¬
Agreements
ference committee. The House had
original bill, sponsored by Senator
Connally (Dem., Tex.) passed the
Senate on May 5 by a 63 to 16
a clearauthority
extension was noted
year
return
foreign
that
this
significance than its original
adoption.
The
House Ways
and Means
reduced
in
by
was
powers
cal
the
tarriffs
of
would be of even
and the adminis¬
Trade
testifying
17,
extension
cut
tration did not seek to raise it.
Under
amendment to
veto
Secretary Hull appeared before
resolution expiring
a three-year
years
the
the Senate Finance Committee on
three-year
a
on
Congress
170 to 149.
also for
was
two
to
time
each
,
were 11 Democrats,
Republicans and two* members
52
urged
insert
to
since
vote of 55
a
the
approved
draft
sub-contractors
and
contracts,
Hull
extension
to
though you are careful in persons who aid in the interrup¬
providing for post-war reserves, tion of work in Government-oper¬
many of your customers will not
ated mines or factories.
be so careful.
Hence, when the
On
June
14
William
Green,
cancel
State
not
Even
Government
opposing it
any
any
signature.
•
the
trade
agreements program.
The legislation strengthens the
The
authority of the President
War Labor Board's power to deal
with the coal wage and other dis¬ to enter, into/agreements under
the act was originally adopted in
putes •■.disrupting production, re¬
1934 for a term of three years
quires a thirty-day notice and ma¬
jority vote on a secret ballot be¬ only and it was renewed twice
out his
fore
House
authority<$>
"crippling" amendments was a major victory for the
administration since Secretary of
allow it to become law with¬
or
without
the
of
renewal
The
The bill reached the President's
in the form in which it passed the
measure
on
activ¬
ities.
the
Insure
more
will
is bad
It
then
will
ments.
both with American concerns and
•».
manufactured
the prices .for
up, while;
commodities
down.
eliminated
be
/ployee. These eliminations should
become
.
go
other
Babson
W.
hurting the customer or the em-
,
or
There is no telling what
prices will be after the war. The
prices for some commodities.wili
.during the
past years. It
is
surpris i n g
how many of
can
in
to speculate
now
goods.
^developed
these
;'.;J.
materials
raw
restrictions
new
ing for two years his authority to enter into reciprocal trade agree¬
ments With foreign governments.
Congressional action on the legis¬
lation was completed on June 2 when the Senate by a vote of 59 to 23
strikes
in
governmentwar plants and imposing
or
It is unwise
customs
which
little
debts.
unneces¬
sary
Wise
wrong.
oppor-
;
used
getting out of debt. The theory
good to go into a period
with a large ; debt .is
make
gives
business
;
should ; be
inflation
of
not.
present
time
possible, these war¬
as
conditions
>
i
Debt
that it is
and
e
are
The
-
far
As
operated
it
Avoid
hy
out
declared
is
armistice
an
Japan also.
President Roosevelt signed on June 7 the joint resolution extend¬
Organized labor has made direct
appeals to President Roosevelt to
veto the Connally-Smith bill out¬
for all businessmen—large and small—now lawing
Certainly the "old
days" will not return. New methods and policies are inevitable.
•Those who properly plan their work should succeed, but many of
to
Reciprocal Trade Agreements Act Extended
For Two Years Without Any Restrictions
Urges Veto Of
Roger W. Babson Gives Rules For Every Businessman
ing. Hence, it will be well
2287
THE COMMERCIAL & FINANCIAL CHRONICLE
Number ,4186
157
Volume
and headed a rubber-investi¬
committee for
gating
the
Presi¬
dent last year.
Mr. Baruch declared
that
the
"internal
effort
war-
on
June 10
bickering has hurt
the
confused
and
public," and expressed hope that
Mr. Byrnes will stop it.
Associated
The
Mr. Baruch
as
reported
Press
asserting:
"Any call from so fine a man
Congress.
A and so old a friend as Justice
Republican - sponsored
proposal, Byrnes commands my best ef¬
they owe you.
Thus it is well to un-American, Fascist, anti-labor
presented by Senator Danaher of forts.
you goods.
insure certain accounts receivable.
legislation,"
In a letter to the Connecticut, to impower Congress
"If I can do anything to help
Companies having outstanding President, Mr. Green said the to terminate any of the trade
Base Costs on Normal Sales
the country I am happy at the
cumulative preferred stocks should legislation
"strikes at the very agreements by joint resolutions
When peace comes thei*6 WliLbe
opportunity.
In taking on this
try " to -reirfPS jsuch issues.
This heart of democratic processes and six months after the war was de¬ work I am
a
assuming that the Of¬
temptation to expand.
Cus¬
would be in addition" t6 eiffiyiiaL; is^ violative of the fundamental feated by a vote of 51 to 33.
This fice of War Mobilization will be
tomers will
be rushing in and
ing bond issues and bank loans. prih<5ifries->pf freedom upon which latter provisions had been in¬
demanding goods which you are
effective, and that it is to be the
It is also wise to set up a sinking our form of government Tests." —
cluded in the resolution when it
not
final expression of the Comman¬
carrying;
while
returning
fund of 1% of the net sales from
He added that "the Congress of was
reported to the floor of the der in Chief and, therefore, it
soldiers
and
munition
workers
the United
States rendered the Senate
now on to provide for losses oh
by its Finance Committee will not be bypassed or side¬
will be urging you to give them
any
receivables which are not nation a great disservice" when it on May 19. At that time, Secre¬
tracked.
'
;
jobs.
Such of your former em¬
properly insured.
By all means passed the measure.
tary Hull voiced his formal pro¬
ployees who have been drafted,
"Justice Byrnes, if not blocked,
do not "grab" for new war busi¬
"This
disservice," Mr. Green test against the amendment de¬
you must take back if they apply
will
improve
things
by more
ness at the present time.
wrote, "will be reflected in the claring that it threatened existing
within 60 days after their disclearly defining the work of each
lowered morale of working men
agreements with destruction after
4 charge; but it will not be patriotic
administrator
and
stopping
all
What About Salaries?
and women, in the development
the
war
and
charging
that it
to hurriedly enlarge your whole
this infernal bickering which has
The
salary situation is now of widespread discontent, and in would turn this and other na¬
organization. Any business boom
hurt the war effort and confused
the impairment of efficiency.
tions
"away from international
which takes place after peace will pretty well frozen, so that, it is
the public."
"The workers of our country
economic cooperation" and open
not continue indefinitely.
There¬ very difficult to raise salaries
even
if desirable. Cases that are would never become reconciled to the way for a return to "eco¬
fore it is very important to base
worthy of increases should be this legislation. They would pro¬ nomic nationalism, with serious
your stock and your labor costs
Treasury Plans To Borrow
handled by bonuses so as to avoid test against it and rebel against effects upon both the domestic
on
a
normal business which can
lines.
fewer
requires
often
This
opposing both your own salesmen
and the salesmen trying to sell
I
may
their
the latter
of
eration
be unable to pay you what
Labor,
to
appealed
President Roosevelt to
veto
approval
prior
by
"this
,
*
•
depended
be
continue.
to
upon
Keep down fixed burdens such as
and other
rent, interest charges
overhead costs.
readjustments
unpleasant
the
is
war
be
kept
this
on
should
a
sliding
be
based
Do
not be
ports
upset by all the re¬
which
obliged to
are
you
and
the various re¬
strictions and regulations to which
fill
out
you
are
these
-
buck
who
to
Get used to
quit trying to
yet
could
their
now
well
all
inevitable.
As
long
as
become
bill, declaring that it would "ham¬
per and stifle the production of
our munitions of war through the
as
demoralization of the workers
yours.
on
Money In Circulation
Werner Resigns
The
Treasury Department in
Washington has issued the cus¬
do not
ing the amount of
Office of Civilian Supply, has re¬
culation
signed
put in evasive or dishonest
reports.
All of us should, of course, take
on
certain work when the Gov¬
/
ernment requests us to do so.
the other
and
take
.On
hand, let us not be hogs
too
much
when
other
.
same
of course,
•of
your
member
banks
of
the
Federal
permanent
or
stock
cancelled when an armistice
clared
with
•everywhere
Germany.
may
.
be
Contracts
Weiner
the
Office
Civilian
Reserve
break of the first World War, that
in
Government
the
had
been
of : Civilian
Director
Supply
December, 1942, until April
15,■« 1943, when this agency was
replaced by the new Office of
(including,
that held in bank vaults
is de¬
Have
the
Board's
from
date
the Atlantic Seaboard will be
war.
of
•only commodities which will be
needed after the war. Many Gov¬
ernment contracts with concerns
•on
that
Requirements, under Ar¬
thur D. Whiteside.
remain with the
for
a
60-day
Whiteside
He agreed to
new
period
organization
while Mr.
familiarized
himself
with the work.
-
j
^
is,
on
June 30, 1914, the total
cancelled $3,459,434,174.
final
measure
df
Secretary of the Treasury Mor-
41' Democrats
genthau announced on June 6 that
the
Treasury
plans to
borrow
Senate
were
passage
Republicans favoring ex¬
tensions
and 14 Republicans, 8
and
18
Democrats and 1
posing.
Continuation
trade
Progressive op¬
c
$2,500,000,000
of
"new
around the end of this
(June 28) in order to tide
it
over
before
the
regularly
scheduled third war loan cam¬
about
money"
month
of
the
reciprocal
agreements program for
a
was
Mr.
•
were
Weiner
had
been
Deputy
Director of civilian supply
Leon
Henderson from May,
under
1941,
The details
paign in September.
The
a
administration had sought
three-year extension of the act
but the Republicans in the
House
succeeded in cutting the period to
two
years.
This was the only
change in the measure since the
Democrats
were
able to
defeat
a
of
Republican efforts'to
bring the trade pacts under a veto
power of Congress.
In the final
vote a majority of the Republi¬
cans
joined
the Democrats in
continuing the program.
Voting
number
Mr.
of
System) was $16,659,573,874 as against $16,249,773,305 on
March
31,
1943,
and
$11,766,865,667 on April 30, 1942, and com¬
pares with $5/698,214,612 on Oct.
31, 1920.
Just before the. out¬
pendent
,
of
at
from
Production
tion.
agents.?'/ The figures
this time are for April 30, 1943,
and show that the money in cir¬
culation
War
the
WPB, effective
June 14, and Chairman Donald M.
Nelson has accepted the resigna¬
and
concerns are
willing to take it for
price. Hold at least 30%
normal business, inde¬
of
after
the
.
Joseph L. Weiner, former head
money in cir¬
deducting
the
moneys held in the United States
Treasury and by Federal Reserve
Banks
the
WPB Post
tomary monthly statement show¬
are
the
$2.5 Billion In 'New Money*
situations."
international
two-year period was voted by the
House on May 13 by a vote of 342
production front."
also subject
to them, we should cooperate with
the Government. Above all things,
competitors
our
and
to 65.
the
subjected.
and
would
Congress of Industrial Organiza¬
tions, sent a letter to the President
on June 15 urging him to veto the
Although
as
it
event
In
there are some
wisely be let go
advantage
by
things
the
employees,
the
Philip Murray, President of the
but
profits
the temptation today is to keep
in
the law of the land."
can
scale,
on
rather than on volume.
Cooperate With the Government
it
after
Salesmen
over.
of
securities
the
to
be
offered
said
not revealed but it was
that the maturity will not be more
the
Officials said the
neeu?d to supplement
$4,000,000,000 in second quar¬
ter
income
than ten
is
money
ments
Mr-
and
tax
instalment
other
tax
pay¬
payments.
Margenthau said on
June 7
that June 28 has been set for the
offering.
:\/
Secretary Morgenthau
nounced
on
June
6
that
also an¬
all out¬
standing 3V4% Treasury bonds of
_
1943-45
have
been
called
for
re¬
In making
this
announcement,
Secretary
crats, 145. -Republicans and two
members of minor parties.
Those Morgenthau said holders of the
3%% bonds may be offered in ad¬
vance of the redemption date the
Until Mr. Henderson resigned as
privilege of exchanging them for
Director in December, 1942.
other Treasury obligations.
The
The appointment of Mr. White¬
side was reported in our issue of 3y4% bonds outstanding approxi¬
mate $1,401,000,000.
April 29, page 1597.
for the extension were 195 Demo¬
demption on Oct. 15.
''
THE COMMERCIAL &
Spam Flawing To Pay
Text
Frozen 0. S. Claims
Spanish
planning
early
an
We
Final
now
had
to
$1,000 will be paid first, it was re¬
of
approved it by
close
a
in
Commerce
new
"Current Tax Pay¬
June
10 when President
the legislation-
on
more
a
on
the
compromise bill
vote of 256 to
than
four
months
114
of
came
after the House
onjJune 1.
debate
on
This brought
of
one
the
most
Following is the text of the bill
as
is based
cable advices
on
just
[Public Law 68—78th Congress]
re¬
States
business
,
.
organiza¬
To
Be it enacted by the Senate and House of Representatives of the
said:
be cited as the "Current Tax Payment Act of 1943".
(b) Meaning of Terms Used—Except as otherwise expressly pro¬
vided, terms used in this Act shall have the same meaning as when
associated with the United
States
used in the Internal Revenue Code-
Machinery
Broad
SEC. 2.
90
is
being
mittee of the Spanish Government.
The general validity of the claims
has
"SUBCHAPTER
been
officially recognized, he
but the difference between
said,
the
"SEC. 1621.
1936
rate for pesetas of 7.30
figure of 11 now current
probably not be recognized by
the government.
The
purpose
amount
trade
such
of
INCOME
or
before
the
constitute
year,
end
the
this
of
numerical
bulk, "at least 60%," of the total.
Pointing
out that the
of the United
purchases
Government
versed
the
creating
Spain
recent
States
"have
exchange
re¬
picture,"
resident
reservoir of dollar bal¬
a
to
ances
in
■
Caragol
now
held by Spain at
"But
has
the
given
desire
the
total
$60,000,000.
Spanish Government
indication of a
every
to
credits
estimated
settle
these
blocked
as
promptly as possible,"
"The disposition wal first
he said.
evidenced in 1941 when it permit¬
ted payment of a
cost
percentage of the
certain Spanish
exports
of
through
the
utilization
of
the
blocked credits.
"Since then the nation's
position
there is
has
turned
dollar
around
and
large balance of dollars
created by the purchases we make
in Spain and by the amounts spent
a
by our various government agen¬
cies stationed there.
There is no
doubt
that
a
complete and
gen¬
satisfactory settlement of
outstanding mere h a n d i s e
credits
originating
civil
war
near
prior to the
be expected in the
future."
Asked
may
about
the
report
American exporters would be
that
ex¬
pected to collect the difference in
the
rates of exchange from the
Spanish importers who might be
unwilling or unable to make any
adjustment, Mr. Caragol explained
that the matter
tails
still
was one
under
of the de¬
discussion.
The
method of collection and payment
is also yet to be
determined, he
said.
Philippines,
the
United
Income Tax Collected At Source
20 per centum of the excess of each payment of such
the family status withholding exemption allowable
(b) (1) (A), or
"(2)
3 per centum of the excess of each payment of such
wages over the Victory tax withholding exemption allowable
over
under subsection
(b) (1) (B). •
Withholding Exemption—
"(1) In computing the tax required to be deducted and with¬
"(b)
v>
held under subsection
(a), there shall be allowed as a withholdinff exemption with respect to the
wages paid for each payroll
period—
"(A) in computing the tax required to be deducted and
withheld under subsection (a) (1), a family status withhold¬
ing exemption determined in accordance with the following
,
scheduler
"Family Status Withholding Exemption
States
while
outside
the
United
whole of
"Payroll period
Single
For the purpose of
nection
with
under
a
States
an
a
paragraph (8) services performed on or in con¬
vessel (as defined in section 1426 (g))
none
emption for
emption for
withholding
withholding
head of
ex¬
personal
entered
into within the United
during the performance of which the vessel touches at a
port in the United States, or on or in connection with any vessel as
an employee of the United States
employed through the War Ship¬
ping Administration, shall not constitute services performed outside
the United States.
"(b) Payroll Period—The term 'payroll period' means a period for
which a payment of wages is
ordinarily made to the employee by
his employer, and the term 'miscellaneous
payroll period' means a
payroll period other than a daily, weekly, biweekly, semimonthly,
monthly, quarterly, semiannual, or annual payroll period.
"(c) Employee—The term 'employee' includes an officer, em¬
ployee, or elected official of the United States, a State, Territory or
any political subdivision thereof, or the District of Columbia, or any
agency or
instrumentality of
any one or more
of the foregoing.
The
term
an
as
'employee' also includes an officer of a corporation.
"(d) Employer—The term 'employer' means the person for whom
individual performs or performed
any service, of whatever nature,
the employee of such
person, except
that—
"(1) if the person for whom the individual performs or per¬
formed the services does not have control of the
payment of the
for such services, the term 'employer' (except for the pur¬
of subsection (a)) means the person having control of the
payment of such wages; and
"(2) in the case of a person paying wages on behalf of a non¬
wages
poses
resident alien individual,
foreign partnership, or foreign cor¬
poration, not engaged in trade or business within the-United
States, the term 'employer' (except for the purposes of subsec¬
tion
(a))
means
such person.
"(e)
Single Person—The term 'single person' means a person
with respect to whom a
withholding exemption certificate is in effect
under section 1622 (h)
stating that such person is single, or is mar¬
ried and not living with husband or
wife, and is not the head of a
family.
ex¬
dependent in
the
case
of
the head of
family
Weekly
Biweekly
Semimonthly
Monthly
Quarterly
Semimonthly
Daily
of
;
!
$24 V
—
:
$12
0
a
.
$6
$48
$12
$24
$24
0
$12
$52
$26
$104
$52
$156
0
$312
0
$3.40
$1.70
$624
$312
$312
■%
0
$624
$26
$52
$156
-
'
.
>.
o
$12
$26
$78
>
$156
'
miscel¬
day
.$3.40
_$624
$1,248
$.85
$12
"(B) in computing the tax required to be deducted and with¬
held under subsection (a) (2), a Victory tax withholding exemption
determined
in ; accordance
with
the
following
schedule:
or
contract of service which is
than the first
of
personal
*
minister of the gospel.
American
half of
ex¬
emption for
family
laneous (per
as
v
or
of such period
Annual
such
personal
withholding
3797 (a) (9)) if the major part of the
employer during the calendar year is to be
performed outside the United States, or
for
claiming Married per¬ Married per¬ Each depend¬
son
ent, other
claiming son claiming
son
person
"Any settlement, however, is in
the nature of a windfall," Mr.
"(f) Married Person—The term 'married person' means a person
Caragol continued.
"Remember with respect to whom a withholding exemption certificate is in effect
that the majority of American ex¬ under section 1622
(h) stating that he is married and living with
porters
following sound
book¬ husband or wife.
keeping
practices
wiped
these
"(g) Married Person Claiming All of Personal Exemption for
claims off long ago—in fact, prob¬ Withholding—The term 'married
person
claiming all of personal
ably during the war, right after exemption for withholding' means a married person with
respect to
whom a withholding exemption certificate is in effcet under section
they were frozen."
1622.
States
services
upon
"(a)
Requirement of Withholding—Every employer making
payment of wages shall deduct and withhold upon such wages a tax
equal to the greater of the following:
or
"(9) for services performed
erally
the
of
dependent
and receiving his chief support from
eighteen years of age or incapable of
self-support because mentally or physically defective.
as a person
Married per¬
(as defined in section
facilitate the settlement,
Mr.
(h)
or
"(6) for services performed by a nonresident alien individual,
other than a resident of a contiguous country who enters and
leaves the United States at frequent intervals, or
"(7) for such services performed by a nonresident alien indi¬
vidual who is a resident of a contiguous country and who enters
and leaves the United States at frequent intervals, as may be
designated by regulations prescribed by the Commissioner with
the approval of the Secretary, or
"(8) for services for an employer performed by a citizen or
satisfied
a per¬
"(1)
under
$1,000, which Mr. Caragol
would probably be completely
means
under subsection
"(5) for services by a citizen or resident of the United States
for a foreign government or for the government of the Common¬
wealth of the
family'
the employee and either under
subchapter—
business,
a
"(k) Dependent—The term 'dependent' means a person included
withholding exemption certificate in effect under section 1622
wages
outstanding
he esti¬
mated "very roughly" at between
$11,000,000 and $12,000,000. Claims
credits
said
a
TAX AT
,
of
honoring the merchandise credits
here.
OF
in
WAGES
employer, including the cash value of all remuneration paid
in any medium other than cash; except that such terms shall not
include remuneration paid—
'
<
"(1) for services performed as a member of the military or
naval forces of the United States, other than pensions and retired
pay includible in gross income under Capter 1, or
"(2) for agricultural labor (as defined in section 1426 (h)), or
"(3) for domestic service in a private home, local college club,
or local chapter of a
college fraternity or sorority, or
"(4) for casual labor not in the course of the employer's
The chamber's information, Mr.
Caragol explained, is that the
Spanish Government has. been set¬
ting aside a percentage of dollar
held
"(j) Head of Family—The term 'head of
for his
they can with the Spanish
importers involved.
claim with respect to the personal exemption for
no
with respect to whom a withholding exemption certificate is in
effect under section 1622 (h) stating that he is the head of a
family.
Definitions
in this
Married Person Claiming None of Personal Exemption For
(h) making
"SEC.
v
"(a) Wages—The term 'wages' means all remuneration (other than
paid to a public official) for services performed by an employee
ments
the
ON
a
1622
fees
Exporters seek¬
for
withholding exemption certificate is in effect under sec¬
(h) stating that for the purposes of this subchapter such
person;claims half of the personal exemption and that for the pur¬
poses of this subchapter his spouse is claiming not more than half of
such exemption.
tion
<
"As used
ing such adjustments will be ex¬
pected to make whatever arrange¬
collections
On Wages—
D—COLLECTION
SOURCE
and the
will
Collection of Tax At Source
(a) In General—Chapter 9 of the Internal Revenue Code (relating
to employment taxes) is amended by inserting at the end thereof the
following new subchapters:
worked out by a ministerial com¬
to whom
(a) this Act
may
Inc.,
"(h) Married Person Claiming Half of Personal Exemption for
Withholding—The term 'married person claiming half of the personal
exemption for withholding' means a married person with respect
son
United States of America in Congress assembled, That
According to Mr. Carogol, who is
Thursday, June 17, 1943
tion.
provide for the current payment of the individual income tax,
reporting the foregoing, the
settlement
',■ I..,r.:-^—
(h) stating that for the purposes of this subchapter such person
all of the personal exemption and that for the
purposes of
this subchapter his spouse is claiming none of the
personal exemp¬
1622
and for other purposes.
Co.,
-
the purposes of this subchapter.
AN ACT
New York "Times" of June 15 also
the
V
1622
"(i)
[H. R. 2570]
tions in Spain.
Street,
'
Withholding—The term 'married person claiming none of the personal
exemption for withholding' means a married person with respect to
whom a withholding exemption certificate is in effect under section
[Chapter 120—1st Session]
chamber, which is
composed of the representatives of
United
-
claims
finally enacted.
The information, he said,
ceived from the
In
on
subjects ever before Congress.
The original House bill was enacted on May 4 and the Senate
approved its version of the legislation on May 14.
June 14 by Antonio B.
Chamber
Spain.
law
controversial
Caragol, President of the Amer¬
ican
a
a
The Senate action
probability is that amounts under
on
Congressional action
75% to 100% of
"frozen" in that country, and the
ported
'*„....' V,-1'.
FINANCIAL CHRONICLE
the-pay-as-you-go tax bill, abating
year's payments, came on June 2 when the Senate
adopted the conference report by a vote of 62 to 19.
the claims of American exporters
owning pre-Civil War funds
1943"'which became
Roosevelt affixed his signature to
of
settlement
kiwmUA
OrCurrenttTax^Payment ActjOf 1943
giving below the full text of the
are
ment Act of
is
Government
-..v..*
».i
'-v
2288
The
„
I,.,
"J'r* f
^.fctfXNNH*"*
'
victor,Ta%
Withholding
Exemption
."Payroll Period
Weekly
$12.00
Biweekly
Semimonthly
Monthly
Quarterly
Daily
52.00
1
156.00
312.00
'.
-
or
26.00
^
Semiannual
Annual
24.00
;
—
L-__—-
—
Miscellaneous (per day of such period)
624.00
.
1.70
"(2) If wages are paid with respect to a period which is not a
payroll period, the withholding exemption allowable with respect
to
for
each payment of such wages shall be the exemption allowed
a miscellaneous payroll period containing a number of
days
(including Sundays and holidays) equal to the number of days
period with respect to which such wages are paid.
"(3) In any case in which wages are paid by an employer
without regard to any payroll period or other period, the with¬
holding exemption allowable with respect to each payment of
such wages shall be the exemption allowed for a miscellaneous
payroll period containing a number of days equal to the number
of days (including Sundays and holidays) which have
elapsed
since the date of the last payment of such wages by such em¬
ployer during the calendar year, or the date of commencement
of employment with such employer during such
year, or fgnuary
1 of .such year, whichever is the later.
~
,
"(4) In. any case in which the period, or the time described in
paragraph (3), in respect of any wages is less than one week,
in the
the
Commissioner, under regulations prescribed by him with
approval of the Secretary, may authorize an employer, in
computing the tax required to be deducted and withheld, to use
the
the
excess
of the aggregate of the wages
paid to the employee
during the calendar week over the withholding exemption al¬
lowed by this subsection for a weekly
payroll period.
"(5) In determining the amounted to be deducted and with¬
subsection, the wages may, at the election of the
employer, be computed to the nearest dollar.
held under this
"(c) Wage Bracket Withholding—
"(1) At the election of the employer with respect to any em¬
ployee, the employer shall deduct and withhold upon the wages
paid to such employee a tax determined in accordance with the
Volume
THE COMMERCIAL
Number 4186
157
required to
following tables, which shall be in lieu of the tax
withheld under subsection (a).
"
& FINANCIAL CHRONICLE
If the
payroll period with respect to an
employee is semimonthly
N Y
be deducted and
And, (1) snch person Is a
If the
„
payroll period with respect to an
employee is weekly
And the wages arc
And, (1) such person is a
'
'
"
No
exemption for
married person claiming none of personal
*
'
One
No
!
ents
Nine
Eight
Seven
Six
Five
Four
Three
ents
ents
is a married person claiming half of
exemption for withholding and has—
personal
ents
ents
ents
ents
ents
Or, (2) such person
depend¬
ents
ents
ents
ents
ents
ent
Nine
Seven
depend¬ depend¬ depend¬
ents
ents
ent
Six
Five
Three
Two
depend¬ depend¬ depend¬ depend¬
Two
One
Factory Jobs And
Payrolls Down in Hay
of personal exemption for
withholding and has—
For
the
reported
ents
ent
ents
ents
ents
ents
ents
ent
Or, (3) such person is a
One
Six
Five
Four
Three
'Two
ents
%
Or, (4) such person is a
of personal exemption
At least
At least
of
No
Three
Two
One
Five
Four
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ents
ents
ents
ent
ents
ents
Or, (5) such person is head
of
a
family and has-
head of
a
ents or
Three
Four
Five
Four
Three
Two
de¬
ents
ents
ents
in the production of war
materials except for some manu¬
facturers of electrical machinery,
gaged
ents
ents
ents
ents
ents
ents
for
ment
The
May
an
last
over
in¬
May.
index was
284.3,
29.6% higher than May
was
of
These indices
1942.
on
withheld shall be—
158.7,
payroll
which
pendent
The amount of tax to be
employ¬
factory
was
10.3%
of
crease
The amount of tax to be withheld shall be—
ents
of
index
The
depend¬ depend¬ depend¬ depend¬ depend¬
de¬
nonfer-
of
smelters
and
metals.
Six
Five
depend¬ depend¬ depend¬ depend¬ depend¬
ents or
reported by most plants en¬
were
Six
pendent
No
one
Two
depend¬
family and has—
one
depend¬
industries, accounted for most of
the
decrease.
Higher
payrolls
rous
No
Or, (5) such person is
goods, coupled with
in the clothing
of nondurable
aircraft
ents
ents
ents
married person claiming all
personal exemption for withholding and has—
Five
Four
Three
ents
ent
of
Curtailment in production
Labor.
the seasonal slump
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ents
ents
Or, (4) such person is a
married person claiming all
for withholding and has—
Two
One
No
ents
ents
ents
ents
ents
ents
ent
ents
ents
Seven
depend¬
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ents
a
the
Department
Seven
depend¬ depend¬ depend¬
ents
ents
ent
Six
Five
Three
Two
One
depend¬ depend¬ depend¬ depend¬
State
York
New
No
No
to
statement released June 15 by
single person and has
ents
is a single person and has—
Or, (3) such person
according
1.5%,
payrolls
Seven
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ents
em¬
The de¬
and payrolls.
May amounted to 1.1% and in
to
ents
ents
ents
ents
ents
ents
a
in employment from April
Seven
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
both
in
decline
a
ployment
Six
Five
Four
Three
Two
One
personal
Five
Four
Three
Two
One
No
nearly
factories in New York State
year
crease
married person claiming half of
exemption for withholding and has—
Or, (2) shch person is a
in
time
first
depend' depend¬ depend¬ depend¬
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
withholding and has—
ents
And the wages arc
married person chiming none
■
the
are
based
1935-1939 as
Average
weekly earnings
$44.44 this month compared
$37.76 a year ago. The above
100.
were
with
of
average
statements
based
are
prelim¬
on
inary tabulations by the Division
of Statistics and Information cov¬
ering
2,929
from
reports
firms
throughout the State.
The
Department's
further
ment
announce¬
said:
in Apparel
Seasonal Losses
Industries
severest
"The
payroll decrease
experienced by
for the month was
women's
ihe
amounted to
If the number of dependents
to be withheld shall be
is in excess of the largest number of dependents shown, the amount of tax
that applicable in the ease of the largest number of dependents shown reduced by
$2.00 for each dependent over the largest number shown, except that in no event shall the amount to ho
withheld be less than 3 per centum of the excess of the median wage in tho bracket in which the wages
the largest number of dependents shown, the amount of tax to
applicable in the case of the largest number of dependents shown reduced by $1.20
for each dependent over the largest number shown, except that in no event shall the amount to be wiihhcld
be less than 3 per centum of Ihe excess of the median wage in the bracket in which the wages fall (or if the
If the number of dependents is in excess of
be withheld shall he that
fall (or if the wages paid are $400 or over,
is not
a
multiple of $0.10, to the nearest
of the excess of the wages) over $26, computed, in case such amount
multiple of $0.10.
coat,
where
industry,
20% of the excess over $2C0 plus
$200 or over.
more
suit and skirt
the decline
than 40%,
The
of clothing industries
men's,
women's
and
entire group
including
children's suffered seasonal losses
employment and payrolls.
in both
Fur
goods was the single excep¬
tion, with an employment increase
paid arc $200 or over, of the excess of the wages) over $12, computed, in case such amount is not a
multiple of $0.10, tojtbc nearest multiple of $0.10.
wages
If the
of
employee is monthly
payroll period with respect to an
1.5%;
here
even
payrolls
de¬
clined.
If
the
payroll
period
with respect
to
employee is biweekly
an
And, (1) such person Is a married person claiming none
withholding and has—
And, (1) such person is a
withholding and has—
of personal exemption for
And the wages are
No
One
ents
ent
Nine
Six
Seven
T wo
Three
Four
Five
Eight
No
One
depend¬ depend¬ depend¬ depend¬ depend- depend¬ depend¬ depend¬ depend¬ depend¬
ents
ent
ents
ents
ents
ents
Two
Three
Four
depend¬ depend¬ depend- depend- depend-
And the wages arc
ents
married person claiming none
ents
ents
ents
ents
ents
of personal exemption for
Five
Six
Seven
Eight
Nine
depend- depend- depend- depend- depend¬
ents
ents
ents
ents
ents
personal
carpets
group,
showed the largest em¬
ployment decrease for (the period.
Cotton textile and knitting mills
rugs
curtailed operations;
and
eries
Or, (2) such person is a married person claiming half of
exemption for withholding and has—
ents
textile
the
,"In
and
makers
In
bodies.
also bleachof
felt
hat
and silk mills,
rayon
and
payrolls
in¬
slightly.
planing mills de¬
creased activities sharply, reflect¬
employment
Or, (2) such
is a married person claiming half of personal
exemption for withholding and has—
person
No
ents
No
One
Three
Two
Four
Five
ent
ents
ents
ents
ents
ents
One
Three
Two
ents
ents
Four
ents
(3) such person is a single person
Five
ents
One
Two
Two
Six
Three
ent
ents
ents
Six
Seven
ent
ents
ents
ents
ents
ents
ents
Seven
the
slump
products
clines in
in
Or, (4) such person
ents
Four
rolls
employment and pay¬
recorded in the print¬
Decreased
Is a married person claiming all
exemption for withholding and has—
Three
Two
One
No
Four
Five
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ents
ents
ent
ents
ents
Five
Or, (5) such person Is
head of a family and has—
were
ing and leather goods industries.
"The food industry showed the
only
for
ents
ents
construction.
finished wood
factories reported de¬
employment except those
materials.
of personal
ents
depend¬ depend¬ depend¬ depend- depend¬ depend¬
ents
"Lumber and
ing
and has
Five
Four
Three
ents
One
ents
creased
with contracts for war
Or, (4) such person is a married person claiming alt
of personal exemption for withholding and has—
No
ents
depend¬ depend¬
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ent
Seven
Most furniture and
No
ents
No
ents
ents
ents
ents
ent
Or,
ents
Or, (3) such person is a single person and has-
ents
Six
Seven
Six
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
ents
Five
Four
Three
TWO
One
depend¬ depend¬
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
substantial payroll increase
month, although employ¬
was
slightly lower for the
the
ment
Canneries began to show
of activity, and ice
cream
plants and breweries en¬
joyed seasonal expansion. Meat
packers,
confectioners and soft
drink
manufacturers had fewer
group.
Or, (5) such person is head of a family
and has-
ents
one
No
Two
depend¬
ents
one
Three
Four
Five
or
Three
Two
depend¬
Four
Five
Slx
depend¬ depend¬ depend¬ depend¬ depend¬
de¬
ents
ents
ents
ents
ents
pendent
Six
depend¬ depend¬ depend¬ depend¬ depend¬
or
de¬
ents
ents
ents
ents
ents
The amount of the tax to
pendent
be withheld shall be-
signs
some
Payrolls were gen¬
except for grainmill
and confectionery.
Manufacturers of paper and glass
employees.
higher
products
erally
Thc amount of tax to be withheld shall be—
containers
food
reported
greater
production.
Increased employ¬
ment and payrolls were noted in
the paper, petroleum and stone,
clay and glass industries.
War
group,
war
Industries
metals
the
"In
and machinery
which includes most of the
plants, employment
0.3%
and
facturers
trol
increased
payrolls 0.2%. Manu¬
of munitions, fire-con¬
apparatus,
scientific instru¬
photographic materials
hired more workers and reported
higher payrolls. Steel mills were
busier.
Employment in the air¬
craft and shipbuilding industries
ments and
20% of the excess over $400 plus
$400 or over.
20% of the excess over $800 plus
$800 or over
$160.00
|$154.80 $149.60 $144.40 |$139.20 $134.00
|$128.80 $123.60 |$118.40 $113.20
dependents is in excess of the largest number of dependents shown, the amount of tar
to be withheld shall be that applicable in the case of the largest number of dependents shown reduced by
$5.20 for each dependent over the largest number shown, except that in no event shall the amount to bo
If the number of
If the number of dependents
of dependents shown, the amount of tax to
Is in excess of the largest number
applicable in the case of the largest number of dependents phown reduced by $2.40
dependent over the largest number shown, except that in'no event shall the amount to be withheld
be less than 3 per centum of the excess of the median wage in the bracket in which the wages fall (or if the
be withheld shall be that
for each
wages paid are $400 or over, of the excess of the wages)
multiple of $0.10, to the nearest multiple of $0.10. ;
over $24,
-
.
computed, in case such amount is not a
.
of the excess of the median wage in
fall (or if the wages paid are $800 or over, of the excess of the wages) over
i» not a multiple of $0.10, to tho nearest multiple of $0.10.
withheld be less than 3 per,centum
the bracket in which the wages paid
$52, computed, in case such amount
(Continued on page 2290)
slightly but payrolls
Tank manufacturing
continued to decrease.
Tin can
factories curtailed activity."
increased
were
lower.
2290
THE COMMERCIAL & FINANCIAL CHRONICLE
Result Of Treasury
Text Gf Otsrrent Tax
Bill Offerings
!
If the
Secretary of the Treasury Morgenthau announced on June 14
secutive .days .constitutes; wages, all the remuneration paid by such
Papsd Act Of 1943
(Continued from page 2289)
■
employer to such employee for such period shall be deemed to be
wages; but if the remuneration paid by an employer to an employee
for services performed during more than one-half of
any such pay¬
roll period does not constitute wages, then none of the remuneration
,
payroll period with respect to an employee is a daily payroll period
v » '
miscellaneous payroll period
or
a
paid by such employer to such employee for such period shall be
deemed to be wages.
that the tenders for
$1,000,000,000
of
92-day Treasury bills to be
dated June 16 and to mature Sept.
16, 1943, which were offered on
June
11, 1943,
And, (1) such
is
person
vided
by
the
number of days
in
Buch
period
"(h) Withholding Exemption Certificates—Every employee re¬
ceiving wages shall furnish his employer a signed withholding ex¬
emption certificate relating to his status for the purpose of comput¬
ing, the withholding exemption, or if the employer exercises his
married person claiming none of personal exemption for
withholding and has—
t::]■
j
•:
"
a
And the wages di¬
One
No
Two
Three
Four
Five
Six
Seven
Nine
Eight
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
are—
opened at the
were
ent
ents
ents
ents
ents
ents
Federal Reserve Banks.
ents
ents
ents '
ents
election under section 1622
ing), for the
Details of the issue follow:
Or, (2) such
Y
Total applied
for, $1,405,213,000.
accepted,
$1,000,540,000
(including $79,106,000 entered on
a
fixed-price basis at 99.905 and
accepted in full).
v;
%
7
is a married person claiming half of personal
exemption for withholding and has—
person
—w.'7:
; '
'
■
.
'
i
.
" :
J
withheld
^7;.;
a
Total
One
No
ent
ents
Four
ents
ents
Five
ents
Six
ents
■\
•' Y
■.
•
.
•
.
•
Is
a
f-
Three
"
t
•
Four
1
»
Five
ents
ent
ents
Six
ents
ents
ents
than
Or, (4) such
of
discount
Y; Y'Y
equiva¬
approxi¬
No
■'
■
•
One
ents
Two
ent
vl,
person
weekly
'YY
continue
ents or
its
present
)
•:
is head of
a
policy of
weekly in
■
Y7Y;
$o
•
$1
ents
ents
ents
7
*
2
.30
.50
.35
3
4
.70
.55
.35
$0.20
$0.05
$0.05
$0.05
.40
$0.05
$0.05
6
.90
.20
.10
.10
5
6
1.10
.95
.75
.60
.40
25
,10
.10
7
1.30
1.15
.95
.80
.60
45
.30
.15
.15
8
1.50
1.35
1.15
1.00
.80
,65
.50
.30
.15
.15
.36
.20
8
9
:
.10
.10
..
7
10
:
1.35
1.20
1.00
.85
1.90
1.75"
1.55
1.40
1.20
1.05
.90
.70
2.05
1.85
1.70
1.50
1.35
1.20
1.00
2.45
2.25
2.10
1.00
1.75
1.60
1.40
1.25
14
If,
•.
.
.85
2. CO
•;
.55
2.20
9
1943,
the Treasury dis¬
following results on
the
18
20
4.20
22
24
:
4.00
2.50
3.45
.
r
3.85
2.30
2.15
2. 70
2.55
2.40
3.30
3.05
4.05
3.10
2.95
2. 80
3.70
3.50
3. 35
3.20
2.90
2.00
.35
.65
'i
1.05
1.80
„
1.65
2.20
2.05
2. CO
2. 45
2.25
2.85
.7 2.65
3.00
1.45
.
1.85
4.25
4.10
3.90
3.60
3. 40
26
5.00
4.85
4.65
4.50
4.30
4.15
4.00
3.80
3.65
f. 25
5.05
4.90
4.70
4.55
4.40
4.20
4.05
3. 85
30
5.80
5.65
6.45
5.30
5.10
4.95
4.80
4.60
4.45
20% of the
ove
excess over
3. 25
•'
>.
3.05
,
4.25
;
$30 plus
$6.00
$5.85
$5.65
$5.50
$5.30
$5.15
$5.00
$4.80
$4.65
Y'YYY.Y-'
product of the median
wage
+
.
not a
•
the product of $1.70 and the number of days in the period, computed, in case such amount i3
multiple of $0.05, to the nearest multiple of $0.05.
:
1 r
over
:
per annum.
Average price—99.904 +
lent
of
rate
.
discount
f
Equiva¬
approxi¬
mately 0.374% per annum.
(52% of the amount bid for at
"(2) If
that applicable in the case of a miscellaneous payroll period
containing a number of days (including Sundays and holidays)
equal to the number of days in the period with respect to which
the
<•
low price was accepted.)
There was a maturity of a sim¬
ilar
issue
of
amount of
bills
June
on
in
9
such wages are
$705,256,000.
"(3)
Southeastern Conference
•
Regional War¬
time Conference of smaller stores
will
be
held
in
Atlanta
July 21
by Morris
Thompson, Director of the Bureau
and 22, it is announced
of Smaller Stores of the National
Retail
Dry
Goods
Association.
meeting will be held during
The
Atlanta
Market
Week,
being
conducted by
Manufacturers
and
Association
during
which
week
the
time
and
to reduce transpor¬
housing demands and
yet afford smaller store
opportunity
to
Government
and
and
to
hear
men
the
important
trade
their
discuss
wartime
discussion groups.
According
draft of the
eastern
to
the
program,
preliminary
the South¬
Conference will
be
built
around the four major subjects of
most concern to smaller store men
in
wartime—Merchandise, Man¬
Regulation, and Promotion
power,
and
Public Relations.
speakers
from
from
Top-flight
Government
and
the trade will keynote each
subject and the formal talks will
be
followed by discussion of the
various phases of the problem.
are
an
with respect to an
em¬
a
payment of
•
)
"(1) with respect to a payroll period or other period, any part
of Which is included in a.payroll period or other period with
respect to which wages are also paid to such employee by such
-employer, or
"(2) without regard to
any
payroll period
prior to the expiration of
or
a
or other period, but
payroll period or other period
7
the
"(3) with respect to a period beginning in one and ending in
another calendar year, or
vY-YYvY.
Y "(4) through an agent, fiduciary, or other person who also has
the control, receipt, custody, or disposal of, or
payable by another employer to such employee,
pays,
the wages
•-
of withholding and the amount to be deducted and with¬
held under this subchapter shall be determined in accordance with
manner
regulations prescribed by the Commissioner with the approval of the
Secretary under which the withholding exemption allowed to the
employee in any calendar year shall approximate the withholding
exemption allowable with respect to an annual payroll period.
"(jJ
Withholding on Basis of Average Wages—The Commis¬
under regulations prescribed by him with the approval
sioner may,
employer to deter-'
case
of
weekly payroll period, in which
aggregate of the wages paid to the employee during
calendar week shall be considered the
weekly wages.
J
a
computed to the nearest dollar.
"SEC. 1623.
case
the
V
.
"The
Liability For Tax
employer shall be liable for the payment of the tax
re¬
quired to be deducted and withheld under this subchapter> and shall
hot be liable to any person for the amount of any such payment.
"(5) If the wages exceed the highest wage bracket, in deter¬
mining the amount to be deducted and withheld under this sub¬
section, the wages may, at the election of the employer, be
"SEC. 1624.
;•
Return and Payment by Governmental Employer
"If the employer is the United States, or a State, Territory,
or
-
political subdivision thereof, or the District of Columbia, or any
"(d) Tax Paid By Recipient—If the employer, in violation of the; agency or instrumentality of any one or more of the foregoing, the
provisions of this subchapter, fails to deduct and withhold the tax return of the amount deducted and withheld upon any wages may
under this
subchapter, and thereafter the tax against which such tax be made by any officer or employee of the United States, or of such
may be credited is paid, the tax so
required to be deducted and with¬ State, Territory, or political subdivision, or of the District of Colum¬
held
shall
or
not
be
collected from the employer; but this subsection
relieve the employer from liability for any
penalties
additions to the tax otherwise
shall in
no
case
to deduct and
applicable in respect of such failure
bia,
or
control
of such agency or instrumentality, as the case may be, having
of the payment of such wages, or appropriately designated
for that,purpose. :7
"(e)
YyYY^Y;/Y.YY
withhold.
"SEC. 1625.
speakers
problems, through the medium of
;
Commissioner, under regulations prescribed by him jwith the: regard to this subsection.
applicable in the
NRDGA,
measure
.
miscellaneous payroll
the
of
although
the Smaller Stores group has con¬
ducted a number of highly suc¬
cessful regional meetings here.
v
The plan of regional meetings
was developed as a special war¬
tation
in which wages
mine the amount to be deducted and withheld under the tables'
This is the first meeting of its
type to be conducted outside New
by
paid.
case
approval of the Secretary, may authorize
:
July 19.
.York
a
the
is
the Atlanta
Distributors
the
any
.
of the Secretary, authorize employers
(1) to estimate the wages
which will be paid to any employee in any quarter of the calendar
period containing a number of days
year, (2) to determine the amount to be deducted and withheld upon
equal to the number of days (including Sundays and holidays)!
each payment of wages to such employee during such quarter as if
which have elapsed since the date of the last payment of such:
the appropriate averager of the wages so estimated 'constituted the
wages by such employer during the calendar year, or the date,
actual wages paid, and (3) to deduct and withhold upon any payment
of commencement of employment with such employer during;
of wages to such employee during such quarter such amount as may
such year, or January 1 of such year, whichever is the later. • <
be necessary to adjust the amount actually deducted and withheld
"(4) In any case in which the period, or the time described in upon the wages of such employee during such quarter to the amount
paragraph (3), with respect of any wages is less than one week,' required to be deducted and withheld during such quarter without
of
•
Southeastern
In
paid by an employer
without regard to any payroll period or other period, the amount
to be deducted and withheld shall be that applicable in. the case
Smaller Stores To Hold
A
wages are paid with respect to a period which is not
payroll period, the amount to be deducted and withheld shall
a
be
•
.'
with respect to which wages are also paid to such employee by
such employer, or
in the bracket in which
.the wages fail and the number of days in the period (or if the wages paid are $30 or
over, of the excess of the
wages)
;
.
77 on
Y
$4.45
If the number of dependents is in excess of the largest number of
dependents shown, the amount of tax
to he withheld shall be that applicable in the case of the largest number of
dependents shown reduced by
$0.15 for each dependent over the largest number shown, except that in no event shall the amount to be
withheld be less than 3 per centum of the excess of the
Low—99.904. Equivalent rate of
discount
approximately
0.37J%
.
certificate
by the employee takes effect under the subsection.
If no
'
YIS
*
0.340%
is furnished to the employer.
"(i) Overlapping Pay Periods, and So Forth—If
is made to an employee by an employer—
\
•••
.7
High—99.913. Equivalent rate of
Y+Y YYYY
wages
3.45
5.40
28
$30 or
$
'
28
4.45
3.75
,60
10
24
(includes $88,245,000 entered on a
fixed-price basis at 99.905 and ac¬
cepted in full.)
Range of accepted bids:
per annum.
3. 40
2.65
3.25
3.80
22
.70
10
20.
Total applied for—$1,437,153,000.
Total
accepted — $909,267,000
approximately
2.85
3.65
3.00
If,
18
'
discount
1.55
1.70
20
June 7:*
certificate
■
ployee, such employee shall be treated, for the purposes of the with¬
holding exemption, or in case the employer exercises his election un¬
der section 1622 (c) (relating to wage bracket withholding), for the
purpose of computing the amount to be deducted and withheld under
such subsection, as a married person claiming none of the personal
exemption for withholding and having no dependents.
7 715
.55
12
9,
after the date of the furnishing of
of this paragraph the term
purposes
certificate is in effect under this subsection
$0.05
4
on
on or
For the
in effect with respect to the employer until another such
$0.15
7
Such certificate—
which such certificate is furnished
on
$0.15
3
.76
con¬
may,! with the approval
A certificate which takes effect under this subsection shall continue
■YYY
10
Sept.
the Commissioner
date,' means January 1 and July 1 of each
Y:
"(2) If furnished otherwise than by reason of a change of
status, shall take effect as of the beginning of the first; payroll
period ending, or the first payment of wages made without regard to a payroll period, on or after the date on which such
!;
furnished
14
closed
\
I
ents
6
mature
,
.
ents
10
to
;
Two
Three
Four
Five
Six
depend¬ depend¬ depend¬ depend¬ depend¬
V:-Y+
2
•
of: status,
days after
ten
'status determination
year.
Y?,!L' Y.
12
and
-.
pendent
$0.10
As to the previous week's offer¬
9
!'
1
,
ing of $900,000,000 of 92-day bills,
June
as
payment of wages made
such certificate.
;;
family and has—
dated
-
-
Five
ents
.
June 16.
on
i
ents
The amount of tax to be withheld shall be the following amount multiplied
by the
number of days in such period
t
obtaining $200,000,000
"new money."
There was a maturity of $802,171,000 in bills
de¬
one
$700,000,000 to $800,000,000 and the Treasury's desire
to
depend¬
--
from
issues from
than
employer, except that at the; election of the Employer such
certificate may be made effective with; respect to any previous
'
increase in maturing
change
a
The certificate shall be in such form and
information
thirty days from the date
Four
ents
YY'YYY'..'
No
1
of
later
to the
i';
offering of bills
$900,000,000
$1,000,000,000 on June 10 in
to
case
not
or
person claiming all
withholding and has—
Three
ents
.
Or, (5) such
(61% of the amount bid for at
the low price was accepted.)
view of the
In
furnished
take effect with respect to the first
payment of wages made on
after the first status determination date which occurs at least
:
ents
•
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
per annum.
increased
occurs.
be
(1) If furnished after the date of commencement of employ¬
ment with the employer by reason of a
change of status, shall
*,
*
isa married
person
of persona! exemption for
v,
The
V
Seven
ents
•:
price, 99.905;
mately 0.374%
was
'
"
•
7': i
Y+yy
But less
At least
per annum.
rate
'
1
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend¬
0.352%
Low, 99.904; equivalent rate of
discount
approximately
0.376%
Average
change
such
subsection.
shall
ents
single person and has—
5
Two
One
No
person
.
per annum.
lent
tain
such
"
bucIi
Or, (3)
1"
High, 99.910, equivalent rate of
•
such
Seven
ents
under
certificate
new
(c) (relating to wage bracket withhold-,
of computing the amount to be deducted and
purpose
of the Secretary, by regulations prescribe.
vY'-V''' -.Vv."'
'
approximately
Three
Two
depend¬ depend¬ depend¬ depend¬ depend¬ depend¬ depend- depend¬
Range of accepted bids:
discount
Thursday, June 17, 1943
Nondeductibility of Tax
in
Computing Net Income—The
;;Y "(a)
Receipts
,
Requirement—Every employer required to deduct and
tax in respect of the wages of an employee shall furnish
to each such employee in respect of his employment during the
calendar year, on or before January 31 of the succeeding year, or, if
Y>-v his employment is terminated before the close of such calendar year,
"(f) Refunds or Credits—
YYY Y:-V.-:
on the day on which the last payment of wages is made, a written
"(1) Employers—Where there has been an
overpayment of statement showing the wages paid by the employer to such employee
tax under this
subchapter, refund or credit shall be made to the during such calendar year, and the amount of the tax deducted and
employer only to the extent that the amount of such
overpay-; withheld under this subchapter in respect of such wages.
ment was not deducted and
withheld under this subchapter by
-"(b) Statements to Constitute Information Returns—The state¬
the employer.
ments required to be furnished by this section in respect of any
'(2) Employees—For refund or credit in cases of
excessive' wages shall be furnished at such other times, shall contain such other
withholding, see section 322 (a).
Y " information, and shall be in such form as the Commissioner, with .the
'(g) Included and Excluded Wages—If the remuneration
A dupli¬
paid approval of the Secretary, may by regulations prescribe.
by an employer to an employee for services
performed during one-I cate of such statement if made and filed in accordance with regula¬
half or more of any
payroll period of not more than thirty-oiie con¬ tions prescribed by the Commissioner with the approval of the Secretax
deducted
and
withheld
under
this
subchapter shall net be
deduction either to the
employer or to the recipient of
the income in
computing net income for the purpose of any tax on
income imposed
by Act of Congress.
;
allowed
as
a
withhold
a
THE COMMERCIAL &
Number 4186
157
Volume
Effective Date—The amendments
(d)
to be made in respect of
tary shall constitute the return required
such, wages under section 147.'/"/v.
2291,
FINANCIAL CHRONICLE,
made by subsections ,(a)
tend (b)> shall take effect July 1, 1943, and shall be applicable to all
*;••••*
wages paid on or after such date, except that such amendments shall
V
"(c) Extension of Time—The Commissioner, under such regulations
jnot.be applicable to wages paid during the calendar year 1943 with
as he may prescribe with the approval of the Secretary, may grant
respect to a payroll period beginning before such date.
to any employer a reasonabl eextension of time (not in excess .of
thirty days) with respect to the statements required to be furnished SEC. 3. Credit for Tax Withheld at Source
under this section.
,
'
.
'
Penalties
"SEC. 1626.
'
y.
"(a) Penalties for Fraudulent
I for tax withheld
Receipt or Failure to Furnishi Re¬
lieu of any other penalty provided by law (except the
penalty provided by subsection (b) of this section), any person re¬
quired Under the provisions of section 1625 to furnish a receipt in
respect of tax withheld pursuant to this subchapter who willfully
furnishes a false or fraudulent receipt, or who willfully fails to fur¬
ceipt—In
nish
receipt in the manner, at the
a
(relating to the credit
Section 35 of the Internal Revenue Code
•
time, and showing the informa¬
required under section 1625, or regulations prescribed there¬
under, shall for each such failure, upon conviction thereof be fined
not more than $1,000, or imprisoned for not more than one year, or
tion
"The amount deducted and
withheld
as
shall be allowed as a
dividual
begin¬
begins
credit
against the tax imposed by this chapter for the taxable year
ning in such calendar year.
If more than one taxable year
in any such calendar year such amount shall be allowed as a
against the tax for the last taxable year so
SEC. 4.
\
•
Refunds
"
,
i
.
•'
,l
V&
'
'«
i
|
« *
'*
v
l'
'
'
''
"
(a) Excessive Withholding, etc.—Section 322 (a) (2) of the In¬
ternal Revenue Code (relating to excessive withholding) is amended
{-
'.
to read as follows:
held
pursuant to this subchapter who wilfully furnishes a false or
fraudulent receipt, or who wilfully fails to furnish a receipt in the
V:-"
information required under
thereunder, shall for each
of not more than $50;
"(c) Failure of Employer to File Return or Pay Tax—In; case
of any failure to make and file return or pay the tax required by
this subchapter, within the time prescribed by law or prescribed by
the Commissioner in pursuance of law, unless it is shown that, such
{>;■'• withheld at the
at the time, and showing the
section 1625, or regulations prescribed
such failure be subject to a civil penalty
manner,
is
due
the addition to
reasonable
!
(b) Presumption as to Date
from
$2.
without
work
districts the
some
Mr. Ickes,
amount of the tax
cause,
penalty
in saying that
extended indefinitely by the War
Labor
Board, but the United Mine
Workers
America
-
contended
that
the working contracts were.
inoperative at r the time of the
walkout,
cannot
hence
and
the
miners
legally be fined.
The present strike truce will ex--
!
estimated tax
of Payment—Section 322 (e) of the
to"presumption as to date of pay¬
of
pire
Sunday, June 20.
on
Portal-to-Portal
Pay
Agreement Discarded
Associated
!
from
Press
Washington
stated that The
dispatches.
June
on
Central
16
Pennsyl¬
vania Coal Producers Association.
"(e). Presumption as to Date of Payment—For the purposes of and the Union on
Tuesday of this
actually deducted and withheld at the source
week threw out their
tentative
during any calendar year under Part II of Subchapter D or under
agreement on $1.30 a day portalSubchapter D of Chapter 9 shall, in respect of the receipient of the
this section, any tax
to-portal
"SUBCHAPTER E—GENERAL
pay,
from
all
claims
time
prior
Charles
O'Neill,
jincome, be deemed to have been paid by him not earlier than the President of the
Association, stat¬
fifteenth day of the third month following the close of his taxable
ing that the Union refused to
year with respect to which such tax is allowable as a credit under
section 35 or section 466 (e). For the purposes of this section, any agree to the proposal of the pro¬
ducers that this payment of $1.30
amount paid as estimated tax for any taxable year shall be deemed
a
day should release the latter
to have been paid not earlier than the fifteenth day of the third
PROVISIONS
jnionth following the close of such taxable year,"
for
travel
such
April
|
1943 to
which date the agreement would
Section 3770
Verification of Returns, Etc.
have been-retroactive.
(c) Delegation of Authority to Collectors to Make Refunds—
(a) of the Internal Revenue Code (relating to authority
to make refunds) is amended (1) by striking out "(4)" at the be¬
tary, may require that any return, statement, or other document re¬ ginning of paragraph (4) and inserting in lieu thereof "(5)"; and
quired to be filed under this chapter shall contain or be verified by S(2) by inserting after paragraph (3) the following:
a written declaration that it is made under the penalties of perjury,
Tr'' :"(4) Delegation of Authority to Collectors to Make Refunds—
and such declaration shall be in lieu of any oath otherwise required.
The Commissioner is authorized to delegate, with the approval
of the1 Secretary,°fto collectors any authority, duty, or function
"(b) Penalties—Every person who willfully makes and sub¬
which the Commissioner is authorized or required to exercise
scribes any return, statement, or other document, which contains or
or perform under paragraph
(1), (2), or (3) of this subsection,
is verified by a written declaration that it is made under the penal¬
.or under section 322 or 1027, where the amount involved
(exties of perjury, and which he does not believe to be true and cor¬ •:
.elusive of interest, penalties, additions to the tax, and additional
rect as to every material matter, shall be guilty of a felony, and,
;
amounts) does not exceed $1,000."
upon conviction thereof, shall be subject to the penalties prescribed
'
of Commissioner to Require—The Commissioner,;
under regulations prescribed by him with the approval of the Secre¬
Power
.(a)
dispatch further stated that
the contracts provide a
fines would be levied, con¬
tended that the contracts had been
j>,
including penalties, applicable with respect
to the tax imposed by section 1400 shall, insofar as applicable and
not inconsistent with the provisions of this subchapter, be applicable
with respect to the tax under this subchapter.
"SEC 1630.
is
ment) ds amended to read as follows:
Other Laws Applicable.
1627.
coal strike largely
a new
the
>
under Part II of Subchapter D or Sub¬
Internal' Revenue' Code "(relating
oper¬
Thus the
of
in
but
of the amount determined by the taxpayer
or the Commissioner to be an overpayment of the tax for a
preceding taxable ' year."
U
"All provisions of law,
v
.
with the
disappeared.
sence
for any taxable year
:
work
penalty of $1 per day for an ab-i
chapter D of Chapter 9 exceeds
-
(d) Penalties in Respect of Withholding Exemption Certificates
•—Any individual required to supply information to his; employer
under section 1622 (h) who wilfully supplies false or fraudulent in¬
formation, or who willfully fails to supply information thereunder
which woulc) require an increase in the tax to be withheld under
section 1622, shall, in lieu of any penalty otherwise provided, upon
conviction thereof, be fined not more than $500, or imprisoned for
r^ot more than one year, or both.
"SEC.
-\:v>vV'v i.■•■
j;, ulations providing for the crediting against the
cause
"
.
source
5
June 12, stated that
might be waived by
Washington said.
threat of
has
the taxes imposed by this chapter
;against which the tax so withheld may be credited under section
i - ; V35 or 466 (e), the amount of such excess shall be considered an
g&y overpayment. •• ■
'...'
<■ *
V
/
fvv.f "(3) Credits Against Estimated Tax—The Commissioner is
I%-; authorized to prescribe, with the approval of the Secretary, regs''-
and not due to willful neglect,
the tax shall not be less than $10.
•,
, -
to
Excessive .Withholding—Where the
"(2)
-
failure
from
,>
'v: ■■ -.■■■
,
June
to
ators, an Associated Press dispatch
The
.
1
mutual agreement
beginning."
V
June
fines
these
most
both.
"(b) Additional Penalty—In addition to the penalty provided by
subsection (a) of this section, any person required under the pro¬
visions of section 1625 to furnish a receipt in respect of tax with¬
the
Saturday,
tax under Subchapter D
during any calendar year upon the wages of any in¬
credit to the recipient of the income
of Chapter 9
for
stoppage, Harold L. Ickes, Federal
Operator of the coal mines, on
Credit for Tax Withheld on Wages
35.
"SEC.
wages) is amended to read as follows:
on
Following an announcement on
Thursday, June 10, that the coal
miners would be fined $1 per day
to
1,
^
;
A decision by the National
Labor
the
is
Board
next
issue,
War
awaited
now
development
on
as
the
v-;;;;:'':
'
Tribute To Russia'
"
Rally Planned In N. Y.
'
*
for
perjury in section 125 of the
"SEC.
(id) Overpayments—Section 3770 of the Internal Revenue Code
is amended by
Criminal Code-
Use of Government Depositaries
Payment of Taxes
1631.
(relating to authority to-make credits and refunds)
inserting at the end thereof the following:
in Connection With
Where No Tax Liability—An amount paid as tax
not to constitute an overpayment solely by
tax liability in respect of which
."(c). Rule
authorize incorporated banks or trust com¬
depositaries or financial agents of the United States
to receive any taxes under this chapter in such manner, at such
times, and under such conditions as he may prescribe; and he shall
prescribe the manner, times, and conditions under which the receipt
of such taxes by such depositaries and financial agents is to be
treated as payment of such taxes to the collectors. ,
»•« >
;
"The Secretary may
shall not.be considered
panies which are
reason
of the fact that there was no
amount was paid."
such
amended to read as follows:
Tax Withheld at Source—For date of
"SEC. 1632. Acts To Be Performed By Agents.
•payment in respect of estimated tax and of tax withheld at source
on wages, see section 322
(e)."
/ , ■*. ,
"In case a fiduciary, agent or other person has the control, re¬
(f) Review of Allowance of Interest—Section 3790 of the Internal
ceipt, custody, or disposal of, or pays the wages of an employee or :
group of employees, employed by one or more employers, the Com¬ Revenue;Code (prohibiting administrative review of Commissioner's
missioner, under regulations prescribed by him with the approval of decisions) is amended by inserting at the end thereof the following:
"In the absence of fraud or mistake in mathematical calculation, the
the Secretary, is authorized to designate such fiduciary, agent or
other person to perform such acts as are required of employers un¬ allowance or nonallowance by the Commissioner, of interest on any
der this chapter and as the Commissioner may specify.
Except credit or refund under the internal revenue laws shall not, except
as provided in Chapter 5, be subject to review by any other admin¬
as may be otherwise prescribed by the Commissioner with the ap¬
employee, or agent of the United
proval of the Secretary, all provisions of law, .(including penalties)* istrative or accounting
applicable in respect of an employer shall be applicable to a fidu¬ States."
ties) applicable in respect
'
Revenue
*
Code
(cross
' '
34—Section 34 of the Internal
reference)
is amended by striking out
"453, 454, and 466 (e)" and inserting in lieu thereof "453 and 454J1
(2) Amendment to Section 322—Section 322 (f) of the Internal
Revenue Code (cross reference) is amended to read as follows:
following:
''Sec.
:
,
,
,
'
"(a) Requirement of Declaration—Every individual (other than
or trust and other than a nonresident alien with respect to
whose wages, as defined in section 1621 (a), withholding under Sub¬
"(f) Tax Withheld at Source—For refund or credit in case of
chapter DV of Chapter 9 is not; made applicable) shall, at the time
Withholding agent, see section 143 (f)., For refund or credit in case
during the-taxable year prescribed in subsection (d), make a declara¬
of employer required to deduct and withhold tax on wages, see section
tion of his estimated tax for the taxable year if—
1622 (f)."
■
'v' "(l).his gross income from wages (as defined in section 1621)
(c) Expiration Date for Withholding at.Source on,Wages Under
"(A) in case such individual is single or married but. not
Subchapter D of Chapter 1—Section 476 of the Internal Revenue Code
;^;A^^.iiving ,with husband or wife: can reasonably be expected to
(prescribing the expiration date for the taxes imposed by Subchapter.
W.;vr^:/--r.5:-;exceed $2,700 for the taxable year; or did exceed $2,700 for
D) is amended to read as follows: . ;
v.; . .
the preceding taxable year; or
;
.-
>
"SEC. 476.
Expiration Date
;
this subchapter shall not apply
taxable year commencing after the date of cessa¬
tion of hostilities in the present war.
The tax imposed by Part II of
such subchapter shall not apply with respect to any wages paid after
June 30, 1943, unless paid during the calendar year 1943 with respect
to a payroll period beginning on or before such date.":
V
"The
tax
imposed by Part I of
-
b
iv;
"(BLjn case such individual is married
•
or
■•V-Vv;'
;
•:v.-
and living with
income which
such husband
husband or wife: can, when added to the gross
.-..//can reasonably be expected to be received by
u
•
with respect to any
;
-vV?-'
wife from wages
(as so defined), reasonably be
expected
to exceed $3,500 for the taxable year; or did when added to
the gross income of such husband or wife from wages (as
(Continued on page 2292)
to
Washington, D. C.,
special mission on June
from his
Premier Stalin's reply to
3, with
President's
The rally
letter.
will culminate
a
na¬
tion-wide observance of "Tribute
to Russia
Week," being held from
June 20 to June 27 as a salute to.
the Soviet
people who, on June 22,
of war.
The Randall's Island rally is one
enter their third year
of
several
score
major meetings
which will be held throughout the
country during "Tribute to Russia
Week" as America's tribute to the
and achievements of the
A special Russian
courage
Soviet people.
consisting
committee
Relief
Franklin
Mrs.
Roosevelt,-
D.
Willkie, Bishop William
Manning, Thomas W. Lamont,
Thomas J. Watson, William Green,,
Wendell
T.
Murray,
James
estate
an
in
of Russian War Relief. Mr. Davies
Philip
58.Declaration of Estimated Tax By Individuals.
meeting
Island
of the New York Committee
man
of
by
the
Russia"
to
Stadium, New
York City, on June 27, it is an¬
nounced by Allen Wardell, Chair¬
War
Current Payment of Tax Not Withheld At Source
In General-rThe Internal Revenue Code is amended
striking out sections 58, 59, and 60 and inserting in lieu thereof
(a)
;,
of employers."
Technical Amendments—
(1) Amendment to Section
(b)
"Tribute
Randall's
the
"(f). Estimated Tax and
SEC. 5.
Joseph E. Davies, President
Roosevelt's personal envoy to the
Soviet Union,
will speak at a
returned
(ej Crpss-Reference—The last subsection of section 3771 of the
Internal Revenue Code (relating to interest on overpayments) is
ciary, agent or other person so designated but, except as so pro¬
vided, the employer for whom such fiduciary, agent or other person
acts shall remain subject to the provisions of law (including penal¬
i
G.
and
A.
Patton,
Owen D.
F.
Whitney,
Griffis
Staton
Young is
directing,
the observance.
Mayor F. H. LaGuardia, Sidney
president of the Amal-'
Clothing Workers
of
America,
and
government andi
military leaders of the U.S. and
the Soviet Union also will address1
the meeting.
A pageant and en¬
tertainment will be presented.
Hillman,
gamated
Tickets,
priced
at
25
cents, may be obtained at
War
from
Relief,
the
11
sixty
E.
and
35th St.,
local
50
Russian
and:
committee
headquarters of Russian War Re¬
lief in the New York area.
hVU.I,; r.
2292
The New York Stock
announced
short
interest
business
date,
June
on
(Continued from page 2291)
the
on
of
as
that
the
from
"(2) his gross income from
of
obtained
change
the
by
its
from
Stock
Ex¬
.
and
members
firms, was 980,047 shares,
compared with 882,376 shares on
April 30, both totals excluding
positions
carried
odd-lot
accounts
dealers.
in
all
"(A) in
all
odd-lot
the
"(B)
accounts
in
husband
issues
listed
individual
the
on
May 28, there
which
were
short
a
stock
:
•
.;
of
more
under
reported
as
positions,
the
the
at
of
the
in
business
day for each month for the last
"(1)
Nov.
28
510,969
496,892
478,859
487,169
470,002
486,912
444,745
453,244
Dec.
31
349,154
June
30
July
31
Aug.
29
Sept. 30
Oct.
31
1942—
27
Mar.
31—
April 30
May 29
June
30—
July
31
Aug.
31-.—
—
—
chapter for the taxable
credits under sections
"(3) the
the
of
amount
tax
declaration
year.
-
<»
—_
...
respect
oe
the
declaration
29
Feb.
26
579,394
663,750
Mar.
31
774,871
estimated
If
a
may
as
the
estimated
of
either
the
joint
non¬
joint return is
a
husband
year may
the
or
28.
"(d) Time and Place for Filing—The declaration required under
(a) shall be filed on or before the fifteenth day of the
;hird month of the taxable year, except that if the requirements of
jubsection (a) are first met after such date, the declaration shall
980,047
-
be
"'•Revised.
subsection
filed
or
on
before
quarter of the taxable
\n
the
year
fifteenth
day of the last month of the
in which such requirements are first met.
individual may make amendments
or
N. Y. AIB
G. Russell
of
ager
Clark, Assistant Man¬
the
House,
Chapter
New
York
elected
was
Clearing
President
of
New York
Chapter, American In¬
of Banking, at the recent
meeting. Mr. Clark suc¬
stitute
annual
ceeds
to
Everett
the
the
J.
unexpired
Livesey,
term
who
of
joined
Other
officers
elected
for
the
Vice
President, James E.
Assistant Cashier of
Robertson,
the Chase National Bank.
Second
C.
Vice
President,
Edgar
Egerton, Vice President of the
Seamen's Bank for
Savings.
Treasurer, James Lyall, Person¬
nel
Director of the United States
Co.
Trust
shall
be
filed
revisions of
on
or
or
a
before
revisions have been made
Counsel, John W. Boyle,
Manager of the Brooklyn office
the
of
Co.
.
New
Title
vV
Guarantee
■■■■■■'
■
members
Governors
'
of
include
&
Trust
'
the
Board
of
C.
Deering, Assistant Comptroller of
the
Raymond
Manufacturers
Trust
Co.;
Parker, Assistant Sec¬
retary of the Dime Savings Bank
of Brooklyn, and Crawford Young,
Clinton W.
Trustee and Vice President of the
Flatbush Savings Bank.
_
Nomination
was
noted
in
of
these
these
officers
columns
April 22, page 1502.
of
Installment
pay
an
prescribed,
be added to the tax
of
the
the
tax
Estimated
"
Tax—In
the
installment of the estimated tax-
there
(determined
of Estimated
without
Tax—If
regard
to
,
80
the
per
credits
per
determined exceeds the estimated tax
so increased, which¬
apply to the taxable
in which falls the death of the taxpayer."
'
(
145
(a)
Payment
by Installments—Section 56 (b) of the Internal
(relating to installment payments) is amended by
out "The" at'- the beginning thereof and inserting in lieu
:
Code
thereof
"Except in the
trust and other than
as
a
defined in section
case
of
an
individual (other than
an
estate
or
nonresident alien with respect to whose wages,
1621 (a), withholding under Subchapter D of
Chapter 9 is not made applicable), the".
<
•'
,
(e) Date for Making Return by Certain Nonresident Aliens—
(1) Section 217 (a) of the Internal Revenue Code (relating to
returns by nonresident aliens)
is amended by inserting after
.
"In
,
the
case of
a
nonresident alien individual" the following:
respect to whose wages, as defined in section 1621 (a),
withholding under Subchapter D of Chapter 9 is not made appli¬
"with
fifteenth
filed.
or
of
an
^
shall be added to the tax
centum of the tax, whichever is the greater, for
per
Penalties—Section
striking
declaration
cable,".
Declar¬
(2)
*
Section
218
(a)
'V
'
'
of the Internal
Revenue Code (relating
of tax by nonresident aliens) is amended by insert¬
"In the case of a nonresident alien individual" the
ations and amendments and revisions thereof shall be filed with the
to payment
Collector specified in section 53
ing after
following: "with respect to whose wages, as defined in section
1621 (a), withholding under Subchapter D of Chapter 9 is not
made applicable,".
(b)
(1).
"(e) Extension of Time—The Commissioner
grant a reason¬
able extension of time for filing declarations and
paying the esti¬
mated tax, under such rules and regulations as he shall prescribe
with the approval of the Secretary.
Except in the case of taxpayers
who are abroad, no such extension shall be for more than six
•
may
.
"(f) Persons Under Disability—If the taxpayer is unable to make
declaration, the declaration shall be made by a duly au¬
thorized agent or by the guardian or other person
charged with the
own
care
of the
person
or
property of such taxpayer.
"
.
.
*
.
•
"(g) Signature Presumed Correct—The fact that an individual's
name is signed to a filed declaration shall be
prima facie: evidence
for all purposes that the declaration was actually signed by him.
y.
"(h)
Publicity of Declaration—For the purposes of section 55
(relating to publicity of returns), a declaration of estimated tax shall
be
held
and
considered
a
return
under
this
chapter.
7y;yA:-
•
Chief
(c)
(d)
the last month of any quarter of the taxable year subse¬
quent to that in which the declaration was filed and in which no
previous amendments
2%
time
the
words "estimated tax or".
day of
his
year are:
First
revisions
months.
Navy.
coming
or
Pay
to
Tax—In
of the Internal Revenue Code
(relating to criminal penalties) is amended (1) by inserting after
"return" wherever appearing therein the words "or declaration",
and (2) by inserting before "tax" wherever appearing therein the
subsection, under regulations prescribed by the Com¬
missioner with the approval of the Secretary.
If so made, such
amendments
to
Estimated
is the lesser. This paragraph shall not
year
[
:iled under this
Clark Named Head Of
of
declaration of estimated tax
sections
so
ever
Revenue
be divided between them.
in
32, 35, and 466 (e)), in the case of individuals
exercising an election under section 60 (a),
centum of such tax so determined in the case of
such farmers, exceeds the estimated tax
(increased by such
credits), there shall be added to the tax an amount equal to such
excess, or equal to 6 per centum of the amount by which such
wife,
882,376
Aoril 30
a
centum of the tax.
per
Substantial Underestimate
66%
tax
the estimated tax for such
tax
beginning
year
other than farmers
or
'
shall be joint and several.
No
if either the husband or wife is a
not made for the taxable year,
treated
.
joint declaration is made but
or
under
.
•
tax
be made
may
resident alien.
Dr
Jan.
to
Declaration
File
the failure
the
"(5)
written statement
a
.;
to
Failure
centum
-
.
"(c) Joint Declaration by Husband and Wife—In the case of a
husband and wife living together, a single declaration under this
jection may be made by them jointly, in which <lase the liaoility with
1943—
-
$2.50
also contain such other' information for the
of carrying out the provisions of this chapter as the Com¬
missioner, with the approval of the Secretary, may by regulations
or be verified by
penalties of perjury.
taxable
a
each installment with respect to which such failure occurs.
shall
prescribe, and shall contain
for
failure to make and file
equal to 10
within
•
the credits for the tax-
(e); and
-
tax
the time prescribed, there shall
of
case
of the amount estimated under paragraph (1)
paragraph (2), which excess
of this chapter shall be held and considered the
.hat it is made under the
a
"(4)
without regard to any
as
estimated
Failure
of
case
within
estimated: under
estimated tax for the taxable
i
501,833
30
"(3)
,
excess
amount
for the purposes
532,867
31
•
32, 35, and 466 (e);
able year under sections 32, 35, and 466
over
the
as
year,
"(2) the amount which he estimates
548,365
558,446
551,053
:
30
May
estimates
the
(b) Additions to Tax—Section 294 (a) of the Internal Revenue
Code (relating to additions to tax in case of nonpayment) is amended
by inserting at the end thereof the following:
purposes
514,158
*517,422
—
j—
Sept. 30
Nov.
he
534,396
Feb.
Dec.
this
of
account
on
1943."i-viv;A'
amount
amount which
460,577
489,223
513,546
530,636
31
1, 1943, shall be ratably decreased to reflect the payments on account
a taxable
year beginning in 1942 which are treated as payments
of
under
return
a
as
of the estimated tax for such taxable
year payable after September
beginning
year
or
of
455 for
case
the
under
The
Jan.
Oct.
in
year may be made at any time on
of the last month of the taxable year.
January 1, the date which shall be substituted for the fifteenth day.
the third month of the taxable year for the
purposes of section
58 (d) shall be prescribed by
regulations prescribed by the Commis¬
sioner with the approval of the Secretary. In either case installments
preceding tax¬
-
■
April 30
May 29
or
taxable
Application to Taxable Years Beginning in 1943—If the1943, the fifteenth day of Septem¬
ber, 1943, shall be substituted for the fifteenth day of March for the
purposes of section 58 (d).
If the taxable year begins in 1943 after
"(b) Contents of Declaration—In the declaration required under
subsection (a) the individual shall state—
two years:
1941—
51
the
fifteenth day
"(c)
beginning in 1942, and his gross
income from wages (as defined in section 1621) for such taxable
year is greater than the gross income which can reasonably be
expected to be received from wages for the taxable^ year be¬
ginning in 1943.
existing
last
section
■
.
taxable year is the calendar year
section 51 for the taxable year
was
short interest
close
the
such taxable year is the taxable
1943, such individual was required to make
"(3)
of
647 com¬
pared with 607 on April 30."
In the following tabulation is
shown
for
sources
•
Taxable Years—The application of
(4), and (5) to taxable years of less
prescribed in regulations prescribed
by the Commissioner with the approval of the Secretary.
can
such
for
the
than twelve months shall be
he had been married and
May 28, exclusive of odd-lot deal¬
ers' short
from
wife
•
vy "(b) Application tp Short
sections 58, 59, and 294 (a) (3),
married and living with
such preceding taxable year if
living with husband or wife dur¬
ing the whole of such preceding taxable year; or y
than 2,000 shares oc¬
was
before
wife: can, when added to the gross income which
or
-
Special Rules for Application of Sections 58 and 59,
declaration
or
able year, exceed $100 for such preceding taxable year and
such individual would have been required to make a return
curred during the month.
"The number of issues in which
short interest
preceding
required if he had been
reasonably be expected to be
such as will require the making of a return under section
51 or 455; or did, when added to the gross income of such
husband
more
5,000 shares existed, or in
which a change in the short posi¬
paid.
60.
"(a) Farmers—In the case of an individual whose estimated
gross income from farming for the taxable year is at least 80 per^
centum of the total estimated
gross income from all sources for the
taxable year, in lieu of the time prescribed in section 58
(d), the
reasonably be expected to be received by husband or
wife from such sources, reasonably be expected to exceed
$100 for the taxable year and the aggregate gross income
Exchange on
61 issues in
interest
such
extent
"SEC.
can
than
tion of
such individual is
case
or
of such husband and wife
1,234
455 for
or
so
single during the whole of such preceding taxable year;
further said:
the
under section 51
taxable year or would have been
33,589 shares, compared with
35,864 shares, on April 30.
The Exchange's announcement
"Of
"(b) Assessment—The estimated tax shall be assessed only to'
the
(
was
>
be considered payment on account of the tax for the taxable
year.
(as de¬
such individual is single or married but no
husband
og wife: can reasonably be expected to
return
a
be paid prior to the date prescribed for its
AAA 'AA'Ay A ■
" A-v""
A A
.A
may
■
One
under section 51; or did excede $100 for the preceding
year and such individual either was required to
make
odd-lot
dealers'
other than wages
sources
estimated tax
installment of the estimated tax shall be paid at the time of
making the declaration, and an installment thereof shall be paid on
the fifteenth day of the last month of each
succeeding quarter of the
taxable year.
Payment of any installment of the estimated tax shall
j
.
case
living with
year
May 28 settle¬
date, the total short interest
ment
/•
..
taxable
As of the
of
.
exceed $100 for the taxable year and his
gross income to be
such as will require the making of a return for the taxable
member
short
.
fined in section 1621)
informa¬
^
tion
.
defined) for the preceding taxable year, exceed $3,500 for
such preceding taxable year; or
the
close
:
Thursday, June 17, 1943
payment.
so
May 28 settlement
compiled
as
•
Exchange
12
v
Text Of Current Tax Payment Act Of 1943
Higher On May 28
a
4i^,i
THE COMMERCIAL & FINANCIAL CHRONICLE
NYSE Short Interest
in
,*♦' 1*4.^
"SEC.
59.
Payment of Estimated Tax
Ay
y?
A;•
-
Ay
(f) Taxable Years to Which Applicable—The amendments made
by This section shall be effective with respect to taxable years be¬
ginning after December 31, 1942, except that section 294 (a) (5) of
the Internal Revenue Code shall not be applicable to a taxable year
beginning in 1943 in the
case
of
an
individual not required to make
a
declaration under section 58 of the Internal Revenue Code for such
year.
SEC. 6. Relief From Double Payments in 1943
.
...
;
.
r
v
;
(a) Tax for 1942 Not Greater Than Tax for 1943—In
imposed by Chapter 1 of the Internal Revenue Code
vidual
(other than
an
estate
or
case
upon
trust and other than
a
the. tax
any
indi¬
nonresident
alien not
subject to the provisions of sections 58, 59, and 60 of such
chapter) for the taxable year 1942 (determined without regard to
this section, without regard to interest or additions to the tax, and
without regard to credits against the tax for amounts withheld'at"
"(a) In General—The estimated tax shall be paid in four equal
source) is not greater than the tax for the taxable year 1943 (similarly
installments except that—
;;
'■> f 1
•;
determined), the liability of such individual for the tax imposed by
V;
"(1) if the declaration is filed (otherwise than pursuant to such
chapter for the taxable year 1942 shall be discharged as of
an extension of time) after the fifteenth
day of the third month September
1, 1943,, except that interest and additions to such tax;.
of the taxable year, the estimated tax shall be
paid in equal shall be collected at .the. same time and in the same manner
as, and
installments the number of which is equal to :the number of
as a part of, the tax under such chapter for the taxable
year 1943.;
quarters remaining in the taxable year (including the quarter
In such case if the tax for the taxable year 1942
(determined with-*
in which the declaration is filed); and
•,
< ;
f,..
'
out regard to this section and without regard to interest or additions'
"(2) if any amendment or revision of a declaration is filed, to the tax) is more than $50, the ta^.under such
chapter for the tax-i
the remaining installments shall be ratably increased or de¬ able
year 1943 shall be increased by an amount equal to 25 per
creased, as the case may be, to reflect the increase or decrease, centum of the tax for the taxable year 1942
(so determined) or the
as
the case may be, in the estimated tax
by reason of such excess of such tax (so determined) over $50, whichever is the lesser.:
amendment or revision; and
-; A'.; A
This, subsection shall not apply in any case in which the
taxpayer,
"(3) at the election of the individual, any installment of the is convicted of any. criminal offense with respect to the tax for the
.
,
,
.
.
..,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4186
.Volume 157
(c)
which additions to the tax for such taxable
taxable year 1942 or in
in
Greater Than Tax for 1943—In case the tax
imposed by Chapter 1 of the Internal Revenue Code upon any indi¬
vidual (other than an estate or trust and other than a nonresident
alien not, subject to the provisions of sections 58, 59, and 60 of such
Tax for 1942
(b)
the
taxable
year
the complete liquidation of such corpora¬
tion, and if at all times after such liquidation up to and including the taxable year 1942 (if subsection (a) is applicable) or the
taxable year 1943 (if subsection (b) is applicable) the trade
year
such
chapter), plus
>
,
corporation
was
such in¬
of subsection (c) such
carried
by
on
with
within
or
dividends
as
the
the
end
at
base
had
year
such
of
all
taxable
(6). Certain
Portions
of
Increase
in
1943
Not
Tax
,
-
tax, and without regard to credits against such tax
(e) or under section 35 of such chapter) is
under
(so
determined) over $50, whichever is the lesser.
Such amount
shall in no case exceed 25 per centum of the tax for the taxable
year 1942. (determined without regard to this section and with¬
out regard to interest and additions to such tax) or the excess
of such tax (so determined) over $50, whichever is the lesser, y
.
<
This
Taxpayer Dying in Taxable Year 1942—If the individual
dies during the taxable year 1942, subsections (a), (b), and (c)
shall not apply.,
(so determined) or the excess of such tax
shall not apply
subsection
is convicted of any criminal
in
any
case
(e) Extension of Time for Payment of Portions of Increase in
1943
an
the tax for such taxable
An individual who becomes
the taxable year
ternal
Revenue
the taxable year 1942
i
v
amount in accordance with
1942, the tax imposed by Chapter 1 of the Infor the taxable year 1943 shall be in-
it shall be
Code
such
the
for
section
over
a
taxable
the
years
at
Joint
(2)
Returns—If
the taxpayer
(a)
(4) ).
either for the
taxable
'
1942 or for the taxable year 1943 makes a joint return with
his spouse, the taxes of the spouses for the taxable year for
which a joint return is not made shall be aggregated for the
-
year
X
-
•
-
r
4
of subsections (a), (b), and (c), and in case the taxable year for which a joint return is not made is the taxable
year 1943, the liability for the increase in the tax for the taxable
year 1943 under)subsections
(b) and (c), shall be joint and
purposes
.
';
several.
(3) Foreign Tax Credit and Application of Sections 105, 106,
107—The credit against the tax imposed by Chapter 1 of
•..
i
and
Internal Revenue
the
Code for the taxable year 1943 allowed
of foreign coun¬
shall be detersubsections (a), (b), and (c).
Sec¬
105, 106, and 107 of such chapter (relating to limitations
by section 31 of such chapter (relating to taxes
tries and of possessions of the United States),
mined
tions
on
without regard to
tax, shall be
applied without regard to subsections (a), (b),
'
~
-
and
(c).
■
'
1,
,
before the date
or
6
which
on
it is
part of the tax, interest on
centum per annum for the
as a
per
Under
on
which such amount is payable
under
Subsection
prescribed
provided, extend
the
tax
for
the
election
by the
of
the
Commis
the
time
taxable
for
year
the
194-
under subsection (C), in which case
four equal annual installments, the
prescribed for its pay¬
.The Commissioner may condition the extension upon the
ment
of such
tension.
v
If
amount
the
time
tended, there shall
on
in
for
accordance
the
with
payment
be collected,
as
a
the
of
of
terms
such
portion
the
is
tax, interest
annum for the
period beginning with the date prescribed for the payment of the
tax for such taxable year and ending with the date on which such
installment is paid or the date on which it is payable, whichever
the earlier.
If any installment is not paid on or before the
date on which it is payable, it and the
remaining installments
shall be paid upon notice and demand from the Collector.
II
is
installment is not paid on or before the date on which it is
payable, there shall be collected, as part of the tax, interest or.
such installment at the rate of 6 per centum per annum for the
period beginning with the date on which such installment is
any
payable and ending with the date
on
which it is paid.
(f) Treatment of Payments on Account of 1942 Tax—Any pay¬
ment (other than interest and additions to the tax) made on account
of the tax imposed by Chapter 1 of the Internal Revenue Code for
the taxable year 1942 upon a taxpayer whose
liability for such tax
is
discharged
payment
In
the
on
case
under subsection (a) or (b), shall be considered as
account of the estimated tax for the taxable year 1943
of any extension of time for the payment of such tax
granted by the Commissioner prior to September 1, 1943, payment oi
the portion thereof which if such extension had not been
granted
would
have
been
shall be made
payable under section 56
(b)
notwithstanding subsection (a)
tion
of the
"C"
North¬
under
ban
a
June
on
2.
These
coupons
chiefly for occupational
driving. Basic "A" coupons were
unchanged
and
remain
worth
three gallons.
Prentiss M. Brown, OPA admin-/
istrator,
took
the
this
announcement
action
after
said,,
being
in¬
formed by Petroleum Administra¬
tor Harold L. Ickes and Donald
M. Nelson, Chairman of the War
Production Board, that the allo¬
cation
of
civilian
duced
gasoline for East Coast
in
use
from
June
be
must
re¬
previously sched¬
uled 356,000 barrels a day to 326,000 barrels a day.
a
To
prior to such date
(b), but the fore¬
any such payment.
In case the taxpayer becomes
delinquent, prior to September 1, 1943:
in the payment of such tax or
any installment thereof, subsection
(a) or (b) shall not relieve the taxpayer of his liability for the tax,
but the foregoing provisions of this subsection shall be
applicable to
payment of such liability.
If any payment on account of the tax
imposed by such chapter for the taxable year 1942 is made pursuant
to a joint return made by husband and wife for such taxable
year,
or
going provisions of this subsection shall apply to
and such payment is considered as a payment on account
mated tax for the taxable year 1943, such payment may
of the esti¬
be treated
that consumption will
assure
be held within the available sup-
•
ply announced by the Petroleum
Administrator,
Mr.
Brown
nounced that it will also be
an¬
neces¬
to:
War
Direct
1.
tioning Boards
tions
for
Price
additional
Ra¬
and
deny
to
applica-:
of
rations
gasoline to restore mileage lost
result
a
the
of
as
cut.
new
2. Revoke
present
provisions
allowing special rations of up to
five gallons to service men on fur¬
lough in the
'
affected by the
area
cut.
3.
Deny supplemental rations to
applicants living within
able
walking distance
a reason¬
work, regardless of
car
pools and:
lack of other
of
tion.
of
their;
transporta¬
will be made,
means
Exceptions
only to take into account physical
disability,
the necessity
to
equipment, such
or
transport heavy
tools.
as
months
rations
the basic
ago
cut
were
Eastern
in
in
States
half
A
in
17
that
order
greater part of the available
a
sup¬
ply of gasoline might be diverted
to
farm
spring
"This
Brown.
miles
said
car
Mr.
owners
a
allowing only
90
to meet family and
month
a
use,"
left
ration
scant
personal emergencies.
the
"About
time
same
War
Price and Rationing Boards began
close review of supplemental B
and C rations to make sure that
a
they
were
tailored closely to the
applicant's needs.,
"On May 20, a ban on all non¬
ex¬
ex-
part of the
each installment at the rate of 4 per centum per
and
the
used
"Two
(C)—At the
regulations
Section 107 Income Attributed to Rase Year—That por- as a
payment on account of the estimated tax of either the husband
compensation which is received or accrued in the or the wife for
such taxable year or may be divided between them.
taxable year 1942 (if the tax for such year is not greater than
(g) Use of Term "Taxable Year"—For the purposes of this sec¬
that for the taxable year 1943), or in the taxable year 1943 (if
tion the terms "taxable year 1937", taxable year 1938", "taxable year
the tax for such year is less than that for the taxable year 1942),
and which under, section 107 of the Internal Revenue Code is 1939", "taxable year 1940", "taxable year i942", and "taxable year
(Continued on page 2294)
attributed to the base year, shall for the purposes of subsection
(4)
\
•' '■
Increase
ment.
which
(as defined in section 25
of
furnishing by the taxpayer of a bond in such amount, not ex¬
ceeding the amount of such increase, with such surety or sureties
as the Commissioner deems
necessary, conditioned upon the pay¬
time during the taxable year 1942 or 1943, the
for the taxable year 1943 under subsection
earned net income
on
stallment may be paid prior to the date
in the tax
regard to this section) is increased by reason of the inclusion in
the net income for the taxable year 1942 of the amount of the
rate
be paid on the fifteenth day of the fifteentl
following the close of the taxable year, and of the re¬
maining installments one of which shall be paid on the last daj
of each succeeding twelve-month period, except that any in¬
(1) shall be reduced by an amount equal to the amount by
the tax for the taxable year 1942 (determined without
(b)
If such
month
of this subsection "base year" means any one of
1937, 1938, 1939, or 1940, to be selected by the
any
paid
the
"B"
in
three
a.m.
are
the
first of which shall
(d) Rules for Application of Subsections (a), (b), and (c)—
(1) Application of Subsection (b) to Members of Armed
Forces—If the taxpayer is in active service in the military or
naval forces of the United States or any of the other United
increase
not
shall, except as hereinafter
payment of the portion of
equal to the increase therein
such portion shall be paid in
taxpayer.
Nations
which
to
i'Sioner wfth the approval of the Secretary, the Commissioner
of 75 per centum of the tax
purposes
at
taxpayer, made
taxable year which
income for the base
year plus $20,000 constituted both the surtax net income for the
taxable year 1943, and the net income for such taxable year after
allowance of all credits against net income.
;
amount
(2)
the portion of the surtax net income for such
is not greater than the sum of the surtax net
For the
all
now
driving were cut
gallons to two and
one-half gallons effective at 12:01
and ending with the date on which it is paid.
imposed by such chapter
taxable year 1943 (determined without regard to this
and without regard to interest and additions to the tax)
tentative tax for the taxable year 1943 computed as^ il
excess
is
period beginning with the date
the tax imposed by Chapter 1 of the Internal
Revenue Code for the taxable year 1943 shall be increased by
the
respect
paid on or before the date on which it is payable,
paid upon notice and demand from the Collector.
If
amount
such
taxable year 1943,
v
a
the terms of the extension.
payable; there shall be collected,
1942 Greater Than That for 1943—In the case
of a taxpayer whose liability for the tax for the taxable year
1942 is discharged under subsection (b) and whose surtax net
income for the base year plus $20,000 is less than that for the
V
amount with
condition the
bond in such
may
amount is not
for
Tax
provided
applies, with such surety or sureties, as the Commis¬
deems necessary, conditioned; rnpon the payment of such
sioner
the base year
plus $20,000 constituted both the surtax net income for the taxable year'1942, and the net income for such taxable year after
(2)
hereinafter
as
extension
allowance of all credits against net income;
•
except
The Commissioner
amount, not exceeding the
greater than the sum of the surtax net income for
.y
shall,
close of the taxable year.
such
-
Commissioner
extension upon the furnishing by the taxpayer of
creased by the excess of 75 per centum of the tax imposed by
chapter for the taxable year 1942 (determined without
regard to this section and without regard to interest and additions to the tax) over a tentative tax computed as if the portion
of the surtax net income for the taxable year 1942 which is noi
f
of
coupons
States
non-essential
on
from
sary
taxable year 1943, in which case such portion shall be paid on oi
before the fifteenth day of the fifteenth month following the
(c) Additional Increase in 1943 Tax Where Increased Income— V
)(1) Tax for 1942 Not Greater Than That for 1943—In the
case of a taxpayer whose
liability for the tax for the taxable
year 1942 is discharged under subsection (a), and whose surtax
net income for the base year plus $20,000 is less than that for
-
.
.
extend the time for the payment of the portion of the tax for the
taxable year 1943 equal to one-half of the amount of the 25 pei
centum increase therein under subsection (a) or (b) (2) for the
under section 51 of the Internal Revenue Code.
•
the
tary,
in which the taxpayer
individual required to make a return for
i
•
.
Twenty-five per Centum Increase Under Subsection (a)
(b)—At the election of the taxpayer, made under regulations
prescribed by the Commissioner with the approval of the Secre¬
subject to tax for the taxable year 1943 under this subsection shall
be
•
eastern
(1)
offense with respect to the tax for the
applicable by reason of fraud.
Tax—
or
taxable year 1942 or in which additions to
year are
value
gasoline
.
(7)
more
$50, an amount equal to 25 per centum of the tax for the
taxable year 1943
-
of
Tax—The amount by which the tax for the taxable
1943 is increased under subsection (a), (b) (2), or (c) shall
not be considered to be a part of the tax for such taxable year
for the purposes of sections 58, 59, 60, and 294 (a) (3), (4), and
(5) of the Internal Revenue Code.
(determined without
•section. 466
than
Part
Estimated
,
(2) if the tax for the taxable year 1943
Coupons Again Cut
The
dis¬
If the
year
regard to this section, without regard to interest or additions to
the
been
year.
partnership is proportionately
less than his interest in the corporation, his distributive share of
such dividends shall for the purposes of this paragraph be ad¬
justed to reflect such difference.
under section 35 of
or
such
interest of such individual in the
(determined without regard to this section
and without regard to interest and additions to such tax) exceeds
;
the tax imposed by such chapter for the taxable year 1943 (de•termined without regard to this section, without regard to in¬
terest and additions to such tax, and without regard to credits
(e)
ending
tributed
'the taxable year 1942
against such tax under section 466
of
dividual or partnership, for the purpose
individual may compute his surtax net income for the base year
as if the earnings and profits of the corporation for the taxable
(1) the amount by which the tax imposed by such chapter for
•
business
or
,
,
Gasoline
year.
partner pursuant to
part of, the tax under such chapter for the taxable year 1943.
In such case the tax -under, such chapter for the taxable year 1943
shall be increased by—
computing the surtax net income for the base
(5)
Partnership Business Formerly Operated as Corpora¬
tion—If, during the base year of any individual, such individual
a shareholder in a corporation and if substantially all of the
assets of such corporation were at any time prior to May 1, 1943,
acquired by such individual or a partnership of which he is a
a
as
computing the surtax net income for the
1943, as the case may be, and be included
was
1942 (determined without regard to
this section, without regard to interest or additions to the tax, and
without regard to credits against the tax for amounts withheld at
source) is greater than the tax for the taxable year 1943 (similarly
determined), the liability of. such individual for the tax imposed by
such chapter for the taxable year 1942 shall be discharged as of
September 1, 1943, except that interest and additions to such tax
shall be collected at the same time and in the same manner as, and
chapter for
be excluded in
taxable year 1942 or
yeaf are applicable by reason of fraud.
2293"
essential
driving
eastern critical
ordered
with
the
in
shortage
vigorous
North¬
area was
enforce¬
ment
provisions to keep gasoline
supplies from being dissipated by
pleasure seekers.
"On May 23, OPA, at the re¬
quest of the Office of Defense
Transportation, took action which
in effect cut the operation of com¬
mercial
vehicles—trucks,
buses
and taxis—by 40%.
"In previous coupon cuts car.
owners
have been given the op¬
portunity of applying for addi¬
tional
rations
tional
mileage
ously,
this
to
restore
occupa¬
they lost because
of the cut in coupon value. Obvi¬
followed
procedure cannot be
time, since to save
this
the additional 30,000
there must be
a
barrels
a
day-
reduction in oc-:
cupational driving."
Mr.
Brown
and C
in B
effective
made
ern
States
were
stated
that the
cut
rations would not
in the
be-
Southeast¬
where basic A rations
cut March 22—North
Caro¬
lina, South Carolina, Georgia and
Florida—pending an investigation,
of
gasoline supplies by the Petro¬
leum
The
on
Administration
new
June
measures
for
War.
announced
1 will be effective in
12
eight eastern counties of
West Virginia and the District of
Columbia. The States are: Maine,
New Hampshire, Vermont, Massa¬
chusetts, Rhode Island, Connecti¬
cut, New York, New Jersey, Penn¬
sylvania, Delaware, Maryland and
Virginia.
States,
Text Of Current Tax
1943"
is
1939, 1940,1942, and 1943, respectively; and ''taxable year" as applied
to the taxable year 1942 or 1943 shall not include any period of less
than twelve months unless occasioned by the death of the taxpayer
unless
there
is
taxable
no
such calendar year.
year
of twelve months beginning in
"
4
actually stopped the price in¬
crease, they have at least slowed
it down considerably and seem
have
under control.
it
Additional Allowance for Members of Armed Forces
To
ac¬
complish this the Office of Price
Administration
1
Regulations—This section shall be applied in accordance
with regulations prescribed by the Commissioner with the approval
of the Secretary.
.
(h)
SEC. 7.
not
to
had
has
to
do
have* been
which
things
many
unpopular because the effect
very
has been to seriously curtail our
economic freedom and to reduce
the amount of
(a) In General—Section 22 "(b) (13 of the Internal Revenue
(relating to additional allowance for military and naval per¬
sonnel in computing net income) is amended to read as follows:
goods we can buy.
"The inability to buy the goods
v
they
Subsidy Payments On
Washington
(Continued from first page)
Effective
basis, the country was for infla-r
tion.
Except that that is no way
to take it, because Leon and his
crowd were. doing a lot about
everything, but very little about
inflation.
Well, Leon's got a job,
but he's unhappy; he's not in the
headlines, business men are not
powering before him any more.
Prentiss
Brown, who was to
give the crazy OP A a democratic
Congress in
subsection (a)
beginning after December
made
amendment
Date—The
apply with respect to taxable years
by
31, 1942.
nothing to do with the great pur¬
chasing power of the masses.: I
refer to
8.
Abatement
of Armed Forces Upon
Tax for Members
of
Death
Chapter 1 of the Internal Revenue Code is amended by inserting
after section 404 the following new supplement:
"SEC,
421.
of
Abatement
Tax
for
of
Members
Forces
Armed
1941, while in active service
as
forces of the United States
of
or
after December 7,
a member of the military or naval
any of the other United Nations and
dies
prior to the termination of the present
on or
war
as
by the
proclaimed
President, the tax imposed by this chapter shall not apply with re¬
spect to the taxable year in which falls the date of his death, and the
tax under this chapter and under the corresponding title of each
prior revenue law for preceding taxable years which is unpaid at
the date of his death (including interest, additions to the tax, and
additional amounts) shall not be assessed, and if assessed the assess¬
ment shall be abated, and if collected shall be credited or refunded
as an overpayment."
9
Assistant
has
been
as
many,
.
erroneously in¬
threat that the
a
period,
opinion that the predicted de¬
pression can be averted and that
"as
a
nation
forward
go
ments and
shall
we
to
be
able
to
achieve¬
social gains."
greater
new
statement
this
that
if
"only
will
be
have
shall
we
rebirth of true American initia¬
a
tive
free
and
fore
enterprise and get
relief from the innumerable Gov¬
which
controls
ad¬
are
mittedly necessary in wartime but
extremely distasteful to our busi¬
War
the
authorized
Labor
In
Associated
lowing
Lewis, a petty endeavor,
strengthens the authority of the
National
Labor
Which
the
is
Board
Relations
advices
reported:
was
The
vegetable subsidy author¬
ized by Fred M. Vinson, new. Di¬
of
rector
Stabilization,
the
was
first
to
wage
increases. Previously ordered
compensate for proposed
subsidies—for
meat, butter, gaso¬
line and metals—have been based
increased costs of materials
on
transportation,
or
the encourage-
or
lhenL:of production.
Vinson
his
based
of
authorization
interpretation of President
an
April
John L.
it
Press
from Washington June 11, the fol-,
Roosevelt's
De?
Board, was
fice of Economic Stabilization.
gets lost in the undertaking.
termined to.show its strength over
pro-J
June 11 by the Of¬
on
,on
"hold-the-line"
He
1943.
8,
order
said
that
prices of canned green peas, snap
beans, sweet corn, tomatoes and
most
contemptuous other primary tomato products
bureaucracy of them all, and in had been stabilized under a
preso
doing the Congress strength¬
vious agreement.
ens the Board in its determination
to
chaos
create
-
This
situation
about,
come
in
not
could
have
were
it
the fact that the people
have lost something.
They have
not; for
lost
the
ability to govern them¬
We cry out, over here,
Our editors
"strong"
men.
for them.
They
for
cry
Under
Pacific
the
manifestly,
qualified his remarks of selves.
post-war prosperity, however, by these
day,
possible
to compensate them for
ers,
posed wage increases pending be¬
back and recover its standing,
to get a hold over the Bureaucrats,
He
the
effort to beat its
an
Vegetables
Subsidizing of vegetable pack¬
way
respect to the post-war Coast shipyards, which Congress
Mr. Hecht expressed his is utterly against, of course.
ernment
Commissioners
of
Government may 'freeze' all bank
accounts."
With
of any individual who
case
minds
ernment may resort to some form
of 'compulsory saving' which by
Upon Death
"In the
the
depositors and would-be de¬
positors by the talk that the Gov¬
terpreted
Death
Upon
in
bank
many
"Supplement U- -Abatement of Tax for Members of Armed
Forces
the fear which has been
created
SEC.
Canned
yOu are going to take it on that
has
want
.
(b)
SEC.
Thursday, June 17, 1943
Oh, there'll
induced millions touch, is through.
of war workers to carry in their probably always be an OPA as
there will always be an England,
pockets a much larger amount of
"(13) Additional Allowance for Military and Naval Personnel
but his authority to ration, to fix
currency than usual, with the re¬
—In the case of compensataion received during any taxable
sult that total currency in circu¬ prices on foodstuffs is by way of
year and before the termination of the present war as pro¬
transferred
to
Chester
lation which in 1913 was $3,365,- being
claimed by the President, by a member of the military or
We likely won't be any
000,000, in 1920 $5,332,000,000 and Davis.
naval forces of the United States for active service in such
better off then than we were be¬
in 1939 $7,200,000,000 is now at an
forces during such war, or by a citizen or resident of the
all-time high of $17,000,000,000. It fore.
United States who is a member of the military or naval forces
should be added, however, that t The Washington
bureaucracy is
of any of the other United Nations for active service in such
this phenomenal total of currency getting so mixed up that no one
forces during such war, so much of such compensation as
in circulation is undoubtedly due knows ' which way to turn.
The
does not exceed $1,500."
to
one
other
factor
which has
Code
shall
From
be said at this time
can
is that while the authorities have
beginning in 1937, 1938,
year
tendency of prices. It
task, and the
difficult
most
a
most that
2293)
page
respectively, the taxable
mean,
the upward
Payment Act Of 1043
''My '(Continued from
or
CHRONICLE
THE COMMERCIAL & FINANCIAL
2294
the
this,
Credit
<
Commodity
Corporation
agreed
in
January to buy the raw vegetables
from
market
at
growers
and resell them at
the
higher
current
vegetables would
the
in
increase
a
loss
prices 1
so
that
of
raw
cause
any
price
not
price of
canned
vegetables.
,
Now, cannery workers are ask¬
crying for "strong" men,
notwithstanding
that
every ing increased wages and Vinson
"strong" man so far has flopped, said that if the board granted the
has turned out to be just an¬ increased wages, the price stabil¬
other human
being after all, a ization of the vegetables would be
keep
who could not resist the ap¬ upset and he was acting therefore
forestall
"higher
consumer
peal of the headlines, a man who to
ness leaders under normal condi¬
made a jackass out of himself try¬ prices for essential cost of living
tions."
H6 added:
"SUBCHAPTER B—ASSISTANT COMMISSIONERS
ing to be a "strong" man. But the items—a result inconsistent with
"No doubt we shall have to ac* editors, .presumably feeling that the hold-the-line program."
"SEC. 3905; Appointment.
Unofficial estimates of the cost
"There shall be in the Bureau of Internal Revenue two Assistant cept in this post-war world many they are "strong" men themselves,
economic changes that may not be keep on insisting on "strong" men. of the possible wage subsidy, to be
Commissioners, who shall be appointed by the President, by and
to our liking, but I believe that They do this irrespective of the
with the advice and consent of the Senate.
paid by Commodity Credit Corpo¬
opportunities for the young men fact that Washington today. has ration, were approximately $5,"SEC. 3906. Duties.
will be just as great in America got the greatest compounding of 000,000 a year, The previous Com¬
"The Assistant Commissioners shall perform such duties as may as ever before, and that 'capital¬ "strong" men that the world has modity Credit commitment to sub¬
ism' and 'free enterprise' will not ever known.
sidize the raw vegetables had been
be prescribed by the Commissioner or required by law."
perish, from the economic life of : When you see this succession of estimated to cost $25,000,000 a
SEC. 10. Extension of Time in Connection with Release of Powers our country."
"strong" men here, though, the in¬ year.
<
Subchapter B of Chapter 39 of the Internal Revenue
amended
read
to
Code is
follows:
as
of Appointment
Section 403
striking out "July 1, 1943" wherever it
appears
thereof "March 1, 1944"; and section 452
1942 is amended to read as follows:
and inserting in lieu
(c) of the Revenue Act of
"(c) Release Before March 1, 1944—
"(1) A release of a power to appoint before March 1, 1944,
not be deemed a transfer of property by the individual
possessing such power.
"(2) This subsection shall apply to all calendar years prior
to 1944 and to that part of the calendar year 1944 prior to March
1, 1944."
shall
Approved June 9, 1943, 7
p. m.,
E. War Time.
Hecht Urges Govt. To Slimulafe
Of
escapable conclusion seems to be,
* there: is
one "strong" man
doubt that when peace comes we who stands out over everything:
shall emerge with our industrial well, as a matter, of fact, three
machinery geared to an all-time "strong" men: FD, Winnie and
high, with more skilled labor Joe. It's amazing how we've come
available than ever before in our to call them by their first names.
:
(d) (3) of the Revenue Act of 1942 is amended by
Bisying
Btrnds From People's Gurrent Income
Mr. Hecht further declared:
for the past several
years.
There
are still too
many who do not ap¬
Mr. Hecht asserted:
flated
"With
in
the
this
it
demand
should
and
is
of
the
that
the
power
inevitable
for
increase
enormous
purchasing
masses
•
consumers
goods
greatly exceed the supply
that
the price
level in spite
of the Government's effort to hold
it
down
tion in
should rise.
turn
carries
This
condi¬
with it great
danger of inflation against which
bankers
have
warned
the
people
preciate the seriousness of this
tendency, but who on the con¬
trary are inclined to believe that
a
reasonable
would
be
salaries
security
a
and
amount
good
wages
values
of
inflation
thing
because
would
would
previously incurred
more easily be
paid
go
rise
debt
up
up,
and
could
with in¬
money.
People who hold
such views just do not
appreciate
the
tragic consequences suffered
by the people of several European
countries after the last
the
went
volume
of
their
war
when
currencies
skyrocketing and the
pur¬
chasing power of their money all
but disappeared.
Fortunately, our
Government officials
this
a
are
aware
danger and they have
great
deal
towards
of
done
controlling
be
can
no
history, and with a financial foun¬
dation so sound as to readily ab¬
sorb the shock of the transition
that
The other
night Mrs. Roosevelt
appeared on the platform with
a
wartime
to
a
a
achievement. An enormous amount
of
postponed work will have to be
done which should readily absorb
the
released
labor
and
New
the
from
from
the
war
military
dwellings,
new
|the two of them speaking. He ex¬
plained this but when he told the
about it, she was
crestfallen because she was
willing to leave her car where it
girl
reporter
very
for
was
a
ride
with
Mrs.
speed for a long period to supply
these demands.
Other countries,
tertaining.,
desolated
knows them both. They are both
our
by war, will also need
goods for their rehabilitation,
possible to dis¬
and while it is not
here
cuss
the
financing this
ment there is
when
the
interesting fellows, and Mrs.
very
means of
export move¬ sociating with them.
doubt that
victorious
-
time
Allies
sit
around the peace
table.
"The greatest problem will be
to carry out this transition with
can
temporary unemploy¬
maintain
large scale.
the
income
If
of
we
the
the
vegetables,
and Vinson, in a statement, said:
"For minor vegetables, which
essential
not
are
raw
and
costs
material
cost-of-living
increased
approved
items,
approved
wage-rate increases will, where
necessary to assure the processors
the margins required by law, be
reflected in higher ceiling prices."
Mr.
Vinson
also
made
it
plain
that the only wage increases that
would
be
payments
be
considered
were
approved
Board.
It
that
over,
study the
companies
ones
by
was
in subsidy
which may
War
Labor
understood,
the
more¬
Vinson- probably will
profits of the canning
at
present
compared
with previous years to determine
whether
they should absorb part
increases.
;
of wage
Mr. Vinson described the action
one
of "a series of
steps which
various-govern¬
doubt
mental agencies to insure an ade¬
quate supply of processed vegeta¬
wage
sumer
will
there
earners
is
no
goods will be enormous and
furnish
prosperity
the
as
fast
basis
as
for
to
be
the
turned
from
our
channels
production."
the
bles;"
efforts
creation
of; constructive
:
'
.
"The
real
can
any
action applied to only
The
four classes of canned
that the pent-up demand for con¬
of instruments of destruction back
on
vegetables.
will be taken by
avoid
ment
to
ment
as
sufficient skill and speed so as to
even
from wage boosts will,
be paid by the Govern¬
agencies which- buy canned,
sulting
have
as¬
•
neces¬
provisions will be made for
sary
it
no
anec¬
dotes about F. D. and Winnie. She
R. is having a wonderful
proper
new
She told them
excepted from the
military service or lend-lease, and
ruled that any price increase re¬
Roose¬
furniture, new gas stoves, new velt.
The speaker-reporter ran
ice boxes, new automobiles, new back and told Mrs. R. that it was
highways and innuemerable other a mistake, he didn't have a car
things will be needed and the and would be glad to ride with
wheels
of
American
industry her. So he and his associate rode
should
be kept turning at full
with Mrs. R. : She was very en¬
Vinson
Mr.
wage subsidy canned vegetables
sold to the Government for the
At the conclusion
young reporter.
peacetime she congratulated
him
on
his
economy.
History shows that, af¬ speech and asked if she might not
ter every national calamity our
drop him by his paper. It so hap¬
people benefited by the lessons of pens that he was traveling with
the hardships they suffered and a
young girl reporter who had
went forward to greater national been sent to "cover" the event of
from
services.
part of the total assets
of banks. The old Treasury slogan
of 1918, 'Borrow and Buy,' has
been changed to 'Save and Buy,'
and it is to be hoped that this
campaign will result in a much
greater distribution of bonds to
the general public and consequent
smaller reliance op subscription
by banks."
As to the danger of inflation,
there
"Certainly
industries
(Continued from first page)
growing
man
r ."v;
program," he
.
/!';■;
continued,
"will maintain fair and equitable
returns for the canning
industry,
at
the
creases
same
time
in the
essential
preventing in¬
consumer
prices of
cost-of-living items."
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4186
157
CPA Roll-Back Program OsiSy
Way To
Hold The Line, Humphries Declares
To Greater N. Y. Fund
Financial Firms Give
Civil Engineering
Construction
$88,644,080 For Week
Civil
engineering construction volume in continental U. S. totals
$69,644,000 for the week. This volume, not including the construction
by military combat engineers, American contracts outside the coun¬
try, and shipbuilding, is 82% lower than the total for the correspond¬
ing week in 1942, and compares with $106,873,000 reported for the
holiday-shortened preceding week by "Engineering News-Record" on
June
10, which went
on
higher than in the week last year,
84% decline in public work.
lower than a year ago, and state and
but this gain is more than offset by the
construction is
86%
1943 volume to $1,668,-
construction brings
On the
below the $4,590,785,000
reported for the 23-week period in 1942. Private construction, $213,022,000, is 31% lower than a year ago; and public work, $1,455,254,000,
is down 64% when adjusted for the difference in the number of
276,000, an average of $72,534,000 for each of the 22 weeks.
weekly average basis, 1943 volume is 62%
weeks.
"
'
*
■■
Civil engineering volumes in continental U. S. for the 1942
T
last
week,
June
June 10 1943
June 3,1943
11,1942
(five days)
Construction
and
State
.
(five days)
$106,873,000
54,323,000
52,550,000
4,296,000
48,254,000
$69,644,000
8,933,000
;
60,711,000
9,445,000
51,266,000
Construction
Public
*
(four days)
$379,458,000
S. Construction
Private
5,869,000
373,589,000
10,962,000
___
:
Municipal--
;
Federal
362,627,000
classified construction
In the
the
of
Greater
The
New
Fund, has reported that of
first
lected
contributions
255
from
by his group
col¬
corpo¬
79 represented
organizations
which
had never
supported the Fund before. These
included 57 firm
newcomers
gains
groups,
last week are
over
reported in sewerage, bridges, commercial buildings, earthwork and
Increases
in industrial and commercial buildings, and earth¬
drainage.
Subtotals for the week in each class of con¬
struction are: waterworks, $1,052,000; sewerage, $871,000; bridges,
$350,000; industrial buildings, $2,564,000; commercial building and
large-scale private housing, $6,039,000; public buildings, $35,918,000;
earthwork and drainage, $2,503,000; streets and roads, $7,176,000; and
unclassified construction, $13,171,000.
New
capital for construction purposes for the week totals
$687,000, and is made up entirely of state and municipal bond sales.
New construction financing for the year to date, $493,400,000, com¬
pares with $6,870,550,000 for 23-week period last year.
mem¬
York Stock Ex¬
change, 17 investment banks, four
casualty
and
surety
companies
and
one,
insurance
life
company.
The first 255 contributions total
$568,072.
The
*
tributions
last
of
as
for
by
May
all
the
total
raised
Finance
30
con¬
when
the
tabulation
complete
was
$670,031.
The latter
amount is approximately 70% of
the $966,996 which is the Section's
made,
week, and the current week are:
Total U.
campaign
York
Section
'
■
was
One of the
goal.
tributors,
con¬
insurance
$15,000,
gave
pany,
Fund
new
life
a
com¬
Mr.
Davis
"The response that the
and insurance
financial
community is mak¬
ing to this sixth campaign and sec¬
ond wartime appeal of. The Great¬
er
couraging," Mr. Davis added.
New
The
York
Fund
Fund
appeals
firms
business
to
OPA Ration
Coupon
such
de¬
posits."
is
Unsound, Says ABA
The
procedure
by
ration
banks
ration
the
banks
deposited
coupons
of
the
by
American Bankers Association
unsound in
as
protest recently filed
a
with OPA Administrator Prentiss
Brown
W.
by
Hemingway,
the A. B. A. and
President of
a
L.
in
bulletin sent to all banks by the
A.
Ration
A.
B.
mittee.
Banking
-
-
letter
Com¬
»
t
his
In
OPA Adminis¬
to
Hemingway
said: "In our opinion this proce¬
dure is definitely unsound
and
the forwarding of these instruc¬
trator
Mr.
Brown,
tions
seriously
may
affect
change
so
ration
the
vices
on
June 7 stated that the protest and
bulletin
were
structions
Mr.
occasioned
Brown
in¬
by
the banks by
the objections of
to
sent
over
the Ration Banking Committee of
the A. B. A.,
direct
tions
which OPA instruc¬
the
the
after
to
the
order
up for the ration
banking system it was
agreed that the only function the
banks were to perform consisted
of the "accounting and bookkeep¬
functions
"It
to
ration
part
of the procedure that
would be deposited on
sheets,
the
operating
procedure was approved by the
Ration
Banking
Committee
on
that basis and the banks for the
vided
considerable
control
bulletin
states
that
the
Banking
Committee
has
with
the
"The
Ration
the
discussed
problem
of
lent
itself to reasonably
ac¬
St.
of
Na¬
Louis,
its President.
was
He served
Vice-President in the year just
closed
and
ceed
advanced
was
to
suc¬
David
E.
Simms,
Acting
of -thewSalt Lake City
Manager
branch
of
of
Bank
the
Federal
Reserve
Francisco.
San
William
Way, Trust Officer of the Cen¬
tral National Bank of Cleveland,
was
named Vice-President to
would
alternative
provide
it
tion,
a
that
procedure
sound
In addi¬
its conviction that
avers
suitable
sugges¬
plans
control.
could
plan
be
devel¬
oped within a reasonable time and
states
that
it
withhold
to
requested the OPA
its
instructions
new
Four
suc¬
"In
its
bulletin
declares its
ident of California
S.
program
war
the
committee
as
ra¬
essential
to
effort and its belief that
Cashier
an
to
But it adds:
play in it.
feel strongly
procedure
important part
"We
that the verification
now
ordered by the Of¬
fice of Price Administration is
sound
and
we
in any way."
-
do
un¬
not
endorse
it
are:
J.
Bank, Los An¬
Assistant
Kryzsko,
and
Assistant
Trust
Of¬
ant
of
Vice-President, National Bank
Commerce, Memphis, Tenn.
NYSE
Borrowings Lower
The New York Stock Exchange
announced
total
of
June
on
that
7
borrowed
money
ber
firms
of
as
May
the
as
ported by Stock Exchange
re¬
mem¬
totaled
29
$620,703,562, a decrease of $106,379,394 from the revised April 30
aggregate of $727,083,456. The fol¬
lowing' is the Stock Exchange's
announcement:
In
Price Administration,
rolling back prices
as
defended
to have the Government
the only effective
on
assume
to hold-the-
way
talk before the United Re- <s>
a
Wholesale and Department
Store Employees (CIO) at the Ho¬
billions
price,
into
that
estimated
the
cost
the
He
products and foods must, by law,
Government
cum¬
between
annual food budget direct¬
ly by $470,000,000. Mr. Humphries
If wages and
prices chase each other, they
go up and up and up.
We
easily have a further price
food
can
sumers
added:
savings are sev¬
for, in the ab¬
roll-back, wages will go
pushing prices still higher. The
eral
up
times greater
of
a
Government will spend somewhere
the
in
will
rise of 50%
this
indirect
go.
be similarly raised.
$350,000,000
and
$500,000,000 a
year, but that it will cut the con¬
sence
no¬
will
adjust¬
wage
vicious
a
that have
program
and
cost
ments that would otherwise
ulate
dollars
of
to
spiral."
Astor in New York City, Mr.
Humphries said that this Govern¬
ment subsidy is justifiable since
it will pay for itself many times
over "by avoiding the
pyramiding
of
where
Higher wages will
force higher prices both by raising
costs and by increasing the pur¬
chasing power under conditions
where supplies cannQt be, simi¬
larly, increased.
"Farmers, too, will enter the
picture.
If the prices that farm¬
ers pay go up, all ceilings on farm
tel
in
year.
But
cannot possibly
process
ate
cre¬
a
single
Quite the con¬
goods.
more
trary, it will impair production
and hamper the war effort.
"To prevent such a disaster re¬
quires a tough program and a
from
total
neighborhood of $100,000,year.
A 1% increase
in prices that Government must
pay will increase its expenditures
by $1,000,000,000.
Much of the
comprehensive one.
We can no
longer get by with expedients and
stop-gaps.
production is, in the last
analysis, on a cost-plus basis. By
preventing wage and price in¬
creases, the estimated savings to
proposes
lars
(1) retail pricing in dol¬
and
cents by
communities;
and
(2)
war
of
money
borrowed
banks, trust companies and
$725,000,000 is
conservative."'
Mr.
Humphries further declared:
"The
basic
standard
adjustments
War
the
'Little
for
Labor
Board
by
the
in
Formula'
Steel
wage
established
was
which
"It
is
stabilization
the
living between that
1942,
(which
15%).
This wage
predicated
was
Government's
upon
to
program
stabilize the cost of
living at May
1942 levels.
Since that time, how¬
ever, the cost of living has con¬
tinued to rise.
In April of this
year, it was 23% above the Jan¬
uary 1941 level and at the present,
estimated
to
be
above that level.
of
increase
an
almost
about
May 1942 when
25%
This represents
we
10%
since
first attempted
stabilization, and about 7%
since
a
roll-back in prices to¬
levels.
ward the September
"Some
prices, such as those of
vegetables, can be rolled
back because they are grossly in¬
flated. The retail price of spinach
fresh
.
increased
beans
green
May
to
It
involves
180%
and
will
which
It is the only pro¬
that will hold the line.
gram
has
amounted
the
Administration
program
a
that
reason
Price
of
hold the line.
in the cost of
date
this
for
Office
limited the increase in wage rates
since Jan. 1, 1941 to the increase
81%, lettuce 63%,
26%, and cabbage
in the past year.
V
"In order to restore the Septem¬
ber
prices called for in the Act,
both
that
directed
which
prices
and wages
be held at those levels,
the Government is assuming the
of
rolling back the retail
of meat, butter and coffee
by 10%.
A government subsidy
cost
price
is
justifiable only if it it will pay
many times over.
This
one will pay for itself many times
over by avoiding the pyramiding
of price, cost and wage adjust' ments
that
would
otherwise
for itself
cumulate into
a
vicious spiral."
September where the Stabilization
Act
directs that prices
expressly
be held.
of
Bill Of Rights
.
"If the 25%
is
living
increase in the cost
compared
the
with
W.
James
Society
Gerard, former Am¬
elected
newly-chartered
Formula,' it is diffi¬
Rights
Commemorative
cult to see how this situation can Society, which held its first meet¬
stand.
This is particularly true ing at the Union Club, in New
when it is recalled that the cost York City, on May 11..
of living index understates the
The New York "Sun," in report¬
actual rise in living costs because ing this, said:
of quality deterioration and viola¬
"The
Society was founded to
tions of ceiling prices.
Moreover, perpetuate the principles of free¬
almost 7% of the rise in cost of dom of the' press, of speech, of
living has occurred since Septem¬ assembly, of religion and of the
15%
adjustment permitted by the
'Little Steel
where
ber
cMrects
Act
(of
5)
Oct.
prices and wages be
It
is
facts that
the crossroads.
in
bassador to Germany, was
President of
Bill
the
that
stabilized.
these
in
light of
We are at
Even moderate in¬
the
cost
other
of
embodied
liberties
the
in
Constitution.
the
I say:
the
of
"Its
purposes
maintenance
and
the
of
conduct
educational
the
include
shrines
historic
of
national
a
hold prices or prices run away.
"Unless
the
commitment
to
inform
particularly school
children, of their historic liberties
under the Bill of Rights.
Other
changes; (1) on direct obligations
of or obligations guaranteed as
to
principal or interest by the
stabilize
officers elected were:
United
Government, $197,all other collateral,
be avoided.
reported
even
other lenders in the United States,
excluding borrowings from other
members of national securities
States
064,147; (2)
on
$423,639,415;
Stock
as
May
29,
703,562.
The
of
close
by
Exchange
the
close
of
ex¬
New
creases
longer
no
living are
Either we
tolerable.
at
the
Sept.
15
level
made
good, it is difficult to
how a general wage revision
A
is
But here is the rub.
general upward wage revision
for
the
whole
member
workers
will
business
buy
more
any
not
of
American
enable
food.
them
to
That is de¬
on
of
aggregated,
of
money
the
same
business
$620,-
borrowed,
basis, as of
April 30,
Sons
the
of
attorney;
Revolu¬
American
tion; Frank E. Gannett, publisher,
and Mrs. Victor Morawetz; Treas¬
urer,
Frank K. Houston, President
will
more
not
enable
clothing.
us
to
buy
any
Those supplies are
material, facilities, and
We cannot buy more
housing, for that is also limited by
war requirements.
Nor will high¬
er
wages
provide
any
more
doctors
Government,
$362,043,810;
all other collateral, $365,-
039,646; total, $727,083,456.
manpower.
for
civilian medical
care.
A
general wage increase will,
however, add enormously to the
the
Chemical
Bank
Trust
&
Co.; Secretary, Lyon Boston, at¬
torney; Executive Committee, the
officers and Judge Albert Conway
of the Court of Appeals; DeLancey Kountze, Chairman of Devoe
& Reynolds, and Gardner Osborn,
States
on
R.
Messmore
Kendall, President-General of the
Jr.,
of
what we can produce
by the needs of our armed
forces and Allies.
Higher wages
limited by
as
lease dated June
(2)
"Vice-Presidents —Frederic
Coudert
termined by
shown in the revised re¬
4, 1943, was (1)
on
direct obligations of or ob¬
ligations guaranteed as to prin¬
cipal or interest by the United
1943,
to
the public, and
see
can
campaign
and
1943,
total
compiled
the
the banks have
of
program
tail,
it is
They
ficer, Winona National & Savings
Bank, Winona, Minn.; Albert O.
Werner, Assistant Cashier, Indus¬
trial National
Bank
of
Detroit,
Mich., and T. S. Wiggins, Assist¬
firms
recognition of the
elected to
were
the Executive Council.
York
pending further study.
members
Floyd L. Geyer, Junior Vice-Pres¬
The
various
made
and
over
the validity of coupons deposited
and
prac¬
might
ing agreed to participate in an in¬
the
of coupons on gummed
sheets practical. This method pro¬
been
adequate verification procedure.
tioning
part found the handling of
had
the banks
it because of hav¬
for
be blamed
gummed
most
in¬
later date it should be
a
generally
coupons
•deposits
will
OPA
that fraud
ticed
also understood to be a
was
basic
relating
It adds:
that
the cost of
Office
OPA
line firmly against inflation.
Bank¬
Boatmen's
the
geles;
coupon
evidences."
also
we
the
and satisfactory
plan set
A.
as
of
checking of
such a small percentage of the en¬
velopes will be insufficient for the
building up of enough case evi¬
dence to use against violators, that
any test check that could be made
would be inadequate to provide
protection against fraud and gross
irregularities, that loosely con¬
trolled
and
inadequately
safe¬
guarded operations are contrary
to sound banking principles and
that
problems,
tions
der the
B.
of
of
ceed Mr. Colby.
OPA
The bulletin points out that un¬
ing
the
of
count
pons.
•
From the ad¬
conference
Institute
tensify the manpower problem of
the banks, that the reporting of
errors on the part of customers to
the OPA instead of the depositors
will
create
customer
relations
minimum of 3%
a
oper¬
"It [the bulletin] points out
envelopes deposited here¬
containing up to 500 cou¬
the contents of
of
banks
A.
of
employee
C.
found
The
the
from
pro¬
start
quote:
ration
program."
basic
the
the "most dis¬
as
ation of the plan."
that if at
banking
after
banking"
continued smooth operation of the
announcement of the A. B. A.
the
in
soon
turbing single factor in the
in
in
accounts
coupon
characterized
was
as
cedure
the contents of envelopes contain¬
ing
Bank
elected
pected
the
by
Administration
verification
the
for
Price
of
Office
ordered
year
a
ing, held in Chicago on June 10,
David L. Colby, Assistant Vicetional
"unex¬
once
and
the\ wartime
bulletin
the
the current
000,000 this
Colby Elected AIB Head
President
characterizes
en¬
$4,500,000.
Referring to the substitution of
envelopes for gummed sheets the
Verification Plan
most
to help support 406 af¬
filiated, voluntary hospitals,
health and welfare agencies. The
minimum goal of this campaign
the American
of
is
groups
At
verification
6
of the
the Government of
and
curate
June
at the crossroads, Don H. Humphries, Assistant Eco¬
now
Advisor
"The
over a
year ago are
nomic
pointed out.
drainage, streets and roads, and unclassified construction.
work
Warning that price control, and the stability of the whole nation
well, is
as
bers of the New
municipal work is down 14%.
The current week's
Pierpont V. Davis, Chairman of
the Finance Section in the current
rations and firms,
to say:
Private construction is 52%
Federal
2295
Director
of
Federal
Hall
Kai-shek
and
the
Museum.
"Mme.
Chiang
President
the first
Society."
Roosevelt
were
elected
honorary members of the
,
THE COMMERCIAL & FINANCIAL CHRONICLE
2296
Thursday, June 1'7, 1943
sellers to obtain WPB. Sales of cadmium have de¬
supplies has almost dis¬ clined in volume, reflecting pres¬
appeared in recent months.
The sure on consumers to reduce in¬
price of copper to domestic con¬ ventories to two or three months'
sumers continues on the basis of
requirements.
Under
ordinary
The U. S. Department of Labor announced on June 1Q* that
12c., Valley.
conditions, it was revealed, con¬
weakening prices for fresh fruits and vegetables brought the Bureau J WPB has ordered the
major sumers' inventories are sufficient
of Labor Statistics' comprehensive index prices in primary markets
cover
from eight to
cable companies to ship a definite to
twelve
down 0.1% during the first week of June, The all-commodity index
amount of copper cable into regu¬ months' needs. As soon as the in¬
dropped to 103.9% of the 1926 average, slightly below the peak level lar warehouses each month. This
ventory position has been cor¬
of the preceding week.
step was taken to forestall any rected, buying should increase ap¬
The Department's announcement further said:
possible shortages ,in either erm preciably, WPB holds. The price
"Farm products and foods.
Average prices for farm products ergency or regular production re¬ situation in cadmium remains un¬
dropped 0.3% during the week largely because of sharp declines for quirement for cable in the min¬ changed.
potatoes/citrus fruits, cotton, wheat, and rye. Prices were higher for ing industry.
The first directive
Quicksilver
barley, corn, oats, eggs, apples, and onions.
Notwithstanding the covers Nos. 1, 2, 4, and 6 singledecrease farm products are over 1% higher than at this time last conductor locomotive
cable, same
Supplies of quicksilver appear
month and nearly 20% higher than for the first week of June a sizes for
be
parallel duplex mining to
ample, notwithstanding
year ago.
machine cable, and two-conductor heavy war demands for the metal.
"The decline of 1.2% in prices for fruits and vegetables also
concentric mining machine cable. With the price structure more or
accounted for a decrease of 0.1% in the foods group index.
Higher
less frozen under prevailing con¬
prices were reported for butter, rye, flour, and pickled cod fish.
Lead
ditions (floor and ceiling prices),
Average prices for foods are 1% above the early May level and 11%
Demand for domestic lead for quotations
here
continued
last
higher than at this time last year.
July
shipment
increased
last week at $196(fr $198 per flask.
"Industrial commodities. There were comparatively few changes
week, and activity is expected to
Silver
in industrial commodity markets during the week.
Anthracite de¬ continue at a good rate until the
clined fractionally while bituminous coal in some areas advanced.
The
compliance; division
of
industry gets set for next month's
Minor price increases were reported for some types of lumber, par¬
is
allocation of foreign metal.
investigating uses
to
June WPB
ticularly maple flooring and pine boards, while quotations were needs of consumers have been which silver is being put, indicat¬
lower for southern pine dimension, spruce and redwood lumber.
covered to the extent of slightly ing that the conservation order
Kosin and turpentine continued to advance.
more than 85%, with July at 30%.
limiting consumption in non-es¬
During the period of rapid changes caused by price controls, The price situation in lead was sentials may not be understood in
materials allocation, and rationing the Bureau of Labor Statistics
some directions. Investigators will
unchanged.
will attempt promptly to report changing prices.
Indexes marked
examine records of some 217 com¬
Zinc
(*), however, must be considered as preliminary and subject to such
panies manufacturing silver pro¬
To
clear up
any
uncertainty ducts.
adjustment and revision as required by later and more complete
that may have existed concerning
reports.
The London market for silver
The following table shows index numbers for the principal the purchase of zinc without al¬ was
unchanged last week at 23V2d.
location, WPB has amended Or¬ The New York Official held at
groups of commodities for the past 3 weeks, for May 8, 1943 and
June 6, 1942 and the percentage changes from a week ago, a month der M-ll as follows:
44%c., and the Treasury's price
"Any person may ship, sell and continued at 35c.
ago, and a year ago:1
(1926=100)
deliver zinc, remelt zinc or zinc
Percentage changes to
scrap to the Metals Reserve Co.,
Daily Prices
June 5,1943 from—•
without an allocation certificate,
6-5
5-29
5-22
5-8
6-6
5-29
5-8
6-6
The daily prices of electrolytic
Commodity groups—
1943
1943
1943
1943
1942
1943
1943
1942
preference ratting or any specific copper (domestic and export, re¬
All commodities
*103.9 *104.0**103.8 *103.7
98.7
—0.1
+0,2 + 5.3
authority from the War Produc¬
finery), lead, zinc and Straits tin
tion
Board, provided, however, were unchanged from those ap¬
Farm products
*126,3 *126.7 *125.8 *124.8
105.6
—0.3
+1.3 +19.6
Poods
110.6
110.7
110.3
109.4
99.7
—0.1
+14+10.9 that such material is purchased pearing in the "Commercial and
Hides and leather products
118.4
118.4
118.4
118.4
118.8
0
0 " <— 0.3
for the sole purpose of stock-pil¬
Financial Chronicle" as of July
Textile products—
96.9
96.9
96.9
96.9
97.2
0
v
0— 0.3
ing or redistribution."
Fuel and lighting materials™™-.
81.4
81.3
81.3
81.6
78.9
+0.1
—0.2 + 3.2
31, 1942, page 380.
With preliminary work on June
Metals and metal products,
*103 9 *103.9 *103.9 *103.9
104.0
0
0
0.1
Building materials—110.4
110.3 • 110.3
110.4
109.0
+0.1
0
+ 0.5
deliveries out of the way, the
Chemicals.and allied products—; 100.2
100.2
100.2
100.2
97.2
0
0
+ 3.1
market appeared to be inactive
Housefurnishing goods
x04.2
104.2
104.2
104.2
104.5
0
0
0.3
The price situation re¬
Miscellaneous commodities™.™™
91.7
91.7
91.7
91,4
90.0
0
+ 0.3 +
1.9 last week.
Raw materials—I
*114.1 *114.3 *113.8 *113.2
100.4
—0.2
+0.8 +13.6
mains unchanged.
Tension
Wholesale Commodity Index Declined
0.1%
During Week Ended June 5, Says Labor Dept.
>
among
necessary
.
i
•
_
'
'
________
__
.
Committees and War
Savings Staff under the leadershin of a single state chairman.
"We decided upon this plan,"
Secretary Morgenthau said, "after
tory Fund
long
and consulta- *
consideration
lion with State and
district lead¬
of the War Savings Staffs and
ers
Victory Committees.
One ob¬
jective of this new arrangement
is to
enable
mass
market and
us
to reach, into the
get
into the hands of
people.
We
bonds,
more
and
more
believe
more
under >
that
this arrangement we will be able
to increase the number of volun¬
teer workers upon
whose shoulders
squarely rests results of our bond
drives.
State
We believe also that the
will
set-up
facilitate
our
work with labor groups,
who are
playing a most vital part in bond
promotions not only in payroll
savings but in continuous selling
and
special drives."
\
;
Following the general plan set
by national! War Week leaders,
the
.
New
York
State
Committee
will operate under three broad di¬
visions.
The Banking and Invest- i
ment division will be in
charge of
the sale of bonds to customers of
banks
and
financial
institutions,
help of
a
Banking and Investment Ad¬
visory Committee under the chair¬
manship of W. C. Potter, Chair¬
and will function with the
of the Executive Committee
man
of
the
Guaranty Trust Co.
The
Division, which will
have charge of Payroll Savings,
will be directed by Jack Stevens,
President of J. P. Stevens Co.,
who has been in charge of this
work in New York for the past
Industrial
A third division will be set
to handle general community
activities, and the director of this
year.
up
division
will
be
announced
.™
—
-
—
1. R. Burgess Heeds
Unified NY War Bond
—
_
——
Semimanufactured articles.—:
92.9''
Manufactured products——.^*100.9
All
commodities
other
than
farm products,
All
commodities
•
than
92.9
92.7
0
*100.9
*101.0
98.9
*99.1
*99.1
97.2
0
*96.9
*96.9
0
-
0
*99.1
<
farm products and foods—
♦Preliminary.
92.9
*100,9
*99.1
_
other
92.9
*96.9
+
—0.1
0.2
+
2.0
2.0
Though/ the freight-rate situa¬
tion on shipments of antimony in¬
to the New York area has not yet
-
*96.9
95.9
0
0
+
1.0
'
■
been
clarified, metal sold during
the last week
the basis of the
The Board of Governors of the Federal Reserve System issued
on.June 9 its usual monthly summary of "bank debits," which we
give below:
SUMMARY BY FEDERAL
(In
RESERVE DISTRICTS
millions
of
-3 Months Ended-
May
Federal Reserve District-
May
1943
May
May
1942
1943
2,763
10,306
8,424
18,800
79,654
55,328
2,489
York
___
Philadelphia
____
9.460
7,618
.
Cleveland
further
notice."
1942
3,568
13,061
Richmond
2,007
6,967
Atlanta
1,681
6,071
7,530
29,483
1,768
5,809
3,523
6,360
5,086
This
carload has been low¬
the
freight
_
10,695
5,986
his apreciation for the work done
in the Second War Loan Drive
Allan
Sprout,
York,
Organization
President
Reserve
who
the
New
District
Second
Victory
Committee, and the
Fund
ful
of
b^
the
of
Bank
headed
success¬
Federal Reserve
Secretary of the Treasury Mor-
Second
War
Loan, and to
Patterson, Jr., who for
that
the
"unification"
of
New
two years has headed the War
York's bond sales organization is
Savings Staff.
nearly complete.
The State War
"Mr,
Sproul,"
the Secretary
Savings Staff, which ha§ been in
said, "will work closely with the
operation here since May 1941,
hew Committee and as President
has been merged, along with the
of the Federal Reserve Bank of
State's membership of the Second
New York, the Treasury's fiscal
Federal Reserve District Victory
agent, he will be in charge of se¬
Fund Committee, into the War
curity sales to government bond
Finance Committee for the State
announced
genthau,
of
figure is arrived at by cal¬
New
the
224-lb.
case at $1.88.
The bulk New York
equivalent ($14.85 plus 3% tax
for freight) is quotable at 15.265c.
culating
4,614
1,281
a
2,658
1,558
__
an¬
ered to 15.839c. per pound, against
the former quotation of 16.049c.
4,854
858
_
99 !/2%
For
timony, the ; ex warehouse New
York price on lots of 5 tons but
less than
dollars)
Boston
and the lead¬
ing producer intends to book bus¬
iness at the reduced level "until
.Bank Mils. Fcr Month Of Kay
New
on
lowest rate named,
'
Sales
shortly..
In announcing the new organi¬
zation, the Secretary expressed
Federal
Antimony
+
0
per
on
York, which
June
7 Richard
C.
will guide dealers, commercial banks, mutual
workers savings banks and insurance com¬
affiliated with both panies." Mr.
Morgenthau further
groups.
The Treasury
work
volunteer
of
previously
merged
further
announcement
stated:
said:
tained
w+i
Chicago
St.
■
________
._
Louis
Minneapolis
Kansas
.+.-
City
Dallas
San
Francisco
tTotal,
■
a
_____
274
;
centers
48,342
•New York City_™_
*140
other
tl33
otheir
22,822
3,806
:
16,914
.
192,693
12,346
144,116
23,916
series covering
16,985
27,241
103,974
81,456
4,676
centers™..
the national
4,964
32,115
centers™-
•Included in
•
4,038
■
4,116
15,255
12,596
73,464 +
50,064
141 centers, available beginning in 1919
tExcluding centers for which figures were not collected by the Board before May,
1942.
Non-Feriws JelaSs-^Lower
FreightBale
Retees Ssst Of Hafimony—Lead In Demand
Editor's
certain
Note.—-At
the
direction
of
the
Office
of
Censorship
production and shipments figures and other data have been
omitted for the duration of the
war.
'"Mr. Patterson, who has served
Morgenthau
announced
that ,he has. appointed W. Ran¬ his country well since the very
dolph Burgess, Vice Chairman of beginning : of New York's bond
the Board of the National City
selling group is returning to his
Bank and formerly Vice President
business.
He organized the New
of the Federal Reserve Bank of
April, which compares with 3,646
tons in March, and 3,244 tons in
York's
"Mr.
pound, carload lots.
per
Tin
Bolivia
of
exported the
equivalent
3,059 metric tons of tin con¬
in
concentrates
during
April last
r
*
M,
J. Metal
$14.85 per ton, plus the 3% tax/instead of the former rate of $1848,'
This, in effect, lowered the cost of obtaining antimony in
plus tax.
York
about
one-fifth
of
a$>—-—:
,
,
—.
■',
.
•
;
.———-
The question of trading.'' The publication further
lifting the price paid to Bolivian went on to say:
producers for tin concentrate sold
cent
a
pound.
Reserve was
Copper
discussed
to
Metals
in
Washington during the week.
Bolivian authorities hope to raise
price .level
10c. a
Finance
Com¬
com¬
13,367 tons of tin contained mittee will include Bayard
in concentrates, which contrasts as Vice Chairman and Nevil
with 13,155 tons in the same per¬ as Executive Manager.
Mr.
iod last year.
Patino accounted is Chairman of the Marine
Pope
ed to
for
almost
half
of
the
total
or
Straits quality tin
pound. Ship¬
been
ment prices on Straits quality me¬
tal were nominally as follows:
First
52c.
a
In
spite of the fact that
some
government officials still view the
June
Julv
he
Aug.
52.000
3
52.000
outstanding
among
State Organizations.
I
am
the 43
happy
to say that he has agreed to con¬
tinue to give us the benefit of his
Mid¬
land
the current year.
"Grade A"
Pope
its
advice and experience.
•
Corporation and for the past
"The
new
organization
will
year has been Chairman of the
carry on the work of the merged
War
Savings
Staff
Executive
Committee, while Mr. Ford has groups without interruption, and
ex¬
ported in the Jan.-April period of
continues at
Ford
as
executive and administrative head
made it
"Other oficers of the
new
52.000
is
on
leave of absence from the
Boston
a
Vice
Corporation, where
President
and
will
the New York War
start
plans for
Di¬
rector, to act as Administrator of
Savings Staff.
June 4
52.000
52.000
52.000
"A 'working committee,' being
June 5 _™^_™™_
52.000
52.000
52.000
June 7
52.000
52.000. 52.000
set up by the Secretary of the
June 8
52.000
52.000
52.000
Treasury and the officers of the
June 9
1;_
52.000
52.000
52.000
new War Finance Committee, will
Chinese, or 99% tin, continues consist of aprOximately 40 people
at 5L125c. a pound.
lepresenting, business,, labor,
banking, women's interests and
Cadmium
+
ether groups.
Telegrams to these
About 90% of the cadmium con¬ representatives in all sections of
sumed at the present time is go¬ the State were sent on June 7 by
ing into plating.
The remainder Secretary Morgenthau, who said
is being allocated for bearings, the
complete committee would be
pigments,, solders, and various al¬ announced in a few days.
loys, producers were told at a re¬
"New York is on the first States
immediately to
the
-
make
continuing sale of
bonds and for the Third War
Loan, scheduled to start in Sep¬
We believe that
tember.
expect greater
success
we
than
can
ever
-
pound to copper situation as "most critical,"
70c., f.o.b. South American ports. tight .control over distribution un¬
In major non-ferrous metals, in¬ der CMP has eased the market so cent meeting of the Cadmium
creased buying of lead featured far as producers are concerned. dustry Advisory
Committee
the
Chairman of New York War Savings Staff and
War
war
and Mineral Markets," in its issue of June
10, stated: "That a lower freight rate on shipments of antimony into
the New York market will soon be recognized by all concerned was
indicated last week when sellers billed' consumers for freight at
New
as
new
Exports for the mittee.
year.
first four months of 1943 amount¬
June
"E. &
New York,
.
'
In¬
of
before, because
we
are now
ting into practice what
learned
war
from
the
two
we
put¬
have
previous
loan drives."
Mr.
duties
Burgess
on
assumed his
new
June 8, and he has said
that he will
announce
further de¬
tails of the organization in a few
days;
Mr. Patterson has been
on
leave from his executive post with
under the new plan
which calls for merging the Vic¬ the Radio-Keith-Orpheum Corp.
to be set up
.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4186
157
2297
Moody's Bond Prices And Bond Yield Averages Daily Average Crude QiS Preducfieu For Week Idle Copper Scrap
yield
Moody's computed bond prices
Ended June 5, (§43 Declined 37,300 Barrels
Botsas Dropped
given in the following tables:
and
MOODY'S
>
(Based
1943—
U. S.
Jun
12
15
Govt.
PRICESf
The American Petroleum Institute estimates that the daily aver¬
Average Yields)
on
age gross crude oil
Corporate*
Corporate by Groups*
Corporate by Ratings*
Aaa
Baa
A
Aa
R. R.
P. U.
Indus
120.03
110.52
118.60
116.02
111.07
97.78
102.13
113.50
116.22
"110.34
118.60
115.82
111.07
97.62
102.13
113.50
116.22
119.99
7
118.60
116.02
111.07
97.94
102.30
113.50
116.41
118.60
116.02
111.07
97.94
102.30
113.50
116.41
110.34
118.40
116.02
111.07
97.62
102.13
113.31
116.02
110.34
118.40
116.02
111.07
97.78
102.13
113.50
116.22
details
120.07
8
110.52
110.52
The current figure, however, is 331,450 barrels per day more
than in the corresponding week of last year.
Daily production for
the four weeks ended June 5, 1943 averaged 3,973,350 barrels. Further
120.02
—
9
110.34
118.40
115.82
111.07
97.62
113.31
116.02
102.13
120.03
—.
4.
3
110.34
118.40
115.82
111.07
97.94
102.30
113.50
116.02
119.93
110.34
118.40
116.02
111.07
97.78
102.30
113.50
116.02
119.92
5
110.34
118.40
115.82
111.07
97.78
102.30
113.50
116.02
110.34
118.40
97.78
102.30
113.31
116.02
115.82
110.88
2 —:
119.85
110.34
118.40
115.82
110.88
97.78
102.30
113.31
115.82
1
-
119.82
110.34
118.40
115.82
110.88
97.78
102.30
113.31
-115.82
119.89
—
119.82
110.34
118.20
115.82
110.88
97.78
102.30
131.31
115.82
21
119.44
110.15
118.20
115.82
110.70
97.47
101.97
113.12
115.82
14
119.27
109.97
118.00
115.63
110.70
✓97.47
101.80
113.12
115.82
—.
119.03
109.79
118.00
115.43
110.52
97.16
101.47
112.93
115.82
—
118.36
109.79
118.00
115.43
110.34
97.00
101.31
113.12
115.63
May 28
—
7
Apr.
30
12
22
118.22
109.60
118.00
115.43% 110.34
96.69
100.98
113.12
115.82
16
118.06
109.60
117.80
115.43
110.52
96.38
100.81
112.93
117.48
109.60
117.80
115.43
110.52
96.69
100.98
113.12
109.60
117.80
115.43
110.52
96.23
100.65
113.12
109.42
117.60
115.43
110.52
95.92
100.32
113.12
109.24
117.60
115.43
110.34
95.77
100.16
112.93
115.43
116.97
109.42
117.80
115.43
110.34
95.77
100.16
113.12
fuel
115.63
116.87
gasoline; 1,437,000 barrels of kerosine; 3,063,000 barrels of
oil, and 7,505,000 barrels of residual fuel oil during
the week ended June 5, 1943; and had in storage at the end of that
week 82,205,000 barrels of gasoline; 6,495,000 barrels of
kerosine;
32,577,000 barrels of distallate fuels, and 67,210,000 barrels of residual
fuel oils.
The above figures apply to the
country as a whole, and
distillate
115.63
116.86
115.43
Mar. 26
—
19
—.
5
26
117.11
109.24
117.60
115.43
110.15
95.47
100.00
112.93
117.04
108.70
117.60
115.04
109.79
94.56
99.04
112.56
do not reflect conditions
DAILY
AVERAGE
the East Coast.
on
CRUDE
OIL
PRODUCTION
Week
Change
ables
Ended
from
dations
.
110.52
118.60
116.02
111.07
97.94
102.30
113.50
116.41
107.44
116.80
113.89
108.88
92.35
97.16
111.81
114.46
High 1942
118.41
107.62
117.20
114.27
108.88
.92.64
97.47
112 19
114.66
Low
115.90
106.04
115.43
112.75
107.09
90.63
95.32
109.60
June 1
Low
1943-
1943—
1942.
1 Year ago
June
15,
'
1942-
118.36
June
14,
Oklahoma
i-.
106.21
112.93
116.02
91.19
107.44
110.88
95.62
113.50
106.92
117.60
MOODY'S
1943—
U. 8.
Govt.
Ended
'
June 5
'+
June 6,
1943
113.70
rate
Jun
15
1.86
-
14
3.14
1.87
12
3.15
2.85
2.72
s?
3.11
3.89
3.62
2.98
3.11
3.62
2.86
2.72
2.98
8
2.72
2.85
3.11
3.88,
3.61
2.98
2.85
3.11
3.88
3.61
2.98
2.83
3.15
2.73
2.85
3.11
3.90
3.62
2.99
2.73/;
2.85
3.11
3.89
3.62
2.98
2.84
1.86
7
3.15
2.73
1.86
;
3.15
2.73
2.86
3.11
5
1.87
3.15
2.73
2.85
3.15
2.73
2.86
3.11
1.87
3.15
2.73
2.86
3.12
—
1.87
1
3.15
1.88
21
-
-
3.15
3.15
14
1.92
3.17
v 7
1.93
3.18
1.98
3.18
3.19
2.99
3.89
3.61
3.89
3.89
3.13
3.91
2.85
2.99
3.61
;
2.85
2.86
2.99
3.63
2.86
3.00,
y.
2.86
2.99
3.61
2.86
3.13
3.91
3.64
,
3.00
3.14.
3.93.
3.66
•3.01
Total
3.15
3.94
3.67
3.00
2.81
3.15
3.96
3.69
3.00
3.14
3.98
3.70
3.01
2.00
—
2.76
3.19
9
2.C4
3.19
2.08
3.19
3.14
3.96
3.69
3.00
72,800
3.14
3.99
3.71
3.00
Eastern
(not
J
4.01
.3.73
New
3,950
3.00 ;
78,600
3.100
338,500
368,650
4,050
213,000
142,900
present forms and which
3,600
376,100
241,800
ported
3,200
1,501,650
1,275,550
1,550
86,700
87,150
—14,500
257,450
215,750
—
—
—16,050
73,000
V, 2.87
344,150
302,900
2.88
26
2.06
3.21
2.77
2.88
3.16
4.04
3.75
■? 3.01
2.88
2.90
3.18
4.10
3.81
3.03
2.88
2.96
3.23
4.25
3.93
3.07
5: 2.93
■
2.81
1943
1.86
3.14
2.72
2.85
3.88
3.61
2.98
2.83
High 1942
2.14
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
Low
1.93
3.30
2.79
2.94
3.23
4.23
3.91
? 3.05
3.11
;
tion
of
1.94
1942-
2.85
3.38
3.01
4.03
4.33
3.31
The
14,
■several
1.89
2.95
2.77
3.34
'
3.95
4.32
3.31
3.10
+
2.97
•These prices are
computed from average yields on the basis of one "typical" bono
maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages the latter being the true picture of the bond market.
fThe latest complete list of bonds used in computing these indexes was published
coupon,
the issue of Jan.
14.
1943. page
79,400
84,450
22,250
11,600
3,800
59,050
65,500
used
continue
Actual
78,250
—
22,200
'
'•
:
+
57,900
92,900
;-'y
—
+
800
+
300
..
wartime
5,600;
is
the
net
shutdowns
fields
change.
Idle
AND
50
54,550
present, through direct trans¬
actions between owners and pur¬
3,199,400
2,992,800
chasers, at negotiated pdCGS, the
9,400
773,950
608,700
3,973,350
3,601,500
+
allowables
industry of the United States for the week ended June 12, 1943,
approximately 4,040,376,000 kwh., compared with 3,463,528,000
kwh. in the corresponding week last year, an increase of 16.7%. The
output for the week ended June 5, 1943, was 16.4% in excess of the
-
,
YEAR
■■VV".'.
Week Ended
'
June 5
June 12
Major Geographical DivisionsNew England
7.7
May 29
May 22
12.2
14.6
i
9.3
20.2
5.0
15.8
Middle Atlantic
16.4
16.7
10.3
10.7
11.2
—
:
22.4
17.8
11.8
Rocky Mountain
11.8
28.4
28.6
15.9
19.2
Pacific Coast
;
...
Conservation
of
GASOLINE.
FUEL
:
V
31.9
20.1
16.4
WEEKS
(Thousands
District—
Rate
Louis! -
Louisiana
-
of Kilowatt-Hours)
over
1942
U.
basis
1932
•
basis
U.
■
3,946.630
3,392,121
+ 16.3
3,004,639
1,538,452
—
3.944,679
3,357,444
+ 17.5
2.983,591
1,537,747
1,687,229
3,357,032
+
17.6
2,983,048
1,514,553
1,683,262
——
3,946,836
3,928,170
3,345,502
+ 17.4
2,975,407
1,480,208
—
Apr
3,889,858
3.882,467
—
Apr
—:
1,702,570
3.348,608
+ 16.2
2.959.646
1,465,076
+ 16.9
2,905,581
1,480,738
1.696.543
—
S.
S,
Bur.
♦At
in
oil
the
5,
of
and
3,307,700
+ 18.4
2,897,307
1,469,810
1,709,331
3.925,175
3,273,190
+ 19.9
2,950,448
2,944,906
1,454,505
1,688,434
5,
AND
+ 16.0
3,003,921
1,436,928
1,698,942
+ 18.2
3,011,345
1,435,731
1,704,426
3,992,250
3,990,040
3,925,893.
3,379,985
+ 18.1
3,040,029
1,425,151
1,705,460
sistant
3,322,651
3,372,374
+ 20.1
2.954.647
1,381,452
1,615,085
pean
+ 16.4
3,076,323
1,435,471
1,689,925
3,101,291
1,441,532
facturers
3,463,528
+ 16.7
1,699,227
3,433,711
3.091,672
1,440,541
1,702,501
3,457,024
3,156,825
1,456,961
1,723,428
}•••.«
•
four-man
in
this
section
on
H.
from
the
interest regarding the control
production of timber, it was
mon
and
David
of
June 7.
on
the
mission
are
Winton, head of the pulp
division
paper
of
the
War
Production Board; George Trayer,
head of the products division of
include
reported
totals
Mines basis
the
Forest
Service;
George
Thompson, representing the ply¬
■:/
wood
and
WPB
Bureau
a
Study
mission
United States has arrived in Great
Britain to discuss matters of com¬
and
1943
of
and
head
of
.-
are
//^-/ts
tStocks
fineries
Finished
of Gas
of Re-
Includ.
and Un-
Oil and
sidual
Distillate
Fuel
Daily
% Op- Natural finished
porting Average erated Blended Gasoline
tStocks tStocks
Fuels
Oil
1,708
69.9
5,040
13,780
32,696
11,340
155
87.6
421
2.430
873
485
85.2
696
84.5
2,357
18,372
4,254
section
veneer
Thorward
the
tainers
W.
materials
division
of
of
the
Carlson,
and
the
con¬
Forest
Products
Laboratory.
The delegation plans to visit the
principal centers of production.
80.1
314
75.5
1,003
6,356
1,742
1,566
49.0
83
56.5
263
1,872
329
585
89.9
706
86.4
1,548
20,479
11,599
50,099
4,825:
86.2
3,662
75.9
10,632
+82,205
32,577
-.67,210
4,825
86.2
3,679
76.2
10,656
83,937
32,274
67,682
10,285
93,192
30,604
79,806
3,462
of
the
June
fuel
oil
and
7,505,000
barrels
of
residual
fuel
oil
produced
in
5,
barrels,
of
kerosine
a
of
the
paper
The
W. Auburn,
amounted
week
earlier
to
and
6,495,000
barrels
8,610,000 barrels
at
a
June
year
5,
1943,
as
before.
the price
said, because of "rising pro¬
duction costs, increased taxes and
declining advertising due to war
paper
conditions."
Moody's Daily
Commodity index
Tuesday,
June
Wednesday,
Washington, D. C.
Mr. Auburn
was
in charge of Manufacturers
Trust
Company's representative
formerly Assis-
Vice-President and
Euro¬
Representative of the Manu¬
Trust
increased
from three to four
step was taken, the
Petroleum
Administration for War.
tFinished, 71 745 000
10,460,000 barrels.
tAt refineries, at bulk
terminals, in transit
§Not including 1,437,000 barrels of
kerosine, 3,063,000 barrels of
distillate
The Lawrence (Mass.) "Evening
Tribune" has
cents.
~
1943
Paper Increases Price
3,135
416
Embassy Post
3,304,602
4,040,376
A
Friday,
3,356,921
1—--
JUNE
FUEL
FINISHED
estimate of unreported amounts and
Crude
Auburn Gets
3,365,208
——-
U. S. Lumber Mission
Co., New York,
has been appointed a First Secre¬
tary of the British Embassy in
office
in
London
from
1937
bank
and
has
with
the
British
Washington.
been
•
*
connected
Embassy
v
in
June
Saturday,
244.8
9———
12—
June
—
15
weeks
Month
Year
ago,
1942
High,
Low,
1943
ago,
ago,
245.0
June
June
1
246.0
1:
Jan.
244.2
—
228.0
2———————._
239.9
220.0
15—
Dec.
Jan.
244.6
—
May 15—;
High, April
Low,
245.2
——.—
14
June
244.4
245.0
245.3
11
June
Tuesday,
Two
;
10—
Monday,
to
late 1940, since which time he has
been on leave of absence from the
8—
June
June
Thursday,
3,866,721
—
ENDED
Runs to Stills
1942
Note—Stocks
3,969,161
19
DISTILLATE
OF
at Re-
1,699,822
1,429,032
corporation.
disclosed in London
Producers.
84.8
against 5,936,000 barrels
3,903,723
26
AND
M.
request
ended
1
Jun
Oil
STOCKS
Mines
6,
7,672,000
8
Jun
California
GASOLINE;
1943, whch compares with 1,450,000
barrels, 3,798,000 barrels
respectively, in the preceding week and 7,505,000 barrels,
7,672,000 barrels and 6,723,000 barrels,
respectively, in the week ended June 6, 1942.
and
May
5
an
M.
1943
of
unfinished,
pipe lines.
May 15
*
of
calendar month.
% Re-
88.7
"
of
B.
5.
June
May
May 22
which
817
+ 17.0
May 29
for
1,633.291
3,320,858
3,916,794
24
OIL
WEEK
1,679.589
6
Mar 13
fields
147
May 29,
S.
basis
and
1929
other
ol
177
June
U„
Federal
and
exception
824
Mountain
the week
1941
certain
the
§Gasoline
2,444
-v
California
Tot.
Copper
Recovery
Corporation,
for Metals Reserve Co., a
agent
North
Ind., 111., Ky
Okla., Kans., Mo
Tot,
| Government have been made by
Arkansas
Appalachian
gas
1943
1942
1943
30-day basis
a
With
/
Inland Texas—
Rocky
Copper Recov¬
purchases for the
Program,
ery
In Britain For
1943.
•Combin'd: East Coast,
18.1
% Change
Week Ended-
of
'-'v.,,
tial
barrels;
DATA FOR RECENT
OF
GAS
OIL,
Poten¬
16.4
33.4
on
month.
June 3,
a.m.,
Production
ana
as
WPB stated.
Members
'
i6.7
and
Committee
PRODUCTION
.
-
Total United States
entirely
Dally Refining
Capacity
11.4
21.3
13.2
West Central--—
calculated
1
entire
16.3
20.2
Central Industrial
Southern States
PREVIOUS
OVER
June
the
for
therefore
and
INCREASE
of
as
for week ended 7
are
Figures
similar, period of 1942.
-,
105,800;
exempted
UNFINISHED
Gulf,
Gulf,
redistributed,
in
(Figures in Thousands of barrels of 42 Gallons Each)
Texas
be
to
at
March, 1943, as follows: Oklahoma,
Louisiana, 20,400; Arkansas, 2,500; Illinois,
plus
power
_
products
allowable
STILLS;
production of electricity by the electric light and
PERCENTAGE
allied
Week Ended June 12,1S43,
was
will
6,900
772,500
state
exemptions
were
The Edison Electric Institute, in its current weekly report, esti¬
the
be
can
—37,350
3,160,450
3,932,950
and
Texas,
basic
§Recommendation
TO
which
present forms
93,800
ate leases, a total equivalent to 10 days shut-down time during the
202.
their
21,800
state production would, under such conditions, prove to
The Bureau of Mines reported the daily average
produc¬
and
and
which
RUNS
materials
in
6,750
96,900
—
shutdowns were ordered for from 3 to 14 days, the entire state was ordered shut down
for 10 days, no definite dates during the month being
specified; operators oniy being
required to shut down as best suits their operating schedules or labor needed to oper¬
CRUDE
and because of
economy
the general cleaning out of the in¬
ventories
resulting
from
that
—46,750
96^00 /;
§823,300
of
92,650
6,950
105,700
effective
because
20,700
20,900
••
.
(not including Illinois, Indiana or Kentucky), 9,700;
Kentucky, 3,500;
Wyoming, 2,200; Montana, 300; New Mexico, 5,500; California, 43,400.
100;
Shows 16,7% Gain Over Same Week Last Year
that
will
Under the WPB
RESIDUAL
mated
re¬
1
completion
of
the
from a peacetime to a
250
—
adopted
was
1,450
gasoline
|
Electric Output For
are
Aug.
virtual
22,200
3,395,600
proration.
Kansas,
includes
1941-
1,
the
13,100
recommendations
Eastern
tThis
2.98
2 Years ago
used
procedure,
new
Aug.
2,300
tOklahoma, Kansas, Nebraska figures
3.12
of
alloys
in their
be directed to sell such materials
11,350
105,700
natural
Michigan,
1 Year ago
15,
inventories
after
and
on
293,650
less than the allowables.
be
27,700;
10,600;
2.92
1942
idle
copper-base
cannot.,, be
213,650
88,400
—;
oy pipeline
12
which
1,250
certain
2.77
of
and
change
from
2.88
3
10
Apr 17
Holders
copper
73,200
represent the production of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
oil, condensate and gas fields.
Past records of production indicate, however, thaf
wells may be incapable of producing the allowables
granted, or may be limited
3.01
3.31
con¬
87,000
84,250
'23,100
*P.A.W.
3.00
3.24
before
that date.
on
149,500
332,050
4,218,900
3.74
,
reported
as
72,650
Total United States
3.74
.
contracts.
postmarked
midnight of July 31 will be
54,250
823,300
4.02
Mar 27
reports
100
;
4.02
Mar 20
Only
207,100
"
'
Total East of Calif.
California
3.15
2.08
Jun
2,100
111.
Mexico
3.15
2.06
Jun
218,300
modifica¬
or
Government
200
"7,000
2.88
Jan. 29
Apr
296,900
100
damages arising
or
termination
of
124,150
22,300
2.88
'
of
+
Colorado
2.77
High 1943
laf
compensation
+
Montana
2.76
i
WPB up to
131,800
97,000
3.21
3.14
reported to the
including July 31 and pur¬
chased for remelting. These higher-than-scrap
prices
will
not,
however, be offered for materials
+
58,900
3.20
2.88
continue
and
54,200
Wyoming
2.07
(33A %
rials
212,800
Michigan
5
In
incl.
Ind., Ky.)
Kentucky •
2.07
2.77
will
present
higher-thanscrap prices, under the copper re¬
covery program, for certain mate¬
15,500
2.07
3.20
the
50.000
Indiana
f 2.87
'
Government
pay
246,200
—
19
June
The
to
227,150
75,043
Arkansas
2.87
2.88
2.76
June
350,550
Mississippi
2.87
2.89
2.76
Mar. 26
Low
use.
'
16
Feb
re¬
war
50
1,499,200
330,800
2.86
2.88
are
quired for remelting for
550
85,500
Louisiana
Illinois
2.86
2.88
2.88
conserva¬
which
at scrap prices.
2.86
2.88
2.75
and
1,550
246,550
2.85
V
2.87
2.75
1.99
3.61
v
3.89
3.12
2.75
30
22
2.98
3.12
2.75
2.85
2.98
2.86
S
2.98
3.61
2.86
2.74
3.61
3.61
2.86
2.74
3.16
2.85
3.89
3.12
2.73
1.88
1.90
-
May 28
-
2.99
3.89
;
:'i 2.86
2.73
3.62
3.88
r
3.11
1.87
2
Apr.
3.90
3.11
2.86
.
4
3
1,602,000 +1,603,709
_
2.85
3.15
orders
700
-
2.83
2.72
1.87
—
3.14
3.14
result of WPB
a
as
209,950
Texas
2.84
1.87
9
—28,400
'
*
idle
tion
336,200
-
-----
Texas
Texas
2.84
3.90
ent
378,800
Texas-
Indus
P. U.
1.86
10
'
R.R.
1.87
—
i
11
380,200
Corporate by Groups
Baa
A
stocks, unusable in their pres¬
forms, which have been made
per
123,750
Texas
Central
Closing Prices)
Aa
323,250
90,950
of
its
present
practice
of
paying
prices " substantially 'above
the
current scrap price level for
cop¬
228,300
West
Southwest
5,500
+
on
as
1943, it would terminate
tion.
+
Board
that
90,400
131,800
'
North Texas
East Texas
Production
announced
1,
sidered
Texas
Coastal
Corporate by Ratings
Aaa
Aug.
out
1942
■++/;
+328,750
+271,050
+2,150
2,400
Total
Corpo-
Bonds
111.25
300,000
Nebraska
Avge.
Daily
96.85
AVERAGESt
YIELD
(Based on Individual
Averages
91.34
107.44
114.08
BOND
373,500
300,000
Kansas
East
1941—118.97
373,500
—
Panhandle
••■:/v'-
2 Years ago
-
Week
Ended
War
11
which have been the basis of any
claims
on
the
Government
for
;
.
4 Weeks
Previous
-i Week
1943
BARRELS)
v
112.75
High
1
June 5,
Begin.
June
,
116.85
IN
Actual Production
Allow¬
Recommen-
115.42
120.07
120.07
(FIGURES
♦State
♦P. A. W.
115.43
Jan. 29
Feb
The
June
barrels of
115.63
116.93
reported by the Institute follow:
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,662,000 barrels of crude oil daily and produced 10,632,000
as
115.63
9
•
1943.
119.99
—-
10
■/. •
production for the week ended June 5, 1943 was
3,932,950 barrels, a decrease of 37,350 barrels from the preceding week,
and 285,950 barrels less than the daily average
figure recommended
by the Petroleum Administration for War for the month of June,
119.99
12
11
/'■
are
119.99
—
14 '
■I
averages
Avge.
Bonds
Daily
Averages
EOND
bond
—
22———
1———
2—_-————-.
249,8
240.2
pared with the output in the .corresponding week of last year, there
Trading On New York Exchanges
905,000-tonis;v;.V;;K'- -
decrease of
a
was
The Bureau of Mines
The Securities and Exchange
Commission made public on June 12
volume
of
round-lot
ESTIMATED
the week ended May 29, continuing
members of these exchanges in
STATES
UNITED
published weekly by the Commis¬
series of current figures being
Short sales
sion.
(Data
sales in these
shown separately from other
are
Report
of
Petroleum
American
•'/
Sales
Stock
Stock
the
on
Transactions
for
New
York
of
Account
WEEK ENDED MAY
Stock
—
252,711
526
1,990
1,839
1,910
6,300
6,360
5,769
139,663
Total
♦Total
Members,
Except
the
for
the
Account
PRODUCTION
anthracite—
fPerCent
♦Total,
incl.
coll.
United
States
total—.
total.—
States
...
on
8.07
Alabama
171,105
V.
based
are
*
.'
.
V
'
'
^
_
•
.'
'
"
1942
,1941
1937
404
399
329
290
398
6
5
4
2
**
;
.....
Stock
Sales
Transactions
for
on
Account
of
York
Curb
Members*
WEEK ENDED MAY
A. Total Round-Lot Sales:
50
70
15
17
66
I 159
132
75
96
168
1
1
1
tt
**
1,082
1,340
1,159
848
563
1,292
360
374
261
394
459
(bituminous
Total for week
{Other isales_,
1,632,250
^
v\.;
,
Transactions
for
the
are
139
„
Total sales
i.
Short
♦Includes
100
on
the
Total
—
...
3.01
69,330
-
purchases
Short
sales..—_
tOther
....
——
sales
—
Total sales
t
C. Odd-Lot
■
.
Panhandle
Total
Total
110
j
134
,
■
■
i-"
A
other sales..
....
...
„
sales
—-
——
"members"
includes all regular
60,507
5
16
97
49
'
31
22
74
includes
both
purchases and
short
sales
which
are
In
while the Exchange volume includes
,
included with "other sales."
Weekly Goal And Coke Production Statistics
The Bituminous Coal Division, U. S. Department of the Interior,
in its latest report, states that the total production of soft coal in the
week ended June 5,1943, is estimated ,at 3,050,000 net tons, the lowest
figure recorded for any Week since that ended April 26, 1941, when
output for the country amounted to 1,612,000 tons. Production in the
preceding week totaled 11,940,000 tons, and in the corresponding
week of last year 11,034,000 tons. The decrease in output was due to
June 1 and lasted for five
the present year to
June 5, soft coal production
of that for the same period in 1942.
U.
S.
Bureau, of Mines
estimated
that
was
the
Pennsylvania anthracite for the week ended June 5
decrease of 1,215,000
710
526
:
862
129
88
67
r
110
1
ft
tt
tt
:
44
capacity for the week beginning
14, compared with 97.5% one
week ago, 98.6% one month ago
and 98.3%
one year ago.
This
represents an increase of 0.3 point
or 0.3% from the preceding week.
The
operating rate for the week
beginning June 14 is equivalent to
1,693,600 tons of steel ingots and
castings, compared to
1,688,400
tons one week ago, 1,707,400 tons
one month ago, and 1,669,700 tons
one
year ago.
of Cleveland, in its
of the iron and steel
"Steel,"
summary
markets, stated in part as follows:
important
factor
in
the
tightening situation in steel de¬
livery may be found in increased
shipment of semifinished material
abroad.
11,615
1,261
12.876
11,058
9.627
7,598
813
1,082
1,176
the
in
sharp contrast with last fall when
tonnage accurriulated at ports was
offered
mill
then
the
10,709
8,774
12,810
in Kanawha,
District
•
-
10,878
records
of
the
Bureau
C. & O.; Virginian; K. & M.; B. C. & G.;
Mason, and Clay counties.
and Grant,
Mineral,
of
{Rest of State, including
and Tucker counties.
ttLess than
a
and
orders
sale
year,
canceled.
were
on
Since
moved under
small, until
February when it started to
quantity
has
been
increase.
([Average
weekly
rate
ders
for
entire
month.
1,000 tons.
on
current steel
or¬
steadily
in
spite of practically capacity pro¬
receding
are
duction.
{Includes Arizona,
§Data for Pennsylvania anthracite from pub¬
Mines.
than
more
for
books
be
1,932
11,871
third
are
will
movement
heaviest in
late
1,352
indications
"Present
lend-lease
lig¬
operations on the N. & W.;
the
that
June
*♦5
"Scrap supply is sufficient for
needs
current
the
Midwest
normal
after
and
deliveries
in
have
returned
to
floods
recent
sub¬
sided.
days^ For
,1.7% in
excess
production of
137,000 tons,
was
tons from the preceding week.
When
com¬
Age" states in its issue of today (June 17),
expressed the view that greater steel production is imperative be¬
cause of the speed of the war program.. Down the line passed the
Soon telegrams^
from C. E. Wilson of WPB began assistance, which it has not al¬
Controls
arriving at steel company offices ways had previously.
over
inventories and scheduling
asking for much data.
"Somehow, 1,000,000 more tons will be tightened; alloy steel pro¬
of ignots must be produced in duction in open hearth furnaces
third quarter of this year, said probably will be cut backhand al¬
an
on
842
»
1,380
order for action.
Mr.
the coal strike which started
937
V
45,099
included with "other "sales."
fiSales marked "short exempt"
32
1,749
"Temperatures have been rising during the past 10 days in the
exempted from restriction by the Commission
are
250
258
f28
2,281
steel industry," the "Iron
'only sales,
{Round-lot
388
38
further adding in substance: "James F. Byrnes, Director of the Office
of War Mobilization, hardly had settled in his new office when he
and associate Exchange members, their
sales,
420
2,276
60,507
and their partners, Including special partners.
transactions
and
indicated
operating rate of steel companies
having 91% of the steel capacity
of the industry will be 97.8% of
quarter
164
1
received
121
■
5
:w
860
28
!
telegraphic reports which it
had
3,578
•
Operations To Be increased—Controls
Over Inventories and Scheduling Tightening
0
tShares in members' transactions as per cent of twice total round-lot volume.
a
140
♦♦14
16
Steel
12.90
240,965
purchases
term
The
156
J
Steel
announced
14
In general melters are able
lay down some reserves but
backlogs have not been accumu¬
lated to the usual degree.
to
calculating these percentages, the total members' transactions is compared with twice
the total round-lot volume on the Exchange for the reason 'that the total of members'
are
133
13,292
the B. & O.
States."
Transactions for the Account of Special-
SCustomers'
rules
460
2,011
.I;; ,.,V ;',
16
♦♦Alaska, Georgia, North Carolina, and South Dakota included with "Other Western
182,730
8,460
232,505
Customers'short sales—.
-
498
2,516
■? 409
California, Idaho, Nevada and Oregon.
69,230
4. Total—
firms
:
and
Iron
June
on
"Deliveries
lished
•The
24
11,940
and
saies
Total sales
bituminous
Total all coal
2.38
29,720
tOther sales.
i
57
634
162
....
nite
40,750
—
3. Other transactions initiated off the floor—
Total purchases
.
27
2,294
27
^Pennsylvania anthracite
200
40,550
—.
.
428
1,032
Total
37.380
_.
Short sales..—.
{Other sales......—
I
I
18
5
2,390
tOther Western States
7.51
130,885
Total purchases
■
32
2,743
:M
{West Virginia—Northern.—.
Wyoming
122,725
—
American
The
"An
2
115
:
.
__
♦West Virginia—Southern—.
2. Other transactions initiated on the floor—
,
42
■V'-V1.-.
23
\
lig¬
Washington
8,160
Total sales——...
'
34
,
115,630
—
{Other sales
L1:
j
and
Virginia..
*
registered—
Total purchases
Short sales
:
12
43
.
they
j
1
49
; 699
2,865
3,130
__
__
Utah
1. Transactions of specialists in stocks in which
i
47
■v";
1
26
(bituminous
17
1
32
33
Tennessee—
nite)
of
Account
ally requiring large quantities' has
developed its own production."
183
31
5
>
Dakota
South
723
Texas
1,641,885
120
39
'
•
,
j'V"
■
Total sales.
255
121
6
and
Pennsylvania (bituminous)
■
1942
is slated to nearly triple that
reductions,
reduced because 'an
679
39
81
and
89
783
278
(lignite)
{Percent
9,635
»
...
will double
1943
volume, he said, while ton¬
131
934
77
V
84
5
Ohio.
.
1,012
26
•
74
39
New Mexico
•North
140
1 971
41
36
81
266
lignite)
^
38
-V:
1,005
Kentucky—Western........„
Maryland
:
Michigan
/
441
46
143
Kentucky—Eastern
(Shares)
29, 1943
111923
1
lojva
15.30
Avge.
48
Illinois
Exchange and Stock
•
May 29
147
Kansas and Missouri
1,054,250
...
New
the
404
Indiana
'
—
May
1943
__
Montana
:
carloadings and river ship¬
reports from district
1943
6
2.93
1,059,605
95,600
958,650.
Total sales.
,
COAL, BY STATES
Tons)
railroad
May 31
Georgia and North Carolina-
233,980
—
purchases
{Other sales.
Members:
Net
on
May 30
Colorado
-
........
as
that
+
May 22
Arkansas and Oklahoma
4. Total—
B. Round-Lot
2,890,300
-Week Ended
15,000
Short sales.
3,543,500
May 29
-218,980
'
V
Total sales
Total Bound-Lot
1929
and are subject to revision on receipt of monthly tonnage
and State sources or of final annual returns from the
operators.)
4.30
pro¬
year
of 1942. Tank program
coal
WEEKLY PRODUCTION OP
Alaska
I
sales
1942
next
24.5%
of
nage
1,198,300 27,183,600 26,391,900
and
12,600
{Other sales
increase in total
an
he said, were
shipped by truck from authorized
{Comparable data not available.
§Subject to
J
'•
*
1
fuel.
estimates
268,160
280,760
steel
against 1943. The monthly aver¬
age in 1944 also is slated to be
above the peak in 1943. Output ip.
—
June 8
312,620
Total sales.......
Short
1943
,
ments
the floor—
Total purchases
Short sales
Total
coal,
(In Thousands of
539,510
—
.
June 6
155,700-3,446,500
1,218,700
dredge
colliery
471,510
...
sales.—
-•
166,800
1,202,600
and
ESTIMATED
68,000
„_
for
duction
Institute
♦Includes washery
operations.
{Excludes
revision.
flRevised.
3. Other transactions initiated off the floor—
•
1942
June 5
575,880
—.
in some
cent
per
due to the effect of the
heat upon the workers' efficiency.
"Adding emphasis to the new
campaign for more steel, were
figures cited last week at Detroit J
by Mr. Wilson, Vice Chairman of
WPB, who said axips schedules
in its
1,352,000
1,042,000 26,166,000 25,427,000 31,812,000
1,298,000 111,000,000 25,120,000(124,410,000 29,522,000
61,900
of
United
production
coke-
State—
'V
COKE
By-product coke—
Total purchases..
Short sales
.
AND
.
June 6
1943
137,000
132,000
(The current weekly
mother
120;779
—Cal. Year to Date
—
May 29
1943
fuel
t Commercial production
'
tOther sales
2. Other transactions initiated
•
ANTHRACITE
(In NOt Tons)
they are registered—
Total sales
PENNSYLVANIA
OF
-—Week Ended
—
•
1. Transactions of specialists in stocks in which
Total purchases..
Short sales
seven
call
§June 5
Odd-Lot Dealers and Specialists:
to
aircraft in
of
Accounts
Odd-Lot
136,913
1,513
barrels
ESTIMATED
6,907,110
_
for
Transactions
198,749
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 (Min¬
erals Yearbook, Review of 1940, page 775);
fRevised.
{Subject to current adjustment.
112,040
sales
.1937
248,428
1,875
equivalent of
Beehive
B. Round-Lot
1942.
11,034
weekly output
6,795,070
.
June 5
June 6
1943
11,940
1943
:
-
——
1942
3,050
(Shares)
Total for week
Short sales
{Other sales—
tJune 5
June 6
1943
fuel
Penn.
A. Total Round-Lot Sales:
January 1 to Date
average —_
Petroleum—
♦Crude
Coal
mine
incl.
tMay 29
1943
and lignite-r-
Exchange and Round-Lot
Members*
29,
v
Daily
with member trading during the week 'ended May 22 of
Bound-Lot
'
-Week Ended
Total,
weather
warm
means
plants,
Institute.)
June 5
'
•
of
advent
invariably
losses sometimes as much as four
(In Net Tons—000 Omitted.)
Bituminous coal
2,270,055 shares, or 16.94% of total trading of 6,700,480 shares. On
the New York Curb Exchange, member trading during the week
ended May 29 amounted to 423,695 shares, or 12.90% of the total
volume of that Exchange of 1,641,885 shares; during the May 22
week trading for the account of Curb members of 496,655 shares was
13-95% of total trading of 1,779,725 shares.
Total
WITH COMPARABLE DATA
PETROLEUM
Pennsylvania
Bureau
■
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended May 29 (in roundlot transactions) totaled 2,113,855 shares, which amount was 15.30%
of the total transactions on the Exchange of 6,907,110 shares. This
compares
OP CRUDE
equip-
particularly diffi¬
cult to obtain, through no fault of
the makers.
The possibilities of
shortages of coke and manpower
have
lurked ominously
in the
ment have been
background recently.
anthracite from Weekly Anthracite and Beehive Coke
Mines; data for crude petroleum computed from weekly
for
the
of
statistics of
•figures.
ovens
auxiliary
various
cranes,
"The
OP COAL,
PRODUCTION
PRODUCTION
ON
a
The quantity of coke from beehive
decreased 104.900 tons during the same period.
account of all
for the
transactions
stock
the week ended May 29.
Exchange and
New York Stock Exchange and the New York Curb
estimated produc¬
also reported that the
tion of byproduct coke in the United States for the week ended June 5
showed a decrease of 16,100 tons when compared with the output for
figures showing the volume of total round-lot stock sales on the
the
Thursday, June 17, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
2298
Byrnes, and in fourth quarter
1,000,000 tons must be
extra
made.
It
was
found allotments of
lotments
around
which
are
said
to
total
17,400,000 tons of rolled
steel may be trimmed.
"Possessing vast ingot making
"Steel
castings
ingot and
pro¬
duction in May was third largest
for any month in the history of
the
industry,
at
7,545,379
net
tons, an increase over April but
short
of
March.
tion
the
all-time
A feature of
was
the
record
in
May produc¬
third
consecutive
high mark in electric furnace in¬
which
gots,
were
produced
at
102.9% of rated capacity.
"Relief for the agricultural im¬
plement industry
allocation
bon
steel
200,000
Oct.
1
tons
to
is afforded by
of 300,000 tons of car¬
for third quarter and
each
July 1.
quarter
from
"Tin plate demand is increasing
and producers expect
ter operations will be
third quar¬
at the limit
around 1,000,000 tons capacity, which it has operated at
of their quotas. While some ton¬
close to 100% for many months,
in excess of probable rollings- The
greater production will consist the steel industry has been im¬ nage is required for ordnance
peded by insufficient blooming most current output is for canmostly of carbon steel.
"The farm equipment industry mill capacity, annealing furnaces, making, one large producer esti¬
already has been allocated an in¬ hot topping equipment and other mating that for third quarter 97%
creased allotment of '300,000 tons
processing facilities,
As to the of his production will be for that
of carbon steel and the railroads, expansion program which the in¬
purpose. Labor shortage is being
Lend-Lease and other accounts dustry has been pushing as vigor¬ encountered as
many workers left
are expected to benefit.
ously as possible in the face of
for other employment during the
"To help attain the new goal,
obstacles, completion dates of full
the steel industry's expansion pro¬ facilities have; been sheer guess slack period. Production now is
at about 65% of capacity."
gram will be given fullest priority work. Blowers for .blast furnaces,
rolled steel under CMP for third
quarter
were
,
Volume 157
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4186
2299
i-
Total Loads
Heventse
;
Freight Car Loadings Daring We®k
Ended Jane 5, i 943 Show Holiday Drop
I
same
1941, of 185,365
holiday^
Loading of
cluded
a
331
267
379
737
777
2,687
2,380
691
757
13,437
12,877
3,745
;
.
3,609
cars
474
659
1,655
1,703
1,735
2,138
_
324
295
389
157
191
.
-
__
Georgia.—.
Georgia & Florida.
Gulf, Mobile & Ohio..
Illinois Central System.
~
..
..
X
1,134
—
,
...
.
loading amounted to 41,277-cars, a decrease of 131,154 cars
below the preceding week, and a decrease of 122,488 cars below the
corresponding week in 1942.
"
"
1,311
2,826
458
4,428
26,269
22,606
19,689
13,918
26,574
27,343
12,451
9,858
132
204
728
187
176
,435
534
3,822
.3,292
5,021
1,181
329
319
•
1,564
383
536
802
1,788
1,958
1,101
STOCK
1,171
438
11,167
8,860
11,225
12,594
11,279
11,876
8,045
23,777
26,530
24,498
575
982
791
845
611
113
Total
-vX 94
101,840
v
124,422
Northwestern
N.
121,342
21,421
122,617
2,723
15,061
18,315
2,595
cars
the
corresponding week
in
3,353
.
corresponding week in 1942.,
'
-
weeks
21,236
9,295
9,488
4,124
3,759
3,197
22,622
286
364
1,081
609
576
Customers'
10,492
10,033
10,027
"Customers'
other
sales—
18,897
517
591
73
125
22,610
6,693
5,255
Customers'
total
sales.—.
18,998
572
607
616
1,919
2,043
7,499
--2,861
5,528
Western
1942;
1941
:
Atch., Top. & Santa Fe System
21,358
Alton—XX.
;.
3,350,996
2.793.630
Missouri-Illinois—.
4,170,548
4,160,060
18,532,435
X
852,940
17,193,615
FROM CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED JUNE 5
'
x
•
•
-
.
.
Total Loads X
Total Revenue
Received from
Freight Loaded
Connections
"
1941
1942
-
1943
?
1942'
'
Ann Arbor!.—-—xxxxX-XX-—
229
-
•
Boston &
Mhine—XXXx-X-XXX-:
Chicago, Indianapolis &LouisvilleX— ;
'
6,129
•
"
■
Erie'—_xX—.X-XX^-XxxXXVX
Grand Trunk Western——X—XX
3,492
61
;
11,315
71
2,008'
11,378
359
12,308
9,598
14,932
16,146
7,211
6,351
3,405
>•
1,079
2,581
8,038
15,858.
.
'
204
V..,"
-785
■
8,891
2,069
/
10,644
3,308
.
1,356
.
3,852
V
New York Central Lines—
:
;
Y,, N. H. 8i HartfordX—X-X-X.
York, Ontario & Western.—LXX f
St. Louis.
X.;.v,
N. Y.,. Susquehanna & Western—x—
Pittsburgh & Lake Erie
-X
Pere MarquetteX.XXX———_X_X
New
X
4,730
6,139
.
X
235
8
8
1,221
2,380
1,020
1,324
—:
1,959
1,408
2,401
1,559
1,059
237
1,981
2,009
91
2,186
:
.404
10,035
1,051
1,048
•.
1
0
10
29,619
323
236
436
12,483
13,421
T
90
560
265
1,814
2,036
;
115,626
8,676
1,551
1,887
16,567
"/
5*;:
1,677
i
0
14,794
28,655
11,795
;
491
696
942
1,080
1
29,190
101,604
-7,616
6,693
3,801
3,494
97,436
115,758
211
76,880
174
266
154
7„724
5,369
6,203
-X
,4,989
.
■
361
,
•
224
"•
-
'.
X
529
2;209
8,116
v
718
\
X
7,341
9,287
6,255
: I: 6,092
650;
.
359
1,098
31
<•
.
1,217
191
26?
2,826
3,237
'
'
.310
572
r3i980..
5,119
5,863
11.739
4,174
.5,351
5,994
4,862
4,529
125,702
.158,468
184,436
206,140
220,579
•x;.;v;3i3
Rutland......—
Wabash..————XX—X.
^
Wheeling & Lake Erie-..————^
-
,
liquidate,
a
Lumber Movement Week
Ended June 5, 1943
According to the National Lum¬
ber
Akron, Canton & Youngstown.;
28,455
4,563
ErleX.xxXX—
Buffalo Creek & Gauley
x—
Bessemer* & Lake
■
935
925
-
12,879
<
' '
994 ;
696
28.963 :
43,308
40,353
7,479
7,280
1,840
•
.
■
288
267
1,935
2,023
5
6
6,863
8,181
20,624
16,739
2,688
3,245
2,366
less than production.
Unfilled order files in the report¬
1,175
1,059
ing
3,332
240
125
170
502
365
Missouri & Arkansas.—
....
Missouri-Kansas-Texas Lines
5,794
St. Louis-San Francisco
4,294
5,138
19,179
131
,
18,439
50
;
14,571
6,082
X;
Quanah Acme & Pacific
176
209
80 ;
4,637
-
19,276
7,718
11,785
6,514
2,614
6,231
*12,939
10,812
7,435
*4,510
6,092
4,337
4,887
3,980
7,888
6,977
111
168
48
51
15
21
21
"51,704
69,957
62i202
71,709
revised.
We
five herewith latest figures received by
us
For the year to date, shipments
reporting identical mills
production by 13.3%;
ders by 16.8%-
Compared to the average
responding week of 1935-39
duction
of reporting mills
30.6%
greater; shipments
43.2% greater, and orders
54.2%
The members of this Association represent 83% of the total in¬
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
Orders
Period
45
3
7
6
Mar.
20
Mar.
Ligonier Valley—..-X.X-X—-—
Long Island————■—
Penn-Reading Seashore Lines——
Mar. 27.
1,054
737
3,674
3,428
1,673-
1,640
65,269
82,184
86,379
10,578
19,829
14,143
20,963
18,790
18,612
2,244
4,112
4,159
X>'-v
Apr.
2,634
56,666
26,101
62,109
Apr.
Apr.
Apr.
190,233
160,322
166,599
1
May
Total...————-i———
-
29,236
23,135
4,799
.20,141
57,170
146,062
149,096
139,911
150,754
153,030
President Roosevelt
President
Orders
*
Percent of Actlvi
A
and
at
he Was an
the White
both
identical
of
before
addresses
branches
Congress
on
498,927
504,414
92
90
the
cause
488,197
95
90
and
the
511,220
85
90
greatest tragedy which the imag¬
153,006
510,784
95
91
ination
515,700
96
92
159,231
155,163
517,473
97
92
history has recorded in all time."
"Paraguay has kept and will
—
147,212
135,924
525,287
89
92
continue
153,?34
522,336
96
92
honorably
177,968
151,653
561,571
96
93
pledges,"
152,960
548,911
96
93
151.308
150,504
545,673
95
93
executive told Congress.
President Morinigo left
168,051
141,337
565,291
92
93
6,866
6,393
2,020
2,208
Notes—Unfilled orders of the prior week, plus orders received, less production, do
21,873
not necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,
orders made for or filled from stock, and other Items made necessary adjustments of
unfilled orders.
20,190
guest
visit.
given for him
June 10, President Morinigo reaf¬
firmed his nation's alherence to
11,304
57,096
was
89
23,542
4,515
;
9
House
152,494
29..
Jun.
June
House.
In
Current Cumulat
official
an
evening
overnight
29,039
13,272
for
the
on
White
Higinio
Morinigo
of
who is in the United
Paraguay,
States
the
93
22
May
to
welcomed
480,802
...
15———
May
District-
1,202
were
89
8
May
10,608
8,331
was
were
93
-
....
24—.
8,321
May
185,678
147,830
17—
13,536
ACTIVITY
Remaining
Tons
166,885
10
28,551
6,805
11,496
.
Tons
175,178
__
3
3,076
Production
Tons
13
17
1,527
66
Mar.
44
-
Received
1943—Week Ended
9
.
cor¬
pro¬
greater.
formal dinner
Unfilled
22
Norfolk & Western.
or¬
Paraguayan Pres. Visits US
/
110
Vlrginian———
ex¬
from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
672
Pocahontas
of
102%
to
reporting
ceeded
X/:;v:35X
Weekly Statistics Of Paperboard Industry
334
140,624
140,624
mills
of
fprevlous week's figure.
118
—■
same
these
softwood
mills, unfilled order are equiv¬
alent to 39 days' production at the
current rate, and gross stocks are
equivalent to 35 days' production.
3,140
^Totalx:.—
633
Total————
amounted
For
8,330
Weatherford M. W, & N. W
290
Maryland.
mills
stocks.
2,850
Wichita Falls & Southern
Note—Previous year's figures
In the
of
15.6%
were
4,220
...
Tdxas & Pacific...
5, 1943.
orders
new
6,126
_
_.XX-~--
Texas & New Orleans
97
Western
pro¬
week
3,070
,
234
55
1,004
the
2,333
5,445
450
602
'
for
week
307
1,967
5,191
:
—
7,6%
ended June
1,954
Cumberland & Pennsylvania.—
Cornwall..
by
Lumber
exceeded
1,302
5,010
....
28,198
2
236
Central R. R. of New Jersey——-—
National
2,773
980
279
Cambria & Indianax.——x.XXx—
Association,
x
3,141
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL
Baltimore & QhloX.—
the
to
Barometer
duction
in
•
Manufacturers
lumber shipments of 461 mills re¬
594
630
Allegheny District—
'■■.XX 635
reported with "other sales."
are
2,435
industry.
695
odd-lot
orders,
and
sales to
long position which is less than
a
round lot
3,460
388
1,232
6,968
'
331;
,
461
customers'
248
3,978
2,930
are re¬
tSales to offset
2,020
Litchfield & Madison
15,165
172,490
exempt"
3.122
Midland Valley..
20,305
"short
326
28
•
shares—
5,547
2,290
53,084
14,339
of
marked
3,143
X:
Kansas, Oklahoma & Gulf
Kansas City Southern
St. Louis Southwestern
130,080
•
553
505
v
17,373
X:' 2,032
■
"Sales
Trade
International-Great Northern^:
Missouri Pacific.
129,990
by
ported with "other sales."
porting
Louisiana & Arkansas.
90
——
XX.x
sales
Number
11,748
District-
Gulf Coast Lines
355
.
■■
130
44,989
12,270
.1,253
7,114
,
;
?
X
110
'Burlington-Rock Island
3,157
—X—
491
—
Total.——
Southwestern
2,106
608
1,127
1,831
1,997
Union Pacif ic System...——...x.—
UtahXX——X
iii55i
2,014"
52,237
1,026
.
"
Pittsburg & Shawmut.XXi—xX.Xi
Pittsburg. Shawmut & North.XXX—
Pittsburgh &. West, Virginia^——
V
2,504
46,673
9,002
•v
New York, Chicago &
Shares:
of
Dealers-
1,723
683
Southern Pacific (Pacific) —X
Western Pacific
2,023
2,806
15,602,216
—.
sales
880
240
_....
^
506,672
sales,—
value—
sales
Total
3,399
"
536
43,540
Montour—i
N
Dollar
Round-Lot Purchases
9,620
5,369
1,022
—__—_—_
City
North Western Pacific
662
12,972
2,671
x
1,819
.
13,953
5,799
6,367
u-
Monongahelaxx—-w-XX.———
2,577
2,385
2,181
'5,596
>
260".
-v
1,621
.
1,014
.395,
...
'116
-
2,283
17,019
2,874
V
.280-
Lehigh & Hudson. RiVer_-XxXXxX
Total-———
48
10,180
1,703
,
10,300
••
,1,915
2,487
7,114
329"
•
258
V
-CentralxXXxXXx-i-xiXX
15,655
13,218
1,979
.
'
:
:
!
Lehigh & New England—,.———...
Lehigh Valley——:—
.' c* 266
19
••;V
7,694
290
.1,536
Mackiftab—XXX;X-.XXX
1,319
340
1,423
23
5.304
Detroit, Toledo & Ironton-XXX-'--X:
Detroit & Toledo Shore Line—XXX7-"
.Maine
1.307
-.1,044
2,854 :
^
•
1,366
:
8,650
1,306
32
Vermont—X_x~—----~--X
Delaware & Hudson.—XXX-XXXX
Delaware, Lackawanna & Western— V
Central
Detroit &
6,124
«:
983
Central Indiana—„ .X _X _——.—X
603
.
/..1,647-
•
1,356
•
X
1,180
'
427
X
748 •'
5«968
.
total
2,219
504,453
;
106
11,687
644
1,991
1,661
91
12,056
'
Bangof & Aroostook.———xxx—.
sales
Customers'
K:
4,509
4,621
Xv
2,590
724
Nevada Northern.——
V1943
sales—.
10,231
11,629
12,781
11,795
!X,
"
District—
10,454
1,692
——X
3,136,253
4,149,703
667,575
Railroads
608
16,005
580
Denver & Rio Grande Western—X.,
Illinois Terminal—
LOADED AND RECEIVED
short
other
Round-lot Sales by Dealers-
60,155
61,566
3,459
3,134
636
Colorado & Southern—_X—__
3,066,011
854,689
23,005
16,614
; v 2,446
668
—
Chicago & Eastern Illinois-——-——
3,174,781
and systems for the week ended June 5, 1943.
During this period only 18 roads showed increases when compared
with the corresponding week last year.
Eastern
132,371
554
Denver & Salt Lake
the separate railroads
'
2,827
12,775
Toledo, Peoria & Western—
'
Customers'
584
*3,495
22,359
2,335
Xx
3,073,426
REVENUE FREIGHT
of Shares:
Short
Fort Worth & Denver
The following table is a summary of the freight carloadings for
,
795
2,776
v
District—
Peoria & Pekin Union
.
339
2,806
141,616
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
101
5,265
181
2,866,565
5—
short sales.—
^Customers'
3,400
8,928
*2,689
_
3,454,409
Total
;
Number
2,629
7,911
1,753
3,122,942
weeks of April.—
5 weeks of May—XJune
Number of Orders:
49
11,961
3,858.479
4
of
39
Dealers—
(Customers' Sales)
'
3,530,849
weeks of March
Week
■
2,896 X;
3,147
-
.3,055,640
January.
February.
4
Odd-Lot Purchases by
566
17,613,451
of
of
19,245
559,785
19,855,697
12,786
2,968
;
Bingham & Garfield—
1943
weeks
X—
X^xX-Xx-
Value
tOther
preceding week, and a decrease of 2,434 cars below the
All districts reported decreases compared with the correspond¬
ing weeks in 1942, and 1941.
5
Shares—
Number
the
4
Orders
of
,
Coke loading amounted to 11,420 cars, a decrease, of 3,492 cars
below
of
27,276
TotalX.X..iXxiXX
Central
corresponding week in 1942.
Total
for Week
purchases)
Number
'
1943
5,
2,911
380
.
5,658
Northern Pacific—
THE
EXCHANGE
9,983
-
Minn., St. Paul & S. S. M
Spokane International
:
Ore loading amounted to 74,655 cars, a decrease of 8,249 cars
below the preceding week and a decrease of 17,798 cars below the
STOCK
1,340
892
Spokane^ Portland & Seattle—,-..
'
1942.
Y.
28,715
—
.
decrease of 2,445
11,631 cars below
DEAL¬
ON
Odd-Lot Sales by Dealers:
107,055
12,479
21,963
2,371
17,269
...
—
lots
Ex¬
THE ODD-
ODD-LOT
OF
SPECIALISTS
Week Ended June
District—
_
Forest products loading totaled 41,688 cars, a
below the preceding week and a decrease of
AND
Dollar
Chicago & North Western—
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago", St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range—
Duluth, South Shore & Atlantic—
odd
Stock
FOR
TRANSACTIONS
ACCOUNT
Number
below the
cars
handle
York
(Customers'
loading amounted to 12,106 cars, a decrease of 1,458 i
_.____X—
preceding week, and a decrease of 378 cars below Elgin; Joliet & Eastern
the corresponding week in 1942. :: In the Western' Districts alone, Ft. Dodge, Des Moines & South-:
Great Northern—
loading of live stock for the week of June 5, totaled 8,874 cars, a Green Bay & Western
decrease of 783 cars below the preceding week, and a decrease of Lake Superior & IshpemingMinneapolis & St. Louis
—XXXX
306 cars below the corresponding week in 1942. .
Live stock
r
who
1,084
142
501
•—
.
of 4,998 cars below the preceding week,
•
and
New
ERS
22,526
Winston-Salem Southbound
Grain and grain products loading
totaled 38,404 cars, a decrease
but an increase of 2,533 cars
above the corresponding week in 1942.
In the Western Districts
'alone, grain and grain products loading for the week of-June 5
totaled 24,904 cars, a decrease of 4,082 cars below the preceding week
but an increase of 1,493 cars above the corresponding week in 1942.
dealers
continuing a series of
figures being published
by ther Commission. The figures
are based upon reports filed with
the Commission by the odd-lot
dealers and specialists.
.
"
ac¬
odd-lot
all
the
LOT
469
19,607
Tennessee Central
stock
odd-lot
4,131
1,118
System
of
the
change,
516
4,561
2,992
_
volume
for
current
394
4,029
J'
Piedmont Northern
Southern
3,196
399
4,459
Richmond, Fred. & Potomac
Seaboard Air Line
of
specialists
on
195
X.X
daily
180
209
—XXLX-X
Macon, Dublin & Savannah—XXXX
Mississippi Central.
Nashville, Chattanooga & St. L.
'
Coal
74P
15,547
-
Louisville & Nashville
Norfolk Southern
1,177
108
3,359
21,175
—
___
•
.535
1,750
39
,
377
—
Loading of merchandise less than carload lot freight totaled
•90,933 cars, a decrease of 7,442 cars below the preceding week, and
a decrease of 6,654 cars below the corresponding week in 1942.
;
193
40
the
count
518
136
741
38
.
Exchange
summary for the week ended
June 5 of complete figures show¬
transactions
1,255
102
2,187
Florida East Coast
Trading
and
a
ing
2,743
Durham & Southern—.
below the corresponding week in 1942.
8,274
5,365
539
.
Gainesville Midland
loading totaled 357,092 cars, a decrease of
1,343
10',934
4,470
1,580
Columbus & Greenville
below the preceding week, and a decrease of 28,264 cars
1,00C
745
11,573
,
Securities
Commission made public on June
12
3,9 Of
1,508
Charleston & Western Carolina
Clinchfield
Holiday, decreased 184,943 cars, or 21.7% below the ,pre-r
Miscellaneous freight
The
1942
395
Atlanta, Birmingham & Coast—-
feeding week.
26,705
1943
1941
1942
663
...
•
Connections
280
Central of Georgia
freight for the week of June 5 which in¬
revenue
NYSE Ddd-Lo!
Received from
1943
Atlantic Coast Line.
Both 1942 and 1941 did
21.7%.
cars or
Total Revenue
.-.XxXX'':'XX:
-
Atl. & W. P.—W. R. R. of Ala
187,144 cars, or 21.9%, and a decrease below the
week in
include
not
of
1942
v.
Alabama, Tennessee &. Northern
Loading of revenue freight for the week ended June 5, 1943
667,575 cars, the Association of American Railroads an¬
nounced on June 10.
This was a decrease below the corresponding
of
'
•
Freight Loaded
XX-.' ,':°
Railroads
''
Southern. District-
totaled
week
;;
X —X
5————
of
the
United
United
Nations
States
"in
the
has conceived and which
to
keep faithfully and
all her international
the
Paraguayan
chief
Wash¬
ington on June 13 for a tour of
war
plants in Detroit and Buf¬
falo, after which he will visit
New York City.
Trw"'"nVT>m»nfi
Mi;.
rvxt »-v
T,
;t
'..-■V,
"Times"
York
Bunks, Trust Companies
Items About
Sloan
S.
Colt,
President of
Co., New York
Trust
Bankers
City, announced June 14 that the
of Directors of the Com¬
Board
at
pany,
a
meeting held that day,
$25,000,000 from
voted to transfer
profits to the surplus
account,
to
transfer $7,000,000
from general reserve to undivided
profits, and to write down the
book
value
of
its
banking
undivided
As a re¬
premises by $2,000,000.
of
sult
transfers surplus
these
is
$75,000,000, making
$100,000,000 of capital
surplus, and it is estimated
the total capital funds as of
increased
and
that
to
of
total
a
June 30,
1943, including undivided
profits, will be in excess of $122,000,000.
"We were glad to take this ac¬
tion," said Mr, Colt, "at the meet¬
ing of the Board of Directors
June
June
bank
the
from
"This resulted
the
principally from
receipt by the bank from the
13, the anniversary of the birth of
Henry P. Davison,
founder of
Bankers. Trust Company, and as
marking the
progress'of the bank
in the 40th year
of its operation.
of fit¬
"This follows the policy
ting the capital structure of the
bank to present and prospective
born in
was
"He
was
Trade and
a
for
of
the
The Directors of the Mellon Na¬
have
Pittsburgh
the recent sale by
tional
its stock holdings
$2,500,000 to surplus, in¬
creasing that item to $32,500,000.
The capital is $7,500,000, which
now gives the bank a capital and
surplus of $40,000,000.
'
dies Sugar
in the West In¬
Corp."
added
.
Barnet, President of
Robert A.
Irving Savings Bank of New
York announces the election
of
the
member of
bank.
John Tiebout, Jr., as a
the Board of Trustees of the
and
President
is
Tiebout
Mr.
The Union Trust Co.,
Washing¬
of
William
S.
Treasurer
Miller
from
Vice-President.
to
G.
1906
R. C. Morris, J.
Stahl and H. E- Whitney, As¬
company:
elect¬
R. W.
sistant Vice-President, were
and
Vice-Presidents,
ed
Hemmingeiy C. C. Lloyd, K. H.
McDowell and A. E. Scott were
elected Assistant Trust Officers.
is distributing a
York City,
pamphlet
the
on
Co.,
Trust
Manufacturers
The
New
"Pay-As-You-
Go-Tax Law" which
ent
contains the
equip¬
in New York which
firms
ment
1853, just two
established in
was
after the bank opened its
years
doors for business.
Edward
Cashier of
Rhame,
D.
People's National Bank, Lyn-
the
has
Island,
brook,
Long
elected
President
County Chapter of the
been
Nassau
the
of
American
Banking. Advices from
Institute of
tion
the
application of the new taxes.
announced
a
change in its manner of interestdividend payment, effective July
York
has
City,
1.
will
be
payments
Interest-dividend
the
at
semi-annual,
close
of
credited as
business Dec.
31
instead of quarterly
and June 30,
heretofore.
as
Deposits made during a semi¬
will be entitled to
dividends computed from the first
of the month following the de¬
annual period
posit if not withdrawn until the
last three business
days of the
sefmi-annual
period.
'
the
of
Noon
ence
and Trust
Bank
First National
Co.
of Freeport,
-YYYYY^iYYYvYY^
Council."
the
men
strain
point for production
effort;
war
Co.,
Mr. Heimann
average man
even now
of
know the actual outline
tax
new
our
points out that the
in the street does not
will affect him.
Dwyer, President of
theRondout National Bank,Kingston, N. Y., died on June 8 at
home in Kingston.
He was
old.
years
President
84
cated
some
how
it
YY':%Y;YY''YVY"YyY:
condition
of
informed and edu¬
citizenship," he says.
"In
way people from all walks
an
of life will have to assume a
the
in
Y,-..
Inc.
and
mind is not conducive toward the
his building of
Mr. Dwyer was also
of Dwyer Lighterage,
law
this
"Certainly
F.
James
responsibilities for making
public representatives under¬
stand that laws that are simple
Federal
The
New York
that
Bank
Reserve
of
made known on June
the
Bank
Farmers
of
Springville, N. Y., has been ad¬
mitted to membership in the Fed¬
The
System.
Reserve
eral
new
clearly understood are more
and
readily acceptable and more easily
administered; that most laws can
be drafted with easily understood
sentences and that only the de¬
time to
situations.*'
tails need be altered from
member-bank, formed in 1902 as
a
successor
to
a
private bank
time
founded in 1883, brings to an even
in its efforts to reduce
300 the number of member-banks
the
District.
Second
Federal
Reserve
Y' vY
to
meet new
The present
also
was
situation with OPA
food prices
pointed to by Mr. Hei-t
example of how a lack
mann as an
simplicity and directness often
leaves the public in a bewildered
unenlightened state which
Edward H. Harris of the'Home and
works against full cooperation. On
Savings Bank of Boston was elect¬
ed President of the Savings Bank this point, Mr. Heimann said:,
"The Office of Price Adminis¬
Forum at the annual meeting at
the Boston City Club on June 8. tration was started quite late and
succeeds
of
Fred N.
Holdsworth
Institu¬
its
has
for
of certain funda¬
principles of price control
been too long deferred.
It is
acceptance
mental
Savings. Other officers
according to the Boston questionable whether anyone or
"Herald," were: Elmer J. Thomas, any group in the present situation
B. Robert Rand and H. Everett Palmer Savings Bank, first Vice- could do an efficient job.
"Isn't it an almost impossible
Smith as Assistant Treasurers. Mr. President; Kendell S. Estes, Ply¬
De Mott is in the real estate de¬ mouth Five Cent Savings Bank, job to control inflation through
partment; Mr. Rand at the 45th Second Vice-President; Dean E. price ceilings unless you can ef¬
Street office, and Mr. Smith in
exercise control
over
Story, Worcester Mechanics Sav¬ fectively
the credit department.
ings Bank, Secretary, and Frank wages, another factor vitally af¬
It is only natural,
R. Petty, Andover Savings Bank, fecting prices?
Austin S. Igleheart, Executive Treasurer.
therefore, for OPA to.make a pub¬
lic display of price control through
Vice-President
of
the
General
the announcement of new price
Foods Corp., has been elected a
H. Edward Wolff of Elizabeth,
Director of the Chase National
ceilings from time to time.
This
N. J., has been elected President
can be little more than superficial
Bank of New York.
He is also
of the New Jersey Savings and
treatment.
The fault for such an
a Director of the Borden Co. and
Loan League, succeeding Edward
ineffective program does not rest
the
Chicago & Eastern Illinois J.
Fyfe.
Ferdinand Trostell of
with the OPA.
On the contrary,
Railroad and First Vice-President
City, announces the
election of H. Raymond De Mott,
York
tion
elected,
.
of
the
Grocery Manufacturers of
is
the
of
President
Guttenberg
was
named
Vice-
In
Announcement
has
been
President,
made
and
Arthur
F.
Smet-
it is
requires. prompt and
taking the only action it can
Such
action.
action
officials
ment
avail unless
courageous
it
will
by Govern¬
of
be
little
is
supported by a
united citizenship."
/
.
Ohio, Pennsylvania, Michigan and
Kansas. :
in
every
possible
./
Court
Mr.
Lemke
contended that the
Court, in a unanimous
opinion last Nov. 9, had not held
the legislation constitutional but
had merely ruled that Roscoe C.
Filburn, of Montgomery County,
Ohio, who challenged the penalty,
was in no position to complain be¬
cause
he had accepted benefits
Supreme
YyVyYYY;' Y.'V"."
under the act.
Assures War Funds
the
In
vides fundamental reason for con¬
in financing
fidence
the war ef¬
fort, said John W. Sandstedt, Ex¬
ecutive Secretary of the National
Association
of
Mutual
Savings
act.'.-
held under
The
Association
Banks
setts.
is
"It
say
not
■
YY
to
(Continued from first page) y
Weekly Crude Oil
carried on
by the Government and the great
thrift
agencies
of
the United
States are bringing to the people
better realization of what
two * remarkable
witnessed
have
saving
for the future. We recently
means
Bond drives in which
than
$30,000,000,000 were
Victory
more
available
made
to
the
Govern¬
ment.
Although this money largely
came
from the treasuries of fidu¬
ciary institutions, it originated in
the
envelopes of the nation
may be sure that those
same faithful pay envelopes
will
contribute an increasing share to
victory.
"At the end of 1942, according
to the Federal Reserve Board, to¬
and
tal
pay
we
bank
deposits, exclusive of
inter-bank deposits, amounted to
$88,000,000,000 and economists es¬
the
timate
excess
figure
now
to
be
in
of $100,000,000,000, with the
prospect reaching $150,000,000,000
before the end of the war.
wise,
a
we
face
the
Like¬
possibility of
public debt of between $250,-
000,000,000 and $300,000,000,000.
"Turning to the matter of na¬
tional income,
income
it is expected that
payments to the American
people during 1943 will approxi¬
way.
2295
May.,.,....
available this week.
♦Not
"Educational programs
a
...2297
Output....
Electric
Bank Debits for
before," Mr. Sandstedt added.
2296
Market.
Metals
Non-Ferrous
Weekly
.■ .2297
Production.......2297
Commodity Index.
Moody's Dally
a
pay
verted
ever
Y:'
exaggeration
larger part of the cur¬
envelope is being con¬
into savings capital than
that
rent
an
■
CONTENTS
GENERAL
Massachu¬
of
YYY.Y, YvY
"
in these col¬
noted
was
of Nov. 26, page 1894.
umns
auspices of the Savings Y
the
YYY'Y' ■:Y rYYY;Y'*
Supreme Court's previous
/,
decision
Banks, who addressed on June 15
the
Savings Bank Management
Conference
at
Andover, Mass.,
Mr.
under
benefits
received
not
legislation
new
contended his clients had
Lemke
Saving by the individual pro¬
•.
of Appeals
The
take in view of the
operate
Mr.
decision by the
a
on a new challenge of the
legislation -brought
by
Repre¬
sentative L. William Lemke, Re¬
Guggenheim, who was 55 Only by doing this can the OPA, ures, prospects for savings never
York that the Board of Directors years old, was also President and partially at least, accomplish its have been better, and the oppor¬
of the
bank has
approved and Director of the Philadelphia Me¬ objectives and anything it does tunities for mutual savings banks,!
authorized the addition to surplus, tals Works.
Stating that he had accomplish is to the good. For the
leaders in the thrift movement 126
account of $7,500,000, increasing' been with the bank since 1906, threat of inflation is more serious
To meet it head-on years, are unparalleled."
this account from $77,500,000 to' special advices June 8 to the New day by day.
by the National City Bank of New
affirmed
the
order
-one-sentence
a
court
mate
$135,000,000,000.
Federal,
limitations of
hurst
of
Newark
was
elected
State and local personal taxes will
its control.
Y
Treasurer.
David M. Keiser, President 'of
"However, this does not mean absorb about $15,000,000,000, leav¬
that our fullest cooperation should
the Cuban-American Sugar Co.,
ing
$120,000,000,000.
However,
Siegfried E. Guggenheim, Vice- not be given to the officials; quite
Guantanamo Sugar Co. and Geo.
available goods and services are
President of the Tradesmens Na¬
the contrary.
E.
Keiser
&
It is most essential
Co.,
Inc.,
sugar
tional Bank & Trust Co., Phila¬ that civilians economize to meet estimated to absorb $75,000,000,000
brokers, has been elected a Direc¬
died on June 8 at his our stupendous war task. We must of value, leaving $45,000,000,000 of
tor of the Grace National Bank delphia,
home in Elkins Park, a suburb
of New York.
accept as a fact that there will be purchasing power in the hands of
of Philadelphia, after a brief ill¬ trials and
errors, but we must co¬
the public.
Based upon these fig¬
ness.
America.
Press, Washington
following was re¬
the
District of Columbia Court of Ap¬
company.
part
our
He
The Marine Midland Trust
Loose
of
in excess
In Associated
advices,
ported:
approximately $450,000.
are
produced
Agricultural Adjustment Agency
quotas and either sold or con¬
sumed by the grower, v ;
-r."
decision
dismissing the new suit was af¬
firmed by the high tribunal "on
the authority of" a previous rul¬
ing sustaining the penalty. YY''YY
Bank, Treasurer, and Flor¬
tional
of the Worcester County
New
present
wheat
on
Urging a return to simpler forms in legislative enactments,
Henry H. Heimann, Executive Manager-on-leave of the National
Association of Credit Men, points out in the Association's Monthly
Business Review released June 15 that "the present labyrinth of
laws, regulations, agencies and bureaus is such that the average citi¬
zen is completely bewildered.
"This," he says, "is a dangerous
aLevery
"Others who will take office on
posing a 49-cent-a-bushel penalty
publican, of North Dakota, as at¬
torney for a group of farmers in
York "Times" said:
in
the
at
Supreme
7 the
June
on
constitutionality of legislation im¬
pres¬
Total deposits
1918.
States
Simpler Wording For Cur National Laws
Urged By Heimann Of Credit Ken's Croup
state of mind. Business
11
The Central Savings Bank, New
in
institution
S.
organized in
United
reaffirmed
peals
Lynbrook, L. I., June 5 to the New
text of the law,
well
the
E.
was
being changed to its
name
time
June
on
of the largest marine
one
with an explana¬
of the various provisions, as
as charts and tables showing
Court
the German Banking Co.,
as
the title
.
of the
The
Cleve¬
of
Bank
of
Tiebout, Inc.,
Treasurer of W. & J.
It
Reserve
The bank
tem.
ton, D. C., announces the promo¬
tion
President
Fleming,
11 the
admission of the Lindsey Banking
Co., Lindsey, Ohio, to member¬
ship in the Federal Reserve Sys¬
of
in
professional men
are
on
duty long hours to meet
is in line with the determination July 1 are:
John Colquhoun of
of the banks of the country to do the
Bank
of
Rockville
Centre the civilian needs; farmers are
hard at work long hours in the
their utmost to assist in the na¬ Trust
Co., First Vice-President;
bring about increased
tion's maximum war effort, and at Marie Waidman of the Peninsula fields to
laboring -men
are
the same time to be in a position National Bank of Cedarhurst, Sec¬ production;
overtime;
and
other
to play the fullest possible part in ond Vice-President; Arnold Conk- working
lin of the West Hempstead Na^ groups are so busy they cannot
meeting postwar conditions."
The Board also made the fol¬ tional Bank, Third Vice-President; take the time to keep abreast of
lowing changes in the official staff Alfred Batten of the Babylon Na¬ developments."
requirements of its customers.
J.
M.
land, announced
of
Supreme Court Upholds
Excess
to Mr. Flather's former post.
up
Federal
eign Trade Committee."
Bank
Assistant
Senior
Flather,
Foreign
member of the For¬
City Company of New York, Inc.
(in dissolution) of the proceeds of
the company of
Elmer
Treasurer, was made Treasurer
and Harry F. Harding was moved
Lahr, Baden.
Director
a
Association
Bankers
said:
10
Philadelphia
Y:.v."
"He
announcement
The
$85,000,000.
from
said:
which is held each year on
A.
Thursday, June 17, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
2300
v
Miscellaneous
2283
1943 Pay-Go Tax Law
Text of
Gold
Return to
Urges
Hemingway
2285
Standard
Hecht
rent
Says Bond Buying From Cur¬
Income
Should Be Stimu¬
..2285
lated
Simpler Wording
of National Laws
....v................2300
Asked
Wheat
Excess ;
Upholds
Court
Penalty
Supreme
.................2300
War
.2300
Says Increased Savings Assures
Funds
N.
Y.
in
Payrolls Lower
Factory Jobs,
...........................2289
Bill Offerings. .2290
May
Result
■»..;v,
............. •
of
Treasury
of Smaller^
......................2290
Southeastern Conference
Stores
Idle
Bond Sales
Unified
Burgess Heads
Group
...............2293
Bonus Dropped.. 2297
Copper Scrap
Increases
Newspaper
Massachusetts
....2297
Price
Auburn Gets British Embassy
Britain — 2297
U. S. Lumber Mission in
Plans
Spain
S.
U.
Post.2297
Frozen
of
Payment
2283
Claims
President of Paraguay
Babson
Preparing
on
Visits U. S... .2299
for Post-War
2287
Conditions
Money in Circulation.. .2287
Amount of
Anti-Strike
Demands
Labor
Bill
2287
Veto
Trade Agreements Act
Extended .'........,v..............2287
Reciprocal
Baruch to
Advise
Gasoline Coupons
NYSE
Short
Post...,.,..,.2287
Billion
$2.5
Plans
Borrowing
Treasury
..........2287
Byrnes
Resigns WPB
Weiner
Interest
Higher <
........2292
28
May
Clark
Heads
OPA
Bank
Called
NYSE
New
2287
Again Cut,....., .2293
N.
Y.
AIB
Ration
Chapter.. ..2292
Plan
.......2295
Coupon
Unsound
Borrowings
2295
Decrease..
Financial Firms Contriblute to N. Y.
Fund
v.......................
Colby Elected AIB Head-....
OPA Roll-Back Program
Seen Essen¬
2295
tial
Bill
of
Rights
Society
Formed... .2295
Coal Miners' Fines May Be
Davies to Address Russia
Rally
.2295
..2295
Waived. .2291
Tribute
.........2291
Subsidy Payments on Four Canned
Vegetables
2294
Record Naval Bill Approved by
Senate
.2288
@FedFRASER