Full text of Commercial and Financial Chronicle : March 11, 1943, Vol. 157, No. 4158, Section 2

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Final

Edition

ESTABLISHED OVER 100 YEARS

Reg, IT,

Volume 157

New

Number 4158

few months

Declaring that "if our free society is to be maintained, productive
jobs—millions of them—must be made available in the shortest pos¬
sible-space of time after hostilities cease " Paul G. Hoffman, Chair¬
man of the Committee for Economic Development, pointed out on
March 4 that "the burden of providing those jobs will rest largely
upon private industry."
Mr. Hoffman observed in his address that
"the most ambitious program of^public works can care for only a President of the Studebaker Corp.,
small percentage of those who will made these remarks in addressing
need jobs." He the monthly meeting in New York

food shortage in this
Yet such is the fact. '? We should

portant, articles,, there would be

obliged, so they said at that time, to do' without many
things which we in our luxurious living had?grown to re¬
gard as almost,necessaries of life, but of the basic foods we
were assured of
ample supplies. In such a belief; apparently,
the powers that be proceeded to take many hundreds of

/ /

-•

And then

'>■

; ;1/"; V','/

.vw-

V* ? v:/v.'/ ■;'*?-

A Slow Awakening

as one

the

em-

task

item of food after another grew scarce,;

ment

which

ill

;

will

this

confront

when

nation

Bl; ;'

[jfl

Popular understanding of what1
.was ahead came slowly in light of the many public assurances;
of ample supplies,, It was only when the annoyances, and
inconveniences of rationing developed, coupled with utter5
inability to find supplies in the ordinary market places/ that;
:the public was really aroused and, began to exert pressure,
upon Washington officials through Congress and otherwise/
One grudging concession after another has followed which'
I still leaves the situation, in a highly, unsatisf actoiy,/ not to!
say, dangerous state.;
;
//-J.}/-. //a\//f:/l,
'//:<!
v; >
f 7/ j•.■; >/:'-•"/ • The Cold Fact •;/
' / vf-i.-.ac*:/•-/j

trans¬

our

from

ition
peace

time to

war

omy

Mr. Hoffman, who is

'-"f

CONTENTS

Editorials

"•'I

'•

Page
Post-War Trade With-Latin America. 922
Some Little-NotlCea Aspects of
•.

Unionism

.•>........

>■.

t.. 923

Financial

Situation...

turbed.
-

fronts,

while

For
we

are

feel

that

our

cause

deeply alarmed by the

.explosive circumstances that face

cause

program

are

very

safe

much per-!
the

battle-1

disquieting and

many

the home front.

"Foremost among the fears that haunt
conflict between the military

are

these:

and the farm

even!
i

That the!

program

may;

serious, if not disastrous, food shortages; that the aggravating:

and

can

women are

got,

needed by whom and for what, and where they

lead to

may

calamitous

cramping/ of

war .

industry j!

that the protracted wrangling and vacillating authority in the War

Production Board may yet take its toll

the battlefield.

Trading on New York Exchanges.... 934
NYSE Stock Values..,............... 933

NYSE Odd-Lot
*

"And

frankness

all

fury
that

against
have

the

swollen, and

burgeoned

same

say

that to

Trading.;;.

......:

Congress has

years," —Clare
'

fears haunt many.pf us, and

bureaucracies

Boothe

in the final analysis

only the President is in a position to take effective action.

Luce

VLf

work."

with reference thereto he had the

following to say:
"In. 1940, our

last peacetime
approximately 46,000,000
even,need;jaYlhgv... But it is my people were gainfully employed in
studied opinion that if we defer the United States—less than 600,triple-A priority, That shouldn't

year,

serving either

of them were

winning the peace until after we

000

have. won. the war, we may lose
the peace. * Perhaps it will be well

in the armed forces or working in
armament production.
From an
employment standpoint, the situ¬
ation was not satisfactory.
Ap¬

proximately 9,000,000 competent
people,
But most of us might workers were unemployed.
"By the end of this war year
agree that in so far as the United
States is concerned; winning the of. 1943, it is estimated, more than
peace must—as a minimum re¬ 64,000,000 people will be employed
(Continued on page 925)
quirement—include the continued

From

Review;.......

General

///vvBy CARLISLE BARGERON

.;.;..;..... 923

934

Weekly Carloadings
Weekly Engineering Construction;..
Paperboard Industry Statistics.....
Weekly Lumber Movement.;.
;....

935
932
935
930'

Index...

934

931
930

930

ing in January............ 933
*
Copper* Institute Summary-..-.......
*■
Pig Iron Production.. ..r»;.*
Daily and Weekly Copper, Lead and
?
Zinp,. Sales;..,
*,/
•These statistics omitted from "Chronicle"
At direction of the War Censorship Board.
notice on "first -pkge of Section

(See

August "27j

1942, '"Chronicle.") '

Job

Need.........j..

921,
Vital to Victory... 922
$12,000,000' In
I.... f.. 922

Lend-Lease Held

Red

Cross

New

Seeks Over

York"

Fire Waste Council Convention.....
"Bureaucratic"' Press
on

Application " of

923

Critics 926

48-Hour

Week

926

Freight -Car Orders on Feb. 1.,.. •
926
Banking Institute War¬
time Meeting.;......;.
926
FDR Hails Red Army on 25th Anni¬
versary
927
House Favors • Deferment of Family
American

Men

927

Earnings, Employment Set New
Re<v>-ds

...

(Continued on page 936)

In this vein we

"Is your

chief going to run
fourth term?" we asked, intend¬

927

f?^eslre

ing to be provocative.

;

not

was

work"^;"i„dUStry.

against it.

Prentiss

Brown

showing

something," he every evidence of this disposition,
replied.
"At the age of 85, just a disposition to work with the
like George Norris, he will be
people generally instead of against
limping away from Washington them, but not being a strong
on crutches, complaining that the
executive, he is having an awful
American people have repudiated time
getting rid of the pinkish in¬
"Let

virtue."

tell you

/.•/•../

.'//j®

.Miscellaneous
industry Must Meet Post-War

Says,

'••/, : //'•'...
/ / '
•; /
approached a New Dealer friend the other day,
fellow noted for his brilliant repartee as all New Dealers are.

fourth term?"

933

American.Zinc Industry Summary.

hysterical state which the war has brought
to Washington, the likely greeting of two fellows meeting one an¬
other these days is: "Do you think Roosevelt is going to run for a
In the more or less

932

Weekly Electric Output.,........... 931
January Hotel 'Sales.....,., 932
February Department Store Sales... 932
Automobile and Diversified Financ-

Washington

Ahead Of The News

934

commodity Prices—Domestic Index.

Assails

the people's long-delayed

wasteful .Washington

through the

the President.
These

let

ty swift contagion,

made to

to say:

,//;•. State of Trade

Rules,

been transferred, as if

According to Mr, Hoffman, civil¬
ian employment will have to be
found for 56,000,000 people in the
post-war period.
In his remarks

921

Washington Ahead pf the News 921
Moody's Bond/Prices anp Yields...,. 930
Items About Banks ahd Trust Cos... 936

muddling of the Manpower Commission, which does not seem to
,have yet done the elementary arithmetic of finding out how many; ../„/;
men

went

re¬

From

..,.....

Indeed,

were

.......

Non-Ferrous Metals Market.........

effort.

that

could be

plausible proposal,
could all support, if

a very

ruffians

brown-shirted

Regular Features

Weekly Coal and Coke Output......
Weekly Steel Review..i.............
Moody's Daily- Commodity index...
Weekly Crude Oil Production

war

peace," Mr, Hoffman said that

"that is
one

first and then start

war

specify what I mean by "win¬
ning the peace." That phrase has
different meanings
to different

Fertilizer Association" Price

complacent about the

"Every American is determined

•

GENERAL

;

Incidentally

•

not

state¬

cussed "the plans and programs

that winning the war shall come
first. Winning the, war must have

program."

ouri

are

unemployed."

have

incident

reversed, I think it will become
clear. that we must start working
now on a vigorous post-war job

•reasonably well open, as they are not at present; The author-)
ities have in typical New Deal style set—and later revised—j
'food production "goals" for the year. These require
some-j

the

made

■

the

Hoffman

;

selves before the year is out in a far worse plight for food of;
the ordinary kind than we have been in the memory of living
man—and this even if the channels of distribution are kept

victory though this Congress is,,

Hoffman

Mr,

probably will happen—if we have
dis¬ too much unemployment for too
of long after peace comes, It is lack
our very young organization—the
of jobs on a large scale that gives
dictators
their opportunity,
Committee for Economic Develop¬ the
ment."
While noting in his ad¬ Mussolini would never have had a
dress that many have "expressed chance in Italy if it; hadn't been
the view that perhaps we had best for uhemployment.
Hitler's
Freedom."

and ap¬
praise the even greater problems
we shall face when this process is

Paul.

//The cold, hard fact is that with average weather; con-1

of military

most certainly will have been lost,
if—in the post-war period—our

"The Key to the Maintenance of

econ-

v,■'<

"Sure

"Stated conversely, practically all
us will agree that
the peace

cruited from among the youthful

but no increase in total
acreage devoted to crops is provided since even the planners;
/"'•// •i-,;:''/ (Continued oh page 924)
■'/'//:/:'/;-/"•/;/.

for

and workers.

men

talking about and planning to win

number of field and truck crops,

business

win the

problems

been

mentals of the situation.

thing like ■ a 10 % increase in the production of livestock!
•products, and considerable change in the relative size of a;

and relative

the

which

Later slowly dawning, realization of|
seriously threatening food situation found!
officialdom wholly unprepared to grapple • With the funda- j
a

ditiohs during .the coming crop.season we may Well find

peace
comes.
As we review
J-'.

quate to real needs.

regimentation

ment that "that can happen—and

p1o

was initiated-—still apparently without any real-i
ization that supplies were or were likely shortly to be inade-j

•

from

the State of New York, at which
time he spoke under the caption

measure

■

If.
K

•rationing

the existence of

individuals

free society is supplanted
regime of regimentation.'^

suggest
that
attempt to

•

freedom

of the Chamber of Commerce of

protection of the Bill of Eights for
us

businessmen, I

men from the farms and. send them to the;
forces, to divert materials and manufacturing /facil¬
ities from the production of essential; farm implements to
.armament and plants in which to make armament, and to
permit, nay, even encourage, a migration from the land toj
the factories where earnings were increasing steadily and;

-•/,/•..

Copy

added that "as

.thousands of

.armed

rapidly.

^Urgency, With Burden On Industry: Hoffman

Washington were assuring' tHe'Ahdierfrom a few special and not very im¬

country during this war.

Price 60 Cents

ProblemOf Post-War Employment 0{ Utmost

almost incredible that only

now seems

ago high "authorities at
ican people that, apart

Office

Pat.

York, N. Y., Thursday, March 11, 1943

FINANCIAL
/ i;;

In 2 Sections-Section 2

; tellectuals

who

/ ning the OPA.

have

been

run¬

Early in his ad¬

The
effect of the November ministration he confided in
friends that one of his first un¬
elections, reflected in Congress'
going on the warpath in an ef¬ dertakings would be to get rid of
fort to reassert its influence, the Dave Ginsburg and his crowd.
rise of Jimmy Byrnes in the coun¬ Asked a few days ago when he
try's domestic affairs, the ap^ intended to do it, he threw up
pointment of Prentiss Brown in his hands and exclaimed: "Try it,
the place of Leon Henderson as try it."
It seems that these fellows have
head of OPA, et cetera, has spread
to at least one place in the De¬ so wrapped themselves into the
partment of Agriculture.
Lyle whole framework on which the
OPA rests, that to tear them out
Watts, who recently succeeded to
the directorship of forestry, called would cause no end of confusion.
industry' representatives together These gentlemen have been writ¬

ing the OPA laws ever since the
And
high-handed admin¬ establishment was set up.
(Continued on page 935)
istration of the agency, that his
and

announced that there would

.no

THE COMMERCIAL &

922

Lend-lease Regarded J Post-War
As Vital To
The House Foreign

Victory

Feb.

lend-lease has oper¬

that

ated with "brilliant effectiveness"

facturers

article

Note—This

Editor's

contributed to
"The
informs us that he

was

Allen R. Edwards-who

-..

life in the foreign field as boy,
executive, and Government repre- ,
.
sentative; many years in Buenos Aires, Brazil, and Chile,',
/••as Manager for Allied Chemical
and Dye Corporation, and
Y
/ ' has just returned from Ecuador where, under the Office of
: Inter American Affairs, he'was Director' of the American1. A
"has

spent

•

essential

"an

mechanism
"will

part
of
our
waging war" and

for

prove

vital factor in the

victory of the United
States and the United Nations."
;

inevitable

Committee

The

reviewed

has

lend-lease

which

part

the
con¬

United

tributed to the cause of the

wrote in the report
"imperative that the.
United States provide China with
all aid that can possibly be sup¬
and

Nations

■ ■ \
''V'
House group

plied."

■'

/'i'.'MT

also -went on
record as being "of the opinion
that a lend-lease settlement which
will not burden commerce cannot
'be based solely upon payment in
'

The

•

gold or in goods." The report also
said:
v

'This conclusion seems

apparent

light of the history of the
'•war
debts
problem during the
.'20s and of the purpose of Con¬
in the

gress

-'Act

than

•>

the results of that experi¬

ment

known

are

method

The

all

settlement

repay-

gold or in goods has in
proved self-defeating and
destructive, and would after this
w^r seriously
interfere with the
in

ment

•

•the past
•

'achievement of the conditions of
;

world

*iue

order

economic

prosperity

this

largely, depends."
The

sized

which

country
.•. -

Committee further empha¬
that

lend-lease

was

two-

proposition, operating in re¬
verse to bring benefits to Amer¬
ican troops and some material to

way

country."

...

The

the leading South Americans Re¬

between

fundamental issue between these factions is that

surners

while

the Conservatives, know

ten new arrivals are Radical,

servatives fear loss of

political

power

ing-up of great landed estates.
Consent

;

that

nine

out

consequently the-Con¬
resulting in
11

•

break-

a
,

;

•

liberal South American immigration

laws in the post-war period is bound to win out, the
and the industrialists demand it, the Church. a

American

firms

face the

neces¬

post-war production to

%•'•';'%

unemployment and depression.

Countless

North American Capital

are

Immediate Contacts Without Immediate

Shipmentsri.

Under normal conditions the South American industri¬
or

business

man

dom-a- technician

^••%

is secretive and hard of

himself, he relies

approach, sel¬

employees who by

European sales methods, as well as racial and cultural sym¬
pathies, are wedded to former connections. Even the oppor¬
tunity to demonstrate and test American machinery or fin¬
ished goods has been frequently denied, but today times are
hot normal, a great temporary export market in finished
goods for- the emergency relief of Europe is looming.' It
will be backed by North American money.
The South
American industrialist wants a small share in that tempor¬
ary market, while immigration and export of raw materials
is. building up his own permanent domestic market. -.Now
is our opportunity for contacts which will be difficult /in
the future.; Today, strange as it may seem, relations can
be established without shipments.

The partial

lifting: of bans on immigration will be
coupled with a simple, yet fool proof method of extracting
vast sums from the United States." Immigrants according
to labor, trade, or professional classifications, will' be ref
quired to produce the equivalent of $1,000 to $5,000 U. S,
for entry.
South American politicians probably estimate
correctly* that hundreds of thousands, if not millions, oi
first to third generation American citizens,! descended froni
various European racial groups will dig up the funds vtp
give relatives their only chance in the New World, for
despite our desire to find Utopia-for everyone else, North
American immigration will be solidly blocked by labor iri
the face of unemployment.
<
•
.

our

smugly contemplating
entry, - re-entry, or expansion of South American business
when, and as, surplus production, ocean bottoms, or air
transport, are available; in most cases they will find them¬
selves
too late.,
All foreign and a few American com¬
panies- who have built and nurtured their contacts with
owners,' buyers, and technicians, planned organizations and
completed laboratory, factory, and field testing, and whose
.representatives :have established social ties, will be miles
•ahead; of them.
•.
* "V "
\; '%•%
^
•

•

Foreign business contacts, goodwill, and service have

avoid

alist

Immigration Means Hidden Flight -of *:

calls

our manu¬

Advantages Offset By Neglect
.

Radicals
pillar of
Conservative: strength is swinging over, and"-behindthe
liberal viewpoint is the approval of our own Government: % *
t

/guard

we,

cause

sity of exporting 12 to 18% of

immigration; the. industrialists want.more domestic con*

every

Thursday, March 11, 1943

•Latin American and Far Eastern trade

are slowly gaining a balance of power
Conservative landowners and Radical groups. ^;

Lend-Lease
in its present form, rather
providing for a loan or series

that

publics

in passing the

of loans.

Mission

The industrialists of

that

Technical

never been
regarded very seriously by our country while
doing only 8% of its business overseas.
Today, in a seller's
market,; under the stress of war and shipping! restrictions,
they are forgotten terms.
They remain vital factors in

of his

most

Army officer/business

today.

•

Chronicle"

,DojrnesticTranquilityvrpakes> it imperative, that
Against sweeping foreign trade defeats. That
for. Vigorous and positive; aOtion on the; part,;Of

Trade

With Latin America

Affairs Com¬

mittee, in its formal report recom¬
mending a one-year extension of
the Lend-Lease Act, declared on

FINANCIAL;CHRONICLE

Lack-of North American; supply in all lines, except
Government parachutists and hot air, have naturally dis¬
flight of American capital and buying;
-this nation's factories.
illusioned the Latin business man.
Bitter and resentful, in
''Under lend-lease in reverse.-* power will be highly gratifying to those in'our own land
a mood to be
the report said, "the other United who desire the rapid rehabilitation of conquered or back¬
easily reclaimed by European interests, he
Nations are in turn making availnevertheless knows that North American industry will have
ward countries.
Expanding European markets - in South
able a constantly growing amount
America with money that Congress does not have to appro-! machinery, finished products, and the ocean bottoms avail¬
of aid to the armed forces of the
able two years before Europe can ship in quantity; time is
'United States.
The spirit of co¬
priate, and that tax-payers never see, is a more subtle;
operation evidenced by the Lend- approach than asking funds for-the rehabilitation of busi¬ essential to him if he is going to get a ticket on the gravy
Lease Act has been reciprocated
boat of rehabilitation expenditures.
ness
Today he will listen,
competitors.
;• T ,j ~ —•
• -w w-1
in full by the countries providing
he will cooperate, test, and plan.
A good portion of his
:
kaid to the United States."
Huge grants for rehabilitation in Europe, cloaked -as:
business will remain with those whose foresight have made
The report disclosed that China
emergency relief, will undoubtedly be asked for and secured!
them the first prepared to give him supply, and the intelli¬
so
far has received $156,738,000
in the first years of peace, it is the American Way.' It cari-l
worth of lend-lease aid but that
not continue once our noble flight into the realm of ideal-! gent. Sef vice that can only be developed through painstaking,
the Committee "has been assured
time consuming preparation.
Our Government will never
ism is satiated in a stomach-ache, of inflation, and taxation.;
'that measures are being under¬
block test, sample, or research shipments.
.
-v -v i
but the hidden flight of capital to South America, can not:
taken to improve the transporta¬
,

This -hidden

•

■

•

tion system and make possible in¬
creased aid to China."
Aid

other

countries

was

stopped.

Neglected Contacts Mean Future Trade Defeat

re¬

ported as follows: Great Britain,
.as of Dec. 31, 1942, had received

Free Insurance For:, Future Markets V;

•

,;,:Our need for a prompt expansion of foreign trade in
the post-war world, to furnish employment, to cut domestic
costs, to balance imports, to reclaim a portion of departing
capital, and to protect our very standard of living is selfevident..
Government relief purchases for Europe will fur¬
nish an altruistic, but dangerous and temporary
stop-gap; a
panacea to American business while our enemies of today
again fasten their .tenacles to the South.
Our solid and
continuing foreign trade lies within the fields of our national
mfluence, unquestionably South America, probably the Far
:

.v;

Not

only will population 1 increase rapidly in South
$3,959,950,000 worth; Soviet Rus¬ America, but the standard of liying. for the masses will im¬
sia, $1,532,230,000; the Middle and prove* with huge jumps
in export and .buying power.!
Far East and other regions, not
European cartels, still ably, represented today, will return
including China, $2,393,193,000. r as
powerful factors in the South American market, England
The report praised lend-lease as
will hang on grimly and intelligently to her pre-war share.'
a means of preparing "the way for
Her maintainance of contacts, experimental shipments, and
sound and durable international
arrangements in the peace" and
ground work today completely over shadow our own.. The;
'rebuked those who would demand
American manufacturer must alter his attitude- of delayEast.guarantees of post-war use by the
and be prepared to promptly take a fair percentage of this
United States of foreign air bases
Our corporations, manufacturers," and distributors cover
rapidly expanding market. He will need it to absorb-.a
'built with lend-lease funds.
themselves with practically, every known type of insurance.certain percent of his economical production.
Problems of air rights generally,
To delay
It costs them nothing under existing surplus-profit taxes,
the Committee said, "can be taken
preparatory work in the field until the end of the *:war
but they neglect one form of protection, namely, provision
up only as the general develop¬
means that competition will be
shipping when he is begin¬
ment of our foreign policy per¬
ning to knock at doors that have been closed to him.% r ! through field representation and contacts for rapid and intel¬
mits."
f '
We will have great advantages in the future; capital,; ligent entry, re-entry, or expansion into their closest, their
In
answer
to
demands
from
safest export market.
;.
!
,
.
•; w , \
members of the Committee, chiefly
banking-facilities, the power to force equitable exchange,
on
the Republican side
of the a merchant marine,
air -transport, shorter hauls, : faster
table, that lend-lease be used now
28 issued a similar proclamation
mail, and factories and railways at home in full; operation
to secure post-war economic bene¬
Red Cross Seeks
I and,- called upon the citizens to
to put out finished goods or to absorb raw materials; in fact,;
fits, the report had this to say,
take; part in the campaign and
according to Associated Press: v we will have all the advantages except the driving.-force,
give generously so that the city*s
"In the field of security and
of immediate necessity plus the contacts and good; will
quota will be quickly oversub¬
v The New York. City Red Cross
scribed.
political relationships there is a which we are steadily
v
neglecting.
\
War Fund drive was launched on
-

...

$12,920,700 In N.Y.C.

•

vast

and

complicated

area

which

involves considerations going far
beyond the Lend-Lease Act alone.
"The problem of

bases

air and naval
they bear on the security

of the United States, to take one

example, or of air rights gener¬
ally, are problems which in their
ramifications

can

be taken up only

the general development of
policy permits."

Our

business

effort in South America

will

March 1 when an estimated 100.000

magnificently equipped, but green army operating in a
strange terrain, unaided by local contacts, uninformed from
advance penetration; we have seen what prices such Armies

soliciting con¬
tributions to. raise $12,920,700, the

pay-

The
we

cause

look for

our

have

vigorous

■'

sweeping trade victories.
our

city's
of

'•

■

•./

of future international peace, .demands that

champions in

volunteers

That

post-war

cause

will

Government.

quota, of the national goal

March
.f

Roosevelt
as

.and

proclaiming

Red Cross month, Mayor
C

TVTy*i*f

V Arlr

industrial

life

are

co¬

operating to keep the Red Cross

appeal
said

Following the action of Presb
dent"

ness

began

$125,000,000.

Many phases of the city's busi¬

before

that

the

the. public.

campaign will

quire at least 2,000,000

is
re¬

persons

double their donations of last year.

Colby ;M.

Chester

General

Chairman of the New York fund.

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4158

157

Editorial—

•".-•f

•

.."•
'
•
' ;•
■
' 'j
'
'

trator to award the union its demands in any

and all cases 37,000,000 square feet of metal
involving wages, while in the other cases, the arbitrator landing mats.
The retail trade continues to
would-be. careful to seje that the union won better than a
report business at unusually high
majority.
Wryly, he pointed out that unless an arbitrator levels compared with last year.
did rule in this general manner he would not last
long, be¬ Sales of apparel in New York City

Some Little-Noticed Aspects

925

Unionism

the union would refuse to consent to his
designation.
Closely associated with arbitration as a factor in bring¬
ing about great industrial changes under unionism is the
matter of seniority.
After the last World War, the debates
over
seniority raged for some years, until the waning of the
strength of the unions greatly lessened interest in the sub¬
ject.
Now, with the unions controlling conditions under
which half of our factory
employees work, we-need to think
about the question of seniority again.
The unions demand and generally obtain clauses that
make seniority the principal if not the only consideration in
both layoffs and promotions.1 Sometimes, the clauses
pro¬
vide only that seniority shall prevail if ability and physical
fitness are equal.
Management often has held out for this
latter type of clause because it has insisted that the
right
to promote for merit is the most fundamental
prerogative
of management.
Yet, such clauses are generally subject to
.arbitration, and generally when disputes over promotion
are arbitrated,
seniority wins out.j,,
y-;•. We need to think about what seniority will do to our
industrial system.
Naturally, hard and fast seniority all
but destroys discipline in the plant since arbitrators will
only
.uphold discharges when the i employee's offense was out¬
standing and grievous. ; It* greatly lessens initiative and
enterprise, since the hard-working and more enterprising
worker sees the. promotion go to the man who has served
longest.: The "time-servers" win out and get-the advance¬
ments, and when hard times roll around, the management
cause
'

One

of the great changes in
industrial life- being
during this war is the vast increase in member¬
economic strength of the labor organizations. /The
this magazine have often pointed out this increase
fraught with significance to all of us.- Ten years
public was concerned with unions- chiefly when
.it was inconvenienced by a strike.
Now, the public must
be concerned with even the more technical policies of the
unions, for such policies affect us all and will transform
the nation unless they are changed or checked.
'
At the first of this year, the Department of Labor esti¬
mated that more than 40%, or 13,000,000, of all industrial
employees in the nation were working under a union agree¬
ment. At least 60%, or 6,000,000, of these workers were sub¬
ject to maintenance of membership or union shop clauses.
Since January the trend towards the unions has continued
Unabated.
Last week, the .War Labor Board -granted a
maintenance of membership clause to a local, CIO steel
union which had staged so many strikes that on Feb. 17,
the Navy felt compelled to take back the "E" pennant it
Lad previously granted the company.
Each week that
passes sees thousands of additional employees brought into
unions, most of them under maintenance of membership,

.wrought
ship and
'pages of
as
being
ago, the

which

assures

that

those

unions

at least for the duration of the

will

continue

flourish

"The Chronicle" often has commented

inherent in maintenance of

on the
dangers
membership and it will doVso

is forced to

lj$ngff the promising and enterprising

among

Here, however, we wish to consider .more the newer of^tgrpmployees, because seniority requires them
/
specifically what the spread of unionism and maintenance to be laid off Jaefore the "time-servers." ! /
The serious nature of the!
of membership will mean to the nation
question was illustrated early
by examining some
last year when the Army and
of the technical policies the unions follow.
Navy stipulated clearly that
V%
First, there is compulsory arbitration. ; In a series; of ■seniority in the Government+owned ordnance plants must
advertisements appearing in the newspapers of last week, not interfere with the promotion and advancement of those
in

the future.

Montgomery
clause the

Ward

War Labor

Co.

asserted

Board

that

the

arbitration most" fit.

was

and] which

clauses

the -wages,
outside arbitrators.

demand

outsider under most-arbitration

The union

may question the number of men assigned
given task and demand that the number be increased.
The union may demand that the rate of pay for a
given
occupation or occupations be increased, and this question
as with the two
preceding instances mentioned,1 would go
before an impartial arbitrator.
r-1".
4.---'-■■■-V';;i-.i
0'

Last

Week

08.2%

and

operations

output;

was

were

1,700,500

net

tons,awhile for the like 1942
week production totaled 1,654,500

that of the current week.

%V'%-:%

•

Steel

making capacity

in¬

was

'The arbitrators

and to

are mostly drawn from
college staffs,
great extent, these persons are still afflicted with

Jhe notion of the late 1920's and the 1930's that the unions
the

are

trate

our

great under-privileged class.
We can best illus¬
point by referring to the public representatives on

the National War Labor Board.
tives

present program is completed the
industry Will be rated at close to

96,000,000

tons
of
steel
69,000,000 tons of pig iron.
Distribution

for

the

week

These public representa¬ "3,892,796,000 kwh.,
over

the

electric

ended
a

Feb.

and
;

power

was

rise of 14.2%

3,409,907,000 for the like

supposed to be impartial and disinterested. .Some¬
period; of 1942, according to the
a person has to be
outspokenly and strongly Edison Electric Institute.
The
week's
pro-union to be considered sufficiently impartial to qualify previous
output
was
•as a
public member of the War Labor Board. The decisions 3,948,749,000. ' '
Gain by the-Pacific Coast was
of .the agency seem to support that observation.^
Yet, the 31% as compared with an increase
Arbitrators of industrial disputes are drawn principally from of 30.6% the previous week.
Car loadings of revenue freight
the same class as those who constitute public representatives
one

are

has said that

the War Labor Board.

One veteran

with

> "

personnel man summarized his experience,
arbitration by saying that he always expected an arbi¬

Reserve Bank

show that

the

city's apparel stores
80% larger than in the like

were

week last year.

This

;

sharp increase followed

gain of 61% in the previous week
ended Feb. 20, and a jump of 53%
in

the

week ended Feb. 13, the
immediately following the
announcement of shoe rationing
which - touched
off
the
buying

week

wave.

Feb.

the

sales

apparel

four
of

stores

ended

weeks

New

York

54%

were

City

above

those of the corresponding period
last year.
Sales of New York

ment

last

stores

City depart¬

week

were

above the like

1942 week,

the four weeks

rose

comparable

18%

period

21%

and irx
the

over

year

ago.

For the entire New York Federal

Reserve District sales in the week
also 18%

were

higher than in the

like 1942 week.
While
is

the

automobile

operating

now

industry

highest

the

level in its

history, continued ex¬
pansion Is expected for some time,
according to a survey by Standard
& Poor's.
Operating margins are
expected to be relatively well
maintained, and earnings before
taxes
should
register good im¬
provement.
With taxes likely to
be only moderately higher in 1943;
a large part of the gain should be
carried through to net income.
;
Total armament output of the
automotive
industry,
including
related

the

amounted

parts

concerns,

in
addition, the industry
produced about $820,000,000 of
civilian goods.
This is more than
10% greater than the industry's
1942.

$4,665,000,000

1941 dollar volume of civilian and

the
in

annual

excess

materials.

Currently
production is
of $7,000,000,000, or 75%

armament

rate

higher than in the industry's best
peace-time year, and equivalent to
producing

10,000,000

trucks annually.

cars

and

The record high

5,350,000 vehicles in 1929.

was

Fire Waste Council
The 20th annual meeting
National

for the week ended Feb. 27 totaled

782,855 cars, according to reports
filed

with

the

Association

American Railroads.

This

was

;

Fire

of vthe

Waste Council will

ties

at*-

prerogatives .thus surrendered (and the- list l is creased 1,098,140 net tons during
only illustrative, it is by no means all-inclusive); certainly the last half of 1942 to 90,292,660
tons, nearly half of the world's
demonstrates that compulsory arbitration means
very fun¬
total, according to the magazine
damental changes in the American way of doing business.
"Steei.%
M
: •</'■
But there is also another serious aspect to the question.
Since January, 1940, the indus¬
We
need to comprehend, the "climate" under which arbitra¬ try "has; added ; facilities
for
8,700,000 tons, equal to half those
tion of industrial relations disputes is
generally carried on. Of Great Britain.
When
the
y'

sales

VA'

The

;

con¬

known, the public will

action.-;'--i

some

union

made

are

Even the most fundamental of management
preroga¬ tons.' In weeks ended Oct; 12 and
tives, the right to promote, is challenged and carried to 26,1942, output was slightly above
of these clauses,

Figures released by the New York
Federal

be held on April 2 at the U. S.
Industrial reports continue to reflect the
steady expansion of war
Chamber of Commerce Building
equipment production;
' v |
in Washington.
It is announced
Steel production in the United
States', for the current week will
that in view of, the fact this is
be "at 99.1% of the 1943 increased
capacity, indicating output of
4,716,100 net tons, the third largest of any week on record, according the 20th annual meeting of the
Council and that its responsibili¬
to the American Iron and Steel Institute.
' v

to a

some

Of Trade

■■

arbitration under

contained

making .seniority universal,

•;

When the full facts

now

are

forcing management to surrender; control
assignment of work, and promotions to

are

rover

question the .rate of
speed on a given occupation or occupations, or the amount
of work that must be turned out in a given period, and that
question may go before the arbitrator.
Control of the rate
of production historically was a
management prerogative
an

tracts, the clauses which

Under such clauses the union may

clauses.

the rather technical

voluntary arbitra¬
disputes.:; But few
individuals not directly charged with the management . of
industrial - relations fully grasp - what industrial ■; manage¬
ment is asked to relinquish when it signs, the typical union
agreement which contains a typical arbitration - clause. ™ i
tion of labor and all other commercial

hut it is surrendered to

* <

see that Congress is consid¬
ering; a:;;sweeping investigation: of the entire labor-field,
something these pages proposed Tast December before the
new session had got underway.
It now suggests that this
investigation may well study carefully the implications of

There is much to be said in favor of

'■

% % "The Chronicle" is glad to

requiring; the company
to sign was almost as
objectionable to it as the maintenance
of membership clause.
The advertisements flatly., stated
.that such, a clause required the corporation to surrender its
prerogatives and control over its property.
.

launched their rush to buy cloth¬
ing, owing to fear of rationing".

' ■■■;■"v

war.

in the week ended Feb. 27 re¬
corded the largest increase of
any
since the nation's women

week

of
an

are

J increase

of 30,406

preceding week this

over

cars

the

996

greater than ever before

dealing

with

the

enormous

cars

year,

of fire

burden

losses

the war

effort, it is expected that every
corresponding week
in 1942, and 26,185 cars above the voting member of an accredited
representative to the Council will
same period two years
ago.
attend and that every
member
This total was 122.77% of aver¬
organization will give its full co¬
age loadings for the corresponding
operation in making this possible.
week of the 10

than the

preceding

years.

Production of
American
year was

the rate for January, 1942, a lead¬

ing Washington official reports. -'

Approximately

5,000 airplanes
of which more
types, and
upwards of 70,000 bombs of 1,000
.

were

produced,

than 65% were combat

pounds
livered

size

the

Secretary

also

that

announced

the

war. equipment
by
Program Committee has arranged
industry in January this
a
particularly effective program
three, and one-half times

larger

were

Army,

War

which, it is believed, not only will
be

vital

bers

de¬ nationwide
re¬

ported.

the mem¬

Council, but also es¬

membership — cham¬
trade associa¬

commerce,

tions, manufacturing and mercan¬
tile

Although somewhat below De¬

interest to

pecially helpful in furthering the
great work of the Council's or¬
ganization
membership
and of
real
benefit
to
the
Chamber's

Under- bers of

Patterson

the

establishments,

food

storage

processing, agricultural or¬
cember, because of year-end ad¬ ganizations, etc. Leading execu¬
justments,
January
production tives from these fields will ad¬
and

nevertheless

was in line with the
dress the meeting in connection
production trend, which has been with specific and notable fireclimbing at an average rate of safety accomplishments that have
nearly $100,000,000 a month for a been attained in their respective

year;

Other

-■

figures cited by Mr. Pat¬
terson in the January munitions
output were 80,000 Garand rifles,
27,000 .50 caliber aircraft machine
guns, 7,000 20-mm. aircraft can¬
non, 63,000 sub-machine guns, and

organizations and business enter¬

prises.
The luncheon meeting
will

morning
will

continuation

this year
of the

session and it is stated
of the principal fea¬

one

tures of the

meeting.

Thursday, March 11, 1943

THE COMMERCIAL & FINANCIAL CHRONICLE

924

THE FINANCIAL SITUATION
,

(Continued from first,

Mme.

Chiang On Tour Of U^ S,—Before Congress
Warns Against Delay In Action Against Japan

page);

that with the existing
manpower situation and the scarcity of farm implements
more land can be cultivated.
So heavy are the demands of
the armed forces and Lend-Lease expected to be that these
goals will not, according to the authorities,^ even if fully
reached, do better than cover essential requirements.
'
can

not

bring themselves to hope

What Assurances?

hired workers

assurance

receptions accorded her in Washington and New York City.
During her stay in Washington Mme. Chiang, in an address in the
House of Representatives, i oh Feb.
18, criticized the "prevailing
recent

opinion" that the defeat of thefJapanese is "of relative unim-' in the true and highest sense of
portance and that Hitler is our the word must be practiced."
"I have no doubt that the truly
first concern.Mme. Chiang said
that "this is' not borne out by great leaders of the United Na¬
,

is it to the inter¬

actual facts, nor

United'Nations

the

ests

whole" to allow Japan to continue
as

for

House

potential threat. ■ ;
guest at the White
10 days, Mme. Chiang
and

'City
extended

York

New

earned to

March

official

welcome' by Mayor F.

was.

reception

was

H.
A public

LaGuardia at City Hall.

also held in City
Chiang later

Hall Park and Mme.

visited New York's Chinatown.

March 2»Mme.

On the night of

•

massmeeting
Square Garden, and on

Chiang addressed
in Madison

March

likely to be particularly fruitful.
Neither will plans for
transporting workers from section to section as they are
needed for harvesting or other farm work do a great deal to

New

given"" by

Hall

concluded

She

in New York on March 6
traveled to Wellesley,

her stay

be set down as more or less certain to be of doubtful
success—perhaps not so absurd as the still-born scheme to
send battalions of city-bred soldiers to 'pick cotton, but un¬

reception at

Chinese.

York's

may

attended

Carnegie

all-time

but probably not as important as the fact
that many proprietor-farmers have left their farms to grow
up in weeds and are now in the armed forces or at work in
t highly paid war jobs.
New Deal-ish efforts to recruit and train farm workers

vital

After being a

low is significant,

then

and

spend the week-end at Welles¬

ley College, from which she was

On March 8

graduated in 1917.
she

feted at Boston., .Besides

was

cross-country tour of
possible she

making

various

cities, it is

Cdrn^a 'and England

visit

may

returriihgAo China.

before

at the

address

her

/ "

Madison

Square Marden rally Mme.

Chiang

appealed for a post-war world in
great; and ' small:,nations
have equal opportunity of devel¬

which

tions,' those men with vision and
forethought, are working toward
the crystallization of this idea; yet

they, too, will be impotent if you
do not give our all toward
making it a reality." ■
■b Mme.
Chiang's, address before
the House of Representatives on
and I

Feb.

marked

her

first

public

since arriving in this

appearance

country last November for medi¬
cal treatment. In her remarks she

urged Congress to lead the way in
preparing a brighter fyture for the
post-war world, and expressed the

She

aid

also
to

"the

for increased
that
juggernaut
re¬
"Japanese mili¬

appealed

China,

pointing: out

Japanese .'.

mains"

become

corporate body."

members of "one

that

and

tary might must be decimated as a

power from the farms to the factories has ceased is un¬
known, but it would appear that the underlying causes still
exist in increasing earnings to be had in the factories. Pos¬

experienced; by house¬

food—lamentably serious in some sec¬
tions—may do more to stem the tide than all the efforts of

wives jn obtaining

struggle at the
conclusion of this war should, be
of

common

our

to shape the future soi that /'this
whole World muist be thought of

common to
;;,///
'///
After
propounding the ques¬
tions, "What are we going to make

great

one

State

gods and men."

future?"

the

Will

"What

and

world; recovering
from this hideous blood-Jetting be
like?" Mme. Chiang answered:
the revalescing

No Time to Waste

It is to be feared that much of the damage to food producp tion is all but irreparable so far as this year's crops are con¬
cerned. They are almost certainly irreparable in the absence
of prompt and vigorous action. The question of furloughing
farmers and experienced farm workers needed to produce
and to harvest crops appears still to be undecided* although
some recent dispatches from Washington are somewhat more
:
encouraging. Action can not be: further delayed" if this
year's production is to be helped much. Anti-inflation pro¬
grams and political fondness for labor appear to preclude
any effective effort to deal with the price situation or wages
in such a way as to stimulate farm production. • Something
really constructive may yet come out of Washington in the
matter, but there is certainly no time to waste.

"The wisest minds in every cor¬

■

;;a

When

find similar

bungling.

Arbitrarily fixed price ceilings, in¬
one'regulations

of the million and

governing the distribution of products,, and a host of other
similar muddles are in many instances quite effectively
choking the channels of distribution with the result that
even
that which is available is not reaching consumers
evenly, promptly and satisfactorily.
The authorities have
undertaken to regulate so extensively and so intensively
that their schemes are breaking down of their own weight—
and leaving many consumers buried in the debris.
The
recent tendency away from Gestapo or Ogpu tactics is to
be encouraged in every way.
It may conceivably go far
enough to be of some real help so far as distribution is con¬
cerned. It is certainly to be hoped so. One trouble is that
the bedeviled consumer has become so bewildered by con¬
repeated

blunders and

nunciamentos, that there is very

often misled by prolittle faith left in anything
so

out of Washington—and

correspondingly little
.inclination to refrain from steps which appear to afford
some brief security through hoarding and the like.
that

comes

Here is

harmony

and

"May I not hope that it is the
of

resolve

Congress

devote

itself to the creation of the post¬

To dedicate itself to

war

world?.

the

preparation for the brighter
that

future

stricken

world

awaits?;/; ;b 7;, /

eagerly

"We of this

generation who

are

the

these

nized.

world

nity of man be outraged; as it has
been since the dawn of history.
;
"All
must

nations,- great and small,
equal opportunity of

have

development.
; Those
and. more

stronger
should
a

consider

trust

who
.

are

advanced

their strength as

used

help the
themselves

while

must

not

must have vision so that peace

should
and

not

should

nationalistic
in concept,
and

punitive in spirit
be provincial of

continental

even

but universal in

humanitarian

modern science has so

that

distance

scope

action, for
annihilated
affects

what

one

people must of necessity affect all
other peoples.
'V
"The

'hands

term

and

feet'

often used in China to signify the

relationship
between ' brothers.
Since international interdependr
is

enee

now

universally

recog¬

nized, can we not also say that all
should

nations

members

corporate body?"

one

also

She

become
"that

stated

China

eager

however, to proclaim our ideals or
even to be convinced that we have
In order to preserve, "up¬

them.

hold and maintain them, there are

when

times

ignominiously but to risk it
Chiang gloriously.
We shall have faith
■
that,, at the writing of peace,

strength,Mme.

Japan's

warned;';/ :

are

must the dig¬

remember
that,
be visionary,

should

terity

and for pos¬

ourselves

world for

we should throw" all
which
was
broadcast we cherish into our effort to ful¬
nationally, Mme. Chiang said two fill these ideals Aven at the risk ;pf
impressions she gained during her failure.
'
trip to this country were that "the
"The teachings drawn from our
American ' people / have
every late
leader, Dr. Sun Yat-sen, have
right to be proud of their fighting
given our people the fortitude to
men," and that "America is not carry on. From five and a half
only the cauldron of democracy,
years of experience we in China
but the incubator of democratic
are convinced that it is the better
principles." ;
V- 'I part of wisdom not to accept fail¬
As ^to the tendency to belittle
ure

questions,

Never again

privileged to help make a better

interests of the United Nations as

and

America

other

our

gallant
the

Allies will not be obtunded by

mirage of contingent reasons of
expediency.
:
'7-V'- -y'/ <7
*

"Man's mettle is tested both in

adversity and in
is
this true of
nation." v'\

success/ Twice

the soul of a
allowpJapan to con¬
; :
•
tinue, not only as a vital potential
The President and Mme. Chiang
threat but as a waiting sword of
held a joint press conference on
Damocles, ready to-descend at a Feb. 19, at which Mr. Roosevelt
moment's notice.
; v
/.'•
yy;,'5'■ ;
pledged that the United States
"Let us not forget that Japan
will send increased military aid
in her occupied areas today has
to China just as fast as the Lord
greater resources at her com¬ will let us. To this remark, Mme.
,

whole

."
Chiang replied that the Lord helps
the those who help themselves.
longer Japan is left in undis¬
to exploit them.Exploitation is
The
President,
stressing
the
" ■ ■ Distribution, Clogged
§g;</y ///./ y
of these re¬ transportation difficulties, said,
spiritually as degrading to the ex¬ puted possession
turn to the distribution side of the matter, we
sources, the
stronger she /must however, that this problem was
ploiter as to the exploited.

effectual enforcement

stantly

peace.

House,

pondering /' "NOw' the prevailing opinion
and ,the seems to consider the defeat of the
as
of relative unim¬
wisest of all reserve their opinion. Japanese
But, without letting temerity out¬ portance and that Hitler is our
run
discretion, I venture to say first concern. v This is not borne
that certain things must be recog¬ out by actual facts, nor is ft to the
ner

over

to fit

situation that will

soon

threaten, if it is not

already seriously threatening, the entire war effort.

Morale

weaker

nations

for full"

live

henceforth

and ready to cooperate with
fighting force before its threat to
you and other peoples to lay a
civilization is removed."
V :
true and lasting foundation for a
Mme. Chiang went to Washing¬
sane and progressive world society
ton on Feb. 17 from Hyde Park,
which would make it impossible
N. Y., where she had passed a few
for
any
arrogant or predatory
days ' at; President
Roosevelt's
neighbor to plunge future genera¬
estate.She was met at the rail¬
tions into another orgy of blood."
road station by the President and
/ Mme; Chiang concluded:
^
Mrs. Roosevelt and was a guest at
"We in China, like you, want a
the White House for two weeks. "
better world,
not for ourselves
On Feb. 18 Mme. Chiang first
alone, but for all mankind, and we
paid a visit to the Senate and must have it.
It is not enough,

befuddled Washington.

world in which all peoples may

nations

all

that

hope

get at the roots of the difficulty. The planned increase in
opment, with the stronger nations made an extemporaneous sheech
farm implements comes at the very eleventh hour.
It may guiding the weaker toward, self- emphasizing the traditional friend¬
help, but it is too late to afford any complete solution since government rather than exploiting ship between the United/States
and China,
:
"
•
j
these implements, or many of them, are needed not two or them.
In her prepared address to the
She also suggested that the goal :
three months hence but now.
Whether the drain of man¬

sibly the difficulties already being

win the wary to

have we that these

the farms is now running at an

United States, visited her Alma

plans a trans-continental tour of the

Mater, Wellesley College, at Wellksley, Mass., on March 6, after the

.//./?

"goals" will
actually be reached? As is well-known, last year was an
exceptionally good crop year. Much larger production than
usual was obtained in proportion to the acreage and labor
devoted to agricultural production.
Similarly exceptional
weather conditions must prevail this year if we are not to
fall short of the/'goals" set under the conditions imposed,
A poor crop year could be only a little short of disaster at
best.
Even with exceptionally good growing conditions it
is questionable if we could match last year's production
with the limited manpower and machinery available. , Con¬
cessions have been belatedly made in the matter of calling
up productive farmers in the draft, and more liberal allow¬
ances have been arranged for the manufacture of farm ma¬
chinery, but at least some of the horses were stolen before
the stable door was locked.
The fact that the number of
But what

Chiang Kai-shek, wife of the Chinese Generalissimo, who

Mme.

representatives > of.- the
point'the way
help construct

present

American people, to

mand than Germany. ; - :

self-government and not

"Then, too,. there
bitterness

in 1 the-

must be no
reconstructed

world./ No matter what we have

undergone and suffered, we

must

try to forgive those who injured
us and remember only the lesson

gained thereby.

"Finally, in order that this war
may indeed be the war to end all
wars in all ages, and that nations,
great and small alike, may be
allowed to live and let live in
peace, security and freedom in the
generations to come, cooperation

"Let

not

;

that

forget

Each passing day

become.

takes

studied and increased aid
under way as soon as
possible; He pointed out that the
"Let us not forget that the
United States is just as eager to
Japanese
are
an
intransigent knock out Japan as China is, and
people.
that the objective of increasing
"Let us not forget that during aid is to use China as an important
the first four and a half years of base
of operations against the
total aggression China has borne common enemy, Japan.
Japan's sadistic fury unaided and
Mme.
Chiang
said that the

toll in lives of both Amer¬

being
will

get

icans and Chinese.

alone."

As to th6

duties of the present

Congress, Mme. Chiang
"It

now

said:

remaips for

you,

the

greatest need in China is for mu¬
nitions, since 'her country has the
man-power
but
cannot
equip
them.
The

danger. Should the
rank and file of the people be subjected to real food hard¬
ships during the next twelve months, the belief is certain to
be widespread—whether warranted or not—that the sit¬
uation is really quite unnecessary and wholly due to official
blundering. Enthusiastic support of Government so neces¬
sary in times such as these is not nourished by such con¬

behind the armed forces

is in grave

ditions.

And the

days are passing.

the

conference

marks

„

informal

presenting

re¬

newspaper

correspondents to Mme. Chiang.
Mme. Chiang jour¬

On Feb. 22

Mrs.

with

the

President

and
Arlington Na¬
tional Cemetery to place wreaths

neyed

Roosevelt

the

Soldier

George

Tomb
and

and

of
at

the

Martha

in Mount Vernon.
.

opened by

was

with

President

Unknown
graves

Washington

Volume

THE COMMERCIAL &

Number 4158

157

FINANCIAL CHRONICLE

smaller .enterprises.;

Problem Of Post-War

Employment Of Utmost f
Urgency, With Burden On Industry: Hoffman

♦

tiph.? .v./'"'J*

stud/,; which * the- Research Divi¬
sion will, undertake, will be to arrive
at recommendations
for

(Continued from first page)
■—and of this number no less

than

20,000,000 will be directly engaged
in the manufacture of war goods
with

additional

9,000,000

in the armed forces.
post-war period we
provide employment at the

10,000,000
"If

the

had to

months ago.

Secretary Jones then
suggested that a committee be or¬
ganized which would accept the

assisting

for

responsibility

and' industry

merce

changes which will encourage risk
taking,, hence expansion, hence
more jobs.
"The

com¬

Reading

for making their full corn

means

tribution to stability and prosper¬

through the achievement of
level, the task would be
staggering.
Fortunately; several; optimum employment and high
million of that working force, are productivity in the post-war pe¬
riod.
Out of that proposal of the
overage, underage, or women who
return, to

their

The best estimates

indi¬

will

•voluntarily
homes.

cate that if

achieve

an employ-;
approximately 58,000,000, with a normal work week,
a very satisfactory situation will;
prevail.
It is estimated that ap¬
proximately 2,000,000 of these 58,000,000 t will be in the armed
•forces, which means that civilian
employment will have to be found
for the remaining 56,000,000. That
we

meht level of

spells

out

10,000,000

peace-time jobs than were avail¬
able in 1940.
They will have to
be created either in private indus¬
try

by the Government on pub¬

lic works
*

' "

projects.

"Jobs stem

from

the output of

In 1940 the
gross output of goods and services
in the United States totaled $100,goods and services.

000,000,000. Bear in mind I speak
of gross output, not national in¬
That

come.

was

record

for

War goods con¬
$2,000,000,000 of
In this year of .1943,

peace-time year.

stituted less than
this amount.
gross

output is expected to total

$155,000,000,000, Of this total, war
goods will account for approxi¬
$85,000,000,000
civilian

mately

output, $70,000,000,000.
timates

These

es¬

made in terms of

all

are

the 1941 dollar.

In that post-war

who

these

and

the

studies, it

can

Re¬

will

made available

interested.

are

Re¬

Further,
be hoped

that the Board of Trustees of the

Committee for Economic Develop¬

ment, 'in;, its
deliberations
on
policy, will have available for its
guidance evidence now tragically

continues to have the active sup¬

port of Secretary Jones and Unr
der Secretary Wayne C. Taylor of

the

Board,

Advisory

all

self-financed but

and

Committee

published

Secretary's came the Committee."The Committee is completely in¬

dependent

conclusions

search Staff, when approved

develop

ity

1943

"The ; objective, ofthe,' taxation

•

.Third,., taxa-

•

lacking.'

;>/ZZ;

"This, proposed

' '/Z/: ;

research

pro¬

■:

Department
of Commerce.
Further, it has been assured coop¬
eration by almost every govern¬
mental agency concerned with the

gram is a difficult

problems of the postwar economy.

Can

Its program, its aims, already have
been'discussed -with Such govern¬

years, but it holds the
out * of " the \ studies

the

assignment.
It
similar assignment

transcends any
undertaken and financed by busi¬
ness;
It will take time, not much

groups

the' .Board of* Economic
Warfare, and the War Production

promise that
will

come

clear that it will have

most constructive effect

business

Resources Planning

The National

and

both

government policies

in the postwar period.

Board;

"That, in brief, is the way the
Committee for Economic Develop¬
'■;-?]Z;' V';'. ■V'?:'' ;• -;r'>Z y>:
ment is set up to help commerce
"Basic
responsibility for
the
Committee's activities rests with and industry get ready now to
are

major

carried out through two

supply jobs
ends.

divisions—The Field Development

Division

The

and

Research Divi¬

sion.

Mr. Marion Folsom,

urer

Eastman

Treas¬

Co.,

Kodak

'*.?£'rr?

soon

as*

the

*«/■<;

war
,-•

;

"The prospect is agonizing—and

hopeful and inspiring. ; It is hope¬
ful because peace, when it
comes,
will find a huge pentup need and

who is a member of the Board of desire for
goods—and many 'bil¬
Trustees, heads the Field Develop-;- lions of dollars of savings avail¬
ment Division.
Mr. Ralph Fland¬ able to
permit people to translate
ers, President of Jones & Lamson their desires into buying demand.
Machine Co.,• who is also a Trus¬
Industry's problem will be to meet
tee, heads the Research Division.
the demand, not to create it.
"The Field Development Divi¬

sion has the responsibility of

stim¬

holding picketing to be an illegal means of prose¬
jurisdictional dispute between rival labor unions was handed

down

Albany

4-to-3 opinion by the New York State Court of
Appeals

March 4. The Court, in its findings granted a restraining
New York City shoe retailing firm against an Amer¬

order asked by a

ican Federation of Labor shoe salesmen's
union, according to Asso¬
Press
accounts
from Ai-<$>
_

ciated

bany, which further said:
"The company
lective

said it had

bargaining

col¬

contract

Yvaui

f ".The; prospect, is ihspiring, be¬

cause

at the end'of. the

war

busi¬

Legislature that it should cover a
retaliatory jurisdictional dispute
between

two

Congress of Industrial Organi¬
zations affiliate, but was picketed

by the A. F. L. union

'unfair.'

complaint

Company attorneys said the pick¬
eting began when the company
refused to sign a contract with

conditions

the A. F. L. union.

"Writing the majority opinion,
Judge Harlan W.
Rippey said
there was nothing in the State
Relations

Labor

intent

any

Act

'to

the

indicate

part

in the last six months of 1942.

shoes in any given line than
manufactured

that

//■/'•. ;/\Z'Z';'

•

line

,VZ;:

"The effect of the amendment is

Albert Con^

Charles

manufacturers to increase the pro¬
duction of high-priced

shoes

program.

necessary

Descond

and

John

Loughran dissented.

Sprout Heads NY War
Finance Committee
Allan

Sproul, President of the

Federal

Reserve

un¬

The

because

Bank

New

York, has been named by Secre¬
tary of the Treasury Morgenthau
to

serve

Chairman of the

new

Treasury War Finance Committee
in

are

terms

employment.'1Z

Lewis and

District.

provide consumers, in so far
possible, the same choice of
price, type and quality of footwear
they previously had, and to set
up a barrier to any tendency by

the rationing

em¬

was

joined Judge Rippey.
Chief
Judge Irving Lehman and Judges

der

concerning

where
an

"Judges Edward R. Finch, Ed¬
mund

restrictions

unions

against
where there

ployer, and

they made several price lines, they
are
prohibited from producing

previously.

rival

existed

the

production
to
the
same
price
ranges and lines that they made

were

strike

way

its Board of Trustees. Its activities

decision

cuting

Board.

Picketing In Dispute Between Rival Unions
Held Illegal By N. Y. Court Of
Appeals

be exnected in less than two

evidence

the State De¬
partment, Federal Reserve Board,
mental

925

■"i11!1

the

Second
The

Committee

Federal

Reserve

appointment of the
the

local

Reserve

District follows the creation of

U. S. Treasury War Finance Com¬

mittee, announced by Secretary
Morgenthau on March 3. Headed
by W. M. Robbins, the National
Committee

was

formed

inte¬

heavy requirements for top

grate the efforts of the War Sav¬

grades of upper and sole leather

"The order provides that a low-

ings Staffs and the Victory Fund
Committees in the gigantic war
financing drive which is to begin
April 12.
Secretary Morgenthau

priced line of civilian shoes may
be substituted for the same type

that committees in the various Re¬

of the

for Jhe

armed

forces

and

Lend-

Lease.
*

indicated

his

announcement

ulating, encouraging and helping ness
wjll have its biggest—and
of a high-priced shoe in an indi¬ serve Districts would be organized
individual enterprises in planning
ian
perhaps its last; big—chance to
pmployment ;for 56,000,000
vidual manufacturer's production on lines similar to the National
their programs of products and;
people,
our
output
of-civilian
help put the better world for
program.
Also, the unused pro¬ Committee.
goods and services will have to marketing for the postwar period.; which we are now fighting on the
duction quota of any high-priced
Mr. Sproul has appointed the
The,Committee is not overly con-]
exceed $135,000,000,000.
-That is
healthy economic basis which will
line may be added to the quota following as members of the Com¬
cerned about the larger corpora
38% over the $98,000,000,000 of
keep it better,
of a low-priced shoe.
tions.; v They have the, resources <
mittee in the New York District,
1940.
In addition, it is estimated
"Business must be ready to act
and the technical ability to do aJ: "In addition, manufacturers may to serve with him as Chairman:
that production of military goods
first-class job on their own. -j Al¬ quickly and surely when that time complete the production of any
Thomas
H e w e s,
will continue at the rate of per¬
Connecticut
comes.
Long before peace arrives, portion of a new line of civilian
most without exception they al¬
State Administrator, War Savings
haps $10,000,000,000. '
'
it must have planned actively and
shoes which they put into process
ready have started.
It is / the
> "
"It
is
Staff; John E. Manning, New Jer¬
anticipated that even
smaller businesses—tens of thou¬ soundly for the postwar period— between Jan.l and Feb. 19, 1943.
sey State Administrator, War Sav¬
though we assume an orderly cur¬
and it must have planned boldly.
"As a result of the 25% cut, an¬
sands of them all over the country
tailment of war production and a
ings Staff; Col. Richard C. Patter¬
nual production of house slippers
—which are going to need both Only bold planning now can form
gradual .demobilization
of our
the basis for the bold action neces¬ is expected to be about 36,000,000 son, Jr., New York State Chair¬
armed forces, these two tasks will encouragement and help in jgetting
man, War Savings Staff, and Per¬
sary immediately 'after the' war
their programs under way.,
pairs, or a reduction of approxi¬ ry E.
>,
have been completed within about
Hall, Executive Manager,
ends. •
""7 :7:/vV;:'
77-'* •, Zz': mately 7,000,000 pairs below the
"It seems terribly important to
two years.
Victory Fund Committee, Second
That means we have
1942 level.
members of our Committee that
/ "For once peace comes, indus¬
Jn 1942, production of Federal Reserve District.*
but two years to bring about the
all
possible cooperation be ex¬ try must be ready to race to high house slippers totaled 43,000,000
This Committee will act in an
complete transition from a war to
tended to these smaller enterprises level employment very
.\7Z:;7^,n;;;
quickly. pairs."
a civilian economy—two years in
advisory capacity to Mr. Sproul,
—not for emotional reasdns, not The desire for goods will be in
;
The amendment covers the fol¬
which to r&ise the output of civil¬
who, by direction of the Secretary
the people's hearts and money to lowing
as a matter of charity or philan¬
types of .civilian shoes
ian goods and services from the
of the Treasury, will have full
thropy, but because they are es¬ buy will be in their hands, but made in whole or .in part of
very low level then prevailing to
authority and responsibility in the
sential to our country.
or
with
rubber
soles:
In the ag¬ business must be ready to. put the leather
the new record-breaking heights
Second Federal Reserve District
gregate, the small business man idle millions to work. It must get men's dress and work, youths' and
which must be reached if millions
to direct the April war financing
provides many millions with their jobs, to the idle millions before boys', women's and growing girls',
drive. In preparation for and dur¬
^of men are not to be found walk¬ livelihood..
They are the grass long unemployment brings them misses' and children's, infants',
ing the streets looking for jobs. roots from which our business fear and disillusionment and want, house'
ing the drive, the existing State
slippers, and athletic.
A
Reaching that high level peace¬
War Savings Staffs and the Vic¬
economy grows.
If they go down, Industry must be prepared for "line" is defined as footwear of
time output is going to be a whale
tory Fund Committee for the Sec¬
the country goes down with them. this grim yet inspiring race.
If any of these types in a single
of a job—the toughest assignment
ond Federal Reserve District will
We had a sample of what that business has/planned boldly and
price range. Price range has the
this nation ever tackled.
has the courage to act boldly when usual trade significance, provided aid in mobilizing the combined
means in the -'30s..;/
"The very toughness of this as¬
"The Research Division
con¬
peace^ comes, then its wheels can
that the highest list price may not efforts of the two
organizations. :
signment should make it crystal cerned with the creation of an en¬ begin to turn in time. - When it exceed the lowest price in the
;
In a notice to various commit¬
clear that to meet it (1) individual vironment in the
postwar period comes to providing postwar jobs range by more than 10%.
teemen
of the Second District,
enterprises must start their post¬ favorable to the expansion of en¬ we just can't chance bringing too
Beginning Feb. 25, a limited
war
planning of products and terprise. / .-:'zz7: /
little, too late."
Chairman Sproul said:
group of "play" shoes became ex¬
v./-/
marketing now: and (2) the, en¬
empt from OPA rationing control.
"Two meetings participated in
"The war calls for a thorough
vironment in the post-war period,
Specifically excluded from ration¬ mobilization of all of our financial
by the. Research Committee, Re¬ Restrict Shoe Price Lines
must be favorable to,, the. expan-,
search Advisory- Board and
ing are current stocks of ski shoes,
the
sion of enterprise.
These are cer^resources. The Treasury's require¬
Shoes, rubber-soled shoes
Research Staff have already been Ease 'Play' Shoes Rationing skate
tainly the convictions of the busi¬
held:,;".
•;*■:
Acting to
protect- consumers with fabric uppers, locker sandals; ments surpass all other financial
Z'v ft'Z.o ;.KvV
ness
men
and professional econ¬
It is imperative
/"At our last meeting these was against the possibility of the shift¬ bathing slippers and other play considerations.
omists -with whom I am associ¬
ing of. shoe production into high- shoes with uppers made of fabric that we consolidate and strengthen
ated on the Committee for Eco¬ general agreement that studies in
or
types of leather not on the
three categories should; be under¬ priced lines, the War Production
nomic Development."
our forces on the financial sector
Board
has
prohibited manufacr essential list.
taken
immediately.
First; the
With
reference
to
the
Com¬
The
turers from producing more shoes
exemption is limited to of the fighting front. Just as the
government and business policies
mittee for Economic Development,
stocks of shoes which are now in
in any price line than were made
military authorities have found it
growing out of the war itself, such
we quote in part, as follows,; what
the hands of retailers, wholesalers
as
rationing, price controls, and prior to institution of the ration¬
necessary to bring the Army and
Mr. Hoffman had to say:
or
manufacturers, or which are
At the same time,
the ownership] and operation of ing program.
shoe production in the six months manufactured before April 16. Any Navy under a unified command in
"The Committee for Economic war
plants..
The
cessation
of
a given area, so the Treasury has
Development has been mentioned hostilities will bring an immediate beginning March 1 was restricted shoes made after that date will be
asked its two fund-raising uits—
by me.
Perhaps I had better de¬ demand for a shift from 'these to the volume of output in the on the ration list.
final
six
months of
scribe it briefly. As projected, it policies.
Also placed in the non-rationed
1942,. and
A well-considered pro¬
the War Savings Staff and the
manufacture
of
house
is to be. composed of a board of gram of transition must be avail¬
slippers classification are all baby shoes up
Victory Fund Committee—to form
was
reduced by. 25 % .•
18 trustees, of 12 regional chair¬ able.
The an¬ to size 4.
Originally, only softSecond,' the peculiar and
nouncement from-the Board fur¬ soled infant shoes were on the a single 'task force' to carry on
men, and from 135 to 150 district particular problems of small en¬
ther stated: z
,//'■» ....
chairmen.
'.
"ratiori-free" list.
Sizes above 4 the April drive.
terprises. As a matter of fact busi¬
year

when

hope to have civil¬

■

•

the
Committee ior. Economic Develop¬
ment originated « whenV Secretary
Jesse.: Jones:^called ^together;;a
:

"The

group *

idea

establishing

ofbusiness mem several;

ness. men

and economists,

were

"In

action further amending
M-217 '(footwear),
WPB

opinion,, namely, that* the gov¬ Order <
ernment must take positive action * ordered that in the: six: months be¬
to assure a favorable*, climate;for ginnings March ■ t shoe manufacr
one

the- birth

■

-eoati&uech Jifer of

turers* rhust"confine thelr civilian
t

stubject -to rationing re¬
gardless oi the sole. ....

,willr be,

Previous reference to. the

shoe-

rationing regulations was given in
25, page 758.
~

dur issue of Feb.

P.m

.»

N .*•

.■

"This is

challenge to all of us.

I know that you

will respond with

increased effort to make the
drive

success."

April

THE COMMERCIAL & FINANCIAL CHRONICLE

926

mentalities,

Newspapers Termed Vital To Winning War^
Halleck Assails "Bureaucratic" Critics Of Press
Acclaiming the nation's newspapers as "one of the most essen¬
tial and vital factors in the winning of the war/' Representative

(Republican) of Indiana on March 4 took to task
'"bureaucratic" critics of the press, asserting that "they are self-ap¬
Charles A. Halleck

to youth under the

of-10, or to persons who, be¬
of. other employment;, house¬

age

duties

ties,

strictures

made in a speech plishments

were

he said
that
"without -newspapers
the
voice of Congress would be vir¬
tually unheard beyond the walls
the

in which

House,

would

misunderstood."
say:

de¬

endless,"

accom¬

clared.

employed regularly. \

are

"The

record before us,

the
on

regulations, is based chiefly
assumption that in smaller es¬
would

week

work

incomprehensible that there the release
should be some who should, in¬
"The
is

■

of the

has

public

the
in¬

the newspapers
been
correctly

reports, of

discovered

anew

and

"carelessness

any

" in

some

the

authorized to consider

"there

are

various "offices

the

of less

week

work

f';. ;-.Y Y
when
Representative

'
'■ ■■
In
his' speech
upon by
Mr. Halleck in his address hot to Halleck -declared that
tolerate

sup¬

aid

effective

and

porter

staunch

called

was

wartime conference of the

The

Institute

American

of.,

Banking,

which will take the place of the
annual meeting

41st

19,281 Freight Cars On

of the Insti¬

June

9-10, will
primarily to the es¬
Class I railroads on Feb. 1, 1943, sential business of the Institute
and a study of its training pro-?
had
19,281 new freight cars on
gram and the manpower problem
order, the Association of Amer¬
which confronts the banking sys¬
ican
Railroads
announced
on
tute

Order By Roads Feb. 1

Chicago,

devoted

hopper; 7,955 gondola, 1,774 flat,
67 plain box cars and 143 miscel¬

regulations have been sent

press."

:;.'Y'

Congress

•

page 564.

March

propagandists

formed."

appeared in these
25, page 763;

Feb.

workers.

the
amount
of
paper
falsehoods of reduce
President's order.
yy
which they may use.
'Y'Yy/'y
"In the regulations, it is stated
who have at¬
"I
have
referred
to
the aid
that from time to time regional
tempted to and will continue to
attempt to minimize and discredit given by newspapers to some of manpower directors may desig¬
the departments of,. Government
the Legislative branch there hds
nate additional areas and activi¬
The ties if they find such action will
been the press which, with a very during these days of war.
acknowledgment should be ex¬ reduce labor shortages which are
few
exceptions,
has
reported
tended
to
include
the
services
fairly and fully the deliberations
holding back the war effort. Y ;
rendered to this body, which has
of the Congress.
Through these
"Regional and area directors are
the

result

not

the

refute

"To

week

establish¬

exclusion

*•

Banking Institute To
Hold Wartime Meeting

the

concerning

in which fewer than eight persons

tablishments the extension

"With such

items

included

This

9,342

tem

this

ing

Council

Executive

AIB

period,

war

accord¬

pronouncement

the

adopted

at its meeting in Peoria on Jan.
Its aims and cline to classify newspapers as to regional and area directors and laneous freight cars. On the same
and
dispensable, to U. S.
date last year, they had a total .19 and released for publication
distorted and non-essential
Employment Service Of¬
on Feb. 26.
The statement issued
/
He went on to and, for instance, should mis¬ fices, together with instructions of 68,070 on order.
by the Executive Council is as
takenly and unnecessarily seek to for carrying out terms of the
The Class I railroads on' Feb. 1,

chambers.

its

labors

of newspaper

list

"The

Representative Halleck's

physical 'disabili¬ 48-hour
available for full- columns
for business houses Feb. 11,

pointed," and adding that "if I were to choose between the bureau¬ ments with fewer than' eight per¬
crats and the newspapers for a guardian of the rights of men,-1-would sons, it is explained irr an inter¬
unhesitatingly choose the news-**
1
1
' pretative statement issued with
papers."

regulations

shallJ not hire any workers.

are not
work, or

time

the

with

compliance

cause

hold

Thursday, March 11, 1943

lease

543

number

and

249

steam

Diesel

and

production,,, re¬
other employ¬

Class

The

48 hours

and 136

with

wartime

294

and

electric

bank

been the
of the
Banking,

purpose

railroads

same

has

personnel

fundamental

ago.

service

period.

"For over 42 years the training

Jan¬

American
this

year.

now

es¬

At the wartime

therefore,

discussed

ever.

with conference,

compared

month last

Institute
work

1943, put 1,683 new freight sential than
-in

:';y

elec¬

and

8,143 in the

the purpose of reviewing the In¬
The stitute's training program and the
manpower
problem which con¬
Feb. 1, 1943,
fronts our banking system during

contrasted

year

minimum

than

steam

Diesel

one

meeting will be held for

compared with

the
tric

cars

for

order

335

"This

day in 1942.

same

included

increase^

•

order

the

uary,

workers

also had 471 new loco¬

year,

full 48-hour week would

neither

follows:

this

motives

will

plans

overcome

the

se¬

rious difficulties caused
by the
Government who decry the im¬ ment, nor otherwise further the Those installed in the first month
groundless opinions" on the part
war
effort." -"YY
"Y, YYy
loss of trained personnel and to
of those who drafted regulations portance of the newspaper, who
of the current year included 620 assist the
banks in "broadening-the
Mr. McNutt explains irr the reg-sneer
at them as an institution,
restricting the use of newsprint.
ulations that the President's order hopper, 584 gondola, 370 flat, 65 scope of their contribution to the
In
reviewing the accomplish¬ yet I cannot help but observe the
;Y>>Y,.yy |;'vy
"shall be so construed/and applied automobile box, 17 plain box and war effort.
ments of the newspapers Repre¬ steps they take to surround them¬
"Attendance at this conference
as best to effectuate its. fundamen¬
27 miscellaneous freight cars.
sentative
Halleck,
according to selves with writers and publicists
is being restricted in accordance
whose sole purpose is to see that tal purpose which is to aid in meet¬
"Washington Associated Press ac¬
Y New locomotives put in service
with the request of the Office of
their daily output is printed by ing the manpower requirements of
counts March 4 given in the New
in January totaled 49, of which Defense
Transportation
and ;in
•
; our armed forces and our expand¬
York "Herald Tribune," had the the newspapers."
full realization of the burdens be¬
He was further quoted in the ing
production
program
by
a, 44 were steam and five were elec¬
following to say:
ing placed upon the transporta¬
fuller utilization of our available!
tric and Diesel.
New locomotives
;
"With the nation at war," he press advices as stating: v r;:
tion facilities of the nation.".
•••?
Yy,:w*Y* ?'•>*. installed in
"Strangely enough, certain of manpower."
'continued, "we should recognize
January, 1942, totaled
Previous reference to plans for
bitter
enemies of the
the very definite and direct con¬ the most
Continuing, s t h e, .regulations71, of which 26 were steam and the meeting was made in these
tribution that the press of the na¬ press are those who sedulously, state: YVY 'y:'YY; Y;-yYv-y
•3,
columns Dec. 24, page 2264.
45- were electric and Diesel.
.3
tion is making to the war effort. seek publicity in the newspapers
"Effectuation
of
this
•

which

contribution

themselves

for

their

and

purposd

pro¬

requires
that in
situations
ol
It is not inappropriate to labor
shortages employers:-do not
that some of the pulp,
press must be classed as an essen¬ suggest
hire
new r workers :.when
their
tial industry and given considera¬ and paper materials used By the
manpower needs can be effec¬
tion as such.
That certain recent bureaucrats might be more prop¬ tively met by a fuller utilization
actions on the part of some gov¬ erly allotted to the newspapers for, >of their current labor,
force, and
ernmental agencies and adminis¬ which they have decreed, short¬ that workers who can be released
.

"should

the

that

indicate

clearly

grams.

;

consider
me

'while

ask

Individual

recount

stand

between

them

their

and

where in the

war

When doing so please

in large
measure beyond the scope of per¬
sonal
interviews, the telephone,
the mail, the periodicals and ra¬
these

—

dio."

registration,

Food-rationing

said, "provided just one example
of

the

indispensable

position oc¬

ped into the breach
forms

announced

Commission

power

tions issued Feb.

Paul

man

the

>:YY;:'

•Y California

govern

either,

•

employment,
their
will be notified:,.The

their

own

and printed
columns

all

whose,

production

creased

can

longer week

maintain

Citizens' Federal

in¬

who

week.

the

•

proceed

then

shift

War

and

housewives

use

them

could

when

clip

them

they visited

with

fewer

the'-; longer;

;

•? First Federal Savings and Loan

tires

and

oil,

winning

616 East Franklin
Y

•

gional
the

the

WMC

localities.

Before

the

that

the

date

em-'

Government and

the

efficient

suppliers set up area manpower director. Admin¬
of produc¬ istration of the order is delegated

program

tion.

by the Chairman to the Commis¬

mission

statement,

how

many workers would be.released
and their occupational classifica¬

tion,

together

with

proposed
timing of their

schedule

for

the

release.

such

gional
tor,
will

- cases

the

Re¬

t-..VY

this

need."

crucial

ployed by any State or any of its
1 political subdivisions or instru¬

extension

the
of

48-hour

schedule

the

An employer in
or

activity

Street, San Francisco, Calif.

Association
:

Association

38 South Los Robles Avenue, Pasadena,

Calif.

•

& Loan Association

Marquette Avenue, Minneapolis; Minn.

Fourth at Wabasha Street,

St. Paul, Minn.

Savings & Loan Association
1027 Sixth Avenue, San Diego, Calif.

•

San Diego Federal

•.

San Francisco Federal Savings and Loan Association

•

,Y~

St. Paul Federal Savings and Loan Association

Standard Federal

.•

705 Market Street,

designated
who is not in
any

Sutter

Mutual Building & Loan Association of Pasadena
-

823
•

for

week:.and

Mutual Deposit-Loan Company

Northwestern Federal Savings

work-week

work-

for the release of the workers

area

;

Loan Association

Seventh Avenue, San Diego, Calif.

,.215 South William Street, Wichita, Kans.

.Y
,

Federal Savings and

Y.yYy'£

North Brand Boulevard, Glendale, Calif.

Mid Kansas Federal Savings and Loan

Area Manpower Direc¬

sion's regional and area directors. accordance with the needs of ..the
output of American fac¬
labor market. The employer then
tories
has
"It
is
made
clear
that
eclipsed expectations
the
and due credit can be given to the lengthened week order will not will extend his work week in ac¬
cordance with such schedule.
YY
newspaper through its focusing of apply to farms or to persons em-

attention

•/ 16 East San Antonio Street, San Jose, Calif.

•

Street, Richmond, Va.

Independent Building-Loan

•

-Y'Yy

designated representative,

authorize

the

;Y YY,

"The

public

;YY,

-Y

men.

directors

various

Association of Wcwoka

Glendale Federal Savings and Loan Association

their

ployer will be expected to~ submit
to the representative of the Com¬

cooperation

Hollywood

Franklin Federal Savings and Loan Association 'YY; Y

•Y

the

in the ration¬
In addition to applying in these
ing of gasoline and food, in pro¬
moting
the
sale
of bonds,
in areas, the 48-hour week .also will,1
be in effect in the lumbering and
increasing recruiting, and in ex¬
pediting
the
^elective
service non-ferrous mining industries on
a
nation-wide scale, Mr. McNutt
operations, should be added their
said. The Commission's announce¬
very important work in stepping
up war production.
Newspapers ment (Feb. 28) went on to say:
were
quick to present the prob¬
"Inquiries concerning applica¬
lem to the American people and tion of the regulations should be
have
labored
steadily
to
help directed to the proper regional or
ready

211 South Wewoka Avenue, Wewoka, Okla.

rubber

Lake Avenue, Altadena, Calif.

Savings and Loan Association of Beverly Hills
Monica Boulevard, Beverly Hills, Calif.

6763 Hollywood Boulevard, Hollywood, Calif.

production has not determined and notified
.3
*118
According to the employer, however,- that his,
rY
•;
Home
the Commission, the exact boun¬
released workers
can
be" placed
their rationing boards.
tAv'AYY''. 945
daries of these areas, for the pur-!
without delay, the work week will
"To the inspiring records of the
Y •
Home
pose
of
applying
the
48-hour not
be
extended. before.; April
newspapers'
contributions
in
160
week, will be fixed by the re¬ l, 1943.
;<
bringing
about
husbanding
of
;;!y;''Y'Y;Y:V;;
that

can

Savings and Loan Association of Altadena

First Federal Savings and Loan Association of

YyyyY

representative of
Manpower Commission
•

;

•.

should

^YYy;

Savings and Loan Association

654 Market Street, San Francisco, Calif.

•„

■

California Savings and Loan Company

•

K.r

;Y. '

•;

Blvd., Los Angeles, Calif.

,673 Market Street, San Francisco, Calif.

determines that released
be placed promptly

48-hour, workers can
week called for by the President in
suitable

City, Utah'YY Y/-;

Savings & Loan Association

Federal

5654 Wilshire

the

17 East First South Street, Salt Lake

;

at: once: '
-3/,■,,y
y Yy;
YYyFirst Federal
the Man¬
Whenever
the
Y
2455 North
Regional,
or
that regula¬ Area
Manpower Director, or the ;3: • ; First Federal
by its Chair¬ designated representative of
9501 Santa

YYY#i Berkeley Guarantee Building & Loan Association
;Y ; - Y ' Y 2101 Shattuck Avenue, Berkeley, Calif.
'

McNutt

application

will, with some exceptions, affect employer
employers of eight or more employer
persons
in 32
designated areas promptly
Newspapers step¬

cupied by the newspaper in rela¬
tionship to the Government and
the people.

Employees Qf 8 Up

are

mention the "Chronicle."

Y';Y>Y American Savings & Loan Association

48-Hour Week Affects

"interpret

fiduciaries interested

other*

and

trustees

acquainted with the Federally insured investment op¬
portunities offered by savings and loan associations should write for
current explanatory literature to the associations mentioned below.

-effort.";yY*,'YY,y

doing and are now doing to step goal, let Us seek them out and
The regulations provide that if
render them harmless.
For when
up our war effort and hasten the
the labor requirements of an em-?
you destroy the newspapers, you
day of victory. . Y/Yy : Y'Y'YyV!
ployer are such that the extension
A "Review and calculate, if you destroy one of the most effective
of the work week will not per-'
internal implements of war and
can, the thousands of communica¬
mit the release of any workers
tions
and
regulations of which of peace which this nation pos¬
but" would result rather in their
the public must be immediately sesses." Y.: YYY'/YY --YY,■■ ■; Y •«
continued full utilization: in their
informed.
To distribute such in¬
present
employment
or
their
formation quickly to every city
transfer to other employment un¬
and farm, to set it out in proper
der
his
direction,... the
48-hour
detail, to define and explain and
week should be put into effect

investors,

in .becoming

indulgence mosity leads them to attempt to which will permit and facilitate
the
newspapers
which their
some
of
the destroy
effective
utilization
else¬

your

-things our newspapers have been

Investment Funds

seemingly failed to ages." "V y Yy y.Y, ; Y;; y \''y:
by an extension of the work week
"If there are some whose fani^
the press of the country
are released under
circumstances

have

trators
'leads

A SafeHaven'Tor

San Francisco, Calif.

Savings and Loan Association

735 South Olive Street, Los Angeles, Calif.

3
•

Wilshire Federal Savings and Loan Association

(461 South Western Avenue, Los Angeles, Calif.

♦Guardians,
firemen's,

insurance

companies,

State,

police and other pension funds,

etc.

school

and

municipal

sinking

funds,

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4158

Volume '157

President Roosevelt paid tribute

Feb, 22 to the Red

the Russian people,

added;'^'His

declaring that

defeat, and have earned .the; last-*
ing, admiration of the: people of
the United States."
; '
,

answer

George's offer was made public by. t / Included/ in the ; .measure: are
the Soviet radio -Iftonitor, /which amendmehfs1
-designed to protect
quoted Mr. Kalinin as saying the all / present industrial and agriblade

Army .and symbol

they "have surely started the, Hit¬
ler forces on the rpad to ultimate

»account* .rWhkh: dustries;., are available,; they, mus^: •% >.
«'to VK* i'ri $ Reicalled^iirtst;. I.,-

London

Press-:

Hails Red Ariji
V - On 25IH Anniversary
FDR

would, be*. received^ .as//a> culturaF deferments and- also

comradeship; in /arms forbidding.4he induction of
between
the
peoples; of 'Great- by* occupational groups.
•
Britain and the Soviet Union';''/ V
;

New: York

The

State?. Senate

adopted a resolution bh/Feb.; 2^,
hailing" the Red Army on its
twenty-fifth anniversary and ex¬

J' The President's declaration was pressing "the profound gratitude

one

throughout; the' country," due to
confusion and. difference of opin¬
ion 4n the construction: of the
.

American

President Writes

visit,

countries, planning to
Chairman of the U. S.

Commission

"Post

Dispatch" We

President Roosevelt said

Inter-American

Development, Brazil, Argentina,
Uruguay, Chile, Peru and Colom*

Have Turned Corner

men

•/"The/House. Committee's report
asserted that "many local boards

927

bia.

Feb.

i ■

•

Before

his

departure

con¬

ferred with President Roosevelt,
20,.in a letter to the St. Louis
At that time Mr. Johnston was
"Post-Dispatch," that "after long
quoted as saying in a Washington
months of preparation, of 'holding
dispatch to the New York "Times":
on,' we have now turned the cor¬
"The progressive business lead-*
ner in the war,"
The
President
declared
that ership of the United States be¬
"now that we are on the march lieves, that, through cooperation
.

rules and regulations adopted by
made in a message .to Premier of the people of New York State
the; (Selective Service)/ Bureau toward ultimate victory/there is with the Latin-American nations
Joseph Stalin, Supreme Comman¬ to the fighting men and women of
.have been inducting large num¬ an important job of education to in their economic development the
der of the armed, forces of the So* the Red Army, who, by their self¬
bers of men into .the armed forces
be done so that the tragedy of war whole plane of Americanism can
viet Union, on the twenty-fifth
less heroism,- have stemmed "the
with, little regard for the number will not'
cpme again." According be elevated to a much higher
Anniversary of the Red Army. ' , Nazi tide, thus advancing the. com¬
pf dependents, particularly in re¬ to -the United' Press,, Mr. Roose¬ scale, both in the North and SouthSecretary of State,, HuU, in. a mon cause of the United Nations."
lation to/men -who are the heads
velt's letter was published along of the hemisphere,"
;
statement praising the Red Army*
of families."
»'■/' //
with the first of a series of articles
It
was
also
declared
that
stated
that
Mr.
Americans,.;
-

"can
fully understand the pride " which
the Soviet people have today in
their armies and we rejoice- with
,

them in the ever-growing tide of
success which
is crowning their

;.. The Conimittee held
Ho Change In Goal For ment of the legislationthai enact¬
would be
"highly .beneficial
armed
i; ArmedForces;!DR/ forces and aid muchto the. prose¬
in the

President Roosevelt declared on cution of the war, and at the same
time maintain and preserve the
//.\ ■'< ././/// "•'// Feb. 19 that there is no intention
to' change the' decision ; to have- institution;of the American home,
The President's message follows:

discussing the aims of the war and Johnston is accompanied by Wil¬
the peace to follow.
liam F. MacHold of the Office of
: The
President's letter,, as re¬ Inter-American Affairs
and
by
ported in the United Press, fol¬ members of the staff of the United
lows:

1"On behalf of the

people of the

United States, I want to' express
to the Red Army, on its twenty/
fifth anniversary, our. profound
admiration

its

for

magnificent
unsurpassed in all

achievements,

11,000,000 men in the armed forces
by- the end of 1943:: .
:
The
President told his press

>well /asalleviate to. some

tent /the-..urgent and

that

home front."

our

six months ago;

i X "For many

About 800,000 officers

months, in spite of

would bring
8,200,000 v with; the

the

and

fighting. There

other branches of the service-mak¬

§||At:Wew;Peaks;:;;/;

ing up the planned total of 41;-

|//EArmngs^^^ ;hours, /employrnent;

000,000 by the end of 1943; /////
Mr, Roosevelt further said that

'be..

tremendous

losses

men,

sup¬

moving forward along the whole
front from the Baltic to the Black

the

total

...

the

goal would probably -bef

1944

decided

in the Fall but would

estimate

not

what

now

would

man- hours

Sea.

The enforced retreat of the

is costing him heavily in
men, supplies, territory and espe¬
cially in morale,..
"Such achievements

accomplished by

only be

can

an army

that has

Conference

ferment of
He

ple from whom the Red Army
springs, and upon whom it is de¬
pendent for its men, women and

supplies.

They,

too,

are

their full efforts to the

giving

war

and

making the supreme sacrifices.
»The Red Army and the Russian

men

agriculture-

from

stated that the

food; situation

serious but not beyond solu¬

was

tion.

In r 25

T^e

President, was later the
day (Feb. 19) reported ; to
agreed that soldiers could

help harvest
cases.

crops

in emergency

Representative

people

have

Hitler forces

started

surely
on

the

the road to ulti-.

mate defeat and have earned the

lasting admiration pf the people
of the United States."

In reply to the President's mes¬

Premier Stalin expressed
on..Feb. 23 that the
enemy "will be smashed by the
united power of our countries and
all freedom-loving peoples."
sage,

confidence

The

•

text of

Stalin's reply4

Mr.

recorded by the Soviet monitor

according to

London, follows

the Associated Press:
"Please

ther

said:/

is particularly true be¬
after the long months of
preparation, of 'holding on,' we
have

average

44X They were 6.3 %

bnlirv8.5%' less, than in 1929.
'The ^ average \ manufacturing

suggestion of sending a 'specified

worker

weekly

able

was
.

increase his

from

income

$42.50

$42.99; in December

number of soldiers from

19.2% above that of December,
1941. Since living costs rose only

camps

that

the 12 months, he was
able to purchase 10.0% more com¬

services in Decem¬

modities and

since
.

Legislation to put draft quotas
on
a
State-wide basis and give
draft deferment pri¬
orities was approved on Feb. 18
by
the
House Military Afairs
Committee by a vote of 23 tb 2. ?
In its formal report to the House
on
Feb. 20, the Committeeex^
pressed the belief that "it would
family

1942, than he

ber;

same

men

be injurious to the welfare of our
country to have local draft boards
feel that men with families can

could

1929 is 49.3%.

"Principally,

because

ex¬

panded employment in December,

done

job

that

more man

ber

rose

the

come

but

for

all

date

Roosevelt

President

(Feb;
hailed
•

16)
the

capture

Kharkov1 as

told reporters at his
conference on that day that

grand and
press

"Franklin D, Roosevelt."

Dies Committee Continued
The

House

for

the

made

Germans

Advices

the

effect

that

the

VI plans to .present to the city of
Stalingrad would be accepted with
gratitude, were indicated on Feb.
23 by President Mikbaeil Kalinin
of Russia, according to Associated

Single

the" foL

men

with no" depehd-

voted

Government bonds.

•/"/.

;

....

with

.^/•^/■;

The

roll-call

continuation
announced

vote

the

"Mortality

was

1942

278 to 94.

life

Feb. 10

creation

May,

four

the fifth since

was

Committee's

fcembef,

1941, : had

:_at:

remained

closi^.'-of last

year,

dqubtedly/rw

o u

1 d<

have

the
unT

been

greater; The employment of larger

activities

and-one-half

has

•

:•//;.

the

for

■ •

•

in
of
since the inception,
of life insurance.
system

lowest

the

was

this

only

cost

./Four members of the Committee

continue

they

years

plan

11.4%

suance

Chairman

are

serve

the

group;

for

any

Mason of Illinois and Thomas of

Jersey.
New members. are
Representatives Courtney of Ten¬
nessee,1 Costello
of
California,
of

Pennsylvania
■

Johnston Of Uv S. Chamber

untrained,

and

con-

Eric A. Johnston, President of

the-U. S. Chamber of Commerce,
told members of the. Brazilian

Commercial Association at Rio de
Janeiro on,Feb. 18 that the end of
the'

war

would

remove

the threat

of invasion of Brazil from Africa.

Speaking at
by" the

him

of the threat of invasion of Brazil

time;payments, but probably lowT

total

from Africa by any

Mr.
on

Johnston

Feb. 12 for

power"

left

Washington

tour of six South

money

gen¬

March

that

borrowed

the
re-*

ported by Stock Exchange memv-A
ber, firms

Tours Latin America
t

;

The New York Stock Exchange

announced
L

Borrowings Higher

and

Mundt of South Dakota.
■

insurance

N. Ye Stock

New

Eberharter

life

erally." '"///'

Dies, Repre¬
Starnes, of
Alabama,

sentative

numbers* of

provide that so long as there
single and childless men not bred,, the average incentive pay¬
holding key posts in vitalwar in¬ ments per worker."
are

$27,458^
"expected" mor¬
tality, according to the American
Experience Mortality Table.

The

1938.

„

does

Death claims amounted to

investigation into subversive

year

■

ployed ih, these industries in De-

collateral

induction of heads of families but

of 75%;'

crease

finance

inquiry

$75,000 to finance the special com¬ :
The announcement bearing on
mittee investigating un- American
the report further said:
<
1
activities, > The group, which is
"The legal reserve of the sys¬
headed - by
Representative Dies
tem
as
of
Dec.
31, 1942, was
(Dem., Tex*), was given a two$1,151,146 as compared with $655,year extension by the House on
540 as of Dec. 31, 1941, an in¬
Feb. 10 by a vote of 302 to 94.

luncheon tendered
organization,
Mr.
Ae^uently lower-paid, men and Johnstqn said he had been charged
dependents,
>■
;
women served- to reduce average
by President Roosevelt to trans¬
3. .Married men with. no' chilmit the following message:
dren.'
/■•*;'
..? V
earnings; This factor pot only off*
4, - Married men with children; set to • some extent* the. effect of
/.'The,- eventual peace treaty will
remove permanently all possibility
The measure would not bar the
the wage-rate increases and overentS.

undertake

sword of honor that King George

v-,

Under the Kilday bill,

2;-: Single men

difficult

counter-offensives in the Spring.

ones

Feb.

ings banks now operating life in¬
surance
departments
increased
from $1,189,687 as of Dec. 31,1941,
to $1,787,332
on Dec.
31, 1942,
Forty-five percent of the entire
assets of the Savings Bank Life
Insurance System are invested in

lowing order of. preference - in'in¬ increase. ; in Lourly. earnings

three strong points the seizure

which

indus¬

essential

duction would, be established: //

the Red Army had then taken two
or

in non-essential

br face inductiqn.
,.

Russian

men

every¬

"Very sincerely yours,

forces and the curtailment of pro¬

tries must shift, to

people

where.

from 125.9 in Novem¬

130.3

This?

that

;;

earlier

Richards,
President of the
Savings
Banks
Life
Insurance
Fund, at a meeting of the trus¬

indicated

was

im¬

education

year

report made by Judge Edward

tragedy of war tees of the fund in New York
again. We are fight¬
City on Feb. 25. Assets of the
ing for freedom—not only for our¬ 26 New York State mutual sav¬
will not

ing peoples."

reports. Chairman Dies defended was
$9,800,000, showing an in¬
the Committee's record as being
crease over any pre.vious year in
December, and
of- invaluable aid to the Govern¬
that ? .of? payrolls from 226.5
to
spite of war conditions which
ment.
/ './.../// ... /'■
have tended to slow down the is¬
234.5.;.//t
•, •
■

hours

bill, sponsored" by Beprei duction of; nonwar items;. total
14.4%
on
the occasion of the twenty- sentative Kilday (Dem./?Tex.-), is employment rose
during
fifth anniversary of the Red Army opposed by the Army as likely to the first full-year of wartime productlom Total wage-rate Increases
and for your high estimation of make, administration .of ;the; ,d/aft
its military successes.
;; - , • "very difficult" and to force the for 1942 averaged for all workers
induction of "undesirables."
fr «; would amount - to approximately
"I share your confidence that
*
• '
The legislation is regarded-as 4.0%/ • -/
these successes open the way to
an
attempt to nullify the recent
-iOyertime payments contrib¬
the final defeat of our common
order of the War Manpower Com¬ uted
substantially to the: increase
fenemy, which must and will be
mission that dependency is;not?:a iii
average.: hourly earnings. If the
smashed by the united power of
ground for draft deferment->ahd same Workers who had been em¬
our countries and all freedom lov¬
J

past

Now

the march toward

approximately
hours were
"Interest
earned
on
In this
time it
has
invested
worked than in- the previous year $500,000.
and total payrolls rose to new amassed 14,000 pages of official funds stands at 3.18% for 1942,
peak levels,-36.4% above those of proceedings—11,000 printed pages as against 3.04% for 1941.
of testimony and 3,000 pages of
December, 1941. The index of man
"Volume of new issues for 1942
1942, 21.4%

are

portant

its

•

inducted into the armed
■.

Large Growth

Substantial

the four
the / The renewal of the Committee's

month of 1941, The inqr ease

"Despite the withdrawal of men
from
industry into the armed

services."

thanks for your friendly message

ultimate victory, there is

8.4%' in

Of Family Men In Draft

Shows

corner

to beat the aggressors back.

than in December, 1941, and

November, to

House Favors Deferment 5

the

than in 1929.

"Hours per week advanced 1.1%

near-by
into farm areas for short
periods: of time. • -,..•';;. ■■ i
^

turned

now

selves

"Hourly earnings at $.970 were
0,4%,. higher. than in November,
11.8% above those a year before

S./C.), Chairman of the
Agriculture
Committee,
said Mr. Roosevelt agreed to his
(Dem.,

House

be freely

sincere

1 a r

The Board's announcement fur¬

lme r

are
.

reg u

■

and 64.4% greater

have

peo¬

legislation to. re¬
by de-'

strict the size of the Army

same

tribute to the Russian

enact

gress

above

to pay

Board's

monthly 'survey of labor statistics

manufacturing industries,
The work week averaged more
hours than in any other month
ments when asked about the farmsifice June, 1930.
; v
labor shortage and efforts in .Con*,

ization;

jthe cost in self-sacrifice.. /;
"At the same time, I also wish

rose

The President made these com-;

skillful

leadership, sound organ¬
; adequate
training and
ail,. the- determination to
defeat the enemy, no matter what

payrolls

"This

cause,

growth in the Sav¬
peaks;in December, 1942, ac- the war. Our primary job in those
cordihg ?to ihe National Industrial early days was survival; we had ings Bank Life Insurance System
this

•,

enemy

and

Savings Bank

Life Insurance System

;

hew:

defeated the enemy but launched
the great offensive which is still

New York

kind, and there could not be

better time for it.,

plies, transportation and,-territory,
the Red Army denied victory to a
most powerful enemy..■ It checked
him at Leningrad, at Moscow, at
Voronezh, in the Caucasus and
finally, at the immortal Battle of
Stalingrad, the Red Army not only

■

States

are

eign Minister Enrique Ruiz Guiafter arriving from Monte¬
video, Uruguay.

cannot be too much discussion of

this

changed^

needs; and had not been

the United

which

Aires, Argentina,

nazu

discuss the aims and objectives for
United Nations

;based;pn; military

■history/:/?'/^

At Buenos

Feb. 24 Mr, Johnston visited For¬

Dispatch' for its interest in pub¬
much needed lishing a series of articles which

7,500,000 had-been set

the

opportunity

The St. Louis 'Post-

to commend

ex¬

demand for additional productive

Army's- goal manpower

conference

for 1943 of

States Chamber of Commerce.

"I want to take this

arms."

Feb. 27

of the close of

busW

$355 635,204, an
increase of $24,511,370 over the<
Jan. 30 total of $331,123,834. / / *

ness

was

The. following is the Stock Ex-»
Change's announcement:
/
/

"The

total

of money

borrowed'

trust companies and'
other lenders in the United States,
from banks,

excluding borrowings from other
of national securities ex--

members

changes reported by NYSE mem-'
ber firms as of the close of busi- '
ness

Feb.

27,

1943,

aggregated

$355,635,204.
■

"The total of money

borrowed,

compiled on the same oasis, as of
the close of business Jan, 30, 1943,
was

$331,123,834."

Shipments
To Russia Increasing
Edward R. Stettinius Jr., Lend-

Lease

announced

Administrator,

Feb. 19 that since the beginning

the

United
than

aid

Soviet

has

States

the

program

shipped

2,900,000 tons of war supplies

to the Soviet Union.

Lend-Lease

supplies

war

Union

Soviet

the

January, Mr. Stettinius said, were
almost 10% greater than in the

previous month.

military

statement

great majority of the sup¬
plies that we have shipped to Rus¬
sia are reaching their destinations.
In December, 1942, and January,

small increase

—a

the amount

these fig¬

In comparing

for 1941.

Planning Is
Favored By Public,
NAM

it must be remembered that any

expansion in our gross trading in*
come
resulting from the greater
total of assets is heavily counter¬

appears

emphasized that
transfer is expected to take
McNutt

"Mr.

place in an orderly manner:
urged such men to register at

of the
Commission in

local
War

Manpower
that
the

office

employment

effective

most

placement of our man power

might be

program

war

He
the

in
as¬

sured.

"Local Selective

Service Boards

balanced

increased expenses;
staff alone, for example, we

spend over £6 millions ;a year.
Further, we have suffered a se¬
vere loss of income from the cur¬
tailment of the volume of business
services

such

foreign:

ex¬

change
operations,; acceptances
and
guarantees,;, and stock ex¬
change transactions on behalf of
customers, in the disposal of the

when

Post-War

who

Those

"Before

255

; " ;

_>■

against $57,312 in the

ceding

year.

pre¬

; :

income

"Total

for

•

1942

was

$770,344, $151,513 less than in
1941.
Receipts from dues were
off

keep American industry in¬
about what the public is

$29,753 to $375,759 because of
standing number

the reduction in
of

thinking, the National Association
use

; '

depreciation of $101,681

formed

regular memberships from 550

499.
The Securities Clearing
Corporation earned $98,137, a drop
to

makes constant

of Manufacturers

•

695,
the Exchange showed an
operating profit for 1942 of $25,-

,'■'•••

Manufacturers.

announcement

and
amortization
of
tefephoner-.
equipment in the amount of $4,-*

post-war problems until we
have won the war," are out of step
with the American public, accord¬
ing .to a survey conducted by the
Psychological Corporation and re¬
leased Feb. 14 by the National As¬
of

Curb's

further saidv :

about

sociation

•

The

"let's not talk

say

compared with $6,287
: ' :
i"
'-"Y" •

1941",

Survey Finds

with those for pre-war years

ures

because the occupation
on the non-deferable list.

merely

the

"The

currently employed

age

profit and loss account
that,, after allowing" for in*
come
tax and N.D.C., there is a
net profit fqr; the year of £1,997,000
"The

shows

occupations and activities
should not now leave their jobs

ih such

order

Administrator's

The

continued:

repeatedly used in public discus¬
sion of the new policy regarding
non-rdef erable
occupations
and
activities.
He said that men of

the

shipments

jobs'., which had . been

'war

term

Lend-Lease

Thursday,'March 11, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

928

of accredited organizations for

surveying public opinion on ques¬

$74,669, and telephone quota¬
fell off $12,668 :

tion service charge

tions and issues affecting industry.
reclassify
to $46,463.
Rent revenue was im¬
registrants in accordance with the profit now recorded we propose According to the Board, the Psy¬
proved by $31,486 over last year's
1943, there were no losses, al¬ new
policy on non-deferable occu¬ that the final, like the interimj chological Corporation poll, : re¬
though, further losses in later pations and activities until April diyidend shall be at the same rate flecting : proportionate opinion of (1941) total from that source Of

instructed ' not'; to

are

months

to be

are

expected.

'■,>]'

"Two thirds of all, shipments to

the Soviet Union from the United

Ameri¬

States have been made in

ships.

can

Soviet Army

"The

continues to

great offensives prin¬

its

regis¬
presently deferred

induct such

trants who are

because

transfer

for

activity.

essential

/■

■

•

>•,

-.V

with Russian - produced
"Mr.
McNutt
further pointed
Lend-Lease
supplies out that the failure to include a
have played a small but important
specific activity in the list of es¬
part. American tanks, planes and sential activities does not mean
trucks, are continuing to go for¬ that the non-deferable occupations
ward. In addition we have sent to
and activities policy is applied to
the Soviet Union many other vital
such an activity.
Many occupa¬
military supplies.
For example, tions occuring in activities not in¬
we have sent hundreds of
thoucluded
in
the
list of essential
ands of miles of field telephone
activities involve skills which are
of major

been

have

importance in the maintenance of
Army communications on

Soviet

3,000-mile Russian front. We
shipped
a
considerable
amount of steel, which Soviet fac¬
the

have

tanks, and chemicals, which they
have used in the manufacture of

high-explosive
now ripping apart

Russian bombs and

shells that

are

the Nazi lines.

shipments of food to
Russia were one-fifth larger than
in December. This food is urgently
"January

•

needed by the
sent

Soviet Army; We
thousands of tons of
and flour,; sugar, canned

many

wheat

pork, dried beans and other vege¬
tables, lard and vegetable fats. We
have so far been able to send only

small

very

amounts

butter,

which the Russians have requested

especially for their wounded sol¬
diers in military hospitals. * In
amounted
the

682 tons.

woman

and

States.

"We

these

Feb. 11, page 579.

directors

The

;;3;®

Midland

the

Bank, Ltd. (head office London),
report that, full provision having
been made for all bad and doubt¬
debts

ful

contingencies,

for

and

profits for the year ended
31,1942, amounted to £1,997,131 18s. 4d., to which has been,
added' the balance of £626,681 8d.
the net

Dec.

brought forward from the last ac¬
count, making together a

continue

make

ship¬

Lend-Lease

ments to Russia up to Jan.

1 was
issue of Feb. 4, page

our

3:;.?.:;.::

applied £250,000 to reserve for fu¬
ture contingencies. The other ap¬

•

Policy On 'War Jobs'
Defined By McNutt

total sum

sheet, stood at an amount equal
the paid-up capital;: but, partly
view of the heavy depreciation
investments which took'place
that year, we

well

now come

for partial res¬

year's profit. This leaves the bal¬
ance carried forward on the profit
and loss account somewhat: higher
the

year..V,j

•;; 7: •. ■ > 7J; y" > jTv
undertakings are

"Our affiliated

able to present a record of contin¬
ued

good service, to the public
despite the difficulties which each,
in its sphere, shares with our own

1943,

for

half-year

the

Bank, Ltd., and its
affiliated
companies — the

Belfast, Clydesdale and North of
Scotland Banks and the, Midland

housed

and

war-time

in peace," Mr. McNutt said.

Essential civilian activities

are

equal plane with basic war in¬
dustries in our war effort.
Regis¬
an

'Incentive

Payments'

A House - AppropriatiOnst sub¬
committee voted 6 to 1 on Feb. 15
to

President.

turn; down-

velt's request for

Roose¬

$100,000,000 for

the

farmers

its

consolidated

statement
as

of Dec. 31,

1942, shows total assets of £907,018,350, as compared with £830,-

£851,786,582,
as .compared
with
£775,862,987 and £650,734,470 on
the earlier dates..The bank's paidcapital is listed at £15,158,621,

the

same

the

two

asked to meet them

were

"regardless

The

funds

President

year-end

the

largest
joint stock

from

the

WMC further said:

McNutt

issued

ment after a request to

his

state¬

define the

recorded by any
bank in the British

ever

Empire.
In

announcement

Deposits of the Midland Bank,
Ltd., on Dec. 31, 1942, totaling
£760,094,994, are, it is announced,

dustries.

"Mr.

control of prices should
37%

against

tion of wage

annual

be con¬

1%.

;

which

In addition,

holds $100,000 of
Certificates which
% of

At the end of 1941

$747,832

was

current

which

$798,462,

were

in cash, v,

'' :

liabilities

"Current

$11,-"
044, exclusive of $17,728 in City , j
improvement asseSShientS which is*

Private management of business
received a vote of confidence on
>

and

over

them completely?"

runs

were

the 19% answering
"don't know," the vote in favor'pf
business' management was almost
5

Business also appears

holding its

tion of "more

was

requested
to

the

encourage

of the

the
rose

tained

3/100

potatoes.':1 * ;///> -- f •> V;; i

submitting the request to the
House, the Budget; Bureau ob¬
served in
"A

review

recent

situation
of

report:

indicated

increasing

the

of' the. food

necessity

the

October,

goals

1943

these commodities.;

: ;

ported

•

with

order
the

to.

provide

incentives

farmers

Clearing .^Corporation,

necessary

them to reach or exceed

encourage

increased

.goals,- it- appears
either to raise general
price levels for these crops or to
necessary

provision for offset¬
ting the higher costs of the addi¬
tional units of production.
•
"It

creased

proposed
of

costs

that
the

in¬

the

additional

production should be provided for

payments.!'
An

item

gram

589.-. v*::

use
;

of direct incentive
:

„

for

regarding this

and criticism of it

these. columns .'Feb.

ti );

prp-,

appeared'
11,

page

$101,681,' In 1941 expenses ex¬
The net
loss for the year, after write-offs
and adjustments, .was $105,003 as
against $93,461 in .' the preceding
year.
Write-offs included $14,469,
the Exchange's share of the cost
of retiring 29 memberships (the
last of 50 planned for retirement
in July, 1941); $9,723 for depre¬
ciation of general equipment; pro¬
.

for

insurance

reserve

This, latter .figure

of man-days

jNovember'

during
101.-"i.;

inprogress

the 3
?

,/•

industries

'-war

;v
.

progress

■

Man-days of idleness due to
strikes during the first year of war
were, one-fourth the average for
the preceding five years of peace.
The monthly average for the 19371941
period was 1,418.896 man-,
days lost in all industry, compared

average

1942

of 380,417

'•>

days lost per month in all indus¬

it.js pointed out try. ; and.. 174,608

is contrastingly lower

■

every

men;-..

uncollectible member¬
dues and retirements of $249.

by the Curb

91,925 in

re-

v -

during the year, -involving 569,801

$1,698; and
ship,

from

the

ten
thousand :• days
worked. ,Out of 3,339,000.000 days
worked, 2,095,294 days were lost
in strikes. There were 1,363 strikes

ceeded income by $55,871,

vision

twelve¬

Six man-days were lost in 1942

the

figure includes depreciation

Feb. 7 and added:

month was

Exchange announced on Feb. 23.
This

strikes,

"In

the

tion strikes in progress in Decern*
ber was 49,375, and the number of

showed an excess of expenses over

$81,121,

half

level

man-days

mately 385 million.
The number
of men involved in-war produc¬

affiliates, New York Curb
Exchange Realty? Associates, Inc.
and New York Curb, Exchange Se¬

low

total

time from 350 million to approxi¬

-3 The New .York Curb. Exchanges

1942

just

119,572 in December, the number
of days worked;rose at. the same

and its

for

While the number
rose

Expenses And Income

income

produc¬

•

column, which
from 16% to 23%.
"

curities;

war

month average of 6/100 of 1%,
National War -Labor Board

;;7 ' ' ■' In 1942 For N. Y. Curb

November's
of

worked,

control when this

asked in

Man-days lost from

tion by strikes in December main¬

know"

"don't

have

Strikes In "Dec. And 1942""

those

difference is found

1941-.* The

memberships.

sales

1941."

people

of business

decline

regular

seat

the ques¬

government: 30% want more,
represent a rise of
1 % in those favoring less control
a

$9,203 for each

been, at
$2,500, the highest since February,

the

and

;;:

less control" by

control

less

want

47 %

government.^

529

were

Recent

■; ■:

to be more

own on

(

seat, as against $4,697,371, or $8,43.
880 .at the end of 1941 when there

Tf£,67 % of, thos£ questioned
7;3:/

$4,592,368,

was

answering "yes" and 1'4% answer¬
*-?

"Net, equity of the 499 regular

memberships at the end of .1942

./Excluding

question

soybeans,
flax, potatoes, dried beans, truck
crops, grain sorghums " and sweet

meeting in
January (in lieu of the speech
usually delivered), the Chairman,
• *

Exchange

assets

tion in 1943 of peanuts,

shareholders'

McKenna, said, in part:

in cash.

of €■

end

bear .interest at the rate of

post-war continua¬
and salary control.

farmers to increase their'produc¬

through the

statement presented at the

$695,804,

was

U. S. Treasury

The public voted 51% to

tinued,

wanting

make specific

equally
protected
with respect to occupational clas¬
sification and dependency status
as those engaged in basic war in¬

the

assets; at

were

$667,846

but opinion is virtually -di¬

Feb.

previous year-ends.

are

1942

vided down the middle on whether

uncertainties

the

prevailing." ^;:y

food

The

war,-

rf;

"Current

$130,505

were

1941.;-/-; /•/;;:

and food after the

fuel

which

sav¬

pay¬

question:.-"Do^you think that;
companies will do a bet¬ being paid under a 'protest now
The change in liabilities' 'r
ter job if they are allowed to keep pending.
from 1941 is negligible, being but ; ?,
on under their own management,
$103 greater.
> v
-:
or if ,the government takes them

No Funds Fot

engaging in such essential
civilian activities as agriculture,

services

ments

82% is for
discontinuation fof rationing such
as

was

business

the

processing, mining, textiles,
communications,
transportation,
heating power and educational

ings

ion.A big majority of
items;

$8,148 less," and a $5,809
accomplished in tax

were

the

bank."

statements, but the re¬
serve fund is now £12,910,609, as
against £12,410,609 on the two

trants

$11.121below $33,193 for 1941,
and printing charges

divisions of opin¬

there are sharp

replaced.

stationery

with 24%

7v;y:>/v:-3

c >"

questions

-Exchange

during the year
Legal. expenses
dropped $12,796 to $28,255, build¬
ing repair and supply costs were

pertaining to
post-war >■; government
controls,
"On

now

ended Dec. 31, last, at

out on Feb. 10 in his comments
454,998 on Dec. 31, 1941, and £701,regarding the list of non-deferable 888,282 On Dec. 31, 1940. Current,
occupations and activities ydiich deposit and other accounts in the
he recently issued.
>
4
\
ylatest statement are reported, at

fed

We feel the

the

were

These figures

leaving the sum of £1,267,468 2s.
3d., from which the directors rec¬
a
dividend, payable

liabilities and assets

and

wrote -roughly £2%

millions off the fund.

opposed. /

However, he. added, the Depart¬
ment will not reduce its goals and

£500,000, and to reserve for
future'; contingencies,
£250,000,

ordnance, or ammunition," Paul V.
McNutt, Chairman of the War
Manpower
Commission, pointed

clothed

of
in

personnel, and all but
employees who left

45 of the 198

the majority in

post-war period,

off $59,568 to $400,711.
In
connection, there was a 100%

turnover in

government y should now plan a
vast public works program for the
favor decreases to 61%

revenue,

were

this

products, 75% voting "yes" to this
question and only 13% dissenting.
On the question of whether the

the rate of
8% actual, less income tax, calling
for £606,344 16S. 9d., leaving a bal¬
ance of £661,123 5s. 6d. to be car¬

reserve

Bank Executor and Trustee Co.—

to
in

'y**,.■;

than

damage

'"A war job -does mot mean
merely a job in aircraft or ships,

must

until 1931 the re¬

fund, shown in the balance

with reduced

the Exchange effected a reduction
in expenses of $126,263.
Salaries

public

Following this move, Secretary
Agriculture Wickard issued a
statement' expressing regret but
appeared hopeful that action on
the payment would be .reversed.

war

fund

four

"People

noteworthy.

For many years
serve

The Midland

•

propriation

"To cope

also is convinced
that industry should be working
now
to. develop new and better
"The

$10,823, and ticker royalties

totaled $14,648, $5,812 below that
for 1941.', _:
>:^;*
, .'-;s'■<-<'

ing "no."

499.? r4;.'V/.

certainties of the future, we have

saysVf

898 to

further

Board

The

■

Agriculture Department's "in¬
centive payment" program/

for

account

Feb.

supplies for Russia
greater proportions." : /

"given in

in face of

tion

£2,623,812 19s., out of which the
following
appropriations
have
been made: To interim dividend

of Lend-Lease

strength of our posi¬
the manifold un¬

to add to the

undecided.

Listing fees fell off $19,-

$78,169.

and all sections of
the country, shows an overwhelm¬
ing majority of 92,% favoring im¬
mediate planning for the post-war
era.
Only 6% are opposed and 2%
all wage groups

ried forward to the next account.

from each man,
child1 in the United

effort to increase the flow

report

ommended

allocation

toration, and for that purpose we
have set aside I5QO.OOO out of last

Midland Bank (London)
Profits For Year 1942

to make
this account; but

think it unnecessary

we
an

time has

0d., £606,344 16s. 9d.J to contingent

ounce

shall

referred

was

/-V'"

every

occupational

The non-deferable

policy-was

one-

This

equivalent of less than

sixth of

paid July 15, last, for the half-year
ended June 30, 1942, at the rate of
8% actual less income tax at 10s.

shipmerits

butter

January

program."

columns

the War

important in

extremely

Russian

into

made

have

tories

subject -to tax.

annum,

per

until 30 These distributions absorb ..£1,following reg¬ 213,000. In view of-'the absence of
employment office any further serious war damage,

weapons.

which

16%

past,, namely

years

some

dependency

cipally

wire

for

days have elapsed
istration in

•

sustain

and, not

(

month in

war

days, lost

industry,-;

per'

/>•

Volume 157

Number 4158

THE COMMERCIAL & FINANCIAL
CHRONICLE
929

Factory Worker Wage Gains Outstrip
Increased Living Costs, Survey Reveals
to

anlysis of "real" wages
of

This

Manufacturers.

wherever

ing men are—all
—the

fheir

The average factory worker has improved his
living standard
—his purchasing power in goods and
services—41.4% in more than
three years of war despite the steady rise in
ciation

For

ocean.

arm

American

Fear Point

the world

over

Red

fight¬

our

Cross* is

expressed

tion.

The

study

the

pe-

August, 1939 when

war

covers

three-shift basis, there is
.tically no over-time and the

broke out in Europe,, through No,

vember,

1942.

Eight

charts

prac-

let

aver-

age work week is 41 hours.

and

many
statistical - tables
arein^
cluded in the ;30-page survey.- It
.

is pointed out that it should be
borne in mind
constantly, that the

"The increase in1 factory

From

limits

"The
earn-

gins

ings. and in hours is best illustrated
by ; the
percentage
rise
since August, 1939.

international
the

today

boundaries
its

American

act

;

undertaking

be¬

war

The

by the House
to

despair

and

;

their

questioned

need

for

whether

general

has- been

food

established

plies.

rationing

and

that

"the

-'-V

•."•

"In

"Real

hourly,

|May, 1942, according to the

•

by the index'of the cost of 17.6%.
It is obvious,
however,
living. In this way the purchas¬ that the .wages in manufacturing
ing power of wages can be deter- industry, as a whole, have risen
wages

mined

with

much
1

friend

faster than

power- of

August,

factory

1939

increased

workers

spite

since .longer

actually

has

been'payments."

of the

rise

work

the

living.

....v.'.Real'-weekly
increased

■

41.4%

;

earnings
while

pro¬

soldiers

*■«———

'real'

than

could

that

sure

the

side

sailors

the

—130,000,000—know
pensable
of

this

victory is

great

every

vices

the

Associated Press ad¬

also quote:

the ; work

take

prime contracts for

materials
and

sublet the contracts to

war

small

'
;

"Other

August, to raise $125,000,000, saying it is
1939."
1•
ithe "greatest single: crusade of
Red Cross Month.
To make sure
The Board notes that the trend mercy in all
history."
that
every
American
boy
on
an
fwages and hours of work, re-! :-The
President's ? message was every fighting front has
every¬
vealed in detail in the numerous read to a nation-wide radio au-

available

for

Cross

needs

cluded:

recommendations

in¬

the

ber,' 1940,

the

the United States Pacific Fleet. it
hourly!0 In his message the President

average

wage was 68 cents.
Still further
rises have been registered in 1941
and
1942 so that by
November,

said

1942,

all, that
wm

latest

available

"It

should

figures

noted

manu,

that

this

for

greatest of all Red Cross crusades

in the

figure,

hourly earnings in
facturing were 90 cents.
average

"we > undertake

name of mercy,

need

not fail."

vote.

authorization

ings

worked.

the
:

number

Therefore, the

hourly

earnings
time .payments,
in

creases

hours

over-,

well

as.,

the-basic hourly

rates..

in-

Naval

used

for

the

shore

tion;

Dec. 7 at Pearl

net

Included in the

the

under

prior to

the

The text of the President's

increases
Tn

workers

the basic wage
;

August,

1939,

averaged

hours, /fof

work per week.

"The

work

increased

period

week

has

throughout

until

factory
'

the

over-time

hours, it

was

rates
was

Since

creased

earnings

due

over-time

manu-

hours.

began
clear that
are

1942

the

payments.

certain industries the work
is far above the average,.

week

For

ex-

levels

the

Washington
now

the

Commis¬

office.

War

utilizing their high¬

est

$6 Billion Deficiency
/Bill Voted By House

policies
of price in¬

passed

Feb. 26

deficiency appro¬
to priation bill, chiefly for merchant

ship construction.

distribu¬

The cuts made

by the Appropriations Committee

reasonable

funds

for

the

National

Re-*

over

industry

provision for fair
owners

ac¬

sential

(Rep.,

civilian

'■

cars

and

seems

Committee

tional

Resources Planning
Board,

trucks

$2,454,000
Nutt

have

been

refused;/

headed by Frederic A.
Delano, the
President's uncle. V-/.. -Z-H:
:•

had

the

which

Payl W.

proclaimed

observed:
to

had

$200,000 requested by the NaT

/'/v:;

Committee

'There

The

program'
compensa¬

of business forced to

"The

a a s

OPA

"Draft deferment of enough au?
tomobile mechanics to keep 'es¬

authori¬

War

Manpower

Mc^

essential

Commis¬

on production for sion is to discharge its duties.v-v
and under-emphasis
$337,000 asked by Secretary of
production for civilian use.
Labor Frances Perkins for work

over-emphasis

military

use

There are appearing ominous
in
curbing absenteeism ; in/; war.
signs that insufficient attention is
being given to the maintenance of factories and improving working
a
proper, volume of essential civil¬ conditions.
":: ■'• :'/•
ian production.'
/.
."J
On the ground that there was
"The War Manpower Commission
no
-enabling legislation for the
'does not appear to have afforded

j to

see and talk with ,

and

sailors

our

whcTman

soldiers

that

front,

Afand

husbands and friends of many
of you who are "listening at this
moment.

wish' it

were

how possible to share

have the chance to clasp
,°f

some

sands of

relative

some-

expe-

miles

the hand

friend thoufrom home, and

d0 wish him well.

with

the

Committee.

The House Naval Affairs Com¬

had

reduced

authorization

cluding

the

amount

and

unforeseen

facilities."

Among
by

the

$243,393,000, in¬
$223,313,000 item for

"miscellaneous

for

;

the

facilities

the authorization

provided
are

the

following:
Fleet, $67,900,000; aviation,
$223,000,000; storage, $65,000,000;
Marine

training, $28,632,000; Navy
training and housing,

business
from

any substantial relief
critical condition caused by
....

indiscriminate drafting of
the armed
'

men

for

services,' it continued.

'The structure of the Office of

appropriations,

care

children

mothers; $3,182,000

dealing
of

effectively with the
controlling price in¬

costs of the

and

grants

infant

Multilith Workers Are

corps,
gency

flation.'"

care

the

United

States

Civil

Service

Commission has modified requirements

order

secure

payments

high school victory

$1,200,000
for

for

emer¬

maternity

enlisted

and

men's
;

To meet war needs for multilith 719,545 was
cameramen-platemakefs and press tinuance of
operators
for
Federal
agencies,

employed

for

families.

$33,120,000; hospitals, $66,005,000;
radio, $3,500,000; Naval Re¬

Price Administration is incapable

problem

Committee

973,000 for payments to States for

Needed In Federal Jobs

shore

the

had also declined
requests for $2,-i

personnel

in ther machine -tool in-1 " "There is one
Laboratory, $750,000; mis¬
way
for you.
■ theaverage
work -week however," to reach this hand of cellaneous
structures, $33,000,000,
is 52.8 hours.
On the other hand, love
and
friendship across the and passive defense, $15,000,000.

ample,
dustry

offices,

Washington, D. C.;

sent

tation

40 ..nence with you, because I know
in-'what it would mean to you to

in large part

Lend-Lease

determine -its

guarantee

rolling.',;

Representative

ap-

of war, and

entire

the average work week in

facturing

North African theater

j Among these m£n in North
steadily -.rica afe the sons /&h;d brothers

November,

all

close./

mittee, in considering the Navy
ago I was
Department's 1 request for funds,
pa'rt of the

„

profit'

and

zation.

earnings, is due, in Peai follows:
part
to the longer work-week I
"Just a few weeks
and dver-time
payments, as well 'privileged to visit a
as

Naval Affairs group had further¬
more
received
assurance
from

take-home'

rates.

tion to

Minn.), who was in charge of the
on
the
House * that
the
Harbor." iHe added bill, ; told

.weekly

average

centration

bill

of wounded

•.

should

operating costs, sources Planning Board, the War
compulsory changes Manpower Commission and the
practices: and
cost
Labor
Department's
Children'3
practices. \
,•.-,v •
£,1 Bureau
were not restored.
/
\
"Suspension of the WPB 'con¬

recorded

| that contributions to the Red Cross
"From August, 4939 to
August, ?"*<> enable that agency to carry
1942,..'the... average ?weekly earn- 0I} lts morale-building work is a Secretary Knox that no purchases
ings in manufacturing increased direct contribution to the spirit of land for Naval--air stations
would be made without consul¬
and morale of our
from $24.52 to $39.54.
The; in¬
fighting forces."
crease

regional

and to prevent
in
business

advance

sent

was

373-to-0

quiring land

in hav-

"Revision

creases

ate Naval Committees

that

ing banks of blood plasma ready
"was instrumental; in
saving the
lives of hundreds

wage

•:-

Nimitz. said

foresight of the Red Cross

average

.include

Admiral

mission's

on,

permit the passing

bill

rates.

Statistics'reports of weekly earn-I

food

supplies, among large
and small distributors. -V
v,'.V'

was a
not basic hourly wage •
Gen. Eisenhower praised the
clause written in by the House
They , are, the
average work
being done by the Red
hourly earnings in manufacturing Cross and called the organization Naval Affairs Committee requir¬
ing Secretary of the Navy Knox
industries and are determined
by > "ttm constant and faithful friend
to report to the House and Sen¬
dividing the Bureau of Labor of our' fighting Army.'

are

maximum age limit.' No

able

•

measure

Senate

strong enough to survive."

these

must be 16 years or

test

The House
Unite^d States civilian
supplies.':■■.
$6,298,000,000

The

press.

operation

"Equitable distribution of avail¬

Administration

would

bases.

over—no

written

the

effect

construction

000

multilith

"Applicants

months

with classification of the process¬
ing ' and distribution of food as
'essential war industries.'

establishments, of which $720,000,-

that

now

by Govern¬ workers

"Investigation of the

$1,256,607,000

we are engaged in a war to decide whether all our concepts of
mercy and
human,;decency are

the

that

experience in

qualify

positions

three

The House passed on Feb. 23

;

least

skills,
or -prohibited
from
supplies,' change of employment
by War
Manpower
Commission
restric¬
tions, should not applyT*' ;'

Red;

rise early in 1940 and
by Decern-

action

ment agencies 'to assure the
pro¬
duction of adequate food

supply it will require
$125,000,000. v',/
■//;'

"That; "is

other

the!

operator

hours

multilith

also

may

paid

sion's

"Immediate

can

at least

obliged to forego the delivery of
know-ilwe
industries.
The survey states: : :
message owing to a slight in"In August, 1939 — the month disposition. - Also
joining in the
before the European War broke r program were Gen.
Dwight. D.
out—average hourly earnings in Eisenhower, speaking from. North
manufacturing .' were
63
cents. Africa, and Admiral Cheswr W.
Average hourly wages/began1 tofNimitz,; .'Commander-in-Chief of
of

most

which

press

Commission in

lor

and for essential

"By proclamation, I have des¬
ignated the month of March as

thing

Persons

press

instruction,

than

actual operation of

press,

use

is required.;
Appli¬
simple construction cations, available at
firstand
civilian supplies second-class
post offices, the Com¬

concerns,

charfs. andrjtabies^sfshownoonly /jdience; «,by t,Norman , .H-K^Davis;
in
manufacturing industries be- Chairman of the American Red
cause
complete figures are ;not ■; Cross—the President having been

plates,

qualify for

may

including not less

having

Corp., an
WPB, be reorganized
give 'competent mandgemerit'

and

goes

"Training

operator—80 hours of

the

of the"

arm

needed.

;

"The Committee urged that the
Smaller
War
Plants

of every day—
earth where it is

From

;

minute

everywhere

part of certain interests to protect
their companies at the
expense of
the war effort." '
-'
y}-i;tiy

indis¬

which

agency

of prints from
negatives to

and preparation of
plates for
in the multilith machine.

reported that it .had
testimony presenting "a

our

All of

how

development of negatives, sensi¬
tizing of multilith plates, transfer

advices stated that the

listless administration i

Red

same

shocking picture of bureaucratic
buck
passing, incompetent and

marines

wherever they may be.

hourly; earnings have •: increased
16.7%.
These figures mean that,
the average factory worker can
I • President Roosevelt appealed
purchase"41.4% more - in:.goods on Feb. 28 for support of the 1943
and services as a result of his^e(l Cross War Fund
Campaign

work

stands

This work must have
included the
of a copying
camera,

operation

Committee

this

.cameraman-platemaker,.

received

your own heart.
You
house today—know bet¬
any
one
else what it

means

FDR Opens Red Cross
Drive for $125,GOO,000

have
-

and over-time

significance

compensation
/•' ' J '

year of paid experience in*
multilith work is
qualifying, pro¬
vided six months of it was
in the

whole still lacks

as a

over

overtime.
"For

for press oper¬

year

because

one

Press, commented

effort

war.

The

,•

our

has

for

$1,970

pay

cameraman-platemakeiv

increase

salaries

business faces extinction because
of lack of sympathetic considera¬
tion in the war
program.
■

than

Cross

the

—at your

;

'
.

the cost of

week

who

you

ator—an

Commission, which

now

and
alarming degree efficient photographic
platemaking
coordination," and asserted small phases of the multilith process,

relative in uniform will

crusade

ter

one

measure

respect to a given
the cost of livindexes of 'real", ing.
This is particularly true of
that the purchasing :■} weekly earnings which reflect the

reveal

our

'"Each

base period. The
wages

land

it is from
index
wages, either weekly or'of the Bureau of Labor Statistics, great tradition of mercy that
take part of our
are derived
by dividing 'the cost of living has increased
strength,
,/

$1,752

Committee, according

duction front

•

states:

and

In its report, made public

Feb. 15, the

to the Associated

for

year

recom¬

"Positions

mended an investigation of the
Lend-Lease Administration to de¬
termine its effect on civilian sup¬

un¬

1939 to November, 1942, the averprecedented., We undertake ; this
percentages, particularly .with re- | age hours worked per week have
greatest of all Red Cross crusades
spect to cost of living increases increased 15.8%.
Average hourly in the name of
mercy—now that
during: the period are on a na- learnings have increased 41.8% in we are
engaged in a war to decide
tional basis and may not reflect this
period
and
the
average whether all our
concepts of mercy
the actual rate ,of increase in : an
weekly earnings have increased and human
decency are strong
individual community or area.
:M71.8%.
».
'
enough to survive. :/•,}//
;'5v Explaining that "the relational
"Such, in brief, is the record of
"In the Axis nations
mercy and
ship between actual earnings and j the increased earnings of
factory
the
cost
Of living
is best ex- workers since August, 1939. De¬ decency are regarded as syno¬
nyms
for
weakness
and
deca¬
pressed in an index figure knoWn ing this period,
living costs have
dence.
as
'real'
./'<(/.
wages,"
the - survey 'also risen. • From August, 1939 to
u

the

—

Women are
being placed
multilith work, says the
ad¬

vices from the
also states:

Committee, it is also indi¬

cated,

task unprec¬

this

concern

doors."

Cross

report

——

yield

greatest. single
in all history.

mercy

August, edented—because

mercy.

Red

the

crusade, of
It

recent

Committee on Small
Business
the possible effect which
the point-ration¬
ing system would have on retail
grocers, many of
whom, it said,
might be forced out of business. The
Committee, headed by Repre¬
sentative Patman (Democrat) of
Texas, stated that "the inaugura¬
tion of any such system
may prove to be the proverbial
last straw
and that the
proprietors of tens<$>
—:—,
of thousands of food stores
may cants.

"At home, we have grown ac¬
living costs, according customed to the role of the Red
released Feb. 26 by the National Asso¬ Cross in every national emer¬
'
gency, in every local catastrophe

complete survey, "The Effect of the —a generous friend to those over¬
War on Income, Wages and Liv-v
:
———
—taken by tragedy.
Even our en¬
ing Costs," made by the Statis- in blast furnaces, steel works and emies know about the
American
tical Department of .the Associarolling mills which operate on a Red Cross, because it has never
riod from

Small Concerns Out Of Business

side, extending'always
of helpfulness and comfort.

analysis is part of

Rationing System May Force

by
the

Of the total

mission's

in the bill, $6,173,-

earmarked

for

con-1

the

Maritime

program

struction of 4,403

Com^

calling for

ships with

con-?
a

fo¬

appli- tal of 44,000,000 deadweight tons.

THE

930

small -amount

Moody's Bond Prices And Bond Yield Averages
given in the following tables:

U. S.

Bonds

rate'

Mar

116.90

109.24

116.93

109.42

117.80

115.43

116.98

109.24

117.60

115.24

—

109.42

117.80

115.43

117.02

117.80

115.24

109.24

117.60

115.24

117.07

_______

109.42

117.02

4
3

109.24

117.60

115.24

117.10

110.15
110.15
109.97
109.97,.'/

117.60

115.43

109.06

117.60

115.24
' 115.24
115.04

117.13
117.09

V—

;

______

High

112.93

115.43

99.68

112.93

115.43

99.36

112.93

115.43

99.04

112.75

115.63

99.04

112.56

115.43

by 115,400 tons.

98.73

,112.37

115.24

:112.19

115.04

112.00

114.66

109.60

94.26

108.16

117.20

114.66

93.82

107.62

116.80* 114.08

109.42
109.06

98.41

92.93

97.62

109.42

116.80

118.41

107.62

106.04

115.43

113.12

115.63

111.81

114.46

notch

97.47

112.19

114.66

107.09

95.32

109.60

112.75

Mar.

ago

MOODY'S

BOND

Closing Prices)

(Based on Individual
U. S.

Daily

Govt.

Corpo¬

Bonds

rate

1943—

Aaa

3.15

Indus.

P.U.

R. R.

Baa

4 A

4.03

3.74

2.88

3.01

3.21

2.77

2.89

2.07

3.20

2.76

2.88

3.15

4.02

3.74

3.01

2.07

3.21

2.77

2.89

3.15

4.02

3.74

3.00

2.07

3.20

2.76

2.88

3.15

4.02

3.74

3.00

2.89

3.15

4.01

3.73/

3.01

y
/

2.07

______

steel users swing over to

2.88

has

2.88

sions

been

3.20

2.06

3.21

2.77

2.89

3.16

4.02

3.74

3.01

2.06

3.21

2.77

2.89

3.16

4.03

3.74

3.01

2.88

allotment

2.06

3.21

2.77

2.88

3.16

4.02

3.74

3.01

2.88

dence

2.06

3.21

2.77

2.88

3.16

4.04

3.75

3.01

2.88

2.06

3.22

2.77

2.89-

3.16

4.07

3.77

3.01

2.88

that

2.06

3.23

2.77

2.89

3.17

4.08

3.79

3.01

2.88

2.87

2.06

______

3.23

2.77

2.90

3.17

4.09

3.81

3.02

3.24

2.77

2.90

3.18

4.10

3.81

3.03

2.88

3.83

3.04

2.89

ules

2.90

closed.

4.12

2.06

3.26

2.79

2.92

3.19

2.06

3.27

2.79

2.92

3.20

2.07

3.30

2.81

2.95

3.22

4.21

3.90

3.06

3.31

2.81

2.96

3.23

4.25

3.93

3.07

2.93

2.88

3.15

4.01

3.73

3.00

2.87

—

High

______

2.08

1943
1943

Low

High

2.14

2.88

2.79

2.94

2.02

3.37

2.87

2 Years

4.15

3.85

4.37

4.05

3.19

3.02

4.23

3,91

3.05

2.92

"Z'Z;/ /■//

4.31

3.31

//:, //

2.05

'■

3.36

3.00

computed from average yields on the basis

are

the

3.00

bond

of one 'typical

level

the

movement

average

actual

comprehensive way

yield averages the latter being the

price

The

quotations. They merely serve to
and the relative movement
of the bond market.

had

of it."

Steel
8 announced

Iron " and

March

quota set for that

ton

telegraphic reports which it
received indicated that the

prices would inevitably lead to in¬
crease in prices and costs ail along
the

ruinous to
r

that there
of giving farmerssaid

He outlined
according to the

returns.

increased

them as follows,

In some instances melters
are dipping into reserves to main¬
tain high production.
•; / V/..

Associated Press:

Government support of
prices of all farm products needed
(1)

in¬

1,098,140 net tons during
half of 1942, to 90,292,660 tons;

"Steelmaking capacity

was

creased

total. Since

nearly half the world's

January, 1940, the industry has
added facilities for 8,700,000 tons,

equal to half Great Britain's!.
iron capacity during the last
last

year

was

Pig
half

expanded

present
is completed the industry

96,000,000
of steel and 69,000,000 of pig

will be rated at close to
tons

—■*'

■ihiwim

n*m

■

>.v.

flaxseed,

peanuts,

beans,

soy

beets, and

canned vegetables,sugar

others—and resell them
and distributors at
prices in line with Office of Price
perhaps
to

processors

Administration price ceilings.

(3) An offer to

farmers of in¬

payments on needed war

centive

in order to Enable

crops

the pro*>

increased costs
raising consumer prices. /

ducers

iron."
-■■■mi'i

the war effort.

(2) A Government offer to pur¬
chase certain products-^sucE/as

63,933,530 tons. When the

other ways

are

to others."

Secretary

The

power.

might result in/an

even

than

farmers

general, scrap supply is suf¬
ficient,* though some pinch is en¬
countered as a result of adverse
weather and lack of yard man¬

last

would

period.

and

line,

inflation, which, in the long run,

"In

program

American

Institute

months'

customers or just

95.7% of the 17,000,000-

in, farm,

increases

without

meet

the relative levels

operating rate of steel companies
in computing these indexes was published having 91% of the steel capacity
of the industry will be 99.1% of

true picture

the issue of Jan.

■

vital

effort.

represents the total three

that
Illustrate

war

one-third

3.17

3.99

4.40

allotments

known to be

consumers

tonnage allowed

;/////■■
2.78

3.39

3.00

pVices

* *These

April as schedules are
Schedule makers are per¬

Steel compa¬
nies
have no
way
of knowing
whether
an
order
under CMP
to

ZH/z-Z
3.18

3,95.

/;;///;.:'

1941r

from

report

have al¬
April but

for

plexed by the lack of

3.33

3.00

ago

3.05

3.23

3.02

3.30

ago

1942-

Mar.

3.39

1.93

1 Year

Mar.

2.76

3.20

2.06

____

1942
1942

LOW

for

purchased scrap.

preferable way.

"Substantial

Sal¬
vage/Division of WPB reports
scrap collections in* last half of

placed on mill sched-

cannot

Closed

customers'

numbers

2.92

1 Exchange

steel sellers

Alloy
certain

lotment

2.06

Jan. 29

numbers

over

ings.

Feb

industry--' The
take' - prece¬
ordinary priority rat¬

of the steel

2.06

Z 2.76

the Con¬

Plan, confusion
created in some divi-*

Materials

trolled

all

however,

that this is the

4,753,000 gross tons, fourth larg¬
est month in history. About 45%

were

in¬

I do not believe,
things considered,-

creasing prices.

in January is estimated by
the Institute of Scrap Iron & Steel

1942

returns necessary to

their costs would be by

cover

scrap

was

one

agricultural com-;
1943."
He went

(':.. .:
v:.J.
/ want to state frankly,
way to enable farmers

to receive the

"Consumption of steel and iron

of this

during

"Now.. I

that

tons in January,
•

many

to say:

167,753

145,280 in December and
1942. z;

necessitate increased re-;

modities

;,:

numbers

2.88

9
8

turns

in/December./;Tri7

105,869 tons, compared with

were

delivery orders without allotment
steadily
increasing as

Corporate by Groups

Corporate by Ratings

Mar

place.
~
centers retain

three main

their

Avge.

Averages

AVERAGES!

YIELD

67,60Q, tons

increased costs to.

that

feels

one

farmers

January, 1942r bookings were 183,$87 )tons,*A ^Shipments*; ifi January

113.12 Chicago, second, representing al¬
most 20%; and the Youngstown
district third, with 14%.
*
"With allotment numbers and

109.97

96.23

90.20

106.56

113.12

117.40

106.04

117.01

1941_

from.

respectively,
district down one

Ilth

Institute
Bookings

in January fell to 57,865 net tons

decreased by 34,-

respective' positions as far as
ingot output is concerned
113.12 with Pittsburgh first," accounting
for 22.75%
of national capacity;

109.79

96.85

91.48

107.44

113.12

115.63

106.39

117.45

1942J

Years

that

"The

American

the

Construction.

oL Steel

tons,

total

1 Year ago

Mar.

2,500

putting

97.16

92.64
90.63

108.88

114.27
112.75

117.20

115.90

1942__
1942

100.32

95.92
92.35

110.34
108.88

115.43
113.89

117.80

107.44

and

tistics* of

Open hearth and
in the Cin¬

cinnati area has
010

••■'/.

116.85

For Farm 'Mandate'

inventories

consumer

electric steel capacity

94.56

requirements, /and

cases

second largest steel produc¬

100.00

114.66

117.14

1943

High

115.43

117.20

Exchange Closed.

1943-____

LOW

115.43

112.93

117.02

_■

Low

115.43

112.93

100.16

108.34

117.05

;

15
~

112.93

100.16

117.05

11293

115.43

94.86
94.71.

109.79

115.04

117.60

108.70

117.04

Jan. 29

117.60
117.60

108.88
108.88

115.43

100.32

95.47
95.01

109.24

117.11

113.12

100.16

95.77

117.11

—

110.15

113.12

100.16

Wickard Asks Congress

ing district,

115.43

100.16

95.77
95.62

115.43

"
'

115.43

117.60

109.24

;

115.43

112.93

meet

some

cago,

112.93

100.16

:yd

"Pig, iron distribution continues

required and are not returning to
Reiterating his opposition to in¬
former practice; as the situation
made the largest ton-,
creasing prices as a spur to pro-;
loosens.
In many cases there is
nage gains, 403,000 tons of addi¬
duction,. Mr." Wickard told the
tional
open
hearth and 170,140 less pressure "for shipment of de¬ House Agricultural Committee on
Makers of ma¬ Feb. 24 that the farm programs;
tons of electric furnace capacity,: linquent tonnages.
Canton-Massillon, first with re¬ chine' tool castings are ahead of must, include assurances that farm-;
demand and are limiting produc¬
ers'i returns will cover the in¬
spect
to
electric steel, added
facilities
for
32,080
additional tion somewhat, •■■/?///
creased costs of extra production
"Continued decline in fabricated
tons.
Open hearth capacity in the
/C "I -take
it for granted," Mr^
steel production is shown in sta¬
Youngstown district has increased
Wickard said, "that almost every,

Indus.

P. U.

R. R.

100.16

95.77
95.77
95.77
95.92

110.34
110.34
110.15
110.15

______

Corporate by Groups*

95.62

110.34

116.97

115.24

117.60

the latter class dir'

reetiyes control most tonnage.

operation during the latter
/. Secretary of Agriculture Wick¬
are
slightly' larger.-. Because of ard has asked Congress for a
half of 1942 have added 269,330.
the tight situation several months
tons to Pittsburgh's open hearth
"clear mandate" program to as¬
capacity and 93,860 tons to 'its ago many melters have reduced sure maximum farm production
electric furnace capacity.- •• Chi* '• the number of analyses formerly in 1943.
into

extended.
:

poorly.
"Steelmaking facilities brought

110.34
110.34

Corporate by Ratings*
Aaa
Aa
A
Baa

Corpo-

Averages

Peb

Yields)'

Avge.

Govt.

of, new equipment
recent months has

distributed

been

;/-z /;//; /•:':
.V, ■■
r

PRICESt

{Based on Average

-.'V/

1943-

Daily

\y:-/',■

■>.,

■

EOND

MOODY'S
-

>avaiiable

and bond yield averages are

bond prices

computed

Moody's

Thursday, March 11, 1943

COMMERCIAL & FINANCIAL CHRONICLE

tThe latest complete list of bonds used
14, 1942, page 202.

capacity for the week beginning
March 8, compared with 98.2%
one
week ago, 98.1% one month

New VLoan Drive
To Start

Lumber

April 12

Movement—Week

Ended Feb. 27, 1943

•

According to the National Lum¬
Secretary of the Treasury Mor¬ ber
Manufacturers
Association,
genthau announced on March 1 lumber shipments of 440 mills re¬
ago and 97.4% one year ago. This
that the Treasury's, next major
/
Yearly average yields in the years 1929 to 1941 inclusive and represents
an
increase
of -0.9,
porting to the National Lumber
monthly average yields for 1941 will be found on page 2218 of the point or 0.9% from the preceding financing operation will begin on Trade Barometer exceeded pro¬
June 11, 1942 issue of the "Chronicle."
week.
The operating
duction by 15.8% for the week
rate for April 12.
;'/ the week beginning March 8 is
While the amount
which the ended Feb. 27, 1943. In the same
MOODY'S WEIGHTED AVERAGE YIELD ON 200 COMMON STOCKS
Average
equivalent to 1,716,100 tons of Government will seek to borrow week new orders of these mills

Moody's Common Slock Yields

7.2 Cc

1942.—

February.

(25)

Yield

(10);, /

(200)

(15)

7.7

5.0

6.0

:v%X

7.1%

4.6%'

5.6%

8.5

8.2

7.7

1942

March,

7.7 %

(125)

Month-

Insurance

Banks

Utilities

(25)
7.4%

Industrials

Railroads

7.8

April,

194J

7.7

8.3

8.9

6.1

5.3

May,

1942

6.7

7.8

8.2

5.7

4.9

June,

1942

6.4

7.8

8.4

5.6

4.3

6.6

July,

1942

6.1

7.7

8.2

5.5

4.7

6.4

6.0

7.5

8.0

5.1

4.7

6.3

7.9

4.9

/:/,/ ./.'■ 4.5

6.1

7.2

5.0

4.4

5.8

7.1

5.2

4.5

5.9

7.2

5.0

•

August,

1942

5.8

1P42___

September,

1942

October,

/:;/ y/

November,

1942___

5.3

February,

1943

■

•/

//,

5.0

___

8.6
7.9

/"//

4.7

1943__„__

January,

7.3
8.0

5.5

December,

:■

7.0

5.5

7.3

4.5

'•■///■

5.7

4.2

4.1

5.4

4.1

4.4

6.8

6.3

...

6.9

,5.1

com¬ has not yet; been definitely de¬ were 23.7% greater than produce
week cided, Secretary Morgenthau re¬ tion. ■ Unfilled order files in the
his previous announce¬ reporting mills amounted to 88%
ago, 1,698.700 tons one month ago, iterated
and 1,654,500 tons one year ago.
For reporting softwood
ment that the goal will be at least of stocks.
the approximate mills, unfilled orders are equiva¬
"Steel" of Cleveland, in its sum¬ $13,000,000,000,
amount raised in the first Victory lent to 39 days' production at the
mary of the iron and steel mar¬
drive' in
December. / He current rate, and gross stocks are
kets, stated in part as follows: Loan
"Evolution of the Controlled Ma¬ added that it will be the greatest equivalent to 41 days' production,
terials
Plan
is
For the year to date, shipments
proceeding and financing campaign in the na¬
orders bearing its' numbers are tion's history. Plans for the April of reporting identical mills ex¬
increasing. -1 Considerable confu¬ drive have been under discussion ceeded production by 18.0%; or¬
steel

sion

Operations Again Rise—Record Plate
Output Expected En March—Orders Heavier

"The all-out effort to eliminate critical shortages

holds promise of

•

of aircraft

steel

succeeding, says "The Iron Age" in its issue of to¬

day (March 11), which further adds in part as follows:
'/
'
"At least two months recently have been clipped off the time

fin¬
well, about 95% of all aircraft

required from the start of raw materials for aircraft until the
ished

plane flies away.
If all goes
schedules will be&"In
fixed firmly by the first of- each
steel

melting

month, with the remainder; left
open for Aircraft Scheduling Unit
emergency orders.
\ "

"Meanwhile,

steels

are

forcing

substitutions

The

aircraft.

shortages of alloy
more-

and more

fields other than

Tank-Automotive

industry

steel

orders

week,
with

—

•
the

railroad

are
car

much

and

this

heavier

locomotive

builders

placing
commitments
of plate
and alloy
rounds specifying freely.
and

users >_

belated step to improve the

farm

equipment

^situation

- was

Detroit, for example, taken over the y^eekend, when
While farm
has devised a system to expedite quotas were boosted.
substitutes when a manufacturer production has increased over the
finds it impossible to obtain the years and population has gained,
desired alloy steel.
Examination the volume of steel going to the
Center

German tanks shows agriculture industry in 1940, 1941
have also been and 1942 was significantly below
many
substitutions and the average for the years 1935 to

of captured
that

the

making

Nazis

using armor which

consists sim¬

ply of heat treated carbon steels.

1939,
below

declining
that

last

average.

year

35V2%

Even

the

under

continues

ders

Sieel

castings,

and

ingots

pared to 1,700,500 tons one

the

making out or¬

be clarified by issuance

lation No. 7 and revision
lation No. 1.

some

officials,

dents

for

time

between

Treasury

ders

members

the

Federal

Reserve

29.9%

r'/'.'>"/:
28.4%
satisfac¬
In the first Victory Loan 49.6%
tion with the plan as it develops,
the Treasury sought
seeing in its application a better campaign
balance in bookings, avoidance of $9,000,000,000 but raised a total
the unwieldy backlogs formerly of $12,906,000,000 of "new money "
accumulated and more efficient These results - were noted in our
Jan. 28 issue, page 383.
'
■
use of equipment and labor.; ;
"Steelmakers

22*7%.

the Open V Compared to the average cor¬
of Regu¬ Market Committee "of the Federal responding week of 1935-39, proJ
of Regu¬ Reserve System, and the Presi¬ duction of reporting mills- was

plan, expected to

Banks.

express

•

greater;"
greater,

shipments- were
and orders were
/V;

greater. ./z/,' / «;•/.

Moody's Daily

"Plate mills
for

are

increasingly

being called on

large

tonnage,

shipbuilding being the main fac-*
tor, with^ synthetic rubber and
high-test gasoline plants adding
materially; .March is expected to
set a new record in plate pro¬
duction.

"Deliveries

are

tightening,

es¬

While the

Treasury's plan to bor¬

$13,000,000,000 would
raise the debt beyond the existing
limit
of $125,000,000,000;
Secre¬
tary
Morgenthau
observed on
Feb. 22 that "if, we get this: drive
started I can't imagine Congress
not getting together'' on a bill to
raise
the debt ceiling.
It was
row

about

248.1

Tuesday, .March 2-___:._—

March 3_;
Thursday, March 4—/
,—
Friday, March
Saturday, March 6__—.
Monday, March 8_-,_______.—
Tuesday, March 9
.
;
Wednesday,

Two

Year

ago,

248.9
248.9

249.Q
249.2

248.5

Feb. 23-—-—.—^
Feb. 9___
—___,

246.9

229.5

weeks asro,

Month

249.3

March 9—'

•

244.5

239.9

1942 High, Dec.
220.0
pecially in bars, large rounds and pointed out in Associated Press
Low,
Jan. 2_l~
from
Washington
on
and flats being promised no sooner accounts
249.3
1943 High, March 3——
22
that legislation to in¬
240.2
than three months, some makers Feb.
Low, Jan. 2_
offering
nothing
before
third crease the debt limit to $210,000,quarter.
Small rounds in general 000,000 has been approved by the lie debt was $113,160,159,954 on.
House Ways and Means Commit¬
are
promised in seven to nine
Feb,
19.
This amount did not
weeks, with some makers better¬ tee with a rider modifying Pres¬ include $4,290,592,118 in guaran¬
ident Roosevelt's executive order
ing this slightly. Cold-drawn bars
teed obligations not subject to the
limiting salaries.
are offered for late May or June
Tl-.*!

at best.

Alloy bars are even more

Tmocurv

rAnnrtpd t.hfi DUb-

debt ceiling.

Volume

Number 4158

157

THE COMMERCIAL &
FINANCIAL CHRONICLE

Weekly Coal And Coke Production Statistics
Bituminous

The

Coal

Division,

XJ. S.
that the

ferior, in its latest report, states
coal

in the

Department

total

standing and the face

of that for

the

period last

same

In¬

Total

production'of soft

face amount

that may be
outstanding
as of Feb. 28, 1943:
' "

Outstanding

for

the

week

1,278,000 tons,

1943

-preceding week.

When

compared

sponding week of 1942, there
The

Bureau

with

also

reported

^production of by-product coke in the
ended

Feb.

showed

increase

output

United

beehive

ESTIMATED

UNITED

STATES

DATA

4. 4

increased

ovens

Treasury

3,200

tons

PRODUCTION

and

Total

Feb. 27

•

lignite—

incl.

SOFT

CRUDE

Daily

fuel_

Coal

2,027

most

the

produced
per

barrel

Review of

ESTIMATED

'44'4444:'4-

oil

'•

4/4

■

Feb. 28
'

Beehive coke—'

•'-•...

1,868

51,430

converted-into

1943

•

coal.

Note

directly competitive with coal
tSubject to current adjustment.

Feb. 20
'-

total—

washery
tExcludes

ERcvised.

and

by OPA

authority.
OF

and

public

ANTHRACITE
.

PUBLIC

current

bonds

redemption

debt

;/:v>(

;

3,891,581,357

Other

obligations

and

excess

relief
195,960,420

4/4.4.

1942

;

•

AND

■

>'1,295,000'}

1943

statements

$17,067,472,493.

the

value.
public

Principal
debt
'

as seen

150,700 ^

Mar. 2
1929

9,304,000 13,866,000

156,800 -1,-281,600 /1,256,700

1,225,200

1,032,700

1,222,000, 1,160,000

:10,079,000
9,891,500^.
J
dredge coal, and coal shipped by truck from authorized
colliery fuel.
^Comparable data' not available. • SSubject to

and

•/'

•»

•

stocks,

orders

and

by business men, the

"Numerous

868,622,802

1943--——-.

that

executives

formation

partment

$114,023,688,795

(current

value)
the basis of Daily Treasury Statements

v.//'-,'..

tion

redemption

clearing

and

which

would have to

believe

central

de¬

house

to
all requests for informa¬

pass
amount

..,/:c4:

inactive

unfilled

all

agencies

for informa¬

come

tion would greatly lessen the bur¬
den of paper work.
It was as¬

-44'""

'1942

9;406,000

maturity

this

Board adds:

COKE

^eb. 27 .// Feb. 28

"Approximate

10,290,275

28,

reports

payroll deduction reports."
Discussing the possible means of

112,948,815,298

among the reports
be extremely bur¬

shipments by special end-use clas¬
sification, the ODT daily truck
mileage report and the various

$116,840,396,655

between

company's
Annual and

forms, cost
price-ceiling lists asked

said

analyses

value)———
'

asking for

category were material re¬
distribution' surveys, inventories
of

Statements)

(difference

men¬

agency

same

DEBT

'1943

28,

the basis of Daily Treasury

public debt outstanding Feb.

gross

according to

(Min¬

Calendar Year to Date

Feb. 28

Total

serted

that the requirement that
questionnaires must be approved
by the Bureau of the Budget has

EleGfric Output For Week Ended Mar. 6, 1943
Shows 16.3% Gain Over Same Week Last Year
The Edison Electric

proved constructive.

More nearly
complete control of that type was

Institute, in its current weekly report, esti¬

recommended.

that the production of electricity
by the electric light and
industry of the United States for the week ended March 6, 1943,
was
approximately 3,946,630,000 kwh., compared with 3)392,121,000
kwh. in the
corresponding week last year, an increase of 16.3%. The
output for the week ended Feb. 27,
1943, was 14.2% in excess of the
similar period of 1942.

was

also

sug¬

gested that the trend toward sim¬

power

plification
be

the

accelerated.

made

for

should

reports

plea

elimination

phraseology and for

also

was

legal

specific

instruction.

current

weekly estimates

based

are

on'railroad

i——Week Ended-

State—

■■a/

.■

1943

Alabama„__„__

Alaska

■Georgia

and North

1,493

1,369

'505

Missouri

194

Kentucky—Eastern
;Kcntucky—Western—;—*—
Maryland

998

947

322
35

—.2——
(bituminous

(lignite)
Ohio--*

.'v

(bituminous)

••72

Tennessee

and

Utah

,38.

2,880
■.;/•

2,761

145

i/i

129 Jv /
406

Washington

Virginia—Northern-,...

Dec

917

;•

Dec

18
v

Total

bituminous

nite—;

and

all

(

-4:

12,200

1,133

the B.

& O.

'.States,':'

■

1,000

+13.3

3,003,543

1,563,384

1,840,863

+13.8

3,052,419

1,554,473

1,860,02)

single report for all payroll

3,655,926

3,234,128

+13.0

2,757,259

1,414,710

1,637,683

ductions."

1932

13,537

12,130

ommended.

1943

1942

3,779,993

3,288,685
3,472,579

+' 14.9

3,952,587

+ 14.5

over

1942

1941

1932

2
9

2,811

3,087

Jan

3,952,479

3,450,468

148

118

127

Jan

3,974,202

3,440,163.

+ 15.5

Jan

2,996,155

1,588,967

3,976,844

1,717,315

3.468,193
3.474.638

+ 14.7

2.994.047

1,588,853

1,728.203

/'f-

4 7

Feb

13 '

212

Feb

2,038

719

700

123 >

160

?■

3,960,242

4 1,968

> 4''//

—

284

■>'4/34
:

23 I Feb

119
/

■>
.

1,127

Feb

3,939,708

3,892,796

—

156

#<"7

3,392,121

3,948,749

Mar 13

Mar 20

3.421.639
3,423,58.9
3,409,907

3,946,630

—

Mar

673

Mar 27

10,641
•

1,619,265

1.542.00C

1,602,482

1,733,810

1,598,201

1,736,729

3.012.638

+ 14.0

2,989,392

1,578,817

1,726,161

+ 15.1

2,976.478

1,545,459

1,718.304

+15.3 ■; 2,985,585
+ 14.2 >
2,993,253

1,512,158

1,699,250
1,706,715-

3.004.639

1,538.452

1.702,570

2,983,591

1,537,747

1,687,229

2.983.048

1,514,553

1,683,262

3,345,502

i——'

1,519,679

+ 16.3

3,357,444
3,357,032

4>vV/;4
'/■•/

2,845,727
3,002,454

+13.8

2,975,407

1,480,208

1,679,589

•

10,956

832

1,902

11,822

12,858

.983 #;

11,624

de¬

Broadcast War News
Elmer

Office

begin

ute broadcasts

broadcast

ject spent

p.m.

p.m. over

Report

the

March 12.

The

over

the

NBC, CBS and Blue networks each.
Friday
evening
from
10:45
to

tual

to
the
National
Industrial
Conference
Board,
a
majority of industrial concerns from which the Division of Indus¬
trial Economics of the Board has
obtained specific data on the sub¬
naires and

Director

War Information, will
series of weekly 15-min-

(EWT).

rebroadcast each

Thousands Of Man Days Spent
Answering
Govt. Questionnaires, Executives
According

Davis,

of
a

series will

11:00
10,990

Reference frequently
the possibility of a

OWI Director Davis To

1929

Jan
Jan

:.;1

made

was

% Change
1943
;
s.'•

""37

1929

4 694

the 'N/& W.; >C/ & O.;

tons..

3,475,919
3,495,140

______4—

Week Ended—

than

1,806,225

District

t.tLess

1,518,922

>4 80

;

Virginian;. K. & M.; B. C. & u„
Kanawha, Mason, and Clay counties. tRest of
State, including
and Grant, Mineral, ard Tucker counties.
; tlncludes
Arizona,
California, Idaho, Nevada and Oregon., gData for Pennsylvania anthracite from
pub¬
lished records of the Bureau of Mines.- !iAverage
weekly rate., for. entire month.
""Alaska. Georgia, North Carolina, and South Dakota included with
"Other Western
on

Panhandle

2,975,704

/■; v;/':'■ .■/••/:;

10,971

4/1,337;' : >1,159

13,293

—r—

+13.7

143
l

"Includes- operations

3,414,844

1940

624

833

)-44
12.160
v

■

'/,F F,,/

1941

2,662

1,956

32.2

15.1

1941

i'X

'■/

100

2 •/)

lig-

anthracite___:

coal

—_—■

J Pennsylvania
Total

States—n.

350

961

15.3

/•: 3,975,873

2,260

4',:

>--205

203

Western

% Change
over

rec¬

ought to be more
specifically adapted to conditions
in the industry involved.
In that
connection, it was suggested that
industry advisory committees
could be very helpful. Consolida¬
tion of numerous reports into one
report wherever possible was rec¬

19.3
14.2

— 30.8

(Thousands of Kilowatt-Hours)

from

and that reports

14.8
.

14.2

out

ords normally kept by businesses

13.0

3,937,524

mother

'4 444'

filled

could

12.4

19.7

4' 9.4
•/*/ 31.04"

/4>

answered

8.6

they

3,883,534

349

•

2,340

Wyoming—

T, '

■'/'■

that

1942

Dec

581

139

Virginia—Southern—

Dec

226

•

142

•

425

tWest

16.3

6.0

1942

556

;/')

646

vV'-'. 45

*West

;

.17.7

RECENT WEEKS

4/'

Week Ended—

722

4 4 , 27

Virginia—:]

;

FOR

224

>4/
;

•

i;'

:748

■

:!"•

DATA

-36

lig-

—

869

■.

155

.(bituminous

nite)

174

i 37'

2,696

—

States

9.2

13.7

,44>

i/+; 718

Pennsylvania

United

-44;

11.9

241

,/•;

*—

20.1

—

that

13.1

12.8

•■V 136

169

(>r>:

.; 40

States

11.8

advanced

formulated

Feb.13

4.6

■>://" :4

8.4

■>' *

>:4:>' '••.:

14.4

further

was

reports and questions should be

Feb.20

♦«

Total

•/'4>

15.0 4
•

613

201

11.3

—

"It

Wee)i Ended

Coast

1,993

136

Mountain

Pacific

Atlantic

231

r»

105

Dakota

South

409

182

502

278

Rocky

1,466

768

Central

Southern

II1923

112

and

44'

.-'/€( 38 X

•,:

Mexico

Texas

•/

and;,

lignite)
North

:•/:/;

■

Middle

West

508

317

—

Michigan

.:■/

Central Industrial

1,303

•

205.' 44/173

•":

■

•r

■

avge.

300

527

£.66 ' •'.

1937

;''

...

••'4i 167J

1,435

503

344

T80

Montana

'•

Feb.20

1941

44/'.,;

347.'

-■4 468

-V-186

Z^v,ri'.,.. V'Zfvl ■•'•

——

Iowa

New

108

i7i

5 '■

PERCENTAGE INCREASE OVER PREVIOUS YEAR

Major Geographical Divisions—
Mar. 6
4 Feb. 27
New England
/ •■;/ 3.6
+>'/■:
4.5

Feb.

Feb. 22

1942 >

••••

Indiana—
and

•I?

■/ i: 6 ;•/ 389// •>4':

z ■•.

107

f!\;

Carolina

lllinois__-._»«»i_"__-—

Kansas

Feb. 21

1943

,6
390

Arkansas and Oklahoma-.^..
Colorado

Feb. 13

•

BY STATES

announcing
Davis

which he
1.

the network of the Mu¬

Broadcasting Co.

Mr.

They will be

Saturday at 4:00

laid

the

down

broadcasts,
three

rules

will follow:

The broadcasts will not carry

news which has not already been
days each in 1942 answering question¬
filing reports required by the Government. Half of these available to the press and radio.

1,000

over

man

firms found it

2. The broadcast will be factual
necessary to devote 5,000 or more man days to this
work, the Board reports.
and
will
The«>
attempt to summarize
highest figure reported was 18,000 continued
upward. This trend is and clarify important war de¬
The Treasury Department made
man
public on March 4 its monthly
days. > The Board further in part the result of the
Victory velopments in order to promote
report showing the face amount of public debt obligations issued states that many other executives tax and
the work arisihg/iout *of clear understanding of the na¬
under the Second Liberty Bond Act (as
amended) outstanding on consulted by the Board in the the transition from the Produc¬ tion's wartime problems.
Feb. 28, 1943, totaled $116,840,396)655, thus
leaving the face amount course of a special inquiry just tion Requirements Plan to the
3. Every effort will be made to
of Obligations which may be "issued
subject to the $125,000)000,000 completed were unable to provide Controlled Materials Plan.
Opinion make each broadcast responsive
'statutory debt limitation at $8,159,603,345.
In another table in the exact figures, but were emphatic was divided on the
prospect of a to the questions uppermost in the
•report, the Treasury indicates that from the total, face amount of in their assertions that this
in
paper reduction
paper
work when minds of the public.
outstanding public debt obligations ($116,840,396,65.5) should be de¬ work was and is very burdensome. CMP is
fully operative. The Board
Mr. Davis stated that he .re¬
ducted $3,891,581,357 (the unearned discount on
savings bonds), re¬ These figures, the Board says, do states:
-%.y.
•
ceives many
ducing the total to $112,948,815,298. .However, to this latter
letters each \yeek
figure not, for the most part take into
"Evidence of simplification of from
should be added $1,074,873,497 (other public debt:
people who write that ithey
obligations out¬ account the time devoted to such
certain forms, however, was cited want
someone
in
the
Govern¬
standing but not subject to the statutory limitation).
Thus the total tasks by top executives, auditors
and it was indicated that much ment to
sum up each week what
gross public debt outstanding as of Feb. 28, 1943 was
and legal staffs.

Statutory Debt Limitation flsOf Feb, 28,1943

—

;

The

$114,023,688,795.

following is the Treasury's report for Feb. 28:
Statutory Debt Limitation

of Feb. 28,

1943

Section 21 of the Second
that the face

amount

Liberty Bond Act, as amended, provides
obligations issued under, authority of that

Act, "shall not exceed in the aggregate $125,000,000,000
outstanding

at any one

The

time."
v
following table shows the face amount of obligations out-

could

v'Tn

the

making these facts' known,
points out, moreover,

Board

that the

ecutives
able

majority of business
found

decline

/volume

beginning
some

that

has

paper

the

•

individual

were

densome.

$8,159,603,345

T-

THE

often

mated

163,200

Feb. 20

the

above

STATEMENT

that

■

total-—

States

(The

and

WITH

outstanding but
not subject to the
statutory limitation:
Interest-bearing <Pre-War, etc.)—
_:
Matured obligations on which interest has ceased
Bearing no interest

42,994

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

under

1,702

is not

PENNSYLVANIA
Net Tons),,,.

56,037

pound

ESTIMATED WEEKLY PRODUCTION OF
COAL,
(In Thousands of Nfet Tons)

value

other

equivalent coal assuming

u.: per

Week Ended-——-—

"Includes

data

69,454,850

224,356,248

—

By-product coke—

revision;

ceased-

1,088,000 11,243;000'*9;030,000 118,932,000
12,868,000

issuable

Savings

84,099

1,227,000

operations.

obligations

(On

maturity

1937
/•

,1 Commercial production

United

has

Savings stamps)

production.
quarterly
financial

face amount of
outstanding public debt obligations issued under
authority of the Second Liberty Bond Act, as amended—
Deduct
unearned
discount
on

Feb. 27

93,406'

1,133,000

interest

War

FEBRUARY

Add

1,278,000

States

$116,546,585,557

;44.

3942
<

1,960

■;

6,432

775).-

page

PRODUCTION

Penh."anthracite—/

United

period.

"Total, incl. colliery fuel

which

(U.

Government

field

1,074,873,497

13,100 B.- t.

products

1940,

and

§Feb. 27

"*■

frequently

appeared

est
45,446,081,350

—

RECONCILEMENT

week

COMPARABLE

•

1943

96,049

1,909.

6,200

8,231,895,000

tFeb. 27

11,452

the week

during

supply of petroleum

erals Yearbook,

4""' '.

interest

amount

the

renego¬

information in a volume
dispro¬
portionate to its immediate inter¬

'■< K

6,204

barrels

"6,000,000 B.

val.)

compared

same

which

and

Price Adminis¬

most

;

equivalent of

weekly output
"Total

(maturity

15,059,710,000

„

Total

WITH

1942

2,113
'v.

the

when

COAL

Feb. 28

12,160

"Crude Petroleum-

•

116,840.396,655
Face

January 1 to Date

1943

12,680

average

indebtedness—

obligations,

Bearing

PETROLEUM

(000 omitted)

Feb. 20

1943

mine

144,186,000
723,800,207

Office of
was

tioned

In Net Tons

Bituminous coal

Matured

corre¬

The quantity of coke

-Week Ended•

"The
tration

22,154,476,350

bills

•'''

estimated

for

12,500 tons during the

PRODUCTION

4>4

that/ the

States

/with the output for the week ended Feb. 20.
■from

in The

result

From the Board's
announcement
also quote:

20,959.053,850

decrease of 17,000 tons, or 1.3%.

was a

Mines

the

* as

$71,100,504,207

the

over

$125,000,000,000

$49,273,464,150

—-

esti¬

was

departments
tiation."
*

27,

increase of 145,000 tons (12.8%)

valuei___

Depositary
Adjusted service

mated at

any one time

■

_—

Treasury notes

Feb.

this

Treasury
"Savings (maturity

year.

ended

••

Bonds—
•

According to the U. S. Bureau of Mines,-production of Penn¬
anthracite

under

Interest-bearing:

Certificates

sylvania

issued

;

%age-freezing order

the

27, is estimated at 12,680,000 net tons,
an increase of
520,000 tons, or 4.3%, over the preceding week.
This
is the highest figure recorded since the week ended
March 26, 1927,
when production amounted to
13,320,000 tons.
Output of bitumin¬
ous
coal in the week ended Feb.
28, 1942, totaled 11,452,000 tons.
For the current year to date,, soft coal
production was 2.8% in ex¬
cess

still ibe

can

limitation:

ended Feb.

week

amount which

93I|

appreci¬

occurred

work
year.

ex¬

the

since

the

fact,

reported that the trend has

done

was

also

Attention

this

direction.

called

the

increased work resulting from va¬
payroll deductions, sales of

rious
war

bonds,

problems

arrang¬

being done and why—and ;how

affects

cently
station

Office

each

individual.

Re¬

of important radiooperators
informed
the

a group

War

Information

that

ing transportation for workers, etc. people in their communities were
Some executives also look for ad¬
eager to get a clarification of im¬
ditional

tive,

burdens

legal,

clerical

administra¬

and

auditing

portant issues of the
Mr.

war

Davis might make.

such

Daily Average Crude Oil Production For Week
Ended Feb. 27, 1903 Declined 1,250 Barrels
crude oil production for the week ended Feb. 27,
barrels, a decrease of 1,250 barrels from the

age gross

3,873,050

Private Construction
Public Construction

112,869,000

•P.A.W.
nations
February

Oklahoma

310,500

Nebraska

Feb. 28

Week

1943

350,050

393,700

307,150

230,000

compares

2,450

4,450

year ago.

■..+\,v

C-.

Texas

West
East

East Texas

>213,900

—

8,350

11,343,200

1,515,450

1,000

90,900

81,500

246,550

270,600

1,000

337,450

75,700

—._

' 349,800

336,300 '

362,300

78,700

Total Louisiana

74,826

—.

—

Arkansas

Mississippi

272,200
17,200

Illinois

114,600
63,700

Ind.)•

Michigan

_____

94,100

Wyoming
Colorado
New

19,150

91,700

95,550

1,100

59,000

50,850

1,150

88,900

84,400

500

21,550

550

7,000

96,600

2,450

3,090,600
777,300

1,250 3,867,900 ' 4,015,650
•P.A.W. recommendations and state allowables represent the production of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil, condensate and gas fields.
Past records of production indicate, however, that
certain wells may be incapable of producing the allowables granted, or may be limited
by pipeline proration.
Actual state production would, under such conditions, prove to
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
tion of natural gasoline and allied products in November, 1942, as follows:
Oklahoma,
29,900; Kansas, 5,800; Texas,
106,300; Louisiana, 20,800; Arkansas, 3,000; Illinois,
10,300; Eastern (not including Illinois and Indiana), 11.500; Michigan, 100; Wyoming,
2,600; Montana, 300; New Mexico, 5,800; California, 42,100.
;'••.
tOklahoma, Kansas, Nebraska, Mississippi, Indiana figures are for week ended
7 a.m. Feb. 24.
v. \
■'
w'.J.
JThis

—

basic allowable as of Feb. 1 calculated
exemptions for the entire month.

net

the

shutdowns

Includes

3,873,050

With

and

Chicago

Philadelphia

Washington

Cleveland

of Conservation Committee of California

SRecommendation

+ 20

CRUDE

PRODUCTION

STILLS;

RUNS

AND

UNFINISHED

GASOLINE,

GAS

OF GASOLINE; STOCKS OF FINISHED
OIL AND DISTILLATE FUEL AND ENDED FEB. 27, 1943 '
'■-,ir■>■■■

RESIDUAL FUEL OIL, WEEK

(Figures in Thousands of

barrels of 42 Gallons Each}..

Figures
>

■

'■/:

v.,+.

V"' f

Dally Refining
.'•>
Capacity
Poten-

tial

District—

Rate

this

section

Include

totals

reported

plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
§Gasoline
■ ■'

Crude
Runs to Stills

% Re-

Daily

at Re-

.'.+ >•
*Stocks

fineries

Finished

Includ.

and Un-

Production

;

% Op-Natural finished

porting Average erated Blended

Gasoline

tStocks

JStocks

of Gas
Oil and

of Re-

Distillate

Fuel

Fuel*

Oil

Texas

Louisiana
'

Arkansas

2,444'

Inland Texas-

and

177

Appalachian ——__
Ind., 111., Ky.
L.
Okla., Kansas, Mo
Rocky Mountain

88.7

1,671

68.4

4,774

40,096

84.8

161

91.0

449

3.029

20,048

15,399

10,061

;

729

555

718

88.5

2,328

3,676

2,756

416

80.1

344

82.7

1,095

7,387

1,543

1,412

147

48.0

62.6

340

2,052

381

554

811

817

California

85.0

89.9

723

88.5

1,580

20,545

11,211

54,802

1943
of M.

4,812

86.2

r" 3,709

77.1

10,566

t93,157

32,939

70,140

basis Feb. 20, 1943-

4,812

86.2

3,694

76.8

10,324

92,215

33,367

Tot.

27,
B.

Bur.

Feb.

28.

3,672

1942-

.12,116

108,156..

;

+23

feed

has been stored off the market

+42

+60

+ 12

+ 45

\+ 48

.+ 32

+ 10

+29

.+ 25

+36

•r

+ 52

23%

31% •

goals will be eligi¬
payments and
wheat loans even though they ex-?
ceed their wheat allotments. This

ble for AAA wheat

provision/it was pointed out, will
enable wheat farmers, in areas

Sales

items, the Board

; C"

;

explained.

OF DEPARTMENT

INDEX

+ 18

____

Cleveland

* + 16

+ 28

Atlanta

—

+18

—

+ 23

+ 28

+ 49

+ 26

+ 67

+ 20

+ 34

+ 46

+ 53

+ 43

+ 11

5>:

+ 14

12.

19'

+ 46

+ 10

+ 30

+ 59

+ 36

+ 12

+ 26

+ 47

+ 58

+ 26

+ 24

+ 83

—

keting

* +100

+ 70

+ 22

+ 23

+ 30

+ 43

+ 14

+ 27

+28

+26

total____.

*+33

+45

+ 19

+31

+ 2

+12

+ 14

the

+45

+56

+ 16

the

with

year

1943—

INDEX,

SEASONAL ADJUSTMENT

WITHOUT

1942—

same

time,-this year, wheat

consumption, including- moderate
exports, promises to be the larg^
est since 1920.
And it must be re¬

Feb.

—

Feb.

20:

Feb.

Jan.

121

30L^__——

Jan'.

——

—

27____

21____

Feb.

,_L__

14__.__

Feb.

i—

tNot

*Revised.

;

114
116
110
119

...

New Rubber Agency

Director,

who

bulk
in

crease

With

some

the

wheat

increase

accounted

current in¬
consumption.
expected

the

quantity used for food, and
substantial quantities being used
for alcohol production, our total
domestic consumption is expected
to be the largest in history."

Jeffers,
had re-^

letter to William M.

Rubber

369,000,000

"Livestock feeding has

for. the

shown

Engineering Construction $85,889,COO

engineering construction volume for the week, $85,809,000,
is 41% below the total for the corresponding 1942 week, but is above
Civil

1920 our gross

totaled

bushels.

I—121

Feb.

exports

* .I.¬

31__j_'

Feb.

136
168
146
150

(1935-39 AVERAGE=400)

•

total wheat

membered that in
WEEKLY
"

present mar¬

supply of 1,613,000,000 bushels. At

+41

+ 54

however, additional
are a safeguard for
"
•
:

entered

"We

+ 60
___

reserves

the future..-

+ 13
.

livestock,

feed

+ 14

+ 36

_____

2-27
,

+ 17

+ 14

0
+ 13

the

11-28

1-2

+ 43
*

supplies at

*+37

_____

said:

good wheat years

behind us, our wheat

(per cent)

+ 22

"With' three

Ending—-—Year to

resultant

and

past. Secretary Wickard also

'...'"99#;

+ 27

Chicago _____
St.
Louis___—

erosion

water

yields that have followed ex¬
cessive acreage increases in the

low

—

+ 19

+ 35

+ 16

and

future
recalled the wind

jeopardize

not

wheat crops. He

present time are the largest in
our history.
In view of the tre¬
mendous. increase in the number

1-30

2-27

+ 17

+ 11 '

+23

Richmond

period a year ago

2-6
+

+30

+21

+ 21

^—_
Yor.k__._i__

126

222

-Four Weeks

2-13

2-20

2-27

District-

San Francisco

125

Ill

—-One Week Ending-

Federal Reserve

Minneapolis

+
corresponding

Change from

;

143

The Secretary

production.

urged wheat farmers, however, to
farming practices

maintain careful

Feb.. 1942

Dec., 1942

Jan,, 1943

Adjusted for seasonal variation™
,165
Without seasonal adjustment
—130

wheat

AVERAGE=100) ?

(1923-25

STORE SALES*
Feb., 1943

cessfully grown, to increase their

marked in clothing
?
'

month and was particularly

began early in the

not so suc¬

where other crops are

the Federal

of Governors

1943

farm war crop

March 4 that the value of

who

Reserve System an¬
department store sales increased
sharply from January to February and the Board's seasonally ad¬
justed index rose to a new high level of 165% of the 1923-25 aver¬
age, as compared with the previous peak of 143 reached in January.
The sharp rise in sales in February reflected a buying wave that
The Board

nounced

that

announced

;■

only.

tim£, the Secretary
wheat
farmers
meet 90% of their

At the same

occupied room

average sales per

of the quota.

cause

71%

81%

37%

28%

February Department Store

1943-44, and releases at once for
or market any wheat which
be¬

+ 42

+48

H
'J'

+ 48

provisions of the Agriculture
Act, lifts marketing
quotas for the remainder of the
1942-43 marketing year and for
ency

Adjustment

separately but included in United States total.
tMonthly
indexes refer to daily average sales in calendar month; February, 1943, figures esti¬
mated from weekly sales.

1942.

Civil

+ 18

....

Mines

34,058
87,319
•At the request of the Petroleum Administration for War.
(-Finished, 82,887,000
barrels; unfinished, 10,270,000 barrels,
*At refineries, at ..bulk terminals, in. transit
and in pipe lines.. §Not including 4,230,000 barrels of gas oil and distillate fuel and
7,839,000 barrels of residual fuel oil produced in the week ended Feb. 27, 1943, which
compared with 4.029,000 barrels and 7,405,C00 barrels, respectively, in the preceding
week
and
3.799,000 barrels and 6,813,000
barrels, respectively, in the week ended
basis Feb.

and

70,428

Feb.

basis

+ 15

term

Dallas

bf M.

+ 40

"rates" wherever used refers to the
not to scheduled rates.
•Rooms and restaurant

(The

Kansas City

——t—

Tot.

+ 28

Total

Philadelphia

+ 50

New

North,

The Secretary's action,

effort.

+ 32

+ 31

Boston

Louisi-

Gulf,

ana

•

73%

29%

+ 57

86%

+ 15

+ 69

+ 4i

+ 26

others

Beverages

26%

the Nation's war
the
announcement stated, taken un¬
der the authority of the emerg¬

feed supplies for

Deer

move

I^ate

1941

+ 15

+34

J+ 23
+

Food

27%

,+15

+ 12

+ 36

All

+48

+ 41

sidual

•Combin'd: East Coast,

+ 47

Detroit

28-day basis and
the exception of

Oil Producers.

25%

; + i3

+ 14

——.

exempted

were

.+ 26

1942

quotas in a new
insure adequate food and

wheat marketing

Increase

Jan.

•

Restaurant

Rooms

•Total
r_.

entirely and of certain other fields for which
shutdowns were ordered for from 3 to 13 days, the entire state was ordered shut down
for 10 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 10 days shut-down time during the calendar month.
which

fields

aeveral

Eber-

suspended

R. Wickard on Feb. 23

tRoom

Occupancy

Dectease-

-Sales, Increase or

622,850

4,162,300 ;'

Total United States

WITH JANUARY, 1942

1943, COMPARED

JANUARY,

3,392,800

1,200

Ferdinand

Secretary of Agriculture Claude

equaling that of the miscellaneous group, 'All Others.'
The New York pick-up in room business actually exceeded by 2
points the average for the whole country,1 whereas in December it.
was 11 points less than the average; its occupancy at 86% is a record
high for this city, comparing with 78% in December and 73% last
January, and it also had a notable rise of 6% in room rate."
.
^ ,

Total

% 781,200

over

with the resignation of WPB

Vice-Chairman

gain of 26%

21,600

3,091,850
§823,700

given full juris¬
the production pro¬

stadt, who had control of the flow

considerably, its total

lagging behind the others, pulled up

has been

120; 400

17,750

"•'"'"•r

•

■

bulletin, Horwath & Horwath, New

In their March

5,550

97,000

6,550

105,800

3,338,600
823,700

of Calif.

California

16,000

—

21,950
f

105,800

Mexico

Total east

24.700
„—r_—7,000

Montana

334,900

which he may de*

York public of materials; this was reported in
accountants, report that the increase in total sales was the same in our issue of Feb. 18, page 649.
January as in December, 28%, the improvement in rooms being less
—23% compared with 29 last month—while that in the restaurant
Wheat Marketing Quotas
was more—31% compared with 28.
The bulletin adds: •
"An outstanding point this month is that New York City, which Suspended As War Measure

90,850

238,750

1,700

100,500
57,500
90,550

54,900

—14,200

228,500
(14,100

(not incl. 111.

Eastern

1,700

—

153,300

50,000

Indiana-

75,150

January Hotel Sales Higher

73,850

246,550

;

officials and in

any

Mr. Wilson was

gram

352,100

100

—

89,750

■>.' v

'..

1,351,450

T,452,000 *1,452,714

222,900
296,700

•—•2,500

319,600

162,150

320,450

8,600

Texas,-

termine.

diction

91,400

368,400

manner

any

148,700

100,550

is authorized to delegate his

and

functions

300.650

325,100

2,250

325,100
166,350

Texas

102,250

—

Southwest
Coastal

v",;,

Central" Texas-

135,350
210,700

act

also

chairman in Mr. Nelson's absence

86,700

88,900

135,350

for the

the

directions

and

Chairman.

$13,500,000,
corresponding week in 1942 by 267%. It is
for the week,

municipal bond sales.
;
construction financing for the year to date, $29,039,000,
with $1,376,140,000 reported for the ten-week period a
<
■ ;■ v
/'
%
■*'.
-

New

—

12,550

Executive Vice-Chairdirect and su¬

the

the power to

man

entirely of State and

2,750

t306,400

Mr. Nelson's directive not only
gave

policies

made up

—10,250

t350,450

Donald M. Nelson.

;

1942

3,000

—

Feb. 27

1943

395.300
310,500

395.300

.T^-—■

JKanSao

sewerage,

capital for construction purposes

tops the total

Ended

From

Ended

Feb. 18 in an adminis¬
trative order issued by Chairman
Board,

Week

Feb. 27

of the War Production

Chairman

...

New

Change

Week

Allowables
Beginning
Feb. 1

Recommen-

responsibility for all phases
production was given to
Executive Vice-

war

Charles E. Wilson,

commercial buildings', public buildings, pervise all WPB operating units
earthwork and drainage, streets and roads and unclassified construc¬ but also the authority to appoint
tion.
Increases over the 1942 week are in sewerage, bridges, earth¬ their personnel,; to establish their
work and drainage, and unclassified construction.
Subtotals for the internal organization and to define
week in each class of
construction are: waterworks, $1,578,000; their functions and responsibil¬
sewerage, $2,139,000; bridges, $446,000; industrial buildings, $2,201,ities;,-',
'/
000; commercial building and large-scale private housing, $2,975,000;
Under the sweeping order, Mr,
public buildings, $46,692,000; earthwork and drainage, $455,000; Wilson is made subject only to the
streets and roads, $2,651,000; and unclassified construction, $26,waterworks,

-Actual Production-

4 Weeks

gains over last week are

classified construction groups,

the

from refining companies indicate that the in¬
to stills on a Bureau of Mines basis approxi¬
mately 3,709,000 barrels of crude oil daily and produced 10,566,000
barrels of gasoline; 4,230,000 barrels of distillate fuel oil,- and 7,839,+
000 barrels of residual fuel oil during the week ended Feb. 27, 1943,
and had in storage at the end of'that week 93,157,000 barrels of gasoline; 32,939,000 barrels of distillate fuels and 70,140,000 barrels
residual fuel oils. The above figures apply to the country as a whole,
and do not reflect conditions on the East Coast.
■
■+'••
672,000.;,
DAILY AVERAGE CRUDE OIL PRODUCTION (FIGURES IN BARRELS)
;
Reports received

Municipal-

State and

Full Control Of WPB
Full

$85,809,000
5,351,000
80,458,000
3,923,000
V «. 76,535,000

$54,646,000
15,203,000
39,443,000
544,000
38,899,000

21,766,000
123,635,000
10,766,000

Federal

dustry as a whole ran

•State

(four days)

(five days)
$145,401,000

____

•

Institute follow: -

by the

Construction

Total

Petroleum Administration
Daily production for. the
3,867,900 barrels. Further

figure as recommended by the
for War for the month of February, 1943.
four weeks ended Feb. 27, 1943 averaged

average

details as reported

1943 was

preceding

below the daily

also 142,600

was

Kelson Gives Wilson

Mar. 4, 1943
(five days)

Feb, 25, 1943

Mar. 5, 1942

during the cor¬

barrels per day less than
responding period last year, and was 289,250 barrels
It

week.

1942. Private construction, $57,t
work, $561,467,000, is down 51%
the.number of weeks reported.
Civil engineering construction volumes for the 1942 week, the
short preceding week, and the current week are:

ported for the ten-week, period in
410,000, is 55% lower, and public
when adjusted for the difference in

that the daily aver¬

Petroleum Institute estimates

The American

Thursday, March 11, 1943

CHRONICLE

COMMERCIAL & FINANCIAL

THE

■932

The
1942-43
marketing quota
The Reconstruction Finance quested that the new corporation
ihe $54,646,000 reported for the holiday-shortened preceding week Corp. has set up a new agency be created. The new unit is sep¬ was made effective following a
by "Engineering News-Record" on March 4.
Private construction known as the Rubber Develop¬ arate from the Rubber Reserve referendum of wheat growers May
declines 75% from the week last year, and public work is'down 35% ment Corp. to give financial aid Co. • which is handling the syn¬ 2, 1942, and the 1943-44 quota was
as a result of the 64%
decrease in State and municipal work, and in development and acquisition, of thetic rubber program.
proclaimed Aug. 6, 1942.
The
1943-44 quota referendum which
the 32% decline in Federal volume. The report added:
• ' natural rubber from foreign
Heading the Rubber Develop¬
,

•

■

The current

an-average

week's total brings 1943

of the nine weeks of: the year.
basis, the 1943 "total is'51% below that4 re-

of $68,764,000 for each

On the weekly average

construction to $618,877,000,

principally Latin Amer-?
of Commerce Jesse
Jones disclosed_lhis on Feb_ 21

sources,

ment

ica.- -Secretary
H.

[

••

Corp. .will, be

Alien.
:

was

Douglas. JL
•••

„

Jhav.e. been- held this spring

iSrCancelled byrthis announcement#. ■

•

tVolume 157

Number 4158

THE COMMERCIAL 8c FINANCIAL

industry.

Market Value Of Stocks On New York
The New York Stock Exchange

discussed
of

Stock Exchange

Higher On Feb. 27

announced

March 5 that

said:'

;

the

was

the

recent

zinc group

subject;
meeting!

announcing

any
settlement
with
pro¬
ducers "in the event of termina¬

in December.

paper

ber of

1945.

ber

that

Production

Tin

;'■

■

electrolytic

the

date,

■

.with

groups

price for each:
:

the

•

aggregate

.J"'"-

market

Feb. 27, 1943

-■

Amusement

348,449,378

17.97

3,632,226; 130

30.30

.348,165,032
3,408,478,894

626,177,430
512,412,021

18.12

587,815,428

24.96

481,609,370

22.61

equipment*****

352,014,254

29.84

335,632,788

28.46

Chemical
Electrical equipment**—-j.'***

5,880,150,680

61.69

1,512,586,634

37.67

5,737,762,160
•1,457,325,498

:36.30

'703,776,814

53.71

;

.*_*_*.

Automobile***.

Aviation—***;.

Building
Business

Farm

**_***__.**

—**

office

*_.

machinery.

Financial—*****——*

dollar

17.25
29.79

2,689,695,695

41,423,097

Land & realty...
Leather..

24.75

211,586,344

25.16

1,518,747,183

22.20

20,272,750
199,323,630
1,447,769,259

24.08

1,363,412,678

418,451,297
5,132,113,161

i
w—**_,

Machinery & metals
(excluding

18.56

384,155,555

17.04

26.68

—

,_**,__

iron)..

Paper & publishing
Petroleum....

5.10

52.000

-52.000

52.000

tinued at

52.000

Chinese

4.17,.

52.000

March 3—1—

16.24

52.000

27_*

52.000

tin, '99% grade,
51.1250 a pound."

con¬

-■

23.70
21.14

Tungsten

Ore

23.23

Last

3,318,622,055

29.14

4,765,858,188
3,051,314,709

26.79

merchandising
2,125,248,714
Rubber...*—.
456,125,929
Bhip building & operating—
I
106,938,152
Shipping services—10,584,002
Eteel, iron & coke—2,119,758,312

29.16

2,076,660,475

28.49

43.17

437,253,303

41.38

week, OPA called atten¬
tion to its approval of the follow¬
ing prices for tungsten ore as sold
by Metals Reserve Co. to consum¬

22.44

100,756,997

21.14

ers.'-,;,

........

Railroad

;

....

Retail

■

•,

9,297,851

42.33
29.55

401,609,810

42.86

*■

(operating)

electric

1,907,855,976

(holding).—.

20.26

877,810,347

19.82

Miscellaneous—88,645,902

U. S. companies oper. abroad

••

86,916,890

18.77

623,740,683

18.38

898,027,477
117,256,576

22.19

41,410,585,043

28.16

21.20

29.61

11.85

The

19.98

'....

/•"■•
.Market Value

:•:■
.

1940—

Oct.

31——L..

Nov.- 30*

Dec.

31——;.,_**

1941—

Jan.

.„•■*.

42,673,890,518
41,848,246,961
;41,890,646,959
vv.

_!•

31—

Average
-f;Price.

'-»■

Average
Market Value

.■

1942—

Jan,

31——

28.72

Feb.

28——*

28.80

Mar. 31-—*—**

36,228,397,999
35,234,173,432
32,844,183,75031,449,206,904

Apr. 30—

40,279,504,457

24.70

27.68

May

29_*_

32.913.725.225

27.08

June 30—**..—

39,696,269,155 7
Apr.' 30--.——-■' 37,710,958,708 :

27.24

July

33,419,047,743
34,443,805,860

production
market

here

Aug. 31——!
Sept. 30

35,604,809,453

24.28'

27.07

Oct.

the

amount

28-*—39,398,228,749

current

trends

May 337,815,306,034'
June 30
39,607,836,569
July 31—*
*
41,654,256,215
Aug! 30—41,472,032,904

28.46.

Npv.

30_

;_*_

^37,374,462,460

28.32

Dec.

Sept. '30——

31——

28.02

38,811,728,666

—

Oct.! 31—

Nov. 29——*,

Dec.

31—

40,984,419,434
39,057,023,174
37,882,316,239
35,785,946,533

26.66

31——_^*L8' 37,727,599,526

financing

States.
for

The

seasonal

tables below

data

not

months,

since

25.87

Jan.

Feb.

41,410,585,043
43,538,661,753

$196

28.16

►

Paper Acquired During January, 1943,
January 31, 1943

i.;,4

Si"?

Volume of

vU:

and

tion

;well

products

was

silver

was

the

civilian

so-called

increased
in

tungsten

ore

tant war metal.
Interest in lead
for April shipment is
increasing.
Conditions
surrounding
copper
and zinc remain

The

went

told

Relations^ Committee

the Senate last week.

Lead

unchanged." The

publication further
in part:

say

Foreign

•

are

about

75%

the
/

restricts

receipt,

the

and

:the.

pur¬

■-'•

metal

situation

promptly.
in

copper

The
was

changed last week, domestic
sumers
obtaining metal on

the

basis of
per

120, Valley. Foreign cop¬
is coming into the country on

the

basis of 11.750, f.a.s.
Up to Jan. 1, 1943, Russia ob¬
87,000 tons of copper and

tained

brass

Edward

Lend-Lease
R.

shipment,
Stettinius, Jr., Lend-

(column3)i

si*-.

;■/

consum¬

greater.

not

<7
Class of Paper—
Total

for

Exemption
silver

order

scrap

is
for

retail

Total

fur¬

amount

are

and

;

waste.

provided
small

hooks

cases

and

insignia,
and

are

cars

Used

cars

♦Data

Number of

*.i

Number

•

******

—

cars

Dollar

t$8,929,800

1,022,885

95,524

7,338,607

472,784

t$4,840,662

100

3,024,232
1,816,430

;

automotive*********:

based

855

*—

_***

•

100

19,159

...

____*.—___*

(passenger and commercial)__*.
(passenger and commercial)

are

total

100

1,165'.

% of

Volume

total

21,258

cars***

Paper acquired ■'••.■

% of

cars

During January, 1943

cars

*__*

reports from, .sales finance companies
providing a breakdown
of their retail and wholesale
automotive financing.
tThese amounts are' less than
those reported in above table due to the
exclusion of some data for which breakdowns
were

not

available.

DIVERSIFIED FINANCING
Volume

Furniture

the

Paper Acquired During January,

******

goods:

******

Total

wholesale—other

than

goods*****

diversified
are

based

60,065

57,038
1,022,941

•

automotive**

financing

t$2,039,722

106,031

Industrial, commercial, and farm equipment****,

•Data

60,207-,

483,646

consumers'

Total

total

$355,825

retail

retail—other

'«>

•

;*_*_.
pianos & other musical instruments***********
Refrigerators (gas and electric)
I***.
Other household appliances**—
Residential building repair and
modernization—
Miscellaneous

1943

Dollar Volume

Radios,

Total

,,,

♦

% of f

Class of Paper

Retail—other consumers'

manufac¬

silverware,
jewelry, badges
slide
fasteners,

'•

;; ••

automotive

wholesale

New

made in

which the quota pro¬

apply

:.v

morethan

aggregate

Allowances

"-...v.;

automotive financing♦

'7:7/.••■;'■

calen¬

by weight of all silver put into
uses during

the order

•/..).

...;

commercial

■

Number of Cars Financed and Volume of
Paper Acquired

passenger

and

Zinc

are based on
figures from sales finance companies able to
report both their
acquired and their outstanding balances.
tRatios obtained by
dividing paper acquired (column 2) by outstanding balances

Used

the

tData

Used

price lead products permitted under the visions
un¬ regulations on use.
watch
con¬

5,675,131

paper

until

1,466,976
139,904,448 ;

$576,379,888

ing of A-l-a

90,081

358,943

passenger

notice,

3,738,690

\-V 3

■

$18,419,332

commercial

l/24th

106,031
3,849,204

farm

368,153

New

any

outstand'g
balancest

19431

financings*******, $18,992,669

sales

New

higher, in the pe¬
Feb. 25, 1943, and

Jan.31

$8,697,634

manufacture

Sales of common turing firms that cannot be con¬
working on a plan that is ex¬ under way.
pected to result in simultaneous lead for the last week involved verted to war production.
A
more
release of information on
tonnage than in the week small manufacturer is one who in
orfbefore the 15th of each month'1 on previous.
:***■'
1941 had gross sales below
;
$25,allocations to both the brass and
Producers
000, and in 1942 not in excess of
believe
that
con¬
wire mills.
Such action, the in¬ sumption of lead will
increase $35,000.
r/rv;.
dustry
holds,
would
facilitate moderately from now
on, because
Among articles on the restricted
handling instructions for moving of the broader outlet for various silver list to
the

Total

acciuired to

5,608,165

goods....

and

of paper

balances

$257,513,552
5,533,984'
171,819,781

equipment

the calendar year 1941 or the cal¬
■'■'" endar year
1942, whichever is

covered, ac¬
Copper
cording to trade estimates, and
buying for April is now getting
Copper Division of WPB is

consum.

commercial

Ratio

Outstanding

balancest

$9,061,116

—

_**___—**—

retail—other

Industrial,

domestic

process for restricted

;

; v

March requirements of
ers

motive
Total

silver, except to fill
orders bearing a preference rat¬

ther

Administrator,

program.

prices to4>

impor¬ Lease

automotive*****
wholesale automotive**

Total wholesale—other than auto¬

anticipation; of

war

order

chase,

issued

■

outstanding

companies

retail

Total

non-essen¬

foreign metal.
riod between
Demand for domestic silver has
expanded
steadily in recent months, even though the price level is
April 1, 1943, and-in
substantially
higher than that obtaining for foreign silver.
dar month thereafter
OPA has
stabilize conditions in that

do¬

products

' consumption
the

warning

use

in: the" manufacture

amended

The

Markets," in its issue of March 4,
limiting the use of silver in non¬
amended February 25 to include
domestic as

Outstanding

.......

companies

By all
Class of PaperTotal

established by WPB on Feb.
an amendment to Conserva¬
Order
M-199, > which has

were

metal

"E. & M. J, Metal and Mineral
"The conservation order

essential

Balances

"'4

>.:

and

paper

acquired during
January, 1943

•

tials has expanded greatly in the
three months and the order

pre¬

Volume

last

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

figures

previously regulated use of for¬
eign silver.
Demand for domes¬

Non-FerrousMetals—- Use Of Domestic

stated:

The

January, as shown by data on reports for both
from the same sales finance
companies, and by linking
these percentages to, the indexes
previously derived for December,
1942.
V
>
•
;,v
AUTOMOTIVE AND DIVERSIFIED FINANCING
;

$198

prompt

; ,

tic

of non-essential

29/.61

Restricted In Non-Esseniials—Lead Sales

fluctuations.

comparable

from December to

Silver

Restrictions

25 in

represent
companies in
reported without

finance

monthly

continued

mestic

1943—

24.46

sales

published

price

are

all

are

months

liberal
Quotations in New

J"]•[

25.65

f..; 25.41
26.39

reporting

22.73

dollar

those published for
reports have not been received
each month from identical sales
finance companies.
All indexes
for
January were obtained by calculating the percent
changes

fairly

flask, covering
nearby • delivery.

23.70

25.84

34,871,607,323'>

offset

are

factors ;.by

per

23.42

25.78

Feb;

number

14%.

rose

22.40

Mar, 31^**—*^,

The

7%, while the

•

24.02
22.36

United

adjustment

standing
heavy
war
demands.
Temporary changes in the rate of

York

21.41

total

sented

supply situation in quick¬

importations.

'29.38

Price

data

the

comfortable, notwith¬

compilation of the total market value and the
on the Exchange:

increased

30%.-

new

the

silver in this country is
generally
viewed as

average price of Stocks listed
.v'-n.-.f*

$24

of stand¬

ores

ard grade; scheelite and huebner-

72.45

12.08

ferberite,

than in Decem¬

acquired,

automotive

These

ite, $25. The prices are f.o.b. New
York, plus a 100 per unit han¬
dling fee.
'K
' Quicksilver

8.42

3,029,485,511

22.17

636,883,368

.43,538,661,753

——

806,495,798
•i

78.54

Foreign companies.*.*....i._——
897,112,913
Miscellaneous businesses.—
•'.* ,124,440,616

42.92

9.16

3,284,087,941

•

V •.■'■We give bfelow

1,149,550,402

•1,834,217,063

and

per unit of WO3 for

28,56

V'-.

...

Communications...:

All Listed Stocks_

Wolframite

! 40.65
•

14%

was

paper

sales financing
during
January 1943, were based on reports from 234 sales finance
com¬
panies, and the dollar volumes should not be assumed to

5.39

2,035,846,382

415,603,830

_>—_**,

Gas & electric
Gas

6.14

•

v.
,

1,147,891,019

Textiles

Tobacco...
Utilities:

24.83

acquired

paper

financed

cars

a gain
of 11%.
The volume of
outstanding balances for this
type of paper lost 5% from Dec.
31, 1942 to Jan. 31, 1943.
For January
1943, against December 1942, retail diversified
financing showed the usual seasonal declines in the
financing of
furniture (14%),
industrial, commercial, and farm equipment (28%),
refrigerators (30%), other household
appliances (32%), radios and
other musical instruments
(59%) and residential building repair
and modernization
(70%), In wholesale diversified financing, the
volume of paper acquired was down
26% from December to January.
The volume of
outstanding balances as of Jan. 31, 1943 for the
retail financing of other
consumers' goods decreased
8%; for the
financing of industrial, commercial, and farm
equipment, 2%; and
for wholesale diversified
financing (other than automotive), T7%.
The ratios of the
paper acquired during
January, 1943 to the
outstanding balances as of Jan. 31, 1943 were 3% for retail
auto¬
motive, 3% for wholesale
automotive, 6% for wholesale—other
than
automotive, 3% for retail—other consumers'
goods, and 6%
for industrial,
commercial, and farm equipment.

May-

52.000

26_*

'March 2

50.51

April

25.*

March 1___,

28.81

.25.55

872,596,093

•

March

financed

cars

volume

commercial

was

tinues unchanged.
"Grade A" or
Straits quality metal for shipment

February
February
February

60.22

2,781,516,049

—

quantity of tin re¬
quired to coat the plate.
The price situation in tin con¬

17.01

1,414,724,115

and

the

is quotable as follows:

28.43

•

■42,753,183
24,771,911

—.-*-.

——.

Garment

16.43

661,872,781
821,582,313

Food——

Mining

.***;.:*

—

one-half

average

—Jan. 30, 1943
Market Value Av. Price
$ .
'' ' » $'•

Av. Price

■■

and

''/V'".

Market Value

Group

value

less of used pas¬

commercial cars was off
9% in volunie from the preced¬
ing month; but for used passenger and used
commercial cars, there

11%

were

outstandings held by sales finance com¬
panies, continuing the decline long in
evidence, showed a 15% de¬
crease in volume as of Jan.
31, 1943, compared with Dec. 31, 1942.
Wholesale paper acquired in
January 1943,, for new passenger

was

all types of member

industrial

used

Retail

therefore, 0.82%. As the above figure includes plate is due to increase from now
borrowings, these ratios .will ordinarily exceed on, thereby reducing the quantity
of tin consumed in this
the precise relationship
important
between borrowings on listed shares and
their total market value." "
industry. The electrolytic process
V/1,
In the following table "listed stocks are classified
results in a saving of more than
by leading
on

J-

commercial

and

volume

tin-

There

cars

...

■

new

off

was

financed, and a 12% decrease in the dollar volume of
acquired.
Compared with the preceding
month, the num¬
new

senger

the

premium
payment
program prior to' July 31, 1943."

"As of the close of business Feb. 27, New York Stock
Exchange
member total net borrowings amounted to $355,635,204.
The ratio
of these member borrowings to the market value of all listed
stocks

passenger cars financed by
slightly (3%) from the number in
according to an announcement released on
March 5 by J, C. Capt, Director of
the Census.
The dollar volume
of paper acquired in this
type of financing remained at
approximately
the same level as

Reserve stated that it will not ef¬

January 1943, the number

sales finance companies
December of last
year,

fect

The correct date is July
31,

;

the

additional premium payments for
mine output of lead and zinc
(see
"Chronicle" of March .4), Metals

tion

Financing And Diversified
Financing For Month Of January

;

933

Automobile

held in Wash¬

>'v.

Correction—In

there were 1,241 stock issues, aggre¬
gating 1,470,238,525 shares listed on the Stock Exchange, with a
total market value of $43,538,661,753.
This compares with 1,240
stock issues, aggregating 1,470,369,538 shares, with a
total market
value of $41,410,585,043,
on Jan. 30,
1943, and with 1,234 stock
issues, aggregating 1,467,001.959 shares, with a total market value
of $35,234,173,432 on Feb.
28, 1942.
In making public the figures for Feb. 27, the
Exchange's an¬
further

the

ington.

of the close of business Feb. 27,

nouncement

This

CHRONICLE

368,153

.***/—*

$2,513,906

100*

reports from sales finance companies providing a breakdown
financing of other consumers' goods. tThis amount is less
than that
reported in first table due to the exclusion of some data for
of

not

their

retail

available.

which breakdowns

wer|

buttons
and goods as defined in Order L-J.36.
Daily Prices
All of the zinc
being produced snaps,
closures
for
containers,
During the past week the silver
The daily prices of
in this
electrolytic
country is not being allo¬ pens (except nibs and
tubes) and market in London has been quiet, copper (domestic and
export, re¬
cated, indicating that WPB is ac¬ pencils, toilet
sets, picture frames, with
the
price
unchanged
at finery), lead, zinc, and Straits tin
cumulating some metal against musical instruments,
unnecessary 23V20.
The New York Official were unchanged from those
ap¬
emergency needs.
Concern about electroplating
and
silverclad and the Treasury prices are also
pearing in the "Commercial and
the concentrate situation contin¬
metal, insulated wire for elec¬ unchanged at 44%0 and
350, re¬ Financial Chronicle" as of July
ues
as
the chief problem of the trical
conductors,
and
church spectively.
31, 1942, page 380.
eyes,

THE

934

Thursday, March 11, 1943

CHRONICLE

COMMERCIAL & FINANCIAL

NYSE Odd-Lot* Trading

0.3%
During Week Ended Feb. 27 Says Labor Dept.

Wholesale Commodity Index Advanced

Trading On New York Exchanges
Commission made public March 6
figures showing the volume of total round-lot stock sales on) the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Feb. 20, continuing
a series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these

nounced

figures.
Trading

with member trading during the week ended Feb. 13, of 1,688,815 shares or 14.18% of total trading of 5,956,270 shares.
On the
New York Curb Exchange, member trading during the week ended
Feb. 20 amounted to 404,002 shares, or 12.33% of the total volume of
that Exchange of 1,638,515 shares; during the Feb. 13 week trading
for the account of Curb members of 267,065 shares was 11.17% of
of 1,195,065 shares;

total trading

available the following data for

The Commission made

ended Feb. 20:
data

The

and

Exchange

■

• •

received—
transactions as specialists

Total number of reports
1.

Reports showing

Reports

175

"As

458

945
"■

the floor

cattle feed advanced 2.9%.

193

)

Stock Sales on the New York Stock Exchange and
Stock Transactions for Account of Members* (Shares)

•

FEBRUARY 20,

ENDED

WEEK
"

Total Round-Lot Sales:

Total

•

Total
for week

The following

tPer

Total

266,290

Stock

' •"•■■■■'

."X Total'"."

•"

Total Round-Lot Sales:

!____

Short sales___-_„_____„

tOther sales.
Total
B.

Transactions

the

for
•.

•.

■'

Account

tPer

Short

1,638,515

80.1

110.1

100.3

104.1

90.9

90.7

materials

__________________

Total purchases

Total sales

"•.•

39,950

sales

92.5

*100.5

*98.7

*98.6

'*96.5

*96.4

+ 2.1

+ 13.6

91.9

+ 0.3

+ •1.0

*100.3

.97.4

+ 0.2

3.2

*98.4

95.6

.+ 0.3

3.2

*96.3

95.0

+ 0.2 :+

1.6

*96.4

2.20

___.____.i-_

Total sales

.—

Odd-Lot Transactions for the Account of

+ 0.1,

Q.1,

Higher

index.

A fractional advance

_____

;

)v;

The textile price
of de¬
in the

TRICE INDEX

: :

;

Y7'";Y

Latest

Week

Each Group

240,210

Bears to the

Mar.

Group

Month

Preceding
.

Week

Ago

Feb. 27

Jan.30

Year

Ago
Mar. 7

244,850

25.3

interview

Urban

Land

ing out blighted city areas and re¬
building them for useful purposes
should be a vital integral part of
post-war

planning."

is the author of
Res. 22 which would establish

lems,

to
relief prob¬
industrial' dislocation, and

other

problems

joint committee of Congress

study unemployment,

in our economy,

tee of Congress.

The

measure

bill

known

which received a
mittee

....

is a reintroduction of
as S. J," R.
131'

ator Pepper

the

submitted by Sen¬

favorable com¬

report in the last

session of
Y;'.- "'V

40% Cut In
Cars

Use Of Government
President Roosevelt on

all

rected

March 1

40% cut in mileage,
Government cars. He di^

for

Federal

the

departments

148.5

136.0

159.0

155.6

153.4

150.9

113.4

199.0

199.8

194.6

183.6

cut.

141.9

137.5

133.4

119.2

152.2

149.8

148.1

126.8

Cottonseed Oil—
23.0

Farm

—

Products

Livestock.

....

137.0

137.8

122.3

120.0

113.3

129.0

127.1

8.2

Textiles

151.1

151.2

150.4

146.8

7.1

Metals

104.4

6.1

Building materials.....

152.1

151.9

151.6

135.0

1.3

Chemicals and drugs

127.1

127.6

120.3

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'
transactions Includes both purchases and sales, while the Exchange volume lncluder

Fertilizer materials

117.6

Fertilizers-.

119.8

1119.8

Farm machinery

104.1

—

33,568

"members" includes all regular apd associate Exchange members, their

special partners.

transactions as per cent of twice total round-lot volume.

-—

—

sales which are exempted from restriction by the
"other sales."

100.0

Commission

♦Indexes

included with

exempt" are included with "other sales."

1942, 96.4.

All groups
on

fRevised.

135.5

combined

1926-1928

base

104.4

117.6
.

118.9

1-119.1

115.3

104.1

and

Prentiss

Brown, -Price

Ad¬

said that the Presi-i
dent had asked him to supervise
the conservation plan and to co¬
ordinate the work of the depart¬

ministrator,

mental administrators.

103-8

The' President urged

that mile¬

age

only sales.

with officers of
Institute.
"We
need broad planning for the post¬
war period," said Senator Pepper,
"and a workable method for clear¬
in

the

148.1

—r.

129.7.

§Sales marked "short

carefully

plans for the large-scale re¬
building of'deteriorated* city areatf
as a measure of post-war economy

laid

148.1

Fats and

1942

121.7

short

advocated

Feb.

159.0

137.4

Foods

1943

130.4

are

of Florida

Cotton

12.33

1943

121.7

tRound-lofc

Called J

agencies to appoint '''mileage
administrators" to organize and
control the use of motor vehicles
in an effort to effect the mileage

.1943

Miscellaneous commodities

rules

re¬

Senator Claude Pepper

called

■

Fuels

tShares in members'

are

liquidate a long position which Is less than
round lot are reported with "other saloa."

Fertilizer Association

[♦1935-1939—lOOj

41,227

—-

their partners, including

exempt"

was

10.8

firms and

"short

materials index.

Compiled by The National

2.19

129

marked

ported with "other sales."
tSales to offset
odd-lot orders, and sales t«

y-.-vy.v-y

41,356

sales

201,990

customers'

S. J.

17.3

Total

Senator Pepper

prices were higher, causing an advance

commodities

WEEKLY WHOLESALE COMMODITY

Special¬

purchases.

•The term

l',

Grains

______

Customers' short sales—

Total

);YY'

ists-

other sales

■

1935-1939 average.

of the

135.5%

registered by the building

4,640

sales

•'

Grain prices were 3.2% higher than in the preceding problems of urban redevelopment
be
properly
established
higher than a month ago.
An upturn in the food could
the result of higher prices for eggs, flour, and potatoes. within the proposed joint commit¬

1 decline.

159,152

sales

V' '

included in the index advanced Congress. ■
and 2 declined; in the preceding week there were 11 advances and 5
declines; in the second preceding week there were 17 advances and
FDR Urges

23,950

47,700

purchases-

{Customers'

2.0

0.7

Total Index

'
,

+ 0.4

;

.v..".

tOther

;+ 0,2

•

Number

•

Short

+ •3.3

+ 0.8
.

0.2
0.1

than

■

miscellaneous

47,600
"■ •

Total

92.7

0 1

+ "
+

—0.1

100

sales

Total—

92.8

' ;

Purchases by

I' *

During the week 18 price series

" f
_______

Total sales
4.

92.8

chemicals and drugs index.

550
39,400

purchases

tOther

97.4

•

113,650

sales

Total

Round-Lot
1*1,»

+ •2.0

index fell off, due to declines in raw • cotton.
The price,
alcohol was lower, resulting in a small decline

Other transactions initiated off the floorShort

was

also
7.94

32,185
Y

___________
-

Total

108.3

natured

sales

tOther sales

157,200

—.

Y 350

113,300

—:

and 6.4%

the

Other transactions initiated on the floorShort

108.9

News roll and cattle feed

3,990

153,210

Total sales.

■■■:

109.8

products and foods—.

index
103,017

sales

tOther
'

89.1

——

week

__________

tOther sales

+- 2.9

than

other

+71.8

+ .07

104.1

90.5

*100.5

other

commodities

0 r

•'

•

97.1

99.5
104.1

90.6

110.6

products

•••"

103.7

104.1

products

••

+ 0.2

109.9
1

100.0

articles

commodities

declining.

'..Y'Y/Y'

—

sales

Short sales

Urban Rebuilding

78.4

cent

they are registered—

Total purchases

Dealers-

of Shares:

Number

It registered trade, and fiscal affairs arising out
134.8 in the preceding week, 134.0 a month ago, and 123.7 a year ago. of the war emergency.
Repre¬
The Association's report continued as follows:
sentatives of the Urban Land In¬
,
Y:
The increase in the general level, was due to higher prices for stitute, who are interested in the
farm products, foods, and some industrial commodities. * The prin¬ adoption of Senator Pepper's reso¬
cipal price changes during the week occurred in the farm products lution, were told that a special
to
review
the
index, with 12 items included in the group advancing and only 1 sub-committee

;Y\Y7YTransactions of specialists in stocks In which

94.9

*103.9

this index stood

1,632,375

«W <■*'

Sales by

Round-Lot

Vital In Post-War Plans .

•

which
had been
week,
according to the price index compiled by The National Fertilizer
Association and made public March 8.
In the week ended March 6

6,140

« «I41>» M «H

Members:
■

for Week

"Y'Y Y-;
:

____

sales

Round-Lot

15,679,689

+ 11.0

rising trend of wholesale commodity prices,
temporarily halted last week, continued to rise this

Stock

556,010

sales.—

Dollar value"

6.1
4-18.8

The steadily

WEEK ENDED FEBRUARY 20, 1943

•

..'-Vi.'

■

Sales

total

Customers'

our

13.06

4.748

+1.0

+ 0.3

National Fertilizer Ass'n Price Index

91,480

1,001,460

551,262

customers'

•

100.3

2.35

the New York Curb Exchange and
Transactions for Aecount of Members* (Shares)

Vy.

Y 96.8

110.1

•Preliminary.

009,980

19,990

Number
...

L0>-:*"+ 3.0

116.3

118.4

96.8

'80,4

941,215

Total sales

•

118.4

96.8

*103.9

purchases

Round-Lot

118.4

96.8

80.5

farm

175,920

hY+Y

sales—__

short sales—
Customers' other sales—I

Customers) total

•Sales

159,220

'V):/•;. •,
Short sales
:''ytOther sales

Total

95.5

110.0

farm

173,495

19,843

1942

1943

1943'

102.0

105.0

*103.9

16,700

117.7

105.5

80.7

All

sales

■

118.6
1

.118.4

"Y.\'

+'0.3) "*+ 0.9

96.8

110.0

metal

and

Manufactured

3.83

303,720

*101.8

105.7

leather products-—

Semimanufactured

289,020

*102:1

120.0

Uvi.'kr Y

1942

1943

'1943

*103.9

Raw

14,700

sales

■

121.2

Miscellaneous

Total sales

Total

*102.4

Housefurnishing goods -i—:—
commodities

6.88

521,820

Total purchases

4. Total—

*102.7

____________

1-30

products.^—

Metals

Other transactions Initiated off the floor—

■*

and

1943

2-13

Building materials
:__Y__;_
Chemicals and allied products.

60,080
461,740

All

tOther

—

products
Fuel and lighting materials

501,430

sales

Short

;

Textile

Total sales
3.

2-20

2-27

——I

Hides

tOther sales

products

Foods

purchases

Short

108.0

commodities—

Parm

Other transactions Initiated on the floor—

Groups—Y1' 4 '

Commodity
All

sales

147

short sales.___
sales____

other

♦Customers'

month ago, and

Percentage changes to
Feb. 27, 1943 from
2-28
2-20
1-30
2-28

y.;';

;

7,438,990

;

sales

Total sales

"
-

Total purchases

Y))

' .V

(1926==100) Y.Yv: Y: Y-Y'

for
the
Account
of
Members, Except for the
Odd-Lot Accounts of
Odd-Lot Dealers and Specialists:
1. Transactions of specialists in stocks in which
they are registered—
' '

tOther

7..-y:Vy;

ago:

Transactions

Short

year

Cent

7,316,630

—

sales

Round-Lot

table shows index numbers for the principal groups
3 weeks, for Jan, 30, 1943 and Feb. 28,

percentage changes from a week ago, a

1942 and the

122,360

Short sales

tOther sales

' ;

•

Purchases

reports."
of commodities-for the past

1943

658,311

20,682,965

_______—

Dealers—

•

production costs, and kerosene also advanced.
1.2% during the week and turpentine dropped 1%."

Round-Lot

22,403

Sharesi^Y..;.—1.,

Customers'

Quotations for coal' continued to reflect

relatively steady.

75 V; ■'

entries in more than one
)"-v>YYY7+

Total Round-Lot
v

v7^7YV;y:YvYY;''

233

because a single report may carry
"f'

reports received
classification.
■

'Y-Y"

< ,

—-—-

—

ber

——.

——

transactions initiated off

floor

...—

(Customers' Sales)
Number of Orders:

higher
Rosin advanced
4. Reports showing no transactions—
463
269
••
yy/ty-v
y
Note—On the New York Curb Exchange, odd-lot transactions are handled solely by
The Bureau makes the following notation:
';ff\
specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
"During the period of rapid changes caused by price controls,
specialists' other round-lot trades.
On the New York Stock Exchange, on the other
materials allocation, and rationing, the Bureau of Labor Statistics
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
will attempt promptly to report changing prices. Indexes marked (*),
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
however, must be considered as preliminary and subject to such
The number of reports in the various classifications may total more than the num¬
adjustment and revision as required by later and more complete
the

Value

for Week

Orders...

Number

Odd-Lot

Total

•

Number
Dollar

1943

27,

Purchases)

(Customers'

■/

)

•

Ended Feb.

Week

Odd-Lot Sales by Dealers:

industrial commodities were

"Industrial Commodities—Prices for

showing other transactions initiated on

Reports showing other

TRANSACTIONS FOR THE ODDLOT ACCOUNT OF ODD-LOT DEAL- .
:'"V ERS AND SPECIALISTS ON THE
'
N. Y, STOCK EXCHANGE
■
7
STOCK

prices for bran and middlings, average

of higher

result

wholesale prices for

.■■'V- 79

■"

dealers and

markets
oatmeal,

products, average prices for foods in primary
rose
0.3%,
Increased prices were also reported for flour,
and corn meal.
'• Y
Vvdried

Exchange

—._

for calves.

3.4%

odd-lot

by the
specialists.

Commission

the

"Largely reflecting higher prices for fresh fruits and vegetables
which moved sharply upward in anticipation of rationing of canned
and

N. Y. Curb

Exchange

- Cotton prices advanced 1.8%
1% in Portland, Oregon to over
Quotations were lower for steers and for eggs.

12% in Chicago.

Stock
These

N.Y. Stock

hogs and potatoes, the farm products

potatoes were up from about

and

7'.'V.yyy

Y■

continuing a series ofc
being published
by the "Commission. The figures
are based upon reports filed with
figures

current

Foods—With sharp gains in prices for cot-

"Farm Products and

tcn, most grains, calves, cows,

Chicago market to

the week

ac¬

change,

yY',y'

'■

group

-;vY;+d'Y+

published are based upon weekly reports filed with the New York
the New York Curb Exchange by their respective members.

classified as follows;

reports are

+:7YY '

Bureau's announcement further stated:

index rose 1.0% during the week to a 22-year peak.
Grains
were up 0.9% led by an increase of 3.3% for rye.
Prices for wheat
and oats advanced more than 1%.
Livestock and poultry rose 0.7%
as
a
result of increases ranging from 0.5% for light hogs in the

pares

stock

odd-lot

the

for

transactions

volume

daily

the

ing

during the last week of count of all odd-lot dealers and
to the highest level since January 1926, 102.7% of the 1926
specialists who handle odd lots
There were few other changes in primary commodity on the New York Stock Ex¬

February

The

for the week ende^l
figures show¬

summary

Feb. 27 of complete

fruits and vegetables1 the

products, largely grains, cotton, livestock,
Bureau's comprehensive index rose 0.3%
average.

Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Feb. 20 (in roundlot transactions) totaled 1,942,675 shares, which amount was 13.06%
of total transactions on the Exchange of 7,438,990 shares.
This com¬
the

advances in prices for farm

March 4 that with continued

Commission made public on Mar.

Statistics, U. S. Department of Labor, an¬

The Bureau of Labor

Exchange

and

Securities

The

markets.

The Securities and Exchange

were

March 6, 1943,

134.8

134.0

105.6; February 27,

123.7

105.0; March

administrators receive author¬

ity

supervise

the

use

all

vehicles in the Federal service.

Volume

-THE COMMERCIAL

Number 4158

157

Freight €ar Loadings^ During Week
Ended Feb. 27,1943 Amounted To 782,855 Gars
Loading of

taled

782,855

4.0% above the preceding week.

cars or

cars

„

767 cars, an increase of 3,459 cars above the preceding
decrease of 49,775 cars below the corresponding week in

week, but a
1942. . , , .

amounted to 178,539 cars, an increase of 4,691 cars
above the preceding week, and an increase of 16,057 cars above the
corresponding week in 1942..- <;<';■<''V,
Grain and grain

loading amounted to 12,399 cars, a decrease of 751 cars
below the preceding week, but an increase of 1.929 cars above the
corresponding week in 1942. .In the Western Districts alone, loading
of livestock for the week of Feb. 27, totaled 9.148 cars, a decrease
Livestock

•

of 567

cars

preceding week, but an increase of 1,710 cars

below the

above the corresponding

week in 1942.

Forest products loading totaled 43,230 cars, an
cars above the preceding, week, but a decrease of

Ore loading

•above

1942.;

...

2,814

824

316

2,104

1,678

1,262

11,667

8.427

4,515

4,146

4,583

3.753

489

403

1,793

1,901

1,593

3,142

2,740

333

Southern

385

1,571
265

225

237

288

124

169

170

678

402

3,604

2,205

1,019

1,622

1,014

139

150

1,655

Coast

1,484

1,014

3,217

2,250

Midland
—

499

—

454

367

653

697

4,034

4,164

3,602

5,465

28,341

23,490

19,196

Louisville Ac Nashville

weeks

Week

of. January-!

Feb.

•

.1943

3,454,409

783,962

.710,196

782,701

^755.386

721,176

774.420

678,523

successor

725

Mississippi Central

235

262

171

497

506

Nashville, Chattanooga Ac St. L.

3,107

3.467

3,077

5,139

Norfolk

1,296

1,148

1,049

1,874

3,639
1,293

359

498

433

1,165

1,382

469

421

368

10,806

9.450

nounced

10.840

10,061

11,293

9,882

7,164

deferment of

23.225

24,675

24,362

25,810

21,681

506

565

541

891

836

138

134

969

898

Northern

——

Richmond, Fred. Ac Potomac-—
Seaboard

Air

Line.

Southern System
Tennessee

—*——,

—

Central-

——

Winston-Salem Southbound—

the

office

—

125,911

128,925

——-

115,703

127,207

and

his

found

that

hopeful
by

Northwestern

District—

17,335

16,723

13,254

13,559

2,278

2,604

2,486

3,331

3,310

des¬

has

an¬

will not ask for

connected

man

Apparently he is

the

draft

and

get

boards

will

them—but

one

one.

The
15,186

Chicago Great Western——.

any

>!i

Chicago Ac North Western-

Brown

have resorted to
measure.

with the OP A.

100,017

anything.

predicament

seems

perate

come

Total—-—,

Re¬

could have gone into

9,151

Piedmont

black¬

the

speak, around in his head.

952

Chicago, Milw„ St. P. Ac Pac——.

17,618

19,410

21,294

9,074

8,266

the

3,477

4,217

4,066

3,951

4,117

1,374

1,350

861

302

514

572

716

690

511

553

7,679

10,360

10,384

Houston

Congressman

Board

Duluth, Missabe Ac Iron Range—
Duluth, South Shore Ac Atlantic

!,'!

appointment of lame-duck

Kansas

Chicago, St. Paul, Minn. & Omaha—

Elgin, Joliel Ac Eastern
Ft.

Green

417

526

383

108

11,090

4,430

4,467

638

508

*886

966

227

322

244

1,924

1,907

1,708

2,413

2.338

Bay & Western

Ishpeming—;

Minneapolis Ac St. Louis_—,—

Minn., St. Paul Ac S. S. M——

4,521

5,392

5,756

3.081

3,629

9,239

9,832

10,798

5.095

4,688

105

605

323

———,—

International————.

1,836

2,611

2,403

3,309

2,453

79,160

Spokane, Portland Ac Seattle—

88,034

86,784

60,788

59,769

...

National

wrest

—

Atch., Top. At Santa Fe System

21.801

—

20,981

17,599

3,468

3,259

if he is confirmed,
likely be to get the Board
the neck of Henry Kaiser,

443

103

17,723

12,365

10,773

Chicago Ac Illinois Midland--———

3,105

2,950

2,625

1,009

848

Chicago, Rock Island Ac Pacific——.

12,684

10,422

11,017

15,273

10,475

2,401

2,882

3,050

5,398

2.997

Chicago Ac Eastern Illinois
Colorado Ac Southern——

756

804

746

1,907

1.682

3.105

2,589

2,749

6,548

644

640

Fort Worth Ac Denver City—„.

810

828

697

878

877

: 1,745

2,027

1,793

1,632

1,747

907

Illinois Terminal—.

1,288

939

527

779

—

all

went

deal

the

way

with

signed

ef¬

organized labor

closed shop

contracts
only to have the
Board challenging him as an "un¬
fair labor" practicer at this late
with

the

AFL

date.

3,461

951

Western

Missouri-Illinois

off

and

506

16.027

hands

Houston

of his first acts,

3,210

4,621

648

into the

Party.

policy of the Board in advancing
the CIO against the AFL.
One

fort to

1.8,565

Chicago, Burlington Ac Quincy-

back

is not likely to go along with the

8,125

12,745

Relations

Government from New

and

of the Democratic

who

Central Western District—

the

Dealers

will
Total—

Labor

is quite a significant de¬
velopment and apparently in line
with
Jimmy Byrnes' efforts to

138

11,223

473

—

Lake Superior Ac

9,869

9,263
10,667

Dodge, Des Moines Ac South—.

Great Northern

Denver Ac Salt Lake—

1941

3,858.479

3,530.849,;..

,'s

6--_L-L-_!__!<_,!

1942

■'*

•

11,950

Denver Ac Rio Grande
'

years
because he
carried the card index to his files,

130

Bingham & Garfield—

ing week in 1942, except the Pocahontas, Southern, Central Western
Southwestern, but all districts reported increases above the cor¬
responding week in 1941 except the Eastern and Northwestern.

had.

manhandled

25,331

Southern—

National

for

209

2.975

and

publicans

25,413

All districts reported decreases compared with the correspond¬

jacked

research

Republican
once

191

the

Committee

26,336

week and an increase of 1,801 cars above the
■corresponding week in 1942. ' '■
'',''fV':

■corresponding week in 1942.'

correspondent of

artist

Macon, Dublin Ac Savannah

the preceding

Coke loading amounted to 15,229 cars, an increase of 937 cars
above the preceding week, and an increase of 786 cars above the

your

14,809

in such

way that nobody else could get
the key to them.
It reminds

3,179

27,742

Spokane

amounted to 14,654 cars, an increase of 3,552 cars

they have fixed them

701

10,970

1,785

Washington

(Continued from first page)

779

Northern Pacific

';:

increase of 2,070
2,099 cars below

the corresponding week in

• ;

1,003

388

Illinois Central System

corresponding week

154

1942

13,376

jl:

Mobile Ac Ohio

Gulf,

products loading totaled 50,651 cars, a decrease
preceding week, but am increase of 13,300 cars

1942.
In the Western Districts
alone, grain and grain products loading for the week of Feb. 27 to¬
taled 34,843 cars, a decrease of 1,225 cars below the preceding week>
but an increase of 11,162 cars above the corresponding week in 1942.
above' the

295

1943

4,297

East

1941

704

Ac Western Carolina—

Georgia Ac Florida

Coal loading

of 974'cars below the

Durham

1942

858

Columbus Ac Greenville

Florida

Connections

15,780

Line

Central of Georgia

Charleston

From

Received from

311

Birmingham Ac Coast__
Coast

Cllnchfield

Loading of merchandise less than carload lot freight totaled 93,-

■'{

increase

above the preceding week, and an increase of 18,997
above the corresponding week in 1942.
%
/
V

17,422

Total Revenue

1&43

Georgia—.^,

freight loading. totaled 374,386 cars,

Miscellaneous

■',1

District—

'Gainesville

;

Atl. At W. P.—W. R.> R. Of Ala

Atlantic

•

■

Alabama, Tennessee Ac Northern—

to-, -Atlanta,

Loading of revenue freight for the -week of Feb, 27, increased

30,406

•;

Southern

0.1%, and an increase above the same week

<Railroads.

Freight Ldaded

the Association of American Railroads announced
was an
increase above, the corresponding week

cars

1941, of 26,185 cars or 3.5%.

2^.1943,

F.etu

f.>

This

1942. of 996

ended

freight for "the week

revenue

cars,

March, 4.

935

Total Loads

Revenue
;^

& FINANCIAL CHRONICLE

■■"""•

•

If the Board withdraws its one¬

sided support of the CIO that or¬

ganization

likely to dissipate
Certainly there will

into thin air.

■'"'f: 764,950

"Week of Feb. 13—-U.-!!

'Week

Week

Feb.

'■

752.449

782.855!

27—-^—!::——

W-

781.859

.756,670

Northern

Nevada

2,144

1,993

1,961

107

Pacific————

832

880

606

654

449

Peoria Ac Pekin Union—————

Western

Southern Pacific

•

6.586.489

..6,981,421

6,320,974

Union

Pacific

25.942

(Pacific)—-V.—_

25,744

13,173

23,691

312

System———

309

450

1,679

13,949

14,501

10,572

579

The

following table is

of the freight carloadings for

a summary

"the separate railroads and systems for

Western

556

356

1,452

1,667

3,503

2,693

Total

the corresponding, week last. year.

115,341

110,884

105,970

96,622

REVENUE

FREIGHT

•'.' •%!"

'•

RECEIVED

AND

LOADED

FROM

Burlington-Rock

173

120

219

299

Railroads

Total Revenue

Received from

Freight Loaded
Eastern District—

1943

Arbor.

Ann

Bangor
Boston

Maine—

Indiana

„

49;.

884

Delaware Ac Hudson.--^,—--.,—

k 6.210
;''71500

Delaware, Lackawanna Ac WesternDetroit Ac Mackinac.

1
"

1,898^

Detroit, Toledo <fe Ironton
Detroit Ac Toledo Shore Line

3,654 '
170

Lehigh Ac Hudson River<

Lehigh Ac New England

Lehigh

JMonongahela

-—

'•

.—.

Central Lfnes_-___-,._—!-!'

6.498'

,N,,Y.,i N, H. Ac Hartford
New

6,754

4,990

3.229

2,562

2,614

2,176

2,157

1,688

333

275

223

3,572
.2,435

—

14,662

19,928

15,810

9,590

City Southern—.——

4,948

—

Louisiana Ac Arkansas

352

Missouri Ac Arkansas

Lines——*

1,101

2,417

3,112

2,412

2,725

Quanah Acme Ac Pacific.

...

1,029

634:.
133

201

6.353

4.897

16,639

5.969
18,691

384
V

3.990
14,408

350

297

7,964

8,429

6,826

3.727

2,573

5,420

4,999

7,261

5,731

4,668

4,280

7,025

6,929

131

8,626
3,302

8,038

—

Francisco——.

St. Louis Southwestern—_

253

434

4,479

16,617

1,124

371

348

8.831

5,704.

•

157

{

171

3,939

Texas Ac New Orleans—

12.136

8.480

Pacific

'4,958

4,609

123

132

72,246

61,501

54,611

66,787

55,982

Texas

Weatherfortf

V 3,592

4,363

the

ing
of

2,122

<58.541

11,985

54.555

to these jobs, but
repeated that these men
are
practical politicians and will
bring the Bureaucracy closer to

have

the people.

Taking care of lame
luxury which the
country easily afforded in the old
days.
After its experience with
duck?

York, Chicago Ac St.Louls.!.

Susquehanna Ac Western

Y„

19,9)6-

18 388

1,044

-1,130V

2,559

5,786

16,527

15,721

479

498

2,885

704

Pittsburg, Shawmut Ac North----_-^-\;
Pittsburgh Ac West Virginia——

Rutland——T——i,—
Wabash—
!■—rr!

-414

;•

We give

808

5,419 v

•"

V494

5,545

745

herewith latest figures received by

from the National

ney

and

156,999

166,044

13,133

11,410

6,401

699

The members of this Association represent

dustry, and its program includes

4,148

603

the

cates

;

are

advanced to equal 100%,

;

Canton Ac Youngstown-;-

ikron,

ialtimore & Ohio__^-__--—
lessemer &

39,983

38.825

...3,114

Lake Erie_^-—

lambria &
lentral

Indiana—

,,1.936

•

29;106

, -

,29.7

Island

——

ennsylvania System

Western

930
-

Maryland

.3,951

—

'65
.1-0

V -43

Y::A38.

Orders
Period

-'74:835

62.483

59.279

16.507

•30,852

3,879

170.533

•

4,671

3,636

,4,100

15,049

10,593

178.349 '

169,849

172,022

149.043

Poflaklontas District—

■

Virginian——r———l—-

T'otal^^MM

—

>-r

24.269:

130,597
,23.911

^5,143,
% 59,651

rich

Percent of Activity

Orders

;

.■

■''

apparently successful push
picture.
Day after day

the

sits

out

the

park

near

his

hotel and if you stop to gossip, he
will readily tell you of how ex¬
tensive is his influence. And there
has very seldom been a day

there

was

not

when
in

reference

some

the

newspapers to the likelihood
of his being called in to help the

Government
situation.

Remaining

..22.660

4.207

51,136 -'

Tons

5—150,132
12-1!——;

out

precarious

the

meantime, he
has succeeded in planting what
are known as Baruch men in key

Dec.-

130,761

Current Cumulative

340,203

137,856

.$50,011

park

134,383

350,012

2_—
9—

Jan.

16——

Jan.

—

23^

24.585 '

,23,002
<

4,821.

52,408

11,154

10.557

-7.698

;

2,037
20,889

6,329
„

2,249
19,135

—

113,600

352,854

126,844

97,386

379,573

134,982

129,365

381,713

157,251

137,055

397,437

6—-——————

143,028

140,849

398,594

152,358

-30-—

136,645

413,084

169,417

20_

Feb.

27———

town.

gossip,

the

publicity

placing of his
men around town, seems to have
finally gotten him a place on

what

being referred to

unofficial kitchen cabinet.
fact

that

the

It is

Jimmy

Byrnes has al¬
ways
liked
him.
Indeed,
the
Southern
Democrats
have
longlooked upon Barney as sort of a

137,784

446,981

87
87

patron saint,

141,435

142,932

445,982

156,628

147,085

454,308

140,836

439,304

bench

148,687

Feb.

around

and the consequent

1943—Week Ended—

Jan.

places

The cumulative effect of Barney's

118,063

26_<-_<r—

—,

Jan,

subordinate

136,363

151,085

Feb.

Chesapeake & Ohlo_.<
Norfolk & Western——

■

Dec.

Feb.
'

Tons

25,939

19.339

•

•Dec.

2.123

Dec

Jan.
■

Total

Production

Received

1942—Week Ended—

3,244

2,599

1.264

16.232

•21.470

>17,782

4,132

1,647

•79,096

20,687

—

;

13.

■■

13.654

(Pittsburgh),-

20,"471;

*•

1,665

342..- 'l ■: ; < 328 >
",:Vi25 v-" :<..-i74
849
■■3"r'8bi

77,039

leading Co._
rnlon

'■?

•

■_.V V

'enn-Reading Seashore Lines—

•

ong

1,614

•

■

Unfilled

23,612

1,292

3,085

that they represent the total

-V

311

„

-."562
"

Valley

These

STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

1,081

I-/. 258

lumberland & Pennsylvania—^

.1,97.1,
-1,963
V7,932-;<:V7v295„.
654 ''-"<*<629-

6,729

R. R. of New Jersey,.-,

lorn wall——-

.Igonier

1,234

38.633

3,159

■

;,V'833

luffalo Greek Ac Gauley„_w__„:

the time operated.

218,596

Allegheny District—
.

statement each week from each

activity of the mill based

industry...
.

83% of the total in¬

member, of the orders and production, and also a figure which indi¬

figures

! 248,561

:171,345

751

.309

:i,i38

•5.181V' <4,751: ";'V":4,324

—.

paperboard industry.

2,017

A ?1,022

,.6,298

...

4,412

592

ours

are beginning to arise
Republicans against Bar¬
Baruch's
slow, determined

into

•v

all,

among

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

.,..296

843

•

7,141

6,858

650

430;

;

•

8,134
13

6,468

.595..

•■<31

Wheeling Ac Lake Erie--.——
Total

.350

;

8.424

8,196

,4,817

4,872

After

Squawks

| Weekly Statistics Of Paperboard Industry

1,351

8,630

•'.7,848.-...

Marquette
r
& Shawmut

Pittsburg

'<; ',:•■<

2,446

7,140

417

Pittsburgh & Lake Erie—:
.Pere

7,397

was

the Intellectuals I imagine it will
be
glad to afford
this luxury

.New

his

nation.

39.9

,-28.

47,851

■

11,988 u,.:.

-.420

5,492 *

1.862
-46.878

employers.

Republican cries are go¬
against the appointment

again.

figures revised.

for

lame ducks

figures.

Note—Previous year's

thus

Board.

Some

:• 4,098

6,383

week's

•

10 067

3.550

———

•Previous

1,703

M. W. Ac N. W

Total—-

————

Falls Ac Southern—

Wichita

3,692

1,610
12,119

together

to have already
resignation,
thus
making possible the appointment
of another more practical man to

2,505
-

bringing
and

indeed,

submitted

2,740

16,869

Pacific.

2,771

3,346

1,321

658

165

—

Missourl-Kansas-Texas

Louis-San

387

667

—!—

Valley

Missouri

3.761

—

Litchfield Ac MadlsOn——

St.

—

4,275

1,745

1,058

;

1,743

3,795

9.634

,10,157c]
:

2.376

437

'47,303

—

York, Ontario Ac Western—

103

2.325

'New York

8,983

1,741

2,555

•

11,616

9,166

7,728

—

13,406

199

1,983

——

Valley—,
Maine Central———■'—.——_!

2,024

••

12,125

284

4,326

•

2,257

2,306

239

13,828

12.393
Grand Trunk Western——-

2,237

•

3,318

262V,
<

15.458

6,307
:

: 2,164

-.305

212

16,187

9,502

8,805

•

1,662

:v:v;.. 186
;[

1,358-

6.704'

242

V.V

1.341

V 1,511

1,907

'"•8.312
1,313

1942

Kansas

Midland

*•>

7.711.

-..1.406 V

1,316

—

Central Vermont—.——.

.1943

VV'580

,2,115
"

Connections
1941

•:

581'

2.396 :/i

.6,711,.;

...

Chicago, Indianapolis Ac Louisville—,!
Central

: <32i

Aroostock.._____--_i_ii-.-:-

Ac
Ac

1942

——

Kansas, Oklahoma Ac Gulf—

Total Loads
!

International-Great Northern..———

■> "■" '

of
CIO

organization

situation

retire;

Island

Gulf Coast Lines:

CONNECTIONS

(NUMBER OF CARS)—WEEK ENDED I EB 27

possible

68,541

649

—.

District—

Southwestern

<%.<<; %<%

the

The Chairman of the Board, aging
Dean Millis, is said to want to

the'week ended Feb. 27,-1943.!

During this period only 60 roads showed increases when compared
'with

one

and

ending the dual labor movement
which is creating an utterly im¬

1,656

Pacific———————

AFL

into

1,077

14,504

possibility

the

8,514

13,407

1—.—

Toledo, Peoria Ac Western

; Total

149

North

——_;

a man they could go
trouble, or
the sort.
The real
Note—Unfilled orders of the prior week plus orders received, less production, do not
story of Barney is to my mind
necessarily equal the unfilled orders at the close. Compensation for delinquent reports,
one
of the most interesting epi¬
orders made for or filled from
stock, and other Items made necessary adjustments of
•

when

anything

financial

unfilled

orders.

sodes of

our

times.

THE

936

The Fiduciary Trust

Frank W. Worth,

Co. of New

York, 1 Wall Street, has
authorization
from
the

its founding in 1917,
died on March 7 at his home in
Prospectville, Pa.
Mr. Worth,

the
par value of its shares from $100
each to $10 and to increase the
from 10,000

to 100,000.

Vice-Presi¬
dent of the Guaranty Trust Co. of
New York and former New York
State
Superintendent of Banks,
was elected a trustee of the Bow¬
ery Savings Bank, New York City,
William

White,

March 8.

Quarter Century Club of
City Bank of New
York held its annual dinner at the
The

the

National

on
March 8, with
Rentschler, Chairman
Board, presiding. Speakers
at the dinner besides Mr. Rentsch¬
ler were W. Randolph Burgess,
Vice-Chairman of the Board, and

Hotel

Astor

Gordon
of the

*U-'i

since

Pa.,

State

Banking Department to reduce

number of its shares

Vice-President

Trust Co., Ambler,

Regional Agricultural Credit Corporation
additional credit agency
of farm credit was vigor¬
ously opposed by the American Bankers Association at a hearing
who was one of the organizers of held in Washington on Feb. 17, by the Congressional Joint Com¬
the banking institution, was also mittee on Reduction of Non-Essential Federal Expenditures,
of
Treasurer
of
the
Community which Senator Harry F. Byrd of«*
it is "against the interest of the
Building and Loan Association of Virginia is Chairman.
farmers who are really producing
Ambler.
The appearance of A. B. A. rep¬
the
nation's
food
supply," and
resentatives supplemented previ¬
Leo
Reap,
Chairman of the ous protests lodged with, the Sec¬ that it will produce confusion if
not havoc in the production credit
Board of the Miners Savings Bank retary
of Agriculture and the
field.
He said a great many Gov¬
of
Pittston
(Pa.)
and former Secretary of the Treasury.
It is
subsidized
loans
are
President of the Northern Anthra¬ pointed out that the plan under ernment'
made on a basis of risk and an¬
cite Bankers Association, died on which the Regional Agricultural
March 6 at his home in Pittston. Credit Corporation has been re¬ ticipated loss of capital, which is
up
out of the taxpayers'
Mr. Reap, who was 59 years old, established provides for the lend¬ made
had been associated with the bank ing of $225,000,000 ,to farmers for money at rates of interest arti¬
since
1902 and, had (served as crop production and, among other ficially reduced by Virtue of the
President from 1935 until 1941.
things, for the making of loans to subsidy.

of the Ambler

received

Point-Rationing Plan <
Credit Corp.
As Harmful To Banks And War Bond Sales
/
For Restaurants

ABA Protests Revival Of Farm

Trust Companies

Items About Banks,

Thursday, March 11, 1943

CHRONICLE

COMMERCIAL & FINANCIAL

Chisholm has been

Resurrection

of the

by the Department of Agriculture as an
to compete with country banks in the field

Adminis¬
24 that

Price

for rationing of proc¬
commercial eating
establishments will be designed
to restrict restaurant patron's con¬

the program

foods

essed

the

that the individual is

basis

same

approximately

sumption

at home.

restricted

restriction, it is stated, cuts
amount of processed foods

The

the

loans on certain crops.

receive

will

of the

basis

the

and the number

used

amount

establishments

eating

such

that

Mr.
be directed
by the county war
Hemingway read to the
ap¬ boards and the provision for non¬ Committee the declaration of A.

pointed a London manager of the
National
Bank of India,
Ltd.,
according to London advices re¬
ceived by us under date of Feb. 16.

Office. of

The

tration announced on Feb.

served during December,
1942.. The first ration period will
cover March and April instead of
the single month of March, as in
the case of home consumers. Res¬
taurants, hotels, and other/eating
places will register during the
first 10 days of March at local
war-price and rationing boards.
From Washington advices to the
New • York
"Journal
of
Com¬

persons

B. A. policy with respect to so¬
ef¬ cialized and subsidized credit. He
forts were made to secure aban¬ outlined the various war services
merce" the following is taken:
donment of this RACC plan. 'In being
performed by banks and
Their allotments of processed
Lindsay Bradford, President of
addition, W. L. Hemingway, Pres¬ told particularly of the help be¬
foods will be based on a maxi¬
the City Bank Farmers Trust Co.
Total resources of Lloyds Bank, ident of the A. B. A., and A. L. M. ing given to the Treasury Depart¬
mum
allowance
of 6-10
of - a
William Gage Brady Jr., President
Ltd., London, at J.he close of 1942 Wiggins, Chairman of the AssoN- ment to make its war financing
ration
point
for
each
person
of the bank, was unable to be
Committee on Federal plans a success.' He stated that
are reported at £695,385,809, com¬ ciation's
served during the month of De¬
present, as he is away on a West¬ pared with £629,723,889 at the end Legislation,
protested the pro¬ while the December financing
cember; 1942. This compares with
ern business trip.
There were 159 of
1941, according to figures ap¬ gram in various departments of was successful, the distribution of
new
members initiated into the
slightly over half of a ration point
pearing in the annual report. The the Government, including the Government securities was not as
Quarter Century Club at the din¬ bank's deposits are £646,172,783, Treasury,
and Mr. Hemingway wide as might be desired, and per meal in the case of individual
holders of War Ration Book Two.
ner, the previous enrollment hav¬
against £581,314,405 at the close of lodged a formal protest with the added that plans are now in the
The difference allows for the fact
ing been 620. Membership comes 1941.
Cash in hand and with Secretary of Agriculture, which making to reach two groups—war
restaurant
owners
cannot
from the
bank, the City Bank Bank of England was listed at was referred to in these columns workers and farmers, who were that
Farmers Trust Co., and all do¬
not reached satisfactorily the last calculate with the same accuracy
£69,203,956, compared with: £65,- Feb. 18, page 672.
as
a
housewife the amount of
mestic and foreign branches.
In¬ 143,045; bills discounted total £47,In his statement he said:
At a preliminary hearing of the time.
various foodstuffs they will be
cluded in the invitation list for the
"You can imagine our surprise,
252,710, against £31,419,243; Treas¬ Byrd Committee, testimony was
dinner was Mrs. Bridget Burke,
required to use each meal.
ury
deposit receipts are £155,- given by C. W. Bailey, Chairman as we were engaged in this pro¬
As an overall ceiling—and one
who is 95 years old and the oldest
000,000,
compared with £140,- of the A. B. A. Food for Freedom gram of developing the interest of
pensioner on National City's list. 500,000; investments, £193,602,648, Committee, who is President of the country banks more widely that will only be reached by re¬
freshment stands and other com¬
Mrs. Burke entered the organiza¬
against £163,071,278, and loans and the First National Bank, Clarks- to learn of the revival of the
tion's employ in 1882 and retired advances
to
customers
£120,- ville,
Tenn.,
and
by
Harold RACC. It is putting it mildly to paratively small, users of proc¬
essed foods—the regulations pro¬
in 1921.
Her son, Thomas Burke,
201,230,
compared with £128,- Stonier, Executive Manager of say it threw a bombshell into our
vide that in no event may an in¬
68 years old, was employed by the
539,433. The bank's net profit for the Association.
camp.
The country bankers have
stitutional
user's allotment ex¬
bank in 1909 and retired in 1930. the
year
1942 was reported at
Witnesses who testified at the felt that they were
supporting
ceed 80% of the amount of proc¬
£1,364,082,
as
compared
w.ith hearing on behalf of the A. B. A., their Government in every way
essed foods used .during Decem¬
The Seamen's Bank for Savings £1,274,199 in
1941/ The bank's in addition to Messrs. Heming¬ possible, and it was shocking to
'
in the City of New York recently representative
in
the
United way and Wiggins were: I. R. them
that
their
Government ber, 1942.
Institutional registration also in¬
opened its new branch office at States is J. H. Fea, 34 Wall St., Alter, Executive Vice-President through one department was ask¬
volves a new basis for allotment
20 East 45th St. for the conveni¬ New York City.
vof the First National Bank, Grand ing them to go out and sell bonds
of coffee and sugar.
Under this
ence of old customers who have
Island, Neb.; John H. Crocker, through which to obtain money
basis, institutional users will be
transferred their activities uptown
Vice-President
of
the
Citizens which another department would
given a maximum allowance for
and also 'designed to attract new
National Bank, Decatur, 111.; C. lend to their customers in com¬
the first two-month ration period
depositors.
The Seamen's is the
D.
Haskell,
farmer of
Laurel, petition with them. We have dis¬ of
.03-pound of sugar and 0.13second
oldest savings bank in
cussed this matter with the Sec¬
Neb., and member of the Nebraska
pound of coffee per person served
Manhattan, with resources of over
recourse

Prior

the hearing many

Suspend FDIC Levy On
War Bond Bank Gash

retary of the Treasury and
told him that we think it

Taxpayers' League; Paul H. Hus¬
The Senate passed on March 2
$160,000,000 and more than 135,000
ton, Vice-President of the Peo¬
depositors.
The bank's principal the bill suspending, for the dura¬ ples Savings Bank, Cedar Rapids,
office is at 74 Wall St.
The State tion of the war and for six months
Iowa; Ralph W. Moore, represen¬
Banking Department's authoriza¬ thereafter, the provisions of the tative of the Commissioner of
tion for the opening of this branch jaw requiring the payment of asAgriculture of Texas; Charles T.
was noted in these columns Jan. 7,
sessments to the Federal Deposit
O'Neill, Vice-President, National
Insurance Corp. by insured banks
page 67.
Bank and Trust Co., Charlottes¬
on
bank balances of the U. S.
ville, Va., and member of the A.
The Irving Trust Co. of New Treasury derived from the sale B'.
A.
Agricultural Commission
of war bonds. The measure, which
York made known on March 3
and Food for Freedom Commit¬

have

bad

have
will

the forth¬

effect ;on

coming April drive for the
bonds." •
" :■/:

sale of
■■ ■

point Senator Walter

At this

concerned
one

for

this

very

move

is
to

goes to the House, also sus¬
Department has
tee; and L. M. Walker, Commis¬ torpedo the. big financing opera¬
announced
the death in North pends maintenance with Federal sioner of Agriculture of Virginia. tion that lies just ahead of the
Reserve banks of reserves by Na¬
Africa, on Jan. 11, of Major
All of the witnesses agreed, it Government."
William
H.
Roodenburg, of 67 tional and State member banks
is
In
his closing
noted, that ample credit is
statement, Mr.
of the Federal
Reserve System
Park
Terrace
East, New York.
available to farmers for produc¬ Wiggins
made a plea for the
against these deposits.
Major Roodenburg entered the
tion and that there is no need preservation of the small country
Irving Trust Co. in 1926, and
Identical measures were intro¬ whatever for the revival of the
banks, saying:
when called to active service was duced in the House on Feb. 4 by
RACC as an additional agency to
"They are being harassed on
an Assistant Trust Administrator.
Representative
Steagall
(Dem., provide more credit.
All also every side by the competition of
According to the trust company, Ala.),
Chairman of the House agreed that the bottlenecks in
direct
lending agencies of the
from a letter written by a friend Committee on Banking and Cur¬
agricultural production arise not Government largely in the field
in the service, it is understood
rency, and in the Senate on Feb. out of any lack of credit, but out
of agriculture, and I plead with
that he was killed when an avia¬ 11
by ' Senator Wagner
(Dem., of the lack of farm labor and
you
for your help in, keeping
tion ground force under his com¬ N.
Y.), Chairman of the -Senate the inability of farmers to get
those country banks from passing
mand
was
attacked by
enemy
Banking and Currency Commit¬ needed equipment and parts for
out of our picture.
The country
planes in Tunisia. Major Rooden¬ tee.
equipment.
b^nk' has
been the foundation
burg, who was 36 years old, was a
In a statement explaining the
In his opening statement of the stone of the rural
small towns
First Lieutenant in the Officers
bill on Feb. 11, Senator Wagner A. B. A.'s
case, Mr. Wiggins stated and villages, and more than any
Reserve Corps until 1940, when he

said:

"perverted other institution in our communi¬
"Approximately
40%
of
all from its original purpose," that ties is responsible for the devel¬
Government securities
are
held the program contemplated "is un¬ opment of these small towns and
As I see it, the revival of
by the banking system and in the sound," a "further drain on Gov¬ cities.
December Treasury financing, ernment funds that are
vitally the RACC merely- adds another
when $12,000,000,000 of securities needed for the war effort," that layer on the crazy quilt structure
were sold, approximately 42%, or
of Government lending agencies.
Mr. Chairman, ;we are not only
$5,000,000,000 were sold to the
deposits which they carry, al¬ for the abandonment of this illbanks, exclusive of the amount
sold to the public through the though the Treasury balances, be¬ conceived rebirth and unneces¬
medium of the banks.
A large cause of the heavy demands of sarily expensive experiment that
the war, remain in the banks to
will serve no useful purpose, but
portion of the proceeds derived

He was called
active duty June 30, 1941, and
Captain.

became

assigned to the Army Air Force
base at Mitchell Field, L. I., until
he was transferred overseas last
fall.
Born in New York City,

attended

Roodenburg

Major

Townsend Harris High

School and

City College, from which he was

graduated

with

the

degree

Bachelor of Science in 1926.

Two

RACC

the

being

later he received the degree
the credit of the Government for
of Business Adminis¬ from the sale of these securities
a relatively
short time only."
are carried in the banking system
tration from City College.
The recent endorsement of the
to the so-called war-loan accounts
years

Master

*°
cr6dit of the Treasury
Pending disbursement by the
Government. The banks have

George A. Easley has been elected President of the National Iron
Bank

Morristown, N.

J., sue-

ceeding the late John Y. Robbins, •
Elmer
King, Chairman
of the
Board
a

announces
announces.

He
Me

has been

member of the Board since 1930.

bill by
man

the

Marriner S. Eccles, Chair¬
the

Board Df

Federal

Governors

Reserve

and Leo T. Crowley,

j the

same manner as

all other issue, page 843,

the

abandonment of many
ernmental

Chairman of and

the hope that this
beginning of the

also express

will

ventures

other gov¬

have

that

costly in financial outlay
destructive to the efforts of

System, proved

the usual the FDIC, before the Senate
assessment to the Federal Deposit Banking and Currency CommitInsurance CorP-these 1/12 of 1%
of. balances injtee, was noted in our March 4
per annum on
"een required to pay

;

maintain a
this

private

citizens

solvent

private economy in

nation.'*

'■ ''

most cases.

ments in

GENERAL CONTENTS
(Continued from first page)

would be profoundly

of the most effective ways

allot-

duction in coffee and sugar

now

.War

the

that

The new basis

George broke in to observe that,
"if I were the Secretary of the
Treasury

1942.
will mean a re¬

in December,

Page

Says Armed Forces Goal is
Unchanged
Writes That War Effort Nears

FDR
.

927

FDR

Goal

927
927
927

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

Continued.........
America..York Bank's Insurance System
Committee

Dies

Tours Latin
New

927

Gains

927

Borrowings Up on N. Y. Stock Exch.
Expand Lend-Lease
Shipments to

928

Russia

"War

Defines

McNutt

Jobs" Policy 928
Report for

Midland Bank of London

928

1942
No

Incentive Pay¬

for Farm

Funds

928

ments

Post-War Planning.. 928
Curb Exchange Reports
1942 Results.
928
Favors

Public
New

York

1942

During

Strikes

928

—

Workers Wage Gains Out¬
strip Living Costs Increase........
Red Cross Drive Opened by FDR...
Factory

Approves Navy

House

929
929

Appropriations
929

Bill

Endangers

Rationing System
Business...

Point

929

Small

929

Deficiency Bill Voted by House.....
Multilith Workers Needed In Federal

929

Work

Limit

Debt

Statutory

Federal

931

February

Government Questionnaires

Time

„

931

Cost Heavy

OWI Director to Broadcast

War
931

News

Wilson in Full Control of WPB.,.,. 932
Susoend Wheat Marketing Quotas.. 932
RFC

Sets

40%

Ure:es

Use

Up New Rubber Agency.. 932
Cut in Government Car

934
War Bond
" 936

.....

Suspend

FDIC Levy on

Cash

Protests Farm

ABA

Credit Corpora¬

936

tion Revival

Rationing

Point

Plan

for

Restau¬
936

rants

Wickard

Asks

for

Congress

"Mandate"
New

V-Loan Drive Opens

Limit

Shoe

Production

Farm

930
Anril 12.. 930

to Previous

925

Price Lines

Jurisdictional Picketing
Held

Illegal
Sproul Heads
Committee
Mme. Chiang

Disputes

925
N. Y. War Finance
925
Tours United States.. 924

Full text of Commercial and Financial Chronicle : March 11, 1943, Vol. 157, No. 4158, Section 2

FRASER