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Final Edition
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Wsfcr^r-'wjrw*
THURSDAY
U-"T.
jlteg.
Volume 155
s*4?{^i"*2^***
Number 4058
New
In 2 Sections
~
-
Section 2
Office/
U. 6. Pat.
York, N. Y., Thursday, March 26, 1942
Price 60 Cents
a
Copy
GENERAL CONTENTS
FROM WASHINGTON
.yyEditorial«
-
•
:*•
:vrr.vi'v*,'.**.«T*.■$* i"■:[f* '**,•
Gold, Gold, Shining and Cold...,..,
Report of U. S. Steel Corp,.,..-,....
1242
Man
AHEAD OF THE NEWS
1244
Wanted
But Will Ickerian
Phrases
Help?,
Regular "Features
:
Financial
1242
.
1241
i
-
Situation
1241
To the extent of his
ability your correspondent has talked to the From Washington Ahead of the
1241
Washington correspondents corps, more than 500 men and women, «'News ;.v^rv.*.
On The Foreign Front
1241
in the past few
days, regarding the present intense agitation to Moody's Bond Prices and
Yields... 1257
"repeal the 40 hour week." The inescapable conclusion is that in a Items About Bank and Trust Cos.. 1264
publicity sense industry is just about as inept as a 10-year-old idiot.
State of Trade y;j:r
I am not now reporting my own opinions but what I learned
General Review \1243
from talking with my fellow cor-<^
Commodity Prices—Domestic Index 1252
respondents, some of them Con¬ spondents is that the laborites Carloadings V...v.
1255
servatives, some of them Leftists, with Mr. Roosevelt's support will Weekly Engineering Construction.. 1252
Paperboard Industiy Statistics..
1254
members of the Newspaper Guild, Win.,
'
i
Weekly Lumber Movement., i
1255
etc.
Two
of
the
conclusions
I
Summing up, the point is that Fertilizer Price Index...........
1257
1258
the rest of the country, outside of Weekly Coal and Coke Output.
picked up were: C"v* •',A
Bank Debits
1257
V- 1—That Industry and the Amer¬ organized labor, has a real griev¬ Petroleum and Its
1258
Products....
ican people as a whole have a ance.: They have, a grievance op Weekly Steel Review..1258
1257
grievance against organized labor the issue of not the 40-hour week,, Moody's Commodity Index.....
Weekly Electric Power Output..
1259
because they have come to domi¬ but that of forcing men to be
Reserve Banks
~
•
---------
.
....
the
nate
Report on Business 1250
February Dept; Store Sales in N. Y. ;
.District ...,.....1252
Federal Reserve February Business
slaves to a Tabor leader, of the
scene
everybody racketeering that is going on, on
else. That there should be legisla¬ the part of certain labor leaders,
Indexes
V....: 1..... 1248-1253
tion to check the power of labor of the forcing of men, before they
February Chain Store Sales........ 1253
leaders
1252-1254
such
as
making. them can get a job, to pay tribute to Living Costs Statistics
Railroad Freight Traffic in 1941... 1255
account for
their finances, and labor leaders, of making unions
February Cotton Spindle Activity.. 1256
making it unlawful to coerce a comply with laws such as other Cotton Ginning Analysis.
1257
workingman into joining a union. members of the body politic have
to
the
whole
American
exclusion
of
..
«
2—And
It
this is most
important:
to
is not organized industry that
mainly responsible for the at¬
is
Miscellaneous
comply with.
After
,
with
talking
;
N.
fellow
my
Y.
State
Factory
(Februaiy)
Employment
1249
......
correspondents, I looked around Claiify Reserve Rule on Bank
Advances
tack on the 40-hour week but it to see where; the agitation for the
1249
Named "to Defense Transportation
is permitting the labor agitators to repeal of the 40-hour week, as if
Board V................. ..."..1249-1256
pui the onus on it and also per¬ that would be an accomplishment, Bicycle Manufacture Curtailed
1249
.
................. .,....
.
mitting them to join the issue on
this sole point. On this basis, the
consensus
of Washington corre¬
was
coming from. I learned it
not
coming from
y (Continued
was
pro-
Policy".,..
1249
to Colombia, Venezuela 1249
French No. Africa Trade 1250
Suspend
1263) Ay
on page
Information
Lend-Lease
paid
some
"Wartime
Houses
Passes
Farm
Bill
'.....
1251
Liquidate Canadian Wheat Futures 1251
Unfixed Cotton Call Sales Lower...
Sees
Record
Dies
Committee
FDR
Plea
World
Wheat
1251
Surplus 1251
Continued...
1251
Allied Unity........ 1251
Repayments1251
Secretary Wickard... 1251
Sugar Output Lower........ 1251
Farm
for
Loan
Assistants-to
Natal
Federal
Credit Bank
Issue
1251
Canadian
Newsprint Output....... 1252
Opposes -"Restrictive" Labor
-
FDR
Laws
Sees
between activities of the United Nations and the Axis.
as
.
.
..
,
^
.
changes.
'
London
somewhat
trading
uncertain
y;week, but
advanced
late
gently
first, half
of
•
the
'
Stocks
in
the
reported
Industrial
flected
some
and
tobacco
V
stocks
inquiry,
re¬
while;;
shipping
sharply betterj
were
shares
Middle
East oil shares proved another ;
firm section.
-
y
Continental
The
dull, so
indicate.
fresh
Rubber
;.
markets
Trading
..
and St.
in
■
had
have
Some
edged
losses
in
also : are
Australian
acknowl¬
(Continued
on
page
1246)
But Will Ickerian
1254
1254
1254
The
;
is the American divisionist—the American who
enemy
fears
or
loves
his
hates
our
allies in
this
war
more
than he
trusts
and
beliefs
fellow-citizens; the American bigot who fears the
of the Russian people more than he trusts the beliefs
of
sum
European
total
is
not
our
shipping
and
a
military secret
production levels
are
under
immensely
(Continued
on
in
of
re-
page 1262)
,
t
.>
...
people of America and
the
who would willingly see the
destroyed if Russia could be destroyed in the
disaster; the American patriot whose patriotism is di¬
Mission in U. S....
supply temporary binders in which to file
new
f
;
Peoria
Revamps
January Advances to Home Owners 1244
FDR Sees Fall Labor Shortage
1244
i
J '
Treasury Revises Trading With
Enemy Act
for Americans
'
.1245
in Enemy
y
of the Financial Chronicle. Orders
Double
Views
Time Pay
Proposed
Bank
Director.,..
1261
May Inspect Tax
1941 Cotton Loans.
FDR
Backs
NYA
.
1261
Units..
1261
*
and
Committee
House
CCC
Considers
Sales
1247
Tax Levy
FDR Seeks Naval
Heads
issues
Charity
Aviation Funds..
Group...
March 1 Freight Car- Orders
Men 45-64 Registration Announced
for binders should be sent
Finnish
"Expandit" Binder, 25 Spruce Street, New York City.
Bond
Financial
„
Payment
Institutions Active
FHA Mortgages
the American partisan
victories
at
country—-the
any
who
would
win
his
of suffering or defeat to his
publisher to whom treason itself
cost
newspaper
detestable if by treason he can injure those he hates;"
the vindictive politician who would pay his scores off in his
not
country's blood; the reckless and revengeful few who would
not hesitate to strike the object
of their passion across the
children's bodies and their nation's shame.
The
*
*
*
who attempts,
through his ownership of a power¬
ful newspaper, to dictate the opinions of millions of Ameri¬
cans—the man who employs all the tricks and dodges of a
paid propaganda to undermine the people's confidence in
man
their leader in
a
to infect their minds
war,
desperately needed allies,
to
break
with suspicion of
their will to fight,
is the enemy, not of the Government of this
most
people, but of its
all; the people he deceives the most:
of
his readers.
1261
Returns.... 1261
Says Holding Co.'s Must Make
r
Capital Adjustments ............ 1261
RFC War Financing............... 1261
New Mutual Bank Directory
1261
current issues of
own
is
is
enemy
people—and,
on
......................
Reserve
Willett
OPA
months'
Opposes
Rates—Offers
The
partisan
their
1245
Labor Laws
of the Chronicle and will protect copies against mutila¬
tion and loss. The cost is $2.50 plus postage for each of these
two
"
•....
form. These will facilitate
hold
%
1259
Industry Bureau... 1260
Warning on Labor Disputes 1260
U. S.-China Accord on Aid........ 1260
Labor
Unions
Waive Double Pay
Rule
....:
1260
FDR Creates War Relocation Unit. 1244
WPB
use
to
1243
rected not to the United States but to the
country of his
European origin; the American with the ineradicable immi¬
grant mentality who would rather
see
this country over¬
whelmed than see it aided by a nation his father or his
grand¬
father once hated in another country and another time.
1259
Nelson
Estimates ]
short
'
& Western RR. ;.
Seized -.v;.'-;.*;..■*v.;;-.v•;-.v., 1248
China to Issue Bonds.'..,.;.;.:.;.. 1248
Warns of Impending Attacks.,..,,. 1260
Says War Will Reduce Living - ;■
Standards
..;
1260
Toledo,
waters, and
unquestionably is a
perturbing figure, although pre*
cise figures necessarily are lost in
the maze of censorship restric¬
tions.
■
'
\-'.y.'
I
the
:■>>';
1247
1247
1246
1246
1246
in
1263
Upholds Right- of £res§ito Criticize. 1263,.
a
own unworthiness in the first place,
slogans, fetishes, and misconceptions which
created
u
1243
Act
Gas
Invalid
Arrangements have been made with the "Expandit" Binder
have
which, apart from their
Louis Reserve
Chemical Industry Meeting.:.1..,:.
Wheat Marketing Penalty r; ;
0! Our Subscribers
designed
"reforms"
history, as attest the sallies into the field of anti¬
trust legislation and rural credit. All
this, however, is now
overshadowed by "reforms" of much more recent
vintage,
1256
AAA
Hemisphere.
most
the Financial Chronicle in its
supposed to have rested—and by
.
Warns- Against
■
v,
"Complacency"
,........
1257
on Skills..;. 1257
Inquiry in Guthrie Resignation..;.' 1242
Supreme Court" Upholds Natural w-":
,
were
was
similar
•
-
Quety Draft Eligibles
Nelson
to
system
on
Nelson
our
Atlantic Coast cannot be modified
Binders For The Convenience
is
the
many supposed still to rest.
Some of the other Wilsonian
,'.1253
Territory
which
which
are
constantly applied in ways and
wholly foreign to. the orthodox theories upon
.
effort, if the sinkings off
war
It
binders
in connection therewith
to conditions
United States
Funds
the
as
one of the
outstanding financial "reforms" of modern
times, and various and sundry terms popularized meanwhile
same
stocks, but the controls are string¬
ent
and do not permit normal
to
the very first
anything but wise and farThe net result is that the sytem as it operates
so far removed from the original conception of its
creators and
original sponsors, as to be all but unrecogniz¬
able. Yet it is
widely, indeed all but universally, regarded
New York Exchanges.. 1256
ABA Chicago Credit Clinic;".1264
Tax-Exemption of War Contracts
:
r
;* Opposed v.".. . V.;.. .s.
. r»
1264
j
from
sighted.
today is
1264
that
inquiry
almost
1255
Grave.........1256
Situation
all-wise
1253
.
Exchange
*.....
almost
an
required to make the sys¬
tem work as a
reasonably unmixed blessing. The fact is,
that due to various causes
degenerative changes in the law
began almost at once and the attitude of the Treasury was
1253
Reacquired
that
administration would have been
1264
available reports
buying
...
Richmond
French markets reflect
far as
!
:
.,
River-Harbor Bill Shelved.
Payment was made for £65,or
halted.
German and Italian
000,000 of requisitioned Cana- y submarines - continue to
concen¬
dian securities, which added::;
trate on the Atlantic waters close
to the demand for gilt-edged ;
to
the
Western
issues..
concessions;: and compromises
bottlenecks of the United Nations
,
heavy.
quite
Inflation;
...
y r-
Merchant Shipping Problem
statute
.,;,
Merchant shipping facilities are
Banks Cut Rediscount Rate......
likely to become one of the worst Canadian Newsprint Price Increase
United
dom, Monday, with subscript
tions
'* 'f;
of
as
...
Trading in
Governments
(February);. ...
February Life Insurance Sales.....
Cuban Sugar Surcharge..;....^...;
NYSE Odd-Lot Trading............
Axis dominated markets in
System provides an excellent example of
type. The original Act, by the time it reached the
books, had been so filled with political and other
the former
'
available
are
Federal Reserve
1253
Fedeial
n
current week. Warship Week
opened
No reports
Europe.
trading
in
to
as
last
stocks"
gilt-edged
the
during
;
wasy still
;
Holdings
That our
has passed. When the "reform" is ill-conceived
unwise, but well popularized by persuasive demagogues,
this evil is likely to be the more serious and
damaging. The
or
1252
Insurance..;.
Products........
Check
are
displa3?ed a good tone.
Farm
Study Wage Control
beginning to hit back in the Far East heartened London
observers, and occasioned some- buying of ;securities, r.There was
not much interest in tea, rubber and tin shares, but other groups
forces
Wheat
Record
Lend-Lease
Dealings on the London stock market disclosed an improved
trend this week, largely because the war news was better balanced
in any case
1252
Campbell Again Minister to U. S...
European Stock Markets
One of the difficulties of
"reforms," even when origin¬
ally well conceived and plainly needed, is that they so
frequently give rise to fetishes and misconceptions which
live to plague the
people long after the "reform" itself has
become manifestly unwise or
perverted and the need of it
The politician who serves for years as the principal propa¬
gandist of the nation that this country is secure from all at¬
tack, and who, later, when attack occurs, gloats at his coun¬
try's losses, saying "I told you so, I told you so," is the
not
enemy,
of
the
administration
people he has misled
—Archibald
of
the
Mr.
MacLeish
•
suppose that such an Ickerian farrago
ill-temper and obvious politics will contribute to
of the infirmities he sees, or thinks he sees?
evident
cure
or
its officers, but of the
and would agaiin. (Etc., etc., etc.)
MacLeish.
Y
Can
once
.
THE COMMERCIAL &
1242
Guthrie Resigns From
WPB; Inquiry Ordered
A
investigation
three-way
been
started
the
into
has
resignation
of Robert R.
Guthrie, head of the
Leather
and
Clothing
Textile,
FINANCIAL CHRONICLE
Editorial—
Editorial—«
Report of United States £ Gold, Gold, Shining And Cold
]%
New.
of the gold problem
from
the unending controversy
SteelCorporation fig time, with stimulating effect
aspects
of
the
War
The annual
Production
ment of like dividends for both
years,
There was left a bal-N
$56,138,390 in 1941, compared with
war
effort have met with con¬
$42,178,597 in the preceding year. .The dollar volume;,of;
tinued resistance "by the repre¬
sales in 1941—$1,620,515,110, Was the
biggest' in Steel's
sentatives of the affected indus¬
tries
now
working
within history; but reflecting the effect- of unchanged scheduled
the WPB."
Resigning with Mr. prices of principal products in' the face of increased" taxGuthrie were George P. Doherty^
wage and material Costs, the net income for 1941 was 41%
his executive assistant, and Mar¬
less than for 1929.
Cautioning that the 1941 net income
shall Hale, Jr., Deputy Chief of
cannot be regarded
the branch.
as typical earnings, Irving S." Olds,
to
hurry
many
the
industries
conversion of as
as possible to the
time to
appear
upon
pamphlet report of the United States Steel
Board, and two of his aides "be¬ Corp., issued March 19, discloses that the net income ofthe'
cause of the conditions that exist
corporation and its subsidiaries amounted in 1941'. to $116,V
within the WPB."
Mr. Guthrie
171,075, compared with $102,211,282 in 1940.' After pay¬
is said to charge that his efforts
Branch
^Thursday, March 26, 1942.
ance
for future needs of
to the fate and future of
gold as money. Evidence accum¬
gold is playing a lesser role in the current war
.than in past conflicts. In some quarters the glib assumption
is made that the metal is
likely to lose its importance as a
currency base, both in war and peace. : Such conclusions are
not impressive, when contrasted with the
monetary history
of some thousands of years, which affirms steadily and in¬
evitably the primacy of the;yellow metal.;% i.
When convertibility was abandoned everywhere in the
world during the depression of the 1930'sr a long istep was
taken toward whatever currency developments will event¬
uate hereafter.
Throughout most of the 1930's, gold still
retained its function of settling
many international accounts,
although barter was the necessitous resort of some countries.
as
ulates that
.
,
Chairman of the Board of-Directors, stated: "Income-in
Under the stress of war international
directed John Lord
gold settlements have
1941, after income taxes and all charges except interest; on
O'Brien, WPB General Counsel,
diminished, and there is now even a tendency toward cur¬
funded debt, amounted to 7.02%—as compared with
6.99%
to investigate the charges made
tailment of gold production with a view toward concentra¬
in 1940—of the value of the net assets, the latter
being the
by Mr. Guthrie and has also re¬
total assets less current liabilities. The average return for the tion of .mining efforts upon more strategic materials. ■.%%%
quested the special Senate Com¬
mittee investigating national de¬
From Jackson, Cal., came a report last week which put
five year period 1937-1941, on this basis, was 4.59%, while %
fense, headed by Senator Truman
the matter neatly.
The Argonaut gold mine, in operation
for the ten-year period
1932-1941, which included i the
(Dem., Mo.) to make its own in¬
since 1850, is about to close,, it seems
^because renewal of
deficit years of 1932;
1934;; Ulid 1938j the' average
quiry
"in view of the public
importance of this matter." i Mr. return was- equivalent to 1J85 %• of the value of thev net equipment and supplies will not be possible through lack
of priorities.: Mines producing
Nelson,.1 in a letter to Senator assets." '
only gold and silver are not
'
* 1
*
!
T
%
t '/%"** ' •to be favored I
Truman, said that "personal con¬
by our Washington dispensers of priority
Direct and indirect demands, for defense and lend-lease
flicts"
had
developed
between
Donald M.
Nelson, Chairman of
the WPB, has
1933,!
I'
''
-
ratings.;1 %• ■■
v
:'4 3? 1,
equivalent : of more than'; 75.%. of
Those aware of the trend were far from
surprised by
Steel's: current steel shipments, Mr. Olds • disclosed ? He
this incident, which merely emphasizes conclusions that
had reached the point where it
pos¬
stated that throughout 1941 "the entire resources and facili¬
was
impeding that part of the
sibly are international in scope. ; A joint United Nations
ties of the corporation and subsidiaries have been at the
war
production effort."
His let¬
policy on explosives and other mining supplies previously
ter further said in part:
call of the Government."
was. reflected
by South African concern over available equip¬
After reviewing the situation
"The Government during the year has availed itself of
ment and materials, and by reports that a mission from the
it
was
decided last
week to
the facilities of the subsidiaries of the United States Steel
separate
the
textile
section
United States is proceeding to South Africa with a view
from the other two, retaining Corp. to the extent of taking a substantial part of their
pro¬ toward
greater production of more vital war minerals, even
Mr.
Guthrie
in
charge
of duction and will take an even
larger part of their total out¬ at The expense of lessened
output of gold. Positive Anglov
leather and clothing.
For the
American action along this line has for some time been
textile section it was proposed put in 1942 to meet the basic, needs of the nation," Mr. Olds
Steel production for military, naval, and othei indicated, and a considerable
to
bring in a new man who explained.
lowering of gold production
v
would be wholly impartial and national emergency needs have been accelerated in every
for the duration is likely.
Mining circles also are aware, on
free from any involvement in
practical way, said Mr. Olds. Referring to U. S.; Steel's the other hand, that
priority denials will be reconsidered in
the
conflicts which had been
policy of full cooperation with the Government, the Chair¬ cases where undue hardship
impeding the work.
Mr. Guth¬
might follow the curtailment or
indicated that certain subsidiaries have undertaken
rie took the position, however, man
halting of gold production in individual mines.
that this would be unsatisfac¬ the construction of vast additional steel-making and finish¬
%% The Lend-Lease Act arrangements, coupled with- the
tory to him and thereupon re¬
ing facilities," as a part of the steel expansion program
gargantuan effort needed to win this war, are the obvious
signed. :
deemed advisable by the Government., A major portion of
The
House
Military
Affairs
occasions for this international
Tendency. Transfer of gold
this expansion is being done at the expense and for the
Subcommittee on war materials,
simply was obviated under Lend-Lease dispositions between
under
i T
Representative
Fadais account of the Government.'.
the United Kingdom and the United States. The
logic of the
(Dem., Pa.), started its own in¬
The 1941 report, enumerated a wide variety of product^
situation also called for a diversion of effort from
vestigation on Mar. 19.
Testify¬
gold pro¬
ing on that day before the group, being manufactured. by subsidiaries of U. S. Steel for war duction to minerals needed on the firing line, in these cir¬
Mr. Guthrie said that frequently
purposes.
In addition to all kinds*of rolled* and finished cumstances.'
•'
/' y
decisions of dollar-a-year men in
steel,v the list included naval, maritime and other ships,
the WPB were influenced by their
; - Undue pessimism as to the future of gold is hardly war¬
armor
and protective deck plate, bomb casings, unloaded
The
prive business connections.
ranted, however, by a political-military arrangement ;of
specific reason for his resignation, shells, shell forgings, gun firing mechanisms, military pipe convenience which cannot be more than
temporary. LendMr. Guthrie stated, was his ina¬ lines, naval
propulsion equipment, submarine cable, torpedo
lease, it is true, has attained proportions which cannot possi¬
bility to control his own appoint¬
impulse flasks, fabricated ! landing mats, wire netting for
ments and make his own decisions,
bly be adjusted hereafter through ordinary accounting, and
and Mr. Nelson's decision to split camouflage, steel for cartridge clips and bullet-core steel;
it is to be hoped that actual achievements will follow the
his section so as to remove tex¬
.During 1941, U. S. Steel disposed of the largest volume Anglo-American agreement of March 2, whereunder lendtiles- from its jurisdiction. -j :■
of products and services in its history and received for then!
lease aid will fee adjusted,-in-part, through lowered barriers
;
Meanwhile, Ben Alexander, for¬
the largest sum of money in its history.. It paid to its work¬ to the
mer
President of the
Masonite
exchange and consumption of goods and services. This
Corp. of
Chicago, an assistant ers not only the highest hourly wage but also the highest ultimate solution of the lend-lease
problem can be viewed
bureau chief in the WPB's Divi¬
average annual wage in its history. Dividends paid for 1941 almost as a
prerequisite to full; international resumption
sion of Industry Operations, has
were in exactly the same amount as for 1940—that is, for
of the gold standard. %%%
%.
: s;.
taken over Mr. Guthrie's work
the preferred stockholders the stipulated annual dividend
temporarily.
K;.
The future of gold also is being
safeguarded in other
of $7 a share and for the common stockholders, dividends
ways, possibly because there is nothing on the horizon which
Decorate Envoy To Russia amounting to $4 a share. The common stock dividends for can take its place.
Although lend-lease arrangements now
1940 and 1941 were, except for a small payment for the
are
in effect between the United States and most LatinAdmiral William H. Standley,
year 1937, the only payments made to common stockholders American
former Chief of Naval Operations
nations, they ?are not preventing the adjustment
and newly-appointed Ambassador in ten years. Operations for the year 1941 may be described
of favorable Latin-American trade balances
through trans¬
to
Soviet
Russia,
received
on thus: Products and services sold
(including $3,000,000 from fers of
March 18 the Navy Distinguished
gold from our superabundant stock of the metal. The
miscellaneous other sources) $1,623,000,000 or $5,336 per
Service
Medal
from
President
Treasury in Washington continues quietly to absorb gold,
worker.
Out of this Steel paid $609,000,000 for
Roosevelt. Admiral Standley, who
product^ or to pay it out
internationally, at the $35 rate. Eventually,
will soon leave for Moscow, was and services bought from others or $2,000 per worker, $191,4
one
suspects, a resumption of convertibility will be the bul¬
decorated "for exceptionally meri¬
000,000, or $629 per worker, was contributed for local, State wark raised
torious service to the Government
against the : sort of inflationary phenomena
and Federal tax, $96,000,000, or $315 per worker, went fot
of the United States in duties of
induced by fear.
:
1
:
^
j - /
wear
and usage of facilities and $6,000,000, or $20 per
great responsibility during his dis¬
tinguished career as an officer of worker, went to pay interest on borrowed money. This left
the Navy."
$721,000,000, or $2,372 per worker for wages, salaries and year, as against $35,000,000 in the later year. There was set
Attending the ceremony at the
aside for future needs in the earlier
year the sum of $109,pensions for workers which consumed $605,000,000, or
White House were Admiral Ernest
000,000 as against $56,000,000 in 1941. It thus appears th&t,
J. King, Commander-in-Chief of $1,990 per worker, after ivhich$60,000,000, or $197 per
the United States Fleet and Chief worker, was paid out in dividends, leaving $56,000,000, or in 1929, the results of a large volume of business were
shared by the employees and the owners; in 1941, the results
of Naval Operations, and Captain 185
per employee, which the directors left in the business
J. H. Duncan, Admiral Standley's
for future needs. Comparing the results of 1941 with the of a large volume of business were shared to a lesser extent
naval aide who will accompany
year 1929 we note the following: The balance remaining by the owners.
him to Russia.
;
Mr.
staff
Guthrie
in
the
and
members
Textile
of
Section
his
needs
have
reached
the
•
and
•
.
„
Admiral Standley was named to
the Moscow post
on
the
by the President
Feb. 9 and the Senate approved
nomination
mentioned
in
on
our
Feb.
13
(as
issue of March
5, page 952).
,a
was
in
56% of the total receipts in 1929, compared with 44% 1
1941.
In
1929
employees received. 68% of the balance
remaining, and in 1941 .employees received 84%. In both
years the preferred stock owners received $25,000,000. The
tcommon stock owners received $64,000,000 in the earlier
The 1902-1941 trend is for
government, through taxes,
participate heavily in the proceeds in good years and
somewhat less heavily in bad years; for workers as a group to
Share heavily in good years to lose heavily in bad years; for
owners to share
lightly in good years and to lose heavily
to
'Volume 155
;in bad
Number 4058
years.
Thus, in
a
THE COMMERCIAL & FINANCIAL CHRONICLE
bad year, 1938, participation
was:]';
arid1
1941, .parrj
^government, $49,000,000; workers, $283,000,000; "owners
■future
needs, $8,000,000 (loss); in a good year,
,ticipation was: - government, $191,000,000; workers, $605,000,000; owners and future needs, $116,000,000. During fiveof the years, ,1931-1941 inclusive, it was
possible to accumii-:
T
-late
six
the
$142,000,000 for future needs. During the remaining
years it was necessary to draw on the accumulations of
past to the extent of $253,000,000. / - ;: /: //• ; / • ^ ^ ;
.
//The report stated that U. S. Steel's shipments
of rolled,
totaled more than >20;-:
1000,000 net tons—an all-time high and an increase of more
.than one-third aver the shipments in 1940. The net ton's of
[ingots produced by U. S. Steel subsidiaries also established
■an all-time record and
represented an increase of more than
•one-fourth over the 1940 production. • Rolled and-finished
[steel production was - maintained throughout the year
J inexcess
of full rated capacity,' and ingot production wasj
■Within a few points of full rated capacity. Important in-;
^creases were made during the year in the fated
ingot;
•capacity of the steel producing subsidiaries.
•' .%'*
1
}
*.>•»
and finished steeL
U.
S.
Steel's
during the
average;?loadings for the
Supreme Court Upholds Natural Gas Act On
sponding week of the 10 preceding
years.%.f:i:';;?//
../■"?•• •• '.r 1
/
•H.While electric power production.
showed a slight drop of 1% com¬
pared, with the previous week,
the)
gain
last
over
year's
figures for
the ;same week
is 12.5%, accord¬
ing to the Edison Electric Insti¬
tute/////;*f V ;;. y
payment/.-: The
continues
Federal
Board-estimated that
at
Reserve
department
store sales in the week ended Mar.
14
24%
were
Federal Commission's Rate-Making Power
r
The
constitutionality of the Natural Gas Act of 1938
on
March
an
was upheld
by the United States Supreme Court, which sustained
order
16
of the Federal Power Commission requiring the Natural
Pipe Line Co. of America and the Texoma Natural Gas Co., both
Gas
of
out in Associated Press advices from
under
the
year.
/-In the week ended Mar.
7, sales
.
mission
said
Gas
Act
1898 decision (Smyth vs.
to
The Power Com¬
other
lation."
.//"As
we
read the opinion of
Court," the three Justices
said, "the Commission is now
the
property valued at $1,000,000,000. j
It
also noted in the press ac¬
was
that
the
Federal
freed
Circuit
Mar. .14, they aver¬ Court at Chicago;held;the Act to
aged 24% more than in the sim¬ be constitutional but set aside the
rate
reduction / order
ilar week last year.
on
the
■
•
weeks ended
■
from
admitting
cost
value.'
The
now
the base
limit
hered
them
to
"fair
a
return"
on
so much of a company's capi¬
sharing the spotlight. ing development of the week was tal as has/been "prudently in¬
the warning to labor by both the vested,''/ a
basis
advocated
by
Roosevelt.
The
President and Donald Mr Nelson, President
high
Chairman of the War Production tribunal, It added, brushed aside
Board.' President Roosevelt re¬ a; longstanding
theory that the
Loss of production, resulting from strikes and work,
stoppages during 1941, was estimated by the Chairman, as
the equivalent of 300,000 tons of steel, 5,000,000 tons of minded labor that grave respon¬
coal and 19 days of ship production. Employment by U. S. sibilities go with its rights and
privileges, as Donald M. Nelson,
Steel averaged approximately 304,000 for the year 1941in the strongest statement on the
a
greater number of employees than in any year of Its history,, subject yet made publicly by any
and representing an increase of 51% since 1938. The total, Roosevelt administration spokes*
payroll during the same period increased 113%; ? IJJS^^tbel- man, warned that if: labor and
management
do
not
submerge
paid out in the form of wages and salaries to employees the: their differences for maximum
equivalent of about $1,647,000 for each day of 1941. Annual, arms output the Government. will
payrolls rose to a new high of $601,117,053, compared with: have to impose rigid controls de¬
the total of $438,621,292 in 1940 and with $420,072,851 in'; manded by an indignant public,
Mr: Roosevelt's message - and
1929.' "Although the average number of hours worked perMr. /Nelson's
speech
were
ad¬
week in 1941 increased only 4% over 1940, and was still]
dressed to/50d delegates at1 an
under 40 hours," said Mr. Olds, "average weekly earnings,
emergency conference of leaders
of the Congress of Industrial Or¬
■amounting to $37.91, increased nearly 15% over 1940."
-
cost of
an
reproducing the plant
The text of the Act
in
was
essential: factor.
these
given
was
Chief
Justice
declared
Harlan
Press)
were
service
F.
Stone,
(we quote from the As¬
sociated
bodies
could
of
that
"to
the
single formula
any
combination
•
of
formulas"
or
and
that
the
their
only
restriction
upon
determination of a "lowest
reasonable rate"
be
"not
was
that the rate
confiscatory in the
stitutional
con¬
sense."
ganizations, called by Philip Mur¬
It is added that in a separate
provisions of U, S. Steel in 1941 amounted ray, CIO President, to combat re¬
concurring opinion, Associate Jus¬
to $191,000,000, or 124% more than in 1940. These taxes strictive
legislations now before
tices Hugo C. Black, William O.
for 1941 were equivalent to $22 for each outstanding share committees of both Houses of
Douglas and Frank Murphy went
of common stock. Concerning taxation, the Chairman ex¬ -Cdngress. /;: '
even
farther and indicated that
The total tax
warned
that should
even a
confiscatory rate could be
pressed the hope that "the ability of American industry "restrictions come
they might be
fully to serve the nation in this great emergency be not, difficult to remove even after the legal. They argued that "rate
making is • a species of priceweakened by restrictive tax legislation." "A fundamental
war/; He demanded that labor fixing". and that "legislative
priceabandon
for
the
duration
of
consideration," he said, "is that a method of taxation be
fixing is not prohibited by the
privilege of getting due process clause" of the Con¬
provided which will result in maximum revenue towards; double-time
/ pay
for
work? on stitution.
j
meeting the war cost -without curtailing: production or; Sundays and . holidays falling
In calling upon the two com¬
undermining reserves required for the effective operation! within a regular week. At the panies to reduce their rates to
$3,of industrial facilities. If taxes were to become excessive same time, he assured both labor 750,000 a year, the
Commission, it
and management that the Gov¬
is stated based its order on a total
relative to income, they would become levies upon assets,
ernment j would
see ;,, to
it that rate base of $74,420,424, and the
"which would result in a curtailment of ability to produce." neither lost its
rights and that no companies asserted that an addi¬
A feature of U. S. Steel's annual report is. a series of one would be permitted to "push tional
$8,500,000 should have been
any one around."
/ /
included
in
the
rate
base
for
,
Shortage : of skilled labor ap¬ "going concern value." The [Su¬
parently is still the most trouble¬ preme!
Court found that "the
some factor for delay in war pro¬
total
value
of
the
companies'
with shortages of raw plant, including equipment in
materials following close behind. cess of immediate needs when
duction,
Business activity is
advices from
reflecting
peace-time
aggregating more than $5,000,000,000 and employing nearly 750,000
workers are in the process of conversion to the "all-out effort."
A
of
survey—15 weeks after Pearl Harbor—showed 11 major lines
production
already#
conversion
of .receiving 0f
civilian
was
conducted
more and more the ever widening
activities to war production.
Latest
Washington state that industries with peace-time sales
from
—
reflected
by the
drastic
in
a
survey
holding Navy -contracts, the
com¬
went
basic
raw*
labor-
reason.
materials
difficulties
All
-
but
as
one
shortages.
And
output -1,635,000
tons.
1940 week produc¬
1,610,700 tons.
/%..-//
Another indication of the ex¬
panding war effort is found in the
the
to
Production
War
Board
earn
value
formula
return
whole
cluding equipment in
immediate
needs
but
the
plant, in¬
upon
excess
re¬
is
constitutional
no
as
such.
.
"The
.
/
.
Constitution
require
that
embarks
the
in
does
a
not
who
owner
wasting-asset
business of limited life shall
ceive
the end
at
has put into it."
more
.
.
re¬
than
he
.
Explaining that the Commis¬
sion
"a
had
found
that
annual
fair
rate
the
upon
6%%
of
Justice
base
rate
Stone
"The
allowed,"
added:
courts
are
required to
Commission's find¬
the
accept
ings
was
return
if
they
supported
are
by
substantial
evidence.
not
this record that the
say
on
Commission
a
was
higher rate.'/
The
that
We
bound to allow
/,;/%/? /,/:.;
Government
the
contended
reproduction
varied from
day to day,
price
of
materials
while
the
amount
invested"
can¬
could
be
cost
as
the
changed,
"prudently
determined
and for all.
once
"Since
chapter
this
in
starts
case
a
new
the
regulation of
utility rates," the three concur¬
ring Justices said, "we think it
important to indicate more explicity than has been done the
freedom which the Commission
has both under the Constitution
and
/■
under
The
cases
new
statute."
Justices
opinion
which has
tury."
this
three
court's
said
"erases
been written
the
much
in rate
during the last half
cen¬
.
Incidentally it is noted that the
Commission said
it
adopted $74,rate base,
the companies urged $82,291,553.
The Commission fixed
6%'%'as the fair rate of return. A
420,424
as
the
proper
while
disallowed by the Commission.
It
also said it allowed only $1,557,852
as
an
amortization
annual
or
charge for
depreciation as
contrasted with $5,100,732 sought.
of
installed
for the
future, the Court said.
does not follow," the
opinion ■, continued,
"that
the
"But it
and
ad¬
and
claim by the companies for inclu¬
they started in busi-
the
ob-r
sion in the rate base of $8,500,000
for
"going concern value" was
fair
a
of
There
.
Commission
that
to
.
had been
/.they would have been entitled
—
the
and
if
,
constitutional
no
the companies in
ness,
instead of seven years
later when the law was passed,
.
96.3%
upon
1931 when
the
cited
period, delaying factor. The committee's
•most have this choice—they must against last week's
production of findings are likely to result in
change over, to manufacture of 1,663,000 tons.
\
,;■/
] ;
V some ' Congressional pressure on
A month ago production was at
arms
and munitions entirely or
disappear from the industrial pic¬
ture for the duration of the war.
to say:
imposed
panies who were approached cited
skilled
on
If the rate regulation
mittee found that all of the com¬
orders
curtailment
be¬
House.
delays," by subcontractors / were
capacity, against 97.9% last given by several others.
from (week, according to the institute.
/ None oP the canvassed com¬
the Government. - At the direc¬ This would
indicate
output., of panies cited labor strikes as a
tion of the War Production Board, 1,681,000 tons for the latest
tinder
ex¬
ginning business, has been in¬
Naval cluded in the rate base adopted."
Affairs (Vinson) Committee. -On As to the Supreme Court's con¬
the
Associated
Press
canvassing
airplane;..; producers clusions,
This
•
be
cluded in a rate base, must be
separately stated and appraised
the
war
pru¬
rate base—
value, even when it is an ap¬
propriate
element
to
be
in¬
•
the
-conversion
Brandeis.
"There
..
Mr. Nelson
may
chooses,
as a
-
*
The State Of Trade
it
requirement," Chief Justice
Stone said, "that going concern
rate-making
bound
not
of
repro¬
jected all others."
columns
July 23, 1938,
page 485, at which time a sum¬
mary of its provisions was quoted.
The Supreme Court decision, by
on
long advocated by Mr.
Justice
/.The
again
A surpris¬ only
if
dent investment
jection
is
or
Commission
adopt,
cleared the way for Federal agen¬
cies which regulate utility rates to
situation
compulsion
of
giving any
weight to that element of 'fair
/
This compared with a rise of 22%
for the week ended Mar. 7." v. .. ;
labor,
the
evidence
duction
.
// Department stores in New York ground that inadequate allow¬
dGitw? showed an; increase in sales ances had been made for "going
of 19% over last .year during the concern value" and for amortiza¬
week-ended Mar. 14, according to tion. The Supreme Court's action,
Press
the -Reserve Bank of New York. the» Associated
observed,
Ames)
utility regu¬
which has haunted
pending
cases
it involved companies with
above, and in the four counts
Were 28%
Natural
reach the Court.
higher than in the before
corresponding week last
gross
to its
photographs depicting operations at U. S. Steel plants withspecial emphasis on the manufacture of* armor plate. The;
report has been reviewed by the Army, Navy and U. S.
Office of Censorship, v
i
Chicago, to reduce their rates $3,750,000 a year. It was pointed
Washington March 18 that this
first
rate
proceeding^—
highTevels despite the income tax was /the
//Retail/business
year
capital expenditures for additions1
and betterments
facilities/ aggregated about $111;/
.000,000 in 1941, compared with $72,000,000 in 1940.' Unex¬
pected authorizations for all purposes at the end < of .1941;
•amounted to $185,000,000, additional.
corre¬
1243
Chem. Industry Meeting
A
tion
companies'
property would be
confiscated by denying to them
the privilege of capitalizing the
meeting of the American Sec¬
of the Society of Chemical
Industry, jointly with the Ameri¬
Institute of Chemical Engi¬
neers,
will be held tomorrow,
•maintenance
cost
of
excess
.employing almost
March 27, at the Chemists' Club,
duction "skilled labor difficulties
plant capacity, which would al¬ 52 East 41st
sons.
Most of the converted civ¬
are
St., New York City,
likely to grow considerably
low them to earn a return and
ilian plants will require thousands increasingly heavy traffic handled
with the Chairman, Dr. Lincoln
more acute before they
improve,
amortization
allowance
of workers in addition to those by
the
railroads.
upon T.
Loading of close observers state. ' -'//■>
Work, presiding. The topic of
/ such costs during the entire life
on
their
present payrolls, ob¬ revenue freight for
the
week
the evening will be "Vitamins."
of the business.
ended Mar. 14 totaled
servers state.
Regulation Dr. Lela E. Booher of the Milwau¬
799,356 cars,
does not insure that the busi,
Most of the
heavy industries according to reports filed by the
kee
Children's
,
National Banks
Hospital
will
ness
shall
continue to expand. - This is espe¬ railroads with the Association of
produce net rev¬ speak on
"Chemistry and Nutri¬
/ The
following information' is
enues."
cially noticeable in steel.
New American Railroads and ,made
%
/ /
tion of the Vitamins."
This will
from the office of the Comptroller
From the Associated Press we be
This was an in¬
high production levels for the public recently.
followed
by
a
speech
by
of the
Currency,- Treasury De¬ also
.fourth consecutive week by the crease of 28,659 cars over the pre¬
quote: •
•"■
/;
'
George Merck, President of Merck
partment: /.
/
steel industry in this country are ceding week this year, 39,749 cars
In a separate concurring opin¬ &
Co., Inc7 on "Synthetic Vita¬
'•
BRANCH. AUTHORIZED.
indicated
in
schedules
for the more
than,
the
ing, Justices Black, Douglas and mins, A New American Industry."
corresponding
Mar! 14—The Hazleton National Bank,
current week announced by the week in. 1941
and
179,968 cars
Murphy expressed the opinion A dinner will be held at the club
j
In total, the war
effort now is
8,250,000 per¬
For
the
tion
was
like
producers to press larger
training - programs.
In view of
the swift changeover to war pro¬
war'
can
.
,
.
.
.
.
■
-
-
,
.
American
tute;
Iron
and
Steel
Insti¬
The rate has risen to 99%
above
ago.
the
same
This total
period two
was
Hazleton,
years
131.11%
Location
of
Pa.
>
branch:
•
-
Borough
of erly, Carbon County, Fa.
of Weath
that "this is
casion
to
an
appropriate
oc¬
lay the ghost of the
preceding the meeting, starting at
6:45
p.m.
•
-
'
•
*
"HE COMMERCIAL & FINANCIAL CHRONICLE
1244
President Creates War
I
Relocation
Authority
18
the
in
order
on
moved
from
in
areas
provide
to
a
those persons re¬
designated military
for
program
Relocation
War
March
Authority
.
the
of
interests
national
security.
Directing- this
new
agency, which was created by ex¬
ecutive order, is Milton S. Eisen¬
former land use coordi¬
nator of tlie Department of Ag¬
hower,
a
riculture.
*
»
t;,
In effectuating such a program
the President's
order gives the
to provide for
the relocation of such persons in
Director authority
places, provide for
appropriate man¬
appropriate
needs
their
in
supervise their activities and
their; employment at
work
in
industry, com¬
ner,
provide, for
useful
agriculture
merce,
public
or
projects.
The
.
^
order supplements the one
issued
Feb.. 19
Secretary of
which
War
the
gave
power
to
pre¬
scribe military areas "from which
all
may be
ex¬
issue of March 5,
page 951.) The order provides for
avoiding duplication of evacua¬
tion activities by stipulating that
any
or
persons
cluded.".. (See
the
WRA Director
tain approval
first must
ob¬
of the Secretary of
[War
before
undertaking
any
evacuating activities within mili¬
tary
areas.
A liaison committee
;
on
war
re¬
location is set up within the WRA
to
assist
the
V X. £'V
-
*
V;
w«*»■*+
--Jr,
Director
with
his
Thursday^ March 26, T942
I dictated by - his cpnscience and his; vigilant spnse of public
duty. He' was never'awed or J misled by visions of vast
hordes- of
•
Jabqp: organized disunions J hn^
the dictation of their union leaders to the ballot-boxes to
established
Roosevelt
President
Editorial—r'A?
>r,
cast into the urns votes dictated
by arrogant officers of
The President, by Executive Order entered on Satur¬
their organizations and opposed
by their own sounder
day, March 21, has now expropriated 239 miles of railroad
in Illinois, belonging to the Toledo, Peoria • and -Western judgment and recognized interests.- He knew that quaint
vision to be the figment of the disordered
Railroad Company, and made the United States
imaginations of
responsible
for efficient operation and maintenance, as well as for frightened and superficial politicians, but had it been other¬
wise, it could not have undermined his courage nor weak¬
eventual just compensation in full settlement for
any re¬
ened his determination.
At that time, Samuel Gompers
sulting injuries consequent xipon the jseizure.
He has
possessed the whole of the leadership now; divided among
ousted the agent of the owners,
whom; they elected to
the mutually antagonistic heads of rival factions, William'
place in charge of their property,' and substituted John
The policemen
W. Barriger, III, who has made a creditable record as ban Green, Philip JVlurray, and John L. Lewis.
of Boston struck, as a
body; disorder, even pillage and
employee of the Pennsylvania Railroad, of Kuhn, Loeb
rapine, threatened the municipality and its people.
arid
Gomp¬
;./i
;
,
,
Company, the' international bankers,
assistant of
and under the
Reconstruction Finance- Corporation..
For the moment,
that was the easy course.
Some 104 of the railroad's engi¬
neers and trainmen,
belong to unions supposed to be politi¬
cally powerful, had been on strike since December 28, last;
although they had been replaced by competent-employees
and the railroad for a while had been' efficiently operated
without them, they had continued to protest vehemently;
lawfully issued injunctions forbidding violence and. masspicketing emanating from courts of competent jurisdiction
were
being defied and ■ nothing done to compel obedience;
trainmen had been fired upon from ambush and several
seriously wounded; men willing and * anxious to operate
the railroad were being threatened and intimidated.
In
short, the sinister and subversive forces always ready to
grasp at opportunity to undermine the American and demo¬
cratic way of life had emerged from the subterranean
hiding places where they always lurk and the defensive
agencies of organized society were remaining supine and
Calvin
Bullock, investment trust
as an
sponsors,
unwisely, took
ers,
up
the cudgels in behalf of the recreant
exrservants of the public who had abandoned the commun-.
ity in their fatuous "quest for;, selfish advantage.
To Mr.
Gompers^ not awed
influence with the
.
or' frightened by his loudly asserted
voters, Governor Coolidge telegraphed:
"There is
no. right, to. strike
against fhe public safety,
by anybody, anywhere, anytime."
■
*
.
The date
Calvin
was'
Coolidge
Sept. 14, 1919. Fourteen months later,
elected .Vice-President of the United
was
States; in 1923 he succeeded to the Presidency; in 1924 he
triumphantly preferred for ah elective term; and he
certainly would have been re-elected in 1928, with great
advantage to the public, save that he did not "choose to
run." His brave words of 1919 rang
throughout the United
States, there was nowhere a dissenting voice nor a discord¬
ant note. * The racketeers of unionism slunk
away defeated,
order was restored in Boston and was not
again interrupted
nor threatened.
America, in an hour of need, had found
and recognized a man; a President had been made.
was
inert.
Such words would have been
appropriate last week.
agreement, They wouldbe appropriate today. They would meet
binding upon both the employees and the employer, pro¬ many and threatening situations beyond that illustrated in
viding that there shall be neither strikes nor lockouts dur¬ the case of the small Illinois railroad. They will be longed
Defense and the Alien Property ing the present war, and, also, he insists that complete for by patriots
everywhere until they are heard.
If they
Custodian.
operation of this railroad is essential to the war effort. Of were uttered by any one in authority in the United States at
course, there is, and was, such an agreement; and obviously this moment, they would echo resonantly in Berlin, in Rome,
it was flouted and broken by the 104 employees when they in Tokio. * Hitler would hear them and
January Advances To
shudder, Mussolini
Home Owners Steady went out on strike in December and every day that they would listen and tremble, Hirohito would know that shatter¬
remained on strike. ?: Nevertheless it is now announced that ing defeat had been
b Within 1% of the
arranged for him. There would be
figure for the
the recalcitrant 104 will be re-employed, "with certain ex¬ demonstration of a new-born resolution in
same month a year ago, the sav¬
America, proof of
ings, building and loan association ceptions," presumably of those still incarcerated under ac¬ a prowess not further to be weakened
by disorganization at
advances to home-owners in Jan¬
duties.
retaries
It shall consist of the Sec¬
of
War, Treasury, Agri¬
culture, Labor and the Attorney
General, the Federal Security Ad¬
ministrator, ; Director of Civilian
The President asserts that there exists
an
,
of
murderous assault upon their successors, and home.
Can these dictators be expected;Jo
recognize the
alleged grievances which they contend caused might of a remote Nation which hesitates over the problem
them to abandon their employment and their public obli¬ of maintaining domestic order even when it is a vital neces¬
League,
March 21.
It is added that the
gations will be arbitrated between the new management sity of its own self-preservation?
Whither has vanished the
..demand for financing of home
and the strikers.
If the further proceedings accord with calm courage, the clear perception, the wise determination
purchases was 20% greater than
which prevailed and was
the previous January and was past experience, the interloping management will acquiesce
everywhere applauded in 1919?
in a nominal "arbitration" under which the strikers will Why is there
maintained close to its late 1941
faltering and temporizing with the public safety
level.
Meanwhile
construction
be "awarded" all, or something more than they originally in 1942, under greater
exigency, which did not show itself
loans, at least 60% of them ob¬ asked
Has the public
for, that is to say, considerably rewarded for de¬ and could not have been tolerated in 1919?
viously in Defense Housing areas,
safety, with the country surrounded by menacing foes and
still took practically the same pro¬ clining to abide by their agreement not to strike, and then
portion of savings and loan Jan¬ the expropriated owners will be requested to receive back engaged in bloody warfare, become less precious?
Have
uary
lending as they had the their property burdened by the precise increases in com¬ interests
emerged.and sprung to the surface since 1919 that
same
month two years ago, al¬
pensation and other requirements which they declined to are more demanding and insistent than any with which
though definitely less than in
accept before their responsibility was taken from them by Calvin Coolidge dealt or which he overcame?
Or has there
1941.'
threats of force.
It is true that the management repre¬ developed in official leadership a new policy of domestic
Morton
Bodfish,
Executive
Vice-President of the League, said
senting the owners had declined an arbitration urged upon appeasement, applicable to special conditions of lawbreakthat while total loan volume was
them from sundry official sources.
Perhaps their declina¬ ing and violent disorder, originating within an especially
less than in any month of the past
tion was not without warrant.
Undoubtedly, they remem¬ favored group or groups? Has an unwonted timidity in
year, it was conspicuously greater
the presence of
than in the early months of 1940, bered that, but a few months ago, not all the influence of
particular subversive forces supervened in
the highest
Which year was sufficiently active all the railroads in the United States sufficed to obtain en¬
places and come to dominate executive policies
in the lending business to mark forcement of an award
regularly entered under the same against the will and the interests of the Nation?
a
ten-year peak.
Also he noted Federal
auspices, after elaborate hearings and exhaustive
The Toledo, Peoria and Western is an important and
that the disbursement as the cur¬
investigation, because of the refusal of some union leaders valuable link in the
rent year began was nearly twice
transportation system of this country.
as
large as was
characteristic to accept the judgment of the arbitrators, who have given There is no
evidence that all its owners, creditors, and of¬
three to five years ago.
the employers nothing and accorded a great deal to the
ficers are not
law-abiding and patriotic citizens, entitled
employees, imposing he£vy increases in the costs of opera¬ to all the
personal rights, including personal property rights,
FDR Foresees No Labor
tion, but happened not to have given all the employees
guaranteed by the Constitution of the United States and the
Shortage Before Fall quite everything that they had been promised by these four freedoms recently approved by the Atlantic Charter
unioneers. They likewise remembered, it is probable, that
President
Roosevelt expressed
enacted by President Roosevelt and Premier Churchill.
after the Interstate Commerce Commission had authorized
the belief on March 20 that a
George Plummer McNear, Jr., the manager chosen by these
shortage of skilled war production certain increases in
freight rates, as inadequate compensa¬ owners,
perhaps deserves well of his country. At least, he
labor may develop in the Fall.
tion for the compelled advances in wages, another agency
The President told his press con¬
performed his whole patriotic duty as a soldier fighting in
of the Federal Government, not
existing under any direct France with the American
ference that no new machinery is
Expeditionary Force, from Jan¬
being planned at present for the statutory grant of power but merely under an executive
uary, 1918, to May, 1919, while Mr. Roosevelt was mani¬
mobilization
of industrial man¬
decree, had intervened and, with the express public approval
pulating, as much as he could, New York politics and serving
power.
He also
read statistics of Mr.
Joseph B. Eastman, head of the President's Office as Assistant
from a letter from War Production
Secretary of the Navy. He is a typical American
of Defense Transportation, had
attempted to deprive these workingman, an able and successful
Chief Nelson showing that in Feb¬
product of its liberal
railroads of the authorized benefits essential to the solvency
ruary
the
average
number
of
institutions and its presently interrupted freedoms. Educated
hours worked in war industries of even the most fortunate
among them.
in the Universities of California and Cornell;
serving, in engi¬
was
above the standard 4*0-hour
In a time of far less
week. Mr.
Roosevelt alsor cited
exacting public exigency, there neering and construction work, sundry railroads and great
figures to show that more man- was a man in the gubernatorial chair of Massachusetts. productive enterprises; engaged for four years in the activ¬
days of work are lost through in¬ Calvin
Coolidge was a man of few words, of clear vision, ities of a leading organization of consulting engineers; he was
dustrial
accidents
and
illnesses
and of unflinching courage.
When he spoke, it was to the finally sent to rescue a railroad which even its creditors were
than through strikes. He appealed
for more care in the performance point; his principles were those of simple rectitude; neither about ready to abandon.
He did rescue it, and he has been
of work.
interest nor - intimidation could drive him* from
'
'
'.v" *
*
any • course its president since the year 1926.
Now, in his fifty-first
cusations
uary
United
totaled
$79,533,000, < the
Savings and Loan
Chicago,
reported
on
States
>
.
that
the
,
JVolume 155
Number 4058
THE COMMERCIAL & FINANCIAL CHRONICLE
year,: his arduous achievements ;and long years of exacting
and constructive toil have never been broken since 1913, ex-
orders forthwith to issue to
1245
a
regiment or two of the Army
already stationed near
ChicagorlThey were^ told in-sharp, simple words to stop dis¬
order, to preserve the public; peace/to protect law-abiding
citizens in their four freedoms and in their
right to work,
whether upon railroads 1 some* of whose
employees were
striking-or elsewhere.: He issued a proclamation, brief,
pithy, and phrased in terms which no man could misunder¬
.
of
the
United
States
which
whether
cept:by:his:.twQ patriotic: years; inYhe;military serviCe: of his
country during the First World War.
A laboring man him¬
self since boyhood, he has, in the direction of his railroad and
in every other;
capacity, habitually 4 got along;:excellently
with labor, -both organized and unorganized.: Even now,
the controversy that has led to bloodshed and expropriation
involves no question of wages," the sole alleged grievance stand and that no sane man could
ignore, declaring that
pf those who undertook to stop the operations of.the rail¬ order would be restored and maintained, that the mails
road by a strike arising out of the wording of a contract would be
moved, that the Government of the United States
Which it is claimed might, in some nebulous manner and lived and would function. In the course* of it he warned
at some uncertain future date, affect the so-called "rights
every man who might be concerned that public interest,
of seniority" to the
disadvantage of some individual em¬ individual interest, and personal safety required abstinence
ployees.
well known
as
'
,
.
It is not
as
it
;
.
ought to be
obtain, without let
designated to
or
serve
pe¬
and to demand and
hindrance from the employer, any job
ousted
from
his
service
is
said
then
to
been
have
"bumped" and must seek some'other assignment, oppor¬
tunity for which may not exist at all.
This practice, as ob¬
noxious to many employees1-as to all: employers, may re¬
move
a'competent and faithful worker from a position in
which he is serving efficiently and well: and contrary to
the judgment arid wishes of - the railroad management sub¬
stitute an inferior employee, less satisfactory to the public.
Frequently,*. it enables men of the longest experience and
highest capacity to evade assignments where these- qual¬
ities are most required and to obtain soft and easy employ¬
of
ignorance
contemptible.
"
.
or
viciousness commonly recognized
"
'
'
.
•
name
and that the strike occur¬
red.
But
operation- was'interfered
with by mass-picketing and murderous assaults upon men
willing to work and doing their duty as; they saw it. ; No
"government, local,1 State, or Federal, intervened success¬
fully to protect the public peace; the President did inter¬
vene to take their property from its owners.
Itis-said that
[the interruption of transportation thus ..resulting from
violencev permitted and disorder not restrained somewhat
affected the war effort of the past "two' weeks.
Quite
possibly that is true. If it is true, so much the worse for
the authorities who neglected "their duties and did nothing
effective: to, maintain; the people's ;peace or to protect the
war effort in the vast emergency.J *; Y* V.
Regulations
•outstanding
freezing orders. The
general ruling has the efr
feet of writing into every For¬
eign Funds Control license a
restriction
the
father, had then to meet,
similar assault upon; 'the integrity of: ^
which he.presided,i and he did meet it
with characteristic promptness and the unflinching;courage
which he invariably exhibited when the public interest was
as
President,
under
a
after
was ;a
man,
a
{genuine
In
•
£
Communications Ruling No. 1,
issued today by the Director of
i emy.
national
removes
many
of
the old 1917 restrictions on communication : with ■; the
other
American Republics and certain
other'
ring
...
or
transmitting of
munication
to ran
was
will
national.
almost
wholly ;!interrupted Throughout
Illinois; and :
transactions based
on
or
in¬
structions received after March
18,
1942, from enemy territory
nationals may not be
or
enemy
effected
.
censes.
under
outstanding
li¬
j
,
One exception to the general
was made. The gen¬
restrictions
eral
ruling does provide that it
.shall not affect outstanding spe¬
cific
licenses
authorize
which
expressly
transactions
with
Of¬
Proclaimed List nationals.
ficials explained that there were
relatively few such licenses out¬
standing and that these
sented
special
cases
Government of
repre¬
such
as
the
Latin-Ameri-
a
an
the
as
are
trade,
a
Upon
require
or
com-
license
black-listed
a
'
Y;/."T
the
to the office of the. Naval
integral
financial or
an
a
of
entry of the United
States into the present war, the
public telegraph and cable com¬
panies were instructed to submit,
all
commercial ' transaction
also
activities
firm.
any
enemy
license
a
country undertaking to im¬
special local controls on
pose
telegrams,
wireless
such
un-
Censor
cablegrams,
companies
and
delivered
messages
for
to
transmission
eign
all
the Trading With the Enemy Act,
the Treasury Department and the
phases of a transaction under
{ application
rather V than
splitting up a transaction into
of Censorship
authorized
delivery of messages to publid
telegraph and cable companies
enemy
ship.
na-*
Office.,'of Censor-
The Office of Censorship
pointed
that
out
j".- tions authorized
v
by the ruling
■
.
will
;
authorize
one
StkmaL unless
-
pressly refers
;
the
to
*
-,
•:
the
'
trading
r
the commu{
a different
of
such
and
messages were passed
by the Naval Censor and, if
upon
approved, authorized to be dis¬
patched. This informal procedure
Ruling
regarded by the- Treasury
and
the
Office
of
was
Censorship as licensed under Sec¬
tion 3(c) of the Trading With the
Enemy Act. Communications Rul¬
communication
or-,
enemy
national."
is
-
definitions:
with
One of the
embodied
in
ing No. 1, issued today, supersedes
these
this informal arrangement.
modify -the
They
-
1917 ; restrictions
against
trade and communication under
•
war-time
ex-
•
"restrictions
on
munications
conditions.
this
to
Today's action by the Secre-'
in
v
;
•
that, subject to today's
modifications, the prohibitions
against trade and communica¬
tion with the enemy appearing
the
the
feet
municate
tional.".
pattern
of
with
1917
Trading With
and that
persons
ef/
violating
such provisions are subject to
heavy criminal penalties.' : /
Funds For Americans
In
The
-
Enemy Territory
State
nounced
on
Department
March
12
that
an¬
small
amounts of United States Govern-r
regulations
not trade
This
old
Enemy Act are still in
time
same
war. ;
today's
persons may
Ytary. of the Treasury also has
Ythe.
effect,, of
synchronizing
Communications Ruling NoTl
and General Ruling No. 11 so
that the
persons
regarded as
the
<
to
com¬
also permitted an
adaptation
of these
the present
Under
t":
{-
war-time
At'the
restrictions
;
and
v
change
effective
integrated with
with "the enemy
trade
under
.
attention
the fact
conditions
by sub¬
stituting the new concept "en¬
emy national" for the old "en¬
emy" and "ally of enemy" terminology of the last war.
This
change was made so that the
public might be afforded a more
; precise- understanding of the
called
Officials
old
this A general
7 ••'
formal
3(c)
Office
No. 11 also
the terms "enemy na¬
ulations
provisions of Section 3-(a) of
the Trading With the Enemy
-Act. -: ri
-
Section
the
principal effects of today's reg¬
ing procedure under the freez¬
.
under
Pending
a
Department,
an
ing -orders is
•
on
and
of
announcement
"trade
license, under Section 3 (a) of
Trading," With the Enemy
; Act. In this manner the licens-
was
with
-
of
other phases//
on
General
defines
the
:
policy
the
tional," "enemy territory" and
a
;
"-
phase
application
trans¬
license
dealing
*
application
nication
actions1^ volving trade or comM munication. with an enemy nalv
Control
out of the United States.
V. one
Morefreezing control license
hereafter
Funds
j generally
communica-
the freezing regulations.
Y over,-no
r
an
or
com¬
"enemy
na¬
that
they
communicate
means
ment
funds
will
be
advanced
to
American nationals in enemy and
enemy-occupied territories, except
the
Philippines, sufficient to meet
the
ordinary needs of existence.1
is said, will be
any person whose name appears subject to repayment but will not
7 on the "black list," i.e., The be made to aliens, including alien
attempt anything towards Their* appeasement-.: The, legiti¬
Proclaimed
List
of
Certain spouses
and
alien
children :of
mate and lawful functions of the Government: were: opposed >• ''enemy nationals" Iof commuBlocked Nationals; of any per¬ American nationals. They will be
■ir*nications - purposes are- also to
by disorder. - He knew: that he was compelled to act; and
limited in order to prevent for¬
be regarded asv "enemy. nationson
acting for a black-listed
to act decisively and at; once/The Federal government must
Yalsl'; under the war-time prohi-/ person; and (c) representatives eign ' exchange becoming availa¬
function. THe mails must be movedw Mr..Cleveland) caused
r
i-.-.J- ' t I
Y bitionS;Orir trading ^ith the ^n-, } , or agehts of trie Government of ble to the enemy, it was indicated.
<V
i.y
'
J: - .J l: c
i 11;•
c\
majesty of its laws', democratically - established and sanc¬
tioned. He would not compromise with law-breakerscrior
may
not trade
or
"
with
i
(a)
enemy
territory;
••
.
-
-v>
enemy
procedure
was
badly disorganized clear to the Pacific Coast. Men who tried
•to work were mauled and beaten, tracks were/torn up, cars
were
derailed and burned with their contents, the: mails
could not be moved in and out: of Chicago. ;;Mr., Cleveland
acted. • He? represented the dignity of the Nation and the
an
would pursue their regular For-
,
accorded to the sub¬
increase;^ The movement of trains
involving
with
Likewise, securities
{der the freezing orders. Treas¬
ury
officials stated' that They
s; sued by. the
prevalent? ^Intimida¬
rife, and all the evil manifestations of the unsocial
few threatened to
long¬
must
.
injuriously if they were the rule instead of being,- as they Y ruling. However, the Secretary
--' of the
Treasury does- have the
uncommon and inexplicable evidences Of its rare" and
power to license such transac¬
•not .very important aberrations. - However/murder,! may¬
tions and an appropriate license
hem," batteries, arson, and all forms of malicious and:;in¬ Ylunder. the freezing orders is also
was
General
no
-comply with all regulations is-
.
are,
tion
of
other
any com-
vlttoriairi: Communications
decent interference with order became
to
requires
munications
part
,
Sinister subtenance
remittances
communication
said
Censorship but only such
v
..
.
example,
authorize remittances to per¬
sons in enemy
territory or any
authorization from the Office of
{will be subject to censoring,
.equipped with manly resolution,, unfaltering faith in the
'law-abiding | end /law-respecting {^ai^t^of^tb^ .ipeoplep.f ri the.ruling simply permitting the.
Y mailing or transmitting of the
his country, and courageously determined always to do right
ri letter or .other message.
Y*.
in ^hia.high office,' whatever the. temporary pr the permarient .:Y.
Under General Ruling No. 11)
effect upon his popularity and ^ whatever consequences
issued today-fby the Secretary
might -ensue r at the ballot-boxes.' • Mob -violence,; -taking- { of the Treasury, all transactions
-involving trade or communica¬
advantage of a^ strike which affected all the railroads oper¬
tion with an enemy national are
ating out of Chicago, undertook to: incite and support sub¬
unlawful unless licensed under
agencies-of revolution by the {acquiescence in
violent disorder of the then Governor "of Illinois; a member
of the" President's own party; whose elevation to office and
brief land discreditable public career 'rank among those
fantastic incidents of general suffrage that-might reflect
18, 1942.
for
er
*
*
.
versive action.
transac¬
indirectly
Licenses Nos. 32 and 33
as
The transmission of
communication
.Censorship,;
v:
man,
terranean
March
Thus,
can
Byron Price, the Director of Censorship.
explaining" the " changes the Treasury's announcement
in part:
riV /■' :':Y;YY'Y-'-;. Y':
over
attack,- There,, also,
or
involves any trade or communi¬
cation with an enemy national
with
:
:
Government
any
directly
*
thoughts mustj in this situatiori,back- ; .other areas.; However, this rulyear 1894. - Grover Cleveland, the great and Ying does not authorize the send-
admired friend of Mr. Roosevelt's
against
tion which
requirements of the present war were issued on
March 18 by Secretary of the Treasury Morgenthau in conjunction
-
ward of
now
hereafter issued
or
new
adapting the old .1917 Trading With the Enemy
against trade and communications under war-time
Some meh'S
.
Department
under the
the
to
/
Ruling No. 11 imposes
general and special license
Treasury Revises Regulations Covering
Restrictions Of Trading With Enemy Act
Act restrictions
the
>
additional restriction in every
an
have
conditions
Treasury
General
during the
war was broken
the strike did occur;
•
The
been ' paralleled last week.
Temporizing
appeasement will not abate the evils weakly dealt with last
ment where their services have the minimum value.
Os¬ Saturday, nor prevent inevitable repetitions until at last
tensibly, at least, it was to secure such rights to a relatively they will have to be met bravely, as Calvin Coolidge and
few men that the covenant of orderly continuance in ser¬ Grover Cleveland would certainly have met them.
vice
to
called attention to the fact that
.
.
convenience
a
public.
Very easily, indeed, the "histories of 1894 and 1919
might
as
trade
Y
their
'
voice, and those few " incongruous voices emanatirig from
sources
as
Ger¬
,
dissenting
a
territory of
occupation or control. The principal areas falling into this lat¬
ter - category
were
listed
by
railroad had been restored. ; President Cleveland's wisdom
and determination were acclaimed with
scarcely
the
or
,
"En¬
defined
was
many, Italy and Japan, together
with the territory under
disorder, obedience to law, and that the determina¬
authority was implacable. And, with ominous clar¬
ity, he insisted that these warnings were intended especially
to protect the innocent and
well-intentioned; who might
otherwise, possibly, venture to the neighborhoods where
the agents of
iniquity presumed to gather with evil pur¬
poses. No more was necessary. The leaders who had sup¬
posed that they could incite disturbances without incurring
personal responsibility retired out of sight or were arrested
and incarcerated. Within less than a
week, peace prevailed
everywhere and the orderly operation of every American
anywhere held by any other employee who chances to be
his junior in duration of previous serviced The employee
thus
meaning
within
territory.
enemy
territory"
emy
tion of
that these
situated
without
-
from
.
culiar "rights" are those under which an
employe^benefited
by them is enabled to abandon the' particular "job"-in
which he has been
Germany, • Italy,,. .Japan,
BuL
"garja, {Hungary or
Rumania,
•
were
~
*
.
,
\
(b)
The advances, it
.THE COMMERCIAL & FINANCIAL CHRONICLE
1246
Wage-Hour Act. The "objective" was of an:entirely different
order/ Wage earners who constituted,r and who still con¬
-'V
v,(Continued From First Page) • >;
stitute, the back bone of the political power; of the Adminis¬
stand squarely athwart the road to any sort of reasonable
tration, wanted a 40-hour week enacted into law. The Ad¬
readjustment of conditions to the realities of our present ministration believed,1 and probably with warrant, that by
situation. Some of the most pervasive, persistent and per¬ the enactment of such a
law, it would; strengthen its hold
nicious of these center about the so-called 40-hour week on these elements in the
population. - Here, of course, we
and overtime. So universally has it become accepted as a have the real reason for- its
appearance upon the statute
THE FINANCIAL SITUATION
70,602 Freight Cars On
Order
|
By Roads Mar. I
_
Class I railroads on March 1,
1942, had 70,602 new freight cars
order compared with 68,070 on
Feb. 1, this year and 39,353 on
March 1, 1941, the Association of
,
on
American
,
,
announced
Railroads
foregone conclusion that he who wo^ks "over-time't should books. If all we wish to know, is how it happened that the
be paid for such work at a rate higher than received for law was
enacted, we should probably need go no further.
this year, were
ordinary labor that practically no one ever pauses to gain It usually happens in such case, however, that the
govern¬
coal, 3,534 flat, 1,202 refrigerator, a clear conception of the meaning of the word "over-time"
ing considerations are not the reasons cited in support of
300 stock and 1,020 miscellaneous.
and the notion of a 40-hour week has become so imbedded the measure in
question. If we-turn to the arguments of
;
The Class I railroads also had in the
popular imagination that it often appears to be sup¬ the- proponents; and early defenders of this measure we find
651 new locomotives on order on
March 1, 1942, of which 300 were posed that there is something inherently "right" or "proper" this to be true in this instance, but we also find that the
about a work-week of that length. defense of the measure then used leaves it
steam and 351 were electric and or "heaven-ordained"
quite defense¬
Diesel, compared with 298 new Such strange preconceptions and such slovenly thinking are
less, at least so far as the length of the work week is con¬
locomotives on order on March
eternally confusing debate on the subject of needed revi¬ cerned, now. Those were the days of rather more than ex¬
1, 1941. Those on order last year
sions of existing laws and /labor contracts, and blocking tensive
included 132 steam and 166 elec¬
unemployment. The previous efforts of/the Ad¬
tric and Diesel. V
progress looking toward the establishment of a state, of ministration had made little real
headway in eliminating
The Class I roads put
17,405 affairs under which war production could hope to meet-the
unemployment. The "spread-the-work" idea had taken wide
March
on
freight
20.
Among .the new
order on March 1
40,117 box, 24,429
cars on
,
-
freight cars in service in the
1942, of which
new
requirements which have been set for it.
first two months of
What is "Over-Time"?
9,262 were installed in February
and 8,143 in January. Of the total
number put in service there were
That is time worked
,
Railroads,
in
the
first
two
months of 1942, also installed 115
locomotives
electric
were
and
period in
Diesel.
1941
which
of
in
21
service,
steam and 69
In
the
of
were
same
they installed
steam
were
81,
and
60
electric and Diesel.
were
Men 45-64 To
Register;
Drawing For 20-45 Group
President Roosevelt
ordered
that
ages of 45 and 64,
register
Selective
Act
of
000,000
are
men
not
under
27
Training
1940.
Mar.
la
inclusive, shall
April
on
on
between^ the
men
and
The
the
under
Service
existing law.
In his
proclamation, the Presi¬
dent said that the new registra¬
tion was ."required to insure vic¬
tory, final and complete, over the
enemies
When
;April
the
of
,
United
States."
this group is registered
27,
only
class
will
This
latter
be
the
18-19
on.
year
left
group
^
and firm hold
over
unregistered.
is likewise not
and above the number of hours
agreed upon or fixed by law as the maximum work period in
any fixed lapse of time. The economic or other warrant for a
higher rate of pay for such time obviously depends Tn the
first place upon the propriety of the work period-'agreed
upon or determined by law. "Over-time" can have no mean¬
ing except in relation to the number of regular work hours.
If for any reasons these hours are unreasonably or unduly
short, then penalty rates for "over-time? have no justifica¬
tion. There is nothing, and there can be nothing, to sanctify
penalty rates for "over-time"-merely because it is so de¬
nominated either in legislation or by agreement. They may
be, and usually are enforceable by law, but that does not
say that the law or the contract is wise and fitting./:
cerns
the terms of the Federal law which fixes 40 hours
as
subject to military duty but Con¬ the maximum work week and requires time-and-a-half payr
gress decreed that they should be ment for time in excess of these hours. Here let be observed
Registered
power
In
Oct.
in the nation's
pool
tasks.
for
other
-
.
the
first
16, : 1940
two
and
1
man¬
possible
,
*
that the
■
,
registrations;
provisions of this law apply to all establishments
under Federal
tions).
jurisdiction (with certaim generalizediixcopr-
It is true, as the President appears to believe that
the rest of
do not
know, that there is nothing in-the law
longer work week. - It does, however;
first
wartime
registration, Feb. require penalty rates of pay for hours worked in excess/of
40 hours in any week.'. Obviously the Act establishes a sys¬
>R6, 1942, another 9,000,000 men be¬
tween the ages of 20 and 45, who tem which either limits
production or renders-production
Jhad not previously registered, be¬
needlessly costly, a system which can not well be defended
came subject to possible
military
unless it can be shown that 40 hours per week is all thai
service.
*
'
1
can be reasonably expected of a worker or that maximum
The drawing of numbers for the
20 to 45 age group to determine production is attained underi such a system.
over
17,600,000
July
men
1, 1941,
from
21,
which
through 35, were listed and in the
us
prevents
a
.
the
order
of
call
for
place at Washington
on
duty took
March 17
•
One
two
or
simple observations
are
upon the unions, upon the Administration;
Congress, and, for that matter, upon the public. A
very substantial portion of the employees of the country
were working more than 40 hours a week. The
general, over¬
all, -go vernmentally imposed 40-hour week was brought
forth as a means of making it necessary, or
very nearly so*
for employers to enlarge their working forces and thus
reduce unemployment.- Possible opposition and unrest on
the part of men and women already at work was
carefully
avoided by interpreting the law in such a
way as to pre¬
upon
therefore, to assume that any employee
is abused who is not paid a. penalty rate for "over-time?
work until inquiry is made concerning the length of the
regular work week or work day. In considering all these
matters there are really two questions at issue.; One has to
do with the regular work week and "over-time" arrange¬
ments as provided by law.
The other to conditions arrived
at by negotiations between each plant or each enterprise
and its employees or their representatives. In official and
political circles most current discussion at the moment con-;
13,affected by the order
to military duty
of
•
It will not do,
estimated
subject
terms
•- *
:
I
new
^
•* ZZ/
The American public would be well advised to do some
quiet, very simple thinking about the fundamentals of these
things. "Over-time" has, and can have but one meaning.
.11,610 box, 5,424 coal, 202 refrig¬
erator, >121 flat and 48 miscel¬
laneous freight cars.
•
•
which 46
>
in order before
Secretary of War Stimson citing the history of the Act and adducing the testimony of
selecting the first of 7,000 green its original-proponents, its administrators and most of those
capsules.' It was serial number who, at least untih-quite recently, have undertaken ;• to
,;3,485.
Secretary
of
the
Navy defend it: The first of these observations is the fact that if
Knox
drew the second number
to all industries and sorts of
and
was
followed
by Congres¬ applies a uniform work
with
week!
vent reduction in wages
corresponding to the reduction in
Working hours. Administrators and others in places of in?
fluence have, one after the other, until quite
recently, when
the country began as a result of the war effort to face an
existing or prospective serious shortage of labor, consistently
opposed over-time, urging employers instead to hire more
and
men
women.
A/
-
An Indirect Wage Boost
But
"reforms"
are almost
certain, once they gain a
placed in the minds of politically important sec¬
tions of the population, to live on long after the conditions
they were designed to remedy or,; relieve have ceased to
exist. Z To the politicians who would not lose any of their
hallowed
/Tabor vote" and to
"liberals" who
change in any so-called reform
ism up in moth balls to await
action
in
this
matter
and officials who at
time
are
now
is
an
seem
to
think
of
any
"wrapping their liberal¬
more convenient season,"
as
a
anathema.
The
very
individuals
earlier
stage were opposed to over¬
busily engaged in telling everyone who will
listen that There is
nothing in the law to prevent men work¬
number of hours;, and defending the 40-hour ar¬
rangement as a method of increasing wages through pen¬
alty payment for work in excess of this period.
^ Whatever may have been true of the original defense
pf an over-all 40-hour week by government fiat;-.the argu¬
ments now advanced obviously will not hold water.
-Quite
apart from the patent unwisdom of dealing with'wage
rates by this indirect means, the fact is that higher wages,
whether^ obtained by means of penalty over-time rates or
in any other manner, run directly counter to the price con¬
trol; "or-"anti-inflation" policies : of the Administration.
Some of tl^, leading spokesmen for the Administration
have shown clear indications of at; least a partial under*
standing of the relation between wage rates.-and: prices.
Even the President has been giving consideration to con¬
trol of wages.
He could scarcely in this connection' be
thinking of anything other than a means of preventing any
general over-all rise in wages—precisely the sort of change
defenders of the over-all 40-hour week appear ; to be ad¬
vocating. /ij/-/;?//y
ing,
any
; ..Moreover,,the President apparently to the contrary not¬
operations under its jurisdiction. Neither experience nor/ai
priori reasoning could possibly warrant the suppositiOh :that withstanding, the. hour restrictions, thus imposed not only
over
13 hours.
render production more costly, but definitely-tend to. aggra¬
;
' >Zmaximum production in each and every industry ^andyiif
vate: labor shortages. "
Enterprises with war-orders,'.able
each and every operation could be attained with the' same,
either by reason of comfortable profit conditions or else by
Finnish Bond Payment
length work week. Neither could it be reasonably:-:main¬
The Finnish Legation at Wash¬
tained that in a great many occupations 40 hours is all-that passing the additional cost thus imposed on to the Govern¬
ington announced on March 18
ment, can, of course, arrange hours to suit their convenience
a worker could be
expected to work, giving due regard ,to.
•that as usual it had met the March
—-at least so far as this law is concerned, >" Substantial sums
sinking fund requirements .and his health and general:'welfare. There may be some ;such
would be added to the cost of the war effort: and to the bur¬
paid the interest on its 6% bond occupations, but
certainly there are a great many which do
den of debt and taxes we shall all have to carry for genera¬
loan issued on Nov. 1, 1923, and
not fall into such a
category/ In fine, any uniform work
due on Sept. 1, 1945.
tions to come, but it could be done. ' But how about produc¬
week to apply everywhere is ipso facto lacking in realistic
) This was reported in Washing¬
tion for ordinary civil consumption?
No matter what the
ton advices of March 18 to cthe approach to the question. : Certainly a 40-hour week > is so
extent of conversion or the degree in which:the rank and,
New York "Times", which fur¬ lacking.
The second observation is that by its very enacts
file are called upon to sacrifice, a very large part, probably
ther said:
ment and continuance
upon the statute books, it sets up. a
the larger part, of our endeavors mustof necessity be de¬
f
' No
Finnish
credits
in
the sort of standard in
the-popular mind which is essentially
voted to keeping the home fires burning.
United
States, it was pointed unsound and harmful.
Such activities
/
*:
< *
"
:/ '?/
•?
out, are in default. Debt serv'-.Tx
v i, are,-of course, just plain,ordinary,:competitive
business,
?
;
ices are maintained punctually
;
Original Purposes
V \
subject now, moreover, to:price and other controls which
on Finnish
bond loans floated
.It is idle to suppose that
Now there is no good reason to suppose that, such iac^ render-operations difficult.
by commercial banks • in the * ~
Ameri/an mar^etrwhe^her they tors-as these were even considered when Congress, under. these enterprises by and large.can-afford penalty rates of
are Government or other issues,
whip and spur by the Administration, enacted the so-cqUedf wages even for over-time.
They 7must get along as best
sional leaders and
Army and Navy
officers. The lottery lasted a little
-
"
■
'
:
'
-
.
_
^
•
Volume 155
Number 4058
THE COMMERCIAL & FINANCIAL CHRONICLE
1247
'
they;
lor
operating
may
the
most
4'regular time" — 40 hours per week
since they are either subject to the
or in competition
This obviously means
are.
;
,
^age-Hour Act
which
addition 7 to existing and proposed taxes,. which would in-volve: ■
'.
on
part,
for . labor-.with
-
others
that they must have
more
employes on their pay-rolls than otherwise would be
necessary, which in turn means- so many less men and
r.^:1 i/ -Exemptions
for
On March 19 the American Fed¬
eration
of
Labor
in
cluded
tax
"surplus
of
income
v
20%, of taxable income for the
;
includes/; a; great- deal more than "; that ,v .second half of 1941.
•
v:
^Provision for. raising rates
generated fay/enterprises^ with Government contracts./
every .three months if revenue
f >;t So much'for the rigidities imposed by law.
With these 7;7is
inadequate.
eliminated, > we should still have to deal with ' employes
)/*:• 4; Fixation of final rates for
themselves, a very large number of them now, thanks to i7/ *1942 at' average of monthly
the efforts of New Deal reformers, organized into unions [• 'rates, provided that defense tax
With aggressive and often very short sighted -leaders.* i / plus 1942 income taxes should
U; tax no dollar of income at over
Moreover, the very enactment of the Wage-Hour Act: and
i; 90%.
its enforcement, accompanied
by all the propaganda that a / From•; the "Journal; of Com¬
New York "Times" which in part
added: ;
v/
somehow
work.
war
be
2.. Collection at rate of at least
The demand for labor which must
,
propaganda-wise government has been able to bring: to
bear, has fixed in the popular mind the notion that there
is something sacrosanct about 40 hours as a work week.
merce"
they could be overcome quickly—even in sub¬
•— and
without precipitating; costly strikes
would depend in very substantial part upon the attitudes
and efforts of the very political and reform elements who
brought them upon us and who still retain large,, if not con¬
trolling, influence in labor circles. Certainly it is reason¬
able to believe that gains of importance among unorgan¬
ized workers could be achieved.
As certainly niore than
this will have to be achieved if our full might is to be felt
in the war effort. -The first task is, obviously, to eliminate
or to correct the general misconceptions which unwise pre¬
form" in .the past has created.
.\Ind;, :/canner,
7
'//should
both
retail sales tax of from
a
has
to be universally applied
a revenue measure
and
to prevent
tion
on
for
inflation
this
income
these
11.
deduc¬
to be permitted
tax
no
—
based
•
Mr. Tanzer:
the Association
favored a with¬
holding tax of 5% on incomes
up to $5,000, it finds that Secre¬
tary .Morgenthau's plan for a
discretionary > withholding tax
-
v
,.of 10% has insuperable objections, the principal being that
the rates are too high and that
•
:
collection
the
burden
v
.<as/
involve
would
and
proposed
intolerable
an
on > em-
expense
ployers.
.
catory.
taxes
•■•.'■'•
■
:
.:
Consideration be given, in
4.
.
levying
increased taxes,
new or
to their effect on the
.
•
for
In
and
•
"
homes,
on,
needs, and sickness
5.
pro-
v
ditures,
and
approves
recom-
a
be*7 based
new-
take
non-interest
on
20%
as
of
and
cushion
cor¬
in
taxes
against
e
depression
rnbw.,v
"Ho
%
wife
war
produce
more
2
~
/times themormaFsoy bean
v
committee
,
-
-
,
♦
•
war
profits
but
sales tax
a
as
a
more
than
mobile
•
pearing
cripple industry.
7.
Suggests graduated
aircraft
easy
collect
in
8.
to be
graduated not
tion to percentage increase over
income base.
-
■
Expansion of relief provi-
sions, as suggested by the Secretary, especially for new
•
cerns,
10.
mit
He
is
induce
also
is approved.
/
\
Approves proposal to
affiliated
con-
a
rise
quoted
"Sales
taxes
also
may
"cause
1939,
;
the basis
to
peace
dieted.
of
R
'
'
the
p The "p Treasury
has
-
Earlier
Whenever these levies
taxes
are
come
taxes
vent
vastly inferior to in¬
as
a
device to
inflation."
pre¬
f' of
">
^
'
-
of
Ten
cess
to
his
,
/
in
stances,
war
from
bert
sor
its
G.
Hart,
at
Commerce"
Economics Profes¬
at Iowa State
Iowa,
of
the
College at Ames,
House
/'
/
bond
purchase
tional
defense
normal
deems
this
levied
in
s«i«i.
-
•
for
an
addi¬
vital
to
transfer to
or
whose
defense
the
he
defense
7<
rise
-
of
overtime
to
the
authorizations. Of this amount,
$470,000,000 would be used for
speeding up Navy aircraft pro¬
will
duction
ities
and
expanding
7
plants.
.
shore
Govern¬
facil-
in
public
and
private
For ordinance and ord¬
nance stores, he asked
$183,692,000; for constructing ships and
,
facilities
for
the
Coast
.,
.
unable
extra
.pay
to
up
materials
He asked $700,924,000 in cash
and the remainder in contract
;
in
-
of
country
$18,000,000
procured
under
the appropriation.
•'
in
earnings
Guard, $21,400,000.
7 The
request
also
unwilling
or
work would,
exceptional,
tax in
.their
.
.
$812,000
circum-
and
equivalent
for
forest
.industries
ing mineral
'
included
protecting
./fire and $1,179,000
cash; 25% of net in¬
forests
against
for protect¬
and ma-
resources
terials.
.
work
sons;
able
that
now
takes
100
Heads
?
thus leaving twenty availfor war activities. 7/ ;•/
Restoration
of
the
workers
which
will
work—with
-
to 85%.
7
be
no
freed
injury
for
to
Harris
of
Catholic
the
&
Arch¬
Charities, according to
announcement
Coleman,
of
Adler
Co., who is
of
the
made
by John
Coleman
an
A.
and
Executive Chairman
Special
Gifts
Committee.
war
Former Governor Alfred E. Smith
our
is Genefal Chairman of the Com¬
mittee.
drawn back again to peace time
work when war comes ~ to -an
of the Commodities
end.
man
Serving
as
Vice-Chairman
Exchanges di¬
vision is Edward J. Wade of Wade
1
-
twenty-five billion
Harris
Committee of the Laity
for the 1942 appeal of New York
economic structure—and will be
The
of
bishop's
war
activities; and peace will
4n this way lose one of its pres-
-•■•
Charity Group
M.
Committee
Gifts
standard
week,
when
peace
comes, will open-up jobs again
to as many as were released for
ex-
Robert
Bose, has accepted the chairman¬
ship of
the
Commodities Ex¬
changes. division of the Special
per¬
40-hour
Committee's b": 7.
tax,"
16
rearrange all non-war
bring the total effective
revehue Hate
nation
any
Management's Part will be to
working
.schedules to
permit, overtime
for
their
employees.
Eighty
workers will then perform the
•
March
on
.the Navy to sell
-v
Mr:; Davidson proposed a top > ent terrors of magnified unem¬
ployment..
About ten million
profits rate of 65%, plus
a
20%
would
of
The request included author-
H excess
Washington' bureau, Al¬ p
issue
our
1150.
page
ity for the President to permit
r
comes.
toHhe corporation's account
,
in
tax
pro¬
reporting this United Press, Wash¬
ington advices said:
-
on
40-hour
imminent
r
perform
save
in addi-
payable after the war.
/
sales
$825,924,000 for the Navy,
mainly for aircraft expansion. In
basic feature of
a
made
Persons
'
According to advices to the New
to
producing
tional
they would otherwise pay
in cash.
"
-
thq
President Roosevelt asked Con¬
gress
•
hours
be
Tax
corporation's earnings the
a
necessary
•
ment in satisfaction of the War
recom-
Treasury would credit that
buy
the
deliver
reference
revenue
19,
The attached, proposals leave
virtually every worker in pos¬
' will
taken of 100 leading stu¬
dents of public finance, 95 of ■\ tion.to normal taxes and a proR posed war surtax exceeded 80%
them
would
that/sales
to
pay
FDR Asks More Funds
added, by nearly all work¬
to their standard 40 hours;
and payment for thatmvertime
were
state
and
appeared
ers,
t/ mended excess profits taxes in
!.
the
highest bracket of 75%.
''
sell
March
be
pre■
make,
and other
pro-
made
all
normal
cost of living.
\
the
'
•
used
was
farm
19
production.
are
a
against' the
•
is signed, he
:
the
to
:beer."
from the normal 40-hour week;
and will protect
that income
favorable conditions, will
.-' leave 1,500,000 men unemployed
when
$1
,.
session
tripled
under
and
products,
wages and other costs
a
*
peace-time American life,
pro-
corporation would have a
per¬ hearing on March 17 advised:.-v.* 1-H'back log" to meet its post-war
corporations to r
Adoption of a1 special- -"na¬ V • adjustment under this plan, he
file consolidated returns.
extra
have become
'/. most
as
increases in prices in excess of
the amounts of the tax. If a
poll
.
industries;, of
.7/V:77;V:T
York"Journal
'
•
prices.
would
,
Rates
dollar income but in propor-
9.
and
saying:' 7'/
.
of the four years during
three
said sales taxes were not
to administer, were costly to
the
The other half of the
dollar
the
working week; which seems to
labor by auto¬
companies, Mr. Davidson
The
sales
''
:/7
rates
of war profits and permission
for a corporation to use any
on
,
>
ff 1,500,000 in 1943 to about 500,000./
of
$44,000,the rate of $10 to the
or at
brewers.
extra man-
from
revenue
Calculations
said, probably wil shrink from
representative of the
as a
50%
value
the
to
Dr.; Goodbar also stated:
1,000,000
our
divided
sales
posals
in
year
partners
total
he
calendar
brewers receiving
000,
war
7 ceeds of the
-
i '/v'Employment of
of
providing Federal rev¬
enue,
Prof. William Withers of
Queens College, New York/ ap¬
not/to
the base period,
v
tional
7 duction and a
/men will be idle-as
the
industry,"
the
Government
production work;Payment of most of the addi¬
alimony pay¬ /.. merchant marine will be larger
ments, to the divorced -wife,-is |
than "that of the entire British i
approved.
,*■
v, r/
Empire of 1939."
:
•
Arguing against
•stf*-
•v
hours of
10
tion,
the
r.
6. Substitution for the excess
from
>;
revenue; * .<;>•' i
;7 Some $25 billion
?
normal,
the
the
'
im¬
March
on
this
Some $25 billion of additional
billion ^gallons
than
presented
the
;in
beer, the Government receiving
$457,000,000 of this amount and
post¬
injuring
Committee
and
'
18. Taxation of
means
of
-
"wherever
Goodbar
E.
the
-
partners
"In
1941
and
the
■
are
added.
['
stated that the War Tax proposals
should provide:
has caused farmers
7 milk
Joseph
House
;:
1
'-/. "The
-
subject.
of
r-U profits tax of a war profits tax
to expire within a limited time
after the end of the war and to
be so levied as to collect heavily
■
Dr.
memorandum
son
*
without
new
a
mean
Government
dollar
no
of
be
of
would
billion
portant social services."
ever seen," Mr. Davidwarned,
"unless
proper
post-war " planning
is
done
in-
securities,"
should
curtailed
or
possible
March
headed by Senator Byrd on this
v
poned
be
expenditures
non-war
the
committee
ten-cent beer.
a
-brewers
State and local
on
the
imposition
beer
on
end of
income
to
Clinton
was
*
en-
enterprise
should
Repre¬
presenting
told
the
tax
•"-
even
subject
there
government
.
the worst depression this coun¬
duction of future income../ >'
.
be
but
Federal taxes
-
industry,
^7 which >in 1943 will out-produce
American Federation of
Teachers,
and the Union for Democratic Ac¬ Zffhe steel, automobile or textile
mendations
;
should
taxes
was;
witness
He
that
■'
Government
defense
bearing
a
activity and stimulate pro¬ is ploying,:
ness
tion.
of Federal, State
municipal / taxation
was
urged, "all future Federal bonds
United Press advices in the "Wall
municipal se4
husband
private
him
Hester,
"The
taxes/which
im¬
These ad¬
United States Brewers Associa¬
Correlation
and
an
on
1942
profit
possiblepost-war
accord with
returns-for
M.
at the
cost of paying a larger share
of the war expense by borrow¬
ing," the program continued.
tax law.
Commitete
poration-excess
outstanding " held
good public
now
Another
tax¬
eliminated,
should. be avoided,
proposal to the House Ways
ernment
the
tax
of
system
;
try has
to
"Excessive
.
the
or
sales tax.
Dakota, who urged that a Fed¬
eral sales tax be imposed; 7
danger the life of the American
,
incomes,
a
sentative Francis Case of South
ships removed.
v
.
education
economy
in
non-defense Government expen-
credit
6,000,000 bale ani:nual: cotton production in - ex;
*
16. Approves correction of .in¬
:f cess of. post-war needs., /
v
equities in present' tax law, as
// "European
markets,/ which
/ applied to individual taxpayers. It formerly took 40% of our ex¬
17. Urges low rates of tax on
ports/ will be unable to pay for
capital gains to encourage busi/ !//our goods.-; Shipyards, now em-
expense. ;
for * severe
income
property
r
and
a
1
pre¬
Secretary's
Approves
posal
of
in
18, Clinton Davidson of Fiduciary
Counsel, Inc. urges that the Gov¬
f held fundamentally unjust; • immoral and discriminatory.
miums, mortgage interest, payments
of
should
Means
bonds'
proposal
be
community
Following
recom¬
of
groups
should
al¬
now
vices also said: ''' 7V;Vv
7%
or
wit¬
escaping taxation.- He;
lowering of exemptions
position of
favored increases in inheritance
-
of.
ated in the
./[/
Zr///
Mandatory joint income
15.
'
:*}
100%
earnings base, and not on an incapital base, and such a
provision should be incorpor¬
.
morals.
ability of
insurance
life
in
not
taxpayers to meet fixed obligations
-
curities
::
to
capital
own
vested
r.
,
of State and
come
-
*
6
as
,
a
personal
on
an
""
unsound,
The
14.
small
payers"
uncertainty
of
crowding of work into
tion in estate taxes held confis¬
Although
.fifing
v
Street/Journal" March. 19 from
profits tax is approved.
13. Secretary's proposal with fWashington reporting this said:
"The war will be followed by
respect to life insurance exemp¬
has previously
above
in
was
opposed
holes in the law "unfairly bene-
tax
/ the year, canners generally are
debt, and this amendment
Z would help relieve them.
/7/ZMr.: Stokely said that profits
tax-
after
earnings
invested, capital
York
"loophole" in taxa¬
a large part of the
a
that
income
all corpo¬
on
was
and
States
by the Treasury; De¬
partment.. It asserted that loop¬
77 packs,
/ short periods of each year while
/ carrying inventories throughout
Abolition of capital stock
and declared value excess
tax
proposals of the Com¬
merce v and
Industry -Association
were
summarized as follows by
3.
returned
tion
mended
/.in
for
held
of
100% of personal cap-
on
because 7
•
Taxation and
be
rate
advocated
.
profits tax
excess
r
Hita and 50% of borrowed capital.
Mr; Taylor pointed
out that,
12.
further
•
and
held
war
the
recommendations
two
80%
payer
Besides
returns.
tax
of
cess
added
be
company's,
of 7 estimates
proposal that
of corporate tax in ex¬
amount
neces¬
reviewed and unnecessary hard-
Secretary's
'*
program
New
that the separate returns
lowed
..
The
the
unscheduled
one of the nine com¬
munity property States, contended
and married persons should not
be lowered.
.7/7\RZ V
c
program.
California,
confined
saries- and stated that - present
personal exemptions for single
■
to
two
workers
war
both
members
of
the
House, appeared before the com¬
mittee. Representative Voorhis of
Security purposes, op¬
Federal sales taxes on
ZHimating income credit, instead
Public Revenue, who also recom-«»>
mended
2 to 5%
be
for
than
more
nesses,
gift taxes and declared that
capital gains taxation should be
financing of the war "through taxation to the greatest
possible extent" was recommended to the House Ways and Means
Committee on March 17 on behalf of the Commerce and Industry
Afeociation of New York (formerly the Merchants Association of
ftfleiak York).
The Association's tax'proposals were offered by
on
"Times"
asserted that pay¬
should
taxes
usual
magnify that
According
from
learned
food, clothing and other
two
-
present
is
es-
if7
The
Tanzer, Chairman of its Committee
suggested
to
w
The union
•
posed
/ laws. Mr. Taylor suggested that
/a full 100% of borrowed capital
Sales Tax And Other Revenue Raisers
A.
amendments
This
to Social
;
Hor^Walkerton; Va., canner, and
/ W. B. Stokely, Jr., Indianapolis,
part
Laurence
17
•
roll
ciation, .through Henry P. Tay-
House I Committee Hears Proposals For
•'V
March
v
-
whether
stantial
the
.
ihearing we also quote:.',1,./*
>•
The National Canners' Asso¬
How the unfortunate results of all this could be overcome,
cr
of
account
corporations should be taxed
heaviest."
met
—leaving
free to
special Washington advices to the
for
women
and
;
.
available
achieve the President's program
and tank construction
•
individuals
1941 income tax levels.
made
of plane
that
.f
thus
production could
war
March 19 in¬
on
recommendation
a
hours
pro¬
to- the Ways and
gram presented
Means Committee
families
lyj of least $500 and for single indi; viduals
at .least
$250
below
its
Bros.
&
Co.
the division
Other
are
members
of
being appointed.
1248
THE COMMERCIAL & FINANCIAL CHRONICLE
i-Federal Reserve Board ^ReportsIndustrial
Toledo,Peoria & Western RR. Co. Seized
;
iRy The United States—Strike Ends
^
President
Roosevelt
March
operate the Toledo, Peoria & Western Railroad Company upon re¬
ceipt of a letter from George P. McNear, Jr., President of the road,
in which he rejected recommendations to arbitrate the three-monthold strike. Mr. Eastman immediately appointed John W. Barriger, 3rd,
Associate
of
Director
Federal
ODT,
as^the
com¬
of,
manager
pany's property.
Locomotive Firemen and
then
Mr.
and
and working conditions in
prior
to
Dec.; 29,
1941,
wages
effect
will
ment
loss
of
ended
of Defense
manage
that all em¬
for reinstate¬
given jobs without
further,
applying
be
Mr.
which
fective at 12:01
a.m.
became
deems
the
ef¬
President
of
War
Board
Labor
established
dispute
the
by
No.
9017
as
Na¬
deemed to
be
inapplicable
concern¬
em¬
Except
of
the
with
Office
mesne
or
the
Defense
personal
ity
levied
the
fran¬
property,
road
There
and
hereunder
operation
be
continued
shall
;
only until the President deter¬
mines that such temporary pos¬
session
and
operation are no
longer required for successful
prosecution of the war,
FRANKLIN D. ROOSEVELT.
Before
signing the
the President
order,
ferred
the
at
William
White
Railway Labor Act, and
the representatives of the em¬
ployees
agreed .thereto,
company
has refused
the
and continues to
r
to
This
*
refuse to sub¬
mit
the
dispute
after
dispute
again many
being
been
forth, it is essential that the
Toledo, Peoria & Western Rail¬
War
road
or
Now, therefore, by virtue of
authority vested in me by
and
laws
and
mander
Chief
of
in
as
the
of
The
an
is
the
'
operation
in
such
of
manner
necessary
or
for
arrange
such
as,
In
"
for
with
the
aid
of
such
be
board.
the
before
This
was
employes;
it
on
of
the
railroad. "v
view of the refusal of Mr.
McNear
to
no
* arbitrate, ..there
over,
the opera¬
tion of the railroad.
-
.
^
The history and significance of
public
private agencies, persons or this case was recited in the final
corporations, i n c 1 u d i n g the, appeal of the National War Labor
armed
forces
of,, the
United Board sent to the
Toledo, Peoria
States, as he may designate.
or
,
2.
'■
Such
real
and
personal
property, franchises, -rights arid
other assets, tangible, and-in¬
&
Western
which
cial
was
and
Railroad
Company,
given in the "Commer¬
Financial
tangible, of the Toledo, Peoria March 19,
tract
of
page
Chronicle", vof
1163.
-
.
i
of
Treasury
tax
bills
collection
payment
continued
of
awards
increased
con-*
!
erably
in February, according
figures of the F. W. Dodge
Corp., owing mainly to a sharp
rise in awards for public proj¬
ects.
Total
ruary
were
awards.. in
last year
L
three
times
large..
'
in
As
becomes
and
rally
armed
rights
decline.
There
was
a
civil
;
feat
2.35%
slight
lic
under
all.
us
God
so
We
have
are
meaning for:
engaged in our
untouched.
We shall win that
L
have
won
every
.<fought; We
are
combined
a
the
past six; months
been
a
States
Security
there
States
fighting it with
force
of
is
m
defense;
areas
legislation1 enacted
and
up
a
this
In
of
men
year,
the
bonds
dollars,
in
ton
of
dollars
to
$1,
are
announced
18.70
bills
i-
I
bonds
do
»
circles
would
open
occupations
that
causes
Argonne.
of peace we
vast
like
do not
standing
might terrorize
not
were
Lexing¬
army
neigh¬
oiv*
people. We
rehearse
to
in¬
terminably the cruel art of war.
whenever
But
L
Chinese
the
across
liberties
our
been
from
tyrant
has
our
threatened
citizens
is
for
-necessary
"
defense.
It
a
have
ready to forge and use the
weapons
•
seas
the
men
their
'
.
of the
secured
hoped
the
new
field
a
floating: capitals and
r
pacific
United
tives
,;
of investment,1 serving-to absorb
ji
the
■
regular
iby American and British loans L army together with the citizen
to China totaling $700,000,000.
soldiers, our friends and rela¬
Financial
insurance
a
ages
many
left
bors and oppress our
semi-officially in
be
the
maintain
to be issued, it
would
in
times
that
Chungking on March 14, accord¬
ing to the Associated Press, which
also reported:
\ "
The
to
In
purchased
be
ficial rate of about
was
at¬
mortgages- taken.:, out- by
to
fight
tradition
worth their lives—from
have
first
with
Savings
bonds
builders.
to
China To Issue Bonds
lastSpring j
making possible the
securities
since
steady
always
fight at
and
gun
Hill.
round of their usual
of 2.39% in February. Prices
Chinese national dollars at the of¬
to
men
New England furrow
a
take
have
either with American currency or
tributable mainly to the activ¬
free
people of the United -States
American
aver¬
has
for the former constituted only
about one-fifth of the. small-
shift
an
pri^
housingf activ¬
This
we
of America.
Gov¬
States
building for owneroccupancy to building for sale
or
rent; in February, awards
total.
compared with
Treasury
selling at around .20%.
from
homes
as
N we have
is, in Lincoln's words, of
the people, by the people, for
L
For
noticeable shift in
war
war
that
the
short-term
the
projects
record.
armed
our
much
greatest war, a war that will
leave none of our lives wholly
ex-
of
increased sharply and amounted ;
to about half of the total for
on
the
enemies.
our
forces had
by
age
In residential building, con¬
tracts for private work changed
little from January, while those
time
our
forces
our
Never before in the 166 years
of our history as a free
repub¬
ily from the middle of February
to the middle of March.
Longterm
taxable
bonds
yielded
held
first
can.
v^rmy,Lpayy ;and civilians—1
can we find the
strength to de¬
Government
Prices of United
•
public utility
publicly-financed
our
pursuits
•
support of
for only in
forces,
Bunker
construction.
for
and
day when all of
united effort of all of
Prices
materially, while those
private projects continued
rise in awards for
of
our
the
to
to
creased
ity
in
plow in
building,
awards for public projects in¬
ity
a
citizens
consequence,
States
of
Army Day becomes, there¬
fore, in fact a total-war day. It
re¬
pre-
Treasury
a
defense
Government
United
non-residential
for
con¬
speedy creation of
and supplies
indispens¬
arms
|
as
.
may
the
ernment bonds advanced stead¬
In
de¬
held
by
member ■L :L;puf;
arjhj^is';.a; ihighty;hrm io£j
in leading cities showed
the tree of liberty. It is a liv¬
change during the first
ing part of the American tradi¬
three weeks of March following
tion, a tradition that goes back
a sharp rise in February.
to Israel Putnam, who left his
Com-
.
about
effort which
to
j Lmercial loans increased further.
and public awards
lines
of
little
i
half again as large
the
arsenal
banks
I
Feb¬
behind
the
obligations
i
to
preparing
liberties.
to about $3,200,000,000.
L .i* United
consid¬
to
should firmly resolve to
no
tribute
the
period,
taxes,
heavy
penditures.
I
construction
steps
and
de¬ La record volume of Treasury
the latter
operations was « effected with
in
was
fitting that those
labor
replenish
mocracy
by
tax-anticipation notes turned in
in
who
us
to
of
other possible action tvately-financed
except to take
of
January,
the
seemed
deems
prosecution of the war, through
or
by
pro¬
rejected by Mr. McNear
behalf
successful
the
Board
further review
should
arbitration
was
railroad
he
Labor
merits
accepted
*
operate
the
of
directed to take immediate pos¬
session of all real and personal
to
War
that any
tion
Out¬
levels
and
added that "it is
■?. viously issued to mature during
and
Construction
to
posed
The Director of the Office
property, franchises, rights and
other
assets, tangible and in¬
tangible, of the Toledo, Peoria
& Western Railroad Company,
dis¬
tion.
Navy, it is herpby ordered:
Transportation
also
record
at
life
achieve
that
victory upon
which may be built a firm struc¬
ture of peace and freedom."
He
February
Value
•
were
Com¬
1.
of
half
as
Army
and
Defense
It
Labor Board had recommended
should be referred to arbitra¬
the
States
Board.
National
Transportation, the Conciliation
Service and, finally, the War
of the war;
Constitution
the
by
up
had
months.
taken
citizens' army from all
a
of
had
"to
little influence on conditions in
and in the
the market. Excess reserves of
March, reflecting ;
\t member banks showed no large
transportation difficulties. - •
j
change and on Mar. 18 amounted
part
which the Railway Medi¬
ation
Board, the Director of
successful prosecution
the United
which
versy
for the United States in order
assure
decided
Labor
brought
issues
February
somewhat
first
settle
in
recent
been
cussed the merits of the contro¬
Company be operated by
to
and
to
other
clined
many
Government
walks
largely offset by redemp-
was
on
answer,
the
the time
and under the circumstances set
and
a
j
Anthracite production
December' and
days
reply from Mr. Mc¬
His
Federal
and
for
of
seasonal
free Nation under God
a
some
only 60 days and may be
placed by regular schedules.
put of crude petroleum, which j
taken
when fi¬
nally received, raised the ques¬
tion
of
the
authority of the
by the President that it do so;
Whereas,
been
usual
as
cherish,"
mobilize
the prices prevail¬
ing within five days prior to
issuance. They are effective for
the
had
issued,
we
maximums
of
conference
been
has
delay
a
Near.
National War Labor Board and
of
action
awaiting
arbitration,
despite urgent requests by the
the
had
Feb¬
bituminous coal production, was
maintained near the high rate
Mr. Davis issued this statement:
have
the
but
order
the
sharply
rose
bitration;
the
than'
amount.
con¬
with
H.
Emerging from
where
further increases
were
our
decency
which
ip output, at cotton textile mills
Treasury Financing'and
and at chemical factories, re¬
Bank Credit
flecting an increasing amount
of work on military orders.
In March income tax receipts
At ;
by the Treasury for the first
meat-packing establishments ac¬
time reflected the higher schedtivity was maintained near the
high rate reached in January. L" ule of rates. The effect of these
Shoe production
increased by
receipts on the money market
less
Executive
had
House
,
early
had been anticipated earlier.
of the Director.
Possession
in
ruary, is apparently being ef¬
fected much more rapidly than
Company in the possession
5.
industry,
discontinued
that
adequately
that
"Army Day becomes,
of
therefore, in fact a total-war day."
pork,
The President's statement follows:
canned
fruits
and
vegetables,
I have proclaimed
finished cotton and rayon fab¬
April 6
Army Day.
That day means
rics, * cotton rugs and bedding
more than ever to us this
equipment.
These orders, ac¬
year.
We are fighting an all-out war
cording to
statute,
used
as
ing wholesale prices, of
output of civilian products Was
other
and
be
these products, including
expanded; Conversion to
production in
the
automobile
assets,
tangible and intangible, of the
Toledo, Peoria & Western Rail¬
after
In
•/
and transporta¬
armament
real
'
8 of the
machinery
continued
order
may
February
to
the
middle
of able to the
citizens' army."
March, particularly those for
In a statement
accompanying
finished consumer goods such
the proclamation, Mr, Roosevelt
as meats, fruits and
vegetables,
pointed out that the United States
shoes, clothing and household
is fighting "an all-out war in
de¬
items.
Temporary maximum
fense of our rights and liberties"
price orders were issued cover¬
during
months.
prices
advance from the middle of
forces
and repudition of all the ideals
of
honor
and
truth
and
spare
Wholesale
utilization increased and capac¬
process
be
of
any
chises, rights
tion under the terms of Section
decline
two
loadings, which
had been unusually
large for this time of year, de¬
clined somewhat
in
February
owing to smaller shipments of
coal, grain and miscellaneous
freight.
Commodity Prices
to
equipment industries, now
engaged mainly in armament
production, activity continued
to
advance
rapidly as plant
prior
Davis, Chairman of
and
the NWLB, which had sought un¬
Whereas, the National War
successfully to persuade Mr. Mc¬
Labor Board,
by order - dated
Near to submit his dispute to ar¬
Feb. 27, 1942, directed that the
dispute be submitted to arbitra¬
previous
the
attachment
garnishee
or
against
or
and
of
no
execution shall
on
on
to
war,
V
the
em¬
of
Freight-car
net tons.
also
in¬
production
seasonal
half
in January
levels
creased, following less than'the
usual
thev first
;In
people
equipped for victory." The Presi¬
dent said that the American Na¬
tion, "aroused by Axis treachery
seasonally,
while
department stores de¬
department store sales
increased
by about the usual
seasonal amount. ~
!
v
* 1
annual rate
an
armed
Sales
March
.
87,000,000
at
clined.
tion
Transportation,
by
nearly
Lumber
existing
Federal laws
or
sales
the
upon
in
means
con¬
than
more
of capacity in February and in¬
creased further to 98% in the
third
week
of
March—which
corresponded to
4.
has
transportation of goods essen¬
tial for the prosecution of the
about the
their
trade
retail
in February.
Army
as
,
ing special thought to the great
responsibility for contributing un¬
stintedly, of their effort and of
■•■•
and
Steel production rose to 96%
written consent of the Director
bring about
the peaceful settlement of all
such labor disputes, and
Whereas, a labor dispute has
existed between the employees
and
the
management of the
Toledo, Peoria & Western Rail¬
road
Company since Dec. 29,
1941, and has interrupted the
;
at
of
and: called
March
on
6
observe the
occasion'"by hon¬
oring our citizen soldiers and giv¬
;v>
;>
• ■
April
to
general- merchandise stores
variety stores - increased
aver-
recent
,
reached last autumn.
of
'
order
maintained
of
Executive
by
labor
other
.
,
proper,
termination
in
manufacturing
indus¬
tries, where ,the majority of
military
products
are
made,
continued to advance, while in
industries making non-durable
goods and at mines activity was
he
as
and
.
■at
the; 1935-39
As.
•
Roosevelt
proclaimed
Day
Distribution
-
tinued large
months, activity in the durable
condi¬
ing the health, security and
ployment standards of the
ployees of said railroad.
Whereas, the national interest
there
flow
of goods essential to effective
prosecution of the war, and
Whereas, representatives of
labor and industry, meeting at
the call of the President, have
agreed that there shall be no
strikes or lockouts during the
period of the war and that all
labor disputes shall be settled
by peaceful means, and, to fur¬
ther that agreement,
the Na¬
tional
and
173%; . of
••
Value
;
goods
for
the
railroad
said
approved
render
Roose¬
and security demands that
be no interruption in the
been
to
age.
tional War Labor Board. Noth¬
velt's order follows:
;
such
be
State
text
In February the Board's sea¬
sonally adjusted index of indus¬
trial production rose from 171
ing herein shall
war.
20
sus¬
1
::
'
-
deems
on
the
employment
existing
may
This is the first seizure by the
Government of a railroad in this
The
of
terms
advisable
pending
March 25.
on
of
tions
an
brotherhoods
Company
arrange
or
such
under
agreement between
Barriger and the railroad
by
was
•
^
•?
Production
Transportation shall
management
The strike was
seniority.
Retail trade
r
President
commodity prices continued to advance.
The Board's summary goes on to
say:
The Director of the Office
3.
isting labor dispute is settled by
the National War Labor Board,
adding,
ployees
Railroad
Western
until the ex¬
would be continued
and financial conditions in the
United States,
tained at high, levels and
from
announced that
Eastman
tem
k
April 6 As Army Day
activity increased further in February and the first
of March, the Board of Governors of
the Federal Reserve Sys¬
reported on Mar. 23 in its monthly summary of general business
half
operation of such railroad may,
time to time, in his dis¬
cretion,
be
returned to
the
Toledo, Peoria & Western Rail¬
road Company.
Enginestrike,
their
off
called
Activity Up Further In February
Industrial
the Director of the Office of
Transportation
unnecessary
to carry
Trainmen and the Brotherhood of
men
&
Defense
Railroad
of
rr!
•
1942
President Proclaims
"
as
Brotherhood
The
:
ordered
21
Joseph B. Eastman,
Director of the Office of Defense Transportation, to take over and
on
Thursday, March 26,
commodity prices.
all
stabilize
.>
and
neighbors, of
short, days ago, and the
our,,
honor
.
few
a
men
armed forces, -that
on
Army Day,-.?.
-
t
of
we
\
1249
New York Slate
j
{y Manager of the Electro-Motive1 ibicycles
In 1941 a total of 1,800,bicycles were: built in this
y.Corp., La Grange,. 111.
• «
' j country, of which 85% were ju¬
j^ylrvjhgy B. yBabcock—buses, venile sizes,- " In' other words, of
trucks, taxicabs and replace- the
bicycles produced
in
this
by more than /' merit
parts.
Mr. Babcock
is country last year, 1,530,000 were
February, ac¬ |
y President and General Manager juvenile
sizes
and- 270,000
for
Commissioner
Order L-52 limits pro^
| of the General Motors Truck adults.
3%. These in¬ [ ■
Corp., Pontiac, Mich, r .V
duction during this three-month
Factory Employment Higher ^ yDivrsfon'of
Government To Reveal
the' General' Motors (000
i In Feb. Due To Defense, Garment Industries
Factory employment in New York
State increased
2% between the middle of January and the middle of
cording to a statement issued March 14 by Industrial
Frieda S. Miller. Total payrolls advanced
by more than
creases, says the Commissioner, were due primarily to season!! activ¬
ity in the apparel industries coupled with further expansion • of
defense production.
A few in-1^
dustries
adversely
Government
materials
affected
restrictions
5%
by
on
in
fewer, people
February.
Outstand¬
ing ^examples of such industries
reported
work
are
the sugar refineries and some
the rubber industries.
These
of
in
ployed
total
a
of
The
;
Commissioner's
'
trict
•
:
(preliminary).
of factory
204.4(preliminary).
were
number
; •
payrolls
v
These index numbers
was
are
1935-1939
to
,
100.
as
January of this
v
1927
;
100.
as
mately
found
:
approxi-
more
than
in
7 Their
February
combined
a
7
people
year
:
earnings
-
ago.
;
York
bor
y
under
the
direction
of
7 Factories
i: y ^'y:
•
related
ering
textile
industries
goods
and
!,
dren's
v-
7
and
these
i
•
of
Many
increases
and
v
forces
common:
•
-
in
\
were \
in
overtime
v
.
Smaller
work
was
gains
were
recorded
clothing and furnishings industries. *
;
1.3
"
were
,
due
to
fense
These
expansion
gains
of de-
production. Increases
were
noted in
ship and boat building
and repairing, firearms and am-
'
:
articles
;
—0.4
+
■
announced
required for
na¬
Joseph
The
a
United
States
officer
reserve
_
7;
use,
nounced
-
on
are:
the
fields
have
industries
the
to
and
closely
indusin the
;
tries
;
little
inge in employment between
January and February. * * *
defense
-
.
not
not
apparel
engaged
effort
reported
Industrial Districts
Mr:
ern
Bo\ver was formerly East¬
representative of the Buck¬
eye
Steel Castings Co., with of¬
fices in New York.
<
Charles
T.
-
Technical
;
-
covers
the
three
months
tions
are
are
more
for, the
severe
than
month, and they set
up
of
Ripley
—
steam,
Board
of
models.
The
eliminate
all
•
so-called
models—bicycles
the imeasurement
with
from
the
of
Among
the
major
industrial
increase
and
in
both
payrolls.
employment
Approximately
Wrought Steel Wheel Industry,
Chicago.
•
• > •
H.
gines
L.
Hamilton—Diesel
for
equipment.
railroad
Mr.
en¬
propulsion
Hamilton
is
/
juvenile
models will make possible an mcrease
in
the
number
of
adult
-
be
ton
by
advices
It
v
single
experimental
who
persons
is
said:
and parcel of the
problem of winning the war to
provide adequate housing for
part
these
of
non-
used
coming to Washington by the
thousands for wartime jobs.
In
reporting on the President's re¬
marks, made at his press confer¬
ence, Associated Press Washing¬
Board
bqnks and to
an
are
mem¬
System
-
on
scale, of dormitories which could
individuals,
whom
1 of
some
are
suffering "actual
hardships, he said, financially
7 and otherwise, in being unable
to find adequate
living accomv
of
15
the
on
struction
individual
Government obligations
to
make
whether
or
not members of the Federal Re¬
System
and
advances
.
,
that
under
paragraph of section 13
1
made to member and
!
ber
banks
well
as
there¬
the
last
may
be
non-mem-
as
to
a
indi-
^
Colombia And Venezuela
The
United
official
serve
separated'
Lend-Lease Aid For
The Board has ruled that the
term /'corporation" includes in¬
fore
quarters,
ad¬
lend-lease
banks
which-
partitions, and providing
bed, wardrobe and closet
dividual, partnership or corpo¬
ration secured by direct
obliga¬
tions of the United States.
corporated
buildings
by
days, the last paragraph
Banks
of
would house 20 persons each in
secur¬
partnership or corporation" on
.the promissory note of such in¬
lombia
on
States
agreement
March
with Venezuela
17
on
signed
with
and
another
March
announcement
a
Co¬
18.
was
No
made
to the amount of war material
involved in either agreement, but
as
the Associated
the
to
Press
Colombian
be
pact
reports that
is estimated
between
$20,000,000 and
$30,000,000 while the Venezuelan
agreement
tween
is
believed
to
be
be¬
$10,000,000 and $16,000,000.
viduals, partnerships and other
i
;
corporations.
The
law
advances
the crank to the top of the saddle
post of less than 20 inches.
;
The
elimination
of
tion, at least
maturity of advances
"
districts,' New York City re¬
ported the biggest percentage
Capital War Workers
President Roosevelt asserted on
Mar. 13 that he favored construc¬
to
Governors
Reserve
.
<!.
au¬
for periods not exceed¬
ing 90 days "to any individual,
this
center
the
Reserve
they
juvenile
a
frame
of
\
mm**** ■> '
Asks Dormitories For
the
are
vances
from
also
Board
informa¬
+
-in'-
follows:
as
statistical
•
j
no
law
the
and
tion.
of section 13 authorizes Federal
the speci¬
restrictions
mation,
-:
advances
Bulletin
member
ity
The restric¬
remainder
make
7
spe¬
cific matters: action at
sea, air
action, action on land, movement
of ships and troops,
prospective
action, review of military situa¬
tion, casualties, production infor¬
Ad¬
makes
the
se-
•'•
their promis¬ 7: modations at reasonable prices.
.7,, What he has in mind is con¬
sory notes secured by direct obstruction of dormitories on the
ligations; of the United States
for periods not exceeding 90
Mall, a stretch of parkway ex¬
tending from the Capitol to the
days.
1:
Lincoln Memorial, and close to
i Although the
eighth para¬
most Government office build¬
graph of section 13 of'the Federal
ings. He also has in mind con-'
Reserve < Act appears to
.to
period in the order
April 1 to June 30.
to
Federal
limit
replace¬
accessories dur¬
The second
under
to member banks
of
fications for the so-called Victory
Diesel and electric locomotives.
Mr. Ripley is chief engineer of
the
'
ment parts and
ing this same period vis restricted
to* the
number
they ^ produced
during the same number of days
in 1941.
v
-••'.'/■- f -;;';r
•
Most
;
man¬
before the issuance of the order
The-manufacture
the
to
may
•-
Banks,
military
;7*■''; "7".
•;
member banks on
weigh more than 47 pounds,
been assigned, as* compared -with
an- average
v-7 -yy. !weight of 57 pounds per bicycle
y;.;
the
on
is bad 6r
news
governing these
by Fed¬
effective
has ruled that Federal Reserve
Banks may make advances both
they produced during a
comparable period in 1941.
None
of the bicycles thus manufactured
io
and
amendment
The
cycles
These
curityf..
In the March issue of the Fed¬
*
.
V
*.
-
for
'
reported, its ruling
ufacturers may not produce more
than 42%
of the number of bi¬
matters
industry.
and
?
order,
-
publication
The statement goes on to detail
dhe policies
adoption
The Board states:
eral Reserve
first, called the-"Restricted
covers
the period from
During that period bicycle
for various branches of the
transportation
.
from
held for reasons of
f - ligations of the United States.
re¬
-
in¬
no circumstances
Government withhold
the
ground that the
-
ber banks secured by direct ob-
two
Mar. 12, to Mar. 31.
an¬
pertaining to materials and equip¬
ment
The
•
does
made
promissory notes of such
-
of
the date of issuance of the
was
technical
into
Reserve
thorized
sharply
periods, with different
publish
'
their member banks for periods
not exceeding 90 days on the
Period"
eight "consultants
appointed to advise
Hollar
and
strictions for each.
that
have? been
Mr.
it
metals
some
'[ The order is divided
time
.y:''
time
of
19 the
Federal Reserve Banks
and
parts
System
-
Discounts
clear that
sories- permitted under the order.
member-of the
"V v-"
same
;
circumstances does
no
Government
:: untrue. Under
Regulation in order to make it
'.
metals
. ■:
;•.
number
public
minimum.
a
use¬
v
public
will inform the
as
"Under
-
the
news
gradually become
of
be¬
formation which is known to be
change of substance in the Re¬
gulation.
Its sole purpose is to
rephrase one paragraph of the
•
restricting the use of other crit¬
been ical materials in the manufacture
of the bicycles,
parts, and acces¬
spe¬
the
to
V
defense
to Member Banks
This
achieved "in
replacement
-
March 20.
in
produced;
eliminating the
representative of the opera¬
and
maintenance depart¬
At
critical
be
ways: ■
bicycles,
staff of the Association of Amer¬
ican Railroads, serving as a
cial
in
will
A,
eral
one for men and
for women.
They will
saving
consideration
cation
ascertain
in
conflict
•[while reducing the military risk
automobiles
use
is
curity, every attempt is made
provide such form of publi¬
especially
workers
now
March
on
vances
mate¬
war
to
there
continued:
to
sur¬
a
harm*
enemy to
statement
information and of military se¬
amendment to its Regula¬
an
tion
on
accessories that may be
2. By entirely
called to active duty.
At the time of his
appointment,
a
tween
assur¬
30
needs,
.Reserve
known
tof
Gut
in. the
hak
Army,
was
critical
[ 1.'By reducing the
-
-
save
rubber
two
Eastman, Director of
Transportation. •, Colonel
Young,
June
OFF
"Where
The Board of Governors of the
The order
and
B,
Defense
gave
made
of
help the
,
The
Clarify Reserve Rule On
90-Day Advs. on Govts.
—
bicycles
pro¬
matters
depressing.
When news is de¬
liberately withheld, it is with¬
Victory models,
by
large def F. H. Hardin—railroad,freight,
fense
plants
reported ; lower
passenger, and all other types of
payrolls in. February than in
cars.'
Mr; Hardin is President
January indicating that produc¬
of the Association of Manufac¬
tion in these plants failed to
turers of Chilled Car
Wheels,
keep pace with expanding per¬ 7 New York.
7/7 -yyy?;'
sonnel.
Metal
products
fac¬
Jerome
G.
Bower—castings
tories not engaged in defense
and 7 miscellaneous
items " reproduction reported no increase
quired
in rail
transportation
in employment.'
" " "
manufacture and maintenance.
related
to
of
needs
Federal
Board
other
us."
adult bi¬
less for lack of tires.
curtailment in
a
be
which will
be-'stripped of all non-essential
gadgets and bright work.
10
and
now
will
the
(L-52) will result in
the''production of two-so-called
2.3
—0.2
-Mar;
on
tion will
.
manufacturing
officials
plants who
rials.
tion of Materials and
Equipment,
succeeding Col. Charles D. Young,
tional defense. Several
".
1.9
a
J...,-
munition, aircraft and parts, consulants,
tanks, and various and sundry which they
other
+
Transportation Post
was
Production
military, naval,
facts, whether they are'
good or bad, cheerful or depres-'
sing. On the other hand, our peo-'.
pie will willingly forego knowl¬
edge of those facts whose revela-^
three
.
of
transportation
—0.5
■—0.6
ment.
January.
order
Appointment of Philip A. Hol¬
Acting Director of the Sec¬
.employees and
payrolls
in
February
group
War
the:: manufacture
lar as
more
in
5.1
Hollar Gets Defense
and
"
'
City
The
the other
metals
than
v
i
the
that the manufacture of bi¬
vey
Car¬
y
'+'0.4
0.7
tions
machinery
that
•IBicycle Maniifachirfe
Mar. 13 ordered
'+
WPB
1
tween
'—
;
+
reported
;
Rubber
y\.'[..v;
+ 6.9
3.5;
for
month
a
cycles would be continued beyond
June 30, the expiration date- of
L-52.
They explained that be¬
;
.
stated
+ 3.3
+
:/ Almost every industry in the
f: higher
net
-
'+'iA"
yy
Mr. Hollar
for men's
likewise
2.1
+
Syracuse
the
%
is
+ 4.9
+
____
Johnson
firms ;in
busy
season.
had made big
their - working
v
_J—
Buffalo
their
them
of
V
outerwear.
reporting
industries
midst
«
■
infants'
Nearly ;all
>
Jan., .'42, to Feb.;'42
"(Preliminary) .V;-Empl'oymt; Payrolls
City____
in
ments and accessories and chil-
•
age.
ance
City,
buying
RFC
the
:
on
and
know the
approximately
cycles is to replace, in part, trans¬
portation facilities lost through
Equipment.
Jan-
Binghamton-Endicott-
employ¬
were
of
be
the rubber and automobile short¬
York
the
of
formation
to
•
leather
people in February
January.
Within the
group the biggest gains were in
millinery, women's and misses'
outerwear, women's undergar¬
v
.
the month.
Rochester
more
than
•
State
York
Troy
the
in
little
was
'
Utica
of these industries and most of
:
There
.
Locality—
Parade
::
Inc.,- New
chairman
committee
em-
new
than
Albany-Schenectady-
;
ciation,
and
but
duction
rather than fewer
more
Asso¬
Plant.t
New
apparel industries. All branches
'
Manufacturers
will
of last year.
The purpose
>
change in either employment
payrolls in the Syracuse dis¬
Total
/
The- biggest
increases - over
January were reported in the
•
Rubber
the
1941,
devoted
covered
by the second
period of the order, or a rate of
production almost three times that
rubber prod-:
—'
42%
Policy," de-'
Glaring that the Government will'
"make public the maximum of
in¬
average
months
Until recently he had
been employed as an
equipment
engineer on construction work at
the ' Ravenna,' ; Ohio,
Ordnance
employees
,
Prepare For Easter
■
in
textile 7 industries.
-
Dr.
y
•
good
Percentage Change
Information, New
Department of La-
j E. B. Patton, Director.
—
Albany-Schedistrict reported
or
are
State
A." L; "Viles
the
Statistics and
-
./
trict during
%
collected, compiled
; and analyzed in the Division of
-
>
the
[bicycles,
63,000
W.
Brown
has' been
camer from the de- roll
ap¬
plants. ' Payrolls
there pointed Assistant to the Director
uary.
•
payrolls
in
on March 17
"Statement
of
Governmental
Wartime Information
L-52 the
is-President'of the
'Motor
Co., Cleveland,
It
were
Current reports
higher.
factory - employment
and
on
White
Ohio.,,
of
entire
number
Black
Reserve Co.'
fewer
42.0%
'
been
lagged slightly behind January. of the Section of Materials and
Shoe factories in the Bingham- Equipment.
From 1933 to 1936
ton-Endicott-Johnson City dis- Mr. Brown served on the staff of
trict reported increases, in both the Federal Coordinator of Trans¬
employment and payrolls but portation as Assistant Director of
most other industries
Property
and
reported the .+ Section■' of
•
employment in the facof the State this year
tories
/-y
that
16.4% '
Mr.
?;
Most in¬
busier.
were
and
fense
•
Reports for Feb-
indicate
ruary
:
production has
ployment
were
<
:
which
on
In Buffalo most of the
index
computed with
the average of the years 1925-
head-
i'4
spring season for clothing firms
benefited
Rochester
industry.
7
•
numbers
;
I,?
42%'
Washington issued
a
con-1
the number will
be considerably higher than adult cerning the war, which can be re-1
■vealed without giving aid to
bicycles manufactured during ; a
the;;
enemy. -The statement explained'similar period in 1941.
;
that -"this policy is based
upon1
; Specifically the average monthly
the firm conviction that the
peo-'
production of adult bicycles in
pie of a democracy are entitled to;
1941 was 22,500.
Under
Hartford, Conn.
:
;: :
Robert F.. Black—equipment
^
Both the defense effort and the
Prior
year
*
:
|
to
expand in
Textile mills in that
especially:
metal
;
•
com-
puted with the average of the
years
with
the
adult
New York City and
m
to
monthly production in
with
ucts," including' tires, tubes, innectady-Troy
more
employees
and v. higher j;: sulated wire, and belting and
other mechanical rubber
goods.
payrolls in February than "in
Mr. Viles is President of the
January. Gains in employment
141.9
was
index
also
dustries
of factory employment for FebThe
)• quarters
•
.
ruary
of
■
continued
area
.
-
period
at
February.
further says: ,
The New York State
Department of Labor's index number
supplies for maintenance
jf Motor Lines, Inc.,-
-
statement
.
hired
were
Davis—equipment
suspended,
including
buses,
shipyards,,; aircraft
[" trucks, firefighting apparatus.
plants, instrument factories and
[ "• road work equipment and work
at some other industries in the
[ - equipment for public: utilities
metals
and
machinery group.
and communications
companies.
Defense plants in the Utica dis¬
>
.
workers
more
also
em¬
V
York
New
but
shop
weekly
a
?
;
-
583,429
workers in February on
payroll of $21,531,165.";
and
C.
buses and trucks. Mr. Davis is
Vice-President: of Consolidated
y
•
(Statements, it is added, are based
on
preliminary tabulations cov¬
ering reports from 2,455 repre¬
sentative manufacturers who
Harold
■
at work
were
The Office of Facts and
Figures
at
,
City factories -in
i: February than in January. Seasonal
activity in the f apparel
7 and leather goods industries &c~
counted for most of this gain
raw
at
people
more
Wartime Information
•
-
.
provides
shall
.
.
that
bear' interest at
\
rates- fixed
1
by the Federal "Reserve
i
from
time
to
Gov-
of
System.-
-
-
March
kind
time
Bank,
subject to the review and deter¬
mination of the Board of
ernors
•.
such
„
^
the Federal Reserve
The rate in effect on
1
was
for
advances
of
this
1% at 7 of the Federal
Reserve Banks and 1V2 % at the
remaining
Banks.
Federal
Reserve
-
Thursday, March 26, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1250
District, productive facili¬
being converted to " the
manufacture
of military items."
''War work," it is. added; "was ex¬
panded further at most plants
during recent weeks, largely off¬
setting the decreased activity in
Fourth
Reserve Banks
,
Report On Business
/ Indications of the trend of business in the various federal Re¬
serve districts is
reported in the following extracts which we give
from the "Monthly Review" of the Federal Reserve Districts of
.
Chicago,
Francisco.'
the level of general business
appear
the
than usual during
prevailed during December, after
allowances
had
been made for
seasonal changes, and,
has been the case for more than
plete figures indicate that the
daily rate of railroad loadings
of merchandise and miscellari-
considerably higher
than in the corresponding month
;
of 1941." This is indicated in the
one
year was
Review" of Mar. 1,
4/■
said:
"Monthly
Bank's
Reserve
Boston
which further
'/•;.•,
*
what lower.
of the
influence of most
The
approximately the same as in
January, but that the movement
of bulk freight averaged some¬
stocked up
•
-
same
■
,
heavily against im¬
Federal
The
level, and • the output of
products rose to a peak
one-third greater than in Jan¬
of
Bank
Reserve
that Eighth Dis¬
trict manufacturing, primary dis¬
was
a
says:
ago
year
moving into pro¬
during January in New England
■./. is estimated to have been 14,-
year ago. '
The
amount
of
many
•
The January,
any
in
tendencies
that have
of
position of the total. Production
of producers' goods continued
upward in response to war de¬
mands, but among consumers'
goods further declines were ap¬
parent, as a number of indus¬
tries in this category prepared
in recent
evident
war
mounting pro¬
materials, on the
hand,
and
of
consumers'
durable
•
and
to
a
Bitumi-
in
chiefly to meet con¬
stantly expanding needs of in¬
dustry and transportation, and
railroad car loadings continued
at unseasonally high levels.
nous
coal output rose further
January,
complete or partial conver¬
of their facilities to the
manufacture of war materials.
necessitated by the war program,
forces
,
Sixth (Atlanta) District
housing,
The Federal Reserve Bank of
where
operations
have
been
checked
in Its March 1 "Monthly Review."
by
limitations
upon Atlanta
reports in its Feb. 28
The bank's summary adds:
supplies of materials, some fur¬ "Monthly Review" that Sixth Dis¬
ther slackening in activity was trict business and industrial ac¬
The steel mills again operated
1
evident.
"
near capacity despite continued
tivity continued at a high level in
1942
1941
January. In explaining this, the
Jan.
Dec.
NOV.
Jan.
bank's summary says: ^V//:1'/
•Indexes of Production'and Trade—
'■ I/-•■■'
Department store sales de(100
estmated long-term trend)
/
j
clined following the Christmas
Ill
U2p
103
HOp
; Index of production and trade
;
: 106
118p
117
118p
Production
-1
holiday trade much less than
135p
130
110
132p
Producers'
goods—total
they usually do and reached a
139
146p
145p
114
Producers'
durable goods
new
120
124p
106
119p
Producers' non-durable goods
high level for the month;
In
the other, said the Federal Re¬
serve Bank of New York reports
on
the field of private
.
the, production of other cotton*
seed
ear¬
a year
attribut¬
are
Twelfth
•"
manufac¬
semi-finished
103
101
•-
98p
lOlp
,
durable goods
100
87
74p
101
108
llOp
of
.distribution
■y
mer¬
1941.
uary,
Federal
The
110
123
123p
123p
114p
114p
104p
103p
Durable
goods—total
Non-durable
Distribution
to
Miscellaneous
Cost of Living,
(100
113
95
consumer
.
__
.
:
107
97p
been
review
The
record.
on
further
industries,
^;-l;:"
says:
steel, are
proportion
indexes advanced
All of the
from, December with the larg¬
est increases occurring in the
war
of
152
and
164
porary
107
97
5
106p
112
101
110
116
127
129p
average)
that
1935-39 average)
=
New York
Outside
p
>
Preliminary.
Third
-
.
York
,
City
Reserve
Federal
Third
levels
peak
month
before
-prevailing
Reserve
mary
of
sub¬
any
*
Bank's
March
2.
,v
tion
less
case,
and the volume
within
a
reasonable
was
pe¬
and
the .movement
freight is heavy. '
riod,
v
in cqnsumers' lines declined in
the month but was nearly 10%
much smaller than is ordi¬
made
as great as in the
month last year. Activity
in
any
January,
1941.
reached
the
January
but
con¬
in
the
Seventh
Federal
District during February,
Reserve
of
.
t
Fourth (Cleveland) District
its
In
Feb.
28
"Monthly
Busi¬
ported
the
in
the
it is
durable
of
Produc-
•and
workers
as
withdraw
from
continue
industry
the armed services.'\
to
into
"
Increased manufacturing em'
ployment in recent months has
been
accompanied
by
still
larger increases in factory pay¬
Reserve
Dis¬
Bank's
Reserve
Partly
creased
reflecting these in¬
value of de¬
incomes,
partment store sales in January
continued to increase, after al¬
lowance for seasonal influences,
and was 32% larger than in the
like month a year earlier.
"Monthly Review" of Feb. 28:
A
re¬
ary
buying movement in Janu¬
lifted wholesale and retail
trade
In
a
the
third above
first
however,
gent.
half
buying
Increased
been
consumers'
general
in
year ago.
a
of
February,
less ur¬
activity
has
the District.
was
Grain and livestock marketings
Retail trade,
Suspend U. S. Shipments
To French North Africa
American
shipments to French
North Africa have been
Acting
ner
suspended
Secretary of State
Welles announced on
Sum¬
Mar. 10,
and hog slaughter explaining that they will not be
large. Life insurance resumed until a satisfactory ar¬
written in January was double rangement
is
made with the
that of a year ago,
Lead and French Government at Vichy. The
and
cattle
have been
January, continued at levels sub¬
stantially above a year ago. The
.
-
ness
•
Federal
City
al¬
though less disturbed by the hys¬
teria so much in evidence during
goods.
Federal
Tenth
trict was contained in the Kansas
March
manufacture
following regarding busi¬
and agricultural conditions in
the
'
of pay.
:■/
District
(Kansas City)
The
ness
the
//
Tenth
earlier.
increasingly serious as
out of
completion of new plants
coming
rolls, brought about by longer
working hours and higher rates
variced 3
/■ high/.
larger volume than at
corresponding time a year
laid
being
/ additional demands arise
151.
higher January
was 3 ^points be¬
are
Despite
carloadings index adpoints to 160, a new
laneous
?
tinued in
Review," the Federal Reserve bank's review goes on to say:
Dollar sales of Seventh Disof coal and oil increased Bank of Cleveland reports that
increasing - proportion
than seasonally, and the "an
of ,tric(t de^arjment stores, in ^eb-,
above
-
adjusted basis, the
of
production
being
again
at
"Business
Conditions" of the Chicago Fed¬
the largest for the period since
eral Reserve Bank.
Production
the late 1920's. Buying at whole¬
in many lines continued to move
sale
has
continued
strong in
ahead despite the restrictions, on
lines where deliveries can be
seasonally
same
declined
ad¬
power
for the first month of 1942
sum¬
output of durable goods
advanced to a new high on a
half
.
electric
Reflecting large consumer in-
narily the
"Business
The
'
adds:
volume
early in 1927. Construction con¬
tracts awarded in the District
of
was
The
-
rate
comes and considerable
antici¬
Seventh (Chicago) District
patory buying, retail trade has
Rising prices accentuated the
been unusually active. The de¬
cline from December to January expansion in the volume of pro¬
duction and trade that took place
in sales by department stores
c
a
January on
record, including 1929," it an¬
nounced in the Philadelphia Fed¬
eral
63
89
somewhat.
•
District
but continues
stantially above
Review"
64
93
vanced
the
in
receded slightly in January from
the
than
70
the
was
record but
on
at a higher
time since
95
output
District
production
cities
low the all-time high registered
in August
1929.
The miscel¬
pig
54
^Adjusted for seasonal yariation.
(Philadelphia)
"Industrial
debits at 94
ac¬
This
and
86
City
New
textile
Cotton
iron production
increased to new record levels,
•Velocity of Demand Deposits—
(100
increased
effort
these
develop¬
ments, however, the basic labor
problem is one of labor short¬
ages rather than one of unem¬
ployment. This problem is be¬
bank
and coal output was
average)
1926
=
month.
tivity
Wage Rates—
(100
The
farming centers
and the index of country check
clearings
both
reached
new
high levels. The index of bank
cases,
H/ unemployment,
and
in trade and service
war
off.
point
1929.
in
the
only
was
high
the
debits index at
in January, although there has
nearly always been a decline in
i
111
reached
and
130
some
industries indirectly affected by
the large
January sales volume, the sea¬
sonally adjusted index of stocks
at city department stores
re¬
below
In
workers
•
respec¬
of
spite
tively;- In
purposes.
change-overs to war pro¬
duction are resulting in tem¬
department store sales indexes
levels
such as iron and
diverting a larger
of their output to
the
of country and city stores, both
of
which
reached new high
at
also
,pf facilities. Expansion has
most spectacular in aircraft
,
slightly
sales
the
States,
construction and shipbuilding and
Minneapolis
reports
in
its
has
more
recently extended to
"Monthly Review" for Feb. 28
metals
production." The bank's
that / "business
volume
in
the
Feb.
26
"Business
Conditions"
northwest / during ; January,
as
likewise says:
f
measured by our seasonally ad¬
(/
Conversion of manufacturing
justed indexes, registered new
facilities in the Twelfth District
gains from the high December
has been most marked in the
level
and
appeared; to ; have
automobile assembly and tire
reached the highest January level
manufacturing industries. Other
mained
insurance
104p
108p
101
'
102
services
Bureau of Labor Statistics—
1935-39
—
103
distribution
Primary
■
;
goods—total
United
of
1 ncreased
of
firms
wholesale
the
Federal Reserve District
has
sion
Bank
Reserve
slightly at a time when there is
usually a small decline; and life
107p
goods
of
pansion rather than upon conver¬
(Minneapolis) District
Ninth
merchandise by
distribution
70p
non-durable
Bank
relatively fewer workers in
consumer goods industries of the
Sales type adversely affected by war
at
department stores in
the developments. Expansion of war
principal cities of the district production in this area conse¬
were down much less than sea¬
quently means that greater em¬
sonally
from
December
and phasis has been placed and will
were 39%
greater than in Jan¬ continue to be placed upon ex¬
v
goods—total
Reserve
chandise in January was at ex¬
-
Consumers'
of
gions
Twelfth
,
=
Consumers'
District
Francisco)
(San
Federal
The
traordinarily high levels.
,
Consumers'
products was smaller.
primarily to heavy move¬ San Francisco reports that "in
of fuel, grains, finished
comparison with many other re¬
Retail
to
strong civilian demand.
7
sion
goods,
armed
the
for
output
dwindling
one
turn
out
parts.
The cotton
textile industry operated at a
new high level in January, and
is supplying vast quantities of
many types of cotton goods to
greater
1941, whereas,
The increases
and
and
planes
slightly
December and
tures.
re¬
employing
are
was
ments
by
factories
facilitity
every
Texas
able
under
plane
levels, there were again
noteworthy changes in the com¬
'
plants
in
than in January,
lier.
ships on all the ways, and air¬
cember
productive activity
been
months—steadily
duction
the
of
continuation
indicatea
are
ban
index of pro¬
duction held steady at its De¬
District
"Preliminary data for February
■f".
total
While the group
other Jan¬
Second (New York)
eral
cars.
during the past 10 years.
uary
on
except
shortages of mate¬
priorities. The sev¬
shipyards in the district
working day and night with
rials
more
the
of
stricted
retail sales of new passenger
on
1942, amount was
■)/. higher than in
effect
distribution
retail
lasr^|¥.
sumed during January
the
offset
than
with
108,423 bales in December, 1941,
and a total of 102,544 balel con¬
.
increases
These
houses.
time
full
in¬
an
over
goods are running
ing civilian
department stores, variety chain
store systems, and mail order
114,-
land during January was
727
bales, as compared
.
year
over
earlier levels were reported by
consumed by mills in New Eng-
-
sales
in
increases
cotton
raw
January that affected
classes of goods.
Sharp
in
ing
033,000 pairs, an amount 18.4%
/ over the total for December,
,1941, and 8.5% over January a
..
years,
and the same
said of industrial ac¬
tivity.
Most
industries
are
working directly or indirectly
on phases of defense, but even
those engaged entirely in mak¬
by
of linters at cottonseed oil mills
raise the level
activity.
to
distribution in the
Eighth District in January re¬
corded
relatively large gains
be
may
.
lumber
for
/amount much
greater than is ordinarily ex¬
perienced in January, and ship¬
ments
expanded sharply, not¬
withstanding a moderate cur¬
tailment in production. Output
Primary
average
Prospects of future shortages
and higher prices resulted in
another wave of consumer buy¬
materials.
war
demand
creased
the principal fac¬
are
tending
industrial
of
duction
The
duction, existing plants shifting
to war output, and construction
of
additional
war
production
tors
addi¬
cantonments and
plants for the pro¬
army
industrial
'
facilities
of
construction
the
tional
Reserve Bank further says:
New plants
1941.
Further progress
evidenced in ' connection
uary,
/•
? with
tribution, and trade maintained a
^Fifth (Richmond) District
high level of activity during Jan¬
"Since the beginning of 1942, uary and' early February/ In its
trade and industry in the Fifth Feb. 28 "Business Conditions," the
of
petrol¬
all-time
high
St. Louis reports
..
crude
a new
refined
.
Production of boots and shoes
-
'
.
of
increased to
eum
the
•
.
weeks
in
increases
substantial
dicate
District
(St. Louis)
Eighth
January
the
bank's
important industries- held the
/ aggregate at the high level but monthly index of production and
Reserve
district * have
trade rose two points to 112% of Federal
the
building industry in this
estimated long term trend. The been at exceptionally high levels
Z
district was at a lower volume
for this season of the year," the
than either in December, 1941, figure for January a year ago was
103. The gain over December was Federal Reserve Bank of Rich¬
or in January a year ago. Total
mond
states
in
its
Feb.
28
revenue
freight carloadings in primarily associated with an un¬
New England were 142,225 dur¬ usually high level of retail trade. "Monthly Review." The summary
In the field of production diver¬ goes on to say:
ing the five-week period end¬
gent tendencies were again con¬
Consumer y buying
declined
ing Feb. 14, a total 11.6% larger
The
review
further
much less in January than in
than in the corresponding five spicuous.
During
with
97.8 for
period a year ago.
compared
consumers
pending shortages, deterioration
in the quality of goods available, and further rises in prices.
held
been
of
rate
level
high
as
has
operated at an average lowing to say:
Production
102.6 during February,
area
■/•/;./// ZZ/vy-Z'/Z/
eontra-seasonally
freight in February was
eous
of
'...during ..January
Illinois
the
various
which has operations ' among
branches of
industry producing
been recommended by the Of¬
used directly or indi¬
fice of the Petroleum Coordi- products
rectly in the war program." The
nator.
bank's summary also has the fol¬
Steel
mills
in
the
Chicago
Retail trade volume was at a
.
of
State
well within the quota
/•much larger than at this season
output of crude petroleum con¬
tinued at a high level. Incom¬ 1/ in past years.
customary
as
cities
many
/
a
.
The
both large and
output of bituminous. coal
to have declined less
February and
the
activity was maintained at about
same
volume as that which
in
and
(Dallas). District
Eleventh
The Federal Reserve Bank of
higher rate this
Dallas
reports in its March
1
year than in the corresponding
"Monthly Business Review" that
period a year ago.
•
Crude oil production in the "preliminary data for January in¬
have been at
employment
the district,
small, continues
at unusually high levels. Work¬
ing forces generally are very
Pro¬
defense
than
other
...
housing is'less active.~
•
coal
industrial
Total
:
reports of scrap shortages.
duction of electric power
England during Janu¬
"In New
goods' -industries."
struction
montlra-year. ago.
same
Operations in the bituminous
industry of-this district
;
...
*
bank's review further says:
3>~
District
(Boston)
is-
civilian
---V:
First
ary
Atlanta,
and San
New York, Philadelphia, Cleveland, Richmond,
St. Louis, Minneapolis, Kansas
City, DallasV
Boston,
the
20% higher ,than ip
ruary were
ties
zinc
1
.
shipments in January were
lower
because
early,:&
of.cold
weather
shipments, it is reported, consisted
mainly of foofl, cotton and wool
and
low-gr?de\oiJs.;,
,
;t,f
4
Volume 155
Number 4058
THE COMMERCIAL & FINANCIAL CHRONICLE
1251
House Passes Agricultural Appropriation Bill
President Makes Plea To Allied Nations
After Making Deductions of $56,000,000
v
: To Remain United In
Purpose & Sympathy
To Assist Sec.
Dr.
F.
Wickardj
D.
Patterson, President
Tuskegee Institute, and Claude
A. Barnett, Director of the As¬
strat¬ sociated Negro Press, have been
The
of
House
President Roosevelt declared on Mar. 16
on
Mar. 13 passed the Agriculture
that the supreme
Department
Appropriation Bill, carrying approximately $771,000,000 for the fiscal egy of victory must be for the United Nations to remain
united in named
special assistants to the
year beginning July 1.
purpose, in sympathy and in determination.
Passage of the bill came after 10 days' debate,
The President made Secretary of
Agriculture Wickard,
during which time the House reduced the measure by about $56,000,- this statement in a letter read at the 140th dinner of the Economic
according
to
an
announcement
Club of New
000 below the total recommended
York, held at the Hotel Astor, New York City.
by its Appropriations Committee.
The made on March 17. The announce¬
HllinAT*
A lliAct
/■// The bill contains a clause
dinner, rlorli/^DfoH 4a "Our Allies, ^ had as guests of honor and
dedicated to
prohibiting the Commodity Credit Cor¬
prin- ment states:
;//, :
cipal speakers: Maxim Litvinoff,^
poration from using any of its^
/
Dr. Patterson and Mr. Bar¬
Soviet
funds for the sale below parity
which we shall overwhelm the
AmbassadoriViscountHali-1
nett
will
serve
Unfixed Call Sales
the Secretary
enemies of freedom and democ¬
prices of Government-held stocks
fax/British Ambassador; Dr. Hu
/ * as consultants and advisers on
of farm commodities.
President H//;// - Of Cotton Decrease Shih, Chinese Ambassador,; and
racy.
/../*'- / -/;• ;
important; problems
affecting
Dr. - Alexander
Roosevelt and Secretary Wickard
Very sincerely yours,
Loudon, Nether¬
Unfixed call sales of cotton de¬
Negro farmers and their part in
lands Minister.
have voiced their disapproval of
Many other dip¬
FRANKLIN D. ROOSEVELT
creased
the war effort.
11,900 bales during the
One of their
lomatic
this limitation which the Senate
representatives
of
the
b special functions will be
week ended
Mar.
6
to 782,100
>;
to help
In his talk, Mr. Litvinoff
farm bloc recently passed in dif¬
United Nations also attended.
urged
insure the integration and full
bales; compared with 595,700 bales
the increase in "our
strength" to
ferent form over the President's
H/Jri/ his letter/ read by David
a year
earlier, the Department of
participation of Negro farmers
drive back the German armies or
objection
Sarnoff, President of the Eco¬
Agriculture said on Mar. 13. Total
/ in the Food-for-Freedom cam¬
the splitting or
weakening of their
: The
following V regarding * the sales outstanding on Mar. 6 con¬ nomic Club, the President criti¬
paign.
' /• \; //;/// ,//■
forces
•;./•;/
by / diversion
elsewhere
cized
action of the House' on the bill
sisted of 4,600 bales based on the
t^s^/tyho
Dr. Patterson attended Iowa
efforts in an indivisible war" as with a view to pushing them back
was
reported by the Associated March
State College and Cornell Unifuture, - 273,200 on May,
to* the German
/
•Press Mar. '13:
frontier, to Ber¬
■
messengers / of • Axis
7/:'•/ A"■/•'* / /: 1 409,000 on July, 58,800 on October "obliging
versity, going to Tuskegee in
lin and beyond, and he
expressed
propaganda"
He also predicted
The deepest reductions were and
■1928.7 "He became President of
36,500 on December. The Dehis belief that "practical
that the rising tide of
in funds for rural rehabilitation
ways for
production
par tmerit'$ ahn^ncemeht ridds^; /
Tuskegee in 1935, succeeding
winning a victory over Hitler, the
/ work under the Farm Security /// Unfixed / call purchases de- and manpower "shall overwhelm
mainspring of the Axis,/are for :t;- the late Dr. R. R. Moton. ^ •'.
the
// Administration, and for opera-:
enemies
of
freedom
and
creased 52,200 bales during the
/
Mr. Barnett founded the Asthe first time in sight."
/
;
tions/ under
the
•/'... —•/
v.
Bankhead;
week to 287,600 bales on Mar. 65 democracy.";
" ;sociated - Negro Press' in 1916.
Lord Halifax warned that the
!
The
Jones Farm Tenant Act.;
■'
text of .Mr.; Roosevelt's
The
With headquarters in
compared with 129,800 bales on
Chicago,
Spring and Summer of 1942 are
Z
former was cut $25,000,000. and
the
ANP, under the.direction of Mr.
corresponding
date : last messagej-addressed^O-Mr, Sarnoff ^ "going
to.;put free men every¬
follows: * '
Z,- loan authorizations for the lat/' ' 1
"
-year. - -At the recent date, 700
Barnett, has established bureaus
where to such a test of
Z> ter were pared $20,000,000. w •
courage
The White House, Washington/
in
bales of unfixed" call purchases
Washington, New York, Lon¬
and endurance as will match the
The,," House /Appropriations
Mar. 12, 1942 darkest
don, Paris and other strategic
/ were based on the^ March fu¬
days of 1918"
He alsq
Committee has shaved
Dear Dave:
$5,000,//metropolitan centers. ; He is a
ture, 142,100' on May, 112,500
pointed out that the sea lanes
000 from the loan authorizations
ori
trustee of
July, 21,800- on October,
May I greet through you the must remain open if the war ef¬
^uskegee Institute; ///
of the farm tenant
program bemembers
and
9,900 on December, and 600 on
guests of The fort is to be maintained.
fore the House even received
Economic Club of New York
January.
/ The
Chinese Ambassador re¬
J; the bill and had pared, some
7
Output Off
-This ^statement includes only
•who are gathering to hear the
called the warning that Chinese
,7
$14,000,000 from the rural • recall sales and purchases based
Sugar production in Natal (Brit¬
v distinguished representatives of
leaders / had
made
as / to
what
habilitation program.
ish South African
on New York cotton futures, as
United Nations bound in the would
7-:
Union) during
come about if
Japan's ag¬
[ -The House made no new cuts
reported to the Commodity Ex¬
pledge of victory and justice gression in China was left un¬ the 1941-42 season is estimated at
•
in the FSA loan authorization
over
402,000 long tons, raw value, as
the evil forces that seek checked
change Branch of the Agricul¬
and
asserted
that
the
but accepted a
$50,000,000 re¬
tural Marketing Administration
to dominate the world.,
faith of his people has now been against 514,000 tons outturned in
7
duction recommended for this
the previous
by merchants with futures con/Never in history have
season, a decrease of
so
vindicated by the entrance of the
ZZ item by the committee, leaving
> tracts of
112,000 tons, or approximately
5,000 bales or more in / many people been united in a United States and British
Empire
the figure at $70,000,000.
a single future.
more
21.8%, according to a report re¬
fv ;
exalted
The figures re¬
purpose./
The into the fight on China's side;
/>;/; Another sharp cut was made
ceived by Lamborn &
leased, therefore, do not cover
struggle is being fought be¬ While saying that
Co., New 1
victory is not
by the House in travel expenses
York.
all such transactions.
The latter states:
tween
those in arms against
' /•
yet in sight, Dr. Hu Shih stated
for the Department's varied ac/-//The low output during the
/ treachery and "aggression* and that he had no doubt about the
;
tivities, the total for this purCurrent season is
the
monstrous r hordes
being caused
regi- "ultimate and riot too distant vie-;
World Wheat Carry-Over
Zv pose being reduced $8,000,000.
/;
by % the ': prolQnged
/ mented to enslave the world. tory" /
draught
/i.':/V/./Z 7/Z
./"//H//
1;, ;
Still in the bill as it went to
v
Z Expected To Be Record
Allied With United Nations and
throughout the cane belt. It is
Ambassador
Loudon
of
the
// the Senate was the administraThe following was reported in ;/ fighting with all the resources
/ estimated that the equivalent of
Netherlands / declared
that ; his
tion-opposed clause prohibiting a wireless dispatch from London,
/ around 900,000 .tons of sugar¬
/■/of the human spirit are millions country by tradition/ arid
origin
the • selling . of
Government- March
cane has been
of men and
15, * to • the, New -York
lost, which would
[women now caught has been, a country, of free trade
controlled surplus commodities
In the vise of tyranny.
"*Times'T
"
yielded
Cour- and that the basic principle of its /have
approximately
:
at
prices below parity.,. The ■>
Estimates of the world's sur/ ageously
100,000 tons of sugar///. /
they await the day economic
/
stewardship has been
House modified.the ban to allow;
—when they, too,- can help to cre-j
; V .plus
/* ;•/ Sugar consumption in Natal
of whe^t.,1 for, I the - season
the policy of the open door.' •:
sales of commodities for
relief,
during 1940-41 reached a record
ending with July have been 75 ate. the better world on a new
\ or deteriorated grains for feed-:
/.-compiled by*"The Corn Trade •/charter of freedom and liberty
v/ high with 334,000 long tons as
Farmers Repay FCA
J ing and for use in the produc•-for ^all."
News." They give a total of 1,against 286,000 tons in the pre;7//
;; tion of alcohol, and of: cotton
vious
We * are. united against those / Farmers' repayments in 1941 on
year.
The increase
449,600,000 bushels, which will
in
•«
*
■
-
1
•
■
.
.
v
.
.
*
,
<
Natal Sugar
-
,
-•
.
,
•
-
.
,
-
,
•
,
•
.
.
■
■
-
-
•
.
-
-
'
.
for experimental
/
purposes.
constitute
;
-
Despite reports that this proV vision might prompt the Presi¬
dent to
veto
tration
the
forces
compares
ord
made
deter-
no
who
record. This amount
with last season's
ing to
think
and 996,000,000 bush-
years ago
;els in 1939; '/:/
; A'
little likelihood the Senate,' f X Probable Z shipments* in
>!
V v which
earlier
held
approved
separate legislation of the same
nature,.'would remove the re-
;
;
.
- *
? - /
///". In Pall,'; the
bill
included
/. loan authorizations aggregating
; ' striction.
;
'
1
,
'•
.
k.
.
year
to
difficult
are
owing
the
the
war
sources,
Pacific/but, taking all
factors into consideration, total
//world shipments to all destina¬
authorizations- for
The
and
action
President's
seven
prohibition
,ent
7
say
but
have
gotten into
sition
of
resistance, to
in jus¬
a
financial
po¬
where
amounted
to
pres/
158,-
,
Australian
32,000,000 bushels
shipments
so
far
-
/want.
-
this
The
■■///;.;//■-.;// j'
Department's /announce¬
season, the adjusted world total
to' date is
/: -; To
•
*"
.
•
Liquidate Wheat Futures
.
v.
The".j Canadian
Wheat
announces
tures will be cleared
:
.
July
.Board
that all open wheat
t
;
•
31 " at
March J5Ii
on
or
prices o|
prices are;
futures. 791/4 cents a
the
closing
bushel; and July 80%- cents.It
-
is
.
initial
:
in
:
►
•
:
also
announced
,7:j
that
the
price /for. Western, wheat
1942-43
would
be
90
cents
a
The
House
of'
Mar.,11, by a vote of 331? to
46, voted to continue for another
year its Special Committee Inves
tigating un-American; activities,
which
is
headed ^by
Representa¬
tive Dies
(Dem., Tex.). The socalled Dies Committee has
been
inquiring
ties
into; subversive
activi¬
for
increase of 20. cents-
a
bushel
^Canadiani Government.-
.ZLC'I
-
bate. -Funds for the Oorpmittee's
operations :untii Jan;
'1943> are
expected to be voted soonV^:
of
every
credit associations—are
propa-'
now
be-
in
1943.
-
•
/
.
for the
Quartermaster Corps.
■
.
•
r
Refunding Debs. Offered
ing made through county--rep¬
resentatives of the 11 regional
unity. - Those who cry for divided efforts in an indivisible /: offices.- •' -/ -: X '..//■
Although Z 69.8% /. of ' these
war; those who are blind to the
loans made to distressed. farmfact that security at home may
-ers from 1918
be menaced by disaster abroad;
through 1997 have
for
those
1
-
over:theL194d=42v^fymentViby: the
achievement
000
/In addition to the - airplane
fund, the President's request in¬
cludes $5,402,820,633 for the
Corps
of /-Engineers and
$1,373,725,277/
ganda would be to create dis-* /
.7
included $12,445,000 0.60% deben¬
-
on
•
,
"
Representatives
nearly- four years r at an
bushel/ under terms of a Govern/ estimated, cost of. $385^000.-- The
bill
amending the / Wheat House vote continuing it - for
Board ;,Act t The/price represents; fifth
-year^ came* after sharp; de¬
merit;
r an.
,
fu-j,
before
The ^closing
May wheat
1;
1942-4ay^^ /y
Says Canadian Order Dies Committiee Continued
;-z
lation and the general prosper¬
ity of the country. • / *
Surplus production in past
years was shipped to the United
Kingdom, it was said,
"
'
made from 4 to 20 years ago,
the borrowers only recently
-
,
.
consumption
is / due,
inthe
main, according to the Lamborn
advices, to the heavy demand
made by the influx of a com/ paratively large refugee popu-
were
•
attain and maintain this ment adds:- •
crop
and / feed
192,000,000 bushels. /• charter of liberty the supreme :;//. Emergency
ernment-ovvied crops below parare / limited .,to
Compared
strategy of victory must be for 71 loans—which
with; the total sur¬
ity was referred to in our Mar.. 5
plus/ estimated shipments 'are /' the United Nations to remain ; / $400 per individual^ and are
issue, page 950. "•* > ♦
made only to those who cannot
united"— united ^ iri"
small, 1 e a v i'n g 1,128,000,000
purpose;
'bushels to be carried forward / united in sympathy and united
quality for y. credit from suchi
/ in
r
regular sources as production
■to,
determination.. The supreme
-measure
.
'
•
exports in; the
months of .the
period in the previous year". Esat
the
Senate
against the sale of Gov;
season
Vtimating.
opposition to
in
to
some
'
400,000 bushels, compared with
143,200,000 bushels in the same
.
/, j
bill,;
-r •
the
on
and
/
•
first
$270,000,000
$1,423,833,720.V 'PV
Senate
the
tthe
"Australia world
will
loans
they" could ; repay
tice.
We -are -united against them,"
said C. W. Warburton,'
/those, who would r enslave hu-; Deputy. Governor of the Farm
Requests Funds For Army
manity by substituting terror Credit Administration. "Improve¬
for law, treachery
President Roosevelt asked Con¬
for state- ment «in. farm, income,- and the
v craft, and force for justice.
We well-known desire of farmers/to gress on March 18 for $17,579,/ are united against the tyranny pay their debts when they have 311,253 more for the War Depart¬
HZ that has /created untold want, the funds with which to do it; is ment, of -which— $8,515,861,25L
// privation and suffering ' in a largely responsible for the in¬ would be for the Army Air Corps.
creased collections.
Farmers are This new fund for the Air
/ large part of the world. :/
Corps,
""
These are the pledges
borrowing earlier this season. the President said, together with
inher-( This is
ent in the Four Freedoms
probably because most of previous/ appropriations, - would
whichj
/' are the essence o£ the Atlantic them have made their plans well provide for 148,000 planes in two /
Charter:
Freedom
of; Speech,1 in advance' to take as large a years, with 23,500 yet to be fi¬
freedom of religion,
freedom part as possible in the Food-for- nanced./ Mr.; Roosevelt's goal is
for 60,000 planes in 1942 and
/ from fear and ^freedom from Freedom- drive//
//■ / / 4 ,
125,-
the
f
,
gate of
•
crop
estimate
/ 'in
$1,127,623,854, reappropria-I
of $26,209,866
and loan
-
tions
for the present year, an aggre-
.,
current
to
he
thinks."/ We are united
\,to maintain man's religious her¬
itage against those who would
/destroy the great spiritual re¬
tions are placed at
320,000,000
$105,000,000, direct appropria- //bushels. - Z— /:/;:/■/'I f- //:/'///
tions of $648,170,517, > and re- /.7,;7 Returns of world..shipments
.to
date7 are incomplete as no
appropriations
of
$18,384,620.'
data
of
Australian
clearances
The total of $771,555,137 com-:
are
available,
but
excluding
pares with direct appropriations
of
w
.
^
7 :
destroy man's right "to
as
by
feed
$4,800,000 the
amount they borrowed, the U. S.
Department of c Agriculture * said
on March ;19.:
"Many of the loans
collected /during / the/ J past
year
/ What he
Jmined fight against it and there
was
exceeded
,
1,204,000,000
bushels,
1,048,000,000 bushels two
and
willfully and deliberately, emergency crop
and with every weapon of force,
/ propaganda and
terror/are aim¬
rec*
of
with
bill, adminis¬
a
5
.
y
who
V counsels- in
this
eral.
March
of the
Credit
17
by
con¬
Fed¬
Banks
Charles
Dunn, New York, fiscal agent
-the
repaid, the percentage of
/ repayments on//loans made in tures
divided
Intermediate
made
was
R.
debentures
banks.
The
aggregate
due Oct. 1,1942 and
crisis, - those
$17,730,viciously or-stupidly lend 7? years since, that time have been 000 0.70% debentures due Jan. 2/
even:
1943, All were dated April 1, 1942
repetition of
larger.: Repayments
on
:
distortion:
and * untruth,
.1938, 1939 and 1940 loans have and the offering price was par. Of
; are
: serving as obliging messengers
totaled
79.8, 90.7/ and 87.4% the proceeds from the sale of the
<
^
of Axis propaganda. ^ respectively.* Farmers have al- debentures 7 $21,815,000 - wcint to/; |
-r r,
Such efforts/you and I knowi, :•> re&dy repaid 72% of their 1941: pay -off
maturing- issues and $8,loans even though many of the 860,000 was new
;' will: break / into/ /merefoam
money.
.At the
against//our • 'rock-bound reso4 -'-/loans are not yei due./ In some close of i>usmess. April :1/1942 the
lution and ' the * tising • tide - of
cases/ .the products ; financed .Banks will -have-a fotak^jf
^$265,have not yet been sold.
production' and" manpower by
; 720,000 debentures
.rZ
outstanding.
;
-
encourage-
been
An offering of $30,175,000
solidated
-
•
.
who
themselves to the
•
-
.
-
"
THE COMMERCIAL &
tion
Labor Bureau's Wholesale Prise Index
Continues To Advance
U.
The
March 19 that
their
exceeded
1941
week, totals.;.... Subtotals for the week in
.
Canada, Newsprint
.
Output
are: ]waterworks,; $3,500,000;
sewerage,
The Canadian newsprint indus¬
$1,919,000; bridges, $1,510,000; industrial buildings, $4,241,000; com¬
mercial .buildings,-; $8,907,000; public buildings, $213,487,000; earth¬ try produced 278,101 tons during
work and drainage, $5,683,000; streets and roads, $17,053,000; and February, a 10.4% increase over a
year ago, but slightly belovk the
unclassified construction, $17,402,000. ;4-4 44
January output. Shipments totaled
New'capital for construction purposes for the week totals $29,- 239,745 tons, : which was 13.2%
635,000, a decrease of 9% from the corresponding 1941 week.
The above last but also reduced from
each
Slightly In Mar. 14 Week
Department of Labor announced on
S.
Thursday, > March 26, 1942
FINANCIAL CHRONICLE
ela'ss
of
construction
although the Bureau of Labor Statistics' index of prices of nearly
900 series in primary markets continued to advance during the week
ended March 14, the rate of increase over the past 7 weeks has
week's new financing is made up.pf $25,350,000 in corporate secur¬
been relatively slow.
The index for the week rose 0.2% to 97.1%
ity issues, $3,865,000 in State and-municipal, bond sales, and $420,of the 1926 average largely as a result of higher prices for live¬
000 in RFC loans for public improvements.
stock and for clothing.
This is the highest level since September,
New construction financing for the year to
date, $1,412,006,000,
1928, and is 20% above the corresponding week of last year. ..
95%
The announcement of the Labor Department continued: - :
.' is
higher than the $725,968,000;; reported for the 12-week
The indexes for 5 of the 10 major commodity groups changed period in 1941.
■. *
./■ "
*
- ■
January.
These figures, based
on
statistics compiled
by the News¬
print Association of Canada, were
reported
zette"
the ? Montreal. "Ga¬
in
of
March
said:
which
13,
•
,
t,
,
also
.
.
Breakdown of Canadian
0.8%;
Farm products and textile products rose
during the week.
increases
February Living Gosts Rise In 61 Cities
gasoline in the Mid-continent area reached new high
levels and quotations were lowered.
Living costs for wage earners and lower-salaried clerical work¬
Sharp increases in prices -for livestock, particularly hogs*
ers increased from January to February in 61 of the 67 cities sur¬
steers and sheep, together with higher prices for barley, peanuts,
and flaxseed brought the farm products group index up 0.8% to veyed, each month by the ^Division, of Industrial Economics < of The
the highest level since the Autumn of 1929.
.'Quotations were Conference Board. The largest'increase, says the Board, was 1.7%
lower for most grains and for cotton.
Average prices for farm in New
Orleans, the smallest 0.1% in Wilmington.
There was no
products have risen 1.6% in the past month and are more than
change, it states in three cities: Spokane, Meadville, Pennsylvania,
44% above a year ago.
44
44*
of
stocks
for, foods; was mixed. Quotations and Muskegon, Michigan, There were declines in living costs in
most fresh fruits and vegetables as three cities:—0.6% in Des Moines,'—0.5%\in San Francisco and
well as for flour, fresh beef at New York, and for mutton and
—0.2% in Sacramento.
In' the United States as a whole, the cost
fresh pork.
Higher prices were reported for butter, eggs, lard,
of living rose 0.7%.
The Board, adds:.
,
cottonseed oil, dried fruits, and for cured pork and dressed poul¬
The cost of living was higher this February than in February,
try at New York.
Average prices for> foods in primary markets
have advanced 1.9% since the middle of February and are nearly
.1941, in all the cities for which comparable figures are available.
29% higher than at this time a year ago.. Quotations for cattle
The largest increase was 16.2% in Syracuse, the smallest', 7.4%
feed advanced 1.8%.
:
:
:
4
< 5
!
seasonally
prices
in
movement
The
were
for
lower
•
,
V.
-
advanced
Lumber
tions
Newark.
in
prices for boys' suits during
1
-
.
0.5%. over the preceding week as quota¬
The
from
and for maple flooring- and gum; Lower prices were re¬
ported for oak, redwood and for yellow pine boards, finish and
flooring.
Linseed oil advanced more than 7% during the week
and quotations for turpentine were up slightly.
: :
The following tables show (1) index numbers for the prin¬
bers,
In
the
10.6% from
rose
higher for yellow pine dimension, drop siding and tim¬
were
United
as
the
whole
a
of
cost
table .gives
1942, to
PERCENTAGE
■4;4;4
comparing
year ago.
(-seas
:
>
in living
percentage changes
CHANGES
IN
LIVING
67
IN
COSTS
City—:
The
Conference
'
3-7
;
2-14
2-28
100.7
70.9
+ 0.8
products-...,
102.3-
101.5
102.0
95.8.
116.4
95.8
116.4
products—
95.9
Fuel and lighting materials—,....:.,
78.2Metals and metal products
103-7
95.1
78.5
Foods
than half of
goods
:.
commodities—,—
94.0
74.3
0
+ 1.9
+1,2 St.
0
+ 0.3
+ 0.8
+ 2.5
+
72.6
—0.4
—0.6
+
7.7
103.6
97.8
0
+ 0.1
+
109.9
109.8
99.4
+ 0.3
+ 0.4
+ 10,9
97.1
104.1
89.2
97.1
104.1
89.1
96.9
79.2
0
+ 0.2
+ 22.6
Newark
0
+ 14.6
Indianapolis
+ 0.2
+ 0.4
+ 16.1
0.3
+ 1.0
+-30.7
97.4
82.7
+ 0.1
+ 0.2
+ 0.2
+1.0
+12.1
Paint and
95.2-
0
'V\,
94.9
+0.1
84.9
•
t
—_+:
Lumber
Cotton
2.1
1.8
.
goods
Meats
Other
-
1.9
—
—_.
0.2
i
0.2
miscellaneous
metals
_
0.1
—
/•'/.%''
0,7
Cereal
construction
volume
peak
second highest
for
period last
36%
the
year.
The
$273,702,000,
vyeek,
level
on
record
the preceding week by 115%, and is 257%" higher than in
1941 week.
Federal work is responsible for the public gain,
and tops
climbing 124% above last week, and 401% over the week last year.
construction is up 11% compared with a week ago, but
Private
above
where
amazing
state
formation."
—0.5
—0.6
department stores in the
.
over
and February
a
February
were
hand
on
\
February, +1941,
com¬
in depart¬
48% above February, 1941.
/
-
,,
TRADE
■"+
fv V
>
;
Stock
January
Department stores
York
♦Northern
:
>' i
v
February
+ 18
City—
New
Jersey_-_______-.'.,_..i.--
and February
V
■
+25
•
i+22 ,?;*•
>
_
____i
;———I
Westchester and Fairfield Counties^il
:Bridgeport
River
Valley.;——+
Valley—ii
+ 20
n
,+11
Poughkeepsie;_
Upper Hudson River
■■
Hudson
•
;
U.
S.
on
+ 38
+28
■t
late
Court
Court
16
building
held
Supreme
were
the
at
Washington.
in
Harlan Fiske Stone, Chief Justice
of the United States, who served
on
the
bench
Devanter
for
Justice
with
Van
called
him "a tower of strength" in the
where
room
meet
ions.-
to
years,
many
discuss
the
their
Jus¬
opin¬
General Francis
a
eulogy and
presented resolutions to the Court
on
behalf of the Supreme Court
Attorney
Biddle
bar.
delivered
Mr.
;
*
Van Devanter retired
1937,
of 78 and died in Feb¬
1941. His death was.
ported in these columns Feb.
ruary,
'
,
+ 54
r.
Supreme
March
at the age
•:>
56
+
the
from active service in June,
hand,
+49
....
,
\ + 34 ;
i+.32
■■■
.
,
+29
'+-25
on
.
end of month
r
-;
+ 30
1+21 •,
Newark
Lower
1942
% t r " "* r
)
Percentage Changes from a Year Ago-*
..'V——NetSales—»—
",r•'
'•
"New
'C" ;"
:
BY MAJOR LOCALITIES—FEBRUARY,
for
services
Justice Willis Van Devanter of the
tices
'rSeeond Federal Reserve District
•'
••
STORE
were
war,
conducting the war with the
\44-4
hand; conference
on
:
.
V
4
.
Van Devanter Honored
28% higher than in the
are
Stocks of merchandise
misin¬
telling how
citing a speech
made
in
168 B.
C.
by Lucius
Aemilius, Roman consul charged
the
run
Memorial
(New
The
-
y "an
was
public
%,
Macedonians.
March
Second
ago.
year
•;
strategists who
to,
on
editors
He also criticized those amateur
—0.2
announced
there
-
of
0
-
+ 0.4
following is the bank's ^tabulation:
DEPARTMENT
ever
Public construction is also at the second highest
the
instance
0
'L:
gain of 23% in net sales in February, while their stocks
neering News-Record" March 19.
■
of
letters from
0
+ 0.1
•,
The apparel stores in the New York Reserve District reported
;
attained according to "Engi¬
The total is 105% above a week
;
ago, and 206% over the volume for the corresponding 1941 week.
•The week's near-record total compares with $298,718,000 reported
for the week of July 10, 1941, the all-time high. ; J
4 "4
44
|
the
February sales
ment stores at the end of
Engineering Construction Up 105% In Week
•
+0.1
;
__J
0.4 Spokane
of New York
0.4
products „
Anthracite_____—-——i——
0.2
Engineering
Reserve Bank
bined sales for January
a
reached
+0.1
—^_,:i+0.3
Reserve District increased 20%
same
j ' Petroleum products
1.1 + U
__
that
19
York)
were
■
+0.1
.iockford
0.2
—-—
Non-ferrous
0.5
vegetables
0.5
Dairy products
0.9
—
—
0.5
____
Federal
The
sense
of the labor situa¬
apparently believed that it
was against the law to work more
than 40 hours a week, Mr. Roose¬
velt described this as only one
Federal Reserve District 20% Above Year Ago
1%-
X
1942
Decreases
4
+0.1
Milwaukee
February Department Store Sales In New York
—
SUBGROUP- INDEXES FROM
paint materials—_—0.9
and
Fruits
+0.1
•
•-'/
work in
our
who
Denver
with
4
"i'-'-i
83.1
95.2
96.0
95.1.
IN;
2.5
Other farm products
Grains
had received
T
,
>
na¬
time.Saying that he
+0.2
+0.2
___^
+15.4
+ 0.3
Chattanooga
+0.7 Akron
tion at this
+0.2
Rochester
+0.5 Meadville
+ 0.5 Muskegon
.
his
more
that he was op¬
posed to restrictive labor legisla¬
Dututh
-,+ 0.5 3t. Paul
•'+ U.5 Wilmington v
_i_
told
is
now
tion, indicating
+ 16.5
+ 0.7
+0.3
+0.3
+0.5
Providence
■
people should not lose their
of proportion
+ 0.5
+0.8 Joliet
Birmingham
+ 11.4
84.0
+0.3
_________
-
:
Roosevelt
needed
+0.3
+ 0.4 Sacramento
+0.8 Chicago—:.—+0.4 San Francisco
+ 0.8 Front Royal
'+0.4 Des Moines
1—
:
Richmond
is
+ 0.3
+0.5 Flint
Ctty
Oakland
+ 0.9
Memphis
+
91.9;
feed.
foods
*
77.0
96.9
Livestocs and poultry
Other
;
Omaha
;%/'■.
_
+0.3
L_;.u+0.9 Saginaw
'+0.9 Anderson+
—
90.8
+ 0.1
Kansas
+ 1.0
74.5
.
91.9
—
United
at 75,247 tons were down 7.4%.
+0.5
.
+1;0
Louisville
Increases
Cattle
+1.1
York
96.4
104.0
97.4
__
shipments.
States production at 76,234 tons
was down 4.4%, and shipments
+0.6
Youngstown
+1.1 Grand Rapids
i
'89.0
92.0
__
principal contraction being
overseas
+ 0.6
I,
+1.1 Baltimore"
Wausau
6.0
97.7
CHANGES
in
order to speed up war production.
The President-. pointed out that
Change
+0.6 Buffalo
,
___
1.0 Lewistown
New
'
MAR. 7, 1942 TO MAR. 14,
2,
Clothing
1.2 Evansville
+1.1
Portland
-City—
Cleveland
+0.6 Syracuse
+1,1 Atlanta
Parkersburg
24.2
78.7
92.1
PERCENTAGE
the
tional enthusiasm in
+0.7 Seattle
+1.1 Roanoke
+ 13.2
77.2
products-^-—97.9
products and foods
production
for the month at 27,330 tons was
down 2.5%
from a year ago,
while shipments fell by 20.9%,
____________
Louis
+
Fall River
+ 28.9
102.8
93.6
109.9
97.1.
z
Dallas
+ 44.3
■
.-;.+ 0.7
„—+1.2 Bridgeport
Toledo
+20.0
+ 1.6
116.1
jAll commodities other than farm ^
;444444 ;'4
f
products——
95.9
95.9
95.6
All commodities other than farm
:v ■ ! ' 44444
■*
+0.9
103.7
97.4
.Raw materials—
Semimanufactured articles-,.--:-'-Manufactured
.
*
Cincinnati
97.1
104.1
89.4
Housefurnishing
-Miscellaneous
year ago.
Newfoundland's
what
I
Boston
3-15
95.5
116.3
94.9
78.4
103.7
Textile
Building materials
Chemicals and allied products—
a
•
press conference on March 17 that
CITIES
+ 0.7 Lansing
+0.7 Los ,AiigeIes
+1.6' New Haven _i
SijJZZ--i. « + 0.7 Philadelphia
+1.3 Pittsburgh
■
Macon
from
110.2
_
_
.
_
.Hides and leather products
tons
More Enthusiasm—FDR
*4
Board
Change
V y'
j
j.
+1.6 Lynn-:
;
Minneapolis
Erie
1942-1941
1942
'+0.2
All Commodities.,:
Farm
2-14
3-7
1941
80.9
1942
96.9
-
3-15
1942 ' 1942
96.8*
96.2
1942 ;
97.1.
Commodity Groups—
.
however,- there
contraction,
being little better
continued
*
President
70
,
'
1.7 Houston
+
.•
Trenton-
Percentage changes to
j
\ •March 14. 1942,
;
City—
Change
New Orleans
Manchester
"
3-14
a
21,209
costs
"
JANUARY, 1942 TO FEBRUARY, 1942
" —
-
month ago, and a year ago; (2) percentage changes
in subgroup indexes from March 7 to March 14, 1942. 4;r4
4: ..;• 4 /
444 >■ 44 (1926=100) 4-:v:'';^4^
''
with 185,618-tons h
In shipments to over-
markets,
was
.
February, 1942, in all 67 cities:
Source:
a
•
United
What Nation Needs Is
"
'
cipal groups of commodities for the past 3 weeks, for Feb. 14,
1942 and March 15, .1941, and the percentage changes from a
ago,
domestic
the
to
y.
living
February, 1941, to February, 1942;
following
January,
States
-
week
and
to
.
Sharp advances were reported in
the week.
those
States, the latter at 227,925 tons
.
.
in
■'-consumers-
'*
:
ship¬
substantial
ments figures shows
building materials, 0.3% and i miscellaneous commodities, 0.2%*
Average prices for fuel and lighting materials, declined,* 0-4%. a^
•
r
1941, page 1072.
re¬
15,
>
;
+34
•
+25
+ 36
'
+
9
+27.
•'
'+'32
'■•
:■
Campbell Is Re-Appointed
+"43
•
•
below a year ago.
19%
T
'
,;
j \;
•
-
815,973,000,
over
f
the $1,334,964,000 reported
period last year.
Private work, $167,861,000, is
below the 1941 period, but public construction, $1,648,112,000,
12-week
the
for
of 36%
an-increase
,
■I 55%
71%
higher
than a year ago as a result of the
work.
Federal
'
Construction
.current
week
-
;
..
week, last week,
Mohawk River'Valley
and
' )•
the
•
-
16,618,000
—
—
$133,267,000
12,167,000
23,639.000
'
-
*
•+21
^
Syracuse
Southern
+ 29
New York State
Binghamton
♦Western
s
New
York
State—1:1
,
1
,,
+40
+ 25
+36
260,179,O0Q
13,350,000
:
stores.—
r
+30
246,829.000
emphasis
on
-
structures
of
a
military
Federal
Reserve
nature
public buildings to the second highest weekly volume op
In addition to public buildings, Waterworks, sewerage,
industrial and commercial buildings, earthwork and drainage, and
streets and roads topped their last week's marks: and waterworks,
industrial buildings, streets and roads, and unclassified construc-
>
Revised.
(
to
the
British
Information
the United
States.
nounced
Mar, 13 by the British
+ 38
(
'+48
•"
press
+ 36
on
service.
Servicesllin
This
was
.
an¬
i
Gerald will continue to direct the
AND STOCKS
British
will
■*
Dec.
Jan,
information
make
his
services
headquarters
but
in
Washington instead of New York
-1942-
Feb.
194
104
94
107
132
80 r
105
104r
119
86r
107
HOr
127
City* He served
as
British Minis¬
116
79
Sales
"r
of
+ 43"
h
'
District
Feb.
(average dailyV, unadjusted^.-(average daily), seasonally adjusted
Stocks, unadjusted '—1—
_
_
Stocks, seasonally adjusted—
Sales
•
June
General
.+ 34
•
-
-1941-
'*
last
left
The announcement said that Sir
boosted
record..
he
,
[1923-25 —100]
increased
which
Campbell has been
Minister in
resuming the posi¬
British.
Director
+ 40
./
INDEXES OF DEPARTMENT STORE SALES
Second
+ 25
Gerald
reappointed
Washington,
become
■
+ 28
r;
Sir
tion
'
+ 52
+ 23
u
to possible revision,
'.-+ 41 :
••
+ 42
,
+19.
+ 20
*
__—
department
♦Apparel stores
♦Subject
+ 30T'
,
Niagara Falls
M-37
-
'
'
Buffalo
r
+45
'
.
+ 48
-
+40
•
+ 38
/. .;.v
+22
:
+ 28
T
British Minister to U. S.
"+49
V
+ 55
+ 33
.,•••
v
':
••
+59
•
+ 10
„;Elmira
13.523,000
I
11.052.000
110,048,000
$273,702,000
.
!
121,100,000
72,940,000
49,301,000
Federal
Mar. 19.-1942
Mar. 12.1942
■
+ 39
:
(+ 49
Northern New York State___—
♦All
$89,558,000
construction
Public construction
State and municipal
r,
Rochester
Mar. 20, 1941
construction
Private
The
1941
gain in
;.y
are:
•
Total
/vf.":.;•;
for the
volumes
126%
+29
:
Central New York State.
"
is
+ 18
!+ 27
Albany
volume of $1,+
The week's huge construction total brings 1942
*
■;
•
,
ter to the United States from Jan¬
uary to June of last year, as was
reported in our issue of June 14,
1941, page 3745.
Volume 155-
Record Wheat InsuranceWheat
Federal Reserve February Business
on
half a
record, has
been insured for 1942 by the Fed-
million
production
farms,
Crop Insurance Corporation,
States Department of
Agriculture announced on Mar.
customary
summary
follows:
as
are
19; it further stated:
There were 495,273 farms rev corded
as insured
on Feb.
28,
•"•/•
-'
:yy;
but
the
i Minn./,
Corpor
the
?y
production-
na¬
more
Durable
Nondurable
than 500,000.
all unavoidable hazards
:
about
2,000,000
and
in
.yyy.;.
Labor
of
Bureau
Pig iron
'
„
,
and
y, Furniture
Rayon
deliveries
\ Wool textiles
Tanning
;
V*.
Calf
179
189
187
210
208
177
+256
248
203
+315
302
+ 192
194
140
+ 141
140
food
158.
y 189
184
+224
235
Meat
.,".151
152
:Y
143.
Y
+ 129
122
139
+ 119
112
129
+ 150
142
»
137
'
158
...174
138
158:
,Y
y.
169
*
161
112
92
121
91
+ 126
119
121
120
+ 121
124
104
y
109
104
y,. 87
..
:
.
129
Cigarettes——
■;
93
103
121
126
104
96
146
118
.*
96
92
96
95
:V
*
153
128
*
150
131
163
'175
134
168
168
138
110
107
115
108
107
113
1127
127
114
+ 129
125
104
105
102
99
104
135
120
,
4
103
■'::
included
deliveries
cereal
y
•
Anthracite
products,
-
grain and
concentrated
Crude
juices, vitamin y'concentrates, miscellaneous foodstuffs,
and
non-food agricultural com-
Lead
including
V
cotton., to¬
bacco and naval stores. A large
;
proportion of the non-food supplies were made available for
Lend-Lease operations by the
Commodity Credit Corporation.
,
;
modities
President
13
Mar.
,on
wages
as
a
under
iwas
Roosevelt
disclosed
study: but
The President told
no
+ 160
158
155
*
131
116
200
153
116
tion.
and
136
129
180
184
183
142
102
108
125
;
was
is being made on, con¬
trolling inflation, Mr. Roosevelt
said in some ways yes and in some
He added that the action
the House in prohibiting the
ways no.
•■of
!,sale
of Government-held farm
; stocks at below parity prices was
on
.
,
products
r
—
18?
93
75
95
the
"no" side.
preferred
Co., adj. 4%
Norfolk & Western Ry.
..
-98.
133
150
140
Swift
Co.,
White
(S.
cum.
186
181
46
46
45
152
131
133
134
118
101
:94
93
—-
.
<
indexes to points in
total index, multiply
According
to
a
compilation made
by Merrill Lynch, Pierce,
for the
30 chain store
first two months of 1942.
'
J
Although there was
;
a
general tapering off from
in
February
chains
over
followed
the
with
same
a
gain
-
.
the extreme
make the
of 39.1%
month a year earlier.
Three shoe
of 34.1%, while the increase scored
671
15,091
15,094
78.159
78,092
——r
700
1,300
16,200
16,435
common
(The)., common
409
26,316
______
1,216
1,176
—
acquired
Adjustment.
451
in
(2)
of
issuers
(3)
February.
shares acquired
500
shares
(9}
Initial
Y
,
Exchange issued on March 13 the follow¬
of fully listed securities
which have reported
of reacquired stock
Shares
Shares
Previously
General Corp.,
American
$2
div. ser.
Carman
8,406
Mfg. Co., A common—
preferred
Knott
Lane
Corp.,
common
Midland
Oil
York
&
Sterling,
6Va% A preferred
Corp., $2 conv. preferred—
Honduras Rosario Mining Co., capital
Inc.,
8,186
10,588
10,584
13,216
13,116
1,286
1,386
48,223
6,125
7,258
562
common
Utility Equities Corp., $5.50 div. pr.
stock.—
:
8,100
2,535
—
52,647"
90,339
128,481
129,881
800
1,350
474
437
57,550
42,650
——
Oil Corp., 5 V2 '*> conv. preferred—
United Cigar-Whelan Stores Corp., common
2,968
7,900
common
Supray
642
2,368
preferred.
Merchandise Co., Inc.,
600
569
'
7,986
7,051
1
Niagara Share Corp. of Maryland. B common—.—
Selected Industries, Inc., $5.50 div. pr. stock
Sterchi Bros. Stores, Inc., 6% 1st preferred.
5%
2nd preferred
York
~"_566
5.831
Merritt-Chapman & Scott Corp.,
New
3,561
:
48,073
—-
__—
Bryant, Inc., 7%
8,300
3,551
_k._—
_———i-
Elestrographic Corp., common ——
Equity Corp., $3 conv. preferred.:
ipital—
Interstate Hosiery Mills, Inc., capital—^
8,481
356,528
8,200
Paper
Gasket & Mfg. Co,,. 6 Pk
Detroit
Report
355,326
preferred
Corp., common————
& Co., Inc., -class A——
Writing
Per Latest
Reported
Name—
New
v.
apparel chains continued to
showing, six companies having secured an increase
gains recorded for January,
best
j
336
535
—
changes in their holdings
Dennison
Fenner & Beane,
5,293
335
Dejay Stores, Inc., common
$331,121,533
5,200
5,218
—
(9>
124,300
—_
Cooper-Bessemer Corp., $3 prior preferred———————Crown Central Petroleum Corp.^ common
y
r-,
February Chain Store Sales At
Y
4,600
.
American
.548..-Y
3,423
3,113
preferred
(8)
700
98
V".
6,575
cum.
122~900
preferred—
Dental Mfg. Co.
(5)
list
ing
19,883
7,005
Adjustment; 120 shares
and cancelled.
(6) 200 shares acquired;
(7> 1,500 shares retired.
(8) 1,000 shares acquired and retired,
Retired.
retired.
71,701
-25,883
J
10,800
69,101
preferred
capital
S.)
2,913
8,000
—
.;
Fruit Co.,
United
450
300
,
2,213
of America, capital——
Stores, Inc., 5%
&
$5
Y
128
and miscellaneous
by .213 and miscellaneous by
cum.
Co.,
18,494
~
134
capital
Co.,
Dock
Dry
&
(7)
3,872
4,317
75
156
148
■
85
■>,99
-
156
Merchandise, l.c.l.
definite
control
Shipbuilding
Newport News
convertible
LOADINGS
130
his press con¬
price
17,894
The New York Curb
100)
20,235
21,735
cum.
common
Square
report.
yet available.
61,191
24,476
preferred—
Madison
Stores, Inc., 5%
& Co., Inc.,
<R. H,)
Macy
Notes—(1)
113
been: reached.
progress
_•
93
149
93
———
Y
24,476
23,976
;
Garden Corp., capital———
Mead Corp. (The), $6 cum. preferred A
—
$5.50 cumulative preferred B.._
——
Mohawk Carpet Mills, Inc., capital
_•—
National Department Stores Corp., 6% preferred—
—
National Lead Co., 1% cum. A preferred
National Steel Corp., common
———
Natomas Co.,
common
—J
—
Department
Kaufmann
189
162
129
A
112
companies, including two mail or¬
of. several under considera¬ der companies, reported an increase of 24.8% in sales for February,
Asked whether he thought 1942. The same companies reported an increase of 30.4% in sales
wage
cumulative preferred B_______—_—
common
'•
3,834
23,976
cumulative preferred
5%
United States Rubber Co.,
92
4,816
59,941
common———
5%
+ 120
,153
coal
Laughlin Steel Corp.,
&
100
7,297
4,506
preferred
7 c/o
—
(The), prior preferred—_—
129
t-
common
(4)
50
_____
United States Leather Co.
147
convert
Department Stores, Inc.,
Jewel Tea Co., Inc.,
Jones
815
7,097
4,174
Interstate
common
112
+90
Livestock
6%
3,449
13,065
(The), $5 cum. preferred———
Corp.,
118
131
Grain
Co.,
Co.
Finance
V; 134
Coke
Note—To
A.)
Household
104
+ 129
not
2,249
12,665
—
(The), $5 cum. conv. pref._
cum. preferred———
—
144
119
coal
(M.
Hanna
3,500
3,550
$5 conv. preferred
Co.,
131
.
148
♦Data
________—
—
3,703
236,040
common
+ 141
,114
201
estimated.
800
102
<
114
Y
Watch
Hamilton
19,866
211,740
Goodyear Tire & Rubber Co.
y,
113
V
(1935-39 average
ference that the Canadian system
one
;
common
317,359
"•~3~653
+ 132
113
.
v
I
that the control of
check upon inflation
conclusions^ had;
of
v;
149
Miscellaneous
y
Corp.,
Common
132
FREIGHT-CAR
Forest
Corp.,
Motors
Shoe
Safety Razor
Safeway
Coal
Ore
Studying Wage Control
129
—_
or
General
General
Gillette
5%
Co.,
153
+157
124
+ 158
___—
Trailer
cum.
124
89
L
tPreliminary
Fruehauf
12,000
316,614
preferred—
conv/preferred
$4.50
(The),
Plymouth Oil Co., common
Real Silk Hosiery Mills, Inc., 1% cum.
Rustless Iron & Steel Corp., common
+ 148
Copper
,
Co.
(61
10,648
II,200
preferred A
124
+ 131
petroleum
ore
6 '/o
Flintkote
(5)
300
11,017
398
103
6,533
—___
common—
126
129
13,488
6,283
18,766
(The),
462
+482
64,529
13,088
Stores, Inc., 4(4 c/c conv. preferred_
Firestone Tire & Rubber Co. (The), common
123
123:,
2,735
63,729
—
pref
conv.
Federated Department
127
tl09
•
f.
Iron
fruit
Co.
Edison
Detroit
122
104
(4).
400
2~700
pref.
cum. conv.
Inc., 7% cumulative preferred—
Davega Stores Corp., 5% cumulative convertible pref.
Petroleum Corp.
398
450
——
Cushman's Sons,
Pepsi-Cola
128
tl20
common
Co. (The), 5Va%
preferred
cumulative
7%
115
;,y
—
—
cumulative convertible pref._
5 %
(3)
Y
common
Coty, Inc., common.
Cuban-American Sugar
114
..
common
Corp.,
Copperweld Steel Co., 5%
129
154
i:.fi26."
__—YY
Metals
(The),
Aikinan
&
128
■Y-'
Transit Corp.,
Consolidated Oil Corp.,
132
462
tl57
—
coal
Bituminous
Other
Collins
Co.
117
120
+482
.—.
$43,000,000.
Coca-Cola
118
133
:
__.
vegetables,
115
;_u
Chicago Yellow Cab Co., Inc., capital
122
•___
2,008
~yy
—
cumulative
123
•
264,982
1,008
Y
comnjon
134
:
.—
t
y
5,058
259,682
common
preferred
Bros.,
131
„
.
108
109
136
110
y
99
y
122
123
125
y
144
___
173
+ 123
116 y
132
4"
126 ■;
144
,+136
H9
,
109
126
-
148
139
130
105
SH
108
no
tl42
Manufactured tobacco
97
112
1141
_
foods
125
86
•
139
121
tin;
1139
148
';v'Y' Ti2
87
124
__Y.
.
+ 133
2,816
4,000
117
103
18,551
7,222
149
124
131
';V?
149
108
1,056
Y 14,861
y
;
common
2,000
148
130
6,500
1,055
~~6~472
152
180
68,700
5,300
preferred
preferred
Brooklyn-Manhattan
143
158
174
4,675
(2)
131
68
1,221
3,303
67,700
Co., common
6preferred—
Co.,
7%
1,321
4,375
y
Steamship
(Del.),
cumulative
Corp.,
23,518
y"
1,703
:
preferred—™.
Leather
&
/
;
Co., common
Co.
-
Report
26,011
112
174
126:;
Cigars— y___—1_Y—YY—Y'
..
+159
i6i;'
23,118
y
:; Y, ;Y:
Y Yy y
Per Latest
capital
5%
Shares
Previously
Reported
22,254
129
152
J 180-
ti22 it:
Tobacco Products—
..
Following is the tabulation
:}yyy.: ."jy
(1)
115
T
148
169
;
^■47
143
65
146
__
17.
Mar.
on
145
119
135
174.,'
—
packing
I
manufactured
available
1,898
177
148
197
YY
54,632
148
-
.
54,032
'300
•
152.
>
49
..
'
the New York
on
Belding Heminway Co., common
Borden Co. (The), capital
:
153'"''
flour
Wheat
Other
of companies listed
I,532
209
209
'
'
,,
30.4
b
preferred
158
;.y
products
$527,631,224
Co.,
Hide
5V2%
140
'
Manufactured
26.2
$687,993,686
Corp.,
and
YY: <5 %
173
•••
—
167,298,303
24.8
Associates Investment Co.,
207
173
235
o
Armour
187
1 184
;
Stores
American
171
174
445
140
hide leathers
kip leathers
___
211,121,193
$265,421,354
American-Hawaiian
176
177
—'
and kid leathers
Goat
191
187
195:
and
Shoes
193
;
y.,,
—_y
_________
Cattle
1942
-y •'H38y.
_—
Leather products
com¬
operations started last April,
$417,000,000. /The De¬
y
1941
1942
1144
_____!—_.
^
18.9
$331,121,539
made
American Chicle
Feb.
302;;
products 1—— *•", tl59
consumption
32.3
___ „
Reduction
Allied
Adjustment-
Jan.
Feb.
1150
and
Cotton
—Seasonal
ti46
"
Stone, clay, & glass products.—.
Polished plate glass ______
Textiles
$360,332,921
Exchange reporting changes in their holdings of reacquired
6%
444
,,
>151
^
products
Y—_YY—f
Lumber
$476,872,493
_
was
Barker
171
/+224
deliveries
shipments
Copper
Lumber
27.5
99,639,858
$181,589,265
83,832,089
Allegheny Ludlum Steel Corp., common.,.
,.Y
445
'/ 189 r:
smelting
Zinc
30.4
—$231,481,681
_
Company and Class of Stock—
Air
compiled by
300
'
Zinc
7,186,000
issued by the Stock Exchange:
.
174
1141
—_—
During January more than Paper and products
435,000,000 pounds of food and
Paperboard
Newsprint production
other agricultural commodities
Printing and publishing
were delivered for shipment, at
y Newsprint consumption Y
Y
a cost of about $50,000,000.
Petroleum and coal products
Petroleum refining
Outstanding among commod¬
Gasoline
ity groups delivered, with cu.■!;
Fuel oil
,Emulative values up to. Feb. 1,
Lubricating oil
YY
were: dairy products and eggs,
Kerosene
Beehive coke
about $131,000,000;
meat, fish
Chemicals
and fowl, $106,000,000; lard, fats
Minerals—
and oils, $30,000,000; fruits and Fuels
,
value
$410,269,000,
248
+256
y
Transportation equipment __L; Y-t315
Non-ferrous metals & products.; Y-+192
.
>;
70
;
179
208
f
Bessemer. ,...177;
Y
444
Machinery
partment also stated:
/
+83
176
189"
,
smelting
9,370,000
82
108
Atlas
1941
r 191
v:
210
_—_______—
Copper
26.1
Of N. Y. Stock & Curb Listed Firms
stock
To convert indexes to
Feb.
1942
193
187
Electric
4,682,843
3,499,000
Y^u-Vs: .Y-;Y.Q
Stock
Without
Jan.
r
about
was
139.3
112.9
Y. 115
100)
average =
1942
&
41.9
6,278,819
4,412,000
Shares
—Seasonal Variation—
y;
hearth
9,228,632
;
1
Manufactures—
Open
15.6
13,097,805
34.1
K
and
Statistics.
Iron and steel
modities, bought by the Agricul¬
tural
Marketing Administration
and delivered at shipping points
.since
+99
Y.Y*:Y';;v
Feb.
1, • 1942, the
Total cost of these
17.
73
Dodge data for 37 Eastern States.
«,
Steel
16,909,351
"Data not yet available.
carloadings,
'
Department of Agriculture said on
Mar.
103
/" Adjusted for
Lend-Lease
to Feb.
up
140
t93
}
19,540,369
The monthly compilation
129
126
138
136
tl25
*
(1935-39
pounds
agricultural commodities were
1 delivered to representatives of the
shipment
138.7
;
INDUSTRIAL PRODUCTION
A total of 3,747,000,000
for
204.7
124
shown in the Federal Reserve Chart Book, multiply total by
by $184,137,000, and all other by $226,132,000.
'
Employment index, without seasonal adjustment, and payrolls index
of
Nations
~
15.3
126.8
figures,
Deliveries Total To Feb. 1
United
173.5
residential
v
i
>
_—
estimated.
or
second month, of F. W.
nv'
Product
Farm
YYfcy,
department store sales indexes based on dally
averages.
To convert durable .manufactures, non-durable manufactures and minerals
indexes to points in total index, shown in Federal Reserve .Chart Book, multiply dur¬
able by .379, non-durable by .469, and minerals by .152.
.
■
1
.
Construction
contract
indexes
based on 3-month moving averages, centered
at
.
■
114.7
*
Note—Production,
than 40,000 farms each.
...
121.0
f;Y 121.8
f--—,
value
Department store stocks, value .
49.3
8,315,618
.
orders
y
117.8
::«Y.Y:
v
—
Freight-car loadings
Department store sales,
tPreliminary
132.4
143.4
YY
23.6
54,698,031
9.584,471
100
;/Y«Y irf.
goods
goods
Nondurable
farms with 73,665 and
Lend-Lease
115.2
—
Durable
58,842, respectively. Illinois, Mis¬
souri, and Ohio wrote insurance
more
122.1
124.9
124,491,917
81,649,586
Changes In Holdings Of Reacquired Stock
68>-
119
y:Y;-yyy
118.6
146.8
y
y
.
Total
of states with the largest number
on
135.6
*
$147,818,990
153,815,746
__
Companies
86
y-Y
68
+81;
+ 109
$199,398,987
18.0
39.1
114
; ;96
76
118
J*
:
Factory payrolls—
Kansas again topped the list
of insured
"
32,5
64,138,020
26,163,508
$74,790,276
122 Y
126
+96
-
Mail
Inc.
36,391,454
__
__
__
_
1941
75,696,660
$99,118,277
„
„
—
supply
Chains
30
171
V
+126
99 y
147
•.
goods
Nondurable goods
12,926,627,
than
|l8
'82
+91
tl28
of
number
more
118
"
-
Durable
It is added that Nebraska
1941.
:
The
insured this year,
acres
is
smaller.
131
tl30
Yy
Total
.
represent
the
bushels
137
:—
Factory employment— /
30% of all wheat farms
nation.. We accepted 420,886 applications to insure farms
for the 1941 crop."
Insured growers obligated them¬
selves
this : year
to
pay
15,797,591 bushels of wheat or the
cash
equivalent for an insured
•production of 142,995,619 bushels.
'Both premiums paid and the total
insured
production,
Mr.
Smith
pointed out, are larger than 1941
when premiums were about 1,500,000 bushels less and the in¬
sured production about 32,000,000
in
215
y+138
.
other
All
than
more
+220
126
Y™————< tll.2 y
consecutive^ y Total
--Residential
"This is the! fourth
\
176
.143
222
Auto
2
J
tl75
chains
1942
34.9
144
148
value-
+ 168
Shoe
28
140
144
178
:——-
contracts,
Construction
year," Leroy K. Smith, Matfager
of the Corporation, said, "-that. the.
Department of Agriculture's - in¬
surance agency has exceeded the
preceding year's business. These
farms protected against loss from
165
172
:m
.
chains
1
Feb.
Drug
chains,
%
,Two 'Months Ended Feb. 28
% Inc.
1941
1941
1941
.+227,/
~Y+I43/y
■-
10c
3
Jah.
Feb.
1942
Total
<Y Minerals
slightly
Feb.
1941
chains.
&
Apparel
2
Adjustment—
1180
Manufactures—
tional total of insured farms
'
Jan.
1942
1173
y—yv —
Total
re¬
would swell the
that
port
to
./.'.Feb.
1942
Industrial
tion estimated it would have an
additional 5,000 contracts
—Seasonal
chains.
5
6
Without
-
—Seasonal Variation—
Minneapolis,
office' of
branch
Adjusted for
-
Grocery
11
com¬
sales increase of but 18.9% in February.
a
Month of February
5
BUSINESS INDEXES
insurance applications this year,
i
panies had
1941 as a whole, these
for
Compared with a gain of 26.5%
1923-25 average
"Y.:
maintaining a high rate of sales expansion.
difficulty in
greater
At the other extreme,
companies appear to be encountering
leading mail order
1942
for-industrial production and freight-car loadings; '''
= 100 for all other series
—
—100
average
y.'
two
-y
-
y
1935-39
the final day for accepting crop
,,
on
of business conditions. The indexes for
February, together with comparisons for a month and a year ago,
its
the United
'
System
Reserve
the
At the same time the Board issued
employment and payrolls, etc.
-eral
Federal
by five grocery chains amounted to 32.5%.
Indexes
indexbs of industrial production, factory
issued its monthly
Mar. 21
of the
Governors
of
Board
The
new
a
1253
CHRONICLE
THE COMMERCIAL Sc FINANCIAL
Number 4058
2,740
-
272
12,119
12.121
8,190
8,390
\j 4u v.'jj'
• •«
«WJwviwaiwe&^^
.f* J'
THE COMMERCIAL & FINANCIAL CHRONICLE
1254
;
largest rise..The serious shortage- of -raw.; materials has resulted
in an order by the War Productioh^Foard;' issued on"
Feb'1*4', "stop- '
ping production of new refrigerators after April 30.
On Mar.. 7,
,
Market Transactions In
We give herewith latest figqres received by us from.the National
Paperboard Association/Chicago, 111;, in relation'to activity in the
,
Weekly Statistics Of Paperboard Industry
Ocvts. For Feb,
.
...
securities
ment
for
resulted in net
$29,980,000, Secre¬
tary Morgenthau announced
on
March 16.
This compares with
February,
purchases
1942,
activity of the. mill based on the
the
cates
of
f
$520,700 in January.
following tabulation shows >}:>;'7>/>z/^
Treasury's
transactions
in
Period
Received,
...
'1940— ' "•'
-
•
]>>/.>;>'■
;
March
'*
June
934,000 purchased
_—
No- sales or purchases
July
August
No sales or purchases
••
$300,000 sold
.4,400,000 sold
__
__
September
_____
October
November
284,000 sold
1,139,000 sold
y
•
--
_____
December
1941—
7 "
1
January
February >
sales or
No
March
"
673,446
608,521
February
652,128
April
__
June
634,684
>
509,231
659.722
: > 642,879
July
August
"
-
September
•
Remaining
«"'•*> Tons
-
^
'
May
June,
:____
1942—Month of—
January
$
"
.
.
.
,
*
831,991
649^021
760,775
'
July
i__
_i___
»
No sales or purchases
No sales or purchases
$2,500 sold
v.
________
August
September '
'October
November
sales or purchases
No
:
$60,004,000 purchased
December
1942—'
,'
200,000 sold
;
>
,
'
—$520,700 sold
_/___ *.'29,980,000 purchased
.
January
February Life Insurance
Sales Up
S
25
165,279
1
170,597
Nov.,
8_L
169,585...
156,394
Nov.
15
22
29____^___—
The
in
Dec.. .13-__w
is reported at
1942
is
which
1941..
-
*
«
; •
sections
all
tios, for
and
the
w"
*•
Sales
'42-'41
All
Volume
All
Volume
.v
'
in $1,000
S.
U.
total
Atlantic-
60,218 122%
W. N. Cent.
E.
•
-
63.015
114%
1 21%
60,298 138%
112.179
44,577
15,345
___
37,039
140,125
-
v
conditions"
-'100
.
The
;
86
.,
%
100
99
% 7
' '«
-«
v -
-"
-
530,549
527,514
-—525,088
> 514,622 >
:
-
%
/
87
87
7'
88 :
commerce
7.
>•
} of
*
.
•
•
528,698
•
»
«
•
101:
102
101 %
101
-
102
102
102
496,272
102
102
will
soon
Congress for $18,000,000 to
the.'cost of .safeguarding
Federal buildings in Washington
and elsewhere from sabotage arid
of
providing
buildings.
'
.
blackouts ion. the
The president
.
v,
_
.
^
%
100
% .102
505,233101 > < 101
476,182
100. >
101
493,947
been
;:
;
'
-:
increased,
additional
•
details
f
'^7';.
>
">
7 !
:
r;7
-
;
on
tions
to
though
IN
:v>v7^.v,
'7;«:r
aware
sabotage
of any
are
al¬
not
Specific attempts
yetr'^
1.6
+ II.3:
+ 17.8-
.
+19.7
+ 21.7
+ 23.0
+ 40.3
+ 48.0
+
-
.7fV>7
"
"
Fuel, Electricity and Ice
'
,
:
r
,
'
continued to decline seasonally and prices of
«■ i
Rents-
7'
-
war
industries continued to increase/
;
CHANGE
i
_
'
7
r.:
TABLE Z
FROM
PURCHASED
LARGE
BY
CITIES
JAN.
WAGE
OF
'V
England:'.
;
Central:"
—0.8
-'
"
Cincinnati-
+ 0.5
"
>
Cleveland
Detroit
West North
Kansas
...»
Central:
li¬
>
+0.4 .:
"7
+0.5
st. Louis_;//
Atlantic:
/
1
'
+0.6
'
4.1/
'.
>
7
;7
•
■*'
-r
,
+ 0.9
%
+
West South
/]
•f
'
—
+1.2
.
*"-'r"1~>
+
•*'f.
:
J:
2.0 T
+ 0.3
+1.1
+0.6} :
]:}i
+ 0.2
i +0.6
+0.4, .7
-.
V.':
'T
>7
+ 2.7
+ 0.7
i.
+ 0.6
+0.7
■;v
+1.0
>
!«*•:
/
7
..,
Houston—"
+ 0.5
110 in :7;,+2.4;7
0 rft
!'■
.'j
t ;•
'1
Central:
Mountain:
:
Iv'i;
t 7
San Francisco
Seattle
+
t'::
>
+0.1
;/■
,
<*,;' >:•"
•],;>
•
+ 1.9
•
>7 +
+ 0.2
+0.2
-
•
•
X
>
4_T7
,
7""":
"
V-TABLE
INDEXES
I
OF
THE
COST
LOWER-SALARIED
OF
GOODS
WORKERS
3
survey. "
•
*'
ZlsaXes. oh sheets, ipaiiy stores displayed' bed linen in
-
,
;
•
;* (Average
LARGE
WAGE
BY
CITIES
FEB.
EARNERS
THE
OF
*
:
'
Februai^ at
prices as much as 20%. above the speciaF sales price'of the preced-
v^ihg" mohth;. .Kigher .prices'were - also reported for ", nearly all kinds
.
of
electrical
'.equipment, with electric refrigerators" showing the
4 0.4
Fuel,
Food
Average: Large Cities__.
New England:
112.6
♦116.3
.•
■
,'••
110.8
Buffalo
cella¬
ings
1104.2
119.8
110.4
117.2
115.7
104.6
119.6 j
119.3
,114.7,
j
117.2
103.0
114]5 t,
114.7
106.0
116.3 ! A
123.0
-107.1'
110.9
115.8
PhHadelphia____x_T_*_.
Pittsburgh^___'__c_-__--.
111.0
112.7
East North
Central:
,JChicago_______
neous
108.6
;
1_,
112.1
•
Cincinna.tf____v-___-_,
;
-112.1
f
-
115.0 * 7
-§Detroit_West North
115.4
!.
Central:
Kansas City
124.5
115.2
103.4
118.3
108.5
106.7
-.
_1
£
..,110.8
St. Louis——
121.5" T 116.4
117.8"
*
-
121.8
107.7
/
118.6
106.7]?
^
112.4
119.9
f •'
Washington, D. C.___.
Central: 7
123.2
t-7 119.1
jr-124.4
.116.1
.
111.37
-116.2
'
"•„;
102.8
.117.1.
•121.5<
>••,'104.5
106.3
117'.4
*'114.7.
,
r
,
s
111.4
106.6 >'
-125.0
>118.8
-
7;i27.9:-7".
101.7/
••
Birmingham____'_/_>
Central: z
Mountain:
..
"116.1" •*
117.0
*
121.4
113.7.
-
122.5 j *
f
^
.--111.V."
115.8
7:115.3
"•/' / ■■ "•
; U8.5
y'
■
"'Vt:
-
r «: "
7108.47"' '"98.2"-*'117.877
f»;
rl20-.8,<- '108.8 V' ^94i2/> ~ 116.7] '
lQ^Q j.r■jZ, 117.2: f
Los.Angeles^£_—. r114.0. £ V121.4 :
_
tJ ' 100,1'
122^6.«i/.' jl0^4'H^93i9>£*" 120.8-+'.
•„
Denver——•
Pacific:
130.4
'/■r V/: +"
,
Houston___^___.
r
San Francjscoz._TX;„v-7
,-.-119.4
Seat tie--
-
■;
.113.8
117.6
-
120,1
" "126.0
for/51 cities".: 'tBase'd bh data fo^' 34- cities/. iCtiicaigo^All
and Food Indexes revised] Jan; IS; 1942-vAtf;itemtr-I'llift/IcP llltoFobd* 116.2"to
IDetreit^-Ail Itemsr and> Food Indexes jrevised; Jamv;i&v/194^AlkItfe"ms*
-
"Based
■'Food
115.5
on
"data
to
115.0,
^
r
108.6
'
114.8
•
101.9
100.7,1"
..
_
103.5'
113.6
107.6
■]'f"4
,»
7: 98.8
T
I
7-
v
109.2
,108.5
} -/•/120.2
120.5
v
7-120.2 ,Ti. 111.7;.
v
117.4
107.2:'
„
123.2
1
115.4 * 77117.3
'
Savannah_~^__^__;_i
West South
108.4
*"125.3;;,; 108.5
11I0
>
South
South
112.9
,
118.6
103.4
102.5"
-104.2 "
121.3..' j
* _<■*:
-V 114.6
,
Atlantic: *
;
7
Baltimore___"__l_7___
117.2
118.1 f'
*112.7;
112.3
112.7?
115.1 '
116.4 I
,115.8 |
I'*' '>'*'+• i
;
Minneapolis-
East
106.3
103.3
103.6-
,.
Cleveland//c/™^r-i
„
Mis¬
House-
and ice
108.6
--118.7
115.1 i
>' 115.9
New York
»
Rent
Clothing
Boston
Middle Atlantic:
-
,
electricity furnish¬
Items
/
%
£
;
1935-39—100)
-/:r
,
"
•
AND
UNITED
15,-1942 >7
"All
Area and City
/
■
/.
7^;';U;;.;U.;%,:
7"7/ 'V
PURCHASED
IN
7. STATES BY GROUPS OF ITEMS,
_
The stability of rents
February cost of living
Housefurnishings "'
,
+ 0.2
-
Table 3 presents indexes of living costs in the 21 cities surveyed
by the Bureau of Labor Statistics monthly: 7; ;;
7 .7
•
hold in most of the 21 large eities covered by the Bureau
/•.
•
'
+0.6
.>••*+2.1 >7
+ 0.1
"
i 7 + 0.3
+ 0.8
/
0.3
+
+ 0.4
3.57;
;
7-
t
r
.7
'
7
0.5''
+
•,
+0.6
}777. t
'
+0.5
77 +0.6
0.9
■
*
+0.7}
—0.5 7
t 7.
X
7- +1.4
■
+ 0.5 77
LtisAfigeletilll—
*
-of Labor Statistics in its
!'
+ 0.5
.,
7r TT
—0.5
'
Pacific:
.
/ coats were
+ 0.2
'
*
Denver——
some
v7 :7
;
..77.7;" V77; 7' '"'..77 7.
T
'•+0.4 ""-i-'-x
+1.1
+ 03
,
+1.1 7);.:
.
X
I
.
1.6}
+ 0.7
2.6;
+3.4*./
>
+0.1
'
:
-
r
•'.
'/ V
/"*
+1.3 '7.7
>•-,]
+ 03
■
Central:
0:6
+ 0.3
+ 1.1
i.%7/>■
+ 0.2
+
■
+
7'.;:/
..
+0.4
7
+0.7
-v.;
'+3.2 ;>
'7
—0.1
+ 0.3
*
\+ 0;8
* .[■ '■
+ 2.4
'■
1, 1941.i
•
>
■
+ 0.1
>:*
'
+"1.6
—0.2 *
+ 0.4
Birmingham-
in
I
1
J
>
+0.2
-.'+1.4
]
+1.3
*7
-
South
>•:
+ 0.6
7*
tV>>7+2.0
+ Q.2«
"
Washington, D. C
East
.
+2.9
v.
•
/
+3.3
■
•<.>
/>+3.1
.:•:::,+1.7.) -."+1.2; 7 } +.0.8
+ 1.0
u
0.3
+
>..+1.7 >:< + 0.5
-
.
+0.4.
7.7+0.1
?
■
7-N>'' 7*71
{
Savannah
neous
+1.7>'.
}7:r + o.i
$ 7/
.40:1;:::;■>.>?
•;
+1.0
7.
v.
X
„
'
Baltimore
cella-i
lngs
+ 0.1
•:].'+1.4:
+3.8,
-
1
+0.4 j
t
*
V
> MIs-
House-
7r.': $ 7!:
' '•'-si?
■'
-7
••
+1.0
+
+0.7
.
^
•;
City
Minneapolis,—
South
•7
+0.9
:
OF
ITEMS
'+0.2L>7/*+
+<1.1/7
j
+0.3
,
7 + 0.4
Z+4.7
i
+ 0.5
+ 0.3
,
'
COST
WORKERS
and ice
>
+3.7
•
'
' *>>*+0.3
Chicago-
THE
OF
electricity furnlshRent
+ 2.0
7.
''•/Si
•'
•
IN
Fuel,
-v". *'*-•"
•*'+ 0.7 >77+0.3
'•+ 0.5
1942
GROUPS
+2.2
7
"
"*; + 0.7
BY
I
+1.0 *
+0.9
15,
LOWER-SALARIED
+2.6
•
,
:
7
East North
0.5 ?
+ 2.2 i
;;7.;+.l.3
> /
*
Clothing
;■ *../
77- The cost of clothing rose more than any other group of family
purchases. ; Cotton garments continued to advance and shoes aver"7 aged 10 to 15 cents a pair higher than in the preceding month.
Prices of women's rayon* dresses were considerably* higher and
men's wool suits also were up in most cities, f In spite of generally
higher price levels for wool clothing, February sales of women's
.
v
'
..V+V-}
-
•
Atlantic:
+
];•:
;T
FEB.
TO
AND
Food /
♦
^
■
| V.Vi *7;?>:;ii:
Clothing
71;
+0.6
•
-
1942
-777:
ah
Items
,7
■
UNITED. STATES
'
7-'V'"''
15,
EARNERS
THE
\-
Philadelphia—
Pittsburgh _H—i—
'
Washington is due to the rent control bill-in that city, which
.77 7
.:
,)
.
•
^7 r;v..- ■;
■■
As usual in
7
1
.
table shows percentage changes Mri living costs
surveyed by the Bureau of Labor Statistics monthly: 7
;
New York
'*'
0.5 of 1%
^ -/
'7777 ;7 7.
3.5
—
9.7
+ 20.6
Buffalo
- >
• ;
are given out by the Labor
(!
'
23.2
r+18.0
0.6
+ 12.8
»
#£ /'.Vf'i',""
Middle
7" "hecame effective on Jan. T, 1942, limiting and restoring rentals in
.
as
+ 39.1
+
1.2
Average: Large Cities—
mid-winter, rents paid by families with moderate
incomes changed very little in most cities.
The largest increases
were reported from Savannah and Birmingham where employment
is re¬
buildings,
authorities
+ 31.5
•.
;
Area and City
7'.''.
*'■ 7 •
indications of inten¬ 77.- "The.cost of housefurnishirigs rose by 1.7%,'on the average,
7. from rqid-January to mid-February.'. .Foliowing. thie. January white
the
0.4
+
following
GOODS
| 77
#
"
>>7-^
Mar. 13 that there haye
some,
+ 22.7
I
77
*
i
PERCENTAGE
On Feb. 17, the Bureau's index of retail food
costs, at 116.8%. of the 1935-39 average, was 19% higher than in
February of last year and 25% above pre-war levels.' :*'
"
-
ported to have told his press con¬
on
+ 53.8
+ 23.7
'+ 20.8
quality
7z:;7.'/':+:
_
ference
-
The
,
ask
cover:
+ 46.2
7+10.8
7
,
"
To Guard Federal Bldgs; ^...Washington to the level of Jan.
Roosevelt
1.4
medium quality
64 L____
x
in 21 cities
,
President
0.6
+ 20.6
2.1
suites,
'
higher food prices.
in
;
2.3
+
thejiigher cost
.goods and services.
Soap prices rose in 15 cities.
St. Louis there was a rise of 9% in the price of gasoline, 7'
J
In
'
%
102
•
z.
.
of miscellaneous
102
- r 165,081
> v 166.130
,
Increases in prices for used cars contributed to
,
:
changes 'to moderate-income families
measures
following
oranges
in the
t
+
+ 17.0
'"+ 20,1
Miscellaneous
] ;
88
:
,
vegetables were lower as new supplies came on to the market.
Increases were general throughout .the country, with 45. of the <51
cities covered in the Bureau's regular monthly survey reporting
■
President To Seek Funds
+ 25.4
2.1
-r.
suites, inexp.
room
7. fresh
United
' >'■
+ 26.7
0.3
,_+
88
few cities especially affected by war activities," she said.
whieh
-v
and
-
detrimental to
the
+ 22.5
88
101
•
+ 22.2•
•
Fuel, electricity and ice costs remained the same, on the aver¬
age, in large cities.- Although a few cities reported slightly higher
prices for coal, the Jan. 15 price levels prevailed in most cities.
The declines in Washington and Savannah were due to slightly
lower coal and wood prices.
f.. i
^
';%%/'--<• 7v
.
87
87
'
- -
86
"
N
165,240
164,601
+ 45.1'
»
"
1.8
/
•,
86
lowing earlier seasonal increases in wholesale markets, while eggs
-
or
'77
' 'f .'7
+22.2' * ;77/
•"
1.2
fur trim
"No change.
86
large increases in prices of pork, lard, potatoes and sugar.
Prices
of canned fruits and vegetables and bananas also rose sharply fol¬
•
quently considered inimical to the
national defense
'
...
86
' ; 7 *7;
Food ■>!;;
'•*> 77
Between mid-January and mid-February, there were further
7",
;
"subse¬
are
3.6
___i
.7 Sheets, 64
> 85
85
;
^ 99
"
98
* 101
Department:'
WSA officials
if rates
or
+38.8
.
+
V'7+ 21:0
It: V + 17.7
-
3.1
•
7> >:> + 30.2
34.8
% +42.5
..11-:;.+"'7
7
refrigerators
Washing machines
_i
Rugs, Axminsters
Mattresses
'.LJ.
522,320
14.2% higher than in August, 1939.
:
'States."
•
larger cities, was 112.6 on Feb. 15, using average costs in 1935-39
*;as 100.
This was 11.7% higher than in February of last year and
surcharges
and
be revised from time to
the- light of changing
-time ""in
:
Electric
84
84
84
85
-
^
,
particularly sharp advances in clothing, and housefurnishing costs
several cities.
The Bureau of Labor Statistics' cost of living
that
rates may
•
+
+
•
,
.
+• 3.6
/_■
dresses
hose
Bedroom
:•
7, in
wartime
explained
+ 26.7
'
from Cuba to the United
States, it was announced on Mar.
17. The. surcharge, effective Mar.
16 is designed to cover increased
date.
+
x
panties.
Living
the average,
between the middle of January and the middle of February.
There
were
small increases in the cost of other kinds of goods, with
-
sugar
effective
a
Continuing she said:
—/
The family food bill
165%
operating expenses.
It
will* be applied to existing basic
freight rates on vessels tendered
for loading in Cuba, on and after
11
—
Clothing:. 7;z
>,+14.7
-7+ 20.2
5.5
4W/'7
Feb. 15,1942
+16.9
+ 18.4
*
77/7%:.
3.8 7 >/ ''
5.1 7 17' 7-
7.7 +; 3.8
Housefurnsihings:
'''510,542
163,067
except in
surchage of 22% on shipments of
the '
Silk
—
Living costs, in February, 1942, wqre 0.5 of 1%; higher than in
January, with prices again marked up for almost all lines of mer¬
chandise 7 purchased
by moderate-income families,
Secretary
of
Labor Perkins -reported on. Mar. 18.
"Rents changed very little
Shipping Administra¬ y
approved a maximum
has
1
Shoes
168,424
,
'
Sept. 15, 1939
to
; 7.
to-
Feb., 15,1942
.
cotton_____
shoes
Percale
•
„
Living Costs In Large Cities Was 0.5%4 :
I',an January
The War
-the
.
.
'' 167.424
-157,563'v
>, 177,823
167,040
OF
LOWER-
Feb. 15, 1941
•
Feb. 15, 1942 :
_L.
■
1.7
7
"
i
Boston
f Cuban Sugar Surcharge
tion
:
7_______-__^_—.—
index,
}
*7
to
Sport coats
New
147%'
142,691
*
.
shirts
Dress coats,
Rayon
-
151 %
Mountain
.Pacific
Work
:
production, do not
necessarily equal the unfilled orders at the close. Compensation for delinquent reports,
orders made for or filled stock, and other items made necessary adjustments of unfilled
orders. '
7•>]>'77777'V7
■ -7:7 ♦:
•.. --'..7■
162%
W..S. Cent.
ARTICLES
AND
Percentage Changes
,7 Jan. 15, 1942
<
cotton_______^.___.
shoes
Women's
Note—Unfilled orders of the prior week plus orders received, less
147,550 153%
152.026 153%
24,742. 124%
Cent.
S.
122%
60,754
Atlantic.
6.
' 156,745
14
Mar.
^
>
%
162,894
—,
28
Mar.
••
181,070j
-
-
-21—^-——---1—;
Feb.
1,75,355
Cent.
N.
119%$1,636,191 156%
51,310 116% ,s 134,366 154%
118% • 484.647 161%
141,939 114% * 362,678 148%
England..
M.
Cos.
in $1,000
Cos.
$634,538
N.
E.
■
97 >
>
99 ' / >
550,383
96
554,417^101 " '""567,373
102
553,389
.101 vY
535,556
101
523,119
76 %
.--
161,713
-
7
Feb.
.
RatiosRatios
,42-,41
Sales
\
-
shirts,
Business
Street
.
576,923.;.. v
570.430.
'
4
124,258
140,263
166,095.
> 165,360
:•
169,735
" 167,846
;
Feb., 14______.__
ra¬
Year to Date
February, 1942
•
__i__
trousers,
Work
.
i
162,493
10.^
Feb.
reported
are
by the Bureau as follows:.
1
'
568,264
164,875
•'
-
-147,419
31—-
,
volume
sales
The
'
-i.
Jan.
higher
•
•
7'7''777/
,
Overalls,, cotton
__
corresponding period in
the
than
50%
than
more
-
568,161
,/
163,226
EARNERS
,
1942—Week Ended-rJan.
17
$1,636,191,000,
%
159,860
165,397
160,889
j ' 166,948 "
%
116,138
24
Bureau, Hartford, Conp. The total
sales for the first two-months of
-;Y"
■
Clothing:
Work
/>}
,?
102 J
101% % *
V'' •:•'' '• "•
575,627
166,080
149,874
—
Jan.
000, or 19% above the volume sold
in
February, 1941, according to
the monthly survey issued by the
Life". Insurance
Sales
Research
.
1
149,021
,
27___
Jan.
$634,538,-
amounted "to
February
-
20
Dec.
in
States
United
the
.
181,185
in¬
life
of ordinary
sales
,
82
z
83 >>>>:7._>;
84 , ,
88
V* ' __/>?
86
>
94 V
__
94
.>w■•'>
99
"
1
93
, V
93 ,r:; *
'*
-
582;287
165,420
•
—169,111
6
• ;
574,991
168,146
■
145,098
—
.
-
;
V,
t
165,795
Nov.
Dec.
-IT
Suits, wool___L
>/>>_ ;.77
•"
FOR SPECIFIED
WAGE
'
-
.
7'" •.*."•
TopcoatS/___^__.„__ta_;__._.
...
75
81
80
98
99
578,402'% ; J 98
t.
164,374
Oct.
Jan.i
surance
163,915
168,256
167,440
NOV.
«
-
493,947 :
591,414
589,770]
583,716
-
18
Dec.
BY
'•■/?■■ 77-';-777
"'"7 ':
*
V
i;; (
s
Oct.
Nov.
February
159,337
%
-
__
r ,* • '
"
%
528,698'
i 133,031
f 166,781
i 166,797
—
.11
.
"
-:'4'
1941—Week Ended—
Sept.
6
;
'0 .147,086 ,
Sept. 13___™-;----™_™-~
164,057
Sept. 20
__a
176,263
Sept. 27
155,473
Oct.
4______-'
176,619 ;
Oct.
568,264,
554,417,
530,459-
'<
.
% 673,122 iV; ,: 668,230
640,269
; 665,689
:
February
Cumulative
-
,
743,637
•
•
Current
.
629,863
r
202,417 >,</'
i 548,579 •'». 261,650
777 } 571,050
337,022
.726,460
447,525
7
J ' 602,323 7>> 488,993.
f 608,995'
*
509,231 '
7> 807,440 Ti - 737,420- V . ,
649.031
576,529
J
] 630,524
;• ; 578,402
640,188
-
December
purchases
$743,350 sold
"" .'
200,000 sold
447,000 purchased
'
L__-
£,
-l
-7
;
PRICES PAID
HOUSEFURNISHINGS
•
Men's
i-
•
"April
AND
-
TtpiYlQ
Percent of Activity
7-7
839,272
October
November
'//
•
857,732
656,437
_
_____
May
-/-V*
' ':" "
$2,785,000 purchased
11,950,000 purchased
/'"}
Tone
*
March
1,636,100 sold
38T.200 purchased
/-U*.—
May
/
sold
$5,700,000
April
1941—Month of—
January
>;%/"/7
.
CHANGES IN AVERAGE
CLOTHING
/
;
TABLE 1
77: SALARIED WORKERS IN 34 LARGE CITIES IN THE UNITED STATES 7 / '
y'>,>%>>
Ordzrs
Tons
Government securities for the last
>>>
PERCENTAGE
'77777:7.7:77
7;. 7
'
.
-
77;> >'7'7;
PRODUCTION, MILL ACTIVITY
Production
Orders
.*
.
past year and the past month.
These
Unfilled
The
•two years:
;
<
„
STATISTICAL REPORTS—ORDERS,
net sales of
the
Table I summarizes the changes that have occurred in the prices of
certain important articles of clothing and housefurnishings over the
100%, so that they represent the total
'■
" ' ' •
figures are advanced to equal
industry.
time operated.
of •'
refrigerators be restored to the level of Feb. 2.
dustry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
in
accounts
Admiftistratiori:- requested that1-retair-prices-
7 the-.Office..'bf; Price'
83% of the total in¬
The members of this Association represent
in¬
Treasury
other
and
vestment
.
paperboard industry.
Market transactions in Govern¬
Thursday, March 26, 1942
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4058
1255:
.Total Loads
-
NYSE Odd-Lot
r
The, Securities:
Trading Revenue Freight Car Loadings During Week
and
Ended March 14,1942
a
Feb. 28, 1942, of complete figures
showing the
volume
of
stock
odd-lot
dealers
for
of all
count
the
odd-lot
transactions
ac¬
and
specialists who handle odd lots
the
York
New
Stock
on
TRANSACTIONS
ODD-LOT
ACCOUNT
0
FOR
THI
ODD-LOT
OF
DEALERS AND SPECIALISTS ON •■//
y/5
THE
NEW
YORK
*
Ended Feb. 28—
for Week
Odd-lot Sales by Dealers:
(Customers' Purchases),
'
9,152
232,793
*
8,706,296
*—*.:_*_
Odd-lot Purchases
by Dealers:
(Customers' Sales)
■
,
Number of
orders:-:'//.'/
Customers'
short
sales
Customers'
other
gales*
Customers'
total
Customers'
9,022
9,227
"•
*
.
short sales*—
5,731
Customers'
other
sales"1--.
219,011
Customers'
total
sales
224,742
28,659
Dollar
Value
Number
of
7,187,449
*
.
.
1
-
146,821
and'
decrease
a
1941.
Other salest*
53,070
Total sales
53,300
•
Round-lot Purchases by Dealers:
Number of shares
market
""Sales
ported with
liquidate
than
tSales to
off¬
and sales to
which
is less
position
round lot
a
•
re¬
odd-lot orders,
long
a
63,000
are
reported with "other
are
sales."
'
**__!*_——.
of 123
the
production was 2% less,
shipments, 10% greater, and new
business 3% less.
The industry
Stood at 142% of the average of
in
production
average
same
the
corresponding
and
1935-39
of
week
154%
of
1935-39 shipments in the
week,
Norfolk
the
for
first 10 weeks of 1942 was 4% be¬
corresponding weeks of 1941;
low
shipments were 3%
shipments, and new
of the 1941 pe¬
above the orders
riod.
new
the
5%
above
orders
For the
1941.
Total
In the Western Districts
1941.
corresponding week in
the
above
production.
above
cars, an
of 881
.
Forest products loading totaled 47,486 cars, an
cars above the preceding Week, and an increase of
the preceding
greater
gross
than
year
a
ago;
for
Record
the
of January-
Five weeks
7——
March
of
14
3,454,409
i
2,866,565
742,617
3,122,773
,770,697
of February.
weeks
Four
3,858,273
————
—^
-
\
:
,
759,607 /
.799,356
the separate
the corresponding
week last year.
FREIGHT
REVENUE
:!
-**—*—
*_
.Total Revenue
Railroads
Orders
273,298
——-
461
-
Ann
4
Softwoods
& Aroostook
Boston
&
Maine—*
—
Chicago, Indianapolis & Louisville-
1942 Week
379
.
Production.' 226,629—100%
*•
\
.
.
.
,
-95.
10,478—100%
Orders
269.236
260,340
119 V
115
110
124
7,706
6,438
620
19,627
23,333
18,590
550
-
V
389
809
758
131
921
948
97,264
107,096
,
H
159
117,612
87,509
17,342
15,634
--/
!
.A1
A
13,583
14,006
•> 2,179
11,928
3,311
3,264
9,763
8,730
4,399
1,353
805
580
420
717
607
10,008
;:, 9,883
11,"783 "
& Western
:;
/V-
; a/A
;
468
6,202
'
3,916
257
,580
.
491
>
10,546
<
8,825
140
151,
3,688
•
443
596
512
,
.
4,485
505
-
247
862
■
139
727
63
89
1,542
2,460
2,256
4,624
'3,647
2,540
:
1,781
4,990
' 9,477/
5,412
/
9,288 ■?
:
530
i
260
2,482
-
390
.
10,712
,
Pacific-!-*——1—*—*-*,
10,410
329
301
2,736
2,283
1,844
2,608
1,631
92)222
84,403
72,067/,
61,928
52,975
22,146
18,053
3,531
3,279
.
103
4,732 "/
9,064
89.
9ly
4,181
A
Central Western District—.
*—
—
:*_**-*———--
786
*
16,019
Missouri-Illinois
North
Peoria & Pekin
10,012
12,112
'
2,520
10,793
■
2,253
3,464
4,239
689
/
781
,
3,237 /
1,840
2,523
620
/
1,120
2,174
3,233
z
1,587
9
1,189
1,861
,
1,059
1,684
■
•1,575
530
575
1,824
133
192
672
379
11
0
826
,
3
.
14
916
AAA
1,896
.V 761
.914
20
916830
1,197
Union
550
1,794
,
1,913
Southern Pacific (Pacific)
.
752
.
9,463
10,484
"
.*
———i —* *—
131
918
505
Pacific
-
•
425
0
/
-
27,384
Toledo,
Peoria & Western
Union Pacific Systeqa..*——
Utah:'-i—
/
377
'
15,534
14,780 '
529
**
20,663
24,468
254
.—*•!—**
Pacific.*.*!.
2,208
3,149
Northern—*—*—
Western
7,585
2,846
126
:
14,554
11,232
3,017
.
2,673
843
Fort Worth & Denver City——.
486
2,668
,
12,006
Lake!-.*!*..—.....
Salt
2,658
A-A.'
16,330
2,853
...
8,784
4,211
17,306
468"
"
Illinois
,
A
325
9,452
/
6,748
1,151
1,426
.11,187
9,331
7
y*y- :/: 2
2,973
13,024
2,170
298
409 ;
■
1,523
1,700
1,606
117,156
1,478
2,368
7,004
1,240
208
174
15,691
12,451
106,873
95,182
1,355
63,395
74,650
.....
22
27
Detroit
230
202
.1,051
2,010
2,800
2,067
1,704 '■
2,063
Litchfield & Madison—
417
350
410
1,192
Midland
Valley..
498
570
549
226
& Arkansas....
2,140
Missouri
9,650
Missouri-Kansas-Texas
8.747
9,442
8,391
9,282
8,399
Missouri
.Mackinac:——
232
212
241
2,180
^/Western-
398
384
'U-
173
97
■
Quanah Acme & Pacific
1,881
1,625
St,
288
3,249
4,490
Hartford
York, Ontario & Western.
14,920
13,112
Pittsburgh & Lake Erie—
98
60
193
6,354
2,334
193
371
16,372
8,463
14,812
4,607
9,881
Texas
168
3,141
2,556
Wichita Falls & Southern.....
y/i:;; 15
1,710
1,546
1,939
9,709
8,736
3,031
2,723
4,205
6,518
2,115
6,343
4,384
497:
2,246
1,566
24
32
48,524
37.990 0
9,140
55,641
19,331
1,092
947
3,067
!.*■ 4,826
12,644
549
431
359
15,437
1,400
8,026
5,529
8,082
7,582
6,389
5,741
6,725
6,583
567
532
43
381
385
333
276
1,183
869
2,259
2,067
8,301
4,979
,*
552
•a
.
t
:
568
576
5,339
3.412
171,922
136,954
*
.
656
581
443
38,018
28,723
4,138
2,446
1,091
1,069
11,376
V:
20,609
1,589
5
13
14
5,633
18,115
14,409
613
76
85
1,968
Central R. R. of New Jersey-
7,919
7,419
18
624
235
321
n*.
31
31
*
1,832
2,656
58,542
13,218
28,363
13,174
3,483
4,020
4,384
4,048
19,905
4,034
11,695
8,710
176,003
—.
1,110
55,179
172,014
126,534
155,662
26,979
23,091
23,307
11,060
11,134
17,727
6,339
6,259
4,434. !. 4,168
1,980
1,470
1,773
1,371
78,396
75,838
16,828
15,456
20,139
•
Total
49,692
-
22,219
-
128,018
Pocahontas District-
25,858
22,797
4,726#
,
53,381
£4,504
3,707
4,706.
//
3,898
6,126
4,435
Ill
52
11
52,279
18
54
26
50
i
46,185
56,917
42,490
A
revised.
Freight Traffic Handled By
Railroads lii 1941
Railroads
of
the
United
904,000 tons of
revenue
19,379
r
18,863
,
Railroads in 1941 moved 475 billion ton miles—the number of
tons of
freight multiplied by the distance carried.
heaviest volume of freight traffic ever handled
in any year. It exceeded by 6.2% the
in 1929, and was an increase of 27.3%
This
was
the
by the railroads
previous record established
compared with 1940. ;.;y
This traffic.was handled without congestion or car shortage,
moving smoothly and without delay. The record traffic in 1941
took place despite the fact that carloads of revenue freight were
20%
less than in 1929, and was due to a combination of heavier
loading
per car
While
and longer haul per ton than in any previous year.
forecast
as to possible freight traffic in the current
is difficult owing to uncertainty as to the amount of war
materials to be moved and the effect on non-defense industries of
priorities and orders curtailing production, the railroads antici¬
pate that the volume of freight traffic measured in ton-miles will
be appreciably greater in 1942 than in 1941. If materials for con¬
struction of new freight cars and locomotives and for maintenance
a
year
can be obtained, the railroads fire confident of their
ability to continue to meet military and civilian transportation
purposes
'
45,202
Record
1,719
r
...
63,436
Note—Previous year's figures
1,078
25,558
.
287
1,447
/Total:*!!.—
-4i
10
288
1,751
Penn-Reading Seashore Lines.
Pennsylvania System
Co.-—
Reading
Union
(Pittsburgh) __r~
Western Maryland—.
6,568
;
A-""?.
States in 1941 moved an average of
freight one mile every minute in the year.
4,047
In the month of October, the period of peak traffic, they moved
1,069,000 tons a mile every minute. This was shown by complete re¬
196,923. ports for the year just received from the individual railroads by the
Bureau of Railway Economics, Association of American Railroads,
and made public on March 23. The Association's statement added:
222,541
293
—
150
349
1,743
4,255
*r..r
3,320
Gauley
114
5,586
3,260
15,218
11,334
4,881
3,598
-
1,059
6,489
4,442
551
5,937
'
Erie—
,
2,178
5,867
40,766
Ohio—
10,670
47,819
11,347
1,144
3,820
150
1,374. Weatherford M. W. & N. W._.
7,461
'7,272
4,282
9,562
Allegheny District—
Akron, Canton & Youngstown.
10,051
Pacific..—
770
—
-
&
1,871
166,739
■.
:
'
Orleans.—.
Texas & New
9,043
2,952
—
Wheeling & Lake Erie
3,253
7,711
5,700
10,763
Pittsburgh, Shawmut & North
Pittsburgh & West Virginia—
————
14,878
2,043
165
■
—*
a-
8,042
6,061
-
—————
1,712
458
198
14,167
-
New York, Chicago & St. Louis
N. Y., Susquehanna & Western
..
2,484
1,075
4,124
3,302
Louis-San Francisco..—_
435
Lines—.—i
N. Y., N. H. &
Virginian
.
3,799
8,783
St. Louis Southwestern
/
7,173
—-
Montour
Norfolk & Western
166
1,052
/'•
'
12,294
——-
—
Chesapeake & Ohio
183
15,523
Pacific
2,529
3,185
—L
"
46,122
—
Central——
Cornwall
*
4,100
288
Hudson
Creek &
j'f:
5,240
4,467
Trunk Western**!*--.!*
& Lake
;
226
Lines.
13,879
-
Total
,
'
&
&
2,375
2,183
2,238
Central
216
1,683
2,707
12,889
York
-
3,711
4,139
Monongahela
1,790
Kansas City Southern...
1,299
&
262
2,827
3,156
Ar
66
"
73
20
316
1,741
r
2,522
135
3,745
2,156
Louisiana & Arkansas....
2,413
2,063
-
'
154
.
5,178
1,437' Kansas, Oklahoma & Gulf-
1,380
&
Detroit,
New
572
8,140
Toledo & IrontiJn**—
Tolsido; BWorfc "Lin$r_——
Detroit
New
545
2,168
?■
683
Island
Coast Lines——
6,498
—.•
Hudson—
Delaware, Lackawanna
Grand
Gulf
1,338
&
Delaware
Erie
Burlington-Rock
6,665
Vermont-—*~
Central
;
11,569
12,958
9,192
3,216
International-Great Northern.
592
'
Shipments-
5,993-
10,147
24,825
17,931
Illinois Terminal——*—*
1941
;
7,979
1,584
t
Indiana———
Central
1942
227,054
Hardwoods
1942 Week
Mills,—
455
1,618
10,124
3,650
Denver &
Connections
!
1940
1941
2,236
Arbor.*—
Bangor
.
253,594
258,644
1,257
1,402
322
2,460
Chicago & Eastern
Received from
Freight Loaded
1942
Week Wk. (Rev.)
241,370
256,307
281,725
\ 1,449
408
393
163
Colorado & Southern
,
Eastern District-
34
461
918
v,
480
Southwestern District—
3,197
237,107
1,055
■
■V'
Total
59
280,805
/
f
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific...*__
Total Loads
3,844
—
3,408
(NUMBER OF CARS)—WEEK ENDED MARCH 14
122
■—**
451
/ 3,977
,
421
Production
797
457
2,750
3,249
457
130,419
Bingham & Garfield.
LOADED AND RECEIVED FROM CONNECTIONS
161
Mills
798
i
:
131
20,810
Western
737
Shipments '!*
:*?■ ■;
11,258
25,453 '-?•
Atch., Top. & Santa Fe System.—
increases when ^compared with
119
Week
140
;
4,163
Alton--
railroads and systems for the week ended March 14, 1942.
During this period 95 roads showed
845
1942
164
A.
/:// 231
2,834
;
is a summary of the freight carloadings for
The following table
287
Previous
223
3,972
1,228
Total
6,921,234
Long Island——
1941
204
c
Spokane International-*-*—*-——
Spokane, Portland & Seattle.
619,388
.
7,823,198
8,551,099
Total
& Pennsylvania*.
Ligonier Valley—
1942
7,581
t
,
_**„**__
u
Northern
3,215,565
3,465,685
620,596
Cumberland
Softwoods and Hardwoods
13,515
9,295
y
_*.
Minneapolis & St. Louis
Minn., St.- Paul & S. S.-M,~
1940
1941
Cambria & Indiana*——
^
3,175
14,903
20,327
3,842
-
522
Central—*
Green Bay
increase of 4,349
8,042 cars above
ended March 14, 1942, for the cor¬
.
3,282
20,253
3,593
23,742
25,087
Lake Superior & Ishpeming.....
responding week a year ago, and
for the previous week, follows
in thousand board feet:
711
Great Northern....*
poke loading amounted to 13,755 cars, a? decrease of 9 cars
preceding weeks, and a decrease of 366 cars below the
corresponding week in 1941.
All districts reported increases compared with the correspond¬
ing week in .1941 except the Eastern and Pocahontas. All districts
reported increases over 1940.
Buffalo
week
current
2,047
600
;
—
Missabe & Iron Range—
Duluth, South Shore & Atlantic.—.
below the
Bessemer
Softwoods and Hardwoods
2,538
278
ing week in 1941.
Baltimore
stocks were 9% less.
793
365
944
21,511,
amounted to 12,710 cars, a decrease of 631 cars below
week, and a decrease of 555 cars below the correspond¬
Rutland
Unfilled orders were
ago.
136
1,134
454
757
*
Ore loading
Total
17%
151
4,315
Duluth,
week in 1941,
stocks was 48% on March
1942, compared with 37% a
year
1,101
4' 27
1,117
38
-
Elgin, Joliet & Eastern
.*
Ft. Dodge, Des Moines & South—**
increase of
of 679 cars
In the Western Districts
gross
14,
1,168
'
28,885
Chicago & North Western
;
Chicago Great Western—
Chicago, Milw., St. P. & Pac
'•"Chicago ,St. Paul, Minn. & Omaha..
above the corresponding week in 1941.
cars
of unfilled orders to
The ratio
572
1,665
Northwestern-District--
the week of March 14 totaled 8,139
increase of 309 cars above the preceding week, and an in¬
Wabash
Supply and Demand Comparisons
199
;
6,681
"
alone, loading of live stock for
10 weeks of 1942, Pere Marquette——
business was 23% above pro¬ Pittsburgh & Shawmut——.
duction, and shipments were 14%
336
184
1
24,865
System——
Tennessee
loading amounted to 10,868 cars, an
above the preceding week, and an increase
cars
Maine
production
Reported
2,959
251
Northern
Seaboard Air Line—**
...
stock
Live
River__
Lehigh & New England—
Lehigh Valley——
Comparisons
3,068
324
-
3,765
'
__
Southern
Piedmont
alone, grain and grain products loading for the week of March 14
totaled 24,211 cars, a decrease of 138 cars below the preceding week,
but an increase of 5,179 cars above the corresponding week in 1941.
Lehigh
Year-to-Date
1,443
264
t
grain products loading totaled 38,233 cars, a decrease
Association from regional associa¬
tions covering the operations of
1941,
1,725
-
System—*———*!—
Richmond, Fred. & Potomac
corresponding week in
Week of March
representative hardwood and soft¬
wood mills. Shipments were 18%
above
production;
new
orders
15% above production..Compared
with the corresponding week of
9,702
4,429
1,933
3.730
388
1,515
■■
Macon, Dubin i& Savannah——
Mississippi CentraLi*———*_*—
Nashville, Chattanooga & St. L.——
below the preceding week, but an increase of 5,671 cars
cars
above
Manufacturers
Lumber
9,501
436
•
2,690
-——
Nevada
tional
11,763
4,745
:
1,609
■// 274
—
Winston-Salem Southbound—
Lumber
greater, new business, 6% greater,
according to reports to the Na¬
1,474
45
Southern
Week
production during the
week ended March 14, 1942, was
4%
greater
than the previous
week,
shipments
were
11%
615
;
.
431
Denver & Rio Grande Western
Ended March 14/1942
786
1.729
1,139
4,620
Coast-******!——***_
Louisville & Nashville—,
-
1942
Lumber Movement—Week
■2,128
""
-
y
146
731
a": 182
Southern.—
Illinois Central
-
exempt"
"other sales."
customers'
set
"short
1941
*
806
14,308
Georgia & Florida————
Gulf, -Mobile & Ohio——-
less than carload lot freight totaled
decrease of 1,698 cars below the preceding week,
of 12,465 cars; below the corresponding week in
corresponding week in 1941,
179
1942;
366
.
835
Line----——
the
230
:
—
a
cars,
1940
"
274
.
'
&
Georgia
of merchandise
Loading
1941
209
Gainsville Midlands—
cars
the corresponding
shares:
Short sales
Durham
freight loading totaled 373,871 cars, an increase
16,353 cars above the preceding week, and an increase of 45,377
above the corresponding week in 1941, '
of
Connections '
"
946
—
Florida East
3.7% above the preceding week.
or
cars
Reeefved from
Freight Loaded
345
'
:
Georgia.*—*—i— ***!!_,.
& Western Carolina
Clinchfield
-.i—/
Columbus & Greenville—-—---—-^.
Charleston
29.1%.
or
■
1942
yy
of Ala.—*..
R.
Central of
Miscellaneous
crease
Round-lot Sales by Dealers:
Atlantic Coast
week in 1940
same
P.—W. R.
& W.
Atlanta, Birmingham & Coast——.
Loading of revertue freight for the week of March 14 increased
205
-
*
sales....*
Number of shares:
cars
Grain and
Number of shares*.*!
Dollar value
39,749 cars or 5.2%, and above the
was
179,968
was
•
Number of orders__L——*.
-
1941
K
•
J
Atl.
Loading of revenue freight for the week ended March 14, to¬
799,356 cars, the Association of American Railroads an¬
nounced on March 19.
The increase ab6ve the corresponding week
in
District—
Alabama* Tennessee & Northern—--.
Goal, loading amounted to 155,612 cars,, an increase, of 10,239
cars above the preceding week, but a decrease of 6,634 cars below
STOCK
EXCHANGE
Week
Totaled 799,356 Gars
taled
Exchange,
continuing a series of current fig¬
ures being published by the Com¬
mission.
The figures, which are
based upon reports filed with the
Commission by the odd-lot dealers
and specialists, are given below:
STOCK
;
for the week ended
summary
i':*. ■
■
Southern
Exchange
Commission made public on Mar.
13
•Total-Revenue-1--*
i
demands.
y
'' *
-
Rubber Situation
Grave
■
derson
said
little
either
a
car
or
new
1942, 1943
treme
that the ordinary
operator can get
recapped tire in
hope
passenger
that there
Mar. 5
on
1944 and that if ex¬
or
confiscate tires on
private cars.
Appearing before
the Senate Committee Investigat¬
to
Coal Division, U. S. Department of the Interior, in its
the Bituminous
The
declared
will
of
have
without
essential
become
standards of life."
WITH
multitude
a
Week Ended
which
articles
rubber
parts
Mar. 14
"years, Mr. Henderson, who is also
Production
Board's Division of Civilian Sup¬
War
the
of
head
ply, said that at the current rate
of use of rubber the United Na¬
at the end of 1942 of
faced
and
tons
1943.
He added that
increased
delivery of syn¬
March,
when
rubber, by 300,000 tons in
tons in 1944,
is considered, the stockpiles would
thetic
1943 and by 600,000
May,' 1943.
In
order to meet the requirements of
three
it
necessary
was
allocations of all classes of users
effective immediately.
He pointed out that the allocation
for
civilian
purposes
does not
passenger
cars
and
warned that the situation will be
30,000,000
synthetic
if
worse"
"immeasurably
the
plants are not
schedule. Mr. Hen¬
rubber
completed
on
derson added:
When
OF
PRODUCTION
"•
■
tires
passenger
age
bad, that
car
aver¬
car begin to go
will have to be
of
out
taken
the
on
We
operation.
hope at best, as we see it now,
in
maintain
to
operation over
a total of
the next three years,
7,500,000 passenger cars, includ¬
ing those belonging to a large
number of defense workers.
v'-V-•"
.•
B66hive COl^C
1,179,000
1,120,000
. ■»*
""f
The
Rivers and
scheduled
to come up for consideration in
the House this month, has been
temporarily shelved and further
action is expected to be deferred
$1,000,000,000
until
some
Rivers
and
Mansfield ^ of
of the House
Harbors
Committee,
said that he had abandoned plans
to seek
the
Congressional approval of
measure
this month
of the temper
controversial
thorize
"because
of the House." This
measure
would
au¬
navigation and
power
developments,
including
the
$285,000,000
St.
Lawrence
seaway
and
the
$200,000,000
Florida
ship
canal.
President
Roosevelt last month urged that
numerous
action
speedy
bill
because
be
it
taken
on
contained
the
many
projects "urgently needed on ac¬
count of the war;" this was noted
in
our
issue of Feb. 19, page
Get Transport
776.
Posts
Eastman,
Director
of
Transportation.
The
V/. 'y,) ,- v.'•...•si'1'"
v.
-Includes
washery
PRODUCTION OF COAL,
Net Tons]
WEEKLY
ESTIMATED
BY
[In Thousands of
Jr., has been
'
Alabama
302
31
60
355
Arkansas and Oklahoma
71
73
1,250
540
67
84
Indiana—
Iowa
_
_
.
.
.
-
.
Kentucky—Western
167
185
837
157
40
33
_
10
12
:
62
New Mexico
46
26
28
18
35
52
651
2,656
2,034
2,817
142
106
116
8
9
13
15
■
_____
9
_
__
^
i
72
56
370
308
277
Chief
the
775
866
779
158
144
68
:
"
1
1
11,265
10,155
230
the
11,334
operations
B.
& O.
Panhandle
on
584
753
717
91
iv
141
136
District
and
California, Idaho, Nevada,
records
States."
of
the
ft vt
•10,748
■ft
-
;
8,173
tt
,**7
;
1,119
1,064
10,764
v
,
.
.
,
-
-
.
•
^
v
f
.
8.08
:
/
.
12,560
•
11,867 9,237 v- 11,929 12,804
C. & O.; Virginian; Kb & M.; B. C. & G.;
and Clay counties. tRest of State, including
Mineral, and Tucker counties.
^Includes Arizona,
Total—>
Short
J.;
:; '
and South Dakota included
"
^
;
v
•
.
...V> ./v. ,.**
-
'.
3.76
.
6,350,
1
■
:57,010
f
,
1
50.660
—:
;
,
2.43
.
;
;
■'
-
iv
—
Sales
Round-Lot Sales:
>
-
;
,
•
the New York Curb Exchange and
on
iv-
(Shares)
of Members*
Week Ended Feb. 21,
-]''v
>
'
Stock
,'.77'■
>
Total
For Week
Per Cent a >
.3,110 :;v
'■
■
»
;
..
—
♦
j
14.27
1912
{.
Short sales
1
'
\
305,100
.
.
•7;;
.
for Account
Transactions
■
\ ■
r
'J'
245,640
t.'- y
sales
;
59.460
;
—————
———
;'7
294,270
,
.
Total
A.
'
•
V
;
Round-Lot Stock
Total
>
1
—
sales
sales b
Total
with "other Western
—
—
sales
v.
Activily in Cotton Spinning Industry for Feb. '42
'J
f,.
t
-
Other
.
44,900
———
Total purchases
.
and Oregon.
IData for Pennsylvania anthracite from pub¬
of Mines.
([Average weekly rate for entire month.
.
;
78,330
-
■
:.
"
The
the
of
Bureau
Census
announced
on
March
19
that
Other
ac¬
preliminary figures 24,045,202 cotton spinning spindles
were in place in the United States on Feb. 28, 1942, of which 23,077,722 were operated at some time during the month, compared
with 23,077,352 for January, 23,063,112 for December, 23,069,146
for November,
23,043,310 for October, 22,963,944 for September,
and 22,777,280 for February, 1941.
The aggregate number of ac¬
tive
spindle hours reported for the month was 10,456,698,714
Based on an activity of 80 hours per week, the cotton spindles in
the United States were operated during February, 1942, at 135.9%
cording
to
capacity.
This percentage compares, on the same basis, with 136.9
for January, 124.0 for December, 129.4 for November, 125.8 for Oc¬
'
sales b
Round-Lot
B.
1.
Transactions
the,, Account
for
y;.,-
they are registered—
-
Total
-
Short
Other
'
purchases
)
f,
.
,
,
2,060
-7';9.50
36,590
,
4,050
."
-
—L
]
r-•'
the]floor—
1—L
—
'
1,
34,530
———
sales
)
.
.
.
—
sales b
;;;.7
;
[
29 610 £
-
:—
Other transactions
7-.
/
J'
--7
200'.'.
2,000
.
r
,
,
2,200
"
—
c
6,185
.
/.
0.90
:f
initiated off the: floor—
Total
purchases
£
Short sales' £—J—
; VrV "-~V-
"
-
.
-
—1
sales
Total
i
'
„
sales b
Other
*
,
*
*1.—♦———.
Short sales
v.-,,-.
..
*
transactions initiated on
Total
■■
,"
"
\
;
'•
•/
sales
Total
3.
;
>
——L—:
purchases
Other
2.
" of
-
Transactions of specialists in stocks in which
6
348,545
,
Members:
•
r 345.435
—w—li-——£_
:
Total sales
•
tober, 123.7 for September, and 114.0 for February, 1941.
The aver¬
age number of active spindle hours per spindle in place for the
month was 435.
The total number of cotton spinning spindles in
£
i
other sales b
Total
Spinning Spindles
In place
Active during
Feb. 28
February
State-
States
United
24,045,202
Engineer and has been assigned
to duty in the field.
23,077,722
Spindle Hrs. for Feb.
4.
Average
550
-
7V.-Vi
8,700
v
per
Total
'
•'
.
spindle
in place
,
Cotton
New
Growing
States—
England States—
—
.r..,,- •.
17,470,838
4,954,202
1,903,265,811
464
6,322,869,160
5,391,318
;
C.
353
_.
_
Connecticut
Georgia
652,282
230,563,743
889,378,866
2,810
:
■■■■
;
-;-v
,
45,230
—
'M
2.21
:
.-.'7 ■■■../■
.
.
*
•
•
sales
477,370
: 165.094,096
1,444,561,337
Account
...
short
other
316
2,022,874
for the
ists
Customers'
V
——————
'
;
sales—*1—-
.<
.X-
43,040
•
12.61
of Special--.*
!
[
X-
^
^
;:,.X 80
26,100
•
X
X'
y
487
457
Total
387
643,596
597,808
249,008,605
2,989,418
.
I
Odd-Lot Transactions
325
1,805,618
522,088
States
709,340
1,827,312
3,159.552
other
.:
' y-
39,845
salesb
Customers'
All
r
..
sales
Other
9,250
'
purchases
Short
-
•''
—
435
10,456,698,714
17,944,544
sales
Total—
.Total
Total
2,746,936
1,026,729,949
343
157,896
133,840
63,437,760
402
Total
sales
—'
c
purchases
sales
—
-
26,180
!
—
—
—
——
'*
',
,
.
13,391
•
y y
914,124
830,172
5.404.554
5,292,460
321,099.008
2,626,319,333
486
^Exchange, members, their
firms and their partners, including special! partners.,
■' '
a Shares in members' transactions as per cent of twice total round-lot volume.
In
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 salqs, while ;the Exchange vplume includes
Tennessee
551,080
-538.810
299,333,556
543
only sales.
Texas
242,294
229,514
106.792,704
441
Mississippi
New
:
•
Hampshire
287,532
Carolina
Island
South
Carolina
Virginia
All
other
;
States
267,644
291,498
5,676,256
106,711,724
2,549,735,652
432
124,206,217
323,100
5,797,198
New York
Rhode
has
appointed Local Transport
.Total
2,040
689
>>
7
L
salesb
"Other
11,240
sales
Total
Bureau
North Carolina,
ttLess than 1,000 tons.
Georgia,
•
.
131,250
i
Total purchases
Short sales
Mason,
Grant,
-
Other transactions initiated off the floor—/"
3.
the N. & W.;
in Kanawha,
'
-
74
1,172
1,645 7
2,098
4.
Total, all coal-"Includes
1,295
1,179
'1
-
,
•-
§ Pennsylvania anthracite
-
..
:
»:—I
—169,760
2i Other transactions initiated on the floor-- ,-,7-t *
'
Total purchases
!
i
79.670,.
Short sales ———„1———
14,600 Other sales b
L—l
63,730'.
"
_
coal
Total bituminous
7
'■!
43
118
North
Division of Local Transport.
Reifschneider
.
19
2,049
28
40
32
1,996
Massachusetts
been
118
>.
325
35
_
5
f
——-v169,700
.—.
::.; 38.510
:;'v.i.v::• .Total sales
3,249
•
110
372
1,648
_
°
X,t
,
,
"
100
96
Washington
"West Virginia—Southern
tOther Western States
'**
■;
—i
.
—
sales b
Other
•'
Virginia.
'
"
i
sales
Short
'
Utah.
-y
'
740
151
*
Total purchases-
*"34
412
144
___
_
59
591
2,760
2,525
Pennsylvania bituminous
Tennessee
53
60
>
646
_____
68
40
registered—
they are
32
Perttent# '
/
stocks; In which.
^1. Transactions of specialists In
/r
52
is
70
-
695
58
North and South Dakota
Ohio
38
7
6
74
28
—
38
7
77
Maryland
Montana.
and
Dealers
•
2,100,460 .
' * * *
the Account of Metn-
the Odd-Lot Accounts of Odd-Lot
Specialists:
f
bers, Except for
.
•
For Week
———L..
—
8: Round-Lot Transactions for
560
215
,
.L.—88,290
2,012,170
sales
Total
(Shares)
.
~.;
Other sales b
144
8657
269
-
.
'
J
Sales:
Short sales I—
188
671
253
i
120
830
•
A; Total Round-Lot
122
35
—
Week Ended Feb. 21, 1942
.
575
117
49
277
Michigan
Texas
517
351
■
720
175
_
•X' i
1.684
276
Missouri-
and
63
York Stock Exchange and Round-Lot
for Account of Members*,
Stock Transactions
1
532
■
entries in more than one
reports received because a single report may carry
of
Total Round-Lot Stock Sales on theNew
195
177
1,501
45 '
607,
'
York Curb Exchange, odd-lot transactions are handled solely by
77
-
103
1,220
1,405
520
Illinois
Maine
C.
ber
423
996
■717 :-V;£7;y.lvy
ft
Georgia and North Carolina-
•
152
174
154
Colorado
-
——
classification.
1923
305
•2
385
62
—.•
149
636
u.
——-——
transactions^—'
in which they are registered and the round-lot transactions
specialists resulting from such odd-lot transactions' are not segregated from the
specialists' other round-lot trades. On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
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.
The number of reports in the various classifications may total more than the num¬
£•:„•■■ 2
3
378
Alaska
16
.
,
.
specialists in the stocks
avge, -
1937
3
...
initiated off
11 March
Mar. 6
1940
1941
1942
1942
88
.140.
floor——.
V
749
179
.
of
STATES
-
Exchange
1,042 r
—_L_
showing other transactions
Reports showing no
4.
1,303,300
:
,
Mar. 9
Mar. 8
Feb. 28
Mar. 7
State—
named Assistant Director of the
Section of
r.&. the
v -•••
—Week Ended
Division.
Felix
'■
.
(The current weekly estimates are based on railroad carloadings and river ship¬
and are subject to revision on receipt of monthly tonnage reports from district
annual returns from the operators.)
Alabama
Taxicab
*
and State sources or of final
the
>
N.Y. Curb
showing other transactions initiated on
Reports
3. Reports
ments
on
the
,J
.
the ..floor——————
.-
•
1,166,300
t
12,251,100
$
t \
and dredge coal, and coal shipped by truck from authorized
colliery fuel.
tComparable data not available.
tExcludes
operations.
and
for
'
'
ments follow:
the
,.,fl
transactions as specialists
Reports showing
1.
2.
1929
1.540.900 .1,308,400
139,800
Received'
Total Number of Reports
/ /.'
.
Note—On the New
Kansas
data
following
.
N. Y. Stock
following statement:
Defense
appoint¬
Clewell Sykes becomes
,
,
,
,
COKE
1941
Active
of
AND
place, the number active, the number of active spindle hours, and
the average hours per spindle in place by States, are shown in the
Appointment of several execu¬
tives to positions in the Division
of Local Transport of the Office
of Defense Transportation was an¬
nounced on Mar. 11 by Joseph B.
W. S. Rainville,
to current ad¬
States total—1,168,600
♦"Alaska,
Representative
Texas, Chairman
i.
.
based upon weekly reports filed with the New York Stock
Exchange and the New York Curb Exchange by their respective members.
These
reports are classified as follows:
.
/*. <>v , ,
By-product coke—
United
lished
time in April.
21:
data published are
The
1
1,096,000 11,658,000 11,662,000 16,189,000
1,041,000 11,075,000 11,079,000 15,023,000
151,800
132,400
total—
States
1942
1941
1942
1942
1,175,000
tCommercial production 1,116,000
United
Mar. 15
Mar. 7
Mar. 14
anthracite—
Penn.
•Total, incl. colliery fuel
Wyoming
Harbors bill, which was
available > the
made
Commission
The
*
week ended Feb.
Calendar year to date
Mar. 14
Mar. 15
Mar. 16
tWest Virginia—Northern
River-Harbor Bill Shelved
1,753
SSubject
PENNSYLVANIA ANTHRACITE
(In Net Tons)
■
"
■>
Week Ended
Kentucky—Eastern
the
tRevised.
702).
page
by .25%,
provide any rubber for any of the
1,722
61,228
53,681
convenience the
'Exchange
ESTIMATED
Henderson said
to curtail the
Mr.
years,
1939,
Yearbook,
(Minerals
coal.
with
next
the
for
Nations
United
the
1937
106,774
of
14
justment.
in
exhausted
be
with member trading during the previous week 'ended
603,460 shares, or 14.60% of total trading of 2,065,240
shares.
On the New York Curb Exchange, member trading during
the week ended Feb. 21 amounted to 87,885 shares, or 12.61% of the
total volume on that Exchange oif 348,545 shares; during the pre¬
ceding week trading for the account of Curb members of 102,930
shares was 16.30% of total trading of 315,760 shares.
Xyy
Feb.
108,477
5,867
67,970
and statistical
i
•; ,Vv;
>
compares
production of lignite. tTotal barrels produced during the week converted into equiva¬
lent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of
coal.
Note that most of the supply of petroleum products is not directly competitive
ex¬
stockpiles by the end
haustion of
of
1,839
1,693
6,302
comparison
historical
of
purposes
only 278,000
complete
a
for
"Includes
had net stocks
have
would
tions
output—
equiv. of weekly
114,004
1,844
1,842
5,631
Daily average
1 Crude petroleum—
Coal
1941
11,064
;
•
the Stock Exchange for the account of members
on
(except odd-lot dealers) during the week ended Feb. 21 (in round-;
transactions) totaled 599,370 shares, which amount was 14.27%
of total transactions on the Exchange of 2,100,460 shares."
This
—000's omitted-
10,155
11,050
including mine fuel—
Total,
1942
1941
shown separately from other sales in
are
Commission explained.•;
lot
-January 1 to dateMar. 15 * Mar. 13
1942
coal
"Bituminous
for
outlook
Trading
Mar. 15 §Mar. 14
+Mar. 7
1942
of
.>
to the crude rub¬
the next three
With regard
ber
Commission.;1: Short sales
SOFT COAL, IN NET TONS
OF CRUDE PETROLEUM
UNITED STATES PRODUCTION OF
COMPARABLE DATA ON PRODUCTION
ESTIMATED
without tires but we
be
also
other
1942, continuing a series of current figures being published by the
.these figures, the
only
not
will
"we
that
do
.
account of all members of
estimated at
sylvania anthracite for
and the volume of round-lot stock transactions for the.
these exchanges in the week ended Feb. 21,
Exchange
In the corresponding week of 1941, production was
11,064,000 tons. •
/r,
U. S. Bureau of Mines reported that the production of Penn¬
latest coal report.
the week ended March 14 was estimated at
1,175,000 tons, a decrease of 4,000 tons (0.3%) from the preceding
week.
When compared with the output in the corresponding week
ing National Defense Activities to of 1941, however, there was an increase of .7.2%.
The calendar year
warn of the gravity of the rubber
1942 to date shows a decrease of less than 0.1% when compared with
supply situation, Mr. Henderson the corresponding period of 1941.
have to
*
Recovering from the sharp decrease in the preceding week, pro¬ C;v:;The>:;.S^curities and Exchange ~ Commission, made public: on
duction of soft coal in the week ended March 14 amounted to 11,050March 13 figures showing the daily volume of total round-lot stock
000 net tons, indicating a gain of 895,000 tons, or 8.8%, according to
sales on the New, York Stock Exchange and the New York Curb
it may be
isn't taken
care
necessary
;Thursday, March 26, 1942
V
Trading On New i York Exchanges
::
Weekly Goal and Coke Production Statistics X
Price Administrator Leon Hen¬
is
X ;
THE COMMERCIAL & FINANCIAL CHRONICLE
1256
330
r
440
351
636,596
606.088
280,117,328
440
588,862
560,834
204,172,579
347
"members"
♦The term
includes all regular, and associate
.
■
b
rules
c
-
-
r
......
Round-lfrfc-sJaort sales which
are
exempted from restriction by the Commission
includedwTth>7other safes."
Sales marked "short>!«uiyrf' are included
are
with "other sales."
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Fertilizer Ass'n/Price Index Unchanged
h
-
Number 4058
/The/ weekly^-wholesaleiAeommodity price index compiled by
The National Fertilizer Association which was made
public March
23, remained unchanged last week.
In the week ended March 21,
j
-
1942, this index stood at 124.0% of the 1935-1939 average, the same
as
in the preceding week.
A month ago it registered 122.2, and
a
year ago, 102.6.
Although there were fractional advances in several industrial
groups
well
as
in
as
the
farm
products group, the decline in the
foods group was enough to hold the
general index to the same level
as
it was in the
preceding week.
Prices were mixed in both the
,
Moody's Bond Prices And Bond Yield Averages Nelson Warns Against
Moody's computed
prices-and
yield
"False Complacency"
given
following tables:"
bond
in
;
Daily
'
,
' * '
1942
Jf'r-r—
10.8
135.6
131.7
180.8
Metals
127.0
124.6
Feb.
.3
127.5
127.0
146.9
146.lr
All
'Indexes
104.4
104.4
March
22.
1941,
79.9.
115.63
113.12
107.09
91.34
96.85
109.79
113.12
107.09
91.34
96.85
109.60
112.93
107.09
Z
-109.60
112.93
"We need
112.93
107.27
91.34
96.85
109.60
112.93
112.93
107.09
of
91.34
96.85
109.60
112.75
106.21
115.43
112.93
107.27
91.34
96.85
109.60
112.75
106.21
115.63
112.93
107.2791.48
96.85
109.79
113.12
107.27
91.48
96.85
109.97
113.12
115.43
112.93
107.27
91.48
96.85
109.79
112.93
135.1
115.63
113.12
107.44
91.48
96.85
109.79
115.63
113.12
107.44
91.48
96.85
109.79
113.31
117.32
106.21
115.63
112.93
107.27
91.62
96.85
109.79
113.31
117.17
106.39
115.82
113.12
107.44
91.62
96.85
109.97
113.31
117.07
106.39
115.63
113.12
107.62
91.62
97.00
109.97
113.31
difference
113.31
107.44
91.62
97.00
109.97
113.31
ever
115.82
113.31
107.62
91.62
96.85
110.15
113.31
116.34
106.39
115.63
113.31
107.62
120.3
„
118.9
118.4
115.3
115.3
114.0
110.34
113.50
97.16
110.70
113.50
117.02
not like the war
106.74
116.41
113.50
107.80
91.91
97.16
110.70
113,70
—the/
know
116.22
113.70
107.80
92.06
97.31
110.52
' 114.08
107.62
91.91
97.31
110.70
113.70
116.41
103.5
113.89
107.62
91.91
97.31
113.89
opening to spread doubt and
113.31
fusion.
107.98
92.06
97.47
110.88
113.89
109.60
112.75
106.92
116.61
114.08
•
115.90
106.04
115.43
112.93
107.09
90.63
95.92
120.05
108.52
118.60
116.02
109.60
92.50
97.78
112.56
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111-62
96.38
109.97
of the
112.37
°
112.75
99.8
124.0
1942, 96.6; March
21,
Census
of
the
102.80
Mar.
116.22
(Based
106.21
112.56
BOND
on
Individual
Corpo-
is
final
its
Closing
Aaa
Aa
.
report
1941,
as
122.2r
14 ,
f
R. R.
Illinois
1941
10,488,885
12,297,970
11,481,300
768,525
769,696
190,194
199,830
774,391 ~
2.99
3.31
4.28
3.93
on
cotton
-2.87
3.00
3.32
4.30
3.94
3.17
3.01
2.88
3.00
3.33
4.32
3.94
3.18
3.02
networks,
2.87
3.00
3.33
4.32
3.18
3.01
chief
3.00
3.33
4.32
3.95
3.18
3.01
3.00
launched
3.33
4.32
// 3.95
3.19
3.01
,
Missouri
1,006,657
5,474
Oklahoma
775,459
781,602
195,955
3.38
2.87
3.01
3.33
4.32
3.95
3.19
3.01
3.38
2.88
3.01
3.32
N4.32
3.95
3.19
3.01
ment
3.95
3.19
3.02
3.19
3.02
greater plant efficiency.
1
3.38
2.87
3.01
3.33
4.32
3.38
2.88
3.01
3.32
4.32
17,502
9,026
919,349
"
5,748
3,769
13,037
16,854
313,483
456,886
1,238,286
1.536,263
1,421,524
395,828
427,824
471,356
114,583
93,831
97,639
559,578
Texas
—
4,360
10,900
717,921
748,644
461,715
764,706
Z
511,850
945,781
574,013
502,871
2,555,611
3,111,051
v
-
442,327
1,015,453
629,710
//■
-1,421,694
•
543,497
14,358 /
9,671
4,130
1,510,238
•
11,238
568.350
,/Z
23,996
852,081
>
/ 744,898
.
117,830
743,691
./•: 709,223 /•/ 789,317
402,914 rh 968,354
in
2,736,764
2,660,453
3,252,556
21,302.,
in
this
the total for
10,285
report
1941
2.87
3.37
2.87
3.00
3.31
4.31
3.95
3.18
2.99
a
3.38
2.87
3.01
3.32
4.30
3.95
3.18
2.99
3.37
2.86
3.00
3.31
4.30
3.95
3.17
2.99
3.37
2.87
3.00
3.30
4.30
3.94
3.17
2.99
promote company unions.
It is
not a device to add to or tear
3.37
2.87
2.99
3.31
4.30
3.94
3.17
2.99
down power
3.36
2.86
.2.99
3.30
4.30
3.95
3.16
2.99
existing unions.
3.37
2.87
2.99
3.30
4.30
3.95
3.16
2.99
terfere with
—
Z—
—
3.36
Jan.
round
as
are
510.9 for
ated
and
weight
gross
average
30.
the crop, counting
is 511.4 pounds for 1941;
1940; and 514.6 for 1939.
The number of ginneries oper¬
of 1941 is 11,147 compared with 11,650 for 1940;
for-the crop
11,885
for 1939.
,.t
:
Z
;
—
United States
during the month of February, 1942, amounted
893,745 bales.- Cotton on hand in consuming establishments on
Feb. 28, was 2,579,789 bales, and in public., storages and at com¬
presses 12,213,134 bales.. The number of active consuming cotton
spindles for the month was 23,077,722.
:
In
merce
tion
•
-
•
,
<
the
interest. of
has decided
of statistics
national defense, the Department
concerning imports and exports.
/Because of war
of
Com¬
to discontinue until further notice the publica¬
r-'/-'Z
World
3.95
3.18
3.00
2.99
3.29
4.30
3.95
3.15
3.29
4.29
3.93
3.13
2.98
2.98
3.29
4.28
3.93
2.84
2.97
3.29
4.27
3.92
2.84
2.95
3.13
2.97
3.30
4.28
3.92
3.13
2.97
2.83
2.96
3.30
4.28
3.92
3.14
2.97
is
2.82
2.95
3.30
4.29
3.93
3.13
2.96
forward
3,39
2.86
2.98
3.33
4.37
4.01
3.15
2.99
3.39
2.88
3.01
3.33
4.37
4.01
3.19
2.82
2.95
3.28
4.27
3.91
3.12
3.42
3.25
.<£2.86
3.06
3.39
4.47
4.03
3.20
3.08
2.72
2.85
3.19
4.24
3.89
3.03
2.8S
3.38
4.36
3.98
3.17
1941
1941
_
Z
1941.
24,
23,
Statistics
'
-
.
;
*
.. v
w.-Z
v «
-
3.40
2.84
3.03
■
"
•
3.64
/
t The
latest
complete
list
of
bonds
used
in
1941, page 409.
/■■//// ters
/ ZZZZ//./.
'
4.37
4.80
3.28
3.09
at
computing
/
indexes
these
was
-
-
-
-
Washington
a
soon
be sent to the
special
debits
as
pub¬
18
by
banks
aggregated
in
leading
be needed in
warded
Total
year ago.
reported for
the
corresponding
At banks in New York City there
compared with
other
total
the
corresponding
reporting centers there
SUMMARY
BY
was
FEDERAL
period
a
ago,
RESERVE
Mar. 18,
Boston
Atlanta
611
8,409
^—v—559
i—-—
>-
Chicago
-r--
Louis™—
:
Z
—
1—
Minneapolis
10,696
424
5,882
345
5,046
4.067
1,888
1,652
21,772
18,399
396
.
333
<
;
;
8,975,,
4,736
City
—
2,071
■
Dallas
Francisco
Total,
New
274
7
reporting centers
York
;
——™—•
reporting centers-.:—,
"Included in the national series
400
332
278
4,022
3,179
857
" 12,393
10,134
*
4,681
3,716
12,363
11,223
143,904
124,512
4,289
City"—
centers*-™-™
173
1,066
'
;
3,773
/; '2,660
.
227
351
Kansas
4,514
50.464
47,282
6,967
1..107
5,816
•
89J.S
occupations.
the
on
be
signed
4.839
417
—
essential"
The
sent
up
9,000,000
Feb.
to
men
16 and
those
who
later
men
who
in the two earlier reg¬
6,570
765
500
—.__™_'_
—
7,896 ZV
931
,//;
;_<™_™
the
istrations, and are not in the
Army, as well as those in subse¬
'7,052
51,737/'. quent registrations.
55,709
...
to
1941
4,895
ZZ, 4,828
and
Mar. 19,
1941
683
,{
■
—
13 Weeks Ended
1942
be for¬
States
be sent to
Mar. 18,
will
professional and scien¬
qualifications
registered
Mar. 19,
out
the National Roster of
vocational questionnaire will first
will
1942
/
and
the
DISTRICTS
Week Ended
*
at
filled
Employment Serv¬
ice to classify those with "critical
dollars]
Federal Reserve District—•
York-
and
with
United
a
increase of 7%
an
year
tific
increase of 21%.
an
of
was
period
to
nel
sons
the
above
production,
Scientific and Specialized Person¬
to find out facts about per¬
the
debits
during the 13 weeks ended March 18 amounted to $143,904,000,000,
16%
war
The questionnaire will
through local draft boards
when
and
for
centers
$12,363,000,000.
approximately
list their occupational skills which
'/' /, ;Z 'Z^
Up 10% From Last Year
reported
March
ended
questionnaire will
men between the ages
of 20 and 45 registered under the
selective service requiring them to
be cent
Bank
headquar¬
announces
26,500,000
industries.
week
1
that
may
Bank Debits
effort to increase pro¬
The Selective Service
are computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to ahow either the average level or th(
movement of actual price quotations.
They merely serve to Illustrate In a more com¬
prehensive way the relative levels and the relative movement of yield averages, the lat
ter being the true picture of the bond market.
other
•
It
straight¬
Draft Registrants To Be
3.04
These prices
lished in the issue of Oct. 2,
simple
Queried On Skills
3.02
average
133
-
2.82
3.58
-v
data are being- omitted from this
.
It is the
mrsm
v
/V-''■■■" '/ZZZ^"'-.
1940
conditions and the difficulties in obtaining de¬
z/
"
.
perfectly
a
duction.
coupon,
San
labor
a
2.96
2 Years ago
St.
position of any
It does not in¬
or
3.02
3.34
1942
Mar.
New
of
scheme to
plan,
other plan.
or any
3.34
Mar.
or
interests
a
War Production Board Plan.
3.34
1942
•
designed to
management
9
Low
special
It is not
bargaining machin¬
wherever it exists. It is not
ery
plan
,
is not
the
group.
a
2.97
3.14
This drive
further
2.98
2.98
!
16
other
3.01
4.31
3.31
3.34
"
„
140
pendable world - statistics such
report for the time being.
3.00
3.18
2.86
Richmond
to
'
3.01
3.17
3.95
2.83
Philadelphia
v
v
Stocks, Imports, and Exports
Cotton consumed
3.18
3.95
2.83
[In millions
of the bale for
half bales and excluding linters
Consumption,
3.95
4.31
3.34
„
23
Cleveland
/:
3.00
v
4.31
4.31
'
3.32
3.35
3,434 for 1941; 4,941 for 1940; and 2,192 for 1939.
The
/
3.32
3.32
Z
3.35
.
bales
Island
for
con¬
3.37
6
1941; 3,472 for 1940; and 175,189 for 1939; American-Egyptian
57,562 for 1941; 32,325 for 1940; and 26,826 for 1939.
Sea-
for
He
3.01
27
2,858,525
23,755
calls
3.01
2
Feb.
445,489
10,345
and
tinued:
3.00
873,288
507,277
for 1941 are subject to revision.
23,788 bales which ginners esti¬
mated would be turned out after the March canvass; round bales 875
statistics
committees
2.87
517,373
-
1941 ginned prior to Aug. 1 which was counted
supply for the season of 1940-41, compared with 32,187 and 137,254 bales of the
1940 and 1939. -
The
production
provides for joint labor-manage¬
2.88
-
460,166
<;
increase
2.87
3.38
95,320
of
Included
/
431,774
592,615
Z/
3.95
1,585,149
1,250,412
384,590}
"Includes 1,969 bales of the crop of
in the
crops
Z>~
12,632
i
432,383
21,344
3.38
//
to
3.38
l
L-.™..
t__—--™—_
3
202,502
908,990
3,761
>
408,056 Z
•
that the drive
2.87
1 Year ago
181,937
448,996
/. 692,209
„
Virginia™---Z
•
*
■
788,922
'
96,077
Carolina./' /
asserted
2.87
3.38
4
Low
11.815,759
470,886
Tennessee
•
/
1,387,127 Z
—
also
Production
3.38
*
5
•
High
12,564,988
310,510
Carolina-
North
South
>
Z Z 17,916
Mexico
New
530,479
;
14,874
J
Z
the major
over
War
6
*
High
17,118
Mississippi
3.95
the
7
ginning
10,728,751
401,214
—™,
In his radio talk
3.37
17
1939
1,437,468
...
3.00
/
9
1940
/
435,085
394,151
>; 637,435
Louisiana
Indus
3.16
3.38
10
1940 AND 1939
1,381,056* ^1,477,110 ^1,359,884
Kentucky
P. U.
2.86
3.38
11
Z'ZZZ/
Equivalent—500-pound Bales
"1939
'/
Florida/.™
Georgia
split this
great American production team."
Corporate by Groups
Baa
3.36
19
and
in
because
he is licked."
Mr. Nelson
concluded by declaring that "Hit¬
ler cannot and will not
20
102.6
1942, 96.6;
of
"then
23
(Exclusive of Linters)
j
Half Bales)
"1940
—
111.44
Prices)
A
doubt
"groundless
few people could
bog
a
2
Cotton Ginned
Arkansas"——
107.98
of
"beware
instills
that unless the enemy can divide
the nation by fear and distrust
21
follows:
as
- 177,551
California
90.63
mind,"
to
con¬
down the whole effort." He added
AVERAGESt
Corporate by Ratings
rate
24
84.81
said
who
fears
90.77
101.80
YIELD
Nelson
man
your
ZyZ;
Avge.
Daily
Department of Commerce at
Running Bales
1-—
the
./.■;•
(
MOODY'S
Average
Report on Cotton Ginning
March 20
on
"
Arizona
Mr.
116.4L
115.89
IT6.42
will seize every
so
113.70
110.70
110.34
118.25
1940-
they
defeat
110.52
107.62
107.09
23,
that
ultimate
97.16
114.08
113.50
116.61
being
"means
95.92
116.61
115.82
105.86
did
production drive
91.77
106.92
106.04
117.68
reasons •
it
for them" and
"pleased
Nazis
90.63
118.00
1941_
alarmed"
16
(Counting Round
Alabama
and
113.70
116.22
117.61
24,
102.0
103.8
124.0
March
were:
.
States.—
the
96.85
1942—
105.8
•1941
United
both
that
91.62
91.77
2 Years ago
Mar.
104.0
REPORT OF COTTON GINNED—CROPS OF
*
was
113.31
107.80
107.80
18
base
alent of 500-lb. bales
•
he
110.15
113.31
113.50
1941
Mar.
This report shows that for the present season
10,728,751 500-lb. bales of lint cotton ginned, including
23,788 bales which ginners estimated would be turned out after
the March canvass.
The 1940 crop yielded 12,564,988 and the 1939
crop 11,815,759.
Taking linters into consideration, this year's crop
will probably amount to
11,650,000 bales.
This computation is
based on the report of the Bureau of the Census, which shows that
895,119 running bales of linters were produced from Aug. 1, 1941
to Feb. 28, 1942.
The present report in full, showing the produc¬
tion of lint cotton by States, in both running bales and the equiv¬
:
said
96.85
115.82
116.41
1941
were
State—
He
91.62
106.56
106.92
still
importance
interference" where-
or
106.74
106.92
need
it is found.
116.32
106.92
more
we
people
some
116.27
117.08
and
war, Mr. Nelson pledged
his word to "knock down such in¬
115.63
1 Year ago
(excluding linters).
•
and forever
not aware of their
106.56
117.60
that
goals."
our
the
in
106.39
117.51
near
the value of time."
that
116.77
—
Har¬
"false
now," he said. "We have got
116.78
/
Pearl
explaining
more
Saying
are
increased
against
weapons
realize
to
113.12
106.39
1942„—
117.6
120.3
combined
Censes Bureau
.
-
these
them
112.93
115.63
12
there
,
106.21
14
Washington issued
96.85
since
"we are nowhere
115.-43
».
50%
complacency,"
115.63
91.34
on
States air¬
has
warned
106.21
117.38
2130
Low
r Revised.
Bureau
but
,106.21
13
The
bor
112.93
115.63
than
more
112.93
115.63
106.39
1942__—
103.5
139.6
104.1
.
groups
106.21
2
113.4
118.9
machinery
1926-1928
on
112.93
106.21
117.32
30
;/
100.0
109.79
20
'118.0
139.8
Fertilizers
Farm
96.85
117.46.-106.21
27
102.1
120.3
drugs
materials
.3
91.34
117.45
3
95.7
113.8
104.4
materials
Fertilizer
112.75
106.21
117.45
_™__
2
Low
89.1
147.0
Chemicals and
113.12
112,93
109.27
4
100.7
119.1
127.9
.
-
Textiles
Building
110.15
109.97
97.00
5
High
96.0
183.8
.
113.3
1.3
107.09
97.16
97.00
91.34
6
87.2
133.8
128.5
6.1
-113.12
115.63
j
91.91
91.62
,
7
85.9
158.7
119.8
7.1
.3
96.1
184.2
_
Miscellaneous commodities
8.2
1941
134.4
Products
Livestock
Fuels '
.
1942
118.2
159.0
Grains
17.3
107.09
production
Indus
9.
High
Mar. 22
1942
136.1
_
107.27
plane
re¬
that United
117.52
;
10
,
Ago
•
Feb. 14
159.0
__
-
113.12
113.12
P. U.
17
117.33
_™__
11
Year
121.6
-
Cotton
107.44
115.63
R. R.
Board,
address
radio
a
March
117.67
13
Jan.
'
Ago
Mar. 14
Fats and Oils_
Farm
Baa
Nelson, Chairman of
Production
in
117.43
16
.>
War
6
Month
Week
Mar. 21
Total Index
23.0
A
113.31
115.43
106.21
Corporate by Groups *
117.65
23
Preceding
Week
Group
Oil_
115.82
9
Latest
Cottonseed
Aa
117.75
-™—
14
1935—1939—-100
Group
Foods
106.56
117.80
16
%
25.3
106.21
18
Compiled by The National Fertilizer Association
Bears to the
106.39
117.89
19
/Z,v
WEEKLY WHOLESALE COMMODITY PRICE INDEX
•
Corporate by Ratings *
Aaa
118.25
17
*
,
Corpo-
21
-
the
Yields)
vealed
rate *
118.27
20
Average
on
Donald M.
PRICESt
13
tv,///-•,
Each
Govt.
23
1
•
(Based
Bonds
.
are
Avge.
24
v
and 10 declines.
;
U.S.
Averages
oranges,
.
MOODY'S BOND
'Z
'
averages
v
1942—
Mar.
bond
the
Z'Z-
;
.
foods and farm products
groups.- Declining prices in cheese, flour,
potatoes, dried beans, and pork more than offset advanc¬
ing prices in corn meal, dried fruits, canned vegetables, fresh veal
and lamb, and corn oil in the foods
group, while in the farm prod¬
ucts group gains in cotton and livestock were more than
enough
to offset the losses in grains and lambs.
A slight increase in cotton
prices was just enough to raise the index of the textiles group frac¬
tionally.
Other groups showing small gains were building materials,
because of higher quotations for linseed oil; miscellaneous commod¬
ities, due to higher prices for cottonseed meal and feedstuffs; and
a slight advance in farm
machinery.
During the week 24 price series in the index advanced and 12
declined;,in the preceding week there were 24 advances and 12 de¬
clines and in the second preceding week there were 26 advances
1257
80,567
66,909
12,873
•
Moody's Daily
Commodity Index
Tuesday, March 17
Wednesday, March
Two
weeks ago, March
Month ago, Feb. 24
Year ago, March 24
1941
-
229.3
1942
229.5
229.4'
—
10
228.1
182.8
219.9
37
High—March 12
Low—Jan.
2
i
Z 230.1
229.5
-
High—Sept. 9
Low—Feb.
229.6
229.4
Saturday, March 21
Monday, March 23
Tuesday, March 24
10,322
covering 141 centers, available beginning with 1919.
230.1
Z
18
Thursday, March 19__
Friday, March 20
171.6
Z
230.2
J__220.0
X",
THE COMMERCIAL & FINANCIAL CHRONICLE
1258
Thursday, March 26, 1942
635,800 tons one month ago, and 1,610,700 tons one year ago.
Weekly visability 7.;;of v licensing 7 service
station operators in the "curtail¬
indicated rates of steel operations since March 31, 1941;? folid
..
SfeeS
V-v
Output Tops Ml Records—War Needs
.,
_
'
T "
1
-
\
.J
•
.
t-
-
-
30—
31——99.2%
Jly
.99.3%
..98.3%
.06.0%
Jly
7——94.9%;
14—.——95.2%
Jly
Jly
21
-i.L.96.0%
28-j.tis.—97.6%
Oct
27
Apr
7
14
21
Nov
-3—--*
Apr
28
94.3%
•Nov
May
5
96.8%
May
12
May
19
May
26
99.2%
99.9%
98.6%
.96.3%
Aug 11—
~_95.6%
Aug 18——96.2%
Aug 25—
..96.5%
Sep
2„
96.3%
2
99.2%
Sep
9
1941—
, i
Apr
to a new
all-time high of 98% of capacity, reports "The Iron Age" in its issue
today (March 26)* A two-point advance at Pittsburgh to 99% of
capacity, a 14-point upswing at Buffalo to 104%, and a 13-point rise
to 101% in the South Ohio river area were the chief factors in The
gain.
The flow of scrap, responding to warmer weather,,, continues
to show spotty improvement and cleared the way for stronger mill
schedules, adds the "Age," which further goes on to say:;
' '
Buffalo's sharp advance followed relighting of four ifurnaces at
the Bethlehem Steel Co.'s plant at Buffalo, N. Y. ? While the com¬
pany's scrap reserve covers only a few days operations, officials be¬
lieve that present efforts to bring out scrap will provide sufficient
material to keep the four additional furnaces in operation.
The
gain in the South Ohio river area resulted from resumption of melt¬
ing operations by Andrews Steel Co.
The Chicago steelmaking rate
is unchanged at 104%, Youngstown down one to 99%, Philadelphia
down a half point to 90%, Cleveland off three to 93%, Wheeling un¬
changed at 83%, Birmingham unchanged at 99%, Detroit unchanged
at 94%, and the Eastern district nine points higher at 109%.
!
Appointment by the WPB Bureau of Conservation of a special
salvage division is the latest step to get out more iron and steel scrap.
Steel
production in the United States this week rose
This division will attempt to
mulations which
are
Jun
Jun
hand within
on
30
with the
17i———97.0%
Feb -v^—££2—95'.5
Feb
16——96.2%
ill
23—t——96.3 %
entering into any agreement for
the adjustment of prices to levels:
95.9%,,.
2—-—95.0%.
Dec
15—97.90/^
*;Dee
22—93.4%
yfurther, prohibition
Mar
•>
Mar
,
,-j ♦
recent weeks
schedule.
»,
,
i
,
<>
v
,
«\
and
most
Much relief- is
essential needs are-being
being afforded
as
met closer, to
plates from, strip mills
.
result of closer
a
f-. 0000
7777^^1
'
/
-
supervision of inventory under new regula¬
sell old
assigned them
strip mill in the Pittsburgh
approximately 60,000 tons
at a rate of 100,000 tons a
to produce so many plates
i
and
war
no
blame attaches, though further ship¬
Part of the iron ore fleet left lower lake
history, and ice breakers are opening
Lake Superior ports, in the effort to start
demand increasing, the need if or ore will
the
Demand for seamless tubing for trench mortar
and
year
record tonnage is needed.
a
Weather conditions favor the
early start and several million tons above last year's total is sought.
New freight rates, carrying a ■6% increase, went into effect last
shipments., Application-to intrastate-• shipments
has not been complete, some railroad commissions delaying action.
New York made the increase effective last week; and New Jersey
will follow immediately.
Indiana I probably will put the rates into
effect March 24 and Illinois April 13, under present plans.
Refusal of Interstate Commerce Commission to suspend the rate
week
interstate
on
scrap and other commodities, as requested by the Office
Administration, has caused the latter to amend the scrap
increase
on
Price
tion
raw
materiaLwith exact relation.to.needs.
this week including the establishing by OPA
price ceilings on seven major household appliances, includ¬
ing washers, vacuum cleaners and stoves. r
last .week.;h.eld;unchanged at 95^% of
capacity. Chicago gained 1. point toTQ4%,< only. T£-point under the
all-time high in December.
Cincinnati increased 7 points to 87%
as
a plant down
for repairs:: resumed production.
New England
_
Higher freight rates in effect last week on pig iron, scrap, fin¬
ished steel and other items resulted in little complaint from the
consumers forced to take the absorption.
Because of large war pro¬
duction, the added freight cost burden falls on the Government itself.
Finished
March
week
One month
One
a
24,
Steel
..
1942, 2.30467c. a Lb.
.vear
2.30467c.
2.30467c.
ago
ago
__
weighted index based on steel bars,
tank plates, wire, rails, black pipe,
and strip. These
beams,
hot and cold-rolled sheets
products
States
of
represent
the
prices
•77
■*.
United
High
Moa
23
$22.61
Jan.
2
19
20.61
Sep.
12
1938
23.25
Jiiil
21
19.61 *
Jul.
23.25
Mur.
9
20.25
Feb.
16
19.74
Nor.
24
18.73
Aug
11
18.84
NOT.
5
17.83
May
14
17.90
' May
1
16.90
Jan.
27
16.90
Dea
5 ;;
13.56
Jun.
14.81
.Jan.
5
13.56
Doa
6
15.90
Jan.
6
14.79
Dea
15
18.21
.Jan.
7
15.90
Dea
lfi
18.71
May
14
18.21
Dea
___
1936
1935
1934
___
1933
1931
Low
High
....
1930
2.30467c.
1941
2.30467c.
1940
2.30467c.
Jan.
2
2.24107c.
Apr.
1939
2.35367c.
Jan.
3
2.26689c.
May
16
16
18
1929
1938
2.58414c.
Jail
4
2.27207c.
Oct
1937
2.58414c.
Mar.
9
2.32263c.
Jan.
4
1936
2.32263c.
Pea
28
2.05200c.
Mar.
10
1935
2.07642c.
Oct
1
2.06492c.
Jan.
8
1934
__2.15367c.
Apr.
24
1.95757c.
Jan.
2
1933
__1.95578c.
Oct.
3
1.75836C.
May
2
1932
1.89196c.
Jul.
5
1.83901c.
Mar.
1
1931
__1.99629c.
Jan.
13
1.86586c.
l)ea
29
1930
2.25488c.
Jan.
7
1.97319C.
Pea
2.31773c.
May
28
2.26498c.
Oct.
29
—-
Steel
March 24,
Pig
One
24,
scrap
One
week
One
month
One
year
Based
ago
—
ago
ago
on
Gross Ton
a
—
*
_
;
averages
.
$23.61
23.61
23.61
—_—
for basic iron at Val¬
ley furnaces and foundrv iron at Chicago,
Philadelphia,
Iron at
Buffalo, Valley and Southern
Cincinnati.
The
No.
quotations
6
3
——————
1
to
melting
consumers
at
and Chicago.
$19.17
Apis
16.04
Apr.
9
3
14.08
May
16
1938
T 15.00
Not.
22
11.00
Jun.
7
1937
21.92
Mm
30
12.92
Noy.
10
17.75
Pea
21
12.67
.Jun.
9
13.42
Pea
10
10.33
Apr.
29
13.00
Mar.
13
9.50
$ep.-25
Jan.
1935
1934
1933
12.25
10
1932
—
__l
1930
Aug
8
6.75
8.50
Jan.
12
6.43
Jul.
11.33
Jan.
6
8.50
Pop.
15.00
—
on
areas
Mar. 20
where deliveries
was
—
curtailed
were
ordered by the Office of Price Administration
Feb.
18
11.25
Ilea-
9
Jkn.
29
14.08
Pea
ruling as of Mar. 13, last, in an emergency order issued
in Washington on Mar. 18 by Acting Price Administrator John E
Hamm.
Later in the week,; Petroleum Coordinator Ickes announced
that coupon
ists
will
be
month
next
rationing for motor-<^
initiated within the
or
so
in
these
areas.
77:-'T
v/The order—effective
3
that
motorists
all
classified
according
would
be
their
to
ac¬
He-hinted that in the
tual needs.
ration areas,
speed and other trafmight be enforced by a
fice laws
threat of taking
up
offender's
an
"We have in mind
ration card.
a
rationing system which would see
that drivers obey the traffic laws,
he
speed laws,"
the
particularly
pointed out.
The Office of Price Administra¬
tion
Mar. 22 announced that it
on
would
prices
of
allow
not
increase
iri
produced
in.
an
oil
crude
the Texas Panhandle.
in
that
had
area
Producers
asked
the
that
present 10-cent differential exist¬
ing
the
between
and
Panhandle
the Kansas-Oklahoma area be re-;
moved, but the OPA replied that
the
present
differential is the
that
"lowest
has
period,"
long
obtained
and
"any
in
a
further
time when inflation
a
effective
threatens
our
tion of the
war seems
prosecu¬
unjustified."
pointed
out' * that
"there is strong economic justifi¬
cation, for the existence of a price
'I The £
-
OPA
differential
favorable
the Panhandle
and
the
less
of
position
because Pan-'
certain 4
has
crude
handle
of
because
geographic
un¬
differential is the lowest that has
obtained
in
long period." 7 • y
announcing the April petro¬
In
5
29
a
production quota at 3,656,daily this week, Ad-'
barrels
Ickes
disclosed
that
23—is
a
as
of Mar.
price
mum
f
• m
.
-
r
.
station
operators
were
urged by Acting Price Adminis¬
7-! trator Hamm to observe the re¬
60-day "temporary maxi¬
Heretofore,
the
rates
a particular month
certified
by the Coordinator to
have been on a basis of required
crude oil only.
Beginning with
liquids.
•
the States for
April, the rates will represent the
recommended production for all
,
Service
two
3
'
telegraphic reports
to service stations
at the levels
7
———
said
for
cut
regulations had been broad-,
ened
to
embrace all petroleum
Freezing of retail prices of gasoline in the East Coast and Pacific
Northwest
20%
LOW
30
1936
ordinary mo¬
gasoline gallonage might
a
given period under
rationing 7 card,. system,but
be
the
■*
steel
Pitts¬
Dea
—
the
;
torists'
leum
19.17
Oct.
—
Composite prices reflect the unchanged ceilings applying to steel
iron products, finished steel at $56.73, semifinished steel at
$36.00, steelmaking pig iron $23.05 and steelmaking scrap $19.17.
and
20.33
heavy
Jan.
...
newspapermen
larly in Massachusetts and Maine,
ministrator
22.50
—$22.00
Coordinator;; told
800
21.83
1941
20;
an-
Washington on Marl
Iri emphasizing the serious¬
of the fuel emergency; the
production limited to high preference war needs desirable qualities which lead to
higher refining costs.
While it
many former steel uses are being replaced by- wood as the only
means
of supplying the deficiency.' Increasingly water tanks are would be extremely difficult to
whether The
proper
being redesigned for timber construction and even rated war projects determine
where wood can be used are being changed to that f material to differential is the existing differ-:
ential or one of 1 cent higher or;
save steel for actual'war requirements,* as well-as-to speed com¬
lower, it is true that the existing,
pletion.
* fcy:
;
which it had received indicated that the Seaboard and the Pacific North¬
operating rate of steel companies having 91% of the steel capacity west plus the District of Col¬
These States and Wash¬
of the industry will be 99.0% of capacity for the week beginning umbia.
were
designated by the
March 23. compared with 97.9% one week ago, 96.3% one month ago ington
and 99.8% one year ago.
This represents an increase of 1.1 point War Production Board early this
or
1.1% from the preceding week.
The operating rate for the month as a "curtailment area"
week beginning March 23 is equivalent to 1,681,600 tons of steel and deliveries of motor fuel to
retail outlets were curtailed 20%.
ingots and castings, compared to 1,663,000 tons one week ago,
1
that
Youngs
>04;} 77
ago..—
on
High
1931
Low
$23.45
Jan.
rise of 5 points to 100%.
.
regulation" and apr
$23.61
Mar. 20
2 1 1929
17.58
plies to all sellers of gasoline in
American Iron and Steel Institute on March 23 announced the 19 States along the Atlantic
High
1941
a
gained 1 point to 95%*-; Pittsburgh lost 1 point to 94%, Detroit
4 points to 83 and St. Louis Vz-point to 83.
Rates were unchanged
at eastern Pennsylvania,-88%; Cleveland, 91; Buffalo,' 791/?; Birming-*
ham, 95; Wheeling, 81%%. '*•
;
7. y • - *
————_$19.17
burgh, Philadelphia,
1940
Iron
1942, $23.61
year
Based
**
Scrap
One month ago—L
1939
March
hearth for
open
town
1942, $19.17 a Gross Ton
One week ago--
9
1929
lighted its last
17
1937
1932
output.
Low 7;::.
;■
22.61*-Sep.
$23.45
in
With most steel
1939
1940
2.30467c.
ago
houhced
ickes
Coordinator
increase at
Steelworks operations
■
"
One
-printed,-; Pe¬
be
can
troleum
•
.
composite
Northwest
the millions of# cards
as
already was planning to rely on
ports last week, The wood for heating next winter.
channels to Escanaba
Coordinator Ickes declined to
ore movement. With make
any prediction
as to the
be greater than las? extent to which the
are
age-
Pacific
and
West
as.v soon
plate shipments have been stopped at his press conference that the
temporarily to shops of three railroads which had accumulated what supply situation in New England,
was regarded as excessive inventory.
This is regarded as the fore¬ both with regard to petroleum
runner of other similar orders.
Some inventory increase frequently and coal had become so critical"
results from failure to receive other steel needed to complete an that much 'of The area, particu¬
schedule to
"iron
the
tions of the War Production Board
permit addition of 6% of the allowable freight charges
control system under which vital material and
where the ceiling is at point of delivery. This is to obviate a down¬
being diverted to the best possible use in the war
ward adjustment of prices by shippers, which the price administrator
program are not hard to find, an unavoidable situation when the
size and speed of the program is considered.
Critics with a desire believed would tend to impede free flow, of scrap into industrial
only to help note, for example, that tin plate, which today is a production. On cast iron scrap other than railroad scrap when the
strategic material, is being used for some caps and closures, especially ceiling is at basing points, increased transportation charges may be
included also.
screw tops, as well
as the tops and bottoms of certain cans, when
Semifinished steel requirements for war purposes are taxing
black plate could be substituted. While not all caps and closures can
be made from uncoated black plate, substantial saving could be integrated companies and mills relying on others for their supply
made since the can and closure industry uses approximately 5% as find deliveries lengthening.
As the latter have heavy orders with
much tjn plate as the container industry.
Some valuable tin plate high priority the situation is becoming complicated. This applies in
is not being conserved because of the length of time being consumed practically all products, bars, sheets, pipe and wire being especially
affected. Semifinished producers find it difficult to, follow priorities
at Washington in drawing up a black plate order.
and must rely on special directives to.move any order holding, up
Expansion in the number of plants producing bombs is expected
to press tube mills for certain sizes within the next three months. vital war production, .With a preponderance .of; A-X preferences on
Restrictions on non-defense construction will curtail demand for cer¬ books of all finishing mills, integrated or not, it is difficult to appor-?
of retail
line rationing will be initiated in
ness
As
.
.~
.
.
required
of
Price developments
,
13, 1942, based 7
possibility that the order
the
on
ucts demanded from bar mills.,
ments.
v
.the ^"curtailment, area"., from
Revamping of, plate shipping schedules
shipbuilding is under way, reassigning, t6 strip niills some tonnage
formerly allocated to sheared: and*universal mills! Bars are a close
second in demand and congestion is increased by the variety of prod¬
A-l-b rating can be scheduled
Soon all sheet production on high speed mills is likely to represent
outright allocation.
WPB's Iron and Steel Branch this week re¬
quested all plate consumers to conform to certain ordering require¬
tain types of pipe.
OPA order forbids gasoline sellers
.
,
for
sheet business carrying an A-l-a or
shells has risen sharply,
in 7 the
,
,
out in larger tonnage.
come
originally scheduled to produce
monthly at capacity, is now operating
month.
Strip mills are being required
that the availability of sheets is becoming of serious consequence.
Almost all sheet mills are so crowded with plate tonnage that only
in
;
9—^197.4%'
16—^.^:97.9%: above those of Mar.
M ar i 23———99.0%"
,Dec;29^Ui—9M&
y ' Plates are most; iri demand-but. the\ situation*. has been bettered
in
producing far in excess of estimated capacity
Flaws
:"'y;
24
earliest in
machinery
'77V7-
28.———94.6%
96.1%
Sep 29—96.9%
wp■'jt\
law.
compliance
19-0:^.95.0%
Feb
23
—99.9%
<aj—-—Bw.tfyt
'
Feb
Mar'."2—97.2%
—_96.8%
individual
an
assure
Jan
96.9%
8.—
as
to7
Jan
8——97.5%
22
area"
{
98.2%
1-—U—97.6%
15—
tatively set for the steel industry, but the objective of 900,000 tons
a
month must first be attained.
Already the Nation's wide strip
One large
measure
—99.9%
.
days. 7
area,
ment
9 3.8%
Dec
Sep
.
expedite movement of large scrap accu¬
obstacles such as uncertain owner¬
by the mill manufacturers.
_
12^——95.1%
Dec
Sep
assembly and in those-cases
ment may be held back.
are
-
•
•
Jan
10—96.6%
Nov
98.6%
tional
mills
|942—.-v
Jan..* 5 —i!
20—^—97.8%
Oct
'may be amended or held invalid
by a court.
However, any seller
J "Steel'? of Gleyelahd;Triiit£;su^
kets,-on March 23 stated: '•: "7.; f-- f ^7;*;::" 7;- 7 =; 77 may apply to have the 7 order
By far the greater part of ste^l orders; on mill 'books, is concen¬ amended im keeping with the pro^
trated in upper priority brackets, shipments, on ratingsibelow A-1T) vision ,of
the. OPA procedural
.7
being slowed up and mills .as: a rule accepting no new commitments regulation No,. 1.
lower than A-l-j.
A rigid coupon system^of gaso7
'
j * \ \
J
//',
..
Few weeks pass in which steel plates stay
/
v
6
—98.1%
13_^^-~98.4%,:.
Oct
:i<Iov
Jun
ua
out of the news. Addi¬
awards for cargO\Ships, for shipyard expansion and for new
shipyards again emphasize the need for more and still more plates.
A monthly plate production goal of one million tons has been ten¬
;
4
Aug
16—99.0%
held up by
Canada, all automobile wreckers have been ordered to
cars
Oct;
lun
ship, high cost of demolition, remote locations, and other complica¬
tions.
The move is one for which the scrap trade long has hoped.
In
91.8%
Jun
Mar
Apr
Predominate—Ore Movement On Lakes Near
.
quirements of the price order.
pointed
out
that
the
He
Emergency
Price Control Act of 1942 contains
severe
tions
penalties for willful viola¬
of
maximum
a
price regu¬
conviction, accord¬
ing to the law,~a willful violator
lation. 7 Upon
is subiect
to
a
fine
of
not
more
than $5,000 and imprisonment for
not more than one year, or. both.
The.
.Acting' Administrator
closed
serious
that
the
OPA
consideration
was
to
dis¬
giving
the
ad¬
petroleum liquids, including crude,
oil,
"We
are
natural
and
condensate
derivatives
condensate
recovered
broadening
gas'
from ! oil,
and gas fields.
7 *
the certi¬
fication
procedure,"
Mr.» Ickes
said, "for the simple reason that
the urgencies of the war situationno longer permit the ignoring
of
what
amounts
-
to
a
substantial
portion of the United States pro-*
ductionof
petroleum
liquids.
Approximately 5%
duction
of total pro¬
is made up of condensate
and natural gas
viously;
*•
derivatives.
inequities
-
cannot
Ob¬
help-
1
Volume 155
THE COMMERCIAL &
Number 4058
Electric Oitpul ForWeekEaded March 21,1942
Slicwsl2.5%Gam0verSaneWeel(ln 1941
The Edison Electric Institute, in its current weekly report,
mated that the production of electricity by the electric light
•
^Prices of Typical Crude
.
per
(All gravities where A. P. I.
■
'.
degrees
are not
shown)
$2.75
-
1.31
Eastern Illinois
1.22
Illinois Basin
1.37
3,357,032,000 j kwh.,^ which compares -with 2,983,048,000
,kwh. in the corresponding period in 1941, a gain of 12.5%. The Mid-Contin't, Okla., 40 and
above
output for the week ended March 14, 1942, was estimated to be 3,357,*
444,000 kwh., an increase of 12.5% over the corresponding week Smackover, Heavy
Rodessa, Ark., 40 and above
in 1941. —
•. •
«
!\
i
East Texas, Texas, 40 and
J PERCENTAGE INCREASE OVER PREVIOUS YEAR
above
was
1.25
...
0.83
1.20
...
,
1.25
-Week Ended
Major Geographical DivisionsNew England—
,
10.4;
Central- Industrial
9.9 '
11.0 i
Central
Southern
13.5
i
9.2f >*
<12.7
.
States
'•
'
12.1
,12.6
Rocky
15.2
13.4
Mountain
27.2?::
.
Total
States___i.
United
14.5
*
'
-
-
j,
,.
23,4
(Thousands of Kilowatt-Hours)
% Change
<
1941
Week Ended—
Sept.
Sept.
Sept.
3.132,954
3,322,346
13_L_:
.i
20__—
:
27-.:_^.
Sept.
:
2,591,957
2,773,177
2,769,346
3.273.375
3.273.376
;.
+18.2
2,558,538
+16.2
2,816,358
-
2.554,290
2,792,067
2,817,465 ,f
+19.3
2,837,730
2,866,827 -i
+16.8.
3,380,488
2,882,137 .:
3,330,582
Oct.
11
Oct.
18___._
3,313,596
Oct.
25—
4
3,355,440
1
Nov.
8
3,368,690
3,347,893
: 2,576,331
2,622,267
+ 16.5'
+17,3
2,858,054
Nov. ,v15__—.
2,583,366
+19.1
•
Nov.
u—-
2,538,118
,
3,340,768
Oct.
2,608,664
-
Pec..
+ 15.8
2,587,113
2,839,421
'+T4.4; •••:'• 2,560,962
2,931,877 ft +13.9
3,414,844.
6——
2,588,618
2,889,937
3,339,364
29
Nov.
+17.9
3,247,938
'Nov.'
: 1938v '
-2,109,985
2,279,233
2,211,059
2,207,942
:2,228,586
v
2,251,089
2,281,328
" 2,283,831
2,270,534
2,276,904
2,325,273
" 2,247,712
2,334,690
2,376,541
2,390,388
.2,424,935
2,174,816
'
2,532,014
+19.8
r
1939
V;.: 2,375,852
+ 20.9
-
2,975,704
..
2,605,274
:;(+i4.81. 2,654,395
+ 15.7
2,694,194
Dec.
13_
—
3.475,919
3,003,543
Dec.
20_„__—
3,495,140
3,052,419 .SrY. + 14.5
2,712,211
Dec.
27
3,234,128
2,757,259
+ 17.3
2,464,795
;i-.
■
;
1937
':
2,211,398
2,338,370
2,231,277
3,331;4I5
2,339,384
2,324„750
2,327,212
10.
Jan.
2,263,679
2,104,579
2,179,411-
2,234,135
2,241,972
2,976,478
+ 15.0
2,564,670
2,985,585
+ 14.7
2,546,816
1,512,158
1,699,250.
2,993,253
+ 13.9
2,568,328
1,519,679
1,706,719
3,392,121
3,357,444
3.004.639
+ 12.9
2,553,109
2,983,591
2.983.048
+ 12.5.
2,550,000
1,538,452
1,537,747
1,702,570
1,687,229
1,514,553
1,687.229
1,480,208
1,679,589
1940
.
2,558,180
+15.6
2,688,380
+ 15.7
3,002,454
3,472,579
Jan.
17
3,450.468
3.012.638
+
14.5
2,673,823
Jan.
24..
3,440,163
2,996,155
+ 14.8
Jan.
31—
3,468,193
2.994.047
+ 15.8
5 3,474,638
2,989,392
+ 16.2
2,660,962
2,632,555
2,616,111
3,421,639
Feb.
7———-14—^—.
Feb.
21.
Feb,
■
Feb.
-
—
28-
—
'"
Mar.
7——
Mar.
14.«.*—
Mar
—
%u
,
3,357,032
-
"
% Change•
>
1940
over
1,728,203
1,726,161
1,718,304
,
1937
1938
1939
1940
"9,787,901
9,290,754
10,183,400 -r
13.219,304
11,683,430
+
13.1
February
11.894,905
10,589,428
+
12.3
9.256.313
8,396,231
12,965,158
10,974,335
+ 18.1
12,556,430
10,705,682
+
13,216,962
11,118,543
+ 18.9
10,121,459
9,525,317
9,868,962
13.187,225
11,026,943
+ 19.6
10,068,845
10,183,255
9,110,808
8,607,031
8,750;840
8.832,736
9,170,375
9,801,770
9,486,866
9,844,519
9,893,195
10,372,602
——
—-
April.'—--—
May
...
...
June"
_"j_
*-.-
July
J——
—
——
November
——
December
...
——
Total
...
13,837,916
11,616,238
+ 19.1
11,924,381
+ 18.4
13,915,353
11,484,529
+ 21.2
14,765,945
12,474,727
+
18.4
13,988,934
12,213,543
+
14.5
11,087,866
12,842,218
+ 17.5
.
:10,785,902
10,653,197
11,289,617
11,476,294
if
8,911,125,
9,886,443
do
also
count
t*
ments
9,573,698
9;665,137
10,036,410
10,308,884
9,908,314
10,065,805
9,506,495
9,717,471
ac¬
-r.l
The following
:
rates, certified by
therefore re¬
required crude
oil ' production but also - the re¬
quirements for output of con¬
densate and natural gas deriva¬
the
flect
PGO for April,
not only the
tives:
Vh ' *-.-h;hh;ty*.--t
-
.
:'
-
«
State—
"
__
M
Produc-'
h
•:
.V:
'
.
: Apr. Daily
tion Hate
...
in Bbls.
...
14,600
Pennsylvania —49,900
West' Virginia
> 15,200
Illinois u-l—354,400
Indiana:-—18,200
New York
»
<253,400
712,800
Kansas,,
Kentucky
MichigSin
--
-
5?»20Q
v
/
•
5,000
Nebraska;;-—rT
bhio^l-::-:,——io,ioo.
Oklahoma
-r———-
Arkansas
•
Louisiana
The; House.' Ways
-
Committee
-
49,800
<
Means
Mar.
on
24
Caribbean in
of
,',""
•.
lien for the payment
——- - —
New Mexico --i——86,000 «
Texas^.--------------r 1,134,000 v
suit
by
mer
filed
was
Roscoe
behalf of
G.
last
sum¬
Filburn
on
of Montgom¬
ery County farmers.
It named
Colorado
------------
Mo,nts8a
ft6,900 J
2.3,700
20
a
group
ard.
It
was
the first suit of its
kind in the Nation and followed
Wyoming ————California, -r——659,800
21, the "Gil &
reported Tuesday^
the total rising to 3,681,470 bar¬
only
to
Journal"
Texas and Illinois
were
the
major oil-producing States
higher
production.
report
Stocks
of
domestic
and
foreign
situation which we warned crude: oil were
up 1,909,000 bar.-last Summer has now
rels during the week ended Mar.
come to pass," Mr. Ickes said in
pointing out that the April fig¬ 14 to 262,063,000 barrels; the Bu¬
ures
reflected fhe necessity of reau of Mines
reported this week.
further reducing production in American crude was
up 1,628,000'
the Gulf Coast area.
"We have
barrels
while
holdings of im¬
feached
the
point " where the
pressing demand for petroleum ported ; oil rose 371,000 barrels^
'(The
against
Eastern
products
in -the
«
There were-
consuming centers cannot .changes.
no
oil price
crude
-''
•
crop of wheat in the
1940.
He said he had
of
fall
allotted
been
11.1
for
acres
a
normal yield of 20.1
bushels an.
acre, but planted 23 acres and
produced 239 bushels over the
allotment.
)
•
tions of the farm belt.
It asked
that
is probable that the operating ef¬
fectiveness of tankers has been
curtailed
a
Since the sinkings on the Gulf-
■
East Coast
other
measures
run
began, however, it
materially, if convoying
time-consuming safety
have
been
adopted.
of
the
quantities will have," criticized the
address
a
week
before
increased
penalty was ap¬
proved and less than two weeks
jcents
U.
gallon in the midcontinent.
a
S.
Lots,
Car
.
New
(Above
Gasoline
F.
O.
65
Octane),
B.
Refinery
Seconv-Vac
■
$.088
—
Oil
.088
.088
.088
Texas
♦Shell Eastern
Other
——
"Because
of
the
uncertain
world
.06-.06
.06-.06%
Oklahoma
♦Super,
Kerosene,
;
F.
O.
B.
Refinery
Baltimore
Philadelphia,
North
$.053
(Bayonne)—
—.054
-.
.04
4.25-4.625
New Orleans
:."
_.04%-.04%
,-r
March
Russell
16
of
Numerous
gram.
• midwestern
the Association.
farmers belong to
decision should
precedent on other cases
regarding the wheat penalty tax
set
a
all
but
the
facts
tutionality
quota
of the
program
sented.
■''■+.
Australian Mission In U. S.
Herbert
Dr.
Vere
Aus¬
Evatt,
Af¬
Minister for External
fairs, arrived in the United States
March
on
for
18
conferences
Evatt
Farmers should
consti¬
themarketing
were not pre¬
of
met
was
on
war
effort. Dr.
San
Francisco
in
because they by Richard G. Casey, Australian
shortages of Minister to the United States. He
is accompanied by Arthur S. V.
;
Smith, Secretary of the Depart¬
The -majority - decision
pro¬
ment
of
Supply,
and William
ceeded:
Sydney Robinson, adviser to the
;
Considering the fact that the
Australian Government on sup¬
law increasing the penalty be¬
plies of raw materials and mu¬
came effective May 26, 1941, yet
nitions.
would be inoperative if more
Dr. Evatt arrived at Washing¬
than one-third of wheat farmers
be
•
.
ton
March 20 and held
on
a
brief
eligible opposed the quota in
initial conference with President
May 31 referendum, it be¬
Roosevelt. In a formal statement,
comes
important to determine
the
whether
the
necessary
two-
thirds of wheat farmers volun¬
tarily
voted
affirmatively or
were unintentionally misled in
voting in the referendum.
It
would
seem
that
the
Sec¬
retary meanr^what he said and
that
the
farmers
voting
af¬
firmatively would not be penal¬
ized for the
ed"
"deliberately plant¬
excess
law
acreage beyond the
effect at the time of
in
planting.
But the contrary was
true.
Dr. Evatt said:
My mission is to take council
with
the
service
President
especially
in relation to the
theatre, for the outcome
of the struggle there may de¬
termine the very life of our
country.
We have urgent re¬
ports and recommendations to
submit
here, and at
the mission
Fuel
N. Y.
Oil, F. O. B. Refinery or Terminal
(Harbor) Bunker C
Savannah,
$1.35
2.15
Bunker
C
Philadelphia, Bunker C
Coast
.85
Halifax
1.70
Gas, Oil, F. O. B. Refinery or Terminal
N. Y.
(Bayonne) 7 plus
Chicago, 28.30 D_
Tuisa
—
the
has
also
of
task
$.04
.053
.03%
later stage
to Canada,
r
Govern¬
assigned
to
me
reviewing and co¬
Australian
activities
States, with
a
in
govern¬
the United
view to securing
full cooperation with the United
States authorities.
At
a
press
conference,
Dr.
Evatt called for the creation of a
new Pacific war council with the
Australian and New Zealand Gov¬
ernments
on
1.30
1.35
a
go
Commonwealth
The
mental
of the situation demanded that
will
and then to London.
ordinating
help the farmer to avoid
prices which he
foresaw if the quota failed, yet
it would seem that the equities
his
advisers,
Pacific
ment
ruinous wheat
and
other
and
Giving full credit to the Sec¬
retary for his zeal and his ef¬
.054
——
...
Texas
advices
-
Kiko
penalize^
provided against
food."
Gulf
New York
ton
acrestsf wheat.
not
Diesel
41-43 Water White, Tank Car.
ex¬
estab¬
voting in a referendum.
According to United Press Day¬
the United Nations
05%-.05%
—
in
quota
situation, we deliberately
planted several million extra
Cities—
-Chicago yi-I
Gulf
Coast
farmers sold
marketing
forts to
Tank
York—
Tide Water
of
cess
lished under the Agriculture Ad¬
tralian
before the referendum:
average
heavier, by Congressional action.
Of the 516,600,000 barrels of pe¬
troleum
products
received
on
the Eastern Coast during 1940—
radio
the
increased
was
wheat which
complaints He added:
against the penalty in all sec¬
The Dayton
each.
^
&nd-petroleum
Mr. Filburn contended he had
planted his
of
outburst
an
Secretary Wickard and the
County AAA Committeemen be
enjoined from collecting the 49cent penalty.
The majority opinion quoted
Secretary Wickard as saying in
the major cause
:week ended Mar.
rels.
excess.
Canton, President of the
Ohio
Marketing
Quota Protest
as
defendant
Carl
R.
Helke, Association, said the Dayton deci¬
County AAA Chairman,
and sion would not end his organiza¬
Secretary of Agriculture Wick- tion's fight against the AAA pro¬
about
of production curtailed deliveries and operating
of hours for service stations.
a gain of
154,890 barrels: in daily
'J Price changes follow:
average production of crude oil
Mar. 18—Wholesale prices of gasoline
in the United States during the were cut Vfe cent a gallon to 5% to 5%
Gas
accepting the
parity
loans they were also subjecting
themselves to increased penal¬
ties from the farm marketing
retroactively justment Act of 1938. The quotas
a taking
were
approved, officials said, by
property without more than 80% of wheat growers
„
Mississippi
in
increased
operated
plaintiff's
The
days, delivering
4,000 barrels a
day, oil statisticians estimate. The
1,500,000 barrels, or 63,000 gallons
carried in a year by one tanker is
about equal to the annual con¬
sumption of 100,000 passenger cars
at 650 gallons each, or 35,000 do¬
mestic oil burners at 1,800 gallons
therefore
expansion
was
of
and that it amounts to
barrels of petroleum products and
a round trip to the Gulf or
1941 figures not being available
Department's new income tax yet—a total of 428.000,000 barrels
the Gulf Coast -by
program would reduce the cur¬ came from
rent lubricating output of a four- water.
state region despite war needs for
"o Gasoline service
station oper¬
increased production. J. E. Moorators in
the metropolitan New
head, executive manager of the York area voiced
vigorous oppo¬
association, opposed the Treas¬ sition to the
card-rationing plan
ury's proposals to eliminate a for the East announced as
nearing
provision of the tax law under
by Petroleum Coordinator Ickes.
which oil producers may .take up
J. R. Crossley, Vice-President of
to a 27^% depletion allowance
the
Automobile
Club
of
New
in deduction from gross income.
York, calling the action "a popHe said that members of the asso¬
off" by Ickes "on another tangent
ciation also opposed the elimina¬
without knowing or seeming to
tion of the right to change "in+
eare what effect the newly insti¬
tangible" drilling costs to expen¬ tuted limitations on hours and
ditures. J. r:.v
a
thereof,
made
ury
Sharp
74,000
h 313,000
told
a
by a representative of the Penn¬
sylvania Grade Crude: Oil Assn.
that two proposals in the Treas¬
in Texas
436,900
was
and
to
crop
and tankers were allowed to load
petroleum
these other
excess
over
the
15
cents per
bushel and subjected the entire
during the
be entirely, satisfied because of last half of 1941, when loading
the lack of adequate transporta- and unloading were speeded
up,
require¬
the h production,
for
•liquids." h
;
into
take
that
of
due process.
9,773,908
h +17.4 124,502,309 111,557,727 117,141,591.
recommended
the
not
arise
was
Sixth United States Circuit Court
The average tanker on the East
Coast run in 1940 carried 80,000
tanker
rates
crop
a
The effectiveness
but*
the
little less, according to the
American Petroleum Institute.
or
year.—182,762,560 138,653,997
for
"
15,095.452
—
——
October
17.3
14,118,976
—:
August
September
in
weakness
farmers
benefits
15 to '49 cents after last summer's
means, or that all
have to share and get along
with
1,717,315
JanuaryMarch
1.23
least, have to get their motor
or heating oil by some other
users
1941
*1941
1.12
ufacturing sent prices down an¬
other Vs -cent a gallon this week.
The cut, fourth in the past month
or
so, cut prices, tank car lots,
to a range of 5% to 5% cents for
regular grade gasoline.
1,733,810
1,736,729
"
•
Judges Rob¬
planted.
The decision
wholesale gasoline market in the did not pass on the constitution¬
midcontinent area resulting from ality of the Wheat-Control Act
the transportation bottleneck to itself, which farmers approved in
the Eastern consuming areas plus a national referendum a year ago.
curtailed tire sales and auto man¬
Judge Florence E. Allen of the
1,542,000
(Thousands of Kilowatt-Hours)
RECENT MONTHS
FOR
DATA
~
2,524,066
2,975,407
28———-
Mar.
2,508,321
12.5
+
District Court
S.
enjoined the collection of the
penalty, and pointed out that it
was
increased by Congress from
transportation
1929
3.423,589
—"
0.95
fuel
1941
over
U.
the Secretary also forewarn the
at
2,214,337.
-3,409,907
1941
2,845,727
amounted to taking farm-^
ers' property without due process
of law, the majority decision of
2,033,319
2,245,449
1932
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1942
3,288,685
3——-.-—
that it
2,053,944
2;297,785
1942
Week Ended-
Judge Federal Court at Dayton, Ohio.
Reference to the filing of
two suits to test the penalty was made in these columns July 19
last, page 324. Holding that the penalty was illegal, on the ground
ert R. Nevin and John H. Druffel
1.29
County, Texas
Lance Creek, Wyo
Signal Hill, 30.9 and over..
Continued
penalty imposed under the Agricultural Adjustment
Appeals dissented from the
Officials of the Department of
majority opinion, contending that Agriculture, it is stated, declined
the penalty was valid. Regarding to comment on the
Dayton deci¬
the
majority views, Associated sion, although aides of the De¬
Press
accounts from Dayton
on partment were indicated as saying
March 15, said:
on March 14 that an appeal would
Every time a, petroleum tanker
Under the circumstances, we be taken.; The Associated Press
is sunk or transferred from the
are
obliged to hold that the Washington accounts March 14
Gulf-East Coast run it means that
amendment of May 26, 1941, in reported officials as stating that
nearly 100,000 passenger cars, or
so far as it increased the pen¬
the
penalty had been imposed
35,000 domestic oil burners on the
alty for the farm marketing against several million bushels of
Atlantic - Seaboard,
temporarily,
% Change
Jan.
and
The 49-cent
Administration program for marketing 1941 wheat in excess of quotas
fixed by Congress was held invalid on March 14 by a special three-
'
'*
'over 1940
1940
1941 '•
37.9
over ; -+.
:
13.9'
12.9
.12.5
Hills,
17.3
29,1
-
v-
13.1 "
;
f
12.8
'
Kettleman
Pecos
12.9
11.0
*
11.6
'.
^
;
8.9
*
13.2
10.9
,
Feb. 28,'42
13.1
»Mar. 7, '42
10.7
,
,
,
'
Middle*. Atlantic
West
.-.Mar. 14, '42
Mar. 21, '42
.
1259
Penalty On Wheat Marketed In Excess Of
Quotas Held Invalid By Federal Court
Barrel At Wells
esti¬ Bradford, Pa.
and Corning, Pa.
industry of the United States for the week ended March 21,
power
<1942,.
FINA* CIAL CHRONICLE
with
the
United
there
.
Kingdom.
has
been
consultation,
cooperation
equal
an
United
States
governmental
although
by the Allies.
the
He added that
no
must
footing
and
be
complete
established
^
-)k
•
-.
kt'ta-wiS.'-
l
.KijJMi
' :'.'.'IfW). tr.&'w^^^jHA-wa^JWfcWWiilMMWliWiiini—iwmimliMi.i
',
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THE COMMERCIAL & FINANCIAL CHRONICLE
1260
Reporting
Warns of Impending
Attacks But
A.
for the- bank itself,
Gardner,* President --of the
R.:
vanced
more
said
that
it
Office,of Civilian Defense,
warned on March 19 that "we must now be prepared for attack."
but declared that in dealing with the problem. of - .bombardment
of industrial property the "over-all concern must be the maintenance
of .production."
.•
.
•
*~7 •
<
s«*.• v *
- «
v. . - .
,v'.7
Speaking at a luncheon given by the Commerce and Industry
Association
of
New
York,
Mr.^
Landis cited these two examples
operating under
blacked out
.conditions.
As
against
these
of the OCD's protection policy:
M.
I^ ^
mOney than any of
Landis,
of the
Director
.
.
.
The
..
the
.
its
handling; of
that it re¬
signals
the
from
ceives
v
is
first
aircraft
Interceptor
.
permit the giving of a
general alarm to industrial personnel in New York City with
r,
airplanes
far distant as Bos-
as
ton
the
V
in the East
South.
Baltimore in
or
We insist, however,
that no such an alarm shall be
given until the latest possible
j
J
1
moment,
V
well
.
that production as
of all life
so
shall not be unduly interrupted.
*
The
alarm
^
command
personnel, ; the
to
in
shelter
seek
to
constituting 16%
of the ad¬
nationally. - "Out of a
duced-gross income, the bank
able
show.an
to
increase
re¬
.
Nelson
Mr.
>
was
in
made
this
Organizations
who
were
profit for 1941 over 1940, $480,- trial
to.. Washington
by
295, as compared with $412,854," summoned
costs, some damage to property, he said.- -"This was due-to a-lesser their President, Philip Murray, to
.some casualties to civilians are charge for debenture interest and organize a drive against the adop¬
negligible.
expense
and
interest
on
de¬ tion by Congress of pending re¬
Instead our theory of black- posits." ■';•■ 7777-7 •/,
strictive labor legislation.
.1 out is to reach the point of
Distribution of the net profit
President Roosevelt, in a mes¬
blackout and maintain it only was
reported as follows: Divi¬ sage to the meeting, said that
.when and for so long as danger dends to member savings and loan with workers' rights and
priv¬
threatens.
This requires much institutions
and
to 7 the
Recon¬ ileges
go responsibilities and that
Finance • Corporation,
planning < and some necessary struction
liberty and freedom belong only
installations. It requires careful $289,629;
legal reserve, $96,059, to men and women who can earn
and undivided profits, $94,607.
planning so that within a speci¬
them.
The, President also reit¬
fied time—say 20 minutes, 10 or
erated his belief that
the
free
even five:—a condition of black¬
workers of America can give to
out, or, shall I say "obscura¬
victory far more than the Axis
tion," can^ be achieved. It re¬
taskmasters can ever wring from
quires , installation" at
critical
their "regimented v toilers."
;
points when production must be
His message follows:
The New York Committee of
■maintained at all hazards, at¬
My Dear Mr. Murray:
tack or no attack.
Plastic pro- Civic and Business Organization
In recent years the workers
;"
duction, for example, can ordi¬ Presidents, at a meeting at the
in
America's
great industries
narily not be shut down for a Hotel New Yorker on March 20,
have gained new privileges and
moment or else a month's or called upon the special New York
raid
Bureaus To New York
.
a
only
thus
comes
'
when the bombers
•
-
/>
How necessary
is whether
substan-
are
tially overhead.
<•
;.0'^
system
.
such a
dealing with
are
we
industry, with office workers or
77 With schools, can be appreciated
> by a
moment's thought. Were
the,, alarm to be given with,
*
bombers
200
miles
permit
all
paralyze
away
the
to
production
from
Baltimore to Boston by placing
a
few
We
planes
dare
afford
him' by
age
Long Island.
over
not
to
such
and
of
make
it
panic
worth
to-.sacrifice
planes
weakness
thereby
while
in such
men
second
A
sistence
;•
That
theory,
from
springs
from
yet
;
sporadic
7
with
from
part
as
contrasted
threat
of
continuous
continuing
bombardment.
at
now
night intend
operate under blackout
con-
The
has
sought
to
plant of the necessary warn¬
York
because
conditions in
within
of
what
plants
(2)
Mr.
-
work
He
it
in" terms -of
overcrowded
Washington.
of
We
as
camouflage—re¬
the need
occurs.
Continuing,
he
added
that
New
York has
stated
that
the
values
which
make
a
the
down production from the degree that industry
v30 to 50% by the necessity of that
responsibility.
""
decentralization
~
;
/
■
living
can
sound; but where that seventh
day does not fall on a Sunday
,
holiday, I don't think that
upon Sundays and holidays, in war time, deserves ex¬
or
v
tra pay.
U.S.-China Accord On Aid
The officials had the following
s
to say in a joint statement:
This .financial aid
.
tribute substantially toward fa¬
cilitating the great efforts of
;v
the
cial
of any kind, in any field of Amer¬
action, can have the slightest reality or life today
by the stark and single test of victory," according to James F.
or
programs
into
save
Bureau
/■
Twohy, Governor of the Federal Home Loan
(Twohy made this statement, in
stockholders'
the
-
Palmer
The
,•
If
•
.
House
basic
this
come
on
March
21.#
fact
to
realize
ready for the future.
is
'
boom
r
dramatic
do
it would be
which
a
wonderful
should
we
only
this
in
-
had
reversal
about in the shape of re-
eovery,
.
Mr.
meeting of the Federal Home Loan Bank of Chicago, at
that
the
war
has
Completely
r-reversed the national economy.
..
System.
address prepared for the annual
an
In his remarks he said: 7-7^/777.7
'
Bank
the
-in
the
tion
we
be
no
let-up
participation
energetic
war
as
there
let
r
While
program of the Na¬
it touches
activities.
our
been
which have been
Axis
free
in
r
workers
determination
far-more
taskmasters
can
J
than
use."
Twohy urged the member
savings, building and loan as¬
sociations
of
the
Federal
will
chief
serve
as
"the official
point of contact be¬
tween the WPB and all commit¬
tees
Mr.
reorganization of its
Industry
Operations
industry, branches.
The
is headed by Philip D.
Each
or
to
control
to
insure
assigned 7 him,7 the
dustry
nouncement said.
Home
The
a
chal-
new
Deputy
*
country's march
to victory'over the Nazis and
the Japs.
»
our
his talk
-
as
.
.
we
is that
paint of the prospect
can
our
war
production will
;' reduce
«
-
j
our living
standards to
depression • levels
and
below
them, even while we produce at
.
•
■
r.
r
t
rent
war
forces
us
to
income
and- salaried
of
wage
earners
people—not to get
them to withdraw their savings
invested over past years.
This
boom levels.
The
)
reau
7.7- The .Treasury - wants savings
resulting from the rising cur¬
it in
Mr.
.
in
think
is
a
might well re¬
less in terms of present expanpeat. By investing current insion and more in terms of con- 7, come, wage earners are helping
solidating and : fortifying • the
most because they are diverting
position of the thrift and home
those funds from the expendi¬
lending business. * We are not
going to operate on an expanding market during the war and
we have a great program to fulfill after it, and this is the day
and
dig
time
in,
to
appointed
clean
for
house,
us
to
to
get
message you
tures
which
flation.
would
Defense
speed
bonds
extension
needs of
beliefs
should
into
our own
and
be'
the
the
„
.
and|
institutions
Nation's
model
*
R.
concerned the
whittle
ir
the President of the Campbell
Soup Co, Camden, N. J.
Nathaniel G. Symonds, VicePresident of Westinghouse Elec¬
President of
,,the Masonite Corp, Chicago.
,>
.
♦-
•+-
Alexander,
of the firm
W. Davis & Co.; is Reed's
Marshall J. Dodge,
of J.
executive
,assistant*
"
United
Nelson
v'•
States
far
said
he
of time."
as
he
the
and
to it that
nobody pushes you around—but
we're going to see to it that
labor
doesn't
push
any
the
aid*
CIO,
'
"
there's
one
end of the line:
small number of short¬
a
sighted labor folks at the other
end of the line:
I don't propose
~
to
see
either
advantage
group
of this
taking
any
situation.
without being
either by a few selfish
as „we
held up
was.
can,
employers who are over-anxious
protecting their profits or
by a few blind labor
leaders who put personal^ par¬
tisan ambitipjns. above the. com¬
mon
or
good
and
preach
".
isolationism."
I
don't propose : to
and
and
peace
se¬
:
page
these
in
reported
12,
671.
of
"
/
AFL Waive Double
Federation
Mar.
of
24
Labor
took
action
eliminate
ta
the
double-time payment for work on
Saturdays, Sundays and holidays
in
industries;"
war
--.- --
-
V/
!-
The CIO executive board called
affiliated
its
on
this
effort
the
while
statement
iam
unions
take
to
action; in view of the war
issued
AFL
announcing
a
that Will¬
Green, * its, President,. had
assured the Government that this
policy would be followed.
.
Both
labor
groups
timer-and-a-half. for
cess
of- 40
insisted
work
hours- in
a^
in
on
ex¬
-six-day
week and for double time for the
seventh consecutive day of work*
.The
move
was-:made
in-
eom-<
false
a
*
the
-
Time Pay For War iW.;
-about
position
of
-
China
'
Our job is to win this war as
fast
and
The Congress of Industrial Or¬
ganizations • and - the - American
one
around, either. There's a small
number 'of
short-sighted employers at
interest
promote the establishment
columns Feb.
on
see
mutual
terms
will; be., in
Congressional / authorization
was
labor's-rights
We're going to
the final
lasting world
curity.
one
space
as
clearer
benefits "which
of
privileges." Mr. Nelson continued:
enced by
/ 0
the
United ; States
'
war
down
.
Ben
rendered
will
production job
going, to, be used "to
not
was
Kimber-
tric Co.
•
agency for distribution.
John
Wis., and Joseph R. Taylor, pur¬
chasing agent for Socony Vacuum
Oil Co, New York.
Special assistants are:
W. B. Murphy, .assistant to
in¬
Nation's,
principles
our
are
but
are
'
an
chiefs
■
return, is deferred until the
progress of events after the war
yours,
just
the shortest
He declared that
ly, manufacturing director of the
Kimberly Clark Corp., Neenah,
;
-
The final determination of the
be
'T
thing:
"getting the most war production
we
can possibly
get, and getting
-
-
aid
battle for
China; including the benefits to
/
.
,
interested
was
•'
;7,
—
upon which /this $500,-,
000,000 Tipancial aid is given to
<-
,
Very sincerely
(Signed)
>
V
In
Bureau
•
United
to
terras.*
v
-
■
-
I
FRANKLIN D. ROOSEVELT.
,
v"-
our common
and
'
an¬
the
stint,
China in
makers
interrupt
sub-committees" of the in¬
Chief is
Loan Bank of Chicago to do a
Amory • Houghton, Board Chair¬
v.
/
grand time for one and all. Un- more
outstanding job in the sale man of the
'77. happily it is not normal recovCorning Glass Works,
of
defense
bonds.
Mr.
Twohy
v
Corning, -N, Y., and Assistant bu¬
ery.
About as bright a picture added:
have
;
the
meet
of
>
freedom.
-
-
the
effecting "maximum use of
existing industrial capacity . . .
for
production of war material
and products fpr essential civilian
upon
in
an¬
for
burdens
imposed
without
-determination that nothing shall
charged with responsibility
their
and
economic
them by almost five years of
continuous attack by Japan.
lenge of old slavery with cour¬
tage, with energy and with a
'
Chiefs of each branch have
Reed.
people
and
States,
the
'less
of
24
:
•
women
give* to-victory
Our
,
proposals
Chinese
government to meet the finan-
This agreement is a concrete
manifestation of the desire and
ranks.
than
.
ican thought or
con-*
•V
and
men
can
*
nounces
'
will
;
has
the'
•
Bureau
a
work
and for the
>
*
>>
"No
forces him to work
that seventh day, is perfectly
especial point for
organized labor—for its leaders
program.
The War Production Board
principle that
regularly have
emergency
on
be
be¬
Industry Operations
The
should
man
"
except by people who
will
give everything and do I
i
anything to keep them.; <
This
accepts
;
as we
three-
the seventh day off,, and should
receive
overtime - pay
if < an
life
.
slowing
fast
as
seven-day,
industries.
retained
office space, most
further
moving
are
toward
shift operation of our basic war
easy
in America worth
10,000,000 square feet of
modern in con¬
Saying that "this is the story of struction and
immediately avail¬
passive protection, of minimizing able.
Besides, suitable and inex¬
the strength of attack, of main¬
pensive living , quarters for any
taining our power to produce, our Federal
employees who might be
power to hit
and destroy," Mr. transferred to this
city are avail¬
Landisstated that it is. a story
able.
He
painting
Sundays and holidays.
his
position
as
on
explained
can
•
<
labor
on
follows;
-
r
to
called
Nelson
overlooked
days of peace:
that liberty and freedom belong
only to men and women who
can
earn
them, and that none
...
adequate
an
sometimes
is
the
in
for
of
cost
as
old
ever wring from
the unwilling
doing so of only partial accomplishment. cause the
City of New York con¬
^muscles of the regimented toilas against the danger of attack
He added that the duty to pro¬
tributes .more than one-fifth of
% ers of Europe and Japan. By
is too excessive both from the tect industrial property lies nei¬
the Federal taxes to qut Govern¬
the freedom they enjoy and the
^standpoint of the expense in- ther with the Army or the Navy
ment, these facts justify that this
privileges
they
have
volved by blackout installations nor the OCD. but with industry
won,
city be entitled to its share in ; - American workers dare do no
"...
and the more serious cost of itself and will 'be effectuated to
ditions.
-
of
f Secretary of the Treasury .Morrest of our American liberties genthau and T. V. Soong, Chinese
will be lost. Only victory can Foreign Minister, signed an agree¬
ment on March 21 in Washington
protect our freedom; if the
freedom of any of us is lost, giving effect to the $500,000,000:
financial aid voted by Congress in
the freedom of all is lost.
February to enable the Chinese
With rights and privileges go
people and their government "to
responsibilities. We are learn¬
strengthen greatly its war efforts
ing in. the hard days of war
against the common enemies."
■
.
We do not
to
in
danger lies as
intermittent
and
our
conference
a
suspend for the duration the priv¬
ilege of getting double time for
rights.
Today
all of those rights and privileges
are being tested by fire.
If we
lose this war, they and all the
To organize
Mr. Magnus characterized the
force
Congressional Committee's inac¬
passive protection, and • (3)
tion as "being another bungling
distin- Not confining concealment to the and buck-passing -exhibition."
blackout device but enlarging on
English
attacks
the
and
.
.
the
guished •
the fact that
as
reaffirmed
Congressional
"simple lessons"
ings that come;
example of this in-
on
practice,
] ;
the
production is illus¬
by our theory of black¬
trated
out.
three
office
of
effort.
an
ensue.
less than a fortnight ago promised
which his
the Committee of Presidents that
teach are:
it would proceed to devise ways
and (1 y To wotfk out with the1 local
and means whereby several of the
his defense council a means for get¬
and ting '' (immediate transmission to agencies might be moved to New
encour¬
show
a
"
will
loss
Elsewhere, however, momentary one, called by President Percy C.
interruptions of production can Magnus of the New York Board
be
permitted, but only with of Trade, was given over entirely
to a discussion of the inaction of
danger immediately overhead.
the Congressional delegation who,
Director Landis
said that the
we
enemy
to
ing to keep after production
objective.
.
Committee to re¬
Here even now both blackout new its effort to bring Federal
administrative .agencies
installation and protective con¬
to New
York City. The meeting, a special
struction
becomes; necessary.
months'
-two
:>"•
would
talk
a
my
~
..
*
daytime
in
statement
leaders of the Congress of Indus-<s>-
net
Urge Bringing Govt,
the normality
as
its3 $25,253,763 - lent < to
membersavings and loan associations last
year
^ Settled
M.
Nelson,; War Production Board Chairman, again
warned on March 23 that, if labor and management are unable to
work together to make the Nation's industrial mechanism work, then
public indignation will insist that rigid controls be set up by the
Government.
'!■'..'
y.yI•->' -■:y
1941, .y;
vances
Unless vLabor- Disputes
}
Donald
:
•
would
:
during
.
These theoretically
Commands.
Bank- System
Loan
March 26, 1942 '•
Rigid Controls Foreseen By Nelson
ad¬
the1 other1 11 in the Federal Home
James
•
j Thursdays
.
'.bank,
Chicago
k'1. Vc <J
'miufrtw
•
be influ-
pliance
pressed
with-" recent
views
ex¬
by-^President ; Roosevelt
eijtyef group. ,I'm ^ ?nd .War Production^^
Chief ^elson;
^Number 4058 I
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
(■
v
1261
•
NelsonfOpposestDouble Time Pay Rates #^§! Ganson Puree!!: Says Holding Companies
RFC FiuMing For War
Must Work Out Capital Adjustments Totals $Ms5 Billions
Giving'Views On The nar labor Laws
The
enactment
of
war
labor legislation was opposed in
by Donald M. Nelson, head of the War
Production Board, and Robert P. Patterson, Undersecretary of
War,
Washington
-while
at
March
on
the
new
19
time
same
the
Administration
endeavored
obtain
to
labor's consent to
abolishing double-pay rates for Sunday and holiday
;work.
Mr. Nelson, testifying before a Senate subcommittee which is
inquiring .• into
production
and**
labor
conditions,
production
said
could
•
increased for outstanding work in the indus¬
obtained
be
trial field.
In
advising the management of public utility holding companies
The: Reconstruction
Finance
its shoulder to the wheel to work out
satisfactory capital Corporation and jits subsidiaries
adjustments," Ganson Purcell, Chairman of the Securities and Ex¬ have authorized loans and
com¬
change Commission, declared on Mar. 19 that "most
holding com¬ mitments of $11,494,438,962 up to
"to
put
panies have
their
the
blinded
themselves
to
the
realities
and
have
energies to deluding their security holders into
law
were
and
its
administration?
destroying
-
their
;
security
•
values."
: t,;
i
devoted
feeling that
a
v
:j
;
And CCC Gontinnance
;
.
closed-shop
profits on
restrictions
tifying
naval
said that his "own
6%
pay
duration
and
and
limit
tracts
to
the
war.
that
there
is
suspension
that
and
for the
Mr. Patterson
of
stated
justification for
no
of
con¬
the
40-hour
week
drastic
before
the
House
group,
lowest
Mar.
31,
well
been
said
be
nours
changed
40
with
week
per
one-half
from
to
time
48
and
in agreement
that pay¬
ment at double rates on Sunday
were
and holidays
This
line with views
ex¬
pressed by President Roosevelt at
his press conference on March 17.
In
advices
March
19
from
the
Washington bureau, the New York
of Commerce"
"Journal
he
Both
the
on
civil
War
functions
Robert E.
and
De¬
bill.
Patter¬
Under-secretary of War,
testifying
before
the
House
son,
Naval Affairs Committee
Smith
labor
and
on
the
war-profits
against legislation
which would lengthen the regu¬
bill,
argued
40-hour
lar
week
affect
and
overtime pay.
Mr. Nelson and Mr. Patterson,
'
.
toward
If
estimated
for
ments
that
work
week
March
on
overtime
in
pay¬
of
excess
would
the
dous
We
effort
creased
Labor,
Sunday work is creating a fight
workers for the privilege
of working on Sundays, and as
rule
a
workers
Sunday
the
investigation of the organized
"campaign" urging Congress to
suspend the 40-hour week.
also
said
he
would
requirements
for
call
in
of
-
output
increased taxes
call for
porate profits.
will
tors
on
reduce
to
t
t
week
the work
is not only over 40
now
March
on
Willett
as
18
of
particularly
harmful to the production pic¬
ture
the
because
earned by the
equity
a
con¬
in
its
ability to
service its fixed obligations.
company
Defaults
ties
done
extra
money
much
to
counterbalance
Abolition of these extra earn¬
ings would create a strong demand for upward revision in
rates, he said.
"What
a
.a
it
we
are
}
;
working for is
operation, seven days
week," he said, "and in this
is the seventh day of work
24-hour
Where
do get the seventh day
is
which
workers
important.
-
off, and get time and a half or
double-time
in case they do
work on the seventh day, I don't
believe that extra pay should
apply
as
to
Sundays
or
holidays
such."
provisions
of
the Federal Reserve Act.
As
First
"incentive
payments" to labor to speed up
war production. "There should be
incentive payments,"- Mr. Nelson
said. "There should be, I think,
an
extension of piece rates in
places where there are now day
rates, and also, the > incentive of
Nelson
succeed
Roy A. Young
proposed
bonus
payments
for
increased
production." He also said that
Congress ought to have an award
as
the
nounced
our
stated
in
That
J!
1,
the
a
company
problem
'30's
early
when
forced
were
That
is
which
many
into
the
of
cently
Roosevelt,
issued
authorized
the
in
a
re¬
executive
order,
inspection by the
bank¬
sion who
were guests of the club,
"Inquirer," were Robert
E.' Haly, Sumner T. Pike, Robert
H. O'Brien and Edmund Burke, Jr.
Arthur S. Burgess, of Biddle,
the
said
&
Co.
and
club, presided.
President
of
tion
Revenue
income
excess-profits
and
tax
from
sented
spection
Revenue Acts
shall
be
in
of
with rules prescribed
by the Sec¬
retary of the Treasury.
RFC expenses for
structingy the' facilities
production
will
be
con- v
for
this
about
$600,- "
000,000, expected to be completed
by the end of 1943. yf
Mr.
Jones
down
of
agencies'
ments:;
break¬
commit¬
'1$
.
Defense
Plant
$4,797;757,903
pand
this
gave
his
Corporation—
to
build
than
more
700
orp ex¬
plaats to
airplanes, ships, tanks,
guns,
ordnance, magnesium,
aluminum steel, synthetic r {rub¬
ber, aviation gasoline, and other
articles.
war
,v
Defense Supplies
definite and
contribution to our
expanding labor requirements.
chromium,: asbestos, platinum,
horsehair, lead, zinc, tin, abaca,
The Civilian Conservation Corps
work on army reservations is
quinine, opium, aviation
line, and other articles.
mately
600,000 youths for
industries and
for other
a
war
essen¬
needed to prepare those reser¬
vations for full utilization. Like¬
wise, the remaining projects of
the corps,
ited
which
those
to
are
various
phases of
so
our
located
protective
lim¬
now
essential
to
the
ef¬
war
to provide
as
services
in
vital
should not be discontin¬
areas,
Metals
$2,215,818,000
It is unfortunate that it is not
that
in
and
the
others
tasks which would
poration—^,259,865,864
try
far
those
the
involves
require the
.
citizens that
our
greater
the rolls
on
of
number
of pre-
are
military age and that the train¬
ing which they receive is pre¬
paring them for such service as
they may be called upon to
perform when, they become of
military age;
In view of the above, I cannot
with those who take the
position
that
these
agencies
should be terminated and, ac¬
agree
cordingly,
S-2295
advised that
you are
does
and
to
allied
governments,
including 425 million dollars
Great Britain.
to
y
Reserve
$875,000,000
to
Company—
buy
and .store
War; Insurance Corporation—
to provide insur¬
some
also feel that it should be made
by
to make
working capital loans to indus¬
em-
employment of adult citizens. I
clear to all of
-
-r'
Company—
to
rubber.
releases soldiers for active
duty
gaso¬
buy
copper,
aluminum and other metals.
Reconstruction Finance .Cor¬
ued at this time.
cases
Reserve
Rubber
not meet with
my
approval.
$100,000,000
for
domestic
against enemy attack.
ance
property
.
Export-Import Bank
$S496,475,882
to
make
loans *
to
—
friendly governments, mostly in
Latin-America.
Besides the. synthetic rubber
efforts of the
RFC group were said
by Mr.
Jones to include:
program, major
"
Aluminum
$423,000,000
—
au¬
thorized to build plants to make
1,313,500,000 pounds per year of
aluminum, 2,220,000,000 pounds
of
alumina
aluminum],
of
[raw
material
for
360,000,000 pounds
sheet, and 194,-
aluminum
200,000 pounds of aluminum al¬
loy and extruded products. This
program
is
expected
to
more
than
a
formal
National
Association
of
Mutual
Savings Banks, shows informative
details of these institutions in the
17 states where
cited
ures
when
the
they operate. Fig¬
for
were
mutuals
last
had
triple the Nation's supply
of aluminum, not
counting an
additional
billion, pounds
of
Dec.
31,
welcome
to
the
to
1941 Cotton Loans
deposits,
distributed
15,738,907
among
These
figures
lower
than
accounts.
moderately
were
the
previous
records of recent years.
peak
In the last
eight months of 1941 mutual in¬
also
distributed
$173,-
577,070 of Defense Savings Bonds
and
that
The Department
loans
were
repaid
Magnesium—$360,000,000
627,500,000
figure
now
has
passed
on
401,627
bales, leaving outstanding 921,396
loans on 1,746,099 bales.
ties,
life
Christmas
ings.
insurance
Clubs
ji., jiut
departmentsr
school
and
. .
j
'
sav¬
v »• j v,
pounds
of
au¬
magne¬
sium—a
vital
airplane metal
to, but lighter than,
aluminum—per year. This would
multiply
the
supply
of
this
metal by about 20 times.
similar
$10,489,-
1934-
accordance
annually.
Corporation
—$1,749,521,213 to buy, princi¬
pally from foreign countries,
wool, sugar, hides, manganese,
stitutions
declared-value
made
pro¬
gram
of the National Youth
Administration to train approxi¬
679,543
marking
Mr.
Purcell's appearance before the
Bond Club, it was noted in the
Philadelphia
"Record,"
repre¬
corpora¬
returns,
1943
of Agriculture
$350,000,000.
y
reported on March 19 that Com¬
35-36-38 or the Internal Revenue
A new feature of the Directory
modity Credit Corporation had
Code, for any taxable year begin¬ made 1,113,494 loans on 2,147,726 is a
listing of mutual savings
ning after June 30, 1935 and end¬ bales of 1941 crop cotton through
banks having safe deposit facili¬
ing before July 1, 1941. Such in¬ March
14, 1942. A total of 192,098
under the
has been increased to
700,000 tons
Steel—$694,000,000 authorized
.
occasion
The
prepared by the Bureau of
Internal
of a productive
capacity of
400,000 tons of synthetic rubber
originally called for, the program
thorized to build plants to make
SEC which
recently moved
transcript that city from Washington.
statistical
rubber f
situation, Mr. Jones said that, in¬
stead
Other members of the Commis¬
Office of Price Administration of
cards
The
problem
'
President
V
make
youth agencies
effect.
war
re¬
report
aluminum to be purchased from
Canada in a three-year period.
the
Corporation Tax Returns
out
Roose¬
.
definite place in tne all-
a
a
has
faced the
holding New Mutual Savings Bank
companies throughout all the
Directory For 1942 Out
years since 1935.,
And that is
The 1942 Directory of mutual
the problem which faces them
today.
savings banks, just issued by the
Whelan
OFA May Inspect
Mr.
which
issue of
July
holding
was
ruptcy.
an¬
1919.
from
I feel that the
have
simpli¬
faced the holding companies in
to
since its establishment in 1914 and
has been
Cashier since
of
capitalizations.
W.
March 5, page 950.
Mr. Willett has been connected
with the/ Federal Reserve Bank
un¬
proce¬
reclassification and
fication
Presi¬
recently
events—the
dures contained in Section 11 for
Mr.
dent of the bank was
as
proceedings.
But
Congress has provided a
the
them
Vice-President,
corporation
Before the Senate subcommittee
Mr.
the
securi¬
bankruptcy
William
First Vice-President of
with
debt
inconveniences and expenses of
appointed
workers by means Willett will succeed William
provision has Paddock,
whose
apointment
the increase in living costs.
wage
cordance
the
on
of
holding companies will
lead inevitably down the road
to bankruptcy
and all of the
Boston
overtime
the
of
be
letter
a
ployment of these youth in
on
securities and will create
ing
in some industries the Bank, effective April 1. The
the maximum for appointment has been approved
efficient human production. He by the Board of Governors of the
said abolition of the 40-hour Federal Reserve System in ac¬
would
given to the Senate Commit¬
velt which said:
the
sequent restriction of the hold¬
ask
hours, but
approaches
week
views
generally known
desirable
Mr. Nelson said that
;
cor¬
procedure for avoiding such
Bank
President's
by Paul V. McNutt, Federal
Security Administrator, who re¬
These- two fac¬
tend
The
payment of dividends
-
special Senate committee in¬
vestigating the national defense
Reserve
Senator
amount of cash available for the
the
Federal
by
ceived
Jones
in
to President Roosevelt.
'
In connection with the
Tenn.), to abolish the two youth
were
H.
21
a
fort and
and even Monday
and Tuesday off.
program, presided over by Senator
"Simply picking Sunday as a Truman (Dem., Mo.) -to inquire
the
day for double-time," Mr. Nel¬ into
complaints made
by
son said, "and time and a half
Messrs; Murray and Green.
for
Saturday
when workers
have not finished their 40-hour
Wm, Willett Promoted
week, and double time for holi¬
The Board of Directors of the
day work, is hurting produc¬
want Monday
of
Furthermore, the fiscal re¬
quirements of the Government
.
i
that
tremen¬
a
the
tion."
.
of
In¬
sion and maintenance.
gress would not be justified
in
passing war-time labor legislation
He
production
which, in turn,
requires cash for plant expan¬
an
now.
war
materials.
war
increase
suc¬
electrical energy
March 20 to demand
on
war,
requires
essential
considering
agencies.
Jesse
March
on
connected
effort, Secretary of
Associated
Press
Washington
bill," sponsored advices of March 21 reported the
McKellar
(Dem.; following on the report: '
'
now
tial-work will be
and the
cessful prosecution of the
before the Senate sub¬
committee
at
are
•
activities
necessary
structures
before it is too late.
production
appeared
their
effort."
war
The Senate Labor Committee is
objective.
are
American
of
every¬
these
$4,000,000,000 under the Navy's
current $56,000,000,000 program.
Meanwhile, the two leaders of
organized labor, Philip Murray,
President of the Congress of In¬
dustrial Organizations, and Wil¬
liam
Green,
President
of
the
Federation
do,
out
for
war
Commerce
tee
power to work
desired
strengthening
about
run
period
every
to
be
salvaged
enterprises without
resort to the courts, now is the
time to start forging ahead with
plans
for
simplifying
and
more."
Another naval witness
the
values
from
however, were adamant in o]>senator Thomas (Dem., Okla.)
Senator rnomas ^jjem., uxia.;
position to double-time pay fdr head of the Senate group, said on
Sundays as such. Mr. Patterson March 21 that a week's investiga¬
said that double-time pay for tion has convinced him that Con¬
among
v
thing within its
pro¬
duction to any degree but it costs
20
has
And who is to
and will continue to
this
at
during
that
done,
particular time. A 40-hour week
40-hour
said:
Mr. Nelson testified before the
subcommittee
partment
afford
cannot
we
But
There have been in the past.
-The
Commission
has
should be eliminated. really does not interfere with
in
was
which
1938.
the
since
may. not be still
unfavorable times ahead?
more
~
also
to
that there
say
am
sunk
obtaining
since that time.
beyond 48 hours. "How¬
ever," he added, "I
have
levels
point is that the work week could
convinced
that there would be strong op¬
sult in its deterioration.
:
' position against this with perhaps
serious
Mr. Nelson and Mr. Patterson a
effect on production,
change in the
basis of labor relations might re¬
a
markets
our
-
personal view¬
7
the
vealed
President Backs NYA
Others who appeared before the
use
of force," and Mr.
Addressing his remarks to a
Patterson, before the House Naval Senate group to testify against gathering of investment bankers
Affairs Committee, asserted that labor legislation were Secretary and
security dealers, members of
the bill of Representative Smith of Labor Perkins; Lieut. Gen. Wil¬ the Bond Club of
President Roosevelt on March
Philadelphia,
of Virginia would work a violent liam S.
Knudsen, War Depart¬ Mr. Purcell, according to B. F. 24 expressed his disapproval of.
ment production chief;
change which-'might result in de¬
Admiral Doran, in the Philadelphia "In¬ the bill seeking to abolish the
terioration, rather than an im¬ Emory S. Land, head of the Mari¬ quirer," went on to say in part: National
Youth
Administration
time Commission; and Assistant
the
Civilian
provement, of labor relations."
They tell us today that re¬ and
Conservation
The Smith Bill proposes to sus¬ Secretary of Navy Ralph A. Bard.
capitalization is out of the ques¬ Corps, saying that the agencies
On March 20 Mr. Bard, in tes¬
tion at such a time as this when "have a definite place in the
pend the 40-hour week, overtime
^all-
;"without
March
with
to
increase
production
annu¬
ally by 6,200,000 tons of steel
ingots, 5,500,000 tons of iron
ore, 10,030,000 tons of pig iron,
1,950,000 tons of steel plate, 1,879,000 tons of armor and forgings,
and
1,180,000
tons
of
blooms, bars, castings, and" tub¬
ings, and also to increase capac¬
ity of coke, coal mining, and
annealing, and heat treating of
steel.
Tin
•
—
The
smelter of tin
.
first
ore
•
f•
•
American
has been built
and is expected to start
produc¬
ing in April at the rate of 51,600
tons per year, using Bolivian
ore
already \ stored
in
this
..if-country.- r- — — ~
1262
the Asian mainland and from
Sporadic
are
this
at
date.
unless
Although
accident
unforeseen
some
damaged and left burn-
^
the toll
was
last
have
devel¬
been
Thursday, and similar
intervenes,
farther.
aggre¬
the
For
Ignited Nations
Sunday and on Monday.
Hardly
acute one, despite our greatly pre-s
a .day went by without some re¬
ports of sinkings.
The acknowl¬ ponderant tonnage.
As the Supreme Commander of
edged toll since the Germans took
the United Nations forces in the
up U-boat warfare on our side of
the Atlantic is close to 50 ships, Southern Pacific, General Doug¬
and this does not include a heavy las MacArthur surveyed the prob¬
loss in Canadian waters.
Ger¬ lem anew this week, from his base
man broadcasts
state that up to in Australia. All reports indicate
five and six ships are being sunk that active and energetic measures
day, which is unquestion¬
exaggeration, but never¬
theless
a
perturbing indication.
Portuguese
reports
state
that
United Nations shipping on the
European side of the Atlantic also
is being subjected to heavy at¬
every
ably
an
New
menace
fied
for
northbound
south¬
and
No
adequate
information
been made available
as
remain under the
MacArthur,
General
of
who indicated his intentions by a
simple assertion that he will re¬
those
to
of
Details
islands.
by General Macfamily and staff
exciting venture
by
journey
his
and
an
urally show
disclose
to
their
disposition
more
no
their
plans
cruiser
lost in the last two months.
Australia
That
is
being devel¬
members made much of assertions
quite obvious, and important con¬
voy arrivals again were reported
there this week. The enemy made
The
Nations.
by
Japanese
some
spokesmen,
however, that a "defensive" posi¬
tion now is in order on the Malay
The sparring for position
Barrier.
during the next few weeks may
indicate the new phase
of the
tremendous
Pacific.
the
in
war
excluded from the cal¬
Not to be
culations is warfare between Rus¬
a
few
less
apprehension, however,
of full-scale attacks against the
populous southeastern region of
between
Philippines
the
and
at
Nations
ing,
New Guinea and the lesser islands
in
southeast
of
Guinea.
New
Lieut.
There is
of such bases.
invasion
now
cluded
re¬
Port
Australian
points, and possibly will attempt
Australia.
Oceania, for the time be¬
against
other
and
sia and Japan, notwithstanding a
new fisheries agreement just con¬
by these nations.
raids
more
Darwin
a
brief
This
did
not
prevent
acrimonious
but
Stillwell.
over,
the
aerial
the
United
John
Curtin
disinclined to sanction this trans¬
to
Crimea
was
Spring thaws
spread
assembled for the counter-stroke
of
the main attack begins. No reply
was considered necessary, the suc¬
of General MacArthur said.
Prime Minister Churchill still re¬
coming
East as more
important than the Far East in
the global warfare.
of
ship
protection
effort
far
in
merchant
cessor
construction
of anything
and
excess
Intensive
Pacific Pause
-
blows
-s3t»— '
in
blows
the
■
counter
and
Pacific
realm
of
bombing
our
forces in the Philippines was re¬
sumed
by the enemy, Tuesday,
heretofore suggested officially.
Invasion
aerial
of
land
and
on
an
anese
also
attacks
gards
India
with
back
thrown
Oceania
and
have
have
and
occupied
west
of
the
great
chain
of islands which
serve as
itary
The
bastions.
mil¬
occupa¬
tion is far from complete and
may,
indeed, only have start-
'/:■ ed, for the native populations
hardly find the Japanese
acceptable masters. It is fairly
obvious that Japanese ener¬
gies will now be devoted for
can
'
a
time
largely to
consolida¬
tion of the position, to the ex¬
tent that this
For the
can
be done.
United Nations the
Island-based
of
Australia
States
aerial
and
were
and
gains
China
forces
United
the
cially last week to have vir¬
tually wiped out a Japanese
invasion
fleet
Guinea.
The
tack cost
our
airplane,
suffered
but
hits
the
on
cruisers, which
ered
sunk,
cruiser
was
off
New
smashing
forces only
damaged.
was
one
Indian
two
heavy
was
reported probably
with all possible speed in the
sunk, while still more were
damaged.
Five
Japanese
his arrival in India.
transports
to
develop
Indies, and
whatever
sives may prove
offen¬
feasible from.
were
and
cargo
ships
reported either sunk
gutted
by
fire,
and
disclosing
cated
or
others
j
the
nature
of
his
Sir Stafford indi¬
that
they concern
a
"method
i
of;
fulfilling ipast
in the
Rus¬
coming
their
extend
to
perhaps
smash the
to
before
the
hard
Germans
Winter
at
of
Army
for
ness
the
thousands,
;
battles.
preparations are be- I'.
be extraordinarily ;
German
lieved
in readi-
are
coming
to
sweeping, but possibly will be
V
directed in part toward Africa
and
the / Near
East.
/
New *
equipment
mechanized
•
and J
associates
Europe
in
Southeastern
being
are
contribute
forced
to
<
levies for the
new
•
<
•
difficult
One
problem of the
Russians clearly is that of mili¬
tary equipment and supplies, ow¬
ing to the German occupation of a
good part of the productive
of
European
Russia, / and
scorched
area
earth
reported in
are
/
Eastern
Tension
this
in Russia/
use
Mediterranean
continued
in the
week
mount
to
-
Near
East, and
the Eastern Mediterranean
in
gion
which
possibly
for
avenue
will
German
a
within
the
of
realm
be
re¬
an
attempt- to
It is quite
invade Southern Asia.
ground
Asia»
the
-
controlled
Minor, and
possibility
Caucasus.
islands
the
The
•
near
■
other
over
of the
course
Russian
campaign will
be
in¬
dicative, of course, and countermeasures/by the United Nations
in Africa
of
be
mechanical
and the Near East may
equal significance.
way
gave
the
of
end
to
nine
prodigious battles
the Russian landscape,
key points
maintained
the
initia¬
is
Turkey
.
both
sides
key point
a
in
he
accompanied for part' of
journey by King Boris, of
Bulgaria. German authorities,
meanwhile, called on their asso¬
ciates in Southeastern Europe to
place new armies in the field. But
it is not yet clear whether the
was
the
-
en-
German
tirely encircled, and the thou¬
sands of German troops there
are
being
air.
Red
~
supplied
from
the
fresh
the
want
Germans
for use in Russia
to be
to
Turkey,
Franz von Papen, returned over
the last week-end to Berlin, and
Staraya Russa
seems
The
weeks.
recent
Ambassador
German
The German advance-point at
hdve
degree, by a
possibly
plans
been disrupted, to a
new
contest
levies
the Near East.
or
Rumania
between
units struck
and
savagely at Kharkov, fall of
The
which
Germans, in which Hungary was
favored, have left the Rumanians"
discontented, and threats of war¬
on
.
was
Army
reported imminent
several occasions.
Novgo¬
rod, to the North, was said in
Moscow to be encircled.
Hungary,
over
territorial
fare
between
lites
filled
Transylvania.
awards
these
by
Axis
the
satel¬
the
air, for a tirhe.
Berlin
reports, relayed .through
are able
to retake the advanced
Switzerland, - suggest
that - the
positions of the Germany Army,
%ilhelmstrasse will not now tol¬
fresh
infiltrations
Until
and
unless
the
Russians
between the
erate
any: open
dissention be¬
points
involve
the
danger of
tween the Balkan countries.
■
;
counter-encirclement, when the
Fighting
between
the
Reichswehr resumes the offensive.
Thus, a great deal hinges on the
activities of the next few weeks.
the able British negotiator on
Without
able
the
tive, which is the most hope¬
ful aspect of the situation.
in
proposals,
Netherlands East
possibly
of
and these forces
where Italian
.
projecting deep into the lines
of
the
opponent.
The
Red
of all-out entry
sunk and two others
and
each side. holding
leaders set forth as a
problem is to counter-attack
and
across
Delhi, Tuesday, by the
special British representative,
Sir Stafford Cripps. The con¬
versations are expected to last
only a week or two, for quick
decisions were indicated by
One Japanese de¬
the
in Russia, the line zig-zagged
New
while
a
light
reported probably
be
months
which the
into the war, was taken up
consid¬
were
hundreds
the
'
Russian
whether
weeks
As
demand for
independence within
requirement
the
fought,
Spring,
The
the British Empire,
Japanese
sunk and a fourth cruiser
stroyer
Indian
at¬
Russian authorities claim to >
■
in this
superiority. Severe tests face both calculation, and it is evident that
forces, and it is evident that they Ankara has been subjected to
are girding for the fight.
enormous diplomatic
pressure by
Hindus and Moslems is one of
passivity.
will
gives
places throughout the world,
the official attitude of both
offi¬
beginning
now are
destined to develop in
months.
It is a matter
Reichswehr
the British forces at different
reported
this
are
muddy
vast front
a
along
guesswork
sians
now have become so rela¬
heavy losses.
tinues between the United Nations
tively modest as to warrant the
Japanese landing parties con¬ and the Japanese aggressors. The
assumption that a military pause tinued to move toward
points on Burma front remains righly active
is in prospect, while forces of the
the southern shore of New Guinea, and occasional battles are
reported
United Nations and the Japanese
with the apparent intention of at¬ from the interior of China. To the
prepare for fresh campaigns. The
tacking Port Moresby and using North, the position remains un¬
pause undoubtedly will be brief, that base for threats
against Aus¬ certain,
although there is
as¬
for neither side is
inclined
to
tralia and shipping routes of the
suredly no love lost between the
await passively the initiative of
United Nations. The New Guinea Red
Army
and
the
Japanese
the other. The interim is sure to
area, accordingly, was a scene of forces which face each other along
be studded, moreover, with furi¬
intense activity, with the forces of
the
border
of
Manchukuo
and
ous aerial and naval actions, and
the United Nations far more effec¬
Siberia.
*
probably also with landing at¬ tive than in
previous actions. In¬
India clearly is in the bal¬
tempts here and there.
deed, the Japanese appear to have
ance and possibly will prove
In less than four months
suffered
some
of their greatest
one
of
the
great
turning
the
Japanese
have
over¬
losses and reverses of the cam¬
points of the global war. Al¬
whelmed almost all
of the
paign at New Guinea.
though" many Indians are with
Netherlands East
Indies, and
points
east
in
northward. from
been
others
in Eastern
Southern Asia fighting con¬
Along
last
front that the Nazis will try a twowhere some of the greatest mili¬ pronged drive eastward, one arm
tary battles in history already stretching over- Africa and the
Middle
the
developed
increasing scale. The Jap¬
were
tends
Nations
regarding the appointment of the mered the
Japanese unmercifully
Minister to Washing¬
in Burma and also in Thailand,
ton, Richard G. Casey, to a post this week.
in the British Cabinet, with head¬
Spring In Russia
quarters
in
Cairo.
Australian
against Japan.
a
battle
Australian
Minister
the
.
the
policy of the Red
Army, itself." That the British are
sending in all possibe equipment
was " indicated
last
Friday
by
qualified spokesmen in London,
who said that promises of supplies
for
Russia
are
being ^ fulfilled
completely. "American
supplies
also
are * arriving
in Russia in
heavy volume,
it appears,
for
to numerous American fighter planes
for the steadily augmented
United
Nations squadrons ham¬
Sunday,
appeal for surrender before
in
area,
that the Japanese had served an¬
other "ultimatum," in the form
an
front
favor
ported
last
■v-~
in
.occurred
.
effort.
Burma,
meanwhile, is about 100 miles
north of Rangoon, near Toungoo.
At stake is not only the Crown
Colony, with its important oil and
other resources, but also the Bur¬
ma Road supply route into China,
which admittedly is closed, for the
time being.
Desperate battles; in
the deep jungle country are re¬
ported, with the Japanese resort¬
ing once again to the infiltration
tactics which they found so useful
in Malaya.
Small gains by the
enemy are acknowledged, but they
are proving highly costly.
More¬
Prime
laconically,
month.
'
"battle
The
Canberra
and
have
to
by Generalissimo
fer,
but finally acceded.
The
misunderstanding,
it
appeared,
was due principally to slow com¬
munications, but also in part to
the
Australian
impression that
circumstances call for
Asia, where the
the
At
•
fresh armed forces are under- ;
Chiang
last
Friday,
to
the |r stood to be prepared for fur- f
Lieut. General Joseph | ther action, and the German *
trusted
General Jonathan Wainwright re¬
These and other
largely
Russo-Finnish front.
line,
in the Crimea, heavy Russian at¬
tacks are a daily occurrence, but
no great change in the line seems
troops in Burma. Command of
sizable
Chinese forces'was en¬
dispute
London
with
resumed,
extreme southern end of the
ese
A
oped as a vast military base for
action against the Japanese is now
the Far
merchant ship losses in
East, during the last four
months.
It is clear that the ship¬
ping problem has been rendered
more difficult by such losses, and
also by the need for transporting
supplies
to
the
forces
being
have
leaders
attention
Southern
re¬
the United
European
Axis
counterparts of
main in
to United
military
their
toward
air¬
was
enemy
great Burma Road has served to / have trained > and ' equipped '
carry in supplies from the outside ■v- vast new armies, running into <
arrived
Japanese
a
Japanese
have been
and com¬
that city are
area
the
munications
now
Kai-shek,
ported hit by aerial bombs so American
badly that loss of the* ship was W. Stillwell. All American units
regarded as assured. Tokio broad¬ in India, China and Burma will be
cast an admission, Tuesday, that
under the command ' of General
do
than
Two main theaters of action
has
Chinese
-
turned
for
torpedoed
of
the
London and
Washington affected to see little
significance * in : the
agreement,
which the Japanese are endeavor¬
ing to extend for a longer period.
than
craft carrier, early this month.
Leningrad
cleared
tary points in Leningrad, r; There
are signs of renewed fighting on
a
heavy
on
that
waters of the Pacific.
another
The Philippines
command
front
-
year pact had been concluded for
Japanese fishing rights in Soviet
hands of the enemy, and the
suhmarine Shark has been over¬
which
Russian
but the Germans
report continual shelling of mili¬
the
submarine
Central
one-
that
announcments
Sea
7,000 casualties were suffered: in
speedboat and airplane under the a landing at Rabaul, New Guinea,
and that at least 50 ships and
very noses of the Japanese.
Japanese general officers nat¬ more than 100 airplanes have been
traffic, and ships are to
put into port at night, if possible.
Increased patrol of the lanes may
diminish the losses, but moonlight
now is
increasing to the advan¬
tage of the marauders.
One of
our bombing airplanes reported a
submarine
definitely sunk, last
Sunday, and more incidents of
this
nature
would
be
helpful.
The Germans apparently are not
now
likely to use their heavy
warships for merchant ship raid¬
ing, since the Tirpitz is said to be
back in Trondheim, Norway, after
a voyage on which British patrols
lost contact with the ship.
aroused,
was
there
reveal
bound
interest
therefore, by Moscow and Tokio
naturally remain military secrets.
Arthur
veloped, according to Secretary of
the Navy Frank Knox.
Narrow
shipping lanes have been speci¬
Keen
end.
destroyed at Cavite, be¬
fore that Philippine base fell into
more
the
as great potential mil¬
itary importance as the Southern
was
due in the Far East for
of
tions
measures
marine
; submarine
the
the
anchor
■
planned
by the American
Commander, but the precise plans
are
the
against the sub¬
now are being de¬
The
deeply between German points
is almost of
Northern
month, and must be given up
lost.
The U. S. destroyers
world.
: Some * military ? activity
Pillsbury and Edsall were given still is *• in
progress • in- Central
up Tuesday for lost, in the Java China.
But important units ap¬
sea
battle. M /'//■■;v■ ^/• >U\-//,
parently
have been
dispatched
From Perth, in Western Aus¬
toward Thailand and Burma, and
tralia, a report finally has fil¬ a junction already has been ef¬
tered through that a United Na¬
fected between British and Chin¬
turn
tacks.
Lion
?r
r.vf
they are. now said to be nearing
Vyasma arid Smolensk. / Parts of
The
Washington announced last Sat¬
urday thac our gunboat Asneville;
Stewart.
;;
long battle line • in Eastern * Asia
reported to be 13
or
the length of the supply lines also
makes the shipping problem an
gates again were reported both on
the Indian peoples;"
to
ships sunk and 10 damaged.
the European war 1,270 tons, was missing after Japa¬
takes an unexpected turn.
The nese attacks south of Java, early
oped in merchant shipbuild¬
ing, important problems still
Japanese have the advantage of this month, and must be consid¬
It also was disclosed
the
interior
position, but they ered lost.
remain, and they require im¬
nave lost shipping
mediate and earnest attention.
on a tremen¬ that the Java Sea action had made
Three merchant ships were ad¬ dous scale and probably are not necessary the demolition in drydock at Surabaya of the destroyer
mitted lost off our Atlantic Coast too anxious to extend their lines
short-cuts
promises, of: self-government
>
! Taking
in
gunboats, -J
minesweepers and other ships,
;
V
problems of logistics now
the United Na¬
tions and the Japanese
enemy,
which assures a lengthy conflict
not unknown, even
late
-
faced both by
are
strikes
in the vitally important ship¬
yards
ing.
.
Vast
(Continued from First Page)
/quirements.
were
Aleutian bases*
Foreign Front
of any kind
are permitted to visit this front,
which makes a realistic analysis
additionally difficult.
No foreign observers
♦
i
Russian
forces
have driven' so
■.
United Nations and the Axis
in the Eastern Mediterranean
once
again
glorious
fense
of
has
lifted
prominence
the
British
into *
the
de¬
at
<
Malta, only a few short miles
from Italy. - Malta- has been
»
base
Volume 155
bombed
THE COMMERCIAL & FINANCIAL "CHRONICLE
Number: 4058
-
the
from
air
which
many
weeta, hut th«r :
defense continues grimly. Re* e
Enforcements and
sup-',
hew
for Malta were
sent
through by convoy from Alexandria, the successful arrival of the convoy at Valetta
-
plies
>
-
Intensive
to him that he should
.(Continued from First Page)
fessionaL. 'agitatbrs for > industry | go! out; The way in which Wash-j
but that mostly it was coming ington newspapers, at least, have
from the farmers and the unor-| picked up his complaint that he
gariized workers/, of the country, j "resigned" -because of lack of
Ana. "they
were
not concerned
f about a 40-hour week. They were
concerned: about - the
money or-
Vviigifessmea; Whlse"
while
Italians found
the
had, that he had been
was quite plainly
iau
overwhelming them.;
one
>
mad
4
is
•
""
operation in the WPB is
co¬
an amaz¬
ing
example
of how
political
Washington is anxious to pick up
anything
against the Dollar-ayear
men
Industry. Congres¬
or
sional committees have vied with
another
one
to
"hear"
The Truman committee
Guthrie.
of their battleships torpedoed
;
from
it would do it, but the Faddis
impatience '.of V citizens who see
V frifcii* in their own communities sub-committee of the House beat
the
air.; Other
Possibly
v^iiiCse coiigressHien reflected the
^-4.
encounter.
,t
as
submarines
"
losses
minor, in this dramatic
were
making $80 and $100 and $125
week who* have heretofore-
diversion, British
forayed * deep
into
a
a
never
that.
sunk
were
this
in
This
bled—the
en-
seems
to be the
observation
trou¬
of >' feiiow
gagement, the London Admiralty, Xihleficfiri£^
on Monday, and nurmerous transports and sailing ves¬
Faddis and Truman
looking for different things,
all / the; politicians and the
•
Libyan desert, meanthe "opposing forces conv
while,
to
formerly
t
o m o
b
excess
out attempting large-scale action.
the vital
even
nence.
;
hit
A
headline
mutual
New
promi¬
friend
down
York
maae
,
•
obscured
before- he
i l e
owners,
with-;
other
face; each
say of a public official
or one
National legislators who par¬ who
engages in public discussion
ticipate in the formation of gov¬ that he holds one opinioii or an¬
ernmental
policies should be other on a public issue."
Re¬
held to the strictest account¬
porting this the Associated Press
ability. This
is
p r o mo ted further • said:
-i!/•'
through free exercise of the
The brief was offered in con¬
right to criticize official acts.
nection with
scheduled argu¬
The people furnish legislators
ments on a libel suit brought
with an extensive and expen¬
by
Representative
Sweeney,
sive secretariat and give them
•,
Ohio Democrat, on the basis of
the right to use the mails ai
statements in the Schenectady
public expense. With these op¬
"Union Star" in 1938 that he
portunities of personal praise
was opposing the
appointment
and propaganda opposition
: of Emerich Burt Freed as Fed¬
newspapers and editorial writers
eral District Judge at Cleve¬
should not be limited to weak
land on the ground that Mr.
tepid and supine criticism and
Freed was a Jew.
!/
:
discussion.
; . ' ...'..
This writer had heard of Guthrie
from
not wanting to pay the
profits: tax — insoiar a*
; Raids were reported daily, and a the story has developed before tne
: feW.
encounters by
small tank Truman committee—divideu the
units developed, but sand storms profits up freely among the worKhampered operations, i The sand ers. A secretary, who had never
tinued
:
that Guthrie
ways assure me
was
the
of
biggest men in the
wPB, because uuchrie was tell¬
ing him that that was what he
one
The
.
first
elsewhere
question before in her; lite made more than
time
I
heard
him
of
when he "resigned"
because of lack of cooperation. It
was
of aQrial superiority in the desert $2,500 a year, received $39,000 in
That's good going.
Other seems that his superiors had over¬
region;:-London and Washington 1041.
ruled some of his ideas for clos¬
strategists are generally - of , the utter subordinates of this plant
,,
•
i
front and the workers, too, received
- "
!
when nigh salaries. *
the
Germans
start. their
main ; The : people in this; Ohio com¬
munity knew of: this and, being
.moves elsewhere.
taxpayers, they burned up about
Britain and Germany
it. Tiiey called it to the attention
Like other fronts of this global of the Truman committee. Other
war, the battlements of Western people
in
othercommunities
Europe steadily are being pre- throughout the country make sim¬
pared
for
any
all-out
efforts ilar observations and burn up—
which the British and * German and write their Congressmen. The
; forces Enay attempt against each discraugnt Congressmen, trying to
:
other? this Spring,
Invasions at- get heads and1 tails! of the com4
tempts by each side are a neces¬ plaints—from the farmers, from
sary part of the military calcula¬ others—try to hit upon something
tions, and the war' of propaganda tangible. They hit upon ther, 40also touches this military aspect. hour week. The shrewd organized
The Germans currently are silent, labor leaders with their shrewd
while London spokesmen warned
publicity set-ups turn this into an
on -Tuesday against
any German attack
on
Industry—Industry * is
Invasion attempt.
At- the same trying to destroy Labor's "social
opinion that the Libyan
again will become active
.
:
...
.
'
,
•
] time it
.
ish
'
was disclosed in the Britcapital that a new force of
parachute troops is being
aeriM
;
;
trained and readied for any more
against the Continent. . - /
Aerial bombing now begins
to
develop
the
on
heaviest
gains.'' They attack the newspa¬
they say they are the hire¬
lings of Industry, and the news-/
pers,
ing
.
.
Hill
also
that
asserted
for wrecking certain
it was not "disgraceful or odious"
Therefore, they were
should a Representative cast his
"all out" against the
vote contrary to the wishes of his
down,
industries.
not
.
■
Justice
going
enemy. •
constituents if
A very
hp believes his po¬
prominent man, recently sition is the
correct one. Pointing
the alarming thing
out that Justice Bliss, who con¬
about the conduct of this war wac
curred in the opinion of Justice
that there seemed to be no one
Hill,
declared
that
when
the
in ; Washington
thinking about
safety of the Nation is at stake
civilian morale. The attitude here
"strong men do not mince mat¬
told
that
me
seems
to
be
hit
to
'em
sock
and
scale since May, of last year,
It all
would not have
tends
to
any
voice.
)
the domestic Revolution which is
In FHA
accentuate
Mtgs.
institutions
bought
larger volume of FHA-
Financial
and sold
a
guage.
"It
Tuesday.
the
The
Germans
compliment
blasting towns in England in
the
industries
few
■
the
authorities
!
warned that this might be the
.
region,
British
in
i*'-
beginning
I'
vasion; move. !/:
of
a
Both Britain and
*
-
fresh
stock
iri-
German
4 -t r";
-
German
of the food
took
problem,
'
this week, and increased restrict
tions
;
Were
Reich,' while
announced
in
them.
Tne
the
40-hour
it
London authorities
pressed for. increased production
ent
R.
Attlee, Dominion Secre-
203
of
one
the
Cumulative
of
volume
all
mortgages transferred from 1935
through 1941
for
gages
was 361,153 mort¬
$1,572,771,238,
or
to
shoot
-
increase
The
tively
inarticulate mass against
them is prone to hit upon "weak
symbols. >
'
\ 4"
transfers
continued
market
—The
taking
War
on
employees
Production
between
150
Board
and
is
a
An
interesting
,1941
volume
the
had
verities
of
of
of
institu¬
sold
FHA-
3,642
1940,
2,777
tary, protested what he chose to
"
.
•
i,
,
Company,
was elected President
Brooklyn Club, of Brook¬
N. Y. for the ensuing year
of the
lyn,
the
at
annual
meeting
of
the
Board of Directors of the club
on
17,
view
and
Foster
the
Schenck
expressed
editorials
the
about
and
Cross Roll Call in
and
1939,
Chairman
of
offices
New
General
the
Brooklyn Com¬
mittee
in
the
United
Hospital
Fund
1941
campaign.
He is 'a
director of the Brooklyn Associa¬
tion for Improving the Condition
of the Poor and Brooklyn Chap¬
ter, American Red Cross, and a
member of Flatlands Post, Amer¬
ican Legion, the New England So¬
ciety of Brooklyn, and the Salva¬
tion Army Association. Mr. O'Mal¬
ley is an attorney-at-law, with
Pohl
dissent
that
in
York
is executive
City.
Mr.
director of the
L. E. Waterman Co. Mr.
is
Secretary of
the
Timpson
Rotary Club
of Brooklyn.
;
Hall com¬
The Brooklyn Club is the old¬
plained were "susceptible to a est social club in Brooklyn, hav¬
libelous
meaning and should ing been organized in 1865. Its
have been submitted to a jury." first
President
was
Henry
E.
Justice Heffernan concurred
in
all
former presi¬
D. Silli-
Other
Pierrepont.
include Benjamin
dents
compared with man, Edward M. Grout, George
Chauncey,
Charles
Jerome
Mortgage com¬ W.
panies continued as the most Edwards, and General George Al¬
active sellers, but with a re¬ bert Wingate. '■>
duced ratio of 40,8% of all sales,
purchases,
38.7%
in
1940,
compared with 48.4% in 1940.
Commercial
second
ers,'
ranked
banks
both sellers and buy¬
as
with comparatively stable
Their ratio of sales last
had
pur¬
year
This
amount,
buyers at the close of
and
2,175
sellers
and
buyers at the close of
democ¬
a
1938
which Representative
securities.
phase of the
1939.
Washington agitation, which this
regard as "unfair criticism" last reporter hears is coming to make
The FHA announcement further
Sunday, and threats, of suppres- the country darned sick and tired, stated:
Insurance companies contin¬
sion, were leveled against - one is, that of the case of R. R. Guthrie,
who is hitting the front pages now.
ued as the most active buyers of
British newspaper.
No kind of
Tho.facts are that Guthrie, a dol¬
FHA-insured
mortgages
last
/Government criticism would be lar-a-year man, had been so un¬
year with an increased ratio of
tolerated in; Germany.
congenial in the subordinateiJob
,,
t..
41.1% < of the total amount of
;
their
ratios.
compares with 2,681 sellers and
.
Justices
in
can
function?"
racy
and -4,216
which
these
close
3,023
mortgages
institutions
chased
were
which
insured
'
At
base.
there
tions
200
in
accompanied by a
broadening of the
was
How else
not do.
of
point.
.
:
Section
National Housing Act.
their grievances
43.9% of the total amount of
Something ought to ,mortgages insured through
be
1941. This compares with a radone, unquestionably, about
the movement, not of the work,tio of 40.2% at the end of 1940,
35.0% at the end of 1939, and
ingman, but of the Labor Leaders*
in this country; however, the rela¬
29,2% at the end of 1938.
to the
week; possibly an
opportunity for the - automobile
Some
members Of the
British
salesmen, the - plumbing sales-;
Cabinet
seem,
to
be,
smarting men, the other workers, thrown
out of jobs, to get a JOB.
under home criticism, for Clem-
.
Title II,
being reflected in
Congress, comes from other peo¬
ple, the great unorganized people
of this country, and while they
are vocal they haven't the
organ¬
ization
under
insured
is
as
the
from the soil of the British Isles.
'
$400,591,159 transferred in 1940.
These include only mortgages
,
'
•'
against
week
Since there
Dover area.
are
few of the professional agi¬
tators who prey upon
movement
by
a member of
Brooklyn Trust
the
American Red
is
.
tor a
on
of
•
f
■
returned
staff
.
this, otherwise the
papers carry
Labor quacks
A
;
the
Brooklyn Club
Clark,
.
'
immensely damaging
Of The
Everett M.
succeeding
Charles
ters, and neither the citizen nor
'em.
They haven't su f f er ed his
Pulis.
W a 11 e r
O'Malley
was
Representative can be squeam¬
enough. This, in spite of the fact, ish about
elected Vice-President of the club,
it," special Albany ad¬
that in modern history, the col¬
and Col. A. W. J. Pohl and Fred
vices March 5 to the New York
lapse of civilian morale precedes "Times" added:
Timpson were re-elected Treas¬
the folding up of the soldiers on
"It is the right of a free press urer and Secretary, respectively;
the front. The man who pointed
to criticize severely, and of
Mr. Clark, who has been Vicethat out to me is one of the great¬
free citizenry to speak plainly President of the
Brooklyn Club
est students of mass psychology in
to and of its Representatives," for the
past four years, has long
the country.
said Justice Bliss.
"One who been active in civic and
philan¬
assumes
to represent our citithropic circles in Brooklyn, where
! zens in
legislative halls must he has resided for the past 15
expect that his. acts will be years. He was President of the
commented upon and criticized
Rotary
Club
of
Brooklyn
hi
Great issues require strong lan¬
1936-37, General Chairman of the
.
became
Clark Elected President
March
our 4: democracy
that
eternal
taking place, a Revolution which insured home mortgages last year
vigilance is the price of liberty.
is just as important as conquering
which may signify new stra¬
than ever before, and the number
.; The
courts
may
not
muzzle
of institutions taking part in these
tegical moves. British bomb- 4 the Japs or Hitler. ;■
those who maintain such vigiers
have been dropping de- 4
continued
to
The tragic thing about it is that transfers
increase
v lance.
If the press or our citi¬
structive
loads ion
German ♦ I
have
talked
with
Industrial FHA Commissioner Abner H. Fer¬
zens
honestly believe that the
industrial cities and ports for ; leader after Industrial leader and guson announced on March 23;
acts of a legislative representa¬
months, while the Germans
each tells me tnat the repeal of The advices also state:
tive lend comfort to our Na¬
remained occupied with their•;•■! che 40-tiour week would not mean
Mortgages
transferred
(in¬
tion's enemies, there must be
Russian
venture.
Weather : anything to him.. The tragic
cluding resales) last year to¬
thing
no
question about the right to
conditions
interrupted
the
taled 112,918 for $483,921,332 in
is tnat they are being held respon¬
tell him just that in no uncer¬
raids for a week, but they 1 sible for the agitation when they
-original principal amount, comtain terms.
Queasy words will
are not responsible for
pared with 91,292 mortgages for
it, except
were
resumed Monday, and
■\
Accounting
bany on March 5 by the Appellate Division of the New York Supreme
Court, which ruled specifically that newspapers have the right to
hold public officials "to the strictest accountability." The ruling was
made in dismissing the complaint of Representative Edwin A, Hall
(Republican) of New York,, against the I^inghamton Press Company.
The Court voted 3 to 2, said Asso> Q~
dated Press advices from Albany,
the opinions of Justices Hill and
which stated that Representative
Bliss.
A:;v; ^
'7
vV'
Hall sued for $75,000 basing his,
The rights of the press were
action
on
editorials
published also
ruled
oni by
the
United
Feb. 10, 11 and 12 last year, criti¬ States
Supreme Court, which on
cizing his vote against the Lend- March 9 granted permission to
Lease bill approved by Congress. the
American
CivilLiberties
In writing the majority opinion, Union
to file a brief contending
Presiding Justice James P. Hill, that "it is not libelous per sa to
do."
And
not
recognizing his
starters, ; is now
I
would
ask:
"Who
is
making airplane starters.£ It;!is name,
Guthr'e?" This friend would al¬
making so much money, ana the
a u
the
In
.
Public Officials To Strict
The right of the press to criticize legislators was upheld at Al¬
kept telling me
just one example, a plant out
about what "Guthrie was going to
Ohio which
in
sent to the bottom.
were
4 4
* : As
^announced,
sels also
Upholds Right Of
more -than $40 and
whom
New Dealers seem to be in agree¬
community has never looked
ment against dollar-a-year men. said:
upon as being worth more than
tic,
as
the
convoy V proceeded
toward Malta. Two Italian sub¬
marines
.
are
announced
the
+
.
Truman to it.
but
mane
Italian waters of the lower Adria¬
.
Court
intimated
•
reported Tuesday. An
>
aerial
and. .naval
battle centered around
this > -feumzeu?;labor was raking out of
moiie, which cost the British * the war.. I got this analysis from
the loss of one merchant ship, m
being
he
demoted and it
times a day for
1263
was
chases
30.9%
of
Their
last
year
ratio
total
30J2%
of
ratio
pur¬
of
in
1939,
exception of the "Little White
House,"
Georgia
and
^
v
properties,
the
to
Warm
with
Springs
Foundation for Infantile Paralysis,
O'Connor,
tional
to
an
March
announcement
22
President of
Foundation
for
by
Basil
the Na¬
Infantile
Paralysis. Mr. O'Connor said the
gift included the farmlands with
all
equipment,
livestock
1940,
buildings. No other details
28.3% in
given out.
*
amount last year,15.9% in
28.4%
his
the
213%, according
in 1940.
made
on
purchases by
Federal agencies last year to the
total amount was slightly higher
than in 1940, but well below the
previous two years. Their pur¬
chases were 18.4% of the total
1938.
President Roosevelt has deeded
all
was
compared with 29.0 %
The
the
compared with
in -1940.
FDR Deeds to Foundation
and
were
1264
THE COMMERCIAL & FINANCIAL
CHRONICLE
for
ance
Bank
*
20
Riggs
National
which
has
employees,*
been
-■
the
in
effect
years.'*
for
>
Tasks Listed For
Alison
elected
of
Executive
has
been
ties and became
Vice-President
of
the. company
has
had
an
.extended
■;
officer
is
He
Advertising Federation of
America, asserting that advertis¬
ing is a force "urgently needed in
of
I:
the
became
He
the
York
from
1926
to
r';
1929
and
as
V.-P.
of
Bank
of
the
with
the
Chicago Credit Clinic
Cen¬
Charles
Dec.
on
National
Co.
nounced
of
Bank
New
nance
B.
Chair¬
Reconstruction Fi¬
the
Corporation; C. B. Upham,
Vice-President
of
the
ture; guide
American
and
Association, and Dr. Paul
Cadman, Economist, of the As¬
are among the speakers
who will address the ABA Credit
been
Clinic to be held in
appointed
Assistant
Vice-
most
',
y
make
■;v.'
\
and
of needs.
39. At all
times, do everythif ^
to help preserve ot.4
possible
American
.
system
of
free
com¬
petitive enterprise.
demand to
scarce
to
buying for satisfaction
of
■
_____
readily supplied
from
assist, the
away
advertis¬
efforts
encourage
th;
y movement for education of
conysumers
toward more efficient
■•
consumer
S
;
38. Aid
'
•
.
.'>*?■
yy
mate¬
■
;
U. S.
rials;
Government
directly in its appeals to the
people on specific war efforts;
sociation,
formerly Assistant Cashiers, have
Sible.
.r.
channels
F.
an¬
'
indis¬
process
higher
advertising '?a>
informing
as
p<yf
helpfully
nance
Bankers
on
advertising's
of
in
merchandise
:
distribution and in the mainte¬
of
the
business
struc¬
Deputy Comptroller of the Cur¬
A. L. M. Wiggins, Second
March 19 that George
R. Howatt and Edmund P.
Looney,
the
ef¬
■
Continue
waste
37. Continue
Y'.- .•V •'
pensable role in the
threats
on
ing; "VX'-V:'
major functions to perform dur¬
ing war: v
; \
"
Henderson,
rency;
&
York,
of
man
Gersten, President of
Public
Trust
the
on
can
war
-
36. Avoid
The Federation said American
advertising, according to the New
York
"Times," has these four
was
Mr. Olyphant
associated
E. Chester
in
■I#
Building Alaska Rci
The State Department at
Wash¬
ington made public on March lt>
the exchange of notes
betwef
Chicago, April
and help maintain
public mor¬ the
15-17, it is announced by Henry
United
States
and
Canad
ale.
Koeneke,
the
Association's
with respect to the
constructib
March 1, 1942.
From the "Times" we
C. Alison Scully
President, who is President of the
quote the of the
highway to Alaska. Undei
Lee S.
;* He was ed¬
Buckingham, President Security Bank of Ponca City, following specific tasks for war¬ the terms of the
agreement tip;,
ucated in Philadelphia and is a of the Clinton Trust
time advertising as listed
Company of Ponca City, Okla.
by the United States will pay for the cor
graduate
of
the
Problems brought about by the Federation:
University of New York, announces that Nelson
struction and maintain it
during
J Pennsylvania, class of 1909. He is H. Cleberley has been appointed war in the fields of consumer
1. Continue all normal dis¬
the war and for a
period of si.
a
lawyer as well as a banker, a Assistant
Trust
tribution functions that do
Officer
of
agricultural
the credit,
credit,
and
not months
thereafter. After the war
member of the Philadelphia and bank by the Board of Directors. commercial and defense loans
impede war effort.
will
Manhattan Co.
from
■>■:". "
'
'
1
1929
New
Presidents.
to
York
Bar
Associations.
chase of Common Stocks
his
Trust
as
He has been active
Adam,
York
Curb
home
in
dissolution
on
was
years.
-V-y';.
y/
The
Directors
of
J.
P.
of
March
18
elected
Chemical
Frederick
Bank
II
service
flag
flag
contains
for
each
member
the
service
R.
Secre¬
,
$f
the
New
member
a
York
of
total officers
"r many
State
&
in
120
of
its
John F.
is
more
and
are
further
expected
Engineer of the
Railroad, died on
Pennsylvania
March 16. He
in
was
69 years of age.
to
that
has
of
go.
a
National
in
Bank,
employees, according to
announcement states:
the
New
premium
.
announced
Bierworth, President of
York Trust
Company,
Company,
member
of,
At the
23, as
Investment
v
meeting of the Board of
of
the
New
York
Company
on March 17. the office
Chairman of the Board,
last
held
by Mortimer N.
died
death
referred
Feb.
of
to
25,
was
Mr.
in
our
March 5, page 968.
At
of
a
Trust
March
Co.
17,
New
.Vice-President,
phant,
elected
of
Jr.,
York
A.
held
members
of
Mr.
on
In
the
their
who
have
30th
bank
Mid-Western
States.
They
officers.
consists
and
The
of
Colorado,
Illi¬
scale
that
birth¬
of
that
Invitations have been sent
to all banks in this
area,
them
to
send
delegates.
12.
inviting
The
ond
articles in
Chicago Clinic is the sec¬
meeting sponsored by
Association.
in New York
attended
and
first,
than
; more
from
the
New
'
14.
[. j
1,000
addition to
the newly
England
;v
retirement
plan, the
plan
materials.
elimination
_
of
yy■'y:-j
17.
Inform public on reasons
product scarcities and de^
for
% lays.
':y
.Shelving
of
the
Cochran
Y'Svl
,y
18.
Deny
false
rumors
of
scarcity and rising prices.
y-y 19. Explain industry's part in
Bill
(H. R. 6617), which would exempt
contractors from paying State
and local taxes is asked
by
20.
Foster national unity.
' 21. Promote
intelligent
the
Association of Real
National
Es¬
.
Boards
in
letter
a
empt all
war
bill
triotism.
addressed
would
22.
23.
already
system
activities
gravely
are
/
man
tax
as
it
State
no
would
28.
Congress
necessity
for
in
view
involving ,gp- zance of the
proximately* $659,000' of« inslir- * State ^antt local
The
20
of
tax
necessities
war
Aid
in
of
.
of
*
:
of
the
banks.
System,
reduction
Federal
made
The
follows
by the
Reserve
Feb.
on
28,
Bankn
noted
as
in
Philadelphia
Bank
Federal
announced
Re¬
March
on
that, effective March 21, its dis¬
from
1^2^
to 1%. Since the New
York and Boston
banks have had
this rate in effect for
the number of banks
time,
having
some
now
1% rediscount rate is increased
a
to
six.'
The
other
six
Reserve
banks continue their rate at 1 Vz %.
The
Richmond f Reserve
bank's
1
l/z % rate had been in effect since
Aug. 27, 1937, while the St. Louis
bank's
had
rate
been
established
Sept. 2, 1937, and the Philadelphia
bank's on Sept 4, 1937.
^
Newsprint Cost Up
-
The "Financial Post" of Toronto
in its
Canadian newsprint manufac¬
will have slightly more
turers
than
skilled
labor
rials.
•
of
on
cents
The
ton
re¬
critical
re¬
freight rate
newsprint shipped
a
per
by
Cana¬
an
Board
of
Transport
merce
pressions about the state of the
proximately
progress
of
The new order
increase
in
the
freight rate up to 6%. On the
basis of shipments to the U. S.
last year, the new order of the
.
the
to
a
average
of
Avoid giving unsupported
informtion or misleading im¬
or
as
the
boost
in
freight
railway traffic between
permits
mate¬
33.
nation
added
dian mill is $9.
Avoid disclosing informa¬
tion useful to the enemy.
-Avar-
ton
week
rail to the States from
in
32.
.
a
next
Canada and the United States.
of
.
upon
costs
sult
Avoid advertising devices
draw
50
their
or¬
rates
promoting
industries.
31.
that
the
governments.i
been
count, rate would also be reduced
forcgs.
allocation
have
increased
had
issue of March 12, page 1039.
serve
"
greatly
of
;
,
which
Reserve
similar
our
Help in organization and
30.
Association and the Na¬
tional Council of Real Estate Tax¬
structure,
Directors
Chicago
cam¬
29. Assist
in
recruiting
specialists for armed
bill
The
tax
Louis
Federal
a
conduct of home defense.
passed," the letter to Chair¬
Doughton states.
asked
the
nutri4
on
matters.; '
campaigns
paigns of voluntary service
ganizations.
local
such
was
'
public
bonds and
stamps.
27. Assist in financial
certainly
disturbing to State and
if
Educate
road
columns
March 14 issue reported the
avoiding waste and collect¬
following from its own corre¬
ing salvage.
y '
26. Help
sell
Government spondent at Montreal.
and
systems
of
for
war
and
accounting,
local
that
f
enthusiasm
tion and other health
25. Cooperate
in
"It would be much bet¬
much less
were
and
i f'
,
Arouse
24.
.
wide¬
public
our
extended
affect
revenues.
ter
in
pa¬
our
workers for production achieve¬
ment. '
'
contracts from sales
difficulty
;
y. ■."
:X, '"
service with
fighting forces.
points out that
spread
'
Glorify
ex¬
the exemption
proposed would acr
centuate what
is
revenue
effort.
war
war
St.
effective
15. Explain
mile
these
action, which has been approved
by the Board of Governors of the
of
•
State-local
in¬
hoarding
1,500
in
lJ/2% since late in 1937, was low¬
ered to 1%, effective March
14, by
and repair of
frills in merchandise and
serv-r
ice.
V'.. ' y
16. Explain
substitution
of
Middle Atlantic States.
Urges Real Estate Board
and
on
use.
Discourage
the
Cut Rediscount Rate
commodities.
was
Shelve Bill Exempting War
Contractors From Tax
care
is
on
The rediscount rate of the Fed¬
eral Reserve Banks of Richmond
Help to spread out seas¬
onal demand,
reducing peaks in
transportation requirements.
held
City, March 4-6,
by
bankers
The
consumers
of
March 19, page 1158.
13.
such
the
immediately
reported
use of products
supplied in plenty.
conservation,
Head¬
quarters for the Clinic will be the
Stevens Hotel.
to start
Approval of plans for construc¬
Stimulate
Educate
Mackenzie
Construction
tion
Guide buying of customers
newly increased purchas-
be
Minister
Canada.
of
can
Prime
now
y
power.
11.
South
payments, will
contingent an¬ payers,
pointing out the close in¬
receive a certain
ter-relationship of the national-
this
will
insurance
*
ing
Nebraska, North Dakota,
Dakota, and Wis¬
Ohio,
Metropolitan Life Insurance Co. Federal taxes to adopt a national
is
administering a group life tax policy that will take cogni¬
1,
with
notes
completion of the detailed survey
being made by United States
army engineers.
even¬
lowering
The
expected
Help maintain freedom of
10.
nois, Indiana, Iowa, Kansas, Ken¬
souri,
for
traffic.
King of
press, radio and other informa¬
tion facilities.
North-Central
are
desire
Discourage
9.
14
completed
for each year of
member¬
augurated
United States Marine
Corps durJng the first World War. Enter¬
ing the employ of the bank
Oct.
for the Clinic
for
Chairman Robert L. Doughton
of the House
Ways and Means
specified amount for life.
Har¬
1922^he-served in various-capaci-*
arm
Preserve
higher living standards,
8.
.
know
Board.
in
tion
and
present living standards beyond
necessary restrictions of war.
Banking, ABA educa¬
taxes, ad valorem taxes, income
one year or more
of continuous taxes,
etc,, of ' the1 States and
service, provided they have not localities.
reached their 64th
birthday.
The Association
nuitant
were
of
reached
and
duced
Eldridge,
the
Eldridge, a graduate
vard
University, served
of
civilian
exchanged
by Pierrepon*
Moffat, U. S. Minister to Canada,
ployment.
7.
discrimination as tc
Canadian and Ameri¬
no
by
were
6. Keep enterprises alive and
capable of resuming full em¬
tual
be
use
can
enlarged
capacities.
ses¬
to
date—March
tingent annuitant, so that the
participator in the plan, by ac¬
cepting
an
appropriately re¬
and John K. Oly-
Vice-President,
bank
service, for retirement before or
after normal retirement
age, as
well as the
naming of a con¬
•
William
The
his
of the Trustees
Hanover
Bank
&
of
service.
It includes liberal provi¬
sions in, event of an
employe's
death
or
termination
of
meeting
Central
be
ship.
was
issue
will
monthly unit of retirement in¬
abolished.
Buckner
School
tate
come
Buckner,
who
which
The plan is based on the
prin¬
ciple of building up a definite
Trust
of
The
income,
active
day
Division.
Trustees
The
r£'Xr'$
derived from monthly contribu¬
tions by the bank and its em¬
ployees during the years of fu¬
have
March
the
evening
a
1, 1942.
Those eligible to
participate in
the plan include
employees who Committee. .The
appointed an Assistant
Secretary of the New York Trust
a
and
these
shall
its
for post-war
output of
lems will be conducted at the sec¬
ond evening session
by members
of the
faculty of the Graduate
effective
National City Bank and the
City
Bank
Farmers
Trust
Company, effective
of
good-
.
Keep brand names alive.
5. Prepare to build markets
panel discussion of
and post-war economic
prob¬
war
will provide additional
amounts
of retirement income in
recog¬
nition of service prior to the
.
on
been
life
ture
March 23 that Al¬
fred Hayes,
formerly associated
with the Bond
Department of the
has
y
plan have already signed
up.
The plan provides that its
participants
may
retire
nor¬
mally at age of 65, and receive
a
period.
John E.
y
employee's
first
sions,
in the
<
are
the
bank.
More than 96% of the bank's
personnel eligible to participate
continued during the
time of service with
the bank as¬
the
an
by Robert V. Flem¬
ing, President of the
time they are carried on the
payroll at $1.00 a
year.
The pension
suming
the
Washington, D. C.,
arranged for the installation
retirement annuity program
for its
all
the-payroll for two months
Sand 10% of one month's salary is
(paid by the bank in each of the
succeeding 10 months, after which
benefits
the
customer
4.
Approximately 50 speak¬
the
Dominion,
th
stipulating that there
to
agreement
Preserve
will.
y
turned
industry.
3.
will address the clinic.
ers
consin.
forces.
employees and
announced
of
a full day of de¬
liberation in morning sessions and
informal afternoon discussion
area
is
Chief
one
staff
Each sub¬
ject will receive
groups.
emergency that part of the roawhich lies in Canada will be rc
2. Maintain
channels
and
trade contracts for future needs
consideration
Swarthmore, Pa., and former tucky, Michigan,
Minnesota, Mis¬
Assistant
announcement
for
Bankers
Murray, Vice-President
°n
,
the
of the- Swarthmore National
Bank
of
main
stars,
its
armed
our
&
Trust
Chemical Bank employees entering military service are continued
5
of
Harry
This, it is announced, constitutes
Riggs
approximately 8% of the bank's largest bank
It
Lord
of
The
■
of
Ossining Trust Co., Ossining, N. Y., has become a member
banking lobby at 165 Broadway.
,
firm
for
three-day clinic.
1, 1926, until its
Two evening sessions will be
July 31, 1941. Prior held. Dr. Cadman will
speak at
The
on
Company of New York placed on
display on March 24 a large World
,
He
was
C. White
President of the institution.
War
The
he
Association.
The
■IS
the
J.
Mr. Adam
Morgan
tary.
V
at
Kiely & Horton from
Jan. 31, 1924, to Feb.
1, 1926.
-
Assistant
as
that
firm
Incorporated, New York,
Moseley, Jr.,
N.
17
the- subjects
at the
Widli from Feb.
./
& Co.
partner in
since
March
Madison,
to
number
a
a
Exchange
on
59 years old.
was
organization
for
W.
a member of the
1928, died
in
the affairs of the American
Bankers Association
having served
on
various
committees
of
that
:
at
be
Sinclair
surance
Investments."
located
are
He
"Insur¬
on
Trusts," "Business Life In¬ New
Trusts," and "The Pur¬ July,
ance
Both
the main office of the bank.
is the author of books
.
France.
tional Bank of
New
.'i
in
1, 1930, and
is now the head of the banking
departments of the company.
Na¬
Commerce
■.
helping
based
prices and scarcities.
;
Division
tral Hanover
V.-P.
as
in
fort.^;/' | Y'YYyyy'Y. 4-.
sity, class of 1918.
having
served
period of national peril,"
Mar. 17 outlined 39 services it
perform
graduated from Harvard Univer¬
since
j1923,
this
77th
an
two
York
banks
T;
as
of
'New
■„
1930.
c
•
The
Training Schools at Plattsburg,
N. Y., and later as Captain in the
ex¬
perience
.
Y>
in
Corn
boastir^
servici o
ytechnical'.achievement withou
conveying helpful" .informagott
y'T 35." A void" panic advertising
y v v..
j Mr.; Fleming
stated
that
the
bank would continue its
policy of
providing for the older members
of its
organization, who because
Vice-President
a
Exchange National Bank now the head of the personal trust
and Trust Company, Philadelphia.
department. Mr. Olyphant served of age are ineligible for member¬
Mr.
as
instructor
Scully
at
the
Officers ship in the Metropolitan plan.
■f
;
Scully
mere
J 9*
advertiser's patriotic
y
C.
,
34. Avoid
"
than
more
/;i-
.
Thursday, March 26,
Commis¬
sioners and the Interstate Com¬
nually
the
*!.
Commission
,
to
adds
ap¬
$1.5 million an¬
the manufacturers'
,in •♦-I
M' M'»»
ir*
MMN
,4
-
"
@FedFRASER